Changes to our dual priced funds

1. Background

We have considered the way in which we deal with pricing in respect of the funds and have concluded that it would benefit the funds and unitholders to make some amendments to the pricing policy of the funds. This note sets out an explanation of the changes we are making and which funds are affected.

From the 21 January 2019, the units in the funds will be single priced which means a single price is issued for the fund at each valuation point. Both sales and redemptions in units will be based on this single price. 

We intend to operate a ‘swinging’ single pricing mechanism for each fund. This mechanism is intended to ensure the fair treatment of all the investors in a fund by minimising the effects of ‘dilution’. The price will swing in response to particular circumstances to mitigate the effects of dilution.

Once the single price of a unit has been determined, a ‘dilution adjustment’ will be applied to the price in accordance with the policy outlined in the Prospectus for that fund. For example, when there are net inflows to a fund, a dilution adjustment increases the price (price swings up) and when there are net outflows from a fund, the dilution adjustment reduces the price (price swings down). However, regardless of whether the price is adjusted up or down, all investors buy and sell at the same price.

Copies of the Prospectus for each fund (containing details of the changes) will be made available upon request, from 21 January 2019. The funds affected and their codes are listed below.

As a guide the current dilution adjustment rates are as included below. These rates are likely to be amended before the pricing basis is changed on 21 January 2019 as the data they are based on will have been updated. Updated rates will be included in the fund Prospectus at the above date

Fund

For purchases

For redemptions

Rathbone Ethical Bond Fund

[0.403%]

[0.403%]

Rathbone Global Opportunities Fund

[0.155%]

[0.105%]

Rathbone Income Fund

[0.531%]

[0.063%]

Rathbone UK Opportunities Fund

[0.388%]

[0.072%]

Rathbone Strategic Bond Fund

[0.246%]

[0.246%]

Rathbone Heritage Fund

[0.214%]

[0.062%]

 Rathbone Core Investment Fund for Charities

 [0.032%] [0.017%]

 Rathbone Active Income and Growth Fund

 [0.048%] [0.037%]

 

2. Affected funds, shareclasses and their codes

 

(R-class)

SEDOL

ISIN

Rathbone Ethical Bond (Accumulation units)

3095713

GB0030957137

Rathbone Ethical Bond (Income units)

3095702

GB0030957020

Rathbone Global Opportunities (Accumulation units)

3034909

GB0030349095

Rathbone Income (Accumulation units)

B06ZVC7

GB00B06ZVC73

Rathbone Income (Income units)

0122904

GB0001229045

Rathbone UK Opportunities (Accumulation units)

3043080

GB0030430804

Rathbone UK Opportunities (Income units)

0506229

GB0005062293

 

 

 

(I-class)

 

 

Rathbone Ethical Bond (Accumulation units)

B77DQT1

GB00B77DQT14

Rathbone Ethical Bond (Income units)

B7FQJT3

GB00B7FQJT36

Rathbone Global Opportunities (Accumulation units)

B7FQLN1

GB00B7FQLN12

Rathbone Income (Accumulation units)

B3Q9WG1

GB00B3Q9WG18

Rathbone Income (Income units)

B7FQLQ4

GB00B7FQLQ43

Rathbone UK Opportunities (Accumulation units)

B7FQM50

GB00B7FQM503

Rathbone UK Opportunities (Income units)

B77H7W3

GB00B77H7W31

Rathbone Strategic Bond (Accumulation units)

B6ZS248

GB00B6ZS2486

Rathbone Strategic Bond (Income units)

B6ZS1L8

GB00B6ZS1L87

Rathbone Heritage (Accumulation units)

B8CJW04

GB00B8CJW049

Rathbone Heritage (Income units)

B6SCP82

GB00B6SCP824

 

 

 

(S-class)

 

 

Rathbone Income (Accumulation units)

BHCQVM3

GB00BHCQVM34

Rathbone Income (Income units)

BHCQNL6

GB00BHCQNL68

Rathbone Ethical Bond (Accumulation units)

BDD0RN9

GB00BDD0RN99

Rathbone Ethical Bond (Income units)

BDD0RM8

GB00BDD0RM82

Rathbone Heritage (Accumulation units)

B910LL9

GB00B910LL90

Rathbone Heritage (Income units)

B8W46V8

GB00B8W46V86

 

 Other
 

 Rathbone Active Income and Growth (Accumulation units)

B844VV1
 GB00B844VV14

 Rathbone Active Income and Growth (Income units)

B844SW1 GB00B844SW18

 Rathbone Core Investment Fund for Charities (Accumulation units)

BZ02MF9 GB00BZ02MF91

 Rathbone Core Investment Fund for Charities (Income units)

BZ02MC6 GB00BZ02MC60

 

Useful links

‘Swinging’ single pricing - what you need to know

Your questions answered 


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