Application of valuation principles in current market circumstances - SSSF
Schroder Special Situations Fund range
We are currently experiencing a period of severe market volatility. This has resulted in a need to consider how we appropriately value securities across some asset classes.
So that Schroders is treating investors in our fund ranges fairly, we have applied our relevant valuation principles to deal with this volatility. This means that an adjustment will be made in appropriate cases so that securities held within some of our funds are valued at a price that we believe would be achievable in the market.
This decision has been taken to protect the interests of investors in our funds and for the fair treatment of both continuing and redeeming investors.
These principles may be applied in conjunction with a dilution adjustment, which is an adjustment to the fund’s published net asset value per share to counter the impact of dealing and other costs.
The combination of these adjustments could currently result in an aggregate adjustment of between 1% and 5% of a fund’s daily net asset value, depending on the fund’s holdings and market conditions.
These adjustments do not reflect the underlying performance of the funds. They are a result of the impact of the extraordinary market circumstances that we are currently experiencing. We continue to monitor the situation and will take appropriate action to ensure the fair treatment of all investors. Once market volatility returns to normalised levels, we would expect to revert to our usual pricing methodologies.
A list of the funds in the Schroder Special Situations Fund range that are affected by the above arrangements is available on request. Please note that this list may change on a daily basis.
For further information with respect to a particular fund, please contact your usual Schroders representative.
The Schroder Special Situations Fund (the “Company”) is an umbrella structured open-ended investment company with limited liability, organised as a "société anonyme" and qualifies as a SICAV under Part I of the Luxembourg law concerning undertakings for collective investment dated 17 December 2010. The Company has its registered office in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier.
Neither the Company nor its Funds have been approved for distribution to non-qualified investors in Switzerland by the Swiss Financial Market Supervisory Authority FINMA (FINMA). Neither the Company nor its Funds are subject to the supervision of the FINMA. Accordingly, the Shares of the Funds may not be offered or distributed in or from Switzerland to non-qualified investors and neither this document nor any offering material relating to the Company and the Funds may be made available in connection with any such offering or distribution to nonqualified investors. The Shares of the Funds may exclusively be offered and distributed to qualified investors as defined in the Federal Act on Collective Investment Schemes (CISA) and the Federal Ordinance on Collective Investment Schemes (CISO). This document and any other offering material or document relating to the Company or the Funds may only be made available to such qualified investors in Switzerland.
The prospectus and the key investor information document(s) for Switzerland, the articles of association, the annual and semi-annual reports can be obtained, free of charge, at the offices of the Swiss representative, Schroder Investment Management (Switzerland) AG, Central 2, 8001 Zurich (authorised and regulated by FINMA) and the Swiss paying agent, Schroder & Co. Bank AG, Central 2, 8001 Zurich.