The Noontide High Conviction Fund holds a highly concentrated portfolio of securities. The Fund may invest all of its assets in one sector and under certain circumstances in only one stock. The fund may also on occasion hold a large cash weighting. The Noontide High Conviction Fund only raises money when specific events have been identified by invitation to existing investors in the Noontide Opportunities Fund or outside investors with a long-term investment focus and a minimum investment of $500,000.
For more detail on the Noontide High Conviction Fund please download and read the Information Memorandum. New investors in the Fund must complete and sign the Application Form contained within the Information Memorandum.
The latest Noontide High Conviction Fund report can be viewed here: High Conviction Fund Report June 2018
Only “wholesale clients” can invest in the Fund.
The Corporations Act defines a wholesale client as follows: “A financial product or a financial service is provided to or acquired by a “wholesale client” if it is not provided to or acquired by a person as a retail client”.
If a financial product is not, or a financial service provided to a person does not, relate to general insurance, superannuation or an RSA product, then the product or service is provided to the person as a retail client unless one of the following criteria applies:
Where a financial service is provided to a retail investor via a wholesale intermediary, the retail investor is considered to be the investor, therefore, the underlying investor needs to be identified and the test as to whether the client is wholesale or retail is then applied to the underlying investor. The person who acquires the product or service must be identified for the purposes of satisfying the wholesale client test.
| For wholesale clients (who qualify as a wholesale client on a basis other than the “price or value test”) | $50,000 | The Initial Minimum Investment (and the Minimum Balance) is currently $A50,000 provided that the potential investor falls within the definition of a “wholesale client” as defined in the Corporations Act (other than under the “price or value test” as described below) and provides a “Sophisticated Investor Verification Certificate” (if qualifying as a wholesale client under the “wealth test”) before investing in the Fund. |
| For clients who fall within the small -scale offerings exemption | $10,000 | The Initial Minimum Investment (and the Minimum Balance) is currently $A10,000 provided the potential investor has received a personal offer and is one of not more than 20 persons who have invested in the Fund in any one year to a maximum total amount of not more than $2 million (the so-called “small scale offerings exemption”). |
| All other investors | $500,000 | The Initial Minimum Investment (and the Minimum Balance) for investors who will only qualify as a “wholesale client” under the “price or value” test is $500,000 |