Unaudited Semi-Annual Report SEB SICAV 3

Transcription

1 Unaudited Semi-Annual Report SEB SICAV 3 Status: 30 June 2018 R.C.S B

2 Notice The sole legally binding basis for the purchase of shares of the Company described in this report is the latest valid Sales Prospectus with its terms of contract.

3 Table of Contents Page Additional Information to the Investors in Germany 2 Organisation 3 General Information 5 Management Report 7 Schedule of Investments: SEB SICAV 3 - SEB Asset Selection Defensive 9 SEB SICAV 3 - SEB Asset Selection Opportunistic 13 Combined Statement of Net Assets 17 Notes to the Financial Statements 18 1

4 Additional Information to the Investors in Germany As at 30 June 2018 Shares in circulation: The following Sub-Funds are publicly approved for distribution in Germany: SEB SICAV 3 - SEB Asset Selection Opportunistic SEB SICAV 3 - SEB Asset Selection Defensive The information disclosed above is as at 30 June 2018 and this may change after the period end. The current Sub-Funds in circulation and the current registrations per share class are visible in the distribution matrix on 2

5 Organisation Company: SEB SICAV 3 4, rue Peternelchen, L-2370 Howald, Luxembourg Board of Directors of the Company: Chairperson Matthias Ewald Branch Manager SEB Investment Management AB Luxembourg Members Alan Ridgway Independent Director The Directors' Office Luxembourg Henrik Dahlgren Head of Investment Offering SEB Life & Pension Sweden Management Company: Board of Directors of the Management Company: SEB Investment Management AB Stjärntorget 4 SE Solna, Sweden Chairperson Johan Wigh Advokat, Törngren Magnell Sandemarsvägen Enskede Sweden Members Magnus Wallberg Chief Financial Officer Life and Investment Management Division Skandinaviska Enskilda Banken AB (publ) Sweden Karin S. Thorburn Professor in Finance at the Norwegian School of Economics Starefossveien 58 A 5019 Bergen, Norway Jenny Askfelt Ruud Advisor Ratos AB Äppelviksv Bromma Sweden Branch of the Management Company: Central Administration (including the administrative, registrar and transfer agent function) and Paying Agent in Luxembourg: SEB Investment Management AB, Luxembourg Branch 4, rue Peternelchen L-2370 Howald, Luxembourg The Bank of New York Mellon SA/NV, Luxembourg Branch 2-4, rue Eugène Ruppert L-2453 Luxembourg 3

6 Additional Information to the Investors Investment Manager: Depositary: Auditor of the Company: Auditor of the Management Company: Global Distributor: Representatives and Paying Agents outside Luxembourg: SEB Investment Management AB Stjärntorget 4 SE Solna, Sweden Skandinaviska Enskilda Banken S.A. 4, rue Peternelchen L-2370 Howald, Luxembourg PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator L-2182 Luxembourg PricewaterhouseCoopers AB Torsgatan 21 SE Stockholm, Sweden Skandinaviska Enskilda Banken AB (publ) Kungsträdgårdsgatan 8 SE Stockholm, Sweden The full list of representatives and paying agents outside Luxembourg can be obtained, free of any charge, at the address of the Management Company, at the address of the Branch and on the website of the Branch. 4

7 General Information the Investors Heading SEB SICAV 3 is a Luxembourg open-ended investment company with variable share capital, organised in the form of a SICAV under the Luxembourg law of 10 August 1915 on commercial companies, as amended ( 1915 Law ), and governed by Part I of the Luxembourg Law on Undertakings for Collective Investment of 17 December 2010, as amended, (the Law ). The Company qualifies as an Undertaking for Collective Investment in Transferable Securities (UCITS). The Company was incorporated on 4 June 2009 for an unlimited duration as a public limited company ( société anonyme ). The Articles of Incorporation were published in the Recueil Spécial des Sociétés et Associations (hereafter Mémorial C ) on 10 July The Articles of Incorporation lastly modified with effect from 1 April 2012 have been published in the Recueil Electronique des Sociétés et Associations (RESA) on 12 April The Company is registered with the RCS under the number B The Company is managed by SEB Investment Management AB (the Management Company ). The Management Company was established on 19 May 1978 in the form of a Swedish limited liability company (AB). The Management Company is authorised by Finansinspektionen for the management of UCITS and for the discretionary management of financial instruments and investment portfolios under the Swedish UCITS Act (SFS 2004:46). The Management Company is also authorised as an alternative investment fund manager to manage alternative investment funds under the Swedish AIFM Act (SFS 2013:561). The Management Company has delegated parts of the Central Administration as further detailed hereafter, including the administrative, registrar and transfer agent functions - under its continued responsibility and control - at its own expenses to The Bank of New York Mellon SA/NV, Luxembourg Branch, 2-4, rue Eugène Ruppert, L-2453 Luxembourg. This company was incorporated in Luxembourg as a société anonyme on 15 December 1998 and is an indirect wholly-owned subsidiary of The Bank of New York Mellon Corporation. It is registered with the Luxembourg Trade and Companies' Register under Corporate Identity Number B (the Administrative Agent and "Registrar and Transfer Agent ). In the capacity of Administrative Agent, it carries out certain administrative duties related to the administration of the Company, including the calculation of the NAV of the Shares and the provision of account services for the Company. In its capacity as Registrar and Transfer Agent, it will process all subscriptions, redemptions and transfers of shares, and will register these transactions in the Shareholders' register of the Company. The main objective of each Sub-Fund will be to invest directly and/or indirectly in transferable securities and other Eligible Assets, with the purpose of spreading investment risks and achieving long-term capital growth. The investment objectives of the Sub-Funds will be carried out in compliance with the investment restrictions set forth in the latest prospectus. At present, two Sub-Funds are at the Shareholders disposal: SEB SICAV 3 - SEB Asset Selection Defensive SEB SICAV 3 - SEB Asset Selection Opportunistic Unless otherwise laid down in part II of the Prospectus, "The Sub-Funds", the Company may decide to issue, for each Sub- Fund, capitalisation Shares ("C" Shares) and distribution Shares ("D" Shares). The "C" Shares will reinvest their income, if any. The "D" Shares may pay a dividend to its Shareholders, upon decision of the Company. Dividends are paid annually, except for those Sub-Funds where the Company would decide on a monthly, quarterly or semi-annual dividend payment. The Company may issue Share Classes whose Reference Currency is not the Base Currency of the respective Sub-Fund. With regard to such Share Classes, the Company has the ambition to hedge the currency exposure from the Base Currency into the currency exposure of the Reference Currency. Considering the practical challenges of doing so, the Company does not guarantee how successful such currency hedging of Share Classes will be. For Share Classes where the Company has an ambition to currency-hedge the Share Class, an H- will precede the currency denomination of the Share Class. For example (H-SEK) means that there is an ambition by the Company to hedge the currency exposure from a Base Currency into a SEKexposure for the Share Class. The ambition of such hedging activity is to limit the performance impact related to fluctuations in the exchange rate between the Base Currency and the Reference Currency of the Share Class. The profit and loss effects related to currency hedging of a particular Share Class, will be allocated to the relevant Share Class. 5

8 General Information to the Investors Currently, the following share classes are offered for the Sub-Funds: SEB SICAV 3 - SEB Asset Selection Defensive o Capitalisation shares ( C (EUR) shares) o Capitalisation shares ( C (H-SEK) LTD shares) o Capitalisation shares ( C (H-SEK) shares) LU LU LU SEB SICAV 3 - SEB Asset Selection Opportunistic o Capitalisation shares ( C (EUR) shares) o Capitalisation shares ( C (H-NOK) shares) o Capitalisation shares ( C (H-SEK) shares) o Capitalisation shares ( IC (EUR) shares) o Distribution shares ( ID (H-SEK) shares) o Capitalisation shares ( SIC (H-USD) shares) LU LU LU LU LU LU The base currency of the Company is Euro. The currency of the Sub-Funds is Euro. The issue and redemption prices, which are computed daily on bank business days in Luxembourg, except 24 December and 31 December ("Valuation date"), can be obtained from the registered offices of the Company, the Depositary and the Paying Agent. In addition, the Net Asset Value, fact sheets and other informational material is published on the SEB Luxembourg website ("website"). When registered in other countries, the publication media might differ according to the regulatory requirements. Information about ongoing charges can be found in the Key Investor Information Document ("KIID"). The audited annual and un-audited semi-annual reports of the Company may be obtained, free of charge at the registered office of the Management Company, at the address of its Branch and on the website. These reports as well as copies of the Prospectus, the Management Regulations and the KIID are available, free of charge, at the registered office of the Management Company, at the address of the Branch and on the website. 6

9 Management Report Heading Dear Shareholders, With this report, we want to give you an overview of the general economic environment, the development of the most important capital markets of our Company SEB SICAV 3. We would like to thank you for your confidence and will do everything within our power to justify your decision of investing in our Company. Trade wars The past year is a tale of two halves. The later part of 2017 was characterised by strong equity markets, positive political developments (US tax reform) and a global, synchronised growth recovery. However, the first half of 2018 was characterised by more or less the exact opposite. European markets and emerging markets leading indicators started to moderate, equity market performance turned choppy, and politics became a distinctly negative factor as the focus moved from tax reform to discussions of trade tariffs and current accounts. Despite the negative political headlines that dominated the news in the latter part of the past year, global equity markets generated positive performance for 2018 specifically. The US technology sector continued to post strong performance on the back of very strong earnings growth, which was enough to keep the global markets above water - despite weaker European and emerging markets. As of writing, despite the risk for an escalating trade war, our economic outlook has not changed significantly since the start of Many of the more strategic indicators for growth such as lending conditions and investment plans are still pointing upwards. We expect this will continue to support the economic recovery that we are still experiencing. In the following paragraphs we describe developments and our outlook for the financial markets, global growth and monetary policy. Financial markets As stated, the first and second half of the past year has differed greatly. Although global equities rallied significantly in the latter part of 2017, this momentum stalled in 2018 even though performance was still positive for developed market equities as measured in local currency. In response to the low volatility environment that prevailed in the past years, an increased number of investors positioned in the second half of 2017 for low volatility. This led to a significant correction in February 2018: a range of exchange trade products were forced to liquidate leveraged positions in short volatility. To illustrate the magnitude of the move, the US S&P 500 Implied Equity Volatility Index (VIX) spiked above 50. In the weeks before, VIX was at a sub 10 level. In addition to the volatility spike, financial markets have performed in a manner that would have been expected in an environment of rising trade tensions. Consequently, trade sensitive regions such as Emerging Markets and Europe have experienced pronounced weakness. Note that the US equity markets has held up well given that the US tech sector has continued to deliver so strongly on earnings. 7

10 Management Report Global growth Global growth started accelerating significantly during the summer of All major PMIs (Purchasing Manager Index) and consumer confidence indicators started to rise in unison for the first time since the financial crisis. Not only was the strength concerted in the sense that all major leading indicators started to rise, it was also very robust. For example, US consumer confidence rose to the highest levels since 2001, and IFO, the leading indicator for Germany, posted its highest levels on record. This strong recovery in growth throughout the second half of 2017 was followed by moderation in This was most pronounced for Europe and emerging markets and as such the convergence of 2017 turned into divergence for Although leading indicators have turned over the past 6 months it is worth noting that strategic indicators continue to be quite healthy. Lending conditions are being eased in Europe and the US, Capital Expenditure plans are on the rise, and wage increases appear to finally be on the rise in the US. Monetary policy As growth strengthened in the past year, global central banks continued to tighten monetary policy. In contrast to the last five years, this tightening fortunately did not have a negative impact on financial markets. The US Federal Reserve (Fed) continued to hike rates in the past year and its communication has become increasingly hawkish as the US recovery continues to appear robust and is now getting a boost by tax reforms and infrastructure spending. Despite the rate hikes and balance sheet reduction, the US financial markets have largely weathered the tightening. The European Central Bank (ECB) announced it will continue to withdraw support through its purchases of bonds. Although there was some anxiety that this would have a negative effect on the broader financial markets, this did not happen and the strong growth theme dominated. This indicated that central banks had less impact on financial markets in 2017 and 2018 as compared to the previous few years. Outlook for financial markets & economic growth As of writing, we expect that positive leading indicators (questionnaires for firms and consumers) and rising wages will translate into strong growth in production and consumption. In line with the growing economy, we expect central banks to continue their tightening monetary policy. Since the US economy is farthest ahead in the economic cycle, we expect this tightening to be driven by the Fed. Additionally, we expect the ECB to follow the announced plan of reducing their bond purchases. The outlook for financial markets is more uncertain. As mentioned, much of the good news has already been discounted. This said, we believe the growth environment will remain conducive to earnings growth. We expect equities to deliver a higher return than all major fixed income alternatives. Luxembourg, 10 July 2018 SEB Investment Management AB The Board of Directors 8

11 Schedule of Investments As at 30 June 2018t As at SEB SICAV 3 - SEB Asset Selection Defensive Security description Maturity Total holdings Market % of value in Net EUR Assets Bonds and Money Market Instruments indicated in 1,000 currency units Transferable securities admitted to an official stock exchange listing Bonds Sweden 4.25 % Sweden Government Bond 12/03/19 42,000 4,156, Total Sweden 4,156, Total Bonds 4,156, Money Market Instruments Netherlands 0.00 % Dutch Treasury Certificate 31/07/18 1,900 1,896, % Dutch Treasury Certificate 31/08/18 1,900 1,901, % Dutch Treasury Certificate 27/09/ , % Dutch Treasury Certificate 31/10/ , % Dutch Treasury Certificate 30/11/18 1,600 1,604, Total Netherlands 6,504, Sweden 0.00 % Sweden Treasury Bill 18/07/18 14,000 1,338, % Sweden Treasury Bill 15/08/18 30,000 2,870, % Sweden Treasury Bill 19/09/18 25,000 2,394, Total Sweden 6,603, Total Money Market Instruments 13,108, Total Transferable securities admitted to an official stock exchange listing 17,265, Total Portfolio 17,265, Financial futures cleared with Skandinaviska Enskilda Banken AB (publ) Purchased financial futures contracts Commitment in EUR Amsterdam Exchanges Index Future 332, /07/18 3 (5,820.00) (0.03) CME E-Mini Nasdaq 100 Index Future 244, /09/18 2 (2,418.76) (0.01) CME E-Mini Russell 2000 Index Future 213, /09/18 3 (2,525.27) (0.02) CME S+P Mini Midcap 400 Future 337, /09/18 2 (6,891.24) (0.04) CME Standard And Poors 500 E-Mini Future 235, /09/18 2 (3,942.51) (0.02) Eurex Dow Jones Euro Stoxx 50 Future 272, /09/18 8 (3,926.96) (0.02) Eurex Euro Bobl Futures 2,643, /09/ , Eurex Euro Bund Future 1,299, /09/ , Eurex Euro Buxl Future 710, /09/18 4 8, Eurex Euro Oat Futures 1,544, /09/ , Eurex Euro Schatz Future 4,819, /09/ , KRX 3Year KTB Future 3,164, /09/ , LIFFE FTSE 100 Index Future 344, /09/18 4 (2,508.82) (0.01) LIFFE Long Gilt Future 1,112, /09/18 8 3, LIFFE Short Sterling Futures 9,522, /12/18 68 (1,607.94) (0.01) MEFF Euro Ibex-35 Future 96, /07/18 1 (1,320.24) (0.01) MSE 10 Year Canadian Government Bond Future 534, /09/18 6 (2,256.50) (0.02) MSE 3M Canadian Bankers Acceptance Future 8,928, /12/18 56 (366.22) (0.00) MSE S+P Canada 60 Index Future 376, /09/18 3 3, OMXS 30 Index Future 222, /07/18 15 (2,137.57) (0.01) 9

12 Schedule of Investments As at t A SEB SICAV 3 - SEB Asset Selection Defensive Security description Maturity Total holdings Market % of value in Net EUR Assets Financial futures cleared with Skandinaviska Enskilda Banken AB (publ) Purchased financial futures contracts Commitment in EUR SFE Australian Share Price Index 200 Future 487, /09/18 5 6, Simex CNX Nifty Index Future New $2 385, /07/18 21 (3,632.91) (0.02) Simex Nikkei 225 Future 258, /09/18 3 (2,629.27) (0.02) TSE Tokyo Stock Price Index Future 134, /09/18 1 (3,412.62) (0.02) Sold financial futures contracts Commitment in EUR CBOT 10 Year U.S. Treasury Note Future (619,399.08) 19/09/18 (6) (3,010.24) (0.02) CBOT 2 Year U.S. Treasury Note Future (3,820,875.74) 28/09/18 (21) CBOT Five Year Treasury Note Future (1,561,328.01) 28/09/18 (16) (707.88) (0.00) CBOT U.S. Treasury Bond Future (249,413.08) 19/09/18 (2) (2,547.86) (0.01) CBOT Ultra T Bond Future (137,348.98) 19/09/18 (1) (1,610.50) (0.01) CME Australian Dollar Future (1,078,787.26) 17/09/18 (17) 26, CME British Pound Future (1,346,787.67) 17/09/18 (19) 17, CME Canadian Dollar Future (1,369,686.85) 18/09/18 (21) 16, CME Euro FX Future (1,257,318.92) 17/09/18 (10) 17, CME Eurodollar Future (6,690,411.89) 17/12/18 (32) (1,911.00) (0.01) CME Japanese Yen Future (1,461,852.68) 17/09/18 (15) 12, CME Mexican Peso Future (646,648.77) 17/09/18 (30) (31,723.88) (0.18) CME New Zealand Dollar Future (1,045,615.21) 17/09/18 (18) 41, CME Swiss Franc Future (1,631,599.60) 17/09/18 (15) 11, ICE MSCI Emerging Markets Mini Index Future (136,531.92) 21/09/18 (3) 5, LIFFE 3Mth Euribor Interest Rate Future (4,011,600.00) 17/12/18 (16) Safex Top 40 Index Future (255,948.08) 20/09/18 (8) (4,308.93) (0.02) Total financial futures contracts (total net unrealised) 127, An amount of EUR 180, is held as cash collateral and additional collateral is held for this position as detailed in note 6. 10

13 Schedule of Investments As at t As at SEB SICAV 3 - SEB Asset Selection Defensive Security description Maturity Market % of value in Net EUR Assets Forward foreign exchange contracts open with Skandinaviska Enskilda Banken S.A. Buy 132,500 AUD Sell 83,967 EUR 24/08/18 (224.99) (0.00) Buy 32,586 CAD Sell 21,182 EUR 24/08/18 (24.45) (0.00) Buy 2,231 CHF Sell 1,942 EUR 24/08/18 (11.99) (0.00) Buy 45,602 EUR Sell 71,673 AUD 24/08/ Buy 53,548 EUR Sell 82,576 CAD 24/08/18 (66.85) (0.00) Buy 18,534 EUR Sell 21,478 CHF 24/08/18 (43.78) (0.00) Buy 73,809 EUR Sell 65,082 GBP 24/08/ Buy 160,277 EUR Sell 1,489,992 HKD 24/08/18 (2,324.81) (0.01) Buy 129,710 EUR Sell 16,868,434 JPY 24/08/18 (1,075.02) (0.01) Buy 15,518,805 EUR Sell 158,237,771 SEK 24/08/18 389, Buy 11,942 EUR Sell 18,838 SGD 24/08/ Buy 281,684 EUR Sell 327,261 USD 24/08/18 1, Buy 101 EUR Sell 1,637 ZAR 24/08/ Buy 50,952 GBP Sell 57,806 EUR 24/08/18 (318.68) (0.00) Buy 22,302 GBP Sell 30,000 USD 24/08/18 (501.65) (0.00) Buy 36,235 HKD Sell 6,000 CAD 24/08/ Buy 98,486 HKD Sell 10,806 EUR 24/08/18 (58.53) (0.00) Buy 2,300,000 HKD Sell 2,519,880 SEK 24/08/18 10, Buy 4,338,465 JPY Sell 34,173 EUR 24/08/18 (535.83) (0.00) Buy 19,994,000 JPY Sell 1,566,710 SEK 24/08/18 5, Buy 562,000 SEK Sell 85,901 AUD 24/08/18 (557.87) (0.00) Buy 227,329,235 SEK Sell 22,266,514 EUR 24/08/18 (531,592.36) (3.00) Buy 520,000 SEK Sell 474,626 HKD 24/08/18 (2,078.49) (0.01) Buy 6,389,911 SEK Sell 743,023 USD 24/08/18 (24,712.40) (0.14) Buy 618,550 SEK Sell 958,249 ZAR 24/08/ Buy 7,295 SGD Sell 4,630 EUR 24/08/18 (48.62) (0.00) Buy 805,064 USD Sell 681,266 EUR 24/08/18 7, Buy 124,000 USD Sell 971,528 HKD 24/08/ Buy 78,000 USD Sell 8,548,020 JPY 24/08/ Buy 124,000 USD Sell 1,064,813 SEK 24/08/18 4, Buy 12,028 USD Sell 160,000 ZAR 24/08/ Buy 788,121 ZAR Sell 49,902 EUR 24/08/18 (1,435.53) (0.01) Total forward foreign exchange contracts (total net unrealised) (145,127.70) (0.82) 11

14 Schedule of Investments As at SEB SICAV 3 - SEB Asset Selection Defensive Market value in EUR % of Net Assets Cash at bank and at broker Cash at bank and at broker 479, Total Cash at bank and at broker 479, Other assets Interest receivable on bonds 50, Other assets Total other assets 50, Liabilities Bank overdraft (35,658.08) (0.20) Management fees (464.42) (0.00) Bank interest payable on cash accounts (2,410.00) (0.01) Other liabilities (3,207.72) (0.02) Total liabilities (41,740.22) (0.23) Total Net Assets as at 30 June ,735, A list of changes in the assets held during the financial period under review is available free of charge from SEB Investment Management AB. The accompanying notes are an integral part of these financial statements. 12

15 Schedule of Investments As at 30 June 2018 SEB SICAV 3 - SEB Asset Selection Opportunistic Security description Maturity Total holdings Market % of value in Net EUR Assets Bonds and Money Market Instruments indicated in 1,000 currency units Transferable securities admitted to an official stock exchange listing Bonds Sweden 4.25 % Sweden Government Bond 12/03/19 614,000 60,763, Total Sweden 60,763, United States of America 0.88 % United States Treasury Note/Bond 15/10/18 1, , Total United States of America 856, Total Bonds 61,619, Money Market Instruments Netherlands 0.00 % Dutch Treasury Certificate 31/07/18 31,000 30,951, % Dutch Treasury Certificate 31/08/18 31,400 31,425, % Dutch Treasury Certificate 27/09/18 14,000 14,020, % Dutch Treasury Certificate 31/10/18 26,000 26,054, % Dutch Treasury Certificate 30/11/18 24,000 24,064, Total Netherlands 126,515, Sweden 0.00 % Sweden Treasury Bill 18/07/18 220,000 21,039, % Sweden Treasury Bill 15/08/18 550,000 52,630, % Sweden Treasury Bill 19/09/18 290,000 27,773, Total Sweden 101,443, Total Money Market Instruments 227,959, Total Transferable securities admitted to an official stock exchange listing 289,578, Total Portfolio 289,578, Financial futures cleared with Skandinaviska Enskilda Banken AB (publ) Purchased financial futures contracts Commitment in EUR Amsterdam Exchanges Index Future 19,733, /07/ (313,616.50) (0.10) CME E-Mini Nasdaq 100 Index Future 13,061, /09/ (128,323.58) (0.04) CME E-Mini Russell 2000 Index Future 15,939, /09/ (189,838.08) (0.06) CME S+P Mini Midcap 400 Future 17,905, /09/ (355,938.65) (0.12) CME Standard And Poors 500 E-Mini Future 15,865, /09/ (256,392.97) (0.09) Eurex Dax Future 4,931, /09/18 16 (196,859.56) (0.07) Eurex Dow Jones Euro Stoxx 50 Future 17,340, /09/ (294,728.93) (0.10) Eurex Euro Bobl Futures 88,011, /09/ , Eurex Euro Bund Future 88,232, /09/ , Eurex Euro Buxl Future 44,227, /09/ , Eurex Euro Oat Futures 88,333, /09/ , Eurex Euro Schatz Future 80,704, /09/ , HKFE Hang Seng Index Future 4,559, /07/ , IDEM FTSE MIB Future 3,238, /09/18 30 (29,522.72) (0.01) KRX 3Year KTB Future 87,611, /09/18 1, ,

16 Heading SEB SICAV 3 - SEB Asset Selection Opportunistic Security description Maturity Total holdings Market % of value in Net EUR Assets Financial futures cleared with Skandinaviska Enskilda Banken AB (publ) Purchased financial futures contracts Commitment in EUR LIFFE FTSE 100 Index Future 21,083, /09/ (125,580.47) (0.04) LIFFE Long Gilt Future 75,901, /09/ , LIFFE Short Sterling Futures 643,874, /12/18 4,598 (109,287.61) (0.04) MEFF Euro Ibex-35 Future 4,040, /07/18 42 (41,923.80) (0.01) MSE 10 Year Canadian Government Bond Future 35,295, /09/ (150,688.98) (0.05) MSE 3M Canadian Bankers Acceptance Future 599,296, /12/18 3,759 (2,803.57) (0.00) MSE S+P Canada 60 Index Future 27,882, /09/ , OMXS 30 Index Future 15,463, /07/18 1,041 (120,789.90) (0.04) SFE Australian Share Price Index 200 Future 33,154, /09/ , SGX MSCI Singapore Enhanced Index Future 760, /07/ , Simex CNX Nifty Index Future New $2 26,320, /07/18 1,433 (197,302.50) (0.07) Simex Nikkei 225 Future 16,818, /09/ (156,878.99) (0.05) TSE Tokyo Stock Price Index Future 8,321, /09/18 62 (231,056.66) (0.08) Sold financial futures contracts Commitment in EUR CBOT 10 Year U.S. Treasury Note Future (38,918,908.51) 19/09/18 (377) (167,191.43) (0.06) CBOT 2 Year U.S. Treasury Note Future (87,334,302.76) 28/09/18 (480) 31, CBOT Five Year Treasury Note Future (87,239,203.05) 28/09/18 (894) 61, CBOT U.S. Treasury Bond Future (14,840,078.18) 19/09/18 (119) (181,650.42) (0.06) CBOT Ultra T Bond Future (10,301,173.50) 19/09/18 (75) (106,520.36) (0.04) CME Australian Dollar Future (74,372,862.70) 17/09/18 (1,172) 1,781, CME British Pound Future (92,432,164.75) 17/09/18 (1,304) 1,016, CME Canadian Dollar Future (90,529,779.68) 18/09/18 (1,388) 1,169, CME Euro FX Future (84,240,367.74) 17/09/18 (670) 1,158, CME Eurodollar Future (447,003,143.94) 17/12/18 (2,138) (128,062.69) (0.04) CME Japanese Yen Future (96,872,104.08) 17/09/18 (994) 586, CME Mexican Peso Future (43,497,907.15) 17/09/18 (2,018) (2,123,198.25) (0.71) CME New Zealand Dollar Future (70,811,385.67) 17/09/18 (1,219) 2,800, CME Swiss Franc Future (112,797,918.29) 17/09/18 (1,037) 797, HKFE Hang Seng China Enterprises Future (356,958.38) 30/07/18 (6) (199.91) (0.00) ICE MSCI Emerging Markets Mini Index Future (9,602,744.95) 21/09/18 (211) 302, LIFFE 3Mth Euribor Interest Rate Future (276,800,400.00) 17/12/18 (1,104) (497.41) (0.00) Safex Top 40 Index Future (16,924,567.50) 20/09/18 (529) (344,118.27) (0.12) Total financial futures contracts (total net unrealised) 7,640, An amount of EUR 8,767, is held as cash collateral and additional collateral is held for this position as detailed in note 6. 14

17 Schedule of Investments As at SEB SICAV 3 - SEB Asset Selection Opportunistic Security description Maturity Market % of value in Net EUR Assets Forward foreign exchange contracts open with Skandinaviska Enskilda Banken S.A. * Buy 652,198 AUD Sell 413,307 EUR 24/08/18 (1,107.43) (0.00) Buy 400,000 AUD Sell 2,388,320 HKD 24/08/18 (7,829.73) (0.00) Buy 5,616,669 AUD Sell 36,746,675 SEK 24/08/18 36, Buy 5,154,516 CAD Sell 3,347,199 EUR 24/08/18 (496.23) (0.00) Buy 2,100,000 CAD Sell 13,898,010 SEK 24/08/18 34, Buy 2,151 CHF Sell 1,872 EUR 24/08/18 (11.56) (0.00) Buy 4,465,381 EUR Sell 6,958,024 AUD 24/08/18 67, Buy 3,432,401 EUR Sell 5,281,905 CAD 24/08/18 2, Buy 751,178 EUR Sell 870,869 CHF 24/08/18 (2,108.70) (0.00) Buy 1,862,475 EUR Sell 1,642,030 GBP 24/08/18 9, Buy 2,126,562 EUR Sell 19,762,768 HKD 24/08/18 (30,136.85) (0.01) Buy 8,726,938 EUR Sell 1,134,967,926 JPY 24/08/18 (72,738.62) (0.02) Buy 167,780 EUR Sell 1,590,513 NOK 24/08/18 1, Buy 256,946,095 EUR Sell 2,619,172,399 SEK 24/08/18 6,527, Buy 2,248,526 EUR Sell 3,542,795 SGD 24/08/18 23, Buy 61,127,907 EUR Sell 72,510,094 USD 24/08/18 (903,969.48) (0.30) Buy 17,708 EUR Sell 286,743 ZAR 24/08/ Buy 810,422 GBP Sell 920,321 EUR 24/08/18 (5,943.39) (0.00) Buy 1,960,000 GBP Sell 22,635,452 SEK 24/08/18 47, Buy 119,000 GBP Sell 160,073 USD 24/08/18 (2,676.71) (0.00) Buy 79,246,550 HKD Sell 8,533,081 EUR 24/08/18 115, Buy 14,450,000 HKD Sell 15,831,420 SEK 24/08/18 63, Buy 41,079,625 HKD Sell 5,242,392 USD 24/08/18 (1,834.52) (0.00) Buy 4,571,644 JPY Sell 36,010 EUR 24/08/18 (564.63) (0.00) Buy 686,920,000 JPY Sell 53,826,364 SEK 24/08/18 179, Buy 489,867,300 JPY Sell 4,470,000 USD 24/08/18 (25,995.96) (0.01) Buy 1,988,913 NOK Sell 209,471 EUR 24/08/18 (998.53) (0.00) Buy 11,680,000 SEK Sell 1,764,857 CAD 24/08/18 (29,155.65) (0.01) Buy 1 148,800,000 SEK Sell 1 14,551,429 EUR 24/08/18 (324,677.82) (0.11) Buy 3,894,102,549 SEK Sell 381,532,542 EUR 24/08/18 (9,217,844.34) (3.09) Buy 21,240,000 SEK Sell 1,839,168 GBP 24/08/18 (44,329.68) (0.02) Buy 106,170,000 SEK Sell 96,905,805 HKD 24/08/18 (424,371.74) (0.14) Buy 8,040,000 SEK Sell 102,604,678 JPY 24/08/18 (26,814.98) (0.01) Buy 33,240,000 SEK Sell 5,124,331 SGD 24/08/18 (40,080.67) (0.01) Buy 74,651,263 SEK Sell 8,454,359 USD 24/08/18 (95,245.69) (0.03) Buy 18,390,000 SEK Sell 28,489,543 ZAR 24/08/18 6, Buy 9,114,629 SGD Sell 5,778,078 EUR 24/08/18 (53,960.74) (0.02) Buy 228,525 USD Sell 300,000 AUD 24/08/18 5, Buy 41,612,003 USD Sell 35,106,951 EUR 24/08/18 491, Buy 1,770,000 USD Sell 13,867,773 HKD 24/08/ Buy 821,243 USD Sell 90,000,000 JPY 24/08/18 4, Buy 37,916,307 USD Sell 327,591,656 SEK 24/08/18 1,116, Buy 2,603,754 USD Sell 34,635,154 ZAR 24/08/18 97, Buy 4,842,726 ZAR Sell 299,642 EUR 24/08/18 (1,835.18) (0.00) Buy 56,500,000 ZAR Sell 36,470,750 SEK 24/08/18 (12,455.80) (0.00) Total forward foreign exchange contracts (total net unrealised) (2,494,921.38) (0.84) 15

18 Heading SEB SICAV 3 - SEB Asset Selection Opportunistic Market value in EUR % of Net Assets Cash at bank and at broker Cash at bank and at broker 8,527, Total Cash at bank and at broker 8,527, Other assets Interest receivable on bonds 743, Receivable on subscriptions 1, Other assets 11, Total other assets 756, Liabilities Bank overdraft (3,032,740.59) (1.02) Management fees (10,359.36) (0.01) Payable on purchase of securities (3,006,578.64) (1.01) Payable on redemptions (3,473.06) (0.00) Bank interest payable on cash accounts (40,608.04) (0.01) Other liabilities (67,112.22) (0.02) Total liabilities (6,160,871.91) (2.07) Total Net Assets as at 30 June ,847, * Forwards foreign exchange contracts open with Skandinaviska Enskilda Banken S.A., except for the following: 1 Nordea Bank AB (publ) A list of changes in the assets held during the financial period under review is available free of charge from SEB Investment Management AB. The accompanying notes are an integral part of these financial statements. 16

19 cik Combined Statement of Net Assets As at 30 June 2018 Heading SEB SICAV 3 - SEB SICAV 3 - SEB SICAV 3 - SEB Asset SEB Asset Combined Selection Selection Defensive Opportunistic EUR EUR EUR Assets Portfolio at cost 17,615, ,375, ,990, Unrealised depreciation (350,413.91) (6,797,039.67) (7,147,453.58) Portfolio at market value (note 1) 17,265, ,578, ,843, Unrealised appreciation on financial futures contracts 127, ,640, ,767, Receivable interest and / or dividends 50, , , Cash at bank and at broker 479, ,527, ,007, Other assets , , Total Assets 17,922, ,502, ,425, Liabilities Bank overdraft (35,658.08) (3,032,740.59) (3,068,398.67) Unrealised depreciation on forward foreign exchange contracts (145,127.70) (2,494,921.38) (2,640,049.08) Other liabilities (6,082.14) (3,128,131.32) (3,134,213.46) Total Liabilities (186,867.92) (8,655,793.29) (8,842,661.21) Total Net Assets as at 30 June ,735, ,847, ,582, "C (EUR)" shares outstanding as at 30 June , , "C (H-NOK)" shares outstanding as at 30 June , "C (H-SEK) LTD" shares outstanding as at 30 June , "C (H-SEK)" shares outstanding as at 30 June ,703, ,420, "IC (EUR)" shares outstanding as at 30 June , "ID (H-SEK)" shares outstanding as at 30 June ,117, "SIC (H-USD)" shares outstanding as at 30 June , Net Asset Value per "C (EUR)" share as at 30 June Net Asset Value per "C (H-NOK)" share as at 30 June Net Asset Value per "C (H-SEK) LTD" share as at 30 June Net Asset Value per "C (H-SEK)" share as at 30 June Net Asset Value per "IC (EUR)" share as at 30 June Net Asset Value per "ID (H-SEK)" share as at 30 June Net Asset Value per "SIC (H-USD)" share as at 30 June The accompanying notes are an integral part of these financial statements. 17

20 Notes to the Financial Statements As at 30 June 2018 the Financial Note 1. Significant Accounting Policies The financial statements have been prepared in accordance with Luxembourg regulations relating to Undertakings for Collective Investment. The financial statements have been prepared based on the last Net Asset Value of the period which has been calculated on 29 June 2018 with the prices of that date; valuation at 29 June 2018 has been used for the purpose of these Financial Statements. Investments: a) Transferable securities and money market instruments, which are officially listed on a stock exchange, are valued at the last available price. b) Transferable securities and money market instruments, which are not officially listed on a stock exchange, but which are traded on another regulated market are valued at a price no lower than the bid price and no higher than the ask price at the time of the valuation and at which the Company considers to be an appropriate market price. c) Transferable securities and money market instruments quoted or traded on several markets are valued on the basis of the last available price on the principal market for the transferable securities or money market instruments in question, unless these prices are not representative. d) In the event that such prices are not in line with market conditions, or for securities and money market instruments other than those covered in a), b) and c) above for which there are no fixed prices, these securities and money market instruments, as well as other assets, will be valued at the current market value as determined in good faith by the Company, following generally accepted valuation principles. e) Units or shares of UCI(TS) are valued at the last available Net Asset Value obtained from the Administrative Agent of such UCI(TS) except for Exchange Traded Funds which are valued at the latest available price found on the main stock exchange on which they are listed. f) Derivatives instruments traded on regulated markets or stock exchanges are valued at last available settlement prices of these contracts on regulated markets or stock exchanges on which the derivative instruments are traded by the Company. Derivatives instruments not traded on regulated markets or on stock exchanges are valued at their net liquidating value determined, pursuant to the policies established in good faith by the Board of Directors of the Company on a basis consistently applied for each different variety of contracts, in accordance with generally recognised principles, taking into consideration the generally accepted accounting practices, the customary practices in line with the market and the interests of the Shareholders. g) Forward foreign exchange contracts are valued based on the latest available forward exchange rates. h) Financial futures contracts, which are not matured, are valued at valuation date at market rates prevailing at this date. In the case that extraordinary circumstances occur which make it impossible or even wrong to make a valuation in accordance with the above-mentioned criteria, the Company is entitled to temporarily apply other generally accepted valuation procedures, which are determined by it in good faith, in order to make an appropriate valuation of the Company's Assets. Gains and losses on the sale of securities are determined using the average cost method. 18

21 Swing pricing: The Investment Manager needs to perform transactions in order to uphold the desired asset allocation as a result of the flows in and out of the Sub-Funds. While performing these transactions brokerage and transaction costs will occur. Acting in the Shareholders' interest, the Net Asset Value will be adjusted upwards in case of large inflows and downwards in case of large outflows if on any Valuation Day the aggregate inflows and outflows in all Classes of a Sub-Fund result in a net increase or decrease of shares which exceeds a threshold set by the Board of Directors of the Company from time to time (relating to the cost of market dealing for the Sub-Fund), the Net Asset Value per share of the relevant Sub-Fund will be adjusted to reflect both the estimated fiscal charges and dealing costs (brokerage and transaction costs) that may be incurred by the Sub-Fund and the estimated bid/offer spread of the assets in which the respective Sub-Fund invests following the net inflows/outflows of the Sub-Fund. The adjustment will be an addition when the net movement results in a net inflows of the Sub-Fund and a deduction when it results in a net outflows. No swing pricing adjustment has been applied to the period end Net Asset Value per share calculated on 29 June Currency translation: All assets denominated in a different currency to the respective Sub-Funds' currency are converted into this respective Sub- Funds' currency at the last available average exchange rate. Separate accounts are maintained for each Sub-Fund in the currency in which the Net Asset Value per share to which it relates is expressed (the "accounting currency"). Transactions denominated in a currency other than the accounting currency are recorded on the basis of exchange rates prevailing on the date they occur or accrue to the Sub-Fund. Assets and liabilities, expressed in a currency other than the accounting currency, are translated on the basis of exchange rates ruling at the balance sheet date. The consolidated total is translated into EUR at the period end date exchange rate. As at 29 June 2018, the exchange rates were as follows: 1 AUD = EUR 1 KRW = EUR 1 CAD = EUR 1 NOK = EUR 1 CHF = EUR 1 SEK = EUR 1 GBP = EUR 1 SGD = EUR 1 HKD = EUR 1 USD = EUR 1 JPY = EUR 1 ZAR = EUR Income: Interest income and bank interest income are recognised on an accrual basis. Dividends are recorded on the ex-dividend date. This income is shown net of any withholding taxes and adjusted accordingly when tax reclaims apply. Note 2. Management Fees In payment for its services, the Management Company receives an annual rate of: 0.95% is charged on SEB Asset Selection Defensive C (EUR) shares (maximum rate: 0.95%) 0.95% is charged on SEB Asset Selection Defensive C (H-SEK) LTD shares (maximum rate: 0.95%) 0.95% is charged on SEB Asset Selection Defensive C (H-SEK) shares (maximum rate: 0.95%) 1.50% is charged on SEB Asset Selection Opportunistic C (EUR) shares (maximum rate: 1.50%) 19

22 1.50% is charged on SEB Asset Selection Opportunistic C (H-NOK) shares (maximum rate: 1.50%) 1.50% is charged on SEB Asset Selection Opportunistic C (H-SEK) shares (maximum rate: 1.50%) 0.75% is charged on SEB Asset Selection Opportunistic IC (EUR) shares (maximum rate: 0.75%) 0.75% is charged on SEB Asset Selection Opportunistic ID (H-SEK) shares (maximum rate: 0.75%) 0.40% is charged on SEB Asset Selection Opportunistic SIC (H-USD) shares (maximum rate: 0.40%) A twelfth of this rate is being payable at the end of each month and based on the average net assets of each Sub-Fund calculated daily during the relevant month. The Management Company pays accounting, administration and depositary fees on behalf of the Company. Note 3. Performance Fees In addition, the Management Company is entitled to receive performance fees for the Sub-Funds SEB SICAV 3 - SEB Asset Selection Defensive and SEB SICAV 3 - SEB Asset Selection Opportunistic, payable out of the assets attributable to the relevant class. The performance fees will be calculated, accrued and crystallised on a daily basis and paid out of the assets of the applicable share class of the Sub-Fund at the end of each month. The calculation of the performance fees takes place on the basis of the shares of the respective share class in circulation at the respective Valuation Day. The performance fees in the relevant share class are calculated by taking the number of shares in the share class times the performance fee rate, 20%, times any positive excess performance per share recorded on that day. The performance fees in the SEB Asset Selection Opportunistic SIC (H-USD) shares are calculated by taking the number of shares in the share class times the performance fee rate, 15%, times any positive excess performance per share recorded on that day. The Company uses the principle of High Water Mark and the Risk Free Rate as a hurdle. The 3 Month Treasury Bill Return Index is used as the Risk Free Return Index. The applicable High Water Mark is equivalent to the highest Net Asset Value per share previously achieved (in the relevant share class) and for which a performance fee was accrued and crystallised; or the Net Asset Value at inception, if that was higher. The High Water Mark is adjusted to reflect dividends and other corporate actions in the share class. This definition of High Water Mark implies that each preceding decline in the Net Asset Value per share in the respective share class of the Sub-Fund must first be offset by an equally large increase before new performance fees can be charged. Note 4. Taxation The Company is liable in Luxembourg to a subscription tax ("taxe d'abonnement") of 0.05% or 0.01% (as applicable) per annum of its NAV, such tax being payable quarterly on the basis of the value of the aggregate Net Assets of the Sub-Funds at the end of the relevant calendar quarter. Investments by the Sub-Fund in shares or units of another Luxembourg undertaking for collective investment which are also subject to the taxe d abonnement are excluded from the NAV of the Sub-Fund serving as basis for the calculation of this tax to be paid by the Sub-Fund. No stamp duty or other tax is payable in Luxembourg on the issue of shares. Interest, dividend and other income realised by the Sub-Fund on the sale of securities of non-luxembourg issuers, may be subject to withholding and other taxes levied by the jurisdictions in which the income is sourced. 20

23 Note 5. Transaction Fees Transaction fees incurred by the Company relating to the purchase or the sale of transferable securities, money market instruments, derivatives or other eligible assets are mainly composed of depositary and broker fees. Most of the transaction fees are included in the transaction price used to calculate the realised and unrealised gain/(loss) on securities. In line with bond market practice, a bid-offer spread is applied when buying or selling securities and other financial instruments. Consequently, in any given transaction, there will be a difference between the purchase and sale prices quoted by the broker, which represents the broker's remuneration. As at 30 June 2018, the transaction fees were as follows: SEB SICAV 3 - SEB Asset Selection Defensive SEB SICAV 3 - SEB Asset Selection Opportunistic 15, EUR 850, EUR Note 6. Collateral As at 30 June 2018, the following securities serve as collateral for the broker Skandinaviska Enskilda Banken AB (publ) for commitment on future positions: Sub-Fund Security description Nominal SEB SICAV 3 - SEB Asset Selection Defensive 4.25% Sweden Government Bond 12/03/19 SEK 11,000,000 SEB SICAV 3 - SEB Asset Selection Opportunistic 4.25% Sweden Government Bond 12/03/19 SEK 529,000,000 Note 7. Significant Events during the period There were no significant events during the period. Note 8. Subsequent Events after the period end There were no subsequent events after the period end. 21

24 SEB Investment Management AB, Luxembourg Branch 4, rue Peternelchen, L-2370 Howald, Luxembourg Postal address: PO Box 2053, L-1020 Luxembourg Phone ; Fax