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In November 2024, we informed you that we were temporarily closing the Concept K Fund to facilitate a transition from a performance fee share class to a non-performance fee share class in late quarter 1, 2025.
The temporary closure included new investments, top-ups, and switches; however, regular contributions could continue to be made to the existing share class of the Concept K Fund.
Non-Performance Fee Share Class Details
The new share class will incur a slight increase of 0.05% in annual fund charge. We believe that this adjustment is in the best interest of our investors for the following reasons:
• Our analysis indicates stronger historical fund returns under the new pricing model1.
• The new structure offers more transparency regarding investment costs.
This updated share class will apply to all existing and new investors. Further details are in the Concept K Broker Q&A.
Important Information relating to PRSAs
There are rules around how Fund Managers can charge performance fees for PRSA investors. As the performance fee for Concept K did not align with these regulations, we are assessing whether any individual investors have experienced negative impacts from participating in the performance fee share class. If we determine that individual PRSA investors were negatively impacted by being invested in the performance fee share class, we will contact them in the second quarter of 2025 to inform them of the restitution they will receive.
Communicating with impacted investors
We will be communicating these changes to all existing investors as follows:
| Investor Type | Timing of policy holder communications | Customer Letter | Customer FAQ Document |
| PRSA | Jan-25 | Letter template | Common Questions |
| Non-PRSA | Feb-25 | Letter template | Common Questions |
No action required
If you and your client are satisfied with the adjustments, no further action is required. In late quarter 1 of 2025, we will automatically transition them to the non-performance fee version of the Fund. If your client wants to be excluded from the transfer, they can send instructions to switch to different Fund(s) available on their product. There is currently no charge for this.
Broker Support
Please get in touch with your Account Manager or consult our Broker Q&A document for more information.
We appreciate your understanding and support during this transition.
Warnings
| Warning: Past performance is not a reliable guide to future performance. Warning: The value of your investment may go down as well as up. Warning: The income you earn from this investment may go down as well as up. Warning: If you invest in these funds you may lose some or all of the money you invest. Warning: These funds may be affected by changes in currency exchange rates. Warning: If you invest in a pension, you will not have access to your money until you retire. |
