WORLD PERFORMANCE PORTFOLIOS Société d'investissement à Capital Variable

Transcription

1 Annual report including audited financial statements as at 30th April 2015 WORLD PERFORMANCE PORTFOLIOS Société d'investissement à Capital Variable R.C.S. Luxembourg B

2 No subscription can be received on the basis of this financial report. Subscriptions are only valid if made on the basis of the current Prospectus and the Key Investor Information Document ("KIID") supplemented by the latest annual report and the most recent semi-annual report, if published thereafter.

3 WORLD PERFORMANCE PORTFOLIOS Contents Organisation... 2 General information... 5 Report on activities of the Board of Directors... 6 Independent auditor's report - New Global Equity Markets Risk 18% Portfolio... 9 Independent auditor's report - Global Strategy Risk 14% Combined statement of net assets Combined statement of operations and other changes in net assets New Global Equity Markets Risk 18% Portfolio 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 Global Strategy Risk 14% Portfolio 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 WORLD PERFORMANCE PORTFOLIOS Organisation Registered office 42, rue de la Vallée L-2661 LUXEMBOURG Board of Directors Chairman Directors Sylvain FERAUD General Manager (since 30th June 2014) Managing Director (until 30th June 2014) CASA4FUNDS SA 42, rue de la Vallée L-2661 LUXEMBOURG Margherita BALERNA BOMMARTINI Head of Operations & Branch Manager CASA4FUNDS SA Luxembourg, Swiss Branch, Paradiso Via Luciano Zuccoli, 19 CH-6900 PARADISO Robert ZAGORSKI Head of Fund Services CASA4FUNDS SA 42, rue de la Vallée L-2661 LUXEMBOURG Management Company CASA4FUNDS SA 42, rue de la Vallée L-2661 LUXEMBOURG Board of Directors of the Management Company Chairman Michele MILANI Member of the Management Committee BANOR SIM SPA Via Santa Radegonda, 11 IT MILANO (since 30th June 2014) Giovanni Giacomo SCHRAEMLI Executive Board Member BANCA ARNER S.A. Piazza Manzoni, 8 CH-6901 LUGANO (until 30th June 2014) 2

5 WORLD PERFORMANCE PORTFOLIOS Organisation (continued) Directors Alberto CAVADINI Director MANAGEMENTPLUS (LUXEMBOURG) S.A. 24, rue Beaumont L-1219 LUXEMBOURG (since 13th November 2014) Giacomo MERGONI Director, Investment Manager BANOR CAPITAL LTD 16 Berkeley Street UK-LONDON W1J 8DZ (since 30th June 2014) Lorenzo BOMBARDA Director, Investment Manager BANOR CAPITAL LTD 16 Berkeley Street UK-LONDON W1J 8DZ (since 30th June 2014 and until 13th November 2014) Margherita BALERNA BOMMARTINI Head of Operations & Branch Manager CASA4FUNDS SA Luxembourg, Swiss Branch, Paradiso Via Luciano Zuccoli, 19 CH-6900 PARADISO (until 30th June 2014) Sylvain FERAUD General Manager (since 30th June 2014) Managing Director (until 30th June 2014) CASA4FUNDS SA 42, rue de la Vallée, L-2661 LUXEMBOURG Giulio ROMANI Chief Executive Officer BANCA ARNER S.A. Piazza Manzoni, 8 CH-6901 LUGANO (until 30th June 2014) Day-to-day managers of the Management Company Margherita BALERNA BOMMARTINI Arnaud BOUTEILLER Sylvain FERAUD 3

6 WORLD PERFORMANCE PORTFOLIOS Organisation (continued) Custodian KBL EUROPEAN PRIVATE BANKERS S.A. 43, boulevard Royal L-2955 LUXEMBOURG Global distributor CORNHILL MANAGEMENT o.c.p., a.s. Mickiewiczova 2 SK BRATISLAVA Administrative, registrar and transfer agent EUROPEAN FUND ADMINISTRATION S.A. 2, rue d'alsace L-1122 LUXEMBOURG Investment manager DELUBAC ASSET MANAGEMENT S.A. 152, boulevard Haussmann F PARIS Independent auditor ERNST & YOUNG Société anonyme 7, rue Gabriel Lippmann Parc d Activité Syrdall 2 L-5365 MUNSBACH Marketing Co-ordinator CORNHILL MANAGEMENT S.A. 20A, rue des Trois Cantons L-8354 GARNICH 4

7 WORLD PERFORMANCE PORTFOLIOS General information WORLD PERFORMANCE PORTFOLIOS (the "SICAV") is an open-ended investment company registered on the official list of collective investment undertakings under the Council Directive 2009/65/EC as amended and pursuant to part I of Luxembourg Law of 17th December 2010 as amended, relating to undertakings for collective investment (the "Law"). The SICAV was incorporated in Luxembourg, on 12th January 2010 for an unlimited period, under the Luxembourg laws as a "Société Anonyme" qualifying as a "Société d'investissement à Capital Variable". The Articles of Incorporation of the SICAV were published in the "Mémorial Recueil des Sociétés et Associations" on 4th February The SICAV is managed by CASA4FUNDS SA as its designated management company (the "Management Company") as per agreement dated 11th May The Management Company is authorised under the provisions of Chapter 15 of the Law. The main objective of the SICAV is to invest in shares/units of other undertakings for collective investment, and in other eligible assets to the extent permitted under the Law, as set forth in the Investment Restrictions defined in Appendix I of the Prospectus, with a view to providing long-term capital appreciation, preservation of capital and income. It offers shares in different Sub-Funds, each linked to a separate investment portfolio of international investment funds (UCITS and UCIs for the most part). At the date of the report, the SICAV offers the following Sub-Funds: - New Global Equity Markets Risk 18% Portfolio in EUR - Global Strategy Risk 14% Portfolio in EUR Upon the decision of the SICAV, each Sub-Fund may issue the following Classes of Shares: - A Shares for which sales charges apply, - B Shares for which redemption charges and a zero load supplemental charges may apply, - I Shares for institutional investors within the meaning of the article 175 of the Law. The Valuation Day in respect of the Sub-Funds is each day on which banks are normally open for business in Luxembourg. The Net Asset Values and the issue, conversion and redemption prices of the Shares in any Sub-Fund are made public and available at the registered office of the SICAV and the Distributors. A copy of the Articles of Incorporation of the SICAV, the current Prospectus, the KIID and the most recent financial reports may be obtained free of charge upon request at the registered office of the SICAV. 5

8 WORLD PERFORMANCE PORTFOLIOS Report on activities of the Board of Directors World Performance Portfolio - Global Strategy 14% Portfolio - 1st May th April 2015 The Sub-Fund s fiscal year saw an equivalent double digit return of both global developed markets (MSCI World price index: % in EUR terms) and global Emerging Markets (MSCI Emerging Markets price index: % in EUR terms). In that environment, the Sub-Fund returned a negative 27.06% (A share EUR). The Sub-Fund s underperformance can only be explained by the size of AUM that decreased by 41% and reached as low as EUR 121,718 as of 30th April Reviewing the period, both global and emerging equity markets continued to rally from their lows in April in a context of widespread low volatility. Stabilisation of tensions between Russia and Ukraine and hopes for further supportive measures by the ECB added to confidence. With the exception of a handful of markets (China, Russia, Japan), equity indexes were then close to their yearly highs. Frontier Markets rose the most led by Ukraine and Nigeria. Nigeria s weighting within the MSCI Frontier Market index increased on 2nd June following the upgrade of Qatar and the UAE to Emerging Market status. The inflows into the market from passive funds in anticipation of the reweighting assisted the strong performance. Global and emerging stock markets continued to rise in June, boosted by a still accommodative Fed and economic news which has been reassuring from both sides of the Atlantic. Frontier markets paused for breath. Following several years of subdued performances, emerging markets were then trading at a discount of above 30% in relation to their developed counterparts, a situation which was last seen around 10 years ago. In the context of relatively high valuations of the latter, emerging market equities appeared increasingly attractive in relative terms, despite fragile fundamentals. Global stock markets generally forged ahead over the summer with investors able to put geopolitical risks to one side encouraged by continued signs of strength in US labour markets and increasing expectations of monetary support from the ECB in the form of a European version of quantitative easing. We increased the equity exposure up to 68% in August by adding two new positions: JPMorgan Emerging Markets Equity Fund and First Eagle Amundi International Sicav. September and October were marked by extreme volatility with renewed macro worries including fear of deflation in the Euro zone, combined with the uncertainty of the spread of Ebola and a difficult geopolitical environment. After a correction of around 10% on European stocks during the first two weeks of October, markets returned to their peak in the very end of the month on the ground of good US economic data and the expanded stimulus of Bank of Japan that exceeded market expectations. After the sharp decline in early October, emerging markets posted a somewhat disappointing performance in November, unlike their developed counterparts which rose sharply. Year 2014 ended in an extremely volatile context as a panic wave again spread over both developed and emerging markets with Russia being affected, like other emerging economies such as Malaysia or Nigeria, by the continuation of the decline in oil price below $ 50 per barrel and a collapsing currency and Greece again in the grip of a new political crisis with the spectre of early parliamentary elections raising concerns that the radical left party Syriza be the big winner with the outcome of the unlikely scenario of a "Grexit" The Euro fell to below 1.20 US dollars, the lowest since March This acceleration reflected higher expectations of action by the ECB, but also the Grexit scenario. The U.S. dollar rally extended in January to achieve gains of over 20% from the May 2014 lows. That was the most significant dollar rally since the 2008/2009 rebound. The Euro felt to its lowest level since September 2003 after the European Central Bank launched a landmark bond-buying program. Asian stock markets were off to a winning start in 2015, getting a boost from lower oil prices and looser monetary conditions in the region. Markets became increasingly optimistic. Oil prices had stabilized, concerns over Greece had dissipated. Then markets became more turbulent in March as emerging markets, Europe and the US paused for breath. Global equity markets remained extremely volatile in April as US GDP growth for the 1st quarter was reported weaker-than-expected. The best contributor to performance over the fiscal year under review is our European equity exposure. The second best is our US equity exposure as the market went parabolic on the Modi victory and the perceived broad mandate for reform. Turning to portfolio positioning, at the end of the period under review, the Sub-Fund s equity exposure included developed markets (44%) and emerging markets (33%). Elsewhere, the Sub-Fund had over 17% of its assets in global bonds and a 16.53% cash position. 6

9 WORLD PERFORMANCE PORTFOLIOS Report on activities of the Board of Directors (continued) World Performance Portfolio - New Global Equity Markets Risk 18% Portfolio - 1st May th April 2015 The Sub-Fund s fiscal year saw a significant rebound in global Emerging Markets equities (MSCI Emerging Markets price index: +30,27% in EUR terms). In that environment, the Sub-Fund returned a positive 11.61% (A share EUR). The Sub-Fund s performance was refrained by the position of cash receivable. The Sub-Fund s AUM were stable over the fiscal year: EUR 9,247, as of 30th April Reviewing the period, both global and emerging equity markets rallied from their lows in April in a context of widespread low volatility. Stabilisation of tensions between Russia and Ukraine and hopes for further supportive measures by the ECB added to confidence. With the exception of a handful of markets (China, Russia, Japan), equity indexes were then close to their yearly highs. Frontier Markets rose the most led by Ukraine and Nigeria. Nigeria s weighting within the MSCI Frontier Market index increased on 2nd June following the upgrade of Qatar and the UAE to Emerging Market status. Global and emerging stock markets continued to rise in June, boosted by a still accommodative Fed and economic news which has been reassuring from both sides of the Atlantic. Following several years of subdued performances, emerging markets were then trading at a discount of above 30% in relation to their developed counterparts, a situation which was last seen around 10 years ago. In the context of relatively high valuations of the latter, emerging market equities appeared increasingly attractive in relative terms, despite fragile fundamentals. Global stock markets generally forged ahead over the summer with investors able to put geopolitical risks to one side encouraged by continued signs of strength in US labour markets and increasing expectations of monetary support from the ECB in the form of a European version of quantitative easing. September and October were marked by extreme volatility with renewed macro worries including fear of deflation in the Euro zone, combined with the uncertainty of the spread of Ebola and a difficult geopolitical environment. After a correction of around 10% on European stocks during the first two weeks of October, markets returned to their peak in the very end of the month on the ground of good US economic data and the expanded stimulus of Bank of Japan that exceeded market expectations. After the sharp decline in early October, emerging markets posted a somewhat disappointing performance in November, unlike their developed counterparts which rose sharply. Year 2014 ended in an extremely volatile context as a panic wave again spread over both developed and emerging markets with Russia being affected, like other emerging economies such as Malaysia or Nigeria, by the continuation of the decline in oil price below $ 50 per barrel and a collapsing currency and Greece again in the grip of a new political crisis with the spectre of early parliamentary elections raising concerns that the radical left party Syriza be the big winner with the outcome of the unlikely scenario of a "Grexit" The Euro fell to below 1.20 US dollars, the lowest since March This acceleration reflected higher expectations of action by the ECB, but also the Grexit scenario. The U.S. dollar rally extended in January to achieve gains of over 20% from the May 2014 lows. That was the most significant dollar rally since the 2008/2009 rebound. The Euro felt to its lowest level since September 2003 after the European Central Bank launched a landmark bond-buying program. Asian stock markets were off to a winning start in 2015, getting a boost from lower oil prices and looser monetary conditions in the region. We added European equities to our equity exposure in February. Markets became increasingly optimistic. Oil prices had stabilized, concerns over Greece had dissipated. Then markets became more turbulent in March as emerging markets, Europe and the US paused for breath. Global equity markets remained extremely volatile in April as US GDP growth for the 1st quarter was reported weaker-than-expected. The best contributor to performance over the fiscal year under review is our Chinese equity exposure. Athough growth in the world's second-largest economy has slowed to a six-year low of 7%, Chinese equity markets were pushed to new highs helped by Chinese retail investors as Beijing introduced in April a measure allowing them to operate up to 20 separate accounts, compared to just one previously. The second 7

10 WORLD PERFORMANCE PORTFOLIOS Report on activities of the Board of Directors (continued) best is our Indian exposure as the market went parabolic on the Modi victory and the perceived broad mandate for reform. Turning to portfolio positioning, at the end of the period under review, the Sub-Fund s equity exposure included BRIC countries ex-russia (26%), Asia (13%), Africa (11%) and Europe (6%). Elsewhere, the Sub-Fund had almost 15% of its assets exposed to Central and Eastern Europe real estate sector and over 30% of its assets in cash receivable. Luxembourg, 20th July 2015 The Board of Directors Note: The information in this report represents historical data and is not an indication of future results. 8

11 Ernst & Young Société anonyme 7, rue Gabriel Lippmann Parc d Activité Syrdall 2 L-5365 Munsbach Tel : B.P. 780 L-2017 Luxembourg R.C.S. Luxembourg B TVA LU Independent auditor's report To the Shareholders of WORLD PERFORMANCE PORTFOLIOS We were engaged to audit the accompanying financial statements of WORLD PERFORMANCE PORTFOLIOS ( the Fund ) and of the sub-fund New Global Equity Markets Risk 18% Portfolio. These financial statements comprise the statement of net assets and the statement of investments and other net assets as at 30th April 2015 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 notes to the financial statements. Responsibility of the Board of Directors of the Fund for the financial statements The Board of Directors of the Fund is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements and for such internal control as the Board of Directors of the Fund determines is necessary to enable the preparation and presentation 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. Because of the matters described in the Basis for Disclaimer of Opinion paragraph, however, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion for the Fund and for the sub-fund New Global Equity Markets Risk 18% Portfolio. Basis for Disclaimer of Opinion for the Fund and the sub-fund New Global Equity Markets Risk 18% Portfolio As at 30th April 2015, the sub-fund New Global Equity Markets Risk 18% Portfolio invested 47.65% of its net asset value in sub-funds of the fund World Investment Opportunities Fund, the audit opinions of which as at 30th April 2015 are qualified. This sub-fund is impacted by these qualifications for 2.47% of its net asset value (2.44% of the combined net asset value of the Fund). 9

12 . j :.., & EY Bulldinq a better working world Due to the illiquidity of Global and Emerging Market Real Estate Funds SICAV plc ( GEMREF ) and Emerging Europe Real Estate Fd Romania I ( EEREF ) whose redemptions have been requested by the Fund in December 201 1, January and September 201 2, reimbursement plans were proposed by the Boards of Directors of GEMREF and EEREF. The receivables in the sub-fund New Global Equity Markets Risk 18% Portfolio amount to EUR 2,919,73609, i.e % of its total net assets as at3oth April 2015 (3116% ofthe combined net assetvalue ofthe Fund). The redemption plans were not fulfilled to date and GEMREF is going to be liquidated, thus we were unable to obtain sufficient appropriate audit evidence about the recoverability of these receivables as at 30th April Moreover, as at 30th April 2015, the sub-fund New Global Equity Markets Risk 18% Portfolio invested EUR 1 360,714.00, i.e % of its total net assets in CEEREF SA Reg (14.52% of the combined net asset value of the Fund). This security is illiquid and valued based on its net asset value as at 24th March We were unable to obtain sufficient appropriate audit evidence about the fair value of this security as at 30th April Certain fees payable to CORNHILL MANAGEMENT S.A. in the sub-fund New Global Equity Markets Risk 18% Portfolio have not been accrued as at 30th April Based on the signed agreement, the fees amountto a maximum balance of EUR 184,878.16, i.e. 2.00% of its total net assets as at 30th April (2.00% of the combined net asset value of the Fund). Disclaimer of Opinion for the Fund and New Global Equity Markets Risk 18% Portfolio Because of the significance of the matters described in the Basis for Disclaimer of Opinion Paragraph, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion. Accordingly, we do not express an opinion on the financial statements of the Fund and the sub-fund New Global Equity Markets Risk 18% Portfolio. 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. Ernst & Young Société anonyme Cabinet de agréé Luxembourg, 10th August Y ua G:,aI rflitql

13 Ernst & Young Société anonyme 7, rue Gabriel Lippmann Parc d Activité Syrdall 2 L-5365 Munsbach Tel : B.P. 780 L-2017 Luxembourg R.C.S. Luxembourg B TVA LU Independent auditor's report To the Shareholders of WORLD PERFORMANCE PORTFOLIOS Following our appointment by the Annual General Meeting of the Shareholders of 13th August 2014, we have audited the accompanying financial statements of the sub-fund Global Strategy Risk 14% Portfolio of WORLD PERFORMANCE PORTFOLIOS (the Fund ), which comprise the statement of net assets and the statement of investments and other net assets as at 30th April 2015 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 notes to the financial statements. Responsibility of the Board of Directors of the Fund for the financial statements The Board of Directors of the Fund is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements and for such internal control as the Board of Directors of the Fund determines is necessary to enable the preparation and presentation 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. 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 Fund, 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 qualified audit opinion for the sub-fund Global Strategy Risk 14% Portfolio. 11

14 EY Building a better working world Basis for Qualified Opinion for the sub-fund Global Strategy Risk 14% Portfolio As at 30th April 2015, the sub-fund Global Strategy Risk 14% Portfolio invested 23.53% of its net asset value in sub-funds of the fund World Investment Opportunities Fund, the audit opinions of which as at 30th April are qualified. This sub-fund is impacted by these qualifications for net asset value. 1.25% of its Certain fees payable to CORNHILL MANAGEMENT S.A. in the sub-fund Global Strategy Risk Portfolio have not been accrued as at 30th April Based on the signed agreement, the fees amount to a maximum balance of EUR 2, th April 2015., i.e. 2.00% of its total net assets as at 14 /b Qualified Opinion for the sub-fund Global Strategy Risk 14% Portfolio In our opinion, except for the possible effects of the matters described in the Basis for Qualified Opinion paragraph, the financial statements of the sub-fund Global Strategy Risk 14% Portfolio give a true and fair view of their financial position as of 30th April 201 5, and of the results of its operations and changes regulatory requirements relating to the preparation and presentation of the financial statements. in its net assets for the year then ended in accordance with Luxembourg legal and Other matter Supplementary information included in the annual report has been reviewed mandate but has not been subject to specific audit procedures carried out in in the context of our accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information taken as a whole. in the context of the financial statements Ernst & Young Société anonyme Cabinet de revision agree Luxembourg, 10th August :F,1& i(

15 WORLD PERFORMANCE PORTFOLIOS Combined statement of net assets (in EUR) as at 30th April 2015 Assets Securities portfolio at fair value 6,703, Cash at banks 26, Receivable on sales of securities 2,919, Interest receivable on bank accounts 1.42 Prepaid expenses 1, Total assets 9,651, Liabilities Bank overdrafts 165, Payable on redemptions of shares 15, Interest payable on bank overdrafts Expenses payable 100, Other liabilities Total liabilities 282, Net assets at the end of the year 9,368, The accompanying notes are an integral part of these financial statements. 13

16 WORLD PERFORMANCE PORTFOLIOS Combined statement of operations and other changes in net assets (in EUR) from 1st May 2014 to 30th April 2015 Income Dividends, net Interest on bank accounts 5.02 Other income 113, Total income 114, Expenses Management fees 274, Custodian fees 10, Banking charges and other fees 4, Transaction fees 4, Central administration costs 185, Professional fees 23, Other administration costs 70, Subscription tax ("taxe d'abonnement") 2, Interest paid on bank overdrafts 3, Other expenses 68, Total expenses 647, Net investment loss -533, Net realised gain/(loss) - on securities portfolio 51, on foreign exchange 1, Realised result -480, Net variation of the unrealised gain/(loss) - on securities portfolio 1,384, Result of operations 903, Subscriptions 152, Redemptions -1,177, Total changes in net assets -121, Total net assets at the beginning of the year 9,490, Total net assets at the end of the year 9,368, The accompanying notes are an integral part of these financial statements. 14

17 New Global Equity Markets Risk 18% Portfolio Statement of net assets (in EUR) as at 30th April 2015 Assets Securities portfolio at fair value 6,589, Cash at banks 5, Receivable on sales of securities 2,919, Prepaid expenses Total assets 9,515, Liabilities Bank overdrafts 165, Payable on redemptions of shares 15, Interest payable on bank overdrafts Expenses payable 86, Other liabilities Total liabilities 268, Net assets at the end of the year 9,247, Number of Class A Shares outstanding 6,347, Net asset value per Class A Share 1.25 Number of Class B EUR Shares outstanding 1,191, Net asset value per Class B EUR Share 1.11 Number of Class B GBP Shares outstanding 11, Net asset value per Class B GBP Share GBP 0.82 The accompanying notes are an integral part of these financial statements. 15

18 New Global Equity Markets Risk 18% Portfolio Statement of operations and other changes in net assets (in EUR) from 1st May 2014 to 30th April 2015 Income Interest on bank accounts 2.19 Other income 113, Total income 113, Expenses Management fees 257, Custodian fees 9, Banking charges and other fees 3, Transaction fees 3, Central administration costs 121, Professional fees 22, Other administration costs 61, Subscription tax ("taxe d'abonnement") 2, Interest paid on bank overdrafts 3, Other expenses 66, Total expenses 552, Net investment loss -438, Net realised gain/(loss) - on securities portfolio 9, on foreign exchange Realised result -429, Net variation of the unrealised gain/(loss) - on securities portfolio 1,386, Result of operations 956, Subscriptions 152, Redemptions -1,142, Total changes in net assets -34, Total net assets at the beginning of the year 9,281, Total net assets at the end of the year 9,247, The accompanying notes are an integral part of these financial statements. 16

19 New Global Equity Markets Risk 18% Portfolio Statistical information (in EUR) as at 30th April 2015 Total net assets - as at ,247, as at ,281, as at ,908, Number of Class A Shares - outstanding at the beginning of the year 6,969, issued 120, redeemed -741, outstanding at the end of the year 6,347, Net asset value per Class A Share - as at as at as at Number of Class B EUR Shares - outstanding at the beginning of the year 1,409, issued 8, redeemed -225, outstanding at the end of the year 1,191, Net asset value per Class B EUR Share - as at as at as at Number of Class B GBP Shares - outstanding at the beginning of the year 25, issued redeemed -13, outstanding at the end of the year 11, Net asset value per Class B GBP Share - as at GBP as at GBP as at GBP 1.01 The accompanying notes are an integral part of these financial statements. 17

20 New Global Equity Markets Risk 18% Portfolio Statement of investments and other net assets (in EUR) as at 30th April 2015 Currency Number / nominal value Description Cost Fair value % of total net assets Investments in securities Transferable securities admitted to an official stock exchange listing Shares EUR 21,947 CEEREF SA Reg 2,040, ,360, Total shares 2,040, ,360, Open-ended investment funds Investment funds (UCITS) EUR 38 Delubac Pricing Power I Cap 545, , USD 90,000 World Inv Opp Fds African Performance I Cap 756, , USD 107,000 World Inv Opp Fds China Performance I Cap 712, ,013, USD 85,000 World Inv Opp Fds India Performance I Cap 587, , USD 70,000 World Inv Opp Fds Latin American Performance I Cap 522, , USD 81,000 World Inv Opp Fds South East Asia Perf Fd I Cap 602, , ,180, ,406, Total investment funds (UCITS) 3,726, ,007, Investment funds (UCI) USD 25,000 World Shariah Fds Asian Pacific Growth Red P Shs A USD Cap 193, , Total investment funds (UCI) 193, , Total investments in securities 5,960, ,589, Cash at banks 5, Bank overdrafts -165, Other net assets/(liabilities) 2,817, Total 9,247, The accompanying notes are an integral part of these financial statements. 18

21 New Global Equity Markets Risk 18% Portfolio Industrial and geographical classification of investments as at 30th April 2015 Industrial classification (in percentage of net assets) Investment funds % Investment companies % Total % Geographical classification (by domicile of the issuer) (in percentage of net assets) Luxembourg % France 6.49 % Guernsey 2.40 % Total % 19

22 Global Strategy Risk 14% Portfolio Statement of net assets (in EUR) as at 30th April 2015 Assets Securities portfolio at fair value 114, Cash at banks 20, Interest receivable on bank accounts 1.42 Prepaid expenses Total assets 135, Liabilities Bank overdrafts Interest payable on bank overdrafts Expenses payable 13, Other liabilities Total liabilities 13, Net assets at the end of the year 121, Number of Class A Shares outstanding 41, Net asset value per Class A Share 0.62 Number of Class B EUR Shares outstanding 167, Net asset value per Class B EUR Share 0.57 The accompanying notes are an integral part of these financial statements. 20

23 Global Strategy Risk 14% Portfolio Statement of operations and other changes in net assets (in EUR) from 1st May 2014 to 30th April 2015 Income Dividends, net Interest on bank accounts 2.83 Other income Total income Expenses Management fees 17, Custodian fees Banking charges and other fees Transaction fees 1, Central administration costs 63, Professional fees Other administration costs 8, Subscription tax ("taxe d'abonnement") Interest paid on bank overdrafts Other expenses 2, Total expenses 95, Net investment loss -94, Net realised gain/(loss) - on securities portfolio 42, on foreign exchange 1, Realised result -50, Net variation of the unrealised gain/(loss) - on securities portfolio -1, Result of operations -52, Subscriptions Redemptions -34, Total changes in net assets -86, Total net assets at the beginning of the year 208, Total net assets at the end of the year 121, The accompanying notes are an integral part of these financial statements. 21

24 Global Strategy Risk 14% Portfolio Statistical information (in EUR) as at 30th April 2015 Total net assets - as at , as at , as at , Number of Class A Shares - outstanding at the beginning of the year 45, issued redeemed -4, outstanding at the end of the year 41, Net asset value per Class A Share - as at as at as at Number of Class B EUR Shares - outstanding at the beginning of the year 199, issued redeemed -32, outstanding at the end of the year 167, Net asset value per Class B EUR Share - as at as at as at Number of Class B USD Shares - outstanding at the beginning of the year 13, issued redeemed -13, outstanding at the end of the year Net asset value per Class B USD Share - as at as at USD as at USD 1.48 The accompanying notes are an integral part of these financial statements. 22

25 Global Strategy Risk 14% Portfolio Statement of investments and other net assets (in EUR) as at 30th April 2015 Currency Number / nominal value Description Cost Fair value % of total net assets Investments in securities Open-ended investment funds Investment funds (UCITS) EUR 1 Delubac Pricing Power I Cap 10, , EUR 100 H20 Multibonds FCP R Cap 14, , , , USD 3 First Eagle Amundi SICAV Intl Fd AU C Cap 13, , USD 1,000 Janus Capital Fds Plc US Twenty A Cap 9, , USD 600 JPMorgan Fds Emerging Markets Equity A USD Cap 10, , USD 1,500 World Inv Opp Fds African Performance I Cap 12, , USD 1,000 World Inv Opp Fds South East Asia Perf Fd I Cap 11, , , , Total investments in securities 82, , Cash at banks 20, Bank overdrafts Other net assets/(liabilities) -12, Total 121, The accompanying notes are an integral part of these financial statements. 23

26 Global Strategy Risk 14% Portfolio Industrial and geographical classification of investments as at 30th April 2015 Industrial classification (in percentage of net assets) Investment funds % Total % Geographical classification (by domicile of the issuer) (in percentage of net assets) Luxembourg % France % Ireland % Total % 24

27 WORLD PERFORMANCE PORTFOLIOS Notes to the financial statements as at 30th April 2015 Note 1 - Significant accounting policies a) Presentation of the financial statements The financial statements of the SICAV are established in accordance with the Luxembourg legal and regulatory requirements concerning undertakings for collective investment. b) Valuation of assets 1) The value of any cash in hand or in deposit, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received is deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof is arrived at after making such discount as the Board of Directors may consider appropriate in such case to reflect the true value thereof. 2) The value of securities which are quoted or dealt in on any stock exchange is in respect of each security, the last known price, and where appropriate, the middle market price on the stock exchange which is normally the principle market for such security. 3) The value of securities dealt in on another regulated market which operates regularly and is recognized and open to the public (the regulated market ) is based on the last available price on the relevant Valuation Day. 4) In the event that any of the securities held in the SICAV s portfolio are not quoted or dealt in on any stock exchange or other regulated market or if, with respect to securities quoted or dealt in on any stock exchange or dealt in on any other regulated market, the price as determined pursuant to sub-paragraphs 2) or 3) is not representative of the fair market value of the relevant securities, the value of such securities is determined based on the reasonably foreseeable sales price determined prudently and in good faith by the Board of Directors of the SICAV. 5) Units/Shares issued by any open-ended UCI is valued at their last available net asset value at the relevant Valuation Day, as reported or provided by such underlying funds or their agents. c) Acquisition cost of securities in the portfolio The acquisition cost of the securities held by each Sub-Fund that are denominated in currencies other than the reference currency of the Sub-Fund is converted into this currency at the exchange rate prevailing on the date of purchase. d) Net realised gain (loss) on sales of securities The realised gains and losses on sales of securities are calculated on the basis of the average acquisition cost. e) Investment portfolio income Dividend income is recorded at the ex-date, net of any withholding tax. 25

28 WORLD PERFORMANCE PORTFOLIOS Notes to the financial statements (continued) as at 30th April 2015 f) Formation expenses The formation expenses were fully amortised as of 30th April 2015 on a straight line basis over a period of five years. Amortisation of formation expenses is included in Other expenses in the statement of operations. If the launch of a Sub-Fund occurs after the launch date of the SICAV, the formation expenses related to the launch of the new Sub-Fund is charged to such Sub-Fund alone and may be amortised over a maximum of five years with effect from the Sub-Fund s launch date. g) Conversion of foreign currencies Cash at banks, other net assets and the liabilities and fair value of the securities in portfolio expressed in currencies other than the currency of the Sub-Fund are converted into this currency at the exchange rate prevailing on the date of the report. Income and expenses expressed in currencies other than the currency of the Sub-Fund are converted into this currency at the exchange rate prevailing on the date of the transaction. Exchange gains or losses are recorded in the statement of operations and other changes in net assets. h) Combined financial statements The combined financial statements of the SICAV are expressed in EUR and are equal to the sum of the corresponding items in the financial statements of each Sub-Fund. i) Transaction fees Transaction costs disclosed under the item "Transaction fees" in the statement of operations and other changes in net assets are composed of broker fees incurred by the SICAV relating to purchases or sales of securities. Note 2 - Investment management and promotion/distribution fees The SICAV has appointed CASA4FUNDS SA as Management Company of the SICAV to be responsible on a day-to-day basis, under supervision of the Directors, for providing administration, marketing, investment management and advisory services in respect of all Sub-Funds. The Management Company may delegate certain of its services to external service providers, as described in the Prospectus. The SICAV and the Management Company have, by means of the Investment Management Agreement appointed DELUBAC ASSET MANAGEMENT S.A., as the Investment Manager of the assets of the SICAV. For the investment management and promotion/distribution services, the Management Company will receive the following annual rates ("Annual Fee"), payable monthly and calculated on the average monthly net assets of each Sub-Fund: Sub-Fund A & B Shares I Shares New Global Equity Markets Risk 18% Portfolio 2.25% 1.25% Global Strategy Risk 14% Portfolio 1.50% 1.00% All of the fees described above represent the comprehensive total fees as regards the investment management and promotion/distribution of the relevant Sub-Fund. Out of the Annual Fee, the Management Company will remunerate the Investment Managers, Global Distributor and the Distributors as further disclosed in the respective agreements with the different service providers. Since the Sub-Funds, in accordance with their investment policy, invest into shares/units of other UCIs or UCITS that are related by their management to the SICAV or the relevant Sub-Fund, management 26

29 WORLD PERFORMANCE PORTFOLIOS Notes to the financial statements (continued) as at 30th April 2015 fees may be charged both at the level of the target fund and at the level of the relevant Sub-Fund, provided that the additional charge resulting from management fees incurred at the level of the target fund(s) may not exceed 3% of the net asset value of the relevant Sub-Fund. At the date of the report, the related parties are as follows: Denomination Maximum management fees World Inv Opp Fds African Performance I Cap 1.25% World Inv Opp Fds China Performance I Cap 1.25% World Inv Opp Fds India Performance I Cap 1.25% World Inv Opp Fds Latin American Performance I Cap 1.25% World Inv Opp Fds South East Asia Perf Fd I Cap 1.25% Note 3 - Performance fee The Sub-Funds are subject to a Performance Fee equal to 20% of the amount by which the particular Sub-Fund achieves a return of greater than 8% within one financial year based on the increase in the Net Asset Value of the relevant Sub-Fund. There is an out-performance of the Net Asset Value of the Sub-Fund ("NAV") if the NAV has increased by more than 8% when comparing the NAV on the last Valuation day of a given financial year with the NAV on the last Valuation day of the previous financial year ( Reference NAV ). If there is an underperformance for a given period or given financial year, the Reference NAV is maintained ("High Water Mark") until a new out-performance of greater than 8% has been achieved at the end of a financial year. The amount of the Performance Fee is accrued on each Valuation day, based on the average of the outstanding Shares for that day. A Performance Fee starts to be accrued from the first Valuation day when the NAV performance for the financial year to date exceeds 1/360th of 8% above the Reference NAV, so that investors who subscribe or redeem during the financial year are treated fairly. Performance Fee accruals are revised on each Valuation day and are recalculated as appropriate so as to reflect at any time the virtual Performance Fee amount that will respectively be due at any Valuation day. At the date of the report, no performance fee was recorded for the Sub-Funds. Note 4 - Central and other administration costs The item "Central administration costs" disclosed in the statement of operations and other changes in net assets is mainly composed of the administrative agent and the transfer agent fees. As at 30th April 2015, the item Other administration costs, totalling at EUR 70, in the combined statement of operations, is mainly composed of: Sub-Fund New Global Equity Markets Risk 18% Porfolio Global Strategy Risk 14% Portfolio Currency Distribution fees Marketing fees Paying agent fees Remaining other administration cost Total EUR 17, , , , , EUR 1, , ,

30 WORLD PERFORMANCE PORTFOLIOS Notes to the financial statements (continued) as at 30th April 2015 Note 5 - Subscription tax ("taxe d abonnement") The SICAV is governed by Luxembourg law. Pursuant to the legislation and regulations in force, the SICAV is subject to an annual subscription tax ("taxe d abonnement") of 0.05% which is payable quarterly and calculated on the basis of the net assets of each Sub-Fund on the last day of each quarter. This taxation is of 0.01% for the Class I Shares. Pursuant to article 175 (a) of the Law, the net assets invested in undertakings for collective investment already subject to the "taxe d abonnement" are exempt from this tax. Note 6 - Illiquid assets a) Securities portfolio at fair value As at 30th April 2015, the following investment of the Sub-Fund New Global Equity Markets Risk 18% Portfolio representing 14.72% of the period-end net asset value is illiquid. Security name CEEREF SA Reg Valuation method The last known price on the stock exchange as at 24/03/14 Fair Value in EUR % of NAV ,360, % This investment is included in the item "Securities portfolio at fair value" of the statement of net assets of the Sub-Fund. Its value described above has been determined in accordance with the valuation principles disclosed in note 1)b)4). b) Receivable on sales of securities The SICAV holds as at 30th April 2015 some illiquid receivables in the Sub-Fund New Global Equity Markets Risk 18% Portfolio. These assets, included in the item Receivable on sales of securities in the Statement of Net Assets, can be summarized as follows: Security Name Value in % of NAV EUR Global Emerging Markets Real Estate Funds SICAV Plc ( GEMREF ) 1,725, % Xantis Investments SA Xantis Private Equity (formerly Emerging Europe Real Estate Fund Romania I ( EEREF )) 1,194, % Total 2,919, % Investment in Global Emerging Markets Real Estate Funds SICAV Plc ("GEMREF") was redeemed on 23rd December 2011 and 13th January 2012 but considering the lack of liquidity of "GEMREF", the Board of Directors of this underlying investment proposed a reimbursement plan at the end of 2011, which is currently under progress but with some delays. During the year under review, no reimbursement has been made. The shareholders of GEMREF have resolved, through an extraordinary general meeting held on the 28th January 2014, to liquidate GEMREF and appoint a liquidator. The financial statements of GEMREF until the date of its liquidation have been finalized and the liquidation process should start shortly. On 10th March 2015, the liquidator informed the Management Company that the liquidation process is currently under discussion with PricewaterhouseCoopers Malta. 28

31 WORLD PERFORMANCE PORTFOLIOS Notes to the financial statements (continued) as at 30th April 2015 Furthermore, investment in Emerging Europe Real Estate Fund Romania I ("EEREF") was redeemed on 6th September 2012 but given the lack of liquidity in "EEREF", the management company of the latter has proposed in October 2014 a reimbursement plan in three steps. The first step of the reimbursement has been taken on 19th December 2014 with a payment of EUR The next step was in May 2015 and this plan should be complete by September Note 7 - Risk management As required by Circular CSSF 11/512, the Board of Directors needs to determine the global risk exposure of the SICAV either by applying the commitment approach or the VaR approach. In terms of risk management, the Board of Directors of the SICAV decided to adopt the commitment approach as a method of determining the global risk exposure. Note 8 - Changes in investments The statement of changes in investments for the period in reference to the report is available on request, free of charge, at the registered office of the SICAV. Note 9 - Subsequent event Sylvain Feraud resigned from his position as day-to-day manager of the Management Company and as board member of the SICAV. His resignation has been effective since 26th June