Base currency change to the underlying funds of various GAM Star Global mirror funds
06 Feb 2026
Notification of changes to the underlying funds of:
- S132 GAM Star Global Aggressive (EUR)
- Z38 GAM Star Global Aggressive (EUR)*
- S130 GAM Star Global Aggressive (GBP)
- Z39 GAM Star Global Aggressive (GBP)*
- S131 GAM Star Global Aggressive (USD)
- Z40 GAM Star Global Aggressive (USD)*
- S126 GAM Star Global Cautious (EUR)
- Z35 GAM Star Global Cautious (EUR)*
- S124 GAM Star Global Cautious (GBP)
- Z36 GAM Star Global Cautious (GBP)*
- S125 GAM star Global Cautious (USD)
- Z37 GAM Star Global Cautious (USD)*
- S129 GAM Star Global Flexible (EUR)
- Z32 GAM Star Global Flexible (EUR)*
- S127 GAM Star Global Flexible (GBP)
- Z33 GAM Star Global Flexible (GBP)*
- S128 GAM Star Global Flexible (USD)
- Z34 GAM Star Global Flexible (USD)*
(together the “Affected Mirror Funds")
GAM Star Fund p.l.c (the “Company”) has notified us that on the 16 January 2026 (the “Effective Date”) it changed the base currency of the underlying funds of the Affected Mirror Funds from Pound Sterling (GBP) to US Dollars (USD).
The underlying funds' base currency is used for net asset value (NAV) calculation, accounting and financial reporting. The previous base currency was GBP which meant the underlying funds of the EUR and USD denominated Affected Mirror Funds were hedged against the base currency GBP. As at the Effective Date, the underlying funds of the EUR and GBP denominated Affected Mirror Funds are now hedged against the new base currency USD. The underlying funds of the USD denominated Affected Mirror Funds which were previously hedged against the base currency of GBP will no longer be hedged given the new base currency is USD.
ISINs, fees and minimums, dealing cut-off and valuation times, rights and risk profile remain unchanged. The underlying funds' investment objective and policy remains unchanged.
Why has the Company made the change?
The Company made the change for:
- Better alignment between base currency and portfolio/peer group; improves comparability for investors.
- Reduces FX conversion noise in accounting and financial statements; simplifies operational processes across service providers.
- Supports more efficient fee and expense processing on a month=end basis; enhances data/reporting consistency.
In line with this change, we will be updating the names of our EUR and GBP denominated Affected Mirror Funds to reflect the currency hedging, as follows:
| Current Name of Affected Mirror Fund | New Name of Affected Mirror Fund |
|---|---|
| S132 GAM Star Global Aggressive (EUR) | S132 GAM Star Global Aggressive (EUR HDG) |
| Z38 GAM Star Global Aggressive (EUR)* | Z38 GAM Star Global Aggressive (EUR HDG)* |
| S130 GAM Star Global Aggressive (GBP) | S130 GAM Star Global Aggressive (GBP HDG) |
| Z39 GAM Star Global Aggressive (GBP)* | Z39 GAM Star Global Aggressive (GBP HDG)* |
| S126 GAM Star Global Cautious (EUR) | S126 GAM Star Global Cautious (EUR HDG) |
| Z35 GAM Star Global Cautious (EUR)* | Z35 GAM Star Global Cautious (EUR HDG)* |
| S124 GAM Star Global Cautious (GBP) | S124 GAM Star Global Cautious (GBP HDG) |
| Z36 GAM Star Global Cautious (GBP)* | Z36 GAM Star Global Cautious (GBP HDG)* |
| S129 GAM Star Global Flexible (EUR) | S129 GAM Star Global Flexible (EUR HDG) |
| Z32 GAM Star Global Flexible (EUR)* | Z32 GAM Star Global Flexible (EUR HDG)* |
| S127 GAM Star Global Flexible (GBP) | S127 GAM Star Global Flexible (GBP HDG) |
| Z33 GAM Star Global Flexible (GBP)* | Z33 GAM Star Global Flexible (GBP HDG)* |
The above changes have happened automatically within policies or contracts and policyholders do not need to take any action.
The changes described above do not have any material impact on investors or on the risk profile, investment strategy, or portfolio construction of the underlying funds of the Affected Mirror Funds.
Should you have any questions regarding this change, please contact the Investment Marketing Team.
*Fund applicable to Hong Kong designated policyholders.
