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CEO address
Emilio Gonzalez speaks at the Morningstar Annual Investment Conference 29 April 2010
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Impact of termination of BT Global Return Fund
A number of BTIM diversified funds have a small proportion of their assets invested in the BT Global Return Fund (GRF) managed by Grosvenor Capital Management, L.P., as one source of exposure to alternative assets. A list of those funds is set out below.
The GRF was terminated effective 21 April 2009 in accordance with its constitution. This means the GRF is closed to all new investment, its assets will be realised and the net proceeds, when received, returned to its unit holders, including the BTIM diversified funds.
As capital is released from the GRF, it will be deployed into other alternative strategies and opportunities within the guidelines of the BTIM diversified funds, depending on the market conditions. In the short term, the BTIM diversified funds will continue to receive investment returns from the remaining assets of the GRF.
Affected BTIM diversified funds:
- BT Active Balanced PST
- BT Balanced Returns PST
- BT Conservative Outlook PST
- BT DIY Active Balanced PST
- BT Institutional Conservative Growth PST
- BT Institutional Conservative Growth Tax Exempt Fund
- BT Institutional Retirement PST
- BT Institutional Stable Growth PST
- BT Super Trust – Capital Stable Fund
- BT Super Trust – Investment Fund
- BT Wholesale Active Balanced Fund
- BT Wholesale Balanced Returns Fund
- BT Wholesale Conservative Outlook Fund
- BT Wholesale Future Goals Fund
