MacroEquity Global Investments (in liquidation)
Investment Company with Variable Capital ("Société d'Investissement à Capital Variable") Investment Fund under Luxembourg Law
R.C.S. Luxembourg B 230 869
Unaudited Semi-Annual Report for the period January 1, 2020 to June 30, 2020
Management company: von der Heydt Invest SA R.C.S. Luxembourg B 114 147
MacroEquity Global Investments (in liquidation)
Table of Contents
Management and Administration 2 Foreword 4
Statement of Net Assets as of June 30, 2020 5 Statement of changes in Net Assets for the period ended June 30, 2020 6 Statement of securities as of June 30, 2020 7 Breakdown by Country and Economic Sector of the Investment in Securities as of June 30, 2020 8
Notes to the Financial Statements as of June 30, 2020 9
1 MacroEquity Global Investments (in liquidation)
Management and Administration
Registered office of the investment company MacroEquity Global Investments (in liquidation) 17, Rue de Flaxweiler L-6776 Grevenmacher R.C.S. Luxembourg B 114 147
Board of directores of the investment company Maciej Wisniewski Chairman of the board of directors MacroEquity Global Investments
Simone Dalle Nogare Member of the board of directors MacroEquity Global Investments
(since April 10, 2020) Guido Peterzelka Member of the board of directors MacroEquity Global Investments
Management company von der Heydt Invest SA 17, Rue de Flaxweiler L-6776 Grevenmacher
Supervisory Board of the Management Company Thomas Damschen Managing director Bankhaus von der Heydt GmbH & Co. KG Widenmayerstraße 3 D-80538 München
Philipp Doppelhammer Managing director Bankhaus von der Heydt GmbH & Co. KG Widenmayerstraße 3 D-80538 München
Klaus Ebel Independent member of the Supervisory Board von der Heydt Invest SA 17, Rue de Flaxweiler L-6776 Grevenmacher
Board of Managers of the Management Company Olaf Alexander Priess Carsten Frevel
Central Administration Agent, Domiciliation Agent von der Heydt Invest SA and Sales Agent 17, Rue de Flaxweiler L-6776 Grevenmacher
Depositary and Principal Paying Agent European Depositary Bank SA 3, Rue Gabriel Lippmann L-5365 Munsbach
2 MacroEquity Global Investments (in liquidation)
Management and Administration (continued)
Registrar and Transfer Agent Apex Fund Services (Malta) Limited Luxembourg Branch 3, Rue Gabriel Lippmann L-5365 Munsbach
Investment Manager Belvoir Capital AG Beethovenstrasse 9 CH-8027 Zürich
Information and Paying Agent in Germany Bankhaus von der Heydt GmbH & Co. KG Widenmayerstraße 3 D-80538 München
Information and Paying Agent in Austria Erste Bank der oesterreichischen Sparkassen AG Am Belvedere 1 AT-1100 Wien
Representative in Switzerland OpenFunds Investment Services AG Seefeldstraße 35 CH-8008 Zürich
Paying Agent in Switzerland Società Bancaria Ticinese SA Piazza Collegiata 3 CH-6501 Bellinzona
Auditor PricewaterhouseCoopers, Société coopérative 2, Rue Gerhard Mercator L-1014 Luxemburg
3 MacroEquity Global Investments (in liquidation)
Foreword
Dear shareholders, with this financial statement of MacroEqutiy Global Investments (in liquidation) (the “SICAV“), managed by von der Heydt Invest SA, we would like to inform you about the developments and events in the reporting period January 1, 2020 to June 30, 2020.
The report consists of a text and a table section which, among other things, contains the statement of assets and liabilities as at June 30, 2020. The information and figures contained in this report are based on the past and do not give any indication of future developments.
Subscriptions and redemptions of shares can only be made on the basis of the valid Sales Prospectus and the relevant applicable Key Investor Information (KIID) as well as with the most recently published financial statements and if the reference date of the financial statements is more than eight months ago, additionally with the most recent semi-finanical statements.
On date July 21, 2020, the Fund was put into liquidation by resolution of the 1st Extraordinary General Meeting.
We would like to take this report as an opportunity to thank you for the trust you have placed in us in managing your investment assets.
Board of Directors of the SICAV, Board of Management of von der Heydt Invest SA
Grevenmacher, August 2020
4 MacroEquity Global Investments (in liquidation)
Statement of Net Assets as of June 30, 2020
Note USD % of NAV*
Assets Investment portfolio at market value (3.1) 5,920,124.63 83.23 Cost 5,898,888.72 Cash at Bank (3.2) 1,156,729.89 16.26 Interest receivable on portfolio Investment 22,823.20 0.32 Set-up Fee 52,293.70 0.74 Total Assets 7,151,971.42 100.55
Liabilities Liabilities for Depositary Bank fee -2,241.90 -0.03 Liabilities for Performance Fee -66.53 0.00 Other liablilities (3.3) -36,604.04 -0.51 Total Liabilities -38,912.47 -0.55
Total Net Assets 7,113,058.95 100.00
Net asset value per share Shareclass A 2,455.40 USD Shareclass B 1,051.74 USD Shareclass C 1,033.78 EUR
Number of shares outstanding Shareclass A 2,461.889 Shareclass B 906.135 Shareclass C 99.347
1) NAV = Net asset value. Minor rounding differences may accur due to the rounding of percentages.
The accompanying notes are an integral part of these financial statements.
5 MacroEquity Global Investments (in liquidation)
Statement of changes in Net Assets for the period ended June 30, 2020
USD
Net asset value at the beginning of the period 10,315,873.46 Subscriptions 0.00 Redemptions -3,172,217.22 Income equalization1) 3,363.74 Result for the period (incl. income equalization) -33,961.03 Net asset value at the end of the period 7,113,058.95
Shares
Shareclass A Shares outstanding at the beginning of the period 3,703.626 Number of shares subscribed 0.000 Number of shares redeemed -1,241.737 Shares outstanding at the end of the period 2,461.889
Shares
Shareclass B Shares outstanding at the beginning of the period 998.861 Number of shares subscribed 0.000 Number of shares redeemed -92.726 Shares outstanding at the end of the period 906.135
Shares
Shareclass C Shares outstanding at the beginning of the period 99.347 Number of shares subscribed 0.000 Number of shares redeemed 0.000 Shares outstanding at the end of the period 99.347
1) in the ordinary and realised result, an equalisation of income is calculated. The income equalisation is the cumulative value, during a financial year, of the ordinary net income paid to the shareholder at the issue price on the purchase of shares and paid at the redemption price on the sale of shares.
The accompanying notes are an integral part of these financial statements.
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Statement of securities as of June 30, 2020
ISIN Description Quantity Currency Market Market % of Price value in NAV1) EUR SECURITIES Transferable securities traded on regulated markets
Income Securities 2.0000 % United States of America DL-Notes 2017(21) US912828U816 1,220,000 USD 102.7617 1,253,692.97 17.63 2.6250 % United States of America DL-Notes 2010(20) US912828PC88 1,350,000 USD 100.9297 1,362,550.79 19.16 2.8750 % United States of America DL-Notes 2018(20) US9128285G14 1,350,000 USD 100.9063 1,362,234.38 19.15 1.5000 % United States of America DL-Notes 2019(21) US912828YP90 750,000 USD 101.7891 763,417.97 10.73 1.7500 % United States of America DL-Notes 2019(22) US9128287C81 750,000 USD 103.2305 774,228.52 10.88 2.0000 % United States of America DL-Notes 2018(21) US9128283Q14 400,000 USD 101.0000 404,000.00 5.68
Total of income securities 5,920,124.63 83.23
Total securities 5,920,124.63 83.23
1) NAV = Net asset value. Minor rounding differences may accur due to the rounding of percentages.
The accompanying notes are an integral part of these financial statements.
7 MacroEquity Global Investments (in liquidation)
Breakdown by Country and Economic Sector of the Investment in Securities as of June 30, 2020
Category of securities Market value in USD in % of fund assets
Bonds 5,920 83.23 5,920 83.23
Geographical weighting Market value in USD in % of fund assets
United States of America 5,920 83.23 5,920 83.23
Currency Breakdown Market value in USD in % of fund assets
USD 5,920 83.23 5,920 83.23
1) NAV = Net asset value. Minor rounding differences may accur due to the rounding of percentages.
The accompanying notes are an integral part of these financial statements.
8 MacroEquity Global Investments (in liquidation)
Notes to the Financial Statements as of June 30, 2020
1. General
MacroEquity Global Investments (in liquidation) (the “Fund“, the “Company“) is an open-ended investment fund and has been redomiciliated on December 17, 2018 (date of redomiciliation) under Luxembourg Law as a “Société d’investissement à capital variable“ for an unlimited period of time. The Fund is governed by the provisions of Part I of the Law of December 17, 2010 relating to Undertakings in Collective Investments as amended from time to time.
The Company was incorporated on October 18, 2012 under the name "Macromoney Global Investments Limited" as a Company under the laws of the British Virgin Islands. By resolution of the Annual General Meeting, the company was redomiciled to the Grand Duchy of Luxembourg on December 17, 2018 under the name "Macromoney Global Investments".
The Board of Directors of the Fund may authorise the creation of additional share classes.
The accounting year of the Company begins on 1 January and end on 31 December of each year.
The share capital of the Fund is denominated in USD.
This Financial Statements have been prepared in accordance with Luxembourg legal and regulatory requirements relating to investment funds and on a going concern basis.
The net assets of the company are denominated in US-Dollar (USD) („reference currency“)
The value of a share („net asset value per share“) is denominated in the currency indicated under page 38 of the prospectus of the fund.
The net asset value per share is calculated by the central administration agent on each luxembourgish banking day („valuation day“), calculated on the next business day.
To calculate the net asset value per share, the value of assets held by the Fund less its liabilities is determined on each valuation day and divided by the number of shares in circulation on the valuation day and rounded to two decimal places.
2. Accounting policies
The Funds´s assets and liabilities are valued as follows:
a) transferable securities, money market instruments, derivative financial instruments and other investments officially quoted on an securities exchange are valued at the latest available price which provides a reliable valuation on the trading day preceding the valuation day. The management company may decide for the company that securities, money market instruments, derivative financial instruments and other investments not officially listed on a stock exchange can be valued at the last available closing price which ensures a reliable valuation. If transferable securities, money market instruments, derivative financial instruments and other investments are officiallly listed on several securities exchanges, the stock exchange with the highest liquidity will be the definitve one.
b) Transferable securities, money market instruments, derivative financial instruments and other assets which are not officially listed on a securities exchange (or whose stock exchange rate is not deemed representative, e.g. due to lack of liquidity) but which are traded on another regulated market, shall be valued at a price no less than the bid price and no more than the offer price oft he trading day preceding the valuation day, and which the management company considers in good faith to be the best possible price at which the transferable securities, money market instruments, derivative financial instruments and other assets can be sold.
9 MacroEquity Global Investments (in liquidation)
Notes to the Financial Statements as of June 30, 2020 (continued)
The management company may decide for the company that securities, money market instruments, derivative financial instruments (derivatives) and other investments not officially listed on a stock exchange (or whose exchange rate are considered non-representative, e.g. due to lack of liquidity), which are, however, traded on a regulated market, are valued at the last available price there which the management company holds in good faith for the best possible price at which the transferable securities, money market instruments, derivative financial instruments and other assets can be sold.
c) OTC derivatives are valued at the verifiable basis deterrmined by the management company on a daily basis.
d) Units of other UCITS and/or UCI are, in principle, set at the last redemption price established prior to the valuation day, or the latest available price which provides a reliable valuation. If the redemption is suspended or no redemption prices are established for certain investment units, these units and all other assets will be valued at their appropriate market value, as determined in good faith by the management company in line with generally accepted and verifiable valuation rules.
e) If the prices in question are not fair market prices, if the financial instruments listed under b) are not traded on a regulated market and if no prices are set for financial instruments different from those listed under a) – d), then these financial instruments and other legally permissible assets shall be valued at their current market value, which shall be established in good faith by the management company on the basis of generally accepted and verifiable valuation rules (e.g. suitable valuation models taking account of current market conditions)
f) Bank accounts are valued at their nominal value plus interest.
g) Amounts due (e.g. deferred interest claims and liabilites) shall, in principle, be rated at their par value.
h) The market value of securites, money market instruments, derivatives and other assets denominated in a currency other than that of the company shall be converted into the applicable reference currency at the exchange rate of the trading day preceding the valuation day. Gains and losses on foreign exchange transactions are shown net. The net assets of the company are reduced by any distributions which may be paid to the shareholders.
The net asset value per share is calculated pursuant to the aforementioned criteria. However, if classes have been established within the company, the resulting calculation of the net asset value per share within the company will be made seperately for each class using the criteria listed above.
3. Notes to the statement of net assets
3.1 Investment portfolio
Listed and unlisted securities were valued their last available price.
3.2 Cash at bank
The cash at bank held with the depositary bank and third-party banks is divide das follows:
Bank deposits at the Depositary Bank Currency equivalent value in USD 1,156,729.89 USD 1,156,729.89 1,156,729.89
10 MacroEquity Global Investments (in liquidation)
Notes to the Financial Statements as of June 30, 2020 (continued)
3.3 Other liabilities
Other liabilities include the unpaid expenses during the financial period They include inter alia the „taxe d’abonnement“, the administrative fees, audit fees and fees for the supervisory authorities.
4. Information relating to fees and expenses
Please refer to the current sales prospectus for information regarding the fees and expenses.
5. Use of income
Further details on the use of earnings are provided in the sales prospectus.
6. Subscription tax („taxe d’abonnement“)
Under the prevailing laws and regulations in Luxembourg, the company is subject to an annual subscription tax („taxe d’abonnement“) of 0,05% which is payable quarterly and calculated on the basis of the net assets of the fund on the last day of each quarter.
A reduced tax rate of 0,01% p.a. of the net assets is applicable notably to classes of shares which are only sold to and held by institutional investors.
7. Exchange rates
For the valuation of assets in non-fund currency, conversions into USD were performed using the following exchange rates as at June 30, 2020.
Euro EUR 0.892100 = 1 USD
8. Transparency of securities financing transactions
Von der Heydt Invest SA is acting as a management company of undertakings for collective investment in transferable securities (UCITS) and alternative investment funds manager ("AIFM") and thus falls by definition within the scope of Regulation (EU) 2015/2365 of the European Parliament and of the Council of November 25, 2015 on the transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012 ("SFTR").
During the reporting period of the investment fund no investments have been undertaken in securities financing transactions or total return swaps as defined in this regulation. Therefore, the notes specified in articel 13 of this regulation will not be disclosed in the report. Detailed information on investment strategy and the financial instruments used can be found in the current sales prospectus.
9. Changes in portfolio composition
The details of the changes in portfolio composition for the period ended June 30, 2020 are at the disposal of the shareholders at the registered office of the company and are available upon request free of charge.
10. Events during the reporting period
Special situation due to COVID-19
For special situations such as those currently triggered by COVID-19, the management company has a corresponding Business Continuation Plan (BCM), which has taken effect in this case. Measures have been taken to minimize or avoid contacts to the outside and inside and thus the risk for employees to be infected with the virus. The majority of employees currently have full access to all systems and files in their home office.
11 MacroEquity Global Investments (in liquidation)
Notes to the Financial Statements as of June 30, 2020 (continued)
At times, the management company did not experience any extraordinary events due to COVID-19. The market fluctuations have not led to any reportable fund changes. Should this occur, the management company is prepared to enter into direct communication with fund initiators and all other parties.
Mr. Guido Peterzelka was appointed member of the Board of Directors of MacroEquity Global Investments SICAV (in liquidation) as of April 10, 2020.
11. Events after the reporting period
By resolution of the 1st Extraordinary General Meeting on July 21, 2020, the dissolution of the Company and the commencement of liquidation proceedings was decided. Furthermore, the Fund was put into liquidation.
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Management company: von der Heydt Invest SA 17, Rue de Flaxweiler L-6776 Grevenmacher phone (00352) 28 11 93 0 fax (00352) 28 11 93 99 [email protected] www.1754.eu