Guidelines for best execution

Sissener AS guidelines for achieving the best result

Sissener AS is a management company for mutual funds and manages the funds Sissener Canopus and Sissener Corporate Bond Fund. This means that Sissener AS makes investment decisions and implements these on behalf of the mutual funds.

The company shall act in the best interests of the mutual funds it manages when it carries out trades on behalf of the mutual funds. In the same way, the company shall act when, on behalf of the mutual funds, it places orders for execution with other companies.

The framework for the assessments that Sissener AS shall make is regulated in the Mutual Fund Regulations §§ 2-28 and 2-29.

That Sissener AS shall act in the mutual funds' best interest means that it shall be considered how the individual trade can be carried out in the best way:

how the trade is to be carried out (order form; physically through a broker or electronically) where the trade is to be carried out (which broker, trading system, etc.)

Assessment of the best result when making investment decisions

Sissener AS will normally place orders for the execution of trades on behalf of the mutual funds with other companies (broker connections). Sissener AS has an active relationship with trading and evaluation of how each trade can be carried out in the best possible way. In this connection, emphasis shall be placed on the price, costs, characteristics of the relevant financial instrument, the possibility of having the transaction executed within a reasonable time, the size of the transaction and other relevant factors.

In deciding which of these factors to place the most emphasis on when executing orders, the mutual fund's objectives, investment strategy, risk profile, characteristics of the specific financial instrument and characteristics of the trading venue shall be taken into account.

Award

All Sissener AS 'funds aim to create the highest possible return for unit holders based on the risk taken. The price that can be paid when trading in financial instruments on behalf of the mutual funds can thus be important in assessing the best result.

Costs

Transaction costs will have an impact on the mutual funds' returns. Sissener AS will normally emphasize the costs of the transaction when assessing the best result.

Characteristics of the relevant financial instrument

Sissener AS 'funds may be invested in less liquid financial instruments. When trading such instruments, it may be more difficult to find a well-functioning market of buyers and sellers, and there may thus be a need for a more expensive form of transaction to ensure the mutual fund's best result overall.

Opportunity to complete the trade within a reasonable time

Regardless of the characteristics of the financial instrument in question, there may be challenges in trading larger items. In some cases, it may be in the shareholders' interest to accept a lower price or higher costs in order to complete the transaction within a reasonable time.

Characteristics of the relevant trading systems / trading venues in the market in which to invest

Sissener AS 'fund has a mandate that makes it possible to trade financial instruments geographically in large parts of the world. This means that the funds can be invested in many countries, and the infrastructure for conducting trades in the individual market will vary. The assessment and emphasis of specific market conditions, including contact networks and investment power, may give the best result for the mutual fund as a whole, even if this entails a higher cost.

Assessment of the best result when placing orders with other companies

Sissener AS shall act in the best interests of the mutual funds it manages when placing orders for execution with other companies (broker connections). Sissener AS must be conscious in its choices of broker connections to ensure correct securities settlement and the best result. The managers shall only use broker connections that have been approved by the CEO. When choosing a broker connection, the manager must take into account the probability of execution, the size of the order and the nature of the order.

When approving new broker connections, the following must be considered:

LicensingHistoryCompany's solvencyMarket positionCosting costs

If a manager believes that a broker connection does not meet the expectations Sissener AS has for the best result, the manager can request that the relevant broker connection be removed from the list of approved broker connections. Such requests are sent to the CEO, who decides on any deletion from the list of approved broker connections. The head of compliance must be informed of such requests, as well as what decision has been made.

Revision and duration



The guidelines on the best result must be reviewed at least once per year.