Masayume Fund. Société d'investissement à Capital Variable. Unaudited semi-annual report as at 30/06/2018. R.C.S. Luxembourg B 217.

Transcription

1 Société d'investissement à Capital Variable Unaudited semi-annual report as at 30/06/2018 R.C.S. Luxembourg B Database Publishing System: CO-Reporter by CO-Link, Belgium.

2 Table of Contents Page Organisation 3 Combined 5 Masayume Fund - Marathon 7 Masayume Fund - Reflex 12 General information 17 No subscription can be received on the basis of these financial statements alone. Subscription can only be received on the basis of the latest prospectus accompanied by the latest annual report including audited financial statements. Page 2

3 Organisation Registered Office 5, allée Scheffer L-2520 Luxembourg Grand Duchy of Luxembourg Board of Directors of the Company Director and Chairman : Riccardo Barilla Directors : Fernando Perez Sala Evgeni Leibovich Management Company Fuchs Asset Management S.A. 49, Boulevard Prince Henri L-1724 Luxembourg Grand-Duchy of Luxembourg Board of Directors of the Management Company Chairman : Jean FUCHS FUCHS ASSET MANAGEMENT S.A. 49, boulevard Prince Henri L-1724 Luxembourg Directors: Timothé FUCHS FUCHS ASSET MANAGEMENT S.A. 49, boulevard Prince Henri L-1724 Luxembourg Pierre-Yves AUGSBURGER FUCHS ASSET MANAGEMENT S.A. 49, boulevard Prince Henri L-1724 Luxembourg Christophe PESSAULT FUCHS ASSET MANAGEMENT S.A. 49, boulevard Prince Henri L-1724 Luxembourg Domiciliation, Depositary and Administrative Agent Cabinet de révision agréé Legal Advisor CACEIS Bank, Luxembourg Branch 5, Allée Scheffer L-2520 Luxembourg Grand Duchy of Luxembourg Deloitte Audit Société à responsabilité limitée 560, rue de Neudorf L-2220 Luxembourg Grand Duchy of Luxembourg Baker & McKenzie Luxembourg 10-12, Boulevard F. Roosevelt L-2450 Luxembourg Grand Duchy of Luxembourg Page 3

4 Organisation (continued) Investment Manager Capital Advisory Partners Ltd with registered office at Sandhurst House 297 Yorktown Road, GU47 0QA Berkshire United Kingdom and postal address at 4 Montpelier Street number 120 London SW7 1EE United Kingdom Page 4

5 Combined Page 5

6 Combined Financial Statements as at 30/06/2018 Statement of net assets as at 30/06/2018 Expressed in Assets Securities portfolio at market value Cost price Unrealised loss on the securities portfolio Options purchased at market value Options purchased at cost Cash at banks and liquidities Interest receivable Formation expenses Unrealised net profit on forward foreign exchange contracts Unrealised net profit on financial futures Other assets Liabilities Options sold at market value Options sold at cost Bank overdrafts Brokers payable "Taxe d'abonnement" payable Unrealised net loss on forward foreign exchange contracts Management & advisory fees payable Depositary and administration fees payable Other liabilities Net asset value 45,855, ,235, ,262, , , , ,212, , , , , ,194, , , , , , , , , , ,660, Page 6

7 - Marathon Page 7

8 - Marathon Financial Statements as at 30/06/2018 Statement of net assets as at 30/06/2018 Expressed in Assets Securities portfolio at market value Cost price Unrealised loss on the securities portfolio Options purchased at market value Options purchased at cost Cash at banks and liquidities Interest receivable Formation expenses Unrealised net profit on financial futures Other assets Liabilities Options sold at market value Options sold at cost Bank overdrafts Brokers payable "Taxe d'abonnement" payable Unrealised net loss on forward foreign exchange contracts Management & advisory fees payable Depositary and administration fees payable Other liabilities Net asset value 23,589, ,564, ,633, , , , ,743, , , , , , , , , , , , , , ,255, Page 8

9 - Marathon Key figures Period ended as at: 30/06/18 31/12/17 Total Net Assets 23,255, ,714, Class R - Class R - - Hedged Class I - Class I - - Hedged Class I - - Hedged 32, , , , , , , , , Page 9

10 Quantity Denomination Masayume Fund - Marathon Securities portfolio as at 30/06/2018 Expressed in Quotation currency Transferable securities admitted to an official stock exchange listing and / or dealt in on another regulated market Market value 13,037, % Shares 4,108, % Cayman Islands 248, % 7, AMBARELLA INC 248, % France 394, % 4, ALTRAN TECHNOLOGIES SA 49, % 10, CARREFOUR SA 138, % 3, SANOFI 205, % Germany 358, % 1, BASF SE REG SHS 81, % 30, DEUTSCHE BANK AG REG SHS 276, % Spain 562, % 75, BANCO SANTANDER SA REG SHS 344, % 30, TELEFONICA S A 218, % Sweden 127, % 10, HENNES AND MAURITZ AB SEK 127, % Switzerland 1,239, % 2, CIE FINANCIERE RICHEMONT NAMEN AKT 145, % 13, CLARIANT NAMEN AKT 267, % DUFRY GROUP 43, % 6, NOVARTIS AG REG SHS 389, % SWISSCOM SHS NOM 76, % 24, UBS GROUP NAMEN-AKT 317, % United Kingdom 59, % 1, ASTRAZENECA PLC GBP 59, % United States of America 1,118, % 7, ASSURANT INC 682, % 2, CELGENE CORP 136, % 150, SYNERGY PHARMACEUTICALS INC 223, % 2, TESARO 76, % Bonds 3,790, % Cayman Islands 261, % 300, VALE OVERSEAS /01S 261, % Ireland 302, % 300, GPB OBOND REGS /10A 302, % Italy 405, % 400, ITALY BTP /08S 405, % Jersey Island 233, % 200, GLENCORE FUNDING LLC /02A GBP 233, % Russia 343, % 400, RUSSIA REGS /01S 343, % Spain 341, % 400, ICO REGS /09S 341, % The Netherlands 675, % 400, BMW FINANCE REGS /12A GBP 457, % 250, PETROBRAS INTL FIN /12S 218, % United Kingdom 971, % 200, ANGLO AMERICAN CAP /04A 218, % 250, CREDIT SUISSE /08A 263, % 300, JAGUAR LAND ROV REGS /02S 260, % 200, RBS /09S GBP 228, % United States of America 256, % 300, HYUNDAI CAP REGS /02S 256, % Floating rate bonds 5,138, % France 802, % 300, DANONE SA FL.R /11Q 300, % 500, SOCIETE GENERALE FL.R /04Q 502, % Germany 492, % 300, DEUTSCHE BANK FL.R /02Q 293, % 200, VOLKSWAGEN BANK GMBH FL.R /06Q 198, % Ireland 197, % 200, FCA BANK SPA FL.R /06Q 197, % % of net assets Page 10

11 - Marathon Securities portfolio as at 30/06/2018 Expressed in Quantity Denomination Quotation currency Market value % of net assets Japan 114, % 130, SUMITOMO BANK FL.R /03Q 114, % Mexico 275, % 300, PETROLES MEXICANOS FL.R /03Q 275, % Switzerland 346, % 400, UBS GROUP FUNDING FL.R /05Q 346, % The Netherlands 261, % 300, PETROBRAS GLOBAL FL.R /03Q 261, % United Kingdom 914, % 300, CREDIT AGRICOLE REGS FL.R /01Q 262, % 400, CREDIT AGRICOLE SA FL.R /04Q 401, % 250, VODAFONE GROUP FL.R /02Q 251, % United States of America 1,732, % 400, BANK OF AMERICA CORP FL.R /09Q 399, % 500, CITIBANK NA FL.R /10Q 427, % 450, CITIGROUP INC FL.R /08Q 392, % 300, DEUTSCHE BANK NY FL.R /07Q 254, % 300, GOLDMAN SACHS GROUP FL.R /07Q 258, % Other transferable securities 1,461, % Bonds 1,245, % France 1,245, % 600, EXANE /04U 542, % 250, EXANE FINANCE /05U 244, % 250, EXANE FINANCE /05U 240, % 220, EXANE FINANCE XX XX/XXU 217, % Floating rate bonds 216, % Guernsey 216, % 250, EFG INTL FL.R /05Q 216, % Shares/Units of UCITS/UCIS 6,065, % Shares/Units in investment funds 6,065, % France 436, % 2, BDL GESTION ALTERNATIF OPE-4DEC 343, % 2, LYXOR ETF TURKEY CAP OR DIS 92, % Ireland 938, % 1, HADRON ALP SEL -A- 156, % 3, H2O GL STRAT FIDELIO-R-HD 364, % 2, H2O MLT EME DEBT -R- H 318, % 6, ISHARES II PLC MSCI TURKEY FUND 98, % Luxembourg 3,545, % 2, ALKEN FUND SICAV ABS RET -I- CAP 353, % 9, AM IS FR C UEHC 451, % 1, CAN BD CR OPP CC 343, % 2, DUEM CQ GL CONP - SHS -C- 258, % 1, KAIROS INTL ITALIA -P- 254, % LONG TERM INV FD SIA SICAV CLASSIC 334, % 4, MASAYUME FUND REFLEX R CAP 327, % 22, M&G LI1 CON ALL CAP 217, % MIMOSA AZVALOR INTL -I- CAP 441, % 3, NATIXIS I LOOMIS SAYLES ST EM BD-H-R/A- 301, % 1, RAM SYS LSEU EQ -I- CAP 261, % United Kingdom 1,146, % H2O MULTIEQUIT -RC- 4 DEC 68, % 3, H20 ADAGIO FCP -R- 4 DEC CAP 464, % 2, H20 MODERATO FCP -R- 4 DEC CAP 369, % 22, M&G EMERGING MARKETS BD -- A-H ACC 243, % Money market instruments 1,000, % Bonds 1,000, % Italy 1,000, % 1,000, FCA BANK SPA IRIS ZCP ,000, % Total securities portfolio 21,564, % Page 11

12 - Reflex Page 12

13 - Reflex Financial Statements as at 30/06/2018 Statement of net assets as at 30/06/2018 Expressed in Assets Securities portfolio at market value Cost price Unrealised profit on the securities portfolio Cash at banks and liquidities Interest receivable Formation expenses Unrealised net profit on forward foreign exchange contracts Other assets Liabilities Bank overdrafts "Taxe d'abonnement" payable Management & advisory fees payable Depositary and administration fees payable Other liabilities Net asset value 25,996, ,301, ,253, , , , , , ,004, , , , , , ,991, Page 13

14 - Reflex Key figures Period ended as at: 30/06/18 31/12/17 Total Net Assets 24,991, ,201, Class R - - Hedged Class R - Class I - Class S , , , , , , Page 14

15 Quantity Denomination Masayume Fund - Reflex Securities portfolio as at 30/06/2018 Expressed in Quotation currency Transferable securities admitted to an official stock exchange listing and / or dealt in on another regulated market Market value 16,907, % Bonds 9,539, % Canada 399, % 400, TORONTO-DOMINION B /09S 399, % France 299, % 300, ORANGE /02S 299, % Japan 400, % 400, SUMITOMO MITSUI /09S 400, % Spain 169, % 170, ICO REGS /09S 169, % The Netherlands 967, % 300, ABN AMRO BANK REGS /10S 299, % 400, DEUTSCHE TELEKOM /07S 412, % 250, PETROBRAS INTL FIN /12S 255, % United Kingdom 852, % 300, BRITISH TELECOM /02S 299, % 250, CREDIT AGRICOLE LONDON FL.R /07Q 254, % 300, DB LDN -A /02S 298, % United States of America 6,450, % 399, AMERICAN HONDA FIN /10S 398, % 104, CITIGROUP /09S 103, % 371, CITIGROUP INC /12S 370, % 300, FORD MOTOR CREDIT /10S 300, % 300, HYUNDAI CAP REGS /02S 299, % 300, JP MORGAN CHASE /10S 297, % 3,500, UNIT STAT TREA BIL ZCP ,485, % 800, USA ZCP , % 400, WELLS FARGO CO /01S 398, % Floating rate bonds 7,367, % Australia 1,504, % 500, AUST & NZ BANKING FL.R /11Q 501, % 500, COMMONWEALTH BANK FL.R /09Q 501, % 500, WESTPAC BANKING FL.R /11Q 501, % France 500, % 500, TOTAL CAP INTL FL.R /08Q 500, % Mexico 500, % 500, PEMEX WI FL.R /07Q 500, % Sweden 299, % 300, SKANDINAVISKA FL.R /03S 299, % The Netherlands 500, % 500, ING BANK TR.6 REGS FL.R /08Q 500, % United Kingdom 500, % 500, UBS AG FL.R /12Q 500, % United States of America 3,562, % 500, AMERICAN EXPRESS C FL.R /11U 500, % 399, AMERICAN HONDA FIN FL.R /11Q 399, % 500, BANK OF AMERICA CORP FL.R /01Q 502, % 250, GENERAL MOTORS FIN CO FL.R /01Q 254, % 500, GOLDMAN SACH GROUP FL.R /11Q 501, % 500, JP MORGAN CHASE FL.R /01Q 501, % 400, MORGAN STANLEY FL.R /02Q 400, % 250, TOYOTA MOTOR CREDIT FL.R /01Q 250, % 250, TOYOTA MOTOR CREDIT FL.R /02Q 251, % Other transferable securities 793, % Bonds 793, % Canada 399, % 400, BANK OF MONTREAL /08S 399, % The Netherlands 394, % 400, DEUTSCHE TELEKOM I /01S 394, % % of net assets Page 15

16 - Reflex Securities portfolio as at 30/06/2018 Expressed in Quantity Denomination Quotation currency Market value % of net assets Shares/Units of UCITS/UCIS 7,600, % Shares/Units in investment funds 7,600, % Ireland 1,523, % FID INST CASH - ACCUM. SHS CLASS -A- 1,523, % Luxembourg 6,076, % 19, AMUNDI CASH AUC -AU- CAP 2,026, % 16, BNPP INSTICASH SICAV -CLC- CAP 2,023, % 14, PICTET SICAV LIQUIDITY -I- CAP 2,026, % Total securities portfolio 25,301, % Page 16

17 General information 1. Currency rates The various items appearing in the combined financial statements of the Company are equal to the sum of the corresponding items in the financial statements of each sub-fund and are drawn up in. At closing date, the exchange rates prevailing are the following: 1 = = GBP 1 = JPY 1 = NOK 1 = Changes of the securities portfolio Details of changes in the securities portfolio for the period referring to this report are available on request free of charge at the Company registered office. Securities Financing Transactions and of Reuse Regulation ( SFTR ) The Company does not use any instruments falling into the scope of SFTR. Page 17