Pictet Funds Hong Kong

When the assets of a compartment are managed using
this technique, the assets initially attributable to
each co-managed compartment will be deter mined
according to the compartment’s initial participation
in the pool. Thereafter, the composi tion of the assets
will vary according to contribu tions or withdrawals
made by the compartments.
This apportionment system applies to each investment
line of the pool. Additional investments made
on behalf of the co-managed compartments will
therefore be allocated to these compartments according
to their respective entitlements, while assets sold
will be similarly deducted from the assets attributable
to each of the co-managed compartments.
All banking transactions involved in the running of
the compartment (dividends, interest, non-contractual
fees, expenses) will be accounted for in the pool
and reassigned for accounting to each of the compartments
on a pro rata basis on the day the transactions
are recorded (provisions for liabilities, bank
recording of income and/or expenses). On the other
hand, contractual fees (custody, administration and
management fees, etc.) will be accounted for directly
in the respective compartments.
The assets and liabilities attributable to each compartment
will be identifiable at any given moment.
The pooling method will comply with the investment
policy of each of the compartments concerned.
Classes of shares
The net assets forming each compartment are represented
by shares, which may be of different classes
or sub-classes. All the shares representing the assets
of a compartment form a class of shares. All the compartments
together constitute the Fund. If sub-classes
of shares are issued, the relevant information will
be specified in the Annexes of this prospectus.
The Management Company may decide, in the interest
of shareholders, that some or all of the assets
belonging to one or more compartments of the
Fund will be invested indirectly, through a company
wholly controlled by the Management Company
which conducts, exclusively for the benefit of the
compartment(s) concerned, the management, advising
or distribution activities in the country in which
the subsidiary company is established with respect to
the redemption of the shares of the compartment in
question when requested by shareholders exclusively
for itself or for the shareholders. For the purposes of
this prospectus, references to “investments” and “assets”
respectively mean either investments made and
assets held directly or investments made and assets
held indirectly by the agent of the aforementioned
companies.
In the event that a subsidiary company is used,
this will be specified in the annex relating to the
compartment(s) concerned.
The Board of Directors is authorised to create new
compartments. A list of the compartments available
to date is included in the Annexes of this prospectus,
describing their investment policies and key features.
This list is an integral part of the prospectus and will
be updated whenever new compartments are created.
For each class of shares, the Board of Directors may
also decide to create two or more sub-classes whose
assets will generally be invested in accordance with
the specific investment policy of the class in question.
However, the sub-classes may differ in terms of their
specific subscription and/or redemp tion fee structures,
specific exchange rate hedging policies, specific
distribution policies and/or specific management
or advisory fees, or other specific features applicable
to each sub-class. When necessary, this information
is specified in the Annexes of this prospectus.
The shares in the Fund are usually listed on the Luxembourg
Stock Exchange. The Board of Directors
may decide which sub-classes of shares are to be
listed.
SUB-CLASSES OF SHARES
A list of the current classes of shares is included in
this prospectus. The Board of Directors may decide to
create additional classes of shares at any time.
The sub-classes of shares issued or planned at the
date of this prospectus, together with any supplementary
information, are detailed in the Annexes of
the prospectus. Investors are advised to contact their
agent for the latest list of sub-classes of shares issued.
Shares may be divided within compartments into “I”,
“IS”, “P”, “R”, “S”, “Z”, “J” and “MG” shares.
“I” shares are intended for investors who wish to
invest a minimum initial amount. This amount is
specified in the annex for each compartment and
is calculated for the class concerned and its corresponding
classes (hedged, issued in another currency
or distributive). Subscriptions in a class other than
these classes will not be taken into account in calculating
the initial minimum subscription amount. The
Board of Directors nevertheless reserves the right to
accept subscriptions for an amount that is less than
the initial amount required, at its discretion.
For “I” shares, the front-end load for intermediaries
will be no more than 5%, and the back-end load no
more than 1%.
IS shares may be created within certain indexed compartments
in order to distinguish them, if needed,
from I shares with respect to accounting for corrections
in the net asset value as described in the section
«Calculation of the net asset value».
“IS” shares will be subject to the same conditions as
“I” shares.
«J» shares are intended for institutional investors
within the meaning of Article 174 of the Law of 2010
(«Institutional Investors») who wish to invest a minimum
initial amount. This amount is specified in the
annex for each compartment and is calculated for
the class concerned and its corresponding classes
(hedged, issued in another currency or distribution).
Subscriptions in a class other than these classes will
not be taken into account in calculating the initial
The original French text is the legally binding version. 49