A collective investment scheme, collective investment undertaking, or pooled vehicle is the same idea under three labels. A promoter issues shares or units. Subscription money is combined into one portfolio. Each holder owns a slice of that portfolio, not a named stock in a personal account.
For example, if 10,000 people each put money into the same equity fund, the fund might hold hundreds of shares. One investor does not own 0.2 shares of every company directly. They own units in the fund, and those units rise or fall with the value of the whole pool.
Atlantic Horizon UCITS ICAV’s Equity Income sub-fund is that pool. A holder does not own a named line of Thames Industrial plc or Nippon Industrials KK. They own shares of Equity Income. The sub-fund, through State Street, holds the stocks. If Thames Industrial pays a dividend or Nippon Industrials splits, the economics hit the pool first and the dealing price second. Atlantic Horizon Cayman Fund can hold the same names for a different set of investors; it is still a pool, not a joint account in those two stocks.
What the pool may hold depends on its class: transferable securities, money-market instruments, derivatives, other schemes, property, commodities, and cash. Retail UCITS rules push diversification hard. A QIAIF, aimed at professional buyers, puts less weight on spreading risk and more on the private placement memorandum the buyer signed. Equity Income is a UCITS, so issuer and exposure limits apply. The Cayman sleeve is not.
The dealing price is net asset value. NAV is assets minus liabilities, then divided by the shares or units in issue. There is usually no exchange premium or discount: the investor transacts with the fund, not with another holder. The administrator calculates NAV on the timetable in the prospectus — daily, weekly, monthly, or quarterly. On an Irish UCITS the administrator cannot outsource final NAV release or the shareholder register. Dublin publishes Equity Income’s price. Dublin says who owns the shares.