MOVESTIC SICAV (RCS No. B 185.082) SOCIÉTÉ D’INVESTISSEMENT À CAPITAL VARIABLE ORGANIZED UNDER THE LAWS OF THE GRAND DUCHY OF LUXEMBOURG ANNUAL REPORT AS OF DECEMBER 31, 2014
____ COMPANY: MOVESTIC SICAV ____
MOVESTIC SICAV (RCS No. B 185.082) ANNUAL REPORT AS OF DECEMBER 31, 2014
Report of the Board of Directors
Combined Accounts
4
28
The Key Facts, At a Glance, Profit and Loss accounts, Changes in Net Assets, Classification of Investments, Statement of Assets and Liabilities a.o.
__MOVESTIC SICAV - Multifond Balanserad
30
__MOVESTIC SICAV - Multifond Försiktig
34
__MOVESTIC SICAV - Multifond Offensiv
38
__MOVESTIC SICAV - Movestic Bevara
42
__MOVESTIC SICAV - Movestic Bygga
45
__MOVESTIC SICAV - Monyx Fondservice Balanserad Movestic
48
__MOVESTIC SICAV - Monyx Fondservice Sverige/Världen Movestic
52
__MOVESTIC SICAV - Monyx Fondservice Världen Movestic
56
__MOVESTIC SICAV - Trygghet 75 Movestic
60
__MOVESTIC SICAV - Trygghet 80 Movestic
64
__MOVESTIC SICAV - Trygghet 85 Movestic
68
__MOVESTIC SICAV - Trygghet 90 Movestic
72
1
__MOVESTIC SICAV - Naventi Offensiv Strategi
76
__MOVESTIC SICAV - Naventi Balanserad Strategi
79
__MOVESTIC SICAV - Aktiv Allokering
82
__MOVESTIC SICAV - Movestic Europa Småbolag
86
__MOVESTIC SICAV - Movestic Korta Räntor Plus
89
__MOVESTIC SICAV - Movestic Sverige
92
List of Management Fees for the Target Funds, that were included in the portfolio during the reporting period
96
Notes to the Annual Report
99
Report of the Réviseur d’Entreprises agréé
106
Partners 107
2
This Annual Report does not constitute an offer or an
The Prospectus is available free of charge at the Company, at
invitation to purchase shares of the Company. Statements on
the Custodian Bank and at the Paying and Distribution
future performances cannot be made on basis of this Annual
Agents mentioned in this Report.
Report. The subscription of shares is based on the most recent version of the Prospectus, the Statutes of the Company
A statement of the changes to the schedule of investments
and the latest Annual Report. If the cut-off day of the Annual
in the period under review is available free of charge
Report exceeds more than eight months a more recent Semi-
from
Annual Report will be provided in addition to the Annual
Distribution Agents.
Report.
the
Company,
the
Paying
Agents
and
the
MOVESTIC SICAV - Multifond Balanserad / Annual Report as of December 31, 2014
Report of the Board of Directors Market Review 2014 Financial markets 2014 became a strong year for many equity and bond markets. Falling bond yields and support from central banks caused bond holdings to perform very well, generally. In the equity markets a sluggish but positive earnings growth in combination with risk appetite and lower benchmarks rate made equities to appreciate. However, valuations in both markets are to be considered high compared to historic levels, bond markets more so than equity markets. Other notable market developments are the sharp down turn in oil prices due to higher supply and a slow growing demand. Among currencies the USD had a quite strong year versus EUR, SEK and many other currencies. On a geopolitical basis 2014 was challenging even though no crisis has escalated to have a severe impact on global growth or global financial markets. MOVESTIC SICAV - Multifond Balanserad The sub-fund Multifond Balanserad is an actively managed fund which primarily invests in equity related funds on a global basis, fixed income funds and hedge funds. The target is 50 % equity exposure and 50 % non-equity exposure. During the year the sub-fund has successfully been invested in equity related funds with exposure to different regions, styles and market caps. In addition to the equity exposure the sub-fund has been invested in various fixed income funds and hedge funds. The sub-fund has performed as expected and is well positioned to exploit volatility and market inefficiencies. However the management of the sub-fund does not rely on short term tactical asset allocation. MOVESTIC
SICAV
-
Multifond
Balanserad
returned
5,31 %* during the reporting period.
Luxembourg, March 31, 2015 MOVESTIC SICAV For the Board of Directors
Thomas Albert
Henrik Sundin
*) calculated using the BVI (Bundesverband Investment und Asset Management e.V.) method
4
MOVESTIC SICAV - Multifond Försiktig / Annual Report as of December 31, 2014
Report of the Board of Directors Market Review 2014 Financial markets 2014 became a strong year for many equity and bond markets. Falling bond yields and support from central banks caused bond holdings to perform very well, generally. In the equity markets a sluggish but positive earnings growth in combination with risk appetite and lower benchmarks rate made equities to appreciate. However, valuations in both markets are to be considered high compared to historic levels, bond markets more so than equity markets. Other notable market developments are the sharp down turn in oil prices due to higher supply and a slow growing demand. Among currencies the USD had a quite strong year versus EUR, SEK and many other currencies. On a geopolitical basis 2014 was challenging even though no crisis has escalated to have a severe impact on global growth or global financial markets. MOVESTIC SICAV - Multifond Försiktig The sub-fund MOVESTIC SICAV - Multifond Försiktig is an actively managed fund which primarily invests in equity related funds on a global basis, fixed income funds and hedge funds. The target is 33 % equity exposure and 67 % non-equity exposure. During the year the sub-fund has successfully been invested in fixed income funds and hedge funds. In addition to the fixed income and hedge funds the sub-fund has invested in equity funds with exposure to different regions and equity markets. The sub-fund has performed as expected and is well positioned to exploit volatility and market inefficiencies. However the management of the fund does not rely on short term tactical asset allocation. MOVESTIC SICAV - Multifond Försiktig returned 3,65 %* during the reporting period.
Luxembourg, March 31, 2015 MOVESTIC SICAV For the Board of Directors
Thomas Albert
Henrik Sundin
*) calculated using the BVI (Bundesverband Investment und Asset Management e.V.) method
5
MOVESTIC SICAV - Multifond Offensiv / Annual Report as of December 31, 2014
Report of the Board of Directors Market Review 2014 Financial markets 2014 became a strong year for many equity and bond markets. Falling bond yields and support from central banks caused bond holdings to perform very well, generally. In the equity markets a sluggish but positive earnings growth in combination with risk appetite and lower benchmarks rate made equities to appreciate. However, valuations in both markets are to be considered high compared to historic levels, bond markets more so than equity markets. Other notable market developments are the sharp down turn in oil prices due to higher supply and a slow growing demand. Among currencies the USD had a quite strong year versus EUR, SEK and many other currencies. On a geopolitical basis 2014 was challenging even though no crisis has escalated to have a severe impact on global growth or global financial markets. MOVESTIC SICAV - Multifond Offensiv The sub-fund MOVESTIC SICAV - Multifond Offensiv is an actively managed fund which primarily invests in equity related funds on a global basis. During the year the sub-fund has successfully been invested in equity related funds with exposure to different regions, styles and market caps. The fund has performed as expected and is well positioned to exploit volatility and market inefficiencies. However the management of the fund does not rely on short term tactical asset allocation. MOVESTIC SICAV - Multifond Offensiv returned 9,71 %* during the reporting period.
Luxembourg, March 31, 2015 MOVESTIC SICAV For the Board of Directors
Thomas Albert
Henrik Sundin
*) calculated using the BVI (Bundesverband Investment und Asset Management e.V.) method
6
MOVESTIC SICAV - Movestic Bevara / Annual Report as of December 31, 2014
Report of the Board of Directors Market Review 2014 Financial markets 2014 became a strong year for many equity and bond markets. Falling bond yields and support from central banks caused bond holdings to perform very well, generally. In the equity markets a sluggish but positive earnings growth in combination with risk appetite and lower benchmarks rate made equities to appreciate. However, valuations in both markets are to be considered high compared to historic levels, bond markets more so than equity markets. Other notable market developments are the sharp down turn in oil prices due to higher supply and a slow growing demand. Among currencies the USD had a quite strong year versus EUR, SEK and many other currencies. On a geopolitical basis 2014 was challenging even though no crisis has escalated to have a severe impact on global growth or global financial markets. MOVESTIC SICAV - Movestic Bevara The sub-fund MOVESTIC SICAV - Movestic Bevara is an actively managed fund with mandate to invest in various asset classes. The target is to have approximately 25 % invested in equity funds and 75 % invested in fixed income funds and hedge funds. During the year the sub-fund has successfully invested in different fixed income related funds and in addition to that equity allocation with positive contribution. The sub-fund has performed as expected and is well positioned to exploit volatility and market inefficiencies. However the management of the fund does not rely on tactical asset allocation. MOVESTIC SICAV - Movestic Bevara returned 5,24 %* during the reporting period.
Luxembourg, March 31, 2015 MOVESTIC SICAV For the Board of Directors
Thomas Albert
Henrik Sundin
*) calculated using the BVI (Bundesverband Investment und Asset Management e.V.) method
7
MOVESTIC SICAV - Movestic Bygga / Annual Report as of December 31, 2014
Report of the Board of Directors Market Review 2014 Financial markets 2014 became a strong year for many equity and bond markets. Falling bond yields and support from central banks caused bond holdings to perform very well, generally. In the equity markets a sluggish but positive earnings growth in combination with risk appetite and lower benchmarks rate made equities to appreciate. However, valuations in both markets are to be considered high compared to historic levels, bond markets more so than equity markets. Other notable market developments are the sharp down turn in oil prices due to higher supply and a slow growing demand. Among currencies the USD had a quite strong year versus EUR, SEK and many other currencies. On a geopolitical basis 2014 was challenging even though no crisis has escalated to have a severe impact on global growth or global financial markets. MOVESTIC SICAV - Movestic Bygga The sub-fund MOVESTIC SICAV - Movestic Bygga is an actively managed fund with mandate to invest in various asset classes. The target is to have approximately 75 % invested in equity funds and 25 % invested in fixed income funds and hedge funds. During the year the sub-fund has successfully invested in equity related funds and in addition to that a fixed income exposure which contributed positively. The sub-fund has performed as expected and is well positioned to exploit volatility and market inefficiencies. However the management of the fund does not rely on tactical asset allocation. MOVESTIC SICAV - Movestic Bygga returned 11,54 %* during the reporting period.
Luxembourg, March 31, 2015 MOVESTIC SICAV For the Board of Directors
Thomas Albert
Henrik Sundin
*) calculated using the BVI (Bundesverband Investment und Asset Management e.V.) method
8
MOVESTIC SICAV - Monyx Fondservice Balanserad Movestic / Annual Report as of December 31, 2014
Report of the Board of Directors
instruments and/or global fixed income and money market instruments.
Review of Global Financial Markets 2014 was a dramatic year in the financial markets.
The sub-fund MOVESTIC SICAV - Monyx Fondservice Balanserad Movestic has gained 6,00 %* since the beginning
Global equity markets performed strongly in the first half of
of the reporting period. During this period the sub-fund had
the year, and gains continued in the third quarter. In October
an average equity weight of 56,5 %. Overall allocation to
however, stock markets retreated, due to soft economic data
global equities, including emerging markets contributed to
and geopolitical unrest. Nevertheless, markets recovered
the performance. The allocation to Fixed Income and
strongly towards the end of the year.
Alternatives had a slightly positive effect to the overall performance.
The US equity market outperformed most equity markets in the year in common currency terms, due to the strong
The sub-fund moved sideways during the summer months
development of the USD. In the foreign exchange market, the
and experienced a sell-off in the beginning of October when
USD strengthened dramatically during the second half of the
the financial markets in general suffered from a sharp
year, driven by expectations of tighter monetary policy from
downturn. The sub-fund recovered earlier losses and finished
the Federal Reserve.
the year in positive territory, in line with most equity markets.
The Swedish equity market strengthened in line with international markets, but in SEK, the Swedish market
The top performing equity region was the US market, which
underperformed, due to a weakening of the SEK. The SEK
also contributed well to the strong performance of the global
weakened as the Swedish Riksbank lowered its policy
equity holdings. It was supported by the strong USD against
interest rate by 50 bps in July and another 25 bps to zero in
the SEK which had a positive impact to the sub-fund’s
October.
performance.
The development of the equity markets in the emerging
The best performing investments in absolute numbers and
markets diverged in the year. While the Asian markets had a
measured in SEK were Öhman Etisk Index USA and Source
positive development, markets in Eastern Europe and Latin
Markets PLC Source S&P 500 -A- UCITS ETF, both with a
America weakened, against the background of falling
market risk at or close to the underlying index. Those
commodity prices and increased political uncertainty.
holdings contributed to approximately 2,2 % of the overall performance. Another strong performer was db x-trackers
In the bond market, government bond yields fell steadily
SICAV MSCI WORLD TRN INDEX ETF. The worst
throughout the year, driven by weaker lower inflation
performing investment was a Fixed Income holding, FTIF
expectations, weaker growth prospects and lower interest
SICAV Global Bond Fund, down approximately 2 % in SEK,
rates by central banks.
hence underperforming in absolute numbers and relative to Swedish Fixed Income benchmarks. It had a negative impact
The
corporate
bond
market
weakened,
against
the
of 10 bps to overall performance during this period.
background of weaker growth prospects. Furthermore, bonds issued by companies with exposure to the energy sector
The sub-fund hasn’t used derivatives or any currency
underperformed due to the falling price of oil.
hedging tools.
In the commodities markets oil prices collapsed in the second
As a Swedish investor with a global mandate, the investment
half of the year, due to a combination of weaker global
year of 2014 can be summarized as another strong year in
demand and increased oil production, not least in the US.
terms of performance. A large part of the performance can be explained by the appreciation of the USD versus all other
MOVESTIC SICAV - Monyx Fondservice Balanserad
major currencies and that has benefitted non-American
Movestic
investors during the year. The USD has strengthened
The sub-fund’s principal investment objective is to achieve a
approximately 20 % against the SEK and 12 % versus the
significant return on invested capital over the long term. The
EUR. A clear pattern during the fourth quarter was the
sub-fund will primarily invest in units or shares of UCITS or
increased volatility in not only equities, but also in other
UCIs, as well as units or shares of closed or open-ended
asset classes such as bonds, commodities and currencies. We
exchange traded funds, with focus on global equity markets,
expect this higher volatility regime to remain when we enter
including equities of emerging markets, equity related
2015 and will monitor the development closely for further
9
MOVESTIC SICAV - Monyx Fondservice Balanserad Movestic / Annual Report as of December 31, 2014
evidence of the state of the global recovery and potential risks to the financial markets.
Luxembourg, March 31, 2015 MOVESTIC SICAV For the Board of Directors
Thomas Albert
Henrik Sundin
*) calculated using the BVI (Bundesverband Investment und Asset Management e.V.) method
10
MOVESTIC SICAV - Monyx Fondserivce Sverige/Världen Movestic / Annual Report as of December 31, 2014
Report of the Board of Directors
related instruments and/or global fixed income and money market instruments.
Review of Global Financial Markets 2014 was a dramatic year in the financial markets.
The sub-fund MOVESTIC SICAV - Monyx Fondservice Sverige/Världen Movestic has gained 2,65 %* since the
Global equity markets performed strongly in the first half of
beginning of the reporting period. During this period the sub-
the year, and gains continued in the third quarter. In October
fund had an average equity weight of 83,5 %. Overall
however, stock markets retreated, due to soft economic data
allocation to global equities, including emerging markets and
and geopolitical unrest. Nevertheless, markets recovered
Swedish equities contributed to the performance. The
strongly towards the end of the year.
allocation to Fixed Income and Alternatives had a slightly positive effect to the overall performance.
The US equity market outperformed most equity markets in the year in common currency terms, due to the strong
The sub-fund moved sideways during the summer months
development of the USD. In the foreign exchange market, the
and experienced a larger sell-off in the beginning of October
USD strengthened dramatically during the second half of the
when the financial markets in general suffered from a sharp
year, driven by expectations of tighter monetary policy from
downturn. The sub-fund recovered earlier losses and finished
the Federal Reserve.
the year in positive territory, in line with most equity markets.
The Swedish equity market strengthened in line with international markets, but in SEK, the Swedish market
The top contributing equity regions were global developed
underperformed, due to a weakening of the SEK. The SEK
markets, supported by the strong USD against the SEK,
weakened as the Swedish Riksbank lowered its policy
which had a positive impact on the sub-fund’s performance.
interest rate by 50 bps in July and another 25 bps to zero in
Monyx
October.
underperformed Monyx Fondservice Balanserad Movestic
Fondservice
Sverige/Världen
Movestic
during this period, even though it had a higher equity The development of the equity markets in the emerging
exposure on average. This is mainly explained by its mixed
markets diverged in the year. While the Asian markets had a
allocation of Swedish and Global equities, since global
positive development, markets in Eastern Europe and Latin
developed equity markets had a stronger performance,
America weakened, against the background of falling
measured in SEK. The Balanserad Fund held no Swedish
commodity prices and increased political uncertainty.
Equity holdings.
In the bond market, government bond yields fell steadily
The best performing investments were db x-trackers SICAV
throughout the year, driven by weaker lower inflation
MSCI WORLD TRN INDEX ETF and iShares MSCI World
expectations, weaker growth prospects and lower interest
UCITS ETF, both with a market risk at or close to the
rates by central banks.
underlying
index.
Those
holdings
contributed
to
approximately 2,5 % of the overall performance. The worst The
corporate
bond
market
weakened,
against
the
performing
investment
was
Skagen
Kon-Tiki,
down
background of weaker growth prospects. Furthermore, bonds
approximately 2 % in SEK. After a positive start of the year,
issued by companies with exposure to the energy sector
both on an absolute and relative basis, Skagen Kon-Tiki
underperformed due to the falling price of oil.
significantly underperformed emerging markets and global equities during the second half of 2014. It had an average
In the commodities markets oil prices collapsed in the second
weight of 5 % in the portfolio, thus contributing negatively
half of the year, due to a combination of weaker global
with 10 bps to the overall performance. Another detractor on
demand and increased oil production, not least in the US.
a relative basis was Atlant Sharp. In a portfolio context it was meant to be a defensive exposure to the Swedish Equity
MOVESTIC SICAV - Monyx Fondservice Sverige/
market, but it underperformed SIX PRX index by 5 % during
Världen Movestic
this period.
The sub-fund’s principal investment objective is to achieve a significant return on invested capital over the long term. The
The sub-fund hasn’t used derivatives or any currency
sub-fund will primarily invest in units or shares of UCITS or
hedging tools.
other UCIs, as well as units or shares of closed or openended exchange traded funds with focus on global equity
As a Swedish investor with a global mandate, the investment
markets, including equities of the emerging markets, equity
year of 2014 can be summarized as another strong year in terms of performance. A large part of the performance can be
11
MOVESTIC SICAV - Monyx Fondserivce Sverige/Världen Movestic / Annual Report as of December 31, 2014
explained by the appreciation of the USD versus all other major currencies and that has benefitted non-American investors during the year. The USD has strengthened approximately 20 % against the SEK and 12 % versus the EUR. A clear pattern during the fourth quarter was the increased volatility in not only equities, but also in other asset classes such as bonds, commodities and currencies. We expect this higher volatility regime to remain when we enter 2015 and will monitor the development closely for further evidence of the state of the global recovery and potential risks to the financial markets.
Luxembourg, March 31, 2015 MOVESTIC SICAV For the Board of Directors
Thomas Albert
Henrik Sundin
*) calculated using the BVI (Bundesverband Investment und Asset Management e.V.) method
12
MOVESTIC SICAV - Monyx Fondserivce Världen Movestic / Annual Report as of December 31, 2014
Report of the Board of Directors
related instruments and/or global fixed income and money market instruments.
Review of Global Financial Markets 2014 was a dramatic year in the financial markets.
The sub-fund Movestic SICAV - Monyx Fondservice Världen Movestic has gained 9,22 %* since the beginning of
Global equity markets performed strongly in the first half of
the reporting period. During this period the Fund had an
the year, and gains continued in the third quarter. In October
average equity weight of 83 %. Overall allocation to global
however, stock markets retreated, due to soft economic data
equities, including emerging markets contributed to the
and geopolitical unrest. Nevertheless, markets recovered
performance.
strongly towards the end of the year.
Alternatives had a slightly positive effect to the overall
The
allocation
to
Fixed
Income
and
performance. The US equity market outperformed most equity markets in the year in common currency terms, due to the strong
The sub-fund moved sideways during the summer months
development of the USD. In the foreign exchange market, the
and experienced a larger sell-off in the beginning of October
USD strengthened dramatically during the second half of the
when the financial markets in general suffered from a sharp
year, driven by expectations of tighter monetary policy from
downturn. The sub-fund recovered earlier losses and finished
the Federal Reserve.
the year in positive territory, in line with most equity markets.
The Swedish equity market strengthened in line with international markets, but in SEK, the Swedish market
The top contributing equity regions were North America and
underperformed, due to a weakening of the SEK. The SEK
global developed markets, measured in SEK, both well
weakened as the Swedish Riksbank lowered its policy
supported by the strong USD, which was one of the major
interest rate by 50 bps in July and another 25 bps to zero in
investment themes during 2014. The SEK also depreciated
October.
against the EUR which had a positive impact on the underlying EUR-denominated holdings.
The development of the equity markets in the emerging markets diverged in the year. While the Asian markets had a
The best performing investments were Öhman Etisk Index
positive development, markets in Eastern Europe and Latin
USA and Source Markets PLC Source S&P 500 -A- UCITS
America weakened, against the background of falling
ETF, both with a market risk at or close to the underlying
commodity prices and increased political uncertainty.
index. Macquarie Fund Solutions SICAV Asia New Stars also contributed well to the performance with an increase of
In the bond market, government bond yields fell steadily
23,7 % in SEK during this period. It outperformed a broader
throughout the year, driven by weaker lower inflation
Emerging Markets index significantly, due to its geographic
expectations, weaker growth prospects and lower interest
focus on Asia, hence avoiding laggards like the Russian and
rates by central banks.
Brazilian equity markets, which were hit severely during the second half of 2014 because of falling energy prices and
The
corporate
bond
market
weakened,
against
the
political uncertainty. The worst performing investment was
background of weaker growth prospects. Furthermore, bonds
Skagen Kon-Tiki, down approximately 2 % in SEK. After a
issued by companies with exposure to the energy sector
positive start of the year, both on an absolute and relative
underperformed due to the falling price of oil.
basis,
Skagen
Kon-Tiki
significantly
underperformed
emerging markets and global equities during the second half In the commodities markets oil prices collapsed in the second
of 2014. It had an average weight of 5 % in the portfolio,
half of the year, due to a combination of weaker global
thus contributing negatively with 10 bps to the overall
demand and increased oil production, not least in the US.
performance.
MOVESTIC SICAV - Monyx Fondservice Världen
The sub-fund hasn’t used derivatives or any currency
Movestic
hedging tools.
The sub-fund’s principal investment objective is to achieve a significant return on invested capital over the long term. The
As a Swedish investor with a global mandate, the investment
sub-fund will primarily invest in units or shares of UCITS or
year of 2014 can be summarized as another strong year in
other UCIs, as well as units or shares of closed or open-
terms of performance. A large part of the performance can be
ended exchange traded funds with focus on global equity
explained by the appreciation of the USD versus all other
markets, including equities of the emerging markets, equity
major currencies and that has benefitted non-American investors during the year. The USD has strengthened
13
MOVESTIC SICAV - Monyx Fondserivce Världen Movestic / Annual Report as of December 31, 2014
approximately 20 % against the SEK and 12 % versus the EUR. A clear pattern during the fourth quarter was the increased volatility in not only equities, but also in other asset classes such as bonds, commodities and currencies. We expect this higher volatility regime to remain when we enter 2015 and will monitor the development closely for further evidence of the state of the global recovery and potential risks to the financial markets.
Luxembourg, March 31, 2015 MOVESTIC SICAV For the Board of Directors
Thomas Albert
Henrik Sundin
*) calculated using the BVI (Bundesverband Investment und Asset Management e.V.) method
14
MOVESTIC SICAV - Trygghet 75 Movestic / Annual Report as of December 31, 2014
Report of the Board of Directors
The main drivers for performance in the sub-fund were North American equities, primarily driven by a strengthening USD
2014 Review
and a continued improvement in the economy. The top
The performance for the financial markets in 2014 was
performance contributors were investments in Öhman Etisk
overall positive, despite global macro-economic concerns
Index USA, Vanguard Funds PLC S&P 500 UCITS ETF and
and a collapse in oil price. The decision by OPEC in
Schroder Intl. Selection Fund SICAV US Small & Mid Cap
November to maintain oil production levels contributed to
Equity.
oversupply resulting in a USD 60/bbl. decline in Brent oil since the end of June.
Detractors of the sub-fund’s performance were to be found in the regions closely correlated to the oil price and with
One of the big surprises of the year was that interest rates
geopolitical tensions such as Eastern Europe. The worst
continued to fall, resulting in both the US Federal Funds
performer over the period was Schroder Intl. Selection Fund
Target Rates and the European Central Bank refinancing
SICAV Emerging Europe.
rates ending at all-time lows. In the US Federal Reserve ended its asset purchasing program in October 2014, with
The sub-fund has not used any derivatives.
expectations of the first rate hike to be in mid-2015. The Federal Reserve ending its program combined with historical
MOVESTIC SICAV - Trygghet 75 Movestic had high equity
low interest rates meant less return for investors invested in
exposure as a result of overall low volatility during 2014,
fixed income. Consequently investors began “hunting for
increasing our preference for riskier assets. This proved to be
yield” causing credit spreads in the fixed income space to
good for performance.
tighten and stock prices to rally. Emerging markets initially outperformed developed markets
Luxembourg, March 31, 2015
but lost traction and contracted as investors worried about the strengthening USD, deflationary concerns and rising
MOVESTIC SICAV
geopolitical tensions combined with the drop in oil prices.
For the Board of Directors
However Asia ex-Japan rose during 2014 with both India and Indonesia contributing to the majority of the return as both countries gained momentum in hopes of electoral reforms and lower oil prices. Thomas Albert
Henrik Sundin
MOVESTIC SICAV - Trygghet 75 Movestic The sub-fund MOVESTIC SICAV - Trygghet 75 Movestic returned 7,21 %* during the reporting period.
*) calculated using the BVI (Bundesverband Investment und Asset Management e.V.) method
The largest contributors to performance were (sorted descending) North American equities, Swedish equities, European equities and Asia ex-Japan equities. Detractors were Emerging Europe equities. The general risks for the sub-fund over the period have been the exposure to equities and subsequent exposure to various large currencies, like USD and EUR. We changed the positioning in the small cap space in Europe, North America and Sweden over the year towards a greater allocation to large caps since we believed small caps would underperform following their recent rally and stretched multiples. Looking back large caps in the US outperformed small caps by almost 900 bps in 2014. During 2014 we decreased the exposure to Emerging Europe in general and Russia in particular since the volatility and the geopolitical tensions increased in the region.
15
MOVESTIC SICAV - Trygghet 80 Movestic / Annual Report as of December 31, 2014
Report of the Board of Directors
The main drivers for performance in the sub-fund were North American equities, primarily driven by a strengthening USD
2014 Review
and a continued improvement in the economy. The top
The performance for the financial markets in 2014 was
performance contributors were investments in Öhman Etisk
overall positive, despite global macro-economic concerns
Index USA, Vanguard Funds PLC S&P 500 UCITS ETF and
and a collapse in oil price. The decision by OPEC in
Schroder Intl. Selection Fund SICAV US Small & Mid Cap
November to maintain oil production levels contributed to
Equity.
oversupply resulting in a USD 60/bbl. decline in Brent oil since the end of June.
Detractors of the sub-fund’s performance were to be found in the regions closely correlated to the oil price and with
One of the big surprises of the year was that interest rates
geopolitical tensions such as Eastern Europe. The worst
continued to fall, resulting in both the US Federal Funds
performer over the period was Schroder Intl. Selection Fund
Target Rates and the European Central Bank refinancing
SICAV Emerging Europe.
rates ending at all-time lows. In the US Federal Reserve ended its asset purchasing program in October 2014, with
The sub-fund has not used any derivatives.
expectations of the first rate hike to be in mid-2015. The Federal Reserve ending its program combined with historical
MOVESTIC SICAV - Trygghet 80 Movestic had high equity
low interest rates meant less return for investors invested in
exposure as a result of overall low volatility during 2014,
fixed income. Consequently investors began “hunting for
increasing our preference for riskier assets. This proved to be
yield” causing credit spreads in the fixed income space to
good for performance.
tighten and stock prices to rally. Emerging markets initially outperformed developed markets
Luxembourg, March 31, 2015
but lost traction and contracted as investors worried about the strengthening USD, deflationary concerns and rising
MOVESTIC SICAV
geopolitical tensions combined with the drop in oil prices.
For the Board of Directors
However Asia ex-Japan rose during 2014 with both India and Indonesia contributing to the majority of the return as both countries gained momentum in hopes of electoral reforms and lower oil prices. Thomas Albert
Henrik Sundin
MOVESTIC SICAV - Trygghet 80 Movestic The sub-fund MOVESTIC SICAV - Trygghet 80 Movestic returned 5,74 %* during the reporting period. The largest contributors to performance were (sorted descending) North American equities, Swedish equities, European equities and Asia ex-Japan equities. Detractors were Emerging Europe equities. The general risks for the sub-fund over the period have been the exposure to equities and subsequent exposure to various large currencies, like USD and EUR. We changed the positioning in the small cap space in Europe, North America and Sweden over the year towards a greater allocation to large caps since we believed small caps would underperform following their recent rally and stretched multiples. Looking back large caps in the US outperformed small caps by almost 900 bps in 2014. During 2014 we decreased the exposure to Emerging Europe in general and Russia in particular since the volatility and the geopolitical tensions increased in the region.
16
*) calculated using the BVI (Bundesverband Investment und Asset Management e.V.) method
MOVESTIC SICAV - Trygghet 85 Movestic / Annual Report as of December 31, 2014
Report of the Board of Directors
The main drivers for performance in the sub-fund were North American equities, primarily driven by a strengthening USD
2014 Review
and a continued improvement in the economy. The top
The performance for the financial markets in 2014 was
performance contributors were investments in Öhman Etisk
overall positive, despite global macro-economic concerns
Index USA, Vanguard Funds PLC S&P 500 UCITS ETF and
and a collapse in oil price. The decision by OPEC in
Schroder Intl. Selection Fund SICAV US Small & Mid Cap
November to maintain oil production levels contributed to
Equity.
oversupply resulting in a USD 60/bbl. decline in Brent oil since the end of June.
Detractors of the sub-fund’s performance were to be found in the regions closely correlated to the oil price and with
One of the big surprises of the year was that interest rates
geopolitical tensions such as Eastern Europe. The worst
continued to fall, resulting in both the US Federal Funds
performer over the period was Schroder Intl. Selection Fund
Target Rates and the European Central Bank refinancing
SICAV Emerging Europe.
rates ending at all-time lows. In the US Federal Reserve ended its asset purchasing program in October 2014, with
The sub-fund has not used any derivatives.
expectations of the first rate hike to be in mid-2015. The Federal Reserve ending its program combined with historical
MOVESTIC SICAV - Trygghet 85 Movestic had high equity
low interest rates meant less return for investors invested in
exposure as a result of overall low volatility during 2014,
fixed income. Consequently investors began “hunting for
increasing our preference for riskier assets. This proved to be
yield” causing credit spreads in the fixed income space to
good for performance.
tighten and stock prices to rally. Emerging markets initially outperformed developed markets
Luxembourg, March 31, 2015
but lost traction and contracted as investors worried about the strengthening USD, deflationary concerns and rising
MOVESTIC SICAV
geopolitical tensions combined with the drop in oil prices.
For the Board of Directors
However Asia ex-Japan rose during 2014 with both India and Indonesia contributing to the majority of the return as both countries gained momentum in hopes of electoral reforms and lower oil prices. Thomas Albert
Henrik Sundin
MOVESTIC SICAV - Trygghet 85 Movestic The sub-fund MOVESTIC SICAV - Trygghet 85 Movestic returned 4,25 %* during the reporting period.
*) calculated using the BVI (Bundesverband Investment und Asset Management e.V.) method
The largest contributors to performance were (sorted descending) North American equities, Swedish equities, European equities and Asia ex-Japan equities. Detractors were Emerging Europe equities. The general risks for the sub-fund over the period have been the exposure to equities and subsequent exposure to various large currencies, like USD and EUR. We changed the positioning in the small cap space in Europe, North America and Sweden over the year towards a greater allocation to large caps since we believed small caps would underperform following their recent rally and stretched multiples. Looking back large caps in the US outperformed small caps by almost 900 bps in 2014. During 2014 we decreased the exposure to Emerging Europe in general and Russia in particular since the volatility and the geopolitical tensions increased in the region.
17
MOVESTIC SICAV - Trygghet 90 Movestic / Annual Report as of December 31, 2014
Report of the Board of Directors
The main drivers for performance in the sub-fund were North American equities, primarily driven by a strengthening USD
2014 Review
and a continued improvement in the economy. The top
The performance for the financial markets in 2014 was
performance contributors were investments in Öhman Etisk
overall positive, despite global macro-economic concerns
Index USA, Vanguard Funds PLC S&P 500 UCITS ETF and
and a collapse in oil price. The decision by OPEC in
Schroder Intl. Selection Fund SICAV US Small & Mid Cap
November to maintain oil production levels contributed to
Equity.
oversupply resulting in a USD 60/bbl. decline in Brent oil since the end of June.
Detractors of the sub-fund’s performance were to be found in the regions closely correlated to the oil price and with
One of the big surprises of the year was that interest rates
geopolitical tensions such as Eastern Europe. The worst
continued to fall, resulting in both the US Federal Funds
performer over the period was Schroder Intl. Selection Fund
Target Rates and the European Central Bank refinancing
SICAV Emerging Europe.
rates ending at all-time lows. In the US Federal Reserve ended its asset purchasing program in October 2014, with
The sub-fund has not used any derivatives.
expectations of the first rate hike to be in mid-2015. The Federal Reserve ending its program combined with historical
MOVESTIC SICAV - Trygghet 90 Movestic had high equity
low interest rates meant less return for investors invested in
exposure as a result of overall low volatility during 2014,
fixed income. Consequently investors began “hunting for
increasing our preference for riskier assets. This proved to be
yield” causing credit spreads in the fixed income space to
good for performance.
tighten and stock prices to rally. Emerging markets initially outperformed developed markets
Luxembourg, March 31, 2015
but lost traction and contracted as investors worried about the strengthening USD, deflationary concerns and rising
MOVESTIC SICAV
geopolitical tensions combined with the drop in oil prices.
For the Board of Directors
However Asia ex-Japan rose during 2014 with both India and Indonesia contributing to the majority of the return as both countries gained momentum in hopes of electoral reforms and lower oil prices. Thomas Albert
Henrik Sundin
MOVESTIC SICAV - Trygghet 90 Movestic The sub-fund MOVESTIC SICAV - Trygghet 90 Movestic returned 2,42 %* during the reporting period. The largest contributors to performance were (sorted descending) North American equities, Swedish equities, European equities and Asia ex-Japan equities. Detractors were Emerging Europe equities. The general risks for the sub-fund over the period have been the exposure to equities and subsequent exposure to various large currencies, like USD and EUR. We changed the positioning in the small cap space in Europe, North America and Sweden over the year towards a greater allocation to large caps since we believed small caps would underperform following their recent rally and stretched multiples. Looking back large caps in the US outperformed small caps by almost 900 bps in 2014. During 2014 we decreased the exposure to Emerging Europe in general and Russia in particular since the volatility and the geopolitical tensions increased in the region.
18
*) calculated using the BVI (Bundesverband Investment und Asset Management e.V.) method
MOVESTIC SICAV - Naventi Offensiv Strategi / Annual Report as of December 31, 2014
Report of the Board of Directors
government bonds is close to zero. We expect that the ECB stimulus will affect all asset classes positively and perhaps
Review of Global Financial Markets
primarily the European stock market. We therefore retain our
Stock market performance during the second quarter was
overweight to equities.
slightly positive. The developments in Ukraine were in focus, which affected the market sentiment negatively. In mid-June, uncertainty came back to the market after a long
Luxembourg, March 31, 2015
time of strong development. Among other things, there was concern about the price of oil, but the market trembled even
MOVESTIC SICAV
to the shrinking GDP figures in the US. GDP shrank more
For the Board of Directors
than expected due to the difficulty of implementing the Obama-care program in the United States. As expected, the European Central Bank (ECB) cut interest rates in June and announced in early June a stimulus package, which affected all asset classes positively. Further action by the ECB may
Thomas Albert
Henrik Sundin
come during the year. In June, the large currency and oil price movement started. Under the year the SEK has weakened sharply against the EUR, USD and GBP.
*) calculated using the BVI (Bundesverband Investment und Asset Management e.V.) method
The Swedish Riksbank cut the repo rate by half a percent in early July and the ECB lowered interest rates to 0,05 % in early September. The ECB also announced upcoming support purchases, so-called Asset Backed Securities, to stimulate the European economy. During the quarter, there have been statistics showing that growth in Europe halted. The economic recovery in the US is continuing, while inflation started to move in line with expectations, the US central bank, FED, continued to reduce its asset purchases. Overall, US leads the economic recovery and that the US is a few years before Europe. After the October turmoil markets moved up strongly for the rest of the quarter. Major movements were an accelerating SEK and oil price depreciation. MOVESTIC SICAV - Naventi Offensiv Strategi The strategy for the sub-fund is to allocate between equities and rates by taking regions, sectors, duration and spreads into consideration. Today, equities have higher expected returns than rates on most markets. Therefore we have chosen to be fully allocated to equities. 2014 was marked by geopolitical uncertainty and the depreciation of the SEK has obviously had a major impact on the results. MOVESTIC SICAV - Naventi Offensiv Strategi returned 6,17 %* during the reporting period. We believe that the interest rate decisions and future easing by the ECB may be more strategic for our allocation than tactical. We are now fully exposed to equities in all strategies. Our equity exposure focus on steadily growing profits and dividends to compensate for the yield on
19
MOVESTIC SICAV - Naventi Balanserad Strategi / Annual Report as of December 31, 2014
Report of the Board of Directors
government bonds is close to zero. We expect that the ECB stimulus will affect all asset classes positively and perhaps
Review of Global Financial Markets
primarily the European stock market. We therefore retain our
Stock market performance during the second quarter was
overweight to equities.
slightly positive. The developments in Ukraine were in focus, which affected the market sentiment negatively. In mid-June, uncertainty came back to the market after a long
Luxembourg, March 31, 2015
time of strong development. Among other things, there was concern about the price of oil, but the market trembled even
MOVESTIC SICAV
to the shrinking GDP figures in the US. GDP shrank more
For the Board of Directors
than expected due to the difficulty of implementing the Obama-care program in the United States. As expected, the European Central Bank (ECB) cut interest rates in June and announced in early June a stimulus package, which affected all asset classes positively. Further action by the ECB may
Thomas Albert
Henrik Sundin
come during the year. In June, the large currency and oil price movement started. Under the year the SEK has weakened sharply against the EUR, USD and GBP. The Swedish Riksbank cut the repo rate by half a percent in early July and the ECB lowered interest rates to 0,05 % in early September. The ECB also announced upcoming support purchases, so-called Asset Backed Securities, to stimulate the European economy. During the quarter, there have been statistics showing that growth in Europe halted. The economic recovery in the US is continuing, while inflation started to move in line with expectations, the US central bank, FED, continued to reduce its asset purchases. Overall, US leads the economic recovery and that the US is a few years before Europe. After the October turmoil markets moved up strongly for the rest of the quarter. Major movements were an accelerating SEK and oil price depreciation. MOVESTIC SICAV - Naventi Balanserad Strategi The strategy for the sub-fund is to allocate between equities and rates by taking regions, sectors, duration and spreads into consideration. Today, equities have higher expected returns than rates on most markets. Therefore we have chosen to be fully allocated to equities. 2014 was marked by geopolitical uncertainty and the depreciation of the SEK has obviously had a major impact on the results. MOVESTIC SICAV - Naventi Balanserad Strategi returned 4,12 %* during the reporting period. We believe that the interest rate decisions and future easing by the ECB may be more strategic for our allocation than tactical. We are now fully exposed to equities in all strategies. Our equity exposure focus on steadily growing profits and dividends to compensate for the yield on
20
*) calculated using the BVI (Bundesverband Investment und Asset Management e.V.) method
MOVESTIC SICAV - Aktiv Allokering / Annual Report as of December 31, 2014
Report of the Board of Directors Market Review 2014 Financial markets 2014 became a strong year for many equity and bond markets. Falling bond yields and support from central banks caused bond holdings to perform well, generally. In the equity markets a sluggish but positive earnings growth in combination with risk appetite and lower benchmark rates made equities to appreciate. However, valuations in both markets are to be considered high compared to historic levels, bond markets more so than equity markets. Other notable market developments are the sharp downturn in oil prices due to higher supply and a slow growing demand. Among currencies the USD had a quite strong year versus EUR, SEK and many other currencies. On a geopolitical basis 2014 was challenging even though no crisis has escalated to have a severe impact on global growth or global financial markets. MOVESTIC SICAV - Aktiv Allokering The sub-fund MOVESTIC SICAV - Aktiv Allokering is an actively managed fund with mandate to invest in various asset classes. During the reporting period the sub-fund has built up a significant exposure to equities, fixed income with short duration and alternative investments. The sub-fund has performed as expected and is well positioned to exploit volatility and market inefficiencies. MOVESTIC SICAV - Aktiv Allokering returned 7,34 %* during the reporting period.
Luxembourg, March 31, 2015 MOVESTIC SICAV For the Board of Directors
Thomas Albert
Henrik Sundin
*) calculated using the BVI (Bundesverband Investment und Asset Management e.V.) method
21
MOVESTIC SICAV - Movestic Europa Småbolag / Annual Report as of December 31, 2014
Report of the Board of Directors Market Review 2014 Financial markets 2014 became a strong year for many equity and bond markets. Falling bond yields and support from central banks caused bond holdings to perform very well, generally. In the equity markets a sluggish but positive earnings growth in combination with risk appetite and lower benchmarks rate made equities to appreciate. However, valuations in both markets are to be considered high compared to historic levels, bond markets more so than equity markets. Other notable market developments are the sharp down turn in oil prices due to higher supply and a slow growing demand. Among currencies the USD had a quite strong year versus EUR, SEK and many other currencies. On a geopolitical basis 2014 was challenging even though no crisis has escalated to have a severe impact on global growth or global financial markets. MOVESTIC SICAV - Movestic Europa Småbolag The investment objective for the sub-fund is to increase the value of its assets over the medium term. The sub-fund invests at least two-thirds of its assets in equity securities. Whereas, it is the intention of the Investment Manager to choose such investments that are included in indices that serve as benchmarks for European small cap companies or that have a stock market capitalization below the highest market capitalization in these indices (as addressed at the start of each financial year), and that have their registered head office in Europe. The remainder, namely one-third of its assets maximum, may be invested in any other transferable securities, money market instruments, derivatives or cash. The sub-fund MOVESTIC SICAV - Movestic Europa Småbolag was launched in December 2014 and invested in a certificate on EURO STOXX 50. MOVESTIC SICAV - Movestic Europa Småbolag returned -0,44%* during the reporting period.
Luxembourg, March 31, 2015 MOVESTIC SICAV For the Board of Directors
Thomas Albert
Henrik Sundin
*) calculated using the BVI (Bundesverband Investment und Asset Management e.V.) method
22
MOVESTIC SICAV - Movestic Korta Räntor Plus / Annual Report as of December 31, 2014
Report of the Board of Directors
We expect healthy performance for short corporate bonds in 2015. In historical perspective EUR credit spreads are still
Market Review 2014
attractive, especially in investment grade market. The sub-
Financial markets
fund will focus on European and Nordic companies with
2014 became a strong year for many equity and bond
strong cash flow and healthy leverage, both in investment
markets. Falling bond yields and support from central banks
grade and high yield. We see the best opportunities in Nordic
caused bond holdings to perform very well, generally. In the
bonds that are still offering very attractive yields comparing
equity markets a sluggish but positive earnings growth in
to European peers and in subordinated LT2 bonds from
combination with risk appetite and lower benchmarks rate
stronger European ‘national champion’ banks. In high yield
made equities to appreciate. However, valuations in both
we will focus on higher quality (BB-B rated) companies with
markets are to be considered high compared to historic
strong credit fundamentals.
levels, bond markets more so than equity markets. Other notable market developments are the sharp down turn in oil prices due to higher supply and a slow growing demand.
Luxembourg, March 31, 2015
Among currencies the USD had a quite strong year versus EUR, SEK and many other currencies. On a geopolitical
MOVESTIC SICAV
basis 2014 was challenging even though no crisis has
For the Board of Directors
escalated to have a severe impact on global growth or global financial markets. MOVESTIC SICAV - Movestic Korta Räntor Plus The sub-fund's principal investment objective is as a part of a
Thomas Albert
Henrik Sundin
longer term strategy to generate an attractive capital appreciation in SEK. The sub-fund seeks to achieve its objective by investing its total net assets mainly directly in
*) calculated using the BVI (Bundesverband Investment und Asset Management e.V.) method
transferable fixed or variable income securities as well as money market securities issued globally and, denominated in SEK as well as other currencies of OECD member states and prevalently having a modified duration (calculated to final maturity) of 1 to 3 years with respect to overall portfolio, whereby 90 % of the assets must have a final maturity of shorter than 5 years, and all positions must have a final maturity shorter than 8 years. The sub-fund MOVESTIC SICAV - Movestic Korta Räntor Plus was launched in December 2014. As at the end of the reporting period the sub-fund’s portfolio consisted only of bank deposits. The sub-fund started to operate after year-end. MOVESTIC SICAV - Movestic Korta Räntor Plus returned -0,02 %* during the reporting period. European interest rates are at all-time lows at the start of the year 2015. Europe is still stuck in non-growth environment and now a fear of deflation spiral has forced the European Centran Bank (ECB) to take more active role. The ECB is the single most important force driving rates and FX in 2015 via its quantitative easing program. That will also squeeze credit spreads broadly when investors are trying to reach higher yielding corporate bonds. Cheapening crude oil benefits energy-intensive Europe, while lower EUR against other major currencies increase European export companies’ competitiveness further.
23
MOVESTIC SICAV - Movestic Sverige / Annual Report as of December 31, 2014
Report of the Board of Directors
The most important one is the weakening SEK. The SEK has lost over 20 % of its value against the USD and the EUR
Market Review 2014
during the last year. This will massively impact the earnings
Financial markets
capacity among companies with a great portion of the cost
2014 became a strong year for many equity and bond
base in SEK and the income in USD/EUR. This goes for
markets. Falling bond yields and support from central banks
names like Volvo, Ericsson and Sandvik. The most affected
caused bond holdings to perform very well, generally. In the
industry is the paper and forest. Here we have names like
equity markets a sluggish but positive earnings growth in
Holmen, SCA and BillerudKorsnäs. Growth stocks have
combination with risk appetite and lower benchmarks rate
outperformed value stocks on a long-term basis. We think
made equities to appreciate. However, valuations in both
this will now start to reverse. Many of the value stocks on
markets are to be considered high compared to historic
the Swedish stock market belong to the export sector. These
levels, bond markets more so than equity markets. Other
companies are winners on the weakening SEK.
notable market developments are the sharp down turn in oil prices due to higher supply and a slow growing demand. Among currencies the USD had a quite strong year versus
Luxembourg, March 31, 2015
EUR, SEK and many other currencies. On a geopolitical basis 2014 was challenging even though no crisis has
MOVESTIC SICAV
escalated to have a severe impact on global growth or global
For the Board of Directors
financial markets. MOVESTIC SICAV - Movestic Sverige The sub-fund's principal investment objective is as a part of a longer term strategy to generate an attractive capital
Thomas Albert
Henrik Sundin
appreciation in SEK. The sub-fund seeks to achieve its objective by investing principally, directly in transferable equity securities. The sub-fund is actively managed and has a geographical focus that means that the sub-fund’s assets will be primarily invested in the Swedish stock market. The geographical focus of the sub-fund means that approximately 90 % of the sub-fund’s total net assets are intended to be exposed to the Swedish stock market over time. Furthermore, the sub-fund may achieve an investment ratio in equities of up to 130 % of its total net assets by entering into long positions and, at the same time having exposures to short positions of up to 30 %. This strategy reflects the sub-funds’ ability to achieve a more flexible asset allocation and it will be implemented by entering into long and short positions in derivatives on inter alia equities and/or equity indices traded on the Swedish stock market. The sub-fund MOVESTIC SICAV - Movestic Sverige was launched in December 2014 and invested in shares of the Swedish stock market. MOVESTIC SICAV - Movestic Sverige returned -1,13 %* during the reporting period. Going into 2015 the sub-fund is positioned towards certain themes: -
Weakening of SEK
-
Value versus Growth
24
*) calculated using the BVI (Bundesverband Investment und Asset Management e.V.) method
MOVESTIC SICAV / Annual Report as of December 31, 2014
Presentation of the Value-at-Risk (VaR) figures and leveraging effect in accordance with the regulations in force in Luxembourg (CSSF Circular 11/512): The total risk attached to the investment assets of the following sub-funds of MOVESTIC SICAV is calculated on the basis of the relative Value-at-Risk approach. The Valueat-Risk of the fund is limited to 200 % of the Value-at-Risk of the compared assets. The presentation relates to the period under review between March 4, 2014 and December 31, 2014.
60% MSCI GDP AC WORLD $ - TOTAL RETURN INDEX 40% OM TREASURY BILLS - TOTAL RETURN INDEX
Trygghet 85 Movestic 50% MSCI GDP AC WORLD $ - TOTAL RETURN INDEX 50% OM TREASURY BILLS - TOTAL RETURN INDEX
Trygghet 90 Movestic 40% MSCI GDP AC WORLD $ - TOTAL RETURN INDEX 60% OM TREASURY BILLS - TOTAL RETURN INDEX
The composition of the benchmark of the sub-funds of MOVESTIC
Trygghet 80 Movestic
SICAV
using
the
relative
Value-at-Risk
approach: Multifond Balanserad 50% MSCI GDP AC WORLD $ - TOTAL RETURN INDEX 25% OM TREASURY BONDS - TOTAL RETURN INDEX 25% OM TREASURY BILLS - TOTAL RETURN INDEX
Multifond Försiktig 34% MSCI GDP AC WORLD $ - TOTAL RETURN INDEX 33% OM TREASURY BONDS - TOTAL RETURN INDEX 33% OM TREASURY BILLS - TOTAL RETURN INDEX
Multifond Offensiv 100% MSCI GDP AC WORLD $ - TOTAL RETURN INDEX
Movestic Bevara 70% OM TREASURY BONDS - TOTAL RETURN INDEX 30% MSCI GDP AC WORLD $ - TOTAL RETURN INDEX
Naventi Offensiv Strategi 100% MSCI GDP AC WORLD $ - TOTAL RETURN INDEX
Naventi Balanserad Strategi 66% MSCI GDP AC WORLD $ - TOTAL RETURN INDEX 17% OM TREASURY BONDS - TOTAL RETURN INDEX 17% OM TREASURY BILLS - TOTAL RETURN INDEX
Aktiv Allokering 50% MSCI GDP AC WORLD $ - TOTAL RETURN INDEX 50% OM TREASURY BONDS - TOTAL RETURN INDEX
Movestic Europa Småbolag 100% MSCI EUROPE SMALL CAPS (NR) EUR INDEX
Movestic Korta Räntor Plus 100% OMRX TREASURY BILL TOTAL RETURN INDEX SEK
Movestic Sverige 100% SIX PORTFOLIO RETURN INDEX
Movestic Bygga 80% MSCI GDP AC WORLD $ - TOTAL RETURN INDEX 20% OM TREASURY BONDS - TOTAL RETURN INDEX
Monyx Fondservice Balanserad Movestic 45% MSCI GDP AC WORLD $ - TOTAL RETURN INDEX 55% OM TREASURY BONDS - TOTAL RETURN INDEX
Monyx Fondservice Sverige/Världen Movestic 30% MSCI GDP AC WORLD $ - TOTAL RETURN INDEX 30% MSCI SWEDEN PRICE INDEX 40% OM TREASURY BONDS - TOTAL RETURN INDEX
Monyx Fondservice Världen Movestic 65% MSCI GDP AC WORLD $ - TOTAL RETURN INDEX 35% OM TREASURY BONDS - TOTAL RETURN INDEX
Trygghet 75 Movestic 70% MSCI GDP AC WORLD $ - TOTAL RETURN INDEX 30% OM TREASURY BILLS - TOTAL RETURN INDEX
The following potential Value-at-Risk amounts arose as at the relevant calculation dates during the period under review between March 4, 2014 and December 31, 2014. The figures represent
the
absolute
utilised
capacity
of
the
200 % limit. Multifond Balanserad Smallest potential Value-at-Risk
66,78 %
Largest potential Value-at-Risk
93,45 %
Average Value-at-Risk
76,91 %
Multifond Försiktig Smallest potential Value-at-Risk
65,06 %
Largest potential Value-at-Risk
99,02 %
Average Value-at-Risk
78,02 %
Multifond Offensiv Smallest potential Value-at-Risk
60,25 %
Largest potential Value-at-Risk
73,64 %
Average Value-at-Risk
67,68 %
25
MOVESTIC SICAV / Annual Report as of December 31, 2014
Movestic Bevara
Aktiv Allokering
Smallest potential Value-at-Risk
67,78 %
Smallest potential Value-at-Risk
64,06 %
Largest potential Value-at-Risk
77,79 %
Largest potential Value-at-Risk
114,62 %
Average Value-at-Risk
73,23 %
Average Value-at-Risk
Movestic Bygga Smallest potential Value-at-Risk
86,82 %
Movestic Europa Småbolag 53,84 %
Smallest potential Value-at-Risk
Largest potential Value-at-Risk
63,76 %
Largest potential Value-at-Risk
40,37 %
Average Value-at-Risk
59,87 %
Average Value-at-Risk
26,88 %
Monyx Fondservice Balanserad Movestic
0,00 %
Movestic Korta Räntor Plus
Smallest potential Value-at-Risk
80,59 %
Smallest potential Value-at-Risk
0,00 %
Largest potential Value-at-Risk
93,13 %
Largest potential Value-at-Risk
0,00 %
Average Value-at-Risk
87,80 %
Average Value-at-Risk
0,00 %
Monyx Fondservice Sverige/Världen Movestic
Movestic Sverige
Smallest potential Value-at-Risk
86,85 %
Smallest potential Value-at-Risk
Largest potential Value-at-Risk
104,03 %
Largest potential Value-at-Risk
92,77 %
99,49 %
Average Value-at-Risk
61,85 %
Smallest potential Value-at-Risk
74,28 %
The management company is expecting a leverage effect of
Largest potential Value-at-Risk
96,76 %
up to 200 % of the respective total net assets. This
Average Value-at-Risk
85,35 %
percentage rate does not constitute an additional investment
Average Value-at-Risk
0,00 %
Monyx Fondservice Världen Movestic
limit and may vary from time to time. Trygghet 75 Movestic Smallest potential Value-at-Risk
83,67 %
Largest potential Value-at-Risk
106,63 %
MOVESTIC SICAV reached as a result of the use of
95,44 %
derivatives during the period under review between March 4,
Average Value-at-Risk
The
average
leveraging
effect
of
the
sub-funds
of
2014 and December 31, 2014 amounted to: Trygghet 80 Movestic Smallest potential Value-at-Risk
90,21 %
Largest potential Value-at-Risk
109,82 %
Multifond Försiktig
0,00 %
97,94 %
Multifond Offensiv
0,00 %
Average Value-at-Risk Trygghet 85 Movestic
Multifond Balanserad
0,00 %
Movestic Bevara
0,00 %
Movestic Bygga
0,00 %
Smallest potential Value-at-Risk
79,13 %
Monyx Fondservice Balanserad Movestic
0,00 %
Largest potential Value-at-Risk
98,31 %
Monyx Fondservice Sverige/Världen Movestic
0,00 %
Average Value-at-Risk
90,59 %
Monyx Fondservice Världen Movestic
0,00 %
Trygghet 75 Movestic
0,00 %
Trygghet 90 Movestic
Trygghet 80 Movestic
0,00 %
62,75 %
Trygghet 85 Movestic
0,00 %
Largest potential Value-at-Risk
82,16 %
Trygghet 90 Movestic
0,00 %
Average Value-at-Risk
72,46 %
Naventi Offensiv Strategi
0,00 %
Naventi Balanserad Strategi
0,00 %
Aktiv Allokering
0,00 % 0,00 %
Smallest potential Value-at-Risk
Naventi Offensiv Strategi Smallest potential Value-at-Risk
60,16 %
Movestic Europa Småbolag
Largest potential Value-at-Risk
78,07 %
Movestic Korta Räntor Plus
0,00 %
Average Value-at-Risk
71,28 %
Movestic Sverige
0,00 %
Naventi Balanserad Strategi
The Value-at-Risk is calculated on the basis of a variance-
Smallest potential Value-at-Risk
60,95 %
covariance approach which is supplemented with Monte
Largest potential Value-at-Risk
84,35 %
Carlo
Average Value-at-Risk
71,77 %
asynchronous, non-linear risks. A 99 % confidence level over
26
simulations
for
the
purposes
of
recognising
MOVESTIC SICAV / Annual Report as of December 31, 2014
a 20-day holding period is used as a statistical parameter set. Risk is measured by comparison with a derivative-free benchmark. Market risk constitutes the risk arising out of unfavourable developments in market prices for the fund assets.
27
MOVESTIC SICAV / Annual Report as of December 31, 2014
COMBINED ACCOUNTS AS OF 31.12.2014 SEK
in %
Total Portfolio
7.969.310.496,72
95,45
Bank deposits
389.840.559,86
4,67
339.802,04
0,00
79.576.088,89
0,95
Interest receivable on banks Receivables from sales of investments Receivables from subscriptions
15.006.720,45
0,18
Management fee payable
-11.794.540,80
-0,14
Performance fee payable
-75.732.800,63
-0,91
Custodian fee payable
-306.155,41
0,00
Taxe d'Abonnement
-385.926,54
0,00
Liabilities from redemptions Liabilities from purchase of investments Total Net assets
-2.571.395,64
-0,03
-14.105.783,48
-0,17
8.349.177.065,46
100,00
COMBINED STATEMENT OF OPERATIONS (IN SEK) FOR THE REPORTING PERIOD FROM 04.03.2014 TO 31.12.2014 (INCL. INCOME EQUALISATION) Income Income on investment funds
2.838.941,87
Trailer fee compensation
23.321.580,07
Interest on bank deposits
114.799,15
Other income
744.800,77
Income equalisation
-3.627,14
Total Income
27.016.494,72
Expenses Interest on bonds
0,00
Management fee
-79.215.047,97
Performance fee
-75.732.800,63
Custodian fee
-2.118.297,50
Taxe d'Abonnement
-385.926,54
Audit fee
-508.681,07
Other expenses
-2.007.627,97
Expense equalisation
190.084,87
Total Expenses
-159.778.296,81
Net investment result
-132.761.802,09
Realized gain/loss
59.383.916,78
Net change in unrealized appreciation/depreciation
566.019.111,29
Result of operations
492.641.225,98
28
The accompanying notes form an integral part of these financial statements.
MOVESTIC SICAV / Annual Report as of December 31, 2014
COMBINED CHANGES IN NET ASSETS (IN SEK) FOR THE REPORTING PERIOD FROM 04.03.2014 TO 31.12.2014
Net assets at the beginning of the reporting period
0,00
Subscriptions
8.452.989.313,81
Redemptions
-596.267.016,60
Total proceeds from share transactions
Income equalisation
7.856.722.297,21
-186.457,73
Net investment result
-132.761.802,09
Realized gain/loss on investments
60.217.834,55
on foreign exchange contracts
-833.917,77
Net change in unrealized appreciation/depreciation on investments
566.301.899,05
on foreign exchange contracts
-282.787,76
Result of operations
492.641.225,98
Total Net assets at the end of the reporting period
The accompanying notes form an integral part of these financial statements.
8.349.177.065,46
29
MOVESTIC SICAV - Multifond Balanserad / Annual Report as of December 31, 2014
THE KEY FACTS
DEVELOPMENT OF THE FUND OVER THE LAST 3 YEARS
Investment Policy
primarily global and Swedish Equity Funds, Fixed Income Funds
VALUES AT THE END OF THE REPORTING PERIOD Reporting period
NAV per Share
German Security code Class I (SEK)
A1W985
Total Net assets
Class I (SEK)
(in SEK)
105,31
1.531.366.743,17
04.03.2014 - 31.12.2014
ISIN-Code Class I (SEK)
LU1004446313
Fund currency
SEK
Date of incorporation
04.03.2014
CHANGES IN NET ASSETS (IN SEK) FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014 Net assets at the beginning
Initial issue date Class I (SEK)
10.06.2014
Financial year
of the reporting period
0,00
01.01. - 31.12.
Reporting period
04.03.2014 - 31.12.2014
Initial issue price
100,00 SEK
Value at issue
100,00 SEK
Minimum subscription amount
1.000,00 SEK
Subscription fee
none
Redemption fee
none
Switching fee
none
Management fee p.a.
up to 2,10 %
Subscriptions Class I (SEK)
1.555.370.264,04
Redemptions Class I (SEK)
-101.139.814,18
Total proceeds from share transactions
Income equalisation
Net investment result
1.454.230.449,86
-89.447,71
-24.757.113,17
(minimum 200.000,00 SEK p.a.) plus performance fee Custodian fee p.a.
up to 0,05 % (minimum 125.000,00 SEK p.a.)
Dividends
Realized gain/loss on investments on foreign exchange contracts
6.091.155,29 -239.925,85
principally accumulating shares
Net change in unrealized appreciation/depreciation DEVELOPMENT OF THE NET ASSET VALUE (IN SEK)
on investments
96.131.624,75
Result of operations
77.225.741,02
CLASS I (SEK) Highest net asset value per share in the reporting period
(29.12.2014)
105,47
Lowest net asset value per share in the reporting period
Total Net assets at the
(17.10.2014)
Performance during the reporting period
97,01
*) 1)
end of the reporting period
Performance since inception *) 1)
5,31 %
AT A GLANCE
Performance over the last 3 years
Total Net assets (in million SEK) 10% 5%
Shares outstanding - Class I (SEK) 5,31%
0%
14.541.366,639
Offering price - Class I (SEK)
105,31
10.06.14 - 31.12.14
Performance*) of the reporting periods in %
calculated according to Bundesverband Investment and Asset Management e.V. (BVI) Shares have been issued with effect 10.06.2014.
Past performance is no indication of current or future performance. The performance data do not take account of commissions and costs incurred on the issue and redemption of shares.
30
1.531,37
105,31
-10%
1)
31.12.2014
Bid price - Class I (SEK)
-5%
*)
1.531.366.743,17
5,31 %
The accompanying notes form an integral part of these financial statements.
MOVESTIC SICAV - Multifond Balanserad / Annual Report as of December 31, 2014
PROFIT- AND LOSS ACCOUNTS (IN SEK)
GEOGRAPHIC CLASSIFICATION
FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014
OF INVESTMENTS
(INCL. INCOME EQUALISATION)
% of Net assets
Income Trailer fee compensation
4.102.814,79
Interest on bank deposits Income equalisation Total Income
Luxembourg
52,27
19.422,91
Sweden
27,61
-14.721,01
Finland
10,51
4.107.516,69
Ireland
8,61 99,00
Expenses Management fee
-14.994.589,39
Performance fee
-13.409.742,96
Custodian fee
-323.662,93
Taxe d'Abonnement
CURRENCY CLASSIFICATION OF INVESTMENTS % of Net
-57.189,70
Audit fee
assets
-33.124,05
Other expenses Expense equalisation Total Expenses
-150.489,55
SEK
66,96
104.168,72
USD
18,00
-28.864.629,86
EUR
14,04 99,00
Net investment result
-24.757.113,17
Realized gain/loss
5.851.229,44
SECTOR CLASSIFICATION OF INVESTMENTS
Net change in unrealized appreciation/depreciation
% of Net
96.131.624,75
assets
Result of operations
77.225.741,02
Investment funds
99,00 99,00
STATEMENT OF CHANGES IN SHARES OUTSTANDING FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014 CLASS I (SEK)
1)
Number of shares outstanding at the beginning of the reporting period
0,000
Number of shares issued
15.541.884,137
Number of shares redeemed
-1.000.517,498
Number of shares outstanding at the end of the reporting period 1)
14.541.366,639
Shares have been issued with effect 10.06.2014.
The accompanying notes form an integral part of these financial statements.
31
MOVESTIC SICAV - Multifond Balanserad / Annual Report as of December 31, 2014
STATEMENT OF ASSETS AND LIABILITIES AS OF 31.12.2014
Currency
Quantity Securities description
Price in
Market Value
%*) of
Currency
(SEK)
Net assets
31.12.2014
Other Securities
Investment funds EUR EUR
291.532 FTIF SICAV Mutual European Fund -A (acc) EUR66.096 Natixis Intl. Funds (Lux) I SICAV
22,5800
62.403.625,70
4,08
173,2000
108.522.599,08
7,09
196,3300
37.418.748,73
2,44
7.774,0000
6.632.636,71
0,43
113,0200
72.882.699,49
4,76
1.588,9300
56.740.455,14
3,71
Harris Associat Concentrated US Eq. EUR
20.105 Schroder Intl. Selection SICAV US Small & Mid Cap Equity -A- EUR
EUR
90 Source Markets PLC J.P. Morgan Macro Hedge Dual TR UCITS ETF
SEK SEK SEK SEK SEK
644.866 Aktie-Ansvar Avkastningsfond 35.710 Atlant Sharp 30.912 Evli High Yield -B SEK110.633 Evli Short Corporate Bond Units -B SEK2.044.362 FTIF SICAV Mutual European Fund -A-
SEK
318.017 HealthInvest Value Fund -B-
SEK
660.047 Lannebo Smaebolagsfond
SEK
398.231 Macquarie Fund Solutions SICAV
1.341,0500
41.454.333,63
2,71
1.079,9540
119.478.497,74
7,80
13,8900
28.396.181,79
1,85
134,9785
42.925.441,77
2,80
57,1100
37.695.309,64
2,46
160,9979
64.114.312,86
4,19
100,4700
5.023.500,00
0,33
100,0000
10.000.000,00
0,65
Asia New Stars -C (SEK)SEK
50.000 Movestic SICAV Movestic Europa Smabolag -I (SEK)-
SEK
100.000 Movestic SICAV Movestic Korta Raentor Plus -I (SEK)-
SEK
150.000 Movestic SICAV - Movestic Sverige -I (SEK)-
99,8600
14.979.000,00
0,98
SEK
200.000 Öhman Index Emerging Markets MSCI EM50
124,1600
24.832.000,00
1,62
SEK
658.192 Öhman Index Nordamerika MSCI North America
175,5800
115.565.392,03
7,55
360.664 OPM Listed Private Equity Fund
199,9270
72.106.490,27
4,71
142,7240
160.721.156,85
10,50
1.054,1800
133.998.183,37
8,75
1.394,8900
24.598.197,75
1,61
28,3300
43.616.695,32
2,85
SEK SEK
1.126.098 SEB SICAV 3 SEB Asset Selection Opportunistic -C
SEK
127.111 Sparinvest SICAV Emerging Markets Corporate Value Bonds -SEK R-
SEK
17.635 Sparinvest SICAV High Yield Value Bonds -SEK R-
USD USD
197.553 FTIF SICAV - Global Small-Mid Cap Growth -A- USD
159,6314
104.320.840,62
6,81
9.833,4000
20.833.106,86
1,36
110,9100
106.855.382,79
6,98
Total Investment funds
1.516.114.788,14
99,00
Total Other Securities
1.516.114.788,14
99,00
USD
83.855 Heptagon Fund PLC - Yacktman US Equity -I272 J.P. Morgan Structured Funds plc Mansart Volemont Fund -I-
USD
123.624 JPMorgan Funds SICAV Income Opportunity Plus Fund -A (acc) USD-
32
The accompanying notes form an integral part of these financial statements.
MOVESTIC SICAV - Multifond Balanserad / Annual Report as of December 31, 2014
STATEMENT OF ASSETS AND LIABILITIES AS OF 31.12.2014
Currency
Quantity Securities description
Price in
Market Value
%*) of
Currency
(SEK)
Net assets
31.12.2014
Total Portfolio
1.516.114.788,14
99,00
Bank deposits
29.400.901,67
1,92
Receivables from subscriptions
2.280.931,13
0,15
Total Other Assets
2.280.931,13
0,15
1.547.796.620,94
101,07
Other Assets
Total Assets
Liabilities
Management fee payable
-2.232.603,53
-0,15
Performance fee payable
-13.409.742,96
-0,88
-46.418,23
0,00
Custodian fee payable Taxe d'Abonnement
-57.189,70
0,00
-683.923,35
-0,04
-16.429.877,77
-1,07
1.531.366.743,17
100,00
Liabilities from redemptions Total Liabilities
Total Net assets
NET ASSET VALUE PER SHARE - CLASS I (SEK) NUMBER OF SHARES OUTSTANDING - CLASS I (SEK)
105,31 14.541.366,639
*) The rounding down of the percentage in the calculation can result in marginal rounding differences.
The accompanying notes form an integral part of these financial statements.
33
MOVESTIC SICAV - Multifond Försiktig / Annual Report as of December 31, 2014
DEVELOPMENT OF THE FUND OVER THE LAST 3 YEARS
THE KEY FACTS
Investment Policy
primarily global and Swedish Income Funds
VALUES AT THE END OF THE REPORTING PERIOD Reporting period
NAV per Share
German Security code
Class I (SEK)
A1W986
Total Net assets
Class I (SEK)
(in SEK)
103,65
343.670.938,24
04.03.2014 - 31.12.2014
ISIN-Code
Class I (SEK)
LU1004446404
Fund currency
SEK
Date of incorporation
04.03.2014
CHANGES IN NET ASSETS (IN SEK) FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014 Net assets at the beginning
Initial issue date
Class I (SEK)
10.06.2014
Financial year
of the reporting period
0,00
01.01. - 31.12.
Reporting period
04.03.2014 - 31.12.2014
Initial issue price
100,00 SEK
Value at issue
100,00 SEK
Minimum subscription amount
1.000,00 SEK
Subscription fee
none
Redemption fee
none
Switching fee
none
Management fee p.a.
up to 2,10 %
Subscriptions Class I (SEK)
469.125.321,91
Redemptions Class I (SEK)
-140.566.899,43
Total proceeds from share transactions
328.558.422,48
Income equalisation
-1.610.953,61
Net investment result
-5.686.498,50
(minimum 200.000,00 SEK p.a.) plus performance fee Custodian fee p.a.
up to 0,05 %
Realized gain/loss on investments
6.557.293,45
(minimum 125.000,00 SEK p.a.) Dividends
principally accumulating shares
Net change in unrealized appreciation/depreciation on investments
15.852.674,42
Result of operations
16.723.469,37
DEVELOPMENT OF THE NET ASSET VALUE (IN SEK) CLASS I (SEK) Highest net asset value per share in the reporting period
(29.12.2014)
103,71
Lowest net asset value per share in the reporting period
Total Net assets at the end of the reporting period
(17.10.2014)
Performance during the reporting period
98,35
*) 1)
3,65 %
Performance since inception *) 1)
3,65 %
AT A GLANCE Total Net assets (in million SEK)
Performance over the last 3 years
Shares outstanding - Class I (SEK) 10% 5%
103,65 103,65
-5% 10.06.14 - 31.12.14
Performance*) of the reporting periods in %
calculated according to Bundesverband Investment and Asset Management e.V. (BVI) Shares have been issued with effect 10.06.2014.
Past performance is no indication of current or future performance. The performance data do not take account of commissions and costs incurred on the issue and redemption of shares.
34
343,67 3.315.555,041
Offering price - Class I (SEK) 3,65%
*)
31.12.2014
Bid price - Class I (SEK)
0%
1)
343.670.938,24
The accompanying notes form an integral part of these financial statements.
MOVESTIC SICAV - Multifond Försiktig / Annual Report as of December 31, 2014
PROFIT- AND LOSS ACCOUNTS (IN SEK)
GEOGRAPHIC CLASSIFICATION
FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014
OF INVESTMENTS
(INCL. INCOME EQUALISATION)
% of Net assets
Income Trailer fee compensation
1.110.359,97
Interest on bank deposits
12.978,50
Income equalisation Total Income
Sweden
43,97
Luxembourg
23,02
-260.894,64
Finland
16,07
862.443,83
Ireland
7,77 90,83
Expenses Management fee
-4.508.927,70
Performance fee
-3.603.504,82
Custodian fee
-117.021,81
Taxe d'Abonnement
CURRENCY CLASSIFICATION OF INVESTMENTS % of Net
-21.224,98
Audit fee
-33.124,05
Other expenses Expense equalisation Total Expenses
assets
-136.987,22
SEK
70,46
1.871.848,25
USD
12,47
-6.548.942,33
EUR
7,90 90,83
Net investment result
-5.686.498,50
Realized gain/loss
6.557.293,45
SECTOR CLASSIFICATION OF INVESTMENTS
Net change in unrealized appreciation/depreciation
% of Net
15.852.674,42
assets Result of operations
16.723.469,37
Investment funds
90,83 90,83
STATEMENT OF CHANGES IN SHARES OUTSTANDING FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014 CLASS I (SEK)
1)
Number of shares outstanding at the beginning of the reporting period Number of shares issued Number of shares redeemed
0,000 4.686.575,745 -1.371.020,704
Number of shares outstanding at the end of the reporting period 1)
3.315.555,041
Shares have been issued with effect 10.06.2014.
The accompanying notes form an integral part of these financial statements.
35
MOVESTIC SICAV - Multifond Försiktig / Annual Report as of December 31, 2014
STATEMENT OF ASSETS AND LIABILITIES AS OF 31.12.2014
Currency
Quantity Securities description
Price in
Market Value
%*) of
Currency
(SEK)
Net assets
31.12.2014
Other Securities
Investment funds EUR EUR
0,003 FTIF SICAV Mutual European Fund -A (acc) EUR-
22,5800
0,66
0,00
173,2000
25.094.256,61
7,30
7.774,0000
2.063.486,98
0,60
113,0200
56.538.820,11
16,45
5.607 Atlant Sharp
1.588,9300
8.908.683,54
2,59
0,003 Evli High Yield -B SEK-
1.341,0500
4,02
0,00
1.079,9540
55.225.982,45
16,07
15.284 Natixis Intl. Funds (Lux) I SICAV Harris Associat Concentrated US Eq.
EUR
28 Source Markets PLC J.P. Morgan Macro Hedge Dual TR UCITS ETF
SEK SEK SEK SEK SEK
500.255 Aktie-Ansvar Avkastningsfond
51.137 Evli Short Corporate Bond Units -B SEK-
13,8900
5.511.904,76
1,60
SEK
70.330 HealthInvest Value Fund -B-
134,9785
9.493.022,17
2,76
SEK
851 Lannebo Smaebolagsfond
57,1100
48.598,01
0,01
SEK
396.825 FTIF SICAV Mutual European Fund -A-
192,3700
12.576.939,07
3,66
SEK
174.815 Öhman Foretagsobligationsfond
65.379 Öhman Etisk Index Sverige
112,5800
19.680.672,90
5,73
SEK
164.359 Öhman Index Nordamerika MSCI North America
175,5800
28.858.240,03
8,40
SEK
75.179 OPM Listed Private Equity Fund
SEK
28.724 Sparinvest SICAV -
199,9270
15.030.224,24
4,37
1.054,1800
30.279.741,13
8,81
1.232,5800
6.511.375,72
1,89
Emerging Markets Corporate Value Bonds -SEK RUSD
678 Amundi Funds SICAV Absolute Volatility World Equities -IU-
USD
19.801 Heptagon Fund PLC - Yacktman US Equity -I-
159,6314
24.632.996,02
7,17
USD
13.539 JPMorgan Funds SICAV -
110,9100
11.702.648,39
3,41
Total Investment funds
312.157.596,81
90,83
Total Other Securities
312.157.596,81
90,83
Total Portfolio
312.157.596,81
90,83
Bank deposits
34.701.821,74
10,10
Receivables from subscriptions
1.090.939,07
0,32
Total Other Assets
1.090.939,07
0,32
347.950.357,62
101,25
Income Opportunity Plus Fund -A (acc) USD-
Other Assets
Total Assets
36
The accompanying notes form an integral part of these financial statements.
MOVESTIC SICAV - Multifond Försiktig / Annual Report as of December 31, 2014
STATEMENT OF ASSETS AND LIABILITIES AS OF 31.12.2014
Currency
Quantity Securities description
Price in
Market Value
%*) of
Currency
(SEK)
Net assets
31.12.2014
Liabilities Management fee payable
-638.209,49
-0,19
Performance fee payable
-3.603.504,82
-1,05
-16.480,09
0,00
Custodian fee payable Taxe d'Abonnement Total Liabilities
Total Net assets
NET ASSET VALUE PER SHARE - CLASS I (SEK) NUMBER OF SHARES OUTSTANDING - CLASS I (SEK)
-21.224,98
-0,01
-4.279.419,38
-1,25
343.670.938,24
100,00
103,65 3.315.555,041
*) The rounding down of the percentage in the calculation can result in marginal rounding differences.
The accompanying notes form an integral part of these financial statements.
37
MOVESTIC SICAV - Multifond Offensiv / Annual Report as of December 31, 2014
THE KEY FACTS
DEVELOPMENT OF THE FUND OVER THE LAST 3 YEARS
Investment Policy
primarily global and Swedish Equity Funds
VALUES AT THE END OF THE REPORTING PERIOD Reporting period
NAV per Share
German Security code Class I (SEK)
A1W987
Total Net assets
Class I (SEK)
(in SEK)
109,71
914.828.793,55
04.03.2014 - 31.12.2014
ISIN-Code Class I (SEK)
LU1004446586
Fund currency
SEK
Date of incorporation
04.03.2014
CHANGES IN NET ASSETS (IN SEK) FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014 Net assets at the beginning
Initial issue date Class I (SEK)
10.06.2014
Financial year
of the reporting period
0,00
01.01. - 31.12.
Reporting period
04.03.2014 - 31.12.2014
Initial issue price
100,00 SEK
Value at issue
100,00 SEK
Minimum subscription amount
1.000,00 SEK
Subscription fee
none
Redemption fee
none
Switching fee
none
Management fee p.a.
up to 2,10 %
Subscriptions Class I (SEK)
901.073.066,18
Redemptions Class I (SEK)
-68.536.968,66
Total proceeds from share transactions
Income equalisation
Net investment result
832.536.097,52
-531.311,12
-15.204.451,81
(minimum 200.000,00 SEK p.a.) plus performance fee Custodian fee p.a.
up to 0,05 %
Realized gain/loss on investments
28.730.549,85
(minimum 125.000,00 SEK p.a.) Dividends
principally accumulating shares
Net change in unrealized appreciation/depreciation on investments
69.297.909,11
Result of operations
82.824.007,15
DEVELOPMENT OF THE NET ASSET VALUE (IN SEK) CLASS I (SEK) Highest net asset value per share in the reporting period
(29.12.2014)
109,73
in the reporting period
Total Net assets at the end of the reporting period
Lowest net asset value per share (17.10.2014)
Performance during the reporting period
914.828.793,55
95,95
*) 1)
9,71 %
Performance since inception *) 1)
9,71 %
AT A GLANCE Total Net assets (in million SEK)
Performance over the last 3 years
Shares outstanding - Class I (SEK)
31.12.2014 914,83 8.338.706,242
15%
Bid price - Class I (SEK)
109,71
10%
Offering price - Class I (SEK)
109,71
9,71% 5% 0% -5% 10.06.14 - 31.12.14
Performance*) of the reporting periods in %
*) 1)
calculated according to Bundesverband Investment and Asset Management e.V. (BVI) Shares have been issued with effect 10.06.2014.
Past performance is no indication of current or future performance. The performance data do not take account of commissions and costs incurred on the issue and redemption of shares.
38
The accompanying notes form an integral part of these financial statements.
MOVESTIC SICAV - Multifond Offensiv / Annual Report as of December 31, 2014
PROFIT- AND LOSS ACCOUNTS (IN SEK)
GEOGRAPHIC CLASSIFICATION
FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014
OF INVESTMENTS
(INCL. INCOME EQUALISATION)
% of Net assets
Income Trailer fee compensation
2.661.992,17
Interest on bank deposits
8.077,53
Income equalisation
-51.488,66
Total Income
Sweden
55,41
Luxembourg
26,80
Ireland
6,63 88,84
2.618.581,04
Expenses Management fee
-8.959.268,64
CURRENCY CLASSIFICATION
Performance fee
-9.033.167,79
OF INVESTMENTS
Custodian fee Taxe d'Abonnement Audit fee Other expenses Expense equalisation
-210.642,61
% of Net
-37.342,32
assets
-33.124,05
SEK
61,28
-132.287,22
EUR
16,82
582.799,78
USD
Total Expenses
-17.823.032,85
Net investment result
-15.204.451,81
10,74 88,84
SECTOR CLASSIFICATION Realized gain/loss
28.730.549,85
OF INVESTMENTS % of Net
Net change in unrealized appreciation/depreciation
assets
69.297.909,11 Investment funds
Result of operations
82.824.007,15
Rights
82,83 6,01 88,84
STATEMENT OF CHANGES IN SHARES OUTSTANDING FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014 CLASS I (SEK)
1)
Number of shares outstanding at the beginning of the reporting period Number of shares issued Number of shares redeemed
0,000 9.003.704,864 -664.998,622
Number of shares outstanding at the end of the reporting period 1)
8.338.706,242
Shares have been issued with effect 10.06.2014.
The accompanying notes form an integral part of these financial statements.
39
MOVESTIC SICAV - Multifond Offensiv / Annual Report as of December 31, 2014
STATEMENT OF ASSETS AND LIABILITIES AS OF 31.12.2014
Currency
Quantity Securities description
Price in
Market Value
%*) of
Currency
(SEK)
Net assets
31.12.2014
Other Securities
Investment funds EUR
184.609 FTIF SICAV Mutual European Fund -A (acc) EUR-
EUR
22,5800
39.516.260,98
4,32
173,2000
66.675.987,17
7,29
196,3300
47.718.253,71
5,22
1.588,9300
87.648.508,20
9,58
211.992 Didner & Gerge Small and Microcap
106,6895
22.617.340,33
2,47
336.095 HealthInvest Value Fund -B-
134,9785
45.365.656,81
4,96
57,1100
75.286.331,09
8,23
160,9979
53.698.825,82
5,87
10,96
40.609 Natixis Intl. Funds (Lux) I SICAV Harris Associat Concentrated US Eq.
EUR
25.639 Schroder Intl. Selection SICAV
SEK
55.162 Atlant Sharp
US Small & Mid Cap Equity -A- EUR
SEK SEK SEK
1.318.269 Lannebo Smaebolagsfond
SEK
333.537 Macquarie Fund Solutions SICAV Asia New Stars -C (SEK)-
SEK
521.256 Öhman Etisk Index Sverige
192,3700
100.273.962,27
SEK
243.586 Öhman Index Emerging Markets MSCI EM50
124,1600
30.243.585,58
3,31
SEK
282.000 Öhman Index Nordamerika MSCI North America
175,5800
49.513.560,00
5,41
SEK
204.846 OPM Listed Private Equity Fund
199,9270
40.954.171,57
4,48
USD
170.059 FTIF SICAV - Global Small-Mid Cap Growth -A- USD
28,3300
37.546.455,90
4,10
159,6314
60.682.898,27
6,63
757.741.797,70
82,83
55.000.000,00
6,01
55.000.000,00
6,01
Total Other Securities
812.741.797,70
88,84
Total Portfolio
812.741.797,70
88,84
Bank deposits
32.097.649,25
3,51
USD
48.778 Heptagon Fund PLC - Yacktman US Equity -I-
Total Investment funds
Non-listed Securities SEK
55.000.000 Didner & Gerge Aktiefond (Rights)1)
1,0000
Total Non-listed Securities
Other Assets Receivables from sales of investments Receivables from subscriptions Total Other Assets
Total Assets
40
The accompanying notes form an integral part of these financial statements.
79.576.088,89
8,70
871.308,73
0,10
80.447.397,62
8,79
925.286.844,57
101,14
MOVESTIC SICAV - Multifond Offensiv / Annual Report as of December 31, 2014
STATEMENT OF ASSETS AND LIABILITIES AS OF 31.12.2014
Currency
Quantity Securities description
Price in
Market Value
%*) of
Currency
(SEK)
Net assets
31.12.2014
Liabilities Management fee payable
-1.335.973,40
-0,15
Performance fee payable
-9.033.167,79
-0,99
Custodian fee payable
-30.646,52
0,00
Taxe d'Abonnement
-37.342,32
0,00
Liabilities from redemptions
-20.920,99
0,00
Total Liabilities
-10.458.051,02
-1,14
Total Net assets
914.828.793,55
100,00
NET ASSET VALUE PER SHARE - CLASS I (SEK) NUMBER OF SHARES OUTSTANDING - CLASS I (SEK)
109,71 8.338.706,242
*) The rounding down of the percentage in the calculation can result in marginal rounding differences. 1)
Rights are reserved for subscription fund units of Didner & Gerge Aktiefond.
The accompanying notes form an integral part of these financial statements.
41
MOVESTIC SICAV - Movestic Bevara / Annual Report as of December 31, 2014
THE KEY FACTS
DEVELOPMENT OF THE FUND OVER THE LAST 3 YEARS transferable securities such as
Investment Policy
equity and fixed income investments,
VALUES AT THE END OF THE REPORTING PERIOD Reporting period
NAV per Share
open-ended investment funds
(in SEK)
105,24
465.877.867,87
04.03.2014 - 31.12.2014
German Security code Class I (SEK)
Total Net assets
Class I (SEK)
A1W988
ISIN-Code Class I (SEK)
LU1004446669
Fund currency
SEK
Date of incorporation
04.03.2014
CHANGES IN NET ASSETS (IN SEK) FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014 Net assets at the beginning of the reporting period
Initial issue date Class I (SEK)
23.04.2014
Financial year
01.01. - 31.12.
Reporting period
04.03.2014 - 31.12.2014
Initial issue price
100,00 SEK
Value at issue
100,00 SEK
Minimum subscription amount
Subscriptions Class I (SEK)
477.634.098,72
Redemptions Class I (SEK)
-30.688.095,91
Total proceeds from share transactions
446.946.002,81
1.000,00 SEK
Subscription fee
none
Redemption fee
none
Switching fee
none
Management fee p.a.
Income equalisation
Net investment result
658.650,07
-4.073.333,84
up to 1,60 % (minimum 200.000,00 SEK p.a.) plus performance fee
Custodian fee p.a.
Realized gain/loss on investments
-313.295,72
up to 0,05 % (minimum 125.000,00 SEK p.a.)
Dividends
0,00
principally accumulating shares
DEVELOPMENT OF THE NET ASSET VALUE (IN SEK)
Net change in unrealized appreciation/depreciation on investments
22.659.844,55
Result of operations
18.273.214,99
CLASS I (SEK) Total Net assets at the
Highest net asset value per share in the reporting period
(30.12.2014)
105,24
end of the reporting period
465.877.867,87
Lowest net asset value per share in the reporting period
(28.04.2014)
Performance during the reporting period
99,96
*) 1)
5,24 %
Performance since inception *) 1)
5,24 %
AT A GLANCE Total Net assets (in million SEK) Shares outstanding - Class I (SEK)
Performance over the last 3 years 10%
105,24 105,24
5,24%
-5% 23.04.14 - 31.12.14
Performance*) of the reporting periods in %
calculated according to Bundesverband Investment and Asset Management e.V. (BVI) Shares have been issued with effect 23.04.2014
Past performance is no indication of current or future performance. The performance data do not take account of commissions and costs incurred on the issue and redemption of shares.
42
4.426.893,859
Offering price - Class I (SEK)
0%
1)
465,88
Bid price - Class I (SEK)
5%
*)
31.12.2014
The accompanying notes form an integral part of these financial statements.
MOVESTIC SICAV - Movestic Bevara / Annual Report as of December 31, 2014
PROFIT- AND LOSS ACCOUNTS (IN SEK)
GEOGRAPHIC CLASSIFICATION
FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014
OF INVESTMENTS
(INCL. INCOME EQUALISATION)
% of Net assets
Income Trailer fee compensation
2.612.906,37
Interest on bank deposits
13.027,00
Income equalisation
148.035,50
Total Income
Sweden
39,85
Luxembourg
36,78
Norway
13,21
2.773.968,87
89,84
Expenses Management fee
-3.428.778,08
CURRENCY CLASSIFICATION
Performance fee
-2.271.385,35
OF INVESTMENTS
Custodian fee Taxe d'Abonnement Audit fee
-128.793,37
% of Net
-17.865,00
assets
-36.779,53
Other expenses
SEK
-157.015,81
Expense equalisation
89,84 89,84
-806.685,57
Total Expenses
-6.847.302,71 SECTOR CLASSIFICATION
Net investment result
-4.073.333,84
OF INVESTMENTS % of Net
Realized gain/loss
-313.295,72
Net change in unrealized
assets Investment funds
appreciation/depreciation
22.659.844,55
Result of operations
18.273.214,99
89,84 89,84
STATEMENT OF CHANGES IN SHARES OUTSTANDING FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014 CLASS I (SEK)
1)
Number of shares outstanding at the beginning of the reporting period Number of shares issued Number of shares redeemed
0,000 4.724.110,968 -297.217,109
Number of shares outstanding at the end of the reporting period 1)
4.426.893,859
Shares have been issued with effect 23.04.2014
The accompanying notes form an integral part of these financial statements.
43
MOVESTIC SICAV - Movestic Bevara / Annual Report as of December 31, 2014
STATEMENT OF ASSETS AND LIABILITIES AS OF 31.12.2014
Currency
Quantity Securities description
Price in
Market Value
%*) of
Currency
(SEK)
Net assets
31.12.2014
Other Securities
Investment funds SEK
608.455 Aktie-Ansvar Avkastningsfond
SEK
29.924 Atlant Sharp
SEK
87.736 JPMorgan Funds SICAV
113,0200
68.767.567,26
14,76
1.588,9300
47.547.226,80
10,21
788,1500
69.149.229,28
14,84
Income Opportunity Plus -A (acc ) SEKSEK SEK
616.140 Öhman Foretagsobligationsfond 17.296 Öhman SICAV 1
112,5800
69.365.045,83
14,89
1.139,7562
19.713.151,43
4,23
Fixed Income Allocation Fund -BSEK
198.401 SEB Fund 1 FCP Asset Selection Fund -C (H-SEK)-
172,1830
34.161.233,75
7,33
SEK
338.648 SEB SICAV 3
142,7240
48.333.229,84
10,37
1.318,0363
61.522.783,59
13,21
Total Investment funds
418.559.467,78
89,84
Total Other Securities
418.559.467,78
89,84
Total Portfolio
418.559.467,78
89,84
Bank deposits
47.966.349,04
10,30
Receivables from subscriptions
2.136.080,48
0,46
Total Other Assets
2.136.080,48
0,46
468.661.897,30
100,60
Management fee payable
-477.353,76
-0,10
Performance fee payable
-2.271.385,35
-0,49
Custodian fee payable
-17.425,32
0,00
Taxe d'Abonnement
-17.865,00
0,00
-2.784.029,43
-0,60
465.877.867,87
100,00
SEB Asset Selection Opportunistic -C (H-SEK)SEK
46.678 Skagen Global Aktiefondet -A-
Other Assets
Total Assets
Liabilities
Total Liabilities
Total Net assets
NET ASSET VALUE PER SHARE - CLASS I (SEK) NUMBER OF SHARES OUTSTANDING - CLASS I (SEK)
*) The rounding down of the percentage in the calculation can result in marginal rounding differences.
44
The accompanying notes form an integral part of these financial statements.
105,24 4.426.893,859
MOVESTIC SICAV - Movestic Bygga / Annual Report as of December 31, 2014
THE KEY FACTS
DEVELOPMENT OF THE FUND OVER THE LAST 3 YEARS transferable securities such as
Investment Policy
equity and fixed income investments,
VALUES AT THE END OF THE REPORTING PERIOD Reporting period
NAV per Share
open-ended investment funds
(in SEK)
111,54
303.011.836,00
04.03.2014 - 31.12.2014
German Security code Class I (SEK)
Total Net assets
Class I (SEK)
A1W989
ISIN-Code Class I (SEK)
LU1004446743
Fund currency
SEK
Date of incorporation
04.03.2014
CHANGES IN NET ASSETS (IN SEK) FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014 Net assets at the beginning of the reporting period
Initial issue date Class I (SEK)
23.04.2014
Financial year
01.01. - 31.12.
Reporting period
04.03.2014 - 31.12.2014
Initial issue price
100,00 SEK
Value at issue
100,00 SEK
Minimum subscription amount
Subscriptions Class I (SEK)
288.878.986,97
Redemptions Class I (SEK)
-14.473.766,42
Total proceeds from share transactions
274.405.220,55
1.000,00 SEK
Subscription fee
none
Redemption fee
none
Switching fee
none
Management fee p.a.
Income equalisation
Net investment result
265.082,35
-4.185.644,09
up to 1,85 % (minimum 200.000,00 SEK p.a.) plus performance fee
Custodian fee p.a.
Realized gain/loss on investments
3.313.695,35
up to 0,05 % (minimum 125.000,00 SEK p.a.)
Dividends
0,00
principally accumulating shares
DEVELOPMENT OF THE NET ASSET VALUE (IN SEK)
Net change in unrealized appreciation/depreciation on investments
29.213.481,84
Result of operations
28.341.533,10
CLASS I (SEK) Total Net assets at the
Highest net asset value per share in the reporting period
(30.12.2014)
111,54
end of the reporting period
303.011.836,00
Lowest net asset value per share in the reporting period
(28.04.2014)
Performance during the reporting period
99,64
*) 1)
11,54 %
Performance since inception *) 1)
11,54 %
Total Net assets (in million SEK) Shares outstanding - Class I (SEK)
Performance over the last 3 years
31.12.2014 303,01 2.716.567,042
Bid price - Class I (SEK)
111,54
Offering price - Class I (SEK)
111,54
The accompanying notes form an integral part of these financial statements.
45
15% 10%
AT A GLANCE
11,54%
5% 0% -5% 23.04.14 - 31.12.14
Performance*) of the reporting periods in %
*) 1)
calculated according to Bundesverband Investment and Asset Management e.V. (BVI) Shares have been issued with effect 23.04.2014.
Past performance is no indication of current or future performance. The performance data do not take account of commissions and costs incurred on the issue and redemption of shares.
MOVESTIC SICAV - Movestic Bygga / Annual Report as of December 31, 2014
PROFIT- AND LOSS ACCOUNTS (IN SEK)
GEOGRAPHIC CLASSIFICATION
FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014
OF INVESTMENTS
(INCL. INCOME EQUALISATION)
% of Net assets
Income Trailer fee compensation
1.069.201,06
Luxembourg
40,39
Interest on bank deposits
12.978,86
Sweden
28,71
Income equalisation
55.213,26
Norway
25,47
Total Income
94,57
1.137.393,18
Expenses Management fee
-2.843.638,16
CURRENCY CLASSIFICATION
Performance fee
-1.866.565,88
OF INVESTMENTS
Custodian fee
-91.885,21
% of Net
Taxe d'Abonnement
-12.307,35
assets
Audit fee Other expenses Expense equalisation
-36.779,53
SEK
82,56
-151.565,53
NOK
12,01
-320.295,61
Total Expenses
-5.323.037,27
Net investment result
-4.185.644,09
94,57
SECTOR CLASSIFICATION OF INVESTMENTS
Realized gain/loss
% of Net
3.313.695,35
assets
Net change in unrealized appreciation/depreciation
29.213.481,84
Investment funds
94,57 94,57
Result of operations
28.341.533,10
STATEMENT OF CHANGES IN SHARES OUTSTANDING FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014 CLASS I (SEK)
1)
Number of shares outstanding at the beginning of the reporting period Number of shares issued Number of shares redeemed
0,000 2.854.958,132 -138.391,090
Number of shares outstanding at the end of the reporting period 1)
2.716.567,042
Shares have been issued with effect 23.04.2014.
46
The accompanying notes form an integral part of these financial statements.
MOVESTIC SICAV - Movestic Bygga / Annual Report as of December 31, 2014
STATEMENT OF ASSETS AND LIABILITIES AS OF 31.12.2014
Currency
Quantity Securities description
Price in
Market Value
%*) of
Currency
(SEK)
Net assets
31.12.2014
Other Securities
Investment funds NOK
148.679 ODIN Emerging Markets
SEK SEK
21.164 Didner & Gerge Aktiefond 1.977.149 FTIF SICAV Global Bond -A (acc) SEK -H1-
233,0700
36.385.252,58
12,01
2.017,1791
42.691.629,71
14,09
13,1500
25.999.513,65
8,58
172,6055
45.845.370,58
15,13
SEK
265.608 Macquarie Fund Solutions SICAV
SEK
221.586 OPM Listed Private Equity Fund
199,9270
44.301.042,23
14,62
SEK
293.521 SEB Fund 1 FCP Asset Selection Fund -C (H-SEK)-
172,1830
50.539.319,27
16,68
Asia New Stars Fund -F (SEK)
SEK
40.796.245,61
13,46
Total Investment funds
30.952 Skagen Global Aktiefondet -A-
1.318,0363
286.558.373,63
94,57
Total Other Securities
286.558.373,63
94,57
Total Portfolio
286.558.373,63
94,57
Bank deposits
18.432.656,33
6,08
Receivables from subscriptions
292.653,98
0,10
Total Other Assets
292.653,98
0,10
305.283.683,94
100,75
Management fee payable
-380.963,52
-0,13
Performance fee payable
-1.866.565,88
-0,62
Custodian fee payable
-12.011,19
0,00
Taxe d'Abonnement
-12.307,35
0,00
-2.271.847,94
-0,75
303.011.836,00
100,00
Other Assets
Total Assets
Liabilities
Total Liabilities
Total Net assets
NET ASSET VALUE PER SHARE - CLASS I (SEK) NUMBER OF SHARES OUTSTANDING - CLASS I (SEK)
111,54 2.716.567,042
*) The rounding down of the percentage in the calculation can result in marginal rounding differences.
The accompanying notes form an integral part of these financial statements.
47
MOVESTIC SICAV - Monyx Fondservice Balanserad Movestic / Annual Report as of December 31, 2014
THE KEY FACTS
DEVELOPMENT OF THE FUND OVER THE LAST 3 YEARS
Investment Policy
primarily investment funds with
VALUES AT THE END OF THE REPORTING PERIOD
focus on global equity markets,
Reporting period
NAV per Share
fixed income
(in SEK)
106,00
135.416.320,51
04.03.2014 - 31.12.2014
German Security code Class I (SEK)
Total Net assets
Class I (SEK)
A1W99A
ISIN-Code Class I (SEK)
LU1004446826
Fund currency
SEK
Date of incorporation
04.03.2014
CHANGES IN NET ASSETS (IN SEK) FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014 Net assets at the beginning of the reporting period
Initial issue date Class I (SEK)
10.06.2014
Financial year
01.01. - 31.12.
Reporting period
04.03.2014 - 31.12.2014
Initial issue price
101,00 SEK
Subscriptions Class I (SEK)
139.640.950,08
Redemptions Class I (SEK)
-11.960.327,50
Total proceeds from share transactions
(incl. Subscription fee) Value at issue
0,00
127.680.622,58
100,00 SEK
Minimum subscription amount
1.000,00 SEK
Subscription fee
up to 1,00 %
Redemption fee
none
Switching fee
none
Management fee p.a.
up to 2,10 % (minimum 200.000,00 SEK p.a.)
Custodian fee p.a.
up to 0,05 %
Income equalisation
Net investment result
-17.425,59
-1.151.258,97
Realized gain/loss on investments on foreign exchange contracts
161.169,71 51,04
(minimum 125.000,00 SEK p.a.) Dividends
principally accumulating shares
Net change in unrealized appreciation/depreciation on investments
8.743.161,74
Result of operations
7.753.123,52
DEVELOPMENT OF THE NET ASSET VALUE (IN SEK) CLASS I (SEK) Highest net asset value per share in the reporting period
(29.12.2014)
106,39
Lowest net asset value per share in the reporting period
end of the reporting period
(17.06.2014)
98,92
Performance during the reporting period *) 1)
6,00 %
Performance since inception
Total Net assets at the
*) 1)
6,00 %
AT A GLANCE Total Net assets (in million SEK)
Performance over the last 3 years
Shares outstanding - Class I (SEK) 10% 5%
6,00%
1.277.509,042
Offering price - Class I (SEK)
107,06
10.06.14 - 31.12.14
Performance*) of the reporting periods in %
calculated according to Bundesverband Investment and Asset Management e.V. (BVI) Shares have been issued with effect 10.06.2014.
Past performance is no indication of current or future performance. The performance data do not take account of commissions and costs incurred on the issue and redemption of shares.
48
135,42
106,00
-5%
1)
31.12.2014
Bid price - Class I (SEK)
0%
*)
135.416.320,51
The accompanying notes form an integral part of these financial statements.
MOVESTIC SICAV - Monyx Fondservice Balanserad Movestic / Annual Report as of December 31, 2014
PROFIT- AND LOSS ACCOUNTS (IN SEK)
GEOGRAPHIC CLASSIFICATION
FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014
OF INVESTMENTS
(INCL. INCOME EQUALISATION)
% of Net assets
Income Income on investment funds
194.934,61
Luxembourg
50,88
Trailer fee compensation
165.569,67
Sweden
26,38
Interest on bank deposits
2.579,68
Norway
10,32
-7.661,66
Ireland
5,85
Income equalisation Total Income
93,43
355.422,30
Expenses Management fee
-1.285.898,43
Custodian fee
-71.871,12
Taxe d'Abonnement
CURRENCY CLASSIFICATION OF INVESTMENTS % of Net
-4.798,68
Audit fee
assets
-33.160,48
Other expenses Expense equalisation Total Expenses
-136.039,81
SEK
61,56
25.087,25
USD
23,23
-1.506.681,27
EUR
8,64 93,43
Net investment result
-1.151.258,97
Realized gain/loss
161.220,75
SECTOR CLASSIFICATION OF INVESTMENTS
Net change in unrealized appreciation/depreciation
% of Net
8.743.161,74
assets Result of operations
7.753.123,52
Investment funds
93,43 93,43
STATEMENT OF CHANGES IN SHARES OUTSTANDING FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014 CLASS I (SEK)
1)
Number of shares outstanding at the beginning of the reporting period Number of shares issued Number of shares redeemed
0,000 1.394.563,934 -117.054,892
Number of shares outstanding at the end of the reporting period 1)
1.277.509,042
Shares have been issued with effect 10.06.2014.
The accompanying notes form an integral part of these financial statements.
49
MOVESTIC SICAV - Monyx Fondservice Balanserad Movestic / Annual Report as of December 31, 2014
STATEMENT OF ASSETS AND LIABILITIES AS OF 31.12.2014
Currency
Quantity Securities description
Price in
Market Value
%*) of
Currency
(SEK)
Net assets
31.12.2014
Other Securities
Investment funds EUR
7.282 JPMorgan Funds SICAV -
169,4500
11.697.939,26
8,64
Europe Equity Plus Fund -C (acc) EURSEK
17.144 Alfred Berg Fonder AG Obligationsfond Plus
955,4100
16.379.641,90
12,10
SEK
600.060 FTIF SICAV Global Bond -A (acc) SEK -H1-
13,1500
7.890.791,80
5,83
1.094,8300
6.878.729,30
5,08
142,9100
13.930.578,58
10,29
SEK
6.283 JPMorgan Funds SICAV Systematic Alpha Fund -C SEK-H-
SEK
97.478 Öhman Etisk Index USA
SEK
48.081 Öhman Foretagsobligationsfond
SEK
16.577 Öhman SICAV 1
SEK
10.604 Skagen Global Aktiefondet -A-
USD
16.193 db x-trackers SICAV
USD
49.147 db x-trackers SICAV
112,5800
5.412.981,92
4,00
1.139,7562
18.893.511,72
13,95
1.318,0363
13.976.835,99
10,32
49,7900
6.283.363,70
4,64
45,0750
17.264.559,66
12,75
Fixed Income Allocation Fund -B-
MSCI PACIFIC EX JAPAN INDEX UCITS ETF -1C- (DR)
MSCI WORLD TRN INDEX ETF -1CUSD
7.915.263,31
5,85
Total Investment funds
2.913 Source Markets PLC Source S&P 500 -A- UCITS ETF
348,6600
126.524.197,14
93,43
Total Other Securities
126.524.197,14
93,43
Total Portfolio
126.524.197,14
93,43
Bank deposits
9.004.065,14
6,65
Receivables from subscriptions
92.623,71
0,07
Total Other Assets
92.623,71
0,07
135.620.885,99
100,15
Other Assets
Total Assets
50
The accompanying notes form an integral part of these financial statements.
MOVESTIC SICAV - Monyx Fondservice Balanserad Movestic / Annual Report as of December 31, 2014
STATEMENT OF ASSETS AND LIABILITIES AS OF 31.12.2014
Currency
Quantity Securities description
Price in
Market Value
%*) of
Currency
(SEK)
Net assets
31.12.2014
Liabilities Management fee payable Custodian fee payable Taxe d'Abonnement Total Liabilities
Total Net assets
NET ASSET VALUE PER SHARE - CLASS I (SEK) NUMBER OF SHARES OUTSTANDING - CLASS I (SEK)
-189.283,15
-0,14
-10.483,65
-0,01
-4.798,68
0,00
-204.565,48
-0,15
135.416.320,51
100,00
106,00 1.277.509,042
*) The rounding down of the percentage in the calculation can result in marginal rounding differences.
The accompanying notes form an integral part of these financial statements.
51
MOVESTIC SICAV - Monyx Fondservice Sverige/Världen Movestic / Annual Report as of December 31, 2014
THE KEY FACTS
DEVELOPMENT OF THE FUND OVER THE LAST 3 YEARS
Investment Policy
primarily investment funds with
VALUES AT THE END OF THE REPORTING PERIOD
focus on global equity markets,
Reporting period
NAV per Share
fixed income
(in SEK)
102,65
433.032.241,37
04.03.2014 - 31.12.2014
German Security code Class I (SEK)
Total Net assets
Class I (SEK)
A1W99B
ISIN-Code Class I (SEK)
LU1004447048
Fund currency
SEK
Date of incorporation
04.03.2014
CHANGES IN NET ASSETS (IN SEK) FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014 Net assets at the beginning of the reporting period
Initial issue date Class I (SEK)
10.06.2014
Financial year
01.01. - 31.12.
Reporting period
04.03.2014 - 31.12.2014
Initial issue price
101,00 SEK
Subscriptions Class I (SEK)
467.255.171,29
Redemptions Class I (SEK)
-45.199.711,55
Total proceeds from share transactions
(incl. Subscription fee) Value at issue
0,00
422.055.459,74
100,00 SEK
Minimum subscription amount
1.000,00 SEK
Subscription fee
up to 1 %
Redemption fee
none
Switching fee
none
Management fee p.a.
up to 2,60 % (minimum 200.000,00 SEK p.a.)
Custodian fee p.a.
Net investment result
-111.733,90
-3.875.402,27
Realized gain/loss on investments
1.218.557,04
up to 0,05 % (minimum 125.000,00 SEK p.a.)
Dividends
Income equalisation
principally accumulating shares
Net change in unrealized appreciation/depreciation on investments on foreign exchange contracts
14.028.148,52 -282.787,76
DEVELOPMENT OF THE NET ASSET VALUE (IN SEK) CLASS I (SEK)
Result of operations
11.088.515,53
Highest net asset value per share in the reporting period
(29.12.2014)
103,34
Lowest net asset value per share in the reporting period
end of the reporting period
(16.10.2014)
93,17
Performance during the reporting period *) 1)
2,65 %
Performance since inception
Total Net assets at the
*) 1)
2,65 %
AT A GLANCE Total Net assets (in million SEK)
Performance over the last 3 years
Shares outstanding - Class I (SEK) 5% 2,65%
4.218.478,169
Offering price - Class I (SEK)
103,68
10.06.14 - 31.12.14
Performance*) of the reporting periods in %
calculated according to Bundesverband Investment and Asset Management e.V. (BVI) Shares have been issued with effect 10.06.2014.
Past performance is no indication of current or future performance. The performance data do not take account of commissions and costs incurred on the issue and redemption of shares.
52
433,03
102,65
-5%
1)
31.12.2014
Bid price - Class I (SEK)
0%
*)
433.032.241,37
The accompanying notes form an integral part of these financial statements.
MOVESTIC SICAV - Monyx Fondservice Sverige/Världen Movestic / Annual Report as of December 31, 2014
PROFIT- AND LOSS ACCOUNTS (IN SEK)
GEOGRAPHIC CLASSIFICATION
FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014
OF INVESTMENTS
(INCL. INCOME EQUALISATION)
% of Net assets
Income Income on investment funds
312.283,60
Luxembourg
37,73
Trailer fee compensation
1.016.786,62
Sweden
28,35
Interest on bank deposits
2.330,94
Norway
21,41
Ireland
8,24
Income equalisation
-26.265,53
Total Income
1.305.135,63
95,73
Expenses Management fee
-5.008.941,09
Custodian fee
-114.906,99
Taxe d'Abonnement
CURRENCY CLASSIFICATION OF INVESTMENTS
-19.738,96
Audit fee
% of Net
-33.160,48
Other expenses Expense equalisation
assets
-141.789,81
SEK
137.999,43
USD
Total Expenses
-5.180.537,90
Net investment result
-3.875.402,27
72,99 22,74 95,73
SECTOR CLASSIFICATION Realized gain/loss
1.218.557,04
OF INVESTMENTS % of Net
Net change in unrealized appreciation/depreciation
assets
13.745.360,76 Investment funds
Result of operations
11.088.515,53
95,73 95,73
STATEMENT OF CHANGES IN SHARES OUTSTANDING FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014 CLASS I (SEK)
1)
Number of shares outstanding at the beginning of the reporting period Number of shares issued Number of shares redeemed
0,000 4.672.360,830 -453.882,661
Number of shares outstanding at the end of the reporting period 1)
4.218.478,169
Shares have been issued with effect 10.06.2014.
The accompanying notes form an integral part of these financial statements.
53
MOVESTIC SICAV - Monyx Fondservice Sverige/Världen Movestic / Annual Report as of December 31, 2014
STATEMENT OF ASSETS AND LIABILITIES AS OF 31.12.2014
Currency
Quantity Securities description
Price in
Market Value
%*) of
Currency
(SEK)
Net assets
31.12.2014
Other Securities
Investment funds SEK
107.769 Aktie-Ansvar Sverige
406,1500
43.770.249,78
10,11
SEK
25.847 Atlant Sharp
1.588,9300
41.068.708,26
9,48
SEK
18.812 Didner & Gerge Aktiefond
2.017,1791
37.946.640,09
8,76
SEK
9.224 JPMorgan Funds SICAV
1.094,8300
10.098.807,17
2,33
1.139,7562
40.733.734,29
9,41
1.318,0363
71.384.956,72
16,48
716,8087
21.337.190,60
4,93
157,6500
49.691.910,60
11,48
45,0750
33.582.057,30
7,76
Systematic Alpha Fund -C SEK-HSEK
35.739 Öhman SICAV 1 Fixed Income Allocation Fund -B-
SEK
54.160 Skagen Global Aktiefondet -A-
SEK
29.767 Skagen Kon-Tiki Units -A-
SEK USD
315.204 SpotRTM 1 SICAV OMXS30 -IC95.598 db x-trackers SICAV MSCI WORLD TRN INDEX ETF -1C-
USD
132.450 FTIF SICAV - Global Small-Mid Cap Growth -A- USD
28,3300
29.243.030,64
6,75
USD
125.170 iShares MSCI World UCITS ETF (Dist)
36,5600
35.663.929,76
8,24
Total Investment funds
414.521.215,21
95,73
Total Other Securities
414.521.215,21
95,73
Total Portfolio
414.521.215,21
95,73
Bank deposits
18.811.717,95
4,34
Interest receivable on banks
188.952,50
0,04
Receivables from subscriptions
269.384,61
0,06
Total Other Assets
458.337,11
0,11
433.791.270,27
100,18
Other Assets
Total Assets
54
The accompanying notes form an integral part of these financial statements.
MOVESTIC SICAV - Monyx Fondservice Sverige/Världen Movestic / Annual Report as of December 31, 2014
STATEMENT OF ASSETS AND LIABILITIES AS OF 31.12.2014
Currency
Quantity Securities description
Price in
Market Value
%*) of
Currency
(SEK)
Net assets
31.12.2014
Liabilities Management fee payable
-722.845,71
-0,17
Custodian fee payable
-16.444,23
0,00
Taxe d'Abonnement
-19.738,96
0,00
-759.028,90
-0,18
433.032.241,37
100,00
Total Liabilities
Total Net assets
NET ASSET VALUE PER SHARE - CLASS I (SEK) NUMBER OF SHARES OUTSTANDING - CLASS I (SEK)
102,65 4.218.478,169
*) The rounding down of the percentage in the calculation can result in marginal rounding differences.
The accompanying notes form an integral part of these financial statements.
55
MOVESTIC SICAV - Monyx Fondservice Världen Movestic / Annual Report as of December 31, 2014
THE KEY FACTS
DEVELOPMENT OF THE FUND OVER THE LAST 3 YEARS
Investment Policy
primarily investment funds with
VALUES AT THE END OF THE REPORTING PERIOD
focus on global equity markets,
Reporting period
NAV per share
fixed income
(in SEK)
109,22
494.635.195,39
04.03.2014 - 31.12.2014
German Security code Class I (SEK)
Total Net assets
Class I (SEK)
A1W99C
ISIN-Code Class I (SEK)
LU1004447121
Fund currency
SEK
Date of incorporation
04.03.2014
CHANGES IN NET ASSETS (IN SEK) FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014 Net assets at the beginning of the reporting period
Initial issue date Class I (SEK)
10.06.2014
Financial year
01.01. - 31.12.
Reporting period
04.03.2014 - 31.12.2014
Initial issue price
101,00 SEK
Subscriptions Class I (SEK)
488.550.565,74
Redemptions Class I (SEK)
-36.203.157,05
Total proceeds from share transactions
(incl. Subscription fee) Value at issue
0,00
452.347.408,69
100,00 SEK
Minimum subscription amount
1.000,00 SEK
Subscription fee
up to 1,00 %
Redemption fee
none
Switching fee
none
Management fee p.a.
up to 2,60 % (minimum 200.000,00 SEK p.a.)
Custodian fee p.a.
up to 0,05 %
Income equalisation
Net investment result
-109.810,83
-5.426.794,60
Realized gain/loss on investments on foreign exchange contracts
1.408.534,89 -328.746,75
(minimum 125.000,00 SEK p.a.) Dividends
principally accumulating shares
Net change in unrealized appreciation/depreciation on investments
46.744.603,99
Result of operations
42.397.597,53
DEVELOPMENT OF THE NET ASSET VALUE (IN SEK) CLASS I (SEK) Highest net asset value per share in the reporting period
(29.12.2014)
109,50
Lowest net asset value per share in the reporting period
end of the reporting period
(16.10.2014)
97,77
Performance during the reporting period *) 1)
9,22 %
Performance since inception
Total Net assets at the
*) 1)
9,22 %
AT A GLANCE Total Net assets (in million SEK)
Performance over the last 3 years
Shares outstanding - Class I (SEK) 15% 10% 9,22%
4.528.731,955
Offering price - Class I (SEK)
110,31
-5% 10.06.14 - 31.12.14
Performance*) of the reporting periods in %
calculated according to Bundesverband Investment and Asset Management e.V. (BVI) Shares have been issued with effect 10.06.2014.
Past performance is no indication of current or future performance. The performance data do not take account of commissions and costs incurred on the issue and redemption of shares.
56
494,64
109,22
0%
1)
31.12.2014
Bid price - Class I (SEK)
5%
*)
494.635.195,39
The accompanying notes form an integral part of these financial statements.
MOVESTIC SICAV - Monyx Fondservice Världen Movestic / Annual Report as of December 31, 2014
PROFIT- AND LOSS ACCOUNTS (IN SEK)
GEOGRAPHIC CLASSIFICATION
FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014
OF INVESTMENTS
(INCL. INCOME EQUALISATION)
% of Net assets
Income Income on investment funds
248.558,71
Luxembourg
42,62
Trailer fee compensation
701.281,81
Sweden
21,01
Interest on bank deposits
1.799,40
Ireland
19,68
Norway
14,48
Income equalisation
-13.948,67
Total income
937.691,25
97,79
Expenses Management fee
-6.171.108,79
Custodian fee
-125.087,52
Taxe d'Abonnement
CURRENCY CLASSIFICATION OF INVESTMENTS % of Net
-18.098,75
Audit fee
assets
-33.160,48
Other expenses Expense equalisation Total expenses
Net investment result
-140.789,81
SEK
123.759,50
USD
30,46
-6.364.485,85
EUR
16,46
NOK
9,77 97,79
-5.426.794,60
Realized gain/loss
41,10
1.079.788,14
SECTOR CLASSIFICATION
Net change in unrealized appreciation/depreciation
46.744.603,99
OF INVESTMENTS % of Net
Result of operations
assets
42.397.597,53
Investment funds
97,79 97,79
STATEMENT OF CHANGES IN SHARES OUTSTANDING FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014 CLASS I (SEK)
1)
Number of shares outstanding at the beginning of the reporting period Number of shares issued Number of shares redeemed
0,000 4.880.824,668 -352.092,713
Number of shares outstanding at the end of the reporting period 1)
4.528.731,955
Shares have been issued with effect 10.06.2014.
The accompanying notes form an integral part of these financial statements.
57
MOVESTIC SICAV - Monyx Fondservice Världen Movestic / Annual Report as of December 31, 2014
STATEMENT OF ASSETS AND LIABILITIES AS OF 31.12.2014
Currency
Quantity Securities description
Price in
Market Value
%*) of
Currency
(SEK)
Net assets
31.12.2014
Other Securities
Investment funds EUR
36.970 JPMorgan Funds SICAV -
169,4500
59.386.975,85
12,01
0,6200
22.034.843,19
4,45
Europe Equity Plus Fund -C (acc) EUREUR
3.749.032 Schroder Intl. Selection Fund SICAV Japanese Smaller Companies -A1- EUR
NOK
36.518 Skagen Global Aktiefondet -A-
1.260,5700
48.335.006,27
9,77
SEK
12.327 JPMorgan Funds SICAV
1.094,8300
13.495.647,53
2,73
172,6055
21.256.367,33
4,30
188,2700
17.732.783,40
3,59
142,9100
86.166.162,26
17,42
1.139,7562
41.299.090,98
8,35
716,8087
23.310.226,26
4,71
45,0750
53.347.408,42
10,79
41,7100
40.190.689,35
8,13
36,5600
28.472.164,55
5,76
Systematic Alpha Fund -C SEK-HSEK
123.150 Macquarie Fund Solutions SICAV Asia New Stars Fund -F (SEK)-
SEK SEK
94.188 Öhman Etisk Index Pacific 602.940 Öhman Etisk Index USA
SEK
36.235 Öhman SICAV 1
SEK
32.519 Skagen Kon-Tiki Units -A-
Fixed Income Allocation Fund -B-
USD
151.864 db x-trackers SICAV
USD
123.641 iShares III - Core MSCI World UCITS ETF USD
MSCI WORLD TRN INDEX ETF -1C-
USD
99.929 iShares - MSCI World UCITS ETF (Dist)
USD
10.552 Source Markets PLC Source S&P 500 -A- UCITS ETF
28.672.110,70
5,80
Total Investment funds
348,6600
483.699.476,09
97,79
Total Other Securities
483.699.476,09
97,79
Total Portfolio
483.699.476,09
97,79
Bank deposits
12.150.947,74
2,46
150.849,54
0,03
Other Assets Interest receivable on banks Receivables from subscriptions Total Other Assets
Total Assets
58
The accompanying notes form an integral part of these financial statements.
26.617,26
0,01
177.466,80
0,04
496.027.890,63
100,28
MOVESTIC SICAV - Monyx Fondservice Världen Movestic / Annual Report as of December 31, 2014
STATEMENT OF ASSETS AND LIABILITIES AS OF 31.12.2014
Currency
Quantity Securities description
Price in
Market Value
%*) of
Currency
(SEK)
Net assets
31.12.2014
Liabilities Management fee payable
-917.817,25
-0,19
Custodian fee payable
-18.377,55
0,00
Taxe d'Abonnement
-18.098,75
0,00
Liabilities from redemptions Total Liabilities
Total Net assets
NET ASSET VALUE PER SHARE - CLASS I (SEK) NUMBER OF SHARES OUTSTANDING - CLASS I (SEK)
-438.401,69
-0,09
-1.392.695,24
-0,28
494.635.195,39
100,00
109,22 4.528.731,955
*) The rounding down of the percentage in the calculation can result in marginal rounding differences.
The accompanying notes form an integral part of these financial statements.
59
MOVESTIC SICAV - Trygghet 75 Movestic / Annual Report as of December 31, 2014
THE KEY FACTS
DEVELOPMENT OF THE FUND OVER THE LAST 3 YEARS
Investment Policy
primarily indirectly in equity
VALUES AT THE END OF THE REPORTING PERIOD
and fixed income securities
Reporting period
NAV per Share
through UCITS/ UCIs, Floor = 75 %
(in SEK)
107,21
1.593.934.307,14
04.03.2014 - 31.12.2014
German Security code Class I (SEK)
Total Net assets
Class I (SEK)
A1W99D
ISIN-Code Class I (SEK)
LU1004447394
Fund currency
SEK
Date of incorporation
04.03.2014
CHANGES IN NET ASSETS (IN SEK) FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014 Net assets at the beginning of the reporting period
Initial issue date Class I (SEK)
10.06.2014
Financial year
01.01. - 31.12.
Reporting period
04.03.2014 - 31.12.2014
Initial issue price
100,00 SEK
Value at issue
100,00 SEK
Minimum subscription amount
0,00
Subscriptions Class I (SEK)
1.528.141.205,38
Redemptions Class I (SEK)
-40.247.309,13
Total proceeds from share transactions
1.487.893.896,25
1.000,00 SEK
Subscription fee
none
Redemption fee
none
Switching fee
none
Management fee p.a.
Income equalisation
Net investment result
780.272,10
-35.211.119,69
up to 2,10 % (minimum 200.000,00 SEK p.a.) plus performance fee
Custodian fee p.a.
up to 0,05 %
Realized gain/loss on investments on foreign exchange contracts
7.028.922,53 -129.591,18
(minimum 125.000,00 SEK p.a.) Dividends
principally accumulating shares
Net change in unrealized appreciation/depreciation on investments
133.571.927,13
Result of operations
105.260.138,79
DEVELOPMENT OF THE NET ASSET VALUE (IN SEK) CLASS I (SEK) Highest net asset value per share in the reporting period
(29.12.2014)
107,57
Lowest net asset value per share in the reporting period
end of the reporting period
(16.10.2014)
94,20
Performance during the reporting period *) 1)
7,21 %
Performance since inception
Total Net assets at the
*) 1)
7,21 %
AT A GLANCE Total Net assets (in million SEK)
Performance over the last 3 years
Shares outstanding - Class I (SEK) 10% 7,21%
5%
14.867.582,856
Offering price - Class I (SEK)
107,21
10.06.14 - 31.12.14
Performance*) of the reporting periods in %
calculated according to Bundesverband Investment and Asset Management e.V. (BVI) Shares have been issued with effect 10.06.2014.
Past performance is no indication of current or future performance. The performance data do not take account of commissions and costs incurred on the issue and redemption of shares.
60
1.593,93
107,21
-5%
1)
31.12.2014
Bid price - Class I (SEK)
0%
*)
1.593.934.307,14
The accompanying notes form an integral part of these financial statements.
MOVESTIC SICAV - Trygghet 75 Movestic / Annual Report as of December 31, 2014
PROFIT- AND LOSS ACCOUNTS (IN SEK)
GEOGRAPHIC CLASSIFICATION
FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014
OF INVESTMENTS
(INCL. INCOME EQUALISATION)
% of Net assets
Income Income on investment funds
1.253.167,64
Sweden
54,74
Trailer fee compensation
4.537.672,59
Luxembourg
26,96
Interest on bank deposits
15.142,13
Ireland
7,33
Income equalisation
92.268,48
Finland
4,73
Germany
3,44
France
1,74
Total Income
5.898.250,84
Expenses
98,94
Management fee
-12.857.517,38
Performance fee
-26.812.602,41
Custodian fee
-320.888,05
Taxe d'Abonnement
-81.671,73
Audit fee
-33.160,48
CURRENCY CLASSIFICATION OF INVESTMENTS % of Net
Other expenses
-130.989,90
Expense equalisation
-872.540,58
SEK
56,66
Total Expenses
-41.109.370,53
EUR
34,11
USD
6,43
Net investment result
-35.211.119,69
JPY
1,74
assets
98,94 Realized gain/loss
6.899.331,35
Net change in unrealized appreciation/depreciation
133.571.927,13
SECTOR CLASSIFICATION OF INVESTMENTS
Result of operations
% of Net
105.260.138,79
assets Investment funds STATEMENT OF CHANGES IN SHARES OUTSTANDING
98,94 98,94
FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014 CLASS I (SEK)
1)
Number of shares outstanding at the beginning of the reporting period Number of shares issued Number of shares redeemed
0,000 15.262.045,645 -394.462,789
Number of shares outstanding at the end of the reporting period 1)
14.867.582,856
Shares have been issued with effect 10.06.2014.
The accompanying notes form an integral part of these financial statements.
61
MOVESTIC SICAV - Trygghet 75 Movestic / Annual Report as of December 31, 2014
STATEMENT OF ASSETS AND LIABILITIES AS OF 31.12.2014
Currency
Quantity Securities description
Price in
Market Value
%*) of
Currency
(SEK)
Net assets
31.12.2014
Other Securities
Investment funds EUR EUR
164.681 FIM European Small and Mid Cap Companies -Kasvu60.700 iShares III Core
48,2500
75.325.105,37
4,73
25,0400
14.408.613,12
0,90
34,2500
54.871.451,07
3,44
13,5600
278.204.142,18
17,45
189,2100
84.105.089,84
5,28
19,2800
36.819.741,13
2,31
12.454,0000
27.685.094,97
1,74
MSCI Japan IMI UCITS ETF Dt. Zert. EUR EUR
169.000 iShares STOXX Europe 600 UCITS ETF (DE) 2.164.237 JPMorgan Funds SICAV Europe Equity Plus Fund -A (acc) EUR-
EUR
46.890 Schroder Intl. Selection Fund SICAV
EUR
201.453 Schroder Intl. Selection Fund SICAV
US Small & Mid Cap Equity -A1- EUR
Emerging Europe -AJPY
34.058 State Street Gl Adv Index Fds SICAV Compartiment SSGA Japan Index Eq.
SEK
139.701 Didner & Gerge Aktiefond
2.017,1791
281.801.441,45
17,68
SEK
113.001 Didner & Gerge Smabolag Units
446,6664
50.473.679,94
3,17
SEK
101.074 Handelsbankens Latinamerikafond
250,0000
25.268.467,85
1,59
SEK
176.921 Macquarie Fund Solutions SICAV
172,6055
30.537.529,04
1,92
718.544 Öhman Etisk Index Japan
75,4900
54.242.902,94
3,40
481.594 Öhman Etisk Index Pacific
188,2700
90.669.641,87
5,69
142,9100
309.092.117,91
19,39
Asia New Stars Fund -F (SEK)SEK SEK SEK SEK USD
2.162.845 Öhman Etisk Index USA 400.000 XACT Fond - OMXS30 ETF 75.406 Vanguard Funds PLC
152,7000
61.080.000,00
3,83
53,3350
31.343.028,65
1,97
FTSE Emerging Markets UCITS ETF USD
71.071.222,22
4,46
Total Investment funds
230.000 Vanguard Funds PLC S&P 500 UCITS ETF Ptg.Shs
39,6500
1.576.999.269,55
98,94
Total Other Securities
1.576.999.269,55
98,94
Total Portfolio
1.576.999.269,55
98,94
Bank deposits
43.336.067,15
2,72
Receivables from subscriptions
2.533.873,08
0,16
Total Other Assets
2.533.873,08
0,16
1.622.869.209,78
101,82
Other Assets
Total Assets
62
The accompanying notes form an integral part of these financial statements.
MOVESTIC SICAV - Trygghet 75 Movestic / Annual Report as of December 31, 2014
STATEMENT OF ASSETS AND LIABILITIES AS OF 31.12.2014
Currency
Quantity Securities description
Price in
Market Value
%*) of
Currency
(SEK)
Net assets
31.12.2014
Liabilities Management fee payable
-1.992.917,52
-0,13
Performance fee payable
-26.812.602,41
-1,68
-47.710,98
0,00
Custodian fee payable Taxe d'Abonnement
-81.671,73
-0,01
-28.934.902,64
-1,82
1.593.934.307,14
100,00
Total Liabilities
Total Net assets
NET ASSET VALUE PER SHARE - CLASS I (SEK) NUMBER OF SHARES OUTSTANDING - CLASS I (SEK)
107,21 14.867.582,856
*) The rounding down of the percentage in the calculation can result in marginal rounding differences.
The accompanying notes form an integral part of these financial statements.
63
MOVESTIC SICAV - Trygghet 80 Movestic / Annual Report as of December 31, 2014
THE KEY FACTS
DEVELOPMENT OF THE FUND OVER THE LAST 3 YEARS
Investment Policy
primarily indirectly in equity
VALUES AT THE END OF THE REPORTING PERIOD
and fixed income securities
Reporting period
NAV per Share
through UCITS/ UCIs, Floor = 80 %
(in SEK)
105,74
1.100.474.150,27
04.03.2014 - 31.12.2014
German Security code Class I (SEK)
Total Net assets
Class I (SEK)
A1W99E
ISIN-Code Class I (SEK)
LU1004447550
Fund currency
SEK
Date of incorporation
04.03.2014
CHANGES IN NET ASSETS (IN SEK) FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014 Net assets at the beginning of the reporting period
Initial issue date Class I (SEK)
10.06.2014
Financial year
01.01. - 31.12.
Reporting period
04.03.2014 - 31.12.2014
Initial issue price
100,00 SEK
Value at issue
100,00 SEK
Minimum subscription amount
0,00
Subscriptions Class I (SEK)
1.065.342.878,16
Redemptions Class I (SEK)
-23.852.992,52
Total proceeds from share transactions
1.041.489.885,64
1.000,00 SEK
Subscription fee
none
Redemption fee
none
Switching fee
none
Management fee p.a.
Income equalisation
Net investment result
423.938,17
-21.957.048,35
up to 2,10 % (minimum 200.000,00 SEK p.a.) plus performance fee
Custodian fee p.a.
up to 0,05 %
Realized gain/loss on investments on foreign exchange contracts
777.488,68 -154.872,91
(minimum 125.000,00 SEK p.a.) Dividends
principally accumulating shares
Net change in unrealized appreciation/depreciation on investments
79.894.759,04
Result of operations
58.560.326,46
DEVELOPMENT OF THE NET ASSET VALUE (IN SEK) CLASS I (SEK) Highest net asset value per share in the reporting period
(29.12.2014)
106,04
Lowest net asset value per share in the reporting period
end of the reporting period
(16.10.2014)
95,00
Performance during the reporting period *) 1)
5,74 %
Performance since inception
*) 1)
5,74 %
AT A GLANCE Total Net assets (in million SEK)
Performance over the last 3 years
Shares outstanding - Class I (SEK)
10%
5%
Total Net assets at the
5,74%
10.407.223,191
Offering price - Class I (SEK)
105,74
10.06.14 - 31.12.14
Performance*) of the reporting periods in %
calculated according to Bundesverband Investment and Asset Management e.V. (BVI) Shares have been issued with effect 10.06.2014.
Past performance is no indication of current or future performance. The performance data do not take account of commissions and costs incurred on the issue and redemption of shares.
64
1.100,47
105,74
-5%
1)
31.12.2014
Bid price - Class I (SEK)
0%
*)
1.100.474.150,27
The accompanying notes form an integral part of these financial statements.
MOVESTIC SICAV - Trygghet 80 Movestic / Annual Report as of December 31, 2014
PROFIT- AND LOSS ACCOUNTS (IN SEK)
GEOGRAPHIC CLASSIFICATION
FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014
OF INVESTMENTS
(INCL. INCOME EQUALISATION)
% of Net assets
Income Income on investment funds
673.996,90
Sweden
55,95
Luxembourg
22,97
Trailer fee compensation
3.200.209,58
Interest on bank deposits
5.831,11
Ireland
6,76
62.176,02
Finland
3,84
Germany
3,45
France
2,25
USA
0,71
Income equalisation Total Income
3.942.213,61
Expenses Management fee
-9.022.213,91
Performance fee
-15.928.417,97
Custodian fee
95,93
-240.373,96
Taxe d'Abonnement
-58.894,23
CURRENCY CLASSIFICATION
Audit fee
-33.160,48
OF INVESTMENTS
Other expenses
-130.087,22
% of Net
Expense equalisation
-486.114,19
assets
Total Expenses
-25.899.261,96
Net investment result
-21.957.048,35
Realized gain/loss
SEK
58,08
EUR
28,94
USD
6,66
JPY
2,25
622.615,77
95,93
Net change in unrealized appreciation/depreciation
79.894.759,04
SECTOR CLASSIFICATION Result of operations
58.560.326,46
OF INVESTMENTS % of Net assets
STATEMENT OF CHANGES IN SHARES OUTSTANDING
Investment funds
FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014 CLASS I (SEK)
95,93 95,93
1)
Number of shares outstanding at the beginning of the reporting period Number of shares issued Number of shares redeemed
0,000 10.645.015,186 -237.791,995
Number of shares outstanding at the end of the reporting period 1)
10.407.223,191
Shares have been issued with effect 10.06.2014.
The accompanying notes form an integral part of these financial statements.
65
MOVESTIC SICAV - Trygghet 80 Movestic / Annual Report as of December 31, 2014
STATEMENT OF ASSETS AND LIABILITIES AS OF 31.12.2014
Currency
Quantity Securities description
Price in
Market Value
%*) of
Currency
(SEK)
Net assets
31.12.2014
Other Securities
Investment funds EUR EUR EUR EUR
92.373 FIM European Small and Mid Cap Companies -Kasvu-
48,2500
37.800 iShares III Core MSCI Japan IMI UCITS ETF Dt. Zert.
25,0400
8.972.744,25
0,82
34,2500
37.987.927,66
3,45
13,5600
168.926.434,48
15,35
189,2100
41.478.668,27
3,77
19,2800
18.867.313,23
1,71
12.454,0000
24.800.585,15
2,25
113,0200
97.437.144,06
8,85
117.000 iShares STOXX Europe 600 UCITS ETF (DE) 1.314.131 JPMorgan Funds SICAV -
42.251.401,45
3,84
Europe Equity Plus Fund -A (acc) EUREUR
23.125 Schroder Intl. Selection Fund SICAV US Small & Mid Cap Equity -A1- EUR
EUR
103.230 Schroder Intl. Selection Fund SICAV Emerging Europe -A-
JPY
30.510 State Street Gl Adv Index Fds SICAV Compartiment SSGA Japan Index Eq.
SEK
862.123 Aktie-Ansvar Avkastningsfond
SEK
82.741 Didner & Gerge Aktiefond
2.017,1791
166.903.766,14
15,17
SEK
66.917 Didner & Gerge Smabolag Units
446,6664
29.889.370,56
2,72
SEK
49.298 Handelsbankens Latinamerikafond
250,0000
12.324.465,08
1,12
172,6055
23.467.155,53
2,13
355.486 Öhman Etisk Index Japan
75,4900
26.835.674,31
2,44
271.517 Öhman Etisk Index Pacific
188,2700
51.118.544,94
4,65
142,9100
194.471.537,88
17,67
152,7000
36.648.000,00
3,33
143,0600
7.804.390,96
0,71
53,3350
19.111.491,35
1,74
39,6500
46.350.797,10
4,21
Total Investment funds
1.055.647.412,40
95,93
Total Other Securities
1.055.647.412,40
95,93
Total Portfolio
1.055.647.412,40
95,93
Bank deposits
59.707.954,86
5,43
Receivables from subscriptions
2.517.975,41
0,23
Total Other Assets
2.517.975,41
0,23
1.117.873.342,67
101,58
SEK
135.958 Macquarie Fund Solutions SICAV Asia New Stars Fund -F (SEK)-
SEK SEK SEK
1.360.797 Öhman Etisk Index USA
SEK USD USD
240.000 XACT Fond - OMXS30 ETF 7.000 iShares Russell 2000 Growth ETF 45.979 Vanguard Funds PLC FTSE Emerging Markets UCITS ETF
USD
150.000 Vanguard Funds PLC S&P 500 UCITS ETF Ptg.Shs
Other Assets
Total Assets
66
The accompanying notes form an integral part of these financial statements.
MOVESTIC SICAV - Trygghet 80 Movestic / Annual Report as of December 31, 2014
STATEMENT OF ASSETS AND LIABILITIES AS OF 31.12.2014
Currency
Quantity Securities description
Price in
Market Value
%*) of
Currency
(SEK)
Net assets
31.12.2014
Liabilities Management fee payable
-1.376.420,62
-0,13
Performance fee payable
-15.928.417,97
-1,45
-35.459,58
0,00
Custodian fee payable Taxe d'Abonnement
-58.894,23
-0,01
-17.399.192,40
-1,58
1.100.474.150,27
100,00
Total Liabilities
Total Net assets
NET ASSET VALUE PER SHARE - CLASS I (SEK) NUMBER OF SHARES OUTSTANDING - CLASS I (SEK)
105,74 10.407.223,191
*) The rounding down of the percentage in the calculation can result in marginal rounding differences.
The accompanying notes form an integral part of these financial statements.
67
MOVESTIC SICAV - Trygghet 85 Movestic / Annual Report as of December 31, 2014
THE KEY FACTS
DEVELOPMENT OF THE FUND OVER THE LAST 3 YEARS
Investment Policy
primarily indirectly in equity
VALUES AT THE END OF THE REPORTING PERIOD
and fixed income securities
Reporting period
NAV per Share
through UCITS/ UCIs, Floor = 85 %
(in SEK)
104,25
302.388.936,98
04.03.2014 - 31.12.2014
German Security code Class I (SEK)
Total Net assets
Class I (SEK)
A1W99F
ISIN-Code Class I (SEK)
LU1004447634
Fund currency
SEK
Date of incorporation
04.03.2014
CHANGES IN NET ASSETS (IN SEK) FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014 Net assets at the beginning of the reporting period
Initial issue date Class I (SEK)
10.06.2014
Financial year
01.01. - 31.12.
Reporting period
04.03.2014 - 31.12.2014
Initial issue price
100,00 SEK
Value at issue
100,00 SEK
Minimum subscription amount
0,00
Subscriptions Class I (SEK)
314.453.773,79
Redemptions Class I (SEK)
-24.274.089,78
Total proceeds from share transactions
290.179.684,01
1.000,00 SEK
Subscription fee
none
Redemption fee
none
Switching fee
none
Management fee p.a.
Income equalisation
Net investment result
53.285,32
-3.521.044,56
up to 2,10 % (minimum 200.000,00 SEK p.a.) plus performance fee
Custodian fee p.a.
up to 0,05 %
Realized gain/loss on investments on foreign exchange contracts
627.252,66 30.255,89
(minimum 125.000,00 SEK p.a.) Dividends
principally accumulating shares
Net change in unrealized appreciation/depreciation on investments
15.019.503,66
Result of operations
12.155.967,65
DEVELOPMENT OF THE NET ASSET VALUE (IN SEK) CLASS I (SEK) Highest net asset value per share in the reporting period
(29.12.2014)
104,48
Lowest net asset value per share in the reporting period
end of the reporting period
(16.10.2014)
96,34
Performance during the reporting period *) 1)
4,25 %
Performance since inception
Total Net assets at the
*) 1)
4,25 %
AT A GLANCE Total Net assets (in million SEK)
Performance over the last 3 years
Shares outstanding - Class I (SEK) 5% 4,25%
2.900.517,227
Offering price - Class I (SEK)
104,25
10.06.14 - 31.12.14
Performance*) of the reporting periods in %
calculated according to Bundesverband Investment and Asset Management e.V. (BVI) Shares have been issued with effect 10.06.2014.
Past performance is no indication of current or future performance. The performance data do not take account of commissions and costs incurred on the issue and redemption of shares.
68
302,39
104,25
-5%
1)
31.12.2014
Bid price - Class I (SEK)
0%
*)
302.388.936,98
The accompanying notes form an integral part of these financial statements.
MOVESTIC SICAV - Trygghet 85 Movestic / Annual Report as of December 31, 2014
PROFIT- AND LOSS ACCOUNTS (IN SEK)
GEOGRAPHIC CLASSIFICATION
FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014
OF INVESTMENTS
(INCL. INCOME EQUALISATION)
% of Net assets
Income Income on investment funds
119.059,40
Sweden
66,71
Trailer fee compensation
785.223,09
Luxembourg
16,68
Interest on bank deposits
8.001,90
Ireland
4,38
744.800,77
Finland
3,02
Germany
2,60
France
1,52
USA
0,55
Other income Income equalisation
14.392,06
Total Income
1.671.477,22
Expenses
95,46
Management fee
-2.539.969,28
Performance fee
-2.355.293,21
Custodian fee
-80.654,86
CURRENCY CLASSIFICATION
Taxe d'Abonnement
-17.879,35
OF INVESTMENTS
Audit fee
-33.160,48
% of Net
Other expenses
-97.887,22
assets
Expense equalisation
-67.677,38
SEK
68,46
-5.192.521,78
EUR
21,16
USD
4,32
JPY
1,52
Total Expenses
Net investment result
-3.521.044,56
95,46 Realized gain/loss
657.508,55
Net change in unrealized appreciation/depreciation
15.019.503,66
SECTOR CLASSIFICATION OF INVESTMENTS
Result of operations
% of Net
12.155.967,65
assets Investment funds STATEMENT OF CHANGES IN SHARES OUTSTANDING
95,46 95,46
FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014 CLASS I (SEK)
1)
Number of shares outstanding at the beginning of the reporting period Number of shares issued Number of shares redeemed
0,000 3.142.189,776 -241.672,549
Number of shares outstanding at the end of the reporting period 1)
2.900.517,227
Shares have been issued with effect 10.06.2014.
The accompanying notes form an integral part of these financial statements.
69
MOVESTIC SICAV - Trygghet 85 Movestic / Annual Report as of December 31, 2014
STATEMENT OF ASSETS AND LIABILITIES AS OF 31.12.2014
Currency
Quantity Securities description
Price in
Market Value
%*) of
Currency
(SEK)
Net assets
31.12.2014
Other Securities
Investment funds EUR
19.934 FIM European Small and Mid Cap Companies -Kasvu-
48,2500
9.117.900,74
3,02
7.800 iShares III Core MSCI Japan IMI UCITS ETF Dt. Zert.
25,0400
1.851.518,65
0,61
34,2500
7.857.332,05
2,60
13,5600
31.770.868,22
10,51
189,2100
8.705.717,06
2,88
19,2800
4.685.134,52
1,55
12.454,0000
4.604.320,87
1,52
113,0200
43.375.755,65
14,34
EUR EUR EUR
24.200 iShares STOXX Europe 600 UCITS ETF (DE) 247.155 JPMorgan Funds SICAV Europe Equity Plus Fund -A (acc) EUR-
EUR
4.854 Schroder Intl. Selection Fund SICAV US Small & Mid Cap Equity -A1- EUR
EUR
25.634 Schroder Intl. Selection Fund SICAV Emerging Europe -A-
JPY
5.664 State Street Gl Adv Index Fds SICAV Compartiment SSGA Japan Index Eq.
SEK
383.788 Aktie-Ansvar Avkastningsfond
SEK
17.374 Didner & Gerge Aktiefond
2.017,1791
35.047.167,20
11,59
SEK
14.365 Didner & Gerge Smabolag Units
446,6664
6.416.432,95
2,12
SEK
12.995 Handelsbankens Latinamerikafond
250,0000
3.248.647,73
1,07
SEK
30.647 Macquarie Fund Solutions SICAV
172,6055
5.289.826,95
1,75
76.799 Öhman Etisk Index Japan
75,4900
5.797.590,80
1,92
49.566 Öhman Etisk Index Pacific
188,2700
9.331.761,95
3,09
142,9100
40.919.399,40
13,53
Asia New Stars Fund -F (SEK)SEK SEK SEK
286.330 Öhman Etisk Index USA
SEK
509.243 Öhman Penningmarknadsfond
98,2200
50.017.834,00
16,54
152,7000
7.558.650,00
2,50
143,0600
1.672.369,49
0,55
53,3350
3.822.381,39
1,26
39,6500
7.570.630,19
2,50
Total Investment funds
288.661.239,81
95,46
Total Other Securities
288.661.239,81
95,46
Total Portfolio
288.661.239,81
95,46
Bank deposits
15.779.767,45
5,22
Receivables from subscriptions
713.833,79
0,24
Total Other Assets
713.833,79
0,24
305.154.841,05
100,91
SEK
49.500 XACT Fond - OMXS30 ETF
USD
1.500 iShares Russell 2000 Growth ETF
USD
9.196 Vanguard Funds PLC FTSE Emerging Markets UCITS ETF
USD
24.500 Vanguard Funds PLC S&P 500 UCITS ETF Ptg.Shs
Other Assets
Total Assets
70
The accompanying notes form an integral part of these financial statements.
MOVESTIC SICAV - Trygghet 85 Movestic / Annual Report as of December 31, 2014
STATEMENT OF ASSETS AND LIABILITIES AS OF 31.12.2014
Currency
Quantity Securities description
Price in
Market Value
%*) of
Currency
(SEK)
Net assets
31.12.2014
Liabilities Management fee payable
-380.726,51
-0,13
Performance fee payable
-2.355.293,21
-0,78
-12.005,00
0,00
Custodian fee payable Taxe d'Abonnement Total Liabilities
Total Net assets
NET ASSET VALUE PER SHARE - CLASS I (SEK) NUMBER OF SHARES OUTSTANDING - CLASS I (SEK)
-17.879,35
-0,01
-2.765.904,07
-0,91
302.388.936,98
100,00
104,25 2.900.517,227
*) The rounding down of the percentage in the calculation can result in marginal rounding differences.
The accompanying notes form an integral part of these financial statements.
71
MOVESTIC SICAV - Trygghet 90 Movestic / Annual Report as of December 31, 2014
THE KEY FACTS
DEVELOPMENT OF THE FUND OVER THE LAST 3 YEARS
Investment Policy
primarily indirectly in equity
VALUES AT THE END OF THE REPORTING PERIOD
and fixed income securities
Reporting period
NAV per Share
through UCITS/ UCIs, Floor = 90 %
(in SEK)
102,42
171.146.387,87
04.03.2014 - 31.12.2014
German Security code Class I (SEK)
Total Net assets
Class I (SEK)
A1W99G
ISIN-Code Class I (SEK)
LU1004447717
Fund currency
SEK
Date of incorporation
04.03.2014
CHANGES IN NET ASSETS (IN SEK) FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014 Net assets at the beginning of the reporting period
Initial issue date Class I (SEK)
10.06.2014
Financial year
01.01. - 31.12.
Reporting period
04.03.2014 - 31.12.2014
Initial issue price
100,00 SEK
Value at issue
100,00 SEK
Minimum subscription amount
0,00
Subscriptions Class I (SEK)
179.430.099,18
Redemptions Class I (SEK)
-12.337.077,27
Total proceeds from share transactions
167.093.021,91
1.000,00 SEK
Subscription fee
none
Redemption fee
none
Switching fee
none
Management fee p.a.
Income equalisation
Net investment result
71.959,07
-1.832.075,80
up to 2,10 % (minimum 200.000,00 SEK p.a.) plus performance fee
Custodian fee p.a.
up to 0,05 %
Realized gain/loss on investments on foreign exchange contracts
-151.611,33 7.896,46
(minimum 125.000,00 SEK p.a.) Dividends
principally accumulating shares
Net change in unrealized appreciation/depreciation on investments
5.957.197,56
Result of operations
3.981.406,89
DEVELOPMENT OF THE NET ASSET VALUE (IN SEK) CLASS I (SEK) Highest net asset value per share in the reporting period
(29.12.2014)
102,55
Lowest net asset value per share in the reporting period
end of the reporting period
(16.10.2014)
97,34
Performance during the reporting period *) 1)
2,42 %
Performance since inception
Total Net assets at the
*) 1)
2,42 %
AT A GLANCE Total Net assets (in million SEK)
Performance over the last 3 years
Shares outstanding - Class I (SEK)
5%
2,42%
1.671.082,531
Offering price - Class I (SEK)
102,42
10.06.14 - 31.12.14
Performance*) of the reporting periods in %
calculated according to Bundesverband Investment and Asset Management e.V. (BVI) Shares have been issued with effect 10.06.2014.
Past performance is no indication of current or future performance. The performance data do not take account of commissions and costs incurred on the issue and redemption of shares.
72
171,15
102,42
-5%
1)
31.12.2014
Bid price - Class I (SEK) 0%
*)
171.146.387,87
The accompanying notes form an integral part of these financial statements.
MOVESTIC SICAV - Trygghet 90 Movestic / Annual Report as of December 31, 2014
PROFIT- AND LOSS ACCOUNTS (IN SEK)
GEOGRAPHIC CLASSIFICATION
FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014
OF INVESTMENTS
(INCL. INCOME EQUALISATION)
% of Net assets
Income Income on investment funds
36.941,01
Sweden
72,38
Luxembourg
10,90
Trailer fee compensation
342.843,70
Interest on bank deposits
4.451,32
Ireland
3,06
Income equalisation
8.075,52
Germany
2,28
Total Income
392.311,55
Finland
1,94
France
0,65 91,21
Expenses Management fee
-1.455.134,41
Performance fee
-452.120,24
Custodian fee
-71.871,38
CURRENCY CLASSIFICATION
Taxe d'Abonnement
-10.729,03
OF INVESTMENTS
Audit fee
-33.160,48
Other expenses
% of Net assets
-121.337,22 -80.034,59
SEK
73,55
Total Expenses
-2.224.387,35
EUR
13,95
USD
3,06
Net investment result
-1.832.075,80
JPY
0,65
Expense equalisation
91,21 Realized gain/loss
-143.714,87
Net change in unrealized appreciation/depreciation
5.957.197,56
SECTOR CLASSIFICATION OF INVESTMENTS
Result of operations
% of Net
3.981.406,89
assets Investment funds STATEMENT OF CHANGES IN SHARES OUTSTANDING
91,21 91,21
FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014 CLASS I (SEK)
1)
Number of shares outstanding at the beginning of the reporting period Number of shares issued Number of shares redeemed
0,000 1.793.934,432 -122.851,901
Number of shares outstanding at the end of the reporting period 1)
1.671.082,531
Shares have been issued with effect 10.06.2014.
The accompanying notes form an integral part of these financial statements.
73
MOVESTIC SICAV - Trygghet 90 Movestic / Annual Report as of December 31, 2014
STATEMENT OF ASSETS AND LIABILITIES AS OF 31.12.2014
Currency
Quantity Securities description
Price in
Market Value
%*) of
Currency
(SEK)
Net assets
31.12.2014
Other Securities
Investment funds EUR
7.265 FIM European Small and Mid Cap Companies -Kasvu-
48,2500
3.323.048,35
1,94
EUR
12.000 iShares STOXX Europe 600 UCITS ETF (DE)
34,2500
3.896.197,71
2,28
EUR
91.700 JPMorgan Funds SICAV -
13,5600
11.787.721,02
6,89
189,2100
3.229.059,64
1,89
19,2800
1.641.405,53
0,96
12.454,0000
1.118.192,25
0,65
113,0200
26.687.451,22
15,59
1.008,5900
27.880.640,54
16,29
Europe Equity Plus Fund -A (acc) EUREUR
1.800 Schroder Intl. Selection Fund SICAV US Small & Mid Cap Equity -A1- EUR
EUR
8.981 Schroder Intl. Selection Fund SICAV
JPY
1.376 State Street Gl Adv Index Fds SICAV
Emerging Europe -A-
Compartiment SSGA Japan Index Eq. SEK SEK
236.130 Aktie-Ansvar Avkastningsfond 27.643 Alfred Berg Fonder AG Penningmarknadsfond
SEK
6.472 Didner & Gerge Aktiefond
2.017,1791
13.054.760,32
7,63
SEK
5.236 Didner & Gerge Smabolag Units
446,6664
2.338.698,24
1,37
SEK
4.318 Handelsbankens Latinamerikafond
250,0000
1.079.408,50
0,63
172,6055
1.998.378,15
1,17
46.683 Öhman Etisk Index Japan
75,4900
3.524.081,23
2,06
22.202 Öhman Etisk Index Pacific
188,2700
4.179.992,23
2,44
142,9100
15.211.975,00
8,89
SEK
11.578 Macquarie Fund Solutions SICAV Asia New Stars Fund -F (SEK)-
SEK SEK SEK
106.444 Öhman Etisk Index USA
SEK
271.885 Öhman Penningmarknadsfond
98,2200
26.704.571,20
15,60
152,7000
3.206.700,00
1,87
53,3350
1.528.786,29
0,89
39,6500
3.708.063,77
2,17
Total Investment funds
156.099.131,19
91,21
Total Other Securities
156.099.131,19
91,21
Total Portfolio
156.099.131,19
91,21
Bank deposits
15.003.221,39
8,77
Receivables from subscriptions
737.347,00
0,43
Total Other Assets
737.347,00
0,43
171.839.699,58
100,41
SEK
21.000 XACT Fond - OMXS30 ETF
USD
3.678 Vanguard Funds PLC FTSE Emerging Markets UCITS ETF
USD
12.000 Vanguard Funds PLC S&P 500 UCITS ETF Ptg.Shs
Other Assets
Total Assets
74
The accompanying notes form an integral part of these financial statements.
MOVESTIC SICAV - Trygghet 90 Movestic / Annual Report as of December 31, 2014
STATEMENT OF ASSETS AND LIABILITIES AS OF 31.12.2014
Currency
Quantity Securities description
Price in
Market Value
%*) of
Currency
(SEK)
Net assets
31.12.2014
Liabilities Management fee payable
-219.978,79
-0,13
Performance fee payable
-452.120,24
-0,26
-10.483,65
-0,01
Custodian fee payable Taxe d'Abonnement Total Liabilities
Total Net assets
NET ASSET VALUE PER SHARE - CLASS I (SEK) NUMBER OF SHARES OUTSTANDING - CLASS I (SEK)
-10.729,03
-0,01
-693.311,71
-0,41
171.146.387,87
100,00
102,42 1.671.082,531
*) The rounding down of the percentage in the calculation can result in marginal rounding differences.
The accompanying notes form an integral part of these financial statements.
75
MOVESTIC SICAV - Naventi Offensiv Strategi / Annual Report as of December 31, 2014
THE KEY FACTS
DEVELOPMENT OF THE FUND OVER THE LAST 3 YEARS
Investment Policy
primarily global and Swedish Equity Funds
VALUES AT THE END OF THE REPORTING PERIOD Reporting period
NAV per Share
German Security code Class I (SEK)
A1W99H
Total Net assets
Class I (SEK)
(in SEK)
106,17
279.078.344,63
04.03.2014 - 31.12.2014
ISIN-Code Class I (SEK)
LU1004447808
Fund currency
SEK
Date of incorporation
04.03.2014
CHANGES IN NET ASSETS (IN SEK) FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014 Net assets at the beginning
Initial issue date Class I (SEK)
10.06.2014
Financial year
of the reporting period
0,00
01.01. - 31.12.
Reporting period
04.03.2014 - 31.12.2014
Initial issue price
100,00 SEK
Value at issue
100,00 SEK
Minimum subscription amount
1.000,00 SEK
Subscription fee
none
Redemption fee
none
Switching fee
none
Management fee p.a.
up to 2,60 %
Subscriptions Class I (SEK)
292.532.343,12
Redemptions Class I (SEK)
-29.508.636,14
Total proceeds from share transactions
Income equalisation
Net investment result
263.023.706,98
-116.038,85
-3.090.362,59
(minimum 200.000,00 SEK p.a.) Custodian fee p.a.
up to 0,05 % (minimum 125.000,00 SEK p.a.)
Dividends
Realized gain/loss on investments
1.018.037,63
principally accumulating shares Net change in unrealized appreciation/depreciation
DEVELOPMENT OF THE NET ASSET VALUE (IN SEK)
on investments
18.243.001,46
Result of operations
16.170.676,50
CLASS I (SEK) Highest net asset value per share in the reporting period
(29.12.2014)
106,34 Total Net assets at the
Lowest net asset value per share in the reporting period
(16.10.2014)
Performance during the reporting period Performance since inception
90,70
*) 1)
end of the reporting period
6,17 %
*) 1)
6,17 % AT A GLANCE
Performance over the last 3 years Total Net assets (in million SEK) 10%
5%
Shares outstanding - Class I (SEK)
106,17
Offering price - Class I (SEK)
106,17
10.06.14 - 31.12.14
Performance*) of the reporting periods in %
calculated according to Bundesverband Investment and Asset Management e.V. (BVI) Shares have been issued with effect 10.06.2014.
Past performance is no indication of current or future performance. The performance data do not take account of commissions and costs incurred on the issue and redemption of shares.
76
279,08 2.628.489,801
Bid price - Class I (SEK)
-5%
1)
31.12.2014
6,17%
0%
*)
279.078.344,63
The accompanying notes form an integral part of these financial statements.
MOVESTIC SICAV - Naventi Offensiv Strategi / Annual Report as of December 31, 2014
PROFIT- AND LOSS ACCOUNTS (IN SEK)
GEOGRAPHIC CLASSIFICATION
FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014
OF INVESTMENTS
(INCL. INCOME EQUALISATION)
% of Net assets
Income Trailer fee compensation
583.195,54
Interest on bank deposits
Luxembourg
36,14
4.539,29
Norway
34,64
Income equalisation
-14.145,29
Sweden
27,72
Total Income
573.589,54
98,50
Expenses Management fee
-3.542.973,43
CURRENCY CLASSIFICATION OF INVESTMENTS
Custodian fee
-76.894,92
Taxe d'Abonnement
-13.770,22
% of Net
Audit fee
-33.160,48
assets
Other expenses Expense equalisation Total Expenses
-127.337,22
SEK
40,93
130.184,14
NOK
34,64
-3.663.952,13
USD
22,93 98,50
Net investment result
-3.090.362,59
Realized gain/loss
1.018.037,63
SECTOR CLASSIFICATION OF INVESTMENTS
Net change in unrealized appreciation/depreciation
% of Net
18.243.001,46
assets Result of operations
16.170.676,50
Investment funds
98,50 98,50
STATEMENT OF CHANGES IN SHARES OUTSTANDING FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014 CLASS I (SEK)
1)
Number of shares outstanding at the beginning of the reporting period Number of shares issued Number of shares redeemed
0,000 2.925.579,163 -297.089,362
Number of shares outstanding at the end of the reporting period 1)
2.628.489,801
Shares have been issued with effect 10.06.2014.
The accompanying notes form an integral part of these financial statements.
77
MOVESTIC SICAV - Naventi Offensiv Strategi / Annual Report as of December 31, 2014
STATEMENT OF ASSETS AND LIABILITIES AS OF 31.12.2014
Currency
Quantity Securities description
Price in
Market Value
%*) of
Currency
(SEK)
Net assets
31.12.2014
Other Securities
Investment funds NOK
234.973 Odin Europa
150,0000
NOK
14.623 Odin Sverige
NOK
26.344 Skagen Kon-Tiki Units -A-
SEK
58.568 Didner & Gerge Smabolag Units
SEK
2.652.210 FTIF SICAV Mutual European Fund -A-
37.008.126,68
13,26
2.650,6200
40.697.441,35
14,58
685,5558
18.963.149,09
6,79
446,6664
26.160.506,34
9,37
13,8900
36.839.192,57
13,20
SEK
135.662 Öhman Etisk Index USA
142,9100
19.387.422,15
6,95
SEK
151.636 Spiltan Aktiefond Investmentbolag
209,8200
31.816.305,86
11,40
155,9700
48.444.444,80
17,36
178,6400
15.561.972,33
5,58
Total Investment funds
274.878.561,17
98,50
Total Other Securities
274.878.561,17
98,50
Total Portfolio
274.878.561,17
98,50
Bank deposits
4.689.116,34
1,68
Receivables from subscriptions
226.323,21
0,08
Total Other Assets
226.323,21
0,08
279.794.000,72
100,26
-538.434,20
-0,19
-11.242,12
0,00
USD
39.855 JPMorgan Funds SICAV US Smaller Companies -B (acc) USD-
USD
11.178 Natixis Intl. Funds (Lux) I SICAV Harris Associat Concentrated US Eq.
Other Assets
Total Assets
Liabilities Management fee payable Custodian fee payable Taxe d'Abonnement
-13.770,22
0,00
Liabilities from redemptions
-152.209,55
-0,05
Total liabilities
-715.656,09
-0,26
279.078.344,63
100,00
Total Net assets
NET ASSET VALUE PER SHARE - CLASS I (SEK) NUMBER OF SHARES OUTSTANDING - CLASS I (SEK)
*) The rounding down of the percentage in the calculation can result in marginal rounding differences.
78
The accompanying notes form an integral part of these financial statements.
106,17 2.628.489,801
MOVESTIC SICAV - Naventi Balanserad Strategi / Annual Report as of December 31, 2014
THE KEY FACTS
DEVELOPMENT OF THE FUND OVER THE LAST 3 YEARS
Investment Policy
primarily global and Swedish Equity Funds, Fixed Income Funds
VALUES AT THE END OF THE REPORTING PERIOD Reporting period
NAV per Share
German Security code Class I (SEK)
A1W99J
Total Net assets
Class I (SEK)
(in SEK)
104,12
141.801.243,39
04.03.2014 - 31.12.2014
ISIN-Code Class I (SEK)
LU1004447980
Fund currency
SEK
Date of incorporation
04.03.2014
CHANGES IN NET ASSETS (IN SEK) FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014 Net assets at the beginning
Initial issue date Class I (SEK)
10.06.2014
Financial year
of the reporting period
0,00
01.01. - 31.12.
Reporting period
04.03.2014 - 31.12.2014
Initial issue price
100,00 SEK
Value at issue
100,00 SEK
Minimum subscription amount
1.000,00 SEK
Subscription fee
none
Redemption fee
none
Switching fee
none
Management fee p.a.
up to 2,60 %
Subscriptions Class I (SEK)
153.197.158,92
Redemptions Class I (SEK)
-16.902.833,43
Total proceeds from share transactions
Income equalisation
Net investment result
136.294.325,49
-78.624,41
-1.727.300,65
(minimum 200.000,00 SEK p.a.) Custodian fee p.a.
up to 0,05 % (minimum 125.000,00 SEK p.a.)
Dividends
Realized gain/loss on investments
3.153.179,13
principally accumulating shares Net change in unrealized appreciation/depreciation
DEVELOPMENT OF THE NET ASSET VALUE (IN SEK)
on investments
4.159.663,83
Result of operations
5.585.542,31
CLASS I (SEK) Highest net asset value per share in the reporting period
(23.12.2014)
104,27 Total Net assets at the
Lowest net asset value per share in the reporting period
(16.10.2014)
Performance during the reporting period Performance since inception
93,27
*) 1)
end of the reporting period
141.801.243,39
4,12 %
*) 1)
4,12 % AT A GLANCE
Performance over the last 3 years Total Net assets (in million SEK) 5%
Shares outstanding - Class I (SEK) 4,12%
31.12.2014 141,80 1.361.896,627
Bid price - Class I (SEK)
104,12
Offering price - Class I (SEK)
104,12
The accompanying notes form an integral part of these financial statements.
79
0%
-5% 10.06.14 - 31.12.14
Performance*) of the reporting periods in %
*) 1)
calculated according to Bundesverband Investment and Asset Management e.V. (BVI) Shares have been issued with effect 10.06.2014.
Past performance is no indication of current or future performance. The performance data do not take account of commissions and costs incurred on the issue and redemption of shares.
MOVESTIC SICAV - Naventi Balanserad Strategi / Annual Report as of December 31, 2014
PROFIT- AND LOSS ACCOUNTS (IN SEK)
GEOGRAPHIC CLASSIFICATION
FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014
OF INVESTMENTS
(INCL. INCOME EQUALISATION)
% of Net assets
Income Trailer fee compensation
298.093,55
Norway
28,17
Luxembourg
23,66
Income equalisation
-10.455,41
Sweden
18,40
Total Income
290.838,78
Finland
16,62
Interest on bank deposits
3.200,64
86,85 Expenses Management fee
-1.865.026,80
Custodian fee
-71.871,39
Taxe d'Abonnement
-8.573,36
Audit fee
CURRENCY CLASSIFICATION OF INVESTMENTS % of Net
-33.160,48
Other expenses
assets
-128.587,22
Expense equalisation Total Expenses
Net investment result
89.079,82
SEK
-2.018.139,43
NOK
28,18
USD
15,80 86,85
-1.727.300,65
Realized gain/loss
42,87
3.153.179,13 SECTOR CLASSIFICATION
Net change in unrealized appreciation/depreciation
4.159.663,83
OF INVESTMENTS % of Net
Result of operations
assets
5.585.542,31 Investment funds
86,85 86,85
STATEMENT OF CHANGES IN SHARES OUTSTANDING FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014 CLASS I (SEK)
1)
Number of shares outstanding at the beginning of the reporting period Number of shares issued Number of shares redeemed
0,000 1.532.132,362 -170.235,735
Number of shares outstanding at the end of the reporting period 1)
1.361.896,627
Shares have been issued with effect 10.06.2014.
80
The accompanying notes form an integral part of these financial statements.
MOVESTIC SICAV - Naventi Balanserad Strategi / Annual Report as of December 31, 2014
STATEMENT OF ASSETS AND LIABILITIES AS OF 31.12.2014
Currency
Quantity Securities description
Price in
Market Value
%*) of
Currency
(SEK)
Net assets
31.12.2014
Other Securities
Investment funds NOK
112.671 Odin Europa
150,0000
17.745.710,97
12,51
NOK
5.516 Odin Sverige
2.650,6200
15.351.011,49
10,83
NOK
9.533 Skagen Kon-Tiki Units -A-
685,5558
6.862.322,80
4,84
1.341,0500
23.562.497,94
16,62
SEK SEK
17.570 Evli High Yield -B SEK-
13,8900
11.143.945,17
7,86
SEK
802.300 FTIF SICAV Mutual European Fund -A98.231 Öhman Foretagsobligationsfond
112,5800
11.058.898,62
7,80
SEK
61.915 Spiltan Aktiefond Investmentbolag
209,8200
12.990.970,07
9,16
SEK
17.772 Spiltan Rantefond Sverige
114,9100
2.042.224,74
1,44
USD
18.431 JPMorgan Funds SICAV
155,9700
22.402.959,77
15,80
Total Investment funds
123.160.541,57
86,85
Total Other Securities
123.160.541,57
86,85
Total Portfolio
123.160.541,57
86,85
Bank deposits
20.198.185,94
14,24
143.358.727,51
101,10
-262.487,05
-0,19
-10.483,65
-0,01
-8.573,36
-0,01
Liabilities from redemptions
-1.275.940,06
-0,90
Total Liabilities
-1.557.484,12
-1,10
141.801.243,39
100,00
US Smaller Companies -B (acc) USD-
Total Assets
Liabilities Management fee payable Custodian fee payable Taxe d'Abonnement
Total Net assets
NET ASSET VALUE PER SHARE - CLASS I (SEK) NUMBER OF SHARES OUTSTANDING - CLASS I (SEK)
104,12 1.361.896,627
*) The rounding down of the percentage in the calculation can result in marginal rounding differences.
The accompanying notes form an integral part of these financial statements.
81
MOVESTIC SICAV - Aktiv Allokering / Annual Report as of December 31, 2014
THE KEY FACTS Investment Policy
DEVELOPMENT OF THE FUND OVER THE LAST 3 YEARS
transferable securities, such as equity and fixed income investments
VALUES AT THE END OF THE REPORTING PERIOD
German Security code
Class I (SEK) Class X (SEK) Class Y (SEK)
Class I (SEK)
A1XFXG
04.03.14 - 31.12.14
Class X (SEK) 1)
A1XFXH
1)
1)
A1XFXJ
Class Y (SEK)
NAV per Share
Reporting period
- 1)
107,34
- 1)
The Share Class has not been active yet as at 31.12.2014.
ISIN-Code Class I (SEK)
LU1047768418
Class X (SEK) 1)
LU1047772956
Class Y (SEK) 1)
LU1047776437
Fund currency
SEK
Date of incorporation
04.03.2014
DEVELOPMENT OF THE NET ASSET VALUE (IN SEK) CLASS I (SEK) Highest net asset value per share in the reporting period
Class I (SEK)
10.06.2014
(17.10.2014)
Performance during the reporting period
1)
-
Performance since inception *) 2)
Class Y (SEK) 1)
-
Performance over the last 3 years
Class X (SEK)
Financial year
107,34
Lowest net asset value per share in the reporting period
Initial issue date
(30.12.2014)
97,47
*) 2)
7,34 % 7,34 %
01.01. - 31.12.
Reporting period
10%
04.03.2014 - 31.12.2014
Initial issue price
7,34%
5%
for each Class
100,00 SEK
Value at issue
0%
for each Class
100,00 SEK
Minimum subscription amount
-5% 10.06.14 - 31.12.14
for each Class
1.000,00 SEK
Subscription fee for each Class
Performance*) of the reporting periods in %
none
Redemption fee
*)
for each Class
none
Switching fee for each Class
none
2)
calculated according to Bundesverband Investment and Asset Management e.V. (BVI) Shares have been issued with effect 10.06.2014.
Past performance is no indication of current or future performance. The performance data do not take account of commissions and costs incurred on the issue and redemption of shares.
Management fee p.a. Class I (SEK)
up to 1,60 %
Class X (SEK)
up to 1,30 %
Class Y (SEK)
up to 1,10 % (minimum 200.000,00 SEK p.a.)
Custodian fee p.a. for each Class
up to 0,05 %
AT A GLANCE
31.12.2014
Total Net assets (in million SEK) Shares outstanding - Class I (SEK)
108,71 1.012.777,789
Bid price - Class I (SEK)
107,34
Offering price - Class I (SEK)
107,34
(minimum 125.000,00 SEK p.a.) Dividends 1)
principally accumulating shares
The Share Class has not been active yet as at 31.12.2014.
STATEMENT OF CHANGES IN SHARES OUTSTANDING FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014 CLASS I (SEK)
2)
DEVELOPMENT OF THE FUND OVER THE LAST 3 YEARS
Number of shares outstanding
VALUES AT THE END OF THE REPORTING PERIOD
at the beginning of the reporting period
Reporting period
Total Net assets (in SEK)
04.03.2014 - 31.12.2014
108.707.713,34
Number of shares issued Number of shares redeemed
1.016.486,469 -3.708,680
Number of sharess outstanding at the end of the reporting period 2)
82
0,000
Shares have been issued with effect 10.06.2014.
The accompanying notes form an integral part of these financial statements.
1.012.777,789
MOVESTIC SICAV - Aktiv Allokering / Annual Report as of December 31, 2014
CHANGES IN NET ASSETS (IN SEK)
PROFIT- AND LOSS ACCOUNTS (IN SEK)
FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014
FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014
Net assets at the beginning
(INCL. INCOME EQUALISATION)
of the reporting period
0,00
Income Trailer fee compensation
Subscriptions Class I (SEK)
102.363.430,33
Redemptions Class I (SEK)
-375.337,63
Income equalisation Total Income
Total proceeds from share transactions
Interest on bank deposits
133.429,56 437,94 15.792,89 149.660,39
101.988.092,70 Expenses
Income equalisation
225.701,21
Management fee Custodian fee
Net investment result
-1.055.753,20
Taxe d'Abonnement Audit fee
-731.062,48 -71.871,38 -5.842,88 -37.305,54
Other expenses
-117.837,21
on investments
596.905,39
Expense equalisation
-241.494,10
on foreign exchange contracts
-48.326,88
Total Expenses
-1.205.413,59
Net investment result
-1.055.753,20
Realized gain/loss
Net change in unrealized appreciation/depreciation on investments
7.001.094,12
Realized gain/loss
548.578,51
Net change in unrealized Result of operations
6.493.919,43
Total Net assets at the end of the reporting period
appreciation/depreciation
7.001.094,12
Result of operations
6.493.919,43
108.707.713,34
CURRENCY CLASSIFICATION OF INVESTMENTS
GEOGRAPHIC CLASSIFICATION OF INVESTMENTS
% of Net assets
% of Net assets
SEK
Sweden
63,04
USD
France
11,62
Luxembourg
78,68 16,66 95,34
8,23
Finland
7,41
Ireland
5,04 95,34
SECTOR CLASSIFICATION OF INVESTMENTS % of Net assets Investment funds
95,34 95,34
The accompanying notes form an integral part of these financial statements.
83
MOVESTIC SICAV - Aktiv Allokering / Annual Report as of December 31, 2014
STATEMENT OF ASSETS AND LIABILITIES AS OF 31.12.2014
Currency
Quantity Securities description
Price in
Market Value
%*) of
Currency
(SEK)
Net assets
31.12.2014
Other Securities
Investment funds SEK
54.057 Aktie-Ansvar Avkastningsfond
SEK
708 Alfred Berg Fonder AG Penningmarknadsfond
113,0200
6.109.568,37
5,62
1.008,5900
713.865,38
0,66
SEK
7.464 Evli Short Corporate Bond Units -B SEK-
1.079,9540
8.060.519,30
7,41
SEK
8.417 JPMorgan Funds SICAV
1.062,6700
8.944.860,01
8,23
SEK
72.668 Öhman Etisk Index Europa
115,0000
8.356.795,37
7,69
SEK
46.933 Öhman Etisk Index Pacific
188,2700
8.836.114,92
8,13
SEK
97.814 Öhman Etisk Index Sverige
192,3700
18.816.405,10
17,31
SEK
99.335 Öhman Index Emerging Markets MSCI EM50
124,1600
12.333.382,28
11,35
SEK
76.077 Öhman Index Nordamerika MSCI North America
Systematic Alpha Fund -A SEK-H-
175,5800
13.357.533,19
12,29
9.833,4000
5.482.551,06
5,04
316,1600
12.631.201,41
11,62
Total Investment funds
103.642.796,39
95,34
Total Other Securities
103.642.796,39
95,34
Total Portfolio
103.642.796,39
95,34
Bank deposits
3.992.940,79
3,67
Receivables from subscriptions
1.216.828,99
1,12
Total Other Assets
1.216.828,99
1,12
108.852.566,17
100,13
USD
72 J.P. Morgan Structured Funds plc Mansart Volemont Fund -I-
USD
5.126 State Street Gl Adv Ind Fds SICAV US Index Equity Fund -P-
Other Assets
Total Assets
84
The accompanying notes form an integral part of these financial statements.
MOVESTIC SICAV - Aktiv Allokering / Annual Report as of December 31, 2014
STATEMENT OF ASSETS AND LIABILITIES AS OF 31.12.2014
Currency
Quantity Securities description
Price in
Market Value
%*) of
Currency
(SEK)
Net assets
31.12.2014
Liabilities Management fee payable Custodian fee payable Taxe d'Abonnement Total Liabilities
Total Net assets
NET ASSET VALUE PER SHARE - CLASS I (SEK) NUMBER OF SHARES OUTSTANDING - CLASS I (SEK)
-128.526,30
-0,12
-10.483,65
-0,01
-5.842,88
-0,01
-144.852,83
-0,13
108.707.713,34
100,00
107,34 1.012.777,789
*) The rounding down of the percentage in the calculation can result in marginal rounding differences.
The accompanying notes form an integral part of these financial statements.
85
MOVESTIC SICAV - Movestic Europa Småbolag / Annual Report as of December 31, 2014
DEVELOPMENT OF THE FUND OVER THE LAST 3 YEARS
THE KEY FACTS primarily equity securities
Investment Policy
of European Small Cap companies
VALUES AT THE END OF THE REPORTING PERIOD Reporting period
NAV per share
German Security code Class I (SEK)
A12GDG
Total Net assets
Class I (SEK)
(in SEK)
99,56
4.978.015,53
04.03.2014 - 31.12.2014
ISIN-Code Class I (SEK)
LU1152059868
Fund currency
SEK
Date of incorporation
04.03.2014
CHANGES IN NET ASSETS (IN SEK) FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014 Net assets at the beginning
Initial issue date Class I (SEK)
16.12.2014
Financial year
of the reporting period
0,00
01.01. - 31.12.
Reporting period
04.03.2014 - 31.12.2014
Initial issue price
100,00 SEK
Value at issue
100,00 SEK
Minimum subscription amount
1.000,00 SEK
Subscription fee
none
Redemption fee
none
Switching fee
none
Management fee p.a.
up to 2,10 %
Subscriptions Class I (SEK)
5.000.000,00
Redemptions Class I (SEK)
0,00
Total proceeds from share transactions
Income equalisation
Net investment result
5.000.000,00
0,00
-2.200,00
(minimum 200.000,00 SEK p.a.) Custodian fee p.a.
up to 0,05 % (minimum 125.000,00 SEK p.a.)
Dividends
Realized gain/loss on foreign exchange contracts
29.342,41
principally accumulating shares Net change in unrealized appreciation/depreciation
DEVELOPMENT OF THE NET ASSET VALUE (IN SEK)
on investments
-49.126,88
Result of operations
-21.984,47
CLASS I (SEK) Highest net asset value per share in the reporting period
(29.12.2014)
100,47 Total Net assets at the
Lowest net asset value per share in the reporting period
(30.12.2014)
Performance during the reporting period
99,56
*) 1)
end of the reporting period
-0,44 %
Performance since inception *) 1)
-0,44 % AT A GLANCE
Performance over the last 3 years Total Net assets (in million SEK) Shares outstanding - Class I (SEK) 2%
0%
50.000,000 99,56 99,56
-0,44%
Performance*) of the reporting periods in %
calculated according to Bundesverband Investment and Asset Management e.V. (BVI) Shares have been issued with effect 16.12.2014.
Past performance is no indication of current or future performance. The performance data do not take account of commissions and costs incurred on the issue and redemption of shares.
86
4,98
Offering price - Class I (SEK)
16.12.14 - 31.12.14
1)
31.12.2014
Bid price - Class I (SEK)
-2%
*)
4.978.015,53
The accompanying notes form an integral part of these financial statements.
MOVESTIC SICAV - Movestic Europa Småbolag / Annual Report as of December 31, 2014
PROFIT- AND LOSS ACCOUNTS (IN SEK)
GEOGRAPHIC CLASSIFICATION
FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014
OF INVESTMENTS
(INCL. INCOME EQUALISATION)
% of Net assets
Income Income equalisation
0,00
Total Income
0,00
Germany
93,64 93,64
Expenses Other expenses
-2.200,00
Expense equalisation
0,00
Total Expenses
-2.200,00
Net investment result
-2.200,00
CURRENCY CLASSIFICATION OF INVESTMENTS % of Net assets EUR
93,64 93,64
Realized gain/loss
29.342,41
Net change in unrealized appreciation/depreciation
-49.126,88
SECTOR CLASSIFICATION OF INVESTMENTS
Result of operations
-21.984,47
% of Net assets
STATEMENT OF CHANGES IN SHARES OUTSTANDING
Banks and credit institutions
FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014 CLASS I (SEK)
93,64 93,64
1)
Number of shares outstanding at the beginning of the reporting period Number of shares issued Number of shares redeemed
0,000 50.000,000 0,000
Number of shares outstanding at the end of the reporting period 1)
50.000,000
Shares have been issued with effect 16.12.2014.
The accompanying notes form an integral part of these financial statements.
87
MOVESTIC SICAV - Movestic Europa Småbolag / Annual Report as of December 31, 2014
STATEMENT OF ASSETS AND LIABILITIES AS OF 31.12.2014
Currency Quantity
Securities description
Price in
Market Value
%*) of
Currency
(SEK)
Net assets
31.12.2014
Securities listed on an official stock exchange or traded in on another regulated market
Discount-Certificates EUR
30.000 Deutsche Bank AG Disc.-Cert. 11-15
16,3900
4.661.217,57
93,64
4.661.217,57
93,64
or traded in on another regulated market
4.661.217,57
93,64
Total Portfolio
4.661.217,57
93,64
Bank deposits
316.797,96
6,36
Total Assets
4.978.015,53
100,00
Total Net assets
4.978.015,53
100,00
Euro Stoxx 50 EUR 1.650,00 Total Discount-Certificates
Total Securities listed on an official stock exchange
NET ASSET VALUE PER SHARE - CLASS I (SEK) NUMBER OF SHARES OUTSTANDING - CLASS I (SEK)
*) The rounding down of the percentage in the calculation can result in marginal rounding differences.
88
The accompanying notes form an integral part of these financial statements.
99,56 50.000,000
MOVESTIC SICAV - Korta Räntor Plus / Annual Report as of December 31, 2014
THE KEY FACTS
DEVELOPMENT OF THE FUND OVER THE LAST 3 YEARS primarily fixed and variable
Investment Policy
income securities, globally issued,
VALUES AT THE END OF THE REPORTING PERIOD Reporting period
NAV per Share
duration 1-3 years
(in SEK)
99,98
9.997.800,00
04.03.2014 - 31.12.2014
German Security code Class I (SEK)
Total Net assets
Class I (SEK)
A12GDH
ISIN-Code Class I (SEK)
LU1152059942
Fund currency
SEK
Date of incorporation
04.03.2014
FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014 Net assets at the beginning of the reporting period
Initial issue date Class I (SEK)
16.12.2014
Financial year
01.01. - 31.12.
Reporting period
04.03.2014 - 31.12.2014
Initial issue price
100,00 SEK
Value at issue
100,00 SEK
Minimum subscription amount
0,00
Subscriptions Share Class I
10.000.000,00
Redemptions Share Class I
0,00
Total proceeds from shares transactions
10.000.000,00
1.000,00 SEK
Subscription fee
none
Redemption fee
none
Switching fee
none
Management fee p.a.
Income equalisation
0,00
Net investment result
-2.200,00
Result of operations
-2.200,00
up to 1,10 % (minimum 200.000,00 SEK p.a.)
Custodian fee p.a.
up to 0,05 % (minimum 125.000,00 SEK p.a.)
Dividends
CHANGES IN NET ASSETS (IN SEK)
principally accumulating shares
Realized gain/loss
0,00
Net change in unrealized appreciation/depreciation
DEVELOPMENT OF THE NET ASSET VALUE (IN SEK)
Total Net assets at the
CLASS I (SEK)
end of the reporting period
0,00
9.997.800,00
Highest net asset value per share in the reporting period
(16.12.2014)
100,00
AT A GLANCE
Lowest net asset value per share in the reporting period
(30.12.2014)
99,98
Performance during the reporting period *) 1)
-0,02 %
Performance since inception *) 1)
-0,02 %
Performance over the last 3 years
2%
31.12.2014
Total Net assets (in million SEK) Shares outstanding - Class I (SEK)
10,00 100.000,000
Bid price - Class I (SEK)
99,98
Offering price - Class I (SEK)
99,98
STATEMENT OF CHANGES IN SHARES OUTSTANDING FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014 CLASS I (SEK)
0% -0,02%
1)
Number of shares outstanding at the beginning of the reporting period
-2% 16.12.14 - 31.12.14
Performance*) of the reporting periods in %
Number of shares issued Number of shares redeemed
0,000 100.000,000 0,000
Number of shares outstanding *)
calculated according to Bundesverband Investment and Asset Management e.V. (BVI) 1) Shares have been issued with effect 16.12.2014.
at the end of the reporting period 1)
100.000,000
Shares have been issued with effect 16.12.2014.
Past performance is no indication of current or future performance. The performance data do not take account of commissions and costs incurred on the issue and redemption of shares.
The accompanying notes form an integral part of these financial statements.
89
MOVESTIC SICAV - Korta Räntor Plus / Annual Report as of December 31, 2014
PROFIT- AND LOSS ACCOUNTS (IN SEK) FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014 (INCL. INCOME EQUALISATION) Income Income equalisation
0,00
Total Income
0,00
Expenses Other expenses Expense equalisation
-2.200,00 0,00
Total Expenses
-2.200,00
Net investment result
-2.200,00
Realized gain/loss
0,00
Net change in unrealized appreciation/depreciation
Result of operations
90
0,00
-2.200,00
The accompanying notes form an integral part of these financial statements.
MOVESTIC SICAV - Korta Räntor Plus / Annual Report as of December 31, 2014
STATEMENT OF ASSETS AND LIABILITIES AS OF 31.12.2014
Position
Market Value
%*) of
(SEK)
Net assets
31.12.2014
Bank deposits
9.997.800,00
100,00
Total Assets
9.997.800,00
100,00
Total Net assets
9.997.800,00
100,00
NET ASSET VALUE PER SHARE - CLASS I (SEK) NUMBER OF SHARES OUTSTANDING - CLASS I (SEK)
99,98 100.000,000
*) The rounding down of the percentage in the calculation can result in marginal rounding differences.
The accompanying notes form an integral part of these financial statements.
91
MOVESTIC SICAV - Movestic Sverige / Annual Report as of December 31, 2014
THE KEY FACTS
DEVELOPMENT OF THE FUND OVER THE LAST 3 YEARS investing principally
Investment Policy
in the Swedish stock market
VALUES AT THE END OF THE REPORTING PERIOD Reporting period
NAV per share
German Security code Class I (SEK)
A12GDJ
Total Net assets
Class I (SEK)
(in SEK)
98,87
14.830.230,21
04.03.2014 - 31.12.2014
ISIN-Code Class I (SEK)
LU11552060015
Fund currency
SEK
Date of incorporation
04.03.2014
CHANGES IN NET ASSETS (IN SEK) FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014 Net assets at the beginning
Initial issue date Class I (SEK)
16.12.2014
Financial year
of the reporting period
0,00
01.01. - 31.12.
Reporting period
04.03.2014 - 31.12.2014
Initial issue price
100,00 SEK
Value at issue
100,00 SEK
Minimum subscription amount
1.000,00 SEK
Subscription fee
none
Redemption fee
none
Switching fee
none
Management fee p.a.
up to 2,10 %
Subscriptions Class I (SEK)
15.000.000,00
Redemptions Class I (SEK)
0,00
Total proceeds from share transactions
Income equalisation
Net investment result
15.000.000,00
0,00
-2.200,00
(minimum 200.000,00 SEK p.a.) Custodian fee p.a.
up to 0,05 % (minimum 125.000,00 SEK p.a.)
Dividends
Realized gain/loss on investments
0,00
principally accumulating shares Net change in unrealized appreciation/depreciation
DEVELOPMENT OF THE NET ASSET VALUE (IN SEK)
on investments
-167.569,79
Result of operations
-169.769,79
CLASS I (SEK) Highest net asset value per share in the reporting period
(16.12.2014)
100,00 Total Net assets at the
Lowest net asset value per share in the reporting period
(30.12.2014)
Performance during the reporting period
98,87
*) 1)
end of the reporting period
-1,13 %
Performance since inception *) 1)
-1,13 % AT A GLANCE
Performance over the last 3 years Total Net assets (in million SEK) Shares outstanding - Class I (SEK) 2%
150.000,000 98,87 98,87
-2% 16.12.14 - 31.12.14
Performance*) of the reporting periods in %
calculated according to Bundesverband Investment and Asset Management e.V. (BVI) Shares have been issued with effect 16.12.2014.
Past performance is no indication of current or future performance. The performance data do not take account of commissions and costs incurred on the issue and redemption of shares.
92
14,83
Offering price - Class I (SEK)
-1,13%
1)
31.12.2014
Bid price - Class I (SEK)
0%
*)
14.830.230,21
The accompanying notes form an integral part of these financial statements.
MOVESTIC SICAV - Movestic Sverige / Annual Report as of December 31, 2014
PROFIT- AND LOSS ACCOUNTS (IN SEK)
GEOGRAPHIC CLASSIFICATION
FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014
OF INVESTMENTS
(INCL. INCOME EQUALISATION)
% of Net assets
Income Income equalisation
0,00
Sweden
Total Income
0,00
Finland
6,87
USA
5,22
Switzerland
3,50
Expenses Other expenses
-2.200,00
Expense equalisation
Luxembourg
0,00
Total Expenses
-2.200,00
Net investment result
-2.200,00
81,46
1,96 99,01
CURRENCY CLASSIFICATION OF INVESTMENTS
Realized gain/loss
% of Net
0,00
assets
Net change in unrealized appreciation/depreciation
-167.569,79
Result of operations
94,10
EUR
4,91
-169.769,79
STATEMENT OF CHANGES IN SHARES OUTSTANDING FOR THE PERIOD FROM 04.03.2014 TO 31.12.2014 CLASS I (SEK)
SEK
99,01
SECTOR CLASSIFICATION OF INVESTMENTS
1)
% of Net
Number of shares outstanding
assets
at the beginning of the reporting period Number of shares issued Number of shares redeemed
0,000 150.000,000 0,000
Number of shares outstanding at the end of the reporting period 1)
Shares have been issued with effect 16.12.2014.
150.000,000
Electrical appliances and components
14,77
Banks and credit institutions
14,07
Telecommunications
11,81
Paper and forest products
11,26
Vehicles
11,22
Machine and apparatus construction
9,01
Internet, software and IT services
3,55
Building materials and trade
3,23
Biotechnology
3,02
Miscellaneous consumer goods
2,96
Aerospace industry
2,73
Real estate companies
2,57
Pharmaceuticals and cosmetics
2,28
Petroleum and natural gas
2,27
Tobacco and alcoholic beverages
2,26
Rubber and tires
2,00 99,01
The accompanying notes form an integral part of these financial statements.
93
MOVESTIC SICAV - Movestic Sverige / Annual Report as of December 31, 2014
STATEMENT OF ASSETS AND LIABILITIES AS OF 31.12.2014
Currency
Quantity Securities description
Price in
Market Value
%*) of
Currency
(SEK)
Net assets
31.12.2014
Securities listed on an official stock exchange or traded in on another regulated market
Shares EUR
6,5600
727.593,59
4,91
SEK
11.700 Nokia Oyj 3.125 ABB Ltd. NA
165,9000
518.437,48
3,50
SEK
2.500 Alfa Laval AB
148,3000
370.750,00
2,50
SEK
925 Autoliv Inc. SDR
837,5000
774.687,50
5,22
SEK
4.000 BillerudKorsnas AB
112,5000
450.000,00
3,03
SEK
8.400 D.Carnegie & Co. AB -B-
45,4000
381.360,00
2,57
SEK
1.650 Holmen AB -B-
266,1000
439.065,00
2,96
SEK
2.200 Industrial And Financial Systems IFS AB -B-
239,0000
525.800,00
3,55
SEK
3.000 Lundin Petroleum AB
112,4000
337.200,00
2,27
SEK
3.000 Meda AB -A-
112,5000
337.500,00
2,28
582,5000
291.250,00
1,96
SEK SEK SEK SEK
500 Millicom Intl. Cellular S.A. SDR 125.000 Net Insight AB -B6.300 Nobia AB 15.500 Nordea Bank AB
3,1000
387.500,00
2,61
69,7500
439.425,00
2,96
90,9000
1.408.950,00
9,50
SEK
2.000 Saab AB -B-
202,3000
404.600,00
2,73
SEK
7.250 Sandvik AB
76,4000
553.900,00
3,73
SEK
6.800 Skandinaviska Enskilda Banken -A-
99,5500
676.940,00
4,56
SEK
2.850 Skanska AB -B-
167,9000
478.515,00
3,23
SEK
2.500 SKF AB -B-
164,9000
412.250,00
2,78
SEK
4.150 Stora Enso Oyj -R-
70,1500
291.122,50
1,96
SEK
2.900 Svenska Cellulosa AB -B-
168,9000
489.810,00
3,30
SEK
1.370 Swedish Match AB
244,8000
335.376,00
2,26
SEK
5.650 Swedish Orphan Biovitrum AB
79,3500
448.327,50
3,02
SEK
3.500 Tele2 AB
94,9500
332.325,00
2,24
94,3500
943.500,00
6,36
SEK
10.000 Telefon AB L.M. Ericsson -B-
SEK
14.700 TeliaSonera AB
50,4000
740.880,00
5,00
132,0000
297.000,00
2,00
84,7000
889.350,00
6,00
14.683.414,57
99,01
or traded in on another regulated market
14.683.414,57
99,01
Total Portfolio
14.683.414,57
99,01
Bank deposits
14.252.599,12
96,11
Total Assets
28.936.013,69
195,12
SEK SEK
2.250 Trelleborg AB -B10.500 Volvo AB -B-
Total Shares
Total Securities listed on an official stock exchange
94
The accompanying notes form an integral part of these financial statements.
MOVESTIC SICAV - Movestic Sverige / Annual Report as of December 31, 2014
STATEMENT OF ASSETS AND LIABILITIES AS OF 31.12.2014
Currency
Quantity Securities description
Price in
Market Value
%*) of
Currency
(SEK)
Net assets
31.12.2014
Liabilities Liabilities from purchase of investments
-14.105.783,48
-95,12
Total Liabilities
-14.105.783,48
-95,12
Total Net assets
14.830.230,21
100,00
NET ASSET VALUE PER SHARE - CLASS I (SEK) NUMBER OF SHARES OUTSTANDING - CLASS I (SEK)
98,87 150.000,000
*) The rounding down of the percentage in the calculation can result in marginal rounding differences.
The accompanying notes form an integral part of these financial statements.
95
MOVESTIC SICAV / Annual Report as of December 31, 2014
LIST OF MANAGEMENT FEES FOR THE TARGET FUNDS THAT WERE INCLUDED IN THE PORTFOLIO DURING THE REPORTING PERIOD
Securities description
in % p.a.
Aktie-Ansvar Avkastningsfond
0,600
Aktie-Ansvar Sverige
1,400
Alfred Berg Fonder AG Obligationsfond Plus
0,500
Alfred Berg Fonder AG Penningmarknadsfond
0,300
Amundi Funds SICAV - Absolute Volatility World Equities -IU-
0,700
Atlant Sharp
1,700
db x-trackers SICAV MSCI PACIFIC EX JAPAN INDEX UCITS ETF -1C- (DR)
0,300
db x-trackers SICAV MSCI WORLD TRN INDEX ETF -1C-
0,350
Didner & Gerge Aktiefond Ansprüche
1,220
Didner & Gerge Smabolag Units
1,400
Didner & Gerge Small and Microcap
1,600
Evli High Yield -B SEK-
0,950
Evli Short Corporate Bond Units -B SEK-
0,550
FIM European Small and Mid Cap Companies -Kasvu-
1,860
FTIF SICAV Emerging Markets Bond -A SEK-H1-
1,000
FTIF SICAV Global Bond -A (acc) SEK -H1-
0,750
FTIF SICAV Global Small-Mid Cap Growth -A- USD
1,000
FTIF SICAV Mutual European Fund -A-
1,000
FTIF SICAV Mutual European Fund -A- -Acc.-
1,000
Handelsbankens Latinamerikafond
1,600
HealthInvest Value Fund -B-
1,500
Heptagon Fund PLC - Yacktman US Equity -I-
1,150
iShares II BRIC 50 UCITS ETF USD
0,740
iShares III Core MSCI Japan IMI UCITS ETF Dt. Zert.
0,590
iShares III Core MSCI World UCITS ETF USD
0,200
iShares MSCI World UCITS ETF (Dist)
0,500
iShares Russell 2000 Growth ETF
0,250
iShares STOXX Europe 600 UCITS ETF (DE)
0,190
J.P. Morgan Structured Funds plc Mansart Volemont Fund -I-
0,250
JPMorgan Funds SICAV - Europe Equity Plus Fund -A (acc) EUR-
1,500
JPMorgan Funds SICAV - Europe Equity Plus Fund -C (acc) EUR-
0,800
JPMorgan Funds SICAV - Income Opportunity Plus -A (acc SEK
1,000
JPMorgan Funds SICAV - Income Opportunity Plus Fund -A (acc) USD-
1,000
JPMorgan Funds SICAV - Systematic Alpha Fund -A SEK-H-
1,500
JPMorgan Funds SICAV - Systematic Alpha Fund -C SEK-H-
0,750
JPMorgan Funds SICAV - US Smaller Companies -B (acc) USD-
0,900
Lannebo Smaebolagsfond
1,600
Lyxor UCITS ETF MSCI Emerging Markets FCP Parts -C EUR-
0,550
Macquarie Fund Solutions SICAV Asia New Stars -C (SEK)-
0,950
96
The accompanying notes form an integral part of these financial statements.
MOVESTIC SICAV / Annual Report as of December 31, 2014
LIST OF MANAGEMENT FEES FOR THE TARGET FUNDS THAT WERE INCLUDED IN THE PORTFOLIO DURING THE REPORTING PERIOD
Securities description
in % p.a.
Macquarie Fund Solutions SICAV Asia New Stars Fund -F (SEK)-
1,800
Movestic SICAV - Movestic Europa Smabolag -I (SEK)-
1,750
Movestic SICAV - Movestic Korta Räntor Plus -I (SEK)-
0,950
Movestic SICAV - Movestic Sverige -I (SEK)-
1,750
Natixis Intl. Funds (Lux) I SICAV Harris Associat Concentrated US Eq.
2,100
Natixis Intl. Funds (Lux) I SICAV Harris Associat Concentrated US Eq.
0,850
Odin Emerging Markets
2,000
Odin Europa
2,000
Odin Sverige
2,000
Öhman Etisk Index Europa
0,680
Öhman Etisk Index Japan
0,680
Öhman Etisk Index Pacific
0,680
Öhman Etisk Index Sverige
0,480
Öhman Etisk Index USA
0,650
Öhman Foretagsobligationsfond
1,000
Öhman Index Emerging Markets MSCI EM50
0,900
Öhman Index Nordamerika MSCI North America
0,400
Öhman Penningmarknadsfond
0,100
Öhman SICAV 1 Fixed Income Allocation Fund -B-
1,400
OPM Listed Private Equity Fund
1,500
Schroder Intl. Selection Fund SICAV Emerging Europe -A-
1,500
Schroder Intl. Selection Fund SICAV Japanese Smaller Companues -A1- EUR
1,500
Schroder Intl. Selection Fund SICAV Middle East -A-
1,500
Schroder Intl. Selection Fund SICAV US Small & Mid Cap Equity -A- EUR
1,500
Schroder Intl. Selection Fund SICAV US Small & Mid Cap Equity -A1- EUR
1,500
SEB Fund 1 FCP Asset Selection Fund -C (H-SEK)-
1,100
SEB SICAV 3 SEB Asset Selection Opportunistic -C
1,600
Skagen Global Aktiefondet -A-
1,000
Skagen Kon-Tiki Units -A-
2,000
Source Markets PLC J.P. Morgan Macro Hedge Dual TR UCITS ETF
0,250
Source Markets PLC Source S&P 500 -A- UCITS ETF
0,200
Sparinvest SICAV - Emerging Markets Corporate Value Bonds -SEK R-
1,250
Sparinvest SICAV - High Yield Value Bonds -SEK R-
1,250
Spiltan Aktiefond Investmentbolag
0,200
Spiltan Rantefond Sverige
0,110
SpotRTM 1 SICAV OMXS30 -IC-
0,200
State Street Gl Adv Ind Fds SICAV US Index Equity Fund -P-
0,690
State Street Gl Adv Index Fds SICAV Compartiment SSGA Japan Index Eq.
0,300
Vanguard Funds PLC FTSE Emerging Markets UCITS ETF
0,250
The accompanying notes form an integral part of these financial statements.
97
MOVESTIC SICAV / Annual Report as of December 31, 2014
LIST OF MANAGEMENT FEES FOR THE TARGET FUNDS THAT WERE INCLUDED IN THE PORTFOLIO DURING THE REPORTING PERIOD
Securities description
in % p.a.
Vanguard Funds PLC S&P 500 UCITS ETF Ptg.Shs
0,070
XACT Fond - OMXS30 ETF
0,300
No subscription or redemption fees have been paid during the reporting period.
98
The accompanying notes form an integral part of these financial statements.
MOVESTIC SICAV / Annual Report as of December 31, 2014
Notes to the Annual Report
The following sub-funds have not been active yet as at the end of the reporting period.
The Company is an open-ended investment company organised as a société anonyme under the laws of the Grand
MOVESTIC SICAV -
Duchy
société
Ascensus Trend Movestic
d'investissement à capital variable ("SICAV") under part I of
Ascensus Offensiv Movestic
the Luxembourg Law of 17 December 2010. The Company
Ascensus Modernac
of
Luxembourg
and
qualifies
as
a
operates separate sub-funds, each of which is represented by one or more share classes. The sub-funds are distinguished
The initial subscription of the following sub-funds was made
by their specific investment policy or any other specific
as a contribution in kind:
features. MOVESTIC SICAV -
The Company is registered in the Luxembourg Register of
Multifond Balanserad
Commerce under number B 185.082.
Multifond Försiktig
Multifond Offensiv
During the reporting period no structural changes were made
Movestic Bevara
to the company.
Movestic Bygga
Monyx Fondservice Balanserad Movestic
The exclusive objective of the Company is to place the sub-
Monyx Fondservice Sverige/Världen Movestic
funds available to it in transferable securities and other
Monyx Fondservice Världen Movestic
permitted assets of any kind permitted by part I of the Law
Trygghet 75 Movestic
of 17 December 2010, including financial derivative
Trygghet 80 Movestic
instruments, with the aim of spreading investment risks and
Trygghet 85 Movestic
affording its shareholders the results of the management of
Trygghet 90 Movestic
its portfolios. The Company may take any measures and
Naventi Offensiv Strategi
carry out any transaction which it may deem useful for the
Naventi Balanserad Strategi
fulfilment and development of its purpose to the largest
Aktiv Allokering
extent permitted under part I of Law of 17 December 2010. The financial statements have been prepared in accordance Currently, the following sub-funds are available to investors.
with Luxembourg regulations relating to investment funds.
MOVESTIC SICAV -
The Company maintains its books and records in SEK.
Multifond Balanserad
Multifond Försiktig
The consolidated statement of net assets, the consolidated
Multifond Offensiv
statement of income and expenses and the consolidated
Movestic Bevara
development of the net assets correspond to the total of the
Movestic Bygga
results of the sub-funds. Cross investments (where one sub-
Monyx Fondservice Balanserad Movestic
fund has invested in another sub-fund of the fund) and
Monyx Fondservice Sverige/Världen Movestic
related inter-fund accounts have not been eliminated for
Monyx Fondservice Världen Movestic
presentation purposes of the consolidated results.
Trygghet 75 Movestic
Trygghet 80 Movestic
Securities listed on a stock exchange or traded on any
Trygghet 85 Movestic
regulated market are valued at the last available price on that
Trygghet 90 Movestic
stock exchange or market.
Naventi Offensiv Strategi
Naventi Balanserad Strategi
Securities and other investments that are not listed on a
Aktiv Allokering
stock exchange or traded on another regulated market, and
Movestic Europa Småbolag
for which no appropriate price can be obtained, will be
Movestic Korta Räntor Plus
valued on the basis of valuation models. Valuation models
Movestic Sverige
are also used for securities and other investments for which no transactions are available.
99
MOVESTIC SICAV / Annual Report as of December 31, 2014
The portfolio of the sub-fund Movestic SICAV - Aktiv
All assets and liabilities not expressed in SEK are converted
Allokering has been valued with prices as of December 30,
into
2014. Due to the volatility of the markets the valuation of
December 30, 2014.
SEK
at
the
exchange
rates
prevailing
as
of
the portfolio considering prices as of December 31, 2014 leads to a valuation difference of SEK 1.015.112,83 (0,98 %
Euro
of NAV).
Japanese Yen
EUR
0,105487
JPY
15,320989
= SEK 1 = SEK 1
Norwegian Krone
NOK
0,952383
= SEK 1
US-Dollar
USD
0,128315
= SEK 1
The cost of securities is the weighted average cost of all the purchases of these securities. For securities that are priced in a currency other than the sub-fund’s currency, the average cost is calculated with the exchange rate of the purchase date.
The Company pays a Management Fee (for more details see the following table) to the Management Company as specified in the Data Sheet of the Prospectus per annum of the Net Asset Value of the Company. The level of the Management Fee may vary at the Directors' discretion, as
The net realized profit and loss on sales of securities is determined on the basis of the average cost of the securities sold.
agreed with the Management Company, across sub-funds and share classes. The Management Fee accrues daily, is based on the Net Asset Value of the relevant share class and is paid monthly based on the last available Net Asset Value
During the period under review between March 4, 2014 and December 31, 2014 the sub-funds paid the following amounts of transaction fees for the sales and purchases of securities:
of the relevant share class. The Management Fee comprises without limitation all operation costs and expenses incurred by the Company and the Management Company, with the exception of the fees of the Custodian, and any taxes thereon. In addition, taxes payable by the Company such as
MOVESTIC SICAV Multifond Balanserad Multifond Försiktig Multifond Offensiv Movestic Bevara Movestic Bygga Monyx Fondservice Balanserad Movestic Monyx Fondservice Sverige/Världen Movestic Monyx Fondservice Världen Movestic Trygghet 75 Movestic Trygghet 80 Movestic Trygghet 85 Movestic Trygghet 90 Movestic Naventi Offensiv Strategi Naventi Balanserad Strategi Aktiv Allokering Movestic Europa Småbolag Movestic Korta Räntor Plus Movestic Sverige
SEK 10.182,43 4.088,53 6.232,73 11.495,32 3.225,55 5.167,96 1.501,62 2.577,62 130.658,55 94.685,75 799.368,64 11.237,50 1.716,78 2.789,53 11.434,75 213,01 0,00 20.843,73
Unrealized profits and losses resulting from the valuation of securities are taken into account in the result. All liquid assets are valued at their nominal value. The Net Asset Value is expressed in the reference currency set for each Share Class. The Net Asset Value of the Company is expressed in SEK, and consolidation of the various sub-funds is obtained by translating the Net Asset Value of all sub-funds into SEK and adding them up.
100
subscription taxes, withholding taxes, legal expenses and certain investor relations expenses remain payable by the Company. The respective Investment Manager is entitled to receive as remuneration for its services an Investment Management Fee, which will be paid out of the Management Fee. Such fee is calculated and accrued on each Dealing Day by reference to the Net Asset Values of the sub-funds and paid monthly in arrears. For details of the Investment Management Fee applicable to a specific Share Class, please refer to the relevant Data Sheet of the Prospectus. MOVESTIC SICAV Management Fee p.a. (in %) Multifond Balanserad up to 2,10 % Multifond Försiktig up to 2,10 % Multifond Offensiv up to 2,10 % Movestic Bevara up to 1,60 % Movestic Bygga up to 1,85 % Monyx Fondservice Balanserad Movestic up to 2,10 % Monyx Fondservice Sverige/Världen Movestic up to 2,60 % Monyx Fondservice Världen Movestic up to 2,60 % Trygghet 75 Movestic up to 2,10 % Trygghet 80 Movestic up to 2,10 % Trygghet 85 Movestic up to 2,10 % Trygghet 90 Movestic up to 2,10 % Naventi Offensiv Strategi up to 2,60 % Naventi Balanserad Strategi up to 2,60 % Aktiv Allokering Class I (SEK) up to 1,60 % Class X (SEK) up to 1,30 % Class Y (SEK) up to 1,10 % Movestic Europa Småbolag up to 2,10 % Movestic Korta Räntor Plus up to 1,10 % Movestic Sverige up to 2,10 %
MOVESTIC SICAV / Annual Report as of December 31, 2014
During
the
reporting
period
a
total
amount
of
The
Investment
Manager
may,
in
addition
to
the
SEK 79.215.047,97 was paid to the Management Company
Management Fee, be entitled to receive a Performance Fee.
(including the remuneration of the Investment Manager).
Details of such a Performance Fee are set out in the relevant Data Sheet of the Prospectus for each sub-fund, if
The Custodian may receive from the Company a fee in
applicable.
relation to its services, which is set at a rate of up to 0,05 % per annum of the Net Asset Value of the Company accrued
MOVESTIC SICAV - Multifond Balanserad
on a daily basis and payable on a monthly basis based on the
The Investment Manager is entitled to receive a quarterly
total Net Asset Value per sub-fund. During the reporting
performance fee of the sub-fund (the "Performance Fee").
period the Custodian Bank received a Custodian Fee
The Performance Fee (if any) amounts up to 20 % of the
amounting to SEK 2.118.297,50.
amount by which the performance in the Net Asset Value per share exceeds the performance of the benchmark during one
During the financial period the following amounts have been
calendar quarter. The benchmark for the purpose of
paid:
calculation of the Performance Fee is considered as follows: 50 % MSCI All Country World Index (Bloomberg Code
MOVESTIC SICAV Multifond Balanserad Multifond Försiktig Multifond Offensiv Movestic Bevara Movestic Bygga Monyx Fondservice Balanserad Movestic Monyx Fondservice Sverige/Världen Movestic Monyx Fondservice Världen Movestic Trygghet 75 Movestic Trygghet 80 Movestic Trygghet 85 Movestic Trygghet 90 Movestic Naventi Offensiv Strategi Naventi Balanserad Strategi Aktiv Allokering Movestic Europa Småbolag Movestic Korta Räntor Plus Movestic Sverige
Management Fee p.a. (SEK) 14.994.589,39 4.508.927,70 8.959.268,64 3.428.778,08 2.843.638,16 1.285.898,43 5.008.941,09
“NDUEACWF Index”) + 25 % OMRX T-Bond Index (Bloomberg Code “OMRX Index”) + 25 % OMRX T-Bill Index (Bloomberg Code “RXVX Index”). The performance of the Net Asset Value per share shall be adjusted by taking distributions paid into account. The Performance Fee is calculated daily. If due to an outperformance of the Net Asset Value compared to the benchmark the Investment Manager is entitled to receive a Performance Fee, this
6.171.108,79 12.857.517,38 9.022.213,91 2.539.969,28 1.455.134,41 3.542.973,43 1.865.026,80 731.062,48 0,00 0,00 0,00
Performance Fee amount is accrued. Such Performance Fee accruals are being paid quarterly in arrears. A Performance Fee may be payable even if the performance and the outperformance of the Net Asset Value per share are negative at the end of one calendar quarter. The performance of previous calendar quarters is not taken into consideration. MOVESTIC SICAV - Multifond Försiktig The Investment Manager is entitled to receive a quarterly performance fee of the sub-fund (the "Performance Fee").
MOVESTIC SICAV Multifond Balanserad Multifond Försiktig Multifond Offensiv Movestic Bevara Movestic Bygga Monyx Fondservice Balanserad Movestic Monyx Fondservice Sverige/Världen Movestic Monyx Fondservice Världen Movestic Trygghet 75 Movestic Trygghet 80 Movestic Trygghet 85 Movestic Trygghet 90 Movestic Naventi Offensiv Strategi Naventi Balanserad Strategi Aktiv Allokering Movestic Europa Småbolag Movestic Korta Räntor Plus Movestic Sverige
Custodian Fee p.a. (SEK) 323.662,93 117.021,81 210.642,61 128.793,37 91.885,21 71.871,12 114.906,99 125.087,52 320.888,05 240.373,96 80.654,86 71.871,38 76.894,92 71.871,39 71.871,38 0,00 0,00 0,00
The Performance Fee (if any) amounts up to 20 % of the amount by which the performance in the Net Asset Value per share exceeds the performance of the benchmark during one calendar quarter. The benchmark for the purpose of calculation of the Performance Fee is considered as follows: 34 % MSCI All Country World Index (Bloomberg Code “NDUEACWF Index”) + 33 % OMRX T-Bond Index (Bloomberg Code “OMRX Index”) + 33 % OMRX T-Bill Index (Bloomberg Code “RXVX Index”). The performance of the Net Asset Value per share shall be adjusted by taking distributions paid into account. The Performance Fee is calculated daily. If due to an outperformance of the Net Asset Value compared to the benchmark the Investment Manager is entitled to receive a Performance Fee, this Performance Fee amount is accrued. Such Performance Fee accruals are being paid quarterly in arrears. A Performance Fee may be payable even if the performance and the outperformance of the Net Asset Value per share are negative at the end of one calendar quarter. The performance of previous calendar quarters is not taken into consideration.
101
MOVESTIC SICAV / Annual Report as of December 31, 2014
MOVESTIC SICAV - Multifond Offensiv
The Performance Fee is calculated daily. If due to an
The Investment Manager is entitled to receive a quarterly
outperformance of the Net Asset Value compared to the
performance fee of the sub-fund (the "Performance Fee").
benchmark the Investment Manager is entitled to receive a
The Performance Fee (if any) amounts up to 20 % of the
Performance Fee, this Performance Fee amount is accrued.
amount by which the performance in the Net Asset Value per
Such Performance Fee accruals are being paid quarterly in
share exceeds the performance of the benchmark during one
arrears. A Performance Fee may be payable even if the
calendar quarter. The benchmark for the purpose of
performance and the outperformance of the Net Asset Value
calculation of the Performance Fee is considered as follows:
per share are negative at the end of one calendar quarter. The
MSCI
performance of previous fiscal years is not taken into
All
Country
World
Index
(Bloomberg
Code
“NDUEACWF Index”). The performance of the Net Asset
consideration.
Value per share shall be adjusted by taking distributions paid into account. The Performance Fee is calculated daily. If due
MOVESTIC SICAV - Trygghet 75 Movestic
to an outperformance of the Net Asset Value compared to
The Investment Manager is entitled to receive a quarterly
the benchmark the Investment Manager is entitled to receive
performance fee of the sub-fund (the "Performance Fee").
a Performance Fee, this Performance Fee amount is accrued.
The Performance Fee (if any) amounts up to 20 % of the
Such Performance Fee accruals are being paid quarterly in
amount by which the performance in the Net Asset Value per
arrears. A Performance Fee may be payable even if the
share exceeds the performance of the benchmark during one
performance and the outperformance of the Net Asset Value
calendar quarter. The benchmark for the purpose of
per share are negative at the end of one calendar quarter. The
calculation of the Performance Fee is considered as follows:
performance of previous calendar quarters is not taken into
70 % MSCI All Country World Index (Bloomberg Code
consideration.
“NDUEACWF
Index”)
+
30 %
OMRX
T-Bill Index
(Bloomberg Code “RXVX Index”). The performance of the MOVESTIC SICAV - Movestic Bevara
Net Asset Value per share shall be adjusted by taking
The Investment Manager is entitled to receive a quarterly
distributions paid into account. The Performance Fee is
performance fee of the sub-fund (the "Performance Fee").
calculated daily. If due to an outperformance of the Net
The Performance Fee (if any) amounts up to 20 % of the
Asset Value compared to the benchmark the Investment
amount by which the performance in the Net Asset Value per
Manager is entitled to receive a Performance Fee, this
share exceeds the performance of the benchmark during one
Performance Fee amount is accrued. Such Performance Fee
calendar quarter. The Benchmark for the purpose of
accruals are being paid quarterly in arrears. A Performance
calculation of the Performance Fee is considered as follows:
Fee may be payable even if the performance and the
OMRX T-Bill Index (Bloomberg Code “RXVX Index”). The
outperformance of the Net Asset Value per share are
performance of the Net Asset Value per share shall be
negative at the end of one calendar quarter. The performance
adjusted by taking distributions paid into account. The
of previous calendar quarters is not taken into consideration.
Performance
Fee
is
calculated
daily.
If
due
to
an
outperformance of the NAV compared to the benchmark the
MOVESTIC SICAV - Trygghet 80 Movestic
Investment Manager is entitled to receive a Performance
The Investment Manager is entitled to receive a quarterly
Fee, this Performance Fee amount is accrued. Such
performance fee of the sub-fund (the "Performance Fee").
Performance Fee accruals are being paid quarterly in arrears.
The Performance Fee (if any) amounts up to 20 % of the
A Performance Fee may be payable even if the performance
amount by which the performance in the Net Asset Value per
and the outperformance of the Net Asset Value per share are
share exceeds the performance of the benchmark during one
negative at the end of one calendar quarter. The performance
calendar quarter. The benchmark for the purpose of
of previous calendar quarter is not taken into consideration.
calculation of the Performance Fee is considered as follows: 60 % MSCI All Country World Index (Bloomberg Code
MOVESTIC SICAV - Movestic Bygga
“NDUEACWF
The Investment Manager is entitled to receive a quarterly
(Bloomberg Code “RXVX Index”). The performance of the
performance fee of the sub-fund (the "Performance Fee").
Net Asset Value per share shall be adjusted by taking
The Performance Fee (if any) amounts up to 20 % of the
distributions paid into account. The Performance Fee is
amount by which the performance in the Net Asset Value per
calculated daily. If due to an outperformance of the Net
share exceeds the performance of the benchmark during one
Asset Value compared to the benchmark the Investment
calendar quarter. The benchmark for the purpose of
Manager is entitled to receive a Performance Fee, this
calculation of the Performance Fee is considered as follows:
Performance Fee amount is accrued. Such Performance Fee
OMRX T-Bill Index (Bloomberg Code “RXVX Index”) +
accruals are being paid quarterly in arrears. A Performance
3 %. The performance of the Net Asset Value per share shall
Fee may be payable even if the performance and the
be adjusted by taking distributions paid into account.
outperformance of the Net Asset Value per share are
102
Index)
+
40 %
OMRX
T-Bill
Index
MOVESTIC SICAV / Annual Report as of December 31, 2014
negative at the end of one calendar quarter. The performance
During the reporting period the Investment Advisor received
of previous calendar quarters is not taken into consideration.
a Performance Fee amounting to SEK 75.732.800,63 for the sub-funds as described below.
MOVESTIC SICAV - Trygghet 85 Movestic The Investment Manager is entitled to receive a quarterly performance fee of the sub-fund (the "Performance Fee"). The Performance Fee (if any) amounts up to 20 % of the amount by which the performance in the Net Asset Value per share exceeds the performance of the benchmark during one calendar quarter. The benchmark for the purpose of calculation of the Performance Fee is considered as follows: 50 % MSCI All Country World Index (Bloomberg Code “NDUEACWF
Index)
+
50 %
OMRX
T-Bill
Index
MOVESTIC SICAV Multifond Balanserad Multifond Försiktig Multifond Offensiv Movestic Bevara Movestic Bygga Trygghet 75 Movestic Trygghet 80 Movestic Trygghet 85 Movestic Trygghet 90 Movestic
Performance Fee p.a. (SEK) 13.409.742,96 3.603.504,82 9.033.167,79 2.271.385,35 1.866.565,88 26.812.602,41 15.928.417,97 2.355.293,21 452.120,24
(Bloomberg Code “RXVX Index”). The performance of the Net Asset Value per share shall be adjusted by taking distributions paid into account. The Performance Fee is
The following sub-funds do not pay any Performance fee:
calculated daily. If due to an outperformance of the Net Asset Value compared to the benchmark the Investment
MOVESTIC SICAV -
Manager is entitled to receive a Performance Fee, this
Monyx Fondservice Balanserad Movestic
Performance Fee amount is accrued. Such Performance Fee
Monyx Fondservice Sverige/Världen Movestic
accruals are being paid quarterly in arrears. A Performance
Monyx Fondservice Världen Movestic
Fee may be payable even if the performance and the
Naventi Offensiv Strategi
outperformance of the Net Asset Value per share are
Naventi Balanserad Strategi
negative at the end of one calendar quarter. The performance
Aktiv Allokering
of previous calendar quarters is not taken into consideration.
Movestic Europa Småbolag
Movestic Korta Räntor Plus
Movestic Sverige
MOVESTIC SICAV - Trygghet 90 Movestic The Investment Manager is entitled to receive a quarterly performance fee of the sub-fund (the "Performance Fee"). The Performance Fee (if any) amounts up to 20 % of the amount by which the performance in the Net Asset Value per share exceeds the performance of the benchmark during one calendar quarter. The Benchmark for the purpose of calculation of the Performance Fee is considered as follows: 40 % MSCI All Country World Index (Bloomberg Code “NDUEACWF
Index”)
+
60 %
OMRX
T-Bill
Index
(Bloomberg Code “RXVX Index”). The performance of the Net Asset Value per share shall be adjusted by taking distributions paid into account. The Performance Fee is calculated daily. If due to an outperformance of the Net Asset Value compared to the benchmark the Investment Manager is entitled to receive a Performance Fee, this Performance Fee amount is accrued. Such Performance Fee accruals are being paid quarterly in arrears. A performance fee may be payable even if the performance and the outperformance of the Net Asset Value per share are negative at the end of one calendar quarter. The performance of previous calendar quarters is not taken into consideration.
103
MOVESTIC SICAV / Annual Report as of December 31, 2014
The Total Expense Ratio (TER) indicates the costs on the
Furthermore, additional costs, charges and fees are possible
fund’s total assets for the period ended December 31, 2014.
at the level of the target funds. If the fund invests more than
With the exception of the transaction costs, all costs of the
20 % of its assets in target funds, a synthetic Total Expense
fund are shown in relation to the average total fund assets.
Ratio will be calculated.
MOVESTIC SICAV -
MOVESTIC SICAV -
TER (incl. Performance Fee) (in %) Multifond Balanserad (10.06.14 - 31.12.14) 1,96 Multifond Försiktig (10.06.14 - 31.12.14) 1,90 Multifond Offensiv (10.06.14 - 31.12.14) 2,09 Movestic Bevara (23.04.14 - 31.12.14) 1,52 Movestic Bygga (23.04.14 - 31.12.14) 1,88 Monyx Fondservice Balanserad Movestic (10.06.14 - 31.12.14) 1,15 Monyx Fondservice Sverige/Världen Movestic (10.06.14 - 31.12.14) 1,23 Monyx Fondservice Världen Movestic (10.06.14 - 31.12.14) 1,36 Trygghet 75 Movestic (10.06.14 - 31.12.14) 2,74 Trygghet 80 Movestic (10.06.14 - 31.12.14) 2,48 Trygghet 85 Movestic (10.06.14 - 31.12.14) 1,78 Trygghet 90 Movestic (10.06.14 - 31.12.14) 1,32 Naventi Offensiv Strategi (10.06.14 - 31.12.14) 1,40 Naventi Balanserad Strategi (10.06.14 - 31.12.14) 1,48 Aktiv Allokering (10.06.14 - 31.12.14) 1,16 Movestic Europa Småbolag (16.12.14 - 31.12.14) 0,04 Movestic Korta Räntor Plus (16.12.14 - 31.12.14) 0,02 Movestic Sverige (16.12.14 - 31.12.14) 0,01
Synthetic TER (incl. Performance Fee) (in %) Multifond Balanserad (10.06.14 - 31.12.14) 2,90 Multifond Försiktig (10.06.14 - 31.12.14) 2,40 Multifond Offensiv (10.06.14 - 31.12.14) 2,85 Movestic Bevara (23.04.14 - 31.12.14) 2,00 Movestic Bygga (23.04.14 - 31.12.14) 2,99 Monyx Fondservice Balanserad Movestic (10.06.14 - 31.12.14) 1,82 Monyx Fondservice Sverige/Världen Movestic (10.06.14 - 31.12.14) 2,06 Monyx Fondservice Världen Movestic (10.06.14 - 31.12.14) 2,15 Trygghet 75 Movestic (10.06.14 - 31.12.14) 3,65 Trygghet 80 Movestic (10.06.14 - 31.12.14) 3,27 Trygghet 85 Movestic (10.06.14 - 31.12.14) 2,39 Trygghet 90 Movestic (10.06.14 - 31.12.14) 1,79 Naventi Offensiv Strategi (10.06.14 - 31.12.14) 2,64 Naventi Balanserad Strategi (10.06.14 - 31.12.14) 2,42 Aktiv Allokering (10.06.14 - 31.12.14) 1,71
MOVESTIC SICAV MOVESTIC SICAV -
TER (excl. Performance Fee) (in %) Multifond Balanserad (10.06.14 - 31.12.14) 1,05 Multifond Försiktig (10.06.14 - 31.12.14) 1,09 Multifond Offensiv (10.06.14 - 31.12.14) 1,06 Movestic Bevara (23.04.14 - 31.12.14) 0,95 Movestic Bygga (23.04.14 - 31.12.14) 1,18 Monyx Fondservice Balanserad Movestic (10.06.14 - 31.12.14) 1,15 Monyx Fondservice Sverige/Världen Movestic (10.06.14 - 31.12.14) 1,23 Monyx Fondservice Världen Movestic (10.06.14 - 31.12.14) 1,36 Trygghet 75 Movestic (10.06.14 - 31.12.14) 0,91 Trygghet 80 Movestic (10.06.14 - 31.12.14) 0,92 Trygghet 85 Movestic (10.06.14 - 31.12.14) 0,96 Trygghet 90 Movestic (10.06.14 - 31.12.14) 1,04 Naventi Offensiv Strategi (10.06.14 - 31.12.14) 1,40 Naventi Balanserad Strategi (10.06.14 - 31.12.14) 1,48 Aktiv Allokering (10.06.14 - 31.12.14) 1,16 Movestic Europa Småbolag (16.12.14 - 31.12.14) 0,04 Movestic Korta Räntor Plus (16.12.14 - 31.12.14) 0,02 Movestic Sverige (16.12.14 - 31.12.14) 0,01
104
Synthetic TER (excl. Performance Fee) (in %) Multifond Balanserad (10.06.14 - 31.12.14) 1,99 Multifond Försiktig (10.06.14 - 31.12.14) 1,59 Multifond Offensiv (10.06.14 - 31.12.14) 1,82 Movestic Bevara (23.04.14 - 31.12.14) 1,43 Movestic Bygga (23.04.14 - 31.12.14) 2,29 Monyx Fondservice Balanserad Movestic (10.06.14 - 31.12.14) 1,82 Monyx Fondservice Sverige/Världen Movestic (10.06.14 - 31.12.14) 2,06 Monyx Fondservice Världen Movestic (10.06.14 - 31.12.14) 2,15 Trygghet 75 Movestic (10.06.14 - 31.12.14) 1,82 Trygghet 80 Movestic (10.06.14 - 31.12.14) 1,71 Trygghet 85 Movestic (10.06.14 - 31.12.14) 1,57 Trygghet 90 Movestic (10.06.14 - 31.12.14) 1,51 Naventi Offensiv Strategi (10.06.14 - 31.12.14) 2,64 Naventi Balanserad Strategi (10.06.14 - 31.12.14) 2,42 Aktiv Allokering (10.06.14 - 31.12.14) 1,71
MOVESTIC SICAV / Annual Report as of December 31, 2014
According to the law in force and current practice, the Company is not subject to any Luxembourg tax on income and net worth tax. Each of the Company’s sub-funds is subject to a subscription tax (taxe d’abonnement) at an annual rate of 0,05 % p.a. Such rate may be decreased to 0,01 % p.a. for certain sub-funds or classes of shares which are restricted to Institutional Investors as specified in the relevant Data Sheet of the Prospectus. This tax is calculated and payable quarterly on the basis of the Net Asset Value of the Company’s assets at the end of each quarter. Furthermore, additional costs, charges and fees are possible at the level of the target funds. An income adjustment is made in the taxable income; it includes net income accrued during the accounting period which the buyer of the shares pays in the issue price and which the seller of the shares receives by way of reimbursement in the bid price.
105
MOVESTIC SICAV / Annual Report as of December 31, 2014
Report of the Réviseur d’Entreprises agréé
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
Report on the financial statements
opinion.
Following our appointment by the extraordinary general meeting
of
the
Shareholders,
we
have
audited
the
Opinion
accompanying financial statements of MOVESTIC SICAV
In our opinion, the financial statements give a true and fair
and each of its sub-funds, which comprise the statement of
view of the financial position of MOVESTIC SICAV and
net assets and the statement of investments and other net
each of its sub-funds as of December 31, 2014, and of the
assets as at December 31, 2014 and the statement of
results of its operations and changes in its net assets for the
operations and the statement of changes in net assets for the
period from March 4, 2014 to December 31, 2014 in
period from March 4, 2014 to December 31, 2014 and a
accordance
summary of significant accounting policies and other
requirements relating to the preparation of the financial
explanatory information.
statements.
Board of Directors of the SICAV responsibility for the
Other matter
financial statements
Supplementary information included in the annual report has
with
Luxembourg
legal
and
regulatory
The Board of Directors of the SICAV is responsible for the
been reviewed in the context of our mandate but has not
preparation
been subject to specific audit procedures carried out in
and
fair
presentation
of
these
financial
statements in accordance with Luxembourg legal and
accordance
regulatory requirements relating to the preparation of the
Consequently, we express no opinion on such information.
financial statements, and for such internal control as the
However, we have no observation to make concerning such
Board of Directors of the SICAV determines is necessary to
information in the context of the financial statements taken
enable the preparation of financial statements that are free
as a whole.
with
the
standards
from material misstatement, whether due to fraud or error. Responsibility of the Réviseur d’Entreprises agréé
Luxembourg, April 29, 2015
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in
KPMG Luxembourg, Société coopérative
accordance with International Standards on Auditing as
Cabinet de révision agréé
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.
106
Petra Schreiner
described
above.
MOVESTIC SICAV / Annual Report as of December 31, 2014
Partners
INVESTMENT MANAGER:
F or sub-funds Multifond Balanserad, Multifond Försiktig, Multifond COMPANY:
Offensiv, Movestic Bevara, Movestic Bygga, Aktiv Allokering,
MOVESTIC SICAV
Modernac:
Société d’investissement à capital variable
Movestic Kapitalförvaltning AB
Registered office:
Birger Jarlsgatan 57 B, 103 99 Stockholm
4, rue Jean Monnet, L-2180 Luxembourg
Sweden
RCS No. B 185.082 F or sub-funds Monyx Fondservice Balanserad Movestic, Monyx BOARD OF DIRECTORS:
Chairman: Henrik Sundin Chief Executive Officer Movestic Kapitalförvaltning AB Birger Jarlsgatan 57 B 103 99 Stockholm, Sweden Henrik Nilsson Head of Legal Movestic Livförsäkring AB Birger Jarlsgatan 57 B 103 99 Stockholm, Sweden Thomas Albert Managing Director Oppenheim Asset Management Services S.à r.l.
Fondservice Sverige/Världen Movestic, Monyx Fondservice Världen Movestic:
Monyx Financial Group AB, Strandvägen 5B, 114 51 Stockholm Sweden F or sub-funds Trygghet 75 Movestic, Trygghet 80 Movestic, Trygghet 85 Movestic, Trygghet 90 Movestic:
Söderberg & Partners Asset Management S.A., 5-11 avenue Gaston Diderich, L-1420 Luxembourg F or sub-funds Naventi Offensiv Strategi, Naventi Balanserad Strategi: Naventi Kapitalförvaltning AB, Kungsgatan 38, 111 35 Stockholm Sweden F or sub-fund Movestic Europa Småbolag: BNP Paribas Asset Management SAS, 1 Boulevard Haussmann, FR-75009 Paris France
MANAGEMENT COMPANY AND DOMICILIARY AGENT:
Oppenheim Asset Management Services S.à r.l. 4, rue Jean Monnet, L-2180 Luxembourg Equity capital: EUR 2,7 million (status: January 1, 2014) CUSTODIAN, PRINCIPAL PAYING AGENT, REGISTRAR AND TRANSFER AGENT:
Sal. Oppenheim jr. & Cie. Luxembourg S.A. 4, rue Jean Monnet, L-2180 Luxembourg Capitalization: EUR 50 million
F or sub-fund Movestic Korta Räntor Plus: EVLI Bank Plc. Aleksanterinkatu 19, FI-00100 Helsinki Finland F or sub-fund Movestic Sverige: Lannebo Fonder AB Box 7854 Kungsgatan 5, 103 99 Stockholm Sweden
(status: 1. January 2014) F or sub-funds Ascensus Trend Movestic, Ascensus Offensiv Movestic: AUDITOR:
United Securities AB
KPMG Luxembourg, Société coopérative
Brunnsgatan 21 A, S-103 93 Stockholm
39, Avenue John F. Kennedy, L-1855 Luxembourg
Sweden
107
MOVESTIC, SICAV 4, rue Jean Monnet 2180 Luxembourg Luxembourg
Phone +352 2215 22-1 Fax +352 2215 22-500 www.oppenheim.lu
