T REET O P G L O B A L D Y N A M I C

Transcription

1 T REET O P G L O B A L D Y N A M I C Quarterly Report TreeTop Global Dynamic 2Q 2016 S u b - f u n d o f T r e e T o p G l o b a l S I C A V M a n a g e d b y T r e e T o p A s s e t M a n a g e m e n t S. A., a M a n a g e m e n t c o m p a n y u n d e r L u x e m b o u r g l a w QUARTERLY REPORT 2Q 2016 The present Quarterly Report on its own does not give complete information about the SICAV and should therefore be read before any investment together with the Key Investor Information Document (KIID), the prospectus as well as the latest annual/semi-annual report of the SICAV. Technical Datasheet General information Name of the sub-fund Legal form Type of financial product Duration of the product Currency Investment objective Share classes Managers Sub-fund assets (as of 30/06/16) Recommended holding period TreeTop Global Dynamic, a sub-fund of TreeTop Global SICAV Sub-fund of a SICAV under Luxembourg law Undertaking for Collective Investment Indefinite EUR The sub-fund aims to increase the value of your investment over the long term. Under normal market conditions, the sub-fund invests mainly in shares from issuers anywhere in the world, including in emerging markets. The sub-fund also invests in other types of securities including convertible bonds and warrants or call options on shares, consistent with its objective. The sub-fund may use derivatives for investment purposes or to reduce investment risks (hedging). With a view of diversifying the sources of performance, the sub-fund is managed by different fund managers of TreeTop Asset Management, each following its own global active management approach. Most of the sub-fund s exposure to foreign exchange risk is hedged back into the reference currency of the share class. Class Dividend policy Launch date ISIN code A EUR Capitalisation 15/11/2011 LU D EUR Distribution 15/11/2011 LU Jacques Berghmans, Hubert d'ansembourg, Peter Robson and Andrew Dalrymple 61 million More than 6 years Management and Distribution Management Company Custodian Bank Financial Service (Belgium) Financial Service (Luxemburg) External Auditor Liquidity Display of NAVs Minimum initial subscription Cut-off Registered in TreeTop Asset Management S.A., a Management company under Luxembourg law Banque Degroof Petercam Luxembourg S.A. Banque Degroof Petercam S.A. Banque Degroof Petercam Luxembourg S.A. PricewaterhouseCoopers Daily NAVs are published in l'echo and De Tijd am Belgium and Luxemburg 1

2 Documents The KIID, as well as the prospectus and periodic reports in English, French and Dutch are available on request and free of charge from TreeTop Asset Management S.A. 12 rue Eugène Ruppert L-2453 Luxembourg, from the bank in charge of the fund administration in Belgium: Banque Degroof Petercam SA, rue de l'industrie 44 in B-1040 Brussels or on Fees and Taxation Subscription fee Max. 1% freely negotiable Redemption fee None Ongoing charges (as of A: 1.54%; D: 1.54% 31/12/15) Performance fee 12% of the daily increase in the fund value if the share price exceeds the highest share price ever achieved by the fund Stock exchange transaction Class A : 1.32% max. 2,000 ; Class D : Not applicable tax Belgian savings tax on Not applicable redemption Belgian withholding tax Class A : Not applicable ; Class D : 27% on dividends The tax regime applies to an average retail customer, being a natural person residing in Belgium. Risk and Reward Profile Legal information The risk/reward rating of the sub-fund reflects the following factors: 1) invests mainly in shares and to a lesser extent in warrants or call options on shares and/or convertible bonds, 2) it may invest a part of its portfolio in warrants or call options on shares that are more volatile than shares and may loose their value at expiry date, and 3) it may favour particular economic sectors or regions, including emerging markets. Moreover, it is also exposed to the following risks: liquidity (convertible bonds may become hard to value or to sell at a desired price and time), counterparty (the sub-fund could lose money if any entity with which it does business becomes unwilling or unable to honor its obligations to the sub-fund), legal and tax risks (the subfund could be affected by foreign legal and tax changes, some of which may be retroactive). The figures in this Quarterly Report have not been audited and should not be considered as investment advice. Complaints can be addressed to the attention of the Compliance Officer, at the following address: TreeTop Asset Management Belgium, rue des Francs, 79, 1040 Brussels. We will send you an acknowledgement of receipt within 5 working days. We will analyze your complaint and give a detailed response in the month following its receipt, provided that the complaint is complete and specific. Complaints relating to investment products and services can be addressed to the Ombudsfin (Banks, Credits and Investments Mediation Service), North Gate II, Avenue Roi Albert II 8, B-1000 Brussels ( or ombudsman@ombudsfin.be). The mediation service may suggest solutions for resolving the dispute. In the event of a lack of mutual acceptance of the proposed solutions, either party can turn to the competent courts. 2

3 NAV evolution of TreeTop Global Dynamic A EUR 1 vs. MSCI All Country World Performance of TreeTop Global Dynamic A EUR as of 30 June MSCI AC World TreeTop Glob. Dyn. A EUR Calendar year performance of TreeTop Global Dynamic A EUR 1 vs. MSCI AC World 2 since % 25% 20% 15% 10% 5% 0% 15.9% 15.9% 26.9% 25.5% TreeTop Glob. Dyn. A EUR MSCI AC World 9.3% 2.8% 2.8% 1.3% Performance summary as of 30 June 2016 TreeTop Gl. MSCI AC World² Dynamic A 1 Cumulated returns 1 month -5.5% -1.0% 3 months -3.4% 1.2% YTD -11.2% -0.3% 1 year -15.2% -3.2% Annualized returns 3 years 3.6% 8.2% Inception 6.3% 10.7% Sources: Banque Degroof Petercam Luxembourg and Bloomberg (base 100 at inception date: 15/11/2011). Past performance and NAV evolution are no guarantee of future performance. The returns, calculated in the reference currency (EUR), do not reflect any entry charges or taxes a Belgian private individual might have to pay. 1 There is another share class (D EUR): the relevant statistics are available on request and free of charge from TreeTop Asset Management and are also presented on the website 2 The investment policy does not stipulate any correlation between the sub-fund and the index (MSCI All Country World in local currency - Bloomberg code: NDLEACWF). Consequently, the performance of the sub-fund may differ from the performance of the index. 3

4 Portfolio Structure as of 30 June 2016 Sector breakdown Finance 0% 5% 10% 15% 20% 25% Geographic breakdown America 39.4% Cons. Discret. Industry Technology Cons. Staples Materials Pacific 36.9% including: USA 34.3% Canada 4.5% Cash 0.1% Health Care Energy Utilities Telecom Cash including: India 15.5% China 9.0% Japan 3.7% Europe 23.6% including: France 11.1% UK 4.2% Germany 2.8% Type of securities Portfolio allocation 0.1% 0.3% Options A. Dalrymple 25.5% Cash & deposits 0.1% J. Berghmans & H. D'Ansembourg 49.4% Equity Cash, deposits & bonds (excl. CB) 99.6% P. Robson 25.0% Main holdings of the portfolio Securities Issuer Underlying Sector Country % NAV Equity SAFRAN SAFRAN INDUSTRY FRANCE 5% Equity ALLIANCE DATA ALLIANCE DATA TECHNOLOGY US 5% Equity ALIM. COUCHE-TARD ALIM. COUCHE-TARD CONS. STAPLES CANADA 5% Warrant MERRILL LYNCH 2019 INDIABULLS H.F. FINANCE INDIA 3% Warrant CLSA 2020 INDIABULLS H.F. FINANCE INDIA 3% Equity BAIDU BAIDU TECHNOLOGY CHINA 3% Equity TATA MOTORS TATA MOTORS CONS. DISCRET. INDIA 2% Warrant JP MORGAN 2018 UPL MATERIALS INDIA 2% Equity UNITED RENTALS UNITED RENTALS INDUSTRY US 2% Equity VIPSHOP HOLDING VIPSHOP HOLDING CONS. DISCRET. CHINA 2% TOTAL 32% Source: TreeTop Asset Management 4

5 Portfolio Composition as of 30 June 2016 (1/3) Underlying Region % portf. Sector Type of security 51JOB INC ADR PAC/CHINA 0.61 CONS. DISCRET. Equity ACTIVISION BLIZZARD INC AMER/USA 0.98 TECHNOLOGY Equity ACUITY BRANDS INC AMER/USA 0.77 INDUSTRY Equity ADOBE SYSTEMS INC AMER/USA 0.67 TECHNOLOGY Equity AIRBUS GROUP NV EUROPE 2.11 INDUSTRY Equity ALIMENTATION COUCHE-TARD -B AMER/CANADA 4.54 CONS. STAPLES Equity ALLIANCE DATA SYSTEMS CORP AMER/USA 4.82 TECHNOLOGY Equity ALPHABET INC AMER/USA 0.43 TECHNOLOGY Equity AMAZON.COM INC AMER/USA 0.61 CONS. DISCRET. Equity AMOREPACIFIC CORP-PREF WRT (JP) PAC/KOREA 0.54 CONS. STAPLES Equity AMPLIFY SNACK BRANDS INC AMER/USA 0.22 CONS. STAPLES Equity ANADARKO PETROLEUM CORP AMER/USA 0.31 ENERGY Equity ARCAM AB EUROPE 0.40 INDUSTRY Equity AURELIUS SE & CO KGAA EUROPE 0.65 FINANCE Equity BAIDU INC SPON ADR PAC/CHINA 2.53 TECHNOLOGY Equity BECTON DICKINSON AND CO AMER/USA 0.75 HEALTH CARE Equity BREMBO SPA EUROPE 0.73 CONS. DISCRET. Equity CAR INC PAC/CHINA 0.34 CONS. DISCRET. Equity CHUBB LTD AMER/USA 0.58 FINANCE Equity CHURCH & DWIGHT CO INC AMER/USA 0.65 CONS. STAPLES Equity CITIC TELECOM INTERNATIONAL PAC/HK 0.45 TELECOM Equity CITIGROUP INC AMER/USA 0.86 FINANCE Equity COMMERZBANK AG EUROPE 0.27 FINANCE Equity CTRIP.COM INTERNATIONAL-ADR PAC/CHINA 0.80 CONS. DISCRET. Equity Deere & Co. AMER/USA 0.18 INDUSTRY Equity DEXCOM INC AMER/USA 1.32 HEALTH CARE Equity DULUTH HOLDINGS INC - CL B AMER/USA 0.56 CONS. DISCRET. Equity EATON CORP PLC AMER/USA 0.44 INDUSTRY Equity EICHER MOTORS WRT (ML) PAC/INDIA 0.55 INDUSTRY Equity ESSENT GROUP LTD AMER/USA 1.04 FINANCE Equity FACEBOOK INC-A AMER/USA 0.71 TECHNOLOGY Equity FINISAR CORPORATION AMER/USA 0.43 TECHNOLOGY Equity FIRST REPUBLIC BANK/CA AMER/USA 0.64 FINANCE Equity FLIR SYSTEMS INC AMER/USA 0.51 INDUSTRY Equity FPT CORP WRT (JP) PAC/VIETNAM 0.45 TECHNOLOGY Equity FUFENG GROUP LTD PAC/CHINA 1.44 MATERIALS Equity FUJITSU LTD PAC/JAPAN 0.44 TECHNOLOGY Equity G8 EDUCATION LTD PAC/AUSTRALIA 0.27 CONS. DISCRET. Equity GCL-POLY ENERGY HOLDINGS PAC/HK 0.25 ENERGY Equity GLANBIA PLC EUROPE 0.49 CONS. STAPLES Equity GRAND CITY PROPERTIES EUROPE 0.89 FINANCE Equity Source: TreeTop Asset Management 5

6 Portfolio Composition as of 30 June 2016 (2/3) Underlying Region % portf. Sector Type of security GRENKELEASING AG EUROPE 0.79 FINANCE Equity GRUPO AEROPORTUARIO DEL CENT AMER/USA 0.62 INDUSTRY Equity HILL & SMITH HOLDINGS PLC EUROPE 0.41 MATERIALS Equity HORNBACH HOLDING AG & CO KGA EUROPE 0.43 CONS. DISCRET. Equity HYPOPORT AG EUROPE 0.67 FINANCE Equity INDIABULLS HOUSING FINANCE WRT (CLSA) PAC/INDIA 3.34 FINANCE Equity INDIABULLS HOUSING FINANCE WRT (DB) PAC/INDIA 0.21 FINANCE Equity INDIABULLS HOUSING FINANCE WRT (ML) PAC/INDIA 3.38 FINANCE Equity INVESCO LTD AMER/USA 0.30 FINANCE Equity JACANA MINERALS LTD PAC/AUSTRALIA 0.00 MATERIALS Equity JOHN BEAN TECHNOLOGIES CORP AMER/USA 0.39 INDUSTRY Equity JPMORGAN CHASE & CO AMER/USA 0.32 FINANCE Equity JUST EAT PLC EUROPE 0.44 CONS. DISCRET. Equity KATAKURA INDUSTRIES CO LTD PAC/JAPAN 0.12 CONS. DISCRET. Equity KEPCO PAC/KOREA 1.36 UTILITIES Equity KEPCO WRT (CLSA) PAC/KOREA 0.59 UTILITIES Equity KEPCO WRT (ML) PAC/KOREA 0.72 UTILITIES Equity KEYCORP AMER/USA 0.41 FINANCE Equity KINGSPAN GROUP PLC EUROPE 0.60 INDUSTRY Equity KORIAN-MEDICA EUROPE 1.07 HEALTH CARE Equity KUMIAI CHEMICAL INDUSTRY PAC/JAPAN 0.18 MATERIALS Equity LAZARD LTD-CL A AMER/USA 1.63 FINANCE Equity LEKOIL LTD EUROPE 0.16 ENERGY Equity LITTELFUSE INC AMER/USA 0.40 INDUSTRY Equity LIVANOVA PLC AMER/USA 0.53 HEALTH CARE Equity MAN WAH HOLDINGS LTD PAC/HK 1.77 CONS. DISCRET. Equity MARKETAXESS HOLDINGS INC AMER/USA 0.66 FINANCE Equity MARUI CO LTD JP PAC/JAPAN 0.43 CONS. DISCRET. Equity MIDDLEBY CORP AMER/USA 0.57 INDUSTRY Equity MODEC INC PAC/JAPAN 0.74 ENERGY Equity MOLESKINE SPA EUROPE 0.41 CONS. DISCRET. Equity MONSANTO CO AMER/USA 0.12 MATERIALS Equity NEWCREST MINING LTD PAC/AUSTRALIA 0.74 MATERIALS Equity NEXITY EUROPE 0.56 FINANCE Equity NIHON M&A CENTER INC PAC/JAPAN 0.90 INDUSTRY Equity NORDIC SEMICONDUCTOR ASA EUROPE 0.33 TECHNOLOGY Equity ONO PHARMACEUTICAL CO LTD PAC/JAPAN 0.23 HEALTH CARE Equity ORBCOMM INC AMER/USA 0.63 TELECOM Equity O'REILLY AUTOMOTIVE INC AMER/USA 0.85 CONS. DISCRET. Equity PATTERSON-UTI ENERGY INC AMER/USA 0.23 ENERGY Equity PIAGGIO & C SPA EUROPE 0.38 CONS. DISCRET. Equity Source: TreeTop Asset Management 6

7 Portfolio Composition as of 30 June 2016 (3/3) Underlying Region % portf. Sector Type of security POLARIS INDUSTRIES INC AMER/USA 1.05 CONS. DISCRET. Equity POOL CORP AMER/USA 0.56 CONS. DISCRET. Equity PRESTIGE ESTATES PROJECTS WRT (CLSA) PAC/INDIA 0.35 FINANCE Equity PRICELINE GROUP INC/THE AMER/USA 0.72 CONS. DISCRET. Equity PRIMAX ELECTRONICS LTD PAC/TAIWAN 0.35 TECHNOLOGY Equity QBE INSURANCE GROUP LTD PAC/AUSTRALIA 0.25 FINANCE Equity REGUS GROUP PLC EUROPE 2.09 INDUSTRY Equity RESTORATION HARDWARE HOLDING AMER/USA 0.23 CONS. DISCRET. Equity ROTHSCHILD & CO EUROPE 1.71 FINANCE Equity ROYAL CARIBBEAN CRUISES LTD AMER/USA 0.62 CONS. DISCRET. Equity SAFRAN 26/09/16 OPTION (SG) EUROPE 0.12 INDUSTRY Option SAFRAN 28/06/17 OPTION (DB) EUROPE 0.09 INDUSTRY Option SAFRAN 28/08/17 OPTION (GS) EUROPE 0.11 INDUSTRY Option SAFRAN SA EUROPE 5.03 INDUSTRY Equity SAGA PLC EUROPE 0.26 CONS. DISCRET. Equity SBM OFFSHORE NV EUROPE 0.54 ENERGY Equity SHRIRAM TRANSPORT FINANCE WRT (JP) PAC/INDIA 0.44 FINANCE Equity SHRIRAM TRANSPORT FINANCE WRT (ML) PAC/INDIA 0.04 FINANCE Equity SKECHERS USA INC CL A AMER/USA 1.59 CONS. DISCRET. Equity SOLAREDGE TECHNOLOGIES AMER/USA 0.26 TECHNOLOGY Equity SONAE EUROPE 0.25 CONS. STAPLES Equity SOUTHWESTERN ENERGY CO AMER/USA 0.31 ENERGY Equity SPORTS DIRECT INTERNATIONAL EUROPE 0.88 CONS. DISCRET. Equity SUEZ ENVIRONNEMENT CO EUROPE 0.34 UTILITIES Equity SUMITOMO MITSUI TRUST HOLDING PAC/JAPAN 0.43 FINANCE Equity SYRAH RESOURCES LTD PAC/AUSTRALIA 0.44 MATERIALS Equity TAIHEIYO CEMENT CORP PAC/JAPAN 0.19 MATERIALS Equity TATA MOTORS ADR PAC/INDIA 2.47 CONS. DISCRET. Equity TECH MAHINDRA LTD WRT (CLSA) PAC/INDIA 0.67 TECHNOLOGY Equity TECH MAHINDRA LTD WRT (JP) PAC/INDIA 0.63 TECHNOLOGY Equity TECH MAHINDRA LTD WRT (ML) PAC/INDIA 0.96 TECHNOLOGY Equity TENARIS SA EUROPE 0.40 ENERGY Equity TENCENT HOLDINGS LTD PAC/CHINA 1.11 TECHNOLOGY Equity THE KEYW HOLDING CORP AMER/USA 0.24 TECHNOLOGY Equity THU DUC HOUSING DEVELOPMENT WRT (JP) PAC/VIETNAM 0.15 FINANCE Equity UNDER ARMOUR INC CLASS A AMER/USA 0.55 CONS. DISCRET. Equity UNITED RENTALS AMER/USA 2.35 INDUSTRY Equity UPL LTD WRT (JP) PAC/INDIA 2.42 MATERIALS Equity VIPSHOP HOLDING LTD ADR PAC/CHINA 2.19 CONS. DISCRET. Equity VISA INC-CLASS A SHARES AMER/USA 0.72 TECHNOLOGY Equity WHITEHAVEN COAL LTD PAC/AUSTRALIA 0.36 ENERGY Equity WHOLE FOODS MARKET INC AMER/USA 0.54 CONS. STAPLES Equity TOTAL Source: TreeTop Asset Management 7

8 GLOSSARY CONSUMER DISCRETIONARY SECTOR: The Consumer Discretionary Sector encompasses those businesses that tend to be the most sensitive to economic cycles. Its manufacturing segment includes automotive, household durable goods, leisure equipment and textiles & apparel. The services segment includes hotels, restaurants and other leisure facilities, media production and services, and consumer retailing and services. CONSUMER STAPLES SECTOR: The Consumer Staples Sector comprises companies whose businesses are less sensitive to economic cycles. It includes manufacturers and distributors of food, beverages and tobacco and producers of non-durable household goods and personal products. It also includes food & drug retailing companies as well as hypermarkets and consumer super centers. 8