Definitions for "SICAV"
French equivalent of a unit trust; ‘Societé D' investissement A Capital Variable'.
SCAV's are types of fund based on a French share structure, the Societe d'investissement a Capital Variable. Most of the offshore funds, particularly umbrella funds, which are sold across borders from Luxembourg take this structure. Investors purchase shares in the fund and not units, unlike with unit trusts.
Societe Investissement a Capital Variable. An open-ended collective investment fund. Usually operated under the UCITS Directive. Sells units in the fund to the public. Operates on a single (mid) pricing basis.