Announcement about the changes in SEB Fund 1 and related sub-funds
Changes will affect the SEB Fund 1 umbrella and the following sub-funds: SEB Asset Selection Fund, Nordic Future Opportunity Fund (ISIN LU0256624742, LU1726276170, LU1791748558, LU0030166507, LU1791748632, LU0122113094, LU0030164395, LU0397031146, LU1791748715, LU0030158231, LU0030165871, LU1748252209, LU0030166176, LU2249629911).
Unitholders are not required to act due to these changes, and the value of the units in the sub-fund(s) will not be affected. However, it is important for investors to be aware of the changes.
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 added: As a result of the inclusion of TRS we have also included “Legal risk” and "Custody risk” 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.
If unitholders do not wish to remain invested in any of the SEB Fund 1 sub-funds, they may redeem their units free of charge by 28 September 2023. Note that redemption can result in taxation. More information is available on the SEB Group website or by consulting the fund manager.