ESPA STOCK TECHNO. Mutual fund pursuant to the InvFG

Transcription

1 Mutual fund pursuant to the InvFG Semi-Annual Report 2014

2 Semi-Annual Report 2014 Contents General Information about the Investment Firm... 2 Development of the Fund... 3 Asset Allocation... 4 Fund Portfolio as of 14 September The Austrian Investment Fund Act (Investmentfondsgesetz [InvFG]) 2011 has been in effect since 1 September Some of the provisions and legal references in the semi-annual report still refer to the InvFG 1993.

3 General Information about the Investment Firm The company ERSTE-SPARINVEST Kapitalanlagegesellschaft m. b. H. Habsburgergasse 1a, A-1010 Vienna Telephone: , Fax: Nominal capital EUR 4.50 million Shareholders Erste Asset Management GmbH (81.42%) DekaBank Deutsche Girozentrale (2.87%) Die Kärntner Trust-Vermögensverwaltungsgesellschaft m.b.h. & Co KG (2.87 %) NÖ-Sparkassen Beteiligungsgesellschaft m. b. H. (1.37%) Salzburger Sparkasse Bank Aktiengesellschaft (2.87%) Sieben Tiroler Sparkassen Beteiligungsgesellschaft m. b. H. (2.87%) Steiermärkische Bank und Sparkassen Aktiengesellschaft (5.73%) Supervisory Board Managing directors Wolfgang TRAINDL, Mag. (Chairman) Gerhard FABISCH, Mag. Dr. (Deputy Chairman) Wilhelm SCHULTZE, DI (Deputy Chairman) Christian AICHINGER, Dr. (until 12 June 2014) Franz PRUCKNER, Dr. MBA (from 12 June 2014) Birte QUITT, Dipl. BW. (FH) Rupert RIEDER, Mag. Gabriele SEMMELROCK-WERZER Reinhard WALTL, Mag. Appointed by the Works Council: Regina HABERHAUER, Mag. (FH) Dieter KERSCHBAUM, Mag. Gerhard RAMBERGER, Mag. Herbert STEINDORFER Heinz BEDNAR, Mag. Franz GSCHIEGL, Dr. Günther MANDL Prokuristen (proxies) State commissioners Auditor Custodian bank Achim ARNHOF, Mag. Karl BRANDSTÖTTER, Mag. Winfried BUCHBAUER, Mag. Oskar ENTMAYR (until 12 June 2014) Karl FREUDENSCHUSS (from 1 July 2014) Dietmar JAROSCH, Dr. Manfred LENTNER (from 1 July 2014) Gerold Permoser, Mag. Christian SCHÖN Paul SEVERIN, Mag. (until 12 June 2014) Jürgen SINGER, Mag. Erwin GRUBER Michael MANHARD, HR Dr. ERNST & YOUNG WIRTSCHAFTSPRÜFUNGSGESELLSCHAFT MBH Erste Group Bank AG 2

4 Semi-Annual Report 2014 Dear Shareholder, We are pleased to present you the following semi-annual report for the ESPA STOCK TECHNO mutual fund pursuant to the InvFG for the period from 15 March 2014 to 14 September Development of the Fund Tech stocks developed very positively during the reporting period, delivering consistent gains with minimal corrections. The prevailing trends such as cloud computing, mobile devices, and social networks remained the driving forces on the market. The frequency of mergers and acquisitions also increased. Particularly the major market players are showing innovation weaknesses, and the acquisition of specialised companies is providing help here. In a surprising development in the hardware segment, the growth of the tablet market has slowed more quickly than originally forecast. Especially in the Western countries, the market is already saturated. Minimal progress in the advancement of the devices is limiting replacement purchases. This trend is having a positive effect on desktop and laptop sales. Although the market for desktops continues to shrink, the pace of the deceleration has slowed. Encouraging price increases were seen on the memory chip market (DRAM, SRAM, Flash). Companies that are active in these segments performed very well on the stock market. The shares of social network providers also enjoyed positive development. Facebook in particular emerged as a market leader. Twitter s stock value has dropped by half since the beginning of the year, but has started to rise again since mid-year. In the mobile communication sector, the expansion of the LTE network continued. Because there are now a significant number of LTE-compatible smartphones available, the user base is growing rapidly even quicker than with the introduction of UMTS. Another important trend in the IT sector is mobile payment. A number of options are being developed to market maturity. It remains to be seen which system will prevail in the long run. It can be assumed that numerous competing systems will be offered in parallel. The positioning of the sector remains promising. The levels of cash on hand are high on average, mergers are taking place, and innovations are happening frequently. Portfolio The equity portfolio was adjusted based on the corresponding developments on the equity market. The investment level of the portfolio was steady at 100%. The fund quickly reacted to new trends and market developments. A broad diversification of segments allows for a stable return. During the reporting period, the software and semiconductor segments were preferred. Infrastructure companies were underweighted. 3

5 Asset Allocation 14 September March 2014 EUR millions % EUR millions % Equities denominated in GBP EUR JPY CAD SEK CHF TWD USD Securities Financial futures Dividend entitlements Cash in banks Interest entitlements Other deferred items Fund assets Fund Portfolio as of 14 September 2014 (including changes in securities assets from 15 March 2014 to 14 September 2014) Security designation ISIN Purch./ Sales/ Holding Price Value % share number additions disposals in EUR of fund assets Publicly traded securities Equities denominated in GBP Issue country Great Britain HALMA PLC LS-.10 GB , , MICRO FO ITL LS GB00BCZM1F64 20, , , Total 321, Total equities denominated in GBP translated at a rate of , Equities denominated in EUR Issue country Germany UTD.INTERNET AG NA DE , , , Total 240, Issue country Netherlands KPNQWEST BV C EO -.50 NL Total Total equities denominated in EUR 502,

6 Semi-Annual Report 2014 Security designation ISIN Purch./ Sales/ Holding Price Value % share number additions disposals in EUR of fund assets Issue country Spain AMADEUS IT HLDG EO 0.01 ES lent* 0 0 7, , Total 211, Total equities denominated in EUR 452, Equities denominated in JPY Issue country Japan OBIC CO. LTD JP , ,000 3, , Total 246, Total equities denominated in JPY translated at a rate of , Equities denominated in TWD Issue country Taiwan MEDIATEK INC. TA 10 TW , , , Total 220, Total equities denominated in TWD translated at a rate of , Equities denominated in USD Issue country USA XEROX CORP. DL 1 US , , , Total 157, Total equities denominated in USD translated at a rate of , Total publicly traded securities 1,397, Securities admitted to organised markets Equities denominated in EUR Issue country Finland NOKIA CORP. EO-.06 FI , , Total 261, Issue country France GAMELOFT SE EO 0.05 FR , , , Total 88, Issue country Netherlands ASML HOLDING EO -.09 NL , , , Total 192, Total equities denominated in EUR 542,

7 Security designation ISIN Purch./ Sales/ Holding Price Value % share number additions disposals in EUR of fund assets Equities denominated in JPY Issue country Japan CANON INC. JP ,500 3, , HITACHI LTD JP , , HOYA CORP. JP , ,500 3, , NINTENDO CO. LTD JP ,200 11, , Total 700, Total equities denominated in JPY translated at a rate of , Equities denominated in CAD Issue country Canada CGI GROUP INC. A SV CA39945C , , Total 180, Total equities denominated in CAD translated at a rate of , Equities denominated in CHF Issue country Switzerland TEMENOS GROUP AG NA SF 5 CH , , Total 106, Total equities denominated in CHF translated at a rate of , Equities denominated in USD Issue country Ireland ACCENTURE PLC A DL IE00B4BNMY , , SEAGATE TECHNO. DL IE00B58JVZ , , Total 501, Issue country Canada CGI GROUP INC. A SV CA39945C1095 4, , , Total 120, Issue country Netherlands NXP SEMICONDUCTORS EO-.20 NL , , , Total 243, Issue country Switzerland TE CONNECTIV.LTD. SF 0.57 CH , , Total 209,

8 Semi-Annual Report 2014 Security designation ISIN Purch./ Sales/ Holding Price Value % share number additions disposals in EUR of fund assets Issue country Singapore AVAGO TECHNOL.LTD NPV SG , , , Total 407, Issue country USA ACTIVISION BLIZZARD INC. US00507V , , , ADOBE SYST. INC. US00724F ,500 2, , AMPHENOL NEW A DL-.001 US , , APPLE INC. US ,700 5,500 27, ,160, APPLIED MATERIALS INC. US , , AUTODESK INC. US , , , AUTOM. DATA PROC. DL -.10 US , , BROADCOM CORP. A DL US , , CISCO SYSTEMS DL-.001 US17275R ,000 22, , CITRIX SYSTEMS DL-.001 US , , , COGNIZANT TECH. SOL.A US , , CORNING INC. DL -.50 US ,000 6, , EMC CORP. (MASS.) DL-.01 US , , , FACEBOOK INC.A DL US30303M1027 8, , ,018, FIDELITY NATL INF. SVCS US31620M , , FIRST SOLAR INC. D US , , FISERV INC. DL-.01 US , , GOOGLE INC. A DL-.001 US38259P5089 1, , ,220, GOOGLE INC.C DL-.001 US38259P7069 1, , , HARRIS CORP. DL 1 US , , HEWLETT-PACKARD DL-.01 US , , , INTEL CORP. DL-.001 US , , INTL BUS. MACH. DL-.20 US ,000 4, , INTUIT INC. DL-.01 US , , , KLA-TENCOR CORP. DL-.001 US , , LINKEDIN CLASS A DL US53578A , MASTERCARD INC.A DL US57636Q ,000 7, , MICROCHIP TECH. DL-.001 US , , , MICRON TECHN. INC. DL-.10 US , , , MICROSOFT DL US , , ,894, NETAPP INC. US64110D1046 8, , , NVIDIA CORP. DL-.01 US67066G , , ORACLE CORP. DL-.01 US68389X , , PAYCHEX INC. DL-.01 US , , QUALCOMM INC. DL US ,600 8,000 3, , SALESFORCE.COM DL-.001 US79466L ,000 6,100 8, , SANDISK CORP. DL-.001 US80004C1018 3, , , SKYWORKS SOL. DL-.25 US83088M1027 6, , , TOTAL SYSTEM SERV. DL-.10 US , , , VISA INC. CL. A DL US92826C ,000 4, , VMWARE INC.CLASS A US ,

9 Security designation ISIN Purch./ Sales/ Holding Price Value % share number additions disposals in EUR of fund assets WESTN DIGITAL DL-.10 US , , , WORKDAY INC.CL.A DL-.001 US98138H1014 4,100 1,600 2, , Total 17,709, Total equities denominated in USD translated at a rate of ,191, Total securities admitted to organised markets 20,721, Unlisted securities Equities denominated in KRW Issue country South Korea VENTREE CO. LTD. KR , Total Total equities denominated in KRW translated at a rate of 1, Equities denominated in USD Issue country USA AT HOME CORP. A US , Total Total equities denominated in USD translated at a rate of Total unlisted securities Breakdown of fund assets Securities 22,119, Dividend entitlements 9, Cash in banks 221, Other deferred items -17, Fund assets 22,332, Dividend shares outstanding shares 91,713 Non-dividend shares outstanding shares 433,767 KEST-exempt non-dividend shares outstanding shares 46,828 Share value for dividend share EUR Share value for non-dividend share EUR Share value for KEST-exempt non-dividend share EUR * As of 14 September 2014, the securities marked with lent in the fund portfolio and the following securities were registered as lent in the following amounts and at the following fees in the securities lending system of Erste Group Bank AG: Security designation ISIN Lent Fee number amount rate in % AMADEUS IT HLDG EO 0.01 ES ,

10 Semi-Annual Report 2014 Investor note: The values of assets in illiquid markets may deviate from their actual selling prices. Purchases and sales of securities in the reporting period not listed in the fund portfolio Security designation ISIN Purch./ Sales/ number additions disposals Publicly traded securities Equities denominated in GBP Issue country Great Britain ARM HLDGS PLC LS GB ,000 Equities denominated in EUR Issue country Germany JENOPTIK AG N.P. DE ,000 15,000 LPKF LASER+ELECTRON. DE ,200 SAP SE N.P. DE ,600 Equities denominated in SEK Issue country Sweden ERICSSON B (FRIA) SE ,000 Equities denominated in USD Issue country USA VERISIGN INC. DL-.001 US92343E ,000 Securities admitted to organised markets Equities denominated in EUR Issue country France CAP GEMINI BEARER EO 8 FR ,000 9

11 Security designation ISIN Purch./ Sales/ number additions disposals Equities denominated in JPY Issue country Japan TOKYO ELECTRON LTD JP Equities denominated in USD Issue country Bermuda MARVELL TECH. GRP DL-.002 BMG5876H ,500 Issue country USA ALLIANCE DATA SYS. DL-.01 US ANALOG DEVICES INC.DL-166 US ,000 CREE INC. DL US ,000 EBAY INC. DL-.001 US ,000 EL. ARTS INC. DL-.01 US ,000 FEI CO. US30241L1098 2,000 2,000 LAM RESEARCH CORP. DL-001 US ,400 MOTOROLA SOLUTIONS DL-.01 US ,000 RED HAT INC. DL US ,000 SYMANTEC CORP. DL-.01 US ,200 SYNOPSYS INC. DL-.01 US ,000 TEXAS INSTR. DL 1 US ,000 TWITTER INC. DL US90184L ,000 WESTERN UNION CO. DL-.01 US ,800 XILINX INC. DL-.01 US ,500 YAHOO INC. DL-.01 US ,500 ZYNGA INC. DL -.01 US98986T ,000 Vienna, September 2014 ERSTE-SPARINVEST Kapitalanlagegesellschaft m.b.h. Electronically signed Inspection information: Note: The electronic signatures in this document can be inspected at This document was signed with two qualified electronic signatures. A qualified electronic signature fulfils the legal requirements of a hand-written signature, and in particular the requirements of the written form as defined in 886 ABGB ( 4 [1] Austrian Signature Act [Signaturgesetz]). 10