PARVEST SICAV. SEMI-ANNUAL REPORT at 30/06/2017 R.C.S. Luxembourg B The asset manager for a changing world

Transcription

1 PARVEST SICAV SEMI-ANNUAL REPORT at 30/06/2017 R.C.S. Luxembourg B The asset manager for a changing world

2 The asset manager for a changing world

3 Table of contents Organisation 4 Information 7 Financial statements at 30/06/ Key figures relating to the last 3 years 30 Aqua 56 Bond Absolute Return V Bond Absolute Return V Bond Asia ex-japan 62 Bond Best Selection World Emerging 63 Bond Euro 65 Bond Euro Corporate 67 Bond Euro Government 70 Bond Euro High Yield 72 Bond Euro Inflation-Linked 74 Bond Euro Long Term 75 Bond Euro Medium Term 76 Bond Euro Short Term 78 Bond Euro Short Term Corporate 80 Bond Europe Emerging 87 Bond JPY 88 Bond RMB 89 Bond USA High Yield 90 Bond USD 93 Bond USD Short Duration 96 Bond World 97 Bond World Emerging 100 Bond World Emerging Local 102 Bond World High Yield 104 Bond World High Yield Short Duration 108 Bond World Income 109 Bond World Inflation-Linked 112 Climate Impact 113 Commodities 114 Convertible Bond Asia 115 Convertible Bond Europe 116 Convertible Bond Europe Small Cap 117 Convertible Bond World 118 Covered Bond Euro 120 Cross Asset Absolute Return 122 Page 1 Page

4 Table of contents Page Diversified Dynamic 123 Enhanced Cash 6 Months 124 Equity Asia ex-japan Small Cap 128 Equity Asia Pacific ex-japan 129 Equity Australia 131 Equity Best Selection Asia ex-japan 132 Equity Best Selection Euro 133 Equity Best Selection Europe 134 Equity Best Selection Europe ex-uk 135 Equity Best Selection World 136 Equity Brazil 137 Equity China 138 Equity Europe Emerging 139 Equity Europe Growth 140 Equity Europe Mid Cap 141 Equity Europe Small Cap 142 Equity Europe Value 143 Equity Germany 144 Equity High Dividend Pacific 145 Equity High Dividend USA 146 Equity India 147 Equity Indonesia 148 Equity Japan 149 Equity Japan Small Cap 150 Equity Latin America 152 Equity New Frontiers 153 Equity Nordic Small Cap 154 Equity Russia 155 Equity Russia Opportunities 156 Equity South Korea 157 Equity Turkey 158 Equity USA 159 Equity USA Growth 161 Equity USA Mid Cap 162 Equity USA Small Cap 163 Equity USA Value 164 Equity World Consumer Durables 165 Equity World Emerging 166 Equity World Emerging Low Volatility 167 Page 2

5 Table of contents Page Equity World Emerging Small Cap 169 Equity World Energy 171 Equity World Finance 172 Equity World Health Care 173 Equity World Low Volatility 174 Equity World Materials 176 Equity World Technology 177 Equity World Telecom 178 Equity World Utilities 179 Flexible Bond Euro 180 Flexible Bond Europe Corporate 181 Flexible Equity Europe 183 Flexible Multi-Asset 184 Global Environment 185 Green Tigers 186 Human Development 187 Money Market Euro 188 Money Market USD 190 Multi-Asset Income Emerging 191 Real Estate Securities Europe 194 Real Estate Securities Pacific 195 Real Estate Securities World 196 SMaRT Food 197 Step 90 Euro 198 Sustainable Bond Euro 199 Sustainable Bond Euro Corporate 202 Sustainable Bond World Corporate 207 Sustainable Equity Europe 212 Sustainable Equity High Dividend Europe 213 Notes to the financial statements 214 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 Organisation Registered office 10 Rue Edward Steichen, L-2540 Luxembourg, Grand Duchy of Luxembourg Board of Directors Chairman Mr. Philippe MARCHESSAUX, Chief Executive Officer, BNP PARIBAS ASSET MANAGEMENT France, Paris Members Mr. Marnix ARICKX, Chief Executive Officer, BNP PARIBAS ASSET MANAGEMENT Belgium, Brussels Mrs. Marianne DEMARCHI, Head of Group Networks, BNP PARIBAS ASSET MANAGEMENT France, Paris (until 30 June 2017) Mr. Anthony FINAN, Chief Marketing Officer & CSR Delegate, BNP PARIBAS ASSET MANAGEMENT France, Paris Mr. François HULLO, Head of External Distribution, BNP PARIBAS ASSET MANAGEMENT France, Paris Mr. Christian VOLLE, independent Director, Paris Managing Director Mr. Anthony FINAN, Chief Marketing Officer & CSR Delegate, BNP PARIBAS ASSET MANAGEMENT France, Paris Company Secretary (non-member of the Board) Mr. Stéphane BRUNET, Chief Executive Officer, BNP PARIBAS ASSET MANAGEMENT Luxembourg, Luxembourg Management Company BNP PARIBAS ASSET MANAGEMENT Luxembourg*, 10 Rue Edward Steichen, L-2540 Luxembourg, Grand Duchy of Luxembourg BNP PARIBAS ASSET MANAGEMENT Luxembourg* is a Management Company as defined in chapter 15 of the Law of 17 December 2010 concerning undertakings for collective investment, as amended. The Management Company performs the administration, portfolio management and marketing duties. Net asset values calculation, transfer and registrar agent are delegated to: BNP Paribas Securities Services - Luxembourg Branch, 60 Avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg Portfolio management is delegated to: Management entities of the BNP Paribas Group Alfred Berg Kapitalförvaltning AB Nybrokajen 5, SE Stockholm, Sweden BNP PARIBAS ASSET MANAGEMENT France*, 1 Boulevard Haussmann, F Paris, France BNP PARIBAS ASSET MANAGEMENT Brasil Ltda*, Av. Juscelino Kubitchek Andar, Sao Paulo SP, Brazil BNP PARIBAS ASSET MANAGEMENT Asia Ltd.*, 30/F Three Exchange Square, 8 Connaught Place, Central Hong Kong BNP Paribas Investment Partners Japan Ltd., Gran Tokyo North Tower, 9-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo , Japan BNP PARIBAS ASSET MANAGEMENT Nederland N.V.*, Herengracht 595, PO box 71770, NL-1008 DG Amsterdam, The Netherlands *As of 1 June 2017, BNP PARIBAS INVESTMENT PARTNERS group has been rebranded BNP PARIBAS ASSET MANAGEMENT Page 4

7 Organisation BNP PARIBAS ASSET MANAGEMENT Singapore Limited*, 20 Collyer Quay Tung Center #01-01, Singapore BNP PARIBAS ASSET MANAGEMENT UK Ltd.*, 5 Aldermanbury Square, London EC2V 7BP, United Kingdom CamGestion S.A., 1 Boulevard Haussmann, F Paris, France BNP PARIBAS ASSET MANAGEMENT USA, Inc.*, 200 Park Avenue, 11 th floor, New York, NY 10166, USA Shinhan BNP PARIBAS ASSET MANAGEMENT Co. Ltd., 23-2, Yoido Dong Youngdeungpo, Goodmorning Shinhan Tower 18F, Seoul, , Korea TEB Portföy Yönetimi A.Ş., Gayrettepe Mahallesi Yener Sokak n 1 Kat. 9 Besiktas Istanbul, Turkey THEAM S.A.S., 1 Boulevard Haussmann, F Paris, France Management entities not part of the Group: Arnhem Investment Management Pty Ltd., Royal Exchange Building, Level 13, 56 Pitt Street, Sydney NSW 2000, Australia, Manager for the Equity Australia sub-fund Fairpointe Capital LLC., One North Franklin Street, Suite 3300, Chicago, IL 60606, USA, Manager for the Equity USA Mid Cap sub-fund Herndon Capital Management, LLC, 191 Peachtree Street NE, Suite 2500, Atlanta, GA USA, Manager for the Equity USA Value sub-fund Impax Asset Management Limited, Norfolk House, 31 St James s Square, London, SW1Y 4JR, United Kingdom, Manager for the Aqua, Climate Impact, Global Environment and SMaRT Food sub-funds River Road Asset Management, LLC, 462 South Fourth Street, Suite 1600 Louisville, Kentucky , USA, Manager for the Equity High Dividend USA sub-fund Sumitomo Mitsui Asset Management Co. Ltd., Atago Green Hills, Mori Tower, 28F, Atago Minato-ku, Tokyo , Japan, Manager for the Equity Japan Small Cap sub-fund 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 TEB Portföy Yönetimi A.Ş., Gayrettepe Mahallesi Yener Sokak n 1 Kat. 9 Besiktas Istanbul, Turkey, Advisor for the Equity Europe Emerging sub-fund and the Turkish equity in the Equity Emerging Europe pocket of the Multi-Asset Income Emerging sub-fund Depositary BNP Paribas Securities Services - Luxembourg Branch 60 Avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg Guarantor BNP PARIBAS, 16 Boulevard des Italiens, F Paris, France The sub-fund which benefits from a guarantee is Step 90 Euro. Auditor PricewaterhouseCoopers, Société coopérative, 2 Rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg, Grand Duchy of Luxembourg. *As of 1 June 2017, BNP PARIBAS INVESTMENT PARTNERS group has been rebranded BNP PARIBAS ASSET MANAGEMENT Page 5

8 Organisation Rebranding of BNP PARIBAS INVESTMENT PARTNERS BNP PARIBAS INVESTMENT PARTNERS Luxembourg becomes BNP PARIBAS ASSET MANAGEMENT Luxembourg As of 1 st June 2017, the following entities of BNP PARIBAS INVESTMENT PARTNERS group (the Group ) will be rebranded BNP PARIBAS ASSET MANAGEMENT. This rebranding solely consists in a change of name of the entities of the group without any other consequence, nor resulting in the creation of new legal entities. As a consequence, BNP PARIBAS INVESTMENT PARTNERS Luxembourg (short-named BNPP IP Lux ) will become BNP PARIBAS ASSET MANAGEMENT Luxembourg (short-named BNPP AM Lux ). All references to the former name in any correspondence and documents will refer to the latter name after that said date. This change will also be reflected in the prospectuses or offering documents of all the investment funds managed by BNP PARIBAS INVESTMENT PARTNERS Luxembourg acting as Management Company or Alternative Investment Fund Manager. The website will also be changed to bnpparibas-am.com. Likewise, this change will also impact the name of the other entities of the Group as follows: COUNTRY CURRENT NAME FUTURE NAME AUSTRALIA BELGIUM HK BNP PARIBAS INVESTMENT PARTNERS (Australia) Ltd BNP PARIBAS INVESTMENT PARTNERS BELGIUM SA BNP PARIBAS INVESTMENT PARTNERS ASIA LIMITED BNP PARIBAS ASSET MANAGEMENT Australia Limited BNP PARIBAS ASSET MANAGEMENT Belgium BNP PARIBAS ASSET MANAGEMENT Asia Limited FRANCE BNP PARIBAS ASSET MANAGEMENT S.A.S. BNP PARIBAS ASSET MANAGEMENT France JAPAN NETHERLANDS SINGAPORE BNP PARIBAS INVESTMENT PARTNERS Japan Ltd BNP PARIBAS INVESTMENT PARTNERS Nederland NV BNP PARIBAS INVESTMENT PARTNERS SINGAPORE LIMITED BNP PARIBAS ASSET MANAGEMENT Japan Limited (as of 1 st December 2017) BNP PARIBAS ASSET MANAGEMENT Nederland NV BNP PARIBAS ASSET MANAGEMENT Singapore Limited UK BNP PARIBAS INVESTMENT PARTNERS UK Ltd BNP PARIBAS ASSET MANAGEMENT UK Ltd USA Fischer Francis Trees Watts Inc BNP PARIBAS ASSET MANAGEMENT USA, Inc. Luxembourg, on 10 May 2017 BNP PARIBAS INVESTMENT PARTNERS Luxembourg (becoming BNP PARIBAS ASSET MANAGEMENT Luxembourg) Page 6

9 Information 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 17 December 2010 governing undertakings for collective investment, as amended, as well as by Directive 2009/65 amended by Directive 2014/91. The Articles of Association have been modified at various times, most recently at the Extraordinary General Meeting on 25 April 2016, published in the Mémorial, Recueil Spécial des Sociétés et Associations on 17 June The latest version of the Articles of Association has been filed with the Trade and Companies Registar 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 are not listed on a Stock Exchange. Information to the Shareholders Net Asset Values and Dividends Net Assets values are calculated every full bank business day in Luxembourg. 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 January and ends on 31 December. 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. Except for the newspaper publications required by Law, the official media to obtain any notice to shareholders from will be the website Documents and information are also available on the website: Page 7

10 Financial statements at 30/06/2017 Aqua Bond Absolute Return V350 Bond Absolute Return V700 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 ( ) ( ) (47 433) Securities portfolio at market value Options at market value 2, Net Unrealised gain on financial instruments 2,11,12, Cash at banks and time deposits Other Liabilities Options at market value 2, Bank overdrafts Net Unrealised loss on financial instruments 2,11,12, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory 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 ( ) ( ) ( ) 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 8 (49 676) 0 0 ( ) Increase/(Decrease) in net during the year/period ( ) ( ) ( ) Net at the beginning of the financial year/period Reevaluation of opening NAV Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 8

11 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 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) Page 9

12 Financial statements at 30/06/2017 Bond Euro Long Term Bond Euro Medium Term Bond Euro Short Term Bond Euro Short Term Corporate Statement of net Expressed in EUR EUR EUR EUR Notes Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio ( ) ( ) ( ) ( ) Securities portfolio at market value Options at market value 2, Net Unrealised gain on financial instruments 2,11,12, Cash at banks and time deposits Other Liabilities Options at market value 2, Bank overdrafts Net Unrealised loss on financial instruments 2,11,12, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory 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 (70 018) ( ) ( ) 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 8 ( ) Increase/(Decrease) in net during the year/period ( ) ( ) ( ) Net at the beginning of the financial year/period Reevaluation of opening NAV Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 10

13 Bond Europe Emerging Bond JPY Bond RMB Bond USA High Yield Bond USD Bond USD Short Duration EUR JPY USD USD USD USD ( ) ( ) ( ) ( ) ( ) (99 696) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (82 405) 0 ( ) ( ) (9 671) ( ) ( ) ( ) ( ) ( ) Page 11

14 Financial statements at 30/06/2017 Bond World Bond World Emerging Bond World Emerging Local Bond World High Yield Statement of net Expressed in EUR USD USD EUR Notes Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio ( ) ( ) Securities portfolio at market value Options at market value 2, Net Unrealised gain on financial instruments 2,11,12, Cash at banks and time deposits Other Liabilities Options at market value 2, Bank overdrafts Net Unrealised loss on financial instruments 2,11,12, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory 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 Change in net due to operations ( ) Net subscriptions/(redemptions) ( ) ( ) Dividends paid 8 ( ) ( ) ( ) ( ) Increase/(Decrease) in net during the year/period ( ) ( ) Net at the beginning of the financial year/period Reevaluation of opening NAV Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 12

15 Bond World High Yield Short Duration Bond World Income Bond World Inflation- Linked Climate Impact Commodities Convertible Bond Asia USD EUR EUR EUR USD USD ( ) ( ) (95 159) (23 964) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (24 538) ( ) 0 ( ) ( ) (44 015) (75 485) ( ) ( ) ( ) Page 13

16 Financial statements at 30/06/2017 Convertible Bond Europe Convertible Bond Europe Small Cap Convertible Bond World Covered Bond Euro Statement of net Expressed in EUR EUR USD EUR Notes Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio Securities portfolio at market value Options at market value 2, Net Unrealised gain on financial instruments 2,11,12, Cash at banks and time deposits Other Liabilities Options at market value 2, Bank overdrafts Net Unrealised loss on financial instruments 2,11,12, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory 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 ( ) ( ) ( ) Net realised result Movement on net unrealised gain/(loss) on: Investments securities ( ) ( ) Financial instruments (907) ( ) Change in net due to operations ( ) ( ) Net subscriptions/(redemptions) ( ) ( ) Dividends paid 8 ( ) ( ) ( ) 0 Increase/(Decrease) in net during the year/period ( ) Net at the beginning of the financial year/period Reevaluation of opening NAV Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 14

17 Cross Asset Absolute Return Diversified Dynamic Enhanced Cash 6 Months Equity Asia ex-japan Small Cap Equity Asia Pacific ex-japan Equity Australia EUR EUR EUR USD USD AUD ( ) ( ) ( ) ( ) ( ) ( ) ( ) (8 182) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 0 ( ) ( ) (89 920) (51 613) ( ) ( ) ( ) Page 15

18 Financial statements at 30/06/2017 Equity Best Selection Asia ex- Japan Equity Best Selection Euro Equity Best Selection Europe Equity Best Selection Europe ex-uk Statement of net Expressed in USD EUR EUR EUR Notes Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio Securities portfolio at market value Options at market value 2, Net Unrealised gain on financial instruments 2,11,12, Cash at banks and time deposits Other Liabilities Options at market value 2, Bank overdrafts Net Unrealised loss on financial instruments 2,11,12, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory 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 ( ) ( ) Net realised result Movement on net unrealised gain/(loss) on: Investments securities ( ) Financial instruments (1 311) 0 Change in net due to operations Net subscriptions/(redemptions) ( ) Dividends paid 8 ( ) ( ) ( ) (37 378) Increase/(Decrease) in net during the year/period ( ) Net at the beginning of the financial year/period Reevaluation of opening NAV Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 16

19 Equity Best Selection World Equity Brazil Equity China Equity Europe Emerging Equity Europe Growth Equity Europe Mid Cap USD USD USD EUR EUR EUR ( ) ( ) (55 685) (6 496) (7 219) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) Page 17

20 Financial statements at 30/06/2017 Equity Europe Small Cap Equity Europe Value Equity Germany Equity High Dividend Pacific Statement of net Expressed in EUR EUR EUR USD Notes Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio Securities portfolio at market value Options at market value 2, Net Unrealised gain on financial instruments 2,11,12, Cash at banks and time deposits Other Liabilities Options at market value 2, Bank overdrafts Net Unrealised loss on financial instruments 2,11,12, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory 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 ( ) ( ) (50 123) Net realised result Movement on net unrealised gain/(loss) on: Investments securities Financial instruments (44 937) ( ) ( ) Change in net due to operations Net subscriptions/(redemptions) ( ) Dividends paid 8 ( ) (61 926) (54 096) ( ) Increase/(Decrease) in net during the year/period Net at the beginning of the financial year/period Reevaluation of opening NAV Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 18

21 Equity High Dividend USA Equity High Dividend World Equity India Equity Indonesia Equity Japan Equity Japan Small Cap USD USD USD USD JPY JPY ( ) ( ) ( ) ( ) 547 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 0 ( ) ( ) ( ) ( ) ( ) ( ) Page 19

22 Financial statements at 30/06/2017 Equity Latin America Equity New Frontiers Equity Nordic Small Cap Equity Russia Statement of net Expressed in USD USD EUR EUR Notes Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio ( ) Securities portfolio at market value Options at market value 2, Net Unrealised gain on financial instruments 2,11,12, Cash at banks and time deposits Other Liabilities Options at market value 2, Bank overdrafts Net Unrealised loss on financial instruments 2,11,12, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory 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 (29 091) ( ) (28 153) ( ) Net realised result (77 052) Movement on net unrealised gain/(loss) on: Investments securities ( ) Financial instruments 0 0 (29 271) 0 Change in net due to operations ( ) Net subscriptions/(redemptions) ( ) ( ) Dividends paid 8 ( ) 0 ( ) ( ) Increase/(Decrease) in net during the year/period Net at the beginning of the financial year/period Reevaluation of opening NAV Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 20

23 Equity Russia Opportunities Equity South Korea Equity Turkey Equity USA Equity USA Growth Equity USA Mid Cap USD USD EUR USD USD USD (68 392) ( ) ( ) ( ) (37 226) (78 132) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (5 644) ( ) (71 991) ( ) ( ) ( ) ( ) Page 21

24 Financial statements at 30/06/2017 Equity USA Small Cap Equity USA Value Equity World Consumer Durables Equity World Emerging Statement of net Expressed in USD USD EUR USD Notes Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio Securities portfolio at market value Options at market value 2, Net Unrealised gain on financial instruments 2,11,12, Cash at banks and time deposits Other Liabilities Options at market value 2, Bank overdrafts Net Unrealised loss on financial instruments 2,11,12, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory fees Bank interest Interest on swaps Other fees Taxes Performance fees Distribution fees Transaction fees Total expenses Net result from investments ( ) (72 650) ( ) Net realised result on: Investments securities Financial instruments (20 125) Net realised result Movement on net unrealised gain/(loss) on: Investments securities ( ) (89 891) Financial instruments ( ) (3 410) Change in net due to operations Net subscriptions/(redemptions) ( ) ( ) ( ) Dividends paid 8 ( ) ( ) ( ) ( ) Increase/(Decrease) in net during the year/period ( ) ( ) Net at the beginning of the financial year/period Reevaluation of opening NAV Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 22

25 Equity World Emerging Low Volatility Equity World Emerging Small Cap Equity World Energy Equity World Finance Equity World Health Care Equity World Low Volatility USD USD EUR EUR EUR EUR ( ) ( ) ( ) ( ) (10 226) (21 947) ( ) (51 349) ( ) ( ) ( ) (122) 0 (4 844) 0 (6 051) ( ) ( ) ( ) ( ) (36 594) 0 ( ) ( ) ( ) ( ) ( ) ( ) ( ) Page 23