Prudential International Investment fund updates and key information

Our Prudential International funds are always potentially subject to changes, and we want to keep you up-to-date with what's happening. You'll find information on recent changes to Prudential International funds below.

We'd recommend that you visit this page for information if you are considering your investment choice. This page is for information purposes only. Please speak to your financial adviser if you require any more information.

We offer a range of funds you can invest in. You can find the relevant Key Information and Investment Option documents for each fund here.

For more information about our available fund range, please read our client fund guides:

PIA International Unit linked Fund Guide

PIA International Investment Bond and International Prudence Bond Fund Guide

The PIA UK Equity Fund currently invests in the LF Prudential UK Growth Qualified Investor Scheme Fund.

Prudential have transferred from the underlying single fund LF Prudential UK Growth QIS into multiple M&G ACS funds. So we’ve decided to update the fund investment objective, benchmark and manager of the PIA fund to reflect the changes of the funds it invests in.

Nothing else is changing. There are no changes to the risk rating or fund charges.

What’s changing?

The table below shows the details of the changes:

Current fund objective New fund objective

Objective: The investment strategy of the fund is to purchase units in the LF Prudential UK Growth Qualified Investor Scheme - the underlying fund.

 

Underlying Fund Objective: The fund aims to achieve capital growth over the longer-term from a range of mostly UK investments. The fund's portfolio is broadly based and well balanced with a significant part invested in the securities of "blue-chip" companies. Up to 20% of the portfolio may be invested overseas. The fund may additionally invest in other assets such as government securities, warrants, other transferable securities and collective investment schemes.

Objective: The investment strategy of the fund is to purchase shares in UK companies via other M&G funds. It is a “fund of funds” holding units in several more specialised UK equity funds to give access to a variety of methods for generating investment returns in differing market conditions.

 

Fund Investments: At least 80% of the underlying funds’ Net Asset Value is directly invested in equity securities and equity-related securities of companies that are incorporated, listed, domiciled or do most of their business in the United Kingdom. The underlying funds may also invest in other transferable securities, cash, and near cash, directly or via funds (including funds managed by M&G) and may use derivatives for efficient portfolio management and hedging.
Current benchmark New benchmark

Not benchmarked

Benchmark - Composite:  57.5% FTSE All Share / 37.5% FTSE 200 Equally Weighted 60/40 ex M&G / 5% FTSE 250 ex-Investment Trusts
Current fund manager New fund manager

Jonathan Proffitt

M&G Treasury and Investment Office

 

What current investors need to do?

You don't need to do anything. We’ll update our systems to reflect the changes.

The fund manager (M&G) has revised the objective of the M&G Growth Portfolio Fund.

So we have updated the objective of our PIA fund.

Nothing else changed. The fund will continue to be managed in the same way, invest in the same assets as before and there is no change to the risk profile.

What changed?

The table below shows the details of the changes:

Previous benchmark New benchmark

FTSE World Index

IA Flexible Investment Sector
Previous objective New objective

Objective: The investment strategy of the fund is to purchase units in the M&G Managed Growth Fund - the underlying fund.

 

Underlying Fund Objective: The fund aims to deliver a higher total return (the combination of capital growth and income), net of the Ongoing Charge Figure, than that of a composite index comprising 85% global equities and 15% global bonds, over any five-year period. It is a multi-asset fund that invests at least 70% of its assets in other collective investment schemes in order to gain exposure to assets from anywhere in the world, including equities, fixed income, convertibles, cash, or near cash. The fund may also invest directly in these assets. In aggregate, the fund will invest at least 70% of its assets in equities, either directly or via collective investment schemes. Derivatives may be used for investment purposes, efficient portfolio management and hedging.

Objective: The investment strategy of the fund is to purchase units in the M&G Managed Growth Fund - the underlying fund.

 

Underlying Fund Objective: The Fund aims to provide a higher total return (the combination of capital growth and income) net of the Ongoing Charge Figure, than the average return of the IA Flexible Investment Sector over any five-year period. It is a multi-asset fund that invests at least 70% of its assets in other collective investment schemes in order to gain exposure to assets from anywhere in the world, including equities, fixed income, convertibles, cash, or near cash. The fund may also invest directly in these assets. In aggregate, the fund will invest at least 70% of its assets in equities, either directly or via collective investment schemes. Derivatives may be used for investment purposes, efficient portfolio management and hedging.

In February 2021, the fund manager M&G, revised the benchmark and accordingly, the objective of the fund.

Nothing else changed. The fund will continue to be managed in the same way, invest in the same assets as before and there is no change to the risk profile.

What changed?

The table below shows the details of the changes:

Previous benchmark New benchmark

Not benchmarked

IA Mixed Investment 40-85% Shares Sector
Previous objective New objective

Objective: The investment strategy of the fund is to purchase units in the M&G Episode Growth Fund - the underlying fund.

Underlying Fund Objective: The fund aims to deliver a higher total return (the combination of capital growth and income), net of the Ongoing Charge Figure, than that of a composite index comprising two thirds global equities and one third global bonds, over any five-year period. It is a multi-asset fund that invests across a range of asset classes, including equities, fixed income securities, convertibles, cash and near cash. Exposure to these assets may be gained either directly or indirectly via collective investment schemes or derivatives. The fund may also invest indirectly via collective investment schemes or derivatives in other asset classes such as property and gold. The currency exposure of the fund will be actively managed, seeking to enhance returns, with a minimum of 25% of the fund exposed to sterling and a minimum of 50% in developed market currencies (including sterling). Derivatives may be used for investment purposes, efficient portfolio management and hedging.

Objective: The investment strategy of the fund is to purchase units in the M&G Episode Growth Fund - the underlying fund.

Underlying Fund Objective: The Fund aims to provide a higher total return (the combination of capital growth and income) net of the Ongoing Charge Figure, than the average return of the IA Mixed Investment 40-85% Shares Sector over any five-year period. It is a multi-asset fund that invests across a range of asset classes, including equities, fixed income securities, convertibles, cash and near cash. Exposure to these assets may be gained either directly or indirectly via collective investment schemes or derivatives. The fund may also invest indirectly via collective investment schemes or derivatives in other asset classes such as property and gold. The currency exposure of the fund will be actively managed, seeking to enhance returns, with a minimum of 25% of the fund exposed to sterling and a minimum of 50% in developed market currencies (including sterling). Derivatives may be used for investment purposes, efficient portfolio management and hedging.

In February 2021, the fund manager M&G, revised the benchmark and accordingly, the objective of the fund.

Nothing else changed. The fund will continue to be managed in the same way, invest in the same assets as before and there is no change to the risk profile.

What changed?

The table below shows the details of the changes:

Previous benchmark New benchmark

Composite

IA Flexible Investment Sector

Previous objective

New objective

 

Objective: The investment strategy of the fund is to purchase units in the M&G Managed Growth Fund - the underlying fund.

Underlying Fund Objective: The fund aims to deliver a higher total return (the combination of capital growth and income), net of the Ongoing Charge Figure, than that of a composite index comprising 85% global equities and 15% global bonds, over any five-year period. It is a multi-asset fund that invests at least 70% of its assets in other collective investment schemes in order to gain exposure to assets from anywhere in the world, including equities, fixed income, convertibles, cash, or near cash. The fund may also invest directly in these assets. In aggregate, the fund will invest at least 70% of its assets in equities, either directly or via collective investment schemes. Derivatives may be used for investment purposes, efficient portfolio management and hedging.

Objective: The investment strategy of the fund is to purchase units in the M&G Managed Growth Fund - the underlying fund.

Underlying Fund Objective: The Fund aims to provide a higher total return (the combination of capital growth and income) net of the Ongoing Charge Figure, than the average return of the IA Flexible Investment Sector over any five-year period. It is a multi-asset fund that invests at least 70% of its assets in other collective investment schemes in order to gain exposure to assets from anywhere in the world, including equities, fixed income, convertibles, cash, or near cash. The fund may also invest directly in these assets. In aggregate, the fund will invest at least 70% of its assets in equities, either directly or via collective investment schemes. Derivatives may be used for investment purposes, efficient portfolio management and hedging.

The fund manager (M&G) has revised the objective of the M&G Corporate Bond Fund.

So we have updated the objective of our PIA fund.

Nothing else changed. The fund will continue to be managed in the same way, invest in the same assets as before and there is no change to the risk profile.

What changed?

The table below shows the details of the changes:
 

Previous objective New objective

Objective: The investment strategy of the fund is to purchase units in the M&G Corporate Bond Fund - the underlying fund.

Underlying Fund Objective: The fund aims to provide a higher total return (the combination of capital growth and income), net of the Ongoing Charge Figure, than the average return of the IA £ Corporate Bond Sector over any five-year period. At least 70% of the fund is invested, directly or indirectly through derivatives, in investment grade corporate debt securities issued by companies from anywhere in the world, including Emerging Markets. These securities are denominated in Sterling or hedged back to Sterling.

Other investments may include:  1. debt securities issued or guaranteed by governments and their agencies, public authorities, quasi-sovereigns and supranational bodies, denominated in any currency; 2. below investment grade and unrated debt securities;3. Asset-Backed Securities; 4. other transferable securities, cash, and near cash, directly or via collective investment schemes (including funds managed by M&G). Derivatives may be used for investment purposes, efficient portfolio management and hedging.

Objective: The investment strategy of the fund is to purchase units in the M&G Corporate Bond Fund - the underlying fund.

Underlying Fund Objective: The fund aims to provide a higher total return (the combination of capital growth and income), net of the Ongoing Charge Figure, than the average return of the IA £ Corporate Bond Sector over any five-year period. At least 70% of the Fund is invested, directly or indirectly through derivatives, in investment grade corporate debt securities including investment grade Asset-Backed Securities. These securities can be issued by companies from anywhere in the world, including Emerging Markets. These securities are denominated in Sterling or hedged back to Sterling.

Other investments may include:  1. debt securities issued or guaranteed by governments and their agencies, public authorities, quasi-sovereigns and supranational bodies, denominated in any currency; 2. below investment grade and unrated debt securities;3. below investment grade and unrated Asset-Backed Securities; 4. other transferable securities, cash, and near cash, directly or via collective investment schemes (including funds managed by M&G). Investments in Asset-Backed Securities are limited to 20% of the Fund.  Derivatives may be used for investment purposes, efficient portfolio management and hedging.

The PIA Pacific Markets Fund invests in the LF Prudential Pacific Markets Trust Fund. In March, LF Prudential Pacific Markets Trust Fund changed manager to M&G Investment Management (M&G). The fund holdings were also transferred to a new fund later in 2021.

The new fund has a different benchmark and investment objective.

As a result of the changes above, there are changes to the PIA Pacific Markets Fund. You can see details of all the changes in the table below.

Nothing else has changed. There are no changes to the risk rating or fund charges.

What’s changing?

The table below shows the details of the changes:

Previous manager (underlying fund) New manager (underlying fund)

Eastspring Investments – Andrew Cormie

M&G Investment Management – Dave Perrett
Previous fund name New fund name

PIA Pacific Markets GBP Ser B

PIA Asia Pacific GBP Ser B
Previous fund objective New fund objective

Objective: The investment strategy of the fund is to purchase units in the LF Prudential Pacific Markets Trust - the underlying fund.

Underlying Fund Objective: The trust aims to produce capital growth through investment of at least 80% of the property of the Scheme in eastern markets, excluding Japan. Investment will primarily be in major markets such as Australia, Hong Kong, Singapore and Thailand, but to a lesser extend this Scheme may invest in emerging markets such as The Philippines, Taiwan and South Korea. Derivatives are used to manage the risk profile of the fund, reduce costs or generate additional capital or income.

Objective: The investment strategy of the fund is to purchase units in the M&G Funds (1) - Asia Pacific (ex Japan) Equity fund – the underlying fund.

Underlying Fund Objective: The Sub-Fund aims to provide a higher total return (capital growth plus income), net of the Ongoing Charge Figure, than the FTSE Custom Asia Pacific ex Japan Country Capped Index over any three-year period.

Derivatives are used to manage the risk profile of the fund, reduce costs or generate additional capital or income.

 

What current investors need to do?

You don't need to do anything. We’ll update our systems to reflect the changes.

The PIA European Ser B Fund currently invests in the LF Prudential European Qualified Investor Scheme Fund.

Prudential merged the LF Prudential European Qualified Investor Scheme Fund into two new funds, in April. So we’ve decided to change the fund name, manager, benchmark and the investment objective of the PIA fund to reflect the changes of the funds it invests in.

Nothing else is changing. There are no changes to the risk rating or fund charges.

What’s changing?

The table below shows the details of the changes:

Previous fund name New fund name

PIA European Ser B Fund

PIA European Equity Ser B Fund
Previous fund objective New fund objective

Objective: The investment strategy of the fund is to purchase units in the LF Prudential European Qualified Investor Scheme - the underlying fund.

Underlying Fund Objective: The fund aims to achieve capital growth through investment in a range of European (excluding UK) securities, mainly equities. The fund has the flexibility to move between countries and markets, and the manager will seek to take advantage of variations on investment conditions. The fund will invest mainly in equities, but may additionally invest in other assets such as government securities, warrants, other transferable securities and collective investment schemes.

Objective: The investment strategy of the fund is to purchase shares in European (excluding UK) companies via other M&G funds. It is a “fund of funds” holding units in several more specialised European equity funds to give access to a variety of methods for generating investment returns in differing market conditions.

Fund Investments: At least 80% of the underlying funds’ Net Asset Value is directly invested in equity securities and equity-related securities of companies that are incorporated, listed, domiciled or do most of their business in the Europe, excluding the United Kingdom. The underlying funds may also invest in other transferable securities, cash, and near cash, directly or via funds (including funds managed by M&G) and may use derivatives for efficient portfolio management and hedging.
Previous fund manager New fund manager

M&G – Richard Halle

M&G Treasury and Investment Office
Previous benchmark New benchmark

Not benchmarked

FTSE World Europe Ex UK

 

What current investors need to do?

You don't need to do anything. We’ll update our systems to reflect the changes.

The PIA Ser B North American currently invests in the LF Prudential North America Qualified Investor Scheme Fund.

The LF Prudential North America Qualified Investor Scheme Fund is managed by LINK. They are due to close the fund later in 2021. The PIA North American Fund will therefore invest in a new fund from May 2021. As a result the fund name, investment objective, manager and benchmark of the PIA fund will change to reflect the changes of the fund it invests in.

Nothing else is changing. There are no changes to the risk rating or fund charges.

What’s changing?

The table below shows the details of the changes:

Previous fund objective New fund objective

Objective: The investment strategy of the fund is to purchase units in the LF Prudential North American Qualified Investor Scheme Fund. That fund aims to achieve long-term capital growth by investing in North American securities.

Fund Investments: The fund is actively managed by the fund manager, investing in securities across a range of market capitalisations. In addition to equities, the fund may invest in other assets such as government securities, warrants, other transferable securities and collective investment schemes.

Objective: The investment strategy of the fund is to purchase units in the M&G (ACS) BlackRock Optimised US Equity Fund – the underlying fund.

Underlying Fund Objective: The Sub-Fund aims to reflect the risk and return characteristics of the S&P 500 Index gross of the Ongoing Charges Figure and is expected to have an ex ante tracking error of around 1%.

The Sub-Investment Manager uses a structured and systematic, bottom-up stock selection process to build a portfolio with similar risk-return characteristics as the Index in order to meet the Sub-Fund’s investment objective; in addition the Sub-Investment Manager aims to maximise the Sub-Fund’s ESG characteristics by overweighting its investments in securities which  score well against the Sub-Investment Manager’s ESG research framework, and underweighting the securities which score less well. 
Previous fund manager New fund manager

Richard Brody – PPMA

BlackRock
Previous benchmark New benchmark

Not benchmarked

S&P 500

 

What current investors need to do?

You don't need to do anything. We’ll update our systems to reflect the changes.

M&G recently announced the unsuspension of the M&G Property Portfolio and its feeder fund with effect from 10th May 2021. Part of the measures taken in the reopening was a change to the investment objectives with effect from 25 June 2021.

As a result the investment objective and benchmark of the PIA fund will change to reflect the changes.

Nothing else is changing. There are no changes to the risk rating or fund charges.

What’s changing?

The table below shows the details of the changes:

Previous fund objective New fund objective

Objective: The investment strategy of the fund is to purchase units in the M&G Feeder of Property Portfolio. That fund invests solely in the M&G Property Portfolio, which aims to maximise long term total return (the combination of income and growth of capital).

Fund Investments: The M&G Property Portfolio invests in a diversified portfolio of commercial property mainly in the UK. The fund may also invest in other property related assets, including collective investment schemes, transferable securities, derivatives, debt instruments as well as government debt, money market instruments and cash.

Objective: The investment strategy of the fund is to purchase units in the M&G Feeder of Property Portfolio – the underlying fund.

Underlying Fund Objective: The investment objective of the Fund is to carry on Property Investment Business and to manage cash raised from investors for investment in the Property Investment Business. In doing so the fund aims to provide a higher total return (capital growth plus income), net of the Ongoing Charge Figure and Property Expense Ratio, than the average return of the IA UK Direct Property Sector over any five-year period solely through investment in M&G Property Portfolio.

At least 70% of the Fund is invested directly in a diversified portfolio of commercial property in the UK. This may be reduced to 60%, if it is considered prudent for liquidity management.

The Fund may also invest in other property related assets including  other types of property, including residential property ; property of any type outside the UK; funds (including funds managed by M&G); and transferable securities; and money market instruments.

For liquidity management, the Fund may invest in cash; near cash; money market instruments; and government bonds, directly, or via funds (including funds managed by M&G). Derivatives may be used for investment purposes, efficient portfolio management and hedging.
Previous benchmark New benchmark
benchmarked

IA UK Direct Property Sector

 

What current investors need to do?

You don't need to do anything. We’ll update our systems to reflect the changes.

 

In May 2021, the underlying fund manager, M&G, revised the benchmark and accordingly, the objective of the underlying fund. This is due to the abolition of LIBOR/LIBID.

Nothing else has changed, the fund will continue to be managed in the same way, invest in the same assets as before and there is no change to the risk profile.

What changed?

The table below shows the details of the changes:

Previous benchmark New benchmark

3-month GBP LIBOR + 5%

SONIA + 5%
Previous objective New objective

Objective: The investment strategy of the fund is to purchase units in the M&G Episode Allocation Fund – the underlying fund.

Underlying Fund Objective: The fund aims to deliver a total return (the combination of capital growth and income) of at least 5% per annum above the 3-month GBP LIBOR rate, before any charges are taken, over any five year period. There is no guarantee that the fund will achieve a positive return over five years, or any other period, and investors may not get back the original amount they invested. It is a multi-asset fund that invests across a range of asset classes, including equities, fixed income securities, convertibles, cash and near cash. Exposure to these assets may be gained either directly or indirectly via collective investment schemes or derivatives. The fund may also invest indirectly via collective investment schemes or derivatives in other asset classes such as property and gold. The currency exposure of the fund will be actively managed, seeking to enhance returns, with a minimum of 30% of the fund exposed to sterling and a minimum of 60% in developed market currencies (including sterling). Derivatives may be used for investment purposes, efficient portfolio management and hedging.

Objective: The investment strategy of the fund is to purchase units in the M&G Episode Allocation Fund – the underlying fund.

Underlying Fund Objective: The fund aims to deliver a total return (the combination of capital growth and income) of at least 5% per annum above the Sterling Overnight Index Average (SONIA), before any charges are taken, over any five year period. There is no guarantee that the fund will achieve a positive return over five years, or any other period, and investors may not get back the original amount they invested. It is a multi-asset fund that invests across a range of asset classes, including equities, fixed income securities, convertibles, cash and near cash. Exposure to these assets may be gained either directly or indirectly via collective investment schemes or derivatives. The fund may also invest indirectly via collective investment schemes or derivatives in other asset classes such as property and gold. The currency exposure of the fund will be actively managed, seeking to enhance returns, with a minimum of 30% of the fund exposed to sterling and a minimum of 60% in developed market currencies (including sterling). Derivatives may be used for investment purposes, efficient portfolio management and hedging.

 

We’ve made changes to the fund name and objective of the PIA M&G Global Select Fund as a result of the changes made to the name and objective of the underlying fund, which will better reflect the underlying fund’s investment strategy and its focus on making long-term investments in sustainable companies combining characteristics including financial strength, competitive advantage and ability to sustain low carbon emissions.

Nothing else has changed. There are no changes to the risk rating or fund charges.

What’s changing?

The table below shows the details of the changes:

Previous fund name New fund name

PIA M&G Global Select Ser B

PIA M&G Global Sustain Paris Aligned Ser B
Previous fund objective New fund objective

Objective: The investment strategy of the fund is to purchase units in the M&G Global Select Fund - the underlying fund.

Underlying Fund Objective: The fund aims to provide a higher total return (the combination of capital growth and income), net of the Ongoing Charge Figure, than that of the MSCI World Index over any five-year period.

At least 80% of the fund is invested in equity securities and equity-related securities of companies across any sector and market capitalisation that are domiciled in any country, including Emerging Markets.

The fund has a concentrated portfolio and usually holds fewer than 40 companies.

Sustainability considerations play an important role in determining the investment universe and assessing business models. The fund excludes securities issued by companies that are assessed to be in breach of the United Nations Global Compact principles on human rights, labour, environment and anti-corruption; and companies involved in the production of tobacco and controversial weapons.

The fund may also invest in other transferable securities, directly or via collective investment schemes (including funds managed by M&G). The fund may also hold cash and near cash for liquidity purposes. Derivatives may be used for efficient portfolio management and hedging

Objective: The investment strategy of the fund is to purchase units in the M&G Global Sustain Paris Aligned Fund - the underlying fund.

Fund Investments: The Fund has two aims:

• To provide a higher total return (capital growth plus income), net of the Ongoing Charge Figure, than that of the MSCI World Index over any five-year period; and

• To invest in companies that contribute towards the Paris Agreement climate change goal.

At least 80% of the Fund is invested directly in equity securities and equity-related securities of companies across any sector and market capitalisation that are domiciled in any country, including Emerging Markets. The Fund has a concentrated portfolio and usually holds fewer than 40 companies.

The Fund invests in securities that meet the ESG Criteria and Sustainability Criteria.

The following types of exclusions apply to the Fund’s direct investments:

• Norms-based exclusions: investments that are assessed to be in breach of commonly accepted standards of behaviour related to human rights, labour rights, environment and anti-corruption.

• Sector-based and/or values-based exclusions: investments and/or sectors exposed to business activities that are assessed to be damaging to human health, societal wellbeing, the environment, or otherwise assessed to be misaligned with the Fund’s sector-based and/or values-based criteria.

• Other exclusions: investments assessed to be otherwise in conflict with the ESG Criteria and Sustainability Criteria.

The Fund may also invest in other transferable securities, money market instruments, cash and near cash for liquidity purposes, directly and via collective investment schemes (including funds managed by M&G).

Derivatives may be used for Efficient Portfolio Management and hedging.

 

What current investors need to do?

You don't need to do anything. We’ll update our systems to reflect the changes.

We regularly review the funds we offer, to help investors get the best from their investment. From time to time, we have to take the difficult decision to close a fund if we lack conviction in the ability of that fund to provide a good customer outcome. As such, we decided to close the PIA Invesco UK Equity Income Fund on 25 August 2021. Any holdings in the fund were switched into the PIA UK Equity Fund on that date.

There was no change to fund charges.

The table below shows the objective details of the closing and ongoing funds:

  PIA Invesco UK Equity Income Fund PIA UK Equity Fund
PIA Fund Objective

The investment strategy of the fund is to purchase units in the Invesco UK Equity Income Fund - the underlying fund.

The investment strategy of the fund is to purchase shares in UK companies via other M&G funds. It is a “fund of funds” holding units in several more specialised UK equity funds to give access to a variety of methods for generating investment returns in differing market conditions.
Underlying Fund Objective

The fund aims to achieve income and capital growth over the long term (5 years plus). The fund invests at least 80% of its assets in shares or other equity related securities of companies incorporated, domiciled or carrying out the main part of their economic activity in the UK. In pursuing the fund’s investment objective, the fund manager may consider it appropriate to also invest in other transferable securities (including private and unlisted equities and non UK companies), money market instruments, collective investment schemes (including funds managed by the Invesco group), deposits and cash. The fund may use derivatives for efficient portfolio management purposes only.

At least 80% of the underlying funds’ Net Asset Value is directly invested in equity securities and equity-related securities of companies that are incorporated, listed, domiciled or do most of their business in the United Kingdom. The underlying funds may also invest in other transferable securities, cash, and near cash, directly or via funds (including funds managed by M&G) and may use derivatives for efficient portfolio management and hedging.

 

What current investors need to do?

You don't need to do anything, we wrote to affected customers. We’ll update our systems to reflect the changes.

The PIA Fidelity Global Focus GBP Fund invests in a fund managed by Fidelity Investments. In January, The fund manager changed the fund’s Investment Policy to incorporate a sustainable investment focus. As part of this change, Fidelity is updating the fund name, fund objective and benchmark, so we have updated the name, fund objective and benchmark of our PIA fund.

You can see details of all the changes in the table below.

Nothing else has changed. There are no changes to the risk rating or fund charges.

What’s changing?

The table below shows the details of the changes:

Previous fund name

New fund name
PIA Fidelity Global Focus GBP Ser B PIA Fidelity Sustainable Global Equity GBP Ser B

Previous benchmark

New benchmark

MSCI All Country World Mid Cap Index

MSCI All Country World Index

Previous fund objective

New fund objective

Objective: The investment strategy of the fund is to purchase units in the Fidelity Global Focus Fund - the underlying fund.

Underlying Fund Objective: The fund aims to increase the value of your investment over a period of 5 years or more. The fund will invest at least 80% in equities (and equity related securities) of companies globally which could include countries considered to be emerging markets as determined by the Investment Manager at its sole discretion. The Investment Manager aims to hold a concentrated portfolio of 40-60 stocks. The fund is actively managed. The Investment Manager identifies suitable opportunities for the fund utilising in-house research and investment capabilities. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, consider the MSCI All Country World Mid Cap Index. However, the Investment Manager has a wide degree of freedom relative to the index and may take larger, or smaller, positions in companies, and/or may invest outside the index, to take advantage of investment opportunities. This means the fund’s investments and therefore performance may vary significantly from the index. The fund can also invest in other transferable securities, money market instruments, cash and deposits, and is also able to use derivatives for efficient portfolio management.

Objective: The investment strategy of the fund is to purchase units in the Fidelity Sustainable Global Equity Fund - the underlying fund.

Underlying Fund Objective: The fund aims to increase the value of your investment over a period of 5 years or more. The Fund is part of the Fidelity Sustainable Family of Funds and adheres to the Fidelity Sustainable Family framework under which at least 70% of the Fund’s net assets will be invested in the shares of companies globally deemed to maintain sustainable characteristics.

This could include countries considered to be emerging markets as determined by the Investment Manager at its sole discretion. The Fund will also adhere to the Fidelity Sustainable Family exclusion policy. Companies with sustainable characteristics are those which the Investment Manager believes consider effective governance and management of environmental and social issues and deliver long-term sustainable outcomes through positive societal impact. The Fund aims to hold a concentrated portfolio of 40-60 securities. The Fund is actively managed. The Investment Manager will, when selecting investments for the Fund and for the purposes of monitoring risk, consider the MSCI All Country World Index (the ”Index”). However, the Investment Manager has a wide degree of freedom relative to the Index and may take larger, or smaller, positions in companies, and/or may invest outside the Index, to take advantage of investment opportunities. This means the Fund’s investments and therefore performance may vary significantly from the index. The Fund may also obtain exposure to companies which demonstrate improving sustainable characteristics, and may also invest in transferable securities, money market instruments, collective investment schemes, cash and near cash and deposits. 

Derivatives may be used for efficient portfolio management and investment purposes (but not on any significant basis).

What current investors need to do?

You don't need to do anything. We’ll update our systems to reflect the changes.

The PIA HSBC Islamic Global Equity Index USD Fund invests in a fund managed by HSBC.

You can see details of all the change in the table below.

Nothing else has changed. There are no changes to the risk rating or fund charges.

What’s changing?

The table below shows the details of the changes:

Previous fund objective New fund objective

Objective: The investment strategy of the fund is to purchase units in the HSBC Islamic Global Equity Index (USD) - the underlying fund.

Underlying Fund Objective: The fund aims to track the returns of the Dow Jones Islamic Market Titans 100 index. The fund will invest in equity securities, which meet Islamic investment principles, of companies in the Index. The Index comprises 100 constituents in 16 markets. The fund is denominated in US dollars.

Objective: The investment strategy of the fund is to purchase units in the HSBC Islamic Global Equity Index (USD) - the underlying fund.

Underlying Fund Objective: The Fund aims to track as closely as possible the performance of the Dow Jones Islamic Market Titans 100 Index (the Islamic Index). The Index is comprised of the shares of companies in emerging and developed markets that are based anywhere in the world. The Fund will be passively managed and will aim to invest in the shares of the companies in generally the same proportion as in the Index. The shares are selected by filtering the Index universe through screens for business activities and financial ratios to remove stocks that are not Shariah compliant. The Fund will only invest in shares of companies that meet Shariah compliance principles as interpreted or approved by the Shariah Committee. The Shariah Committee monitors the Fund throughout the year and issues an annual Shariah certificate on the Fund’s compliance with Shariah principles. This certificate is included in the annual report of the Fund as confirmation of the Shariah compliance for that year. The Fund will not invest in derivatives.

What current investors need to do?

You don't need to do anything. We’ll update our systems to reflect the changes.

The PIA Fidelity European Multi Asset Income Fund invests in a fund managed by Fidelity.

You can see details of all the change in the table below.

Nothing else has changed. There are no changes to the risk rating or fund charges.

What’s changing?

The table below shows the details of the changes:

Previous fund objective New fund objective

Objective: The investment strategy of the fund is to purchase units in the Fidelity European Multi Asset Income Fund - the underlying fund.

Underlying Fund Objective: The fund aims to generate income by investing primarily in equities and fixed income securities issued by both companies that are listed in, or have their registered office in, or exercise a majority of their activity in Europe, and European governments. The fund will actively allocate to, and within, different asset classes based on their potential to generate income. The main asset classes in which the fund will invest include fixed income securities (including investment grade and high yield bonds), equities and alternative assets, such as (but not limited to) loans, infrastructure securities and eligible closed-ended real estate investment trusts (REITS). The fund may invest up to 20% of its net assets in non-European investments (including emerging market debt). The fund is denominated in Euros.

Objective: The investment strategy of the fund is to purchase units in the Fidelity European Multi Asset Income Fund - the underlying fund.

Underlying Fund Objective: The fund aims to provide income by investing primarily in equities and fixed income securities issued by both companies that are listed in, or have their registered office in, or exercise a majority of their activity in Europe, and European governments. The fund will actively allocate to, and within, different asset classes based on their potential to generate income. The main asset classes in which the fund will invest include fixed income securities (including investment grade and high yield bonds), equities and alternative assets, such as (but not limited to) infrastructure securities and closed-ended REITs. A minimum of 50% of the fund’s net assets will be invested in securities deemed to maintain sustainable characteristics. The fund is actively managed without reference to an index. The fund’s exposure to Distressed Securities is limited to 10% of its assets.

The fund may invest up to 20% of its net assets in non-European investments (including less than 10% of its net assets in China shares and fixed income securities). The fund is denominated in Euros.

What current investors need to do?

You don't need to do anything. We’ll update our systems to reflect the changes.

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