Pictet Strategy Fund Fonds Commun de Placement Mutual Fund under Luxembourg Law

Transcription

1 Pictet Strategy Fund Fonds Commun de Placement Mutual Fund under Luxembourg Law Unaudited semi-annual report as at December 31, 2015

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3 Fonds Commun de Placement Mutual Fund under Luxembourg Law Unaudited semi-annual report as at December 31,

4 Unaudited semi-annual report as at December 31, 2015 No subscription can be received on the basis of this report. Subscriptions are only valid if made on the basis of the current prospectus accompanied by the latest annual report and the most recent semi-annual report, if published thereafter. 2

5 TABLE OF CONTENTS ORGANISATION OF THE FUND 4 GENERAL INFORMATION 6 DISTRIBUTION ABROAD 7 FINANCIAL STATEMENTS STATEMENT OF NET ASSETS 8 STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 9 NUMBER OF UNITS OUTSTANDING AND NET ASSET VALUE PER UNIT 10 Sub-fund : Pictet Strategy Fund - Pictet Mandat Ausgewogen - Statement of investments and other net assets 11 - Geographical and industrial classification of investments 14 Sub-fund : Pictet Strategy Fund - Enhanced Equity - Statement of investments and other net assets 15 - Geographical and industrial classification of investments 17 NOTES TO THE FINANCIAL STATEMENTS 18 3

6 ORGANISATION OF THE FUND Management Company FundPartner Solutions (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg Board of Directors of the Management Company Chairman Mr Marc BRIOL, Executive Vice President, Banque Pictet & Cie SA, 60, route des Acacias, CH-1211 Geneva 73, Switzerland Members Mr Pierre ETIENNE, Managing Director, Pictet & Cie (Europe) S.A., 15A, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg Mrs Michèle BERGER, CEO and Managing Director, FundPartner Solutions (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg Me. Claude KREMER, Partner, Arendt & Medernach - Avocats 14, rue Erasme, L-2082 Luxembourg, Grand Duchy of Luxembourg Members of the Management Committee Mrs Michèle BERGER, CEO and Managing Director, FundPartner Solutions (Europe) S.A., 15, Avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg Mr Pascal CHAUVAUX, Head of Central Administration, FundPartner Solutions (Europe) S.A., 15, Avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg Mr Cédric HAENNI, Head of Risk & Compliance, FundPartner Solutions (Suisse) SA, 60, route des Acacias, CH-1211 Geneva 73, Switzerland Mr Dorian JACOB, Head of Investment Management Oversight, FundPartner Solutions (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg Depositary Bank Pictet & Cie (Europe) S.A., 15A, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg 4

7 ORGANISATION OF THE FUND (continued) Transfer Agent, Central Administration and Paying Agent FundPartner Solutions (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg Paying and Information Agent in Germany Deutsche Bank Aktiengesellschaft, Taunusanlage 12, Frankfurt am Main, Germany Portfolio Manager Banque Pictet & Cie SA, Genève, 60, route des Acacias, CH-1211 Geneva 73, Switzerland Cabinet de revision agréé/auditor of the Fund Deloitte Audit, Société à responsabilité limitée, 560, rue de Neudorf, L-2220 Luxembourg, Grand Duchy of Luxembourg 5

8 GENERAL INFORMATION The combined financial statements of Pictet Strategy Fund (the "Fund") in CHF and the accounts of the sub-funds are closed each year on June 30. Annual reports, including audited financial statements, are established as of June 30. Unaudited semi-annual reports are established as of December 31. Annual reports, including audited financial statements, are available to the Unitholders at no cost to them at the offices of the Management Company and the Depositary Bank. Such reports form an integral part of this Issue Document. The reports contain individual information on each sub-fund and consolidated information on the Fund. Any other financial information published concerning the Fund or the Management Company, including the Net Asset Value ("NAV") of the Units of each Class and any suspension of such valuation, are available to the public at the offices of the Management Company and the Depositary Bank. The NAV per Unit and the dealing prices are available to the public at the offices of the Management Company and the Depositary Bank. All notices to Unitholders are sent to Unitholders at their address indicated in the register of Unitholders. If deemed necessary or required by law, notices are published in a newspaper and in the Mémorial. 6

9 DISTRIBUTION ABROAD Additional information for German investors Paying and Information Agent: Deutsche Bank AG Taunusanlage 12 D Frankfurt am Main Applications for the redemption and conversion of units may be addressed to the Paying and Information Agent in Germany. Unitholders may request that redemption proceeds, any dividends distributed and any other payments to be made to them pass through the Paying and Information Agent in Germany. Copies of the most recent prospectus, the Key Investor Information Documents, the Articles of Association of the Fund and the most recent annual and semi-annual reports may be obtained free of charge from the Paying and Information Agent in Germany. Subscription, redemption and conversion prices of units as well as all other notices to unitholders may also be obtained free of charges from the Paying and Information Agent in Germany. Furthermore, the following documents are available free of charge for consultation at the offices of the Paying and Information Agent in Germany: the management regulations; the depositary agreement concluded between Pictet & Cie (Europe) S.A. and the Management Company. Moreover, the issue and redemption prices shall be published each trading day in the "Börsen-Zeitung". Notices to the Unitholders are available free of charge at the German Paying and Information Agent, and Unitholders registered in the Fund s Register will be informed by mail. Moreover notices will also be published in the "Börsen-Zeitung" in cases prescribed by law, especially in the case of a merger, switch or suspension of the redemption of units and contractual changes with an impact on the Unitholders rights. 7

10 STATEMENT OF NET ASSETS AS AT DECEMBER 31, 2015 Combined Pictet Mandat Ausgewogen Enhanced Equity CHF EUR EUR ASSETS Investments in securities at acquisition cost 45,940, ,364, ,884, Net unrealised gain on investments 4,843, , ,685, Investments in securities at market value (note 2.d) 50,784, ,133, ,569, Cash at banks (note 2.d) 2,849, ,525, ,094, Bank deposits (note 2.d) 11,884, ,929, Interest receivable, net 80, , ,598, ,662, ,664, LIABILITIES Management fee payable (note 4) 208, , , "Taxe d abonnement" payable (note 3) 8, , , Other fees payable (note 5) 63, , , , , , TOTAL NET ASSETS AS AT DECEMBER 31, ,318, ,521, ,546, TOTAL NET ASSETS AS AT JUNE 30, ,434, ,139, ,779, TOTAL NET ASSETS AS AT JUNE 30, ,796, ,650, ,010, The accompanying notes form an integral part of these financial statements. 8

11 STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE PERIOD ENDED DECEMBER 31, 2015 Combined Pictet Mandat Ausgewogen Enhanced Equity CHF EUR EUR NET ASSETS AT THE BEGINNING OF THE PERIOD 63,434, ,139, ,779, INCOME Dividends, net (note 2.h) 321, , , Interest on bonds, net (note 2.h) 66, , Bank interest , , , EXPENSES Management fees (note 4) 417, , , Depositary fees, bank charges and interest (note 4) 43, , , Professional fees, audit fees and other expenses 29, , , Administration fees (note 4) 66, , , "Taxe d abonnement" (note 3) 15, , , Transaction fees (note 2.i) 32, , , , , , NET INVESTMENT LOSS -214, , , Net realised gain/loss on sales of investments 42, , , Net realised gain/loss on foreign exchange 19, , , Net realised gain on options 145, , Net realised loss on forward contracts -102, , NET REALISED GAIN/LOSS -109, , , Change in net unrealised depreciation: - on investments -141, , , on options -46, , INCREASE/DECREASE IN NET ASSETS AS A RESULT OF -296, , , OPERATIONS Proceeds from subscriptions of units 842, , , Cost of units redeemed -1,181, , , Dividend distributed (note 8) -289, , , Revaluation difference on the net assets at the beginning of the period* 2,809, NET ASSETS AT THE END OF THE PERIOD 65,318, ,521, ,546, * The difference mentioned above results from the conversion of the net assets at the beginning of the period (for the sub-funds denominated in currencies other than CHF) at exchange rates applicable on June 30, 2015 and exchange rates applicable on December 31, The accompanying notes form an integral part of these financial statements. 9

12 NUMBER OF UNITS OUTSTANDING AND NET ASSET VALUE PER UNIT Sub-fund Class Currency Number of units outstanding Net asset value per unit Net asset value per unit Net asset value per unit Pictet Strategy Fund - Pictet Mandat Ausgewogen P EUR 216, Pictet Strategy Fund - Enhanced Equity P EUR 232,

13 - Pictet Mandat Ausgewogen STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT DECEMBER 31, 2015 (EXPRESSED IN EUR) Description Quantity Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET SHARES BELGIUM ANHEUSER-BUSCH INBEV 2, , , FRANCE L'OREAL 2, , , SPAIN INDITEX INDUSTRIA DE DISENO TEXTIL 11, , , SWITZERLAND CIE FINANCIERE RICHEMONT 4, , LINDT & SPRUENGLI 'C' , NESTLE 5, , ROCHE HOLDING D.RIGHT 1, , S.G.S , ,773, UNITED KINGDOM ASTRAZENECA GBP 6, , COMPASS GROUP 24, , NATIONAL GRID 30, , ,152, UNITED STATES ABBOTT LABORATORIES 7, , ALPHABET 'A' , APPLE 4, , MERCK & CO 7, , PEPSICO 4, , PRAXAIR 3, , STARBUCKS 7, , THERMO FISHER SCIENTIFIC INC 3, , TJX COS 6, , WALT DISNEY 3, , ,727, TOTAL SHARES 7,660, The accompanying notes form an integral part of these financial statements. 11

14 - Pictet Mandat Ausgewogen STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT DECEMBER 31, 2015 (EXPRESSED IN EUR) Description Currency Nominal Market value (note 2) % of net assets BONDS CANADA FRN TORONTO-DOMINION BANK 15/20 EUR 650, , , DENMARK 1.125% ISS GLOBAL (FR/RAT) 15/21 -SR- EUR 500, , , FRANCE 0.875% KERING 15/22 -SR- EUR 400, , % PUBLICIS GROUPE 14/21 -SR- EUR 400, , % RCI BANQUE 15/22 EUR 600, , % CAP GEMINI 15/20 EUR 400, , ,782, IRELAND 0.80% G.E. CAPITAL EUROPEAN FUNDING 15/22 EUR 400, , % BANK OF IRELAND 14/19 -SR-S EUR 300, , , LUXEMBOURG 4.625% GLENCORE FINANCE EUROPE (FR/RAT) 12/18 -SR-S EUR 300, , , NETHERLANDS 1.25% TEVA PHARMA FINANCE II 15/23 -SR-S EUR 600, , % HEINEKEN 12/20 6 -SR-S EUR 400, , , PANAMA 1.125% CARNIVAL 15/19 EUR 300, , , SPAIN 2.736% TELEFONICA 13/19 '39' EUR 300, , , UNITED ARAB EMIRATES 1.75% EMIRATES TELECOM 14/21 EUR 300, , , UNITED KINGDOM 1.00% BAT INTERNATIONAL FINANCE 15/22 -SR- EUR 500, , % BP CAPITAL MARKETS 15/23 EUR 400, , % FCE BANK 15/22 -SR-S EUR 600, , ,460, The accompanying notes form an integral part of these financial statements. 12

15 - Pictet Mandat Ausgewogen STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT DECEMBER 31, 2015 (EXPRESSED IN EUR) Description Currency Quantity/Nominal Market value (note 2) % of net assets UNITED STATES 1.00% GENERAL MILLS 15/23 EUR 400, , % MASTERCARD 15/22 SR EUR 500, , % AT&T 14/22 -SR- EUR 400, , % MORGAN STANLEY 14/21 -SR-S EUR 350, , ,656, TOTAL BONDS 8,960, TOTAL I. 16,621, II. UNITS OF INVESTMENT FUNDS GERMANY ISHARES STOXX SMALL 200 DE 60, ,552, ,552, IRELAND ISHARES VII - MSCI JAPAN B USD -ACC- 5, , , LUXEMBOURG PICTET - EMERGING CORPORATE BONDS - HI EUR 7, , PICTET - US HIGH YIELD - HI EUR 7, , ,335, TOTAL II. 3,511, TOTAL INVESTMENTS 20,133, CASH AT BANKS 1,525, BANK DEPOSITS 10,929, OTHER NET LIABILITIES -66, TOTAL NET ASSETS 32,521, The accompanying notes form an integral part of these financial statements. 13

16 - Pictet Mandat Ausgewogen GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT DECEMBER 31, 2015 Geographical classification (in % of net assets) United States United Kingdom 8.04 France 6.43 Switzerland 5.45 Luxembourg 4.99 Germany 4.78 Ireland 4.13 Netherlands 3.05 Spain 2.10 Canada 2.00 Denmark 1.52 Belgium 1.02 United Arab Emirates 0.94 Panama Industrial classification (in % of net assets) Bonds issued by companies Units of investment funds Pharmaceuticals and cosmetics 4.40 Food and soft drinks 3.68 Gastronomy 2.40 Retail and supermarkets 2.32 Computer and office equipment 1.28 Internet, software and IT services 1.21 Electronics and electrical equipment 1.20 Public utilities 1.17 Tobacco and alcohol 1.02 Biotechnology 0.99 Leisure 0.98 Utilities 0.97 Watch-making 0.96 Chemicals The accompanying notes form an integral part of these financial statements. 14

17 - Enhanced Equity STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT DECEMBER 31, 2015 (EXPRESSED IN EUR) Description Quantity Market value (note 2) % of net assets I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET SHARES BELGIUM ANHEUSER-BUSCH INBEV 12, ,372, ,372, FINLAND KONE OYJ 'B' 25, , , FRANCE L'OREAL 6, , LVMH MOET HENNESSY LOUIS VUITTON 6, , SCHNEIDER ELECTRIC S.A. 10, , TOTAL 20, , VINCI 15, , VIVENDI 40, , ,833, GERMANY ALLIANZ SE REG. 10, ,635, BASF REG. 12, , BAYER REG. 10, ,158, MUENCHENER RUECKVERSICHERUNGS AG 8, ,476, SIEMENS AG 10, , ,017, ITALY SNAM 200, , , SPAIN INDITEX INDUSTRIA DE DISENO TEXTIL 20, , , SWITZERLAND NESTLE 20, ,371, NOVARTIS 15, ,197, ROCHE HOLDING D.RIGHT 7, ,779, UBS GROUP REG. 50, , ,245, The accompanying notes form an integral part of these financial statements. 15

18 - Enhanced Equity STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT DECEMBER 31, 2015 (EXPRESSED IN EUR) Description Quantity Market value (note 2) % of net assets UNITED KINGDOM BHP BILLITON 50, , COMPASS GROUP 50, , DIAGEO 40, ,007, NATIONAL GRID 80, ,017, RECKITT BENCKISER GROUP 15, ,278, ROYAL DUTCH SHELL 'A' 40, , VODAFONE GROUP 350, ,049, ,509, TOTAL I. 26,557, II. OTHER TRANSFERABLE SECURITIES RIGHTS FRANCE TOTAL RIGHT 20, , , TOTAL II. 12, TOTAL INVESTMENTS 26,569, CASH AT BANKS 1,094, OTHER NET LIABILITIES -117, TOTAL NET ASSETS 27,546, The accompanying notes form an integral part of these financial statements. 16

19 - Enhanced Equity GEOGRAPHICAL AND INDUSTRIAL CLASSIFICATION OF INVESTMENTS AS AT DECEMBER 31, 2015 Geographical classification (in % of net assets) United Kingdom Germany Switzerland France Belgium 4.98 Finland 3.55 Italy 3.51 Spain Industrial classification (in % of net assets) Pharmaceuticals and cosmetics Insurance Tobacco and alcohol 8.64 Chemicals 7.28 Public utilities 7.20 Communications 6.69 Oil 6.06 Electronics and electrical equipment 5.17 Food and soft drinks 4.98 Miscellaneous trade 4.64 Construction of machines and appliances 3.55 Banks and credit institutions 3.26 Construction and building materials 3.22 Textiles and clothing 3.16 Gastronomy 2.89 Retail and supermarkets 2.30 Precious metals and stones 1.87 Rights The accompanying notes form an integral part of these financial statements. 17

20 NOTES TO THE FINANCIAL STATEMENTS AS AT DECEMBER 31, 2015 NOTE 1 GENERAL Pictet Strategy Fund (the "Fund") was incorporated as a mutual investment fund (fonds commun de placement) with multiple sub-funds organized under the laws of the Grand Duchy of Luxembourg. The assets of the Funds are the undivided co-proprietorship of the unitholders, managed by FundPartner Solutions (Europe) S.A. (the "Management Company"). The Fund is subject to Part I of the Luxembourg law of December 17, 2010, as amended (the "Law") on undertakings for collective investments. The Fund was incorporated for an indefinite period. FundPartner Solutions (Europe) S.A., a public limited company (société anonyme) with registered office at 15, avenue J.F. Kennedy, L-1855 Luxembourg, was appointed management company of the Fund. It is a management company within the meaning of Chapter 15 of the 2010 Law. As at December 31, 2015, Pictet Strategy Fund comprises two active sub-funds : Pictet Strategy Fund - Pictet Mandat Ausgewogen denominated in Euro (EUR), Pictet Strategy Fund - Enhanced Equity denominated in Euro (EUR). NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a) General The financial statements are prepared in accordance with generally accepted accounting principles and presented in accordance with the legal reporting requirements applicable in Luxembourg relating to undertakings for collective investment. b) Conversion of foreign currencies for each sub-fund Cash at banks, other net assets and the market value of the investment portfolio expressed in currencies other than the currency of the sub-funds are converted into the currency of the sub-funds at the exchange rate prevailing at the end of the year. Income and expenses expressed in currencies other than the base currency of the sub-fund are converted into the currency of the sub-funds at the exchange rate applicable on the transaction date. Resulting foreign exchange gains and losses are recorded in the statement of operations and changes in net assets. c) Combined financial statements of the Fund The combined financial statements of the Fund are expressed in CHF and correspond to the sum of items in the financial statements of each sub-fund, converted into CHF at the exchange rate prevailing at the end of the period. 18

21 NOTES TO THE FINANCIAL STATEMENTS AS AT DECEMBER 31, 2015 (continued) d) Valuation of investment The assets of each sub-fund are valued as follows: (1) The value of any cash in hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received shall be deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof shall be arrived at after making such discount as the Management Company may consider appropriate in such case to reflect the true value thereof. (2) Securities are valued at the most representative price on the markets and / or of trades made on these markets by the managers or other market intermediaries. This may involve the last available price or the price at any other time on markets deemed by the Management Company to be most representative, taking into account liquidity criteria and trades that have been made on the markets in question. If no price is available, securities are valued, prudently and in good faith by the Board of Directors of the Management Company, on the basis of their estimated sale price. (3) For each sub-fund, securities whose value is expressed in a currency other than the currency of the sub-fund in question are converted to the relevant currency based on the average price between the last available bid / ask price in Luxembourg or, failing that, on the market that is most representative for these securities. (4) Each share or unit in an open-ended undertaking for collective investment is valued at the last available Net Asset Value ("NAV") (or bid price for dual priced undertakings for collective investment) whether estimated or final, which is computed for such unit or shares on the same Dealing Day, failing which, it s the last NAV (or bid price for dual priced undertakings for collective investment) computed prior to the Dealing Day on which the NAV of the Units in the Fund is determined. (5) In respect of shares or units of an undertaking for collective investment held by the Fund, for which issues and redemptions are restricted and a secondary market trading is effected between dealers who, as main market makers, offer prices in response to market conditions, the Board of Directors of the Management Company may decide to value such shares or units in line with the prices so established. (6) If, since the day on which the latest NAV was calculated, events have occurred which may have resulted in a material change of the NAV of shares or units in other undertaking for collective investment held by the Fund, the value of such shares or units may be adjusted in order to reflect, in the reasonable opinion of the Board of Directors of the Management Company, such change of value. (7) In circumstances where the interests of the Fund or its Unitholders so justify (avoidance of market timing practices, for example), the Board of Directors of the Management Company may take any appropriate measures, such as applying a fair value pricing methodology to adjust the value of the Fund s assets. 19

22 NOTES TO THE FINANCIAL STATEMENTS AS AT DECEMBER 31, 2015 (continued) (8) The liquidating value of futures, forward and options contracts not quoted on any stock exchange or traded on other regulated markets shall be determined, consistently for each different variety of contracts, prudently and in good faith on the basis of foreseeable settlement prices. The liquidating value of futures, forward and options contracts quoted on stock exchanges or traded on other regulated markets shall be based upon the last available settlement prices of these contracts on these markets; provided that if a futures, forward or options contract could not be liquidated on the day with respect to which net assets are being determined, the basis for determining the liquidating value of such contract shall be such value as the Board of Directors of the Management Company may deem fair and reasonable. e) Accounting of forward contracts Unrealised gains and losses on forward contracts are settled daily through the reception/payment of a cash amount corresponding to the daily increase/decrease of the market value of each opened futures. Such cash amount is recorded under the caption "Cash at banks" in the statement of net assets and the corresponding amount is recorded under the caption "realised gain and loss on forward contracts" in the statement of operations and changes in net assets. f) Net realised gains/losses on investments Realised gains or losses on sales of securities are calculated on the basis of average cost. g) Acquisition cost of securities in portfolio The cost of securities denominated in currencies other than the base currency of the sub-fund is calculated at the exchange rate prevailing on the acquisition date. h) Income Dividends are recorded at the ex-dividend date. Interest is recorded on an accrual basis. i) Transaction fees The transaction fees represent the costs incurred by each sub-fund in connection with purchases and sales of investments. Transaction fees include brokerage fees, bank commissions, foreign tax, depositary fees and other fees. They are included in the statement of operations and changes in net assets and cover the period ended December 31, NOTE 3 "TAXE D ABONNEMENT" Under the legislation and regulations currently prevailing, the Fund is not subject to any income tax. The Fund is subject to a "taxe d abonnement" of 0.05% per annum of its net assets, payable quarterly and calculated on the basis of the net assets at the end of each quarter. The portion of the net assets invested in units of other Luxembourg undertakings for collective investment is exempt from the "taxe d abonnement", provided such units have already been subject to this tax. 20

23 NOTES TO THE FINANCIAL STATEMENTS AS AT DECEMBER 31, 2015 (continued) NOTE 4 FUND S EXPENSES An annual service fee, not exceeding 0.6%, calculated on the average NAV of each sub-fund, is paid quarterly or monthly, depending on the terms and conditions of the contract, to the Management Company in payment for the services provided by it to the Fund. The Management Company also receives management fees from the sub-funds to remunerate the Investment Managers, the Investment Advisors and the distributors, if any. These fees are charged to the sub-classes of units of a sub-fund in proportion to its net assets. In payment for its (depository) services, the Depositary Bank charges a fee for the deposit of assets and the safekeeping of securities. This fee are charged quarterly and do not exceed 0.3% based on the average net assets of the Fund on the relevant quarter. Transaction fees are also charged to the Fund at rates fixed by common agreement. NOTE 5 OTHER FEES PAYABLE As at December 31, 2015, the other fees payable mainly include audit, administration and depositary fees. NOTE 6 EXCHANGE RATES AS AT DECEMBER 31, 2015 The exchange rate used to convert into CHF the net assets of the Fund as at December 31, 2015, is as follows: 1 CHF = EUR NOTE 7 FORWARD CONTRACTS The Fund had the following futures contracts outstanding as at December 31, 2015: Pictet Strategy Fund - Pictet Mandat Ausgewogen Maturity Currency Commitment date in EUR Purchase of Euro Stoxx 50 ESTX 50 EUR 21/03/2016 EUR 3,921, Purchase of S&P 500 Index 18/03/2016 USD 4,216, Purchase of US 10Y Treasury Bond 21/03/2016 USD 2,472,

24 NOTES TO THE FINANCIAL STATEMENTS AS AT DECEMBER 31, 2015 (continued) NOTE 8 DIVIDENDS DISTRIBUTED On October 28, 2015, the Board of Directors of the Management Company decided to distribute dividends as follows: - EUR 0.26 per unit for the sub-fund Pictet Strategy Fund - Pictet Mandat Ausgewogen, - EUR 0.90 per unit for the sub-fund Pictet Strategy Fund - Enhanced Equity with ex-date November 25, 2015 and with payment date November 30,

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