Interim Report 2017 kapitalforeningen Jyske

Transcription

1 Årsrapport 2014 Interim Report 2017 kapitalforeningen Jyske Investeringsforeningen Jyske Invest International

2 Table of contents Association details... 3 Reading instructions... 4 Performance in first half of Jyske Invest Danish Bonds CL... 6 Jyske Invest Swedish Bonds CL... 9 Jyske Invest British Bonds CL Jyske Invest Dollar Bonds CL Jyske Invest European Bonds CL Jyske Invest Favourite Bonds CL Jyske Invest Emerging Market Bonds CL Jyske Invest Emerging Market Bonds (EUR) CL Jyske Invest Emerging Local Market Bonds CL Jyske Invest High Yield Corporate Bonds CL Jyske Invest High Grade Corporate Bonds CL Jyske Invest Danish Equities CL Jyske Invest German Equities CL Jyske Invest US Equities CL Jyske Invest Chinese Equities CL Jyske Invest Indian Equities CL Jyske Invest Global Equities CL Jyske Invest Equities Low Volatility CL Jyske Invest Emerging Market Equities CL Jyske Invest European Equities CL Jyske Invest Far Eastern Equities CL Jyske Invest Income Strategy CL Jyske Invest Stable Strategy CL Jyske Invest Stable Strategy EUR Jyske Invest Stable Strategy USD Jyske Invest Stable Strategy GBP Jyske Invest Balanced Strategy CL Jyske Invest Balanced Strategy EUR Jyske Invest Balanced Strategy USD Jyske Invest Balanced Strategy (NOK) CL Jyske Invest Balanced Strategy (GBP) CL Investeringsforeningen Jyske Invest International Interim Report

3 Jyske Invest Dynamic Strategy CL Jyske Invest Growth Strategy CL Jyske Invest Aggressive Strategy CL Statement by the Management and Supervisory Boards Joint notes Accounting Policies Contingencies Investeringsforeningen Jyske Invest International Interim Report

4 Association details Association Management Investeringsforeningen Jyske Invest International Jyske Invest Fund Management A/S Vestergade 8-16 Vestergade 8-16 DK-8600 Silkeborg DK-8600 Silkeborg Tel Tel Fax: Fax: Business Reg. No Business Reg. No FSA No. (the Danish FSA): jyskeinvest@jyskeinvest.dk jyskeinvest@jyskeinvest.com jyskeinvest.com Supervisory Board Hans Frimor, Professor (Chairman) Custodian bank Soli Preuthun, Head of Investment (Deputy Chairman) Jyske Bank A/S Steen Konradsen, Director Vestergade 8-16 Bo Sandemann Rasmussen, Professor DK-8600 Silkeborg Auditor Day-to-day management of Jyske Invest Fund Management A/S Statsautoriseret revisionsaktieselskab BDO Bjarne Staael, Managing Director Papirfabrikken 34 Finn Beck, Senior Director, Head of Fund Administration DK-8600 Silkeborg Torben Boots-Nielsen, Senior Vice President, Head of Operations Jens Chr. Thellesen, Senior Vice President, Head of Investment Management Anita Klynge, Senior Vice President, Head of Accounting Investeringsforeningen Jyske Invest International Investeringsforeningen Jyske Invest International currently comprises 29 different funds designed for investors with different risk and return profiles. Investeringsforeningen Jyske Invest International has approx. 1,511 investors. Public supervisory authority All funds of Investeringsforeningen Jyske Invest International are subject to the provisions of the Danish Investment Associations, etc. Act and therefore they fall under the supervision of the Danish Financial Supervisory Authority. Member of IFB Investeringsforeningen Jyske Invest International is a member of the Danish Investment Fund Association (Investeringsfondsbranchen - IFB). Price information Information on daily prices of certificates is available at Jyske Bank A/S and at Jyske Invest International's website, jyskeinvest.com. Investeringsforeningen Jyske Invest International Interim Report

5 Reading instructions Investeringsforeningen Jyske Invest International consists of different funds. Each fund presents separate financial statements. The financial statements show the funds' performance throughout the first six months of the year and offer a status at the end of the period. The association performs the administrative tasks and the investment task common to all funds within the guidelines specified for each fund. This contributes to a cost-efficient operation of the association. Another reason is that the funds - although they invest in different types of securities and follow different strategies - are often affected by many of the same factors. For instance, fluctuations in global economic growth may affect return and risk for all funds. We have therefore decided to describe the general market development in the text Performance in first half of 2017, which covers all the funds in the report, as well as other central issues. The investment management company Jyske Invest Fund Management A/S performs all tasks concerning investment and administration for the association. All funds in the association have an active investment strategy. Investeringsforeningen Jyske Invest International Interim Report

6 Performance in first half of 2017 Economic development in first half of 2017 The first half of 2017 was dominated by important elections in both the UK and France. Theresa May had hoped to strengthen her position in the BREXIT negotiations, while Emmanuel Macron in France swept to an impressive victory for his pro-european line. In the US Donald Trump seized the headlines time after time with controversial statements on Twitter and firing of key staff members. In similar fashion, Trump s interference in the investigation of his relationship with Russia caused political turmoil. However, political turmoil could not remove the good sentiment in the financial markets. Global equities continued the increases in the first half of 2017, setting new price records in some markets. The price fluctuations were at the lowest levels in ten years and reflect a market with few concerns. However, a weakening of the US dollar meant that the European investor benefited less from the price increases. The leading German yield fluctuated between 0.15% and 0.5% over the first half of the year, but ended the period at a high level following slightly sharper rhetoric from both the American and European central banks. High-yield bonds generated decent returns as investors still had an appetite for risk. Transfer of association's share in the management company Jyske Invest Fund Management A/S On 23 March 2017, members in general meeting of the association consented to the recommendation of the Supervisory Board to sell the association's share in Jyske Invest Fund Management A/S to Jyske Bank A/S with effect as from 31 March. Until then Jyske Invest Fund Management A/S had been owned by the association and three other associations which will in future continue to be under management by the company. The Danish Financial Supervisory Authority had approved the transfer. The association will, with its own independent supervisory board, continue to be owned and controlled by the investors. Change of administration agreement with management company The association has concluded a new agreement with the investment management company Jyske Invest Fund Management A/S about administration fees. The administration fee is determined individually at fund and asset class level and is alone calculated as a fixed percentage vs. previously a variable percentage of the assets of the fund or the share class. The new payment structure took effect as from 1 July. Assets under management Assets under management grew by 9.1% from DKK 6,942 million to DKK 7,574 million at the end of the first six months of the year. The increase consisted of net issue of DKK 442 million, net profit for the first six months of the year of DKK 284 million and a foreign currency translation adjustment of the assets under management at the beginning of the year of DKK -94 million. Important information This Interim Report has in accordance with the regulatory provisions and the provisions of the Articles of Association not been the subject of any audit or review by the association's auditor. Investeringsforeningen Jyske Invest International Interim Report

7 Jyske Invest Danish Bonds CL Investment area and profile Jyske Invest Danish Bonds CL invests in bonds issued in the Danish krone. Investment is primarily made in bonds issued by or guaranteed by states, mortgage-credit institutions and supranationals. No more than 10% of the fund's assets may be invested on other regulated markets than the markets approved by the Supervisory Board and in unlisted instruments. The fund may invest up to 10% of its assets in certificates in other associations, individual funds or investment institutions. Fund profile Investment allocation Type of fund Certificate-issuing, cumulative The fund's investment allocation appears from ISIN code DK 'Asset allocation' in the fund's financial statements. Listed No Established 1 March 1994 Functional The Danish krone (DKK) Ratios currency Benchmark Nordea Constant Maturity Government Index Danmark - duration of 5 years The fund's ratios appear from 'Key figures and ratios' in the fund's financial statements. Risk indicator 3 Risk category Amber Investeringsforeningen Jyske Invest International Interim Report

8 Jyske Invest Danish Bonds CL Income statement for H1 Balance sheet DKK '000 DKK '000 Interest and dividends 2,640 3,012 Capital gains and losses 1,891 12,446 Administrative expenses 1,182 1,321 Pre-tax profit or loss 3,349 14,137 Net profit/loss for the six months 3,349 14,137 Note DKK '000 DKK '000 ASSETS 1. Cash and cash equivalents Bonds 261, ,564 Other assets 1,413 2,000 TOTAL ASSETS 263, ,631 EQUITY AND LIABILITIES 2. Investors' assets 263, ,730 Other liabilities 0 2,901 TOTAL EQUITY AND LIABILITIES 263, ,631 Notes 1. Financial instruments (%): Listed financial instruments Other assets and Other liabilities Total financial instruments Information about each fund s portfolio breakdown as per can be obtained by contacting Jyske Invest Fund Management A/S or be viewed at the Investment Association s website jyskeinvest.com DKK '000 DKK '000 Number of Asset Number of Asset certificates value certificates value 2. Investors' assets: Investors' assets (beginning of period) 1,434, ,730 1,588, ,688 Issues for the period 128,883 32,558 31,088 7,600 Redemptions for the period -526, , ,001-45,294 Net issue margin 28 6 Net redemption margin Transfer of net profit or loss for the period 3,349 15,694 Total investors' assets 1,037, ,220 1,434, ,730 Investeringsforeningen Jyske Invest International Interim Report

9 Notes Key figures and ratios as of 30 June Key figures: Net profit/loss for the six months (DKK '000) -3,319 7,805-9,735 14,137 3,349 Number of certificates 1,120, ,780 1,861,434 1,434,521 1,037,010 Investors' assets (DKK '000) 253, , , , ,220 Ratios: Net asset value (DKK per certificate) Return (%) for the period: - Benchmark Fund Total Expense Ratio - TER Sharpe ratio: - Benchmark Fund Standard deviation (%): - Benchmark Fund Tracking Error (%)* * Calculated from 2014 onwards. Asset allocation A Duration of 0-1 years 3.90% B Duration of 1-3 years 24.90% C Duration of 3-5 years 20.90% E A B D Duration of 5-7 years 21.30% E Duration of 7-10 years 29.00% D C Investeringsforeningen Jyske Invest International Interim Report

10 Jyske Invest Swedish Bonds CL Investment area and profile Jyske Invest Swedish Bonds CL invests primarily in bonds issued in the Swedish krona. Investment is primarily made in bonds issued by or guaranteed by states, mortgage-credit institutions and supranationals. No more than 10% of the fund's assets may be invested on other regulated markets than the markets approved by the Supervisory Board and in unlisted instruments. The fund may invest up to 10% of its assets in certificates in other associations, individual funds or investment institutions. Fund profile Investment allocation Type of fund Certificate-issuing, cumulative The fund's investment allocation appears from ISIN code DK 'Asset allocation' in the fund's financial statements. Listed No Established 16 December 1994 Functional The Swedish krona (SEK) Ratios currency Benchmark J.P. Morgan Government Bond Index for Sweden The fund's ratios appear from 'Key figures and ratios' in the fund's financial statements. Risk indicator 3 Risk category Amber Investeringsforeningen Jyske Invest International Interim Report

11 Jyske Invest Swedish Bonds CL Income statement for H1 Balance sheet SEK '000 SEK '000 Interest and dividends Capital gains and losses ,776 Administrative expenses Pre-tax profit or loss -7 2,129 Net profit/loss for the six months -7 2,129 Note SEK '000 SEK '000 ASSETS 1. Cash and cash equivalents Bonds 13,747 18,579 Other assets TOTAL ASSETS 14,006 19,747 EQUITY AND LIABILITIES 2. Investors' assets 14,006 19,747 TOTAL EQUITY AND LIABILITIES 14,006 19,747 Notes 1. Financial instruments (%): Listed financial instruments Other assets and Other liabilities Total financial instruments Information about each fund s portfolio breakdown as per can be obtained by contacting Jyske Invest Fund Management A/S or be viewed at the Investment Association s website jyskeinvest.com SEK '000 SEK '000 Number of Asset Number of Asset certificates value certificates value 2. Investors' assets: Investors' assets (beginning of period) 62,320 19, ,220 39,444 Redemptions for the period -18,000-5,742-66,900-21,455 Net redemption margin 8 34 Transfer of net profit or loss for the period -7 1,724 Total investors' assets 44,320 14,006 62,320 19,747 Investeringsforeningen Jyske Invest International Interim Report

12 Notes Key figures and ratios as of 30 June Key figures: Net profit/loss for the six months (SEK '000) -2,368 2, ,129-7 Number of certificates 235, , , ,320 44,320 Investors' assets (SEK '000) 64,112 44,373 44,660 36,587 14,006 Ratios: Net asset value (SEK per certificate) Return (%) for the period: - Benchmark Fund Total Expense Ratio - TER Sharpe ratio: - Benchmark Fund Standard deviation (%): - Benchmark Fund Tracking Error (%)* * Calculated from 2014 onwards. Asset allocation A Duration of 0-1 years 1.50% B Duration of 1-3 years 56.10% C Duration of 7-10 years 25.00% D A D Duration of years 17.40% C B Investeringsforeningen Jyske Invest International Interim Report

13 Jyske Invest British Bonds CL Investment area and profile Jyske Invest British Bonds CL invests in bonds issued in sterling. Investment is primarily made in bonds issued by or guaranteed by states, mortgage-credit institutions and supranationals. No more than 10% of the fund's assets may be invested on other regulated markets than the markets approved by the Supervisory Board and in unlisted instruments. The fund may invest up to 10% of its assets in certificates in other associations, individual funds or investment institutions. Fund profile Investment allocation Type of fund Certificate-issuing, cumulative The fund's investment allocation appears from ISIN code DK 'Asset allocation' in the fund's financial statements. Listed No Established 31 January 1994 Functional Sterling (GBP) Ratios currency Benchmark J.P. Morgan Government Bond Index for the UK The fund's ratios appear from 'Key figures and ratios' in the fund's financial statements. Risk indicator 4 Risk category Amber Investeringsforeningen Jyske Invest International Interim Report

14 Jyske Invest British Bonds CL Income statement for H1 Balance sheet GBP '000 GBP '000 Interest and dividends Capital gains and losses Administrative expenses Pre-tax profit or loss Net profit/loss for the six months Note GBP '000 GBP '000 ASSETS 1. Cash and cash equivalents Bonds 3,458 3,530 Other assets TOTAL ASSETS 3,530 3,636 EQUITY AND LIABILITIES 2. Investors' assets 3,530 3,636 TOTAL EQUITY AND LIABILITIES 3,530 3,636 Notes 1. Financial instruments (%): Listed financial instruments Other assets and Other liabilities Total financial instruments Information about each fund s portfolio breakdown as per can be obtained by contacting Jyske Invest Fund Management A/S or be viewed at the Investment Association s website jyskeinvest.com GBP '000 GBP '000 Number of Asset Number of Asset certificates value certificates value 2. Investors' assets: Investors' assets (beginning of period) 9,561 3,636 11,630 4,017 Issues for the period Redemptions for the period , Net redemption margin 0 1 Transfer of net profit or loss for the period Total investors' assets 9,211 3,530 9,561 3,636 Investeringsforeningen Jyske Invest International Interim Report

15 Notes Key figures and ratios as of 30 June Key figures: Net profit/loss for the six months (GBP '000) Number of certificates 35,808 11,467 13,330 10,561 9,211 Investors' assets (GBP '000) 10,729 3,603 4,552 4,046 3,530 Ratios: Net asset value (GBP per certificate) Return (%) for the period: - Benchmark Fund Total Expense Ratio - TER Sharpe ratio: - Benchmark Fund Standard deviation (%): - Benchmark Fund Tracking Error (%)* * Calculated from 2014 onwards. Asset allocation A Duration of 3-5 years 2.30% B Duration of 5-7 years 16.90% C Duration of 7-10 years 59.20% D E A B D Duration of years 16.70% E Duration of 20 years or more 4.90% C Investeringsforeningen Jyske Invest International Interim Report

16 Jyske Invest Dollar Bonds CL Investment area and profile Jyske Invest Dollar Bonds CL invests in bonds issued in the US dollar. Investment is primarily made in bonds issued by or guaranteed by states, mortgage-credit institutions and supranationals. No more than 10% of the fund's assets may be invested on other regulated markets than the markets approved by the Supervisory Board and in unlisted instruments. The fund may invest up to 10% of its assets in certificates in other associations, individual funds or investment institutions. Fund profile Investment allocation Type of fund Certificate-issuing, cumulative The fund's investment allocation appears from ISIN code DK 'Asset allocation' in the fund's financial statements. Listed No Established 1 February 1996 Functional The US dollar (USD) Ratios currency Benchmark J.P. Morgan Government Bond Index for the US The fund's ratios appear from 'Key figures and ratios' in the fund's financial statements. Risk indicator 3 Risk category Amber Investeringsforeningen Jyske Invest International Interim Report

17 Jyske Invest Dollar Bonds CL Income statement for H1 Balance sheet USD '000 USD '000 Interest and dividends Capital gains and losses Administrative expenses Pre-tax profit or loss Net profit/loss for the six months Note USD '000 USD '000 ASSETS 1. Cash and cash equivalents Bonds 5,219 5,657 Other assets TOTAL ASSETS 5,395 5,954 EQUITY AND LIABILITIES 2. Investors' assets 5,395 5,954 TOTAL EQUITY AND LIABILITIES 5,395 5,954 Notes 1. Financial instruments (%): Listed financial instruments Other assets and Other liabilities Total financial instruments Information about each fund s portfolio breakdown as per can be obtained by contacting Jyske Invest Fund Management A/S or be viewed at the Investment Association s website jyskeinvest.com USD '000 USD '000 Number of Asset Number of Asset certificates value certificates value 2. Investors' assets: Investors' assets (beginning of period) 25,670 5,954 32,735 7,524 Issues for the period Redemptions for the period -3, ,100-1,727 Net redemption margin 2 3 Transfer of net profit or loss for the period Total investors' assets 22,670 5,395 25,670 5,954 Investeringsforeningen Jyske Invest International Interim Report

18 Notes Key figures and ratios as of 30 June Key figures: Net profit/loss for the six months (USD '000) Number of certificates 103,657 38,384 36,381 31,770 22,670 Investors' assets (USD '000) 22,358 8,593 8,336 7,749 5,395 Ratios: Net asset value (USD per certificate) Return (%) for the period: - Benchmark Fund Total Expense Ratio - TER Sharpe ratio: - Benchmark Fund Standard deviation (%): - Benchmark Fund Tracking Error (%)* * Calculated from 2014 onwards. Asset allocation A Duration of 0-1 years 2.40% B Duration of 1-3 years 4.00% C Duration of 3-5 years 19.30% E A B C D Duration of 5-7 years 50.60% E Duration of 7-10 years 23.70% D Investeringsforeningen Jyske Invest International Interim Report

19 Jyske Invest European Bonds CL Investment area and profile Jyske Invest European Bonds CL invests in bonds issued in European currencies. Investment is primarily made in bonds issued by or guaranteed by states, mortgage-credit institutions and supranationals. No more than 10% of the fund's assets may be invested on other regulated markets than the markets approved by the Supervisory Board and in unlisted instruments. The fund may invest up to 10% of its assets in certificates in other associations, individual funds or investment institutions. Fund profile Investment allocation Type of fund Certificate-issuing, cumulative The fund's investment allocation appears from ISIN code DK 'Asset allocation' in the fund's financial statements. Listed No Established 1 April 1993 Functional Euro (EUR) Ratios currency The fund's ratios appear from 'Key figures and Benchmark Bank of America Merrill Lynch European ratios' in the fund's financial statements. Union Government Bond Index Risk indicator 3 Risk category Amber Investeringsforeningen Jyske Invest International Interim Report

20 Jyske Invest European Bonds CL Income statement for H1 Balance sheet EUR '000 EUR '000 Interest and dividends Capital gains and losses Administrative expenses Pre-tax profit or loss Net profit/loss for the six months Note EUR '000 EUR '000 ASSETS 1. Cash and cash equivalents Bonds 4,460 6,643 Other assets TOTAL ASSETS 4,557 6,772 EQUITY AND LIABILITIES 2. Investors' assets 4,557 6,772 TOTAL EQUITY AND LIABILITIES 4,557 6,772 Notes 1. Financial instruments (%): Listed financial instruments Other assets and Other liabilities Total financial instruments Information about each fund s portfolio breakdown as per can be obtained by contacting Jyske Invest Fund Management A/S or be viewed at the Investment Association s website jyskeinvest.com EUR '000 EUR '000 Number of Asset Number of Asset certificates value certificates value 2. Investors' assets: Investors' assets (beginning of period) 142,388 6, ,388 7,233 Redemptions for the period -45,700-2,170-12, Net redemption margin 3 1 Transfer of net profit or loss for the period Total investors' assets 96,688 4, ,388 6,772 Investeringsforeningen Jyske Invest International Interim Report

21 Notes Key figures and ratios as of 30 June Key figures: Net profit/loss for the six months (EUR '000) Number of certificates 490, , , ,388 96,688 Investors' assets (EUR '000) 19,323 7,926 7,358 7,074 4,557 Ratios: Net asset value (EUR per certificate) Return (%) for the period: - Benchmark Fund Total Expense Ratio - TER Sharpe ratio: - Benchmark Fund Standard deviation (%): - Benchmark Fund Tracking Error (%)* * Calculated from 2014 onwards. Asset allocation A Italy 20.50% K Denmark 2.20% B The UK 20.10% C France 10.90% H I G F E J K A B D Spain 10.20% E Netherlands 9.50% F Singapore 7.50% G Supranationals 5.90% H Austria 5.00% D C I Germany 4.90% J Ireland 3.30% Investeringsforeningen Jyske Invest International Interim Report

22 Jyske Invest Favourite Bonds CL Investment area and profile Jyske Invest Favourite Bonds CL invests in a global portfolio of bonds. The bonds are chiefly issued or guaranteed by states, mortgage-credit institutions, supranationals or companies. At least 75% of the assets will at all times be invested in euro securities or hedged to the euro. No more than 10% of the fund's assets may be invested on other regulated markets than the markets approved by the Supervisory Board and in unlisted instruments. The fund may invest up to 10% of its assets in certificates in other associations, individual funds or investment institutions. Fund profile Investment allocation Type of fund Certificate-issuing, cumulative The fund's investment allocation appears from ISIN code DK 'Asset allocation' in the fund's financial statements. Listed No Established 6 May 2008 Functional Euro (EUR) Ratios currency The fund's ratios appear from 'Key figures and Benchmark Benchmark measured by: ratios' in the fund's financial statements. 80% JP Morgan Hedged ECU Unit Government Bond Index Global 10% JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified 5% BofA Merrill Lynch Euro Corporate Index 2.5% Merrill Lynch European Currency High Yield, BB-B Constrained Index 2.5% Merrill Lynch US High Yield, BB- B Constrained Index Risk indicator 3 Risk category Amber Investeringsforeningen Jyske Invest International Interim Report

23 Jyske Invest Favourite Bonds CL Income statement for H1 Balance sheet EUR '000 EUR '000 Interest and dividends Capital gains and losses Administrative expenses Pre-tax profit or loss Tax 0 1 Net profit/loss for the six months Note EUR '000 EUR '000 ASSETS 1. Cash and cash equivalents Bonds 15,903 15, Derivatives Other assets TOTAL ASSETS 16,395 16,278 EQUITY AND LIABILITIES 2. Investors' assets 16,376 16, Derivatives 19 7 TOTAL EQUITY AND LIABILITIES 16,395 16,278 Notes 1. Financial instruments (%): Listed financial instruments Other financial instruments Other assets and Other liabilities Total financial instruments Information about each fund s portfolio breakdown as per can be obtained by contacting Jyske Invest Fund Management A/S or be viewed at the Investment Association s website jyskeinvest.com EUR '000 EUR '000 Number of Asset Number of Asset certificates value certificates value 2. Investors' assets: Investors' assets (beginning of period) 109,405 16, ,905 18,455 Issues for the period Redemptions for the period -1, ,500-2,777 Net redemption margin 0 7 Transfer of net profit or loss for the period Total investors' assets 108,398 16, ,405 16,271 Investeringsforeningen Jyske Invest International Interim Report

24 Notes Key figures and ratios as of 30 June Key figures: Net profit/loss for the six months (EUR '000) , Number of certificates 240, , , , ,398 Investors' assets (EUR '000) 31,392 24,222 21,438 18,025 16,376 Ratios: Net asset value (EUR per certificate) Return (%) for the period: - Benchmark Fund Total Expense Ratio - TER Sharpe ratio: - Benchmark Fund Standard deviation (%): - Benchmark Fund Tracking Error (%)* * Calculated from 2014 onwards. Asset allocation A Denmark 21.90% K Spain 3.40% B Other 12.60% L Supranationals 3.10% C USA 10.80% M Germany 2.70% I H J K L M A D Netherlands 8.80% E Canada 8.00% F UK 7.70% G F E D C B G Italy 6.40% H Portugal 6.10% I Singapore 4.70% J France 3.80% Investeringsforeningen Jyske Invest International Interim Report

25 Jyske Invest Emerging Market Bonds CL Investment area and profile Jyske Invest Emerging Market Bonds CL invests chiefly directly and indirectly in bonds issued by countries that are in a period of transition from developing countries to industrial nations, mainly in the areas Latin America, Asia, Eastern Europe and Africa. The bonds involve a certain credit risk. Investment is made primarily in bonds issued by or guaranteed by states. Investment will chiefly be made in bonds denominated in the US dollar. Investments may also be made in bonds denominated in local currencies in emerging markets. Generally, these investments will not be hedged to USD. No more than 10% of the fund's assets may be invested on other regulated markets than the markets approved by the Supervisory Board and in unlisted instruments. The fund may invest up to 10% of its assets in certificates in other associations, individual funds or investment institutions. Fund profile Investment allocation Type of fund Certificate-issuing, cumulative The fund's investment allocation appears from ISIN code DK 'Asset allocation' in the fund's financial statements. Listed No Established 1 June 1992 Functional The US dollar (USD) Ratios currency The fund's ratios appear from 'Key figures and Benchmark JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified, measured ratios' in the fund's financial statements. in USD Risk indicator 4 Risk category Amber Investeringsforeningen Jyske Invest International Interim Report

26 Jyske Invest Emerging Market Bonds CL Income statement for H1 Balance sheet USD '000 USD '000 Interest and dividends Capital gains and losses Administrative expenses Pre-tax profit or loss 799 1,263 Net profit/loss for the six months 799 1,263 Note USD '000 USD '000 ASSETS 1. Cash and cash equivalents Bonds 14,149 13, Derivatives 0 19 Other assets TOTAL ASSETS 15,220 14,388 EQUITY AND LIABILITIES 2. Investors' assets 15,187 14, Derivatives 33 0 TOTAL EQUITY AND LIABILITIES 15,220 14,388 Notes 1. Financial instruments (%): Listed financial instruments Other financial instruments Other assets and Other liabilities Total financial instruments Information about each fund s portfolio breakdown as per can be obtained by contacting Jyske Invest Fund Management A/S or be viewed at the Investment Association s website jyskeinvest.com USD '000 USD '000 Number of Asset Number of Asset certificates value certificates value 2. Investors' assets: Investors' assets (beginning of period) 31,033 14,388 34,796 14,683 Issues for the period 0 0 2, Redemptions for the period 0 0-5,800-2,502 Net issue margin 0 6 Net redemption margin 0 16 Transfer of net profit or loss for the period 799 1,203 Total investors' assets 31,033 15,187 31,033 14,388 Investeringsforeningen Jyske Invest International Interim Report

27 Notes Key figures and ratios as of 30 June Key figures: Net profit/loss for the six months (USD '000) -2,406 1, , Number of certificates 69,257 52,213 40,296 29,796 31,033 Investors' assets (USD '000) 27,336 22,592 17,307 13,835 15,187 Ratios: Net asset value (USD per certificate) Return (%) for the period: - Benchmark Fund Total Expense Ratio - TER Sharpe ratio: - Benchmark Fund Standard deviation (%): - Benchmark Fund Tracking Error (%)* * Calculated from 2014 onwards. Asset allocation A Latin America 39.90% B Europe 30.90% C Asia 12.40% C D E F A D Africa 8.60% E North America 5.30% F Middle East 2.90% B Investeringsforeningen Jyske Invest International Interim Report

28 Jyske Invest Emerging Market Bonds (EUR) CL Investment area and profile Jyske Invest Emerging Market Bonds (EUR) CL invests chiefly directly and indirectly in bonds issued by countries that are in a period of transition from developing countries to industrial nations, mainly in the areas Latin America, Asia, Eastern Europe and Africa. The bonds involve a certain credit risk. Investment is made primarily in bonds issued by or guaranteed by states. Investment will chiefly be made in bonds denominated in the US dollar, which will be hedged to EUR. Investments may also be made in bonds denominated in local currencies in emerging markets. Generally, these investments will not be hedged to EUR. No more than 10% of the fund's assets may be invested on other regulated markets than the markets approved by the Supervisory Board and in unlisted instruments. The fund may invest up to 10% of its assets in certificates in other associations, individual funds or investment institutions. Fund profile Investment allocation Type of fund Certificate-issuing, cumulative The fund's investment allocation appears from ISIN code DK 'Asset allocation' in the fund's financial statements. Listed No Established 1 February 2000 Functional Euro (EUR) Ratios currency The fund's ratios appear from 'Key figures and Benchmark JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified, measured ratios' in the fund's financial statements. in EUR Risk indicator 4 Risk category Amber Investeringsforeningen Jyske Invest International Interim Report

29 Jyske Invest Emerging Market Bonds (EUR) CL Income statement for H1 Balance sheet EUR '000 EUR '000 Interest and dividends Capital gains and losses 825 2,020 Administrative expenses Pre-tax profit or loss 1,428 2,770 Net profit/loss for the six months 1,428 2,770 Note EUR '000 EUR '000 ASSETS 1. Cash and cash equivalents Bonds 26,982 28, Derivatives Other assets TOTAL ASSETS 28,509 29,489 EQUITY AND LIABILITIES 2. Investors' assets 28,427 29, Derivatives Other liabilities 70 0 TOTAL EQUITY AND LIABILITIES 28,509 29,489 Notes 1. Financial instruments (%): Listed financial instruments Other financial instruments Other assets and Other liabilities Total financial instruments Information about each fund s portfolio breakdown as per can be obtained by contacting Jyske Invest Fund Management A/S or be viewed at the Investment Association s website jyskeinvest.com EUR '000 EUR '000 Number of Asset Number of Asset certificates value certificates value 2. Investors' assets: Investors' assets (beginning of period) 105,113 29, ,113 30,818 Redemptions for the period -7,590-2,211-15,000-4,148 Net redemption margin 0 26 Transfer of net profit or loss for the period 1,428 2,514 Total investors' assets 97,523 28, ,113 29,210 Investeringsforeningen Jyske Invest International Interim Report

30 Notes Key figures and ratios as of 30 June Key figures: Net profit/loss for the six months (EUR '000) -3,113 1, ,770 1,428 Number of certificates 134, , , ,613 97,523 Investors' assets (EUR '000) 32,468 34,306 27,342 31,312 28,427 Ratios: Net asset value (EUR per certificate) Return (%) for the period: - Benchmark Fund Total Expense Ratio - TER Sharpe ratio: - Benchmark Fund Standard deviation (%): - Benchmark Fund Tracking Error (%)* * Calculated from 2014 onwards. Asset allocation A Latin America 36.60% B Europe 29.50% C Africa 14.20% D E FG A D Asia 11.10% E Middle East 4.70% F Other 2.10% C G North America 1.80% B Investeringsforeningen Jyske Invest International Interim Report

31 Jyske Invest Emerging Local Market Bonds CL Investment area and profile Jyske Invest Emerging Local Market Bonds CL invests chiefly directly and indirectly in bonds and money-market instruments denominated in local currencies by countries that are in a period of transition from developing countries to industrial nations, mainly in the areas Latin America, Asia, Eastern Europe and Africa. Generally, local-currency investments will not be hedged. The bonds involve a certain credit risk. Investment is made primarily in bonds issued by or guaranteed by states. Assets may also be invested in instruments issued by other issuers, provided these instruments are denominated in local emerging-market currencies. Furthermore, assets may be invested in instruments denominated in currencies other than local currencies, provided the return on those instruments is related to the development in one or more local currencies or emerging-market bond yields. Part of the fund's assets may be placed on deposit with financial institutions. No more than 10% of the fund's assets may be invested on other regulated markets than the markets approved by the Supervisory Board and in unlisted instruments. The fund may invest up to 10% of its assets in certificates in other associations, individual funds or investment institutions. Fund profile Investment allocation Type of fund Certificate-issuing, cumulative The fund's investment allocation appears from ISIN code DK 'Asset allocation' in the fund's financial statements. Listed No Established 13 June 2005 Functional Euro (EUR) Ratios currency The fund's ratios appear from 'Key figures and ratios' in the fund's financial statements. Benchmark JP Morgan Government Bond Index Emerging Markets Global Diversified Unhedged, measured in euro Risk indicator 5 Risk category Amber Investeringsforeningen Jyske Invest International Interim Report

32 Jyske Invest Emerging Local Market Bonds CL Income statement for H1 Balance sheet EUR '000 EUR '000 Interest and dividends 892 1,017 Capital gains and losses ,985 Administrative expenses Pre-tax profit or loss 496 2,821 Tax 5 11 Net profit/loss for the six months 491 2,810 Note EUR '000 EUR '000 ASSETS 1. Cash and cash equivalents 1,514 1, Bonds 24,648 25, Derivatives Other assets TOTAL ASSETS 26,949 28,271 EQUITY AND LIABILITIES 2. Investors' assets 26,927 28, Derivatives TOTAL EQUITY AND LIABILITIES 26,949 28,271 Notes 1. Financial instruments (%): Listed financial instruments Other financial instruments Other assets and Other liabilities Total financial instruments Information about each fund s portfolio breakdown as per can be obtained by contacting Jyske Invest Fund Management A/S or be viewed at the Investment Association s website jyskeinvest.com EUR '000 EUR '000 Number of Asset Number of Asset certificates value certificates value 2. Investors' assets: Investors' assets (beginning of period) 168,808 28, ,309 31,951 Redemptions for the period -9,250-1,591-44,501-6,996 Net redemption margin 0 35 Transfer of net profit or loss for the period 491 3,037 Total investors' assets 159,558 26, ,808 28,027 Investeringsforeningen Jyske Invest International Interim Report

33 Notes Key figures and ratios as of 30 June Key figures: Net profit/loss for the six months (EUR '000) -6,511 2,496 1,784 2, Number of certificates 548, , , , ,558 Investors' assets (EUR '000) 87,985 45,931 35,150 31,007 26,927 Ratios: Net asset value (EUR per certificate) Return (%) for the period: - Benchmark Fund Total Expense Ratio - TER Sharpe ratio: - Benchmark Fund Standard deviation (%): - Benchmark Fund Tracking Error (%)* * Calculated from 2014 onwards. Asset allocation A Europe 35.00% B Latin America 33.80% C Asia 22.60% C D E A D Africa 7.00% E Other 1.60% B Investeringsforeningen Jyske Invest International Interim Report

34 Jyske Invest High Yield Corporate Bonds CL Investment area and profile Jyske Invest High Yield Corporate Bonds CL invests chiefly directly and indirectly in a portfolio of high-yield bonds issued by companies. The majority of the bonds will be rated below investment grade. The bonds involve a high credit risk. Generally, investments in currencies other than EUR will be hedged to EUR. No more than 10% of the fund's assets may be invested on other regulated markets than the markets approved by the Supervisory Board and in unlisted instruments. The fund may invest up to 10% of its assets in certificates in other associations, individual funds or investment institutions. Fund profile Investment allocation Type of fund Certificate-issuing, cumulative The fund's investment allocation appears from ISIN code DK 'Asset allocation' in the fund's financial statements. Listed No Established 12 November 2001 Functional Euro (EUR) Ratios currency The fund's ratios appear from 'Key figures and Benchmark Benchmark measured in EUR: ratios' in the fund's financial statements. 50% Merrill Lynch European Currency High Yield, BB-B Constrained Index 50% Merrill Lynch US High Yield, BB- B Constrained Index Risk indicator 3 Risk category Amber Investeringsforeningen Jyske Invest International Interim Report

35 Jyske Invest High Yield Corporate Bonds CL Income statement for H1 Balance sheet EUR '000 EUR '000 Interest and dividends 1,706 1,848 Capital gains and losses 1, Administrative expenses Pre-tax profit or loss 2,387 1,772 Tax 5 0 Net profit/loss for the six months 2,382 1,772 Note EUR '000 EUR '000 ASSETS 1. Cash and cash equivalents 4,361 1, Bonds 86,111 57, Derivatives Other assets 1,297 1,152 TOTAL ASSETS 92,608 60,348 EQUITY AND LIABILITIES 2. Investors' assets 91,164 60, Derivatives Other liabilities 1,377 0 TOTAL EQUITY AND LIABILITIES 92,608 60,348 Notes 1. Financial instruments (%): Listed financial instruments Other financial instruments Other assets and Other liabilities Total financial instruments Information about each fund s portfolio breakdown as per can be obtained by contacting Jyske Invest Fund Management A/S or be viewed at the Investment Association s website jyskeinvest.com EUR '000 EUR '000 Number of Asset Number of Asset certificates value certificates value 2. Investors' assets: Investors' assets (beginning of period) 312,998 60, ,598 65,882 Issues for the period 163,253 32, Redemptions for the period -22,927-4,581-60,600-10,957 Net issue margin 53 0 Net redemption margin 0 85 Transfer of net profit or loss for the period 2,382 5,322 Total investors' assets 453,324 91, ,998 60,332 Investeringsforeningen Jyske Invest International Interim Report

36 Notes Key figures and ratios as of 30 June Key figures: Net profit/loss for the six months (EUR '000) 310 3,565 1,865 1,772 2,382 Number of certificates 462, , , , ,324 Investors' assets (EUR '000) 72,122 61,516 59,916 59,898 91,164 Ratios: Net asset value (EUR per certificate) Return (%) for the period: - Benchmark Fund Total Expense Ratio - TER Sharpe ratio: - Benchmark Fund Standard deviation (%): - Benchmark Fund Tracking Error (%)* * Calculated from 2014 onwards. Asset allocation A Other 14.70% K Retail 5.20% B Financial institutions 11.90% L Technology & Electronics 5.00% C Media 9.40% M Transport 4.30% J I K L M A B D Basic industry 8.70% E Capital goods 8.50% F Health care 7.80% H G F E D C G Telecommunications 6.30% H Utilities 6.30% I Service 6.10% J Energy 5.80% Investeringsforeningen Jyske Invest International Interim Report

37 Jyske Invest High Grade Corporate Bonds CL Investment area and profile Jyske Invest High Grade Corporate Bonds CL invests chiefly in a portfolio of bonds issued by companies. The fund's assets are mainly invested in bonds which are denominated in EUR and have an investment grade rating. The bonds involve a certain credit risk. No more than 10% of the fund's assets may be invested on other regulated markets than the markets approved by the Supervisory Board and in unlisted instruments. The fund may invest up to 10% of its assets in certificates in other associations, individual funds or investment institutions. Fund profile Investment allocation Type of fund Certificate-issuing, cumulative The fund's investment allocation appears from ISIN code DK 'Asset allocation' in the fund's financial statements. Listed No Established 23 October 2009 Functional Euro (EUR) Ratios currency The fund's ratios appear from 'Key figures and Benchmark BofA Merrill Lynch Euro Corporate index, ratios' in the fund's financial statements. measured in euro Risk indicator 3 Risk category Amber Investeringsforeningen Jyske Invest International Interim Report

38 Jyske Invest High Grade Corporate Bonds CL Income statement for H1 Balance sheet EUR '000 EUR '000 Interest and dividends Capital gains and losses Administrative expenses Pre-tax profit or loss Net profit/loss for the six months Note EUR '000 EUR '000 ASSETS 1. Cash and cash equivalents Bonds 8,108 8, Derivatives 0 7 Other assets TOTAL ASSETS 8,749 8,672 EQUITY AND LIABILITIES 2. Investors' assets 8,747 8, Derivatives 2 0 TOTAL EQUITY AND LIABILITIES 8,749 8,672 Notes 1. Financial instruments (%): Listed financial instruments Other assets and Other liabilities Total financial instruments Information about each fund s portfolio breakdown as per can be obtained by contacting Jyske Invest Fund Management A/S or be viewed at the Investment Association s website jyskeinvest.com EUR '000 EUR '000 Number of Asset Number of Asset certificates value certificates value 2. Investors' assets: Investors' assets (beginning of period) 64,899 8,672 91,599 11,584 Redemptions for the period ,700-3,522 Net redemption margin 0 8 Transfer of net profit or loss for the period Total investors' assets 64,559 8,747 64,899 8,672 Investeringsforeningen Jyske Invest International Interim Report

39 Notes Key figures and ratios as of 30 June Key figures: Net profit/loss for the six months (EUR '000) Number of certificates 149, ,799 96,099 81,099 64,559 Investors' assets (EUR '000) 17,066 13,084 11,971 10,680 8,747 Ratios: Net asset value (EUR per certificate) Return (%) for the period: - Benchmark Fund Total Expense Ratio - TER Sharpe ratio: - Benchmark Fund Standard deviation (%): - Benchmark Fund Tracking Error (%)* * Calculated from 2014 onwards. Asset allocation A Financial institutions 31.20% K Automotive 3.50% B Utilities 10.90% L Financials 3.10% C Consumer discretionaries 8.40% M Leisure 2.60% I H J K L M A D Other 7.10% E Health care 6.90% F Technology & Electronics 6.00% G F E D C B G Energy 5.60% H Real estate 5.50% I Insurance 4.70% J Telecommunications 4.50% Investeringsforeningen Jyske Invest International Interim Report