Estlander & Partners Trend Fund UI

Transcription

1 CAPITAL MANAGEMENT COMPANY: Estlander & Partners Trend Fund UI ANNUAL REPORT FOR THE YEAR ENDED CUSTODIAN: ASSET MANAGEMENT AND DISTRIBUTOR:

2 Estlander & Partners Trend Fund UI Brief overview of the partners 1. Capital management company 2. Custodian 4. Sales Universal-Investment-Gesellschaft mbh The Bank of New York Mellon SA/NV, Estlander & Partners GmbH Asset Servicing, Frankfurt am Main branch Street address: Postal address: Theodor-Heuss-Allee 70 Street address: Ganghoferstr Frankfurt am Main Friedrich-Ebert-Anlage Munich Frankfurt am Main Postal address: Telephone: (089) P.O. Box Telephone: 069 / Fax: (089) Frankfurt am Main Fax: 069 / Telephone: 069 / Investment Committee Fax: 069 / Legal form: Belgian public limited liability company Martin Estlander, Liable equity capital: billion (as at: ) Estlander & Partners AB, Vaasa / Finland Founded: 1968 Daniel Djupsjöbacka, Legal form: Limited liability company 3. Asset Management Company Estlander & Partners AB, Vaasa / Finland Subscribed and paid-up capital: EUR 10,400, Estlander & Partners AB Equity capital: EUR 48,302, (as at September 2015) Anders Kulp, Postal address: Estlander & Partners AB, Vaasa / Finland Board of Management: Alatori 1A Oliver Harth, Wehrheim-Obernhain Vaasa Markus Neubauer, Frankfurt am Main Finland Stefan Rockel, Lauterbach (Hesse) Alexander Tannenbaum, Offenbach Telephone: Bernd Vorbeck, Elsenfeld Fax: Supervisory Board: Jochen Neynaber, Bühl-Neusatz (Chairman) Dr Hans-Walter Peters, Hamburg (Deputy Chairman) Prof. Dr Harald Wiedmann, Berlin Ole Klose, Düsseldorf Michael O. Bentlage, Frankfurt am Main Prof. Dr Stephan Schüller, Düsseldorf As at: 31. December 2015 Page 2

3 Estlander & Partners Trend Fund UI Overview of the unit classes Initial issue date Custodians' fee Unit class A EUR 18 October 2010 Unit class A EUR currently 0.05 % p.a. Unit class C EUR 18 October 2010 Unit class C EUR currently 0.05 % p.a. Unit class D EUR 18 October 2010 Unit class D EUR currently 0.05 % p.a. Unit class F EUR 01 December 2015 Unit class F EUR currently 0.05 % p.a. Initial issuing price Advisor performance fee Unit class A EUR EUR plus issuing surcharge Unit class A EUR / C EUR / D EUR Up to 20% of the positive absolute unit value, Unit class C EUR EUR plus issuing surcharge but only given a new highest level of the unit value Unit class D EUR EUR plus issuing surcharge Unit class F EUR none Unit class F EUR EUR plus issuing surcharge Currency Issuing surcharge Unit class A EUR Euro Unit class A EUR currently 5.00 % Unit class C EUR Euro Unit class C EUR currently 1.00 % Unit class D EUR Euro Unit class D EUR currently 0.00 % Unit class F EUR Euro Unit class F EUR currently 0.00 % Utilisation of earnings Minimum investment Unit class A EUR Dividends Unit class A EUR none Unit class C EUR Dividends Unit class C EUR 100, Unit class D EUR Dividends Unit class D EUR 5,000, Unit class F EUR Dividends Unit class F EUR Security Identification Number / ISIN: Management fee Unit class A EUR A1CSUT / DE000A1CSUT2 Unit class A EUR currently 2.60 % p.a. Unit class C EUR A1CSUV / DE000A1CSUV8 Unit class C EUR currently 1.85 % p.a. Unit class D EUR A1CSUW / DE000A1CSUW6 Unit class D EUR currently 1.60 % p.a. Unit class F EUR A141SH / DE000A141SH9 Unit class F EUR currently 1.85% p.a. Page 3

4 Estlander & Partners Trend Fund UI Activity Report Estlander & Partners Trend Fund UI (previously Estlander & Partners Freedom Fund UI) for the reporting period to Investment objectives and investment policy for achieving investment objectives Assets are selected so as to replicate the performance of the Estlander & Partners Trend Index, which represents the international futures contract markets. On behalf of the Fund, one or more Total Return Swaps (TRS) are concluded with a legally independent swap counterparty that is unaffiliated with the investment company and the Fund. These TRS are designed to allow the Fund to participate in the performance of the index. The index consists of long and short futures contracts on equities, bonds, currencies and commodities across diversified markets. The index s instruments are selected using a systematic trade model. The index s positions are selected based on fundamental and technical data and strict risk management. The Fund may also hold liquid assets and bonds. Such investments in liquid instruments are secondary to the Fund s primary investment strategy. Structure of the portfolio and significant changes during the reporting period Fund structure Page 4

5 Estlander & Partners Trend Fund UI Previously, the Fund endeavoured to track the performance of the Estlander & Partners Global Systematic Index, which was replaced by the Estlander & Partners Trend Index on 1 December The aim of the Fund is to track the Estlander & Partners Trend Index, which reflects the global futures markets, using Total Return Swaps (TRS). Estlander & Partners Trend Index is diversified across various unit classes and can hold positions in equities, bonds, foreign exchange and commodities. The positions are selected based on fundamental and technical data. Both long and short positions may be held. Significant risks Market risks are measured daily and rated at a Value-at-Risk of one-day 99%. The risks in connection with the VaR were between 0.31% and 1.90%, with an average of 0.99%. This was in line with the risk budget. On average, 28.1% of the average risk was held in foreign exchange and 33.1% in equities. The remaining risk was held in bonds (34.3%) and commodities (4.5%). The transactions are performed electronically. In order to limit the operational risks, various controls and restrictions have been implemented and the processes for order generation/performance are monitored. Financial futures contracts, which are invested in through Total Return Swaps (TRS), are the most liquid form of global futures contracts. The Fund's holdings only constitute a fraction of the daily trading volume. The liquidity risks were insignificant in Like investments in bonds, swaps, certificates and debentures are also subject to an interest rate risk. Fund net income The main sources of the negative disposal result during the reporting period were realised losses on swaps. Performance during the reporting period ( to ) 1 Unit class A EUR: -5.11% Unit class C EUR: -4.46% Unit class D EUR: -6.26% Unit class F EUR: -1.46% (inception date 1 December 2015 to 31 December 2015) Important notice: On 1 December 2015, the Fund name was changed to Estlander & Partners Trend Fund UI. The two unit classes "Estlander & Partners Trend Fund UI AK D EUR" (transferring unit class) and "Estlander & Partners Trend Fund UI AK F EUR" (receiving unit class) are merged as of 28 March 2016 (transfer date: 28. March 2016). 1 In-house calculations using the BVI method (not including front end load). Past performance does not allow conclusions to be drawn about similar performance in the future. Page 5

6 Estlander & Partners Trend Fund UI Balance sheet, as at Investment focuses Daily value in EUR % of fund assets I. Assets 6,593, Bonds 501, < 1 year 501, Derivatives Bank deposits 6,091, II. Liabilities -55, III. Fund assets 6,537, Page 6

7 Estlander & Partners Trend Fund UI Statement of net assets as at Units or Description ISIN Market shares or Holdings Purchases / Sales / Price Market value % currency in 1, additions disposals in EUR of the Fund in the reporting period assets Portfolio holdings EUR 501, Securities admitted to or included in organised markets EUR 501, Interest-bearing securities EUR 501, Germany Unv.Schatz.A.15/12 f DE EUR % , Total securities EUR 501, Derivatives EUR (Assets marked with minus signs are sold positions.) Swaps EUR Claims/liabilities (Receive/pay) Equity swaps EUR Long Equity Swap / OTC EUR 6,620, Bank balances, non-securitised money market instruments and money market funds EUR 6,091, Bank deposits EUR 6,091, Deposits with The Bank of New York Mellon SA/NV (G) Frankfurt branch Balances in the Fund currency EUR 1,091, % ,091, Balances at Baader Bank AG Term money, callable EUR 1,100, % ,100, Balances at DZ Bank AG Frankfurt (V) Term money, callable Page 7

8 Estlander & Partners Trend Fund UI Statement of net assets as at Units or Description ISIN Market shares or Holdings Purchases / Sales / Price Market value % currency in 1, additions disposals in EUR of the Fund in the reporting period assets EUR 1,000, % ,000, Balances with Landesbank Hessen-Thüringen Girozentrale, Frankfurt (V) Term money, callable EUR 1,000, % ,000, Balances in SEB AG Frankfurt am Main (V) Term money, callable EUR 1,000, % ,000, Balances with WGZ BANK AG Westdeutsche Genossenschafts-Zentralbank (C) Düsseldorf (V) Term money, callable EUR 900, % , Other liabilities EUR -55, Interest payable EUR Management fee EUR -39, , Custodians' fee EUR -2, , Publication expenses EUR Audit expenses EUR -12, , Fund assets EUR 6,537, ) Estlander & Partners Trend Fund UI AK A EUR Unit value EUR Offering price EUR Redemption price EUR No. of shares UNIT 113,342 Estlander & Partners Trend Fund UI AK C EUR Unit value EUR Offering price EUR Redemption price EUR No. of shares UNIT 45,143 Page 8

9 Estlander & Partners Trend Fund UI Statement of net assets as at Units or Description ISIN Market shares or Holdings Purchases / Sales / Price Market value % currency in 1, additions disposals in EUR of the Fund in the reporting period assets Estlander & Partners Trend Fund UI AK D EUR Unit value EUR Offering price EUR Redemption price EUR No. of shares UNIT 2,117 Estlander & Partners Trend Fund UI AK F EUR Unit value EUR Offering price EUR Redemption price EUR No. of shares UNIT 2,000 Footnotes: 1) Small rounding differences may exist due to rounding of percentage figures. Page 9

10 Estlander & Partners Trend Fund UI Securities prices or market rates The assets of the Investment Fund have been valued on the basis of last fixed prices/market rates. Market code c) OTC Over-the-Counter Page 10

11 Estlander & Partners Trend Fund UI Transactions concluded during the reporting period that no longer appear in the financial statement: - Purchases and sales in securities, investment fund units and borrower s note loans (market classification at date of report): Description ISIN Units or shares Purchases Sales Volume currency in 1,000 or or in 1,000 additions disposals Securities admitted to or included in organised markets Interest-bearing securities Bundesrep.Deutschland Unv.Schatz.A.14/13 f DE EUR Germany Unv.Schatz.A.15/01 f DE EUR The Company ensures that investor interests are not adversely affected by transaction costs by setting a limit for transaction costs based on average assets under management, and for the portfolio turnover rate, taking into account the investment objectives of the Fund. The company monitors compliance with the threshold values and takes further measures if they are exceeded. Page 11

12 Estlander & Partners Trend Fund UI AK A EUR Estlander & Partners Trend Fund UI AK A EUR Statement of operations (including income equalisation) for the period from to Total Per unit I. Income 1. Dividends from domestic issuers EUR Dividends from foreign issuers (before withholding tax) EUR Interest from domestic securities EUR Interest from foreign securities (before withholding tax) EUR Interest from domestic liquidity investments EUR Interest from foreign liquidity investments (before withholding tax) EUR Income from investment units EUR Income from securities, lending and securities repurchase agreements EUR Deduction for foreign withholding taxes EUR Other income EUR Total income EUR II. Expenses 1. Interest on borrowings EUR Management fee EUR -144, Management fee EUR -144, Consultancy fee EUR Asset management fee EUR Custodian remuneration EUR -19, Auditing and publication expenses EUR -8, Other expenses EUR 19, Custodian fees EUR Balance of ordinary expenses EUR 26, Other costs EUR -7, Total expenses EUR -153, III. Ordinary net income EUR -153, IV. Disposals 1. Realised profits EUR 20, Realised losses EUR -84, Gain or loss on disposals EUR -63, V. Realised net income for the financial year EUR -216, Net change in unrealised gains EUR -151, Net change in unrealised losses EUR 117, Page 12

13 Estlander & Partners Trend Fund UI AK A EUR VI. Unrealised net income for the financial year EUR -34, VII. Net income for the financial year EUR -251, Change in the value of the Fund 2015 I. Opening Fund value EUR 5,318, Distribution for the previous year/tax reduction for the previous year EUR Interim distributions EUR Net cash flow/outflow EUR -518, a) Cash inflows from unit certificate sales EUR 2,306, b) Cash outflows for unit certificate redemptions EUR -2,825, Income/expense equalisation EUR -63, Net income for the financial year EUR -251, of which, unrealised gains EUR -151, of which, unrealised losses EUR 117, II. Value of the fund assets at the end of the financial year EUR 4,485, Utilisation of Fund earnings Calculation of the distribution, total and per unit Total Per unit I. Available for distribution EUR Amount brought forward EUR 120, Net income for the financial year EUR -216, Allocations from fund assets *) EUR 95, II. Not used for distribution EUR Reinvested EUR Amount carried forward EUR III. Total pay-out EUR *) The transfer from the Fund was performed to account for realised losses and is based on the assumption of a maximum profit distribution under the Terms and Conditions of Investment. Page 13

14 Estlander & Partners Trend Fund UI AK A EUR Estlander & Partners Trend Fund UI AK A EUR Comparison with the last three financial years Financial year Units in circulation at the Net assets at the Unit value as at end of the financial year end of the financial year end of the financial year 2012 Units 194,838 EUR 8,410, EUR Units 178,688 EUR 7,327, EUR Units 127,523 EUR 5,318, EUR Units 113,342 EUR 4,485, EUR Page 14

15 Estlander & Partners Trend Fund UI AK C EUR Estlander & Partners Trend Fund UI AK C EUR Statement of operations (including income equalisation) for the period from to Total Per unit I. Income 1. Dividends from domestic issuers EUR Dividends from foreign issuers (before withholding tax) EUR Interest from domestic securities EUR Interest from foreign securities (before withholding tax) EUR Interest from domestic liquidity investments EUR Interest from foreign liquidity investments (before withholding tax) EUR Income from investment units EUR Income from securities, lending and securities repurchase agreements EUR Deduction for foreign withholding taxes EUR Other income EUR Total income EUR II. Expenses 1. Interest on borrowings EUR Management fee EUR -39, Management fee EUR -39, Consultancy fee EUR Asset management fee EUR Custodian remuneration EUR -7, Auditing and publication expenses EUR -4, Other expenses EUR 2, Custodian fees EUR Balance of ordinary expenses EUR 5, Other costs EUR -2, Total expenses EUR -50, III. Ordinary net income EUR -50, IV. Disposals 1. Realised profits EUR -1, Realised losses EUR -25, Gain or loss on disposals EUR -26, V. Realised net income for the financial year EUR -76, Net change in unrealised gains EUR -58, Net change in unrealised losses EUR 46, Page 15

16 Estlander & Partners Trend Fund UI AK C EUR VI. Unrealised net income for the financial year EUR -12, VII. Net income for the financial year EUR -88, Change in the value of the Fund 2015 I. Opening Fund value EUR 2,251, Distribution for the previous year/tax reduction for the previous year EUR Interim distributions EUR Net cash flow/outflow EUR -289, a) Cash inflows from unit certificate sales EUR 0.00 b) Cash outflows for unit certificate redemptions EUR -289, Income/expense equalisation EUR -5, Net income for the financial year EUR -88, of which, unrealised gains EUR -58, of which, unrealised losses EUR 46, II. Value of the fund assets at the end of the financial year EUR 1,867, Utilisation of Fund earnings Calculation of the distribution, total and per unit Total Per unit I. Available for distribution EUR 13, Amount brought forward EUR 63, Net income for the financial year EUR -76, Allocations from fund assets *) EUR 26, II. Not used for distribution EUR 13, Reinvested EUR Amount carried forward EUR 13, III. Total pay-out EUR *) The transfer from the Fund was performed to account for realised losses and is based on the assumption of a maximum profit distribution under the Terms and Conditions of Investment. Page 16

17 Estlander & Partners Trend Fund UI AK C EUR Estlander & Partners Trend Fund UI AK C EUR Comparison with the last three financial years Financial year Units in circulation at the Net assets at the Unit value as at end of the financial year end of the financial year end of the financial year 2012 Units 223,687 EUR 9,877, EUR Units 121,310 EUR 5,127, EUR Units 52,009 EUR 2,251, EUR Units 45,143 EUR 1,867, EUR Page 17

18 Estlander & Partners Trend Fund UI AK D EUR Estlander & Partners Trend Fund UI AK D EUR Statement of operations (including income equalisation) for the period from to Total Per unit I. Income 1. Dividends from domestic issuers EUR Dividends from foreign issuers (before withholding tax) EUR Interest from domestic securities EUR Interest from foreign securities (before withholding tax) EUR Interest from domestic liquidity investments EUR Interest from foreign liquidity investments (before withholding tax) EUR Income from investment units EUR Income from securities, lending and securities repurchase agreements EUR Deduction for foreign withholding taxes EUR Other income EUR Total income EUR II. Expenses 1. Interest on borrowings EUR Management fee EUR -1, Management fee EUR -1, Consultancy fee EUR Asset management fee EUR Custodian remuneration EUR Auditing and publication expenses EUR -2, Other expenses EUR Custodian fees EUR Balance of ordinary expenses EUR Other costs EUR of which expenses from negative interest on deposits EUR Total expenses EUR -4, III. Ordinary net income EUR -4, IV. Disposals 1. Realised profits EUR Realised losses EUR -1, Gain or loss on disposals EUR -1, V. Realised net income for the financial year EUR -5, Net change in unrealised gains EUR -22, Net change in unrealised losses EUR 22, Page 18

19 Estlander & Partners Trend Fund UI AK D EUR VI. Unrealised net income for the financial year EUR VII. Net income for the financial year EUR -5, Change in the value of the Fund 2015 I. Opening Fund value EUR 92, Distribution for the previous year/tax reduction for the previous year EUR Interim distributions EUR Net cash flow/outflow EUR 0.00 a) Cash inflows from unit certificate sales EUR 0.00 b) Cash outflows for unit certificate redemptions EUR Income/expense equalisation EUR Net income for the financial year EUR -5, of which, unrealised gains EUR -22, of which, unrealised losses EUR 22, II. Value of the fund assets at the end of the financial year EUR 86, Utilisation of Fund earnings Calculation of the distribution, total and per unit Total Per unit I. Available for distribution EUR Amount brought forward EUR 3, Net income for the financial year EUR -5, Allocations from fund assets *) EUR 2, II. Not used for distribution EUR Reinvested EUR Amount carried forward EUR III. Total pay-out EUR *) The transfer from the Fund was performed to account for realised losses and is based on the assumption of a maximum profit distribution under the Terms and Conditions of Investment. Page 19

20 Estlander & Partners Trend Fund UI AK D EUR Estlander & Partners Trend Fund UI AK D EUR Comparison with the last three financial years Financial year Units in circulation at the Net assets at the Unit value as at end of the financial year end of the financial year end of the financial year 2012 Units 175,700 EUR 7,797, EUR Units 21,480 EUR 914, EUR Units 2,117 EUR 92, EUR Units 2,117 EUR 86, EUR Page 20

21 Estlander & Partners Trend Fund UI AK F EUR Estlander & Partners Trend Fund UI AK F EUR Statement of operations (including income equalisation) for the period from to Total Per unit I. Income 1. Dividends from domestic issuers EUR Dividends from foreign issuers (before withholding tax) EUR Interest from domestic securities EUR Interest from foreign securities (before withholding tax) EUR Interest from domestic liquidity investments *) EUR Interest from foreign liquidity investments (before withholding tax) EUR Income from investment units EUR Income from securities, lending and securities repurchase agreements EUR Deduction for foreign withholding taxes EUR Other income EUR Total income EUR II. Expenses 1. Interest on borrowings EUR Management fee EUR Management fee EUR Consultancy fee EUR Asset management fee EUR Custodian remuneration EUR Auditing and publication expenses EUR Other expenses EUR Custodian fees EUR Balance of ordinary expenses EUR Other costs EUR of which expenses from negative interest on deposits EUR Total expenses EUR III. Ordinary net income EUR IV. Disposals 1. Realised profits EUR Realised losses EUR Gain or loss on disposals EUR V. Realised net income for the short financial year EUR Net change in unrealised gains EUR Net change in unrealised losses EUR -1, Page 21

22 Estlander & Partners Trend Fund UI AK F EUR VI. Unrealised net income for the short financial year EUR -1, VII. Net income for the short financial year EUR -1, *) The negative amount of interest from liquidity investments results from the offsetting amount in excess of the interest payment. Change in the value of the Fund 2015 I. Opening Fund value at the beginning of the short financial year EUR Distribution for the previous year/tax reduction for the previous year EUR Interim distributions EUR Net cash flow/outflow EUR 100, a) Cash inflows from unit certificate sales EUR 100, b) Cash outflows for unit certificate redemptions EUR Income/expense equalisation EUR Profit for the short financial year EUR -1, of which, unrealised gains EUR 0.00 of which, unrealised losses EUR -1, II. Net asset value at the end of the short financial year EUR 98, Utilisation of Fund earnings Calculation of the distribution, total and per unit Total Per unit I. Available for distribution EUR Amount brought forward EUR Net income for the short financial year EUR Allocations from fund assets *) EUR II. Not used for distribution EUR Reinvested EUR Amount carried forward EUR III. Total pay-out EUR *) The transfer from the Fund was performed to account for realised losses and is based on the assumption of a maximum profit distribution under the Terms and Conditions of Investment. Page 22

23 Estlander & Partners Trend Fund UI AK F EUR Estlander & Partners Trend Fund UI AK F EUR Comparative overview since inception Short financial year Units in circulation at the Net assets at the Unit value as at end of the short financial year end of the short financial year end of the short financial year 2015 *) Units 2,000 EUR 98, EUR *) Date of issue Page 23

24 Estlander & Partners Trend Fund UI Estlander & Partners Trend Fund UI Statement of operations (including income equalisation) for the period from to Total I. Income 1. Dividends from domestic issuers EUR Dividends from foreign issuers (before withholding tax) EUR Interest from domestic securities EUR Interest from foreign securities (before withholding tax) EUR Interest from domestic liquidity investments *) EUR Interest from foreign liquidity investments (before withholding tax) EUR Income from investment units EUR Income from securities, lending and securities repurchase agreements EUR Deduction for foreign withholding taxes EUR Other income EUR 0.00 Total income EUR II. Expenses 1. Interest on borrowings EUR Management fee EUR -185, Management fee EUR -185, Consultancy fee EUR Asset management fee EUR Custodian remuneration EUR -27, Auditing and publication expenses EUR -16, Other expenses EUR 21, Custodian fees EUR Balance of ordinary expenses EUR 32, Other costs EUR -10, Total expenses EUR -207, III. Ordinary net income EUR -207, IV. Disposals 1. Realised profits EUR 19, Realised losses EUR -111, Gain or loss on disposals EUR -91, V. Realised net income for the financial year EUR -298, Net change in unrealised gains EUR -233, Net change in unrealised losses EUR 185, Page 24

25 Estlander & Partners Trend Fund UI VI. Unrealised net income for the financial year EUR -47, VII. Net income for the financial year EUR -346, *) The negative amount of interest from liquidity investments results from the offsetting amount in excess of the interest payment. Change in the value of the Fund 2015 I. Opening Fund value EUR 7,661, Distribution for the previous year/tax reduction for the previous year EUR Interim distributions EUR Net cash flow/outflow EUR -708, a) Cash inflows from unit certificate sales EUR 2,406, b) Cash outflows for unit certificate redemptions EUR -3,114, Income/expense equalisation EUR -68, Profit for the short financial year EUR -346, of which, unrealised gains EUR -233, of which, unrealised losses EUR 185, II. Value of the fund assets at the end of the financial year EUR 6,537, Page 25

26 Estlander & Partners Trend Fund UI Overview of unit class characteristics Unit class Minimum investment in EUR Issuing surcharge up to 5.00 %, currently (%) Management fee up to 2.650% p.a., currently (% p.a.) Estlander & Partners Trend Fund UI AK A EUR none Estlander & Partners Trend Fund UI AK C EUR 100, Estlander & Partners Trend Fund UI AK D EUR 5,000, Estlander & Partners Trend Fund UI AK F EUR Page 26

27 Estlander & Partners Trend Fund UI Annex pursuant to Section 7(9) of the German Regulation on the Content, Scope and Presentation of Accounting for Funds, Investment Stock Corporations and Investment Limited Partnerships and on the Valuation of Assets held by Investment Funds (KARBV) Information according to the German Derivatives Ordinance underlying exposure obtained through derivatives EUR Securities holdings as a percentage of net assets 7.66 Derivatives holdings as a percentage of net assets 0.01 Since , the Company has used the qualified approach as defined in the German Derivatives Ordinance using reference assets, when determining the extent of the market risk for this Fund. The value at risk figures were calculated using the historical simulation method with a 99% confidence level and 1 day holding period, using an effective historical observation period of one year. Market risk means the risk to which the Fund is exposed due to possibly unfavourable changes in market prices. Potential risk amount for the market risk in accordance with Section 37 para. 4 of the German Derivatives Ordinance (DerivateV) (Period to ) Smallest potential value at risk 0.32 % Largest potential value at risk 1.56 % Average potential value at risk 0.81 % Composition of reference portfolio (Section 37 para. 5 of the German Derivatives Ordinance (DerivateV)) 100% absolute limit -4.4% Average leverage achieved using derivatives transactions during the financial year: 1.05 Other disclosures Page 27

28 Estlander & Partners Trend Fund UI Annex pursuant to Section 7(9) of the German Regulation on the Content, Scope and Presentation of Accounting for Funds, Investment Stock Corporations and Investment Limited Partnerships and on the Valuation of Assets held by Investment Funds (KARBV) Estlander & Partners Trend Fund UI AK A EUR Unit value EUR Offering price EUR Redemption price EUR No. of shares UNIT 113,342 Estlander & Partners Trend Fund UI AK C EUR Unit value EUR Offering price EUR Redemption price EUR No. of shares UNIT 45,143 Estlander & Partners Trend Fund UI AK D EUR Unit value EUR Offering price EUR Redemption price EUR No. of shares UNIT 2,117 Estlander & Partners Trend Fund UI AK F EUR Unit value EUR Offering price EUR Redemption price EUR No. of shares UNIT 2,000 Specification of procedures for the valuation of assets Valuation For foreign exchange, shares, bonds and derivatives that can be traded on a stock exchange or another organised market or can be included within this category, the last available trading price will be taken as a basis in accordance with Section 27 of the German Regulation on the Content, Scope and Presentation of Accounting for Funds, Investment Stock Corporations and Investment Limited Partnerships and on the Valuation of Assets held by Investment Funds (KARBV). Page 28

29 Estlander & Partners Trend Fund UI Annex pursuant to Section 7(9) of the German Regulation on the Content, Scope and Presentation of Accounting for Funds, Investment Stock Corporations and Investment Limited Partnerships and on the Valuation of Assets held by Investment Funds (KARBV) In accordance with Section 29 of the KARBV, the current values were used as the basis for investment fund units, and the par value or redemption amount was used as the basis for bank deposits and liabilities. Assets that are not admitted to trading on a stock exchange or another organised market, or included in the regulated market or OTC trading on a stock exchange, or for which there is no tradable price available, are valued pursuant to Section 28 of the KARBV, read in conjunction with Section 168(3) of the German Capital Investment Code (KAGB), on the basis of a careful assessment using appropriate valuation models and 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. Information about transparency and the total expense ratio Total expense ratio Estlander & Partners Trend Fund UI AK A EUR The total expense ratio (without transaction costs) for the preceding financial year amounts to 3.16 % The total expense ratio expresses all of the expenses and payments (not including transaction costs) made by the Fund during the course of the year as a percentage of the average net asset value of the Fund. No performance fee was incurred during this period. Estlander & Partners Trend Fund UI AK C EUR The total expense ratio (without transaction costs) for the preceding financial year amounts to 2.46 % The total expense ratio expresses all of the expenses and payments (not including transaction costs) made by the Fund during the course of the year as a percentage of the average net asset value of the Fund. No performance fee was incurred during this period. Estlander & Partners Trend Fund UI AK D EUR The total expense ratio (without transaction costs) for the preceding financial year amounts to 4.44 % Page 29

30 Estlander & Partners Trend Fund UI Annex pursuant to Section 7(9) of the German Regulation on the Content, Scope and Presentation of Accounting for Funds, Investment Stock Corporations and Investment Limited Partnerships and on the Valuation of Assets held by Investment Funds (KARBV) The total expense ratio expresses all of the expenses and payments (not including transaction costs) made by the Fund during the course of the year as a percentage of the average net asset value of the Fund. No performance fee was incurred during this period. Estlander & Partners Trend Fund UI AK F EUR The total expense ratio (without transaction costs) for the preceding financial year amounts to 2.37 % The total expense ratio expresses all of the expenses and payments (not including transaction costs) made by the Fund during the course of the year as a percentage of the average net asset value of the Fund. No performance fee was incurred during this period. Remuneration paid to the Management Company or third parties EUR 0.00 Notice as required under no. 3 KAGB (cost transparency) The Company receives a management fee due to it from the fund assets. A significant portion of the management fee is used to compensate agents selling units in the Fund. The Company receives no portion of the fees and expense reimbursements provided to the Custodian and to third parties by the Fund. The Company has not received any non-cash benefits from trading partners in connection with trading activities performed for the Fund. Other significant income and expenses Estlander & Partners Trend Fund UI AK A EUR Other significant income: EUR 0.00 Other significant expenses: EUR 0.00 Estlander & Partners Trend Fund UI AK C EUR Page 30

31 Estlander & Partners Trend Fund UI Annex pursuant to Section 7(9) of the German Regulation on the Content, Scope and Presentation of Accounting for Funds, Investment Stock Corporations and Investment Limited Partnerships and on the Valuation of Assets held by Investment Funds (KARBV) Other significant income: EUR 0.00 Other significant expenses: EUR 0.00 Estlander & Partners Trend Fund UI AK D EUR Other significant income: EUR 0.00 Other significant expenses: EUR of which expenses from negative interest on deposits EUR Estlander & Partners Trend Fund UI AK F EUR Other significant income: EUR 0.00 Other significant expenses: EUR of which expenses from negative interest on deposits EUR 5.58 Transaction costs (total of additional acquisition costs (incidental acquisition costs) and costs from the sale of assets) Transaction costs EUR Transaction costs include all costs separately reported or charged to the account of the Fund during the financial year that are directly related to a purchase or sale of assets. Frankfurt am Main, Universal-Investment-Gesellschaft mbh The Management Page 31

32 Estlander & Partners Trend Fund UI AUDITOR S REPORT To: Universal-Investment-Gesellschaft mbh, Frankfurt am Main Universal-Investment-Gesellschaft mbh instructed us to audit the annual report for the Estlander & Partners Trend Fund UI for the financial year from to pursuant to Section 102 of the KAGB Responsibility of the management The preparation of the in accordance with the requirements of the KAGB is the responsibility of the management of the capital management company. Responsibility of the auditor Our responsibility is to express an opinion on the annual report based on our audit. We conducted our audit in accordance with Section 102 of the KAGB and German generally accepted standards for the audit of financial statements issued by the German Institut der Wirtschaftsprüfer (IDW). The standards require that we plan and perform an audit so that misstatements materially affecting the annual report are detected with reasonable assurance. Management knowledge of the Fund and expectations as to possible misstatements are taken into account when determining audit procedures. Within the framework of the audit, the efficacy of the accounting-related internal control system and the evidence for the data presented in the annual report are evaluated mainly on the basis of random tests. The audit includes an assessment of the accounting principles used for the annual report and material estimates from the management of the capital management company. We are of the opinion that our audit forms a reasonable basis for our audit assessment. Audit opinion Based on the knowledge gained during our audit, we believe the annual report for the financial year from to complies with the statutory provisions. Frankfurt am Main, KPMG AG Auditing company Sträßer Auditor Lehmann Auditor Page 32

33 Tax data in accordance with Section of the German Investment Tax Act (InvStG) for the period from to Estlander & Partners Trend Fund UI AK A EUR per (Date of resolution: ) Section German Investment Tax Act (InvStG) Private investor EUR Limited liability corporation EUR Other Business assets EUR 1a) Amount of distribution 1 a) aa) Dividend equivalents of the previous year included in the dividend 1 a) bb) Capital repayment included in the dividend 2 Portion reinvested/dividend equivalent 1 b) Amount of distributed income 1 c) Included in the distributed income/dividend equivalents: 1 c) aa) Income as defined in Section of this Act in conjunction with Section 3.40 of the German Income Tax Act (EStG) or in the case of Section 16 of this Act in conjunction with Section 8b.1 of the German Corporation Tax Act (KStG) c) bb) Capital gains as defined in Section of the German Investment Tax Act (InvStG), which is subject to the partial income method as defined in Section 3.40 of the German Income Tax Act (EStG) or to tax exemption as defined in Section 8b.2 of the German Corporation Tax Act (KStG) 1 c) cc) Income as defined in Section 2.2a of the German Investment Tax Act (InvStG) (interest barrier) c) dd) In private assets, tax-free past capital gains from securities, subscription rights and forward transactions as defined by Section of the German Investment Tax Act (InvStG) in the version valid on 31 December c) ee) Tax-free past capital gains from subscription rights to free shares in corporations as defined by Section of the German Investment Tax Act (InvStG) in the version valid on 31 December c) ff) Tax-free profits from the purchase and sale of domestic and foreign land outside of the 10-year period as defined by Section 2.3 of the German Investment Tax Act (InvStG) c) gg) Income as defined by Section 4.1 of the German Investment Tax Act (InvStG), which, due to a double taxation agreement, is tax-free (particularly foreign rental income and profits from the purchase and sales of foreign land) 1 c) hh) Income included in gg) that is not exempt with progression c) ii) Foreign income, deducted/deductible from the actual foreign tax at source (Section 4.2 of the German Investment Tax Act (InvStG)), provided that the foreign withholding tax was not deducted as income-related expenses 1 c) jj) Income included in 1 c) ii) to which Section 2.2 of this Act in conjunction with Section 8b.2 of the KStG or Section 3.40 of the EStG or in the case of Section 16 of this Act in conjunction with Section 8b.1 of the KStG is applicable Page 33

34 1 c) kk) Foreign income included in ii) for which foreign withholding tax is deemed deducted (notional withholding tax) Income included in 1 c) kk) to which Section 2.2 of this Act in conjunction with Section 8b.2 of the KStG or Section 3.40 of 1 c) ll) the EStG or in the case of Section 16 of this Act in conjunction with Section 8b.1 of the KStG is applicable. 1 c) mm) Income as defined in Section in conjunction with Section 8b.1 of the German Corporation Tax Act (KStG) 1 c) nn) Income included in 1 c) ii) as defined in Section of the German Investment Tax Act (InvStG) AIFMStAnpG (the AIFM tax amendment act) together with Section 8b.1 of the German Corporation Tax Act (KStG) 1 c) oo) Income included in 1 c) kk) as defined in Section of the German Investment Tax Act (InvStG) AIFMStAnpG (the AIFM tax amendment act) together with Section 8b.1 of the German Corporation Tax Act (KStG) 1 d) Portion of the distribution allowable as a credit for capital gains tax 1 d) aa) Interest, other income, foreign dividends, foreign income from REIT, foreign rental income, taxable capital gains from real estate <10 years as well as new capital gains as defined by Section of the German Investment Tax Act (InvStG) of which in 1 d) aa) included interest, other income, taxable rents and taxable gains on the disposal of properties after less than 10 years of which in 1 d) aa) included income from securities lending transactions as defined by Section of the German Investment Tax Act (InvStG) of which in 1 d) aa) included foreign dividends, foreign income from REIT as well as new capital gains [in accordance with 1 d) cc)] 1 d) bb) Domestic dividends, domestic income from REIT, domestic rental income as well as capital gains from domestic real estate <10 years as defined by Section 7.3 of the German Investment Tax Act (InvStG) of which in 1 d) bb) included domestic dividends that are subject to the partial income method as defined by Section 3.40 of the German Income Tax Act (EStG) or to tax exemption as defined by Section 8b I of the German Corporation Tax Act (KStG) of which in 1 d) bb) included domestic income from REITs of which in 1 d) bb) included domestic rents and gains on disposals of domestic properties after less than 10 years of which in 1 d) bb) included income from foreign dividends that do not fall under the tax concessions in accordance with Section 8b.1 and 2 of the German Corporation Tax Act (KStG) 1 d) cc) Foreign dividends, foreign income from REIT as well as new capital gains as defined by Section of the German Investment Tax Act (InvStG) contained within the version valid on 24 June 2011 (thereafter page 4), insofar as clause aa) of which in 1 d) cc) included foreign dividends that are subject to the partial income method as defined by Section 3.40 of the German Income Tax Act (EStG) or to tax exemption as defined by Section 8b I of the German Corporation Tax Act (KStG) of which in 1 d) cc) included foreign income from REITs of which in 1 d) cc) included new disposal gains of which in 1 d) cc) included income from foreign dividends that do not fall under the tax concessions in accordance with Section 8b.1 and 2 of the German Corporation Tax Act (KStG) Deductible withholding tax that is not included as income as defined by Section 4.2 of the German Investment Tax Act (InvStG) in 1 f) aa) conjunction with Section 32d.5 of the German Income Tax Act (EStG) or Section 34c.1 of the EStG and for which there is no deduction in accordance with Section 4.4 of the German Investment Tax Act (InvStG) Deductible withholding tax included in 1 f) aa) on income that is subject to the partial income method as defined by Section 3.40 of 1 f) bb) the German Income Tax Act (EStG) as well as Section 8b.2 of the German Corporation Tax Act (KStG) or in the case of Section of this Act, Section 8b.1 of the German Corporation Tax Act (KStG) Withholding tax that is not included as income as defined by Section 4.2 of the German Investment Tax Act (InvStG) and is 1 f) cc) deductible in conjunction with Section 34c.3 of the German Income Tax Act (EStG), insofar as this has not been deducted in accordance with Section 4.4 of the German Investment Tax Act (InvStG) Page 34

35 Deductible withholding tax included in 1 f) cc) on income that is subject to the partial income method as defined by Section 3.40 of 1 f) dd) the German Income Tax Act (EStG) or Section 8b.2 of the German Corporation Tax Act (KStG) or in the case of Section 16 of this Act, Section 8b.1 of the German Corporation Tax Act (KStG) 1 f) ee) Deductible withholding tax that is not included as income as defined by Section 4.2 of the German Investment Tax Act (InvStG) and which is deemed as having been paid in accordance with a double taxation agreement (notional withholding tax) in ee) included withholding tax (notional withholding tax) that is deemed to have been paid, which has not been included as 1 f) ff) income, subject to the partial income method as defined by Section 3.40 of the German Income Tax Act (EStG) or tax exemption as defined by Section 8b.1 and 2 of the German Corporation Tax Act (KStG) 1 f) gg) Deductible withholding tax included in 1 f) aa) payable on income as defined in Section of the German Investment Tax Act (InvStG) AIFMStAnpG (the AIFM tax amendment act) together with Section 8b.1 of the German Corporation Tax Act (KStG) 1 f) hh) Deductible withholding tax included in 1 f) cc) payable on income as defined in Section of the German Investment Tax Act (InvStG) AIFMStAnpG (the AIFM tax amendment act) together with Section 8b.1 of the German Corporation Tax Act (KStG) 1 f) ii) Deductible withholding tax included in 1f) ee) payable on income as defined in Section of the German Investment Tax Act (InvStG) AIFMStAnpG (the AIFM tax amendment act) together with Section 8b.1 of the German Corporation Tax Act (KStG) 1 g) Deductible amount for wear and tear or depletion (for real estate) 1 h) Withholding tax paid during the financial year, less the withholding tax refunds of the financial year or earlier financial years Page 35

36 Tax data in accordance with Section of the German Investment Tax Act (InvStG) for the period from to Estlander & Partners Trend Fund UI AK C EUR per (Date of resolution: ) Section German Investment Tax Act (InvStG) Private investor EUR Limited liability corporation EUR Other Business assets EUR 1a) Amount of distribution 1 a) aa) Dividend equivalents of the previous year included in the dividend 1 a) bb) Capital repayment included in the dividend 2 Portion reinvested/dividend equivalent 1 b) Amount of distributed income 1 c) Included in the distributed income/dividend equivalents: Income as defined in Section of this Act in conjunction with Section 3.40 of the German Income Tax Act (EStG) or in 1 c) aa) the case of Section 16 of this Act in conjunction with Section 8b.1 of the German Corporation Tax Act (KStG) Capital gains as defined in Section of the German Investment Tax Act (InvStG), which is subject to the partial income 1 c) bb) method as defined in Section 3.40 of the German Income Tax Act (EStG) or to tax exemption as defined in Section 8b.2 of the German Corporation Tax Act (KStG) 1 c) cc) Income as defined in Section 2.2a of the German Investment Tax Act (InvStG) (interest barrier) c) dd) In private assets, tax-free past capital gains from securities, subscription rights and forward transactions as defined by Section of the German Investment Tax Act (InvStG) in the version valid on 31 December c) ee) Tax-free past capital gains from subscription rights to free shares in corporations as defined by Section of the German Investment Tax Act (InvStG) in the version valid on 31 December c) ff) Tax-free profits from the purchase and sale of domestic and foreign land outside of the 10-year period as defined by Section 2.3 of the German Investment Tax Act (InvStG) c) gg) Income as defined by Section 4.1 of the German Investment Tax Act (InvStG), which, due to a double taxation agreement, is tax-free (particularly foreign rental income and profits from the purchase and sales of foreign land) 1 c) hh) Income included in gg) that is not exempt with progression c) ii) Foreign income, deducted/deductible from the actual foreign tax at source (Section 4.2 of the German Investment Tax Act (InvStG)), provided that the foreign withholding tax was not deducted as income-related expenses 1 c) jj) Income included in 1 c) ii) to which Section 2.2 of this Act in conjunction with Section 8b.2 of the KStG or Section 3.40 of the EStG or in the case of Section 16 of this Act in conjunction with Section 8b.1 of the KStG is applicable c) kk) Foreign income included in ii) for which foreign withholding tax is deemed deducted (notional withholding tax) Page 36