Wealth & Investment Management. Celsius Funds PLC. An umbrella fund with segregated liability between Sub-Funds

Transcription

1 Wealth & Investment Management Celsius s PLC An umbrella fund with segregated liability between Sub-s Unaudited Interim Financial Statements for the six months ended 31 December 2013

2 Celsius s plc Table of Contents General Information 1 Asian Real Estate Income (SGD) 6 Investment Manager s Report 6 Portfolio of Investments 7 Asian Real Estate Income (GBP) 8 Investment Manager s Report 8 Delta (USD) 9 Investment Manager s Report 9 Portfolio of Investments 11 Asia Equity Dividend 13 Investment Manager s Report 13 Portfolio of Investments 14 Revolution 16 Investment Manager s Report 16 Dynamic Money Builder (SGD) 17 Investment Manager s Report 17 Sector Rotation 18 Investment Manager s Report 18 Portfolio of Investments 19 Entertainment Select Income (SGD) 20 Investment Manager s Report 20 Portfolio of Investments 21 Bonus Select Income (SGD) 22 Investment Manager s Report 22 China Accelerated Growth (HKD) 23 Investment Manager s Report 23 Portfolio of Investments 24 Asset Allocation 25 Investment Manager s Report 25 Investment Legends 26 Investment Manager s Report 26 Portfolio of Investments 27 GEMS 29 Investment Manager s Report 29 Portfolio of Investments 30 Agriculture Delta 32 Investment Manager s Report 32 Portfolio of Investments 34 Fondo Radar 36 Investment Manager s Report 36 Portfolio of Investments 37 Real Return USD 40 Investment Manager s Report 40 Portfolio of Investments 41

3 Celsius s plc Table of Contents cont/d RMB Bond 44 Investment Manager s Report 44 Portfolio of Investments 45 Roll Yield 47 Investment Manager s Report 47 Portfolio of Investments 48 Profit and Loss Account 49 Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders 58 Balance Sheet 67 Notes to the financial statements 78 Other Information 105

4 Celsius s plc General Information The following information is derived from and should be read in conjunction with the full text and definitions section of the Prospectus. Capitalised terms shall bear the meaning as defined in the Prospectus, unless otherwise specified within this document. Celsius s plc (the Company ) was incorporated on 8 August 2005 as an open-ended umbrella fund with segregated liability between sub-funds (the Sub-s ). The Company operates in Ireland as a public limited company under the Companies Acts, 1963 to The Company has been authorised by the Central Bank of Ireland (the Central Bank ) under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended), (the UCITS Regulations ). At 31 December 2013, the Company comprised 14 active Sub-s. The names and initial trading dates of the Sub- s are as follows: Sub- Launch Date Asian Real Estate Income (SGD) 25 April 2006 Asian Real Estate Income (GBP) 16 June 2006 Delta (USD) 18 July 2006 Asia Equity Dividend 25 July 2006 Sector Rotation 04 January 2007 Entertainment Select Income (SGD) 09 February 2007 China Accelerated Growth (HKD) 04 July 2007 Investment Legends 06 May 2008 GEMS 23 May 2008 Agriculture Delta 06 June 2008 Fondo Radar 29 July 2010 Real Return USD 06 May 2011 RMB Bond 11 May 2011 Roll Yield 21 August 2012 Authorised s As at 31 December 2013, only the following Sub-s of Celsius s plc were authorised and launched in Hong Kong (collectively Authorised s ): Delta (USD) China Accelerated Growth (HKD) Investment Legends Agriculture Delta None of the Sub-s of Celsius s plc, other than the aforementioned Sub-s, are authorised for sale in Hong Kong nor are they available to Hong Kong residents as at 31 December Registered s The following Sub-s are registered for sale in Switzerland: Sub- Real Return USD RMB Bond 1

5 Celsius s plc General Information cont/d Prices The issue price at which of a Sub- will be issued on a Dealing Day is calculated by ascertaining the Net Asset Value ("NAV") per Share of the relevant Class on the relevant Dealing Day. The NAV per share will differ on each Dealing Day. The NAV of a Sub- shall be expressed in the currency in which the are designated or in such other currency as the Directors may determine either generally or in relation to a particular Class or in a specific case, and shall be calculated by ascertaining the value of the assets of the Sub- and deducting from such value the liabilities of the Sub- (excluding Shareholders equity) as at the valuation point for such Dealing Day. The NAV per Share of a Sub- will be calculated by dividing the NAV of the Sub- by the number of in the Sub- then in issue, or deemed to be in issue, as at the valuation point for such Dealing Day and rounding the result mathematically to two decimal places, or such other number of decimal places as may be determined by the Directors from time to time. In the event the of any Sub- are further divided into Classes, the NAV per Class shall be determined by notionally allocating the NAV of the Sub- amongst the Classes, making such adjustments for subscriptions, repurchases, fees, distributions, accumulation or distribution of income and the expenses, liabilities or assets attributable to each such Class (including the gains/losses on and costs of financial instruments employed for currency hedging between the currencies in which the assets of the Sub- are designated and the designated currency of the Class, which gains/losses and costs shall accrue solely to that Class) and any other factor differentiating the Classes as appropriate. A Preliminary Charge of up to 5% of the NAV per Share may be charged by the Company for payment to the Distributor on the issue of. A Repurchase Charge of up to 3% of the Repurchase Price of any Class of of a Sub- may be charged by the Company. The functional currency of each Sub- represents the primary economic environment in which the Sub- operates and is referred to in the Prospectus and Supplements to the Prospectus for each Sub- as the Base Currency. The following Sub-s were not valued at 31 December The nearest valuation date to 31 December 2013 has been included in the period end financial statements. The nearest valuation dates were as follows: Sub- Valuation Date Asian Real Estate Income (SGD) 30 December 2013 Asian Real Estate Income (GBP) 30 December 2013 Asia Equity Dividend 24 December 2013 Net Asset Value ("NAV") The following tables detail the NAV and the NAV per Share as at 31 December 2013, 30 June 2013, 31 December 2012: Sub- CCY NAV 31 December 13 NAV 30 June 13 NAV 31 December 12 Asian Real Estate Income (SGD) 45,085,412 52,010,172 65,053,067 Asian Real Estate Income (GBP) - 15,118,073 20,179,711 Delta (USD) 80,790,243 91,790, ,258,497 Asia Equity Dividend 20,251,234 21,793,650 56,179,328 Dynamic Allocation Index ,592,369 Revolution - 9,423,598 9,742,006 Dynamic Money Builder (SGD) - 2,392,654 2,871,535 Sector Rotation 116,000 15,637,340 15,456,031 Entertainment Select Income (SGD) 20,469,570 21,570,375 22,838,789 Bonus Select Income (SGD) - 26,891,179 61,816,791 China Accelerated Growth (HKD) HK$ 67,996,598 69,461,888 94,592,513 Asset Allocation - 579,521, ,085,216 2

6 Celsius s plc General Information cont/d Net Asset Value ("NAV") cont/d Sub- CCY NAV 31 December 13 NAV 30 June 13 NAV 31 December 12 Investment Legends 51,086,890 55,984,920 67,541,300 GEMS 1,809,357 8,828,002 14,720,390 Agriculture Delta 59,347,741 72,550,666 94,078,686 Fondo Radar 187,275, ,923, ,755,363 Real Return USD 32,725, ,710, ,287,889 RMB Bond CNH 36,394,775 66,748,339 81,292,322 Roll Yield 195,845, ,884, ,615,099 Sub- by Share Class CCY NAV per Share 31 December 13 NAV per Share 30 June 13 NAV per Share 31 December 12 Asian Real Estate Income (SGD) Asian Real Estate Income (GBP) Delta (USD) - Class A Delta (USD) - Class B Delta (USD) - Class C HK$ Delta (USD) - Class D Delta (USD) - Class E A$ Barcalys Asia Equity Dividend - Class A Barcalys Asia Equity Dividend - Class B Dynamic Allocation Index Revolution Dynamic Money Builder (SGD) Sector Rotation Entertainment Select Income (SGD) - Class A Entertainment Select Income (SGD) - Class B Bonus Select Income (SGD) China Accelerated Growth (HKD) HK$ Asset Allocation Investment Legends - Class A Investment Legends - Class B HK$ Investment Legends - Class E GEMS - Class A GEMS - Class B GEMS - Class F GEMS - Class G GEMS - Class H Agriculture Delta - Class A Agriculture Delta - Class B HK$

7 Celsius s plc General Information cont/d Net Asset Value ("NAV") cont/d Sub- by Share Class CCY NAV per Share 31 December 13 NAV per Share 30 June 13 NAV per Share 31 December 12 Agriculture Delta - Class C Agriculture Delta - Class D A$ Fondo Radar Real Return USD - Class A Real Return USD - Class B Real Return USD - Class E JPY 9, , , Real Return USD - Class G Real Return USD - Class H Real Return USD - Class K Real Return USD - Class M CHF Real Return USD - Class Q JPY , Real Return USD - Class R Real Return USD - Class U Real Return USD - Class AA RMB Bond - Class A RMB Bond - Class B RMB Bond - Class C Roll Yield - Class GC Roll Yield - Class HC Significant events during the period The following Sub-s were fully redeemed during the period: Sub- Redemption Date Dynamic Money Builder (SGD) 15 July 2013 Bonus Select Income (SGD) 18 July 2013 Asset Allocation 13 December 2013 The following Sub- matured during the period: Sub- Redemption Date Revolution 10 October 2013 The Following Sub-s had a Share Class which was fully redeemed during the period: Sub- Redemption Date Real Return USD - Class AA 05 July 2013 GEMS - Class H 25 October 2013 On 1 September 2013, the Investment Manager changed from Bank plc, acting through s and Advisory to Bank plc, acting through Wealth & Investment Management. There were no other significant events during the period, other than those disclosed above, which require adjustment to, or disclosure in the financial statements. 4

8 Celsius s plc General Information cont/d Significant events after the period end On 6 February 2014, Mr. Paul Hopkins resigned as a Director of the Company, on that same date, Mr James De Salis was appointed as a Director of the Company. The following Sub-s were fully redeemed after the period end: Sub- Redemption Date Asian Real Estate Income (GBP) 03 January 2014 Sector Rotation 03 January 2014 There were no other significant events after the period end date, other than those disclosed above which require adjustment to or disclosure in the financial statements. 5

9 Celsius s plc Asian Real Estate Income (SGD) Investment Manager s Report for the period ended 31 December 2013 Investment Objective The Sub- seeks to derive income from a basket of 25 Asian real estate shares (the Basket ) with high dividend yields, while implementing disciplined profit taking and downside stop-loss measures. Investment Strategy The Sub- will offer Shareholders exposure to the performance of an equity trading strategy. The strategy involves: (i) notionally holding stock that may distribute dividends in the next quarter and also benefit from potential capital appreciation, (ii) selling call options on each stock to receive premium income and enforce disciplined profit taking and (iii) buying put options on each stock as a stop loss mechanism. Sub- Performance Summary % 1 Month 3 Months 6 Months 12 Months Since Inception Sub- Performance* (2.13) (4.15) (2.01) (8.38) (28.48) Period ended 31 December 2013 High Low Latest At Inception NAV (SGD) * The Sub- performance figures include any distributions reinvested since inception. 6

10 Celsius s plc Asian Real Estate Income (SGD) Portfolio of Investments as at 31 December 2013 Financial Assets at fair value through profit or loss: 98.99% (30/06/13: 98.94%) (31/12/12: 98.98%) Financial Derivative Instruments: 98.99% (30/06/13: 98.94%) (31/12/12: 98.98%) ed Swap*: 98.99% (30/06/13: 98.94%) (31/12/12: 98.98%) CCY Notional Amount SGD 123,327,883 Description Maturity Date Fair Value % of Sub- Asian Real Estate SGD Swap (The Kinetic Portfolio) 25/04/ ,628, ed Swap at positive fair value 44,628, Net Financial Derivative Instruments 44,628, Net Financial Assets at fair value through profit or loss 44,628, Cash and cash equivalents (30/06/13: 0.72%) (30/12/12: 1.09%) 520, Deposits with credit institutions (30/06/13: 0.05%) (30/12/12: Nil) - - Debtors (30/06/13: 2.74%) (30/12/12: 1.46%) 886, Creditors (30/06/13: (2.45%)) (30/12/12: (1.53%)) (950,028) (2.11) Net Assets Attributable to Redeemable Participating Shareholders 45,085, /12/ /06/ /12/2012 Net Assets Attributable to Redeemable Participating Shareholders 45,085,412 52,010,172 65,053,067 Number of Redeemable Participating in Issue 122,373, ,224, ,842,356 NAV per Redeemable Participating Share Classification Financial derivative instruments at fair value through profit or loss are traded over the counter (OTC). Analysis of Total Gross Assets % of Total Gross Assets OTC Financial Derivative Instruments Current Assets The Counterparty for the ed Swap is Bank plc. * The ed Swap exposes the Sub- to the performance of the Underlying (as defined in the Termsheet executed with the Approved Counterparty). 7

11 Celsius s plc Asian Real Estate Income (GBP)* Investment Manager s Report for the period ended 31 December 2013 Investment Objective The investment objective of the Sub- was to provide Shareholders with potential quarterly dividends depending on the performance of 20 Asian real estate shares with historically high dividend yields (the Basket ). Investment Strategy The Sub- offered Shareholders exposure to a well defined equity trading strategy, applied to a diversified basket of 20 Asian real estate shares ( Basket Constituents ) from three well-known Asian real estate indices. The strategy may pay a quarterly return based on two sources, (i) any dividends paid on the Basket Constituents and (ii) income generated through notionally selling European call options on each Basket Constituent. Sub- Performance Summary % 1 Month 3 Months 6 Months 12 Months Since Inception Sub- Performance** (4.07) (6.24) (6.49) (11.00) 5.18 Period ended 31 December 2013 High Low Latest At Inception NAV (GBP) * This Sub- was fully redeemed on 3 January 2014, with the remaining security being sold on 24 December Therefore its financial statements have been prepared on a non-going concern basis. ** The Sub- performance figures include any distributions reinvested since inception. The Investment Manager s Report has been prepared up to the last valuation point whereas the financial statements have been prepared to the period ended 31 December

12 Celsius s plc Delta (USD) Investment Manager s Report for the period ended 31 December 2013 Investment Objective The investment objective of the Sub- is to provide Shareholders with a return linked to the performance of the Underlying, the RICI TM Index (the Index ), which provides exposure to 36 commodities consumed in the global economy. The Index is intended to be an effective measure of the price change of raw materials on a worldwide basis. Investment Strategy The Sub- will offer Shareholders exposure to the performance of the Index net of fees. Share Class Performance Summary % 1 Month 3 Months 6 Months 12 Months Since Inception Share Class Performance Class A 1.46 (1.75) 1.99 (6.10) (15.25) Share Class Performance Class B 1.43 (1.83) 1.83 (6.39) (27.50) Share Class Performance Class C 1.45 (1.85) 1.79 (6.35) (27.79) Share Class Performance Class D 1.42 (1.87) 1.71 (6.59) (42.77) Share Class Performance Class E 1.64 (1.29) 2.94 (4.36) Period ended 31 December 2013 High Low Latest At Inception NAV (USD) Class A NAV (USD) Class B NAV (HKD) Class C NAV (SGD) Class D NAV (AUD) Class E Year ended 30 June 2013 High Low NAV (USD) Class A NAV (USD) Class B NAV (HKD) Class C NAV (SGD) Class D NAV (AUD) Class E Year ended 30 June 2012 High Low NAV (USD) Class A NAV (USD) Class B NAV (HKD) Class C NAV (SGD) Class D NAV (AUD) Class E Year ended 30 June 2011 High Low NAV (USD) Class A NAV (USD) Class B NAV (HKD) Class C NAV (SGD) Class D NAV (AUD) Class E

13 Celsius s plc Delta (USD) Investment Manager s Report for the period ended 31 December 2013 cont/d Share Class Performance Summary cont/d Year ended 30 June 2010 High Low NAV (USD) Class A NAV (USD) Class B NAV (HKD) Class C NAV (SGD) Class D NAV (AUD) Class E Year ended 30 June 2009 High Low NAV (USD) Class A NAV (USD) Class B NAV (HKD) Class C NAV (SGD) Class D The table below summarises the interim realised tracking error for Class A. Sub- Sub- Return Index return Tracking Error Expected Tracking Error* Sub- Fees Other** Delta (USD) Class A 1.99% 2.92% (0.93%) (0.86%) (0.41%) (0.52%) * This is the tracking error expected by the Investment Manager based on the investment strategy of the Sub-. The differences noted between the actual tracking error of the Sub- and the expected tracking error is due to the other category detailed below. ** Other Includes all or some of the following: The effect of index fees charged to run the underlying index, the re-balancing effect of allocating Sub- assets to as close to 100% of NAV as possible, the unfunded nature of the derivatives leading to additional performance from cash management assets, the tolerance used for FX hedging of share classes versus base currency. 10

14 Celsius s plc Delta (USD) Portfolio of Investments as at 31 December 2013 Financial Assets at fair value through profit or loss: 98.96% (30/06/13: 99.59%) (31/12/12: 99.78%) Financial Derivative Instruments: 98.96% (30/06/13: 99.59%) (31/12/12: 99.78%) ed Swap*: 99.02% (30/06/13: 99.68%) (31/12/12: 99.79%) CCY Notional Amount USD 89,026,452 Description Maturity Date Fair Value % of Sub- Swap on (RICI Total Return Index) 21/01/ ,002, ed Swap at positive fair value 80,002, Open Forward Foreign Exchange Currency Contracts**: (0.06%) (30/06/13: (0.09%)) (31/12/12: (0.01%)) Maturity Date Counterparty Amount Bought Amount Sold Unrealised Gain/(Loss) % of Sub- 02/01/2014 Bank Plc HKD 100,757 USD 12, /01/2014 UBS AG London USD 61,526 SGD 77,920 (187) (0.00) 06/01/2014 Bank Plc HKD 9,132 USD 1, /01/2014 UBS AG London AUD 599,973 USD 545,886 (9,543) (0.01) 15/01/2014 UBS AG London SGD 195,000 USD 156,086 (1,643) (0.00) 15/01/2014 UBS AG London SGD 5,410,974 USD 4,327,838 (42,271) (0.05) 15/01/2014 UBS AG London SGD 15,901 USD 12,700 (106) (0.00) 15/01/2014 UBS AG London SGD 297 USD 236 (1) (0.00) 15/01/2014 UBS AG London SGD 77,920 USD 61, /01/2014 UBS AG London USD 16,116 SGD 20, /01/2014 UBS AG London USD 12,516 SGD 15, /01/2014 UBS AG London USD 60,262 SGD 76,340 (200) (0.00) Unrealised gain on forward foreign exchange currency contracts Unrealised loss on forward foreign exchange currency contracts (53,951) (0.06) Net unrealised loss on forward foreign exchange currency contracts (53,577) (0.06) Net Financial Derivative Instruments 79,948, Financial Assets at fair value through profit or loss 80,002, Financial Liabilities at fair value through profit or loss (53,951) (0.06) Net Financial Assets at fair value through profit or loss (Cost: 88,889,151) 79,948, Cash and cash equivalents (30/06/13: 0.02%) (31/12/12: 0.47%) 7, Deposits with credit institutions (30/06/13: 0.72%) (31/12/12: Nil) 967, Debtors (30/06/13: 0.27%) (31/12/12: 0.20%) 96, Creditors (30/06/13: (0.60%)) (31/12/12: (0.45%)) (230,503) (0.29) Net Assets Attributable to Redeemable Participating Shareholders 80,790,

15 Celsius s plc Delta (USD) Portfolio of Investments as at 31 December 2013 cont/d 31/12/ /06/ /12/2012 Net Assets Attributable to Redeemable Participating Shareholders Class A USD 12,542,144 12,315,014 13,572,174 Number of Redeemable Participating in Issue Class A 147, , ,352 NAV per Redeemable Participating Share Class A USD Net Assets Attributable to Redeemable Participating Shareholders Class B USD 38,828,300 46,498,197 60,346,199 Number of Redeemable Participating in Issue Class B 535, , ,081 NAV per Redeemable Participating Share Class B USD Net Assets Attributable to Redeemable Participating Shareholders Class C HKD 189,615, ,244, ,566,426 Number of Redeemable Participating in Issue Class C 2,625,761 3,048,123 3,625,227 NAV per Redeemable Participating Share Class C HKD Net Assets Attributable to Redeemable Participating Shareholders Class D SGD 5,590,193 5,710,556 7,836,842 Number of Redeemable Participating in Issue Class D 9,766,572 10,146,775 12,789,497 NAV per Redeemable Participating Share Class D SGD Net Assets Attributable to Redeemable Participating Shareholders Class E AUD 600, , ,773 Number of Redeemable Participating in Issue Class E 518, , ,956 NAV per Redeemable Participating Share Class E AUD Classification Financial derivative instruments at fair value through profit or loss are traded over the counter (OTC). Analysis of Total Gross Assets % of Total Gross Assets OTC Financial Derivative Instruments Current Assets The Counterparty for the ed Swap is Capital Securities Limited. * The ed Swap exposes the Sub- to the performance of the Underlying (as defined in the Termsheet executed with the Approved Counterparty). ** Over the Counter (OTC) Financial Derivative Instruments. 12

16 Celsius s plc Asia Equity Dividend Investment Manager s Report for the period ended 31 December 2013 Investment Objective The Investment objective of the Sub- is to provide Shareholders with dividend income through investment in a portfolio of equities which are expected to pay dividends and are listed on Exchanges in emerging and developed markets in the Asia-Pacific ex-japan region. The Sub- was previously known as Equity Select Income (SGD). Investment Strategy** The Sub- invests in equities either directly or indirectly through Exchange Traded s ("ETFs") and Financial Derivative Instruments ("FDIs") (in the form of futures and swaps). The equities are generally selected semi-annually, up to 25 equities are selected and the maximum weight allocated to any single equity is 5% of the NAV of the Sub-. The equities are screened based on specific factors such as country of domicile, whether it is listed on exchange and liquidity. The equities are then filtered based on financial information and ratios such as (i) the earnings to price ratio; (ii) the current price to 1 year maximum price ratio; (iii) dividend growth; (iv) expected ex-dividend dates and (v) return on common equity. If the allocation to the equities is less than 100% of the NAV of the Sub-, the balance will be invested into money market instruments. Share Class Performance Summary % 1 Month 3 Months 6 Months 12 Months Since Inception Share Class Performance Class A* (1.93) (0.53) 1.68 (3.82) (41.13) Share Class Performance Class B* (3.08) (1.60) 1.68 (7.19) (5.69) Period ended 31 December 2013 High Low Latest At Inception NAV (SGD) Class A NAV (USD) Class B * The Sub- performance figures include any distributions reinvested since inception. ** Whilst the Investment Manager will review and re-balance the Equities in the basket on a semi-annual basis, there is a possibility that in between such Rebalancing Dates, the Sub- s investments in a particular Equity may exceed the maximum 5% weighting set out above. Consequently, investors may be exposed to a concentration risk greater than 5% to a particular Equity. 13

17 Celsius s plc Asia Equity Dividend Portfolio of Investments as at 31 December 2013 Financial Assets at fair value through profit or loss: 95.69% (30/06/13: 99.33%) (31/12/12: 99.22%) Transferable Securities: 95.69% (30/06/13: 99.33) (31/12/12: Nil) Common Stock: 95.49% (30/06/13: 99.33) (31/12/12: Nil) No. of Description Fair Value % of Sub- 130,500 Airports of Thailand Pcl 835, ,000 Alliance Group Inc 448, ,000 AMMB Holdings Bhd 575, ,100 Bangkok Bank Pcl 947, ,107,000 Bank of Communications Co Ltd 985, ,074 Bendigo and Adelaide Bank Ltd 691, ,500 BOC Hong Kong Holdings Ltd 977, ,183,200 BTS Group Holdings Pcl 1,068, ,000 DBS Group Holdings Ltd 1,027, ,000 Gamuda Bhd 507, ,000 Greentown China Holdings Ltd 275, ,000 Hang Seng Bank Ltd 944, ,000 Keppel Corp Ltd 1,053, ,760 Keppel Reit 9, ,270 KT Corp 894, ,847 KT&G Corp 912, ,112 National Australia Bank Ltd 1,028, ,300 PTT Exploration & Production Pcl 956, ,400 Public Bank Bhd 568, ,000 Singapore Press Holdings Ltd 814, ,000 Singapore Telecommunications Ltd 990, ,791 SK Telecom Co Ltd 1,082, ,908 Tatts Group Ltd 550, ,100 UMW Holdings Bhd 362, ,270 Woori Finance Holdings Co Ltd 831, Total Common Stock 19,338, Warrants: 0.20% (31/06/13: Nil) (31/12/12: Nil) No. of Description Fair Value % of Sub- 1,095,066 BTS Group Holdings Pcl 41, Total Warrants 41, Total Transferable Securities 19,379,

18 Celsius s plc Asia Equity Dividend Portfolio of Investments as at 31 December 2013 cont/d Financial Assets at fair value through profit or loss: 95.69% (30/06/13: 99.33%) (31/12/12: 99.22%) cont/d Net Financial Derivative Instruments: Nil (30/06/13: 0.00%) (31/12/12: 99.22%) ed Swap: Nil (30/06/13: Nil) (31/12/12: 99.22%) Open Forward Foreign Exchange Currency Contracts: Nil (30/06/13: 0.00%) (31/12/12: Nil) Fair Value % of Sub- Net Financial Assets at fair value through profit or loss 19,379, Cash and cash equivalents (30/06/13: 0.31%) (31/12/12: 0.96%) 980, Deposits with credit institutions (30/06/13: Nil) (31/12/12: Nil) 37, Debtors (30/06/13: 1.11%) (31/12/12: 2.19%) 1, Creditors (30/06/13: (0.75%)) (31/12/12: (2.37%)) (147,396) (0.73) Net Assets Attributable to Redeemable Participating Shareholders 20,251, /12/ /06/ /12/2012 Net Assets Attributable to Redeemable Participating Shareholders Class A SGD 19,974,074 21,515,169 55,880,662 Number of Redeemable Participating in Issue Class A 65,555,549 70,281, ,193,932 NAV per Redeemable Participating Share Class A SGD Net Assets Attributable to Redeemable Participating Shareholders Class B USD 218, , ,038 Number of Redeemable Participating in Issue Class B 304, , ,220 NAV per Redeemable Participating Share Class B USD Classification Financial derivative instruments at fair value through profit or loss are traded over the counter (OTC). Analysis of Total Gross Assets % of Total Gross Assets Transferable Securities Current Assets

19 Celsius s plc Revolution * Investment Manager s Report for the period ended 31 December 2013 Investment Objective The investment objective of the Sub- was to provide Shareholders with a return, on the Scheduled Target Date, linked to the performance of the Dow Jones Euro Stoxx 50 Index (the Index ) in relation to two barriers (the Upper Barrier and the Lower Barrier ). Return Profile On the Scheduled Target Date, seven years after the Strike Date, the Shareholders would receive a NAV per Share equal to the sum of the Reference Price and the Absolute Performance which is equal to the Initial Issue Price times the greater of (a) and (b), where: (a) is the maximum Appreciation (if any) of the Equity Index on any Annual Observation Date; and (b) is the Depreciation (if any) of the Equity Index on the Final Observation Date, unless the closing price of the Equity Index has dropped below the Lower Barrier on any Dealing Day after the Strike Period and has never exceeded the Upper Barrier on any Annual Observation Date, in which case the Shareholders will receive a NAV per Share on the Scheduled Target Date equal to the sum of the Reference Price and the Initial Issue Price times the Equity Index Return. Sub- Performance Summary (as at 10 October 2013) % 1 Month 3 Months 6 Months 12 Months Since Inception Sub- Performance** Closed Closed Closed Closed Period ended 31 December 2013 High Low Latest At Inception NAV (EUR) * This Sub- was fully redeemed during the period ended 31 December ** The Sub- performance figures are based on results up to the Sub- redemption date. The Investment Manager s Report has been prepared up to the last valuation point whereas the financial statements have been prepared to the period ended 31 December

20 Celsius s plc Dynamic Money Builder (SGD)* Investment Manager s Report for the period ended 31 December 2013 Investment Objective The investment objective of the Sub- was to provide Shareholders of each class of share with a return linked to the performance of the Dynamic Money Builder Portfolio (the Portfolio ) that represents exposure to multiple asset classes while it sought to provide capital appreciation and a potential return of 2% per annum above SGD SIBOR. Investment Strategy The Portfolio offered exposure to global indices (each a Portfolio Component ) representing a broad universe of global assets including, but not limited to, equities, bonds, currencies, money markets, emerging markets and property. The composition of the Portfolio and the weight of each Portfolio Component were determined monthly in accordance with a systematic and quantitative methodology. Sub- Performance Summary (as at 15 July 2013) % 1 Month 3 Months 6 Months 12 Months Since Inception Sub- Performance** Closed Closed Closed Closed (16.15) Period ended 31 December 2013 High Low Latest At Inception NAV (SGD) * This Sub- was fully redeemed during the period ended 31 December ** The Sub- performance figures are based on results up to the Sub- redemption date. The Investment Manager s Report has been prepared up to the last valuation point whereas the financial statements have been prepared to the period ended 31 December

21 Celsius s plc Sector Rotation * Investment Manager s Report for the period ended 31 December 2013 Investment Objective The investment objective of the Sub- was to provide Shareholders with a return linked to the performance of the Underlying, which was the Sector Rotation Index (the Index ). This index provided exposure to different Sectors of the Dow Jones Euro Stoxx Index, via Exchange Traded s or Equity Sub-Indices and aimed to outperform the Dow Jones Euro Stoxx Index (the Benchmark ) by capturing upward trends in specific Sectors in accordance with the Sector Rotation Strategy. Investment Strategy The Sub- offered investors exposure to the Sector Rotation Strategy Index net of fees. Sub- Performance Summary % 1 Month 3 Months 6 Months 12 Months Since Inception Sub- Performance (23.77) Period ended 31 December 2013 High Low Latest At Inception NAV (EUR) * This Sub- was fully redeemed on 3 January 2014, with the remaining security being sold on 3 January Therefore its financial statements were prepared on a non-going concern basis. The Investment Manager s Report has been prepared up to the last valuation point whereas the financial statements have been prepared to the period ended 31 December

22 Celsius s plc Sector Rotation * Portfolio of Investments as at 31 December 2013 Net Financial Assets at fair value through profit or loss: 99.88% (30/06/13: 99.27%) (31/12/12: 99.58%) Net Financial Derivative Instruments: 99.88% (30/06/13: 99.27%) (31/12/12: 99.58%) ed Swap**: 99.88% (30/06/13: 99.27%) (31/12/12: 99.58%) CCY Notional Amount Description Maturity Date Fair Value % of Sub- EUR 152,695 Sector Rotation ed EUR Swap 05/01/ , ed Swap at positive fair value 115, Net Financial Derivative Instruments 115, Net Financial Assets at fair value through profit or loss 115, Cash and cash equivalents (30/06/13: 0.69%) (31/12/12: 0.42%) 19, Debtors (30/06/13: 0.04%) (31/12/12: 0.00%) - - Creditors (30/06/13: (0.00%)) (31/12/12: (0.00%)) (19,364) (16.69) Net Assets Attributable to Redeemable Participating Shareholders 116, /12/ /06/ /12/2012 Net Assets Attributable to Redeemable Participating Shareholders 116,000 15,637,340 15,465,031 Number of Redeemable Participating in Issue 1, , ,864 NAV per Redeemable Participating Share Classification Financial derivative instruments at fair value through profit or loss are traded over the counter (OTC). Analysis of Total Gross Assets % of Total Gross Assets OTC Financial Derivative Instruments Current Assets The Counterparty for the ed Swap is Bank plc. * This Sub- was fully redeemed on 3 January 2014, with the remaining security being sold on 3 January Therefore its financial statements were prepared on a non-going concern basis. ** The ed Swap exposes the Sub- to the performance of the Underlying (as defined in the Termsheet executed with the Approved Counterparty). 19

23 Celsius s plc Entertainment Select Income (SGD) Investment Manager s Report for the period ended 31 December 2013 Investment Objective The investment objective of the Sub- is to derive income from 20 stocks (the Basket ), with expected high dividend yields related to the entertainment industry (including the media and gaming sector) and leisure industry (including beverage, tobacco and vacation sectors) while implementing disciplined profit taking and downside stop loss measures. The Sub- intends to provide Shareholders with quarterly fixed dividend payments in the first year, since launch and thereafter aims to provide Shareholders with potential quarterly dividends that may be zero. Investment Strategy The Sub- will have exposure to the performance of an equity trading strategy that aims to generate quarterly returns from the Basket, by (i) notionally holding a diversified universe of 20 stocks from the entertainment and leisure sectors which are expected to receive dividends, and (ii) by selling call options on these equities. The strategy also seeks protection by acquiring put options on these equities. Share Class Performance Summary % 1 Month 3 Months 6 Months 12 Months Since Inception Share Class Performance Class A* (36.01) Share Class Performance Class B* Period ended 31 December 2013 High Low Latest At Inception NAV (SGD) Class A NAV (USD) Class B * The Sub- performance figures includes any distributions reinvested since inception. 20

24 Celsius s plc Entertainment Select Income (SGD) Portfolio of Investments as at 31 December 2013 Net Financial Assets at fair value through profit or loss: 99.29% (30/06/13: 99.03%) (31/12/12: 98.50%) Net Financial Derivative Instruments: 99.29% (30/06/13: 99.03%) (31/12/12: 98.50%) ed Swap*: 99.29% (30/06/13: 99.03%) (31/12/12: 98.50%) CCY Notional Amount SGD 57,300,836 Description Maturity Date Fair Value % of Sub- Entertainment Select SGD Swap (The Kinetic Portfolio) 25/01/ ,324, ed Swap at positive fair value 20,324, Net Financial Derivative Instruments 20,324, Net Financial Assets at fair value through profit or loss 20,324, Cash and cash equivalents (30/06/13: 0.66%) (31/12/12: 0.07%) 182, Debtors (30/06/13: 0.62%) (31/12/12: 1.68%) - - Creditors (30/06/13: (0.31%)) (31/12/12: (0.25%)) (37,588) (0.18) Net Assets Attributable to Redeemable Participating Shareholders 20,469, /12/ /06/ /12/2012 Net Assets Attributable to Redeemable Participating Shareholders Class A SGD 20,163,277 21,254,955 22,533,300 Number of Redeemable Participating in Issue Class A 56,418,509 60,065,382 65,722,911 NAV per Redeemable Participating Share Class A SGD Net Assets Attributable to Redeemable Participating Shareholders Class B USD 242, , ,093 Number of Redeemable Participating in Issue Class B 267, , ,442 NAV per Redeemable Participating Share Class B USD Classification Financial derivative instruments at fair value through profit or loss are traded over the counter (OTC). Analysis of Total Gross Assets % of Total Gross Assets OTC Financial Derivative Instruments Current Assets The Counterparty for the ed Swap is Bank plc. * The ed Swap exposes the Sub- to the performance of the Underlying (as defined in the Termsheet executed with the Approved Counterparty). 21

25 Celsius s plc Bonus Select Income (SGD)* Investment Manager s Report for the period ended 31 December 2013 Investment Objective The investment objective of the Sub- was to derive income from a basket of 25 stocks (the Basket ) with expected high dividend yields relating to a diversified range of sectors whilst implementing disciplined profit taking and downside stop loss measures. The Sub- aimed to provide Shareholders with potential quarterly dividends, which may be zero. The Sub- further provided capital protection on the 6th anniversary of the launch date guaranteeing the higher of the Initial Issue Price or 80% of the highest NAV per Share. Investment Strategy The strategy involved: (i) notionally holding 25 stocks that may distribute dividends in the next quarter, (ii) selling call options on each stock to receive premium income and enforce disciplined profit taking, and (iii) buying put options on each stock as a stop loss mechanism. A dynamic allocation process was also in place to manage the Sub- s exposures to the basket and money market instruments to preserve capital. Sub- Performance Summary (as at 18 July 2013) % 1 Month 3 Months 6 Months 12 Months Since Inception Sub- Performance** Closed Closed Closed Closed 8.11 Period ended 31 December 2013 High Low Latest At Inception NAV (SGD) * This Sub- was fully redeemed during the period ended 31 December ** The Sub- performance figures includes any distributions reinvested since inception. The Investment Manager s Report has been prepared up to the last valuation point whereas the financial statements have been prepared to the period ended 31 December

26 Celsius s plc China Accelerated Growth (HKD) Investment Manager s Report for the period ended 31 December 2013 Investment Objective The investment objective of the Sub- is to provide Shareholders with capital appreciation referencing the performance of the Hang Seng China Enterprises Index (the Index ), comprising of H-shares issued by Chinese enterprises, listed on the Hong Kong Stock Exchange and included in the Hang Seng Mainland Composite Index. Investment Strategy The Sub- obtains exposure to the strategy via financial derivative instruments in the form of a swap, as follows: if the Index level of the Monthly Observation Date (which is expected to be the second last business day of the current month) is less than or equal to the Trigger Level, the Sub- would have 100% exposure to the Index performance; or if the Index level is more than the Trigger Level, the Sub- would have (a) 100% exposure to the Index performance up to and including 5%, and (b) 200% exposure to the excess of the Index performance above 5%. The Sub- s performance would be reduced by the Position Adjustment Factor and transaction costs of the swap. The Strategy will be implemented in Hong Kong Dollar and therefore subject to fluctuation in exchange rate risk between Hong Kong Dollar and Singapore Dollar, the base currency of the Sub-. Sub- Performance Summary % 1 Month 3 Months 6 Months 12 Months Since Inception Sub- Performance (6.77) (9.44) (46.88) Period ended 31 December 2013 High Low Latest At Inception NAV (HKD) Year ended 30 June 2013 High Low NAV (HKD) Year ended 30 June 2012 High Low NAV (HKD) Year ended 30 June 2011 High Low NAV (HKD) Year ended 30 June 2010 High Low NAV (HKD) Year ended 30 June 2009 High Low NAV (HKD)

27 Celsius s plc China Accelerated Growth (HKD) Portfolio of Investments as at 31 December 2013 Financial Assets at fair value through profit or loss: 98.91% (30/06/13: 99.03%) (31/12/12: 99.01%) Financial Derivative Instruments: 98.91% (30/06/13: 99.03%) (31/12/12: 99.01%) ed Swap*: 98.91% (30/06/13: 99.03%) (31/12/12: 99.01%) CCY Notional Amount Description Maturity Date Fair Value HK$ % of Sub- HKD 124,767,693 Swap on RAMP Index 04/07/ ,253, ed Swap at positive fair value 67,253, Net Financial Derivative Instruments 67,253, Net Financial Assets at fair value through profit or loss (Cost: HK $81,719,049) 67,253, Cash and cash equivalents (30/06/13: 0.28%) (31/12/12: 0.30%) 501, Debtors (30/06/13: 0.69%) (31/12/12: 1.00%) 1,858, Creditors (30/06/13: Nil) (31/12/12: (0.31%)) (1,618,035) (2.38) Net Assets Attributable to Redeemable Participating Shareholders 67,996, /12/ /06/ /12/2012 Net Assets Attributable to Redeemable Participating Shareholders 67,996,598 69,461,888 94,592,513 Number of Redeemable Participating in Issue 1,280,032 1,479,756 1,612,530 NAV per Redeemable Participating Share Classification Financial derivative instruments at fair value through profit or loss are traded over the counter (OTC). Analysis of Total Gross Assets % of Total Gross Assets OTC Financial Derivative Instruments Current Assets The Counterparty for the ed Swap is Capital Securities Limited. * The ed Swap exposes the Sub- to the performance of the Underlying (as defined in the Termsheet executed with the Approved Counterparty). 24

28 Celsius s plc Asset Allocation * Investment Manager s Report for the period ended 31 December 2013 Investment Objective The Sub- s objective was to generate returns linked to the performance of a multi-asset portfolio (the diversified component) while protecting part of the initial capital invested and the highest value reached by the Sub- by also investing in Italian government bonds (the bonds). The Sub- could have invested in a wide range of global asset classes including fixed income (rates, corporate and government bonds), shares (including in emerging markets), currencies and money market instruments. The Sub- could have invested in these assets either directly or through investment funds and financial contracts known as derivatives. The Sub- could have also been solely invested in the bonds. Investment Strategy From May 16th 2012 all or a substantial part of the Sub- s Assets consisted of Italian Government Bonds ("BTPs") the originally scheduled cash flows (interest and principal) of which, as of their date of purchase, were at least sufficient to achieve the Minimum Protection Level on the Scheduled Maturity Date. Investors should note that if a Credit Event occurs, the Minimum Protection Level may not have been achieved (i.e. the payment under the Guarantee would be reduced). If, based on its terms and conditions, the Guarantee was terminated prior to the Scheduled Maturity Date, the Sub- may not have been able to achieve the Investment Objective. Sub- Performance Summary (as at 13 December 2013) % 1 Month 3 Months 6 Months 12 Months Since Inception Sub- Performance** Closed Closed Closed Closed (10.49) Period ended 31 December 2013 High Low Latest At Inception NAV (EUR) * This Sub- was fully redeemed during the period ended 31 December ** The Sub- performance figures are based on results up to the Sub- redemption date. The Investment Manager s Report has been prepared up to the last valuation point whereas the financial statements have been prepared to the period ended 31 December

29 Celsius s plc Investment Legends Investment Manager s Report for the period ended 31 December 2013 Investment Objective The investment objective of the Sub- is to provide Shareholders with long-term capital appreciation from a diversified pool of asset classes, including equities, fixed income and commodities, which make up the Investment Legends Portfolio (the Portfolio ). Investment Strategy The Sub- gains access to the asset classes via the combination of direct investments in Transferable Securities, Derivative Contracts and Collective Investment Schemes ( CIS ). All exposure to UCITS and non-ucits CIS comply with the UCITS guidelines. Using quantitative and qualitative criteria, the Investment Manager seeks to select investments which, in its opinion, provide access to management skills of reputable investment managers. Share Class Performance Summary % 1 Month 3 Months 6 Months 12 Months Since Inception Share Class Performance Class A (15.99) Share Class Performance Class B (16.45) Share Class Performance Class E (15.12) Period ended 31 December 2013 High Low Latest At Inception NAV (USD) Class A NAV (HKD) Class B NAV (SGD) Class E Year ended 30 June 2013 High Low NAV (USD) Class A NAV (HKD) Class B NAV (SGD) Class E Year ended 30 June 2012 High Low NAV (USD) Class A NAV (HKD) Class B NAV (SGD) Class E Year ended 30 June 2011 High Low NAV (USD) Class A NAV (HKD) Class B NAV (SGD) Class E Year ended 30 June 2010 High Low NAV (USD) Class A NAV (HKD) Class B NAV (SGD) Class E Year ended 30 June 2009 High Low NAV (USD) Class A NAV (HKD) Class B NAV (SGD) Class E Period ended 30 June 2008 High Low NAV (USD) Class A NAV (HKD) Class B

30 Celsius s plc Investment Legends Portfolio of Investments as at 31 December 2013 Financial Assets at fair value through profit or loss: 98.35% (30/06/13: 96.57%) (31/12/12: 97.25%) Transferable Securities: 30.49% (30/06/13: 29.43%) (31/12/12: 29.57%) Common Stock: 30.49% (30/06/13: 29.43%) (31/12/12: 29.57%) No. of Description Fair Value % of Sub- 43,269 Berkshire Hathaway Inc 5,129, ,418 Blackstone Group LP 2,690, ,296 Leucadia National 5,109, ,878,528 Man Group Plc 2,644, Total Common Stock 15,574, Total Transferable Securities 15,574, Collective Investment Schemes*: 29.24% (30/06/13: 29.22%) (31/12/12: 29.13%) CCY No. of Description Fair Value % of Sub- USD 382,026 Pimco Total Return Bond 9,867, USD 212,064 Templeton Emerging Markets 5,072, Total Collective Investment Schemes 14,940, Financial Derivative Instruments: 38.62% (30/06/13: 37.92%) (31/12/12: 38.55%) ed Swap**: 38.81% (30/06/13: 38.12%) (31/12/12: 38.63%) CCY Notional Amount Description Maturity Date Fair Value % of Sub- USD 22,063,111 Swap on RICI Index 21/01/ ,826, ed Swap at positive fair value 19,826, Open Forward Foreign Exchange Currency Contracts***: (0.19%) (30/06/13: (0.20%)) (31/12/12: (0.08%)) Maturity Date Counterparty Amount Bought Amount Sold Unrealised Gain/(Loss) % of Sub- 02/01/2014 Bank plc HKD 157,790 USD 20,350 (0) (0.00) 06/01/2014 Bank plc HKD 81,403 USD 10, /01/2014 UBS AG London USD 2,287,551 GBP 1,395,074 (22,994) (0.05) 06/01/2014 Bank plc USD 86,815 GBP 53,289 (1,444) (0.00) 15/01/2014 UBS AG London SGD 1,800 USD 1, /01/2014 Bank plc SGD 204,019 USD 160, /01/2014 UBS AG London SGD 9,751,164 USD 7,799,235 (76,176) (0.14) 15/01/2014 UBS AG London USD 3,882 SGD 4, /01/2014 UBS AG London USD 5,691 SGD 7, /01/2014 UBS AG London USD 56,129 SGD 70, /01/2014 UBS AG London USD 640 SGD /01/2014 UBS AG London USD 7,779 SGD 9, Unrealised gain on forward foreign exchange currency contracts 1, Unrealised loss on forward foreign exchange currency contracts (100,614) (0.19) Net unrealised loss on forward foreign exchange currency contracts (99,456) (0.19) Net Financial Derivative Instruments 19,727,

31 Celsius s plc Investment Legends Portfolio of Investments as at 31 December 2013 cont/d Fair Value % of Sub- Financial Assets at fair value through profit or loss 50,342, Financial Liabilities at fair value through profit or loss (100,614) (0.19) Net Financial Assets at fair value through profit or loss (Cost: 47,019,524) 50,242, Cash and cash equivalents (30/06/13: 0.04%) (31/12/12: 0.23%) 77, Deposits with credit institutions (30/06/13: 1.26%) (31/12/12: 3.09%) 1,098, Debtors (30/06/13: 5.39%) (31/12/12: 0.09%) 34, Creditors (30/06/13: (3.26%)) (31/12/12: (0.66%)) (366,090) (0.72) Net Assets Attributable to Redeemable Participating Shareholders 51,086, /12/ /06/ /12/2012 Net Assets Attributable to Redeemable Participating Shareholders Class A USD 21,713,125 23,755,692 29,731,747 Number of Redeemable Participating in Issue Class A 258, , ,278 NAV per Redeemable Participating Share Class A USD Net Assets Attributable to Redeemable Participating Shareholders Class B HKD 167,020, ,142, ,989,520 Number of Redeemable Participating in Issue Class B 1,998,850 2,250,703 2,570,184 NAV per Redeemable Participating Share Class B HKD Net Assets Attributable to Redeemable Participating Shareholders Class E SGD 9,890,178 11,583,293 14,194,110 Number of Redeemable Participating in Issue Class E 11,650,757 14,306,431 17,642,872 NAV per Redeemable Participating Share Class E SGD Classification Financial derivative instruments at fair value through profit or loss are traded over the counter (OTC). Analysis of Total Gross Assets % of Total Gross Assets Transferable Securities Collective Investment Schemes OTC Financial Derivative Investments Current Assets The Counterparty for the ed Swap is Capital Securities Limited. * The Collective Investment Schemes held by the Sub- meet the requirements of UCITS Regulations. ** The ed Swap exposes the Sub- to the performance of the Underlying (as defined in the Termsheet executed with the Approved Counterparty). *** Over the counter (OTC) Financial Derivative Instruments. 28