BANQUE CARNEGIE FUND SICAV Société d'investissement à Capital Variable

Transcription

1 Société d'investissement à Capital Variable UNAUDITED SEMI-ANNUAL REPORT 30 June 2015 R.C.S. Luxembourg B Subscriptions are only valid if made on the basis of the current prospectus accompanied by the latest annual report and the latest semi-annual report if published after the annual report

2 TABLE OF CONTENTS GENERAL INFORMATION Management and Administration 3 Board of Directors 3 FINANCIAL STATEMENTS Statement of Net Assets 4 Net Asset Value per share 4 Statement of Operations and Changes in Net Assets 5 Statement of Changes in Number of Shares Outstanding 6 SECURITIES PORTFOLIO Banque Carnegie Fund SICAV - Euro Bond Fund 7-8 Banque Carnegie Fund SICAV - High Yield Bond Fund 9-10 NOTES TO THE FINANCIAL STATEMENTS

3 MANAGEMENT AND ADMINISTRATION REGISTERED OFFICE INVESTMENT MANAGER Centre Europe Banque Carnegie Luxembourg S.A. 5, Place de la Gare Centre Europe L-1616 Luxembourg 5, Place de la Gare L-1616 Luxembourg CUSTODIAN BANK LEGAL COUNSEL JP Morgan Bank Luxembourg S.A. Bonn & Schmitt 6, Route de Trèves 22-24, Rives de Clausen L-2633 Senningerberg L-2165 Luxembourg FUND ADMINISTRATOR, REGISTRAR AND TRANSFER AGENT Carnegie Fund Services S.A. Centre Europe 5, Place de la Gare L-1616 Luxembourg AUDITOR PricewaterhouseCoopers, Société coopérative 2 rue Gerhard Mercator L-2182 Luxembourg BOARD OF DIRECTORS CHAIRMAN Bruno FREREJEAN Co-Managing Director Banque Carnegie Luxembourg S.A. DIRECTORS Danilo LINOSA Deputy General Manager Banque Carnegie Luxembourg S.A. Luxembourg Jean-Marc DELMOTTE Managing Director Carnegie Fund Services S.A. 3

4 STATEMENT OF NET ASSETS AS AT 30 JUNE 2015 COMBINED EURO BOND FUND HIGH YIELD BOND FUND (EUR) (EUR) (EUR) ASSETS Investments at market value (Note 2.1) 11,431, ,268, ,162, Cash at banks 5,638, ,008, , Interest receivable on bonds 160, , , Other receivables 1, , Subscriptions receivable 76, , , Unrealised gain on forward foreign exchange contracts (Note 5) 10, , , Total Assets 17,319, ,425, ,894, LIABILITIES Bank overdrafts (42,331.07) 0.00 (42,331.07) Redemptions payable (27,815.95) 0.00 (27,815.95) Subscription tax payable ("taxe d'abonnement") (2,152.57) (1,549.61) (602.96) Other Payable (7,135.00) (5,137.36) (1,997.64) Total Liabilities (37,103.52) (6,686.97) (72,747.62) NET ASSETS VALUE 17,240, ,418, ,821, NET ASSET VALUE PER SHARE AS AT 30 JUNE 2015 EURO BOND FUND (EUR) HIGH YIELD BOND FUND (EUR) Net asset value per share

5 STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE PERIOD ENDED 30 JUNE 2015 COMBINED EURO BOND FUND HIGH YIELD BOND FUND (EUR) (EUR) (EUR) INCOME Interest on bonds, net (Note 2.4) 386, , , Total Income 386, , , EXPENSES Investment management fee (Note 7) (27,318.34) (20,081.02) (7,237.32) Custody and administration fee (Note 6) (17,820.92) (12,978.67) (4,842.25) Taxe d abonnement (Note 4) (4,443.95) (3,238.61) (1,205.34) Bank and interest expenses (2,757.55) (1,624.26) (1,133.29) Total Expenses (52,340.76) (37,922.56) (14,418.20) Net investment income 334, , , Net realised gains / (losses) on investments (Note 2.2) 213, , , Net realised gains/(losses) on forward foreign exchange contracts 469, , , Net realised gains/(losses) for the year 1,017, , , Change in net unrealised appreciation / (depreciation) on investments (285,419.96) (158,130.46) (127,289.50) Change in net unrealised appreciation / (depreciation) on forward foreign exchange contracts 13, , , Result of operations for the year 745, , , Subscriptions 1,284, ,040, , Redemptions (3,594,482.02) (3,136,463.50) (458,018.52) Increase / (Decrease) in net assets (1,564,155.78) (1,734,067.97) 169, Net assets at the beginning of the year 18,804, ,152, ,652, NET ASSETS AT THE END OF THE PERIOD 17,240, ,418, ,821,

6 STATEMENT OF CHANGES IN NUMBER OF SHARES OUTSTANDING FOR THE PERIOD ENDED 30 JUNE 2015 EURO BOND FUND HIGH YIELD BOND FUND Shares outstanding as at 1 January , , Shares issued 7, , Shares redeemed (21, ) (3, ) Shares outstanding as at 30 June , ,

7 - Euro Bond Fund SECURITIES PORTFOLIO AS AT 30 JUNE 2015 NOMINAL SECURITY DESCRIPTION MARKET % VALUE OF NET (EUR) ASSETS Transferable Securities and money market instruments admitted to an official stock exchange listing/dealt in on another regulated market Bonds Germany 300,000 Danske Bank 4.878% (Var./Perp./Call) 15/05/17 315, ,000 Aviva 6.875% (Call 20/05/38) 20/05/58 806, ,000 Dresdner Funding Trust I 8.151% (Call 30/06/29) 30/06/31 556, ,000 Freeport-Mcmoran FCX 4.55% (Call 14/08/24) 14/11/ , ,845, Ireland 500,000 ELM (Swiss Life) 5.849% (Float) Perpetual Call 12/04/17 527, ,000 Nordea Bank 5.5% (Perpetual Call) 23/09/ , , Luxembourg 300,000 Aguila 7.875% Callable 31/01/ , ,000 DNB NOR Bank 4.375% 24/02/21 587, , Netherlands 500,000 ABN Amro Bank 7.125% 06/07/22 639, ,000 ING Bank 4.125% (Call 21/08/18) 21/11/ , ,000 Tennet Holding 6.655% (Float) Perpetual 01/06/17 545, ,092, Norway 10,000,000 FRN Sporveien Oslo 05/11/19 1,142, ,142, Sweden 4,000,000 SBAB Bank FRN 01/02/ , , TOTAL BONDS 7,268, TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING 7,268, TOTAL SECURITIES PORTFOLIO 7,268,

8 - Euro Bond Fund INDUSTRY SECTOR ANALYSIS AS AT 30 JUNE 2015 SECTOR DESCRIPTION % OF NET ASSETS Corporate Bonds A statement of changes in the composition of the portfolio is available to Shareholders free of charge on request from the Fund's registered office 8

9 - High Yield Bond Fund SECURITIES PORTFOLIO AS AT 30 JUNE 2015 NOMINAL SECURITY DESCRIPTION MARKET % VALUE OF NET (EUR) ASSETS Transferable Securities and money market instruments admitted to an official stock exchange listing/dealt in on another regulated market Bonds Germany 200,000 Coventry Building Society 6.375% Var Perp Call 01/11/ , ,000 CSG Guemsey I 7.875% (Call 24/08/16) 24/02/41 280, ,000 Dresdner Funding Trust I 8.151% (Call 30/06/29) 30/06/31 222, , Ireland 300,000 Air Berlin 8.5% 10/11/15 301, ,000 Lock 7% Callable 15/08/21 317, , Luxembourg 300,000 Aguila 7.875% Callable 31/01/ , ,000 Swiss Reinsurance 8.25% (Variable) Perpetual 01/09/18 290, , Norway 3,000,000 Fred Olsen Energy FRN 28/02/19 293, ,000,000 Hospitality Invest FRN (Call NOK 104) 12/02/19 228, ,000,000 Seadrill FRN 12/13/ , , Sweden 3,000,000 SAS 9% (Call 26/09/ ) 15/11/17 340, , United Kingdom 300,000 Aberdeen 7% Perpetual Call 01/03/18 283, ,000 Lloyds Bank 13% (Call 29/01/29) Perpetual 367, ,000 Santos Finance 8.25% (Float 0917) 22/09/70 271, , TOTAL BONDS 4,162, TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING 4,162,

10 - High Yield Bond Fund INDUSTRY SECTOR ANALYSIS AS AT 30 JUNE 2015 SECTOR DESCRIPTION % OF NET ASSETS Corporate Bonds A statement of changes in the composition of the portfolio is available to Shareholders free of charge on request from the Company's registered office 10

11 NOTES TO THE FINANCIAL STATEMENTS 1 GENERAL BANQUE CARNEGIE FUND SICAV (hereafter the "Company") was incorporated as a Société Anonyme qualifying as a Société d Investissement à Capital Variable with multiple Sub-Funds on 29 June The Company is a Part II Fund of the law of 17 December 2010 and does not qualify as an Undertakings for Collective Investment in Transferable Securities. It is established for an undetermined duration from the date of incorporation. The Company presently contains two Sub-Funds: - Banque Carnegie Fund SICAV - Euro Bond Fund, - Banque Carnegie Fund SICAV - High Yield Bond Fund. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements are established in accordance with the Luxembourg legal and regulatory requirements concerning undertakings for collective investment. 2.1 Valuation of investments (a) The value of any cash at hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, dividends and interests declared or due but not yet collected will be deemed to be the full value thereof, unless it is unlikely that such values are received in full, in which case the value thereof will be determined by deducting such amount the Directors consider appropriate to reflect the true value thereof. (b) Securities and money market instruments listed on a stock exchange or traded on any other regulated market will be valued at the last available price on such stock exchange or market. If a security is listed on several stock exchanges or markets, the last available price on the stock exchange or market, which constitutes the main market for such securities, will be determining. (c) Securities and money market instruments not listed on any stock exchange or traded on any regulated market will be valued at their last available market price. (d) Securities for which no price quotation is available or for which the price referred to in (b) and/or (c) is not representative of the fair market value, will be valued prudently, and in good faith on the basis of their reasonable foreseeable sales prices. (e) Contracts for differences are valued at fair value based on the last available price of the underlying security. (f) Investments in investment funds of the open ended type are taken at their latest net asset values reported by the administrator of the relevant investment fund. (g) Financial futures contracts (on securities, interest rates and indices) are valued at the exchange quoted settlement price. While the contracts are open, unrealised gains and losses are recorded on "mark-to market" basis at the valuation date. When a contract is closed, the Fund records a realised gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the price at which the contract was originally written. (h) Options contracts (on securities, currencies, interest rates and indices) are valued on the basis of the last available trade price. (i) Forward foreign exchange contracts are valued by reference to the forward rate prevailing at the valuation date. (j) Contracts for which no price quotation is available or for which the price referred to in (g) and/or (h) is not representative of the fair market value, will be valued prudently, and in good faith on the basis of their reasonable foreseeable sales prices. 11

12 NOTES TO THE FINANCIAL STATEMENTS SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Realised gains and losses on investments Realised gains and losses on sales of investments have been determined on the average cost basis and include transaction costs. 2.3 Foreign currency translation The combined financial statements of the Company are maintained in EUR. The combined financial statements are the sum of the Sub-Funds financial statements equivalent in EUR translated, where applicable, at the rate of exchange ruling as at 30 June The market value of the investments and other assets and liabilities expressed in currencies other than the base currency of the Sub-Fund have been converted at the rates of exchange ruling as at 30 June The cost of investments in currencies other than the base currency of the Sub-Fund is converted at the rates of exchange prevailing at each Net Asset Value calculation date. The realised and change in net unrealised gains and losses on foreign exchange are recognised in the Statement of Operations and Changes in Net Assets. Income and expenses expressed in currencies other than the reference currency are converted at exchange rates ruling at the transaction date. 2.4 Dividend and interest income Dividends are shown net of withholding tax deducted at source, and are recorded as income on the exdividend date. Interest income is accrued on a daily basis. 2.5 Additional Information Year-end valuation The annual report is prepared on the basis of a NAV recomputed for reporting purposes only using closing prices as at 30 June EXCHANGE RATES AT 30 JUNE USD = EUR 1 NOK = EUR 1 DKK = EUR 1 SEK = EUR 1 GBP = EUR 12

13 NOTES TO THE FINANCIAL STATEMENTS 4 TAXATION The Company is registered under the Luxembourg law as an investment company (Société d Investissement à Capital Variable SICAV ). Accordingly, no Luxembourg income or capital gains tax is, at present, payable. It is subject, however, to an annual taxe d abonnement calculated at the annual rate of 0.05% of the net asset value of the Company at the end of each quarter, excluding investments in other Luxembourg funds already subject to that tax. This tax is payable quarterly. 5 FORWARD FOREIGN EXCHANGE CONTRACTS As at 30 June 2015 the Fund had entered into the following outstanding forward foreign exchange contracts: Banque Carnegie Fund SICAV - Euro Bond Fund Purchase Sale Maturity Unrealised Result EUR 325, GBP 229, September EUR 3, EUR 241, USD 267, September EUR 3, , Banque Carnegie Fund SICAV - High Yield Bond Fund Purchase Sale Maturity Unrealised Result EUR 171, NOK 1,503, September 2015 EUR EUR 270, USD 298, September 2015 EUR 3, , CUSTODY FEES AND ADMINISTRATION FEES In consideration for their services, the Custodian shall be paid custodian fees of maximum 0.10% per annum of the Net Asset Value, calculated daily and paid on monthly basis. In consideration for its services as Administrator, Carnegie Fund Services S.A. will receive a fixed fee of 0.1% calculated and accrued on each Valuation Date and payable monthly. 7 INVESTMENT MANAGEMENT FEES In consideration for its services, the Investment Manager shall be paid a management fee based on the net assets of each Sub-Fund as determined on each valuation date. The fee is accrued daily and payable monthly. The rate of management fee applicable to each Sub-Fund, in % of the total net assets per year, is as follows: Banque Carnegie Fund SICAV - Euro Bond Fund 0.30% Banque Carnegie Fund SICAV - High Yield Bond Fund 0.30% 13