Unit Trusts & OEICs

Fund nameActionEffective date

Schroder Institutional Sterling Bond Fund

Fund Closure:

Schroder Institutional Sterling Bond Fund will close on 9 March 2017 as it is no longer economically viable due to its size.

 9 March 2017

 

Schroder Institutional Long Dated Sterling Bond Fund

Fund Closure:

Schroder Institutional Long Dated Sterling Bond Fund will close on 9 March 2017 as it is no longer economically viable due to its size.

Unitholder letter

 

 9 March 2017

 

Schroder Institutional Index Linked Bond Fund

Fund Closure:

Schroder Institutional Index Linked Bond Fund will close on 9 March 2017 as it is no longer economically viable due to its size.

Unitholder letter

 9 March 2017

Schroder Monthly High Income

Change to fund's name, objective and policy

Unitholder letter

 17 February 2017

All Funds

Removal of provision of short report

In its recent paper discussing smarter consumer communications, the FCA have removed the requirement to produce the half-yearly short report from November 22, 2016, deeming the short report to be an ineffective method of communicating to unitholders.  Following this ruling, we will cease to produce short reports for all accounting periods ending after January 1, 2017. The long form report and accounts will continue to be available on request or can be downloaded from the website at www.schroders.co.uk. The Prospectus, Key Investor Information Document and Fund Factsheet contain additional useful unitholder information and are also available upon request or can be downloaded from the website. 

1 January 2017

Fund nameActionEffective date

SVG Capital plc 

Tender offer by HarbourVest Structured Solutions III L.P.

Subject to shareholder approval, the Company has signed an asset transfer deed for the sale of 100% of its investment portfolio to HarbourVest Structured Solutions III L.P. 

Unitholder letter

15 December 2016

Schroder Absolute UK Dynamic Fund

Change to fund's name, objective and policy

Unitholder letter

1 October

Schroder European Absolute Target Fund 

Change to fund's name, objective and policy

Unitholder letter

1 October

Schroder Global Real Estate Securities Fund

Change to fund name, objective and policy

Unitholder letter

1 August 2016

Schroder Income Maximiser

Change in fund management team

The team of people responsible for managing the yield and structuring the call option overlay of Schroder Income Maximiser has been integrated with Schroders’ existing Portfolio Solutions Team. Mike Hodgson, Head of Risk Managed Investments and Structuring, has taken responsibility for the team and the funds under their management.

As a result of these changes, the role of Head of Structured Fund Management at Schroders is no longer required and Thomas See will be leaving Schroders.

The investment philosophy, process and management of the Maximiser funds has not changed and the underlying income portfolio will continue to be managed by Nick Kirrage and Kevin Murphy.

 26 July 2016

Schroder Asian Income Maximiser

Change in fund management team

The team of people responsible for managing the yield and structuring the call option overlay of Schroder Asian Income Maximiser has been integrated with Schroders’ existing Portfolio Solutions Team. Mike Hodgson, Head of Risk Managed Investments and Structuring, has taken responsibility for the team and the funds under their management.

As a result of these changes, the role of Head of Structured Fund Management at Schroders is no longer required and Thomas See will be leaving Schroders.

The investment philosophy, process and management of the Maximiser funds has not changed and the underlying income portfolio will continue to be managed by Richard Sennitt.

 26 July 2016

Schroder Asian Alpha Plus Fund

Conversion from a non-UCITS retail fund to a UCITS fund

As from 1 April 2016, Schroder Asian Alpha Plus Fund will be authorised by the Financial Conduct Authority as a ‘UCITS scheme’ instead of being authorised as a ‘non-UCITS retail scheme’ (NURS). (A UCITS scheme is an open-ended collective investment fund which complies with the requirements of the UCITS Directive). The main difference between a NURS fund and a UCITS fund is that an investment manager has slightly wider investment powers under the rules applying to NURS funds. The Fund has not used these additional powers. Consequently, there are no changes to the Fund’s investment objective or policy, and the way it is managed will not change. 

Unitholder letter

1 April 2016

Schroder Core UK Equity Fund 

Schroder Core UK Equity Fund, a sub-fund of Schroder Investment Fund Company, currently aims to achieve long term capital and income growth through investment primarily in the United Kingdom. The fund has followed an investment approach based around the business cycle, where the managers attempt to identify turning points in the cycle and then focus on the types of companies they believe will benefit from it. The investment team has decided that the fund will now move away from business cycle investing and towards a core bottom up investment approach.

The change does not require an amendment to the fund’s investment objective and policy but the Key investor information document has been revised to reflect this change in approach. 

22 February 2016

Schroder Global Property Income Maximiser

Proposal to change the name and the investment objective and policy of Schroder Global Property Income Maximiser (the Fund).

  1. Amending the Fund’s investment objective and policy; and
  2. changing the Fund’s name to Schroder Global Real Estate Securities Income.

Communication to unit holders - circular

Proposed date 19/02/ 2016

Schroder Japan Alpha Plus Fund

Japan Alpha Plus Fund merger into Schroder Tokyo Fund - 29th January 2016

The proposal to merge Schroder Japan Alpha Plus Fund into Schroder Tokyo Fund was approved by unitholders at unitholder meeting held on 22 January 2016.

Schroder Japan Alpha Plus Fund will be merged into Schroder Tokyo Fund by way of a scheme of arrangement on 29 January 2016. Schroder Japan Alpha Plus Fund will then be wound up.  The merger will provide unitholders with the benefit of economies of scale brought about through the management of a larger pool of assets.

Communication to unit holders - circular

29/01/2016

 

Schroder Institutional International Bond Fund

Schroder Institutional International Bond Fund: Closure 29 January 2016

Schroder Institutional International Bond Fund was closed on 29 January 2016 as it was no longer economically viable due to its size.

 

 29/01/2016

Schroder Global Property Securities Fund

Name change 19th February 2016

The fund’s name will change from Schroder Global Property Securities Fund to  Schroder Global Real Estate Securities Fund on 19 February 2016.  The adoption of “Real Estate” in the fund’s name is because this term is now more widely recognised and used in the sector than “Property".

Unitholder letter

19/02/2016

Fund nameActionEffective date

Schroder Asian Alpha Plus Fund

Change of benchmark
As from 1 October 2015, Schroder Asian Alpha Plus Fund’s benchmark will be changed from the MSCI AC Far East ex Japan (NDR) Index to the MSCI AC Asia ex Japan (NDR) Index.  The Fund’s benchmark provides a standard against which the performance of a fund can be measured. We believe that the new benchmark is a better comparator for the Fund’s performance as it includes India, the second biggest market economy in the region. The adoption of the benchmark does not impact the way in which the Fund is managed.

01/10/2015

Schroder Managed Balanced Fund

Conversion from a non-UCITS retail fund to a UCITS fund
As from 1 December 2015, Schroder Managed Balanced Fund will be authorised by the Financial Conduct Authority as a ‘UCITS scheme’ instead of being authorised as a ‘non-UCITS retail scheme’ (NURS). (A UCITS scheme is an open-ended collective investment fund which complies with the requirements of the UCITS Directive). The main difference between a NURS fund and a UCITS fund is that an investment manager has slightly wider investment powers under the rules applying to NURS funds. The Fund has not used these additional powers. Consequently, there are no changes to the Fund’s investment objective or policy, and the way it is managed will not change. 

Unitholder letter

01/12/2015

Schroder Asian Alpha Plus Fund

The maximum permitted gross leverage and the maximum permitted commitment leverage for the Schroder Asian Alpha Plus Fund were raised from 1.2 to 2.0 and 1.2 to 1.3 respectively

14/09/2015

Schroder Strategic Beta Fund

The maximum permitted commitment leverage for the Schroder Strategic Beta Fund was raised from 3.5 to 7.0

31/07/2015
Schroder Managed Monthly High
Income Fund

The Schroder Managed Monthly High Income Fund has been renamed the Schroder Mixed Distribution Fund.

There will be no change to the investment objective or policy of the fund and the fund will continue to be run in the same way.

Unitholder letter

03/08/2015
Schroder Absolute UK Dynamic Fund
  1. A change from daily dealing to weekly dealing with the dealing day being each Thursday; and
  2. A requirement that subscription and redemption instructions for dealing each Thursday are provided before 12:00 noon on the previous day. 

Shareholder letter

 24/04/2015
Schroder UK Absolute Target Fund

Changes to the fund approved at EGM - circular

  • Amending the fund’s investment objective and policy
  • Changing the fund’s name to Schroder European Absolute Target Fund
  • The introduction of a Hurdle Rate on the performance fee
  • A change to the Fund’s P1 and P2 share class hedging strategy
01/04/2015
Schroder All Maturities Corporate Bond Fund

The levying of an administration charge of 0.10 per cent. on Z income and Z accumulation unit classes.

Unitholder letter

19/02/2015
Schroder Recovery Fund

The levying of an administration charge of 0.15 per cent. on A income and A accumulation unit classes.

Unitholder letter

19/02/2015
Schroder Absolute UK Dynamic Fund

Fund re-opened to subscriptions

17/02/2015
Schroder European Alpha Plus Fund

The investment objective and policy for the Schroder European Alpha Plus Fund was amended  from 2 January 2015.  The change clarified how the fund is managed. The change did not impact existing holdings in the fund. 

Shareholder letter

02/01/2015
Schroder European Alpha Income Fund

The investment objective and policy for the Schroder European Alpha Income Fund, a sub-fund of Schroder Investment Fund Company, was amended  from 2 January 2015.  The change clarified how the fund is managed. The change did not impact existing holdings in the fund. 

Unitholder letter

 02/01/2015
Fund nameActionEffective date
Schroder Charity Fixed Interest Fund

Merger approved at EGM

Merger into Schroder Income Trust for Charities communication to unit holders - circular  

16/01/2015
Schroder Multi-Managed Cautious Managed Fund

Merger approved at EGM 

Diversity Income Fund Communication to unit holders -circular

24/10/2014
Schroder Multi-Manager High Alpha Fund

Merger approved at EGM

Diversity Income Fund Communication to unit holders -circular 

24/10/2014
Schroder UK Dynamic Smaller Companies Fund Re-opening of the Schroder UK Dynamic Smaller Companies Fund to Share Subscriptions October 2014

The Schroder UK Dynamic Smaller Companies Fund was closed to further subscription for shares from 22nd January 2014.

The decision to close the Fund to new subscriptions was taken following significant inflows throughout 2013.

There is now sufficient capacity in the Fund for us to accept new share subscriptions and we will, therefore, be re-opening the Fund to subscriptions effective from 20th October 2014.

Fund moved to limited issue 

20/10/2014
Schroder MM Managed Portfolio Fund

Merger approved at EGM 

Merger into Schroder MM Diversity Balanced Fund Communication to unit holders - circular

17/10/2014
Schroder MM Strategic Balanced Fund

Merger approved at EGM 

Merger into Schroder MM Diversity Balanced Fund Communication to unit holders - circular 

17/10/2014
Schroder Global Real Estate Securities Limited

Name change and amended investment objective approved at EGM on 14 October 2014. Results of the EGM can be  read here

14/10/2014
Schroder Corporate Bond Fund

Merger approved at EGM

Merger into Schroder UK Corporate Bond Fund Communication to unit holders - circular

26/09/2014
Schroder UK Growth Fund plc Philip Matthews is now Fund Manager for the fund with immediate effect 30/10/2014
Schroder UK Absolute Target Fund Steve Cordell lead manager of the Schroder UK Absolute Target Fund

Following the announced departure of Julie Dean from Schroders, Steve Cordell will continue to manage the Schroder UK Absolute Target Fund as lead manager.

Steve is a senior member of the Pan-European equity team with over 20 years investment experience. In addition to being the manager of the Schroder UK Absolute Target Fund manages Schroder ISF* European Equity Absolute Return, Schroder ISF* European Opportunities and Schroder ISF* European Equity ex UK.

*International Selection Fund

08/09/2014
Schroder Global Climate Change Fund Merger approved at EGM

Merger into Schroder QEP Global Core Fund Communication to unit holders - circular

01/09/2014
Fund nameNew fund nameEffective date
Cazenove UK Opportunities Fund Schroder UK Opportunities Fund 24/03/2014
Cazenove European Fund Schroder European Opportunities Fund 24/03/2014
Cazenove Strategic Bond Fund Schroder Strategic Credit Fund 24/03/2014
Cazenove UK Growth and Income Fund Schroder Core UK Equity Fund 24/03/2014
*Cazenove UK Smaller Companies Fund Schroder UK Dynamic Smaller Companies Fund 24/03/2014
Cazenove UK Corporate Bond Fund Schroder UK Corporate Bond Fund 24/03/2014
Cazenove UK Equity Income Fund Schroder UK Alpha Income Fund 24/03/2014
Cazenove European Income Fund Schroder European Alpha Income Fund 24/03/2014
**Cazenove Absolute UK Dynamic Fund Schroder Absolute UK Dynamic Fund 24/03/2014
Cazenove UK Absolute Target Fund Schroder UK Absolute Target Fund 24/03/2014
Cazenove Multi-Manager Diversity Fund Schroder MM Diversity Fund 24/03/2014
Cazenove Multi-Manager Global Fund Schroder MM International Fund 24/03/2014
Cazenove Multi-Manager UK Growth Fund Schroder MM UK Growth Fund 24/03/2014
Cazenove Diversity Income Fund Schroder MM Diversity Income Fund 24/03/2014
Cazenove Multi-Manager Diversity Tactical Fund Schroder MM Diversity Tactical Fund 24/03/2014
Cazenove Multi-Manager Diversity Balanced Fund Schroder MM Diversity Balanced Fund 24/03/2014

In order to integrate the two firms, we are making a number of changes to our combined business and fund range. The purpose of this brochure is to describe to you what those changes are and how they may impact you as an investor. These include changes to fund names, fees and share/unit classes.

Fund nameActionEffective date
Schroder Secure Distribution 2032 Fund Fund closed 30/06/2014
Schroder Moorgate II Fund The valuation point changed from 12.05pm to 12.00pm 24/03/2014
Former Cazenove Multi-Manager Fund range The valuation point for changed from 12.05pm to 12.00pm 24/03/2014
Former Cazenove Multi-Manager Fund range These funds have been renamed with the prefix "Schroder MM". Full details of the fund name changes are shown above. 24/03/2014
*Cazenove UK Smaller Companies Fund Fund closed 22/01/2014
**Cazenove Absolute UK Dynamic Fund Fund closed 06/11/2013

 

ActionEffective date
The ISA Plan Manager for Schroders has changed from Schroder Investments Limited to Schroder Unit Trusts Limited (whose registered office is 31 Gresham Street, London EC2V 7QA) as part of a bulk transfer in accordance with the ISA Regulations. We can assure you that the change of your ISA Plan Manager has no impact on the way your investment will be managed and is part of a process to simplify operations. There are no changes to investors' terms & conditions or to the Schroders contact details. 24/03/2014
Schroder UK FundActionEffective date
Schroder US Alpha Plus Fund Fund closed 27/11/2013
Schroder Absolute Return Bond Fund Change of Investment Objective 12/11/2013
Schroder European Alpha Plus Fund Launch of hedged unit class 01/07/2013
Schroder European Fund Launch of hedged unit class 01/07/2013
Schroder Japan Alpha Plus Fund Launch of hedged unit class 01/07/2013
Schroder Tokyo Fund Launch of hedged unit class 01/07/2013

Schroder UK FundActionEffective date
All Funds Removal of initial charge across on all A unit classes 31/12/2012
Managed Wealth Portfolio Change of sub-investment adviser from Schroder Investment Management Limited to Schroder & Co 21/12/2012
Medical Discovery Name change to Global Healthcare 07/12/2012
All Funds Introduction of a de minimis distribution amount. This means that if the income amount calculated to be distributed is below £250 per unit class, the income may be withheld and carried forward to the next distribution date. 07/12/2012
Bond funds Corporate Bond, Gilt & Fixed Interest and Monthly High Income adopted full UCITS derivative powers 20/09/2012
Bond funds Introduction of VaR monitoring across all bond funds, including All Maturities Corporate Bond. 01/06/2012
All Funds Introduction of Key Investor Information Documents (KIIDs) and Supplementary Information Documents replacing Simplified Prospectuses and Fund Information pages. 14/05/2012
All Funds Reduction in initial charges on A units from 5.25% to 3.25%. All UK funds will have an initial charge of 3.25% going forward. 01/03/2012
Global Property Securities Renaming of C units to be called Z and reducing fees / increasing investment minima 27/02/2012
Monthly High Income Renaming of C units to be called Z and reducing fees / increasing investment minima 27/02/2012
All Maturities Corporate Bond Renaming of C units to be called Z and reducing fees / increasing investment minima 27/02/2012
Asian Income Maximiser Renaming of C units to be called Z 23/01/2012
Global Alpha Plus

Renaming of C units to be called Z

23/01/2012
Global Climate Change

Renaming of C units to be called Z

23/01/2012
Global Property Income Maximiser

Renaming of C units to be called Z

23/01/2012
Dynamic Multi Asset Fund

Renaming of D1 units to be called Z

23/01/2012
QEP Global Core

Reduction in distribution frequency from semi-annual to annual

23/01/2012
All FundsActionEffective date
Diversified Growth Fund (SUTL) Introduction of Value at Risk (VaR) monitoring - letter 31/08/2011
Diversified Target Return Fund

Fund name change to Schroder Dynamic Multi Asset Fund
Communication to unit holders - letter

25/07/2011
Equitised Global Asset Allocation

Fund closed
Communication to unit holders - letter

14/06/2011
Strategic Bond

1. Fund name changed to Absolute Return Bond
2. Investment objective changed
Communication to unit holders - letter and circular

13/06/2011
Pacific

Merged into Asian Alpha Plus
Communication to unit holders - letter and circular

13/05/2011
European

Fund merged into Institutional European
Communication to unit holders - letter and circular

25/03/2011
Institutional European

Fund name changed to European Fund and valuation point changed to 12 noon
Communication to unit holders - letter

25/03/2011
Global Asset Allocation Reduction in investment limits from a maximum of 100% in other collective investment schemes to 10% 23/03/2011
Asian Alpha Plus Reduction in investment limits from a maximum of 15% in other collective investment schemes to 10% 23/02/2011
Global Equity Income Benchmark changed from MSCI All Countries World TR Net to MSCI World TR Net 01/01/2011
All FundsActionEffective date
Multi-Manager Cautious Managed Change in payment out of fund - All fees/charges charged wholly out of capital 01/08/2010
Corporate Bond Clarification of investment objective 01/02/2010
All FundsActionEffective date
UK Alpha Income Liquidated 26/12/2009
Far East Income Name changed to Schroder Asian Income 14/12/2009
US Small & Mid Cap Name changed to Schroder US Mid Cap 01/062009
UK Income Defensive Liquidated 24/04/2009
UK Select Growth Fund merged into Schroder UK Equity 20/03/2009