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Update on subfunds of Credit Suisse Virtuoso SICAV-SIF: Calculation of the net asset value and issuance, redemption, and conversion of shares suspended

March 05, 2021

Main points

Credit Suisse Asset Management suspended the redemptions and subscriptions of the following 4 funds effective on March 1, 2021:

  • Credit Suisse (Lux) Multi Strategy Bond Fund
  • Credit Suisse (Lux) Multi Strategy Alternative Fund
  • Credit Suisse (Lux) Qatar Enhanced Short Duration Fund 
  • Credit Suisse (Lux) Institutional Target Volatility Fund EUR

Reason: A certain part of the funds’ assets is currently subject to considerable uncertainty with respect to their valuation. To prevent any detriment to the funds and their investors, the calculation of the net asset value per share and the issuance, redemption, and conversion of shares from or into the funds have been suspended until further notice

Credit Suisse Asset Management’s fiduciary responsibility is to act in the best interests of investors in its funds. Since a certain part of the funds’ assets is currently subject to considerable uncertainty with respect to their valuation, Credit Suisse Asset Management has decided to suspend the calculation of the net asset value per share and the issuance, redemption, and conversion of shares from or into the funds in order to prevent any detriment to the funds and their investors. Only in this way can fair treatment of all investors in the funds be ensured.

Affected funds and share classes

Fund name

Share class

ISIN

Valor no.

Credit Suisse (Lux) Qatar Enhanced Short Duration Fund

USD QB

LU1242419957

28425270

Credit Suisse (Lux) Multi Strategy Bond Fund

USD IB

LU1706613111

38799653

Credit Suisse (Lux) Multi Strategy Bond Fund

USD IB5

LU1706613897

38799659

Credit Suisse (Lux) Multi Strategy Bond Fund

USD IB10

LU1706613970

38799660

Credit Suisse (Lux) Multi Strategy Bond Fund

USD IA

LU1706613467

38799656

Credit Suisse (Lux) Multi Strategy Bond Fund

USD IA5

LU1946055016

46209500

Credit Suisse (Lux) Multi Strategy Bond Fund

USD IA10

LU1946055107

46209605

Credit Suisse (Lux) Multi Strategy Bond Fund

USD QB

LU1706614275

38799662

Credit Suisse (Lux) Multi Strategy Bond Fund

EUR IBH

LU1706613202

38799654

Credit Suisse (Lux) Multi Strategy Bond Fund

EUR QBH

LU1946055446

46209443

Credit Suisse (Lux) Multi Strategy Alternative Fund

USD EB

LU1839133870

42212662

Credit Suisse (Lux) Multi Strategy Bond Fund

USD DB

LU1706612576

38798095

Credit Suisse (Lux) Multi Strategy Alternative Fund

EUR EBH

LU1839134092

42212674

Credit Suisse (Lux) Multi Strategy Alternative Fund

CHF EBH

LU1839133953

42212673

Credit Suisse (Lux) Institutional Target Volatility Fund EUR

EUR IB3

LU1706614358

38799675

Credit Suisse (Lux) Institutional Target Volatility Fund EUR

EUR MA20

LU0435979819

10311677

Reason
The affected funds are invested in Credit Suisse Supply Chain Finance Funds (SCFFs). Those are Credit Suisse Nova (Lux) Supply Chain Finance High Income Fund, Credit Suisse Nova (Lux) Supply Chain Finance Investment Grade Fund, Credit Suisse (Lux) Supply Chain Finance Fund, and Credit Suisse Supply Chain Finance Investment Grade Fund. Each of these SCFF has suspended the calculation of its net asset value and the issuance, redemption and conversion of shares with effect as of March 1,  2021.

Taking into account the suspension of the SCFFs and the current impossibility to determine an accurate price for their shares, the Board of Directors decided to temporarily suspend also the calculation of the net asset value per share, the issuance, redemption, and conversion of shares from or into the four funds that are invested in the SCFFs. The decision took effect on March 1, 2021.

Investors will not be able to subscribe or redeem units of the funds until further notice. This also affects all pending redemption requests filed prior to the announcement, which will not be executed.

Various options for reopening of the funds for subscriptions, redemptions, and conversions as soon as possible are currently being considered. Further information will follow in due time.

Key dates

Suspension of redemptions and subscriptions                       01.03.2021


Further information about the SCFF

Q&A                                                                              EN