ACATIS IfK Value Renten UI

Transcription

1 Semi-Annual Report as at 31 March 2016 INVESTMENT COMPANY CUSTODIAN ADVISOR AND DISTRIBUTOR

2 CONTENT Page SEMI-ANNUAL REPORT as at Information on the partners of Acatis IfK Value Renten UI 2 Investment company 2 Custodian 2 Advisor and Distributor 2 Investment Committee 2 Overview of the Fund 3 Assets overview 4 Financial Statement 5 Transactions concluded during the reporting period 9 1

3 INFORMATION ON THE PARTNERS of Acatis IfK Value Renten UI 1. Investment Company Name: Universal-Investment-Gesellschaft mbh Street address: Theodor-Heuss-Allee Frankfurt am Main Postal address: P.O. Box Frankfurt am Main Telephone: 069 / Fax: 069 / Founded: 1968 Legal form: Limited liability company Subscribed and paid-up capital: EUR 10,400, Own funds: EUR 48,302, (as at September 2015) Board of Management: Oliver Harth, Wehrheim-Obernhain Markus Neubauer, Frankfurt am Main Stefan Rockel, Lauterbach (Hesse) Alexander Tannenbaum, Mühlheim am Main Bernd Vorbeck, Elsenfeld Supervisory Board: Prof. Dr Harald Wiedmann (Chairman), Berlin Dr Hans-Walter Peters (Deputy Chairman), Hamburg Daniel F. Just, Pöcking Michael O. Bentlage, Augsburg Ole Klose, Korschenbroich Prof. Dr Stephan Schüller, Hamburg Postal address: P.O. Box Frankfurt am Main Telephone: 069 / Fax: 069 / Legal form: Partnership limited by shares (Kommanditgesellschaft auf Aktien) Liable equity capital: EUR 159,700, (as at ) Primary area of activity: Universal bank focusing on securities transactions 3. Advisor and Distributor Name: ACATIS Investment GmbH Street address: mainbuilding Taunusanlage Frankfurt am Main Telephone: 069 / Fax: 069 / Investment Committee Dr. Hendrik Leber, Managing director of ACATIS Investment GmbH, Frankfurt am Main Martin K. Wilhelm. IfK Institut für Kapitalmarkt GmbH, Kiel-Schilksee Michael O. Bentlage, Hauck & Aufhäuser Privatbankiers KGaA, Frankfurt am Main Axel Janik, Hauck & Aufhäuser Privatbankiers KGaA, Frankfurt am Main 2. Custodian Bank Name: Hauck & Aufhäuser Privatbankiers KGaA Street address: Kaiserstraße Frankfurt am Main As at: 31. March

4 OVERVIEW OF THE FUND Initial issue date Unit class A Unit class B (CHF) Initial issue price Unit Class A Unit class B (CHF) EUR (including front-end load) CHF (including front-end load) USD (plus front end load) Issuing surcharge Unit Class A currently 3.000% Unit class B (CHF) currently 1.000% currently 1.000% Management fee Unit Class A currently 1.000% p. a. Unit class B (CHF) currently 1.030% p. a. currently 1.030% p.a. Custodians' fee Unit Class A currently 0.050% p. a. Unit class B (CHF) currently 0.050% p. a. currently 0.050% p.a. minimum EUR 10, p. a. charged to the Fund as a whole Advisory fee Unit Class A currently 0.100% p. a. Unit class B (CHF) currently 0.100% p. a. currently 0.100% p. a. Advisor performance fee Unit class A Unit class B (CHF) Currency Unit class A Unit class B (CHF) Benchmark index Unit class A Unit class B (CHF) Utilisation of earnings Unit class A Unit class B (CHF) German securities number / ISIN Unit class A Unit class B (CHF) Up to 12.5% of the yield generated by the Fund in the accounting period above the reference value (EONIA TR [EUR]) plus a threshold value of 2% p.a., but only given a new highest value of the unit value Euro Swiss francs US dollars JPM GBI Global TR (EUR) JPM GBI Global TR (EUR) JPM GBI Global TR (EUR) Distribution Distribution Distribution A0X758 / DE000A0X7582 A1CS5A / DE000A1CS5A9 A1W9BC / DE000A1W9BC2 3

5 Balance sheet, as at Daily value % of fund assets Investment focuses I. Assets 535,430, Bonds 460,524, < 1 year 59,189, >= 1 year to < 3 years 142,206, >= 3 year to < 5 years 70,347, >= 5 year to < 10 years 84,739, >= 10 years 104,042, Other equity securities 33,562, CHF 1,027, EUR 32,534, Other securities 26, EUR 26, Derivatives 1,027, Bank balances 25,062, Other assets 15,227, II. Liabilities./.1,424, /.0.27 III. Fund assets 534,005,

6 Financial Statement ISIN Holdings Purchases / Sales / Price Market value % of as at Additions Disposals in fund assets Description during the reporting period Currency in 1,000 % EUR Portfolio holdings 494,113, Exchange-traded securities 351,805, Interest-bearing securities 319,659, % International Finance Corp. BRL BRL BRL RB/DL-Medium-Term Nts 13(17) XS , ,134, % International Finance Corp. RB/DL-Medium-Term Nts 14(18) XS , ,457, Kreditanst.f.Wiederaufbau ZeroCp. RB/DL-MTN v.06(17) XS ,670 6, ,421, % Argentinien, Republik EUR EUR EUR EO-Bonds 2005(29-38) Par XS ,904 9, ,001, % Argentinien, Republik EO-Bonds 10(29-38) Pars XS ,025 4, ,148, % BNP Paribas S.A. EO-Exch. Notes 13(16) XS , ,009, % Bundesrep.Deutschland Anl.v. 09(19) DE , ,889, % Delta Lloyd Levensverzek. N.V. EO-FLR Notes 12(22/42) XS , , ,771, % Deutsche Bank AG FLR-Nachr.Anl.v.14(22/unb.) DE000DB7XHP3 14,400 2,000 4, ,701, E.ON Beteiligungen GmbH Zero-Umtauschanl. v.14(18) DE000A12UG79 11, ,277, % EUROGATE GmbH & Co. KGaA, KG FLR-Anl.v.07(17/unb.) DE000A0JQYS7 15, ,496, % Fürstenberg Capital II GmbH Subord.-Notes v.05(11/unb.) DE000A0EUBN9 4, ,896, % Gabriel Finance L.P., The EO-Exch. Bonds 13(16) DE000A1HTR04 14, ,646, % Griechenland EO-Bonds 12(29) Ser.7 GR , ,251, % HeidelbergCement Fin.Lux. S.A. Medium Term Notes v.09(19) XS , ,733, % Hera S.p.A. EO-Medium-Term Notes 13(28) XS , ,687, % International Game Technology EO-FLR Nts 06(16/66) Reg.S XS , ,631, % Merck Financial Services GmbH Med.-Term Nts.v.10 (20) XS , % Montenegro, Republik EO-Nts. 11(16) XS , ,517, % Montenegro, Republik EO-Notes 14(19) Reg.S XS , ,096, % Münchener Rückvers.-Ges. AG FLR-Nachr.-Anl. v.11(21/41) XS , ,809, % Petrobras Global Finance B.V. EO-Notes 12(12/23) XS , ,222, RAG-Stiftung Umtauschanl. v.15( ) DE000A14J3R2 2, ,251, % Repsol Intl Finance B.V. EO-FLR Securit. 15(21/Und.) XS , ,955, % Siemens Finan.maatschappij NV EO-Medium-Term Notes 09(17) XS , % Snam S.p.A. EO-Med.-T. Nts. 12(19) XS , % SoftBank Group Corp. EO-Notes 15(15/27) XS , , ,796, % Telefonica Emisiones S.A.U. EO-Medium-Term Notes 12(17) XS , ,081, % Telefónica Europe B.V. EO-FLR Securit. 13(18/Und.) XS ,500 3, ,710, % Telefónica Europe B.V. EO-FLR Securit. 13(21/Und.) XS ,200 5, ,778, % Zypern, Republik EO-Medium-Term Notes 14(19) XS , ,108, % Kon. KPN N.V. GBP GBP GBP LS-FLR Cap.Secs 13(20/73) XS , ,281, % RWE AG FLR-Nachr.Anl.12(19/unb.)Reg.S XS , % European Bank Rec. Dev. RUB RUB RUB RL-Medium-Term Notes 10(17) XS , ,510, % European Investment Bank RL-Medium-Term Notes 07(17) XS , ,315,

7 Financial Statement ISIN Holdings Purchases / Sales / Price Market value % of as at Additions Disposals in fund assets Description during the reporting period Units or currency in 1,000 EUR % European Investment Bank TRY TRY TRY % TN-Medium-Term Notes 06(16) XS , ,589, % International Bank Rec. Dev. TN-Medium-Term Notes 07(17) XS , ,376, % Kreditanst.f.Wiederaufbau TN-Med.Term Nts. v.13(18) XS , ,011, % Allianz SE USD USD USD % Subord. Bond v.12(18/unb.) XS , ,805, % Cheung Kong Bond Sec. 03 Ltd. DL-Bonds 13(18/Und.) Reg.S XS , ,229, % Development Bank of Mongolia DL-Medium-Term Notes 12(17) XS , ,555, % Fürstenberg Cap.Int.Sarl&Cie. DL-FLR Cap. Nts 09(15/UND.) XS , ,347, % Norddeutsche Landesbank -GZ- Nachr.DL-IHS.S.1748 v.14(24) XS ,200 2, ,508, % Oi S.A. DL-Notes 12(12/22) Reg.S USP18445AG , , % Reliance Industries Ltd. DL-Notes 13(18/Und.) Reg.S USY72596BT83 12,100 12, ,525, % Seychellen, Republik DL-Nts. 10(16-26) XS ,962 2, ,059, ESKOM Holdings SOC Limited ZAR ZAR ZAR % RC-Zero Notes 1997(27) XS , , % European Investment Bank RC-Medium-Term Notes 08(18) XS ,800 4, ,422, Other equity securities 32,146, Swiss Life Holding AG CHF CHF CHF % SF-Zo Conv.Bond 13(20) CH ,027, % Deutsche Post AG EUR EUR EUR % Wandelschuldv.v.12(19) DE000A1R0VM5 10, ,623, % Hutchison Wham.Eur.F.(13) Ltd. EO-FLR Pref.Secs 2013(18/Und.) XS ,600 3, ,922, SUEZ ENVIRONNEMENT CO. S.A. Units Units Units EUR EO-Zero Conv. Bonds 14(20) FR , , Securities admitted to or included in organised markets 142,307, Interest-bearing securities 140,865, % Oi S.A. BRL BRL BRL % RB/DL-Notes 11(16) Reg.S USP18445AF68 4, , % América Móvil S.A.B. de C.V. EUR EUR EUR % EO-FLR Cap. Secs 13(23/73) B XS , ,541, % Bulgarian Energy Holding EAD EO-Bonds 13(18) XS , ,446, % Douglas GmbH IHS v.15(18/22) REG S XS ,600 1, ,530, % Eurofins Scientific S.E. EO-FLR Notes 13(13/Und.) XS ,900 2, ,112, % Gaz Capital S.A. EO-M.T.LPN 13(18) GAZPROM XS , ,030, % GPB Eurobond Finance PLC EO-M.-T.LPN14(19)Gazp.bk Reg.S XS , ,490, % Hapag-Lloyd AG Anleihe v.14(16/19)reg.s XS ,236 3, ,407, % Hapag-Lloyd AG Regist.MTN v.13(15/18)reg.s XS ,607 1, ,083, % Petrobras Global Finance B.V. EO-Notes 11(12/22) XS , ,540, % Petrobras Global Finance B.V. EO-Notes 14(14/25) XS , ,357, % RZD Capital PLC EO-Ln Prt.Nts 13(21)Rus.Railw. XS ,140 1,000 7, ,635, % RZD Capital PLC EO-Ln Prt.Nts 14(23)Rus.Railw. XS ,720 2, ,765, % SCHMOLZ+BICKENBACH Lux. S.A. EO-Notes 12(12/19) Reg.S DE000A1G4PS9 25,800 2, ,389, % VTG Finance S.A. EO-FLR Notes 15(20/UND.) XS , , ,619, % Petrobras Global Finance B.V. GBP GBP GBP % LS-Notes 11(26) XS , ,728,

8 Financial statement ISIN Market Holdings Purchases / Sales / Price Market value % of as at Additions Disposals in fund assets Description during the reporting period Currency in 1,000 % EUR % Petrobras Global Finance B.V. GBP GBP GBP LS-Notes 14(14/34) XS , ,779, % RZD Capital PLC LS-Ln Prt.Nts 11(31)Rus.Railw. XS , ,142, % DME Airport Ltd. USD USD USD DL-LPNs 13(18) HaciendaReg.S XS , ,915, % GPB Eurobond Finance PLC DL-FLR LPN 12(18/Und)Gazprombk XS , ,852, % GPB Eurobond Finance PLC DL-Med.-T.LPN 13(18/23)Gazp.bk XS , ,458, % Hapag-Lloyd AG Anleihe v.10(14/17)reg.s USD33048AA36 3, , ,037, % Petrobras Global Finance B.V. DL-Notes 15(2115) US71647NAN93 1, , Other equity securities 1,416, % Deutsche Wohnen AG EUR EUR EUR Wandelanl.v.14(2021) DE000A12UDH7 1, , ,416, Other securities 26, % Griechenland EO-FLR EUR EUR EUR Secs 12(23-42) 1 IO GDP GRR , , Total securities 494,113, Derivatives (holdings shown with a minus sign are short positions) 1,027, Interest rate derivatives 44, Claims/liabilities Interest rate futures contracts 44, FUTURE EURO-BOBL EUREX 185./.10,000,000 41, FUTURE EURO-BUND EUREX 185./.20,000,000./.19, FUTURE EURO-SCHATZ EUREX 185./.10,000,000 21, Foreign exchange derivatives 983, Claims/liabilities Foreign exhange futures contracts (short) 1,037, Open positions USD/EUR 44.6 million OTC 1,037, Foreign exchange futures contracts (purchased)./.54, /.0.01 Open positions CHF/EUR 78.3 million OTC 281, USD/EUR 14.2 million OTC./.336, /

9 Financial Statement Market value % of as at in fund assets Description EUR Bank balances, non-securitised money market instruments and money market funds 25,106, Bank balances 25,106, Balances with Hauck & Aufhäuser Privatbankiers KGaA, Frankfurt (V) Balances in the Fund currency 8,060, Balances in other EU/EEA currencies GBP 565, , Balances in non-eu/eea currencies TRY 241, , USD 1,429, ,254, ZAR 35, , Balances with DZ Bank AG, Frankfurt (V) Term money, callable 15,000, Other equity securities 15,227, Interest claims 15,227, Loan liabilities./.44, /.0.01 EUR loans./.44, /.0.01 Other liabilities./.1,424, /.0.27 Interest payable./.8, Management fee./.1,160, /.0.22 Custodians fee./.77, /.0.01 Advisor fee./.168, /.0.03 Publication expenses./ Auditing expenses./.9, Other liabilities./ Fund assets 534,005, ) ACATIS IfK Value Renten UI Unit class A ACATIS IfK Value Renten UI Unit class B (CHF) Number of units in circulation Units 9,046,236 Number of units in circulation Units 756,718 Unit value/redemption price EUR Unit value/redemption price CHF Issue price EUR EUR Issue price CHF ACATIS IfK Value Renten UI unit class C (USD) Number of units in circulation Units 415,265 Unit value/redemption price USD Issuing price USD Securities prices or market rates The assets of the Investment Fund have been valued on the basis of last fixed prices/market rates. Foreign exchange rates (in equivalent quantities) Brazilian real BRL 1 EUR = Swiss franc CHF 1 EUR = British pound GBP 1 EUR = Russian rouble RUB 1 EUR = Turkish lira (new) TRY 1 EUR = US dollar USD 1 EUR = South African rand ZAR 1 EUR = Market code Futures markets 185 = Frankfurt/Zurich Eurex OTC = Over the counter 1 ) Small rounding differences may exist due to rounding of percentage figures. 8

10 Transactions concluded during the reporting period that no longer appear in the financial statement: Purchases and sales of securities, investment units and borrower's note loans ( Schuldscheindarlehen ) (market allocation as at the reporting date): Description ISIN Purchases / Sales / Units or currency in 1,000 Additions Disposals Exchange-traded securities Shares USD USD Wachovia Capital Trust III % Pfd Secs r.1/100th Pf US92978AAA07 3,000 3,000 Interest-bearing securities EUR EUR % Eurofins Scientific S.E. EO-FLR Notes 15(23/Und.) XS , % Gothaer Allg. Versicherung AG FLR-Nachr.-Anl. v.06(16/26) XS , % Main Capital Funding II L.P. EO-Capital Sec. 06(12/Und.) DE000A0G18M4 0 1, % MOL Magyar Olaj-és Gázipa.Nyrt EO-Notes 10(17) XS , % Württemb.LebensversicherungAG FLR-Nachr.-Anl. v.14(24/44) XS , % Zypern, Republik EO-Medium-Term Notes 10(15) XS , % Dufry Finance S.C.A. USD USD DL-Notes 12(12/20) Reg.S USL2660RAA25 0 2,000 Other equity securities USD USD % Wachovia Capital Trust III % Pfd Secs r.1/100th Pf US92978AAA07_ALT 0 3,000 Securities admitted to or included in organised markets Interest-bearing securities EUR EUR % Dufry Finance S.C.A. EO-Notes 15(15/23) Reg.S XS % KION Finance S.A. EO-Notes 13(13/20) Reg.S XS , % MOL Magyar Olaj-és Gázipa.Nyrt EO-Notes 05(15) XS , % Oi Brasil Hold.Coöperat U.A. EO-Notes 15(15/21) Reg.S XS , % Scholz Holding Inh.-Schv. v.12(17) AT0000A0U9J % Cloverie PLC USD USD DL-FLR MTN 16(26/46) S XS ,000 2,000 Unlisted securities Interest-bearing securities EUR EUR % ENI S.p.A EO-Exch. Notes 13(16) XS ,200 Derivatives (option premiums received in opening transactions or volume of option transactions. Purchases and sales in the case of warrants) Volume in 1,000 Futures contracts Interest rate futures contracts Short contracts: (Underlying(s): EURO BOBL, EURO BUND, EURO SCHATZ) EUR 56, Foreign exchange futures contracts (sold) Forward currency sales: CHF/EUR CHF 79,776 EUR/CHF CHF 20,132 EUR/USD USD 557 USD/EUR USD 18,190 Foreign exchange futures contracts (purchased) Forward currency purchases: CHF/EUR CHF 79,776 EUR/CHF CHF 78,579 EUR/USD USD 16,685 USD/EUR USD 18,190 9

11 Annex pursuant to Section 7(9) of the German Regulation on the Content, Scope and Presentation of Accounting for Funds, Investment Stock Corporations and Investment Limited Partnerships and on the Valuation of Assets held by Investment Funds (KARBV) Securities holdings as a percentage of fund assets (in %) Derivatives holdings as a percentage of net assets (in %) 0.19 Other disclosures ACATIS IfK Value Renten UI unit class A Unit value Issuing price Redemption price No. of shares Units 9,046,236 ACATIS IfK Value Renten UI unit class B (CHF) Unit value CHF Issue price CHF Redemption price CHF No. of shares Units 756,718 ACATIS IfK Value Renten UI unit class C (USD) Unit value USD Issuing price USD Redemption price USD No. of shares Units 415,265 Specification of procedures for the valuation of assets Valuation For foreign exchange, shares, bonds and derivatives that can be traded on a stock exchange or another organised market or can be included within this category, the last available trading price will be taken as a basis in accordance with Section 27 of the German Regulation on the Content, Scope and Presentation of Accounting for Funds, Investment Stock Corporations and Investment Limited Partnerships and on the Valuation of Assets held by Investment Funds (KARBV). In accordance with Section 29 of the KARBV, the current values were used as the basis for investment fund units, and the par value or redemption amount was used as the basis for bank deposits and liabilities. Assets that are not admitted to trading on a stock exchange or another organised market, or included in the regulated market or OTC trading on a stock exchange, or for which there is no tradable price available, are valued pursuant to Section 28 of the German Regulation on the Content, Scope and Presentation of Accounting for Funds, Investment Stock Corporations and Investment Limited Partnerships and on the Valuation of Assets held by Investment Funds (KARBV), read in conjunction with Section 168(3) of the German Capital Investment Code (KAGB), at a market value that is reasonable upon careful estimation in accordance with suitable valuation models taking the current market conditions into account. Market value is considered to be the amount for which the asset concerned could be exchanged in a transaction between knowledgeable, willing and independent counterparties. Frankfurt am Main, Universal-Investment-Gesellschaft mbh The Management 10

12 INVESTMENT COMPANY Universal-Investment-Gesellschaft mbh Theodor-Heuss-Allee Frankfurt am Main Postfach Frankfurt am Main Telefon 069 / Telefax 069 / CUSTODIAN Hauck & Aufhäuser Privatbankiers KGaA Kaiserstraße Frankfurt am Main Postfach Frankfurt am Main Telefon 069 / Telefax 069 / ADVISOR AND DISTRIBUTOR ACATIS Investment GmbH mainbuilding Taunusanlage Frankfurt am Main Postfach Frankfurt am Main Telefon 069 / Telefax 069 /