Q & A PAI Fund of Hedge Funds Restructuring
|
|
- Morgan Moore
- 5 years ago
- Views:
Transcription
1 Q & A PAI Fund of Hedge Funds Restructuring October 2011 General What is the date of the restructuring? Fund name Relevant effective date The AllWeather Fund Series II 23rd December 2011 AllWeather Strategy II EUR Fund 23rd December 2011 AllWeather Strategy II USD Fund 23rd December 2011 The DebtMaster Series II Fund 23rd December 2011 DR AllWeather Fund 1st December 2011 DR2 AllWeather Fund 1st December 2011 DR Momentum AllWeather Strategies II Fund 1st December 2011 DR2 Momentum AllWeather Strategies II Fund 1st December 2011 DR Meteor Opportunities Fund 1st December 2011 DR DebtMaster Fund 1st December 2011 Alternative Relevant Fund of Hedge Funds: The AllWeather Fund Series II, AllWeather Strategy II EUR Fund, AllWeather Strategy II USD Fund (collectively AllWeather ), The DebtMaster Series II Fund, DR AllWeather Fund and DR2 AllWeather Fund, DR Momentum AllWeather Strategies II Fund, DR2 Momentum AllWeather Strategies II Fund, DR Meteor Opportunities Fund and DR DebtMaster Fund (collectively DR Funds ). Who does this restructuring impact? For the scope of this Q&A, the restructuring impacts current investors in AllWeather Fund Series II, AllWeather Strategy II EUR Fund, AllWeather Strategy II USD Fund, The DebtMaster Series II Fund, DR AllWeather Fund, DR2 AllWeather Fund, DR Momentum AllWeather Strategies II Fund, DR2 Momentum AllWeather Strategies II Fund, DR Meteor Opportunities Fund and DR DebtMaster Fund. Why is this restructuring project taking place now? Over the past 3 years, our objective has been to improve the liquidity of our active funds by diversifying across strategies and new managers. We believe that it would now be appropriate for us to take further steps to simplify and streamline the fund structure across our product range thereby making it more attractive for new investors. This could enable us to further improve the liquidity and diversification potential of our funds. How do existing investors benefit from this restructuring? We believe that a restructuring at this time could help us attract inflows which would improve our prospects for better portfolio management and liquidity across our portfolios. What happened during the restructuring in early 2009? AllWeather restructuring In April 2009, we restructured Momentum AllWeather Fund, Momentum AllWeather Institutional Fund, Momentum AllWeather Liquidity Fund and Momentum AllWeather Strategies II Master Fund by pooling the liquid assets into Pioneer AllWeather Diversified Fund. Some of the illiquid assets were placed in AllWeather delayed redemption funds Page 1
2 ( DR AllWeather ). Redeeming investors received their redemption proceeds partially in cash and shares of the relevant DR AllWeather. Investors who chose not to redeem are currently exposed to DR AllWeather indirectly. Meteor restructuring On 4 th January 2010, the Meteor Opportunities Fund s pro-rata holding of DR Meteor Opportunities Fund shares were incorporated into the Meteor Opportunities Fund. Since then, a shareholder who redeems their holdings in the Meteor Opportunities Fund receives all proceeds in cash. What Net Asset Value will be used to transfer the value of the investors holdings? When will this Net Asset Value be available? The effective Net Asset Value for the DR Funds will be the one applicable on 30 th November 2011 and will be published on or around 22 nd December With respect to the AllWeather and The DebtMaster Series II Fund, the Net Asset Value will be the one applicable on 23 rd December 2011 and will be published on or around 23 rd December Will the Transfer Agent for the restructured funds remain the same? Yes. HSBC Luxembourg will be the sub-transfer Agent for all restructured funds. All contact details remain the same: HSBC Securities Services (Luxembourg) S.A. Attn: Transfer Agency 16, Boulevard d'avranches L-1160 Luxembourg Tel: Fax: transferagency@lu.hsbc.com When will contract notes be available from HSBC Luxembourg? For transactions effective on 1 st December 2011, contract notes will commence being issued after the 22 nd December when the 30 th November prices are published. Given the volume of transactions, it is expected that this could take a few weeks to complete. Contract notes for transactions dated 23 rd December 2011 will commence being issued after 20 th January Can current investor shareholdings be transferred during the restructuring process? From 25th November 2011, existing shareholdings, if impacted by the restructuring, will not be transferable until after the restructuring process is complete. Investors who wish to transfer their holdings should do so before 25 th November If this is not possible, transfers can commence once investors holdings have been transferred to the new fund company. HSBC Luxembourg will notify the relevant shareholders of any transfer requests sent through after 25th November 2011, since a new transfer request will need to be resubmitted in the new fund name after the completion of the restructure. What happens to the redemptions that are already in place for 24th January 2012 for funds involved in the restructuring? Owing to the restructure, redemption dates will now be earlier than year end. 24 th January 2012 redemptions will now take place on 23 rd December What are the tax consequences as a result of this restructuring? Please advise your client to refer to their tax advisor since we are unable to offer tax advice. Who can I contact if I do not have the contact details of my regional sales representative? Michelle Cardwell on michelle.cardwell@pioneeraltivest.com or the Fund of Fund Investment Communications team on FoF_InvComms@pioneerinvestments.com Page 2
3 DR Funds Will the name of investors DR Funds change after the restructuring? No. The names will remain the same. A new legal entity, called DR Fund Limited, will be launched to aggregate and manage the illiquid investments of the DR Funds in a more efficient structure. As an example, DR AllWeather Fund shareholders in the Momentum Performance Strategies Limited will receive DR AllWeather Fund shares in DR Funds Limited. Are the terms for investors holdings in DR Funds changing? Apart from receiving shares in a different company there is no material difference in the terms. Shares in the class funds of DR Funds Limited will not be redeemable at the option of shareholders. Holdings in the class funds of DR Funds Limited will diminish over time as illiquid investments are realised. As money is realised from underlying managers, cash disbursements from the class funds of DR Funds Limited will be made in the same way as they are currently made. Will the new DR funds have new security identifiers (e.g. ISINs)? Yes. New fund identifiers will be issued for the new class funds of DR Funds Limited since the legal entity is changing, What are the underlying assets and the number of holdings in the DR Funds? Transparency files for the existing DR Funds are available on request. Will an option on secondary market liquidity be offered to all existing and new investors (post restructuring) in DR Funds Limited? Although liquidity conditions have improved in the past 3 years, an extensive secondary market for illiquid hedge fund investments does not exist. However, grouping together the number of individual DR Funds may help to facilitate such a transaction from a practical perspective. The DR Funds Limited may appoint specialist advisors in this market segment and depending on market opportunities the directors of DR Funds Limited may revert to shareholders with further information on this in due course. The AllWeather Fund Series II, AllWeather Strategy II EUR Fund, AllWeather Strategy II USD Fund (collectively AllWeather ) From the perspective of a current investor, what does the latest AllWeather restructuring involve? The restructuring will involve: a) The transfer of existing AllWeather assets to the newly formed Pioneer Diversified Fund; b) The subsequent investment of the liquid portion of the Pioneer Diversified Fund into Pioneer Horizon Fund (renamed from Pioneer AllWeather Diversified Fund); c) And the investment of the illiquid AllWeather assets into Special Investment Class Fund, a class fund of the newly formed DR Funds Limited. DR Funds Limited has been designed specifically to aggregate and manage the remaining illiquid investments in a more efficient structure. Do existing investors need to do anything in order to receive their new shares in Pioneer Diversified Limited? No. All existing AllWeather investors will become shareholders in Pioneer Diversified Limited through a transfer of their AllWeather holdings. A contract note detailing the holding will be sent in due course by HSBC Luxembourg. From the relevant effective date, investors will no longer remain shareholders in AllWeather. What if investors redeem their shares after 23 rd December 2011? For investors who redeem from Pioneer Diversified Fund after 23 rd December 2011, redemption proceeds will be received partially in cash and partially in shares of Special Investment Class Fund, a class fund of the newly formed DR Funds Limited. Please note that the first available redemption date will be 24 th April The liquid portion of AllWeather was invested in Pioneer AllWeather Diversified Fund. Where will this be invested now? Pioneer AllWeather Diversified Fund will be renamed Pioneer Horizon Fund (a class fund of Pioneer Horizon Limited) which will continue to hold the liquid portion of investors holdings. Page 3
4 Will the new Pioneer Diversified Fund still have an illiquid portion in the portfolio? Yes. The holding is now less than 15%. The illiquid portion will now be held in Special Investment Class Fund, a class fund of the newly formed DR Funds Limited. Will be dealing terms of investors Pioneer Diversified Fund share class be the same as their current AllWeather fund? Yes. Within Pioneer Diversified Fund, multiple share classes are being created to replicate the terms of each of the current AllWeather funds. Fees, redemption notice and high water marks will all remain unchanged in the corresponding share class of Pioneer Diversified Fund. Will the Net Asset Value of the new share classes in Pioneer Diversified Fund be the same as that of the original AllWeather holding on 23 rd December 2011? No. Individual share classes have been established within Pioneer Diversified Fund to correspond to the base currency, dealing terms and fee structures that currently apply to each of the AllWeather funds (including the preservation of any high water marks).hence, the new share classes in Pioneer Diversified Fund will launch at $100 and 100. Will investors receive a different number of shares in Pioneer Diversified Fund as a result of this restructuring? Yes, the number of shares will change since the new share classes will have a new Net Asset Value. However, the total value of the investors holdings will remain unchanged. As an example, if an investor holds $30,000 of The AllWeather Fund Series II (Class B) at 23 rd December 2011 with a Net Asset Value of $111, they hold shares. When their holding is transferred to Pioneer Diversified Fund, which will launch at $100, they will hold 300 shares, but their value of $30,000 will remain unchanged. With the newly formed share classes of Pioneer Diversified Fund, have separate security identifiers (eg. ISIN). Yes. All share classes will launch with new identifiers. Will the new fund be listed? What happens to the old funds that were listed on the Irish Stock Exchange (ISE)? It is not the current intention of the Directors to list all of the shares classes of Pioneer Diversified Fund. However listings required for legal or fiscal purposes will be considered on a case by case basis. The DebtMaster Fund Series II ( DebtMaster ) DR DebtMaster Fund ( DR DebtMaster ), class fund of Momentum Performance Strategies Ltd What will be the impact of this restructuring on existing DebtMaster shareholders? DebtMaster will cease trading, shareholdings in DebtMaster will be compulsorily redeemed and all underlying positions will be liquidated. What Net Asset Value will be used to redeem holdings in DebtMaster? For DebtMaster Series II Fund, the Net Asset Value will be the one applicable on 23 rd December 2011 and will be published on or around the 23 rd December Are existing investors in DebtMaster exposed to illiquid assets? Investors, through their DebtMaster holdings, are exposed to certain illiquid investments which were segregated into a delayed redemption share class called the DR DebtMaster in December What will be the impact of this restructuring on shareholders of DR DebtMaster? Shareholders of DR DebtMaster will become investors in a new share class of DR Funds Limited which is a new legal entity launched to aggregate and manage the illiquid investments of multiple delayed redemption funds. What will investors receive on redemption from DebtMaster? Investors will be paid their redemption proceeds partially in the form of cash and partially in shares of DR DebtMaster Fund, a new share class of DR Funds Limited. The exact proportion of cash and shares in DR DebtMaster Fund will be known on or around 23 rd December 2011 for investors in The DebtMaster Series II Fund. Page 4
5 DR Meteor Opportunities Fund How does this restructuring impact shareholders of DR Meteor Opportunities Fund? On the 1 st December 2011, the DR Meteor Opportunities Fund assets will be transferred from Meteor Limited into a newly formed class fund in DR Funds Limited. The name of the newly formed class fund of DR Funds Limited will be DR Meteor Opportunities Fund. Page 5
6 Important Information Unless otherwise stated all information contained in this document is from Pioneer Alternative Investments and is as of 19 October This document is provided as an aid to Merrill Lynch and seeks to provide an overview of the product restructuring as communicated to shareholders in letters dated 21 October 2011 ( Shareholders Letters ). In the event of discrepancies between the content of this document and the content of the Shareholder Letters, the Shareholder Letters shall prevail. This document refers to two proposed fund companies, DR Funds Limited and Pioneer Diversified Limited which have not yet been created. DR Funds Limited and Pioneer Diversified Limited have not been authorised by any regulatory or supervisory authority. In the event of relevant and appropriate offering materials ( Offering Materials ) being published in respect of DR Funds Limited and Pioneer Diversified Limited at a future date, recipients are reminded that transactions in the DR Funds Limited and Pioneer Diversified Limited may only be made on the basis of the information contained in those Offering Materials alone which may differ from the information contained herein. This document was prepared by the staff and management of Pioneer Global Investments Limited. In preparing this document, information has been received and collated from various companies comprising the Pioneer Global Asset Management S.p.A. group of companies. Whilst every effort has been made to ensure that all factual data provided is accurate based on the most current information available at the time of preparation, Pioneer Global Investments Limited cannot accept liability for any errors or omissions contained within and expressly disclaim any liability whether in contract or negligence to the addressee of this document or any third party who may review it or use any material from it in respect of any loss or damage occasioned whether direct or consequential. Other than Pioneer Diversified Limited and DR Funds Limited, the fund of hedge funds mentioned in this document are class funds of mutual fund companies incorporated under the laws of Bermuda with a separate class of funds for each class of shares created from time to time. Additional reporting comprising the ten largest holdings in the portfolios is available on request. In addition, further portfolio reporting may be available subject to the satisfaction of certain circumstances. Unless otherwise stated, all views expressed are those of Pioneer Alternative Investments. These views are subject to change at any time based on market and other conditions and there can be no assurances that countries, markets or sectors will perform as expected. Investments involve certain risks, including political and currency risks. Investment return and principal value may go down as well as up and could result in the loss of all capital invested. Investments employing the strategies of the funds referred to in this document are by nature highly speculative and may be volatile, involve leverage and be affected by a lack of liquidity. This material is not a prospectus and does not constitute an offer to buy or a solicitation to sell any shares of any fund or any services. This information is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities or services in the United States or in any of its territories or possessions subject to its jurisdiction to or for the benefit of any United States person (being residents and citizens of the United States or partnerships or corporations organized under United States laws). The funds referred to herein have not been registered in the United States under the Investment Company Act of 1940 and shares of the funds referred to herein are not registered in the United States under the Securities Act of The content of this document is approved by Pioneer Global Investments Limited. In the UK, it is directed at professional clients and not at retail clients and it is approved for distribution by Pioneer Global Investments Limited (London Branch), Portland House, 8 Floor, Bressenden Place, London SW1E 5BH, authorised by the Central Bank of Ireland in Ireland and regulated by the Financial Services Authority for the conduct of UK business. The funds referred to herein are unregulated collective investment schemes under the UK Financial Services and Markets Act 2000 and therefore do not carry the protection provided by the UK regulatory system. This document may not be circulated to third parties or distributed to the public. The document is not intended for and no reliance can be placed on this document by retail clients to whom this document should not be provided. This material is provided for information purposes only and should not be used for solicitation purposes Pioneer Funds Distributor, Inc., 60 State Street, Boston, MA ( PFD ), a U.S.-registered broker-dealer, provides marketing services in connection with the distribution of Pioneer Alternative Investments products. PFD markets these products to financial intermediaries, both within and outside of the U.S. (in jurisdictions where permitted to do so) for sale to clients who are not United States persons. Only For Use by Merrill Lynch and, in Merrill Lynch s sole discretion, for use with existing investors in the Fund. It may not be distributed to the public or other PGIL takes no responsibility for determining the suitability or appropriateness of this document for clients of Merrill Lynch. Pioneer Alternative Investments and Pioneer Investments are trading names of the Pioneer Global Asset Management S.p.A. group of companies. Date of First Use: 24 October 2011 Page 6
PAI Fund of Hedge Funds Restructuring
PAI Fund of Hedge Funds Restructuring October 2011 Alternative Relevant Fund of Hedge Funds: The AllWeather Fund Series II, AllWeather Strategy II EUR Fund, AllWeather Strategy II USD Fund (collectively
More informationDR Funds Secondary Market Transaction
DR Funds Secondary Market Transaction May 2012 Alternative The funds in scope of this transaction are as follows: DR AllWeather Fund, DR2 AllWeather Fund, DR AllWeather Strategies II Fund, DR2 AllWeather
More informationSource: Pioneer Investments Data as at 1 April 2015.
JUNE 2015 Update DR Funds The commentary provided is based on the information provided by Cerberus Capital Management, L.P. to Pioneer Investments. The DR Funds allocate a large portion of their capital
More informationUpdate DR Funds MARCH The commentary provided is based on the information provided by Cerberus Capital Management, L.P. to Pioneer Investments.
MARCH 2015 Update DR Funds The commentary provided is based on the information provided by Cerberus Capital Management, L.P. to Pioneer Investments. The DR Funds allocate a large portion of their capital
More informationThe commentary provided is based on the information provided by Cerberus Capital Management, L.P. to Pioneer Investments.
Update: DR Funds January 2013 Alternative Relevant Fund of Hedge Funds: Special Investment Class Fund, DR AllWeather Fund, DR2 AllWeather Fund, DR AllWeather Strategies II Fund, DR2 AllWeather Strategies
More informationMerrill Lynch Due Diligence Meeting October 2012, Boston. Delivering Solutions that Meet Client Needs
Merrill Lynch Due Diligence Meeting 22-24 October 2012, Boston Delivering Solutions that Meet Client Needs Sandro Pierri, Chief Executive Officer, Pioneer Investments For 2012 Merrill Lynch Due Diligence
More informationMerrill Lynch Due Diligence Meeting October 2012, Boston. Commodities: Taking Advantage of Supply and Demand
Merrill Lynch Due Diligence Meeting 22-24 October 2012, Boston Commodities: Taking Advantage of Supply and Demand Peter Königbauer, Head of Aggressive Balanced and Real Assets, Senior Portfolio Manager
More informationNew Ideas in the Migration to Risk. Hugh Prendergast, Head of Strategic Product and Marketing, Western Europe and International June 2013
New Ideas in the Migration to Risk Hugh Prendergast, Head of Strategic Product and Marketing, Western Europe and International June 2013 Expected Real Returns % Income From Where? Real Annualized 10-Year
More informationPioneer Funds Top European Players
EQUITIES FOCUS Concentrating on Quality The Portfolio employs a high-conviction approach to investing in European companies. This concentration allows us to focus on what we consider to be the strongest
More information5 Reasons to Invest in Absolute Return Multi-Strategy Growth. EONIA + 500bps p.a. Jan 10. Jan 09. Jul 09. Jul 10. Apr 09. Oct 09. Apr 10.
5 Reasons to Invest in Absolute Return Multi-Strategy Growth FOCUS 5Reasons 1. Targeting equity-like returns over the medium term 2. Seeks lower volatility than global equities 3. Pursues alternative sources
More information5 Reasons to Invest! » Pioneer Funds Multi-Strategy Growth. Pioneer Funds Absolute Return Multi-Strategy
1 5 Reasons to Invest! Pioneer Funds Absolute Return Multi-Strategy» Pioneer Funds Multi-Strategy Growth 2 5 Reasons to Invest» Pioneer Funds Absolute Return Multi-Strategy» Pioneer Funds Multi-Strategy
More informationMerrill Lynch Due Diligence Meeting October 2012, Boston
Merrill Lynch Due Diligence Meeting 22-24 October 2012, Boston The Power of Collective Expertise Paul F. Cloonan, CFA Co-Head of Equity Research, US Senior Vice President For 2012 Merrill Lynch Due Diligence
More informationOur Edge in Emerging Markets Fixed Income
RECOGNISING EXCELLENCE Our Edge in Emerging Markets Fixed Income Experience + Research + Performance The Global Investor Investment Excellence Awards 2015 has named Pioneer Investments Fixed Income Manager
More informationMorgan Stanley Wealth Management Due Diligence Meeting
Morgan Stanley Wealth Management Due Diligence Meeting Industry Trends in Product & Asset Management Hugh Prendergast, Head of Strategic Product and Marketing, Western Europe and International 24 26 April
More informationMorgan Stanley Wealth Management Due Diligence Meeting
Morgan Stanley Wealth Management Due Diligence Meeting Commodities: Taking Advantage of Supply and Demand Fiona English, Client Portfolio Manager 24 26 April 2013, Milan Page 1 I For broker/dealer use
More informationAgenda. 1. Framework of Portfolio Construction 2. Applying What We Know to Equities
Agenda 1. Framework of Portfolio Construction 2. Applying What We Know to Equities Page 2 I For Dublin 2013 Investment Conference Attendees Only and Framework Successful portfolio construction should rely
More informationFund Performance - EUR March
Fund Performance - EUR March 31 2010 SCORECARD European Equity Pioneer Funds - Core European Equity A 18 Dec 2000 LU0119364239 3.44 6.22 11.86 50.48-7.70 1.91-2.66 Pioneer Funds - Core European Equity
More informationWorkshop: U.S. Pioneer Fund
Workshop: U.S. Pioneer Fund John Carey, CFA, Portfolio Manager, Executive Vice President For Investment Conference 2012 Attendees Only. Not be Distributed to the Public. What Differentiates U.S. Pioneer
More informationSUPPLEMENT NO. 1 DATE: 28 OCTOBER 2016
The Directors of the Company accept responsibility for the information contained in this Supplement and the Prospectus. To the best of the knowledge and belief of the Directors (who have taken all reasonable
More informationHSBC Corporate Money Funds Limited Prospectus. Date: 26 th June 2018 PUBLIC
HSBC Corporate Money Funds Limited Prospectus Date: 26 th June 2018 PUBLIC HSBC Corporate Money Funds Limited (the Company ), formerly All Points Corporate Money Funds Limited, has been incorporated in
More informationPioneer Multi-Sector Credit Strategy
Pioneer Multi-Sector Credit Strategy Profile, March 2015 For Professional Investor Use Only and Not to be Distributed to the Public. Strategy Overview The Pioneer Multi-Sector Credit Strategy takes a flexible
More informationOutlook for Financial Markets
Outlook for Financial Markets David Greene, Client Portfolio Manager Pioneer Investments What is QE? Source : BBC News Source : JP Morgan as at 28 February 2015 How low can you go? German 10yr bond yields
More informationTHE OPTIMA STAR LONG FUND (THE "FUND")
The Directors, whose names appear under the section of the Prospectus headed "Management of the ICAV", accept responsibility for the information contained in this Supplement and the Prospectus. To the
More informationXtrackers MSCI Emerging Markets Small Cap UCITS ETF. Supplement to the Prospectus
Xtrackers MSCI Emerging Markets Small Cap UCITS ETF Supplement to the Prospectus This Supplement contains information in relation to Xtrackers MSCI Emerging Markets Small Cap UCITS ETF (the Fund ), a Fund
More informationPioneer Funds U.S. Research & Pioneer Funds U.S. Research Growth
Pioneer Funds U.S. Research & Pioneer Funds U.S. Research Growth Investment Conference, Boston, March 2010 John Peckham CFA, Head of Global Fundamental Research Ashesh Savla Associate Portfolio Manager
More informationCS ETF (IE) on iboxx EUR Govt 1-3
CS ETF (IE) on iboxx EUR Govt 1-3 Supplement to the Prospectus This Supplement contains information in relation to the CS ETF (IE) on iboxx EUR Govt 1-3 (the "Fund"), a sub-fund of CS ETF (IE) plc (the
More information4 Reasons to Invest in Pioneer Funds Real Assets Target Income. ~40% of Total Income: Premium 1 from Call and Put Options
4 Reasons to Invest in Pioneer Funds Real Assets Target Income A High Yielding Response to Rising Inflation FOCUS 4Reasons 1. Seeks to protect purchasing power by offering real returns, which may rise
More informationWorkshop: Pioneer Funds U.S. Research
Workshop: Pioneer Funds U.S. Research Paul Cloonan, Co-Head of Equity Research, U.S., Senior Vice President For US Investment Conference 2012 Attendees Only. Not to be Distributed to the Public. What Differentiates
More informationCertificate and Warrant Programme
PROSPECTUS The Royal Bank of Scotland plc (Incorporated in Scotland with limited liability under the Companies Acts 1948 to 1980, registered number SC090312) Certificate and Warrant Programme Under the
More informationMerrill Lynch Due Diligence Meeting October 2012, Boston
Merrill Lynch Due Diligence Meeting 22-24 October 2012, Boston Emerging Markets: Corporate Bonds Stealing the Show Greg Saichin, Head of Emerging Markets & High Yield Fixed Income Portfolio Management,
More informationAgenda. 1. Framework of Portfolio Construction 2. Applying What We Know to Equities
Agenda 1. Framework of Portfolio Construction 2. Applying What We Know to Equities Page 2 I Dublin, June 2013 Pioneer Investment Conference Framework Successful portfolio construction should rely on 4
More informationINVESCO JPX-Nikkei 400 UCITS ETF. Supplement to the Prospectus
INVESCO JPX-Nikkei 400 UCITS ETF Supplement to the Prospectus This Supplement contains information in relation to the Invesco JPX-Nikkei 400 UCITS ETF (the "Fund"), a Fund of Invesco Markets plc (the "Company")
More informationPioneer Investments European Equity Capabilities
Pioneer Investments European Equity Capabilities Investment Philosophy and Process Page 1 I For broker/dealer use only and not be distributed to the public. European Equity The Integrated Team Group CIO
More informationSEK 5Y Equity Linked Note OMX Booster
SEK 5Y Equity Linked Note OMX Booster THE SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933 (AS AMENDED) AND ARE SUBJECT TO U.S. TAX REQUIREMENTS. THE SECURITIES
More informationVESPUCCI STRUCTURED FINANCIAL PRODUCTS
Base Prospectus VESPUCCI STRUCTURED FINANCIAL PRODUCTS p.l.c. (incorporated as a public limited company in Ireland with registered number 426220) 40,000,000,000 Programme for the issue of Notes It is intended
More informationCS ETF (IE) on MSCI India
CS ETF (IE) on MSCI India Supplement to the Prospectus This Supplement contains information in relation to the CS ETF (IE) on MSCI India (the "Fund"), a sub-fund of CS ETF (IE) plc (the "Company") an umbrella
More informationFidelity Funds - America Fund (the ILP Sub-Fund )
Fidelity Funds - America Fund (the ILP Sub-Fund ) This Fund Summary should be read in conjunction with the Product Summary Structure of ILP Sub-Fund The ILP Sub-Fund is an open-ended feeder fund and invests
More informationFINEX CASH EQUIVALENTS UCITS ETF. Supplement to the Prospectus
FINEX CASH EQUIVALENTS UCITS ETF Supplement to the Prospectus This Supplement contains information in relation to the FinEx Cash Equivalents UCITS ETF (the "Fund"), a sub-fund of FinEx Funds plc (the "Company")
More informationProduct Key Facts Franklin Floating Rate Fund plc Last updated: August 2018
Product Key Facts Franklin Floating Rate Fund plc Last updated: August 2018 This statement provides you with key information about this product. This statement is a part of the offering document. You should
More informationTHE OPTIMA STAR FUND (THE "FUND")
The Directors, whose names appear under the section of the Prospectus headed "Management of the ICAV", accept responsibility for the information contained in this Supplement and the Prospectus. To the
More informationImportant Changes to Fidelity Funds. Key Points
Important Changes to Fidelity Funds Key Points The Fidelity Funds Global Real Asset Securities Fund will merge into Fidelity Funds Global Focus Fund on 23 May 2016. If you agree with the Merger you do
More informationHENDERSON HORIZON FUND - ASIA-PACIFIC PROPERTY EQUITIES FUND
1 Prepared on: 22/09/11 This Product Highlights Sheet is an important document It highlights the key terms and risks of this investment product and complements the Singapore Prospectus 1. It is important
More informationINVESCO MORNINGSTAR US ENERGY INFRASTRUCTURE MLP UCITS ETF. Supplement to the Prospectus
INVESCO MORNINGSTAR US ENERGY INFRASTRUCTURE MLP UCITS ETF Supplement to the Prospectus This Supplement contains information in relation to the Invesco Morningstar US Energy Infrastructure MLP UCITS ETF
More information4 YEAR CHF 3.20% CPN CAPITAL PROTECTED NOTE LINKED TO EUR/CHF
4 YEAR CHF 3.20% CPN CAPITAL PROTECTED NOTE LINKED TO EUR/CHF Indicative Terms and Conditions THE NOTES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES
More informationSIG LYRICAL FUND. Supplement to the Prospectus. for
SIG LYRICAL FUND Supplement to the Prospectus for STRATEGIC INVESTMENT FUNDS UCITS PLC (an umbrella fund with segregated liability between sub-funds) This Supplement contains specific information in relation
More informationFranklin LibertyQ Emerging Markets UCITS ETF
Franklin LibertyShares ICAV Franklin LibertyQ Emerging Markets UCITS ETF 11 July 2017 (A sub-fund of Franklin LibertyShares ICAV, an Irish collective asset-management vehicle constituted as an umbrella
More informationUK AUTOCALL FUND. Supplement to the Prospectus
UK AUTOCALL FUND Supplement to the Prospectus This Supplement contains information in relation to Shares issued in respect of the UK Autocall Fund (the Fund) created by CitiFirst Investments plc, an umbrella
More informationSUPPLEMENT FOR MW EUREKA FUND A SUB-FUND OF
This Supplement is issued by Marshall Wace Funds plc (the "Company") and is solely for use in connection with a proposed subscription for Shares in MW Eureka Fund (the "Fund"), a sub-fund of the Company.
More informationHSBC S&P 500 UCITS ETF
The Company and the Directors of HSBC ETFs PLC (the Directors ) listed in the Prospectus in the Management and Administration section, accept responsibility for the information contained in this Supplement.
More informationSPDR BofA Merrill Lynch Emerging Markets Corporate Bond UCITS ETF
SSGA SPDR ETFs Europe I Plc 2 November 2015 SPDR BofA Merrill Lynch Emerging Markets Corporate Bond UCITS ETF Supplement No. 30 (A sub-fund of SSGA SPDR ETFs Europe I plc (the Company ), an open-ended
More informationPROSPECTUS 6 April 2017 THREADNEEDLE FOCUS INVESTMENT FUNDS ICVC
PROSPECTUS 6 April 2017 THREADNEEDLE FOCUS INVESTMENT FUNDS ICVC Contents Prospectus of Threadneedle Focus Investment Funds ICVC... 2 Definitions... 3 Details of the Company... 5 The Structure of the Company...
More informationSUPPLEMENT NO. 4 DATE: 28 OCTOBER 2016
The Directors of the Company accept responsibility for the information contained in this Supplement and the Prospectus. To the best of the knowledge and belief of the Directors (who have taken all reasonable
More informationSUPPLEMENT NO. 6 DATE: 28 OCTOBER 2016
The Directors of the Company accept responsibility for the information contained in this Supplement and the Prospectus. To the best of the knowledge and belief of the Directors (who have taken all reasonable
More informationNOTICE TO THE SHAREHOLDERS OF THE SUB FUND EUROPEAN VALUE (THE MERGING SUB FUND ) AND OF THE SUB FUND INTERNATIONAL VALUE (THE RECEIVING SUB FUND )
NOTICE TO THE SHAREHOLDERS OF THE SUB FUND EUROPEAN VALUE (THE MERGING SUB FUND ) AND OF THE SUB FUND INTERNATIONAL VALUE (THE RECEIVING SUB FUND ) Luxembourg, 28 April 2017 Dear Shareholders, We hereby
More informationWARWYCK PHOENIX PCC ( PCC )
WARWYCK PHOENIX PCC ( PCC ) WARWYCK PHOENIX GLOBAL INVEST FUND 1 (THE CELL 6 ) Supplement to the Listing Particulars of Warwyck Phoenix PCC A cell under Warwyck Phoenix PCC (SELF MANAGED FUND) ISIN: MU0442S00055
More information4 Year Capital at Risk Autocallable Barrier Notes Linked to Ordinary Shares
4 Year Capital at Risk Autocallable Barrier Notes Linked to Ordinary Shares PRODUCT BROCHURE MARKETING MATERIAL PREPARED IN CONNECTION WITH A PUBLIC OFFERING OF TES IN HUNGARY Investors Seek / Can Accept
More informationXtrackers MSCI AC World UCITS ETF. Supplement to the Prospectus
Xtrackers MSCI AC World UCITS ETF Supplement to the Prospectus This Supplement contains information in relation to Xtrackers MSCI AC World UCITS ETF (the Fund ), a Fund of Xtrackers (IE) plc (the Company
More informationMANULIFE INVESTMENT U.S. EQUITY FUND
Product Highlights Sheet dated 30 June 2017 MANULIFE INVESTMENT U.S. EQUITY FUND RESPONSIBILITY STATEMENT This Product Highlights Sheet has been reviewed and approved by the directors and/or persons approved
More informationInvesco Preferred Shares UCITS ETF. Supplement to the Prospectus
Invesco Preferred Shares UCITS ETF Supplement to the Prospectus This Supplement contains information in relation to Invesco Preferred Shares UCITS ETF (the "Fund"), a sub-fund of Invesco Markets II plc
More informationINVESCO STOXX JAPAN EXPORTERS UCITS ETF. Supplement to the Prospectus
INVESCO STOXX JAPAN EXPORTERS UCITS ETF Supplement to the Prospectus This Supplement contains information in relation to the Invesco STOXX Japan Exporters UCITS ETF (the "Fund"), a Fund of Invesco Markets
More informationSOURCE RBIS EQUAL RISK EQUITY US UCITS ETF. Supplement to the Prospectus
SOURCE RBIS EQUAL RISK EQUITY US UCITS ETF Supplement to the Prospectus This Supplement contains information in relation to the Source RBIS Equal Risk Equity US UCITS ETF (the "Fund"), a Fund of Source
More informationHSBC MSCI TURKEY UCITS ETF Supplement. 6 October 2014
HSBC MSCI TURKEY UCITS ETF Supplement 6 October 2014 The Company and the Directors of HSBC ETFs PLC (the Directors ) listed in the Prospectus in the Management and Administration section, accept responsibility
More informationHSBC MSCI CANADA UCITS ETF Supplement. 17 February 2017
HSBC MSCI CANADA UCITS ETF Supplement 17 February 2017 The Company and the Directors of HSBC ETFs PLC (the Directors ) listed in the Prospectus in the Management and Administration section, accept responsibility
More informationHSBC Global Investment Funds Global High Yield Bond
Important information: The Fund invests primarily in non-investment grade and unrated bonds. For certain classes of the Fund, the Fund may pay dividends out of capital or pay dividends gross of expenses.
More informationODER CAPITAL LIMITED (Incorporated with limited liability in Jersey) US$10,000,000,000 Certificate programme
BASE PROSPECTUS Dated 12 February 2014 ODER CAPITAL LIMITED (Incorporated with limited liability in Jersey) US$10,000,000,000 Certificate programme This Base Prospectus describes the US$10,000,000,000
More informationHSBC MSCI CANADA UCITS ETF
The Company and the Directors of HSBC ETFs PLC (the Directors ) listed in the Prospectus in the Management and Administration section, accept responsibility for the information contained in this Supplement.
More informationCredit Suisse, London Branch
Credit Suisse, London Branch Series SPLB 2009-002 Up to EUR 15,000,000 Index-linked Notes due 2017 Issue Price: 100 per cent. This document comprises two parts. Part One is a summary of the Registration
More informationSPDR BofA Merrill Lynch Emerging Markets Corporate Bond UCITS ETF
SSGA SPDR ETFs Europe I Plc 8 January 2018 SPDR BofA Merrill Lynch Emerging Markets Corporate Bond UCITS ETF Supplement No. 30 (A sub fund of SSGA SPDR ETFs Europe I plc (the Company ), an open ended investment
More informationPRODUCT HIGHLIGHTS SHEET
Prepared on: 25 September 2018 This Product Highlights Sheet is an important document. It highlights the key terms and risks of this investment product and complements the Prospectus 1. It is important
More informationBIOPHARMA CREDIT PLC FINAL RESULTS OF THE TENDER OFFERS: APPLICATIONS REPRESENTING SEED ASSETS WITH AN AGGREGATE VALUE OF US$338.
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO ANY US PERSONS OR IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, SOUTH AFRICA OR JAPAN, OR ANY OTHER JURISDICTION,
More informationWARWYCK PHOENIX PCC ( PCC )
WARWYCK PHOENIX PCC ( PCC ) WARWYCK PHOENIX BALANCED FUND (THE CELL 3 ) Supplement to the Listing Particulars of Warwyck Phoenix PCC A cell under Warwyck Phoenix PCC (A SELF MANAGED FUND) ISIN: MU0442S00022
More informationEfficient Capital CTA Index Fund
The Directors of DMS UCITS Platform ICAV (the ICAV ) whose names appear in the Directory of the Prospectus accept responsibility for the information contained in this Supplement. To the best of the knowledge
More informationSchematrentaquattro S.p.A. EUR 200 million Unsecured Guaranteed Exchangeable Bonds due 2016 Exchangeable into shares of Pirelli & C. S.p.A.
NOT FOR DISTRIBUTION IN OR INTO THE US, CANADA OR JAPAN OR ANY OTHER COUNTRIES WHERE OFFERS OR SALES WOULD BE FORBIDDEN UNDER APPLCIABLE LAWS OR This indicative term sheet comprises only a summary of the
More informationmomentum harmony funds
momentum harmony funds fund brochure global investment management Fund range The fund range consists of eight multi-asset, multi-manager funds diversified across local and global investments, asset classes,
More informationPRODUCT HIGHLIGHTS SHEET
Prepared on: 27 December 2018 This Product Highlights Sheet is an important document. It highlights the key terms and risks of this investment product and complements the Prospectus 1. It is important
More informationPRODUCT HIGHLIGHTS SHEET
Prepared on: 25 September 2018 This Product Highlights Sheet is an important document. It highlights the key terms and risks of this investment product and complements the Prospectus 1. It is important
More informationLAZARD EMERGING WORLD FUND
If you are in any doubt about the contents of this Supplement, you should consult your stockbroker, bank manager, solicitor, accountant or other independent financial adviser. The Directors of Lazard Global
More informationMULTI UNITS FRANCE - LYXOR UCITS ETF MSCI AC ASIA EX JAPAN INFORMATION TECHNOLOGY TR (the Fund )
1 Prepared on: 14/02/2014 This Product Highlights Sheet ( PHS ) is an important document. It highlights the key terms and risks of this investment product and complements the prospectus of the Fund dated
More informationINVESCO CONSUMER STAPLES S&P US SELECT SECTOR UCITS ETF. Supplement to the Prospectus
INVESCO CONSUMER STAPLES S&P US SELECT SECTOR UCITS ETF Supplement to the Prospectus This Supplement contains information in relation to the Invesco Consumer Staples S&P US Select Sector UCITS ETF (the
More informationINVESCO RUSSELL 2000 UCITS ETF. Supplement to the Prospectus
INVESCO RUSSELL 2000 UCITS ETF Supplement to the Prospectus This Supplement contains information in relation to the Invesco Russell 2000 UCITS ETF (the "Fund"), a Fund of Invesco Markets plc (the "Company")
More informationPioneer Funds Euroland Equity
Pioneer Funds Euroland Equity Investment Conference, Boston, March 2010 Fabio Di Giansante Lead Portfolio Manager For Broker/Dealer Use Only and Not to be Distributed to the Public Understanding a Concentrated
More informationHSBC S&P 500 UCITS ETF
The Company and the Directors of HSBC ETFs PLC (the Directors ) listed in the Prospectus in the Management and Administration section, accept responsibility for the information contained in this Supplement.
More informationBIAS DIVIDEND INCOME FUND US$ SEGREGATED PORTFOLIO. Supplement to the Information Memorandum of BIAS GLOBAL PORTFOLIOS, SPC
BIAS GLOBAL PORTFOLIOS, SPC BIAS DIVIDEND INCOME FUND US$ SEGREGATED PORTFOLIO Supplement to the Information Memorandum of BIAS GLOBAL PORTFOLIOS, SPC Listing on the Cayman Islands Stock Exchange Listing
More informationCOUNTERPOINT GLOBAL EQUITY FUND
COUNTERPOINT GLOBAL EQUITY FUND Supplement to the Prospectus dated 20 May 2016 for Sanlam Global Funds plc (a Retail Investor Alternative Investment Fund) This Supplement contains specified information
More informationCapital Protected Certificate on Indices Public Offering Eusipa Code: 1100
Product Details Underlying (i=1) S&P Europe 350 Daily Risk Control 10% Excess Return (EUR) (Reuters:.SPEU10EE; Bloomberg: SPEU10EE Index) Underlying (i=2) iboxx EUR 5-7 (Reuters:.IBBEU00CB; Bloomberg:
More informationXtrackers USD Emerging Markets Bond Quality Weighted UCITS ETF. Supplement to the Prospectus
Xtrackers USD Emerging Markets Bond Quality Weighted UCITS ETF Supplement to the Prospectus This Supplement contains information in relation to Xtrackers USD Emerging Markets Bond Quality Weighted UCITS
More informationKey Investor Information
Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and
More informationOpen End PERLES Linked to ROBO Global Disruptive Technology Total Return Index (USD)* Issued by UBS AG, London Branch
Open End PERLES Linked to ROBO Global Disruptive Technology Total Return Index (USD)* Issued by UBS AG, London Branch Cash settled SVSP/EUSIPA Product Type: Tracker Certificates (1300) / SIX Symbol: DISUSU
More informationDeutsche Bank Luxembourg S.A. EUR10,000,000,000 Fiduciary Note Programme
BASE PROSPECTUS Deutsche Bank Luxembourg S.A. (a public limited liability company (société anonyme) incorporated under the laws of the Grand Duchy of Luxembourg, having its registered office at 2, boulevard
More informationEATON VANCE INTERNATIONAL (IRELAND) U.S. HIGH YIELD BOND FUND
The directors of Eaton Vance International (Ireland) Funds plc (the Directors ) listed in the Prospectus under The Company, accept responsibility for the information contained in the Prospectus and this
More informationFrom Manufacturing to Energy: How to Capture Sustainable Growth in US Equity
From Manufacturing to Energy: How to Capture Sustainable Growth in US Equity Andrew Acheson, Portfolio Manager John Peckham, CFA, Portfolio Manager, Co-Head of Equity Research, US June 2013 Page 1 I For
More informationInvesco Variable Rate Preferred Shares UCITS ETF. Supplement to the Prospectus
Invesco Variable Rate Preferred Shares UCITS ETF Supplement to the Prospectus This Supplement contains information in relation to Invesco Variable Rate Preferred Shares UCITS ETF (the "Fund"), a sub-fund
More informationArranger Deutsche Bank AG, London Branch
OFFERING CIRCULAR DATED 4 JUNE 2012 GLOBAL BOND SERIES XIV, S.A. (a public limited liability company (société anonyme), incorporated under the laws of the Grand Duchy of Luxembourg, having its registered
More informationFINEX MSCI CHINA UCITS ETF. Supplement to the Prospectus
FINEX MSCI CHINA UCITS ETF Supplement to the Prospectus This Supplement contains information in relation to the FinEx MSCI China UCITS ETF (the "Fund"), a subfund of FinEx Funds plc (the "Company") an
More informationINVESCO MSCI EMERGING MARKETS UCITS ETF. Supplement to the Prospectus
INVESCO MSCI EMERGING MARKETS UCITS ETF Supplement to the Prospectus This Supplement contains information in relation to the Invesco MSCI Emerging Markets UCITS ETF (the "Fund"), a Fund of Invesco Markets
More informationOFFERING MEMORANDUM. June, A Retail Offering of Units (the "Units") in
OFFERING MEMORANDUM June, 2008 A Retail Offering of Units (the "Units") in NIKKO REAL ASSET FUND USD PORTFOLIO (the USD Portfolio ) NIKKO REAL ASSET FUND EUR PORTFOLIO (the EUR Portfolio ) NIKKO REAL ASSET
More informationSupplement 1 Polen Capital Focus U.S. Growth Fund
Supplement 1 Polen Capital Focus U.S. Growth Fund Supplement dated 22 September, 2017 to the Prospectus for Polen Capital Investment Funds Plc dated 16 July, 2014. This Supplement contains information
More informationLAZARD EUROPEAN EQUITY FUND
If you are in any doubt about the contents of this Supplement, you should consult your stockbroker, bank manager, solicitor, accountant or other independent financial adviser. The Directors of Lazard Global
More informationPRODUCT HIGHLIGHTS SHEET
Prepared on: 25 September 2018 This Product Highlights Sheet is an important document. It highlights the key terms and risks of this investment product and complements the Prospectus 1. It is important
More informationEARNEST PARTNERS GLOBAL FUNDS P.L.C.
EARNEST PARTNERS GLOBAL FUNDS P.L.C. An open-ended umbrella investment company with variable capital and segregated liability between sub-funds incorporated with limited liability in Ireland under the
More information