When you invest in a mutual fund, you acquire units (ownership interests). In turn, the fund invests in various assets that you own through the fund. At Rolnik, these assets are shares of publicly traded companies.

At Rolnik, we invest in companies with defensible businesses, the ability to grow their earnings in the future and exceptional corporate cultures. We invest in companies around the world, primarily in North America but also in countries in Asia, Europe and South America.

Rolnik is an entity authorized and supervised by the National Securities Market Commission (CNMV) under the name Rolnik Capital Owners SGIIC and with the official registration number 227.

One of the requirements of the CNMV is that an external entity custodies the assets and bank accounts of the investment funds. CACEIS is the custodian and administrator of Rolnik’s funds. CACEIS is an entity owned 69.5% by the French financial institution Crédit Agricole and 30.5% by the Spanish bank Banco Santander. In 2019, Santander transferred all its asset management and administration and institutional custody activities in Spain and Latin America to CACEIS.

The account where your investment is held is not part of the custodian bank’s financial statements. Therefore, your investment will remain yours regardless of any situation that may affect CACEIS.

Yes, at any time. You will receive the requested refund amount in the bank account you specify within a maximum of 3 business days. If the refund orders are placed on business days after 14:00 or on non-business days, the orders will be processed on the next business day.

Withdrawals of amounts equal to or greater than €300,000 (in a single 10-day period) or withdrawals of investments exceeding five percent of the fund’s assets require additional conditions such as up to 10 days’ notice to ensure liquidity. You can consult the detailed conditions in the prospectus in the documentation section of each fund’s page.

In the short term, risk arises primarily from the concentration and liquidity levels of the funds and from changes in the companies’ stock prices and related indices described below. Long-term risk arises primarily from the evolution of the value-generating capacity of each of the companies in the fund.

Market risk: the funds invest in shares of listed companies. The price of these can vary considerably at any time, causing the funds’ holdings to do so as well.

Interest rate risk: the monetary policies of central banks can affect share prices.

Exchange rate risk: because Rolnik invests in foreign companies, fluctuations in exchange rates may affect the share price.

Emerging markets investment risk: investments in emerging markets may be more volatile than investments in developed markets.

Geographic or sector concentration risk: the concentration of a significant portion of investments in a single country or in a limited number of countries or economic sectors may cause the price of its shares to react similarly to factors in their similar environments, having a greater impact.

Liquidity risk: investment in small-cap securities and/or in markets with a small size and limited trading volume may deprive investments of liquidity, which may adversely affect the price conditions under which the Fund may be obliged to sell, buy or modify its positions.

Risks due to investments in financial derivative instruments: investments in financial derivative instruments entail additional risks to those of cash investments due to the leverage involved, which makes them particularly sensitive to variations in the price of the underlying asset and may multiply the losses in the value of the portfolio.

More detailed information on these risks can be found in the prospectus in the documentation section of each fund’s page.

Investment funds are not taxed until the moment you sell shares to withdraw your investment. At that moment you are taxed only on the profits generated, not on the total amount invested. The percentage withheld from the gains is between 19% and 28% as of February 2023, depending on the amount.

If you transfer your money from one fund to another, you are not taxed, which is an important tax advantage. Another advantage of investing through a fund is that it is taxed at only 1% on net gains for the year. If you invest personally, you are taxed at the rate that corresponds to you according to tax regulations, which ranges between 19% and 28% as of February 2023.