Notification of changes to the underlying fund of S112 Jupiter Financial Innovation

15 July 2019

We have been notified by the board of directors of the Jupiter Global Fund (“The Board”) of a recent clarification to the investment policy and objective of the underlying fund of S112 Jupiter Financial Innovation. This change has come into effect from 6 July 2019 (the “Effective Date”).

The Board have confirmed the below, which has been taken from the Shareholder Circular of the underlying fund of S112 Jupiter Financial Innovation.

Currently, the investment objective and investment policy of the underlying fund of S112 Jupiter Financial Innovation provide that the underlying fund of the above named fund has the power to use FDIs (Financial Derivative Instruments) extensively for investment purposes, and the underlying fund of the above named fund’s gross exposure to the market will not exceed 200% of its net assets at any time. Based on a recent review of the underlying fund of S112 Jupiter Financial Innovation’s historical usage of FDIs, it is noted that the underlying fund of the above named fund did not fully utilise the permitted investment powers and therefore the flexibility to use FDIs extensively for investment purposes is not required and the maximum limit of the underlying fund of the above named fund’s gross exposure to the market could be reduced accordingly.

The changes above are made for clarification purposes only and there is no material change to the underlying fund of S112 Jupiter Financial Innovation’s strategy in using FDIs.

From the Effective Date, the investment objective and investment policy of the underlying fund of S112 Jupiter Financial Innovation be amended as follows:

  • The flexibility that the underlying fund of S112 Jupiter Financial Innovation may use FDIs extensively will be removed. However, the underlying fund of the above named fund will continue to use FDIs for investment purposes and/or for hedging or Efficient Portfolio Management and the underlying fund of the above named fund’s net derivative exposure will be kept at up to 50% of its net asset value.
  • The maximum limit of the underlying fund of the S112 Jupiter Financial Innovation’s gross exposure to the market will be reduced to not exceeding 150% of its net assets at any time.

Should you have any questions regarding these changes, please contact International Funds & Investments.