eTurn AktieTrend
Fact Sheet
INVESTOR PROFILE The eTurn AktieTrend Fund is suitable for you if you want to invest in a new generation’s management techniques for individual equities. A systematic technique that always selects those equities with above average trends. You must also be able to accept that the Fund’s borrowing (leverage) ability brings greater exposure than do traditional funds when the equity market is generally strong. The Fund may also have very little or no exposure when the equity market is generally weak. By varying its level of investment, the Fund aims to protect your assets in a prolonged negative market. We recommend an investment horizon of at least two years. As an investor, you must be able to accept that price fluctuations may affect the value of fund units. GOALS AND INVESTMENT STRATEGY The Fund has the following goals: • • • • Outperform index every year, A positive return every year, A standard deviation equal or less than index, The largest draw down much below that of the index.
AktieTrend holds only equities with a robust upward trend. The model can thus generate a better return than the general market return. The model’s buy and sell signals are generated based on an equity’s price trend, which also decides its weight in the Fund. In addition comprehensive risk management is provided for both individual positions and the portfolio as a whole. The Fund invests chiefly in equities and equity-related derivative instruments. An integrated part of the Fund’s business concept is trading in derivative instruments, making management much more effective. The Fund has the right to trade in futures contracts where the underlying asset is made up of equity related instruments. RISK PROFILE The Fund eTurn AktieTrend is a special fund (Non-UCITS fund), which means that it has more flexible investment rules than traditional funds. As AktieTrend’s management strategy is to invest only in equities with a strong upward trend, the Fund may sometimes have a greater concentration of equities in a particular sector or line of business. When the equities market as a whole is strong, the Fund will also use some degree of leverage. The annual standard deviation is expected to be in line with that for an average investment on Stockholmsbörsen over time. An investment in the Fund can both rise and fall in value. This means that an investor may get back less than the amount invested. TAX RULES Taxation of the Fund The Fund is taxed on its income. To avoid double taxation the Fund pays dividends to its unit-holders. The dividend is tax deductible for the Fund. The Fund therefore does not normally pay tax. Taxation of Unit-Holders Preliminary tax is deducted from dividends. Capital gains/losses on the disposal of fund units are reported on the statement of income to the tax authorities, but no tax is withheld. The tax liability may be influenced by individual unit-holders’ circumstances. Unit-holders who are uncertain about possible tax consequences should seek expert help.
eTurn AktieTrend
Fact Sheet
FEES Fixed management fee per year: Performance fee: Entry and exit fees: TER (Total Expense Ratio) 2008: Turnover rate 2008: Turnover rate from inception (average)
1.0 % 20 % 0% 1.0 % 0.8 4.4
on the return exceeding the Fund’s hurdle, defined as the Swedish Riksbank’s repo rate, monthly the first banking day of each month. fees may be added by third party distributors
DIVIDEND The Fund pays a dividend to unit-holders at the beginning of each year to avoid double taxation of the Fund’s profits. The dividend is reinvested in new units if the unit-holder has not specifically requested cash payment. It should be noted that the dividend paid per unit is the same for all unit-holders regardless of when the investment was made. An investor who subscribes to new units in the course of a financial year subscribes to a unit value that may include an accrued dividend, which in some instances may lead to negative tax consequences for the investor. PUBLICATION OF UNIT VALUE The Fund’s unit value is calculated on the first banking day of each week, the first banking day of January, the last banking day of June, and the last banking day of December. The unit value is published on the Fund’s website http://www.eturn.se on each of those days. BUYING AND SELLING UNITS Units can be subscribed and redeemed on the first banking day of each week, the first banking day of January, the last banking day of June, and the last banking day of December (“transaction day”). The minimum initial investment is SEK 25,000. Thereafter additional investments of SEK 5,000 may be made. Applications to buy or sell units should be made to Eturn Capital Management AB on a special form no later than three banking days before the transaction day. Payment must be received by the fund’s account no later than three banking days before the transaction day. FURTHER INFORMATION This fact sheet contains only general information on the Fund. Further information on the Fund can be found in the Fund’s information memorandum. The information memorandum, annual report and half-yearly report are available on the company’s website or can be ordered directly from Eturn Capital Management AB. Fund’s inception: Fund management company: Company headquarters: Supervisory authority: Securities company permit: Investment fund permit: Depositary: ISIN code Auditor: Website: Complaints: Publication date: 1 March 2007 Eturn Capital Management AB Tel 08-55 11 54 90 Stockholm Finansinspektionen Received from Finansinspektionen 11 February 2005 Received from Finansinspektionen 26 September 2006 Skandinaviska Enskilda Banken AB (publ) SE 000 201 64 36 Lars Bonnevier, Ernst & Young AB http://www.eturn.se Krister Sjöblom, Managing Director 30 April 2009