den underliggande tillgången för warranterna ska vara någon av följande:

Transkript

1 Sammanfattning - Cross Markets Fund Fondföretag: LFG Asset Management S.A. Registrerad i Luxemburg Augusti 2009 Cross Markets Målsättning & Placeringsinriktning Cross Markets målsättning är att uppnå en hög nivå av riskjusterad avkastning och kapitaltillväxt. Under normala marknadsförhållanden kommer Cross Markets huvudsakligen att investera i svenska skuldebrev utfärdade av emittenter med god kreditvärdighet. En mindre del av fonden investeras i mer riskfyllda instrument i form av börsnoterade warranter, för att skapa kapitaltillväxt på de globala aktie-, ränte-, valuta- och råvarumarknaderna. Vid exceptionella marknadsförutsättningar och då de finansiella marknaderna så kräver, kan Cross Markets placera samtliga tillgångar i penningmarknadsinstrument. Cross Markets tillgångar kommer således att allokeras som en portfölj av överlåtbara tillgångar bestående av värdepapper som ger kapitalskydd och en portfölj bestående av listade warranter som skapar kapitaltillväxt. Allokeringen av Cross Markets tillgångar kommer att göras av Luxembourg Financial Group Asset Management S.A., LFG, och baseras på de råd som Swedbank i sin roll som investeringsrådgivare ger. Allokeringsmetoden som används av LFG och Swedbank för Cross Markets presenteras närmare i Prospectus för fonden med Special Section för Cross Markets Fund. Placeringar i skuldebrev: Cross Markets kommer huvudsakligen investera i följande tillgångar: obligationer, certifikat och andra skuldförbindelser utfärdade av svenska och utländska banker med hög rating (ej under Investment grade ); värdepapper utfärdade eller garanterade av Svenska Staten (exempelvis statsskuldsväxlar och svenska statsobligationer); och företagsobligationer, certifikat och andra skuldförbindelser utfärdade av svenska och utländska företag med hög rating (ej under Investment grade ). Placeringar i warranter: Cross Markets kommer att investera i warranter med följande egenskaper: köpwarranter, listade eller avsedda att bli listade; köp- och säljkurser måste alltid finnas tillgängliga i realtid och en andrahandsmarknad måste tillhandahållas av en market maker; utfärdade av ett finansiellt institut vars rating för långfristig utlåning uppgår till lägst investment grade; den underliggande tillgången för warranterna ska vara någon av följande: i. överlåtbara värdepapper; ii. valutor; iii. finansiella index (t.ex aktieindex, index på råvaruderivat, ränteindex, och valutaindex); och iv. andelar i börshandlade fonder (ETF:er) Placering i penningmarknadsinstrument mm: Cross Markets kan placera sin likvididet i följande: penningmarknadsinstrument vilka handlas regelbundet och vars återstående löptid inte är längre än 12 månader och; kortfristig inlåning (deposits) hos finansiellt institut. Intressekonflikt Det kan förekomma att Cross Markets placerar i instrument emitterade av Swedbank, som är investeringsrådgivare. Det åligger fondföretaget och Swedbank att vidta alla rimliga åtgärder för att förhindra att Cross Markets intressen påverkas negativt av en sådan intressekonflikt. Risk Cross Markets tillhör riskklass 3 på en skala där 1 står för liten risk och 6 betyder hög risk. Låg 3 Hög En investering i Cross Markets kan både öka och minska i värde och det är inte säkert att investeraren får tillbaka hela det satsade kapitalet. För mer information om risk se Prospectus. Historisk avkastning Cross Markets har ingen historisk avkastning vid tiden då detta faktablad upprättas. Historisk avkastning är dock inte nödvändigtvis någon prognos för framtida avkastning. En fondandel i Cross Markets kan både öka och minska i värde och det är inte säkert att investeraren får tillbaka hela det satsade kapitalet. Vem passar fonden för? Denna fond är lämplig för de investerare som söker en hög nivå av riskeffektiv avkastning men vill ha minskande marknadsexponering vid en ogynnsam marknadsutveckling. Regler för utdelning Fonden lämnar inte någon utdelning, då fonden följer skatteregler i Luxemburg. Avgifter (class A units) Avgifter som betalas direkt av investeraren Inköpsavgift: 0% Inlösenavgift: 0% Avgifter som tas ur fonden (i procent av andelsvärdet): Årlig förvaltningsavgift: 2,0 % Årlig kostnad för förvaring och administration: högst 0,5% Årlig kostnad för revision tillkommer. TER (totalt erlagda avgifter) 2009: - Kostnader för 2009 utöver TER: - (dvs kostnader som varierar mellan åren, exempelvis courtage vid köp och försäljning av värdepapper i fonden). Omsättningshastighet 2009, ggr/år: - Skatteregler (class A units) Fondens beskattning: Fondföretaget erlägger en skatt kvartalsvis. Denna uppgår till 0,05 procent per år och beräknas på fondförmögenheten. Fondandelsägarens beskattning (fysisk person): Kapitalvinst/förlust redovisas på kontrolluppgift till Skatteverket, men skatteavdrag görs ej. Beskattningen kan påverkas av individuella omständigheter. Den som är osäker på eventuella skattekonsekvenser bör söka experthjälp. Publicering av andelsvärde Andelsvärdet beräknas normalt varje dag som är bankdag i Luxemburg och publiceras på Swedbanks Fondtorg, och i vissa dagstidningar. Att köpa/sälja andelar Försäljning och inlösen av andelar sker genom Swedbank och samverkande sparbanker (på bankkontor eller via Telefonbanken och Internetbanken). Vid försäljning och inlösen, som görs före kl (bryttidpunkt) viss bankdag, fastställs handelskursen normalt per samma bankdag. Vid försäljning och inlösen, som görs efter nämnda tidpunkt, fastställs handelskursen normalt per påföljande bankdag. Ytterligare information Fondföretag: Luxembourg Financial Group Asset Management S.A., med huvudkontor i Luxemburg Legal struktur: Cross Markets är en s.k. subfond till paraplyfonden. För Cross Markets gäller General Section i Prospectus samt Special Section för Cross Markets Investeringsrådgivare: Swedbank AB, Swedbank Markets

2 Förvaringsinstitut: BNP Paribas Securities Services, Luxembourg branch Klagomålsansvarig: LFG Asset Management S.A., Luxemburg Revisor: Ernst & Young, Luxemburg Tillsynsmyndighet: Commission de Surveillance du Secteur Financier, Luxemburg Fondens startdatum: Fondföretagets grundande: Den här sammanfattningen innehåller övergripande information om fonden. Om du, innan du köper andelar i fonden eller därefter, vill ta del av Prospectus, Simplified prospectus, hel- eller halvårsrapporter för fonden eller vill du ha mer information om fonden kontaktar du Swedbank eller samverkande sparbanker. Du kan också gå in på

3 Cross Markets Fund A sub-fund of an umbrella fonds commun de placement (an unincorporated joint ownership of assets) authorised under part I of the Luxembourg act dated 20 December 2002 This simplified prospectus contains key information about the Cross Markets Fund (the Sub-Fund). For more information before investing, please consult the full prospectus of (the Fund) dated (the Prospectus). For details about the Fund's investments please see the Fund's most recent annual or semi-annual report (if any). The Prospectus and the financial reports are available free of charge at the registered office of the Management Company and from the Distributor(s). The rights and duties of the investor as well as the legal relationship with the Fund are laid down in the Prospectus. Further, investors are recommended to consult their own professional advisers before acquiring, holding or disposing of any Unit in the Sub-Fund. Unless otherwise provided herein, all capitalised terms bear their respective meaning as ascribed to them in the Prospectus. Legal structure of the Fund Cross Markets Fund is a sub-fund of, an umbrella fonds commun de placement (an unincorporated joint ownership of assets) and authorised under Part I of the act dated 20 December 2002 on undertakings for collective investment, as amended (the 2002 Act). Management Company Registered Office of the Management Company R.C.S. of the Management Company Establishment date of the Fund Duration of the Fund and the Subfund Reference currency of the Sub-Fund Luxembourg Financial Group Asset Management S.A. will be responsible for, among other matters, identifying and acquiring the investments of the Sub-Fund within the Investment Objective, Policy and Restrictions set out in the Prospectus and this simplified prospectus. 19, Rue de Bitbourg, L-1273 Luxembourg. B The Fund was established on 13 March 2009 as a fonds commun de placement (an unincorporated joint ownership of assets). Infinite. The reference currency of the Sub-Fund is Swedish Krona (SEK). Definitions Administrative Agent Initial Offering Period Investment Adviser LU: Means BNP Paribas Securities Services, Luxembourg Branch, in its capacity as central administration and registrar and transfer agent of the Fund. Is set from 24 August 2009 until 30 September Subscription requests during the Initial Offering Period must be sent in writing to the Administrative Agent and be received by the Administrative Agent by 12:00 p.m. (Luxembourg time) on the last day of the Initial Offering Period. The Initial Subscription Price per Unit will be SEK 100. The Initial Subscription Price must be paid on the Launch Date. Means Swedbank AB, a Swedish public limited liability banking company with registered office at SE , Stockholm, in its capacity as investment adviser of the Sub-Fund

4 Launch Date Means the date on which the Fund issues Units relating to the Sub-Fund in respect of subscriptions received during the Initial Offering Period. The Launch Date for the Sub-Fund is set on 5 October Luxembourg Day Business Day Banking Means a day on which banks are generally open for business in Luxembourg (excluding Saturdays and Sundays and public holidays). Means each Luxembourg Banking Day and a day on which banks are generally open for business in Stockholm (excluding Saturdays and Sundays and public holidays). NAV Calculation Day Transaction Day Investment Objective and Policy Means the Luxembourg Banking Day on which the Net Asset Value is calculated in respect of a specific Transaction Day. The NAV Calculation Day will be the first Luxembourg Banking Day following the relevant Transaction Day. Every Business Day. Investment objective The Investment Objective of the Sub-Fund is to achieve a high level of risk adjusted performance and growth of capital. In normal market circumstances, the Sub-Fund will mainly invest in debt securities issued by high credit quality issuers, the remaining part of the Sub-Fund s portfolio being invested in more risky assets, i.e. exchange listed warrants and listed options, to create capital growth on the global stock-, interest rate-, foreign exchange-, and commodity markets. Under exceptional circumstances and where financial market conditions so require, the Sub-Fund s portfolio may be fully invested in Cash Management Instruments (as such term is defined below). Allocation methodology and process The Sub-Fund s assets will be allocated to a portfolio of Transferable Securities consisting of debt securities to provide capital preservation and a portfolio of listed derivatives consisting of warrants and listed options that provide capital growth to the major asset classes as described below. Such allocation of the Sub-Fund's assets will be made by the Management Company upon advice from the Investment Adviser. The allocation methodology used by the Management Company and the Investment Adviser in relation to the assets of the Sub-Fund is more fully described in the Prospectus. Investment policy Debt instruments To achieve the above investment objective, the Sub-Fund will mainly invest in the following assets: debt securities issued by qualified and highly rated Swedish and foreign banks, including certificates of deposits and other debt securities; debt securities issued or guaranteed by Sweden and other highly rated governments, their agencies or instrumentalities (e.g. Swedish treasury bills, and government notes and bonds); and highly rated quality commercial paper and other transferable debt securities, including floating and variable rate demand notes of Swedish and foreign corporations LU:

5 Warrants and listed options The Sub-Fund will invest the remaining part of its portfolio in warrants and listed options having the following characteristics: the warrants must be listed derivatives representing securitised options and constitute unsecured and unsubordinated contractual obligations of an issuer and rank pari passu in all respect with each other. For the purpose of the Sub-Fund, eligible warrants are call warrants; the warrants and listed options must be listed or intended to be listed on a stock exchange or a Regulated Market in accordance with Sections 3.4(a) to (d) of the General Section; bid-offer spreads must be available on a real-time basis and there must be a secondary market provided for by a market maker; the warrants must be issued by financial institutions whose long-term unsubordinated debt obligations are rated at least investment grade by a rating agency of international repute; the underlying assets of the warrants and listed options must either be: (i) (ii) (iii) (iv) Transferable Securities; exchange rates; financial indices (including but not limited to equity indices, indices on commodity derivatives, fixed income indices and foreign exchange indices); and exchange traded funds (ETFs). Cash Management Instruments The Sub-Fund may hold cash management instruments up to 100% of its net assets, which include: money market instruments which are regularly traded and whose remaining tenure does not exceed 12 months; short-term deposits with highly rated credit institutions provided that the credit institution has its registered office in a country which is an OECD Member State. Additional Investment Restrictions Investment Guidelines The Sub-Fund is subject to the restrictions and limits set forth in the section headed "Investment Objective, Policy and Restrictions" of the Prospectus. In addition the Sub-Fund will not invest more than 10% of its assets in UCIs or UCITS. In managing the assets of the Sub-Fund, the Management Company will seek to adhere to the following Investment Guidelines: it is intended to invest in debt securities with a maximum residual maturity of 10 years; it is expected that the total value allocated to warrants and listed options should on average be 25% of the NAV of the Sub-Fund; it is intended to always hedge all currency exposures, except in those cases where the Management Company actively seeks return in other currency pairs in relation to the Reference Currency; LU:

6 it is intended to invest mainly in Transferable Securities which are rated no lower than investment grade for long-term securities. The established rating organisations currently rating securities which may be purchased by the Sub-Fund are Moody s Investor Service, Standard & Poor s Group and Fitch Investor Service. For short-term securities, the rating will be at least Prime-1 as rated by Moody s or A1 by S&P. Description of Units Class "A" "B" Eligible investors Retail and Institutional Investors Institutional Investors ISIN code LU LU Reference Currency SEK SEK Initial Subscription Price Minimum Subscription Amount Management Company Fee SEK 100 SEK 100 SEK 100 SEK 1,000, % p.a. of the average NAV 1.0% p.a. of the average NAV Subscription Fee Nil Nil Redemption Fee Nil Nil Distribution policy Accumulating Accumulating Annual subscription tax (taxe d'abonnement) Subscription Process 0.05% p.a. of the NAV 0.01% p.a. of the NAV Subscription requests for Units of the Sub-Fund can be made to the Administrative Agent on any day that is a Transaction Day starting as of the Launch Date. Subscription requests must be received by the Administrative Agent by 2:00 p.m. (Luxembourg time) (the Subscription Cut-Off Time) on the relevant Transaction Day at the latest. Any applications for subscriptions received after the Subscription Cut-Off Time will be valid for the following Transaction Day. Subscriptions may be made only by investors who are not Restricted Persons by delivering to the account of the Custodian and Paying Agent cleared funds for the full amount of the subscription price of the Units being subscribed for pursuant to the subscription request, within 3 Business Days following the relevant Transaction Day. Redemption Process Redemption requests for Units in part or in whole can be made to the Administrative Agent on any day that is a Transaction Day. Redemption requests must be received by the Administrative Agent by 2:00 p.m. (Luxembourg time) (the Redemption Cut-Off Time) on the relevant Transaction Day at the latest. Any applications for redemptions received after the Redemption Cut-Off Time will be valid for the following Transaction Day LU:

7 Payment of the redemption proceeds shall be made generally 3 Business Days following the relevant Transaction Day. Conversion Sub-Fund's risk profile Units of the Sub-Fund cannot be converted in Units of any other sub-fund of the Fund nor can any Units of any sub-fund be converted in the Sub-Fund. The Prospectus constitutes the terms and conditions of the Sub-Fund. In particular, investors should refer to the extensive summary of the applicable risk factors linked to an investment in the Sub-Fund which can be found in the section "Risks Factors" of the Prospectus. Before making an investment decision with respect to Units in the Sub-Fund, prospective investors should carefully consider all of the information set out in the Prospectus, the relevant Special Section of the Sub- Fund, this simplified prospectus as well as their own personal circumstances. Prospective investors should have particular regard to, among other matters, the considerations set out in the Section "Risk Factors" and "Profile of Typical Investor" in the relevant Special Section of the Sub- Fund. The risk factors referred to therein, and in this document, alone or collectively, may reduce the return on the Units of the Sub-Fund and could result in the loss of all or a proportion of a Unitholder's investment in the Units of the Sub-Fund. The price of the Units of the Sub-Fund can go down as well as up and their value is not guaranteed. Unitholders may not receive, at redemption or liquidation, the amount that they originally invested in any Class or any amount at all. The risks may include or relate to equity markets, bond markets, foreign exchange rates, interest rates, credit risk, the use of derivatives, counterparty risk, market volatility and political risks. The risk factors set out in the Prospectus are not exhaustive. There may be other risks that a prospective investor should consider that are relevant to its own particular circumstances or generally. An investment in the Units of the Sub-Fund is only suitable for investors who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. Before making any investment decision with respect to the Sub-Fund's Units, prospective investors should consult their own stockbroker, bank manager, lawyer, solicitor, accountant and/or financial adviser and carefully review and consider such an investment decision in the light of the foregoing and the prospective investor's personal circumstances. Additional Risk Factors The Sub-Fund is subject to the risks described in the Prospectus and the relevant Special Section. In addition, prospective investors should note that the following risks apply to an investment in the Sub- Fund. Investments in warrants and listed options When investing in warrants and listed options, the price of the Units of the Sub-Fund may fluctuate more than if the Sub-Fund was to be invested in the underlying security(ies) directly because of the greater volatility of the value of warrants and listed options. Selection of Investments Unitholders will not have control over the allocations among the Sub-Fund s eligible investments. By LU:

8 investing in the Units, Unitholders are depending substantially on the ability of the Investment Adviser and the Management Company with respect to the selection of investments to which the assets of the Sub- Fund will be allocated. Reliance on the Investment Adviser The Unitholders have no authority to make investment decisions on behalf of the Sub-Fund. The performance of the Sub-Fund will depend in large part on the allocations proposed by the Investment Adviser. The aim of achieving the Investment Objective does not represent an assurance that the Investment Adviser will achieve it (or any particular level of performance) and the Investment Adviser is not obliged to take any steps beyond the exercise of the Investment Adviser s skill and care as an experienced professional adviser in the investments as set out in the Prospectus and the Special Section. No warranty is given by the Investment Adviser as to the performance or profitability of the Sub-Fund. There can be no guarantee that the investments made by the Sub-Fund will be profitable or will effectively insulate against the risk of market or other conditions which may cause the value of the Units to decline. Termination of the agreement with the Investment Adviser The agreement with the Investment Adviser sets out, inter alia, the terms upon which the appointment of the Investment Adviser pursuant to such agreement may be terminated. Upon the termination of the appointment of the Investment Adviser, the Sub-Fund s portfolio will be invested in Cash Management Instruments. This agreement shall become effective upon its execution, and shall remain in effect until the Sub-Fund is terminated unless the agreement is terminated, amongst others, on the following grounds: (i) (ii) the Management Company may terminate the agreement with a three months prior notice to the Investment Adviser; the Investment Adviser may terminate the agreement with a three months prior written notice to the Management Company. Conflict of Interest In addition to the general conflicts of interests disclosed in the Prospectus, the attention of investors is drawn to the fact that the Sub-Fund may, in the context of its Investment Objective, obtain direct or indirect exposure to securities or other assets issued by the Investment Adviser or Affiliates thereof. The Investment Adviser may have a conflict of interest in connection with such investments or transactions. Profile of the typical investor EU Savings Directive Taxation The Sub-Fund is suitable for investors who look for a high level of risk adjusted return but want a decreasing market exposure when the market performs in an unfavourable way. In scope. The Fund is subject to Luxembourg legislation. It is up to the purchasers of Units to seek information on the laws and regulations governing the tax regime of the purchase, possession and sale of Units at their place of residence and for people of their nationality. Consulting a local tax adviser or organisation is therefore recommended if the investor is unclear as to its/his/her fiscal position. However, the Fund's assets are subject to a subscription tax (taxe d'abonnement) in Luxembourg at a rate of 0.05% p.a. on net assets (except for sub-funds or classes which are reserved to Institutional Investors or UCIs which are subject to a tax at a reduced rate of 0.01% p.a. on net assets), payable quarterly. In case LU:

9 some sub-funds are invested in other Luxembourg UCIs, which in turn are subject to the subscription tax provided for by the 2002 Act, no subscription tax is due from the Fund on the portion of assets invested therein. The Fund's income is not taxable in Luxembourg. Income received by the Fund may be subject to withholding taxes in the country of origin of the issuer of the security, in respect of which such income is paid. No duty or tax is payable in Luxembourg in connection with the issue of Units of the Fund. Under current legislation, Unitholders are not subject to any capital gains, income, withholding, estate, inheritance or other taxes in Luxembourg with respect to their investment in the Units, except for (i) those Unitholders domiciled, resident or having a permanent establishment in Luxembourg, or (ii) the withholding tax as laid down below. In accordance with the provisions of the European Union Savings Directive (EUSD) which entered into force on 1 July 2005, withholding tax could apply when a Luxembourg paying agent makes distributions from and redemptions of Units in certain sub-funds and where the beneficiary of these proceeds is an individual residing in another EU Member State. Unless this individual specifically requests to be brought within the EUSD exchange of information regime such distributions and redemptions should be subject to withholding at the rate of 20% from 1 July 2008 until 30 June 2011 and 35% from 1 July 2011 onwards. Investors who are in any doubt as to their tax position should consult their own independent tax advisers. In addition, investors should be aware that tax regulations and their application or interpretation by the relevant taxation authorities change from time to time. Accordingly, it is not possible to predict the precise tax treatment, which will apply at any given time. Price publication Sub-Fund expenses The Net Asset Value per Unit of the Sub-Fund will be made public at the offices of the Management Company and Administrative Agent on each NAV Calculation Day. The Custodian and Paying Agent is entitled to receive, out of the assets of the Sub-Fund, a fee corresponding to a maximum of 0.30% p.a. of the Net Asset Value. The Administrative Agent is entitled to receive, out of the assets of the Sub-Fund, a fee corresponding to a maximum of 0.20% p.a. of the Net Asset Value. Performance of the Sub-Fund Supervisory authority Promoter Custodian and Paying Agent Administrative Agent Principal Distributor The Sub-Fund has no past performance at the date of this simplified prospectus. Past performance is not necessarily a guide to the future performance results of the Sub-Fund. The value of an investment and the income from it can go down as well as up and an investor may not get back at the time of redemption or liquidation the amount invested. Commission de Surveillance du Secteur Financier, 110, route d'arlon, L-2991 Luxembourg. Luxembourg Financial Group A.G., 19, Rue de Bitbourg, L-1273 Luxembourg. BNP Paribas Securities Services, Luxembourg Branch, 33, rue de Gasperich, L-5826 Hesperange. BNP Paribas Securities Services, Luxembourg Branch, 33, rue de Gasperich, L-5826 Hesperange. Luxembourg Financial Group Asset Management S.A., 19, Rue de Bitbourg, L-1273 Luxembourg LU:

10 Legal adviser Further Information Allen & Overy Luxembourg, 33, Avenue J.F. Kennedy, L-1855 Luxembourg. For further information, please contact Luxembourg Financial Group Asset Management S.A. Tel: LU: