Page Additional Information to Investors in the Federal Republic of Germany 2 Organisation 3 General Information 5 Management Report 7 Schedule of
|
|
- Scott Ferguson
- 6 years ago
- Views:
Transcription
1 R.C.S K 86
2 R.C.S B Notice The sole legally binding basis for the purchase of units of the Fund described in this report is the latest valid Sales Prospectus with its terms of contract.
3 Page Additional Information to Investors in the Federal Republic of Germany 2 Organisation 3 General Information 5 Management Report 7 Schedule of Investments 9 Statement of Net Assets 11 Notes to the Financial Statements 12 1
4 Units in circulation: The following Fund is publicly approved for distribution in Germany: SEB TrendSystem Renten The information disclosed above is as at 30 June 2017 and this may change after the period end. The current Fund in circulation and the current registrations per unit class are visible in the distribution matrix on 2
5 Management Company: Board of Directors of the Management Company: SEB Investment Management AB Stjärntorget 4 SE Solna, Sweden Chairperson Johan Wigh (since 26 September 2016) Advokat, Törngren Magnell Sandemarsvägen Enskede Sweden William Paus (until 26 September 2016) Head of Skandinaviska Enskilda Banken AB (publ) Oslo Branch Norway Members Magnus Wallberg Chief Financial Officer Life and Investment Management Division Skandinaviska Enskilda Banken AB (publ) Sweden Karin S. Thorburn Professor in Finance at the Norwegian School of Economics Starefossveien 58 A 5019 Bergen, Norway Jenny Askfelt Ruud (since 18 May 2017) Advisor Ratos AB Äppelviksv Bromma Sweden Branch of the Management Company: Central Administration (including the administrative, registrar and transfer agent function) and Paying Agent in Luxembourg: Investment Manager: Depositary: SEB Investment Management AB, Luxembourg Branch 4, rue Peternelchen L-2370 Howald The Bank of New York Mellon SA/NV 2-4, rue Eugène Ruppert L-2453 Luxembourg SEB Investment Management AB Stjärntorget 4 SE Solna, Sweden Skandinaviska Enskilda Banken S.A. 4, rue Peternelchen L-2370 Howald, Luxembourg 3
6 Auditor of the Fund: Auditor of the Management Company: Global Distributor: Representatives and Paying Agents outside Luxembourg: PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator L-2182 Luxembourg PricewaterhouseCoopers AB Torsgatan 21 SE Stockholm, Sweden Skandinaviska Enskilda Banken AB (publ) Kungsträdgårdsgatan 8 SE Stockholm, Sweden The full list of representatives and paying agents outside Luxembourg can be obtained, free of any charge, at the registered office of the Management Company, at the address of the Branch and on the website of the Branch. 4
7 SEB TrendSystem Renten is an open-ended common fund ("FCP" - "Fonds Commun de Placement") governed by Part I of the Luxembourg Law on Undertakings for Collective Investment of 17 December 2010, as amended, (the Law ). The Fund qualifies as an Undertaking for Collective Investment in Transferable Securities (UCITS). The Fund, which was set up on 3 August 2000 for an undetermined duration. The Management Regulations lastly modified with effect from 2 November 2016, have been published in the Recueil Electronique des Sociétés et Associations (RESA) on 3 November The Fund is registered with the RCS under the number K 86. The Management Company was established on 19 May 1978 in the form of a Swedish limited liability company (AB). The Management Company is authorised by Finansinspektionen for the management of UCITS and for the discretionary management of financial instruments and investment portfolios under the Swedish UCITS Act (SFS 2004:46). The Management Company is also authorised as an alternative investment fund manager to manage alternative investment funds under the Swedish AIFM Act (SFS 2013:561). The Management Company has delegated parts of the Central Administration as further detailed hereafter, including the administrative, registrar and transfer agent functions - under its continued responsibility and control - at its own expenses to The Bank of New York Mellon SA/NV, 2-4, rue Eugène Ruppert, L-2453 Luxembourg. This company was incorporated in Luxembourg as a société anonyme on 15 December 1998 and is an indirect wholly-owned subsidiary of The Bank of New York Mellon Corporation. It is registered with the Luxembourg Trade and Companies' Register under Corporate Identity Number B (the Administrative Agent and "Registrar and Transfer Agent ). In the capacity of Administrative Agent, it carries out certain administrative duties related to the administration of the Fund, including the calculation of the NAV of the Units and the provision of account services for the Fund. In its capacity as Registrar and Transfer Agent, it will process all subscriptions, redemptions and transfers of units, and will register these transactions in the Unitholders' register of the Fund. The main objective of each Sub-Fund will be to invest directly and/or indirectly in transferable securities and other Eligible Assets, with the purpose of spreading investment risks and achieving long-term capital growth. The investment objectives of the Sub-Funds will be carried out in compliance with the investment restrictions set forth in the latest prospectus. Unless otherwise laid down in part II of the Prospectus, "The Fund", the Management Company may decide to issue, for the Fund, capitalisation Units ("C" Units) and distribution Units ("D" Units). The "C" Units will reinvest their income, if any. The "D" Units may pay a dividend to its Unitholders, upon decision of the Management Company. Dividends are paid annually, except for those Sub-Funds where the Management Company would decide on a monthly, quarterly or semi-annual dividend payment. The "B I" and "B II" Units may pay a dividend. Currently, the following unit classes are offered for the Fund: o Distribution units ( B I units) LU o Distribution units ( B II units) LU The base currency of the Fund is euro. The issue and redemption prices, which are computed daily on bank business days in Luxembourg, except 24 December and 31 December ("Valuation date"), can be obtained from the registered offices of the Management Company, the Depositary and the Paying Agent. 5
8 In addition, the Net Asset Value, fact sheets and other informational material is published on the SEB Luxembourg website ( When registered in other countries, the publication media might differ according to the regulatory requirements. Information about ongoing charges can be found in the Key Investor Information Document ("KIID"). The audited annual and un-audited semi-annual reports of the Fund may be obtained, free of charge at the registered office of the Management Company, at the address of its Branch and on the website. These reports as well as copies of the Prospectus, the Management Regulations and the KIID are available, free of charge, at the registered office of the Management Company, at the address of the Branch and on the website. 6
9 Dear Unitholders, With this report, we want to give you an overview of the general economic environment, the development of the most important capital markets, our investment policy and the performance of our Fund SEB TrendSystem Renten. We would like to thank you for your confidence and will do everything within our power to justify your decision of investing in our Fund. A brighter growth outlook In the past year growth in developed and emerging markets has strengthened and the outlook has brightened. Although we have seen signs of improving growth in the period after the financial crisis, what sets the past year apart is the concerted nature of the recovery in the sense that all major regions and sectors contributed to the positive development. As such it is the first truly all-encompassing growth acceleration that we have seen since 2009/2010. On the back of the improving growth outlook, equity prices and earnings forecasts have risen significantly. Oddly enough, the optimism has primarily been contained in the equity market. Although rates have increased, ~ 1%-point for US 10-year bonds, it is important to note that this is roughly the same level as in early 2016 and, as such, the fixed income market still seems sceptical of the positive growth outlook. We think the divergence between fixed income and equity markets illustrates the confusion and debate in the markets as to whether it is possible to believe in a sustained growth recovery at this late stage, by historical standards, of the business cycle - with equity market saying yes and fixed income markets saying no. The past year has also seen a series of major elections and referendums: Trump winning the US presidency, Italy rejecting constitutional reforms, France electing a newly formed reform party, and the UK opting to leave the EU. Even though all of these events have captured the news the impact on financial markets has in general been minuscule. More than anything else the past year has for the financial markets been about improving growth rather than politics. In the following paragraphs we describe the developments and our outlook for the financial markets, global growth and monetary policy. Financial markets On the back of the strong improvement in global growth, equity markets rallied last year. European and emerging market equities in particular experienced returns exceeding those of earlier years. It is also worth noting that for the first time since the immediate recovery from the financial crisis the gains in equities was driven more by earnings growth than by multiple expansion. That is to say, equities rallied because firms are again seeing genuine earnings growth rather than just rising on an increasing willingness among investors to pay higher prices for future earnings. In the fixed income markets, the improving growth outlook led to higher yields during H However, while equities continued to rally in the first half of 2017, yields started trading in a relatively tight range. As such, the German 10-year rate fluctuated from 0.2% to 0.4% in the first six months of despite the generally improving growth outlook. We believe continued doubt regarding the sustainability of the current growth recovery is the main reason for this muted development. Foreign exchange markets largely mirrored the developments in the geographic growth picture: the USD strengthened significantly in the second half of 2016 when the US led the recovery, and weakened in the first half of 2017 as Europe and emerging markets led the recovery. This left foreign exchange markets more or less back where they started - despite development in growth and politics. 7
10 Global growth The economic outlook remains bright at the time of writing, as the second half of 2017 approaches. Sentiment indicators are at high levels, employment figures continue to grow, and banks are increasingly willing to supply credit. Thus the trends of the past year remain in place. Two things have contrasted the current recovery from the other growth spurts that we have seen after the financial crisis. First of all, the recovery has been very broad based. It has not been solely driven by one country or one sector. In our view, this makes the recovery more durable and generates positive synergies. The revival of global trade is the second factor that contrasts with the past year s recovery. From the financial crisis until now, global trade has been a missing component. All in all, the past year s growth picture looks increasingly stable and strong. Monetary policy In line with the improving growth outlook, we saw a general tightening shift for the US Federal Reserve and the ECB in the past year. The Fed hiked rates twice and announced plans on how to reduce its balance sheet. Going forward, it is worth noting that the current rate hike cycle in the US is unlike anything we have seen in the past which makes it harder to draw any firm conclusions about the possible impact of higher US rates on the financial markets. However, it is important to note that the fiscal stimulus promised by the US government under Trump is still expected although the US labour market looks tight. This increases the risk for increasing inflationary pressures in the US and a more aggressive reaction from the Fed than originally communicated. We believe this is one of the main risk scenarios for Outlook for financial markets & economic growth Given the broad based nature of the current recovery and the revival in global trade, we are confident that 2017 and 2018 will be characterised by positive growth, and the likelihood for a global recession will be low. Given our positive outlook on global growth, we expect equities to deliver a positive return. We believe the return will be driven by rising earnings and sales, since valuations are already above their historical averages. Given the reduced likelihood for a global recession, we emphasise that we also believe high yield bonds will deliver an attractive return in the coming months. Luxembourg, 4 July 2017 SEB Investment Management AB The Board of Directors 8
11 9
12 10
13 The accompanying notes are an integral part of these financial statements. 11
14 Note 1. Significant Accounting Policies The financial statements have been prepared in accordance with Luxembourg regulations relating to Undertakings for Collective Investment. Investments: a) Transferable securities and money market instruments, which are officially listed on a stock exchange, are valued at the last available price. b) Transferable securities and money market instruments, which are not officially listed on a stock exchange, but which are traded on another regulated market are valued at a price no lower than the bid price and no higher than the ask price at the time of the valuation and at which the Management Company considers to be an appropriate market price. c) Transferable securities and money market instruments quoted or traded on several markets are valued on the basis of the last available price on the principal market for the transferable securities or money market instruments in question, unless these prices are not representative. d) In the event that such prices are not in line with market conditions, or for securities and money market instruments other than those covered in a), b) and c) above for which there are no fixed prices, these securities and money market instruments, as well as other assets, will be valued at the current market value as determined in good faith by the Management Company, following generally accepted valuation principles. e) Units or shares of UCI(TS) are valued at the last available Net Asset Value obtained from the Administrative Agent of such UCI(TS) except for Exchange Traded Funds which are valued at the latest available price found on the main stock exchange on which they are listed. f) Derivatives instruments traded on regulated markets or stock exchanges are valued at last available settlement prices of these contracts on regulated markets or stock exchanges on which the derivative instruments are traded by the Fund. Derivatives instruments not traded on regulated markets or on stock exchanges are valued at their net liquidating value determined, pursuant to the policies established in good faith by the Management Company on a basis consistently applied for each different variety of contracts, in accordance with generally recognised principles, taking into consideration the generally accepted accounting practices, the customary practices in line with the market and the interests of the Unitholders. g) Financial Futures Contracts, which are not matured, are valued at valuation date at market rates prevailing at this date. In the case that extraordinary circumstances occur which make it impossible or even wrong to make a valuation in accordance with the above-mentioned criteria, the Management Company is entitled to temporarily apply other generally accepted valuation procedures, which are determined by it in good faith, in order to make an appropriate valuation of the Fund's Assets. Gains and losses on the sale of securities are determined using the average cost method. 12
15 Currency Translation: All assets denominated in a different currency to the Funds' currency are converted into the Funds' currency at the last available average exchange rate. Separate accounts are maintained for the Fund in the currency in which the Net Asset Value per unit to which it relates is expressed (the "accounting currency"). Transactions denominated in a currency other than the accounting currency are recorded on the basis of exchange rates prevailing on the date they occur or accrue to the Fund. Assets and liabilities, expressed in a currency other than the accounting currency, are translated on the basis of exchange rates ruling at the balance sheet date. As at 30 June 2017, all assets and liabilities were denominated in euro. Income: Interest income is recognised on an accrual basis. The interest income includes accretion of market discount and amortisation of premiums of the underlying investments. Note 2. Management Fees In payment for its services, the Management Company receives an annual rate of: 0.50% is charged on SEB Trendsystem Renten B I units (maximum rate: 0.50%) 0.50% is charged on SEB Trendsystem Renten B II units (maximum rate: 0.50%) A twelfth of this rate is being payable at the end of each month and based on the average Net Assets of Fund calculated daily during the relevant month. The Management Company pays accounting, administration and depositary fees on behalf of the Fund. Note 3. Performance Fees In addition to the fixed management fees above, the Management Company also receives an annual performancerelated commission ( Performance Fees ) amounting to 25% of the value by which the annual growth in the Net Asset Value per unit exceeds the return of the Barclays Euro Treasury 1-10 Year Total Return Index Value Unhedged EUR index. All costs incurred by the Fund, including the fixed Management Fees of 0.5% per annum, are included in determining the performance of the Net Asset Value per unit. The Performance Fees are thus only charged when the performance of the Net Asset Value per unit after the deduction of all costs is above the aforementioned index at the end of the Fund s financial year. As at 30 June 2017, performance fees for SEB TrendSystem Renten were EUR 18,
16 Note 4. Taxation The Fund is liable in Luxembourg to a subscription tax ("taxe d'abonnement") of 0.05% or 0.01% (as applicable) per annum of its NAV, such tax being payable quarterly on the basis of the value of the aggregate Net Assets of the Funds at the end of the relevant calendar quarter. Investments by the Fund in shares or units of another Luxembourg undertaking for collective investment which are also subject to the taxe d abonnement are excluded from the NAV of the Fund serving as basis for the calculation of this tax to be paid by the Fund. No stamp duty or other tax is payable in Luxembourg on the issue of units. Interest, dividend and other income realised by a Fund on the sale of securities of non-luxembourg issuers, may be subject to withholding and other taxes levied by the jurisdictions in which the income is sourced. Note 5. Transaction Fees Transaction fees incurred by the Fund relating to the purchase or sale of transferable securities, money market instruments, derivatives or other eligible assets are mainly composed of depositary fees and broker fees. Most of the transaction fees are included in the transaction price used to calculate the realised and unrealised gain/(loss) on securities. In line with bond market practice, a bid-offer spread is applied when buying or selling securities and other financial instruments. Consequently, in any given transaction, there will be a difference between the purchase and sale prices quoted by the broker, which represents the broker's remuneration. As at 30 June 2017, the transaction fees were as follows: SEB TrendSystem Renten EUR Note 6. Collateral As at 30 June 2017, the following security was held with the broker as collateral for the broker for commitment on future positions: Description Nominal value 3.5% Bundesrepublik Deutschland 04/07/2019 EUR 2,000,000 Note 7. Significant events during the period Directors There were changes to the Board of Directors of the Management Company during the period. Please refer to the Organisation section on page 3 for details. Effective 1 April 2017, BNY Mellon has merged its legal entity The Bank of New York Mellon (Luxembourg) S.A., into The Bank of New York Mellon SA/NV. Note 8. Subsequent events after the period end. There are no subsequent events after the period end. 14
17 SEB Investment Management AB, Luxembourg Branch 4, rue Peternelchen, L-2370 Howald, Luxembourg Postal address: PO Box 2053, L-1020 Luxembourg Phone ; Fax
Notice The sole legally binding basis for the purchase of units of the Fund described in this report is the latest valid Sales Prospectus with its
Notice The sole legally binding basis for the purchase of units of the Fund described in this report is the latest valid Sales Prospectus with its terms of contract. Page Organisation 2 General Information
More informationNotice The sole legally binding basis for the purchase of shares of the Company described in this report is the latest valid Sales Prospectus with
R.C.S B 199247 Notice The sole legally binding basis for the purchase of shares of the Company described in this report is the latest valid Sales Prospectus with its terms of contract. Page Additional
More informationNotice The sole legally binding basis for the purchase of units of the Fund described in this report is the latest valid Sales Prospectus with its
R.C.S K 50 Notice The sole legally binding basis for the purchase of units of the Fund described in this report is the latest valid Sales Prospectus with its terms of contract. Page Additional Information
More informationNotice The sole legally binding basis for the purchase of units of the Fund described in this report is the latest valid Sales Prospectus with its
R.C.S K 49 Notice The sole legally binding basis for the purchase of units of the Fund described in this report is the latest valid Sales Prospectus with its terms of contract. Page Additional Information
More informationNotice The sole legally binding basis for the purchase of units of the Fund described in this report is the latest valid Sales Prospectus with its
R.C.S. K 56 Notice The sole legally binding basis for the purchase of units of the Fund described in this report is the latest valid Sales Prospectus with its terms of contract. Page Additional Information
More informationNotice The sole legally binding basis for the purchase of shares of the Company described in this report is the latest valid Sales Prospectus with
R.C.S B 31136 Notice The sole legally binding basis for the purchase of shares of the Company described in this report is the latest valid Sales Prospectus with its terms of contract. Page Additional Information
More informationAnnual Report SEB TrendSystem Renten
Table of Contents Annual Report SEB TrendSystem Renten Status: 31 December 2017 R.C.S K 86 Notice The sole legally binding basis for the purchase of units of the Fund described in this report is the latest
More informationSEB High Yield. Prospectus. with its current Sub-Funds. SEB Sustainable High Yield Fund SEB European High Yield Fund
Prospectus SEB High Yield with its current Sub-Funds SEB Sustainable High Yield Fund SEB European High Yield Fund Undertaking for Collective Investment in Transferable Securities under the Luxembourg law
More informationProspectus. SEB Fund 1. with its current Sub-Funds
Prospectus SEB Fund 1 with its current Sub-Funds [SEB Asset Selection Fund SEB Emerging Markets Corporate Bond Fund SEB Ethical Europe Fund SEB European Opportunity Fund SEB Europe Fund SEB Europe Index
More informationSEB deluxe. Prospectus. SEB deluxe - Multi Asset Balance SEB deluxe - Multi Asset Defensive SEB deluxe - Multi Asset Defensive plus
Prospectus SEB deluxe with its current Sub-Funds SEB deluxe - Multi Asset Balance SEB deluxe - Multi Asset Defensive SEB deluxe - Multi Asset Defensive plus Undertaking for Collective Investment in Transferable
More informationSEB Strategy Fund. Prospectus. with its current Sub-Funds
Prospectus SEB Strategy Fund with its current Sub-Funds SEB Strategy Defensive SEB Strategy Balanced SEB Strategy Opportunity SEB Strategy Growth Undertaking for Collective Investment in Transferable Securities
More informationNotice The sole legally binding basis for the purchase of units of the Fund described in this report is the latest valid Sales Prospectus with its
R.C.S K 49 Notice The sole legally binding basis for the purchase of units of the Fund described in this report is the latest valid Sales Prospectus with its terms of contract. Page Additional Information
More informationAnnual Report SEB Micro Cap Fund SICAV-SIF
Annual Report SEB Micro Cap Fund SICAV-SIF Status: 31 December 2017 R.C.S B 209947 Notice The sole legally binding basis for the purchase of shares of the Company described in this report is the latest
More informationAnnual Report SEB deluxe
Annual Report SEB deluxe Status: For the financial period from 1 October 2016 to 31 December 2017 R.C.S. K 4 Notice The sole legally binding basis for the purchase of units of the Fund described in this
More informationProspectus. SEB Concept Biotechnology
Prospectus SEB Concept Biotechnology Undertaking for Collective Investment in Transferable Securities under the Luxembourg law of 17 December 2010 on Undertakings for Collective Investment R.C.S Luxembourg
More informationUnaudited Semi-Annual Report SEB SICAV 3
Unaudited Semi-Annual Report SEB SICAV 3 Status: 30 June 2018 R.C.S B 146761 Notice The sole legally binding basis for the purchase of shares of the Company described in this report is the latest valid
More informationAnnual Report SEB SICAV 3
Annual Report SEB SICAV 3 Status: 31 December 2017 R.C.S B 146761 Notice The sole legally binding basis for the purchase of shares of the Company described in this report is the latest valid Sales Prospectus
More informationSEB SICAV 1. Prospectus. SEB Eastern Europe ex Russia Fund SEB Emerging Markets Fund. with its current Sub-Funds
Prospectus SEB SICAV 1 with its current Sub-Funds SEB Eastern Europe ex Russia Fund SEB Emerging Markets Fund Undertaking for Collective Investment in Transferable Securities under the Luxembourg law of
More informationProspectus. SEB Green Bond Fund. R.C.S Luxembourg K55
Prospectus SEB Green Bond Fund R.C.S Luxembourg K55 December 2017 Important Note No information or statements that deviate from the Prospectus or Management Regulations may be given. SEB Investment Management
More informationNotice The sole legally binding basis for the purchase of units of the Fund described in this report is the latest valid Sales Prospectus with its
R.C.S K 50 Notice The sole legally binding basis for the purchase of units of the Fund described in this report is the latest valid Sales Prospectus with its terms of contract. Page Additional Information
More informationSEB SICAV 2. Prospectus. with its current Sub-Funds
Prospectus SEB SICAV 2 with its current Sub-Funds SEB Asia Small Caps ex. Japan Fund SEB Alternative Fixed Income SEB Eastern Europe Small Cap Fund SEB Listed Private Equity Fund SEB Nordic Small Cap Fund
More informationProspectus. SEB Sustainability Fund Global. RCS number K58
Prospectus SEB Sustainability Fund Global RCS number K58 November 2017 Important Note No information or statements that deviate from the Prospectus or Management Regulations may be given. SEB Investment
More informationAnnual Report SEB Concept Biotechnology
Annual Report SEB Concept Biotechnology Status: For the period from 1 November 2016 to 31 December 2017 R.C.S. K 2 Notice The sole legally binding basis for the purchase of units of the Fund described
More informationIssue Document. SEB Private Banking Fund SICAV- SIF
Issue Document SEB Private Banking Fund SICAV- SIF with its current Sub-Funds SEB Modern Protection Fund SEB Modern Aggressive Fund SEB Modern Growth Fund Registered pursuant to the Luxembourg law of 13
More informationSEB Alternative Strategies SICAV
Prospectus SEB Alternative Strategies SICAV Investment Company with Variable Share Capital with Multiple Compartments (Société d'investissement à Capital Variable à Compartiments Multiples) Alternative
More informationNotice The sole legally binding basis for the purchase of units of the Fund described in this report is the latest valid Sales Prospectus with its
R.C.S. K 56 Notice The sole legally binding basis for the purchase of units of the Fund described in this report is the latest valid Sales Prospectus with its terms of contract. Page Additional Information
More informationNotice The sole legally binding basis for the purchase of units of the Fund described in this report is the latest valid Sales Prospectus with its
R.C.S. K 48 Notice The sole legally binding basis for the purchase of units of the Fund described in this report is the latest valid Sales Prospectus with its terms of contract. Page Additional Information
More informationImportant Information
December 2017 1 Important Information SEB Micro Cap Fund SICAV-SIF (the Company ) is organised in the form of a public limited company ( société anonyme ) qualifying as an investment company with variable
More informationUnaudited Semi-Annual Report. SEB Optimix. Status: 30 April 2014 = = = = = = = = = = = = = = = = = = = = = = = = = = = =
Unaudited Semi-Annual Report SEB Optimix Status: 30 April 2014 Notice The sole legally binding basis for the purchase of units of the Fund described in this report is the latest valid Sales Prospectus
More informationAnnual Report SEB European Equity Small Caps
Annual Report SEB European Equity Small Caps Status: For the period from 1 November 2016 to 31 December 2017 R.C.S. K 48 Notice The sole legally binding basis for the purchase of units of the Fund described
More informationNotice The sole legally binding basis for the purchase of units of the Fund described in this report is the latest valid Sales Prospectus with its
Notice The sole legally binding basis for the purchase of units of the Fund described in this report is the latest valid Sales Prospectus with its terms of contract. Page Additional Information to the
More informationSEB Fund 3. Simplified Prospectus
Simplified Prospectus SEB Fund 3 A Luxembourg mutual investment fund investing in marketable transferable securities with its current Sub-Funds SEB Ethical Global Index Fund SEB Ethical Sweden Fund SEB
More informationNotice The sole legally binding basis for the purchase of units of the Fund described in this report is the latest valid Sales Prospectus with its
Notice The sole legally binding basis for the purchase of units of the Fund described in this report is the latest valid Sales Prospectus with its terms of contract. Page Additional Information to the
More informationNotice The sole legally binding basis for the purchase of units of the Fund described in this report is the latest valid Issue Document with its
R.C.S B 28468 Notice The sole legally binding basis for the purchase of units of the Fund described in this report is the latest valid Issue Document with its terms of contract. Head Page Organisation
More informationNotice The sole legally binding basis for the purchase of units of the Fund described in this report is the latest valid Sales Prospectus with its
Notice The sole legally binding basis for the purchase of units of the Fund described in this report is the latest valid Sales Prospectus with its terms of contract. Page Organisation 2 General Information
More informationAnnual Report. SEB Green Bond Fund. Status: 31 December 2016 R.C.S K 55
Annual Report SEB Green Bond Fund Status: 31 December 2016 R.C.S K 55 Notice The sole legally binding basis for the purchase of units of the Fund described in this report is the latest valid Valid Sales
More informationNotice The sole legally binding basis for the purchase of units of the Fund described in this report is the latest valid Sales Prospectus with its
Notice The sole legally binding basis for the purchase of units of the Fund described in this report is the latest valid Sales Prospectus with its terms of contract. Page Additional Information to the
More informationSwisscanto (LU) Bond Fund. Management regulations of the investment fund June 2018
Swisscanto (LU) Bond Fund Management regulations of the investment fund June 2018 These Management Regulations of the investment fund ( fonds commun de placement ) (hereinafter referred to as the Fund
More informationSEB Fund 1. Prospectus. with its current Sub-Funds
Prospectus SEB Fund 1 with its current Sub-Funds SEB Asset Selection Fund SEB Ethical Europe Fund SEB Europe Fund SEB Europe Index Fund SEB Global Fund SEB Global Chance / Risk Fund SEB Japan Fund SEB
More informationSEB Asset Management S.A. Société anonyme. Notice to unitholders of SEB Fund 1 SEB Europe Fund
SEB Asset Management S.A. Société anonyme Registered office: 4, rue Peternelchen L - 2370 Howald (the Management Company ) R.C.S. Luxembourg B 28.468 Notice to unitholders of SEB Fund 1 SEB Europe Fund
More informationSEB deluxe. SEB deluxe - Multi Asset Balance SEB deluxe - Multi Asset Defensive SEB deluxe - Multi Asset Defensive plus
Prospectus SEB deluxe with its current Sub-Funds SEB deluxe - Multi Asset Balance SEB deluxe - Multi Asset Defensive SEB deluxe - Multi Asset Defensive plus Registered pursuant to Part II of the Luxembourg
More informationSEB Fund 1. Prospectus
Prospectus SEB Fund 1 with its current Sub-Funds SEB Asset Selection Fund SEB Ethical Europe Fund SEB Europe Fund SEB Europe Index Fund SEB Global Fund SEB Global Chance / Risk Fund SEB Global Value Fund
More informationInstruction Regarding Inducements for SEB Asset Management S.A.
Instruction Regarding Inducements for SEB Asset Management S.A. 1. Introduction 1.1 An inducement, broadly speaking, is a payment or other benefit that is given by one person to another in relation to
More informationSEB SICAV 2. Prospectus
Prospectus SEB SICAV 2 with its current Sub-Funds SEB Asia Small Caps ex. Japan Fund SEB Credit Multi Strategy SEB Eastern Europe Small Cap Fund SEB Europe Chance/Risk Fund SEB Listed Private Equity Fund
More informationSEB Investment Management AB SE Stockholm Sweden Registration number (the "Management Company") NOTICE TO THE UNITHOLDERS OF
SEB Investment Management AB SE-106 40 Stockholm Sweden Registration number - 556197-3719 (the "Management Company") NOTICE TO THE UNITHOLDERS OF SEB Fund 2 - SEB Nordic Focus Fund Merger Unitholders of
More informationNBG INTERNATIONAL FUNDS FCP
Mutual Investment Fund NBG ASSET MANAGEMENT LUXEMBOURG R.C.S. Luxembourg K 108 - B 81 459 Unaudited semi-annual report as at June 30, 2018 No subscriptions can be received on the basis of these financial
More informationSEB SICAV 2. Prospectus
Prospectus SEB SICAV 2 with its current Sub-Funds SEB Asia Small Caps ex. Japan Fund SEB Credit Multi Strategy SEB Eastern Europe Small Cap Fund SEB Emerging Europe Bond Fund SEB Europe Chance/Risk Fund
More informationSEB Fund 1 FCP. SEB Investment Management AB 8, Sveavägen SE Stockholm. R.C.S. Luxembourg K49
SEB Fund 1 FCP SEB Investment Management AB 8, Sveavägen SE-106 40 Stockholm R.C.S. Luxembourg K49 Coordinated Management Regulations (the Management Regulations ) Article 1 The Fund SEB Fund 1 (the Fund
More informationKAIROS ALPHA SICAV. Organisational Structure 2. General Information 3. Statistics 4
Société d'investissement à Capital Variable R.C.S. Luxembourg N B 211 339 Semi-Annual Report for the period from December 12, 2016 (date of incorporation) to June 30, 2017 No subscription can be received
More informationCARNEGIE FUND II FONDS COMMUN DE PLACEMENT AUDITED ANNUAL REPORT 31 DECEMBER 2014
FONDS COMMUN DE PLACEMENT AUDITED ANNUAL REPORT 31 DECEMBER 2014 Subscriptions are only valid if made on the basis of the current prospectus accompanied by the latest annual report and the latest semi-annual
More informationECHIQUIER FUND. Echiquier Agressor Fund. Echiquier Agenor Mid Cap Europe. Echiquier Arty Fund. Echiquier Global Leaders
Société d'investissement à Capital Variable R.C.S. Luxembourg N B 180 751 (Unaudited) Semi-Annual Report as at June 30, 2016 Echiquier Agressor Fund Echiquier Agenor Mid Cap Europe Echiquier Arty Fund
More informationCARNEGIE INVESTMENT FUND
Société d'investissement à Capital Variable UNAUDITED SEMI-ANNUAL REPORT 30 JUNE 2017 R.C.S. Luxembourg B 158 803 Subscriptions are only valid if made on the basis of the current prospectus and relevant
More informationAllianceBernstein (Luxembourg) S.à r.l. Société à responsabilité limitée 2-4, rue Eugène Ruppert L-2453 Luxembourg R.C.S. Luxembourg B
AllianceBernstein (Luxembourg) S.à r.l. Société à responsabilité limitée 2-4, rue Eugène Ruppert L-2453 Luxembourg R.C.S. Luxembourg B 34 405 Acting in its own name but on behalf of AB FCP I Fonds Commun
More informationPROSPECTUS SEB OPTIMUS
PROSPECTUS SEB OPTIMUS SICAV (Société d'investissement à Capital Variable à Compartiments Multiples) R.C.S. LUXEMBOURG B. 64.732 Subscriptions can only be accepted on the basis of this prospectus and the
More informationHQ Portfolio Undertaking for Collective Investment in Transferable Securities under the Luxembourg law of December 20, 2002 (hereafter the Company )
Simplified Prospectus June 2010 HQ Portfolio Undertaking for Collective Investment in Transferable Securities under the Luxembourg law of December 20, 2002 (hereafter the Company ) This Simplified Prospectus
More informationBANQUE CARNEGIE FUND SICAV Société d'investissement à Capital Variable
Société d'investissement à Capital Variable UNAUDITED SEMI-ANNUAL REPORT 30 June 2015 R.C.S. Luxembourg B 109 660 Subscriptions are only valid if made on the basis of the current prospectus accompanied
More informationSales Prospectus and Management Regulations SEB European Equity Small Caps. October 2007
Sales Prospectus and Management Regulations SEB European Equity Small Caps October 2007 SEB European Equity Small Caps SEB Asset Management S.A. 6a, Circuit de la Foire Internationale L-1347 Luxembourg
More informationSEB EuropaRent Spezial
Issue Document SEB EuropaRent Spezial A Luxembourg investment fund structured as a FCP-SIF ("Fonds Commun de placement" "Specialised Investment Fund") in accordance with the law of 13 February 2007 on
More informationSEB FUND 3 FULL PROSPECTUS
Managed by SEB FUND 3 SEB Fund Management S.A. 6a, Circuit de la Foire Internationale L-1347 Luxembourg SEB Asia Equity ex. Japan Fund SEB Ethical Global Fund SEB Ethical Sweden Fund SEB Europe Fund SEB
More informationAnnual Report SEB Private Equity Opportunity Fund III S.C.A., SICAV-SIF
Annual Report SEB Private Equity Opportunity Fund III S.C.A., SICAV-SIF S CAV S F Status: 31 December 2017 R.C.S B 179461 Notice The sole legally binding basis for the purchase of shares of the Partnership
More informationRhenman & Partners Fund
Rhenman & Partners Fund A Luxembourg Investment Fund (Fonds Commun de Placement) Prospectus Rhenman & Partners Fund Rhenman Healthcare Equity L/S (hereinafter "Rhenman Healthcare Equity L/S") Rhenman &
More informationNordea Markets ETF. Investment Company under Luxembourg Law
Investment Company under Luxembourg Law R.C.S. Luxembourg B-223977 Unaudited semi-annual report for the period from April 18, 2018 (date of incorporation) to June 30, 2018 No subscription can be accepted
More informationPROSPECTUS. CB Fund. a Luxembourg mutual investment fund
PROSPECTUS of CB Fund a Luxembourg mutual investment fund Subscriptions can only be accepted on the basis of the full prospectus (hereafter the Prospectus ) and of the key investor information document
More informationNBG INTERNATIONAL FUNDS FCP. Unaudited semi-annual report. Mutual Investment Fund
NBG ASSET MANAGEMENT LUXEMBOURG Management Company R.C.S. Luxembourg B 81.459 Unaudited semi-annual report as at June 30, 2016 No subscription can be received on the basis of this annual report. Subscriptions
More informationw_> BANQUE CARNEGIE FUND SICAV Societe d'investissement a Capital Variable AUDITED ANNUAL REPORT 31 DECEMBER 2015 R.C.S. Luxembourg B
w_> Societe d'investissement a Capital Variable AUDITED ANNUAL REPORT 31 DECEMBER 2015 R.C.S. Luxembourg B 109 660 Subscriptions are only valid if made on the basis of the current prospectus accompanied
More informationETHOS FUND PROSPECTUS. a Luxembourg mutual investment fund
18/03/2011 PROSPECTUS ETHOS FUND a Luxembourg mutual investment fund Subscriptions can only be accepted on the basis of the prospectus (hereafter the Prospectus ) accompanied by the current Key Investor
More informationFlossbach von Storch II
Unaudited semi-annual report For the period from 1 August 2017 to 31 March 2018 Flossbach von Storch II Investment fund under Luxembourg law An investment fund pursuant to Part I of the Law of 17 December
More informationAllianz Global Investors Fund II
Unaudited Semi-Annual Report as at 30 June 2018 Allianz Global Investors Fund II Allianz Global Investors GmbH RCSK: B117659 Allianz Global Investors Fund II General Information Allianz Global Investors
More informationNotice The sole legally binding basis for the purchase of units of the Fund described in this report is the latest valid Sales Prospectus with its
Notice The sole legally binding basis for the purchase of units of the Fund described in this report is the latest valid Sales Prospectus with its terms of contract. Page Additional Information to the
More informationPiraeusInvest A Mutual Investment Fund organised under the laws of Luxembourg
Unaudited semi-annual report PiraeusInvest A Mutual Investment Fund organised under the laws of Luxembourg R.C.S. Luxembourg K15 Management Company: PIRAEUS ASSET MANAGEMENT EUROPE S.A. R.C.S. Luxembourg
More informationSEB Asset Management S.A. 6a, Circuit de la Foire Internationale L-1347 Luxembourg R.C.S. Luxembourg B
SEB Asset Management S.A. 6a, Circuit de la Foire Internationale L-1347 Luxembourg R.C.S. Luxembourg B 28.468 MANAGEMENT REGULATIONS OF SEB FUND 3 (the Management Regulations ) Article 1 The Fund 1. SEB
More informationSEB Investment Management AB SE Stockholm Sweden Registration number (the "Management Company") NOTICE TO THE UNITHOLDERS OF
SEB Investment Management AB SE-106 40 Stockholm Sweden Registration number - 556197-3719 (the "Management Company") NOTICE TO THE UNITHOLDERS OF SEB Fund 1 - SEB Ethical Europe Fund Merger Unitholders
More informationCARNEGIE INVESTMENT FUND
Société d'investissement à Capital Variable UNAUDITED SEMI-ANNUAL REPORT 30 JUNE 2013 R.C.S. Luxembourg B 158 803 Subscriptions are only valid if made on the basis of the current prospectus accompanied
More informationFUND RULES FOR CATELLA HEDGEFOND
FUND RULES FOR CATELLA HEDGEFOND 1 The legal status of the Fund The name of the fund is Catella Hedgefond ( the Fund ). The Fund is a special fund pursuant to the Swedish Alternative Fund Managers Act
More informationOLD MUTUAL GLOBAL PORTFOLIOS
Société d' lnvestissement à Capital Variable, with Multiple Sub-Funds Unaudited Semi-Annual Report for the period ended June 30, 2018 R.C.S Luxembourg B 167765 "No subscriptions can be received on the
More informationWMP I SICAV. WMP I SICAV - Absolute Return Currency Fund. R.C.S. Luxembourg - B
- Absolute Return Currency Fund R.C.S. Luxembourg - B 174 466 Unaudited Semi-Annual Report for the period from December 20, 2012 (launch date) to April 30, 2013 An investment company organised as a société
More informationPARVEST EQUITY GLOBAL BRANDS
A sub-fund of PARVEST, a Société d Investissement à Capital Variable (Investment Company with Variable Capital) Simplified prospectus September 2010 This simplified prospectus contains only general information
More informationSECTION 2 THE AIFM The Fund is managed by Max Mitteregger Kapitalförvaltning AB, organisation number , hereinafter called the AIFM.
FUND RULES FOR GLADIATOR SECTION 1 THE FUND The name of the fund is Gladiator ( Fund ). The Fund is a special fund within the meaning of the Swedish Alternative Investment Funds Managers Act (2013:561)
More informationProspectus. January Pioneer Funds A Luxembourg Investment Fund (Fonds Commun de Placement)
Prospectus January 07 Pioneer Funds A Luxembourg Investment Fund (Fonds Commun de Placement) Pioneer Funds Contents A Word to Potential Investors Definitions The Fund 5 The Sub-Funds 6 SHORT-TERM SUB-FUNDS
More informationSEB Investment Management AB SE Stockholm Sweden Registration number (the "Management Company")
SEB Investment Management AB SE-106 40 Stockholm Sweden Registration number - 556197-3719 (the "Management Company") NOTICE TO THE UNITHOLDERS OF SEB Fund 1 - SEB Nordic Fund, Sub-fund of SEB Fund 1 (the
More informationBANQUE CARNEGIE FUND SICAV Société d'investissement à Capital Variable
Société d'investissement à Capital Variable UNAUDITED SEMI-ANNUAL REPORT 30 June 2014 R.C.S. Luxembourg B 109 660 Subscriptions are only valid if made on the basis of the current prospectus accompanied
More informationProspectus 31 May 2018
Amundi Funds II VISA 2018/112664-2211-0-PC L'apposition du visa ne peut en aucun cas servir d'argument de publicité Luxembourg, le 2018-06-01 Commission de Surveillance du Secteur Financier Prospectus
More informationInformation to the Unitholders of
Luxembourg, April 27, 2018 Information to the Unitholders of CS Investment Funds 13 CREDIT SUISSE FUND MANAGEMENT S.A. Registered office: 5, rue Jean Monnet, L-2180 Luxembourg R.C.S. Luxembourg B 72.925
More informationTable of Contents. Page
This Annual Report was compiled by: SEB Asset Management S.A. 4, rue Petemelchen, L-2370 Howald, Luxembourg Postal address: PO Box 2053, L-1020 Luxembourg Phone +352-26 23 20 00; Fax +352-26 23 25 55 www.sebgroup.lu
More informationProspectus February Amundi Funds II A Luxembourg Investment Fund (Fonds Commun de Placement)
Prospectus February 08 Amundi Funds II A Luxembourg Investment Fund (Fonds Commun de Placement) Amundi Funds II Contents A Word to Potential Investors Definitions The Fund 5 The Sub-Funds 6 SHORT-TERM
More informationFundsmith Equity Fund Feeder
«Société d'investissement à Capital Variable» Unaudited semi-annual report for the period from 1 January 2015 to 30 June 2015 R.C.S. Luxembourg B 164404 Subscriptions may not be received on the basis of
More informationUnaudited Semi-Annual Report for the period from March 1, 2011 to August 31, 2011
Investment company under Luxembourg law with variable capital and multiple Sub-Funds Unaudited Semi-Annual Report for the period from March 1, 2011 to August 31, 2011 This extract of the semi-annual report
More informationInformation to the Unitholders
Luxembourg, November 3, 2017 Information to the Unitholders CREDIT SUISSE FUND MANAGEMENT S.A. Registered office: 5, rue Jean Monnet, L-2180 Luxembourg R.C.S. Luxembourg B 72 925 (the Management Company
More informationFlossbach von Storch III SICAV
Unaudited semi-annual report For the period from 19 December 2017 to 31 March 2018 R.C.S. Luxembourg B 220220 Investment fund under Luxembourg law An investment fund pursuant to Part I of the law of 17
More informationProspectus February 2018
Amundi Funds II VISA 2018/111776-2211-0-PC L'apposition du visa ne peut en aucun cas servir d'argument de publicité Luxembourg, le 2018-03-02 Commission de Surveillance du Secteur Financier Prospectus
More informationCredit Suisse Index Fund (Lux) Audited Annual Report at
Credit Suisse Index Fund (Lux) Investment Company with Variable Capital under Luxembourg law - R.C.S. Luxembourg B 167 524 Audited Annual Report at 31.12.2017 Table of Contents Page 2 Audit report 3 Management
More informationTreeTop Portfolio SICAV
TreeTop Portfoli o Sicav Société d Investissement à Capital Variable ("SICAV") with multiple sub-funds under Luxembourg law Unaudited Semi-Annual Report as at 30 June 2018 R.C.S. Luxembourg B 125.731 The
More informationTreeTop Portfolio SICAV
Investment Company with Variable Capital with multiple Sub-Funds governed by Luxembourg Law Unaudited Semi-Annual Report as at June 30 th, 2017 R.C.S. Luxembourg B 125.731 The subscriptions can only be
More information1. Stocks and stock based instruments, such as convertible bonds, personnel options, subscription rights, depository receipts and warrants.
VISIO ALLOCATOR FUND REGULATIONS Finanssivalvonta (Finnish Financial Supervisory Authority) has approved the most recent amendments in fund regulations on the 8 th of July 2016. These regulations are valid
More informationNN (L) PATRIMONIAL Société d Investissement à Capital Variable. Grand Duchy of Luxembourg R.C.S. Luxembourg - B 24.
WINNING FUNDS Société d investissement à capital variable R.C.S. Luxembourg B 78.249 NN (L) PATRIMONIAL Société d Investissement à Capital Variable R.C.S. Luxembourg - B 24.401 (Collectively referred as
More informationNeither the Issuer nor any Dealer has authorised, nor do they authorise, the making of any offer of Notes in any other circumstances.
Final Terms dated 11 February 2013 ING Bank N.V. Issue of a minimum of SEK 20,000,000 Uncapped Capital Protection Notes linked to Global Indices due April 2018 issued pursuant to a 50,000,000,000 Global
More informationDear sir or madam. 3. Effects of the Merger on the unitholders/shareholders of the Absorbed FCP and Absorbing Sub-fund
CANDRIAM FRANCE Simplified joint-stock company Acting on behalf of the Fonds Commun de Placement (FCP) Candriam Equities F Europe Conviction* 40, rue Washington 75008 PARIS Dear sir or madam We thank you
More informationInterim Report. Standard Life Investments. Global SICAV II Société d'investissement à Capital Variable. Interim Report as at 30 June 2017
Interim Report Standard Life Investments Global SICAV II Société d'investissement à Capital Variable Interim Report as at 30 June 2017 Standard Life Investments No subscription can be received on the basis
More informationRathbone Luxembourg Funds SICAV Société d'investissement à Capital Variable (SICAV) R.C.S. B Annual report including audited financial
Rathbone Luxembourg s SICAV Société d'investissement à Capital Variable (SICAV) R.C.S. B 206.009 Annual report including audited financial statements For the period from 4 May 2016 (date of incorporation)
More informationAMUNDI FUNDS II A LUXEMBOURG INVESTMENT FUND (FONDS COMMUN DE PLACEMENT) MANAGEMENT REGULATIONS. dated 16 February 2018
AMUNDI FUNDS II A LUXEMBOURG INVESTMENT FUND (FONDS COMMUN DE PLACEMENT) MANAGEMENT REGULATIONS dated 16 February 2018 Contents 1 The Fund... 3 2 The Management Company... 3 3 Investment Objectives and
More information