Asked Questions
If you have more questions, don't hesitate to contact us, we are here to help you.
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(+34) 91 310 62 40
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info@cartesio.comMonday to Friday from 9:00 to 18:00
The funds
Which fund should I choose?
Cartesio only offers two funds. Cartesio X is the more conservative fund, with less volatility and probably lower long-term returns. Cartesio Y is a moderate/high risk fund that has offered higher returns in the past but with greater volatility.
Why does Cartesio only offer two funds when my bank offers dozens or hundreds?
Although we could manage more funds, we only manage two strategies to incentivize ourselves to manage them as best as possible. If the funds performed poorly, we would have no other product to offer, and this incentivizes us to give our best to try to make them perform well. Furthermore, being flexible strategies, it is the managers who can change the risk level of the funds according to market circumstances, avoiding the client having to change from one fund to another. In contrast, many entities have a very wide range of funds to continue offering other funds when investments go wrong or, in effect, leaving it to the client to change funds (probably with poor timing) when market circumstances change.
What management fees are there and how do I pay them?
The funds pay management fees to the management company and custody fees to the depositary. They are charged directly to the fund and not to the client who does not have to pay anything although, logically, they indirectly bear these expenses.. On the other hand, there are no subscription or redemption fees, so clients can buy and sell their shares whenever they wish at no cost. The applicable fees are detailed on each fund's page.
What are management fees?
The Management Company charges a fixed annual management fee, which is a fixed percentage of the fund's assets, and a performance fee (variable) which is a percentage of the positive returns obtained in the calendar year. Both fees are calculated daily and are deducted to arrive at the fund's net asset value. If the returns obtained in the year are negative, no performance fee is charged, and it only begins to accrue again when the fund recovers the losses. If five years pass without recovering the losses, performance fees could start accruing again for positive returns obtained from the sixth year onwards.
Is there a subscription or redemption fee?
No existen comisiones de suscripción ni de reembolso por lo que los clientes pueden comprar y vender sus participaciones cuando deseen sin coste.
Are there minimum holding periods?
No. Dado que no existen comisiones de suscripción ni de reembolso los clientes pueden comprar y vender sus participaciones cuando deseen sin ningún coste. No obstante, sólo es recomendable invertir en los fondos Cartesio a medio o largo plazo.
Why is there a recommended minimum holding period?
The recommended minimum holding period is a reasonable time in which investors are expected to be able to take advantage of the fund's return potential, as financial markets can experience short-term fluctuations. This minimum holding period mitigates loss risks and fosters obtaining positive returns.
Can I lose money by investing in Cartesio?
Yes. The funds invest in assets listed on financial markets whose price is subject to fluctuation. Although historically, to date, the funds have always had positive returns within the recommended investment periods, it cannot be ruled out that losses may occur in the short term (which is frequent in financial markets) or even in the medium term. In the long term, losses are unlikely, but this cannot be guaranteed. It is important to be clear that, just as with gains, losses do not become effective until your holding in the fund is sold, so a temporary loss in the value of your investment will not become a real loss if you do not sell your holding in the fund.
When can I buy or sell the fund?
Cuando quieras porque todos los dÃas hábiles se publica el valor liquidativo. No hay ningún tipo de comisión de suscripción ni de reembolso ni tampoco periodos mÃnimos de permanencia aunque es sólo recomendable invertir a medio o largo plazo.
Operations
How do I become a client?
You can become a client through the website or in person at our office. In the online registration, we will review the information and documentation you provide as quickly as possible and contact you if we need any additional data. If you have any questions, call or write to us and we will be happy to assist you.
Why do you ask for so much information for registration?
Because financial regulation and anti-money laundering prevention requires entities to have proper knowledge of the client and at the same time ensure that the client receives and understands information regarding the products we offer.
When can I start investing?
Una vez que te hayamos confirmado (generalmente por correo electrónico) tu alta como cliente. Es mejor que no envÃes dinero hasta entonces, aunque naturalmente lo devolverÃamos si el alta como cliente no pudiera completarse.
How do I invest?
Once we have confirmed your registration as a client, you can send us your subscription (purchase) and redemption (sale) orders for the funds through the website, by email from the address communicated in the registration process, or in person. We do not accept telephone or WhatsApp orders, which are channels to facilitate communication but are not enabled for operations. All subscription orders must be accompanied by the corresponding bank transfer (see the question How do I send my money and how do I get it back?).
How do I send my money and how do I get it back?
El importe de los reembolsos se abona mediante transferencia bancaria desde la cuenta del fondo a la cuenta bancaria titularidad del cliente. No puede reembolsarse a cuentas bancarias de terceros, es decir, que no sean de la titularidad del propio cliente.
Can I bring my funds to Cartesio from another distributor?
Yes. If for any reason you do not wish to maintain your Cartesio funds with another entity, you can bring your funds to Cartesio. This requires that you first complete the client registration process with Cartesio and subsequently send us a distributor change order. Cartesio will handle contacting your entity without you having to do anything else. This process has no tax consequences and does not require you to disinvest and then reinvest (as happens with mutual fund transfers); simply your position will be deregistered from your distributing entity and registered with Cartesio as the new distributor. Cartesio does not charge any fee for this process, but it is important to check if your originating entity applies any fee in this regard so that, if applicable, you can assess whether it is worthwhile to make the change or not.
If I sell my entire investment, can I subscribe again in the future?
Can I have multiple accounts at Cartesio?
Can I appoint and dismiss an authorized person or representative?
Yes. In such cases, we will need information about that person. The authorized person can place subscription and redemption orders on behalf of the holder, without limit, although the origin and destination bank accounts for money must always be owned by the account holder. For the appointment of representatives, it is necessary to provide a Power of Attorney stating the powers of said representative.
Dismissals or revocations of authorized persons or representatives must be expressly communicated to Cartesio. It is advisable to do so in cases of divorce or serious disagreements.
What information will you send me about my investments?
We will send you (usually by email) confirmation of your redemption, subscription or transfer operations. Semi-annually you will receive an updated position statement of your investment and every year your tax information. Additionally, semi-annually you will receive by email a periodic report describing the evolution of the funds. Furthermore, whenever you want, you can consult your position information in the private area of the website and consult the monthly fund reports we publish on the web.
Can Cartesio advise me?
Although Cartesio does not provide financial, tax or legal advice, we can provide you with all the necessary information about the products we manage to help you in your decision-making process. Furthermore, from our direct experience and knowledge of applicable regulations, we know the answer to most basic problems or issues that many other investors have already faced (taxation applicable to your investment in Cartesio, inheritances, separation of common property, grouping of shares, usufructs, donations, etc.).
What needs to be done to claim the inheritance of a deceased client?
Family members or close associates of the deceased client must contact Cartesio and provide a copy of the client's death certificate. Cartesio will block the position and send a position certificate of the deceased person as of the date of death. This document is necessary for inheritance allocation procedures. Once the inheritance is distributed, the heir who receives the Cartesio funds must provide a copy of the deed or private inheritance allocation document, evidence of tax settlement, and client registration documentation. We know this is a difficult time and Cartesio will help expedite these procedures as much as possible without charging any fee for this service. For more information, please feel free to contact us.
Glossary of terms
Beta
In our monthly report we use it as a measure of the fund's sensitivity to movements in the European stock market. It is expressed as a coefficient and measures in an indicative way how much the net asset value should vary based on a given rise/fall in the stock market. Example: if Cartesio Y's beta is 0.5, the fund should be expected to rise (fall) 0.5% for every 1% rise (fall) in the stock market.
Bloomberg
It is the professional financial information system of reference. Cartesio funds have a code in the system which allows obtaining extensive information about them.
Market capitalization
It is the stock market value of a company, usually expressed in billions of euros. It is the product of multiplying the stock price in the market by the number of shares in circulation. We classify the companies in the fund's portfolio based on their market capitalization, distinguishing between large, medium and small.
Management fee
Es lo que cobra la gestora del fondo (en nuestro caso Cartesio Inversiones SGIIC SA) a los partÃcipes por la gestión. Los fondos Cartesio tienen una comisión fija anual que es un porcentaje del patrimonio del fondo y otra variable (no en el caso del Cartesio Equity/Income), que es un porcentaje de la rentabilidad obtenida en el año natural. Ambas comisiones se calculan diariamente y están reflejadas en el valor liquidativo del fondo. Si la rentabilidad obtenida en el año es negativa la comisión variable es cero y sólo empieza a reflejarse de nuevo en el valor liquidativo cuando el fondo recupere las pérdidas para lo cual existe un plazo de cinco años; a partir del quinto año se inicia un nuevo ciclo de comisión variable ligada a la rentabilidad obtenida.
Index
Es un valor estadÃstico que refleja el valor total de sus componentes. En los informes usamos un Ãndice de referencia para la bolsa Europea (MSCI Europe Net Total Return Index) y otro para la deuda pública a largo plazo de la zona Euro (Bloomberg/EFFA Deuda Pública Zona Euro 7-10 años). El objetivo de inversión de los fondos Cartesio es obtener una mejor rentabilidad- riesgo a largo plazo que estos Ãndices, usando un Ãndice diferente para cada fondo.
ISIN
International Securities Identification Number. It is an international standard code for identifying financial instruments. It is an alphanumeric combination of twelve characters, the first two identifying the issuing country (ES for Spain). The two Cartesio funds have their ISIN code.
M2
A risk-return measure that, expressed as a percentage, gives the theoretical return in case of having assumed the same level of risk (volatility) as the index. We believe it is a more intuitive measure than the Sharpe ratio (we all know what high or low returns are).
Sharpe ratio
A return-risk measure obtained by dividing the excess return of an asset relative to the risk-free asset (cash) by its volatility. A long-term Sharpe ratio above one is exceptional. The stock market long-term has a Sharpe ratio of around 0.3.
Net asset value
It is the result of valuing the fund's assets at market prices, deducting all fees and expenses. It is calculated daily.
Value at Risk. Measures the maximum expected loss (with a 95% confidence interval) of the fund in a period. It is calculated from volatility.
Value at Risk. Measures the maximum expected loss (with a 95% confidence interval) of the fund in a period. It is calculated from volatility.
Volatility
It is the standard deviation of the fund's daily net asset value relative to an average. It is expressed in annualized terms. It is traditionally used as a risk measure. The higher the standard deviation, the greater the probability that the fund will experience significant losses in one year. The two Cartesio funds have had volatility to date that can be considered moderate (Cartesio Y) or low (Cartesio X).
About Cartesio
Is Cartesio a regulated entity?
Yes. Cartesio is an entity authorized, supervised and regulated by the Spanish National Securities Market Commission. It is registered in the SGIIC Registry with number 221. On the CNMV website www.cnmv.es you can find updated legal and financial information communicated or deposited with the regulator, both management company and the Spanish funds under management. If you have any questions about the regulatory or legal aspects of our activity, we will be happy to clarify them.
Is Cartesio a solvent entity?
SÃ. Cartesio tiene un nivel de recursos propios superior al exigido por la normativa. En cualquier caso, Cartesio no es el depositario ni del dinero de los fondos bajo gestión ni del dinero de los clientes. Las aportaciones de los clientes se ingresan directamente en las cuentas de los fondos y este dinero se invierte en acciones o en bonos y una pequeña parte permanece en la cuenta corriente de los fondos. Por eso, más importante si cabe que la solvencia de la gestora es la solvencia de la entidad depositaria de los fondos en la que se depositan los bonos y las acciones y en la que figuran abiertas las cuentas corrientes de los fondos. En nuestro caso elegimos a BNP Paribas como depositario, entre otras razones, por su ratio de solvencia que es de los mayores de la industria.
Is Cartesio an independent entity?
Yes. Cartesio does not belong to any financial entity or group, but 100% of its capital is in the hands of the fund managers and other employees.
Why is Cartesio's independence important?
Independence does not guarantee good results but helps achieve them. Independence allows flexibility and making decisions freely, oriented to the long term and without being tied by conflicts of interest. For example, we can select the suppliers that we consider best for the funds at any given time (custodian, brokers, research service providers, auditor, etc.) since we do not belong to any financial group with subsidiaries that provide those same services or that have commitments to suppliers at the group level.
Where does the name Cartesio come from?
Buscábamos un nombre que transmitiese nuestra idea de la inversión como algo racional, basado en un análisis fundamental. René Descartes (filósofo, matemático) es el padre del método cientÃfico aparte de célebres frases como “pienso, luego existo “. Es también el inventor de los ejes cartesianos, que dan lugar a nuestro fondos. Adoptamos el eje horizontal de las abscisas (X) como el fondo más estable y el eje vertical de las ordenadas (Y) como el fondo mas volátil pero más rentable a largo plazo. Nos gustó el nombre de Descartes en latÃn e italiano: Cartesio.
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