SWISSCANTO (LU) PORTFOLIO FUND
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1 SWISSCANTO (LU) PORTFOLIO FUND Investment fund according to Part I of the Luxembourg Act with the legal form of a Fonds Commun de Placement (FCP) Audited annual report Management Company: SWISSCANTO ASSET MANAGEMENT INTERNATIONAL S.A. Custodian bank: RBC Investor Services Bank S.A. B No subscriptions may be received on the basis of the annual and semi-annual reports. Subscriptions may only be made on the basis of the current sales prospectus enclosed with the most recent annual report and, if appropriate, the most recent semi-annual report.
2 Page 2 Contents Page Administration and Corporate Bodies 4 General Information 6 Activity Reports 7 Statement of Net Assets 22 Income and Expense Statement and other Changes to Net Assets 26 Evolution of Shares in Circulation for the Fiscal Year Running from 1 April 2014 to 31 March Statistics 35 Swisscanto (LU) Portfolio Fund Income 45 Investment portfolio 45 Geographic and economic composition of Investment portfolio 51 Swisscanto (LU) Portfolio Fund Yield 52 Investment portfolio 52 Geographic and economic composition of Investment portfolio 64 Swisscanto (LU) Portfolio Fund Balanced 65 Investment portfolio 65 Geographic and economic composition of Investment portfolio 74 Swisscanto (LU) Portfolio Fund Growth 75 Investment portfolio 75 Geographic and economic composition of Investment portfolio 83 Swisscanto (LU) Portfolio Fund Equity 84 Investment portfolio 84 Geographic and economic composition of Investment portfolio 89 Swisscanto (LU) Portfolio Fund Yield (EUR) 90 Investment portfolio 90 Geographic and economic composition of Investment portfolio 99 Swisscanto (LU) Portfolio Fund Balanced (EUR) 100 Investment portfolio 100 Geographic and economic composition of Investment portfolio 108 Swisscanto (LU) Portfolio Fund Growth (EUR) 109 Investment portfolio 109 Geographic and economic composition of Investment portfolio 116 Swisscanto (LU) Portfolio Fund Green Invest Income 117 Investment portfolio 117 Geographic and economic composition of Investment portfolio 121 Swisscanto (LU) Portfolio Fund Green Invest Income (EUR) 122 Investment portfolio 122 Geographic and economic composition of Investment portfolio 126 Swisscanto (LU) Portfolio Fund Green Invest Yield 127 Investment portfolio 127 Geographic and economic composition of Investment portfolio 135 Swisscanto (LU) Portfolio Fund Green Invest Yield (EUR) 136 Investment portfolio 136 Geographic and economic composition of Investment portfolio 142
3 Page 3 Contents (cont.) Page Swisscanto (LU) Portfolio Fund Green Invest Balanced 143 Investment portfolio 143 Geographic and economic composition of Investment portfolio 151 Swisscanto (LU) Portfolio Fund Green Invest Balanced (EUR) 152 Investment portfolio 152 Geographic and economic composition of Investment portfolio 159 Swisscanto (LU) Portfolio Fund Green Invest Equity 160 Investment portfolio 160 Geographic and economic composition of Investment portfolio 165 Notes on the annual report 166 Report by the Réviseur d Entreprises agréé 183
4 Page 4 Administration and Corporate Bodies Management Company SWISSCANTO ASSET MANAGEMENT INTERNATIONAL S.A. 19, rue de Bitbourg, L-1273 Luxembourg Management Board Chairman Dr. Gérard Fischer, Switzerland, CEO Swisscanto Holding AG, Bern (Dr. Gérard Fischer stood down as Chairman of the Executive Board of Swisscanto Asset Management International S.A. on 8 April On 19 May 2015, Mr. Thomas Berger, Head of Product Management Zurich ZKB, was co-opted by the Executive Board of Swisscanto Asset Management International S.A. pursuant to Article 12 of the company s articles of association as a member of the Executive Board until the next annual general meeting of the company). Members Hans Frey, Switzerland, Managing Director Swisscanto Asset Management AG, Bern Richard Goddard, Luxembourg, Independent Company Director, The Directors' Office, Luxembourg Steve P. Cossins, England, Managing Director of Swisscanto Funds Centre Limited, London Roland Franz, Luxembourg, Managing Director Swisscanto Asset Management International S.A., Luxembourg Management Roland Franz, Luxembourg, Managing Director Swisscanto Asset Management International S.A., Luxembourg Marinko Sudar, Germany, Managing Director Swisscanto Asset Management International S.A., Luxembourg (until 31 October 2014) Michael Weiss, Germany, Managing Director Swisscanto Asset Management International S.A., Luxembourg (since 1 November 2014) Custodian Bank, Main Payment, Central Administration, Registration and Transfer Offices RBC Investor Services Bank S.A. 14, Porte de France, L-4360 Esch-sur-Alzette, Luxembourg Portfolio Manager Swisscanto Asset Management AG Nordring 4, 3000 Bern 25 Payment and Sales Offices Germany DekaBank Deutsche Girozentrale Mainzer Landstrasse 16, D Frankfurt am Main Liechtenstein Valartis Bank (Liechtenstein) AG Schaaner Strasse 27, FL-9487 Gamprin-Bendern Luxembourg RBC Investor Services Bank S.A. 14, Porte de France, L-4360 Esch-sur-Alzette, Luxembourg Austria Vorarlberger Landes- und Hypothekenbank Aktiengesellschaft Hypo-Passage 1, A-6900 Bregenz
5 Page 5 Administration and Corporate Bodies (cont.) Payment Agent in Switzerland Basler Kantonalbank Spiegelgasse 2, CH-4002 Basel Representative Agent in Switzerland Swisscanto Asset Management AG Nordring 4, CH-3000 Bern 25 Central Order Collection Point Swisscanto Funds Centre Limited 4th Floor, 51 Moorgate, GB-London EC2R 6BH Cabinet de révision agréé (Auditor) KPMG Luxembourg, Société coopérative 39, Avenue John F. Kennedy, L-1855 Luxembourg Legal Advisor Law office Arendt & Medernach 14, rue Erasme, L-2082 Luxembourg Hengeler Mueller Partnership of Attorneys Bockenheimer Landstrasse 24, D Frankfurt/Main
6 Page 6 General Information Investment funds under Luxembourg Umbrella Construction Law is subject to the legal provisions set forth in the first part of the Luxembourg law regarding undertakings for collective investment dated 17 December The contractual conditions of the investment fund were set forth by the management company on 14 November Several amendments followed and, in accordance with the terms of the contract, were published in the "Mémorial". The current versions of the management company's articles of association and the contract terms of the fund have been deposited at the Kanzlei des Bezirksgerichts (Chancellery of the Circuit Court) Luxembourg, where they can be viewed. The contract terms, the detailed sales prospectus, key investor information and the annual and semi-annual reports can be obtained in paper form free of charge direct from Swisscanto Asset Management AG at the Management Company s head office, the Custodian Bank and its representative in Switzerland, from the German payment and information office, and from any branch of the cantonal banks and any payment and sales office. The information is also available on the Swisscanto website ( where additional current information on the fund is also available. No investments may be received based on the annual and semi-annual reports. Subscriptions shall only be made after consulting the current sales prospectus and the most recent annual report, as well as, where available, any subsequent semi-annual report. Sales restrictions Shares in may not be offered, sold or delivered within the US. Guideline of the Swiss Funds and Asset Management Association SFAMA concerning transparency in administrative commissions (7 June 2005) Compensation for the marketing of the investment fund is paid out of the flat-rate administrative commission. The fund management also intends to offer remuneration to institutional investors holding fund shares for third parties from the flat-rate administrative commission. Risk management process The management company sets forth a risk management procedure for the fund and each subfund in line with the Law of 17 December 2010 and other applicable provisions, in particular CSSF Circular 11/512. As part of the risk management procedure, the overall risk of all subfunds is measured and monitored using the commitment approach.
7 Page 7 Swisscanto (LU) Portfolio Fund Income Activity Reports Swisscanto (LU) Portfolio Fund Income Market overview The period under review was characterised by geopolitical turmoil in the trouble spots of Ukraine, Iraq, and Syria. Economic sanctions imposed by western industrialised countries on Russia combined with a falling ruble resulted in lower growth forecasts for export-oriented euro zone countries. Emerging market countries also had to contend with weaker currencies owing to concerns over growth. In Europe, the Greek crisis and the Greek government's swing to the left made investors nervous. However, thanks to structural banking reforms initiated in Brussels, the financial system now appears more crisis-resistant. For markets, this means that negative price corrections have not been long-lasting. Furthermore, monetary policy decisions by the European Central Bank aimed at stimulating growth led to a revival of investor confidence. Temporary uncertainty was provoked by the surprise decision of the Swiss National Bank in mid-january 2015 to abandon the exchange rate cap on the Swiss franc against the euro. This further depressed interest rates in CHF. By the end of the reporting period a slight rebound had occurred, but interest rates remain at a very low level overall. Review of categories relevant to the fund Government bond yields fell significantly over the period as a whole. This had a positive impact on bond performance. Both corporate bonds and government papers performed well. The slightly shorter overall duration did not pay off during this period. Spanish and Italian government bonds delivered above-average returns. All major currencies with the exception of the USD depreciated significantly against CHF. Performance overview The fund made gains over the reporting period amounting to 4.8%. The slightly shorter overall duration did not pay off during this period due to the continued decline in interest rates. The conservative stance relative to Spanish and Italian government bonds also proved disadvantageous. On the other hand, the currency hedging had a positive effect. ISIN no.: Class A : LU ISIN no.: Class B : LU Securities no.: Class A : Securities no.: Class B : Sub-fund performance 1 April March 2015: Class A : 4.83% Class B : 4.82% The historic performance is not an indicator of the current or future performance. Performance details do not take into account the costs and commissions for the issue and return of the shares. The information and figures contained in this report are based upon the past and provide no indication of future developments.
8 Page 8 Swisscanto (LU) Portfolio Fund Yield Activity Reports Swisscanto (LU) Portfolio Fund Yield Market overview The period under review was characterised by geopolitical turmoil in the trouble spots of Ukraine, Iraq, and Syria. Economic sanctions imposed by western industrialised countries on Russia combined with a falling ruble resulted in lower growth forecasts for export-oriented euro zone countries. Emerging market countries also had to contend with weaker currencies owing to concerns over growth. In Europe, the Greek crisis and the Greek government's swing to the left made investors nervous. However, thanks to structural banking reforms initiated in Brussels, the financial system now appears more crisis-resistant. For markets, this means that price corrections occurring since then have not been long-lasting. Furthermore, monetary policy decisions by the European Central Bank aimed at stimulating growth led to a revival of investor confidence. Uncertainty was provoked by the surprise decision of the Swiss National Bank in mid-january 2015 to abandon the exchange rate cap on the Swiss franc against the euro. This further depressed interest rates in CHF. By the end of the reporting period a slight rebound had occurred, but interest rates remain at a very low level overall. Review of categories relevant to the fund Government bond yields fell significantly over the period as a whole. This had a positive impact on bond performance. Both corporate bonds and government papers performed well. The slightly shorter overall duration did not pay off during this period. Spanish and Italian government bonds delivered above-average returns. Equity markets performed very positively overall. All major currencies with the exception of the USD depreciated significantly against CHF. Performance overview The fund made significant gains in the period under review. The overweight in equities made a positive contribution. On the equities side, the fund lagged behind the synthetic benchmark. The overweight in information technology stocks and basic consumer goods contributed positively to performance The positions in commodities and the energy sector, on the other hand, had a negative impact. On the bonds side, the slightly shortened overall duration did not pay off in this period owing to the further decline in interest rates. The conservative stance relative to Spanish and Italian government bonds also proved disadvantageous. The currency hedging, however, had a positive impact. ISIN no.: Class A : LU ISIN no.: Class B : LU Securities no.: Class A : Securities no.: Class B : Sub-fund performance 1 April March 2015: Class A : 6.88% Class B : 6.89% The historic performance is not an indicator of the current or future performance. Performance details do not take into account the costs and commissions for the issue and return of the shares. The information and figures contained in this report are based upon the past and provide no indication of future developments.
9 Page 9 Swisscanto (LU) Portfolio Fund Balanced Activity Reports Swisscanto (LU) Portfolio Fund Balanced Market overview The period under review was characterised by geopolitical turmoil in the trouble spots of Ukraine, Iraq, and Syria. Economic sanctions imposed by western industrialised countries on Russia combined with a falling ruble resulted in lower growth forecasts for export-oriented euro zone countries. Emerging market countries also had to contend with weaker currencies owing to concerns over growth. In Europe, the Greek crisis and the Greek government's swing to the left made investors nervous. However, thanks to structural banking reforms initiated in Brussels, the financial system now appears more crisis-resistant. For markets, this means that price corrections occurring since then have not been long-lasting. Furthermore, monetary policy decisions by the European Central Bank aimed at stimulating growth led to a revival of investor confidence. Uncertainty was provoked by the surprise decision of the Swiss National Bank in mid-january 2015 to abandon the exchange rate cap on the Swiss franc against the euro. This further depressed interest rates in CHF. By the end of the reporting period a slight rebound had occurred, but interest rates remain at a very low level overall. Review of categories relevant to the fund Government bond yields fell significantly over the period as a whole. This had a positive impact on bond performance. Both corporate bonds and government papers performed well. The slightly shorter overall duration did not pay off during this period. Spanish and Italian government bonds delivered above-average returns. Equity markets performed very positively overall. All major currencies with the exception of the USD depreciated significantly against CHF. Performance overview The fund made significant gains in the period under review. The overweight in equities made a positive contribution. On the equities side, the fund lagged behind the synthetic benchmark. The overweight in information technology stocks and basic consumer goods contributed positively to performance The positions in commodities and the energy sector, on the other hand, had a negative impact. On the bonds side, the slightly shortened overall duration did not pay off in this period owing to the further decline in interest rates. The conservative stance relative to Spanish and Italian government bonds also proved disadvantageous. The currency hedging, however, had a positive impact. ISIN no.: Class A : LU ISIN no.: Class B : LU ISIN no.: Class R : LU Securities no.: Class A : Securities no.: Class B : Securities no.: Class R : Sub-fund performance 1 April March 2015: Class A : 7.73% Class B : 7.74% Sub-fund performance 23 January March 2015: Class R : 5.75% The historic performance is not an indicator of the current or future performance. Performance details do not take into account the costs and commissions for the issue and return of the shares. The information and figures contained in this report are based upon the past and provide no indication of future developments.
10 Page 10 Swisscanto (LU) Portfolio Fund Growth Activity Reports Swisscanto (LU) Portfolio Fund Growth Market overview The period under review was characterised by geopolitical turmoil in the trouble spots of Ukraine, Iraq, and Syria. Economic sanctions imposed by western industrialised countries on Russia combined with a falling ruble resulted in lower growth forecasts for export-oriented euro zone countries. Emerging market countries also had to contend with weaker currencies owing to concerns over growth. In Europe, the Greek crisis and the Greek government's swing to the left made investors nervous. However, thanks to structural banking reforms initiated in Brussels, the financial system now appears more crisis-resistant. For markets, this means that price corrections occurring since then have not been long-lasting. Furthermore, monetary policy decisions by the European Central Bank aimed at stimulating growth led to a revival of investor confidence. Uncertainty was provoked by the surprise decision of the Swiss National Bank in mid-january 2015 to abandon the exchange rate cap on the Swiss franc against the euro. This further depressed interest rates in CHF. By the end of the reporting period a slight rebound had occurred, but interest rates remain at a very low level overall. Review of categories relevant to the fund Government bond yields fell significantly over the period as a whole. This had a positive impact on bond performance. Both corporate bonds and government papers performed well. The slightly shorter overall duration did not pay off during this period. Spanish and Italian government bonds delivered above-average returns. Equity markets performed very positively overall. All major currencies with the exception of the USD depreciated significantly against CHF. Performance overview The fund made significant gains in the period under review. The overweight in equities made a positive contribution. On the equities side, the fund lagged behind the synthetic benchmark. The overweight in information technology stocks and basic consumer goods contributed positively to performance The positions in commodities and the energy sector, on the other hand, had a negative impact. On the bonds side, the slightly shortened overall duration did not pay off in this period owing to the further decline in interest rates. The conservative stance relative to Spanish and Italian government bonds also proved disadvantageous. The currency hedging, however, had a positive impact. ISIN no.: Class A : LU ISIN no.: Class B : LU Securities no.: Class A : Securities no.: Class B : Sub-fund performance 1 April March 2015: Class A : 9.30% Class B : 9.30% The historic performance is not an indicator of the current or future performance. Performance details do not take into account the costs and commissions for the issue and return of the shares. The information and figures contained in this report are based upon the past and provide no indication of future developments.
11 Page 11 Swisscanto (LU) Portfolio Fund Equity Activity Reports Swisscanto (LU) Portfolio Fund Equity Market overview The period under review was initially characterised by geopolitical turmoil in the trouble spots of Ukraine, Iraq, and Syria. Economic sanctions imposed by western industrialised countries on Russia combined with a falling ruble resulted in lower growth forecasts for export-oriented euro zone countries. Emerging market countries also had to contend with weaker currencies owing to concerns over growth. In Europe, the Greek crisis and the Greek government's swing to the left made investors nervous. However, thanks to structural banking reforms initiated in Brussels, the financial system now appears more crisis-resistant. For markets, this means that negative price corrections have not been long-lasting. Furthermore, monetary policy decisions by the European Central Bank aimed at stimulating growth led to a revival of investor confidence. Temporary uncertainty was provoked by the surprise decision of the Swiss National Bank in mid-january 2015 to abandon the exchange rate cap on the Swiss franc against the euro. This put pressure on the Swiss equity market, which is dominated by exporters. Since then, however, markets have recovered and the trend has been positive overall. The fund also made gains over the reporting period amounting to 11.2%. Review of categories relevant to the fund During the year under review, the fund performed differently across the various regions where it is invested. While emerging markets did less well, equity markets in Switzerland, Japan and the United States made gains. At sector level, the areas of healthcare, IT and consumer goods were among the winners. Losers included the energy sector, commodities and telecom services. From a style perspective, growth stocks did better than value stocks. Performance overview The fund underperformed the synthetic benchmark in the year under review. Our overweight in information technology stocks and basic consumer goods contributed positively to performance Our exposure to commodities and the energy sector, on the other hand, had a negative impact. ISIN no.: Class A : LU ISIN no.: Class B : LU ISIN no.: Class P : LU ISIN no.: Class R : LU Securities no.: Class A : Securities no.: Class B : Securities no.: Class P : Securities no.: Class R : Sub-fund performance 1 April March 2015: Class A : 11.21% Class B : 11.21% Class P*: 12.00% Sub-fund performance 19 February March 2015: Class R : 1.98% * The performance of the institutional unit classes is calculated using the net asset value assessment (unswung net asset value). By contrast the remaining classes are calculated using the modified net asset value (swung net asset value). The historic performance is not an indicator of the current or future performance. Performance details do not take into account the costs and commissions for the issue and return of the shares. The information and figures contained in this report are based upon the past and provide no indication of future developments.
12 Page 12 Swisscanto (LU) Portfolio Fund Yield (EUR) Activity Reports Swisscanto (LU) Portfolio Fund Yield (EUR) Market overview The period under review was characterised by geopolitical turmoil in the trouble spots of Ukraine, Iraq, and Syria. Economic sanctions imposed by western industrialised countries on Russia combined with a falling ruble resulted in lower growth forecasts for export-oriented euro zone countries. Emerging market countries also had to contend with weaker currencies owing to concerns over growth. In Europe, the Greek crisis and the Greek government's swing to the left made investors nervous. However, thanks to structural banking reforms initiated in Brussels, the financial system now appears more crisis-resistant. For markets, this means that price corrections occurring since then have not been long-lasting. Furthermore, monetary policy decisions by the European Central Bank aimed at stimulating growth led to a revival of investor confidence. Uncertainty was provoked by the surprise decision of the Swiss National Bank in mid-january 2015 to abandon the exchange rate cap on the Swiss franc against the euro. This further depressed interest rates in CHF. By the end of the reporting period a slight rebound had occurred, but interest rates remain at a very low level overall. Review of categories relevant to the fund Government bond yields fell significantly over the period as a whole. This had a positive impact on bond performance. Both corporate bonds and government papers performed well. Spanish and Italian government bonds delivered above-average returns. Equity markets performed very positively overall. All major currencies appreciated significantly against EUR. Performance overview The fund made significant gains in the period under review. The overweight in equities made a positive contribution. On the equities side, the fund lagged behind the synthetic benchmark. The overweight in information technology stocks and basic consumer goods contributed positively to performance The positions in commodities and the energy sector, on the other hand, had a negative impact. On the bonds side, the slightly shortened overall duration did not pay off in this period owing to the further decline in interest rates across a broad front. The conservative stance relative to Spanish and Italian government bonds also proved disadvantageous. ISIN no.: Class A : LU ISIN no.: Class B : LU Securities no.: Class A : Securities no.: Class B : Sub-fund performance 1 April March 2015: Class A : 14.34% Class B : 14.34% The historic performance is not an indicator of the current or future performance. Performance details do not take into account the costs and commissions for the issue and return of the shares. The information and figures contained in this report are based upon the past and provide no indication of future developments.
13 Page 13 Swisscanto (LU) Portfolio Fund Balanced (EUR) Activity Reports Swisscanto (LU) Portfolio Fund Balanced (EUR) Market overview The period under review was characterised by geopolitical turmoil in the trouble spots of Ukraine, Iraq, and Syria. Economic sanctions imposed by western industrialised countries on Russia combined with a falling ruble resulted in lower growth forecasts for export-oriented euro zone countries. Emerging market countries also had to contend with weaker currencies owing to concerns over growth. In Europe, the Greek crisis and the Greek government's swing to the left made investors nervous. However, thanks to structural banking reforms initiated in Brussels, the financial system now appears more crisis-resistant. For markets, this means that price corrections occurring since then have not been long-lasting. Furthermore, monetary policy decisions by the European Central Bank aimed at stimulating growth led to a revival of investor confidence. Uncertainty was provoked by the surprise decision of the Swiss National Bank in mid-january 2015 to abandon the exchange rate cap on the Swiss franc against the euro. This further depressed interest rates in CHF. By the end of the reporting period a slight rebound had occurred, but interest rates remain at a very low level overall. Review of categories relevant to the fund Government bond yields fell significantly over the period as a whole. This had a positive impact on bond performance. Both corporate bonds and government papers performed well. Spanish and Italian government bonds delivered above-average returns. Equity markets performed very positively overall. All major currencies appreciated significantly against EUR. Performance overview The fund made significant gains in the period under review. The overweight in equities made a positive contribution. On the equities side, the fund lagged behind the synthetic benchmark. The overweight in information technology stocks and basic consumer goods contributed positively to performance The positions in commodities and the energy sector, on the other hand, had a negative impact. On the bonds side, the slightly shortened overall duration did not pay off in this period owing to the further decline in interest rates across a broad front. The conservative stance relative to Spanish and Italian government bonds also proved disadvantageous. ISIN no.: Class A : LU ISIN no.: Class B : LU Securities no.: Class A : Securities no.: Class B : Sub-fund performance 1 April March 2015: Class A : 17.40% Class B : 17.41% The historic performance is not an indicator of the current or future performance. Performance details do not take into account the costs and commissions for the issue and return of the shares. The information and figures contained in this report are based upon the past and provide no indication of future developments.
14 Page 14 Swisscanto (LU) Portfolio Fund Growth (EUR) Activity Reports Swisscanto (LU) Portfolio Fund Growth (EUR) Market overview The period under review was characterised by geopolitical turmoil in the trouble spots of Ukraine, Iraq, and Syria. Economic sanctions imposed by western industrialised countries on Russia combined with a falling ruble resulted in lower growth forecasts for export-oriented euro zone countries. Emerging market countries also had to contend with weaker currencies owing to concerns over growth. In Europe, the Greek crisis and the Greek government's swing to the left made investors nervous. However, thanks to structural banking reforms initiated in Brussels, the financial system now appears more crisis-resistant. For markets, this means that price corrections occurring since then have not been long-lasting. Furthermore, monetary policy decisions by the European Central Bank aimed at stimulating growth led to a revival of investor confidence. Uncertainty was provoked by the surprise decision of the Swiss National Bank in mid-january 2015 to abandon the exchange rate cap on the Swiss franc against the euro. This further depressed interest rates in CHF. By the end of the reporting period a slight rebound had occurred, but interest rates remain at a very low level overall. Review of categories relevant to the fund Government bond yields fell significantly over the period as a whole. This had a positive impact on bond performance. Both corporate bonds and government papers performed well. Spanish and Italian government bonds delivered above-average returns. Equity markets performed very positively overall. All major currencies appreciated significantly against EUR. Performance overview The fund made significant gains in the period under review. The overweight in equities made a positive contribution. On the equities side, the fund lagged behind the synthetic benchmark. The overweight in information technology stocks and basic consumer goods contributed positively to performance The positions in commodities and the energy sector, on the other hand, had a negative impact. On the bonds side, the slightly shortened overall duration did not pay off in this period owing to the further decline in interest rates across a broad front. The conservative stance relative to Spanish and Italian government bonds also proved disadvantageous. ISIN no.: Class A : LU ISIN no.: Class B : LU Securities no.: Class A : Securities no.: Class B : Sub-fund performance 1 April March 2015: Class A : 20.42% Class B : 20.42% The historic performance is not an indicator of the current or future performance. Performance details do not take into account the costs and commissions for the issue and return of the shares. The information and figures contained in this report are based upon the past and provide no indication of future developments.
15 Page 15 Swisscanto (LU) Portfolio Fund Green Invest Income Activity Reports Swisscanto (LU) Portfolio Fund Green Invest Income Market overview The period under review was initially characterised by geopolitical turmoil in the trouble spots of Ukraine, Iraq, and Syria. Economic sanctions imposed by western industrialised countries on Russia combined with a falling ruble resulted in lower growth forecasts for export-oriented euro zone countries. Emerging market countries also had to contend with weaker currencies owing to concerns over growth. In Europe, the Greek crisis and the Greek government's swing to the left made investors nervous. However, thanks to structural banking reforms initiated in Brussels, the financial system now appears more crisis-resistant. For markets, this means that negative price corrections have not been long-lasting. Furthermore, monetary policy decisions by the European Central Bank aimed at stimulating growth led to a revival of investor confidence. Temporary uncertainty was provoked by the surprise decision of the Swiss National Bank in mid-january 2015 to abandon the exchange rate cap on the Swiss franc against the euro. This further depressed interest rates in Swiss francs. By the end of the reporting period a slight rebound had occurred, but interest rates remain at a very low level overall. Review of categories relevant to the fund Government bond yields fell significantly over the period as a whole. This had a positive impact on bond performance. Both corporate bonds and government papers performed well. Spanish and Italian government bonds delivered above-average returns. All major currencies with the exception of the USD depreciated significantly against CHF. Performance overview The fund made significant gains in the period under review. On the bonds side, the slightly shortened overall duration did not pay off owing to the further decline in interest rates. Spanish and Italian government bonds do not meet the sustainability criteria and are therefore not included in the fund. This proved disadvantageous. The currency hedging had a positive effect. ISIN no.: Class A : LU ISIN no.: Class B : LU ISIN no.: Class P : LU Securities no.: Class A : Securities no.: Class B : Securities no.: Class P : Sub-fund performance 1 April March 2015: Class A : 3.70% Class B : 3.71% Class P*: 4.36% * The performance of the institutional unit classes is calculated using the net asset value assessment (unswung net asset value). By contrast the remaining classes are calculated using the modified net asset value (swung net asset value). The historic performance is not an indicator of the current or future performance. Performance details do not take into account the costs and commissions for the issue and return of the shares. The information and figures contained in this report are based upon the past and provide no indication of future developments.
16 Page 16 Swisscanto (LU) Portfolio Fund Green Invest Income (EUR) Activity Reports Swisscanto (LU) Portfolio Fund Green Invest Income (EUR) Market overview The period under review was initially characterised by geopolitical turmoil in the trouble spots of Ukraine, Iraq, and Syria. Economic sanctions imposed by western industrialised countries on Russia combined with a falling ruble resulted in lower growth forecasts for export-oriented euro zone countries. Emerging market countries also had to contend with weaker currencies owing to concerns over growth. In Europe, the Greek crisis and the Greek government's swing to the left made investors nervous. However, thanks to structural banking reforms initiated in Brussels, the financial system now appears more crisis-resistant. For markets, this means that negative price corrections have not been long-lasting. Furthermore, monetary policy decisions by the European Central Bank aimed at stimulating growth led to a revival of investor confidence. Temporary uncertainty was provoked by the surprise decision of the Swiss National Bank in mid-january 2015 to abandon the exchange rate cap on the Swiss franc against the euro. This further depressed interest rates in Swiss francs. By the end of the reporting period a slight rebound had occurred, but interest rates remain at a very low level overall. Review of categories relevant to the fund Government bond yields fell significantly over the period as a whole. This had a positive impact on bond performance. Both corporate bonds and government papers performed well. Spanish and Italian government bonds produced above-average returns. All major currencies appreciated significantly against EUR. Performance overview The fund made significant gains in the period under review. On the bonds side, the slightly shortened overall duration did not pay off owing to the further decline in interest rates. Spanish and Italian government bonds do not meet the sustainability criteria and are therefore not included in the fund. This proved disadvantageous. ISIN no.: Class A : LU ISIN no.: Class B : LU ISIN no.: Class I : LU ISIN no.: Class P : LU Securities no.: Class A : Securities no.: Class B : Securities no.: Class I : Securities no.: Class P : Sub-fund performance 1 April March 2015: Class A : 7.91% Class B : 7.91% Class I*: 8.29% Class P*: 8.46% * The performance of the institutional unit classes is calculated using the net asset value assessment (unswung net asset value). By contrast the remaining classes are calculated using the modified net asset value (swung net asset value). The historic performance is not an indicator of the current or future performance. Performance details do not take into account the costs and commissions for the issue and return of the shares. The information and figures contained in this report are based upon the past and provide no indication of future developments.
17 Page 17 Swisscanto (LU) Portfolio Fund Green Invest Yield Activity Reports Swisscanto (LU) Portfolio Fund Green Invest Yield Market overview The period under review was initially characterised by geopolitical turmoil in the trouble spots of Ukraine, Iraq, and Syria. Economic sanctions imposed by western industrialised countries on Russia combined with a falling ruble resulted in lower growth forecasts for export-oriented euro zone countries. Emerging market countries also had to contend with weaker currencies owing to concerns over growth. In Europe, the Greek crisis and the Greek government's swing to the left made investors nervous. However, thanks to structural banking reforms initiated in Brussels, the financial system now appears more crisis-resistant. For markets, this means that negative price corrections have not been long-lasting. Furthermore, monetary policy decisions by the European Central Bank aimed at stimulating growth led to a revival of investor confidence. Temporary uncertainty was provoked by the surprise decision of the Swiss National Bank in mid-january 2015 to abandon the exchange rate cap on the Swiss franc against the euro. This further depressed interest rates in Swiss francs. By the end of the reporting period a slight rebound had occurred, but interest rates remain at a very low level overall. Review of categories relevant to the fund Government bond yields fell significantly over the period as a whole. This had a positive impact on bond performance. Both corporate bonds and government papers performed well. Spanish and Italian government bonds produced above-average returns. Equity markets performed very positively overall. All major currencies with the exception of the USD depreciated significantly against CHF. Performance overview The fund made significant gains in the period under review. The overweight in equities made a positive contribution. On the equities side, the fund lagged behind the synthetic benchmark. In particular, the overweight in Europe and in the industry and commodities sectors impacted negatively on relative performance. The underweight in energy stocks, which are largely excluded from the sustainable investment universe, was a positive factor. On the bonds side, the slightly shortened overall duration did not pay off in this period owing to the further decline in interest rates. Spanish and Italian government bonds do not meet the sustainability criteria and are therefore not included in the fund. This proved disadvantageous. The currency hedging had a positive effect. ISIN no.: Class A : LU ISIN no.: Class B : LU Securities no.: Class A : Securities no.: Class B : Sub-fund performance 1 April March 2015: Class A : 4.55% Class B : 4.55% The historic performance is not an indicator of the current or future performance. Performance details do not take into account the costs and commissions for the issue and return of the shares. The information and figures contained in this report are based upon the past and provide no indication of future developments.
18 Page 18 Swisscanto (LU) Portfolio Fund Green Invest Yield (EUR) Activity Reports Swisscanto (LU) Portfolio Fund Green Invest Yield (EUR) Market overview The period under review was initially characterised by geopolitical turmoil in the trouble spots of Ukraine, Iraq, and Syria. Economic sanctions imposed by western industrialised countries on Russia combined with a falling ruble resulted in lower growth forecasts for export-oriented euro zone countries. Emerging market countries also had to contend with weaker currencies owing to concerns over growth. In Europe, the Greek crisis and the Greek government's swing to the left made investors nervous. However, thanks to structural banking reforms initiated in Brussels, the financial system now appears more crisis-resistant. For markets, this means that negative price corrections have not been long-lasting. Furthermore, monetary policy decisions by the European Central Bank aimed at stimulating growth led to a revival of investor confidence. Temporary uncertainty was provoked by the surprise decision of the Swiss National Bank in mid-january 2015 to abandon the exchange rate cap on the Swiss franc against the euro. This further depressed interest rates in Swiss francs. By the end of the reporting period a slight rebound had occurred, but interest rates remain at a very low level overall. Review of categories relevant to the fund Government bond yields fell significantly over the period as a whole. This had a positive impact on bond performance. Both corporate bonds and government papers performed well. Spanish and Italian government bonds produced above-average returns. Equity markets performed very positively overall. On the equities side, the healthcare and technology sectors performed better than average. All major currencies appreciated significantly against EUR. Performance overview The fund made significant gains in the period under review. The overweight in equities made a positive contribution. On the equities side, the fund lagged behind the synthetic benchmark. In particular, the overweight in Europe and in the industry and commodities sectors impacted negatively on relative performance. The underweight in energy stocks, which are largely excluded from the sustainable investment universe, was a positive factor. On the bonds side, the slightly shortened overall duration did not pay off in this period owing to the further decline in interest rates. Spanish and Italian government bonds do not meet the sustainability criteria and are therefore not included in the fund. This proved disadvantageous. ISIN no.: Class A : LU ISIN no.: Class B : LU ISIN no.: Class I : LU Securities no.: Class A : Securities no.: Class B : Securities no.: Class I : Sub-fund performance 1 April March 2015: Class A : 13.73% Class B : 13.73% Class I*: 14.02% * The performance of the institutional unit classes is calculated using the net asset value assessment (unswung net asset value). By contrast the remaining classes are calculated using the modified net asset value (swung net asset value). The historic performance is not an indicator of the current or future performance. Performance details do not take into account the costs and commissions for the issue and return of the shares. The information and figures contained in this report are based upon the past and provide no indication of future developments.
19 Page 19 Swisscanto (LU) Portfolio Fund Green Invest Balanced Activity Reports Swisscanto (LU) Portfolio Fund Green Invest Balanced Market overview The period under review was characterised by geopolitical turmoil in the trouble spots of Ukraine, Iraq, and Syria. Economic sanctions imposed by western industrialised countries on Russia combined with a falling ruble resulted in lower growth forecasts for export-oriented euro zone countries. Emerging market countries also had to contend with weaker currencies owing to concerns over growth. In Europe, the Greek crisis and the Greek government's swing to the left made investors nervous. However, thanks to structural banking reforms initiated in Brussels, the financial system now appears more crisis-resistant. For markets, this means that negative price corrections have not been long-lasting. Furthermore, monetary policy decisions by the European Central Bank aimed at stimulating growth led to a revival of investor confidence. Temporary uncertainty was provoked by the surprise decision of the Swiss National Bank in mid-january 2015 to abandon the exchange rate cap on the Swiss franc against the euro. This further depressed interest rates in CHF. By the end of the reporting period a slight rebound had occurred, but interest rates remain at a very low level overall. Review of categories relevant to the fund Government bond yields fell significantly over the period as a whole. This had a positive impact on bond performance. Both corporate bonds and government papers performed well. Spanish and Italian government bonds delivered above-average returns. Equity markets performed very positively overall, with above-average gains being achieved in the healthcare and technology sectors. All major currencies appreciated significantly against EUR. Performance overview The fund made significant gains in the period under review. The overweight in equities made a significant contribution. On the equities side, however, the fund lagged behind the synthetic benchmark. In particular, the overweight in Europe and in the industry and commodities sectors impacted negatively on relative performance. The underweight in energy stocks, which are largely excluded from the sustainable investment universe, was a positive factor. On the bonds side, the slightly shortened overall duration did not pay off in this period owing to the further decline in interest rates. Spanish and Italian government bonds do not meet the sustainability criteria and are therefore not included in the fund. This proved disadvantageous. ISIN no.: Class A : LU ISIN no.: Class B : LU ISIN no.: Class R : LU Securities no.: Class A : Securities no.: Class B : Securities no.: Class R : Sub-fund performance 1 April March 2015: Class A : 5.94% Class B : 5.94% Sub-fund performance 27 March March 2015: Class R : 0.89% The historic performance is not an indicator of the current or future performance. Performance details do not take into account the costs and commissions for the issue and return of the shares. The information and figures contained in this report are based upon the past and provide no indication of future developments.
20 Page 20 Swisscanto (LU) Portfolio Fund Green Invest Balanced (EUR) Activity Reports Swisscanto (LU) Portfolio Fund Green Invest Balanced (EUR) Market overview The period under review was characterised by geopolitical turmoil in the trouble spots of Ukraine, Iraq, and Syria. Economic sanctions imposed by western industrialised countries on Russia combined with a falling ruble resulted in lower growth forecasts for export-oriented euro zone countries. Emerging market countries also had to contend with weaker currencies owing to concerns over growth. In Europe, the Greek crisis and the Greek government's swing to the left made investors nervous. However, thanks to structural banking reforms initiated in Brussels, the financial system now appears more crisis-resistant. For markets, this means that negative price corrections have not been long-lasting. Furthermore, monetary policy decisions by the European Central Bank aimed at stimulating growth led to a revival of investor confidence. Temporary uncertainty was provoked by the surprise decision of the Swiss National Bank in mid-january 2015 to abandon the exchange rate cap on the Swiss franc against the euro. This further depressed interest rates in CHF. By the end of the reporting period a slight rebound had occurred, but interest rates remain at a very low level overall. Review of categories relevant to the fund Government bond yields fell significantly over the period as a whole. This had a positive impact on bond performance. Both corporate bonds and government papers performed well. Spanish and Italian government bonds delivered above-average returns. Equity markets performed very positively overall, with above-average gains being achieved in the healthcare and technology sectors. All major currencies appreciated significantly against EUR. Performance overview The fund made significant gains in the period under review. The overweight in equities made a significant contribution. On the equities side, however, the fund lagged behind the synthetic benchmark. In particular, the overweight in Europe and in the industry and commodities sectors impacted negatively on relative performance. The underweight in energy stocks, which are largely excluded from the sustainable investment universe, was a positive factor. On the bonds side, the slightly shortened overall duration did not pay off in this period owing to the further decline in interest rates. Spanish and Italian government bonds do not meet the sustainability criteria and are therefore not included in the fund. This proved disadvantageous. ISIN no.: Class A : LU ISIN no.: Class B : LU Securities no.: Class A : Securities no.: Class B : Sub-fund performance 1 April March 2015: Class A : 17.33% Class B : 17.33% The historic performance is not an indicator of the current or future performance. Performance details do not take into account the costs and commissions for the issue and return of the shares. The information and figures contained in this report are based upon the past and provide no indication of future developments.
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