In compliance with the ESMA guidelines on performance fees in UCITS and certain types of AIFs published on 3 April 2020 (the “ESMA Guidelines”), the Company’s board of directors informs you that the prospectus of the Company (the “Prospectus”) has been updated in order to take into account the requirements of the ESMA Guidelines.
The paragraphs describing the performance fee in the Prospectus have been redrafted as follows: “The Investment Manager will receive, where applicable, an outperformance fee when the performance of a sub-fund exceeds that of the benchmark index indicated below, whether it has recorded a positive or negative performance.
The outperformance commission, applicable to a given share class is based on the comparison between the sub-fund's valued assets and the reference assets. The “valued assets” refer to the assets of a sub-fund corresponding to a share class, valued according to the valuation rules applicable to the assets of the sub- fund and after taking into account the operation and management costs corresponding to said share class. The “reference assets” refer to the assets of a hypothetical sub-fund, whose investment performance is that of the relevant benchmark and from which subscription and redemption amounts are deducted as of each valuation day.
The benchmark used to calculate the outperformance commission is disclosed in the relevant subfund sheet and in section “List of Available Share Classes”. The performance reference period corresponds to the 1st trading day in January to the last trading day in December of the same year.
Payment frequency The outperformance fee is paid to the investment manager in the month following the end of the reference period. Under no circumstances may the reference period for the fund be less than one year.
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