JRS SICAV Investment Company (SICAV), Luxembourg

Transcription

1 Unaudited semi-annual report JRS SICAV Investment Company (SICAV), Luxembourg R.C.S. Luxembourg B

2 Notice The sole legally binding basis for the purchase of shares of the Fund described in this report is the latest valid sales prospectus with its terms of contract.

3 Contents Organisation... 2 General information... 4 Combined statement of net assets... 5 JRS SICAV - JRS Trend... 6 Statement of net assets... 6 Statement of investments and other net assets... 7 Industrial and geographical classification of investments... 8 JRS SICAV - JRS Global Asset Allocation... 9 Statement of net assets... 9 Statement of investments and other net assets Industrial and geographical classification of investments Notes to the financial statements

4 Organisation Registered office 4, rue Peternelchen L-2370 Howald Board of Directors Chairman Peter ENGELBERG Managing Director Monterey Asset Management S.A., Luxembourg (until 9th April 2014) Bengt MELLBERG Chief Executive Officer JRS Asset Management AB, Sweden (since 9th April 2014) Members Olivier SCHOLTES Head of Investment Management Function SEB Fund Services S.A., Luxembourg Magnus LARSSON Senior Manager JRS Asset Management AB, Sweden (since 9th April 2014) Lars CARLBOM Chief Financial Officer JRS Asset Management AB, Sweden (since 9th April 2014) Mats EKSTRÖM JRS Asset Management AB, Sweden (until 9th April 2014) Management Company and Central Administration Agent Board of Directors of the Management Company SEB Fund Services S.A. 4, rue Peternelchen L-2370 Howald Chairman Gustaf UNGER Head of Asset Servicing Skandinaviska Enskilda Banken AB (publ), Sweden (since 28th March 2014) Ralf FERNER Managing Director SEB Asset Management S.A., Luxembourg (until 28th March 2014) 2

5 Organisation (continued) Vice-Chairman Peter KUBICKI Managing Director Skandinaviska Enskilda Banken S.A., Luxembourg Directors Ralf FERNER Managing Director SEB Fund Services S.A., Luxembourg (since 28th March 2014) Göran FORS Head of Sales and Market Development Asset Servicing Skandinaviska Enskilda Banken AB (publ), Sweden Ann-Charlotte LAWYER Managing Director and Head of SEB Fund Services S.A., Luxembourg (until 28th March 2014) Jonas LINDGREN Head of Prime Brokerage SEB Enskilda, Securities Finance, Sweden Custodian Bank Skandinaviska Enskilda Banken S.A. 4, rue Peternelchen L-2370 Howald Administration Agent, Registrar and Transfer Agent European Fund Administration S.A. 2, rue d Alsace L-1122 Luxembourg Investment Manager, JRS Asset Management AB Placement and Distribution Agent Birger Jarlsgatan 14 SE Stockholm Auditor PricewaterhouseCoopers, Société coopérative 400, route d Esch L-1471 Luxembourg 3

6 General information JRS SICAV (the "Fund") is an open-ended investment company incorporated under the laws of the Grand Duchy of Luxembourg as a "Société d Investissement à Capital Variable" ("SICAV") registered pursuant to Part I of the amended Law of 17th December 2010 relating to Undertakings for Collective Investment. The Fund has been incorporated as an open-ended investment company with multiple compartments on 26th November 2009 for an unlimited period. The Articles of Incorporation (the "Articles") were published in the "Mémorial C, Recueil des Sociétés et Association" (the "Mémorial") on 30th December The registered office of the Fund is established at 4, rue Peternelchen, L-2370 Howald. The Articles of the Management Company were published in the "Mémorial" as of 16th November The last amendment of the Articles was published on 18th May At present, the following Sub-Funds are at the Shareholder s disposal: - JRS SICAV - JRS Trend in SEK - JRS SICAV - JRS Global Asset Allocation in SEK. Class HNW Shares are available for subscription and are reserved to Institutional Investors and certain other investors. The minimum subscription and minimum holding amounts are of SEK 300,000 or their equivalent in another currency unless the Directors resolve otherwise. Class Aktiv Pension Shares are available exclusively to investors subscribing through the distributor "Pensionsmyndigheten" in Sweden. No minimum subscription and minimum holding amounts apply to this Class of Shares. Class HNW Shares and Class Aktiv Pension Shares are only available as Accumulation Shares. Shares of the following Classes are currently issued: - Class HNW SEK - Class Aktiv Pension SEK. At the date of the present report, the Class HNW SEK Shares is active in the Sub-Fund JRS SICAV - JRS Trend and the Class Aktiv Pension SEK Shares is active in the Sub-Fund JRS SICAV - JRS Global Asset Allocation. The Net Asset Value per Share of each Class of Shares within the relevant Sub-Fund is determined on each bank business day in Luxembourg and Stockholm, except for 24th December in each year (the "Valuation Day"). The reference currency of JRS SICAV is the euro (EUR). Financial reports of the Fund are published annually and semi-annually. Copies of the Articles of Incorporation, of the current Prospectus, the key investor information document ("KIID") and of the latest reports of the Fund may be obtained free of charge at the registered offices of the Fund and the Placement and Distribution Agent. 4

7 Combined statement of net assets (in EUR) Assets Securities portfolio at market value 49,391, Deposits on futures contracts 776, Cash at banks 7,525, Other liquid assets 844, Formation expenses, net 11, Income receivable on portfolio 5, Unrealised gain on futures contracts 43, Other receivables 495, Prepaid expenses 3, Total assets 59,097, Liabilities Bank overdrafts 0.09 Other liquid liabilities 136, Payable on redemptions of shares 11, Unrealised loss on futures contracts 18, Unrealised loss on forward foreign exchange contracts 301, Expenses payable 219, Other liabilities 66, Total liabilities 754, Net assets at the end of the period 58,342, The accompanying notes are an integral part of these financial statements. 5

8 - JRS Trend Statement of net assets (in SEK) Assets Securities portfolio at market value 93,082, Deposits on futures contracts 3,051, Cash at banks 4,831, Other liquid assets 1,859, Formation expenses, net 16, Other receivables 129, Prepaid expenses 5, Total assets 102,976, Liabilities Other liquid liabilities Unrealised loss on futures contracts 173, Expenses payable 239, Total liabilities 412, Net assets at the end of the period 102,563, Class HNW SEK Shares outstanding 87, Net asset value per Class HNW SEK Share 1, The accompanying notes are an integral part of these financial statements. 6

9 - JRS Trend Statement of investments and other net assets (in SEK) Currency Number / nominal value Description Cost Market value % of total net assets Investments in securities Open-ended investment funds Investment funds (UCITS) SEK 33, Carnegie Fd Svensk Kort Ränte Units A1 Cap 4,379, ,547, SEK 54, Handelsbanken Fonder Langrantefond Sverige Dist 5,740, ,996, SEK 52, Ohman Index Sverige Units 6,950, ,656, SEK 3, Salusansvar Ohman Penningmarknadsfond Units Dist 298, , SEK 688,910 SEB Kortrantefond SEK Cap 7,029, ,044, SEK 41,958 SEB Likviditetsfond Kasvu Cap 502, , SEK 31, SEB Sverige Indexfond 5,345, ,739, SEK 36, SPP Aktifond Sverige 5,717, ,631, SEK 6, SPP Penningmarknadsfond 734, , Total investment funds (UCITS) 36,700, ,167, Tracker funds (UCITS) SEK 72 SpotRTM1 Bear OMXS30 UCITS ETF IC SEK Cap 5, , SEK 21,678 SpotRTM1 Bull OMXS30 UCITS ETF IC SEK Cap 2,660, ,973, SEK 46,410 SpotRTM1 OMXS30 UCITS ETF IC Cap 5,161, ,882, SEK 58,000 Swedbank Robur UCITS ETF OMXS30 C Cap 7,461, ,346, SEK 66,863 XACT OMXS30 Dist 8,811, ,618, SEK 21,444 XACT OMXSB Utdelande Units Dist 6,238, ,646, Total tracker funds (UCITS) 30,338, ,469, Tracker funds (UCI) SEK 707 XACT BEAR Units Dist 123, , SEK 31,815 XACT Bull Units 6,094, ,036, SEK 476 XACT Fonder AB Bear 2 Units 103, , SEK 14,178 XACT Fonder AB Bull 2 Units 5,692, ,259, Total tracker funds (UCI) 12,013, ,445, Total investments in securities 79,052, ,082, Cash at banks 4,831, Other net assets/(liabilities) 4,649, Total 102,563, The accompanying notes are an integral part of these financial statements. 7

10 - JRS Trend Industrial and geographical classification of investments Industrial classification (in percentage of net assets) Investment funds % Total % Geographical classification (by domicile of the issuer) (in percentage of net assets) Sweden % Luxembourg % Finland 0.49 % Total % The accompanying notes are an integral part of these financial statements. 8

11 - JRS Global Asset Allocation Statement of net assets (in SEK) Assets Securities portfolio at market value 359,194, Deposits on futures contracts 4,057, Cash at banks 64,076, Other liquid assets 5,872, Formation expenses, net 87, Income receivable on portfolio 53, Unrealised gain on futures contracts 394, Other receivables 4,409, Prepaid expenses 23, Total assets 438,169, Liabilities Bank overdrafts 0.79 Other liquid liabilities 1,249, Payable on redemptions of shares 109, Unrealised loss on forward foreign exchange contracts 2,762, Expenses payable 1,767, Other liabilities 607, Total liabilities 6,495, Net assets at the end of the period 431,673, Class Aktiv Pension SEK Shares outstanding 391, Net asset value per Class Aktiv Pension SEK Share 1, The accompanying notes are an integral part of these financial statements. 9

12 - JRS Global Asset Allocation Statement of investments and other net assets (in SEK) Currency Number / nominal value Description Cost Market value % of total net assets Investments in securities Open-ended investment funds Investment funds (UCITS) SEK 72, Carnegie Fd Svensk Kort Ränte Units A1 Cap 10,000, ,002, SEK 87, Cicero China Index B 8,655, ,785, SEK 9, Handelsbanken Fonder Langrantefond Sverige Dist 954, , SEK 3,661,050 SEB Kortrantefond SEK Cap 37,343, ,437, SEK 1,677, SEB Likviditetsfond Kasvu Cap 20,178, ,209, SEK 177, SPP Penningmarknadsfond 20,655, ,095, SEK 9, Öhman Obligationsfond Uts 1,121, ,168, Total investment funds (UCITS) 98,910, ,695, Tracker funds (UCITS) EUR 32,908 Amundi ETF MSCI Europe High Div UCITS 25,084, ,428, EUR 32,490 Amundi ETF MSCI World UCITS EUR 46,169, ,674, ,254, ,102, USD 1,523,790 Amundi ETF MSCI Em Mks UCITS USD 40,165, ,103, USD 2,190 Amundi ETF MSCI World UCITS USD 3,048, ,416, USD 586,792 db x-trackers Hedge Fund Idx UCITS ETF 2C Cap 42,779, ,606, USD 133,975 db x-trackers MSCI World TRN Idx UCITS ETF 1C Cap 37,788, ,639, USD 14,112 ishares II Plc USD High Yield Corp Bond UCITS ETF Dist 10,314, ,734, USD 18,500 ishares III Plc MSCI Emerging Mks SmallCap UCITS ETF 8,569, ,611, Dist USD 19,611 Multi Units Luxembourg Lyx UCITS ETF SG Gl Qlty Inc NTR D Di 13,763, ,551, ,428, ,663, Total tracker funds (UCITS) 227,682, ,766, Tracker funds (UCI) SEK 28,840 XACT Fonder AB Bull 2 Units 12,497, ,732, Total tracker funds (UCI) 12,497, ,732, Total investments in securities 339,090, ,194, Cash at banks 64,076, Bank overdrafts Other net assets/(liabilities) 8,402, Total 431,673, The accompanying notes are an integral part of these financial statements. 10

13 - JRS Global Asset Allocation Industrial and geographical classification of investments Industrial classification (in percentage of net assets) Investment funds % Total % Geographical classification (by domicile of the issuer) (in percentage of net assets) France % Luxembourg % Sweden % Finland 4.68 % Ireland 4.48 % Total % The accompanying notes are an integral part of these financial statements. 11

14 Notes to the financial statements Note 1 - Significant accounting policies a) Presentation of the financial statements The financial statements of the Fund are established in accordance with the Luxembourg legal and regulatory requirements concerning Undertakings for Collective Investment. b) Valuation (1) Securities listed on Regulated Markets, which operate regularly and are recognised and open to the public, are valued at the last available price; in the event that there should be several such markets, on the basis of the last available price of the main market for the relevant security. Should the last available price for a given security not truly reflect its fair market value, then that security shall be valued on the basis of the probable sales price which the Directors deem it is prudent to assume. (2) Securities not listed on Regulated Markets, which operate regularly and are recognised and open to the public, are valued on the basis of their last available price. Should the last available price for a given security not truly reflect its fair market value, then that security will be valued by the Directors on the basis of the probable sales price which the Directors deem it is prudent to assume. (3) The liquidating value of futures, forward and options contracts (or any other derivative instruments) not traded on Regulated Markets or stock exchanges shall mean their net liquidating value determined, pursuant to the policies established in good faith by the Board of Directors, on a basis consistently applied for each different variety of contracts. The liquidating value of futures, forward and options contracts (or any other derivative instruments) traded on Regulated Markets or stock exchanges shall be based upon the last available settlement prices of these contracts on Regulated Markets or stock exchanges on which the particular futures, forward or options contracts (or any other derivative instruments) are traded by the Fund; provided that if a futures, forward or options contract (or any other derivative instruments) could not be liquidated on the day with respect to which net assets are being determined, the basis for determining the liquidating value of such contract shall be such value as the Board of Directors may deem fair and reasonable. (4) Shares or units in underlying open-ended investment funds are valued at their last available price. (5) Liquid assets and money market instruments may be valued at nominal value plus any accrued interest or on an amortised cost basis. All other assets, where practice allows, may be valued in the same manner. Short-term investments that have a remaining maturity of one year or less may be valued (1) at market value, or (2) where market value is not available or not representative, at amortised cost. (6) The value of any cash on hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid, and not yet received shall be deemed to be the full amount thereof, unless, however, the same is unlikely to be paid or received in full, in which case the value thereof shall be determined after making such discount as the Directors may consider appropriate in such case to reflect the true value thereof. 12

15 Notes to the financial statements (continued) c) Net realised gain/(loss) on sales of securities The net realised gain/(loss) on sales of securities is determined on the basis of the average cost of securities sold. d) Cost of securities The acquisition cost of a security denominated in a currency other than that of the Sub-Fund is converted to the Sub-Fund s currency at the exchange rate prevailing on the date of purchase. e) Exchange translation Bank balances, other assets and liabilities and the value of securities held, that are denominated in other currencies than the Sub-Fund s currency are converted at the prevailing exchange rate of the closing day. Income and expenses incurred in currencies other than the Sub-Fund s currency are converted at the prevailing exchange rate of the day of each transaction At the date of the report, the prevailing exchange rates on the closing day were as follows: 1 SEK = EUR Euro GBP Pound Sterling JPY Japanese Yen USD US Dollar f) Combined financial statements The combined financial statements of the Fund are expressed in EUR and are equal to the sum of the corresponding captions in the financial statements of each Sub-Fund. At the date of the report, the prevailing exchange rate on the closing day was as follows: 1 EUR = SEK Swedish Krona g) Formation expenses Expenses incurred in connection with the establishment of the Fund and the creation of the Sub-Funds are amortised over a period of five years. h) Investment income Dividend income is recognised on an ex-dividend basis and is recorded net of withholding tax. i) Other liquid assets / Other liquid liabilities The captions "Other liquid assets" and "Other liquid liabilities" are mainly composed of cash accounts held at brokers. 13

16 Notes to the financial statements (continued) j) Forward foreign exchange contracts Forward foreign exchange contracts are valued at prevailing market rates for the remaining period from valuation day to the maturity of the contracts. Unrealised gain/(loss) is recorded in the statements of net assets. k) Futures contracts Futures contracts are posted off-balance sheet and are valued at the last available price applicable to the asset. Unrealised gain/(loss) is recorded in the statement of net assets. The net realised gain/(loss) on futures contracts is determined based on the FIFO Method. l) Options contracts Premiums received on the sale of options are recorded as liabilities, and premiums paid on the purchase of options are carried separately as assets. Unrealised gain/(loss) is recorded in the statement of net assets. The net realised gain/(loss) on options contracts is determined based on the FIFO Method. Note 2 - Subscription, redemption and conversion fees A Subscription fee of up to 3% of the Net Asset Value for Class HWM may be charged to investors when subscribing for Shares of the Fund. This fee will be paid to the principal distributor. Where Shares are issued in countries where stamp duties or other charges apply, such charges will be added to the issue price. There is no Subscription fee for the Class Aktiv Pension Shares. Shares are redeemable at the option of the Shareholders. No redemption fee is charged. No conversion fee is charged. Note 3 - Management fees Until 30th April 2014, the Management Company received a management fee not exceeding 0.15% per annum of the net assets of the Sub-Fund JRS SICAV - JRS Trend and not exceeding 0.075% p.a for the Sub-Fund JRS SICAV - JRS Global Asset Allocation, accrued daily and payable monthly in arrears. Since 1st May 2014, the Management Company receives a management fee not exceeding 0.06% per annum of the net assets of the Sub-Fund JRS SICAV - JRS Trend and JRS SICAV - JRS Global Asset Allocation, accrued daily and payable monthly in arrears with a minimum annual management fee per Sub-Fund of EUR 15,000. In addition, the Management Company receives an annual fee for the provision of risk management services. Furthermore the Management Company is entitled to be reimbursed out of the assets of the Sub-Funds for its reasonable out-of-pocket expenses and disbursements. 14

17 Notes to the financial statements (continued) The Investment Manager, JRS Asset Management AB, receives an investment management fee, accrued daily and payable monthly in arrears: JRS SICAV - JRS Trend JRS SICAV - JRS Global Asset Allocation Maximum fees 1.25% p.a. for Class HNW Shares 2.20% p.a. for Class Aktiv Pension Shares Note 4 - Performance fee The Investment Manager is also entitled to receive a performance fee paid out of the Sub-Fund's assets. The performance fee is calculated monthly (a "Calculation Period"). The performance fee is deemed to accrue on a daily basis as at each Valuation Date. For each Calculation Period, the performance fee in respect of each Share is equal to 20% for the Sub- Fund JRS SICAV - JRS Trend of the appreciation in the Net Asset Value per each Share during the Calculation Period above the Base Net Asset Value per each Share. The Base Net Asset Value per each Share is the greater of the Net Asset Value of that Share at the time of issue of that Share plus the investment management fee charged and payable to the Investment Manager (as further described above) plus the 3-month STIBOR hurdle rate and the highest Net Asset Value of that Share achieved as of the end of any previous Calculation Period (if any) during which such Share was in issue plus the investment management fee charged and payable to the Investment Manager (as further described above) plus the 3-month STIBOR hurdle rate. A performance fee is only accrued when the Net Asset Value per each Share is above the previous Base Net Asset Value per each Share of that Class. The performance fee in respect of each Calculation Period will be calculated by reference to the Net Asset Value attributable to the Share before making any deduction for accrued performance fees. The performance fee is normally payable in arrears within 30 days of the end of each Calculation Period. No performance fee is foreseen for the Sub-Fund JRS SICAV - JRS Global Asset Allocation. At the date of the report, a performance fee was recorded for the Sub-Fund JRS SICAV - JRS Trend and amounted to SEK 433, Note 5 - Central administration costs Until 30th April 2014, the Central Administration Agent was entitled to receive an administration fee which was accrued daily and payable monthly in arrears out of the Sub-Fund s assets. The minimum administration fee to which the Central Administration Agent was entitled was EUR 40,000 per year. A higher administration fee than EUR 40,000 per year might have been paid to the Management Company however without exceeding a maximum of 0.14% p.a. for the Sub-Fund JRS SICAV - JRS Trend and 0.13% p.a for the Sub-Fund JRS SICAV - JRS Global Asset Allocation, based on the Sub-Funds net assets under management. 15

18 Notes to the financial statements (continued) Since 1st May 2014, the Central Administration Agent is entitled to receive an administration fee which is accrued daily and payable monthly in arrears out of the Sub-Fund s assets consisting of a flat fee of EUR 22,000 p.a. plus a variable fee of maximum 0.07% p.a.. Until 30th April 2014, the Custodian received a custodian fee, accrued daily and payable monthly in arrears out of the fee received by the Central Administration Agent. Since 1st May 2014, the fee for global custody services provided by the Custodian is included in the Central Administration Agent Fee. In addition, the Custodian is entitled to be reimbursed out of the assets of the Sub-Fund for its reasonable out-of-pocket expenses and disbursements. The Central Administration Agent is furthermore entitled to receive out of the Sub-Fund s assets, in respect of the register and transfer agent functions and other related services, a further fee in accordance with Luxembourg customary banking practice, accrued daily and payable monthly in arrears. The Central Administration Agent is also compensated for all reasonable out-of-pocket expenses. Note 6 - Subscription duty ("taxe d abonnement") The Fund is governed by Luxembourg law. Pursuant to the legislation and regulations which are prevailing, the Fund is subject to an annual subscription duty ("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. The rate of this is reduced to 0.01% of the value of the net assets for Sub-Funds or Classes of Shares reserved for institutional investors. Pursuant to Article 175 (a) of the amended Law of 17th December 2010 the net assets invested in Undertakings for Collective Investments already subject to the "taxe d abonnement" are exempt from this tax. Note 7 - Forward foreign exchange contracts As at 30th June 2014, the Fund was committed in the following forward foreign exchange contracts with Skandinaviska Enskilda Banken S.A. in Luxembourg: JRS SICAV - JRS Global Asset Allocation Currency Purchases Currency Sales Maturity Unrealised result (in SEK) EUR 206, SEK 1,899, , SEK 65,344, EUR 7,222, , SEK 1,858, EUR 205, , SEK 4,497, EUR 500, , SEK 4,212, EUR 466, , SEK 13,783, USD 2,095, , SEK 12,450, USD 1,900, , SEK 8,346, USD 1,270, , SEK 8,227, USD 1,250, , USD 385, SEK 2,600, , USD 629, SEK 4,246, , USD 2,900, SEK 19,524, ,

19 Notes to the financial statements (continued) Currency Purchases Currency Sales Maturity Unrealised result (in SEK) SEK 4,047, EUR 441, , SEK 12,770, USD 1,894, , SEK 98,151, USD 14,797, , SEK 8,537, USD 1,271, , SEK 7,290, USD 1,097, , ,762, Note 8 - Futures contracts As at 30th June 2014, the Fund was committed in the following futures contracts with Skandinaviska Enskilda Banken AB (publ) in London: JRS SICAV - JRS Trend Number of contracts Purchase 295 OMX Stockholm 30 Index FUT 07/14 OMX Denomination Currency Commitments (in SEK) Unrealised result (in SEK) SEK 40,695, , , JRS SICAV - JRS Global Asset Allocation Number of contracts Denomination Currency Commitments (in SEK) Purchase 51 Euro Stoxx 50 EUR (Price) Index FUT 09/14 EUX Purchase 10 FTSE 100 Index FUT 09/14 LIFFE Purchase 16 NIKKEI 225 Index FUT 09/14 CME Purchase 30 NASDAQ 100 INDEX FUT 09/14 CME-Mini Purchase 57 S&P 500 Composite Index FUT 09/14 CME-Mini Unrealised result (in SEK) EUR 15,093, , GBP 7,676, , JPY 8,010, , USD 15,412, , USD 37,220, , , The deposits on futures contracts are recorded in the statement of net assets. Note 9 - Short option contracts As at 30th June 2014, the Fund is not committed in any short options contracts. Note 10 - Changes in the investment portfolio The statement of changes in the investment portfolio for the period covered by the report is available free of charge upon request from the registered office of the Fund. 17

20 JRS Asset Management AB Birger Jarlsgatan 14 SE Stockholm