Following a review of its Luxembourg Fund range, Aviva has added a Pan European Equity sub-fund to its Aviva Funds SICAV.
Following a review of its Luxembourg Fund range, Aviva has added a Pan European Equity sub-fund to its Aviva Funds SICAV.
The Aviva Funds – Pan European Equity Fund was created on 13 September 2004 as a result of a change of objective and renaming of the Aviva Funds European Smaller Companies Equity Fund. The revised objective of the Fund is to achieve capital growth by investing in Euro and other European currency denominated equities and equity related securities with the aim of maximising returns and providing capital growth.
The benchmark for the Pan European Equity Fund is the MSCI Europe (Including UK) Index. This index includes countries outside of the ‘Euro-zone’ that are not denominated in Euro. By converting the European Smaller Companies Equity Fund into a Pan European Equity Fund, the manager is able to further diversify beyond the Eurozone countries, as well as reducing the 100% exposure of the portfolio to small cap companies.
The Pan European Equity Fund complements the existing Aviva Funds – European Equity Fund, which invests exclusively in those countries that are members of European Monetary Union.
The Manager of the Fund is Philip Parker at Morley Fund Management (‘Morley"), who has a three year record of managing Continental European institutional mandates for Morley, with top quartile performance*.
Commenting on the launch of the fund, Philip Parker said: "The Pan European Equity Fund was created to enable Morley to market its proven capability in managing Pan European equity mandates. Morley has successfully managed institutional Pan European money for over five years. The Fund will be managed using a disciplined approach to stock selection, aimed at identifying attractive growth opportunities but using valuation as the main screening mechanism. The fund will be managed against the MSCI European index, including UK, with a 4% tracking error target and 2% outperformance target."
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* Refers to the Royal Scottish European Pension Fund. Annual composite return, for the 3 years from 31.08.01 to 31.08.04, gross income reinvested in GBP. Source: Lipper Hindsight.
For further information:
Stephen Roberts
Head of European Retail Marketing
Tel: +352 40.28.20.319
Fax: +352 40.83.58.319
E-mail: stephen.roberts@avivafunds.com
Mobile: +352 021.265.61
Notes to Editors:
- Past performance is not a guide to future returns. The value of an investment and any income from it can go down as well as up. Investors may not get back the original amount invested
- Key features of the Aviva Funds – Pan European Equity Fund:
- Benchmark: MSCI Europe (Including UK) Index
- Domicile: Luxembourg, UCITS qualifying
- Base currency: Euro
- Dealing: Daily
- Available Share Classes: Private (P), Retail (R), Institutional(I)
- Minimum investment: € 3,000 (P, R), € 1 million (I)
- Maximum initial charge: 6.00% (R), 5.00% (P), 0.00% (I)
- Annual management fee: 1.75% (R), 1.25% (P), 0.65% (I)
- Fund size: € 23.3m (at 13 September 04)
- Aviva Funds SICAV is the Luxembourg domiciled investment fund of the Aviva Group with 24 sub-funds ranging from lower risk money market and bond funds through international and regional equity funds to more speculative single country and specialist equity funds
- Morley Fund Management Limited is the Investment Manager of Aviva Funds and is a member of the Norwich Union Marketing Group, members of which are authorised and regulated in the UK by the Financial Services Authority for life assurance, pensions and investments. Morley Fund Management Limited is an Aviva company
- Aviva is one of the leading providers of life and pensions to Europe with substantial positions in other markets around the world, making it the world’s seventh-largest insurance group based on gross world-wide premiums
- Aviva’s principal business activities are long-term savings, fund management and general insurance, with world-wide premium income and retail investment sales from continuing operations of Ł30 billion and assets under management of more than Ł240 billion as at 31 December 2003.