CONCERTO IS Société d'investissement à Capital Variable with multiple sub-funds Luxembourg

Transcription

1 Unaudited semi-annual report CONCERTO IS Société d'investissement à Capital Variable with multiple sub-funds Luxembourg R.C.S. Luxembourg B

2 Subscriptions are valid only if made on the basis of the Prospectus and the Key Investors' Information Document (KIID) in force, accompanied by the latest annual report and the most recent semi-annual report if this is subsequent to the most recent annual report.

3 Contents Organisation... 1 General information... 1 Combined statement of net assets... 5 CONCERTO IS - MC Bolero Global Allocation Fund... 6 Statement of net assets... 6 Statistical information... 7 Statement of investments and other net assets... 8 Industrial and geographical classification of investments... 8 Notes to the financial statements...10 Additional information

4 Organisation Registered Office: 11, Rue Aldringen L-1118 LUXEMBOURG Board of Directors: Chairman Directors Alexandre HECKLEN MC Square S.A. 94, Rue du Kiem L-1857 LUXEMBOURG (until 26th April 2018) Raphaël EBER 6C, Rue Gabriel Lippmann L-5365 MUNSBACH (until 26th April 2018) Francesca DE BARTOLOMEO 46, Rue des muguets L-2167 LUXEMBOURG (until 26th April 2018) Marie-Christine LAMBIN MC Square S.A. 94, rue du Kiem L-1857 LUXEMBOURG (since 26th April 2018) Joachim KUSKE 29, Boulevard Grande-Duchesse Charlotte L-1331 LUXEMBOURG (since 26th April 2018) Brian SCHROEYENS Le Bois du Four route de Burtigny CH-1268 BEGNINS (since 26th April 2018) Management Company MC Square S.A. Société anonyme 94, Rue du Kiem L-1857 LUXEMBOURG Board of Directors of the Management Company Chairman Directors André LECOQ 94, Rue du Kiem L-1857 LUXEMBOURG Marc L. CELLIER 19, Rue des Capucins L-1313 LUXEMBOURG (until 19th March 2018) 2

5 Organisation (continued) Josée Lynda DENIS 13, Rue Jean-Pierre Beicht L-1226 LUXEMBOURG Karl-Heinz DICK 53, Tontelerwee L-8552 OBERPALLEN Alexandre HECKLEN 94, Rue du Kiem L-1857 LUXEMBOURG (until 19th March 2018) Ntoudi MOUYÉLO-KATOULA 66F Lorong J Telok Kurau SG SINGAPORE (since 19th March 2018) Conducting officers of the Management Company André LECOQ Alexandre HECKLEN Depositary and Paying agent KBL EUROPEAN PRIVATE BANKERS S.A. 43, Boulevard Royal L-2955 LUXEMBOURG Administrative, Registrar and Transfer Agent EUROPEAN FUND ADMNISTRATION S.A. 2, Rue d Alsace L-1122 LUXEMBOURG Domiciliary agent KREDIETRUST LUXEMBOURG S.A. 11, Rue Aldringen L-1118 LUXEMBOURG Legal Advisor ELVINGER HOSS PRUSSEN 2, Place Winston Churchill L-1340 LUXEMBOURG Cabinet de révision agréé DELOITTE Audit Société à responsabilité limitée 560, Rue de Neudorf L-2220 LUXEMBOURG Centralisation Agent in France SOCIETE GENERALE 29, Boulevard Haussmann F PARIS 3

6 General information CONCERTO IS (the "Fund") is organised as a société d'investissement à capital variable ("SICAV") under the laws of the Grand Duchy of Luxembourg. It qualifies as an undertaking for collective investment in transferable securities ("UCITS") under the European Parliament and Council Directive 2009/65/EC of 13th July 2009 and has been authorised by the Commission de Surveillance du Secteur Financier (the "CSSF") under Part I of the amended Luxembourg Law of 17th December 2010 relating to undertakings for collective investment (the "2010 Law"). The Directive 2014/91/EU of the European Parliament and of the Council of 23rd July 2014 amending the Directive 2009/65/EC had been transposed by the law of 10th May 2016 coming into force on 1st June 2016 and amending the amended law of 17th December The Fund is organised as a société d'investissement à capital variable in the Grand Duchy of Luxembourg. It is organised as a société anonyme under the amended Law of 10th August 1915 on commercial companies (the "1915 Law") and qualifies as an undertaking for collective investment in transferable securities under Part I of the amended 2010 Law. It was incorporated on 13th October 1988 under the name "Callander Fund" and under the form of a fonds commun de placement for an unlimited period. The Fund has changed its name into CONCERTO IS and has been transformed in a société d'investissement à capital variable on 29th November 2016 with effect as of 30th November The Board of Directors of the Fund (the "Board") has designated MC Square S.A. as Management Company of the Fund. At the date of the financial statement, the following Sub-Fund is active : - CONCERTO IS - MC Bolero Global Allocation Fund expressed in USD. At the date of the financial statements, the following Classes of Shares within CONCERTO IS - MC Bolero Global Allocation Fund are outstanding : - Class R Shares: shares whose minimum initial subscription amount is specified in the annex of the prospectus. The Net Asset Value of CONCERTO IS - MC Bolero Global Allocation Fund is determined on each Wednesday. At the end of each year, the Fund published an audited annual report and at the end of each half-year, on 30th June, an unaudited semi-annual report. Copies of the prospectus and the last financial reports of the Fund may be obtained free of charge upon request at the registered office of the Fund. Copies of the following documents are available for inspection during usual business hours on any weekday (Saturdays, Sundays and public holidays excepted) at the registered office of the Fund: Management Company Agreement; Depositary Agreement; Domiciliary Services Agreement; Administrative Agent and Registrar and Transfer Agent Agreement; Paying Agency Agreement; the Articles of Incorporation; the latest Prospectus of the Fund; the latest KIIDs; the latest annual and semi-annual reports of the Fund; and the risk management process of the Fund. 4

7 Combined statement of net assets (in EUR) Assets Securities portfolio at market value 3,597, Cash at banks 716, Unrealised gain on forward foreign exchange contracts 5, Other receivables 2, Prepaid expenses 14, Total assets 4,336, Liabilities Unrealised loss on futures contracts 1, Expenses payable 17, Other liabilities Total liabilities 19, Net assets at the end of the period 4,316, The accompanying notes are an integral part of these financial statements. 5

8 - MC Bolero Global Allocation Fund Statement of net assets (in USD) Assets Securities portfolio at market value 4,199, Cash at banks 836, Unrealised gain on forward foreign exchange contracts 6, Other receivables 3, Prepaid expenses 17, Total assets 5,062, Liabilities Unrealised loss on futures contracts 2, Expenses payable 20, Other liabilities Total liabilities 22, Net assets at the end of the period 5,039, Breakdown of net assets per share class Share class Number of shares Currency of share class NAV per share in currency of share class Net assets per share class (in USD) R EUR hedged 19, EUR ,133, R USD 28, USD ,906, ,039, The accompanying notes are an integral part of these financial statements. 6

9 - MC Bolero Global Allocation Fund Statistical information (in USD) Total net assets Currency USD 3,701, ,331, ,039, Net asset value per share Currency G EUR hedged EUR R EUR hedged EUR R USD USD Number of shares outstanding at the beginning of the period issued redeemed outstanding at the end of the period R EUR hedged 19, , R USD 29, , The accompanying notes are an integral part of these financial statements. 7

10 - MC Bolero Global Allocation Fund Industrial and geographical classification of investments Currency Number / nominal value Description Cost Market value % of total net assets Investments in securities Transferable securities admitted to an official stock exchange listing Shares EUR 750 Airbus SE 88, , EUR 150 Kering Reg 87, , EUR 420 SEB SA 76, , , , USD 350 Apple Inc 56, , USD 1,700 Bank of America Corp 54, , USD 800 CSX Corp 51, , USD 700 Estée Lauder Companies Inc A 89, , USD 350 Home Depot Inc 48, , USD 700 JPMorgan Chase & Co 77, , USD 1,500 Pfizer Inc 55, , USD 750 Visa Inc A 66, , , , Total shares 753, , Open-ended investment funds Investment funds (UCITS) EUR 135 Cogefi Short Term Bond I Cap 210, , EUR 200 DPAM Invest B SA Real Estate Europe F Cap 123, , EUR 37,000 Hermes Inv Fds Plc Europe Ex-UK Equity Fund F Cap 155, , EUR 200 Kirao Smallcaps A Cap 42, , , , USD 11,000 Aberdeen Global Emerging Mks Corp Bond Fd I Cap 143, , USD 840 Alquity SICAV Indian Subcontinent Fd M Cap 145, , USD 960 AXA World Fds US High Yield Bonds F Cap 207, , USD 7,000 BlackRock Global Fds US Flexible Equity D2 Cap 276, , USD 55,000 Hermes Inv Fds PLC Asia Ex-Japan Equity F USD Cap 171, , USD 2,100 Muzinich Fds Enhancedyield Short-Term Units A Hedged USD 353, , Cap USD 1,400 Muzinich Fds ShortDurationHY A Hedged USD Cap 177, , USD 9,000 Neuberger Berman Inv Fds Plc Em Mk Debt Hard Cur I USD 114, , Cap USD 3,000 Polar Capital Fds Biotechnology I USD Dist 63, , USD 5,000 Polar Capital Fds Plc Global Technology R USD Dist 173, , USD 14,600 T.Rowe Price Fds SICAV US Large Cap Gh Equity Q Cap 359, , ,187, ,287, Total investment funds (UCITS) 2,719, ,805, Tracker funds (UCITS) EUR 2,600 Lyxor UCITS ETF CAC 40 (DR) Dist 169, , USD 600 Amundi Index Solutions US Treasury 7-10 C Cap 147, , USD 1,050 ishares VII Plc Core S&P500 UCITS ETF USD Cap 276, , , , Total tracker funds (UCITS) 593, , Total investments in securities 4,066, ,199, Cash at banks 836, Other net assets/(liabilities) 3, Total 5,039,

11 - MC Bolero Global Allocation Fund Industrial and geographical classification of investments (continued) Industrial classification (in percentage of net assets) Investment funds % Cyclical consumer goods 4.49 % Financials 4.37 % Industrials 2.75 % Non-cyclical consumer goods 1.98 % Technologies 1.29 % Healthcare 1.08 % Total % Geographical classification (by domicile of the issuer) (in percentage of net assets) Ireland % Luxembourg % France % United States of America % Belgium 2.40 % The Netherlands 1.74 % Total % 9

12 Notes to the financial statements Note 1 - Principal accounting methods a) Presentation of the financial statements The financial statements of the Fund are prepared in accordance with Luxembourg legal and regulatory requirements concerning undertakings for collective investment and with generally accepted accounting principles in Luxembourg. b) Valuation of assets The value of any cash balances or deposits, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received shall be deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof shall be arrived at after making such discount as the Fund may consider appropriate in such case to reflect the true value thereof. The value of securities, money market instruments and/or financial derivative instruments which are listed on any official stock exchange or dealt in on any other regulated market are valued at the last available price in accordance with the Fund s current accounting policies. In the event that any of the securities, including money market instruments or financial derivative instruments held by the Fund s portfolio on the relevant day are not listed on any stock exchange or dealt in on any other regulated market or if, with respect to securities, money market instruments and/or financial derivative instruments listed on any stock exchange or dealt in on any other regulated market, the basis of the price as determined pursuant to paragraph above is not representative of the fair market value of the relevant securities, the value of such securities is determined based on the reasonably foreseeable sales price determined prudently and in good faith. The financial derivative instruments which are not listed on any official stock exchange or traded on any other regulated market is valued in a reliable and verifiable manner on a daily basis and verified by a competent professional appointed by the Fund in accordance with market practice. Units or shares in open-ended investment funds are valued at their last available net asset value reduced by any applicable redemption charge. The value of money market instruments neither listed or dealt in on a stock exchange nor dealt in on any other regulated market shall be based on the nominal value plus any accrued interest or an amortised cost basis. In the event that the above mentioned calculation methods are inappropriate or misleading, the Board of Directors of the Fund may adjust the value of any investment or permit another method of valuation to be used for the assets of the Fund. In circumstances where the interests of the Fund or its Shareholders so justify (for example, the avoidance of market timing practices), the Board of Directors of the Fund have delegated to the Management Company the discretion to take appropriate measures, such as applying a fair value pricing methodology, to adjust the value of the Fund s assets. Any assets or liabilities expressed in terms of currencies other than the reference currency of the relevant Sub-Fund are translated into the reference currency at the prevailing market rate at the time of valuation. 10

13 Notes to the financial statements (continued) c) Acquisition cost of securities in the portfolio The acquisition cost of the securities held by each Sub-Fund that are denominated in currencies other than the reference currency of the Sub-Fund is converted into this currency at the exchange rate prevailing on the date of purchase. d) Net realised gain/(loss) on securities portfolio The realised gains and losses on securities portfolio are calculated on the basis of the average acquisition cost. e) Investment portfolio income Dividend income is recorded at the ex-date, net of any withholding tax. f) Valuation of forward foreign exchange contracts Forward foreign exchange contracts are valued at forward market rates for the remaining period from valuation date to the maturity of the contracts. Unrealised gains or losses are disclosed in the statement of net assets. g) Valuation of futures contracts Open futures contracts are valued at the last settlement or close price on the stock exchanges or regulated markets. Unrealised gains or losses of open contracts are disclosed in the statement of net assets. h) Formation expenses Formation expenses were amortised on a straight line basis over a period of five years. i) Conversion of foreign currencies Cash at banks, other net assets, liabilities and the market value of the securities in portfolio expressed in currencies other than the reference currency of the Sub-Funds are converted into this currency at the exchange rate prevailing on the date of the financial statements. Income and expenses expressed in currencies other than the reference currency of the Sub-Funds are converted into this currency at the exchange rate prevailing on the date of the transaction. j) Combined financial statements The combined financial statements of the Fund is expressed in EUR and are equal to the sum of the corresponding items in the financial statements of each Sub-Fund. At the date of the financial statements, the exchange rates used for the combined financial statements are the following: 1 EUR = USD US Dollar Note 2 - Management fee The Board has appointed MC Square S.A. to serve as designated management company of the Fund within the meaning of the 2010 Law (the "Management Company"). The Management Company was incorporated in the form of a société anonyme on 7 October 1998 for an unlimited duration. The Management Company is approved as management company in accordance with Chapter 15 of the 2010 Law. 11

14 Notes to the financial statements (continued) The Management Company is responsible, subject to the overall supervision of the Board, for the provision of investment management services, administrative services and marketing services to the Fund. The management fee is accrued daily on the basis of the average net assets attributable to a share class and is to be paid monthly : - R USD : 1.5% - R EUR Hedged : 1.5% Note 3 - Performance fee 5% of the annual positive growth of the Net Asset Value per Share (i.e. the positive difference between the Net Asset Value calculated at the close of the financial year and the highest Net Asset Value among all the Net Asset Values calculated at the close of previous financial years) multiplied by the average number of shares in issue during the financial year in question. On each Valuation Day, the performance fee is estimated and provision is made in the Net Asset Value. This fee is payable on a yearly basis during the month following the end of the financial year. No performance fee is payable for as long as the Net Asset Value calculated at the close of the financial year is lower than the highest Net Asset Value among all the Net Asset Values at the close of previous financial years. At the date of the financial statements no performance fee was recorded. Note 4 - Management fee of the target funds The management fee of the target funds in which the Sub-Fund invests rises to maximum 1.6 % p.a., calculated on the net assets invested in the target fund. Note 5 - Subscription, redemption and conversion fees Entry fee : Maximum 1% of the subscribed amount payable to the entities and agents active in the marketing and placement of the shares. Exit free : Maximum 2% of the reimbursed amount payable to the placement agent and/or the Management Company. There is no conversion fees. Note 6 - Subscription duty The Fund is governed by Luxembourg law. Pursuant to the legislation and regulations in force, the Fund is subject to an annual subscription duty "taxe d abonnement" of 0.05% which is payable quarterly and calculated on the basis of the net assets of each sub-fund on the last day of each quarter. Pursuant to Article 175 (a) of the amended law of 17th December 2010, the net assets invested in undertakings for collective investment already subject to the "taxe d abonnement" are exempt from this tax. 12

15 Notes to the financial statements (continued) A reduced subscription tax rate of 0.01% per annum is applicable for Class Shares reserved to one or more institutional investors. Note 7 - Forward foreign exchange contracts As at date of the financial statements, the following Sub-Fund is committed in the following forward foreign exchange contract with KBL EUROPEAN PRIVATE BANKERS S.A. : CONCERTO IS - MC Bolero Global Allocation Fund Currency Purchases Currency Sales Maturity Unrealised result (in USD) Forward foreign exchange contracts linked to Class R EUR hedged shares EUR 1,830, USD 2,139, , , Note 8 - Futures contracts As at date of the financial statements, the following Sub-Fund is committed in the following futures contract with KBL EUROPEAN PRIVATE BANKERS S.A. : CONCERTO IS - MC Bolero Global Allocation Fund Number of contracts Denomination Currency Exposure (in USD) Sale 10 Stoxx Europe 600 EUR (Price) Index FUT 09/18 EUX Unrealised result (in USD) EUR -220, , , Note 9 - Changes in investments The statement of changes in investments for the reporting period referring to the report is available free of charge at the registered office of the Fund. 13

16 Additional information Information concerning the transparency of securities financing transactions and of reuse of cash collateral (regulation EU 2015/2365, hereafter "SFTR") During the reporting period, the Company did not engage in transactions which are subject to the publication requirements of SFTR. Accordingly, no Information concerning the transparency of securities financing transactions and of reuse of cash collateral should be reported. 14