Notification of changes and upcoming removal of the SVS RM Defensive Capital Fund from our fund range
Subsequent to a merger of the B share class holdings into the A share class of the SVS RM Defensive Capital Fund (the “Fund”) on 31 March 2026, we have since conducted a review of the Fund and will be removing it from our guided fund range. This will take effect on 10 July 2026 (the “Effective Date”).
Share class merger of the Fund
We recently discovered Tutman Fund Solutions Limited, the Fund’s Authorised Corporate Director, conducted a merger of the ‘B’ share class of the Fund (the share class in our guided fund range) into the ‘A’ share class of the same Fund. The reason behind the merger was to consolidate share classes by moving holdings into a cheaper share class of the same Fund. The merger took effect on 31 March 2026 (the “Merger Date”).
Unfortunately, we did not receive advanced notice that this merger was going to be taking place. In normal circumstances, where we receive advanced notice from a fund manager of such a merger event, we would write to impacted plan owners to provide them with details of the merger, the course of action we will be taking in regard to the event, and the options available to them.
Now that we have been made aware of the merger event, we have been able to reflect the revised unit position in the receiving ‘A’ share class of the Fund on impacted plans, which has been backdated to the Merger Date to ensure plan owners have not been disadvantaged.
Review of the Fund and our decision to remove it from the guided fund range
We undertake regular reviews of the funds in the guided fund range to ensure that the funds remain appropriate for the fund range and plan owners, which includes assessing overall performance, fund size and the number of plan owners invested.
Following the merger we have undertaken a review of the Fund, including comparing it to similar funds we feature in the Global Managed sector of our guided fund range. Considering its overall lack of popularity with other investors, we are providing notice that we have taken the decision to formally remove the Fund from the guided fund range on 10 July 2026 (the “Effective Date”).
How this impacts plan owners
When a fund is scheduled to be removed from the guided fund range, we select a default receiving fund to which all unit holdings will be switched into. The fund we have selected from the existing guided fund range is Artemis Monthly Distribution R Acc GBP (the “Receiving Fund”).
We have closed the Fund to new business with immediate effect, however, existing investors may continue to invest in the Fund up to and including 9 July 2026 (the “Switch Date”), at which point we will switch all holdings, and redirect any regular premium allocation where applicable, out of the Fund and into the Receiving Fund we have selected. Comparison details of the Fund and the Receiving Fund can be found in the Appendix at the end of the sample letters opposite.
Options for switching to an alternative fund
Plan owners, or their appointed investment advisers, do not need to do anything if they are happy with the Receiving Fund. Plan owners' existing holdings in the Fund will be automatically switched into the Receiving Fund, and any premium allocation redirected on the Effective Date. However, if they would prefer to switch, and redirect any regular premium allocation if applicable, to a different fund or funds, it is free of charge and very easy to do. Anyone who wishes to switch to an alternative fund, or funds, before the Effective Date, must send us their instructions before the Switch Date. Visit the relevant interactive fund centre (see links opposite) to view the fund options available.
Impacted plan owners, or their appointed investment advisers have been contacted either by e-shot, or by letter if no valid email address is available. Servicing agents have also been informed. Sample letters can be found opposite.