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Update on subfunds of Credit Suisse Virtuoso SICAV-SIF Illiquid fund assets being separated, subscriptions and redemptions to be resumed

March 31, 2021

The fiduciary responsibility of both the funds’ Board of Directors and Credit Suisse Asset Management is to act in the best interests of investors in those funds. Since a certain part of the funds’ assets is currently subject to considerable uncertainty with respect to their valuation, as communicated on March 5, 2021, the Board of Directors has decided to create a side pocket for each of the four funds containing only those assets affected by this uncertainty. A dedicated share class will be set up for each of them.

What this means for investors

Investors will receive a separate share class in addition to the original one and hold two share classes for a certain period of time: the original share class reflecting the liquid part of the funds’ assets and the additional one reflecting the illiquid part.

For each fund and its respective share classes, there will only be one additional share class. Irrespective of their original share class, investors in the Credit Suisse (Lux) Multi Strategy Bond Fund, Credit Suisse (Lux) Multi Strategy Alternative Fund and Credit Suisse (Lux) Qatar Enhanced Short Duration Fund will receive an additional share class labelled as “USD SP”. Investors in the Credit Suisse (Lux) Institutional Target Volatility Fund EUR will receive an additional share class labeled as “EUR SP”. No currency hedging will be implemented for these additional share classes. No management and performance fees will be applied.

This separation of the illiquid part of the funds’ assets will make it possible to re-open the funds for subscriptions and redemptions with respect to the shares that are not SP shares. Investors will thereby be able to continue to benefit from the comprehensive fund strategies offered by Credit Suisse Asset Management.

Affected funds and share classes

Fund name Original share class Additional share class
    ISIN   ISIN
Credit Suisse (Lux) Multi Strategy Bond Fund USD IB LU1706613111 USD SP LU2319534694
Credit Suisse (Lux) Multi Strategy Bond Fund USD IB5 LU1706613897
Credit Suisse (Lux) Multi Strategy Bond Fund USD IB10 LU1706613970
Credit Suisse (Lux) Multi Strategy Bond Fund USD IA LU1706613467
Credit Suisse (Lux) Multi Strategy Bond Fund USD IA5 LU1946055016
Credit Suisse (Lux) Multi Strategy Bond Fund USD IA10 LU1946055107
Credit Suisse (Lux) Multi Strategy Bond Fund USD QB LU1706614275
Credit Suisse (Lux) Multi Strategy Bond Fund EUR IBH LU1706613202
Credit Suisse (Lux) Multi Strategy Bond Fund EUR QBH LU1946055446
Credit Suisse (Lux) Multi Strategy Bond Fund USD DB LU1706612576
Credit Suisse (Lux) Multi Strategy Alternative Fund USD EB LU1839133870 USD SP LU2319534348
Credit Suisse (Lux) Multi Strategy Alternative Fund EUR EBH LU1839134092
Credit Suisse (Lux) Multi Strategy Alternative Fund CHF EBH LU1839133953
Credit Suisse (Lux) Qatar Enhanced Short Duration Fund USD QB LU1242419957 USD SP LU2319534421
Credit Suisse (Lux) Institutional Target Volatility Fund EUR EUR IB3 LU1706614358 EUR SP LU2319534850
Credit Suisse (Lux) Institutional Target Volatility Fund EUR EUR MA20 LU0435979819
Key dates
Suspension of redemptions and subscriptions

01.03.2021
Dispatch of letter to depositors 31.03.2021
Establishment of side pockets 01.04.20211
Resumption of subscriptions and redemptions of original share classes     07.04.2021


1
On basis of Net Asset Values (NAV) as of March 31, 2021.

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 and Credit Suisse Supply Chain Finance Investment Grade Fund. Each of these SCFFs suspended the calculation of its net asset value and the issuance, redemption, and conversion of shares with effect as of March 1, 2021, and the decision to liquidate each of the funds was subsequently taken with effect as of March 4, 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. This decision took effect on March 1, 2021.

The decision to create separate share classes for the impacted assets will make it possible to re-open the four funds invested in the SCFFs for subscriptions and redemptions as of April 7, 2021, with respect to the shares that are not SP shares. It will also allow for the liquidation over time of the illiquid parts of the funds’ assets managed in a separate account (side pocket) and distribution of the proceeds to investors in cash from time to time.

What are the tax implications?
Liquidations may have tax implications. As our clients have very different tax positions, Credit Suisse is unable to make general statements. We therefore recommend that clients contact their tax advisors to find out what the tax implications of the liquidation of the additional share classes will be in their native country, country of residence, or country of domicile.

How will clients be informed?
A letter to depositors will be sent to the affected clients around March 31, 2021, informing them about the creation of the side pockets. In addition, a securities settlement advice will be sent to inform affected clients of the number of their shares to be exchanged for a corresponding number of side pocket shares.

Notice to shareholders:

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