Capinordic Funds, SICAV
Annual Report (audited) at 31/12/10
RCS Luxembourg N B67545 Database Publishing System: CO-Reporter® by CO-Link, Belgium.
Page 1
Capinordic Funds, SICAV Table of Contents Page Management and Administration
3
General Information
5
Manager's Report
6
Report of the “Réviseur d’Entreprises agréé”
8
Financial Statements of the fund Statement of net assets
10
Statement of operations and changes in net assets
10
Key figures relating to the last 3 years
12
Securities portfolio at 31/12/2010 Capinordic Funds, SICAV Sweden Top 30
14
Capinordic Funds, SICAV Short-term SEK Interest Saving
15
Capinordic Funds, SICAV SEK Bond Index Saving
16
Capinordic Funds, SICAV Euro Stoxx 50
17
Capinordic Funds, SICAV Short-term Euro Interest Saving
18
Capinordic Funds, SICAV Nordic Small Caps
19
Geographical and Economical breakdowns Capinordic Funds, SICAV Sweden Top 30
20
Capinordic Funds, SICAV Short-term SEK Interest Saving
21
Capinordic Funds, SICAV SEK Bond Index Saving
22
Capinordic Funds, SICAV Euro Stoxx 50
23
Capinordic Funds, SICAV Short-term Euro Interest Saving
24
Capinordic Funds, SICAV Nordic Small Caps
25
Notes to the financial statements
26
No subscription can be received on the basis of this financial report. Subscriptions are only valid if made on the basis of the current prospectus supplemented by the latest annual report and the most recent semi-annual report, if published thereafter. Page 2
Capinordic Funds, SICAV Management and Administration REGISTERED OFFICE
CACEIS Bank Luxembourg 5, Allée Scheffer L-2520 Luxembourg Luxembourg
LEGAL ADVISER
Elvinger, Hoss & Prussen Avocats à la cour 2, Place Winston Churchill B.P. 425 L-2014 Luxembourg Luxembourg
INVESTMENT MANAGER
Capinordic Asset Management AB Strandvägen 5B, 2nd floor SE-114 51 Stockholm Sweden
MANAGEMENT COMPANY
Luxcellence Management Company S.A. 5, Allée Scheffer L-2520 Luxembourg Luxembourg
CUSTODIAN, DOMICILIATION, PAYING AND CENTRAL ADMINISTRATION AGENT
CACEIS Bank Luxembourg 5, Allée Scheffer L-2520 Luxembourg Luxembourg
REVISEUR D’ENTREPRISES AGREE
KPMG Audit S.à r.l. Cabinet de révision agréé 9, Allée Scheffer L-2520 Luxembourg Luxembourg
DISTRIBUTOR AND NOMINEE IN SWEDEN
Capinordic Bank – filial till Capinordic Bank A/S Danmark (until February 10, 2010) Strandvägen 5B, SE-114 51 Stockholm Sweden Monetar Pensionsförvaltning AB (since February 12, 2010) Strandvägen 5B, SE-114 51 Stockholm Sweden
TRANSFER AGENT
CACEIS Bank Luxembourg 5, Allée Scheffer L-2520 Luxembourg Luxembourg
Page 3
Capinordic Funds, SICAV Management and Administration (continued)
BOARD OF DIRECTORS Chairman
Johan Holmsved (since July 31, 2010) Chief Executive Officer Monetar Pensionsförvaltning AB Claus Orskov (until February 26, 2010)
Directors
Fredrik Sjøstrand (since May 18, 2010) Chief Investment Officer Capinordic Asset Management AB Lars Purlund (since September 1, 2010) Chief Executive Officer Capinordic Asset Management AB Henrik Lasse Lindblad (until January 19, 2010) Ulrika Nathhorst Jener (until July 31, 2010) Jan Anders Erling Conradzon (since February 26, 2010 and until July 31, 2010) Brian Steffensen (since May 6, 2010 and until May 18, 2010) Henrik Vad (since January 19, 2010 and until September 1, 2010)
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Capinordic Funds, SICAV General Information
The financial year of Capinordic Funds, SICAV (the "Sicav"), ends on 31st December each year. Audited annual reports of the Sicav are available at the Registered Office. Notices of general meetings are published and available to all shareholders according to the Luxembourg law. The Annual and Semi-Annual reports contain information on Capinordic Funds, SICAV, its composition and the performance of its assets, as well as the Net Asset Value per share and the share price. These reports as well as the statutes and the prospectus can be obtained free of charge at the Registered Office of the Sicav, the Custodian, the Distributor and the Nominee.
Page 5
Capinordic Funds, SICAV Manager’s Report The interesting times are not over yet. At the beginning of 2010, we were able to look back at a year of incredible recovery in many equity markets around the globe. The worries of a slow economic recovery, a year earlier, had been turned into something resembling optimism in the markets while central bankers and politicians were patting themselves on their shoulders for having brought the economy back to life with injections of liquidity, bailing out of banks and corporations, and incentivizing their citizens to scrap perfectly functional vehicles so that they could contribute to GDP and corporate profitability by buying new ones. But the illness in the economic system had not been cured yet and new reasons for worry were looming just around the corner. The equity markets started the year cautiously. Index levels fell somewhat the first months before starting to rise again in March. By the end of April, the downgrade of Greek sovereign debt awoke concerns about the health of public finances in Greece and a number of other European states. Worries that austerity measures and increased taxation, in a number of countries, would have an adverse effect on public as well as private spending and ultimately cripple corporate profits soon caused equity markets decline again. Many equity markets recovered the declines before the year was over. The Swedish equity market continued to ascend, as was reflected by Capinordic Funds, SICAV Sweden Top 30. Meanwhile the market for largest European stocks did not recover, as was reflected by Capinordic Funds, SICAV Euro Stoxx 50. Both Capinordic Funds, SICAV Sweden Top 30 and Capinordic Funds, SICAV Euro Stoxx 50 are index tracking equity funds. Our actively managed sub-fund, Capinordic Funds, SICAV Nordic Small Caps, continued to perform well during the year, outperforming both its benchmark and Capinordic Funds, SICAV Sweden Top 30. Partly as a result of the European sovereign debt crisis, demand for debt issued by more stable sovereigns, such as Sweden and Germany has increased. This has lead to dearer valuations of Swedish Government Bonds and, as an effect thereof, has pushed the OMRX Treasury Bond index back into a positive result for the year, which is reflected in the performance of Capinordic Funds, SICAV Bond Index Saving. The relative attractiveness of Swedish and German government debt has also meant that the prices of money market instruments, with short time to maturity, issued by these governments have remained high. This has rendered the prospects of achieving higher returns without increasing risk taking significantly hard for Capinordic Funds, SICAV Short-Term Euro Interest Saving and impossible for Capinordic Funds, SICAV Short-Term SEK Interest Savings. A few weeks into 2011, civil unrest is brewing around the world. The governments have been overthrown in the Tunisia, Egypt, and Libya while protests have taken place in other North African and Middle Eastern states over the lack of political liberty, freedom of speech, and rapidly inflating food prices. Fears of protests escalating in major oil producing countries in the region have caused the price of oil to rise dramatically. Rapidly increasing food prices in India, China and elsewhere in emerging markets has decimated consumer purchasing power, adversely affecting potential for corporate earnings in these regions and increasing concerns that similar uprisings as experienced in Northern Africa will emerge elsewhere in the world. Possibly as a result of these concerns, capital flows from emerging markets to more established markets have been recorded. Chances are 2011 will offer just as interesting times as the past few years.
Page 6
Capinordic Funds, SICAV Manager’s Report (continued)
In the past year, Capinordic Funds, SICAV has performed as follows: Capinordic Funds, SICAV Sweden Top 30 During 2010, the NAV per share for Capinordic Funds, SICAV Sweden Top 30 gained 22.72%. Capinordic Funds, SICAV Short-term SEK Interest Saving During 2010, the NAV per share for Capinordic Funds, SICAV Short-term SEK Interest Saving gained 0.25%. Capinordic Funds, SICAV SEK Bond Index Saving During 2010, the NAV per share for Capinordic Funds, SICAV SEK Bond Index Saving gained 2.11%. Capinordic Funds, SICAV Euro Stoxx 50 During 2010, the NAV per share for Capinordic Funds, SICAV Euro Stoxx 50 decreased 3.41%. Capinordic Funds, SICAV Short-term Euro Interest Saving During 2010, the NAV per share for Capinordic Funds, SICAV Short-term Euro Interest Saving gained 0.35%. Capinordic Funds, SICAV Nordic Small Caps During 2010, the NAV per share for Capinordic Funds, SICAV Nordic Small Caps gained 28.16%.
Luxembourg, April 7, 2011 Note: The information stated in this report is historical and not necessarily indicative of future performance. Page 7
Capinordic Funds, SICAV
Report of the Réviseur d’Entreprises agréé
To the Shareholders of Capinordic Funds, SICAV 5, Allée Scheffer L-2520 Luxembourg
We have audited the accompanying financial statements of Capinordic Funds, SICAV and of each of its sub-funds, which comprise the statement of net assets and the securities portfolio as at December 31, 2010, 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 information. Board of Directors of the SICAV’s responsibility 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 about 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 judgement of the Réviseur d’Entreprises agréé, 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.
Page 8
Capinardic Funds. SICAV
Report of the Reviseur d'Entreprises agree (continued)
Opinion
In our opinion, the financial statements give a true and fair view of the financial position of Capinordic Funds, SICA V and of each of its sub-funds as of December 31, 20 10, 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 prepamtion of the financial statements. Orher matter
Supplementary infonnation 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 infonnation. However, we have no observation to make concerning such infonnation in the conlext of the financial Slatements laken as a whole. KPMG Audil S.a r.1. Cabinet de revision agree
Luxembourg, April 29, 20 11
rystelle Veeckmans
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Capinordic Funds, SICAV Financial Statements at 31/12/10
Expressed in
Consolidated
Sweden Top 30
Short-term SEK Interest Saving
SEK Bond Index Saving
SEK
SEK
SEK
SEK
Notes
Statement of net assets Assets Securities portfolio at cost price Unrealised profit (loss) on portfolio
952,118,395.02 709,519,156.51 193,342,537.05 902,861,693.55 82,240.00 45,398,627.71 3,775,833.76 1,966,766.38 1,966,766.38 950,151,628.64
757,272,951.78 524,514,487.50 192,904,027.90 717,418,515.40 82,240.00 39,772,196.38 0.00 877,088.00 877,088.00 756,395,863.78
54,163,690.05 51,141,820.00 -769,396.00 50,372,424.00 0.00 2,618,522.99 1,172,743.06 43,122.93 43,122.93 54,120,567.12
99,230,138.02 98,236,247.39 -1,534,000.29 96,702,247.10 0.00 32,368.47 2,495,522.45 95,671.88 95,671.88 99,134,466.14
Total expenses
23,252,388.07 1,521,096.43 871,142.88 3,606,788.35 288,059.75 373,788.99 139,540.04 6,800,416.44
13,938,217.82 1,303,230.20 594,553.02 2,980,615.21 212,843.39 338,469.64 110,696.52 5,540,407.98
1,974,103.41 0.00 55,062.85 160,798.03 18,937.59 5,998.19 0.00 240,796.66
5,567,728.54 123,269.89 135,243.23 355,261.03 41,527.20 12,608.84 0.00 667,910.19
Net result from investments
16,451,971.63
8,397,809.84
1,733,306.75
4,899,818.35
Net realised result on investment securities
8,418,724.88
3,893,128.77
-1,087,109.90
4,165,622.27
Other realised results
3,848,469.71
3,967,700.00
63,860.22
0.00
28,719,166.22
16,258,638.61
710,057.07
9,065,440.62
115,452,368.32 -423,309.82 143,748,224.72
122,634,281.18 -329,710.00 138,563,209.79
-576,636.00 0.00 133,421.07
-3,300,380.22 0.00 5,765,060.40
-260,125,737.81
-41,879,717.33
-17,488,315.17
-171,326,945.53
-116,377,513.09
96,683,492.46
-17,354,894.10
-165,561,885.13
1,075,121,309.00
659,712,371.32
71,475,461.22
264,696,351.27
-8,592,167.27
0.00
0.00
0.00
950,151,628.64
756,395,863.78
54,120,567.12
99,134,466.14
Securities portfolio at market value
2
Unrealised gain on financial instruments
2, 7
Cash at banks and deposits at brokers Other assets
Liabilities Other liabilities
Net asset value
Statement of operations and changes in net assets Income on investments and assets Management fee
3
Custodian & sub-custodian fees
3
Other expenses Management Company fee
3
Taxe d'abonnement
6
Brokerage and futures fees
4
Net realised result Movement on net unrealised loss/gain on : Investments securities Financial instruments
2
Change in net assets due to operations Net subscriptions (redemptions) Increase/Decrease of net assets during the year Net assets at the beginning of the year Reevaluation of opening consolidated NAV Net assets at the end of the year
The accompanying notes form an integral part of these financial statements Page 10
Capinordic Funds, SICAV
Euro Stoxx 50
Short-term Euro Interest Saving
Nordic Small Caps
EUR
EUR
SEK
1,976,770.59 1,775,933.38 142,729.08 1,918,662.46 0.00 58,108.13 0.00 2,088.48 2,088.48 1,974,682.11
1,628,707.82 1,479,960.00 -9,044.30 1,470,915.70 0.00 145,794.10 11,998.02 534.65 534.65 1,628,173.17
9,126,698.49 6,435,889.52 1,543,354.54 7,979,244.06 0.00 1,147,454.43 0.00 927,365.90 927,365.90 8,199,332.59
97,716.84 10,551.15 3,451.65 5,865.07 858.70 1,342.16 1,621.19 23,689.92
88,684.38 0.00 1,941.57 4,594.67 575.61 182.39 0.00 7,294.24
101,158.16 0.00 37,930.87 16,337.28 1,892.26 3,043.97 14,308.74 73,513.12
74,026.92
81,390.14
27,645.04
-37,198.07
-65,585.87
2,368,593.15
-21,183.52
0.00
6,830.34
15,645.33
15,804.27
2,403,068.53
-288,112.68 -10,440.00 -282,907.35
-9,044.30 0.00 6,759.97
-640,735.73 0.00 1,762,332.80
-1,861,441.39
-938,271.28
-4,329,935.84
-2,144,348.74
-931,511.31
-2,567,603.04
4,119,030.85
2,559,684.48
10,766,935.63
0.00
0.00
0.00
1,974,682.11
1,628,173.17
8,199,332.59
The accompanying notes form an integral part of these financial statements Page 11
Capinordic Funds, SICAV Key figures relating to the last 3 years Sweden Top 30
Short-term SEK Interest Saving
SEK Bond Index Saving
Euro Stoxx 50
SEK
SEK
SEK
SEK
SEK
SEK
SEK
SEK
SEK
EUR
EUR
EUR
31/12/08
31/12/09
31/12/10
31/12/08
31/12/09
31/12/10
31/12/08
31/12/09
31/12/10
31/12/08
31/12/09
31/12/10
659,712,371.32
756,395,863.78
126,035,874.35
71,475,461.22
54,120,567.12
624,774,609.01
264,696,351.27
99,134,466.14
2,770,658.64
4,119,030.85
1,974,682.11
4,412,295.935 4,435,800.270 4,144,442.999 100.91 148.72 182.51
939,287.927 134.18
531,044.226 134.59
401,093.833 134.93
3,907,049.316 1,675,304.186 159.91 158.00
614,481.436 161.33
526,299.554 5.26
603,276.412 6.83
299,426.801 6.59
Net assets 445,266,375.07
Shares "B"
Number of shares Net asset value per share
The accompanying notes form an integral part of these financial statements Page 12
Capinordic Funds, SICAV Key figures relating to the last 3 years Short-term Euro Interest Saving
Net assets
Nordic Small Caps
EUR
EUR
EUR
SEK
SEK
SEK
31/12/08
31/12/09
31/12/10
31/12/08
31/12/09
31/12/10
6,418,757.40
2,559,684.48
1,628,173.17
4,439,159.05
10,766,935.63
8,199,332.59
509,114.604 12.61
201,799.310 12.68
127,919.626 12.73
56,976.567 77.91
81,108.813 132.75
48,196.025 170.12
Shares "B"
Number of shares Net asset value per share
The accompanying notes form an integral part of these financial statements Page 13
Capinordic Funds, SICAV Sweden Top 30 Securities portfolio at 31/12/10 Expressed in SEK Quantity/ Nominal
Quotation currency
Denomination
Transferable securities admitted to an official stock exchange listing Shares 126,359 103,566 84,985 65,679 206,382 95,986 67,297 73,626 54,540 357,874 111,497 77,970 14,210 18,720 992,150 291,832 98,090 85,159 532,668 97,931 100,861 59,160 147,862 150,217 231,826 61,546 739,053 101,915 1,100,595 356,410
ABB REG.SHS ALFA LAVAL ASSA ABLOY -BASTRAZENECA ATLAS COPCO AB -AATLAS COPCO -B- FREE BOLIDEN AB ELECTROLUX -B- FREE GETINGE -BHENNES & MAURITZ AB -B- FREE INVESTOR -B- FREE LUNDIN PETROL MODERN TIMES GROUP -BNOKIA NORDEA BANK SANDVIK AB SCANIA -BSECURITAS -B- FREE SKANDINAVISKA ENSKILDA BANKEN -ASKANSKA -B- FREE SKF AB -BSSAB SWEDISH STEEL -A- FREE SVENSKA CELLULOSA SCA AB-SHS-BSVENSKA HANDELSBANK -A- FREE SWEDBANK -ASWEDISH MATCH TELEFON AB L.M.ERICSSON TELE2 AB TELIASONERA AB VOLVO -B- FREE
SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK
Total securities portfolio
The accompanying notes form an integral part of these financial statements Page 14
Market value % of net assets 717,418,515.40
94.85
717,418,515.40 19,156,024.40 14,675,302.20 16,104,657.50 20,314,514.70 35,023,025.40 14,599,470.60 9,199,499.90 14,062,566.00 7,684,686.00 80,163,776.00 16,044,418.30 6,522,190.50 6,323,450.00 1,297,296.00 72,575,772.50 38,259,175.20 15,174,523.00 6,697,755.35 29,882,674.80 13,054,202.30 19,324,967.60 6,685,080.00 15,702,944.40 32,281,633.30 21,745,278.80 11,983,006.20 57,756,991.95 14,227,334.00 58,661,713.50 42,234,585.00
94.85 2.53 1.94 2.13 2.69 4.63 1.93 1.22 1.86 1.02 10.59 2.12 0.86 0.84 0.17 9.59 5.06 2.01 0.89 3.95 1.73 2.55 0.88 2.08 4.27 2.87 1.58 7.64 1.88 7.76 5.58
717,418,515.40
94.85
Capinordic Funds, SICAV Short-term SEK Interest Saving Securities portfolio at 31/12/10 Expressed in SEK Quantity/ Nominal
Quotation currency
Denomination
Transferable securities admitted to an official stock exchange listing Bonds 11,000,000 10,000,000 6,000,000 6,000,000 7,000,000 10,000,000
LANSFORS HYPOTEK AB 4.00 15/06/2011 SEB 4.00 15/06/2011 SWEDBANK MORTGAGE 2.70 05/12/2011 SWEDBANK MORTGAGE 4.00 15/06/2011 SWEDEN 1045 5.25 15/03/2011 SWEDISH COVERED BOND CORP 123 4.00 13/04/2011
SEK SEK SEK SEK SEK SEK
Total securities portfolio
The accompanying notes form an integral part of these financial statements Page 15
Market value % of net assets 50,372,424.00
93.07
50,372,424.00 11,100,694.00 10,090,930.00 6,015,900.00 6,053,070.00 7,053,550.00 10,058,280.00
93.07 20.51 18.65 11.12 11.18 13.03 18.58
50,372,424.00
93.07
Capinordic Funds, SICAV SEK Bond Index Saving Securities portfolio at 31/12/10 Expressed in SEK Quantity/ Nominal
Quotation currency
Denomination
Transferable securities admitted to an official stock exchange listing Bonds 14,200,000 11,270,000 15,420,000 10,690,000 7,800,000 8,790,000 14,550,000 7,150,000
SWEDEN 1041 SWEDEN 1046 SWEDEN 1047 SWEDEN 1049 SWEDEN 1050 SWEDEN 1051 SWEDEN 1052 SWEDEN 1053
6.75 5.50 5.00 4.50 3.00 3.75 4.25 3.50
05/05/2014 08/10/2012 01/12/2020 12/08/2015 12/07/2016 12/08/2017 12/03/2019 30/03/2039
SEK SEK SEK SEK SEK SEK SEK SEK
Total securities portfolio
The accompanying notes form an integral part of these financial statements Page 16
Market value % of net assets 96,702,247.10
97.55
96,702,247.10 16,137,590.00 11,978,432.20 17,646,802.20 11,521,575.10 7,847,190.00 9,166,563.60 15,658,855.50 6,745,238.50
97.55 16.28 12.08 17.80 11.62 7.92 9.25 15.80 6.80
96,702,247.10
97.55
Capinordic Funds, SICAV Euro Stoxx 50 Securities portfolio at 31/12/10 Expressed in EUR Quantity/ Nominal
Quotation currency
Denomination
Transferable securities admitted to an official stock exchange listing Shares 343 558 250 890 1,130 1,635 2,230 5,555 10,175 1,130 1,012 400 1,202 747 520 1,290 860 1,100 748 1,134 240 3,667 7,817 2,980 2,445 2,347 1,618 4,969 4,722 11,797 1,193 294 318 231 4,483 970 504 1,352 1,090 320 1,062 897 12,719 4,868 2,672 110 22,430 1,924 640 1,500
AIR LIQUIDE SA ALLIANZ SE REG SHS ALSTOM SA ANHEUSER-BUSCH INBEV NV ARCELORMITTAL SA REG SHS ASSICURAZIONI GENERALI SPA AXA SA BANCO BILBAO VIZCAYA ARGENT. SA REG SHS BANCO SANTANDER SA REG SHS BASF - NAMEN AKT BAYER AG REG SHS BMW AG BNP PARIBAS SA CARREFOUR SA CIE DE SAINT-GOBAIN SA CREDIT AGRICOLE SA CRH PLC DAIMLER AG REG SHS DANONE SA DEUTSCHE BANK AG REG SHS DEUTSCHE BOERSE AG REG SHS DEUTSCHE TELEKOM AG REG SHS ENEL SPA ENI SPA E.ON AG REG SHS FRANCE TELECOM SA GDF SUEZ SA IBERDROLA SA ING GROEP NV INTESA SANPAOLO SPA KONINKLIJKE PHILIPS ELECTRONICS NV L'OREAL SA LVMH MOET HENNESSY LOUIS VUITTON SA MUENCHENER RUECKVERSICHERUNGS AG REG SHS NOKIA OYJ REPSOL YPF SA RWE AG SANOFI-AVENTIS SA SAP AG SCHNEIDER ELECTRIC SA SIEMENS AG REG SHS SOCIETE GENERALE SA TELECOM ITALIA SPA TELEFONICA SA TOTAL SA UNIBAIL-RODAMCO SE UNICREDIT SPA UNILEVER NV VINCI SA VIVENDI SA
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
Total securities portfolio
The accompanying notes form an integral part of these financial statements Page 17
Market value % of net assets 1,918,662.46
97.16
1,918,662.46 32,461.52 49,622.94 8,952.50 38,092.00 32,069.40 23,233.35 27,763.50 41,995.80 80,667.40 67,461.00 55,963.60 23,540.00 57,227.22 23,044.95 20,020.00 12,260.16 13,330.00 55,803.00 35,170.96 44,339.40 12,432.00 35,404.89 29,235.58 48,693.20 56,076.08 36,601.47 43,443.30 28,661.19 34,376.16 23,947.91 27,343.56 24,425.52 39,145.80 26,206.95 34,698.42 20,224.50 25,144.56 64,693.20 41,529.00 35,840.00 98,447.40 36,077.34 12,299.27 82,585.62 105,944.80 16,280.00 34,721.64 44,829.20 26,035.20 30,300.00
97.16 1.64 2.51 0.45 1.93 1.62 1.18 1.41 2.13 4.09 3.42 2.83 1.19 2.90 1.17 1.01 0.62 0.68 2.83 1.78 2.25 0.63 1.79 1.48 2.47 2.84 1.85 2.20 1.45 1.74 1.21 1.38 1.24 1.98 1.33 1.76 1.02 1.27 3.28 2.10 1.81 4.99 1.83 0.62 4.18 5.37 0.82 1.76 2.27 1.32 1.53
1,918,662.46
97.16
Capinordic Funds, SICAV Short-term Euro Interest Saving Securities portfolio at 31/12/10 Expressed in EUR Quantity/ Nominal
Quotation currency
Denomination
Transferable securities admitted to an official stock exchange listing Bonds 100,000 200,000 250,000 100,000 300,000 70,000 250,000 200,000
GERMANY 1.25 16/09/2011 HSH NORDBANK AG 2.00 11/05/2011 ITALY BOT (12 MESI) 15/03/2011 ITALY BOT 31/01/2011 ITALY BTP 5.25 01/08/2011 ITALY CCTZ 0.00 30/06/2011 PORTUGUESE T-BILL 18/02/2011 SPAIN T-BILL 21/04/2011
EUR EUR EUR EUR EUR EUR EUR EUR
Total securities portfolio
The accompanying notes form an integral part of these financial statements Page 18
Market value % of net assets 1,470,915.70
90.34
1,470,915.70 100,469.00 200,823.40 248,758.24 99,689.07 305,556.00 69,440.00 247,943.74 198,236.25
90.34 6.17 12.33 15.28 6.12 18.77 4.26 15.23 12.18
1,470,915.70
90.34
Capinordic Funds, SICAV Nordic Small Caps Securities portfolio at 31/12/10 Expressed in SEK Quantity/ Nominal
Quotation currency
Denomination
Transferable securities admitted to an official stock exchange listing Shares 390 250 1,350 11,380 1,535 1,720 1,450 700 3,320 1,700 1,990 2,040 250 950 2,410 5,340 930 3,030 9,966 4,760 810 1,000 18,750 292 47,400 4,500 210 1,450 2,460 1,350
AARHUSKARLSHAMN AB ARKIL HOLDING B B&B TOOLS -B- SHS-BBE GROUP AB BEIJER ALMA INDUSTRI HANDEL -BBETSON - SHS -BBRINOVA FASTIGHETER CONNECTA CRAMO - SHS D/S NORDEN EKORNES ELOS -BGYLDENDALSKE BOGHANDEL NORDISK -BHOEJGAARD HOLDING -BJ.M. AB KABE HUSVAGNAR -BKONECRANES OYJ LAGERCRANTZ GROUP -BMALMBERGS ELEKTRISKA -BOEM INTERNATIONAL AB -SHS.BOUTOTEC OYJ RAUTARUUKKI REDERI TRANSATLANTIC - SHS -BROBLON -BSCANA INDUSTRIER SJAELSO GRUPPEN A/S SOLAR A/S -BSTOLT NIELSEN LTD TGS NOPEC GEOPHYSICAL ASA VBG -B-
SEK DKK SEK SEK SEK SEK SEK SEK EUR DKK NOK SEK DKK DKK SEK SEK EUR SEK SEK SEK EUR EUR SEK DKK NOK DKK DKK NOK NOK SEK
Total securities portfolio
The accompanying notes form an integral part of these financial statements Page 19
Market value % of net assets 7,979,244.06
97.32
7,979,244.06 73,515.00 159,754.70 152,212.50 515,514.00 246,367.50 201,240.00 168,200.00 57,925.00 571,313.97 416,633.00 368,266.44 94,860.00 133,128.92 197,756.95 379,575.00 559,365.00 259,095.13 156,045.00 402,626.40 259,420.00 337,801.23 157,922.69 570,000.00 236,775.83 387,054.50 58,274.16 107,761.81 238,985.72 374,153.61 137,700.00
97.32 0.90 1.95 1.86 6.29 3.00 2.45 2.05 0.71 6.98 5.08 4.49 1.16 1.62 2.41 4.63 6.82 3.16 1.90 4.91 3.16 4.12 1.93 6.96 2.89 4.72 0.71 1.31 2.91 4.56 1.68
7,979,244.06
97.32
Capinordic Funds, SICAV Sweden Top 30 Geographical breakdown Breakdown per country
% of net assets 89.46 2.69 2.53 0.17 5.15
Sweden United Kingdom Switzerland Finland Other assets
100.00
Economical breakdown Breakdown per sector
% of net assets 20.68 18.29 16.11 10.59 7.59 3.71 2.53 2.13 2.12 2.10 2.08 1.86 1.73 1.58 0.89 0.86 5.15
Banks and credit institutions Communications Machine and apparatus construction Miscellaneous trading companies Road vehicles Pharmaceuticals and cosmetics Electrical engineering and electronics Miscellaneous sectors Holding and finance companies Coal mining and steel industry Paper and forest products Miscellaneous consumer goods Building materials and trade Tobacco and alcoholic drinks Miscellaneous services Petroleum Other assets
100.00
The accompanying notes form an integral part of these financial statements Page 20
Capinordic Funds, SICAV Short-term SEK Interest Saving Geographical breakdown Breakdown per country
% of net assets 93.07 6.93
Sweden Other assets
100.00
Economical breakdown Breakdown per sector
% of net assets 40.95 39.09 13.03 6.93
Banks and credit institutions Holding and finance companies Countries and central government Other assets
100.00
The accompanying notes form an integral part of these financial statements Page 21
Capinordic Funds, SICAV SEK Bond Index Saving Geographical breakdown Breakdown per country
% of net assets 97.55 2.45
Sweden Other assets
100.00
Economical breakdown Breakdown per sector
% of net assets 97.55 2.45
Countries and central government Other assets
100.00
The accompanying notes form an integral part of these financial statements Page 22
Capinordic Funds, SICAV Euro Stoxx 50 Geographical breakdown Breakdown per country
% of net assets 34.21 29.98 12.87 8.72 5.39 1.93 1.76 1.62 0.68 2.84
France Germany Spain Italy The Netherlands Belgium Finland Luxembourg Ireland Other assets
100.00
Economical breakdown Breakdown per sector
% of net assets 18.53 10.20 9.24 8.86 7.89 6.43 4.99 4.52 4.36 4.05 4.02 3.91 3.01 1.62 1.53 1.38 1.17 0.82 0.63 2.84
Banks and credit institutions Communications Utilities Petroleum Chemicals Insurance Various capital goods Pharmaceuticals and cosmetics Electrical engineering and electronics Foods and non alcoholic drinks Road vehicles Tobacco and alcoholic drinks Building materials and trade Coal mining and steel industry Hotels and leisure Electronics and semiconductors Retail trade, department stores Real estate companies Miscellaneous services Other assets
100.00
The accompanying notes form an integral part of these financial statements Page 23
Capinordic Funds, SICAV Short-term Euro Interest Saving Geographical breakdown Breakdown per country
% of net assets 44.43 18.50 15.23 12.18 9.66
Italy Germany Portugal Spain Other assets
100.00
Economical breakdown Breakdown per sector
% of net assets 78.01 12.33 9.66
Countries and central government Banks and credit institutions Other assets
100.00
The accompanying notes form an integral part of these financial statements Page 24
Capinordic Funds, SICAV Nordic Small Caps Geographical breakdown Breakdown per country
% of net assets 48.48 16.19 15.97 13.77 2.91 2.68
Sweden Finland Denmark Norway Bermuda Other assets
100.00
Economical breakdown Breakdown per sector
% of net assets 12.94 12.04 9.98 9.89 8.99 7.80 6.16 4.56 4.49 4.12 3.17 2.76 2.45 1.90 1.87 1.68 1.62 0.90 2.68
Coal mining and steel industry Transportation Road vehicles Miscellaneous services Building materials and trade Electrical engineering and electronics Electronics and semiconductors Petroleum Various capital goods Non-ferrous metals Miscellaneous trading companies Real estate companies Hotels and leisure Communications Holding and finance companies Machine and apparatus construction Graphic art and publishing Foods and non alcoholic drinks Other assets
100.00
The accompanying notes form an integral part of these financial statements Page 25
Notes to the financial statements
Page 26
Capinordic Funds, SICAV Notes to the financial statements 1. General Capinordic Funds, SICAV (the "Sicav") was initially set up under the name of The Modern Funds on December 16, 1998 under Luxembourg law as a "Société d'Investissement à Capital Variable à Compartiments Multiples". The Sicav complies with Part I of the law of December 20, 2002 of the Grand Duchy of Luxembourg and is organised in accordance with the Luxembourg law of August 10, 1915 as amended, concerning commercial companies. By an Extraordinary General Meeting of Shareholders held on June 8, 2009, the name of the Sicav has been changed to Capinordic Funds, SICAV. The main objective of the Sicav is to supply a selection of Sub-Funds which satisfy the targeted investors’ different market expectations. The following Sub-Funds were active as at December 31, 2010 : - Capinordic Funds, SICAV Sweden Top 30 - Capinordic Funds, SICAV Short-term SEK Interest Saving - Capinordic Funds, SICAV SEK Bond Index Saving - Capinordic Funds, SICAV Euro Stoxx 50 - Capinordic Funds, SICAV Short-term Euro Interest Saving - Capinordic Funds, SICAV Nordic Small Caps 2. Principal accounting policies a) The financial statements are prepared in accordance with Luxembourg regulations relating to undertakings for collective investment. b) The value of any cash on hand or on deposit, bills and demand notes and accounts receivable, cash dividends and interest declared or accrued and not yet received is deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full in which case the value thereof is arrived at after making such discount as the Board of Directors may consider appropriate in such case to reflect the true value thereof. c) Transferable securities, Money Market Instruments and any financial derivatives instruments which are quoted or dealt in on a stock exchange or on a Regulated Market are valued based on the last available price on the banking day preceding the Valuation Date, unless such quotation is not representative. d) In the event that any assets held in a Sub-Fund’s portfolio on the relevant day are not quoted or dealt in on any stock exchange or on any Regulated Market, or on any Other Regulated Market or if, with respect of assets quoted or dealt in on any stock exchange or dealt in on any such markets, the last available price as determined pursuant to previous paragraph is not representative of the fair market value of the relevant assets, the value of such assets will be based on a reasonably foreseeable price determined prudently and in good faith. e) The realised profits on futures are determined with FIFO method. The unrealised result on futures contracts are included in the statement of net assets. Realised and changes in unrealised profits or losses are included in the statement of operations and changes in net assets. Futures are valued at their liquidating value based upon the settlement price on the stock exchange on which the particular future is traded.
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Capinordic Funds, SICAV Notes to the financial statements (continued) 2. Principal accounting policies (continued) f) Dividends are credited to income on the date upon which the relevant securities are first listed "ex-dividend". Interest income is accrued on a daily basis. g) The accounts for the different Sub-Funds stated in various currencies have been converted into SEK for consolidation purposes at the following rate: 1 SEK = 0.111539 EUR The costs of investments and transactions expressed in currencies other than the base currency of each Sub-Fund have been converted at the rates of exchange ruling at the transaction date. Profit and losses arising on foreign exchange operations are taken to the statement of operations and changes in net assets. 3. Investment Manager, Management Company, Custodian and administration fees a) Management and performance fees The Investment Manager receives for its services a monthly fee calculated on the average Net Asset Value at a fixed percentage rate (the "Fixed Fees") as indicated hereafter: Sub-Funds Sweden Top 30 Short-term SEK Interest Saving SEK Bond Index Saving Euro Stoxx 50 Short-term Euro Interest Saving Nordic Small Caps
Fixed Fees 0.80% 0.40% 0.50% 0.80% 0.40% 1.00%
In counterpart, the Investment Manager pays in turn all the fees in relation with the Fund's business as described in the "Expenses and Taxation" chapter of the full prospectus out of the Fixed Fees or in excess of the Fixed Fees. Fixed Fees are mainly composed of all fees payable to the Management Company, Service Providers, Custodian and Paying Agents, Central Administration Agent, Nominees, Auditors and legal advisors of the Fund and taxes. As a consequence, any additional amount in excess of the Fixed Fees is paid by the Investment Manager and is being withdrawn from the item "Management and Investment management fees" in the statement of operations and changes in net assets. The effective management fee rate applicable for the year ended December 31, 2010 after deduction of any additional amount in excess of the Fixed Fees amounts to : Name of Sub-Fund
% of NAV (Annual rate)
Sweden Top 30 Short-term SEK Interest Saving SEK Bond Index Saving Euro Stoxx 50 Short-term Euro Interest Saving Nordic Small Caps
0.19% 0.00% 0.09% 0.38% 0.00% 0.00%
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Capinordic Funds, SICAV Notes to the financial statements (continued) 3. Investment Manager, Management Company, Custodian and administration fees (continued) In addition to the management fee, the Investment Manager may be entitled to a performance fee for the Sub-Fund Nordic Small Caps which is equal to 20% of the positive difference between the performance of the net asset value per share and CSX-Carnegie Small Cap Sweden Index (Reference Index) during the reference period multiplied by the number of shares outstanding. The Reference Period is the calendar year, starting January 1 and ending December 31.The performance fee is paid by the Sub-Fund, not out of the Fixed Fees, but in addition to the Fixed Fees. For the year ended December 31, 2010, the Sub-Fund did not outperform the Reference Index and therefore no performance fees has been paid. b) Management Company fee As of November 30, 2007 Luxcellence Management Company S.A. (the "Management Company") was appointed to act as management company of the Sicav and to perform inter alia the service of collective portfolio management. The Management Company delegates its functions as administrative agent and registrar and transfer agent of the Sicav to CACEIS Bank Luxembourg (the "Bank") which has also been designated as custodian, paying and domiciliation agent. For its services, the Management Company receives a fee of 0.025% per annum based on the monthly average net assets of the respective Sub-Fund and is payable monthly in arrears with a minimum of EUR 30,000 per annum for the Sicav. This fee is paid by the Investment Manager out of the Fixed Fees or in excess of the Fixed Fees. c) Custodian and administration fees In compensation for its services, CACEIS Bank Luxembourg (the "Bank") is entitled to a variable fee of 0.09% per annum calculated on the average monthly Net Asset Value per Sub-Fund and payable monthly. The fee charged for Administration and Transfer Agency is included in this fee. The Bank is also entitled to receive from the Management Company or the Sicav on demand reimbursement for its cash disbursements. In addition the Bank receives a yearly fix fee, payable monthly, of EUR 6,000 p.a. for its functions as domiciliary agent. All these fees are paid by the Investment Manager out of the Fixed Fees or in excess of the Fixed Fees. 4. Brokerage and futures fees Brokerage and futures fees are paid by the Sub-Funds directly, in addition to the Fixed Fees and not by the Investment Manager out of the Fixed Fees. 5. Distributor and Nominee in Sweden Until February 10, 2010, Capinordic Bank – filial till Capinordic Bank A/S Danmark was Distributor of the Sicav and Nominee in Sweden for the shareholders of the Sicav under certain conditions detailed in the agreement.
Page 29
Capinordic Funds, SICAV Notes to the financial statements (continued) 5. Distributor and Nominee in Sweden (continued) On February 10, 2010, Capinordic Bank – filial till Capinordic Bank A/S Danmark, a subsidiary of Capinordic A/S, filed for a suspension of payments. The filing was registered the same day in the Bankruptcy Division of the Maritime and Commercial Court in Copenhagen and the banking license granted to Capinordic Bank A/S Danmark has been withdrawn on the same date. As a consequence, the Board of Directors of the Sicav resolves to terminate the Distributor and Nominee agreement with Luxcellence Management Company S.A. and Capinordic Bank – filial till Capinordic Bank A/S Danmark and to enter into a new Distributor and Nominee agreement with Luxcellence Management Company S.A. and Monetar Pensionsförvaltning AB, a company registered in Sweden, with effect as from February 12, 2010. The annual distribution fee of up to 0.02% is calculated on the average Net Asset Value of the relevant Sub-Fund and is payable by the Investment Manager out of the Fixed Fees on a quarterly basis. 6. Taxation (Subscription duty) The Sicav is governed by Luxembourg tax law. Pursuant to the legislation and regulations which are prevailing, the Sicav 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 day of each quarter. However for Sub-Funds whose exclusive purpose is to invest in money market instruments and the placing of deposits with Credit institutions as referred to in the Grand Duchy decree of April 14, 2003, taken in execution of article 129(1) of the Law of 2002, the yearly tax rate is 0.01%. 7. Commitment on futures At the date of the report, the Sicav had open commitments on futures as follows: Capinordic Funds, SICAV Sweden Top 30 Description - Future on indices Long
OMX SWEDEN 30 INDEX 01/11
Currency Quantity Market value in SEK 320 37,024,000 SEK
Unrealised Gain in SEK 82,240
8. Changes in investment portfolio Changes in the investment portfolio for the period referring to the report can be obtained, on request, from the Registered Office and the Custodian. 9. NAV calculation suspension Following the bankruptcy of Capinordic Bank – filial till Capinordic Bank A/S Danmark in February 10, 2010, the promotership of the Fund has been taken over by Monetar Pensionsförvaltning AB, a Swedish firm under the supervision of the Swedish Finanzinspektionen, fully owned by Capinordic A/S. From the NAV dated February 17, 2010 until March 4, 2010, the calculation of the NAV has been suspended until the new promoter was approved by the CSSF.
Page 30
