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Fund updates

Confirmation of approval of the changes to the Managed Growth Fund
30.06.2017

We wrote to all investors in the Managed Growth Fund on 23 May 2017 to notify them and seek their approval of our proposed changes to the Fund. For reference, these are outlined below. We are pleased to confirm that these changes were approved by investors at an extraordinary general meeting, held on 30 June 2017. These changes will become effective on 7 July 2017. If you have any questions, please contact your financial advisor in the first instance, alternatively, we can be contacted Monday to Friday from 8:30am to 5:30pm on +44(0)20 7597 1900 or by sending an email to enquiries@investecmail.com.

Changes to the Managed Growth Fund, effective 7 July 2017

Full details of the proposed changes can be found here. In summary, we are seeking to make the following changes to the Fund:

  • the name of the Fund will be changed to the “Global Multi-Asset Total Return Fund”;
  • the investment objective of the Fund will be changed to make it clear that the Fund seeks to provide long term total returns and to allow the Fund to invest in a broader range of asset classes; and
  • the investment policy of the Fund will be changed to reflect how investment in this broader range of asset classes will be achieved.

 

Investec OEIC Bond Funds - Share Class Conversions on Friday, 7 April 2017
10.04.2017

This is relevant to any shareholdings in the share classes detailed below (see column ‘CURRENT HOLDING’). At 12 noon on Friday 7 April 2017 any holder of these share classes was converted into another share class of the fund they hold (see column ‘NEW HOLDING’).

This means these shareholdings have now been converted into a share class with a different ISIN code to the one previously applicable and the number of shares held will also change. We have already communicated this to you and the purpose of this note is to remind you of this action. The attached document was sent out to all shareholders concerned within our January 2017 statement run. It contains full details of these share class conversions.

IFDS will be sending a ‘Conversion Contract Note’ detailing the share class conversion to all involved shareholders. These will be sent electronically to all shareholders who are signed up to the IFDS ‘e-distributor’ service or by post if they are not. Details of the ‘conversion out’ and ‘conversion in’ share prices will also be available on our website from Monday 10 April 2017. These prices are shown below:

Current Holding ISIN Price New Holding ISIN Price
Emerging Markets Blended Debt Fund     Emerging Markets Blended Debt Fund
   
A Acc, GBP, Gross GB00B7YB4D81 125.82 A, Acc, GBP GB00B8GBN582 120.71
I Acc , GBP, Gross GB00B8HGVH09 130.12 I, Acc, GBP GB00BJFLDK12 137.67

 

Emerging Markets Local Currency Debt Fund     Emerging Markets Local Currency Debt Fund
   
A Acc, GBP, Gross GB00B1XDJP05 207.82 A, Acc, GBP GB00B1XDJM73 185.67
A Inc-2, GBP, Gross GB00B1XDJR29 104.9 A, Inc-2, GBP GB00B1XDJQ12 104.28
I Acc, GBP, Gross GB00B1XFKV93 220.49 I, Acc, GBP GB00B3TB1H89 106.89
I Inc-2, GBP, Gross GB00BSJCSM01 99.17 I, Inc-2, GBP GB00B58SJV49 86.87

 

Target Return Bond Fund     Target Return Bond Fund     
I, Acc, GBP, Gross GB00BWBSCP59 98.17 I, Acc, GBP GB00B0FNM414 107.31
I, Inc, GBP, Gross GB00BXNSW940 97.17 I, Inc, GBP GB00B71DHL68 93.69

Confirmation of approval of the changes to the Investec UK Alpha Fund
15.03.2017

We wrote to all investors in the UK Alpha Fund on 31 January 2017 to notify them and seek their approval of our proposed changes to the Fund. For reference, these are outlined below. We are pleased to confirm that these changes were approved by investors at an extraordinary general meeting, held on 15 March 2017. These changes will become effective on 7 April 2017. If you have any questions, please contact your financial advisor in the first instance, alternatively, we can be contacted Monday to Friday from 8:30am to 5:30pm on +44(0)20 7597 1900 or by sending an email to enquiries@investecmail.com.

Changes to the Investec UK Alpha Fund, effective 7 April 2017

  • The addition of an aim in the Fund’s investment objective to provide an income return alongside the primary aim, which is to continue to provide long term capital growth;
  • The removal of the reference to the Fund’s investments being ‘concentrated’ in the Fund’s investment objective;
  • The removal of the reference to the Fund investing in derivatives in the Fund’s investment objective; and
  • The removal of wording referring to the Fund not being dominated by a specific investment style in the Fund’s investment policy.

Compulsory conversion between share classes in the same fund
31.01.2017

On 31 January 2017, we wrote to all OEIC investors to notify them of our decision to introduce the ability to move all investors in a share class to another share class in the same Fund. This is known as a compulsory conversion. This ability is for use where we reasonably believe it is in the interests of shareholders. This might be where we believe a share class is too small and, therefore, uneconomical and we think it is in the interests of shareholders to be moved into another share class in the same Fund. Another example would be where two share classes were identical (or very similar) in their features and so it does not make sense to continue to run two such similar share classes at the same time.

This capability will be introduced into our Prospectus on 7 April 2017. We will only ever use this capability to move all investors between share classes when we believe it is in your interests and we will give you 60 days’ written notice before doing so. For full details, please read the letter, here


Removal of references to ‘net’ and ‘gross’ from all share class names
31.01.17

We wrote to all shareholders on 31 January 2017, to notify them of a change to how we refer to bond funds. Currently, all of the share classes in our Funds are classified as either ‘net’ or ‘gross’. We refer to these classifications in some of our Fund documents, including the Prospectus and Factsheets. However, from 7 April 2017 the distinction is no longer needed and we will be removing references to these two different classifications in our share class names. For example, the ‘Cautious Managed Fund, A, Acc, Net, GBP’ share class will just be referred to as the ‘Cautious Managed Fund, A, Acc, GBP’.

For reference, the Investec OEIC bond funds are listed below:

  • Diversified Income Fund
  • Monthly High Income Fund
  • Short Dated Bond Fund
  • Emerging Markets Local Currency Debt Fund
  • Emerging Markets Blended Debt Fund
  • Target Return Fund

If necessary, investors in both ‘net’ and ‘gross’ bond fund share classes received further information from us about this change on 31 January 2017.

For those shareholders converting, please read the full details here

For ‘Net’ share class shareholders, please read full details here


Proposed changes to the UK Alpha Fund, a sub-fund of the Investec Funds Series i
31.01.17

We wrote to all investors in the UK Alpha Fund on 31 January 2017 to notify them and seek their approval of our proposed changes to the Fund. In summary, we are seeking to make the following changes to the Fund:

  • The addition of an aim in the Fund’s investment objective to provide an income return alongside the primary aim, which is to continue to provide long term capital growth;
  • The removal of the reference to the Fund’s investments being ‘concentrated’ in the Fund’s investment objective;
  • The removal of the reference to the Fund investing in derivatives in the Fund’s investment objective; and
  • The removal of wording referring to the Fund not being dominated by a specific investment style in the Fund’s investment policy.

The changes to the investment objective and policy of the Fund require the approval of shareholders by the passing of a resolution at an EGM. We have therefore arranged for an EGM to be held at 9:00am on 15 March 2017 at our offices, Woolgate Exchange, 25 Basinghall Street, London EC2V 5HA. If approved, the changes will made on 7 April 2017. For full details, please see the legal circular, sent to all shareholders on 31 January 2017.


Changes to the Target Return Fund, a sub-fund of Investec Funds Series iv
31.01.17

We wrote to all investors in the Target Return Fund on 31 January 2017 to notify them of changes to the Fund. These changes, outlined below, will take place on 7 April 2017.

  • The name of the Fund will be changed to the ‘Target Return Bond Fund’;
  • The investment objective of the Fund will be clarified to state that the Fund aims to produce a positive return above overnight GBP LIBOR over rolling three year periods;
  • The investment policy of the Fund will be updated to reflect the Fund’s use of forward currency contracts and derivatives; and
  • The target reference indices for different share classes available in the Fund will be removed.

Please note investors are not required to take any action. The type of investments the Fund may hold will not change and these changes will not increase the risk profile of the Fund. For full details please refer to the legal circular, sent to all shareholders on 31 January 2017.


Termination of the Emerging Markets Dynamic Equity Fund, a sub-fund of Investec Funds Series iv
20.01.17

We are applying to the Financial Conduct Authority for approval to terminate the Emerging Markets Dynamic Equity Fund, a sub-fund of Investec Fund Series iv (the ‘Fund’). If approved, the Fund will be removed from the Prospectus.


Confirmation of approval of the merger of Investec Strategic Bond Fund into Investec Diversified Income Fund
16.09.2016

On 12 August 2016, we wrote to all investors in the Investec Strategic Bond Fund to notify them of our proposal to merge this fund into the Investec Diversified Income Fund. We are pleased to confirm that the merger was approved by investors at an extraordinary general meeting on 16 September 2016. The merger will be effective on 30 September 2016. All investors in the Strategic Bond Fund will receive a letter outlining details of the new shares issued in the Diversified Income Fund. This will be sent out within ten business days of the effective merger date. If you have any questions, please contact your financial advisor in the first instance, alternatively, we can be contacted Monday to Friday from 8:30am to 5:30pm on +44(0)20 7597 1900 or by sending an email to enquiries@investecmail.com.


Proposal to merge the Investec Strategic Bond Fund into the Investec Diversified Income Fund
12.08.2016

On 12 August 2016, we wrote to all investors in the Investec Strategic Bond Fund to notify them, and seek their approval, of our proposal to merge this fund into the Investec Diversified Income Fund.

To read the letter sent to investors, please click here. For a more detailed explanation, please read the see the full legal circular, here.


Changes to the way interest distributions from funds are taxed – for investors in net share classes of the following funds only:
29.07.2016

On Friday 29 July, we wrote to all investors in our OEIC bond funds, to notify them of a change to the way interest payments from bond funds will be taxed. From 6 April 2017 all interest payments will be paid without the deduction of any income tax (i.e. gross) rather than with the deduction of income tax (i.e. net). This means that investors invested in the net share classes of the funds listed on the left, will receive interest payments gross and therefore without any tax deduction from the first fund distribution payment date after 6 April 2017. To read the full update, click here.

Affected funds:

  • Diversified Income Fund
  • Emerging Markets Blended Debt Fund
  • Emerging Markets Local Currency Debt Fund
  • Monthly High Income Fund
  • Short-Dated Bond Fund
  • Strategic Bond FundTarget Return Fund

Introduction of non-dealing days for the Chinese New Year (Asia ex Japan Fund only)
29.07.2016

The Chinese New Year can last a number of consecutive days and due to the regional exposure of this Fund, this decision aims to protect the interest of all investors in the Fund. Taking effect from the 2017 Chinese New Year, the public holidays on which the Chinese New Year falls in the PRC or Hong Kong each year will no longer be dealing days even if the markets in the PRC or Hong Kong are open.

To read the full update, click here.


Termination and closure of the Investec OEIC Global Bond Fund
06.05.2016

We wrote to shareholders on 6 May 2016 to inform them of our decision to close the Global Bond Fund, a sub-fund of Investec Funds Series iii.
The effective date of the closure will be 8 July 2016. All remaining shares in the Fund at this date will be automatically redeemed.

To read the letter sent to investors, please click here.

For further detail on the closure, please click here to read the circular.


Reduction of initial charges to zero and no further initial commission payments
01.07.2015

We wrote to all investors in our OEIC range on 31 July 2015 to formally tell them of our decision to no longer apply the initial charge, which is payable at the time when investments are made into any of the Investec OEIC Funds. From 5 October 2015, all future investments, including through an ISA or monthly savings plan, will no longer be charged an initial charge by us.

Click here to view the letter that was sent to investors.


Changes to Collective Investment Schemes limits
01.07.2015

We wrote to the investors in the below funds on 31 July 2015 to notify them that we will be increasing the limit that these funds can invest in Collective Investment Schemes to 10%, to bring these funds in line with the others in the Investec OEIC Fund range. The change will come into effect on 5 October 2015. Click here to view the letter that was sent to investors.

American Fund Global Gold Fund
Asia Ex Japan Fund Global Strategic Equity Fund
Cautious Managed Fund Monthly High Income Fund
Emerging Markets Local Currency Debt Fund Strategic Bond Fund
Global Bond Fund UK Alpha Fund
Global Dynamic Fund UK Smaller Companies Fund
Global Energy Fund UK Special Situations Fund
Global Equity Fund UK Total Return Fund

 


Changes to Investec Diversified Income Fund
01.07.2015

We wrote to investors in the Diversified Income Fund to inform them about changes to the Fund:

  1. Reduction in the annual management charge (AMC) on the below share classes –
    effective 1 October 2015

    Share Class Old AMC New AMC
    A 1.50% 1.25%
    I 0.75% 0.65%
    J 0.65% 0.55%
    R 1.00% 0.75%
  2. Increased frequency of the Fund’s income distributions, from quarterly to monthly –
    effective - 5 October 2015. The first monthly distribution payment will start in December 2015.

Click here to view the letter that was sent to investors.


Investec ISA – Obtaining additional ISA allowances following the death of a spouse or civil partner
01.07.2015

In his Autumn statement on 3 December 2014, the Chancellor announced new rules for ISA investors which allows for ISA benefits to be passed on to their surviving spouses or civil partners following their death. Where the deceased held an ISA and that person was married or in a civil partnership, the surviving spouse/civil partner is entitled to an extra ISA allowance equal to the value of the ISA(s) held by their spouse/civil partner (even where the spouse/civil partner does not actually inherit the assets within the ISA). This is referred to as the Additional Permitted Subscription (APS) allowance. The Investec ISA has now been extended to include this provision. If you would like details please contact us. Updated copies of the Investec ISA T&Cs, which form part of the Investec SID, are available on request.


FATCA
26.06.2015

The US Foreign Account Tax Compliance Act (FATCA) is a piece of US legislation aimed at identifying US taxpayers investing in the US via foreign funds. Similar tax initiatives are being introduced around the globe. These new tax initiatives mean that we now need to collect information on tax residency from our clients.

Further information on FATCA and the automatic exchange of tax information can be found in this factsheet.

In addition, Investment Association instructions for completing the new self-certification information required on our application forms are available here.


Addendum to the Prospectus for Investec OEIC Fund range
31.01.2015

On 31 January we wrote to investors to inform them of updates to the Investec OEIC Fund range. Read more


Amendment to the settlement period on Investec OEIC Funds
31.07.2014

The settlement period for both buying shares and selling shares in our funds will change from four business days to three business days, effective from 6 October 2014. Read more


Changes to the Investec Capital Accumulator Fund
13.06.2014

We wrote to investors on 13 June 2014 to inform them that we are changing the name and objective of the Investec Capital Accumulator Fund. Read more


Changes to the Investec Global Free Enterprise Fund
13.06.2014

We wrote to investors on 13 June 2014 to inform them that we are changing the name and objective of the Investec Global Free Enterprise Fund. Read more


Approval of merger of the Investec UK Blue Chip Fund into the Investec UK Alpha Fund
24.03.2014

Information regarding the conversion ratios used to merge the UK Blue Chip Fund into the UK Alpha Fund on 21 March 2014, the effective date of the merger, is now available. Read more


Investec Asset Management waives initial charge on full OEIC range
20.02.2013

Investec Asset Management announced today that with immediate effect, the firm will waive the initial charge across their entire UK OEIC fund range.

This will apply to funds within its Managed Solutions Range, which brings together a range of five risk-rated investment solutions with competitive TERs, each aiming to achieve investors' most widely sought investment outcomes. The range includes the new Investec Diversified Income Fund alongside the highly regarded Investec Cautious Managed Fund, the award-winning Investec Multi-Asset Protector Fund and the Investec Diversified Growth Fund.

In addition, this will also apply to its specialist fund range, which includes highly-regarded funds such as the Investec Enhanced Natural Resources Fund and the Investec UK Special Situations Fund.