1. What is an SGIIC and what is its role?
An SGIIC is an entity authorized by the CNMV (Spanish National Securities Market Commission) to manage and administer investment funds. Its primary function is to invest participants’ capital in accordance with a defined investment policy, aiming to generate returns consistent with the fund’s risk profile. Tesys Activos Financieros SGIIC, S.L. is registered with the CNMV under number 296 and manages the Tesys Internacional FI fund.
2. What is an investment fund?
It is a collective investment vehicle in which multiple investors contribute capital, which is then managed by an SGIIC. This capital is invested in a diversified portfolio of financial assets, and profits or losses are distributed proportionally among participants.
3. What funds are managed by Tesys Activos Financieros?
Tesys Activos Financieros manages Tesys Internacional FI, which offers three share classes:
Class A (ISIN ES0178573004), for retail investors
Class I (ISIN ES0178573020), for investments over €500,000
Class C (ISIN ES0178573012), for independent advisory or discretionary portfolio management
New funds may be launched in the future.
4. How can I invest in a fund managed by an SGIIC?
You can invest directly through the SGIIC. It’s very simple, just follow the instructions on the “How to Invest” section of the website. The process includes risk profiling and signing the required documentation. Some authorized distributors may also offer access.
5. What is the minimum investment required?
The minimum investment is €10 for Class A and Class C, and €500,000 for Class I.
6. Can I withdraw my money at any time?
Yes, you can redeem your investment at any time. There are no redemption fees.
7. What fees apply?
Funds may include management, custodian, subscription, and redemption fees.
Tesys Internacional FI does not charge subscription or redemption fees.
Management fees include a fixed portion and a performance-based portion (subject to a five-year high-water mark). You can find detailed fees for each share class in the fund’s prospectus and under the “Tesys Internacional FI” section of the website. All reported returns are net of fees.
8. How is my investment return calculated?
Returns are based on the change in the fund’s net asset value (NAV), which is updated daily to reflect the performance of the underlying assets.
9. What are the tax advantages of investment funds?
In Spain, individuals can transfer investments between funds without triggering capital gains tax.
Capital gains from fund redemptions are taxed as investment income, unlike pension plans, which are taxed as employment income. Funds themselves benefit from a 1% corporate tax rate, creating a powerful compounding effect.
10. How can I check the value of my investment?
In the “Client Area” section, you can access your profile to view the value and performance of your investment.
11. What happens if the SGIIC goes bankrupt?
Fund assets are kept separate from the SGIIC’s own assets and are held by a custodian. In the event of insolvency, fund assets are not affected.
12. Where can I file a complaint or claim?
You may contact the Customer Service Department of Tesys Activos Financieros SGIIC at: info@tesysaf.com. If you’re not satisfied, you can contact the CNMV Complaints Service.
13. Can a minor invest in the fund?
Yes, but the minor’s ID and the legal guardian’s signature are required. You’ll also need to provide a family book or birth certificate. If the guardian is not a parent, legal documentation proving representation will be necessary.
14. What’s the best way to invest in a fund?
Once you’ve decided how much to invest (only what you don’t need short-term) and in which fund, the best time to invest is now. Don’t try to time the market, long-term investing is key.
A very efficient approach is to invest regularly. You can do this by setting up a recurring transfer from your bank account into the fund.
15. Can a company invest in the fund? What documents are required?
Yes, legal entities can invest. Required documentation includes:
- Articles of incorporation
- Power of attorney for the signatory
- Latest corporate tax return
- Statement of beneficial ownership
- Company tax ID (NIF)
- ID of the authorized representative(s)
16. Can Spanish citizens living abroad invest?
Yes, but they must provide a Tax Residency Certificate and Tax Identification Number issued by the country of residence.
17. If I want to redeem, how long will it take for the money to reach my account?
Orders placed after 12:00 p.m. or on non-business days will be processed the next business day and settled within three business days, unless the redemption exceeds €300,000, in which case a ten-day notice is required.
18. Is Tesys Internacional FI transferable between funds?
Yes, Spanish residents can transfer funds into or out of Tesys Internacional FI without triggering capital gains tax. This option is not available for legal entities.
19. What is a fund’s TER?
TER (Total Expense Ratio) measures the total cost of running a fund, expressed as a percentage of the fund’s assets. It includes management, custodian, and operating costs and allows comparison between funds.
20. Are the fund managers aligned with investors?
Absolutely. The main unitholders of the fund are the partners and employees of Tesys Activos Financieros SGIIC, including the Chief Investment Officer and his family. This ensures complete alignment with other investors. There’s no better way to guarantee shared interests.
21. Can the fund move to cash?
Yes, but only if no suitable investment opportunities are found within its investment universe, and always within the fund’s stated limits. However, this is highly unlikely. As fund managers, our duty is to seek returns in any market environment. We do not believe it’s ethical to charge management fees while remaining idle in cash.
22. Is it possible to lose money?
Yes. Like any real asset, an investment fund can lose value. However, time favors the investor and works against non-investors. A long-term investor significantly reduces the probability of losses, while a non-investor is guaranteed to lose purchasing power due to inflation. Inaction carries a cost, and over time (five years or more), equities have historically been the most profitable investment.
23. Are there early redemption penalties?
No. Tesys Internacional FI has no penalties for early redemption.
24. What is an accumulation fund?
An accumulation fund, like Tesys Internacional FI, reinvests dividends instead of distributing them. This allows the investment to compound over time, enhancing returns for the investor.
25. What are the advantages of investing directly with Tesys Activos Financieros instead of through a distributor?
Our Client Portal is designed to enhance the investor experience beyond the generic platforms offered by banks. You’ll find comprehensive information about your investment, transaction history, and tax documentation. By investing directly, you don’t need to open any new bank account, your usual account is enough. Also, exclusive promotions may be available for direct clients.