JRS SICAV Investment Company (SICAV), Luxembourg

Transcription

1 Unaudited semi-annual report JRS SICAV Investment Company (SICAV), Luxembourg R.C.S. Luxembourg B

2 Notice The sole legally binding basis for the purchase of shares of the Fund described in this report is the latest valid sales prospectus with its terms of contract.

3 Contents Organisation... 2 General information... 5 Consolidated statement of net assets... 7 JRS SICAV - JRS Trend... 8 Statement of net assets... 8 Statement of investments and other net assets... 9 Industrial and geographical classification of investments JRS SICAV - JRS Global Asset Allocation Statement of net assets Statement of investments and other net assets Industrial and geographical classification of investments JRS SICAV - JRS Quant Statement of net assets Notes to the financial statements

4 Organisation Registered office 4, Rue Peternelchen* L-2370 Howald Board of Directors Chairman Anders MALCOLM SEB Fund Services S.A., Luxembourg Members Olivier SCHOLTES SEB Fund Services S.A., Luxembourg Peter NYGREN JRS Asset Management AB, Sweden Mats EKSTRÖM JRS Asset Management AB, Sweden Management Company and Promoter SEB Fund Services S.A.* 4, Rue Peternelchen L-2370 Howald Board of Directors of the Management Company Chairman Niklas NYBERG Global Head of GTS Financial Institutions SEB Merchant Banking, Sweden Vice-Chairman William PAUS Managing Director Skandinaviska Enskilda Banken AB (publ), Oslo Branch, Norway (until 31st May 2012) Peter KUBICKI Managing Director Skandinaviska Enskilda Banken S.A., Luxembourg (since 1st June 2012) Directors Jan HEDMAN Global Head of Fund Execution SEB Merchant Banking, Sweden Rudolf KÖMEN Managing Director SEB Asset Management S.A., Luxembourg * The registered office of all SEB entities in Luxembourg was transferred from 6a, Circuit de la Foire Internationale, L-1347 Luxembourg to 4, Rue Peternelchen, L-2370 Howald with effect from 1st April

5 Organisation (continued) Ann-Charlotte LAWYER Managing Director SEB Fund Services S.A., Luxembourg Jonas LINDGREN Head of Prime Brokerage SEB Enskild a, Securities Finance, Sweden Custodian Bank Skandinaviska Enskilda Banken S.A.* 4, Rue Peternelchen L-2370 Howald Central Administration Agent SEB Fund Services S.A.* 4, Rue Peternelchen L-2370 Howald Administration Agent, Registrar and Transfer Agent European Fund Administration S.A. 2, Rue d Alsace L-1122 Luxembourg Investment Manager JRS Asset Management AB Birger Jarlsgatan 14 SE Stockholm (until 4th January 2012) JRS Asset Management S.A , Rue Edward Steichen L-2540 Luxembourg (since 5th January 2012) Global Distributor JRS Asset Management AB Birger Jarlsgatan 14 SE Stockholm (until 4th January 2012) JRS Asset Management S.A , Rue Edward Steichen L-2540 Luxembourg (since 5th January 2012) * The registered office of all SEB entities in Luxembourg was transferred from 6a, Circuit de la Foire Internationale, L-1347 Luxembourg to 4, Rue Peternelchen, L-2370 Howald with effect from 1st April

6 Organisation (continued) Auditor PricewaterhouseCoopers, Société coopérative (formerly PricewaterhouseCoopers S.à r.l.) 400, Route d Esch L-1471 Luxembourg 4

7 General information JRS SICAV (the "Fund") is an open-ended investment company incorporated under the laws of the Grand Duchy of Luxembourg as a "Société d Investissement à Capital Variable" ("SICAV") registered pursuant to Part I of the Law of 17th December 2010 relating to Underta kings for Collective Investment. The Fund has been incorporated as an open-ended investment company with multiple compartments on 26th November 2009 for an unlimited period. The Articles of Incorporation were published in the "Mémorial C, Recueil des Sociétés et Association" (the "Mémorial") on 30th December The registered office of the Fund is established at 4, Rue Peternelchen, L-2370 Howald. The Articles of Incorporation of the Management Company were published in the "Mémorial" as of 16th November The last amendment of the Articles was published on 18th May At present, the following Sub-Funds are at the Shareholder s disposal: - JRS SICAV - JRS Trend in SEK - JRS SICAV - JRS Global Asset Allocation (launched on 29th February 2012) in SEK. The Board of Directors of the Fund decided with effect on 29th February 2012 to liquid ate the following Sub-Fund: - JRS SICAV - JRS Quant (liquidated on 29th February 2012) in SEK. The last Net Asset Value of this Sub-Fund was calculated on 31st January 2012 following a request of final redemption for all Shares. Class HNW Shares are available for subscription and are reserved to Institutional Investors and certain other investors. The minimum subscription and minimum holding amounts are of SEK 300,000 or their equivalent in another currency unless the Directors resolve otherwise. Class R Shares will be available to all investors. No minimum subscription and minimum holding amounts apply. Class Aktiv Pension Shares will be available exclusively to investors subscribing through the distributor "Pensionsmynd igheten" in Sweden. No minimum subscription and minimum holding amounts apply to this Class of Shares. Class HNW Shares, Class R Shares and Class Aktiv Pension Shares are only available as Accumulation Shares. Shares of the following Classes are cu rrently issued: - Class HNW SEK - Class HNW EUR - Class HNW NOK - Class HNW USD - Class R SEK - Class R EUR - Class R NOK - Class R USD - Class Aktiv Pension SEK. At the date of the present report, the Classes HNW SEK and R SEK are active in the Sub-Fund JRS SICAV - JRS Trend and the Class Aktiv Pension Shares is active in the Sub-Fund JRS SICAV - JRS Global Asset Allocation (launched on 29th February 2012). The Net Asset Value per Share of each Class of Shares within the relevant Sub-Fund is determined on each bank business d ay in Luxembourg (the "Valuation Day"). The reference currency of JRS SICAV is the euro (EUR). 5

8 General information (continued) Financial reports of the Fund are published annually and semi-annually. Copies of the annual financial statements and semi-annual reports, as well as the current prospectus, copies of the Articles of Incorporation of the Fund may be obtained free of charge at the registered office of the Fund and the Placement and Distribution Agent. 6

9 Consolidated statement of net assets (in EUR) Assets Securities portfolio at market value 39,686, Cash at banks 7,740, Other liquid assets 531, Formation expenses, net 27, Receivable on sales of securities 973, Receivable on issues of shares 37, Income receivable on portfolio 28, Interest receivable on bank accounts 3, Unrealised gain on forward foreign exchange contracts 97, Other receivables Prepaid expenses 3, Total assets 49,129, Liabilities Bank liabilities 69, Other liquid liabilities 24, Payable on purchases of securities 5,577, Interest on bank liabilities and expenses payable 214, Total liabilities 5,886, Net assets at the end of the period 43,243, The accompanying notes are an integral part of these financial statements. 7

10 - JRS Trend Statement of net assets (in SEK) Assets Securities portfolio at market value 50,744, Cash at banks 4,023, Other liquid assets 2,588, Formation expenses, net 93, Income receivable on portfolio 167, Interest receivable on bank accounts 4, Prepaid expenses 13, Total assets 57,635, Liabilities Bank liabilities 16, Other liquid liabilities 49, Interest on bank liabilities and expenses payable 211, Total liabilities 277, Net assets at the end of the period 57,358, Class HNW SEK Shares outstanding 66, Net asset value per Class HNW SEK Share Class R SEK Shares outstanding 1, Net asset value per Class R SEK Share The accompanying notes are an integral part of these financial statements. 8

11 - JRS Trend Statement of investments and other net assets (in SEK) Currency Number / nominal value Description Cost Market value % of total net assets Investments in securities Open-ended investment funds Investment funds (UCITS) SEK 32, Carnegie Fd Svensk Kort Ränte Units A1 Cap 4,300, ,383, SEK 44, Handelsbank Fds Swedish ST Asset shares Dist 4,465, ,476, SEK 54, Handelsbanken Fonder Langrantefond Sverige Dist 5,751, ,674, SEK 44, Salusansvar Ohman Penningmarknadsfond Units Dist 4,319, ,321, SEK 550, SEB Fonder AB Obligationsfond Units Dist 5,459, ,474, SEK 323, SEB Likviditetsfond Kasvu Cap 3,830, ,852, SEK 12, SEB Sverige Indexfond 1,937, ,955, SEK 12, SPP Aktifond Sverige 1,992, ,858, SEK 44, Öhman Obligationsfond Uts 5,387, ,220, Total investment funds (UCITS) 37,443, ,218, Tracker funds (UCITS) SEK 41,072 SpotRTM1 Bear OMXS30 IC SEK Cap 3,229, ,090, SEK 100 SpotRTM1 OMXS30 IC SEK Cap 9, , SEK 174 XACT Fonder AB OMXSB Units Dist 45, , SEK 210 XACT OMXS30 Units Dist 19, , Total tracker funds (UCITS) 3,303, ,167, Tracker funds (UCI) SEK 285, Aktiespararnas Topp Sverige Units 2,402, ,485, SEK 191,000 XACT BEAR Units Dist 4,289, ,173, SEK 75 XACT Bull Units 10, , SEK 37,149 XACT Fonder AB Bear 2 Units 3,879, ,666, SEK 96 XACT Fonder AB Bull 2 Units 21, , Total tracker funds (UCI) 10,602, ,358, Total investments in securities 51,350, ,744, Cash at banks 4,023, Bank liabilities -16, Other net assets/ (liabilities) 2,606, Total 57,358, The accompanying notes are an integral part of these financial statements. 9

12 - JRS Trend Industrial and geographical classification of investments Industrial classification (in percentage of net assets) Investment funds % Total % Geographical classification (by domicile of the issuer) (in percentage of net assets) Sweden % Grand Duchy of Luxembourg % Finland 6.72 % Total % The accompanying notes are an integral part of these financial statements. 10

13 - JRS Global Asset Allocation Statement of net assets (in SEK) Assets Securities portfolio at market value 297,002, Cash at banks 63,622, Other liquid assets 2,071, Formation expenses, net 146, Receivable on sales of securities 8,526, Receivable on issues of shares 330, Income receivable on portfolio 79, Interest receivable on bank accounts 27, Unrealised gain on forward foreign exchange contracts 854, Other receivables 1, Prepaid expenses 13, Total assets 372,678, Liabilities Bank liabilities 593, Other liquid liabilities 168, Payable on purchases of securities 48,870, Interest on bank liabilities and expenses payable 1,488, Total liabilities 51,120, Net assets at the end of the period 321,558, Class Aktiv Pension Shares outstanding 340, Net asset value per Class Aktiv Pension Share The accompanying notes are an integral part of these financial statements. 11

14 - JRS Global Asset Allocation Statement of investments and other net assets (in SEK) Currency Number / nominal value Description Cost Market value % of total net assets Investments in securities Open-ended investment funds Investment funds (UCITS) SEK 66, Salusansvar Ohman Penningmarknadsfond Units Dist 6,488, ,452, SEK 166, SPP Penningmarknadsfond 19,269, ,370, Total investment funds (UCITS) 25,757, ,823, Tracker funds (UCITS) EUR 64,640 ishares Plc MSCI World German Cert Dist 11,803, ,724, SEK 300,750 XACT OMXS30 Units Dist 29,829, ,834, USD 36,582 Amundi ETF MSCI World B 39,910, ,947, USD 33,642 Amundi ETF S&P 500 B 5,034, ,064, USD 15,585 CS ETF (IE) on Nasdaq 100 Cap 15,125, ,847, USD 21,183 CS ETF (IE) on S&P500 Cap 17,333, ,348, USD 489,897 db x-trackers Hedge Fund Index ETF 2C Cap 36,405, ,442, USD 75,010 db x-trackers MSCI AC ASIA ex Japan TRN Index ETF 1C 15,294, ,127, Cap USD 40,208 db x-trackers MSCI World TRN Index ETF 1C Cap 8,750, ,575, USD 119,272 HSBC ETFs Plc MSCI World Dist 10,340, ,272, USD 557,176 HSBC ETFs PLC S&P 500 USD Dist 52,713, ,604, USD 13,878 ishares II Plc Markit iboxx USD High Yield Capped Bond 10,401, ,352, Dist USD 94,471 Source Markets Plc MSCI World ETF A USD Cap 20,144, ,037, ,453, ,620, Total tracker funds (UCITS) 273,087, ,179, Total investments in securities 298,844, ,002, Cash at banks 63,622, Bank liabilities -593, Other net assets/ (liabilities) -38,473, Total 321,558, The accompanying notes are an integral part of these financial statements. 12

15 - JRS Global Asset Allocation Industrial and geographical classification of investments Industrial classification (in percentage of net assets) Investment funds % Total % Geographical classification (by domicile of the issuer) (in percentage of net assets) Ireland % Grand Duchy of Luxembourg % Sweden % France % Total % The accompanying notes are an integral part of these financial statements. 13

16 - JRS Quant Statement of net assets (in SEK) Assets Cash at banks 181, Total assets 181, Liabilities Interest on bank liabilities and expenses payable 181, Total liabilities 181, Net assets at the end of the period 0.00 Class HNW SEK Shares outstanding Net asset value per Class HNW SEK Share 0.00 The accompanying notes are an integral part of these financial statements. 14

17 Notes to the financial statements Note 1 - Significant accounting policies a) Presentation of the financial statements The financial statements of the Fund are established in accordance with the Luxembourg legal and regulatory requirements concerning Undertakings for Collective Investment. The financial statements were drawn up on basis of the net asset value of 29th June 2012 using the last available prices on 29th June b) Valuation (1) Securities listed on Regulated Markets, which operate regularly and are recognised and open to the public, are valued at the last available price; in the event that there should be several such markets, on the basis of the last available price of the main market for the relevant security. Should the last available price for a given security not truly reflect its fair market value, then that security shall be valued on the basis of the probable sales price which the Directors deem it is prudent to assume. (2) Securities not listed on Regulated Markets, which operate regularly and are recognised and open to the public, are valued on the basis of their last available price. Should the last available price for a given security not truly reflect its fair market value, then that security will be valued by the Directors on the basis of the probable sales price which the Directors deem it is prudent to assume. (3) The liquidating value of futures, forward and options contracts (or any other derivative instruments) not traded on Regulated Markets or stock exchanges shall mean their net liquidating value determined, pursuant to the policies established in good faith by the Board of Directors, on a basis consistently applied for each different variety of contracts. The liquidating value of futures, forward and options contracts (or any other derivative instruments) traded on Regulated Markets or stock exchanges shall be based upon the last available settlement prices of these contracts on Regulated Markets or stock exchanges on which the particular futures, forward or options contracts (or any other derivative instruments) are traded by the Fund; provided that if a futures, forward or options contract (or any other derivative instruments) could not be liquidated on the day with respect to which net assets are being determined, the basis for determining the liquidating value of such contract shall be such value as the Board of Directors may deem fair and reasonable. (4) Shares or units in underlying open-ended investment funds are valued at their last available price. (5) Liquid assets and money market instruments may be valued at nominal value plus any accrued interest or on an amortised cost basis. All other assets, where practice allows, may be valued in the same manner. Short-term investments that have a remaining maturity of one year or less may be valued (i) at market value, or (ii) where market value is not available or not representative, at amortised cost. (6) The value of any cash on hand or on deposit, bills and demand notes and accoun ts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid, and not yet received shall be deemed to be the full amount thereof, unless, however, the same is unlikely to be paid or received in full, in which case the value thereof shall be determined after making such discount as the Directors may consider appropriate in such case to reflect the true value thereof. 15

18 Notes to the financial statements (continued) c) Net realised gain/ (loss) on sales of securities The net realised gain/ (loss) on sales of securities is determined on the basis of the average cost of securities sold. d) Cost of securities The acquisition cost of a security denominated in a currency other than that of the Sub -Fund is converted to the Sub-Fund s currency at the exchange rate prevailing on the date of purchase. e) Exchange translation Bank balances, other assets and liabilities and the value of securities held, that are denominated in other currencies than the Sub-Fund s currency are converted at the prevailing exchange rate of the closing d ay. Income and expenses incurred in currencies other than the Sub -Fund s currency are converted at the prevailing exchange rate of the day of each transaction. At the date of the report, the prevailing exchange rates on the closing day were as follows: 1 SEK = EUR Euro GBP Pound Sterling USD US Dollar f) Consolidation The consolid ated financial statements of the Fund are expressed in EUR and are equal to the sum of the corresponding captions in the financial statements of each Sub-Fund. At the date of the report, the prevailing exchange rate on the closing d ay was as follows: 1 EUR = SEK Swedish Krona g) Formation expenses Expenses incurred in connection with the establishment of the Fund and the creation of the Sub-Funds are amortised over a period of five years. h) Other liquid assets / Other liquid liabilities The captions "Other liquid assets" and "Other liquid liabilities" are mainly composed of cash accounts held at brokers. i) Forward foreign exchange contracts Forward foreign exchange contracts are valued at prevailing market rates for the remaining period from valuation day to the maturity of the contracts. Unrealised gain/ (loss) is recorded in the statements of net assets. j) Futures contracts Futures contracts are posted off-balance sheet and are valued at the last available price applicable to the asset. Unrealised gain/ (loss) is recorded in the statement of net assets. 16

19 Notes to the financial statements (continued) Note 2 - Subscription, redemption and conversion fees A Subscription fee of up to 3% of the Net Asset Value for Class HWM and R Shares may be charged to investors when subscribing for Shares of the Fund. This fee will be paid to the principal distributor. Where Shares are issued in countries where stamp duties or other charges apply, such charges will be added to the issue price. There is no Subscription fee for the Class Aktiv Pension Shares. Shares are redeemable at the option of the Shareholders. No redemption fee is charged. No conversion fee is charged. Note 3 - Management fees The Management Company receives a management fee not exceeding 0.15% per annum of the net assets of the Sub-Fund, accrued daily and payable monthly in arrears. Furthermore the Management Company is entitled to be reimbursed out of the assets of the Sub-Fund for its reasonable out-of-pocket expenses and disbursements. Until 4th January 2012, the Investment Manager, JRS Asset Management AB, received an investment management fee, accrued daily and payable monthly in arrears: JRS SICAV - JRS Quant (liquid ated on 29th February 2012) JRS SICAV - JRS Trend max. 1.25% p.a. for Class HNW Shares max. 1.25% p.a. for Class HNW Shares max. 2.00% p.a. for Class R Shares Since 5th January 2012, the Investment Manager, JRS Asset Management S.A., receives an investment management fee, accrued daily and payable monthly in arrears: JRS SICAV - JRS Trend JRS SICAV - JRS Global Asset Allocation (launched on 29th February 2012) max. 1.25% p.a. for Class HNW Shares max. 2.00% p.a. for Class R Shares max. 2.75% p.a. for Class Aktiv Pension As at 30th June 2012, the applicable annual fee is 1.25% for Class HNW Shares, 2.00% for Class R Shares and 2.75% for Class Aktiv Pension Shares. Note 4 - Performance fee The Investment Manager is also entitled to receive a performance fee paid out of the Sub-Fund's assets on a Share by Share basis. The performance fee is calculated monthly (a "Calculation Period"). The performance fee is deemed to accrue on a d aily basis as at each Valuation Date. For each Calculation Period, the performance fee in respect of each Share will be equal to 10% for the Sub-Fund JRS SICAV - JRS Quant (liquid ated on 29th February 2012) and 20% for the Sub -Fund JRS SICAV - JRS Trend of the appreciation in the Net Asset Value per each Share d uring the Calculation Period above the Base Net Asset Value per each Share. The Base Net Asset Value per each Share is the greater of the Net Asset Value of that Share at the time of issue of that Share plus the investment management fee charged and payable to the Investment Manager (as further described above) plus 17

20 Notes to the financial statements (continued) the 3-month STIBOR hurdle rate and the highest Net Asset Value of that Share achieved as of the end of any previous Calculation Period (if any) during which such Share was in issue plus the investment management fee charged and payable to the Investment Manager (as further described above) plus the 3-month STIBOR hurdle rate. A performance fee is only accrued when the Net Asset Value per each Share is above the previous Base Net Asset Value per each Share of that Class. The performance fee in respect of each Calculation Period will be calculated by reference to the Net Asset Value attributable to the Share before making any deduction for accrued performance fees. The performance fee is normally payable in arrears within 30 days of the end of each Calculation Period. At the date of the report, no performance fee was recorded for JRS SICAV - JRS Trend. No performance fee is foreseen for the Sub-Fund JRS SICAV - JRS Global Asset Allocation (launched on 29th February 2012). Note 5 - Central administration costs The Central Administration Agent is entitled to receive an ad ministration fee which is accrued daily and payable monthly in arrears out of the Sub-Fund s assets. The minimum administration fee to which the Central Administration Agent is entitled is EUR 40,000 per year. A higher ad ministration fee than EUR 40,000 per year may be paid to the Management Company however without exceeding a maximum of 0.14% p.a. based on the Sub-Funds net assets under management. The Custodian receives a custodian fee, accrued daily and payable monthly in arrears out of the fee received by the Central Ad ministration Agent. In addition, the Custodian is entitled to be reimbursed out of the assets of the Sub-Fund for its reasonable out-of-pocket expenses and disbursements. The Central Administration Agent is furthermore entitled to receive out of the Sub -Fund s assets, in respect of the register and transfer agent functions and other related services, a further fee in accord ance with Luxembourg customary banking practice, accrued d aily and payable monthly in arrears. Note 6 - Subscription duty ("taxe d abonnement ") The Fund is governed by Luxembourg law. Pursuant to the legislation and regulations which are prevailing, the Fund is subject to an annual subscription duty ("taxe d abonnement") of 0.05% which is payable quarterly and calculated on the basis of the net assets of each Sub-Fund on the last d ay of each quarter. The rate of this is reduced to 0.01% of the value of the net assets for Sub-Funds or Classes of Shares reserved for institutional investors. According to Article 175 (a) of the Law of 17th December 2010 the net assets invested in Undertakings for Collective Investments already subject to the "taxe d abonnement" are exempt from this tax. 18

21 Notes to the financial statements (continued) Note 7 - Forward foreign exchange contracts As at 30th June 2012, the Fund was committed in the following forward foreign exchange contracts with Skandinaviska Enskilda Banken S.A. in Luxembourg: JRS SICAV - JRS Global Asset Allocation Currency Purchases Currency Sales Maturity Unrealised result (in SEK) EUR 2,428, SEK 21,465, , EUR 1,285, SEK 11,375, , EUR 207, SEK 1,846, , SEK 11,797, EUR 1,298, , SEK 1,855, EUR 207, , SEK 11,683, EUR 1,316, , SEK 21,304, EUR 2,407, , SEK 1,462, USD 213, , SEK 2,454, USD 355, SEK 5,915, USD 834, , SEK 2,628, USD 366, , SEK 1,521, USD 212, , SEK 1,528, USD 224, , SEK 5,985, USD 850, , SEK 24,420, USD 3,461, , SEK 6,772, USD 988, , SEK 62,291, USD 9,204, ,344, SEK 6,638, USD 922, , SEK 21,114, USD 3,018, , USD 35, SEK 254, , USD 4,422, SEK 30,122, , USD 71, SEK 512, , USD 4,000, SEK 28,321, , USD 4,000, SEK 28,071, , SEK 23,168, USD 3,195, ,052, SEK 31,416, USD 4,469, , SEK 20,665, USD 2,885, , SEK 32,624, USD 4,672, , SEK 9,772, USD 1,398, , SEK 11,294, USD 1,556, , SEK 9,229, USD 1,262, , USD 3,243, SEK 23,477, ,027, USD 3,705, SEK 26,787, ,139, USD 825, SEK 5,797, , USD 4,000, SEK 28,349, , SEK 40,065, USD 5,723, , , Note 8 - Futures contracts As at 30th June 2012, the Fund was not committed in any future contract Note 9 - Short option contracts As at 30th June 2012, the Fund was not committed in any option contract. 19

22 Notes to the financial statements (continued) Note 10 - Changes in the investment portfolio The statement of changes in the investment portfolio for the period covered by the report is available free of charge upon request from the registered office of the Fund. 20

23 JRS Asset Management S.A , Rue Edward Steichen L-2540 Luxembourg