BANOR SICAV Société d'investissement à Capital Variable Luxembourg

Transcription

1 Unaudited semi-annual report BANOR SICAV Société d'investissement à Capital Variable Luxembourg R.C.S. Luxembourg B

2 No subscription can be received on the basis of this financial report. Subscriptions are only valid if made on the basis of the current prospectus and the key investor information document ("KIID"), supplemented by the latest annual report and the most recent semi-annual report, if published thereafter.

3 BANOR SICAV Contents Organisation... 2 General information... 5 Combined statement of net assets... 8 BANOR SICAV - EURO BOND ABSOLUTE RETURN (formerly BANOR SICAV - GLOBAL BOND ABSOLUTE RETURN)... 9 Statement of net assets... 9 Statement of investments and other net assets Industrial and geographical classification of investments Statement of changes in investments BANOR SICAV - EUROPEAN VALUE (formerly BANOR SICAV - GLOBAL VALUE) Statement of net assets Statement of investments and other net assets Industrial and geographical classification of investments Statement of changes in investments BANOR SICAV - ITALY LONG SHORT EQUITY (formerly BANOR SICAV - ATHENA LONG SHORT) Statement of net assets Statement of investments and other net assets Industrial and geographical classification of investments Statement of changes in investments BANOR SICAV - GREATER CHINA LONG SHORT EQUITY (formerly BANOR SICAV - ASIA LONG SHORT EQUITY) Statement of net assets Statement of investments and other net assets Industrial and geographical classification of investments Statement of changes in investments BANOR SICAV - ROSEMARY Statement of net assets Statement of investments and other net assets Industrial and geographical classification of investments Statement of changes in investments BANOR SICAV - NORTH AMERICA LONG SHORT EQUITY Statement of net assets Statement of investments and other net assets Industrial and geographical classification of investments Statement of changes in investments BANOR SICAV - OCKHAM Statement of net assets Statement of changes in investments Notes to the financial statements

4 BANOR SICAV Organisation Registered Office 42, Rue de la Vallée L-2661 LUXEMBOURG Board of Directors Chairman Directors Sylvain FERAUD General Manager (since 30th June 2014) Managing Director (until 30th June 2014) CASA4FUNDS SA 42, Rue de la Vallée L-2661 LUXEMBOURG Margherita BALERNA BOMMARTINI Head of Operations & Branch Manager CASA4FUNDS SA Luxembourg, Swiss Branch, Paradiso Via L. Zuccoli, 19 CH-6900 PARADISO Giacomo MERGONI Director, Investment Manager BANOR CAPITAL LTD 16 Berkeley Street UK-LONDON W1J 8DZ Management Company CASA4FUNDS SA 42, Rue de la Vallée L-2661 LUXEMBOURG Board of Directors of the Management Company Chairman Michele MILANI Member of the Management Committee BANOR SIM SPA Via Santa Radegonda, 11 IT MILANO (since 30th June 2014) Giovanni Giacomo SCHRAEMLI Executive Board Member BANCA ARNER S.A. Piazza Manzoni, 8 CH-6901 LUGANO (until 30th June 2014) Directors Lorenzo BOMBARDA Director, Investment Manager BANOR CAPITAL LTD 16 Berkeley Street UK-LONDON W1J 8DZ (since 30th June 2014) 2

5 BANOR SICAV Organisation (continued) Giacomo MERGONI Director, Investment Manager BANOR CAPITAL LTD 16 Berkeley Street UK-LONDON W1J 8DZ (since 30th June 2014) Margherita BALERNA BOMMARTINI Head of Operations & Branch Manager CASA4FUNDS SA Luxembourg, Swiss Branch, Paradiso Via L. Zuccoli, 19 CH-6900 PARADISO (until 30th June 2014) Sylvain FERAUD General Manager (since 30th June 2014) Managing Director (until 30th June 2014) CASA4FUNDS SA 42, Rue de la Vallée L-2661 LUXEMBOURG (until 30th June 2014) Giulio ROMANI Chief Executive Officer BANCA ARNER S.A. Piazza Manzoni, 8 CH-6901 LUGANO (until 30th June 2014) Day-to-day managers of the Management Company Margherita BALERNA BOMMARTINI Arnaud BOUTEILLER Sylvain FERAUD Custodian Bank and Listing Agent BANQUE DE LUXEMBOURG Société Anonyme 14, Boulevard Royal L-2449 LUXEMBOURG Administration Agent, Registrar and Transfer Agent EUROPEAN FUND ADMINISTRATION S.A. 2, Rue d Alsace L-1122 LUXEMBOURG Investment Manager BANOR CAPITAL LTD 16 Berkeley Street UK-LONDON W1J 8DZ Correspondent Bank in Italy SOCIETE GENERALE SECURITIES SERVICES (SGSS) S.p.A. Via Benigno Crespi 19a Maciachini Center Mac 2 I MILANO 3

6 BANOR SICAV Organisation (continued) Paying Agent in Italy STATE STREET BANK S.p.A. Via Ferrante Aporti n. 10 I MILANO Cabinet de révision agréé DELOITTE Audit Société à responsabilité limitée 560, Rue de Neudorf L-2220 LUXEMBOURG 4

7 BANOR SICAV General information BANOR SICAV (hereafter the "Fund") is a Luxembourg Investment Company ("Société d'investissement à Capital Variable") incorporated for an unlimited duration in Luxembourg on 13th February It is organised in accordance with the provisions of Part I of the amended Law of 17th December 2010 relating to Undertakings for Collective Investment. The Articles of Incorporation of the Fund (the "Articles") were published for the first time in the "Mémorial, Recueil des Sociétés et Associations" (the "Mémorial") on 27th March The Articles have been filed with the "Registre de Commerce et des Sociétés de Luxembourg" where these documents are kept available for inspection and where copies thereof can be obtained. Following the Extraordinary General Meeting of Shareholders held on 10th February 2014, the Shareholders of the Fund have decided to change the denomination of the Fund from PROXIMA INVESTMENTS SICAV to BANOR SICAV. The Fund is structured as an "umbrella fund", which means that it is made up of several Sub-Funds having each their specific assets and liabilities and their own distinct investment policy. At the date of the report, the following Sub-Funds are offered for subscription: - BANOR SICAV - EURO BOND ABSOLUTE RETURN in EUR (formerly BANOR SICAV - GLOBAL BOND ABSOLUTE RETURN) - BANOR SICAV - EUROPEAN VALUE in EUR (formerly BANOR SICAV - GLOBAL VALUE) - BANOR SICAV - ITALY LONG SHORT EQUITY in EUR (formerly BANOR SICAV - ATHENA LONG SHORT) - BANOR SICAV - GREATER CHINA LONG SHORT EQUITY in USD (formerly BANOR SICAV - ASIA LONG SHORT EQUITY) - BANOR SICAV - ROSEMARY in EUR - BANOR SICAV - NORTH AMERICA LONG SHORT EQUITY in USD With effect from 1st July 2014, the Board of Directors decided to operate the following changes: to liquidate the Sub-Fund BANOR SICAV - OCKHAM, to rename the Sub-Fund BANOR SICAV - GLOBAL BOND ABSOLUTE RETURN into BANOR SICAV - EURO BOND ABSOLUTE RETURN, to rename the Sub-Fund BANOR SICAV - GLOBAL VALUE into BANOR SICAV - EUROPEAN VALUE, to rename the Sub-Fund BANOR SICAV - ATHENA LONG SHORT into BANOR SICAV - ITALY LONG SHORT EQUITY, to rename the Sub-Fund BANOR SICAV - ASIA LONG SHORT EQUITY into BANOR SICAV - GREATER CHINA LONG SHORT EQUITY. The Board of Directors may decide to issue within each Sub-Fund, the three following Classes of Shares: - Class R: available to retail investors, - Class I: available to institutional investors, - Class S: dedicated to investors, both retail and institutional, specifically authorized by the Board of Directors or subscribing through intermediaries specifically authorized by the Board of Directors. 5

8 BANOR SICAV General information (continued) Since 1st July 2014, the references to the following Classes of Shares: - Class A: available to retail investors, - Class B: available to institutional investors, - Class C: available to all types of investors, - Class S: dedicated to investors, both retail and institutional, specifically authorized by the Board of Directors or subscribing through intermediaries specifically authorized by the Board of Directors, are replaced as such: - Class R: available to retail investors, - Class I: available to institutional investors, - Class S: dedicated to investors, both retail and institutional, specifically authorized by the Board of Directors or subscribing through intermediaries specifically authorized by the Board of Directors. In accordance with the above, the Shares are further sub-divided into two categories, distribution shares and capitalization shares. At the date of the report, the outstanding Classes of Shares are: Sub-Funds Classes of Shares Available currencies BANOR SICAV - EURO BOND ABSOLUTE RETURN Shares form R capitalization Share EUR registered and R distribution Share EUR bearer shares I capitalization Share EUR I distribution Share EUR BANOR SICAV - EUROPEAN VALUE R capitalization Share EUR registered and I capitalization Share EUR bearer shares BANOR SICAV - ITALY LONG SHORT R capitalization Share EUR registered and EQUITY I capitalization Share EUR bearer shares BANOR SICAV - GREATER CHINA LONG SHORT EQUITY R EUR capitalization Share EUR registered and R USD capitalization Share USD bearer shares S EUR capitalization Share EUR S USD capitalization Share USD BANOR SICAV - ROSEMARY R capitalization Share EUR registered and S capitalization Share EUR bearer shares BANOR SICAV - NORTH AMERICA LONG SHORT EQUITY R EUR capitalization Share EUR registered and R USD capitalization Share USD bearer shares S EUR capitalization Share EUR S USD capitalization Share USD 6

9 BANOR SICAV General information (continued) Since 1st July 2014, the Net Asset Value per Share of each Class in a Sub-Fund is determined every full bank business day in Luxembourg (the ʺValuation Dayʺ). Until 31st June 2014, except for the Sub-Fund BANOR SICAV - EUROPEAN VALUE, the Net Asset Value per Share was determined every Wednesday. For the Sub-Fund BANOR SICAV - OCKHAM (liquidated on 1st July 2014), the Net Asset Value per Share was determined every Friday. The Net Asset Value per Share of each Class in a Sub-Fund, the subscription and redemption prices are available at the Fund's registered office. The current prospectus, the key investor information document (ʺKIIDʺ), copy of the Articles, the financial annual reports as well as the semi-annual reports of the Fund are available free of charge at the Fund's registered office and at the Correspondent Bank in Italy. 7

10 BANOR SICAV Combined statement of net assets (in EUR) Assets Securities portfolio at market value 253,029, Option contracts at market value 803, Cash at banks 39,650, Cash collateral at banks 14,139, Other liquid assets 4,120, Formation expenses, net 12, Receivable on sales of securities 11, Receivable on swaps contracts 2,773, Receivable on issues of shares 2,375, Income receivable on portfolio 2,083, Interest receivable on swaps contracts Unrealised gain on futures contracts 122, Unrealised gain on swaps contracts 689, Other receivables 21, Prepaid expenses 18, Total assets 319,851, Liabilities Bank overdrafts 26, Short option contracts at market value 949, Payable on purchases of securities 974, Payable on swaps contracts 937, Interest payable on swaps contracts 62, Interest payable on bank overdrafts Unrealised loss on swaps contracts 2, Unrealised loss on forward foreign exchange contracts 2,531, Expenses payable 707, Proceeds in advance for sale of securities 7,916, Total liabilities 14,109, Net assets at the end of the period 305,742, The accompanying notes are an integral part of these financial statements. 8

11 BANOR SICAV - EURO BOND ABSOLUTE RETURN Statement of net assets (in EUR) Assets Securities portfolio at market value 93,655, Cash at banks 12,466, Other liquid assets Receivable on issues of shares 2,237, Income receivable on portfolio 1,746, Prepaid expenses 4, Total assets 110,111, Liabilities Bank overdrafts 0.03 Payable on purchases of securities 405, Interest payable on bank overdrafts Unrealised loss on forward foreign exchange contracts 310, Expenses payable 136, Total liabilities 853, Net assets at the end of the period 109,257, Class I capitalization Shares outstanding 15, Net asset value per Class I capitalization Share 1, Class I distribution Shares outstanding 64, Net asset value per Class I distribution Share 1, Class R capitalization Shares outstanding 1,185, Net asset value per Class R capitalization Share Class R distribution Shares outstanding 91, Net asset value per Class R distribution Share The accompanying notes are an integral part of these financial statements. 9

12 BANOR SICAV - EURO BOND ABSOLUTE RETURN Statement of investments and other net assets (in EUR) Currency Number / nominal value Description Cost Market value % of total net assets Investments in securities Transferable securities admitted to an official stock exchange listing Shares EUR 83,500 Industrial Stars of Italy SpA 835, , Total shares 835, , Bonds EUR 450,000 Banca Monte Paschi Siena SpA 3.625% EMTN Sen 447, , / EUR 2,000,000 Banca Monte Paschi Siena SpA VAR Reg S Sub 08/ ,959, ,927, EUR 1,000,000 Banca Popolare di Milano 4% EMTN Sen 13/ ,033, ,027, EUR 500,000 Banca Popolare di Vicenza SCRL 6.75% EMTN Sen 504, , / EUR 500,000 Banco Pop Societa Cooperativa 3.75% EMTN Sen 13/ , , EUR 2,000,000 Banco Pop Societa Cooperativa FRN EMTN Ser 21 06/ ,960, ,947, EUR 1,000,000 Banco Pop Societa Cooperativa VAR Reg S 07/21.06.Perpetual 992, , EUR 850,000 Bombardier Inc 6.125% EMTN Regs Sen 10/ , , EUR 2,000,000 Casino Guichard Perrachon VAR 05/20.01.Perpetual 1,444, ,593, EUR 1,000,000 Casino Guichard Perrachon VAR EMTN Sub 995, ,022, /31.01.Perpetual EUR 2,500,000 Cerved Group SpA 8% EMTN Reg S Sen Sub 13/ ,804, ,751, EUR 500,000 Credito Valtellinese Scarl 4% EMTN Sen 13/ , , EUR 1,000,000 Credito Valtellinese Scarl FRN EMTN Sub 05/ , , EUR 2,500,000 Deutsche Bk Cap Fund Trust XI 9.5% 09/31.03 Perpetual 2,614, ,582, EUR 600,000 Espana 3.3% 09/ , , EUR 850,000 Fiat Finance & Trade Ltd SA 6.625% EMTN Sen 13/ , , EUR 2,500,000 Gamenet SpA 7.25% Reg S 13/ ,542, ,537, EUR 1,000,000 Gruppo Editoriale Espresso SpA 5.125% Sen 04/ ,019, ,003, EUR 1,500,000 GTECH SpA VAR Reg-S 06/ ,588, ,609, EUR 500,000 Immobiliar Grand Distribuz SpA 4.335% EMTN 13/ , , EUR 500,000 Instituto de Credito Oficial 3.875% Ser / , , EUR 1,000,000 Isolante K-Flex SpA (L') 6% Sen 14/ ,006, ,009, EUR 1,000,000 Israel 3.75% EMTN Ser 6 05/ ,067, ,031, EUR 1,000,000 Italia 3% BTP 10/ ,020, ,019, EUR 700,000 Italia FRN CCT 08/ , , EUR 1,500,000 IVS F. SpA SA 7.125% Reg S 13/ ,537, ,575, EUR 1,000,000 Korea 3.625% 05/ ,063, ,034, EUR 1,000,000 Mexico 4.25% EMTN 05/ ,069, ,027, EUR 1,000,000 Nexans SA 5.75% EMTN 07/ ,080, ,072, EUR 1,000,000 Peru 7.5% Ser INTL 04/ ,078, ,000, EUR 2,000,000 Rottapharm Ltd 6.125% Reg S Sen 12/ ,170, ,147, EUR 1,500,000 Slovenia 2.75% Ser RS68 10/ ,501, ,517, EUR 1,000,000 Sogefi SpA 2% Conv Reg S Ser SO 14/ , , EUR 1,850,000 Tamburi Inv Partners SpA 4.75% 14/ ,850, ,954, EUR 1,000,000 Telecom Italia SpA 6.125% EMTN Reg S Ser 30 12/ ,058, ,145, EUR 500,000 Telefonica Europe BV VAR 14/31.03.Perpetual 500, , EUR 2,000,000 Titan Luxco 2 Sàrl 7.375% Reg S 13/ ,122, ,102, EUR 1,450,000 Unicredit SpA VAR EMTN Ser / ,558, ,598, EUR 1,500,000 UnipolSai SpA VAR EMTN Sub 14/18.06.Perpetual 1,498, ,462, EUR 2,000,000 Veneto Banca Holding SCPA 4.25% EMTN Sen 13/ ,026, ,048, EUR 2,000,000 Veneto Banca SCPA 4% EMTN Sen 14/ ,999, ,048, EUR 1,500,000 Ziggo Bond Co BV 8% Reg S Sen 14/ ,619, ,619, EUR 2,500,000 Zobele Holding SpA 7.875% Reg S 13/ ,698, ,605, ,495, ,658, GBP 1,400,000 Boparan Finance Plc 5.25% EMTN Reg S Sen 14/ ,728, ,630, GBP 1,000,000 Ladbrokes Group Finance Plc 7.625% Reg-S 10/ ,305, ,391, GBP 1,500,000 Premier Foods Finance Plc 6.5% Reg S 14/ ,841, ,720, GBP 1,250,000 Premier Foods Plc FRN Reg S 14/ ,531, ,477, ,407, ,219, TRY 4,500,000 EIB 9.625% EMTN Ser 1629/08 05/ ,612, ,563, The accompanying notes are an integral part of these financial statements. 10

13 BANOR SICAV - EURO BOND ABSOLUTE RETURN Statement of investments and other net assets (in EUR) (continued) Currency Number / nominal value Description Cost Market value % of total net assets USD 1,250,000 Goldman Sachs Capital II VAR 07/01.12.Perpetual 714, , USD 3,500,000 GPB Eurobond Finance Plc VAR 12/25.04.Perpetuel 2,505, ,633, USD 1,500,000 HSBC Bank Plc FRN Reg S Sub Ser 2M 85/18.03.Perpetual 748, , USD 2,000,000 Meccanica Holdings USA Inc 6.25% Reg S Sen 09/ ,576, ,726, USD 2,000,000 Petrobras Intl Fin Co Ltd 7.875% Sen 09/ ,713, ,816, USD 1,500,000 Russia 11% Reg S Sen 98/ ,424, ,484, USD 1,500,000 Turkey 7% Sen 05/ ,229, ,352, USD 2,000,000 Unicredit SpA VAR Reg S Sub 14/03.06.Perpetual 1,576, ,579, ,489, ,179, Total bonds 76,005, ,621, Bonds in default of payment EUR 1,000,000 Seat Pagine Gialle SpA 10.5% Ser REGS 10/ , , Total bonds in default of payment 754, , Warrants and rights EUR 42,500 Industrial Stars of Italy SpA Call Wts , Total warrants and rights , Transferable securities dealt in on another regulated market Bonds EUR 850,000 Amplifon SpA 4.875% Sen 13/ , , EUR 2,000,000 Gruppo Editoriale Espresso SpA 2.625% Conv Reg S 14/ ,982, ,848, EUR 2,000,000 Unicredit SpA VAR EMTN Sen 12/ ,058, ,024, ,886, ,790, GBP 1,000,000 William Hill Plc 7.125% EMTN Sen 09/ ,335, ,383, Total bonds 6,222, ,174, Other transferable securities Bonds EUR 1,500,000 Banca Pop dell'emilia Ro SC 4.75% Sen 11/ ,572, ,537, Total bonds 1,572, ,537, Open-ended investment funds Investment funds (UCITS) EUR 73, BlackRock Global Fds Em Mks Local Currency Bond A2 Cap 1,383, ,443, EUR 101,000 BlackRock Global Fds Euro Short Duration Bd D2 Cap 1,568, ,631, EUR 1,350 Carmignac Portfolio Capital Plus A EUR Cap 1,500, ,574, EUR 6,000 Pictet Asian Local Currency Debt I EUR Cap 740, , EUR 8,950 Pictet Funds (LUX) Global Emerging Currencies I EUR Cap 757, , ,949, ,130, USD 77, F Templeton Inv Fds Global Bond I Cap 1,269, ,504, USD 3, Muzinich Fds AmericaYield Units A Hedged USD Cap 518, , ,787, ,156, Total investment funds (UCITS) 7,737, ,287, Total investments in securities 93,127, ,655, Cash at banks 12,466, Bank overdrafts Other net assets/(liabilities) 3,135, Total 109,257, The accompanying notes are an integral part of these financial statements. 11

14 BANOR SICAV - EURO BOND ABSOLUTE RETURN Industrial and geographical classification of investments Industrial classification (in percentage of net assets) Banks % Diversified financial services % Countries and governments 9.86 % Investment funds 8.05 % Media 5.54 % Food retailing, drugstores and pharmacies 3.84 % Hotels, restaurants and leisure 2.74 % Software and services 2.52 % Household and personal products 2.38 % Special Purpose Vehicle (SPV) 2.35 % Pharmaceuticals and biotechnology 1.97 % Capital goods 1.83 % International institutions 1.43 % Food, beverage and tobacco 1.35 % Insurance 1.34 % Telecommunication services 1.05 % Materials 0.92 % Automobiles and components 0.89 % Health care equipment and services 0.84 % Total % The accompanying notes are an integral part of these financial statements. 12

15 BANOR SICAV - EURO BOND ABSOLUTE RETURN Industrial and geographical classification of investments (continued) Geographical classification (by domicile of the issuer) (in percentage of net assets) Italy % Luxembourg % United Kingdom 7.71 % Ireland 4.98 % United States of America 4.63 % France 3.38 % The Netherlands 1.96 % Cayman Islands 1.66 % Slovenia 1.39 % Russia 1.36 % Turkey 1.24 % Spain 1.01 % South Korea 0.95 % Mexico 0.94 % Israel 0.94 % Peru 0.92 % Canada 0.85 % Total % The accompanying notes are an integral part of these financial statements. 13

16 BANOR SICAV - EURO BOND ABSOLUTE RETURN Statement of changes in investments from 1st April 2014 to 30th September 2014 Currency Description Purchases Sales Other Shares EUR Risanamento Napoli SpA 0 54,380 54,380 Bonds EUR Air France KLM 6.75% 09/ ,000 0 EUR ArcelorMittal SA 3% EMTN Reg S Sen 14/ ,000 0 EUR ArcelorMittal SA VAR 09/ ,000 0 EUR Assicurazioni Generali SpA VAR EMTN 12/ ,000 0 EUR Assicurazioni Generali SpA VAR EMTN Sen 0 500, / EUR Banca IMI SpA VAR 09/ ,000,000 0 EUR Banca Monte Paschi Siena SpA VAR Reg S Sub 2,000, / EUR Banca Pop dell'emilia Ro SC 4.75% Sen 1,500, / EUR Banca Popolare di Milano VAR Sen 0 750, /25.06.Perpetual EUR Banca Popolare di Vicenza SCRL FRN Reg Ser ,000, / EUR Banco Pop Societa Cooperativa FRN EMTN Ser 21 2,000, / EUR Banco Pop Societa Cooperativa VAR Reg S 1,000, , /21.06.Perpetual EUR Bank of America Corp FRN EMTN Ser 3619 Tr , / EUR Beni Stabili SpA 3.5% Sen 14/ ,500,000 1,500,000 0 EUR Bombardier Inc 7.25% Sen 06/ ,000 0 EUR Buzzi Unicem SpA 6.25% Sen 12/ ,000 0 EUR Casino Guichard Perrachon VAR 05/20.01.Perpetual 700, EUR Cassa Depositi e Prestiti SpA 4.25% EMTN 0 1,000, / EUR Cassa Depositi e Prestiti SpA FRN EMTN 2,000,000 2,000, / EUR Cerved Group SpA 8% EMTN Reg S Sen Sub 2,500, / EUR Cie Industriali Riunite SpA 5.75% 04/ ,000,000 0 EUR Davide Campari SpA 5.375% Sen 09/ ,000 0 EUR Deutsche Bk Cap Fund Trust XI 9.5% 09/ ,500, Perpetual EUR EI Towers 3.875% Sen 13/ ,000 0 EUR ENEL SpA FRN Sen 10/ ,000 0 EUR ENEL SpA FRN Ser / ,000 0 EUR Espana 4.25% 11/ ,000,000 0 EUR Fiat Finance & Trade Ltd SA 7.625% EMTN 0 1,000, / EUR Fiat Industrial Fin Europe SA 2.75% EMTN 0 100, / EUR Finmeccanica Finance SA 4.5% EMTN Sen 0 1,000, / EUR Gamenet SpA 7.25% Reg S 13/ , EUR Gruppo Editoriale Espresso SpA 2.625% Conv Reg 2,000, S 14/ EUR GTECH SpA VAR Reg-S 06/ ,000, EUR Iberdrola Intl BV VAR EMTN Sen Sub 0 800, /27.02.Perpetual EUR Indesit Co SpA 4.5% Sen 13/ ,550,000 0 EUR Intesa Sanpaolo SpA VAR 10/01.06.Perpetual 0 750,000 0 EUR Isolante K-Flex SpA (L') 6% Sen 14/ ,000, EUR Italcementi Finance 6.125% EMTN Sen 13/ ,000 0 EUR Italia FRN 10/ ,000 0 EUR Italia FRN CCT 12/ ,000 0 EUR Italia ILB Ser ICPI 13/ ,000,000 2,000,000 14

17 BANOR SICAV - EURO BOND ABSOLUTE RETURN Statement of changes in investments (continued) from 1st April 2014 to 30th September 2014 Currency Description Purchases Sales Other EUR Italia ILB Ser ICPI Cum Premio 13/ ,000,000 EUR IVS F. SpA SA 7.125% Reg S 13/ , EUR Lafarge SA VAR 09/ ,000 0 EUR Mediobanca SpA VAR EMTN Reg S Ser ,000, / EUR Monte Dei Paschi Di Siena SpA 4.75% EMTN 0 1,500,000 0 Ser09/8 09/ EUR Peugeot SA 6.875% EMTN Sen 11/ ,000 0 EUR Peugeot SA 8.375% EMTN 09/ ,000 0 EUR Prysmian SpA 5.25% Sen 10/ ,000,000 0 EUR Risanamento Napoli SpA 1% Conv Reg S 0 700, / EUR Risanamento Napoli SpA VAR Conv 11/ ,000 EUR Rottapharm Ltd 6.125% Reg S Sen 12/ ,000, EUR Salini Impregilo SpA 6.125% Sen 13/ ,000 0 EUR Santander Intl Debt SA 4.375% Sen 12/ ,000 0 EUR Sogefi SpA 2% Conv Reg S Ser SO 14/ ,500,000 1,500,000 0 EUR Stora Enso Oyj 5% EMTN Sen 12/ ,000 0 EUR Stora Enso Oyj 5.125% EMTN Ser 11 Tr , / EUR Tamburi Inv Partners SpA 4.75% 14/ ,850, EUR TeamSystem Hg SpA 7.375% Ser MAY 14/ ,000, ,000,000 EUR Telecom Italia SpA 5.25% EMTN 05/ ,500,000 1,500,000 0 EUR Telecom Italia SPA FRN EMTN Ser 17 Tr 1 0 1,800, / EUR Titan Luxco 2 Sàrl 7.375% Reg S 13/ ,000, ,000,000 EUR Turkey 5.5% 05/ ,500,000 0 EUR Unicredit SpA VAR EMTN Reg S Sub 13/ ,000,000 0 EUR Unicredit SpA VAR EMTN Sen 12/ , EUR UnipolSai SpA VAR EMTN Sub 14/18.06.Perpetual 1,500, EUR Veneto Banca Holding SCPA 4.25% EMTN Sen 1,250, / EUR Veneto Banca SCPA 4% EMTN Sen 14/ ,000, EUR Volkswagen Intl Finance NV VAR 0 150, /24.03.Perpetual EUR Zobele Holding SpA 7.875% Reg S 13/ ,500, GBP Boparan Finance Plc 5.25% EMTN Reg S Sen 1,400, / GBP Ladbrokes Group Finance Plc 7.625% Reg-S 0 500, / GBP Premier Foods Finance Plc 6.5% Reg S 14/ , GBP Premier Foods Plc FRN Reg S 14/ , USD ArcelorMittal SA VAR Lk Rating Changes Sen 0 800, / USD British Gas Intl Finance BV 0% Sen 91/ ,000,000 0 USD Glencore Funding LLC 4.125% Reg S Sen 0 1,250, / USD Goldman Sachs Capital II VAR 07/01.12.Perpetual 1,250, USD GPB Eurobond Finance Plc VAR 12/25.04.Perpetuel 1,500, USD Russia 11% Reg S Sen 98/ , USD Telecom Italia SpA 5.303% Sen 14/ ,500,000 1,500,000 0 USD Unicredit SpA VAR Reg S Sub 14/03.06.Perpetual 2,000,

18 BANOR SICAV - EUROPEAN VALUE Statement of net assets (in EUR) Assets Securities portfolio at market value 13,763, Cash at banks 1,022, Other liquid assets 251, Income receivable on portfolio 2, Prepaid expenses 2, Total assets 15,042, Liabilities Short option contracts at market value 61, Unrealised loss on forward foreign exchange contracts 97, Expenses payable 25, Total liabilities 184, Net assets at the end of the period 14,857, Class I capitalization Shares outstanding 11, Net asset value per Class I capitalization Share Class R capitalization Shares outstanding 482, Net asset value per Class R capitalization Share 9.05 The accompanying notes are an integral part of these financial statements. 16

19 BANOR SICAV - EUROPEAN VALUE Statement of investments and other net assets (in EUR) Currency Number / nominal value Description Cost Market value % of total net assets Investments in securities Transferable securities admitted to an official stock exchange listing Shares CHF 14,648 Bravofly Rumbo Group NV 465, , CHF 4,820 Nestlé SA Reg 212, , CHF 1,240 Roche Holding AG B de jouis Pref 147, , CHF 950 Zurich Insurance Group AG Reg 134, , , ,050, EUR 361,675 A2A SpA 289, , EUR 21,342 Assicurazioni Generali SpA 333, , EUR 14,316 Atlantia SpA 194, , EUR 194,740 Banca Monte Paschi Siena SpA 281, , EUR 489,942 Banca Popolare di Milano 273, , EUR 5,697 BNP Paribas SA A 262, , EUR 244,764 Cie Industriali Riunite SpA 250, , EUR 16,640 Deutsche Telekom AG Reg 137, , EUR 7,767 DiaSorin SpA 231, , EUR 59,830 ENEL SpA 176, , EUR 15,804 ENI SpA 257, , EUR 11,996 GTECH SpA 208, , EUR 148,380 Intesa Sanpaolo SpA Az.di Risp. non conv. 200, , EUR 18,216 Prysmian SpA 276, , EUR 10,020 Royal Dutch Shell Plc A 254, , EUR 23,587 Save SpA 239, , EUR 68,460 Snam SpA 238, , EUR 108,943 Sorin SpA 225, , EUR 75,142 Terna Rete Elettr Nazional SpA 259, , EUR 49,996 Unicredit SpA Post Raggruppamento 248, , ,840, ,482, GBP 3,974 AstraZeneca Plc 218, , GBP 6,503 British American Tobacco Plc 216, , GBP 11,650 GlaxoSmithKline Plc 163, , GBP 9,118 Imperial Tobacco Group Plc 257, , GBP 3,621 Reckitt Benckiser Group Plc 208, , GBP 13,000 Royal Mail Plc 74, , GBP 121,314 Vodafone Group Plc 295, , ,435, ,673, USD 7,700 American Intl Group Inc 225, , USD 5,782 EBay Inc 244, , USD 2,720 Exxon Mobil Corp 142, , USD 62,614 Gazprom OAO spons ADR repr 2 Shares 357, , USD 644 Google Inc A 255, , USD 3,800 Philip Morris Intl Inc 191, , ,417, ,690, Total shares 8,653, ,896, Warrants and rights USD 26,100 General Motors Co Call Wts , , Total warrants and rights 335, , Open-ended investment funds Investment funds (UCITS) EUR 1,525 Bestinver SICAV Iberian R Cap 459, , EUR 7,450 BlackRock Global Fds Em Mks Local Currency Bond A2 Cap 148, , , , The accompanying notes are an integral part of these financial statements. 17

20 BANOR SICAV - EUROPEAN VALUE Statement of investments and other net assets (in EUR) (continued) Currency Number / nominal value Description Cost Market value % of total net assets USD 936 Banor SICAV Greater China Long Short Equity S USD Cap 599, , USD 556 Banor SICAV North America Long Short Eq S Cap 443, , ,043, ,318, Total investment funds (UCITS) 1,651, ,974, Tracker funds (UCITS) EUR 10,992 ishares Plc EUR Div Ucits ETF Dist 212, , EUR 45,500 ishares Plc MSCI Japan UCITS ETF (Dist) USD Dist 339, , USD 4,805 Source Mks Plc Financials S&P US Select Sector ETF UCITS Cap USD 2,205 Source Mks Plc Health Care S&P US Sel Sector ETF UCITS A Cap 551, , , , , , , , Total tracker funds (UCITS) 1,376, ,594, Total investments in securities 12,016, ,763, Short options Listed financial instruments Options on transferable securities CHF -12 Nestlé SA Reg CALL 12/14 EUX 69-1, , EUR -7 Atlantia SpA CALL 12/14 MIL , , EUR -43 Deutsche Telekom AG Reg CALL 03/15 EUX 12-2, , EUR -38 Intesa Sanpaolo SpA Az.di Risp. non conv. CALL 12/14 MIL 2-2, , EUR -35 Prysmian SpA CALL 12/14 MIL 21-3, EUR -89 Prysmian SpA PUT 12/14 MIL 15-6, , , , GBP -3 AstraZeneca Plc PUT 12/14 LIFFE 42-6, , GBP -1 Reckitt Benckiser Group Plc CALL 12/14 LIFFE 52-2, , GBP -22 Royal Mail Plc PUT 12/14 LIFFE 4.8-5, , , , USD -38 Philip Morris Intl Inc CALL 12/14 OPRA 85-6, , Total short options -40, , Cash at banks 1,022, Other net assets/(liabilities) 132, Total 14,857, The accompanying notes are an integral part of these financial statements. 18