SELECTRA INVESTMENTS SICAV Société d'investissement à Capital Variable organised under the laws of Luxembourg

Transcription

1 Unaudited semi-annual report SELECTRA INVESTMENTS SICAV Société d'investissement à Capital Variable organised under the laws of Luxembourg 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 issue prospectus and the key investor information document ("KIID") accompanied by the subscription form, the latest annual report and the most recent semi-annual report, if published thereafter.

3 SELECTRA INVESTMENTS SICAV Contents Organisation... 2 General information... 5 Combined statement of net assets... 7 SELECTRA INVESTMENTS SICAV - J. LAMARCK BIOTECH... 8 Statement of net assets... 8 Statement of investments and other net assets... 9 Industrial and geographical classification of investments SELECTRA INVESTMENTS SICAV - J. LAMARCK PHARMA Statement of net assets SELECTRA INVESTMENTS SICAV - ICAM FIRST Statement of net assets Statement of investments and other net assets Industrial and geographical classification of investments SELECTRA INVESTMENTS SICAV - CRYSTAL BLUE Statement of net assets Statement of investments and other net assets Industrial and geographical classification of investments SELECTRA INVESTMENTS SICAV - CRYSTAL ROSE Statement of net assets Statement of investments and other net assets Industrial and geographical classification of investments Notes to the financial statements

4 SELECTRA INVESTMENTS SICAV Organisation Registered office 11, rue Aldringen L-1118 LUXEMBOURG Board of Directors Chairman Marco CALDANA Chief Executive Officer FARAD INTERNATIONAL S.A. 9, rue Schiller L-2519 LUXEMBOURG Directors Marco CIPOLLA Olivier GOÏOT Guglielmo KATTE KLITSCHE DE LA GRANGE Managing Partner SELECTRA MANAGEMENT COMPANY S.A. 9, rue Schiller L-2519 LUXEMBOURG Chief Financial Officer FARAD GLOBAL SERVICES E.I.G. 9, rue Schiller L-2519 LUXEMBOURG (since 7th August 2015) Legal and Compliance Officer FARAD INTERNATIONAL S.A. 9, rue Schiller L-2519 LUXEMBOURG (until 7th August 2015) Management Company SELECTRA MANAGEMENT COMPANY S.A. 9, rue Schiller L-2519 LUXEMBOURG Board of Directors of the Management Company Chairman Marco CALDANA Partner SELECTRA MANAGEMENT COMPANY S.A. 9, rue Schiller L-2519 LUXEMBOURG 2

5 SELECTRA INVESTMENTS SICAV Organisation (continued) Directors Marco CIPOLLA Marco CLAUS Serge D ORAZIO Marcus PETER Managing Partner SELECTRA MANAGEMENT COMPANY S.A. 9, rue Schiller L-2519 LUXEMBOURG Managing Partner SELECTRA MANAGEMENT COMPANY S.A. 9, rue Schiller L-2519 LUXEMBOURG Head of Institutional & Professional Services KBL EUROPEAN PRIVATE BANKERS S.A. 43, boulevard Royal L-2955 LUXEMBOURG Lawyer BONN & SCHMITT 22, rives de Clausen L-2165 LUXEMBOURG Investment Managers For the Sub-Funds SELECTRA INVESTMENTS SICAV - J. LAMARK BIOTECH and J. LAMARK PHARMA SELECTRA MANAGEMENT COMPANY S.A. 9, rue Schiller L-2519 LUXEMBOURG For the Sub-Funds SELECTRA INVESTMENTS SICAV - ICAM FIRST, CRYSTAL BLUE and CRYSTAL ROSE FIA ASSET MANAGEMENT S.A. 9, rue Schiller L-2519 LUXEMBOURG Investment Advisors For the Sub-Funds SELECTRA INVESTMENTS SICAV - J. LAMARCK BIOTECH and J. LAMARK PHARMA J. LAMARCK SIM S.p.A. Via Anelli 28 I DESENZANO DEL GARDA (BS) For the Sub-Fund SELECTRA INVESTMENTS SICAV - ICAM FIRST ICAM & PARTNERS S.A. Via A. Ciseri 10 CH-6601 LOCARNO 3

6 SELECTRA INVESTMENTS SICAV Organisation (continued) Custodian bank and paying agent KBL EUROPEAN PRIVATE BANKERS S.A. 43, boulevard Royal L-2955 LUXEMBOURG Administrative, domiciliary, registrar and transfer agent KREDIETRUST LUXEMBOURG S.A. 11, rue Aldringen L-2960 LUXEMBOURG General distributor SELECTRA MANAGEMENT COMPANY S.A. 9, rue Schiller L-2519 LUXEMBOURG Cabinet de révision agréé DELOITTE Audit Société à responsabilité limitée 560, rue de Neudorf L-2220 LUXEMBOURG Italian paying agents BANCA SELLA HOLDING S.p.A. Piazza Gaudenzio Sella, BIELLA ALLFUNDS BANK S.A. Via Santa Margherita, MILANO 4

7 SELECTRA INVESTMENTS SICAV General information SELECTRA INVESTMENTS SICAV (the "Company") is organised as a "société d'investissement à capital variable" under the Luxembourg laws. It qualifies as an Undertaking for Collective Investment in transferable securities under the amended Council Directive 2009/65/EC and is governed by Part I of the amended law of 17th December 2010 (the "2010 Law") relating to Undertakings for Collective Investment. It was incorporated on 28th February 2008 for an unlimited period. Its Articles of Incorporation were published in the Mémorial Recueil des Sociétés on 25th March The Board of Directors of the Company resolved to appoint SELECTRA MANAGEMENT COMPANY S.A. as management company in accordance with the Luxembourg law of 17th December 2010 as amended ( the Law ) and in particular with Chapter 15 of the Law with effect as of 21st March At the date of the report, the Company offers the following Sub-Funds: - SELECTRA INVESTMENTS SICAV - J. LAMARCK BIOTECH in EUR - SELECTRA INVESTMENTS SICAV - J. LAMARCK PHARMA (launched on 30th June 2015) - SELECTRA INVESTMENTS SICAV - ICAM FIRST (launched on 27th February 2015) - SELECTRA INVESTMENTS SICAV - CRYSTAL BLUE (launched on 17th April 2015) - SELECTRA INVESTMENTS SICAV - CRYSTAL ROSE (launched on 17th April 2015) At the date of the report, only capitalisation shares are available: Sub-Fund Share Class Currency - J. LAMARCK BIOTECH Class A EUR Class B EUR Class C USD - J. LAMARCK PHARMA Class A EUR - ICAM FIRST Class B EUR - CRYSTAL BLUE Class A EUR Class B EUR - CRYSTAL ROSE Class A EUR Class B EUR in EUR in EUR in EUR in EUR The Share Classes are opened to all types of investors, except the Share Class A which is reserved to Institutional Investors and High Net Worth Individuals (HNWI), where: "Institutional Investor" means an investor which qualifies as an institutional investor within the meaning of article 174 of the 2010 Law. High Net Worth Individual means an individual with a net worth of at least EUR 1,000,000. If investors in Share Class A no longer fulfil the conditions of eligibility, the Management Company may convert their shares, free of charge, into Share Class B. The financial year ends on 31st December in each year. The Prospectus, the Articles of Incorporation, the KIID, the most recent annual and semi-annual reports as well as the Net Asset Value per Share and the subscription and redemption prices of the Sub-Funds are available and may be obtained free of charge at the registered office of the Company. 5

8 SELECTRA INVESTMENTS SICAV General information (continued) Information for investors in Netherlands and Italy SELECTRA INVESTMENTS SICAV - J. LAMARCK BIOTECH is authorized for distribution in the Netherlands and in Italy. SELECTRA INVESTMENTS SICAV - ICAM FIRST, CRYSTAL BLUE, CRYSTAL ROSE and J. LAMARCK PHARMA are authorized for distribution in Italy. 6

9 SELECTRA INVESTMENTS SICAV Combined statement of net assets (in EUR) Assets Securities portfolio at market value 87,049, Cash at banks 15,919, Formation expenses, net 41, Receivable on issues of shares 3,019, Income receivable on portfolio 42, Prepaid expenses 11, Total assets 106,084, Liabilities Expenses payable 306, Other liabilities 4, Total liabilities 311, Net assets at the end of the period 105,773, The accompanying notes are an integral part of these financial statements. 7

10 SELECTRA INVESTMENTS SICAV - J. LAMARCK BIOTECH Statement of net assets (in EUR) Assets Securities portfolio at market value 76,705, Cash at banks 3,572, Formation expenses, net 2, Receivable on issues of shares 19, Prepaid expenses 5, Total assets 80,306, Liabilities Expenses payable 215, Total liabilities 215, Net assets at the end of the period 80,091, Number of Share Class A outstanding 27, Net asset value per Share Class A Number of Share Class B outstanding 257, Net asset value per Share Class B Number of Share Class C outstanding Net asset value per Share Class C USD The accompanying notes are an integral part of these financial statements. 8

11 SELECTRA INVESTMENTS SICAV - J. LAMARCK BIOTECH Statement of investments and other net assets (in EUR) Currency Number / nominal value Description Cost Market value % of total net assets Investments in securities Transferable securities admitted to an official stock exchange listing Shares DKK 50,000 Bavarian Nordic A/S 1,262, ,087, DKK 48,000 Genmab A/S 273, ,744, ,535, ,832, USD 327,000 Affymetrix Inc 1,142, ,207, USD 59,000 Alkermes Plc 766, ,409, USD 32,000 Alnylam Pharmaceuticals Inc 199, ,445, USD 53,700 Amgen Inc 4,323, ,404, USD 400,000 Array BioPharma Inc 1,469, ,590, USD 9,220 Biogen Inc 883, ,345, USD 33,000 BioMarin Pharmaceutical Inc 1,042, ,054, USD 1,402,949 Exelixis Inc 3,585, ,737, USD 76,600 Gilead Sciences Inc 3,081, ,054, USD 44,000 Incyte Corp Ltd 1,168, ,118, USD 119,000 Isis Pharmaceuticals Inc 1,734, ,150, USD 144,000 Medicines Co 2,829, ,700, USD 2,946,780 Oncolytics Biotech Inc 3,002, ,323, USD 6,800 Regeneron Pharmaceuticals Inc 216, ,115, USD 177,000 Regulus Therapeutic Inc 1,402, ,742, USD 17,800 Shire Plc spons ADR repr 3 Shares 1,679, ,860, USD 508,000 Spectrum Pharmaceuticals Inc 3,070, ,120, USD 31,500 Vertex Pharmaceuticals Inc 1,418, ,493, ,017, ,873, Total investments in securities 34,553, ,705, Cash at banks 3,572, Other net assets/(liabilities) -187, Total 80,091, The accompanying notes are an integral part of these financial statements. 9

12 SELECTRA INVESTMENTS SICAV - J. LAMARCK BIOTECH Industrial and geographical classification of investments Industrial classification (in percentage of net assets) Pharmaceuticals and biotechnology % Total % Geographical classification (by domicile of the issuer) (in percentage of net assets) United States of America % Denmark 7.28 % Jersey 4.82 % Ireland 4.26 % Canada 1.65 % Total % 10

13 SELECTRA INVESTMENTS SICAV - J. LAMARCK PHARMA Statement of net assets (in EUR) Assets Receivable on issues of shares 3,000, Total assets 3,000, Liabilities Total liabilities 0.00 Net assets at the end of the period 3,000, Number of Share Class A outstanding 30, Net asset value per Share Class A The accompanying notes are an integral part of these financial statements. 11

14 SELECTRA INVESTMENTS SICAV - ICAM FIRST Statement of net assets (in EUR) Assets Securities portfolio at market value 6,143, Cash at banks 2,962, Formation expenses, net 28, Income receivable on portfolio 28, Prepaid expenses 2, Total assets 9,165, Liabilities Expenses payable 59, Other liabilities 4, Total liabilities 64, Net assets at the end of the period 9,101, Number of Share Class B outstanding 91, Net asset value per Share Class B The accompanying notes are an integral part of these financial statements. 12

15 SELECTRA INVESTMENTS SICAV - ICAM FIRST Statement of investments and other net assets (in EUR) Currency Number / nominal value Description Cost Market value % of total net assets Investments in securities Transferable securities admitted to an official stock exchange listing Shares EUR 1,200 Air Liquide SA 139, , EUR 2,000 Akzo Nobel NV 136, , EUR 700 Allianz SE Reg 97, , EUR 3,400 Arkema 238, , EUR 1,900 ASML Holding NV 180, , EUR 7,000 Assicurazioni Generali SpA 121, , EUR 17,500 Banca Pop dell'emilia Ro SCARL 126, , EUR 14,500 Banco Pop Societa Cooperativa 200, , EUR 2,700 BASF SE Reg 233, , EUR 2,100 Bayer AG Reg 275, , EUR 2,450 Bayerische Motorenwerke AG 260, , EUR 2,400 BNP Paribas SA A 135, , EUR 2,400 Cie de Saint-Gobain SA 98, , EUR 650 Continental AG 140, , EUR 1,250 Daimler AG Reg 105, , EUR 5,500 Deutsche Post AG Reg 145, , EUR 65,000 Enel Green Power S.p.A. 113, , EUR 7,000 ENI SpA 117, , EUR 4,421 Faurecia SA 182, , EUR 1,250 HeidelbergCement AG 86, , EUR 3,500 Industria de Diseno Textil SA 101, , EUR 700 Linde AG 120, , EUR 6,000 Moncler SpA 96, , EUR 3,500 Obrascon Huarte Lain SA 71, , EUR 8,163 Royal Philips NV 201, , EUR 1,500 Sanofi SA 136, , EUR 1,250 Schneider Electric SE 82, , EUR 1,600 Siemens AG Reg 156, , EUR 1,800 Solvay SA 233, , EUR 4,900 Total SA 232, , EUR 18,360 Unicredit SpA Post Raggruppamento 114, , EUR 20,500 Unione Banche Italiane ScpA 146, , EUR 1,100 Valeo SA 159, , EUR 2,900 Vinci SA 156, , EUR 5,000 Vivendi 111, , Total shares 5,257, ,060, Bonds BRL 350,000 EIB 10.5% EMTN Sen 14/ , , BRL 350,000 KFW AG 9.5% EMTN Sen 13/ , , , , GBP 200,000 Barclays Bank Plc VAR Conv Barclays Sub 14/15.09.Perpetual 275, , RUB 4,000,000 EIB 6.5% 10/ , , TRY 300,000 Rabobank Nederland NV 10.75% EMTN Ser 2825A 14/ , , TRY 300,000 Volkswagen Financial Serv NV 9.25% EMTN Sen 14/ , , , , The accompanying notes are an integral part of these financial statements. 13

16 SELECTRA INVESTMENTS SICAV - ICAM FIRST Statement of investments and other net assets (in EUR) (continued) Currency Number / nominal value Description Cost Market value % of total net assets USD 200,000 Credit Suisse Group AG VAR Reg S 14/18.12.Perpetual 188, , USD 200,000 Crédit Agricole SA VAR Reg S Sub 14/23.12.Perpetual 189, , , , Total bonds 1,135, ,082, Total investments in securities 6,392, ,143, Cash at banks 2,962, Other net assets/(liabilities) -4, Total 9,101, The accompanying notes are an integral part of these financial statements. 14

17 SELECTRA INVESTMENTS SICAV - ICAM FIRST Industrial and geographical classification of investments Industrial classification (in percentage of net assets) Banks % Materials % Automobiles and components 8.78 % Capital goods 7.05 % Consumer durables and apparel 4.27 % Energy 3.57 % Insurance 2.32 % Semiconductors and semiconductor equipment 1.94 % International institutions 1.78 % Transportation 1.58 % Pharmaceuticals and biotechnology 1.45 % Utilities 1.25 % Media 1.24 % Diversified financial services 1.09 % Total % Geographical classification (by domicile of the issuer) (in percentage of net assets) France % Germany % Italy % The Netherlands 7.61 % United Kingdom 3.04 % Belgium 2.44 % Switzerland 1.88 % Luxembourg 1.78 % Spain 1.71 % Total % 15

18 SELECTRA INVESTMENTS SICAV - CRYSTAL BLUE Statement of net assets (in EUR) Assets Securities portfolio at market value 1,862, Cash at banks 4,586, Formation expenses, net 4, Income receivable on portfolio 6, Prepaid expenses 2, Total assets 6,463, Liabilities Expenses payable 15, Total liabilities 15, Net assets at the end of the period 6,448, Number of Share Class A outstanding 34, Net asset value per Share Class A Number of Share Class B outstanding 31, Net asset value per Share Class B The accompanying notes are an integral part of these financial statements. 16

19 SELECTRA INVESTMENTS SICAV - CRYSTAL BLUE Statement of investments and other net assets (in EUR) Currency Number / nominal value Description Cost Market value % of total net assets Investments in securities Transferable securities admitted to an official stock exchange listing Shares EUR 21,000 Banca Popolare di Milano 20, , EUR 3,050 Banco Pop Societa Cooperativa 46, , EUR 13,700 Intesa Sanpaolo SpA 45, , EUR 7,200 Unicredit SpA Post Raggruppamento 45, , Total shares 157, , Bonds EUR 63,000 Deutschland 0.5% Sen 15/ , , EUR 60,000 Deutschland 1% Sen 14/ , , EUR 44,000 Espana 6% 98/ , , EUR 65,000 France 0.5% OAT Sen 14/ , , EUR 58,000 France 1.75% OAT Sen 13/ , , EUR 53,000 France 2.75% OAT 12/ , , EUR 65,000 Italia 1.5% BTP Ser 10Y 15/ , , EUR 60,000 Italia 2.5% BTP Sen 14/ , , EUR 117,000 Italia 4.5% BTP 07/ , , EUR 120,000 Italia ILB Ser ICPI 12/ , , EUR 66,000 Netherlands 0.25% Ser 144A 15/ , , EUR 61,000 Portugal 2.875% Sen 15/ , , Total bonds 888, , Open-ended investment funds Investment funds (UCITS) EUR 880 Deutsche Invest I EUR-Gov Bonds FC Cap 171, , EUR 155 Deutsche Invest I German Equities FC EUR Cap 28, , EUR 107 Eleva Ucits Fd European Selection I EUR Cap 122, , EUR 530 Eurizon EasyFund Equity Italy Z Cap 57, , EUR 1 Natixis Souverains EUR IC Cap 160, , EUR 740 Parvest Bond EUR Inflation Linked I Cap 114, , , , USD 1 H20 Multibonds H USD-I Cap 55, , Total investment funds (UCITS) 710, , Tracker funds (UCITS) EUR 1,400 Lyxor UCITS ETF FTSE MIB 32, , EUR 190 Multi Units France Lyxor UCITS ETF EuroMTS Infl Lk Inv Gr DR 28, , EUR 310 Multi Units Luxembourg Lyxor UCITS ETF DAX 33, , , , USD 4,000 UBS ETF SICAV MSCI Japan hedged to USD UCITS A USD Cap 85, , Total tracker funds (UCITS) 180, , Total investments in securities 1,936, ,862, Cash at banks 4,586, Other net assets/(liabilities) -1, Total 6,448, The accompanying notes are an integral part of these financial statements. 17

20 SELECTRA INVESTMENTS SICAV - CRYSTAL BLUE Industrial and geographical classification of investments Industrial classification (in percentage of net assets) Countries and governments % Investment funds % Banks 2.37 % Total % Geographical classification (by domicile of the issuer) (in percentage of net assets) Luxembourg 9.14 % Italy 8.20 % France 6.83 % Germany 1.90 % The Netherlands 0.95 % Portugal 0.94 % Spain 0.93 % Total % 18

21 SELECTRA INVESTMENTS SICAV - CRYSTAL ROSE Statement of net assets (in EUR) Assets Securities portfolio at market value 2,337, Cash at banks 4,796, Formation expenses, net 4, Income receivable on portfolio 7, Prepaid expenses 2, Total assets 7,148, Liabilities Expenses payable 16, Total liabilities 16, Net assets at the end of the period 7,131, Number of Share Class A outstanding 34, Net asset value per Share Class A Number of Share Class B outstanding 38, Net asset value per Share Class B The accompanying notes are an integral part of these financial statements. 19

22 SELECTRA INVESTMENTS SICAV - CRYSTAL ROSE Statement of investments and other net assets (in EUR) Currency Number / nominal value Description Cost Market value % of total net assets Investments in securities Transferable securities admitted to an official stock exchange listing Shares EUR 23,000 Banca Popolare di Milano 22, , EUR 4,300 Banco Pop Societa Cooperativa 65, , EUR 19,000 Intesa Sanpaolo SpA 63, , EUR 10,000 Unicredit SpA Post Raggruppamento 62, , Total shares 213, , Bonds EUR 70,000 Deutschland 0.5% Sen 15/ , , EUR 65,000 Deutschland 1% Sen 14/ , , EUR 48,000 Espana 6% 98/ , , EUR 70,000 France 0.5% OAT Sen 14/ , , EUR 63,000 France 1.75% OAT Sen 13/ , , EUR 57,000 France 2.75% OAT 12/ , , EUR 70,000 Italia 1.5% BTP Ser 10Y 15/ , , EUR 65,000 Italia 2.5% BTP Sen 14/ , , EUR 128,000 Italia 4.5% BTP 07/ , , EUR 130,000 Italia ILB Ser ICPI 12/ , , EUR 72,000 Netherlands 0.25% Ser 144A 15/ , , EUR 66,000 Portugal 2.875% Sen 15/ , , Total bonds 964, , Open-ended investment funds Investment funds (UCITS) EUR 20,100 ANIMA Fds Plc Star Bond I EUR Cap 114, , EUR 880 Deutsche Invest I EUR-Gov Bonds FC Cap 171, , EUR 310 Deutsche Invest I German Equities FC EUR Cap 56, , EUR 161 Eleva Ucits Fd European Selection I EUR Cap 184, , EUR 1,060 Eurizon EasyFund Equity Italy Z Cap 115, , EUR 1 Natixis Souverains EUR IC Cap 160, , EUR 740 Parvest Bond EUR Inflation Linked I Cap 114, , , , USD 1 H20 Multibonds H USD-I Cap 55, , Total investment funds (UCITS) 973, , Tracker funds (UCITS) EUR 1,600 Lyxor UCITS ETF FTSE MIB 37, , EUR 190 Multi Units France Lyxor UCITS ETF EuroMTS Infl Lk Inv Gr DR 28, , EUR 340 Multi Units Luxembourg Lyxor UCITS ETF DAX 36, , USD 800 Multi Uts France Lyxor UCITS ETF JPX-Nikkei 400 Dly Hg C Cap USD 4,000 UBS ETF SICAV MSCI Japan hedged to USD UCITS A USD Cap 102, , , , , , , , Total tracker funds (UCITS) 274, , Total investments in securities 2,425, ,337, Cash at banks 4,796, Other net assets/(liabilities) -2, Total 7,131, The accompanying notes are an integral part of these financial statements. 20

23 SELECTRA INVESTMENTS SICAV - CRYSTAL ROSE Industrial and geographical classification of investments Industrial classification (in percentage of net assets) Investment funds % Countries and governments % Banks 2.91 % Total % Geographical classification (by domicile of the issuer) (in percentage of net assets) Luxembourg % Italy 8.63 % France 7.60 % Germany 1.90 % Ireland 1.55 % The Netherlands 0.93 % Portugal 0.92 % Spain 0.91 % Total % 21

24 SELECTRA INVESTMENTS SICAV Notes to the financial statements Note 1 - Significant accounting policies a) Presentation of the financial statements The financial statements of the Company are established in accordance with the Luxembourg legal and regulatory requirements concerning Undertakings for Collective Investment. b) Valuation of assets 1) The value of cash and deposits, drafts and bills payable on demand, receivables, expenditures paid in advance, dividends and interests announced or due but not yet received, is constituted by the nominal value of these assets, unless it appears unlikely that this value can be realized. In this case the value is determined by subtracting an amount deemed to be appropriate by the Management Company to reflect the real value of these assets. 2) The valuation of any transferable securities or money market instruments or derivatives traded or listed on a stock exchange is made on the basis of the closing price as at the Valuation Day unless such price is not representative. 3) The value of any transferable securities or money market instruments traded on another regulated market is determined on the basis of the closing price as at the Valuation Day, except for money market instruments disclosed in point 5) below. 4) In as much as transferable securities and money market instruments on a dedicated Valuation Day are neither officially traded nor listed on an exchange or regulated market, or in the case where, for securities and money market instruments officially listed or traded on a stock exchange or another regulated market, the price as determined pursuant to paragraphs 2 and 3 here above is not representative of the true value of such transferable securities or money market instruments, the valuation is made on the basis of their likely value of realisation, estimated with due care and good faith by the Management Company. 5) Money market instruments with a residual maturity of less than 12 month are valued by the amortized cost method, which approximates market value. 6) Shares/units of UCITS and other UCI s are valued on the basis of their last available Net Asset Value at the Valuation Day. 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 determined on the basis of the average acquisition cost. e) Investment income Dividend income is recorded at the ex-date, net of any withholding tax. Interest income is accrued on a prorata temporis basis, net of any withholding tax. 22

25 SELECTRA INVESTMENTS SICAV Notes to the financial statements (continued) f) Formation expenses Formation expenses are amortised on a straight line basis over a period of 5 years. If the launch of a Sub-Fund occurs after the launch date of the Company, the costs of formation in relation to the launch of the new Sub-Fund is charged to such Sub-Fund alone and may be amortised over a maximum of 5 years with effect from the Sub-Fund s launch date. g) Conversion of foreign currencies Cash at banks, other net assets and liabilities and the market 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. h) Combined financial statements The combined financial statements of the Company are expressed in EUR and are equal to the sum of the corresponding items in the financial statements of each Sub-Fund. Note 2 - Management Company, Advisory and Management fees Since 21st March 2014, SELECTRA MANAGEMENT COMPANY S.A. has been appointed as Management Company for the Company. It is in charge of the management and administration of the Company. Management Company fee The Management Company is entitled to a management company fee which is payable monthly and based on the total net assets of the Sub-Fund managed at the relevant Valuation Day, in accordance with the annual rates below: Sub-Fund Rates % p.a. - J. LAMARCK BIOTECH - up to 25 million EUR from 25 million EUR to 50 million EUR from 50 million EUR to 100 million EUR above 100 million EUR J. LAMARCK PHARMA - up to 50 million EUR (launched on 30th June 2015) - from 50 million EUR to 100 million EUR above 100 million EUR with an annual minimum of EUR ICAM FIRST - up to 50 million EUR 0.07 (launched on 27th February 2015) - from 50 million EUR to 100 million EUR above 100 million EUR with an annual minimum of EUR CRYSTAL BLUE - up to 50 million EUR 0.09 (launched on 17th April 2015) - from 50 million EUR to 100 million EUR CRYSTAL ROSE - from 100 million EUR to 200 million EUR 0.07 (launched on 17th April 2015) - above 200 million EUR with an annual minimum of EUR ; 30% discount for the first 6 months, both on % and minimum amount. 23

26 SELECTRA INVESTMENTS SICAV Notes to the financial statements (continued) Advisory fee Under an Investment Advisory Agreement, the Management Company has commissioned the Investment Advisors to advise it in the choice of its investments and the focus of its investment policy for the Sub-Funds. Such Advisory fee is payable monthly and based on the total net assets of the Sub-Fund at the relevant Valuation Day, in accordance with the annual rates below: Sub-Fund Share Class Maximum rates (% p.a.) Effective rates at the date of the report (% p.a.) - J. LAMARCK BIOTECH Share Class A up to Share Class B up to Share Class C up to J. LAMARCK PHARMA Share Class A up to (launched on 30th June 2015) - ICAM FIRST (launched on 27th February 2015) Share Class B up to No Advisory fee is charged for the Sub-Funds CRYSTAL BLUE and CRYSTAL ROSE. Management fee Under an Investment Management Agreement, the Management Company delegated the day-to-day investment management to the Investment Managers. Such Management fee is payable monthly and based on the total net assets of the Sub-Fund at the relevant Valuation Day, in accordance with the annual rates below: Sub-Fund Share Class Maximum rates (% p.a.) - ICAM FIRST (launched on 27th February 2015) Share Class B up to 0.14 with an annual minimum of EUR Effective rates at the date of the report (% p.a.) - up to 50 million EUR: from 50 to 100 million EUR: above 100 million: CRYSTAL BLUE Share Class A up to (launched on 17th April 2015) Share Class B up to CRYSTAL ROSE Share Class A up to (launched on 17th April 2015) Share Class B up to No Management fee is charged for the Sub-Funds J. LAMARCK BIOTECH and J. LAMARCK PHARMA. 24

27 SELECTRA INVESTMENTS SICAV Notes to the financial statements (continued) Note 3 - Performance fee In addition to the management fee, the Investment Advisors and the Investment Managers are entitled to receive a performance fee, with a High Water Mark principle. The performance fee is accrued at each Net Asset Value per Share and payable monthly. The performance fee is equal to: 20% for the Sub-Fund J. LAMARCK BIOTECH 10% for the following Sub-Funds: - J. LAMARCK PHARMA - ICAM FIRST - CRYSTAL BLUE - CRYSTAL ROSE of the increase in the Net Asset Value per Share of the Sub-Fund, taking subscriptions and redemptions into account. At the date of the report, the performance fee was recorded for the Sub-Fund J. LAMARCK BIOTECH and amounted to EUR 4,751, No performance fee was recorded for the Sub-Funds J. LAMARCK PHARMA, ICAM FIRST, CRYSTAL BLUE and CRYSTAL ROSE. Note 4 - Subscription, redemption and conversion fees After the initial subscription period, Shares of the Company are issued at a price corresponding to the Net Asset Value per Share of the relevant Sub-Fund plus a subscription fee of maximum 3% in favour of the General Distributor, where applicable. No Subscription fee was charged for the Sub-Funds CRYSTAL BLUE and CRYSTAL ROSE. There are no redemptions fees. A conversion fee of 1% of the Net Asset Value of the initial Sub-Fund will be levied in favour of such initial Sub-Fund. Note 5 - Distribution fee The Distribution fee is expressed as a percentage of the total net assets of the Sub-Fund and is calculated and payable at the end of each month to the Management Company, based on the total net assets of the Sub-Fund at the relevant Valuation Day, in accordance with the annual rate below: Sub-Fund - ICAM FIRST (launched on 27th February 2015) Share Class Maximum rate (% p.a.) Effective rate at the date of the report (% p.a.) Share Class B up to No distribution fee is charged to the Sub-Funds J. LAMARCK BIOTECH, J. LAMARCK PHARMA, CRYSTAL BLUE and CRYSTAL ROSE. 25

28 SELECTRA INVESTMENTS SICAV Notes to the financial statements (continued) Note 6 - Central administration costs and custodian fees Central administration costs and custodian fees are based on variable annual rates as defined by their respective contracts. Note 7 - Subscription duty ("Taxe d abonnement") The Company is governed by Luxembourg law. Pursuant to the legislation and regulations in force, the Company is subject to an annual "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. Pursuant to Article 175 (a) of the amended law of 17th December 2010 the net assets invested in undertakings for collective investment already subject to the "taxe d abonnement" are exempt from this tax. This rate is reduced to 0.01% for Share Class A reserved to institutional investors. Note 8 - Statement of changes in investments The statement of changes in investments for the period in reference to the report is available free of charge at the registered office of the Company. 26