Subscriptions and returns incur costs at portfolio level. Subscriptions provide additional liquidity. In the event of returns, additional liquidity must be created by selling assets. These transaction costs influence performance and are borne by all investors. Issue premiums are usually used to cover marketing expenses. Return fees can be credited to the fund management or the fund pool. Solutions: charging the costs of buying or selling titles to the party who caused the costs, swinging single pricing or dual pricing.
German: Anti-Diluation Massnahmen (97)
Source: SFO D15 2010 m. e. E., 24.04.2010