The merging sub-fund has experienced a continued weak investment interest in recent years and asset under management in the fund continues to be low. The reason for the merger is to provide the benefit of a larger fund size which would result in greater efficiency from a portfolio management, operational, and cost-effective perspective.
How you as a unitholder are affected
This is a merger by absorption, whereby the merging sub-fund's (SEB Fund 3 – SEB Medical Fund) holdings - assets and liabilities - will be transferred to the receiving fund (SEB Concept Biotechnology), and SEB Fund 3 - SEB Medical Fund will cease to exist.
You are not required to act, but we think you as an investor should know about the merger. Both funds are domiciled in Luxembourg. The merging sub-fund and the receiving fund have similar investment objectives and fundamental investment strategies and are managed by the same investment team, but exposure differs as the merging sub-fund focuses on the pharmaceutical sector and the receiving fund focuses on the biotech sector. The risk level differs as the merging sub-fund is classified as level four, while the receiving fund as level five, on a seven-point scale.
The receiving fund will continue to follow the same investment objective and strategy as previously, and the fund’s fees will not be affected.
Affected unit classes and ISIN
SEB Fund 3 - SEB Medical Fund SEB Concept Biotechnology
(merging sub-fund) (receiving fund)
|D (USD)||LU0047324214||D (USD)||LU2553409058|
|UD (USD)||LU2249630331||UD (USD)||LU2553409132|
If you wish to redeem your units in either of the funds, the following applies:
- 14 April 2023: Cut-off time on this day is the last chance to sell units in the merging sub-fund.
- 21 April 2023: The merger takes effect.
As usual, units may be purchased or redeemed free of charge. SEB Investment Management AB bears any costs related to legal, advisory and administration costs that arise in relation to the merger. Redemption can result in taxation. Kindly consult your financial advisor for more information.
Key Information Documents and prospectuses are available at www.sebgroup.lu/funds. The depositary statement and the auditor report will be available, free of charge, on request from our registered office, SEB Investment Management AB, Luxembourg branch.
More detailed information on the merger may be found in the documents below:
* Past performance does not guarantee future performance. The value of investment funds and other financial instruments may rise as well as fall and there is no guarantee you will recover your original investment. The SEB Concept Biotechnology fund is classified as a higher risk fund and may, due to its composition and management methods, fall or rise sharply in value.