| Change Details | |
|---|---|
| Title | AXA Investment Managers UK Limited |
| Type | Other events |
| Companies Impacted | Quilter Life & Pensions Limited Quilter Investment Platform Limited |
| Effective Date | 24 January 2025 |
| Change Details | Name, policy & objective changes |
| 1. Fund details | |
| Companies impacted | Quilter Life & Pensions Limited Quilter Investment Platform Limited |
| Fund Group | AXA Investment Managers UK Limited |
| Fund Names | AXA Framlington Global Sustainable Managed AXA Framlington UK Sustainable Equity |
| Type of change | Name Investment Policy & Objective Change |
| Date change effective from | 24/01/2025 |
| Is the event subject to shareholder approval? | Yes - Approved 17/01/2025 |
| 2. Name change details | |
| Current Fund Name | New Fund Name |
| AXA Framlington Global Sustainable Managed | AXA Global Sustainable Managed |
| AXA Framlington UK Sustainable Equity | AXA UK Sustainable Equity |
| 3. Investment objectives | |
| AXA Framlington Global Sustainable Managed | |
| Previous objective & policy | To: (i) provide long-term capital growth over a period of 5 years or more; and (ii) invest in companies which have leading or improving environmental, social and governance (ESG) practices, in line with the selection criteria described in the investment policy. The fund invests in shares of listed companies which the Manager believes will provide above-average returns, relative to their industry peers. The fund invests in companies of any size and based anywhere in the world (including emerging markets). The Manager seeks to reduce the impact on the fund of fluctuations in value of equity markets by investing in bonds issued by developed market governments. The fund’s typical asset mix ranges between 60 – 85% of its Net Asset Value in shares, with the remainder being mainly in bonds and cash. |
| New objective & policy | To: (i) provide long-term capital growth over a period of 5 years or more. (ii) contribute to the global transition to net zero by investing in shares in companies which demonstrate a clear and credible commitment to achieving net zero carbon emissions by 2050 or are decreasing their carbon emissions intensity to achieve net zero emissions by 2050. The Manager will seek to keep the weighted average carbon intensity (WACI) of the fund’s equity investments lower than its Emissions Benchmark. The fund’s Emissions Benchmark has been calculated by the Manager to ensure that the equity investments of the Fund are on a trajectory to reach net zero carbon emissions by 2050. The initial value of the Emissions Benchmark is calculated as a 30% reduction of the WACI of the MSCI All Country World Index (“MSCI ACWI”) as of 31st December 2021. Thereafter, the Emissions benchmark will be reduced by 7% year on year. The fund invests: • between 70 – 85% of its Net Asset Value in shares of listed companies of any size and based anywhere in the world (including emerging markets ), which the Manager believes will provide above-average returns, relative to their industry peers and at least 70% of its Gross Asset Value in companies which are categorised by the Manager as either Committed to Align, Aligning or Aligned to a net zero carbon economy (each term is defined below). The Manager expects that the proportion of assets in the fund invested in companies categorised as “Aligned” will increase over time in line with the investment objective; • between 15 – 30% of its Net Asset Value in bonds issued by developed market governments and cash. The Manager invests in such bonds as it seeks to reduce the impact on the fund of fluctuations in value of equity markets. |
| AXA Framlington UK Sustainable Equity | |
| Previous objective | To: (i) provide long-term capital growth over a period of 5 years or more; and (ii) invest in companies which have leading or improving environmental, social and governance (ESG) practices, in line with the selection criteria described in the investment policy. The fund invests at least 70% of its Net Asset Value in shares of companies domiciled, incorporated or having significant business in the UK which the Manager believes will provide above-average returns, relative to their industry peers. The fund invests at least 80% of its investment in shares in large and medium-sized companies. |
| New objective | To (i) provide long-term capital growth over a period of 5 years or more. (ii) contribute to the global transition to net zero by investing in shares in companies which demonstrate a clear and credible commitment to achieving net zero carbon emissions by 2050 or are decreasing their carbon emissions intensity to achieve net zero emissions by 2050. The Manager will seek to keep the weighted average carbon intensity (WACI) of the fund’s equity investments lower than its Emissions Benchmark. The fund’s Emissions Benchmark has been calculated by the Manager to ensure that the equity investments of the fund are on a trajectory to reach net zero carbon emissions by 2050. The initial value of the Emissions Benchmark is calculated as a 30% reduction of the WACI of the FTSE All Share Index (the “Index”) as of 31st December 2021. Thereafter, the Emissions benchmark will be reduced by 7% year on year. The fund invests: • at least 70% of its Net Asset Value in shares of companies domiciled, incorporated or having significant business in the UK which the Manager believes will provide above-average returns, relative to their industry peers; and at least 70% of its Gross Asset Value in companies which are categorised by the Manager as either Committed to Align, Aligning or Aligned to a net zero carbon economy (each term is defined below). The Manager expects that the proportion of assets in the fund invested in companies categorised as “Aligned” will increase over time in line with the investment objective; • at least 80% of its Net Asset Value in shares in large and medium-sized companies. |