Closure of L32 Emergent India Fund

29 Jun 2021

We were notified by Emergent India Investments Ltd (the “Company”) of their decision to temporarily close the underlying fund of L32 Emergent India Fund to further subscriptions, which took effect from 20 May 2021.

Consequently, as advised in our previous communication dated June 2021, FPIL made the decision to temporarily suspend L32 Emergent India with immediate effect. As noted, ongoing premium contributions were redirected with immediate effect into P54 Aberdeen Standard SICAV I Indian Equity (the “Default Fund”).

Further to the temporary suspension, FPIL have now decided to fully close L32 Emergent India (the “Closing Fund”). When an FPIL fund is closed, a Default Fund is selected to act as an alternative investment for the resulting proceeds being switched out of the Closing Fund. The Default Fund has already been selected due to the suspension of L32 Emergent India, and the details of both the Closing Fund and the Default Fund can be found in the table below.

Please be informed that the switch and redirection of any current holdings and/or future contributions has taken immediate effect due to the nature of the decision undertaken by the Company. Affected policyholders will see this transaction upon receiving their next valuation.

	Closing Fund	Default Fund
Fund name	Emergent India	Aberdeen Standard SICAV I Indian Equity
Fund code	L32	P54
Currency	USD	USD
Investment objective of the underlying fund	The investment objective of the underlying fund is to generate long-term capital growth by investing through the UCITS principally in companies established in or operating in India. The underlying fund will acquire Units in the class F USD shares of the UCITS. The UCITS is a sub-fund of RAMS Equities Portfolio Fund, an investment company with variable capital (société d’investissement à capital variable, “SICAV”), established on 21 September 2015 in the Grand-Duchy of Luxembourg under the Law of 10 August 1915 relating to commercial companies and Part I of the Luxembourg law of 17 December 2010 relating to undertakings for collective investments (transposing the Directive 2009/65/EC of the European Parliament and of the Council (the “UCITS Directive”). The SICAV is an undertaking for collective investment in transferable securities and/or other permitted liquid financial assets (“UCITS”) for the purposes of the UCITS Directive. The benchmark index for the underlying fund and the UCITS is the MSCI India Index.	The underlying fund’s investment objective is long term total return to be achieved by investing at least two-thirds of the underlying fund’s assets in equities and equity-related securities of companies with their registered office in India; and/or, of companies which have the preponderance of their business activities in India; and/or, of holding companies that have the preponderance of their assets in companies with their registered office in India. The underlying fund is actively managed. The underlying fund aims to outperform the MSCI India Index (USD) benchmark before charges. The benchmark is also used as a reference point for portfolio construction and as a basis for setting risk constraints. In order to achieve its objective, the underlying fund will take positions whose weightings diverge from the benchmark or invest in securities which are not included in the benchmark. The investments of the underlying fund may deviate significantly from the components of and their respective weightings in the benchmark. Due to the active nature of the management process, the underlying fund’s performance profile may deviate significantly from that of the benchmark over the longer term.
Ongoing Charges Figure (OCF) of the underlying fund	1.75% (plus additional expenses of 1% per annum over & above management fees) from year to year.	2.06% The ongoing charges figure is based on expenses for the year ending 30/09/2020. This figure may vary from year to year.
Risk profile* (determined by Friends Provident International for reference only)	5	5

* The risk/reward profile is determined by Friends Provident International from information provided by the underlying fund houses and is based on the following characteristics of the underlying fund:

volatility;
asset type; and
geographical region.

The risk/reward profile will be reviewed and, if appropriate, revised at least yearly by Friends Provident International as a result of our ongoing research analysis. The information given in the risk/reward profile is for reference only.

Whilst appropriate due diligence has been carried out on the Default Fund we do not accept any liability for the future performance of this, or any other FPIL fund.

Should you have any questions regarding these changes, please contact International Funds & Investments.