Notification of changes to the underlying fund of L29 Pictet CH Precious Metals – Physical Gold
12 April 2020
We have been notified by Pictet Asset Management (the “Company”) of the soft closure of the underlying fund of L29 Pictet CH Precious Metals – Physical Gold. Due to this soft closure of the underlying fund, please be advised that L29 Pictet CH Precious Metals – Physical Gold will also be soft closed with effect from 31 March 2020 (the “Effective Date”).
Soft closure effectively means that we will no longer accept new investment (for both new and existing investors) into L29 Pictet CH Precious Metals – Physical Gold. Any regular premiums will be redirected into a Default Replacement Fund (“DRF”). The DRF is detailed in the table below. However, if your policy already holds the maximum 10 funds, any regular premiums will be redirected into the fund with the largest holding in your policy.
|
|
Before 31 March 2020 |
From 31 March 2020 |
|
Mirror Fund Name |
Pictet CH Precious Metals – Physical Gold |
DWS Noor Precious Metals Securities |
|
Fund Code |
L29 |
R69 |
|
Underlying Fund Name |
Pictet CH Precious Metals Fund – Physical Gold |
DWS Noor Islamic Funds Plc - DWS Noor Precious Metals Securities Fund |
|
Charges |
0.52% |
2.00% |
|
Currency |
USD |
USD |
|
Investment objective and investment policy of the underlying fund |
The sub fund's investment objective is to offer investors an alternative to investing directly in physical gold, with the aim of tracking the changing price of gold after deducting the costs and commissions associated with the sub fund. |
The investment objective and policy of the Sub-Fund is to achieve capital appreciation in the medium to long term by investing in a portfolio of Sharia compliant equity and equity-related securities (including, without limitation, depositary receipts and convertible securities, but excluding preferred shares, bonds, convertible bonds and warrants) listed or traded on Recognised Exchanges, of companies engaged in activities related to gold, silver, platinum or other precious metals or minerals. The Sub-Fund will not invest directly in physical gold or silver bullion or in securities where the underlying investment is in such commodities. The assets of the Sub-Fund may also be held in non-interest bearing cash balances. |
Should you have any questions regarding these changes, please contact International Funds & Investments.