Notification of changes to the underlying fund of P41 Ninety One Cautious Managed

15 May 2020

We have been notified by Ninety One Asset Management (the “Company”) of the following change to the investment team of the underlying fund of P41 Ninety One Cautious Managed. This change has taken effect from 11 May 2020 (the “Effective Date”).

The Company have confirmed the below.

“Following our recent investment team update for the Ninety One Cautious Managed Fund, we would like to inform you that the Ninety One Multi-Asset team will assume responsibility for management of the Fund. Jason Borbora-Sheen and John Stopford have been appointed as co-portfolio managers. The expertise of Ninety One’s Multi-Asset team make it ideally positioned to meet the Cautious Managed Fund’s objective to provide income and long-term capital growth for investors. Jason and John have a combined 40 years of industry experience, with a proven track-record as co-portfolio managers of the Ninety One Diversified Income Fund, which launched in 2012. The broader Multi-Asset team manages GBP 22 Billion1 in assets on behalf of UK and global clients with 21 cross-asset specialists organised in dedicated macro and asset class research groups.

John and Jason, together with the wider Multi-Asset team, are responsible for the successful investment process that has generated income and capital growth for the Diversified Income Fund (classified in the IA Mixed Investment 0-35% Shares sector). Through different market conditions, the team have generated positive returns in each calendar year from 2012 to 2019. Their approach is highly regarded by UK advisors, wealth managers and independent rating agencies, with a philosophy that is closely aligned to the objectives of the Cautious Managed Fund. A core part of their philosophy is bottom-up security selection focused on holdings that can deliver long term income and capital gains, through a focus on income resilience, balance sheet strength and cashflow stability, and the potential for capital upside based on valuations.

Effective 11 May, the Cautious Managed Fund will be managed using the proven multi-asset investment process, with an equity allocation range that is consistent with how the Fund has been managed historically – and with its classification in the IA Mixed Investment 20-60% Shares sector. The appointment of the Multi-Asset team provides full continuity regarding the Fund’s objective and gross performance target of UK CPI +4% per annum over five year rolling periods. There will be no change to the Fund’s risk and reward rating (SRRI) at a level of 4 (out of 7).

Having carefully reviewed the best approach for the Fund’s shareholders going forward, we firmly believe Jason, John and our dedicated Multi-Asset team are ideally positioned to deliver the Fund’s outcome-oriented return objective through a combination of income and long-term capital growth.”

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