Level Two Investments

Transcription

1 Level Two Investments Société d'investissement à Capital Variable SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS 30 June 2016 R.C.S. Luxembourg B Subscriptions are only valid if made on the basis of the current prospectus and relevant Key Investor Information Document "KIID" accompanied by the latest annual report and the latest semi-annual report if published after the annual report

2 TABLE OF CONTENTS GENERAL INFORMATION Management and Administration 2 Board of Directors 2 FINANCIAL STATEMENTS Statement of Net Assets 3 Net Asset Value per share 3 Statement of Operations and Changes in Net Assets 4 Statement of Changes in Number of Shares Outstanding 5 SECURITIES PORTFOLIO Level Two Investments - Origo Active Allocation Fund 6-7 Level Two Investments - Draupnir Investment Fund 8 Level Two Investments - Origo Patrimonium Fund 9-10 NOTES TO THE FINANCIAL STATEMENTS INFORMATION FOR SHAREHOLDERS 16 1

3 MANAGEMENT AND ADMINISTRATION REGISTERED OFFICE INVESTMENT MANAGER Centre Europe AWM Asset Management S.A. (previously Origo S.A.) 5, Place de la Gare 85-87, Grand Rue L-1616 Luxembourg L-1661 Luxembourg MANAGEMENT COMPANY CUSTODIAN BANK & PAYING AGENT Carnegie Fund Services S.A. Banque Carnegie Luxembourg S.A. Centre Europe Centre Europe 5, Place de la Gare 5, Place de la Gare L-1616 Luxembourg L-1616 Luxembourg LEGAL ADVISOR INDEPENDENT AUDITOR Bonn & Schmitt Ernst & Young S.A , Rives de Clausen 35E, Avenue John F. Kennedy L-2165 Luxembourg L-1855 Luxembourg CENTRAL ADMINISTRATOR, REGISTRAR AND TRANSFER AGENT Carnegie Fund Services S.A. Centre Europe 5, Place de la Gare L-1616 Luxembourg CHAIRMAN Mr Jan Stig Rasmussen 11, rue de Wecker L-6795 Grevenmacher DIRECTORS Ms Michaela Winther Slagelsegade 18 DK-2100 København V Denmark BOARD OF DIRECTORS Mr Kim Asger Olsen AWM Asset Management S.A. (previously Origo S.A.) Partner 85-87, Grand Rue L-1661 Luxembourg 2

4 STATEMENT OF NET ASSETS AS AT 30 JUNE 2016 COMBINED Origo Active Allocation Fund Draupnir Origo Patrimonium Fund Investment Fund (EUR) (EUR) (EUR) (EUR) ASSETS Investments at market value 16,818, ,606, ,733, ,478, Cash at banks 906, , , , Dividends receivable 2, Receivable on investments sold Formation expenses (Note 11) 71, , , , Receivable on subscriptions Other receivables 7, , , , Total Assets 17,806, ,868, ,987, ,950, LIABILITIES Investment Management fee payable (Note 6) (19,461.29) (1,442.39) (9,764.73) (8,254.17) Bank overdrafts (662,195.88) (165,233.30) (140,719.79) (356,242.79) Payables on investments purchased Payables on redemptions Supervisory fee payable (4,412.54) (1,744.00) (680.48) (1,988.06) Audit fees payable (11,224.43) (4,917.23) (803.64) (5,503.56) Advisory fee payable (10,734.88) (3,334.98) 0.00 (7,399.90) Subscription tax payable ("taxe d'abonnement") (1,901.91) (523.33) (349.44) (1,029.14) Unrealised depreciation on forward foreign exchange contracts (Note 5) (72,042.31) (21,926.22) 0.00 (50,116.09) Other payable (10,571.85) 0.00 (900.00) (9,671.85) Total Liabilities (792,545.09) (199,121.45) (153,218.08) (440,205.56) NET ASSET VALUE 17,014, ,669, ,834, ,509, NET ASSET VALUE PER SHARE AS AT 30 JUNE 2016 Origo Active Allocation Fund Draupnir Investment Fund Origo Patrimonium Fund (EUR/USD) (EUR) (EUR/USD) Class A - Net asset value per share 9.81 EUR 9.60 EUR - Class C - Net asset value per share 9.90 EUR - - Class D - Net asset value per share USD - - Class R - Net asset value per share EUR Class RUS - Net asset value per share USD The accompanying notes form an integral part of this annual report 3

5 STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE PERIOD FROM 01 JANUARY 2016 TO 30 JUNE 2016 COMBINED Origo Active Allocation Fund Draupnir Investment Fund Origo Patrimonium Fund (EUR) (EUR) (EUR) (EUR) INCOME Dividends, net (Note 2.4) 61, , , , Total Income 61, , , , EXPENSES Investment Management fee (Note 6) (113,108.81) (28,715.65) (11,741.14) (72,652.02) Custody fees (Note 8) (23,206.19) (7,462.67) (6,285.05) (9,458.47) Audit fees (11,700.01) (4,037.45) (1,934.30) (5,728.26) Taxe d abonnement (Note 4) (3,582.00) (996.85) (658.61) (1,926.54) Bank and interest expenses (8,081.95) (2,766.99) (944.60) (4,370.36) Legal Fees (9,520.02) (4,051.48) (1,380.48) (4,088.06) CSSF Fees (2,700.00) (900.00) (900.00) (900.00) Other Fees (351.67) (204.05) (60.00) (87.62) Formation Expenses (9,703.00) (8,447.00) (628.00) (628.00) Total Expenses (181,953.65) (57,582.14) (24,532.18) (99,839.33) Net investment loss (120,079.92) (31,166.82) (19,776.67) (69,136.43) Net realised gains/losses on investments (Note 2.2) (377,527.90) (253,523.84) (95,259.85) (28,744.21) Net realised gains/losses on foreign currency (287,441.69) (153,656.91) (2,000.79) (131,783.99) Net realised gains for the period (785,049.51) (438,347.57) (117,037.31) (229,664.63) Change in net unrealised appreciation/depreciation on investments 335, , , , Change in net unrealised depreciation on forward foreign exchange contracts 13, , (47,190.58) Result of operations for the period (435,746.01) (229,056.73) (109,618.76) (97,070.52) Subscriptions 8,577, , ,311, ,308, Redemptions (2,778,126.65) (1,266,095.22) (1,143,661.12) (368,370.31) Increase / (Decrease) in net assets 5,363, (536,678.17) 57, ,842, Net assets at the beginning of the period 11,650, ,206, ,776, ,667, NET ASSETS AT THE END OF THE PERIOD 17,014, ,669, ,834, ,509, The accompanying notes form an integral part of this annual report 4

6 STATEMENT OF CHANGES IN NUMBER OF SHARES OUTSTANDING FOR THE PERIOD FROM 01 JANUARY 2016 TO 30 JUNE 2016 Origo Active Allocation Fund Draupnir Investment Fund Origo Patrimonium Fund (EUR/USD) (EUR) (EUR/USD) Class A Shares outstanding as at 31 December , , Shares issued 3, , Shares redeemed (129, ) (120, ) - Shares outstanding as at 30 June , , Class C Shares outstanding as at 31 December , Shares issued Shares redeemed Shares outstanding as at 30 June , Class D Shares outstanding as at 31 December , Shares issued 95, Shares redeemed Shares outstanding as at 30 June , Class R Shares outstanding as at 31 December , Shares issued , Shares redeemed - - (37, ) Shares outstanding as at 30 June , Class RUS Shares outstanding as at 31 December , Shares issued , Shares redeemed Shares outstanding as at 30 June , The accompanying notes form an integral part of this annual report 5

7 - ORIGO ACTIVE ALLOCATION FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2016 NOMINAL SECURITY DESCRIPTION MARKET % VALUE OF NET (EUR) ASSETS Transferable Securities Admitted To An Official Stock Exchange Listing Investment Fund Denmark 15,000 Sparinvest INDEX OMX C20 Capped 397, , Germany 1,500 db x-trackers DJ STOXX 600 ETF 97, ,000 db x-trackers II IBOXX SOVEREIGNS EUROZONE YLD PLUS IDX E 173, ,800 ishares MSCI World Monthly EUR Hedged ETF 469, ,000 ishares Nikkei 225 UCITS ETF 219, ,000 ishares STOXX Europe 50 UCITS ETF 200, ,200 db x-trackers II iboxx Sovereigns Eurozone 15+ UCITS ETF 421, ,581, Italy 3,000 ishares Euro Covered Bond UCITS ETF (IT) 471, ,500 ishares Euro High Yield Corporate Bond UCITS ETF (IM) 260, , Netherlands 4,000 ishares Core Euro Corporate Bond UCITS ETF (NA) 522, , Switzerland 5,000 UBS Bloomberg Commodity Index SF UCITS ETF 240, , United Kingdom 1,700 ishares Global Inflation-Linked Government Bond ETF 231, , United States of America 1,500 ishares iboxx USD High Yield Corp Bond Fund ETF 114, ,000 ishares JP Morgan USD Emerging Markets Bond Fund ETF 414, ,000 ishares MSCI Emerging Markets Index ETF 185, ,000 SPDR S&P 500 ETF Trust 188, , TOTAL INVESTMENT FUND 4,606, TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 4,606, The accompanying notes form an integral part of this annual report 6

8 - ORIGO ACTIVE ALLOCATION FUND INDUSTRY SECTOR ANALYSIS AS AT 30 JUNE 2016 SECTOR DESCRIPTION % OF NET ASSETS Investment Fund A statement of changes in the composition of the portfolio is available to Shareholders free of charge on request from the Fund's registered office The accompanying notes form an integral part of this annual report 7

9 - DRAUPNIR INVESTMENT FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2016 NOMINAL SECURITY DESCRIPTION MARKET % VALUE OF NET (EUR) ASSETS Transferable Securities Admitted To An Official Stock Exchange Listing Investment Fund France 2,220 Lyxor ETF MSCI World Financials TR (FR) 255, ,080 Lyxor ETF MSCI World Materials TR (FR) 260, , Germany 11,861 db x-trackers II Barclays Global Aggregate Bond UCITS ETF 262, ,594 db x-trackers MSCI World Consumer Staples Idx UCITS ETF (DR) 268, ,100 db x-trackers MSCI World Utilities Index UCITS ETF (DR) 269, ishares eb.rexx Government Germany UCITS ETF (DE) 130, ,365 ishares MSCI World Minimum Volatility UCITS ETF 357, ,804 SPDR Dow Jones Global Real Estate ETF 160, ,838 SPDR MSCI ACWI IMI ETF 256, ,607 SPDR MSCI Emerging Markets ETF 132, ,838, United States of America 3,564 ishares MSCI All Country World Minimum Volatility ETF 244, ,400 Pimco Investment Grade Corporate Bond Index ETF 133, , TOTAL INVESTMENT FUND 2,733, TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 2,733, INDUSTRY SECTOR ANALYSIS AS AT 30 JUNE 2016 SECTOR DESCRIPTION % OF NET ASSETS Investment Fund A statement of changes in the composition of the portfolio is available to Shareholders free of charge on request from the Fund's registered office The accompanying notes form an integral part of this annual report 8

10 - ORIGO PATRIMONIUM FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2016 NOMINAL SECURITY DESCRIPTION MARKET % VALUE OF NET (EUR) ASSETS Transferable Securities Admitted To An Official Stock Exchange Listing Investment Fund Denmark 17,000 Sparinvest INDEX OMX C20 Capped 450, , France 7,500 Lyxor UCITS ETF Euro Stoxx , , Germany 2,000 db x-trackers II IBOXX SOVEREIGNS EUROZONE YLD PLUS IDX ETF 347, ,000 ishares MSCI EMU Small Cap UCITS ETF 291, ,000 ishares MSCI World Monthly EUR Hedged ETF 238, ,200 SPDR MSCI Europe Small Cap UCITS ETF 209, SPDR S&P 500 ETF 75, ,100 db x-trackers II iboxx Sovereigns Eurozone 15+ UCITS ETF 737, ,899, Italy 7,000 ishares Euro Aggregate Bond UCITS ETF 876, ,500 ishares Euro Covered Bond UCITS ETF (IT) 1,179, ,000 ishares Euro High Yield Corporate Bond UCITS ETF (IM) 416, ,471, Netherlands 10,500 ishares Core Euro Corporate Bond UCITS ETF (NA) 1,370, ,370, Luxembourg 3,000 Amundi Funds - Index Global Bond (EUR) Hedged 420, ,000 Schroder International Selection Fund - Japanese Equity 405, , United Kingdom 2,700 ishares Global Inflation-Linked Government Bond ETF 367, , United States of America 8,500 ishares JP Morgan USD Emerging Markets Bond Fund ETF 880, ,000 PowerShares DB Commodity Index Tracking Fund 386, SPDR S&P 500 ETF Trust 131, ,000 Vanguard FTSE Emerging Markets ETF 316, The accompanying notes form an integral part of this annual report 9

11 - ORIGO PATRIMONIUM FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2016 NOMINAL SECURITY DESCRIPTION MARKET % VALUE OF NET (EUR) ASSETS Transferable Securities Admitted To An Official Stock Exchange Listing (Continued) Investment Fund (Continued) United States of America (Continued) 2,000 Vanguard REIT ETF 159, ,875, TOTAL INVESTMENT FUND 9,478, TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 9,478, INDUSTRY SECTOR ANALYSIS AS AT 30 JUNE 2016 SECTOR DESCRIPTION % OF NET ASSETS Investment Fund A statement of changes in the composition of the portfolio is available to Shareholders free of charge on request from the Fund's registered office The accompanying notes form an integral part of this annual report 10

12 NOTES TO THE FINANCIAL STATEMENTS 1 GENERAL INVESTMENTS (hereafter the "Fund") has been incorporated on 27 May 2014 as an investment company with variable capital (SICAV) governed by Luxembourg law. The Fund is an Undertaking for Collective Investment in Transferable Securities ( UCITS ) incorporated pursuant to Part I of the Luxembourg Law of 17 December 2010, as amended, relating to undertakings for collective investment. The articles of the Fund have been published in the Memorial on 12 June 2014 The following Sub-Funds are active as at 30 June 2016: - Level Two Investments Origo Active Allocation Fund Class A (launched on 3 October 2014) - Level Two Investments Origo Active Allocation Fund Class C (launched on 28 January 2015) - Level Two Investments Origo Active Allocation Class D (launched on 27 April 2015) - Level Two Investments Draupnir Investment Fund Class A (launched on 15 October 2015) - Level Two Investments Origo Patrimonium Fund Class R (launched on 2 November 2015) - Level Two Investments Origo Patrimonium Fund Class RUS (launched on 4 November 2015) The objective of the Origo Active Allocation Fund is to achieve long-term capital growth by investing in long or short positions in a broad range of asset classes or sub-asset classes based on the Investment Manager s convictions. Asset classes refer to a group of assets of common sectors, geographic areas or other criteria relevant for the construction of the investment strategy. The most common instruments used will be: open-ended UCITS/UCIs index funds as well as Exchange Traded Funds (ETFs), Exchange Traded Notes (ETNs) and index futures. When it is not possible to obtain the desired portfolio exposure using the instruments mentioned above, the Sub-Fund may invest in transferable debt securities including corporate bonds, government bonds, mortgage-backed securities (maximum up to 20% of net assets), fixed income instruments issued by sovereign borrowers or their agencies as well as other fixed income securities. The objective of the Draupnir Investment Fund is to obtain a long term capital appreciation, mainly by exposure to the global stock markets. Up to 80% of the net assets of the Sub-Fund will be invested in eligible investment funds (UCITS ETFs/Index Funds) that represent sectors of the global stock markets, while the remaining net assets will be invested in eligible investment funds (UCITS ETF s/index Funds/Managed Funds) that represent the global bond markets. The investment strategy is based on adapting the relative weighting between the sectors of the global stock markets. The investments will be focused on the developed markets while exposure to developing markets will be ancillary and dependent on the availability of instruments needed for the investment strategy. The objective of the Origo Patrimonium Fund is to achieve capital protection and appreciation through investment in transferable securities, money market instruments and other legally acceptable assets. The most common instruments used will be: open-ended UCITS/UCIs index funds as well as Exchange Traded Funds (ETFs), Exchange Traded Notes (ETNs) and index futures. The Sub-Fund may invest up to 75% of its net assets in transferable debt securities including corporate bonds, government bonds, mortgage-backed securities (maximum up to 20% of net assets), fixed income instruments issued by sovereign borrowers or their agencies as well as other fixed income securities. For the debt securities in which the Sub-Fund may invest, at least 50% will be invested in debt securities of "Investment Grade" (that is to say, rating above or equal to A-3 for short-term or BBB- for the long term according to Standard & Poor's scale for example), or deemed equivalent by the Investment Manager. 11

13 NOTES TO THE FINANCIAL STATEMENTS 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES These financial statements are established in accordance with the Luxembourg legal and regulatory requirements concerning undertakings for collective investment. 2.1 Valuation of investments (a) The value of any cash at hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, dividends and interests declared or due but not yet collected will be deemed to be the full value thereof, unless it is unlikely that such values are received in full, in which case the value thereof will be determined by deducting such amount the Directors consider appropriate to reflect the true value thereof. (b) Securities and money market instruments listed on a stock exchange or traded on any other regulated market will be valued at the last available price on such stock exchange or market. If a security is listed on several stock exchanges or markets, the last available price on the stock exchange or market, which constitutes the main market for such securities, will be determining. (c) Securities and money market instruments not listed on any stock exchange or traded on any regulated market will be valued prudently, and in good faith on the basis of their reasonable foreseeable sales prices. (d) Securities for which no price quotation is available or for which the price referred to in (b) and/or (c) is not representative of the fair market value, will be valued prudently, and in good faith on the basis of their reasonable foreseeable sales prices. (e) Units/shares of UCITS authorised according to Directive 2009/65/EC and/or other UCIs will be valued at the last available net asset value for such shares or units as of the relevant valuation date. (f) Forward foreign exchange contracts are valued by reference to the forward rate prevailing at the valuation date. 2.2 Realised gains and losses on investments The net realised gain / (loss) on sale of investments is determined on the basis of the average cost of investment sold. Investment transactions are accounted for on a trade date basis. 2.3 Foreign currency translation The combined financial statements of the Company are maintained in EUR. The combined financial statements are the sum of the Sub-Funds financial statements equivalent in EUR translated, where applicable, at the rate of exchange ruling as at 30 June The market value of the investments and other assets and liabilities expressed in currencies other than the base currency of the Sub-Fund have been converted at the rates of exchange ruling as at 30 June The cost of investments in currencies other than the base currency of the Sub-Fund is converted at the rates of exchange prevailing on the date of the purchase of securities. The realised and change in net unrealised gains and losses on foreign exchange are recognised in the Statement of Operations and Changes in Net Assets. Income and expenses expressed in currencies other than the reference currency are converted at exchange rates ruling at the transaction date. 2.4 Dividend and interest income 12

14 NOTES TO THE FINANCIAL STATEMENTS 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.5 Formation Expenses Formation expenses are amortised over a period not exceeding five years. 3 EXCHANGE RATES AS AT 30 JUNE USD = EUR 1 JPY = EUR 1 DKK = EUR 1 GBP = EUR 1 NOK = EUR 1 CAD = EUR 1 THB = EUR 1 IDR = EUR 1 PHP = EUR 1 AUD = EUR 1 HKD = EUR 1 SGD = EUR 1 SEK = EUR 4 TAXATION The Company is registered under the Luxembourg law as an investment company (Société d Investissement à Capital Variable SICAV ). Accordingly, no Luxembourg income or capital gains tax is, at present, payable. It is subject, however, to an annual taxe d abonnement calculated at the annual rate of 0.05% of the net asset value of the Company at the end of each quarter, excluding investments in other Luxembourg funds already subject to that tax. This tax is payable quarterly. Presently the annual rate payable is 0.05% for Active Allocation Fund Class A & Class D, Draupnir Fund Class A & Class C and Origo Patrimonium Fund Class R & Class RUS and 0.01% for Active Allocation Fund Class B & Class C and Draupnir Fund Class B. 5 FORWARD FOREIGN EXCHANGE CONTRACTS As at 30 June 2016 the Sub-Fund had the following forward foreign exchange contracts outstanding with counterparty Banque Carnegie Luxembourg S.A.: Level Two Investments Origo Active Allocation Fund Purchase Sale Maturity Unrealised Result (EUR) EUR 1,146, USD 1,300, JUL16-21, Level Two Investments Origo Patrimonium Fund -21, NET -21, Purchase Sale Maturity Unrealised Result (EUR) EUR 1,058, USD 1,200, JUL16-20, EUR 644, USD 750, JUL16-29, , NET -50,

15 NOTES TO THE FINANCIAL STATEMENTS 6 INVESTMENT MANAGEMENT FEES The Investment Manager is entitled to receive a fee based on the net assets of the Sub-Fund as determined on each valuation date. The fee is accrued daily and payable monthly. The investment management fee rate applicable in % of the total net assets per year is as follows: Level Two Investments Origo Active Allocation Fund - Class A 1.25 % Level Two Investments Origo Active Allocation Fund - Class C 0.75 % Level Two Investments Origo Active Allocation Fund - Class D 1.25 % Level Two Investments Origo Draupnir Investment Fund - Class A 1.00 % Level Two Investments Origo Patrimonium Fund - Class R 2.00 % Level Two Investments Origo Patrimonium Fund - Class RUS 2.00 % 7 TRANSACTION COSTS For the year ended 30 June 2016, the Fund incurred transaction costs which have been defined as the commission paid by the Fund relating to purchases or sales of transferable securities, money market instruments, derivatives or other eligible assets as follows: Level Two Investments Origo Active Allocation Fund EUR 31, Level Two Investments Draupnir Investment Fund EUR 12, Level Two Investments Origo Patrimonium Fund EUR 34, CUSTODIAN FEES In consideration for its services, Banque Carnegie Luxembourg S.A. will receive a fee of 0.07% per annum of the net asset value, calculated daily and paid on a monthly basis. With a minimum annual fee of 10, EUR 9 ADMINISTRATION AND TRANSFER AGENT FEE In consideration for its services, Carnegie Fund Services S.A. will receive a fee of 0.10% per annum of the net asset value, calculated daily and paid on a monthly basis. 10 PERFORMANCE FEE The Investment Manager is entitled to a performance fee calculated at the end of the calendar year for which performance fee is to be calculated as follow: Origo Active Allocation Fund: For all of the Classes of Shares except Class C, Performance Fee will be calculated as follows: at the end of the calendar year for which Performance Fee is to be calculated, the Performance Fee for each Share (except Class C) will be equal to a maximum of 15% of the appreciation of the Net Asset Value per Share (net of Performance Fee) as at the end of such calendar year exceeding the end-of-year Net Asset Value per Share ( High Watermark ) of the previous year, after deduction of 5% ( Hurdle Rate ). The initial Subscription price represents the first High Watermark. For Class C Shares, the Performance Fee will be equal to a maximum of 10% of the appreciation of the Net Asset Value per Share (net of Performance Fee) as at the end of such calendar year exceeding High Watermark of the previous year, after deduction of the Hurdle Rate. 14

16 NOTES TO THE FINANCIAL STATEMENTS 10 PERFORMANCE FEE (CONTINUED) Draupnir Investment Fund: For all of the Classes of Shares except Class C, Performance Fee will be calculated as follows: at the end of the calendar year for which Performance Fee is to be calculated, the Performance Fee for each Share (except Class C) will be equal to a maximum of 20% of the appreciation of the Net Asset Value per Share (net of Performance Fee) as at the end of such calendar year exceeding the end-of-year Net Asset Value per Share ( High Watermark ) of the previous year. The initial Subscription price represents the first High Watermark. For Class C Shares, the Performance Fee will be equal to a maximum of 10% of the appreciation of the Net Asset Value per Share (net of Performance Fee) as at the end of such calendar year exceeding High Watermark of the previous year, after deduction of the Hurdle Rate. Origo Patrimonium Fund: For all of the Classes of Shares, Performance Fee will be calculated as follows: at the end of the calendar year for which Performance Fee is to be calculated, the Performance Fee for each Share will be equal to a maximum of 10% of the appreciation of the Net Asset Value per Share (net of Performance Fee) as at the end of such calendar year exceeding the end-of-year Net Asset Value per Share ( High Watermark ) of the previous year, after deduction of 5% ( Hurdle Rate ). The initial Subscription price represents the first High Watermark No Performance fees were paid for the year ended 30 June FORMATION EXPENSES Origo Active Allocation Fund: As at 1 January 2015: Additions for the year: Amortisation for the year: As at 31 December 2015: Draupnir Investment Fund: As at 1 January 2015: Additions for the year: Amortisation for the year: As at 31 December 2015: Origo Patrimonium Fund: As at 1 January 2015: Additions for the year: Amortisation for the year: As at 31 December 2015: 68, EUR 0,00 EUR 8, EUR 60, EUR 6, EUR 0.00 EUR 6, EUR 9.00 EUR 5, EUR, EUR 0.00 EUR EUR 9.00 EUR 5, EUR 15

17 INFORMATION FOR SHAREHOLDERS (UNAUDITED) Determination of the Global Exposure The methodology used in order to calculate the Global Exposure resulting from the use of financial derivative instruments is the commitment approach in accordance with CSSF Circular 11/