SEF, SICAV. Annual report including audited Financial Statements as at December 31, 2013

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1 Société d Investissement à Capital Variable à compartiments multiples Annual report including audited Financial Statements as at December 31, 2013 R.C.S. Luxembourg B

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3 Annual report including audited Financial Statements as at December 31, 2013 No subscription can be received on the basis of financial statements. Subscriptions are only valid on the basis of the current Prospectus accompanied by the latest available financial statements and the latest semi-annual report if it is more recent than the financial statements. 1

4 Table of contents Organisation of the SICAV 4 General information 6 Determination of the Net Asset Value of shares 7 Information to shareholders 7 Report of the Board of Directors 8 Report of the réviseur d entreprises agréé 15 Financial statements Statement of net assets 18 Statement of operations and changes in net assets 22 Number of shares outstanding and net asset value per share 25 SEF - INDECAP FONDGUIDE I Statement of Investments and other net assets 26 SEF - INDECAP FONDGUIDE II Statement of Investments and other net assets 27 SEF - PLACERUM BALANSERAD Statement of Investments and other net assets 28 SEF - PLACERUM DYNAMISK Statement of Investments and other net assets 29 SEF - PLACERUM OPTIMERA Statement of Investments and other net assets 30 SEF - AVIATUM TREND Statement of Investments and other net assets 32 SEF - AVIATUM STABIL Statement of Investments and other net assets 33 SEF - ASCENSUS BALANSERAD Statement of Investments and other net assets 34 SEF - ASCENSUS OFFENSIV Statement of Investments and other net assets 35 2

5 Table of contents (continued) SEF - ASCENSUS TREND Statement of Investments and other net assets 36 Notes to the financial statements 37 3

6 Organisation of the SICAV REGISTERED OFFICE SEF, SICAV, 65, Boulevard Grande Duchesse Charlotte L-1331 LUXEMBOURG, Grand-Duchy of Luxembourg BOARD OF DIRECTORS Chairman Ms TIINA NORBERG, Head of Securities Services - SWEDBANK AB (publ), Brunkebergstorg 8, S STOCKHOLM, Sweden (since May 7, 2013) Ms CECILIA VERNERSON, Head of Legal and Compliance, SWEDBANK ASSET MANAGEMENT S.A. Luxembourg, L-1331 LUXEMBOURG, Grand Duchy of Luxembourg (until September 30, 2013) Directors Ms Sarah OLSSON, Legal Counsel, SWEDBANK ROBUR FONDER AB, S STOCKHOLM, Sweden (since April 26, 2013) Mr Björn NILSSON, Head of Legal and Compliance, SWEDBANK ASSET MANAGEMENT S.A., L-1331 LUXEMBOURG, Grand Duchy of Luxembourg (since April 26, 2013) Mr LARS FRIBERG, HR - Swedbank AB (publ), Brunkebergstorg 8 S STOCKHOLM, Sweden Mr FREDRIC BLOMMÉ SEKUND, Head of the Group Depositary Banking, Swedbank AB (publ), Brunkebergstorg 8 S STOCKHOLM, Sweden (since May 24, 2013) CONDUCTING PERSONS Mr PETTER BRANDT, Head of Investor and Insurance Risk (Group Risk) - Swedbank AB (publ) Brunkebergstorg 8, S Stockholm, Sweden (until January 6, 2013) Ms DANIELA KLASEN-MARTIN, Managing Director - Crestbridge, 9A boulevard Prince Henri, L-1724 LUXEMBOURG, Grand-Duchy of Luxembourg Ms LUDIVINE NICOLAI, Risk Manager - Crestbridge, 9A boulevard Prince Henri, L-1724 LUXEMBOURG, Grand-Duchy of Luxembourg (since March 8, 2013) REVISEUR D ENTREPRISES AGREE / CABINET DE REVISION AGREE INVESTMENT MANAGER DELOITTE AUDIT, Société à responsabilité limitée, 560, Rue de Neudorf, L-2220 LUXEMBOURG, Grand Duchy of Luxembourg In respect of SEF - INDECAP FONDGUIDE I and SEF - INDECAP FONDGUIDE II INDECAP AB, Regeringsgatan 60, S STOCKHOLM, Sweden In respect of SEF - PLACERUM BALANSERAD, SEF - PLACERUM DYNAMISK and SEF - PLACERUM OPTIMERA PLACERUM KAPITALFÖRVALTNING AB, Renmarkstorget 12C, S UMEÅ, Sweden In respect of SEF - AVIATUM TREND and SEF - AVIATUM STABIL AVIATUM AB, Solna Torg 19, Plan 8, SE SOLNA, Sweden In respect of SEF - ASCENSUS BALANSERAD, SEF - ASCENSUS OFFENSIV, SEF - ASCENSUS TREND UNITED SECURITIES AB, Brunnsgatan 21 A, S STOCKHOLM, Sweden 4

7 Organisation of the SICAV DOMICILIARY AGENT / ADMINISTRATOR / DEPOSITARY BANK / PAYING AGENT / REGISTRAR AND TRANSFER AGENT SWEDBANK AB (publ) Luxembourg Branch, 65, Boulevard Grande Duchesse Charlotte L-1331 LUXEMBOURG, Grand Duchy of Luxembourg DISTRIBUTOR SWEDBANK AB (publ), Brunkebergstorg 8, S STOCKHOLM, Sweden RISK MANAGER SWEDBANK ROBUR FONDER AB, Malmskillnadsgatan 32 60, S STOCKHOLM, Sweden SWEDBANK AB (publ) Luxembourg Branch, 65, Boulevard Grande-Duchesse Charlotte, L-1331 LUXEMBOURG, Grand-Duchy of Luxembourg LEGAL ADVISORS ARENDT & MEDERNACH, 14, Rue Erasme, L-2082 LUXEMBOURG, Grand Duchy of Luxembourg 5

8 General information SEF, SICAV (the "SICAV") was incorporated in the Grand Duchy of Luxembourg on April 25, It is organized as a variable capital investment company (société d investissement à capital variable: "SICAV") under the amended Law of August 10, 1915 relating to commercial companies and Part I of the Law of December 17, 2010, relating to undertakings for collective investment, as amended. It is established for an undetermined duration from the date of incorporation. The main objective of the SICAV is to provide a range of sub-funds combined with active professional management to diversify investment risk and satisfy the needs of investors seeking income, capital conservation and longer term capital growth. At the date of the report, the following sub-funds are offered to investors: SEF - INDECAP FONDGUIDE I SEF - INDECAP FONDGUIDE II SEF - PLACERUM BALANSERAD SEF - PLACERUM DYNAMISK SEF - PLACERUM OPTIMERA SEF - AVIATUM TREND SEF - AVIATUM STABIL SEF - ASCENSUS BALANSERAD SEF - ASCENSUS OFFENSIV SEF - ASCENSUS TREND SEF - INDECAP FONDGUIDE I (Class PM) and SEF - INDECAP FONDGUIDE II (Class PM) have been launched on May 30, SEF - ASCENSUS BALANSERAD (Class A and Class I), SEF - ASCENSUS OFFENSIV (Class A and Class I) and SEF - ASCENSUS TREND (Class A and Class I) have been launched on April 5, SEF - AVIATUM STABIL (Class A), SEF - AVIATUM TREND (Class A), SEF - PLACERUM BALANSERAD (Class A and Class I), SEF - PLACERUM DYNAMISK (Class A and Class I) and SEF - PLACERUM OPTIMERA (Class A and Class I) have been launched on January 10, The registered office of the SICAV is at 65, Boulevard Grande Duchesse Charlotte L-1331 LUXEMBOURG. The Articles of Incorporation of the SICAV were published in the Mémorial, Recueil Spécial des Sociétés et Associations, dated May 14, The Articles of Incorporation have been deposited with the Register of the Tribunal d Arrondissement of Luxembourg where they are available for inspection and where copies thereof can be obtained. The financial year of the SICAV starts on January 1 and ends on December 31 of each year. 6

9 Determination of the Net Asset Value of shares The Net Asset Value of each sub-fund is expressed in the denomination currency of the respective sub-fund as per share figure, and shall be determined on any Valuation Date by SWEDBANK AB (publ) Luxembourg Branch by dividing the value of the net assets of the subfund, being the value of the assets of that sub-fund less its liabilities, on the valuation date, by the number of shares outstanding. Information to shareholders Net Asset Value The Net Asset Value, the issue and redemption prices are available to the public at the registered office of the SICAV. Financial Statements Audited annual reports and unaudited semi-annual reports are published and made available to the shareholders free of charge at the SICAV s registered office. Other Information All notices to shareholders are available at the SICAV s registered office, and are published, if required, in a newspaper in Luxembourg and in the Mémorial. Any other financial information to be published concerning the SICAV including any suspension of the net asset value, is made available to the public at the SICAV s registered office. 7

10 Report of the Board of Directors SEF - INDECAP FONDGUIDE I The investment strategy is to deliver consistent absolute return over the long term by investing in Swedish Government Bonds, Corporate Bonds, Global Equity Funds and Swedish Equity Funds. The funds benchmark is 35 percent OMRX T-Bill, 35 percent OMRX T-Bond, 20 percent MSCI World Index (Net TR) and 10 percent SIX PRX. The year was characterized by continued expansionary monetary policy, low interest rates and further quantitative easing by central banks around the world. Among the dominant economies the greatest gains were recorded in the U.S. and Germany which rose 30 percent. Japan and France increased 25,5 and 24,7 percent, while the UK showed an increase of 19,1 percent. Furthermore, Emering Markets exhibited a weak trend. Latin America and Eastern Europe fell 8 percent, while Asia fell 3,1 percent (all expressed in Swedish kronor). On the Swedish Stock Exchange, there were large differences between the indexes for large and small companies throughout the year. MSCI Sweden Net TR consisting of the 32 largest companies rose 22,9 percent, while the Carnegie Small Cap Return Index rose by 36,6 percent. At the sector level, it was mainly the financial sector that stood out with the total return of nearly 50 percent, while the industrial sector was moving sideways. The strong performance of Small Cap Index was mainly driven by an increase in risk appetite among investors. In the Swedish Bond Market interest rates rose overall. The 10-year government bond rose 100 basis points and stood at 2,52 percent at the end of the year. The return during the year for Fondguide 1 was 4,2 percent while the benchmark rose 6,2 percent. The portfolio has been over weighted to Swedish Money Market Funds, Corporate Bonds and Hedgefunds at the expense of Swedish Government Bond Funds, Swedish Stock Market and the Developed Stock Market. The largest positive contribution to the absolute return came from SPP USA and Robur Sverigefond, the return was 31,5 respectively 26,2 percent. On the fixed income-/hedgefund side Torgny Prior was the strongest performer, managing P&N Yield with a rise of 4,2 percent. Furthermore Erik Brändström managing Spiltan Räntefond and Karin Haraldsson managing Lannebo Likviditesfond returned the most with an overall increase of 3 respectively 2,8 percent. The portfolio was affected negatively by Nordea Obligationsfond which fell 3,4 percent due to rising interest rates. During the year, one new manager has been added, Mikael Lundström managing Evli Short Corporate Bond Fund. The fund has sold AMF Räntefond Kort, Vontobel Global Value, CPH Global Equity and Prior&Nilsson Sverige Aktiv. At year end, the fund was invested in 9 underlying funds. 45,6 percent to Swedish Corporate/Government Bond Funds, 23,6 percent to Swedish Money Market Funds, 18,5 percent to Swedish Equity Funds, 6 percent to Global Equity Funds and 6 percent to Hedge Funds. SEF - INDECAP FONDGUIDE II The investment strategy is to deliver consistent absolute return over the long term by investing in Swedish Equity Funds, Global Equity Funds and Emerging Market Funds. The funds benchmark is 50 percent SIX PRX, 30 percent MSCI World Index (Net TR) and 20 percent MSCI Emerging Market (Net TR). 8

11 Report of the Board of Directors (continued) The year was characterized by continued expansionary monetary policy, low interest rates and further quantitative easing by central banks around the world. Among the dominant economies the greatest gains were recorded in the U.S. and Germany which rose 30 percent. Japan and France increased 25,5 and 24,7 percent, while the UK showed an increase of 19,1 percent. Furthermore, Emering Markets exhibited a weak trend. Latin America and Eastern Europe fell 8 percent, while Asia fell 3,1 percent (all expressed in Swedish kronor). On the Swedish Stock Exchange, there were large differences between the indexes for large and small companies throughout the year. MSCI Sweden Net TR consisting of the 32 largest companies rose 22,9 percent, while the Carnegie Small Cap Return Index rose by 36,6 percent. At the sector level, it was mainly the financial sector that stood out with the total return of nearly 50 percent, while the industrial sector was moving sideways. The strong performance of Small Cap Index was mainly driven by an increase in risk appetite among investors. The return during the year for Fondguide 2 was 17,4 percent which was in line with the benchmark. The portfolio has been over weighted the Swedish Stock Market at the expense of Developed Markets and Emerging Markets. At a fund level Lars Bergqvist managing Lannebo 130/30 was the strongest performer among the broad Swedish Equity Funds with a return of 27,8 percent, while the Swedish Stock Market rose 22,9 percent. Among Global Managers Peter Robson managing Treetop Global Opportunities contributed the most after a rise of 30,6 percent while the Global Stock Market rose 25,1 percent. The portfolio was negatively affected versus the index by DNB Sverige which increased 20,6 percent. Among the Emerging Market managers Devan Kaloo was the weakest both in absolute terms and relative index, the fund fell 8,2 percent which was 4,4 percentage points after the benchmark that fell 3,8 percent. During the year, three new managers have been added, Simion Blecher managing Carnegie Sverigefond, Torgny Prior managing Prior&Nilsson Sverige Aktiv and Allan Conway managing Schroder Emerging Market. The fund has sold Öhman Emerging Market and Hexam Global Emerging Market. Furthermore, some changes were made between existing managers. At year end, the fund was invested in 18 underlying funds. 58,9 percent to Swedish Equity Funds, 27,6 percent to the Global Equity Funds and 24,2 percent to Emerging Market Funds. SEF - PLACERUM BALANSERAD Placerum Balanserad is a sub-fund that invests in a mix of equity funds and fixed income instruments. The proportion invested in each asset class will change over time due to market conditions and the fund therefore suits clients who don t want to make these investment decisions on their own. The amount of equities can vary between 0-75 percent meaning that the fund can be fully invested in fixed income instruments in the event of extreme market conditions. The fund was officially launched on January 1, 2013 but wasn t fully invested until March 1 and the index comparison for 2013 therefore becomes misleading turned out to be a great year for developed market equities, where major markets like US, Europe and Japan gained between percent in SEK. US markets were mainly driven by falling unemployment levels leading FED to reduce their QE-programme at the end of the year. In Japan on the other hand, BOJ announced it would expand its massive asset purchase programme in order to boost the economy. As a result the JPY depreciated 18 percent against the USD and Japanese equities, in particular export companies that benefit from a weaker Yen, raised sharply. 9

12 Report of the Board of Directors (continued) While developed markets were improving, emerging markets struggled with weaker growth than expected and massive sell-offs during summer when FED announced their plans of reducing its asset purchase programme. MSCI Emerging Markets ended the year down 5percent. Placerum Balanserad (Class A) gained 8,5 percent during the year. From March 1, when the fund was fully invested, average equity exposure was 55 percent. Our core holdings in Europe, Sweden and US were among the top performers in 2013 and were also the largest contributors to the fund s performance. The Emerging Market positions in Russia and China, which accounted for approximately 10 percent of NAV, had a negative impact on fund performance during the year. The China holding was closed in December, reducing the Emerging Market exposure to 5 percent at years end. Placerum Balanserad (Class I) gained 7,5 percent during the year. From March 1, when the fund was fully invested, average equity exposure was 55 percent. Our core holdings in Europe, Sweden and US were among the top performers in 2013 and were also the largest contributors to the fund s performance. The Emerging Market positions in Russia and China, which accounted for approximately 10 percent of NAV, had a negative impact on fund performance during the year. The China holding was closed in December, reducing the Emerging Market exposure to 5 percent at years end. Our fixed income holdings mainly consisted of High Yield corporate bonds. These performed very well during 2013 when market conditions improved and bond spreads were narrowing. Although we expect High Yield to be the best fixed income pick during next year, we expect overall lower returns in this segment going forward. In 2014 we expect global growth to accelerate and interest rates to be kept at low levels. This should support corporate profit growth, why we believe equities will still be the most attractive asset class the year to come. However, we expect volatility to pick up within soon and 2014 will probably be a year where active funds with flexible investment mandates can benefit. SEF - PLACERUM DYNAMISK Placerum Dynamisk is a sub-fund that mainly invests in equity funds. The equity exposure can however vary between percent meaning that the fund s risk level can be reduced significantly in the event of market turmoil. The fund thus suits clients who don t want to make these investment decisions on their own. The fund was officially launched on January 1, 2013 but wasn t fully invested until March 1 and the index comparison for 2013 therefore becomes misleading turned out to be a great year for developed market equities, where major markets like US, Europe and Japan gained between percent in SEK. US markets were mainly driven by falling unemployment levels leading FED to reduce their QE-programme at the end of the year. In Japan on the other hand, BOJ announced it would expand its massive asset purchase programme in order to boost the economy. As a result the JPY depreciated 18 percent against the USD and Japanese equities, in particular export companies that benefit from a weaker Yen, raised sharply. While developed markets were improving, emerging markets struggled with weaker growth than expected and massive sell-offs during summer when FED announced their plans of reducing its asset purchase programme. MSCI Emerging Markets ended the year down 5 percent. Placerum Dynamisk (Class A) gained 8,2 percent during the year. From March 1, when the fund was fully invested, average equity exposure was 90 percent. Our core holdings in Europe, Sweden and US were among the top performers in 2013 and were also the largest contributors to the fund s performance. The Emerging Market positions in Russia and China, which accounted for approximately 20 percent of NAV, had a negative impact on fund performance during the year. The China holding was closed in December, reducing the EM exposure to 10 percent at years end. 10

13 Report of the Board of Directors (continued) Placerum Dynamisk (Class I) gained 7,8 percent during the year. From March 1, when the fund was fully invested, average equity exposure was 90 percent. Our core holdings in Europe, Sweden and US were among the top performers in 2013 and were also the largest contributors to the fund s performance. The Emerging Market positions in Russia and China, which accounted for approximately 20 percent of NAV, had a negative impact on fund performance during the year. The China holding was closed in December, reducing the EM exposure to 10 percent at years end. In 2014 we expect global growth to accelerate and interest rates to be kept at low levels. This should support corporate profit growth, why we believe equities will still be the most attractive asset class the year to come. However, we expect volatility to pick up within soon and 2014 will probably be a year where active funds with flexible investment mandates can benefit. SEF - PLACERUM OPTIMERA Placerum Optimera is a sub-fund that invests in Government Bonds, Corporate Bonds and Hedge funds. The fund suits clients who are looking for an alternative to bank account and similar low risk savings. Return target is 4-5 percent a year. The fund was officially launched on January 1, 2013 but wasn t fully invested until March 1 and the index comparison for 2013 therefore becomes misleading. The developed economies in US, Europe, Japan and the Nordic countries were all improving in 2013, although at a slow pace. In US the unemployment rate dropped below 7 percent at the end of the year, leading the FED to start reducing its asset purchase programme in December. This is positive for the American economy but a bad omen for bonds since the 10-year bond yield will rise, putting pressure on bond prices. While FED is reducing their QE-programme, Bank of Japan expanded its massive asset purchase programme during 2013 in order to boost the economy. As a result the Yen depreciated 18 percent against the US Dollar while the stock market rose sharply. While developed markets were improving, Emerging Markets struggled with sharply rising interest rates during the summer when FED announced its plans on reducing the QE programme and as a result Emerging Market bonds had a rough year. Placerum Optimera (Class A) gained 4,5 percent during the year which was in line with the funds return target. Largest contribution came from our corporate bond holdings, which accounted for 85 percent of the portfolio. About 2/3 of the corporate bonds were High Yield bonds on the Nordic and European market. These were the best performers in Placerum Optimera (Class I) gained 4,4 percent during the year which was in line with the funds return target. Largest contribution came from our corporate bond holdings, which accounted for 85 percent of the portfolio. About 2/3 of the corporate bonds were High Yield bonds on the Nordic and European market. These were the best performers in In 2014 we expect global growth to accelerate and interest rates to be kept at low levels. This should support corporate profit growth and we expect default rates to remain low. Given these market conditions High Yield bonds is set to outperform other fixed income instruments the year to come, even if we expect lower HY returns in SEF - AVIATUM TREND The fund was launched on January 2, The fund s strategy is based on a trend following model which gets its data from technical analysis. The fund uses a quantitative model of management which identifies trends in the financial markets and invests mainly in equity and fixed income markets. The fund can allocate 100 percent in equity as well as 100 percent in fixed income markets depending upon what the model indicate. The funds benchmark is MSCI World (Net TR) 11

14 Report of the Board of Directors (continued) The fund has made some major changes during the year regarding the choice of investments. In order to harmonize the fund s performance better to the model, the fund started to trade with EFTs instead of funds in June and in October the fund started to hedge foreign exchange positions. The return for the fund of the period is -6,26% percent. The fund has been fully invested in the equity market six times during the year. The number of days we have been in the market during the year is 144 days out of 260 days. The largest positive return during the period based on a month performance was in October, 3,69 percent. In April the fund had its most negative period of return, -2,38 percent. Since inception, two new members have been added to the administrative council. Maria Westerlind Månktell who previously worked at Skandia, and Anders Haglund, who has experience in both technical management and fund management. The members of the administrative councils consist of Peter Kolstad, Maria Westerlind Månktell and Anders Haglund. At period-end, the fund was invested in three different kinds of fixed income markets. 15 percent towards corporate bonds, 15 percent towards long term bonds and 70 percent towards short term bonds. SEF - AVIATUM STABIL The fund was launched on January 2, The fund s strategy is based on a trend following model which gets its data from technical analysis. The fund uses a quantitative model of management which identifies trends in the financial markets and invests mainly in equity and fixed income markets. The fund can allocate up to 50 percent in equity and up to 100 percent in fixed income markets depending upon what the model indicate. The funds benchmark is 50 percent MSCI World (Net TR) and 50 percent OMRX T-Bill. The fund has made some major changes during the year regarding the choice of investments. In order to harmonize the funds performance better too the model, the fund started to trade with EFTs instead of funds in June and in October the fund started to hedge foreign exchange positions. The return for the fund of the period is -3,73 percent. The fund has been fully invested in the equity market six times during the year. The number of days we have been in the market during the year is 144 days out of 260 days. The largest positive return during the period based on a month performance was in October, 2,09 percent. In December the fund had its most negative period of return, -1,4 percent. Since inception, two new members have been added to the administrative council. Maria Westerlind Månktell who previously worked at Skandia, and Anders Haglund, who has experience in both technical management and fund management. The members of the administrative councils consist of Peter Kolstad, Maria Westerlind Månktell and Anders Haglund. At period-end, the fund was invested in three different kinds of fixed income markets. 15 percent towards corporate bonds, 15 percent towards long term bonds and 70 percent towards short term bonds. 12

15 Report of the Board of Directors (continued) SEF - ASCENSUS BALANSERAD Ascensus Balanserad, a balanced fund with 50/50 in equity versus fixed income exposure under normal market conditions, increased 6.1 % during the year (since inception on April 4, 2013 with first NAV calculation on April 5, 2013). During the early summer, the fund plummeted from the general market turmoil due to worries about Federal Reserves decrease of quantitative easing and macro signals from China. After the summer the global markets recovered and so Ascensus Balanserad with a few minor declines in the global equity markets and fixed income markets. Our market view has been quite neutral during 2013 why Ascensus Balanserads investments have been quite close to 50/50 in equity versus fixed income exposure. During the year the subfund has increased its investments in active managed mutual funds while the passive investments have decreased. The sub-fund made a substantial re-allocation to an enhanced index global equity mutual fund at the expense of an index global equity mutual fund. The subfund also began to invest in Swedish small-cap equities and Japanese equities as part of its strategic exposure. Ascensus Balanserad decreased its investments in long government and mortgage bonds and re-allocated into investment grade credits. Also the short fixed income exposure has slightly been re-allocated into floated rate notes. During the autumn, Ascensus Balanserad began direct investments in bonds. SEF - ASCENSUS OFFENSIV Ascensus Offensiv, a global equity fund with Swedish equity tilt, increased 11.8 % during the year (since inception on April 4, 2013 with first NAV calculation on April 5, 2013). During the early summer, the fund plummeted from the general market turmoil due to worries about Federal Reserves decrease of quantitative easing and macro signals from China. After the summer the global markets recovered and so Ascensus Offensiv with a few minor declines in the global equity markets. Ascensus Offensiv has been fully invested in the global equity markets, besides cash and cash equivalents for liquidity purposes. During the year the sub-fund has increased its investments in active managed mutual funds while the passive investments have decreased. The sub-fund made a substantial re-allocation to an enhanced index global equity mutual fund at the expense of an index global equity mutual fund. The sub-fund also began to invest in Swedish small-cap equities and Japanese equities as part of its strategic exposure. No currency hedging was made on sub-fund level. SEF - ASCENSUS TREND Ascensus Trend, a balanced trend following fund, increased 6.1 % during the year (since inception on April 4, 2013 with first NAV calculation on April 5, 2013). During the early summer, the fund plummeted from the general market turmoil due to worries about Federal Reserves decrease of quantitative easing and macro signals from China. After the summer the global markets recovered and so Ascensus Trend with a few minor declines in the global equity markets and fixed income markets. Our market view has been quite neutral during 2013 why Ascensus Trends investments have been quite close to 50/50 in equity versus fixed income exposure. During the year the sub-fund has increased its investments in active managed mutual funds substantially, while the passive investments have decreased. The sub-fund made a substantial re-allocation to an enhanced index global equity mutual fund at the expense of an index global equity mutual fund. The subfund also began to invest in Swedish small-cap equities and Japanese equities as part of its strategic exposure. 13

16 Report of the Board of Directors (continued) Ascensus Trend decreased its investments in long government and mortgage bonds and reallocated into investment grade credits. Also the short fixed income exposure has substantially been re-allocated into floated rate notes. During the autumn, Ascensus Trend began direct investment in bonds. 14

17 Deloitte. Deloitte Audit Société à responsabilité limitée 560, rue de Neudorf L-2220 Luxembourg BP 1173 L-1011 Luxembourg Tel Fax: Tel To the Shareholders of SEF, SICAV 65, Boulevard Grande Duchesse Charlotte L-1331 Luxembourg REPORT OF THE RÉVISEUR D'ENTREPRISES AGRÉÉ Following our appointment, by the annual general meeting of Shareholders of SEF, SICAV (the "SICAV") held on April,26, 2013, we have audited the accompanying financial statements of the "SICAV" and of each of its sub-funds, which comprise the statement of net assets, the statement of investments and other net assets as at December 31, 2013 and the statement of operations and changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements. Responsibility of the Board of Directors of the SICA V 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 Standards on Auditing as 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. 15

18 Deloitte. Opinion In our opinion, the financial statements give a true and fair view of the financial position of SEF, SICAV and of each of its sub-funds as of December 31, 2013, and of the results of their operations and changes in their net assets for the year then ended in accordance with the 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 Re~e~Limitée, Cabinet de révision agréé..-...,/ ". ~/,.',/ 7.1>-2 jean-philip~~ß'achelet~e r d'entreprises agréé Partner ~ April 22, , rue de Neudorf, L-2220 Luxembourg 16

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20 ASSETS Statement of net assets at December 31, 2013 COMBINED INDECAP FONDGUIDE I INDECAP FONDGUIDE II SEK SEK SEK Investments, at cost 5,898,302, ,476, ,251,035, Unrealized result on investments 965,254, ,214, ,390, Investments, at market value (Note 1) 6,863,556, ,691, ,040,426, Cash at banks 554,417, ,836, ,370, Cash as margin deposit 20,000, ,000, Net formation expenses (Note 1) 534, Receivable on sales of investments 90,556, ,556, Receivable on subscriptions 3,402, Net unrealized result on forward foreign exchange transactions (Note 10) 3,894, Net unrealized result on swaps (Note 11) 625, , Net accrued interest on bonds 2,219, ,539,208, ,048,085, ,509,421, LIABILITIES Payable on redemptions 3,330, , ,186, Net unrealized result on forward foreign exchange transactions (Note 10) 166, Net accrued expenses (Note 7) 34,697, ,134, ,795, Net accrued interest on swaps 437, , ,632, ,237, ,419, TOTAL NET ASSETS AT DECEMBER 31, ,500,575, ,041,848, ,483,002, TOTAL NET ASSETS AT DECEMBER 31, ,928,533, ,924, ,257,608, The accompanying notes form an integral part of these financial statements. 18

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