News
Update on subfunds of Credit Suisse Virtuoso SICAV-SIF: Calculation of the net asset value and issuance, redemption, and conversion of shares suspended
March 5, 2021
News
March 5, 2021
Credit Suisse Asset Management suspended the redemptions and subscriptions of the following 4 funds effective on March 1, 2021:
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