Portfolio Holdings Change - BNY Mellon Global Opportunities Fund
Following a review, in consultation with the investment manager Newton Investment Management Limited (Newton), BNY Mellon Global Funds have taken the decision to make some small changes to the BNY Mellon Global Opportunities fund.
What are the changes?
BNY Mellon have advised that on or around 31 March 2015 (the "Effective Date") they will make a small alteration to number of holdings the fund will invest in.
There will be no change to the objective of the Global Opportunities Fund, which aims to achieve long-term capital growth from a concentrated portfolio predominantly invested in the securities of companies located worldwide. However, to date, Newton has been managing the portfolio with a typical range of between 40 and 60 holdings. From the Effective Date, they anticipate that the typical range of holdings will be in the region of 30 to 50.
This change reflects the investment managers conviction that a slightly more concentrated portfolio is appropriate in seeking to fulfil the funds objective.
At the same time, they have taken the decision to change the performance reference for the fund from the FTSE All World index to the MSCI AC World (NDR) index. This decision has been taken in order to bring the funds performance reference into line with a substantial number of other global equity portfolios managed at Newton. The fund will still have complete freedom to invest without reference to a benchmark and will continue to aim for performance which is superior to that of global markets.
The risk profile of the fund is not expected to alter as a result of these changes.
As this is only a minor amendment to the fund we have not written to policyholders on this occasion.