SICAV y Fondos Disclaimer

Conditions of use

By accessing this website, each user acknowledges and agrees with the rules provided in this document.

The access to this website can be restricted or prohibited for certain users. These limitations result in particular from legislations and regulations applicable in jurisdictions where the user has his domicile, his residence or by reason of his citizenship. Persons subject to such restrictions must not access this website. It is the responsibility of each user to ensure that he is authorised to access this website.

No offer

No information provided on this website shall constitute or be construed as an advice, an offer, a recommendation or a solicitation to acquire or sell units of collective investment schemes (hereinafter the “investment funds” or the “funds”) or any other investment product.

Furthermore no investment decision should be based only on this information. The latest versions of the relevant legal documents such as the prospectus and the annual or semi-annual reports should in particular be taken into account when investing in investment funds. These documents may be obtained free of charge from the representatives of the funds in each country where the funds have their registered office and/or are registered. In addition, any investment decision must also be based on relevant, specific and professional advice and it is consequently recommended that each potential investor seeks legal and tax advice from a professional person before taking any investment decision.

Performance

Performance mentioned on this website refers to past performance and is not an indication or guarantee of future results. Performance shown does not take into account commissions and fees which might be levied on the issue and redemption of units. The value of the investment products mentioned on this website may go down as well as up and investors may not recover the amounts invested. Risks are described in detail in the prospectuses of the investment funds.

Content and disclaimer

The entities of the Mirabaud group have selected with care the sources of information contained on this website. There is however no guarantee that the information contained herein is accurate, reliable, up-to-date or complete. Moreover, any view or opinion expressed on this website may be modified without notice.

Limitations of liability

The entities of the Mirabaud group and their data suppliers may not be held liable for any losses or damages of any nature whatsoever, including direct, indirect or consequential damages, which may result from accessing, using or browsing this website, or from links to other websites.

Local legal restrictions

This website contains information on investment funds which are available for distribution only in jurisdictions where they have been registered. Therefore, no information on investment funds is provided to persons who are not residents of any of the countries listed below. As a consequence, such persons must leave this part of the website.

Switzerland

In Switzerland, only the funds Mirabaud - Equities Asia ex Japan, Mirabaud - Equities US, Mirabaud - Equities Pan Europe, Mirabaud - Equities Global, Mirabaud - Equities Swiss Small and Mid, Mirabaud - Equities Spain, Mirabaud - Equities UK, Mirabaud - Convertible Bonds Europe, Mirabaud - Equities France, Mirabaud - Equities Eurozone, Mirabaud - Equities Global Emerging Markets, Mirabaud - Horizon, Mirabaud - Sérénité, Mirabaud - Global High Yield Bonds, Mirabaud - Global Investment Grade Bonds, Mirabaud - Dynamic Allocation, Mirabaud - Convertible Bonds Global, Mirabaud - Global Strategic Bond Fund, Mirabaud (CH) - LPP 25, Mirabaud (CH) - LPP 35, Mirabaud (CH) - LPP 45, Mirabaud Active Allocation Balanced EUR, Mirabaud Active Allocation Conservative EUR, Mirabaud Fund (CH) Swiss Equities, Mirabaud Swiss Equity Asymmetric, and as funds with particular risks, MirAlt SICAV - Europe, MirAlt SICAV - North America et MirAlt SICAV - Diversified have been authorised for distribution by the Swiss Financial Markets Supervisory Authority FINMA (hereinafter “FINMA”), in accordance with the Federal Collective Investment Schemes Act (hereinafter “CISA”).

Other investment funds which do not appear on the above list have not been approved by FINMA for their distribution and investors in these funds do not benefit from the CISA rules.

France

In France, only the funds Mirabaud - Equities Asia ex Japan, Mirabaud - Equities US, Mirabaud - Equities Pan Europe, Mirabaud - Equities Global, Mirabaud - Equities Swiss Small and Mid, Mirabaud - Equities Spain, Mirabaud - Equities UK, Mirabaud - Convertible Bonds Europe, Mirabaud - Equities France, Mirabaud - Equities Eurozone, Mirabaud - Equities Global Emerging Markets, Mirabaud – Horizon, Mirabaud - Sérénité, Mirabaud - Global High Yield Bonds, Mirabaud - Dynamic Allocation, Mirabaud - Convertible Bonds Global, Mirabaud - Global Strategic Bond Fund, Mirabaud - Equity Global High Income, Mirabaud Active Allocation Balanced EUR and Mirabaud Active Allocation Conservative EUR are authorised for distribution by the French financial market regulator. Information on this website about other funds is not intended for use by French residents.

United Kingdom

In the United Kingdom the following collective investment scheme sub funds are regulated under the Financial Services and Markets Act 2000 (FSMA) and authorised for distribution by the Financial Conduct Authority ( FCA) – funds Mirabaud - Equities Asia ex Japan; Mirabaud - Equities US; Mirabaud - Equities Pan Europe; Mirabaud - Equities Global; Mirabaud - Equities Swiss Small and Mid; Mirabaud - Equities Spain; Mirabaud - Equities UK; Mirabaud - Convertible Bonds Europe; Mirabaud - Equities France; Mirabaud - Equities Eurozone; Mirabaud - Equities Global Emerging Markets; Mirabaud – Horizon, Mirabaud – Sérénité; Mirabaud - Global High Yield Bonds, Mirabaud - Dynamic Allocation, Mirabaud - Convertible Bonds Global, Mirabaud - Global Strategic Bond Fund; Mirabaud - Equity Global High Income; Mirabaud Active Allocation Balanced EUR and Mirabaud Active Allocation Conservative EUR. Information on this website about other funds is not intended for use by UK residents.

Spain

In Spain, only the funds Mirabaud - Equities Asia ex Japan, Mirabaud - Equities US, Mirabaud - Equities Pan Europe, Mirabaud - Equities Global, Mirabaud - Equities Swiss Small and Mid, Mirabaud - Equities Spain, Mirabaud - Equities UK, Mirabaud - Convertible Bonds Europe, Mirabaud - Equities France, Mirabaud - Equities Eurozone, Mirabaud - Equities Global Emerging Markets, Mirabaud – Horizon, Mirabaud - Sérénité, Mirabaud - Global High Yield Bonds, Mirabaud - Dynamic Allocation, Mirabaud - Convertible Bonds Global, Mirabaud - Global Strategic Bond Fund, Mirabaud - Equity Global High Income, Mirabaud Active Allocation Balanced EUR, Mirabaud Active Allocation Conservative EUR and M Investment Solutions are authorised for distribution by the Spanish financial market regulator. Information on this website about other funds is not intended for use by Spanish residents.

Portugal

In Portugal, only the funds Mirabaud - Equities Global, Mirabaud - Equities Swiss Small and Mid, Mirabaud - Equities Spain, Mirabaud - Equities UK, Mirabaud - Convertible Bonds Europe, Mirabaud - Equities Global Emerging Markets, Mirabaud - Global High Yield Bonds and Mirabaud - Equity Global High Income by the Portuguese financial market regulator. Information on this website about other funds is not intended for use by Portuguese residents.

Italy

In Italy, only the funds Mirabaud - Equities Asia ex Japan, Mirabaud - Equities Global, Mirabaud - Equities Swiss Small and Mid, Mirabaud - Convertible Bonds Europe, Mirabaud - Equities Global Emerging Markets, Mirabaud - Global High Yield Bonds, Mirabaud - Convertible Bonds Global, Mirabaud - Global Strategic Bond Fund and Mirabaud - Equity Global High Income are authorised for distribution by the Italian financial market regulator. Information on this website about other funds is not intended for use by Italian residents.

United States

With reference to the United States of America, none of the units of the Funds have been registered under the United States Securities Act of 1933, and, as a rule, no shares shall be offered, sold or resold in the United Stated of America or to US persons.

Intellectual property

Mirabaud and other entities of the Mirabaud group mentioned on this website are brands and/or trademarks of the Mirabaud group and/or affiliate companies, subject to trademarks and other rights owned by third parties. Unless otherwise stated, the entire website is copyright protected. It is not permitted to reproduce, in whole or in part, transmit (by electronic means or otherwise), to modify, to make links to this website or to use this website for public or commercial purpose without the prior approval of Mirabaud.

Applicable law and jurisdiction

All claims and disputes relating to the access and use of this website shall be governed by Swiss law. The courts of the canton of Geneva shall have exclusive jurisdiction.


VOTING RIGHTS POLICY

Policy Statement
This policy statement aims to describe the policy for the exercise of voting rights associated to the companies in which Mirabaud Asset Management (Europe) S.A. (hereinafter referred to as « MAME ») invests in the name of the funds which are under its supervision (hereinafter referred to as the «Funds »), as listed under point 6 below.
MAME acts as management company, in accordance with Chapter 15 of the Luxembourg law of 20 December 2010. In this respect, MAME delegates the investment management to regulated managers who are identified in the official prospectus of the respective Funds.
MAME has adopted the policies and the procedures described hereunder regarding the exercise of the voting rights associated with the shares held on the portfolios of the Funds. This framework was adopted to ensure that, when MAME has the authority to exercise the voting rights, it respects legal and contractual requirements as well as its obligations to protect the interests of investors.

1. Line of conduct
The following key elements guide the policy of the exercise of voting rights:

  • Prefer decisions that maximize the long term value of companies in which the funds invest and do so in the best interest of investors;
  • Ensure that decisions taken are not influenced by potential conflicts of interest;
  • Take into account the costs borne by the final investors in the funds.

The adopted strategy is to exercise the voting rights associated with the stocks held by the Funds, unless it is impossible to do so or if there is a specific situation which prevents the application of this strategy.

 2. Process for the delegation of the exercise of voting rights

* Long only funds investing in equities
Due to the volume and diversity of securities held by the Funds, MAME has retained Institutional Shareholder Services Europe S.A. (hereinafter referred to as “ISS”), a subsidiary of MSCI Inc., to provide assistance in the exercise of voting rights. ISS is an independent and recognised company in the field of the global management of voting rights and of topics and services linked to corporate governance. Furthermore, ISS carries out analysis on the companies in which the Funds invest and makes voting suggestions while taking into account the approach defined by MAME with ISS. ISS thus brings operational support, which includes the registration of information and reporting to MAME, as well as to the Funds and their managers.
Access to the voting recommendations has been set up for the representatives of MAME, of the Funds and for the portfolio managers.
The voting rights are, in principle, exercised according to the recommendations of ISS. A particular care is giving to “meaningful” events such as merger proposals, liquidations, or spin-offs, which could have a notable effect on the organisation of the company in question, its value or the rights attached to the shares held. MAME has the possibility at any time, prior to the deadline for the validation on the instructions, to modify the voting instructions issued by ISS. Such a decision can only be taken after the approval of a committee (“the Committee”) whose purpose is to validate the voting decision; the Committee can be called by a representative of MAME, by the Manager of the Fund or by the Board of Directors of the Fund. The Committee includes a representative of MAME, of the Board of Directors of the Fund in question and of the Portfolio Manager. The elements which motivated the decision to derogate from the recommendation issued by ISS and the minutes of the meeting will be written down and copies will be kept at the MAME headquarters.

* Fund of Hedge Funds
For such funds, the exercise of the voting rights is not delegated and remains with the investment manager.
The voting rights are, in principle, exercised according to the internal policy of the investment manager. A particular care is giving to “meaningful” events such as merger proposals, liquidations, or spin-offs, change in investment strategy, change in key persons, restructuring, change in liquidity terms which could have a notable effect on the organisation of the target fund in question, its value or the rights attached to the shares held.
MAME will be kept informed of the way voting rights are exercised, especially in case of “meaningful” event.

3. Process of exercising voting rights

* Long only funds investing in equities
The list of positions held by the Funds is sent to ISS by the Funds’ depository banks. Based on the positions reported, ISS carries out an analysis to identify those for which events which require the approval of investors (“Corporate Actions”) have been announced. ISS then determines if the “Corporate Action” in question is a major event of if it corresponds to the usual activities of the company.
Once the limit date for the validation on the voting recommendations is reached, ISS sends to the agents designated by the Funds’ depository banks the instructions for voting. These are either ISS’s recommendations or the specific recommendations given by MAME, when applicable. MAME maintains appropriate documentation regarding the instructions given on the positions held by the Funds and regularly provides the Funds’ Board of Directors with a summary.

* Fund of Hedge Funds
Corporate actions are notified by the custodian bank to the investment managers who analysis the contents, implications for the funds. Voting instructions are then passed to the custodian bank in relation wit the positions held by the Fund. 

4. Expenses/costs
Costs associated with the exercise of voting rights will be borne by the respective compartments of the Funds, whereas the costs associated with the analysis and recommendations issued by ISS are borne by MAME. Any expenses/costs incurred in reviewing or updating the voting policies and in undertaking business as usual activities arising from these policies will be borne by MAME.

5. Availability
Additional information regarding the exercise of voting rights as well as additional details related to proxy voting instruction resulting of the strategy may be obtained free of charge, to any investor requesting them from MAME’s registered office.

6. Products covered by this Policy
The Policy covers all sub-funds significantly invested in equities and which are part of the Funds promoted by Mirabaud, which are domiciled in Luxembourg and are under the supervision of MAME. This concerns the whole compartments of:

* Long only funds investing in equities within the following legal entities
a) Mirabaud SICAV
b) Mirabaud Active Allocation

* Fund of Hedge Funds
a) MirAlt.

Last update of the policy : May 22, 2013.

Order Execution Policy and Best Execution

Order Execution Policy and Best Execution

Handling of Investor Complaints

In accordance with the Law of 17 December 2010 relating to undertaking for collective investment, as well as in accordance with article 7 of the CSSF Regulation 10-4 transposing Commission Directive 2010/43/EC of 1 July 2010, implementing Directive 2009/65/EC and CSSF Circular 11/508, Mirabaud Asset Management (Europe) SA (the “Company”) shall establish, implement and maintain effective and transparent procedures for reasonable and prompt handling of complaints received from investors in collective investment schemes under its supervision as further detailed below (hereinafter referred to as the “Funds”).

This document provides the key information to understand the nature of the measures taken by the Company to handle investor complaints.

Investors in the fund are able to file complaints free of charge with the Company, the Registrar and Transfer Agent of the Funds or with any distributors authorized by the Company:

Complaints addressed directly to the Company
For any complaints addressed directly to the Company, the Company commits that the client complaints be escalated when required, and responded to in a manner that is prompt, thorough, respectful, and that meets the Company’s legal obligations as well as its standards of integrity and fair treatment of investors.

Investors wishing to file a complaint must send a request in writing, together with any supporting documents, to: 

Mirabaud Asset Management (Europe) S.A.
25, Avenue de la Liberté
L-1931 Luxembourg
Grand Duchy of Luxembourg

or

investor.services(at)mirabaud.lu

The Company recommends that investors send their complaint by registered mail with return receipt (legal proof of receipt) in order to guarantee their receipt.

Complaints addressed to the Registrar and Transfer Agent
The Company has entered into agreements with the Registrar and Transfer Agent of the Funds. Under these agreements, the Registrar and Transfer Agent maintains and operates adequate organizational and administrative arrangements, including reporting and access to information to enable the Company to handle complaints properly.

Complaints addressed to an authorized distributor
The Company has entered into contractual arrangements with any authorized distributors. Under these agreements, a distributor shall forward to the Company any and all complaints it has received and shall assist the Management Company and the Funds in resolving such complaints.

In all circumstances, the Company aims to ensure that the complaints are treated with care, in a consistent and verifiable way and within a reasonable period of time.

Funds under the supervision of Mirabaud Asset Management (Europe) S.A.:

  • MIRABAUD SICAV
  • MIRABAUD ACTIVE ALLOCATION
  • MIRALT SICAV
  • ATOLL PORTFOLIO
  • MIRABAUD OPPORTUNITIES

Last update : June 2014