The side-pocketing process of your seven Global Macro FCPs is nearing completion. In three business days* the mirror-funds will open for daily subscriptions & redemptions. Totally liquid, they will carry the same ISIN codes as before.
Upon conclusion of this process, you will be holding two investment vehicles instead of one: the mirror-fund that will encapsulate our long-standing Global Macro expertise, and the side-pocketed (SP) fund in which the illiquid or little liquid Tennor Group instruments will be earmarked until they are disposed of.
The two-stage « Evergreen » securities purchase agreement will conclude in June 2021. In the meanwhile, we will remit in cash to you the proceeds of the sale of these private placements.
During the suspension period, we have carried on managing your funds actively, and we published their estimated values every single day. Since the end of August, the portfolios have posted positive performance. As a result, as at October 14, the sum of the net asset value of each mirror-fund and their corresponding SP fund should come out greater than the net asset value of the fund prior to its suspension.
Within a few days following the reopening of the funds, the daily net asset values of the mirror-funds and the month-end valuations of the SP funds will be available on Bloomberg and Morningstar.
Despite the recent turbulence, our performance engines have remained unscathed, and our teams united. We are currently taking this new challenge while reaffirming our leadership in active Global Macro management.
*the effective operational opening may differ from one country / distributor to another.