DOCSLIB.ORG

Jpmorgan Investment Funds Annual Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

Audited Annual Report JPMorgan Investment Funds Société d’Investissement à Capital Variable, Luxembourg 31 December 2020 Report for the attention of Swiss Investors JPMorgan Investment Funds Audited Annual Report As at 31 December 2020 Contents Board of Directors 1 Management and Administration 2 Board of Directors’ Report 3 Investment Managers’ Report 7 Audit Report 10 Financial Statements and Statistical Information Combined Statement of Net Assets 13 Combined Statement of Operations and Changes in Net Assets 19 Statement of Changes in the Number of Shares 23 Statistical Information 31 Notes to the Financial Statements 39 Schedule of Investments Equity Sub-Funds JPMorgan Investment Funds - Europe Select Equity Fund 48 JPMorgan Investment Funds - Europe Strategic Dividend Fund 50 JPMorgan Investment Funds - Global Dividend Fund 55 JPMorgan Investment Funds - Global Select Equity Fund 58 JPMorgan Investment Funds - Japan Sustainable Equity Fund 61 JPMorgan Investment Funds - Japan Strategic Value Fund 63 JPMorgan Investment Funds - US Select Equity Fund 65 Balanced and Mixed Asset Sub-Funds JPMorgan Investment Funds - Global Balanced Fund 67 JPMorgan Investment Funds - Global Income Fund 73 JPMorgan Investment Funds - Global Income Conservative Fund 118 JPMorgan Investment Funds - Global Macro Fund 154 JPMorgan Investment Funds - Global Macro Opportunities Fund 158 JPMorgan Investment Funds - Global Macro Sustainable Fund 164 Convertibles Sub-Funds JPMorgan Investment Funds - Global Convertibles Conservative Fund 168 JPMorgan Investment Funds - Global Opportunistic Convertibles Income Fund 171 Bond Sub-Funds JPMorgan Investment Funds - Global High Yield Bond Fund 174 JPMorgan Investment Funds - Income Opportunity Fund 186 JPMorgan Investment Funds - US Bond Fund 197 Appendix - Unaudited Additional Disclosures 1. Total Expense Ratios 206 2. Summary of Investment Objectives of the Sub-Funds 217 3. Performance and Volatility 219 4. Interest Rate Received/(Charged) on Bank Accounts 228 5. Sub-Fund Share Classes Subject to Taxe d’Abonnement Rate 228 6. Portfolio Turnover Ratio 229 7. Calculation Method of the Risk Exposure 230 8. Collateral Received 231 9. Securities Financing Transactions 232 10. Exposure arising from financial derivative instruments 236 11. UCITS Remuneration Disclosures 237 For additional information, please consult www.jpmorganassetmanagement.lu. No subscriptions can be received solely on the basis of this report. Subscriptions are only valid if made on the basis of the current Prospectus, the current Key Investor Information Documents, supplemented by the latest audited annual report and, if published thereafter, the latest unaudited semi-annual report. The current Prospectus, the current Key Investor Information Documents, the unaudited semi-annual report as well as the audited annual report can be obtained free of charge from the registered office of the SICAV and from local paying agents. Details of the Investment Manager(s) for the individual Sub-Funds are available within the Prospectus and from the Management Company at its registered office, or from http://www.jpmorganassetmanagement.lu. JPMorgan Investment Funds Board of Directors Chairman Iain O.S. Saunders Duine, Ardfern Argyll PA31 8QN United Kingdom Directors Jacques Elvinger Peter Thomas Schwicht Elvinger Hoss Prussen, Société anonyme Humboldtstraße 17 2, place Winston Churchill D-60318 Frankfurt am Main B.P. 425, L-2014 Luxembourg Germany Grand Duchy of Luxembourg Massimo Greco Susanne van Dootingh JPMorgan Asset Management (UK) Limited Nekkedelle 6 60 Victoria Embankment B-3090 Overijse London EC4Y 0JP Belgium United Kingdom John Li How Cheong Daniel Watkins The Directors’ Office JPMorgan Asset Management (Asia Pacific) Limited 19, rue de Bitbourg 21st Floor, Chater House L-1273 Luxembourg 8 Connaught Road Grand Duchy of Luxembourg Central Hong Kong Martin Porter Thornhill, Hammerwood Road Ashurst Wood, Sussex RH19 3SL United Kingdom Registered Office European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg 1 JPMorgan Investment Funds Management and Administration Management Company, Registrar and Transfer Agent, Global Distributor and Domiciliary Agent JPMorgan Asset Management (Europe) S.à r.l. European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg Investment Managers JPMorgan Asset Management (Asia Pacific) Limited 21st Floor, Chater House 8 Connaught Road Central Hong Kong J.P. Morgan Investment Management Inc. 383 Madison Avenue New York, NY 10179 United States of America JPMorgan Asset Management (Japan) Limited Tokyo Building 7-3, Marunouchi 2-chome, Chiyoda-ku Tokyo 100-6432 Japan JPMorgan Asset Management (Singapore) Limited 17th Floor, Capital Tower 168 Robinson Road Singapore 068912 JPMorgan Asset Management (UK) Limited 60 Victoria Embankment London EC4Y 0JP United Kingdom Depositary, Corporate, Administrative and Listing Agent J.P. Morgan Bank Luxembourg S.A. European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg Auditor PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator B.P. 1443, L-1014 Luxembourg Grand Duchy of Luxembourg Luxembourg Legal Adviser Elvinger Hoss Prussen, Société anonyme 2, place Winston Churchill B.P. 425, L-2014 Luxembourg Grand Duchy of Luxembourg 2 JPMorgan Investment Funds Board of Directors’ Report Chairman Iain O.S. Saunders Chairman and Independent Non-Executive Director. A member of the Board since November 1996. Mr Saunders graduated in Economics from Bristol University and joined Robert Fleming in 1970. He held several senior positions with the group in Hong Kong, Japan and the US, before returning to the UK in 1988. He was appointed Deputy Chairman of Fleming Asset Management and retired in 2001 following the merger of the Robert Fleming group with JPMorgan. Mr Saunders is currently Chairman of several JPMorgan managed Luxembourg-domiciled investment funds and MB Asia Select Fund. Directors Jacques Elvinger Non-Executive Director. A member of the Board since January 2009. Mr Elvinger became a member of the Luxembourg Bar in 1984 and has been a partner of the Luxembourg law firm Elvinger Hoss Prussen since 1987. Mr Elvinger practices general corporate and banking law and specialises in the field of investment and pension funds. He is a member of the High Committee for the Development of the Financial Sector instituted by the Luxembourg Government. He is also a member of the Advisory Committees to the Luxembourg Commission for the Supervision of the Financial Sector in the area of investment funds. Mr Elvinger currently holds a number of board mandates with Luxembourg investment funds including several JPMorgan managed Luxembourg-domiciled investment funds. Massimo Greco Executive Director. A member of the Board since November 2015. Mr Greco, Managing Director, is responsible for JPMorgan Asset Management’s Global Funds business in Europe, based in London. He took on his current responsibilities in 2012. Mr Greco has been a JPMorgan employee since 1992, initially with the Investment Banking unit, moving to Asset Management in 1998. Mr Greco holds a degree in Economics from the University of Turin and an MBA (Major in Finance) from the Anderson Graduate School of Management at UCLA. Mr Greco is a Member of the Board of JPMorgan Asset Management (Europe) S.à r.l. as well as other Luxembourg domiciled SICAVs. John Li How Cheong Independent Non-Executive Director. A member of the Board since June 2012. Mr Li is a fellow of the Institute of Chartered Accountants in England & Wales. Mr Li moved to Luxembourg in 1987 and has since been working in the financial sector. Mr Li was a Partner at KPMG Luxembourg for more than 20 years during which he was Managing Partner for 8 years before taking on the role of Chairman of the Supervisory Board for 3 years. Mr Li was also a member of the Global Investment Management Practice of KPMG. During these years Mr Li’s experience included auditing and advising clients such as banks, investment funds, insurance companies from Europe, US, Japan and Asia offering Mr Lian extensive experience in dealing with international companies. Mr Li is a board member of the Institut Luxembourgeois des Administrateurs. Mr Li currently holds a number of board mandates with financial institutions including several JPMorgan managed Luxembourg-domiciled investment funds. Martin Porter Independent Non-Executive Director. A member of the Board since April 2019. Mr Porter joined Robert Fleming Asset Management in 1984, and ran equity portfolios in both London and Japan. During his tenure in Japan, he became a holding board director of Jardine Fleming, responsible for the Japanese business. Returning to the UK in 2000, he took up the role of Chief Investment Officer, Equity and Balanced of Fleming Asset Management, before becoming Global Head of Equities of JP Morgan Asset Management, a position he held from 2003 to 2016 when he retired. Mr Porter is currently a Director of several JPMorgan managed Luxembourg-domiciled investment funds. Peter Thomas Schwicht Independent Non-Executive Director. A member of the Board since June 2012. Mr Schwicht obtained a Business Economics degree from the University of Mannheim in Germany after having studied business, tax and accounting in Hamburg, Norway and the USA and was an employee of JPMorgan Asset Management from 1987 until October 2014. Prior to his retirement Mr Schwicht was the Chief Executive of Investment
Recommended publications
  • TEACHERS' RETIREMENT SYSTEM of the STATE of ILLINOIS 2815 West Washington Street I P.O

    TEACHERS' RETIREMENT SYSTEM of the STATE of ILLINOIS 2815 West Washington Street I P.O

    Teachers’ Retirement System of the State of Illinois Compliance Examination For the Year Ended June 30, 2020 Performed as Special Assistant Auditors for the Auditor General, State of Illinois Teachers’ Retirement System of the State of Illinois Compliance Examination For the Year Ended June 30, 2020 Table of Contents Schedule Page(s) System Officials 1 Management Assertion Letter 2 Compliance Report Summary 3 Independent Accountant’s Report on State Compliance, on Internal Control over Compliance, and on Supplementary Information for State Compliance Purposes 4 Independent Auditors’ Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 8 Schedule of Findings Current Findings – State Compliance 10 Supplementary Information for State Compliance Purposes Fiscal Schedules and Analysis Schedule of Appropriations, Expenditures and Lapsed Balances 1 13 Comparative Schedules of Net Appropriations, Expenditures and Lapsed Balances 2 15 Comparative Schedule of Revenues and Expenses 3 17 Schedule of Administrative Expenses 4 18 Schedule of Changes in Property and Equipment 5 19 Schedule of Investment Portfolio 6 20 Schedule of Investment Manager and Custodian Fees 7 21 Analysis of Operations (Unaudited) Analysis of Operations (Functions and Planning) 30 Progress in Funding the System 34 Analysis of Significant Variations in Revenues and Expenses 36 Analysis of Significant Variations in Administrative Expenses 37 Analysis
  • Stelios Targets Easyjet's Finance Chief in Dispute

    Stelios Targets Easyjet's Finance Chief in Dispute

    Source: Daily Mail {Main} Edition: Country: UK Date: Tuesday 7, April 2020 Page: 72 Area: 311 sq. cm Circulation: ABC 1134184 Daily Ad data: page rate £32,508.00, scc rate £129.00 Phone: 020 7938 6000 Keyword: Stelios Haji-ioannou Stelios targets Easyjet’s finance chief in dispute tbt jt’ id it ld t k hit i Chi THE spat between Easyjet’s board and its colourful founder MARKET REPORT intensified as he lined up the air- line’s finance boss as his next tar- get in an attack on management. by Sir Stelios Haji-Ioannou wants Easyjet to cancel a £4.5bn order to Francesca buy 107 planes from Airbus as the firm struggles to stay afloat dur- Washtell ing the coronavirus pandemic. He claims Easyjet will run out of money by around August other- about its rapid expansion plans. wise, and has vowed not to put He has derided the planes on any more cash into the business order as ‘useless’ after Covid-19 unless it agrees to this demand. brought air travel to a virtual This has weight, considering he standstill, with Easyjet’s 344- and his family own more than a strong fleet already grounded. third of Easyjet’s shares. Easyjet insists one-off meetings Stelios heaped more pressure on to vote on directors would be ‘an management by calling on the unhelpful distraction’. company to remove finance chief Yesterday it said it has become Andrew Findlay, saying it would the first airline to secure a corona- be ‘the best way to stop him writ- virus loan from the Treasury and ing billion-pound cheques plus to Bank of England’s emergency Airbus every year’.
  • Retirement Strategy Fund 2060 Description Plan 3S DCP & JRA

    Retirement Strategy Fund 2060 Description Plan 3S DCP & JRA

    Retirement Strategy Fund 2060 June 30, 2020 Note: Numbers may not always add up due to rounding. % Invested For Each Plan Description Plan 3s DCP & JRA ACTIVIA PROPERTIES INC REIT 0.0137% 0.0137% AEON REIT INVESTMENT CORP REIT 0.0195% 0.0195% ALEXANDER + BALDWIN INC REIT 0.0118% 0.0118% ALEXANDRIA REAL ESTATE EQUIT REIT USD.01 0.0585% 0.0585% ALLIANCEBERNSTEIN GOVT STIF SSC FUND 64BA AGIS 587 0.0329% 0.0329% ALLIED PROPERTIES REAL ESTAT REIT 0.0219% 0.0219% AMERICAN CAMPUS COMMUNITIES REIT USD.01 0.0277% 0.0277% AMERICAN HOMES 4 RENT A REIT USD.01 0.0396% 0.0396% AMERICOLD REALTY TRUST REIT USD.01 0.0427% 0.0427% ARMADA HOFFLER PROPERTIES IN REIT USD.01 0.0124% 0.0124% AROUNDTOWN SA COMMON STOCK EUR.01 0.0248% 0.0248% ASSURA PLC REIT GBP.1 0.0319% 0.0319% AUSTRALIAN DOLLAR 0.0061% 0.0061% AZRIELI GROUP LTD COMMON STOCK ILS.1 0.0101% 0.0101% BLUEROCK RESIDENTIAL GROWTH REIT USD.01 0.0102% 0.0102% BOSTON PROPERTIES INC REIT USD.01 0.0580% 0.0580% BRAZILIAN REAL 0.0000% 0.0000% BRIXMOR PROPERTY GROUP INC REIT USD.01 0.0418% 0.0418% CA IMMOBILIEN ANLAGEN AG COMMON STOCK 0.0191% 0.0191% CAMDEN PROPERTY TRUST REIT USD.01 0.0394% 0.0394% CANADIAN DOLLAR 0.0005% 0.0005% CAPITALAND COMMERCIAL TRUST REIT 0.0228% 0.0228% CIFI HOLDINGS GROUP CO LTD COMMON STOCK HKD.1 0.0105% 0.0105% CITY DEVELOPMENTS LTD COMMON STOCK 0.0129% 0.0129% CK ASSET HOLDINGS LTD COMMON STOCK HKD1.0 0.0378% 0.0378% COMFORIA RESIDENTIAL REIT IN REIT 0.0328% 0.0328% COUSINS PROPERTIES INC REIT USD1.0 0.0403% 0.0403% CUBESMART REIT USD.01 0.0359% 0.0359% DAIWA OFFICE INVESTMENT
  • Australian Equities Lending Margins Effective 21 April 2021

    Australian Equities Lending Margins Effective 21 April 2021

    Australian Equities Lending Margins Effective 21 April 2021 Stock ASX Margin Stock ASX Margin Stock ASX Margin Code Rate Code Rate Code Rate A2B Australia A2B 40% AusNet Services AST 70% Costa Group Holdings CGC 60% The A2 Milk Company A2M 65% ASX ASX 75% Challenger Financial Australian Agricultural Company AAC 55% AUB Group AUB 50% Services Group CGF 70% Adelaide Brighton ABC 70% Australian United Challenger Capital Notes CGFPA 60% Abacus Property Group ABP 60% Investment Company AUI 70% Challenger Capital Notes 2 CGFPB 60% Audinate Group AD8 40% Aventus Retail Property Group AVN 50% Challenger Capital Notes 3 CGFPC 60% Adairs ADH 40% Alumina AWC 70% Charter Hall Group CHC 70% APN Industria REIT ADI 40% Accent Group AX1 40% Champion Iron CIA 50% Australian Ethical Amaysim Australia AYS 40% Cimic Group CIM 70% Investment Limited AEF 40% Aurizon Holdings AZJ 75% Carlton Investments CIN 50% Australian Foundation Bapcor BAP 60% Centuria Industrial REIT CIP 60% Investment Company AFI 75% Baby Bunting Group BBN 40% Collins Foods CKF 50% Ainsworth Game Technology AGI 40% Bendigo & Adelaide Bank BEN 70% Class CL1 40% AGL Energy AGL 75% Bendigo & Adelaide Bank BENHB 65% Clean Teq Holdings CLQ 40% AGL Energy USFDS AGLHA 75% Bendigo & Adelaide Bank CPS BENPE 65% Clover Corporation CLV 40% Automotive Holdings Group AHG 55% Bendigo & Adelaide Bank CPS BENPF 65% Charter Hall Long Wale REIT CLW 60% Asaleo Care AHY 50% Bendigo & Adelaide Bank CPS BENPG 65% Centuria Metropolitan REIT CMA 50% Auckland International Airport AIA 70% Bell Financial Group
  • Where There's Talent, There's Korn Ferry

    Where There's Talent, There's Korn Ferry

    Where there’s talent, there’s Korn Ferry. 2015 Annual Report The right TALENT Aligned to the business STRATEGY Ignites UNIMAGINABLE SUCCESS for our clients 1 Maximizing leadership and talent to create true competitive advantage is a complex business. At Korn Ferry, it is our business. And while the breadth and depth of our expertise is vast, there is one constant. Whether it’s through attraction, development or engagement, we empower organizations to activate and accelerate their strategy through their people. Dear stockholders In today’s complex, globalized business world, our clients IN FISCAL 2015, KORN FERRY: are finding that growth is still incredibly difficult to sustain. To be relevant and meaningful to customers and clients, • Achieved record fiscal year fee revenue CEOs are increasingly demanding an engaged, motivated of $1.028 billion, up almost 10% year-over-year and productive workforce that can innovate, is highly at constant currency agile and can drive growth across borders. • Reported $1.76 of diluted earnings per share, For Korn Ferry, the opportunity this presents is enormous. up 19% year-over-year CEOs have long claimed that people are their most • Maintained our No. 1 position among the competitive asset – but all too often, that’s been just talk. “Big 5” global search firms Today, leaders who don’t truly embrace this view and are unable to reward and inspire their people to innovate • Generated 42% of our revenue outside and disrupt, will be at a distinct disadvantage. of Executive Recruitment Through advances in technology, joined with data and • Integrated all of our developed and acquired decades of statistically validated research, our firm can now intellectual property into a single assessment measure and assess which leaders will likely be successful and development platform – Korn Ferry’s in any given role, organization, industry and geography.
  • 2013 Agms: Key Trends and Issues from a Review of 215 FTSE 350 Companies June 2013

    2013 Agms: Key Trends and Issues from a Review of 215 FTSE 350 Companies June 2013

    2013 AGMs: Key trends and issues from a review of 215 FTSE 350 companies June 2013 Statistics Commentary RESOLUTIONS Annual re-election of all directors 99% (213 companies) proposed annual re- 3% (7 companies) amended their articles to election of all directors reflect annual re-election Authority to allot shares: extra one 67% (144 companies) proposed a resolution This is similar to the results for 2012 third authority for the extra one third authority; 27% (57 companies) included a statement that where Under the UK Corporate Governance Code this extra one-third authority was used, the (Code) FTSE 350 directors should be subject directors would stand for re-election to annual election, so no longer necessary Any resolution to convene general 84% (181 companies) passed a resolution to NAPF recommends that companies should only meeting on 14 days’ notice convene a general meeting on 14 clear days’ call a general meeting on 14 clear days’ notice notice; 73% (158 companies) stated the in limited circumstances and these should be circumstances where meetings will be held on explained when tabling the resolution 14 clear days’ notice Details of any unusual resolution Resolutions proposed to approve an increase A few companies have increased this to in maximum aggregate fees payable to around £700,000 to allow them to appoint directors non-executive directors to the board Details of substantial vote (10-49%) 15% (33 companies) detailed substantial votes So far this year no FTSE 350 company has had against the directors’ remuneration against
  • Consolidated Financial Statements at 31 December 2019 Azimut Holding S.P.A

    Consolidated Financial Statements at 31 December 2019 Azimut Holding S.P.A

    Consolidated financial statements at 31 december 2019 Azimut Holding S.p.A. WorldReginfo - 2fb9419d-ea85-43fb-8cd1-f65f2f544c5b WorldReginfo - 2fb9419d-ea85-43fb-8cd1-f65f2f544c5b Consolidated financial statements at 31 december 2019 Azimut Holding S.p.A. WorldReginfo - 2fb9419d-ea85-43fb-8cd1-f65f2f544c5b WorldReginfo - 2fb9419d-ea85-43fb-8cd1-f65f2f544c5b 4 Gruppo Azimut Contents Company bodies 7 Azimut Group's structure 8 Main indicators 10 Management report 13 Baseline scenario 15 Significant events of the year 19 Azimut Group's financial performance for 2018 25 Key balance sheet figures 28 Information about main Azimut Group companies 33 Main risks and uncertainties 37 Related-party transactions 41 Organisational structure and corporate governance 41 Human resources 42 Research and development 42 Significant events after the reporting date 42 Business outlook 43 Consolidated non-financial statement 43 Consolidated financial statements 81 Consolidated balance sheet 83 Consolidated income statement 85 Consolidated statement of comprehensive income 87 Consolidated statement of changes in shareholders' equity 88 Consolidated cash flow statement 92 Notes to the consolidated financial statements 95 Part A - Accounting policies 96 Part B - Notes to the consolidated balance sheet 141 Part C - Notes to the consolidated income statement 177 Part D - Other information 189 Certification of the consolidated financial statements 201 WorldReginfo - 2fb9419d-ea85-43fb-8cd1-f65f2f544c5b 5 WorldReginfo - 2fb9419d-ea85-43fb-8cd1-f65f2f544c5b 6 Gruppo
  • Non-Executive Chairman Appointment

    Non-Executive Chairman Appointment

    Non-Executive Chairman Appointment Released : 03/03/2021 07:00 RNS Number : 9313Q Playtech PLC 03 March 2021 Playtech plc ('Playtech' or the 'Company') Non-Executive Chairman Appointment Playtech is delighted to announce that Brian Mattingley has been selected as Non-Executive Chairman. Brian will succeed Claire Milne, who has served as Interim Chairman since May 2020. Brian will be stepping down as Chairman of 888 Holdings Plc and his appointment as Chairman of Playtech, and to the Board, will take effect on 1 June 2021. Brian brings considerable PLC Board experience to the role, as well as his extensive experience in the gambling and leisure industries. Brian first joined 888 Holdings in 2005 as a Non-Executive Director, before being appointed CEO in March 2012, and has been Non-Executive Chairman since March 2016. Prior to 888, Brian was CEO of Gala Regional Developments, and held senior roles with Gala Group, Ritz Bingo, Kingfisher Plc and Dee Corporation Plc. Claire Milne, Interim Chairman, commented: "In selecting the new Chair, we wanted to appoint an individual with significant online gambling experience and a track record of delivering high levels of corporate governance and stakeholder engagement in a highly regulated and fast- growing industry. Over the course of the last 30 years Brian has delivered strongly in these areas and has been at the forefront of the development of our industry. We are delighted that someone of Brian's calibre is joining the Board and look forward to benefitting from his experience to support our continued progress and growth." Brian Mattingley, Chairman Designate, commented: "I'm very pleased to be joining Playtech, at such an exciting time in the Company's development.
  • Two Desalination Contracts in Oman for Combined $330M One Plant to Be Bigge

    Two Desalination Contracts in Oman for Combined $330M One Plant to Be Bigge

    PRESS RELEASE NEW WEBUILD WIN IN PLANT CONSTRUCTION: TWO DESALINATION CONTRACTS IN OMAN FOR COMBINED $330M ONE PLANT TO BE BIGGEST IN OMAN AS SULTANATE SEEKS SUSTAINABLE DEVELOPMENT MILAN, November 20, 2020 – Fisia Italimpianti, a unit of the Webuild Group, has won two engineering, procurement and construction (EPC) contracts worth a combined total of about $330 million for two desalination plants in Oman. Located on the coast in the Gulf of Oman north of Muscat, the plants will serve residents living near the capital. The contracts, commissioned by the Oman Power and Water Procurement Company (OPWP), will have Fisia Italimpianti and its joint-venture partner GS Inima Environment build plants that use the reverse osmosis process to desalinate water from the sea. The first, Ghubrah 3 IWP, will have a production capacity of 300,000 cubic metres of water a day, while the second, Barka 5 IWP, will produce 100,000 cubic metres a day. Both projects are expected to take three years to complete, with Ghubrah becoming the biggest in the sultanate. Fisia Italimpianti has a 50% stake in both joint-ventures. The Barka 5 and Ghubrah 3 plants will increase the Group’s presence in Oman as it helps the sultanate reach its goals of sustainable development, confronting the challenge of water scarcity posed by a desert climate. Fisia Italimpianti entered Oman in 2017 with the Salalah project, a desalination plant that also uses the reverse osmosis process to produce 113,500 cubic metres a day of potable water for the city of the same name on the southwestern coast.
  • UBS (Lux) Bond SICAV

    UBS (Lux) Bond SICAV

    Executive Board of the Management Company Members Gilbert Schintgen, Managing Director, UBS Fund Management (Luxembourg) S.A., Luxembourg Christel Müller, Executive Director, UBS Fund Management (Luxembourg) S.A., Luxembourg Portfolio Manager UBS (Lux) Bond SICAV – Convert Global (EUR) UBS AG, UBS Global Asset UBS (Lux) Bond SICAV – EUR Corporates (EUR) Management, Basel and Zürich UBS (Lux) Bond SICAV – EUR Corporates 2014 II (EUR) UBS (Lux) Bond SICAV – EUR Corporates UBS (Lux) Bond SICAV 2015 II (EUR) Investment company under Luxembourg law UBS (Lux) Bond SICAV – EUR Countries (the “Company”) Defensive (EUR) UBS (Lux) Bond SICAV – EUR Covered Bonds (EUR) UBS (Lux) Bond SICAV – USD Corporates September 2012 2015 II (USD) UBS (Lux) Bond SICAV – Short Term EUR Corporates (EUR) UBS (Lux) Bond SICAV – Short Term USD Corporates (USD) UBS (Lux) Bond SICAV – Inflation-linked (EUR) UBS (Lux) Bond SICAV – 2015 (EUR) UBS (Lux) Bond SICAV – 2016 (EUR) UBS (Lux) Bond SICAV – USD Corporates (USD) UBS Global Asset Management UBS (Lux) Bond SICAV – USD High Yield (USD) (Americas) Inc., Chicago, USA UBS (Lux) Bond SICAV – USD Brazil (USD) UBS (Lux) Bond SICAV – Emerging Markets Bonds 2016 (EUR) Sales prospectus UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (USD) UBS (Lux) Bond SICAV – Brazil (USD) UBS Global Asset Management Shares in the Company may be acquired on the basis of this sales prospectus, the (Americas) Inc., Chicago, USA Key Investor Information (the “KII”),the latest annual report and, if already pub- Subdelegation of portfolio lished, the subsequent semi-annual report. management to: Only the information contained in the sales prospectus and in one of the docu- BTG Pactual Asset Management ments referred to in the sales prospectus shall be deemed to be valid.
  • Finn-Ancial Times Finncap Financials & Insurance Quarterly Sector Note

    Finn-Ancial Times Finncap Financials & Insurance Quarterly Sector Note

    finn-ancial Times finnCap Financials & Insurance quarterly sector note Q3 2020 | Issue 9 Highlights this quarter: Elevated uncertainty and volatility have been hallmarks of the last 18 months, with Brexit, the UK General Election and more recently COVID-19 all contributing to the challenges that face investors wishing to carve out solid and stable returns amid these ‘unprecedented’ times. With this is mind, and simulating finnCap’s proven Slide Rule methodology, we found the highest quality and lowest value stocks across the financials space, assessing how the make-up of these lists changed over the period January 2019 to July 2020, tracking indexed share price performance over the period as well as movements in P/E and EV/EBIT valuations. The top quartile list of Quality companies outperformed both the Value list and the FTSE All Share by rising +2.5% over the period versus -5.4% for the All Share and -14.3% for Value stocks. Furthermore, the Quality list had protection on the downside in the market crash between February and March 2020, and accelerated faster amid the market rally between late March and July 2020. From high to low (January to March), Quality moved -36.3% against the Value list at -45.5%, while a move off the lows to July was +37.4% for Quality and +34.0% for Value. There was some crossover between the Quality and Value lists, with 7 companies of the top quartile (16 companies in total) appearing in both the Quality and Value lists. This meant that a) investors could capture what we call ‘Quality at Value’ (i.e.
  • Sse Plc Sustainability Report 2021 the Year in Numbers

    Sse Plc Sustainability Report 2021 the Year in Numbers

    POWERING CHANGE SSE PLC SUSTAINABILITY REPORT 2021 THE YEAR IN NUMBERS SSE has the largest renewable electricity portfolio in the UK ABSOLUTE EMISSIONS RENEWABLES IN CONSTRUCTION and Ireland, providing energy needed today while building (SCOPE 1 AND 2) AND OPERATION Coronavirus statement a better world of energy for tomorrow. It develops, builds, The report covers the first full operates and invests in low-carbon infrastructure in 7.6MtCO e 5.8GW year of operations within the 2 constraints of the coronavirus support of the transition to net-zero, including onshore pandemic. Thanks to a highly and offshore wind, hydro power, electricity transmission RENEWABLES CONNECTED TO SSEN MEDIAN GENDER PAY GAP (UK) resilient business model and the and distribution networks, alongside providing energy TRANSMISSION’S NETWORK AND OPERATION commitment and flexibility of its employees, SSE maintained products and services to customers. the safe and reliable supply of 6.7GW 18.3% electricity throughout the year UK-listed and headquartered in Perth, SSE is a major and did not draw on furlough or rates relief in doing so. Further contributor to the economies in the UK and Ireland. It NUMBER OF SAFE DAYS RENEWABLES COMMUNITY FUNDS detail of SSE’s response to the employs more than 10,000 people and is real Living Wage AND OPERATION coronavirus outbreak can be and Fair Tax Mark accredited. found on sse.com/coronavirus 271 and throughout this report. £10.2m This Sustainability Report for the period 1 April 2020 to 31 March 2021 aims to provide enhanced disclosure of UK/IRELAND TAXES PAID SSE’s policies, practice and performance against its key economic, social and environmental impacts and goals.