Berenberg Aktien Semi-Annual Report As at 30 June 2018

Transcription

1 Semi-Annual Report As at 30 June 2018 An investment fund with multiple sub-funds as an umbrella fund (fonds commun de placement à compartiments multiples) pursuant to Part I of the Luxembourg Law of 17 December 2010 on undertakings for collective investment.

2 Contents Organisational structure 3 Report of the Board of Directors 4 Derivative exposure 5 Key risk data 5 Remuneration policy of the Management Company 6 Notes on the statement of assets 7-10 Balance sheet 11 Statement of assets Derivatives 16 Comparative overview of the previous three financial years and since launch Page 2

3 Organisational structure Management Company Depositary, Registrar and Transfer Agent Universal-Investment-Luxembourg S.A. R.C.S. Lux B 75,014 15, rue de Flaxweiler, L Grevenmacher Board of Directors of the Management Company Chairman of the Board of Directors Bernd Vorbeck Chairman of the Management Board of Universal-Investment-Gesellschaft mbh, Frankfurt am Main State Street Bank Luxembourg S.C.A. 49, avenue John F. Kennedy, L Luxembourg Paying agent and distributor Grand Duchy of Luxembourg State Street Bank Luxembourg S.C.A. 49, avenue John F. Kennedy, L Luxembourg Federal Republic of Germany Managing Directors Stefan Rockel Managing Director of Universal-Investment-Luxembourg S.A., Grevenmacher Matthias Müller Managing Director of Universal-Investment-Luxembourg S.A., Grevenmacher Joh. Berenberg, Gossler & Co. KG Neuer Jungfernstieg 20, D Hamburg Austria Erste Bank der österreichischen Sparkassen AG Am Belvedere 1, A Vienna Fund Manager Marc-Oliver Scharwath Managing Director of Universal-Investment-Luxembourg S.A., Grevenmacher Members Markus Neubauer Managing Director of Universal-Investment-Gesellschaft mbh, Frankfurt am Main Joh. Berenberg, Gossler & Co. KG Neuer Jungfernstieg 20, D Hamburg Réviseur d'entreprises agréé KPMG Luxembourg, Société coopérative Cabinet de révision agréé 39, avenue John F. Kennedy, L Luxembourg Page 3

4 Report of the Board of Directors Dear Sir/Madam, We hereby present to you the Semi-Annual Report of Berenberg Aktien with its sub-fund Berenberg Aktien - Strategie Deutschland. The report covers the period from 1 January 2018 to 30 June Berenberg Aktien is a legally dependent investment fund ("fonds commun de placement "), established for an indefinite period under the law of the Grand Duchy of Luxembourg and subject to Part I of the Luxembourg Law of 17 December 2010 on undertakings for collective investment. As at 30 June 2018, the fund assets and price performance of the Fund during the reporting period were as follows: Unit class ISIN Fund assets in EUR Price performance in % Berenberg Aktien - Strategie Deutschland AK R LU ,86-0,79 Berenberg Aktien - Strategie Deutschland AK I LU ,92-0,43 Berenberg Aktien - Strategie Deutschland AK B LU ,14-0,12 Page 4

5 Derivative exposure (unaudited) The derivative exposure as at 30 June 2018 can be found in the following table. Sub-funds Derivative exposure in % Berenberg Aktien - Strategie Deutschland 24,32 Key risk data (unaudited) General remarks The calculation of the Value at Risk for the Fund was carried out using a historic simulation based on the individual securities. A one-year observation period, a confidence interval of 99% and a holding period of one day were chosen for the calculation. The calculations comply with the regulatory requirements of the CSSF pursuant to the Law of 17 December 2010 and Circular no. 11/512. Method of determining overall risk The relative value-at-risk (VaR) approach was used to monitor overall risk during the period from 1 January 2018 to 30 June In the relative VaR approach, the VaR (99% confidence level, 1-day holding period, 1-year period under consideration) of the sub-fund may not exceed an amount equal to twice the VaR of a derivative-free reference asset. Here, in principle, the reference asset should approximate the investment policy of the sub-fund. Derivative-free reference assets as at 30 June 2018: 100% DAX 30 Index (Bloomberg: DAX INDEX) The VaR limit usage during the reporting period was as follows: Lowest usage: 94,95% Highest usage: 137,03% Average usage: 119,14% The leverage shall be calculated according to Directive CESR/ based on the sum of notionals method, excluding any netting and hedging effects. In this context, a portfolio with 100% leverage is considered unleveraged. The average leverage of the Fund during the reporting period was %. Page 5

6 Remuneration policy of the Management Company (unaudited) Information on employee remuneration (as at 30 September 2017) is listed below: Total employee remuneration paid during the company's last completed financial year 4,20 EUR million - of which fixed remuneration 3,89 EUR million - of which variable remuneration 0,31 EUR million Number of company employees Amount of carried interest paid 45,41 Full-time equivalent n/a Total risk taker remuneration paid during the company's last completed financial year 1,16 EUR million - of which managers 1,07 EUR million - of which other risk takers 0,09 EUR million The remuneration system of the Management Company can be found on the website of Universal-Investment-Gesellschaft mbh at and in the Sales Prospectus. No changes were made to the remuneration system compared to the previous year. Page 6

7 Notes on the statement of assets as at 30 June 2018 Unit value calculation The unit value is in euros (EUR) (hereinafter called "fund currency"). It is calculated by the Management Company each valuation day under the supervision of the Depositary. The valuation days are defined differently for each sub-fund and can be seen in the table section ("The sub-funds an overview"). The calculation is made by dividing the net sub-fund assets by the number of units of the sub-fund circulating on the valuation day. To counteract the practices of late trading and market timing, the calculation is made after the end of this time limit for the acceptance of subscription and/or conversion applications, as defined in the table entitled "The sub-funds an overview" or in the Sales Prospectus. The fund assets (hereinafter also referred to as "net asset value") are calculated based on the following principles: (a) (b) Securities and money market instruments listed on a stock exchange shall be valued at the latest prices paid at the time of calculating the net asset value. Securities and money market instruments not listed on an exchange but traded on another regulated market which operates regularly and is recognised and open to the public shall be valued at a price that cannot be less than the bid price or more than the offer price at the time of valuation and which the Management Company deems to be the best possible price at which the securities and/or money market instruments can be sold. (c) (d) (e) (f) (g) Securities and money market instruments which are neither listed on the stock market nor traded on another regulated market shall be valued at the market value at the time of calculating the net asset value fixed by the Management Company in good faith while abiding by generally recognised valuation rules that are verifiable by auditors. Units in UCITS and/or UCIs shall be valued at their net asset value last determined and available at the time of the calculation of the net asset value, applying a redemption fee if necessary. The liquid funds shall be valued at their nominal value plus interest at the time of calculating the net asset value. Fixed-term deposits with an original maturity of more than 30 days may be valued at the relevant yield value. All assets not denominated in the currency of the sub-fund shall be converted to the currency of the sub-fund at the latest mean rate of exchange available at the time of the valuation. Derivatives (e.g. options) are in principle valued at their latest available market or brokerage prices at the time of valuation. If a valuation day coincides with the settlement day for a position, the valuation of the corresponding position shall be made at its settlement price. Options on indices without an average calculation shall be valued using the Black & Scholes model, and options with an average calculation (Asian style options) shall be valued with the Levy approximation. The valuation of swaps including credit default swaps shall take place in a regular and reproducible form. It should be noted that swap contracts are entered into under normal market conditions exclusively in the interests of the Fund. h) The pro rata interest applicable to securities and/or money market instruments shall be included if not expressed in the market value. The inflow of funds based on the issue of units increases the percentage share of the respective unit class in the total value of the net assets of the sub-fund. The outflow of funds based on the redemption of units reduces the percentage share of the respective unit class in the total value of the net assets of the sub-fund. In the event of a distribution, the unit value of units in a corresponding unit class that carry entitlement to a dividend reduces by the amount of the distribution. At the same time, the percentage share made up of the unit class carrying entitlement to a distribution in the total net assets of the sub-fund is reduced, whilst the percentage share of the unit class which does not carry entitlement to a distribution in the total net assets of the sub-fund is increased. An income equalisation procedure is calculated on the Fund's income. This means that the income accruing during the financial year which the purchaser of units has to pay as part of the issue price and which the seller of unit certificates will receive as part of the redemption price is continuously netted. The expenses incurred are taken into account correspondingly. When calculating the income equalisation, the method is used which corresponds to the applicable rules given in the German Investment Act or Investment Tax Act. If unusual circumstances arise which render a valuation in accordance with the above criteria impossible or inappropriate, the Management Company has the right to apply other valuation rules, in good faith, which are generally recognised and may be verified by auditors in order to obtain a proper valuation of the fund assets. The Management Company is not obliged to redeem more than 10% of the units currently in circulation at this point on a valuation day. If the company receives redemption requests on a valuation day for more than the stated number of units the Management Company is entitled to postpone the redemption of units exceeding more than 10% of the units in issue at this point until the fourth valuation day afterwards. These redemption requests should be given preferential treatment over applications received later. Redemption requests submitted on the same valuation day are treated equally. Page 7

8 Notes on the statement of assets as at 30 June 2018 Exchange rates As at 30 June 2018, the foreign currency positions were valued at the exchange rates set out below: Currency Rate EUR - CHF 1,1590 EUR - DKK 7,4505 EUR - GBP 0,8841 EUR - USD 1,1674 Management fee The Management Company receives a fee of up to 0.25% p.a. of the sub-fund assets, with a minimum fee of EUR 50,000 p.a. This fee is always calculated on the basis of the daily calculated net asset value and is payable at the end of each month, plus any applicable value-added tax. Depositary, Registrar and Transfer Agent fees In exchange for the performance of its duties, the Depositary receives a fee of, on average, 0.09% p.a. of the sub-fund assets. Depending on the depositary available for the target investment in question, the fee may also come out to more or less with a minimum of EUR 21,600 p.a. per sub-fund. This fee is always calculated on the basis of the daily calculated net asset value and is payable at the end of each month, plus any applicable value-added tax. As per market custom, the Depositary also receives a processing fee for all securities transactions on behalf of the Fund if it does not receive banking fees for this. Fund Manager's fee The Fund Manager receives a fee of up to 1.25% p.a. from the sub-fund assets. This fee is always calculated on the basis of the daily calculated net asset value and is payable at the end of each month, plus any applicable value-added tax. Page 8

9 Notes on the statement of assets as at 30 June 2018 Performance fee The Fund Manager receives a performance fee based on the average net asset value (for the period in question) calculated on each valuation day. This is paid out each year and amounts to 20% of the outperformance of the unit value of the relevant unit class after fees owed to the comparison index. The benchmark index (hurdle rate) is as follows: 45% Stoxx 600 TR (SXXR Index), 45% S&P500 TR (SPTR500N Index) and 10% Euribor 1 Month (EUR001M Index). This serves as an artificial benchmark for calculating the performance fee. The ACT/ACT method is used for calculating this benchmark. The high water mark corresponds to the single highest unit value registered by the end of the year. This type of remuneration is only calculated based on the proportion of capital gains that exceeds the high water mark and the unit value from the date the investment fund is launched. This outperformance is calculated based on the difference in unit value and hurdle rate performances. The hurdle rate performance is calculated as follows: Performance = (Hend/H0) -1 Hend = hurdle rate at end of period H0 = hurdle rate at start of period The settlement period (invoicing and payment) corresponds to the accounting year, i.e. there is one accounting period per accounting year of the Fund. The first settlement period starts on the date the Fund or unit class is established and then ends on the last day of the previous accounting year. The performance fee is determined by referring to the unit value performance, calculated using the BVI method, during the settlement period. Transaction costs For the reporting period ending on 30 June 2018, transaction costs amounting to EUR 71, were incurred from the purchase and sale of securities, money market instruments, derivatives and other assets in the Fund s transaction costs. The transaction costs include in particular commissions for brokers and agents, clearing fees and external charges (e.g. stock market fees, local taxes and charges, registration and transfer charges). Taxation Fund assets are currently subject to a "taxe d'abonnement " of up to 0.05% p.a. at present in Luxembourg. It is payable quarterly and based on the respective reported fund assets at the end of the quarter. The income of the Fund is not subject to taxation in Luxembourg. However, the income of the Fund may be subject to withholding tax in countries in which assets of the Fund are invested. In such cases, neither the Depositary nor the Management Company are obligated to collect tax certificates. Publications Information on the issue and redemption prices of each sub-fund and/or each unit class is available at the registered office of the Management Company, Depositary and Paying Agents of the Fund abroad and is published in accordance with the legal provisions of any country in which units are authorised for sale to the public as well as on the website of the Management Company ( The net asset value of each sub-fund or each unit class may be requested from the registered office of the Management Company and is also published on the website of the Management Company. Information, particularly notices to investors, is also published on the Management Company's website. In addition, notices will be published in Luxembourg in the RESA and in a Luxembourg daily newspaper, where required by law, and also, if required, in another daily newspaper that has sufficient circulation. Page 9

10 Notes on the statement of assets as at 30 June 2018 Changes to the securities portfolio The changes to the securities holdings in the reporting period can be obtained free of charge at the registered office of the Management Company, via the Depositary and via any paying agent. Information as per Regulation (EU) 2015/2365 on the transparency of securities financing transactions and of reuse and amending Regulation (EU) No. 648/ figures according to Section A During the reporting period, there were no securities financial transactions or total return swaps subject to the above-named regulations. Page 10

11 - Strategie Deutschland As the investment fund Berenberg Aktien consists of only one sub-fund as at 30 June 2018, namely Berenberg Aktien - Strategie Deutschland, the statement of assets for Berenberg Aktien - Strategie Deutschland is at the same time the above consolidated statement for the investment fund Berenberg Aktien. Balance sheet as at 30/06/2018 Investment focuses Current value in EUR % of fund assets *) I. Assets ,61 100,56 1. Shares ,62 100,24 2. Derivatives ,75-0,95 3. Bank deposits ,74 1,23 4. Other assets ,00 0,04 II. Liabilities ,70-0,56 III. Fund assets ,91 100,00 *) Minor rounding differences may arise due to rounding of the share percentages during calculation. The notes on the statement of assets form an essential component of the semi-annual report. Page 11

12 - Strategie Deutschland Statement of assets as at 30/06/2018 Name ISIN Quantity or holding Currency Rate Market value % Units or 30/06/2018 in EUR of fund % of 1,000 assets *) Portfolio positions EUR ,62 100,24 Exchange-traded securities EUR ,72 97,20 Shares EUR ,72 97,20 adesso AG Inhaber-Aktien o.n. DE000A0Z23Q5 QTY EUR 55, ,00 1,01 adidas AG Namens-Aktien o.n. DE000A1EWWW0 QTY EUR 186, ,00 4,52 Airbus SE Aandelen op naam EO 1 NL QTY EUR 100, ,00 4,96 Allianz SE vink.namens-aktien o.n. DE QTY EUR 177, ,00 4,47 Axel Springer SE vink.namens-aktien o.n. DE QTY EUR 61, ,00 1,09 BASF SE Namens-Aktien o.n. DE000BASF111 QTY EUR 81, ,00 3,87 Basler AG Inhaber-Aktien o.n. DE QTY EUR 165, ,00 0,86 Bayerische Motoren Werke AG Stammaktien EO 1 DE QTY EUR 77, ,00 3,07 Bayerische Motoren Werke AG Vorzugsaktien o.st. EO 1 DE QTY EUR 68, ,00 1,13 Bechtle AG Inhaber-Aktien o.n. DE QTY EUR 66, ,00 1,16 CANCOM SE Inhaber-Aktien o.n. DE QTY EUR 87, ,00 1,20 Continental AG Inhaber-Aktien o.n. DE QTY EUR 195, ,00 1,72 CTS Eventim AG & Co. KGaA Inhaber-Aktien o.n. DE QTY EUR 42, ,00 0,88 Delivery Hero AG Namens-Aktien o.n. DE000A2E4K43 QTY EUR 45, ,00 1,20 Dermapharm Holding SE Inhaber-Aktien o.n. DE000A2GS5D8 QTY EUR 27, ,00 1,38 Deutsche Börse AG Namens-Aktien o.n. DE QTY EUR 114, ,00 3,76 Deutsche Post AG Namens-Aktien o.n. DE QTY EUR 27, ,00 3,30 Deutsche Wohnen SE Inhaber-Aktien o.n. DE000A0HN5C6 QTY EUR 41, ,00 2,05 E.ON SE Namens-Aktien o.n. DE000ENAG999 QTY EUR 9, ,00 1,68 Fresenius Medical Care KGaA Inhaber-Aktien o.n. DE QTY EUR 86, ,00 1,71 Fresenius SE & Co. KGaA Inhaber-Aktien o.n. DE QTY EUR 68, ,00 3,17 GRENKE AG Namens-Aktien o.n. DE000A161N30 QTY EUR 97, ,00 1,40 HELLA GmbH & Co. KGaA Inhaber-Aktien o.n. DE000A13SX22 QTY EUR 48, ,00 0,84 HelloFresh SE Inhaber-Aktien o.n. DE000A QTY EUR 13, ,00 1,44 HolidayCheck Group AG Inhaber-Aktien o.n. DE QTY EUR 3, ,00 0,90 home24 SE Inhaber-Aktien o.n. DE000A14KEB5 QTY EUR 29, ,00 1,14 HUGO BOSS AG Namens-Aktien o.n. DE000A1PHFF7 QTY EUR 77, ,00 0,85 HYPOPORT AG Namens-Aktien o.n. DE QTY EUR 160, ,00 0,88 Infineon Technologies AG Namens-Aktien o.n. DE QTY EUR 21, ,00 2,28 JENOPTIK AG Inhaber-Aktien o.n. DE QTY EUR 33, ,00 0,92 Jungheinrich AG Inhaber-Vorzugsakt.o.St.o.N. DE QTY EUR 31, ,00 0,87 Merck KGaA Inhaber-Aktien o.n. DE QTY EUR 83, ,00 2,02 MTU Aero Engines AG Namens-Aktien o.n. DE000A0D9PT0 QTY EUR 164, ,80 1,32 Nanogate SE Inhaber-Aktien o.n. DE000A0JKHC9 QTY EUR 38, ,00 1,10 The notes on the statement of assets form an essential component of the semi-annual report. Page 12

13 - Strategie Deutschland Statement of assets as at 30/06/2018 Name ISIN Quantity or holding Currency Rate Market value % Units or 30/06/2018 in EUR of fund % of 1,000 assets *) Nemetschek SE Inhaber-Aktien o.n. DE QTY EUR 103, ,00 1,04 NFON AG Inhaber-Aktien o.n. DE000A0N4N52 QTY EUR 13, ,93 1,15 NORMA Group SE Namens-Aktien o.n. DE000A1H8BV3 QTY EUR 58, ,00 0,90 RATIONAL AG Inhaber-Aktien o.n. DE QTY EUR 559, ,00 1,04 RIB Software SE Namens-Aktien EO 1 DE000A0Z2XN6 QTY EUR 19, ,00 0,98 Rocket Internet SE Inhaber-Aktien o.n. DE000A12UKK6 QTY EUR 27, ,00 1,69 SAP SE Inhaber-Aktien o.n. DE QTY EUR 98, ,00 4,35 Sartorius AG Vorzugsaktien o.st. o.n. DE QTY EUR 128, ,00 0,91 Serviceware SE Inhaber-Aktien o.n. DE000A2G8X31 QTY EUR 24, ,25 0,90 Siemens Healthineers AG Namens-Aktien o.n. DE000SHL1006 QTY EUR 35, ,00 4,66 Sixt SE Inhaber-Stammaktien o.n. DE QTY EUR 95, ,00 1,37 SPORTTOTAL AG Inhaber-Aktien o.n. DE000A1EMG56 QTY EUR 2, ,00 0,46 Stabilus S.A. Actions au Porteur EO -,01 LU QTY EUR 77, ,00 0,85 STRATEC Biomedical AG Namens-Aktien o.n. DE000STRA555 QTY EUR 66, ,00 1,10 SÜSS MicroTec SE Namens-Aktien o.n. DE000A1K0235 QTY EUR 12, ,00 0,85 Symrise AG Inhaber-Aktien o.n. DE000SYM9999 QTY EUR 75, ,00 1,11 technotrans AG Namens-Aktien o.n. DE000A0XYGA7 QTY EUR 37, ,00 1,02 TUI AG Namens-Aktien o.n. DE000TUAG000 QTY EUR 18, ,50 0,86 Süss MicroTec AG Namens-Aktien o.n. DE QTY EUR 49, ,00 1,08 Vonovia SE Namens-Aktien o.n. DE000A1ML7J1 QTY EUR 40, ,24 3,11 Wirecard AG Inhaber-Aktien o.n. DE QTY EUR 137, ,00 1,67 XING SE Namens-Aktien o.n. DE000XNG8888 QTY EUR 276, ,00 0,91 Zalando SE Inhaber-Aktien o.n. DE000ZAL1111 QTY EUR 47, ,00 1,00 Securities permitted on or included in organised markets EUR ,90 2,05 Shares EUR ,90 2,05 DATAGROUP SE Inhaber-Aktien o.n. DE000A0JC8S7 QTY EUR 39, ,00 1,06 STEMMER IMAGING AG Inhaber-Aktien o.n. DE000A2G9MZ9 QTY EUR 41, ,90 0,99 Unquoted securities EUR ,00 0,98 Shares EUR ,00 0,98 AKASOL AG Inhaber-Aktien o.n. DE000A2JNWZ9 QTY EUR 49, ,00 0,98 Total securities EUR ,62 100,24 The notes on the statement of assets form an essential component of the semi-annual report. Page 13

14 - Strategie Deutschland Statement of assets as at 30/06/2018 Name ISIN Quantity or holding Currency Rate Market value % Units or 30/06/2018 in EUR of fund % of 1,000 assets *) Derivatives EUR ,75-0,95 Bank deposits, non-securitised money market instruments and money market funds EUR ,74 1,23 Bank deposits EUR ,74 1,23 Deposits at State Street Bank Luxembourg S.C.A. Deposits in the fund currency ,34 EUR ,34 0,28 Deposits in other EU/EEA currencies 2.767,77 DKK 371,49 0, ,40 GBP 3.609,77 0,00 Deposits in currencies outside EU/EEA 123,32 CHF 106,40 0, ,35 USD 1.626,99 0,00 Deposits at State Street Bank Luxembourg S.C.A. Deposits in the fund currency (variation margin) ,75 EUR ,75 0,95 Other assets EUR ,00 0,04 Dividend entitlements ,00 EUR ,00 0,04 The notes on the statement of assets form an essential component of the semi-annual report. Page 14

15 - Strategie Deutschland Statement of assets as at 30/06/2018 Name ISIN Quantity or holding Currency Rate Market value % Units or 30/06/2018 in EUR of fund % of 1,000 assets *) Liabilities EUR ,70-0,56 Interest payable -266,78 EUR -266,78 0,00 Management fee ,08 EUR ,08-0,04 Depositary fee ,00 EUR ,00-0,01 Custody fees ,28 EUR ,28 0,00 Auditing costs ,75 EUR ,75-0,01 Taxe d abonnement ,07 EUR ,07-0,01 Other liabilities ,85 EUR ,85-0,01 Fund Manager's fee ,89 EUR ,89-0,49 Fund assets EUR ,91 100,00 Berenberg Aktien - Strategie Deutschland AK R Unit value EUR 83,97 Issuing price EUR 88,17 Redemption price EUR 83,97 Units in circulation QTY ,472 Berenberg Aktien - Strategie Deutschland AK I Unit value EUR 104,59 Issuing price EUR 104,59 Redemption price EUR 104,59 Units in circulation QTY ,000 Berenberg Aktien - Strategie Deutschland AK B Unit value EUR 105,26 Issuing price EUR 105,26 Redemption price EUR 105,26 Units in circulation QTY ,000 *) Minor rounding differences may arise due to rounding of the share percentages during calculation. The notes on the statement of assets form an essential component of the semi-annual report. Page 15

16 - Strategie Deutschland Derivatives as at 30/06/2018 Financial futures contracts as at 30/06/2018 Name Maturity Number Currency Cost price in currency Market price in currency commitment Unrealised profit in EUR in EUR FUTURE ALLIANZ SE EUREX EUR 180, , , ,15 FUTURE BASF SE O.N EUREX EUR 87, , , ,00 FUTURE CONTINENTAL AG EUREX EUR 218, , , ,20 FUTURE DAX (PERFORMANCE-INDEX) EUREX EUR , , , ,00 FUTURE INFINEON TECH.AG EUREX EUR 24, , , ,50 FUTURE SAP SE EUREX EUR 102, , , ,40 FUTURE SIEMENS EUREX EUR 116, , , ,50 Financial futures contracts - total ,75 Derivatives - total ,75 The notes on the statement of assets form an essential component of the semi-annual report. Page 16

17 - Strategie Deutschland Berenberg Aktien - Strategie Deutschland AK R Comparative overview of the previous three financial years Financial year Units in circulation as at Fund assets as at Unit value as at end of the financial year end of the financial year end of the financial year 2015 Quantity ,079 EUR ,87 EUR 72, Quantity ,517 EUR ,78 EUR 74, Quantity ,121 EUR ,10 EUR 84, Quantity ,472 EUR ,86 EUR 83,97 Performance of units outstanding during the reporting period Quantity Units outstanding at the start of the reporting period ,121 Units issued ,572 Units redeemed ,221 Units outstanding at the end of the reporting period ,472 The notes on the statement of assets form an essential component of the semi-annual report. Page 17

18 - Strategie Deutschland Berenberg Aktien - Strategie Deutschland AK I Comparative overview since launch Financial year Units in circulation as at Fund assets as at Unit value as at end of the financial year end of the financial year end of the financial year 2017 *) Quantity ,000 EUR ,00 EUR 105, Quantity ,000 EUR ,92 EUR 104,59 *) Launch date: 16 June 2017 Performance of units outstanding during the reporting period Quantity Units outstanding at the start of the reporting period ,000 Units issued ,000 Units redeemed ,000 Units outstanding at the end of the reporting period ,000 The notes on the statement of assets form an essential component of the semi-annual report. Page 18

19 - Strategie Deutschland Berenberg Aktien - Strategie Deutschland AK B Comparative overview since launch Financial year Units in circulation as at Fund assets as at Unit value as at end of the financial year end of the financial year end of the financial year 2017 *) Quantity ,000 EUR ,69 EUR 105, Quantity ,000 EUR ,14 EUR 105,26 *) Launch date: 16 June 2017 Performance of units outstanding during the reporting period Quantity Units outstanding at the start of the reporting period ,000 Units issued ,000 Units redeemed ,000 Units outstanding at the end of the reporting period ,000 The notes on the statement of assets form an essential component of the semi-annual report. Page 19