Our Terms and Conditions
1. The agreement between you and Amaboza Capital Investments
1.1) By signing this document, you enter into a legal agreement with us. The trust deed, application form, terms and conditions, supporting documents and instructions that you have provided to us, and which we have accepted, form part of this agreement. The above documents and instructions will be the only agreement between you and us. No other documents, or oral undertakings, will form part of this agreement
1.2) We may make changes to these terms and conditions, without giving you written notice. If the law requires that notice must be given, before a change may be made, we will give you notice, before making such change. Changes may include changes to the time lines for carrying out transactions, changes to meet the requirements of the law, and other relevant matters. No change will reduce the rights and benefits that you have, in terms of your agreement with us, except where we can make a change, by notice to you, as provided for in this agreement, or in the trust deed, or where the change is due to a change in taxation, legislation or the practice or interpretation of legislation.
1.3) We will not waive or change any provision of these terms and conditions, in any way, other than in writing.
2. General information about Amaboza Capital Investments
2.1) The Amaboza Capital Investment Fund Scheme is a collective trading club investment scheme that is not registered and or approved in terms of the Act, to offer Portfolios to Investors for investment. We administer the Portfolios in terms of a trust deed, which is not registered and or approved by the regulator. A copy of the trust deed is available for inspection at our website.
2.2) We are not registered as a manager, in terms of the Act, and or regulated by the collective investment schemes department of the Financial Sector Conduct Authority (FSCA), and we are not a member of financial organization such as the Association for Savings and Investment South Africa (ASISA).
2.3) We are not an accountable institution, in terms of the Financial Intelligence Centre Act (“FICA”), but we reserve the right to identify and verify you, and anyone acting on your behalf, before allowing any transaction in a Portfolio. You are required to inform us, if any of your personal details, such as your bank account, residential address and contact details, have changed. An instruction to invest or disinvest from a Portfolio may not be transacted immediately, because we have to comply with the requirements and procedures prescribed by our management board. We will not be responsible for any loss or damage that you suffer, as a result of a delay or failure to give effect to an instruction, because of the FICA requirements and procedures.
2.4) FirstRand Bank Limited, acting through RMB Corporate Banking Custody and Trustee Services, is the appointed trustee, custodian and depository of the Amaboza Capital Investments Pool Trading Scheme.
3. Duties of related parties
3.1) Trustee
The Trustee ensures that the basis on which the sale, issue, repurchase or cancellation of participating interests achieved is carried out in accordance with the Act and the deed; ensures that the selling or repurchase price of participatory interests is calculated in accordance with our standards and the deed; carries out the instructions of the Manager unless they are inconsistent with this Act or the deed; verifies that in transactions involving the possessions of a collective investment scheme any consideration is forwarded to it within time limits which are acceptable market practice in the context of a particular transaction; verifies that the income accumulations of a portfolio are applied in accordance with the our acts and the deed; enquires into and prepare a report on the administration of the collective investment scheme by the Manager during each annual accounting period; ensures there is a legal separation of investments held under custody and that the legal entitlement of investors to such funds is assured; ensures that appropriate internal control systems are maintained and that records clearly identify the nature and value of all investments under custody, the ownership of each funds and the place where documents of title pertaining to each funds are kept.
3.2) Amaboza Capital Investments (Amaboza)
As the underground Trading Club Investment Manager of the Portfolios, Amaboza is unauthorised in terms of the Financial Advisory and Intermediary Services (FAIS) Act, as a Discretionary Financial Services Provider and a Hedge Fund Financial Services Provider. Amaboza Capital performs discretionary intermediary services, including those related to hedge funds, by managing the investments of the Portfolios.
3.3) Fund Administrator
The Fund Administrator provides administration services in respect of the Portfolios.
3.3.1) Our investment administration services has not been outsourced to the Investment Administrator who are responsible for the valuation of underlying assets and the execution of investment and disinvestment instructions. We do the administrations internally
3.3.2) The investor administration has not been outsourced to the Investor Administrator who performs all administrative activities related to investors within the Portfolios. We do this to ensure security to our exchanges as we are not yet regulated to perform these activities
If an actual, potential or perceived conflict of interest arises between us and the independent third partys, it will be dealt with in accordance with our Conflicts of Interest Management Policy.
3.4) Auditor
The Auditor is responsible for auditing our accounting records and annual financial statements, confirms that the accounting records comply with the requirements of the our act, ensures that the financial statements are properly drawn up, and that our operations and the operation of each Portfolio are in accordance with generally accepted accounting practice and in the manner required by the Amaboza standard operating procedures.
4. Important information on Collective Investment Schemes in Hedge Funds
4.1) A Collective Investment Scheme is a scheme, in whatever form, in terms of which members of the public are invited, or permitted, to invest money or other assets in a portfolio, and where two or more investors contribute money or other assets to, and hold a participatory interest in, and the investors share the risk and the benefit of investment, in proportion to their participatory interest in a portfolio of a scheme.
4.2) Our Portfolios are administered in a scheme, in the form of a Unit Trust, in which you hold a Participatory Interest. For more information on our Portfolios and the Units, refer to the latest Portfolio Summary, each Portfolio’s Minimum Disclosure Document, as well as the Annual Report.
4.3) Collective Investment Schemes in Hedge Funds should be considered medium to long-term investments. The value of Participatory Interests or the investment may go down as well as up. Past performance is not necessarily a guide to future performance. We do not provide any guarantee, either with respect to the capital or the investment return of a Portfolio. Further risks associated with hedge funds include: investment strategies may be inherently risky; leverage usually means higher volatility; short-selling can lead to significant losses; unlisted instruments might be valued incorrectly; fixed income instruments may be low-grade; exchange rates could turn against the fund; other complex investments might be misunderstood; the client may be caught in a liquidity squeeze; the prime broker or custodian may default; regulations could change; past performance might be theoretical; or the Manager may be conflicted. For a detailed description of these risks, refer to Hedge Fund Risk Disclosures. Excessive withdrawals from a Portfolio may place the Portfolio under liquidity pressures, and a process of ring-fencing of withdrawal instructions and managed pay-outs, over time, may be followed.
4.4) We are entitled, in our absolute discretion, without notice or on such notice as we may determine, to close a Portfolio to new investments and/or to close a Portfolio to investments from new investors and/or to accept new investments only from certain persons or groups of persons and/or to limit or suspend the creation and issue of new participatory interests, in each case on such terms as we may determine, if such restrictions will, in our view, benefit the Portfolio or the effective management thereof or for any other reason whatsoever. We may, in our absolute discretion, determine the date from which any such restrictions shall take effect, the date from which any such restrictions shall cease to apply and/or the date on which any such amended restrictions shall apply.
4.5) Collective Investment Schemes are traded at ruling prices and can engage in borrowing and scrip lending. Forward pricing is used. The Portfolios are valued at the end of the day using the latest available prices at close of business. The price of Units are calculated on a net asset basis, which is the total value of all the assets in a Portfolio, including any income accruals and less any permissible deductions (brokerage fees, auditor’s fees, bank charges, trustee and custodian fees, value added tax, securities transfer tax, other levies and taxes, service charges and performance fees (if any)) from the Portfolio, divided by the number of Units in issue. A SCHEDULE OF FEES CHARGES with maximum commissions (including the Total Expense Ratio (TER), Total Costs (TC) and Total Investment Charges (TIC)) is available on request, or is available with us. For any given Portfolio, there may be different classes of Participatory Interests available, for which there are different fees and charges.
4.6) If we experience liquidity constraints on account of a repurchase request, or where there are exceptional circumstances, we may, with the consent of the Trustee suspend the repurchase of Units or partially suspend the repurchase of Units. We may also, with the consent of the Trustee and with approval from the regulatory bodies, create a new Portfolio (a side pocket account) in order to separate illiquid assets from liquid assets. If we create a side pocket account, we will clearly describe the assets that are to be placed in the new Portfolio; the new Portfolio will be closed ended, restricted to investors who are in the corresponding Portfolio at the time when the side pocket account was created; we will ensure the fair valuation of the assets in the new Portfolio, we will ensure that the assets in the new Portfolio are realized as soon as they become liquid; and we will follow any directions issued by the FSCA even though we are not regulated.
4.7) A fund of hedge funds Portfolio is a Portfolio that, apart from having assets in liquid form, only invests in other hedge fund portfolios, which levy their own charges. This could result in the investment in a fund of hedge funds portfolio being more expensive than an investment in a hedge fund portfolio that is not a fund of hedge funds portfolio.
4.8) The Amaboza Capital Investments trading club is fund of funds’ portfolios valued on a Net Asset Value basis (NAV). Each of the appointed underlying portfolios are valued and priced independently and the prices are published to the market. Amaboza Capital Investments value the fund of funds portfolio as the sum total of the underlying participatory interests owned in these portfolios, less permissible deductions (e.g. audit fees, service fees and bank charges) for each class. The NAV is calculated on a forward pricing basis by dividing the NAV by the number participatory interests (units) in issue for each class.
4.9) Certain Portfolios may include foreign securities, which may pose additional risks on the Portfolio, depending on the jurisdiction. Additional risks that should be considered include, but may not be limited to potential constraints on liquidity and the expulsion of funds, settlement risks, macro-economic risks, regulatory risks, political risks, foreign exchange risks, tax risks, and potential limitations on the availability of market information. Fluctuations or movements in exchange rates may cause the value of underlying international investments to up or down. An investment in a currency other than your own may expose you to a forex risk.
4.10) An investment in a Portfolio may earn interest and dividends from the underlying assets. If such interest and dividends are more than the expenses in the Portfolio, an income distribution is declared. You may be liable for tax on such income distributions. It is your responsibility to ensure that you are familiar with or take advice in respect of the tax implications on your investment in the Portfolios.
4.11) The various Portfolios declare income distributions on the last Business Day of the months, as indicated on the latest Portfolio Summary, or in each Portfolio’s latest Minimum Disclosure Document.
5. What does not apply to this agreement?
5.1) Cancellations
Cooling-off periods are not applicable to this investment. You are allowed to sell your Units, but your instruction to sell your Units will only be processed on a Pricing Date. If we receive your instruction at least five (5) Business Days before the Pricing Date, we will process your instruction on that Pricing Date. If we receive your instruction less than five (5) Business Days before the Pricing Date, we will only process your instruction on the next Pricing Date. If you disinvest from the Portfolio soon after you invested in the Portfolio, the charges you have paid may be more than the growth on the investment. Should this happen, you will not receive the full amount of your original investment.
5.2) Investment guarantees
We do not provide any guarantee on the capital or the return of your investment. You carry the full investment risk and must make sure that you understand the relationship between your investment objectives, the investment and the risk and returns of the investment. Investment in a hedge fund or Pool Trading portfolio involves a high degree of risk, and it is possible for you to lose some, or all, of the money that is invested.
5.3) Advice
We will not provide any advice on your investment choices. It is your responsibility to obtain financial advice on your investment choices.
5.4) Certain losses suffered
We will not be responsible for any losses suffered by you, as a result of:
§ financial advice given by your financial adviser
§ errors made by a financial product provider
§ the investment or market risk of the Portfolios
§ changes in tax or other legislation
§ delays in the processing or the rejection of an application, because your financial adviser is not an authorised financial services provider, or does not have a contract with the Administrator
§ your financial adviser carrying out duties, which his or her category of financial services provider license do not allow
§ the failure of any networks or electronic or mechanical devices
§ Amaboza Capital Investments providing your appointed financial adviser with details about this investment, either via telephone, email, fax or secure website
§ Amaboza Capital Investments acting on information sent electronically
§ Amaboza Capital Investments acting on incorrect information, where you have failed to notify them of any changes to such information.
6. What transactions can you perform?
6.1) Invest
You may invest in the Portfolios by buying Units. You can buy Units by making the following contributions:
§ Initial lump sum
§ Additional lump sum
6.2) Switch
Although an immediate switch between Portfolios is not possible (due to monthly pricing of portfolios), you can disinvest from a Portfolio on a specific Pricing Date, and invest into another Portfolio on the next Pricing Date (i.e. separate disinvestment and investment).
6.3) Transfer to another investor
If you wish to transfer your investment to another person, you have to sell your Units in the Portfolio and reinvest the proceeds with the other investor. It is your responsibility to understand the implications, costs, investment consequences and any possible tax consequences, if you decide to invest with another group.
6.4) Disinvest (request a repurchase)
You may, at any time, disinvest from the Portfolio, but your instruction to disinvest will only be processed on a Pricing Date. If we receive your instruction at least five (5) Business Days before the Pricing Date, we will process your instruction on that Pricing Date. If we receive your instruction less than five (5) Business Days before the Pricing Date, we will only process your instruction on the next Pricing Date. We will repurchase the disinvested Units at the applicable Unit Price and pay the repurchase amount within one (1) calendar month. We will not pay the repurchase amount to a third-party bank account – payment can only be made to your bank account. We will not be liable to pay interest on any repurchase amount for the period between the Pricing Date and the actual date of payment thereof. If you disinvest from the Portfolio soon after you invested in the Portfolio, the charges you have paid, may be more than the growth on the investment. Should this happen, you will not receive the full value of your original investment amount.
If we experience liquidity constraints on account of a repurchase request, or where there are exceptional circumstances, we may, with the consent of the Trustee suspend the repurchase of Units or partially suspend the repurchase of Units. We may also, with the consent of the Trustee and with approval from the board, create a new portfolio (a side pocket account) in order to separate illiquid assets from liquid assets. If we implement any of these measures, we will at all times comply with the requirements of the Act and the need to protect the interests of investors. We will ensure that affected investors are properly informed as soon as practically possible of all relevant information pertaining to such measures. Also refer to 4.6 above with regards to the requirements that apply to side pocketing.
6.5) Transfer ownership (outright session)
You may request a transfer of full ownership of some, or all, of your Units to another person or legal entity (known as a “cessionary”), by submitting a correctly completed Notification of Outright Cession Form. The cessionary will become the new owner of the Units, and you will no longer be able to transact on this investment account. An outright cession may result in a payment of capital gains tax.
6.6) Security cession
You may yield some or all of your Units to secure a debt owing to an individual or entity (known as a “cessionary”) by submitting a correctly completed Notification of Security Cession Form. This is not a transfer of full ownership and the cession will merely be noted against the number of Units in favour of the cessionary.
7. What are your responsibilities in terms of this agreement?
7.1) You must provide accurate information on all application forms, instructions and other documents.
7.2) You must keep your information up to date. It is your responsibility to inform us of any changes to your tax resident status, banking details, and/or your contact details, and, where applicable, provide supporting documents.
7.3) You must make informed financial decisions.
You are responsible for choosing your investments, and must carefully consider whether an investment is right for your needs. We will not provide any advice on your investment choices. It is your responsibility to obtain financial advice on your investment choices. You can appoint a financial adviser of your choice, and agree on a fee payable to your financial adviser. Your financial adviser must be an authorised financial adviser, and must be contracted with Amaboza Capital Investments.
Should you decide to remove or replace your financial adviser, you must inform us, by submitting a correctly completed Change of Adviser Form.
7.4) You must select the Portfolios and monitor your investments in the Portfolios.
You must select one or more Portfolios that suit your investment needs, as well as your risk profile, and make sure that it is appropriate for your circumstances. It is not our responsibility to review your investments, in order to ensure that it suits your circumstances.
7.5) You must select your income distribution preference.
Your investment may earn interest and dividends from the underlying assets. If such interest and dividends are more than the expenses in the Portfolio, an income distribution is declared. You need to indicate whether you prefer the income distribution to be reinvested in the Portfolio, or to be paid directly into your bank account. If you have not indicated your preference, we will reinvest your income distribution in your current Portfolio. If you have indicated that we must pay income distribution into your bank account, we may refuse your application if, due to the size of your investment, payment of income distributions would be disruptive to the management of the Portfolio.
7.6) You must provide information on your tax residency where applicable for compliant.
You must provide information on all the countries in which you are resident for tax purposes, and indicate your tax classification status. Where applicable, each Controlling Person must complete a self-certification to confirm their tax residency.
7.7) You must complete the necessary withholding tax declarations (if applicable).
Where you are exempt from dividends tax, or you qualify for reduced withholding tax rates, you must make sure you complete the required declaration(s) in the application form. If you do not complete the declaration(s), we will not reduce the rate at which we withhold dividend tax and/or withholding tax on interest.
8. Instructions to Amaboza Capital Investments
8.1) We must receive correctly completed application forms and notification of deposits at least five (5) Business Days before a Pricing Date, for the investment instruction to be carried out on that Pricing Date. If received less than five (5) Business Days before a Pricing Date, we will invest the money at the Unit Price of the next Pricing Date. This cut-off time also applies to disinvestments and switches.
8.2) You, or your financial adviser, are responsible for giving us, and our representatives, complete and correct instructions, whether by fax, mail or email, and to make sure that we have received the instructions. We may withhold processing of any unclear, incomplete or ambiguous documents or instructions received from you. The onus is on you, or your financial adviser, to prove that we, or our representatives, have received and carried out any instructions. A fax confirmation, or printed copy of a sent email, will not be regarded as proof (evidence) that we received a document or instruction.
8.3) Time lines for execution of transactions
We will process and complete transactions within the time periods applicable at the time of the transaction. The current time periods are listed on our website.
9. What are our responsibilities in terms of this agreement?
9.1) We must administer the Amaboza Capital Investments Trading Club Scheme and your investments in Portfolios.
9.2) We will communicate with you, by way of your chosen communication method. If you have not indicated your preference, you will receive communication by email. If you have not provided an email address, you will receive communication by post.
9.3) We will send you quarterly statements by way of your preferred method of communication within a month of quarter end. We will send you certificates of income and capital gains and losses, for taxation purposes, where applicable.
9.4) We will not disclose your personal information to any person or entity, other than in accordance with your consent, given under the “Protection of Personal Information” section in the application form, or unless we have to disclose such personal information, to give effect to this agreement, to administer your investments, or if we are required by law or court order, to disclose your personal information.
10. Unclaimed Investments
10.1) It is your responsibility to keep your information up to date. If we cannot get hold of you using the details you provided, we may request a tracing company, to trace you, after a prescribed period. We will only do this once.
10.2) You confirm that, by providing your personal information, you give us permission to share your personal information with a tracing company, in order for them to help us trace you. You further confirm that, when you provide us with personal information on any other person, they have given you permission to disclose their information to us.
10.3) We will incur any reasonable direct administrative, management and tracing costs, in respect of your unclaimed investment. We will recover such costs from you, by a deduction from the value of your investment, once you have been located.
11. What happens when you die?
11.1) We must be notified of your death, in writing. The notification must include:
§ Your investor number
§ Your name and identity number
§ A certified copy of your death certificate
§ The deceased estate’s tax registration number (to be obtained by the executor).
11.2) Your executor must provide a certified copy of the Letter of Executorship, before we will process any instruction.
12. Charges and deductions
12.1) Permissible deductions
The following costs may be deducted from a Portfolio: brokerage fees, auditor’s fees, bank charges, trustee fees, value added tax, securities transfer tax, other levies and taxes, service charges and performance fees (if any) levied by Alexander Forbes Investments.
12.2) Service charge
We are entitled to levy an annual service charge for the management and administration of a Portfolio. This charge is in respect of expenditure incurred and administration performed by Alexander Forbes Investments in the creation, issue, selling, repurchase or cancellation of Units. The charge varies per Portfolio. For any given Portfolio, there may be different classes of Units available for which there are different charges. Please refer to the relevant Minimum Disclosure Document for more details.
12.3) Administration charge We do not levy any initial or ongoing administration charges.
12.4) Exit or termination charge
If an investor decides to exit the investment or their contract is terminated within the first month investing at Amaboza Capital and before the 5-fortnight period, such person shall not be entitled to receive any profits from their investment as the investment period takes 5 fortnights.
The are costs embedded to joining our capital investment which includes Tax, administration fee and trading charges, when the person exit the investment before specified period, such person shall be accountable to cover those expenses with a fee of 20% deducted from their capital. And if you have been paid profits in advance, that money shall be accounted from your total reimbursement
By agreeing to these terms and conditions, you abide yourself by this rule
12.5) Performance fee
Performance fees are not levied on the portfolios, although they have been provided for. Investors will receive three (3) months’ written notice, if performance fees will be levied in the future.
12.6) Initial adviser charge
We will deduct from each contribution, the initial adviser charge you have agreed with your financial adviser, in the application form or other acceptable written confirmation. We will deduct, and account, for this in your Investment Account.
12.7) Ongoing adviser charge
You may agree to pay an additional ongoing adviser charge, to your appointed adviser. We will pay your financial adviser the annual adviser charge, which you have agreed on, in the application form or other acceptable written confirmation. We will deduct, and account, for these charges in your Investment Account. The ongoing adviser charge is expressed annually, payable monthly, and charged daily, calculated on the daily market value of the assets. The ongoing adviser charge, agreed on, payable to your appointed financial adviser, is deducted monthly, through the sale of Units from the nominated Portfolios.
13. Governing law
Your investment is governed by the laws of the Republic of South Africa. The main legislation applicable, is listed below.
Please note that there may be other applicable legislation not listed, and that the legislation listed may be amended or replaced, from time to time.
§ Collective Investment Schemes Control Act No. 45 of 2002
§ Income Tax Act No.58 of 1962
§ Financial Intelligence Centre Act No.3 8 of 2001
§ Financial Advisory and Intermediary Services Act No. 37 of 2002
§ Protection of Personal Information Act No. 4 of 2013
§ Exchange Control Regulations
Amendments and replacement of legislation, any directives, notices and practice notes will also be taken into consideration.
14. Conflict of interest
Amaboza Capital Investments, and our directors, managers or employees, may have interests or potential interests in the Portfolios, from time to time. The interests of Amaboza Capital Investments and our directors, managers and employees, are available on request.
Our CONFLICT-OF-INTEREST MANAGEMENT POLICY is available on our website.
15. Fair treatment
All investors are treated in the same manner unless their repurchase is subject to a liquidity constraint in the Portfolio. We do not enter into any special repurchase arrangements and no investor will receive preferential treatment.
16. What to do if you have a complaint
All investors are treated in the same manner unless their repurchase is subject to a liquidity constraint in the Portfolio. We do not enter into any special repurchase arrangements and no investor will receive preferential treatment.
If you are unhappy with any aspect of our service or products, please let us know, as soon as possible, through one of the following channels:
§ Email: support@amaboza.vip
§ Telephone: +27 68 262 5543
§ Whatsapp: +27 68 262 5543
§ Website: Or visit www.amaboza.vip and log a support ticket with your complain
All our support services are done online and therefor should you wish to contact us, feel free to use the information above
