Annual report 2015 Mutual funds

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1 Annual report 2015 Mutual funds

2 Long-term approach Growth Asset Management

3 Contents 4 Directors report 11 Pareto Aksje Norge 19 Pareto Investment Fund 26 Pareto Global 33 Pareto Nordic Return 43 Pareto Kreditt 52 Pareto Høyrente 60 Other fixed income funds 73 Independent auditor s report 74 Ethical framework, returns and risk

4 Directors report

5 Directors report 5 Directors report 2015 Market summary Key factors in our summary of 2015 are oil, economic growth and interest rates. The combined effect of these factors can be described as mixed. For the Norwegian economy, the oil price is a key factor. The effect is twofold. On the one hand, a lower oil price is bad news for both the oil sector, subsuppliers and the wider economy. Pareto has previously concluded that the ripple effects for the mainland economy are probably underestimated, and our calculations indicate that it takes about six quarters before the effect is at its strongest. On the other hand, the oil price slump triggered a significant drop in Norwegian kroner. For many Norwegian companies, this represents a powerful stimulus: The fall in the Norwegian real effective exchange rate from the summer of 2014, when the oil price began to fall, is roughly equivalent to twice the industry average operating margin before depreciation. Measured against the dollar, the drop is even greater. This illustrates the significant effect this has for many companies exposed to global competition. If alternatively we take as our point of departure traditional competitiveness, understood as the Norwegian price levels measured in international currency, figures from the World Bank and the Bank for International Settlements indicate a reduction of about 18 per cent in just four years. A significant reduction! Globally, growth fell from 3.4 to an estimated 3.1 per cent, according to recent estimates by the IMF, despite the record low interest rates in several instances becoming even lower. The Swedish Riksbank, for example, followed the European Central Bank and reduced the repo rate to below zero. The US Federal Reserve acted in the opposite way and increased the federal funds rate by a quarter of a percentage point in December, after seven years of flirting with a rate of zero. In the bond market, this was more than offset by a broad increase in risk premiums, from all types of corporate bonds to bonds with underlying real-estate mortgages (OMF). In the Norwegian corporate bond market, the high proportion of companies in the oil service sector made the effect particularly evident. The equity markets ended the year close to zero, both in Norway and abroad, with the Oslo Børs on the upper side and global equities on the bottom, measured in dollars. Measured in NOK, global equities had a good year. Prospects Forecasts for 2016 generally agree on a somewhat higher global growth and a slight reduction of the growth in the Norwegian economy. To the extent that the stock market is a good indicator, the downturn for listed companies will not be as severe. This is not illogical, given that the Oslo Børs has more exposure to, amongst other things, the US dollar and price of salmon than the Norwegian economy as a whole. On top of the list of concerns is the now declining growth in the Chinese economy, a factor which, admittedly, has been on that list for a while. The reduction in growth has so far been modest, but the rising levels of debt accumulation and high multiples in Chinese equities have caused market unrest. Pareto Asset Management recognises that there is always a significant element of uncertainty in asset management. We do, however, believe that our equity and fixed income portfolios are well equipped to cope with volatile markets and well positioned to create strong returns for our customers. Current status in the asset management firm Pareto Asset Management is the result of a merger in 2015 between the former sister companies Pareto Forvaltning and Pareto Nordic Investments. The merged company has 53 employees, including two employees of the previously established branch in Stockholm. The main office is located in Oslo, where the merged company in August moved together into new premises, albeit at the same address as before.

6 Directors report 6 In addition, the fund structure has been simplified by merging several former mirrored funds into main funds with multiple share classes. Thus, both Pareto Global and Pareto Aksje Norge now have five share classes each. This simplifies investment management, client advisory and control activities. From the beginning of next year, Omega Likviditet, from Pareto Nordic Investments, will also be merged into Pareto Likviditet. The announced launch of a fund investing in global corporate bonds has also been carried out as planned. The new fund, Pareto Global Corporate Bond, is managed by our branch in Stockholm, but is registered in Luxembourg. At year-end, the fund had reached total assets in excess of NOK 600 million. Fund development At the end of 2015, Pareto Asset Management had a total of NOK 43.8 billion under management. Of this total, NOK 19.4 billion is invested in Norwegian registered mutual funds, distributed as follows: Norwegian equity funds: NOK 4.1 billion Global equity fund: NOK 6.2 billion Hybrid fund: NOK 1.4 billion Fixed income funds: NOK 7.7 billion In addition, NOK 7.7 billion is invested through discretionary asset management mandates in equities and fixed income, as well as NOK 5.5 billion in Norwegian, Irish and Luxembourgian investment companies/special funds/mutual funds. The total figure also includes NOK 11.2 billion in debt management for Norwegian municipalities. In aggregate, companies and employees in the Pareto group are our largest client, with NOK 3.6 billion of total assets under management. Through major investments in our own products we demonstrate our faith in our own methods and investment management philosophy. In 2015, our global equity fund experienced the strongest growth, with an increase in total assets of just over a NOK 1 billion. The increase is mainly attributable to returns. Relatively speaking, growth was stronger in the hybrid fund Pareto Nordic Return, where total assets increased by more than NOK 950 million. Both good returns and solid net inflows are attributes of the growth. For our biggest Norwegian equities fund, we recorded yet again significant net redemptions. Overall, assets under management fell by more than NOK 3.9 billion, essentially due to a large number of redemptions. This most likely reflects concerns for the exposure towards oil-related companies in the fund, where some stock prices seem to imply that an impairment of book equity is a likely scenario. In aggregate, however, companies in this portfolio have continued to create value and to strengthen their balance sheets. In the long term, we expect that this will be reflected in the share prices. Fund returns The year was another year of strong returns for Pareto Global. A solid performance for positions in the portfolio was boosted by a declining Norwegian krone, and the different share classes returned between 17 and 20 per cent. For the same period, the world index rose roughly 17 per cent, measured in Norwegian kroner. Most notable was the performance in the hybrid fund Pareto Nordic Return, where the Nordic equity portfolio returned 32 per cent, while the bond portfolio returned 2.5 per cent. The fund has an absolute return focus and has no benchmark, though a total return of 22 per cent should certainly be considered adequate. The fund had an average weight of 73 per cent in equities. In Norway the picture was more mixed. Pareto Investment Fund, a broad Norwegian equity fund, also had a return of 22 per cent over the 12 month period and thus a significantly stronger performance than the benchmark Oslo Børs Mutual Fund Index with 6.7 per cent.

7 Directors report 7 Fund performance in 2015 Return Net increase 1 Pareto Aksje Norge A -6.1% Pareto Aksje Norge B -8.2% Pareto Aksje Norge C -6.2% Pareto Aksje Norge D -5.9% Pareto Aksje Norge I -7.0% Pareto Investment Fund A 20.6% Pareto Investment Fund B 21.7% Pareto Investment Fund C 22.2% Oslo Børs Mutual Fund Index 6.7% Pareto Global A 17.2% Pareto Global B 18.7% Pareto Global C 19.4% Pareto Global D 20.0% Pareto Global I 7.0% MSCI World 17.2% Pareto Nordic Return A 21.9% Pareto Nordic Return B 22.2% Pareto Nordic Return C 19.2% Pareto Kreditt A -5.6% Pareto Kreditt B -6.1% Government Bond Index % Pareto Høyrente -1.2% Government Bond Index % Pareto Obligasjon 0.7% Government Bond Index % Pareto Likviditet 1.0% Omega Likviditet 0.8% Government Bond Index % 1 Net income + subscription/redemption 2 Inception , 3 inception Pareto Aksje Norge, a concentrated equity fund with a focus on companies within typical Norwegian industries, was hampered by its exposure to the oil service sector (25 per cent of the portfolio at yearend). The fund ended the year down 6-8 per cent, depending on the share class. Investments in the oil service sector dropped almost 40 per cent. Seafood (21 per cent of the portfolio) had a positive return of just over 25 per cent, which offset part of the negative return in other parts of the portfolio. Dark clouds on the oil horizon also affected risk premiums and prices in the corporate bond market (high yield). At year-end, several bonds were priced in the range of per cent of par. This had the most significant effect on Pareto Kreditt, where values fell by about six per cent in the period. Pareto Høyrente, which has a lower risk classification, also ended the year in negative territory, albeit limited to about one percentage point. This reflected increased risk premiums also in bonds with a better credit rating, even covered bonds (OMF). The upside is that the bond funds are now running at a much higher current yield which, even in the event of defaults in several bonds, allows for a satisfactory return. Similarly, we have a reasoned optimism of good future returns in our other funds. Returns in our mutual funds in 2015 are in accordance with the funds risk profiles; the results are within the range that can be expected in the long term. Risk management To outperform the risk free rate, one must take risks. The Board of Pareto Asset Management has approved the risk profile of each fund we manage. The risk profile for each fund is regulated by the respective prospectus and statutes. The risk profiles of the funds are stated in the specific pages for each fund in this annual report. The risk indicator is based on monthly observations over the past five years of the fluctuations in the fund s NAV. Pareto Asset Management has a compliance and risk management team that controls the risk profiles of the funds. This is an independent function, which regularly reports to the Board on discrepancies between the current risk levels of all funds versus the respective risk profiles. All employees of the merged party s respective teams have continued in the new entity, thereby strengthening the company s capacity in this function. It makes regular analyses of the correlation between the funds risk profile and actual risk. This is reported to the Board on a quarterly basis. The company manages equity funds, bond funds and hybrid funds. Investments in equities are typically

8 Directors report 8 characterised by relatively high volatility. The risk in bond funds will vary based, amongst other factors, on the fund s credit/interest duration. For hybrid funds, the risk will in addition vary with the proportion of the fund invested in equities. Systematic risk Systematic risk, also called market risk, is defined as the risk that the value of a portfolio falls due to changes in financial markets or macroeconomic conditions. This may be changes in e.g. interest rates, exchange rates or general corrections in the stock market, and particularly exposure to factors such as oil prices and the price of salmon. Other key risks the funds are exposed to, and which are not adequately captured by historic volatility/ market risk, are as follows: Credit risk The issuer may get into a situation where it cannot meet its payment obligations on issued debt. Uncertainty around the issuer s solvency may cause temporary or permanent loss of value in the security. The credit risk in Pareto Likviditet and Pareto Obligasjon is low. Pareto Høyrente has a moderate credit risk, whilst Pareto Kreditt and the bond portfolio of Pareto Nordic Return has a high credit risk. Our fixed income investment philosophy is based on fundamental analysis of companies we invest in, and the managers spend much of their time following up on existing bonds in the portfolio. Liquidity risk Insufficient liquidity in a security could make the valuation or sale of such a security at a given time difficult. Liquidity risk is most pertinent for the fixed income funds Pareto Kreditt and Pareto Høyrente. Nordic Bond Pricing is used to determine daily market prices of bonds when determining the net asset value of fixed income funds. Occasionally, liquidity concerns may also affect the price of shares in smaller companies. This is applicable for certain investments in our Norwegian equity portfolios. Operational risk This is the risk of inadequate procedures or systems, human error, or the fund not being managed in accordance with the investment strategy and risk profile. Pareto Asset Management has established internal procedures to reduce the probability of operational errors. Financial risk None of our mutual funds utilise financial leverage. All funds have the opportunity to use financial derivatives. In 2015, only Pareto Kreditt utilised this opportunity. The fund s net asset value is calculated in Norwegian kroner, whilst the fund s investments may be acquired in other currencies. The fund seeks to reduce its currency exposure. To reduce currency exposure, currency derivatives (forward contracts) may be used as part of risk management in the fund. Currency derivatives may only be used to hedge investments in the fund. Redemptions During the 12-month period there were two extraordinarily large redemptions. In July, an investor redeemed approximately NOK 1.2 billion in Pareto Kreditt. The assets were moved from the fund to a discretionary mandate with a similar investment strategy as Pareto Kreditt. The transaction was performed as an internal trade, where securities were sold pro rata through a broker, and the valuation was based on mid prices from Nordic Bond Pricing. There was also a large redemption in Pareto Likviditet. The securities were sold at market value. For other funds, the level of redemptions has been not extraordinarily large and in keeping with the Board s expectations. Administration The mutual funds have no employees. They are managed through contracts with the management company Pareto Asset Management, which is also the business manager. DNB Bank ASA is the custodian for all funds except for Omega Likviditet, where J.P. Morgan Europe Ltd. Oslo Branch was depository until the merger with Pareto Likviditet as at 4 January Pareto Asset Management is located in Oslo. Operations do not pollute the environment.

9 Directors report 9 Board of directors Pareto Asset Management AS Oslo, 4 February 2016 Petter W. Borg resigned as Chief Executive Officer at the end of The Board would like to thank him for his invaluable contribution to the development and evolution of the company into what is now Pareto Asset Management, and for the exceptional results created under his leadership. The Board would also like to welcome Lasse Ruud as the new Chief Executive Officer. Going concern The Board is of the opinion that the accounts give a true picture of the mutual funds assets and liabilities, financial position and results. The funds statements have been prepared under the going concern assumptions. Allocation of profits The Board proposes the allocation of profits from the funds as stated in the overview below (see Allocation of Profits). The Board believes that the income statements, balance sheets and portfolio reports with accompanying notes offer sufficient information about this year s activities and the mutual funds positions at year-end. Stig Even Jakobsen Chairman (lawyer, Kluge Advokatfirma DA) Anders Haugan Board member (head of sales, Pareto Asset Management AS) Erik Bartnes Board member (private investor) Profit allocation for the financial year Profit Allocation to unitholders To/from retained earnings Equity Pareto Aksje Norge Pareto Investment Fund Pareto Global Pareto Nordic Return Pareto Høyrente Pareto Kreditt Pareto Obligasjon Pareto Likviditet Omega Likviditet Svein Støle Board member (owner Pareto AS) Cathrine Lofterød Fegth Board member (elected by unitholders) Hanne Kristine Ørpen Board member (elected by unitholders) Thomas Kjær Skjoldmo Board member (elected by unitholders) Lasse Ruud CEO

10 «He that can have patience can have what he will» -Benjamin Franklin

11 Pareto Aksje Norge Yara

12 Pareto Aksje Norge 12 Pareto Aksje Norge - varying sector contributions Portfolio develpment in 2015 and the outlook for each of the portfolio s main investments: seafood, oil service, savings banks and large single stock investments such as Yara and Wilh. Wilhelmsen Holding. The emphasis is on those parts of the portfolio that have not met our expectations. Seafood (21 per cent of the portfolio) With a return of just over 25 per cent, seafood has been the best contributor to the portfolio in The companies we are invested in are cost leaders and have little or no debt, traits we deem important in an industry that has historically proven to be volatile. High forward prices for salmon of 40 to 50 NOK/kg and a weak Norwegian krone contribute to a very positive outlook for the aquaculture industry in the short term. Longer term, salmon farming is a very efficient method to produce a healthy and increasingly popular food. Oil service (25 per cent) With a negative return of nearly 40 per cent, oil service is the largest negative contributor to the portfolio in the past year. This comes on the heels of a 30 per cent decline in 2014, which means that the majority of the companies are now priced lower than ever before. The bulk of the exposure consists of virtually debt-free companies with robust market positions and business models: TGS Nopec, Statoil and Subsea 7. The most expensive and largest of these positions is TGS Nopec, which accounts for 7 per cent of the portfolio. The company operates in the seismic sector and has had the largest decline in revenue of all our companies; analysts are expecting a 60 per cent reduction of revenue in 2016 compared to Correspondingly, operating profit is expected to fall to nearly zero. A solid net cash position and a very strong cash flow from operations, however, allows for both investment and a small dividend even in difficult years. The expected reduction in turnover is two to three times as big as what we have previously seen in TGS when oil prices have halved (the financial crisis and the Asian crisis). Furthermore, TGS has never before had a reduction in revenues for two consecutive years, as is now expected in The company continues to invest in seismic, whilst many of the company s direct competitors are already in financial difficulties, and is thus expected to gain market share, as it has done in previous periods of distress. Adjusted for one-off costs, TGS has never declared a loss and has an average operating margin over the last 15 years of 40 per cent. Savings banks (16 per cent) With a negative return of just over 10 per cent, neither of the savings banks contributed positively this year. Operationally, however, the banks in the portfolio have delivered very well, with low losses and generally good results in all business areas. Capital accumulation has been faster than expected, and all of the banks are expected to fulfil the particularly strict Norwegian capital requirements. At the same time they are expected to pay dividends for 2015 corresponding to a dividend yield of 5-8 per cent. Despite the fact that the Norwegian economy has Lerøy Seafood Group somewhat uncertain times ahead, and we expect increased bank losses, we have increased our exposure to savings banks. The reason is that the banks are historically very robust, with a high equity ratio and high loss-absorbing capacity. We also find it reassuring that lending growth has been moderate in recent years, and that stringent capital requirements have made banks restrictive in granting large and more vulnerable commercial loans. Market fears of losses are significant, exemplified by Sparebank 1 Midt-Norge (MING), which is priced at P/E 6-7 even if one assumes a doubling of losses. Given losses of five times the previous ten-year average, the bank would have been priced around P/E 10. Such a level would be up to twice what the banks experienced in the financial crisis, and about three times as high as DNB s implicit loss guiding for the next few years. DNB

13 Pareto Aksje Norge 13 Portfolio management team Besim Zekiri, Einar Løvoll, Emil Bull, Torbjørn Frønningen also has a higher share of its corporate lending in the oil-related industry than does MING. The fear of losses has attracted most of the attention, but there are also important positive elements on the horizon: Much points in the direction of a strong margin expansion for corporate loans ahead. When the ongoing recapitalisation is completed during 2016, dividends are expected to increase significantly. Yara (9 per cent) The largest holding in the portfolio returned close to 25 per cent in Despite fertiliser prices being well below their ten-year average, Yara had a record strong financial performance. A weak NOK, production growth and a growing contribution from the more stable divisions, downstream and industrials, are the main explanatory factors. The world s largest fertiliser company is debt-free and is priced at a P/E around 10. Despite major ongoing investments in growth, the company pays a 4 per cent dividend and is buying back shares. Wilh.Wilhelmsen Holding (7 per cent) The share had a negative return of around 20 per cent in Although the company has a very robust balance sheet and a strong operational side, with revenues from several business areas, it is priced at a P/E of just 3.5. The low valuation is probably related to several elements: a conglomerate with a strong majority owner, a low pay-out ratio of 15 per cent (though the dividend yield is above 5 per cent), uncertainty about fines for alleged price fixing, low liquidity in the share during a period when some major owners have exited the stock, uncertain prospects/volatile industry etc. Beyond running a high underlying rate of return relative to price (earnings yield), we see a high probability that several of these factors will improve, resulting in a significantly higher valuation. The above covers about 80 per cent of the portfolio. Important positions beyond these are debt free and highly competitive industrial companies such as Orkla, Norske Hydro and Ekornes. These three companies have dividend yields of 4-6 per cent. Around 80 per cent of the companies in the portfolio derive a major part of their revenues outside of Norway, and the somewhat weaker outlook for the domestic economy, accompanied by a weaker Norwegian krone and a less tight labour market, are positive factors that contribute to improved competitiveness and profitability. Despite a significant downward adjustment of estimates and dividend cuts for the portfolio s oil-related companies, the portfolio is valued at a P/E of 9, with a current dividend yield of 4.5 per cent. These are attractive levels compared to what is obtainable in both the fixed income market and the stock market. For 90 per cent of the portfolio, the companies balance sheets are either debt-free and/or more robust than ever before.

14 Pareto Aksje Norge 14 Performance history Pareto Aksje Norge is a focused equity fund investing in industries where Norwegian companies enjoys global competitive advantages. Actively managed, based on fundamental analysis and with a long term approach. Inception date: Benchmark: Oslo Børs Mutual Fund Index (OSEFX) Legal structure: UCITS IV Dealing days: all Norwegian banking days except Lower risk Typically lower rewards Higher risk Typically higher rewards The risk indicator was calculated using historical data and may not be a reliable indication of the future risk profile of the fund. 1 Returns until are achieved in Pareto Aktiv. The fund continues as unit class A in Pareto Aksje Norge. 2 Returns until are achieved in Pareto Verdi. The fund continues as unit class B in Pareto Aksje Norge. Annualised return Name Inception date 3 years 5 years 10 years From inception Pareto Aksje Norge A % -0.7% 3.8% 11.8% Pareto Aksje Norge B % -1.2% 3.6% 3.6% Pareto Aksje Norge C * Pareto Aksje Norge D * Pareto Aksje Norge I % 0.3% 5.1% 11.9% Oslo Børs Mutual Fund Index 11.9% 6.5% 6.0% Annual return past five years Name Pareto Aksje Norge A 1-6.1% 2.0% 13.3% 15.0% -22.7% Pareto Aksje Norge B 2-8.2% 1.5% 14.5% 16.2% -24.1% Pareto Aksje Norge C -6.2% * Pareto Aksje Norge D -5.9% * Pareto Aksje Norge I -7.0% 3.1% 16.1% 18.0% -22.8% Oslo Børs Mutual Fund Index 6.7% 5.7% 24.2% 20.6% -18.8% Other information Name Minimum initial subscription amount (NOK) ISIN Bloomberg Pareto Aksje Norge A 500 NO POAKTNY NO Pareto Aksje Norge B 500 NO PRVERDI NO Pareto Aksje Norge C 20 million NO PAAKNOC NO Pareto Aksje Norge D 50 million NO PAAKNOD NO Pareto Aksje Norge I 100 million NO POAKTIV NO

15 Pareto Aksje Norge 15 Pareto Aksje Norge Board of directors Pareto Asset Management AS Oslo, 4 February 2016 Income statement Notes Portfolio income and expenses Interest received Dividends Realised capital gains/losses Net unrealised capital gains/losses Portfolio profit Management revenue and costs Subscription/redemption fees Management fees Subscription/redemption fees to the management company Other income/expenses Total management expenses Stig Even Jakobsen Chairman (lawyer, Kluge Advokatfirma DA) Anders Haugan Board member (head of sales, Pareto Asset Management AS) Erik Bartnes Board member (private investor) Profit before taxation Income tax 0 0 Profit for the financial year Allocation of profit Transferred to/from equity Total allocations and equity transfers Balance sheet Assets Securities at cost price 2,3, Cash and cash equivalents Other assets Total assets Equity and liabilities Equity Unit capital at par value Premium/discount Retained earnings Total equity 8, Liabilities Accrued management fees Other liabilities Total liabilities Total equity and liabilities Svein Støle Board member (owner Pareto AS) Cathrine Lofterød Fegth Board member (elected by unitholders) Hanne Kristine Ørpen Board member (elected by unitholders) Thomas Kjær Skjoldmo Board member (elected by unitholders) Lasse Ruud CEO

16 Pareto Aksje Norge 16 Pareto Aksje Norge 1/2 Notes 1 Accounting policies The financial statements have been prepared in accordance with the Norwegian Accounting Act and the regulations relating to Annual financial statements for mutual funds. Financial instruments Securities are recognised at fair value (market price) as at Market price is the last quoted closing price on the stock exchange. Transaction fees Transaction fees to the custodian are expended on a monthly basis. 2 Financial market risk and use of derivatives Investments in Norwegian companies are exposed to stock price and liquidity risk. No derivatives have been used in Turnover ratio The portfolio s turnover ratio is The turnover rate is a measure of the average duration of the fund s investments. The turnover rate is calculated by dividing the lesser of total purchases or total sales of securities in the portfolio during the year by the average total net assets during the year. The formula is an approximation to calculating the fund s turnover rate. In previous years the turnover ratio was calculated by dividing average purchases and sales in the period by the average invested capital in the same period. The turnover ratio calculated for funds in 2015 is therefore not comparable to figures in previous years. 4 Management fees Pareto Aksje Norge A is charged a management fee of 1.50 per cent per annum. At a percentual higher performance than ST1X (Government Bond Index 0.25), the management company will charge a 20 per cent remuneration of this difference. Total management fee shall not exceed 3.0 per cent per annum. At a percentual lower performance than ST1X (Government Bond Index 0.25) the management company will deduct 20 per cent of this difference from the management fee. The total management fee shall not be less than 0.0 per cent per annum. The subsequent unit classes are charged, on a daily basis, the following management fees: Pareto Aksje Norge B: 2.00% Pareto Aksje Norge C: 1.25% Pareto Aksje Norge D: 0.75% Pareto Aksje Norge I: 0.50% 5 Other income/expenses The expenses consist of transaction fees to the custodian. Brokerage fees are included in the securities cost price. Total fee this year is NOK Employees The fund has no employees and no remunerations are thus paid to management etc. 7 Tax 2015 Profit before taxation Permanent differences Realised capital gains Unrealised capital gains Received dividends Taxable dividends 0 3 % of tax-exempt income for taxation Total taxable income Tax base 0 8 Equity 2015 Equity subscription/redemption Profit for the financial year Equity

17 Pareto Aksje Norge 17 Pareto Aksje Norge 2/2 9 Issued units Unit class A Number of units NAV Redemption price Unit class B Number of units NAV Redemption price Unit class C Number of units NAV Redemption price Unit class D Number of units NAV Redemption price Unit class I Number of units NAV Redemption price Net asset value (NAV) is the market value per unit after deductions of the fund s costs. Subscription price is NAV plus up to 1.00 per cent. Redemption price is NAV minus up to 0.50 per cent. Costs derived from subscriptions/redemptions are covered by the management company. The fund is credited actual brokerage fees. 10 Description of merger On 10 July 2015 the mutual fund Pareto Aksje Norge [organisational number ] acted as the acquiring fund in the merger with mutual funds Pareto Aktiv [organisational number ] and Pareto Verdi [organisational number ]. The mutual funds were so-called shadow funds/mirrored funds and thus the merger was carried out with accounting and tax continuity both at fund level and unitholder level, and will therefore not lead to realisation of gains or losses. Comparative figures for 2014 have been restated by consolidating the financial statements of Pareto Aksje Norge, Pareto Aktiv and Pareto Verdi. The merger did not require any harmonisation of principles. AUM Pareto Aksje Norge: AUM Pareto Aktiv: AUM Pareto Verdi: Terms of merger Values as at 10 July 2015 were assumed when calculating the merger terms. Unitholders in Pareto Aktiv and Pareto Verdi received units in, respectively, Pareto Aksje Norge A and B (newly created) and the conversion ratio was 1: 1. As a result of the conversion ratio being 1: 1 unitholders received the same amount of units in unit class A and B as they had respectively in Pareto Aktiv and Pareto Verdi. It has not been paid cash consideration to shareholders in the acquired funds. The cost of the merger is in its entirety covered by the management company. 11 Securities portfolio as at Go to next page

18 Pareto Aksje Norge 18 Pareto Aksje Norge Securities portfolio as at 31 December 2015 Unrealised Share in % Share in % Securities Listing No. of shares Cost price NOK Market value NOK gain/loss of portfolio of company Currency Financials Sparebank 1 SMN Oslo Børs NOK Sparebanken Møre Oslo Børs NOK Sparebank 1 Nord-Norge Oslo Børs NOK Sparebank 1 SR-Bank Oslo Børs NOK Total financials Consumer goods Austevoll Seafood Oslo Børs NOK Lerøy Seafood Group Oslo Børs NOK Orkla Oslo Børs NOK SalMar Oslo Børs NOK Total consumer goods Oil services Bonheur Oslo Børs NOK DOF Oslo Børs NOK Eidesvik Offshore Oslo Børs NOK Farstad Shipping Oslo Børs NOK Prosafe Oslo Børs NOK GC Rieber Shipping Oslo Børs NOK Solstad Offshore Oslo Børs NOK Statoil Oslo Børs NOK Subsea 7 S.A. Oslo Børs NOK TGS Nopec Geophysical Oslo Børs NOK Total oil services Commodity based industry Ekornes Oslo Børs NOK Multiconsult Oslo Børs NOK Norsk Hydro Oslo Børs NOK Yara International Oslo Børs NOK Total commodity based industry Shipping Odfjell A-aksjer Oslo Børs NOK Odfjell B-aksjer Oslo Børs NOK Wilson Oslo Børs NOK Wilh. Wilhelmsen Holding A Oslo Børs NOK Wilh. Wilhelmsen Holding B Oslo Børs NOK Total shipping Total securities portfolio

19 Pareto Investment Fund Norwegian

20 Pareto Investment Fund 20 Pareto Investment Fund positive across the board Pareto Investment Fund had a positive return of 20 per cent in 2015, whilst the Oslo Børs Mutual Fund Index returned 6.7 per cent. This year thus was the second consecutive year with a superior relative performance for the fund, which for several years has had a very strong development for unitholders. The main contributors to the return in 2015 were Bank Norwegian, Schibsted, Protector, Veidekke and Selvaag Bolig. Bank Norwegian has had a strong positive contribution for several years in a row. We maintain a significant stake in the bank, as we argue that the company is cheap based on key figures and there are good opportunities for growth abroad in collaboration with the airline. Due to the fall in oil prices, the outlook has deteriorated for the Norwegian operations. However, this seems to be priced into the stock price already. Schibsted has also been an important contributor for many years. We increased the size of the position during the spring by about 50 per cent and have since reduced the position in line with an increasing share price and a more challenging valuation of the company. Schibsted is thus no longer among our top five holdings. The share price of Borregaard performed poorly in a year that started positively. We have taken the opportunity to increase our position in the company somewhat, making it one of our top five holdings. Despite four consecutive quarters of disappointing figures we remain impressed by management, the return on capital and the potential for growth through investment in new projects, either in joint ventures or going alone. Protector has grown considerably in recent years and we expect this to continue. The company has a strong corporate culture focused on costs and sales. As we enter 2016, we are excited about the company s entry into the UK market. The business model that has proven successful in Scandinavia, should offer the company good opportunities in the UK. Even with a limited success, the size of the UK market will generate significant value for shareholders. Selvaag Bolig, which has been in the portfolio since the IPO in the summer of 2012, has for the first time satisfactory contribution to the fund s performance. The stock is a good reminder of the value of patience and a long-term perspective when investing in equities. Analyst Patrick Meum Portfolio manager Tore Været

21 Pareto Investment Fund 21 Performance history Pareto Investment Fund is an equity fund with quality bias and high active share. Invests in Norwegian companies. Annualised return Name Inception date 3 years 5 years 10 years From inception Pareto Investment Fund A Launched % 12.8% 9.1% n.a. Pareto Investment Fund B * % Pareto Investment Fund C * % Oslo Børs Mutual Fund Index 11.9% 6.5% 6.0% Inception: 1985 Benchmark: Oslo Børs Mutual Fund Index (OSEFX) Legal structure: UCITS IV Dealing days: all Norwegian banking days except Annual return past five years Name Pareto Investment Fund A 20.6% 18.1% 27.3% 27.3% -20.7% Pareto Investment Fund B 21.7% 19.1% 0.9%* - - Pareto Investment Fund C 22.2% 19.6% 0.9%* - - Oslo Børs Mutual Fund Index 6.7% 5.7% 24.2% 20.6% -18.8% Lower risk Typically lower rewards Higher risk Typically higher rewards The risk indicator was calculated using historical data and may not be a reliable indication of the future risk profile of the fund. Other information Name Minimum initial subscription amount (NOK) ISIN Bloomberg Pareto Investment Fund A NO ORFINF NO Pareto Investment Fund B 10 million NO ORFINBB NO Pareto Investment Fund C 50 million NO ORFINBC NO

22 Pareto Investment Fund 22 Pareto Investment Fund Board of directors Pareto Asset Management AS Oslo, 4 February 2016 Income statement Notes Portfolio income and expenses Interest received Dividends Realised capital gains/losses Net unrealised capital gains/losses Portfolio profit Management revenue and costs Subscription/redemption fees Management fees Subscription/redemption fees to the management company Other income/expenses Total management expenses Stig Even Jakobsen Chairman (lawyer, Kluge Advokatfirma DA) Anders Haugan Board member (head of sales, Pareto Asset Management AS) Erik Bartnes Board member (private investor) Profit before taxation Income tax Profit for the financial year Allocation of profit: Transferred to/from equity Total allocations and equity transfers Balance sheet Assets Securities at market value 2,3, Cash and cash equivalents Other assets Total assets Equity and liabilities Equity Unit capital at par value Premium/discount Retained earnings Total equity 8, Liabilities Accrued management fees Other liabilities Total liabilities Total equity and liabilities Svein Støle Board member (owner Pareto AS) Cathrine Lofterød Fegth Board member (elected by unitholders) Hanne Kristine Ørpen Board member (elected by unitholders) Thomas Kjær Skjoldmo Board member (elected by unitholders) Lasse Ruud CEO

23 Pareto Investment Fund 23 Pareto Investment Fund Notes 1 Accounting policies The financial statements have been prepared in accordance with the Norwegian Accounting Act and the regulations relating to Annual financial statements for mutual funds. Financial instruments Securities are recognised at fair value (market price) as at Market price is the last quoted closing price on the stock exchange. Transaction fees Transaction fees to the custodian are expensed as incurred and charged on a monthly basis. 2 Financial market risk and use of derivatives Investments in Norwegian companies are exposed to stock price and liquidity risk. No derivatives have been used in Turnover ratio The portfolio s turnover ratio is The turnover rate is a measure of the average duration of the fund s investments. The turnover rate is calculated by dividing the lesser of total purchases or total sales of securities in the portfolio during the year by the average total net assets during the year. The formula is an approximation to calculating the fund s turnover rate. In previous years the turnover ratio was calculated by dividing average purchases and sales in the period by the average invested capital in the same period. The turnover ratio calculated for funds in 2015 is therefore not comparable to figures in previous years. 4 Management fees The fund is charged a daily management fee per annum of the total portfolio. Rates apply per unit class. Pareto Investment Fund A: 1.80% per annum Pareto Investment Fund B: 0.95% per annum Pareto Investment Fund C: 0.50% per annum 5 Other income/expenses The expenses consist of transaction fees to the custodian. Brokerage fees are included in the securities cost price. Total fee this year is NOK Employees The fund has no employees and no remunerations are thus paid to management etc. 7 Tax Profit before taxation Permanent differences Realised capital gains Unrealised capital gains Dividends within EEA (gross) % of dividends within EEA (net) Withholding tax outside the EEA Total taxable income Use of losses carried forward Tax base 0 Assessed tax in Norway 0 Specification of tax expense Income tax Norway 0 Withholding tax within the EEA 0 Withholding tax outside the EEA Total recognised tax expense Equity 2015 Equity subscription/redemption Profit for the financial year Equity Issued units Unit class A Number of units NAV Redemption price Unit class B Number of units NAV Redemption price Unit class C Number of units NAV Redemption price Net asset value (NAV) is the market value per unit after deductions of the fund s costs. NAV at subscription is NAV including a maximum subscription fee of 1.0 per cent. NAV at redemption is NAV less a maximum redemption fee of 0.5 per cent. 10 Securities portfolio as at Go to next page

24 Pareto Investment Fund 24 Pareto Investment Fund 1/2 Securities portfolio as at 31 December 2015 Unrealised Share in % Share in % Securities Listing No. of shares Cost price NOK Market value NOK gain/loss of portfolio of company Currency Energy Aurora LPG Holding ASA Oslo Børs % 1.2% NOK Höegh LNG Holdings Ltd Oslo Børs % 0.3% NOK Total energy % Financials ABG Sundal Collier Holding ASA Oslo Børs % 0.0% NOK DNB ASA Oslo Børs % 0.0% NOK Protector Forsikring ASA Oslo Børs % 0.5% NOK Selvaag Bolig ASA Oslo Børs % 1.6% NOK Total financials % Consumer discretionary Europris ASA Oslo Børs % 0.5% NOK Kid ASA Oslo Børs % 2.6% NOK Kongsberg Automotive ASA Oslo Børs % 1.0% NOK Royal Caribbean Cruises Ltd Oslo Børs % 0.0% NOK Schibsted ASA ser. B Oslo Børs % 0.1% NOK Total consumer discretionary % Utilities Scatec Solar ASA Oslo Børs % 0.6% NOK Total utilities % Commodity based industry Multiconsult ASA Oslo Børs % 0.7% NOK Norwegian Air Shuttle ASA Oslo Børs % 0.5% NOK Odfjell SE ser. B Oslo Børs % 1.9% NOK Tomra Systems ASA Oslo Børs % 0.1% NOK Veidekke ASA Oslo Børs % 0.2% NOK Wilh. Wilhelmsen Holding ASA ser. B Oslo Børs % 0.5% NOK Total commodity based industry % IT Atea ASA Oslo Børs % 0.3% NOK Nordic Semiconductor ASA Oslo Børs % 0.4% NOK REC Silicon ASA Oslo Børs % 0.5% NOK Total IT %

25 Pareto Investment Fund 25 Pareto Investment Fund 2/2 Securities portfolio as at 31 December 2015 Unrealised Share in % Share in % Securities Listing No. of shares Cost price NOK Market value NOK gain/loss of portfolio of company Currency Consumer staples Austevoll Seafood ASA Oslo Børs % 0.3% NOK Grieg Seafood ASA Oslo Børs % 0.5% NOK Marine Harvest ASA Oslo Børs % 0.1% NOK Total consumer staples % Materials Borregaard ASA Oslo Børs % 0.8% NOK Yara International ASA Oslo Børs % 0.0% NOK Total materials % Telecom Telenor ASA Oslo Børs % 0.0% NOK Total telecom % Unlisted Cxense ASA Warrant B 04/07/ % NOK Norwegian Financials Holding ASA % 0.6% NOK Pareto Bank ASA % 1.7% NOK Troll Forsikring AS % 2.0% NOK Total unlisted % Total securities portfolio %

26 Pareto Global SAP

27 Pareto Global 27 Pareto Global solid despite strong recovery 2015 was another year of good returns for the fund. The basis was strong performance measured in Norwegian kroner for the vast majority of our portfolio companies. With regards to currency impact, our calculations show that the weakening of the Norwegian krone against our portfolio of international currencies accounted for about 13 percentage points of the total return. Despite a solid total return measured in Norwegian kroner, the stock market in general has not become more expensive over the past two years. The price/ book ratio of the benchmark MSCI World is unchanged from the level at the beginning of both 2014 and 2015; the number is still was a year in which our two Finnish investments Nokian Tyres and YIT struck back strongly after a weak performance in Tyre manufacturer Nokian Tyres was the largest contributor to the fund s performance with a rise of 82 per cent in Norwegian kroner, while residential developer YIT contributed with a 56 per cent return until we sold our entire holding in May. The top five contributors, besides the afore-mentioned Nokian Tyres, were seed and crop protection company Syngenta, the pharmaceutical company Novo Nordisk and software providers Microsoft and SAP. Only two portfolio companies ended the year with meaningful negative returns: engine manufacturer Cummins and fund manager Aberdeen Asset Management. During 2015 we sold six companies that together accounted for 18 per cent of the fund at the beginning of the year: BASF, SNC-Lavalin, YIT, Novo Nordisk, Lancashire and Kia Motors. BASF, Novo Nordisk and Lancashire have all been part of the portfolio for several years and have outperformed the benchmark significantly. In our view these companies had reached full valuation. Kia Motors was sold during the last months of the year on the back of a strong share performance in the second half and lower confidence in further multiple expansion from current levels. For the same reasons we also significantly reduced our holdings in Hyundai Motor to 0.6 per cent of the fund at year end. During the year we also reduced our Nokian Tyres holdings by around four percentage points, our Syngenta and Unilever holdings by two percentage points each and around one percentage point each in Microsoft and IBM. The freed-up capital was mainly used to increase our holdings in Nestlé by three percentage points and in BMW, Daimler, Shire and Keysight Technologies by around two percentage points each. In 2015 we initiated positions in four new companies which together make up 19 per cent of the fund at year-end: engine manufacturer Cummins, engineering and construction company Fluor, software provider Oracle and pharmaceutical distributor McKesson. As we enter 2016, we believe our 22 international high quality companies with earnings power and Portfolio management team Andreas Sørbye, Ole Jørgen Grøneng Nilsen Analyst Johnar Håland balance sheet strength are priced with a good safety margin to intrinsic values. The portfolio is priced at 14 times expected earnings for The corresponding figure for MSCI World is 16. We find this attractive as the portfolio consists of companies with significantly better market positions, profitability levels and growth potential than the general market. This combination of quality and valuation provides an excellent platform for continued long-term value appreciation for our investors.

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