Notification of changes to the underlying fund of P69 BlackRock New Energy
05 March 2019
We have been notified by BlackRock Global Funds (“The Company”) of the change in name in regard to the underlying fund into which P69 BlackRock New Energy invests. This change will come into effect from 25 March 2019 (the “Effective Date”).
The New Energy Fund (“NEF”) will be renamed as the Sustainable Energy Fund and the words ‘new energy’ in its investment policy will be changed to ‘sustainable energy’. The new name will better reflect NEF’s exposures to the power, transportation and built environments industries, as opposed to new energy, which could be taken to mean purely wind and solar energy. This will not affect the way NEF is currently managed. As a result, the investment objective and policy will also be amended to reflect this change on the Effective Date.
Please refer to the table below for further details of the name and investment objective changes applicable to P69 BlackRock New Energy.
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Before 25 March 2019 |
From 25 March 2019 |
|
|
Mirror Fund Name |
BlackRock New Energy |
BlackRock Sustainable Energy |
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Fund Code |
P69 |
P69 |
|
Underlying fund |
BlackRock New Energy Fund |
BlackRock Sustainable Energy Fund |
|
Investment objective and policy |
The New Energy Fund seeks to maximise total return. The underlying fund invests globally at least 70% of its total assets in the equity securities of new energy companies. New energy companies are those which are engaged in alternative energy and energy technologies including: renewable energy technology; renewable energy developers; alternative fuels; energy efficiency; enabling energy and infrastructure. The underlying fund will not invest in companies that are classified in the following sectors (as defined by Global Industry Classification Standard): coal and consumables; oil and gas exploration and production; and integrated oil and gas. The underlying fund is a Stock Connect Fund and may invest directly up to 10% of its total assets in the PRC by investing via the Stock Connects. The underlying fund may use derivatives for investment purposes and for the purposes of efficient portfolio management. |
The Sustainable Energy Fund seeks to maximise total return. The underlying fund invests globally at least 70% of its total assets in the equity securities of sustainable energy companies. Sustainable energy companies are those which are engaged in alternative energy and energy technologies including: renewable energy technology; renewable energy developers; alternative fuels; energy efficiency; enabling energy and infrastructure. The underlying fund will not invest in companies that are classified in the following sectors (as defined by Global Industry Classification Standard): coal and consumables; oil and gas exploration and production; and integrated oil and gas. The underlying fund is a Stock Connect Fund and may invest directly up to 10% of its total assets in the PRC by investing via the Stock Connects. The underlying fund’s exposure to contingent convertible bonds is limited to 5% of total assets. The underlying fund may use derivatives for investment purposes and for the purposes of efficient portfolio management. |
Should you have any questions regarding these changes, please contact International Funds & Investments.