Name change to R200 Fidelity Funds Sustainable US Dollar Cash (USD)
03 Apr 2023
Fidelity International (the “Company”) has notified us of a change of name to Fidelity Funds Sustainable US Dollar Cash (USD) which is an underlying fund to our R200 ILP sub-fund (the “Affected ILP Sub-Fund”). The change will take effect on 11 April 2023 (the “Effective Date”).
The change
As of the Effective Date, the Company will be removing ‘Sustainable’ from the name of the underlying fund of our Affected ILP Sub-Fund.
In line with this, we will be amending the name of our Affected ILP Sub-Fund as follows:
| Before the Effective Date | The Effective Date |
| R200 Fidelity Funds Sustainable US Dollar Cash (USD) | R200 Fidelity Funds US Dollar Cash (USD) |
Reason behind the change
Given the small universe of available issuers for money market funds, the absence of detailed legislative definition of sustainable investments, as well as evolving regulatory interpretation around fund naming conventions, the Company has decided to change the name of the underlying fund of the Affected ILP Sub-Fund in order to future proof the strategy against any further changes to the regulatory landscape.
The change of name will not affect any of the ESG characteristics of the underlying fund or result in any change to the SFDR characterisation, which will remain Article 8. The underlying fund will continue to maintain more than 50% of its assets in issuers with favourable ESG characteristics. However, given the high quality nature of issuers held in money market funds, over 90% of the strategy of the underlying fund is invested in issuers with favourable ESG characteristics (per Fidelity methodology).
The change of name will not have any effect to the investment objective, investment strategy or risk factors of the underlying fund of the Affected ILP Sub-Fund.
Policyholders do not need to take any action as a result of the name change if they wish to remain invested in the Affected ILP Sub-Fund.
We recommend that policyholders seek the advice of their usual financial adviser before making any investment decisions.
Should you have any questions regarding these changes, please contact the Investment Marketing team.
