UK Regulatory Disclosure

Stewardship Code

Under Rule 2.2.3R of the FCA’s Conduct of Business Sourcebook, Aperture Investors UK, Ltd (“Aperture UK” or the “Firm”) is required to include on this website a disclosure about the nature of its commitment to the UK Financial Reporting Council’s UK Stewardship Code (the “Code”) or, where it does not commit to the Code, its alternative investment strategy. The Code is a voluntary code, first published in 2010 and subsequently subjected to updates in 2012 and 2020.  The most recently published UK Stewardship Code 2020, sets high standards by way of Principles which should be applied by asset owners and service providers (in some cases), as well as asset managers, such as Aperture UK .

Aperture UK pursues a number of different investment strategies across its investment mandates, there is currently limited engagement with issuers and their management.  As a consequence, the 2020 Code, as presented, is not considered to be appropriate to Aperture UK’s investment approach, and therefore, the Firm has chosen not to commit to the Code.  We agree with the aspirations of the latest Code and that its application has a role to play in creating long-term value for clients and the ultimate beneficiaries of the assets managed, with the potential to lead to sustainable benefits for stakeholders in the issuers we invest in.  We consider Stewardship issues on a case-by-case basis and where relevant, make decisions in the best interests of our clients.  Should an investment strategy change in such a manner that the provisions of the Code become more relevant, Aperture UK will reconsider its position under the Code.

Shareholder Rights Directive II Disclosure

COBS 2.2B.5 R of the FCA handbook requires firms, such as Aperture UK  to either publicly disclose an engagement policy that meets the requirements of COBS 2.2B.6R and make an annual disclosures of the satisfactory implementation of that engagement policy, or provide a clear and reasoned explanation of why it has chosen not to do so.

Aperture UK  has chosen not to implement and disclose an engagement policy at this time, as it does not consider that it is proportionate.  Aperture UK was recently authorised in 2020 and is still in the early stages of its growth, with multiple strategies, only some of which are invested in equities.  At this time, it considers the interests of its clients would be best promoted by focusing on stock selection and active management of their portfolios. However, Aperture UK intends to keep this decision under review.

Pillar III disclosures

As part of the Capital Requirements Directive, introduced by the European Union in 2007, regulated firms have a requirement to publish a document describing the risks they face in their normal course of business, alongside a description of the capital held to support the business.

Pillar 3 complements the minimum capital requirements (Pillar 1) and the supervisory review process (Pillar 2), and its aim is to encourage market discipline by developing a set of disclosure requirements. These allow market participants to assess key pieces of information on a firm’s capital, risk exposures and risk assessment processes. The third pillar greatly increases transparency and the disclosures firms must make, and is designed to allow the market and investors to have a better understanding of the overall firm risk.

Research Disclosure

Aperture Investors UK, Ltd discloses its 2021 annual budget for the following funds under management, in accordance with COBS 18 Annex 1 4.11R:

  1. Aperture Investors SICAV – Credit Opportunities Fund (“COF”)
  2. Aperture Investors SICAV – European Innovation Fund (“INNOV”)
  3. Aperture Investors SICAV – Short Duration High Yield Fund (“SDHY”)
  4. Aperture International Equity Fund (“IEF”)

(together “Fund”)

The Research Disclosure 2021 table stipulates the following:

  • The estimated research amount on behalf of each Fund (the amount provisionally budgeted by the relevant investment team).
  • The actual research charge on behalf of each Fund (the amount of research consumed by the relevant investment team).
  • The percentage of AUM of each Fund’s actual research charge.

Regulatory Documents