FIMARGE FUND A mutual fund (Fonds Commun de Placement) incorporated in and under the laws of the Grand Duchy of Luxembourg

Transcription

1 Unaudited semi-annual report for the period from 8th January 2018 (inception date) to 30th June 2018 FIMARGE FUND A mutual fund (Fonds Commun de Placement) incorporated in and under the laws of the Grand Duchy of Luxembourg R.C.S. Luxembourg K1867 Management Company: KREDIETRUST LUXEMBOURG S.A. R.C.S. Luxembourg B

2 No subscription can be received on the basis of this financial report. Subscriptions are only valid if made on the basis of the current prospectus and the key investor information document ("KIID") supplemented by the latest annual report and the most recent semi-annual report, if published thereafter.

3 Contents Organisation... 2 General information... 3 Combined statement of net assets... 4 FIMARGE FUND - FIMARGE BALANCED PORTFOLIO FUND... 5 Statement of net assets... 5 Statement of investments and other net assets... 6 Industrial and geographical classification of investments... 8 Notes to the financial statements... 9 Additional information

4 Organisation Management Company KREDIETRUST LUXEMBOURG S.A. 11, rue Aldringen L-2960 LUXEMBOURG Board of Directors of the Management Company Chairman Director Managing Director Vincent DECALF Olivier de JAMBLINNE de MEUX Stefan VAN GEYT Conducting officers of the Management Company Aurélien BARON Kristel COOLS Stefan VAN GEYT Administration Agent and Registrar and Transfer Agent KREDIETRUST LUXEMBOURG S.A. 11, rue Aldringen L-2960 LUXEMBOURG Delegated Administration Agent and Registrar and Transfer Agent EUROPEAN FUND ADMINISTRATION 2, rue d'alsace L-1122 LUXEMBOURG Investment Manager FIA ASSET MANAGEMENT S.A. 9, rue Schiller L-2519 LUXEMBOURG Investment Advisor FIMARGE, SOCIETAT FINANCERA D INVERSIÓ, S.A. Bonaventura Armengol n 10, Bâtiment 1, 5ème étage AD500 ANDORRA LA VELLA Depositary and Paying Agent KBL EUROPEAN PRIVATE BANKERS S.A. 43, boulevard Royal L-2955 LUXEMBOURG Cabinet de révision agréé KPMG Luxembourg, Société coopérative 39, avenue John F. Kennedy L-1855 Luxembourg 2

5 General information FIMARGE FUND (hereinafter the "Fund") is a mutual fund ("fonds commun de placement") under Part I of the Luxembourg law of 17th December 2017 on undertakings for collective investment, as amended from time to time (the "2010 Law"). The Fund was organised pursuant to "Management Regulations" entered into force on 8th January The Fund is managed by KREDIETRUST LUXEMBOURG S.A. (the "Management Company"). The Management Company was incorporated in the form of a société anonyme on 31st July 1998 for an unlimited duration. The Management Company is approved as a management company regulated by Chapter 15 of the 2010 Law. At the date of the financial statements, the following Sub-Fund is offered: - FIMARGE FUND - FIMARGE BALANCED PORTFOLIO FUND in EUR. The initial subscription period was from 8th January 2018 to 15th January The accounts of the Fund is presented in EUR. The accounts of the Fund are closed each year on 31st December and for the first time on 31st December Unaudited semi-annual accounts of the Fund are issued each year as at 30th June. This report is the first report published by the Fund and covers the period from 8th January 2018 to 30th June Copies of the following documents may be inspected free of charge during normal business hours on any Luxembourg Business Day at the registered office of the Management Company: i. the Management Regulations; ii. the Prospectus, iii. the KIIDs; iv. the Depositary Agreement; v. the Paying Agency Agreement; vi. the Investment Management Agreement, if any; vii. the Investment Advisory Agreement, if any; viii. the latest annual and half-yearly financial statements; 3

6 Combined statement of net assets (in EUR) Assets Securities portfolio at market value 19,501, Cash at banks 3,990, Formation expenses, net 18, Income receivable on portfolio 99, Interest receivable on bank accounts 9.61 Prepaid expenses 2, Total assets 23,612, Liabilities Bank overdrafts Unrealised loss on forward foreign exchange contracts 4, Expenses payable 104, Total liabilities 108, Net assets at the end of the period 23,503, The accompanying notes are an integral part of these financial statements. 4

7 - FIMARGE BALANCED PORTFOLIO FUND Statement of net assets (in EUR) Assets Securities portfolio at market value 19,501, Cash at banks 3,990, Formation expenses, net 18, Income receivable on portfolio 99, Interest receivable on bank accounts 9.61 Prepaid expenses 2, Total assets 23,612, Liabilities Bank overdrafts Unrealised loss on forward foreign exchange contracts 4, Expenses payable 104, Total liabilities 108, Net assets at the end of the period 23,503, Breakdown of net assets per unit class Unit class Number of units Currency of unit class NAV per unit in currency of unit class Net assets per unit class (in EUR) A 243, EUR ,503, ,503, The accompanying notes are an integral part of these financial statements. 5

8 - FIMARGE BALANCED PORTFOLIO FUND Statement of investments and other net assets (in EUR) Currency Number / nominal value Description Cost Market value % of total net assets Investments in securities Transferable securities admitted to an official stock exchange listing Shares CHF 8,591 Aryzta AG 144, , CHF 158 Forbo Holding AG 206, , , , DKK 4,880 Novo Nordisk AS B 222, , EUR 1,675 Amadeus IT Group SA A 100, , EUR 4,862 Coca-Cola Eur Partners PLC 156, , EUR 10,338 Econocom Group SA Reg 54, , EUR 8,155 Freenet AG Reg 226, , EUR 1,927 Henkel AG & Co KGaA Pref 216, , EUR 13,053 Industria de Diseno Textil SA 347, , EUR 2,220 Ingenico Group SA 176, , EUR 2,381 Kone Oyj B 106, , EUR 1,439 Savencia SA 114, , ,501, ,491, GBP 10,005 Avon Rubber Plc 139, , GBP 1,879 Intertek Group Plc 108, , GBP 5,518 Randgold Resources Ltd 403, , GBP 6,681 Reckitt Benckiser Group Plc 467, , ,117, ,117, USD 281 Alphabet Inc C 250, , USD 11,621 Cameco Corp 113, , USD 1,760 Colgate-Palmolive Co 109, , USD 2,983 Johnson & Johnson 329, , USD 3,154 Medtronic Plc Reg 215, , USD 8,106 Newmont Mining Corp 257, , USD 11,493 Nomad Foods Ltd 157, , USD 1,630 PayPal Holdings Inc 105, , USD 4,155 Pepsico Inc 377, , USD 11,246 Teva Pharma Ind Ltd ADR repr 1 Share 171, , ,088, ,208, Total shares 5,281, ,324, Bonds EUR 350,000 Aryzta EUR Finance DAC VAR Sub 14/21.11.Perpetual 338, , EUR 400,000 Banco Bilbao Vizcaya Argent SA VARConvSub 426, , /18.05.Perpetual EUR 400,000 Banco Santander SA VAR Sub 14/12.03.Perpetual 413, , EUR 200,000 Burger King France SAS 6% Sen Reg S 17/ , , EUR 400,000 Caixabank SA VAR EMTN Reg S Sen Sub 17/ , , EUR 400,000 Eramet SA 4.196% Sen 17/ , , EUR 310,000 Eurofins Scientific SA VAR Sub Reg S 17/13.11.Perpetual 312, , EUR 330,000 Gestamp Funding Luxembourg SA 3.5% Reg S Sen 343, , / EUR 510,000 Grifols SA 3.2% Sen Reg S / , , EUR 500,000 Ingenico Group SA 1.625% Sen 17/ , , EUR 200,000 Liberbank SA VAR Sen Sub 17/ , , EUR 300,000 NetFlix Inc 3.625% Sen Reg S 17/ , , EUR 510,000 Nomad Foods BondCo Plc 3.25% Sen Reg S 17/ , , EUR 386,000 Peugeot SA 2.375% EMTN Sen 16/ , , EUR 385,000 Telecom Italia SpA 3.25% EMTN Sen 15/ , , EUR 620,000 Teva Pharmaceutical Fin II BV 1.125% Reg S Sen 16/ , , EUR 380,000 Thomas Cook Group Plc 6.25% Reg S Sen 16/ , , ,729, ,532, The accompanying notes are an integral part of these financial statements. 6

9 - FIMARGE BALANCED PORTFOLIO FUND Statement of investments and other net assets (in EUR) (continued) Currency Number / nominal value Description Cost Market value % of total net assets GBP 300,000 Aston Martin Capital Hgs Ltd 5.75% Sen Reg S 17/ , , GBP 200,000 Debenhams Plc 5.25% Sen 14/ , , , , USD 420,000 Newmont Mining Corp 3.5% Sen 12/ , , USD 200,000 Schaeffler Finance BV 4.75% Sen Reg S 15/ , , USD 2,744,000 US 2.25% T-Notes Ser E / ,144, ,235, USD 200,000 Vedanta Resources Plc 6.375% Sen Reg S 17/ , , ,825, ,928, Total bonds 10,132, ,003, Transferable securities dealt in on another regulated market Shares EUR 4,016 Groupe Guillin SA 142, , Total shares 142, , Bonds EUR 200,000 Mapfre SA VAR Sub 17/ , , Total bonds 208, , Open-ended investment funds Investment funds (UCITS) EUR 440 Carmignac Portfolio Unconstr Global Bd A EUR Cap 624, , EUR 12,351 Pictet Fds (LUX) Emerging Local Currency Debt HI Cap 1,415, ,276, EUR 5,154 Pictet Global Emerging Debt HI EUR Cap 1,407, ,339, EUR 5,760 Robeco Gl Total Return Bond Fd IH EUR (Hedged) Cap 627, , Total investment funds (UCITS) 4,075, ,835, Total investments in securities 19,840, ,501, Cash at banks 3,990, Bank overdrafts Other net assets/(liabilities) 12, Total 23,503, The accompanying notes are an integral part of these financial statements. 7

10 - FIMARGE BALANCED PORTFOLIO FUND Industrial and geographical classification of investments Industrial classification (in percentage of net assets) Investment funds % Financials % Non-cyclical consumer goods % Countries and governments 9.51 % Cyclical consumer goods 7.64 % Raw materials 7.63 % Healthcare 6.25 % Technologies 6.22 % Industrials 3.38 % Telecommunications services 1.74 % Special Purpose Vehicle (SPV) 1.43 % Total % Geographical classification (by domicile of the issuer) (in percentage of net assets) Luxembourg % United States of America % Spain % United Kingdom 9.31 % France 8.19 % Jersey 3.05 % The Netherlands 2.97 % Ireland 2.19 % Italy 1.74 % Germany 1.69 % Switzerland 1.33 % Israel 1.00 % Denmark 0.82 % British Virgin Islands 0.80 % Canada 0.48 % Finland 0.44 % Belgium 0.21 % Total % 8

11 Notes to the financial statements Note 1 - Significant accounting policies a) Presentation of the financial statements The financial statements of the Fund are prepared in accordance with Luxembourg legal and regulatory requirements concerning undertakings for collective investment and with generally accepted accounting principles in Luxembourg. b) Valuation of assets 1) The value of any cash in hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received are deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof is arrived at after making such discount as the Board of Directors may consider appropriate in such case to reflect the true value thereof. 2) The value of all securities and/or money market instruments which are listed or traded on an official stock exchange or traded on any other Regulated Market are valued on the basis of the last available prices on the Valuation Day or on the basis of the last available prices on the main market on which the investments of the Sub-Fund are principally traded. The Board of Directors approves a provider of securities prices which supply the above prices. If, in the opinion of the Board of Directors, such prices do not truly reflect the fair market value of the relevant securities, the value of such securities is determined in good faith by the Board of Directors either by reference to any other publicly available source or by reference to such other sources as it deems in its discretion appropriate. 3) Securities not listed or traded on a stock exchange or a Regulated Market are valued on the basis of the probable sales price determined prudently and in good faith by the Board of Directors. 4) Securities issued by open-ended investment funds are valued at their last available NAV or in accordance with item (2) above where such securities are listed. 5) The liquidating value of futures, forward or options contracts that are not traded on exchanges or on other organised markets are determined pursuant to the policies established by the Board of Directors, on a basis consistently applied. The liquidating value of futures, forward or options contracts traded on exchanges or on other organised markets are based upon the last available settlement prices of these contracts on exchanges and organised markets on which the particular futures, forward or options contracts are traded; provided that if a futures, forward or options contract could not be liquidated on such Valuation Day with respect to which a NAV is being determined, then the basis for determining the liquidating value of such contract is such value as the Board of Directors may deem fair and reasonable. 6) All other securities and other permissible assets as well as any of the above mentioned assets for which the valuation in accordance with the above sub-paragraphs would not be possible or practicable, or would not be representative of their fair value, are valued at fair market value, as determined in good faith pursuant to procedures established by the Board of Directors. In the event that the above mentioned calculation methods are inappropriate or misleading, the Board of Directors may adjust the value of any investment or permit some other method of valuation to be used for the assets of the Fund if it considers that the circumstances justify that such adjustment or other method of valuation should be adopted to reflect more fairly the value of such investments. 9

12 Notes to the financial statements (continued) c) Acquisition cost of securities in the portfolio The acquisition cost of the securities held by the Sub-Fund that are denominated in currencies other than the reference currency of the Sub-Fund is converted into this currency at the exchange rate prevailing on the date of purchase. d) Net realised gain/(loss) on securities portfolio The realised gains and losses on securities portfolio are calculated on the basis of the average acquisition cost. e) Investment portfolio income Dividend income is recorded at the ex-date, net of any withholding tax. Interest income accrued is recorded, net of any withholding tax. f) Valuation of forward foreign exchange contracts Forward foreign exchange contracts are valued at forward market rates for the remaining period from valuation date to the maturity of the contracts. Net unrealised gains or losses are disclosed in the statement of net assets. g) Formation expenses Formation expenses are amortised on a straight line basis over a period of five years. If the launch of a Sub-Fund occurs after the launch date of the Fund, the formation expenses related to the launch of the new Sub-Fund is charged to such Sub-Fund alone and may be amortised over a maximum of five years with effect as from the Sub-Fund s launch date. h) Conversion of foreign currencies Cash at banks, other net assets, liabilities and the market value of the securities in portfolio expressed in currencies other than the reference currency of the Sub-Fund are converted into this currency at the exchange rate prevailing on the date of the financial statements. Income and expenses expressed in currencies other than the reference currency of the Sub-Fund are converted into this currency at the exchange rate prevailing on the date of the transaction. i) Combined financial statements The combined financial statements of the Fund are expressed in EUR and are equal to the corresponding items in the financial statements of the Sub-Fund. Note 2 - Management fees As remuneration for the services of Management Company is entitled to receive an annual fee of 0.05% of the average of the net assets of each Sub-Fund with a minimum of EUR 6,250 per Sub-Fund to be paid at the end of each quarter. For its investment management services, the Investment Manager is entitled to receive an investment management fee accrued on each Valuation Day and payable quarterly in arrears, of a maximum of 1.60% per annum of the average of net assets of the Sub-Fund attributable to each Class. 10

13 Notes to the financial statements (continued) The Investment Manager pays a fee to the Investment Advisor out of the Investment Management Fee, without charges for the Sub-Fund. Note 3 - Subscription, redemption and conversion fees A Units of the Sub-Fund are subject to a redemption fee as follows: - up to 1% for units which are redeemed within the first year of subscription. No subscription fees nor conversion fees are charged. Note 4 - Subscription duty ("taxe d abonnement") The Fund is governed by Luxembourg Law. Pursuant to the legislation and regulations in force, the Fund is subject to an annual subscription duty ("taxe d abonnement") of 0.05% which is payable quarterly and calculated on the basis of the net assets of each Sub-Fund on the last day of each quarter. Pursuant to Article 175 (a) of the amended 2010 Law, the net assets invested in undertakings for collective investment already subject to the "taxe d abonnement" are exempt from this tax. Note 5 - Changes in investments The statement of changes in investments for the reporting period is available free of charge at the registered office of the Management Company. Note 6 - Forward foreign exchange contracts At the date of the financial statements, the following Sub-Fund is committed in the following forward foreign exchange contract with KBL EUROPEAN PRIVATE BANKERS S.A.: FIMARGE FUND - FIMARGE BALANCED PORTFOLIO FUND Currency Purchases Currency Sales Maturity Unrealised result (in EUR) EUR 1,766, USD 2,076, , ,

14 Additional information Information concerning the transparency of securities financing transactions and of reuse of cash collateral (regulation EU 2015/2365, hereafter "SFTR") During the reporting period, the Fund did not engage in transactions which are subject to the publication requirements of SFTR. Accordingly, no information concerning the transparency of securities financing transactions and of reuse of cash collateral should be reported. 12