Comisión de exito Fondos Estratégicos MyInvestor

PROSPECTUS AND MANAGEMENT REGULATIONS SIGMA INVESTMENT HOUSE FCP – Multiperfil Equilibrado

The Investment Manager may receive for SIGMA INVESTMENT HOUSE FCP –
Multiperfil Equilibrado a performance fee, paid annually, based on the net asset
value (NAV), equivalent to 9% of the positive excess of the net return of the Sub-
Fund over the Euribor 3 months. Should the Euribor 3 months be negative, the
performance will be computed from zero. The performance fee calculation will also
take into account crystallisation.

The Performance Fee is calculated in respect of each accounting year (the
“Performance Period”), i.e. from 1st of January to 31st of December each year. The
first performance period for the Sub-Fund begins on the date of the launching of the
Sub-Fund.

The Performance Fee is calculated and accrued at each Net Asset Value calculation,
provided that the current Net Asset Value of the relevant Class of Shares is higher
than the High Watermark (as defined below), on the basis of the gross assets
determined on each Valuation Day after deducting all expenses, the management
fee (but not the performance fee) and adjusting for subscriptions, redemptions and
conversions (if applicable) on the relevant Valuation Day so that these will not affect
the Performance Fee payable.

Should the last Business Day of the relevant Performance Period not be a Valuation
Day, the Sub-Fund will calculate a special Net Asset Value on that Business Day in
accordance with the provisions set out in Article 16 of the Management Regulations
but for the sole purposes of calculating and accruing the Performance Fee for the
relevant Performance Period.

No requests for subscriptions, redemptions or conversions will be accepted on the
basis of the special Net Asset Value, excepted if the last Business Day of the
relevant Performance Period is a Valuation Day.
The Performance Fee is payable annually in arrears as at the end of each annual
Performance Period.

The High Watermark is a performance measure that is used to ensure that a
Performance Fee is only charged where the value of the Class of Shares has
increased in absolute terms over the course of the Performance Period. It is based
on the Net Asset Value of the Sub-Fund on the last Business Day of the
Performance Period. If no Performance Fee is payable at the end of the
Performance Period the High Watermark will remain unchanged as of the end of the
prior Performance Period. Notwithstanding the foregoing, the High Watermark will be
reset to the value of the Class of Share on the last Business Day of the Performance
Period after the third consecutive year the High Watermark has remained
unchanged.

The Performance Fee accrual will be included in the calculation of the Net Asset
Value per Share at which Shares will be subscribed and redeemed. However, if at
any Valuation Day, the current Net Asset Value falls below the High Watermark no
Performance Fee will be accrued in the daily Net Asset Value per Share. This will
remain the case until such a fall or “underperformance” has been made good.
Crystallisation of the performance fee occurs on the last valuation of each
Performance Period. Any performance fee due is payable out of the sub-fund to the
Investment Manager in arrears after the end of the Performance Period.
Accordingly, once the performance fee has crystallised, no refund will be made in
respect of any performance fee paid out at that point in subsequent Performance
Periods.

If there is a net redemption and/or conversion of Shares at any Valuation Day before
the end of the Performance Period, any accrued performance fee with respect to
such redeemed Shares will crystallise on that valuation and will then become
payable to the Investment Manager.

Por lo que yo he entendido (no soy un experto), en el siguiente caso...

en donde se parte de un High Water Mark(1) - en donde el Fondo cobró su comisión de éxito -, y el mercado evoluciona de tal modo que la mayor parte del año se situa por encia - incluso muy por encima - del HWM, pero que justo al final del año cae a un valor que es solo un poco superior al HWM - lo que implica el pago de la comisión de éxito, ya que ha superado el HWM.

Entonces tal como se explica en el reglamento, la comisión se habrá devengado/acumulado en cada día en la que se calcula el valor liquidativo y este supera el HWM, por lo que por muy poco que supere este HWM al final de año, se pagará una comisión de éxito enorme, ya que este devengo siempre suma (cero - si está por debajo del HWM), o lo que toque con referencia al Euribor a 3M (que se considerara cero, ya que es negativo).

Pués si es así, es bastante cuestionable, ¿no? ¿O me estoy equivocando en algo?

Es decir, en el caso ejemplo que he puesto, suponiendo que, por ejemplo, a final de año se supera del HWM(1) por un 0.01%, pero que durante el año este HWM se ha superado durante la mayor parte del periodo ... ¿cómo sería la comisión de éxito que cobraría el Fondo?

Gracias,
Lluis

 The Performance Fee is calculated and accrued at each Net Asset Value calculation,
provided that the current Net Asset Value of the relevant Class of Shares is higher
than the High Watermark (as defined below)...

 The Performance Fee accrual will be included in the calculation of the Net Asset
Value per Share at which Shares will be subscribed and redeemed.