Merge of TOBAM’s Funds into the Luxembourg SICAV “Most Diversified Portfolio SICAV”
02To the attention of investors within the following UCITS:
TOBAM Anti-Benchmark Canada Equity Fund
TOBAM Anti-Benchmark Euro Equity Fund
TOBAM Anti-Benchmark France Equity Fund
TOBAM Anti-Benchmark Japan Equity Fund
TOBAM Anti-Benchmark Pacific Ex-Japan Markets Equity Fund
TOBAM Anti-Benchmark UK Equity Fund
TOBAM Anti-Benchmark US Equity Fund
TOBAM Anti-Benchmark All Countries World Equity Fund
TOBAM Anti-Benchmark Emerging Markets Equity Fund
TOBAM Anti-Benchmark Global Equity Fund
TOBAM Anti-Benchmark World Equity Fund
You hold units in one of these funds, please note that the Management Company, has decided to merge each Fund into the corresponding compartment of the Luxembourg “Most Diversified Portfolio SICAV”, a société d’investissement à capital variable with multiple compartments incorporated under the laws of the Grand Duchy of Luxembourg and approved by the Luxembourg Commission de Surveillance du Secteur Financier. The Management Company of Most Diversified Portfolio SICAV is also TOBAM.
The purpose of the merger is to enable existing and future investors to take advantage of the range of benefits that a Luxembourg SICAV structure can offer compare to the existing fund range structure.
These benefits include:
- The ownership of shares of the SICAV;
- The high level of governance (a board that includes independent directors) and transparency offered by the SICAV structure;
- The SICAV’s ability for a truly global distribution reach which can translate into economies of scale in terms of costs.
The Merger was approved by the French Autorité des marchés financiers on 19th August 2014 and will be effective on 3rd October 2014 for the part I and on 10th October 2014 for the Part II.
In order to allow a smooth settlement of the Merger, the subscriptions and redemptions in the Funds will be suspended 4 days before the merger date.
If you disagree with the Merger, you have the option of redeeming all or part of your units free of charge from today until the suspension period.
The investment objective, the benchmark, the investment strategy stay exactly the same between the FCP towards its corresponding compartment. All the fees due to the merger are borne by the Management Company and the track-record is maintained. There is thus no risk of dilution of the performance for the unitholder and no difference as for the expected results.
You shall receive automatically shares in the Receiving Sub-Fund of newly-launched classes with an initial net asset value per share equal to the net asset value per unit of the relevant unit class of your Fund in order to allow an exchange ratio of 1:1 for each respective class of shares and units.
No entry charge or fee will be due in connection with the issuance of the new shares in the Receiving Sub-Fund.
We would like to remind you of the need and importance of reviewing the prospectus of your Fund and the prospectus of the MOST DIVERSIFIED PORTFOLIO SICAV. These prospectuses are available online at www.tobam.fr and upon request.
Also, we recommend that you contact your advisor on a regular basis with regards to your investments
If you would like any further information, please contact us at email@example.com or by post at TOBAM, 20 rue Quentin Bauchart, 75008 Paris.