| Change Details | |
|---|---|
| Title | Valu-Trac Investment Management Limited |
| Type | Mergers |
| Companies Impacted | Quilter Life & Pensions Limited, Quilter Investment Platform Limited |
| Effective Date | 19 December 2025 |
| 1. Fund details | |
| Companies impacted | Quilter Life & Pensions Limited Quilter Investment Platform Limited |
| Fund Group | Valu-Trac Investment Management Limited |
| Fund Name | VT Elston Liquid Real Assets Index |
| Type of change | Fund Merger |
| Date merger effective from | 19/12/2025 |
| Date fund suspended | 18/12/2025 |
| Deadline for investors to switch out if appropriate | 11:00 on 18/12/2025 |
| Is the event subject to shareholder approval? | Yes |
| 2. Fund details | |
| Current Fund | New Fund |
| VT Elston Liquid Real Assets Index | VT Avastra Global Diversified Assets |
| 3. Merger details | |
| Will the phasing option automatically continue? | Yes |
| Will the rebalancing option automatically continue? | Yes |
| Will ongoing direct debit payments automatically be redirected into the new fund? | Yes |
| 4. Investment objectives | |
| Previous objective | To track the performance (before fund fees and expenses) of the Elston Liquid Real Assets Index. The Fund will invest in a diverse range of instruments, predominantly (80%+) in index-tracking Exchange Traded Products in the same proportion as the Benchmark Index. However, there may be times when the Fund will not replicate the Benchmark Index due to portfolio construction constraints (i.e the proportion of the fund invested in certain assets may need to vary from that of the Benchmark Index to ensure compliance with UCITS rules); turnover constraints (where the manager considers it is in the best interests of investors not to change the holdings of assets to track the index); and liquidity management considerations (which may mean that the Fund holds some cash which the Benchmark Index may not to ensure adequate liquidity). As the Fund seeks to track the performance of the Benchmark Index (before fund fees and expenses) it is heavily influenced by the Benchmark Index with weightings of the Fund being continuously compared to the weightings of the Benchmark Index, and a tracking error will be targeted of <3% . The Fund may also invest in equities, fixed income, collective investment schemes (including those managed and/or operated by the ACD), money market instruments, deposits, cash and near cash. The Fund is passively managed. Save as noted above, the Fund will not have any particular geographic, industry or economic sector focus and as such weightings in these may vary as required. The Fund may hold derivatives for Efficient Portfolio Management purposes (including hedging) (although such use is expected to be limited). |
| New objective | To deliver positive (absolute) returns (net of fund costs) (in a rolling 3-year period) in any market conditions. Capital is at risk and there is no guarantee that positive returns will be achieved over a three year, or any, period. The fund is actively managed and will invest, without preset limits, across a broad range of asset classes, geographies, and investment strategies. The fund will normally be fully invested but may hold substantial cash or near cash when market conditions (such as significant volatility or unattractive asset valuations) warrant a more defensive stance. The fund will invest (directly or indirectly) in collective investment schemes (including exchange traded funds and investments trusts), transferable securities (including structured products), and money market instruments, deposits and cash. Through these investments, the fund will gain direct or indirect exposure to a wide range of asset classes and strategies, including: property related securities, infrastructure related securities, commodities (exposure will be gained through eligible instruments), precious metals (exposure will be gained through eligible instruments), hedge funds, targeted absolute return funds, currency strategies, equities, fixed-income, convertible bonds and other diversified return drivers. The fund may also invest in listed securities providing indirect exposure to private markets and other non-traditional asset classes, subject to UCITS investment restrictions. There are no restrictions on the type of investments held, or on geographic or sector exposure. The fund manager retains discretion to adjust allocations as required, including holding cash and near cash assets. Foreign currency exposure may be hedged back to the base currency. The Fund can use derivatives or forward transactions (instruments whose returns are linked to another asset, market or other variable factor), for efficient portfolio management (EPM) purposes including the reduction of risk (hedging). The Fund may also invest in other funds which are permitted to use derivatives to varying degrees (i.e. for investment purposes or EPM). |
| 5. Charging structure | |
| Previous AMC | 0.74% |
| New AMC | 0.38% |
| Previous TER | 0.74% |
| New TER | 0.67% |