DJE. Investment fund pursuant to Part I of the Luxembourg law of 17 December 2010 on undertakings for collective investment.

Transcription

1 DJE Semi-annual report as at 31 December 2015 DJE Europa, DJE Alpha Global, DJE Renten Global DJE InterCash, DJE Gold & Ressourcen DJE Dividende & Substanz, DJE Agrar & Ernährung DJE Asia High Dividend, DJE Zins & Dividende and DJE Mittelstand & Innovation Investment fund pursuant to Part I of the Luxembourg law of 17 December 2010 on undertakings for collective investment. DJE Investment S.A. R.C.S. Luxembourg B

2 DJE DJE Semi-annual report as at 31 December CONTENTS Dr Jens Ehrhardt Group and DJE Investment S.A. Page 3 Management, distribution and advice Page 4 Investment Committee Page 5 General market commentary Page 6 Risk/Return Matrix Page 7 The subfunds at a glance Page 8 9 DJE Europa Page DJE Alpha Global Page DJE Renten Global Page DJE InterCash Page DJE Gold & Ressourcen Page DJE Dividende & Substanz Page DJE Agrar & Ernährung Page DJE Asia High Dividend Page DJE Zins & Dividende Page DJE Mittelstand & Innovation Page Consolidated semi-annual report Page 145 Notes to the semi-annual report as at 31 December 2015 Page Subscriptions are only valid if made on the basis of the latest version of the prospectus (including its annexes) together with the most recent annual report and the semi-annual report, if published thereafter. The prospectus with integrated management regulations, the key investor information document and the annual and semi-annual reports of the fund can be obtained free of charge from the registered offi ce of the Management Company, the Custodian, the paying agents, the distributors in the respective countries of distribution and the representative in Switzerland by post, fax or . Further information is available from the Management Company at any time during normal business hours.

3 DJE DJE Semi-annual report as at 31 December DR JENS EHRHARDT GROUP AND DJE INVESTMENT S.A. Dr Jens Ehrhardt Group, which is based in Pullach, has over 40 years experience in the asset management industry and today ranks as one of the leading external asset managers in Germanspeaking countries. Personalised wealth management in individual securities ( 500,000 upwards) and investment funds ( 150,000 upwards) is complemented by standardised fund-based portfolio management services. Besides pure retail business, the team of external analysts provides advice on a range of retail and special funds for domestic and foreign banks, insurers, distributors and industrial fi rms. Dr Jens Ehrhardt Group issued Germany s fi rst external asset manager equity fund, the fi rst equity fund with no initial charge and the fi rst investor-friendly equity fund with discount broker fees. To maintain its quality standards and ensure the provision of longterm investment management for its clients, Dr Jens Ehrhardt Group teamed up with DZ PRIVATBANK S.A. to set up its own fund management business DJE Investment S.A. in Luxembourg at the end of 2002.

4 DJE DJE Semi-annual report as at 31 December MANAGEMENT, DISTRIBUTION AND ADVICE Management Company DJE Investment S.A. R.C.S. Luxembourg B , rue Thomas Edison 1445 Luxembourg-Strassen Luxembourg Board of Directors of the Management Company (As at 31 December 2015) Chairman of the Board of Directors Dr Jens Ehrhardt Chairman of DJE Kapital AG Pullach Managing Director and Deputy Chairman of the Board of Directors Dr Ulrich Kaffarnik Member of the Executive Board of DJE Kapital AG Pullach Members of the Board of Directors Dr Jan Ehrhardt Deputy Chairman of DJE Kapital AG Pullach Peter Schmitz Member of the Executive Board of DJE Kapital AG Pullach Julien Zimmer General Manager Investment Funds of DZ PRIVATBANK S.A. Luxembourg-Strassen Bernhard Singer Luxembourg Managing Directors of the Management Company Mirko Bono Stefan-David Grün Dr Ulrich Kaffarnik Custodian, Central Administration Agent and Registrar and Transfer Agent DZ PRIVATBANK S.A. 4, rue Thomas Edison 1445 Luxembourg-Strassen Luxembourg Paying Agent Grand Duchy of Luxembourg DZ PRIVATBANK S.A. 4, rue Thomas Edison 1445 Luxembourg-Strassen Luxembourg Paying Agent Federal Republic of Germany DZ BANK AG Deutsche Zentral-Genossenschaftsbank Frankfurt am Main Platz der Republik Frankfurt am Main Germany Additional information for Austria Credit institution within the meaning of section 141 (1) of the Austrian Investment Fund Act (InvFG) 2011 Erste Bank der oesterreichischen Sparkassen AG Am Belvedere Vienna Austria Agent from whom unitholders may obtain the stipulated information within the meaning of section 141 of the Austrian Investment Fund Act (InvFG) 2011 Erste Bank der oesterreichischen Sparkassen AG Am Belvedere Vienna Austria Austrian representative for tax purposes within the meaning of section 186 (2) no. 2 of the Austrian Investment Fund Act (InvFG) 2011 Erste Bank der oesterreichischen Sparkassen AG Am Belvedere Vienna Austria Additional information for Switzerland Paying Agent in Switzerland for all subfunds except DJE Mittelstand & Innovation NPB Neue Privat Bank AG Limmatquai 1/am Bellevue 8022 Zurich Switzerland Representative in Switzerland for all subfunds except DJE Mittelstand & Innovation First Independent Fund Services AG Klausstrasse Zurich Switzerland Place of performance and jurisdiction in Switzerland for all subfunds except DJE Mittelstand & Innovation First Independent Fund Services AG Klausstrasse Zurich Switzerland Investment Adviser DJE Kapital AG Pullacher Straße Pullach Germany Auditor of the fund and of the Management Company Deloitte Audit Société à responsabilité limitée Cabinet de Révision agréé 560, rue de Neudorf 2220 Luxembourg Luxembourg

5 DJE DJE Semi-annual report as at 31 December INVESTMENT COMMITTEE For the subfund DJE Gold & Ressourcen Dr Jens Ehrhardt Chairman of DJE Kapital AG Pullach Wilhelm Peinemann Managing Director of Wilhelm Peinemann Vermögensbetreuung Göttingen For the subfund DJE Alpha Global Dr Jens Ehrhardt Chairman of DJE Kapital AG Pullach Eckhard G. Jess Managing Director of Dahm & Jess GmbH Kiel

6 DJE DJE Semi-annual report as at 31 December GENERAL MARKET COMMENTARY Macroeconomic review The developed equity markets recorded a slight decline overall in the reporting period from 30 June 2015 to 31 December The MSCI World lost about 1.5 % in euro terms. However, there were major differences at international level and even completely opposite trends in some cases compared to the fi rst half of While Germany registered double-digit gains in the fi rst half of the year, the index was down by 2 % at the end of the second half of the year. There was little evidence of the year-end rally that many had hoped for. In China, the stock markets rose by more than 30 % in the fi rst half of 2015 and then dropped by more than 15 % in the second half of the year. In the US, the performance of 0 % in the second half of the year obscured the volatility within this period. In August and September the broader market fell by approximately 10 % due to concerns about the Chinese economy. In the US, developments moved in two directions. The overall market was driven mainly by large technology companies, whose strong performance compensated for what was in some cases the very weak performance of other stocks. Generally speaking, the industrialised nations outperformed the emerging markets. Brazil, a prominent representative of the emerging countries, recorded a fall of nearly 20 %. This was due largely to the development of the US dollar and the price of oil. The dollar remained strong because the US Federal Reserve Bank with a huge lead-in and endless commentaries prepared for its fi rst rate hike in around 10 years. It thus initiated a change in direction that, strictly speaking, had already been made via the reduction in quantitative easing measures. The weakness of the emerging markets and the decline in commodity and oil prices must also be seen in this context. Oil prices, which rebounded from a low of less than USD 45 in the fi rst half of the year, dropped steadily in the second half of the year to below USD 35. The cause was not weak demand, but mainly an oversupply that was in part politically motivated. focused on the stabilisation efforts of the Chinese equity market (IPO stop, trading restrictions and selling bans) and the surprising devaluation of the Chinese currency. Around the same time, indicators increasingly pointed to weak US industrial production. Both the US purchasing manager surveys and new orders lagged well behind expectations. Thanks to the good advance management of expectations by companies, the reporting season was below average, but only slightly. However, the third quarter of 2015 was the weakest since Against this backdrop, the IMF reduced its forecast for global growth. The policies of the European Central Bank and the US Federal Reserve were another very important issue in the fourth quarter. The pressure of expectations on Mario Draghi, for which he himself was responsible, was great and ultimately led to disappointment, although the ECB maintained its very accommodative monetary policy stance. A special issue in Germany was the VW exhaust scandal, which fuelled conversations almost daily in September. The extent of the scandal proved to be so great that it even had a sustained impact on the DAX index, putting one of its most important sectors under massive pressure. On the other hand, the terrorist attacks in France in mid-november had no lasting effects on the equity market. Investor sentiment clouded noticeably autumn correction. Investment ratios were also signifi cantly reduced. Both rose again at the end of the year, although sentiment did not reach the highs it had seen in the fi rst half of the year. As a starting point for 2016, investment ratios seem a little too high compared to the mood, which may well lead to corrections. However, the equity markets generally remain well supported in monetary terms in Europe and Japan, as money supply growth rates remain high. Equity market valuations are high compared with the past, but they remain attractive compared to the extremely low yields of bonds. In terms of news, unlike in the fi rst half of 2015, the Greek crisis only dominated headlines in in July second half of the year. This issue disappeared entirely thereafter, and the market

7 DJE DJE Semi-annual report as at 31 December RISK/RETURN MATRIX Income since launch 310 % 300 % DJE Dividende & Substanz I 290 % 280 % 270 % 260 % 250 % 240 % 230 % 220 % DJE Europa 210 % 200 % 190 % 180 % 170 % 160 % 150 % 140 % 130 % DJE Alpha Global I MSCI World () 120 % 110 % O STOXX % 90 % JP Morgan Global Govt. Bond EMU 80 % DJE Asia High Dividend I 70 % DJE Renten Global I DJE Agrar & Ernährung I 60 % 50 % 40 % DJE Intercash I DJE Zins & Dividende I 30 % 20 % DJE Mittelstand & Innovation I 10 % DJE Gold & Ressourcen I 0 % 10% 20% 0% 5% 10% 15% 20% 25% 30% Volatility p.a.

8 DJE DJE Semi-annual report as at 31 December THE SUBFUNDS AT A GLANCE DJE Europa DJE Alpha Global DJE Gold & Ressourcen DJE Dividende & Substanz DJE Renten Global Investment company DJE Investment S.A. DJE Investment S.A. DJE Investment S.A. DJE Investment S.A. DJE Investment S.A. Licensed for distribution Ger, Lux, Aust, Switz Ger, Lux, Aust, Switz Ger, Lux, Aust, Switz D, LUX, AUT, CH, ES Ger, Lux, Aust, Switz Fund type Global equity fund, focus on Europe International balanced fund Equity fund, gold investment theme Global equity fund Global bond fund Fund manager/ investment adviser DJE Kapital AG DJE Kapital AG DJE Kapital AG DJE Kapital AG DJE Kapital AG Launch date P () /01/ Launch date PA () 27/01/ /01/ /01/ /01/ /01/2003 Launch date I () 27/01/ /01/ /01/ /01/ /01/2003 Launch date XP () 14/11/ /11/ /01/2007 Launch date I (H-CHF) /07/ SIN P () / PA () / I () / XP () / I (H-CHF) - / / / A0F565 / - - / / / - / - - / / / - / / A1J4B6 / / A0F567 / A0Q8D2 - / / / A0F566 / - ISIN code P () LU ISIN code PA () LU LU LU LU LU ISIN code (I) LU LU LU LU LU ISIN code (XP) LU LU LU ISIN code (I CHF) LU Minimum investment amount P () / PA () / I () / XP () / I (H-CHF) Savings plan P () / PA () / I () / XP () / I (H-CHF) Initial charge in % P () / PA () / I () / XP () / I (H-CHF) Max. management fee in % p. a. P () / PA () / I () / XP () / I (H-CHF) - / - / 75,000 / 3,000,000 / - - / 50 / 25,000 / 150,000 / - - / - / 75,000 / - / - - / - / 75,000 / - / - - / 50 / 25,000 / - / - - / 50 / 25,000 / - / - - / - / 75,000 / 3,000,000 / CHF 125, / 50 / 25,000 / 150,000 / - - / - / 75,000 / 3,000,000 / - - / 50 / 25,000 / 150,000 / - - / 5.00 / 0.00 / 0.00 / - - / 4.00 / 0.00 / - / - - / 5.00 / 0.00 / - / / 5.00 / 0.00 / 0.00 / / 2.00 / 0.00 / 0.00 / - - / 1.32 / 1.07 / 0.30 / - - / 1.62 / 1.37 / - / - - / 1.32 / 1.07 / - / / 1.32 / 1.07 / 0.30 / / 0.87 / 0.72 / 0.25 / - Custodian bank DZ PRIVATBANK S.A. DZ PRIVATBANK S.A. DZ PRIVATBANK S.A. DZ PRIVATBANK S.A. DZ PRIVATBANK S.A. Prices Handelsblatt Frankfurter Allgemeine Zeitung Süddeutsche Zeitung Risk category Fund volume P () million - Fund volume PA () million million million million million Fund volume I () million million 8.47 million million million Fund volume XP () million million 5.44 million Fund volume I (H-CHF) CHF million - Performance 01/07/ /12/2015 P () / PA () / I () / XP () / I (H-CHF) Performance since inception P () / PA () / I () / XP () / I (H-CHF) - / 4.48 % / 4.70 % / 5.09 % / - - / % / % / - / - - / % / % / - / % / 0.05 % / 0.18 % / 0.57 % / % - / 0.79 % / 0.88 % / 1.04 % / - - / % / % / % / - - / % / % / - / - - / % / % / - / % / % / % / % / % - / % / % / % / -

9 DJE DJE Semi-annual report as at 31 December THE SUBFUNDS AT A GLANCE DJE InterCash DJE Agrar & Ernährung DJE Asia High Dividend DJE Zins & Dividende DJE Mittelstand & Innovation DJE Investment S.A. DJE Investment S.A. DJE Investment S.A. DJE Investment S.A. DJE Investment S.A. Ger, Lux, Aust, Ger, Lux, Aust, Switz Ger, Lux, Aust, Switz D, LUX, AUT, ES Ger, Lux Short-dated eurozone bond fund Global themed fund Asia/Pacifi c (ex Japan) general equity funds Global equity fund Equity fund with a focus on German, Austria, Switzerland DJE Kapital AG DJE Kapital AG DJE Kapital AG DJE Kapital AG DJE Kapital AG /01/ /06/ /08/ /02/ /08/ /01/ /06/ /08/ /12/ /08/ /06/ /08/ /12/ /08/ / / / - / - - / A0NGGC / A0NGGD / A0NGGE / - - / A0Q5KZ / A0Q5K0 / A0Q5K1 / - - / A1C7Y8 / A1C7Y9 / A1C7ZA / - - / A14SK0 / A14SK1 / A14SK2 / LU LU LU LU LU LU LU LU LU LU LU LU LU LU / - / 75,000 / - / - - / - / 75,000 / 3,000,000 / - - / - / 75,000 / 3,000,000 / - - / - / 75,000 / 3,000,000 / - - / - / 75,000 / 3,000,000 / - - / 50 / 25,000 / - / - - / 50 / 25,000 / 150,000 / - - / 50 / 25,000 / 150,000 / - - / 50 / 25,000 / 150,000 / - - / 50 / 25,000 / 150,000 / - - / 1.00 / 0.00 / - / - - / 5.00 / 0.00 / 0.00 / - - / 5.00 / 0.00 / 0.00 / - - / 4.00 / 0.00 / 0.00 / - - / 5.00 / 0.00 / 0.00 / - - / 0.42 / 0.25 / - / - - / 1.30 / 1.00 / 0.30 / - - / 1.30 / 1.00 / 0.30 / - - / 1.15 / 1.02 / 0.30 / - - / 1.30 / 1.10 / 0.30 / - DZ PRIVATBANK S.A. DZ PRIVATBANK S.A. DZ PRIVATBANK S.A. DZ PRIVATBANK S.A. DZ PRIVATBANK S.A. Börsenzeitung Wirtschaftsblatt Der Standard ZDF Videotext million million million million 3.55 million million million million million million million million million million / 0.41 % / 0.50 % / - / - - / % / % / % / - - / % / % / -8.37% / - - / 2.58 % / 2.69 % / 3.07 % / - - / 6.54 %* / 7.05 %* / 7.41 %* / - - / % / % / - / - - / % / % / % / - - / % / % / % / - - / % / % / % / - - / 6.54 % / 7.05 % / 7.41 % / - * Since inception on 3 August 2015

10 DJE OPA Strategy The investment focus of DJE Europa is on securities from European issuers. There is full discretion in the choice of asset class within this region. It is therefore possible for 100 % to be invested in equities, or alternatively 100 % in bonds. Instruments such as convertible bonds can also be used. Active use is made of the cash weighting to manage risk. This enables negative market developments to be cushioned. This degree of discretion is of particular strategic advantage in periods of high volatility on the markets, as it allows the fund managers to act as asset managers and to engage in different positioning in the face of various market environments.

11 DJE OPA DJE Semi-annual report as at 31 December DJE OPA Performance The fund generated a performance of % (PA-() tranche), % (I-() tranche) and % (XP-() tranche) in the reporting period from 1 July 2015 to 31 December The developed equity markets recorded a slight decline overall in the reporting period. The MSCI World lost about 1.5 % in euro terms. However, there were major differences at international level and even completely opposite trends in some cases compared to the fi rst half of While Germany registered a double-digit gain in the fi rst half of the year, the index was down by 2 % at the end of the second half of the year. There was little evidence of the year-end rally that many had hoped for. In China, the stock markets rose by more than 30 % in the fi rst half of 2015 and then dropped by more than 15 % in the second half of the year. In the US, the performance of 0 % in the second half of the year obscured the volatility within this period. In August and September the broader market fell by approximately 10 % due to concerns about the Chinese economy. In this phase, the fund profi ted from its more defensive basic positioning and outperformed the overall market. The heavy weighting of pharmaceutical companies and companies from the foodstuffs sector, such as Novo Nordisk and Chr. Hansen, had an especially positive impact. Generally speaking, the industrialised nations outperformed the emerging markets. Brazil, a prominent representative of the emerging countries, recorded a fall of nearly 20 %. This was due largely to the development of the US dollar and the price of oil. The dollar remained strong because the US Federal Reserve Bank with a huge lead-in and endless commentaries prepared for its fi rst rate hike in around 10 years. It thus initiated a change in direction that, strictly speaking, had already been made via the reduction in quantitative easing measures. The weakness of the emerging markets and the decline in commodity and oil prices must also be seen in this context. Oil prices, which rebounded from a low of less than USD 45 in the fi rst half of the year, dropped steadily in the second half of the year to below USD 35. The cause was not weak demand, but mainly an oversupply that was in part politically motivated. The underweight in the oil and commodities sector made a positive contribution to the fund s performance relative to the benchmark. The strong US dollar also boosted the performance of European export stocks, such as the aircraft engine manufacturer MTU AERO Engines. The policies of the European Central Bank and the US Federal Reserve were another very important issue in the fourth quarter. The pressure of expectations on Mario Draghi, for which he himself was responsible, was great and ultimately led to disappointment, although the ECB maintained its very accommodative monetary policy stance. Thanks to its more defensive focus on growth stocks, the fund withstood the heavy losses seen in December better than its benchmark. As a starting position for 2016, the equity markets remain basically well supported in monetary terms in Europe as money supply growth rates remain high. Equity market valuations are high compared with the past, but they remain attractive compared to the extremely low yields of bonds. The information and fi gures contained in this report relate to past performance only and give no indication of future performance.

12 DJE OPA DJE Semi-annual report as at 31 December DJE OPA The Company is entitled to create unit classes with different rights in terms of the units. The following unit classes with the following features are currently available: Unit class PA () Unit class I () Securities ID number: Securities ID number: ISIN code: LU ISIN code: LU Initial charge: up to 5.00 % Initial charge: None Redemption fee: None Redemption fee: None Management fee: 1.32 % p. a. plus 500 p.m. fi xed sum for the sub-fund Management fee: 1.07 % p. a. plus 500 p.m. fi xed sum for the sub-fund Minimum subsequent investment: None Minimum subsequent investment: 75, Use of income: distribution Use of income: accumulation Currency: Currency: Unit class XP () Securities ID number: ISIN code: Initial charge: Redemption fee: Management fee: A0F565 LU None None 0.30 % p. a. plus 500 p.m. fi xed sum for the sub-fund Minimum subsequent investment: 3,000, Use of income: Currency: accumulation

13 DJE OPA DJE Semi-annual report as at 31 December DJE OPA Geographical and economic breakdown Geographical breakdown Sector breakdown Germany % Capital goods % Sweden % Business services & supplies 8.85 % United Kingdom % Food, beverages & tobacco 6.65 % Switzerland % Hardware & equipment 6.34 % France 5.51 % Materials 5.95 % Denmark 5.06 % Semiconductors & equipment for semiconductor production 5.32 % Austria 4.88 % Household goods & personal care products 5.17 % Ireland 3.05 % Diversifi ed fi nancial services 4.99 % Italy 2.46 % Wholesale & retail 4.42 % Jersey 1.59 % Insurance 3.61 % Belgium 1.05 % Consumer services 2.94 % Finland 0.91 % Transport 2.74 % Securities % Media 2.49 % Options -0.14% Automotive & components 2.44 % Forward contracts 0.36 % Software & services 1.79 % Cash at banks 3.91 % Banks 1.43 % Due to banks -0.41% Telecommunication services 1.10 % Balance from other receivables and payables -0.18% Healthcare: Equipment & services 1.09 % % Property 1.00 % Pharmaceuticals, biotechnology & biosciences 1.00 % Securities % Options % Forward contracts 0.36 % Cash at banks 3.91 % Due to banks % Balance from other receivables and payables % %

14 DJE OPA DJE Semi-annual report as at 31 December DJE OPA Geographical breakdown Balance from other receivables and payables (including cash at banks and due to banks) 3.32 % Forward contracts 0.36 % Options % Germany % Finland 0.91 % Belgium 1.05 % Jersey 1.59 % Italy 2.46 % Ireland 3.05 % Austria 4.88 % Denmark 5.06 % France 5.51 % Sweden % Switzerland % UK % Sector breakdown Balance from other receivables and payables (including cash at banks and due to banks) 3.32 % Forward contracts 0.36 % Options % Pharmaceuticals, biotechnology & biosciences 1.00 % Property 1.00 % Healthcare: Equipment & services 1.09 % Telecommunication services 1.10 % Banks 1.43 % Software & services 1.79 % Automotive & components 2.44 % Media 2.49 % Transport 2.74 % Consumer services 2.94 % Insurance 3.61 % Wholesaling and retailing 4.42 % Diversifi ed fi nancial services 4.99 % Household goods & personal care products 5.17 % Semiconductors & equipment for semiconductor production 5.32 % Materials 5.95 % Capital goods % Business services & supplies 8.85 % Food, beverages & tobacco 6.65 % Hardware & equipment 6.34 %

15 DJE OPA DJE Semi-annual report as at 31 December DJE OPA Performance in since inception on 27 January 2003 (unit class I) January 03 June 03 November 03 April 04 September 04 February 05 July 05 December 05 May 06 October 06 March 07 August 07 January 08 June 08 November 08 April 09 September 09 February 10 July 10 December 10 May 11 October 11 March 12 August 12 January 13 June 13 November 13 April 14 September 14 February 15 July 15 December 15 Month-end data, source: DJE Investment S.A.

16 DJE OPA DJE Semi-annual report as at 31 December DJE OPA Composition of the subfund s net assets as at 31 December 2015 Securities (acquisition cost of securities: 141,105,914.39) 156,051, Cash at banks 6,322, Unrealised gains on forward contracts 571, Dividends receivable 48, Subscriptions receivable 31, ,025, Options -225, Due to banks -658, Redemptions payable -110, Interest liabilities -6, Other liabilities * -253, ,254, Subfund s net assets 161,770, Allocation to unit classes Unit class PA () Pro rata subfund s net assets 31,624, Units outstanding 105, Net asset value Unit class I () Pro rata subfund s net assets 114,407, Units outstanding 346, Net asset value Unit class XP () Pro rata subfund s net assets 15,738, Units outstanding 112, Net asset value * This item essentially comprises administration and investment advisory fees.

17 DJE OPA DJE Semi-annual report as at 31 December DJE OPA Statement of investments as at 31 December 2015 ISIN Securities Purchases reporting period Sales reporting period Holding Price Market value % share of net assets* Equities, rights and profit-participation certificates Listed securities Belgium BE Melexis NV 33, , ,699, ,699, Denmark DK Christian Hansen Holding AS DKK 15,500 57,000 39, ,276, DK ISS AS DKK 10, , ,183, DK Vestas Wind Systems AS DKK 14,800 25,800 42, ,718, ,177, Germany DE Allianz SE 0 4,900 10, ,710, DE Amadeus Fire AG 19,000 2,300 16, ,243, DE Bayerische Motoren Werke AG 37,600 17,200 20, ,006, DE Beiersdorf AG 29, , ,455, DE Bertrandt AG 7, , , DE000A1DAHH0 Brenntag AG 16, , ,742, DE Dte. Post AG 85, , ,222, DE000EVNK013 Evonik Industries AG 0 91,100 48, ,487, DE GFT TECHNOLOGIES AG 37, , ,173, DE GRAMMER AG 101,000 60,700 40, ,101, DE Hochtief AG 9,300 12,300 32, ,768, DE Jungheinrich AG -VZ- 22,600 11,800 51, ,910, DE König & Baur AG 25, , , DE KRONES AG 7, , ,590, DE000A0JQ5U3 Manz AG 44,100 24,500 32, ,095, DE MorphoSys AG 28, , ,622, DE000A0D9PT0 MTU Aero Engines AG 0 5,300 36, ,260, DE Sixt SE 36, , ,712, DE000A0DJ6J9 SMA Solar Technology AG 41, , ,210, DE Ströer SE 42, , ,436, DE000TUAG000 TUI AG 145, , ,431, DE000WACK012 Wacker Neuson SE 126, , ,790, DE Wirecard AG 10, , ,268, DE zooplus AG 15, , ,168, ,075, Finland FI Ferratum Oyj , ,474, ,474, * Net assets of the subfund

18 DJE OPA DJE Semi-annual report as at 31 December DJE OPA Statement of investments as at 31 December 2015 (continued) ISIN Securities Purchases reporting period Sales reporting period Holding Price Market value % share of net assets* France FR Danone S.A. 0 25,600 25, ,635, FR Iliad S.A. 8, , ,771, FR Ingenico S.A. 5, , ,066, FR Safran S.A. 38, , ,426, ,900, United Kingdom GB Ashtead Group Plc. GBP 220, , ,363, GB ASOS Plc. GBP 36, , ,654, GB Associated British Foods Plc. GBP 56, , ,563, GB00BVYVFW23 Auto Trader Group Plc. GBP 289, , ,709, GB00B0744B38 Bunzl Plc. GBP 1, , ,370, GB Dialog Semiconductor Plc. 146,400 79,900 99, ,053, GB Next Group Plc. GBP 20,500 4,500 16, ,565, GB00B24CGK77 Reckitt Benckiser Group Plc. GBP 27, , ,312, GB St. James s Place Capital Plc. GBP , ,475, ,067, Ireland IE Glanbia Plc. 36, , ,204, IE Greencore Group Plc. GBP 355, , ,727, ,932, Italy IT Atlantia S.p.A. 90, , ,218, IT Yoox Net-A-Porter Group S.p.A. 51, , ,763, ,981, Jersey GB00B01C3S32 Randgold Resources Ltd. GBP 70,800 26,000 44, ,569, ,569, Austria AT0000A18XM4 AMS AG CHF 29,000 21,000 53, ,637, AT DO & CO AG 24, , ,326, AT Erste Group Bank AG 80, , ,310, AT Immofi nanz AG 765, , ,621, ,895, Sweden SE Assa-Abloy AB SEK 130, , ,540, SE Com Hem AB SEK 0 102, , ,584, SE Elekta AB SEK 224, , ,770, SE Hexagon AB SEK 28,000 25, , ,895, SE ITAB Shop Concept AB SEK 24, , , * Net assets of the subfund

19 DJE OPA DJE Semi-annual report as at 31 December DJE OPA Statement of investments as at 31 December 2015 (continued) ISIN Securities Purchases reporting period Sales reporting period Holding Price Market value % share of net assets* Sweden SE Sandvik AB SEK 359, , ,916, SE Securitas AB - B - SEK 175, , ,475, SE Skanska AB SEK , ,260, SE Svenska Cellulosa AB - B - SEK 134, , ,597, SE Trelleborg AB SEK 44, , ,474, ,320, Switzerland CH BB Biotech AG CHF 9, , ,508, CH dorma+kaba Holding AG CHF 2, , ,620, CH EDAG Engineering Group AG 240, ,000 83, ,865, CH Helvetia Patria Holding CHF 3, , ,646, CH Lindt & Sprüngli AG CHF , ,640, CH Partners Group Holding AG CHF 7, , ,427, CH Sika AG CHF , ,280, CH U-Blox AG CHF 3, , ,305, CH UBS Group AG CHF 153,000 61,500 91, ,660, ,956, Listed securities 156,051, Equities, rights and profit-participation certificates 156,051, Securities 156,051, Options Short positions Put on Gerry Weber International AG September 2016/ ,000-3, , , Short positions -225, Options -225, * Net assets of the subfund

20 DJE OPA DJE Semi-annual report as at 31 December DJE OPA Statement of investments as at 31 December 2015 (continued) ISIN Securities Purchases reporting period Sales reporting period Holding Price Market value % share of net assets* Forward contracts Long positions CHF Roche Holding AG Future January , , DKK Novo Nordisk A/S Future March , , Bayer AG Future March , EX Daimler AG Future March , Fielmann AG Future February , Fielmann AG Future March , Fresenius Medical Care AG & Co. KGaA Future March , SAP AG Future April , Symrise AG Future March , , Long positions 1,042, Short positions Accor S.A. Future February , Dow Jones STOXX 600 Healthcare Index Future March , K+S Aktiengesellschaft Future March ,000-1,000-7, , GBP BAE Systems Plc. Future February , , Short positions -471, Forward contracts 571, Cash at banks current account 6,322, Due to banks -658, Balance from other receivables and payables -291, Subfund s net assets in 161,770, * Net assets of the subfund

21 DJE OPA DJE Semi-annual report as at 31 December DJE OPA Statement of investments as at 31 December 2015 (continued) Holding Obligations in % share of net assets * Forward contracts Long positions CHF Roche Holding AG Future January ,260, ,260, DKK Novo Nordisk A/S Future March ,744, ,744, Bayer AG Future March ,582, EX Daimler AG Future March ,243, Fielmann AG Future February ,772, Fielmann AG Future March ,636, Fresenius Medical Care AG & Co. KGaA Future March ,764, SAP AG Future April ,298, Symrise AG Future March ,079, ,376, Long positions 32,382, Short positions Accor S.A. Future February ,958, Dow Jones STOXX 600 Healthcare Index Future March ,607, K+S Aktiengesellschaft Future March ,000-2,369, ,935, GBP BAE Systems Plc. Future February ,600, ,600, Short positions -15,536, Forward contracts 16,846, * Net assets of the subfund

22 DJE OPA DJE Semi-annual report as at 31 December DJE OPA Purchases and sales between 1 July 2015 and 31 December 2015 Purchases and sales of securities, promissory note loans and derivatives carried out reporting period, including changes without inflows/outflows, if they are not included in the statement of investments. ISIN Securities Purchases Sales Equities, rights and profit-participation certificates Listed securities Denmark DK A P Moller-Maersk AS DKK 1,440 1,440 DK Novo-Nordisk AS DKK 42, ,400 DK SydBank AS DKK 43,300 43,300 Germany DE Aurubis AG 0 47,000 DE Cancom SE 23,500 23,500 DE Continental AG 0 18,000 DE Drillisch AG 43,800 43,800 DE000A161NC9 Dte. Annington Immobilien SE BZR ,000 DE Dte. Börse AG 0 32,000 DE Dte. Telekom AG 0 160,000 DE Fraport AG Frankfurt Airport Services Worldwide 40,200 40,200 DE Fresenius Medical Care AG & Co. KGaA 13,200 13,200 DE Gea Group AG 41,500 41,500 DE Henkel AG & Co. KGaA -VZ- 0 29,000 DE Infi neon Technologies AG 0 210,000 DE000KSAG888 K+S AG 124, ,900 DE LANXESS AG 47,900 47,900 DE Linde AG 0 13,250 DE Nemetschek AG 21,500 21,500 DE000A1JBPV9 SHW AG 0 34,300 DE000SYM9999 Symrise AG 65,500 65,500 DE000A1ML7J1 Vonovia SE 16, ,300 Finland FI Neste Oyj 63,000 63,000 FI Sampo OYJ -A- 0 29,600 France FR Legrand S.A. 42,900 42,900 FR LVMH Moet Hennessy Louis Vuitton SE 13,800 13,800 FR Vivendi S.A ,000 United Kingdom GB Burberry Group Plc. GBP 0 120,000 GB Diploma Plc. GBP 0 170,700 GB00B70FPS60 Johnson Matthey Plc. GBP 0 31,600 GB00BYZFZ918 Sophos Group Plc. GBP 0 100,000 GB Tullow Oil Plc. GBP 0 271,000 GB00BYYK2V80 Worldpay Group Plc. GBP 771, ,000

23 DJE OPA DJE Semi-annual report as at 31 December DJE OPA Continued Purchases and sales between 1 July 2015 and 31 December 2015 ISIN Securities Purchases Sales Italy IT Pirelli & C. S.p.A ,500 Netherlands NL GrandVision B.V ,200 Norway NO Norsk Hydro ASA NOK 0 475,000 NO Petroleum Geo-Services AS NOK 0 482,300 Austria AT conwert Immobilien Invest SE 0 206,500 AT Voest-Alpine AG 0 63,000 Sweden SE Coor Service Management Holding AB SEK 0 276,900 SE Dometic Group AB SEK 43,800 43,800 SE Hennes & Mauritz AB-B SEK 0 82,000 SE Lundin Petroleum AB SEK 0 107,500 SE Nordea Bank AB SEK 0 250,000 SE SSAB Svenski Stal AB SEK 0 322,000 SE Svenska Handelsbanken AB SEK 0 132,000 SE Volvo AB-B SEK 0 220,000 Switzerland CH Basilea Pharmaceutica AG CHF 0 14,000 CH Cie Financière Richemont AG CHF 30,300 30,300 CH Clariant AG CHF 0 101,300 CH Emmi AG CHF 0 7,041 CH Geberit AG CHF 0 7,100 CH Givaudan S.A. CHF 1,400 1,400 CH Roche Holding AG Genussscheine CHF 0 9,000 CH Sunrise Communications Group AG CHF 0 28,000 CH Unique Zurich Airport CHF 0 3,700 Spain ES Viscofan S.A. 0 30,000 United States of America US Autoliv Inc. USD 0 16,000

24 DJE OPA DJE Semi-annual report as at 31 December DJE OPA Continued Purchases and sales between 1 July 2015 and 31 December 2015 ISIN Securities Purchases Sales Forward contracts CHF Novartis AG Future December DKK Novo Nordisk A/S Future December Bayer AG Future December CAC 40 Index Future November DAX Performance Index Future March Dow Jones STOXX 600 Healthcare Index Future December EX Daimler AG Future December ,109 Fresenius Medical Care AG & Co. KGaA Future December Symrise AG Future December SEK Electrolux AB Future March ,428 1,428 Exchange rates Assets denominated in foreign currencies were converted into euro using the following exchange rates as at 31 December Currency Australian dollar AUD British pound GBP Danish krone DKK Hong Kong dollar HKD Japanese yen JPY Canadian dollar CAD Malaysian ringgit MYR Norwegian krone NOK Swedish krona SEK Swiss franc CHF Singapore dollar SGD South African rand ZAR Czech koruna CZK Hungarian forint HUF US dollar USD

25 DJE ALPHA GLOBAL Strategy DJE Alpha Global focuses its investment on the two asset classes of equities and bonds. The sub-fund has an international investment universe. It is not bound by any minimum equities allocation and can invest without replicating the composition of a benchmark index. The dynamic asset allocation is designed to reduce market fl uctuations. In terms of stockpicking, the emphasis is on independent research and the successful, lengthy track record of DJE Kapital AG s investment approach. The focus of the investment policy is on value stocks. At the same time, however, stocks with above-average growth prospects are accepted.

26 DJE ALPHA GLOBAL DJE Semi-annual report as at 31 December DJE ALPHA GLOBAL Performance DJE Alpha Global generated a performance of % (PA- () tranche) and % (I-() tranche) in the reporting period from 1 July 2015 to 31 December In the second half of 2015, the trend on the international equity markets was slightly negative with some major fluctuations. This was due to the discussion surrounding the first key rate increase by the US Federal Reserve in ten years, the uncertainties regarding global economic development and the increased awareness of geopolitical risks (Syria/terrorist attacks). In China, the stock markets rose by more than 30 % in the first half of 2015 and then dropped by more than 15 % in the second half of the year. In August and September, the broader market fell by approximately 10 % due to concerns about the Chinese economy and the surprising devaluation of the Chinese currency. In the fourth quarter of 2015, the equity markets initially recovered on the back of hopes for an expansion of monetary policy measures by the European Central Bank (ECB) and the high level of pessimism of market participants, which was interpreted as an anticyclical buy signal. However, the ECB s poorly received expansion of its bond-buying programme led to profit-taking. Moreover, share prices were negatively affected by the decline in oil and commodity prices at the end of the year, as the price drop increased the uncertainty about future economic development. The equity investment ratio of DJE - Alpha Global varied between about 70 % and 80 % throughout the reporting period due to the volatility of the global equity markets; the bond investment ratio was around 14 %. At the end of the year, the equity investment ratio was slightly over 77 %. Because of the strong price falls in China, the weighting in Hong Kong stocks of nearly 10 % at the end of June was reduced to about 7 % at the end of the year; the Japanese equity exposure was reduced from almost 17 % at the end of June to about 4 % at year-end. In contrast, the exposure to US stocks with increased, for example by purchasing Cisco Systems, the global provider of networking solutions, and the software company Microsoft. The largest rise at sector level took place in the consumer discretionary segment, among other things by increasing the position in the US sporting goods manufacturer Nike. In contrast, positions in the financial sector were reduced through the sale of Japanese investment banks and financial service providers, such as Nomura, Daiwa Securities and Mizuho Financial Group. The exchange rate risk against the US dollar, Hong Kong dollar and Japanese yen was hedged in phases. Derivatives were also used for hedging purposes in periods of market volatility. The information and fi gures contained in this report relate to past performance only and give no indication of future performance.

27 DJE ALPHA GLOBAL DJE Semi-annual report as at 31 December DJE ALPHA GLOBAL The Company is entitled to create unit classes with different rights in terms of the units. The following unit classes with the following features are currently available: Unit class PA () Unit class I () Securities ID number: Securities ID number: ISIN code: LU ISIN code: LU Initial charge: up to 4.00 % Initial charge: None Redemption fee: None Redemption fee: None Management fee: 1.62 % p. a. plus 500 p.m. fi xed sum for the sub-fund Management fee: 1.37 % p. a. plus 500 p.m. fi xed sum for the sub-fund Minimum subsequent investment: None Minimum subsequent investment: 75, Use of income: distribution Use of income: accumulation Currency: Currency: Geographical and economic breakdown Geographical breakdown Sector breakdown United States of America % Software & services 8.39 % Germany % Diversifi ed fi nancial services 8.07 % France 9.36 % Materials 7.37 % Hong Kong 9.15 % Consumer services 6.24 % Japan 3.81 % Property 6.10 % Netherlands 2.50 % Food, beverages & tobacco 5.95 % Finland 1.95 % Insurance 5.56 % Italy 1.73 % Pharmaceuticals, biotechnology & biosciences 5.47 % Switzerland 1.39 % Transport 4.69 % Spain 1.19 % Capital goods 4.62 % Jersey 1.00 % Business services & supplies 4.49 % Austria 0.97 % Automotive & components 4.23 % Australia 0.89 % Wholesale & retail 3.91 % Luxembourg 0.81 % Hardware & equipment 2.98 % United Kingdom 0.58 % Government bonds 2.38 % Singapore 0.58 % Banks 2.28 % Canada 0.57 % Telecommunication services 2.20 % Ireland 0.55 % Healthcare: Equipment & services 2.16 % Denmark 0.52 % Utilities 1.97 % Sweden 0.30 % Energy 1.45 % Securities % Household goods & personal care products 0.84 % Forward contracts -0.08% Food and basic goods retailing 0.54 % Cash at banks % Consumer goods & clothing 0.43 % Balance from other receivables and payables -3.28% Securities % % Forward contracts % Cash at banks % Balance from other receivables and payables % %

28 DJE ALPHA GLOBAL DJE Semi-annual report as at 31 December DJE ALPHA GLOBAL Geographical breakdown Balance from other receivables and payables (including cash at banks) 7.76 % Forward contracts % Sweden 0.30 % Denmark 0.52 % Ireland 0.55 % Canada 0.57 % Singapore 0.58 % UK 0.58 % Luxembourg 0.81 % Australia 0.89 % Austria 0.97 % Jersey 1.00 % Spain 1.19 % Switzerland 1.39 % Italy 1.73 % Finland 1.95 % Netherlands 2.50 % Japan 3.81 % Hong Kong 9.15 % France 9.36 % United States of America % Germany % Sector breakdown Balance from other receivables and payables (including cash at banks) 7.76 % Forward contracts % Consumer goods & clothing 0.43 % Food and basic goods retailing 0.54 % Household goods & personal care products 0.84 % Energy 1.45 % Utilities 1.97 % Healthcare: Equipment & services 2.16 % Telecommunication services 2.20 % Banks 2.28 % Government bonds 2.38 % Hardware & equipment 2.98 % Wholesaling and retailing 3.91 % Automotive & components 4.23 % Business services & supplies 4.49 % Capital goods 4.62 % Transport 4.69 % Pharmaceuticals, biotechnology & biosciences 5.47 % Software & services 8.39 % Diversifi ed fi nancial services 8.07 % Materials 7.37 % Consumer services 6.24 % Property 6.10 % Food, beverages & tobacco 5.95 % Insurance 5.56 %

29 DJE ALPHA GLOBAL DJE Semi-annual report as at 31 December DJE ALPHA GLOBAL Performance in since inception on 27 January 2003 (unit class I) January 03 June 03 November 03 April 04 September 04 February 05 July 05 December 05 May 06 October 06 March 07 August 07 January 08 June 08 November 08 April 09 September 09 February 10 July 10 December 10 May 11 October 11 March 12 August 12 January 13 June 13 November 13 April 14 September 14 February 15 July 15 December 15 Month-end data, source: DJE Investment S.A.

30 DJE ALPHA GLOBAL DJE Semi-annual report as at 31 December DJE ALPHA GLOBAL Composition of the subfund s net assets as at 31 December 2015 Securities (acquisition cost of securities: 90,508,964.26) 100,554, Cash at banks 12,021, Interest receivable 232, Dividends receivable 27, Subscriptions receivable 18, Receivables from securities transactions 98, ,954, Redemptions payable -5, Unrealised losses on forward contracts -87, Unrealised losses on forward exchange contracts -1,077, Liabilities from securities transactions -2,671, Other liabilities * -195, ,036, Subfund s net assets 108,917, Allocation to unit classes Unit class PA () Pro rata subfund s net assets 51,890, Units outstanding 258, Net asset value Unit class I () Pro rata subfund s net assets 57,027, Units outstanding 260, Net asset value * This item essentially comprises administration and investment advisory fees.

31 DJE ALPHA GLOBAL DJE Semi-annual report as at 31 December DJE ALPHA GLOBAL Statement of investments as at 31 December 2015 ISIN Securities Purchases reporting period Sales reporting period Holding Price Market value % share of net assets* Equities, rights and profit-participation certificates Listed securities Australia AU000000NCM7 Newcrest Mining Ltd. AUD 112, , , , Denmark DK ISS AS DKK 11, , , , Germany DE Allianz SE 2, , ,726, DE000A0LD2U1 alstria offi ce REIT-AG , , DE Aurubis AG 0 12,600 12, , DE Beiersdorf AG 7, , , DE Daimler AG 47,000 47,000 40, ,119, DE Dte. Börse AG 0 35,000 10, , DE Dte. Post AG 90, , ,661, DE Fielmann AG 9, , , DE Fresenius SE & Co. KGaA 0 9,000 27, ,776, DE HeidelbergCement AG 40, , ,417, DE Hochtief AG 14, , ,232, DE Jungheinrich AG -VZ , , DE000A0D9PT0 MTU Aero Engines AG 13, , ,215, DE Münchener Rückversicherungs - Gesellschaft AG 5, , , DE SAP SE 15, , ,108, DE000A1ML7J1 Vonovia SE , ,540, ,059, Finland FI Sampo OYJ -A , ,124, ,124, France FR AXA S.A. 15, , , FR Danone S.A. 50, , ,419, FR Ingenico S.A. 4, , , FR Suez Environnement Co. S.A , ,562, FR Total S.A. 25,000 12,500 12, , ,357, United Kingdom GB Ashtead Group Plc. GBP 35, , , , * Net assets of the subfund