Berenberg Aktien Annual Report As at 31 December 2017

Transcription

1 Berenberg Aktien Annual Report As at 31 December 2017 An investment fund with multiple sub-funds as an umbrella fund (fonds commun de placement à compartiments multiples) pursuant to Part I of the Luxembourg Law of 17 December 2010 on undertakings for collective investment.

2 Berenberg Aktien Contents Organisational structure 3 Report of the Board of Directors 4 Derivative exposure 5 Key risk data 5 Remuneration policy of the Management Company 6 Fund management report 7 Notes on the statement of assets 8-11 Balance sheet 12 Statement of assets Derivatives 17 Statement of income and expenditure Performance of fund assets 20 Comparative overview of the previous three financial years and since launch Report of the Réviseur d'entreprises agréé Page 2

3 Berenberg Aktien Organisational structure Management Company Depositary, Registrar and Transfer Agent Universal-Investment-Luxembourg S.A. R.C.S. Lux B , rue de Flaxweiler, L Grevenmacher Board of Directors of the Management Company Chairman of the Board of Directors Bernd Vorbeck Chairman of the Management Board of Universal-Investment-Gesellschaft mbh, Frankfurt am Main State Street Bank Luxembourg S.C.A. 49, avenue John F. Kennedy, L Luxembourg Paying agent and distributor Grand Duchy of Luxembourg State Street Bank Luxembourg S.C.A. 49, avenue John F. Kennedy, L Luxembourg Federal Republic of Germany Managing Directors Stefan Rockel Managing Director of Universal-Investment-Luxembourg S.A., Grevenmacher Matthias Müller Managing Director of Universal-Investment-Luxembourg S.A., Grevenmacher Joh. Berenberg, Gossler & Co. KG Neuer Jungfernstieg 20, D Hamburg Austria Erste Bank der österreichischen Sparkassen AG Am Belvedere 1, A Vienna Fund Manager Marc-Oliver Scharwath Managing Director of Universal-Investment-Luxembourg S.A., Grevenmacher Members Markus Neubauer Managing Director of Universal-Investment-Gesellschaft mbh, Frankfurt am Main Joh. Berenberg, Gossler & Co. KG Neuer Jungfernstieg 20, D Hamburg Réviseur d'entreprises agréé KPMG Luxembourg, Société coopérative Cabinet de révision agréé 39, avenue John F. Kennedy, L Luxembourg Page 3

4 Berenberg Aktien Report of the Board of Directors Dear Sir/Madam, We hereby present to you the Annual Report of Berenberg Aktien with its sub-fund Berenberg Aktien - Strategie Deutschland (formerly Berenberg Aktien - Quality & Value). The report covers the period from 1 January 2017 to 31 December Berenberg Aktien is a legally dependent investment fund ("fonds commun de placement "), established for an indefinite period under the law of the Grand Duchy of Luxembourg and subject to Part I of the Luxembourg Law of 17 December 2010 on undertakings for collective investment. The sub-fund's name was changed from "Berenberg Aktien - Quality & Value" to "Berenberg Aktien - Strategie Deutschland" with effect from 16 June At the same time, investors at sub-fund level of the Berenberg Aktien - Quality & Value (old name) / Berenberg Aktien - Strategie Deutschland (new name) sub-fund with ISIN LU continued in unit class R with unchanged ISIN LU Unit classes I (ISIN: LU ) and B (ISIN: LU ) of the Berenberg Aktien - Strategie Deutschland sub-fund were reissued. Unit class B is reserved for and can only be subscribed by clients of the Fund Manager, Joh. Berenberg, Gossler & Co. KG. In addition, the investment strategy and principles of the sub-fund were changed as follows: At least 51% of fund assets will be invested in shares of German issuers. German issuers are those whose registered offices, main stock exchange or business operations are in Germany, i.e. the country of risk is Germany. The Fund will invest primarily in standard stocks and in high-growth small and medium-sized companies. The Fund endeavours to outperform its benchmark HDAX. In accordance with Article 41(1)(e) of the Law of 2010, a maximum of 10% of the sub-fund assets may be invested in target funds. No more than 20% of sub-fund assets may be invested in interest-bearing securities. Convertible bonds and bonds cum warrants do not come under this category. No more than 10% of sub-fund assets may be invested in contingent convertibles. No more than 10% of fund assets may be invested in structured financial instruments. Structured financial instruments are exchange-traded investment instruments that are classified as securities under Article 41(1)(a) - (d) of the Law of Investments may be made in certificates of domestic and foreign issuers (e.g. bonus, discount and 1:1 certificates relating to shares or indices, currencies or derivatives) which meet the conditions of Article 41 (1)(a) - (d) of the Law of 2010 and contain no embedded derivatives. No more than 5% of fund assets may be invested in real estate investment trusts (REITs). Financial derivative instruments (FDIs) may be used for investment and hedging purposes. The sub-fund will not conclude any securities financing transactions in accordance with Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012. No direct investments are made in asset backed securities (ABS) and mortgage backed securities (MBS). Furthermore, as part of the restructuring, the use of income of unit class R was changed from "distributing" to "reinvesting" and the risk management procedure from "commitment approach" to "Value at Risk approach". As at 31 December 2017, the fund assets and price performance of the Fund during the reporting period were as follows: Unit class ISIN Fund assets in EUR Price performance in % Berenberg Aktien - Strategie Deutschland AK R LU , *) Berenberg Aktien - Strategie Deutschland AK I (since 16 June 2017) LU ,00 5,04 Berenberg Aktien - Strategie Deutschland AK B (since 16 June 2017) LU ,69 5,39 *) Price/performance ratio, taking into account the following payment on the ex-dividend date of 11 April 2017 and the value date of 13 April 2017: Berenberg Aktien - Strategie Deutschland AK R (formerly Berenberg Aktien - Quality & Value) EUR per unit Page 4

5 Berenberg Aktien Derivative exposure (unaudited) The derivative exposure as at 31 December 2017 can be found in the following table. Sub-funds Derivative exposure in % Berenberg Aktien - Strategie Deutschland 30,57 Key risk data (unaudited) General remarks The calculation of the Value at Risk for the Fund was carried out using a historic simulation based on the individual securities. A one-year observation period, a confidence interval of 99% and a holding period of one day were chosen for the calculation. The calculations comply with the regulatory requirements of the CSSF pursuant to the Law of 17 December 2010 and Circular no. 11/512. Method of determining overall risk The relative Value at Risk approach was used for monitoring overall risk during the period from 1 January 2017 to 31 December In the relative VaR approach, the VaR (99% confidence level, 1-day holding period, 1-year period under consideration) of the sub-fund may not exceed an amount equal to twice the VaR of a derivative-free reference asset. Here, in principle, the reference asset should approximate the investment policy of the sub-fund. Derivative-free reference assets as at 31 December 2017: 100% DAX 30 Index (Bloomberg: DAX INDEX) The VaR limit usage during the reporting period was as follows: Lowest usage: 35,87% Highest usage: 137,88% Average usage: 112,48% The leverage shall be calculated according to Directive CESR/ based on the sum of notionals method, excluding any netting and hedging effects. In this context, a portfolio with 100% leverage is considered unleveraged. The average leverage of the Fund during the reporting period was %. Page 5

6 Berenberg Aktien Remuneration policy of the Management Company (unaudited) Information on employee remuneration (as at 30 September 2017) is listed below: Total employee remuneration paid during the company's last completed financial year 4,20 EUR million - of which fixed remuneration 3,89 EUR million - of which variable remuneration 0,31 EUR million Number of company employees Amount of carried interest paid 45,41 Full-time equivalent n/a Total risk taker remuneration paid during the company's last completed financial year 1,16 EUR million - of which managers 1,07 EUR million - of which other risk takers 0,09 EUR million The remuneration system of the Management Company can be found on the website of Universal-Investment-Gesellschaft mbh at and in the Sales Prospectus. No changes were made to the remuneration system compared to the previous year. Page 6

7 Berenberg Aktien Fund Manager Report as at 31 December 2017 Significant changes during the reporting period 2017 proved to be a year of growth for the global economies. The increasingly strong economy and the resulting boost in company profits helped the equity markets achieve a positive performance. Despite worldwide increases in profits, equities did not go up in price, while German securities outperformed their European equivalents. As of 16 June 2017, the strategy of Berenberg Aktien - Strategie Deutschland was changed to an opportunistic blend approach, with a focus on large blue chips and flexible investments in second-line stocks, irrespective of the benchmark. To this end, companies are selected which have a high profit-earning capacity, display largely non-cyclical business trends, deliver long-term high returns on capital, demonstrate reliable corporate leadership and are traded for an attractive valuation on the equity market. The upward trend on the equity markets was essentially driven by the positive performance of the global economy, as well as special factors such as the ongoing discussion on U.S. tax reform. These expectations raised the prices of cyclical, economically sensitive stocks, which performed considerably better than defensive stocks. The aforementioned factors and the positive performance on the global equity markets meant that Berenberg Aktien - Strategie Deutschland could end the year on a positive note: % (unit class R), +5.04% (unit class I) and +5.39% (unit class B). The profits for unit classes I and B relate to the period from 16 June 2017 to 31 December 2017, as 16 June 2017 is the date they were created. Main risks On the equities side, we knowingly accepted price risks by direct investment in individual stocks. Page 7

8 Berenberg Aktien Notes on the statement of assets as at 31 December 2017 Unit value calculation The unit value is in euros (EUR) (hereinafter called "fund currency"). It is calculated by the Management Company each valuation day under the supervision of the Depositary. The valuation days are defined differently for each sub-fund and can be seen in the table section ("The sub-funds an overview"). The calculation is made by dividing the net sub-fund assets by the number of units of the sub-fund circulating on the valuation day. To counteract the practices of late trading and market timing, the calculation is made after the end of this time limit for the acceptance of subscription and/or conversion applications, as defined in the table entitled "The sub-funds an overview" or in the Sales Prospectus. The fund assets (hereinafter also referred to as "net asset value") are calculated based on the following principles: (a) (b) Securities and money market instruments listed on a stock exchange shall be valued at the latest prices paid at the time of calculating the net asset value. Securities and money market instruments not listed on an exchange but traded on another regulated market which operates regularly and is recognised and open to the public shall be valued at a price that cannot be less than the bid price or more than the offer price at the time of valuation and which the Management Company deems to be the best possible price at which the securities and/or money market instruments can be sold. (c) (d) (e) (f) (g) Securities and money market instruments which are neither listed on the stock market nor traded on another regulated market shall be valued at the market value at the time of calculating the net asset value fixed by the Management Company in good faith while abiding by generally recognised valuation rules that are verifiable by auditors. Units in UCITS and/or UCIs shall be valued at their net asset value last determined and available at the time of the calculation of the net asset value, applying a redemption fee if necessary. The liquid funds shall be valued at their nominal value plus interest at the time of calculating the net asset value. Fixed-term deposits with an original maturity of more than 30 days may be valued at the relevant yield value. All assets not denominated in the currency of the sub-fund shall be converted to the currency of the sub-fund at the latest mean rate of exchange available at the time of the valuation. Derivatives (e.g. options) are in principle valued at their latest available market or brokerage prices at the time of valuation. If a valuation day coincides with the settlement day for a position, the valuation of the corresponding position shall be made at its settlement price. Options on indices without an average calculation shall be valued using the Black & Scholes model, and options with an average calculation (Asian style options) shall be valued with the Levy approximation. The valuation of swaps including credit default swaps shall take place in a regular and reproducible form. It should be noted that swap contracts are entered into under normal market conditions exclusively in the interests of the Fund. h) The pro rata interest applicable to securities and/or money market instruments shall be included if not expressed in the market value. The inflow of funds based on the issue of units increases the percentage share of the respective unit class in the total value of the net assets of the sub-fund. The outflow of funds based on the redemption of units reduces the percentage share of the respective unit class in the total value of the net assets of the sub-fund. In the event of a distribution, the unit value of units in a corresponding unit class that carry entitlement to a dividend reduces by the amount of the distribution. At the same time, the percentage share made up of the unit class carrying entitlement to a distribution in the total net assets of the sub-fund is reduced, whilst the percentage share of the unit class which does not carry entitlement to a distribution in the total net assets of the sub-fund is increased. An income equalisation procedure is calculated on the Fund's income. This means that the income accruing during the financial year which the purchaser of units has to pay as part of the issue price and which the seller of unit certificates will receive as part of the redemption price is continuously netted. The expenses incurred are taken into account correspondingly. When calculating the income equalisation, the method is used which corresponds to the applicable rules given in the German Investment Act or Investment Tax Act. If unusual circumstances arise which render a valuation in accordance with the above criteria impossible or inappropriate, the Management Company has the right to apply other valuation rules, in good faith, which are generally recognised and may be verified by auditors in order to obtain a proper valuation of the fund assets. The Management Company is not obliged to redeem more than 10% of the units currently in circulation at this point on a valuation day. If the company receives redemption requests on a valuation day for more than the stated number of units the Management Company is entitled to postpone the redemption of units exceeding more than 10% of the units in issue at this point until the fourth valuation day afterwards. These redemption requests should be given preferential treatment over applications received later. Redemption requests submitted on the same valuation day are treated equally. Page 8

9 Berenberg Aktien Notes on the statement of assets as at 31 December 2017 Exchange rates As at 31 December 2017, foreign currency positions were valued at the exchange rates set out below: Currency Rate EUR - CHF 1,1700 EUR - DKK 7,4453 EUR - GBP 0,8874 EUR - USD 1,2007 Management fee From 16 June 2017, the Management Company receives a fee of up to 0.25% p.a. of the sub-fund assets (up to 0.40% until 15 June 2017), with a minimum of EUR 50,000 p.a. This fee is always calculated on the basis of the daily calculated net asset value and is payable at the end of each month, plus any applicable value-added tax. Depositary, Registrar and Transfer Agent fees In exchange for the performance of its duties, the Depositary receives a fee of, on average, 0.09% p.a. of the sub-fund assets. Depending on the depositary available for the target investment in question, the fee may also come out to more or less with a minimum of EUR 21,600 p.a. per sub-fund. This fee is always calculated on the basis of the daily calculated net asset value and is payable at the end of each month, plus any applicable value-added tax. As per market custom, the Depositary also receives a processing fee for all securities transactions on behalf of the Fund if it does not receive banking fees for this. Fund Manager's fee From 16 June 2017, the Fund Manager receives a fee of up to 1.25% p.a. of the sub-fund assets (up to 1.50% until 15 June 2017). This fee is always calculated on the basis of the daily calculated net asset value and is payable at the end of each month, plus any applicable value-added tax. Performance fee On 16 June 2017, the Fund Manager retroactively waived the payment of a performance fee for the entire 2017 financial year. Page 9

10 Berenberg Aktien Notes on the statement of assets as at 31 December 2017 Transaction costs For the reporting period ending on 31 December 2017, transaction costs amounting to EUR 11, were incurred from the purchase and sale of securities, money market instruments, derivatives and other assets in the Fund. The transaction costs include in particular commissions for brokers and agents, clearing fees and external charges (e.g. stock market fees, local taxes and charges, registration and transfer charges). Portfolio Turnover Rate (PTR) In the reporting period: Berenberg Aktien - Strategie Deutschland 11,65% The absolute number calculated for the PTR represents the ratio between securities purchases and sales, cash inflows and outflows and the average fund assets for the aforementioned reporting period. Ongoing charges *) In the reporting period: Berenberg Aktien - Strategie Deutschland Unit class Ongoing charges in % Berenberg Aktien - Strategie Deutschland AK R 2,31 Berenberg Aktien - Strategie Deutschland AK I (since 16 June 2017) 1,20 Berenberg Aktien - Strategie Deutschland AK B (since 16 June 2017) 0,64 *) In the event of a short financial year, the ongoing charges will be annualised. Taxation Fund assets are currently subject to a "taxe d'abonnement " of up to 0.05% p.a. at present in Luxembourg. It is payable quarterly and based on the respective reported fund assets at the end of the quarter. The income of the Fund is not subject to taxation in Luxembourg. However, the income of the Fund may be subject to withholding tax in countries in which assets of the Fund are invested. In such cases, neither the Depositary nor the Management Company are obligated to collect tax certificates. Page 10

11 Berenberg Aktien Notes on the statement of assets as at 31 December 2017 Publications Information on the issue and redemption prices of each sub-fund and/or each unit class is available at the registered office of the Management Company, Depositary and Paying Agents of the Fund abroad and is published in accordance with the legal provisions of any country in which units are authorised for sale to the public as well as on the website of the Management Company ( The net asset value of each sub-fund or each unit class may be requested from the registered office of the Management Company and is also published on the website of the Management Company. Information, particularly notices to investors, is also published on the Management Company's website. In addition, notices will be published in Luxembourg in the RESA and in a Luxembourg daily newspaper, where required by law, and also, if required, in another daily newspaper that has sufficient circulation. Changes to the securities portfolio The changes to the securities holdings in the reporting period can be obtained free of charge at the registered office of the Management Company, via the Depositary and via any paying agent. Information as per Regulation (EU) 2015/2365 on the transparency of securities financing transactions and of reuse and amending Regulation (EU) No. 648/ figures according to Section A During the reporting period, there were no securities financial transactions or total return swaps subject to the above-named regulations. Page 11

12 Berenberg Aktien - Strategie Deutschland As the investment fund Berenberg Aktien consists of only one sub-fund as at 31 December 2017, i.e. Berenberg Aktien - Strategie Deutschland, the statement of assets, the statement of income and expenditure and a report on the performance of fund assets of Berenberg Aktien - Strategie Deutschland is at the same time the consolidated above-mentioned statement of assets for the investment fund Berenberg Aktien. Balance sheet as at 31 December 2017 Investment focuses Current value in EUR % of fund assets *) I. Assets ,56 100,28 1. Shares ,14 97,68 2. Derivatives ,00-0,01 3. Bank deposits ,42 2,62 II. Liabilities ,77-0,28 III. Fund assets ,79 100,00 *) Minor rounding differences may arise due to rounding of the share percentages during calculation. The notes to the statement of assets form an integral part of the annual financial statements. Page 12

13 Berenberg Aktien - Strategie Deutschland Statement of assets as at 31 December 2017 Name ISIN Quantity or holding Currency Rate Market value % Units or 31 December 2017 in EUR of fund % of 1,000 assets *) Portfolio positions EUR ,14 97,68 Exchange-traded securities EUR ,14 97,68 Shares EUR ,14 97,68 adesso AG Inhaber-Aktien o.n. DE000A0Z23Q5 QTY EUR 54, ,00 1,03 adidas AG Namens-Aktien o.n. DE000A1EWWW0 QTY EUR 167, ,00 4,11 Airbus SE Aandelen op naam EO 1 NL QTY EUR 83, ,00 1,12 Allianz SE vink.namens-aktien o.n. DE QTY EUR 191, ,00 6,38 Aurubis AG Inhaber-Aktien o.n. DE QTY EUR 77, ,00 1,24 Axel Springer SE vink.namens-aktien o.n. DE QTY EUR 65, ,00 1,23 BASF SE Namens-Aktien o.n. DE000BASF111 QTY EUR 91, ,00 3,98 Bayerische Motoren Werke AG Stammaktien EO 1 DE QTY EUR 86, ,00 1,89 Bechtle AG Inhaber-Aktien o.n. DE QTY EUR 69, ,00 1,01 CANCOM SE Inhaber-Aktien o.n. DE QTY EUR 69, ,00 0,50 Continental AG Inhaber-Aktien o.n. DE QTY EUR 225, ,00 2,61 CTS Eventim AG & Co. KGaA Inhaber-Aktien o.n. DE QTY EUR 38, ,00 0,96 Delivery Hero AG Namens-Aktien o.n. DE000A2E4K43 QTY EUR 33, ,00 0,35 Deutsche Börse AG Namens-Aktien o.n. DE QTY EUR 96, ,00 2,80 Deutsche Lufthansa AG vink.namens-aktien o.n. DE QTY EUR 30, ,00 3,56 Deutsche Post AG Namens-Aktien o.n. DE QTY EUR 39, ,00 4,03 Deutsche Wohnen SE Inhaber-Aktien o.n. DE000A0HN5C6 QTY EUR 36, ,00 1,85 E.ON SE Namens-Aktien o.n. DE000ENAG999 QTY EUR 9, ,00 1,31 Fresenius Medical Care KGaA Inhaber-Aktien o.n. DE QTY EUR 87, ,00 2,01 Fresenius SE & Co. KGaA Inhaber-Aktien o.n. DE QTY EUR 65, ,00 2,83 FUCHS PETROLUB SE Inhaber-Vorzugsakt. o.st.o.n. DE QTY EUR 44, ,50 0,66 GRENKE AG Namens-Aktien o.n. DE000A161N30 QTY EUR 79, ,40 0,86 Hapag-Lloyd AG Namens-Aktien o.n. DE000HLAG475 QTY EUR 33, ,00 1,07 HeidelbergCement AG Inhaber-Aktien o.n. DE QTY EUR 90, ,00 1,96 HELLA GmbH & Co. KGaA Inhaber-Aktien o.n. DE000A13SX22 QTY EUR 51, ,00 1,05 HelloFresh SE Inhaber-Aktien o.n. DE000A QTY EUR 11, ,00 1,03 Henkel AG & Co. KGaA Inhaber-Vorzugsaktien o.st.o.n DE QTY EUR 110, ,50 2,88 HolidayCheck Group AG Inhaber-Aktien o.n. DE QTY EUR 2, ,00 1,01 HUGO BOSS AG Namens-Aktien o.n. DE000A1PHFF7 QTY EUR 70, ,00 1,03 HYPOPORT AG Namens-Aktien o.n. DE QTY EUR 145, ,00 1,05 Infineon Technologies AG Namens-Aktien o.n. DE QTY EUR 22, ,48 2,83 JENOPTIK AG Inhaber-Aktien o.n. DE QTY EUR 27, ,00 1,00 Jungheinrich AG Inhaber-Vorzugsakt.o.St.o.N. DE QTY EUR 39, ,50 0,89 KRONES AG Inhaber-Aktien o.n. DE QTY EUR 114, ,00 0,78 The notes to the statement of assets form an integral part of the annual financial statements. Page 13

14 Berenberg Aktien - Strategie Deutschland Statement of assets as at 31 December 2017 Name ISIN Quantity or holding Currency Rate Market value % Units or 31 December 2017 in EUR of fund % of 1,000 assets *) LANXESS AG Inhaber-Aktien o.n. DE QTY EUR 66, ,50 0,71 MorphoSys AG Inhaber-Aktien o.n. DE QTY EUR 76, ,00 0,60 MTU Aero Engines AG Namens-Aktien o.n. DE000A0D9PT0 QTY EUR 149, ,20 1,58 Nanogate SE Inhaber-Aktien o.n. DE000A0JKHC9 QTY EUR 47, ,00 0,88 Nemetschek SE Inhaber-Aktien o.n. DE QTY EUR 74, ,00 0,84 NORMA Group SE Namens-Aktien o.n. DE000A1H8BV3 QTY EUR 55, ,00 0,97 Qiagen N.V. Aandelen op naam EO -,01 NL QTY EUR 26, ,00 0,95 RATIONAL AG Inhaber-Aktien o.n. DE QTY EUR 537, ,00 0,93 RIB Software SE Namens-Aktien EO 1 DE000A0Z2XN6 QTY EUR 24, ,00 1,08 Rocket Internet SE Inhaber-Aktien o.n. DE000A12UKK6 QTY EUR 21, ,00 1,99 SAP SE Inhaber-Aktien o.n. DE QTY EUR 93, ,50 4,74 Sartorius AG Vorzugsaktien o.st. o.n. DE QTY EUR 79, ,00 0,92 Siemens AG Namens-Aktien o.n. DE QTY EUR 116, ,00 4,20 SPORTTOTAL AG Inhaber-Aktien o.n. DE000A1EMG56 QTY EUR 3, ,00 0,94 Stabilus S.A. Actions au Porteur EO -,01 LU QTY EUR 74, ,00 1,09 STRATEC Biomedical AG Namens-Aktien o.n. DE000STRA555 QTY EUR 64, ,56 0,93 Süss MicroTec AG Namens-Aktien o.n. DE QTY EUR 57, ,00 1,22 va-q-tec AG Namens-Aktien o.n. DE QTY EUR 18, ,00 0,80 Vapiano SE Inhaber-Aktien o.n. DE000A0WMNK9 QTY EUR 24, ,00 1,05 Vonovia SE Namens-Aktien o.n. DE000A1ML7J1 QTY EUR 41, ,00 3,00 Wacker Chemie AG Inhaber-Aktien o.n. DE000WCH8881 QTY EUR 162, ,00 1,41 Wirecard AG Inhaber-Aktien o.n. DE QTY EUR 93, ,00 1,01 XING SE Namens-Aktien o.n. DE000XNG8888 QTY EUR 268, ,00 0,97 Zalando SE Inhaber-Aktien o.n. DE000ZAL1111 QTY EUR 44, ,00 1,02 zooplus AG Inhaber-Aktien o.n. DE QTY EUR 150, ,00 0,98 Total securities EUR ,14 97,68 The notes to the statement of assets form an integral part of the annual financial statements. Page 14

15 Berenberg Aktien - Strategie Deutschland Statement of assets as at 31 December 2017 Name ISIN Quantity or holding Currency Rate Market value % Units or 31 December 2017 in EUR of fund % of 1,000 assets *) Derivatives EUR ,00-0,01 Bank deposits, non-securitised money market instruments and money market funds EUR ,42 2,62 Bank deposits EUR ,42 2,62 Deposits at State Street Bank Luxembourg S.C.A. Deposits in the fund currency ,15 EUR ,15 1,79 Deposits in other EU/EEA currencies 2.767,77 DKK 371,75 0, ,40 GBP 3.596,35 0,01 Deposits in currencies outside EU/EEA 123,32 CHF 105,40 0, ,35 USD 1.581,87 0,00 Deposits with Royal Bank of Scotland plc London Deposits in the fund currency ,90 EUR ,90 0,81 Deposits at State Street Bank Luxembourg S.C.A. Deposits in the fund currency (variation margin) 5.561,00 EUR 5.561,00 0,01 Liabilities EUR ,77-0,28 Interest payable -370,07 EUR -370,07 0,00 Management fee ,27 EUR ,27-0,04 Depositary fee ,00 EUR ,00-0,01 Custody fees ,24 EUR ,24 0,00 Fund Manager's fee ,81 EUR ,81-0,18 Costs of publication ,00 EUR ,00 0,00 Auditing costs ,84 EUR ,84-0,03 Taxe d abonnement ,69 EUR ,69-0,01 Other liabilities ,85 EUR ,85-0,01 Fund assets EUR ,79 100,00 The notes to the statement of assets form an integral part of the annual financial statements. Page 15

16 Berenberg Aktien - Strategie Deutschland Statement of assets as at 31 December 2017 Name ISIN Quantity or holding Currency Rate Market value % Units or 31 December 2017 in EUR of fund % of 1,000 assets *) Berenberg Aktien - Strategie Deutschland AK R Unit value EUR 84,64 Issuing price EUR 88,87 Redemption price EUR 84,64 Number of units QTY ,121 Berenberg Aktien - Strategie Deutschland AK I Unit value EUR 105,04 Issuing price EUR 105,04 Redemption price EUR 105,04 Number of units QTY ,000 Berenberg Aktien - Strategie Deutschland AK B Unit value EUR 105,39 Issuing price EUR 105,39 Redemption price EUR 105,39 Number of units QTY ,000 *) Minor rounding differences may arise due to rounding of the share percentages during calculation. The notes to the statement of assets form an integral part of the annual financial statements. Page 16

17 Berenberg Aktien - Strategie Deutschland Derivatives as at 31 December 2017 Financial futures contracts as at 31 December 2017 Name Maturity Number Currency Cost price in currency Market price in currency commitment Unrealised profit in EUR in EUR FUTURE BASF SE O.N EUREX 16/03/ EUR 93, , , ,00 FUTURE CONTINENTAL AG EUREX 16/03/ EUR 223, , , ,34 FUTURE DAX (PERFORMANCE-INDEX) EUREX 16/03/ EUR , , , ,00 FUTURE E.ON SE EUREX 16/03/ EUR 9,5685 9, , ,57 FUTURE INFINEON TECH.AG EUREX 16/03/ EUR 22, , , ,01 FUTURE SAP SE EUREX 16/03/ EUR 94, , , ,20 FUTURE SIEMENS EUREX 16/03/ EUR 113, , , ,56 Financial futures contracts - total ,00 Derivatives - total ,00 The notes to the statement of assets form an integral part of the annual financial statements. Page 17

18 Berenberg Aktien - Strategie Deutschland Income and expenditure statement (including income equalisation) for the period from 1 January 2017 to 31 December 2017 I. Income - Dividends EUR ,53 - Interest from participation certificates EUR ,39 - Interest from liquid investments *) EUR ,09 Total revenues EUR ,83 II. Expenditure - Interest on short-term loans EUR ,99 - Management fee EUR ,23 - Fund Manager's fee EUR ,99 - Depositary fee EUR ,85 - Custody fees EUR ,08 - Auditing and publication costs EUR ,36 - Taxe d'abonnement EUR ,43 - Registrar and Transfer Agent EUR ,05 - Foreign withholding tax EUR ,87 - Expenditure equalisation EUR ,37 - Other expenditure EUR ,92 Total expenditure EUR ,14 III. Ordinary net profit EUR ,31 Total *) "Interest from liquid investments" includes negative credit interest of EUR 4, The notes to the statement of assets form an integral part of the annual financial statements. Page 18

19 Berenberg Aktien - Strategie Deutschland Income and expenditure statement (including income equalisation) for the period from 1 January 2017 to 31 December 2017 IV. Sale transactions 1. Realised profits from EUR ,75 - Securities transactions EUR ,83 - Financial futures contracts EUR ,87 - Currencies EUR 3.543,05 2. Realised losses from EUR ,38 - Securities transactions EUR ,08 - Financial futures contracts EUR ,24 - Currencies EUR ,06 Realised profit/loss EUR ,37 V. Net change in unrealised gains/losses - Net change in unrealised gains EUR ,55 - Net change in unrealised losses EUR ,91 Net change in unrealised profit EUR ,64 VI. Result for the reporting period EUR ,70 Total The notes to the statement of assets form an integral part of the annual financial statements. Page 19

20 Berenberg Aktien - Strategie Deutschland Performance of fund assets 2017 I. Value of fund assets at the beginning of the reporting period EUR ,78 1. Distribution for the previous year EUR ,24 2. Interim distributions EUR 0,00 3. Inflow/outflow of funds (net) EUR ,09 (a) Inflows from sale of unit certificates EUR ,86 (b) Outflows from redemption of unit certificates EUR ,77 4. Income equalisation/expenditure equalisation EUR ,54 5. Result for the reporting period EUR ,70 II. Value of fund assets at the end of the reporting period EUR ,79 The notes to the statement of assets form an integral part of the annual financial statements. Page 20

21 Berenberg Aktien - Strategie Deutschland Berenberg Aktien - Strategie Deutschland AK R Comparative overview of the previous three financial years Financial year Units in circulation as at Fund assets as at Unit value as at end of the financial year end of the financial year end of the financial year 2014 Quantity ,203 EUR ,01 EUR 71, Quantity ,079 EUR ,87 EUR 72, Quantity ,517 EUR ,78 EUR 74, Quantity ,121 EUR ,10 EUR 84,64 Performance of units outstanding during the reporting period Units Units outstanding at the start of the reporting period ,517 Units issued ,954 Units redeemed ,350 Units outstanding at the end of the reporting period ,121 The notes to the statement of assets form an integral part of the annual financial statements. Page 21

22 Berenberg Aktien - Strategie Deutschland Berenberg Aktien - Strategie Deutschland AK I Comparative overview since launch Financial year Units in circulation as at Fund assets as at Unit value as at end of the financial year end of the financial year end of the financial year 2017 *) Quantity ,000 EUR ,00 EUR 105,04 *) Launch date: 16 June 2017 Performance of units outstanding during the reporting period Units Units outstanding at the start of the reporting period 0,000 Units issued ,000 Units redeemed ,000 Units outstanding at the end of the reporting period ,000 The notes to the statement of assets form an integral part of the annual financial statements. Page 22

23 Berenberg Aktien - Strategie Deutschland Berenberg Aktien - Strategie Deutschland AK B Comparative overview since launch Financial year Units in circulation as at Fund assets as at Unit value as at end of the financial year end of the financial year end of the financial year 2017 *) Quantity ,000 EUR ,69 EUR 105,39 *) Launch date: 16 June 2017 Performance of units outstanding during the reporting period Units Units outstanding at the start of the reporting period 0,000 Units issued ,000 Units redeemed ,000 Units outstanding at the end of the reporting period ,000 The notes to the statement of assets form an integral part of the annual financial statements. Page 23

24 KPMG Luxembourg, Société coopérative Tel.: , avenue John F. Kennedy Fax: L-1855 Luxembourg info@kpmg.lu Website: To the unitholders of Berenberg Aktien REPORT OF THE REVISEUR D ENTREPRISES AGREE Report on the annual audit Audit opinion We have audited the accompanying annual financial statements for Berenberg Aktien ( the Fund ) and its sub-funds. These statements consist of the statement of assets as at 31 December 2017, the statement of income and expenditure, the performance of fund assets for the financial year ending on the above date, and the Annex containing an overview of important accounting methods. It is our opinion that the accompanying annual accounts accurately reflect the assets and finances of the Fund as at 31 December 2017 as well as its profits and performance of fund assets for the financial year ending on this date, in accordance with the statutory provisions and regulations applicable in Luxembourg with regard to the preparation and presentation of annual financial statements. Basis for the audit opinion We carried out our audit in compliance with the Law concerning the audit profession (Law of 23 July 2016) and in accordance with the international standards on auditing (ISAs) adopted for Luxembourg by the Commission de Surveillance du Secteur Financier (CSSF). Our remit under the aforementioned law and standards with regard to the annual audit is described in detail in the chapter entitled Responsibility of the Réviseur d Entreprises agréé. In accordance with the International Ethics Standards Board for Accountants Code of Ethics for Professional Accountants (IESBA Code) adopted for Luxembourg by the CSSF and the ethical standards we uphold in carrying out annual audits, we are not affiliated with the Fund in any way and have complied with all other professional requirements incumbent on us under these ethical standards. We feel that the audit evidence we requested is sufficient and appropriate to serve as a basis for our audit opinion. Other information The Board of Directors of the Management Company is responsible for all other information. Other information includes information from the annual report but does not cover the annual financial statements or our Réviseur d Entreprises agréé report on the annual financial statements. Our audit opinion on the annual financial statements does not cover other information and we do not vouch in any way for the accuracy of this information. Our responsibilities regarding the audit of the annual financial statement pertain to reading the other information and assessing if there are any major discrepancies between this information and the annual financial statement, if there are any major discrepancies between this information and the information revealed by the audit, or if the other information seems to contain major errors. If our work leads us to conclude that the other information contains major errors, we are obliged to report any such findings. We have nothing to report in this regard. KPMG Luxembourg, Société coopérative, a Luxembourg entity and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. VAT LU R.C.S. Luxembourg B

25 Responsibility of the Board of Directors of the Management Company for the annual financial statement The Board of Directors of the Management Company is responsible for preparing and appropriately presenting the annual financial statements as a whole in accordance with the statutory provisions and regulations applicable in Luxembourg as regards preparing the annual report, and for all internal controls it deems necessary in order to prepare and present the annual financial statements without any material misstatements, whether intentional or otherwise. In preparing the annual financial statements, the Board of Directors of the Management Company is responsible for assessing the Fund s capacity as a going concern and for providing information on issues related to this where relevant. The Board is also responsible for using the assumption of a going concern as an accounting principle, unless the Board of Directors of the Management Company intends to liquidate the Fund, suspend trading or has no realistic alternative than to do so. Responsibility of the Réviseur d Entreprises agréé for the annual financial statements Our objective is to obtain reasonable assurance that the annual financial statements as a whole do not contain any material misstatements, whether intentional or otherwise, and to issue a report of the Réviseur d Entreprises agréé containing our audit opinion. Reasonable assurance translates to a high degree of certainty, yet this does not guarantee that material misstatements are always discovered by an audit in accordance with the Law of 23 July 2016 and the ISAs adopted for Luxembourg by the CSSF. Misstatements may be the result of both irregularities and violations and are deemed material if there are reasonable grounds to assume that, whether individually or collectively, they will influence the financial decisions taken by the target audience on the basis of these annual financial statements. While undertaking an audit in accordance with the Law of 23 July 2016 and the ISAs adopted for Luxembourg by the CSSF, we exercise our professional judgement and always adopt a critical approach. In addition: We identify and assess the risk posed by material misstatements in the annual financial statements resulting from irregularities or violations, we plan and implement audit procedures in response to these risks and request audit evidence that is sufficient and appropriate to form a basis for the audit opinion. Material misstatements resulting from violations are less likely to be uncovered than those resulting from irregularities, since violations may involve fraudulent cooperation, fabrications, the intentional omission of information, incorrect data or the removal of internal controls. We learn about the internal control system relevant to the audit in order to plan audit procedures that are appropriate in the circumstances; however, the aim of this is not to give an audit opinion on the effectiveness of the internal control system. We assess the adequacy of the balance sheet methods used by the Board of Directors of the Management Company, the accounting-related estimates and the corresponding notes. Regarding the appropriateness of the continued use of the accounting policy by the Board of Directors of the Management Company, and on the basis of the audit evidence obtained, we come to a conclusion as to whether there is material uncertainty surrounding events or circumstances that could raise significant doubts as to the Fund's ability to continue as a going concern. If this is our conclusion, we are obligated to refer to the corresponding notes to the annual financial statements in the report of the Réviseur d Entreprises agréé, or to modify the audit opinion if the information is inadequate. We base these conclusions on the evidence requested up to the date of the report of the Réviseur d Entreprises agréé. Nonetheless, future events or circumstances may result in the Fund s inability to continue as a going concern. We assess the overall presentation, structure and content of the annual financial statements, including the notes, and judge whether the statements accurately reflect the underlying business operations and events. Among other things, we inform the persons responsible for monitoring of the intended scope and time frame of the audit, and of any significant audit findings, including any substantial flaws in the internal control system. Luxembourg, 12 April 2018 KPMG Luxembourg, Société coopérative Cabinet de révision agréé S. Kraiker