The change will take effect from 28 May and in a letter to shareholders, Tony Stenning, managing director of BlackRock Fund Managers, clarified its revised investment objective.
The current objective allows the fund “to invest primarily in a global portfolio of equity securities of successful companies domiciled in, or exercising a significant part of their economic activity in, developed markets.”
The revised objective removes the reference to investing in securities “…of successful companies”.
By way of explanation, Stenning clarifies that the fund will no longer have an emphasis purely on developed markets even though: “On balance,” he continues, “the fund will continue to have greater exposure to developed markets over emerging markets.”
The £200m fund will continue to be run by Richard Turnill and Andrew Williamson-Jones, and will remain benchmarked against the MSCI All Countries World Index.
