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SEDCO Capital Multi Asset Traded Fund debuts on Tadawul today
Logo of SEDCO Capital Multi Asset Traded Fund
The units of SEDCO Capital Multi Asset Traded Fund began trading on the Saudi Exchange (Tadawul) today, July 24, under the symbol 4703 and ISIN Code SA162G529FL8.
SEDCO Capital Multi Asset Traded Fund is a closed-end, traded investment fund that is compatible with Shariah standards and controls and established in accordance with the provisions of the Investment Funds Regulations issued by the board of the Saudi Capital Market Authority (CMA).
The fund aims to allow investors to invest in multiple asset classes through capital enhancement and long-term periodic income distribution by investing in a Shariah-compliant diversified investment portfolio offered through private placement or public offering, whether locally or internationally.
Subscription to units of SEDCO Capital Multi-Asset Traded Fund started on May 19 and continued for 15 days until June 6. It was then extended until June 27, according to data compiled by Argaam.
All subscribed units by institutions, totaling 4.71 million, or 15.69% of the total offering, were allocated. Additionally, 25.29 million units, representing 84.31% of the total offering, were allocated to individual subscribers.
The Capital Market Authority (CMA) approved in April the request received from SEDCO Capital, the fund manager, to offer and list units of SEDCO Capital Multi Asset Traded Fund in an initial public offering (IPO).
Below is main information about the fund:
|
Fund Profile |
|
|
Fund |
SEDCO Capital Multi-Asset Traded ETF |
|
Fund type |
Shariah-complaint, close-ended, public ETF, main market listed. |
|
Investment Goals |
Providing investors with the opportunity to invest in multiple asset classes through capital development and long-term periodic income distribution by investing in a diversified portfolio of local and international private and public investments that are compatible with Shariah standards and controls. |
|
Fund’s Currency |
SAR |
|
Target Capital |
SAR 1 bln (Minimum Limit for Subscription: SAR 300 mln) |
|
Total Number of Units Offered |
100 mln (Minimum Limit for Subscription: 30 mln units) |
|
Unit Price |
SAR 10 |
|
Offering Start Date |
May 19, 2024, until June 6 |
|
Offering Extension |
10 business days |
|
Trading Start |
20 business days after the offering end |
|
Surplus Return (if any) |
10 business days after allocation announcement |
|
Subscription Minimum |
SAR 100 |
|
Benchmark |
A composite index that tracks certain weights, which are: 60% Dow Jones Islamic Market World Index (DJIMT) + 20% total return of the Dow Jones Sukuk Index (DJSUKTXR) + 20% - 30-day moving average. |
|
Subscription/Redemption Fees |
2% of cash subscription amount |
|
Target Investors |
-Natural persons who hold Saudi nationality and GCC citizens. -Natural persons residing in Saudi Arabia under a resident identity. -Institutions, companies, investment funds, and other entities and legal persons in Saudi Arabia and the GCC countries. -Qualified foreign financial institutions. -Other investors allowed by CMA to own Tadawul listed shares. |
|
Management Fee |
The fund manager is entitled to a management fee of 1% of the net asset value annually in exchange for the fund’s services for all asset classes in which the fund will invest. This excludes private equity investment funds managed by the fund manager. Management fees are paid semi-annually. |
|
Cash dividend |
Cash dividends, their due date, and the payout date (if any) will be announced within 40 business days from the end of June and December of each calendar year. The fund distributes the returns within a period of 90 business days from the date of announcing the cash dividend payout. |
|
Additional Information |
|
|
Fund Manager |
Saudi Economic and Development Securities Co. |
|
Custodian |
AlJazira Capital |
|
Receiving Entities |
AlJazira Capital, Al Rajhi Bank, SNB Capital, Riyad Bank, and Banque Saudi Fransi |
The fund focuses on investing in multiple asset classes, and there will be no restrictions on exposure to a particular sector or geographic region.
|
Investment Areas |
||
|
Investment type |
Minimum |
Maximum |
|
International public stocks |
0 % |
40% |
|
Local public stocks |
0 % |
20% |
|
Debt instruments and international instruments |
20% |
50% |
|
Debt instruments and local sukuks |
0 % |
30% |
|
International investments in money market transactions and Murabaha transactions outside the Kingdom |
0 % |
30% |
|
Local investments in money market transactions and Murabaha transactions in the Kingdom |
20% |
50% |
|
International private property |
0 % |
20% |
|
Local private property |
0 % |
20% |
The fund said that the maximum investment limit in local and international private equity will not exceed more than 20% of the value of its assets.
The fund may invest in funds that invest in all asset classes mentioned in the above table, including those managed by the fund manager (or any of his affiliates), provided that they do not exceed 25% of the net asset value of the fund in accordance with the requirements of the Investment Funds Regulations.
The fund manager has the right to fully invest its assets in investment funds according to the investment percentage in each investment area as mentioned in the table above.
In normal circumstances, the fund manager will not hold cash and money market instruments/funds more than 50% of the fund’s net asset value. However, in the event that some assets are sold and until the cash is reinvested or at the beginning of the fund’s term until investment opportunities are identified to invest available cash, or in exceptional cases, including but not limited to the occurrence of economic crises, force majeure events, and others, the allocated percentage can be increased to up to 100% of the net asset value of the fund.
Meanwhile, in the event of an increase or decrease in the equity value of the investment assets, or in the event of financing maturity (if any), which may result in the fund exceeding the target/maximum investment limit in any of its assets, the fund manager evaluates the investment conditions and rebalances the portfolio on a monthly basis to ensure compliance with the investment ratios as specified in the table above.
The fund manager may have to maintain the investment level until the next portfolio rebalancing date or until the maturity date of the illiquid asset for the benefit of unit holders.
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