Jupiter Merlin International Equities Portfolio

Transcription

1 Jupiter Merlin Funds Jupiter Merlin International Equities Portfolio Jupiter Asset Management Limited Product Key Facts April 2016 Product Key Facts This statement provides you with key information about Jupiter Merlin International Equities Portfolio (the Fund ). This statement is a part of the offering document. You should not invest in this product based on this statement alone. Quick facts Management Company Jupiter Unit Trust Managers Limited Investment Manager (Internal delegation by Management Company) Jupiter Asset Management Limited, United Kingdom Custodian J.P. Morgan Bank Luxembourg S.A. Ongoing charges over a year: Euro Acc* USD Acc* GBP A Inc* 2.67% 2.67% 2.67% Euro Acc* Euro A Inc # USD Acc* USD A Inc # 1.90% 1.90% 1.90% 1.90% GBP Acc # GBP A Inc* 1.90% 1.90% * The ongoing charges figure shown here is an estimate of the charges. This is due to the fact that the fee structure of the Fund has changed with effect from 9th December 2015.The ongoing charges figure is the Investment Manager s best estimate of the expenses and the average NAV of the share class over a 12-month period based on the information available. This figure may vary from year to year. The Company annual report for each financial year will include detail on the exact charges made. # Since the relevant share class is not yet launched, the ongoing charges figures are estimates only. The ongoing charges figure is the Investment Manager s best estimate of the expenses and the average NAV of the share class over a 12-month period based on the information available. This figure may vary from year to year. Dealing frequency/valuation Day Daily Base currency Euro Dividend policy Acc & Acc: No dividends will be paid A Inc & A Inc: Annual dividend, if declared, with automatic reinvestment by default Financial year end of this fund 30 September Minimum Investment Euro Acc Euro Acc & A Inc 1,000, ,000 USD Acc US$500 US$50 USD Acc & A Inc US$1,000,000 US$100,000 GBP A Inc GBP Acc & A Inc 1,000, ,000 What is this product? The Fund is constituted in the form of a mutual fund, domiciled in Luxembourg and its home regulator is the Commission de Surveillance du Secteur Financier ( CSSF ).

2 Objective and Investment Strategy continued Investment Objective To achieve long-term capital growth. Investment Policy The Fund has a directional, equity linked mandate and, as such, it will tend to invest predominantly in underlying funds which are themselves invested in international equities. In addition to underlying funds which are invested in international equities, the Fund may also have limited exposure to underlying funds which themselves invest in international bonds and/or alternatives (such as those that seek exposure to commodities, or to property (including real estate investment trusts (REITs)) or other underlying funds which may make use of financial derivatives instruments extensively for investment purposes, whether or not such underlying funds are structured as UCIs or as UCITS) ( Alternatives ). The Investment Manager will tailor the Fund s asset allocation, geographic allocation, underlying funds selection and currency exposure in order to ensure that the portfolio of the Fund is well diversified and invested in the areas where the Investment Manager identifies the greatest risk and reward characteristics for capital growth. Asset Allocation Policy The asset allocation among underlying funds exposed to different asset types will shift depending on market circumstances in accordance with the risk profile implied by the Fund s investment objective, policy and restrictions. The following is an indicative asset allocation of the Fund (via its investments in underlying funds) in normal market circumstances based on asset type. It should be noted that the Fund s portfolio of underlying funds is subject to change or adjustment based on the analysis undertaken by the Investment Manager and prevailing market conditions and circumstances. Asset type Indicative percentage of the Fund s net asset value Equities % Bonds and cash 0-20% Alternatives 0-20% The Fund invests with no prescribed industry sector or market capitalisation limits for investment by its underlying funds. The Fund will not invest directly in commodities or property, or in warrant funds or futures and options funds. Underlying funds The Fund may only invest in UCITS and other UCIs, exchange traded funds (ETFs) and closed-ended funds qualifying as transferable securities across several management groups. To the extent permitted by the investment restrictions, up to 100% of the Fund s net asset value may be invested in underlying funds which are ETFs which adopt physical index full replication or representative sampling strategies. The Fund may only invest in units/shares of underlying funds authorised by the SFC or recognised jurisdiction schemes domiciled in Luxembourg, Ireland and the United Kingdom (whether authorised by the SFC or not) except that not more than 10% of the Fund s net asset value may be invested in non-recognised jurisdiction schemes not authorised by the SFC. The Fund does not intend to invest in any underlying fund which invests more than 10% of its net asset value in securities issued and/or guaranteed by any single sovereign issuer (including its government, a public or local authority of that country) with a credit rating below investment grade, including unrated sovereign issuer. Underlying funds may include those which make use of financial derivative instruments. The Investment Manager seeks to ensure that all underlying funds that are held by the Fund, irrespective of whether they are UCIs or UCITS, adhere to a maximum of 100% net market exposure resulting from their use of financial derivative instruments for investment purposes. Use of Financial Derivative Instruments The Fund will use financial derivative instruments, including options, futures, portfolio swaps, forward currency contracts, for hedging and efficient portfolio management purposes only, among which the use of such instruments for non-hedging purposes will be limited up to 20% of the net assets on any exposure. Financial derivative instruments will not be used either extensively or primarily in order to achieve the Fund s investment objectives or for investment purposes. Nor will financial derivative instruments be used with the objective of introducing gearing into the Fund s investment portfolio. Others The Fund will only invest in UCIs which are equivalent to UCITS and up to 30% of the Fund s net asset value may be invested in other UCIs. No more than 20% of the Fund s net assets may be invested in the units of a single UCITS or other UCI and hence the Fund will invest in a minimum of 5 underlying funds. The Fund will not enter into securities lending transactions or repurchase agreements or other similar over-the-counter transactions.

3 What are the key risks? Investment involves risks. The key risks associated with the Fund are set out below. Please refer to the offering documents for details of all the risk factors. 1. General investment risk The Fund is an investment fund, instruments invested by the Fund may fall in value and therefore investment in the Fund may suffer losses. 2. Risks related to investment in underlying funds Investment decisions will normally be made independently at the level of the underlying funds and it is possible that some managers will take positions in the same security or in issues of the same industry or country at the same time. Consequently, the Fund may be concentrated in a particular industry or country. It is also possible that one underlying fund may purchase an instrument at about the same time as another underlying fund decides to sell it. The underlying funds will be subject to management fees and other expenses. As a result, shareholders of the Fund may suffer management fees and expenses incurred both at the level of the Fund and the underlying funds in which the Fund invests. There may also be a duplication of subscription and/or redemption fees. Furthermore, there can be no assurance that the liquidity of the underlying funds will always be sufficient to meet redemption request. In particular, the underlying funds may impose redemption gates in certain situations, which means that the underlying funds may not always be able to satisfy redemption requests from the Fund as and when made. Also, there is no assurance that the valuation of the underlying funds will be carried out on a daily basis and there may be difficulties in valuing the relevant underlying funds held by the Fund. The dividend policy of the Fund is not representative of the dividend policy of any of the underlying funds (including any REITs held by the Fund from time to time). These factors may have an adverse impact on the Fund and its investors. 3. Risk related to investments in ETFs The trading prices of units/shares in an ETF may differ significantly from the net asset value of the units/ shares of such ETF. In addition, an ETF s returns may deviate from that of its tracking index. There can be no assurance that an active trading market will exist or be maintained for units/shares of an ETF on any securities exchange on which units/shares of an ETF may trade. The units/shares of the ETFs which the Fund may invest in may be traded at large discounts or premiums to their net asset value. These factors may have an adverse impact on the net asset value of the Fund. 4. Risk related to investments in equities (including ordinary and preference shares) Equities and equity-related securities may be subject to strong price fluctuations, influenced by the profits or otherwise of individual enterprises and sectors as well as macro-economic developments and political perspectives which determine the expectations of the securities markets and thus the movement of prices of the securities. If the equities securities invested by the underlying fund fall in value, the Fund s value will also be adversely affected. 5. Risks related to use of financial derivative instruments (including convertible debt securities) In adverse circumstances, the Fund s use of financial derivative instruments may become ineffective in hedging /efficient portfolio management and the Fund may suffer significant losses in relation to those investments. Further, the Fund may invest in underlying funds which use financial derivative instruments extensively or primarily for investment purposes. The underlying funds may therefore subject to significant risks including, for example, market counterparty risk, leverage risk, liquidity risk and operational risk. The underlying funds may incur substantial losses as a consequence of the use of financial derivative instruments for investment purposes, which in turn may result in significant losses to the Fund. 6. Risk related to foreign currencies The Fund and/or an underlying fund may invest in assets which are not in the base currency of the Fund or an underlying fund (as the case may be). As such, the investment returns may be affected by the fluctuations in currency rates and subject to foreign exchange risks. There is no guarantee that any hedging techniques will be employed or, if employed, that they will be effective in managing the currency exposures to which the Fund may be subject.

4 How has the fund performed? % 27.0% 20.6% 25.9% -3.4% -5.6% Benchmark: FTSE World Series World Index (Total Return) (EUR) Jupiter Merlin International Equities Portfolio EUR Acc 15.2% 9.4% 19.3% 12.9% 9.0% 9.9% 9.4% Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the calendar year end, NAV-to-NAV, with dividend reinvested. 19.3% These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in Euro including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Where no past performance is shown there was insufficient data available in that year to provide performance. Investors should refer to the Hong Kong Summary Prospectus for further details regarding the benchmark. Fund launch date: 7 July EUR Acc launch date: 9 September The Investment Manager views EUR Acc, being the retail share class denominated in the Fund s base currency and offered across the funds of Jupiter Merlin Funds authorized in Hong Kong, as the most appropriate representative share class. Is there any guarantee? This Fund does not have any guarantees. You may not get back the full amount of money you invest. What are the fees and charges? Charges which may be payable by you You may have to pay the following fees when dealing in the shares of the Fund. Fee What you pay : Up to 5.25% of NAV Subscription fee (Initial charge) : Up to 5% of NAV Switching fee (Conversion fee) Up to 1% of NAV Redemption charge Nil Ongoing fees payable by the Fund The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. Management fee Custodian fee Performance fee Annual rate (as a % of the NAV) For : Up to 1.5% For : Up to 0.75% Included in aggregate operating fee N/A Administration fee Aggregate operating fee Included in aggregate operating fee : Up to 0.26% : Up to 0.24% Other fees You may have to pay other fees when dealing in the shares of the Fund. For further details please refer to page 42 of the Hong Kong Summary Prospectus.

5 Additional Information Share are generally bought and redeemed at the Fund s next-determined NAV provided that the Administrator receives a valid dealing request in good order on or before 1:00 pm (Luxembourg time) on every business day in Luxembourg, being the dealing deadline. The Hong Kong Representative/distributors may impose different dealing deadlines for receiving instructions for subscriptions and conversions. The Administrator in Luxembourg will accept dealing requests (for both subscriptions and redemptions) submitted directly from Hong Kong investors on a day which is a business day in Luxembourg (notwithstanding that such day may be a public holiday in Hong Kong). Dealing requests (for both subscriptions and redemptions) submitted directly from Hong Kong investors on a day which is not a business day in Luxembourg (notwithstanding that such day may be a business day in Hong Kong) will be processed on the next business day in Luxembourg. The net asset value of this Fund is calculated and the price of shares published each business day in Luxembourg. They are available online at and at the registered office of Jupiter Merlin Funds on every Valuation Day. Investors may obtain the past performance information of other share classes offered to Hong Kong investors from Jupiter Group s website ( Price information is also available on request from the Distributors and from the Administrator in Luxembourg. ^Please note that the content of the above website has not been reviewed or approved by the SFC. It may contain information of funds that are not authorised by the SFC and that may not be offered to the retail public in Hong Kong, and investors should exercise caution accordingly. Important If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness