Avisos por carta de movimientos o gestión relativa a tu fondo. Duda
Buenas tardes:
Aprovecho para preguntar sobre la información que me han enviado sobre uno de los fondos que tengo contratado y que la verdad no entiendo mucho, sé que tengo que informarme de mi propia entidad, pero ya sabeis prefiero el consenso de los sabios del foro.
El fondo es Goldman Sachs Euro Liquid Reserves Administration Acc IE0031295821
http://www.morningstar.es/es/funds/snapshot/snapshot.aspx?id=F0GBR04VWE
la carta traducida que me ha llegado primero y después el original:
""ACTUALIZACIÓN
A la luz de aviso adjunto, tenga en cuenta que el NSM ("NAV Stabilisation Mechanism ") entró en vigor el 5 de mayo de 2015, siendo sus posiciones afectadas por esos mecanismos con el fin de mantener el valor liquidativo por acción en 1.00EUR.
Buenos días,
Os informamos de cambios en GOLDMAN SACHS EURO LIQUID RESERVES FUND, gestionado por GOLDMAN SACHS INTERNATIONAL.
El Asesor de Inversiones ha comunicado a la junta directiva de Goldman Sachs Funds, plc (la "Sociedad") que el "Mecanismo de Estabilización de NAV" ("NSM") puede necesitar ser promulgada en las próximas semanas dadas las condiciones imperantes en el mercado.
Por ello, es importante tener en cuenta que los accionistas podrían experimentar una reducción en el valor de su participación en cualquier día cuando el NSM sea promulgó, porque se mantendrían menos acciones sin recibir ingresos de reembolso relativos a dicha reducción. Los Accionistas seguirían sufriendo pérdidas si persistiese un rendimiento negativo y el NSM continua siendo efectuado.
Los accionistas también deben tener en cuenta que el NSM no necesariamente será promulgado en las próximas semanas, pero también que existe la posibilidad de que la Compañía pueda decidir adoptar el NSM antes de la fecha en que el Asesor de Inversiones la haya identificado actualmente como la fecha más temprana.
Las Clases de acciones afectadas son las siguientes:
Name Isin
GS EURO LIQUID RESERVES "P" INC IE0009407192
GS EURO LIQUID RESERVES "ADM" INC IE0004981332
GS EURO LIQUID RESERVES "I" INC IE0005250422
GS EURO LIQUID RESERVES "M" (EUR) INC IE00B033Q635
GS EURO LIQUID RESERVES "C" ACC IE0033768494
GS EURO LIQUID RESERVES "M+" (EUR) ACC IE00B2Q8HW23
GS EURO LIQUID RESERVES "IAC" (EUR) ACC IE00B96CNN65
GS EURO LIQUID RESERVES "I" ACC IE0031295938
GS EURO LIQUID RESERVES "P" ACC IE0031296019
GS EURO LIQUID RESERVES "A" ACC IE0031295821
Tenga en cuenta que este cambio entrará en vigor en las próximas semanas y debe ser considerada como información a los inversores.
Los accionistas tienen derecho a seguir el reembolso de sus participaciones en la cartera como normal, libre de cualquier cargo de reembolso al valor liquidativo aplicable en el Día de negociación, de conformidad con lo dispuesto en el prospectus y sujeto al cumplimiento de las habituales horas de corte.
Por favor, ver comunicado adjunto, sólo disponible en inglés
Saludos cordiales,
Dpto. Operativa Fondos Internacionales ""
EL original se entiende que es este otro
""By registered mail
7th April 2015
Goldman Sachs Euro Liquid Reserves Fund (the “Portfolio”) – NAV Stabilisation Mechanism
FormaForma
Dear Shareholder,
We are writing to advise you, as a shareholder in the Portfolio, that the Investment Adviser has advised the board of directors of Goldman Sachs Funds, plc (the “Company”) that the “NAV Stabilisation Mechanism” (“NSM”) may need to be enacted in the coming weeks given prevailing market conditions.
Pursuant to the articles of association, when the Portfolio’s net investment income on any Business Day is negative, the Directors of The Management Company may implement a Net Asset Value Stabilisation Mechanism, in respect of the Distributing Class Shares of the Portfolio, so that the NAV per Distributing Class Share remains stable.
Executive Summary
The ability to maintain positive yields within the Eurozone has remained challenging, given the European Central Bank’s accommodative monetary policy, following persistently low inflation and weak growth in the euro area.
The Investment Adviser continues to monitor the changing landscape in Europe. We seek to continue to provide a stable NAV option for the Portfolio that offers daily liquidity.
If the Portfolio’s net investment income on any business day is negative, the Company will be prepared to implement the Net Asset Value (NAV) Stabilisation Mechanism in respect of the Portfolio.
Details of the NAV Stabilisation Mechanism
The stable net asset value of distributing classes is typically maintained by investing in instruments that generate a positive yield (i.e., positive return) and such yield can be distributed to shareholders in the form of additional shares or in cash.
The NSM would permit the Company to put into effect a process whereby on any day where the Portfolio experiences a negative yield (i.e., where there is a negative return), a stable net asset value per share can be maintained for distributing class shares by redeeming and cancelling shares as further described below:
The Company would have the ability to redeem, pro rata, the number of Distributing Class Shares held by each Shareholder to reflect the negative yield of the portfolio on the relevant Business Day;
These redemptions would take place at the Company’s discretion, pursuant to the power previously granted to the Company by its shareholders, without any further action on the part of the shareholders;
The redeemed shares would be cancelled;
No proceeds would be paid to the shareholders;
The proceeds would instead be retained by the Portfolio to offset each shareholder’s pro-rata share of the negative yield;
This would seek to ensure that for distributing classes in the Portfolio, the net asset value per share would remain stable; and
Shareholders in such distributing classes would, by virtue of the redemption and cancellation, incur a reduction in the number of shares held by them, to reflect the negative yield of the Portfolio on that day.
It is therefore important to note that shareholders would experience a reduction in the value of their holding on any days when the NSM is enacted, because they would hold fewer shares without receiving any redemption proceeds relating to that reduction. Shareholders would continue to suffer losses if a negative yield persists and the NSM continues to be effected.
Shareholders should also note that the NSM will not necessarily be enacted in the coming weeks, but also that there is a chance that the Company may decide to enact the NSM prior to the date that the Investment Adviser has currently identified as the earliest date.
Worked Example
An example of the way the NSM would be applied is provided as follows:
An investor subscribes €1,000,000 on a given day and settles the subscription proceeds on the same day.
If there is a negative yield on the same day as settlement (i.e. during the investor’s holding period) of -0.05% on an annualised basis, the following calculations apply:
Activity
Calculation
Subscription
€1,000,000 at €1.00 NAV per share
Number of shares held
€1,000,000 / €1.00 = 1,000,000 shares
Negative yield
-0.05% annualised
Number of shares redeemed and cancelled owing to negative yield1
1,000,000 x (-0.05% / 365) = 1.370 shares
New number of shares held
1,000,000 – 1.37 = 999,998.630 shares
Value of shares held EOD
999,998.630 * €1.00 = €999,998.63
Shareholder Impact
For each dealing day where the Company affects the NSM, Shareholders will receive a contract note detailing the number of shares held and the number of shares redeemed and cancelled on that day.
Shareholders are entitled to continue to redeem their holdings in the Portfolio as normal, free of any redemption charge at the applicable net asset value on the relevant Business Day, in accordance with the provisions of the Prospectus and subject to compliance with the usual dealing cut off times.
Please contact our Shareholder Services team on +44 20 7774 6366 or your Goldman Sachs professional if you wish to redeem your holding or switch into another portfolio.
Shareholders in the Portfolio are advised to consult their tax advisers regarding the effect, if any, of the NSM in light of their individual circumstances.
The Directors of the Company accept responsibility for the information contained in this Circular. If you have any queries or if any of the above is not clear please consult your Goldman Sachs professional.
Yours sincerely (...)"""
Por lo que puedo entender lo que quieren hacer si el fondo empieza a estar en negativo es reducir el número de acciones que tienes pero sin pagarte nada, es como si amortizaran las acciones negativas para preservar la liquidez y lo positivo del fondo. Entiendo que debo salir del mismo, pero no sea que en realidad esten diciendo otra cosa por eso lo pongo para que me orienteis y aconsejeis.
Un saludo a todos y muchas gracias.