Transaction cost controlling

INFORMATION FOR INVESTORS ON THE TRANSACTION COST ANALYSIS OF HANSAINVEST

HANSAINVEST conducts a transaction cost analysis for all securities special funds under management. BVI Bundesverband Investment und Asset Management e.V.’s transaction cost analysis process was used for this.

Put simply, transaction costs are defined as the total costs calculated for purchases/sales (revenue) in special funds. The transaction costs as a percentage of revenue correspond to the ratio of transaction costs to total revenue. The transaction costs as a percentage of the average fund assets correspond to the ratio of transaction costs to the average fund volume.

HANSAINVEST categorises special funds into three categories depending on risk content. From the categories, the expected transaction costs are determined using expert estimates based on historical analysis. Individual amendments are made where necessary.

HANSAINVEST takes the following procedural approach:

1. Calculation of transaction costs based on the above figures

2. Comparison of key figure depending on the fund’s category. Warning issued if the limit is exceeded.

3. Analysis on the basis of the overall fund.

4. If a warning is shown at overall fund level, it is identified as a “critical” fund. The fund manager is consulted and it is arranged to return transaction costs to a “normal” level.

5. Monitoring the return.

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The contents of this website are intended to provide general information only and do not represent advice given by HANSAINVEST. They are intended to make your decisions easier but they cannot be a substitute for personal advice. Before making use of the contents, you should check carefully whether the information is suited to your needs and is compatible with your specific objectives. The purchase and sale of investment fund units is governed exclusively by the key investor information documents, the prospectus as amended, including the terms and conditions of investment or the management regulations / articles of association, in conjunction with the fund’s most recent statement of accounts and / or half-yearly report. This information is available from HANSAINVEST in Hamburg, or the respective distribution partners and any paying agents for the respective investment fund. The information on this website is based on assumptions about the application of current laws and tax rules. Since, however, tax treatment may change as a result of changes in legislation, court rulings or decrees issued by the financial authorities, HANSAINVEST assumes no guarantee for any assumptions on tax treatment made on this website. Views expressed herein represent the current opinion of HANSAINVEST. These views and opinions may change at any point in time without prior notification. Any consideration of tax issues does not attempt to reflect all aspects of taxation that may affect individual investors depending on their personal circumstances. We therefore recommend interested investors to seek advice from a duly qualified tax consultant on the tax implications of buying, holding or selling investment fund units. HANSAINVEST does not guarantee the accuracy of the information provided herein.

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