BlackRock Asset Management Deutschland AG Semi-annual report as at 30 September 2014 for the investment fund

Transcription

1 BlackRock Asset Management Deutschland AG Semi-annual report as at 30 September 2014 for the investment fund ishares Diversified Commodity Swap UCITS ETF (DE)

2 Contents Notice and note on licences Additional information for investors in France and Austria Report of the Management Board Semi-annual report for ishares Diversified Commodity Swap UCITS ETF (DE) Management Company and Depository of 11

3 Note The investment funds named in this report are governed by German law. Fund units are bought on the basis of the currently valid prospectus and management regulations, supplemented by the most recent annual report concerned and also by the semi-annual report if such a report exists that is more recent than the last annual report. The financial statements were drawn up in German and translated into English. Only the German version is legally binding. Note on Licences Legal Information The German ishares funds mentioned in this document are investment funds subject to the German Investment Code. These funds are managed by BlackRock Asset Management Deutschland AG and are regulated by the Federal Financial Supervisory Authority (BaFin). For Investors in Germany The sales prospectuses of the funds issued in Germany are available free of charge electronically and in hard copy from BlackRock Asset Management Deutschland AG, Max-Joseph-Str. 6, D Munich, Tel:+49 (0) , Fax:+49 (0) , info@ishares.de. Risk Warnings The value of investments in all the ishares funds may fluctuate, and investors may not get back the amount invested. Past performance may not be repeated and is no guarantee of future returns. Investment risks from market and currency losses as well as high volatility and concentration risk cannot be excluded. Index Disclaimers of Liability Bloomberg and the Bloomberg Commodity SM Euro Total Return Index are registered trademarks of Bloomberg Finance L.P., UBS AG, UBS Securities LLC or their companies and have been licensed in each case to be used for particular purposes by BlackRock Asset Management Deutschland AG. The ishares Diversified Commodity Swap UCITS ETF (DE) fund of BlackRock Asset Management Deutschland AG, which is derived from Bloomberg Commodity SM, is not supported, endorsed, sold or promoted by Bloomberg, UBS or any of their subsidiaries or affiliated companies, and neither Bloomberg, UBS or any of their subsidiaries or affiliated companies make any representations as to the advisability of investing in this product. ishares is a registered trademark of BlackRock Institutional Trust Company, N.A BlackRock Asset Management Deutschland AG. All rights reserved. Additional Information for Investors in France and Austria The sales prospectuses, including contractual terms and conditions, financial statements and semi-annual reports can be obtained, without charge, at the relevant paying agent and distributor. Paying Agent and Distributor in France: BNP Paribas Securities Services 20, BD. des Italiens Paris, France Paying Agent and Distributor in Austria: UniCredit Bank Austria AG Schottengasse Vienna, Austria Tax Representative in Austria: Ernst & Young Wagramer Str Vienna, Austria 3 of 11

4 Report of the Management Board Dear Investors, BlackRock Asset Management Deutschland AG is able to look back on a very successful financial year. Private and institutional investors value the benefits provided by the reasonable pricing, liquidity and transparency of ishares ETFs. BlackRock conducts all its global business in exchange traded index funds (ETFs) under the ishares brand. As at 30 September 2014, the volume of assets under management for the 62 ishares funds currently issued in Germany was approximately EUR 36 billion, making BlackRock Asset Management Deutschland AG the fifth-largest retail fund company in Germany (source: BVI Bundesverband Investment und Asset Management e.v.). This semi-annual report provides detailed information about the performance of our index funds. Our ETF product range includes 249 ishares funds approved in Germany, providing investors with easy and diversified access to a large number of worldwide markets and asset classes. One fourth of these exchange-traded index funds are issued in Germany. The code (DE) in the fund name identifies them as such. Institutional and private investors alike value ishares ETFs not only as building blocks that enable them to put their own investment ideas into practice in their portfolios, but as the funds become more widespread, demand also rises for ETF-based asset management products. In light of this, together with respected partners we have developed models that enable different types of investor with differing risk/return profiles to create suitable asset inventories. This includes the Best of ETF Strategy in cooperation with Bank für Vermögen. ETFs have flourished in Germany and Europe since their launch more than ten years ago. On 11 April 2000 ishares DJ Euro STOXX 50 (now ishares EURO STOXX 50) and ishares DJ STOXX 50 (now ishares STOXX Europe 50) were the first exchange-traded index funds to be listed on the German stock exchange. This listing has been instrumental in making a lasting change to the European investment landscape. ETFs have provided investors with new avenues in portfolio management, particularly through their high level of liquidity, efficiency and transparency. As a provider from the outset, ishares retains its outstanding positioning in the European ETF market. We continue to invest in excellent service and products that meet the needs of our clients. We intend to develop our market leadership further through the continuous and innovative extension of our product range. Among the strategic competitive advantages of ishares ETFs are high market liquidity, narrow bid/ask spreads and a high level of precision in index replication. In addition, as a leading ETF provider, we also aim to develop the ETF market as a whole. This includes making even more efforts to push the idea of a closely-linked European ETF market. That s why, in March 2014, we listed the first ETF with an international securities structure in Xetra at the German stock market. All share transactions in the fund are executed via a central point irrespective of which European stock market they are traded on. That helps to increase liquidity and reduce costs, which could ultimately be reflected in growth in the European ETF market. Please visit our website or call us on +49 (0) for further information. We would like to thank you for your trust and we are looking forward to continuing to work together in partnership. Your BlackRock Asset Management Deutschland AG Directors, Christian Staub Dr. Thomas Groffmann Alexander Mertz 4 of 11

5 Semi-annual report for ishares Diversified Commodity Swap UCITS ETF (DE) for the period from 01/04/2014 to 30/09/2014 Statement of assets and liabilities as at 30/09/2014 Market value % of fund in EUR assets 1) I. Assets 541,064, Shares 528,646, Belgium 24,780, Germany 343,669, Finland 10,113, Netherlands 62,156, Spain 87,925, Derivatives 12,332, Swaps 12,332, Receivables 85, II. Liabilities -705, Liabilities arising from loans -381, Other liabilities -323, III. Fund assets 540,359, ) Rounding of percentages during the calculation may result in slight rounding differences. 5 of 11

6 Semi-annual report for ishares Diversified Commodity Swap UCITS ETF (DE) for the period from 01/04/2014 to 30/09/2014 Statement of net assets as at 30/09/2014 Designation of class of security ISIN Market Units or shares or currency in 1,000 As at Purchases/ 30/09/2014 Additions Sales/ Disposals in the reporting period Price Market value in EUR Securities 528,646, Exchange-traded securities 528,646, Shares 528,646, didas AG Namens-Aktien o.n. DE000A1EWWW0 UNITS 21, , ,182 EUR ,289, Allianz SE vink.namens-aktien o.n. DE UNITS 180, , ,997 EUR ,192, Anheuser-Busch InBev N.V./S.A.Actions au Port. O.N. BE UNITS 281,215 1,545,507 1,551,855 EUR ,780, ASML Holding N.V.Aandelen op naam EO -,09 NL UNITS 157,333 1,291,175 1,321,772 EUR ,400, Banco Santander S.A. Acciones Nom.EO 0.50 ES J37 UNITS 4,925,814 21,507,408 19,737,164 EUR ,490, BASF SE Namens-Aktien o.n. DE000BASF111 UNITS 488,852 2,391,849 2,394,137 EUR ,505, Bayer AG Namens-Aktien o.n. DE000BAY0017 UNITS 421,568 2,710,452 2,721,191 EUR ,751, Bayerische Motoren Werke AG Stammaktien EO 1 DE UNITS 170,758 1,276,748 1,296,553 EUR ,517, Beiersdorf AG Inhaber-Aktien o.n. DE UNITS 10,817 40,922 55,577 EUR , Commerzbank AG Inhaber-Aktien o.n. DE000CBK1001 UNITS 94,986 2,139,045 2,131,510 EUR ,124, Continental AG Inhaber-Aktien o.n. DE UNITS 10, , ,843 EUR ,639, Daimler AG Namens-Aktien o.n. DE UNITS 398,533 3,522,151 3,452,133 EUR ,202, Deutsche Bank AG Namens-Aktien o.n. DE UNITS 692,892 4,158,502 4,034,763 EUR ,245, Deutsche Börse AG Namens-Aktien o.n. DE UNITS 19, , ,892 EUR ,043, Deutsche Lufthansa AG vink.namens-aktien o.n. DE UNITS 52,716 1,842,287 1,809,954 EUR , Deutsche Post AG Namens-Aktien O.N. DE UNITS 503,793 4,431,519 4,492,948 EUR ,791, Deutsche Telekom AG Namens-Aktien o.n. DE UNITS 1,648,623 10,656,561 10,751,617 EUR ,783, E.ON SE Namens-Aktien o.n. DE000ENAG999 UNITS 1,724,141 7,106,274 6,592,104 EUR ,991, EDP Renováveis S.A. Acciones Port. EO 5 ES UNITS 234, ,763 - EUR ,288, Fresenius Medical Care KgaA Inhaber-Aktien o.n. DE UNITS 21, , ,000 EUR ,208, Fresenius SE & Co. KgaA Inhaber-Aktien o.n. DE UNITS 39, , ,767 EUR ,538, HeidelbergCement AG Inhaber-Aktien o.n. DE UNITS 14,920 70,900 55,980 EUR , Henkel AG & Co. KgaA Inhaber-Vorzugsaktien o.st.o.n DE UNITS 17, , ,095 EUR ,390, Iberdrola S.A.Acciones Port. EO 0.75 ES Y14 UNITS 2,202,726 12,573,233 12,924,446 EUR ,489, Industria de Diseño Textil SA Acciones Port. EO 0.03 ES UNITS 425,289 1,330, ,219 EUR ,303, Infineon Technologies AG Namens-Aktien o.n. DE UNITS 110,461 1,948,800 1,838,339 EUR , ING Groep N.V.Cert.v.Aandelen EO 0.24 NL UNITS 1,604,646 11,878,077 12,160,892 EUR ,148, Koninklijke Philips N.V.Aandelen aan toonder EO 0.20 NL UNITS 392,029 2,123,969 2,190,514 EUR ,904, Linde AG Inhaber-Aktien o.n. DE UNITS 16, , ,841 EUR ,559, Merck KgaA Inhaber-Aktien o.n. DE UNITS 13, , ,689 EUR , Münchener Rückvers.-Ges. AG vink.namens-aktien DE UNITS 82, , ,961 EUR ,890, o.n. Nokia Corp.Registered Shares EO 0.06 FI UNITS 1,497,153 1,497,153 - EUR ,113, Nordex SE Inhaber-Aktien o.n. DE000A0D6554 UNITS 54, ,276 51,258 EUR , Repsol S.A.Acciones Port. EO 1 ES UNITS 399,797 2,058,373 2,045,020 EUR ,516, RWE AG Inhaber-Stammaktien o.n. DE UNITS 258,929 3,694,904 3,728,991 EUR ,989, SAP SE Inhaber-Aktien o.n. DE UNITS 431,183 2,637,142 2,567,754 EUR ,620, Siemens AG Namens-Aktien o.n. DE UNITS 478,651 2,814,570 2,781,184 EUR ,170, Symrise AG Inhaber-Aktien o.n. DE000SYM9999 UNITS 21,953 79,352 57,399 EUR , Telefónica S.A.Acciones Port. EO 1 ES E18 UNITS 1,618,759 8,609,164 8,791,396 EUR ,837, ThyssenKrupp AG Inhaber-Aktien o.n. DE UNITS 41,803 1,025, ,111 EUR , TNT Express N.V.Aandelen op naam EO 0.08 NL UNITS 127, , ,328 EUR , Unilever N.V.Cert.v.Aandelen EO 0.16 NL UNITS 640,167 3,656,650 4,015,373 EUR ,184, Volkswagen AG Vorzugsaktien o.st. o.n. DE UNITS 82, , ,394 EUR ,593, Wolters Kluwer N.V.Aandelen op naam EO 0.12 NL UNITS 41, , ,741 EUR , % of fund assets 2) 6 of 11

7 Semi-annual report for ishares Diversified Commodity Swap UCITS ETF (DE) for the period from 01/04/2014 to 30/09/2014 Designation of class of security ISIN Market Units or shares or currency in 1,000 As at Purchases/ 30/09/2014 Additions Sales/ Disposals in the reporting period Price Market value in EUR % of fund assets 2) Derivatives 12,332, (The amounts marked with a minus sign are sold positions.) Swaps 12,332, Receivables/liabilities Total return swaps 12,332, Equity Swap 23/09/2014 OTC EUR 12,332, Other assets 85, Withholding tax reimbursement claims EUR 85, , Liabilities arising from loans EUR loans -381, , EUR -381, % , Other liabilities -323, Remuneration EUR -193, , Liabilities arising from securities transactions EUR -83, , Liabilities arising from swap fees EUR -46, , Fund assets EUR 540,359, Unit value EUR Units in circulation UNITS 22,545,479 2) Rounding of percentages during the calculation may result in slight rounding differences. Transactions during the reporting period, insofar as these no longer appear in the assets listed: Securities purchases and sales, investment units and bonds (market allocation on the reporting date) ISIN Units or shares or currency in 1,000 Purchases/ Additions Sales/ Disposals Volume in 1,000 Securities Exchange-traded securities Shares Banco Bilbao Vizcaya Argent.Acciones Nom.EO 0.49 ES UNITS 9,690,747 11,968,651 Corio N.V.Aandelen aan toonder EO 10 NL UNITS 5,298 5,298 Gamesa Corp.Tecnologica S.A.Acciones Port. EO 0.17 ES UNITS 711, ,959 Industria de Diseño Textil SA Acciones Port. EO 0.15 ES UNITS 300, ,703 K+S Aktiengesellschaft Namens-Aktien o.n. DE000KSAG888 UNITS 36,783 36,783 LANXESS AG Inhaber-Aktien o.n. DE UNITS 16,668 16,668 MAN SE Inhaber-Stammaktien o.n. DE UNITS 13,177 13,177 Royal Dutch Shell Reg. Shares Class A EO -,07 GB00B03MLX29 UNITS 1,533,991 1,533,991 Verbund AG Inhaber-Aktien A o.n. AT UNITS 107, ,122 Derivatives (Option premiums or volume of option contracts converted into opening transactions; in the case of warrants, statement of purchases and sales) Swaps (Volumes converted into opening transactions) Total return swaps 2,629,224 Security(ies): Equity Swap 03/04/ /04/2014, Equity Swap 30/04/ /05/2014, Equity Swap 07/05/ /06/2014, Equity Swap 10/06/ /08/2014, Equity Swap 07/08/ /09/ of 11

8 Semi-annual report for ishares Diversified Commodity Swap UCITS ETF (DE) for the period from 01/04/2014 to 30/09/2014 Profit and Loss Account (incl. Income Adjustment) for the period from 01/04/2014 to 30/09/2014 I. Income 1. Dividends from foreign issuers (before withholding tax) EUR 469, Deduction of foreign withholding tax EUR -98, Other income EUR 93, Total income EUR 464, II. Expenses 1. Interest from borrowing EUR -13, Remuneration EUR -1,261, Other expenses EUR -33, Total expenses EUR -1,308, III. Ordinary net income EUR -843, IV. Disposals 1. Realised gains EUR 129,669, Realised losses EUR -163,585, Gain/loss on disposals EUR -33,915, V. Annual realised results EUR -34,759, Net change in unrealised gains EUR -2,756, Net change in unrealised losses EUR 18,502, VI. Annual unrealised results EUR 15,746, VII. Result for the financial year EUR -19,013, Change in Fund Assets 2014 I. Value of fund assets at the start of the financial year EUR 480,414, Inflow/Outflow of funds (net) EUR 78,788, a) Proceeds received from sales of units EUR 109,739, b) Payments for redemption of units EUR -30,950, Income adjustment/cost compensation EUR 169, Result for the financial year EUR -19,013, of which unrealised gains EUR -2,756, of which unrealised losses EUR 18,502, II. Value of fund assets at the end of the financial year EUR 540,359, of 11

9 Semi-annual report for ishares Diversified Commodity Swap UCITS ETF (DE) for the period from 01/04/2014 to 30/09/2014 Annex Other information Number of fund units in circulation and value of a fund unit on the reporting date pursuant to Article 16 Para. 1 No. 1 of the German Capital Investment Accounting and Valuation Ordinance (KARBV) Unit value EUR Units in circulation UNITS 22,545,479 Information on the evaluation process for assets pursuant to Article 16 Para. 1 No. 2 KARBV Security Prices and Market Prices The fund assets are valued on the basis of the following market prices: All securities: Closing prices on the respective valuation dates The valuation of assets generally took place during the financial year and at the balance sheet date on the basis of the last traded stock exchange price. Assets not admitted for trading on stock exchanges or admitted to another regulated market or included on such a market, or for which no tradable value is available, are valued at current market values, which shall be assessed with due care using appropriate valuation models and taking into consideration current market conditions. Money in bank accounts and existing receivables are valued at their current nominal value. Existing liabilities are reported at the amounts payable. The valuation of the equity swap is based on the comparison of the performance of the equities contained in the investment fund with the performance of the index being tracked, the Bloomberg Commodity SM Euro Total Return Index, since the last settlement of the swap. Market key a) OTC OTC Over the counter Index fund information pursuant to Article 16 Para. 2 KARBV Tracking error level at the end of the reporting period, pursuant to Article 16 Para. 2 No. 1 KARBV 2.37 percentage points Further information necessary for understanding the report pursuant to Article 7 No. 9 d) KARBV Explanation of the calculation of net change in unrealised gains and losses Determination of net change in unrealised gains and losses takes place by means of comparing, in each financial year, the valuations of assets included in the unit price with the relevant historical purchase prices, the level of the positive differences in the sum of unrealised gains included, the level of the negative differences in the sum of unrealised losses included and by determining the net changes from a comparison of the sum totals at the end of the financial year with those at the beginning. Munich, 30 September 2014 BlackRock Asset Management Deutschland AG Dr. Thomas Groffmann Alexander Mertz 9 of 11

10 Management Company and Depository Management Company BlackRock Asset Management Deutschland AG Max-Joseph-Straße Munich, Germany Share capital as at 31/12/2013: EUR 5 million Liable equity as at 31/12/2013: EUR 10 million Shareholder BlackRock Investment Management (UK) Limited Management Christian Staub* Chairman of the Management Board Munich Dr. Thomas Groffmann Vice Chairman of the Management Board Munich Alexander Mertz Management Board Munich Supervisory Board Rachel Lord (Chairwoman)** BlackRock, Managing Director, Head of Sales EMEA ishares London, UK Derek Stein BlackRock, Managing Director, Head of Business Operations Group San Francisco, USA. Prof. Markus Rudolf Vice-Rector and University Professor, WHU Otto Beisheim School of Management Depository State Street Bank GmbH Brienner Straße Munich, Germany Auditor Deloitte & Touche GmbH Wirtschaftsprüfungsgesellschaft Rosenheimer Platz Munich, Germany (*) Since 01/08/2014 (**) since 01/07/ of 11

11 BlackRock Asset Management Deutschland AG Max-Joseph-Straße 6 D Munich, Germany Tel:+49 (0) info@ishares.de

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