Frequently Asked Questions

For your convenience, you can find answers to many questions below. If your question is not listed, please feel free to contact us.

Citadel Value Fund SICAV is an open-ended investment fund that invests in equities according to a deep value investment strategy. It is incorporated as a variable capital investment company (SICAV) under the laws of Luxembourg and is regulated as an Undertaking for Collective Investment in Transferable Securities (UCITS) by the CSSF. In an open-ended fund, investors can enter or exit on an ongoing basis. For Citadel Value Fund, there are two entry- and exit opportunities each month. The fund’s size adjusts accordingly, with new shares being issued or existing shares of selling shareholders being withdrawn. Investors enter the Fund by purchasing shares at the official Net Asset Value (NAV) per share, ensuring that new and existing shareholders are on equal footing.

The Fund is open to all types of investors, including retail investors. It is most suitable for investors who are comfortable with and have a clear understanding of the risks associated with investing in stock markets. The Fund’s strict and consistent application of a deep value investment strategy makes it particularly well-suited for long-term investors who seek both capital preservation and appreciation and have an investment horizon of at least three to five years. Please note that investments by US residents unfortunately cannot be accepted.

Citadel Value Fund is a fully regulated fund registered with the Commission de Surveillance du Secteur Financier (CSSF), the Luxembourg regulatory authority for financial markets. In addition to Luxembourg, Citadel Value Fund is registered with the Autoriteit Financiële Markten (AFM), allowing it to be marketed to the general public in the Netherlands. More information about the Fund’s regulated status can be found here.

The Citadel Value Fund has a long track record. It was established on January 3, 2002, and started trading with P Class shares at an NAV of €100 on February 11, 2002.

The Fund aims to preserve capital and realise attractive long-term absolute returns by applying a deep value investing strategy. Stocks of individual companies are selected based on valuation criteria, with the objective of identifying shares that are significantly undervalued compared to an estimated of their intrinsic value.

No, Citadel Value Fund is actively managed without reference to a benchmark. It focusses on individual stock selection based on valuation and does not attempt to track or even approximate the composition of any geographic or sector index.

Yes, the Class P shares of the Citadel Value Fund are listed on the Luxembourg stock Exchange.

The Fund’s reference currency is the EURO.

No, all dividends that the Fund receives are retained by the Fund and reinvested for its shareholders.

New information is regularly posted in the Fund’s library on this website. Investors who wish to receive updates automatically can also  subscribe to Fund News.

You can either invest directly with the Fund or through your own bank or broker. Investing directly involves opening an account with the Fund through its Distributor, Pure Capital. Please read more information about this on the How to invest page. Note that this website is for information purposes only. It is not possible to execute transactions on this website.

The Fund’s share price is called “NAV”, the Net Asset Value, per share. The NAV is calculated and published twice a month. The NAV can be found on this website under Results. Several external service providers also publish the Fund’s share price, such as on Bloomberg (the Bloomberg code for Class P is CITVALU LX; and for the Class X it is CITVALX LX), Fundsquare and the Luxembourg Stock Exchange.

Investors can subscribe or redeem shares twice a month, based on the Net Asset Value (NAV) calculated on the day preceding the transaction date. Please find a calendar here.

If you have invested in Citadel Value Fund through your bank or broker, your investment will be included in the holding statement issued by your bank/broker. If you have invested directly in the Fund, your investment is administered by UI EFA, the Fund’s administrator. By default, you will receive a holding statement by postal mail at the beginning of each year. Should you wish to receive your holding statement by email and/or more frequently, please tick these options in the Information Form that you will have to complete when opening an account directly with Citadel. You can always contact UI EFA to receive an up-to-date holding statement or change the frequency of your holding statements.

As an existing shareholder of the Citadel Value Fund, if you would like to change your residential address or postal address, please complete the address change form (available in the library), and send the signed form to Citadel’s fund administrator, UI EFA.

The Fund charges a fixed management fee of 0.75% per annum for both share classes. X-Class shares charge an annual incentive fee of 10% for performance exceeding the 4% hurdle, subject to a high watermark restriction, while P-Class shares apply a 20% incentive fee, with a similar high watermark restriction. For a detailed breakdown of the Fund’s cost structure, including a scenario analysis, please refer to the relevant section in the Fund’s Prospectus.

You can find an elaborate overview of the total costs of the Fund, including a scenario analysis, in the most recent Key Information Document.

No, the Fund does not charge subscription or redemption fees and there is no spread between the purchase and selling prices. There are no sales fees or transaction costs. Both subscriptions and redemptions are executed at the latest official Net Asset Value (NAV) and swing pricing is not applicable.

The minimum investment amount for a first time subscription is € 10.000 for P-Class shares, and € 1 million for X-Class shares. The minimum follow-on investment amount is € 10.000 for both share classes.

Depending on the total amount of investment, investors in the Citadel Value Fund may qualify for either P-class or X-class of shares:

  • P-class: for investments up to €1 million, with a minimum amount of €10.000,-. This share class charges a 0.75% annual fixed fee and a 20% fee on annual performance exceeding a 4% hurdle, with a high watermark applying.
  • X-class: for investments of €1 million or higher. This share class charges a 0.75% annual fixed fee and a 10% fee on annual performance exceeding a 4% hurdle, with a high watermark applying. Follow-on investments have a minimum of €10.000,-.