IS Interest Account Fund

Suitable for investing for 1 week or longer

What is it?

IS Interest Account Fund is an investment fund (non-UCITS) that invests in:

  • deposits with financial institutions 
  • government-guaranteed bill, bonds and other short financial instruments
  • financial institution bills and bonds 

Invest in Fund Fact Sheet

Funds Objective

The objective of the fund is continuous and even capital growth through investments in financial institution deposits as well as short-term securities issued or guaranteed by the Icelandic Government. The estimated duration of the fund is up to 180 days and each individual investment can not have longer duration than 370 days. High proportion of deposits in the Fund's investment strategy minimizes fluctuations.

Who Should Invest?

The Fund is suitable for those wishing to make a short-term investment with low volatility. Individual investments of the Fund will not have longer maturities than 370 days when the investment is made. The Fund can therefore invest in financial instruments which originally had longer duration than 370 days but mature in less than 370 days after the Fund made the investment.

Investment Policy

The Fund may invest up to 100% in bank deposits, up to 60% in government-guaranteed bonds and bills and up to 50% in financial institution bills and bonds. The fund is authorized to use repurchase agreements to hedge against unexpected outflow. The provisions of the 3rd and 4th paragraph of article 59 of Act no. 128/2011 shall apply to the fund. The Fund will also invest in accordance with article 38 of Act 128/2011 regarding secure securities.

General disclaimer

This summary is intended for informative purposes only and should not be interpreted as a recommendation to take, or not to take, any particular investment action. The summary does not represent an offer or an invitation to buy, sell or subscribe to any particular financial instruments.

Taxation
The taxation of fund units is governed by the Act on Income and Net Worth Tax No. 90/2003 and the Act on Withholding Tax on Capital Gains No. 94/1996. Further taxation can occur. Unit holders not residing in Iceland can apply to the Icelandic tax authorities for an exemption from such taxation. The final taxation of non-resident unit holders depends on the local tax rules in the jurisdiction where they reside for tax purposes.

Investment in derivatives
In accordance with its Investment policy, the Fund is permitted to use derivatives to lock in profits, to minimize risk or to lock in prices in Fixed Income instruments because of forseeable redemptions or to act on market changes. A detailed description of use of derivatives can be found in the Funds Prospectus.

Risks
Various financial risks are always associated with investment activities, such as the risk of no yield or the risk of losing the capital invested. It should further be noted that international investing includes risks related to political and economic uncertainties as well as currency risk. Past performance does not indicate nor guarantee future performance of an investment. Each investor's investment objectives and financial situation is different. Before making an investment decision, it is important to seek expert advice and familiarise oneself with the investment market and different investment alternatives. Investors are encouraged to familiarise themselves with each fund´s Prospectus, especially regarding risk.

NAV

1.265,60
+0,07 (0,01%)
Nav dated 19.8.2019

Change in NAV & fund returns

Nominal return

Change in NAV 1 year



Funds

Information

Fact Sheet
Fact Sheet
Summary of Fund Returns
Tariff of Charges for Investment Services

Fund Type non-UCITS
Inception Year 2014
Base Currency ISK
Minimum Purchase ISK 10,000
Minimum Purchase at Subscription ISK 5,000
Management Company Iceland Funds Ltd
Custodian Íslandsbanki
Fund Managers Ingólfur S. Kristjánsson
  Helga Óskarsdóttir
Fees
Initial Fee/Subscription 0.00%
Annual Management Fee 0.35%
Service Charge Varies between Distributers
Transaction Orders
Settlement Cycle
1 Business Day (T+1)
Cut-off Time 15:00 GMT