The GIS General Fund is one of the suite of products offered by Global Insurance Settlements Funds PLC.
This structure is aimed at Sophisticated / Institutional investors and provides tax clarity by ensuring there is no tax leakage.
The GIS General Fund’s overall investment objective is to generate attractive risk-adjusted returns over time, by actively managing a large and diversified portfolio of life insurance policies through Life Settlement transactions.
Commentary
Global Insurance Settlements Funds PLC (GISF) invests in life settlement policies and its first Fund, the GIS General Fund has been seeded with seasoned policies.
Bear in mind that the fund has ongoing premium payments to make on each policy until a claim has been lodged. It is the collection of these proceeds that drives the return and we anticipate an increased number of claims will be lodged over time.
June 2019
The large negative movement in the reporting value is the result of having all policies in the Fund re-underwritten in the June quarter. Normally, the Fund has re-underwritten portions of the portfolio on a rolling basis, due to the buy and hold investment strategy of the fund.
During the year the underwriting suppliers, used by the Fund, have introduced updated mortality tables, which were materially different from those previously used. These estimates form a key part of the calculation of the current reporting value under US GAAP Accounting Standards.
The changes in the current value used for reporting purposes do not impact the benefit amounts payable under the insurance contracts held by the fund.
Fund's Key Features
| Investment Manager | GI Asset Management Limited |
| Fund's Legal Name | GIS General Fund |
| Domicile | Ireland |
| Asset Category | Insurance Linked Securities |
| Structure | Umbrella Fund/Company |
| Launch Date | February 2012 |
| Investment Horizon | 5 years + |
| Custodian | CACEIS Bank Luxembourg Dublin Branch |
| Minimum Investment | €100,000 or equivalent |
| Product Name | GIS General Fund - Class I Shares |
| SEDOL Code | B66NST9 |
| ISIN | IE00B66NST91 |
| Website | www.gisfunds.com |
| Contact Email | admin@gisfunds.com |
| Contact Phone Number | +353 1 640 1880 |
Key Fund Statistics
| Assets Under Management | US$ 50,015,894.04 |
| Return Since Inception | -27.47% |
| Class I Shares Application Price | USD 0.5853 per share (Effective 1st August 2019) |
| Quarterly Report | Please refer to the Reports Page for the latest Quarterly Report. |
2019 Quarterly Return
| Year | Quarterly Return End March | Quarterly Return End June | Quarterly Return End September | Quarterly Return End December |
| 2019 | -0.12 % | -32.57 % |
