Unaudited semi-annual report for the period from 17th September 2014 (inception date) to 31st March 2015
AGCM Fund Investm ent Fu nd (F.C.P.), Lu xem bou rg
Managem ent Com pany: SEB Fund Services S.A. R.C.S. Luxembourg B 44 726
N otice The sole legally bind ing basis for the purchase of units of the Fund d escribed in this report is the latest valid sales prospectus w ith its term s of contract.
AGCM FUN D Contents
Organisation .......................................................................................................................................................... 2 General information ............................................................................................................................................ 4 Combined statement of net assets ..................................................................................................................... 6 AGCM Fund - Asia Grow th Sub-Fund ............................................................................................................ 7 Statem ent of net assets ...................................................................................................................................... 7 Statem ent of investm ents and other net assets .............................................................................................. 8 Ind u strial and geograp hical classification of investm ents ........................................................................... 9 N otes to the financial statements .................................................................................................................... 10
1
AGCM FUN D Organisation
Management Company
SEB Fund Services S.A. 4, ru e Peternelchen L-2370 H ow ald , Grand -Du chy of Lu xem bou rg
Board of D irectors of the Management Company
Chairman Gu staf UN GER H ead of Asset Servicing, Tansaction Banking Skand inaviska Enskild a Banken AB (p u bl), Sw ed en Vice-Chairman Peter KUBICKI H ead of Wealth Managem ent SEB Wealth Managem ent, Denm ark (u ntil 2nd March 2015) D irectors Ralf FERN ER Managing Director SEB Fund Services S.A., Luxem bou rg Göran FORS H ead of Sales and Market Develop m ent, Asset Servicing Skand inaviska Enskild a Banken AB (p u bl), Sw ed en Jonas LIN DGREN H ead of Prim e Brokerage SEB Equ ities, Sw ed en Erika LUN DQUIST Managing Director Skand inaviska Enskild a Banken S.A., Lu xem bou rg (since 2nd March 2015) Magnu s WALLBERG Dep u ty Managing Director, CFO/ COO Skand inaviska Enskild a Banken S.A., Lu xem bou rg (since 27th October 2014)
Custodian Bank
Skand inaviska Enskild a Banken S.A. 4, ru e Peternelchen L-2370 H ow ald , Grand -Du chy of Lu xem bou rg
Central Administrator Agent
SEB Fund Services S.A. 4, ru e Peternelchen L-2370 H ow ald , Grand -Du chy of Lu xem bou rg
2
AGCM FUN D Organisation (continued)
Sub-Administrator, Registrar and Transfer Agent
Eu rop ean Fu nd Ad m inistration S.A. 2, ru e d ’Alsace L-1122 Lu xem bou rg Grand -Du chy of Lu xem bou rg
Paying Agent
In Sw eden Skand inaviska Enskild a Banken AB (p u bl) Rissneled en 110 SE-106 40 Stockholm , Sw ed en In Luxembourg Skand inaviska Enskild a Banken S.A. 4, ru e Peternelchen L-2370 H ow ald , Grand -Du chy of Lu xem bou rg
Investment Manager
Asia Grow th Cap ital Managem ent AB Strand vägen 5A SE-114 51 Stockholm , Sw ed en
Global D istributor
SEB Fund Services S.A. 4, ru e Peternelchen L-2370 H ow ald , Grand -Du chy of Lu xem bou rg
Auditor
Pricew aterhou seCoop ers, Société coop érative 2, ru e Gerhard Mercator L-2182 Lu xem bou rg
3
AGCM Fund General information
AGCM Fu nd (the "Fu nd ") is a m u tu al investm ent fu nd organised as an u m brella and governed by Part I of the am end ed Law of 17th Decem ber 2010 relating to Und ertakings for Collective Investm ent. The Fu nd is set u p in accord ance w ith General Managem ent Regu lations signed in Lu xem bou rg on 17th Sep tem ber 2014. A notice of the d ep osit of the General Managem ent Regu lations w as p u blished on 20th Sep tem ber 2014 in the "M émorial, Recueil des Sociétés et A ssociations" (the "M émorial"). The Managem ent Regu lations are d ep osited w ith the Registre de Commerce et des Sociétés. AGCM Fund is m anaged on behalf of the u nithold ers by SEB Fund Services S.A. (the "Managem ent Com p any"). SEB Fu nd Services S.A. w as incorp orated for an u nlim ited p eriod on 2nd Au gu st 1993 in the form of a "société anonyme" in Lu xem bou rg u nd er the nam e of "SEB Lu x Ad visory Com p any S.A.". It has been transform ed into a Managem ent Com p any and changed the nam e w ith effect on 22nd October 2004. The Managem ent Com p any is governed by Chap ter 15 of the am end ed Law 2010. It has its registered office in Lu xem bou rg at 4, ru e Peternelchen, L-2370 H ow ald . The articles of association of the Managem ent Com p any w ere p u blished in the "M émorial" as of 16th N ovem ber 2004. The last am end m ent of the articles w as p u blished on 28th May 2014. At the d ate of the p resent rep ort, the follow ing Su b -Fu nd is offered to investors: - AGCM Fund - Asia Grow th Su b-Fu nd The Su b-Fund has been lau nched on 6th October 2014.and the initial su bscrip tion p rice w as SEK 100 or EUR 100 p er Unit. The investm ent objective of AGCM Fu nd - Asia Grow th Su b-Fund is to achieve long-term cap ital ap p reciation by investing in com p anies in Asia. AGCM Fu nd - Asia Grow th Su b-Fu nd m ay invest in equ ity or equ ity-related secu rities of com p anies d om iciled in Asia (inclu d ing bu t not lim ited to China, H ong Kong, Taiw an, the Philip p ines, Vietnam , Laos, Cam bod ia and Myanm ar). AGCM Fu nd - Asia Grow th Su b-Fu nd invests in p articu lar in com p anies that in the op inion of the Investm ent Manager are exp ected to have su stainable gr ow th in revenu es and earnings. AGCM Fu nd - Asia Grow th Su b-Fund d oes norm ally not invest in com p anies d om iciled in Jap an. The follow ing u nit classes are cu rrently available for su bscrip tion: -
Class I Units are available for su bscrip tion and are reserved to Institu tional Investors. Class R and Class P Units are available for su bscrip tion to all investors.
All Classes of Units are available as Cap italisation Units (C and W) or Distribu ting Units (D). At the d ate of the p resent rep ort, the follow ing u nit classes are issu ed : N am e of u nit class
Cu rrency
ID SEK RC SEK RC EUR WP EUR
SEK SEK EUR EUR
4
AGCM Fund General information (continued)
The N et Asset Valu e of each Class of Units of the Su b -Fund is calcu lated as of each bu siness d ay in Lu xem bou rg (the "Valu ation Day"), excep t for 24th Decem ber in each year. The Fu nd ’s cu rrency is the Sw ed ish Krona (SEK). The Fund ’s rep orting p eriod begins on 1st October and end s on 30th Sep tem ber of each year. The Fund p u blishes an annu al rep ort d raw n u p as p er 30th Sep tem ber and a sem i-annu al rep ort as p er 31st March. The first u nau d ited rep ort is the sem i-annu al rep ort as at 31st March 2015 and covers the p eriod from 17th Sep tem ber 2014 (d ate of incorp oration) to 31st March 2015 and the first au d ited rep ort w ill be p u blished as of 30th Sep tem ber 2015 and w ill cover the p eriod from 17th Sep tem ber 2014 (d ate of incorp oration) to 30th Sep tem ber 2015. These rep orts, as w ell as the N et Asset Valu e p er u nit, the sales p rosp ectu s, the Managem ent Regu lations and all inform ation concerning the Fu nd are available for the u nithold ers at the registered office of the Managem ent Com p any and the Global Distribu tor.
5
AGCM Fund Combined statement of net assets (in SEK) as at 31st March 2015
Assets Secu rities p ortfolio at m arket valu e Cash at banks Form ation exp enses, net Receivable on issu es of u nits Incom e receivable on p ortfolio Prep aid exp enses
467,299,161.76 20,009,221.14 455,203.44 7,000.02 391,870.16 43,647.70
Total assets
488,206,104.22
Liabilities Payable on red em p tions of u nits Exp enses p ayable
77,631.87 2,532,868.81
Total liabilities
2,610,500.68
N et assets at the end of the p eriod
485,595,603.54
The accom panying notes are an integral part of these financial statem ents.
6
AGCM Fund - Asia Grow th Sub-Fund Statement of net assets (in SEK) as at 31st March 2015
Assets Secu rities p ortfolio at m arket valu e Cash at banks Form ation exp enses, net Receivable on issu es of u nits Incom e receivable on p ortfolio Prep aid exp enses
467,299,161.76 20,009,221.14 455,203.44 7,000.02 391,870.16 43,647.70
Total assets
488,206,104.22
Liabilities Payable on red em p tions of u nits Exp enses p ayable
77,631.87 2,532,868.81
Total liabilities
2,610,500.68
N et assets at the end of the p eriod
485,595,603.54
N u m ber of Class ID SEK u nits ou tstand ing N et asset valu e p er Class ID SEK u nit
200,000.000 105.47
N u m ber of Class RC EUR u nits ou tstand ing N et asset valu e p er Class RC EUR u nit
10.000 EUR 103.32
N u m ber of Class RC SEK u nits ou tstand ing N et asset valu e p er Class RC SEK u nit
3,192,959.736 122.65
N u m ber of Class WP EUR u nits ou tstand ing N et asset valu e p er Class WP EUR u nit
72,006.141 1,012.03
The accom panying notes are an integral part of these financial statem ents.
7
AGCM Fund - Asia Grow th Sub-Fund Statement of investments and other net assets (in SEK) as at 31st March 2015
Currency
N um ber / nom inal value
Description
Cost
Market value
% of total net assets
Investments in securities Transferable securities admitted to an official stock exchange listing Shares H KD H KD H KD H KD H KD H KD H KD H KD H KD H KD H KD H KD H KD H KD H KD H KD H KD H KD H KD H KD
14,176,144.73 22,055,443.31 8,853,497.15 17,637,184.59 20,595,425.47 10,916,382.57 10,467,370.88 10,040,916.63 12,124,611.12 2,947,645.78 3,167,921.71 19,242,906.25 1,074,404.04 18,509,812.29 6,373,833.47 8,674,369.68 17,862,708.00 6,994,825.47 25,489,886.76 8,929,932.79
16,660,411.27 26,414,583.68 10,045,640.61 20,776,565.23 25,080,727.30 14,617,908.93 14,328,665.68 9,278,033.52 13,411,987.06 5,486,721.98 3,832,139.34 21,826,295.74 1,077,764.85 21,408,450.49 6,889,674.12 9,066,663.45 21,125,882.08 6,760,782.88 31,932,454.93 9,692,096.36
3.43 5.44 2.07 4.28 5.16 3.01 2.95 1.91 2.76 1.13 0.79 4.49 0.22 4.41 1.42 1.87 4.35 1.39 6.58 2.00
246,135,222.69
289,713,449.50
59.66
6,802,813.31 9,569,019.84 9,812,928.61
8,484,742.98 12,179,110.56 12,697,430.24
1.75 2.51 2.61
26,184,761.76
33,361,283.78
6.87
14,473,236.99
14,622,323.32
3.01
8,826,896.75 4,151,122.99
10,112,354.99 4,312,921.54
2.08 0.89
12,978,019.74
14,425,276.53
2.97
13,419,177.20 31,640,920.70 10,206,953.81 16,028,136.83 11,164,004.92 12,638,354.94 4,908,314.34 7,307,812.86 4,901,594.09
13,281,828.54 33,072,696.62 11,909,779.44 15,455,820.84 10,530,657.93 12,047,777.84 5,686,051.59 8,486,901.62 4,705,314.21
2.74 6.81 2.45 3.18 2.17 2.48 1.17 1.75 0.97
112,215,269.69
115,176,828.63
23.72
411,986,510.87
467,299,161.76
96.23
Cash at banks
20,009,221.14
4.12
Other net assets/ (liabilities)
-1,712,779.36
-0.35
485,595,603.54
100.00
IDR IDR IDR KRW
3,900,000 5,300,000 1,000,000 2,900,000 900,000 600,000 700,000 1,000,000 1,100,000 90,000 37,000 3,430,000 86,500 1,700,000 229,800 500,000 600,000 328,500 195,000 490,000 1,500,000 1,480,000 1,450,000 2,800
SGD SGD
79,000 350,000
USD USD USD USD USD USD USD USD USD
18,500 18,400 47,000 35,000 52,000 31,000 17,000 12,500 10,000
Agricultural Bank of China H Bank of China Ltd H Belle Intl H gs Ltd China Construction Bank Corp H China Overseas Land & Inv Ltd China Resources Land Ltd China Vanke Co Ltd H Chow Tai Fook Jew ellery Gr Ltd CNOOC Ltd Great Wall Motor Co Ltd H H engan Intl Group Co Ltd Ind ustr & Cial Bk of China Ltd H Lee's Pharmaceutical H gs Ltd Lenovo Group Ltd Sam sonite Intl SA Reg Shim ao Property H gs Ltd Sinopharm Group Co Ltd H Stella International H g Ltd Tencent Hold ings Ltd ZTE Corp H Astra Intl Tbk Bank Mand iri (PT) Tbk Bank Rakyat Ind onesia (PT) Tbk N AVER Corp DBS Group Hold ings Ltd Osim Intl Ltd Alibaba Group Hold ing Ltd ADR repr 1 Share Baid u Inc ADR repr 0.1 Share A JD.com Inc spons ADR repr 2 Shares A Qihoo 360 Technology Co Ltd ADR repr 1.5 Shares A Taiw an Sem icond uct Mfg Co Ltd ADR repr 5 Shares Tata Motors Ltd spons ADR repr 5 Shares WuXi PharmaTech (Cayman) Inc ADR repr 8 Shares Yum Brand s Inc YY Inc spons ADR repr 20 Shares A
Total investm ents in secu rities
Total
The accom panying notes are an integral part of these financial statem ents.
8
AGCM Fund - Asia Grow th Sub-Fund Industrial and geographical classification of investments as at 31st March 2015
Industrial classification (in p ercentage of net assets) Softw are and services
23.29 %
Banks
22.76 %
Real estate
12.99 %
Consu m er d u rables and ap p arel
6.79 %
Technology hard w are and equ ip m ent
6.41 %
Pharm aceu ticals and biotechnology
5.74 %
Au tom obiles and com p onents
5.36 %
Energy
2.76 %
Retailing
2.45 %
Sem icond u ctors and sem icond u ctor equ ip m ent
2.17 %
Diversified financial services
2.08 %
H otels, restau rants and leisu re
1.75 %
H ealth care equ ip m ent and services
0.89 %
H ou sehold and p ersonal p rod u cts
0.79 %
Total
96.23 %
Geographical classification (by d om icile of the issu er) (in p ercentage of net assets) Caym an Island s
34.37 %
China
28.07 %
H ong Kong
13.12 %
Ind onesia
6.87 %
Sou th Korea
3.01 %
Singap ore
2.97 %
Ind ia
2.48 %
Taiw an
2.17 %
United States of Am erica
1.75 %
Lu xem bou rg
1.42 %
Total
96.23 %
9
AGCM Fund N otes to the financial statements as at 31st March 2015
N ote 1 - Significant accounting policies a)
Presentation of the financial statements
The financial statem ents of the Fu nd are established in accord ance w ith the Lu xem bou rg legal and regu latory requ irem ents concerning Und ertakings for Collective Investm ent. b)
Valuation 1) Secu rities listed on Regu lated Markets, w hich op erate regu larly and are recognised and op en to the p u blic, are valu ed at the last available p rice; in the event that there are several su ch m arkets, on the basis of the last available p rice of the m ain m arket for the relevant secu rity. Shou ld the last available p rice for a given secu rity not tru ly reflect its fair m arket valu e, then that secu rity is valu e on the basis of the p robable sales p rice w hich the Managem ent Com p any d eem s it is p ru d ent to assu m e. 2) Secu rities not listed on Regu lated Markets, w hich op erate regu larly and are recognised and op en to the p u blic, are valu ed on the basis of their last available p rice. Shou ld the last available p rice for a given secu rity not tru ly reflect its fair m arket valu e, then that secu rity are valu ed by the Directors on the basis of the p robable sales p rice w hich the Managem ent Com p any d eem s it is p ru d ent to assu m e. 3) The valu e of any cash on hand or on d ep osit, bills and d em and notes and accou nts receivable, p rep aid exp enses, cash d ivid end s and interests d eclared or accru ed a s aforesaid , and not yet received is d eem ed to be the fu ll am ou nt thereof, u nless, how ever, the sam e is u nlikely to be p aid or received in fu ll, in w hich case the valu e thereof is d eterm ined after m aking su ch d iscou nt as the Managem ent Com p any m ay consid er ap p rop riate in su ch case to reflect the tru e valu e thereof.
c)
N et realised gain/ (loss) on sales of securities
The net realised gain/ (loss) on sales of securities is d etermined on the basis of the average cost of securities sold . d)
Cost of securities
The acqu isition cost of a secu rity d enom inated in a cu rrency other than that of the Su b -Fund is converted to the Su b-Fu nd 's cu rrency at the exchange rate p revailing on the d ate of p u rchase. e)
Exchange translation
Bank balances, other assets and liabilities and the valu e of secu rities held that are d enom inated in other cu rrencies than the Su b-Fu nd ’s cu rrency are converted at the p revailing exchange rate of the closing d ay. Incom e and exp enses incu rred in cu rrencies other than the Su b -Fund ’s cu rrency are converted at the p revailing exchange rate of the d ay of each transaction.
10
AGCM Fund N otes to the financial statements (continued) as at 31st March 2015
At the d ate of the rep ort, the p revailing exchange rates on the closing d ay w ere as follow s: 1
f)
SEK
=
0.1080100 0.8988974 1,515.9563425 128.4884736 0.1590569 0.1159434
EUR H KD IDR KRW SGD USD
Eu ro H ong Kong Dollar Ind onesian Ru p iah Sou th Korean Won Singap ore Dollar US Dollar
Combined financial statements
The com bined financial statem ents of the Fund are exp ressed in SEK and are equ al to the corresp ond ing cap tions in the financial statem ents of the Su b -Fund . g)
Formation expenses
Exp enses incu rred in connection w ith the establishm ent of the Fund and the creation of the Su b -Fu nd s are am ortised over a p eriod to five years. Each Class of u nits is charged w ith all costs and exp enses d irectly attribu table to it. Any costs, w hich are not attribu table to a Class of u nits, are charged in p rop ortion to their assets. h)
Investment income
Divid end incom e is recognised on an ex-d ivid end basis and is record ed net of w ithhold ing tax. N ote 2 - Subscription, redemption and conversion fee At the d ate of the rep ort, no su bscrip tion, no red em p tion and no conversion fees w ere ap p lied to the Su b-Fund .
N ote 3 - Management Company fee The Managem ent Com p any receives an infrastru ctu re fee, accru ed d aily and p ayable m onthly in arrears, of m axim u m 0.085% p .a. of the net assets of the Su b -Fu nd , su bject to an annu al m inim u m of EUR 25,000. In ad d ition, the Su b-Fu nd p ays to the Managem ent Com p any a fixed fee of m axim u m EUR 12,000 p .a. in connection w ith the risk m anagem ent and com p liance m onitoring.
N ote 4 - Investment Management fee The Investm ent Manager receives the follow ing investm ent m anagem ent fees p er annu m of the net assets of the Su b-Fu nd , accru ed d aily and p ayable m onthly in arrears: Class
Investment management fee
ID SEK
1.85% p .a.
RC SEK
1.85% p .a.
RC EUR
1.85% p .a.
WP EUR
0.60% p .a.
11
AGCM Fund N otes to the financial statements (continued) as at 31st March 2015
N ote 5 - Performance fees In ad d ition to the investm ent m anagem ent fee, a p erform ance fee is calcu lated and charged as follow s for the WP EUR Unit class, as sp ecified in the table below and in accord ance w ith the p rincip les ou tlined below . Perform ance Fee Mechanism
H igh Water Mark
Perform ance Fee Calcu lation Period
yearly
Perform ance Fee Benchm ark
EUR003M + 5% annu al rate
Perform ance Fee Rate
20%
The p erform ance fee is accru ed d aily based on the ou tstand ing nu m ber of Units on the Valu ation Day and p ayable yearly (as p er the last bu siness d ay of the calend ar year) based on the p erform ance of the N et Asset Valu e p er Unit above the benchm ark d u ring the calcu lation p eriod . Shou ld no p erform ance fee is p ayable at the end of the calcu lation p eriod , the calcu lation p eriod is extend ed to the end of the next calend ar year. H igh Water Mark p rincip le ap p lies. The H igh Water Mark is the greater of the N et Asset Valu e p er Unit at the tim e of issu e and the highest N et Asset Valu e p er Unit achieved as at the end of any p reviou s Calcu lation Period w here p erform ance fee w as p aid . In the event that an investor red eem s Units p rior to the end of the calcu lation p eriod , any accru ed bu t u np aid p erform ance fee relating to those Unit classes is crystallised and p aid to the Investm ent Manager at the last Valu ation Day of the calcu lation p eriod . At the d ate of the rep ort, a p erform ance fee w as record ed for the Su b-Fund and am ou nted to SEK 1,401,968.15.
N ote 6 - Central administration costs The Central Ad m inistration Agent is entitled to receive an ad m inistration fee consisting of a flat fee of EUR 25,000 p .a. p lu s a variable fee of m axim u m 0.04% p .a. w hich is p ayable m onthly in arrears ou t of the Su b-Fund ’s assets. The Central Ad m inistration Agent is fu rther m ore entitled to receive ou t of the Su b-Fund ’s assets, in resp ect of the register and transfer agent fu nction a fu rther fee in accord ance w ith Lu xem bou rg cu stom ary banking p ractice.
N ote 7 - Custodian Fees The Cu stod ian is also entitled to receive a su p ervisory fee of 0.0125% w hich is p ayable m onthly in arrears ou t of the Su b-Fu nd ’s assets. N ote 8 - Subscription duty ("t axe d’abonnement ") The Fund is governed by Lu xem bou rg law . Pu rsu ant to the legislation and regu lations w hich are p revailing , the Fu nd is su bject to an annu al su bscrip tion d u ty ("taxe d’abonnement") of 0.05% w hich is p ayable qu arterly and calcu lated on the basis of the net assets of the Su b-Fu nd on the last d ay of each qu arter.
12
AGCM Fund N otes to the financial statements (continued) as at 31st March 2015
The rate of this tax is red u ced to 0.01% of the valu e of the ne t assets for Com p artm ents or Classes of Unit reserved for Institu tional Investors. Accord ing to Article 175 (a) of the am end ed Law of 17th Decem ber 2010, the net assets invested in Und ertakings for Collective Investm ent alread y su bject to the "taxe d’abonnement" are exem p t from this tax.
N ote 9 - Sw ing pricing Und er certain circu m stances (for exam p le, large volu m es of d eals) investm ent and / or d isinvestm ent costs m ay have an ad verse effect on the Unithold ers’ interests in a Su b -Fu nd . In ord er to p reven t this effect, called "d ilu tion", the Managem ent Com p any has the au thority to allow for the N et Asset Valu e p er Unit to be ad ju sted by effective d ealing and other costs and fiscal charges w hich w ou ld be p ayable on the effective acqu isition or d isp osal of a ssets in the relevant Su b-Fu nd if the net cap ital activity exceed s, as a consequ ence of the su m of all su bscrip tions, red em p tions or conversions in su ch a Su b Fund , su ch threshold p ercentage (the "Threshold ") as m ay be d eterm ined from tim e to tim e by the Managem ent Com p any, of the Su b-Fu nd ’s total net assets on a given Valu ation Day. Descrip tion of the sw ing p ricing p roced u re: If the net cap ital activity for a given Valu ation Day lead s to a net inflow of assets in excess of the Threshold in the relevant Su b-Fu nd , the N et Asset Valu e u sed to p rocess all su bscrip tions, red em p tions or conversions in su ch a Su b-Fu nd is ad ju sted u p w ard s by the sw ing factor that shall be d eterm ined from tim e to tim e by the Managem ent Com p any bu t w ill not exceed 2% of the relev ant N et Asset Valu e. If the net cap ital activity for a given Valu ation Day lead s to a net ou tflow of assets in excess of the Threshold in the relevant Su b-Fu nd , the N et Asset Valu e u sed to p rocess all su bscrip tions, red em p tions or conversions in su ch a Su b-Fu nd is ad ju sted d ow nw ard s by the sw ing factor that shall be d eterm ined from tim e to tim e by the Managem ent Com p any bu t w ill not exceed 2% of the relevant N et Asset Valu e. There w as no "Swing Pricing" applied for the Net Asset Value as at 31st March 2015 for the Sub-Fu nd .
N ote 10 - Changes in investments The statem ent of changes in investm ent p ortfolio for the p eriod covered by the rep ort is available free of charge u p on requ est at the registered office of the Managem ent Com p any of the Fund .
13
Asia Grow th Capital Managem ent AB Strand vägen 5A SE-114 51 Stockholm , Sw ed en
