Raiffeisen European SmallCap

Transcription

1 (Original German name: Raiffeisen-Europa-SmallCap) Semi-annual fund report

2 Table of contents General fund information... 3 Fund characteristics... 3 Legal notice... 4 Fund details... 5 Units in circulation... 5 Fund investment policy report... 6 Makeup of fund assets in EUR... 7 Portfolio of investments in EUR... 8 Semi-annual fund report: 1 August January

3 Semi-annual report from 1 August 2013 to 31 January 2014 is an equity fund. It pursues an investment goal of long-term capital growth subject to a higher level of risk. It mainly invests (at least 51 % of its fund assets) in equities or equity-equivalent securities issued by small cap companies which have a market capitalization (price (market price) multiplied by a company s total number of issued shares) of up to EUR 5 billion and which are headquartered or mainly active in Europe. The fund may also invest in other securities, in bonds and money market instruments issued by sovereigns, companies or supranational issuers etc., in units in investment funds and in sight deposits and deposits at notice. The fund is actively managed and is not limited by means of a benchmark. General fund information Tranche Fund currency Tranche currency Launch date ISIN ISIN income-distributing (R) (A) EUR EUR 25/7/2003 AT ISIN income-retaining (R) (T) EUR EUR 25/7/2003 AT ISIN full income-retaining (outside Austria) (R) (VTA) EUR EUR 28/10/2003 AT ISIN full income-retaining (outside Austria) (I) (VTA) EUR EUR 1/2/2011 AT0000A0LQ44 ISIN savings fund income-distributing (R) (A) EUR EUR 25/7/2003 AT ISIN savings fund income-retaining (R) (T) EUR EUR 25/7/2003 AT Fund characteristics Financial year: 1 August 31 July Distribution/payment/reinvestment date: 15 October EU directive compliance: EU directive-compliant jointly owned fund under the 2011 Austrian Investment Fund Act (InvFG), as amended Max. management fee for the fund: R tranche: 2.00 % I tranche: 1.00 % Custodian bank: Raiffeisen Bank International AG Management company: Raiffeisen Kapitalanlage-Gesellschaft m.b.h. Schwarzenbergplatz 3, A-1010 Vienna Tel , Fax Companies register number: w Fund management: Raiffeisen Kapitalanlage-Gesellschaft m.b.h. Auditor: KPMG Austria AG Semi-annual fund report: 1 August January

4 Legal notice All data and information has been compiled and checked with the greatest care. No liability or guarantee can be assumed for the recentness, correctness and completeness of the information provided. We consider the sources used to be reliable. The software used performs calculations on the basis of more than the two decimal places displayed. Minor discrepancies cannot be ruled out due to further calculations using published results. The value of a unit is calculated by dividing the entire value of the investment fund inclusive of its income by the number of units. The total value of the investment fund is calculated on the basis of the current market prices of the securities, money market instruments and subscription rights in the fund plus the value of the fund s financial investments, cash holdings, credit balances, receivables and other rights net of its payables. That value will be calculated by the custodian bank. The net assets are calculated in accordance with the following principles: a) In principle, the value of assets quoted or traded on a stock market or on another regulated market will be determined on the basis of the most recently available price. b) Where an asset is not quoted or traded on a stock market or another regulated market or where the price for an asset quoted or traded on a stock market or another regulated market does not appropriately reflect its actual market value, the prices provided by reliable data providers or, alternatively, market prices for equivalent securities or other recognized valuation methods shall be used. Semi-annual fund report: 1 August January

5 Dear unitholder, Raiffeisen Kapitalanlage-Gesellschaft m.b.h. is pleased to present its semi-annual fund report for Raiffeisen European SmallCap for the period from 1 August 2013 to 31 January Fund details 31/7/ /1/2014 Fund assets in EUR 67,765, ,585, Net asset value/unit (R) (A) EUR Issue price/unit (R) (A) EUR Net asset value/unit (R) (T) EUR Issue price/unit (R) (T) EUR Net asset value/unit (R) (VTA) EUR Issue price/unit (R) (VTA) EUR Net asset value/unit (I) (VTA) EUR Issue price/unit (I) (VTA) EUR Units in circulation AT (R) A AT (R) T AT (R) VTA AT0000A0LQ44 (I) VTA Units in circulation on 31/7/ , , , Sales , , Repurchases - 1, , , Units in circulation 26, , , Total units in circulation on 31/1/ , Semi-annual fund report: 1 August January

6 Fund investment policy report European small caps realized highly positive performances in the period under review, with gains of almost 20 %. was not quite able to keep up with this trend but nonetheless achieved double-digit growth. As is typical, the equities which had performed so weakly in the previous year i.e. equities from southern European countries such as Greece, Spain and Italy especially were among the outperformers this time around, especially previously shaken financial stocks. The fund was underweighted in these stocks, which accounts for the shortfall in relation to the benchmark. However, this mainly involved equities with non-favorable valuations, i.e. which were not purchased on valuation grounds but solely in the expectation of macroeconomic recovery in these countries, whose financial stocks are in this case often the first to realize gains. However, the fund continued to adhere to its philosophy of only purchasing attractively valued stocks. Unfortunately, this was not always the best strategy in the reporting period. Semi-annual fund report: 1 August January

7 Makeup of fund assets in EUR Securities Market value % Equities: EUR 62,981, GBP 3,424, CHF 2,823, DKK 958, NOK 946, SEK 843, Total equities 71,978, Subscription rights: EUR Warrants: EUR 3, Real estate investment trusts: EUR 856, Total securities 72,837, Bank balances Bank balances in fund currency 6,897, Bank liabilities in foreign currency - 13, Total bank balances 6,884, Accruals and deferrals Interest claims (on securities and bank balances) Other items Various fees - 137, Total fund assets 79,585, Semi-annual fund report: 1 August January

8 Portfolio of investments in EUR Dates indicated for securities refer to the issue and redemption dates. An issuer s right of premature redemption (where applicable) is not specified. The securities marked with a "Y" have an open-ended maturity. ISIN SECURITY TITLE VOLUME PURCHASES SALES PRICE MARKET % SHARE 31/1/2014 ADDITIONS DISPOSALS VALUE OF FUND IN PERIOD UNDER REVIEW IN EUR ASSETS EQUITIES IN EURO NL AALBERTS IND. NV 27, , DE AAREAL BANK AG 40, ,124, DE ADVA OPT.NETW.SE O.N. 57,000 10, , AT AGRANA BET.AG STAMM.O.N. 5, , FI AMER SPORTS CORP. A 40, , EE ARCO VARA AS 10, , IT ASTALDI S.P.A. 131,211 10, , AT AT+S AUST. TECH.SYS.O.N. 94,127 41, , BE BEKAERT P.S. 10, , NL BETER BED HLDG 36, , NL BINCKBANK N.V. 83, , IT BREMBO S.P.A. 47,000 10, , NL BRUNEL INTL NV 15,000 2, , IT BUZZI UNICEM 52, , AT CA IMMO.ANL.AG AKT. O.N. 70, , FI CARGOTEC CORP. B 17, , FI CAVERION OYJ. O.N. 29, , IT CIR ORD. 260, , IT DAVIDE CAMPARI-MIL. 100, , NL DELTA LLOYD N.V. 60,000 5, ,124, DE DEUTSCHE EUROSHOP AG O.N. 9, , DE000A0HN5C6 DEUTSCHE WOHNEN AG INH 50,000 20, , IT DIASORIN S.P.A. 7, , ES EBRO FOODS NOM. 50, , GRS ELLAKTOR S.A.NAM. 78, , ES ENAGAS INH. 24, , ES ENCE ENERGIA+CELUL. 142, , GRS EYDAP S.A. INH 48, , AT FLUGHAFEN WIEN AKT. O.N. 10, , GRS FOLLI FOLLIE 41,668 30, , DE000A0Z2ZZ5 FREENET AG NA 70, ,588, GRS FRIGOGLASS NA 47, , ES GAMESA CORP.TEC.I. 18, , GRS GEK TERNA S.A. 35, , DE000A0LD6E6 GERRESHEIMER AG 2, , DE GERRY WEBER INTERNAT.O.N. 25,552 4,000 33, , IE00B00MZ448 GRAFTON GROUP PLC UTS 152, ,080, DE GRENKELEASING AG O.N. 18,710 3, ,295, FR GROUPE STERIA SCA INH. 60,478 10, , DE000A0S8488 HAMBURG.HAFEN U.LOG.A-SP 14, , DE HANN.RUECK SE NA O.N. 21, ,243, IT HERA S.P.A. 222,352 12, , FR IMERYS SA INH. 15, , NL KON. VOPAK NV 16,862 4, , FI KONECRANES OYJ O.N. 27, , NL KONINK.BAM GP TOON. 60,064 40, , AT LENZING AG AKT.O.N. 7, , FR LISI SA INH. 8, ,041, FR M6 METROPOLE TV INH. 26,064 26, , FR MAUREL ET PROM INH. 55, , AT MAYR-MELNHOF AKT. O.N. 2,000 2, , BE MOBISTAR SA 20, , GRS MOTOR OIL (HELL.) 26, , DE000A0D9PT0 MTU AERO ENGINES NA O.N. 18, ,192, DE NEMETSCHEK AG O.N. 25,500 2, ,341, FR NEXANS INH. 29,904 8, ,044, ES NH HOTELES SA INH. 51,000 51, , FI NOKIAN RENKAAT OYJ 20, , NL NUTRECO N.V. 34, ,127, BE NYRSTAR 59, , ES OBRASCON INH. 23, , Semi-annual fund report: 1 August January

9 ISIN SECURITY TITLE VOLUME PURCHASES SALES PRICE MARKET % SHARE 31/1/2014 ADDITIONS DISPOSALS VALUE OF FUND IN PERIOD UNDER REVIEW IN EUR ASSETS EQUITIES IN EURO FR PLASTIC OMN.INH. 55,620 55,620 18, ,048, FI POHJOLA BK A 43, , AT0000APOST4 POST AG AKT.O.N. 10, , ES PROSEGUR NOM. 269, ,210, GRS PUBL.POWER GR.INH. 52,200 20, , FI RAMIRENT OYJ 44,000 44, , IT RECORDATI SPA 58, , PTREL0AM0008 REN-REDES ENERGET. 90,000 20, , DE RHEINMETALL AG 10, , AT RHI AG AKTIEN O.N. 44, ,075, DE RHOEN-KLINIKUM O.N. 42, , NL ROYAL IMTECH N.V. 116,025 40, , NL SBM OFFSHORE N.V. 21,090 7, , AT SCHOELLER-BL.OIL 7,500 2, , PTSEM0AM0004 SEMAPA SGPS NAM. 81, , DE SOFTWARE AG O.N. 31,000 31, , FR SOPRA GROUP INH. 2,000 2, , FR TECHNICOLOR INH. 80,000 80, , ES TECNICAS REUNIDAS 8, , FR TELEPERFORMANCE INH. 41, ,790, FR TELEVIS. FSE 1 INH. 40,000 40, , GRS THES. WATER S.+S. 124, , GRS TITAN CEMENT NAM. 9, , NL TNT EXPRESS N.V. 175,793 25, ,151, ES TUBACEX INH. 130, , BE UMICORE S.A. NEW 18, , NL UNIT4 17, , NL USG PEOPLE N.V. 82,485 10, , FR VALLOUREC 8, , AT VERBUND KAT.A O.N. 58, , FR VIRBAC SA 7, ,252, DE000A0CAYB2 WINCOR NIXDORF O.N. 17, , NL WOLTERS KLUWER NAM. 50, ,037, FI YIT OYJ 29, , NL ZIGGO N.V. 45, ,459, PTZON0AM0006 ZON OPTIMUS SGPS SA 108, , , AT ZUMTOBEL AG AKT.O.N. 43,000 8, , EQUITIES IN BRITISH POUNDS GB CARILLION PLC 131, , GB00B0HZP136 GREENE KING PLC 130, ,346, GB00B5N0P849 JOHN WOOD GR. 83,000 13, , GB00BCZM1F64 MICRO FO ITL 96,000 96, , EQUITIES IN SWISS FRANCS CH GATEGROUP HOLDING AG 28,000 28, , CH SULZER NAM. 9, , CH TEMENOS GROUP AG NA 30, , CH VALORA HLDG NA 3, , EQUITIES IN NORWEGIAN CROWNS NO DOLPHIN GROUP ASA 300, , NO TGSNOP.GEOPHYSICAL 40,000 12, , EQUITIES IN SWEDISH CROWNS SE SECURITAS AB B FR. 110,000 30, , EQUITIES IN DANISH CROWNS DK AURIGA INDS NAM. B 5, , DK DFDS A/S INDEHAV. 5, , DK WILLIAM DEM.HLDG A 8, , SUBSCRIPTION RIGHTS IN EURO BE NYRSTAR NV STRIP VVPR 24, WARRANTS IN EURO FR ETABL.MAUREL+PROM 30, , REAL ESTATE INVESTMENT TRUSTS IN EURO GRS EUROBANK PROP.REAL EST.I. 82,594 32, , NL EUROCOMM.PR. CERT.10 8,000 8, , TOTAL SECURITIES PORTFOLIO EUR 72,837, Semi-annual fund report: 1 August January

10 CURRENCY MARKET % SHARE VALUE OF FUND IN EUR ASSETS BANK BALANCES EUR BALANCES EUR 6,897, LIABILITIES IN OTHER EU CURRENCIES NOK EUR -13, EUR 6,884, ACCRUALS AND DEFERRALS INTEREST CLAIMS EUR OTHER ITEMS VARIOUS FEES EUR -137, TOTAL FUND ASSETS EUR 79,585, NET ASSET VALUE PER UNIT TRANCHE R INCOME-DISTRIBUTING EUR TRANCHE R INCOME-RETAINING EUR TRANCHE R FULL INCOME-RETAINING EUR TRANCHE I FULL INCOME-RETAINING EUR UNITS IN CIRCULATION TRANCHE R INCOME-DISTRIBUTING UNITS 26, TRANCHE R INCOME-RETAINING UNITS 288, TRANCHE R FULL INCOME-RETAINING UNITS 79, TRANCHE I FULL INCOME-RETAINING UNITS EXCHANGE RATES FOREIGN CURRENCY ASSETS WERE CONVERTED INTO EUR ON THE BASIS OF THE EXCHANGE RATES APPLICABLE ON 30/1/2014: CURRENCY UNIT PRICE SWISS FRANC 1 EUR = CHF DANISH CROWN 1 EUR = DKK BRITISH POUND 1 EUR = GBP NORWEGIAN CROWN 1 EUR = NOK SWEDISH CROWN 1 EUR = SEK SECURITIES PURCHASES AND SALES DURING THE PERIOD UNDER REVIEW NOT LISTED UNDER THE PORTFOLIO OF ASSETS: ISIN SECURITY TITLE PURCHASES SALES ADDITIONS DISPOSALS EQUITIES IN EURO DE CENIT AG O.N. 20,000 DE000KSAG888 K+S AG NA O.N. 12,000 EQUITIES IN BRITISH POUNDS GB00B83XCK58 MICRO FO ITL PLC 104,000 GB009A21A5Q9 MICRO FOCUS INTL 104, ,000 Semi-annual fund report: 1 August January

11 ISIN SECURITY TITLE PURCHASES SALES ADDITIONS DISPOSALS SUBSCRIPTION RIGHTS IN EURO AT0000A120R2 AT+S AUST.TECH.SYS.RECHTE 52,277 52,277 NL DELTA LLOYD N.V. -ANR.- 55,000 55,000 GRX EUROBANK PROP.REAL -ANR.- 49,756 49,756 IT HERA S.P.A. -ANR.- 210, ,000 FR NEXANS -ANR.- 20,934 20,934 NL NUTRECO N.V.-ANR.(DIV.WW) 34,000 34,000 NL TNT EXPRESS-ANR.(DIV.WW.) 150, ,793 Raiffeisen Kapitalanlage-Gesellschaft m.b.h. complies with the code of conduct for the Austrian investment fund industry Vienna, 10 March 2014 Semi-annual fund report: 1 August January