AQR Notice
1 December 2008
BT International Equities: change in active currency and country management
AQR Capital Management (AQR) is the underlying investment manager for the BT Wholesale Core Global Share Fund, BT Wholesale International Share Fund, and BT Wholesale Core Hedged Global Share Fund(Funds). Historically, AQR’s investment process has provided returns from three areas: stock selection, currency management and country selection.
As market conditions have been extremely volatile, BT Investment Management and AQR have decided to change the arrangements for active currency and country management within the Funds.
From 1 December 2008, AQR’s stock selection process will continue as the main contributor to performance while the active currency process will be managed by BT Investment Management, at a slightly lower risk level, and no separate country selection strategy will be run. There is no change to the investment objective of the Funds.
If you have any questions on the new arrangements, please contact the BT Customer Relations team on 1800 813 886.
