​​​​Investment Platform General Terms & Conditions

The Capricorn investment platform General Terms and Conditions, together with the terms and conditions set out in the relevant application forms, govern the use of the investment platform and any instructions or transactions executed on the investment platform. By signing an application form, you acknowledge that you have read, understood and agreed to the General Terms and Conditions contained in this document.

Capricorn Asset Management is the Administrator. As soon as the Administrator accepts your application, you, the Investor, will have entered into a contract with the Administrator. You will receive confirmation of acceptance once your investment has been processed. Should your application not be accepted by the Administrator, you will receive notice of this via email or post as recorded by you in your application form (under Investor Details).

Overview

Capricorn Asset Management is a leading Namibian asset management firm and we pride ourselves in meeting the investment needs of individual investors, financial advisors, businesses, pension funds and government institutions.

We manage investments covering all major asset classes in markets around the world. With a deep understanding of the markets and the securities we invest in, along with the dedication of our employees, we deliver consistent investment returns that enable our clients to achieve investment success.

In line with our drive make investing easy and sensible, we have launched the Capricorn investment platform.  This investment platform offers investors a convenient and cost effective way to obtain exposure to a specifically selected range of investment options to help them achieve their investment goals.  As such, the investment platform not only offers our full range of Capricorn Unit Trust funds, but also a limited choice of selected unit trusts of other fund managers.  Please familiarize yourself with the Capricorn investment platform Summary for a full range of available funds. This can also be found on our website at www.cam.com.na

Features

The investment platform offers a wide range of investment features to investors such as:

·         Online access to your investments via the Bank Windhoek or Capricorn Private Wealth App and Internet Bankig. As well as the investment platform           Login (please see Online Terms & Conditions)

·         Monthly debit orders & Withdrawals

·         Switches and Transfers between unit trust funds

·         Income Management

·         Easy rebalancing

·         Low fees on third party asset manager’s funds

Fees

The investment platform is designed to provide investors with a highly cost effective investment solution.  In addition it is our aim to be totally fee transparent and therefore provide full fee details as follows:

·         Investment platform fee

This is the fees charged for use of the investment platform. The fees are as follows:

§ ​​ Initial Fees

​No initial fees are charged for the use of the investment platform

§ ​​ Recurring Annual Fees

No recurring annual fees are charged for the use of the investment platform

Capricorn Asset Management may receive a fee from selected third party fund managers for administration services rendered. Such fees are by no means charges to the client.

·         Fund specific fees

These are fees charged by the fund managers of the relevant funds available on the investment platform, and include annual management fees and, in some cases, performance based fees. Full details of all fund specific fees are provided in the Capricorn investment platform Fund Summary.

·         Advisory fees

We recognize that investors in most instances can benefit from receiving the advice of a financial advisor in setting and achieving their long-term investment objectives, determining your risk profile and selecting the right combination of funds to achieve your investment goals.

§  ​​You may choose whether or not you want to use a financial advisor and indicate it as such on the application form. Should you choose to receive             financial advice you can negotiate an initial advisory fee, a recurring advisory fee or a combination of both to be paid to your appointed advisor.

·         Electronic Collection Fees

We do not charge any fees upon collection of your funds from your nominated Bank Account, however your bank may charge a debit order fee on your account when we collect from your nominated Bank Account.

Financial Advice

Investments are a complex field containing variant risks.  This includes but is not limited to market risk, liquidity risk and credit risk.  As an investor you are not required to make use of a financial advisor but we highly recommend that you seek the advice of an investment advisor especially if you are not a skilled investor or if you are investing for the first time.  A financial advisor will assist you in determining your investment goals, risk profile and construct an investment portfolio in an effort to achieve your financial goals.  All information on third party funds is subject to the correctness of information provided by other funds’ management companies.  While data is correct at the date of publication, the administrator cannot guarantee its accuracy or correctness.

Tax Guidelines

Please note that the different investments available on the investment platform have different income characteristics and thus taxability.  All Capricorn Unit Trust funds, formerly Bank Windhoek Unit Trust funds, are managed to provide Namibian individual investors with maximum after-tax returns.  Where applicable, withholding tax is withheld.  Investors should avail themselves to the specific tax implications when investing in any fund or product available on the Capricorn investment platform that are specific to their unique position and country of tax residency. 

We wish to highlight the following; however investors should consult their own tax advisor(s) before investing:

·         All Namibian domiciled funds’ distributions are split between taxable and non-taxable income.  The taxable component is subject to withholding tax         at a rate of 10% for private individuals, this rate might be adjusted in accordance with a double tax treaty between Namibia and your country of tax         residency. For Namibian Investors this is a final tax and no further tax is payable.  No withholding tax is applicable to legal persons who must include         any income distribution in their income tax liability if applicable.   All other distributions from the fund are of a non-taxable nature in terms of the             Income Tax Act. 

·         All South African domiciled funds’ distributions are provided as foreign interest or foreign dividends. All funds domiciled outside Namibia is subject         to the tax regimes of that country. In South Africa withholding taxes are deducted on dividends and interest of 15%.  This is however not a final tax           and income received through the platform by investors may be subject to additional Namibian taxation.

·         Investors are strongly recommended to consult with their appointed tax advisors before any investment is made.

Disclosures

Please take note of the following disclosures, which are relevant to investments in unit trusts/collective investment schemes.

·         Investments in unit trusts/collective investment schemes are usually long- to medium-term investments.

·         The value of a unit trust/ collective investment scheme may increase or decrease.

·         The past performance of a fund or portfolio is not indicative of the future performance of that fund or portfolio.

·         Unit Trusts/collective investment schemes trade at ruling prices and may engage in borrowing and script-lending.

·         The Administrator provides no guarantee or undertaking of any nature whatsoever regarding the capital or expected return of any fund or portfolio         in which you may choose to invest. The Administrator accepts no liability whatsoever for any loss or claim resulting from the performance of the               investor’s chosen funds, or for any loss of money that may be suffered as a result of any fund available on the Investment Platform and selected by           the investor.

General

·         All information of third party funds is subject to the correctness of information provided by other funds’ management companies.  While data is               thought to be correct at the date of publication, the administrator cannot and does not guarantee its accuracy or correctness.

·         Whenever the term “Fund” is used in this document it refers to either a unit trust portfolio or a collective investment scheme.   

·         The total expense ratio includes the standard annual management fee plus any performance fees or other fees that were relinquished as a payment         of services rendered in the management of the fund. This is expressed as a percentage of the average value of the fund, and is provided as a guide.         The information is obtained from the management company managing the specific fund.

Business Hours and cut-off times

·         Business hours are generally from 7:30 to 16:30 Monday to Friday.

·         Cut-off time on Namibian business days for any investment or withdrawal to be effected for the same day is 11:00.

·         Cut-off time for amounts in excess of N$5 million is 09:00.

·         Cut-off time for 3rd party Funds is 09:00.

·         Cut-off time for securities instructions is 10:00 on Namibian business days.

Any investment or withdrawal instruction received after the indicated cut-off times will be processed on the next business day. However, it may take up to 5 working days to process any withdrawal, deposit, recurring withdrawal or recurring deposit instruction. We cannot be held responsible or liable for any losses you may suffer if we do not receive an instruction from you before the relevant cut-off time.

The Administrator will not be liable to pay any interest to you if the execution of any transaction or instruction to us is delayed as a result or requirements not being met or as a result of incorrect deposits or incorrect deposit descriptions.

Contact Details – Sales & Channel Support Department

·         Withdrawals or deposits, queries relating to account numbers, balances, statements, debit orders, cash-flow plans or change of            ​details:

§  Tel: +264 (61) 299 1950

§  Email: cam.info@capricorn.com.na

 

·         Product specific information regarding the Capricorn Unit Trusts:

§  Tel: +264 (61) 299 1950

§  Email: cam.service@capricorn.com.na

*These terms and conditions are subject to change from time to time. Last updated version 30 November 2017. In the event of conflict between the Terms & Conditions found in this document and those previously made, the Terms & Conditions above shall take precedence.

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