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.