⚠️ SEB SICAV 2 – SEB Eastern Europe Small and Mid Cap Fund is partially open for trading
On 28 March 2022, SEB Investment Management AB partially opened the SEB Eastern Europe Small and Mid Cap Fund for redeeming fund units. Starting from that date, growth portfolio customers can hold, sell, or exchange the units in the underlying assets of their growth portfolio. Please note that the fund units cannot be bought. Transactions are conducted pursuant to the terms and conditions of the growth portfolio agreement.
As of 14 July 2022, we will stop accepting purchase orders for the fund units of SEB Eastern Europe Small and Mid Cap Fund and will cancel any pending orders. A notification to that effect and instructions have been sent to growth portfolio customers who have these fund units among the underlying assets of their agreement.
For more information regarding the investments that the fund has made in Russia, please follow this link (information in English) and this link. The notice of closing the fund for trading is available here.
1. Which restrictions apply on completing transactions with the units of the SEB Eastern Europe Small and Mid Cap Fund?
SEB Life and Pension Baltic SE can complete transactions with the units which are authorised by the management company SEB Investment Management AB. Currently, customers can hold, sell, or exchange fund units but not purchase them.
2. What is the reason for these restrictions?
Over 30% of the assets of the SEB Eastern Europe Small and Mid Cap Fund has been invested in Russia. By now, the unit price has dropped by about a third starting from opening the fund partially for trading on 28 March 2022. Due to the continued Russian aggression in Ukraine and the unstable geopolitical situation in Eastern Europe, investments in that region are risky.
3. What happens if I do not choose another fund for my future contributions?
If you do not choose a new fund for the investment of regular contributions, the contributions you make to the SEB Eastern Europe Small and Mid Cap Fund as of 14 July 2022 will not be reinvested but will be transferred to the underlying assets of your agreement as cash.
4. What happened to my contributions during the time that the fund’s trading was closed?
The contributions to the fund were deposited with the insurer to wait for a time when the fund units could be purchased again. The amounts on hold were not reinvested. We are going to return these amounts to your growth portfolio agreement by 15 July 2022 at the latest. A more thorough overview of your contributions is available in the Internet Bank.
5. What should I do if I want to change the funds in the underlying assets of my growth portfolio?
The SEB Eastern Europe Small and Mid Cap Fund is partially open for trading to redeem the units. You can sell or exchange these units in the underlying assets of your growth portfolio. In order to do this, you must submit an application for changing the structure of your portfolio in the Internet Bank by selecting ‘Applications’ –> ‘Initiate a change of the portfolio structure’ in the detailed view of your agreement. Transactions are conducted pursuant to the terms and conditions of your growth portfolio agreement.
We would like to remind you that the price of a fund unit cannot be predicted – the price depends on the state of the financial market and could fluctuate extensively every day. According to the management company, the value of the Russian investments, which formed about 35%–40% of the fund’s assets prior to closing the trading, is currently close to zero because foreign investors have not been allowed to trade on the Russian stock market since 28 February 2022.
6. What if I want to terminate the agreement and/or withdraw money from the fund?
In order to terminate your agreement or withdraw money from the SEB Eastern Europe Small and Mid Cap Fund, an application for the disbursement of the growth portfolio must be submitted in the Internet Bank. If you would like to sell or exchange the units of this fund, please read the answer to question 5: ‘What should I do if I want to change the funds in the underlying assets of my growth portfolio?’
7. What happens if a customer whose agreement contains units of the SEB Eastern Europe Small and Mid Cap Fund as underlying assets dies before the fund’s trading is reopened?
The conditions for the expiry of the growth portfolio agreement and for a disbursement have not changed. Persons who are entitled to a disbursement in case of the death of an insured person should contact the insurer.
If the growth portfolio includes units of the SEB Eastern Europe Small and Mid Cap Fund, then it should be kept in mind that the price of the unit cannot be predicted – the price is dictated by the conditions on the financial market and could therefore fluctuate greatly every day. According to the management company, the value of the Russian investments, which formed about 35%–40% of the fund’s assets prior to closing the trading, is currently close to zero because foreign investors have not been allowed to trade on the Russian stock market since 28 February 2022.
Please click on the fund name for key investor information, full Prospectus, fund related fees, and other details about the fund. With fund unit exchange, no purchase or sale fee is calculated.
| ISIN | Pricing day | Value date | Investment options that | |
|---|---|---|---|---|
| Strategy funds | ||||
| SEB Active 30 B | SE0016075899 | T+2 | T+3 | promote environmental or social characteristics |
| SEB Active 20 B | SE0016075824 | T+2 | T+3 | promote environmental or social characteristics |
| SEB Active 80 B | SE0016076145 | T+2 | T+3 | promote environmental or social characteristics |
| SEB Active 55 B | SE0016076079 | T+2 | T+3 | promote environmental or social characteristics |
| Bond funds | ||||
| SEB Corporate Bond Fund EUR | LU0133008952 | T+1 | T+2 | promote environmental or social characteristics |
| SEB Danish Mortgage Bond Fund | LU0337316391 | T+2 | T+3 | Other (neither promote nor have sustainable investment as their objective) |
| SEB Dynamic Bond Fund | LU0979738571 | T+1 | T+2 | promote environmental or social characteristics |
| SEB Global High Yield Fund | LU0456547701 | T+2 | T+3 | promote environmental or social characteristics |
| SEB Euro Short Rate Fund C | LU2399984025 | T+1 | T+2 | promote environmental or social characteristics |
| Equity funds | ||||
| SEB Asienfond ex Japan B | SE0021150141 | T+2 | T+3 | promote environmental or social characteristics |
| SEB Concept Biotechnology fund | LU0385485148 | T+1 | T+2 | promote environmental or social characteristics |
| SEB Eastern Europe Small and Mid Cap ex. Russia Fund C | LU0086828794 | T+2 | T+3 | promote environmental or social characteristics |
| SEB Emerging Markets Fund | LU0037256269 | T+3 | T+4 | promote environmental or social characteristics |
| SEB Global Exposure Fund | LU0047324644 | T+2 | T+3 | promote environmental or social characteristics |
| SEB Europe Equity Fund | LU0030166507 | T+2 | T+3 | promote environmental or social characteristics |
| SEB Global Climate Opportunity Fund | LU0122113094 | T+1 | T+2 | have sustainable investment as objective |
| SEB Global Focus Fund C | LU0030158231 | T+1 | T+2 | promote environmental or social characteristics |
| SEB Nordic Future Opportunity Fund C | LU0030165871 | T+2 | T+3 | have sustainable investment as objective |
| SEB Nordic Small Cap Fund | LU0385664312 | T+2 | T+3 | promote environmental or social characteristics |
| SEB Artificial Intelligence Fund C | LU0427864466 | T+1 | T+2 | promote environmental or social characteristics |
| SEB US Focus Core Fund C | LU0030166176 | T+1 | T+2 | promote environmental or social characteristics |
| Alternative funds | ||||
| SEB Asset Selection Fund | LU0256624742 | T+1 | T+2 | Other (neither promote nor have sustainable investment as their objective) |
| SEB Listed Private Equity Fund | LU0385668222 | T+1 | T+2 | promote environmental or social characteristics |
| Cash, interest rate 0% | Cash is kept on insurer’s SEB Bank account. Policyholder carries the other party’s risk. This means that upon insolvency of SEB Bank the insurer will not remunerate cash kept in underlying assets. It will also not be remunerated from deposit guarantee sectoral fund created in accordance with the Guarantee Fund Act. | |||
| T | transaction start date. If transaction order is forwarded after 12:00 or on a weekend or a holiday, the following business day will be considered as transaction start date. |
| Pricing day | day when the price is determined for the fund unit being purchased or sold |
| Value date | transaction settlement date, when disbursement is made and transaction fees are calculated. If transaction includes several fund units, the latest value date is considered as transaction settlement date. |
