Pure Capital - Independent asset management

Trend Following Strategy Fund - D Gegevens per 22/09/2022

  • A sub-fund of the "PCFS" SICAV (Société d'Investissement à Capital Variable) 
  • Management Company: Pure Capital S.A. 
  • Investment Advisor: Phado B.V. 
  • ISIN code : LU2338954667
  • Risiconiveau (SRRI) : 4*
  • Beleggingshorizon : Min. 5 years
  • YTD rendement : -10,49%
  • Rendement 1 Dag : -0,48%
  • Netto inventariswaarde op 22/09/2022 : 91,15 €

* 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.

For more information about risks of the sub-fund, please refer to the "main risks" section below.


Description

Objectives and Investment Policy

The objective of the sub-fund is to maximize the return on the investment on the international equity markets while minimizing the risk of the portfolio.

It will have a high level of diversification and may invest in all types of equities without any restrictions in terms of market capitalization, geographical zones and sectors.

The sub-fund will pursue a “trend following” strategy which consists of exploiting the directionality of the markets by identifying trends through in-depth price analysis. The objective is to take advantage of market developments in different asset classes and on different investment horizons through long and short exposures. In uptrend markets, the Investment Manager will mainly take positions into securities providing long exposures. In downtrend markets, the Investment Manager will protect the sub-fund by refining the portfolio structure (reducing the long exposure by investing into cash and cash equivalent instruments, as well as eligible inverse UCITS/UCIs such as but not limited to Exchange Traded Funds (ETFs).  

The sub-fund may invest: 

  • up to 90% of its net assets in equities (directly or indirectly); 
  • up to 80% in shares or units of other UCIT/UCIs, potentially including eligible leveraged and inverse funds (incl. ETFs) 
  • up to 20% in debt securities (directly or indirectly); high yield bonds up to 10%;
  • up to 20% in eligible instrument which underlying exposure is related to the commodity markets. This will be implemented exclusively through eligible exchange traded commodity securities (ETC);
  • under normal market circumstances, the sub-fund will maintain a clear majority of at least 55% of the investments in OCDE denominated currency securities;
  • in financial derivative instruments.

Risiconiveau (SRRI)

1
2
3
4
5
6
7
Typisch lagere rendementen
Minder risico.
Typisch hogere rendementen
Meer risico.

Investor profile

The sub-fund is available to all investors who want to participate in the opportunities offered by the international equity markets and are aware that the gearing (or leverage) of investments made in derivatives and the volatility of the prices of derivatives increases the risk of investments made in the shares of the sub-fund to a higher level than in the case of traditional funds investments.

Investors much have an investment horizon of over 5 years.


Performance

Evolutie van de netto inventariswaarde Gegevens per 22/09/2022

Rendement per kalenderjaar Gegevens per 22/09/2022

Periodiek rendement Gegevens per 22/09/2022

YTD
1M
3M
6M
ITD*
-10,49%
-4,96%
+2,2%
-9,46%
-9,6%

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 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. 


FUND CHARACTERISTICS

Key information

  • Name : PCFS – Trend Following Strategy Fund - D
  • ISIN code : LU2338954667
  • Bloomberg ticker : PCTFSDE LX Equity
  • Type : Undertaking for collective investment in transferable securities (UCITS)
  • Legal form : A sub-fund of the “PCFS” Luxembourg SICAV fund
  • Inception date : October 22nd 2021
  • NAV on inception : EUR 100
  • Currency : EUR
  • Benchmark : none
  • Share type : Distribution
  • Term : Indefinite 
  • Minimum recommended investment horizon: 5 years 
  • Investor type : Retail 
  • Management company : Pure Capital S.A. 
  • Investment Advisor : Phado B.V.
  • Auditor : PwC Luxembourg 
  • NAV publication : Website, Bloomberg, Beama.be


Fees and charges

  • Management fee: 1,05%
  • Performance fee: None
  • Ongoing charges (including management fee): 3,08%
  • Subscription fee: Max 1% of which 0,25% shall be deducted and paid in full to the sub-fund
  • Redemption fee : Max 0,50% of which 0,25% shall be deducted and paid in full to the sub-fund.

Subscriptions and Redemptions

  • Minimum investment requirement: EUR 2.500 (initial subscription) - EUR 500 (further subscriptions)
  • 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

  • “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. 
  • Credit risk: the sub-fund is invested in securities whose credit rating may deteriorate. Such an event would increase the risk an issuer may not be able to meet its commitments. If an issuer's creditworthiness declines, the value of the bonds or derivatives linked to this issuer may fall.
  • Liquidity risk: the sub-fund invests in markets that may be affected by a decrease in liquidity. These market conditions may have an impact on the prices at which the manager buys and sells positions. 
  • Counterparty risk: the sub-fund may suffer losses if a counterparty defaults and is unable to meet its obligations, especially in the case of derivatives traded OTC. 
  • Discretionary management risk: as the management strategy is based on expected changes in the various markets, there is a risk that the sub-fund might not be invested in the best-performing markets at all times. 
  • Operational risk: it represents the risk of fault or an error within the different actors implicated in the management, evaluation and/or safekeeping of the assets of the sub-fund. 
  • Risk impact of financial techniques: the use of complex products such as derivatives and structured products can lead to an amplification of the movements of the securities of the sub-fund.



    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. The Investment Manager 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 may be invested in debt securities. The income on these securities (capital gains and dividends paid) 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/legal.html. A summary is available in French and English.  

    Any claims and complaints may be addressed in writing to the management company, Pure Capital S.A., at its registered office at 2 rue d’Arlon, L-8399 Windhof, Grand-Duchy of Luxembourg. 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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