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RSQ International Equity Fund to liquidate

TheShadowTheShadow
in Fund Discussions
https://www.sec.gov/Archives/edgar/data/890540/000139834418013451/fp0035807_497.htm

497 1 fp0035807_497.htm

THE ADVISORS’ INNER CIRCLE FUND II (the “Trust”)


RSQ International Equity Fund (the “Fund”)

Supplement dated September 11, 2018 to the
Prospectus dated March 1, 2018 (the “Prospectus”) and
the Statement of Additional Information, dated March 1, 2018 (the “SAI”)

This supplement provides new and additional information beyond that contained in the Prospectus and SAI, and should be read in conjunction with the Prospectus and SAI.

The Board of Trustees of the Trust, at the recommendation of R Squared Capital Management L.P. (the “Adviser”), the investment adviser of the Fund, has approved a plan of liquidation providing for the liquidation of the Fund’s assets and the distribution of the net proceeds pro rata to the Fund’s shareholders. In connection therewith, the Fund is closed to new investments. The Fund is expected to cease operations and liquidate on or about October 26, 2018 (the “Liquidation Date”).

Prior to the Liquidation Date, shareholders may redeem (sell) their shares in the manner described in the “How to Sell Your Fund Shares” section of each Prospectus. For those Fund shareholders that do not redeem (sell) their shares prior to the Liquidation Date, the Fund will distribute to each such shareholder, on or promptly after the Liquidation Date, a liquidating cash distribution equal in value to the shareholder’s interest in the net assets of the Fund as of the Liquidation Date.

In anticipation of the liquidation of the Fund, the Adviser may manage the Fund in a manner intended to facilitate its orderly liquidation, such as by holding cash or making investments in other highly liquid assets. As a result, during this time, all or a portion of the Fund may not be invested in a manner consistent with its stated investment strategies, which may prevent the Fund from achieving its investment objective.

The liquidation distribution amounts will include any accrued income and capital gains, will be treated as a payment in exchange for shares and will generally be a taxable event for shareholders investing through taxable accounts. You should consult your personal tax advisor concerning your particular tax situation. Shareholders remaining in the Fund on the Liquidation Date will not be charged any transaction fees by the Fund. However, the net asset value of the Fund on the Liquidation Date will reflect costs of liquidating the Fund.


PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.



RSQ-SK-004-0100

Comments

  • TedTed
    @MFO Members: Bad Performance !
    Regards,
    Ted

    1-Day: 97 Percentile
    1-Wk. 85 "
    1-Mo. 98 "
    3-Mo. 96 "
    YTD. 99 "
    1-Yr. 98 "
    3-Yr. 100 "
  • David_Snowball
    Who now remembers Julius Baer International (BJBIX)? From 1995 to the start of the financial crisis in 2007, BJBIX outran its peers by a margin of more than 2:1. Then it lost 65% in the crash, which was still better than its peers. The problem was that its rebound off the market bottom was not as vigorous as its peers, and its performance sort of stalled. (Somewhere in there, some marketing genius rebranded Julius Baer as Artio because, he argued, Julius Baer was confusing. FundAlarm ridiculed the move, noting that naming your funds after the Celtic bear goddess wasn't like introducing a household name into the equation. Artio floundered.) Managers Rudolph-Riad Younes and Richard Pell were shown the door in 2013 and shortly thereafter launched RSQ International.

    RSQ suffered from a lack of predictability: it sometimes offered downside protection, then would manage to lose money when the market was making money, but not make money when the market was losing. Since inception, the fund has averaged a loss of 0.1% annually while its peers made 4.0%. Mr. Younes left in 2016, and now Mr. Pell is left to turn off the lights, sweep out the shop and head home.

    David

  • Mona
    David,

    I took an absolute bath with BJBIX. I still dream of this symbol! And Younes and Pell were the two biggest names in the international space.

    Mona
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