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As an investor in a mutual fund, you get easy and quick access to insight and knowledge about the financial markets
A mutual fund is an association of investors who invest together in predefined asset class or market. It can be stocks, bonds or something completely different. It can also be a mix of different asset classes. The members of the investment fund share the return and costs in proportion to the amount invested.
The investors own ANNOX
If you invest in ANNOX, you become a member of the mutual fund ANNOX Quant Global ESG Kl, which is a branch under Nykredit’s Investeringsforening Investin. As soon as you have purchased your investment certificate, you are automatically a co-owner of the association for the share that your certificate stipulates. The investment certificates can be traded daily on the stock exchange. The association is owned exclusively by the investors, who have access to the general meeting and who also have an influence on, for example, the election of the board.
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.
All fees have already been deducted in the displayed price.
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.
We apply “ever high water mark”, which means that ANNOX only receives performance fees when the return is above the high water mark and reaches a new height. If the performance is not above the high watermark, you only pay the admin fee of 0.75%.
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).
ANNOX differs from most asset managers by having performance fees measured against a benchmark (MSCI World). This way you only pay performance fees when ANNOX performs better than the benchmark. Therefore, as an investor, you can always be sure that we share your interest in creating as high a risk-adjusted return as possible.
In addition to the performance fee, a fixed fee is paid on all Assets Under Managament (AUM) to cover the costs such as administration, custody and trading fees. The fee, which is officially referred to as current costs (ÅOP in Danish) and can be seen by clicking on the fact sheet under ÅOP and constitutes approximately 0.60% of the total AUM before the addition of the performance fee.
In addition, there is a performance fee of 25% of the performance realized above the benchmark (MSCI World). Ie. that the performance fee is only calculated from the difference between the return for ANNOX and the return for the benchmark. If there is no excess return, no performance fee is paid.
The funds’ auditor checks all the fee calculations for ANNOX and reports to the investors.
High Water Mark
The result fee is calculated according to the so-called High Water Mark method. This means that the fund only pays performance fees if the intrinsic value is higher than the value last time the performance fee was paid. The inventory is made at the end of each month, where the latest watermark is continuously evaluated. The method ensures that no performance fee is paid if the fund does not make money.
The investment fund industry has chosen to calculate a common cost figure, ÅOP, for all investment and capital managers. It is calculated on the basis of the administrative costs and the direct trading costs of the fund. To this are added the performance fee as well as subscription surcharges and redemption deductions. Subcription and redemption deductions are distributed over time.
The investment certificates in ANNOX are listed on the stock exchange and must therefore be deposited with a bank. If you want to invest your pension funds in ANNOX, you can set up a pension scheme with a bank and elect to invest your pension savings in investment certificates from ANNOX. Ie. your pension scheme itself is with a bank, but the funds are invested in investment certificates from ANNOX.