Raiffeisen Short Term Strategy Plus. Semi-annual fund report 2012

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1 Raiffeisen Short Term Strategy Plus Semi-annual fund report 2012

2 Table of contents General fund information... 3 Fund characteristics... 3 Specific fund information... 4 Legal notice... 4 Fund details in EUR... 5 Units in circulation... 5 Fund investment policy report... 6 Makeup of fund assets in EUR... 7 Portfolio of investments in EUR... 8 Semi-annual fund report: 1 June November

3 Semi-annual fund report from 1 June 2012 to 30 November 2012 pursues an investment goal of regular income. It mainly invests (at least 51 per cent of the fund assets) in euro-denominated bonds and money market instruments but may also invest in asset-backed securities and mortgage-backed securities. General fund information Tranche Launch date ISIN ISIN income-distributing (R) (A) 1/6/2005 AT ISIN full income-retaining (outside Austria) (R) (VTA) 1/6/2005 AT ISIN full income-retaining (outside Austria) (S) (VTA) 2/11/2011 AT0000A0QZN6 Fund characteristics Fund currency: Financial year: Distribution/payment/reinvestment date: EU directive compliance: Fund type: Max. management fee for the fund: Target group: Custodian bank: Management company: Fund management: Auditor: EUR 1 June 31 May 15 August EU directive-compliant investment fund pursuant to InvFG (UCITS) Target fund (up to 10 % subfunds) R tranche: 0.45 % (excluding any performance-related fee) S tranche: 0.90 % (excluding any performance-related fee) Public fund Raiffeisen Bank International AG Raiffeisen Kapitalanlage-Gesellschaft m.b.h. Schwarzenbergplatz 3, A-1010 Vienna Tel , Fax Companies register number: w Raiffeisen Kapitalanlage-Gesellschaft m.b.h. KPMG Austria AG Semi-annual fund report: 1 June November

4 Specific fund information Fund merger on 31 October 2012: Absorbing fund: Merged fund: Raiffeisen Short Term Strategy Raiffeisen 904 Treasury Alpha Legal notice All data and information has been compiled and checked with the greatest care. No liability or guarantee can be assumed for the recentness, correctness and completeness of the information provided. We consider the sources used to be reliable. The software used performs calculations on the basis of more than the two decimal places displayed. Minor discrepancies cannot be ruled out due to further calculations using published results. The value of a unit is calculated by dividing the entire value of the investment fund inclusive of its income by the number of units. The total value of the investment fund is calculated on the basis of the current market prices of the securities, money market instruments and subscription rights in the fund plus the value of the fund s financial investments, cash holdings, credit balances, receivables and other rights net of its payables. That value will be calculated by the custodian bank. The net assets are calculated in accordance with the following principles: a) In principle, the value of assets quoted or traded on a stock market or on another regulated market will be determined on the basis of the most recently available price. b) Where an asset is not quoted or traded on a stock market or another regulated market or where the price for an asset quoted or traded on a stock market or another regulated market does not appropriately reflect its actual market value, the prices provided by reliable data providers or, alternatively, market prices for equivalent securities or other recognized valuation methods shall be used. Semi-annual fund report: 1 June November

5 Dear unitholder, Raiffeisen Kapitalanlage-Gesellschaft m.b.h. is pleased to present its semi-annual fund report for Raiffeisen Short Term Strategy Plus for the period from 1 June 2012 to 30 November Fund details in EUR 31/5/ /11/2012 Fund assets 20,001, ,129, Net asset value/unit (R) (A) Issue price/unit (R) (A) Net asset value/unit (R) (VTA) Issue price/unit (R) (VTA) Net asset value/unit (S) (VTA) Issue price/unit (S) (VTA) Units in circulation (R) A (R) VTA (S) VTA Units in circulation on 31/5/ , Sales , Repurchases , Units in circulation , Total units in circulation on 30/11/ , Semi-annual fund report: 1 June November

6 Fund investment policy report In the period under review from 1 June 2012 to 30 November 2012 the fund achieved a performance of approx %. This is a highly favorable outcome in view of the generally very low yield environment; yields on short government bonds are in some cases below 0 %. In the period to August 2012 the fund benefited from corporate bonds positive performance. After August, spreads on corporate bonds declined significantly following the European Central Bank s announcement that it would increase its support for the peripheral countries. The fund subsequently realized a further strong improvement in its performance. The fund utilized active duration overlay strategies in the reporting period. This segment comprising model-driven positionings provided a negative performance contribution since its models struggled to cope with markets which are currently highly politics-driven. In October 2012 Raiffeisen Short Term Strategy and Raiffeisen 904 Treasury Alpha were merged with Raiffeisen Short Term Strategy Plus. Raiffeisen Short Term Strategy s base portfolio was similar to that of Raiffeisen Short Term Strategy Plus, so that no adjustments were required here. Raiffeisen 904 Treasury Alpha comprised short-term European government bonds which have now mainly been sold. This was not a problem for the fund, thanks to its favorable liquidity in relation to short-term government bonds. Nor did (whose current volume is slightly less than EUR 30 million) experience any significant problems in terms of the volumes of the two absorbed funds (EUR 5 million and EUR 6 million). The fund invested almost 40 % of its assets in bank bonds (of which around 9 % in subordinate securities). Its exposure to the European periphery is currently less than 5 % (Spain and Italy only). Securities lending transactions were entered into in order to generate additional income. Semi-annual fund report: 1 June November

7 Makeup of fund assets in EUR Securities Market value % Structured products mortgage-backed securities: EUR 717, Structured products: EUR 1,531, Total structured products 2,248, Bonds: EUR 28,389, Total securities 30,637, Derivative products Valuation of financial futures - 11, Bank liabilities Bank liabilities in fund currency - 670, Bank balances in foreign currency 1, Total bank liabilities - 668, Accruals and deferrals Interest claims (on securities and bank balances) 184, Other items Various fees - 11, Total fund assets 30,129, Semi-annual fund report: 1 June November

8 Portfolio of investments in EUR Dates indicated for securities refer to the issue and redemption dates. An issuer s right of premature redemption (where applicable) is not specified. The securities marked with a "Y" have an open-ended maturity. ISIN SECURITY TITLE VOLUME PURCHASES SALES POOL PRICE MARKET % SHARE 30/11/2012 ADDITIONS DISPOSALS FACTOR VALUE OF FUND IN PERIOD UNDER REVIEW IN EUR ASSETS STRUCTURED PRODUCTS: MORTGAGE-BACKED-SECURITIES IN EURO XS TITAN EUROPE /17 900, ,000 1,000, , STRUCTURED PRODUCTS IN EURO XS INTESA SANP.06/18 MTN FLR 70, , , , XS JYSKE BK 06/16 FLR MTN 200, , XS DT.BANK 05/15 MTN VAR 355, , DE DEUT.POSTBK.IS.VAR 150, , XS RBS NV 05/15 FLRMTN 150, , XS IKB MTN VAR 04/16 NR 500, , , XS FIH ERHVERVSBK 07/13 MTN 370, , BONDS IN EURO DE000A1KRBG HESSEN SCHA. S , , , DE000A0Z1V KRED.F.WIED.09/13 MTN 200, , DE BAD.-WUERTT. LSA 11/16R99 300, , , XS GE CAP.EUROP. 06/16 FLR 200, , , DE ERSTE ABW. EO MTN 03/13 500, , , DE000A1KQ8B FMS WERTMGMT MTN 12/15 600, , , XS SPBK 1 SR BK 07/14 FLRMTN 650, , , ES BCO D.C.ESP.D.I FLR 200, , ES BANKIA 07/14 FLR 300, , , XS AMER.INTL GRP 06/13FLRMTN 500, , XS CITIGROUP INC. 06/13 MTN 250, , XS CITIGROUP INC. 06/16 MTN 300, , , DE000NRW0CD LAND NRW SCH.R.1117VAR 500, , , DE000EAA0CV ERSTE ABW. MTN. 12/14VAR 700, , , XS EIB EUR.INV.BK 09/15 FLR 400, , , XS GE CAP.EUROP. 06/21 FLR 850, , , XS WELLS FARGO 06/16 FLR MTN 200, , XS DEXIA CLF 10/13 FLR MTN 850, , , XS MERRILL LYNCH 07/14FLRMTN 200, , XS HSBC FINANCE 06/13FLR MTN 300, , , XS STATKRAFT 07/13 FLR MTN 500, , , XS GOLDM.S.GRP 06/14 FLR 100, , , DE000EAA0CH ERSTE ABW. MTN. 12/16VAR 500, , , XS GOLDM.S.GRP 06/13 FLR 100, , , XS RABOBK NEDERLD11/13FLRMTN 400, , , XS GOLDM.S.GRP 06/16 FLR 300, , XS TELIASONERA AB07/13MTNFLR 350, , , , XS WESTLB IS.A.9960 MTN 400, , , XS MORGAN STANLEY 06/13 FLR 150, , XS MORGAN STANLEY 06/16 FLR 600, , , XS SVENSK.HDLSB. 10/13FLRMTN 50,000 50, , XS JPMORGAN CHASE 05/15 MTN 650, , , XS VODAFONE GRP 07/14FLR MTN 350, , , XS BBVA SEN.F.UNIP.10/13 FLR 100, , XS MORGAN STANLEY 07/17 FLR 300, , , XS CREDIT AGR.LN 10/13FLRMTN 550, , , , XS BNP PARIBAS 10/13 FLR MTN 200, , XS SANTANDER INTL. 10/13 FLR 100, , XS BQUE F.C.MTL 10/13FLR MTN 650, , , XS EIB EUR.INV.BK 12/17 FLR 400, , , XS DNB BOLIGKRED. 11/16 MTN 400, , XS VODAFONE GRP 06/13 FLR 400, , XS DANSKE BK 10/13 FLR MTN 600, , , XS TELECOM ITALIA05/12FLRMTN 350, , XS NYKREDIT BK 10/13 FLR MTN 500, , , XS UBI BANCA 10/13 FLR MTN 250, , XS CCCI 10/13 FLR MTN 300, , , XS RBI FRN , , DE000A1DAMK K.F.W.ANL.V.10/ , , , Semi-annual fund report: 1 June November

9 ISIN SECURITY TITLE VOLUME PURCHASES SALES PRICE MARKET % SHARE 30/11/2012 ADDITIONS DISPOSALS VALUE OF FUND IN PERIOD UNDER REVIEW IN EUR ASSETS BONDS IN EURO DE000MHB04J MUENCH.HYP.BK.MTN-OPF , , , XS BAWAG PSK BOND 10-13/28 800, , , XS SANTDR CONS.FIN.11/16 FLR 200, , , FR REP. FSE B.T.A.N. 50,000 50, , DE000A1K0KM FMS WERTMGMT MTN 11/14 500, , , XS SAP AG MTN 10/13 100, , , XS SAP AG IS.10/14 200, , , XS BMW FIN, NV 10/13 MTN 200, , , AT000B UCBA MTN OEFF PF11/14S , , , FR SFEF 09/14 300, , , XS OEVAG BONDS ,000,000 1,000, ,008, XS BG ENERGY CAP.09/13 MTN 200, , , XS NORD/LB G-MTN 09/14 MTN 700, , , DE000A0JFHL DT.PFBR.BANK PF.R , , , XS INTESA SAN. 12/17 MTN 309, , , XS NATIONAL GRID 06/13 MTN 300, , , XS ACHMEA HYPOBK 07/14 MTN 300, , , BE BELGIQUE ,000 50, , XS KOMMKR MTN 03/13 500, , , FR REP. FSE B.T.A.N. 150, , , , FR EL. FRANCE 09/14 MTN 200, , , DE000A1A55G DAIMLER AG.MTN 09/14 400, , , XS E.ON INTL FIN. 09/14 MTN 200, , , XS UBS AG LDN 08/13 MTN 300, , , XS BRIT. TELECOM. 07/14 MTN 200, , , XS DIAGEO CAP. 08/13 MTN 251, , , XS RWE FIN. 08/13 MTN 500, , , XS HUTCH.WH.F.03/13 400, , , TOTAL SECURITIES PORTFOLIO EUR 30,637, FINANCIAL FUTURES IN EURO FGBM BOBL FUTURE AS OF 6/12/ , FGBM BOBL FUTURE AS OF 6/12/ , FGBM BOBL FUTURE AS OF 6/12/ , FGBL BUND FUTURE AS OF 6/12/ FGBL BUND FUTURE AS OF 6/12/ , FGBS SCHATZ FUTURE AS OF 6/12/ , FINANCIAL FUTURES IN US DOLLARS FTN YR TREASURY NOTE FUTURE AS OF 19/3/ , TOTAL FINANCIAL FUTURES 1 EUR -11, BANK LIABILITIES EUR LIABILITIES EUR -670, BALANCES IN NON-EU CURRENCIES USD EUR 1, EUR -668, ACCRUALS AND DEFERRALS INTEREST CLAIMS EUR 184, OTHER ITEMS VARIOUS FEES EUR -11, TOTAL FUND ASSETS EUR 30,129, NET ASSET VALUE PER UNIT TRANCHE R INCOME-DISTRIBUTING EUR TRANCHE R FULL INCOME-RETAINING EUR TRANCHE S FULL INCOME-RETAINING EUR UNITS IN CIRCULATION TRANCHE R INCOME-DISTRIBUTING UNITS TRANCHE R FULL INCOME-RETAINING UNITS 284, TRANCHE S FULL INCOME-RETAINING UNITS Price gains and losses as of cut-off date. Semi-annual fund report: 1 June November

10 EXCHANGE RATES FOREIGN CURRENCY ASSETS WERE CONVERTED INTO EUR ON THE BASIS OF THE EXCHANGE RATES APPLICABLE ON 29/11/2012: CURRENCY UNIT PRICE US DOLLAR 1 EUR = USD FUTURES EXCHANGE KEY: CODE CBT EUREX STOCK EXCHANGE CHICAGO BOARD OF TRADE EUROPEAN EXCHANGE SECURITIES PURCHASES AND SALES DURING THE PERIOD UNDER REVIEW NOT LISTED UNDER THE PORTFOLIO OF ASSETS: ISIN SECURITY TITLE PURCHASES SALES ADDITIONS DISPOSALS STRUCTURED PRODUCTS IN EURO FR CREDIT LOGEMENT 04-UND. 112,000 XS SPAREBNKN VEST 07/17 FLR 331,000 XS NTL.CAP.INSTR.EU 2 06/UND 400,000 XS E.ROTHSCHILD 07/17FLR MTN 500,000 FR ODDO ENTR. INV. 07/17 FLR 500,000 XS ANTONV.CPL TR. 01/UND.FLR 400,000 BONDS IN EURO DE000EAA0KW ERSTE ABW. MTN. 12/16VAR 400, ,000 DE BUND SCHATZANW. 11/13 200, ,000 FR SFEF MTN FLR 350,000 XS IRISH BK RE. 07/12FLR MTN 200,000 DE BUND SCHATZANW. 10/12 II 640, ,000 US073902KE JPMORG.CHASE 05/12 FLR 400,000 XS ABSA BANK 07/12 FLR MTN 100,000 FR BPCE S.A. 10/12 FLR 500,000 DE BUND SCHATZANW. 11/13 1,060,000 1,060,000 XS UNICREDIT 10/12 FLR MTN 150,000 HU FHB MORTGAGE BK 06-12MTN 400,000 DE000A0GN DZ BANK PERP. 06/UND. FLR 400,000 XS ABANKA VIPA 09/12 FLR 150,000 XS UBI BANCA 10/12 FLR MTN 100,000 DE BUND SCHATZANW. 11/13 590, ,000 DE000A0DZTE DZ BK CAP.FDG III 05/UND. 30,000 XS ICCREA BANCA 10/12 FLR 50, ,000 XS RBS PLC 10/12FLRMTN 300,000 DE BUNDESOBL.V.08/13 S , ,000 FR REP. FSE O.A.T. 500, ,000 BE BELGIQUE , ,000 NL NEDERLD , ,000 FI FINLD 02/13 300, ,000 XS TESCO PLC 08/12 MTN 370,000 XS BMW US CAP 09/12 MTN 100,000 Raiffeisen Kapitalanlage-Gesellschaft m.b.h. complies with the code of conduct for the Austrian investment fund industry Vienna, 11 January 2013 Semi-annual fund report: 1 June November

Raiffeisen Short Term Strategy Plus

Raiffeisen Short Term Strategy Plus Annual fund report Financial year 2012-2013 Note: The audit opinion issued by KPMG Austria AG only applies for the full German-language version. Table of contents General