January 2025 Fund Bulletin

JANUARY 2025: INVESTMENT FUND BULLETIN

• Aegon Sustainable Diversified Growth: Returns below average over one, three and five years. Consider an alternative.
• Aviva Stewardship range: From 31 May 2024, addition of Sustainable to fund names, revised fund aims, to make it clearer how funds choose investments in companies supporting a sustainable future.
• AXA Framlington UK Select Opportunities: Performance below average over one, three and five years. Despite new fund manager in December 2023, consider an alternative.
• Baillie Gifford Responsible Global Equity Income: Revised strategy to better communicate the fund’s sustainability characteristics from 2 December 2024. No action required.
• Invesco share class change: From 1 December 2023 all charges reduced by 0.05% except for the Y share class. This brought the Z share class charge into line with the Y share class, which was the most owned amongst our investors. The Y share class was withdrawn April 2024 and converted to the Z share class. No action required.
• Invesco UK Equity High Income: Performance below average over five years. Consider an alternative.
• Janus Henderson Strategic Bond: Returns below average over one, three and five years. Managers’ views on interest rate movements contrary to market. John Pattullo co-head of global bonds to retire by the end of March 2025. Consider an alternative.
• JP Morgan Multi Asset Income: Multiple changes to investment manager and policy. Any remaining investors should leave this fund.
• Jupiter Multi Asset Income: From 13 October 2023, new name, updated investment policy, increased charges. Any remaining investors should leave this fund.
• Lindsell Train Global Equity: Performance below average over and five years. Consider an alternative.
• Liontrust Special Situations: Performance below average over one, three and five years. Consider an alternative.
• Prudential PruFund Cautious: Reduction of Expected Growth Rate by 0.4% for all products on 25 August 2024.
• Unit Price Adjustments:
  • -9.76% for Pensions / ISAs and -8.46% for Bonds on 20 March 2020.
  • +3.04% for Pensions / ISAs and +2.22% for Bonds on 26 May 2020.
  • +2.63% for Pensions / ISAs and +2.04% for Bonds on 25 August 2020.
  • +2.5% for Pensions / ISAs and + 2.02% for Bonds on 26 November 2020.
  • +2% for Pensions / ISAs on 25 May 2021.
  • +3.17% for Pensions / ISAs and + 4.7% for Bonds on 25 August 2021.
  • – 2.12% for Pensions / ISAs on 25 February 2022 & – 2.35% for Bonds on 25 May 2022.
  • – 2.49% for Pensions / ISAs on 25 August 2022.
  • – 6.22% for Pensions / ISAs on 18 October 2022 & -2.58% for Bonds on 25 November 2022.
  • -2.63% for Bonds on 25 May 2023.
• Prudential PruFund Growth: Reduction of Expected Growth Rate by 0.4% for all products on 25 August 2024.
• Unit Price Adjustments:
  • -11.99% for Pensions / ISAs and -9.54% for Bonds on 19 March 2020.
  • +2.73% for Pensions / ISAs and +2.69% for Bonds on 25 August 2020.
  • +3% for Pensions / ISAs and +2.72% for Bonds on 26 November 2020.
  • +3.91% for Pensions / ISAs and +3.56% for Bonds on 25 May 2021.
  • +5.66% for Pensions / ISAs and +5.06% for Bonds on 25 August 2021.
  • -2.63% for Pensions / ISAs on 27 February 2023.
  • -3.36% for Bonds & -2.84% for Pensions / ISAs on 25 May 2023.
• Sarasin Food & Agriculture: Returns below average over one, three and five years. Consider an alternative.
• Scottish Widows UTM High Income Bond: Following fund reorganisation in October 2020, consider an alternative. Further changes from June 2021.
• Troy Trojan Income: Returns below average over one, three and five years. Consider an alternative.
• LF (formerly Woodford) Equity Income being closed. Affected investors notified. Proposed settlement fund approved. First payment made April 2024.

Reference to past performance is not a reliable guide to the future and is stated on a cumulative basis for the period shown to the issue date of this publication sourced from FE Analytics.

If you require specific advice about how the fund guidance offered in this document affects your personal circumstances, please contact us at your convenience.

Issued: 2 January 2025. Expires: 1 February 2025.