Notification of changes to the underlying fund of J34 JPMorgan Eastern
27 September 2018
Friends Provident International Limited (“Friends Provident International”) has been notified by JPMorgan Asset Management (Europe) S.à.r.l. (“The Company”) of the outcome of the General Meeting regarding the proposed merger of JPMorgan Eastern Fund; the underlying fund of J34 JPMorgan Eastern.
The Company has informed us that the resolution to merge the underlying fund into which J34 JPMorgan Eastern invests was passed. As a result, the JPMorgan Eastern Fund (the “Terminating Fund”) will merge into JPMorgan Asia Growth Fund (the “Receiving Fund”), effective 07 December 2018 (the “Effective Date”). Please refer to the table below for the key changes.
|
Before the Effective Date |
From the Effective Date |
|
|
Mirror Fund Code and Name |
J34 JPMorgan Eastern |
J34 JPMorgan Asia Growth |
|
Name of the corresponding underlying fund |
JPMorgan Eastern Fund |
JPMorgan Asia Growth Fund |
|
Name of management company of underlying fund |
JPMorgan Funds (Asia) Ltd. |
JPMorgan Funds (Asia) Ltd. |
|
Share class of underlying fund |
Acc |
Acc |
|
Mirror Fund currency |
US dollars |
US dollars |
|
Underlying fund currency |
US dollars |
US dollars |
|
Annual management charge of the underlying fund |
1.50% |
1.50% |
|
Ongoing charges over a year of the underlying fund |
1.65% The ongoing charges figure is based on expenses for the year ended 30 September 2017 and may vary from year to year. |
1.64% The ongoing charges figure is based on the annualised expenses for the period from 1 October 2017 to 31 March 2018 according to the unaudited semi-annual report for the period ended on 31 March 2018 and may vary from year to year. |
|
Investment objective and investment strategy of the underlying fund |
The investment policy of the underlying fund is to provide investors with long-term capital growth by investing primarily in the securities of companies in the Asia-Pacific region, excluding Japan and Australia, except the Manager of the underlying fund may, from time to time, invest in Japan and Australia when appropriate investment opportunities arise. The underlying fund may also invest in derivatives such as forward contracts, options, warrants and futures for investment purposes and may under limited circumstances as considered appropriate by the underlying fund’s Manager and the Investment Manager, hold substantial amounts of its portfolio in cash and cash based instruments. |
The investment policy of the underlying fund is to provide long term capital appreciation by investing at least 70% of its non-cash assets in equity securities of companies whose predominant business will benefit from, or is related to, the growth in Asian economies. The underlying fund may invest up to 30% of its non-cash assets in equity securities of companies in non-Asian countries. The underlying fund may also invest up to 10% of its non-cash assets in non-equity securities in any countries. The underlying fund’s aggregate exposure (direct and indirect) to China A-Shares and B-Shares may not exceed 10% of its net assets and should this investment policy in China A-Shares and/or B-Shares change in the future, one month’s prior notice will be given to unitholders and the offering document will be updated accordingly. The underlying fund may also invest in derivatives such as options, warrants and futures for investment purposes and may under limited circumstances as considered appropriate by the underlying fund’s Manager and the Investment Manager, hold substantial amounts of its portfolio in cash and cash based instruments. The underlying fund will have limited Renminbi (RMB) denominated underlying investments. |
|
Risk/reward profile |
5 |
5 |
To facilitate the Merger, the Company have informed that redemption and switching on the Terminating Fund will cease after 30 November 2018, 10am UK time. As a result, dealing on J34 JPMorgan Eastern will be temporarily suspended from 30 November 2018 to 07 December 2018. Please note that instructions received for J34 JPMorgan Eastern after cut off time 9:30am (UK time) on 30 November 2018 will not transact until the next available dealing date of 10 December 2018.
Please be advised that once the merger of the underlying fund of J34 JPMorgan Eastern has completed, the underlying fund of JPMorgan Asia Growth Fund will be accepting further investment. As a result, J34 will accept further investment from 10 December 2018.
Should you have any questions regarding these changes, please contact International Funds & Investments.