From 30 June 2021, the Scottish Equitable Fidelity European Opportunities fund will be known as the Aegon Fidelity Sustainable European Equity fund. This will apply across our pension and Aegon Retirement Choices (ARC) fund ranges.
The underlying fund manager, Fidelity International, have also notified us that the fund’s objective and benchmark are being updated to incorporate a sustainable investment focus. As a result, we’ve amended our funds’ objective and benchmark to ensure they remains consistent.
Nothing else about the fund will change because of these updates. For example, the fund manager, charges and Aegon risk ratings will remain the same.
The changes in more detail
Name changes
As the underlying fund’s objective is changing to include sustainability considerations, the fund name is being updated. To ensure consistency for customers, we’re changing our fund names. Details can be found in the table below:
| Pension fund | |||
|---|---|---|---|
| Existing fund name | Existing short name | New fund name | New short name |
| Scottish Equitable Fidelity European Opportunities fund | SE FIDELITY EUR OPPS | Aegon Fidelity Sustainable European Equity fund | AGN FID SUST EURO EQ |
| ARC fund |
|||
|---|---|---|---|
| Existing fund name | Existing short name | New fund name | New short name |
| Scottish Equitable Fidelity European Opportunities (ARC) fund | ARC SE FID EUROPPS | Aegon Fidelity Sustainable European Equity (ARC) fund | ARC AGN FID SUSEUREQ |
Fund objective and benchmark changes
The underlying fund manager has updated the fund’s objective and benchmark to include sustainability considerations. To ensure consistency we’ve updated our versions of the fund. Details can be found in the table below:
| Existing benchmark | New benchmark |
|---|---|
| FTSE World Europe Ex-UK (Net Total Return) | MSCI Europe ex UK (Net Total Return) |
| Old fund objective | New fund objective |
| This fund aims to achieve long-term capital growth over a period of five years or more by investing at least 70% in the shares of Continental European companies. The portfolio will consist of a blend of investments in larger, medium-sized and smaller companies. The fund will aim to hold a concentrated portfolio of between 30-50 stocks. However, the fund manager isn’t restricted in the choice of company either by size or industry, or in terms of the geographical split of the portfolio, which is largely determined by the availability of attractive investment opportunities rather than the outlook for each market. Derivatives may also be used for the purposes of efficient portfolio management (EPM) or for investment purposes. | This fund aims to achieve long-term capital growth over a period of five years or more by investing at least 70% in the shares of Continental European companies, which maintain sustainable characteristics. Companies with sustainable characteristics are those which the fund manager believes have effective governance and management of environmental and social issues (sustainable characteristics). The portfolio will consist of a blend of investments in larger, medium-sized and smallercompanies and aims to hold a concentrated portfolio of between 35-50 stocks. However, the fund manager isn’t restricted in the choice of company either by size or industry, or in terms of the geographical split of the portfolio, which is largely determined by the availability of attractive investment opportunities rather than the outlook for each market. Derivatives may also be used for the purposes of efficient portfolio management (EPM) or for investment purposes. |
There’s no guarantee the fund will meet its objectives. The value of an investment can fall as well as rise and is not guaranteed. You could get back less than originally invested.
For more information on the fund you can view the fund factsheet via the ‘Fund prices and performance' page and viewing either ‘Aegon Retirement Choices (ARC)’ or ‘Other fund ranges’.
What current investors need to do
Existing investors don’t need to do anything. We’ll be updating our literature with the changes gradually, so investors may notice both the old and new names, fund objectives and benchmarks in use for a while.
Please speak to a financial adviser if you’re unsure about what these changes mean for you. If you don’t have a financial adviser you can find one in your area at moneyadviceservice.org.uk