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The Warwick International Fund
(A cell of the Warwick International Fund PCC Limited) Approved in terms of Section 65 of the Collective Investment Schemes Control Act, 2002 by the Financial Services Board for Sale in South Africa. The aim of the Warwick International Fund is to achieve long-term capital growth by investing in open-ended investment funds and other pooled products which have been approved by the Financial Services Board for distribution in South Africa. These funds shall have as their investment objective, investments in either equity or debt securities, property or commodities. For the latest information on the Fund, please download the latest fact sheet from the document section on the left.
Investors must refer to the latest available Minimum Disclosure Document (MDD) prior to transacting, and for more information about the Fund.
The Warwick International Fund is approved in terms of Section 65 of the Collective Investment Schemes Control Act, 2002 by the Financial Services Board for Sale in South Africa. The Warwick International Fund (the “Fund”) is a cell of Warwick International Fund PCC Limited which is a regulated and authorised by the Guernsey Financial Services Commission.
Collective Investment Schemes (Unit Trusts) are generally medium to long-term investments. The value of participatory interests (units) or the investment may go down as well as up. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. Past performance is not necessarily a guide to future performance. Collective investment schemes are traded at ruling prices. The Scheme Particulars of the Fund prohibit scrip lending. A schedule of similarities and differences between Guernsey and South African regulations are available on request or from www.warwickfunds.com. The collective investment scheme may borrow up to 10% of the market value of the Fund to bridge insufficient liquidity. The manager does not provide any guarantee, either with respect to the capital or the return of a Fund.
A schedule of fees and charges and maximum commissions is available on request from the manager, or is available on the website www.warwickfunds.com.
Forward pricing is used. Annualised returns are period returns re-scaled to a period of 1 year. This allows investors to compare returns of different assets that they have owned for different lengths of time. Actual annual figures are available to the investor on request.
Lump sum investment performances are being quoted. Income is reinvested within the Fund and reflected in the NAV.
NAV to NAV figures have been used for the performance calculations, as calculated by the manager at the valuation point defined in the Scheme Particulars, over all reporting periods. Investment performance calculations are available for verification upon request by any person. Actual annual returns are available from the manager.
The performance is calculated for the Fund and the benchmark by the Manager. The individual investor performance may differ, as a result of initial fees, the actual investment date, the date of reinvestment and dividend withholding tax. The rate of return is calculated on a total return basis, and the following elements may involve a reduction of the investor’s capital, interest rates, economic outlook, inflation, deflation, economic and political shocks or changes in economic policy.
A fund of funds is a portfolio that invests in portfolios of collective investment schemes, which levy their own charges, which could result in a higher fee structure for these Funds.
The Fund will invest in foreign securities which may be subject to potential constraints on liquidity, macroeconomic risks, political risks, foreign exchange risks, tax risks, settlement risks and potential limitations on the availability of market information.
The Fund is a global growth portfolio.
Prices are published daily on the web site of the Manager and the Administrator and are also available from www.bloomberg.com/quote/WARINBU:GU
Risk Profile: Capital – Probability of a capital loss or negative return in any 12-month period – Medium Risk. Inflation – Long-term expected return ahead of inflation – Medium Risk. Range – Expected range of returns around the benchmark in any 12-month period – Medium Risk. Annualised returns are period returns re-scaled to a period of 1 year. This allows investors to compare returns of different assets that they have owned for different lengths of time.
Calculation of net asset value and dealing prices – The Valuation Point shall be at the close of business on each Business Day of each week. The Investment Dealing Day shall be the close of business on each Business Day of each week. The Subscription instructions must be received before 17h00 (GMT) prior to an Investment Dealing Day. The Redemption Dealing Day shall be the close of business on each Business Day of each week. The Redemption instructions must be received before 17h00 (GMT) prior to each Redemption Dealing Day. The Redemption Proceed Payment will be made on or before the tenth Business Day following the applicable Redemption Dealing Day. For further details please see page 13 of the Scheme Particulars.
The manager has the right to close the Fund to new investors, in order to manage it more efficiently, in accordance with its Scheme Particulars.
You can obtain additional information on the proposed investment, free of charge, from brochures, application forms and the annual report and any half-yearly report, which are available upon request from the Manager. The complaints policy and procedure, and the conflicts of interest management policy are available on our website www.warwickfunds.com.
Associates of the Manager may be invested within the Fund, and the details thereof are available from the Manager.
The Manager’s details are:
Warwick Funds (Channel Islands) Limited, PO Box 268, Mill Court, La Charroterie, St Peter Port, Guernsey, GY1 3QZ, Channel Islands. Telephone +44 (0) 1481 732888. Custodian: Deutsche Bank International Limited, Guernsey Branch, Lefebvre Court, Lefebvre Street, St Peter Port, Guernsey, GY1 3WT.. The Manager is licensed and regulated by the Guernsey Financial Services Commission and a member of the Association for Savings and Investments SA (ASISA).
The Custodian’s details are:
Deutsche Bank International Limited, Guernsey Branch, Lefebvre Court, Lefebvre Street, St Peter Port, Guernsey, GY1 3WT.
The local South African Representatives details are:
MET Collective Investments Limited, PO Box 925, Bellville, 7535, South Africa
TER: 2.71%: The Fund has a Total Expense Ratio (TER) of 2.71%. For the period from January 2015 to December 2015. 2.71% of the average Net Asset Value of the Fund were incurred as charges, levies and fees related to the management of the Fund. The ratio does include transaction costs. A higher TER ratio does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER cannot be regarded as an indication of future TER’s. Inclusive in the TER of 2.71%, a performance fee of 0.00% of the Net Asset Value of the class of participatory interest of the Fund was charged.
Performance Fee: If the Fund underperforms the Fee Hurdle, then no fee is accrued until the high-water mark is again reached. The performance fee is accrued daily, based on daily performance, and paid to the manager monthly. If the Fund underperforms the fee hurdle, then accrued performance fees are refunded to the Fund at the sharing rate. The Performance Fee is equal to 10% of the total amount by which the Net Asset Value per Participating Share as at the relevant Performance Date is greater than the High Water Mark. The High Water Mark is the Net Asset Value per Participating Share at which a Performance Fee was last paid, net of the Performance Fee.
The Company is authorised as a Class “B” Scheme by the Guernsey Financial Services Commission pursuant to the Protection of Investors (Bailiwick of Guernsey) Law 1987 and the rules made there under. Shares in the Cell are not available for sale and may not be offered for sale, directly or indirectly, in any state or jurisdiction in which such offer or sale would be prohibited. Please note, the Company / Cell has not been registered, nor will be registered, under the United States Investment Company Act of 1940 and the shares have not been registered, nor will be registered, under the United States of America Securities Act of 1933 (as amended). None of the shares may be offered or sold, directly or indirectly, in the United States of America, its territories or possessions or any area subject to its jurisdiction including the Commonwealth of Puerto Rico or to any resident thereof (including any corporation, partnership or other entity created or organised in or under the laws of the United States or any political subdivision thereof) or any estate or trust that is subject to United States federal income taxation regardless of the source of income.
Subscriptions will only be received and shares issued on the basis of the current prospectus for the Cell, which is available from the Manager. It is intended solely for the use of the person to whom it is sent. It is not an invitation to subscribe and is for information purposes only. Please note that the value of funds and assets (and the income from them) may go down as well as up and may be affected by, amongst other things, changes in rates of exchange. Past performance is not indicative of future performance. An investor may not get back, on redemption or otherwise, the amount invested. Performance is calculated on a total return basis in the currency of the Cell. Risk characteristics (or name of measure) are calculated on the basis of monthly investment returns. Performance figures, graphs and compound growth p.a. are calculated on the basis of unit price returns in US Dollar terms. This document is issued by Warwick Funds (CI Limited which is licensed and regulated by the Guernsey Financial Services Commission and a member of the Association for Savings and Investments SA (ASISA).