We, Krungsri Asset Management Company Limited (the “Management Company”), refer to our management of Krungsri US Equity Fund (KF-US) (the “Fund”) which invests in Allianz US Equity Fund, Class A Dis. (USD), the Master Fund since inception until present as you have been aware.
The Management Company has been tracking and assessing the Master Fund for a reasonable period of time and found that the net asset value (NAV) of the Master fund has continued to decline in value and its rate of return is relatively low when compared with other funds. According to the statement in KF-US Project, Clause 3.11. “Details relating to the investment policy and special features”, Sub-clause 6. specifies that “In case the Management Company views that it is no longer appropriate to invest in Allianz US Equity Fund, Class A Dis. (USD), the Master Fund because the rate of return is not in accordance with the projection, for example, the Management Company reserves the right to allocate investment to another foreign fund that may or may not be under the same management of the previous foreign management company.
Therefore, in the best interest of the unitholders, the Management Company hereby announces the change in investment in the Master Fund. In doing so, the Management Company have performed a prudent search for a new foreign fund of consistent investment objectives and policies. Finally, the fund that meets the criteria is the Old Mutual North American Equity, Class I Acc. (USD), details of which are as follows.
An original class of the Old Mutual North American Equity fund was established in 2002, having been managed by the Old Mutual Global Investors Series plc incorporated in the United Kingdom. As at 30 September 2016, its asset under management (AUM) was over USD 37,000 million. Unitholders may study the key information of the changes in the Comparison Table of the Original Master Fund and the New Master Fund attached hereto.
The above change in master fund shall take effect on 16 August 2017 onwards.
Should you have any queries or require any further information, please contact your account manager or our Client Service at 02-657-5757 press 2 or via email at krungsriasset.clientservice@krungsri.com.
Please be informed accordingly.