PROSPECTUS ÖKOWORLD

Transcription

PROSPECTUS ÖKOWORLD

PROSPECTUS
INCLUDING MANAGEMENT REGULATIONS
ÖKOWORLD
Investment fund with an umbrella structure(“Fonds commun de placement” or “FCP”)
In accordance with Part I of the Luxembourg law of 17 th December, 2010 on undertakings for collective investment
AS AT: 1 ST SEPTEMBER, 2015
ÖKOWORLD – PROSPECTUS – As at: 1st September 2015
Management and Administration
3
General Provisions
4
Management and Administration of the Fund
6
Investment Policy, Objectives, Restrictions and Techniques
7
General Information on Investor Risks
7
The Units
9
Tax Regulations
13
Notices to the Unitholders
14
ÖKOWORLD ÖKOVISION® CLASSIC
16
ÖKOWORLD KLIMA
20
ÖKOWORLD WATER FOR LIFE
24
ÖKOWORLD ÖKOVISION® GARANT 20
26
ÖKOWORLD ÖKOTRUST
30
ÖKOWORLD GROWING MARKETS 2.0
34
Management Regulations
37
2 | 52
MANAGEMENT
AND ADMINISTRATION
MANAGEMENT COMPANY
ÖKOWORLD LUX S.A.
44, Esplanade de la Moselle, L- 6637 Wasserbillig
MANAGING DIRECTORS
Michael S. DUESBERG
OF THE MANAGEMENT COMPANY
Member of the Board of Directors,
ÖKOWORLD AG, D-Hilden | Düsseldorf
Alexander FUNK
ÖKOWORLD LUX S.A., Wasserbillig
MANAGEMENT BOARD OF THE COMPANY
Chairman
Alfred PLATOW
Chairman of the Board, ÖKOWORLD AG, D-Hilden
Members
Klaus ODENTHAL
D-Hilden | Düsseldorf
John PAULY
Chief Executive Officer,
Degroof Gestion Institutionelle Luxembourg S.A., Luxemburg
CUSTODIAN
Hauck & Aufhäuser Privatbankiers KGaA
Kaiserstraße 24, D - 60311 Frankfurt am Main
Depository Services provided by:
Hauck & Aufhäuser Privatbankiers KGaA, Niederlassung Luxemburg
1c, rue Gabriel Lippmann, L - 5365 Munsbach
CENTRAL ADMINISTRATION
Hauck & Aufhäuser Investment Gesellschaft S.A.
1C, rue Gabriel Lippmann, L - 5365 Munsbach
REGISTRAR AND TRANSFER AGENT
Hauck & Aufhäuser Investment Gesellschaft S.A.
1C, rue Gabriel Lippmann, L - 5365 Munsbach
SUB-REGISTRAR AND SUB-TRANSFER AGENT
Moventum S.C.A.
12, rue Eugène Ruppert, L - 2453 Luxemburg
INVESTMENT MANAGER for all sub-funds
ÖKOWORLD LUX S.A.
44, Esplanade de la Moselle, L- 6637 Wasserbillig
FUND AUDITORS
Deloitte Audit, Société à responsabilité limitée
560, rue de Neudorf, L - 2220 Luxemburg
LEGAL SERVICES in Luxemburg
Arendt & Medernach
14, rue Erasme, L - 2082 Luxemburg
3 | 52
GENERAL PROVISIONS
The Prospectus with the most recent version of the Management
Regulations and the annual and semiannual reports may be
THE FUND
obtained without charge from the Management Company and at
all paying agents.
The ÖKOWORLD investment fund described in the present
Prospectus (the “Prospectus”) is a fonds commun de placement
No one is entitled to refer to information that is not included
à compartiments multiples established under Luxembourg law
in the Prospectus or in other documentation to which the
as an umbrella fund which may launch different sub-funds that
Prospectus refers and which is publicly accessible.
invest in securities and other assets. The Fund was incorporated under Part I of the Luxembourg Law of 17 December 2010 on
Each of these sub-funds is the subject of a comparative over-
Undertakings for Collective Investment (the „Law of 2010“) and
view. This overview provides the following information for each
meets the requirements of Council Directive 2009/65/EEC of 13
sub-fund: The investment policy and the investment objective,
July 2009.
the features of the units, the reference currency, the amount of
fees and any chronological information and other characteristics
The Fund was established for an indefinite period of time.
of the sub-fund. Investors are advised that, unless otherwise sta-
The following sub-funds are currently offered:
ted in the comparative overviews below, the general terms and
ÖKOWORLD ÖKOVISION® CLASSIC
conditions of the prospectus apply to all subfunds.
ÖKOWORLD KLIMA
This Prospectus does not constitute an offer or solicitation to
ÖKOWORLD ÖKOVISION GARANT 20
subscribe to units in ÖKOWORLD to persons in jurisdictions whe-
ÖKOWORLD ÖKOTRUST
re it is unlawful to make such an offer or solicitation or in which
ÖKOWORLD GROWING MARKETS 2.0
the person who issues such an offer or solicitation is not qualified
®
to do so, or to persons to whom the making of such an offer or
The Management Regulations of the Fund originally signed on
solicitation is not permitted.
31 October 1995 were filed with the Trade and Companies
Register of the District Court in Luxembourg and the notice of
The units of the Fund are not and will not be registered or appro-
this filing was published in the Mémorial on 22 December 1995.
ved in accordance with any statutory or regulatory provision of
The present version of the Management Regulations entered into
the United States of America. This document may therefore not
force on 24 February 2015. The Management Regulations may
be introduced, sent or distributed in this country, its territories
be inspected at any time at the Trade and Companies Register in
or possessions, nor provided to its residents, citizens or other
Luxembourg. The Management Company may amend the
companies, organisations or legal entities that were established
Management Regulations with the approval of the Custodian.
under the laws of this country or which are subject to its laws. In
Notification of this filing will be published on 23. March 2015.
addition, units of this Fund may not be offered or sold to such
persons. Person(s) wishing to buy or subscribe for Shares must
first provide written certification that they are not a US Person.
IMPORTANT NOTE
All Unitholders must immediately inform the Management Company, the Transfer- or Register Agent, or the Sub-Transfer- and
The Prospectus is only valid in conjunction with the most recent
Sub-Register-Agent in the event they become a US Person. Any
annual report of the Fund and, if the annual report was published
Unitholder who has become a US Person shall no longer be au-
more than eight months ago, the most recent semi-annual report
thorised to buy new Units, and they may be asked at any time to
of the Fund. Both reports form an integral part of the Prospectus.
give up their Shares to a non-US Person. The board of directors of
Fund units may be acquired on the basis of this Prospectus,
the Management Company reserves the right to impose the red-
the most recent annual report and the latest semi-annual report,
emption of any Units held, directly or indirectly, by a US Person or
if the latter has been published.
by any person where such holding is in breach of the law or the
interests of the Fund.
4 | 52
It is not allowed to provide other information or explanations
This information is used for records, processing applications,
than given in the Prospectus, the Key Investor Information Docu-
replying to enquiries and for information on other products and
ment or the Management Regulations. ÖKOWORLD Lux S.A. is not
services, amongst other things, and is passed on to and processed
liable if and to the extent to which information or explanations
by others, including external service providers. Confidential
are given which does not comply with the Prospectus, the Key
information on investors is not passed on to unauthorised third
Investor Information Document or the Management Regulations.
parties. Investors have the right to view their data and to correct
it if necessary.
Information not contained in this Prospectus or in the documents
mentioned herein which are available for public inspection shall
This data is retained for the term of the contract and stored at
be considered unapproved and unreliable.
least for the statutory period of time.
Prospective investors should read this Prospectus carefully and
obtain information about the possible tax consequences, the laws
LEGAL STATUS OF UNITHOLDERS
and regulations and foreign exchange restrictions or controls of
the country of which they are citizens, where they are domiciled
The Fund is managed by the Management Company in accordance
or where they are resident which may apply to the subscription,
with the Management Regulations and exclusively in the interest
ownership, conversion, redemption or sale of units.
of the unitholders. The Management Company acts in its own
name on behalf of the Fund.
Prospective investors who are uncertain if they have understood
the contents of this Prospectus should consult with their bank,
The Fund’s assets are held separately from the assets of the
their broker, attorney, tax advisor or another independent finan-
Management Company. As an investment fund, the Fund is
cial advisor.
legally dependent and investors have equal, undivided co-ownership rights to all assets of the respective sub-funds in proporti-
This prospectus may be translated into other languages. In the
on to the number of units they hold and the net asset value of
event of any inconsistency between the German version of the
these units. These rights are derived from the units issued by the
Prospectus and a foreignlanguage version, the German-language
Management Company.
version shall prevail, unless the laws of another jurisdiction in
which the units are sold provide otherwise.
The rights of unitholders and creditors with regard to a subfund, or the rights in connection with the creation, management
Important information on data protection
or liquidation of a sub-fund, are limited to the assets of that
sub-fund.
By law, all persons and legal entities who wish to invest in a fund
for the first time (including natural persons, companies and finan-
A meeting of the unitholders does not take place.
cial intermediaries) must provide proper and sufficient proof of
identification before an initial subscription of units of the fund is
The assets of a sub-fund are liable only to the extent of the
accepted. Before a request is accepted, investors may be requi-
investors’ investments in this sub-fund and to the claims of
red to provide further information and requests for subscription
those creditors whose claims originated with the establishment of
or redemption of units may be put on hold or rejected if an investi-
the sub-fund, in connection with the management thereof, or the
gation casts legitimate doubt on the identity of an investor or the
liquidation of this subfund.
authenticity or legal validity of a request. Therefore, investors are
obliged to answer any questions they may be asked in connection
In the relation of unitholders to each other, each subfund is
with their application. The purchase of units may be denied if they
treated as an independent entity.
fail to respond.
The Management Company draws the unitholders’ attention to
the fact that unitholders will only be able to fully exercise their
5 | 52
rights directly against the Company if they are registered in their
as these are in accordance with chapter 15 of the Luxembourg
own name in the register of unitholders of the UCITS. In cases
Law of 17 December 2010.
where a unitholder invests in the UCITS through an intermediary
that invests in the UCITS in its own name but on behalf of the
As at the date of the Prospectus, the Management Company
investor, it may not be possible for the unitholder to exercise
manages the following funds: ÖKOWORLD
all rights against the UCITS directly. Unitholders are advised to
inform themselves regarding their rights.
INVESTMENT COMMITTEE
The Management Company shall determine the investment policy
MANAGEMENT AND ADMINISTRATION
OF THE FUND
of the sub-funds.
For the sub-funds ÖKOWORLD ÖKOVISION® CLASSIC and
THE MANAGEMENT COMPANY
ÖKOWORLD ÖKOVISION® GARANT 20, the Management Company is supported by an investment committee. The members of the
ÖKOWORLD LUX S.A. (hereinafter the „Management Company“)
investment committee are chosen based on their professional
was established on 26 October 1995 for an indefinite period as a
position or on the fact that they represent socio-politically
public limited company (“société anonyme”) under Luxembourg
relevant organisations. They provide expertise that ensures
law. Its registered office is at 44, Esplanade de la Moselle, L - 6637
compliance with ecological and social investment criteria. The
Wasserbillig.
investment committee acts independently of the Management
Company in selecting its members, in its procedural methods and
The articles of association of the Management Company were first
in decision-making. The investment committee has the specific
published in the Mémorial on 29 November 1995. The most recent
task of monitoring compliance with the investment restrictions
amendments were made on 1 September 2012. The Management
and providing recommendations in this regard to the Manage-
Company is registered in the Luxembourg Trade and Companies
ment Company.
Register under number B 52642. The Management Company’s
equity capital is EUR 1,175,000.00. The capital is currently held by
The sub-funds ÖKOWORLD KLIMA, ÖKOWORLD WATER FOR LIFE,
ÖKOWORLD AG, Hilden and its subsidiary, Versiko Vermögensver-
ÖKOWORLD ÖKOTRUST und ÖKOWORLD GROWING MARKETS 2.0
waltung GmbH, Hilden.
are not subject to monitoring by the investment committee.
The object of the Company is the collective portfolio management of one or more Luxembourg and/or foreign undertakings
CENTRAL ADMINISTRATION
for collective investment in securities which are subject to Directive 2009/65/EC, as amended, and other Luxembourg or foreign
Hauck & Aufhäuser Investment Gesellschaft S.A fulfils the
undertakings for collective investment that are not covered by the
function of central administration, transfer agent and registrar.
above Directive, including specialised investment funds pursuant
The function of transfer and registrar for private investors may be
to the provisions of the Law of 13 February 2007 on specialised
transferred to Moventum S.C.A.
investment funds, on behalf of the unitholders and in accordance
with the provisions of chapter 15 of the law of 2010 on undertakings for collective investment, as amended. The Company may
FUND MANAGEMENT
act in any manner that is required or conducive to promoting the
distribution of such units and the administration of the funds.
of the Fund. It may, under its own responsibility and control, and
The Company may engage in any transactions and take any steps
at its own expense, consult an investment advisor in connection
that promote its interests or further its business purpose, so long
with asset management. The Management Company is not bound
6 | 52
by the investment recommendations of the investment advisor;
FUND AUDITOR
the Management Company bears sole responsibility for investment decisions regarding the assets of the sub-funds.
All Fund accounting and transactions are audited annually by
Deloitte Audit.
The Management Company may, at its own expense, appoint fund
managers for the individual sub-funds. The Management Company regularly monitors and is responsible for the activities of the
fund manager with regard to the individual sub-funds.
INVESTMENT POLICY, OBJECTIVES,
RESTRICTIONS AND TECHNIQUES
With the approval of the Management Company, the fund manager may delegate its tasks in part or in whole, but it is responsible
The objective of the investment policy of ÖKOWORLD is to genera-
for any expenses incurred in this regard. If this occurs, it must be
te a reasonable return in EUR. The Fund’s assets shall be invested
announced through an amendment to this Prospectus.
in accordance with the principle of risk diversification in assets
whose issuers meet the ethical and ecological requirements set
CUSTODIAN
out in the investment policy of the respective sub-fund.
The Management Company has appointed Hauck & Aufhäuser
of the Fund, taking into account the current political, economic,
Privatbankiers KGaA with registered office at Kaiserstraße 24,
financial and monetary circumstances. The investment policy for
D-60311 Frankfurt am Main as custodian (“Custodian”).
the various sub-funds will vary depending on the restrictions and
in accordance with the specific characteristics and objectives
The Custodian is a German bank with the permission for banking
established for the individual sub-fund.
activities in terms of § 1 Abs. 1 German Banking Act. Its registerd
office is in Frankfurt am Main and it is registered in the Commer-
As the Fund is allowed to acquire units of an undertaking for coll-
cial Registry of the Local Court Frankfurt am Main under HRB
ective investment, investors are subject to the risk of duplicate
20065.
fees (such as the management fees for the undertaking for collective investment in which the Fund invests).
The Custodian provides its Depository Services by the Luxembourg subsidiary. The Hauck & Aufhäuser Privatbankiers KGaA –
The Fund is otherwise authorised to employ techniques and
Niederlassung Luxembourg is entitled to provide these services
instruments relating to transferable securities and money market
in line with the freedom of establishment in the European Uni-
instruments under the conditions and within the limits laid down
on and in accordance with the Luxembourg law of 5 April 1993
in the Management Regulations provided that such techniques
on the financial sector (including subsequent amendments and
and instruments are used for the purpose of efficient portfolio
supplements. Its registered office is in Munsbach and it is registe-
management. When these transactions involve the use of deri-
red in the Registre de Commerce et des Sociétés de Luxembourg
vative instruments, these conditions and limits shall conform to
(R.C.S.) under Number B 175937.
the provisions of law. The Fund and its sub-funds may under no
circumstances deviate from the investment objectives referred to
The assets of all the sub-funds are held by the Custodian.
in the Prospectus when effecting such transactions.
Only the Custodian and the paying agents are authorised to receive funds from customers.
GENERAL INFORMATION ON INVESTOR RISKS
Investment in any sub-fund is subject to market fluctuations and
the risks connected with investments in securities.
7 | 52
The risks connected with equities (and instruments with com-
basis of these bonds or debt instruments (these may also fall to
parable characteristics) include significant fluctuations in price,
zero).
negative news about an issuer or market and the subordination
of the shares to the debt issued by the same company. In addi-
Due to strong concentration in the portfolio, higher uncertainty
tion, these fluctuations may frequently be particularly strong
resulting from limited availability of information, lower liquidity
for short periods of time. The risk that one or more companies
and greater sensitivity to changes in market conditions (social,
records a loss or fails to generate a gain may have a negative
political and economic), those sub-funds that invest in emer-
impact on the performance of the overall portfolio at a given time.
ging markets, companies with small market capitalisation or
specialised and limited sectors may be subject to above-average
No guarantee can be provided to investors that the value of their
levels of risk. In addition, certain emerging markets offer less
investment will increase. The value of the investments and the
protection than the majority of international developed markets.
income they generate may rise or fall; in certain circumstances,
For this reason, servicing the portfolio with respect to transac-
investors may not receive back the amount they originally inves-
tions, liquidation and preservation for funds invested in emer-
ted in the company.
ging markets may entail more risk. The Management Company
and the investors accept these risks. Certain sub-funds may
No assurance can be given that the investment objective will
invest in initial public offerings (“IPOs”). The risk with IPOs is
actually be achieved.
that the share price may be subject to elevated volatility. This is
attributable to factors such as the absence of a previous public
In accordance with the investment principles and limits set forth
market, non-seasonal transactions, the limited number of tradable
in the law of 2010 and laid down in this Prospectus and in the
securities and the lack of information about the issuer. In certain
Management Regulations of the fund, the investment policy may
circumstances, a sub-fund may hold such securities only for a
be oriented primarily toward the acquisition of assets from only
short time, which results in increased costs.
a few sectors, markets, regions or countries. This focus on a few
specific sectors may be associated with particular opportunities,
Sub-funds that invest in growth stocks may be more volatile than
but these opportunities have corresponding risks (e.g. narrow
the overall market and may react differently to economic, politi-
markets, high volatility during certain economic cycles).
cal and market-specific developments as well as developments
that affect the issuer. Growth stocks have traditionally exhibited
Investments in shares of companies that have a low market capi-
greater volatility than other securities, particularly over short
talisation may frequently be subject to elevated volatility as the
periods of time. These stocks make also be more expensive than
purchase and sale of even a small number of shares can have a
the general market in relation to their earnings. Consequently, the
major effect on the share price. If trading volume is low, shares
reaction of growth stocks to changes in their earnings growth may
may be highly illiquid and difficult to re-sell. In addition, the risk
be significantly more pronounced.
of insolvency may be higher than for companies with relatively
high market capitalisation.
Investment managers may temporarily adopt a more defensive
strategy when in their view the exchanges or the economy of
Investors should be aware that an investment may pose credit
countries in which the sub-fund invests are suffering from excess
risks. Bonds or debt instruments pose a credit risk in connection
volatility, a sustained general downturn or other unfavourable
with issuers; the credit rating of the issuer can serve as a measure
conditions. Under such conditions, the sub-fund may not be able
of this risk. Bonds or debt instruments floated by issuers with a
to pursue its investment objective.
lower rating are generally deemed to have a higher credit risk and
greater risk of default on the part of the issuers than instruments
Additionally, the value of an investment may be influenced by
floated by issuers with a better rating. If an issuer of bonds or
fluctuations in interest rates or in the currency of the country in
debt instruments encounters financial or economic difficulties,
which the investment was made, or by foreign exchange controls,
this can affect both the value of the bonds or debt instruments
the application of tax laws in various countries, including with-
(i.e. this value could fall to zero) and the payments made on the
holding taxes, changes in governments or changes in economic
8 | 52
or monetary policy in the countries concerned. Consequently,
UNITS
no guarantee can be made that the objectives of the investment
policy will be achieved.
Units (“fund units” or “units”) are units of the respective subfunds. The rights and obligations of unitholders of one sub-fund
Investment in currencies for purposes other than hedging is asso-
are separate from the rights and obligations of unitholders of the
ciated with the following specific risks: (1) Under certain circum-
other sub-funds. All liabilities and obligations of a sub-fund apply
stances, the use of such positions may lead to elevated volatility
only to that sub-fund. In accordance with the details of each sub-
in the sub-fund. (2) As such a position is based on the opinion
fund, the units may either be offered to natural and legal persons
of the investment manager regarding the future direction of the
or be reserved for institutional investors as is consistent with Lu-
market, the position may have a negative impact on the perfor-
xembourg practice. The units shall be issued exclusively as regis-
mance of the sub-fund.
tered units; however the previously issued bearer units remain
valid. In accordance with the conditions established for each spe-
Buying and selling options involves specific risks:
cific sub-fund, the units are either accumulating or distributing.
The income from accumulating units is retained for reinvestment.
The premium paid for a call or put option may be lost if the price
For distributing units, the Management Company decides on the
of the security underlying the option does not perform as expec-
schedule and the amount of the distribution. Unless otherwise
ted and it is therefore not in the subfund’s interest to exercise
indicated for the respective sub-fund, the income, capital gains
the option. When a call option is sold there is a risk that the sub-
and other assets may be distributed, provided the sub-fund’s net
fund will be unable to participate in any potential increase in the
assets do not fall below the legally required minimum as a result
security‘s value or will have to buy the security at an unfavourable
of the distribution.
market price if the option is exercised by the counterparty.
The following unit classes have been established:
When put options are sold there is the risk that the subfund will
C Units
non-institutional accumulating units
be obliged to take delivery of the securities at the exercise price
A Units
non-institutional distributing units
even though the market price of these securities is considerably
I Units
institutional accumulating units
lower at the date of exercise of the option.
D Units
institutional distributing units
The leverage effect of options may alter the value of the sub-
The register of unitholders is kept in Luxembourg by the registrar
fund’s assets more intensely than would the direct purchase of
or sub-registrar listed in the „General Information” section above.
securities.
Unless provided otherwise, unitholders who have requested that
their name be entered in the register shall not receive a certificate
Trading in financial futures and interest-rate futures using
representing their units. Instead, a confirmation of entry into the
technics for efficient portfolio management for purposes other
register shall be issued.
than hedging is associated with substantial opportunities, but
also risks, since only a fraction of the relevant contract amount
For registered units, fractions of units may be issued up to a
(i.e. the margin) must be paid immediately. Price movements in
thousandth of a unit. The units of each sub-fund and/or unit class
either direction can lead to very large profits or losses in relation
have the same right to the proceeds from the liquidation of that
to the margin payment.
sub-fund and/or unit class.
Due to the different functions the ÖKOWORLD LUX S.A. hold
According to the Low of 28 July 2014 regarding immobilisation of
regarding to the Fund conflicts of interests may arise. In this
bearer shares and units and the keeping of the register of regis-
context the ÖKOWORLD LUX S.A. has sufficient and appropriate
tered shares unitholders with bearer shares have to deposit their
structures and control mechanism, in pariucular she acts in the
bearer shares at Hauck & Aufhäuser Privatbankiers KGaA, Nie-
best interests of the Unitholders and ensures to avoid conflicts
derlassung Luxemburg, 1c, rue Gabriel Lippmann, L-5365 Muns-
of interests.
bach, appointed by the Management Company as depositary (the
9 | 52
“depositary”) for these purposes, until 18 February 2016 at the
Lastly, in accordance with Article 13 of the Management Regulati-
latest. Unitholders with bearer shares of the subfund ÖKOWORLD
ons, the Management Company may in certain cases temporarily
ÖKOVISION CLASSIC C-shares are asked to contact their local
suspend the subscription, conversion and redemption of units of
bank to transmit their bearer shares to the depositary. The depo-
any sub-fund as well as the calculation of its net asset value.
®
sitary will pay the value of the shares or change the bearer shares into registered shares of ÖKOWORLD ÖKOVISION® CLASSIC
Certain personal data of investors (including, but not limited to,
C-shares.
the name, address and invested amount of each investor) may
be collected, recorded, stored, adapted, transferred or otherwise
In case bearer shares are not deposited until 18 February 2016
processed and used by the Management Company, the Regist-
the law provides that these bearer shares are canceled, whereby
rar and Transfer Agent and the Sub-Registrar and Dub-Transfer
the fund assets decrease. The value of the canceled bearer shares
Agent. In particular, such data may be processed for the purposes
will be deposited by the „Caisse de Consignation“ until it will be
of account and distribution fee administration, anti-money laun-
refunded or the period of limitation has expired.
dering and terrorism financing identification, maintaining the register of shareholders, processing subscription, redemption and
conversion orders and payments of dividends to shareholders
SUBSCRIPTION, CONVERSION AND
REDEMPTION OF UNITS
and to provide client-related services, tax identification, and the
case may be by virtue of the savings directive or for compliance
with the Foreign Account Tax Compliance Act. Such information
Advance information
shall not be passed on to any unauthorised third persons.
Subscriptions, conversions and redemptions of units are made
on the basis of an unknown net asset value (NAV).
The Fund may be required as part of its compliance with the FATCA to disclose to the US tax authorities via the Luxembourg tax
The Management Company reserves the right:
authorities personal information related to specified US persons,
(a) to refuse in part or in whole an application for the subscripti-
non-participating foreign financial institutions (FFIs), and passive
on/conversion of units;
(b) at any time to buy back units held by persons not permitted to
non-financial foreign entities (NFFEs) with one or more controlling person that is a specified US person.
acquire or hold units of the Fund;
(c) to refuse subscription, conversion or redemption applications
Each investor has a right of access to his/her/its personal data
from any such persons whom it assumes to be practicing
and may ask for a rectification thereof in case where such data is
market timing and, if necessary, to take the measures requi-
inaccurate or incomplete.By subscribing to the Securities, each
red to protect the other investors in the Fund. Market timing
investor consents to such processing of its personal data.
is a method of arbitrage in which an investor exploits time
differences and/or imperfections or deficiencies in the valua-
It should be noted that in accordance with the legal provisi-
tion system of the NAV to systematically subscribe and rede-
ons on combating money laundering, any person acquiring
em or exchange units or shares of the same UCITS within a
units must provide proof of their identity. This may be effected
short period. The Fund does not allow this practice.
either by the Management Company itself, by the Registrar and
Transfer Agent, the Sub-Registrar and Sub-Transfer Agent or by
The Management Company is authorised to establish minimum
the Distributor accepting the subscription order.
amounts for the subscription, redemption and ownership of
units for each sub-fund. If the redemption or conversion of units
The Management Company itself, the Registrar and Transfer
reduces an investor’s holdings below the minimum ownership
Agent as well as the Sub-Registrar and Sub-Transfer Agent are
level, the Management Company may force the redemption of the
responsible for taking appropriate steps to comply with require-
remaining shares held by the investor.
ments for combating money laundering in accordance with the
relevant laws and regulations of the Grand Duchy of Luxembourg
and in observing and implementing the bulletins of the Luxem-
10 | 52
bourg supervisory authority („Commission de Surveillance du
Subscription, conversion and redemption of units:
Secteur Financier“).
The minimum investment for I-Units and D-Units is EUR 5 million.
These measures may have as an effect that the Registrar
The minimum investment for C-Units and A-Units is an initial one-
and Transfer Agent or the Sub-Registrar and Sub-Transfer
time amount for each subscriber of EUR 5,000. Each subsequent
Agents requests the required identification documents of
subscription must be for at least EUR 500. ÖKOWORLD LUX S.A.
future investors. Forexample, a private customer must submit a
also has growth plans for C-Units and A-Units in which a minimum
certifiedcopy of his identity card or his passport. This certifica-
of EUR 100 per month or EUR 200 per quarter may be paid in.
tion may be provided by the embassy, the consulate, a notary,
a police department or by any other authorised entity. Institu-
Applications for the subscription, conversion and redemption of
tional customers may be asked to provide a certified copy of
units must be submitted to a local representative, a distribution
the extract from the commercial register with all name changes
agent or directly to the transfer agent or sub-transfer agent. Sub-
or the articles of association and a list of all shareholders and
ject to the necessary approval, applications received by the transfer
representatives of the customer, together with certified copies of
agent or sub-transfer agent no later than 12:00 pm on a valuation
their identity cards or passports.
date are processed at the net asset value set on the following valuation date. Applications received after this deadline are processed at
Until the Registrar and Transfer Agent or the Sub-Registrar and
the net asset value set on the subsequent valuation date.
Sub-Transfer Agent has made a final identification of potential investors or the transfer beneficiaries, it reserves the right
The issue price is to be paid in Euros within two valuation days
to refuse to issue or accept units via securities transfers.
(which are also bank working days in Luxembourg and Frankfurt/
This also applies to payments in the event units are rede-
Main) after the relevant valuation date.
emed. These payments will not be made until the identification
requirement has been fully complied with. In all these cases, the
If the laws of a country provide for an initial charge which is lower
Registrar and Transfer Agent or th Sub-Registrar and Sub-Trans-
than that established by the Management Company, the distribu-
fer Agent may not be held liable for any late payment charges,
tion agents authorised in this country may only sell the units with
any expenses or for any other settlement.
the maximum permitted initial charge.
If proof of identification is delayed or insufficient, the Registrar
The issue price may be increased by stamp fees or other charges
and Transfer Agent or th Sub-Registrar and Sub-Transfer Agent
which are due in various countries in which units are distributed.
may take appropriate action in this regard.
The Management Company reserves the right to defer subscriptiA simplified process for customer identification may also be used
on applications if it is uncertain that the corresponding payment
for some applications for subscription or transfer, particularly if
will be received at the paying agent by the established payment
the customer is a regulated financial institution or an authorised
deadline. In such cases, the units shall not be allocated unless the
financial services provider and is established in a country which
subscription application is received together with the payment or
complies with equivalent requirements to those in the Luxem-
a document providing irrevocable confirmation that the payment
bourg law on money laundering and set forth by the „Financial
will be received by the established deadline. If payment is made
Action Task Force (FATF)“. The Management Company shall en-
by unconfirmed check, the units will not be allocated until con-
sure that the key investor information is provided to the investor
firmation of settlement is received. In the event that payment for
prior to the subscription, redemption or conversion of units of a
the subscribed units is made in a currency other than the valuati-
sub-fund.
on currency, the conversion fees shall be borne by the subscriber.
The Management Company may permit the issue of units against
contribution in kind of securities. In such cases, the conditions
established under Luxembourg law shall apply, in particular as
11 | 52
regards the obligation to obtain an appraisal by the auditor men-
Registrar. The redemption price shall be paid in Euros, less the
tioned above in the section “General Information”, provided that
redemption fee set for the sub-fund and any applicable withhol-
these securities are in compliance with the investment policy and
ding tax. At the unitholder’s request, payment may be made in a
investment restrictions of the relevant sub-fund. Without preju-
currency other than the valuation currency of the redeemed units,
dice to other provisions, the costs of these transactions shall be
whereby the conversion fees shall be borne by the unitholder and
borne by the party submitting the application.
deducted from the redemption proceeds. Depending on whether
the net asset value has risen or fallen, the redemption price of the
Without prejudice to the provisions applicable to a subfund and/
units may be higher or lower than the price paid at subscription
or a unit class, unitholders may demand the conversion of all or
(or at conversion).
part of their units into units of another sub-fund and/or another
unit class. To be considered, the applications for conversion of
The redemption amount shall not be paid until the Custodian has
bearer units must be accompanied by the certificates for these
received the bearer certificates for the redeemed units together
units and the coupons not yet due.
with the coupons not yet due or a certificate from an independent
trustee confirming the impending delivery of such certificates.
Subject to the exceptions and restrictions provided for in this
Prospectus, investors may request that the Fund redeem their
The Management Company is authorised to pay the redempti-
units at any time. Units of the Fund redeemed shall be cancelled;
on price of all consenting unitholders by allocating transfera-
bearer units shall be destroyed.
ble securities from the respective sub-fund, provided this does
not harm the remaining unitholders and the auditor of the Fund
At the unitholder’s request, the payment of redemption proceeds
prepares a valuation report. The nature and type of the assets
may be made in cash via the relevant paying agent. Under pri-
to be transferred in such cases shall be established by the
or agreement by the Custodian and in the interests of the all
investment manager in accordance with the investment policy
unitholders, the Management Company is authorised to suspend
and investment restrictions of the relevant subfund. The costs of
the processing of major redemptions until corresponding assets
such transfers shall be borne by the requesting party.
of the sub-fund have been sold. This will be done without delay.
In this case, the redemption is processed at the net asset value
The corresponding units are cancelled upon payment of the
per unit then applicable. A redemption is generally considered
redemption price.
major when on a valuation date the redemption of a quantity
of units is requested which would correspond to a total of more
Market timing and late trading
than 10% of the net assets of the respective sub-fund on this
The practices of market timing and late trading are not permitted.
valuation date. On the valuation date following the suspension,
these redemption applications are processed ahead of redemp-
Market timing is a method of arbitrage in which a unitholder
tion applications received later. Generally, the suspension of
systematically subscribes, redeems or exchanges units or shares
redemption of units for the reasons cited above shall not exceed 30
of the same fund within a short period, exploiting time differen-
valuation days. However, the Management Company must ensure
ces and/or imperfections or deficiencies in the valuation system
that the sub-fund has sufficient cash and cash equivalents such
of the net asset value of the Fund.
that ordinary redemption of units can be effected without delay at
the request of unitholders.
Late trading is the acceptance of applications for subscription,
conversion or redemption after the deadline for the acceptance
Payment of the redemption price shall be made – provided all
of applications (“cut-off time”) for a specific day and their execu-
required documents have been submitted – immediately, and five
tion at a price corresponding to the net asset value for that day.
valuation days (which are also bank working days in Luxembourg
and Frankfurt/Main) at the latest after the corresponding valuati-
Unitholders must subscribe, redeem or convert units of the Fund
on date, against delivery of the unit certificates or the deletion of
at an unknown net asset value.
units for which only unit confirmations were issued from the
12 | 52
CALCULATION OF NET ASSET VALUE PER UNIT
b) the sole purpose of the Fund is the collective investment in
money market instruments and in deposits with credit institu-
In order to calculate the unit value (“redemption price”), the value
of the assets of each sub-fund less the liabilities of the sub-fund
(“net sub-fund assets”) is calculated on each valuation date as
set forth in the provisions of the Management Regulations and
divided by the number of outstanding units. A valuation date is
tions, and;
c) if the weighted residual maturity of the portfolio does not
exceed 90 days, and;
d) it has the highest possible rating from a recognised rating
agency.
any day that is also a bank working day in Luxembourg and Frankfurt/Main.
The value of the units held in other UCIs is exempt from the Taxe
d’Abonnement if these units were already subject to the Taxe
The net asset value for each sub-fund is calculated in Euro.
d’Abonnement.
Units in undertakings for collective investment are valued at their
If due, the Taxe d’Abonnement is payable quarterly on the basis
last net asset value determined and available, taking into account
of the relevant net asset value calculated at the end of the quarter
any redemption fees.
to which the tax relates.
Further information on the calculation of net asset value is provided in the Management Regulations, particularly in Article 12
TAXATION OF INVESTMENTS IN THE FUND
thereof.
Certain income of the Fund’s portfolio, in particular dividends
and interest as well as certain capital gains, may be subject to
taxes of different amounts and type in their country of origin.
TAX REGULATIONS
Such income and capital gains may also be subject to withholding taxes. As a rule, the Fund is not able to take advantage of
TAXATION OF THE FUND
international double taxation agreements concluded between
Luxembourg and the respective country, as it is transparent from
As at the date of the Prospectus, the Fund is not subject to income
a Luxembourg tax perspective.
or capital gains taxes in Luxembourg.
However, the Fund is subject to an annual Taxe d’Abonnement of
TAXATION OF UNITHOLDERS
0.05% of the net asset value.
This rate is reduced to 0.01% for:
a) Residents of the Grand Duchy of Luxembourg
a) sub-funds whose sole purpose is the collective investment in
As at the date of the Prospectus, the dividends distributed to
money market instruments and deposits with credit institu-
residents of the Grand Duchy of Luxembourg are not subject
tions;
to any withholding tax. However, dividends are taxed via
b) sub-funds whose sole purpose is the collective investment in
deposits with credit institutions;
c) sub-funds and/or unit classes reserved for institutional investors and whose units are not intended for public distribution.
In accordance with Article 129(3) of the Law, the Fund is exempt
assessment. No tax is levied on gains generated from the
sale of units if the units have been held for a period of more
than six months, with the exception of resident unitholders
who hold more than 10% of the units of the Fund.
b) Residents of another Member State, including French over-
from the Taxe d’Abonnement under the following conditions:
seas departments, the Azores, Madeira, the Canary Islands,
a) the units are reserved for institutional investors, and;
the Åland Islands and Gibraltar.
Natural persons who receive distributions from the Fund or
proceeds from the sale of units of the Fund via a paying agent
13 | 52
that is established in another country than that in which the
institutions established outside of the US, report information
person is resident should seek information on the legal and
on financial accounts held by specified US persons or non-US
regulatory requirements that apply to them.
entities with one or more controlling person that is a specified
US person (together referred to as „US reportable accounts“)
Most of the countries that fall under Directive 2003/48 of the
to the US tax authorities (Internal Revenue Service, IRS) every
Council of the European Union of 3 June 2003 in the area of
year. A withholding tax of 30% is also levied on revenue from
taxation of savings income (hereinafter referred to as
a US source paid to FFIs that do not comply with the require-
“Directive 2003/48“) are required to provide information to
ments of FATCA („non participating FFIs“).
the tax authorities in the country in which the beneficiary of the
income is resident on the amount of the interest income from
On 28 March 2014, the Grand Duchy of Luxembourg signed
debt claims that is included in the amount distributed by the
an intergovernmental agreement with the US („Luxembourg
sub-fund (if the sub-fund invests more than 15% of its assets
IGA“). Funds that are considered FFIs are required to comply
in debt claims pursuant to Article 6 of Directive 2003/48)
with the Luxembourg IGA as introduced into national law fol-
and/or on the amounts of interest income from debt claims
lowing its ratification rather than comply directly with the FAT-
included in the capital gains accrued from the sale, redemp-
CA regulations as issued by the US government.
tion or repurchase of units of the sub-fund (if the sub-fund
invests more than 40% of its assets in debt claims pursuant
Pursuant to the Luxembourg IGA, funds are required to collect
to Article 6 of Directive 2003/48).
specific information identifying their unitholders and all intermediaries (nominees) acting on behalf of the latter. Funds will
Instead of providing this information, the Grand Duchy of Lux-
be required to report information they have about US repor-
embourg and certain other countries, including Austria, Bel-
table accounts and non-participating FFIs to the Luxembourg
gium and Switzerland, impose a withholding tax on interest
tax authorities, which in turn relay that information automa-
and similar income paid to beneficiaries resident in one of the
tically to the IRS.
other Member States. This withholding tax is currently 35%.
In its own taxation, the country in which the beneficiary is
Funds must comply with the provisions of the Luxembourg
resident takes this withholding tax into account in accordance
IGA as introduced into national law following its ratification in
with the relevant tax laws of that country. Beneficiaries may
order to be considered compliant with the FATCA and to be ex-
request that the Management Company apply the regulation
empt from the 30% withholding tax levied on US investments,
on the exchange of information to them instead of applying
whether real or considered as such. To guarantee such com-
the withholding tax.
pliance, the fund or any authorised agent may
c) Residents of non-EU countries
a. seek information or additional documentation, including
Generally, no withholding tax is imposed on income paid to
US tax forms (Forms W-8 / W-9) and a GIIN (Global
residents of non-EU countries or regions thereof.
Intermediary Identification Number), where necessary,
or any other documentary evidence of the identification
However, in accordance with the rules of Directive 2003/48,
a withholding tax is levied on interest and similar payments
of a shareholder/unitholder, intermediary, and their
respective status pursuant to FATCA,
made to natural persons who are resident in the Dutch
b. report information specifically related to a unitholder and
Antilles, Aruba, Guernsey, Jersey, the Isle of Man, the British
its account to the Luxembourg tax authorities if it is
Virgin Islands or Montserrat.
considered a US reportable account pursuant to the
Luxembourg IGA, or if the account is believed to be held
d) US Foreign Account Tax Compliance Requirements („FATCA“)
by a non-participating FFI pursuant to FATCA, and
The Foreign Account Tax Compliance Act (FATCA) was enacted
c. where required, arrange for the deduction of US with-
in the US in 2010 and took effect on 1 July 2014. The Act requi-
holding tax applicable to payments made to certain
res that foreign financial institutions (FFIs), that is financial
shareholders/unitholders, in accordance with FATCA.
14 | 52
Notions and terms related to the FATCA should be interpre-
Where publishing in a national newspaper is required by law
ted and understood with reference to the definitions of the
notices to the Unitholders are published in the “Luxemburger
Luxembourg IGA and the texts ratifying this agreement under
Wort”.
applicable national law, and solely on a secondary basis according to the definitions contained in the FATCA Final Regula-
Furthermore important notices to the Unitholders can be publis-
tions issued by the US government. (www.irs.gov).
hed in a national newspaper or an online medium in the countries
in which the units of the Fund are distributed to the public.
The fund may be required as part of its compliance with FATCA
to disclose to the US tax authorities, via the Luxembourg tax
authorities, personal information related to specified US per-
FINANCIAL YEAR AND ANNUAL REPORTS
sons, non-participating foreign financial institutions (FFIs),
and passive non-financial foreign entities (passive NFFEs)
The fund’s financial year begins on 1 November and ends
with one or more controlling person that is a specified US
on 31 October. Audited annual reports are provided within four
person.
months after the end of the financial year. Semi-annual reports
are provided within two months after the six-month period ending
In the event of doubt concerning their status under FATCA or
on 30 April.
the implications of FATCA or the IGA in terms of their personal
situation, investors are recommended to consult their financial, legal or tax advisor before subscribing for units/shares
DOCUMENTS FOR INSPECTION AND CONTACTS
in the fund.
The Management Regulations, the Prospectus, the Key Investor
The above information is based on present law and admi-
Information Documents and the annual reports may be viewed at
nistrative practice and is subject to change. Unitholders are
the registered office of the Fund and at the institutions responsib-
advised to inform themselves fully about the possible tax
le for the Fund‘s services. Copies of the Management Regulations
consequences associated with their investment in their
and the annual and interim reports are available upon request.
country of origin, residence or domicile. Investors should also
note that certain tax regulations are unique to certain countries
The Key Investor Information Documents may be downloaded
in which the Fund is authorised for public distribution.
at the Management Company’s website: www.oekoworld.com.
In addition, the Management Company or the distribution agents
will provide a paper version upon request.
NOTICES TO THE UNITHOLDERS
Investor complaints may be directed to the Management Company, the Custodian and to all Paying and Information Agents.
PUBLICATION OF THE NET ASSET VALUE
AND DISTRIBUTIONS
Complaints are duly processed within 14 days. The Management Company has procedures that ensure the fair and prompt
handling of complaints. The Management Company will provide
The present Issue-, conversion- and redemption price is publis-
information on these procedures free of charge to investors upon
hed on each valuation date at the webside of the Management
request.
Company (www.oekoworld.com) and can also be published in
a national newspaper or an online medium in the countries in
Investors can receive a brief description of the principles and
which the units of the Fund are distributed to the public.
strategies of the Management Company on the exercise of voting
rights arising from the assets held for the Fund at no charge at the
Other important notices to the Unitholders are published at the
Management Company’s website: www.oekoworld.com.
webside of the Management Company (www.oekoworld.com).
15 | 52
ÖKOWORLD
ÖKOVISION® CLASSIC
INVESTMENT POLICY
The investment committee shall submit to the Management Board
of the Management Company its investment recommendations,
Investment objective and investment policy
which take account of the following criteria:
The objective of the investment policy of the sub-fund is to
generate a reasonable return in Euro while complying with strict
1. ÖKOWORLD ÖKOVISION® CLASSIC emphasises
investments in companies that
ethical-ecological criteria.
a) develop, sell or use environmentally and socially responsible
technologies and processes;
In compliance with the investment limits and in accordance with
the principle of risk diversification, the sub-fund‘s assets are
b) develop, produce or sell socially and environmentally responsible products;
invested primarily in equities and similar securities and in bonds.
In making these investments, economic, geographic, political and
c) provide services that promote sustainable development, in
currency risks are taken into account. No more than 15% of the net
particular environmentally and socially responsible business
assets may be invested directly or indirectly in debt instruments.
practices;
d) have specific policies that exceed the standards for the industry, region or country.
The various investment criteria are intended to promote sustainable environmental and socially responsible business practices.
In making its investments, the subfund prefers securities from
This includes companies that
companies whose policies exceed national and international
e) produce, use or trade in renewable energies or that contribute
to the reduction in energy consumption and the increase in
standards over the long-term.
energy efficiency and thus reduce the use of fossil fuels and
nuclear energy;
In individual cases, other factors may be taken into account in
evaluating the investment policy. In these cases, the Management
f ) provide services that reduce the consumption of non-renewa-
Regulations must be amended accordingly. Investors shall be
ble natural resources or that substitute renewable resources
for non-renewable resources;
informed of any such changes.
g) extract, produce, process, sell or promote the sale of natuFor hedging purposes, the sub-fund may make use of solely listed
rally produced foodstuffs in accordance with the criteria of
derivatives and other techniques and instruments in accordance
organic agriculture and animal welfare;
with Article 4 and in compliance with the applicable investment
h) promote regional economic systems and fair trade;
restrictions of Article 14 of the Management Regulations. In ad-
i)
demonstrate social and economic commitment beyond the
dition, the provisions of the Management Regulations relating to
corporate objective or support developmental policy objecti-
risk management procedures with derivatives must be observed.
ves;
j)
The Management Company sets the investment policy of the
sub-fund with the support of an investment committee.
The members of the investment committee are chosen based on
have especially democratic corporate structures, have humane, socially responsible and emancipatory working conditions or that work specifically to reduce discrimination;
k) fight corruption.
their professional position or on the fact that they represent
(These criteria directly relate to the positive aspects of envi-
relevant organisations in terms of corporate policy. They provi-
ronmentally and socially responsible business practices
de expertise that ensures compliance with ecological and social
of companies that the sub-fund views as pioneers in this
investment criteria. The investment committee acts independent-
respect.)
ly of the Management Company in selecting its members, in its
procedural methods and in decision-making. It has in particular
the task of monitoring compliance with the investment restrictions
listed below and providing recommendations in this regard to the
Management Company.
16 | 52
ÖKOWORLD
2. ÖKOWORLD ÖKOVISION® CLASSIC also invests in
microorganisms in closed systems are not excluded, provided
companies that
a) develop, sell or use processes, products or services to reme-
the process is of particular benefit;
g) work with embryonic stem cells and develop or intend to
diate or reduce environmental damage;
b) contribute to the reduction of social problems;
develop products or therapies with their help;
h) perform or have performed on their behalf avoidable animal
testing or that sell raw materials or products tested in this
c) introduce social, environmental and sustainability management systems and strengthen their environmental and social
commitment;
d) have particularly transparent consumer- and employeefriendly corporate policies;
e) offer or produce high-quality products and services that serve
the general welfare and are of particularly high quality.
way;
i)
make use of any other processes that are damaging to health
or the environment, or produce such products or promote
their sale.
(These criteria are negative aspects of social and environ
mental responsibility and are applied taking into account
their materiality and relevance.)
(These are criteria that only indirectly relate to the positive
aspects of environmentally and socially responsible business
practices)
5. ÖKOWORLD ÖKOVISION® CLASSIC also does not
invest in companies that
a) hold strategic equity investments in companies to which the
3. ÖKOWORLD ÖKOVISION® CLASSIC does not invest
in companies that
a) discriminate against people on the basis of gender, ethnicity,
disability, nationality, political opinion, religion, social class
or sexual orientation;
criteria set out in points 3 and 4 apply;
b) hold equity investments in companies to which the criteria set
out in points 3 and 4 apply, where such investment gives the
company a controlling influence;
c) are otherwise linked to companies to which the criteria set
b) use child labour or forced labour;
out in points 3 and 4 apply, where such investment hinders
c) hinder trade union activities, in particular by violating the
the socially and environmentally responsible orientation of
right to organise or the right to collective bargaining.
(These criteria are based on the core conventions of the International Labour Organisation (ILO).)
the corporate policy;
d) produce products or provide services primarily for companies
to which the criteria set out in points 3 and 4 apply (sub-contractors).
4. ÖKOWORLD ÖKOVISION® CLASSIC does not invest
in companies that
(These criteria relate to the negative aspects of interrelations
between companies.)
a) support regimes that violate human rights;
b) produce, market or sell military weaponry and arms or that
provide equipment, intermediate products or services for
such purposes;
c) produce, directly market or sell nuclear energy or nuclear
technology or that provide equipment, intermediate products
or services for such purposes;
d) produce or promote the sale of chlorine-based chemical
products;
e) overexploit natural resources or that contribute to such overexploitation;
f ) develop or produce genetically modified plants, animals or
microorganisms that are intended for use in open systems,
6. In evaluating companies,
ÖKOWORLD ÖKOVISION® CLASSIC also takes into account
a) their involvement and behaviour in controversies, transparency, willingness to provide information and engage in
dialogues, and their ability to learn;
b) their political influence and its compliance with the public positions of the company and with the criteria of the sub-fund;
c) their activities in countries in which the government does not
guarantee minimum social and ecological standards; this
concerns the company’s own production locations, joint ventures and suppliers (e.g. China);
d) development objectives and potential and trends in the
or that promote the sale of products resulting therefrom.
company.
Companies that produce or use genetically modified plants or
(These are additional criteria that are considered.)
17 | 52
ÖKOWORLD
OVERVIEW OF ÖKOWORLD ÖKOVISION® CLASSIC
ISIN-Code / WKN
Distribution policy
Reference currency
C Units (non-institutional)
LU0061928585 / 974968
A Units (non-institutional)
LU0551476806 / A1C7C2
C Units
Accumulating
A Units
Distributing
Euro
Commissions payable by the unitholder
Initial charge
Max. 5 %
Conversion charge
Max. 2 %
Redemption charge
none
Fees payable by the sub-fund
Management fee
1,76 % p.a.
Performance fee
Up to 10% of the absolute increase in the net asset value per unit per payment period of said sub-fund.
The performance fee when applicable is paid quarterly to the Management Company. The determination of
the entitlement to the performance fee takes place daily (observation date) and is taken into account in the
unit price published on that day. The high water mark is the higher of the initial subscription price and the unit
price on the last payment date on which a performance fee was paid. If the unit price on an observation date
is below the current high water mark, the performance fee is not calculated. A positive entitlement to a performance fee is only paid on the payment date if the unit price is above the high water mark. In this case, the
high water mark for the next payment period is adjusted to the unit price on the payment date. In the event
there is a negative reserve balance on a payment date, it is taken into account in the subsequent period.
No claim to reimbursement can be made for performance fees already paid.
Custody fee
0,05 % p.a.
Administration fee
0,08 % p.a.
Service fee
0,20 % p.a. payable to the Management Company in consideration for the special requirements involved in
the support of private and institutional investors and of its investment managers and agents as regards the
ecological, political and social commitment of the sub-fund.
Stock exchange listing
none
Risk profile
„opportunity-oriented“ – The subfunds is particularly suitable for investors accepting high risks and at the
same time in long terms want to participate in possible high revenues. Due to the investment policy in
connection with the investment objective the investor is willing to accept temporarily also high capital losses
depending on the extent of the possible value fluctuation. The investors investment horizon should be long
term. The Management Company endeavor to reduce the risk by the number and diversification of
investments of the subfund. But no assurance can be given that the investment objectives will be achieved.
Monitoring of total risk
Global exposure
In order to monitor market risk, global exposure is calculated using a relative value-at-risk approach.
18 | 52
ÖKOWORLD
Benchmark
An individual equity index with the following profile is used as the benchmark:
The equity index is broadly diversified in terms of the countries, sectors and market capitalisation of the
companies included and is composed of the following markets:
- leading US large-cap companies
- leading European companies from a total of 17 European submarkets
- Japanese blue-chips with above-average liquidity
- leading Canadian large-cap companies
- leading Australian large-cap companies
- leading Asian companies from a total of 4 sub-markets: Hong Kong, Singapore, South Korea and Taiwan
- leading Latin American large-cap blue-chip companies with above average liquidity from a total of 5 submarkets: Brazil, Chile, Colombia, Mexico and Peru
The above companies are distributed across the following sectors: Consumer goods, energy, financials,
healthcare, industrials, information technology, commodities, telecommunications and utilities
The index is calculated in USD and the companies included are weighted according to their market capitalisation.
Leverage
The leverage resulting from the use of derivatives and other financial products with derivative components is
expected to be 0% of the fund’s volume; however, depending on the actions of the fund manager, it may total
up to 50% of the fund‘s volume. Depending on the market situation, the leverage ratio is subject to fluctuations and it may briefly exceed the expected value. The Management Company monitors the leverage ratio
daily.
Note on the
calculation of leverage
The calculation is based on the sum of the nominal values in boxes 24 and 25 of the ESMA Guidelines 10-788.
Investor profile
There are five different investor profiles: conservative, defensive, neutral, dynamic and aggressive.
This sub-fund is considered dynamic. This information is for illustrative purposes only and is not binding
information from the Management Company.
Performance data
C Units
2014
11,82 %
2013
17,11 %
2012 20,07 %
A Units
2014
10,95 %
2013
15,53 %
2012
19,43 %
Information on past performance is not indicative of future results.
Initial issue date
C Units
2 May 1996
A Units
25 October 2010
Initial issue price
C Units
DM 100
A Units
EUR 50
Other information
This sub-fund (previously named “ÖKOVISION”) was renamed “ÖKOWORLD ÖKOVISION CLASSIC” on
1 September 2007.
Additional information
This sub-fund may also be referred to as “ÖKOWORLD FUTUREVISION CLASSIC” in its marketing documentation, except in Austria, Germany, Switzerland and Luxembourg.
19 | 52
ÖKOWORLD KLIMA
INVESTMENT POLICY
1. ÖKOWORLD KLIMA invests in companies that
a) contribute to the reduction of greenhouse gas emissions or to
mitigating the effects of the greenhouse effect,
The objective of the investment policy of the sub-fund is to genera-
b) develop, provide or use technologies, products and proces-
te a reasonable return in Euro while complying with the following
ses that have a lower energy intensity or a lower greenhouse
strict ethical-ecological criteria.
gas intensity,
c) produce, use or trade in renewable energies or sustainably
renewable raw materials,
d) contribute to the reduction in the consumption of energy,
water or raw materials, or to more efficient use of energy,
water or raw materials,
e) develop, use or make available re-use or recycling technologies,
f ) produce, use or trade in products made from reused or recyc-
For hedging purposes, the sub-fund may make use of solely listed
led materials or components.
with Article 4 and in compliance with the applicable invest-
2. ÖKOWORLD KLIMA does not invest in companies that
ment restrictions of Article 14 of the Management Regulations.
a) violate human rights or support their violation,
In addition, the provisions of the Management Regulations
b) produce or trade in weapons or in companies that produce,
relating to risk management procedures with derivatives must be
observed.
equip or provide services to companies that do so,
c) generate or produce nuclear energy or nuclear technologies
or that equip or provide services to companies in the nuclear
The following investment criteria are intended to promote sustai-
industry,
nable environmental and socially responsible business practices.
d) are involved in or contribute to the overexploitation, contami-
The Management Company is supported by a scientific advisory
nation or deterioration of the quality of natural resources and
board that provides expert advice on the ecological and ethical
objectives established for ÖKOWORLD KLIMA.
ecosystems,
e) use processes or produce or market products that are harmful to human health or the environment.
(These criteria are negative aspects of social and environmental responsibility and are applied taking into account
their materiality and relevance.)
20 | 52
ÖKOWORLD KLIMA
OVERVIEW OF ÖKOWORLD KLIMA
ISIN-Code / WKN
LU0301152442 / A0MX8G
Distribution policy
C Units
Accumulating
Reference currency
Euro
Initial charge
Max. 5 %
Conversion charge
Max. 2 %
Redemption charge
none
Management fee
1,76 % p.a.
Performance fee
Custody fee
0,05 % p.a.
Administration fee
0,08 % p.a.
Service fee
none
Risk profile
Global exposure
21| 52
ÖKOWORLD KLIMA
Benchmark
The equity index is broadly diversified in terms of the countries, sectors and market capitalisation of the
companies included and is composed of the following markets:
- leading US large-cap companies
- Japanese blue-chips with above-average liquidity
- leading Canadian large-cap companies
- leading Australian large-cap companies
- leading Asian companies from a total of 4 sub-markets: Hong Kong, Singapore, South Korea and Taiwan
- leading Latin American large-cap blue-chip companies with above average liquidity from a total of 5 submarkets: Brazil, Chile, Colombia, Mexico and Peru
The above companies are distributed across the following sectors: Consumer goods, energy, financials,
healthcare, industrials, information technology, commodities, telecommunications and utilities
The index is calculated in USD and the companies included are weighted according to their market capitalisation.
Leverage
daily.
Note on the
Investor profile
Performance data
C Units
2014
10,67 %
2013 22,76 %
2012
13,77 %
Initial issue date
C Units
27 July 2007
Initial issue price:
C Units
EUR 50
22 | 52
INVESTMENT POLICY
and water, or that improve the efficiency of water use, e.g. by
The objective of the investment policy of the sub-fund is to genera-
optimising the measurement and billing of consumption or by
te a reasonable return in Euro while complying with the following
established closed-use systems. In addition, all companies in
strict ethical-ecological criteria.
which ÖKOWORLD WATER FOR LIFE invests are required to meet
strict sustainability criteria.
For hedging purposes, the sub-fund may make use of solely listed
with Article 4 and in compliance with the applicable invest-
ment restrictions of Article 14 of the Management Regulations.
relating to risk management procedures with derivatives must be
The sub-fund ÖKOWORLD WATER FOR LIFE invests in particular in
observed.
companies that provide products and services for water supply,
waste water disposal, water treatment and recycling, and water
The Management Company is supported by a scientific advisory
infrastructure, that help maintain the quality of natural water
board that provides expert advice on the ecological and ethical
storage systems, e.g. by avoiding or reducing pollutants in soil
objectives established for ÖKOWORLD WATER FOR LIFE.
23 | 52
OVERVIEW OF ÖKOWORLD WATER FOR LIFE
ISIN-Code / WKN
LU0332822492 / A0NBKM
Distribution policy
C Units
Accumulating
Reference currency
Euro
Initial charge
Max. 5 %
Conversion charge
Max. 2 %
Redemption charge
none
Management fee
1,76 % p.a.
Performance fee
Custody fee
0,05 % p.a.
Administration fee
0,08 % p.a.
Service fee
none
Risk profile
Global exposure
24 | 52
Benchmark
- the equity index is broadly diversified in terms of the countries and market capitalisation of the companies
included.
- it includes 50 companies that are active in the area of water supply, treatment and infrastructure.
The individual stocks are liquid and freely tradable.
- the index is calculated in EUR and the companies included are weighted according to their market capitalisation.
Leverage
daily.
Note on the
Investor profile
Performance data
C Units
2014
8,93 %
2013
18,79 %
2012
19,17 %
Initial issue date
C Units
25 January 2008
Initial issue price:
C Units
EUR 100
25 | 52
ÖKOWORLD
ÖKOVISION GARANT 20
®
INVESTMENT POLICY
The objective of this compartment is to enable unitholders
securities/capital
investments
which
adopt
sustainable,
at maturity, February 29th, 2020, to benefit from the rise in the
environmental, societal or ethical objectives and, in particular,
international equity and bond markets by a dynamic manage-
fulfil criteria
ment over risky assets, while providing a guarantee that unithol-
-
that directly address favourable aspects of environmentally
ders will recover at least 100% of the Reference Value (excluding
friendly and socially acceptable business management (e.g.
subscription fees).
the development, distribution or use of environmentally
friendly and socially acceptable technologies and processes;
The initial net asset value is set at EUR 100. The first Reference
the development, production or distribution of environmen-
Value corresponds to the higher net asset value calculated
tally friendly and socially acceptable products; or the provisi-
between January 29, 2008 and February 29, 2008 inlcuded.
on of services that promote sustainable development, in par-
Afterwards, the first business day of each month, the net asset
ticular environmentally friendly and socially acceptable
business management);
value will be calculated and compared to the Reference Value.
If the calculated net asset value is higher, it will become the new
-
or which fulfil criteria that indirectly address favourable
Reference Value. In any case the Reference Value will be at least
aspects of environmentally friendly and socially acceptable
always equal to the initial net asset value, that means EUR 100.
business management (e.g. the development, distribution or
application of processes, products or services for the resto-
Die Technik der dynamischen Verwaltung beruht auf der Port-
ration or reduction of environmental damage; contribution to
folio-Absicherungsstrategie. Diese Methode besteht darin, die
the reduction of social issues; the introduction of social,
Verteilung des Portfolios zwischen risikoreichen und risikolosen
environmental and sustainability management systems and
the enhancement of environmental and social commitment);
Vermögenswerten regelmäßig und systematisch anzupassen,
wobei die risikolosen Vermögenswerte die versprochene Garan-
-
or fulfil exclusion criteria resulting from the Core Conven-
tie- bzw. Schutzfunktion erfüllen. Das Zielengagement in risiko-
tions of the International Labour Organisation (ILO)
reichen Vermögenswerten wird bei jeder Allokation berechnet,
(e.g. discrimination against persons based on gender, ethnic
um die Verteilung des Portfolios festzulegen. Der Anlageverwal-
origin, disability, nationality, political opinion, religious affili-
ter kann jedoch von diesem Ziel abweichen, wenn er Risiken oder
ation, social origin or sexual orientation; child or forced
labour; hindrance of trade union activities);
Situationen erwartet, die eine Reduzierung oder Erhöhung des
Anteils risikoreicher Vermögenswerte des Teilfonds erfordern
-
or fulfil exclusion criteria relative to negative aspects of envi-
bzw. ermöglichen. So wird das Portfolio bei einer positiven Wer-
ronmentally friendly and socially acceptable practices,
tentwicklung stärker in risikoreichen Vermögenswerten positio-
taking into account their materiality and relevance (e.g. the
niert sein.
support of regimes that infringe human rights; the production, marketing or distribution of war weapons and other
If there is a downward trend on the financial markets and/or if
military equipment; the production, marketing or distributi
the net asset value per share is moving closer to the Reference
on of nuclear energy or technology; the creation of products
Value, the portfolio will be realigned towards non-risky assets.
of chlorine chemistry; contribution to the overexploitation of
natural resources; the development and creation of geneti
The reference for the breakdown of the portfolio of risky assets
cally modified plants, animals or micro-organisms in open
is the management and underlying assets of the “ÖKOWORLD
systems; the development of products or therapies aided by
ÖKOVISION CLASSIC” compartment.
embryonic stem cells).
®
The objective of the various investment criteria is to promote
The portfolio of risk-free assets includes low-risk money market
sustainable environmentally friendly and socially acceptable
funds, bonds issued or guaranteed by a European state or deno-
business practices. With respect to the composition of the high-
minated in Euro, corporate bonds and/or deposits.
risk asset portfolio, the subfund may only invest in transferable
26 | 52
ÖKOWORLD
®
If investments are made in government bonds, transferable secu-
For the purposes of the application of this investment
rities of states with a social, environmental and ethical political
limit, each compartment in a multicompartment underta-
orientation will be preferred. The following areas are assessed:
king for collective investment, as defined by Article 81 of the
Institutions and politics; social conditions and infrastructure;
Law of 2010, is considered as a separate issuer, provided
and environmental heritage and pollution.
ÖKOWORLD ÖKOVISION® GARANT 20 that the principle of
segregation of the commitments of the different compart-
Within the framework of the investment restrictions, and in
ments with regard to third parties is assured.
consideration of the risk diversification principle, the subfund
may invest in shares in open equity, bond and money market
b) Investments in units of undertakings for collective invest-
funds. In addition, subfund assets may be invested in shares and
ment other than UCITS may not in total exceed 30% of the
other transferable securities equivalent to shares of companies
assets of a compartment. If a compartment has acquired
with global operations. Such investments will take any econo-
units in UCITS and/or other undertakings for collective
mic, geographical and political risks, as well as the currency risk,
investment, the assets of these UCITS or other undertakings
into account.
for collective investment are not combined for the purposes
of the limits stipulated in the Management Regulations
The provision in the Management Regulations Art. 14, point 8.
Art. 14 point 5.
a), that no compartment may invest in aggregate more than 10%
of its assets in the units of other UCITS or other undertakings for
For hedging purposes, the sub-fund may make use of solely
collective investment pursuant to the Management Regulations
listed derivatives and other techniques and instruments in
Art. 14 point 1. e) is not applicable to this sub-fund.
accordance with Article 4 and in compliance with the applicable
investment restrictions of Article 14 of the Management Regula-
Instead, the following applies:
tions. In addition, the provisions of the Management Regulations
relating to risk management procedures with derivatives must
a) A compartment may acquire units of UCITS and/or other
be observed.
undertakings for collective investment specified in to the
Management Regulations Art. 14 point 1. e), provided that it
does not invest more than 20% of its assets in a single UCITS
or other undertaking for collective investment.
27 | 52
ÖKOWORLD
®
OVERVIEW OF ÖKOWORLD ÖKOVISION® GARANT 20
ISIN-Code / WKN
C-shares (non-institutional)
LU0332822906 / A0NBKN
Distribution Policy
C-shares
Accumulating
Reverence currency
Euro
Initial charge
max. 5 %
Conversion charge
conversion is not allowed in this subfunds
Redemption charge
none
Management fee
1,76 % p.a.
Custody fee
0,05 % p.a.
Administration fee
0,08 % p.a.
none
Risk profil
„moderate“ – The subfunds is particularly suitable for investors accepting moderate risks and at the same
time in short to medium terms want to participate in moderate revenues. Due to the investment policy in
connection with the investment objective the investor is willing to accept capital losses depending on the
extent of the possible value fluctuation. The investors investment horizon should be short to medium term.
The Management Company endeavor to reduce the risk by the number and diversification of investments of
the subfund. But no assurance can be given that the investment objectives will be achieved.
Global exposure
28 | 52
ÖKOWORLD
®
Benchmark
Als Vergleichsvermögen wird eine Kombination aus zwei Indizes herangezogen. Diese beiden Indizes setzen
sich wie folgt zusammen:
1.) 30 % of the benchmark assets shall be a share index in accordance with the following profile:
The share index is highly diversified with respect to countries, sectors and market capitalisation of the securities included and is composed of the following markets:
- leading US-American large cap companies
- Japanese blue chip companies with above-average liquidity
- leading Canadian large cap companies
- leading Australian large cap companies
- leading Asian companies from a total of 4 submarkets: Hong Kong, Singapore, South Korea and Taiwan
- leading Latin American large cap, blue chip companies with above-average liquidity from a total of 5 submarkets: Brazil, Chile, Colombia, Mexico and Peru
The aforementioned companies are distributed amongst the following sectors: Consumer goods, energy,
finance, health care, industry, IT, raw materials, telecommunication and utilities.
The index is calculated in USD; the companies included are weighted in accordance with their market capitalisation.
2.) 70 % of the benchmark assets shall be a fixed income index in accordance with the following profile:
- European government bonds with a minimum term of one year
- The index is composed of more than 300 government bonds of various European countries
- The respective maturity of the different bonds is highly diversified
Leverage
expected to be 0 % of the fund’s volume; however, depending on the actions of the fund manager, it may total
up to 50 % of the fund‘s volume. Depending on the market situation, the leverage ratio is subject to fluctuations and it may briefly exceed the expected value. The Management Company monitors the leverage ratio
daily.
Note on the
Investor profile
This sub-fund is considered defensive. This informaton is for illustrative purposes only and is not
binding information from the Management Company.
Performance data
C-shares
2014
4,11 %
2013
-0,75 %
2012
3,35 %
Initial issue date
29 January 2008
Initial issue price
EUR 100
Additional information
The subfund ÖKOWORLD2 ÖKOVISION GARANT 20 of the ÖKOWORLD2 was merged as per 2. November 2012
in the subfund ÖKOWORLD ÖKOVISION® GARANT 20.
29 | 52
ÖKOWORLD ÖKOTRUST
INVESTMENT POLICY
Investment objective and policy
The objective of the investment policy is to gain a reasonable re-
At first all securities are analysed by the in-house Sustainabi-
turn in euro while complying with criteria of a sustainable nature.
lity Research in accordance with the Fund specific and general
ÖKOWORLD Sustainability criteria.
ÖKOWORLD ÖKOTRUST primarily invests in financial investments
which pursue sustainable, ecological, social or ethical objecti-
While adhering to the investment limits and in accordance with
ves, which are suitable to have a sustainable and positive effect
the principle of risk diversification, the compartment will invest
on the environment or the society. Included are e. g. sustaina-
in open ended equity-, bond-, certificate-, convertible bond-,
ble economic management, efficient utilization of resources,
currency and money market- investment funds.
reduction of harmful environmental influences, production of
renewable energy, social (working) conditions or ethic and social
The assets of the compartment will also be invested in equities
responsibility.
and equity-related securities representing shares of companies worldwide and in derivatives of such companies as well
When investing in companies those providing environmental
as certificates qualifying as transferable securities within
products and services by providing, using or selling environ-
the meaning of article 41 (1) of the Law. In doing so, economic,
mental responsible technologies and processes will be favored;
geographical and political risks as well as the currency risk are
in particular companies which contribute to the reduction in
taken into account.
consumption of energy, water and raw materials respectively to
the increase in energy, water, and raw material efficiency.
Furthermore, the compartment may invest in fixedinterest and
floating-rate notes, including zerobonds, and bond certifica-
In order to meet general sustainability criteria, the compart-
tes as well asbondindex certificates (qualifying as transferable
ment may not invest directly in companies which produce or
securities pursuant to article 41 (1) of the Law), convertible
sell weapons, produce or distribute nuclear energy or nuclear
bonds and options on securities (qualifying as transferable secu-
technologies or are involved in the degradation of ecosystems or
rity pursuant to article 41 (1) of the Law of 2002) that are listed on
contribute to these processes.
exchanges or other regulated markets of an OECD country that
are recognised, open to the public and which operate regularly.
Investments in securities of countries whose policy is particularly social, ecological and ethical will be favored. In this respect
Furthermore up to 10% of the assets can be invested in not-listed
the aspects of institutions and policies, social conditions and
securities and not-listed money market instruments.
infrastructure, environmental conditions and pollution will be
taken into account.
According to the situation of the financial markets the subfund
can also invest for a short time up to 100% in liquid or similar
assets as far as it seems to be in the interest of the Unitholders.
30| 52
ÖKOWORLD ÖKOTRUST
The provision in the Management Regulations Art. 14, point 8.
b) Investments in units of undertakings for collective invest-
a), that no compartment may invest in aggregate more than 10%
ment other than UCITS may not in total exceed 30% of the
of its assets in the units of other UCITS or other undertakings for
assets of a compartment. If a compartment has acquired
collective investment pursuant to the Management Regulations
units in UCITS and/or other undertakings for collective
Art. 14 point 1. e) is not applicable to this sub-fund.
investment, the assets of these UCITS or other undertakings
for collective investment are not combined for the purposes
Instead, the following applies:
of the limits stipulated in the Management Regulations
Art. 14 point 5.
a) A compartment may acquire units of UCITS and/or other
undertakings for collective investment specified in to the
For hedging purposes as well as efficient portfolio manage-
Management Regulations Art. 14 point 1. e), provided that it
ment, the sub-fund may make use of solely listed derivatives.
does not investmore than 20% of its assets in a single UCITS
or other undertaking for collective investment.
be observed.
For the purposes of the application of this investment limit,
each compartment in a multicompartment undertaking for
collective investment, as defined by Article 81 of the Law of
2010, is considered as a separate issuer, providedthat the
principle of segregation of the commitments of the different
compartments with regard to third parties is assured.
31 | 52
ÖKOWORLD ÖKOTRUST
OVERVIEW OF ÖKOWORLD ÖKOTRUST
ISIN-Code / WKN
C-shares (non-institutional)
LU0380798750 / A0Q8NL
Distribution Policy
C-shares
Distributing
Reference Currency
Euro
Initial charge
max. 5 %
Conversion charge
max. 2 %
Redemption charge
none
Management fee
1,76 % p.a.
Performance fee
Custody fee
0,05 % p.a.
Administration fee
0,08 % p.a.
Service fee
none
Risk profile
„profit-oriented“ – The subfunds is particularly suitable for investors accepting higher risks and at the same
time in medium to long terms want to participate in possible higher revenues. Due to the investment policy
in connection with the investment objective the investor is willing to accept temporarily also higher capital
losses depending on the extent of the possible value fluctuation. The investors investment horizon should be
medium to long term. The Management Company endeavor to reduce the risk by the number and diversification of investments of the subfund. But no assurance can be given that the investment objectives will
be achieved.
Global exposure
32 | 52
ÖKOWORLD ÖKOTRUST
Benchmark
A combination of two indices will be used as benchmark assets. These two indices are composed as follows:
1.) 50 % of the benchmark assets shall be a share index in accordance with the following profile:
The share index is highly diversified with respect to countries, sectors and market capitalisation of the
securities included and is composed of the following markets:
- leading US-American large cap companies
- Japanese blue chip companies with above-average liquidity
- leading Canadian large cap companies
- leading Australian large cap companies
- leading Asian companies from a total of 4 submarkets: Hong Kong, Singapore, South Korea and Taiwan
- leading Latin American large cap, blue chip companies with above-average liquidity from a total of 5 submarkets: Brazil, Chile, Colombia, Mexico and Peru
The aforementioned companies are distributed amongst the following sectors: Consumer goods, energy,
finance, health care, industry, IT, raw materials, telecommunication and utilities.
The index is calculated in USD, the companies included are weighted in accordance with their market capitalisation.
2.) 50 % of the benchmark assets shall be a fixed income index in accordance with the following profile:
- European government bonds with a minimum term of one year
- The index is composed of more than 300 government bonds of various European countries
- The respective maturity of the different bonds is highly diversified.
Leverage
daily.
Note on the
Investor profile
Performance data
C-shares
2014
7,67 %
2013
8,96 %
2012
9,64 %
Inicial issue date
C-shares
28 August 2008
Initial issue price
C-shares
EUR 100
Sonstiges
The subfund ÖKOWORLD2 ÖKOTRUST of the ÖKOWORLD2 was merged as per 2. November 2012 in the
subfunds ÖKOWORLD ÖKOTRUST.
33 | 52
ÖKOWORLD
GROWING MARKETS 2.0
INVESTMENT POLICY
The objective of the investment policy of the sub-fund is to
The sub-fund ÖKOWORLD GROWING MARKETS 2.0 invests pri-
generate a reasonable return in Euro while complying with the
marily in companies that provide solution-oriented products
following strict ethical-ecological criteria.
and services, especially (but not exclusively) for preventing,
mitigating or adapting to climate change, nutrition, the supply
and treatment of drinking water, environmental protection
(waste, wastewater, etc.), electrification, electrical supply,
environmentally and socially responsible transport, telecom-
In making these investments, economic, geographic, political
munications, and education. In addition, all companies in which
and currency risks are taken into account.
ÖKOWORLD GROWING MARKETS 2.0 invests are required to
meet general sustainability criteria.
The sub-fund ÖKOWORLD GROWING MARKETS 2.0 invests
primarily in companies that are domiciled in an emerging coun-
At first all securities are analysed by the in-house Sustainabi-
try or whose business operations are focused on emerging
lity Research in accordance with the Fund specific and general
countries. These countries have high long-term growth poten-
ÖKOWORLD Sustainability criteria.
tial. Emerging countries refers to countries that are included in
the major emerging markets reference indices or that have the
For hedging purposes, the sub-fund may make use of solely
potential to be added to these indices. The sub-fund avoids
listed derivatives and other techniques and instruments in
making investments in companies that are not in the position to
accordance with Article 4 and in compliance with the applicable
fulfil important ethical and social investment criteria as a result
investment restrictions of Article 14 of the Management Regula-
of the political, legal and/or cultural conditions in the country in
tions. In addition, the provisions of the Management Regulations
which they are domiciled (have their headquarters).
be observed. In the event of significant decline in the markets
of the emerging countries, the fund may also temporarily invest
primarily in bonds from the industrial countries.
34 | 52
ÖKOWORLD
GROWING MARKETS 2.0
OVERVIEW OF ÖKOWORLD GROWING MARKETS 2.0
ISIN-Code / WKN
Distribution policy
Reference currency
LU0800346016 / A1J0HV
D Units (institutional)
LU0800346289/ A1J0HW
C Units
Accumulating
D Units
Distributing
Euro
Initial charge
max. 5 %
Conversion charge
max. 2 %
Redemption charge
none
Management fee
C Units 1.76 % p.a.
D Units 0.98 % p.a.
Performance fee
Custody fee
0,05 % p.a.
Administration fee
0,08 % p.a.
Service fee
C Units
none
Risk profile
„speculative“ – The subfunds is particularly suitable for investors accepting very high risks and at the same
time in long terms want to participate in possible very high revenues. Due to the investment policy in
connection with the investment objective the investor is willing to accept temporarily also very high capital
losses depending on the extent of the possible value fluctuation. The investors investment horizon should be
long term. The Management Company endeavor to reduce the risk by the number and diversification of
Global exposure
35 | 52
ÖKOWORLD
GROWING MARKETS 2.0
Benchmark
- The equity index is broadly diversified in terms of the countries and sectors of the companies included and
reflects the equity markets of the emerging countries. The main markets are Latin America, Asia, Europe/
Middle East and Africa
- The above companies are distributed across the following sectors: Consumer goods, energy, financials,
healthcare, industrials, commodities, telecommunications and utilities.
- The index is calculated in USD and the companies included are weighted according to their market capitalisation.
Leverage
up to 50 % of the fund‘s volume. Depending on the market situation, the leverage ratio is subject to fluctuations and it may briefly exceed the expected value. The Management Company monitors the leverage ratio
daily.
Note on the
Investor profile
Performance data
C Units
2014
17,39 %
2013
6,22 %
2012
4,10 %
D Units
2014
18,39 %
2013
7,25 %
2012
4,38 %
Initial issue
C Units and D Units
16 July 2012 – 16 September 2012 (subscription period)
Initial issue price
C Units and D Units
EUR 100
36 | 52
I. MANAGEMENT
REGULATIONS
The Management Regulations establish the general principles for
classes. In addition, the Management Company may decide to
the ÖKOWORLD fund.
create units with a certain capitalisation or a certain distribution.
The specific characteristics of the sub-funds are described in the
Unitholders who hold units of the sub-funds have equal rights
Prospectus which may contain additional and alternative regulati-
to the sub-fund in proportion to the number of units they hold.
ons to the individual provisions of the Management Regulations.
As an investment fund, the Fund is legally dependent and investors have equal, undivided co-ownership rights to all assets of
the Fund in proportion to the number of units they hold and the
ARTICLE 1. THE FUND
relative net asset value of these units. These rights are derived
from the units issued by the Management Company. The Fund’s
ÖKOWORLD (hereinafter the “Fund”) was established as an
sub-funds each represent a portfolio with various assets and
investment fund (fonds commun de placement „FCP“) under the
liabilities, with each sub-fund being considered a separate entity
laws of the Grand Duchy of Luxembourg in accordance with Part I
in relation to the unitholders and third parties.
of the Luxembourg Law of 17 December 2010 on Undertakings for
Collective Investment (the “Law of 2010”).
ARTICLE 2. THE MANAGEMENT COMPANY
The Fund is joint owner of transferable securities and other assets which are managed in the interest of the co-owners (herein-
The Fund is managed for the benefit of the unitholders by the Ma-
after the “Unitholders”) by ÖKOWORLD LUX S.A. (hereinafter the
nagement Company, which has its headquarters in Luxembourg.
“Management Company”), a joint-stock company (société
The Management Company acts and assumes its responsibilities
anonyme) established under Luxembourg law which is domiciled
in accordance with the provisions of the Law of 2010.
in Luxembourg.
The Management Company shall be entitled to a management
The assets of the Fund, for which Hauck & Aufhäuser Privatbanki-
fee.
ers KGaA (hereinafter the “Custodian”) has been entrusted with
custody, are separate from those of the Management Company.
The Fund’s assets are held separately from the assets of the
By acquiring units of the Fund, each unitholder accepts the full
Management Company. The Fund is not liable for the obligations
scope of these Management Regulations which define the con-
of the Management Company.
tractual relationship between the unitholders, the Management
Company and the Custodian.
2.1. Investment management
The Management Board has full authority to execute any and
The Management Company shall make several portfolios (herein-
all management or sales transactions in the best interest of the
after referred to as “sub-funds”) available to investors, with each
unitholders. In accordance with the principle of risk distribution
sub-fund containing certain assets and pursuing certain objec-
and in compliance with the Law of 2010, the Management Board
tives. Accordingly, the Fund is an investment fund with multiple
has full authority to make decisions on the investment policy and
sub-funds.
investment restrictions of the Fund and its individual sub-funds.
The Management Company is authorised to create unit classes
2.2. Day-to-day management
within each sub-fund that differ in the commission structure of
The Management Board of the Management Company may
the Management Company and – as regards subscriptions and
delegate its powers relating to the day-to-day management of
redemptions – in the type of investors for which they are inten-
Fund business (including its right to act as a signatory of the
ded, or in their sales and marketing strategy. The Management
Fund) and its role as representative of the Management Compa-
Company may create additional sub-funds and/or unit classes at
ny relating to its administration to one or more managers or to
any time, provided that this does not affect the rights and obli-
several representatives who are not required to be unitholders
gations of the unitholders of the existing sub-funds and/or unit
of the Fund. These appointees shall have the powers transferred
37 | 52
I. MANAGEMENT
REGULATIONS
to them by the Management Board of the Management Company.
ARTICLE 3. THE CUSTODIAN
With authorisation of the Management Board of the Management
To the extent required by the Law of 2010, the Company shall
Company, they may in turn delegate their powers to other parties.
enter into a custody agreement with a bank or savings bank as
In addition, the Management Board of the Management Company
defined in the amended Law of 5 April 1993 on the supervision of
may grant special mandates via power of attorney.
the financial sector. The Custodian has the powers and responsibilities set out in the Law of 2010.
2.3. Investment policy
In accordance with the principle of risk distribution, the Manage-
If the Custodian terminates the agreement, the Management
ment Board is authorised to set the investment policy of the
Board shall endeavour to find a replacement within two months
individual sub-funds and the guidelines to be followed in the
of the date on which the termination takes effect. The Manage-
administration of the Fund, subject to the investment restrictions
ment Board is authorised to terminate the custody agreement.
prescribed by the applicable Law of 2010 and approved by the
Management Board.
However, the termination of the Custodian‘s appointment is subject to the condition that a replacement has been found.
The Management Board determines the investment policy of the
various sub-funds of the Fund, subject to the following restric-
In addition, the Custodian must:
tions set out below in Article 14 “Investment Restrictions”.
a) ensure that the sale, issue, redemption and cancellation of all
units effected on behalf of the Fund or by the Management
The Management Company may be assisted by an investment
committee. The Prospectus describes which sub-funds make use
of the investment committee.
Company are carried out in accordance with the legal requirements and the Management Regulations;
b) ensure that the calculation of the unit value is carried out in
accordance with the legal requirements and the Management
The members of the investment committee are chosen based
Regulations;
on their professional position or on the fact that they repre-
c) follow the instructions of the Management Company, provi-
sent socio-politically relevant organisations. They provide ex-
ded such instructions are in accordance with the Law of 2010
pertise that contributes to compliance with the ecological and
and these Management Regulations.
social investment criteria which follow. The investment commit-
d) ensure that in transactions involving the assets of the Com-
tee acts independently of the Management Company in selecting
pany, the consideration is remitted to it within customary time
its members, in its procedural methods and in decision-making.
limits;
The investment committee has in particular the task of monitoring compliance with the investment restrictions and providing
recommendations in this regard to the Management Company.
e) ensure that the Fund’s income is used in accordance with the
Management Regulations;
f ) For the benefit of the unitholders of the Fund, al securities,
cash and other assets which represent the assets of the fund
2.4. Delegation of certain functions
are subject to the supervision of the Custodian. The Custodi-
The company may enter into an asset management agreement (or
an may, at its discretion, entrust the safekeeping of the assets
several such agreements) in the broadest sense of the term with
to other banks or financial institutions. The Custodian is au-
a Luxembourg company or a foreign company in accordance with
thorised to keep securities in accounts that are maintained by
the Law of 2010, or it may conclude advisory agreements with a
a clearing company of its choice. The Custodian only has
Luxembourg company or a foreign company within the limits of
access to the Fund’s assets and can only make payments to
the Law of 2010 and in accordance with the conditions establis-
third parties on behalf of the Fund upon receiving instructions
hed under the Law.
from the Management Company or the representative of the
Management Company.
38 | 52
I. MANAGEMENT
REGULATIONS
Upon receipt of the instructions of the Management Company
ARTICLE 6. NATURE OF THE UNITS
or its representative, the Custodian shall dispose of the Fund’s
assets, provided such instructions are in accordance with the Law
The Management Board of the Management Company shall
of 2010 and these Management Regulations.
determine whether the units, regardless of the sub-fund or unit
class to which they refer, are issued as registered units or bearer
ARTICLE 4. INVESTMENT POLICY AND
INVESTMENT OBJECTIVES
units.
Bearer units may be issued as certificates in a format determined by the Management Board of the Management Company.
The general objective of the investment policy of the Fund is
Registered units are entered into the register of unitholders,
to generate a reasonable return in Euro. To this end, the Fund’s
which is maintained by the Management Company or one or more
assets shall be invested in accordance with the principle of risk
representatives appointed by the Management Company for
diversification in assets whose issuers meet the ethical and
this purpose. The entry must include the name of each unithol-
ecological requirements set out in the investment policy of the
der, their place of residence or indicated place of residence, the
respective subfund.
number of units they hold, the corresponding sub-fund and/or
unit class, and the amount paid for each of these units. Unithol-
As the Fund is allowed to acquire units of an undertaking for
ders may have their address or any other address determined by
collective investment, investors are subject to the risk of dupli-
the Management Company changed at anytime by sending writ-
cate fees (such as the management fees for the undertaking for
ten notice to the registered office of the Management Company.
collective investment in which the Fund invests).
All transfers of units in registered form inter vivos or in the event
of death are recorded in the register of unitholders.
of the Fund, taking into account the current political, economic,
The owners of the registered units shall receive confirmation of
financial and monetary circumstances.
entry in the register. The certificates for the bearer units shall be
signed by two members of the Management Board of the Manage-
The investment policy varies for the different sub-funds in terms
ment Company. These signatures may be handwritten, printed or
of the limits and the specific characteristics and investment ob-
stamped. They remain valid even if the signatory authority of the
jectives of the individual sub-fund as set out in the full prospectus
signatories expires after the certificate is printed. However, one
of the Fund.
of the signatures may be made by a person appointed for this
purpose by the Management Board of the Management Compa-
The investment policy is carried out in strict compliance with
ny. In this case, the signature must be handwritten.
the principle of diversification and spread of risks. For this reason, the Fund, without prejudice to the individual requirements
Unitholders requesting the issuance of certificates may be
for one or more sub-funds, is subject to a number of investment
charged for the costs of producing and mailing the certificates.
restrictions.
The Prospectus contains information on any fees charged for the
delivery of the certificates.
ARTICLE 5. THE SUB-FUNDS
The certificates may be exchanged at any time for certificates in
another form or denomination, provided the person requesting
In accordance with the decision of the Management Company,
the exchange pays the corresponding price.
the units belong to various sub-funds and/or unit classes.
39 | 52
I. MANAGEMENT
REGULATIONS
Within the limits and in accordance with the regulations estab-
ARTICLE 8. ISSUE OF UNITS
lished by the Management Board of the Management Company, bearer units may, upon request of the bearer of the units in
The Management Board of the Management Company is autho-
question, be converted into registered units. The unitholder
rised to issue new fully paid-in units at any time and without
may be responsible for any costs incurred in connection with the
restriction, without granting existing unitholders a subscription
conversion.
right for the units being issued.
The conversion of registered units into bearer units involves the
If the Management Company offers the subscription of the units,
cancellation of the registered unit certificates if such certifica-
the price for each offered unit shall equal the net asset value per
tes have been issued and the issue of one or more bearer unit
unit of the relevant sub-fund, the relevant unit class (or, if appli-
certificates in their place. A note confirming the cancellation is
cable, the initial subscription price specified in the Prospectus)
made in the register of registered units. The conversion of bearer
and may be increased by any costs and fees by the Management
units into registered units involves the invalidation of the bea-
Board of the Management Company.
rer unit certificates if such certificates have been issued and the
issue of one or more registered unit certificates in their place.
The subscription price must be paid within a period established
A note confirming the cancellation is made in the register of
by the Management Board of the Management Company, but
registered units.
which may be no more than seven bank business days (which are
also bank working days in Luxembourg and Frankfurt/Main) from
The Company recognises only one owner per share. If a unit is
the time at which the applicable net asset value was calculated.
jointly owned or the ownership of units is shared or disputed, the
natural or legal persons claiming the unit must appoint a single
Subscription requests may be suspended under the conditions
delegate to act as representative of this unit or these units to the
stated in these Management Regulations.
Management Company. The Management Company is authorised
to suspend the exercise of all rights connected with the unit until
The Management Board of the Management Company is en-
a representative has been appointed.
titled to transfer the responsibility to receive subscriptions and
ARTICLE 7. LOSS OR DAMAGE OF CERTIFICATES
payments of the price for the new units being issued and for the
cost of their delivery to an authorised director, administrator or
other representative appointed for this purpose. The Manage-
If a unitholder of the Management Company can prove that his
ment Board of the Management Company may decide to issue
certificate has been lost or destroyed, a duplicate may be issued
fractional units for registered units and bearer units which are
upon request under the conditions established by the Manage-
shown as a credit on the unitholder‘s account. Fractional units
ment Company. The original certificate is rendered invalid as soon
entitle the holder to a proportional share of dividends.
as the new certificate labelled “duplicate” is issued.
The Management Board of the Management Company may agree
The Management Company may request that damaged certifica-
to issue units in exchange for the contribution in kind of trans-
tes be returned to the Management Company and exchanged for
ferable securities, taking into account current legislation and in
new certificates. The damaged certificates are cancelled imme-
particular with the obligation to prepare a valuation report by the
diately.
auditor of the Fund, provided such transferable securities comply
with the investment policy described in the Prospectus and the
The Management Company may charge the unitholder for the
restrictions of the relevant sub-fund.
costs of the duplicate or the new certificate and all appropriate
costs incurred by the Management Company in connection with
the issue and entry into the register or the destruction of the old
certificates.
40 | 52
I. MANAGEMENT
REGULATIONS
ARTICLE 9. REDEMPTION OF UNITS
ARTICLE 10. CONVERSION OF UNITS
Each unitholder is entitled to request that the Management
Unless there are specific restrictions established by the Ma-
Company redeem some or all of the units he holds under the
nagement Board of the Management Company or set out in the
conditions set out by the Management Board of the Manage-
Prospectus, each unitholder shall be entitled to request the
ment Company in the Prospectus and in accordance with the
conversion of their units into units of another sub-fund or another
restrictions laid down in the Law of 2010 and these Management
unit class.
Regulations.
The conversion price for units is calculated using the respectiThe redemption price must be paid within a period established
ve net asset value of the two relevant unit classes or sub-funds
by the Management Board of the Management Company, but
on the same valuation date and taking into account all fees
which may be no more than seven bank business days (which are
and commissions established by the Management Board of the
also bank working days in Luxembourg and Frankfurt/Main) from
Management Company.
the time at which the applicable net asset value was calculated.
The redemption price equals the net asset value of the units
If the conversion of units reduces the number of units or the net
of the relevant sub-fund/the relevant unit class less any fees
asset value of the units held by a unitholder in a unit class below
and commissions established by the Management Board of the
a number or value set by the Management Board of the Manage-
Management Company.
ment Company, the Management Board may require the unitholder to redeem all of the units held in this unit class. Converted
If the redemption of units reduces the number of units or the net
units shall be cancelled.
asset value of the units held by a unitholder in a unit class below
a number or value set by the Management Board of the Manage-
Conversion requests may be suspended under the conditions
ment Company, the Management Board may require the unithol-
stated in these Management Regulations.
der to redeem all of the units held in this unit class.
The Management Board of the Management Company is authorised to pay the redemption price of all consenting unitholders
ARTICLE 11. RESTRICTIONS
ON THE PURCHASEOF FUND UNITS
by allocating transferable securities from the respective subfund, provided this does not harm the remaining unitholders and
The Management Company may restrict or prevent natural or
the auditor of the Fund prepares a valuation report. The na-
legal persons from owning Fund units if such ownership could
ture and type of the assets to be transferred in such cases shall
conflict with current legislation or otherwise harm the Fund.
be established by the investment manager in accordance with
the investment policy and investment restrictions of the relevant
sub-fund.
All redeemed units are cancelled.
Redemption requests may be suspended under the conditions
set out in these Management Regulations.
41 | 52
I. MANAGEMENT
REGULATIONS
ARTICLE 12. COMPOSITION
OF THE ASSETS AND VALUATION RULES
to the public are valued at probable sale price as determined
with reasonable care and in good faith.
e) The value of all assets and liabilities not expressed in the
The net asset value of the units of a sub-fund, a unit class and the
currency of the Fund shall be converted into such currency at
issue, conversion and redemption price are set by the Manage-
the latest available exchange rates of a major bank. If no such
ment Company at least twice a month at intervals determined by
rates are available, the rate of exchange shall be determined
the Management Board of the Management Company.
in good faith pursuant to procedures established by the
Management Board.
The net asset value of a sub-fund equals the total value of the
f ) The Management Board of the Management Company is au-
assets of the sub-fund less its liabilities. The net asset value per
thorised to establish or amend the rules for calculating the
unit is calculated by dividing the net assets of the sub-fund by
respective valuation prices. The decisions made in this res-
the number of units issued for the sub-fund; where applicable,
pect shall be indicated for the respective sub-fund.
the division of the net assets of the sub-fund takes into account
g) Swaps are valued on the basis of the difference between the
its different unit classes. The net asset value is expressed in
updated value of future cash flows that will be paid by the
the currency of the relevant sub-fund and/or another currency,
Management Company to the counterparties on the valuation
which the Management Board of the Management Company
date at the zero coupon swap rate valid on the date the cash
may determine. In these Management Regulations, the day
flows mature, and the updated value of all future cash flows
on which the net asset value is calculated is referred to as the
that will be paid by the counterparties to the Management
“valuation day”.
Company on the valuation date at the zero coupon swap rate
valid on the date the cash flows mature.
Notwithstanding the specific provisions for an individual sub-
h) The internal valuation model for CDS use the CDS rate curve,
fund and/or unit class, the value of the assets is determined as
the recovery ratio and a discount rate (LIBOR or market swap
follows:
rate) as input to calculate the daily valuation. This internal
a) The value of cash on hand or on deposit, exchange and pro-
model also creates the default risk curve. Data from a certain
missory notes payable at sight, as well as receivables from
number of counterparties that are active on the CDS market
expenses paid in advance and the declared dividends and
are used to determine the CDS rate curve. The investment ma-
interest due which has not yet been collected is the nominal
nager compares the
value of these assets, unless it is unlikely that this value can
CDS valuation of the counterparties with the values of the
be collected. In the latter case, the value is determined by
internal model. When the internal model is created, it is assu-
deducting the amount that the Management Company deems
med that the contingent and fixed components of the CDS
upon the conclusion of the contract are equal.
appropriate to reflect the true value of these assets.
b) The value of units of undertakings for collective investment
shall be determined on the basis of the last available price;
i)
As the EDS (equity default swaps) are triggered by a share
event, their valuation depends primarily on the volatility of
c) The value of assets listed on an exchange or traded on a regu-
the share and its asymmetry. The higher this volatility is, the
lated market shall be determined on the basis of the last
greater the risk that the share will reach the 70% limit and, as
available price on the exchange or regulated market which is
a result, the greater the spread of the EDS. The spread of a
normally the domestic market for this security. If a security or
company’s CDS also reflects its volatility, as a high share vola-
other asset is listed on more than one exchange, the last sale
tility indicates a high level of volatility of the assets of that
price on the exchange or regulated market that is the dome-
company and thus a high risk of a credit event. As the spreads
stic market for this security shall be authoritative. If the last
of EDS and CDS both correlate with the implied volatility of
known price is not representative, the valuation is based on
shares and since these ratios typically remain stable over
the probable sale price as determined by the Management
time, an EDS can be viewed as a substitute investment for a
Company with reasonable care and in good faith.
CDS. The key factor in the valuation of an EDS is the calculati-
d) Securities not listed on an exchange or traded on a regulated
on of the implied risk of a share event. There are two generally
market which operates regularly and is recognised and open
recognised methods: The first method involves feeding the
42 | 52
I. MANAGEMENT
REGULATIONS
j)
market spread of the CDS into an EDS valuation model; the
expenses for the printing of bearer units, expenses for hol-
second estimates this risk using the historical data of the
ding unitholder meetings and meetings of the Management
relevant share. Although historical data do not necessarily
Board of the Management Company, reasonable travel
provide a reliable indicator of future performance, they can
expenses of the members of the Management Board and
reflect the general behaviour of a share in crisis situations.
directors of the Management Company, the fees of the Ma-
A comparison of the two approaches shows that the historical
nagement Company, expenses for registration and notifica-
risks are very seldom higher than the implied risks of the
tion, all taxes and fees levied by the authorities and the
shares.
securities exchanges, expenses for the publication of the
The valuation of a CFD (contract for difference) reflects at
issue and redemption prices and any other operating
all times the difference between the last known price of the
expenses, including financing, bank or brokerage expenses
underlying security and the valuation determined when the
incurred in the purchase or sale of assets or otherwise, and
contract is entered into.
any other administrative expenses. When estimating the
amount of these obligations, the Management Company
The Fund’s obligations include in particular:
takes into account the management expenses and other
1) all loans taken out, bills of exchange due and accounts paya-
expenses of a regular and recurring nature on a pro rata basis.
ble;
In addition the Fund could be charged those expenses related
2) all known obligations due and not due, including all contrac-
to the use of techniques, resulting from the use of thech-
tual obligations falling due whose objects are payments in
niques for efficient portfolio management. The annual report
cash or payments in kind (including the amount of the distri-
includes a list of these costs as well as the publication of the
butions announced by the Fund but not yet paid);
parties paid these costs. Although it will be explained if these
3) any reserves approved or authorised by the Management
Company, in particularly reserves formed to cover a potential
parties are accociated parties to the Management Company
or the Depositary.
depreciation of certain Fund investments;
4) any other obligations of the Fund of any kind with the excep-
The assets, obligations, costs and expenses that cannot be
tion of those that are represented by equity of the Fund.
allocated to a particular sub-fund or a unit class are allocated to
In order to estimate the amount of these other obligations,
the different sub-funds or unit classes in equal amounts or, if the
the Management Company takes into account all expenses
amounts in question justify it, in proportion to their respective net
borne by the Fund, including the following: formation ex-
assets. For accumulating units, all costs and charges shall first be
penses and expenses for later amendments to the articles of
deducted from the income, then from the increases in value and
association, the expenses for the Prospectus or any other
only then from the Fund assets. Every unit of the Fund affected by
document related to the Fund, commissions and expenses for
a redemption shall be considered issued and outstanding until
the investment manager, the agency responsible for accoun-
the end of the valuation date for the redemption of that unit, and
ting, the Custodian and the corresponding agents, the gene-
its price shall be considered an obligation of the Fund from the
ral administrator, the sub-registrar and sub-transfer agent,
end of this day until settlement. Each unit of the Fund to be issued
the paying agent or any other agents, providers of services,
on the basis of subscription requests received is considered to
agents and/or employees of the Management Company
be issued from the end of the valuation date for its issue price,
and for the permanent representatives of the Management
and its price will be treated as a receivable of the Fund until it
Company in countries in which the sub-funds are registered,
is received. If possible, all assets acquired or disposed of by the
expenses for legal counsel and the audit of the Fund’s annual
Management Company by the definitive valuation date are taken
financial statements, costs for advisory committees, ex-
into account. The expense for the formation of a sub-fund are allo-
penses for sales promotion, an appropriate share in the costs
cated to that sub-fund and amortised over a period of five years.
for advertising and other costs directly related to the offering
and sale of Fund units, expenses for the printing and publishing of the documents for the sale of units, expenses for
the printing of the annual statements and interim reports,
43 | 52
I. MANAGEMENT
REGULATIONS
ARTICLE 13. SUSPENSION OF THE CALCULATION
OF THE NET ASSET VALUE AND THE ISSUE,
REDEMPTION AND CONVERSION OF UNITS
If the calculation of the net asset value is suspended, the
Management Company shall inform the unitholders that have
requested the subscription, conversion or redemption of units of
the relevant sub-fund(s) immediately by appropriate means.
Without prejudice to any legal reasons for the suspension, the
Management Board of the Management Company is entitled at
If the total redemption/conversion requests for a particular
any time to suspend the calculation of the net asset value of units
sub-fund exceed 10% of the net asset value of that sub-fund on
of one or more sub-funds and the issue, redemption and conver-
a specific valuation date, the Management Board of the Manage-
sion of units in the following cases:
ment Company may decide to reduce the redemption/conversion
a) during any period in which one or more markets or exchanges
requests received proportionately and/or postpone them in order
on which a substantial portion of the assets of the sub-fund is
to limit the number of units redeemed/converted on that day to
listed or traded at a particular time is closed, with the excep-
10% of the net assets of the relevant sub-fund. Subject to the limit
tion or regular closing days, or when trading is severely
of 10% of the net assets mentioned above, all redemption/con-
restricted or suspended;
version requests deferred in this manner will be given preference
b) if the political, economic, military, monetary or social situation or any other event of force majeure beyond the responsibi-
over the redemption/conversion requests received on the next
valuation date.
lity or control of the Fund prevents appropriate and normal
access to its funds without damage to the interests of the
In extraordinary circumstances that could negatively affect the
unitholders;
interests of the unitholders, or if the redemption/conversion
c) during an interruption of the normal communications used to
requests exceed more than 10% of the net assets of a sub-fund,
establish the prices of the Fund’s assets or current prices on a
the Management Board of the Management Company reserves
market or an exchange;
the right to postpone the calculation of the net asset value of a
d) if foreign exchange restrictions or capital movements prevent
unit until it has carried out the necessary purchases and sales of
transactions that are carried out on behalf of the Fund, or if
transferrable securities on behalf of the subfund. It shall do so
purchase or sales transactions in connection with Fund’s
as quickly as possible. In such cases, the pending subscription,
assets cannot be executed at normal rates of exchange;
redemption and conversion requests are processed at the same
e) if a decision has been made to liquidate the Fund or one or
time on the basis of the net asset value calculated in this way.
more sub-funds;
f ) for no more than two bank working days in Luxembourg in
Suspended subscription, redemption and conversion requests
order to create price parity in the event of a merger, an asset
may be withdrawn by written instruction if the Management
contribution, spin-off or restructuring measure from, by or
Company receives them before the end of the suspension.
within one or more of the sub-funds of the Fund;
Suspended applications are processed on the first valuation date
g) and in all cases in which the Management Board of the
after the end of the suspension. If not all suspended requests can
Management Company justifiably assumes that such suspen-
be processed on the same valuation date, older requests shall
sion is necessary to safeguard the general interests of the
have priority over more recent requests.
unitholders.
44 | 52
I. MANAGEMENT
REGULATIONS
ARTICLE 14. INVESTMENT RESTRICTIONS
FOR ALL SUB-FUNDS
Directive 2009/65/EG
Directive 2009/65/EC of 13 July 2009
on the coordination of laws, regulations and administrative provisions
relating toundertakings for collective in-
The following definitions shall apply:
vestment in transferable securities.
Third country
A third country within the meaning
of these general Management Regula-
Securities
- equities and other securities similar
to equities („equities“)
tions is any country which is not a
member state of the European Union.
- bonds and other securitised debt ins
truments („debt instruments“)
Money market
instruments which are normally traded
- all other negotiable securities which
instruments:
on the money market that are liquid
carry the right to acquire securities by
and whose value can be accurately
subscription or exchange, excluding
determined at any time.
the techniques and instruments referred to in section 5 of this article.
Regulated market
A market in accordance with Article
4 (14) of Directive 2004/39/EC of 21
April 2004 on markets in financial inst
14.1. The assets of a sub-fund consist exclusively of:
ruments (in its latest version). A list of
a) transferable securities and money market instruments that
regulated markets can be downloaded
from the following website:
http://eur-lex.europa.eu/LexUriServ/
LexUriServ.do?uri=OJ:C:2005:300:002
3:0028:EN:PDF.
are listed or traded on a regulated market;
b) transferable securities and money market instruments traded
on another regulated market in a Member State which operates regularly and is recognised and open to the public;
c) transferable securities and money market instruments that
are admitted to an official listing on a securities exchange of a
Law of 2010
the Law of 17 December 2010 relating to
country that is not a member of the European Union or are
undertakings for collective investment.
traded on another regulated market of such a country which
operates regularly and is recognised and open to the public;
Member State
a member state of the European Union.
d) newly issued transferable securities and money market inst-
signatory states to the Agreement on
ruments, provided that
the European Economic Area have
- the terms of issue include an undertaking that application
equal status with the member states of
will be made for admission to official listing on a securities
the European Union within the limits of
exchange or on another regulated market which operates
this agreement and related acts.
regularly and is recognised and open to the public;
- and that such admission is secured within a year of issue;
UCI
Undertaking for Collective Investment.
e) Units of UCITS and/or other UCI authorised under Directive
2009/65/EC, regardless of whether their registered office is
UCITS
Undertaking for Collective Investment
in a Member State, provided that:
in Transferable Securities, governed by
- such other UCIs have been licensed in accordance with legal
Directive 2009/65/EC.
provisions that subject them to official supervision which, in
the opinion of the Luxembourg financial services commission
(Commission de surveillance du secteur financier (CSSF)), is
equivalent to that under Community law, and there is sufficient assurance of cooperation between the authorities;
45 | 52
I. MANAGEMENT
REGULATIONS
- the level of protection for the unitholders of the other UCI is
Bank, a third state or, in the case of a Federal State, by one
equivalent to the level of protection for the unitholders of a
of the members making up the federation, or by a public
UCITS and, in particular, is equivalent to therequirements of
international organisation to which one or more Member
Directive 2009/65/EC for the separate safekeeping of fund
States belong or,
assets, borrowing, lending and short sales of securities and
- issued by an undertaking any securities of which are
money-market instruments;
traded on regulated markets referred to in letters a), b) or c)
- the business operations of the UCI are the subject of interim
above, or
and annual reports that make it possible to form a judge-
- issued or guaranteed by an institution subject to prudential
ment concerning the assets and liabilities, the income and
supervision in accordance with the criteria defined by Com-
transactions in the reporting period;
munity law or by an institution which is subject to and com-
- no more than 10% of the assets of the UCITS or other UCI to
plies with prudential rules considered by the CSSF to be at
be acquired may, according to their constitutional docu-
least as stringent as those laid down by Community law or,
ments, in aggregate be invested in units of other UCITS or
- issued by other issuers belonging to the categories appro-
other UCI;
ved by the CSSF, provided that the investments in such inst-
f ) Sight deposits or callable deposits with a maximum term to
ruments are subject to investor protection equivalent to that
maturity of twelve months at financial institutions, provided
in the first, second or third indent, and provided the issuer
that the financial institution in question has its registered
is a company whose equity capital amounts to at least ten
office in a Member State or if the registered office of the finan-
million euros (EUR 10,000,000) and which draws up and
cial institution is located in a non-Member State, is subject to
publishes its annual accounts in accordance with the Fourth
supervisory provisions, which in the opinion of the CSSF are
Directive 78/660/EEC, or is an entity which, within a group
equivalent to those of Community law.
of companies that includes one or more listed companies, is
g) derivative financial instruments, including equivalent cash-
responsible for the financing of the group, or is an entity
settled instruments, traded on a regulated market referred to
which is dedicated to the financing of securitisation vehicles
in letters a), b) and c) above, and/or derivative financial in-
using a banking liquidity line.
struments traded over-the-counter („OTC derivatives“), provided that:
- the underlying consists of instruments, financial indices,
14.2. However:
interest rates or foreign exchange rates listed in this Para-
a) a sub-fund may invest no more than 10% of its net assets in
graph 14.1 in which the sub-fund may invest in accordance
transferable securities and money market instruments other
with its investment objectives;
than those listed in Point 14.1;
- the counterparties in transactions with OTC derivatives are
institutions which are subject to official supervision of the
classes admitted by the CSSF; and
- the OTC derivatives are subject to reliable and verifiable
valuations on a daily basis and can be sold, liquidated or
b) a sub-fund may acquire movable and immovable property
that is essential for the direct pursuit of its activities;
c) a sub-fund may not acquire precious metals or goods with the
exception of certificates that qualify as securities and that are
recognised in management practice as permitted assets.
closed by an offsetting transaction at any time at their fair
value at the Fund’s initiative;
h) Money market instruments other than those traded on a regu-
14.3.
lated market that fall within the scope of Article 1 of the Law
A sub-fund may hold up to 49 % of its net assets in cash and
of 2010, if the issue or issuer of such instruments is itself
similar assets. In special cases, cash and similar assets may also
regulated for the purpose of protecting investors and savings,
account for an amount exceeding 49% if and insofar as this is
and provided that they are:
deemed to be in the unitholders’ interests.
- issued or guaranteed by a central, regional or local authority
or by a central bank of a Member State, the European Central
Bank, the European Union or the European Investment
46 | 52
I. MANAGEMENT
REGULATIONS
14.4.
b) The total value of the transferable securities and money
The Fund shall make use of a risk management procedure enab-
market instruments of issuers in which the sub-fund invests
ling the Management Company to monitor and measure the risk
more than 5% of its net assets may not exceed 40% of
associated with the Fund’s investment positions and their contri-
the value of its net assets. This restriction does not apply to
bution to the overall risk profile of the investment portfolio at all
deposits and to transactions with OTC derivatives that are
times. If the sub-fund specific description in the Prospectus does
carried out with financial institutions that are subject to
not prohibit investment in OTC derivatives, a procedure shall be
government supervision. Notwithstanding the limits laid
used that ensures the accurate and independent valuation of the
down in a), a sub-fund may invest no more than 20% of its net
risk connected with a derivative.
assets in a combination of:
- investments in transferable securities or money market
The Fund shall ensure that its overall exposure relating to deriva-
instruments issued by a single institution,
tive instruments does not exceed the total net value of its port-
- deposits made with a single institution, and/or
folio.
- risks in OTC derivatives that are traded with a single institution.
The risks are calculated taking into account the current value of
c) The limit laid down in the first sentence of a) shall be raised to
the underlying assets, the counterparty risk, foreseeable future
35% if the transferable securities or money market instru-
market movements and the time available to liquidate the posi-
ments are issued or guaranteed by an EU Member State,
tions. This shall also apply to the following subparagraphs.
by its local authorities, by a third country or by a public international organisation to which one or more member states
As part of its investment strategy the Fund may, within the limits
belong.
set out in Article 14.4 (e), invest in derivatives, provided that the
d) The limit laid down in the first sentence of a) is a maximum of
total risk of the underlyings does not exceed the investment li-
25% for certain bonds when they are issued by a credit insti-
mits of Article 14.5. The investment limits set out in Article 13.4
tution which has its registered office in a Member State and
must be taken into account for investments in index-based deri-
which is subject by law to special prudential supervision for
vatives. When a transferable security or money market instrument
the purpose of protecting bondholders. In particular, pursu-
embeds a derivative, the latter must be taken into account when
ant to the legal provisions, the income resulting from the
complying with the requirements of this Article.
issue of these bonds must be invested in assets which, during
the entire term of the bonds, sufficiently cover the liabilities
The Management Company shall regularly communicate to the
of these bonds and which, should the issuer default, would
CSSF the types of derivatives in the portfolio, the risks associated
be used on a priority basis for the repayment of the principal
with the underlyings, the investment limits and the methods used
and payment of the accrued interest.
to measure the risks to the Fund associated with transactions in
derivative instruments.
If a sub-fund invests more than 5% of its net assets in the
bonds issued by a single body referred to in the previous subparagraph 1 above, the total value of such investments may
14.5.
not exceed 80% of the value of the net assets of the sub-fund.
a) A sub-fund may invest a total of no more than 10% of its net
e) The transferable securities and money market instruments
assets in transferable securities or money market instru-
referred to under c) and d) above shall not be taken into
ments issued by the same issuer. A sub-fund may invest a
account for the purpose of applying the investment limit of
total of no more than 20% of its net assets in deposits made
40% referred to under b) above.
with the same institution. The risk exposure to a counterparty
of a sub-fund in an OTC derivative transaction may not exceed
The limits set out in a), b), c) and d) may not be combined and
10% of its net assets if the counterparty is a credit institution
accordingly, investments in transferable securities or money
within the meaning of 14.1. f ), or 5% of its net assets in other
market instruments issued by the same issuer, or in deposits
cases.
or derivatives effected with this issuer may not exceed 35%
47 | 52
I. MANAGEMENT
REGULATIONS
of the net assets of the subfund. Companies that are included
14.8.
in the same group for the purposes of consolidated accounts,
a) Unless otherwise specified in the corresponding investment
as defined in accordance with Directive 83/349/EEC or in
policy of the sub-fund, no sub-fund may invest in excess
accordance with recognised international accounting rules,
of 10% of its net assets in units of other UCITS or UCI in
shall be regarded as a single body for the purpose of calcula
ting the investment limits provided for in section 14.4. above.
accordance with section 14.1. e) above.
b) If a sub-fund acquires units of other UCITS and/or UCI which
is managed directly or indirectly by the same Management
An individual sub-fund may cumulatively invest up to 20% of
Company or a different company associated with the Ma-
its net assets in transferable securities and money market
nagement Company by common management, by control or
instruments within the same group of companies.
by a substantial direct or indirect investment of more than
10% of the capital or the votes, the following provisions
apply:
14.6.
- The target fund may not charge any issue or redemption
Irrespective of the investment limits set down in section 14.8., the
fees.
limits under section 14.4. for investments in equities and/or debt
c) A sub-fund shall not invest in target funds which are subject
instruments of a single issuer are a maximum of 20% if the objec-
to a management fee of more than 2.5% p.a. The Fund’s
tive of the sub-fund’s investment strategy is to replicate a specific
Annual Report shall state the maximum share of the manage-
equity or debt instrument index recognised by the CSSF; precon-
ment fee which is borne by the sub-fund and the target fund.
ditions for this are that:
- the composition of the index is sufficiently diversified;
- the index represents an adequate benchmark for the market to
which it refers;
14.9.
Each sub-fund may subscribe, acquire and/or hold units of one or
- the index is published in an appropriate manner.
more other sub-funds (“target sub-funds”) on the condition that:
The limit for the preceding paragraph shall be 35% where this
a) the target fund does not in turn invest in the subfund in ques-
is justified by exceptional market conditions, in particular in
tion; and
regulated markets where certain securities or money market
b) the share of the assets that the target sub-fund may invest in
instruments are highly dominant. Investment up to this limit is
units of other target sub-funds of the Fund does not exceed
permitted for one single issuer only.
10%; and
c) the voting rights that may be associated with the units are
suspended as long as the target subfund units are held,
14.7.
notwithstanding proper accounting systems and regular
In derogation of section 14.4., a sub-fund may, in accordance with
reports; and
the principle of risk diversification, invest up to 100% of its net
d) the value of these units is not taken into account in calcula-
assets in transferable securities and money-market instruments
ting the net assets of the Fund for the review of the minimum
of different issues that are issued or guaranteed by a Member
net asset value of UCI provided for by the Law of 2010 as long
State or its local authorities, or by a third country or by public
as the sub-fund holds these units; and
international bodies to which one or more EU Member States
belong.
e) there is no double charging of the management/subscription
or redemption fees at the level of the sub-fund and the level
of the target sub-fund.
Such securities must come from at least six different issues, and
the securities from any single issue may not account for more
than 30% of the net assets of the relevant sub-fund.
48 | 52
I. MANAGEMENT
REGULATIONS
14.10.
excepted from sections 14.4., 14.5., 14.6. and 14.7. for a period
a) The Fund may not acquire equities that confer voting rights
of six months from the time of approval, although the principle of
which would enable it to exercise significant influence over
risk distribution must still be observed.
the management of an issuer.
b) In addition, the Fund may not acquire more than:
If the sub-fund exceeds the limits referred to in paragraph 1 unin-
- 10% of the non-voting shares of any single issuer;
tentionally or as a result of the exercise of subscription rights, the
- 10% of the debt securities of any single issuer;
sub-fund must adopt as a priority objective in its sales transac-
- 25% of the units of any single UCITS and/or other UCI;
tions the remedying of that situation, taking due account of the
- 10% of the money market instruments of any single issuer.
interests of its unitholders.
The limits laid down in the second, third and fourth indents
may be disregarded at the time of acquisition if at that time
the gross amount of bonds or money market instruments or
14.12.
the net amount of the securities issued cannot be calculated.
A sub-fund may acquire foreign currency by means of “back-to-
c) Letters a) and b) do not apply to:
- transferable securities and money market instruments issued or guaranteed by a Member State or its local authorities;
- transferable securities and money market instruments issued or guaranteed by a third country;
back” loans. A sub-fund may take out loans:
a) equivalent to up to 10% of its net assets, provided that they
are short-term loans;
b) equivalent to up to 10% of its net assets, provided the loans
are intended to allow the purchase of real estate which is
- transferable securities and money-market instruments
essential for the direct pursuit of its activities. Under no
which are issued by public international organisations to
circumstances may these loans and loans pursuant to letter
which one or more Member States belong;
a) exceed a combined total of 15% of its net assets.
- shares held by the Fund in the capital of a company incorporated in a third country investing its assets mainly in the
securities of issuing bodies having their registered offices in
14.13.
that third country, where under the legislation of that third
Notwithstanding the provisions under sections 14.1., 14.2.
country such a holding represents the only way in which the
and 14.3., a sub-fund may not grant loans or act as guarantor on
UCITS can invest in the securities of issuing bodies of that
behalf of third parties.
third country. This derogation, however, shall apply only if in
its investment policy the company from the non-Member
The above paragraph excludes the acquisition by a sub-fund of
State complies with the limits laid down in sections 14.4.,
not fully paid-in transferable securities, money market instru-
14.7. and 14.8. a) and b). Where the limits set in section 14.4
ments or other financial instruments referred to in sections 14.1.
and 14.7 are exceeded, section 14.10 shall apply with the
e), g) and h).
necessary amendments;
- shares held in the capital of subsidiary companies which,
exclusively on behalf of the Fund, provide management,
14.14.
advisory or distribution services in the country where the
A sub-fund may not make short sales of transferable securiti-
subsidiary is located in regard to the redemption of units at
es, money-market instruments or other financial instruments
the request of unitholders.
referred to in sections 14.1 e), g) and h) above. In general, the
Management Company may at any time adopt additional investment restrictions if necessary to ensure compliance with the laws
14.11.
and regulations in the countries in which the units of the Compa-
The sub-funds are not required to apply the investment limits
ny are offered or sold. However, to the extent permitted by the
set in this annex when exercising subscription rights associated
provisions applying to the Fund, the Management Company may
with the transferable securities or money market instruments
exclude one or more sub-funds from one or more of the above
that form part of its assets. Newly approved sub-funds may be
investment restrictions.
49 | 52
I. MANAGEMENT
REGULATIONS
ARTICLE 15. APPROPRIATION OF EARNINGS
The redemption, conversion and subscription prices can be obtained from the headquarters of the Management Company and
When it considers it appropriate, the Management Company may,
the Custodian.
in accordance with the statutory limits, decide to make distributions from one or more subfunds in the form of cash or bonus
Notices to unitholders (where necessary) shall be published in
units.
the newspapers selected by the Management Company.
ARTICLE 16. FEES AND CHARGES
ARTICLE 18. TERM OF THE FUND,
MERGER, LIQUIDATION
The Custodian and Management Company shall be reimbursed in
accordance with the current procedure in the amount stipulated
Merger or liquidation of unit classes or sub-funds
in the Prospectus.
In the event of extraordinary circumstances beyond its control,
such as a political, economic, military or other crisis, if the total
The Fund shall bear all other expenses.
net asset value of a particular unit class or a sub-fund falls below
EUR 15,000,000.00, or if the Fund is restructured, the Manage-
If a sub-fund of the Fund is classified as a master UCITS, that
ment may, pursuant to the conditions and procedures stipulated
sub-fund will not levy subscription or redemption fees for the
in the Law of 2010, liquidate one or more unit classes, a sub-fund
purchase or transfer of its units by the feeder UCITS.
or a unit class with another sub-fund or a unit class of the Fund,
or it may merge the sub-fund with another UCITS, which may be
established in Luxembourg or in another Member State.
ARTICLE 17. ACCOUNTING PERIOD, AUDIT AND
REPORTS
Such decisions are published as described in the paragraph
“Notices to unitholders” above.
The Fund’s accounts are closed on 31 October of each year.
In the event of the direct liquidation of a sub-fund, the net asset
The Management Company appoints an auditor to conduct the
value is distributed to the eligible parties in proportion to the
audit of the accounts and the Fund‘s annual financial position.
units held in that sub-fund. All assets not distributed by the end
of liquidation shall be held for no more than six months from this
At the end of each financial year and at the end of each half year,
date at the Custodian and thereafter until the expiration of the
the Management Company publishes financial statements con-
statutory limit at the Caisse de Consignation.
taining in particular details on the financial situation of the Fund,
the number of units in circulation and the number of units issued
If a sub-fund is closed by contribution, the unitholders of this
or redeemed since the previous financial report.
sub-fund are entitled to request the redemption of their units at
no charge for one month. At the end of this period, all unithol-
The financial reports can be obtained from the headquarters of
ders who have not requested redemption are bound by the terms
the Management Company and the Custodian.
established for the contribution.
Other financial information on the fund or the Management Com-
Neither the Fund nor its unitholders shall be charged for legal,
pany, including the net asset value per unit of each sub-fund of
advisory or administrative costs associated with the preparation
the Fund and any suspension of its calculation, is available at the
and execution of a merger of unit classes or sub-funds.
headquarters of the Management Company and from all other
providers of financial services.
50 | 52
I. MANAGEMENT
REGULATIONS
Dissolution and liquidation of the Fund
At the conclusion of liquidation proceedings, any proceeds from
The Fund shall be liquidated in accordance with the statutory pro-
the liquidation not distributed shall be held for the unidentified
visions.
unitholders. The liquidation proceeds shall be held for no more
than six months at the Custodian. After this six-month period,
The unitholders are not authorised to close the Fund.
the liquidation proceeds are held for no more than 30 years at
the Caisse de Consignation. The statute of limitations on any
The Fund shall be liquidated automatically in the following cases:
unclaimed amounts expires at the end of this period.
- at the end of the term stipulated in the Management Regulations (if applicable);
- if the duties of the Management Company or Custodian end are
unassigned after two months;
ARTICLE 19. AMENDMENTS TO THE
MANAGEMENT REGULATIONS
- in the case of insolvency on the part of the Management Company;
- if the net asset value is below a quarter of the statutory limit for
The Management Company is entitled to amend one or all of
these regulations in consultation with the Custodian at any time.
more than six months. If the net asset value of the Fund falls
below two-thirds of the minimum capital, the Management
Amendments to these Management Regulations take effect once
Company must immediately inform the supervisory authority.
signed.
Depending on the circumstances, the supervisory authority can
request the liquidation of the Fund. The supervisory authority
may require the Management Company to liquidate the Fund.
ARTICLE 20. STATUTE OF LIMITATIONS
The supervisory authority’s order to the Management Company to initiate liquidation proceedings for the Fund shall be
Unitholder claims against the Management Company and the
published immediately by the Management Company or the
Custodian expire five years after the date of the event that led to
Custodian;
the assertion of rights.
- in all other cases referred to in the Management Regulations.
The Management Company may decide to liquidate the Fund in
the event of material changes in the political, economic and social
environment or where it is justified in the interests of the unithol-
ARTICLE 21. APPLICABLE LAW,
JURISDICTION AND OFFICIAL LANGUAGE
ders.
The laws of Luxembourg are the applicable laws governing the
The reason for the liquidation of the Fund shall be published in
relationships between unitholders, the Management Company
the Mémorial and in at least two daily newspapers which have
and the Custodian.
sufficient circulation. At least one of these daily newspapers must
be published in Luxembourg.
All disputes are subject to jurisdiction in the courts of the judicial district of Luxembourg. However, in the event of claims by
As soon as the circumstance causing the liquidation occurs, the
investors from other countries in which the units of the Fund are
Fund may no longer issue units as they are invalid. Units may still
offered and sold, the Management Company and/or the Cus-
be redeemed, provided the principle of equal treatment of uni-
todian may submit themselves and the Fund to court decisions
tholders is maintained.
in these countries, and may follow the laws of these countries
in questions concerning the subscription, redemption and con-
The liquidation of the Fund shall be managed by a liquidator.
version by unitholders resident in these countries. The official
language of these regulations is German.
The liquidator distributes the net proceeds of liquidation to the
unitholders in proportion to the number of units they hold.
51 | 52
ÖKOWORLD LUX S.A.
44, Esplanade de la Moselle, L-6637 Wasserbillig
SALES SUPPORT AND SALES INFORMATION SERVICE (GERMANY)
ÖKOWORLD LUX S.A. Repräsentanz GmbH
Itterpark 1, D-40724 Hilden | Düsseldorf
Phone
0 21 03 | 28 41 0
E-mail
[email protected]
Web
www.oekoworld.com

PROSPECTUS ÖKOWORLD

Transcription

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