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January 2020 sector review - our defined fund ranges just got even better

We know choosing the right funds is important to you. It's important to us too.

We both want our clients to achieve their investment goals, so to make sure we continue to offer you and your clients a high quality and varied choice of funds, we have completed the second stage of a review of our defined fund ranges. In this second step, we have looked at Global Equity, Global Bond, UK Equity and Global Managed.



Why we conduct reviews

By reviewing funds on a regular basis, using tools from independent global investment research company Morningstar®, the company that powers our interactive fund centres, we seek to identify and add funds that stand out in their respective peer groups for performance, risk/reward balance, objectives or investment style. We also look at funds that analysts at Morningstar believe will outperform their sector. Those funds you've asked to see in the range will be considered as long as they provide the necessary qualities and fit our parameters.


A review isn't just about adding funds. Importantly, we also take steps to remove funds we feel are no longer appropriate for the range. Our goal is to provide you with a best of breed range of quality funds covering a variety of sectors, regions and asset classes.


THE CHANGES FOR JANUARY 2020

We're pleased to announce the addition of a number of new funds across the products listed above, which are available for investment from January 2020. These are now featured in the fund guides published from January onwards and in the fund centres.


We've also removed some funds with immediate effect and these are now closed to new business and switches in. Existing investors affected by the removals will be written to in January providing them with two months’ notice of our intention to switch their holdings out and into an alternative fund. These clients can continue to invest in the closing fund(s) until we switch them out. Switches will take place between 25 March and 8 April 2020. Samples of these letters can be viewed opposite.


If clients are happy with our choice of receiving fund then they do not need to do anything and will be switched automatically (including redirection of any regular payment allocation where applicable). However, if they would prefer to switch to a different fund it’s very easy to do. Switches can be submitted by completing and returning a Fund switch instruction form or, if registered for online switching, conducting a switch online fast and efficiently.


Click on the sliders below to see details of the changes for each product range.


ADDITIONS - Regular Savings Plan, Oracle, Quantum, Paragon (including Malaysia variants)

We've added 13 new funds to the range (28 including currency variants) from sectors Global Equity, Global Bond, UK Equity and Global Managed.


Sector: Global Equity


Fund name

Currency options

Morningstar category

Morningstar rating*

OCF**

BNY Mellon Long-Term Global Equity

GBP

EUR

USD

Global Large-Cap Growth

3 Star/Silver

2.09%

MFS Meridian Global Equity

GBP

EUR

USD

Global Large-Cap Growth

3 Star/Silver

1.90%

T Rowe Price Global Growth Equity

USD

Global Large-Cap Growth

3 Star/Silver

1.77%


Sector: Global Bond


Fund name

Currency options

Morningstar category

Morningstar rating*

OCF**

M&G Global Macro Bond

GBP

Global Bond

4 Star/Silver

1.28%

Jupiter Dynamic Bond

GBP

EUR Hedged

USD Hedged

CHF Hedged

AUD Hedged

Global Flexible Bond

2 Star/Silver

3 Star/Silver

3 Star/ -

4 Star/Silver

- / -

1.45%

T.Rowe Price Global High Yield Bond

EUR

USD

Global High Yield Bond

3 Star/Silver

1.24%


Sector: UK Equity


Fund name

Currency options

Morningstar category

Morningstar rating*

OCF**

JOHCM UK Dynamic

GBP

UK Flex-Cap Equity

4 Star/Silver

1.31%

JPM UK Dynamic

GBP

UK Flex-Cap Equity

3 Star

1.55%

JOHCM UK Opportunities

GBP

UK Large-Cap Equity

3 Star

1.38%

BGF united Kingdom

GBP

EUR

USD

UK Large-Cap Equity

4 Star/Neutral

- /Neutral

- /Neutral

1.83%

Artemis UK Smaller Companies

GBP

UK Small-Cap Equity

3 Star/Silver

1.61%


Sector: Global Managed


Fund name

Currency options

Morningstar category

Morningstar rating*

OCF**

Guinness Multi Asset Balanced

GBP

EUR

USD

Moderately Adventurous Allocation

-

1.99%

Guinness Multi Asset Growth

GBP

EUR

USD

Adventurous Allocation

-

1.99%





REMOVALS - Regular Savings Plan, Oracle, Quantum, Paragon (including Malaysia variants)

We've removed nine funds (11 including currency variants) that no longer satisfy the requirements of the range. These funds are no longer available to new business plans or switches in from existing plan owners wishing to invest in the funds for the first time.


The table below outlines the closing funds and the receiving funds we will automatically switch plan owners into.


Sector: Equity - Global


Closing fund

OCF**

Receiving fund

OCF**

BNY Mellon Global Opportunities A Acc USD - IE0004086264

2.28%

BNY Mellon Long-Term Global Equity A Acc USD - IE00B29M2J34

2.09%

BNY Mellon Global Opportunities A Acc EUR - IE0004084889

2.28%

BNY Mellon Long-Term Global Equity A Acc EUR - IE00B29M2H10

2.09%

Jupiter Merlin International Equities L Acc EUR - LU0362742719

2.57%

BNY Mellon Long-Term Global Equity A Acc EUR - IE00B29M2H10

2.09%

Jupiter Merlin International Equities L Acc USD - LU0362742800

2.57%

BNY Mellon Long-Term Global Equity A Acc USD - IE00B29M2J34

2.09%

Sarasin Thematic Global Equity A Acc GBP - GB0009341214

1.72%

Fundsmith Equity R Acc GBP - GB00B4LPDJ14

1.55%


Sector: Equity - UK


Closing fund

OCF**

Receiving fund

OCF**

Legg Mason IF QS UK Equity A Acc GBP - GB0033506501

1.28%

JOHCM UK Dynamic B Acc GBP - GB00B4T7JX59

1.31%

M&G Recovery A Acc GBP - GB0031289217

1.31%

JOHCM UK Dynamic B Acc GBP - GB00B4T7JX59

1.31%

Schroder UK Opportunities A Acc GBP - GB0031092728

1.67%

JPM UK Dynamic A Net Acc GBP - GB0009698001

1.55%

Schroder ISF UK Equity A Acc GBP - LU0106244527

1.59%

Invesco UK Growth UK Acc GBP - GB0033031153

1.66%

Invesco UK Focus UK Acc GBP - GB0033030965

1.67%

Invesco UK Growth UK Acc GBP - GB0033031153

1.66%

JPM UK Smaller Companies A Acc GBP - GB0030880255

1.61%

Invesco UK Smaller Companies Equity UK Acc GBP - GB0033030528

1.67%





ADDITIONS - LifePlan

We've added seven new funds (18 including currency variants) from sectors Global Equity, Global Managed, UK Equity and Global Bond.


Sector: Global Equity


Fund name

Currency options

Morningstar category

Morningstar rating*

OCF**

BNY Mellon Long-Term Global Equity

GBP

USD

EUR

Global Large-Cap Growth

3 Star/Silver

2.09%


Sector: Global Bond


Fund name

Currency options

Morningstar category

Morningstar rating*

OCF**

M&G Global Macro Bond

GBP

Global Bond

4 Star/Silver

1.28%

Jupiter Dynamic Bond

GBP

USD Hedged

EUR Hedged

CHF Hedged

AUD Hedged

Global Flexible Bond

2 Star/Silver

3 Star/ -

3 Star/Silver

4 Star/Silver

- / -

1.45%

T.Rowe Price Global High Yield Bond

USD

EUR

Global High Yield Bond

3 Star/Silver

1.24%


Sector: UK Equity


Fund name

Currency options

Morningstar category

Morningstar rating*

OCF**

JOHCM UK Opportunities

GBP

UK Large-Cap Equity

3 Star

1.38%


Sector: Global Managed


Fund name

Currency options

Morningstar category

Morningstar rating*

OCF**

Guinness Multi Asset Balanced

GBP

EUR

USD

Moderately Adventurous Allocation

Not rated

1.99%

Guinness Multi Asset Growth

GBP

EUR

USD

Adventurous Allocation

Not rated

1.99%





REMOVALS - LifePlan

We've removed four funds (five including currency variants) that no longer satisfy the requirements of the range. These funds are no longer available to new business plans or switches in from existing plan owners wishing to invest in the funds for the first time.


The table below outlines the closing funds and the receiving funds we will automatically switch plan owners into.


Sector: Global Equity


Closing fund

OCF**

Receiving fund

OCF**

Jupiter Merlin International Equities L Acc EUR - LU0362742719

2.57%

BNY Mellon Long-Term Global Equity A Acc EUR - IE00B29M2H10

2.09%

Jupiter Merlin International Equities L Acc USD - LU0362742800

2.57%

BNY Mellon Long-Term Global Equity A Acc USD - IE00B29M2J34

2.09%

Sarasin Thematic Global Equity A Acc GBP - GB0009341214

1.72%

Fundsmith Equity R Acc GBP - GB00B4LPDJ14

1.55%


Sector: Equity - UK


Closing fund

OCF**

Receiving fund

OCF**

JPM UK Smaller Companies A Acc GBP - GB0030880255

1.61%

Invesco UK Smaller Companies Equity UK Acc GBP - GB0033030528

1.67%

Legg Mason IF QS UK Equity A Acc GBP - GB0033506501

1.28%

JOHCM UK Dynamic B Acc GBP - GB00B4T7JX59

1.31%





ADDITIONS - Protected Lifestyle

We've added five new funds (10 including currency variants) from sectors Global Equity, Global Bond and UK Equity.


Sector: Global Equity


Fund name

Currency options

Morningstar category

Morningstar rating*

OCF**

BNY Mellon Long-Term Global Equity

GBP

USD

EUR

Global Large-Cap Growth

3 Star/Silver

2.09%


Sector: Global Bond


Fund name

Currency options

Morningstar category

Morningstar rating*

OCF**

M&G Global Macro Bond

GBP

Global Bond

4 Star/Silver

1.28%

Jupiter Dynamic Bond

GBP

USD Hedged

EUR Hedged

Global Flexible Bond

2 Star/Silver

3 Star/ -

3 Star/Silver

1.45%

T.Rowe Price Global High Yield Bond

USD

EUR

Global High Yield Bond

3 Star/Silver

1.24%


Sector: UK Equity


Fund name

Currency options

Morningstar category

Morningstar rating*

OCF**

JOHCM UK Opportunities

GBP

UK Large-Cap Equity

3 Star

1.38%





REMOVALS - Protected Lifestyle

We've removed three funds (four including currency variants) that no longer satisfy the requirements of the range. These funds are no longer available to new business plans or switches in from existing plan owners wishing to invest in the funds for the first time.


The table below outlines the closing funds and the receiving funds we will automatically switch plan owners into.


Sector: Global Equity


Closing fund

OCF**

Receiving fund

OCF**

Jupiter Merlin International Equities L Acc EUR - LU0362742719

2.57%

BNY Mellon Long-Term Global Equity A Acc EUR - IE00B29M2H10

2.09%

Jupiter Merlin International Equities L Acc USD - LU0362742800

2.57%

BNY Mellon Long-Term Global Equity A Acc USD - IE00B29M2J34

2.09%

Sarasin Thematic Global Equity A Acc GBP - GB0009341214

1.72%

Fundsmith Equity R Acc GBP - GB00B4LPDJ14

1.55%


Sector: Equity - UK


Closing fund

OCF**

Receiving fund

OCF**

JPM UK Smaller Companies A Acc GBP - GB0030880255

1.61%

Invesco UK Smaller Companies Equity UK Acc GBP - GB0033030528

1.67%







Notes:

Information contained within these tables is sourced from Morningstar® and is correct as at 20 January 2020.


* Morningstar® awards a Star rating based on historic returns adjusted for risk and charges, with the top 10% of funds in a category awarded a 5 Star and the bottom 10% a 1 Star. Morningstar also award a Bronze/Silver/Gold award for those funds which have been analysed and are believed to possess the ability to outperform funds in the same category over a market cycle (five years or greater).


** Ongoing Charge (“OCF”) includes the Annual Management Charge plus other operational expenses, so better reflects the total costs applied to the fund.



view our previous sector reviews

Fund guides and forms

Applicable to Regular Savings plan, Oracle, Quantum and Paragon (including Malaysia variants)



Applicable to LifePlan



Applicable to Protected Lifestyle


Sample letters

Applicable to Regular Savings plan, Oracle, Quantum and Paragon (including Malaysia variants)



Applicable to LifePlan



Applicable to Protected Lifestyle