Investment funds:
requesting fund brochures and notes

Requesting investment fund brochures

Your personal advisor in your Erste Bank or Sparkasse branch will be happy to provide you with the Key Investor Document (KID) - for domestic investment funds in accordance with § 50 InvFG and for foreign investment funds in accordance with § 140 InvFG - for free on a durable data medium.

Detailed information on the calculation of computational values for investment funds

Calculation of computational values

The following procedure for the calculation of computational values for investment funds is practiced by many fund management companies worldwide - with the exception of exchange traded funds with continuous price establishment - and serves the interests of investor protection.

For funds, a computational value is calculated once a day at a specific time (varies according to funds). During this process, all the securities that are part of the fund portfolio are assessed using the current rates and divided by the number of units issued. This computational value is mostly published on the following working day.

Settlement of purchase and sale orders

For the protection of investors, according to the funds prospectus specifications, the computational value of a working day following the purchase or sale is applied, which was calculated on the basis of the prices applicable on the day of purchase or sale. You can find details on the settlement modalitiy of each funds on the of the respective netbanking funds info page. 

Order deadline: In compliance with international conventions, orders placed after a certain time of day (e.g. 3:45 pm at ERSTE SPARINVEST) are calculated on the basis of the computational value of the second day following order placement. However, as invoicing practices may vary depending on the respective fund management company or fund segment, we recommend you to refer to the respective prospectus conditions for more information prior to purchasing funds.

For fund-of-funds, the computational value is calculated on the basis of the computational values published by the "target funds", which, in turn, are calculated with the stock prices of the previous day. As a result, in these cases, in general several working days must be taken into account for settlement of the purchase/sale with the stock prices applicable on the day of purchase/sale (e.g. T +2 means two days after order placement or three, if the order was made after the order deadline).

If a procedure at variance with this were chosen, individual investors could purchase/sell at prices from the day before, to the detriment of all investors in the fund, because these prices of the day before form the basis for the computational value published on the day of purchase/sale. Yet, the fund manager can invest incoming capital in the fund (generated, e.g. by the purchase of fund shares) only at today's stock prices, and he can only sell stocks in the fund (e.g. sale of fund shares) at today's stock prices, in order to generate cash for the seller.

For a better understanding, the following illustrative example assumes settlement is performed on the second day following order placement:

On Tuesday, at 2:00 pm, the fund calculates a computational value based on the stock prices of Tuesday. This computational value is published on Wednesday morning and applies until a new computational value is calculated (again at 2:00 pm), which is then published on Thursday.

A fund purchased on Wednesday, prior to the order deadline, is invoiced with the computational value from Thursday (which was calculated on the basis of Wednesday stock prices - i.e. purchase day prices). If the fund were invoiced on the same day - i.e. with the Wednesday computational value based on Tuesday stock prices - this would constitute an illicit "after-trading" purchase to the detriment of all other investors in the fund.