Available to DEAL ISSUER and DEAL APPROVER role types only.
Fund Switch is a four-step process to withdraw units in one or more funds held within the account, and to purchase other funds using the proceeds raised from the sale.
STEP ONE: FUNDS AND AMOUNTS TO WITHDRAW
All funds currently held within the account are displayed, with their unit value, current value (at the last available valuation point), and the amount that is available to withdraw.
1. The Available to Withdraw figure is an approximate amount, since fund units are forward-priced. This means that if you place a trade in the morning, we won’t know exactly how many units would need to be sold until the price is calculated later in that day.
If there are any transactions in progress within the account, this may also affect its value.
Important: Please ensure you have sufficient units within the account to cover this trade.
2. You can choose to withdraw either a percentage unit or a monetary amount for this transaction (percentage amounts are used for the example pictured).
3. PERCENTAGE AMOUNTS ONLY: Choose the Withdrawal Type for each fund from the dropdown list.
a. Select None if you don’t want to make any changes to a fund.
b. Withdraw All if you want to withdraw a fund completely and reinvest the proceeds into a new fund(s).
c. Other Percentage to withdraw a specific percentage of the value of the fund.
4. Enter the percentage or monetary amount to be withdrawn from each fund held within the account. (For monetary amounts, if you don’t want to withdraw any units from a particular fund, leave the Amount to Withdraw field blank). The Total figure will update as you go.
5. Select Cancel or Back to discard the transaction and return to the Account page.
6. Select Next to continue.
STEP TWO: SELECT NEW FUNDS
1. All of the funds available from Fundsmith are listed in alphabetical order. Use the scroll bar to view the full list.
2. Tick the box to select a fund to invest the proceeds from the fund(s) you are withdrawing. You can select more than one fund. The fund(s) you have chosen to withdraw will not be available for selection.
3. Select the Literature icon to view a Key Investors Information Document (KIID) about the fund you are selecting. This can be downloaded and saved. It is important to read this document carefully before investing into the fund, and later in this process you will be prompted to confirm that you have read the KIID before the transaction can proceed.
4. Select the Next button once you have finished picking funds.
Note: Select Back to return to the previous page, or Cancel to discard the transaction and return to the Account page.
STEP THREE: INVESTMENT AMOUNTS
1. The new funds you have added are shown. Select the minus icon to remove them, or Add Another Fund to make changes.
2. Enter the percentage amount to be invested into the fund.
3. The Key Investor Information Document (KIID) is available to download and save here if you haven’t done so already in the previous step.
4. For new Income funds you have selected, select the Income Preference. You can either reinvest this income into the same fund, or choose to pay it out.
5. Tick the box to confirm you have read the KIID for each of the funds chosen.
6. Select Next to view a summary of your instruction. This option will only be available to select once you have completed all the required information in the previous steps.
STEP FOUR: SUMMARY
1. Review the funds you are withdrawing. The notional amount is confirmed, which is estimated based on the current unit value.
2. Review the funds you are purchasing.
3. Important information is shown about the next steps after the deal is submitted.
4. Select Back to change any of the funds or amounts, or Cancel to discard the transaction.
5. Select Submit to send the transaction to another user for review.
CONFIRMATION
After submission, a confirmation will display that your transaction has been successfully sent to an approver, for final checking and to submit the trade for processing.
1. Select View My Trades to view the deal in the Pending Deals section. You can return to view the trade at any time using the My Trades option in the left tool bar on the Homepage.
What happens next?
You will receive an email to confirm if the approver has confirmed or rejected this transaction. If rejected, the email will contain the reason why, and you will need to submit the transaction again from the beginning.