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Why does it say rate 103 in my depot, when the real rate is 105.88 or why does my depot have last month's rate...?
The alternative investment fund Scandinavian Credit Fund I AB (publ) is a "hybrid" between a traditional securities or special fund and a listed security. This means that the fund can be traded in two ways. Partly directly with the fund on a monthly basis, what is called the Primary Market below, or via the stock exchange via a Market Maker (Liquidity Guarantor), what is called the Secondary Market below.
The primary market
In the primary market, the seller trades directly with the fund and the sale always takes place at the rate (NAV) that the fund has at the next change of month.
A sale in the primary market must take place by Registration form early redemption of profit share loans is sent directly to the fund 15 banking days before the next turn of the month and the liquid from the sale is available to the seller 7 banking days after the same turn of the month.
If you want to always receive the right value for your investment in the fund, you must sell your profit sharing loans in the primary market directly with the fund.
Registration form for early redemption of profit share loans can be downloaded via the link below or via your financial advisor.
Registration slip_SCF__early redemption.pdf
The secondary market
In the secondary market, the seller trades over the exchange (NGM/NDX) (Since 2020-05-04 renamed to Main Regulated) through a Market Maker (Liquidity Guarantor) and trading takes place directly at the rate set in the market.
Here, the rate can vary depending on how many profit-sharing loans are available for sale at any given time. The secondary market is primarily for smaller volumes and for those who cannot wait until the turn of the next month and sell in the primary market. The secondary market therefore does not have to reflect the fund's correct NAV rate, but can deviate.
Why is the rate 103 in my depot, when the real rate is 105.88...?
What happened at the end of November was that there were several sales of profit sharing loans in the secondary market and the rate was set down to 103.
As this fund can be traded in two ways, there are different ways to find the fund's current value. The easiest way for a custodian institution is to retrieve the value automatically from the stock exchange, i.e. from the secondary market, where the rate can vary over time.
This is the reason why deposits can now say that the fund's rate is 103 instead of the real rate the fund has as of December 1, which is 105.88.
The fund's official rate (NAV) can be found at fund development/ or the fund's AIF manager Fine serve
The table below is taken from kreditfonden.se according to the above link.
At the moment, we do not have a quick solution for the correct value to be seen by the custodian institutions that retrieve the value from the secondary market, but we will work to find a long-term solution that indicates the fund's correct value.
Why does my deposit have last month's rate for the fund...?
This does not affect as many customers, but the reason is that some depository institutions update the value of their customers' deposits on the last banking day of the month and the fund's rate is set on the first banking day of the month.
This means that there will be a one-month lag on the exchange rate in these depots.
Scandinavian Credit Fund I AB (publ) is a unique fund with its investment orientation of secured direct loans to small and medium-sized companies and one of the first funds that is monthly traded and simultaneously listed on the stock exchange. In order for the AIF fund to be able to offer this investment opportunity to individuals and companies, it means that the fund must have a monthly primary market and a secondary market over the stock exchange according to the regulations for Alternative Investment Funds.
We would like to point out that you should always trade with the fund in the primary market in order to obtain the correct value of the profit-sharing loan.
Our hope is that this has provided answers to questions about the value stated in the deposit, as well as guidance on where to find the fund's current value and how the sale of profit-sharing loans takes place in the best way.