Unaudited semi-annual report at June 30, 2015

Transcription

1 Société d Investissement à Capital Variable à compartiments multiples Unaudited semi-annual report at June 30, 2015 R.C.S. Luxembourg B

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3 Unaudited semi-annual report at June 30, 2015 No subscription can be received on the basis of financial statements. Subscriptions are only valid on the basis of the current Prospectus accompanied by the latest available financial statements and the latest semi-annual report if it is more recent than the financial statements. 1

4 Table of contents Organisation of the SICAV 3 General information 5 Determination of the Net Asset Value of shares 7 Information to shareholders 7 Financial statements Statement of net assets 8 Statement of operations and changes in net assets 12 Number of shares outstanding and net asset value per share 15 ASCENSUS STABIL Statement of Investments and other net assets 16 ATLAS DEFENSIV Statement of Investments and other net assets 17 ATLAS OFFENSIV Statement of Investments and other net assets 18 MOBILIS STABIL Statement of Investments and other net assets 19 MOBILIS POTENTIAL Statement of Investments and other net assets 20 MOBILIS MIX Statement of Investments and other net assets 21 THE PERSISTENCE FUND Statement of Investments and other net assets 22 CAPITAL GROWTH STRATEGY Statement of Investments and other net assets 23 CAPITAL PRESERVATION STRATEGY Statement of Investments and other net assets 24 Notes to the financial statements 25 2

5 Organisation of the SICAV REGISTERED OFFICE SEF SICAV PART II, 65, Boulevard Grande Duchesse Charlotte L-1331 LUXEMBOURG, Grand-Duchy of Luxembourg BOARD OF DIRECTORS Chairman Directors Ms TIINA NORBERG, Global Head of Securities Services, Swedbank AB (publ), Landsvägen 40, SE STOCKHOLM, Sweden Mr JONAS PRIPP, Head of Institutional Clients, Financial Institutions, Swedbank AB (publ), Landsvägen 40, SE STOCKHOLM, Sweden (from February 17, 2015) Ms AET RÄTSEPP, Head of Fund Services, Swedbank AS, Liivalaia 8, TALLINN, Estonia MANAGEMENT COMPANY AND DOMICILIARY AGENT SWEDBANK MANAGEMENT COMPANY S.A., 65, Boulevard Grande-Duchesse Charlotte, L-1331 LUXEMBOURG, Grand-Duchy of Luxembourg BOARD OF DIRECTORS OF THE MANAGEMENT COMPANY Chairman Directors Mr BENJAMIN SWEDBERG, Head of the Global Transaction Services, Swedbank AB (publ), Landsvägen 40, SE STOCKHOLM, Sweden Ms TIINA NORBERG, Global Head of Securities Services, Swedbank AB (publ), Landsvägen 40, SE STOCKHOLM, Sweden Mr MAGNUS CARLEHED, Head of Investor and Insurance Risk, Swedbank AB (publ), Landsvägen 40, SE STOCKHOLM, Sweden Mr PÄR-OLA LAURIN, Head of Global Financial Institutions, Swedbank AB (publ), Landsvägen 40, SE STOCKHOLM, Sweden CONDUCTING OFFICERS OF THE MANAGEMENT COMPANY Ms ÖZGÜL GÜLBEY, Conducting Officer, Swedbank Management Company S.A., 65, Boulevard Grande-Duchesse Charlotte, L-1331 LUXEMBOURG, Grand-Duchy of Luxembourg (from March 3, 2015) Mr TOMAS LUNDMARK, Conducting Officer, Swedbank AB (publ), Landsvägen 40, SE STOCKHOLM, Sweden (from March 3, 2015) Mr FRANÇOIS WATELET, Conducting Officer, Swedbank Management Company S.A., 65, Boulevard Grande-Duchesse Charlotte, L-1331 LUXEMBOURG, Grand-Duchy of Luxembourg Mr MARIO ZARDONI, Conducting Officer, Swedbank Management Company S.A., 65, Boulevard Grande-Duchesse Charlotte, L-1331 LUXEMBOURG, Grand-Duchy of Luxembourg REVISEUR D ENTREPRISES AGREE / CABINET DE REVISION AGREE DELOITTE AUDIT, Société à responsabilité limitée, 560, Rue de Neudorf, L-2220 LUXEMBOURG, Grand Duchy of Luxembourg 3

6 Organisation of the SICAV(continued) INVESTMENT MANAGER In respect of ASCENSUS STABIL UNITED SECURITIES AB, Brunnsgatan 21 A, SE STOCKHOLM, Sweden In respect of ATLAS OFFENSIV and ATLAS DEFENSIV CERBERUS AB, Engelbrektsgatan 7 SE STOCKHOLM, Sweden In respect of MOBILIS STABIL, MOBILIS POTENTIAL and MOBILIS MIX MOBILIS KAPITALFÖRVALTNING AB, Stortorget 13, SE HELSINGBORG, Sweden In respect of THE PERSISTENCE FUND ROMANESCO CAPITAL MANAGEMENT AB, Kungsgatan 5, SE STOCKHOLM, Sweden In respect of CAPITAL GROWTH STRATEGY and SEF SICAV PART II CAPITAL PRESERVATION STRATEGY. ACCUKAP AB, Tegnérgatan 28, SE STOCKHOLM, Sweden DOMICILIARY AGENT / ADMINISTRATOR / DEPOSITARY BANK / PAYING AGENT / REGISTRAR AND TRANSFER AGENT SWEDBANK AB (publ) Luxembourg Branch, 65, Boulevard Grande Duchesse Charlotte L-1331 LUXEMBOURG, Grand Duchy of Luxembourg DISTRIBUTOR SWEDBANK AB (publ), Landsvägen 40, SE STOCKHOLM, Sweden LEGAL ADVISORS ARENDT & MEDERNACH S.A., 14, Rue Erasme, L-2082 LUXEMBOURG, Grand Duchy of Luxembourg 4

7 General information SEF SICAV PART II (the "SICAV") was incorporated in the Grand Duchy of Luxembourg on January 30, It is organized as a variable capital investment company (société d investissement à capital variable: "SICAV") under the amended Law of August 10, 1915 relating to commercial companies and Part II of the Law of December 17, 2010, relating to undertakings for collective investment, as amended. It is established for an undetermined duration from the date of incorporation. The main objective of the SICAV is to invest the funds raised in a pool of assets with the aim of spreading the investment risks and providing to the Shareholders the results of management of the assets of the Fund. At the date of the report, the following sub-funds are offered to investors: ASCENSUS STABIL ATLAS OFFENSIV ATLAS DEFENSIV MOBILIS STABIL MOBILIS POTENTIAL MOBILIS MIX THE PERSISTENCE FUND CAPITAL GROWTH STRATEGY CAPITAL PRESERVATION STRATEGY ASCENSUS STABIL (Class A and Class I), has been launched on June 11, MOBILIS STABIL (Class I and Class R), MOBILIS POTENTIAL (Class I and Class R) and MOBILIS MIX (Class I and Class R) have been launched on July 3, ATLAS OFFENSIV (Class A) and ATLAS DEFENSIV (Class A), have been launched on October 27, THE PERSISTENCE FUND (Class A), has been launched on November 21, CAPITAL GROWTH STRATEGY (Class A) and CAPITAL PRESERVATION STRATEGY (Class A and Class B) has been launched on May 15, The class A is reserved for Retail Investors for all the sub-funds excepted for SEF SICAV PART II THE PERSISTENCE FUND. The class I is reserved for Institutional Investors for all the sub-funds excepted SEF SICAV PART II THE PERSISTENCE FUND. The class R is reserved for Retail Investors for all the sub-funds excepted SEF SICAV PART II THE PERSISTENCE FUND. The classes A, B, C and D are reserved for Institutional Investors for THE PERSISTENCE FUND. The classes E, F and G are reserved for Retail Investors for THE PERSISTENCE FUND. 5

8 The Board of Directors resolved on February 24, 2014: - to enter into a management company services agreement with Swedbank Management Company S.A. (launched on February 24, 2014) The SICAV was self-managed before the appointment of Swedbank Management Company S.A. The registered office of the SICAV is at 65, Boulevard Grande Duchesse Charlotte L-1331 LUXEMBOURG. The Articles of Incorporation of the SICAV were published in the Mémorial, Recueil Spécial des Sociétés et Associations, dated February 28, The Articles of Incorporation have been deposited with the Register of the Tribunal d Arrondissement of Luxembourg where they are available for inspection and where copies thereof can be obtained. The Fund qualifies as an AIF. It has appointed the Management Company as AIFM on February 24, The financial year of the SICAV starts on January 1 and ends on December 31 of each year. Determination of the Net Asset Value of shares The Net Asset Value of each sub-fund is expressed in the denomination currency of the respective sub-fund as per share figure, and shall be determined on any Valuation Date by SWEDBANK AB (publ) Luxembourg Branch by dividing the value of the net assets of the subfund, being the value of the assets of that sub-fund less its liabilities, on the valuation date, by the number of shares outstanding. Information to shareholders Net Asset Value The Net Asset Value, the issue and redemption prices are available to the public at the registered office of the SICAV. Financial Statements Audited annual reports and unaudited semi-annual reports are published and made available to the shareholders free of charge at the SICAV s registered office. Other Information All notices to shareholders are available at the SICAV s registered office, and are published, if required, in a newspaper in Luxembourg and in the Mémorial. Any other financial information to be published concerning the SICAV including any suspension of the net asset value, is made available to the public at the SICAV s registered office. 6

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10 Statement of net assets at June 30, 2015 COMBINED ASCENSUS STABIL ATLAS DEFENSIV SEK SEK SEK ASSETS Investments, at cost 5,821,086, ,804, ,352,632, Unrealized result on investments 11,885, , , Investments, at market value (Note 1) 5,832,971, ,683, ,353,135, Cash at banks 377,941, ,563, ,603, Cash as margin deposit 68,685, Net formation expenses (Note 1) 440, , Receivable on subscriptions 8,813, , ,411, Receivable on sales of securities 1,242, , Net unrealized result on futures (Note 12) 487, Net unrealized result on forward foreign exchange transactions (Note 11) 9,072, ,022, Accrued income (Note 1) 2,251, , ,298, ,301,906, ,499, ,426,114, LIABILITIES Payable on purchases of securities 4,348, ,348, Payable on redemptions 5,813, ,190, Accrued expenses (Note 8) 12,283, , ,569, Net accrued interest on bank accounts Other payable 149, , Bank overdraft 85,428, , ,023, ,814, ,596, TOTAL NET ASSETS AT JUNE 30, ,193,882, ,684, ,421,518, The accompanying notes form an integral part of these financial statements. 8

11 Statement of net assets at June 30, 2015 (continued) ATLAS OFFENSIV MOBILIS STABIL MOBILIS POTENTIAL MOBILIS MIX THE PERSISTENCE FUND SEK SEK SEK SEK EUR 1,348,295, ,299, ,891, ,120,351, ,016, ,549, , ,834, , , ,365,845, ,412, ,725, ,119,953, ,007, ,613, ,523, ,139, ,593, ,369, ,429, , , , ,383, , , ,049, , , , ,401,945, ,040, ,960, ,266,837, ,859, ,667, ,955, ,321, , , ,996, , , , ,202, , , ,348, , ,102, ,987, , ,398,596, ,056, ,858, ,261,850, ,416, The accompanying notes form an integral part of these financial statements. 9

12 Statement of net assets at June 30, 2015 (continued) CAPITAL GROWTH STRATEGY SEK CAPITAL PRESERVATION STRATEGY SEK ASSETS Investments, at cost 114,724, ,000, Unrealized result on investments -2,254, ,258, Investments, at market value (Note 1) 112,469, ,741, Cash at banks ,045, Cash as margin deposit Net formation expenses (Note 1) Receivable on subscriptions Receivable on sales of securities Net unrealized result on futures (Note 12) Net unrealized result on forward foreign exchange transactions (Note 11) Accrued income (Note 1) 44, , ,514, ,954, LIABILITIES Payable on purchases of securities Payable on redemptions Accrued expenses (Note 8) 64, , Net accrued interest on bank accounts Other payable 2, , Bank overdraft 37,699, ,821, ,766, ,328, TOTAL NET ASSETS AT JUNE 30, ,747, ,625, The accompanying notes form an integral part of these financial statements. 10

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14 Statement of operations and changes in net assets for the period ended June 30, 2015 COMBINED ASCENSUS STABIL ATLAS DEFENSIV SEK SEK SEK NET ASSETS AT THE BEGINNING OF THE PERIOD 1,977,653, ,411, ,786, INCOME Dividends, net 3,632, ,571, Interest on bank accounts, net Other Income (Note 15) 4,052, , ,462, Total income 7,685, , ,033, EXPENSES Depositary fees (Note 5) 921, , , Administrator fees (Note 5) 1,697, , , Audit and legal fees 369, , , Subscription Tax (Note 2) 643, , , Investment management fees (Note 6) 36,243, ,013, ,117, Amortization of formation expenses (Note 1) 194, , , Interest on bank accounts, net 42, Transaction fees (Note 14) 1,038, , , Other administration expenses 3,131, , , Management company fees (Note 7) 1,230, , , Total expenses 45,512, ,487, ,764, NET INVESTMENT RESULT -37,827, ,356, ,730, Net realized result on futures -7,039, Net realized result on forward foreign exchange transactions -15,037, , ,084, Net realized result on sales of investments 8,155, , Net realized result on foreign exchange 6,906, , ,072, NET REALIZED RESULT FOR THE PERIOD -44,843, , ,742, Change in net unrealized result on: - futures 487, forward foreign exchange transactions 12,000, , ,259, investments -26,374, , ,758, foreign exchange 1,275, , , NET CHANGE IN UNREALIZED RESULT FOR THE PERIOD -12,610, , ,280, NET CHANGE IN NET ASSETS AS A RESULT OF OPERATIONS FOR THE PERIOD -57,454, ,093, ,022, Proceeds from shares subscribed 4,385,626, ,711, ,627,456, Payments for shares redeemed -111,942, ,344, ,701, Currency revaluation of net assets at beginning of the period -1, NET ASSETS AT THE END OF THE PERIOD 6,193,882, ,684, ,421,518, The accompanying notes form an integral part of these financial statements. 12

15 Statement of operations and changes in net assets for the period ended June 30, 2015 (continued) ATLAS OFFENSIV MOBILIS STABIL MOBILIS POTENTIAL MOBILIS MIX THE PERSISTENCE FUND SEK SEK SEK SEK EUR 526,737, ,950, ,089, ,621, , ,061, , , , ,897, , , , , , , , , , , , , , , , , , , , , ,920, , , ,910, , , , , , , , , , , , , , , , , , , , , ,772, , , ,913, , ,875, , , ,521, , , ,632, , , ,303, , , ,913, , ,567, , , ,695, ,225, , ,713, ,321, , , ,455, , , , , , , ,136, , , ,570, , ,431, , , ,875, ,183, ,950, ,503, ,976, ,050, ,600, ,659, ,280, ,953, ,947, , ,398,596, ,056, ,858, ,261,850, ,416, The accompanying notes form an integral part of these financial statements. 13

16 Statement of operations and changes in net assets for the period ended June 30, 2015 (continued) CAPITAL GROWTH STRATEGY SEK CAPITAL PRESERVATION STRATEGY SEK NET ASSETS AT THE BEGINNING OF THE PERIOD INCOME Dividends, net Interest on bank accounts, net Other Income (Note 15) 44, , Total income 44, , EXPENSES Depositary fees (Note 5) 2, , Administrator fees (Note 5) 5, , Audit and legal fees Subscription Tax (Note 2) 3, , Investment management fees (Note 6) 49, , Amortization of formation expenses (Note 1) 2, , Interest on bank accounts, net Transaction fees (Note 14) Other administration expenses Management company fees (Note 7) 4, , Total expenses 66, , NET INVESTMENT RESULT -22, , Net realized result on futures Net realized result on forward foreign exchange transactions Net realized result on sales of investments , Net realized result on foreign exchange 349, , NET REALIZED RESULT FOR THE PERIOD 327, , Change in net unrealized result on: - futures forward foreign exchange transactions investments -2,254, ,258, foreign exchange , NET CHANGE IN UNREALIZED RESULT FOR THE PERIOD -2,254, ,169, NET CHANGE IN NET ASSETS AS A RESULT OF OPERATIONS FOR THE PERIOD -1,926, ,787, Proceeds from shares subscribed 76,674, ,413, Payments for shares redeemed Currency revaluation of net assets at beginning of the period NET ASSETS AT THE END OF THE PERIOD 74,747, ,625, The accompanying notes form an integral part of these financial statements. 14

17 Number of shares outstanding and net asset value per share Sub-funds Ccy Number of shares outstanding Net asset value per share 30/06/ /06/2015 ASCENSUS STABIL A - SEK 119, ASCENSUS STABIL I - SEK 1,341, ATLAS DEFENSIV A - SEK 22,964, ATLAS OFFENSIV A - SEK 13,139, MOBILIS MIX R - SEK 8, MOBILIS MIX I - SEK 11,546, MOBILIS POTENTIAL R - SEK 7, MOBILIS POTENTIAL I - SEK 698, MOBILIS STABIL R - SEK 1, MOBILIS STABIL I - SEK 191, THE PERSISTENCE FUND A - EUR 306, CAPITAL GROWTH STRATEGY * A - SEK 766, CAPITAL PRESERVATION STRATEGY * A - SEK 4,545, CAPITAL PRESERVATION STRATEGY * B - SEK 678, * Launched on May 15, 2015 The accompanying notes form an integral part of these financial statements 15

18 ASCENSUS STABIL Statement of Investments and other net assets at June 30, 2015 (in SEK) Description Number of shares Market Value (in SEK) % of NAV INVESTMENT FUNDS INVESTMENT FUNDS IN EUR DEUTSCHE INV GL INFRASTRC-FC 1,385 1,842, ,842, INVESTMENT FUNDS IN SEK BLACKROCK STR EU DYN 56,180 6,643, CARNEGIE CORP BOND -A- 11,489 4,513, CARNEGIE LIKVIDITETSFONDS 4,469 5,403, CATELLA AVKASTNINGSFOND 66,537 8,488, CATELLA HEDGE FUND 77,915 12,902, DNB FRN FOND 26,573 2,817, HANDELS SVENSK SMABOLAG 940 1,005, INVESCO BALANCED RISK ALLOCATION - AA SEKH 82,624 8,909, NORDEA BOSTADSOBLIGATION FOND 18,060 1,983, NORDEA GLO STABLE EQUITY 55,371 7,601, NORRON TARGET FUND 76,406 9,516, OHMANS FORETAGSOBLIGATIONEN 44,030 4,981, SCHRODERS GL DYN BAL ASKH 9,431 11,131, SPILTAN AKTIEFOND STABIL 2, , SPP AKTIEFD STABIL 46,393 6,902, SPP OBLIGATIONSFOND 6, , STANDARD LF-GLOB ABS RE-HDSE 94,306 12,712, SWEDBANK ROBUR FORTAGSO FRN 92,763 13,468, SWEDBANK ROBUR INDEXFOND EUROPA 26,030 2,945, SWEDBANK ROBUR INDEXFOND SVERIGE 72,791 10,604, SWEDBANK ROBUR INDEXFOND USA 15,564 2,911, ,374, INVESTMENT FUNDS IN USD FID GL PR Y ACC USD 13,955 1,465, ,465, TOTAL INVESTMENT FUNDS 140,683, TOTAL INVESTMENTS 140,683, CASH 10,558, OTHER NET LIABILITIES -5,556, TOTAL NET ASSETS 145,684, The accompanying notes form an integral part of these financial statements. 16

19 ATLAS DEFENSIV Statement of Investments and other net assets at June 30, 2015 (in SEK) Description Number of shares Market Value (in SEK) % of NAV INVESTMENT FUNDS INVESTMENT FUNDS IN EUR ALKEN FUND-EUROP OPPORT-EU1A 70, ,638, DB PLATINUM CROCI 161, ,554, ,193, INVESTMENT FUNDS IN SEK BRUM&PART LYNX DYNAMISK 1,690, ,927, CARNEGIE CORP BOND -A- 260, ,232, CARNEGIE SVERIGEFOND 73, ,230, DNB SMABOLAG 60, ,310, FRANKLIN TEMPLETON TOT RETURN AA SEK 7,941, ,382, FRANKLIN TEMPLETON INV GLOBAL BOND-A A SEK 15,364, ,808, MUZIN EUROYIELD SEK 763, ,338, RAM LUX SYSTEMATIC FUND - EMERGING MARKETS EQUITIES 83, ,524, ,198,754, INVESTMENT FUNDS IN USD FORT GLOBAL OFFSHORE CONTRARIAN CLASS 1 SERIER DED 28, ,721, MARKET VECTORS MORNINGSTAR WID 424, ,811, QUANTICA MGD FUT 250, ,877, SPDR BARC HY BD 307,300 97,921, SPDR S&P EMERGING MARKETS SMALL 445, ,855, ,187, TOTAL INVESTMENT FUNDS 2,353,135, TOTAL INVESTMENTS 2,353,135, CASH 61,603, OTHER NET ASSETS 6,780, TOTAL NET ASSETS 2,421,518, The accompanying notes form an integral part of these financial statements. 17

20 ATLAS OFFENSIV Statement of Investments and other net assets at June 30, 2015 (in SEK) Description Number of shares Market Value (in SEK) % of NAV INVESTMENT FUNDS INVESTMENT FUNDS IN EUR ALKEN FUND-EUROP OPPORT-EU1A 86, ,017, DB PLATINUM CROCI 98, ,393, ,411, INVESTMENT FUNDS IN SEK BRUM&PART LYNX DYNAMISK 489,163 62,769, CARNEGIE SVERIGEFOND 50, ,521, DNB SMABOLAG 41, ,713, ENTER SELECT PRO 31, ,568, RAM LUX SYSTEMATIC FUND - EMERGING MARKETS EQUITIES 76, ,883, ,456, INVESTMENT FUNDS IN USD EGSHARES EM CONSUMER ETF 352,100 76,117, GLOBAL X NEXT EMERGING&FRONT 413,700 75,824, GLOBAL X SUPERDIVIDEND ETF 684, ,289, MARKET VECTORS MORNINGSTAR WID 520, ,204, SPDR S&P EMERGING MARKETS SMALL 412, ,541, ,977, TOTAL INVESTMENT FUNDS 1,365,845, TOTAL INVESTMENTS 1,365,845, CASH 26,613, OTHER NET ASSETS 6,137, TOTAL NET ASSETS 1,398,596, The accompanying notes form an integral part of these financial statements. 18

21 MOBILIS STABIL Statement of Investments and other net assets at June 30, 2015 (in SEK) Description Number of shares Market Value (in SEK) % of NAV INVESTMENT FUNDS INVESTMENT FUNDS IN SEK AKTIE ANS GRAAL KVANTHE 8,771 1,108, ATLANT STABILITY 1,498 2,001, CATELLA CREDIT OPPORT 12,991 1,324, CATELLA HEDGE FUND 10,387 1,720, DNB FRN FOND 12,800 1,356, HOLBERG KREDIT SEK-B 16,062 1,648, PARETO GLOBAL CORP BOND-B 19,916 1,991, PRIOR AND NILSSON YIELD HEDGE FUND 1,617 1,789, SPILTAN RANTEFOND SVERIGE 17,761 2,071, XACT OMX30 2, , ,412, TOTAL INVESTMENT FUNDS 15,412, TOTAL INVESTMENTS 15,412, CASH 3,522, OTHER NET ASSETS 121, TOTAL NET ASSETS 19,056, The accompanying notes form an integral part of these financial statements. 19

22 MOBILIS POTENTIAL Statement of Investments and other net assets at June 30, 2015 (in SEK) Description Number of shares Market Value (in SEK) % of NAV INVESTMENT FUNDS INVESTMENT FUNDS IN SEK SHB-GLB CRI-A1 86,580 16,963, SPOTR BULL OMXS30 59,500 14,077, XACT BULL 2 27,725 15,828, XACT OMX30 67,450 11,230, ,099, INVESTMENT FUNDS IN USD ISHR MSCI WORLD ACC 41,800 14,757, SCHROD INTL QEP GL CO I AC 55,769 12,868, ,625, TOTAL INVESTMENT FUNDS 85,725, TOTAL INVESTMENTS 85,725, CASH 1,936, OTHER NET LIABILITIES -2,803, TOTAL NET ASSETS 84,858, The accompanying notes form an integral part of these financial statements. 20

23 MOBILIS MIX Statement of Investments and other net assets at June 30, 2015 (in SEK) Description Number of shares Market Value (in SEK) % of NAV INVESTMENT FUNDS INVESTMENT FUNDS IN SEK AKTIE ANS GRAAL KVANTHE 515,367 65,106, CATELLA CREDIT OPPORT 643,518 65,606, CATELLA HEDGE FUND 391,399 64,815, HOLBERG KREDIT SEK-B 638,970 65,582, SHB SVERIGEFOND INDEX 20, ,983, SHB-GLB CRI-A1 846, ,866, SPOTR OMXS30 ETF 514,200 88,185, XACT BULL 2 26,000 14,843, XACT OMX30 1,146, ,858, ,848, INVESTMENT FUNDS IN USD ISHR MSCI WORLD ACC 294, ,794, SCHROD INTL QEP GL CO I AC 465, ,310, ,104, TOTAL INVESTMENT FUNDS 1,119,953, TOTAL INVESTMENTS 1,119,953, CASH 146,557, OTHER NET LIABILITIES -4,661, TOTAL NET ASSETS 1,261,850, The accompanying notes form an integral part of these financial statements. 21

24 THE PERSISTENCE FUND Statement of Investments and other net assets at June 30, 2015 (in EUR) Description Nominal value Market Value (in EUR) % of NAV TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING BONDS BONDS IN EUR GERMAN T-BILL ,000,000 12,007, ,007, TOTAL BONDS 12,007, TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING 12,007, TOTAL INVESTMENTS 12,007, CASH 17,402, OTHER NET ASSETS 6, TOTAL NET ASSETS 29,416, The accompanying notes form an integral part of these financial statements. 22

25 CAPITAL GROWTH STRATEGY Statement of Investments and other net assets at June 30, 2015 (in SEK) Description Number of shares Market Value (in SEK) % of NAV INVESTMENT FUNDS INVESTMENT FUNDS IN EUR CHENAVARI CR MS2 EUR 10,395 13,867, ,867, INVESTMENT FUNDS IN SEK BRUM&PART LYNX DYNAMISK 46,977 6,027, BRUMMER&PARTNERS LYNX HEDGEFOND 24,087 6,200, MADRAGUE EQ LG/SH C 12,530 17,707, NORDKINN FIXED INCOME MACRO SEK A 169,367 18,500, NORRON ACTIVE FUND 86,193 19,985, NORRON SELECT FD RCSEK 163,288 23,363, RHENMAN HEALTH SKRC2 17,355 6,817, ,602, TOTAL INVESTMENT FUNDS 112,469, TOTAL INVESTMENTS 112,469, OTHER NET LIABILITIES -22, BANK OVERDRAFT -37,699, TOTAL NET ASSETS 74,747, The accompanying notes form an integral part of these financial statements. 23

26 CAPITAL PRESERVATION STRATEGY Statement of Investments and other net assets at June 30, 2015 (in SEK) Description Number of shares Market Value (in SEK) % of NAV INVESTMENT FUNDS INVESTMENT FUNDS IN SEK ADRIGO HEDGE 503,437 77,171, BLUEBAY EVENT DRIVEN CREDIT -A- 26,000 26,000, EXCALIBUR 8, ,447, NEKTAR HEDGEFOND 21,064 51,696, NORDKINN FIXED INCOME MACRO SEK A 1,007, ,000, NORRON SELECT FD RCSEK 370,720 53,042, NORRON TARGET FUND 869, ,382, ,741, TOTAL INVESTMENT FUNDS 528,741, TOTAL INVESTMENTS 528,741, OTHER NET LIABILITIES -339, BANK OVERDRAFT -12,776, TOTAL NET ASSETS 515,625, The accompanying notes form an integral part of these financial statements. 24

27 Notes to the financial statements at June 30, 2015 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Presentation of the financial statements The financial statements of the SICAV are presented in accordance with generally accepted accounting principles in Luxembourg applicable to UCIs. B. Valuation policy Liquid assets are valued at their nominal value plus accrued interest. Investments in investment funds are taken at their latest Net Asset Values reported by the administrator of the relevant investment fund. Securities and money market instruments admitted to official listing on a stock exchange or which are traded on another regulated market are valued on the basis of the last known sales price. If the same security or money market instruments are quoted on different markets, the quotation of the main market for this security is used. If there is no relevant quotation or if the quotations are not representative of the fair value, the valuation is made in good faith by the Board of Directors with a view to establishing the probable sale price for such securities. Non-listed securities or money market instruments are valued on the basis of their probable sales price as determined in good faith by the Board of Directors. Unexpired forward foreign exchange rate contracts are valued at the forward exchange rates applicable on the valuation date or on the closing date and unrealized result resulting from them is recorded in the statement of net assets. Assets or liabilities denominated in a currency other than that in which the relevant Net Asset Value is expressed, are converted at the relevant foreign currency spot rate on the relevant Valuation Day. If such quotations are not available, the rate of exchange is determined in good faith by or under procedures established by the Board of Directors of the SICAV. In that context account are taken of hedging instruments used to cover foreign exchange risks. All other securities, instruments and other assets are valued at fair value, as determined in good faith pursuant to procedures established by the Board of Directors of the SICAV. Realized gains and losses on sales of investments or financial instruments are determined on the basis of the average cost of investments or financial instruments sold. 25

28 Notes to the financial statements at June 30, 2015 (continued) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) C. Income recognition policy Interest is accrued on a daily basis. Interest income on bank deposits is based on interest rates arranged between the depositary bank and the SICAV s management and may differ from prevailing market rates of interest. Dividends are recognized as income on the date securities are first quoted ex-dividend. D. NAV calculation policy The Net Asset Value of each sub-fund is expressed in Swedish Krona (SEK), excepted for THE PERSISTENCE FUND expressed in Euro (EUR), as a per share figure and is determined on any valuation date, by dividing the value of the net assets of the sub-fund, being the value of the assets of that sub-fund less its liabilities, on the valuation date, by the number of shares then outstanding. E. Combined financial statements The combined statement of net assets and combined statement of operations and changes in net assets represent the total of the statements of net assets and statements of operations and changes in net assets of the individual sub-funds, converted in SEK at the exchange rates applicable at period-end. F. Formation expenses Formation expenses are amortized on a straight-line basis over the first year for THE PERSISTENCE FUND, the first three years for ATLAS OFFENSIV and ATLAS DEFENSIV and the first five years for MOBILIS STABIL, MOBILIS POTENTIAL, MOBILIS MIX, ASCENSUS STABIL, CAPITAL GROWTH STRATEGY and CAPITAL PRESERVATION STRATEGY. NOTE 2 SUBSCRIPTION TAX Fees paid to authorities are mainly composed of the subscription tax. Under the prevailing laws and regulations, the SICAV is subject to a tax called "taxe d abonnement", payable quarterly and calculated at the annual rate of 0.05% based on the aggregate Net Asset Value at the end of each quarter, except for Class I which will be subject to the reduced subscription tax of 0.01% per annum as its shares are reserved for Institutional Investors. Pursuant to Article 129 (3) of the amended Law of December 17, 2010 the net assets invested in undertakings for collective investment already subject to the "taxe d abonnement" are exempt from this tax. NOTE 3 CURRENCY TRANSLATION POLICIES Rates used are as at June 30, EUR = SEK USD = SEK NOTE 4 COMMISSIONS ON SUBSCRIPTIONS, REDEMPTIONS AND CONVERSIONS There are no commissions on subscription, redemptions and conversions. 26

29 Notes to the financial statements at June 30, 2015 (continued) NOTE 5 DEPOSITARY FEES AND ADMINISTRATOR FEES SWEDBANK AB (Publ) Luxembourg Branch has been appointed to act as depositary bank, domiciliary, paying agent and central administrator. The Depositary Bank, Administrator, Registrar and Transfer, Domiciliary, Paying Agent and Risk Manager (SWEDBANK AB) is entitled to receive out of the assets of each Sub-fund a fee of up to 0.50% per annum of the average quarterly net asset value thereof during the relevant quarter and payable monthly in arrears for MOBILIS STABIL, SEF SICAV PART II MOBILIS POTENTIAL and MOBILIS MIX. For the period ended June 30, 2015, administration fee rates were: ASCENSUS STABIL 0.090% ATLAS OFFENSIV 0.080% ATLAS DEFENSIV 0.080% MOBILIS STABIL 0.080% MOBILIS POTENTIAL 0.080% MOBILIS MIX 0.080% THE PERSISTENCE FUND 0.070% CAPITAL GROWTH STRATEGY 0.080% CAPITAL PRESERVATION STRATEGY 0.080% For the period ended June 30, 2015, depositary fee rates were: ASCENSUS STABIL Range between 0.035% and 0.040% of the Net Asset Value depending on the type and the geographical origin of the securities ATLAS OFFENSIV, ATLAS DEFENSIV and SEF SICAV PART II THE PERSISTENCE FUND Range between 0.040%% and 0.060% of the Net Asset Value depending on the type and the geographical origin of the securities MOBILIS STABIL, MOBILIS POTENTIAL and MOBILIS MIX Range between 0.035% and 0.050% of the Net Asset Value depending on the type and the geographical origin of the securities CAPITAL GROWTH STRATEGY and CAPITAL PRESERVATION STRATEGY % of the Net Asset Value 27

30 Notes to the financial statements at June 30, 2015 (continued) NOTE 6 INVESTMENT MANAGEMENT FEES The Investment Management Fees are paid by the SICAV on a quarterly basis to the Investment Managers. For the period ended June 30, 2015, investment management fee rates were: ASCENSUS STABIL Class A 1.700% ASCENSUS STABIL Class I 1.950% ATLAS OFFENSIV 2.050% ATLAS DEFENSIV 1.600% MOBILIS STABIL Class I 1.500% MOBILIS STABIL Class R 0.900% MOBILIS POTENTIAL Class I 2.250% MOBILIS POTENTIAL Class R 1.500% MOBILIS MIX Class I 2.250% MOBILIS MIX Class R 1.500% THE PERSISTENCE FUND 1.000% CAPITAL GROWTH STRATEGY 0.750% CAPITAL PRESERVATION STRATEGY Class A 0.900% CAPITAL PRESERVATION STRATEGY Class B 0.800% Investment Management fees of other UCIs or UCITS (excluding any performance fees) may be in total up to: % for ASCENSUS STABIL % for ATLAS OFFENSIV and ATLAS DEFENSIV % for MOBILIS STABIL, MOBILIS POTENTIAL and MOBILIS MIX % for CAPITAL GROWTH STRATEGY and SEF SICAV PART II CAPITAL PRESERVATION STRATEGY. NOTE 7 MANAGEMENT COMPANY FEES The management company fees including risk management and domiciliation are based on the Total Net Asset Value of each sub-fund per year. The annual Management Company fee rate is 0.05% for each the sub-fund except for SEF SICAV PART II THE PERSISTENCE FUND, CAPITAL GROWTH STRATEGY and CAPITAL PRESERVATION STRATEGY. The annual management company fee rate is 0.035% and at a fixed rate of 6, euros for the sub-fund SEF SICAV PART II - THE PERSISTENCE FUND and 0.06% for the sub-funds CAPITAL GROWTH STRATEGY and CAPITAL PRESERVATION STRATEGY. 28

31 Notes to the financial statements at June 30, 2015 (continued) NOTE 8 ACCRUED EXPENSES At June 30, 2015, accrued expenses consist of: ASCENSUS STABIL (SEK) ATLAS DEFENSIV (SEK) ATLAS OFFENSIV (SEK) Administrator fees (Note 5) 27, , , Audit and legal fees -38, , , Depositary fees (Note 5) 10, , , Investment Management fees (Note 6) 248, ,337, ,504, Kickback fees (Note 15) , , Management Company fees (Note 7) 15, , , Subscription Tax (Note 2) 6, , , Total 270, ,569, ,321, MOBILIS STABIL (SEK) MOBILIS POTENTIAL (SEK) MOBILIS MIX (SEK) Administrator fees (Note 5) 4, , , Audit and legal fees -38, , , Depositary fees (Note 5) 2, , , Investment Management fees (Note 6) 25, , ,548, Kickback fees (Note 15) Management Company fees (Note 7) 2, , , Subscription Tax (Note 2) -14, , , Total -16, , ,996, THE PERSISTENCE FUND (EUR) CAPITAL GROWTH STRATEGY (SEK) CAPITAL PRESERVATION STRATEGY (SEK) Administrator fees (Note 5) 5, , , Audit and legal fees 1, Depositary fees (Note 5) , , Investment Management fees (Note 6) 26, , , Kickback fees (Note 15) Management Company fees (Note 7) 2, , , Subscription Tax (Note 2) 1, , , Total 36, , ,

32 Notes to the financial statements at June 30, 2015 (continued) NOTE 9 PERFORMANCE FEES In addition to the management fees, performance fees are added. The performance fee for each sub-fund is calculated as follow: MOBILIS STABIL The Performance Fee is calculated and crystallized on each Valuation Day and will be accrued on the last Business Day of each month. If a performance fee is due, it shall be paid to the Investment Manager by the Fund monthly in arrears. The Performance Fee is calculated after the Management Fee has been deducted from the Net Asset Value per Share. The Performance Fee will equal to the number of Shares in the Share Class multiplied by the Performance Fee rate which corresponds to 20% multiplied by the positive excess performance, if any, per Share recorded that Valuation Day as compared to the performance of OMRX T-Bill Index. No performance fee is paid this period. MOBILIS POTENTIAL The Performance Fee is calculated and crystallized on each Valuation Day and will be accrued on the last Business Day of each month. If a performance fee is due, it shall be paid to the Investment Manager by the Fund monthly in arrears. The Performance Fee is calculated after the Management Fee has been deducted from the Net Asset Value per Share. The Performance Fee will equal to the number of Shares in the Share Class multiplied by the Performance Fee rate which corresponds to 20% multiplied by the positive excess performance, if any, per Share recorded that Valuation Day as compared to the performance of OMRX T-Bill Index. No performance fee is paid this period. MOBILIS MIX The Performance Fee is calculated and crystallized on each Valuation Day and will be accrued on the last Business Day of each month. If a performance fee is due, it shall be paid to the Investment Manager by the Fund monthly in arrears. The Performance Fee is calculated after the Management Fee has been deducted from the Net Asset Value per Share. The Performance Fee will equal to the number of Shares in the Share Class multiplied by the Performance Fee rate which corresponds to 20% multiplied by the positive excess performance, if any, per Share recorded that Valuation Day as compared to the performance of OMRX T-Bill Index. No performance fee is paid this period. THE PERSISTENCE FUND The performance fee is calculated and accrued daily and paid out of the Sub-Fund quarterly at each month end of March, June, September and December (a Calculation Period ). For each Calculation Period, the Performance Fee in respect of each Class will be equal to a percentage of the appreciation in the Net Asset Value per Share during that Calculation Period above the base Net Asset Value of that Share. The base Net Asset Value of a Share is the greater of the net Asset Value of that Share at the time of its issue and the highest Net Asset Value achieved by that Share as at the end of any previous Calculation Period (if any) with reference to which a Performance Fee has been paid and during which such Share was in issue ( High Watermark principle). The Performance Fee in respect of each Calculation Period will be calculated by reference to the Net Asset Value before making any deduction for accrued Performance Fees. 30

33 Notes to the financial statements at June 30, 2015 (continued) NOTE 9 PERFORMANCE FEES (CONTINUED) The Performance Fee will be calculated and accrued as an expense of the relevant Class of Shares as at each Valuation Day (i.e. as of the last Business Day of the month) and will be payable to the Investment Manager in arrears within 3-5 days of the end of each Calculation Period. The concept of crystallization will be applied, meaning that the performance fee due to the AIFM is precisely determined (accrued or crystallized ) at any time, in order to ensure that an investor applying for the redemption of his Shares within a certain period nevertheless pays an adequate portion of the performance fee due at the end of the month. If the appointment of the Investment Manager is terminated during a Calculation Period, the Performance Fee in respect of the then current Calculation Period will be calculated and paid as though the date of termination were the end of the relevant period. With regards to the first Calculation Period the High Watermark for Share Class A is set at 100. The Performance Fee shall be subject to a High Watermark principle and shall amount to: Class A Shares 15% and Class B & C Shares 20% (Institutional Share Classes) Class D, E & F Shares 20% (Retail share Classes) No performance fee is paid this period. CAPITAL GROWTH STRATEGY The Performance Fee is calculated and crystallized on each Valuation Day and will be accrued on the last Business Day of each month. If a performance fee is due, it shall be paid to the Investment Manager by the Fund on monthly in arrears. The Performance Fee is calculated after the Management Fee has been deducted from the Net Asset Value per Share. The Performance Fee will equal to the number of Shares in the Share Class multiplied by the Performance Fee rate which corresponds to 20% multiplied by the positive excess performance, if any, per Share recorded that Valuation Day as compared to the performance of 1M STIBOR. No performance fee is paid this period. No performance fee as to be calculated for the following sub-funds: ASCENSUS STABIL, ATLAS OFFENSIV, ATLAS DEFENSIV and CAPITAL PRESERVATION STRATEGY. NOTE 10 CHANGES IN THE INVESTMENT PORTFOLIO Changes in the investment portfolio during the reporting period are available to the shareholders at the address of the depositary bank and domiciliary agent. NOTE 11 FORWARD FOREIGN EXCHANGE TRANSACTIONS - OPEN POSITIONS At June 30, 2015, the following forward foreign exchange transactions were opened: ATLAS DEFENSIV Currency Buy Currency Sell Maturity Unrealized Result (SEK) SEK 148,324, USD 17,420, /08/2015 4,022, ,022,

34 Notes to the financial statements at June 30, 2015 (continued) NOTE 11 FORWARD FOREIGN EXCHANGE TRANSACTIONS - OPEN POSITIONS (CONTINUED) ATLAS OFFENSIV Currency Buy Currency Sell Maturity Unrealized Result (SEK) SEK 178,721, USD 20,990, /08/2015 4,847, SEK 44,505, EUR 4,800, /08/ , SEK 6,726, EUR 720, /08/ , SEK 1,104, EUR 120, /08/2015-4, ,049, The counterparty to forward foreign exchange transactions is Swedbank AB for all Sub-Funds. NOTE 12 FUTURES CONTRACTS - OPEN POSITIONS At June 30, 2015, the following futures contracts were opened: THE PERSISTENCE FUND Number of Contracts Description 32 Expiration Date Currency Market Value (EUR) Unrealized Result (EUR) -2 OSA JPN 10Y BON /09/2015 JPY -40,073,619, CHI US 10YR NOT /09/2015 USD 6,326, , EUR Euro-Bobl /09/2015 EUR -2,073, , EUR EURO-BUND /09/2015 EUR -8,208, , CHI US T-BONDS /09/2015 USD 2,689, , INTEREST RATE FUTURES Total -120, CHI S&P 500 EMI /09/2015 USD -7,096, , OMXS30 IND FUTURE 01/07/2015 SEK -8,551, SIN MSCI TAIWAN /07/2015 USD -266, SYD SPI 200 FUT /09/2015 AUD -1,563, , EUR CAC /07/2015 EUR 47, , CHI E-MINI DOW /09/2015 USD -1,171, , EUR UK LGILT /09/2015 GBP -2,703, , H-K H-SHARES /07/2015 HKD -44,645, , SGX CNX NIF /07/2015 USD -560, SIN NIKKEI /09/2015 JPY -26,278,611, NASDAQ /09/2015 USD -2,543, , RUSSELL /09/2015 USD -417, , EUR EURO STOXX /09/2015 EUR 68, , EQUITY INDEX FUTURES Total 21, CHI YEN CCY FUT /09/2015 USD -45,584, , AUD CCY FUT /09/2015 USD -342, COM BP CCY FUT /09/2015 USD 219, CAD DLR /09/2015 USD -1,782, , CHF CCY FUT /09/2015 USD -1,941, , CURRENCY FUTURES Total 1, N-Y SOYBEAN OIL /12/2015 USD 157,158, , CHI COPPER FUTU /09/2015 USD -509, N-Y SOYBEAN 01/12/2015 USD -192, , MEA N-Y NYHRBOB BLE /07/2015 USD 2,109, , N-Y CORN FUTUR /09/2015 USD 446, , COCOA /09/2015 USD -2, , N-Y CRUDE OIL /07/2015 USD 14,577, N-Y COTTON /12/2015 USD 1,626, , N-Y GOLD /08/2015 USD -1,436, N-Y HEAT OIL /07/2015 USD 2,918, COFFEE /09/2015 USD -82,980, SOYBEAN /11/2015 USD 231, , N-Y NYB SUGAR /09/2015 USD 178,956, ,546.29

35 Notes to the financial statements at June 30, 2015 (continued) NOTE 12 FUTURES CONTRACTS - OPEN POSITIONS (CONTINUED) THE PERSISTENCE FUND (continued) Number of Contracts Description Expiration Date Currency Market Value (EUR) Unrealized Result (EUR) -15 N-Y SILVER /09/2015 USD -1,302, , N-Y W /09/2015 USD 445, , COMMODITY FUTURES Total 150, TOTAL 52, NOTE 13 RELATED - PARTIES TRANSACTIONS During the period, the sub-fund ASCENSUS STABIL invested part of its assets into other collective investment undertakings promoted by Swedbank group. NOTE 14 TRANSACTION FEES As at year-end the transactions fees are composed of fees on purchases and sales on portfolio, options, warrants, futures, forward foreign exchange transactions and forward rate agreements. The amounts disclosed in the statement of operations and changes in net assets correspond to the amounts of transaction fees for the whole year. NOTE 15 OTHER INCOME At June 30, 2015, other income consists mainly of: ASCENSUS STABIL (SEK) ATLAS OFFENSIV (SEK) ATLAS DEFENSIV (SEK) Kickback fees 130, , ,462, MOBILIS STABIL (SEK) MOBILIS POTENTIAL (SEK) MOBILIS MIX (SEK) Kickback fees 20, , THE PERSISTENCE FUND (EUR) CAPITAL GROWTH STRATEGY (SEK) CAPITAL PRESERVATION STRATEGY (SEK) Kickback fees , , These fees represent a rebate on management fees paid by underlying funds. 33

36 Notes to the financial statements at June 30, 2015 (continued) NOTE 16 VARIATION OF UNREALIZED AND REALIZED GAIN/LOSS ON INVESTMENTS SECURITIES Realized gain/loss on investment securities during the financial period are as follows: ASCENSUS STABIL (SEK) ATLAS DEFENSIV(SEK) ATLAS OFFENSIV (SEK) MOBILIS STABIL (SEK) MOBILIS POTENTIAL (SEK) MOBILIS MIX (SEK) THE PERSISTENCE FUND (EUR) CAPITAL GROWTH STRATEGY (SEK) CAPITAL PRESERVATION STRATEGY (SEK) Realized gain (in sub-fund currency) Realized loss (in sub-fund currency) Net realized gain/loss (in sub-fund currency) 979, , , , , , , ,328, , ,303, , , Unrealized gain/loss on investment securities during the financial period are as follows: ASCENSUS STABIL (SEK) ATLAS DEFENSIV(SEK) ATLAS OFFENSIV (SEK) MOBILIS STABIL (SEK) MOBILIS POTENTIAL (SEK) MOBILIS MIX (SEK) THE PERSISTENCE FUND (EUR) CAPITAL GROWTH STRATEGY (SEK) CAPITAL PRESERVATION STRATEGY (SEK) Change in the unrealized gain (in sub-fund currency) Change in the unrealized loss (in sub-fund currency) Net change in the unrealized gain/loss (in sub-fund currency) 308, ,172, , ,539, ,297, ,758, ,506, ,185, ,321, , , , ,344, ,443, , ,232, ,688, ,455, , , ,254, ,254, ,258, ,258,