Yes, the Manager, Commodity Discovery Fund Management BV, has been
issued a license by the Dutch regulatory authorities, the AFM, as of
29 March 2012. On 21 July 2014 this license has been changed into a
license pursuant to the "UCITS"-regime. "UCITS" is short for
"Undertaking for the Collective Investment in Securities". The
UCITS-regime is based on European regulation and contains, among other
things, extra safeguards for the investor by means of prescribed forms
of risk spreading. The investment strategy of Commodity Discovery Fund
already complied with and still complies with this risk spreading, as a
result of which the granting of this license does not have any
consequences for the investment strategy of the Fund. The big advantage
of a license pursuant to the UCITS-regime is that this type of license
comes with a so called "European passport", which means that
participations in the Fund may be offered relatively easily in the other
countries of the European Union as well as in countries pertaining to
the European Economic Area.
We have deliberately chosen a structure where we are only mandated to
invest with the money deposited, and cannot actually use it in any
other way. The Legal Owner is the actual guardian of
the fund's cash deposit and its positions (Stichting Legal Owner CDFund).
Ernst & Young officially publishes an audited yearly financial statement where
the calculations made by Circle Partners are checked. This statement is
reviewed during our annual shareholder meeting, which takes place in
Yes, the Fund has an Advisory Board. The Advisory Board has no decision-making mandate, but is free to advise
the executives of the fund as it sees fit.
Yes, the Investor Compensation Scheme protects individuals and small businesses that have entrusted money or financial instruments to a licensed bank or investment firm. The compensation of the Investor Compensation Scheme amounts to a maximum of € 20,000 per person per institution. This concerns, for example, compensation (the payment) of investors if the company is unable to meet its obligations. Damage caused by (due to) investment losses is not eligible for compensation. The Dutch Bank (DNB) implements the Investor Compensation Scheme.