Investments

NN (L) Patrimonial Defensive

Active management for defensive investors

NN (L) Patrimonial Defensive, a sub-fund of the SICAV/BEVEK investment fund under Luxembourg law NN (L) Patrimonial, is a fund of funds and invests primarily in a diversified international portfolio of equity and fixed income funds (funds that invest in either stocks or fixed income instruments).



  • Sub-Fund launch date

    15 July 1994

  • Class Launch date

    15 July 1994

  • Reference currency

    The reference currency is the Euro.

  • For an investor looking for:

    • A solution that can take advantage from changing market conditions in a flexible manner.
    • An approach guaranteeing a well-diversified portfolio aimed at stable long-term capital growth.

    But...

    The main risks for the Sub-Fund are :


    • Market risk: The overall market risk, taking into account past performances and future potential evolution of the markets, associated with financial instruments used to reach the investment objective is considered medium. Financial instruments may be impacted by various factors. These include, but are not limited to, the development of the financial market, the economic development of issuers who are themselves affected by the general world economic situation and the economic and political conditions prevailing in each country.
    • Credit risk: Expected credit risk, the risk of failure of the issuers of underlying investments is medium.
    • Currency risk: Currency fluctuation may impact on the fund's performance.
    • Non-performance risk: the return realised during a specific period may be positive or negative, depending on the fund's investment strategy. The non-performance risk is strongly linked to the market risk.
    • Capital risk: No guarantee is provided as to the recovery of your initial investment.

The net asset value is calculated in Belgium each bank working day. The net asset value is published every public banking business day in Belgium in the financial press, as well as on the BeAMA website (www.beama.be/en/nav). It is also available at the Management Company’s registered address and over the counter from your financial services provider.

A swing price may be applied. Swing pricing aims to reduce the dilution effect brought about when significant operations within a sub- fund compel its manager to buy or sell its underlying assets. These transactions give rise to transaction fees and taxes that have an effect on the fund’s value, as well as on all its investors. Where swing pricing is applied, the sub-fund’s net asset value is adjusted by a particular amount when the capital flow exceeds a certain threshold (the swing factor). This amount is designed to offset expected transaction fees resulting from the difference between incoming and outgoing capital. Swing pricing is only used on rare occasions, if at all.

Please refer to the NN (L) Patrimonial Defensive prospectus (PDF) for additional information.

  • Minimum investment

    1 share


    Term

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    One-off charges

    • Entry charge (applicable by ING Belgium): 3%

    • Exit charge: 0%


    Ongoing charges

    • Ongoing charges taken from the Sub-Fund over a year : 1.56% of which 1.20% of management fees.

    • Custody fee: 0%/ annum

    For other charges that might be paid by the investor, we refer to the prospectus (PDF).


    Taxation

    Stock exchange tax (applicable to redemptions only):


    • Capitalization share: 1.32% (max 4,000 euros)

    • Distribution share: none


    Withholding tax on dividends:


    • Capitalization share: none

    • Distribution share : 30%


    Withholding tax in case of redemption:


    • Sub-fund permitted to invest more than 10% of assets in debt securities : yes

    • Sub-fund actually more than 10% invested in debt securities : yes

    • Withholding tax (30% depending on the investor's particular tax situation) : applicable


    *Tax treaty based on the current legislation
    Dividends received from distributing shares are subject to the Belgian withholding tax of 30%. The Belgian withholding tax applicable to interests included in the repurchase price of accumulating and distributing shares investing more than 10% of their assets in any kind of debts amounts to 30%.
    This tax system applies to Retail customers – private individuals resident in Belgium. Taxation depends on the individual situation of each customer and may change in the future.

Financial Service Belgium : J.P. Morgan Chase Bank, Boulevard du Roi Albert II 1, B-1210 Bruxelles

Complaints can be lodged with ING – Customer Service – Cours Saint Michel, 60 – 1040 Brussels. If no settlement can be reached in this way, please contact the Banks - Credit - Investments Mediation Service (www.ombfin.be).

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