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Ress Life Investments

The fund's return, which has a low correlation with traditional markets, provides an attractive long-term alternative to fixed-income investments. For over 15 years, Ress Life Investments has delivered a stable absolute return with low volatility.

Risk information

Historical returns are no guarantee of future returns.
The money invested in the fund can both increase and decrease in value and it is not certain that you will get back all of the capital invested.

Buy the fund

NAV

1 day

1 month

YTD

Fund Performance

Start date

2011

ISIN

DK0060315604

Ticker (Nasdaq)

RLAINV

Note

Nasdaq Copenhagen

Currency

USD

Open for subscription

Monthly

Management fee

1.5 % per year

Performance-related fee

15 % above the hurdlerate, capped at 1 % per year

Hurdle rate

4-week US Treasury bill + 1%

Minimum subscription amount

USD 120,000

Risk

2/7

Read more

Complete information regarding Finserve's funds can be found in the funds' Key Investor Information Documents (KIIDs) and prospectuses. On the same page, you will also find other documents including annual and half-yearly reports. The material on these pages is intended solely as general product information. It should not be viewed as investment advice or investment recommendations, and should not be used as a basis for investment decisions. You should always read the fund's Key Investor Information Document (KIID) and prospectus before you start investing in a fund. We cannot guarantee that the information is complete and it is subject to change without prior notice. The published net asset value (NAV) is based on the most up-to-date information available.

Why this fund?

Risk Diversification

The fund's main risk factor – longevity – is fundamentally uncorrelated with equities, bonds, hedge funds and most other financial risk factors. The correlation with the S&P 500 has been approximately -0.1 over the past ten years, making the strategy attractive to investors seeking diversification.

Exchange Traded

Ress Life Investments is listed on Nasdaq Copenhagen since 2015 (short name RLAINV) and the market maker Carnegie Investment Bank provides daily prices. Shares can be bought and sold on all trading days via a bank or stockbroker.

Experienced Team

The portfolio management team has many years of experience in asset management, actuarial science and longevity risk. Proprietary portfolio management and pricing systems are used together with independent medical expertise for each policy bought.

Risk-Adjusted Return

The annual net return has been approximately 6 % in US dollars over the past ten years, with a volatility of 3.4 % and a Sharpe ratio of 1.1. Over 73 % of the months have been positive, and the largest monthly decline is -0.8 %.

The Market

  • Ress Life Investments selectively purchases US life insurance policies on the secondary market (life settlements) at a price below the face value.
  • The market benefits the consumer since the seller receives a higher purchase price compared to the insurance company's surrender value – a solution that benefits both parties.
  • Large amounts of insurance and policy data are analysed and independent medical reports are obtained prior to each purchase in order to build a well-diversified portfolio.
  • The fund pays the ongoing premiums and receives the face value of the life insurance policy when a policy matures.
  • Policy payouts increase the fund's value (NAV), generating returns for investors over time.

Facts

  • AIF manager is Finserve Nordic AB
  • The fund is a Danish public limited company – Ress Life Investments A/S – and an alternative investment fund (AIF)
  • Listing on Nasdaq Copenhagen, short name RLAINV
  • The market maker is Carnegie Investment Bank
  • Depositary is Artha Fondsmæglerselskab A/S
  • Administrator is Citco Denmark ApS, custodian Wilmington Trust
  • The auditor is Deloitte
  • Classified as Article 8 under SFDR and a signatory to the PRI (Principles for Responsible Investment)

Who can invest

Private individuals or companies with a custody account or securities account can buy shares in Ress Life Investments, as these are listed on Nasdaq Copenhagen.

Professional Investors

Professional investors can, in addition to exchange trading, subscribe for new shares monthly at the current net asset value (NAV). The minimum subscription amount is the equivalent of EUR 100,000 (approximately USD 120,000). The subscription application form can be found under Documents on this page – contact Finserve Nordic for more information.

The asset class – life settlements

The secondary market for US life insurance policies, known as life settlements, provides investors with the opportunity to purchase life insurance policies at a price below the face value. This asset class offers attractive returns combined with good credit quality and low correlation with bonds and equities.

For life insurance sellers, the secondary market is an attractive alternative. Traditionally, policyholders received little or no financial value from policies they no longer wanted to keep – to this day, the majority of all US life insurance policies lapse without payout. According to the industry association Life Insurance Settlement Association (LISA), the secondary market represents a win for both consumers and investors.

The market is growing: the analytics firm Conning has estimated that the new volume of life settlements will average approximately US$6.4 billion per year over its ten-year forecast period.

External links

Information

Drawing

The fund issues new shares monthly at the current net asset value (NAV).
Applications are made on the subscription agreement which can be found under Documents on this page. The minimum subscription amount is the equivalent of EUR 100,000 (approximately USD 120,000) and the subscription is aimed at professional investors.

Furthermore, shares can be purchased on an ongoing basis on Nasdaq Copenhagen (short name RLAINV) through your bank or stockbroker – without any minimum amount.

Investment Strategy

Investment philosophy
The secondary market for US life insurance is a niche asset class with high risk-adjusted returns. Successful management requires expertise in policy selection and access to deal flow, as the market is entirely OTC-based. To create a well-diversified portfolio, large amounts of policy data are analysed in a proprietary portfolio management system, which makes it possible to filter out the most attractive policies.

Longevity risk
To realise the expected return, a deep understanding of longevity risk, statistics and actuarial science is required. Longevity risk is reduced through collaboration with medical experts – medical opinions are obtained for each policy purchased. Valuation and risk management are characterised by a conservative approach.

Investment strategy
The fund focuses on policies with a long expected remaining term – on average over 10 years at the time of purchase – and actively seeks policies with low future premiums, thereby reducing the longevity risk in the portfolio. Policies are mainly purchased individually on the secondary market in order to gradually build a diversified portfolio; only around 3–4 % of the policies reviewed are purchased.

Diversification and credit quality
The portfolio is spread across a large number of insurance policies issued by around 60 US life insurance companies, with over 90 % of the policies coming from companies with a credit rating of A or higher (AM Best). The fund’s objective is an annual net return of 8–10 % in US dollars.

Management Fees

The management fee comprises partly a fixed remuneration and partly a performance-based remuneration.

The fixed remuneration amounts to 1.5 per cent per year.

The performance-based fee amounts to 15 per cent of the return in US dollars above the hurdle rate (4-week US Treasury bill rate + 1 %), provided that the unit value at the end of the performance period exceeds the previous high watermark (high watermark). The annual performance-based fee is capped at a maximum of 1 per cent of assets under management and is paid in arrears.

No subscription or redemption fees are charged. Full cost information is available in the fund's key information document (PRIIP KID) under Documents.

Redemption

Shares can be sold on all days that Nasdaq Copenhagen is open, at the current market value, via your bank or stockbroker.

In addition, investors are entitled to redemption in accordance with the articles of association. Redemption is initiated by the company's board of directors on the 25th of each month (or the next following business day in Copenhagen) and requires written notice to the company giving at least 180 days' notice.

Note: the maturity period of the 180-day deadline is suspended during the period from 1 January 2026 up to and including 31 December 2026. For redemption requests received prior to 1 January 2026, the calculation of remaining days is paused throughout 2026, and any remaining time will only begin on 1 January 2027. The company is therefore not obliged to carry out any redemptions during 2026. See the fund's key information document for full terms and conditions.

You can find the redemption instruction form under Documents here on the page.

Documents

Financial calendar

You can find all existing financial reports under the Documents section. The financial calendar is published via stock exchange releases.

9 September

2026

Half-year report January–June 2026

Spring

2027

Annual Report 2026 – date to be announced via press release

Board of directors and management

Ress Life Investments A/S has an independent board of directors with extensive experience from the financial and insurance markets. The company is audited annually by Deloitte and managed by Finserve Nordic AB.

Søren Andersen

Chairman of the Board

Over 20 years of experience from the life insurance industry. CEO of Norli Group A/S and formerly actuary at PensionDanmark and partner at Nordea Investment Management, among other roles. Holds an MSc in Actuarial Mathematics from the University of Copenhagen.

Jeppe Buskov

Board member

Partner at the law firm Kromann Reumert in Copenhagen specialising in M&A, capital markets law and financial services. Master of Law (cand.jur.) from the University of Copenhagen.

Gitte Aggerholm

Board member

CFO of the Danish life insurance company Velliv and member of its executive management, with responsibility for finance, risk management, compliance and digitalization. Graduate Diploma in Business Administration (HD) in Accounting from Copenhagen Business School.

Ketil Petersen

Managing Director

Experienced CEO and board member with over 35 years in the financial industry in the Nordic region and Europe, most recently as Country Head Nordic at Schroder Investment Management. Degree in Business Administration (Finance) from Copenhagen Business School.

Stock exchange announcements

Ress Life Investments A/S publishes its net asset value (NAV), financial reports and other announcements via Nasdaq Copenhagen. The NAV is published at least twice a month.

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