RL Global Equity Select Fund (IRL) soft closure

Yes. The redemption of shares is not affected by limited issuance, and shareholders can sell or redeem any shares that they currently own.

We will keep the limited issue position under review. If circumstances change and further shares can be issued without compromising the fund’s investment objective or its shareholders, we will re-open the issue of shares.

Royal London Asset Management defines investment capacity for a strategy as the point at which additional investment into the strategy begins to put at risk the portfolio manager’s ability to continue managing the investment strategy to the stated investment objective, without changing the investment approach taken to get to that point.

We continuously review the full range of investment strategies managed and distributed by Royal London Asset Management to ensure that the relative utilisation of capacity in any strategy is monitored and any issues that are identified are managed and resolved appropriately.

The Royal London Global Equity Select Fund (IRL) is managed using our Global Equity Select investment strategy. This strategy is also utilised in another authorised pooled fund and a range of segregated mandates managed on behalf of a range of institutional clients. In relation to the management and oversight of investment capacity, we apply a consistent approach to the investment strategy for all clients, regardless of how they access the strategy.

This investment strategy uses our Global Equity team’s unique and highly differentiated investment philosophy and approach to identifying attractive stocks. The investment strategy is run on a highly dynamic basis, meaning position sizes relative to the typically available liquidity in the market, and the portfolio manager’s ability to move in and out of names effectively, are key components in our assessment of capacity of this investment strategy. Another factor influencing the capacity assessment is the portfolio construction process utilised by this strategy, which produces a relatively concentrated portfolio.

As a result of strong and consistent net inflows in recent years, assets managed across all portfolios that utilise the Global Equity Select investment strategy are now approaching an amount whereby Royal London Asset Management's definition of investment capacity is being met. As such, in the best interests of existing fund shareholders and other clients, we are taking action to restrict access to the strategy, according to the local regulations and practices in force in the relevant jurisdictions.