Pure Capital - Independent asset management

Pure Fixed Income Opportunities - RD A bond fund This information is valid at 29/06/2022

A flexible approach to bond investment.

“In an environment that has become a bit difficult for traditional bond investors, rigid and passive investment strategies are unsatisfactory. With this sub-fund, we have addressed the need to broaden the spectrum of potential sources of return and decorrelation within the bond universe, and to actively realign our portfolio with our outlook for market opportunities. Always with full awareness of the risks involved and a strong focus on diversification.”      

Jean-Philippe Vanderborght
The sub-fund manager, Head of Macroeconomics, Fixed Income & Fund Manager

 

  • ISIN code : LU1453404979
  • Risk level (SRRI) : 3*
  • Investment horizon : Min. 3 years
  • YTD performance : -7,18%
  • 1-Day Return : -0,14%
  • Net asset value at 29/06/2022 : 93,45 €
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* The Synthetic Risk and Reward Indicator (SRRI) ranks investment risk on a scale of 1 to 7. It is based on historical volatility data. A lower indicator score indicates a lower risk, and also a lower potential return. A higher indicator score indicates a higher risk, and also a higher potential return. A risk level of 1 does not mean that the investment is without risk. There is no guarantee that the risk level indicated will not change over time.


Performance

Change in net asset value This information is valid at 29/06/2022

Annual performance This information is valid at 29/06/2022

Periodic performance This information is valid at 29/06/2022

YTD
1M
3M
6M
1Y
ITD*
-7,18%
-2,57%
-4,25%
-7,2%
-8,31%
-3,85%

RD share class is a distribution share class ; holders of RD shares are entitled to receive a dividend paid annually. Data shown above do not include dividends paid.

Source: Pure Capital

Important information for investors: 

The chart shown above refer to past performance and do not constitute a reliable indicator for the future. This fund does not offer a capital guarantee. Before investing, you should always read the Key Investor Information Document (KIID) and the prospectus.

The change in net asset value indicated is net of management fees, performance fees and any other fees and charges which, as indicated in the prospectus, are borne by the fund. It does not include any subscription fees that may be paid to the distributor, nor any annual custody fees that may be deducted by the custodian, nor any taxes for which the investor may be liable. 


Description

Investment policy and objective

This sub-fund’s objective is to maximise the return on investments in global bond and money markets.

The investment policy offers the broadest possible access to all available opportunities in fixed-income markets, with no restrictions as to type of financial instrument, maturity, credit rating or currency. 

The sub-fund's core strategy is to invest in a diversified portfolio of debt securities. The portfolio’s allocation between the various segments of the money and bond markets (or between the various types of mutual funds that invest in bond and money market instruments) may be significantly modified in accordance with macroeconomic and financial market fundamentals, while also taking quantitative analysis criteria into account. Asset allocations by geographic region, economic sector, credit rating and maturity may therefore change substantially.

More specifically, there are no limits to the allocations of fixed-rate, floating-rate, convertible or inflation-linked bonds, transferable debt securities, or government bonds and notes, including those of the emerging countries.

However, the investment manager may invest no more than 20% of the sub-fund’s assets in contingent convertible bonds, and no more than 70% in contingent convertible bonds and other hybrid financial and non-financial sector bonds.

Cash and cash equivalents may potentially account for up to 100% of the sub-fund’s net asset value.

Risk level (SRRI)

1
2
3
4
5
6
7
Potentially lower reward
Lower risk.
Potentially higher reward
Higher risk.

Investor profile

This sub-fund is intended for all investors who are looking for interest rate, credit and currency opportunities in bond and money markets.

Investors much have an investment horizon of more than three years.

dsc_7515nb.jpg Jean-Philippe Vanderborght Head of Macroeconomics, Fixed Income Analyst & Fund Manager +352/26.39.86.50   jpvanderborght@purecapital.eu Get to know him

FUND CHARACTERISTICS

Key information

  • Name: PCFS – Pure Fixed Income Opportunities - RD
  • Classification: Flexible bond management - Global
  • ISIN code: LU1453404979
  • Bloomberg ticket: PUREFRD LX Equity
  • Type: Undertaking for collective investment in transferable securities (UCITS)
  • Legal form: A sub-fund of the “PCFS” Luxembourg SICAV fund
  • Inception date: 08/10/2020
  • NAV on inception: €100
  • Currency: EUR
  • Benchmark index: None
  • Share type: distribution
  • Term: Indefinite
  • Minimum recommended investment horizon:  3 years
  • Investor type: Retail investors, individuals and corporate entities
  • Management company: Pure Capital S.A.
  • Auditor: PwC Luxembourg
  • NAV publication: Website, Bloomberg, Morningstar, Beama.be

Fees and charges

  • Management fee: 0.60%
  • Performance fee: 10% with a high water mark
  • Ongoing charges (including management fee): 1.17%
  • Subscription fee: Max. 3%, at the distributor’s discretion
  • Redemption fee: 0%

Subscriptions and Redemptions

  • Minimum investment requirement: €100
  • Cut-off: 10:00 am (CET)
  • NAV valuation frequency: Daily
  • Settlement date: Max. (D+3)
  • Transfer agent / Depositary: RBC Investor Services Bank S.A.
  • Swing pricing applicable: No

MAIN RISKS & ADVANTAGES

ADVANTAGES

  • Medium-term capital appreciation in global bond markets regardless of market conditions and the economic cycle;
  • Offers a broad range of investment solutions with no benchmark constraints: fixed or variable rate, government, corporate, high yield and convertible bonds, hybrid debt, emerging debt, etc.;
  • Flexible choice of securities and portfolio allocations, with a strategy that adapts to changing market conditions;
  • A high level of diversification.

RISKS

  • Interest rate risk: An increase in interest rates may cause the value of the sub-fund’s bonds to decrease;
  • Credit risk: An issuer may be unable to meet its obligations. If an issuer’s solvency position deteriorates, the value of the issuer’s bonds or of derivative instruments that are linked to this issuer may decrease;
  • Counterparty risk: The sub-fund may suffer losses if a counterparty defaults and is unable to meet its obligations, particularly if the transaction with the counterparty involves over-the-counter derivatives;
  • Exchange rate risk: The risk that the exchange rate of a given currency may vary with respect to that of another currency over the near or medium term;
  • The risk of using certain financial techniques: The use of complex products, such as derivative contracts, may amplify changes in the price of the sub-fund’s securities;
  • The risk of investing in contingent convertibles (CoCo’s): CoCo’s expose investors to various risks, such as loss absorbency, price fluctuations, trigger risk and conversion risk;
  • Liquidity risk: The sub-fund invests in markets which may be adversely affected by a decrease in liquidity. These market conditions may affect the price at which the asset manager buys or sells a given security;
  • Discretionary management risk: Since the investment strategy is based on projected changes in the various markets, there is a risk that the sub-fund may not be invested in the best-performing markets at any one time;
  • Operational risk: The risk of an error or wrongdoing on the part of a party involved in the management, valuation and/or custody of the sub-funds assets.

Disclaimer

Before investing in this fund, you should carefully read the Key Investor Information Document ("KIID"), the prospectus and all other relevant information, which are available free of charge on request to Pure Capital S.A. (tel: +352 26 39 86) or on its website www.purecapital.eu. The KIID is available in English and in at least one of the official languages of each country in which the sub-fund is authorized for marketing. The prospectus, the semi-annual report and the annual report are available in English.

The information presented above does not constitute investment advice and is intended solely for marketing purposes.

Past performance is not a reliable indicator of future results. Performance may vary over time. Investments in this fund are subject to market fluctuations and investors may not recover all of their initial investment. Pure Capital may vary the fund’s future exposures, allocations and investments as it deems appropriate to accommodate different market conditions. There can be no guarantee that investment objectives will be met.

Management fees, depositary bank fees, and all other fees and charges indicated in the prospectus as borne by the fund are included in the calculation of its net asset value and consequently of its performance. 

The custodian may charge annual custody fees that are determined by the custodian. For more information about these fees prospective investors must contact their custodian.

The taxation of this financial product depends on the investor’s specific situation. In Belgium: 

  • Withholding tax: Over 10% of this sub-fund’s portfolio is invested in debt securities. The income on these securities is subject to a 30% withholding tax.
  • Transactions tax: No tax is charged when purchasing the sub-fund. A 1.32% tax is charged when selling accumulation shares only. This tax is capped at €4,000.

Investors can obtain information about their rights on the link https://www.purecapital.eu/en/legal.html. A summary is available in French and English.

Any claims and complaints may be addressed in writing to Pure Capital S.A. at its registered office at 2 rue d’Arlon, L-8399 Windhof, Grand-Duchy of Luxembourg, to the attention of Mr Thierry Leonard, Managing Partner. In Belgium: if investors are not satisfied with the handling of these claims or complaints, they may submit them to Ombudsfin, mediation service for financial services whose address is North Gate II, Boulevard du Roi Albert II, n° 8 bte.2, 1000 Brussels, e-mail: ombudsman@ombudsfin.be, either in a separate written message or using the complaint form available online at https://www.ombudsfin.be/en/individuals/introduce-complaint/.

Pure Capital S.A. may decide to cease the marketing of its undertakings for collective investment in accordance with Article 93 bis of Directive 2009/65/EC and Article 32 bis of Directive 2011/61/EU.

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