Gating of redemption orders in DNB Fund High Yield

On the subsequent valuation day, Monday 28 February, gating was once again initiated. Gating of redemption orders was repeated the following days, until Friday 4 March when fund flows again came below the gating threshold of 5% and all remaining redemption orders were processed, including the ones recorded on that same day.

Following the gating mechanism stated in DNB Fund prospectus (see excerpt below) DNB Asset Management S.A. has chosen, during a period of five valuation days, to limit the daily redemption the equivalent of 5% of the fund NAV for DNB Fund High Yield. The residual redemption amounts from the dates where gating have been initiated have had priority in subsequent redemption order handling on the next valuation date and onwards.

Excerpt from DNB Fund Prospectus:

“The Board of Directors reserves the right to reduce proportionally all requests for redemption in a Sub-Fund to be executed on one Valuation Day whenever the total proceeds to be paid for the Shares so tendered for redemption exceeds 5% of the total net assets of that specific Sub-Fund. The portion of the redemptions not executed on that Valuation Day will then be executed in priority on the next Valuation Day. Confirmation of the execution of redemption will be made by the dispatch to the Shareholder of an advice.”

(See page 53 in the English prospectus version from May 2021)