PARVEST. SEMI-ANNUAL REPORT at 31/08/2013. R.C.S. Luxembourg B

Transcription

1 PARVEST SICAV SEMI-ANNUAL REPORT at 31/08/2013 R.C.S. Luxembourg B

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3 PARVEST Table of contents Page Organisation 4 Information 7 Financial statements at 31/08/ Key figures relating to the last 3 years 31 Absolute Return Balanced 56 Absolute Return Growth 57 Absolute Return Stability 58 Bond Asia ex-japan 59 Bond Best Selection World Emerging 60 Bond Euro 62 Bond Euro Corporate 64 Bond Euro Government 68 Bond Euro High Yield 70 Bond Euro Inflation-Linked 72 Bond Euro Long Term 73 Bond Euro Medium Term 74 Bond Euro Short Term 76 Bond Europe Emerging 78 Bond JPY 79 Bond USA High Yield 80 Bond USD 83 Bond USD Government 85 Bond World 86 Bond World Corporate 89 Bond World Emerging 93 Bond World Emerging Advanced 96 Bond World Emerging Corporate 98 Bond World Emerging Local 100 Bond World High Yield 102 Bond World Inflation-Linked 106 Commodities Arbitrage 107 Convertible Bond Asia 108 Convertible Bond Europe 109 Convertible Bond Europe Small Cap 110 Convertible Bond World 111 Diversified Dynamic 113 Diversified Inflation 114 Page 1

4 PARVEST Table of contents Page Enhanced Cash 6 Months 115 Enhanced Cash 18 Months 117 Environmental Opportunities 118 Equity Australia 119 Equity Best Selection Asia ex-japan 120 Equity Best Selection Euro 121 Equity Best Selection Europe 122 Equity Best Selection Europe ex-uk 123 Equity Brazil 124 Equity Bric 125 Equity China 127 Equity Europe Emerging 128 Equity Europe Growth 129 Equity Europe Mid Cap 130 Equity Europe Small Cap 131 Equity Europe Value 132 Equity Germany 133 Equity High Dividend Europe 134 Equity High Dividend Pacific 135 Equity High Dividend USA 136 Equity India 137 Equity Indonesia 138 Equity Japan 139 Equity Japan Small Cap 140 Equity Latin America 141 Equity Pacific ex-japan 143 Equity Russia 145 Equity Russia Opportunity 146 Equity South Korea 147 Equity Turkey 148 Equity USA 149 Equity USA Growth 150 Equity USA Mid Cap 151 Equity USA Small Cap 152 Equity World Consumer Durables 154 Equity World Emerging 155 Equity World Energy 156 Equity World Finance 157 Page 2

5 PARVEST Table of contents Page Equity World Health Care 158 Equity World Low Volatility 159 Equity World Materials 161 Equity World Technology 162 Equity World Telecom 163 Equity World Utilities 164 Flexible Assets EUR 165 Flexible Bond Europe Corporate 166 Flexible Bond World 168 Flexible Equity Europe 170 Global Environment 171 Green Tigers 172 Money Market Euro 173 Money Market USD 174 Multi-Strategy Low Vol 175 Multi-Strategy Medium Vol 177 Multi-Strategy Medium Vol (USD) 178 Opportunities USA 179 Opportunities World 180 Real Estate Securities Pacific 182 Real Estate Securities World 183 Short Term Euro Premium 184 Step 80 World Emerging 185 Step 90 Commodities (EUR) 186 Step 90 Euro 187 Step 90 US 188 Sustainable Bond Euro 189 Sustainable Bond Euro Corporate 192 Sustainable Equity Europe 196 V World Commodities 200 Notes to the financial statements 201 No subscription can be received on the basis of the financial statements alone. Subscriptions are only valid if made on the basis of the current prospectus, accompanied by the latest annual report and the most recent semi-annual report, if published thereafter. Page 3

6 PARVEST Organisation Registered office of the Company 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg Board of Directors Chairman Mr Philippe MARCHESSAUX, Chief Executive Officer, BNP Paribas Investment Partners, Paris Members Mr Marnix ARICKX, Managing Director, BNP Paribas Investment Partners Belgium, Brussels Mr Vincent CAMERLYNCK, Deputy CEO Asia Pacific, BNP Paribas Investment Partners, Hong Kong Mr Christian DARGNAT, Head of Investments - Multi-Expertise Investments Centres, BNP Paribas Investment Partners, Paris Mrs Marianne DEMARCHI, Head of Group Networks, BNP Paribas Investment Partners, Paris Mr William DE VIJLDER, Head of Investments - Partners & Alternative Investments, BNP Paribas Investment Partners, Brussels Mr Andrea FAVALORO, Head of External Distribution, BNP Paribas Investment Partners, Paris Mr Anthony FINAN, Head of Marketing, Communication & Group Networks, BNP Paribas Investment Partners, Paris Mr Marc RAYNAUD, Head of Global Funds Solutions, BNP Paribas Investment Partners, Paris Mr Christian VOLLE, Chairman of the Fondation pour l Art et la Recherche, Paris Managing Director Mr Anthony FINAN, Head of Marketing, Communication & Group Networks, BNP Paribas Investment Partners, Paris Company Secretary (non-member of the Board) Mr Stéphane BRUNET, Managing Director, BNP Paribas Investment Partners Luxembourg, Hesperange Management Company BNP Paribas Investment Partners Luxembourg, 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg BNP Paribas Investment Partners Luxembourg is a Management Company as defined in chapter 15 of the law of 17 December 2010 concerning undertakings for collective investment. The Management Company performs the administration, portfolio management and marketing duties. Responsibility for calculating net asset values is delegated to: BNP Paribas Securities Services, Luxembourg Branch, 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg The responsibilities of transfer agent and registrar are delegated to: BNP Paribas Securities Services, Luxembourg Branch, 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg Page 4

7 Organisation PARVEST Responsibility for portfolio management is delegated to: Management entities of the BNP Paribas Group BNP Paribas Asset Management S.A.S., 1 Boulevard Haussmann, F Paris, France BNP Paribas Asset Management Inc., 75 State Street, Suite 2700, Boston, Massachusetts, 02109, USA BNP Paribas Investment Partners Asia Ltd., 30/F Three Exchange Square, 8 Connaught Place, Central Hong-Kong BNP Paribas Investment Partners Belgium, 55 Rue du Progrès, B-1210 Brussels, Belgium BNP Paribas Investment Partners Japan Ltd., Gran Tokyo North Tower, 9-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo , Japan BNP Paribas Investment Partners Netherlands N.V., Burgerweeshuispad Tripolis 200, PO box 71770, NL-1008 DG Amsterdam, The Netherlands BNP Paribas Investment Partners Singapore Limited, 20 Collyer Quay Tung Center #01-01, Singapore BNP Paribas Investment Partners UK Ltd., 5 Aldermanbury Square, London EC2V 7BP, United Kingdom CamGestion S.A., 1, Boulevard Haussmann, F Paris, France Fischer Francis Trees & Watts, Inc., 200 Park Avenue, 11 th floor, New York, NY 10166, USA Fischer Francis Trees & Watts UK Ltd., 5 Aldermanbury Square, London EC2V 7HR, United Kingdom FOURPOINTS Investment Managers, 13/15 rue de la Baume, Paris, France Shinhan BNP Paribas Asset Management Co. Ltd., 23-2, Yoido Dong Youngdeungpo, Goodmorniong Shinhan Tower 18F, Seoul, , Korea THEAM S.A.S., 1 Boulevard Haussmann, F Paris, France Pezna Investment Management, 120 West 45th Street, 20th Floor, New York, NY 10036, USA Management entities not part of the Group: Arnhem Investment Management Pty Ltd., Royal Exchange Building, Level 13, 56 Pitt Street, Sydney NSW 2000, Australia Fairpointe Capital LLC., One North Franklin Street, Suite 3300, Chicago, IL 60606, USA Impax Asset Management Limited Plc., Norfolk House, 31 St James s Square, London, SW1Y 4JR, United Kingdom Neuflize Private Assets (NPA) S.A., 3 Avenue Hoche, F-75008, Paris, France RiverRoad Asset Management, LLC, 462 South Fourth Street, Suite 1600 Louisville, Kentucky , USA Sub investment managers, which are not part of the Group: Sumitomo Mitsui Asset Management Co. Ltd., Atago Green Hills, Mori Tower, 28F, Atago Minato-ku, Tokyo , Japan The Company may also seek advice from the following investment advisors: FundQuest Advisor, 1, Boulevard Haussmann, F Paris, France, Advisor on the selection of portfolio managers from outside the Group TKB BNP Paribas Investment Partners JSC, Marata Street, d liter A, St. Petersburg, Russian Federation Promoter BNP Paribas, 16 Boulevard des Italiens, F Paris, France Depositary/Paying agent BNP Paribas Securities Services, Luxembourg Branch, 33 Rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg Page 5

8 Organisation PARVEST Guarantor BNP Paribas, 16 Boulevard des Italiens, F Paris, France The sub-funds which benefit from a guarantee are Step 80 World Emerging, Step 90 Commodities (EUR), Step 90 Euro and Step 90 US, together the Step sub-funds. Auditor PricewaterhouseCoopers, Société coopérative, 400 Route d Esch, B.P. 1443, L-1014 Luxembourg, Grand Duchy of Luxembourg Page 6

9 Information PARVEST Establishment PARVEST (the Fund, the Company ) is an open-ended investment company (Société d Investissement à Capital Variable SICAV) incorporated under Luxembourg law on 27 March 1990 for an indefinite period. The Company is currently governed by the provisions of Part I of the law of December 17, 2010 governing undertakings for collective investment as well as by Directive 2009/65. The Articles of Association have been modified at various times, most recently at the Extraordinary General Meeting on 26 October 2011, with publication in the Mémorial, Recueil Spécial des Sociétés et Associations on 5 January The latest version of the Articles of Association has been filed with the Registrar of the District Court of Luxembourg, where any interested party may consult it and obtain a copy. The Company is registered in the Luxembourg Trade and Companies Register under the number B The minimum capital amounts to EUR It is at all times equal to the total net of the various sub-funds. It is represented by fully paid-up shares issued without a designated par value. The capital varies automatically without the notification and specific recording measures required for increases and decreases in the capital of limited companies. Listing The shares of the Company s are not listed on a Stock Exchange. Information to the Shareholders Net Asset Values and Dividends The Company publishes the legally required information in the Grand Duchy of Luxembourg and in all other countries where the shares are publicly offered. This information is also available on the website: Financial Year The Company s financial year starts on 1 March and ends on the last day of February. Financial Reports The Company publishes an annual report closed on the last day of the financial year, certified by the auditors, as well as a non-certified, semi-annual interim report closed on the last day of the sixth month of the financial year. The Company is authorised to publish a simplified version of the financial report when required. The financial reports of each sub-fund are published in the accounting of the sub-fund, although the consolidated accounts of the Company are expressed in euro. The annual report is made public within four months of the end of the financial year and the interim report within two months of the end of the half-year. Documents for Consultation The Articles of Association, the Prospectus, the KIID and periodic reports may be consulted at the Company s registered office and at the establishments responsible for the Company s financial service. Copies of the Articles of Association and the annual and interim reports are available upon request. Information on changes to the Company will be published in the Luxemburger Wort newspaper and in any other newspapers deemed appropriate by the Board of Directors in countries in which the Company publicly markets its shares. Documents and information are also available on the website: Page 7

10 PARVEST Financial statements at 31/08/2013 Absolute Return Balanced Absolute Return Growth Absolute Return Stability Bond Asia ex- Japan Expressed in EUR EUR EUR USD Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio ( ) ( ) (19 142) ( ) Securities portfolio at market value Net Unrealised gain on financial instruments 2,9,10, Cash at banks and time deposits Other Liabilities Bank overdrafts Net Unrealised loss on financial instruments 2,9,10, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management fees Bank interest Interest on swaps Other fees Taxes Performance fees Distribution fees Transaction fees Total expenses Net result from investments ( ) ( ) (74 758) Net realised result on: Investments securities ( ) Financial instruments ( ) ( ) ( ) Net realised result ( ) ( ) ( ) ( ) Movement on net unrealised gain/loss on: Investments securities ( ) ( ) (19 142) ( ) Financial instruments ( ) ( ) (26 993) ( ) Change in net due to operations ( ) ( ) ( ) ( ) Net subscriptions/(redemptions) Dividends paid ( ) Increase/(Decrease) in net during the year/period Net at the beginning of the financial year/period Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 8

11 PARVEST Bond Best Selection World Emerging Bond Euro Bond Euro Corporate Bond Euro Government Bond Euro High Yield Bond Euro Inflation-Linked USD EUR EUR EUR EUR EUR ( ) ( ) ( ) ( ) ( ) (87 016) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (48 880) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) Page 9

12 PARVEST Financial statements at 31/08/2013 Bond Euro Long Term Bond Euro Medium Term Bond Euro Short Term Bond Europe Emerging Expressed in EUR EUR EUR EUR Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio ( ) Securities portfolio at market value Net Unrealised gain on financial instruments 2,9,10, Cash at banks and time deposits Other Liabilities Bank overdrafts Net Unrealised loss on financial instruments 2,9,10, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management fees Bank interest Interest on swaps Other fees Taxes Performance fees Distribution fees Transaction fees Total expenses Net result from investments Net realised result on: Investments securities 2 ( ) ( ) ( ) Financial instruments ( ) Net realised result ( ) ( ) Movement on net unrealised gain/loss on: Investments securities ( ) ( ) ( ) Financial instruments ( ) (55 205) Change in net due to operations ( ) ( ) Net subscriptions/(redemptions) ( ) Dividends paid 7 ( ) ( ) ( ) 0 Increase/(Decrease) in net during the year/period ( ) Net at the beginning of the financial year/period Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 10

13 PARVEST Bond JPY Bond USA High Yield Bond USD Bond USD Government Bond World Bond World Corporate JPY USD USD USD EUR USD ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (11 823) (37 328) 0 ( ) ( ) ( ) ( ) Page 11

14 PARVEST Financial statements at 31/08/2013 Bond World Emerging Bond World Emerging Advanced Bond World Emerging Corporate Bond World Emerging Local Expressed in USD USD USD USD Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio ( ) ( ) ( ) ( ) Securities portfolio at market value Net Unrealised gain on financial instruments 2,9,10, Cash at banks and time deposits Other Liabilities Bank overdrafts Net Unrealised loss on financial instruments 2,9,10, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management fees Bank interest Interest on swaps Other fees Taxes Performance fees Distribution fees Transaction fees Total expenses Net result from investments Net realised result on: Investments securities 2 ( ) ( ) ( ) ( ) Financial instruments ( ) ( ) Net realised result ( ) ( ) ( ) Movement on net unrealised gain/loss on: Investments securities ( ) ( ) ( ) ( ) Financial instruments ( ) (98 880) (37 604) ( ) Change in net due to operations ( ) ( ) ( ) ( ) Net subscriptions/(redemptions) ( ) ( ) Dividends paid 7 ( ) 0 0 ( ) Increase/(Decrease) in net during the year/period ( ) ( ) Net at the beginning of the financial year/period Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 12

15 PARVEST Bond World High Yield Bond World Inflation-Linked Commodities Arbitrage Convertible Bond Asia Convertible Bond Europe Convertible Bond Europe Small Cap EUR EUR USD USD EUR EUR ( ) ( ) ( ) (51 745) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (29 250) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 0 0 ( ) ( ) ( ) ( ) ( ) ( ) Page 13

16 PARVEST Financial statements at 31/08/2013 Convertible Bond World Diversified Dynamic Diversified Inflation Enhanced Cash 6 Months Expressed in EUR EUR EUR EUR Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio (46 395) ( ) Securities portfolio at market value Net Unrealised gain on financial instruments 2,9,10, Cash at banks and time deposits Other Liabilities Bank overdrafts Net Unrealised loss on financial instruments 2,9,10, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management fees Bank interest Interest on swaps Other fees Taxes Performance fees Distribution fees Transaction fees Total expenses Net result from investments ( ) Net realised result on: Investments securities 2 ( ) ( ) (4 397) ( ) Financial instruments (93 277) Net realised result ( ) (95 308) Movement on net unrealised gain/loss on: Investments securities ( ) ( ) ( ) Financial instruments ( ) ( ) ( ) Change in net due to operations ( ) ( ) ( ) (41 309) Net subscriptions/(redemptions) ( ) ( ) Dividends paid 7 0 ( ) 0 0 Increase/(Decrease) in net during the year/period ( ) ( ) ( ) Net at the beginning of the financial year/period Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 14

17 PARVEST Enhanced Cash 18 Months Environmental Opportunities Equity Australia Equity Best Selection Asia ex- Japan Equity Best Selection Euro Equity Best Selection Europe EUR EUR AUD EUR EUR EUR ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (26 311) (10 445) ( ) (46 600) ( ) ( ) ( ) (64 819) ( ) ( ) ( ) (61 605) 0 ( ) ( ) ( ) ( ) ( ) ( ) ( ) (84 323) ( ) ( ) ( ) ( ) Page 15

18 PARVEST Financial statements at 31/08/2013 Equity Best Selection Europe ex-uk Equity Brazil Equity Bric Equity China Expressed in EUR USD USD USD Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio ( ) ( ) Securities portfolio at market value Net Unrealised gain on financial instruments 2,9,10, Cash at banks and time deposits Other Liabilities Bank overdrafts Net Unrealised loss on financial instruments 2,9,10, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management fees Bank interest Interest on swaps Other fees Taxes Performance fees Distribution fees Transaction fees Total expenses Net result from investments Net realised result on: Investments securities ( ) ( ) ( ) Financial instruments 850 ( ) ( ) (82 130) Net realised result ( ) ( ) ( ) Movement on net unrealised gain/loss on: Investments securities ( ) ( ) Financial instruments Change in net due to operations ( ) ( ) ( ) Net subscriptions/(redemptions) ( ) ( ) Dividends paid 7 (57 857) ( ) ( ) 0 Increase/(Decrease) in net during the year/period ( ) ( ) Net at the beginning of the financial year/period Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 16

19 PARVEST Equity Europe Converging Equity Europe Emerging Equity Europe Growth Equity Europe LS30 Equity Europe Mid Cap Equity Europe Small Cap EUR EUR EUR EUR EUR EUR ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (850) (1 543) ( ) ( ) ( ) (7 436) ( ) ( ) (20 446) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (40 930) 0 0 (19 996) (22 281) ( ) ( ) ( ) ( ) Page 17

20 PARVEST Financial statements at 31/08/2013 Equity Europe Value Equity France Equity Germany Equity High Dividend Europe Expressed in EUR EUR EUR EUR Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio Securities portfolio at market value Net Unrealised gain on financial instruments 2,9,10, Cash at banks and time deposits Other Liabilities Bank overdrafts Net Unrealised loss on financial instruments 2,9,10, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management fees Bank interest Interest on swaps Other fees Taxes Performance fees Distribution fees Transaction fees Total expenses Net result from investments ( ) Net realised result on: Investments securities ( ) Financial instruments (6 676) (26 755) Net realised result ( ) Movement on net unrealised gain/loss on: Investments securities ( ) Financial instruments (9 350) Change in net due to operations ( ) Net subscriptions/(redemptions) ( ) ( ) Dividends paid 7 (21 700) (12 465) 0 ( ) Increase/(Decrease) in net during the year/period ( ) ( ) Net at the beginning of the financial year/period Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 18

21 PARVEST Equity High Dividend Pacific Equity High Dividend USA Equity India Equity Indonesia Equity Japan Equity Japan Small Cap EUR USD USD USD JPY JPY ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (23 677) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 0 ( ) ( ) ( ) ( ) (1) ( ) ( ) Page 19

22 PARVEST Financial statements at 31/08/2013 Equity Latin America Equity Pacific ex- Japan Equity Russia Equity Russia Opportunity Expressed in USD EUR EUR USD Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio ( ) ( ) ( ) ( ) Securities portfolio at market value Net Unrealised gain on financial instruments 2,9,10, Cash at banks and time deposits Other Liabilities Bank overdrafts Net Unrealised loss on financial instruments 2,9,10, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management fees Bank interest Interest on swaps Other fees Taxes Performance fees Distribution fees Transaction fees Total expenses Net result from investments Net realised result on: Investments securities 2 ( ) ( ) ( ) ( ) Financial instruments ( ) (6 914) ( ) (84 497) Net realised result ( ) ( ) Movement on net unrealised gain/loss on: Investments securities ( ) ( ) ( ) ( ) Financial instruments Change in net due to operations ( ) ( ) ( ) ( ) Net subscriptions/(redemptions) ( ) ( ) Dividends paid 7 ( ) (65 353) 0 (72 962) Increase/(Decrease) in net during the year/period ( ) ( ) Net at the beginning of the financial year/period Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 20

23 PARVEST Equity South Korea Equity Switzerland Equity Turkey Equity USA Equity USA Growth Equity USA Mid Cap USD CHF EUR USD USD USD ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (19 579) ( ) ( ) (34 862) ( ) ( ) ( ) ( ) ( ) ( ) (30 970) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (14 823) (36 425) 0 (99 855) 0 ( ) ( ) ( ) ( ) Page 21

24 PARVEST Financial statements at 31/08/2013 Equity USA Small Cap Equity USA Value Equity World Consumer Durables Equity World Emerging Expressed in USD USD EUR USD Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio Securities portfolio at market value Net Unrealised gain on financial instruments 2,9,10, Cash at banks and time deposits Other Liabilities Bank overdrafts Net Unrealised loss on financial instruments 2,9,10, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management fees Bank interest Interest on swaps Other fees Taxes Performance fees Distribution fees Transaction fees Total expenses Net result from investments ( ) ( ) ( ) Net realised result on: Investments securities 2 ( ) ( ) ( ) Financial instruments ( ) (3 264) ( ) Net realised result ( ) ( ) ( ) Movement on net unrealised gain/loss on: Investments securities (11 254) Financial instruments (59 379) Change in net due to operations ( ) Net subscriptions/(redemptions) ( ) Dividends paid 7 0 (793) 0 0 Increase/(Decrease) in net during the year/period ( ) Net at the beginning of the financial year/period Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 22

25 PARVEST Equity World Energy Equity World Finance Equity World Health Care Equity World Low Volatility Equity World Materials Equity World Next Generation EUR EUR EUR EUR EUR EUR ( ) (1 738) ( ) ( ) ( ) ( ) ( ) (4 987) (37 583) (50) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (364) ( ) Page 23

26 PARVEST Financial statements at 31/08/2013 Equity World Technology Equity World Technology Innovators Equity World Telecom Equity World Utilities Expressed in EUR USD EUR EUR Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio ( ) Securities portfolio at market value Net Unrealised gain on financial instruments 2,9,10, Cash at banks and time deposits Other Liabilities Bank overdrafts Net Unrealised loss on financial instruments 2,9,10, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management fees Bank interest Interest on swaps Other fees Taxes Performance fees Distribution fees Transaction fees Total expenses Net result from investments ( ) ( ) Net realised result on: Investments securities 2 ( ) ( ) ( ) Financial instruments (6 736) (31 918) Net realised result ( ) ( ) ( ) Movement on net unrealised gain/loss on: Investments securities ( ) ( ) Financial instruments Change in net due to operations ( ) ( ) ( ) Net subscriptions/(redemptions) ( ) Dividends paid 7 0 (8 163) 0 0 Increase/(Decrease) in net during the year/period ( ) Net at the beginning of the financial year/period Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 24

27 PARVEST Flexible Assets EUR Flexible Bond Europe Corporate Flexible Bond World Flexible Equity Europe Global Environment Green Tigers EUR EUR USD EUR EUR EUR ( ) ( ) ( ) ( ) ( ) ( ) (8 288) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (4 024) ( ) ( ) 0 ( ) ( ) ( ) Page 25