Merger of Ashburton Investments SICAV India Equity Opportunities Fund and IIFL Fund – IIFL India Equity Opportunities Fund completes

On 29 January 2019 the merger of the Ashburton Investments SICAV - India Equity Opportunities Fund (“Ashburton India Fund”) with the IIFL Fund – IIFL India Equity Opportunities Fund (“IIFL India Fund”) was finalised. Upon completion of the merger, shareholders of the Ashburton India Fund were issued shares of the IIFL India Fund in exchange for their current holding, and a contract note was confirming the transaction.

Background

The Indian equity market has grown and is becoming increasingly more complex, especially for non- resident investment managers, and encompasses an investment universe of over 6,000 listed stocks across several sectors. In addition, the Ashburton India Fund followed a bottom up stock picking process which is a highly research-intensive exercise. The investment manager of the IIFL India Fund is part of a leading Indian integrated financial services group providing a broad range of financial products and services to a substantial and diversified client base. Investors will, therefore, benefit from the infrastructure and depth of Indian research that IIFL Capital Pte Ltd, the investment manager, will bring.

Jonathan Schiessl, formerly CIO of Ashburton Investments’ International business and Lead Fund Manager of the Ashburton India Fund since its inception in 2012, has moved to IIFL Capital Pte Ltd and will continue managing the IIFL India Fund. There will be no change in the investment approach nor the investment restrictions that will be applied.