FX Assets Exposure Fund
Open-Ended Investment Company Ltd.
– is a private investment company (the Fund) registered with the Astana International Financial Center (AIFC) in form of an Open-Ended Investment Company (OEIC Ltd.)
All information on this page is provided for illustrative purposes only and should in no way be construed as an offer or investment advice.
The Fund's key metrics:
| Parameter | Value |
|---|---|
| Value date | for the day of Apr 16, 2024 |
| Value set on | 10:00AM (GMT+6) Apr 16, 2024 |
| NAV | 48.75017 (KZT/share) |
| Total Net Assets | 4bn (KZT) |
*)Please find the Fund's NAV history here.
The Fund had been incorporated under BIN number 220540900505 on May 26, 2022 by Provident Fiduciary Ltd., a private fund management company (PFL or Fund Manager) holding a license number AFSA–A–LA–2021–0021 from the Astana Financial Services Authority (AFSA – financial services regulator within the AIFC framework). The Fund's incorporation followed the AFSA's Written Consent No. AFSA–T–EC–2022–0075 dated May 18, 2022. The AFSA had reveiwed and taken note of the amendments made to the Fund's Constitution and Offering Materials on September 19, 2022, and October 4, 2022. The Fund had been launched on September 12, 2023.
The Fund is Exempt as per Rule 2.2.(a) of the AIFC Collective Investment Schemes Rules (CIS) - the Units are Offered in the AIFC only by way of a private placement:
(i) to Persons who are Professional Clients; and
(ii) in minimum subscription amounts of US$ 50,000.
The Fund is to pool shareholders’ funds and invest those pooled funds into foreign currency and foreign currency denominated fixed-income sovereign and corporate securities with prime- to high-grade credit ratings. Investment into the Fund’s shares would allow an investor to spread risk of each share in the Fund across a number of instruments held in the FUND’s investment portfolio, i.e., to gain an exposure to a number of assets denominated in foreign currencies (including foreign currencies themselves and fixed income securities denominated in foreign currencies) through ownership of the Fund’s shares.
Investment Objectives and Policy:
| Section | Detail |
|---|---|
| Objectives | safety and moderate income via foreign currencies and financial instruments of countries with prime- to high-grade ratings 1) |
| Policy | up to 100% FX cash positions up to 80% sovereign debt with up to 30% limit on mid- to long-term instruments up to 40% corporate debt 2) with up to 20% limit on mid- to long-term instruments |
| Rebalancing | within 10 business days |
1) Prime- to high-grade grade credit ratings: Moody’s of Aa3 and above, FitchRating and Standard&Poor’s of AA- and above (including, but not limited to, the United States, United Kingdom, some countries of European Union, Japan, China and others).
2) Subject to the Board approval, in order to enhance portfolio performance, the Fund may invest into sovereign debt of Kazakhstan denominated in US Dollars and Euro within the limits defined for corporate debt.
Key risks:
| Section | Detail |
|---|---|
| FX volatility | global economy and markets are affected by pandemic and restrictions imposed on Russia, which is reflected in off-trend fluctuations in exchange rates |
| Interest rate | supply shocks, slowing growth and soaring inflation around the world are causing many central banks to move towards tightening monetary policy, implying a rising interest rate environment. An upward shift in the yield curve would have a negative impact on the Fund’s fixed income portfolio. The Fund Manager will overweight cash & low duration securities while the environment persists |
Given the nature of the Fund’s assets, a client should purchase shares of the Fund principally to hedge against existing operating or balance sheet FX risk.
Shares of the Fund are not freely marketable (there will be no public offering, no trading market, and substantial restrictions on transfer apply) and are suitable only for sophisticated investors for whom an investment in the Fund does not constitute a complete investment program and who fully understand and are willing to assume the risks involved in the Fund’s investment strategy.
There can be no assurance that the Fund will achieve its Investment Objectives or be able to meet redemption requests.
Please refer to the Fund's Constitution and Offering Materials for more comprehensive discussion of the risks associated with investing in shares of the Fund.
Extract from the AFSA's Written Consent:
| Incorporation details | Limit |
|---|---|
| Name of the Fund | FX Assets Exposure Fund Open-Ended Investment Company Ltd. |
| Expiry date of the Written Consent | No |
| Type of the Investment Company | Private Investment Company |
| The address of the principal place | No |
| Shareholders | No |
| Number of Shareholders | No |
| Appointment of the CEO | No |
| Appointment of Individual Directors | No |
| Number of Individual Directors | No |
| Appointment of Body Corporate Directors | No |
| Number of Body Corporate Directors | No |
| Share Capital | No |
| Number of Shares | No |
| Classes of Shares | No |
Product access procedure:
- A potential client contacts the Fund Manager to arrange an introductory meeting.
- The Fund Manager performs Client Classification, KYC and onboarding procedure.
- The Fund Manager issues a Client Classification report along with the Fund's documentation package.
For further inquiries, please contact:
55/20 Mangilik El, AIFC Participants Block C-4.1, Office 325, Astana city, Kazakhstan 010000
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