Letter from Elite Partners: Luxembourg 31st May 2013
Dear investors, dear friends,
Dear investors, dear friends,
Many of you have been following us since we launched the Elite’s Exclusive Collection – Nobles Crus Sub-fund (“Nobles crus”). More than five years ago now. During these years, Nobles Crus has enjoyed superb performance despite the particularly turbulent climate. Furthermore, Nobles Crus is now the largest regulated wine fund in the world.
With time, we have managed to overcome the
challenges that have accompanied our pioneering work in tangible investments,
while also demonstrating exceptional responsiveness to criticism and unwavering
integrity.
Following the publication of the defamatory articles in the press during September 2012, Nobles Crus has had to contend with several changes in European regulations at the beginning of 2013. Notably as of 31 December 2013, Undertakings for Collective Investment in Transferable Securities (UCITS) are no longer allowed to invest in, among others, specialized investment funds such as Nobles Crus, as defined in article 50(2) (a) of Directive 2009/65/EC (ref. ESMA 2012/721), issued by the European Securities and Markets Authority.
Following the publication of the defamatory articles in the press during September 2012, Nobles Crus has had to contend with several changes in European regulations at the beginning of 2013. Notably as of 31 December 2013, Undertakings for Collective Investment in Transferable Securities (UCITS) are no longer allowed to invest in, among others, specialized investment funds such as Nobles Crus, as defined in article 50(2) (a) of Directive 2009/65/EC (ref. ESMA 2012/721), issued by the European Securities and Markets Authority.
Nobles Crus now finds itself confronted
with a few requests from some large institutional for redemptions involving
considerable sums of money. Currently, Nobles Crus does not have the necessary
liquidity to honour these request in the very short term. We there fore wish to
inform you that the Commission de Surveillance du Secteur Financier (CSSF), the
financial supervisory authority in the Grand-Duchy of Luxembourg, decided on 27
May 2013 to temporarily suspend all redemptions and subscriptions of Nobles
Crus, under article 45(3)(j) of the law of 13 February 2007 on specialised
investments funds, as amended.
For your information, the last net value per share for Nobles Crus on 30th April is EUR 180.25.
As we have always emphasised, the fine wine market is relatively liquid, however, in different proportions to those of the financial markets. We are well aware of the importance, in the current circumstances, to sell at market price and not too hastily sell in order to free up the necessary liquidity to honour these redemption requests.
Rest assured that we are all doing our utmost in managing this matter with the greatest care and attention to serve your best interests. The best proof of course is in practice, the sale undertaken in February 2013 amounting to EUR 8,782,000, was done at the valuation price of Nobles Crus’ portfolio. Furthermore some sales are currently taking place with private and professional counterparts and auction houses.
We will keep you informed of the results and of the efforts undertaken by all our team to rectify this situation as quickly as possible. Should you require an further information, please do not hesitate to contact Mr Tamisier (+352 26 25 99 84 50 or mtamisier@eliteadvisers.com) , Ms Wilson (+352 26 25 99 84 30 or mwilson@eliteadvisers.com ) or Ms Cioli (+352 26 25 99 84 45 or vcioli@eliteadvisers.com.
Best regards
For your information, the last net value per share for Nobles Crus on 30th April is EUR 180.25.
As we have always emphasised, the fine wine market is relatively liquid, however, in different proportions to those of the financial markets. We are well aware of the importance, in the current circumstances, to sell at market price and not too hastily sell in order to free up the necessary liquidity to honour these redemption requests.
Rest assured that we are all doing our utmost in managing this matter with the greatest care and attention to serve your best interests. The best proof of course is in practice, the sale undertaken in February 2013 amounting to EUR 8,782,000, was done at the valuation price of Nobles Crus’ portfolio. Furthermore some sales are currently taking place with private and professional counterparts and auction houses.
We will keep you informed of the results and of the efforts undertaken by all our team to rectify this situation as quickly as possible. Should you require an further information, please do not hesitate to contact Mr Tamisier (+352 26 25 99 84 50 or mtamisier@eliteadvisers.com) , Ms Wilson (+352 26 25 99 84 30 or mwilson@eliteadvisers.com ) or Ms Cioli (+352 26 25 99 84 45 or vcioli@eliteadvisers.com.
Best regards
Miriam Wilson Michel
Tamisier
General Partner General
Partner
(Jim: I note that the CSSF suspended the fund on Monday
27th May; investors were informed on Friday 31st May.)
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