Global Impact Pool - Class B

Profile

The Global Impact Pool (the Fund) aims to address global challenges whilst also meeting clients’ risk-return requirements. The Fund is a multi-asset class investment vehicle which targets capital growth and positive social and environmental impact related to selected themes and United Nations Sustainable Development Goals (SDGs). The Fund’s mission is to make investments that positively contribute to selected SDGs primarily, though not exclusively, through the goods and services that the underlying investee companies provide.

MAKING IMPACT WHERE IT MATTERS MOST
The Fund focuses on investing in funds that are expected to contribute positively to at least one of the selected SDGs, through their portfolio companies, in countries that score poorly on those SDGs. In emerging markets, the Fund aims to contribute to the provision of basic goods & services for underserved populations including water, sanitation, and health (SDGs 3 and 6 ). In developed markets, the Fund aims to contribute to investments which target increased wellbeing, support sustainable production and consumption and renewable energy (SDGs 12 and 7). Overall, the Fund aims to invest (indirectly) in companies that operate in a responsible manner and create inclusive jobs and working conditions for all (SDG 8).

The Fund invests in non-listed investment strategies such as private equity, infrastructure and private debt. The Fund may also invest in a select number of public investment strategies such as green bonds if there is a clear link with SDGs.

The majority of investments are expected to be in private and illiquid asset classes. All investments are expected to make market rate returns as well as contribute to the impact goals of the Global Impact Pool.

The investment team carefully evaluates the financial returns and impact potential of the underlying investment funds and companies prior to investing. The Fund measures and reports on financial returns and impact achieved on a quarterly and annual basis.

Management team

Marjoleine van der Peet, Narina Mnatsakanian, Ralph Engelchor

Performance per 2020-07-31 (rebased)

No chart data available

Performance per 2020-07-31

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  Fund
1 month -1.5 %
3 months -1.5 %
This year -1.5 %
2019 -0.4 %
Since inception (on annual basis) i -1.9 %
Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future.
More information can be found on the documents page of this fund

Key figures

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Total fund size
EUR 101.07 M 2020-06-30
Share class size
EUR 26.09 M 2020-06-30
Number of shares
26,517 2020-06-30
Net Asset Value i
EUR 983.84 2020-06-30
Global Impact Pool (the “Sub-Fund”) is a sub-fund of Kempen Alternative Markets Fund SICAV-RAIF (the “Fund”), domiciled in Luxembourg. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of the Fund at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents of the Fund are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

The Fund is only available for professional investors.

The Shareholder is subject to an initial lock-up period of 3 years for each investment.

In Switzerland, the Statutes, the Prospectus, the KIIDs, the Annual Report and, if applicable, the Semi-Annual Report and/or any such documents, which are required for the approval in compliance with the applicable foreign law, may be obtained free of charge from the Swiss Representative and Paying Agent, RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. In respect of the units distributed in and from Switzerland, the place of performance and jurisdiction is the registered office of the Representative.

As we all know, non-listed ivnestment strategies such as private equity, infrastructure and private debt investments are long-term, illiquid assets and it typically takes several years for the committed capital to be drawn and to be put to work effectively, in diversified private portfolios and to actually start generating returns. Normally, these type of assets are valued at cost for at least the first 12 months after they have been acquired and as such there is no visible return to report yet. However, as we invest in a mix of closed-end and open-end funds, we have been able to put to work a substantial part of the capital already, which should start to generate returns in the next few quarters to come. When we are further underway and the portfolio is up and running, we will be able to start reporting meaningful performance figures.

Developments per 2020-03-31

Over the first quarter the Global Impact Pool posted a return of -1.46% for the FA class.

The first quarter was turbulent due to unprecedented global measures to curb the COVID-19 virus. Kempen has followed the advice of the Dutch and English government closely. The entire Kempen Global Impact Pool management team works from home. Team meetings and meetings with the impact fund managers take place by telephone or video conferencing. All travel abroad has been postponed for the time being. The GIP impact fund managers have also taken adequate measures to ensure the continuity of their business, tailored to their specific situation.

As you know, the GIP is invested in impact funds that mainly invest in unlisted companies, direct loans, renewable energy projects, and green bonds. Because the impact funds do not invest in listed equities or high yield bonds, the massive decline in these markets this quarter had no direct effect on the GIP's return. However, the consequences of the COVID-19 measures also have an impact on the real economy and thus on the companies in the portfolio of the GIP fund managers. The extent of that impact will depend on the duration of the current situation. The rate at which global economic activity is normalizing will determine the eventual impact on the GIP portfolio. The corona crisis will also have consequences for the social impact that our funds are pursuing. We will continue to gain more insight into this in the coming months as we receive updates from our impact fund managers about the impact performance of their portfolio companies at our regular meetings.

Our impact fund managers closely monitor the consequences of the measures taken by the government. They have frequent contact with the management teams of the underlying portfolio companies. The business implications are mapped out. Aspects that are carefully considered include the condition of the order book and the cash position. The fund managers also actively think along with the management teams, come up with solutions, or provide assistance with, for example, logistics management or the search for possibilities to apply for a bridge loan. Specific attention is paid to the social and environmental consequences of the current crisis on, for example, personnel, suppliers, customers and other stakeholders.

The corona crisis is also expected to create opportunities for new impactful investments. For example, LeapFrog Investments, the manager of the Emerging Consumer Fund III, has added a new investment to the portfolio, MedGenome. MedGenome analyzes genome material and is involved in much needed research on the COVID-19 virus. The research looks to have discovered the gene determining why some people are susceptible to the COVID-19 virus and others are not. Medgenome was also one of the few labs empanelled by the Indian Government for offering a COVID 19 test, which means that private labs will be called upon to aid in testing should the government testing facilities be unable to support future demand. MedGenome is the market leader in such genetic research in South Asia, with India as the most important market. Genetic research is essential to uncover the link between diseases and human genes. More details about MedGenome can be found in the Impact Case in the quarterly letter.

The summary below gives a brief overview of the main developments at our impact fund managers this quarter. Where possible, we provide an update on how COVID-19 affects management of the impact fund. For more detailed information about the developments in the impact funds in which the Global Impact Pool invests, please refer to the fund one pagers at the end of the quarterly letter.

Emerging Consumer Fund III: last quarter, the investment team of the Emerging Consumer Fund III supported portfolio companies withadjusting and responding to the COVID-19 challenges. Opportunistic growth opportunities were identified for some companies, particularly amongst healthcare companies. Although the economic consequences of COVID-19 in the medium and long term are uncertain, it is expected that the high quality of the LeapFrog companies (solid balance sheet and strong market position) provides a good basis for future success of this portfolio.

Agriculture Fund: as a result of the COVID-19 measures, the investment team has further tightened the due diligence process of disbursements. For example, they started to use external parties for additional independent risk analyses. In combination with their our own research, the risks are identified as much as possible in this way. Another precaution of the team is that loans are currently mainly provided to companies that the team knows well and with whom there is a long-term relationship. Loans are disbursed with a shorter term and in tranches. This focus has increased the quality of the portfolio and the liquidity. The portfolio remains well diversified and currently consists of loans to 39 companies in 23 countries.

Enhanced Sustainable Power Fund 4 (ESPF 4): industrial activity in Europe has declined as a result of COVID-19, and consequently electricity prices have fallen sharply. The projects in the ESPF 4 portfolio largely receive a fixed agreed rate for the electricity generated and are therefore not expected to be directly affected. The two projects under construction are somewhat hindered by delays in suppliers for whom it is more difficult to deliver materials on time. It seems that this delay is limited to just a few weeks.

Accion Quona Inclusion Fund (AQIF): the companies in the AQIF portfolio are still relatively young and in the growth phase of their existence. The Quona team has prepared a traffic light overview to monitor how portfolio companies are affected by the corona crisis, focusing on the cash position. To date, the portfolio companies still have enough cash on the balance sheet to continue operations well into the next year. Where possible, the Quona team takes measures to further strengthen the cash position of the companies.

Two new investments have been added to the portfolio: Sokowatch and Ula. Sokowatch is an online business-to-business marketplace, whilst also providing last mile delivery in a select number of African countries. Ula is an online marketplace aimed at companies in Southeast Asia. AQIF now has a total of ten investments in its portfolio. The Fund is expected to invest in a further ten companies in the next two to three years.
The Green Bond Fund saw green bond prices fall as a result of COVID-19. The decline was mitigated by the swiftly announced European Central Bank buy-back program. Demand for green bonds remains high, and the total size of the green bond market increased to 547 billion euro. The Green Bond Fund continues to have a well-diversified portfolio of green bonds issued to finance sustainable projects with a positive impact on the environment. The portfolio consists of 92 companies / (semi) governments and 163 green bonds.

Assets under management
As the Kempen Global Impact Pool has quarterly liquidity, it does not face sales pressure from participants in the short term. The most recent trading moment on April 1 saw an inflow of capital, bringing assets under management to 101 million euro.

Global Impact Pool (the “Sub-Fund”) is a sub-fund of Kempen Alternative Markets Fund SICAV-RAIF (the “Fund”), domiciled in Luxembourg. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of the Fund at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents of the Fund are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

The Fund is only available for professional investors.

The Shareholder is subject to an initial lock-up period of 3 years for each investment.

In Switzerland, the Statutes, the Prospectus, the KIIDs, the Annual Report and, if applicable, the Semi-Annual Report and/or any such documents, which are required for the approval in compliance with the applicable foreign law, may be obtained free of charge from the Swiss Representative and Paying Agent, RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. In respect of the units distributed in and from Switzerland, the place of performance and jurisdiction is the registered office of the Representative.

Performance per 2020-07-31 (rebased)

No chart data available

Performance per 2020-07-31

Slide to see more
  Fund
1 month -1.5 %
3 months -1.5 %
This year -1.5 %
2019 -0.4 %
Since inception (on annual basis) i -1.9 %
Performance is shown after deduction of ongoing charges. The value of your investments may fluctuate. Past performance provides no guarantee for the future.

Dividends

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Distributing
No
Global Impact Pool (the “Sub-Fund”) is a sub-fund of Kempen Alternative Markets Fund SICAV-RAIF (the “Fund”), domiciled in Luxembourg. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of the Fund at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents of the Fund are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

The Fund is only available for professional investors.

The Shareholder is subject to an initial lock-up period of 3 years for each investment.

In Switzerland, the Statutes, the Prospectus, the KIIDs, the Annual Report and, if applicable, the Semi-Annual Report and/or any such documents, which are required for the approval in compliance with the applicable foreign law, may be obtained free of charge from the Swiss Representative and Paying Agent, RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. In respect of the units distributed in and from Switzerland, the place of performance and jurisdiction is the registered office of the Representative.

 

 

  Fund size per 31 December 2019: € 99 million

 

Global Impact Pool (the “Sub-Fund”) is a sub-fund of Kempen Alternative Markets Fund SICAV-RAIF (the “Fund”), domiciled in Luxembourg. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of the Fund at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents of the Fund are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

The Fund is only available for professional investors.

The Shareholder is subject to an initial lock-up period of 3 years for each investment.

In Switzerland, the Statutes, the Prospectus, the KIIDs, the Annual Report and, if applicable, the Semi-Annual Report and/or any such documents, which are required for the approval in compliance with the applicable foreign law, may be obtained free of charge from the Swiss Representative and Paying Agent, RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. In respect of the units distributed in and from Switzerland, the place of performance and jurisdiction is the registered office of the Representative.

Ongoing charges

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Management fee i
0.50 %
Service fee i
0.20 %
Taxe d'abonnement i
0.01 %
Indirect costs i
0.69% - 1.50% (estimated bandwidth)
Expected ongoing charges i
1.40% - 2.21% (estimated bandwidth)
Global Impact Pool (the “Sub-Fund”) is a sub-fund of Kempen Alternative Markets Fund SICAV-RAIF (the “Fund”), domiciled in Luxembourg. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of the Fund at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents of the Fund are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

The Fund is only available for professional investors.

The Shareholder is subject to an initial lock-up period of 3 years for each investment.

In Switzerland, the Statutes, the Prospectus, the KIIDs, the Annual Report and, if applicable, the Semi-Annual Report and/or any such documents, which are required for the approval in compliance with the applicable foreign law, may be obtained free of charge from the Swiss Representative and Paying Agent, RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. In respect of the units distributed in and from Switzerland, the place of performance and jurisdiction is the registered office of the Representative.

Share class details

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Share class
B i
Investor type
Institutional & Private
Distributing
No
Investment category
Other
Inception date
2019-07-01
Domicile
Luxembourg
May be offered to professional investors only in
Belgium, Switzerland, The Netherlands, United Kingdom
UCITS status i
No
Status
Open-end i
Base currency
EUR
Share class currency
EUR
Management company
Kempen Capital Management N.V.
Depositary and custodian
J.P. Morgan Bank Luxembourg S.A.

Tradability

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Minimum subscription
Initial subscription and minimal holding amount €1,000,000 additional subscriptions €50,000
Listed
no
Subscription/Redemption Frequency
Subscriptions quarterly on the first business day, redemptions quarterly, after the initial lock-up period of 3 years.
ISIN i
LU1918768901
Entry period purchase order
In order to be executed, orders must be received by J.P. Morgan Bank Luxembourg S.A. 90 calender days before the valuation day. Your distributor may use longer entry periods.
Entry period sell order
In order to be executed, orders must be received by J.P. Morgan Bank Luxembourg S.A. 90 calender days before the valuation day. Your distributor may use longer entry periods.
Details
The Shareholder is subject to initial lock-up period of 3 years for each investment during which the Shareholder may not redeem its Shares.
The Fund is only available for professional investors.
Global Impact Pool (the “Sub-Fund”) is a sub-fund of Kempen Alternative Markets Fund SICAV-RAIF (the “Fund”), domiciled in Luxembourg. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of the Fund at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents of the Fund are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

The Fund is only available for professional investors.

The Shareholder is subject to an initial lock-up period of 3 years for each investment.

In Switzerland, the Statutes, the Prospectus, the KIIDs, the Annual Report and, if applicable, the Semi-Annual Report and/or any such documents, which are required for the approval in compliance with the applicable foreign law, may be obtained free of charge from the Swiss Representative and Paying Agent, RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. In respect of the units distributed in and from Switzerland, the place of performance and jurisdiction is the registered office of the Representative.
Global Impact Pool (the “Sub-Fund”) is a sub-fund of Kempen Alternative Markets Fund SICAV-RAIF (the “Fund”), domiciled in Luxembourg. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of the Fund at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents of the Fund are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

The Fund is only available for professional investors.

The Shareholder is subject to an initial lock-up period of 3 years for each investment.

In Switzerland, the Statutes, the Prospectus, the KIIDs, the Annual Report and, if applicable, the Semi-Annual Report and/or any such documents, which are required for the approval in compliance with the applicable foreign law, may be obtained free of charge from the Swiss Representative and Paying Agent, RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. In respect of the units distributed in and from Switzerland, the place of performance and jurisdiction is the registered office of the Representative.

Kempen's vision & mission

Kempen Capital Management is an asset manager that believes in stewardship and investment focusing on the long-term for the benefit of all stakeholders. Value creation is at the heart of the services we provide to our clients. We believe that being an engaged shareholder on environmental, social and governance (ESG) issues and retaining a long-term focus, is critical to helping our clients to preserve and create sustainable wealth that has positive real world impact and economic returns.Â

Kempen wide approach to responsible investment

We are committed to create sustainable alpha. The four pillars of our ESG-policy are:

  • ESG integration: Ensuring sustainability risks and opportunities are adequately considered in our investment analysis and processes.

  • Exclusion & avoidance: Not investing in companies involved in controversial activities or conduct.

  • Active ownership: Being responsible stewards of our clients’ capital and using our influence through engagement and voting to improve corporate behaviour on specific ESG issues and achieve positive change

  • Positive impact: Investing with an objective to achieve positive real world outcomes and impact, such as contributing to the UN Sustainable Development Goals.Â

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To put our mission and vision into practice we engage with our investee companies on a wide array of strategic, financial, and ESG topics. As an active owner we use our influence to improve our investee companies’ ESG performance. This helps us address some of the most pressing and important sustainability issues facing business and the world. Our focus themes for engagement are: human rights, labour rights, climate change and governance.Â

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Through collaboration with other investors and industry think tanks we contribute to the development of principles and standards of corporate responsibility both at sector levels, as well as investee company level.Â

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Our full voting records are available here.

Our Fund approach to responsible investment

Kempen’s ESG policy is fully implemented in our fund’s investment process with the two most relevant pillars being ESG integration and Positive impact. We consider material ESG risks and opportunities during manager selection process. The Fund will only aim to invest in investment funds that seek ESG excellence.

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1. ESG integration

The Fund will strive to ensure effective governance, social and environmental management practices in all its investment activities. We aim to only invest in fund managers that have a robust ESG policy and implement it during pre-investment due diligence phase and during ownership phase.

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We seek fund managers that can ensure transparency in their investment activities to investors and report annually on the investee ESG performance and impact.

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2. Positive impact

The Global Impact Pool aims to address global challenges related to selected themes and United Nations Sustainable Development Goals (SDGs). The Fund’s mission is to make investments that positively contribute to selected SDGs

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As illustrated in the figures on the right side, the Fund has identified four pillars which are targeted to realize a positive impact.

  • In emerging markets, the Fund aims to contribute to the provision of basic goods & services for underserved populations including food, water, sanitation, and health. In developed markets the fund also aims to contribute to investments which target increased wellbeing. (SDGs 3 and 6). [Pillar 1]

  • The Fund also aims to contribute to investments that support sustainable production and consumption (SDG 12). [Pillars 2]

  • Furthermore the fund aims to invest in renewable energy generation projects such as wind and solar to contribute to the energy transition. (SDG 7) [Pillars 3]

  • On a global level, the Global Impact Pool aims to (indirectly) invest in companies that operate in a responsible manner and create inclusive jobs and working conditions for all (SDG 8). [Pillar 4].

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The Global Impact Pool will initially focus on investing in funds that are expected to contribute positively to at least one of the selected SDGs, through their portfolio companies, in countries that score relatively poorly on those SDGs.

Risks

Risks

For more information about the mid and long term risks associated with the investments:

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ESG Report
basisbehoefte en cw eng
klimaat en energtie ENG
Global Impact Pool (the “Sub-Fund”) is a sub-fund of Kempen Alternative Markets Fund SICAV-RAIF (the “Fund”), domiciled in Luxembourg. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by the Dutch Authority for the Financial Markets (AFM). The Sub-Fund is registered under the license of the Fund at the Dutch Authority for the Financial Markets (AFM).

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents of the Fund are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English.

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

The Fund is only available for professional investors.

The Shareholder is subject to an initial lock-up period of 3 years for each investment.

In Switzerland, the Statutes, the Prospectus, the KIIDs, the Annual Report and, if applicable, the Semi-Annual Report and/or any such documents, which are required for the approval in compliance with the applicable foreign law, may be obtained free of charge from the Swiss Representative and Paying Agent, RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich. In respect of the units distributed in and from Switzerland, the place of performance and jurisdiction is the registered office of the Representative.