Execution of Blanket Order at Average Price
In order to ensure fairness among a multi number of managed accounts for client including investment trusts and discretionarily managed portfolios for which* the same purchases and sales of securities take place, the transactions shall be ordered as a Blanket Order and shall be executed at Average Price.
*The same purchases and sales refer to orders with identical conditions, such as the type and name of securities, transaction type, and execution price (or price range).
Securities that may be executed for a Blanket Order at Average Price are physical shares listed on stock exchanges or financial markets in Japan.
In case a Blanket Order is partially completed, the allocation of securities to the managed accounts shall follow the rules internally set forth in advance. In particular, securities obtained in the partially completed Blanket Order shall be allocated among the managed accounts on the pro rata basis according to the quantity ordered for each managed accounts.
Best execution shall be achieved at best efforts by dedicated traders who control trading methods and conditions (timing, quantity, and price of execution) of an order, taking into account the liquidity of a security, so that trading costs are controlled while a portfolio management decision is achieved promptly.
Internal rules are established and notified in order to manage Blanket Order, and the Compliance Office verifies the execution of Blanket Order accordingly.
Bayview Asset Management Co., Ltd.
Financial Instruments Firm Registration Kanto Local Finance Bureau Director-General (FIF) No. 397
Member of the Japan Investment Trust Association and Japan Investment Advisers Association