BESLUIT TOT WIJZIGING VAN HET PROSPECTUS VAN
DELTA LLOYD FIXED UMBRELLA
De beheerder, bewaarder en juridisch eigenaar van Delta Lloyd Fixed Income Umbrella (hierna te
noemen: “Fonds”) hebben besloten met ingang van 1 juli 2014 het prospectus van het Fonds te
wijzigen. De wijzigingen omvatten een aanpassing van het beleggingsbeleid van een drietal
subfondsen, een beursnotering van participatiesoort A van een tweetal subfondsen, een wijziging met
betrekking tot samenstelling van de directie van de beheerder en een naamswijziging van de
bewaarder.
ALGEMENE WIJZIGINGEN
In verband met personele wijzigingen binnen de directie van Delta Lloyd Asset Management N.V., de
beheerder van de Delta Lloyd Fixed Income Umbrella, wordt de samenstelling van de directie
aangepast in het prospectus. Tevens wordt de naam van de bewaarder gewijzigd van Kas-Trust B.V. in
Kas Trust & Depositary Services B.V.
BELEGGINGSBELEID DELTA LLOYD SOVEREIGN BOND FUND
Het beleggingsbeleid zal vanaf 1 juli 2014 als volgt luiden:
Benchmark and base currency
The Benchmark of this Fund is the iBoxx EUR Sovereigns & Sub-Sovereigns (5% Issuer<AA Cap)
Index The Base Currency of this Fund is Euro (€).
Investment policy
The Prospectus provides a general outline of the investment policy of the Umbrella as a whole. Within
the Umbrella each Fund will have its own investment strategy, focus, investment universe and
restrictions. A description of the specific investment policy that applies to this Fund is provided here.
Investment universe
The Fund may invest among other things in cash bonds, loans of sovereign and sovereign related
issuers, covered bonds, repos, other investment Funds (including affiliated) and money market funds.
The Fund has a European focus but can invest globally.
Market value restrictions
The Fund may not invest more than one third of its total assets in money market instruments.
Risk budget
The Benchmark of the Fund is the iBoxx EUR Sovereigns & Sub-Sovereigns (5% Issuer<AA Cap)
Index The main risks in this Benchmark are:
• Market risk due to movements in interest rates and credit spreads.
• Counterparty risk as the Benchmark consists of bonds.
• The Benchmark is constructed based on market values of issued bonds and therefore contains
concentration risk.
The Fund Manager aims to outperform the Benchmark by changing its investment portfolio’s exposure
to the pro-actively managed risks mentioned below. The Fund Manager seeks to minimize all other
risks.
Pro-actively managed risks
The Fund Manager pro-actively takes relative market, counterparty and concentration risk based on its
expert judgment. This means the sensitivity to market movements in interest rates, inflation and credit
spreads will differ from the Benchmark. Also the composition of the Fund in terms of but not limited
to sectors, countries, counterparties and instruments can vary from the Benchmark.
The interest rate duration of the Fund may differ, within a range of +2 and -2 years from the
Benchmark.
The inflation duration exposure can be between -2 and +2 years.
The Fund intends to limit its sensitivity to movements in credit spreads to 200% of the Benchmark.
The counterparty default risk per position is measured by calculating the average credit rating based
on the iBoxx methodology. The total counterparty default risk of the Benchmark is calculated by
applying exponential weights based on historical default probabilities. The Fund’s lowest weighted
average rating will never be more than one rating notch lower than the Benchmark and never be lower
than A3.
The Fund is allowed to buy positions with a minimal rating of BB3.
The composition of the Fund in terms of but not limited to sector, geographic, issuer and instrument
exposure will differ from the Benchmark. The concentration risk of total net exposure to single issuers
rated below AA3 will be limited to 5%.
The total amount invested in sub-sovereign issuers will be limited to a maximum 50% of the fund
value.
These risks will be measured and managed using quantitative techniques. The investment risk of using
derivatives is incorporated in these quantitative techniques. More information on these techniques can
be obtained from the Fund Manager.
Minimized risks
The Benchmark is denominated in euros. The Fund takes no active currency risk. This means all
positions in the Fund are hedged to euros on a best effort basis. The amount invested in non-euro is
maximized to 20% of the fund value.
The Benchmark is calculated daily. The Fund therefore seeks to offer daily liquidity. However, not
necessarily all positions can be sold within a day without incurring losses. The total market value of
positions that are not exchange traded will be limited to 10% of the NAV.
Counterparty risk resulting from settlement and custody is managed by carefully selecting
counterparties, avoiding concentration, negotiating strict legal contracts and daily collateral
management.
TOELICHTING OP DE WIJZIGING VAN HET BELEGGINGSBELEID VAN HET DELTA LLOYD SOVEREIGN
BOND FUND
•
De benchmark van het Delta Lloyd Sovereign Bond Fund wordt aangepast.
WAAROM WORDT GEKOZEN VOOR EEN ANDERE BENCHMARK?
•
De nieuwe benchmark bevat minder kredietrisico dan de huidige benchmark. Daarom zal de
minimale gemiddelde kredietrating van het Delta Lloyd Sovereign Bond Fund in het
prospectus worden verhoogd van BBB1 naar A3. Hierdoor worden mogelijke verschillen in
kredietrisico tussen Delta Lloyd Sovereign Bond Fund en de benchmark beperkt.
•
Door de verlaging van het kredietrisico gaat ook de aankooprating omhoog van B3 naar BB3.
Hierdoor worden mogelijke verschillen in kredietrisico tussen het Delta Lloyd Sovereign Bond
Fund en de benchmark beperkt.
•
De positie in subsovereign leningen wordt gelimiteerd op 50%. Dit beperkt zowel het absolute
als relatieve risico (ten opzichte van de benchmark).
BELEGGINGSBELEID DELTA LLOYD SOVEREIGN LT BOND FUND
Het beleggingsbeleid zal vanaf 1 juli 2014 als volgt luiden:
Benchmark and base currency
The Benchmark of this Fund is the iBoxx € Sub&Sovereign Index 5+ ex BBB Index. The Base Currency
of this Fund is Euro (€).
Investment policy
The Prospectus provides a general outline of the investment policy of the Umbrella as a whole. Within
the Umbrella each Fund will have its own investment strategy, focus, investment universe and
restrictions. A description of the specific investment policy that applies to this Fund is provided here.
Investment universe
The Fund may invest among other things in cash bonds, loans of sovereign and sovereign related
issuers, covered bonds, repos, other investment Funds (including affiliated) and money market funds.
The Fund has a European focus but can invest globally.
Market value restrictions
The Fund may not invest more than one third of its total assets in money market instruments.
Risk budget
The Benchmark of the Fund is the iBoxx € Sub&Sovereign Index 5+ ex BBB Index. The main risks in
this Benchmark are:
• Market risk due to movements in interest rates and credit spreads.
• Counterparty risk as the Benchmark consists of bonds.
• The Benchmark is constructed based on market values of issued bonds and therefore contains
concentration risk.
The Fund Manager aims to outperform the Benchmark by changing its investment portfolio’s exposure
to the pro-actively managed risks mentioned below. The Fund Manager seeks to minimize all other
risks.
Pro-actively managed risks
The Fund Manager pro-actively takes relative market, counterparty and concentration risk based on its
expert judgment. This means the sensitivity to market movements in interest rates, inflation and credit
spreads will differ from the Benchmark. Also the composition of the Fund in terms of but not limited
to sectors, countries, counterparties and instruments can vary from the Benchmark.
The interest rate duration of the Fund may differ, within a range of +2 and -2 years from the
Benchmark.
The inflation duration exposure can be between -2 and +2 years.
The Fund intends to limit its sensitivity to movements in credit spreads to 200% of the Benchmark.
The counterparty default risk per position is measured by calculating the average credit rating based
on the iBoxx methodology. The total counterparty default risk of the Benchmark is calculated by
applying exponential weights based on historical default probabilities. The Fund’s lowest weighted
average rating will never be more than two rating notches lower than the Benchmark and never be
lower than A2.
The Fund is allowed to buy positions with a minimal rating of BBB3.
The composition of the Fund in terms of but not limited to sector, geographic, issuer and instrument
exposure will differ from the Benchmark. The concentration risk of total net exposure to single issuers
rated below AA3 will be limited to 5%.
The total amount invested in sub-sovereign issuers will be limited to a maximum 50% of the fund
value.
These risks will be measured and managed using quantitative techniques. The investment risk of using
derivatives is incorporated in these quantitative techniques. More information on these techniques can
be obtained from the Fund Manager.
Minimized risks
The Benchmark is denominated in euros. The Fund will invest in cash bonds denominated in euros
only.
The Benchmark is calculated daily. The Fund therefore seeks to offer daily liquidity. However, not
necessarily all positions can be sold within a day without incurring losses. The total market value of
positions that are not exchange traded will be limited to 10% of the NAV.
Counterparty risk resulting from settlement and custody is managed by carefully selecting
counterparties, avoiding concentration, negotiating strict legal contracts and daily collateral
management.
TOELICHTING OP DE WIJZIGING VAN HET BELEGGINGSBELEID VAN HET DELTA LLOYD SOVEREIGN LT
BOND FUND
•
Het beleggingsbeleid wordt aangescherpt.
•
De minimale aankooprating van Delta Lloyd Sovereign LT Bond Fund gaat omhoog van B3
naar BBB3. Het kredietrisico van de benchmark is beperkt waardoor leningen aan uitgevende
instellingen met lage kredietwaardigheid niet passen in het beleid van Delta Lloyd Sovereign
LT Bond Fund.
•
De positie in subsovereign leningen wordt gelimiteerd op 50%. Dit beperkt zowel het absolute
als relatieve risico (ten opzichte van de benchmark).
•
Delta Lloyd Sovereign LT Bond Fund zal alleen nog beleggen in obligaties die zijn uitgegeven
in Euro’s. Hierdoor zal het valutarisico verdwijnen en ook het gebruik van derivaten (om nieteuro rente-/valutarisico af te dekken) beperkt worden. Het beleggingsuniversum wordt wel
beperkt.
BELEGGINGSBELEID DELTA LLOYD SOVEREIGN XLT BOND FUND
Het beleggingsbeleid zal vanaf 1 juli 2014 als volgt luiden:
Benchmark and base currency
The Benchmark of this Fund is the iBoxx € Sub&Sovereign Index 15+ AAA/AA Index. The Base
Currency of this Fund is Euro (€).
Investment policy
The Prospectus provides a general outline of the investment policy of the Umbrella as a whole. Within
the Umbrella each Fund will have its own investment strategy, focus, investment universe and
restrictions. A description of the specific investment policy that applies to this Fund is provided here.
Investment universe
The Fund may invest among other things in cash bonds, loans of sovereign and sovereign related
issuers, covered bonds, repos, other investment Funds (including affiliated) and money market funds.
The Fund has a European focus but can invest globally.
Market value restrictions
The Fund may not invest more than one third of its total assets in money market instruments.
Risk budget
The Benchmark of the Fund is the iBoxx € Sub&Sovereign Index 15+ AAA/AA Index. The main risks in
this Benchmark are:
• Market risk due to movements in interest rates and credit spreads.
• Counterparty risk as the Benchmark consists of bonds.
• The Benchmark is constructed based on market values of issued bonds and therefore contains
concentration risk.
The Fund Manager aims to outperform the Benchmark by changing its investment portfolio’s exposure
to the pro-actively managed risks mentioned below. The Fund Manager seeks to minimize all other
risks.
Pro-actively managed risks
The Fund Manager pro-actively takes relative market, counterparty and concentration risk based on its
expert judgment. This means the sensitivity to market movements in interest rates, inflation and credit
spreads will differ from the Benchmark. Also the composition of the Fund in terms of but not limited
to sectors, countries, counterparties and instruments can vary from the Benchmark.
The interest rate duration of the Fund may differ, within a range of +2 and -2 years from the
Benchmark.
The inflation duration exposure can be between -2 and +2 years.
The Fund intends to limit its sensitivity to movements in credit spreads to 200% of the Benchmark.
The counterparty default risk per position is measured by calculating the average credit rating based
on the iBoxx methodology. The total counterparty default risk of the Benchmark is calculated by
applying exponential weights based on historical default probabilities. The Fund’s lowest weighted
average rating will never be more than two rating notches lower than the Benchmark and never be
lower than AA3.
The Fund is allowed to buy positions with a minimal rating of A3.
The composition of the Fund in terms of but not limited to sector, geographic, issuer and instrument
exposure will differ from the Benchmark. The concentration risk of total net exposure to single issuers
rated below AA3 will be limited to 5%.
The total amount invested in sub-sovereign issuers will be limited to a maximum 50% of the fund
value.
These risks will be measured and managed using quantitative techniques. The investment risk of using
derivatives is incorporated in these quantitative techniques. More information on these techniques can
be obtained from the Fund Manager.
Minimized risks
The Benchmark is denominated in euros. The Fund will invest in cash bonds denominated in euros
only.
The Benchmark is calculated daily. The Fund therefore seeks to offer daily liquidity. However, not
necessarily all positions can be sold within a day without incurring losses. The total market value of
positions that are not exchange traded will be limited to 10% of the NAV.
Counterparty risk resulting from settlement and custody is managed by carefully selecting
counterparties, avoiding concentration, negotiating strict legal contracts and daily collateral
management.
TOELICHTING OP DE WIJZIGING VAN HET BELEGGINGSBELEID VAN HET DELTA LLOYD SOVEREIGN
XLT BOND FUND
•
De minimale aankooprating van Delta Lloyd Sovereign XLT Bond Fund gaat omhoog van B3
naar A3. Het kredietrisico van de benchmark is beperkt waardoor leningen aan uitgevende
instellingen met lage kredietwaardigheid niet passen in het beleid van Delta Lloyd Sovereign
XLT Bond Fund.
•
De positie in subsovereign leningen wordt gelimiteerd op 50%. Dit beperkt zowel het absolute
als relatieve risico (ten opzichte van de benchmark).
•
Delta Lloyd Sovereign XLT Bond Fund zal alleen nog beleggen in obligaties die zijn uitgegeven
in Euro’s. Hierdoor zal het valutarisico verdwijnen en ook het gebruik van derivaten (om nieteuro rente-/valutarisico af te dekken) beperkt worden. Het beleggingsuniversum wordt wel
beperkt.
PARTICIPATIEKLASSE SPECIFIEKE WIJZIGINGEN VOOR UITSLUITEND PARTICIPATIESOORT A:
BEURSNOTERING PARTICIPATIESOORT A VAN DELTA LLOYD SOVEREIGN XLT BOND FUND EN DELTA
LLOYD CORPORATE BOND FUND
De actieve participatiesoort A van het Delta Lloyd Sovereign XLT Bond Fund en de actieve
participatiesoort A van het Delta Lloyd Corporate Bond Fund worden genoteerd aan de effectenbeurs
van Euronext Amsterdam N.V. De voorwaarden van beheer en bewaring worden op de nieuwe situatie
aangepast.
TOELICHTING OP DE BEURSNOTERING VAN PARTICPATIESOORT A VAN HET DELTA LLOYD
SOVEREIGN XLT BOND FUND EN DELTA LLOYD CORPORATE BOND FUND
Een beursnotering biedt de particuliere klant een makkelijke en efficiënte toegang tot de
participatiesoort A van Delta Lloyd Souvereign XLT Bond Fund en tot de participatiesoort A van Delta
Lloyd Corporate Bond Fund. In het prospectus zal hiervoor een nieuwe paragraaf worden opgenomen.
De kosten van een notering aan de effectenbeurs van Euronext Amsterdam N.V. bedragen 0,0045%
van het uitstaand vermogen per jaar, met een minimum van EUR 2000,-.
De eenmalige inrichtingskosten neemt de beheerder, Delta Lloyd Asset Management N.V., voor haar
rekening.
INACHTNEMING WACHTTERMIJN
Voornoemde wijzigingen worden van kracht per 1 juli 2014, waarbij conform het prospectus de
wachttermijn van één maand in acht wordt genomen. De voorgenomen wijzigingen worden
aangekondigd op de website www.deltalloydassetmanagement.nl en een kennisgeving van de
voorgenomen wijzigingen wordt naar het adres van de participanten verzonden. Gedurende deze
termijn van één maand kunnen de participanten hun participaties tegen de gebruikelijke voorwaarden
ter inkoop aanbieden.
Amsterdam, 30 mei 2014
Delta Lloyd Asset Management N.V.
Kas Trust & Depositary Services B.V.
Stichting Delta Lloyd Sovereign Bond Fund,
Stichting Delta Lloyd Sovereign LT Bond Fund,
Stichting Delta Lloyd Sovereign XLT Bond Fund,
Stichting Delta Lloyd Sub-sovereign Bond Fund,
Stichting Delta Lloyd Collateralized Bond Fund,
Stichting Delta Lloyd Corporate Bond Fund