Semi-annual Report. C-QUADRAT Strategie AMI. 1 June 2017 to 30 November UCITS investment fund

Transcription

1 Semi-annual Report C-QUADRAT Strategie AMI 1 June 2017 to 30 November 2017 UCITS investment fund

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3 Semi-annual Report 1 June 2017 to 30 November 2017 C-QUADRAT Strategie AMI 3 Contents Semi-annual Report C-QUADRAT Strategie AMI for the period from 1 June 2017 to 30 November 2017 Notes on the activities of the Company 4 Notes on the unit classes of the Fund 5 Investment objectives, investment strategy, principles of investment and investment limits 6 At a glance 7 Summarised statement of assets 8 Statement of assets 8 Transactions concluded during the reporting period Additional information in accordance with Sec. 16 (2) No. 2 KARBV 11 Exchange rates (indirect quotation) 11 Markets 11 Securities prices and/or market rates 11 Information on the costs incurred in accordance with Sec. 16 (1) No. 3 d KARBV 11 Tax information 12 Information on the investment company 13 Special features for investors from Austria 14

4 4 C-QUADRAT Strategie AMI Ampega Investment GmbH Notes on the activities of the Company Dear investor, The following pages contain information about the performance of our publicly-offered fund C-QUADRAT Strategie AMI during the first half of the financial year from 1 June 2017 to 30 November Please refer to the section Information on the investment company for detailed information on the Management, the composition of the Supervisory Board, the shareholders as well as the subscribed and paid-up capital. Cologne, December 2017 Ampega Investment GmbH The Management Jörg Burger Manfred Köberlein

5 Semi-annual Report 1 June 2017 to 30 November 2017 C-QUADRAT Strategie AMI 5 Notes on the unit classes of the Fund All issued units of one unit class have the same features. Currently the Company has created three different unit classes for the Fund. Unit classes EUR (t) and EUR P1 are unit classes established in euro currency. Unit class CZK (t) is a currency-hedged unit class established in Czech crowns. Further unit classes can be created for the Fund which differ in terms of the appropriation of earnings, the front-end fee, the currency of the unit value including the use of currency hedging transactions, the management fee, the custodian fee, the distribution fee, the performance fee, the minimum investment amount of a combination of such features. Unit classes with different features may be created and such units issued at the Company s discretion. In these cases units with the same features respectively form a unit class. The Company s homepage ( contains further information for investors about the creation of different unit classes. More detailed information and details particularly referring to the calculation of unit prices upon the creation of various unit classes are described in the detailed sales prospectus, which you can obtain from the Company free of charge. All issued units bear the same rights except for the differences that arise due to the establishment of the unit classes.

6 6 C-QUADRAT Strategie AMI Ampega Investment GmbH Investment objectives, investment strategy, principles of investment and investment limits The C-QUADRAT Strategie AMI is a fund of funds. The investors own an interest in the assets of the Fund as co-owners in proportion to the number of units held. Afterwards the publicly offered fund C-QUADRAT Strategie AMI invests a minimum of 51% in units of German and/or foreign investment funds. The investment objective of C-QUADRAT Strategie AMI is a balanced mix of strong growth and even returns. The C-QUADRAT Strategie AMI is growth-oriented, i.e. intended for investors who attach importance to both an increase in value and earnings. In order to achieve this objective, the C-QUADRAT Strategie AMI invests in Directive-compliant securities funds which focus on different investments. The investment-related focus of the investment funds is on German and international blue chips. Moreover, it is possible to acquire units that invest in German and international growth shares from industries of the future, such as communication, information technology and biotechnology. Up to 49 % of the Fund s value might be invested in money market instruments and/or bank deposits. The Fund is not based on a benchmark. The assets admissible pursuant to the Capital Investment Code and the Terms and Conditions of Investment may be acquired for the Fund. In addition, investing in financial instruments and bank deposits as well as other assets specified in the Capital Investment Code and the Terms and Conditions of Investment is also possible. Derivatives may be used for purposes of hedging, efficient portfolio management and the generation of additional returns. The value of the maximum potential market risk amounts to 200%.

7 Semi-annual Report 1 June 2017 to 30 November 2017 C-QUADRAT Strategie AMI 7 At a glance (as of 30 November 2017) Unit class EUR (t) Unit class CZK (t) Unit class EUR P1 ISIN: DE DE000A1C4DQ3 DE000A1J3AF7 Date of establishment: 9 July September April 2013 Currency: euro czech crowns euro Financial year: 1 June to 31 May 1 June to 31 May 1 June to 31 May Appropriation of income: accumulation accumulation accumulation (Current) front-end fee: 5,75 % 5,75 % 5,75 % Management fee (p.a.): 1,95 % 1,95 % 1,75 % Custodian bank fee (p.a.) plus VAT: 0,10 % 0,10 % 0,10 % Performance-related remuneration (p.a.) of the outperformance (high watermark method): 10,00 % 10,00 % 10,00 % Fund assets as of 30 Nov 2017: EUR 47,828,629.77* EUR 47,828,629.77* EUR 47,828,629.77* Number of units in circulation as of 30 Nov 2017: 323,515 units 388,218 units 145,881 units Unit value (redemption price) as of 30 Nov 2017: EUR CZK 1, EUR Performance (in the period under review): +2.73% +1.84% +2.78% * Fund assets are not classified according to unit classes.

8 8 C-QUADRAT Strategie AMI Ampega Investment GmbH Semi-annual Report Summarised statement of assets as of 30 November 2017 Market value % of in EUR fund assets Assets Investment fund units ,16 98,89 Equity funds ,40 96,52 Alternative investments 1) ,76 2,37 Derivatives ,37 0,77 Currency derivatives ,37 0,77 Bank deposits ,96 0,87 Liabilities ,72-0,53 Fund assets ,77 100,00 2) 1) e.g. hedge funds, commodity funds, private equity funds etc. 2) Rounding the percentage during the calculation may have caused minor rounding differences. Statement of assets as of 30 November 2017 Class designation ISIN Market Units and/or Holdings Purchases/ Sales/ Rate Market value % of currency 30 Nov 2016 accruals disposals in EUR fund in 1,000 in the period under review assets Investment fund units EUR ,16 98,89 Non-Group investment units ishares MSCI Eastern Europe ETF IE00B0M63953 Units EUR 19, ,65 4,87 ishares S&P 500 EUR Hedged UCITS ETF IE00B3ZW0K18 Units EUR 59, ,62 5,29 db - MSCI World Financials Index UCITS ETF (DR) IE00BM67HL84 Units EUR 16, ,84 11,36 db x-trackers S&P 500 UCITS ETF (Prosp DR) 1C IE00BM67HW99 Units EUR 40, ,08 9,85 Source S&P 500 UCITS ETF EUR Hedged IE00BRKWGL70 Units EUR 21, ,00 10,15 Source JPX-Nikkei 400 UCITS ETF EUR Hedged IE00BVGC6645 Units EUR 16, ,20 3,33 Schroder-Emerging Europe C Acc LU Units EUR 32, ,14 4,93 Schroder Int Selection Fund - Japan Equity EH LU Units EUR 129, ,95 10,43 db x-trackers DBLCI-OY Balanced ETF LU Units EUR 18, ,76 2,37 Lyxor ETF MSCI World Financials TR LU Units EUR 159, ,95 7,41 Lyxor UCITS ETF S&P 500 Daily Hedged D-EUR LU Units EUR 153, ,76 9,95 T. Rowe Price Emerging Markets Equity Fund-I LU Units USD 40, ,30 5,98 Goldman Sachs Emerging Markets Equity Portfolio LU Units USD 20, ,67 6,03 Fast-Asia Fund Y LU Units USD 169, ,24 6,94 Total securities portfolio ,16 98,89 >>

9 Semi-annual Report 1 June 2017 to 30 November 2017 C-QUADRAT Strategie AMI 9 >> Class designation ISIN Market Units and/or Holdings Purchases/ Sales/ Rate Market value % of currency 30 Nov 2016 accruals disposals in EUR fund in 1,000 in the period under review assets Derivatives (The holdings indicated by a minus sign represent sold positions) EUR Currency derivatives EUR ,37 0,77 Receivables/Liabilities Forward currency contracts (purchase) Open positions CZK/EUR 474,6 Mio. OTC ,37 0,77 Bank deposits, non-securitised money market instruments and money market funds EUR ,96 0,87 Bank deposits EUR ,96 0,87 EUR deposits with Custodian bank EUR ,70 EUR ,70 0,87 Deposits in non-eu/eea currencies Custodian bank USD 647,26 EUR 546,26 0,00 Liabilities from credits EUR ,71-0,22 Credits in other EU/EEA currencies Custodian bank CZK ,15 EUR ,71-0,22 Other liabilities 1) EUR ,01-0,31 Fund assets EUR ,77 100,00 2) Unit value class EUR (t) EUR 60,91 Unit value class CZK (t) CZK 1.262,12 Unit value class EUR P1 EUR 60,98 Number of units of class EUR (t) Units Number of units of class CZK (t) Units Number of units of class EUR P1 Units Fund assets unit class EUR (t) EUR ,26 Fund assets unit class CZK (t) CZK ,90 Fund assets unit class EUR P1 EUR ,27 Holdings of securities in the fund assets (in %) 98,89 Holdings of derivatives in the fund assets (in %) 0,77 1) Management fee, performance fee, audit fees, costs of publication and custodian bank fee not yet paid. 2) Rounding the percentage during the calculation may have caused minor rounding differences.

10 10 C-QUADRAT Strategie AMI Ampega Investment GmbH Transactions concluded during the reporting period if they are no longer stated in the statement of assets Purchases and sales of securities, investment units and promissory note loans (market attribution as of the reporting date) Class designation ISIN Units and/or Purchases/ Sales/ currency accruals disposals in 1,000 Investment units Non-Group investment units AXA WF - Framlington Europe Real Estate Sec.-FC LU Units Amundi ETF MSCI EM Latin America FR Units BGF- Latin America Fund D2 LU Units BGF-World Gold Fund ED2 LU Units BR Emerging Markets Equity Strategies Fund D2 LU Units Pictet-Japanese Equity Opportunities-I LU Units Russell-Continental European Equity Fund-A IE Units db x-trackers DJ Euro Stoxx ETF LU Units db x-trackers EURO STOXX 50 UCITS ETF (DR) 1D LU Units db x-trackers MSCI Nordic Index UCITS ETF (DR) IE00B9MRHC27 Units ishares Core MSCI Japan IMI UCITS ETF IE00B4L5YX21 Units ishares DJ EURO STOXX 50 ETF DE Units ishares MSCI Europe ex. UK ETF IE00B14X4N27 Units Class designation Units and/or Volume currency in 1,000 in 1,000 Derivatives (option premiums or volume of option transactions sold in opening transactions; purchases and sales in the case of warrants) Forward contracts Forward currency contracts (purchase) Purchase of currencies at a forward EUR CZK/EUR EUR Forward currency contracts (sale) Sale of currencies at a forward EUR CZK/EUR EUR

11 Semi-annual Report 1 June 2017 to 30 November 2017 C-QUADRAT Strategie AMI 11 Additional information in accordance with section 16 (2) No. 2 KARBV Information on the valuation procedure All securities that are admitted to trading on stock exchanges or other organised markets or are included in the latter are valued at the latest available price that can be classified as tradable due to the firmly defined criteria and ensures a reliable valuation. The prices used are stock exchange prices, quotations on recognised information systems or prices from non-issuer-specific valuation systems. Units in investment assets are valued at the latest available published redemption price of the respective investment company. Bank deposits and other assets are valued at their nominal value, time deposits are valued at their market value and liabilities are valued at the redemption amount. The valuation is generally carried out at the latest price traded on the previous day. Assets that are not admitted to trading on an organised market or for which no tradable prices can be established are valued using recognised valuation models on the basis of observable market data. If a valuation on the basis of valuation models is impossible, it is carried out using other suitable price determination procedures. On the reporting date 30 November 2017, the Fund was 99% valued on the basis of tradable prices, 1% on the basis of suitable valuation models and 0% on the basis of other valuation procedures. Exchange rates (indirect quotation) as at 29 November 2017 Czech Republic, crowns (CZK) 25,48200 = 1 (EUR) United States, dollar (USD) 1,18490 = 1 (EUR) Markets OTC Securities prices and/or market rates Over-the-Counter The fund assets are valued on the basis of the following prices/market rates: Foreign investment units per 29 November 2017, Insofar as the management companies have published the redemption price relevant for this date in good time; if the redemption price for 29 November 2017 had not been published by the valuation date, the most current price published was used. All other assets per 29 November 2017 Information on the costs incurred in accordance with Sec. 16 (1) No. 3 d KARBV Management fee of the investment units contained in the C-QUADRAT Strategie AMI fund % p.a. AXA WF - Framlington Europe Real Estate Sec.-FC 1,25000 Amundi ETF MSCI EM Latin America 0,45000 BGF- Latin America Fund D2 2,00000 BGF-World Gold Fund ED2 1,25000 BR Emerging Markets Equity Strategies Fund D2 Fast-Asia Fund Y 2,00000 Goldman Sachs Emerging Markets Equity Portfolio 1,50000 Lyxor ETF MSCI World Financials TR 0,50000 Lyxor UCITS ETF S&P 500 Daily Hedged D-EUR Pictet-Japanese Equity Opportunities-I 0,88000 Russell-Continental European Equity Fund-A Schroder Int Selection Fund - Japan Equity EH 1,15000 Schroder-Emerging Europe C Acc 1,40000 Source JPX-Nikkei 400 UCITS ETF EUR Hedged Source S&P 500 UCITS ETF EUR Hedged 0,05000 T. Rowe Price Emerging Markets Equity Fund-I 1,00000 db - MSCI World Financials Index UCITS ETF (DR) 0,15000 db x-trackers DBLCI-OY Balanced ETF 0,95000 db x-trackers DJ Euro Stoxx ETF db x-trackers EURO STOXX 50 UCITS ETF (DR) 1D 0,05000 db x-trackers MSCI Nordic Index UCITS ETF (DR) 0,10000 db x-trackers S&P 500 UCITS ETF (Prosp DR) 1C 0,10000 ishares Core MSCI Japan IMI UCITS ETF ishares DJ EURO STOXX 50 ETF 0,15000 ishares MSCI Eastern Europe ETF 0,74000 ishares MSCI Europe ex. UK ETF 0,40000 ishares S&P 500 EUR Hedged UCITS ETF No front-end fees and no redemption fees were paid in the period under review. Source: WM Datenservice Cologne, December 2017 Ampega Investment GmbH The Management n.a. n.a. n.a. n.a. n.a. n.a. n.a. Jörg Burger Manfred Köberlein

12 12 C-QUADRAT Strategie AMI Ampega Investment GmbH Tax information In the Finnish-Swedish Manninen case relating to direct investment in shares, the European Court of Justice ruled that the refusal to give credit for foreign tax on investment income on foreign dividends under Finnish law is not in compliance with European Community Law. In Germany, too, only the tax on investment income attributable to German dividends, but not foreign tax on investment income, could be credited to the personal tax liability of investors under application of the imputation system (as a rule, until the end of the 2000 period of assessment). As regards the compatibility of the German imputation system with European Community Law, the European Court of Justice ruled in its judgment on the Meilicke case (File No. C-292/04) dated 6 March 2007 with reference to a European Union matter that the German corporation income tax imputation system was not in compliance with European Community Law in that it did not permit credit to be given for foreign corporation income tax. Accordingly, it is necessary that German investors who have received profits distributed by corporations with head offices in an EU member state while the German imputation system was applicable can credit the foreign corporation income tax to their German tax liability in retrospect. The procedural situation in view of the assertion of foreign tax is, however, still unclear at the moment as regards the investment in funds. In order to safeguard rights possibly arising in this matter, it may be reasonable to contact your tax consultant.

13 Semi-annual Report 1 June 2017 to 30 November 2017 C-QUADRAT Strategie AMI 13 Information on the investment company Investment company Ampega Investment GmbH Charles-de-Gaulle-Platz Cologne P.O. Box Cologne Germany Prof. Dr. Alexander Kempf Director of the Department of Business Administration and Finance, Cologne Dr. Dr. Günter Scheipermeier Chairman of the Board of Management of NOBILIA-WERKE GmbH & Co., Verl Phone +49 (221) Fax +49 (221) fonds@talanx.com Web Local Court Cologne: HRB 3495 VAT ID No. DE Management Dr. Thomas Mann, Spokesman Member of the Board of Management of Talanx Asset Management GmbH Jörg Burger Subscribed capital: EUR 6 mn. (as of 30 November 2017) The subscribed capital has been paid up in full. Manfred Köberlein Ralf Pohl Shareholders Talanx Asset Management GmbH (94,9 %) Alstertor Erste Beteiligungs- und Investitionssteuerungs-GmbH & Co. KG (5,1 %) Supervisory Board Custodian Bank Hauck & Aufhäuser Privatbankiers KGaA Kaiserstraße Frankfurt am Main Germany Harry Ploemacher, Chairman Chairman of the Board of Management of Talanx Asset Management GmbH, Köln Dr. Immo Querner, Vice Chairman Member of the Managing Board of Talanx AG, Hannover Auditor KPMG AG Wirtschaftsprüfungsgesellschaft Norbert Eickermann Member of the Managing Board of HDI Vertriebs AG, Hannover

14 14 C-QUADRAT Strategie AMI Ampega Investment GmbH Special features for investors from Austria Outsourcing Paying agent and information agency The Company has outsourced the collateral management to other companies. Compliance, internal audit, financial accounting and IT-service are outsourced to other group companies. Capital Bank GRAWE Gruppe AG Burgring Graz Austria Outsourcing of portfolio management Fiscal representative C-QUADRAT Wealth Management GmbH Schottenfeldgasse Vienna Austria PwC PricewaterhouseCoopers GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft Erdbergstraße Vienna Austria Supervisory authority Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) (Federal Financial Supervisory Authority) Lurgiallee Frankfurt am Main Germany Information on any changes or amendments is provided in the periodic semi-annual and annual reports as well as on the home page of Ampega Investment GmbH ( In Austria, the Fund is exclusively distributed by licensed banks, licensed securities companies and / or licensed securities service companies. Requests for redemption may be submitted to the Austrian paying agent. Valid sales prospectuses including Terms and Conditions of the Fund, annual and semi-annual reports as well as any further Fund-related documents, if any, can be obtained from the paying agent and information agency. These documents as well as further notes are available on the homepage of the Company ( The subscription and redemption prices are published in the Austrian daily newspaper DIE PRESSE on each trading day. Place of jurisdiction for any action against the investment company that refers to the distribution of the investment units in Austria is Vienna. In addition to the information provided in accordance with section 305 of the Capital Investment Code in the sales prospectus (right of revocation in case of door-to-door sales ), section 3 KSchG (Konsumentenschutzgesetz, Austrian Consumer Protection Act) applies to Austrian investors.

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16 Submitted by: Ampega Investment GmbH P.O. Box , Cologne, Germany Phone +49 (221) Fax +49 (221) Web A Company of Talanx