Annual statement of accounts. Spesialfondet KLP Alfa Global Energi and Spesialfondet KLP Alfa Global Rente

Transcription

1 Annual statement of accounts Spesialfondet KLP Alfa Global Energi and Spesialfondet KLP Alfa Global Rente 1

2 Table of contents KLP Alfa Global Energi 3 Income statement 3 Financial position statement 4 Note 2: Information about the fund 4 Note 3: Securities portfolio 5 Note 4: Tax 6 KLP Alfa Global Rente 7 Income statement 7 Financial position statement 8 Note 2: Information about the fund 8 Note 3: Securities portfolio 9 Note 4: Financial derivatives 9 Note 5: Tax 9 Independent auditor s report 10

3 KLP Alfa Global Energi Spesialfondet KLP Alfa Global Energi is a hedge fund that invests mainly in shares in the energy sector. The fund is virtually marketneutral because its short positions are about the same size as its long positions. The return on the fund will therefore not particularly reflect the return on the equity market. All investments are made in accordance with the KLP funds' guidelines for responsible investments. The minimum subscription is NOK 5 million. Income statement 31 December PORTFOLIO INCOME AND EXPENSES Note Interest income Other financial income Dividends Gain/loss on realization Net change unrealized gains Portfolio profit/loss MANAGEMENT INCOME AND EXPENSES Note Commission income from sale and redemption of units Expenses on sale and redemption of units Management fee Management result Pre-tax profit/loss Tax Income for the year Allocation of income Allocated to/from retained earnings

4 Financial position statement 31 December ASSETS Note The fund's securities portfolio Other receivables Bank deposits Total assets OWNERS' EQUITY AND LIABILITIES Note OWNERS' EQUITY Paid-in equity Unit capital at nominal Premium/discount Total paid-in equity Retained earnings Total owners' equity LIABILITIES Note Other liabilities Total liabilities Total owners' equity and liabilities Note 2: Information about the fund All amounts in NOK thousands Year 31 December Number of units 31 December Redemption price Equity OB Subscriptions Redemptions Allocated to/from retained earnings = Equity CB The fund is charged KLP Fondsforvaltning AS management fees daily. The management fee is 0.80% p.a. and is calculated on the basis of the value of the fund,together with a variable performance fee. 4

5 Note 3: Securities portfolio Securities CCY Number Cost price Market value Unrealized gain/loss Proportion of total portfolio Ownership interest in the company Cameron International USD ,44% -0,05% Ensco PLC-CL S USD ,66% -0,04% Faroe Petroleum PLC GBP ,06% 0,03% FMC Technologies USD ,08% -0,02% Golar LNG Ltd. USD ,24% 0,11% National Oilwell Varco USD ,91% -0,01% Schlumberger USD ,56% 0,00% Seadrill Ltd. NOK ,30% -0,05% Subsea 7 SA NOK ,45% -0,02% Technip EUR ,32% -0,09% TGS Nopec GEO NOK ,41% -0,07% Transocean Ltd. USD ,63% -0,03% DHT Holdings Inc. USD ,75% 1,29% Dorian LPG Ltd. USD ,09% 0,43% Avance Gas Holding Ltd. NOK ,01% 0,70% Deep Sea Supply Plc NOK ,76% 1,68% Scorpio Tankers Inc. USD ,32% -0,17% Energy total ,17% Aurora LPG Holding ASA NOK ,25% 3,92% Commodities total ,25% Equities total ,93% KLP Pengemarked NOK ,18% 13,71% KLP Obligasjon 1 år NOK ,29% 8,41% Fund units total ,47% Total securities ,54% KLP Alfa Global Energi owns 13.6% of the units in KLP Pengemarked and 8.4% of the units in KLP Obligasjon 1 år PTR 5,02 Brokerage fee NOK

6 Note 4: Tax TAX PAYABLE IS RECOGNIZED AS FOLLOWS: Pre-tax profit Non-deductible costs / non-taxable income Net change unrealized gains/losses % tax base in accordance with tax exemption method - Tax loss carryforward - Base for tax payable Estimated tax Withholding tax paid Tax payable DEFERRED TAX IS RECOGNIZED AS FOLLOWS: Unrealized taxable gains - Deferred taxes - THE TAX COST IS RECOGNIZED AS FOLLOWS: Tax payable for Withholding tax Change in deferred tax - Tax credit Tax

7 KLP Alfa Global Rente Spesialfondet KLP Alfa Global Rente is a hedge fund that uses derivatives to take advantage of mispricing in, for example, yield curves, differences between countries' yield curves and foreign exchange rates. As far as possible the fund uses quantitative methods to identify mispricing. The return on the fund will not normally reflect the return in the equities and bond market. All investments are made in accordance with the KLP funds' guidelines for responsible investments. The minimum subscription is NOK 5 million. Income statement 31 December PORTFOLIO INCOME AND EXPENSES Note Interest income Other financial income Dividends Gain/loss on realization Net change unrealized gains Portfolio profit MANAGEMENT INCOME AND EXPENSES Note Commission income from sale and redemption of units Expenses on sale and redemption of units Management fee Management result Pre-tax profit Tax Income for the year Allocation of income Distributed to unitholders as at 31 Dec Allocated/transferred to/from retained earnings

8 Financial position statement 31 December ASSETS Note The fund's securities portfolio 3, Accrued, not received, income Other receivables Bank deposits Total assets OWNERS' EQUITY AND LIABILITIES Note OWNERS' EQUITY Paid-in equity Unit capital at nominal Premium/discount Total paid-in equity Retained earnings Total owners' equity LIABILITIES Other liabilities Accrued, not paid, interest Total liabilities Total owners' equity and liabilities Note 2: Information about the fund All amounts in NOK thousands Year 31 December Number of units 31 December Redemption price Equity OB Subscriptions Redemptions Allocated to/from retained earnings = Equity CB The fund is charged KLP Fondsforvaltning AS management fees daily. The management fee is 0.10% p.a. and is calculated on the basis of the value of the fund. 8

9 Note 3: Securities portfolio Securities ISIN Coupon Risk class Number Cost price Market value Unrealized gain/loss Proportion of total portfolio Den Norske Stat NO ,00 0 % ,97% Government bonds total ,97% KLP Pengemarked NO ,00 20 % ,76% KLP Obligasjon 1 år NO ,00 20 % ,39% Fund units total ,16% Counterparty Underlying security Due date Number Cost price Market value Unrealized gain/loss Proportion of total portfolio Nordea Den Norske Stat ,79 % Danske Bank Den Norske Stat ,76 % Danske Bank Den Norske Stat ,21 % Total repurchase agreements ,76 % Total securities % KLP Alfa Global Rente owns 19.28% of the units in KLP Pengemarked and 19.06% of the units in KLP Obligasjon 1 år PTR 1,22 Average effective interest rate 1,52 % Note 4: Financial derivatives Buy Sell Amount in bought currency Amount in sold currency Market value NOK Due date NOK AUD , , , NOK CAD , , , NOK EUR , , , NOK GBP , , , NOK SEK , , , NOK USD , , , USD EUR , , , Total forward exchange contracts , , ,27 Buy Sell Amount in bought currency Amount in sold currency Market value NOK Due date AUD USD , , , NOK NOK , , , Total swap , , ,07 Note 5: Tax THE TAX COST IS RECOGNIZED AS FOLLOWS: Tax arrears Tax

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12 Mailing address: KLP Kapitalforvaltning AS P.O. Box 400 Sentrum 0103 Oslo, Norway Head Office Visiting address: Dronning Eufemias gate 10, Oslo, Norway Ph: For other inquiries: Web: english.klp.no Switchboard: 05554