How to Invest

There are two different ways in which you can invest in the Citadel Value Fund SICAV.

1) The cheapest option for most investors is to invest directly in the Fund. There are no sales or commission charges, no buy or sell spread, no annual custody fee, and you will only need to pay a modest one-time charge to your bank for transferring the funds. You can do this by following the four steps explained below.

a) You will need to complete and sign the application form of the Fund. A copy of the application form is available on the website under Prospectuses & Forms. You may also request that it be mailed to you. In that case please submit your request either in writing, by e-mail to info@citadelfund.com, or through the website under Request information. Of course in all cases please provide your name, mailing details, and e-mail address. Please ensure that you keep a copy of the application form for your records.

b) If you are a first-time subscriber you will also need to provide a certified copy of your passport or identity card (this is required due to the 'know-your-client' provisions of money-laundering laws, see explanation below).

c) Please mail completed application form and a certified passport copy to:

Citadel Value Fund SICAV

11, rue Aldringen

 L-1118 LUXEMBOURG

To ensure timely receipt and processing at the next NAV date it is advisable to also fax both the completed application form and a certified copy of your passport to the Fund's registrar:

European Fund Administration 

Attn.: Citadel Value Fund SICAV

Fax: +352 48 65 61 8002

OR Fax: +352 48 65 61 802

 

d) You will then need to complete the transaction by instructing your bank to transfer the amount you wish to invest to the Fund's bank account:

 

Account Holder/beneficiary:  Citadel Value Fund SICAV

Bank:                                            KBL European Private Bankers S.A.

Bank address:                            43, boulevard Royal, L-2955 LUXEMBOURG 

Account no. (IBAN):                  LU46 7050 5225 2363 1500

SWIFT (BIC) code:                     KBLXLULL

Once your subscription is processed you will receive a written confirmation in the mail (and first by fax if you've provided a fax number) stating the number of shares you purchased and the NAV (price) per share you paid.

2) You may also contact your bank or broker to purchase shares. Shares in the Fund can be purchased and held in your securities account like any other share or fund. Your bank, however, may require certain information to carry out your order. To facilitate your purchase you should pass along the fund's identification code, known as an ISIN code. For the Citadel Value Fund the ISIN code is LU0141953439.

For further information, your bank can contact the European Fund Administration S.A. (EFA) in Luxembourg which, as registrar, handles subscriptions and redemptions for the Fund:

Telephone:  +352 48 48 80 261

Fax:               +352 48 65 61 8002

E-mail:          dispatching@efa.lu (subject line: ATTN:

                       Citadel Value Fund)

 

 

Two subscription options 

When you subscribe you can choose to invest either a monetary amount that you specify, or subscribe for a particular number of shares. 

Should you choose to invest a particular amount in money, the number of shares you purchase will depend on the Net Asset Value (NAV) per share on the next valuation day. Fractional numbers of shares (to two decimal points) are possible. If, for instance, you invest EUR 100,000 and the NAV per share on the next valuation date is EUR 85.00 per share, you will receive 1176.47 shares. 

Alternatively, you can choose to purchase a certain number of shares (e.g. 1000 shares). The amount to be invested will then depend on what the NAV per share is on the next valuation day. You can make a rough estimate of the amount you will invest based on the last published NAV per share. Nevertheless, it is difficult to know in advance precisely the amount you will invest. 

The recommended option is therefore to specify the monetary amount (not the number of shares) that you wish to invest

Registered or bearer shares?

When subscribing directly to the Fund investors will generally invest in so-called 'registered' shares. However, for those investing through a bank or broker your shares will be 'bearer' shares. 

Registered shares have several advantages for investors who invest directly. Shareholders' names and contact details are kept in the Fund's confidential shareholder registry. This simplifies future transactions and also provides proof of ownership (note; you will also receive a written confirmation of your investment). Furthermore it allows the Fund to contact you directly with news, shareholder letters, proxies, and other pertinent information.

However some investors may prefer to hold bearer shares. Bearer shares are not registered by the Fund in your name, and physical share certificates are not available. However, when subscribing through a bank the shares you purchase in the Fund will be bearer shares, as are other shares held in your personal brokerage account.

Certified identification?

Money-laundering laws in Luxemburg and elsewhere require financial institutions to 'know-their-clients'. These laws demand that investors be fully identified, and therefore a certified copy of a passport or identity card is required when investors first invest. As is the case with the Fund's shareholder registry, this information will be kept strictly confidential.

When subscribing directly to the Fund for the first time, it is therefore necessary to mail both the original signed and completed application form as well as an original, officially certified, copy of your passport or identity card (for joint accounts all holders should provide identification). This is not necessary if you have already subscribed directly to the fund before. Nor is this necessary when subscribing through your bank or broker as you have already been identified when you opened an account there.

If you are applying on behalf of another (e.g. a child, spouse or dependent will be the 'beneficial owner' and the shares will be registered in his/her name(s)), then you should send the following documents:

1) an officially certified copy of your passport or identity card

2) an officially certified document in which it is clear that you have power of attorney such as:

Officially certified copies of your passport or identity card can be obtained from an official public authority such as your city hall/municipality, notary, embassy official, or police officer (in some countries).

Beneficial owner?

Most investors are the beneficial owners of the shares they subscribe for. However, where the economic benefit belongs to another (such as a child, spouse, dependent, etc.) then he and/or she is considered to be the beneficial owner.

When can I invest?

You can invest at any time. However, your order will actually be completed immediately after the next Net Asset Value (NAV) calculation, based on the NAV per share on that date. This will be your purchase price. The NAV per share is determined and published every two weeks on the first and third Tuesday of each month, based on the closing prices of the preceeding Monday. These are known as valuation days. Purchase orders (subscriptions) must be received by EFA by 17:30 CET on the Monday before a valuation day in order to be completed at the NAV per share of the following valuation day. If you would like to know when the next valuation date is, please check the Net Asset Value section of this website. Payments must be received and cleared by the Fund's bank within 3 business days of the valuation day. We advise investors to take account of the fact that banks often take several days to transfer funds, particularly those involving cross-border payments. In the event of a delay in receiving the subscription order and/or payment, the order will be processed on the next valuation day, at the NAV per share then calculated.

Minimum investment

Due to the prohibitive costs associated with small investments, the Fund maintains a minimum investment level. For private investors the minimum investment in the Citadel Value Fund SICAV is currently EUR 10,000-. This applies to both the initial and subsequent subscriptions.

Subscribing as a company or association

If a company or association is subscribing directly (in other words the order to subscribe is not given to a broker or bank), we advise to contact the fund to obtain the latest update of the legally required documentation. Please contact the fund at info@citadelfund.com.

Other subscription options

Generally most investors will be subscribing on their own behalf (i.e. shares in their own name and also the 'beneficial owner' of the shares), or they are subscribing for a child or dependent in whose name the shares will be held. In this case the standard application form may be used.

However there is another option which may be pertinent to your situation:

You may be subscribing for another (i.e. you will not be the beneficial owner), however, the shares will be registered in your name. In this case, the Fund has provided a separate application form which you will need to complete. Please address your request to info@citadelfund.com to obtain a copy by electronic or normal mail.

 

IMPORTANT: An investment in the Fund carries with it a degree of risk. The value of your investment may go down as well as up, and you could lose money on your investment.   Past performance provides no guarantee for the future.  Investors should read the Fund’s prospectus before deciding whether to invest.