Pure Capital - Independent asset management

Pure Conviction International Equities - FC An equity fund This information is valid at 11/12/2019

A diversified portfolio of international equities that are selected for their “value” characteristics, with no reference to a benchmark.

“Companies that generate a lot of cash flow are only of any real interest to a long-term investor if they are able to reinvest a considerable proportion of this cash in new technologies and other growth projects that will sustain their capacity to generate future earnings and cash flows. Our definition of what constitutes a “value company” is based on two things ― its capacity to generate a lot of cash flow, and its capacity to use this surplus cash effectively for growth investments”. 

Dominique Marchese 
The sub-fund’s manager, Head of Equities & Fund Manager

  • ISIN code : LU0978656634
  • Risk level (SRRI) : 5
  • Investment horizon : Min. 5 years
  • YTD performance : +25,5%
  • 1-Day Return : +0,52%
  • Net asset value at 11/12/2019 : 154,95 €
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Performance

Change in net asset value This information is valid at 11/12/2019

Annual performance This information is valid at 11/12/2019

Periodic performance This information is valid at 11/12/2019

YTD
1M
3M
6M
1Y
3Y
5Y
ITD*
+25,5%
+0,8%
+3,98%
+9,05%
+20,02%
+5,63%
+6,51%
+7,57%

Performance over a period of more than one year is annualised.

* Inception to Date. Annualised performance since the share was issued on 11 December 2013.

Important information for investors:

The chart and returns 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.


Description

Investment policy and objective

This sub-fund’s objective is to maximise the return of investments in global equity markets.

The investment strategy is based on the principle of “value investing”. Equities are carefully selected for their so-called value characteristics, which the fund manager assesses on the basis of the company’s capacity to generate free cash flow and the strength of its balance sheet. The fund manager may also make highly selective and opportunistic investments in “growth” companies. Other features of the investment policy include particularly high risk diversification, an elaborate portfolio construction methodology, and a flexible and agile investment decision process.

Under normal market conditions, the sub-fund will invest at least 55% of its net assets in the equities of companies that are domiciled or do most of their business in an OECD country, with no constraints as to market capitalisation or sector.

Investor profile

The sub-fund is intended for all investors who are looking for opportunities in global equity markets.

Investors much have a long-term investment horizon of at least five years.

Risk level (SRRI)

1
2
3
4
5
6
7
Potentially lower reward
Lower risk.
Potentially higher reward
Higher risk.
dsc_7149nb.jpg Dominique Marchese Head of Equities & Fund Manager +352/26.39.86 dmarchese@purecapital.eu Get to know him

FUND CHARACTERISTICS

Key information

  • Name: PCFS – Pure Conviction International Equities - FC
  • Classification: Global Value equities 
  • ISIN code: LU0978656634 
  • Bloomberg ticker: PUREIFC LX Equity 
  • Type: Undertaking for collective investment in transferable securities (UCITS) 
  • Legal form: A sub-fund of the “PCFS” Luxembourg SICAV fund 
  • Inception date: 11/12/2013 
  • NAV on inception: €100 
  • Currency: EUR 
  • Benchmark index: None 
  • Share type: accumulation 
  • Term: Indefinite 
  • Minimum recommended investment horizon: 5 years 
  • Investor type: Professional & Institutional
  • Management company: Pure Capital S.A. 
  • Auditor: PwC Luxembourg 
  • NAV publication: Website, Bloomberg, Morningstar, Beama.be

Fees and charges

  • Management fee: 0.25%
  • Performance fee: 10% over hurdle of 7% with High Water Mark 
  • Ongoing charges (including management fee): 0.78% 
  • Subscription fee: Max. 3%, at the distributor’s discretion 
  • Redemption fee: 0%

Subscriptions and Redemptions

  • Minimum investment requirement: €5 000 000
  • 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 

  • Provides long-term return potential in global equity markets, irrespective of market capitalisation, geographic region or economic sector;
  • Active, conviction-based management;
  • A disciplined investment process based on an in-depth analysis of company fundamentals, and in particular a systematic analysis of its capacity to generate substantial free cash flow so that it may remunerate shareholders in the form of dividends or share buybacks and meet its own business requirements, such as making growth investments or acquisitions or repaying debt;
  • A more sophisticated definition of “value”* that includes such criteria as the company’s capacity to generate substantial free cash flow and to use this surplus cash for growth investments;
  • Investment in well-managed companies with a genuine long-term vision;
  • The fund manager’s experience in value investing.

RISKS

  • “Equity” risk: The price of an equity security may vary, sometimes due to factors that have nothing to do with the company’s intrinsic value. Equity prices may be affected by economic factors and market conditions, such as a general decrease in share prices or conditions that affect one or more specific issuers, such as changes in earnings forecasts;
  • 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;
  • Credit risk: An issuer may be unable to meet its obligations;
  • 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;
  • 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;
  • 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;
  • 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-fund’s assets.



Disclaimer

Before investing in this fund, you should carefully read the Key Investor Information Document (the “KIID”) and the prospectus. The KIID, the prospectus, the audited annual report and the unaudited semi-annual report are available on this website.

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.

 

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