Notification of changes to the underlying fund of R173 Ninety One GS Global Strategic Equity
07 May 2024
We have been notified by the Directors of Ninety One Global Strategy Fund (the “Company”) of the following changes to the underlying fund of our R173 Ninety One GS Global Strategic Equity investment-linked policy sub-fund (the “ILP sub-fund”). These changes will take effect from 31 May 2024 (the “Effective Date”).
Discontinuation of a sub-investment manager
The Company has advised that following an internal review, the Investment Manager of the underlying fund has deemed that it no longer requires the services of the currently appointed Sub-Investment Manager in the management of the underlying fund of the ILP sub-fund. As such, from the Effective Date, Ninety One UK Limited (the ‘Underlying Fund Investment Manager’) will discontinue the appointment of Ninety One Hong Kong Limited as a sub-investment manager of the underlying fund of the ILP sub-fund.
There will be no change to the investment policy, investment strategy, or investment philosophy of the underlying fund of the ILP sub-fund, nor the manner in which it is managed. The risk and return profiles of the underlying fund of the ILP sub-fund will remain the same.
Change to the maximum underlying fund Management Company Fee rate
The Company has advised that there will be an increase to the maximum management company fee (the “Underlying Fund Management Company Fee”) payable to Ninety One Luxembourg S.A., who are the management company of the underlying fund of the Affected ILP sub-fund.
The maximum Underlying Fund Management Company Fee rate that may be charged will increase from up to 0.01% per year to up to 0.02% per year from the Effective Date. However, the actual amount of the Underlying Fund Management Company Fee charged in any year is likely to be between 0.01% and 0.02% per year.
For example, if the maximum Underlying Fund Management Company Fee rate of 0.02% is charged, the effect on the ongoing charges figure (the “OCF”) of an investment will be an increase of 0.01%. For a US$1000 investment, this would be no more than US$0.10 per year.
These changes have happened automatically within affected policies and policyholders do not need to take any action.
We have contacted impacted policyholders and their financial advisers to notify them of the changes; primarily by e-shot, with letters sent by post where we do not hold a valid email, and to those who prefer to receive letters by post.
Should you have any questions regarding these changes, please contact the Investment Marketing Team.
