Audited annual report as at 31st D ecember 2012
JRS SICAV-SIF Investm ent Com p any - Sp ecialised Investm ent Fu nd (SICAV-SIF), Lu xem bou rg
R.C.S. Lu xem bou rg B 148 348
N otice The sole legally bind ing basis for the purchase of shares of the Com pany d escribed in this report is the latest valid Private Placem ent Mem orand um w ith its term s of contract.
JRS SICAV-SIF Contents
Organisation .......................................................................................................................................................... 2 General information ............................................................................................................................................ 3 Report from the Investment Manager .............................................................................................................. 4 Audit report ........................................................................................................................................................... 6 Consolidated statement of net assets ............................................................................................................... 8 Consolidated statement of operations and other changes in net assets ..................................................... 9 JRS SICAV-SIF - JRS Global Wealth ............................................................................................................. 10 Statem ent of net assets .................................................................................................................................... 10 Statem ent of op erations and other changes in net assets ........................................................................... 11 Statistical inform ation ..................................................................................................................................... 12 Statem ent of investm ents and other net assets ............................................................................................ 13 Ind u strial and geograp hical classification of investm ents ......................................................................... 14 JRS SICAV-SIF - JRS Global Grow th ............................................................................................................ 15 Statem ent of net assets .................................................................................................................................... 15 Statem ent of op erations and other changes in net assets ........................................................................... 16 Statistical inform ation ..................................................................................................................................... 17 Statem ent of investm ents and other net assets ............................................................................................ 18 Ind u strial and geograp hical classification of investm ents ......................................................................... 19 N otes to the financial statements .................................................................................................................... 20
1
JRS SICAV-SIF Organisation
Registered Office
4, ru e Peternelchen * L-2370 H ow ald
Board of D irectors
Chairman And ers MALCOLM Dep u ty H ead of SEB Fund Services S.A., Lu xem bou rg D irectors Mats EKSTRÖM JRS Asset Managem ent AB, Sw ed en Peter N YGREN JRS Asset Managem ent AB, Sw ed en Olivier SCH OLTES SEB Fund Services S.A., Luxem bou rg
Custodian Bank
Skand inaviska Enskild a Banken S.A. * 4, ru e Peternelchen L-2370 H ow ald
Central Administration Agent
SEB Fund Services S.A. * 4, ru e Peternelchen L-2370 H ow ald
Administration Agent, Registrar and Transfer Agent
Eu rop ean Fu nd Ad m inistration S.A. 2, ru e d ’Alsace L-1122 Lu xem bou rg
Investment Manager
JRS Asset Managem ent S.A. (acting throu gh its Sw ed ish branch) 18-20, ru e Ed w ard Steichen L-2540 Lu xem bou rg (since 21st March 2012) JRS Asset Managem ent AB Birger Jarlsgatan 14 SE-114 11 Stockholm (u ntil 21st March 2012)
Auditor
Pricew aterhou seCoop ers, Société coop érative 400, rou te d ’Esch L-1471 Lu xem bou rg
* The registered office of all SEB entities in Luxembourg was transferred from 6a, circuit d e la Foire Internationale, L-1347 Luxem bourg to 4, rue Peternelchen, L-2370 Howald w ith effect from 1st April 2012.
2
JRS SICAV-SIF General information
JRS SICAV-SIF (hereafter the "Com p any") is an u m brella op en-end ed investm ent com p any organised as a "Société A nonyme" u nd er the law s of the Grand Du chy of Lu xem bou rg and qu alifies as a "Société d’Investissement à Capital V ariable" ("SICA V ") and a "Fonds d’Investissement Spécialisé" ("FIS"). The Com p any is registered u nd er the Lu xem bou rg law of 13th Febru ary 2007, as am end ed , relating to Sp ecialised Investm ent Fu nd s (the "SIF Law "). The Com p any w as incorp orated for an u nlim ited p eriod on 24th Sep tem ber 2009. The Articles of Incorp oration of the Com p any (the "Articles") have been filed w ith the "Registre de Commerce et des Sociétés", w here they are available for insp ection, and w ere p u blished in the "M émorial, Recueil des Sociétés et A ssociations" on 14th October 2009. The Com p any op erates sep arate Su b-Fu nd s, each of w hich is rep resented by one or m ore Classes of Shares. At the d ate of the rep ort, the follow ing Su b-Fund s are op en: - JRS SICAV-SIF - JRS Global Wealth - JRS SICAV-SIF - JRS Global Grow th
in SEK, in SEK.
At the d ate of the rep ort, only accu m u lating shares are available for su bscrip tion. The Shares of the Com p any are restricted to investors w ho qu alify as Eligible Investors w ithin the m eaning of the SIF Law (i.e. Institu tional Investors, Professional Investors and other Well-Inform ed Investors). The N et Asset Valu e of each Class of Shares is calcu lated on each Bu sines s Day ("Valu ation Day"). A Bu siness Day is a d ay on w hich banks are norm ally op en for bu siness in Lu xem bou rg and Stockholm , excep t for 24th Decem ber in each year. For consolid ation p u rp oses, the reference cu rrency of the Com p any is the eu ro (EUR). The financial year of the Com p any end s on 31st Decem ber each year. The first financial year end ed on 31st Decem ber 2010. An au d ited annu al rep ort is p rep ared and m ad e available to Sharehold ers in resp ect of each financial year. Cop ies of the Articles, Private Placem ent Mem orand u m and financial rep orts m ay be obtained free of charge and u p on requ est, from the Registered Office of the Com p any.
3
JRS SICAV-SIF Report from the Investment Manager
Market Review 2012 Desp ite a tu rbu lent year both econom ically and p olitically, the global econom y show ed a nu m ber of signs that a recovery w as on the w ay. The equ ity m arkets p erform ed w ell and the MSCI World Ind ex rose by 13.07 in local cu rrency. The United States, p articu larly the hou sing m arket, w as the p rim e engine of grow th, as w ell as the su ccess of the Chinese econom y in averting a hard land ing. The focu s in the Eu rozone shifted from Greece to belt tightening in the PIIGS cou ntries, as w ell as p ressu re on the Sp anish banking system . The m arket w as w eighed d ow n by u ncertainty abou t if and w hen Sp ain w ou ld ask for su p p ort from the Eu rop ean Stability Mechanism (ESM), along w ith p rotracted negotiations to avoid the fiscal cliff in the United States. Energetic central bank i nterventions stabilized the situ ation on a broad front, w hich had a p ositive im p act on the m ood of the m arket. Market Outlook 2013 The ability of U.S. and Eu rop ean p oliticians to em bold en investors, bu siness lead ers and consu m ers alike w ill shap e m u ch of the m arket in 2013. Political d iscord in the United States shou ld not be u nd erestim ated , rating institu tes are grow ing im p atient and the stru ggle over the d ebt ceiling cou ld go d ow n to the w ire. Eu rop ean integration is p roceed ing, albeit by sm all and u n stead y step s. Econom ic recovery in China and the United States, along w ith better governm ent finances in Eu rop e, p oints to an im p rovem ent in the global econom y. If bu siness and consu m er confid ence continu es to rise, earnings m ay exceed exp ectations. Su ch trend s cou ld generate higher d ivid end s and ad d itional bu you ts, w hich w ou ld ju stify a continu ed overw eight in equ ities.
JRS SICAV-SIF - JRS Global Wealth Perform ance contribu tions and p ortfolio constru ction H old ings of global and Eu rop ean m u tu al fu nd s w er e the biggest factors that contribu ted to p ositive p erform ance. H old ings of Sw ed ish fixed incom e fu nd s and global corp orate bond fu nd s p layed their p art as w ell. Alm ost half of the u nd erlying m u tu al fu nd s ou tp erform ed their benchm arks. The fu nd alternated betw een overw eight and neu tral w eight in equ ities, w ith the excep tion of a few occasions in Janu ary, May, Ju ne and Ju ly w hen it w as u nd erw eighted in the asset class. The fu nd held 36% equ ities at the end of the year. The d ep reciation of the USD against th e SEK had a negative im p act on net asset valu e. Futu re Strategy 2013 The biggest threat to global grow th is the inability of U.S. p oliticians to find a m u tu ally agreeable ap p roach to d eficit financing. If they m anage to ham m er together a solu tion, how ever, the United States and Asia cou ld sp u r international trad e. Ad d ing a relaxation of Eu rop ean au sterity m easu res and on-going liqu id ity in the cap ital m arkets into the equ ation, the global econom y m ay start to accelerate. If su ch a scenario p ans ou t, both investm ents and earnings exp ectations w ill start to rise. In that case, equ ities w ou ld ap p ear to rem ain u nd ervalu ed com p ared to treasu ries and highly rated corp orate bond s. We are retaining the fu nd ’s overw eight in equ ities and corp orate bond s, as w e ll as its u nd erw eight in the asset class of alternative strategies. As grow th p rosp ects im p rove and the interest rate cu ts that w e anticip ate are annou nced , w e forecast a steep er cu rve, i.e., higher long -term yield s and low er short-term yield s. For that reason, w e are hold ing on to ou r m iniw eight in governm ent bond s. Consid ering that the m ost recent Sw ed ish econom ic statistics w ere still w eak and the Riksbank foresees low interest rates throu ghou t m ost of 2013, w e are retaining ou r neu tral w eight in treasu r y bills. Bu t the econom y rem ains sensitive to d istu rbances, and it goes w ithou t saying that w e are reassessing the situ ation d ay by d ay.
4
JRS SICAV-SIF Report from the Investment Manager (continued)
JRS SICAV-SIF - JRS Global Growth Perform ance contribu tions and p ortfolio constru ction H old ings of global and Sw ed ish m u tu al fu nd s w ere the biggest factors that contribu ted to a p ositive retu rn. Alm ost half of the u nd erlying m u tu al fu nd s ou tp erform ed their benchm arks. The fu nd w as generally overw eighted in equ ities, w ith the excep tion of a few p eriod s in May and Ju ne w h en it had an u nd erw eight or norm al w eight in the asset class. The fu nd held 96% equ ities at the end of the year. The d ep reciation of the USD against the SEK had a negative im p act on net asset valu e. Futu re Strategy 2013 The biggest threat to global grow th is the inability of U.S. p oliticians to find a m u tu ally agreeable ap p roach to d eficit financing. If they m anage to ham m er together a solu tion, how ever, the United States and Asia cou ld sp u r international trad e. Ad d ing a relaxation of Eu rop ean au ster ity m easu res and on-going liqu id ity in the cap ital m arkets into the equ ation, the global econom y m ay start to accelerate. If su ch a scenario p ans ou t, both investm ents and earnings exp ectations w ill start to rise. In that case, equ ities w ou ld ap p ear to rem ain u nd ervalu ed com p ared to treasu ries and highly rated corp orate bond s. We are retaining the fu nd ’s overw eight in equ ities and corp orate bond s, as w ell as its u nd erw eight in the asset class of alternative strategies. As grow th p rosp ects im p rove and the in terest rate cu ts that w e anticip ate are annou nced , w e forecast a steep er cu rve, i.e., higher long -term yield s and low er short-term yield s. For that reason, w e are hold ing on to ou r m iniw eight in governm ent bond s. Consid ering that the m ost recent Sw ed ish econom ic statistics w ere still w eak and the Riksbank foresees low interest rates throu ghou t m ost of 2013, w e are retaining ou r neu tral w eight in treasu ry bills. Bu t the econom y rem ains sensitive to d istu rbances, and it goes w ithou t saying that w e are reassessing the situ ation d ay by d ay.
Lu xem bou rg, 16th Janu ary 2013
The Investm ent Manager
N ote: The inform ation in this report represents historical d ata and is not an ind ication of future results.
5
Audit report
To the Sharehold ers of JRS SICAV-SIF
We have au d ited the accom p anying financial statem ents of JRS SICAV-SIF and of each of its su b-fu nd s, w hich com p rise the statem ent of net assets and the statem ent of investm ents and other net assets as at 31st Decem ber 2012 and the statem ent of op erations and other changes in net assets for the year then end ed , and a su m m ary of significant accou nting p olicies and other exp lanatory notes to the financial statem ents. Responsibility of the Board of Directors of the SICA V -SIF for the financial statements The Board of Directors of the SICAV-SIF is resp onsible for the p rep aration and fair p resentation of these financial statem ents in accord ance w ith Lu xem bou rg legal and regu latory requ irem ents relating to the p rep aration of the financial statem ents and for su ch internal control as the Board of Directors of the SICAV-SIF d eterm ines is necessary to enable the p rep aration of financial statem ents that are free from m aterial m isstatem ent, w hether d u e to frau d or error. Responsibility of the "Réviseur d’entreprises agréé" Ou r resp onsibility is to exp ress an op inion on these financial statem ents based on ou r au d it. We cond u cted ou r au d it in accord ance w ith International Stand ard s on Au d iting as ad op ted for Lu xem bou rg by the "Com m ission d e Su rveillance d u Secteu r Financier". Those stand ard s requ ire that w e com p ly w ith ethical requ irem ents and p lan and p erform the au d it to obtain reasonable assu rance abou t w hether the financial statem ents are free from m aterial m isstatem ent. An au d it involves p erform ing p roced u res to obt ain au d it evid ence abou t the am ou nts and d isclosu res in the financial statem ents. The p roced u res selected d ep end on the ju d gm ent of the "Réviseu r d ’entrep rises agréé", inclu d ing the assessm ent of the risks of m aterial m isstatem ent of the financial statem ents, w hether d u e to frau d or error. In m aking those risk assessm ents, the "Réviseu r d ’entrep rises agréé" consid ers internal control relevant to the entity’s p rep aration and fair p resentation of the financial statem ents in ord er to d esign au d it p roced u res th at are ap p rop riate in the circu m stances, bu t not for the p u rp ose of exp ressing an op inion on the effectiveness of the entity’s internal control. An au d it also inclu d es evalu ating the ap p rop riateness of accou nting p olicies u sed and the reasonableness of accou nting estim ates m ad e by the Board of Directors of the SICAV-SIF, as w ell as evalu ating the overall p resentation of the financial statem ents.
PricewaterhouseCoopers, Société coopérative, 400 Route d’Esch, B.P. 1443, L-1014 Luxembourg T: +352 494848 1, F: +352 494848 2900, www.pwc.lu Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°10028256) R.C.S. Luxembourg B 65 477 - TVA LU25482518
6
pwc Audit report (continued)
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion In our opinion, the financial statements give a true and fair view of the financial positIOn of JRS SICAV-SIF and of each of its sub-funds as of 31st December 2012, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.
Other matters Supplementary information included in the annual report has been reviewed in the con text of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole.
Luxem
8th March 2013
JRS SICAV-SIF Consolidated statement of net assets (in EUR) as at 31st Decem ber 2012
Assets Secu rities p ortfolio at m arket valu e Cash at banks Other liqu id assets Form ation exp enses, net Incom e receivable on p ortfolio Unrealised gain on forw ard foreign exchange contracts Ad vances for p u rchases of secu rities
33,237,202.65 3,023,786.48 657,644.31 13,209.06 107,062.37 206,005.17 455,290.87
Total assets
37,700,200.91
Liabilities Bank liabilities Other liqu id liabilities Interest on bank liabilities and exp enses p ayable
770,012.16 453,780.85 81,529.30
Total liabilities
1,305,322.31
N et assets at the end of the year
36,394,878.60
The accom panying notes are an integral part of these financial statem ents.
8
JRS SICAV-SIF Consolidated statement of operations and other changes in net assets (in EUR) from 1st Janu ary 2012 to 31st Decem ber 2012
Income Divid end s, net Interest on bank accou nts Com m issions received
204,252.90 20,513.80 110,957.11
Total incom e
335,723.81
Expenses Managem ent fees Transaction fees Central ad m inistration costs Professional fees Other ad m inistration costs Su bscrip tion d u ty ("taxe d 'abonnem ent") Interest p aid on bank liabilities Managem ent fees p aid to the u nd erlying fu nd s Other exp enses
510,448.10 64,427.86 111,312.65 24,536.68 19,761.95 1,658.77 40,849.93 21,767.67 18,865.59
Total exp enses
813,629.20
N et investm ent loss
-477,905.39
N et realised gain/(loss) - on secu rities p ortfolio - on op tions - on fu tu res contracts - on forw ard foreign exchange contracts - on foreign exchange
469,472.71 -70,548.39 -333,084.14 453,492.84 82,443.74
Realised resu lt
123,871.37
N et variation of the unrealised gain/(loss) - on secu rities p ortfolio - on op tions - on fu tu res contracts - on forw ard foreign exchange contracts
1,775,609.85 4,424.25 65,320.23 -51,273.46
Resu lt of op erations
1,917,952.24
Su bscrip tions
7,903,653.95
Red em p tions
-17,412,951.45
Total changes in net assets
-7,591,345.26
Total net assets at the beginning of the year
42,417,898.67
Revalu ation d ifference
1,568,325.19
Total net assets at the end of the year
36,394,878.60
The accom panying notes are an integral part of these financial statem ents.
9
JRS SICAV-SIF - JRS Global Wealth Statement of net assets (in SEK) as at 31st Decem ber 2012
Assets Secu rities p ortfolio at m arket valu e Cash at banks Other liqu id assets Form ation exp enses, net Incom e receivable on p ortfolio Unrealised gain on forw ard foreign exchange contracts Ad vances for p u rchases of secu rities
140,893,801.97 8,111,128.97 3,922,565.15 57,035.52 407,122.76 687,373.37 3,910,500.00
Total assets
157,989,527.74
Liabilities Bank liabilities Other liqu id liabilities Interest on bank liabilities and exp enses p ayable
295,005.39 3,098,861.19 356,489.41
Total liabilities
3,750,355.99
N et assets at the end of the year
154,239,171.75
N u m ber of shares ou tstand ing N et asset valu e p er share
152,858.932 1,009.03
The accom panying notes are an integral part of these financial statem ents.
10
JRS SICAV-SIF - JRS Global Wealth Statement of operations and other changes in net assets (in SEK) from 1st Janu ary 2012 to 31st Decem ber 2012
Income Divid end s, net Interest on bank accou nts Com m issions received
837,362.35 84,950.15 424,127.36
Total incom e
1,346,439.86
Expenses Managem ent fees Transaction fees Central ad m inistration costs Professional fees Other ad m inistration costs Su bscrip tion d u ty ("taxe d 'abonnem ent") Interest p aid on bank liabilities Managem ent fees p aid to the u nd erlying fu nd s Other exp enses
2,495,989.90 289,697.98 478,039.77 105,376.70 89,719.08 6,982.22 215,811.80 141,616.32 89,474.27
Total exp enses
3,912,708.04
N et investm ent loss
-2,566,268.18
N et realised gain/(loss) - on secu rities p ortfolio - on op tions - on fu tu res contracts - on forw ard foreign exchange contracts - on foreign exchange
-2,475,544.85 -335,216.15 -1,765,468.84 3,639,561.22 672,003.20
Realised resu lt
-2,830,933.60
N et variation of the unrealised gain/(loss) - on secu rities p ortfolio - on op tions - on fu tu res contracts - on forw ard foreign exchange contracts
9,758,768.87 -34,775.00 282,050.89 -1,493,084.30
Resu lt of op erations
5,682,026.86
Su bscrip tions
28,984,600.00
Red em p tions
-112,260,365.58
Total changes in net assets
-77,593,738.72
Total net assets at the beginning of the year
231,832,910.47
Total net assets at the end of the year
154,239,171.75
The accom panying notes are an integral part of these financial statem ents.
11
JRS SICAV-SIF - JRS Global Wealth Statistical information (in SEK) as at 31st Decem ber 2012
Total net assets - as at 31.12.2012 - as at 31.12.2011 - as at 31.12.2010
154,239,171.75 231,832,910.47 237,161,560.21
N umber of shares - outstand ing at the beginning of the year - issued - red eem ed - outstand ing at the end of the year
236,098.371 28,912.053 -112,151.492 152,858.932
N et asset value per share - as at 31.12.2012 - as at 31.12.2011 - as at 31.12.2010
1,009.03 981.93 1,065.21
The accom panying notes are an integral part of these financial statem ents.
12
JRS SICAV-SIF - JRS Global Wealth Statement of investments and other net assets (in SEK) as at 31st Decem ber 2012
Currency
N um ber / nom inal value
Description
Cost
Market value
% of total net assets
Investments in securities Open-ended investment funds Investment funds (UCITS) EUR EUR EUR EUR EUR EUR
851.4 758.1 47,551 33,508.07 28 30,027.585
EUR EUR EUR
8,955 28,494 50,367
SEK SEK SEK SEK SEK SEK
110,270 145,358.882 101,371.947875 302,702 94,332.9641 377
7,963,611.07 8,013,306.06 4,778,722.04 4,442,645.94 3,125,491.72 4,960,129.12
8,041,762.05 8,019,141.67 4,733,544.21 4,783,257.69 3,103,215.49 5,367,052.33
5.21 5.20 3.07 3.10 2.01 3.48
9,284,003.27 8,329,807.37 4,736,395.09
9,512,031.91 9,057,656.62 4,693,741.52
6.17 5.87 3.04
55,634,111.68
57,311,403.49
37.15
14,686,284.50 14,690,736.33 3,608,827.75 5,065,350.77 10,943,172.33 3,832,196.21
14,864,396.00 14,870,213.63 3,269,245.32 5,224,636.52 10,953,443.83 3,649,344.92
9.64 9.64 2.12 3.39 7.10 2.37
52,826,567.89
52,831,280.22
34.26
3,245,626.17 5,266,715.78 4,370,051.51 3,906,973.37
3,302,966.57 5,547,817.07 4,444,488.44 4,453,845.70
2.14 3.60 2.88 2.89
16,789,366.83
17,749,117.78
11.51
125,250,046.40
127,891,801.49
82.92
iShares ES 50 (DE) Dist
1,457,610.89
1,467,273.84
0.95
Am und i ETF MSCI World B d b x-trackers H ed ge Fund Ind ex ETF 2C Cap
1,841,873.84 3,249,697.88
1,792,159.27 3,173,291.60
1.16 2.06
5,091,571.72
4,965,450.87
3.22
6,549,182.61
6,432,724.71
4.17
1,576,222.73 486,424.98
1,577,660.00 487,810.50
1.02 0.32
2,062,647.71
2,065,470.50
1.34
753,609.00 3,887,156.29
722,494.79 3,781,310.48
0.47 2.45
4,640,765.29
4,503,805.27
2.92
6,703,413.00
6,569,275.77
4.26
138,502,642.01
140,893,801.97
91.35
Cash at banks
8,111,128.97
5.26
Bank liabilities
-295,005.39
-0.19
USD USD USD USD
51,645 2,518 34,889 3,840
Allianz Gl Investors Fd Incom e and Growth IT (H 2- EUR) Cap Am und i Intl SICAV IH E C Cap BlackRock Global Fd s European Equity Income A2 Cap BlackRock Global Fd s European Focus A2 Cap Centrale Long Vol FCP I Cap Franklin Tem pleton Inv Fd s Asian Grow th I (acc) EUR H1 Cap Gold m an Sachs Fd s Scv Strategic Absolute Ret Bd II I Cap Schrod er Intl Select Fd Gl H igh Yield I EUR H ed ged Cap Schrod er Intl Select Fd Global Divid end Maxim ise A EUR Dist Carnegie Fd Svensk Kort Ränte Units A1 Cap H and elsbank Fd s Sw ed ish ST Asset shares Dist Lannebo Fonder Sm abolag Units Dist Lannebo Sverige SPP Penningm arknad sfond Torrus Fd s Merrill Invest Structural Alpha SEK H A Cap F Tem pleton Inv Fd s Technology I Cap JPMorgan Fd s Em erging Markets Opp C Cap JPMorgan Fd s H ighbrid ge US Steep Up C USD Cap JPMorgan Inv Fd s US Select Equity A USD Cap
Total investment funds (UCITS) Tracker funds (UCITS) EUR
6,415
USD USD
1,608 45,622
Total tracker funds (UCITS) Tracker funds (UCI) SEK SEK
19,100 1,878
XACT Fond er AB Bear 2 Units XACT Fond er AB Bull 2 Units
USD USD
2,024 10,732
ProShares Trust Ultra QQQ Dist ProShares Trust UltraShort S&P 500
Total tracker funds (UCI) Total investm ents in secu rities
Other net assets/ (liabilities) Total The accom panying notes are an integral part of these financial statem ents.
13
5,529,246.20
3.58
154,239,171.75
100.00
JRS SICAV-SIF - JRS Global Wealth Industrial and geographical classification of investments as at 31st Decem ber 2012
Industrial classification (in p ercentage of net assets) Investm ent fu nd s
91.35 %
Total
91.35 %
Geographical classification (by d om icile of the issu er) (in p ercentage of net assets) Grand Du chy of Lu xem bou rg
60.72 %
Sw ed en
23.59 %
France
3.17 %
United States of Am erica
2.92 %
Germ any
0.95 %
Total
91.35 %
The accom panying notes are an integral part of these financial statem ents.
14
JRS SICAV-SIF - JRS Global Grow th Statement of net assets (in SEK) as at 31st Decem ber 2012
Assets Secu rities p ortfolio at m arket valu e Cash at banks Other liqu id assets Form ation exp enses, net Incom e receivable on p ortfolio Unrealised gain on forw ard foreign exchange contracts
144,581,020.23 17,860,217.59 1,725,951.49 56,417.28 512,437.52 1,082,008.11
Total assets
165,818,052.22
Liabilities Bank liabilities Other liqu id liabilities Interest on bank liabilities and exp enses p ayable
6,318,640.35 798,669.23 343,766.96
Total liabilities
7,461,076.54
N et assets at the end of the year
158,356,975.68
N u m ber of shares ou tstand ing N et asset valu e p er share
145,711.601 1,086.78
The accom panying notes are an integral part of these financial statem ents.
15
JRS SICAV-SIF - JRS Global Grow th Statement of operations and other changes in net assets (in SEK) from 1st Janu ary 2012 to 31st Decem ber 2012
Income Divid end s, net Interest on bank accou nts Com m issions received
916,968.75 91,243.20 528,884.92
Total incom e
1,537,096.87
Expenses Managem ent fees Transaction fees Central ad m inistration costs Professional fees Other ad m inistration costs Su bscrip tion d u ty ("taxe d 'abonnem ent") Interest p aid on bank liabilities Managem ent fees p aid to the u nd erlying fu nd s Other exp enses
1,888,256.31 263,673.85 478,026.29 105,369.17 80,016.63 7,265.02 135,048.85 45,346.48 72,562.55
Total exp enses
3,075,565.15
N et investm ent loss
-1,538,468.28
N et realised gain/(loss) - on secu rities p ortfolio - on op tions - on fu tu res contracts - on forw ard foreign exchange contracts - on foreign exchange
6,507,852.86 -270,725.00 -1,095,395.70 255,495.48 36,107.27
Realised resu lt
3,894,866.63
N et variation of the unrealised gain/(loss) - on secu rities p ortfolio - on op tions - on fu tu res contracts - on forw ard foreign exchange contracts
5,491,970.27 72,775.00 278,985.56 1,052,695.85
Resu lt of op erations
10,791,293.31
Su bscrip tions
38,900,000.00
Red em p tions
-37,299,730.39
Total changes in net assets
12,391,562.92
Total net assets at the beginning of the year
145,965,412.76
Total net assets at the end of the year
158,356,975.68
The accom panying notes are an integral part of these financial statem ents.
16
JRS SICAV-SIF - JRS Global Grow th Statistical information (in SEK) as at 31st Decem ber 2012
Total net assets - as at 31.12.2012 - as at 31.12.2011 - as at 31.12.2010
158,356,975.68 145,965,412.76 167,895,817.24
N umber of shares - outstand ing at the beginning of the year - issued - red eem ed - outstand ing at the end of the year
144,513.134 36,070.418 -34,871.951 145,711.601
N et asset value per share - as at 31.12.2012 - as at 31.12.2011 - as at 31.12.2010
1,086.78 1,010.05 1,173.05
The accom panying notes are an integral part of these financial statem ents.
17
JRS SICAV-SIF - JRS Global Grow th Statement of investments and other net assets (in SEK) as at 31st Decem ber 2012
Currency
N um ber / nom inal value
Description
Cost
Market value
% of total net assets
Investments in securities Open-ended investment funds Investment funds (UCITS) EUR
367.69
EUR EUR EUR EUR
1,165.978 62,697 55,226.53 63,427.926
EUR
82,885
SEK SEK
93,239.993961 430,310.145657
USD USD USD USD
127,663 3,657 96,082 9,100.08
Allianz Gl Investors Fd Incom e and Growth IT (H 2- EUR) Cap Am und i Intl SICAV IH E C Cap BlackRock Global Fd s European Equity Income A2 Cap BlackRock Global Fd s European Focus A2 Cap Franklin Tem pleton Inv Fd s Asian Grow th I (acc) EUR H1 Cap Schrod er Intl Select Fd Global Divid end Maxim ise A EUR Dist
3,432,998.85
3,472,956.85
2.19
12,188,145.73 6,300,571.45 7,287,194.48 10,536,449.84
12,333,653.62 6,241,278.24 7,883,555.40 11,336,942.35
7.79 3.94 4.98 7.16
7,828,550.48
7,724,120.27
4.88
47,573,910.83
48,992,506.73
30.94
2,911,885.68 6,922,282.54
3,006,989.81 7,427,153.11
1.90 4.69
9,834,168.22
10,434,142.92
6.59
8,087,033.48 7,654,149.42 12,195,676.93 9,648,738.44
8,164,713.36 8,057,334.00 12,239,827.41 10,554,779.23
5.16 5.09 7.73 6.66
37,585,598.27
39,016,654.00
24.64
94,993,677.32
98,443,303.65
62.17
5,003,664.70
5,184,748.78
3.27
25,430,183.41 6,328,408.67
25,112,520.36 6,136,454.59
15.86 3.87
31,758,592.08
31,248,974.95
19.73
36,762,256.78
36,433,723.73
23.00
XACT Fond er AB Bull 2 Units
2,301,036.22
2,308,658.00
1.46
ProShares Trust Ultra QQQ Dist ProShares Ultra S&P 500 ETF
875,377.06 6,426,404.20
844,576.42 6,550,758.43
0.53 4.14
7,301,781.26
7,395,334.85
4.67
9,602,817.48
9,703,992.85
6.13
141,358,751.58
144,581,020.23
91.30
Cash at banks
17,860,217.59
11.28
Bank liabilities
-6,318,640.35
-3.99
2,234,378.21
1.41
158,356,975.68
100.00
Lannebo Fonder Sm abolag Units Dist Lannebo Sverige F Tem pleton Inv Fd s Technology I Cap JPMorgan Fd s Em erging Markets Opp C Cap JPMorgan Fd s H ighbrid ge US Steep Up C USD Cap JPMorgan Inv Fd s US Select Equity A USD Cap
Total investment funds (UCITS) Tracker funds (UCITS) EUR
22,668
iShares ES 50 (DE) Dist
USD USD
22,532 41,647
Am und i ETF MSCI World B Am und i ETF S&P 500 B
Total tracker funds (UCITS) Tracker funds (UCI) SEK
8,888
USD USD
2,366 16,675
Total tracker funds (UCI) Total investm ents in secu rities
Other net assets/ (liabilities) Total
The accom panying notes are an integral part of these financial statem ents.
18
JRS SICAV-SIF - JRS Global Grow th Industrial and geographical classification of investments as at 31st Decem ber 2012
Industrial classification (in p ercentage of net assets) Investm ent fu nd s
91.30 %
Total
91.30 %
Geographical classification (by d om icile of the issu er) (in p ercentage of net assets) Grand Du chy of Lu xem bou rg
55.58 %
France
19.73 %
Sw ed en
8.05 %
United States of Am erica
4.67 %
Germ any
3.27 %
Total
91.30 %
The accom panying notes are an integral part of these financial statem ents.
19
JRS SICAV-SIF N otes to the financial statements as at 31st Decem ber 2012
N ote 1 - Significant accounting policies a) Presentation of the financial statements The financial statem ents of the Com p any are established in accord ance w ith the Lu xem bou rg legal and regu latory requ irem ents concerning sp ecialised investm ent fu nd s. b) Valu ation (1) The valu e of any cash in hand or on d ep osit, bills and d em and notes and accou nts receivable, p rep aid exp enses, cash d ivid end s and interest d eclared or accru ed as aforesaid and not yet received is d eem ed to be the fu ll am ou nt thereof, u nless in any case the sam e is u nlikely to be p aid or received in fu ll, in w hich case the valu e thereof is arrived at after m aking su ch d iscou nt as the Com p any m ay consid er ap p rop riate in su ch case to reflect the tru e valu e thereof. (2) The valu e of secu rities or financial instru m ents listed or d ealt in on a regu lated m arket w hich is recognised , op erating regu larly and op en to the p u blic (a "Regu lated Market") is valu ed at the last available p rice on su ch m arkets. If a secu rity is listed or trad ed on several m arkets, the closing p rice at the m arket, w hich constitu tes the m ain m arket for su ch secu rities or instru m ents, is d eterm ining. (3) If a secu rity, m oney m arket instru m ent or d erivative instru m ent is not trad ed or ad m itt ed on any official stock exchange or any Regu lated Market, or in the case of secu rities, m oney m arket instru m ents and d erivative instru m ents so trad ed or ad m itted the last available p rice of w hich d oes not reflect their tru e valu e, the Directors are requ ir ed to p roceed on the basis of their exp ected sales p rice, w hich are valu ed w ith p ru d ence and in good faith. (4) Each share or u nit in an op en -end ed investm ent fu nd is valu ed at the last available net asset valu e (or bid p rice for d u al p riced investm ent fu nd s) w hether estim ated or final, w hich is com p u ted for su ch u nit or shares on the sam e Valu ation Day, failing w hich, it is the last net asset valu e (or bid p rice for d u al p riced investm ent fu nd s) com p u ted p rior to the Valu ation Day on w hich the N et Asset Valu e of the Shares in the Com p any is d eterm ined . (5) In resp ect of shares or u nits of an investm ent fu nd held by the Com p any, for w hich issu es and red em p tions are restricted and a second ary m arket trad ing is effected betw een d ealers w ho, as m ain m arket m akers, offer p rices in resp onse to m arket cond itions, the Directors m ay d ecid e to valu e su ch shares or u nits in line w ith the p rices so established . (6) If, since the d ay on w hich the latest net asset valu e w as calcu lated , events have occu rred w hich m ay have resu lted in a m aterial change of the net asset valu e of shares or u nits in other investm ent fu nd s held by the Com p any, the valu e of su ch shares or u nits m ay be ad ju sted in ord er to reflect, in the reasonable op inion of the Directors, su ch change of valu e. (7) The valu e of any secu rity w hich is d ealt p rincip ally on a m arket m ad e am ong p rofessional d ealers and institu tional investors is d eterm ined by reference to the last available p rice. (8) If any of the aforesaid valu ation p rincip les d o not reflect the valu ation m ethod com m only u sed in sp ecific m arkets or if any su ch valu ation p rincip les d o not seem accu rate for the p u rp ose of d eterm ining the valu e of the Com p any’s assets, the Directors m ay fix d ifferent valu ation p rincip les in good faith and in accord ance w ith generally accep ted valu ation p rincip les and p roced u res.
20
JRS SICAV-SIF N otes to the financial statements (continued) as at 31st Decem ber 2012
c) Net realised gain/ (loss) on sales of securities The net realised gain/ (loss) on sales of securities is d etermined on the basis of the average cost of securities sold . d ) Cost of securities The acqu isition cost of a secu rity d enom inated in a cu rrency other than that of the Su b -Fund is converted to the Su b-Fu nd ’s cu rrency at the exchange rate p revailing on the d ate of p u rchase. e) Exchange translation The accounts of the Sub-Fund s are maintained in SEK. Bank balances, other assets and liabilities and the value of securities held that are denominated in other currencies than the SEK, are converted at the prevailing exchange rate of the closing d ay. Income and expenses incurred in currencies other than the SEK are converted at the prevailing exchange rate of the d ay of each transaction. Exchange gains and losses are record ed in the statem ent of op erations and other changes in net assets. At the d ate of the rep ort, the prevailing exchange rates on the closing d ay were as follows: 1
SEK
=
0.1164278 0.0945212 0.1535450
EUR GBP USD
Eu ro Pou nd Sterling US Dollar
f) Consolidation The consolid ated financial statem ents of the Com p any are exp ressed in EUR and are equ al to the converted su m of the corresp ond ing cap tions in the financial statem ents of each Su b -Fund . g) Formation expenses Expenses incurred in connection with the establishment of the Company and the creation of the Sub-Fund s are amortised over a period of five years. Formation expenses are includ ed in the caption "Other expenses" in the statement of operations and other changes in net assets. h) Other liquid assets / Other liquid liabilities The captions "Other liquid assets" and "Other liquid liabilities" are mainly composed of cash accounts held at brokers. i) Forward foreign exchange contracts Forward foreign exchange contracts are valued at prevailing market rates for the remaining period from valuation d ay to the m aturity of the contracts. Unrealised gain/ (loss) is recorded in the statements of net assets. Net variation of the unrealised gain/ (loss) and the net realised gain/ (loss) are record ed in the statement of operations and other changes in net assets.
21
JRS SICAV-SIF N otes to the financial statements (continued) as at 31st Decem ber 2012
j) Futures contracts Futures contracts are posted off-balance sheet and are valued at the last available price applicable to the asset. Unrealised gain/ (loss) is recorded in the statements of net assets. Net variation of the unrealised gain/ (loss) and net realised gain/ (loss) are record ed in the statement of operations and other changes in net assets. k) Options contracts Premiums received on the sale of options are record ed as liabilities, and premiums paid on the purchase of options are carried separately as assets. Unrealised gain/ (loss) is record ed in the statement of net assets. Net realised gain/ (loss) and net variation of the unrealised gain/ (loss) on options are record ed in the statement of operations and other changes in net assets. l) Ad vances for p u rchase of secu rities All transactions in u nd erlying fu nd s for w hich final confirm ation of qu antities su bscribed has not yet been received by the Cu stod ian Bank as of the N et Asset Valu e com p u tation d ay of the Com p any are record ed u nd er the accou nt "Ad vances for p u rchase of investm ents" in the statem ent of net assets.
N ote 2 - Subscription and redemption fees The Su bscrip tion Price p er Share of each Class is the N et Asset Valu e p er Share of su ch Class d eterm ined as at the Valu ation Day on w hich the ap p lication has been accep ted , increased by any ap p licable su bscrip tion charge. The Red em p tion Price p er Share of each Class is the N et Asset Valu e p er Share of su ch Class d eterm ined as at the Red em p tion Day ("last Valu ation Day of each w eek") on w hich the red em p tion ap p lication has been accep ted , red u ced by any ap p licable red em p tion charge. N o su bscrip tion and red em p tion fees are charged .
N ote 3 - Investment management fee For its services, the Investm ent Manager received an investm ent m anagem ent fee, accru ed d aily and p ayable m onthly in arrears not exceed ing 1.25% p er annu m of the net assets of the Su b -Fund s. These fees are record ed u nd er the cap tion "Managem ent fees" in the statem ent of op erations and other changes in net assets.
Note 4 - Performance fee The Investm ent Manager is entitled to receive a Perform ance Fee (the "Perform ance Fee") from each Su b-Fund . The Perform ance Fee is calcu lated m onthly (a "Calcu lation Period ") and is d eem ed to accru e on a d aily basis as at each Valu ation Date.
22
JRS SICAV-SIF N otes to the financial statements (continued) as at 31st Decem ber 2012
For each Calcu lation Period , the Perform ance Fee is equ al to 10% of the ap p reciation in the N et Asset Valu e p er Share d u ring the Calcu lation Period above the Base N et Asset Valu e p er Share. The Base N et Asset Valu e p er Share is the greater of the N et Asset Valu e p er Share at the tim e of issu e p lu s the investm ent m anagem ent fee charged and p ayable to the Investm ent Manager (as fu rther d escribed above) p lu s the hu rd le rate and the highest N et Asset Valu e p er Share achieved as of the end of any p reviou s Calcu lation Period (if any) d u ring w hich su ch Share w as in issu e p lu s the investm ent m anagem ent fee charged and p ayable to th e Investm ent Manager (as fu rther d escribed above) p lu s the hu rd le rate. A Perform ance Fee is only accru ed w hen the N et Asset Valu e p er Share is above the p reviou s Base N et Asset Valu e p er Share increased by the p revailing hu rd le rate. The Perform ance Fee in resp ect of each Calcu lation Period is calcu lated by reference to the N et Asset Valu e attribu table to the Share before m aking any d ed u ction for accru ed Perform ance Fees. The hu rd le rate consists in: - the 3-m onth STIBOR for the Su b-Fund JRS SICAV-SIF - JRS Global Wealth, - a com bination of 80% MSCI World Local Cu rrency Ind ex (MSDLWI Ind ex) and 20% 3-m onth STIBOR for the Su b-Fu nd JRS SICAV-SIF - JRS Global Grow th. The Perform ance Fee is norm ally p ayable in arrears w ithin 30 d ays of the end of each Calcu lation Period . H ow ever, in the case of Shares red eem ed d u ring a Calcu lation Period , the accru ed Perform ance Fee in resp ect of those Shares is norm ally p ayable w ithin 15 d ays after the end of each Calcu lation Period . N o p erform ance fee w as p aid by the Su b-Fu nd s for the year.
N ote 5 - Central administration costs In its fu nction as central ad m inistration, the Managem ent Com p any receives an ad m inistration fee w hich is accru ed d aily and p ayable m onthly in arrears ou t of the Su b -Fu nd ’s assets. The m inim u m ad m inistration fee to w hich the Central Ad m inistrator is entitled is EUR 35.000 p .a.. The ap p licable rate of ad m inistration fee is as follow s: Tranche < 50 M EUR Tranche > 50 M EUR < 150 M EUR Tranche > 150 M EUR
0.10% 0.08% 0.06%
This fee inclu d es the fee d u e to the cu stod ian bank. The infrastru ctu re and registrar fees p aid ou t of the Su b -fu nd ’s assets are also record ed u nd er the cap tion "Central ad m inistration costs". N ote 6 - Subscription duty ("t axe d’abonnement ") The Com p any is governed by Lu xem bou rg law . Pu rsu ant to the legislation and regu lations w hich are p revailing, the Com p any is su bject to an annu al su bscrip tion d u ty ("taxe d’abonnement") of 0.01% w hich is p ayable qu arterly and calcu lated on the basis of the net assets of each Su b-Fu nd on the last d ay of each qu arter. Pu rsu ant to Article 68 (2 a) of the am end ed Law of 13th Febru ary 2007, the net assets invested in u nd ertakings for collective investm ent alread y su bject to the "taxe d’abonnement" are exem p t from this tax.
23
JRS SICAV-SIF N otes to the financial statements (continued) as at 31st Decem ber 2012
N ote 7 - Trailer fees Managem ent fee retrocessions received by the Com p any in relation to its investm ents in certain target fu nd s are d isclosed as "Com m issions received " in the statem ent of op erations and other changes in net assets.
N ote 8 - Short option contracts As at 31st Decem ber 2012, the Com p any is not com m itted in short op tions contracts.
N ote 9 - Forw ard foreign exchange contracts As at 31st Decem ber 2012, the Com p any w as com m itted in the follow ing forw ard foreign exchange contracts w ith Skand inaviska Enskild a Banken S.A. in Lu xem bou rg: JRS SICAV-SIF - JRS Global Wealth Currency
SEK SEK SEK SEK SEK SEK SEK SEK SEK USD USD SEK SEK SEK SEK SEK SEK SEK USD
Purchases
925,657.00 1,579,248.54 263,009.19 4,779,571.53 5,084,404.76 874,199.77 795,708.93 156,166.63 8,593,190.55 62,980.00 127,435.00 21,821,641.18 8,546,117.41 8,440,424.53 1,655,781.80 556,092.12 24,987,773.02 787,926.20 2,343,234.05
Currency
Sales
EUR EUR EUR EUR EUR USD USD USD USD SEK SEK EUR USD USD USD USD EUR USD SEK
107,000.00 180,000.00 30,000.00 553,900.00 587,643.00 131,500.00 118,668.00 23,440.00 1,296,054.00 422,463.54 832,979.13 2,512,153.00 1,296,050.00 1,296,050.00 254,000.00 83,166.00 2,893,328.00 120,582.00 15,244,832.35
24
Maturity
31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.03.2013 28.03.2013 28.03.2013
Unrealised result (in SEK) 5,814.20 31,849.44 5,109.34 17,880.62 32,636.69 17,213.13 22,348.55 3,407.95 146,795.43 -12,022.34 -2,484.13 205,853.55 94,200.42 -11,492.46 -625.68 13,742.57 70,847.46 1,106.94 45,191.69 687,373.37
JRS SICAV-SIF N otes to the financial statements (continued) as at 31st Decem ber 2012
JRS SICAV-SIF - JRS Global Grow th Currency
SEK SEK SEK SEK SEK SEK SEK SEK USD USD SEK SEK SEK SEK SEK SEK
Purchases
12,022,586.64 2,222,009.35 333,103.14 1,742,446.30 780,072.71 2,614,909.60 18,195,372.15 819,604.76 234,000.00 52,632.00 20,357,189.61 19,776,918.27 18,106,307.94 17,873,319.24 7,789,247.71 7,319,659.16
Currency
EUR EUR EUR USD USD USD USD USD SEK SEK EUR EUR USD USD USD USD
Sales
Maturity
1,389,541.00 256,850.00 38,000.00 262,100.00 115,866.00 400,000.00 2,744,660.00 122,185.00 1,526,995.08 347,444.88 2,343,562.00 2,292,673.00 2,744,660.00 2,744,660.00 1,164,794.00 1,125,647.34
31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 31.01.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.03.2013
Unrealised result (in SEK) 77,172.76 13,956.79 6,430.00 34,338.33 24,972.99 8,106.14 308,399.20 23,324.06 -2,015.06 -4,441.68 192,041.03 49,643.43 207,586.07 -25,402.63 193,289.07 -25,392.39 1,082,008.11
N ote 10 - Futures contracts As at 31st Decem ber 2012, the Com p any is not comm itted in any fu tu res contract.
N ote 11 - Changes in the investment portfolio The statement of changes in the investment p ortfolio for the p eriod covered by the report is available free of charge upon request from the Registered Office of the Com p any.
25
JRS Asset Managem ent S.A. 18-20, ru e Ed w ard Steichen L-2540 Lu xem bou rg Lu xem bou rg
