Multi-class funds
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A multi-class fund (also multi-tranche fund ; English multi-class fund ) is a special form of an investment fund .
definition
A multi-class fund consists of a portfolio and several unit classes. The portfolio contains all securities , derivatives , real estate, etc. in which the fund invests. The portfolio represents the assets side of the fund. The liabilities side of the fund is broken down into the unit classes. Each share class has its own fund certificate that can be traded. In particular, each class can have its own terms and conditions. The individual classes can differ in terms of the fees, but also in the currency in which they are managed. Therefore, each share class has its own price development. However, all share classes partition in the same portfolio.
A multi-class fund gives investors the option of choosing a fee and distribution model that suits them. At the same time, the provider benefits from the fact that the fund manager only has to manage one portfolio.
Fund price
In a multi-class fund, each share class has its own price. The fund assets of the entire multi-class fund are calculated as the sum of the fund assets of all unit classes. The percentage that a unit class has in the total fund volume is known as the class factor.
history
In Germany , the launch of funds with several unit classes has been permitted since the fourth Financial Market Promotion Act came into force in June 2002. In the United States , trading in funds with multiple classes has been regulated since 1940.
Individual evidence
- ↑ a b Multi-Class Fund. (PDF; 1.76 MB) (No longer available online.) Anadeo Consulting GmbH, Case Study, archived from the original on December 25, 2015 ; Retrieved November 7, 2010 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ^ Anke Dembowski: Professional manual investment funds . 5th edition. Walhalla and Praetoria, Regensburg 2007, ISBN 978-3-8029-3365-3 , p. 208 .
- ↑ 4th Financial Market Promotion Act passed by the Federal Cabinet. (PDF; 27 kB) Federal Ministry of Finance - Press and Information Division, November 14, 2001, accessed on October 31, 2010 .
- ^ Mutual Fund Classes. US Security and Exchange Commission, accessed October 31, 2010 .
