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Funds can be either single or dual-priced. A single-priced fund is bought and sold at the same price, subject to a potential dilution levy/adjustment (please see definition below).
Dual-priced funds have an offer price at which you buy, and a lower bid price, at which you sell.
View full list of funds within each range.
This table shows the pricing policy for the Threadneedle Investments UK domiciled fund range.
Funds range | Pricing policy |
|---|---|
Threadneedle Investment Funds (TIF) | Single-priced with potential Dilution Adjustment |
Threadneedle Specialist Investment Funds (TSIF) | Single-priced with potential Dilution Adjustment |
Threadneedle Opportunity Investment Funds (TOIF) | Single-priced with potential Dilution Adjustment |
Threadneedle UK Property Authorised Investment Fund | Dual-priced |
Threadneedle UK Property Authorised Trust (feeder fund) | Dual-priced |
Single-Priced Funds
Dilution adjustment
A single-priced fund calculates one price at each valuation point. This means that an investor will buy shares at the same price as another investor who sells shares at the same time.
When the fund buys or sells investments however, certain transactional costs are incurred. For this reason, our single-priced funds reserve the right to apply a dilution adjustment, in order to protect investors from the impact of transactional costs arising from large scale movements into or out of a fund.
Funds that operate a dilution adjustment will adjust the fund’s price if required to protect an investment from the impact of other investors joining or leaving the fund.
The amount of any dilution adjustment is calculated by reference to the estimated cost of dealing in the underlying investments. The estimated percentage impact of these adjustments is detailed in the prospectus for each fund.
Dual-Priced Funds
With dual-priced funds, there is a separate price for buying and selling units in the fund. The difference between the buying and selling price is known as the bid/offer spread.
The bid/offer spread broadly comprises the initial charge plus the difference between the buying and selling prices of the underlying investments plus any other costs involved in buying or selling the underlying investments.
The operation of dual pricing means that when investments are bought or sold as a result of other investors joining or leaving the fund an investment is sheltered from the costs of these transactions.
For our property funds (Threadneedle PAIF and its Feeder Fund), dual-pricing operates slightly different, in order to operate a narrower bid/offer spread for clients; to mitigate the high cost of transacting in property as an asset class.
For these property funds the buying (offer) and selling (bid) prices of the funds are generally dependent on whether the fund is experiencing more investors buying into rather than selling out of the fund (offer basis), or more investors selling out of rather than buying into the fund (bid basis).
Offer basis
When on offer basis, the fund’s price originates from the buying price of the underlying properties and any investments.
Buying (offer) price = price of creating a new unit (cost of buying underlying investment + plus any related costs) + any initial charge.
Selling (bid) price = buying (offer) price – the bid/offer spread.
Bid basis
When on bid basis, the fund’s price originates from the selling price of the underlying properties and any other investments.
Selling (bid) price = price of cancelling a unit (proceeds from selling the underlying investments) – any related costs.
Buying (offer) price = selling price + the bid/offer spread.
It is not always possible to support a narrow bid-offer spread within our property funds (compared to the full costs of dealing in the underlying properties). In these circumstances, in order to protect existing investors from such costs, the management company may deal any large subscription or redemption requests at the creation or cancellation price, as appropriate.
Please note that if you invest through a platform, trades are aggregated. Consequently, all this may mean that several smaller deals are treated as a large deal.
Wir haben ein Team zusammengestellt, das über langjährige Erfahrung in den Bereichen Rohstoffhandel und Rohstoffanlagen verfügt und das mit den globalen Rohstoffmärkten bestens vertraut ist. Wir bieten aktiv gemanagte Strategien, die in ein vielfältiges globales Portfolio aus Rohstoffen anlegen. So können wir die Vorteile dieser Anlageklasse im Hinblick auf Kapitalwachstum, Portfoliodiversifizierung und Inflationsschutz ausschöpfen. Unser Ziel ist es, an breiter Front Marktchancen auszunutzen. Hierfür greifen wir auf einen researchbasierten Ansatz und eine aktive Vermögensallokation zwischen verschiedenen Rohstoffmärkten und Terminstrukturen von Rohstoffen zurück.
Rohstoffanlagen werden unseres Erachtens weiterhin Zuwächse verzeichnen, und wir sind zuversichtlich, dass wir im Laufe der weiteren Entwicklung des Marktes mit unserer aktiven Managementstrategie und dem Know-how unseres Teams in der Lage sein werden, einen Mehrwert zu erzielen und von Diversifizierungsvorteilen zu profitieren.
Capabilities
Wichtige informationen
Das hier zugrundeliegende Research und die Analysen sind von Columbia Threadneedle Investments für die eigenen Investmentaktivitäten erstellt worden. Aufgrund dieser sind möglicherweise bereits Entscheidungen noch vor dieser Publikation getroffen worden. Die Veröffentlichung zum jetzigen Zeitpunkt geschieht zufällig. Aus externen Quellen bezogene Informationen werden zwar als glaubwürdig angesehen, für ihren Wahrheitsgehalt und ihre Vollständigkeit kann jedoch keine Garantie übernommen werden. Alle enthaltenen Meinungsäußerungen entsprechen dem Stand zum Zeitpunkt der Veröffentlichung, können jedoch ohne Benachrichtigung geändert werden.
