Soci t d'Investissement Capital Variable compartiments multiples (SICAV under Luxembourg law)
SIMPLIFIED PROSPECTUS
FAGUS MULTIMANAGER SIMPLIFIED PROSPECTUS JANNUARY 2008
Undertaking for Collective Investment in Transferable Securities (soci t d'investissement capital variable) incorporated on May 18, 1998 under the laws of Luxembourg for an unlimited duration. The Simplified Prospectus contains only key information relating to the SICAV. For more information, including the full Prospectus (hereafter the "Prospectus") with the last annual and semi-annual reports which describe in detail the objectives of the SICAV, the expenses and charges and the risks, please contact your financial adviser or request the last Prospectus together with the last annual and semi-annual reports at the following address: 1A, street Hoehenhof, L-1736 Senningerberg. These documents are provided to current or potential investors without charge.
IMPORTANT INFORMATION Structure: SICAV with sub-funds offering several classes of shares organized in accordance with Part I of the law of December 20, 2002 relating to undertakings for collective investment (the "Law of 2002") Promoter: Banca di San Marino S.p.A., Strada della Croce 39, 47896 Faetano, Repubblica di San Marino Investment Adviser: Banca di San Marino S.p.A., Strada della Croce 39, 47896 Faetano, Repubblica di San Marino Investment managers: For the sub-fund FAGUS MULTIMANAGER INTERNATIONAL TREND Bedlam Asset Management Plc, 20 Abchurch Lane, London EC4N 7BB, United Kingdom For the sub-fund FAGUS MULTIMANAGER INTERNATIONAL BALANCED FLEXIBLE and FAGUS MULTIMANAGER INTERNATIONAL EQUITY DYNAMIC Azimut SGR S.p.A. Via Cusani, 4, 20121 Milano, Italy. For the sub-fund FAGUS MULTIMANAGER INTERNATIONAL BOND Alpi Fondi SGR S.p.A., Viale Matteotti 2/D, 13900 Biella, Italy Custodian, paying agent and domiciliary agent: The Bank of New York (Luxembourg) S.A, 1A, rue Hoehenhof L-1736 Senningerberg Auditor: PricewaterhouseCoopers, 400, route d'Esch, L-1014 Luxembourg Administrative agent registrar and transfer agent: European Fund Administration S.A., 2, rue d'Alsace L-1122 Luxembourg Distributor: Banca di San Marino S.p.A., Strada della Croce 39, 47896 Faetano, Repubblica di San Marino Supervisory authority: Commission de Surveillance du Secteur Financier (www.cssf.lu)
INVESTMENT INFORMATION
FAGUS MULTIMANAGER INTERNATIONAL BOND Investment Policy:
The objective of this sub-fund is to offer an instrument for medium and long term investment to investors by the increase in value of the invested assets. The portfolio of this sub-fund shall be essentially invested in bonds and assimilated bonds (O.A.T., B.O.T., B.T.P., US Treasury Notes, deposit certificatesÉ) at medium and long term, with fixed rates and/or variable rates, dealt in, or admitted to, a stock exchange or a regulated market, which operates regularly, is recognized and open to the public. In order to achieve the goal of increase in value as defined above and for an efficient management of the portfolio, this sub-fund may use appropriate techniques and instruments as defined in the appendix. These techniques will only be used in order to cover the investments.
Risk:
Investments in bonds have a limited risk consisting essentially of credit and interest rate risks.
Performance:
LU0089472525
Since launching (18/05/98)
Fiscal year 2004
Fiscal year 2005
Fiscal year 2006
NAV Maximum NAV Maximum Performance:
71,810 49,947 42.76%
63,730 61,200 3.64%
69,720 63,350 10.06%
71,810 68,530 1.47%
Disclaimer:
Past performance is not necessarily indicative for any future performance. The sub-fund is subject to the risks related to common investments. The price of the shares can fall as well as increase. Therefore, there is no guarantee for investors to find the amount of capital initially invested. Further, there is no guarantee that the sub-fund will achieve its goals.
Profile of typical investor:
This sub-fund is dedicated to investors having an aversion to risk and wishing to effectuate a medium term investment.
Expenses borne by the investor: Subscription fees:
Maximum 3% of the net asset value per share
Expenses borne by the sub-fund: Commissions for custodian, central administration, domiciliary agent registrar and transfer agent
Custodian: maximum: 0.15% per year with a minimum of 15,000 Euros per year. Administrative Agent: maximum: 0.10% per year with a minimum of 13,500 Euros per year. Annual costs for holding of the register and the calculation of the NAV: maximum 10,000 Euros. Costs per transaction: maximum 150 Euros.
Investment adviser
1.00% per annum payable at the end of each quarter and calculated upon the average net asset value of the sub-fund during the relevant quarter.
Classes of shares: Class B shares (capitalization) Reference currency:
EUR
FAGUS MULTIMANAGER INTERNATIONAL EQUITY DYNAMIC Investment policy:
The objective of this sub-fund is the research of increase in value of the assets, at medium and long term, which are organised without specialisation criteria. The portfolio of this sub-fund is composed of transferable securities (bonds, assimilated bonds, shares, warrants on transferable securitiesÉ) admitted to an official listing on a stock exchange or dealt in on another regulated market, which operates regularly, is recognized and is open to the public, of one of the states of Europe, American Continent, Asia, Oceania and Africa. Those transferable securities will be selected among the economic and geographical sectors which appear to present, at term, the best prospects for growth. In addition, among the transferable securities quoted above, it should be noted that the Òwarrant on transferable securitiesÓ is a very volatile instrument and it presents an economic risk which is higher than average. Moreover, the SICAV, for this sub-fund, may use techniques and instruments intended to protect its assets against the exchange rate risks such as defined in the appendix. For the purpose of protecting itself against the risk of adverse change of the interest rates and stock exchange fluctuations of the current holdings in the portfolio, the SICAV, for this sub-fund, may carry out transactions as defined in the appendix. Those techniques shall be used only with the aim to cover the investments.
Risk:
The risk is relatively high concerning the investments in shares because of the fact that the performance of the shares is influenced by various and not easily controllable factors. In contrast, investments in bonds present a more limited risk consisting essentially of a credit and interest rate risk.
Performance:
LU0089473176
Since launch date (18/05/98)
Fiscal year 2004
Fiscal year 2005
Fiscal year 2006
NAV Maximum NAV Maximum Performance:
77,103 28,950 6.91%
42,100 37,410 -0.64%
48,410 39,060 23.15%
51,410 45,360 6.75%
Disclaimer:
Past performance is not necessarily indicative for any future performance. The sub-fund is subject to the risks related to common investments. The price of the shares can fall as well as increase. Therefore, there is no guarantee for investors to find the amount of capital initially invested. Further, there is no guarantee that the sub-fund will achieve its goals.
Profile of typical investor:
This sub-fund is dedicated to investors who accept medium risk and favour an investment at medium or long term.
Expenses borne by the investor: Subscription Fees:
Maximum 3% of the net asset value per share
Expenses borne by the sub-fund: Commissions for custodian, central administration, domiciliary agent registrar and transfer agent
Custodian: maximum: 0.15% per year with a minimum of 15,000 Euros per year. Administrative Agent: maximum: 0.10% per year with a minimum of 13,500 Euros per year. Annual costs for holding of the register and the calculation of the NAV: maximum 10,000 Euros. Costs per transaction: maximum 150 Euros.
Investment adviser:
2.00% per annum payable at the end of each quarter and calculated upon the average net asset value of the sub-fund during the relevant quarter. Moreover, the Investment Adviser shall receive an annual performance fee payable quarterly in arrears. The performance fee is charged at the rate of 15% of the increase in the net asset value per share of the sub-fund at the beginning of the relevant quarter, subject to the application of a high watermark methodology.
Classes of shares:
Class B shares (capitalization)
Reference currency:
EUR
FAGUS MULTIMANAGER BALANCED FLEXIBLE Investment policy:
The objective of this sub-fund is the research of increase in value of its assets, at medium and long term, which are organised without specialisation criteria. The portfolio of this sub-fund is composed of transferable securities (bonds, assimilated bonds, shares, warrants on transferable securitiesÉ) admitted to official listing on a stock exchange or dealt in on another regulated market, which operates regularly, is recognized and is open to the public, of one of the states of Europe, American Continent, Asia, Oceania and Africa. Those transferable securities will be selected among the economic and geographical sectors which appear to present, at term, the best prospects for growth. In addition, among the transferable securities quoted above, it should be noted that the Òwarrant on transferable securitiesÓ is a very volatile instrument and it presents an economic risk which is higher than average. The part of the assets of this sub-fund which is invested in shares and warrants on transferable securities shall be of no more than 50% of the net assets of this sub-fund. Moreover, the SICAV, for this sub-fund, may use techniques and instruments intended to protect its assets against the exchange rate risks such as defined in the appendix. For the purpose of protecting itself against the risk of adverse change of the interest rates and stock exchange fluctuations of the current holdings in the portfolio, the SICAV, for this sub-fund, may carry out transactions as defined in the appendix. Those techniques shall be used only with the aim to cover the investments.
Risk:
The risk is relatively high concerning the investments in shares because of the fact that the performance of the shares is influenced by various and not easily controllable factors. In contrast, investments in bonds present a more limited risk consisting essentially of a credit and interest rate risk.
Performance:
LU0089472954
Since launch date (18/05/98)
Fiscal Year 2004
Fiscal Year 2005
Fiscal Year 2006
NAV Maximum NAV Maximum Performance:
61,844 46,788 21.73%
55,620 52,960 3.13%
60,650 54,790 10.70%
61,340 57,650 1.09%
Disclaimer:
Past performance is not necessarily indicative for any future performance. The sub-fund is subject to the risks related to common investments. The price of the share can fall as well as increase. Therefore, there is no guarantee for investors to find the amount of capital initially invested. Further, there is no guarantee that the sub-fund will achieve its goals.
Profile of typical investor:
This sub-fund is dedicated to investors who accept a medium risk and favour an investment at medium or long term.
Expenses borne by the investor: Subscription fees:
Maximum 3% of the net asset value per share
Expenses borne by the sub-fund: Commissions for custodian, central administration, domiciliary agent, registrar and transfer agent:
Custodian: maximum: 0.15% per year with a minimum of 15.000 Euros per year. Administrative Agent: maximum: 0.10% per year with a minimum of 13,500 Euros per year. Annual costs for registration and the calculation of the NAV: maximum 10,000 Euros. Costs per transaction: maximum 150 Euros.
Investment adviser:
1.75% per annum payable at the end of each quarter and calculated upon the average net asset value of the sub-fund during the relevant quarter. Moreover, the Investment Adviser shall receive an annual performance fee payable quarterly in arrears. The performance fee is charged at the rate of 10% of the increase in the net asset value per share of the sub-fund at the beginning of the relevant quarter, subject to the application of a high watermark methodology.
Classes of shares:
Class B shares (capitalization)
Reference currency:
EUR
FAGUS MULTIMANAGER INTERNATIONAL TREND Investment policy:
The objective of this sub-fund is the research of increase in value of the assets, at medium and long term, which are organised without specialisation criteria. The portfolio of this sub-fund is composed of transferable securities (bonds, assimilated bonds, shares, warrants on transferable securitiesÉ) admitted to official listing on a stock exchange or dealt in on another regulated market, which operates regularly, is recognized and is open to the public, of one of the states of Europe, American Continent, Asia, Oceania and Africa. Those transferable securities may be selected, among others, in the economic sectors that focus on new technologies such as multimedia (internet and telecommunications), biotechnology, leisure, environment and the areas of life, health, etc. On an ancillary basis, transferable securities will be selected in the context of issue of new shares of the type of IPO on regulated markets which appear to present, at term, the best prospects for growth. In addition, among the transferable securities quoted above, it should be noted that the Òwarrant on transferable securitiesÓ is a very volatile instrument and it presents an economic risk which is higher than the average. Moreover, the SICAV, for this sub-fund, may use techniques and instruments intended to protect its assets against the exchange rate risks such as defined in the appendix. For the purpose of protecting itself against the risk of adverse change of the interest rates and stock exchange fluctuations of the current holdings in the portfolio, the SICAV, for this sub-fund, may carry out transactions as defined in the appendix. Those techniques shall be used only with the aim to cover the investments.
Risk:
The risk is relatively high concerning the investments in shares because of the fact that the performance of the shares is influenced by various and not easily controllable factors. In contrast, investments in bonds present a more limited risk consisting essentially of a credit and interest rate risk. Moreover, any investment concentrated on a particular sector of activities presents more volatility and thus an increased risk.
Performance:
LU0129611546
Since launch date (02/04/01)
Fiscal year 2004
Fiscal year 2005
Fiscal year 2006
NAV Maximum NAV Maximum Performance:
102,561 51,420 -26.07%
64,410 57,160 -2.41%
68,570 57,000 15.13%
70,850 60,970 0.49%
Disclaimer:
Past performance is not necessarily indicative for any future performance. The sub-fund is subject to the risks related to common investments. The price of the shares can fall as well as increase. Therefore, there is no guarantee for investors to find the amount of capital initially invested. Further, there is no guarantee that the sub-fund will achieve its goals.
Profile of typical investor:
This sub-fund is dedicated to investors who accept a medium risk and favour an investment at medium or long term.
Expenses borne by the investor: Subscription fees:
Maximum 3% of the net asset value per share
Expenses borne by the sub-fund: Commissions for custodian, central administration, domiciliary agent, registrar and transfer agent:
Custodian: maximum 0.15% per year with a minimum of 15,000 Euros per year. Administrative Agent: maximum 0.10% per year with a minimum of 13,500 Euros per year. Annual costs for registration and the calculation of the NAV: maximum 10,000 Euros. Costs per transaction: maximum 150 Euros.
Investment adviser:
1.50% per annum payable at the end of each quarter and calculated upon the average net asset value of the sub-fund during the relevant quarter. Moreover, the Investment Adviser shall receive an annual performance fee payable quarterly in arrears. The performance fee is charged at the rate of 15% of the increase in the net asset value per share of the sub-fund at the beginning of the relevant quarter, subject to the application of a high watermark methodology.
Classes of shares:
Class B shares (capitalization)
Reference currency:
EUR
FINANCIAL INFORMATION TAXATION SICAV The SICAV is not subject to any Luxembourg income or capital gain taxes. Further, dividends paid by the SICAV are not subject to Luxembourg withholding taxes. The SICAV, on the other hand, is subject to an annual Luxembourg tax of 0,05% of the net asset value. This tax is payable quarterly on the basis of the net assets of the SICAV calculated at the end of each quarter. Certain incomes of the SICAV's portfolio in the form of dividends and interests may be subject to taxation at a variable rates withheld at source under the laws of the country where they are derived from. The SICAV may benefit, under certain circumstances, from double taxation treaties entered into between the Grand Duchy of Luxembourg and other countries. European taxation The European Union has adopted certain provisions related to taxation of income. Subject to meeting certain conditions, the Member States are required to provide to the tax authorities of other Member States details of payments of interest or other similar income made by a paying agent of their jurisdiction to a resident of another Member State, except that certain Members (Austria, Belgium and the Grand Duchy of Luxembourg)will instead impose a withholding system for a transitional period, unless they elect otherwise during such period. Shareholders Shareholders are not subject to any Luxembourg capital gain, income, withholding, gift estate, inheritance tax or other tax with respect to shares owned by them except if they are domiciled or resident, or have a permanent establishment, in Luxembourg and for certain former residents of Luxembourg, owners of more than 10% of the share capital of the SICAV. The previous provisions are based on the law and the practice currently in force and are subject to be amended. It is recommended that future shareholders should inform themselves and as the case may be, take advice as to the laws and regulations (such as those related to tax and change control) applicable to them because of the subscription, redemption, holding and disposition of shares in their country of origin, the place of their residence or of their domicile.
CHARGES AND EXPENSES Expenses supported by the Company The SICAV pays commissions (specified above by sub-fund) to its directors, Custodian, Paying Agent and Domiciliary Agent, Administration Agent and Registrar and Transfer Agent as well as the Investment Adviser (which pays, out of its fees, the Investment Managers) and other service providers. Expenses supported by the Shareholders The Shareholders bear the subscription fees as described in each sub-fund. There are no expenses for redemption or conversion for shareholders.
COMMERCIAL INFORMATION SUBSCRIPTION, REDEMPTION AND CONVERSION OF SHARES Subscription Requests for subscription may, at the choice of the investor, be for a number of shares to subscribe or for an amount to invest in one and/or another class in one or several sub-funds. In the latter case, fractions of shares may be issued to the extent that the subscribed shares are in registered form. Requests for subscription received by the SICAV, in writing or by facsimile order no later than on the valuation day at 9.00 a.m. (Luxembourg time), shall be, if they are accepted, processed using the net asset value calculated on the valuation day. If the requests are received later than 9.00 a.m. (Luxembourg time), these will be processed on the following valuation day. Subscription price per share is payable in the valuation currency of the sub-fund and within four business days following the valuation day. Conversion Any shareholder has the right to request the conversion in whole or of a part of its shares from one sub-fund to another sub-fund, at a price equal to the respective net asset value of the different sub-funds. Any shareholder may request the conversion in whole, or in part of its shares from one class to another class of shares of the same sub-fund, at a price equal to the respective net asset value of the different classes of shares. The shareholder wishing such a conversion, may request, in writing or by facsimile to the SICAV, by providing the number and the class of shares to be converted and, further, details as to whether the shares of the new sub-fund shall be in registered or bearer form. The request shall include, as appropriate, the registered or bearer certificate with non accrued coupons or duly completed transfer form or any other document certifying the transfer. This request for conversion shall be received by the SICAV no later than on the valuation day at 9.00 a.m. (Luxembourg time). The conversion will be processed without fees for the shareholder. However, if the balance resulting from the conversion, for the bearer shares, should become lower than or equal to EUR 1.- or the equivalent in currencies, this balance shall not be reimbursed to the shareholder and shall remain within the sub-fund. Redemption The redemption request has to be addressed in writing or by facsimile to the SICAV. The redemption request shall be irrevocable (subject to the provisions of chapter 14 of the Prospectus) and has to contain the number and the subfund of the shares to be redeemed and any useful details to proceed with the redemption. The request shall be accompanied with, for the bearer shares, certificates with non accrued coupons and, for the registered shares, certificates with the name under which the shares are registered as well as any documents certifying the certificate transfer. Shares will be redeemed, provided that the applications have been received by the SICAV in Luxembourg no later than on the valuation day at 9.00 a.m. (Luxembourg time), at the net asset value per share of the class and of the sub-fund calculated on the valuation day. No redemption fees shall be paid. The requests received after this time limit will be processed on the following valuation day. The payment of the price of the redeemed shares shall be made within four business days following the valuation day provided the SICAV has received all documents certifying the redemption. The payment shall be made in the respective currency of each sub-fund.
The price of the redemption of the shares of the SICAV may be higher or lower than the original acquisition price paid by the shareholder at the time of subscription depending on whether the net asset value has increased or decreased. Subscriptions, redemptions and conversions are treated for NAV as an unknown factor. Distribution The distribution policy is as follows: (i) For the shares of class A, the Board of Directors will propose the distribution of the total net revenue realized by the investments. Distributions could be done independently of any realized capital profits or losses. Further, dividends could include realized or non realized capital gains after deduction of realized or non realized capital losses. (ii) For the shares of class B, the Board of Directors will propose the capitalization of their result. Net Asset Value It is expressed in the respective currency of each sub-fund. The currency for consolidation is the Euro. It is determined, if necessary, for each class of shares of the sub-fund concerned by dividing the net assets allocated to this category by the total number of outstanding shares in this category at the date of valuation. If a day of valuation falls on a public holiday (legal or banking) in Luxembourg, the day of valuation will be the next business day. The Net Asset Value of each class of shares is available at the registered office of the SICAV, as well as from the Registrar and Transfer Agent. Valuation Day The value of the net asset per share of each sub-fund is calculated each Tuesday (day of valuation) in Luxembourg, under the responsibility for the SICAV's Board of Directors.
Soci t d'Investissement Capital Variable compartiments multiples (SICAV under Luxembourg law)
SIMPLIFIED PROSPECTUS