Tortoise - Majedie

Tortoise

We try to isolate events which we think have a high impact and look highly probable, but also events that have a low market implied probability.

The Tortoise Fund is a long/short Global equity fund, managed by Matthew Smith and Tom Morris.

The Fund is actively managed using a combination of long equity positions and short CFD positions. The managers blend macro analysis of the credit, industrial and consumer cycles and micro analysis of an individual company’s operational performance and valuation to make an investment decision.

The Fund invests in long equity positions of companies the fund managers believe to be undervalued, where operational performance is improving, and which are in the low end of their historic price range. Conversely, the Fund takes short positions, through CFDs, in companies believed to be overvalued, where operational performance is deteriorating, and which are in the high end of their historic price range.

This strategy is designed to limit overall portfolio downside while offering medium-term appreciation.

In selecting investments, the fund managers are trying to identify long positions where the market’s expectations for medium-term (3–5 years) profit potential are too low and short positions where the market’s expectations for medium-term profit potential are too high. This includes both macro and micro analysis.

On the macro side, the focus is on real and nominal GDP growth, the level and structure of interest rates, commodity prices, debt levels, capacity utilisation and inflation. By analysing these variables relative to their historic development, the aim is to try to gauge the likely future path of the global economy.

On the micro side, the fund managers focus on where revenues, margins, capital investment and returns are relative to history. They analyse how these variables may develop on the basis of our views on the macro outlook, plus an analysis of company restructuring programmes and industry change.


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Irish Domiciled Fund – Majedie Asset Management (International) Investment Fund Company PLC

Document type Share Class Acc/Inc Currency File
Factsheet 2020 07 Tortoise Fund Factsheet
KIID A Acc GBP Tortoise Class A KIID (Ireland)
KIID B Acc GBP Tortoise Class B KIID (Ireland)
KIID C Acc GBP Tortoise Class C KIID (Ireland)
KIID D Acc GBP Tortoise Class D KIID
KIID E Acc GBP Tortoise Class E KIID
KIID F Acc GBP Tortoise Class F KIID
KIID G Acc GBP Tortoise Class G KIID
KIID H Acc USD Tortoise Class H KIID
KIID I Acc EUR Tortoise Class I KIID
KIID Z Acc EUR Tortoise Class Z KIID (EUR)
KIID Z Acc GBP Tortoise Class Z KIID (GBP)
KIID Z Acc USD Tortoise Class Z KIID (USD)
KIID Z Acc USD (Hedged) Tortoise Class Z KIID (USD) Hedged
KIID Z Acc EUR (Hedged) Tortoise Class Z KIID (EUR) Hedged
Prospectus & Supplement MAMIIFCo Prospectus
Prospectus & Supplement MAMIIFCo Prospectus – Tortoise Supplement
Prospectus & Supplement MAMIIFCo Prospectus – Supplement for UK Investors
Report & Financial Statements Interim Report & Financial Statements to June 2020 (Ireland)
Report & Financial Statements Annual Report & Financial Statements to 31 December 2019 (Ireland)
Tax Reporting Documentation MAMIIFCo Information for UK Tax Reporting December 2019
Tax Reporting Documentation MAMIIFCo Information for UK Tax Reporting December 2018

UK Domiciled Fund – LF Majedie Asset Management Investment Fund Company

Document type Share Class Acc/Inc Currency File
KIID C Acc GBP LF Majedie Tortoise Class C KIID
Investor Notification LF Majedie Tortoise Fund – Investor Circular
Prospectus (please read in conjunction with the notification above) LF MAMIFCo Prospectus
Report & Financial Statements LF MAMIFCo Interim Report & Financial Statements to June 2020
Report & Financial Statements LF MAMIFCo Annual Report & Financial Statements to 31 December 2019

Majedie Tortoise Fund Class C, Ireland (net of fees)

Discrete years (%)
12 months ending
Dec 10Dec 11Dec 12Dec 13Dec 14Dec 15Dec 16Dec 17Dec 18Dec 19Since Inception^ (P.A.)
(to 31 December 2019)
Class C (Ireland) -1.7 9.2 6.3 15.2 0.6 -8.5 26.0 -10.9 -2.9 -5.7 5.5

^31 August 2007

Source: Majedie, GBP, net of fees.

Other share classes are available. Past performance of the C share class prior to its launch on 15 October 2008 refers to the A share class.
Past performance is not necessarily a guide to future performance. The return on investments may increase or decrease as a result of currency fluctuations.

Irish Domiciled Fund – Majedie Asset Management (International) Investment Fund Company PLC

Share Class Currency Acc/Inc ISIN Price Price swing Pricing date Valuation point
A GBP Acc IE00B240WY77 2.071625 na 17 Sep 2020 C.O.B., NY
B GBP Acc IE00B240WZ84 2.311744 na 17 Sep 2020 C.O.B., NY
C GBP Acc IE00B3CQKZ16 1.637517 na 17 Sep 2020 C.O.B., NY
D GBP Acc IE00B4MNRG95 1.62859 na 17 Sep 2020 C.O.B., NY
E GBP Acc IE00B4JQ4601 1.60892 na 17 Sep 2020 C.O.B., NY
G GBP Acc IE00B51FHZ28 1.617096 na 17 Sep 2020 C.O.B., NY
H USD Acc IE00B3R27F32 2.065073 na 17 Sep 2020 C.O.B., NY
I EUR Acc IE00B3W6GN15 1.746014 na 17 Sep 2020 C.O.B., NY
Z USD Acc IE00BG49LC31 0.728659 na 17 Sep 2020 C.O.B., NY
Z EUR Acc IE00BG49LD48 0.845212 na 17 Sep 2020 C.O.B., NY
Z GBP Acc IE00BG49LB24 0.923272 na 17 Sep 2020 C.O.B., NY
Z EUR (Hedged) Acc IE00BD3DX293 0.863826 na 17 Sep 2020 C.O.B., NY
Z USD (Hedged) Acc IE00BF0B3421 0.73848 na 17 Sep 2020 C.O.B., NY

UK Domiciled Fund – LF Majedie Asset Management Investment Fund Company

Share Class Currency Acc/Inc ISIN Price Price swing Pricing date Valuation point
C GBP Acc GB00B7M54C16 1.6011 none 17 Sep 2020 C.O.B., NY

The prices shown are historic (calculated at the valuation point on the date shown) and are indicative only. Transactions will be effected at the price next calculated after receipt of a valid dealing instruction.

Share Class: For further information, please refer to the Prospectus and/or KIIDs
Acc / Inc: With accumulation shares, income from the Fund’s investments will be included in the value of your shares rather than being paid out via a dividend. With income shares, income from the Fund’s investments will be paid out via a dividend.
Pricing Swing: The Irish domiciled Fund operates on a NAV pricing basis, where an anti-dilution levy is applied to redemptions where there are net outflows of £1,000,000 or higher on any dealing day. If triggered, details of the levy shall be contained on the contract note.

Irish Domiciled Fund – Majedie Asset Management (International) Investment Fund Company PLC

Share Class Currency Acc/Inc ISIN OCF (%) AMC (%) ACC (%) One-off entry/exit cost (%) Transaction costs (%) Performance fees (%) Pricing basis Dilution Rates (%)
A GBP Acc IE00B240WY77 1.12 1.00 0.12 0.00 / 0.00 0.39 Dilution Levy 0.10 / 0.00
B GBP Acc IE00B240WZ84 0.12 0.00 0.12 0.00 / 0.00 0.39 Dilution Levy 0.10 / 0.00
C GBP Acc IE00B3CQKZ16 1.12 1.00 0.12 0.00 / 0.00 0.39 0.00 Dilution Levy 0.10 / 0.00
D GBP Acc IE00B4MNRG95 1.12 1.00 0.12 0.00 / 0.00 0.39 0.01 Dilution Levy 0.10 / 0.00
E GBP Acc IE00B4JQ4601 1.12 1.00 0.12 0.00 / 0.00 0.39 0.00 Dilution Levy 0.10 / 0.00
G GBP Acc IE00B51FHZ28 1.12 1.00 0.12 0.00 / 0.00 0.39 0.00 Dilution Levy 0.10 / 0.00
H USD Acc IE00B3R27F32 1.12 1.00 0.12 0.00 / 0.00 0.39 0.00 Dilution Levy 0.10 / 0.00
I EUR Acc IE00B3W6GN15 1.12 1.00 0.12 0.00 / 0.00 0.39 0.00 Dilution Levy 0.10 / 0.00
Z USD Acc IE00BG49LC31 1.12 1.00 0.12 0.00 / 0.00 0.39 0.00 Dilution Levy 0.10 / 0.00
Z EUR Acc IE00BG49LD48 1.12 1.00 0.12 0.00 / 0.00 0.39 0.00 Dilution Levy 0.10 / 0.00
Z GBP Acc IE00BG49LB24 1.12 1.00 0.12 0.00 / 0.00 0.39 0.00 Dilution Levy 0.10 / 0.00
Z EUR (Hedged) Acc IE00BD3DX293 1.12 1.00 0.12 0.00 / 0.00 0.39 0.00 Dilution Levy 0.10 / 0.00
Z USD (Hedged) Acc IE00BF0B3421 1.12 1.00 0.12 0.00 / 0.00 0.39 0.00 Dilution Levy 0.10 / 0.00

UK Domiciled Fund – LF Majedie Asset Management Investment Fund Company

Share Class Currency Acc/Inc ISIN OCF (%) AMC (%) ACC (%) One-off entry/exit cost (%) Transaction costs (%) Performance fees (%) Pricing basis Dilution Rates (%)
C GBP Acc GB00B7M54C16 1.00 1.00 0.00 0.00 / 0.00 0.43 0.00 Single Swing 0.10 / 0.10

Charges shown are predicted (calculated at the valuation point on 31 August 2020 and estimated as of 04 September 2020), are for indicative purposes only and subject to change. Please note that B share classes are only available by separate agreement with Majedie Asset Management Limited, bespoke arrangements typically include performance fee structures.

Share Class: For further information, please refer to the Prospectus and/or KIIDs
Acc / Inc: With accumulation shares, income from the Fund’s investments will be included in the value of your shares rather than being paid out via a dividend. With income shares, income from the Fund’s investments will be paid out via a dividend.
OCF (%): Ongoing Charges Figure. This is the annual cost that is incurred through the regular operation of the Fund. The figure is normally based the actual costs of the previous year, but for new funds or a new share class of existing funds, the figure provided may be an estimate based on expected costs. These charges are deducted from the daily quoted price of the Fund. The two components of the OCF, Annual Management Charge (AMC) and Admin Cost Charges (ACC) are described separately. The OCF does not include Entry Charges, Exit Charges or Transaction Costs (such as taxes and execution) which are quoted separately in this table. Research Costs are paid for by Majedie.
AMC (%): Annual Management Charge. This is the annual charge received by Majedie Asset Management Limited.
ACC (%): Admin Cost Charge. This is the annual charge for all other administrative costs incurred in the regular operation of the Fund, including for example daily fund accounting, safe custody of assets, transfer agency services, trustee & depositary oversight, regulatory fees, external audit and where applicable, hedged share class administration fees. Where Majedie Asset Management has elected to pay certain costs, the ACC quotes only those costs that will be paid by the Fund. The ACC is the difference between the OCF and the AMC.
Entry / Exit Charge: No entry or exit fees are charged for any fund.
Transaction costs (%): This figure includes explicit costs (taxes such as stamp duty‚ exchange fees‚ and commission paid to brokers for execution)‚ an estimate of implicit costs or “slippage” (using intraday arrival prices)‚ and – where relevant – an offset from any anti-dilution mechanisms applied. These ex-ante costs are projected using the actual costs incurred over the most recent 3 year period‚ annualised (but excluding commissions paid for research pre-2018 which are now absorbed by Majedie).
Performance fee (%): Please see the fund prospectus for details on any performance fee terms. These ex-ante cost projections are based on the actual performance fees incurred over the most recent 5 year period‚ annualised (using a proxy for share classes with shorter histories). Please note that this could mean that 0 is shown but an amount may be incurred in the future. If no figure is shown in this column, no performance fee applies.
Pricing Basis: The Irish domiciled Fund operates on a NAV pricing basis, where an anti-dilution levy is applied to redemptions where there are net outflows of £1,000,000 or higher on any dealing day. If triggered, details of the levy shall be contained on the contract note. The UK domiciled Fund operates on a single swinging pricing basis. Prices are swung up / down whenever there are net inflows / outflows of over £250,000 (or currency equivalent) on any dealing day. Please see the relevant prospectus for further information.
Dilution Rates (%): These are the current rates of dilution levy applied to the Ireland domiciled Fund (the first figure shown in this column), or the rates applied to the UK Fund’s prices when swung. Dilution compensates the Fund for transaction taxes, trade execution costs and market spread incurred by the Fund in actioning trades resulting from investor subscriptions or redemptions. Dilution rates are reviewed regularly and therefore subject to change.

This information is not intended to be an offer or solicitation of an offer to buy or sell securities. All rights in the referenced index are vested in the index owner and/or its licensors, who do not accept any liability for any errors or omissions in the index or any underlying data.

Fund: For further information, please refer to the Prospectus and/or KIIDs
Notes
For further information, please refer to the Prospectus and/or KIIDs.
More details on costs and charges can be found in the European MiFID Template (EMT) – Excel or the European MiFID Template (EMT) – Pipe Delimited files.