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October 2019 sector review - Our defined fund ranges just got 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 first stage of a review of our defined fund ranges. In this first step, we have looked at Global Managed and Emerging Market Equity sectors.




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 OCTOBER 2019

We're pleased to announce the addition of a number of new funds across the products listed above, which are available for investment from October 2019. These are now featured in the fund guides published from October 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 October 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 11 December and 23 December 2019.


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 16 new funds to the range (31 including currency variants) from sectors Global Managed and Emerging Market Equity.


Sector: Global Managed


Fund name

Currency options

Morningstar category

Morningstar rating*

OCF**

Artemis Monthly Distribution

GBP

GBP Moderate Allocation

4 Star/Silver

1.59%

BNY Mellon Multi-Asset Diversified Return

GBP

GBP Moderate Allocation

4 Star

1.66%

Momentum Global Harmony Portfolios Sterling Balanced

GBP

GBP Moderate Allocation

2 Star

2.75%

Fidelity Funds Global Multi-Asset Income

USD

EUR

JPY Hedged

USD Moderate Allocation

4 Star/Silver

1.67%

BGF Global Multi-Asset Income

USD

EUR

USD Moderate Allocation

3 Star/Silver

1.74%

JPM Global Balanced

EUR

USD Hedged

EUR Moderate Allocation

4 Star/Bronze

1.65%

M&G Optimal Income

GBP

GBP Cautious Allocation

5 Star/Silver

1.34%

M&G (Lux) Optimal Income

EUR Hedged USD Hedged CHF Hedged

EUR Cautious Allocation USD Cautious Allocation

CHF Cautious Allocation

5 Star/Silver

1.47% 1.49% 1.49%

Invesco Pan European High Income

USD

EUR

CHF

EUR Cautious Allocation

5 Star/Silver

1.61%

Jupiter Merlin Growth Portfolio

GBP

GBP Adventurous Allocation

4 Star/Bronze

2.47%

First Eagle Amundi International

USD

EUR Hedged

GBP Hedged

CHF Hedged

USD Aggressive Allocation

3 Star

2.20%


Sector: Equity - Emerging Markets


Fund name

Currency options

Morningstar category

Morningstar rating*

OCF**

BGF Emerging Markets

USD

EUR

Global Emerging Markets Equity

4 Star/Bronze

1.86%

Fidelity Funds Emerging Markets

USD

EUR

Global Emerging Markets Equity

4 Star/Silver

1.93%

JPM Emerging Markets

GBP

Global Emerging Markets Equity

5 Star/Silver

1.65%

JPM Emerging Markets Equity

USD

EUR

Global Emerging Markets Equity

5 Star/Silver

1.74%

Templeton Emerging Markets Smaller Companies

USD

EUR

Global Emerging Markets Small/Mid-Cap Equity

3 Star/Bronze

2.49%





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

We've removed eight funds (19 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 Managed


Closing fund

OCF**

Receiving fund

OCF**

Pacific Multi-Asset Accumulator Core C GBP - IE00BYX7PN31

2.45%

GAM Star Global Balanced A Acc GBP - IE00B55YB208

2.12%

Pacific Multi-Asset Accumulator Core C EUR Hdg - IE00BYX7Q077

2.45%

GAM Star Global Balanced A Acc EUR - IE00B5VGTN75

2.12%

Pacific Multi-Asset Accumulator Core C USD Hdg - IE00BYX7PS85

2.45%

GAM Star Global Balanced A Acc USD - IE00B5NTPS12

2.12%

Pacific Multi-Asset Accumulator Conservative C GBP - IE00BYX7MR63

2.45%

GAM Star Global Cautious A Acc GBP - IE00BJ358556

1.98%

Pacific Multi-Asset Accumulator Conservative C EUR Hdg - IE00BYX7N066

2.45%

GAM Star Global Cautious A Acc EUR - IE00BJ358440

1.98%

Pacific Multi-Asset Accumulator Conservative C USD Hdg - IE00BYX7MW17

2.45%

GAM Star Global Cautious A Acc USD - IE00BJ358333

1.98%

Pacific Multi-Asset Accumulator Plus C GBP - IE00BYX7Q416

2.45%

GAM Star Global Growth A Acc GBP - IE00BJ358887

2.24%

Pacific Multi-Asset Accumulator Plus C EUR Hdg - IE00BYX7QD08

2.45%

GAM Star Global Growth A Acc EUR - IE00BJ358770

2.24%

Pacific Multi-Asset Accumulator Plus C USD Hdg - IE00BYX7Q853

2.45%

GAM Star Global Growth A Acc USD - IE00BJ358663

2.24%

IFSL Brooks Macdonald Defensive Income B Acc GBP - GB00BVCX4H81

1.91%

IFSL Brooks Macdonald Defensive Capital B Acc GBP - GB00B62WNX98

1.57%

IFSL Brooks Macdonald Defensive Income B Acc EUR - GB00BVCX4K11

1.96%

IFSL Brooks Macdonald Defensive Capital B Acc EUR - GB00BVCX4N42

1.62%

IFSL Brooks Macdonald Defensive Income B Acc USD - GB00BVCX4J06

1.96%

IFSL Brooks Macdonald Defensive Capital B Acc USD - GB00BVCX4M35

1.62%

Carmignac Patrimoine A Acc EUR - FR0010135103

1.85%

Credit Suisse (Lux) Portfolio Balanced B Acc EUR - LU0091100973

1.64%

Carmignac Patrimoine A Acc CHF Hdg - FR0011269596

1.85%

Credit Suisse (Lux) Portfolio Balanced B Acc CHF - LU0078040838

1.63%

Carmignac Patrimoine A Acc USD Hdg - FR0011269067

1.85%

Credit Suisse (Lux) Portfolio Balanced B Acc USD - LU0078041133

1.65%


Sector: Equity - Emerging Markets


Closing fund

OCF**

Receiving fund

OCF**

Threadneedle Global Emerging Markets Retail Acc GBP - GB00B10SJD63

1.67%

JPM Emerging Markets A Net Acc GBP - GB0030881550

1.65%

Threadneedle (Lux) Global Emerging Markets 1E Acc EUR - LU1868837482

1.71%

JPM Emerging Markets Equity A (acc) EUR - LU0217576759

1.73%

Threadneedle (Lux) Global Emerging Markets 1U Acc USD - LU1868837565

1.71%

JPM Emerging Markets Equity A (acc) USD - LU0210529656

1.74%

VAM Emerging Markets Growth A USD - LU0293692165

2.96%

JPM Emerging Markets Equity A (acc) USD - LU0210529656

1.74%





ADDITIONS - LifePlan

We've added nine new funds (18 including currency variants) from the Global Managed sector.


Sector: Global Managed


Fund name

Currency options

Morningstar category

Morningstar rating*

OCF**

Artemis Monthly Distribution

GBP

GBP Moderate Allocation

4 Star/Silver

1.59%

BNY Mellon Multi-Asset Diversified Return

GBP

GBP Moderate Allocation

4 Star

1.66%

Momentum Global Harmony Portfolios Sterling Balanced

GBP

GBP Moderate Allocation

2 Star

2.75%

Fidelity Funds Global Multi-Asset Income

USD

EUR

USD Moderate Allocation

4 Star/Silver

1.67%

BGF Global Multi-Asset Income

USD

EUR

USD Moderate Allocation

3 Star/Silver

1.74%

M&G Optimal Income

GBP

GBP Cautious Allocation

5 Star/Silver

1.34%

M&G (Lux) Optimal Income

EUR Hedged USD Hedged CHF Hedged

EUR Cautious Allocation USD Cautious Allocation

CHF Cautious Allocation

5 Star/Silver

1.47% 1.49% 1.49%

Invesco Pan European High Income

USD

EUR

CHF

EUR Cautious Allocation

5 Star/Silver

1.61%

Jupiter Merlin Growth Portfolio

GBP

GBP Adventurous Allocation

4 Star/Bronze

2.47%

First Eagle Amundi International***

EUR Hedged

GBP Hedged

CHF Hedged

USD Aggressive Allocation

3 Star

2.20%


*** First Eagle Amundi International already features in the range in USD currency. Additional currency options of EUR Hedged, GBP Hedged and CHF Hedged are being added.





REMOVALS - LifePlan

We've removed two funds (six 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 Managed


Closing fund

OCF**

Receiving fund

OCF**

IFSL Brooks Macdonald Defensive Income B Acc GBP - GB00BVCX4H81

1.91%

IFSL Brooks Macdonald Defensive Capital B Acc GBP - GB00B62WNX98

1.57%

IFSL Brooks Macdonald Defensive Income B Acc EUR - GB00BVCX4K11

1.96%

IFSL Brooks Macdonald Defensive Capital B Acc EUR - GB00BVCX4N42

1.62%

IFSL Brooks Macdonald Defensive Income B Acc USD - GB00BVCX4J06

1.96%

IFSL Brooks Macdonald Defensive Capital B Acc USD - GB00BVCX4M35

1.62%

Carmignac Patrimoine A Acc EUR - FR0010135103

1.85%

Credit Suisse (Lux) Portfolio Balanced B Acc EUR - LU0091100973

1.64%

Carmignac Patrimoine A Acc CHF Hdg - FR0011269596

1.85%

Credit Suisse (Lux) Portfolio Balanced B Acc CHF - LU0078040838

1.63%

Carmignac Patrimoine A Acc USD Hdg - FR0011269067

1.85%

Credit Suisse (Lux) Portfolio Balanced B Acc USD - LU0078041133

1.65%





ADDITIONS - Protected Lifestyle

We've added ten new funds (16 including currency variants) from the Global Managed sector.


Sector: Global Managed


Fund name

Currency options

Morningstar category

Morningstar rating*

OCF**

Momentum Global Harmony Portfolio Asian Growth

USD

Asian Allocation

2 Star

2.93%

Momentum Global Harmony Portfolio Sterling Growth

GBP

GBP Moderately Adventurous Allocation

2 Star

2.82%

BNY Mellon Multi-Asset Diversified Return

GBP

GBP Moderate Allocation

4 Star

1.66%

Momentum Global Harmony Portfolio Sterling Balanced

GBP

GBP Moderate Allocation

2 Star

2.75%

Fidelity Funds Global Multi-Asset Income

USD

EUR

USD Moderate Allocation

4 Star/Silver

1.67%

BGF Global Multi-Asset Income

USD

EUR

USD Moderate Allocation

3 Star/Silver

1.74%

M&G Optimal Income

GBP

GBP Cautious Allocation

5 Star/Silver

1.34%

M&G (Lux) Optimal Income

EUR Hedged

USD Hedged

EUR Cautious Allocation

USD Cautious Allocation

5 Star/Silver

1.47% 1.49%

Invesco Pan European High Income

USD

EUR

EUR Cautious Allocation

5 Star/Silver

1.61%

Momentum Global Harmony Portfolio USD Growth

USD

USD Aggressive Allocation

2 Star

2.94%

First Eagle Amundi International***

EUR Hedged

GBP Hedged

USD Aggressive Allocation

3 Star

2.20%


*** First Eagle Amundi International already features in the range in USD currency. Additional currency options of EUR Hedged, GBP Hedged and CHF Hedged are being added.





REMOVALS - Protected Lifestyle

We've removed two 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 Managed


Closing fund

OCF**

Receiving fund

OCF**

IFSL Brooks Macdonald Defensive Income B Acc GBP - GB00BVCX4H81

1.91%

IFSL Brooks Macdonald Defensive Capital B Acc GBP - GB00B62WNX98

1.57%

IFSL Brooks Macdonald Defensive Income B Acc EUR - GB00BVCX4K11

1.96%

IFSL Brooks Macdonald Defensive Capital B Acc EUR - GB00BVCX4N42

1.62%

IFSL Brooks Macdonald Defensive Income B Acc USD - GB00BVCX4J06

1.96%

IFSL Brooks Macdonald Defensive Capital B Acc USD - GB00BVCX4M35

1.62%

Carmignac Patrimoine A Acc EUR - FR0010135103

1.85%

Credit Suisse (Lux) Portfolio Balanced B Acc EUR - LU0091100973

1.64%

Carmignac Patrimoine A Acc USD Hdg - FR0011269067

1.85%

Credit Suisse (Lux) Portfolio Balanced B Acc USD - LU0078041133

1.65%







Notes:

Information contained within these tables is sourced from Morningstar® and is correct as at 30 September 2019.


* 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.


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