CLOSED-END FUNDS

Due to their specific structure, closed-end investment funds are an attractive asset and contribute to the diversification of the investment portfolio by expanding the portfolio with instruments which are independent of the stock market sentiment.

Key advantages of closed-end funds include:
  • possibility to invest in classes of assets and financial instruments that are unavailable to open-end funds – depending on the type of the fund and its investment policy they may include assets such as receivables (including high-volume receivables in securitization funds), real estate (commercial real estate, land), exchange commodities (crude oil, precious metals, agricultural goods), foreign currencies;
  • advanced investment techniques, including techniques using derivatives – arbitrage techniques (including arbitrage between the spot market and the futures market), short sale (tactics exploiting a fall in the price of a single financial instrument or whole markets using stock index derivatives), option strategies (using both long and short positions in options);
  • special rules of taxation for natural persons – an investment certificate is a security, income and losses on a sale of the certificate (except for redemption of the certificate in the fund) are settled with other capital income and losses (which is a more favorable solution than in open-end funds where income and losses cannot be offset).

EQUES Debitum FIZ Niestandaryzowany Fundusz Sekurytyzacyjny [EQUES Debitum FIZ Non-Standarized Securitization Fund] purchases with a significant discount high-volume packages of retail receivables from banks, telecommunications companies and other utilities (in tenders, in the form of a direct purchase or framework agreements). The administrator of the Fund's receivables portfolio is Kancelaria SIGNI SA. The Fund issues private investment certificates. Investments may be made only during a subscription period.

EQUES Debitum 2 FIZ Niestandaryzowany Fundusz Sekurytyzacyjny [EQUES Debitum FIZ Non-Standarized Securitization Fund] purchases with a significant discount high-volume packages of retail receivables, telecommunications companies and other utilities (in tenders, in the form of a direct purchase or framework agreements). The fund applies a proven solution used in the management of EQUES Debitum FIZ NFS – the same asset and the administrator. Only legal persons and organizational units without legal personality (but having the capacity to acquire rights and incur liabilities on their own behalf) may be participants of the Fund.

EQUES Creditum FIZ Niestandaryzowany Fundusz Sekurytyzacyjny [EQUES Creditum FIZ Non-standardized Securitization Fund] acquires portfolios of regular retail receivables, mainly from financial intermediaries. The Fund issues private investment certificates. Investments may be made only during a subscription period.

EQUES MICHAEL STRÖM CREDITUM FIZ Niestandaryzowany Fundusz Sekurytyzacyjny [EQUES Michael Ström Creditum FIZ Non-standardized Securitization Fund] acquires portfolios of regular retail receivables on the basis of framework agreements. The Fund issues private investment certificates. Investments may be made only during a subscription period in the branches of Michael/Ström Dom Maklerski Sp. z o.o.

EQUES Hipoteczny FIZ invests in real estate backed loans provided by loans institutions. Collateral consists of properties, located in major Polish cities. They are easily transferable, high or average quality, free of technical and legal drawbacks. Moreover, real estate value excess the amount of loan granted.

EQUES Aktywnego Inwestowania FIZ is a total return fund which aims at making a profit in all market conditions, regardless of the current economic climate. The fund invests in a wide range of liquid instruments, applying a policy of active management. This means that the degree of the fund's involvement in individual categories of investments is variable and depends on the relationship between the expected rates of return and the risk incurred.

EQUES Akumulacji Majątku FIZ [EQUES Asset Accumulation Closed-End Investment Fund] pursues a prudent investment policy in, among others, short-term Treasury bonds and mortgage bonds. The fund may also remain open to the corporate bond market. Additionally, the fund uses market opportunities, taking positions on the stock market. However, the assumption of its investment policy is a very limited exposure to the equity market, significantly lower than in the case of equity funds. The fund's objective is to protect assets with a possibility to use from time to time market opportunities, while achieving stable and repeatable investment results.

EQUES Aktywów Globalnych Fundusz Inwestycyjny Zamknięty [EQUES Global Asset Closed-End Investment Fund] uses the technique of active asset allocation which consists in changing involvement and share of individual asset classes (equity, debt, foreign currencies, commodities) in the investment portfolio depending on their prospects. The fund selects the most attractive investment-wise financial instruments within individual asset classes and markets. It is characterized by a lack of fixed asset allocation limits and high volatility of assets. The exposure to individual assets and markets can be achieved through all investment categories permitted under the fund's by-laws.

EQUES Akcji Sektora Prywatnego FIZ [EQUES Private Sector Equity Closed-End Investment Fund] is an equity fund that invests between 70% and 120% of its assets in shares of private companies in which the shareholding of the State Treasury does not exceed 5%. In order to limit volatility and to diversify the investment risk, the fund may invest up to 30% of NAV in bonds and money market instruments. The fund applies active allocation (in the range of 70% - 120%) which consists in changing involvement and share of individual asset classes (equity, debt, foreign currencies, commodities) in the investment portfolio depending on their prospects. The fund focuses on the companies from mWIG40 and sWIG80 indexes. However, for the purposes of supporting the fund’s liquidity, investments covered by WIG20 index and foreign markets are permissible.

EQUES Fotovoltaica FIZ is a non-public assets closed-end investment fund which invests in photovoltaic farms operating in the Czech Republic and Slovakia and generates income from the sale of electricity.

REINO Deweloperski FIZ [REINO Development Company Closed-End Investment Fund] invests in development companies from the big city office real-estate sector. The projects in which the fund is involved are exclusively office buildings of high international standard and medium size in terms of the leasable area. For the most part, such involvement takes the form of joint ventures with experienced development companies enjoying an established reputation.

REINO Dywidenda FIZ [REINO Dividend FIZ] is a non-public assets closed-end investment fund with the investment policy based on buying and selling existing office real properties at the right market time and on generating income from agreements on their rental.

REINO Dywidenda 2 FIZ [REINO Dividend 2 FIZ] is a non-public assets closed-end investment fund with the investment policy based on buying and selling existing office real properties at the right market time and on generating income from agreements on their rental.

Conerga Green ENERGY FIZ AN is a non-public assets closed-end investment fund with the investment policy based on a purchase of securities and acquisition of property rights of companies operating in the area of renewable energy sources.

Andromeda FIZ is a proprietary fund established by EQUES Investment Towarzystwo Funduszy Inwestycyjnych SA. Andromeda FIZ is based on a concept of a common management of manager's own funds with clients' funds as part of one closed-end investment fund. The founder and the manager of the fund is Bartosz Tuczyński who has over ten years of investment experience.

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