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Investment Funds Corporate Actions and Watchlist

The Corporate Actions and Watchlist tables provide the latest details of any changes or performance concerns to the underlying funds for our Core fund range.

Pension insured fund corporate action updates

The table below shows any changes to the underlying funds that we use for our Insured Pension range.  These changes are instigated by the underlying fund manager and may directly affect your client’s investments with LV=.

Your client will be notified of any changes, except for price reductions, in writing.

Fund
Manager
Fund
Name
Corporate Action
Notification
Summary of impact on fundDate
Effective
SchrodersLV= Schroder Global Equity Income Z AccChange of benchmarkThe Fund will use MSCI World Value (Net Total Return) Index as an additional comparator benchmark alongside the Investment Association Global Equity Income sector average return, due to the Fund’s explicit value investment style.31.03.2021
SchrodersLV= Schroder Income Z AccChange of benchmarkThe Fund will use MSCI UK Value (Gross Total Return) Index as an additional comparator benchmark alongside the Investment Association UK Equity Income sector average return, due to the Fund’s explicit value investment style.31.03.2021
M&GLV= M&G Sustainable Multi Asset Fund GBP L AccChange of objectiveThe current investment policy requires the fund to invest between 10% and 30% of its portfolio in positive impact assets. From the Effective Date, the fund’s minimum exposure to these assets will rise to 20% and will typically be in the range of 20% - 60%. The investment objective will be updated to specify that Impact Criteria are applied alongside Environmental, Social and Governance (ESG) Criteria as the fund seeks to achieve its total return (the combination of capital growth and income) objective.01.07.2021
M&GLV= M&G Sustainable Multi Asset Fund GBP L AccPrice reductionReduction in IMC from 0.520% to 0.470%30.04.2021
DMS
  • LV= DMS Verbatim Multi-Index Portfolio 3 (s2)
  • LV= DMS Verbatim Multi-Index Portfolio 4 (s2)
  • LV= DMS Verbatim Multi-Index Portfolio 5 (s2)
  • LV= DMS Verbatim Multi-Index Portfolio 6 (s2)
  • LV= DMS Verbatim Portfolio 3 (s2)
  • LV= DMS Verbatim Portfolio 4 (s2)
  • LV= DMS Verbatim Portfolio 5 Growth (s2)
  • LV= DMS Verbatim Portfolio 6 (s2)
  • LV= DMS Verbatim Portfolio 7 (s2)
    ACD change of nameThe Authorised Corporate Director (ACD) for the underlying funds, DMS Investment Management Services, forms part of the DMS Group. Over the past 12 months the DMS Group has received regulatory approval from its regulators in the UK, Ireland, Luxembourg and the Cayman Islands to add the MDO Group of companies and the MontLake Group of companies to the DMS Group of companies. Each separate group has its own management company business having its own separate brand. In line with the strategic objectives of the broader group to offer governance and management services on a global basis, it has been decided to re-brand the three group’s combined service offering under the common name of Waystone Group. As a result, DMS Investment Management Services (UK) Limited has changed its name to Waystone Management (UK) Limited.06.07.2021
    Legg Mason
    • LV Legg Mason MC Asia Unconstrained
    • LV= Legg Mason MC Global Unconstrained
    • LV= Legg Mason MC US Unconstrained
    • LV= Legg Mason MC Asia Unconstrained (s2)
    • LV= Legg Mason MC Global Unconstrained (s2)
    • LV= Legg Mason MC US Unconstrained (s2)
      Change of ACD and fund namesThe Authorised Corporate Director (ACD) of the underlying funds is changing from Legg Mason Investment Funds Limited to Franklin Templeton Fund Management Limited with effect from 7th August 2021. This means that the Company and its Funds will be operated by Franklin Templeton with effect from this date. The names of the funds will be amended to reflect this change; from Legg Mason to FTF.07.08.2021
      M&G
      • LV= M&G Corporate Bond
      • LV= M&G Corporate Bond (s2)
      • LV= M&G Property Portfolio (s2)
        Price increaseThe Total Fund Charge (TFC) of the LV= M&G Corporate Bond, LV= M&G Corporate Bond (s2) and the LV= M&G Property Portfolio (s2) funds have increased with effect from 14th July 2021. This is due to a reduction in the “economies of scale” discount applied to the Annual Management Charge of the M&G Corporate Bond fund and the M&G Property Portfolio fund, the underlying funds in which the LV= funds invest. The increase is 0.02% fr each fund.14.07.2021
        SchrodersLV= Schroder MM UK Growth (s2)Fund restructure to an income strategy, including change of fund name, objective and price.Over recent years, assets under management (AUM) in the underlying fund have fallen from approximately £93m, to £12m (as at 31 May 2021), and as such the Fund had been identified for review due to its ongoing economical viability. Additionally, the Fund was identified as not demonstrating value consistently in Schroders’ April 2021 Assessment of Value (AoV) report. Given this, they have decided to adapt the investment approach of the Fund to a directly invested UK equity income strategy, managed by UK equity income managers Graham Ashby and Duncan Green.06.09.2021
        Ninety OneLV= Ninety One Cautious Managed (s2)Change of name, objective & policy.Ninety One, who manage the underlying Fund are changing the Fund’s name to the Global Income Opportunities fund, making amendments to the Fund’s objective and policy and changing the global exposure calculation method from “commitment” to “absolute VaR”. They believe that the new name better reflects the Fund’s investment policy and strategy, including the Fund’s global scope (i.e. the ability to invest without geographical restrictions) and focus on investing in assets believed to offer a reliable level of income with the opportunity for capital growth. The Fund aims to provide both capital growth (i.e. to grow the value of your investment) and income. However, the Fund prioritises income ahead of capital growth. As a result, they are taking this opportunity to clarify this in the Fund’s investment objective so that the prioritisation of income is clear to investors. Ninety One, who manage the underlying Fund are changing the Fund’s name to the Global Income Opportunities fund, making amendments to the Fund’s objective and policy and changing the global exposure calculation method from “commitment” to “absolute VaR”. They believe that the new name better reflects the Fund’s investment policy and strategy, including the Fund’s global scope (i.e. the ability to invest without geographical restrictions) and focus on investing in assets believed to offer a reliable level of income with the opportunity for capital growth.04.10.2021

        Pension insured fund performance monitoring Watchlist

        All of our pension insured funds go through an onboarding and ongoing due diligence process which means you and your clients can be sure that LV= is challenging the fund managers to ensure they produce the best possible results. LV= carry out a quarterly review of all of its funds and may sometimes identify funds that we feel require further investigation to ensure we are still happy that they are providing the best level of service for our members.

        You can see a list of funds we are investigating and a brief summary of our concerns below. If you would like further information on any of these funds or about our due diligence and monitoring processes please contact us via [email protected]

        Please note, if at any point we feel there is a material risk to our members' investment, or we are planning to take any action on the funds listed, all financial advisers with clients invested in the affected funds will be contacted.

        LV=
        Fund Code
        LV=
        Fund Name
        Fund SeriesReason for investigation of fundOutcome of investigation
        176/1184LV= Jupiter UK Growth/LV= Jupiter UK Growth (s2)Series 1 & Series 2The fund has performed below the 75th percentile across all measured time periods for 11 quarters. An interview was held with the fund manager to address LV='s concerns with the underperformance of the fund; we were not satisfied with the measures being taken to address these issues and have made the decision to close the LV= fund to new business.
        • After careful analysis and consideration we have closed the funds to new business with immediate effect.
        • The funds have been underperforming against benchmark and sector for some time and we're not satisfied with the measures that the Fund Managers are taking to address this performance.
        • The LV= insured pension fund range contains a good range of UK All Companies funds including other UK Growth strategies which may be a suitable alternative for current investors in the Jupiter fund.
        • We have written to all customers and their Financial Advisers to advice that the funds have been closed to new business with effect from 6th July 2021. The funds will be fully liquidated on 11th October and customers have until the 8th October to select an alternative investment or their holding will be switched into the BlackRock UK fund as the default fund option.
        • These funds are now in the process of being fully liquidated, if you or your client did not provide an alternative investment instruction your clients' holdings will be switched into the LV= BlackRock UK fund with a bid price date of 11th October 2021. We will be writing to all affected customers to confirm the transaction in due course.
          175/1180LV= Jupiter Income Trust/LV= Jupiter Income Trust (s2)Series 1 & Series 2The fund had performed below the 75th percentile across all measured time periods for 6 quarters but has now shown continued improvement across 3 quarters. The fund will continue to be closely monitored.Performance has improved across the previous 3 quarters and is now within our monitoring perimeters. Performance will continue to be monitored and the fund will be reviewed again at the end of the year.
          1186LV= Jupiter North American Income (s2)Series 2The fund has performed below the 75th percentile across all measured time periods for 8 quarters. An interview was held with the fund manager to address LV='s concerns with the underperformance of the fund; we were not satisfied with the measures being taken to address these issues and have made the decision to close the LV= fund to new business.
          • After careful analysis and consideration we have closed the fund to new business with immediate effect.
          • The fund has been underperforming against benchmark and sector for some time and we're not satisfied with the measures that the Fund Managers are taking to address this performance.The fund is taking the appropriate amount of risk when compared to its peers but is simply not generating suitable returns for that risk. Despite the appointment of a new Fund Manager in December 2018 and co-manager in December 2020 who implemented a restructure of the portfolio and bought in a specialised focus on income and yield the fund has failed to recover performance at the level expected.
          • We will be writing to all affected customers and their financial advisers in due course.
            1175LV= Jupiter India (s2)Series 2The fund had performed below the 75th percentile across 4/5 measured time periods for 5 quarters. We have been monitoring the fund closely and engaging with the Fund Manager to see what is being done to address the performance issues. We have seen significant improvement and the fund is now being removed from our watchlist.The fund has shown significant improvement across the 3 previous quarters and is now comfortably within our monintoring perimeters. Our discussions with the Fund Manager satisfied our concerns that suitable steps had been taken to address the fund's previous underperformance. The fund will be removed from our watchlist.
            205/1231LV= Sentinel Defensive PortfolioSeries 1 & Series 2The fund has performed below the 75th percentile across 4/6 measured time periods for 8 quarters. We are monitoring the fund closely and engaging with the Fund Manager to see what is being done to address the performance issues.We are engaging with the Fund Manager and an update will be provided shortly.
            172LV= Jupiter Emerging European OpportunitiesSeries 1The fund had performed below the 75th percentile across 4/6 measured time periods for 4 quarters. We are monitoring the fund closely and significant improvement has been shown across the last quarter.Fund will continue to be monitored.
            1083LV= Fidelity Index Pacifix ex Japan (s2)Series 2The fund had performed below the 75th percentile across 3/5 measured time periods for 4 quarters. Fund has been investigated and will now be removed from our watchlist.Following a meeting with the Fund Manger we are satisfied that the fund is tracking its index properly and that the performance reporting discrepanies we had seen were due to a valuation point mismatch between the fund performance data and the index performance data. This issue has been resolved and the fund will be removed from our watchlist.
            1234LV= Schroder Asian Income Maximiser (s2)Series 2The fund had performed below the 75th percentile across 5/5 measured time periods for 4 quarters. We are monitoring the fund closely and improvement has been shown over the past quarter.Fund will continue to be monitored.
            190/1201LV= FTF MC Asia Unconstrained/LV= FTF MC Asia Unconstrained (s2)Series 1 & Series 2The fund had performed below the 75th percentile across 5/5 measured time periods for 4 quarters. We are monitoring the fund closely.Fund will continue to be monitored.
            1281LV= DMS Stirling House Monthly Income (s2)Series 2The fund had performed below the 75th percentile across 4/5 measured time periods for 4 quarters. We are monitoring the fund closely.Fund will continue to be monitored.