(LF) Fund of Funds A mutual investment fund organised under the laws of the Grand Duchy of Luxembourg

Transcription

1 (LF) Fund of Funds A mutual investment fund organised under the laws of the Grand Duchy of Luxembourg Semi- Annual Report (Non Audited) June 30, 2012 No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus accompanied by the latest annual report and the most recent semi-annual report, if published thereafter. Past performance is not necessarily an indication of future performance.

2 Table of Contents Organisation of the Fund 3 Board of Directors of the Management Company 4 Statement of Net Assets 5 Schedule of investments (LF) Fund of Funds - Equity Blend 6 (LF) Fund of Funds - BRIC 7 (LF) Fund of Funds - Balanced Blend 8 (LF) Fund of Funds - Real Estate 9 (LF) Fund of Funds - New Frontiers 10 Notes to the financial statements 11 2

3 (LF) Fund of Funds Organisation of the Fund Management Company Eurobank EFG Fund Management Company (LUX) S.A. 5, rue Jean Monnet L-2180 Luxembourg Grand Duchy of Luxembourg Custodian, Administrative, Registrar, Transfer and Luxembourg Paying Agent Eurobank EFG Private Bank Luxembourg S.A. 5, rue Jean Monnet L-2180 Luxembourg Grand Duchy of Luxembourg Investment Manager Eurobank EFG Asset Management Mutual Funds Management Company S.A. 10, Stadiou Str., GR Athens Auditor PricewaterhouseCoopers S.à r.l. 400, Route d Esch B.P L-1014 Luxembourg Grand Duchy of Luxembourg 3

4 (LF) Fund of Funds Board of Directors of the Management Company Mr. Konstantinos Morianos Chairman Managing Director Eurobank EFG Asset Management Mutual Fund Management Company S.A., Greece Mr. Georgios Vlachakis Managing Director Eurobank EFG Fund Management Company (LUX) S.A., Grand Duchy of Luxembourg Mrs. Eleni Laskari Managing Director Eurobank EFG Private Bank Luxembourg S.A., Grand Duchy of Luxembourg Mr Fokion Karavias Director of Treasury and Capital Market EFG Eurobank Ergasias, Greece Mr. Agamemnon Kotrozos General Manager Eurobank EFG Fund Management Company (Lux) S.A., Grand Duchy of Luxembourg Director Director Director Director 4

5 Statement of Net Assets (LF) Fund of Funds (LF) Fund of Funds - Equity Blend Consolidated (LF) Fund of Funds - BRIC (LF) Fund of Funds - (LF) Fund of Funds - (LF) Fund of Funds - Balanced Blend Real Estate New Frontiers Currency Notes EUR EUR EUR EUR EUR EUR Assets Securities portfolio at market value Cash at bank Formation expenses Receivable on interest and dividends Receivable on securities Receivable on subscriptions Other assets Total assets Liabilities Subscription in advance Payable on purchases Other payable and accrued expenses Total liabilities Total net assets Information summary Units outstanding Eurobank EFG Units outstanding Eurobank EFG USD Units outstanding Eurobank EFG I Units outstanding Interamerican Units outstanding Postbank Units outstanding Postbank BGN Units outstanding Postbank USD Units outstanding Polbank EUR Units outstanding Polbank PLN Units outstanding Bankpost Net asset value per unit : Eurobank EFG Net asset value per unit : Eurobank EFG USD Net asset value per unit : Eurobank EFG I Net asset value per unit : Interamerican Net asset value per unit : Postbank Net asset value per unit : Postbank BGN Net asset value per unit : Postbank USD Net asset value per unit : Polbank EUR Net asset value per unit : Polbank PLN Net asset value per unit : Bankpost Cost of securities portfolio PCS Total net assets at year ended: 31/12/ /12/ /06/ N.A.V. per unit at year ended "Eurobank EFG" unit : 31/12/ /12/ /06/ N.A.V. per unit at year ended "Eurobank EFG USD" unit : 31/12/ /12/ /06/ N.A.V. per unit at year ended "Eurobank EFG I" unit : 31/12/ /12/ /06/ N.A.V. per unit at year ended "Interamerican" unit : 31/12/ /12/ /06/ N.A.V. per unit at year ended "Postbank" unit : 31/12/ /12/ /06/ N.A.V. per unit at year ended "Postbank USD" unit : 31/12/ /12/ /06/ N.A.V. per unit at year ended "Postbank BGN" unit : 31/12/ /12/ /06/ N.A.V. per unit at year ended "Polbank EUR" unit : 31/12/ /12/ /06/ N.A.V. per unit at year ended "Polbank PLN" unit : 31/12/ /12/ /06/ N.A.V. per unit at year ended "Bankpost" unit : 31/12/ /12/ /06/ The accompanying notes form an integral part of these financial statements. 5

6 (LF) Fund of Funds - Equity Blend Schedule of investments (All figures in Euros) Cost Market % of Net Currency Shares Name Price Price Assets Investment Funds EUR (LF) I EQUITY- GLOBAL EQUTIES FUND % EUR (LF) I EQUITY FLEXI STYLE FUND % EUR (LF)I EQUITY- EMERGING EUROPE FUND % EUR BGF EUROPEAN FOCUS FD % EUR EUROBANK GLOBAL EQUITIES FUND % EUR FIDELITY FDS-EURO SM-Y ACC % EUR INVESCO PAN EUROPEAN EQUITY C % EUR NEW CAPITAL US GROWTH-B EUR % EUR PIONEER FDS US PIONEER (I-Acc- ) % EUR SCHRODER INTL EUROPEAN EQ ALPHA (C-Acc) % EUR SCHRODER INTL JAPANESE EQ ALPHA (C -Acc) % EUR TEMPLETON ASIAN GROWTH FUND (I ) % % USD BNPP L1 - OPPORTUNITIES USA (I$) % USD FF GLOBAL OPPORTUNITIES FUND (Y$-ACC) % USD FIDELITY FNDS-LATIN AM-Y AC$ % USD FIDELITY FUNDS-AMERICA-Y ACC % USD FRANKLIN U.S. OPPORTUNITIES FUND (I$) % USD M&G GLOBAL BASICS FD (C$-ACC) % USD MORGAN STANLEY US EQUITY GROWTH (Z$-Acc) % % Total Investments % Portfolio breakdown By countries Greece 3.16% Ireland 3.59% Luxembourg 91.03% United Kingdom 2.22% By type of investments Investment Funds % The accompanying notes form an integral part of these financial statements 6

7 (LF) Fund of Funds - BRIC Schedule of investments (All figures in Euros) Cost Market % of Net Currency Shares Name Price Price Assets Investment Funds EUR BGF INDIA FUND % EUR DWS BRAZIL ( -Acc) % EUR DWS RUSSIA EQTY FUND ACC % EUR TEMPLETON ASIAN GROWTH FUND (I ) % % USD BNY MELLON GL-BRAZIL EQUITY % USD FIDELITY- INDIA FOCUS FUND (Y$-ACC) % USD FIDELITY-CHINA FOCUS FUND (Y$-Acc) % USD FRANKLIN INDIA FUND (I$) % USD FRANKLIN TEMP INV CHINA FD(I$) % USD HSBC GIF- BRAZIL EQUITY I-C % USD INVESCO GRTER CHINE EQTY - C % USD ISHARES MSCI BRAZIL % USD JPM BRAZIL ALPHA PLUS (c$-acc) % USD JPMORGAN INDIA FUND-A-AC$ % USD JPMORGAN RUSSIA FUND-A$-ACC % USD JPMORGAN GR CHINA-A-A$ % USD PARVEST EQUITY BRAZIL-I % USD PF (LUX) GREATER CHINA - I $ % USD PF RUSSIAN EQUITIES (I$-ACC) % USD SCHRODER INTL GREATER CHINA (C$-Acc) % % Total Investments % Portfolio breakdown By countries Ireland 7.03% Luxembourg 89.30% United States 3.68% By type of investments Investment Funds % The accompanying notes form an integral part of these financial statements. 7

8 (LF) Fund of Funds - Balanced Blend Schedule of investments (All figures in Euros) Cost Market % of Net Currency Shares Name Price Price Assets Investment Funds EUR (LF)I EQUITY- EMERGING EUROPE FUND % EUR BNY MELLON GL-EUROLAND BF (C -Acc) % EUR INVESCO EURO CORPORATE BOND (C-Acc) % EUR INVESCO PAN EUR STRUC EQTY - C % EUR M&G EUROPEAN CORPORATE BOND (C -Acc) % EUR M&G GLOBAL CONVERTIBLE (C -Acc) % EUR NEW CAPITAL US GROWTH-B EUR % EUR PIMCO TOTAL RETURN INSTIT EUR MF HEDGED % EUR PIONEER SF -EURO CURVE 3-5 (I-E) % EUR PIONEER FDS EURO BOND (I-Acc- ) % EUR PIONEER FDS EURO HIGH YLD-I % EUR PIONEER FDS US PIONEER (I-Acc- ) % EUR PIONEER SF- EURO CURVE 1-3 (I-I ) % EUR SCHRODER INTL JAPANESE EQ ALPHA (C -Acc) % EUR TEMPLETON ASIAN GROWTH FUND (I ) % % USD BNPP L1 - COMMODITY WORLD (I$) % USD BNPP L1 - CONV BOND WORLD (I$H) % USD FF GLOBAL OPPORTUNITIES FUND (Y$-ACC) % USD FIDELITY FNDS-LATIN AM-Y AC$ % USD FRANKLIN U.S. OPPORTUNITIES FUND (I$) % USD ING (L) INV - GLOBAL RE (I$) % USD JPM INV-GLB CONV/BLE (USD) (C$-ACC) % USD M&G GLOBAL BASICS FD (C$-ACC) % USD MORGAN STANLEY GLOBAL PROPERTY (Z$-Acc) % USD MORGAN STANLEY US EQUITY GROWTH (Z$-Acc) % USD PF (LUX) EMERGING LCL CRY DEBT (I-Acc-$) % USD SCHRODER ALT SOL COMMODITY (C-Acc-$) % % Total Investments % % % Portfolio breakdown By countries Ireland 13.98% Luxembourg 64.02% United Kingdom 22.00% By type of investments Investment Funds % The accompanying notes form an integral part of these financial statements. 8

9 (LF) Fund of Funds - Real Estate Schedule of investments (All figures in Euros) Cost Market % of Net Currency Shares Name Price Price Assets Investment Funds EUR ING L INV-EUROPE RE EST-I % EUR ISHARES EPRA US PROPTY YLD % EUR ISHARES FTSE EPRA/NAR DEV MK % EUR LYXOR ETF MSCI USA REAL EST % EUR LYXOR ETF MSCI WLD REAL EST % % USD ING (L) INV - GLOBAL RE (I$) % USD JANUS CAPITAL GLOBAL RE-I$IN % USD MORGAN STANLEY GLOBAL PROPERTY (Z$-Acc) % USD MORGAN STANLEY SICAV - US PROPERTY FUND % USD NEUBERGER BERMAN US REAL ESTATE % USD POWERSHRES ACT US REAL ESTATE % % Total Investments % % % Portfolio breakdown By countries France 6.37% Ireland 28.03% Luxembourg 38.60% United-States 27.01% By type of investments Investment Funds % The accompanying notes form an integral part of these financial statements. 9

10 (LF) Fund of Funds - New Frontiers Schedule of investments (All figures in Euros) Cost Market % of Net Currency Shares Name Price Price Assets Investment Funds EUR (LF) EQUITY - DYNAMIC ROMANIAN FUND % EUR (LF) I - MM FUND RESERVE % EUR BARING ASEAN FRONTIER-I % EUR DB X TRACKERS S& P FRONTIER % EUR FRANKLIN TEMP INV FRONTIER MKTS FND (I ) % EUR RBS MSCI FRONTIER MKTS % EUR SILK-ROAD FRONTIERS FUND % % USD GUGGENHEIM FRONTIER MARKETS % USD ING (L) INV - MID EAST & NOR AFRICA (I$) % USD POWERSHARES MENA FRONTIER COUNTRIES % USD SCHRODER INTL FRONTIER MKT (C$) % % Total Investments % % % Portfolio breakdown By countries Germany 2.43% Ireland 15.19% Luxembourg 77.22% United-States 5.15% By type of investments Investment Funds % The accompanying notes form an integral part of these financial statements. 10

11 Notes to the financial statements As at June, General (LF) Fund of Funds has been created on September 18, 2006 as a mutual investment fund ( Fonds Commun de Placement ) organised under Part I of the Luxembourg Law of 20 December 2002 on undertakings for collective investment (the 2002 Law ). Since 1 July 2011, (LF) Fund of Funds is a FCP under Part I of the Law of 17 December The Fund is managed by Eurobank EFG Fund Management Company (LUX) S.A. (the Management Company ), a company incorporated under the laws of Luxembourg and having its registered office in Luxembourg. The Management Company may issue Units in several classes (collectively Classes and each a Class ) in each Sub-Fund having: (i) a specific sales and redemption charge structure and/or (ii) a specific management or advisory fee structure and/or (iii) different distribution, unitholder servicing or other fees and/or (iv) different types of targeted investors or distribution channels and/or (v) a different hedging structure and/or (vi) such other features as may be determined by the Board of Directors from time to time. 2. Summary of significant accounting policies The financial statements are prepared in accordance with Luxembourg regulations relating to undertakings for collective investments. a) Basis of presentation of the financial statements The financial statements of each sub-fund are kept in the following currencies: - (LF) Fund of Funds - Equity Blend EUR - (LF) Fund of Funds - BRIC EUR - (LF) Fund of Funds - Balanced Blend EUR - (LF) Fund of Funds - Real Estate EUR - (LF) Fund of Funds - New Frontiers EUR The consolidated financial statements of the Fund reflecting the assets and liabilities of all portfolios are expressed in Euro. 11

12 Notes to the financial statements (continued) b) Security Valuation Securities quoted or dealt in on any stock exchange or another regulated market are valued at the latest available price. When such prices are not representative of the fair value of the relevant securities and in the case of unquoted securities, the valuation is based on the respective reasonable foreseeable sales price as determined prudently and in good faith by the Board of Directors of the Management Company of the Fund. Cash equivalent or money market instruments with a remaining maturity of 60 days or less are stated at amortized cost, which approximates market value. c) Foreign currency translation The cost of investments and the transactions during the year, expressed in foreign currencies, are converted into the reporting currency of each Sub-Fund at the rate of exchange ruling at the time of the purchase or transaction. The market value of investments and other assets and other liabilities, expressed in foreign currencies, are translated into the reporting currency of each Sub-Fund at year-end exchange rates. Exchange differences arising on foreign currency translation are taken to profit and loss. The consolidated statement is calculated at year-end exchange rates. Closing exchange rates as at June, relating to EUR are: 1 USD = EUR 1 PLN = EUR 1 BGN = EUR d) Interest and Dividend income Interest income is recognized on an accrual basis, net of any irrecoverable withholding tax. Dividends are accounted for on an ex-dividend basis, net of any irrecoverable withholding tax. e) Formation expenses Formation expenses are amortised over a period of 5 years and are allocated to the relevant Sub- Funds or are allocated to the different Sub-Funds in proportion to their respective weight in the total net assets at the end of their related subscription period. f) Valuation of option contracts The liquidation value of options that are traded on stock exchange is based on the closing prices published by the stock exchange where the company has concluded the related contracts. The liquidation value of options that are not traded on stock exchange is determined according to the guidelines decided by the Board of Directors of the Management Company, following uniform criteria for each type of contract. 12

13 Notes to the financial statements (continued) g) Valuation of financial future contracts The liquidation value of future contracts that are traded on stock exchange is based on the closing prices published by the stock exchange where the company has concluded the related contracts. The liquidation value of futures contracts that are not traded on stock exchange is determined according to the guidelines decided by the Board of Directors of the Management Company, following uniform criteria for each type of contract. 3. Management fees Management fees are due by each Sub-Fund and are calculated daily based on the net assets of each class of Units during the month and are payable monthly. the following rates are applicable per annum:. (LF) Fund of Funds - Equity Blend - Class Eurobank EFG 1.60%. (LF) Fund of Funds - Equity Blend - Class Eurobank EFG I 0.70%. (LF) Fund of Funds - Equity Blend - Class Eurobank EFG USD 1.60%. (LF) Fund of Funds - Equity Blend - Class Postbank 2.00%. (LF) Fund of Funds - Equity Blend - Class Bancpost 2.00%. (LF) Fund of Funds - Equity Blend - Class Postbank BGN 2.50%. (LF) Fund of Funds - BRIC - Class Eurobank EFG 2.00%. (LF) Fund of Funds - BRIC - Class Eurobank EFG I 1.00%. (LF) Fund of Funds - BRIC - Class Interamerican 2.00%. (LF) Fund of Funds - BRIC - Class Eurobank EFG USD 2.00%. (LF) Fund of Funds - BRIC - Class Polbank PLN 3.00%. (LF) Fund of Funds - BRIC - Class Postbank 2.50%. (LF) Fund of Funds - BRIC - Class Postbank BGN 2.50%. (LF) Fund of Funds - BRIC - Class Bancpost 2.50%. (LF) Fund of Funds - Balanced Blend - Class Eurobank EFG 1.10%. (LF) Fund of Funds - Balanced Blend - Class Eurobank EFG I 0.63%. (LF) Fund of Funds - Balanced Blend - Eurobank EFG USD 1.10%. (LF) Fund of Funds - Balanced Blend - Class Polbank EUR 1.50%. (LF) Fund of Funds - Balanced Blend - Class Polbank PLN 2.00%. (LF) Fund of Funds - Balanced Blend - Class Postbank 1.50%. (LF) Fund of Funds - Balanced Blend - Class Bancpost 1.50%. (LF) Fund of Funds - Real Estate - Class Eurobank EFG 1.50%. (LF) Fund of Funds - Real Estate - Class Interamerican 1.50%. (LF) Fund of Funds - Real Estate - Class Polbank PLN 3.00%. (LF) Fund of Funds - Real Estate - Class Postbank 1.50%. (LF) Fund of Funds - Real Estate - Class Bancpost 1.50%. (LF) Fund of Funds - Real Estate - Class Eurobank EFG USD 1.50%. (LF) Fund of Funds - Real Estate - Class Postbank USD 1.50%. (LF) Fund of Funds - New Frontiers - Class Eurobank EFG 2.00%. (LF) Fund of Funds - New Frontiers - Class Interamerican 2.00%. (LF) Fund of Funds - New Frontiers Class Eurobank EFG USD 2.00% 13

14 Notes to the financial statements (continued) Management fees may be charged at both levels (the Sub-Fund and target UCITS/UCIs) but the aggregate amount of management fees on the portion of assets invested in target UCITS/UCIs will not exceed 4% p.a. of the net assets. 4. Custodian fees In consideration for its services, the Custodian is entitled to receive out of the assets of the relevant Sub-Fund a fee (the Depositary Fee ) payable at the end of each month in arrears at an annual rate not exceeding the percentage amount indicated in the Appendix relevant to each Sub-Fund of the Prospectus of the Fund. This percentage amount will be calculated on a daily basis on the Net Asset Value of that day of the relevant Class over the period by reference to which the fee is calculated. The Custodian may also receive transaction-based fees. 5. Administrative fees and Registrar Agent The Management Company shall pay, out of the Management Fee, the fees and expenses due to the Administrative and Registrar Agent. The Administrative and Registrar Agent may also receive from the Fund transaction-based fees, which will be payable in addition to the Management Fee. 6. Taxation The Fund is liable in Luxembourg to an annual tax (the "taxe d'abonnement") of 0.05%, calculated and payable quarterly, on the aggregate Net Asset Value of the outstanding units of the Fund at the end of each quarter. This annual tax is however reduced to 0.01% on the aggregate Net Asset Value of the units in the Classes reserved to institutional investors as well as in Sub-Funds that invest exclusively in certain short-term transferable debt securities and other instruments pursuant to the Grand-Ducal Regulation of 14 April This rate is reduced to 0% for the portion of the assets of the Fund invested in other Luxembourg undertakings for collective investment already submitted to an annual tax. 7. Statement of changes in investments A list, for each Sub-Fund, specifying for each investment the total purchases and sales which occurred during the year under review, may be obtained free of charge, upon request, at the Registered Office of the Management Company. 14