Fund Background Range and Information November 2017 generali-worldwide.com
INDEX GUARANTEED RETURN FUNDS... 4 US DOLLAR DEPOSIT ADMINISTRATION... 5 EURO DEPOSIT ADMINISTRATION... 6 STERLING DEPOSIT ADMINISTRATION... 7 BOND FUNDS... 8 GW US DOLLAR RESERVE... 9 GW EURO RESERVE... 10 GW STERLING RESERVE... 11 GW AMERICAN BOND... 12 GW EUROPEAN BOND... 13 GW STERLING BOND... 14 GW GLOBAL STRATEGIC BOND... 15 GW FIDELITY EMERGING MARKETS DEBT... 16 PASSIVE MANAGEMENT EQUITY FUNDS...17 GW ISHARES DOW JONES GLOBAL SUSTAINABILITY... 18 GW ISHARES MSCI EUROPE EXCLUDING UK... 19 GW ISHARES MSCI JAPAN... 20 GW ISHARES MSCI WORLD... 21 GW ISHARES S&P 500... 22 GW ISHARES UK FTSE 100... 23 GW HSBC FTSE ALL-SHARE INDEX... 24 GW ISHARES MSCI PACIFIC EX-JAPAN... 25 GW ISHARES MSCI WORLD ISLAMIC... 26 GW ISHARES MSCI EMERGING MARKETS... 27 ACTIVE MANAGEMENT EQUITY FUNDS...28 GW JPMORGAN EUROPEAN EQUITY... 29 GW FIDELITY AMERICA... 30 GW INTERNATIONAL EQUITY... 31 GW SCHRODERS UK EQUITY... 32 GW SCHRODERS JAPAN... 33 GW JPMORGAN PACIFIC EQUITY... 34 GW JPMORGAN EMERGING MARKETS... 35 GW BGF WORLD MINING... 36 GW JPMORGAN US SMALL CAP GROWTH... 37 GW SCHRODERS ISF ASIAN OPPORTUNITIES. 38 GW JPMORGAN LATIN AMERICA... 39 GW FIDELITY EMERGING EUROPE MIDDLE EAST & AFRICA... 40 MULTI ASSET & ALTERNATIVE ASSET FUNDS...41 GW MULTI ASSET PENSION FUND CAUTIOUS.. 42 GW MULTI ASSET PENSION FUND STERLING GROWTH... 43 GW MULTI ASSET PENSION FUND EURO GROWTH... 44 GW MULTI ASSET PENSION FUND US DOLLAR GROWTH... 45 GW MULTI ASSET PENSION FUND STERLING STRATEGIC... 46 GW M&G PROPERTY... 47 Fund Background Range and Information Page 2 of 53
GW FIDELITY GLOBAL PROPERTY... 48 GW INVESCO GLOBAL TARGETED RETURN EUR... 49 GW INVESCO GLOBAL TARGETED RETURN GBP... 50 GW INVESCO GLOBAL TARGETED RETURN... 51 GW ISHARES PHYSICAL GOLD... 52 Fund Background Range and Information Page 3 of 53
Guaranteed Return Funds Fund Background Range and Information Page 4 of 53
Guaranteed Return Funds US DOLLAR DEPOSIT ADMINISTRATION Low Risk Rating Generali Worldwide Protected Fund USA 0.35% of declared rate N/A Low January 1983 Withdrawals: A Member withdrawing through leaving service or early retirement may incur a Market Value Adjustment penalty on assets allocated to the Deposit Administration Fund. The Market Value Adjustment, when applied, takes account of the market value of the underlying investments in the Deposit Administration Fund at the date of withdrawal. The adjustment is designed to protect the interests of other policyholders from the effects of withdrawal when markets conditions are poor. The Fund seeks to maximise a return over the medium term by offering a capital guarantee, interest and a smoothed investment return comparable to direct investment in bonds with a term of three to seven years, with less volatility. It also aims to consistently beat the returns on high interest cash accounts. The fund invests in a wide variety of medium-term government and corporate bonds with a minimum credit rating of AA. Capital gains are accrued within the fund and are distributed during subsequent years to provide a smoothed investment return. This is achieved by the addition of Guaranteed Interest on a daily basis included in the price of the fund and Additional Interest annually in arrears by the addition of bonus units. The fund is managed by Generali Worldwide which is a wholly owned subsidiary of the Assicurazioni Generali Group, one of the world s top 10 global insurers. The fund is advised by Generali Investments S.p.A based in Trieste, also a subsidiary of the Group, who currently have assets under management of 300 billion and employ over 70 portfolio managers and investment professionals. The Generali Worldwide US Dollar Deposit Administration Fund is denominated in US dollars and is a life fund established under Guernsey law. Guaranteed Interest is added on a daily basis, reflected in the unit price of the fund, at a rate dependent on the year of policy commencement thereby providing a minimum guaranteed interest. In addition, Additional Interest is credited annually, in arrears, by way of the addition of bonus units, based on the Declared Interest rate and the size of the policy account. The Declared Interest rate is announced by the Actuary of Generali Worldwide following an actuarial valuation of the Deposit Administration fund as at 31st December each year. The Declared Interest rate reflects the investment performance of the underlying assets during the calendar year, and the desire to smooth the volatility of the underlying investments. Fund Background Range and Information Page 5 of 53
Guaranteed Return Funds EURO DEPOSIT ADMINISTRATION Low Risk Rating Generali Worldwide EUR Protected Fund Europe 0.35% of declared rate N/A Low January 1983 Withdrawals: A Member withdrawing through leaving service or early retirement may incur a Market Value Adjustment penalty on assets allocated to the Deposit Administration Fund. The Market Value Adjustment, when applied, takes account of the market value of the underlying investments in the Deposit Administration Fund at the date of withdrawal. The adjustment is designed to protect the interests of other policyholders from the effects of withdrawal when markets conditions are poor. The objective of the Fund is to maximise total return, including both capital and income, consistent with the preservation of capital whilst maintaining a high degree of liquidity. The fund invests in a wide variety of medium-term government and corporate bonds with a minimum credit rating of AA. Capital gains are accrued within the fund and are distributed during subsequent years to provide a smoothed investment return. This is achieved by the addition of Guaranteed Interest on a daily basis included in the price of the fund and Additional Interest annually in arrears by the addition of bonus units. The fund is managed by Generali Worldwide which is a wholly owned subsidiary of the Assicurazioni Generali Group, one of the world s top 10 global insurers. The fund is advised by Generali Investments S.p.A based in Trieste, also a subsidiary of the Group, who currently have assets under management of 300 billion and employ over 70 portfolio managers and investment professionals. The Generali Worldwide Euro Deposit Administration Fund is denominated in euro and is a life fund established under Guernsey law. Guaranteed Interest is added on a daily basis, reflected in the unit price of the fund, at a rate dependant on the year of policy commencement thereby providing a minimum guaranteed interest. In addition, Additional Interest is credited annually, in arrears, by way of the addition of bonus units, based on the Declared Interest rate and the size of the policy account. The Declared Interest rate is announced by the Actuary of Generali Worldwide following an actuarial valuation of the Deposit Administration fund as at 31st December each year. The Declared Interest rate reflects the investment performance of the underlying assets during the calendar year, and the desire to smooth the volatility of the underlying investments. Fund Background Range and Information Page 6 of 53
Guaranteed Return Funds STERLING DEPOSIT ADMINISTRATION Low Risk Rating Generali Worldwide GBP Protected Fund UK 0.35% of declared rate N/A Low January 1983 Withdrawals: A Member withdrawing through leaving service or early retirement may incur a Market Value Adjustment penalty on assets allocated to the Deposit Administration Fund. The Market Value Adjustment, when applied, takes account of the market value of the underlying investments in the Deposit Administration Fund at the date of withdrawal. The adjustment is designed to protect the interests of other policyholders from the effects of withdrawal when markets conditions are poor. The Fund seeks to maximise a return over the medium term by offering a capital guarantee, interest and a smoothed investment return comparable to direct investment in bonds with a term of three to seven years, with less volatility. It also aims to consistently beat the returns on high interest cash accounts. The fund invests in a wide variety of medium-term government and corporate bonds with a minimum credit rating of AA. Capital gains are accrued within the fund and are distributed during subsequent years to provide a smoothed investment return. This is achieved by the addition of Guaranteed Interest on a daily basis included in the price of the fund and Additional Interest annually in arrears by the addition of bonus units. The fund is managed by Generali Worldwide which is a wholly owned subsidiary of the Assicurazioni Generali Group, one of the world s top 10 global insurers. The fund is advised by Generali Investments S.p.A based in Trieste, also a subsidiary of the Group, who currently have assets under management of 300 billion and employ over 70 portfolio managers and investment professionals. The Generali Worldwide Sterling Deposit Administration Fund is denominated in sterling and is a life fund established under Guernsey law. Guaranteed Interest is added on a daily basis, reflected in the unit price of the fund, at a rate dependant on the year of policy commencement thereby providing a minimum guaranteed interest. In addition, Additional Interest is credited annually, in arrears, by way of the addition of bonus units, based on the Declared Interest rate and the size of the policy account. The Declared Interest rate is announced by the Actuary of Generali Worldwide following an actuarial valuation of the Deposit Administration fund as at 31st December each year. The Declared Interest rate reflects the investment performance of the underlying assets during the calendar year, and the desire to smooth the volatility of the underlying investments.. Fund Background Range and Information Page 7 of 53
Bond Funds Fund Background Range and Information Page 8 of 53
Bond Funds GW US DOLLAR RESERVE Low Risk Rating Generali Portfolio Management (CI) Limited Short Term Bond Fund USA 0.35% N/A Low January 1995 The objective of the fund is to maximise total return, including both capital and income, consistent with the preservation of capital whilst maintaining a high degree of liquidity. The Manager will seek to achieve the objective by investing in Bank deposits, Money Market Funds, Commercial Paper, Certificates of Deposit, Government Bonds, Government Agency Bonds, Global Bonds, Eurobonds, Domestic Bonds, Floating rate notes, Asset backed securities and Covered Bonds. The maximum expected maturity for any one investment will be three years from settlement date. The portfolio manager will purchase investments rated at least A-; however in the event of a credit rating downgrade assets rated down to a minimum of BBB- are permitted. Generali Portfolio Management (CI) Limited is 100% owned by Generali Worldwide Insurance Company Limited. They offer bespoke portfolio management services for clients, drawing upon combined investment experience and expertise of the company s executives, the worldwide investment resources of the Generali Group and investment research from outside parties. The Generali Worldwide US Dollar Reserve Fund is denominated in US dollars and is a life fund established under Guernsey law. The fund is valued and priced weekly with the prices being calculated in three currencies US dollar, GBP and euro. Fund Background Range and Information Page 9 of 53
Bond Funds GW EURO RESERVE Low Risk Rating Generali Portfolio Management (CI) Limited EUR Short Term Bond Fund Europe 0.35% N/A Low July 1996 The fund seeks to maximise total return, including both capital and income, consistent with the preservation of capital whilst maintaining a high degree of liquidity. The fund invests in a wide variety of medium-term government and corporate bonds with a minimum credit rating of AA. Capital gains are accrued within the fund and are distributed during subsequent years to provide a smoothed investment return. This is achieved by the addition of Guaranteed Interest on a daily basis included in the price of the fund and Additional Interest annually in arrears by the addition of bonus units. The fund is managed by Generali Worldwide which is a wholly owned subsidiary of the Assicurazioni Generali Group, one of the world s top 10 global insurers. The fund is advised by Generali Investments S.p.A based in Trieste, also a subsidiary of the Group, who currently have assets under management of 300 billion and employ over 70 portfolio managers and investment professionals. The Generali Worldwide Sterling Deposit Administration Fund is denominated in sterling and is a life fund established under Guernsey law. Guaranteed Interest is added on a daily basis, reflected in the unit price of the fund, at a rate dependant on the year of policy commencement thereby providing a minimum guaranteed interest. In addition, Additional Interest is credited annually, in arrears, by way of the addition of bonus units, based on the Declared Interest rate and the size of the policy account. The Declared Interest rate is announced by the Actuary of Generali Worldwide following an actuarial valuation of the Deposit Administration fund as at 31st December each year. The Declared Interest rate reflects the investment performance of the underlying assets during the calendar year, and the desire to smooth the volatility of the underlying investments.. Fund Background Range and Information Page 10 of 53
Bond Funds GW STERLING RESERVE Low Risk Rating Generali Portfolio Management (CI) Limited GBP Short Term Bond Fund UK 0.35% N/A Low July 1996 The objective of the fund is to maximise total return, including both capital and income, consistent with the preservation of capital whilst maintaining a high degree of liquidity. The Manager will seek to achieve the objective by investing in Bank deposits, Money Market Funds, Commercial Paper, Certificates of Deposit, Government Bonds, Government Agency Bonds, Global Bonds, Eurobonds, Domestic Bonds, Floating rate notes, Asset backed securities and Covered Bonds. The maximum expected maturity for any one investment will be three years from settlement date. The portfolio manager will purchase investments rated at least A-; however in the event of a credit rating downgrade assets rated down to a minimum of BBB- are permitted. Generali Portfolio Management (CI) Limited is 100% owned by Generali Worldwide Insurance Company Limited. They offer bespoke portfolio management services for clients, drawing upon combined investment experience and expertise of the company s executives, the worldwide investment resources of the Generali Group and investment research from outside parties. The Generali Worldwide Sterling Reserve Fund is denominated in sterling and is a life fund established under Guernsey law. The fund is valued and priced weekly with the prices being calculated in three currencies US dollar, GBP and euro. Fund Background Range and Information Page 11 of 53
Bond Funds GW AMERICAN BOND Medium / Low Risk Rating Generali Portfolio Management (CI) Limited Bond Fund America 0.70% Morningstar US Core Bd TR Medium / Low 17th January 2014 The fund will invest into the American bond markets with the aim of generating a higher level of income than comparable Government securities over the longer term. The manager will invest into Government and Corporate bond markets with a focus on investment grade corporate bonds, either directly or via collective investment vehicles. The fund may also invest into asset backed securities, preference shares, convertible bonds and high yield securities via unit trusts and offshore funds. Generali Portfolio Management (CI) Limited is 100% owned by Generali Worldwide Insurance Company Limited. They offer bespoke portfolio management services for clients, drawing upon combined investment experience and expertise of the company s executives, the worldwide investment resources of the Generali Group and investment research from outside parties. The GW American Bond Fund is a US dollar denominated fund which is established as part of the Generali Worldwide long term life fund based in Guernsey. Fund Background Range and Information Page 12 of 53
Bond Funds GW EUROPEAN BOND Medium / Low Risk Rating Generali Portfolio Management (CI) Limited EUR Bond Fund America 0.70% N/A Medium / Low 17th January 2014 The fund will invest into the European bond markets with the aim of generating a higher level of income than comparable Government securities over the longer term. The manager will invest into Government and Corporate bond markets with a focus on investment grade corporate bonds, either directly or via collective investment vehicles. The fund may also invest into asset backed securities, preference shares, convertible bonds and high yield securities via unit trusts and offshore funds. Generali Portfolio Management (CI) Limited is 100% owned by Generali Worldwide Insurance Company Limited. They offer bespoke portfolio management services for clients, drawing upon combined investment experience and expertise of the company s executives, the worldwide investment resources of the Generali Group and investment research from outside parties. The GW European Bond Fund is a sterling denominated fund which is established as part of the Generali Worldwide long term life fund based in Guernsey. Fund Background Range and Information Page 13 of 53
Bond Funds GW STERLING BOND Medium / Low Risk Rating Generali Portfolio Management (CI) Limited GBP Bond Fund United Kingdom 0.70% N/A Medium / Low 17th January 2014 The fund will invest into the UK bond markets with the aim of generating a higher level of income than comparable Government securities over the longer term. The manager will invest into Government and Corporate bond markets with a focus on investment grade corporate bonds, either directly or via collective investment vehicles. The fund may also invest into asset backed securities, preference shares, convertible bonds and high yield securities via unit trusts and offshore funds. Generali Portfolio Management (CI) Limited is 100% owned by Generali Worldwide Insurance Company Limited. They offer bespoke portfolio management services for clients, drawing upon combined investment experience and expertise of the company s executives, the worldwide investment resources of the Generali Group and investment research from outside parties. The GW Sterling Bond Fund is a sterling denominated fund which is established as part of the Generali Worldwide long term life fund based in Guernsey. Fund Background Range and Information Page 14 of 53
Bond Funds GW GLOBAL STRATEGIC BOND Medium Risk Rating Generali Portfolio Management (CI) Limited Strategic Bond Fund Global 0.75% Bloomberg Barclays Multiverse Total Return Index Medium July 2011 The fund will invest into the American bond markets with the aim of generating a higher level of income than comparable Government securities over the longer term. Through a blend of currency exposure, direct bond holdings, along with absolute return and strategic bond fund holdings the fund aims to outperform the benchmark over the medium term. The use of a dynamic strategy as opposed to a benchmark tracking style should result in the fund being well positioned as bond markets move through the economic cycle. The returns generated within the fund will be from a combination of both changes in asset prices and currency fluctuations as the manager changes the underlying asset allocation based on their global outlook of bond markets and currencies. The fund will frequently have international currency exposure on an un-hedged basis. Generali Portfolio Management (CI) Limited is 100% owned by Generali Worldwide Insurance Company Limited. They offer bespoke portfolio management services for clients, drawing upon combined investment experience and expertise of the company s executives, the worldwide investment resources of the Generali Group and investment research from outside parties. The GW Global Strategic Bond is a US dollar denominated fund of funds which is established as part of the Generali Worldwide long term life fund based in Guernsey. The GW Global Strategic Bond fund is valued and priced weekly. In addition to US dollars the fund will also be priced in Euros and Sterling on an un-hedged basis. 11/17 Fund Background Range and Information Page 15 of 53
Bond Funds GW FIDELITY EMERGING MARKETS DEBT High Risk Rating Fidelity Bond Fund Global 0.65% Morningstar EM Composite Bd TR High 2nd July 2010 The Fund aims to achieve income and capital appreciation through primarily investing in global emerging-markets debt securities. The Fund may also invest in other types of securities, including local market debt instruments, fixed income, equity securities and corporate bonds of emerging market issuers, and lower quality debt securities. Investments will be made within, although not limited to, Latin America, South East Asia, Africa, Eastern Europe (including Russia) and the Middle East. The Fund does not aim to use large asset allocation or credit overlays. Our investment process ensures that no one factor denominates the portfolio returns. Additionally, a view of acceptable risk is applied locally and globally, and holdings may be sold solely because the fund manager s global view of risk has changed. Fidelity was founded in 1946 and since then has grown into one of the largest and most successful investment management organisations in the world, managing over GBP 640 billion in assets for more than 20 million investors. The company has a presence in all the major financial centres in the world and its global network of over 420 portfolio managers and analysts is one of the largest and most respected in the industry, giving Fidelity a leading edge right from the very start of the investment process. The Fidelity Emerging Markets Debt is a US dollar denominated unit trust governed by the law of Luxembourg. The GW Fidelity Emerging Markets Debt is a separate fund established by Generali Worldwide which invests exclusively in the Fidelity Emerging Markets Debt with no initial charge. Generali Worldwide levies no additional charges over this fund. Fund Background Range and Information Page 16 of 53
Passive Management Equity Funds Fund Background Range and Information Page 17 of 53
Passive Management Equity Funds GW ISHARES DOW JONES GLOBAL SUSTAINABILITY Medium Risk Rating Blackrock Equity Ethical 0.60% MSCI World SRI NR Medium 23rd August 2013 ishares Dow Jones Global Sustainability is an exchange traded fund (ETF) that aims to track the performance of the Dow Jones Sustainability World Enlarged Index excluding Alcohol, Tobacco, Gambling, Armaments & Firearms and Adult Entertainment Index as closely as possible. The ishares Dow Jones Global Sustainability invests in physical index securities. The Dow Jones Sustainability World Enlarged Index excluding Alcohol, Tobacco, Gambling, Armaments & Firearms and Adult Entertainment Index consists of the top 20% of the largest 2500 global sustainability companies of the Dow Jones Global Total Stock Market Index. The companies are selected for the index based on long term economic, environmental and social criteria. ishares ETFs are funds managed by BlackRock. They are transparent, costefficient, liquid vehicles that trade on stock exchanges like normal securities. ishares EFTs offer flexibility and easy access to wide range of markets and asset classes. The fund is managed by BlackRock who offers a range of solutions from rigorous fundamental and quantitative active management approaches aimed at maximizing outperformance to highly efficient indexing strategies designed to gain broad exposure to the world's capital markets. As of December 31, 2012, BlackRock's assets under management total US$3.79 trillion across equity, fixed income, cash management, alternative investment, real estate and advisory strategies. The ishares Dow Jones Global Sustainability is a US Dollar denominated exchange traded fund governed under Irish Law. The GW ishares Dow Jones Global Sustainability is a separate fund established by Generali Worldwide which invests exclusively in the ishares Dow Jones Global Sustainability. Generali Worldwide levies no additional charges over this fund. Fund Background Range and Information Page 18 of 53
Passive Management Equity Funds GW ISHARES MSCI EUROPE EXCLUDING UK Medium Risk Rating Blackrock EUR Equity Europe 0.40% MSCI Europe Ex UK NR EUR Medium 23rd August 2013 ishares MSCI Europe excluding UK is an exchange traded fund (ETF) that aims to track the performance of the MSCI Europe ex UK Index as closely as possible. The ishares MSCI Europe ex UK invests in physical index securities. The MSCI Europe ex UK Index offers exposure to stocks from developed European countries excluding UK which comply with MSCI s size, liquidity, and free float criteria. The index is free float market capitalization weighted. ishares ETFs are funds managed by BlackRock. They are transparent, cost-efficient, liquid vehicles that trade on stock exchanges like normal securities. ishares EFTs offer flexibility and easy access to wide range of markets and asset classes. The fund is managed by BlackRock who offers a range of solutions from rigorous fundamental and quantitative active management approaches aimed at maximizing outperformance to highly efficient indexing strategies designed to gain broad exposure to the world's capital markets. As of December 31, 2012, BlackRock's assets under management total US$3.79 trillion across equity, fixed income, cash management, alternative investment, real estate and advisory strategies. The ishares MSCI Europe excluding UK is a Euro denominated exchange traded fund (ETF) governed under Irish Law. The GW ishares MSCI Europe excluding UK is a separate fund established by Generali Worldwide which invests exclusively in the ishares MSCI Europe ex-uk. Generali Worldwide levies no additional charges over this fund. Fund Background Range and Information Page 19 of 53
Passive Management Equity Funds GW ISHARES MSCI JAPAN Medium Risk Rating Blackrock Equity Japan Tracker 0.20% MSCI Japan NR Medium 1st May 2015 ishares Core MSCI Japan IMI UCITS ETF is an exchange traded fund (ETF) that aims to track the performance of the MSCI Japan Investable Market Index (IMI) as closely as possible. The ETF invests in physical index securities. The MSCI Japan Investable Market Index (IMI) offers exposure to Japanese stocks which comply with MSCI's size, liquidity, and free float criteria. The index is free float market capitalisation weighted. ishares ETFs are funds managed by BlackRock. They are transparent, cost-efficient, liquid vehicles that trade on stock exchanges like normal securities. ishares ETFs offer flexible and easy access to a wide range of markets and asset classes. The fund is managed by BlackRock who offers a range of solutions from rigorous fundamental and quantitative active management approaches aimed at maximizing outperformance to highly efficient indexing strategies designed to gain broad exposure to the world's capital markets. As of December 31, 2012, BlackRock's assets under management total US$3.79 trillion across equity, fixed income, cash management, alternative investment, real estate and advisory strategies. The ishares MSCI Japan is a US dollar denominated exchange traded fund governed under Irish Law. The GW ishares MSCI Japan is a separate fund established by Generali Worldwide which invests exclusively in the ishares MSCI Japan. Generali Worldwide levies no additional charges over this fund. Fund Background Range and Information Page 20 of 53
Passive Management Equity Funds GW ISHARES MSCI WORLD Medium Risk Rating Blackrock Equity Global 0.20% MSCI World NR Medium 23rd August 2013 ishares MSCI World UCITS ETF is an exchange traded fund (ETF) that aims to track the performance of the MSCI World Index as closely as possible. The ETF invests in physical index securities. The MSCI World Index offers exposure to stocks from developed countries worldwide which comply with MSCI s size, liquidity, and free float criteria. The index is free float market capitalization weighted. ishares ETF s are transparent, cost-efficient, liquid vehicles that trade on the stock exchanges like normal securities. They offer flexibility and easy access to a wide range of markets and asset classes. The fund is managed by BlackRock who offers a range of solutions from rigorous fundamental and quantitative active management approaches aimed at maximizing outperformance to highly efficient indexing strategies designed to gain broad exposure to the world's capital markets. As of December 31, 2012, BlackRock's assets under management total US$3.79 trillion across equity, fixed income, cash management, alternative investment, real estate and advisory strategies. The ishares MSCI World is a US Dollar denominated exchange traded fund governed under Irish Law. The GW ishares MSCI World is a separate fund established by Generali Worldwide which invests exclusively in the ishares MSCI World. Generali Worldwide levies no additional charges over this fund. Fund Background Range and Information Page 21 of 53
Passive Management Equity Funds GW ISHARES S&P 500 Medium Risk Rating Blackrock Equity US 0.07% MSCI USA NR Medium 23rd August 2013 ishares S&P 500 UCITS ETF is an exchange traded fund (ETF) that aims to track the performance of the S&P 500 Net Total Return Index as closely as possible. The ETF invests in physical index securities. The S&P 500 offers exposure to 500 large cap US equity securities which comply with S&P s size, liquidity and weighting criteria. ishares ETF s are transparent, cost-efficient, liquid vehicles that trade on the stock exchanges like normal securities. They offer flexibility and easy access to a wide range of markets and asset classes. The fund is managed by BlackRock who offers a range of solutions from rigorous fundamental and quantitative active management approaches aimed at maximizing outperformance to highly efficient indexing strategies designed to gain broad exposure to the world's capital markets. As of December 31, 2012, BlackRock's assets under management total US$3.79 trillion across equity, fixed income, cash management, alternative investment, real estate and advisory strategies. The ishares S&P 500 is a US Dollar denominated exchange traded fund governed under Irish Law. The GW ishares S&P 500 is a separate fund established by Generali Worldwide which invests exclusively in the ishares S&P 500. Generali Worldwide levies no additional charges over this fund. Fund Background Range and Information Page 22 of 53
Passive Management Equity Funds GW ISHARES UK FTSE 100 Medium Risk Rating Blackrock GBP Equity UK Tracker 0.07% MSCI UK Large NR GBP Medium 1st May 2015 ishares FTSE 100 UCITS ETF (Acc) is an exchange traded fund (ETF) that aims to track the performance of the FTSE 100 Index as closely as possible. The ETF invests in physical index securities. The FTSE 100 Index offers exposure to the 100 largest UK equity securities by full market value. ishares ETFs are transparent, cost-efficient, liquid vehicles that trade on stock exchanges like normal securities. They offer flexibility and easy access to a wide range of markets and asset classes. The fund is managed by BlackRock who offers a range of solutions from rigorous fundamental and quantitative active management approaches aimed at maximizing outperformance to highly efficient indexing strategies designed to gain broad exposure to the world's capital markets. As of December 31, 2012, BlackRock's assets under management total US$3.79 trillion across equity, fixed income, cash management, alternative investment, real estate and advisory strategies. The ishares UK FTSE 100 is a Sterling denominated exchange traded fund governed under Irish Law. The GW ishares UK FTSE 100 is a separate fund established by Generali Worldwide which invests exclusively in the ishares UK FTSE 100. Generali Worldwide levies no additional charges over this fund. Fund Background Range and Information Page 23 of 53
Passive Management Equity Funds GW HSBC FTSE ALL-SHARE INDEX Medium Risk Rating HSBC GBP Passive Equity Fund UK Tracker 0.04% MSCI UK IMI NR LCL Medium January 2007 The fund seeks to match the capital performance of the UK stock market (FTSE Actuaries All-Share Index). Investments will be in a representative sample of stocks in the index, which is a method of index tracking known as partial replication. To invest in companies that make up the FTSE All-Share Index. HSBC Group is one of the world's largest banking and financial services organisations, with over 7,000 offices in 81 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle-East and Africa. The funds of HSBC Investment Funds (UK) Ltd are managed by HSBC Asset Management, the global fund management business which is itself responsible for over $127.3 billion in assets under management. The HSBC FTSE All-Share Index Fund is a sterling denominated OEIC governed by English Law. The GW HSBC FTSE All-Share Index is a separate fund established by Generali Worldwide, governed under Guernsey Law. It invests exclusively in the HBSC FTSE All-Share Index Fund with no initial charge. The GW fund is valued and priced weekly, with the prices being calculated in three currencies US dollar, sterling and euro. Fund Background Range and Information Page 24 of 53
Passive Management Equity Funds GW ISHARES MSCI PACIFIC EX-JAPAN Medium /High Risk Rating Blackrock Equity Pacific 0.20% MSCI Pacific Ex Japan NR Medium / High 23rd August 2013 ishares MSCI Pacific ex-japan ETF is an exchange traded fund (ETF) that aims to track the performance of the MSCI Pacific ex-japan Index Net as closely as possible. The EFT invests in physical index securities. The index offers exposure to equity securities from developed markets of the Pacific region, EXCLUDING Japan, which comply with MSCI s size, liquidity and weighting criteria. ishares ETF s are transparent, cost-efficient, liquid vehicles that trade on the stock exchanges like normal securities. They offer flexibility and easy access to a wide range of markets and asset classes. The fund is managed by BlackRock who offers a range of solutions from rigorous fundamental and quantitative active management approaches aimed at maximizing outperformance to highly efficient indexing strategies designed to gain broad exposure to the world's capital markets. As of December 31, 2012, BlackRock's assets under management total US$3.79 trillion across equity, fixed income, cash management, alternative investment, real estate and advisory strategies. The ishares MSCI Pacific ex-japan is a US Dollar denominated exchange traded fund governed under Irish Law. The GW ishares MSCI Pacific ex-japan is a separate fund established by Generali Worldwide which invests exclusively in the ishares MSCI Pacific ex-japan. Generali Worldwide levies no additional charges over this fund. Fund Background Range and Information Page 25 of 53
Passive Management Equity Funds GW ISHARES MSCI WORLD ISLAMIC Medium /High Risk Rating Blackrock Equity Islamic 0.60% MSCI World Islamic NR Medium / High 23rd August 2013 ishares MSCI World Islamic is an exchange traded fund (ETF) that aims to track the performance of the MSCI World Islamic Index as closely as possible. The ishares MSCI World Islamic invests in physical index securities. The MSCI World Islamic Index offers exposure to stocks from the MSCI World Index which comply with Shariah investment principles. The MSCI World Index includes stocks from developed countries worldwide which comply with MSCI s size, liquidity, and free float criteria. The index is free float market capitalization weighted. ishares ETFs are funds managed by BlackRock. They are transparent, cost-efficient, liquid vehicles that trade on stock exchanges like normal securities. ishares EFTs offer flexibility and easy access to wide range of markets and asset classes. The fund is managed by BlackRock who offers a range of solutions from rigorous fundamental and quantitative active management approaches aimed at maximizing outperformance to highly efficient indexing strategies designed to gain broad exposure to the world's capital markets. As of December 31, 2012, BlackRock's assets under management total US$3.79 trillion across equity, fixed income, cash management, alternative investment, real estate and advisory strategies. The ishares MSCI World Islamic is a US Dollar denominated exchange traded fund (ETF) governed under Irish Law. The GW ishares MSCI World Islamic is a separate fund established by Generali Worldwide which invests exclusively in the ishares MSCI World Islamic. Generali Worldwide levies no additional charges over this fund. Fund Background Range and Information Page 26 of 53
Passive Management Equity Funds GW ISHARES MSCI EMERGING MARKETS High Risk Rating Blackrock Equity Emerging Markets Tracker 0.25% MSCI EM IMI NR High 1st May 2015 ishares MSCI Emerging Markets IMI UCITS ETF is an exchange traded fund (ETF) that aims to track the performance of the MSCI Emerging Markets IMI Index as closely as possible. The ETF invests in physical index securities. The index offers exposure to large, mid and small cap stocks from emerging markets worldwide which comply with MSCI's size, liquidity, and free float criteria. The index is free float market capitalisation weighted. ishares ETFs are funds managed by BlackRock. They are transparent, cost-efficient, liquid vehicles that trade on stock exchanges like normal securities. ishares ETFs offer flexible and easy access to a wide range of markets and asset classes. The fund is managed by BlackRock who offers a range of solutions from rigorous fundamental and quantitative active management approaches aimed at maximizing outperformance to highly efficient indexing strategies designed to gain broad exposure to the world's capital markets. As of December 31, 2012, BlackRock's assets under management total US$3.79 trillion across equity, fixed income, cash management, alternative investment, real estate and advisory strategies. The ishares MSCI Emerging Markets is a US dollar denominated exchange traded fund governed under Irish Law. The GW ishares MSCI Emerging Markets is a separate fund established by Generali Worldwide which invests exclusively in the ishares MSCI Emerging Markets. Generali Worldwide levies no additional charges over this fund. Fund Background Range and Information Page 27 of 53
Active Management Equity Funds Fund Background Range and Information Page 28 of 53
Active Management Equity Funds GW JPMORGAN EUROPEAN EQUITY Medium Risk Rating JPMorgan EUR Equity Fund Europe 0.65% MSCI Europe NR EUR Medium 1st July 1996 To achieve a return in excess of the European equity markets by investing in European companies. At least 67% of the Fund s total assets (excluding cash and cash equivalents) will be invested in equity linked securities of companies that are incorporated under the laws of, and have their registered office in, a European country, or that derive the predominant part of their economic activity from Europe, even if listed elsewhere. Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to foregoing, equity exposure may also be achieved, to a limited extent through investment in convertible securities, index and participation notes and equity linked notes. Fixed and floating rate debt securities, cash and cash equivalents may be held on an ancillary basis. The Fund may also invest in UCITS and other UCIs. The Fund may invest in assets denominated in any currency and currency exposure in this Fund may be hedged or may be managed by reference to its benchmark. The Fund may invest in financial derivative instruments for hedging purposes and for efficient portfolio management. Techniques and instruments relating to transferable securities and money market instruments (including, but not limited to, securities lending or repurchase agreements) may be used for the purpose of efficient portfolio management. JPMorgan Asset Management is a global leader in investment and wealth management. The company operates across various regions including the Americas, EMEA (Europe, Middle East and Africa), and Asia. With staff of 19,431* they have a presence in 34 countries worldwide. Their 746* investment professionals are mainly based in the five major investment management hubs at London, Hong Kong, Tokyo, New York and Columbus. They have assets under management of $1,380,885 million*. *All as at 30th September 2012. The JPMorgan European Select Equity is a euro denominated fund established under Luxembourg law and registered as a SICAV. The GW JPMorgan European Equity is a separate fund established by Generali Worldwide, governed under Guernsey Law. It invests exclusively in the European Select Equity Fund with no initial charge. Generali Worldwide levies no additional charges over this fund. The GW fund is valued and priced weekly, with the prices being calculated in three currencies euro, US dollar and sterling. Fund Background Range and Information Page 29 of 53
Active Management Equity Funds GW FIDELITY AMERICA Medium Risk Rating Fidelity Equity Fund 0.80% MSCI USA NR Medium April 2005 To achieve capital appreciation through investment in a diversified portfolio of US securities. The Manager s primary goal is to add value through stock selection, with sector allocations purely a residual of this process. The fund is not subject to any limitations and stock and sector allocations may deviate significantly from the benchmark. This allows the Manager to invest heavily in a particular company or sector that they find attractive. Fidelity was founded in 1946 and since then has grown into one of the largest and most successful investment management organisations in the world, managing over GBP 640 billion in assets for more than 20 million investors. The company has a presence in all the major financial centres in the world and its global network of over 420 portfolio managers and analysts is one of the largest and most respected in the industry, giving Fidelity a leading edge right from the very start of the investment process. The Fidelity America Fund is a US dollar denominated unit trust governed by the law of Luxembourg. The GW Fidelity America is a separate fund established by Generali Worldwide, governed under Guernsey Law. It invests exclusively in the Fidelity America Fund with no initial charge. Generali Worldwide levies no additional charges over this fund. The GW fund is valued and priced weekly, with the prices being calculated in three currencies US dollar, sterling and euro. Fund Background Range and Information Page 30 of 53
Active Management Equity Funds GW INTERNATIONAL EQUITY Medium Risk Rating JPMorgan Equity Fund Global 0.75% MSCI World NR Medium November 1991 To achieve a total rate of return in excess of the global equity markets with a research-driven equity portfolio, operating within a structured and risk-controlled framework. The fund offers the opportunity to capture the high returns on offer across equity markets worldwide, while controlling risk by diversifying globally by sector. The investment process focuses on bottom up stock selection within each industry / sector globally based on fundamental research. This approach leverages an extensive research network to identify the most attractively priced securities on a global sector basis. The regional or country allocation of the strategy is therefore a result of the stock-selection process. The most distinctive element in our stock selection process is our commitment to proprietary fundamental research, which is the primary driving force behind the value we add. Currency exposure is managed on a passive basis and hedged back to the benchmark weightings. The investment process focuses on bottom up stock selection within each industry / sector globally based on fundamental research. This approach leverages an extensive research network to identify the most attractively priced securities on a global sector basis. The regional or country allocation of the strategy is therefore a result of the stock-selection process. The most distinctive element in our stock selection process is our commitment to proprietary fundamental research, which is the primary driving force behind the value we add. Currency exposure is managed on a passive basis and hedged back to the benchmark weightings. Generali Worldwide International Equity is a US dollar denominated life fund established under Guernsey Law. The fund is valued and priced weekly, with the prices being calculated in three currencies US Dollar, Sterling and Euro. Fund Background Range and Information Page 31 of 53
Active Management Equity Funds GW SCHRODERS UK EQUITY Medium Risk Rating Schroders GBP Equity Fund UK 0.75% MSCI UK IMI NR LCL Medium 31st July 1996 The Fund aims to provide capital growth primarily through investment in equity securities of UK Companies. The Fund may use financial derivative instruments as a part of the investment process. The Fund is a medium risk vehicle. Schroder Investment Management (Luxembourg) S.A. was founded in January 1995. It is the registrar and central paying agent for the Luxembourg registered SICAVS. Schroder PLC is amongst the 100 largest companies listed on the London Stock Exchange. The Schroders UK Equity is a sterling denominated fund governed by the law of Luxembourg. The GW Schroders UK Equity is a separate fund established by Generali Worldwide which invests exclusively on the Schroders UK Equity with no initial charge. Fund Background Range and Information Page 32 of 53
Active Management Equity Funds GW SCHRODERS JAPAN Medium Risk Rating Schroders Equity Fund Japan 0.75% MSCI Japan NR Medium 2nd July 2010 The Fund aims to provide capital growth primarily through investment in equity securities of Japanese companies. The Fund may employ financial derivative instruments for hedging and investment purposes in accordance with its risk profile. The Fund is a medium risk vehicle. Schroder Investment Management (Luxembourg) S.A. was founded in January 1995. It is the registrar and central paying agent for the Luxembourg registered SICAVS. Schroder PLC is amongst the 100 largest companies listed on the London Stock Exchange. The Schroders Japanese Equity is a US Dollar denominated fund governed by the law of Luxembourg. The GW Schroders Japan is a separate fund established by Generali Worldwide which invests exclusively in the Schroder Japanese Equity with no initial charge. Fund Background Range and Information Page 33 of 53
Active Management Equity Funds GW JPMORGAN PACIFIC EQUITY Medium / High Risk Rating JPMorgan Equity Fund Asia / Pacific 0.75% MSCI AC Asia Pacific NR Medium / High January 2001 To provide long-term capital growth by investing primarily in companies in the Pacific Basin (including Japan). JPMorgan believe that assets are best managed by specialists located in the markets and regions in which they invest. Through original research and company visits, they are able to identify those companies with superior longterm potential and those that can react quickly to market changes. JPMorgan Asset Management is a global leader in investment and wealth management. The company operates across various regions including the Americas, EMEA (Europe, Middle East and Africa), and Asia. With staff of 19,431* they have a presence in 34 countries worldwide. Their 746* investment professionals are mainly based in the five major investment management hubs at London, Hong Kong, Tokyo, New York and Columbus. They have assets under management of $1,380,885 million*. *All as at 30th September 2012. The JPMorgan Pacific Equity Fund is a US dollar denominated unit trust governed by the law of the Cayman Islands. The GW JPMorgan Pacific Equity Fund is a separate fund established by Generali Worldwide, governed under Guernsey Law. It invests exclusively in the JPMorgan Pacific Securities Fund with no initial charge. Generali Worldwide levies no additional charges over this fund. The GW fund is valued and priced weekly, with the prices being calculated in three currencies US dollar, sterling and euro. Fund Background Range and Information Page 34 of 53
Active Management Equity Funds GW JPMORGAN EMERGING MARKETS High Risk Rating JPMorgan Equity Fund Emerging Market Companies 0.85% MSCI EM NR High 12th September 2008 The Fund aims to provide long term capital growth by investing primarily in emerging markets companies. The Fund aims to achieve its objective by utilising its highly experienced investment team and proven stock picking investment process that capitalises on JP Morgan s local expertise. It follows a bottom up approach, with relatively high concentration and low turnover (typically below 30%). JPMorgan Asset Management is a global leader in investment and wealth management. The company operates across various regions including the Americas, EMEA (Europe, Middle East and Africa), and Asia. With staff of 19,431* they have a presence in 34 countries worldwide. Their 746* investment professionals are mainly based in the five major investment management hubs at London, Hong Kong, Tokyo, New York and Columbus. They have assets under management of $1,380,885 million*. *All as at 30th September 2012. JPMorgan Emerging Markets is a US dollar denominated investment fund established under Luxembourg law and registered as a SICAV. GW JPMorgan Emerging Markets is a separate fund established by Generali Worldwide, governed under Guernsey Law. It invests exclusively in JPMorgan Emerging Markets with no initial charge. Generali Worldwide levies no additional charges over this fund. The GW fund is valued and priced weekly, with the prices being calculated in three currencies euro, US dollar and sterling. Fund Background Range and Information Page 35 of 53