Source - RNS
RNS Number : 6944L
DMS UCITS Platform ICAV
04 October 2016
 

COMPANY ANNOUNCEMENT



For Immediate Release

4 October 2016



 DMS UCITS Platform ICAV

- Efficient Capital CTA Index Fund


RE: Updates to the Fund

                                                                                         

 

The Directors of DMS UCITS Platform ICAV (the "ICAV") wish to announce the following changes to Efficient Capital CTA Index Fund (the "Fund"):

 

Appointment of Sub-Investment Manager

 

With effect from 31 August 2016, BMO Asset Management Corp (the "Sub-Investment Manager") was appointed as a sub-investment manager to the Fund.  Pursuant to the sub-investment management agreement dated 31 August 2016 between the ICAV, Efficient Capital Management, LLC (the "Investment Manager") and the Sub-Investment Manager (the "Sub-Investment Management Agreement"), the Sub-Investment Manager was given discretionary responsibility for the investment of certain of the assets of the Fund from time to time allocated to the Sub-Investment Manager by the Investment Manager.

 

Under the Sub-Investment Management Agreement, the Sub-Investment Manager will receive a fee, calculated and payable quarterly in arrears out of the assets of the Fund, of 0.13% per annum applied to the average monthly market value of the assets of the Fund managed by the Sub-Investment Manager on the last business day of each calendar month in that quarter.

 

Investment Management and Performance Fees

 

With effect from 31 August 2016, the supplement to the Fund was updated to reflect that the investment management fee is  accrued and paid monthly in arrears, based on the net asset value on the last Valuation Day of a particular month.  The investment management fee calculation is based on the net asset value of the relevant class prior to the deduction of that Valuation Day's investment management and performance fee.  With respect to Valuation Days other than the final Valuation Day of each month, the investment management fee is provisionally accrued for that Valuation Day and then added back (along with any provisional Performance Fee accrual) for the next Valuation Day's net asset value calculation.

 

Clarification of Investment Policy

 

With effect from 31 August 2016, the second paragraph of the section of the supplement for the Fund (the "Supplement") entitled "Investment Objective and Policies" was updated as follows:

 

"The Fund will seek to achieve this investment objective through investment of: (i) in a total return swap which is referenced to the Index through which approximately fifty per cent (50%) of the Fund's Net Asset Value in a total return swap which is referencedwill have exposure to the Index; and (ii) the remainder of the Fund's Net Asset Value which is not invested in the total return swap in cash and cash equivalents (further information in relation to which is set out below). Although the swap will generate a return representing the performance of the Index, since only approximately fifty per cent (50%) of the Fund's assets will be invested in theexposed to the Index though the swap, the Fund's return on investment from the swap will be approximately fifty per cent (50%) of the Index performance, before deduction of the Fund's fees and expenses. For more detail on total return swaps and the purpose for which they may be utilised by the Fund, as well as general disclosure on the use of FDI, please refer to section entitled "Total Return Swaps (for investment purposes)" below."

 

 

With effect from 31 August 2016, the fifth paragraph of the section of the Supplement entitled "Investment Objective and Policies" was updated as follows:

 

"In addition to its investment in the swap(s), the Fund will maintain such amount of its assets not invested in the swap in cash and cash equivalents, the purpose of which is to manage the Fund's exposure to the Index and for efficient cash management. In the interest of efficient cash management, the Fund may retain amounts or invest on a short term basis in cash, cash equivalents (such as high quality fixed term deposits, fixed and floating rate instruments, banker acceptances, freely transferable promissory notes, commercial paper, floating rate notes, debentures, asset backed commercial paper, government bonds, corporate bonds (the bonds in which the Fund may invest will be investment grade) and asset backed securities (which will not embed derivatives or leverage)) and UCITS and eligible non-UCITS money market or short term bond funds. The Fund will not invest more than 20% of its net assets in aggregate in money market or short term bond funds. In terms of the assets referenced in this paragraph, the Fund will not have any industrial, sectoral or geographic focus, and such assets will be listed or traded on Recognised Markets worldwide, however, the Fund will not invest in emerging markets. The Fund may also utilise repurchase agreements, reverse repurchase agreements and securities lending agreements for efficient portfolio management purposes only."

With effect from 31 August 2016, the Supplement was updated to provide that Class Z Shares will only be available for subscription until 31 December 2016, but that existing investors in Class Z Shares will be permitted to make additional subscriptions into Class Z Shares after this date.

 

Capitalised terms used herein and not defined shall have the same meaning as given to them in the Prospectus for the Fund.

 

Enquiries:




Matheson

Yvonne Lappin

Phone: +353 1 232 2000

 

 

 

 

 

 

 

 

This announcement has been issued through the Companies Announcement Service of

The Irish Stock Exchange

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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