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The mutual fund Expat New Europe Properties changes its name and investment profile – becomes Expat Global Equities


The Financial Supervision Commission has approved changes in the name and the Rules of the mutual fund Expat New Europe Properties. By this decision, the fund has been renamed to Expat Global Equities. Its main investment focus will now be investments in equities of listed companies in global markets.

Previously, Expat New Europe Properties was intended mainly to investments in REITs and other financial products related to real estate markets in Central and Eastern Europe. Expat Global Equities will now provide access to liquid stock markets worldwide. By changing the investment focus, the fund's risk profile becomes high (in comparison, the risk profile of Expat New Europe Properties was rated as moderate to high).

There are no changes in the purchase and redemption charges. There are changes in the management fees - the fixed annual management fee is reduced from 2.50% to 1.90% of the net asset value (NAV) of the fund on an annual basis. A performance fee (success fee) is introduced – it is 15% of the positive return calculated according to the "high watermark rule" considering the absolute increase in NAV (i.e. the positive difference (if any) between the NAV for the current day and the highest NAV achieved in the same calendar year).

Expat Global Equities (previously Expat New Europe Properties) was established in 2008. Currently, the net asset value of the fund is more than BGN502,000, the NAV per share as of 4 March is BGN1,004.97 – one of the highest values since the issuance of the fund. Expat Asset Management is a licensed asset management subsidiary wholly-owned by Expat Capital. The company manages hundreds of individual investment portfolios and three mutual funds – Expat New Europe Stocks focused on equity markets in Central and Eastern Europe, New Europe and the CIS countries, Expat Bonds focused on global bond markets, and Expat Global Equities with its new profile.