The redemption noticing period will be shortened to two weeks

The redemption policy of the PYN Elite Fund will change on 1.1.2022. In the future, the redemption request must be submitted in writing to the Fund Manager (PYN Fund Management) at the latest on the 15th day of the month, or if this is not a Finnish banking day, on the previous Finnish banking day. The redemption will be executed at the value of the fund unit on the last Finnish banking day of the month. The redemption date will continue to be once month.

As a result of the change, the redemption noticing period will in practice be reduced from one month to about two weeks. Previously, a redemption request was to be submitted at the latest on the last Finnish banking day of the preceding calendar month before the anticipated Redemption Date.

The Board of Directors of PYN Fund Management decided to amend the rules of PYN Elite Fund on October 28th, 2021.

The daily turnover of the Vietnamese Stock Exchange has increased, which has enabled the change of the rules in this market situation. We believe that it is in the interest of unit-holders that the liquidity of the Fund also follows this development. The change does not significantly increase the Fund’s liquidity risk.

The summarization of technical changes and clarifications:

The wording concerning the sizing of the forward exchange contracts: over-hedging is not allowed, but the hedging can be scaled to cover all the Fund’s securities in foreign currencies.

Removed the requirement regarding the deposition of the cash reserves in a credit institution domiciled in the European Economic Area. The change will allow keeping the securities of the Fund in a non-EU, internationally recognized and reliable bank.

Changed the definition of a subscription order so, that the order is binding when the subscription payment has been made. Clarified the information, that the subscription payment has to reach the Fund’s bank account by 6 PM Finnish time (earlier version stated “at” 6 PM). Clarified that the temporary suspension of the subscription takes place by a decision of the Board of Directors of the Fund Manager.

The definition of the applicable law (Finnish law) has been extended to cover not only the rules but also the Fund Manager and the Fund’s operations.

In addition to these, linguistic corrections have been made in a few paragraphs which do not affect the content of the rules. The new rules are available from the PYN Fund Management or on our web pages

The new rules will come into effect on 1.1.2022. Under the rules, unit-holders have the option to redeem their fund units on the 31st of December, before the new rules take effect. If the unit-holder wishes to use his redemption option, the redemption order must be submitted to the Fund Manager on 30.11.2021 at the latest.

Changing the rules does require action from the unit-holders. The Finnish Financial Supervisory Authority has been notified of the rules changes. For more information, please contact PYN Fund Management by phone at +358-927 070 400 or by e-mail at

PYN Fund Management Oy
Board of Directors