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Explaining 30,000 Mutual Funds to a Billion People
 

Explaining 30,000 Mutual Funds to a Billion People

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At the 2012 Face of Finance Conference, at Bentley University, in Waltham, MA, Josiah Fisk (More Carrot) presented "Explaining 30,000 Mutual Funds to a Billion People" during the Designing for ...

At the 2012 Face of Finance Conference, at Bentley University, in Waltham, MA, Josiah Fisk (More Carrot) presented "Explaining 30,000 Mutual Funds to a Billion People" during the Designing for Financial Systems session.

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    Explaining 30,000 Mutual Funds to a Billion People Explaining 30,000 Mutual Funds to a Billion People Presentation Transcript

    • Explaining 30,000 MutualFunds to a Billion PeopleJosiah FiskPresident, More Carrot LLCBoston • Luxembourg
    • Key Investor Information Document (KIID)
    • Required in 2012 of all EU mutual fundsKey Investor Information Document (KIID)
    • 2 pages, plain language Required in 2012 of all EU mutual fundsKey Investor Information Document (KIID)
    • Content and order prescribed 2 pages, plain language Required in 2012 of all EU mutual fundsKey Investor Information Document (KIID)
    • Competely depressing model document offered Content and order prescribed 2 pages, plain language Required in 2012 of all EU mutual fundsKey Investor Information Document (KIID)
    • Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. Theinformation is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. 123 Fund, a sub-fund of ABC Fund SICAV (ISIN: 4321) This fund is managed by ABC Fund Managers Ltd, part of the XYZ group of companiesObjectives and Investment PolicyJoint description of the objectives and policy of Other information if relevant, such as:the UCITS in plain language (it is suggested • what type of debt securities the UCITSnot to copy-out the prospectus) invests inEssential features of the product which a • information regarding any pre-determinedtypical investor should know: pay off and the factors expected to determine performance• main categories of eligible financial instruments that are the object of investment • if choice of assets is guided by growth, value or high dividends• a statement that the investor may redeem units on demand, and how frequently units • how use of hedging / arbitrage / leverage techniques may determine the fund’s are dealt in performance• whether the UCITS has a particular target in relation to any industrial, geographic or other • that portfolio transaction costs will have a material impact on performance market sectors or specific classes of assets • minimum recommended holding term• whether discretionary choices regarding particular investments are allowed, and whether the fund refers to a benchmark and if so which one• a statement of whether any income arising from the fund is distributed or reinvestedRisk and Reward Profile Lower risk Higher risk Narrative presentation of risks materially Typically lower rewards Typically higher rewards relevant to the fund which are not adequately captured by the indicator: 1 2 3 4 5 6 7 • Credit risk, where a significant level of investment is made in debt securitiesNarrative explanation of the indicator and its • Liquidity risk, where a significant level ofmain limitations: investment is made in financial instruments• Historical data may not be a reliable that are likely to have a low level of liquidity in some circumstances indication for the future • Counterparty risk, where a fund is backed• Risk category shown is not guaranteed and by a guarantee from, or has material may shift over time• The lowest category does not mean ‘risk investment exposure through contracts with, a third party free’ • Operational risks including safekeeping of• Why the fund is in its specific category• Details of nature, timing and extent of any assets • Impact of any techniques such as derivative capital guarantee or protection contracts
    • Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. Theinformation is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. 123 Fund, a sub-fund of ABC Fund SICAV (ISIN: 4321) This fund is managed by ABC Fund Managers Ltd, part of the XYZ group of companiesObjectives and Investment PolicyJoint description of the objectives and policy of Other information if relevant, such as:the UCITS in plain language (it is suggested • what type of debt securities the UCITSnot to copy-out the prospectus) invests inEssential features of the product which a • information regarding any pre-determinedtypical investor should know: pay off and the factors expected to determine performance• main categories of eligible financial instruments that are the object of investment • if choice of assets is guided by growth, value or high dividends• a statement that the investor may redeem units on demand, and how frequently units • how use of hedging / arbitrage / leverage techniques may determine the fund’s are dealt in performance• whether the UCITS has a particular target in relation to any industrial, geographic or other • that portfolio transaction costs will have a material impact on performance market sectors or specific classes of assets • minimum recommended holding term• whether discretionary choices regarding particular investments are allowed, and whether the fund refers to a benchmark and if so which one• a statement of whether any income arising from the fund is distributed or reinvestedRisk and Reward Profile Lower risk Higher risk Narrative presentation of risks materially Typically lower rewards Typically higher rewards relevant to the fund which are not adequately captured by the indicator: 1 2 3 4 5 6 7 • Credit risk, where a significant level of investment is made in debt securitiesNarrative explanation of the indicator and its • Liquidity risk, where a significant level ofmain limitations: investment is made in financial instruments• Historical data may not be a reliable that are likely to have a low level of liquidity in some circumstances indication for the future • Counterparty risk, where a fund is backed• Risk category shown is not guaranteed and by a guarantee from, or has material may shift over time• The lowest category does not mean ‘risk investment exposure through contracts with, a third party free’ • Operational risks including safekeeping of• Why the fund is in its specific category• Details of nature, timing and extent of any assets • Impact of any techniques such as derivative capital guarantee or protection contracts
    • Key Investor InformationThis document provides you with key investor information about this Sub-Fund. It is not marketing material. The information isrequired by law to help you understand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you canmake an informed decision about whether to invest.Selectum Belgium FundA Sub-Fund of SELECTUM STOCK PICKING FUND SICAV   Class R Retail   LU0652588970  Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgium  Objectives and Investment PolicyThe Sub-Fund has as its objective to offer shareholders a maximum increase in their investment over the medium term (5 - 7years).The Investment Manager anticipates that under normal market conditions the Sub-Fund will mainly invest in a broad mix of equi-ties from issuers in Belgium. Equities are securities that represent a share in the business results of a company.The Sub-Fund may use derivatives for efficient portfolio management or for hedging. Derivatives are financial instruments whosevalue is linked to one or more rates, indexes, share prices or other values. Hedging means seeking to reduce or cancel out exposureto various investment risks.The Investment Manager performs inten­ ive research on individual companies, focusing on their fundamental qualities and their spotential to increase cash flows. The Investment Manager uses a vigorous and ongoing process of analysis that includes research aswell as inter­ iews with senior management. vThe Sub-Fund is designed for investors who intend to invest for at least 5 - 7 years.The reference currency of the Sub-Fund is EUR.Orders to buy or sell Sub-Fund shares are processed every Luxembourg business day.The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price).
    • Key Investor Information 28 September 2011This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help youunderstand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.Selectum Belgium FundA Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class F Founder LU0652589275This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgiumrequired by law to help you understand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you canmake an informed decision about whether to invest.Selectum Belgium FundObjectives and Investment PolicyA Sub-Fund of SELECTUM STOCK PICKING FUND SICAV   Class R Retail   LU0652588970  Objective To offer shareholders a maximum increase in theirSub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgium   Understandinvestment over the medium term (5 - 7 years). Terms toObjectives and Investment Policy Manager anticipates that Equities Securities that represent a share in the business resultsPortfolio Securities The Investment of a company.The Sub-Fund has asconditions the to offer shareholdersinvest inunder normal market its objective Sub-Fund will mainly a maximum increase in their investment over the medium term (5 - 7 Derivatives Financial instruments whose value is linked to one oryears). mix of equities from issuers in Belgium. The Sub-Fund maya broad more rates, indexes, share prices or other values.use derivatives for efficient portfolio management or for hedging.The Investment Manager anticipates that under normal market conditions the Sub-Fundreduce or cancel out a broad mix of equi- Hedging Seeking to will mainly invest in exposure to variousInvestment Process The Investment Man ager performs intensiveties from issuers in Belgium. Equities are securities that represent a share in the business results of a company. investment risks.research on individual companies, focusing on their fundamentalThe Sub-Fund may use derivatives for efficient portfolio management or for hedging. Derivatives are financial instruments whosequalities and their potential to increase cash flows. The Investmentvalue is linkedatovigorousmore rates, indexes, shareanalysisor other values. Hedging or sell seeking to reduce or cancel out exposureManager uses one or and ongoing process of prices that Orders to buy means Sub-Fund shares are processed every Luxembourg business day.to various investment risks.interviews with senior management.includes research as well as The Sub-Fund issues only accumulation shares (shares in whichThe Investment Manager performs inten­ ive research on individual companies, focusingadded to the share price). sDesigned For Investors who understand the risks of the Sub-Fund any income earned is on their fundamental qualities and theirpotential toto invest for at flows.5The years.and intend increase cash least - 7 Investment Manager uses a vigorous and ongoing process of analysis that includes research aswell as inter­ iews with senior management. vReference Currency EURThe Sub-Fund is designed for investors who intend to invest for at least 5 - 7 years.The reference currency of the Sub-Fund is EUR.Ordersand Reward ProfileRisk to buy or sell Sub-Fund shares are processed every Luxembourg business day.The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price). 1 2 3 4 5 6 7Lower potential risk/reward Higher potential risk/rewardNot risk-free.The value of an investment in the Sub-Fund can go up and down. The rating does not reflect the possible effects of unusual mar-
    • Key Investor Information 28 September 2011This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help youunderstand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.Selectum Belgium FundA Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class F Founder LU0652589275Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – BelgiumSelectum Belgium FundObjectives and Investment PolicyA Sub-Fund of SELECTUM STOCK PICKING FUND SICAV   Class R Retail   LU0652588970  Objective To offer shareholders a maximum increase in theirSub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgium   Understandinvestment over the medium term (5 - 7 years). Terms toObjectives and Investment Policy Manager anticipates that Equities Securities that represent a share in the business resultsPortfolio Securities The Investment of a company.The Sub-Fund has asconditions the to offer shareholdersinvest inunder normal market its objective Sub-Fund will mainly a maximum increase in their investment over the medium term (5 - 7 Derivatives Financial instruments whose value is linked to one oryears). mix of equities from issuers in Belgium. The Sub-Fund maya broad more rates, indexes, share prices or other values.use derivatives for efficient portfolio management or for hedging.The Investment Manager anticipates that under normal market conditions the Sub-Fundreduce or cancel out a broad mix of equi- Hedging Seeking to will mainly invest in exposure to variousInvestment Process The Investment Man ager performs intensiveties from issuers in Belgium. Equities are securities that represent a share in the business results of a company. investment risks.research on individual companies, focusing on their fundamentalThe Sub-Fund may use derivatives for efficient portfolio management or for hedging. Derivatives are financial instruments whosequalities and their potential to increase cash flows. The Investmentvalue is linkedatovigorousmore rates, indexes, shareanalysisor other values. Hedging or sell seeking to reduce or cancel out exposureManager uses one or and ongoing process of prices that Orders to buy means Sub-Fund shares are processed every Luxembourg business day.to various investment risks.interviews with senior management.includes research as well as The Sub-Fund issues only accumulation shares (shares in whichThe Investment Manager performs inten­ ive research on individual companies, focusingadded to the share price). sDesigned For Investors who understand the risks of the Sub-Fund any income earned is on their fundamental qualities and theirpotential toto invest for at flows.5The years.and intend increase cash least - 7 Investment Manager uses a vigorous and ongoing process of analysis that includes research aswell as inter­ iews with senior management. vReference Currency EURThe Sub-Fund is designed for investors who intend to invest for at least 5 - 7 years.The reference currency of the Sub-Fund is EUR.Ordersand Reward ProfileRisk to buy or sell Sub-Fund shares are processed every Luxembourg business day.The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price). 1 2 3 4 5 6 7Lower potential risk/reward Higher potential risk/rewardNot risk-free.The value of an investment in the Sub-Fund can go up and down. The rating does not reflect the possible effects of unusual mar-
    • Key Investor Information 28 September 2011This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help youunderstand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.Selectum Belgium FundA Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class F Founder LU0652589275Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – BelgiumObjectives and Investment PolicyA Sub-Fund of SELECTUM STOCK PICKING FUND SICAV   Class R Retail   LU0652588970  Objective To offer shareholders a maximum increase in theirSub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgium   Understandinvestment over the medium term (5 - 7 years). Terms toObjectives and Investment Policy Manager anticipates that Equities Securities that represent a share in the business resultsPortfolio Securities The Investment of a company.The Sub-Fund has asconditions the to offer shareholdersinvest inunder normal market its objective Sub-Fund will mainly a maximum increase in their investment over the medium term (5 - 7 Derivatives Financial instruments whose value is linked to one oryears). mix of equities from issuers in Belgium. The Sub-Fund maya broad more rates, indexes, share prices or other values.use derivatives for efficient portfolio management or for hedging.The Investment Manager anticipates that under normal market conditions the Sub-Fundreduce or cancel out a broad mix of equi- Hedging Seeking to will mainly invest in exposure to variousInvestment Process The Investment Man ager performs intensiveties from issuers in Belgium. Equities are securities that represent a share in the business results of a company. investment risks.research on individual companies, focusing on their fundamentalThe Sub-Fund may use derivatives for efficient portfolio management or for hedging. Derivatives are financial instruments whosequalities and their potential to increase cash flows. The Investmentvalue is linkedatovigorousmore rates, indexes, shareanalysisor other values. Hedging or sell seeking to reduce or cancel out exposureManager uses one or and ongoing process of prices that Orders to buy means Sub-Fund shares are processed every Luxembourg business day.to various investment risks.interviews with senior management.includes research as well as The Sub-Fund issues only accumulation shares (shares in whichThe Investment Manager performs inten­ ive research on individual companies, focusingadded to the share price). sDesigned For Investors who understand the risks of the Sub-Fund any income earned is on their fundamental qualities and theirpotential toto invest for at flows.5The years.and intend increase cash least - 7 Investment Manager uses a vigorous and ongoing process of analysis that includes research aswell as inter­ iews with senior management. vReference Currency EURThe Sub-Fund is designed for investors who intend to invest for at least 5 - 7 years.The reference currency of the Sub-Fund is EUR.Ordersand Reward ProfileRisk to buy or sell Sub-Fund shares are processed every Luxembourg business day.The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price). 1 2 3 4 5 6 7Lower potential risk/reward Higher potential risk/rewardNot risk-free.The value of an investment in the Sub-Fund can go up and down. The rating does not reflect the possible effects of unusual mar-
    • Key Investor Information 28 September 2011This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help youunderstand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.Selectum Belgium FundA Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class F Founder LU0652589275Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – BelgiumObjectives and Investment Policy  Objective To offer shareholders a maximum increase in their  investment over the medium term (5 - 7 years). Terms to UnderstandObjectives and Investment Policy Manager anticipates that Equities Securities that represent a share in the business resultsPortfolio Securities The Investment of a company.The Sub-Fund has asconditions the to offer shareholdersinvest inunder normal market its objective Sub-Fund will mainly a maximum increase in their investment over the medium term (5 - 7 Derivatives Financial instruments whose value is linked to one oryears). mix of equities from issuers in Belgium. The Sub-Fund maya broad more rates, indexes, share prices or other values.use derivatives for efficient portfolio management or for hedging.The Investment Manager anticipates that under normal market conditions the Sub-Fundreduce or cancel out a broad mix of equi- Hedging Seeking to will mainly invest in exposure to variousInvestment Process The Investment Man ager performs intensiveties from issuers in Belgium. Equities are securities that represent a share in the business results of a company. investment risks.research on individual companies, focusing on their fundamentalThe Sub-Fund may use derivatives for efficient portfolio management or for hedging. Derivatives are financial instruments whosequalities and their potential to increase cash flows. The Investmentvalue is linkedatovigorousmore rates, indexes, shareanalysisor other values. Hedging or sell seeking to reduce or cancel out exposureManager uses one or and ongoing process of prices that Orders to buy means Sub-Fund shares are processed every Luxembourg business day.to various investment risks.interviews with senior management.includes research as well as The Sub-Fund issues only accumulation shares (shares in whichThe Investment Manager performs inten­ ive research on individual companies, focusingadded to the share price). sDesigned For Investors who understand the risks of the Sub-Fund any income earned is on their fundamental qualities and theirpotential toto invest for at flows.5The years.and intend increase cash least - 7 Investment Manager uses a vigorous and ongoing process of analysis that includes research aswell as inter­ iews with senior management. vReference Currency EURThe Sub-Fund is designed for investors who intend to invest for at least 5 - 7 years.The reference currency of the Sub-Fund is EUR.Ordersand Reward ProfileRisk to buy or sell Sub-Fund shares are processed every Luxembourg business day.The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price). 1 2 3 4 5 6 7Lower potential risk/reward Higher potential risk/rewardNot risk-free.The value of an investment in the Sub-Fund can go up and down. The rating does not reflect the possible effects of unusual mar-
    • Key Investor Information 28 September 2011This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help youunderstand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.Selectum Belgium FundA Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class F Founder LU0652589275Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – BelgiumObjectives and Investment Policy  Objective To offer shareholders a maximum increase in their  investment over the medium term (5 - 7 years). Terms to Understand Equities Securities that represent a share in the business resultsPortfolio Securities The Investment Manager anticipates that of a company.under normal market conditions the Sub-Fund will mainly invest in Derivatives Financial instruments whose value is linked to one ora broad mix of equities from issuers in Belgium. The Sub-Fund may more rates, indexes, share prices or other values.use derivatives for efficient portfolio management or for hedging.The Investment Manager anticipates that under normal market conditions the Sub-Fundreduce or cancel out a broad mix of equi- Hedging Seeking to will mainly invest in exposure to variousInvestment Process The Investment Man ager performs intensiveties from issuers in Belgium. Equities are securities that represent a share in the business results of a company. investment risks.research on individual companies, focusing on their fundamentalThe Sub-Fund may use derivatives for efficient portfolio management or for hedging. Derivatives are financial instruments whosequalities and their potential to increase cash flows. The Investmentvalue is linkedatovigorousmore rates, indexes, shareanalysisor other values. Hedging or sell seeking to reduce or cancel out exposureManager uses one or and ongoing process of prices that Orders to buy means Sub-Fund shares are processed every Luxembourg business day.to various investment risks.interviews with senior management.includes research as well as The Sub-Fund issues only accumulation shares (shares in whichThe Investment Manager performs inten­ ive research on individual companies, focusingadded to the share price). sDesigned For Investors who understand the risks of the Sub-Fund any income earned is on their fundamental qualities and theirpotential toto invest for at flows.5The years.and intend increase cash least - 7 Investment Manager uses a vigorous and ongoing process of analysis that includes research aswell as inter­ iews with senior management. vReference Currency EURThe Sub-Fund is designed for investors who intend to invest for at least 5 - 7 years.The reference currency of the Sub-Fund is EUR.Ordersand Reward ProfileRisk to buy or sell Sub-Fund shares are processed every Luxembourg business day.The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price). 1 2 3 4 5 6 7Lower potential risk/reward Higher potential risk/rewardNot risk-free.The value of an investment in the Sub-Fund can go up and down. The rating does not reflect the possible effects of unusual mar-
    • Key Investor Information 28 September 2011This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help youunderstand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.Selectum Belgium FundA Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class F Founder LU0652589275Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – BelgiumObjectives and Investment Policy  Objective To offer shareholders a maximum increase in their  investment over the medium term (5 - 7 years). Terms to Understand Equities Securities that represent a share in the business resultsPortfolio Securities The Investment Manager anticipates that of a company.under normal market conditions the Sub-Fund will mainly invest in Derivatives Financial instruments whose value is linked to one ora broad mix of equities from issuers in Belgium. The Sub-Fund may more rates, indexes, share prices or other values.use derivatives for efficient portfolio management or for hedging. Hedging Seeking to reduce or cancel out exposure to variousInvestment Process The Investment Man ager performs intensive investment risks.research on individual companies, focusing on their fundamentalEquities and securities that to increase cash flows. The Investmentqualities are their potential represent a share in the business results of a company. Derivatives are financial instruments whose valueis linked to one or more rates, indexes, process of analysis that Orders to buy or sell Sub-Fund shares are processed everyManager uses a vigorous and ongoing share prices or other values. Hedging means seeking to reduce or cancel out exposure to Luxembourg business day.various investment risks.as interviews with senior management.includes research as well The Sub-Fund issues only accumulation shares (shares in whichThe Investment Manager performs inten­ ive research on individual companies, focusingadded to the share price). sDesigned For Investors who understand the risks of the Sub-Fund any income earned is on their fundamental qualities and theirpotential toto invest for at flows.5The years.and intend increase cash least - 7 Investment Manager uses a vigorous and ongoing process of analysis that includes research aswell as inter­ iews with senior management. vReference Currency EURThe Sub-Fund is designed for investors who intend to invest for at least 5 - 7 years.The reference currency of the Sub-Fund is EUR.Ordersand Reward ProfileRisk to buy or sell Sub-Fund shares are processed every Luxembourg business day.The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price). 1 2 3 4 5 6 7Lower potential risk/reward Higher potential risk/rewardNot risk-free.The value of an investment in the Sub-Fund can go up and down. The rating does not reflect the possible effects of unusual mar-
    • Key Investor Information 28 September 2011This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help youunderstand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.Selectum Belgium FundA Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class F Founder LU0652589275Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – BelgiumObjectives and Investment Policy  Objective To offer shareholders a maximum increase in their  investment over the medium term (5 - 7 years). Terms to Understand Equities Securities that represent a share in the business resultsPortfolio Securities The Investment Manager anticipates that of a company.under normal market conditions the Sub-Fund will mainly invest in Equities are securities that represent Derivatives Financial instruments whose value is linked to one ora broad mix of equities from issuers in Belgium. The Sub-Fund may a share in the business results of a more rates, indexes, share prices or other values.use derivatives for efficient portfolio management or for hedging. company. Derivatives are financial in- Hedging Seeking to reduce or cancel out exposure to variousInvestment Process The Investment Manager performs intensive investment risks. struments whose value is linked to oneresearch on individual companies, focusing on their fundamental or more rates, indexes, share prices orqualities and their potential to increase cash flows. The Investment Orders to buy or sell Sub-Fund values. are processed every other shares Hedging means seekingManager uses a vigorous and ongoing process of analysis that Luxembourg business day. to reduce or cancel out exposure toincludes research as well as interviews with senior management. various investment risks.Designed For Investors who understand the risks of the Sub-Fundand intend to invest for at least 5 - 7 years.Reference Currency EURThe Sub-Fund is designed for investors who intend to invest for at least 5 - 7 years.The reference currency of the Sub-Fund is EUR.Orders to buy or sell Sub-Fund shares are processed every Luxembourg business day.The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price).
    • Key Investor Information 28 September 2011This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help youunderstand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.Selectum Belgium FundA Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class F Founder LU0652589275Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – BelgiumObjectives and Investment Policy  Objective To offer shareholders a maximum increase in their  investment over the medium term (5 - 7 years). Terms to Understand Equities Securities that represent a share in the business resultsPortfolio Securities The Investment Manager anticipates that of a company.under normal market conditions the Sub-Fund will mainly invest in Equities are securities that represent Derivatives Financial instruments whose value is linked to one ora broad mix of equities from issuers in Belgium. The Sub-Fund may a share in the business results of a more rates, indexes, share prices or other values.use derivatives for efficient portfolio management or for hedging. company. Derivatives are financial in- Hedging Seeking to reduce or cancel out exposure to variousInvestment Process The Investment Manager performs intensive investment risks. struments whose value is linked to oneresearch on individual companies, focusing on their fundamental or more rates, indexes, share prices orqualities and their potential to increase cash flows. The Investment Orders to buy or sell Sub-Fund values. are processed every other shares Hedging means seekingManager uses a vigorous and ongoing process of analysis that Luxembourg business day. to reduce or cancel out exposure toincludes research as well as interviews with senior management. various investment risks. The Sub-Fund issues only accumulation shares (shares in whichDesigned For Investors who understand the risks of the Sub-Fund any income earned is added to the share price).and intend to invest for at least 5 - 7 years.Reference Currency EUR.The reference currency of the Sub-Fund is EUR.Ordersand Reward ProfileRisk to buy or sell Sub-Fund shares are processed every Luxembourg business day.The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price). 1 2 3 4 5 6 7Lower potential risk/reward Higher potential risk/rewardNot risk-free.The value of an investment in the Sub-Fund can go up and down. The rating does not reflect the possible effects of unusual mar-
    • Key Investor Information 28 September 2011This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help youunderstand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.Selectum Belgium Fund A Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class F Founder LU0652589275 Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – BelgiumObjectives and Investment Policy  Objective To offer shareholders a maximum increase in their  investment over the medium term (5 - 7 years). Terms to Understand Equities Securities that represent a share in the business resultsPortfolio Securities The Investment Manager anticipates that of a company.under normal market conditions the Sub-Fund will mainly invest in Equities are securities that represent Derivatives Financial instruments whose value is linked to one ora broad mix of equities from issuers in Belgium. The Sub-Fund may a share in the business results of a more rates, indexes, share prices or other values.use derivatives for efficient portfolio management or for hedging. company. Derivatives are financial in- Hedging Seeking to reduce or cancel out exposure to variousInvestment Process The Investment Manager performs intensive investment risks. struments whose value is linked to oneresearch on individual companies, focusing on their fundamental or more rates, indexes, share prices orqualities and their potential to increase cash flows. The Investment Orders to buy or sell Sub-Fund values. are processed every other shares Hedging means seekingManager uses a vigorous and ongoing process of analysis that Luxembourg business day. to reduce or cancel out exposure toincludes research as well as interviews with senior management. various investment risks. The Sub-Fund issues only accumulation shares (shares in whichDesigned For Investors who understand the risks of the Sub-Fund any income earned is added to the share price).and intend to invest for at least 5 - 7 years.Reference Currency EUR.Ordersand Reward ProfileRisk to buy or sell Sub-Fund shares are processed every Luxembourg business day.The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price). 1 2 3 4 5 6 7Lower potential risk/reward Higher potential risk/rewardNot risk-free.The value of an investment in the Sub-Fund can go up and down. The rating does not reflect the possible effects of unusual mar-
    • Key Investor Information 28 September 2011This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help youunderstand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.Selectum Belgium Fund A Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class F Founder LU0652589275 Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – BelgiumObjectives and Investment Policy  Objective To offer shareholders a maximum increase in their  investment over the medium term (5 - 7 years). Terms to Understand Equities Securities that represent a share in the business resultsPortfolio Securities The Investment Manager anticipates that of a company.under normal market conditions the Sub-Fund will mainly invest in Derivatives Financial instruments whose value is linked to one ora broad mix of equities from issuers in Belgium. The Sub-Fund may more rates, indexes, share prices or other values.use derivatives for efficient portfolio management or for hedging. Hedging Seeking to reduce or cancel out exposure to variousInvestment Process The Investment Manager performs intensive investment risks.research on individual companies, focusing on their fundamentalqualities and their potential to increase cash flows. The Investment Orders to buy or sell Sub-Fund shares are processed everyManager uses a vigorous and ongoing process of analysis that Luxembourg business day.includes research as well as interviews with senior management. The Sub-Fund issues only accumulation shares (shares in whichDesigned For Investors who understand the risks of the Sub-Fund any income earned is added to the share price).and intend to invest for at least 5 - 7 years.Reference Currency EUR.Ordersand Reward ProfileRisk to buy or sell Sub-Fund shares are processed every Luxembourg business day.The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price). 1 2 3 4 5 6 7Lower potential risk/reward Higher potential risk/rewardNot risk-free.The value of an investment in the Sub-Fund can go up and down. The rating does not reflect the possible effects of unusual mar-
    • Key Investor Information 28 September 2011This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help youunderstand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.Selectum Belgium FundA Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class F Founder LU0652589275Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – BelgiumObjectives and Investment PolicyObjective To offer shareholders a maximum increase in theirinvestment over the medium term (5 - 7 years). Terms to Understand Equities Securities that represent a share in the business resultsPortfolio Securities The Investment Manager anticipates that of a company.under normal market conditions the Sub-Fund will mainly invest in Derivatives Financial instruments whose value is linked to one ora broad mix of equities from issuers in Belgium. The Sub-Fund may more rates, indexes, share prices or other values.use derivatives for efficient portfolio management or for hedging. Hedging Seeking to reduce or cancel out exposure to variousInvestment Process The Investment Manager performs intensive investment risks.research on individual companies, focusing on their fundamentalqualities and their potential to increase cash flows. The Investment Orders to buy or sell Sub-Fund shares are processed everyManager uses a vigorous and ongoing process of analysis that Luxembourg business day.includes research as well as interviews with senior management. The Sub-Fund issues only accumulation shares (shares in whichDesigned For Investors who understand the risks of the Sub-Fund any income earned is added to the share price).and intend to invest for at least 5 - 7 years.Reference Currency EURRisk and Reward Profile 1 2 3 4 5 6 7Lower potential risk/reward Higher potential risk/rewardNot risk-free.The value of an investment in the Sub-Fund can go up and down. The rating does not reflect the possible effects of unusual mar-
    • Key Investor Information 28 September 2011This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help youunderstand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.Selectum Belgium FundA Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class F Founder LU0652589275Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – BelgiumObjectives and Investment PolicyObjective To offer shareholders a maximum increase in theirinvestment over the medium term (5 - 7 years). Terms to Understand Equities Securities that represent a share in the business resultsPortfolio Securities The Investment Manager anticipates that of a company.under normal market conditions the Sub-Fund will mainly invest in Derivatives Financial instruments whose value is linked to one ora broad mix of equities from issuers in Belgium. The Sub-Fund may more rates, indexes, share prices or other values.use derivatives for efficient portfolio management or for hedging. Hedging Seeking to reduce or cancel out exposure to variousInvestment Process The Investment Manager performs intensive investment risks.research on individual companies, focusing on their fundamentalqualities and their potential to increase cash flows. The Investment Orders to buy or sell Sub-Fund shares are processed everyManager uses a vigorous and ongoing process of analysis that Luxembourg business day.includes research as well as interviews with senior management. The Sub-Fund issues only accumulation shares (shares in whichDesigned For Investors who understand the risks of the Sub-Fund any income earned is added to the share price).and intend to invest for at least 5 - 7 years.Reference Currency EURRisk and Reward Profile 1 2 3 4 5 6 7Lower potential risk/reward Higher potential risk/rewardNot risk-free.The value of an investment in the Sub-Fund can go up and down. The rating does not reflect the possible effects of unusual mar-When you sell your shares, they may be worth less than what you ket conditions or large unpredictable events, which could amplifypaid for them. If your currency as an investor is different from everyday risks and could trigger other risks, such as:the subscription currency of the Sub-Fund, changes in currency Counterparty risk The Sub-Fund could lose money if an entityexchange rates could reduce any investment gains or increase any with which it does business becomes unwilling or unable to honorinvestment losses. its commitments to the Sub-Fund.The risk/reward rating above is an estimate; it is not guaranteed. Derivatives risk Certain derivatives could increase Sub-FundThe rating is based on medium-term volatility (variations in the volatility or expose the Sub-Fund to losses greater than the costFund’s share price over a recent period, generally several years). of the derivative.Going forward, the Sub-Fund’s actual volatility could be lower orhigher, and its rated risk/reward level may be changed. Liquidity risk Certain securities could become hard to value, or to sell at a desired time and price.The Sub-Fund’s risk level reflects the following factor: Management risk Portfolio management techniques that have• The Sub-Fund invests in stocks, which in general are riskier than worked well in normal market conditions could prove ineffective bonds or money market instruments. or detrimental during unusual conditions.Key Investor Information 1 of 2 Selectum Belgium Fund Class F Founder
    • Key Investor Information 28 September 2011 This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest. Belgium Fund.......................A Sub-Fund of SELECTUM STOCK PICKING FUND SICAVClass F Founder LU0652589275Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgium Objectives and Investment Policy Objective To offer shareholders a maximum increase in theirinvestment over the medium term (5 - 7 years). Terms to Understand Equities Securities that represent a share in the business Portfolio Securities The Investment Manager anticipates that results of a company.under normal market conditions the Sub-Fund will mainly invest in Derivatives Financial instruments whose value is linked toa broad mix of equities from issuers in Belgium. The Sub-Fund may one or more rates, indexes, share prices or other values.use derivatives for efficient portfolio management or for hedging. Hedging Seeking to reduce or cancel out exposure to various Investment Process The Investment Man ager performs investment risks.intensive research on individual companies, focusing on theirfundamental qualities and their potential to increase cash flows. Orders to buy or sell Sub-Fund shares are processed everyThe Investment Manager uses a vigorous and ongoing process of Luxembourg business day.analysis that includes research as well as interviews with senior The Sub-Fund issues only accumulation shares (shares inmanagement. which any income earned is added to the share price). Designed For Investors who understand the risks of the Sub-Fund and intend to invest for at least 5 - 7 years. Reference Currency EUR Risk and Reward Profile 1 2 3 4 5 6 7Lower potential risk/reward Not risk-free. Higher potential risk/rewardThe value of an investment in the Sub-Fund can go up and down. The rating does not reflect the possible effects of unusual mar-When you sell your shares, they may be worth less than what you ket conditions or large unpredictable events, which could amplifypaid for them. If your currency as an investor is different from everyday risks and could trigger other risks, such as:the subscription currency of the Sub-Fund, changes in currency Counterparty riskexchange rates could reduce any investment gains or increase anyinvestment losses. The Sub-Fund could lose money if an entity with which it does business becomes unwilling or unable to honor its commitmentsThe risk/reward rating above is an estimate; it is not guaranteed. to the Sub-Fund.The rating is based on medium-term volatility (variations in theFund’s share price over a recent period, generally several years). Derivatives riskGoing forward, the Sub-Fund’s actual volatility could be lower or Certain derivatives could increase Sub-Fund volatil-higher, and its rated risk/reward level may be changed. ity or expose the Sub-Fund to losses greater than the costThe Sub-Fund’s risk level reflects the following factor: of the derivative.• The Sub-Fund invests in stocks, which in general are riskier than Liquidity risk bonds or money market instruments. Certain securities could become hard to value, or to sell at a desired time and price. Management risk Portfolio management techniques that have worked well in nor- mal market conditions could prove ineffective or detrimental during unusual conditions.Key Investor Information 1 of 2 Selectum Belgium Fund Class R Retail
    • Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. Theinformation is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. 123 Fund, a sub-fund of ABC Fund SICAV (ISIN: 4321) This fund is managed by ABC Fund Managers Ltd, part of the XYZ group of companiesObjectives and Investment PolicyJoint description of the objectives and policy of Other information if relevant, such as:the UCITS in plain language (it is suggested • what type of debt securities the UCITSnot to copy-out the prospectus) invests inEssential features of the product which a • information regarding any pre-determinedtypical investor should know: pay off and the factors expected to determine performance• main categories of eligible financial instruments that are the object of investment • if choice of assets is guided by growth, value or high dividends• a statement that the investor may redeem units on demand, and how frequently units • how use of hedging / arbitrage / leverage techniques may determine the fund’s are dealt in performance• whether the UCITS has a particular target in relation to any industrial, geographic or other • that portfolio transaction costs will have a material impact on performance market sectors or specific classes of assets • minimum recommended holding term• whether discretionary choices regarding particular investments are allowed, and whether the fund refers to a benchmark and if so which one• a statement of whether any income arising from the fund is distributed or reinvestedRisk and Reward Profile Lower risk Higher risk Narrative presentation of risks materially Typically lower rewards Typically higher rewards relevant to the fund which are not adequately captured by the indicator: 1 2 3 4 5 6 7 • Credit risk, where a significant level of investment is made in debt securitiesNarrative explanation of the indicator and its • Liquidity risk, where a significant level ofmain limitations: investment is made in financial instruments• Historical data may not be a reliable that are likely to have a low level of liquidity in some circumstances indication for the future • Counterparty risk, where a fund is backed• Risk category shown is not guaranteed and by a guarantee from, or has material may shift over time• The lowest category does not mean ‘risk investment exposure through contracts with, a third party free’ • Operational risks including safekeeping of• Why the fund is in its specific category• Details of nature, timing and extent of any assets • Impact of any techniques such as derivative capital guarantee or protection contracts
    • Key Investor Information 28 September 2011This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help youunderstand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.Selectum Belgium FundA Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class F Founder LU0652589275Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – BelgiumObjectives and Investment PolicyObjective To offer shareholders a maximum increase in theirinvestment over the medium term (5 - 7 years). Terms to Understand Equities Securities that represent a share in the business resultsPortfolio Securities The Investment Manager anticipates that of a company.under normal market conditions the Sub-Fund will mainly invest in Derivatives Financial instruments whose value is linked to one ora broad mix of equities from issuers in Belgium. The Sub-Fund may more rates, indexes, share prices or other values.use derivatives for efficient portfolio management or for hedging. Hedging Seeking to reduce or cancel out exposure to variousInvestment Process The Investment Manager performs intensive investment risks.research on individual companies, focusing on their fundamentalqualities and their potential to increase cash flows. The Investment Orders to buy or sell Sub-Fund shares are processed everyManager uses a vigorous and ongoing process of analysis that Luxembourg business day.includes research as well as interviews with senior management. The Sub-Fund issues only accumulation shares (shares in whichDesigned For Investors who understand the risks of the Sub-Fund any income earned is added to the share price).and intend to invest for at least 5 - 7 years.Reference Currency EURRisk and Reward Profile 1 2 3 4 5 6 7Lower potential risk/reward Higher potential risk/rewardNot risk-free.The value of an investment in the Sub-Fund can go up and down. The rating does not reflect the possible effects of unusual mar-When you sell your shares, they may be worth less than what you ket conditions or large unpredictable events, which could amplifypaid for them. If your currency as an investor is different from everyday risks and could trigger other risks, such as:the subscription currency of the Sub-Fund, changes in currency Counterparty risk The Sub-Fund could lose money if an entityexchange rates could reduce any investment gains or increase any with which it does business becomes unwilling or unable to honorinvestment losses. its commitments to the Sub-Fund.The risk/reward rating above is an estimate; it is not guaranteed. Derivatives risk Certain derivatives could increase Sub-FundThe rating is based on medium-term volatility (variations in the volatility or expose the Sub-Fund to losses greater than the costFund’s share price over a recent period, generally several years). of the derivative.Going forward, the Sub-Fund’s actual volatility could be lower orhigher, and its rated risk/reward level may be changed. Liquidity risk Certain securities could become hard to value, or to sell at a desired time and price.The Sub-Fund’s risk level reflects the following factor: Management risk Portfolio management techniques that have• The Sub-Fund invests in stocks, which in general are riskier than worked well in normal market conditions could prove ineffective bonds or money market instruments. or detrimental during unusual conditions.Key Investor Information 1 of 2 Selectum Belgium Fund Class F Founder
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