Mutual Funds

Useful Information

Purchase and redemption of units

Units can be purchased or redeemed by placing an order for purchase or redemption of units and signing a contact with the asset management company (AMC) every business day from 9.00 to 16.00hrs.

Required documents for signing a contract and placing an order

For Individual clients

A formal identity document of the investor/attorney/legal representative. A copy of this document certified/signed both by the person and by an employee of the management company who has verified the identity of the investor will be retained in the AMC's records; 

Original POA or a notarized copy of the original, which authorizes the person to perform management or disposal of financial instruments. The document will be retained in the AMC's records.

For corporate entities

A formal identity document of the legal representative/attorney. A copy of this document certified/signed both by the above person(s) and by an employee of the management company who has verified the identity of the investor, shall be retained in the AMC's records;

An original or a certified copy of the Certificate of incorporation/By-laws or other official statement from the relevant Company register as per the respective jurisdiction. The document shall be retained in the AMC's records;

Original POA or a notarized copy of the original, which gives authority to the person to manage or dispose of financial instruments of the corporate entity. The document will be retained in the AMC's records.

For orders over BGN 30 000, both corporate entities and individual clients have to provide the following additional documents:

Declaration of ultimate beneficial ownership as per art. 6, para. 2 of the Law on the Measures against Money Laundering. Corporate clients have to provide a certificate or other valid document depending on jurisdiction in which the applicant is registered, issued by a central registry or the registration agent, which indicates the actual owners (private individuals) of the entity;

Declaration of origin of funds as per art. 6, para.5, point 3 of the Law on the Measures against Money Laundering.

Address of the management company for placing an order

19 George Washington str, floor 2

1301 Sofia

Bulgaria

Order cancellation

A placed order for purchase or redemption of units of Mutual Fund Compass Progress, Mutual Fund Compass Strategy, Mutual Fund Compass Eurostability, Mutual Fund Funds Select-21 and Mutual Euroselect can be cancelled by the investor prior to the cutoff time at 16.00hrs on the day closest (Tuesday or Thursday) to the day on which the Net asset value (NAV) is calculated (Wednesday or Friday).

A placed order for purchase or redemption of units of Mutual Fund Compass Global Trends can be cancelled by the investor prior to the cutoff time at 16.00hrs on the same day.

 

Payment for purchase of units

At the time of placing of the purchase order the investor shall make a payment of an amount corresponding to the value of the units to be purchased ​​as follows:

For amounts of up to BGN 5 000 payment can be made in cash or via bank transfer;

For amounts above BGN 5 000, payments are to be made via bank transfer to the account of the selected mutual fund as follows:

Compass Strategy, acct. IBAN BG04UBBS80021016659320, BIC UBBSBGSF;

Compass Progress, acct. IBAN BG15UBBS80021016662420, BIC UBBSBGSF;

Compass Eurostability, acct. IBAN BG96UBBS80021046635320, BIC UBBSBGSF for transfers in Bulgarian lev and acct. IBAN BG60UBBS80021419783910, BIC UBBSBGSF for transfers in euros;

Compass Global Trends, acct. IBAN BG98UBBS80021049850640, BIC UBBSBGSF for transfers in Bulgarian lev and acct. IBAN BG11UBBS80021449718410, BIC UBBSBGSF for transfers in euros;

Compass Funds Select-21, acct. IBAN BG30UBBS80021070630040, BIC UBBSBGSF;

Compass Euroselect, acct. IBAN BG19UBBS80021070626940,BIC UBBSBGSF for transfers in Bulgarian lev; IBAN BG08UBBS80021451679610, BIC UBBSBGSF for transfers in euros; 

Details of payment: Purchase of units

Deadline for execution of the order

For purchase orders - within 7 business days of the order submission

For redemption orders - within 10 business days of the order submission

Payment of redemption proceeds

Redemption proceeds will be paid out/credited as follows:

For amounts of up to BGN 5 000 payment shall be made in cash or via bank transfer;

For amounts above BGN 5 000, payments shall be made via bank transfer to the account of the investor as stated in the redemption order.

Confirmation of transaction execution

The AMC shall as soon as practicable, but not later than the first business day following the execution of the order, provide the investor with a Confirmation of transaction execution (stating the confirmed price and the number of units that have been purchased by the investor) as per the requirements indicated by the investor: as a hard copy in the office of the management company or by mail, by fax or in electronic form by e-mail.

Transaction charges

When purchasing units of the Funds expenses are not charged.

The following charges are paid by investors. These charges are included in the price of units of the respective funds as follows:

Compass Eurostability - 0.5% of the NAV per unit;

Compass Strategy - 1.0% of the NAV per unit;

Compass Progress - 1.5% of the NAV per unit;

Compass Global Trends - 1.0% of the NAV per unit;

Compass Funds Select-21 - 0.2% of the NAV per unit;

Compass Euroselect - 1.0% of the Nav per unit;

Costs payable by mutual funds

These costs are deducted from the assets of mutual funds and hence they are indirectly borne by all unitholders. These costs represent the second component of expenses which need to be taken into account when investing in a mutual fund. The costs include remuneration of the management company and operating costs. The management fee is calculated as a percentage of the average annual net asset value of the fund as follows:

Compass Eurostability - 1.2%;

Compass Strategy - 2.4%;

Compass Progress - 2.8%;

Compass Global Trends - The management fee is calculated as a percentage of the yield achieved (success fee) and the methodology for its calculation is described in detail in the Prospectus and the Fund's General Rules.

Compass Funds Select-21 - 0.2%

Compass Euroselect - 1.0%

Operating expenses include charges of Central Depository AD, the Bulgarian Stock Exchange, the Financial Supervision Commission, remuneration for the depositary bank and others.

Taxation

Income generated from investing in the fund in the form of capital gains (the positive difference between the sale price and the verifiable acquisition price of the units) is not subject to taxation provided the transactions are executed on a regulated Bulgarian securities market. The latter includes income from a redemption order placed directly with the management company.

Depositary Banks

The depositary bank of Compass Progress, Compass Strategy, Compass Eurostability, Compass Global Trends, Compass Funds Select-21 and Compass Euroselect is the United Bulgarian Bank AD (licensed by the Bulgarian National Bank under License No. 340 dated 19 November 1992) with registered address:

5 Sveta Sofia Street

1040 Sofia

Bulgaria

Investment Intermediaries (brokers)

The following investment intermediaries (brokers) are authorized by the management company to execute transactions for the portfolios of funds: Citibank International PLC., Cowen International, Raiffeisenbank (Bulgaria) EAD,  Unicredit Bulbank AD,  Benchmark Finance AD, D. I.S.L. Securities JSC,  Somoni Financial Brokerage OOD, Aval In AD.

Frequency of calculating issue and redemption price

 

For Compass Progress, Compass Strategy, Compass Eurostability, Compass Funds Select-21 and Compass Euroselect:

Issue price and redemption price are calculated by the management company twice a week - on Wednesdays and Fridays based on assets of the funds for the previous Tuesdays and Thursdays.

For Compass Global Trends:

Issue price and redemption price are calculated daily by the management company.Purchase and redemption of units

Units can be purchased or redeemed by placing an order for purchase or redemption of units and signing a contact with the asset management company (AMC) every business day from 9.00 to 16.00hrs.

Required documents for signing a contract and placing an order

For Individual clients

A formal identity document of the investor/attorney/legal representative. A copy of this document certified/signed both by the person and by an employee of the management company who has verified the identity of the investor will be retained in the AMC's records; 

Original POA or a notarized copy of the original, which authorizes the person to perform management or disposal of financial instruments. The document will be retained in the AMC's records.

For corporate entities

A formal identity document of the legal representative/attorney. A copy of this document certified/signed both by the above person(s) and by an employee of the management company who has verified the identity of the investor, shall be retained in the AMC's records;

An original or a certified copy of the Certificate of incorporation/By-laws or other official statement from the relevant Company register as per the respective jurisdiction. The document shall be retained in the AMC's records;

Original POA or a notarized copy of the original, which gives authority to the person to manage or dispose of financial instruments of the corporate entity. The document will be retained in the AMC's records.

For orders over BGN 30 000, both corporate entities and individual clients have to provide the following additional documents:

Declaration of ultimate beneficial ownership as per art. 6, para. 2 of the Law on the Measures against Money Laundering. Corporate clients have to provide a certificate or other valid document depending on jurisdiction in which the applicant is registered, issued by a central registry or the registration agent, which indicates the actual owners (private individuals) of the entity;

Declaration of origin of funds as per art. 6, para.5, point 3 of the Law on the Measures against Money Laundering.

Address of the management company for placing an order

19 George Washington str, floor 2

1301 Sofia

Bulgaria

Order cancellation

A placed order for purchase or redemption of units of Mutual Fund Compass Progress, Mutual Fund Compass Strategy, Mutual Fund Compass Eurostability, Mutual Fund Funds Select-21 and Mutual Euroselect can be cancelled by the investor prior to the cutoff time at 16.00hrs on the day closest (Tuesday or Thursday) to the day on which the Net asset value (NAV) is calculated (Wednesday or Friday).

A placed order for purchase or redemption of units of Mutual Fund Compass Global Trends can be cancelled by the investor prior to the cutoff time at 16.00hrs on the same day.

Payment for purchase of units

At the time of placing of the purchase order the investor shall make a payment of an amount corresponding to the value of the units to be purchased ​​as follows:

For amounts of up to BGN 5 000 payment can be made in cash or via bank transfer;

For amounts above BGN 5 000, payments are to be made via bank transfer to the account of the selected mutual fund as follows:

Compass Strategy, acct. IBAN BG04UBBS80021016659320, BIC UBBSBGSF;

Compass Progress, acct. IBAN BG15UBBS80021016662420, BIC UBBSBGSF;

Compass Eurostability, acct. IBAN BG96UBBS80021046635320, BIC UBBSBGSF for transfers in Bulgarian lev and acct. IBAN BG60UBBS80021419783910, BIC UBBSBGSF for transfers in euros;

Compass Global Trends, acct. IBAN BG98UBBS80021049850640, BIC UBBSBGSF for transfers in Bulgarian lev and acct. IBAN BG11UBBS80021449718410, BIC UBBSBGSF for transfers in euros;

Compass Funds Select-21, acct. IBAN BG30UBBS80021070630040, BIC UBBSBGSF;

Compass Euroselect, acct. IBAN BG19UBBS80021070626940,BIC UBBSBGSF for transfers in Bulgarian lev; IBAN BG08UBBS80021451679610, BIC UBBSBGSF for transfers in euros; IBAN BG41UBBS80021113614810 BIC UBBSBGSF for transfers in dollars;

Details of payment: Purchase of units

Deadline for execution of the order

For purchase orders - within 7 business days of the order submission

For redemption orders - within 10 business days of the order submission

Payment of redemption proceeds

Redemption proceeds will be paid out/credited as follows:

For amounts of up to BGN 5 000 payment shall be made in cash or via bank transfer;

For amounts above BGN 5 000, payments shall be made via bank transfer to the account of the investor as stated in the redemption order.

Confirmation of transaction execution

The AMC shall as soon as practicable, but not later than the first business day following the execution of the order, provide the investor with a Confirmation of transaction execution (stating the confirmed price and the number of units that have been purchased by the investor) as per the requirements indicated by the investor: as a hard copy in the office of the management company or by mail, by fax or in electronic form by e-mail.

Transaction charges

When purchasing units of the Funds expenses are not charged.

The following charges are paid by investors. These charges are included in the price of units of the respective funds as follows:

Compass Eurostability - 0.5% of the NAV per unit;

Compass Strategy - 1.0% of the NAV per unit;

Compass Progress - 1.5% of the NAV per unit;

Compass Global Trends - 1.0% of the NAV per unit;

Compass Funds Select-21 - 0.2% of the NAV per unit;

Compass Euroselect - 1.0% of the Nav per unit;

Costs payable by mutual funds

These costs are deducted from the assets of mutual funds and hence they are indirectly borne by all unitholders. These costs represent the second component of expenses which need to be taken into account when investing in a mutual fund. The costs include remuneration of the management company and operating costs. The management fee is calculated as a percentage of the average annual net asset value of the fund as follows:

Compass Eurostability - 1.2%;

Compass Strategy - 2.4%;

Compass Progress - 2.8%;

Compass Global Trends - The management fee is calculated as a percentage of the yield achieved (success fee) and the methodology for its calculation is described in detail in the Prospectus and the Fund's General Rules.

Compass Funds Select-21 - 0.2%

Compass Euroselect - 1.0%

Operating expenses include charges of Central Depository AD, the Bulgarian Stock Exchange, the Financial Supervision Commission, remuneration for the depositary bank and others.

Taxation

Income generated from investing in the fund in the form of capital gains (the positive difference between the sale price and the verifiable acquisition price of the units) is not subject to taxation provided the transactions are executed on a regulated Bulgarian securities market. The latter includes income from a redemption order placed directly with the management company.

Depositary Banks

The depositary bank of Compass Progress, Compass Strategy, Compass Eurostability, Compass Global Trends, Compass Funds Select-21 and Compass Euroselect is the United Bulgarian Bank AD (licensed by the Bulgarian National Bank under License No. 340 dated 19 November 1992) with registered address:

5 Sveta Sofia Street

1040 Sofia

Bulgaria

Investment Intermediaries (brokers)

The following investment intermediaries (brokers) are authorized by the management company to execute transactions for the portfolios of funds: Citibank International PLC., Cowen International, Raiffeisenbank (Bulgaria) EAD,  Unicredit Bulbank AD,  Benchmark Finance AD, D. I.S.L. Securities JSC,  Somoni Financial Brokerage OOD, Aval In AD.

Frequency of calculating issue and redemption price

For Compass Progress, Compass Strategy, Compass Eurostability and Compass Funds Select-21:

Issue price and redemption price are calculated by the management company twice a week - on Wednesdays and Fridays based on assets of the funds for the previous Tuesdays and Thursdays.

For Compass Global Trends and Compass Euroselect:

Issue price and redemption price are calculated daily by the management company.