FAQ

Kersio Capital

A SICAV (Société d’Investissement à Capital Variable) is a collective investment vehicle that allows investors to participate in a diversified portfolio of financial assets. Similar to investment funds, its objective is to pool capital from investors to invest in financial assets, seeking returns shared among all shareholders. At Kersio, we have a professional team dedicated to investment decision-making, with over 50 years of experience in financial markets.

As a feeder vehicle, Kersio Capital SICAV invests almost all of its assets in a master vehicle, Kersio Lux. Therefore, the costs of both vehicles must be considered. To keep them at reasonable levels, Kersio Capital SICAV subscribes to a low-fee share class of Kersio Lux, with an annual management fee of only 0.61%. The total Total Expense Ratio (TER) is 1.37%, broken down as follows:

  • Kersio Lux (Series M) cost: 1.00% (for large investors like the master-feeder structure)
  • Annual Management Fee (Bankinter, as management company): 0.16%
  • Annual Depositary Fee (Bankinter, as depositary entity): 0.05%
  • Other Expenses (Bankinter): 0.16%

Kersio Capital SICAV does not charge performance fees. These costs are already reflected in the Net Asset Value (NAV) evolution. However, investors may incur additional costs when buying or selling SICAV shares, depending on the financial institution through which they operate (similar to purchasing publicly traded stocks in the Spanish continuous market).

For more information about Kersio Capital SICAV, its costs, investment philosophy, or any other details, please contact us via our website form.

Investing in a SICAV offers multiple benefits, including high diversification, which helps mitigate risk. Additionally, SICAVs provide immediate liquidity, allowing investors to enter and exit at any time on a daily basis. Alongside these advantages, which they share with investment funds, SICAVs offer the convenience of trading them like stocks, making them accessible from nearly any bank without the need to open an account with a management company.

Anyone can invest in a SICAV like Kersio Capital by purchasing its shares through BME MTF Equity, where most SICAVs in Spain are listed. This allows investors to buy and sell SICAV shares similarly to company stocks, through their financial institution, without a minimum investment requirement (only 1 share is required). The applicable NAV for purchase and sale orders placed until 16:00 on day D will be the NAV of day D.

To operate in Spain, a SICAV must meet the following requirements:

  • At least 100 shareholders
  • Incorporation as a public limited company (sociedad anónima)
  • Minimum capital of €2.4 million
  • Compliance with regulations set by the Spanish Securities Market Commission (CNMV)

Both are collective investment vehicles, but SICAVs offer certain operational advantages:

  • Public limited company structure
  • Ability to trade from nearly any bank
  • Immediate liquidity (shared with investment funds)

These features make SICAVs particularly attractive for investors seeking flexibility and ease of operation. However, some SICAVs do not offer capital gains tax deferral like investment funds, which can delay but not eliminate taxation on capital gains.

Equities, through company shares, provide an investment alternative that, while carrying risks, offers high potential for medium- to long-term growth. Equity investment allows participation in the value creation of companies across different sectors and geographies. Over many decades, and particularly since Kersio’s inception in 2013, equity markets have delivered attractive long-term returns.

For more details on Kersio Capital SICAV, including costs, investment philosophy, or any other aspect of interest, please contact us via our website form.

Kersio Lux

The annual fees for Kersio Lux – Kersio Equity SICAV vary by share class:

1) Series A and E

Total Expense Ratio (TER): 1.24%, broken down as follows:

  • Annual Management Fee (Kersio): 0.75%
  • Annual Distribution Fee (Kersio): 0.10%
  • Annual Depositary Fee: 0.049%
  • Annual Administration Fee: 0.08%
  • Annual Board Expenses: ~0.06%
  • Luxembourg Tax: 0.05%
  • Manco (UBS): 0.049%
  • Other expenses: 0.10%

2) Series M

Total Expense Ratio (TER): 1.00%, broken down as follows:

  • Annual Management Fee (Kersio): 0.61%
  • Annual Depositary Fee: 0.049%
  • Annual Administration Fee: 0.08%
  • Annual Board Expenses: ~0.06%
  • Luxembourg Tax: 0.05%
  • Manco (UBS): 0.049%
  • Other expenses: 0.10%

Kersio Lux does not charge entry or exit fees, nor performance fees.

For more information about Kersio Lux, including costs, investment philosophy, or other details, please contact us via our website form.

A Luxembourg SICAV is a collective investment vehicle operating under the oversight of the highly regarded Luxembourg regulator, the Commission de Surveillance du Secteur Financier (CSSF). It is particularly attractive for international investors. Although Kersio Lux is domiciled in Luxembourg, its management team and investment philosophy are identical to those of Kersio Capital SICAV, as the latter invests nearly all of its portfolio in Kersio Lux. This allows investors to choose the option that best suits their needs.

The main advantage of a Luxembourg SICAV is its international accessibility. Thanks to the European passport, Luxembourg SICAVs can be marketed across multiple countries to all types of investors. The omnibus account structure facilitates access and operations for international investors. Additionally, Luxembourg-based asset custody offers enhanced legal security, particularly relevant for institutional investors.

For international investors, choosing a Luxembourg vehicle is often more convenient, as it allows them to invest in a simplified and secure manner from their local account. Additionally, international platforms and distribution networks are structured to market Luxembourg vehicles, making operations easier without the need to share detailed client information with each management company. On the other hand, investors residing in Spain can use either the Spanish SICAV or the Luxembourg SICAV, depending on their preferences and circumstances.

Stock market investment

Investing in the stock market through a SICAV or an investment fund allows you to access the equity market without requiring a large capital investment. You can participate with small amounts and benefit from the diversification that a fund or SICAV offers. Unlike direct investment in stocks, where you may need at least a few thousand euros to build a diversified and cost-efficient portfolio, our SICAV does not require a minimum amount. This allows you to start with a very small investment while gaining broad diversification from the very beginning.

To invest in the stock market through our SICAV, you simply need to open an account with a financial institution that offers our products or contact us directly. By investing in our strategy, you will benefit from professional management that carefully analyzes and selects the best investment opportunities. Additionally, our vehicles are supervised by official regulators in Spain and Luxembourg, providing an extra layer of security.

Stock market investments can yield high returns, but they also involve risks and volatility. Investing through our investment vehicles offers certain advantages over direct investing, such as favorable taxation, diversification, and the high experience and professionalism of our investment management team. These factors increase the likelihood of achieving attractive and consistent long-term returns, as we have demonstrated in our history. However, past performance does not guarantee future results.

You do not need a high minimum amount to start investing in the stock market, whether through Kersio or direct investment, as the minimum purchase requirement is one share. That said, collective investment (including Kersio SICAVs) allows access to a broad portfolio of stocks with accessible contributions, without the need to bear the cost of purchasing multiple individual stocks. You can participate starting with just one share.

Stock market investments involve market risks, meaning that the value of a stock portfolio can fluctuate significantly from week to week, or remain unchanged, which is known as volatility. By investing in the stock market through Kersio’s strategy, you benefit from the knowledge and experience of a team of professionals with over 50 years of experience in financial markets. They apply fundamental analysis to carefully select the best companies and implement risk-control strategies to minimize the impact of volatility. Furthermore, Kersio’s strategy diversifies across multiple assets and sectors, helping to reduce risk compared to direct investments in only a few stocks.

The recommended investment horizon for stock market investments is typically long-term, meaning more than 5 years. As an equity investment vehicle, it may not be suitable for investors who anticipate needing to withdraw their money within 3–5 years. A long-term horizon allows investors to take advantage of stock growth potential and better withstand market volatility.

You can check the strategy results over different time periods in the monthly reports of Kersio Capital and Kersio Lux. If you want to learn more about Kersio Capital, contact us via our web form, and a team member will assist you.

Investing in the stock market involves exposure to stock price fluctuations, which can sometimes be significant, leading to what is known as volatility. The strategy of Kersio Capital SICAV aims to find companies whose value is not reflected in their current stock price and to benefit from future appreciation, helping to reduce long-term volatility.

Additionally, Kersio’s portfolio is based on broad diversification and is managed by a professional team that monitors portfolio risk and thoroughly analyzes the assets in which it invests. Furthermore, it meets all necessary regulatory requirements, being supervised by the relevant regulatory bodies.

Investing in any collective investment vehicle, such as SICAVs or investment funds, offers several advantages over direct stock investment. These include diversification, which helps reduce the risk of significant losses over the long term, and professional management that optimizes asset selection. Additionally, there are tax benefits, such as tax deferral on investment gains in personal income tax (IRPF) until the sale of the SICAV or fund, making them particularly attractive for investors.

From a regulatory standpoint, investments in investment funds or SICAVs are subject to supervision by the CNMV in Spain or the CSSF in Luxembourg, providing an additional layer of security for investors.

When investing directly in stocks, capital gains are taxed according to the prevailing savings income tax rates.

SICAV shareholders (individuals) are taxed at 19%, 21%, or 23% in personal income tax (IRPF), or 25% in corporate tax (for legal entities) at the time of selling their shares. This results in a tax deferral benefit that favors long-term investment.

Diversification helps reduce investment risk in the stock market by distributing capital across multiple assets, in other words, not putting all your eggs in one basket. This allows a portfolio to include a selection of assets from different sectors and regions, reducing exposure to specific risks. As our track record demonstrates, diversification can help smooth out the high volatility inherent in the stock market. This is harder to achieve when investing in only a few stocks directly.

You can check the geographic and sectoral diversification of Kersio’s strategy in the monthly reports of Kersio Capital and Kersio Lux. If you want to learn more about our investment strategy, contact us via our web form, and a team member will assist you.

Kersio’s strategy seeks the best opportunities across a wide range of geographies (with a focus on Europe and, to a lesser extent, North America), sectors, and types of companies. It includes both value stocks and growth companies, as long as the expected risk-return ratio is attractive. Diversification within the portfolio is based on the team’s in-depth analysis, helping to reduce risks and capture the opportunities available in the stock market.

You can check the main holdings of Kersio’s strategy in the monthly reports of Kersio Capital and Kersio Lux. If you want to learn more about our investment strategy, contact us via our web form, and a team member will assist you.