Data and information contained on the present web-page are provided by Polaris Investment S.A. and are addressed exclusively to institutional, qualified and professional investors, retail investors are expressly excluded.
Data and information contained on the present web-page do not represent a public offer and are not intended to represent such public offer.
The present web-page does not contain information relating to single subscribers and clients of the Polaris Group; it does not allow any transaction with regard to the Fund shares.
The Fund shares are commercialised in Italy within the limitations and at the conditions set out in the disclosure statement (nota informativa) reproduced on the present web-page.
Institutional investors potentially interested in the subscription of Polaris Fund shares should refer exclusively to:
A subscription application may also be made by the affiliated Polaris Italia SGR, within the scope of its portfolio management activity and in any case, for each professional client and not retail client of Polaris Italia SGR, in compliance with the limitations set out in the disclosure statement.
Detailed information on the Fund’s sub-funds are contained in the respective Simplified Prospectuses (hyperlink) reproduced on the present web-page.
Historical performance is not indicative for future results. The value of the single sub-fund’s shares and potential revenues deriving there from can be subject to increase and decrease. An investment in such sub-funds implies risks, among which, where applicable, risks deriving from investments in stock and bond markets, interest rate risks and the volatility connected therewith. As the performance and the value of an investment in such sub-funds may vary according to changes in market conditions, the shares of sub-funds, when disinvested, could have a value which is inferior or superior to the subscription cost.
Commissions and expenses connected to the investment in Fund shares are described in the respective Simplified Prospectuses.
If Fund shares are denominated in a currency other than that of reference for the investor, the investor has to be aware that exchange rate variations may increase or reduce the investment’s value, regardless of the sub-funds’ value.
The Fund shares have not been registered in compliance with the U.S. Securities Act of 1933 ( U.S.S.A.) nor have they been registered in compliance with other U.S. legislation. Consequently the Fund shares cannot be offered to any U.S. citizen. Moreover, should an investor who finds himself on U.S. territory request information on sub-funds, such investor shall have to guarantee (1) to be a “Qualified Institutional Buyer”, as set out in Rule 144A, U.S.S.A. or (2) an “Accredited Investor”, in accordance with Rule 501(a), U.S.S.A.. Furthermore he shall have to grant the non-transfer of Fund shares, unless in compliance with U.S. legislation including the U.S.S.A . The Fund and the management company are not bound to reimburse shares at the offer price and sub-funds are not subject to supervision of the Hong Kong Monetary Authority. The investment in sub-funds is not insured or guaranteed by any government agency, including the United States Federal Deposit Insurance Company, and it is not easily assimilated to investments in bank deposits or with other companies carrying out deposit taking activities.
References to indices, benchmarks or other units of measurement relating to the markets in a given period of time are made exclusively for information purposes and do not imply that portfolios may obtain similar results. The composition of an index could not reflect the way in which a portfolio is actually structured. Even if fund managers aim at creating portfolios which represent a certain risk and performance profile, the characteristics of such portfolio may be considerably different from those of the reference index. Currency markets allow obtaining a high degree of leverage which exposes to a high degree of risk. Such transactions are considered to be suitable exclusively for investors having adequate experience with this type of transaction. A change of exchange rates will affect also the investment’s value. The strategy may include the use of derivative instruments which are generally associated with a high financial risk, as a relatively small change in the price of the underlying financial instrument or of the benchmark could lead to a notably higher change of price for the derivative instrument. Therefore this category of investment may not be suitable for all investors. The present document does not express any judgement with regard to the adequateness of such instruments for a particular type of investor or a class of investors.
Data and information contained in the present document could not be updated and Polaris Investment S.A. is not obliged to provide updates or changes. Such data and information may not be used as a basis for an investment decision. The portfolio structure of sub-funds may differ considerably from that set out in the present document at the moment of its creation. Financial instruments, their grouping and the classes of financial instruments listed may not represent the complete portfolio structure of a sub-fund and could instead represent only a minimum part thereof. Portfolio structures and values described were neither certified nor approved and could result sensibly different if calculated on the basis of different calculation models or conventions, for instance with reference to the delta-value of derivative instruments.
Future positioning and structure of portfolios could not be profitable. Data and information provided in the present document are not representative for future characteristics and strategies of the portfolios.
Financial instruments traded on emerging markets may be less liquid and more volatile as well as susceptible to exchange rate variations or the risk of political instability. High-yield emissions or securities with inferior ratings are generally subject to higher price volatility and higher risk compared to securities with higher ratings. Under certain circumstances the sub-funds could not be able to sell the securities held in their portfolios without facing substantial price losses.
The investment horizon for the Polaris Fund is long-term.
Investors requesting or receiving a Value at Risk (VaR) estimate, where such estimate is made available, has to be aware of the fact that such estimate is not based on models with specific hypothesis regarding volatility and market correlation which, in many cases, could differ from the events actually taking place. Therefore such estimates cannot and must not be used as forecasts of future performance. Moreover, a VaR evaluation usually includes the expected frequency of losses superior to a certain value in a certain time frame. Such evaluations are not indicative for the maximum loss possible and therefore do not describe a worst case scenario. All measurements provided to investors have purely information purposes and must not be used in any risk management system, as calculation criteria are subjective and not indicative of future performance.
Information on the commercialisation of shares in Italy
Polaris Investment SA (hereinafter referred to as “Polaris”) distributes the following sub-funds of Polaris Fund in Italy:
| Denomination |
ISIN Code
|
| Polaris GEO Global Cash Plus |
LU0314269100 |
| Polaris GEO Global Diversified Strategy |
LU0314268557 |
| Polaris GEO Global Bond Total Return I |
LU0314266007 |
| Polaris GEO Global Bond Total Return II |
LU0314266775 |
| Polaris GEO Global Bond Total Return III |
LU0314267310 |
| Polaris GEO Global Bond Total Return IV |
LU0314267823 |
| Polaris GEO Global Bond Total Return VI |
LU0372756543 |
| Polaris GEO Global Bond Total Return VII |
LU0372758671 |
| Polaris GEO Short Term Bond III |
LU0314262352 |
| Polaris GEO Short Term Bond V |
LU0314262782 |
| Polaris GEO Short Term Bond VI |
LU0314262865 |
| Polaris GEO Short Term Bond VII |
LU0314263087 |
| Polaris GEO Short Term Bond VIII |
LU0314263673 |
| Polaris GEO Short Term Bond X |
LU0314265454 |
| Polaris Global Bond |
LU0372754332 |
| Polaris GEO Global Real Bond II |
LU0372759133 |
| Polaris GEO Global Balanced I |
LU0314270025 |
| Polaris GEO Global Balanced III |
LU0314271346 |
| Polaris GEO European Equity Total Return |
LU0314272401 |
| Polaris Ethical Global Balanced |
LU0190464601 |
| Polaris Social Responsible I |
LU0372754506 |
| Polaris GEO Equity Global I |
LU0314275172 |
| Polaris GEO Equity Global II |
LU0314275842 |
| Polaris GEO Equity Global III |
LU0372754845 |
| Polaris GEO Equity Global V |
LU0421838904 |
In compliance with article 100 of Legislative Decree 58 of 24 February 1998 and with article 34-ter of Co.N.So.B. Resolution 11971 of 14 May 1999, and subsequent amendments, the distribution is exclusively addressed to subscribers who each invest a minimum amount of 250,000.00 Euro.
For each subscriber the initial subscription is accepted at a value of at least 250.000,00 Euro, whereas subsequent subscriptions may be of inferior amount.
With regard to the above said, the Fund offer is not subject to the provisions of Chapter I, Title II, Part IV of Legislative Decree 58 of 24 February 1998, nor is it subject to the provisions set out in Title I of Co.N.So.B. Resolution 11971 of 14 May 1999, and subsequent modifications and amendments.
Polaris, moreover, has not entered into agreements for the intermediation of payments or for distribution, consequently the subscription of Fund shares takes place, in compliance with the provisions of the Prospectus, by way of request with the company according to the modalities established in the Prospectus.
The subscription application may also be presented by the affiliated Polaris Italia SGR, within the scope of its portfolio management activities and in any case, for each client of Polaris Italia SGR, in observance of the initial minimum subscription amount.
Tax Information
Polaris Investment SA is a company incorporated under Luxemburg law and does not have stable organisations or representatives in Italy.
Nevertheless, based on an agreement between Luxemburg and Italian fiscal authorities, Polaris Investment SA is liable to only income tax payments in Italy. Consequently the company acts also as Italian tax substitute and undertakes to withhold the capital gains tax on possible gains deriving from holdings in the Polaris Fund, in compliance with article 10-ter of Law 77 of 23 March 1988, and subsequent amendments.