Changes to the North American Equity Select Portfolio

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As part of our ongoing governance, along with independent research consultant Morningstar Investment Management Europe Limited (Morningstar), we regularly monitor and review the blend of funds within each Select Portfolio.

As part of this governance, we’ve made some changes to our North American Equity Select Portfolio.

  • On 10 April 2018, the Scottish Equitable JPMorgan US fund was removed from the portfolio and replaced with the Scottish Equitable JPMorgan US Equity Income fund.
  • In addition, the Scottish Equitable AXA Framlington US fund will also be removed and replaced with the Scottish Equitable Henderson US Growth fund. This change will take place on 29 May 2018.

The changes apply to our pension and Aegon Retirement Choices (ARC) fund ranges.

This means that, from 10 April 2018, the asset allocation for the North American Equity Select Portfolio is as follows:

Fund Name Previous weighting before 10 April 2018 New weighting after 10 April 2018 % change
North American Equity Tracker 40% 40% n/a
SE JPMorgan US fund 22% 0% -22%
SE AXA Framlington American Growth 17% 0% -17%
SE Schroder US Mid Cap 21% 21% n/a
SE Henderson US Growth 0% 18% +18%
SE JPMorgan US Equity Income 0% 21% +21%

Source: Aegon UK

Why the changes have been made

JPMorgan US fund

On 10 April 2018, the Scottish Equitable JPMorgan US fund closed. Morningstar therefore proposed the Scottish Equitable JPMorgan US Equity Income as a replacement and this was approved by Aegon. You can find out more about the closure of the Scottish Equitable JPMorgan US fund here: Closure of Scottish Equitable JPMorgan US fund

AXA Framlington American Growth fund

The Scottish Equitable AXA Framlington American Growth fund is no longer rated by Morningstar. As a result, they have suggested the fund is replaced by the Scottish Equitable Henderson US Growth fund. This change will be implemented on 29 May 2018.

The additional disclosable yearly charges/expenses for the North American Equity Select Portfolio will remain the same.

The additional disclosable yearly charges/expenses may change when funds are replaced, added or removed from the portfolios or weightings between funds are changed. We reserve the right to vary the additional charges/expenses at any time without prior notification.

The value of these investments can fall as well as rise for a number of reasons, for example market and currency movements. You may get back less than you invested. If you would like more information, please speak to your financial adviser. If you don’t have one, you can find one in your area at unbiased.co.uk