Foreword

Dear Investors,

BNY Mellon Investment Management is about providing its clients with the best of both worlds – access to specialist investment managers, backed by the strength, scale and stewardship of BNY Mellon, one of the largest financial companies in the world.

As the board of BNY Mellon Fund Managers we support this ethos. We are committed to creating and maintaining investor value within the funds in our range. Value to us doesn’t just mean cost. Value is a combination of investment performance, product goals and design, transparency, charges and quality service.

OUR FOCUS

We are responsible for the operation of the funds covered by this report. It is our job as a board to make sure they run in accordance with UK regulations as well as their own articles of incorporation. In this consolidated value assessment report we have started with this small set of funds with varying financial year ends, the last of which was 31 March 2020.

Please go to the last page of this report for contact information

OUR APPROACH

Here, we take an objective appraisal of these six funds. Not only does this include the criteria the UK regulator specifically outlined for analysis, we also examined other factors we consider to be of importance to our clients. Analysis was conducted using approximately 30 individual data sets for each fund, supplemented by our own evaluation of the funds' objectives and achievements. We have also sought independent analysis and opinions. Due to the specialist nature of some of these funds there are a number of institutional and charity investors, which we took into consideration in our deliberations.

I am pleased to note, in most cases the analysis shows we are delivering value. However, there are areas where we can do better. Here we highlight the funds our analysis shows offer value and those we believe need improving, outlining how we are addressing the issues identified.

On behalf of the board, I hope you find the report both accessible and helpful. We welcome any comments or feedback you may have so we can learn from this experience in developing future reports.

Yours sincerely,

Greg Brisk
Chair of BNY Mellon Fund Managers Ltd Board of Directors

The Board of Directors

Greg Brisk
Executive director
As chair, Greg is responsible for the oversight of the funds. At BNY Mellon Investment Management he is head of governance.

Carole Judd
Independent director
Carole joined the board in 2019. She has over 30 years’ experience in asset management and investment consulting.

Anne-Marie McConnon
Executive director
Anne-Marie is the global chief marketing officer for BNY Mellon Investment Management.

Marc Saluzzi
Independent director
Marc, retired from PwC Luxembourg since 2015, has extensive experience in asset management across both the US and Luxembourg.

Hilary Lopez
Executive director
Hilary is the head of Intermediary distribution in Europe for BNY Mellon Investment Management.

Gerald Rehn
Executive director
Gerald oversees BNY Mellon Investment Management’s product strategy and operations functions.

Chapter 1: Our results

Chapter 2: Absolute Insight Fund (a sub-fund of BNY Mellon Managed Funds II)

Chapter 3: Osprey Fund

Chapter 4: All other funds
-  Newton Managed Targeted Return Fund (a sub-fund of BNY Mellon Managed Funds I)
-  Newton Growth and Income Fund for Charities (a sub-fund of BNY Mellon Charities Funds)
-  Newton Growth Fund for Charities (a sub-fund of BNY Mellon Charities Funds)
-  Newton SRI Fund for Charities

Chapter 5: Glossary and contact information (throughout the report terms are underscored and the definitions can be found here)