Notice to Investors in the following Funds (“the Funds”)

  • MI Somerset Asia Income Fund
  • MI Somerset Emerging Markets Discovery Fund
  • MI Somerset Emerging Markets Dividend Growth Fund
  • MI Somerset Global Emerging Markets Fund

Appointment of Polen Capital UK LLP as Investment Manager

Further to our notice of 19 December 2023 and our subsequent letter to shareholders of 21 December 2023, we confirm that the appointment of Polen Capital UK LLP has been completed and the Funds have been under the investment management of Polen Capital UK LLP since 1 February 2024.

It is our intention to rename the Funds, subject to the approval of the FCA, to reflect this change. We will keep investors notified of progress in this respect.

Apex Fundrock Ltd

As Manager/Authorised Corporate Director

1 February 2024

 

 Polen Capital UK LLP

Offering equity and credit investment solutions, Polen Capital is a global investment firm managing assets for institutions, financial advisors, and individuals seeking high-quality, active, concentrated strategies built for the long term.  Polen Capital has four autonomous investment teams, Large Company Growth, Small Company Growth, Emerging Markets Growth, and Credit, with offices in Boca Raton, Fla., Boston, London, and Hong Kong.  Since 1989, Polen Capital has built a distinctive culture and is committed to being a firm of opportunity, attracting and developing exceptional professionals aligned with its mission of preserving and growing clients’ assets to protect their present and enable their future.


Dealing and Enquiry Line:
+44 (0)345 026 4282
Fund Manager website:
http://www.polencapital.com 

Funds

MI Somerset Asia Income Fund

The Fund aims to deliver income with the potential for capital growth over the long term (5 years or more), by investing primarily in companies in the Asia Pacific region (excluding Japan).

The Fund aims to deliver an annual net target income yield of at least 110% of the yield of the MSCI All Countries Asia Pacific Excluding Japan Index.

The Manager has discretion over which investments are held in the portfolio. The Fund will typically invest at least 90% (minimum 80%) in companies or company related derivatives. The Fund may also invest in other assets, such as other investment funds (up to 10%), bonds (which are like loans that pay a fixed or variable rate of interest) issued by companies or governments, cash and other similar investments.

The Fund may also make use of derivatives, which are sophisticated instruments whose value is linked to the rise and fall of other assets. The Fund can use derivatives to generate market exposure that exceeds the value of its assets and for the purposes of hedging and efficient portfolio management (to reduce risk or manage the Fund more efficiently).

MI Somerset Emerging Markets Discovery Fund

The Fund aims to grow your investment.

The Fund aims to outperform the MSCI Emerging Markets SMID (Small-Mid Capitalisation) Index (with net dividends reinvested) over a 5 year period. However, there is no guarantee that this return will be achieved and investors should note that capital is at risk.

The Fund will invest in shares of companies with a value of less than US$15 billion, at the time of investment, that are established or operating in emerging and frontier market countries. These are countries that are still developing their economies. The Fund will invest at least 80% (but usually significantly more) in Asia, Eastern Europe, the Middle East, Africa and Latin America.

The Fund can use derivatives (financial instruments whose value is linked to the rise and fall of other assets) for the purposes of efficient portfolio management, with the aim of managing risk and cost.

MI Somerset Global Emerging Markets Screened Fund - THIS FUND IS NO LONGER AVAILABLE FOR INVESTMENT

This Fund is in the process of being terminated.

The Fund aims to grow your investment.

The Fund will invest primarily in shares of companies established or operating in emerging market countries, but excluding investments in either the tobacco industry or casinos and the gaming sub-industry, as defined by the Global Industry Classifications Standard, which are typically countries that are still developing their economies. The Fund will invest primarily in Asia, Eastern Europe, the Middle East, Africa and Latin America.

The portfolio will not invest in companies classified as being in either the tobacco industry or casinos and the gaming sub-industry, as defined by the Global Industry Classification Standard. This is not intended to exclude companies with incidental revenues from tobacco, such as supermarkets.

The Fund can use derivatives (financial instruments whose value is linked to the rise and fall of other assets) for the purposes of efficient portfolio management, with the aim of managing risk and cost.

MI Somerset Emerging Markets Small Cap Fund - THIS FUND IS NO LONGER AVAILABLE FOR INVESTMENT

The Fund merged with the MI Somerset Emerging Markets Discovery Fund with effect from 1 October 2021. The Fund is in the process of being terminated.

To: Shareholders in MI Somerset Emerging Markets Small Cap Fund (“Shareholders”)

27th September 2021

Extraordinary General Meeting – MI Somerset Emerging Markets Small Cap Fund, a Sub-fund of MI Somerset Capital Management Investment Funds ICVC.

Dear Shareholder,

Further to the recent notice of the Extraordinary General Meeting (“EGM”) dated 7th September 2021, in which we asked for Shareholders to vote on the Scheme of Arrangement (“the Merger”) between MI Somerset Emerging Markets Small Cap Fund and MI Somerset Emerging Markets Discovery Fund. The EGM was held on the 27th September 2021 at 10 a.m.

For the Extraordinary resolution to be passed, a quorum needed to be present, and required a majority in favour of not less than 75% of the votes cast at the meeting. We can confirm that a quorum was present and over 75% of the votes cast were in favour of the Merger.

The Merger will be effective from 12.01pm on 1st October 2021.

If you require any further information, please contact us on the 0345 026 4282.

The Fund aims to grow your investment.

The Fund will invest in shares of companies with a value of less than US$2.5 billion, at the time of investment, that are established or operating in emerging market countries. These are typically countries that are still developing their economies. The Fund will invest principally in Asia, Eastern Europe, the Middle East, Africa and Latin America.

The Fund may also invest in other investment funds which, in turn, invest in specific markets or allow access to the expertise of specific fund managers.

MI Somerset Emerging Markets Dividend Growth Fund

The Fund aims to grow your investment and provide income.

The Fund will invest in shares of dividend-paying companies established or operating in emerging market countries, which are typically countries that are still developing their economies. The Fund will invest principally in Asia, Eastern Europe, the Middle East, Africa and Latin America.

MI Somerset Global Emerging Markets Fund

The Fund aims to grow your investment.

The Fund will invest in shares of companies established or operating in emerging market countries, which are typically countries that are still developing their economies. The Fund will invest principally in Asia, Eastern Europe, the Middle East, Africa and Latin America.

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