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

At Rolnik, we invest in companies with defensible businesses, with the capacity to grow their profits in the future and with exceptional corporate cultures. We invest in companies around the world, mainly in North America but also 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 CNMV’s requirements is that an external entity should have custody of the assets and bank accounts of the investment funds. CACEIS is responsible for the custody and administration of Rolnik’s funds. CACEIS is 69.5% owned 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 depositary 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 amount of the refund requested in the bank account you specify within a maximum of 3 working days. If 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’ share prices and related indices described below. In the long term, the risk comes mainly 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 change considerably at any time, causing fund shares to do so as well.

Interest rate risk: central banks’ monetary policies may affect stock prices.

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

Investment risk in emerging countries: investments in emerging markets may be more volatile than investments in developed markets.

Geographic or sectoral 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 in a similar way to factors in their similar environments, having a greater impact.

Liquidity risk: investing 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 forced to sell, buy or modify its positions.

Risks due to investments in derivative financial instruments: investments in derivative financial 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 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.

Mutual funds are not taxed until you sell units to withdraw your investment. At that time, tax is paid only on the profits generated, not on the total amount invested. The percentage withheld from earnings 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% of the net gains for the year. If you invest on a personal basis, you are taxed at the rate applicable to you according to tax regulations, which ranges from 19% to 28% as of February 2023.