Alandsbanken SICAV Société d'investissement à Capital Variable Luxembourg

Transcription

1 Audited annual report Alandsbanken SICAV Société d'investissement à Capital Variable Luxembourg R.C.S. Luxembourg B

2 Subscriptions may be made only on the basis of the prospectus including the articles of incorporation and the fact sheets of each of the sub-funds and the key investor information document ("KIID"). The Prospectus may not be distributed without the last annual report and the last half-yearly report, if it is more recent than the annual report.

3 Alandsbanken SICAV Contents Organisation... 3 General information... 6 Report on activities of the Board of Directors... 8 Report of the Réviseur d'entreprises agréé Consolidated statement of net assets Consolidated statement of operations and other changes in net assets Alandsbanken SICAV : Nordic Growth Statement of net assets Statement of operations and other changes in net assets Statistical information Statement of investments and other net assets Industrial and geographical classification of investments Alandsbanken SICAV : Swedish Growth Statement of net assets Statement of operations and other changes in net assets Statistical information Statement of investments and other net assets Industrial and geographical classification of investments Alandsbanken SICAV : Brig Statement of net assets Statement of operations and other changes in net assets Statistical information Statement of investments and other net assets Industrial and geographical classification of investments Alandsbanken SICAV : Swedish Bond Statement of net assets Statement of operations and other changes in net assets Statistical information Statement of investments and other net assets Industrial and geographical classification of investments Alandsbanken SICAV : Money Market SEK Statement of net assets Statement of operations and other changes in net assets Statistical information Statement of investments and other net assets Industrial and geographical classification of investments Alandsbanken SICAV : Catamaran Statement of net assets Statement of operations and other changes in net assets Statistical information Statement of investments and other net assets Industrial and geographical classification of investments Alandsbanken SICAV : China Statement of net assets Statement of operations and other changes in net assets Statistical information Statement of investments and other net assets Industrial and geographical classification of investments Notes to the financial statements

4 Alandsbanken SICAV Contents (continued) Unaudited appendix to the notes to the financial statements

5 Alandsbanken SICAV Organisation Registered office 14, Boulevard Royal L-2449 LUXEMBOURG Board of Directors Chairman Eric CHINCHON Independent Consultant ME BUSINESS SOLUTIONS S.à r.l. 16, Rue Jean-Pierre Brasseur L-1258 LUXEMBOURG (until 31st May 2013) Tom PETTERSSON Managing Director BANK OF ALAND FUND MANAGEMENT LTD Nygatan 2 P.O.BOX 3 FIN MARIEHAMN (since 1st June 2013) Members Magnus HOLM CEO ALANDSBANKEN ABP (Finland) Swedish Branch Stureplan 19 SE STOCKHOLM (since 1st June 2013) Lars Johan KARLSSON Head of Luxembourg Fund Operations ALANDSBANKEN ABP (Finland) Swedish Branch Stureplan 19 SE STOCKHOLM (since 17th April 2013) Stefan TÖRNQVIST CEO OY ETSMO AB Mannerheimontie 12 B FIN HELSINKI (until 17th April 2013) Management Company CONVENTUM ASSET MANAGEMENT Société Anonyme 9, Boulevard Prince Henri L-1724 LUXEMBOURG 3

6 Alandsbanken SICAV Organisation (continued) Board of Directors of the Management Company Chairman Antoine CALVISI Administrateur de sociétés Conseiller du Comité de Direction de la BANQUE DE LUXEMBOURG 14, Boulevard Royal L-2449 LUXEMBOURG Directors Pierre AHLBORN Administrateur-Délégué BANQUE DE LUXEMBOURG Société Anonyme 14, Boulevard Royal L-2449 LUXEMBOURG Mario KELLER Administrateur de sociétés 14, Boulevard Royal L-2449 LUXEMBOURG Pit RECKINGER Avocat ELVINGER, HOSS & PRUSSEN 2, Place Winston Churchill L-1340 LUXEMBOURG Fernand REINERS Membre du Comité de Direction BANQUE DE LUXEMBOURG Société Anonyme 14, Boulevard Royal L-2449 LUXEMBOURG Nico THILL Directeur BANQUE DE LUXEMBOURG Société Anonyme 14, boulevard Royal L-2449 LUXEMBOURG (since 23rd May 2013) General Managers Michèle BIEL General Manager CONVENTUM ASSET MANAGEMENT Société Anonyme 9, Boulevard Prince Henri L-1724 LUXEMBOURG 4

7 Alandsbanken SICAV Organisation (continued) Tom GUTENKAUF General Manager CONVENTUM ASSET MANAGEMENT Société Anonyme 9, Boulevard Prince Henri L-1724 LUXEMBOURG (until 11th November 2013) Rita HERRMANN General Manager CONVENTUM ASSET MANAGEMENT Société Anonyme 9, Boulevard Prince Henri L-1724 LUXEMBOURG Investment Manager ÅLANDSBANKEN ABP Nygatan 2 FIN MARIEHAMN Custodian, Administrative, Domiciliation, Transfer and Paying Agent BANQUE DE LUXEMBOURG Société Anonyme 14, Boulevard Royal L-2449 LUXEMBOURG Central Administration and Transfer Agent Subcontractor EUROPEAN FUND ADMINISTRATION Société Anonyme 2, Rue d Alsace L-1122 LUXEMBOURG Principal Distributor and Promoter ÅLANDSBANKEN ABP Nygatan 2 P.O.BOX 3 FIN MARIEHAMN Independent auditor KPMG Luxembourg S.à r.l. 9, Allée Scheffer L-2520 LUXEMBOURG 5

8 Alandsbanken SICAV General information Alandsbanken SICAV ("the Fund") is an investment company organized under the laws of the Grand Duchy of Luxembourg as a "Société d Investissement à Capital Variable". The Fund is registered pursuant to Part I of the amended Law of 17th December 2010 regarding undertakings for collective investment and qualifies as an undertaking for collective investment under the Council Directive 2009/65/EC, as amended. In addition, the Fund is governed by the Law of 10th August 1915 on commercial companies, as amended. The Fund has been incorporated on 14th April 2010, for an unlimited period. The Articles have been published on 3rd June 2010 in the "Mémorial, Recueil des Sociétés et Associations" (the "Mémorial"). CONVENTUM ASSET MANAGEMENT has been appointed as the Management Company of the Fund with effect on 1st January 2013 in replacement of ALPHA MANAGEMENT COMPANY S.A. At the date of the report, the following Sub-Funds are available for subscription: Alandsbanken SICAV : Nordic Growth (hereafter "Nordic Growth Sub-Fund") Alandsbanken SICAV : Swedish Growth (hereafter "Swedish Growth Sub-Fund") Alandsbanken SICAV : Brig 6 (hereafter "Brig 6 Sub-Fund") Alandsbanken SICAV : Swedish Bond (hereafter the "Swedish Bond Sub-Fund") Alandsbanken SICAV : Money Market SEK (launched on 13th May 2013) (hereafter "Money Market SEK Sub-Fund") Alandsbanken SICAV : Catamaran (launched on 13th May 2013) (hereafter "Catamaran Sub-Fund") Alandsbanken SICAV : China (launched on 13th May 2013) (hereafter "China Sub-Fund") in EUR in SEK in SEK in SEK in SEK in SEK in SEK. With effective date on 10th May 2013, the Board of Directors has decided to merge (cross-border merger) three UCITS funds domiciled in Sweden being Alandsbanken Money Market SEK Fund, Alandsbanken Swedish Small Cap Fund and Alandsbanken China Growth Fund into three newly created sub-funds in Alandsbanken SICAV as follows: Alandsbanken Money Market SEK Fund into Alandsbanken SICAV : Money Market SEK Alandsbanken Swedish Small Cap Fund into Alandsbanken SICAV : Catamaran Alandsbanken China Growth Fund into Alandsbanken SICAV : China For the Nordic Growth Sub-Fund and the Swedish Growth Sub-Fund, the following share classes are offered: Class A Shares, capitalisation shares reserved to retail investors Class B Shares, capitalisation shares reserved to institutional investors For the Nordic Growth Sub-Fund and the Swedish Growth Sub-Fund, Sub-Classes in EUR and SEK are available within Class A and Class B. At the date of the report, only Class A Shares are issued. As of 1st February 2013, the Board of Directors of the SICAV has decided to change the distribution feature with effect as of 5th March 2013 of all share classes issued by Nordic Growth Sub-Fund and the Swedish Growth Sub-Fund from distribution to capitalisation shares. For the Brig 6 Sub-Fund, Class A Shares and Class B Shares are offered as capitalisation shares to all types of investors. Sub-Classes are only available in SEK within Class A and Class B. At the date of the report, both classes of shares are issued. 6

9 Alandsbanken SICAV General information (continued) For the Swedish Bond Sub-Fund, Sub-Classes in SEK, in EUR, in GBP, in CHF and in USD are available within Class A and are offered as capitalisation shares. At the date of the report, only Class A in SEK Shares are issued. For the Money Market SEK Sub-Fund (launched on 13th May 2013), the Catamaran Sub-Fund (launched on 13th May 2013) and the China Sub-Fund (launched on 13th May 2013), Sub-Classes in SEK are available within Class A and Class B and are offered as capitalisation shares. At the date of the report, only Class A in SEK Shares are issued. The Net Asset Value per share of each Class of shares is determined in Luxembourg under the overall responsibility of the Board of Directors as of every Business Day (the "Valuation Day"). The Net Asset Value per Share as well as the issue, redemption and conversion prices are available at the registered office of the Fund and will be available on the Valuation Day. The accounting year of the Fund commences on 1st January and terminates on 31st December. The consolidated accounts of the Fund are maintained in EUR being the currency of the share capital. The financial statements relating to the various separate Sub-Funds are expressed in the relevant Reference Currency for the Sub-Funds. Copies of the articles of incorporation, the prospectus, the key investor information documents ("KIID") as well as the annual and semi-annual reports of the Fund may be obtained free of charge at the registered office of the Fund. 7

10 Alandsbanken SICAV Report on activities of the Board of Directors Market comment 2013 turned out to be a very good year for most developed equity markets, while emerging equity markets had more of a mixed year. This is reflected in the performance of the Fund s Sub-Funds with the Swedish Growth Sub-Fund and Nordic Growth Sub-Fund returning more than 20% while for instance the China Sub-Fund only returned one digit numbers. Most of the focus during 2013 was on the central banks, e.g. ECB, FED and the BoJ, and the impact of quantitative easing to different markets. During the first half of 2013 we noticed a decrease in government bond yields, which was followed by an increase in yields during the second half of the year. In total that left the return from the bond markets, in general, negative for Alandsbanken SICAV : Nordic Growth Sub-Fund Structure The Sub-Fund Alandsbanken SICAV : Nordic Growth actively invests in the Nordic equity market. Sub-Fund Performance Net asset value increased during 2013 by 22.5% (Class A (SEK) Shares) for the Sub-Fund Alandsbanken SICAV : Nordic Growth. The benchmark, VINX index, increased during the same period by +25.7%. The reason for the underperformance is mainly due to the fact that the Sub-Fund was underweighted in the financial sector and had an overweight in cyclical companies. One of the largest holdings in the Sub-Fund, NovoNordisk, also underperformed the VINX index after a number of years with very strong share price performance. Alandsbanken SICAV : Swedish Growth Sub-Fund Structure The Sub-Fund Alandsbanken SICAV : Swedish Growth actively invests in the Swedish equity market. Sub-Fund Performance Net asset value increased during 2013 by 20.6% (Class A (SEK) Shares) for the Sub-Fund Alandsbanken SICAV : Swedish Growth. The benchmark, SIX Portfolio Return Index, increased during the same period by +28.0%. The reason for the underperformance is mainly due to the fact that the Sub-Fund, in the beginning of the year, was underweighted in the financial sector. Later during 2013 this exposure was neutralized. Another reason for the underperformance was that the holdings related to the capital goods sector were underperforming the overall market. The third reason, but a smaller one, was that the mid cap sector outperformed and focus for the Sub-Fund is large cap companies. Alandsbanken SICAV : Brig 6 Sub-Fund Structure The Sub-Fund Alandsbanken SICAV : Brig 6 is a global balanced fund with a constant volatility target of 6%. 8

11 Alandsbanken SICAV Report on activities of the Board of Directors (continued) Sub-Fund Performance Net asset value decreased during 2013 by 1.2% (Class A (SEK) Shares) for the Sub-Fund Alandsbanken SICAV : Brig 6. The benchmark, OMRX-T-bond index, performed -3.3%. The reason for the outperformance is mainly due to the fact that the Sub-Fund held shorter duration and had an overweight in covered bonds and equity related assets for most part of the year. Swedish government bond rates increased during the year that is why the index lost in value. Alandsbanken SICAV : Swedish Bond Sub-Fund Structure The Sub-Fund Alandsbanken SICAV : Swedish Bond actively invests in the Swedish bond market. Sub-Fund Performance Net asset value decreased during 2013 by 1.1% (Class A (SEK) Shares) for the Sub-Fund Alandsbanken SICAV : Swedish Bond. The benchmark, OMRX-T-bond index, performed -3.3%. The reason for the outperformance is mainly due to the fact that the Sub-Fund held shorter duration and had an overweight in covered bonds for most part of the year. Swedish government bond rates increased during the year that is why the index lost in value. Alandsbanken SICAV : Money Market SEK Sub-Fund Structure The Sub-Fund Alandsbanken SICAV : Money Market SEK actively invests in the Swedish money market. Sub-Fund Performance The Sub-Fund Alandsbanken SICAV : Money Market SEK was launched on 13th May Net asset value increased during the period from 13th May to 31st December 2013 by 0.4% (Class A (SEK) Shares) for the Sub-Fund. The benchmark OMRX T-bill index performed +0.6%. Even though the Sub-Fund held mainly covered bonds that did not suffice to cover the costs in the Sub-Fund, which is the main reason for the underperformance of the Sub-Fund. Alandsbanken SICAV : Catamaran Sub-Fund Structure The Sub-Fund Alandsbanken SICAV : Catamaran actively invest in the Swedish equity market. Sub-Fund Performance The Sub-Fund Alandsbanken SICAV : Catamaran was launched on 13th May The net assets value of the Sub-Fund increased by 10.19% during the period from 13th May to 31st December In the same period the benchmark, SIXPRX index, performed %. The reason for the slight underperformance is mainly due to the fact that the Sub-Fund was underweighted in the financial sector and had an overweight in basic materials and industrials companies. The largest holding by end of 2013 are H&M, Investor, Nordea and Industrivärden. 9

12 Alandsbanken SICAV Report on activities of the Board of Directors (continued) Alandsbanken SICAV : China Sub-Fund Structure The Sub-Fund Alandsbanken SICAV : China actively invests in the Chinese equity markets and companies generating the majority of their revenue from China. Sub-Fund Performance The net asset value of Alandsbanken SICAV : China increased by 4.8% between the Sub-Fund s inception on 13th May 2013 and year-end The benchmark, MSCI China index, increased by 1.9% during the same period. The outperformance relative to the benchmark is in large explained by the Sub-Fund s active holdings in China State Construction, Great Wall Motor and Haier Electronics, that significantly outperformed the overall market. Stock selection attributed for almost all of the outperformance, whilst sector allocation had a negligible impact in Luxembourg, 21st February 2014 The Board of Directors Note: The information in this report represents historical data and is not an indication of future results. 10

13 Report of the Réviseur d'entreprises agréé To the Shareholders of Alandsbanken SICAV We have audited the accompanying financial statements of Alandsbanken SICAV (the ʺSICAVʺ) and of each of its sub-funds, which comprise the statement of net assets and the statement of investments and other net assets and the statement of operations and other changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory information. Responsibility of the Board of Directors of the SICAV for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements, and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibility of the Réviseur d'entreprises agréé Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgement of the Réviseur d Entreprises agréé, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Réviseur d Entreprises agréé considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. 11

14 Report of the Réviseur d'entreprises agréé (continued) An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements give a true and fair view of the financial position of Alandsbanken SICAV and of each of its sub-funds as of 31st December 2013, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. Other matter Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole. Luxembourg, 26th March 2014 KPMG Luxembourg S.à r.l. Cabinet de révision agréé Pascale Leroy 12

15 Alandsbanken SICAV Consolidated statement of net assets (in EUR) Assets Securities portfolio at market value 227,864, Cash at banks 10,796, Other liquid assets 542, Formation expenses, net 25, Receivable on issues of shares 35, Income receivable on portfolio 699, Interest receivable on bank accounts 5.12 Unrealised gain on futures contracts 52, Unrealised gain on forward foreign exchange contracts 91, Prepaid expenses 4, Total assets 240,113, Liabilities Bank overdrafts 259, Expenses payable 495, Total liabilities 754, Net assets at the end of the year 239,358,

16 Alandsbanken SICAV Consolidated statement of operations and other changes in net assets (in EUR) from 1st January 2013 to 31st December 2013 Income Dividends, net 4,733, Interest on bonds and other debt securities, net 1,394, Interest on bank accounts 32, Commissions received 647, Other income 1,990, Total income 8,798, Expenses Management fees 2,998, Performance fees 401, Custodian fees 106, Banking charges and other fees 41, Transaction fees 670, Central administration costs 315, Professional fees 32, Other administration costs 67, Subscription duty ("taxe d'abonnement") 101, Interest paid on bank overdrafts 3, Other expenses 53, Total expenses 4,792, Net investment income 4,005, Net realised gain/(loss) - on securities portfolio 8,819, on futures contracts -408, on forward foreign exchange contracts -239, on foreign exchange -138, Realised result 12,038, Net variation of the unrealised gain/(loss) - on securities portfolio 10,382, on futures contracts 70, on forward foreign exchange contracts 86, Result of operations 22,577, Subscriptions 167,714, Redemptions -82,346, Total changes in net assets 107,945, Total net assets at the beginning of the year 135,100, Revaluation difference -3,687, Total net assets at the end of the year 239,358,

17 Nordic Growth Sub-Fund Statement of net assets (in EUR) Assets Securities portfolio at market value 9,276, Cash at banks 368, Receivable on issues of shares Income receivable on portfolio 2, Prepaid expenses 2, Total assets 9,650, Liabilities Bank overdrafts 251, Expenses payable 31, Total liabilities 283, Net assets at the end of the year 9,367, Number of Class A (EUR) Shares outstanding 23, Net asset value per Class A (EUR) Share Number of Class A (SEK) Shares outstanding 73, Net asset value per Class A (SEK) Share SEK

18 Nordic Growth Sub-Fund Statement of operations and other changes in net assets (in EUR) from 1st January 2013 to 31st December 2013 Income Dividends, net 342, Interest on bank accounts Commissions received 55, Other income 449, Total income 848, Expenses Management fees 243, Custodian fees 9, Banking charges and other fees Transaction fees 63, Central administration costs 42, Professional fees 2, Other administration costs 7, Subscription duty ("taxe d'abonnement") 7, Interest paid on bank overdrafts 1, Other expenses 7, Total expenses 384, Net investment income 463, Net realised gain/(loss) - on securities portfolio 1,592, on foreign exchange -46, Realised result 2,009, Net variation of the unrealised gain/(loss) - on securities portfolio 513, Result of operations 2,523, Subscriptions 2,982, Redemptions -12,731, Total changes in net assets -7,225, Total net assets at the beginning of the year 16,592, Total net assets at the end of the year 9,367,

19 Nordic Growth Sub-Fund Statistical information (in EUR) Total net assets - as at ,367, as at ,592, as at ,225, Number of Class A (EUR) Shares - outstanding at the beginning of the year 23, issued 7, redeemed -7, outstanding at the end of the year 23, Net asset value per Class A (EUR) Share - as at as at as at Number of Class A (SEK) Shares - outstanding at the beginning of the year 180, issued 26, redeemed -132, outstanding at the end of the year 73, Net asset value per Class A (SEK) Share - as at SEK as at SEK as at SEK

20 Nordic Growth Sub-Fund Statement of investments and other net assets (in EUR) 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 DKK 30 A.P. Moeller - Maersk A/S B 179, , DKK 20,000 Danske Bank A/S 259, , DKK 22,000 De Sammenslut Vognmaend AS 315, , DKK 100,000 DS Torm 50, , DKK 4,000 Novo Nordisk A/S B 312, , DKK 65,000 Ossur hf 79, , ,197, ,737, EUR 80,000 Nokia Oyj 432, , EUR 14,000 Nokian Tyres Plc 320, , EUR 31,967 Ponsse Oyj 353, , ,106, ,267, ISK 81,000 Ossur hf 110, , NOK 5,000 Aker ASA A 70, , NOK 200,000 Bergen Group AS 242, , NOK 49,500 Borregaard ASA 174, , NOK 48,037 Dof ASA 171, , NOK 100,000 Eidesvik Offshore ASA 445, , NOK 100,000 Golden Ocean Group Ltd 87, , NOK 50,000 Havila Shipping ASA 197, , NOK 300,000 Kongsberg Automotive Asa 129, , NOK 80,000 Norske Skogindustrier ASA A 184, , NOK 60,000 Questerre Energy Corp 69, , NOK 350,000 REC Silicon ASA 130, , NOK 40,000 REC Solar ASA 382, , NOK 10,000 SeaDrill Ltd 295, , NOK 550,000 Sevan Drilling ASA 381, , ,962, ,788, SEK 11,000 Atlas Copco AB B 168, , SEK 38,500 Ericsson B 305, , SEK 13,200 Hennes & Mauritz AB B 332, , SEK 11,000 Industrivaerden AB C 97, , SEK 52,250 Nordea Bank AB 399, , SEK 41,250 Sandvik AB 434, , SEK 55,000 Skandinaviska Enskilda Banken A 410, , SEK 10,000 SKF AB B 179, , SEK 39,210 SSAB AB B 295, , SEK 33,000 Volvo AB B 334, , ,958, ,283, Total shares 8,335, ,193, Transferable securities dealt in on another regulated market Shares NOK 602,000 Cecon AS 51, , Total shares 51, ,

21 Nordic Growth Sub-Fund Statement of investments and other net assets (in EUR) (continued) Currency Number / nominal value Description Cost Market value % of total net assets Other transferable securities Shares NOK 108,350 Eshop Holdings AS Total shares Total investments in securities 8,387, ,276, Cash at banks 368, Bank overdrafts -251, Other net assets/(liabilities) -25, Total 9,367,

22 Nordic Growth Sub-Fund Industrial and geographical classification of investments Industrial classification (in percentage of net assets) Energy % Banks % Capital goods % Transportation % Automobiles and components % Technology hardware and equipment 8.61 % Pharmaceuticals and biotechnology 5.69 % Consumer durables and apparel 4.71 % Materials 4.35 % Food retailing, drugstores and pharmacies 2.23 % Diversified financial services 1.62 % Total % Geographical classification (by domicile of the issuer) (in percentage of net assets) Sweden % Norway % Denmark % Finland % Bermuda 5.02 % Iceland 2.23 % Canada 0.57 % Total % 20

23 Swedish Growth Sub-Fund Statement of net assets (in SEK) Assets Securities portfolio at market value 772,737, Cash at banks 29,065, Receivable on issues of shares 289, Prepaid expenses 8, Total assets 802,101, Liabilities Bank overdrafts 8, Expenses payable 1,419, Total liabilities 1,427, Net assets at the end of the year 800,673, Number of Class A (EUR) Shares outstanding 3, Net asset value per Class A (EUR) Share EUR Number of Class A (SEK) Shares outstanding 2,347, Net asset value per Class A (SEK) Share

24 Swedish Growth Sub-Fund Statement of operations and other changes in net assets (in SEK) from 1st January 2013 to 31st December 2013 Income Dividends, net 17,906, Interest on bank accounts 38, Commissions received 5,249, Other income 13,662, Total income 36,855, Expenses Management fees 10,962, Custodian fees 370, Banking charges and other fees 40, Transaction fees 3,452, Central administration costs 853, Professional fees 96, Other administration costs 369, Subscription duty ("taxe d'abonnement") 378, Interest paid on bank overdrafts 6, Other expenses 360, Total expenses 16,891, Net investment income 19,964, Net realised gain/(loss) - on securities portfolio 79,454, on foreign exchange 58, Realised result 99,477, Net variation of the unrealised gain/(loss) - on securities portfolio 38,393, Result of operations 137,870, Subscriptions 73,734, Redemptions -161,952, Total changes in net assets 49,652, Total net assets at the beginning of the year 751,020, Total net assets at the end of the year 800,673,

25 Swedish Growth Sub-Fund Statistical information (in SEK) Total net assets - as at ,673, as at ,020, as at ,802, Number of Class A (EUR) Shares - outstanding at the beginning of the year 3, issued redeemed outstanding at the end of the year 3, Net asset value per Class A (EUR) Share - as at EUR as at EUR as at EUR Number of Class A (SEK) Shares - outstanding at the beginning of the year 2,655, issued 231, redeemed -538, outstanding at the end of the year 2,347, Net asset value per Class A (SEK) Share - as at as at as at

26 Swedish Growth Sub-Fund Statement of investments and other net assets (in SEK) 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 SEK 185,000 Africa Oil Corp 10,583, ,313, SEK 145,000 Alfa Laval AB 21,673, ,925, SEK 967 Arcam AB 841, , SEK 55,000 Assa Abloy AB B 15,564, ,689, SEK 200,000 Atlas Copco AB B 28,232, ,640, SEK 300,000 Boliden AB 32,678, ,535, SEK 300,000 Broderna Edstrand Gr AB 10,764, ,540, SEK 100,000 Electrolux AB B 17,112, ,850, SEK 630,000 Ericsson B 40,591, ,455, SEK 36,700 Getinge AB B 6,644, ,074, SEK 143,000 Hennes & Mauritz AB B 32,884, ,356, SEK 500,000 Husqvarna AB B 19,355, ,360, SEK 180,000 Industrivaerden AB C 19,143, ,014, SEK 332,000 Lundin Mining Corp SDR repr 1 Sh 9,845, ,130, SEK 30,000 Modern Times Group MTG AB B 9,616, ,996, SEK 351,430 Nokia Oyj 11,343, ,098, SEK 520,000 Nordea Bank AB 37,132, ,058, SEK 400,000 RNB Retail & Brands AB 5,676, ,300, SEK 600,000 Sandvik AB 55,070, ,420, SEK 170,000 Scania AB B 21,956, ,403, SEK 125,000 Securitas AB B 8,262, ,543, SEK 475,000 Skandinaviska Enskilda Banken A 26,419, ,280, SEK 230,000 SKF AB B 35,651, ,801, SEK 650,000 SSAB AB B 36,113, ,975, SEK 150,000 Stora Enso Oyj R 8,557, ,682, SEK 85,000 Svenska Handelsbanken AB A 25,393, ,860, SEK 380,000 Swedbank AB A 53,366, ,780, SEK 325,000 Tele2 AB B 25,977, ,676, SEK 425,000 TeliaSonera AB 19,227, ,758, SEK 220,000 Trelleborg AB B 21,845, ,138, SEK 440,000 Volvo AB B 41,460, ,158, Total investments in securities 708,987, ,737, Cash at banks 29,065, Bank overdrafts -8, Other net assets/(liabilities) -1,121, Total 800,673,

27 Swedish Growth Sub-Fund Industrial and geographical classification of investments Industrial classification (in percentage of net assets) Capital goods % Banks % Materials % Technology hardware and equipment 8.44 % Automobiles and components 8.15 % Consumer durables and apparel 8.05 % Telecommunication services 5.80 % Diversified financial services 2.75 % Energy 1.29 % Media 1.25 % Commercial services and supplies 1.07 % Health care equipment and services 1.01 % Total % Geographical classification (by domicile of the issuer) (in percentage of net assets) Sweden % Finland 3.47 % Canada 2.43 % Total % 25

28 Brig 6 Sub-Fund Statement of net assets (in SEK) Assets Securities portfolio at market value 96,878, Cash at banks 4,854, Other liquid assets 4,812, Formation expenses, net 28, Receivable on issues of shares Income receivable on portfolio 1,014, Interest receivable on bank accounts Unrealised gain on futures contracts 466, Unrealised gain on forward foreign exchange contracts 812, Prepaid expenses 1, Total assets 108,868, Liabilities Expenses payable 252, Total liabilities 252, Net assets at the end of the year 108,616, Number of Class A (SEK) Shares outstanding 1,034, Net asset value per Class A (SEK) Share Number of Class B (SEK) Shares outstanding 10, Net asset value per Class B (SEK) Share

29 Brig 6 Sub-Fund Statement of operations and other changes in net assets (in SEK) from 1st January 2013 to 31st December 2013 Income Dividends, net 644, Interest on bonds and other debt securities, net 4,218, Interest on bank accounts 105, Total income 4,968, Expenses Management fees 2,151, Performance fees 3,104, Custodian fees 101, Banking charges and other fees 26, Transaction fees 95, Central administration costs 434, Professional fees 28, Other administration costs 53, Subscription duty ("taxe d'abonnement") 77, Interest paid on bank overdrafts 9, Other expenses 12, Total expenses 6,096, Net investment loss -1,128, Net realised gain/(loss) - on securities portfolio 691, on futures contracts -3,622, on forward foreign exchange contracts -2,129, on foreign exchange -39, Realised result -6,228, Net variation of the unrealised gain/(loss) - on securities portfolio -1,451, on futures contracts 629, on forward foreign exchange contracts 764, Result of operations -6,286, Subscriptions 126,466, Redemptions -166,560, Total changes in net assets -46,379, Total net assets at the beginning of the year 154,995, Total net assets at the end of the year 108,616,

30 Brig 6 Sub-Fund Statistical information (in SEK) Total net assets - as at ,616, as at ,995, Number of Class A (SEK) Shares - outstanding at the beginning of the year 1,464, issued 1,158, redeemed -1,588, outstanding at the end of the year 1,034, Net asset value per Class A (SEK) Share - as at as at Number of Class B (SEK) Shares - outstanding at the beginning of the year 9, issued 12, redeemed -11, outstanding at the end of the year 10, Net asset value per Class B (SEK) Share - as at as at

31 Brig 6 Sub-Fund Statement of investments and other net assets (in SEK) Currency Number / nominal value Description Cost Market value % of total net assets Investments in securities Transferable securities admitted to an official stock exchange listing Bonds SEK 7,000,000 Lansforsakringar Bank 2.5% Ser / ,047, ,033, SEK 10,000,000 Lansforsakringar Hypotek AB 4.5% Ser / ,078, ,844, SEK 10,000,000 Stadshypotek AB 4.25% Ser 1583 Sen 09/ ,242, ,784, SEK 5,000,000 Swedbank Mortgage AB 3.75% Ser / ,342, ,300, SEK 10,000,000 Swedish Covered Bond Corp 4% Ser / ,999, ,700, Total bonds 45,711, ,663, Open-ended investment funds Investment funds (UCITS) EUR 9, Henderson Horizon Fd EUR Corp Bond I2 Cap 10,969, ,268, EUR 1,059, Ignis Gl Fds Scv Abs Return Gov Bd I EUR Hedged Cap 10,249, ,180, ,219, ,449, USD 15, Robeco Capital Growth Fds Emerging Cons Equities I USD Cap 11,700, ,343, Total investment funds (UCITS) 32,920, ,792, Tracker funds (UCITS) GBP 5,700 ishares Plc GBP Corp Bd UCITS ETF Dist 7,643, ,570, USD 15,500 ishares Plc USD Corp Bond UCITS ETF Dist 11,749, ,851, Total tracker funds (UCITS) 19,392, ,422, Total investments in securities 98,023, ,878, Cash at banks 4,854, Other net assets/(liabilities) 6,882, Total 108,616,

32 Brig 6 Sub-Fund Industrial and geographical classification of investments Industrial classification (in percentage of net assets) Investment funds % Banks % Diversified financial services 9.85 % Total % Geographical classification (by domicile of the issuer) (in percentage of net assets) Sweden % Luxembourg % Ireland % Total % 30

33 Swedish Bond Sub-Fund Statement of net assets (in SEK) Assets Securities portfolio at market value 91,383, Cash at banks 5,519, Formation expenses, net 84, Income receivable on portfolio 1,663, Prepaid expenses Total assets 98,652, Liabilities Bank overdrafts Expenses payable 133, Total liabilities 134, Net assets at the end of the year 98,517, Number of Class A (SEK) Shares outstanding 996, Net asset value per Class A (SEK) Share

34 Swedish Bond Sub-Fund Statement of operations and other changes in net assets (in SEK) from 1st January 2013 to 31st December 2013 Income Interest on bonds and other debt securities, net 3,909, Interest on bank accounts 28, Total income 3,937, Expenses Management fees 564, Custodian fees 87, Banking charges and other fees 22, Transaction fees 9, Central administration costs 280, Professional fees 15, Other administration costs 41, Subscription duty ("taxe d'abonnement") 50, Interest paid on bank overdrafts Other expenses 22, Total expenses 1,094, Net investment income 2,843, Net realised gain/(loss) - on securities portfolio -2,246, on foreign exchange Realised result 598, Net variation of the unrealised gain/(loss) - on securities portfolio -1,754, Result of operations -1,156, Subscriptions 72,997, Redemptions -85,169, Total changes in net assets -13,328, Total net assets at the beginning of the year 111,846, Total net assets at the end of the year 98,517,

35 Swedish Bond Sub-Fund Statistical information (in SEK) Total net assets - as at ,517, as at ,846, Number of Class A (SEK) Shares - outstanding at the beginning of the year 1,119, issued 736, redeemed -859, outstanding at the end of the year 996, Net asset value per Class A (SEK) Share - as at as at

36 Swedish Bond Sub-Fund Statement of investments and other net assets (in SEK) Currency Number / nominal value Description Cost Market value % of total net assets Investments in securities Transferable securities admitted to an official stock exchange listing Bonds SEK 15,000,000 Nordea Hypotek AB 3.25% Ser / ,575, ,307, SEK 9,000,000 Swedbank Mortgage AB 5.7% 08/ ,481, ,457, SEK 11,000,000 Sweden 2.25% Ser / ,243, ,816, SEK 1,000,000 Sweden 3% Ser / ,062, ,047, SEK 11,000,000 Sweden 3.5% Ser / ,039, ,961, SEK 5,000,000 Sweden 3.75% T-Bonds Ser / ,652, ,408, SEK 15,000,000 Sweden 4.25% Ser / ,194, ,798, SEK 12,000,000 Sweden 5% Ser / ,776, ,203, SEK 6,000,000 Swedish Covered Bond Corp 4% Ser / ,511, ,382, Total investments in securities 93,537, ,383, Cash at banks 5,519, Bank overdrafts Other net assets/(liabilities) 1,614, Total 98,517,

37 Swedish Bond Sub-Fund Industrial and geographical classification of investments Industrial classification (in percentage of net assets) Countries and governments % Banks % Diversified financial services 6.48 % Total % Geographical classification (by domicile of the issuer) (in percentage of net assets) Sweden % Total % 35

38 Money Market SEK Sub-Fund Statement of net assets (in SEK) Assets Securities portfolio at market value 109,655, Cash at banks 3,928, Income receivable on portfolio 3,500, Prepaid expenses Total assets 117,084, Liabilities Bank overdrafts Expenses payable 113, Total liabilities 114, Net assets at the end of the year 116,970, Number of Class A (SEK) Shares outstanding 112, Net asset value per Class A (SEK) Share 1,

39 Money Market SEK Sub-Fund Statement of operations and other changes in net assets (in SEK) from 13th May 2013 to 31st December 2013 Income Interest on bonds and other debt securities, net 4,233, Interest on bank accounts 60, Total income 4,294, Expenses Management fees 322, Custodian fees 32, Banking charges and other fees 10, Transaction fees 5, Central administration costs 158, Professional fees 21, Other administration costs 20, Subscription duty ("taxe d'abonnement") 12, Interest paid on bank overdrafts Other expenses Total expenses 584, Net investment income 3,709, Net realised gain/(loss) - on securities portfolio -1,456, on foreign exchange -1, Realised result 2,251, Net variation of the unrealised gain/(loss) - on securities portfolio -1,648, Result of operations 603, Subscriptions 236,309, Redemptions -119,942, Total changes in net assets 116,970, Total net assets at the beginning of the year - Total net assets at the end of the year 116,970,

40 Money Market SEK Sub-Fund Statistical information (in SEK) Total net assets - as at ,970, Number of Class A (SEK) Shares - outstanding at the beginning of the year issued 228, redeemed -115, outstanding at the end of the year 112, Net asset value per Class A (SEK) Share - as at ,

41 Money Market SEK Sub-Fund Statement of investments and other net assets (in SEK) Currency Number / nominal value Description Cost Market value % of total net assets Investments in securities Transferable securities admitted to an official stock exchange listing Bonds SEK 10,000,000 Lansforsakringar Hypotek AB 4.5% Ser / ,136, ,117, SEK 18,000,000 Nordea Hypotek AB 4% Ser / ,500, ,257, SEK 20,000,000 Skandinaviska Enskilda Banken 4.5% Ser / ,654, ,320, SEK 20,000,000 Swedbank Mortgage AB 6.75% Ser / ,976, ,395, SEK 20,000,000 Sweden 6.75% Ser / ,522, ,404, SEK 20,000,000 Swedish Covered Bond Corp 4% N126 06/ ,513, ,159, Total investments in securities 111,303, ,655, Cash at banks 3,928, Bank overdrafts Other net assets/(liabilities) 3,386, Total 116,970,

42 Money Market SEK Sub-Fund Industrial and geographical classification of investments Industrial classification (in percentage of net assets) Banks % Countries and governments % Diversified financial services % Total % Geographical classification (by domicile of the issuer) (in percentage of net assets) Sweden % Total % 40

43 Catamaran Sub-Fund Statement of net assets (in SEK) Assets Securities portfolio at market value 191,060, Cash at banks 10,499, Formation expenses, net 46, Receivable on issues of shares 19, Prepaid expenses 3, Total assets 201,629, Liabilities Bank overdrafts 49, Expenses payable 427, Total liabilities 477, Net assets at the end of the year 201,151, Number of Class A (SEK) Shares outstanding 3,999, Net asset value per Class A (SEK) Share

44 Catamaran Sub-Fund Statement of operations and other changes in net assets (in SEK) from 13th May 2013 to 31st December 2013 Income Dividends, net 187, Interest on bank accounts 33, Commissions received 2, Other income Total income 223, Expenses Management fees 1,547, Performance fees 457, Custodian fees 57, Banking charges and other fees 5, Transaction fees 515, Central administration costs 248, Professional fees 23, Other administration costs 20, Subscription duty ("taxe d'abonnement") 70, Interest paid on bank overdrafts Other expenses 6, Total expenses 2,953, Net investment loss -2,730, Net realised gain/(loss) - on securities portfolio 6,218, on foreign exchange -1, Realised result 3,486, Net variation of the unrealised gain/(loss) - on securities portfolio 14,725, Result of operations 18,212, Subscriptions 197,060, Redemptions -14,120, Total changes in net assets 201,151, Total net assets at the beginning of the year - Total net assets at the end of the year 201,151,

45 Catamaran Sub-Fund Statistical information (in SEK) Total net assets - as at ,151, Number of Class A (SEK) Shares - outstanding at the beginning of the year issued 4,300, redeemed -300, outstanding at the end of the year 3,999, Net asset value per Class A (SEK) Share - as at

46 Catamaran Sub-Fund Statement of investments and other net assets (in SEK) 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 SEK 35,000 ABB Ltd Reg 5,157, ,950, SEK 3,812,000 Aspiro AB 3,302, ,316, SEK 40,000 BillerudKorsnas AB 2,552, ,250, SEK 20,000 Boliden AB 1,928, ,969, SEK 50,000 Corem Property Gr AB 1,125, ,000, SEK 800,000 Cybercom Group AB 1,745, ,944, SEK 200,000 Enquest Plc 2,720, ,880, SEK 100,000 Ericsson B 8,134, ,850, SEK 50,000 Fastighets Balder AB B 2,495, ,300, SEK 50,000 Haldex AB 2,195, ,000, SEK 60,000 Hennes & Mauritz AB B 14,466, ,772, SEK 100,000 Husqvarna AB B 3,955, ,872, SEK 100,000 Industrivaerden AB C 11,758, ,230, SEK 60,000 Investor AB B 12,044, ,278, SEK 20,000 JM AB 3,189, ,630, SEK 100,000 Kloevern AB 3,000, ,850, SEK 130,000 Lundin Mining Corp SDR repr 1 Sh 3,594, ,575, SEK 50,000 Meda AB A 3,730, ,080, SEK 20,000 Medivir AB B 1,375, ,690, SEK 15,000 Modern Times Group MTG AB B 4,730, ,998, SEK 20,000 NCC AB B 3,142, ,198, SEK 150,000 Nordea Bank AB 11,964, ,997, SEK 50,000 Sandvik AB 4,784, ,535, SEK 50,000 Scania AB B 7,193, ,295, SEK 75,000 Securitas AB B 4,767, ,126, SEK 100,000 Skandinaviska Enskilda Banken A 7,018, ,480, SEK 40,000 SKF AB B 6,459, ,748, SEK 15,000 Svenska Handelsbanken AB A 4,511, ,740, SEK 50,000 Swedbank AB A 8,272, ,050, SEK 30,000 Tele2 AB B 2,267, ,185, SEK 200,000 TeliaSonera AB 9,324, ,710, SEK 40,000 Trelleborg AB B 3,970, ,116, SEK 100,000 Volvo AB B 9,459, ,445, Total investments in securities 176,335, ,060, Cash at banks 10,499, Bank overdrafts -49, Other net assets/(liabilities) -358, Total 201,151,

47 Catamaran Sub-Fund Industrial and geographical classification of investments Industrial classification (in percentage of net assets) Banks % Capital goods % Consumer durables and apparel 8.83 % Automobiles and components 8.23 % Telecommunication services 8.06 % Investment companies 6.60 % Diversified financial services 6.08 % Materials 4.38 % Technology hardware and equipment 3.90 % Software and services 2.61 % Commercial services and supplies 2.55 % Media 2.48 % Health care equipment and services 2.03 % Real estate 1.92 % Energy 1.43 % Pharmaceuticals and biotechnology 0.84 % Total % Geographical classification (by domicile of the issuer) (in percentage of net assets) Sweden % Switzerland 2.96 % Canada 1.78 % United Kingdom 1.43 % Total % 45