Presentation of past performance
1. The information about the past performance of the UCITS shall be presented in a bar chart covering the performance of the UCITS for the last 10 years.
The size of the bar chart referred to in the first subparagraph shall allow for legibility, but shall under no circumstances exceed half a page in the key investor information document.
2. UCITS with performance of less than 5 complete calendar years shall use a presentation covering the last 5 years only.
3. For any years for which data is not available, the year shall be shown as blank with no annotation other than the date.
4. For a UCITS which does not yet have performance data for one complete calendar year, a statement shall be included explaining that there is insufficient data to provide a useful indication of past performance to investors.
5. The bar chart layout shall be supplemented by statements which appear prominently and which:
(a)
warn about its limited value as a guide to future performance;
(b)
indicate briefly which charges and fees have been included or excluded from the calculation of past performance;
(c)
indicate the year in which the fund came into existence;
(d)
indicate the currency in which past performance has been calculated.
The requirement laid down in point (b) shall not apply to UCITS which do not have entry or exit charges.
6. A key investor information document shall not contain any record of past performance for any part of the current calendar year.
Past performance calculation methodology
The calculation of past performance figures shall be based on the net asset value of the UCITS, and they shall be calculated on the basis that any distributable income of the fund has been reinvested.
Impact and treatment of material changes
1. Where a material change occurs to a UCITS’ objectives and investment policy during the period displayed in the bar chart referred to in Article 15, the UCITS’ past performance prior to that material change shall continue to be shown.
2. The period prior to the material change referred to in paragraph 1 shall be indicated on the bar chart and labelled with a clear warning that the performance was achieved under circumstances that no longer apply.
Use of a benchmark alongside the past performance
1. Where the ‘Objectives and investment policy’ section of the key investor information document makes reference to a benchmark, a bar showing the performance of that benchmark shall be included in the chart alongside each bar showing the UCITS’ past performance.
2. For UCITS which do not have past performance data over the required five or 10 years, the benchmark shall not be shown for years in which the UCITS did not exist.
Use of ‘simulated’ data for past performance
1. A simulated performance record for the period before data was available shall only be permitted in the following cases, provided that its use is fair, clear and not misleading:
(a)
a new share class of an existing UCITS or investment compartment may simulate its performance by taking the performance of another class, provided the two classes do not differ materially in the extent of their participation in the assets of the UCITS;
(b)
a feeder UCITS may simulate its performance by taking the performance of its master UCITS, provided that one of the following conditions are met:
(i)
the feeder’s strategy and objectives do not allow it to hold assets other than units of the master and ancillary liquid assets;
(ii)
the feeder’s characteristics do not differ materially from those of the master.
2. In all cases where performance has been simulated in accordance with paragraph 1, there shall be prominent disclosure on the bar chart that the performance has been simulated.
3. A UCITS changing its legal status but remaining established in the same Member State shall retain its performance record only where the competent authority of the Member State reasonably assesses that the change of status would not impact the UCITS’ performance.
4. In the case of mergers referred to in Article 2(1)(p)(i) and (iii) of Directive 2009/65/EC, only the past performance of the receiving UCITS shall be maintained in the key investor information document.
Source: EUR-Lex (Publications Office of the EU), © European Union, reuse permitted under Commission Decision 2011/833/EU.
