Pure Capital - Independent asset management

Pure Europe Small & Mid Cap Equities - RC An equity funds This information is valid at 24/11/2022

A selection of small and medium-size European companies, disciplined management, with a focus on Growth, Quality and Valuation.

“European small and mid-cap companies can offer excellent potential, but there are some traps to avoid, such as confusing a fashionable trend with true growth potential, or not being sufficiently wary of valuations. The companies we select for this sub-fund must be positioned on a sustainable growth trend and must meet our quality criteria, particularly in terms of cash flow generation, which is in our DNA. But these companies still need to be reasonably valued. The strict discipline we observe when buying or selling a company is another way that we can enhance potential return”. 

Jean-Mickaël Dos Santos
The sub-fund’s manager, Small & Mid Cap Equity Analyst & Fund Manager

  • ISIN code : LU1410419839
  • Risk level (SRRI) : 6*
  • Investment horizon : Min. 5 years
  • YTD performance : -23,61%
  • 1-Day Return : +1,09%
  • Net asset value at 24/11/2022 : 92,92 €
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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 24/11/2022

Annual performance This information is valid at 24/11/2022

Periodic performance This information is valid at 24/11/2022

YTD
1M
3M
6M
1Y
3Y
5Y
ITD*
-23,61%
+5,77%
-6,46%
-9,52%
-20,06%
-1,89%
-5%
-1,18%

Performance over a period of more than one year is annualised. For periods of less than one year, returns are cumulative.

* Inception to Date. Annualised performance since the share was issued on 23 September 2016.

Source: Pure Capital

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.

The change in net asset value and returns indicated are net of management fees, performance fees and any other fees and charges which, as indicated in the prospectus, are borne by the fund. They do 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. The returns indicated are calculated in EUR and are based on the fund’s share price or Net Asset Value (NAV).


Description

Investment policy and objective

The sub-fund’s objective is to maximise the investor’s returns over the long term (minimum 5 years), through the active selection of small and mid-cap companies, most of which are based in Europe.

Although the investment manager does not seek to replicate the performance of a benchmark, he will aim to outperform the MSCI EMU Small Cap Index Net Total Return (EUR) index over the recommended investment horizon of 5 years.

Under normal market circumstances, the sub-fund invests a clear majority of at least 55% of its total net assets in small and midcap equities of companies domiciled in or doing most of their business in Europe. The investment manager may also make marginal investments opportunistically in listed North American companies, to a maximum of 15% of net assets.

Investor profile

The sub-fund is intended for all investors who are looking for opportunities in European small and mid-cap companies.

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

Investors should note that due to the relatively small size of the companies in the sub-fund’s portfolio this investment strategy may be subject to greater liquidity risk.

Risk level (SRRI)

1
2
3
4
5
6
7
Potentially lower reward
Lower risk.
Potentially higher reward
Higher risk.
dsc_7352nb.jpg Jean-Mickaël Dos Santos Small & Mid-Cap Equities Analyst & Fund Manager +352/26.39.86.64   jmdossantos@purecapital.eu Get to know him

FUND CHARACTERISTICS

Key information

  • Name: PCFS – Pure Europe Small & Mid Cap Equities - RC
  • Classification: European small and mid-cap equities
  • ISIN code: LU1410419839
  • Bloomberg ticker: PURESMR LX Equity
  • Type: Undertaking for collective investment in transferable securities (UCITS)
  • Legal form: A sub-fund of the “PCFS” Luxembourg SICAV fund
  • Inception date: 23/09/2016
  • NAV on inception: €100
  • Currency: EUR
  • Benchmark index: MSCI EMU Small Cap Index Net Total Return (EUR)
  • Share type: accumulation
  • Term: Indefinite
  • Minimum recommended investment horizon: 5 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: 1.25%
  • Performance fee: 10% of returns above the MSCI EMU Small Cap Index Net Total Return (EUR) index, with a high water mark 
  • Ongoing charges (including management fee): 1.95% 
  • 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 

  • Offers exposure to the performance of European small and mid-cap companies, irrespective of sector;
  • Active investment management seeks to maximise performance in the European small and mid-cap segments, rather than hide behind an index;
  • A rigorous investment process that is underpinned by growth, quality and valuation criteria and a strict sell discipline;
  • Provides access to a diversified portfolio of securities.

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;
  • Small and mid-cap investment risk: Although smaller companies have the capacity to increase their share price more rapidly than do larger companies, they are subject to greater risks; 
  • 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 may invest 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; 
  • 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; 
  • Discretionary management risk: There is a risk that the sub-fund may not always be invested in the best-performing markets; 
  • 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 (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. In Belgium: 

  • 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.

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, tel.: +32 2 545 77 70, fax: +32 2 545 77 79, 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/.

 

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