Changes in SEB Fund 1 umbrella
As of 29 September 2023, changes will be made to SEB Fund 1 umbrella sub-funds.
The changes will enter into force automatically and unitholders do not need to do anything on their part. Unitholders who do not wish to continue investing in the sub-fund(s) may redeem their units free of charge by the 28th of September 2023 at 14:00.
Sub-funds included under the SEB Fund 1 umbrella:
- SEB Asset Selection Fund
- SEB Europe Equity Fund
- SEB Global Climate Opportunity Fund
- SEB Europe Exposure Fund
- SEB Nordic Future Opportunity Fund
- SEB US Focus Core Fund
Changes to SEB Fund 1 – SEB Asset Selection Fund
- Total Return Swaps (TRS): In order to increase the operational and cost efficiency of the sub-fund, total return swaps will be introduced.
- New risk categories will be added: As a result of the inclusion of TRS, “Legal risk” and "Custody risk” is included to the risk profile of the sub-fund.
- Decreasing the sub-fund’s expected average gross leverage: The sub-fund’s expected average gross leverage will decrease from 1000% to 800%.
- Change in trading cycle: Net asset value (NAV) for orders placed before the cut-off time on a banking day will be based on the NAV for the close of that business day and then calculated the following banking day.
Changes to SEB Fund 1 – SEB Nordic Future Opportunity Fund
- Performance fee crystallisation on net redemptions: The way performance fees are calculated for this investment fund has been changed. Instead of only happening once a year, they will now also happen proportionally when investors withdraw their money. This change ensures that all investors are treated fairly.
Changes that will apply to all sub-funds in SEB Fund 1
- As of 1 January 2023, most funds are required to have a specific Annex inserted into each prospectus detailing the sustainability characteristics applicable to each fund or sub-fund. The Annex was updated in February, and consequently, an update is required for each sub-fund’s Annex in SEB Fund 1. Minor editorial amendments have also been made to each Annex, but none that would have any material impact on any sustainability characteristics.
More detailed information is available on the website of SEB Group and at the registered office of the Management Company. The product documentation of the sub-funds can be found at www.sebgroup.lu and at their registered office.