Belvoir Global Allocation II Universal

Transcription

1 CAPITAL MANAGEMENT COMPANY: SEMI-ANNUAL REPORT AS AT 30 APRIL 2018 CUSTODIAN: ADVISOR AND DISTRIBUTOR:

2 Balance sheet as at 30/04/2018 Investment focuses Daily value in EUR % of fund assets I. Assets 33,456, Equities 26,316, Federal Republic of Germany 10,048, France 3,336, Great Britain 1,015, Netherlands 800, Sweden 992, USA 10,122, Bonds 726, >= 5 years to < 10 years 726, Certificates 1,770, USD 1,770, Other equity securities 1,292, CHF 1,292, Investment units 1,796, USD 1,796, Derivatives -137, Bank balances 1,582, Other assets 108, II. Liabilities -154, III. Fund assets 33,301, Page 2

3 Statement of net assets as at 30/04/2018 Units or Description ISIN Market Shares or Holdings Purchases/ Sales/ Price Market value % of currency in /04/2018 Additions Disposals in EUR the Fund in the reporting period assets Portfolio holdings EUR 31,902, Exchange-traded securities EUR 30,106, Equities EUR 26,316, BASF SE Namens-Aktien o.n. DE000BASF111 UNITS 14,000 14,000 0 EUR ,208, Carrefour S.A. Actions Port. EO 2.5 FR UNITS 70, EUR ,192, Continental AG Inhaber-Aktien o.n. DE UNITS 3, EUR , Fresenius Medical Care KGaA Inhaber-Aktien o.n. DE UNITS 16, ,000 EUR ,348, K+S Aktiengesellschaft Namens-Aktien o.n. DE000KSAG888 UNITS 30,000 30,000 0 EUR , Koenig & Bauer AG Inhaber-Aktien o.n. DE UNITS 15,000 15,000 0 EUR ,021, Peugeot S.A. Actions Port. (C.R.) EO 1 FR UNITS 50,000 50,000 0 EUR ,021, ProSiebenSat.1 Media SE Namens-Aktien o.n. DE000PSM7770 UNITS 50, EUR ,505, Randstad N.V. Aandelen aan toonder EO 0.10 NL UNITS 15,000 15,000 0 EUR , Renault S.A. Actions Port. EO 3.81 FR UNITS 12,500 12,500 0 EUR ,123, Royal Dutch Shell Reg. Shares Class A EO 0.07 GB00B03MLX29 UNITS 35,000 35,000 0 EUR ,015, RTL Group S.A. Actions au Porteur o.n. LU UNITS 11, EUR , SAP SE Inhaber-Aktien o.n. DE UNITS 10,000 10,000 0 EUR , Schaeffler AG Inhaber-Vorzugsakt.o.St. o.n. DE000SHA0159 UNITS 70,000 70,000 0 EUR , Symrise AG Inhaber-Aktien o.n. DE000SYM9999 UNITS 12,500 12,500 0 EUR , H & M Hennes & Mauritz AB Namn-Aktier B SK SE UNITS 70,000 70,000 0 SEK , Apple Inc. Registered Shares o.n. US UNITS 5, ,000 USD , Booking Holdings Inc. Registered Shares DL US09857L1089 UNITS USD 2, ,352, Chevron Corp. Registered Shares DL 0.75 US UNITS 8,000 8,000 0 USD , Costco Wholesale Corp. Registered Shares DL US22160K1051 UNITS 5,000 5,000 0 USD , Domino s Pizza Inc. Registered Shares DL 0.01 US25754A2015 UNITS 5,000 5,000 0 USD ,000, Gilead Sciences Inc. Registered Shares DL US UNITS 16,000 5,500 0 USD , Intl Business Machines Corp. Registered Shares DL 0.20 US UNITS 12,000 3,000 0 USD ,439, NIKE Inc. Registered Shares Class B o.n. US UNITS 15, USD , PepsiCo Inc. Registered Shares DL US UNITS 6,000 11,000 5,000 USD , Target Corp. Registered Shares DL US87612E1064 UNITS 15,000 15,000 0 USD , Verisk Analytics Inc. Registered Shs DL US92345Y1064 UNITS 9,000 9,000 0 USD , Page 3

4 Statement of net assets as at 30/04/2018 Units or Description ISIN Market Shares or Holdings Purchases/ Sales/ Price Market value % of currency in /04/2018 Additions Disposals in EUR the Fund in the reporting period assets Interest-bearing securities EUR 726, % Volkswagen Intl Finance N.V. EO-FLR Notes 2017(27/Und.) XS EUR % , Certificates EUR 1,770, ETFS Metal Securities Ltd. ZT07/Und.Gold/Unze/999/ JE00B1VS3770 UNITS 17, USD ,770, Other equity securities EUR 1,292, Roche Holding AG Inhaber-Genußscheine o.n. CH UNITS 7, CHF ,292, Investment units EUR 1,796, Investment units from outside the Group EUR 1,796, Vontobel Fd.-mtx China Leaders Actions Nom. I-USD o.n. LU UNITS 8,500 8,500 0 USD ,796, Total securities EUR 31,902, Derivatives EUR -137, (Assets marked with minus signs are sold positions.) Derivatives on single securities EUR -128, Securities options EUR -128, Claims/liabilities Stock options EUR -128, CLARIANT AG CALL BP EUREX 185 UNITS 100,000 CHF , ADIDAS AG CALL BP EUREX 185 UNITS 16,000 EUR , CARREFOUR S.A. CALL BP EUREX 185 UNITS -51,000 EUR , Page 4

5 Statement of net assets as at 30/04/2018 Units or Description ISIN Market Shares or Holdings Purchases/ Sales/ Price Market value % of currency in /04/2018 Additions Disposals in EUR the Fund in the reporting period assets CONTINENTAL AG CALL BP EUREX 185 UNITS -3,700 EUR , FRESEN.MED.CARE CALL BP EUREX 185 UNITS -16,000 EUR , LVMH SE CALL BP EUREX 185 UNITS 7,000 EUR , PROSIEBENSAT.1 CALL BP EUREX 185 UNITS -50,000 EUR , RANDSTAD HLDG CALL BP EUREX 185 UNITS -15,000 EUR , SYMRISE AG CALL BP EUREX 185 UNITS -12,500 EUR , ALPHABET INC. PUT BP NYSE AI6 UNITS -1,500 USD , APPLE INC. PUT BP NYSE AI6 UNITS -5,000 USD , DOMINOS PIZZA INC. CALL BP CBOE 361 UNITS -5,000 USD , Share index derivatives EUR 97, Claims/liabilities Options EUR 97, Options on share indices EUR 97, DAX(PERF.-INDEX) PUT BP EUREX 185 Quantity 2000 EUR , Foreign-exchange derivatives EUR -106, Claims/liabilities Foreign exchange futures contracts (purchased) EUR -106, Open positions EUR/USD 5.0 million OTC -106, Bank balances, non-securitised money market instruments and money market funds EUR 1,582, Bank balances EUR 1,582, Deposits at Joh. Berenberg, Gossler & Co. Hamburg (V) Balances in the Fund currency EUR 1,384, % ,384, Page 5

6 Statement of net assets as at 30/04/2018 Units or Description ISIN Market Shares or Holdings Purchases/ Sales/ Price Market value % of currency in /04/2018 Additions Disposals in EUR the Fund in the reporting period assets Balances in other EU/EEA currencies GBP 39, % , Balances in non-eu/eea currencies CHF 121, % , USD 62, % , Other assets EUR 108, Interest claims EUR 24, , Dividend claims EUR 14, , Withholding tax claims EUR 70, , Other liabilities EUR -154, Interest payable EUR Management fee EUR -15, , Custodian fee EUR -7, , Publication expenses EUR Audit expenses EUR -4, , Portfolio Manager fee EUR -126, , Fund assets EUR 33,301, ) Unit value EUR Issuing price EUR Outstanding shares UNITS 212,147 Footnotes: 1) Small rounding differences may exist due to rounding of percentage figures. The total current value of securities that are the subject of third party option rights is: EUR 7,180, Page 6

7 Securities prices or market rates The assets of the Investment Fund have been valued on the basis of the most recent fixed prices/market rates. Foreign exchange rates (in equivalent quantities) as at 30/04/2018 CHF (CHF) = 1 EUR (EUR) GBP (GBP) = 1 EUR (EUR) SEK (SEK) = 1 EUR (EUR) USD (USD) = 1 EUR (EUR) Market code b) Futures markets 185 Eurex Germany 361 Chicago - CBOE Opt. Ex. AI6 New York - NYSE Arca Op. c) OTC Over-the-Counter Page 7

8 Transactions concluded during the reporting period that no longer appear in the financial statement: - Purchases and sales of securities, investment units and borrower s note loans ( Schuldscheindarlehen ) (market allocation as at the reporting date): Description ISIN Units or shares Purchases Sales Volume currency in 000 or or in 000 Additions Disposals Exchange-traded securities Equities Allianz SE vink.namens-aktien o.n. DE UNITS 0 4,500 Atlantia S.p.A. Azioni Nom. EO 1 IT UNITS 0 27,000 AXA S.A. Actions Port. EO 2.29 FR UNITS 0 30,000 Barrick Gold Corp. Registered Shares o.n. CA UNITS 0 50,000 Bayer AG Namens-Aktien o.n. DE000BAY0017 UNITS 0 13,000 Bellway PLC Registered Shares LS GB UNITS 0 22,000 Capgemini SE Actions Port. EO 8 FR UNITS 0 8,000 Cisco Systems Inc. Registered Shares DL US17275R1023 UNITS 0 32,000 Estée Lauder Compan. Inc., The Reg. Shares Class A DL 0.01 US UNITS 0 8,200 Evonik Industries AG Namens-Aktien o.n. DE000EVNK013 UNITS 35,000 35,000 Givaudan SA Namens-Aktien SF 10 CH UNITS Intel Corp. Registered Shares DL US UNITS 0 45,000 Münchener Rückvers.-Ges. AG vink.namens-aktien o.n. DE UNITS 5,000 5,000 Nestlé S.A. Namens-Aktien SF CH UNITS 0 10,000 Nokia Oyj Registered Shares EO 0.06 FI UNITS 0 400,000 Novartis AG Namens-Aktien SF 0.50 CH UNITS 0 12,000 Novo-Nordisk AS Navne-Aktier B DK 0.20 DK UNITS 0 50,000 Pfizer Inc. Registered Shares DL 0.05 US UNITS 0 30,000 Reckitt Benckiser Group Registered Shares LS 0.10 GB00B24CGK77 UNITS 0 12,500 Swisscom AG Namens-Aktien SF 1 CH UNITS 0 2,000 Verizon Communications Inc. Registered Shares DL 0.10 US92343V1044 UNITS 10,000 27,000 Volkswagen AG Vorzugsaktien o.st. o.n. DE UNITS 5,000 5,000 Western Digital Corp. Registered Shares DL0.01 US UNITS 0 8,500 Williams-Sonoma Inc. Registered Shares DL 0.01 US UNITS 12,000 12,000 Interest-bearing securities % AXA S.A. EO-FLR Med.-T. Nts 04(09/Und.) XS EUR % Bundesrep.Deutschland Anl.v.2017 (2027) DE EUR 1,600 1, % Bundesrep.Deutschland Bundesobl.Ser.176 v.2017(22) DE EUR 1,500 1,500 Page 8

9 Transactions concluded during the reporting period that no longer appear in the financial statement: - Purchases and sales of securities, investment units and borrower s note loans ( Schuldscheindarlehen ) (market allocation as at the reporting date): Description ISIN Units or shares Purchases Sales Volume currency in 000 or or in 000 Additions Disposals Investment units Investment units from outside the Group ishsv-msci Jap.EUR Hdg U-ETF A Reg. Sh. Month. EUR-H. o.n. IE00B42Z5J44 UNITS 0 25,000 Derivatives (Option premiums received in opening transactions or volume of option transactions, purchases and sales in the case of warrants) Futures contracts Futures contracts on a share index Purchased contracts: (Underlying asset(s): DAX PERFORMANCE-INDEX, STXE 600 FIN.SER.PR EUR, STXE 600 INSURANCE PR.EUR) EUR 6, Sold contracts: (Underlying asset(s): DAX PERFORMANCE-INDEX) EUR 32, Foreign exchange futures contracts (sold) Forward currency sales: EUR/CHF EUR 2,000 Foreign exchange futures contracts (purchased) Forward currency purchases: EUR/CHF EUR 2,000 USD/EUR EUR 3,665 Options Securities options Page 9

10 Transactions concluded during the reporting period that no longer appear in the financial statement: - Purchases and sales of securities, investment units and borrower s note loans ( Schuldscheindarlehen ) (market allocation as at the reporting date): Description ISIN Units or shares Purchases Sales Volume currency in 000 or or in 000 Additions Disposals Stock options Purchased call options (call): (Underlying asset(s): BAY.MOTOREN WERKE AG ST, CELGENE CORP. DL, 0.01) EUR Purchased put options (put): (Underlying asset(s): BAYER AG NA O.N.) EUR Sold call options (call): (Underlying asset(s): BAYER AG NA O.N., CARREFOUR S.A. INH.EO 2.5, CISCO SYSTEMS DL 0.001, CONTINENTAL AG O.N., DOMINOS PIZZA INC. DL 0.01, FRESEN.MED.CARE KGAA O.N., GILEAD SCIENCES DL 0.001, INTEL CORP. DL 0.001, MUENCH.RUECKVERS.VNA O.N., NOKIA OYJ EO 0.06, PFIZER INC. DL 0.05, PROSIEBENSAT.1 NA O.N., RENAULT INH. EO 3.81, TARGET CORP. DL , VOLKSWAGEN AG VZO O.N., WESTN DIGITAL DL 0.01) EUR Sold put options (put): (Underlying asset(s): ALPHABET INC.CL.A DL 0.001, APPLE INC., BAY.MOTOREN WERKE AG ST, FACEBOOK INC.A DL , RANDSTAD NV EO 0.10, RIO TINTO PLC LS 0.10, SAP SE O.N., VOLKSWAGEN AG VZO O.N., YY INC.ADR CL A DL ) EUR Options on share index derivatives Options on share indices Purchased put options (put): (Underlying asset(s): DAX PERFORMANCE-INDEX) EUR Page 10

11 Notes pursuant to Section 7(9) of the German Capital Investment Accounting and Valuation Ordinance ( KARBV ) Securities holdings as a percentage of fund assets Derivatives holdings as a percentage of fund assets Other disclosures Unit value EUR Issuing price EUR Outstanding shares UNITS 212,147 Specification of procedures for the valuation of assets Valuation For currencies, equities, bonds and derivatives that are admitted to trading on a stock exchange or are admitted to or included in another organised market, the last available trading price will be taken as a basis in accordance with Section 27 of the KARBV. In accordance with Section 29 of the KARBV, the current values are used as the basis for investment fund units, and the par value or redemption amount is used as the basis for bank balances and liabilities. Assets that are not admitted to trading on a stock exchange or on another organised market, or included in the regulated market or OTC trading of a stock exchange, or for which no tradable price is available, are valued pursuant to Section 28 of the KARBV in conjunction with Section 168 (3) of the German Capital Investment Code (KAGB) at a market value that is reasonable upon careful estimation in accordance with suitable valuation models taking into account current market conditions. The market value is considered to be the amount for which the asset concerned could be exchanged in a transaction between knowledgeable, willing and independent counterparties. Frankfurt am Main, 02 May 2018 Universal-Investment-Gesellschaft mbh The Management Board Page 11

12 Brief overview of partners 1. Capital management company 2. Custodian 4. Investment Committee Universal-Investment-Gesellschaft mbh Joh. Berenberg, Gossler & Co. KG Mauro Tempini, Belvoir Capital AG, Zürich Street address: Street address: Theodor-Heuss-Allee 70 Neuer Jungfernstieg 20 Gerd Guba, Frankfurt am Main Hamburg Belvoir Capital AG, Zürich Postal address: Postal address: P.O. Box P.O. Box Frankfurt am Main Hamburg Tel.: +49 (0)69 / Tel.: +49 (0)40 / Fax: +49 (0)69 / Fax: +49 (0)40 / Founded: 1968 Legal form: Limited partnership (KG) Legal form: Limited liability company Liable equity capital: 265 million (as at: December 2016) Subscribed and paid-up capital: EUR 10,400, Equity capital: EUR 58,194, (as at: December 2017) 3. Advisory Company and Distributor Directors: BELVOIR CAPITAL AG Frank Eggloff, Munich Markus Neubauer, Frankfurt am Main Street address: Michael Reinhard, Bad Vilbel Beethovenstrasse 9 Stefan Rockel, Lauterbach (Hesse) CH-8027 Zürich Alexander Tannenbaum, Mühlheim am Main Bernd Vorbeck, Elsenfeld Tel.: +41 (0)44 / Fax: +41 (0)44 / Supervisory Board: Prof. Dr Harald Wiedmann (Chairman), Berlin Dr Axel Eckhardt, Düsseldorf Daniel Fischer, Bad Vilbel Daniel F. Just, Pöcking WKN: / ISIN: A0RA4N / DE000A0RA4N9 Page 12