EVOLUTION VALUE FUNDS - Dynamic Fund

Transcription

1 EVOLUTION VALUE FUNDS - Dynamic Fund UCITS according to Liechtenstein law in the legal form of a trusteeship Annual report 31 March 2015 CAIAC Fund Management AG Haus Atzig P.O. Box 27 Industriestrasse 2 FL-9487 Bendern Tel Fax evolutionfunds@caiac.li

2 General information Organisation Management company Asset manager Custodian bank Statutory auditor Paying agent Information agent Paying- and information agent Tax representative Valuation interval Issue and redemption day Unit transaction cut-off time, issue Unit transaction cut-off time, redemption Cut-off time unit transaction Account currency Use of proceeds Closing of fiscal year Domicile of fund Fund type Legal status Legislative basis Publication medium CAIAC Fund Management AG Haus Atzig Industriestrasse 2 FL-9487 Bendern International Capital Management AG Industriestrasse 56 FL-9491 Ruggell Raiffeisen Privatbank Liechtenstein Austrasse 51 FL-9490 Vaduz ReviTrust Grant Thornton AG Bahnhofstrasse 15 FL-9494 Schaan in Poland: Raiffeisen Polbank Ul. Pikna Warszawa in Poland: Matczuk Wieczorek i Wspolnicy ul. Czeczota Warszawa in Austria: Erste Bank der österreichischen Sparkassen AG Graben 21 AT-1010 Wien in Slovakia: Tatrabanka a.s. Hodzovo nam Bratislava in Czech Republic: Raiffeisenbank a.s. Hvzdova 1716/2b Praha 4 in Austria: BDO Austria GmbH Kohlmarkt 8-10 AT-1010 Wien Daily Every day Valuation date, 4 p.m. Valuation date, 4 p.m. Every day EUR Reinvested 31 March Bendern, Liechtenstein OGAW (UCITS IV) UCITS in the legal form of a trusteeship ("collective trusteeship") Law of June 28, 2011 regarding Undertakings for Collective Investment in Transferable Securities (UCITSG) Web-Site of Liechtenstein Investment Fund Association page 1

3 Fund data ISIN Investment advisor commission Custodian bank fee Administration and processing unit registry Distributor's fee Risk Management and Administration fee Investment decisions Performance fee LI Class institutional LI Class CZK LI Class EUR LI Class PLN None max % p.a % p.a. add. EUR 40.- p.a. per unit account 1.60 % p.a. (None for Class institutional) 0.20 % p.a. add. max. CHF 40'000.- p.a. add. per currency-class max. CHF 2'500.- p.a % p.a. Issuing commission max. 5 % Redemption commission max. 5 % 20 % p.a. (10 % p.a. Class institutional) with High Watermark page 2

4 Capital acount as at EUR Bank balance, thereof 1'694' Cash 1'694' Time Deposits 0.00 Securities 45'460' Derivative financial instruments 0.00 (Precious) Metals 0.00 Life insurance policy 0.00 Other assets, thereof 39' interest, dividend 0.00 Total assets 47'194' Liabilities, thereof -426' Bank Credit 0.00 Custodian fee -17' Administration fee -151' Asset management fee -247' Performance fee -1' Travel and advertising costs 0.00 Audit costs 0.00 Net assets EVOLUTION Dynamic Fund Class institutional EVOLUTION Dynamic Fund CZK Class EVOLUTION Dynamic Fund EUR Class EVOLUTION Dynamic Fund PLN Class Number of units in circulation EVOLUTION Dynamic Fund Class institutional EVOLUTION Dynamic Fund CZK Class EVOLUTION Dynamic Fund EUR Class EVOLUTION Dynamic Fund PLN Class 46'768' '767' '658' '149' ' ' '790' '613' ' Net asset value by unit EVOLUTION Dynamic Fund Class institutional EUR = EVOLUTION Dynamic Fund CZK Class CZK = EVOLUTION Dynamic Fund EUR Class EUR = EVOLUTION Dynamic Fund PLN Class PLN = page 3

5 Consolidated profit and loss statement EUR Income from bank balance 0.00 Income from securities, thereof 0.00 Bond, convertible bond, warrant bond 0.00 Shares and other equities, incl. Income from bonus shares 0.00 Income from units from other investment companies/funds 0.00 Other income, thereof 10' Income from securities lending and repurchase agreements 0.00 Current income from the issue of new units -2'250' Total Income -2'240' Interest paid 0.00 Audit expenses 13' Statutory remuneration to administration 1'348' Statutory remuneration to custodian bank 47' Other expenses 163' Travel and advertising costs 0.00 Distribution of current income in the redemption of units -225' Total expenses Net income Realised capital gains and capital losses Realised profit/loss Non-realised capital gains and capital losses Total profit/loss 1'347' '587' ' '761' '659' ' Off-balance-sheet transactions No off-balance-sheet positions as at , i.e. no contracts with derivative financial instruments. No securites lending took place within the period. Utilisation of profit EUR Net income from fiscal year -3'587' Capital gains for fiscal year held for distribution 0.00 Capital gains for previous fiscal years held for distribution 0.00 Balance from previous year 0.00 Profit available for distribution -3'587' Profit held for distribution to the investors 0.00 Profit retained for reinvestment -3'587' Carried forward to new account 0.00 Change in net assets Net assets at the beginning of the reporting period Balance from unit dealings Total profit/loss Net assets at the end of the reporting period 369' '501' ' '768' page 4

6 Number of units in circulation EVOLUTION Dynamic Fund Class institutional Number of units at the beginning of the period Units issued Units redeemed Number of units at the end of the period 3' ' ' ' EVOLUTION Dynamic Fund CZK Class Number of units at the beginning of the period Units issued 7'040' Units redeemed -250' Number of units at the end of the period 6'790' EVOLUTION Dynamic Fund EUR Class Number of units at the beginning of the period Units issued Units redeemed Number of units at the end of the period 1' '794' ' '613' EVOLUTION Dynamic Fund PLN Class Number of units at the beginning of the period Units issued 7' Units redeemed Number of units at the end of the period 7' Development of net asset value Date Net assets Number of units Net asset value Performance in circulation per unit per fiscal year EVOLUTION Dynamic Fund Class institutional ' EUR 3' EUR '767' EUR 16' EUR 9.79% * EVOLUTION Dynamic Fund CZK Class '674' CZK 26' CZK '038' CZK 6'790' CZK 12.23% * EVOLUTION Dynamic Fund EUR Class ' EUR 1' EUR * '149' EUR 1'613' EUR 6.30% EVOLUTION Dynamic Fund PLN Class ' PLN 6' PLN ' PLN 7' PLN 1.04% ** The historic performance is no indicator for current or future performance. Issuing and redemption commisisons are not included in the performance data. * Performance is for more than a year. ** Performance is for less than a year. Depositories as at The financial instruments were deposited with the following depositories on the closing day: Raiffeisen Bank International AG, 1030 Wien page 5

7 Currency table as at British Pound GBP 1 = Polish Zloty PLN 1 = Swiss Franc CHF 1 = Czech Crown CZK 100 = US-Dollar USD 1 = EUR Total Expense Ratio (TER) as at EVOLUTION Dynamic Fund Class institutional TER ongoing ordinary fees* TER ongoing ordinary fees and extraordinary disposition fees* TER ongoing ordinary fees and extraordinary disposition fees with performance fee** Unit register fee in % EVOLUTION Dynamic Fund CZK Class TER ongoing ordinary fees* TER ongoing ordinary fees and extraordinary disposition fees* TER ongoing ordinary fees and extraordinary disposition fees with performance fee** Unit register fee in % EVOLUTION Dynamic Fund EUR Class TER ongoing ordinary fees* TER ongoing ordinary fees and extraordinary disposition fees* TER ongoing ordinary fees and extraordinary disposition fees with performance fee** Unit register fee in % EVOLUTION Dynamic Fund PLN Class TER ongoing ordinary fees* TER ongoing ordinary fees and extraordinary disposition fees* TER ongoing ordinary fees and extraordinary disposition fees with performance fee** Unit register fee in % 1.77% p.a. 1.98% p.a. 2.84% p.a. 1.13% p.a. 3.66% p.a. 3.69% p.a. 4.82% p.a. 1.34% p.a. 3.47% p.a. 3.58% p.a. 4.76% p.a. 1.28% p.a. 3.65% p.a. 3.65% p.a. 4.52% p.a. 1.73% p.a. *Without performance fee and unit register. **Without unit register. Charges from target investments are not included. Transaction costs EUR Charges Brokerage 59' Transaction costs are charged directly to the purchase - or sales value of the investment concerned. Therefore, these costs are not included in the TER-calculation. page 6

8 Asset Holdings as at Sales and purchases Name Holdings Purchase Sale Holdings Fair value Share Investment Funds ) 2) EUR in % France Amundi ETF MSCI Em Asia UCITS ETF FCP EUR ' ' '055' % Amundi ETF MSCI Emerging Markets UCITS ETF FCP '412' '072' '340' '951' % Total France 14'006' % Great Britain First State Inv ICVC - First State Asia Pacific Leaders F '081' '081' '370' % Investec Funds Series II - Asia Ex Japan Fund ' ' % Total Great Britain 6'370' % Ireland HSBC MSCI Russia Capped UCITS ETF She Germ. Cert ' ' '310' % ishares II MSCI AC Far East ex-japan Small Cap. UCITS ET ' ' '145' % ishares III PLC - Euro Government Bond UCITS ' ' % PCP Sel. UCITS PLC - Linden Core Fund 2X C USD ' ' '319' % Total Ireland 5'775' % Liechtenstein Qbasis i Trend Fund ' ' % Total Liechtenstein % Luxembourg Aberdeen Global - Eastern Europ. Equity Fund % Aberdeen Global SICAV - Latin America Equity ' ' % Amundi Funds SICAV - Equity MENA IHE Cap % Bellevue Funds (Lux) SICAV - BB African Opportunities ' ' ' '735' % ComStage ETF SICAV - MSCI EM Leveraged UCITS ETF ' ' % db x-trackers MSCI EM SHORT DAILY INDEX UCITS ETF ' ' % db x-trackers SICAV - FTSE VIETNAM UCITS ETF ' ' % db x-trackers SICAV - MSCI BANGLADESH INDEX UCITS E ' ' % db x-trackers SMI -1D- ETF ' ' % Franklin Templeton Inv. Funds - Asia Growth ' ' % Franklin Templeton Inv. Funds - African ' ' % Franklin Templeton Inv. Funds - Templeton Asia Growth ' ' % FT Inv Funds SICAV - templeton Gl. Total R. She I Cap ' ' % Goldman Sachs Funds SICAV -N- 11 SM Equity Portfolio ' ' '435' % HSBC Gl. Inv. Funds SICAV - Asia ex Japan Equity Sm ' ' ' '483' % JPMorgan F. SICAV - Asean Equity ' ' % JPMorgan F. SICAV - Asean Equity ' ' % JPMorgan F. SICAV - Greater China Fund B ' ' % MFS Meridian F SICAV - Latin American Equity ' ' % Nordea 1 SICAV - Stable Emerging Markets Equity F ' ' '214' % Oyster SICAV - Emerging Opportunities R USD ' ' % Oyster SICAV - Emerging Opportunities R EUR ' ' % Schroder Int. Selection Fund - Middle East ' ' % Schroder Int. Selection Fund - Frontier Markets ' ' '126' % Schroder Int. Selection Fund - Asian Total Return ' ' '212' % Schroder Int. Selection Fund SICAV - Asia Opportunity ' ' % Schroder Int. Selection Fund SICAV - Emerging Europe C ' ' % Silk FCP Road Frontiers Fund ' ' % Sturgeon Cap. F. SICAV - Sturgeon Central Asia Equity ' ' '099' % Total Luxembourg 19'306' % Total Investment Fund 45'460' % Bank balance Cash 1'694' % Time Deposits % Total bank balance 1'694' % Other assets 39' % Total assets 47'194' % Liabilities -426' % Net assets 46'768' % 1) Purchase includes transactions such as: free shares / purchases / conversions / name changes / splits / stock dividends / elected dividends / securities split / transfer / reclassification due to redenomination in EUR / exchange between companies / allocation due to purchase rights or option rights / allocation of purchase rights from base securities 2) Sale includes transactions such as: drawing by lot / write-off due to expiration / deletion of purchase rights or option rights / reverse splits / transfer / reclassification due to the redenomination in fund currency / exchange between companies / sale / repayment page 7

9 Annual report from the Asset Manager Activity report For investors, 2014 was marked by continuously low interest rates as well as the return of volatilities to the equity markets. Overall, we were faced with a very difficult and fluctuating environment with varying performances. Whilst in the USA the main discussion in the markets was about the FED's exit from its quantitative easing programme and even a possible interest rate rise, China, the primary driver amongst the emerging markets, turned out weaker-than-expected growth. The continuing uncertainties about the economic development in the eurozone and the conflict between Russia and the Ukraine slowed down the equity price performance on the European markets. Brazil shone with a very positive performance as its lead index managed to increase considerably in the run-up to the Football World Cup. However, these gains were lost again due to the turbulences surrounding the presidential elections and the weakness of the Real and the Brazilian markets closed 2014 with a negative performance. Mainland China gave everyone a pleasant surprise with the Shanghai Shenzen Index gaining by 52.9% in As the majority of the equity markets developed positively, the gold price was unable to rise significantly and closed with an annual loss of -1.7% whilst subject to significant fluctuations. At an industry level, the prices for stainless steel, iron ore and crude oil were faced with the issue of constantly falling prices caused by global surplus capacities as well as, in particular, a steep drop in demand from China. The emerging markets showed a correspondingly weak performance as many of them are heavily relying on crude oil exports. The combination of political unrest in Brazil, the acts of terrorism committed by IS and a constant drop in the crude oil price near the end of the year caused turbulences on the global equity markets as did the Russia/Ukraine conflict and a possible deflation scenario in Europe. In 2015, the emerging markets remained attractive to investors due to their steep economic growth. Although large economies such as Russia and Brazil saw their economies slow down, their growth figures are significantly higher than those of the industrialised nations. Emerging markets such as China, Indonesia, Mexico and South Korea have announced important reforms. The main focus is on promoting entrepreneurship and changing from export to domestic consumption. A new economic community is being established in Asia. The Association of Southeast Asian Nations pools 10 different Southeast Asian economies. Emerging countries are joining forces with less developed neighbouring countries and all of them are using mutual synergies. The tension in the South China Sea and factors such as investors' uncertainty at the slightest signs hinting at the USA tightening its fiscal policy are in contrast to this development. Even though the EU with its numerous economic and political problems is being monitored very closely, the emerging markets are convincing investors with strong reforms and attractive ratings. The Asian emerging markets have the largest potential in The Middle East and Africa also remain attractive to investors as the crude oil prices are expected to relax in the medium term. Nevertheless, the markets are likely to remain highly volatile. The right selection of markets as well as the right timing when allocating asset classes therefore is crucial for achieving a positive performance. page 8

10 Information on issues of particular economic or legal significance Valuation date The business report as at is based on the last NAV of the reporting period. This was calculated as at Calculation Possible discrepancies in the totals are due to rounding differences. Unitholder information of Unitholders were informed about changes in the prospectus. Unitholder information of Information about special regulation of NAV calculation in the period of 22nd December 2014 and 7th January 2015 refferred to prospectus numerial 9.3. resp. Art. 6. page 9