Comunque per fare chiarezza sullo swing price, la nota di Natixis dice che e´in vigore dal 2017 ed impatta il NAV solo sopra un certo livello di vendite.
Il fondo non comunica quando questo avviene ovvero se il NAV sia aggiustato con lo swing price o meno. Questo spiega le forti correzioni di mercoledi´e giovedi´mentre il NAV di venerdi´ conferma un calo drastico delle uscite con conseguente non applicazione dello swing price in quella giornata.
Dal sito H2O
What is the methodology for calculating the "swing" net asset
value?
At the frequency of calculation of the NAV, the net subscription/redemption amount is calculated
as a percentage of the net assets of the fund. If this amount exceeds a predefined threshold, the
mechanism applies at the fund level. As part of the implementation, all classes of shares/units of
the fund are adjusted in the same direction, up or down, and for the same percentage.
If the trigger threshold is exceeded (in percentage), the fund is subject to a normal valuation in
accordance with the valuation policies set out in the fund's prospectus. The swing factor is then
applied to adjust the net asset value upwards in the case of net inflows, or downwards in the
case of net redemptions.
In practice, holders will not know when the net asset value has been adjusted in order to
preserve the equality of the holders. If adjusted, it is included in the published net asset value. At
the frequency of calculation of the NAV, holders will continue to have the published net asset
value, whether or not it has been adjusted. No information will be provided to indicate whether
the NAV has been adjusted or not.
