A lead series is the first group of shares in a new fund and serves as the reference for calculating fund performance and fees. New investors with different NAVs and High Water Marks are placed in separate series to ensure fairness. If an annual rese
A lead series is the first group of shares issued within a new fund or sub-fund. This series serves as the reference point for all future performance and fee calculations within the fund, including the performance fee. The initial lead series is often referred to as Lead Series A.
Shareholders in the lead series are not at a disadvantage compared to earlier investors, as they are the first to enter and start from the same valuation level.
New inflows at a later stage — with a different Net Asset Value (NAV) and High Water Mark — are placed into a separate series to ensure fair treatment of all investors. The lead series therefore plays a crucial role in ensuring transparency and integrity in fund governance.
Each series has its own NAV.
If an annual High Water Mark reset applies, all lead series are merged into the main series, Series A, at the start of the new fiscal year. Are you a shareholder? You can find this information in the overview in your client portal.