Sarasin Investmentfonds SICAV

Transcription

1 Investmentfonds SICAV A Luxembourg Umbrella Fund R.C.S. Number B Audited Annual Report 30 June 2014

2 No subscriptions may be received on the basis of the annual report. Subscriptions may only be made on the basis of the current detailed prospectus, the key investor information documents (KIIDs) and the most recent annual report, as well as, where available, any subsequent semiannual report. Copies of the detailed prospectus, the KIIDs and the Company's most recent annual and semiannual reports can be obtained free of charge from the payment and distribution agents listed in this report. In the following text the names of the Investmentfonds compartments will be stated without the " Investmentfonds" umbrella name (e.g. " EmergingSar Global"). An overview of the full names of each compartment is provided in Section 1 of the Notes. 2 Audited annual report

3 Table of contents Information 6 Organisation 10 Comparative net asset value table 12 Fund performance 16 Number of shares 18 Audit Report 23 Director s report 24 Statement of net assets 25 Income and expense statement, and changes in net assets 33 EmergingSar Global Statement of investments and other net assets 49 Allocation of investments 50 EmergingSar New Frontiers Statement of investments and other net assets 51 Allocation of investments 52 EquiSar Global Statement of investments and other net assets 53 Allocation of investments 55 EquiSar IIID (EUR) Statement of investments and other net assets 56 Allocation of investments 58 EquiSar International Income Statement of investments and other net assets 59 Allocation of investments 61 Global Return (EUR) Statement of investments and other net assets 62 Allocation of investments 66 GlobalSar Balanced (CHF) Statement of investments and other net assets 67 Allocation of investments 70 GlobalSar Balanced (EUR) Statement of investments and other net assets 71 Allocation of investments 75 GlobalSar Growth (EUR) Statement of investments and other net assets 76 Allocation of investments 79 New Power Fund Statement of investments and other net assets 80 Allocation of investments 82 OekoSar Equity Global Statement of investments and other net assets 83 Allocation of investments 85 Audited annual report 3

4 Real Estate Equity Global Statement of investments and other net assets 86 Allocation of investments 88 Sustainable Bond CHF Statement of investments and other net assets 89 Allocation of investments 92 Sustainable Bond EUR Statement of investments and other net assets 93 Allocation of investments 96 Sustainable Bond EUR Corporates Statement of investments and other net assets 97 Allocation of investments 99 Sustainable Bond EUR High Grade Statement of investments and other net assets 100 Allocation of investments 102 Sustainable Equity Europe Statement of investments and other net assets 103 Allocation of investments 105 Sustainable Equity Global Statement of investments and other net assets 106 Allocation of investments 108 Sustainable Equity Global Emerging Markets Statement of investments and other net assets 109 Allocation of investments 110 Sustainable Equity Real Estate Global Statement of investments and other net assets 111 Allocation of investments 113 Sustainable Equity USA Statement of investments and other net assets 114 Allocation of investments 115 Sustainable Portfolio Balanced (EUR) Statement of investments and other net assets 116 Allocation of investments 119 Sustainable Water Fund Statement of investments and other net assets 120 Allocation of investments 121 Notes 122 Other unaudited information Audited annual report

5 Audited annual report 5

6 Information* as of EmergingSar Global C acc EmergingSar Global P dist EmergingSar New Frontiers C acc EmergingSar New Frontiers P dist EquiSar Global C EUR acc EquiSar Global I EUR acc EquiSar Global P EUR dist EquiSar IIID (EUR) C EUR acc EquiSar IIID (EUR) P EUR acc EquiSar International Income P EUR acc EquiSar International Income P EUR dist Global Return (EUR) C EUR acc Global Return (EUR) I EUR acc Global Return (EUR) P EUR dist GlobalSar Balanced (CHF) P CHF dist GlobalSar Balanced (EUR) C EUR acc GlobalSar Balanced (EUR) P EUR dist GlobalSar Growth (EUR) P EUR acc New Power Fund C EUR acc New Power Fund I EUR acc New Power Fund P EUR acc New Power Fund P EUR dist OekoSar Equity Global C EUR acc OekoSar Equity Global I EUR acc OekoSar Equity Global P EUR acc OekoSar Equity Global P EUR dist Real Estate Equity Global C EUR acc Real Estate Equity Global I EUR acc Real Estate Equity Global P EUR acc Real Estate Equity Global P EUR dist Sustainable Bond CHF P CHF dist Launch date Issue price share Security no. (Switzerland) ECU ECU EUR EUR ECU EUR ECU EUR EUR EUR EUR ECU ECU EUR ECU EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR * See Note 1 for share and fund name changes. 6 Audited annual report

7 Information* (continued) ISIN LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU Benchmark MSCI Emerging Markets (Free) Index MSCI Emerging Markets (Free) Index MSCI Frontier Markets Index MSCI Frontier Markets Index MSCI World MSCI World MSCI World 3m EUR LIBOR + 3% 3m EUR LIBOR + 3% MSCI World MSCI World 3m EUR Libor +2% 3m EUR Libor +2% 3m EUR Libor +2% 30% MSCI World Index & 20% MSCI World Index CHF Hedged & 50% JP Morgan Global GBI CHF Hedged (until : 3m CHF LIBOR +3%) 30% MSCI World Index & 20% MSCI World Index EUR Hedged & 50% Citigroup Euro BIG TR 30% MSCI World Index & 20% MSCI World Index EUR Hedged & 50% Citigroup Euro BIG TR 45% MSCI World Index & 30% MSCI World Index EUR Hedged & 25% Citigroup Euro BIG TR A benchmark will not be shown, as there exists no recognised and public index, which represents the investment policy. A benchmark will not be shown, as there exists no recognised and public index, which represents the investment policy. A benchmark will not be shown, as there exists no recognised and public index, which represents the investment policy. A benchmark will not be shown, as there exists no recognised and public index, which represents the investment policy. MSCI World MSCI World MSCI World MSCI World S&P Developed Property Index in EUR S&P Developed Property Index in EUR S&P Developed Property Index in EUR S&P Developed Property Index in EUR SBI Foreign AAABBB Audited annual report 7

8 Information* (continued) Information* as of Sustainable Bond EUR C EUR acc Sustainable Bond EUR P EUR dist Sustainable Bond EUR Corporates I EUR acc Sustainable Bond EUR Corporates M EUR acc Sustainable Bond EUR Corporates P EUR dist Sustainable Bond EUR High Grade P EUR acc Sustainable Equity Europe C EUR acc Sustainable Equity Europe P EUR acc Sustainable Equity Europe P EUR dist Sustainable Equity Global C EUR acc Sustainable Equity Global P EUR dist Sustainable Equity Global Emerging Markets C acc Sustainable Equity Global Emerging Markets M acc Sustainable Equity Global Emerging Markets P acc Sustainable Equity Real Estate Global C EUR acc Sustainable Equity Real Estate Global P EUR acc Sustainable Equity USA C acc Sustainable Equity USA P acc Sustainable Portfolio Balanced (EUR) P EUR dist Sustainable Water Fund C EUR acc Sustainable Water Fund I EUR acc Sustainable Water Fund P EUR acc Sustainable Water Fund P EUR dist Sustainable Water Fund P dist Launch date Issue price share Security no. (Switzerland) EUR EUR EUR EUR ECU EUR EUR EUR ECU EUR EUR EUR EUR ECU EUR EUR EUR EUR * See Note 1 for share and fund name changes. 8 Audited annual report

9 Information* (continued) ISIN Benchmark LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU LU Citigroup EURO Broad Investment Grade Bond Index Citigroup EURO Broad Investment Grade Bond Index Citigroup EuroBIG Corporate Index Citigroup EuroBIG Corporate Index Citigroup EuroBIG Corporate Index Citigroup Germany GBI all maturities (EUR) MSCI Europe MSCI Europe MSCI Europe MSCI World MSCI World MSCI Emerging Markets MSCI Emerging Markets MSCI Emerging Markets S&P Developed Property Index in EUR S&P Developed Property Index in EUR S&P 500 NR Index S&P 500 NR Index 25% MSCI World Index ex. Europe, 25% MSCI Europe Index, 50% Citigroup Euro BIG TR A benchmark will not be shown, as there exists no recognised and public index, which represents the investment policy. A benchmark will not be shown, as there exists no recognised and public index, which represents the investment policy. A benchmark will not be shown, as there exists no recognised and public index, which represents the investment policy. A benchmark will not be shown, as there exists no recognised and public index, which represents the investment policy. A benchmark will not be shown, as there exists no recognised and public index, which represents the investment policy. Audited annual report 9

10 Organisation Management Company Fund Management (Luxembourg) S.A. (until ) J. Safra Fund Management (Luxembourg) S.A. (from ) 69, route d'esch, L1470 Luxembourg, Grand Duchy of Luxembourg (until ) 1113, Boulevard de la Foire, L1528 Luxembourg, Grand Duchy of Luxembourg (from ) Registered Office 69, route d'esch, L1470 Luxembourg, Grand Duchy of Luxembourg (until ) 1113, Boulevard de la Foire, L1528 Luxembourg, Grand Duchy of Luxembourg (from ) Board of Directors Nils Ossenbrink (Chairman), Managing Director, Chairman of the Board, Bank J. Safra (Deutschland) AG, Frankfurt am Main, Germany HansPeter Grossmann, Managing Director, Investmentfonds AG, Basel, Switzerland Odile Renner, Member of the Management Committee, Arendt Regulatory Solutions S.A., Luxembourg, Grand Duchy of Luxembourg Francine Keiser, Independent member of the Board of Directors, Of Counsel, Linklaters LLP, Luxembourg, Grand Duchy of Luxembourg Dieter Steberl, Managing Director, J. Safra Fund Management (Luxembourg) S.A. Luxembourg, Grand Duchy of Luxembourg Urs Oberer, Managing Director, Bank J. Safra AG, Basel, Switzerland (from ) Managing Directors Jan Vorster, Basel, Switzerland (until ) Dieter Steberl, Luxembourg, Grand Duchy of Luxembourg Ronnie Neefs Luxembourg, Grand Duchy of Luxembourg Urs Oberer Basel, Switzerland (until ) Valter Rinaldi Basel, Switzerland (from ) Peter Wahle, Luxembourg, Grand Duchy of Luxembourg (from ) Investment Manager Bank J. Safra AG, Elisabethenstrasse 62, CH4002 Basel, Switzerland & Partners LLP, Juxon House, 100 St. Paul's Churchyard, London EC4M 8BU, Great Britain Fisch Asset Management AG, Bellerive 241, CH8034 Zurich (from ) J. Safra Asset Management (Europe) Ltd 47 Berkeley Square London W1J 5AU, United Kingdom Banque J. Safra (Monaco) S.A. 15 / 17 avenue d'ostende Monaco J. Safra Gestion (Monaco) S.A. 15 / 17 avenue d'ostende Monaco 10 Audited annual report

11 Organisation (continued) Custodian & Paying Agent RBC Investor Services Bank S.A., 14, Porte de France, L4360 EschsurAlzette, Grand Duchy of Luxembourg Administration, Domiciliary, Registrar and Transfer Agent RBC Investor Services Bank S.A., 14, Porte de France, L4360 EschsurAlzette, Grand Duchy of Luxembourg Principal distribution agent and paying agent for Switzerland Bank J. Safra AG, Elisabethenstrasse 62, CH4002 Basel, Switzerland Representative in Switzerland Investmentfonds AG, Wallstrasse 9, CH4002 Basel, Switzerland Representative and Paying Agent in Liechtenstein Volksbank AG, Feldkircher Strasse 2, FL9494 Schaan, Liechtenstein Distributor and Information Centre in Germany Bank J. Safran (Deutschland) AG, Taunusanlage 17, D60325 Frankfurt am Main, Germany Distributor and Information Centre in Austria Erste Bank der oesterreichischen Sparkassen AG, Graben 21, A1010 Vienna, Austria Paying Agents in Italy State Street S.p.A., via Ferrante Aporti, 10, I20136 Milan, Italy Information Centre in Great Britain & Partners LLP, Juxon House, 100 St. Paul's Churchyard, London EC4M 8BU, Great Britain Representative and Paying Agent in Belgium BNP Paribas Securities Services S.A., Succursale de Bruxelles, 489, avenue Louise, B1050 Brussels, Belgium Facility Agent and Information Centre in Ireland & Partners LLP, Dublin Branch, 120 St Stephen's Green Dublin 2, Ireland Representative in Sweden SEB Skandinaviska Enskilda Banken AG Merchant Banking Stockholm, Sweden Auditor Deloitte Audit, Société à responsabilité limitée, Cabinet de révision agréé, 560, rue de Neudorf, L2220 Luxembourg, Grand Duchy of Luxembourg Legal Advisor Linklaters LLP, 35, avenue J.F. Kennedy, L1855 Luxembourg, Grand Duchy of Luxembourg (until ) Arendt & Medernach, 14, rue Erasme, L1528 Luxembourg, Grand Duchy of Luxembourg (from ) Société Générale Securities Services S.p.A., Via Benigno Crespi 19/A MAC2, I20159 Milan, Italy Representative and Paying Agent in France BNP Paribas Securities Services S.A., 3, rue d'antin, F75002 Paris, France Audited annual report 11

12 Comparative net asset value table* Comparative net asset value table* EmergingSar Global C acc Net assets in Net asset value per share in EmergingSar Global P dist Net assets in Net asset value per share in EmergingSar New Frontiers C acc Net assets in Net asset value per share in EmergingSar New Frontiers P dist Net assets in Net asset value per share in EquiSar Global C EUR acc Net assets in EUR Net asset value per share in EUR EquiSar Global I EUR acc Net assets in EUR Net asset value per share in EUR EquiSar Global P EUR dist Net assets in EUR Net asset value per share in EUR EquiSar IIID (EUR) C EUR acc Net assets in EUR Net asset value per share in EUR EquiSar IIID (EUR) P EUR acc Net assets in EUR Net asset value per share in EUR EquiSar International Income P EUR acc Net assets in EUR Net asset value per share in EUR EquiSar International Income P EUR dist Net assets in EUR Net asset value per share in EUR Global Return (EUR) C EUR acc Net assets in EUR Net asset value per share in EUR Global Return (EUR) I EUR acc Net assets in EUR Net asset value per share in EUR Global Return (EUR) P EUR dist Net assets in EUR Net asset value per share in EUR * See Note 1 for share and fund name changes. 12 Audited annual report

13 Comparative net asset value table* (continued) GlobalSar Balanced (CHF) P CHF dist Net assets in CHF Net asset value per share in CHF GlobalSar Balanced (EUR) C EUR acc Net assets in EUR Net asset value per share in EUR GlobalSar Balanced (EUR) P EUR dist Net assets in EUR Net asset value per share in EUR GlobalSar Growth (EUR) P EUR acc Net assets in EUR Net asset value per share in EUR New Power Fund C EUR acc Net assets in EUR Net asset value per share in EUR New Power Fund I EUR acc Net assets in EUR Net asset value per share in EUR New Power Fund P EUR acc Net assets in EUR Net asset value per share in EUR New Power Fund P EUR dist Net assets in EUR Net asset value per share in EUR OekoSar Equity Global C EUR acc Net assets in EUR Net asset value per share in EUR OekoSar Equity Global I EUR acc Net assets in EUR Net asset value per share in EUR OekoSar Equity Global P EUR acc Net assets in EUR Net asset value per share in EUR OekoSar Equity Global P EUR dist Net assets in EUR Net asset value per share in EUR Real Estate Equity Global C EUR acc Net assets in EUR Net asset value per share in EUR Real Estate Equity Global I EUR acc Net assets in EUR Net asset value per share in EUR * See Note 1 for share and fund name changes. Audited annual report 13

14 Comparative net asset value table* (continued) Real Estate Equity Global P EUR acc Net assets in EUR Net asset value per share in EUR Real Estate Equity Global P EUR dist Net assets in EUR Net asset value per share in EUR Sustainable Bond CHF P CHF dist Net assets in CHF Net asset value per share in CHF Sustainable Bond EUR C EUR acc Net assets in EUR Net asset value per share in EUR Sustainable Bond EUR P EUR dist Net assets in EUR Net asset value per share in EUR Sustainable Bond EUR Corporates I EUR acc Net assets in EUR Net asset value per share in EUR Sustainable Bond EUR Corporates M EUR acc Net assets in EUR Net asset value per share in EUR Sustainable Bond EUR Corporates P EUR dist Net assets in EUR Net asset value per share in EUR Sustainable Bond EUR High Grade P EUR acc Net assets in EUR Net asset value per share in EUR Sustainable Equity Europe C EUR acc Net assets in EUR Net asset value per share in EUR Sustainable Equity Europe P EUR acc Net assets in EUR Net asset value per share in EUR Sustainable Equity Europe P EUR dist Net assets in EUR Net asset value per share in EUR Sustainable Equity Global C EUR acc Net assets in EUR Net asset value per share in EUR Sustainable Equity Global P EUR dist Net assets in EUR Net asset value per share in EUR * See Note 1 for share and fund name changes. 14 Audited annual report

15 Comparative net asset value table* (continued) Sustainable Equity Global Emerging Markets C acc Net assets in Net asset value per share in Sustainable Equity Global Emerging Markets M acc Net assets in Net asset value per share in Sustainable Equity Global Emerging Markets P acc Net assets in Net asset value per share in Sustainable Equity Real Estate Global C EUR acc Net assets in EUR Net asset value per share in EUR Sustainable Equity Real Estate Global P EUR acc Net assets in EUR Net asset value per share in EUR Sustainable Equity USA C acc Net assets in Net asset value per share in Sustainable Equity USA P acc Net assets in Net asset value per share in Sustainable Portfolio Balanced (EUR) P EUR dist Net assets in EUR Net asset value per share in EUR Sustainable Water Fund C EUR acc Net assets in EUR Net asset value per share in EUR Sustainable Water Fund I EUR acc Net assets in EUR Net asset value per share in EUR Sustainable Water Fund P EUR acc Net assets in EUR Net asset value per share in EUR Sustainable Water Fund P EUR dist Net assets in EUR Net asset value per share in EUR Sustainable Water Fund P dist Net assets in Net asset value per share in * See Note 1 for share and fund name changes. Audited annual report 15

16 Fund Performance** / *** Fund Performance in % per calendar year (YTD) EmergingSar Global C acc 5.7 * EmergingSar Global P dist EmergingSar New Frontiers C acc * EmergingSar New Frontiers P dist EquiSar Global C EUR acc EUR 4.7 * EquiSar Global I EUR acc EUR EquiSar Global P EUR dist EUR EquiSar IIID (EUR) C EUR acc EUR 3.1 * EquiSar IIID (EUR) P EUR acc EUR EquiSar International Income P EUR acc EUR EquiSar International Income P EUR dist EUR * Global Return (EUR) C EUR acc EUR * Global Return (EUR) I EUR acc EUR * Global Return (EUR) P EUR dist EUR GlobalSar Balanced (CHF) P CHF dist CHF GlobalSar Balanced (EUR) C EUR acc EUR 5.3 * GlobalSar Balanced (EUR) P EUR dist EUR GlobalSar Growth (EUR) P EUR acc EUR New Power Fund C EUR acc EUR 7.1 * New Power Fund I EUR acc EUR New Power Fund P EUR acc EUR New Power Fund P EUR dist EUR OekoSar Equity Global C EUR acc EUR 5.3 * OekoSar Equity Global I EUR acc EUR OekoSar Equity Global P EUR acc EUR OekoSar Equity Global P EUR dist EUR Real Estate Equity Global C EUR acc EUR 7.03**** * Real Estate Equity Global I EUR acc EUR 12.3 * Real Estate Equity Global P EUR acc EUR Real Estate Equity Global P EUR dist EUR Sustainable Bond CHF P CHF dist CHF l Audited annual report.

17 Fund Performance ( continued) (Lfd. Jahr) Sustainable Bond EUR C EUR acc EUR 4.8 * Sustainable Bond EUR P EUR dist EUR Sustainable Bond EUR Corporates I EUR acc EUR * Sustainable Bond EUR Corporates M EUR acc EUR * Sustainable Bond EUR Corporates P EUR dist EUR Sustainable Bond EUR High Grade P EUR acc EUR Sustainable Equity Europe C EUR acc EUR * Sustainable Equity Europe P EUR acc EUR Sustainable Equity Europe P EUR dist EUR Sustainable Equity Global C EUR acc EUR 3.9 * Sustainable Equity Global P EUR dist EUR Sustainable Equity Global Emerging Markets C acc 6.6 * Sustainable Equity Global Emerging Markets M acc * Sustainable Equity Global Emerging Markets P acc Sustainable Equity Real Estate Global C EUR acc EUR 11.6 * Sustainable Equity Real Estate Global P EUR acc EUR Sustainable Equity USA C acc * Sustainable Equity USA P acc Sustainable Portfolio Balanced (EUR) P EUR dist EUR Sustainable Water Fund C EUR acc EUR 5.0 * Sustainable Water Fund I EUR acc EUR Sustainable Water Fund P EUR acc EUR * Sustainable Water Fund P EUR dist EUR Sustainable Water Fund P dist * * Due to the class relaunch no performance was calculated for this class. ** Past performance does not guarantee future returns. The performance shown does not take account of any commissions and costs charged when subscribing and redeeming. units. Any dividends will be reinvested. *** See Note 1 for share and fund name changes. **** This class had no file between and and therefore for this period no net asset value was calculated for that class. Audited annual report l 17

18 Number of shares* as of EmergingSar Global EmergingSar Global EmergingSar New Frontiers Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period C acc P dist C acc EmergingSar New Frontiers EquiSar Global EquiSar Global Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period P dist C EUR acc I EUR acc EquiSar Global EquiSar IIID (EUR) EquiSar IIID (EUR) Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period P EUR dist C EUR acc P EUR acc EquiSar International Income EquiSar International Income Global Return (EUR) Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period P EUR acc P EUR dist C EUR acc * See Note 1 for share and fund name changes. 18 Audited annual report The notes at the end are an integral part of these financial statements.

19 Number of shares* (continued) Global Return (EUR) Global Return (EUR) GlobalSar Balanced (CHF) Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period I EUR acc P EUR dist P CHF dist GlobalSar Balanced (EUR) GlobalSar Balanced (EUR) GlobalSar Growth (EUR) Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period C EUR acc P EUR dist P EUR acc New Power Fund New Power Fund New Power Fund Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period C EUR acc I EUR acc P EUR acc New Power Fund OekoSar Equity Global OekoSar Equity Global Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period P EUR dist C EUR acc I EUR acc * See Note 1 for share and fund name changes. The notes at the end are an integral part of these financial statements. Audited annual report 19

20 Number of shares* (continued) OekoSar Equity Global OekoSar Equity Global Real Estate Equity Global Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period P EUR acc P EUR dist C EUR acc Real Estate Equity Global Real Estate Equity Global Real Estate Equity Global Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period I EUR acc P EUR acc P EUR dist Sustainable Bond CHF Sustainable Bond EUR Sustainable Bond EUR Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period P CHF dist C EUR acc P EUR dist Sustainable Bond EUR Corporates Sustainable Bond EUR Corporates Sustainable Bond EUR Corporates Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period I EUR acc M EUR acc P EUR dist * See Note 1 for share and fund name changes. 20 Audited annual report The notes at the end are an integral part of these financial statements.

21 Number of shares* (continued) Sustainable Bond EUR High Grade Sustainable Equity Europe Sustainable Equity Europe Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period P EUR acc C EUR acc P EUR acc Sustainable Equity Europe Sustainable Equity Global Sustainable Equity Global Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period P EUR dist C EUR acc P EUR dist Sustainable Equity Global Emerging Markets Sustainable Equity Global Emerging Markets Sustainable Equity Global Emerging Markets Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period C acc M acc P acc Sustainable Equity Real Estate Global Sustainable Equity Real Estate Global Sustainable Equity USA Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period C EUR acc P EUR acc C acc * See Note 1 for share and fund name changes. The notes at the end are an integral part of these financial statements. Audited annual report 21

22 Number of shares* (continued) Sustainable Equity USA Sustainable Portfolio Balanced (EUR) Sustainable Water Fund Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period P acc P EUR dist C EUR acc Sustainable Water Fund Sustainable Water Fund Sustainable Water Fund Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period I EUR acc P EUR acc P EUR dist Sustainable Water Fund P dist Number of shares outstanding at the beginning of the year / period Number of shares issued Number of shares redeemed Number of shares outstanding at the end of the year / period * See Note 1 for share and fund name changes. 22 Audited annual report The notes at the end are an integral part of these financial statements.

23 REPORT OF THE REVISEUR D ENTREPRISES AGREE To the Shareholders of Investmentfonds SICAV 1113, Boulevard de la Foire, L1528 Luxembourg Following our appointment, we have audited the accompanying financial statements of Investmentfonds SICAV ("the Company") and their compartments which comprise the statement of net assets and the statement of investments and other net assets as at 30 June 2014 and the statement of operations and the statement of changes in net assets for the year then ended and a summary of significant accounting policies and other explanatory information. Responsibility of the Board of Directors of the Company for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibility of the réviseur d entreprises agréé Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with international auditing standards (International Standards on Auditing) adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the réviseur d entreprises agréé s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the réviseur d entreprises agréé considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements give a true and fair view of the financial position of Investmentfonds SICAV and their compartments as of 30 June 2014, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. Other matter Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole. For Deloitte Audit, Société à responsabilité limitée Cabinet de révision agréé Philippe Lenges, Réviseur d Entreprises agréé Partner Luxembourg, 24 October , rue de Neudorf L2220 Luxemburg Audited Annual Report l 23

24 Director's Report* The fiscal year 2013/2014 was marked by a positive performance of the stock markets. During the third quarter of 2013, the economic environment has improved noticeably. The biggest surprise was however that the Fed did not start with the reduction of the bond purchase program ("tapering"). This has led to a temporary relaxation of the bond markets and to new highs in some stock indexes. Corporate bonds received the focus of investors. In particular, borrowing from the financial sector recorded a strong performance. Emerging markets investments both equities and bonds have partially recovered, but remained behind compared to their prices in early In addition, representatives of the major central banks have made it clear that interest rates will remain close to zero for a long time, so that the search for yield in the financial markets continued. Nevertheless, the interest rate markets showed a mixed picture. While the Anglo Saxon interest rates rose relatively sharply, interest rates in the core European countries such as Germany and France remained at historically record low levels. As a result, prices of bonds of peripheral European countries such as Portugal, Italy, Greece and Spain experienced a strong investor demand, which was reflected in large price gains on these bonds. EUR dist showed an appreciation of 5.02% (dividendadjusted). The mixed investment funds benefited from the positive sentiment on the global equity market and achieved total returns in the mid to high single digits. * Past performance is no indication of expected future returns. In the performance evaluation no commissions and costs charged when subscribing to and redeeming shares are considered. Any dividends are reinvested. With the slowdown in economic growth during the fourth quarter of 2013, the interest rate expectations have fallen. This has boosted equity markets and led to new highs. The mood among investors was very optimistic. While the beginning of 2014 initially was very quiet, by the end of January weak data arrived from China on new worries about the fundamentals of emerging countries. The devaluation of some currencies triggered a sharp rise in risk aversion. After a short but intensive setback in equity markets during late January, a rapid recovery followed in early February. While the US stock market reached new record highs in March, European stock markets were slightly thrown back by the Crimean crisis. The rotation of low profitable interest investments in equity securities continued. Due to the positive mood of investors neither geopolitical risks nor negative economic surprises could do much harm to the stock market. Longterm interest rates have also fallen, as investors have adjusted to lower inflation and subdued growth in the medium term, based on various statements by central bank representatives. In particular, the resolute intervention of the European Central Bank (ECB) led to falling interest rates in the Euro periphery. Global stock markets have experienced strong gains over the entire fiscal year and corporate bonds with good credit rose in value. The Euro could upgrade against the US dollar and the yen, while it depreciated against the pound. Various equity funds benefited from the positive developments on the stock markets. Noteworthy are the Sustainable Equity USA P acc, the Sustainable Equity Europe P EUR acc and the Sustainable Water Fund P EUR dist, which recorded in their respective fund an increase of 27.39%, 22.61% and 20.10%. The appreciation of EmergingSar Global P dist was positive with 6.48%. Also the Real Estate Equity Global P EUR acc and the Sustainable Equity Real Estate Global P EUR acc increased significantly with 7.64% and 6.51%. Despite the difficult interest rate environment, bond funds could stand their ground, while the Sustainable Bond EUR P 24 Audited annual report The notes at the end are an integral part of these financial statements.

25 Statement of net assets* as of Consolidated EmergingSar Global EmergingSar New Frontiers (in EUR) (in ) (in ) ASSETS Investments in securities and options contracts to market values Cash at banks Receivable on currency contracts Receivable on sales of securities Receivable on issues of shares Income receivable on portfolio Interest receivable on bank accounts Receivable on CFDs Unrealised gain from futures and CFD contracts Unrealised gain on forward foreign exchange contracts Other receivables Total assets LIABILITIES Bank liabilities Payable on currency contracts Payable on purchases of securities Payable on redemptions of shares Payable on bank interest Payable on CFDs Unrealised loss from futures and CFD contracts Unrealised loss on forward foreign exchange contracts Other liabilities Total liabilities NET ASSETS at the end of the year Number of shares outstanding C EUR acc Net asset value per share C EUR acc Number of shares outstanding C acc Net asset value per share C acc Number of shares outstanding I EUR acc Net asset value per share I EUR acc Number of shares outstanding M EUR acc Net asset value per share M EUR acc Number of shares outstanding M acc Net asset value per share M acc Number of shares outstanding P CHF dist Net asset value per share P CHF dist Number of shares outstanding P EUR acc Net asset value per share P EUR acc Number of shares outstanding P EUR dist Net asset value per share P EUR dist Number of shares outstanding P acc Net asset value per share P acc Number of shares outstanding P dist Net asset value per share P dist * See Note 1 for share and fund name changes. The notes at the end are an integral part of these financial statements. Audited annual report 25

26 Statement of net assets* (continued) EquiSar Global EquiSar IIID (EUR) EquiSar International Income (in EUR) (in EUR) (in EUR) ASSETS Investments in securities and options contracts to market values Cash at banks Receivable on currency contracts Receivable on sales of securities Receivable on issues of shares Income receivable on portfolio Interest receivable on bank accounts Receivable on CFDs Unrealised gain from futures and CFD contracts Unrealised gain on forward foreign exchange contracts Other receivables Total assets LIABILITIES Bank liabilities Payable on currency contracts Payable on purchases of securities Payable on redemptions of shares Payable on bank interest Payable on CFDs Unrealised loss from futures and CFD contracts Unrealised loss on forward foreign exchange contracts Other liabilities Total liabilities NET ASSETS at the end of the year Number of shares outstanding C EUR acc Net asset value per share C EUR acc Number of shares outstanding C acc Net asset value per share C acc Number of shares outstanding I EUR acc Net asset value per share I EUR acc Number of shares outstanding M EUR acc Net asset value per share M EUR acc Number of shares outstanding M acc Net asset value per share M acc Number of shares outstanding P CHF dist Net asset value per share P CHF dist Number of shares outstanding P EUR acc Net asset value per share P EUR acc Number of shares outstanding P EUR dist Net asset value per share P EUR dist Number of shares outstanding P acc Net asset value per share P acc Number of shares outstanding P dist Net asset value per share P dist * See Note 1 for share and fund name changes. 26 Audited annual report The notes at the end are an integral part of these financial statements.

27 Statement of net assets* (continued) Global Return (EUR) GlobalSar Balanced (CHF) GlobalSar Balanced (EUR) (in EUR) (in CHF) (in EUR) ASSETS Investments in securities and options contracts to market values Cash at banks Receivable on currency contracts Receivable on sales of securities Receivable on issues of shares Income receivable on portfolio Interest receivable on bank accounts Receivable on CFDs Unrealised gain from futures and CFD contracts Unrealised gain on forward foreign exchange contracts Other receivables Total assets LIABILITIES Bank liabilities Payable on currency contracts Payable on purchases of securities Payable on redemptions of shares Payable on bank interest 1.33 Payable on CFDs Unrealised loss from futures and CFD contracts Unrealised loss on forward foreign exchange contracts Other liabilities Total liabilities NET ASSETS at the end of the year Number of shares outstanding C EUR acc Net asset value per share C EUR acc Number of shares outstanding C acc Net asset value per share C acc Number of shares outstanding I EUR acc Net asset value per share I EUR acc Number of shares outstanding M EUR acc Net asset value per share M EUR acc Number of shares outstanding M acc Net asset value per share M acc Number of shares outstanding P CHF dist Net asset value per share P CHF dist Number of shares outstanding P EUR acc Net asset value per share P EUR acc Number of shares outstanding P EUR dist Net asset value per share P EUR dist Number of shares outstanding P acc Net asset value per share P acc Number of shares outstanding P dist Net asset value per share P dist * See Note 1 for share and fund name changes. The notes at the end are an integral part of these financial statements. Audited annual report 27

28 Statement of net assets* (continued) GlobalSar Growth (EUR) New Power Fund OekoSar Equity Global (in EUR) (in EUR) (in EUR) ASSETS Investments in securities and options contracts to market values Cash at banks Receivable on currency contracts Receivable on sales of securities Receivable on issues of shares Income receivable on portfolio Interest receivable on bank accounts Receivable on CFDs Unrealised gain from futures and CFD contracts Unrealised gain on forward foreign exchange contracts Other receivables Total assets LIABILITIES Bank liabilities Payable on currency contracts Payable on purchases of securities Payable on redemptions of shares Payable on bank interest Payable on CFDs Unrealised loss from futures and CFD contracts Unrealised loss on forward foreign exchange contracts Other liabilities Total liabilities NET ASSETS at the end of the year Number of shares outstanding C EUR acc Net asset value per share C EUR acc Number of shares outstanding C acc Net asset value per share C acc Number of shares outstanding I EUR acc Net asset value per share I EUR acc Number of shares outstanding M EUR acc Net asset value per share M EUR acc Number of shares outstanding M acc Net asset value per share M acc Number of shares outstanding P CHF dist Net asset value per share P CHF dist Number of shares outstanding P EUR acc Net asset value per share P EUR acc Number of shares outstanding P EUR dist Net asset value per share P EUR dist Number of shares outstanding P acc Net asset value per share P acc Number of shares outstanding P dist Net asset value per share P dist * See Note 1 for share and fund name changes. 28 Audited annual report The notes at the end are an integral part of these financial statements.