PiraeusInvest A Mutual Investment Fund organised under the laws of Luxembourg

Transcription

1 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 B

2 No subscription can be received on the basis of this financial report. Subscriptions are only valid if made on the basis of the current prospectus, the key investor information document ("KIID") supplemented by the latest annual report and the most recent semi-annual report, if published thereafter.

3 PiraeusInvest Contents Organisation... 2 General information... 4 Combined statement of net assets... 5 PiraeusInvest - European Equity... 6 Statement of net assets... 6 Statement of investments and other net assets... 7 Industrial and geographical classification of investments... 8 PiraeusInvest - European Bond... 9 Statement of net assets... 9 Statement of investments and other net assets...10 Industrial and geographical classification of investments...11 Notes to the financial statements

4 PiraeusInvest Organisation Management Company PIRAEUS ASSET MANAGEMENT EUROPE S.A. 11, rue Aldringen L-1118 LUXEMBOURG Board of Directors of the Management Company Chairman Hercules Bamplekos Chief Executive Officer PIRAEUS ASSET MANAGEMENT MUTUAL FUNDS MANAGEMENT COMPANY (PIRAEUS M.F.M.C.) 94, Vas. Sofias Av. & 1 Kerasountos Str. GR ATHENS Directors Vassilios Damouras Evangelos Kalomallos Andreas Oikonomidis Archontissa Proestaki Chief Operating Officer PIRAEUS ASSET MANAGEMENT MUTUAL FUNDS MANAGEMENT COMPANY (PIRAEUS M.F.M.C.) 94, Vas. Sofias Av. & 1 Kerasountos Str. GR ATHENS Manager Participation Division of PIRAEUS BANK 4, Amerikis Str. GR ATHENS Head of Securities Services PIRAEUS Bank S.A. 4, Papada GR ATHENS (since 19th April 2016) Deputy CEO PIRAEUS ASSET MANAGEMENT MUTUAL FUNDS MANAGEMENT COMPANY (PIRAEUS M.F.M.C.) 94, Vas.Sophia Av. & 1 Kerasountos Str. GR ATHENS (since 19th April 2016) Conducting officers of the Management Company Vassilios Damouras (until 30th June 2016) Evanthia Kouveli (since 30th June 2016) Daniel Van Hove 2

5 PiraeusInvest Organisation (continued) Sub-investment manager PIRAEUS ASSET MANAGEMENT MUTUAL FUNDS MANAGEMENT COMPANY (PIRAEUS M.F.M.C.) 94, Vas. Sofias Av. & 1 Kerasountos Str. GR ATHENS Registrar and transfer, domiciliary and administrative agent KREDIETRUST LUXEMBOURG S.A. 11, rue Aldringen L-2960 LUXEMBOURG Depositary and principal paying agent KBL EUROPEAN PRIVATE BANKERS S.A. 43, boulevard Royal L-2955 LUXEMBOURG Auditor of the Fund and of the Management Company PRICEWATERHOUSECOOPERS, Société coopérative 2, rue Gerhard Mercator L-2182 LUXEMBOURG Legal advisers ELVINGER, HOSS & PRUSSEN 2, place Winston Churchill L-1340 LUXEMBOURG Distributor PIRAEUS ASSET MANAGEMENT MUTUAL FUNDS MANAGEMENT COMPANY (PIRAEUS M.F.M.C.) 94, Vas. Sofias Av. & 1 Kerasountos Str. GR ATHENS Sub-distributor PIRAEUS BANK S.A. 4, Amerikis Str. GR ATHENS 3

6 PiraeusInvest General information PiraeusInvest (the "Fund") is a mutual investment fund ("Fonds Commun de Placement") governed by Part I of the amended Luxembourg law of 17th December 2010 on Undertakings for Collective Investment. It is organised under the laws of Luxembourg as an unincorporated co-proprietorship of its securities, managed in the interest of its co-owners (the "Unitholders") by Piraeus Asset Management Europe S.A. (the "Management Company"), a company incorporated under the laws of Luxembourg and having its registered office in Luxembourg. The Fund qualifies as an Undertaking for Collective Investment in transferable securities ("UCITS") under the Council Directive 2009/65/EC as amended. The Directive 2014/91/EU of the European Parliament and of the Council of 23rd July 2014 amending the Directive 2009/65/EC had been transposed by the law of 10th May 2016 coming into force on 1st June 2016 and amending the amended law of 17th December The structure of the Fund permits the creation of different Sub-funds within the Fund. The Sub-funds will be invested pursuant to the specific investment policy determined by the Management Company for such Sub-fund. Within each Sub-fund, the Board of Directors of the Management Company is entitled to create different categories of Units that may be characterised by their distribution policy (distribution units, capitalisation units), their reference currency, their fee level, and/or by any other feature to be determined by the Board of Directors of the Management Company. At the date of this report, units are offered in the following different Sub-funds: - PiraeusInvest - European Equity in EUR - PiraeusInvest - European Bond in EUR The prospectus, the KIID, audited annual reports, unaudited semi-annual reports and the Net Asset Value, issue and redemption prices of the units can be obtained at the registered offices of the Management Company and the Depositary. 4

7 PiraeusInvest Combined statement of net assets (in EUR) Assets Securities portfolio at market value 17,537, Cash at banks 708, Receivable on issues of units 4, Income receivable on portfolio 36, Interest receivable on bank accounts Total assets 18,286, Liabilities Payable on redemptions of units 108, Expenses payable 20, Total liabilities 129, Net assets at the end of the period 18,157, The accompanying notes are an integral part of these financial statements. 5

8 PiraeusInvest - European Equity Statement of net assets (in EUR) Assets Securities portfolio at market value 2,143, Cash at banks 190, Income receivable on portfolio 2, Interest receivable on bank accounts Total assets 2,336, Liabilities Payable on redemptions of units 2, Expenses payable 7, Total liabilities 9, Net assets at the end of the period 2,327, Number of units outstanding 7, Net asset value per unit The accompanying notes are an integral part of these financial statements. 6

9 PiraeusInvest - European Equity Statement of investments and other net assets (in EUR) Currency Number / nominal value Description Cost Market value % of total net assets Investments in securities Transferable securities admitted to an official stock exchange listing Shares CHF 890 Cie Financière Richemont SA 60, , CHF 2,700 Nestlé SA Reg 79, , CHF 2,160 Novartis AG Reg 108, , CHF 720 Roche Holding Ltd Pref 84, , , , EUR 150 Allianz SE Reg 18, , EUR 750 Anheuser-Busch InBev SA 55, , EUR 1,100 Axa SA 21, , EUR 900 Bayer AG Reg 75, , EUR 900 BNP Paribas SA A 43, , EUR 1,550 Daimler AG Reg 90, , EUR 5,000 Deutsche Telekom AG Reg 72, , EUR 5,000 ENEL SpA 21, , EUR 7,300 ING Groep NV Certif 76, , EUR 19,500 Intesa Sanpaolo SpA 54, , EUR 200 LVMH Moët Hennessy L Vuit SE 27, , EUR 2,800 Royal Dutch Shell Plc A 72, , EUR 1,950 Ryanair Holdings Plc 20, , EUR 1,000 Sanofi SA 71, , EUR 400 SAP SE 16, , EUR 380 Siemens AG Reg 30, , EUR 4,838 Telefonica SA 64, , EUR 1,950 Total SA 88, , EUR 1,200 Unilever NV Certif of Shares 43, , , , GBP 500 AstraZeneca Plc 26, , GBP 7,000 BP Plc 38, , GBP 2,250 British American Tobacco Plc 74, , GBP 10,000 BT Group Plc 53, , GBP 2,400 Diageo Plc 43, , GBP 5,500 GlaxoSmithKline Plc 111, , GBP 16,000 HSBC Holdings Plc 128, , GBP 1,050 Imperial Brands Plc 48, , GBP 80,000 Lloyds Banking Group Plc 77, , GBP 2,000 Prudential Plc 38, , GBP 623 Royal Dutch Shell Plc B 10, , , , Total investments in securities 1,948, ,143, Cash at banks 190, Other net assets/(liabilities) -6, Total 2,327, The accompanying notes are an integral part of these financial statements. 7

10 PiraeusInvest - European Equity Industrial and geographical classification of investments Industrial classification (in percentage of net assets) Pharmaceuticals and biotechnology % Food, beverage and tobacco % Banks % Energy 8.77 % Telecommunication services 7.10 % Automobiles and components 3.58 % Consumer durables and apparel 3.16 % Insurance 2.97 % Capital goods 1.48 % Software and services 1.16 % Transportation 0.92 % Utilities 0.84 % Total % Geographical classification (by domicile of the issuer) (in percentage of net assets) United Kingdom % Switzerland % Germany % France % The Netherlands 4.94 % Belgium 3.69 % Italy 2.22 % Spain 1.73 % Ireland 0.92 % Total % 8

11 PiraeusInvest - European Bond Statement of net assets (in EUR) Assets Securities portfolio at market value 15,394, Cash at banks 517, Receivable on issues of units 4, Income receivable on portfolio 33, Interest receivable on bank accounts 1.99 Total assets 15,950, Liabilities Payable on redemptions of units 106, Expenses payable 13, Total liabilities 120, Net assets at the end of the period 15,829, Number of units outstanding 78, Net asset value per unit The accompanying notes are an integral part of these financial statements. 9

12 PiraeusInvest - European Bond Statement of investments and other net assets (in EUR) Currency Number / nominal value Description Cost Market value % of total net assets Investments in securities Transferable securities admitted to an official stock exchange listing Bonds EUR 1,000,000 Belgium 0.8% OLO Reg S Ser 74 15/ ,030, ,061, EUR 900,000 Belgium 1.25% Ser 69 13/ , , EUR 650,000 Belgium 2.25% OLO Reg S Ser 68 13/ , , EUR 200,000 Belgium 2.6% Reg S Ser 72 14/ , , EUR 300,000 Deutschland 0.5% Ser / , , EUR 500,000 Deutschland 0.75% Ser / , , EUR 1,000,000 France 0% OAT 15/ , ,016, EUR 200,000 France 0.25% OAT 15/ , , EUR 600,000 France 0.5% OAT Sen 14/ , , EUR 1,650,000 France 0.5% OAT Sen 14/ ,676, ,703, EUR 500,000 France 1% OAT 13/ , , EUR 150,000 France 1.75% BTAN 12/ , , EUR 200,000 France 1.75% OAT Sen 13/ , , EUR 300,000 France 2.5% OAT 10/ , , EUR 1,800,000 Ireland 0.8% T-Notes Reg S 15/ ,823, ,880, EUR 100,000 Ireland 1% T-Bills Reg S Sen 16/ , , EUR 650,000 Ireland 3.4% T-Bond 14/ , , EUR 1,500,000 Netherlands 0.25% Reg S 14/ ,518, ,543, EUR 1,500,000 Oesterreich 0.25% Sen 14/ ,515, ,536, EUR 700,000 Oesterreich 0.75% 16/ , , EUR 200,000 Oesterreich 1.15% 13/ , , Total investments in securities 14,986, ,394, Cash at banks 517, Other net assets/(liabilities) -82, Total 15,829, The accompanying notes are an integral part of these financial statements. 10

13 PiraeusInvest - European Bond Industrial and geographical classification of investments Industrial classification (in percentage of net assets) Countries and governments % Total % Geographical classification (by domicile of the issuer) (in percentage of net assets) France % Belgium % Ireland % Austria % The Netherlands 9.75 % Germany 5.10 % Total % 11

14 PiraeusInvest Notes to the financial statements Note 1 - Significant accounting policies a) Presentation of the financial statements The financial statements of the Fund are established in accordance with the Luxembourg legal and regulatory requirements concerning Undertakings for Collective Investment. b) Valuation of assets The value of cash in hand or on deposit, securities, bills and notes payable on demand and accounts receivable, prepaid expenses, dividends and interests declared or due but not as yet collected, shall be made up of the nominal value of such assets, unless it appears unlikely that such value shall be collected, in which case the value shall be determined by deducting such amount which the Fund may deem necessary in view of reflecting the true value of such assets. The value of any transferable securities which are officially listed or traded on a stock exchange are in principle determined as being their last known price unless such price is not representative. The value of any transferable securities traded or listed on another regulated market are determined on the basis of the last available price. As far as the stocks held in the portfolio on the Valuation Day are neither officially listed nor traded on a stock exchange or on another regulated market, or in the case where, for securities officially listed or traded on a stock exchange or another regulated market, the price as determined previously is not representative of the true value of such stocks, the valuation is made on the basis of their likely value of realisation, estimated with due care and good faith by the Board of Directors of the Management Company. c) Acquisition cost of securities in the portfolio The acquisition cost of the securities held by each Sub-fund that are denominated in currencies other than the reference currency of the Sub-fund is converted into this currency at the exchange rate prevailing on the date of purchase. d) Net realised gain (loss) on sales of securities The realised gains and losses on sales of securities are calculated on the basis of the average acquisition cost. e) Investment portfolio income Dividend income is recorded at the ex-date, net of any withholding tax. Interest income accrued and payable is recorded, net of any withholding tax. f) Conversion of foreign currencies Cash at banks, other net assets and liabilities and the market value of the securities in portfolio expressed in currencies other than the currency of the Sub-fund are converted into this currency at the exchange rate prevailing on the date of the report. Income and expenses expressed in currencies other than the currency of the Sub-fund are converted into this currency at the exchange rate prevailing on the date of the transaction. 12

15 PiraeusInvest Notes to the financial statements (continued) The exchange rates at the date of the report are as follows: 1 EUR = CHF Swiss Franc g) Combined financial statements DKK Danish Krona GBP Pound Sterling NOK Norwegian Krona SEK Swedish Krona USD US Dollar The combined financial statements of the Fund are expressed in EUR and are equal to the sum of the corresponding items in the financial statements of each Sub-fund. Note 2 - Management fee PiraeusInvest - European Equity The Management Company and the Sub-investment Manager are paid out of the assets of the Fund an aggregate fee payable at the end of each month, at an annual rate of 1.50% of the average daily Net Asset Value of the Sub-fund PiraeusInvest - European Equity during the relevant month, which is divided between the Management Company and the Sub-investment Manager in such manner as they agree from time to time. PiraeusInvest - European Bond The Management Company and the Sub-investment Manager are paid out of the assets of the Fund an aggregate fee payable at the end of each month, at an annual rate of 0.80% of the average daily Net Asset Value of the Sub-fund PiraeusInvest - European Bond during the relevant month, which is divided between the Management Company and the Sub-investment Manager in such manner as they agree from time to time. Note 3 - Depositary fee KBL EUROPEAN PRIVATE BANKERS S.A. has been appointed as the Fund's Depositary. The fees and charges of KBL EUROPEAN PRIVATE BANKERS S.A. calculated with reference to the Net Assets and payable monthly are basically borne by the Sub-funds and are conform to common practice in Luxembourg. Note 4 - Central administration costs In this capacity as Central Administration Agent, KREDIETRUST LUXEMBOURG S.A. has been appointed as Administrative, Domiciliary, Registrar and Transfer Agent. The fees and charges of KREDIETRUST LUXEMBOURG S.A. calculated with reference to the Net Assets and payable monthly are basically borne by the Sub-funds and are conform to common practice in Luxembourg. 13

16 PiraeusInvest Notes to the financial statements (continued) Note 5 - Subscription duty ("Taxe d abonnement") The Fund is governed by Luxembourg law. Pursuant to the legislation and regulations in force, the Fund is subject to an annual "taxe d abonnement of 0.05% which is payable quarterly and calculated on the basis of the net assets of each Sub-fund on the last day of each quarter. Pursuant to Article 175 (a) of the amended law of 17th December 2010 the net assets invested in Undertakings for Collective Investment already subject to the "taxe d abonnement" are exempt from this tax. Note 6 - Statement of changes in investments The statement of changes in investments for the period in reference to the report is available free of charge at the registered office of the Management Company at 11, rue Aldringen, L-1118 LUXEMBOURG. 14