Pendal Sustainable Balanced Fund – Class R (APIR: BTA0122AU, ARSN: 637 429 237)
Pendal Sustainable Balanced Fund – Class G (APIR: PDL4756AU, ARSN: 637 429 237)
Pendal Sustainable Balanced Fund – Class Z (APIR: PDL0478AU, ARSN: 637 429 237)
Pendal Sustainable Conservative Fund (APIR: RFA0811AU, ARSN: 090 651 924)
Investment Manager and Exclusionary Screens
We have decided to replace AQR Capital Management, LLC (AQR) as the investment manager of the international shares portion of the Funds and bring management in house, leveraging the expertise of Pendal Group’s global equities teams. The change will take place on or around 31 May 2022.
Also, the exclusionary screens of the Funds will be enhanced consistent with broad market feedback around the screens for a contemporary sustainable strategy, improving the portfolios’ sustainability footprint. Investment in certain companies and industries which are materially involved in activities we consider contrary to the ethical and ESG goals of the Funds will be excluded, including industries such as:
These exclusions may be applied differently across the asset classes of the Funds.
Why are we making the change?
We have decided to implement these changes because we believe it is in the best interests of investors to bring the management of the international strategy in-house, following a review of the existing external investment manager, AQR. We expect the changes will deliver improved investment and sustainability outcomes for the Funds, providing investors with better risk-adjusted returns over the medium to long term.
What will stay the same?
The Funds’ investment objective, benchmark, management fee and buy-sell spread will remain unchanged.
What do you need to do?
No action is required. You will be able to continue to invest or withdraw from the Funds.
An updated Product Disclosure Statement (PDS) for each Fund reflecting the change in investment manager and exclusionary screens is available on www.pendalgroup.com. If you would like a hard copy of the PDS, please contact us.
If you have any questions about your investment or would like further information regarding the changes, please contact our Investor Services Team on 1300 346 821 (for Australian investors) or +612 9220 2499 (for overseas investors) from Monday to Friday, 8.30am to 5:30pm (Sydney time). For any questions regarding how this change may impact your own financial situation we recommend that you speak to your financial advisor and/or tax accountant.