Unaudited Semi-Annual Report for the period from March 1, 2011 to August 31, 2011

Transcription

1 Investment company under Luxembourg law with variable capital and multiple Sub-Funds Unaudited Semi-Annual Report for the period from March 1, 2011 to August 31, 2011 This extract of the semi-annual report of (the Company ) refers only to the Sub-Funds authorised in Switzerland. A further Sub-Fund which has been approved by the Commission de Surveillance du Secteur Financier exists but is not designed for offering and distributing in Switzerland. No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus accompanied by the latest annual and, as the case may be, the latest semi-annual report (if published thereafter).

2 Management and Administration HEAD OFFICE 69, route d Esch L-1470 Luxembourg PROMOTER Sydbank (Schweiz) AG Poststrasse 17 CH-9001 St. Gallen BOARD OF DIRECTORS Dr. Thomas König Chief Executive Officer Sydbank (Schweiz) AG Jürg Willi Compliance Officer Sydbank (Schweiz) AG Mads Schierup Petersen Senior Vice President Sydbank (Schweiz) AG Jørgen Dahl (until May 25, 2011) Chief Investment Officer Sydbank (Schweiz) AG Jørn Gregersen (since May 25, 2011) Chief Investment Officer Sydbank (Schweiz) AG INVESTMENT MANAGER Sydbank (Schweiz) AG Poststrasse 17 CH-9001 St. Gallen REVISEUR D ENTREPRISES AGREE KPMG Audit S.à r.l. 9, Allée Scheffer L-2520 Luxembourg CUSTODIAN BANK, DOMICILIARY, ADMINISTRATIVE, CORPORATE, PAYING, LISTING, REGISTRAR AND TRANSFER AGENT RBC Dexia Investor Services Bank S.A. 14, Porte de France L-4360 Esch-sur-Alzette REPRESENTATIVE AND PAYING AGENT IN SWITZERLAND Sydbank (Schweiz) AG Poststrasse 17 CH-9001 St. Gallen LEGAL ADVISER Arendt & Medernach 14, Rue Erasme P.O. Box 39 L-2010 Luxembourg 2

3 Information to Shareholders Annual reports audited by the auditors, and semi-annual reports are available to Shareholders at the registered office of the Company and other locations designated by the former. Annual reports are published within four months of the end of the fiscal year. Semi-annual reports are published within two months of the end of the six-month period. The Annual General Meeting of Shareholders is held each year at the registered office of the Company, or any other place in Luxembourg specified in the notice of the meeting, on the last Wednesday of May at 10:00 a.m. If that day is not a banking day in Luxembourg, it will be held on the next banking day. The Company has been established for an undetermined period. The accounting year of the Company runs from March 1 of each year until February 28 (or February 29, as the case may be) of the next following year. Special Information for Investors in Switzerland Sales Prospectus relating to the distribution in Switzerland, copies of the articles of incorporation as well as the annual and semi-annual reports of the Company may be obtained free of charge from the Representative in Switzerland: Sydbank (Schweiz) AG, Poststrasse 17, CH-9001 St. Gallen, pbi@sydbank.ch, The latest Net Asset Values (NAV) are published daily on the electronic platform with the notice "excluding commission" and are also available in the internet on Publications in Switzerland regarding the Company or the Sub-Funds, especially the publication of amendments in the Prospectus or in the articles of incorporation, will be published in the "Schweizerisches Handelsamtsblatt" (SHAB) and on the electronic platform 3

4 Statement of Net Assets as at August 31, Conservative - Stable - Dynamic Consolidated Notes EUR EUR EUR EUR ASSETS Investments in securities at market value (2) 34,075,591 11,159,678 6,359,535 51,594,804 Cash at bank 4,052, ,493 1,058,160 6,043,415 Amounts receivable on sale of investments 0 328, ,528 Amounts receivable on subscriptions 102, ,767 Other assets 0 3,498 4,363 7,861 TOTAL ASSETS 38,231,120 12,424,197 7,422,058 58,077,375 LIABILITIES Amounts payable on purchase of investments , ,642 Amounts payable on redemptions 31, , , ,371 Management fees payable (3) 93,425 36,500 25, ,354 Taxes and expenses payable (6) 25,534 10,400 6,908 42,842 Other liabilities TOTAL LIABILITIES 150, , ,459 1,121,435 TOTAL NET ASSETS 38,080,363 11,892,978 6,982,599 56,955,940 Net asset value per share Capitalisation Number of shares outstanding Capitalisation 406, , , The accompanying notes form an integral part of these financial statements. 4

5 Statement of Operations and Changes in Net Assets for the period from March 1, 2011 to August 31, Conservative - Stable - Dynamic Consolidated Notes EUR EUR EUR EUR NET ASSETS AT THE BEGINNING OF THE PERIOD 42,980,534 13,875,843 9,125,497 65,981,874 INCOME Bank interest Trailer fees (8) 17,271 13,715 15,195 46,181 TOTAL INCOME 17,283 13,715 15,195 46,193 EXPENSES Management fees (3) 193,209 69,534 44, ,649 Custodian fees 6,245 3,823 3,852 13,920 Domiciliation, administration and transfer agent fees 49,875 22,056 20,177 92,108 Audit fees, printing and publication expenses 17,677 2,268 3,405 23,350 Subscription tax (5) 6,268 2,648 1,518 10,434 Bank charges 819 1,652 1,074 3,545 Interest paid ,679 Amortisation of formation expenses (2) 1,128 1, ,333 Other charges 5,131 1,910 1,319 8,360 TOTAL EXPENSES 280, ,478 76, ,378 NET INCOME / (LOSS) FROM INVESTMENTS (263,704) (91,763) (61,718) (417,185) Net realised gain/(loss) on sale of investments (340,240) (144,449) (1,659) (486,348) Net realised gain/(loss) on foreign exchange (5,907) (1,870) (1,147) (8,924) NET REALISED GAIN/(LOSS) (609,851) (238,082) (64,524) (912,457) Change in net unrealised appreciation/(depreciation) on: - investments 27,642 (182,131) (545,680) (700,169) NET INCREASE/(DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS (582,209) (420,213) (610,204) (1,612,626) EVOLUTION OF THE CAPITAL Subscriptions of shares 1,359, , ,971 2,565,740 Redemptions of shares (5,677,902) (2,558,481) (1,742,665) (9,979,048) NET ASSETS AT THE END OF THE PERIOD 38,080,363 11,892,978 6,982,599 56,955,940 The accompanying notes form an integral part of these financial statements. 5

6 Changes in the Number of Shares for the period from March 1, 2011 to August 31, Conservative - Stable - Dynamic Capitalisation Number of shares outstanding at the beginning of the period 452, , , Number of shares issued 14, , , Number of shares redeemed (60, ) (28, ) (22, ) Number of shares outstanding at the end of the period 406, , , Statistics - Conservative - Stable - Dynamic EUR EUR EUR Total Net Asset Value August 31, ,080,363 11,892,978 6,982,599 February 28, ,980,534 13,875,843 9,125,497 February 28, ,832,470 10,638,718 11,142,522 NAV per share of the end of the period August 31, 2011 Capitalisation February 28, 2011 Capitalisation February 28, 2010 Capitalisation

7 Conservative Statement of Investments as at August 31, 2011 (expressed in EUR) Description Quantity Currency Cost Evaluation % net assets Investment Funds admitted to an Official Stock Exchange Listing France Lyxor ETF EuroMts 1-3Y/CAP/DIS 59,348 EUR 6,946,352 7,027, Lyxor ETF EuroMts 3-5Y/CAP/DIS 15,110 EUR 1,945,351 1,966, ,891,703 8,993, Germany DWS Top Dividend 13,264 EUR 1,000, , IShares Eb Rex.Gov.Ger De 30,430 EUR 3,407,840 3,419, IShares Eb.Rex G.G (De) 71,270 EUR 7,025,975 7,021, ,433,815 11,437, Luxembourg Axa IM Fixed Income Investment Strategies - US Short Duration High Yield Fund -I-EUR/CAP 15,303 EUR 1,628,156 1,969, Dexia Bonds Mortgages I/CAP 44,200 EUR 5,939,140 6,296, Franklin Templeton Investment Funds Global Bond Fund.-A- EUR HDG CAP 193,351 EUR 2,883,144 3,689, JP Morgan Funds - Global Focus Fund -A-/CAP 128,366 EUR 2,050,000 1,689, ,500,440 13,644, Total Investment Funds admitted to an Official Stock Exchange Listing 32,825,958 34,075, TOTAL INVESTMENT PORTFOLIO 32,825,958 34,075,

8 Conservative Statement of Sales and Purchases for the period from March 1, 2011 to August 31, 2011 (expressed in units/shares) Description Purchased Sold Investment Funds France Lyxor ETF EuroMts 1-3Y/CAP/DIS 13,350 10,157 Lyxor ETF EuroMts 3-5Y/CAP/DIS ,290 Germany DWS Top Dividend 13,264 0 Ishares eb.rexx Government Germany ,300 2,030 Ishares eb.rexx Government Germany ,430 0 Luxembourg Axa IM Fixed Income Investment Strategies - US Short Duration High Yield Fund -I-EUR/CAP 0 3,036 Dexia Bonds Mortgages I/CAP 0 16,867 Franklin Templeton Investment Funds Global Bond Fund.-A- EUR HDG CAP 0 48,909 JP Morgan Funds - Global Focus Fund -A-/CAP 128,366 0 Schroder International Selection Fund - Euro Short Term Bond -A-/CAP 449, ,415 Sparinvest Sicav - Long Danish Bond - DKK I 0 133,570 Valueinvest Lux Global -I1-/CAP 0 41,600 8

9 Stable Statement of Investments as at August 31, 2011 (expressed in EUR) Description Quantity Currency Cost Evaluation % net assets Investment Funds admitted to an Official Stock Exchange Listing Denmark Inv. Sydinvest Intl Emerging Market Local Currency Bonds 59,300 EUR 861, , , , France Lyxor ETF EuroMts 1-3Y/CAP/DIS 10,102 EUR 1,184,665 1,196, Lyxor ETF EuroMts 3-5Y/CAP/DIS 4,605 EUR 591, , ,776,201 1,795, Germany DWS Top Dividend 12,300 EUR 936, , IShares Eb Rex.Gov.Ger De 14,330 EUR 1,604,989 1,610, IShares Eb.Rex G.G (De) 14,500 EUR 1,428,964 1,428, ,970,205 3,962, Luxembourg Axa IM Fixed Income Investment Strategies - US Short Duration High Yield Fund -I-EUR/CAP 7,374 EUR 864, , Dexia Bonds Mortgages I/CAP 13,597 EUR 1,833,942 1,937, Franklin Templeton Investment Funds Global Bond Fund.-A- EUR HDG CAP 38,701 EUR 606, , JP Morgan Funds - Global Focus Fund -A-/CAP 68,462 EUR 1,043, , ,349,118 4,525, Total Investment Funds admitted to an Official Stock Exchange Listing 10,957,216 11,159, TOTAL INVESTMENT PORTFOLIO 10,957,216 11,159,

10 Stable Statement of Sales and Purchases for the period from March 1, 2011 to August 31, 2011 (expressed in units/shares) Description Purchased Sold Investment Funds Denmark Inv. Sydinvest Int Emerging Market Local Currency Bonds 3,865 10,850 Inv. Sydinvest Intl Bric Equities 9,120 32,050 France Lyxor ETF EuroMts 1-3Y/CAP/DIS 10,700 8,723 Lyxor ETF EuroMts 3-5Y/CAP/DIS 1,385 12,790 Germany DWS Top Dividend 7, Ishares eb.rexx Government Germany , Ishares eb.rexx Government Germany ,665 1,335 Great Britain M&G Investment Funds - Global Basics Fund - Euro A Acc ,498 Luxembourg Dexia Bonds Mortgages I/CAP 1,108 6,343 Franklin Templeton Investment Funds Global Bond Fund.-A- EUR HDG CAP 2,427 7,815 JP Morgan Funds - Global Focus Fund -A-/CAP 44,771 18,721 Sparinvest Sicav - Long Danish Bond - DKK I 0 39,763 Valueinvest Lux Global -I1-/CAP ,660 10

11 Dynamic Statement of Investments as at August 31, 2011 (expressed in EUR) Description Quantity Currency Cost Evaluation % net assets Investment Funds admitted to an Official Stock Exchange Listing Denmark Inv. Sydinvest Intl Emerging Market Local Currency Bonds 22,680 EUR 328, , Inv. Sydinvest Intl Far East Equities 23,325 EUR 394, , , , France Lyxor ETF EuroMts 1-3Y/CAP/DIS 3,125 EUR 366, , Lyxor Intl. ETF Russia -A- 5,000 EUR 149, , Lyxor Intl. ETF/Jap.Topix Fcp 2,175 EUR 150, , , , Germany DWS Top Dividend 15,975 EUR 1,207,965 1,199, IShares Eb.Rex G.G (De) 6,720 EUR 663, , ,871,051 1,861, Luxembourg Axa IM Fixed Income Investment Strategies - US Short Duration High Yield Fund -I-EUR/CAP 3,143 EUR 356, , Dexia Bonds Mortgages I/CAP 6,539 EUR 882, , Franklin Templeton Investment Funds Global Bond Fund.-A- EUR HDG CAP 22,012 EUR 341, , JP Morgan Funds - Global Focus Fund -A-/CAP 49,883 EUR 747, , Multi Units Lyxor ETF Dax 6,110 EUR 356, , Valueinvest Lux Global -I1-/CAP 2,481 EUR 350, , ,035,074 3,097, Total Investment Funds admitted to an Official Stock Exchange Listing 6,295,544 6,359, TOTAL INVESTMENT PORTFOLIO 6,295,544 6,359,

12 Dynamic Statement of Sales and Purchases for the period from March 1, 2011 to August 31, 2011 (expressed in units/shares) Description Purchased Sold Investment Funds Denmark Inv. Sydinvest Int Emerging Market Local Currency Bonds 0 9,820 Inv. Sydinvest Intl Bric Equities 6,280 43,650 France Lyxor ETF EuroMts 1-3Y/CAP/DIS 5,135 3,680 Lyxor ETF Japan Topix 2,175 0 Lyxor ETF Russia -A- 5,000 0 Germany DWS Top Dividend 8,649 1,178 Ishares eb.rexx Government Germany ,720 0 Great Britain M&G Investment Funds - Global Basics Fund - Euro A Acc 0 26,937 Luxembourg Axa IM Fixed Income Investment Strategies - US Short Duration High Yield Fund -I-EUR/CAP Dexia Bonds Mortgages I/CAP 0 4,049 Franklin Templeton Investment Funds Global Bond Fund.-A- EUR HDG CAP 0 4,492 JP Morgan Funds - Global Focus Fund -A-/CAP 46,963 57,056 Lyxor ETF Dax 6,110 0 Sparinvest Sicav - Long Danish Bond - DKK I 0 24,028 Valueinvest Lux Global -I1-/CAP 2,481 11,410 12

13 Notes to the Financial Statements as at August 31, 2011 NOTE 1 GENERAL ( the Company ) is an Investment Company with Variable Capital (SICAV) incorporated under Luxembourg law in the form of a limited company in accordance with the provisions of the amended Luxembourg law of August 10, 1915 on commercial companies and organised in accordance with Part II of the Law of December 17, 2010 on undertakings for collective investment. The Company was set up for an unlimited duration on April 10, The Company s articles of incorporation were published in the Mémorial C, Recueil des Sociétés et Associations (the Mémorial ) on May 5, 2006 after being deposited on April 24, 2006 with the Registrar of the Luxembourg District Court. At the time of its formation, the Company was denominated PEERLESS SICAV. On March 5, 2007, following an Extraordinary General Meeting of Shareholders, the Company name was changed into. The amendments of the articles of incorporation were published in the Mémorial on March 29, These documents are available for inspection and copies can be obtained on paying a fee to the Registrar. The Company is registered in the Luxembourg Trade Register under number R.C.S. B On August 31, 2011, the following Sub-Funds are available to investors: Traditional Management Sub-Funds: Name ISIN Swiss Security No. Conservative LU Stable LU Dynamic LU The Company shall be considered as one single legal entity. With regard to third parties, in particular towards the Company s creditors, each Sub-Fund shall be exclusively responsible for all liabilities attributable to it. NOTE 2 SIGNIFICANT ACCOUNTING POLICIES a) Valuation of investments (i) the value of any cash on hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash dividends declared and interest accrued, and not yet received shall be deemed to be the full amount thereof, unless, however, the same is unlikely to be paid or received in full, in which case the value thereof is determined after making such discount as the Directors may consider appropriate to reflect the true value thereof; (ii) the value of securities which are admitted to official listing on any stock exchange are based on the latest available price or, if appropriate, on the average price on the stock exchange which is normally the principal market of such securities, and each security dealt on any other Regulated Market shall be based on the last available price; (iii) in the event that any assets are not admitted to official listing on any stock exchange or dealt on any other Regulated Market, or if, with respect to assets admitted to official listing on any stock exchange, or dealt on any other Regulated Market as aforesaid, the price as determined pursuant to paragraph (ii) is, in the opinion of the Directors, not representative of the fair market value of the relevant assets, the value of such assets are be based on the reasonably foreseeable sales price determined prudently and in good faith by the Directors. (iv) the liquidating value of futures, forward or options contracts not admitted to official listing on any stock exchange or dealt on any other Regulated Market shall mean their net liquidating value determined, pursuant to the policies established prudently and in good faith by the Directors, on a basis consistently applied for each different variety of contracts. The liquidating value of futures, forward or options contracts admitted to official listing on any stock exchange or dealt on any other Regulated Market is based upon the last available settlement prices of these contracts on stock exchanges and Regulated Markets on which the particular futures, forward or options contracts are traded by the Company; provided that if a futures, forward or option contract could not be liquidated on the day with respect to which net assets are being determined, the basis for determining the liquidating value of such contract shall be such value as the Directors may deem fair and reasonable; (v) units or Shares of open-ended UCIs are valued at their latest official net asset values, available at the Sub-Funds NAV calculation date as reported or provided by such UCIs or their agents. The Net Asset Value is final and binding notwithstanding any different later determination; 13

14 Notes to the Financial Statements (continued) as at August 31, 2011 NOTE 2 SIGNIFICANT ACCOUNTING POLICIES (continued) (vi) the value of money market instruments not admitted to official listing on any stock exchange or dealt on any other Regulated Market and with remaining maturity of less than 12 months and of more than 90 days is deemed to be the nominal value thereof, increased by any interest accrued thereon. Money market instruments with a remaining maturity of 90 days or less and not traded on any market are valued by the amortised cost method, which approximates market value; and (vii) all other securities and assets are valued at fair market value as determined in good faith pursuant to procedures established by the Directors. b) Realised gains/losses on sale of securities Gains and losses on investment securities sold are computed on the basis of average cost. c) Foreign exchange conversion The Net Asset Value is expressed in EUR for each Sub-Fund. Assets and liabilities which are not denominated in EUR are translated into EUR at the rate of exchange prevailing as at period end. The exchange rates used for conversion as at August 31, 2011 are : 1 EUR = DKK 1 EUR = GBP 1 EUR = USD 1 EUR = SEK d) Cost of investment securities The acquisition cost of investment securities in each Sub-Fund deriving in currencies other than the currency of denomination is converted to the base currency at the exchange rates prevailing at the purchase date. e) Consolidated financial statements of the SICAV The Net Asset Value of the Company is expressed in EUR, and consolidation of the various Sub-Funds is obtained by adding up the Net Asset Value of all Sub-Funds. f) Income from investments Dividends are recognised as income on the date the securities are first quoted ex-dividend, to the extent information thereon is reasonably available to the company. Interest is accrued for each net asset valuation. g) Formation expenses The costs and expenses incurred in connection with the incorporation of the Company, including those incurred in the preparation and publication of the Prospectus, as well as the taxes, duties and any other publication expenses amount to EUR ,-. These costs and expenses are borne by the initial Sub-Funds and will be amortised over a period of five years. 14

15 Notes to the Financial Statements (continued) as at August 31, 2011 NOTE 3 MANAGEMENT FEES For each Sub-Fund, the Investment Manager is entitled to an annual management fee as shown below: Sub-Fund Conservative 0.95% Stable 1.15% Dynamic 1.25% The fee is payable quarterly in arrears and calculated on the average net asset value of each Sub-Fund for the relevant quarter. NOTE 4 DUPLICATION OF FEES The Company may pay fees of the target UCITS and/or UCIs ( duplication of fees ) as detailed in its prospectus. However, the Sub-Funds may not invest in underlying UCIs which are themselves submitted to a management fee exceeding 3%. Triplication of management fees is however prohibited (in case of an investment by a Sub-Fund in a fund of fund where a management fee or performance fee would be charged at the level of both the fund of fund and the underlying fund, the Sub-Fund management fee will not be charged on the portion of such assets). NOTE 5 SUBSCRIPTION TAX Each of the Company s Sub-Funds is subject to a subscription tax (taxe d abonnement) at an annual rate of 0.05% p.a. Such rate may be decreased to 0.01% p.a. for certain Sub-Funds or Classes of Shares which are restricted to Institutional Investors as specified in the relevant Data Sheet. This tax is calculated and payable quarterly on the basis of the Net Asset Value of the Company s assets at the end of each quarter. This tax is not due on that portion of the Company s assets invested in other Luxembourg UCIs. In addition, the issue of Shares in the Company is not subject to any registration duties or other taxes in Luxembourg. NOTE 6 TAXES AND EXPENSES PAYABLE - Conservative - Stable - Dynamic EUR EUR EUR Subscription tax (Note 5) 3,833 1, Custodian, domiciliation, administration and transfer agent fees 8,950 3,870 2,373 Audit, printing and publication expenses 11,418 3,750 2,396 Investment compliance and legal fees 1,333 1,333 1,333 TOTAL 25,534 10,400 6,908 NOTE 7 TOTAL EXPENSE RATIO (TER) AND PORTFOLIO TURNOVER RATE (PTR) TER per sub-fund TER Conservative Stable Dynamic Capitalisation 1.28% 1.40% 1.58% Synthetic TER Capitalisation 1.57% 2.03% 2.42% Average Net Asset Value 42,585,476 12,909,364 9,136,395 15

16 Notes to the Financial Statements (continued) as at August 31, 2011 NOTE 7 TOTAL EXPENSE RATIO (TER) AND PORTFOLIO TURNOVER RATE (PTR) (continued) Determination of TER The Total Expense Ratio (TER) expresses the sum of all costs charged on an ongoing basis to the Sub-Fund s assets (operating expenses) taken retrospectively as a percentage of the average net assets of the Sub-Fund. The expenses are listed in the Statement of Operations and Changes in Net Assets on page 5. Determination of Synthetic TER The synthetic TER takes into account that the Company s Sub-Funds invest in other investment funds ( target funds ) and that the TER of these target funds have an important impact on the overall costs and thus on the performance of the Company s Sub-Funds. The synthetic TER is calculated as the sum of: the prorated TER of the individual target funds, weighted on the basis of their proportion in the net fund assets of the fund as of the closing date of the financial year or the end of the first half of the financial year the issue and redemption commissions of the target funds actually paid and the TER of the Sub-Fund. The TER is calculated in accordance with the Swiss Fund Association guidelines. PORTFOLIO TURNOVER RATE Conservative Stable Dynamic Capitalisation % % % NOTE 8 REBATES AND TRAILER FEES All rebates, fees, commissions, reimbursements or other financial benefits paid by target funds are entirely credited to the Company s assets. 16