coutts managed funds

CMaF funds aim to deliver attractive long-term returns by investing in asset classes such as cash, bonds, equities, commodities and property.

They offer a range of multi-asset investment options to meet your individual wealth objectives. The USD-denominated global funds have the added flexibility of being available in euros. 

coutts managed funds

CMaF funds aim to deliver attractive long-term returns by investing in asset classes such as cash, bonds, equities, commodities and property. They offer a range of multi-asset investment options to meet your individual wealth objectives. The USD-denominated global funds have the added flexibility of being available in euros.

We’re making changes to our investment approach

As the Fund Manager of the Coutts Managed Funds (CMaF), we continue to assess the best way to manage investments. Recent changes to our approach include reducing the allocation to UK bonds, favouring a more global approach. We also implemented our responsible investing policy in equity allocations. This was achieved through adjusting the Fund’s benchmark and we’re now making further adjustments.

 

  • We are reducing the amount of UK equity we hold within the Fund and moving to a more global approach.
  • We currently screen equities from a responsible investing perspective, we will now also be doing this on investment grade bonds.

Moving to a global approach

We believe that moving to a global approach for the Fund means investors will benefit from increased diversification. This applies both to regional and currency exposure, increasing global investment opportunities for the investment manager. Being global will also provide a reduction in the underlying future transaction costs which will be reflected in the performance of the underlying assets.

 

Introduction of screening on investment grade bonds

When investing in equities we aim to apply a screening process to reduce the Fund’s exposure to companies that are not aligned with our responsible investing policy or long-term climate commitments. We’ll now also apply this approach to the investment grade bond part of the benchmark.

Nothing. While these changes are important, there’s no action for you to take.

 

The changes will become effective on the following dates:

 

Fund Effective Date 
Coutts Managed Defensive Fund  25 June 2024
Coutts Managed Cautious Fund  25 June 2024
Coutts Managed Balanced Fund 26 June 2024
Coutts Managed Ambitious Fund 28 June 2024
Coutts Managed Adventurous Fund 25 June 2024
Coutts Managed Equity Fund 25 June 2024
Coutts Managed Global Defensive Fund 1 July 2024
Coutts Managed Global Balanced Fund 1 July 2024
Coutts Managed Global Ambitious 1 July 2024

RBS Investment Funds ICVC Prospectus

Changes in detail 

The changes to the benchmark are shown in bold and underlined.

‘Weight’ means the percentage (%) of the Fund’s benchmark allocated to each asset class.

Current New
Asset class Current benchmark for asset class Weight Asset class New benchmark for asset class Weight
Government Bonds Bloomberg Global G7 Total Return Index Value Hedged (GBP)  50.00% Government Bonds Bloomberg Global G7 Total Return Index Value Hedged (GBP) 50.00%
Investment Grade Corporate Bonds Bloomberg Global Aggregate Credit Total Return Index Value Hedged (GBP) 25.00% Investment Grade Corporate Bonds Bloomberg MSCI Global Aggregate Credit SRI Select Total Return Index Value Hedged (GBP) 25.00%
UK Equity shares MSCI United Kingdom ESG Screened Select Index (GBP) 10.00% Global Equity MSCI All Countries World Index ESG Screened Select Index (GBP) 25.00%
Global ex UK Equity shares MSCI ACWI Ex UK ESG Screened Select Index (GBP) 15.00%

Based on the current weighting of the UK in the MSCI All Countries World Index ESG Screened Select Index (GBP), the new proportion of UK equity held within the benchmark will reduce from 10.00% to 1.00%.

Transaction costs

The associated transaction costs will depend on market conditions at the time of the repositioning, and will be reflected in your annual costs and charges reporting.  Based on current market conditions, such costs are estimated to be 0.01% of the net asset value of the Fund.

Effective Date

The changes will become effective on 25 June 2024 (the “Effective Date”).

The changes to the benchmark are shown in bold and underlined.

‘Weight’ means the percentage (%) of the Fund’s benchmark allocated to each asset class.

 

Current New
Asset class Current benchmark for asset class Weight Asset class New benchmark for asset class Weight
Government Bonds Bloomberg Global G7 Total Return Index Value Hedged (GBP) 40.00% Government Bonds Bloomberg Global G7 Total Return Index Value Hedged (GBP) 40.00%
Investment Grade Corporate Bonds Bloomberg Global Aggregate Credit Total Return Index Value Hedged (GBP) 20.00% Investment Grade Corporate Bonds Bloomberg MSCI Global Aggregate Credit SRI Select Total Return Index Value Hedged (GBP) 20.00%
UK Equity shares MSCI United Kingdom ESG Screened Select Index (GBP) 16.00% Global Equity MSCI All Countries World Index ESG Screened Select Index (GBP) 40.00%
Global ex UK Equity shares
MSCI ACWI Ex UK ESG Screened Select Index (GBP) 		24.00%

Based on the current weighting of the UK in the MSCI All Countries World Index ESG Screened Select Index (GBP), the new proportion of UK equity held within the benchmark will reduce from 16.00% to 1.40%.

Transaction costs

The associated transaction costs will depend on market conditions at the time of the repositioning, and will be reflected in your annual costs and charges reporting.  Based on current market conditions, such costs are estimated to be 0.02% of the net asset value of the Fund.

Effective Date

The changes will become effective on 25 June 2024 (the “Effective Date”).

The changes to the benchmark are shown in bold and underlined.

‘Weight’ means the percentage (%) of the Fund’s benchmark allocated to each asset class. 

 

Current New
Asset class Current benchmark for asset class Weight Asset class New benchmark for asset class Weight
Government Bonds Bloomberg Global G7 Total Return Index Value Hedged (GBP)  30.00% Government Bonds Bloomberg Global G7 Total Return Index Value Hedged (GBP) 30.00%
Investment Grade Corporate Bonds Bloomberg Global Aggregate Credit Total Return Index Value Hedged (GBP) 15.00% Investment Grade Corporate Bonds Bloomberg MSCI Global Aggregate Credit SRI Select Total Return Index Value Hedged (GBP) 15.00%
UK Equity shares MSCI United Kingdom ESG Screened Select Index (GBP) 22.00% Global Equity MSCI All Countries World Index ESG Screened Select Index (GBP) 55.00%
Global ex UK Equity shares
MSCI ACWI Ex UK ESG Screened Select Index (GBP) 		33.00%

Based on the current weighting of the UK in the MSCI All Countries World Index ESG Screened Select Index (GBP), the new proportion of UK equity held within the benchmark will reduce from 22.00% to 1.90%.

Transaction costs

The associated transaction costs will depend on market conditions at the time of the repositioning, and will be reflected in your annual costs and charges reporting.  Based on current market conditions, such costs are estimated to be 0.03% of the net asset value of the Fund.

Effective Date

The changes will become effective on 26 June 2024 (the “Effective Date”).

The changes to the benchmark are shown in bold and underlined.

‘Weight’ means the percentage (%) of the Fund’s benchmark allocated to each asset class.  

 

Current New
Asset class Current benchmark for asset class Weight Asset class New benchmark for asset class Weight
Government Bonds Bloomberg Global G7 Total Return Index Value Hedged (GBP) 17.00% Government Bonds Bloomberg Global G7 Total Return Index Value Hedged (GBP) 17.00%
Investment Grade Corporate Bonds Bloomberg Global Aggregate Credit Total Return Index Value Hedged (GBP) 8.00% Investment Grade Corporate Bonds Bloomberg MSCI Global Aggregate Credit SRI Select Total Return Index Value Hedged (GBP) 8.00%
UK Equity shares MSCI United Kingdom ESG Screened Select Index (GBP) 30.00% Global Equity MSCI All Countries World Index ESG Screened Select Index (GBP) 75.00%
Global ex UK Equity shares MSCI ACWI Ex UK ESG Screened Select Index (GBP) 45.00%

Based on the current weighting of the UK in the MSCI All Countries World Index ESG Screened Select Index (GBP), the new proportion of UK equity held within the benchmark will reduce from 30.00% to 2.60%.

Transaction costs

The associated transaction costs will depend on market conditions at the time of the repositioning, and will be reflected in your annual costs and charges reporting.  Based on current market conditions, such costs are estimated to be 0.04% of the net asset value of the Fund.

Effective Date

The changes will become effective on 28 June 2024 (the “Effective Date”).

The changes to the benchmark are shown in bold and underlined.

‘Weight’ means the percentage (%) of the Fund’s benchmark allocated to each asset class.  

 

Current New
Asset class Current benchmark for asset class Weight Asset class New benchmark for asset class Weight
Government Bonds Bloomberg Global G7 Total Return Index Value Hedged (GBP) 7.00% Government Bonds Bloomberg Global G7 Total Return Index Value Hedged (GBP) 7.00%
Investment Grade Corporate Bonds Bloomberg Global Aggregate Credit Total Return Index Value Hedged (GBP) 3.00% Investment Grade Corporate Bonds Bloomberg MSCI Global Aggregate Credit SRI Select Total Return Index Value Hedged (GBP) 3.00%
UK Equity shares MSCI United Kingdom ESG Screened Select Index (GBP) 36.00% Global Equity MSCI All Countries World Index ESG Screened Select Index (GBP) 90.00%
Global ex UK Equity shares MSCI ACWI Ex UK ESG Screened Select Index (GBP) 54.00%

Based on the current weighting of the UK in the MSCI All Countries World Index ESG Screened Select Index (GBP), the new proportion of UK equity held within the benchmark will reduce from 36.00% to 3.20%.

Transaction costs

The associated transaction costs will depend on market conditions at the time of the repositioning, and will be reflected in your annual costs and charges reporting.  Based on current market conditions, such costs are estimated to be 0.05% of the net asset value of the Fund.

Effective Date

The changes will become effective on 25 June 2024 (the “Effective Date”).

The changes to the benchmark are shown in bold and underlined.

‘Weight’ means the percentage (%) of the Fund’s benchmark allocated to each asset class.  

 

Current New
Asset class Current benchmark for asset class Weight Asset class New benchmark for asset class Weight
UK Equity shares MSCI United Kingdom ESG Screened Select Index (GBP) 40.00% Global Equity MSCI All Countries World Index ESG Screened Select Index (GBP) 100.00%
Global ex UK Equity shares MSCI ACWI Ex UK ESG Screened Select Index (GBP) 60.00%

Based on the current weighting of the UK in the MSCI All Countries World Index ESG Screened Select Index (GBP), the new proportion of UK equity held within the benchmark will reduce from 40.00% to 3.50%.

Transaction costs

The associated transaction costs will depend on market conditions at the time of the repositioning, and will be reflected in your annual costs and charges reporting.  Based on current market conditions, such costs are estimated to be 0.05% of the net asset value of the Fund.

Effective Date

The changes will become effective on 25 June 2024 (the “Effective Date”).

No. The changes will not result in you having to pay Capital Gains Tax (CGT).

The changes to the benchmark are shown in bold and underlined.

‘Weight’ means the percentage (%) of the Fund’s benchmark allocated to each asset class. 

 

Current New
Asset class Current benchmark for asset class Weight Asset class New benchmark for asset class Weight
Government Bonds Bloomberg Global G7 Total Return Index Value Hedged (USD) 50.00% Government Bonds Bloomberg Global G7 Total Return Index Value Hedged (USD) 50.00%
Investment Grade Corporate Bonds Bloomberg Global Aggregate Credit Total Return Index Value Hedged (USD) 25.00% Investment Grade Corporate Bonds Bloomberg MSCI Global Aggregate Credit SRI Select Total Return Index Value Hedged (USD 25.00%
Global Equity MSCI All Countries World Index ESG Screened Select Index (USD) 25.00% Global Equity  MSCI All Countries World Index ESG Screened Select Index (USD) 25.00%

Effective Date

The changes will become effective on 1 July 2024 (the “Effective Date”).

The changes to the benchmark are shown in bold and underlined.

‘Weight’ means the percentage (%) of the Fund’s benchmark allocated to each asset class. 

 

Current New
Asset class Current benchmark for asset class Weight Asset class New benchmark for asset class Weight
Government Bloomberg Global G7 Total Return Index Value Hedged (USD) 30.00% Government Bonds Bloomberg Global G7 Total Return Index Value Hedged (USD) 30.00%
Investment Grade Corporate Bonds Bloomberg Global Aggregate Credit Total Return Index Value Hedged (USD) 15.00% Investment Grade Corporate Bonds Bloomberg MSCI Global Aggregate Credit SRI Select Total Return Index Value Hedged (USD) 15.00%
Global Equity MSCI All Countries World Index ESG Screened Select Index (USD) 55.00% Global Equity  MSCI All Countries World Index ESG Screened Select Index (USD) 55.00%

Effective Date

The changes will become effective on 1 July 2024 (the “Effective Date”).

The changes to the benchmark are shown in bold and underlined.

‘Weight’ means the percentage (%) of the Fund’s benchmark allocated to each asset class. 

 

Current New
Asset class Current benchmark for asset class Weight Asset class New benchmark for asset class Weight
Government Bonds Bloomberg Global G7 Total Return Index Value Hedged (USD) 17.00% Government Bonds Bloomberg Global G7 Total Return Index Value  Hedged (USD) 17.00%
Investment Grade Corporate Bonds Bloomberg Global Aggregate Credit Total Return Index Value Hedged (USD) 8.00% Investment Grade Corporate Bonds Bloomberg MSCI Global Aggregate Credit SRI Select Total Return Index Value Hedged (USD) 8.00%
Global Equity MSCI All Countries World Index ESG Screened Select Index (USD) 75.00% Global Equity  MSCI All Countries World Index ESG Screened Select Index (USD) 75.00%

Effective Date

The changes will become effective on 1 July 2024 (the “Effective Date”).

FAQs

To implement these changes we need to sell some existing investments and buy some new ones. We call this ‘repositioning’. Any associated transaction costs (brokerage, transaction taxes and commission) will be deducted from the value of the Fund. The percentage of the Fund’s portfolio being repositioned and estimated transaction costs are set out in the “Changes in Detail” section.

All legal, advisory and administrative costs and expenses associated with implementing these changes will be met by us and not by the Fund.

There will be no change to the stated risk profile of the Fund as a result of these changes.

From the Effective Date, the fund will be fully managed to the new benchmark and the changes outlined in this letter will be incorporated into new versions of the Fund’s prospectus and key investor information documents. Visit www.coutts.com/cmaf for full details.

No.  The Funds will be managed by the same expert team at Coutts, the investment manager of the Funds.

Yes. The amount of UK shares the Funds invest in will reduce and will be replaced by global shares.

No. The changes will not result in you having to pay Capital Gains Tax (CGT).

No. Each Fund will become fully managed to the new benchmark on the same day as the Effective Date as set out in the “When do the changes happen” section above.

No. The change will be managed by Coutts as investment manager to the Funds.

Changes will be made on the dates outlined in the section “When do the changes happen?”. You can withdraw your money and/or transfer it to another provider at any time.  You’ll need to withdraw and/or have transferred it to another provider before the benchmark change happens for the Fund you hold. It is important to note that the sale of any portion of the Fund holding could trigger a potential Capital Gains Tax liability.

Yes, you will.

As at 29th February 2024, the regional exposure of the MSCI All Countries World Index ESG Screened Select Index is: 

 

North America 65%
Europe ex UK 13%
UK 3%
Emerging Markets 10%
Pacific Basin 3%
Japan 6%

You can find more information on our responsible investing policy and exclusions policy and in the Fund’s prospectus.

funds investment objectives and risk profiles

Coutts Managed Funds offer you a simple route into a dynamic, diversified portfolio. Their benefits include:

  • Greater diversification: your funds are invested across a wide range of asset classes, including equities, bonds, commodities, property and cash – all managed in a single dynamic investment. A wider spread of holdings across the portfolio helps to spread your investment risk.
  • Peace of mind: investing has become increasingly complex in recent years, with huge fluctuations in market fortunes and rapid developments in the investment vehicles you can use to gain exposure to assets. Keeping track of investment trends can be a full-time job – we have a long tradition of managing multi-asset discretionary portfolios for our clients. Coutts managed funds draw on our expertise and experience to make those decisions for you.
  • Added flexibility: the funds are available in both distributing and accumulating options to meet your needs. It's easy for us to set up facilities for you, such as regular contributions or withdrawals and annual use of ISA allowances. And daily dealing means that new monies are quickly invested.
  • Less paperwork: you have one investment in a portfolio rather than multiple holdings in a range of shares or bonds, which means less paperwork. Coutts managed funds ensure the seamless management of dividend payments, sales and purchases, and tax reporting within the funds.
  • Tax treatment: the fund structure offers a simpler tax proposition to investors in a variety of tax jurisdictions.

Investors with little or no experience of investing in collective investment schemes and basic or no knowledge of the characteristics and risks of investing in equities and bonds (capital markets). The minimum investment horizon is five years.

  • CMaF Cautious, Ambitious and Adventurous were launched on 17 May 2019 after previous mergers of UK Funds
  • CMaF Defensive, Balanced and Equity were launched on 9 September 22 for the transition of the Irish CMAF Fund range
  • These six CMaF funds are denominated in GBP
  • Range of three CMaF Global Funds, also launched on 9 September 22 for the transition of the Irish CMAF Global Fund range, with a USD base currency and ability to hedge to GBP or EUR
  • Management Company: RBS Collective Investment Funds Limited


The two further funds within the RBS Investment Funds ICVC, Global Bond and UK Equity, are not available to new investors, although existing customers can make additional investments.

 

Find out more here

coutts Managed Funds

The Fund aims to provide an increase in value over the long term. The majority of the return is expected to be from capital appreciation with some potential for income generation.

The long term asset mix is made up totally of Global Equities but with a larger proportion of equity investments in the UK (around 40%) than the UK’s share of global markets. The fund is actively managed so this mix can change over time.

 

Availability

Open to new customers with a high tolerance to risk through the Wealth Advice Business. 

 

Literature

The Fund aims to provide an increase in value over the long term. The majority of the return is expected to be from capital appreciation with some potential for income generation.

The long term asset mix is made up of 10% Bonds and 90% Equities. There is a larger proportion of equity investments in the UK (around 40% of the total equities) than the UK’s share of global markets. The fund is actively managed so this mix can change over time.

 

Availability

Open to new customers with a high tolerance to risk through the Wealth Advice Business. 

 

Literature

The Fund aims to provide an increase in value over the long term. The majority of the return is expected to be from capital appreciation with some potential for income generation.

The long term asset mix is made up of 25% Bonds and 75% Equities.  There is a larger proportion of equity investments in the UK (around 40% of the total equities) than the UK’s share of global markets. The fund is actively managed so this mix can change over time.

 

Availability

Open to new customers with a medium to high tolerance to risk through the Wealth Advice Business. 

 

Literature

The Fund aims to provide an increase in value over the long term. The return will reflect capital appreciation and income received.

The long term asset mix is made up of 45% Bonds and 55% Equities. There is a larger proportion of equity investments in the UK (around 40% of the total equities) than the UK’s share of global markets.  The fund is actively managed so this can change over time.

 

Availability

Open to new customers with a medium tolerance to risk through the Wealth Advice Business. 

 

Literature

The Fund aims to provide an increase in value over the long term. The return will reflect income received with some potential for capital appreciation.  The long term asset mix is made up of 60% Bonds and 40% Equities. There is a larger proportion of equity investments in the UK (around 40% of the total equities) than the UK’s share of global markets.  The fund is actively managed so this can change over time.

 

Availability

Open to new customers with a low to medium tolerance to risk through the Wealth Advice Business.

 

Literature

The Fund aims to provide an increase in value over the long term. The return will reflect income received with some potential for capital appreciation.

The long term asset mix is made up of 75% Bonds and 25% Equities.  There is a larger proportion of equity investments in the UK (around 40% of the total equities) than the UK’s share of global markets. The fund is actively managed so this mix can change over time.

 

Availability

Open to new customers with a low tolerance to risk through the Wealth Advice Business. 

 

Literature

The Fund aims to provide an increase in value over the long term. The majority of the return is expected to be from capital appreciation with some potential for income generation.

The long term asset mix is made up of 25% Bonds and 75% Equities. The fund is actively managed so this mix can change over time.

The base currency of the fund is USD and hedging to GBP and EUR is available.

 

Availability

Open to new customers with a medium to high tolerance to risk through the Wealth Advice Business. 

 

Literature

The Fund aims to provide an increase in value over the long term. The majority of the return is expected to be from capital appreciation with some potential for income generation.

The long term asset mix is made up of 45% Bonds, 55% Equities. The fund is actively managed so this can change over time.

The base currency of the fund is USD and hedging to GBP and EUR is available.

 

Availability

Open to new customers with a medium tolerance to risk through the Wealth Advice Business. 

 

Literature

The Fund aims to provide an increase in value over the long term. The return will reflect income received with some potential for capital appreciation.

The long term asset mix is made up of 75% Bonds and 25% Equities. The fund is actively managed so this mix can change over time.

The base currency of the fund is USD and hedging to GBP and EUR is available.

 

Availability

Open to new customers with a low tolerance to risk through the Wealth Advice Business. 

 

Literature

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Historic Equator ICAV Tax and Accounting information

Speak to our team

If you'd prefer to speak to us, you can call Coutts 24 on 0207 957 2424. All calls with Coutts are recorded for training and monitoring purposes.

Important information

The information, products and services referred to on this website are not directed at any person or entity in any jurisdiction or country outside those where these may lawfully be offered.

This website is a Financial Promotion for UK regulatory purposes.

Coutts Managed Funds are sub funds of RBS Investment Funds ICVC, an investment company with variable capital, authorised by Financial Conduct Authority. RBS Investment Funds ICVC is a UK UCITS (Undertakings for Collective Investment in Transferable Securities Directive 014/91/EU as implemented in the UK) operating under the COLL Sourcebook and is constituted as an “umbrella company” under the Open-Ended Investment Companies Regulations 2001 (SI 2001 No.1228) as amended or re-enacted from time to time, which means that RBS Investment Funds ICVC issues Shares linked to different Funds pursuant to the Open-Ended Investment Companies Regulations 2001 (SI 2001 No.1228) as amended or re-enacted from time to time.

This website is intended to provide a summary of certain features of the fund so you can consider if it might be of interest to you however, nothing on this website should be construed as a solicitation or offer, or recommendation, to buy or sell securities or any other investment or banking product, or to provide any investment advice or service. Nothing contained on this website constitutes investment, legal, tax or other advice and is not to be relied on in making an investment or other decision.

Before investing, you should review the fund’s prospectus, supplemental prospectus and key investor information document. Copies of these are available from your Wealth Manager or on this site.   In addition you should obtain relevant and specific professional advice before making any investment decision.

The value of investments and the income from them can go down as well as up and you may not recover the amount of your original investment. Where an investment involves exposure to a foreign currency, changes in rates of exchange may cause the value of the investment and the income from it to go up or down. Past performance and any projected returns should not be taken as a guide to future performance.

The information contained in this website is believed to be correct as at today’s date, but cannot be guaranteed. Opinions and projections constitute our judgment as at today’s date and are subject to change. To the extent permitted by law and regulation neither Coutts & Co nor any connected company accepts responsibility for any direct or indirect or consequential loss suffered by you or any other person as a result of your acting, or deciding not to act, in reliance upon the above.

Not all products and services offered by the individual Coutts companies are available in all jurisdictions and some products and services may be available only through particular Coutts companies. Certain aspects of the service may be performed through, or with the support of, different members of The NatWest Group, of which Coutts & Co is a member.