Become an investor

Mutual funds can be traded on Nasdaq through online banking between 9-17 European Central Time.  The pricing is done by the market maker of the fund, i.e. Nykredit.

The time for pricing is set at 10, 11, 12 and 16 every banking day, European Central Time for Annox Quant Equity ESG at.

When an investor submits a subscription or redemption request through the order form, the investor enters into a binding buy / sell order; price setting and execution usually takes place at the time of the next pricing.

Nykredit calculates the value (NAV) of ANNOX investment certificate several times a day – it corresponds to the sum of the fund’s equity holding. The underlying assets are all liquid shares traded on exchanges around the developed world, which means the NAV can be determined very precise.

The valuation typically takes place 4 times on every banking day. Nykredit, the fund administrator calculates the value per. unit based on the value of the underlying investments. The subscription/redemption fee is added, and you get the price at which shares are bought and sold by the market maker (Nykredit) on the stock exchange – which is also you can see in your online bank.

Most mutual funds can be traded on a daily basis through online banking access to the Nasdaq exchange. However, when investing in mutual funds, the indicated time horizon is usually directed towards long-term investment.

Mutual funds can also be traded directly with the fund administrator through the order form. (In Annox’s case, this is Nykredit)

The administrator issues or redeems units based on the day-to-day transactions within the mutual fund. Investors are allocated shares corresponding to a proportionate share of the value of the underlying assets.

The price you can see in your online bank for a fund is the last known NAV price +/- subscription / redemption fee, as well as a minor adjustment that the marketmaker makes to price the fund, based on changes in the market since NAV last was calculated.

Trading via the order form means that the order is reserved until the next time for pricing.

This means that investors do not know the trading price, as the price will be based on the value of the underlying assets at the time of the next price fixing.

The brokerage fee for trading through the order form will depend on the bank and the customer.

Fees (including performance fee, administration fee etc.) are settled on an ongoing basis. The Administrator (Nykredit) is responsible for this calculation. As such,  the price of the share reflects the value after fees.

Yes, you can always trade in and out of ANNOX, as it is a listed equity fund. If you buy ANNOX certificates, you simply expand the fund – and visa versa, if you sell ANNOX certificates, the fund is simply reduced. Nykredit (the funds marketmaker) will therefore always be able to give you a price for either a purchase or sale of ANNOX’ investment certificate.

(In rare cases, equity funds are suspended from tradign, typically hours or max are few days if there are issues that make the market maker unable to calculate the NAV).

You pay a brokerage fee for subscriptions / redemptions in the fund.

Your bank will charge you brokerage fee, that varies from bank to bank. Typical prices for brokerage through online banking are 0.15%. If you instruct your bank adviser to trade for you, the brokerage price may be higher.
In addition, you pay 0.35% to the fund when you buy or sell (subscripe/ redeem).