LegalizeCommission Delegated Regulation (EU) No 231/2013 of 19 December 2012 supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision Text with EEA relevance
- 8.Forward agreements: A forward agreement is a customised, bilateral agreement to exchange an asset or cash flows at a specified future settlement date at a forward price agreed on the trade date. One party to the forward is the buyer (long), who agrees to pay the forward price on the settlement date; the other is the seller (short), who agrees to receive the forward price. Entering into a forward contract typically does not require the payment of a fee. The exposure of the AIF is the market value of the equivalent underlying asset. This may be replaced by the notional value of the contract where this is more conservative.
- 9.Options: An option is an agreement that gives the buyer, who pays a fee (premium), the right — but not the obligation — to buy or sell a specified amount of an underlying asset at an agreed price (strike or exercise price) on or until the expiration of the contract (expiry). A call option is an option to buy, and a put option an option to sell. The bounds of the exposure of the fund will be on the one side a potential unlimited exposure and on the other side an exposure that is limited to the higher of the premium paid or the market value of that option. The exposure between these two bounds is determined as the delta (an options delta measures the sensitivity of an option’s price solely to a change in the price of the underlying asset) adjusted equivalent of the underlying position. The same approach must be adopted for embedded derivatives, e.g. in structured products. The structure should be broken down into its component parts and the effect of layers of derivative exposures must be adequately captured.
- 10.Repurchase agreements: The repurchase agreement normally occurs where an AIF ‘sells’ securities to a reverse-repo counterparty and agrees to buy them back at an agreed price in the future. The AIF will incur a financing cost from engaging in this transaction and will therefore need to re-invest the cash proceeds (effectively cash collateral) in order to generate a return greater than the financing cost incurred. This reinvestment of ‘cash collateral’ means that incremental market risk will be carried by the AIF and consequently must be taken into account in the global exposure calculation. The economic risks and rewards of the ‘sold’ securities remain with the AIF. Also, a repo transaction will almost always give rise to leverage as the cash collateral will be reinvested. In the event that non-cash collateral is received as part of the transaction and this collateral is further used as part of another repo, or stock-loan agreement, the full market value of the collateral must be included in the global exposure amount. The exposure of the AIF is increased by the reinvested part of the cash collateral.
- 11.Reverse repurchase agreements: This transaction occurs where an AIF ‘purchases’ securities from a repo counterparty and agrees to sell them back at an agreed price in the future. AIFs normally engage in these transactions to generate a low-risk money-market type return, and the ‘purchased’ securities act as collateral. Therefore no global exposure is generated; nor does the AIF take on the risks and rewards of the ‘purchased’ securities, i.e. there is no incremental market risk. However, it is possible for the ‘purchased’ securities to be further used as part of a repo or security-loan transaction, as described above, and in that case the full market value of the securities must be included in the global exposure amount. The economic risks and rewards of the purchased securities remain with the counterparty and therefore this does not increase the exposure of the AIF.
- 12.Securities lending arrangements: An AIF engaging in a securities lending transaction will lend a security to a security-borrowing counterparty (who will normally borrow the security to cover a physical short sale transaction) for an agreed fee. The security borrower will deliver either cash or non-cash collateral to the AIF. Only where cash collateral is reinvested in instruments other than those defined in Article 7 point (a) will global exposure be created. If the non-cash collateral is further used as part of a repo or another security lending transaction, the full market value of the securities must be included in the global exposure amount as described above. Exposure is created to the extent that the cash collateral has been reinvested.
- 13.Securities borrowing arrangements: An AIF engaging in the borrowing of securities will borrow a security from a security-lending counterparty for an agreed fee. The AIF will then sell the security in the market. The AIF is now short that security. To the extent that the cash proceeds from the sale are reinvested this will also increase the exposure of the AIF. Exposure is the market value of the shorted securities; additional exposure is created to the extent that the cash received is reinvested.
- 14.Credit default swaps: A credit default swap (CDS) is a credit derivative agreement that gives the buyer protection, usually the full recovery, in case the reference entity defaults or suffers a credit event. In return the seller of the CDS receives from the buyer a regular fee, called the spread. For the protection seller, the exposure is the higher of the market value of the underlying reference assets or the notional value of the credit default swap. For the protection buyer, the exposure is the market value of the underlying reference asset.
ANNEX II
Conversion methodologies for derivative instruments
- 1.The following conversion methods shall be applied to the non-exhaustive list below of standard derivatives:
- (a) Futures — Bond future : Number of contracts * notional contract size * market price of the cheapest-to-deliver reference bond — Interest rate future : Number of contracts * notional contract size — Currency future : Number of contracts * notional contract size — Equity future : Number of contracts * notional contract size * market price of underlying equity share — Index futures : Number of contracts * notional contract size * index level
- (b) Plain vanilla options (bought/sold puts and calls) — Plain vanilla bond option : Notional contract value * market value of underlying reference bond * delta — Plain vanilla equity option : Number of contracts * notional contract size* market value of underlying equity share * delta — Plain vanilla interest rate option : Notional contract value * delta — Plain vanilla currency option : Notional contract value of currency leg(s) * delta — Plain vanilla index options : Number of contracts * notional contract size * index level * delta — Plain vanilla options on futures : Number of contracts * notional contract size * market value of underlying asset * delta — Plain vanilla swaptions : Reference swap commitment conversion amount * delta — Warrants and rights : Number of shares/bonds * market value of underlying referenced instrument * delta
- (c) Swaps — Plain vanilla fixed/floating rate interest rate and inflation swaps : notional contract value — Currency swaps : Notional value of currency leg(s) — Cross currency interest rate swaps : Notional value of currency leg(s) — Basic total return swap : Underlying market value of reference asset(s) — Non-basic total return swap : Cumulative underlying market value of both legs of the TRS — Single name credit default swap : Protection seller — The higher of the market value of the underlying reference asset or the notional value of the Credit Default Swap. Protection buyer — Market value of the underlying reference asset — Contract for differences : Number of shares/bonds * market value of underlying referenced instrument
- (d) Forwards — FX forward : notional value of currency leg(s) — Forward rate agreement : notional value
- (e) Leveraged exposure to indices with embedded leverage A derivative providing leveraged exposure to an underlying index, or indices that embed leveraged exposure to their portfolio, must apply the standard applicable commitment approach to the assets in question.
- 2.The following conversion methods shall be applied to the non-exhaustive list below of financial instruments which embed derivatives:
- — Convertible bonds : Number of referenced shares * market value of underlying referenced shares * delta
- — Credit linked notes : Market value of underlying reference asset(s)
- — Partly paid securities : Number of shares/bonds * market value of underlying referenced instruments
- — Warrants and rights : Number of shares/bonds * market value of underlying referenced instrument * delta
- 3.List of examples of non-standard derivatives with the related commitment methodology being used:
- — Variance swaps: Variance swaps are contracts that allow investors to gain exposure to the variance (squared volatility) of an underlying asset and, in particular, to trade future realised (or historical) volatility against current implied volatility. According to market practice, the strike and the variance notional are expressed in terms of volatility. For the variance notional, this gives: Image omitted; see official source The vega notional provides a theoretical measure of the profit or loss resulting from a 1 % change in volatility. As realised volatility cannot be less than zero, a long swap position has a known maximum loss. The maximum loss on a short swap is often limited by the inclusion of a cap on volatility. However without a cap, a short swap’s potential losses are unlimited. The conversion methodology to be used for a given contract at time t is: Variance notional * (current) variancet (without volatility cap) Variance notional * min [(current) variancet volatility cap2] (with volatility cap) whereby: (current) variancet is a function of the squared realised and implied volatility, more precisely: Image omitted; see official source
- — Volatility swaps By analogy with the variance swaps, the following conversion formulae should be applied to volatility swaps: — Vega notional * (current) volatilityt (without volatility cap) — Vega notional * min [(current) volatilityt; volatility cap] (with volatility cap) whereby the (current) volatility t is a function of the realised and implied volatility.
- 4.Barrier (knock-in knock-out) options
- Number of contracts * notional contract size * market value of underlying equity share * delta
ANNEX III
Duration netting rules
- 1.An interest rate derivative shall be converted into its equivalent underlying asset position in accordance with the following methodology:
- The equivalent underlying asset position of each interest rate derivative instrument shall be calculated as its duration divided by the target duration of the AIF and multiplied by the equivalent underlying asset position:
Image omitted; see official source
- where:
- — duration FDI is the duration (sensitivity of the market value of the financial derivative instrument to interest rate movements) of the interest rate derivative instrument,
- — duration target is in line with the investment strategy, the directional positions and the expected level of risk at any time and will be regularised otherwise. It is also in line with the portfolio duration under normal market conditions,
- — CVderivative is the converted value of the derivative position as defined by the Annex II.
- 2.The equivalent underlying asset positions calculated in accordance with to paragraph 1 shall be netted as follows:
- (a) Each interest rate derivative instrument shall be allocated to the appropriate maturity range of the following maturity-based ladder: Maturities ranges
-
- 0-2 years
-
- 2-7 years
-
- 7-15 years
-
-
15 years
-
- (b) The long and short equivalent underlying asset positions shall be netted within each maturity range. The amount of the former which is netted with the latter is the netted amount for that maturity range.
- (c) Starting with the shortest maturity range, the netted amounts between two adjoining maturity ranges shall be calculated by netting the amount of the remaining unnetted long (or short) position in the maturity range (i) with the amount of the remaining unnetted short (long) position in the maturity range (i + 1).
- (d) Starting with the shortest maturity range, the netted amounts between two remote maturity ranges separated by another one shall be calculated by netting the amount of the remaining unnetted long (or short) position in the maturity range (i) with the amount of the remaining unnetted short (long) position in the maturity range (i + 2).
- (e) The netted amount shall be calculated between the remaining unnetted long and short positions of the two most remote maturity ranges.
- 3.The AIF shall calculate its exposures as the sum of absolute values:
- — 0 % of the netted amount for each maturity range,
- — 40 % of the netted amounts between two adjoining maturity ranges (i) and (i + 1),
- — 75 % of the netted amounts between two remote maturity ranges separated by another one, meaning maturity ranges (i) and (i + 2),
- — 100 % of the netted amounts between the two most remote maturity ranges, and
- — 100 % of the remaining unnetted positions.
ANNEX IV
Reporting Templates: AIFM
(Articles 3(3)(d) and 24 of Directive 2011/61/EU)
AIFM-specific information to be reported
(Articles 3(3)(d) and 24(1) of Directive 2011/61/EU)
| Most important market/instrument | Second most important market/instrument | Third most important market/instrument | Third most important market/instrument | Fourth most important market/instrument | Fifth most important market/instrument | ||
|---|---|---|---|---|---|---|---|
| 1 | Principal markets in which it trades on behalf of the AIFs it manages | ||||||
| 2 | Principal instruments in which it trades on behalf of the AIFs it manages | ||||||
| 3 | Values of assets under management for all AIFs managed, calculated as set out in Article 2 | In base currency (if the same for all AIFs) | In base currency (if the same for all AIFs) | In base currency (if the same for all AIFs) | In EUR | In EUR | In EUR |
| Please provide official name, location and jurisdiction of markets | Please provide official name, location and jurisdiction of markets | Please provide official name, location and jurisdiction of markets | Please provide official name, location and jurisdiction of markets | Please provide official name, location and jurisdiction of markets | Please provide official name, location and jurisdiction of markets | Please provide official name, location and jurisdiction of markets |
Detailed list of all AIFs which the AIFM manages
to be provided on request for the end of each quarter
(Article 24(3) of Directive 2011/61/EU)
| Name of the AIF | Fund identification code | Fund identification code | Fund identification code | Fund identification code | Fund identification code | Fund identification code | Inception date | AIF type (Hedge Fund, Private Equity, Real Estate, Fund of Funds, Other [^E0005]) | NAV | EU AIF: Yes/No |
|---|---|---|---|---|---|---|---|---|---|---|
If Other please indicate the strategy that best describes the AIF type.
Monetary values should be reported in the base currency of the AIF.
Reporting Templates: AIF
(Articles 3(3)(d) and 24 of Directive 2011/61/EU)
AIF-specific information to be provided
(Articles 3(3)(d) and 24(1) of Directive 2011/61/EU)
| Data Type | Data Type | Data Type | Data Type | Data Type | Data Type | Data Type | Data Type | Data Type | Data Type | Reported Data | Reported Data | Reported Data |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Identification of the AIF | Identification of the AIF | Identification of the AIF | Identification of the AIF | Identification of the AIF | Identification of the AIF | Identification of the AIF | Identification of the AIF | Identification of the AIF | Identification of the AIF | Identification of the AIF | Identification of the AIF | Identification of the AIF |
| 1 | AIF name | AIF name | AIF name | AIF name | EU AIF: yes/no | EU AIF: yes/no | EU AIF: yes/no | |||||
| 2 | Fund manager (Legal name and standard code, where available) | Fund manager (Legal name and standard code, where available) | Fund manager (Legal name and standard code, where available) | Fund manager (Legal name and standard code, where available) | EU AIFM: yes/no | EU AIFM: yes/no | EU AIFM: yes/no | |||||
| 3 | Fund identification codes, as applicable | Fund identification codes, as applicable | Fund identification codes, as applicable | Fund identification codes, as applicable | Fund identification codes, as applicable | Fund identification codes, as applicable | Fund identification codes, as applicable | Fund identification codes, as applicable | Fund identification codes, as applicable | |||
| 4 | Inception date of the AIF | Inception date of the AIF | Inception date of the AIF | Inception date of the AIF | Inception date of the AIF | Inception date of the AIF | Inception date of the AIF | Inception date of the AIF | Inception date of the AIF | |||
| 5 | Domicile of the AIF | Domicile of the AIF | Domicile of the AIF | Domicile of the AIF | Domicile of the AIF | Domicile of the AIF | Domicile of the AIF | Domicile of the AIF | Domicile of the AIF | |||
| 6 | Identification of prime broker(s) of the AIF (Legal name and standard code, where available) | Identification of prime broker(s) of the AIF (Legal name and standard code, where available) | Identification of prime broker(s) of the AIF (Legal name and standard code, where available) | Identification of prime broker(s) of the AIF (Legal name and standard code, where available) | Identification of prime broker(s) of the AIF (Legal name and standard code, where available) | Identification of prime broker(s) of the AIF (Legal name and standard code, where available) | Identification of prime broker(s) of the AIF (Legal name and standard code, where available) | Identification of prime broker(s) of the AIF (Legal name and standard code, where available) | Identification of prime broker(s) of the AIF (Legal name and standard code, where available) | |||
| 7 | Base currency of the AIF according to ISO 4217 and assets under management calculated as set out in Article 2 | Base currency of the AIF according to ISO 4217 and assets under management calculated as set out in Article 2 | Base currency of the AIF according to ISO 4217 and assets under management calculated as set out in Article 2 | Base currency of the AIF according to ISO 4217 and assets under management calculated as set out in Article 2 | Base currency of the AIF according to ISO 4217 and assets under management calculated as set out in Article 2 | Base currency of the AIF according to ISO 4217 and assets under management calculated as set out in Article 2 | Base currency of the AIF according to ISO 4217 and assets under management calculated as set out in Article 2 | Base currency of the AIF according to ISO 4217 and assets under management calculated as set out in Article 2 | Base currency of the AIF according to ISO 4217 and assets under management calculated as set out in Article 2 | Currency | Currency | Total AuM |
| 8 | Jurisdictions of the three main funding sources (excluding units or shares of the AIF bought by investors) | Jurisdictions of the three main funding sources (excluding units or shares of the AIF bought by investors) | Jurisdictions of the three main funding sources (excluding units or shares of the AIF bought by investors) | Jurisdictions of the three main funding sources (excluding units or shares of the AIF bought by investors) | Jurisdictions of the three main funding sources (excluding units or shares of the AIF bought by investors) | Jurisdictions of the three main funding sources (excluding units or shares of the AIF bought by investors) | Jurisdictions of the three main funding sources (excluding units or shares of the AIF bought by investors) | Jurisdictions of the three main funding sources (excluding units or shares of the AIF bought by investors) | Jurisdictions of the three main funding sources (excluding units or shares of the AIF bought by investors) | |||
| 9 | Predominant AIF type (select one) | Predominant AIF type (select one) | Predominant AIF type (select one) | Predominant AIF type (select one) | Predominant AIF type (select one) | Predominant AIF type (select one) | Predominant AIF type (select one) | Predominant AIF type (select one) | Predominant AIF type (select one) | Hedge Fund Private Equity Fund Real Estate Fund Fund of Funds Other None | Hedge Fund Private Equity Fund Real Estate Fund Fund of Funds Other None | |
| 10 | Breakdown of investment strategies (Provide a breakdown of the investment strategies of the AIF depending on the predominant AIF type selected in question 1. See guidance notes for further information on how to complete this question.) | Breakdown of investment strategies (Provide a breakdown of the investment strategies of the AIF depending on the predominant AIF type selected in question 1. See guidance notes for further information on how to complete this question.) | Breakdown of investment strategies (Provide a breakdown of the investment strategies of the AIF depending on the predominant AIF type selected in question 1. See guidance notes for further information on how to complete this question.) | Breakdown of investment strategies (Provide a breakdown of the investment strategies of the AIF depending on the predominant AIF type selected in question 1. See guidance notes for further information on how to complete this question.) | Breakdown of investment strategies (Provide a breakdown of the investment strategies of the AIF depending on the predominant AIF type selected in question 1. See guidance notes for further information on how to complete this question.) | Breakdown of investment strategies (Provide a breakdown of the investment strategies of the AIF depending on the predominant AIF type selected in question 1. See guidance notes for further information on how to complete this question.) | Breakdown of investment strategies (Provide a breakdown of the investment strategies of the AIF depending on the predominant AIF type selected in question 1. See guidance notes for further information on how to complete this question.) | Breakdown of investment strategies (Provide a breakdown of the investment strategies of the AIF depending on the predominant AIF type selected in question 1. See guidance notes for further information on how to complete this question.) | Breakdown of investment strategies (Provide a breakdown of the investment strategies of the AIF depending on the predominant AIF type selected in question 1. See guidance notes for further information on how to complete this question.) | Breakdown of investment strategies (Provide a breakdown of the investment strategies of the AIF depending on the predominant AIF type selected in question 1. See guidance notes for further information on how to complete this question.) | Breakdown of investment strategies (Provide a breakdown of the investment strategies of the AIF depending on the predominant AIF type selected in question 1. See guidance notes for further information on how to complete this question.) | Breakdown of investment strategies (Provide a breakdown of the investment strategies of the AIF depending on the predominant AIF type selected in question 1. See guidance notes for further information on how to complete this question.) |
| Indicate the strategy that best describe the AIF’s strategy | Indicate the strategy that best describe the AIF’s strategy | Share in NAV (%) | ||||||||||
| a) Hedge Fund Strategies (Complete this question if you selected ‘Hedge Fund’ as the predominant AIF type in question 1.) | a) Hedge Fund Strategies (Complete this question if you selected ‘Hedge Fund’ as the predominant AIF type in question 1.) | a) Hedge Fund Strategies (Complete this question if you selected ‘Hedge Fund’ as the predominant AIF type in question 1.) | a) Hedge Fund Strategies (Complete this question if you selected ‘Hedge Fund’ as the predominant AIF type in question 1.) | a) Hedge Fund Strategies (Complete this question if you selected ‘Hedge Fund’ as the predominant AIF type in question 1.) | a) Hedge Fund Strategies (Complete this question if you selected ‘Hedge Fund’ as the predominant AIF type in question 1.) | a) Hedge Fund Strategies (Complete this question if you selected ‘Hedge Fund’ as the predominant AIF type in question 1.) | a) Hedge Fund Strategies (Complete this question if you selected ‘Hedge Fund’ as the predominant AIF type in question 1.) | a) Hedge Fund Strategies (Complete this question if you selected ‘Hedge Fund’ as the predominant AIF type in question 1.) | a) Hedge Fund Strategies (Complete this question if you selected ‘Hedge Fund’ as the predominant AIF type in question 1.) | a) Hedge Fund Strategies (Complete this question if you selected ‘Hedge Fund’ as the predominant AIF type in question 1.) | a) Hedge Fund Strategies (Complete this question if you selected ‘Hedge Fund’ as the predominant AIF type in question 1.) | a) Hedge Fund Strategies (Complete this question if you selected ‘Hedge Fund’ as the predominant AIF type in question 1.) |
| Indicate the hedge fund strategies that best describe the AIFs strategies Equity: Long Bias Equity: Long/Short Equity: Market Neutral Equity: Short Bias Relative Value: Fixed Income Arbitrage Relative Value: Convertible Bond Arbitrage Relative Value: Volatility Arbitrage Event Driven: Distressed/Restructuring Event Driven: Risk Arbitrage/Merger Arbitrage Event Driven: Equity Special Situations Credit Long/Short Credit Asset Based Lending Macro Managed Futures/CTA: Fundamental Managed Futures/CTA: Quantitative Multi-strategy hedge fund Other hedge fund strategy | Indicate the hedge fund strategies that best describe the AIFs strategies Equity: Long Bias Equity: Long/Short Equity: Market Neutral Equity: Short Bias Relative Value: Fixed Income Arbitrage Relative Value: Convertible Bond Arbitrage Relative Value: Volatility Arbitrage Event Driven: Distressed/Restructuring Event Driven: Risk Arbitrage/Merger Arbitrage Event Driven: Equity Special Situations Credit Long/Short Credit Asset Based Lending Macro Managed Futures/CTA: Fundamental Managed Futures/CTA: Quantitative Multi-strategy hedge fund Other hedge fund strategy | Indicate the hedge fund strategies that best describe the AIFs strategies Equity: Long Bias Equity: Long/Short Equity: Market Neutral Equity: Short Bias Relative Value: Fixed Income Arbitrage Relative Value: Convertible Bond Arbitrage Relative Value: Volatility Arbitrage Event Driven: Distressed/Restructuring Event Driven: Risk Arbitrage/Merger Arbitrage Event Driven: Equity Special Situations Credit Long/Short Credit Asset Based Lending Macro Managed Futures/CTA: Fundamental Managed Futures/CTA: Quantitative Multi-strategy hedge fund Other hedge fund strategy | Indicate the hedge fund strategies that best describe the AIFs strategies Equity: Long Bias Equity: Long/Short Equity: Market Neutral Equity: Short Bias Relative Value: Fixed Income Arbitrage Relative Value: Convertible Bond Arbitrage Relative Value: Volatility Arbitrage Event Driven: Distressed/Restructuring Event Driven: Risk Arbitrage/Merger Arbitrage Event Driven: Equity Special Situations Credit Long/Short Credit Asset Based Lending Macro Managed Futures/CTA: Fundamental Managed Futures/CTA: Quantitative Multi-strategy hedge fund Other hedge fund strategy | Indicate the hedge fund strategies that best describe the AIFs strategies Equity: Long Bias Equity: Long/Short Equity: Market Neutral Equity: Short Bias Relative Value: Fixed Income Arbitrage Relative Value: Convertible Bond Arbitrage Relative Value: Volatility Arbitrage Event Driven: Distressed/Restructuring Event Driven: Risk Arbitrage/Merger Arbitrage Event Driven: Equity Special Situations Credit Long/Short Credit Asset Based Lending Macro Managed Futures/CTA: Fundamental Managed Futures/CTA: Quantitative Multi-strategy hedge fund Other hedge fund strategy | Indicate the hedge fund strategies that best describe the AIFs strategies Equity: Long Bias Equity: Long/Short Equity: Market Neutral Equity: Short Bias Relative Value: Fixed Income Arbitrage Relative Value: Convertible Bond Arbitrage Relative Value: Volatility Arbitrage Event Driven: Distressed/Restructuring Event Driven: Risk Arbitrage/Merger Arbitrage Event Driven: Equity Special Situations Credit Long/Short Credit Asset Based Lending Macro Managed Futures/CTA: Fundamental Managed Futures/CTA: Quantitative Multi-strategy hedge fund Other hedge fund strategy | Indicate the hedge fund strategies that best describe the AIFs strategies Equity: Long Bias Equity: Long/Short Equity: Market Neutral Equity: Short Bias Relative Value: Fixed Income Arbitrage Relative Value: Convertible Bond Arbitrage Relative Value: Volatility Arbitrage Event Driven: Distressed/Restructuring Event Driven: Risk Arbitrage/Merger Arbitrage Event Driven: Equity Special Situations Credit Long/Short Credit Asset Based Lending Macro Managed Futures/CTA: Fundamental Managed Futures/CTA: Quantitative Multi-strategy hedge fund Other hedge fund strategy | Indicate the hedge fund strategies that best describe the AIFs strategies Equity: Long Bias Equity: Long/Short Equity: Market Neutral Equity: Short Bias Relative Value: Fixed Income Arbitrage Relative Value: Convertible Bond Arbitrage Relative Value: Volatility Arbitrage Event Driven: Distressed/Restructuring Event Driven: Risk Arbitrage/Merger Arbitrage Event Driven: Equity Special Situations Credit Long/Short Credit Asset Based Lending Macro Managed Futures/CTA: Fundamental Managed Futures/CTA: Quantitative Multi-strategy hedge fund Other hedge fund strategy | Indicate the hedge fund strategies that best describe the AIFs strategies Equity: Long Bias Equity: Long/Short Equity: Market Neutral Equity: Short Bias Relative Value: Fixed Income Arbitrage Relative Value: Convertible Bond Arbitrage Relative Value: Volatility Arbitrage Event Driven: Distressed/Restructuring Event Driven: Risk Arbitrage/Merger Arbitrage Event Driven: Equity Special Situations Credit Long/Short Credit Asset Based Lending Macro Managed Futures/CTA: Fundamental Managed Futures/CTA: Quantitative Multi-strategy hedge fund Other hedge fund strategy | ||||
| b) Private Equity Strategies (Complete this question if you selected ‘Private Equity’ as the predominant AIF type in question 1.) | b) Private Equity Strategies (Complete this question if you selected ‘Private Equity’ as the predominant AIF type in question 1.) | b) Private Equity Strategies (Complete this question if you selected ‘Private Equity’ as the predominant AIF type in question 1.) | b) Private Equity Strategies (Complete this question if you selected ‘Private Equity’ as the predominant AIF type in question 1.) | b) Private Equity Strategies (Complete this question if you selected ‘Private Equity’ as the predominant AIF type in question 1.) | b) Private Equity Strategies (Complete this question if you selected ‘Private Equity’ as the predominant AIF type in question 1.) | b) Private Equity Strategies (Complete this question if you selected ‘Private Equity’ as the predominant AIF type in question 1.) | b) Private Equity Strategies (Complete this question if you selected ‘Private Equity’ as the predominant AIF type in question 1.) | b) Private Equity Strategies (Complete this question if you selected ‘Private Equity’ as the predominant AIF type in question 1.) | b) Private Equity Strategies (Complete this question if you selected ‘Private Equity’ as the predominant AIF type in question 1.) | b) Private Equity Strategies (Complete this question if you selected ‘Private Equity’ as the predominant AIF type in question 1.) | b) Private Equity Strategies (Complete this question if you selected ‘Private Equity’ as the predominant AIF type in question 1.) | b) Private Equity Strategies (Complete this question if you selected ‘Private Equity’ as the predominant AIF type in question 1.) |
| Indicate the private equity strategies that best describe the AIFs strategies Venture Capital Growth Capital Mezzanine Capital Multi-strategy private equity fund Other private equity fund strategy | Indicate the private equity strategies that best describe the AIFs strategies Venture Capital Growth Capital Mezzanine Capital Multi-strategy private equity fund Other private equity fund strategy | Indicate the private equity strategies that best describe the AIFs strategies Venture Capital Growth Capital Mezzanine Capital Multi-strategy private equity fund Other private equity fund strategy | Indicate the private equity strategies that best describe the AIFs strategies Venture Capital Growth Capital Mezzanine Capital Multi-strategy private equity fund Other private equity fund strategy | Indicate the private equity strategies that best describe the AIFs strategies Venture Capital Growth Capital Mezzanine Capital Multi-strategy private equity fund Other private equity fund strategy | Indicate the private equity strategies that best describe the AIFs strategies Venture Capital Growth Capital Mezzanine Capital Multi-strategy private equity fund Other private equity fund strategy | Indicate the private equity strategies that best describe the AIFs strategies Venture Capital Growth Capital Mezzanine Capital Multi-strategy private equity fund Other private equity fund strategy | Indicate the private equity strategies that best describe the AIFs strategies Venture Capital Growth Capital Mezzanine Capital Multi-strategy private equity fund Other private equity fund strategy | Indicate the private equity strategies that best describe the AIFs strategies Venture Capital Growth Capital Mezzanine Capital Multi-strategy private equity fund Other private equity fund strategy | ||||
| c) Real Estate Strategies (Complete this question if you selected ‘Real Estate’ as the predominant AIF type in question 1.) | c) Real Estate Strategies (Complete this question if you selected ‘Real Estate’ as the predominant AIF type in question 1.) | c) Real Estate Strategies (Complete this question if you selected ‘Real Estate’ as the predominant AIF type in question 1.) | c) Real Estate Strategies (Complete this question if you selected ‘Real Estate’ as the predominant AIF type in question 1.) | c) Real Estate Strategies (Complete this question if you selected ‘Real Estate’ as the predominant AIF type in question 1.) | c) Real Estate Strategies (Complete this question if you selected ‘Real Estate’ as the predominant AIF type in question 1.) | c) Real Estate Strategies (Complete this question if you selected ‘Real Estate’ as the predominant AIF type in question 1.) | c) Real Estate Strategies (Complete this question if you selected ‘Real Estate’ as the predominant AIF type in question 1.) | c) Real Estate Strategies (Complete this question if you selected ‘Real Estate’ as the predominant AIF type in question 1.) | c) Real Estate Strategies (Complete this question if you selected ‘Real Estate’ as the predominant AIF type in question 1.) | c) Real Estate Strategies (Complete this question if you selected ‘Real Estate’ as the predominant AIF type in question 1.) | c) Real Estate Strategies (Complete this question if you selected ‘Real Estate’ as the predominant AIF type in question 1.) | c) Real Estate Strategies (Complete this question if you selected ‘Real Estate’ as the predominant AIF type in question 1.) |
| Indicate the real estate strategies that best describe the AIFs strategies Residential real estate Commercial real estate Industrial real estate Multi-strategy real estate fund Other real estate strategy | Indicate the real estate strategies that best describe the AIFs strategies Residential real estate Commercial real estate Industrial real estate Multi-strategy real estate fund Other real estate strategy | Indicate the real estate strategies that best describe the AIFs strategies Residential real estate Commercial real estate Industrial real estate Multi-strategy real estate fund Other real estate strategy | Indicate the real estate strategies that best describe the AIFs strategies Residential real estate Commercial real estate Industrial real estate Multi-strategy real estate fund Other real estate strategy | Indicate the real estate strategies that best describe the AIFs strategies Residential real estate Commercial real estate Industrial real estate Multi-strategy real estate fund Other real estate strategy | Indicate the real estate strategies that best describe the AIFs strategies Residential real estate Commercial real estate Industrial real estate Multi-strategy real estate fund Other real estate strategy | Indicate the real estate strategies that best describe the AIFs strategies Residential real estate Commercial real estate Industrial real estate Multi-strategy real estate fund Other real estate strategy | Indicate the real estate strategies that best describe the AIFs strategies Residential real estate Commercial real estate Industrial real estate Multi-strategy real estate fund Other real estate strategy | Indicate the real estate strategies that best describe the AIFs strategies Residential real estate Commercial real estate Industrial real estate Multi-strategy real estate fund Other real estate strategy | ||||
| d) Fund of Fund Strategies (Complete this question if you selected ‘Fund of Funds’ as the predominant AIF type in question 1.) | d) Fund of Fund Strategies (Complete this question if you selected ‘Fund of Funds’ as the predominant AIF type in question 1.) | d) Fund of Fund Strategies (Complete this question if you selected ‘Fund of Funds’ as the predominant AIF type in question 1.) | d) Fund of Fund Strategies (Complete this question if you selected ‘Fund of Funds’ as the predominant AIF type in question 1.) | d) Fund of Fund Strategies (Complete this question if you selected ‘Fund of Funds’ as the predominant AIF type in question 1.) | d) Fund of Fund Strategies (Complete this question if you selected ‘Fund of Funds’ as the predominant AIF type in question 1.) | d) Fund of Fund Strategies (Complete this question if you selected ‘Fund of Funds’ as the predominant AIF type in question 1.) | d) Fund of Fund Strategies (Complete this question if you selected ‘Fund of Funds’ as the predominant AIF type in question 1.) | d) Fund of Fund Strategies (Complete this question if you selected ‘Fund of Funds’ as the predominant AIF type in question 1.) | d) Fund of Fund Strategies (Complete this question if you selected ‘Fund of Funds’ as the predominant AIF type in question 1.) | d) Fund of Fund Strategies (Complete this question if you selected ‘Fund of Funds’ as the predominant AIF type in question 1.) | d) Fund of Fund Strategies (Complete this question if you selected ‘Fund of Funds’ as the predominant AIF type in question 1.) | d) Fund of Fund Strategies (Complete this question if you selected ‘Fund of Funds’ as the predominant AIF type in question 1.) |
| Indicate the ‘fund of fund’ strategy that best describe the AIFs strategies Fund of hedge funds Fund of private equity Other fund of funds | Indicate the ‘fund of fund’ strategy that best describe the AIFs strategies Fund of hedge funds Fund of private equity Other fund of funds | Indicate the ‘fund of fund’ strategy that best describe the AIFs strategies Fund of hedge funds Fund of private equity Other fund of funds | Indicate the ‘fund of fund’ strategy that best describe the AIFs strategies Fund of hedge funds Fund of private equity Other fund of funds | Indicate the ‘fund of fund’ strategy that best describe the AIFs strategies Fund of hedge funds Fund of private equity Other fund of funds | Indicate the ‘fund of fund’ strategy that best describe the AIFs strategies Fund of hedge funds Fund of private equity Other fund of funds | Indicate the ‘fund of fund’ strategy that best describe the AIFs strategies Fund of hedge funds Fund of private equity Other fund of funds | Indicate the ‘fund of fund’ strategy that best describe the AIFs strategies Fund of hedge funds Fund of private equity Other fund of funds | Indicate the ‘fund of fund’ strategy that best describe the AIFs strategies Fund of hedge funds Fund of private equity Other fund of funds | ||||
| e) Other Strategies (Complete this question if you selected ‘Other’ as the predominant AIF type in question 1.) | e) Other Strategies (Complete this question if you selected ‘Other’ as the predominant AIF type in question 1.) | e) Other Strategies (Complete this question if you selected ‘Other’ as the predominant AIF type in question 1.) | e) Other Strategies (Complete this question if you selected ‘Other’ as the predominant AIF type in question 1.) | e) Other Strategies (Complete this question if you selected ‘Other’ as the predominant AIF type in question 1.) | e) Other Strategies (Complete this question if you selected ‘Other’ as the predominant AIF type in question 1.) | e) Other Strategies (Complete this question if you selected ‘Other’ as the predominant AIF type in question 1.) | e) Other Strategies (Complete this question if you selected ‘Other’ as the predominant AIF type in question 1.) | e) Other Strategies (Complete this question if you selected ‘Other’ as the predominant AIF type in question 1.) | e) Other Strategies (Complete this question if you selected ‘Other’ as the predominant AIF type in question 1.) | e) Other Strategies (Complete this question if you selected ‘Other’ as the predominant AIF type in question 1.) | e) Other Strategies (Complete this question if you selected ‘Other’ as the predominant AIF type in question 1.) | e) Other Strategies (Complete this question if you selected ‘Other’ as the predominant AIF type in question 1.) |
| Indicate the ‘other’ strategy that best describe the AIFs’ strategies Commodity fund Equity fund Fixed income fund Infrastructure fund Other fund | Indicate the ‘other’ strategy that best describe the AIFs’ strategies Commodity fund Equity fund Fixed income fund Infrastructure fund Other fund | Indicate the ‘other’ strategy that best describe the AIFs’ strategies Commodity fund Equity fund Fixed income fund Infrastructure fund Other fund | Indicate the ‘other’ strategy that best describe the AIFs’ strategies Commodity fund Equity fund Fixed income fund Infrastructure fund Other fund | Indicate the ‘other’ strategy that best describe the AIFs’ strategies Commodity fund Equity fund Fixed income fund Infrastructure fund Other fund | Indicate the ‘other’ strategy that best describe the AIFs’ strategies Commodity fund Equity fund Fixed income fund Infrastructure fund Other fund | Indicate the ‘other’ strategy that best describe the AIFs’ strategies Commodity fund Equity fund Fixed income fund Infrastructure fund Other fund | Indicate the ‘other’ strategy that best describe the AIFs’ strategies Commodity fund Equity fund Fixed income fund Infrastructure fund Other fund | Indicate the ‘other’ strategy that best describe the AIFs’ strategies Commodity fund Equity fund Fixed income fund Infrastructure fund Other fund | ||||
| Principal exposures and most important concentration | Principal exposures and most important concentration | Principal exposures and most important concentration | Principal exposures and most important concentration | Principal exposures and most important concentration | Principal exposures and most important concentration | Principal exposures and most important concentration | Principal exposures and most important concentration | Principal exposures and most important concentration | Principal exposures and most important concentration | Principal exposures and most important concentration | Principal exposures and most important concentration | Principal exposures and most important concentration |
| 11 | Main instruments in which the AIF is trading | Main instruments in which the AIF is trading | Main instruments in which the AIF is trading | Main instruments in which the AIF is trading | Main instruments in which the AIF is trading | Main instruments in which the AIF is trading | Main instruments in which the AIF is trading | Main instruments in which the AIF is trading | Main instruments in which the AIF is trading | |||
| Type of instrument/instrument code | Type of instrument/instrument code | Type of instrument/instrument code | Value (as calculated under Article 3 AIFMD) | Value (as calculated under Article 3 AIFMD) | Value (as calculated under Article 3 AIFMD) | Value (as calculated under Article 3 AIFMD) | Long/short position | Long/short position | ||||
| Most important instrument | Most important instrument | Most important instrument | ||||||||||
| 2nd most important instrument | 2nd most important instrument | 2nd most important instrument | ||||||||||
| 3rd most important instrument | 3rd most important instrument | 3rd most important instrument | ||||||||||
| 4th most important instrument | 4th most important instrument | 4th most important instrument | ||||||||||
| 5th most important instrument | 5th most important instrument | 5th most important instrument | ||||||||||
| 12 | Geographical focus | Geographical focus | Geographical focus | Geographical focus | Geographical focus | Geographical focus | Geographical focus | Geographical focus | Geographical focus | |||
| Provide a geographical breakdown of the investments held by the AIF by percentage of the total net asset value of the AIF | Provide a geographical breakdown of the investments held by the AIF by percentage of the total net asset value of the AIF | Provide a geographical breakdown of the investments held by the AIF by percentage of the total net asset value of the AIF | Provide a geographical breakdown of the investments held by the AIF by percentage of the total net asset value of the AIF | Provide a geographical breakdown of the investments held by the AIF by percentage of the total net asset value of the AIF | Provide a geographical breakdown of the investments held by the AIF by percentage of the total net asset value of the AIF | Provide a geographical breakdown of the investments held by the AIF by percentage of the total net asset value of the AIF | Provide a geographical breakdown of the investments held by the AIF by percentage of the total net asset value of the AIF | Provide a geographical breakdown of the investments held by the AIF by percentage of the total net asset value of the AIF | % of NAV | % of NAV | ||
| Africa | Africa | Africa | Africa | Africa | Africa | Africa | Africa | Africa | ||||
| Asia and Pacific (other than Middle East) | Asia and Pacific (other than Middle East) | Asia and Pacific (other than Middle East) | Asia and Pacific (other than Middle East) | Asia and Pacific (other than Middle East) | Asia and Pacific (other than Middle East) | Asia and Pacific (other than Middle East) | Asia and Pacific (other than Middle East) | Asia and Pacific (other than Middle East) | ||||
| Europe (EEA) | Europe (EEA) | Europe (EEA) | Europe (EEA) | Europe (EEA) | Europe (EEA) | Europe (EEA) | Europe (EEA) | Europe (EEA) | ||||
| Europe (other than EEA) | Europe (other than EEA) | Europe (other than EEA) | Europe (other than EEA) | Europe (other than EEA) | Europe (other than EEA) | Europe (other than EEA) | Europe (other than EEA) | Europe (other than EEA) | ||||
| Middle East | Middle East | Middle East | Middle East | Middle East | Middle East | Middle East | Middle East | Middle East | ||||
| North America | North America | North America | North America | North America | North America | North America | North America | North America | ||||
| South America | South America | South America | South America | South America | South America | South America | South America | South America | ||||
| Supranational/multiple region | Supranational/multiple region | Supranational/multiple region | Supranational/multiple region | Supranational/multiple region | Supranational/multiple region | Supranational/multiple region | Supranational/multiple region | Supranational/multiple region | ||||
| 13 | 10 principal exposures of the AIF at the reporting date (most valuable in absolute terms): | 10 principal exposures of the AIF at the reporting date (most valuable in absolute terms): | 10 principal exposures of the AIF at the reporting date (most valuable in absolute terms): | 10 principal exposures of the AIF at the reporting date (most valuable in absolute terms): | 10 principal exposures of the AIF at the reporting date (most valuable in absolute terms): | 10 principal exposures of the AIF at the reporting date (most valuable in absolute terms): | 10 principal exposures of the AIF at the reporting date (most valuable in absolute terms): | 10 principal exposures of the AIF at the reporting date (most valuable in absolute terms): | 10 principal exposures of the AIF at the reporting date (most valuable in absolute terms): | 10 principal exposures of the AIF at the reporting date (most valuable in absolute terms): | 10 principal exposures of the AIF at the reporting date (most valuable in absolute terms): | 10 principal exposures of the AIF at the reporting date (most valuable in absolute terms): |
| Type of asset/liability | Name/description of the asset/liability | Name/description of the asset/liability | Name/description of the asset/liability | Value (as calculated under Article 3) | Value (as calculated under Article 3) | % of gross market value | Long/short position | Long/short position | Counterparty (where relevant) | Counterparty (where relevant) | ||
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| 14 | 5 most important portfolio concentrations: | 5 most important portfolio concentrations: | 5 most important portfolio concentrations: | 5 most important portfolio concentrations: | 5 most important portfolio concentrations: | 5 most important portfolio concentrations: | 5 most important portfolio concentrations: | 5 most important portfolio concentrations: | 5 most important portfolio concentrations: | 5 most important portfolio concentrations: | 5 most important portfolio concentrations: | 5 most important portfolio concentrations: |
| Type of asset/liability | Name/description of the market | Name/description of the market | Name/description of the market | Value of aggregate exposure (as calculated under Article 3) | Value of aggregate exposure (as calculated under Article 3) | % of gross market value | Long/short position | Long/short position | Counterparty (where relevant) | Counterparty (where relevant) | ||
| 1st | ||||||||||||
| 2nd | ||||||||||||
| 3rd | ||||||||||||
| 4th | ||||||||||||
| 5th | ||||||||||||
| 15 | Typical deal/position size (Complete this question if you selected as your predominant AIF type ‘private equity fund’ in question 1) | Typical deal/position size (Complete this question if you selected as your predominant AIF type ‘private equity fund’ in question 1) | Typical deal/position size (Complete this question if you selected as your predominant AIF type ‘private equity fund’ in question 1) | Typical deal/position size (Complete this question if you selected as your predominant AIF type ‘private equity fund’ in question 1) | Typical deal/position size (Complete this question if you selected as your predominant AIF type ‘private equity fund’ in question 1) | Typical deal/position size (Complete this question if you selected as your predominant AIF type ‘private equity fund’ in question 1) | Typical deal/position size (Complete this question if you selected as your predominant AIF type ‘private equity fund’ in question 1) | Typical deal/position size (Complete this question if you selected as your predominant AIF type ‘private equity fund’ in question 1) | Typical deal/position size (Complete this question if you selected as your predominant AIF type ‘private equity fund’ in question 1) | [Select one] Very small Small Lower mid market Upper mid market Large cap Mega cap | ||
| 16 | Principal markets in which AIF trades | Principal markets in which AIF trades | Principal markets in which AIF trades | Principal markets in which AIF trades | Principal markets in which AIF trades | Principal markets in which AIF trades | Principal markets in which AIF trades | Principal markets in which AIF trades | Principal markets in which AIF trades | |||
| Please enter name and identifier (e.g. MIC code) where available, of market with greatest exposure | Please enter name and identifier (e.g. MIC code) where available, of market with greatest exposure | Please enter name and identifier (e.g. MIC code) where available, of market with greatest exposure | Please enter name and identifier (e.g. MIC code) where available, of market with greatest exposure | Please enter name and identifier (e.g. MIC code) where available, of market with greatest exposure | Please enter name and identifier (e.g. MIC code) where available, of market with greatest exposure | Please enter name and identifier (e.g. MIC code) where available, of market with greatest exposure | Please enter name and identifier (e.g. MIC code) where available, of market with greatest exposure | Please enter name and identifier (e.g. MIC code) where available, of market with greatest exposure | ||||
| Please enter name and identifier (e.g. MIC code) where available, of market with second greatest exposure | Please enter name and identifier (e.g. MIC code) where available, of market with second greatest exposure | Please enter name and identifier (e.g. MIC code) where available, of market with second greatest exposure | Please enter name and identifier (e.g. MIC code) where available, of market with second greatest exposure | Please enter name and identifier (e.g. MIC code) where available, of market with second greatest exposure | Please enter name and identifier (e.g. MIC code) where available, of market with second greatest exposure | Please enter name and identifier (e.g. MIC code) where available, of market with second greatest exposure | Please enter name and identifier (e.g. MIC code) where available, of market with second greatest exposure | Please enter name and identifier (e.g. MIC code) where available, of market with second greatest exposure | ||||
| Please enter name and identifier (e.g. MIC code) where available, of market with third greatest exposure | Please enter name and identifier (e.g. MIC code) where available, of market with third greatest exposure | Please enter name and identifier (e.g. MIC code) where available, of market with third greatest exposure | Please enter name and identifier (e.g. MIC code) where available, of market with third greatest exposure | Please enter name and identifier (e.g. MIC code) where available, of market with third greatest exposure | Please enter name and identifier (e.g. MIC code) where available, of market with third greatest exposure | Please enter name and identifier (e.g. MIC code) where available, of market with third greatest exposure | Please enter name and identifier (e.g. MIC code) where available, of market with third greatest exposure | Please enter name and identifier (e.g. MIC code) where available, of market with third greatest exposure | ||||
| 17 | Investor Concentration | Investor Concentration | Investor Concentration | Investor Concentration | Investor Concentration | Investor Concentration | Investor Concentration | Investor Concentration | Investor Concentration | |||
| Specify the approximate percentage of the AIF’s equity that is beneficially owned by the five beneficial owners that have the largest equity interest in the AIF (as a percentage of outstanding units/shares of the AIF; look-through to the beneficial owners where known or possible) | Specify the approximate percentage of the AIF’s equity that is beneficially owned by the five beneficial owners that have the largest equity interest in the AIF (as a percentage of outstanding units/shares of the AIF; look-through to the beneficial owners where known or possible) | Specify the approximate percentage of the AIF’s equity that is beneficially owned by the five beneficial owners that have the largest equity interest in the AIF (as a percentage of outstanding units/shares of the AIF; look-through to the beneficial owners where known or possible) | Specify the approximate percentage of the AIF’s equity that is beneficially owned by the five beneficial owners that have the largest equity interest in the AIF (as a percentage of outstanding units/shares of the AIF; look-through to the beneficial owners where known or possible) | Specify the approximate percentage of the AIF’s equity that is beneficially owned by the five beneficial owners that have the largest equity interest in the AIF (as a percentage of outstanding units/shares of the AIF; look-through to the beneficial owners where known or possible) | Specify the approximate percentage of the AIF’s equity that is beneficially owned by the five beneficial owners that have the largest equity interest in the AIF (as a percentage of outstanding units/shares of the AIF; look-through to the beneficial owners where known or possible) | Specify the approximate percentage of the AIF’s equity that is beneficially owned by the five beneficial owners that have the largest equity interest in the AIF (as a percentage of outstanding units/shares of the AIF; look-through to the beneficial owners where known or possible) | Specify the approximate percentage of the AIF’s equity that is beneficially owned by the five beneficial owners that have the largest equity interest in the AIF (as a percentage of outstanding units/shares of the AIF; look-through to the beneficial owners where known or possible) | Specify the approximate percentage of the AIF’s equity that is beneficially owned by the five beneficial owners that have the largest equity interest in the AIF (as a percentage of outstanding units/shares of the AIF; look-through to the beneficial owners where known or possible) | ||||
| Breakdown of investor concentration by status of investors (estimate if no precise information available): | Breakdown of investor concentration by status of investors (estimate if no precise information available): | Breakdown of investor concentration by status of investors (estimate if no precise information available): | Breakdown of investor concentration by status of investors (estimate if no precise information available): | Breakdown of investor concentration by status of investors (estimate if no precise information available): | Breakdown of investor concentration by status of investors (estimate if no precise information available): | Breakdown of investor concentration by status of investors (estimate if no precise information available): | Breakdown of investor concentration by status of investors (estimate if no precise information available): | Breakdown of investor concentration by status of investors (estimate if no precise information available): | % | |||
| — Professional clients (as defined in Directive 2004/39/EC (MiFID): — Retail investors: | — Professional clients (as defined in Directive 2004/39/EC (MiFID): — Retail investors: | — Professional clients (as defined in Directive 2004/39/EC (MiFID): — Retail investors: | — Professional clients (as defined in Directive 2004/39/EC (MiFID): — Retail investors: | — Professional clients (as defined in Directive 2004/39/EC (MiFID): — Retail investors: | — Professional clients (as defined in Directive 2004/39/EC (MiFID): — Retail investors: | — Professional clients (as defined in Directive 2004/39/EC (MiFID): — Retail investors: | — Professional clients (as defined in Directive 2004/39/EC (MiFID): — Retail investors: | — Professional clients (as defined in Directive 2004/39/EC (MiFID): — Retail investors: |
Monetary values should be reported in the base currency of the AIF.
AIF-specific information to be provided to competent authorities
(Article 24(2) of Directive 2011/61/EU)
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