BlackRock Asset Management Deutschland AG Semi-annual report as at 31 October 2016 for the investment fund

Transcription

1 BlackRock Asset Management Deutschland AG Semi-annual report as at 31 October 2016 for the investment fund ishares SLI UCITS ETF (DE)

2 Contents Notice and note on licences Additional information for investors in Liechtenstein and Switzerland Report of the Management Board Semi-annual report for ishares SLI UCITS ETF (DE) Management Company and Depository of 12

3 Note The investment funds named in this report are governed by German law. Fund units are bought on the basis of the currently valid prospectus and investment conditions, supplemented by the most recent annual report concerned and also by the semi-annual report if such a report exists that is more recent than the last annual report. The annual and semi-annual reports were drawn up in German and translated into English. Only the German version is legally binding. Note on licenses Legal information The German ishares funds mentioned in this document are investment funds subject to the German Investment Code. These funds are managed by BlackRock Asset Management Deutschland AG and are regulated by the Federal Financial Supervisory Authority (BaFin). For investors in Germany The sales prospectuses of the funds issued in Germany are available free of charge electronically and in hard copy from BlackRock Asset Management Deutschland AG, Max-Joseph-Str. 6, D Munich, Tel.: +49 (0) , Fax: +49 (0) , info@ishares.de. Risk warnings The value of investments in all the ishares funds may fluctuate, and investors may not get back the amount invested. Past performance may not be repeated and is no guarantee of future returns. Investment risks from market and currency losses as well as high volatility and concentration risk cannot be excluded. Index Disclaimers of Liability The securities presented in this presentation are not sponsored, endorsed, sold or promoted by SIX Swiss Exchange. Liability of any type whatsoever is excluded. SLI is a registered trademark of SIX Swiss Exchange. A licence is required to use it. ishares is a registered trademark of BlackRock Institutional Trust Company, N.A BlackRock Asset Management Deutschland AG. All rights reserved. 3 of 12

4 Additional Information for Investors in Liechtenstein and Switzerland The sales prospectuses, including investment terms and conditions, annual reports and semi-annual reports can be obtained, without charge, from the relevant paying agent and distributor. Paying Agent and Distributor in Liechtenstein: Verwaltungs- und Privatbank Aktiengesellschaft Im Zentrum 9490 Vaduz, Principality of Liechtenstein Paying Agent in Switzerland: State Street Bank International GmbH, Munich, Zurich branch Beethovenstraße Zurich, Switzerland Representative in Switzerland: BlackRock Asset Management Schweiz AG Bahnhofstrasse Zurich, Switzerland The prospectus, key investor information documents (KIIDs), investment conditions/articles of incorporation and the annual and semi-annual reports of the fund can be obtained free of charge on request from the representative of the fund in Switzerland. This also applies to the list of purchases/sales. Additional information for investors in countries outside Germany: Performance of the fund in the last three calendar years: 31/12/ /12/2013: % 31/12/ /12/2014: +9.30% 31/12/ /12/2015: +2.15% 4 of 12

5 Report of the Management Board Dear Investors, BlackRock Asset Management Deutschland AG is able to look back on a successful first half of In the past year, the number of private and institutional investors investing in exchange-traded index funds (ETFs) has increased. Despite ongoing macroeconomic uncertainty and the associated volatility, investors invested some USD 243 billion in ETFs in the first nine months of 2016, thus exceeding the amount in the previous year. BlackRock is the global market leader for ETFs under the ishares brand. As at 31 October 2016, the volume of assets under management for the 58 ishares funds currently issued in Germany was around EUR billion, making BlackRock Asset Management Deutschland AG the fifth-largest retail fund company in Germany (source: BVI Bundesverband Investment und Asset Management e.v.). This semi-annual report provides detailed information about the performance of our index funds. Our ETF product range includes 241 ishares funds currently approved in Germany, providing investors with easy and diversified access to a large number of worldwide markets and asset classes. Around a quarter of these exchange-traded index funds are issued in Germany. The code (DE) in the fund name identifies them as such. Institutional and private investors alike value ishares ETFs not only as building blocks that enable them to put their own investment ideas into practice in their portfolios, but as the funds become more widespread, demand also rises for ETF-based asset management products. In light of this, together with respected partners we have developed models that enable different types of investor with differing risk/return profiles to create suitable asset inventories. Over the course of 2015, this included developing sample portfolios for a major retail bank, various online brokers and digital asset management product providers, a.k.a Robo Advisors. As a provider from the outset, ishares retains its outstanding positioning on the European ETF market. We continue to invest in excellent service and products that meet the needs of our clients. We intend to develop our market leadership further through the continuous and innovative extension of our product range. Among the strategic competitive advantages of ishares ETFs are high market liquidity, narrow bid/ask spreads and a high level of precision in index replication. Please visit our website at or call us on +49 (0) for further information. We would like to thank you for your trust and we are looking forward to continuing to work together in partnership. Your BlackRock Asset Management Deutschland AG Directors Christian Staub Alexander Mertz Harald Klug 5 of 12

6 Semi-Annual Report for ishares SLI UCITS ETF (DE) for the reporting period from 01/05/2016 to 31/10/2016 Statement of assets and liabilities as at 31/10/2016 Market value % of fund in CHF assets 1) I. Assets 194,134, Equities 191,254, Financial sector 49,679, Healthcare 43,931, Commercial & service sector 28,905, Manufacture of industrial raw materials and semi-finished goods 32,399, Industrial production incl. construction industry 11,638, Production of foodstuffs and consumer goods 17,702, Telecoms 4,229, Transport 2,767, Derivatives -55, Forward contracts -55, Receivables 2,404, Bank balances 202, Other assets 327, II. Liabilities -80, Other liabilities -80, III. Fund assets 194,053, ) Rounding of percentages during the calculation may result in slight rounding differences. 6 of 12

7 Semi-Annual Report for ishares SLI UCITS ETF (DE) for the reporting period from 01/05/2016 to 31/10/2016 Statement of Net Assets as at 31/10/2016 Designation of class of security ISIN Market Units, shares or currency in As at Purchases/ 31/10/2016 Additions Sales/ Disposals Price Market value in CHF 1,000s in the reporting period Securities 191,254, Exchange-traded securities 191,254, Equities 171,707, ABB Ltd. Namens-Aktien SF 0.12 CH Units 405,054 48,127 89,301 CHF ,263, Actelion Ltd. Nam.-Aktien SF 0.50 CH Units 39,616 5,251 2,389 CHF ,665, Adecco Group AG Namens-Aktien SF 1 CH Units 62,917 7,394 5,730 CHF ,702, Aryzta AG Namens-Aktien SF -.02 CH Units 33,750 3,960 2,442 CHF ,467, Bâloise Holding AG Namens-Aktien SF 0.10 CH Units 17,463 2,051 1,264 CHF ,126, Cie Financière Richemont AG Namens-Aktien SF 1 CH Units 149,764 34,728 8,122 CHF ,532, Clariant AG Namens-Aktien SF 3.70 CH Units 105,077 12,333 7,603 CHF ,722, Credit Suisse Group AG Namens-Aktien SF -.04 CH Units 652, ,779 76,447 CHF ,015, Dufry AG Nam.-Aktien SF 5 CH Units 11,494 1, CHF ,383, Galenica AG Nam.-Akt. SF 0.10 CH Units 1, CHF ,474, Geberit AG Nam.-Akt. (Dispost.) SF 0.10 CH Units 13,618 1,602 1,254 CHF ,701, Givaudan SA Namens-Aktien SF 10 CH Units 2, CHF 1, ,599, Julius Baer Gruppe AG Namens-Aktien SF -.02 CH Units 82,275 9,656 5,954 CHF ,300, Kühne & Nagel Internat. AG Namens-Aktien SF 1 CH Units 20,624 2,421 1,492 CHF ,767, LafargeHolcim Ltd. Namens-Aktien SF 2 CH Units 174,554 20,506 14,616 CHF ,225, Lonza Group AG Namens-Aktien SF 1 CH Units 19,456 2,284 1,407 CHF ,634, Nestlé S.A. Namens-Aktien SF 0.10 CH Units 226,272 26,681 29,167 CHF ,235, Novartis AG Namens-Aktien SF 0.50 CH Units 228,903 34,416 30,035 CHF ,114, SGS S.A. Namens-Aktien SF 1 CH Units 2, CHF 2, ,032, Sika AG Inhaber-Aktien SF 0.60 CH Units CHF 4, ,761, Sonova Holding AG Namens-Aktien SF 0.05 CH Units 20,554 2,410 1,488 CHF ,727, Swatch Group AG, The Inhaber-Aktien SF 2.25 CH Units 11,339 1, CHF ,375, Swiss Life Holding AG Namens-Aktien SF 5.10 CH Units 11,791 1, CHF ,089, Swiss Re AG Namens-Aktien SF -.10 CH Units 102,471 16,733 5,804 CHF ,417, Swisscom AG Namens-Aktien SF 1 CH Units 9,343 1, CHF ,229, Syngenta AG Nam.-Aktien SF 0.10 CH Units 20,504 2,550 2,203 CHF ,111, UBS Group AG Namens-Aktien SF -.10 CH Units 1,224, ,267 67,061 CHF ,141, Zurich Insurance Group AG Nam.-Aktien SF 0.10 CH Units 34,337 4,062 5,603 CHF ,889, Other investment securities 19,547, Roche Holding AG Inhaber-Genußscheine o.n. CH Units 73,823 14,678 7,390 CHF ,794, Schindler Holding AG Inhaber-Part.sch. SF 0.10 CH Units 14,968 1,761 1,511 CHF ,752, Derivatives (The amounts marked with a minus sign are sold positions.) Equity index derivatives Claims/liabilities % of fund assets 2) -55, , Equity index futures contracts -55, SLI FUTURE DEC16 EURX Number 235 CHF -55, Bank balances, non-securitised money market instruments and money market funds 202, Bank balances 202, EUR balances Custodian Bank: State Street Bank International GmbH EUR % Non-EU/EEA currencies 201, Custodian Bank: State Street Bank International GmbH CHF 201, % , Other assets 2,731, Withholding tax reimbursement claims CHF 2,404, ,404, Initial margin CHF 288, , Paid variation margin CHF 38, , of 12

8 Semi-Annual Report for ishares SLI UCITS ETF (DE) for the reporting period from 01/05/2016 to 31/10/2016 Designation of class of security ISIN Market Other liabilities Units, shares or currency in As at Purchases/ 31/10/2016 Additions Sales/ Disposals 1,000s in the reporting period Price Market value in CHF % of fund assets 2) -80, Management fees CHF -78, , Other liabilities CHF -2, , Fund assets CHF 194,053, Unit value CHF Units in circulation Units 2,350,000 2) Rounding of percentages during the calculation may result in slight rounding differences. Transactions during the reporting period, insofar as these no longer appear in the assets listed: Securities purchases and sales, investment units and bonds (market allocation on the reporting date) ISIN Units, shares or currency in 1,000s Purchases/ Additions Sales/ Disposals Volume in 1,000 Derivatives (Option premiums or volume of option contracts converted into opening transactions; in the case of warrants, statement of purchases and sales) Futures contracts Equity index futures contracts Purchased contracts: 6,822 Underlying security(ies): Swiss Leader Index (Price) (CHF) (SLI) 8 of 12

9 Semi-Annual Report for ishares SLI UCITS ETF (DE) for the reporting period from 01/05/2016 to 31/10/2016 Profit and loss account (incl. income adjustment) for the period from 01/05/2016 to 31/10/2016 I. Income 1. Dividends from foreign issuers (before withholding tax) CHF 2,557, Deduction of foreign withholding tax CHF -212, Other income CHF 121, Total income CHF 2,466, II. Expenses 1. Interest from borrowing CHF Management fees CHF -496, Other expenses CHF -15, Total expenses CHF -512, III. Ordinary net income CHF 1,953, IV. Disposals 1. Realised gains CHF 2,073, Realised losses CHF -1,937, Gain/loss on disposals CHF 136, V. Annual realised results CHF 2,090, Net change in unrealised gains CHF -1,576, Net change in unrealised losses CHF 20, VI. Unrealised results for the financial year CHF -1,556, VII. Annual results CHF 533, Change in Fund Assets 2016 I. Value of fund assets at the start of the financial year CHF 185,906, Distribution for the previous year CHF -2,425, Interim distributions CHF -2,428, Inflow/outflow of funds (net) CHF 12,638, a) Proceeds received from sales of units CHF 20,999, b) Payments for redemption of units CHF -8,361, Income adjustment/cost compensation CHF -172, Annual results CHF 533, of which unrealised gains CHF -1,576, of which unrealised losses CHF 20, II. Value of the fund assets at the end of the financial year CHF 194,053, of 12

10 Semi-Annual Report for ishares SLI UCITS ETF (DE) for the reporting period from 01/05/2016 to 31/10/2016 Notes Other information Number of fund units in circulation and value of a fund unit on the reporting date pursuant to Section 16 Para. 1 No. 1 of the German Capital Investment Accounting and Valuation Ordinance (KARBV) Unit value CHF Units in circulation Units 2,350,000 Information on the evaluation process for assets pursuant to Section 16 Para. 1 No. 2 KARBV Security prices and market prices The fund assets are valued on the basis of the following market prices: Derivatives: Closing prices on the respective valuation dates All securities: Closing prices on the respective valuation dates The valuation of assets generally took place during the financial year and at the balance sheet date on the basis of the last traded stock exchange price. Assets not admitted for trading on stock exchanges nor admitted to another regulated market or included in such market, or for which no tradable value is available, are valued at current market values, which shall be assessed with due care using appropriate valuation models and taking into consideration current market conditions. Derivatives admitted for trading on a stock exchange or another regulated market are valued at the closing price on the relevant valuation date. Money in bank accounts and existing receivables are valued at their current nominal value. Existing liabilities are reported at the amounts payable. Exchange Rate(s) or Conversion Factor(s) (bulk quoting) as at 31/10/2016 Euro (EUR) = 1 Swiss franc (CHF) Market code a) Futures exchanges EURX European Exchange (EUREX) Index fund information pursuant to Section 16 Para. 2 KARBV Tracking error level at the end of the reporting period pursuant to Section 16 Para. 2 No. 1 KARBV 0.26 percentage points Further information necessary for understanding the report pursuant to Section 7 No. 9 d) KARBV Explanation of the calculation of net change in unrealised gains and losses Determination of net change in unrealised gains and losses takes place by means of comparing, in each financial year, the valuations of assets included in the unit price with the relevant historical purchase prices, the level of the positive differences in the sum of unrealised gains included, the level of the negative differences in the sum of unrealised losses included and by determining the net changes from a comparison of the sum totals at the end of the financial year with those at the beginning. Munich, 31 October 2016 BlackRock Asset Management Deutschland AG Alexander Mertz Harald Klug 10 of 12

11 Management Company and Custodian Bank Management Company BlackRock Asset Management Deutschland AG Max-Joseph-Str Munich, Germany Share capital as at 31/12/2015: EUR 5 million Liable equity as at 31/12/2015: EUR 10 million Shareholder BlackRock Investment Management (UK) Limited Management Christian Staub Chairman of the Management Board Munich Alexander Mertz Management Board Munich Harald Klug* Management Board Munich Supervisory Board Friedrich Merz (Chairman) Lawyer, Düsseldorf Rachel Lord BlackRock, Managing Director, Head of Sales EMEA ishares London, UK Patrick Olson BlackRock, Managing Director, COO EMEA London, UK Depository State Street Bank International GmbH (formerly State Street Bank GmbH) Brienner Straße Munich, Germany Auditor Deloitte GmbH Wirtschaftsprüfungsgesellschaft Rosenheimer Platz Munich, Germany (*) Since 01/05/ of 12

12 BlackRock Asset Management Deutschland AG Max-Joseph-Str. 6 D Munich, Germany Tel: +49 (0) info@ishares.de