Semi-Annual Report 2017

Transcription

1 GREEN ASH SICAV MULTI ASSET FUND Semi-Annual Report 2017 Société d Investissement à Capital Variable R.C.S. Luxembourg N B Unaudited semi-annual report as of 30 June 2017

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3 Unaudited semi-annual report as of 30 June 2017 Table of contents Page Management and Administration 2 General Information 4 GREEN ASH SICAV MULTI ASSET FUND 5 Key figures 5 Structure of the Securities Portfolio 5 Statement of Net Assets 6 Statement of Operations 7 Statement of Changes in Net Assets 8 Changes in the Number of Shares outstanding 8 Statement of Investments in Securities and other Net Assets as of 30 June Notes to the Financial Statements 12 Appendix 18 Additional information for shareholders in Switzerland 19 The Shares have not been and will not be registered under the US Securities Act and the Company has not been and will not be registered under the US Investment Company Act. The Shares may not be offered, sold, transferred or delivered, directly or indirectly, in the United States of America, its territories or possessions or to US Persons. 1

4 Management and Administration Registered Office 5, Heienhaff L-1736 Senningerberg Chairman of the Board James Sanders, Partner Green Ash Partners LLP 11, Albemarle Street London W1S 4HH United Kingdom Board of Directors of the Management Company Jost Rodewald Managing Director of Aquila Capital Management GmbH, Hamburg Roman Rosslenbroich Managing Director of Aquila Capital Management GmbH, Hamburg Dr. Harald Schönebeck Managing Director of Alceda Fund Management S.A. Senningerberg Members of the Board Serge Dollendorf Managing Director CERES Business Solutions S.àr.l. 5, Heienhaff L-1736 Senningerberg Jean-Claude Michels Managing Director CERES Business Solutions S.àr.l. 5, Heienhaff L-1736 Senningerberg Management Company Day-to-Day managers of the Management Company Jens Eisenbart Désirée Eklund Dr. Harald Schönebeck Albert Sowa Depositary and Paying Agent UBS Europe SE, Luxembourg Branch 33A, avenue J.F. Kennedy L-1855 Luxembourg Alceda Fund Management S.A. 5, Heienhaff L-1736 Senningerberg Share capital pursuant to the articles of incorporation as at 31 December 2016: EUR

5 Management and Administration (cont.) Administrative Agent, Registrar and Transfer Agent UBS Fund Services (Luxembourg) S.A. 33A, avenue J.F. Kennedy L-1855 Luxembourg Auditor PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator, B.P L-1014 Luxembourg Investment Manager Green Ash Partners LLP 11, Albemarle Street London, W1S 4HH United Kingdom 3

6 General Information GREEN ASH SICAV (the Company ) is an openended investment company organised under the laws of Luxembourg as a société d investissement à capital variable (SICAV). The Company was incorporated on 11 June 2015 as an investment company with variable capital (société d investissement à capital variable) pursuant to part I of the 2010 Act, as amended. The Company is registered with the Luxembourg trade and companies register under number B Its Articles have been published in the Mémorial on 27 June The Company is subject to the provisions of the 2010 Act and of the 1915 Act insofar as the 2010 Act does not derogate therefrom. The Company has an umbrella structure consisting of one or several subfunds. The Board has appointed Alceda Fund Management S.A. as the Management Company of the Company to serve as its designated Management Company in accordance with the 2010 Act pursuant to the Management Company Agreement for an unlimited duration, unless terminated by either party with ninety (90) days prior written notice. The Management Company must at all time act honestly, fairly, professionally and independently in conducting its activities in the sole interest of the shareholders and in conformity with the 2010 Act, the Prospectus and the Articles. As at 30 June 2017, the following subfund is active: GREEN ASH SICAV MULTI ASSET FUND Shares may only be issued in registered form. The annual general meeting of the shareholders in the Company shall be held at the registered office of the Company or on the place specified in the convening notice on the last Friday in May of each year at 2 p.m. (Luxembourg time). If this day is a legal or banking holiday in Luxembourg, the annual general meeting will be held on the preceding Business Day. The financial year of the Fund ends December (31 December) of each year. The annual and semi-annual reports are available free of charge at the registered office of the Company and the Management Company. No subscription may be accepted on the basis of the financial reports. Subscriptions are accepted only on the basis of the current prospectus accompanied by the latest annual report and the latest semi-annual report if available. The figures stated in this report are historical and not necessarily indicative of future performance. The Management Company was incorporated in Luxembourg as a société anonyme on 9 January 2007 under the laws of the Grand Duchy of Luxembourg. Its articles of incorporation were first published in the Mémorial C on 27 February Its initial share capital amounted at EUR Its registered office is at 5, Heienhaff, L-1736 Senningerberg, Grand Duchy of Luxembourg. The Management Company is registered with the Luxembourg Registre de Commerce et des Sociétés under the number B and is approved as a management company under Chapter 15 of the 2010 Act. 4

7 MULTI ASSET FUND Key figures ISIN Net assets in USD Class IA GBP 1 LU Shares outstanding Net asset value per share in GBP Class IA USD 2 LU Shares outstanding Net asset value per share in USD Class RA USD 3 LU Shares outstanding Net asset value per share in USD First NAV: First NAV: For the period from to the share class RA USD was in circulation Structure of the Securities Portfolio Geographical Breakdown as a % of net assets United States United Kingdom Ireland 5.26 Canada 4.95 Mexico 4.69 Monaco 1.58 Jersey 1.52 The Netherlands 1.38 Australia 0.48 Total Economic Breakdown as a % of net assets Banks & credit institutions Countries & central governments Finance & holding companies 9.10 Internet, software & IT services 8.19 Retail trade, department stores 5.53 Investment funds 5.26 Petroleum 3.87 Mining, coal & steel 3.44 Building industry & materials 3.07 Healthcare & social services 2.10 Traffic & transportation 1.98 Non-ferrous metals 1.63 Pharmaceuticals, cosmetics & medical products 1.63 Miscellaneous trading companies 1.52 Mechanical engineering & industrial equipment 1.22 Tobacco & alcohol 1.15 Real Estate 1.04 Food & soft drinks 0.97 Telecommunications 0.92 Electronics & semiconductors 0.87 Precious metals & stones 0.48 Total The notes are an integral part of the financial statements. 5

8 MULTI ASSET FUND Statement of Net Assets USD Assets Investments in securities, cost Investments in securities, unrealized appreciation (depreciation) Total investments in securities (Note 1) Cash at banks, deposits on demand and deposit accounts (Note 1) Other liquid assets (Margins) Interest receivable on securities Receivable on dividends Other receivables Formation expenses, net (Note 2) Unrealized gain (loss) on financial futures (Note 1) Unrealized gain (loss) on forward foreign exchange contracts (Note 1) Total Assets Liabilities Bank overdraft Provisions for investment manager fees (Note 2) Provisions for management company fees (Note 2) Provisions for administration fees (Note 2) Provisions for depositary fees (Note 2) Provisions for taxe d abonnement (Note 3) Provisions for government fees (Note 2) Provisions for audit fees, legal and economic advice (Note 2) Provisions for other commissions and fees (Note 2) Total provisions Total Liabilities Net assets at the end of the period The notes are an integral part of the financial statements.

9 MULTI ASSET FUND Statement of Operations USD Income Interest on liquid assets Interest on securities Dividends Other income Total income Expenses Investment manager fees (Note 2) Management company fees (Note 2) Administration fees (Note 2) Depositary fees (Note 2) Distribution fees (Note 2) Taxe d abonnement (Note 3) Government fees (Note 2) Audit fees, legal and economic advice (Note 2) Publications, printing costs and publicity (Note 2) Amortization of formation expenses (Note 2) Other commissions and fees (Note 2) Interest on cash and bank overdraft Other expenses Total expenses Net income (loss) on investments Realized gain (loss) (Note 1) Realized gain (loss) on market-priced securities without options Realized gain (loss) on yield-evaluated securities and money market instruments Realized gain (loss) on financial futures Realized gain (loss) on forward foreign exchange contracts Realized gain (loss) on foreign exchange Total realized gain (loss) Net realized gain (loss) of the period Changes in unrealized appreciation (depreciation) (Note 1) Unrealized appreciation (depreciation) on market-priced securities without options Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments Unrealized appreciation (depreciation) on financial futures Unrealized appreciation (depreciation) on forward foreign exchange contracts Total changes in unrealized appreciation (depreciation) Net increase (decrease) in net assets as a result of operations The notes are an integral part of the financial statements. 7

10 MULTI ASSET FUND Statement of Changes in Net Assets USD Net assets at the beginning of the period Subscriptions Redemptions Total net subscriptions (redemptions) Net income (loss) on investments Total realized gain (loss) Total changes in unrealized appreciation (depreciation) Net increase (decrease) in net assets as a result of operations Net assets at the end of the period Changes in the Number of Shares outstanding Class IA GBP Number of shares outstanding at the beginning of the period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the period Class IA USD Number of shares outstanding at the beginning of the period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the period The notes are an integral part of the financial statements.

11 MULTI ASSET FUND Statement of Investments in Securities and other Net Assets as of 30 June 2017 Description Quantity/ Valuation in USD as a % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts/ Swaps (Note 1) Transferable securities and money market instruments listed on an official stock exchange Bearer shares Australia CAD CHAMPION IRON LTD NPV Total Australia Canada CAD BANK MONTREAL QUE COM CAD BANK NOVA SCOTIA HALIFAX COM USD CAN PACIFIC RYS COM NPV CAD ROYAL BK OF CANADA COM NPV CAD TORONTO-DOMINION COM NPV Total Canada Jersey GBP GLENCORE XSTRATA ORD USD Total Jersey Monaco USD GASLOG LTD COM USD Total Monaco The Netherlands GBP ROYAL DUTCH SHELL B SHS EUR0.07 (UK LIST) Total The Netherlands United Kingdom GBP BHP BILLITON PLC USD GBP RIO TINTO ORD GBP Total United Kingdom United States USD ACTIVISION BLIZZAR COM STK USD USD ALPHABET INC CAP STK USD0.001 CL A USD ALTRIA GROUP INC COM USD USD AMAZON COM INC COM USD USD BK OF AMERICA CORP COM USD USD CHEVRON CORP COM USD USD CITIGROUP INC COM USD USD COSTCO WHSL CORP NEW COM USD CROWN CASTLE INTL COM USD USD ELECTRONIC ARTS INC COM USD FACEBOOK INC COM USD CL A USD GEN ELEC CO COM USD USD GOLDMAN SACHS GRP COM USD USD HOME DEPOT INC COM USD USD JACOBS ENG GROUP COM USD USD JP MORGAN CHASE & COM USD USD MACQUARIE INFR LLC LIMITED LIABILITY INTEREST USD MARTIN MARIETTA M. COM USD USD NUCOR CORP COM USD PEPSICO INC CAP USD USD PFIZER INC COM USD USD QUANTA SVCS INC COM USD STEEL DYNAMICS INC COM USD SUMMIT MATERIALS CL A COM USD USD T-MOBILE US INC COM USD USD TAKE TWO INTERACTI COM USD USD U S SILICA HLDGS I COM USD USD UNITEDHEALTH GRP COM USD USD US CONCRETE INC COM USD USD VISA INC COM STK USD USD VULCAN MATERIALS COM STK USD USD WALT DISNEY CO. DISNEY COM USD Total United States Total Bearer shares The notes are an integral part of the financial statements. 9

12 MULTI ASSET FUND Statement of Investments in Securities and other Net Assets as of 30 June 2017 (cont.) Description Quantity/ Valuation in USD as a % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts/ Swaps (Note 1) Notes, fixed rate USD USD BANK OF AMERICA CORP % USD GOLDMAN SACHS GROUP INC/THE % USD JPMORGAN CHASE & CO % USD MORGAN STANLEY % Total USD Total Notes, fixed rate Bonds, fixed rate GBP GBP UNITED KINGDOM OF GREAT BRITAIN & N IRL % Total GBP MXN MXN MEXICO, UNITED MEXICAN STATES % Total MXN Total Bonds, fixed rate Total Transferable securities and money market instruments listed on an official stock exchange UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 Investment funds, open end Ireland USD ETFS US ENERGY INFRASTRUCTURE MLP GO UCITS ETF CLASS-A- USD USD SOURCE MARKETS PLC-NASDAQ BIOTECH UCITS-USD-A-ACC-ETF Total Ireland Total Investment funds, open end Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December Total investments in securities Derivative instruments Derivative instruments listed on an official stock exchange Financial Futures on bonds EUR EURO-BUND FUTURE Total Financial Futures on bonds Total Derivative instruments listed on an official stock exchange Total Derivative instruments The notes are an integral part of the financial statements.

13 MULTI ASSET FUND Statement of Investments in Securities and other Net Assets as of 30 June 2017 (cont.) Description Quantity/ Valuation in USD as a % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts/ Swaps (Note 1) Forward Foreign Exchange contracts Forward Foreign Exchange contracts (Purchase/Sale) GBP USD USD GBP USD CAD GBP USD RUB USD USD CNY USD CAD USD GBP USD DKK USD JPY USD CNY RUB USD USD GBP USD DKK JPY USD USD GBP CNY USD USD GBP TRY USD USD RUB Total Forward Foreign Exchange contracts (Purchase/Sale) Cash at banks, deposits on demand and deposit accounts and other liquid assets Bank overdraft and other short-term liabilities Other assets and liabilities Total net assets The notes are an integral part of the financial statements. 11

14 Notes to the Financial Statements Note 1 Significant accounting policies The Financial Statements of the SICAV have been prepared in accordance with Luxembourg regulations relating to undertakings for collective investment, including the following significant policies: The financial statements of the subfund is established in the reference currency of the subfund. a) Calculation of the net asset value The Company, the subfund and each Class in a subfund have a Net Asset Value determined in accordance with the Articles of incorporation. The Consolidation Currency of the Company is the USD. The Net Asset Value of each subfund and Class will be calculated in the Reference Currency of the subfund or Class, as it is stipulated in the relevant Special Section of the Prospectus, and will be determined by the Administrative Agent for each Valuation Day on the NAV Calculation Day, by calculating the aggregate of: the value of all assets of the Company which are allocated to the relevant subfund in accordance with the provisions of the Articles; less all the liabilities of the Company which are allocated to the relevant subfund and Class in accordance with the provisions of the Articles, and all fees attributable to the relevant subfund and Class, which fees have accrued but are unpaid on the relevant Valuation Day. The Net Asset Value per Share for a Valuation Day will be calculated in the Reference Currency of the relevant subfund and will be calculated by the Administrative Agent at such time as the Board shall determine on the NAV Calculation Day of the relevant subfund by dividing the Net Asset Value of the relevant subfund by the number of Shares which are in issue on such Valuation Day in the relevant subfund (including Shares in relation to which a shareholder has requested redemption to be processed on such Valuation Day). If the subfund has more than one Class in issue, the Administrative Agent will calculate the Net Asset Value per Share of each Class for a Valuation Day by dividing the portion of the Net Asset Value of the relevant subfund attributable to a particular Class by the number of Shares of such Class in the relevant subfund which are in issue on such Valuation Day (including Shares in relation to which a shareholder has requested redemption to be processed on such Valuation Day). The Net Asset Value per Share may be rounded up or down to the nearest whole hundredth share of the currency in which the Net Asset Value of the relevant Shares are calculated. The reference currency of the Company is the USD. b) Valuation principles The assets of the Company will be valued as follows: 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 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 Directors or their delegate may consider appropriate in such case to reflect the true value thereof; The value of Transferable Securities, Money Market Instruments and financial derivative instruments are valued on the basis of the last available price of the relevant stock exchange or regulated market on which these securities or assets are traded or admitted for trading. Where such securities or other assets quoted or dealt in on one or more than one stock exchange or regulated market, the Board or its delegate shall adopt policies as to the order of priority in which such stock exchanges or other regulated markets shall be used for the provisions of prices of securities or assets; 12 The notes are an integral part of the financial statements.

15 Notes to the Financial Statements (cont.) If a Transferable Security or Money Market Instrument is not traded or admitted on any official stock exchange or an regulated market, or in the case of Transferable Securities or Money Market Instruments so traded or admitted where the last available price is not representative of their fair market value, the Board or its delegate shall proceed on the basis of their reasonably foreseeable sales price, which shall be valued with prudence and in good faith; OTC Derivatives will be valued in accordance with market practice. For certain subfund using OTC Derivatives as part of their main Investment Policy, the valuation method of the OTC Derivative may be further specified in the relevant Special Section of the Prospectus; Units or shares of UCITS and UCIs shall be valued on the basis of their last available net asset asset value, as reported by such undertakings; Liquid assets and Money Market Instruments may be valued at nominal value plus any accrued interest. c) Conversion of foreign currencies Bank accounts, other net assets and the valuation of the investments in securities held denominated in currencies other than the reference currency of the subfund is converted at the mid closing spot rates on the valuation date. Income and expenses denominated in currencies other than the currency of the subfund is converted at the mid closing spot rates at payment date. Gain or loss on foreign exchange is included in the statement of operations. The cost of securities denominated in currencies other than the reference currency of the subfund is converted at the mid closing spot rate on the day of acquisition. d) Valuation of financial futures contracts Financial futures contracts are valued based on the latest available published price applicable on the valuation date. Realized gains and losses and the changes in unrealized gains and losses are recorded in the statement of operations. The realized gains and losses are calculated in accordance with the FIFO method, i.e. the first contracts acquired are regarded as the first to be sold. e) Valuation on options Outstanding options traded on a regulated market are valued on the settlement price or the last available market price of the instruments. OTC options are marked to market based upon daily prices obtained from Bloomberg option pricer functionality and checked against third party pricing agents. The realized gains or losses on options and the change in unrealized appreciation or depreciation on options are disclosed in the statement of operations and in the changes in net assets respectively under the positions realized gains (losses) on options and Unrealized appreciation (depreciation) on options. f) Valuation of forward foreign exchange contracts The unrealized gain (loss) of outstanding forward fo reign exchange contracts is valued on the basis of the forward exchange rates prevailing at valuation date. The realized gains or losses on forward foreign exchange contracts and the change in unrealized appreciation or depreciation on forward foreign exchange contracts are disclosed in the statement of operations and in the changes in net assets under the positions realized gains (losses) on forward foreign exchange contracts respectively Unrealized appreciation (depreciation) on forward foreign exchange contracts. If any of the aforementioned valuation principles do not reflect the valuation method commonly used in specific markets or if any such valuation principles do not seem accurate for the purpose of determining the value of a subfund s assets, the Board or its delegate may adopt different valuation principles in good faith and in accordance with generally accepted valuation principles and procedures. Note 2 Fees and Expenses Formation and launching expenses The Company shall bear all the costs and expenses incurred in connection with the formation of the Company, including any setting up fees (which The notes are an integral part of the financial statements. 13

16 Notes to the Financial Statements (cont.) may be charged by the Management Company or any third party in relation to the preparation of the initial fund documents and the initial organisation of the Company) and notary fees, and the creation and launching of the Initial subfund. Any such costs and expenses will be written off over a period not exceeding five years. Expenses incurred in connection with the creation and launching of any additional subfund may be borne by the relevant subfund and be written off over a period not exceeding five years. Hence, the additional subfunds will not bear a pro rata proportion of the formation and launching expenses incurred on behalf of, or in connection with, the formation of the Company and the launching of the Initial subfund. In relation to the launching of a particular subfund, a start-up fee to be borne out of the subfund s assets may be provided for in respect of a particular subfund or Class to cover the start-up activity (which may extent over the first year) in relation to e.g. the initial structuring of the investment strategy and of the subfund s portfolio, being however understood that such fee will not cover any transaction costs incurred in building up the portfolio. To the extent that such a start-up fee will be applicable in respect of a particular subfund or Class, the details thereof will be set out in respect of the relevant subfund or Class in the respective Special Section of the Prospectus. Any such fee may be written off over a period not exceeding five years. Operation and administration expenses The Company will pay out of the assets of the relevant subfund all expenses incurred by it, which will include but not be limited to: all taxes which may be due on the assets and the income of the Company; the reasonable disbursements and out-of-pocket expenses (including without limitation telephone, telex, cable and postage expenses) incurred by the Depositary and any custody charges of banks and financial institutions to whom custody of assets of the Company is entrusted; usual banking fees due on transactions involving securities or other assets (including derivatives) held in the portfolio of the Company (such fees to be included in the acquisition price and to be deducted from the selling price); the fees, expenses and all reasonable out-of-pocket expenses properly incurred by the Company, the Service Providers and any other agent appointed by the Company; legal expenses incurred by the Company or the Service Providers while acting in the interests of the shareholders; the cost and expenses of preparing and/or filing and printing the Articles and all other documents concerning the Company (in such languages as are necessary), including registration statements, prospectuses, key investor information documents and explanatory memoranda with all authorities (including local securities dealers associations) having jurisdiction over the Company or the offering of Shares of the Company; the costs of registering the Shares for public distribution and/or the maintenance of such registration; the cost of preparing, in such languages as are necessary for the benefit of the shareholders (including the beneficial holders of the Shares), and distributing annual and semi-annual reports and such other reports or documents as may be required under applicable laws or regulations; the cost of accounting, bookkeeping and calculating the Net Asset Value (and Adjusted Price); the cost of preparing, distributing and publishing notices to the shareholders; a reasonable share of the cost of promoting the Company, as determined in good faith by the Company, including reasonable marketing and advertising expenses; any director fees or remuneration (in an amount of up to EUR p.a. per director) and reasonable travel expenses incurred by them; fees payable in respect of the domiciliation of the Company; costs for calculating the risk and performance figures and the calculation of performance-related fees for the Management Company by third parties appointed to do so; the costs related to the use of index names, in particular license fees; costs charged at usual rates in relation to the assuming of the promoter function; auditors costs; the costs incurred with the admission and the maintenance of the Shares on the stock exchanges on which they are listed (if listed). The Company may 14 The notes are an integral part of the financial statements.

17 Notes to the Financial Statements (cont.) accrue in its accounts of administrative and other expenses of a regular or recurring nature based on an estimated amount rateably for yearly or other periods. Depositary Fee The Depositary is entitled to receive fees out of the assets of each Class within each subfund pursuant to the relevant agreement between the Depositary, the Management Company and the Company and in accordance with usual market practice. The Depositary is entitled to receive, out of the assets of each Class within each subfund, a variable fee of the Net Asset Value subject to a minimum fee per annum as further described in the Depositary Agreement. The respective variable fee is up to 0.06% p.a. calculated on a monthly based average Net Asset Value, subject to a minimum fee of EUR p.a. Further information on the depositary payable to the Depositary under the Depositary Agreement (including the applicable minimum fee per annum) can be obtained by investors from the Management Company upon request. In addition, the Depositary is entitled to recover from the Company sub-custody fees, transaction charges, and out-of-pocket expenses at normal commercial rates. The Paying Agent is entitled to receive fees out of the assets of the Company, in accordance with usual market practice and pursuant to the Depositary Agreement. Administrative Agent Fee The Administrative Agent is entitled to receive, out of the assets of each Class within each subfund, a variable fee which is up to 0.06% p.a. calculated on a monthly based average Net Asset Value, subject to a minimum fee of EUR p.a. This fee may be subject to a minimum fee per month as further described in the Administration Agreement. Further information on the administration fee payable to the Administrative Agent under the Administration Agreement (including the applicable minimum fee per annum) can be obtained by investors from the Management Company upon request. In addition, the Administrative Agent is entitled to any reasonable out-of-pocket expenses properly incurred in carrying out its duties under the Administration Agreement. Registrar and Transfer Agent Fee The Registrar and Transfer Agent is entitled to receive such fees as will be set out in respect of each subfund or Class, if applicable, in the relevant Special Section of the Prospectus. This fee may be subject to a minimum fee as further described in the Registrar and Transfer Agent Agreement. Further information on the registrar and transfer agent fee payable to the Registrar and Transfer Agent under the Registrar and Transfer Agent Agreement (including the applicable minimum fee) can be obtained by investors from the Management Company upon request. In addition, the Registrar and Transfer Agent may be entitled to any reasonable out-of-pocket expenses properly incurred in carrying out its duties. Management Company Fee and related expenses In consideration for all services provided by the Management Company, the Management Company is entitled to a Management Company Fee which is up to 0.15% p.a. based on a average Net Asset Value, subject to a minimum fee of EUR p.a. To the extent that the Management Company provides in accordance with the Management Company Agreement domiciliation services to the Company, the Management Company shall in addition be entitled to a yearly domiciliation fee amounting at EUR Remuneration of the Investment Manager(s) or Investment Adviser(s) If an Investment Manager or Investment Adviser is entitled to receive a remuneration out of the assets of a subfund, then such remuneration will be disclosed in respect of each subfund or Class, if applicable, in the relevant Special Section of the Prospectus. The remuneration of the Investment Manager(s) or Investment Adviser(s) may be payable to the Management Company or be included in the Management Company Fee, in which case the Management Company will pay the respective Investment Manager or Investment Adviser out of The notes are an integral part of the financial statements. 15

18 Notes to the Financial Statements (cont.) such remuneration. If no separate remuneration of the Investment Manager(s) or Investment Adviser(s) will be disclosed in the Special Section of the Prospectus, such remuneration may be deemed included in the Management Company Fee. Investment Management Fee: Class IA GBP: 0.80% p.a Class IA USD: 0.80% p.a. Class RA USD: up to 1.50% p.a. Performance Fee A performance related fee may be applicable in respect of a particular subfund or Class within that subfund. If a performance related fee will be applicable, the details thereof will be disclosed in respect of the concerned subfund or Class in the relevant Special Section of the Prospectus. For the active classes currently no performance fee is calculated. Distribution Fees The Distributors may be entitled for the services they render and for expenses incurred in connection with the sale of Shares and/or in connection with services rendered to shareholders and for managing shareholder accounts. If a distribution fee will be applicable, the details thereof will be disclosed in respect of the concerned subfund or Class in the relevant Special Section of the Prospectus. Note 3 Taxe d abonnement The Company s assets are subject to tax (taxe d abonnement) in Luxembourg at a rate of 0.05% p.a. on net assets (except for subfunds or Classes which are reserved to Institutional Investors which are subject to a tax at a reduced rate of 0.01% p.a. on net assets), payable quarterly. In case some subfunds are invested in other Luxembourg UCIs, which in turn are subject to the subscription tax provided for by the 2010 Act, no subscription tax is due from the Company on the portion of assets invested therein. Note 4 Commitments on Financial Futures Commitments on Financial Futures per subfund and respective currency as of 30 June 2017 can be summarised as follows: Financial Futures GREEN ASH SICAV Financial Futures Financial Futures on bonds on bonds (bought) (sold) MULTI ASSET FUND - USD USD Note 5 Exchange rates as at 30 June 2017 The exchange rates used for the conversion of the SICAV s assets and liabilities not denominated in USD is as follows: Exchange rates USD 1 = CAD USD 1 = CNY USD 1 = DKK USD 1 = EUR USD 1 = GBP USD 1 = JPY USD 1 = MXN USD 1 = NZD USD 1 = RUB USD 1 = SAR USD 1 = TRY USD 1 = ZAR The notes are an integral part of the financial statements.

19 Notes to the Financial Statements (cont.) Note 6 Cash accounts GREEN ASH SICAV Amount in Amount in CCY USD Cash held with depositary CAD USD Cash held with depositary CNY USD Cash held with depositary DKK USD Cash held with depositary EUR USD Cash held with depositary GBP USD Cash held with depositary MXN USD Cash held with depositary NZD USD Cash held with depositary RUB USD Cash held with depositary 0.07 USD 0.07 USD Cash held with depositary ZAR USD Bank overdraft at depositary GBP USD Bank overdraft at depositary JPY USD Bank overdraft at depositary SAR USD Bank overdraft at depositary USD USD Total USD Note 7 Distribution policy Class IA GBP: Accumulating Class IA USD: Accumulating For the period ended on 30 June 2017, the Company incurred transaction costs relating to purchase or sale of investments in securities and similar transactions as follows: GREEN ASH SICAV Transaction costs MULTI ASSET FUND USD Not all transaction costs are separately identifiable. For fixed income investments, forward currency contracts and other derivative contracts, transaction costs will be included in the purchase and sale price of the investment. Whilst not separately identifiable these transaction costs will be captured within the performance of each subfund. Note 9 Changes in the Statement of Investments The report on the changes in the Statement of Investments is available free of charge upon request at the registered office of the Company. Note 8 Transaction costs Transaction costs include brokerage fees, stamp duty, local taxes and other foreign charges if incurred during the period from 1 January 2017 until 30 June 2017 year. Transaction fees are included in the cost of securities purchased and sold. The notes are an integral part of the financial statements. 17

20 Appendix Transparency of securities financing transactions and their reuse No securities financing transactions or total return swaps within the meaning of Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012 ( SFTR ) were used in the investment fund s reporting period. As a result, no disclosures within the meaning of Article 13 of said Regulation need to be made to investors in the semi-annual report. 18

21 Additional information for shareholders in Switzerland The state of the origin of the Fund is Luxembourg. This document may only be distributed in or from Switzerland to qualified investors within the meaning of Art. 10 Para. 3, 3bis and 3ter CISA. The Representative in Switzerland is ACOLIN Fund Services AG, Affolternstrasse 56, CH-8050 Zurich, whilst the Paying Agent is Frankfurter Bankgesellschaft (Schweiz) AG, Börsenstrasse 16, CH-8022 Zurich. In respect of the units distributed in or from Switzerland, the place of performance and jurisdiction is at the registered office of the Swiss representative. The basic documents of the Fund as well as the annual and, if applicable, semi-annual report may be obtained free of charge at the registered office of the Swiss Representative. 19