It is an investment vehicle governed by the Czech Act N° 240/2013 Coll., on Management Companies and Investment Funds. The major benefits are preferential income tax treatment (5% rate) and allowing the investor to secure tax free capital gains, provided that an individual holds the investment for at least three years.

This is an individual, who 1) declares that they understand the risk involved in committing money and undertakes to invest at least the equivalent of Eur 125,000 or 2) undertakes to invest at least CZK 1,000,000, provided that the fund´s administrator confirms in writing, that intended investment reflects the investor´s financial background, goals and experience. To achieve this, the investor submits an investment questionnaire which the administrator then reviews.

According to the relevant Czech law, it is CZK 1,000,000, and that minimum threshold must be matched or exceeded for the whole holding period.

Three years. This holding period may allow an investor to benefit from zero tax rates on capital gains made.

An investor must submit a Subscription agreement together with following documents provided by your investment advisor:
a. Know Your Client form (Identification and verification questionnaire)
b. Investment questionnaire (only for investments of less than CZK 3.5 million)
c. Declaration of risk acceptance (Affirmation)
d. Tax residency declaration (Entity tax residency Self-Certification Form)

a. Articles of association of Encor Funds SICAV fund
b. Statutes of Fixed Income Strategy sub-fund
c. Key Investor Information Document for Fixed Income Strategy sub-fund
You should receive these documents from your investment advisor or you can download them at For investors section.

An investor subscribes for units at the price valid as of the last day of the calendar month in which subscription monies were credited to the fund´s accounts.

The units are valued on a monthly basis, as at end of each calendar month.

Investor may invest each month, provided that the first investment is not less than CZK 1,000,000. The minimum subsequent investment is CZK 100,000 in any given month.

After each subscription, including the first, you will receive an account statement indicating the amount of units subscribed.

Each investor receives a Monthly Report on the Fund via mail, which indicates the latest unit price and the fund´s performance.

The portfolio’s composition and other key data are stated in the Fund´s Monthly report, which is circulated via email to each unitholder.

An investment committee involving members of the investment manager (Avant IS) and the fund´s owner must approve each investment.

The Fund invests primarily into CZK-denominated debt instruments. It may invest into non-CZK debt instruments (for example denominated in USD or EUR). In that case the fund would most likely use currency hedging to protect the investments against adverse currency movements.

In the case of individuals, if the holding period exceeds three years, any capital gains made are tax exempt. Otherwise, a 15% income tax applies.

1) A one-time entry fee of up to 3% and
2) The Fund´s ongoing costs (i.e. management fee, administrative and other fees paid on monthly basis from the fund), which is currently 1.16% per annum.
3) A redemption fee applicable to all redemptions is 0% per annum.

The Management Fee is a fee paid from the fund to its investment manager (Avant IS) on a monthly basis and is reflected directly in (subtracted from) the fund´s unit price.

You can sell the whole or just a part of your holding on a monthly basis. You will receive money at the latest 30 days after the end of the month in which your redemption order was submitted.

An investor that wishes to sell any of his/her shares must submit a Redemption notice via his/her investment advisor.

As in the case of mutual funds, the investment is not covered by such a scheme.