Julius Baer Multipartner Société d'investissement à Capital Variable

Transcription

1 Julius Baer Multipartner Société d'investissement à Capital Variable Annual Report as at 30 June 2014 (audited) Subscriptions are carried out solely on the basis of the current prospectus or the key investor information, in conjunction with the latest annual report and the latest semiannual report if published thereafter. The articles of association, the valid prospectus and the key investor information, the annual and semi-annual reports, as well as the information based on the SFAMA guidelines on transparency with regard to management fees, may be obtained free of charge from the representative in Switzerland and/or from the respective paying agent. In case of differences between the German version and the translation, the German version shall be the authentic text. AN INVESTMENT FUND DOMICILED IN LUXEMBOURG Representative in Switzerland: Swiss & Global Asset Management AG, Hardstraße 201, P.O. Box, CH Zurich Paying agent in Switzerland: Bank Julius Bär & Co. AG, Bahnhofstraße 36, P.O. Box, CH Zurich Paying agent in Germany: DekaBank Deutsche Girozentrale, Hahnstraße 55, D Frankfurt / Main Information agent in Germany: Swiss & Global Asset Management Kapital AG, Taunusanlage 15, D Frankfurt / Main Paying agent in Austria: Erste Bank der oesterreichischen Sparkassen AG, Graben 21, A Vienna Trade and Companies Register number: R.C.S. Luxembourg B-75532

2 Contents Organisation and Management 3 Information on risk management (unaudited) 6 Audit Report 7 Report of the Board of Directors 9 Notes to the Annual Report 10 Additional Information for Shareholders in Switzerland (unaudited) 20 Julius Baer Multipartner (Umbrella fund) 28 Julius Baer Multipartner - ABSOLUTE 3 (as of 10 April 2014: Merger with the Julius Baer Multicooperation -ASSET ALLOCATION FUND DYNAMIC) 30 Julius Baer Multipartner - ALLROUND QUADINVEST FUND 32 Julius Baer Multipartner - BALKAN TIGER FUND 40 Julius Baer Multipartner KONWAVE GOLD EQUITY FUND (until 15 April 2014: Julius Baer Multipartner - GOLD EQUITY FUND) 46 The Julius Baer Multipartner- KONWAVE JAPAN OPPORTUNITIES FUND (launched on 23 May 2014) 54 Julius Baer Multipartner - LUKB GLOBAL CONVERTIBLE BOND FUND 58 Julius Baer Multipartner - QUALITY EMERGING MARKETS EQUITY FUND 65 Julius Baer Multipartner - QUALITY EUROPE EQUITY FUND 70 Julius Baer Multipartner - QUALITY GLOBAL EQUITY FUND 75 Julius Baer Multipartner - QUALITY SWITZERLAND EQUITY FUND 81 Julius Baer Multipartner - QUALITY USA EQUITY FUND 86 Julius Baer Multipartner - RobecoSAM Smart Energy Fund 91 Julius Baer Multipartner - RobecoSAM Smart Materials Fund 97 Julius Baer Multipartner - RobecoSAM Sustainable Climate Fund 103 Julius Baer Multipartner - RobecoSAM Sustainable Global Equity Fund 109 Julius Baer Multipartner - RobecoSAM Sustainable Healthy Living Fund 115 Julius Baer Multipartner - RobecoSAM Sustainable Water Fund 121 Julius Baer Multipartner - THE 1.2 FUND LUX (launched on 30 May 2014) 128 Julius Baer Multipartner - URAM ENERGY STOCK FUND 133 Julius Baer Multipartner - URAM GOLD ALLOCATOR 138 Julius Baer Multipartner - URAM MINING STOCK FUND 144 Page

3 Contents Julius Baer Multipartner - WMP EM ESTABLISHED LEADERS FUND 150 Julius Baer Multipartner - WMP GLOBAL EQUITY FUND 156 Julius Baer Multipartner - WORLDTREND FUND 161 Addresses 168

4 Organisation and Management The Company has its registered office at Members: 25, Grand-Rue Andrew Hanges L Luxembourg Member of the Group Management Board, GAM Group Head of Operations GAM and Board of Directors of the Company Regional Head UK GAM (UK) Ltd. London, United Kingdom Chairman: Martin Jufer Yvon Lauret Member of the Group Management Board, GAM Group Independent Director Head of Operations Luxembourg, Grand Duchy of Luxembourg Swiss & Global Asset Management Zurich, Switzerland Michel Malpas Independent Director Members: Luxembourg, Grand Duchy of Luxembourg Me Freddy Brausch Partner Michele Porro Linklaters LLP Member of the Group Management Board, GAM Group Luxembourg, Grand Duchy of Luxembourg Head of Distribution and Region Head Switzerland Swiss & Global Asset Management Andrew Hanges Zurich, Switzerland Member of the Group Management Board, GAM Group Head of Operations GAM and Region Head UK Managing Directors of the Management Company GAM (UK) Ltd. London, United Kingdom Ewald Hamlescher Managing Director Jean-Michel Loehr Swiss & Global Asset Management (Luxembourg) S.A. Independent Director Luxembourg, Grand Duchy of Luxembourg Luxembourg, Grand Duchy of Luxembourg Steve Kieffer Thomas van Ditzhuyzen Managing Director Managing Director Swiss & Global Asset Management (Luxembourg) S.A. Head Private Labelling Europe Luxembourg, Grand Duchy of Luxembourg Swiss & Global Asset Management AG Zurich, Switzerland Investment Manager Dr. Thomas von Ballmoos (until 3 December 2013) For the WORLDTREND FUND: Managing Director TRAFINA PRIVATBANK AG Head of Legal & Compliance Rennweg 50 Swiss & Global Asset Management AG CH Basel Zurich, Switzerland For the LUKB GLOBAL CONVERTIBLE BOND FUND: Dirk Spiegel (since 27 March 2014) LUZERNER KANTONALBANK AG Managing Director Pilatusstraße12 Head of Legal & Compliance CH Lucerne Swiss & Global Asset Management AG Zurich, Switzerland For the ALLROUND QUADINVEST FUND (from 15 July 2013): BRUNO WALTER FINANCE S.A. Management Company and Domiciliary Agent Av. de Belmont 33 CH 1820 Montreux Swiss & Global Asset Management (Luxembourg) S.A. 25, Grand-Rue For the BALKAN TIGER FUND: L Luxembourg Hyposwiss Privatbank AG (until 31 December 2013) Stauffacherstraße 41 Board of Directors of the Management Company CH Zurich Chairman: St. Galler Kantonalbank AG (from 1 January 2014) Martin Jufer St. Leonhard-Straße 25 Member of the Group Management Board, GAM Group CH St. Gallen Head of Operations Swiss & Global Asset Management Zurich, Switzerland 3

5 Organisation and Management For the RobecoSAM Funds: Investment Advisers RobecoSAM AG Josefstraße 218 For the ALLROUND QUADINVEST FUND: CH Zurich Wehama Finanz AG (until 15 July 2013) Hurdnerstraße 117 For the ABSOLUTE 3 (until 10 April 2014) and the KONWAVE CH Hurden GOLD EQUITY FUND (until 15 April 2014): Swiss & Global Asset Management AG and Hardstraße 201 P.O. Box BRUNO WALTER FINANCE S.A. (until 15 July 2013) CH Zurich Avenue de Belmont 33 CH 1820 Montreux For the KONWAVE GOLD EQUITY FUND (with effect from 15 April 2014) and the KONWAVE JAPAN OPPORTUNITIES FUND: For the BALKAN TIGER FUND: Konwave AG Gold Coin Invest AG Obstmarkt 1 Börsenstraße 26 CH Herisau CH Zurich For the QUALITY Funds: For the WMP GLOBAL EQUITY FUND and the WMP EM CE Asset Management AG ESTABLISHED LEADERS FUND: General-Wille-Straße 201 WMPartners Vermögensverwaltungs AG CH Meilen/Zurich Strehlgasse 33 CH Zurich For the URAM Funds (until 11 March 2014): Swiss & Global Asset Management AG Advisory company Hardstraße 201 P.O. Box Swiss & Global Advisory S.A. CH Zurich 25, Grand-Rue L Luxembourg For the URAM Funds (from 11 March 2014): Banque Hottinger & Cie SA Custodian, Administrator, Principal Paying Agent, Schützengasse 30 Registrar and Transfer Agent CH Zurich For the WMP GLOBAL EQUITY FUND and the WMP EM RBC Investor Services Bank S.A. ESTABLISHED LEADERS FUND: 14, Porte de France Swiss & Global Asset Management AG L Esch-sur-Alzette Hardstraße 201 (until 28 July 2013) P.O. Box CH Zurich State Street Bank Luxembourg S.A. 49, Avenue J.F. Kennedy For THE 1.2 FUND LUX: L Luxembourg OPTION SOLUTIONS LLP (since 29 July 2013) 4th Floor, Millennium Bridge House 2 Lambeth Hill Local Representatives London, EC4V 3TT Switzerland: Each investment manager or investment advisor may enlist the Swiss & Global Asset Management AG support of investment advisers or sub-advisers for individual subfunds. P.O. Box Hardstraße 201 CH Zurich Paying agent in Germany: DekaBank Deutsche Girozentrale Hahnstraße 55 D Frankfurt / Main Information agent in Germany: Swiss & Global Asset Management Kapital AG Taunusanlage 15 D Frankfurt / Main 4

6 Organisation and Management Austria: Erste Bank der oesterreichischen Sparkassen AG Graben 21 A Vienna Belgium: RBC Investor Services Belgium S.A. Place Rogier 11 B Brussels France: Oddo & Cie. 21, Boulevard de la Madeleine F Paris Cedex 09 United Kingdom: GAM Sterling Management Ltd. 12. St. James s Place London SW1A 1NX Ireland: RBC Investor Services Ireland Limited George's Quay House, 43 Townsend Street Dublin 2 Sweden: MFEX Mutual Fund Exchange AB Linnégatan 9-11 SE Stockholm Spain: ATL12 Capital Inversiones A.V., S.A C./ Montalbán, 9 E Madrid Distributors The Company and/or the Management Company has appointed and may appoint further distributors authorised to sell the shares in one or more jurisdictions. Auditor PricewaterhouseCoopers, Société coopérative 400, Route d'esch L Luxembourg Legal Adviser Linklaters LLP 35, Avenue John F. Kennedy L Luxembourg 5

7 Organisation and Management Commitment approach Based on the current investment policy and the investment strategy (including the use of derivative financial instruments), the risk profile of the above-mentioned sub-funds was determined using the commitment approach (total risk is ascertained from the liabilities). This means that a sub-fund's aggregate liabilities can be doubled at most through the use of derivative financial instruments. A sub-fund's aggregate liabilities are therefore capped at 200%. In order to calculate the total liability, the positions in derivative financial instruments are converted into equal positions in the underlying instruments. The total liability of the derivative financial instruments is limited to 100% of the portfolio and therefore corresponds to the total of the individual liabilities after netting/hedging. The following sub-funds determine the risk profile using the commitment approach: Julius Baer Multipartner - LUKB GLOBAL CONVERTIBLE BOND FUND ALLROUND QUADINVEST FUND BALKAN TIGER FUND KONWAVE GOLD EQUITY FUND KONWAVE JAPAN OPPORTUNITIES FUND QUALITY EMERGING MARKETS EQUITY FUND QUALITY EUROPE EQUITY FUND QUALITY GLOBAL EQUITY FUND QUALITY SWITZERLAND EQUITY FUND QUALITY USA EQUITY FUND RobecoSAM Smart Energy Fund RobecoSAM Smart Materials Fund RobecoSAM Sustainable Climate Fund RobecoSAM Sustainable Global Equity Fund RobecoSAM Sustainable Healthy Living Fund RobecoSAM Sustainable Water Fund THE 1.2 FUND LUX URAM ENERGY STOCK FUND URAM GOLD ALLOCATOR URAM MINING STOCK FUND WMP EM ESTABLISHED LEADERS FUND WMP GLOBAL EQUITY FUND WORLDTREND FUND Value-at-risk The total risk exposure of each of the following sub-funds was determined using a model approach that takes into account all of the general and specific market risks that can lead to a significant change in the portfolio value (value-at-risk approach). The value-at-risk (VaR) is calculated on the basis of a confidence interval of 99%. The holding period for the purpose of calculating the total risk exposure is one month (20 days). The leverage was calculated using the Sum of Notionals Approach. Utilisation of the VaR limit Julius Baer Multipartner - Type of VaR approach VaR limit (in %) Low High Average value Simulation model*) Reference portfolio Absolute 3 Absolute VaR 5.14% 0.18% 3.93% 2.87% Monte Carlo not applicable Average Julius Baer Multipartner - Leverage effect Sum of notionals approach Absolute 3** 72.3% *) Parameters of VaR simulation model: VaR concept = RiskMetrics, VaR methodology = Monte Carlo (5,000 simulations), covariances based on 1-day returns, simulated period = 20 days, observation period (scaled) = 1 year, decay factor = 0.97 ** as of 10 April 2014: Merger with the Julius Baer Multicooperation ASSET ALLOCATION FUND DYNAMIC). The net assets at the financial year-end amounted to EUR 0. 6

8 Audit Report To the shareholders of Julius Baer Multipartner Following our appointment by the Annual General Meeting of Shareholders, we have audited the accompanying financial statements of Julius Baer Multipartner and of each of its sub-funds, which comprise the statement of net assets, the statement of investments as at 30 June 2014, the profit and loss account and the statement of changes in net assets for the financial year then ended, as well as a summary of significant accounting policies and other explanatory notes to the financial statements. Responsibility of the Board of Directors of the SICAV for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of the financial statements in accordance with the statutory provisions and regulations relating to the preparation of financial statements applicable in Luxembourg, and for the internal controls that it deems necessary to enable the preparation of financial statements which are free from material misstatement, whether due to inaccuracies or infringements. Responsibility of the Réviseur d'entreprises agréé Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. These standards require that we follow the professional code of ethics, and plan and perform the audit in order to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The choice of which procedures to perform depends on the judgment of the Réviseur d'entreprises agréé, as does the evaluation of the risk of material misstatement in the financial statements, whether due to inaccuracies or infringements. In making those risk assessments, the Réviseur d'entreprises agréé considers the internal control system set up for the purpose of the preparation and fair presentation of the financial statements in order to determine the appropriate audit procedures in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control system. An audit also includes an assessment of whether the accounting principles and methods used are appropriate and whether the accounting estimates made by the Board of Directors of the SICAV are reasonable, as well as an evaluation of the overall presentation of the financial statements. PricewaterhouseCoopers, Société coopérative, 400 Route d Esch, B.P. 1443, L-1014 Luxembourg T: , F: , Cabinet de révision agréé Expert comptable (autorisation gouvernementale n ) R.C.S. Luxembourg B TVA LU

9 We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements present a true and fair view of the assets and financial position of Julius Baer Multipartner and of each of its sub-funds as at 30 June 2014, and of their profit and loss and changes in their net assets for the financial year then ended, in accordance with the statutory provisions and regulations relating to the preparation of financial statements applicable in Luxembourg. We refer to the notes to the annual report with respect to the note "Securities portfolio". Our audit opinion is not qualified in respect of this matter. Other information We read through the additional information contained in the financial statements as part of our mandate, but no special measures were necessary in accordance with the aforementioned standards. Our opinion does not relate, therefore, to this information. We have no comments to make on this information in the context of the financial statements taken as a whole. PricewaterhouseCoopers, Société coopérative Luxembourg, 14 October 2014 Represented by Marc Schernberg 8

10 Report of the Board of Directors Dear investors, Please see below for the annual report of SICAV Julius Baer Multipartner. This includes the Fund Management Report produced on behalf of the Board of Directors for the active sub-funds. The Annual Report also includes the statement of net assets, the profit and loss account, the statement of changes in net assets, the comparative statement, as well as the respective portfolios of the sub-funds. The Board of Directors confirms that the Company adhered to the rules of the ALFI Code of Conduct for Luxembourg investment funds in all significant aspects during the accounting period and at the end of the financial year (30 June 2014). Further information on the SICAV and the sub-funds, including prospectuses and semi-annual reports, may be obtained from the Management Company of the SICAV upon request and may also be viewed online at Luxembourg, October 2014 On behalf of the Board of Directors of Julius Baer Multipartner. Martin Jufer Chairman of the Board of Directors Thomas von Ditzhuyzen Member of the Board of Directors 9

11 Notes to the Annual Report Legal information Julius Baer Multipartner (the Company ) was incorporated on 26 April 2000 for an indefinite period. It is organised as a Société d Investissement à Capital Variable (open-ended investment company SICAV) under the law of 10 August 1915 of the Grand Duchy of Luxembourg, as amended. It has been registered under Part I of the law of 17 December 2010 as an undertaking for collective investment in transferable securities (UCITS). The Company is registered under number B in the Luxembourg Trade and Companies Register. Since 29 July 2013, the Company has had its registered office at 25, Grand Rue, L-1661 Luxembourg. The Julius Baer Multipartner- KONWAVE JAPAN OPPORTUNITIES FUND was launched on 23 May The Julius Baer Multipartner- THE 1.2 FUND LUX was launched on 30 May The following sub-fund was renamed as follows with effect from 15 April 2014: Old name New name Julius Baer Multipartner - GOLD EQUITY FUND Julius Baer Multipartner KONWAVE GOLD EQUITY FUND The Julius Baer Multipartner - ABSOLUTE 3 was merged with the Julius Baer Multicooperation - ASSET ALLOCATION FUND DYNAMIC as of 10 April Share categories The following share classes are issued at present: A shares: shares with distribution of income and/or capital gains B shares: shares without distribution of income and/or capital gains B2 shares: shares without distribution of income and/or capital gains (with a minimum subscription amount, as defined in the prospectus) BH shares: shares without distribution of income and/or capital gains and currency hedged. C shares (for institutional investors): shares without distribution of income and/or capital gains Ch shares (for institutional investors): shares without distribution of income and/or capital gains and currency hedged. D shares (for specific investors, as defined in the prospectus): shares without distribution of income and/or capital gains E shares (for specific distributors, as defined in the prospectus): shares without distribution of income and/or capital gains F shares (for specific investors, as defined in the prospectus): shares without distribution of income and/or capital gains N shares (for specific distributors, as defined in the prospectus): shares without distribution of income and/or capital gains Na shares (for specific distributors, as defined in the prospectus): shares with distribution of income and/or capital gains Change of custodian, administrator and principal paying agent as well as registrar and transfer agent Since 29 July 2013, State Street Bank Luxembourg S.A. ( SSBLux ), 49, Avenue J.F. Kennedy, L-1855 Luxembourg, has assumed the role of custodian, administrator and principal paying agent, as well as registrar and transfer agent. Accounting principles Presentation of the Annual Report and the unaudited Semi-annual Report The annual report and the unaudited semi-annual report of the Company have been prepared in compliance with the legal requirements for investment funds in Luxembourg. The present report has been prepared on the basis of the last net asset value ("NAV") calculation at the end of the accounting period (in the following: NAV = (Net Asset Value). Aggregation Each sub-fund of the Company prepares accounts relating to its operating result in its denominated currency. The accounts of the Company (umbrella fund) are prepared in CHF by aggregating the assets and liabilities of the individual sub-funds using the exchange rates applicable on the last day of the accounting year. 10

12 Notes to the Annual Report Accounting The financial statements of the Company have been prepared in accordance with the regulations relating to undertakings for collective investment in transferable securities (UCITS) applicable in Luxembourg. The accrual principle is applied in the preparation of the annual report and the unaudited semi-annual report. The accounting principles are applied consistently. Valuation of assets and liabilities Assets and liabilities are valued at their nominal value, with the following exceptions. Foreign currencies Transactions effected in currencies other than the currency of the particular sub-fund are converted using the exchange rate on the date of the transaction. Assets and liabilities denominated in currencies other than the currency of the particular sub-fund are converted using the exchange rate on the balance sheet date. Foreign exchange gains and losses are included in the profit and loss account for the current accounting period. Foreign exchange differences Foreign exchange differences are attributable to the fluctuation in exchange rates over the course of the financial period. The "foreign exchange difference" is as a result of consolidating the sub-fund currencies into the Fund currency. On the other hand, the "sub-fund foreign exchange differences" refers to the conversion of the individual share classes into the sub-fund currency. Securities portfolio Securities listed on a stock exchange or any other regulated market open to the public are valued at the last available price of the reporting period. Non-listed securities are identified as such. Their value shall be based on a foreseeable sale price, estimated with care and in good faith. Unrealised profits/losses on securities are reported as the difference between market value and average cost value. Securities denominated in currencies other than the currency of the respective sub-fund are converted using the exchange rate on the balance sheet date or the date of sale, whichever is applicable. All foreign exchange profits and losses are shown in the profit and loss account, together with the price profits/losses from securities. The realised net profit/loss from the sale of securities is determined using the average historical costs. Dividends are recorded on the ex-dividend date. Income from securities is shown exclusive of withholding taxes. The number of options, warrants and rights are recorded in the statement of net assets. The Company includes assets which have been valued using broker prices. The Company includes assets which could not be valued using market prices, on account of there being no liquid markets or no diversified price sources (especially broker prices, issuer prices). These securities, as well as all the other assets, will be valued at their market value as determined in good faith by the Management Company and on the basis of generally accepted and verifiable valuation regulations. The proportion of the assets in question in relation to the net assets as at 30 June 2014 is: 12.88% in sub-fund Julius Baer Multipartner - BALKAN TIGER FUND 0.43% in sub-fund Julius Baer Multipartner - RobecoSAM Sustainable Healthy Living Fund 0.68% in sub-fund Julius Baer Multipartner - RobecoSAM Sustainable Water Fund 11

13 Notes to the Annual Report As a result, when these securities are sold, discrepancies may arise between the valuation and the sale price received. Securities lending Income from securities lending is shown separately in the profit and loss account. The market value of securities lent on the balance sheet date as at 30 June 2014 amounts to: Julius Baer Multipartner - RobecoSAM Smart Energy Fund EUR RobecoSAM Smart Materials Fund EUR RobecoSAM Sustainable Climate Fund EUR RobecoSAM Sustainable Global Equity Fund EUR 0 RobecoSAM Sustainable Healthy Living Fund EUR RobecoSAM Sustainable Water Fund EUR The Company received the following collateral amounts for the securities lent: Julius Baer Multipartner - Collateral amount Type RobecoSAM Smart Energy Fund EUR Securities RobecoSAM Smart Materials Fund EUR Securities RobecoSAM Sustainable Climate Fund EUR Securities RobecoSAM Sustainable Global Equity Fund EUR 0 - RobecoSAM Sustainable Healthy Living Fund EUR Securities RobecoSAM Sustainable Water Fund EUR Securities Julius Baer Multipartner - Gross income Costs and Net income Fees RobecoSAM Smart Energy Fund EUR RobecoSAM Smart Materials Fund EUR RobecoSAM Sustainable Climate Fund EUR RobecoSAM Sustainable Global Equity Fund EUR RobecoSAM Sustainable Healthy Living Fund EUR RobecoSAM Sustainable Water Fund EUR The securities lending transaction was entered into with the following counterparties: Counterparty ABN Amro Bank N.V. Credit Suisse Securities (Europe) Limited Deutsche Bank AG JP Morgan Securities Plc. Merrill Lynch International 12

14 Notes to the Annual Report Options Purchase of options: If an option is purchased, the premium paid is recorded as an investment and the option is subsequently valued at the market price. If a purchased put option is exercised, the premium is subtracted from the sale price of the underlying asset to determine the profit/loss. If a purchased call option is exercised, the premium is added to the cost price of the underlying asset. Sale of options: If an option is written (sold), the premium received is recorded as a liability and the option is subsequently valued at the market price. If a written call option is exercised, the premium received is added to the sale price of the underlying asset to determine the profit/loss. If a written put option is exercised, the cost price of the underlying asset is reduced. Forward transactions (forward foreign exchange contracts, futures) Forward contracts are shown using the market price on the balance sheet date, depending on the remaining term of the contract. The unrealised profit/loss is defined as the difference between the agreed trading price and the market price on the balance sheet date. The unrealised profit/loss is shown in the profit and loss account. The forward foreign exchange contracts shown in the overview of derivative financial instruments shown in the statement of net assets are grouped by currency, with the latest possible maturity date shown in each case. Formation expenses Capitalised formation expenses of new sub-funds can be written off in those sub-funds over a period of five years in equal amounts. Repurchase agreement Income from the repurchase agreement for securities is shown separately in the profit and loss account. There are no repurchase agreements at the end of the financial year. Income from zero-coupon bonds For zero-coupon bonds, the "notional" interest portion is calculated as interest income and reclassified in the profit and loss account under the item "Income from securities" instead of the item "net change in unrealised appreciation/depreciation on securities". Therefore, the unrealised profit/loss in the statement of net assets differs from the unrealised profit/loss in the profit and loss account. Swing Pricing The price-setting method known as swing pricing ("full swing") is used for the sub-funds indicated below. Under this method, the issue and redemption prices correspond to a uniform price which is calculated by modifying the net asset value ("modified NAV") as follows: based on the total subscriptions and redemptions received, the net inflows (net subscriptions) or net outflows (net redemptions) are calculated for each valuation day. The net asset value is then adjusted upwards or downwards on each valuation day by the average costs incurred in investing the net subscriptions or disposing of assets as a result of net redemptions. The maximum swing is not permitted to exceed 2% of the NAV. Swing pricing adjustments are entered under "miscellaneous expenditures" in the income statement. Julius Baer Multipartner - RobecoSAM Smart Energy Fund (since 2 May 2014) Julius Baer Multipartner - RobecoSAM Smart Materials Fund (since 2 May 2014) Julius Baer Multipartner - RobecoSAM Sustainable Climate Fund (since 2 May 2014) Julius Baer Multipartner - RobecoSAM Sustainable Global Equity Fund Julius Baer Multipartner - RobecoSAM Sustainable Healthy Living Fund (since 2 May 2014) Julius Baer Multipartner - RobecoSAM Sustainable Climate Fund (since 2 May 2014) Taxation Pursuant to prevailing legislation in the European Union, the Company has submitted applications for the reimbursement of withholding tax on dividend payments to local EU tax authorities, which have been primarily applied by some EU Member States. No receivables have been shown in the sub-fund as the results of the reimbursement applications are uncertain and because the probability may change during the course of legal proceedings for reimbursement. Amounts are not entered into the respective sub-fund or shown until the receipt of the withholding tax refund. 13

15 Notes to the Annual Report Any costs in connection with the submission of the refund applications were or will be charged to the respective sub-fund. Taxes In accordance with Luxembourg law, the Company is not subject to any Luxembourg income tax. Dividends paid by the Company are currently not subject to withholding tax in Luxembourg. The Company is, however, subject to an annual tax of 0.05% of the net assets ( taxe d abonnement ). A reduced taxe d abonnement of 0.01% will be applied on the net assets applicable to C shares (for institutional investors). This classification is based on the Company s understanding of the current legal situation. This legal situation is liable to be changed with retroactive effect, which may result in the tax rate of 0.05% being applied retroactively. The tax is payable quarterly in arrears on the basis of the respective net assets at the end of each quarter. Where particular countries levy a tax on realised capital gains, the sub-funds set aside provisions for the unrealised capital gains. Pooling and co-management For the purpose of efficient management and to reduce administrative costs and if allowed by the investment policies of the sub-funds, the Board of Directors may decide to co-manage some or all of the assets of certain sub-funds and other Luxembourg UCITS of Swiss & Global Asset Management. The assets of such sub-funds are referred to in the following as "co-managed assets". In this case, the pooling technique will be applied to the co-managed assets of the various sub-funds. Assets that are co-managed will be referred to using the term "pool". Such pools will only be used for the purpose of internal management. They will not constitute distinct legal entities and will not be directly accessible to investors. The unrealised profit/loss of the pool is allocated to the sub-funds at each NAV calculation on the basis of pool allocation factors which are updated daily. There is no guarantee that the sum of this unrealised profit/loss corresponds to the reported net change in unrealised appreciation/depreciation on securities at sub-fund level. Service Load Service Load means the costs incurred in connection with the operation of the Company. These costs include the following unless already otherwise separately stated or included: Costs of day-to-day management and supervision of the Company s business; tax advisory, legal and auditing services; purchase and sale of securities; taxes and levies; convening the Annual General Meeting; issue of share confirmations; preparation of financial statements and prospectuses; sales support; issue and redemption of shares; the payment of dividends, paying agents and representatives, the payment of RBC Investor Services Bank S.A. (until 28 July 2013) and State Street Bank Luxembourg S.A. (from 29 July 2013) as administrator, principal paying agent, registrar and transfer agent; registration for sale; reporting to supervisory authorities in the various countries of distribution; fees and expenses of the Board of Directors of the Company; insurance premiums; interest; stock exchange admission fees and broker fees; reimbursement of expenses to the custodian and all other contractual partners of the Company; calculation and publication of the net asset value per share and the share prices, as well as licence fees, in particular for the use of the Julius Baer brand. Transaction costs Transaction costs mainly include brokers' fees. Furthermore, transaction costs include stamp duty, trading fees and other foreign expenses. The transaction costs incurred during the reporting period are included in the cost of securities bought and sold. During the period from 1 July 2013 until 30 June 2014, the Company incurred transaction costs in the amount set out below in connection with the purchase and sale of securities: Julius Baer Multipartner - ABSOLUTE 3 EUR ALLROUND QUADINVEST FUND EUR BALKAN TIGER FUND EUR KONWAVE GOLD EQUITY FUND USD KONWAVE JAPAN OPPORTUNITIES FUND JPY LUKB GLOBAL CONVERTIBLE BOND FUND EUR QUALITY EMERGING MARKETS EQUITY FUND USD

16 Notes to the Annual Report Julius Baer Multipartner - QUALITY EUROPE EQUITY FUND EUR QUALITY GLOBAL EQUITY FUND EUR QUALITY SWITZERLAND EQUITY FUND CHF QUALITY USA EQUITY FUND USD RobecoSAM Smart Energy Fund EUR RobecoSAM Smart Materials Fund EUR RobecoSAM Sustainable Climate Fund EUR RobecoSAM Sustainable Global Equity Fund EUR RobecoSAM Sustainable Healthy Living Fund EUR RobecoSAM Sustainable Water Fund EUR THE 1.2 FUND LUX EUR URAM ENERGY STOCK FUND USD URAM GOLD ALLOCATOR USD URAM MINING STOCK FUND USD WMP EM ESTABLISHED LEADERS FUND CHF WMP GLOBAL EQUITY FUND CHF WORLDTREND FUND CHF The transaction costs reported above may be misleading as the different costs incurred in transactions are not always reported separately and in some instances are included directly in the purchase and sale costs. In the case of the above sub-funds, this may therefore result in differing transaction costs for comparable investments and transaction volumes. Management fees For the following sub-funds, the Company pays a general annual fee for services provided under the custodian bank agreement, the central administration, domiciliary and transfer agent agreement, the principal paying agent agreement, investment adviser and investment manager agreements as well as additional agreements for distribution and sales support. The fee is calculated as a percentage of the net asset value of the respective sub-fund on each valuation day: Overview of fees (p.a.) B shares Bh shares C shares Ch shares D shares Julius Baer Multipartner - ALLROUND QUADINVEST FUND 1.30% % % BALKAN TIGER FUND 2.00% KONWAVE GOLD EQUITY FUND (CHF share class) 1.75%* KONWAVE GOLD EQUITY FUND (EUR share class) 1.75%* KONWAVE GOLD EQUITY FUND (USD share class) 1.75%* % - - KONWAVE JAPAN OPPORTUNITIES FUND (CHF share class) 1.75% 1.75% 1.25% 1.25% - KONWAVE JAPAN OPPORTUNITIES FUND (EUR share class) 1.75% 1.75% 1.25% 1.25% - KONWAVE JAPAN OPPORTUNITIES FUND (JPY share class) 1.75% 1.75% 1.25% 1.25% - KONWAVE JAPAN OPPORTUNITIES FUND (USD share class) 1.75% 1.75% 1.25% 1.25% - QUALITY EMERGING MARKETS EQUITY FUND 1.80% % % QUALITY EUROPE EQUITY FUND 1.80% % - - QUALITY GLOBAL EQUITY FUND 1.80% % - - QUALITY SWITZERLAND EQUITY FUND 1.80% % - - QUALITY USA EQUITY FUND 1.80% % - - WMP EM ESTABLISHED LEADERS FUND 1.50% % % WMP GLOBAL EQUITY FUND 1.50% % % * 1.85% until For advisory services relating to the portfolios of the sub-funds, related administrative services and distribution services, the following annual fees based on the net asset value of the respective sub-fund will be charged to the sub-funds below at the end of each month: A shares B shares B2 shares C shares D shares E shares F shares N/Na Overview of fees (p.a.) shares Julius Baer Multipartner - ABSOLUTE % % - - LUKB GLOBAL CONVERTIBLE BOND FUND (EUR share class) % %

17 Notes to the Annual Report Overview of fees (p.a.) A shares B shares B2 shares C shares D shares E shares F shares N/Na shares LUKB GLOBAL CONVERTIBLE BOND FUND (CHF share class) % % RobecoSAM Smart Energy Fund (CHF share class) % % RobecoSAM Smart Energy Fund (EUR share class) % % 0.13% 2.25% %* RobecoSAM Smart Energy Fund (USD share class) % % RobecoSAM Smart Energy Fund (SGD share class) % RobecoSAM Smart Energy Fund (GBP share class) 1.50% % %* RobecoSAM Smart Materials Fund (CHF share class) % RobecoSAM Smart Materials Fund (EUR share class) % % % %* RobecoSAM Smart Materials Fund (GBP share class) 1.50% %* RobecoSAM Smart Materials Fund (USD share class) % RobecoSAM Sustainable Climate Fund (EUR share class) % % % 0.80% 0.75%* RobecoSAM Sustainable Climate Fund (USD share class) % % RobecoSAM Sustainable Climate Fund (CHF share class) % % RobecoSAM Sustainable Climate Fund (GBP share class) 1.50% RobecoSAM Sustainable Global Equity Fund % % %** RobecoSAM Sustainable Healthy Living Fund (EUR share class) % % 0.13% 2.25% %* RobecoSAM Sustainable Healthy Living Fund (USD share class) % RobecoSAM Sustainable Water Fund (EUR share class) % % 0.13% 2.25% %* RobecoSAM Sustainable Water Fund (USD share class) % % RobecoSAM Sustainable Water Fund (CHF share class) % % 0.13% RobecoSAM Sustainable Water Fund (SGD share class) % RobecoSAM Sustainable Water Fund (GBP share class) 1.50% % %* THE 1.2 FUND LUX (EUR share class) % % THE 1.2 FUND LUX (USD share class)*** % % URAM ENERGY STOCK FUND (EUR share class) % % % - - URAM ENERGY STOCK FUND (USD share class) % % - - URAM GOLD ALLOCATOR (CHF share class) % 1.10% URAM GOLD ALLOCATOR (EUR share class) % 1.10% 1.50% % - - URAM GOLD ALLOCATOR (USD share class) % 1.10% 1.50% % - - URAM MINING STOCK FUND (EUR share class) % % % - - URAM MINING STOCK FUND (USD share class) % 1.50% % - - WORLDTREND FUND % % 1.50% The fees as set out above are used to remunerate distributors and asset managers for distributing shares of the sub-funds and to reimburse institutional investors who hold shares of the sub-funds on behalf of third parties. *0.80% until 31 July 2013 **0.75% until 31 July 2013 ***For the period from 30 May 2014, when the sub-fund was launched, until 1 July 2014, the management fees were paid back to the sub-fund. 16

18 Notes to the Annual Report Performance fee The relevant investment adviser or investment manager is also entitled to receive a performance-fee for specific sub-funds subject to the following principles. Julius Baer Multipartner - ABSOLUTE 3 (until 10 April 2014) The performance fee is payable when the percentage return from the start of the accounting year is above that of the benchmark index, the EUR 3- month LIBOR (outperformance of the benchmark index), which will be adjusted to the effective market conditions at the end of each quarter (on the last valuation day of March, June, September, December), and when simultaneously the net asset value per share is higher than the High Water Mark (outperformance of the High Water Mark). Both conditions must be fulfilled. The performance fee amounts to 15% p.a. of the outperformance of the High Water Mark or outperformance of the benchmark index, with the lower of the two percentage outperformance values serving as a basis for calculation of the performance fee. Julius Baer Multipartner - BALKAN TIGER FUND The performance fee for the Julius Baer Multipartner - BALKAN TIGER FUND is subject to a High Water Mark and a hurdle rate (benchmark index). In order for the investment adviser to be entitled to a performance fee, the net asset value per share at the end of the financial year must be above both the High Water Mark and the hurdle rate (as defined below). If the net asset value per share on the last valuation day of a subsequent financial year is higher than the previous High Water Mark, the High Water Mark is set to the net asset value per share calculated before deduction of the performance fee. Otherwise, the High Water Mark remains unchanged. The hurdle rate base level at the beginning of the financial year is identical to the net asset value per share on the last valuation day of the previous financial year. On this basis, the investment adviser shall be entitled to a performance fee only if any losses recorded by the Julius Baer Multipartner - BALKAN TIGER FUND are recovered in full. The performance fee shall be 20% of the amount by which the net asset value per share (before deduction of the performance fee) exceeds whichever of the hurdle rate and the High Water Mark is higher (outperformance). The hurdle rate corresponds to the benchmark index below: Sub-fund Performance fee Benchmark index Julius Baer Multipartner - BALKAN TIGER FUND 20% EURIBOR Euro 3 month + 2% Julius Baer Multipartner KONWAVE GOLD EQUITY FUND The performance fee is payable when the percentage return of the Julius Baer Multipartner - KONWAVE GOLD EQUITY FUND from the start of the accounting year is above that of the benchmark index and when, simultaneously, the net asset value per share is higher than the High Water Mark. At the launch of the Julius Baer Multipartner - KONWAVE GOLD EQUITY FUND, the High Water Mark is identical to the initial issue price (see the prospectus for details). The performance fee amounts to 10% p.a. (calculated on the outperformance against the benchmark index) and is calculated on each valuation day subject to the aforementioned conditions and deducted from the assets of Julius Baer Multipartner - KONWAVE GOLD EQUITY FUND. The benchmark index is the FTSE Gold Mines Total Return Index. Any performance fee owed to the investment adviser is paid out at the end of the accounting year for Julius Baer Multipartner - KONWAVE GOLD EQUITY FUND. Sub-fund Performance fee Benchmark index Julius Baer Multipartner KONWAVE GOLD EQUITY FUND 10% p.a. FTSE Gold Mines Index The Julius Baer Multipartner - KONWAVE JAPAN OPPORTUNITIES FUND The investment manager is entitled to receive a performance-related fee ( performance fee ) subject to the following conditions: The performance fee is calculated on each date of issue and is set aside from the net asset value of the respective share class, subject to the following rates and conditions. Any performance fee owed to the investment manager is actually paid out at the end of the financial year. The investment manager is entitled to a performance fee if, at the end of the financial year, the net asset value per share (before deduction of the 17

19 Notes to the Annual Report performance fee) of the sub-fund outperforms the benchmark index applied by the sub-fund. At the same time, where a sub-fund has underperformed its applied benchmark index in previous years, any losses must be recovered in full (in accordance with the High Water Mark principle). The performance fee shall be a maximum of 15% p.a. of the amount by which the net asset value per share (before deduction of the performance fee) exceeds the benchmark index ( outperformance ). The benchmarks for the funds are as follows: Sub-fund Performance fee Benchmark index Julius Baer Multipartner - KONWAVE JAPAN OPPORTUNITIES FUND 15% p.a. JPY units: MSCI Japan KONWAVE JAPAN OPPORTUNITIES FUND 15% p.a. CHF units: MSCI Japan 100% hedged CHF Net TR KONWAVE JAPAN OPPORTUNITIES FUND 15% p.a. EUR units: MSCI Japan hedged to EUR Net Index KONWAVE JAPAN OPPORTUNITIES FUND 15% p.a. MSCI Japan US Dollar hedged Net Index Julius Baer Multipartner - THE 1.2 FUND LUX The investment manager is entitled to receive a performance-related fee ( performance fee ) subject to the following conditions: The performance fee is subject to a High Water Mark. The investment manager is entitled to a performance fee when the NAV per sub-fund share at the end of the quarter is higher than the previous respective High Water Mark (outperformance against the High Water Mark). The performance fee is calculated on every valuation day (as defined in the chapter "Determination of the Net Asset Value" in the general section) and set aside and disbursed quarterly. With the launch of the sub-fund and a class of shares, the High Water Mark is identical with the initial offering price per share. If the NAV per share on the last valuation day of a quarter is higher than the previous High Water Mark, the High Water Mark is set to the NAV per share calculated before deduction of the performance fee. In all other cases the High Water Mark remains unchanged. The performance fee is 20% of the outperformance against the High Water Mark. Julius Baer Multipartner - URAM Funds The investment adviser of a URAM fund is entitled to a performance fee if, at the end of the financial year, the net asset value per share (before deduction of the performance fee) of the relevant sub-fund exceeds that of the benchmark index applied by the sub-fund. At the same time, where a sub-fund has underperformed its applied benchmark index in previous years, any losses must be recovered in full (in accordance with the High Water Mark principle). The performance fee shall be a maximum of 15% of the amount by which the net asset value per share (before deduction of the performance fee) exceeds the benchmark index ( outperformance ). Sub-funds Performance fee Benchmark index Julius Baer Multipartner - URAM ENERGY STOCK FUND 15% p.a. MSCI World Energy Index URAM MINING STOCK FUND 15% p.a. S&P/TSX Global Mining (in USD) URAM GOLD ALLOCATOR 15% p.a. FT Gold Mines Index 18

20 Notes to the Annual Report Other expenses include: Audit Printing and Professional RegulatoryPerformance Swing Other Service Load Currency fees publication costs fees fees fees Pricing expenses fees* Total Julius Baer Multipartner - ABSOLUTE 3 EUR ALLROUND QUADINVEST FUND EUR BALKAN TIGER FUND EUR KONWAVE GOLD EQUITY FUND USD KONWAVE JAPAN OPPORTUNITIES FUND JPY LUKB GLOBAL CONVERTIBLE BOND FUND EUR QUALITY EMERGING MARKETS EQUITY FUND USD QUALITY EUROPE EQUITY FUND EUR QUALITY GLOBAL EQUITY FUND EUR QUALITY SWITZERLAND EQUITY FUND CHF QUALITY USA EQUITY FUND USD RobecoSAM Smart Energy Fund EUR RobecoSAM Smart Materials Fund EUR RobecoSAM Sustainable Climate Fund EUR RobecoSAM Sustainable Global Equity Fund EUR RobecoSAM Sustainable Healthy Living Fund EUR RobecoSAM Sustainable Water Fund EUR THE 1.2 FUND LUX EUR URAM ENERGY STOCK FUND USD URAM GOLD ALLOCATOR USD URAM MINING STOCK FUND USD WMP EM ESTABLISHED LEADERS FUND CHF WMP GLOBAL EQUITY FUND CHF WORLDTREND FUND CHF *The Management Company is compensated with the service load fees. The management fee is transferred back to the partners. Subsequent events The following sub-funds were launched on 3 October 2014: Julius Baer Multipartner WM Multi-Asset Growth Julius Baer Multipartner WM Multi-Asset Moderate Julius Baer Multipartner WM Multi-Asset Conservative 19

21 Additional Information for Shareholders in Switzerland (unaudited) Portfolio Turnover Rate (in %) Julius Baer Multipartner - ALLROUND QUADINVEST FUND 35.77% BALKAN TIGER FUND 24.70% KONWAVE GOLD EQUITY FUND 98.78% KONWAVE JAPAN OPPORTUNITIES FUND (from 23 May 2014) % LUKB GLOBAL CONVERTIBLE BOND FUND 58.40% QUALITY EMERGING MARKETS EQUITY FUND % QUALITY EUROPE EQUITY FUND 87.93% QUALITY GLOBAL EQUITY FUND % QUALITY SWITZERLAND EQUITY FUND % QUALITY USA EQUITY FUND 91.78% RobecoSAM Smart Energy Fund % RobecoSAM Smart Materials Fund 65.58% RobecoSAM Sustainable Climate Fund 23.93% RobecoSAM Sustainable Global Equity Fund 66.45% RobecoSAM Sustainable Healthy Living Fund 50.33% RobecoSAM Sustainable Water Fund % THE 1.2 FUND LUX (from 30 May 2014) % URAM ENERGY STOCK FUND % URAM GOLD ALLOCATOR 31.38% URAM MINING STOCK FUND 58.84% WMP EM ESTABLISHED LEADERS FUND 20.63% WMP GLOBAL EQUITY FUND 75.72% WORLDTREND FUND 15.67% Benchmarks Julius Baer Multipartner - ALLROUND QUADINVEST FUND BALKAN TIGER FUND KONWAVE GOLD EQUITY FUND KONWAVE JAPAN OPPORTUNITIES FUND LUKB GLOBAL CONVERTIBLE BOND FUND QUALITY EMERGING MARKETS EQUITY FUND QUALITY EUROPE EQUITY FUND QUALITY GLOBAL EQUITY FUND QUALITY SWITZERLAND EQUITY FUND QUALITY USA EQUITY FUND RobecoSAM Smart Energy Fund RobecoSAM Smart Materials Fund RobecoSAM Sustainable Climate Fund RobecoSAM Sustainable Global Equity Fund RobecoSAM Sustainable Healthy Living Fund RobecoSAM Sustainable Water Fund THE 1.2 FUND LUX URAM ENERGY STOCK FUND URAM GOLD ALLOCATOR URAM MINING STOCK FUND WMP EM ESTABLISHED LEADERS FUND WMP GLOBAL EQUITY FUND WORLDTREND FUND * gross dividend ** net dividend n/a DJ Stoxx Balkan Total Market ex Greece & Turkey PI FTSE Gold Mines Series (All Mines) PI MSCI Japan ND* Customised benchmark (see below) MSCI Emerging Markets ND* STOXX Europe 600 ND** MSCI World GD Hedged EUR Swiss Performance Index (SPI) GD* S&P 500 GD* MSCI World ND** MSCI World ND** MSCI World ND** MSCI World ND** MSCI World ND** MSCI World ND** n/a MSCI World Energy Sector USD FTSE Gold Mines Series (All Mines) GD* S&P / TSX Global Mining PI MSCI Emerging Markets PI MSCI World PI Customised benchmark (see below) 20