The Company is incorporated in Bermuda and is structured as a close-ended fund, with a minimum initial subscription for shares by an investor of US$250,000.
The investment objective of the Company is to achieve long-term capital appreciation by investing primarily in shares issued by Chilean small - and medium - sized companies. The Fund will seek to achieve its objective by investing primarily in companies that have a market capitalization less than the equivalent of US$500 million and that are listed on a Chilean stock exchange or are expected to be listed through initial public offerings or privatizations.
The listing of Moneda Chile Fund Limited's Common Shares is sponsored by Bermuda International Securities Ltd., (a wholly owned subsidiary of The Bank of Bermuda Limited, Hamilton, Bermuda). The securities are being listed under the Listing Regulations for Collective Investment Schemes and the provisions for Restricted Marketing.
Antonio Cruz, CEO of Moneda Asset Management commented that, "Moneda Chile Fund Limited is a good alternative to invest in the Chilean small companies market. This segment has been consistently more profitable than the whole market for the last five years. The Moneda 500 index, which is an index compiled by Moneda Asset Management that tracks prices of shares of companies that have a market capitalization of less than US$500 million, has outperformed the local general index (IGPA) by 370 to 570 basis points per year in the last 5 years as of June 30, 2002. In this asset class Moneda Chile Fund Limited has outperformed the Moneda 500 index."
Moneda Chile Fund Limited is managed by Moneda S.A. Administradora de Fondos de Inversión, a wholly owned subsidiary of Moneda Asset Management S.A., which is a Chilean fund management firm incorporated in 1993 to provide the local market with a specialized service. The company is currently managing approximately US$270 million through 5 different closed end funds in asset classes like Chilean small caps, Latin-American corporate debt, and Chilean private equity.
"The BSX welcomes Moneda Chile Fund Limited", said Mr. James S. McKirdy, Listing and Compliance Manager of the BSX.
# # #
For further information on Moneda Chile Fund Limited please contact Pablo Echeverria (pe@moneda.cl) or Fernando Tisne (ftisne@moneda.cl) of Moneda Asset Management S.A. at telephone: (56 2) 337 7905 or facsimile: (56 2) 337 7997.