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Target Retirement 2045 Fund

Target Retirement 2045 Fund - GBP Acc (VAR45GA)

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About this fund

Fund objectives

  • The Fund seeks to provide a return on your investment (through an increase in the value of, and income received from, assets held by the Fund) over the long-term (5 years or more) for investors planning to retire in or within approximately five years after 2045.
  • The Fund seeks to achieve its investment objective by investing at least 90% of its assets in a diversified portfolio of passive funds that seek to track the performance of an index, and which are managed or operated by the ACD or other companies in the Vanguard Group of Companies (“Associated Schemes”).
  • It is intended that the Fund will invest in Associated Schemes which (i) provide exposure to shares issued by companies worldwide; and (ii) provide exposure to government and corporate bonds and other similar fixed income investments issued worldwide. In the case of both shares and bonds, the UK will generally form one of the largest single country exposures.
  • The Fund is actively managed in that the Investment Adviser has discretion in respect of the Associated Schemes in which the Fund may invest and the allocations to them, each of which may change over time. The Investment Adviser manages the Fund through the pre-determined periodic rebalancing of its exposure to shares and bonds (and other similar fixed income investments).
  • Initially, the Fund’s portfolio will be comprised of approximately 80% by value of shares and 20% by value of bonds and other similar fixed income investments.
  • The Fund’s strategic allocation will alter gradually as the target year is approached and passed, becoming more conservative by moving from higher risk (such as shares) to mainly lower risk (such as bonds) investments, with the aim of reducing its exposure to short term changes in the value of its investments and the risk of erosion in the value of the investments of the Fund. It is anticipated that, within seven years after 2045, the Fund will have a stable investment allocation comprised of approximately 70% bonds and other similar fixed income investments and 30% shares.
  • The Fund may also invest up to 10% of its assets directly in shares, bonds and other similar fixed income investments, which will generally be components of the indices tracked by the Associated Schemes, money market instruments and deposits.
  • The Fund attempts to remain fully invested and hold small amounts of cash except in extraordinary market, political or similar conditions where the Fund may temporarily depart from this investment policy to avoid losses.

Fund facts

Share class inception
17 Dec 2015
Minimum initial investment
£100,000.00
Investment structure
UK OEIC
Share Class Assets'
Total Assets
Asset Class
Multi-Asset
Domicile
United Kingdom
Strategy
Index
Currency
GBP
Investment manager

Global Equity Index Management (GE)

The value of investments, and the income from them, may fall or rise and investors may get back less than they invested.

Performance

Portfolio data

Allocation to underlying Vanguard funds

As at 31 Jul 2026

Percentage
FTSE Developed World ex-U.K. Equity Index Fund GBP Acc 19.14%
Global Bond Index Fund GBP Hedged Acc 18.11%
U.S. Equity Index Fund GBP Acc 17.25%
FTSE U.K. All Share Index Unit Trust GBP Acc 14.67%
FTSE North America UCITS ETF (USD) Accumulating 5.80%
Emerging Markets Stock Index Fund GBP Acc 5.76%
U.K. Government Bond Index Fund GBP Acc 5.56%
FTSE 100 UCITS ETF (GBP) Accumulating 4.22%
FTSE Developed Europe ex-U.K. Equity Index Fund GBP Acc 4.10%
Japan Stock Index Fund GBP Acc 2.20%
U.K. Investment Grade Bond Index Fund GBP Acc 2.19%
Pacific ex-Japan Stock Index Fund GBP Acc 0.92%

Total allocation percentages shown may not equal 100% due to rounding

Allocation percentages reflect the breakdown of security type.

Asset allocation

As at 31 Jul 2026

Percentage
Bond 25.85%
Short-term reserves 0.09%
Stock 74.06%

The value of investments, and the income from them, may fall or rise and investors may get back less than they invested.

Weighted equity exposures exclude any temporary cash investments and equity index derivatives. Some short-term fixed income securities are classified as cash and are excluded from the weighted bond exposures.

Prices and distribution

Prices

NAV Price (GBP)
£268.80
GBP
Change
+£0.530.20%
At closure 11 Sept 2026
NAV 52-week high
£273.17
At closure 12 Sept 2026
NAV 52-week low
£235.38
At closure 12 Sept 2026
NAV 52-week difference
£37.79
Change
+13.83%
At closure 12 Sept 2026
Historical Prices

-

Inception date

17 Dec 2015

Date NAV (GBP)
11 Sept 2026 £268.8045
10 Sept 2026 £268.2776
09 Sept 2026 £269.3682
08 Sept 2026 £271.0328
07 Sept 2026 £272.0470
04 Sept 2026 £272.1045
03 Sept 2026 £271.8893
02 Sept 2026 £269.9110
01 Sept 2026 £269.8000
28 Aug 2026 £271.3659

Distribution history

Distribution frequency

—

Historical performance 31 Aug 2026

1.79%

All dividends are reinvested for the "Accumulation" shares.

The value of investments, and the income from them, may fall or rise and investors may get back less than they invested.

Purchase information

Currency

Base currency:GBP

Fund codes

  • Bloomberg:VAR45GA
  • ISIN:GB00BZ6VK898
  • MEX ID:VVXXG
  • SEDOL:BZ6VK89

The value of investments, and the income from them, may fall or rise and investors may get back less than they invested.

SEDOL and SEDOL Masterfile® are registered trademarks of the London Stock Exchange Group PLC. SEDOL data was extracted from the London Stock Exchange SEDOL Masterfile®.