Notification of changes to various Fidelity funds
We have been notified by Fidelity Funds ("Fidelity”) of changes to a number of its funds. These changes will take effect from 28 March 2025 (the “Effective Date”).
AVAILABLE IN OUR DEFINED FUND RANGE PRODUCTS
Change of name and sustainability commitments of Fidelity Funds Sustainable Asia Equity (the “Affected Fund”)
Fidelity has advised that from the Effective Date, the Affected Fund (in its currency variants) will be renamed:
| Affected Fund Current Name | Affected Fund ISIN | Updated Name from the Effective Date | Products Affected in our Defined Fund Range |
|---|---|---|---|
| Fidelity Funds Sustainable Asia Equity A Acc EUR | LU0261946445 | Fidelity Asia Equity ESG A Acc EUR | Regular Savings Plan, Regular Savings Plan Malaysia, Oracle, Paragon, Quantum, Quantum Malaysia, Kudos |
| Fidelity Funds Sustainable Asia Equity A Acc USD | LU0261947096 | Fidelity Asia Equity ESG A Acc USD |
Fidelity state that the name change is for consistency within its fund range and does not impact the fund investment objective or policy.
From the Effective Date, the Affected Fund (in its currency variants) will apply Paris-aligned Benchmark exclusions, in addition to its current Environmental, Social and Governance (“ESG”) exclusions.
Introduced by the EU in December 2019 as a key legislative initiative of its ‘Action Plan: Sustainable Growth’, Paris-aligned Benchmarks set a harmonised EU-wide standard for the implementation of decarbonisation objectives by requiring investment portfolios to ‘self-decarbonise’ by 7% of their emissions annually.
Paris-aligned Benchmark exclusions typically exclude fossil fuel companies, high carbon emitters and companies which violate environmental standards. The exclusions are designed to support the transition to a low-carbon economy and climate change mitigation. Fidelity note that it does not consider the Paris-aligned Benchmark exclusions to be disruptive to the investment process of the Affected Fund.
From the Effective Date, the investment process of the Affected Fund will be updated to reflect that the fund will no longer aim to have an ESG score greater than that of its benchmark, but will instead aim to have an ESG score greater than that of its investment universe.
Further information regarding sustainable investing and ESG integration can be found in the Prospectus of the Affected Fund and on Fidelity's sustainable investing framework webpage.
These changes will take effect automatically and policyholders do not need to take any action. We recommend that policyholders seek the advice of their usual financial adviser before making any investment decisions.
AVAILABLE IN OUR OPEN-ARCHITECTURE PRODUCTS
A number of Fidelity Funds which can be accessed through our portfolio bonds will also be subject to the changes detailed in the Fidelity notification opposite.
For more information regarding Fidelity Funds visit: https://fidelityinternational.com/