dedoc/paragraph_dataset huggingface dataset:
Euroland Gratis, SEB EuropaRent Spezial, SEB European Equity Small Caps, SEB Fund 1, SEB Fund 2, SEB Fund 3, SEB Fund 4, SEB
Fund 5, SEB HighYield, SEB Lux Fund Extra, SEB Micro Cap Fund, SEB ÖkoLux, SEB ÖkoRent, SEB Optimix, SEB Private Banking Fund,
SEB Private Equity Fund, SEB Real Estate Portfolio, SEB Strategy Fund and SEB TrendSystem Renten
SEB Asset Management S.A. is also appointed as Management Company for the following investment
companies:
SEB SICAV 1, SEB SICAV 2, SEB SICAV 3
Board of Directors of the Fund
Matthias Ewald
Deputy Managing Director
Managing Director,
Tobias Hjelm
Global Head of Product Development & Management
Central Administration (including the
administrative, registrar and transfer
agent function) and Paying Agent in
The Bank of New York Mellon (Luxembourg) S.A.
2-4, rue Eugène Ruppert
L-2453 Luxembourg
Investment Managers of
Schroder Investment Management Limited
Gresham Street 31
UK – London EC2V 7QA
SEB Europe Chance / Risk Fund
SEB Investment Management AB
Sveavägen 8
AS SEB Varahaldus
Tornimäe 2
15010 Tallinn
SEB Listed Private Equity Fund Skandinaviska Enskilda Banken AB (publ)
Global Distributor Skandinaviska Enskilda Banken AB (publ)
Representatives and paying agents
outside Luxembourg
The full list of representatives and paying agents outside
Luxembourg can be obtained, free of any charge, at the
registered office of the Company and on the website
www.sebgroup.lu
Custodian Bank
Skandinaviska Enskilda Banken S.A.
Approved Statutory Auditor of the Fund
and the Management Company
(hereafter the “Auditor”)
PricewaterhouseCoopers Société coopérative
400, route d’Esch
L-1471 Luxembourg
2.2. Description of involved parties
2.2.1. Board of Directors
The Board of Directors has overall responsibility for the management and administration of the Fund, its Sub-
Funds, for authorising the creation of further Sub-Funds and for establishing and monitoring their investment
policies and restrictions.
The Board of Directors is sole responsible for the determination, execution and control of the Fund’s
investment policies which are applied to the management of all the Sub-Funds.
2.2.2. The Management Company
The Fund has designated SEB Asset Management S.A. as its management company in accordance with article
27 of the Law. SEB Asset Management S.A. acts also as domiciliation agent of the Fund.
The Management Company, SEB Asset Management S.A., was established on 15 July 1988 with subsequent
publication of the articles of incorporation in the Mémorial C on 16 August 1988. The articles of incorporation
were amended for the last time on 6 March 2013 with subsequent publication on 9 April 2013 in the Mémorial
The Management Company is governed by Chapter 15 of the Law and performs the duties necessary to
manage and administer the Fund as required by Law.
Its subscribed and paid-in capital is EUR 2,000,000.
The Management Company may, under its own responsibility, control and coordination, transfer some of its
tasks to third parties for the purpose of efficient management.
2.2.3. The Central Administration
The Management Company has or will delegated the Central Administration, including the administrative,
registrar and transfer agent functions - under its continued responsibility and control – at its own expenses to
The Bank of New York Mellon (Luxembourg) S.A., 2-4, rue Eugène Ruppert, L-2453 Luxembourg.
This company was incorporated in Luxembourg as a “société anonyme” on 15 December 1998 and is an
indirect wholly-owned subsidiary of The Bank of New York Mellon Corporation. It is registered with the
Luxembourg Trade and Companies’ Register under Corporate Identity Number B 67654 (the “Administrative
Agent” respectively “Registrar and Transfer Agent”).
In the capacity of Administrative Agent, it carries out certain administrative duties related to the administration
of the Fund, including the calculation of the NAV of the Shares and the provision of accounting services to the
Fund.
In the capacity of Registrar and Transfer Agent, it processes all subscriptions, redemptions, transfers and
conversions of Shares and will register these transactions in the Shareholders’ register of the Fund.
The Bank of New York Mellon (Luxembourg) S.A. may, subject to the approval of the Board of Directors of the
Management Company and the subsequent update of the Prospectus, as required, sub-delegate parts of its
functions to entities all in accordance with Luxembourg laws and regulations.
2.2.4. The Investment Managers
The Management Company has delegated the investment management function for each Sub-Fund to
different investment managers.
Each investment manager implements the investment policy of the applicable Sub-Fund, makes investment
decisions and continuously adapts them to market developments as appropriate, taking into account the
interest of the applicable Sub-Fund.
The investment manager may, for its part, in agreement with the Management Company and subject to prior
approval by the supervisory authority, at its own expense and under its own responsibility, entrust sub-
managers wholly or in part with the management of each Sub-Fund.
Further details to the investment managers are laid down under each Sub-Fund in part II “The Sub-Funds”.
2.2.5. The Global Distributor
Skandinaviska Enskilda Banken AB (publ) has been appointed Global Distributor by the Management
2.2.6. The Custodian Bank
The Custodian Bank is Skandinaviska Enskilda Banken S.A. The Custodian Bank holds the assets of the Fund
and discharges all other obligations imposed on the Custodian Bank pursuant to the Law.
3. Investment Objective and Policy of the Fund
Unless otherwise provided hereafter, references to “Fund” in this section should be read as references to a
“Sub-Fund”.. The provisions of this section apply only insofar to each specific Sub-Fund as they are compatible
with its specific investment policy, as disclosed in part II “The Sub-Funds” of the Prospectus.
The Board of Directors shall, based upon the principle of risk spreading have power to determine the
investment policy for the investments of each Sub-Fund and the course of conduct of the management and
business affairs of the Fund.
The main objective of the each Sub-Fund will be to invest in transferable securities and other Eligible Assets, as
described under 3.1. here below, with the purpose of spreading investment risks. The investment objectives of
the Sub-Funds will be carried out in compliance with the investment restrictions set forth hereafter.
Where a UCITS comprises more than one sub-fund, each sub-fund shall be regarded as a separate UCITS for
the purposes of this section.
3.1. Eligible Assets
The Fund may only invest in
Transferable securities and money market instruments, as defined in the Law
a) transferable securities and money market instruments admitted to or dealt in on a regulated market within
the meaning of the Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004
on markets in financial instruments;
b) transferable securities and money market instruments dealt in on another market in a Member State which
is regulated, operates regularly and is recognised and open to the public;
c) transferable securities and money market instruments admitted to official listing on a stock exchange in a
non-Member State of the EU or dealt in on another market in a non-Member State of the EU which is
regulated, operates regularly and is recognised and open to the public;
d) recently issued transferable securities and money market instruments, provided that:
- the terms of issue include an undertaking that application will be made for admission to official listing on
a stock exchange or on another regulated market which operates regularly and is recognised and open to
the public;
- the admission is secured within one year of issue;
Transferable securities and money market instruments mentioned under c) and d) are listed on a stock
exchange or dealt in on a regulated market in North America, Central America, South America, Australia (incl.
Oceania), Africa, Asia and/or Europe.
Units of undertakings for collective investment
e) units of UCITS and/or other UCIs within the meaning of Article 1, paragraph (2), points a) and b) of the
Directive 2009/65/EC, as may be amended from time to time , whether or not established in a Member
State, provided that:
- such other UCIs are authorised under laws which provide that they are subject to supervision considered
by the CSSF to be equivalent to that laid down in Community law, and that cooperation between
authorities is sufficiently ensured;
- the level of protection for unitholders in the other UCIs is equivalent to that provided for unitholders in a
UCITS, and, in particular, that the rules on asset segregation, borrowing, lending and uncovered sales of
transferable securities and money market instruments are equivalent to the requirements of the Directive
2009/65/EC;
- the business of the other UCIs is reported in half-yearly and annual reports to enable an assessment of
the assets and liabilities, income and operations over the reporting period;
- no more than 10% of the net assets of the UCITS or the other UCIs, whose acquisition is contemplated,
can, according to their management regulations or instruments of incorporation, be invested in
aggregate in units of other UCITS or other UCIs;
Deposits with a credit institution
f) deposits with a credit institution which are repayable on demand or have the right to be withdrawn, and
maturing in no more than 12 months, provided that the credit institution has its registered office in a
Member State or, if the registered office of the credit institution is situated in a third country, provided that it
is subject to prudential rules considered by the CSSF as equivalent to those laid down in Community law;
Financial derivative instruments
g) financial derivative instruments, including equivalent cash-settled instruments, dealt in on a regulated
market mentioned above in sub-paragraphs a), b) and c), and/or financial derivative instruments dealt in
over-the-counter (“OTC derivatives”), provided that:
- the underlying consists of instruments described in sub-paragraphs a) to h), financial indices, interest
rates, foreign exchange rates or currencies, in which the Fund may invest, in accordance with the
investment objectives;
- the counterparties to OTC derivative transactions are institutions subject to prudential supervision and
belonging to the categories approved by the CSSF; and
- the OTC derivatives are subject to reliable and verifiable valuation on a daily basis and can be sold,
liquidated or closed by an offsetting transaction at any time at their fair value at the Fund's initiative.
Where the financial derivative instrument is cash-settled automatically or at the Fund’s discretion, the Fund will
be allowed not to hold the specific underlying instrument as cover. Acceptable cover are described under
Section 3.5 below.
The Fund might engage in index related contracts to gain quick and cost-efficient exposure to underlying
markets under the condition that the underlying indices for these investments are publicly available,
transparent and governed by pre-determined rules and objectives, all in accordance with the ESMA guidelines
on ETFs and other UCITS issues (ESMA/2012/832).
Within the limits under g) here above, the Fund may make use of all financial derivative instruments authorised
by the Law and/or by circulars issued by the CSSF.
Particular rules apply to the following derivative:
Credit default swaps
Credit default swaps may be used, among other things, to hedge credit risks arising from debt securities
acquired by the Fund. In this case, the interest rates collected by the Fund from a bond with a comparatively
high creditworthiness risk may be swapped for interest rates from a bond having a lower credit risk, for
example. At the same time, the contractual partner may be obliged to buy the bond at an agreed price or pay a
cash settlement when a previously defined event, such as the insolvency of the issuer, occurs.
The Fund shall also be authorised to use such transactions the objectives of which are other than hedging. The
contracting partner must be a top-rated financial institution which specialises in such transactions. The credit
default swaps must be sufficiently liquid. Both the debt securities underlying the credit default swap and the
respective issuer must be taken into account with regard to the investment limits set out here below.
Credit default swaps shall be valued on a regular basis using clear and transparent methods. The Management
Company and the Auditor shall monitor the clarity and transparency of the valuation methods and their
application. If, within the framework of monitoring activities, differences are detected, the Management
Company shall arrange to remedy the situation.
If the Fund makes use of credit default swaps the risk inherent to this use must not exceed 20% of the NAV of
the Fund and the total risk of derivative instruments including the risk inherent to CDS shall not, at any
moment, exceed the NAV of the Fund.
Total Return swaps
The Fund does not intend to use total return swaps
Money market instruments other than those dealt in on a regulated market
h) money market instruments other than those dealt in on a regulated market and which fall under article 1 of
the Law, if the issue or the issuer of such instruments is itself regulated for the purpose of protecting
investors and savings, and provided that these investments are:
- issued or guaranteed by a central, regional or local authority, a central bank of a Member State, the
European Central Bank, the EU or the European Investment Bank, a non Member-State or, in the case of
a Federal State, by one of the members making up the federation, or by a public international body to
which one or more Member States belong, or
- issued by an undertaking any securities of which are dealt in on regulated markets referred to in sub-
paragraphs a), b) or c) or
- issued or guaranteed by an establishment subject to prudential supervision, in accordance with criteria
defined by Community law or by an establishment which is subject to and complies with prudential rules
considered by the CSSF to be at least as stringent as those laid down by Community law, or
- issued by other bodies belonging to the categories approved by the CSSF provided that investments in
such instruments are subject to investor protection equivalent to that laid down in the first, the second or
the third indent and provided that the issuer is a company whose capital and reserves amount to at least
ten million euro (EUR 10,000,000) and which presents and publishes its annual accounts in accordance
with the fourth Directive 78/660/EEC, is an entity which, within a group of companies which includes one
or several listed companies, is dedicated to the financing of the group or is an entity which is dedicated to
the financing of securitisation vehicles which benefit from a banking liquidity line.
The Fund may hold cash and cash equivalent on an ancillary basis, in order to maintain liquidity, all in the best
interest of the Shareholders.
In addition, the Fund’s assets may be invested in all other Eligible Assets within the scope of legal possibilities
and the provisions laid down in the Articles of Incorporation.
However, the Fund shall not invest more than 10% of its net assets in transferable securities or money market
instruments other than those referred to under this section above
3.2. Investment restrictions applicable to Eligible Assets
Transferable securities and money market instruments as defined in the Law
1) The Fund may invest no more than 10% of its net assets in transferable securities or money market
instruments issued by the same body.
2) Moreover, the total value of the transferable securities and money market instruments held by the Fund in
the issuing bodies in each of which it invests more than 5% of its net assets, shall not exceed 40% of the
value of its net assets. This limitation does not apply to deposits and OTC derivative transactions made with