Eric Sturdza Investments hereby wishes to notify all Shareholders in the Fund of the following adjustments which are to be implemented within the forthcoming Fund prospectus update, a copy of which will be provided once fully noted and filed with the Central Bank of Ireland.
Whilst a number of adjustments and updates have been captured as part of the latest prospectus update process, we would like to draw your attention to the following, which will be reflected on holding statements and trading confirmations moving forward, as well as within Fund documentation, such as the prospectus and its associated supplements, application form and sub-fund KIIDs.
Following feedback from stakeholders associated with the EI Sturdza Funds plc (the “Fund”), the Director’s approved an adjustment to the share class naming convention for each of the sub-funds within the Fund with the primary objective of removing reference to an investor “type” from the class name.
External feedback has shown that to include an investors type definitions within the class name can be problematic, with counterparties stating that the terminology does not fit with their business model or how access to the classes is governed.
Whilst the class name had previously made reference to an investor type, no consideration / monitoring as to whether there was an alignment between the counterparties who access a class and its name was undertaken (given that the majority of trades are received via Global Custodians / Nominees this wasn’t possible), rather access to a class was purely based on minimum investment and holding criteria, with exceptions governed by a standalone policy.
Accordingly and to address this misalignment, the share class naming convention for the Fund has been adjusted as summarised below:
In addition to addressing the potential misinterpretation of the suitability of investors for the various share classes offered within the Fund, adoption of the revised approach will reduce the number of class name variants within the Fund documentation, as well as significantly reducing the length of share class names, supporting better referencing within industry databases.
The below summarises a number of the other adjustments which are being implemented as part of the latest prospectus update:
- Minimum investment and holding criteria associated with the former professional and retail share classes (A and C class under the new approach) have been removed from all supplements.
- Definition of retail, professional and institutional investors inserted.
- Strategic Global Quality Fund – former GBP professional and institutional share classes (A and B class under the new approach) have been removed from the Fund supplement. In addition the minimum investment criteria associated with the GBP Super Institutional (SI) class has been removed. For the avoidance of doubt this does not apply to Super Institutional (SI) classes denominated in currencies other than GBP.
- Front end load fees have been set to zero for all sub-funds; however with the right to re-introduce subject to appropriate notice.
- Anti Dilution Levy (ADL) fee provisions within the Nippon Growth (UCITS), Strategic Europe Quality Fund, Strategic Global Quality Fund and Sturdza Family Fund supplements have been removed, the right to re-introduce being retained, again subject to appropriate notice being issued. Note as a result of this adjustment none of the sub-funds in the Fund are now applying an ADL.
- Reference to closed sub-funds has been removed following the withdrawal of authorisation (Strategic Euro Bond Fund / Strategic Global Bond Fund / Strategic Quality Emerging Bond Fund / Strategic US Momentum & Value Fund and Strategic Beta Flex Fund).
Eric Sturdza Investments is currently in the process of arranging for all statutory documents and marketing materials to be updated to reflect the above developments, this will also include coordination with third party data platforms to ensure the necessary updates are made. Updated materials will be made available as soon as they are available via our website in the Literature section.