Ress Life Investment A/S

An open-ended fund listed on NASDAQ Copenhagen

About

Ress Life Investments A/S is a limited liability company incorporated in Denmark. The company is an alternative investment fund (AIF) managed by Resscapital AB, a limited liability company incorporated in Sweden. Resscapital AB is authorised as an alternative investment fund manager (AIFM) and supervised by Finansinspektionen, the Swedish Financial Supervisory Authority.

Ress Life Investments A/S acts as a feeder structure and invests in units of Ress Uncorrelated Assets Fund, in Luxembourg. The depositary for Ress Life Investments A/S is Nykredit Bank A/S. The administrator is Citco Denmark ApS, which is part of the Citco Group. The independent board consists of three members with extensive experience from the financial markets. Ress Life Investments A/S is audited annually by Deloitte.

Ress Life Investments A/S is admitted to trading and official listing on Nasdaq Copenhagen. The company’s short name is RLAINV, ISIN DK0060315604. Current prices can be found under the segment – Alternative Investment Funds on  NasdaqOMXNordic.

Danish retail investors and professional investors, as defined by the European Union’s MIFID directive, may also subscribe for shares on a monthly basis at the company’s current net asset value per share.

Performance

End of Month Net Asset Value
NAV(USD) /Share
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2011 1456.49 1450.01 1444.10 1434.54 1417.61 1409.08 1400.44 1378.12 1366.49
2012 1360.16 1345.80 1324.64 1323.02 1325.45 1321.33 1328.33 1327.73 1327.92 1331.50 1331.69 1331.73
2013 1332.33 1331.95 1332.95 1332.72 1342.09 1340.14 1345.05 1347.67 1347.81 1351.58 1355.50 1356.35
2014 1361.18 1367.63 1371.58 1373.12 1374.31 1372.19 1375.63 1375.75 1379.04 1401.15 1407.04 1421.69
2015 1468.70 1476.18 1479.86 1487.96 1488.22 1469.45 1491.89 1493.41 1496.08 1481.47 1487.02 1505.34
2016 1526.59  1516.95 1535.71 1541.82  1529.94  1521.41  1536.89  1538.29  1537.99  1544.56  1545.46  1545.63
2017 1546.32  1548.70 1628.04  1642.01  1641.03  1653.68  1651.22  1651.56  1651.73  1651.23

 

NAV(EUR) /Share
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2015 1344.71 1405.64 1382.70
2016 1397.97 1393.23 1348.89 1352.12 1371.65 1370.39 1382.97 1381.86 1377.99 1411.07 1453.19 1466.30
2017 1437.77 1461.45 1522.81  1502.30  1462.46  1449.07  1408.05  1396.67  1399.06  1418.82
Net Performance in USD
Return Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Ytd
2011 -0.45% -0.41% -0.66% -1.18% -0.60% -0.61% -1.59% -0.84% -6.18%
2012 -0.46% -1.05% -1.57% -0.12%  0.18% -0.31%  0.53% -0.04%  0.01%  0.27%  0.01%  0.00% -2.54%
2013  0.05% -0.03%  0.07% -0.02%  0.70% -0.14%  0.37%  0.19%  0.01%  0.28%  0.29%  0.06%  1.85%
2014  0.36%  0.47%  0.29%  0.11%  0.09% -0.15%  0.25%  0.01%  0.24%  1.60%  0.42% 1.04%  4.82%
2015  3.31%  0.51%  0.25%  0.55%  0.02% -1.26%  1.53%  0.10%  0.18% -0.98%  0.37%  1.23%  5.88%
2016  1.41%  -0.63%  1.24%  0.40%  -0.77%  -0.56%  1.02%  0.09%  -0.02%  0.43%  0.06%  0.01%  2.68%
2017  0.04%  0.15%  5.12%  0.86%  -0.06%  0.77%  -0.15%  0.02%  0.01%  -0.03%  6.83%

Past performance is not a reliable indicator of future results and investors may not recover the full amount invested.

Investment strategy

Ress Life Investments invests in the secondary market for US life insurance policies. The market offers investors the opportunity to purchase life insurance policies at a discount to face value. The market exists because sellers of life insurance policies receive a higher cash value than the surrender value offered by insurance companies. The investor buying the life insurance policy continues to pay premiums until the demise of the insured, at which point, the insurance company pays the face value to the investor.

To sellers of life insurance polices the secondary market offers an attractive alternative. Traditionally, policy owners received little, if any, economic value from policies they no longer wanted, needed or could afford. In fact, even today, many policies simply lapse. The value of life insurance policies that lapse every year is substantial. According to the Life Insurance Settlement Association (LISA) www.lisa.org the secondary market offers a win-win situation for both consumers and investors.

The key investment features making this an attractive asset class are attractive yields combined with good credit quality and low correlation with bonds and equities. Expected returns remain attractive, particularly in the current interest rate environment. Expected returns have become more predictable in view of improved medical underwriting standards, although the choice of medical underwriter remains a key decision for investors.

Board

Helle M Breinholt - Ress Capital Invest
Helle M. BreinholtChairman of the Board of Directors

She is the founder and managing director of Breinholt Consulting A/S where she advices on financial projects e.g. collateralised bond obligations, property bond issues, off-balance sheet financings, structured financing and restructurings. Helle has previous been head of Structured Transactions at Nordea Markets and accountant at KPMG C. Jespersen. Current board memberships include among others, AL Invest Obligationspleje, AL Invest, Udenlandske Aktier, Etisk, M. Brockhuus Ejendomme A/S, V. M. Brockhuus Holding A/S, V. M. Brockhuus Invest A/S, Investeringsforeningen Alm. Brand Invest and Private Wealth Properties A/S. In Private Wealth Properties A/S Helle is also the managing director. Helle holds an M.Sc. in Business Economics and Auditing from Copenhagen Business School.

Jack Austern - Ress Life Invest
Jack AusternMember of the Board

Jack Austern has worked in senior roles in the financial industry both in trading, sales and research for over 20 years. Past positions include, Head of Proprietary Trading at Danske Bank in Copenhagen and Head of International Equities at Alfred Berg where he worked in Copenhagen, Stockholm and London. Jack was also founding member and CIO of the hedge fund manager Nordic Asset Management, Copenhagen, Denmark. Jack holds a degree from the Copenhagen Business School and has also participated in Stanford’s Executive Management Program. Jack Austern is a member of the board of Directors at Singbox AB since 2008 and is also connected to Teknopol, Lund, Sweden as a business adviser.

Jeppe Buskov - Ress Life Invest
Jeppe BuskovMember of the Board

Jeppe Buskov is a partner at the major law firm Kromann Reumert in Copenhagen. Jeppe specialises in mergers and acquisitions (M&A), capital markets law, financial services and has special knowledge of the financial and healthcare sectors. In recent years, Jeppe has advised financial institutions and private equity funds on important strategic initiatives within asset management. Jeppe became a partner in 2010. Jeppe holds a Master of Law (cand. jur.) from the University of Copenhagen.

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MASTER FUND

More information about the master fund Ress Uncorrelated Assets Fund is available here.