LOS ANGELES CAPITAL GLOBAL FUNDS PLC Annual Report and Audited Financial Statements For the financial year ended 30th June, 2018
Company Registration No. 499159 LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Table of Contents
Page
Management and Administration 1
General Information 2-3
Directors’ Report 4-6
Report of the Depositary to the Shareholders 7
Investment Manager’s Report 8-11
Independent Auditor’s Report 12-14
Statement of Financial Position 15-16
Statement of Comprehensive Income 17-18
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 19-20
Statement of Cash Flows 21-22
Notes to the Financial Statements 23-45
Los Angeles Capital Global Funds PLC - Los Angeles Capital Emerging Markets Fund Schedule of Investments 46-50 Statement of Changes in the Portfolio (unaudited) 51-52
Los Angeles Capital Global Funds PLC - Los Angeles Capital Global Fund Schedule of Investments 53-66 Statement of Changes in the Portfolio (unaudited) 67-68
Appendix I (unaudited) 69
LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Management and Administration
DIRECTORS REGISTERED OFFICE Mr. Daniel Allen (American) 30 Herbert Street Mr. David Conway (Irish)* Dublin 2 Mr. Desmond Quigley (Irish)* D02 W329 Mr. Thomas Stevens (American) Ireland
* Independent
COMPANY SECRETARY LEGAL ADVISERS Bradwell Limited Arthur Cox Ten Earlsfort Terrace Ten Earlsfort Terrace Dublin 2 Dublin 2 D02 T380 D02 T380 Ireland Ireland
INVESTMENT MANAGER CHARTERED ACCOUNTANTS AND Los Angeles Capital Management and Equity STATUTORY AUDIT FIRM Research Inc. Grant Thornton 11150 Santa Monica Boulevard 13-18 City Quay Suite 200 Dublin 2 Los Angeles D02 NY19 California 90025 Ireland USA
ADMINISTRATOR, REGISTRAR AND DEPOSITARY TRANSFER AGENT Brown Brothers Harriman Trustee Brown Brothers Harriman Fund Administration Services (Ireland) Limited Services (Ireland) Limited 30 Herbert Street 30 Herbert Street Dublin 2 Dublin 2 D02 W329 D02 W329 Ireland Ireland
DISTRIBUTOR LACM Global, Ltd. 33 Cavendish Square London W1G 0PW United Kingdom
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
General Information
Los Angeles Capital Global Funds Plc (the “Company”) is structured as an open-ended investment company with variable capital, incorporated under the laws of Ireland on 24th May, 2011 as a public limited company pursuant to the Companies Act 2014 (as amended). The Company has been authorised by the Central Bank of Ireland (“Central Bank”) as an Undertaking for Collective Investment in Transferable Securities pursuant to the provisions of the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 as amended (the “Central Bank UCITS Regulations”).
The Company is organised in the form of an umbrella fund with segregated liability between sub-funds. The Company’s articles of association provide that the Company may offer separate classes of shares, each representing interests in a sub-fund, with each sub-fund comprising a separate and distinct portfolio of investments. A sub-fund may consist of one or more classes of shares and a separate pool of assets will not be maintained for each class within a sub-fund. The Company has obtained approval from the Central Bank for the establishment of the Los Angeles Capital Emerging Markets Fund and the Los Angeles Capital Global Fund (the “Sub-Funds”). Los Angeles Capital Emerging Markets Fund commenced operations on 15th July, 2011. Los Angeles Capital Global Fund commenced operations on 22nd April, 2016. Additional sub-funds may be established by the Company with the prior approval of the Central Bank.
Los Angeles Capital Emerging Markets Fund has one share class in issue at 30th June, 2018, Class A USD. In addition, further classes of shares may be issued in accordance with the requirements of the Central Bank.
Los Angeles Capital Global Fund has four share classes in issue at 30th June, 2018, Class A EUR, Class B EUR, Class B CHF and Class B GBP. Further classes of shares may be issued in accordance with the requirements of the Central Bank.
Los Angeles Capital Emerging Markets Fund
Investment Objective The investment objective of the Los Angeles Capital Emerging Markets Fund is to achieve capital appreciation by investing principally in equity securities of Emerging Market countries. A typical investor in the Sub-Fund will seek exposure to growth investments and will not look to an investment in the Sub-Fund as a regular source of income. The value of the Sub-Fund could go up or down. The Sub-Fund is not a short-term investment. There can be no assurance that the Sub-Fund will achieve its objective of capital appreciation.
Investment Policy The Sub-Fund seeks to achieve its investment objective by investing principally in publicly-traded emerging markets equity securities. Equity securities shall comprise common and preferred stocks, depository receipts and other similar instruments that represent ownership in ordinary shares and exchange traded funds (subject to the limit on investment in collective investment schemes specified below).
Investments may be made in issuers: (1) for which the principal securities trading market is an emerging markets country; (2) that alone or on a consolidated basis derive 50 per cent or more of their annual revenue from goods produced, sales made or services performed in emerging market countries; or (3) that are organised under the laws of, and have principal office in an emerging markets country. Determinations as to eligibility will be made by the Company’s Investment Manager, Los Angeles Capital Management and Equity Research Inc. (the “Investment Manager”) based upon publicly available information and inquiries made to the companies. Investments in Russia shall not exceed 20 per cent of the Sub-Fund’s net asset value. The Investment Manager aims to spread the investments of the Sub-Fund across industry sectors. When given the opportunity, the Investment Manager may invest the Sub-Fund in initial public offerings that it considers appropriate for the Sub-Fund. The Investment Manager will attempt to direct the investments of the Sub-Fund to securities that offer a combination of attractive valuations and high liquidity. The Sub-Fund may invest up to 10 per cent of its net asset value in collective investment schemes, subject to the limits set out in the Central Bank UCITS Regulations, which have as their objective, investment in emerging markets or in money market instruments. The Sub-Fund may also invest in liquid financial assets traded on a regulated market and hold cash deposits, particularly during periods of perceived uncertainty and volatility.
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
General Information (continued)
Los Angeles Capital Global Fund
Investment Objective The investment objective of the Los Angeles Capital Global Fund is to achieve capital appreciation by investing principally in equity securities of developed markets. The Sub-Fund may also invest in equity securities of emerging markets. A typical investor in the Sub-Fund will seek exposure to growth investments and will not look to an investment in the Sub-Fund as a regular source of income. The value of the Sub-Fund could go up or down. The Sub- Fund is not a short-term investment. There can be no assurance that the Sub-Fund will achieve its objective of capital appreciation.
Investment Policy The Sub-Fund seeks to achieve its investment objective by investing principally in publicly-traded equity securities of developed markets. The Sub-Fund may also invest in equity securities of emerging markets. Equity securities shall comprise common and preferred stocks, depository receipts and other similar instruments that represent ownership in ordinary shares and exchange traded funds (subject to the limit on investment in collective investment schemes specified below).
The Investment Manager aims to spread the investments of the Sub-Fund across industry sectors. When given the opportunity, the Investment Manager may invest the Sub-Fund in initial public offerings (“IPOs”) that it considers appropriate for the Sub-Fund. The Investment Manager will attempt to direct the investments of the Sub-Fund to securities that offer a combination of attractive valuations and high liquidity.
The Sub-Fund may invest up to 10 per cent of its net asset value in collective investment schemes, subject to the limits set out in the Central Bank UCITS Regulations, which have as their objective, investment in emerging markets or in money market instruments. The Sub-Fund may also invest in liquid financial assets traded on a regulated market and hold cash deposits, particularly during periods of perceived uncertainty and volatility.
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Directors’ Report
The Board of Directors (the “Directors”) present, herewith, their annual report and audited financial statements for Los Angeles Capital Global Funds Plc (the “Company”) for the financial year ended 30th June, 2018.
The Company is organised in the form of an umbrella fund with segregated liability between sub-funds, with two sub-funds, the Los Angeles Capital Emerging Markets Fund and Los Angeles Capital Global Fund (the “Sub-Funds”) in existence at the financial year end.
Statement of Directors’ responsibilities The Directors are responsible for preparing the annual report and the financial statements in accordance with applicable Irish law and International Financial Reporting Standards (“IFRS”), as adopted by the European Union.
Under Irish law, the Directors shall not approve the financial statements unless they are satisfied that they give a true and fair view of the Company’s assets, liabilities and financial position as at the end of the financial year and the profit or loss of the Company for the financial year and otherwise comply with the Companies Act 2014.
In preparing these financial statements, the Directors are required to: • select suitable accounting policies and then apply them consistently; • make judgements and estimates that are reasonable and prudent; • state whether the financial statements have been prepared in accordance with applicable accounting standards and identify the standards in question, subject to any material departures from those standards being disclosed and explained in the notes to the financial statements; and • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to: • correctly record and explain the transactions of the Company; • enable, at any time, the assets, liabilities, financial position and profit or loss of the Company to be determined with reasonable accuracy; and • enable the Directors to ensure that the financial statements comply with the Companies Act 2014 and enable those financial statements to be audited.
The Directors are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. Legislation in Ireland governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Under the Central Bank, UCITS Regulations, the Directors are required to entrust the assets of the Company to a Depositary for safe-keeping. In carrying out this duty, the Company has appointed Brown Brothers Harriman Trustee Services (Ireland) Limited as depositary (the "Depositary").
Statement of Relevant Audit Information The Directors in office at the date of this report have each confirmed that: • As far as they are aware, there is no relevant audit information of which the Company’s auditor is unaware; and • They have taken all the steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Company’s auditor is aware of that information.
The Board of Directors decided it was not necessary to constitute an audit committee given the frequency of the meetings of the Board of Directors throughout the financial year and given the size of the Board of Directors.
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Directors’ Report (continued)
Directors’ Compliance Statement It is the policy of the Company to comply with its relevant obligations (as defined in the Companies Act 2014). As required by Section 225(2) of the Companies Act 2014, the Directors acknowledge that they are responsible for securing the Company’s compliance with the relevant obligations’. The Directors have drawn up a compliance policy statement as defined in Section 225(3)(a) of the Companies Act 2014 and a compliance policy which refers to the arrangements and structures that are in place and which are, in the Directors’ opinion, designed to secure material compliance with the Company’s relevant obligations. These arrangements and structures were reviewed by the Directors during the financial year. In discharging their responsibilities under Section 225, the Directors relied upon, among other things, the services provided, advice and/or representations from third parties whom the Directors believe have the requisite knowledge and experience in order to secure material compliance with the Company’s relevant obligations.
Accounting records The measures taken by the Directors to secure compliance with the Company's obligations to keep adequate accounting records, are the use of appropriate systems and procedures, and the employment of competent persons. Accounting records are maintained at the office of Brown Brothers Harriman Fund Administration Services (Ireland) Limited (the “Administrator”) at 30 Herbert Street, Dublin 2, D02 W329, Ireland.
Directors Directors in office at the date of this report and throughout the financial year are listed on page 1. Details of Directors’ fees and expenses are given in note 8.
Directors’ and Company Secretary’s interests in shares and contracts None of the Directors, Bradwell Limited (the “Company Secretary”) or their families, hold or held, at 30th June, 2018 or during the financial year, any beneficial interest in the redeemable participating shares of the Company. Mr. Thomas Stevens owns one subscriber share in the Company.
Transactions involving Directors Mr. Thomas Stevens is the chairman of Los Angeles Capital Management and Equity Research Inc. (the “Investment Manager”) and Mr. Daniel Allen is President of the Investment Manager. The Investment Manager and Mr. Thomas Stevens each beneficially own one subscriber share of the Company. Except as noted above, there are no contracts or arrangements of any significance in relation to the business of the Company in which the Directors or Company Secretary had any interest as defined in the Companies Act 2014 at any time during the financial year.
Review of business activities and future developments The change in the net asset value of the Sub-Funds for the year, which the Directors believe is a key indicator as to the performance of the Company, as well as a detailed review of the business and future developments, is given in the Investment Manager’s Report on pages 8 to 11.
Risk management objectives and policies Investment in a Sub-Fund of the Company carries with it a degree of risk including, but not limited to, the risks referred to in note 10 of these financial statements.
Results for the financial year and assets, liabilities and financial position as at 30th June, 2018 The Statement of Financial Position and the Statement of Comprehensive Income of the Company are set out on pages 15 to 18.
Remuneration In line with the requirements of the Central Bank UCITS Regulations, the Company has adopted a remuneration policy which is consistent with the principles outlined in the ESMA guidelines on sound remuneration policies under the UCITS Directive (the “Remuneration Guidelines”). The remuneration policy is appropriate to the Company’s size, internal organisation and the nature, scope and complexity of its activities. The Company’s remuneration policy applies to certain identified staff whose professional activities have a material impact on the risk profile of the Company. As at 30th June, 2018, the Company did not have any employees and the Company’s remuneration policy applies only to members of the Company’s management body (i.e. the board of directors). The directors not affiliated with the Investment Manager receive a fixed annual fee which is in line with the fees paid by other Irish funds and compensates these directors for their tasks, expertise and responsibilities. Directors that are employees of the Investment Manager (or an affiliate) are not paid any fees for their services as directors. The Company has not paid remuneration to staff of any delegate to whom investment management functions have been delegated by the UCITS. Instead, the UCITS pays a management fee to the relevant delegate as referred to at Note 6 to these financial statements. 5
LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Investment Manager’s Report 30th June, 2018
Market Environment
Global equities advanced by 11% in USD over the twelve month period ending 30th June, 2018. Performance was strong across regions, particularly in North America and Japan and when measured in local currency terms given the recent strength of the U.S. dollar. A familiar story for much of the past decade, growth stocks outpaced value stocks across every region as human capital continues to be the primary driver of corporate earnings. Energy companies also enjoyed robust earnings growth amid a cyclical rebound, bolstered by rising oil prices. After record lows in 2017, volatility jumped in early February and has averaged 17% since, reflecting investor concerns over the risks associated with a flattening yield curve, slowing growth, high valuations and rising wage inflation in the U.S.
Emerging Markets Equity Portfolio – Performance Summary
Reviewing performance for the twelve month period, the Emerging Market portfolio’s fundamental factor and sector positioning contributed positively to performance, while company specific events, residual to our stock selection model, held performance back. Among fundamental factors, the portfolio benefited from an overweight to higher quality companies with cash-based earnings and positive analyst sentiment. The preference for valuation was mixed during the period within emerging markets. As a result, the portfolio’s aggregate exposure to companies trading at attractive valuations negatively impacted performance. On a sector level, the portfolio’s underweight to Telecom, one of the poorest performing groups during the period, and its overweight to Energy, one of the strongest performing sectors, added to return. With regard to country tilts, the portfolio’s exposure to Brazil and Turkey moderately detracted from performance as both equity markets and their local currencies declined during the year.
Period Ending 30th June, 2018 EM Portfolio MSCI EM Index Excess Return One Year 6.08% 8.20% -2.13% Three Years 4.13% 5.60% -1.47% Since Inception 3.25% 3.57% -0.32% * Returns are Net of Fees from BBH, measured in USD. Inception date 10th August, 2011.
Emerging Markets Equity Portfolio – Portfolio Characteristics
As of 30th June, 2018, the Emerging Markets portfolio held sector overweights to Energy and Materials and held sector underweights to companies in the Consumer Discretionary sector. Over the twelve month period, the portfolio shifted into the commodity-linked Energy and Material sectors, while reducing its weight to companies in the Financial, Real Estate and Technology sectors.
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Investment Manager’s Report (continued) 30th June, 2018
Emerging Markets Equity Portfolio – Portfolio Characteristics (continued)
On a country level, the Emerging Markets portfolio displayed overweights to Brazil and to larger markets within Asia. The portfolio held underweights to Mexico and to the smaller economies in the Middle East & Africa. During the period, the portfolio shifted into Brazil and into the smaller economies within Latin America and shifted out of Mexico and Eastern European markets.
In terms of fundamental characteristics, the portfolio displayed a preference for companies with higher earnings growth rates, while other attributes such as price-to-earnings, price-to-book, beta and market capitalization were generally in line with the Index.
Global Equity Portfolio – Performance Summary
Reviewing performance for the Global Equity portfolio, fundamental factor and sector tilts added positively to return over the period, while country exposures detracted from performance. In terms of fundamental factors, the Global portfolio benefited from a higher quality and growth posture, overweighting companies with robust cash earnings, positive estimate revisions and strong price momentum. As the U.S. dollar strengthened during the period, making dollar denominated exports more expensive, and as concerns over global trade increased, investors penalised multi- national firms with large sources of foreign revenue. As a result, the portfolio’s exposure to these globally oriented firms negatively impacted performance. Among sectors, similar to the Emerging Markets portfolio, the Global Equity portfolio benefited from an underweight to Telecommunication companies as the sector also declined globally during the twelve month period.
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Investment Manager’s Report (continued)
Global Equity Portfolio – Performance Summary (continued)
Period Ending MSCI All Country 30th June, 2018 Global Portfolio World Index Excess Return One Year 9.14% 8.17% 0.97% Since Inception* 10.01% 10.73% -0.72%
* Returns are Net of Fees from BBH, measured in EUR, class A. Inception date 21st April, 2016
Global Equity Portfolio – Portfolio Characteristics
As of 30th June, 2018, the Global Equity portfolio held overweights to companies in the Energy and Technology sectors and held underweights to companies in the Consumer Staples and Telecom sectors.
Among countries and regions, the portfolio shifted out of Europe and the Emerging Markets over the period and shifted into North America. The Global Equity portfolio ended the year with significant overweights to the United States and South Korea and with significant underweights to the United Kingdom, France and India.
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Investment Manager’s Report (continued) 30th June, 2018
Global Equity Portfolio – Portfolio Characteristics (continued)
Top Developed Markets countries and top Emerging Markets countries determined by market capitalisation
In terms of fundamental characteristics, the Global Equity portfolio displayed a higher growth posture relative to the Index as of 30th June, 2018, carrying higher price-to-book and price-to-earnings multiples as well as a higher overall earnings growth rate.
Los Angeles Capital Management and Equity Research Inc. August, 2018
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Statement of Financial Position (continued) As at 30th June, 2017
Los Angeles Los Angeles Capital Emerging Capital Global Markets Fund Fund Total Notes USD EUR USD Current Assets Financial Assets at Fair Value through Profit or Loss 3 1,074,166 236,550,618 270,871,973 Cash and cash equivalents 2 4,074 2,046,765 2,338,512 Dividends receivable 4,803 432,048 497,575 Receivable for investments sold – 108,696 123,973 Other receivables 5,906 38,731 50,081 Total Current Assets 1,088,949 239,176,858 273,882,114
Current Liabilities Investment Manager fees payable 6 783 269,766 308,465 Legal and Professional fees payable 526 19,579 22,857 Administration and Transfer Agent fees payable 7 4,019 29,618 37,800 Depositary fees payable 7 213 14,842 17,141 Directors' fees and expenses payable 8 193 329 568 Audit fees payable 9 6,569 23,593 33,478 Payable for investments purchased – 23,959 27,326 Other expenses payable 12,446 32,132 49,094 Total Current Liabilities 24,749 413,818 496,729
Net Assets Attributable to Holders of 1,064,200 238,763,040 273,385,385 Redeemable Participating Shares
Redeemable Participating Shares Issued and Outstanding Class A (USD) 5 90,559 Class A (EUR) 5 6,417,498 Class B (EUR) 5 10,918,228 Class B (CHF) 5 473,841 Class B (GBP) 5 4,191,072
Net Asset Value per Redeemable Participating Share Class A (USD) 4 11.751 Class A (EUR) 4 11.290 Class B (EUR) 4 10.360 Class B (CHF) 4 9.204 Class B (GBP) 4 11.652
Net Asset Value per Redeemable Participating Share (stated in local currency) Class A (USD) 11.751 Class A (EUR) 11.290 Class B (EUR) 10.360 Class B (CHF) 10.052 Class B (GBP) 10.231
The accompanying notes form an integral part of these financial statements.
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Statement of Comprehensive Income For the financial year ended 30th June, 2018
Los Angeles Los Angeles Capital Emerging Capital Global Markets Fund Fund Total Notes USD EUR USD Dividend income 1 50,678 5,581,837 6,715,391 Call account interest income 1 425 314 800 VAT refund 4 1,010 1,210 Net gain on Financial Assets at Fair Value through Profit or Loss 3 45,796 19,917,449 23,827,230 Other income 1,447 663 2,239 Net investment income 98,350 25,501,273 30,546,870
Investment Manager fees 6 14,999 1,162,454 1,402,969 Transaction costs 1 91,081 374,608 538,363 Depositary fees 7 2,021 102,501 124,408 Administration and Transfer Agent fees 7 28,901 188,367 253,811 Legal and Professional fees 17,456 213,134 271,938 Directors' fees and expenses 8 23,252 19,562 46,609 Audit fees 9 – 20,566 24,556 Miscellaneous expenses 470 7,172 9,033 Total operating expenses 178,180 2,088,364 2,671,687 Expense reimbursement 6 (146,487) (5,555) (153,120) Net operating expenses 31,693 2,082,809 2,518,567
Net income before finance costs 66,657 23,418,464 28,028,303
Finance Costs Overdraft Interest 18 13,089 15,646
Net income before tax 66,639 23,405,375 28,012,657
Withholding tax 235 1,016,700 1,214,175 Tax expense 1 4,789 40,520 53,170
Increase in Net Assets Attributable to Holders of Redeemable Participating Shares resulting from operations 61,615 22,348,155 26,745,312
For the Los Angeles Capital Global Fund, income and expenses arise solely from continuing operations. There were no recognised gains and losses other than those detailed within the Statement of Comprehensive Income.
The accompanying notes form an integral part of these financial statements.
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Statement of Comprehensive Income (continued) For the financial year ended 30th June, 2017
Los Angeles Los Angeles Capital Emerging Capital Global Markets Fund Fund Total Notes USD EUR USD Dividend income 1 1,057,441 4,437,078 5,899,181 Call account interest income 1 5,091 18 5,111 VAT refund 15,529 13,945 30,746 Net gain on Financial Assets at Fair Value through Profit or Loss 3 9,557,168 6,211,050 16,334,666 Other income 17,114 19,071 37,924 Net investment income 10,652,343 10,681,162 22,307,628
Investment Manager fees 6 329,907 656,606 1,046,395 Transaction costs 1 440,574 369,144 843,384 Depositary fees 7 34,718 55,782 95,587 Administration and Transfer Agent fees 7 50,652 129,313 191,758 Legal and Professional fees 9,611 161,584 185,931 Directors' fees and expenses 8 27,077 21,735 50,794 Audit fees 9 4,677 15,353 21,430 Miscellaneous expenses 60,792 10,562 72,317 Total operating expenses 958,008 1,420,079 2,507,596
Net income before finance costs 9,694,335 9,261,083 19,800,032
Finance Costs Overdraft Interest 412 13,743 15,408
Net income before tax 9,693,923 9,247,340 19,784,624
Withholding tax 148,641 934,181 1,168,019 Tax expense 1 389,777 19,634 411,202
Increase in Net Assets Attributable to Holders of Redeemable Participating Shares resulting from operations 9,155,505 8,293,525 18,205,403
The accompanying notes form an integral part of these financial statements.
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares For the financial year ended 30th June, 2018 Nie
Los Angeles Los Angeles Capital Emerging Capital Global Markets Fund Fund Total Notes USD EUR USD
Net Assets Attributable to Holders of Redeemable Participating Shares at the beginning of the financial year 1,064,200 238,763,040 273,385,385
Increase in Net Assets Attributable to Holders of Redeemable Participating Shares resulting from operations 61,615 22,348,155 26,745,312
Net proceeds from Redeemable Participating Shares issued 1,190,431 21,206,113 26,510,530
Net payments on Redeemable Participating Shares redeemed (956,929) (23,816,005) (29,393,239)
Movement in currency translation 1 – – 5,924,525
Net Assets Attributable to Holders of Redeemable Participating Shares at the end of the financial year 1,359,317 258,501,303 303,172,513
The accompanying notes form an integral part of these financial statements.
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares (continued) For the financial year ended 30th June, 2017
Los Angeles Los Angeles Capital Emerging Capital Global Markets Fund Fund Total Notes USD EUR USD
Net Assets Attributable to Holders of Redeemable Participating Shares at the beginning of the financial year 111,919,963 44,063,527 160,872,339
Increase in Net Assets Attributable to Holders of Redeemable Participating Shares resulting from operations 9,155,505 8,293,525 18,205,403
Net proceeds from Redeemable Participating Shares issued 1,279,888 189,248,863 207,788,247
Net payments on Redeemable Participating Shares redeemed (121,291,156) (2,842,875) (124,393,301)
Movement in currency translation 1 – – 10,912,697
Net Assets Attributable to Holders of Redeemable Participating Shares at the end of the financial year 1,064,200 238,763,040 273,385,385
The accompanying notes form an integral part of these financial statements.
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Statement of Cash Flows For the financial year ended 30th June, 2018
Los Angeles Los Angeles Capital Emerging Capital Global Markets Fund Fund Total Notes USD EUR USD Cash flows from operating activities Dividend income received 48,995 4,578,049 5,515,186 Call account interest received 425 314 800 Other income (paid)/received (13,395) 38,230 32,251 Operating expenses (paid) (32,375) (2,004,832) (2,426,144) Net cash inflow from operating activities 3,650 2,611,761 3,122,093
Cash flows from investing activities Purchases of Financial Assets at Fair Value through Profit or Loss (2,685,520) (218,339,672) (263,383,088) Proceeds from sale of Financial Assets at Fair Value through Profit or Loss 2,458,777 218,408,970 263,239,087 Net cash (outflow) from investing activities (226,743) 69,298 (144,001)
Cash flows from financing activities Net proceeds from Redeemable Participating Shares issued 1,190,431 21,206,113 26,510,530 Net payments on Redeemable Participating Shares redeemed (956,929) (23,816,005) (29,393,239) Overdraft interest (18) (13,089) (15,646) Net cash inflow/(outflow) from financing activities 233,484 (2,622,981) (2,898,355)
Net increase in cash and cash equivalents 10,391 58,078 79,737
Movement in currency translation 1 – – 53,725
Cash and cash equivalents at the beginning of the financial year 4,074 2,046,765 2,338,512
Cash and cash equivalents at the end of the financial year 14,465 2,104,843 2,471,974
The accompanying notes form an integral part of these financial statements.
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Statement of Cash Flows (continued) For the financial year ended 30th June, 2017
Los Angeles Los Angeles Capital Emerging Capital Global Markets Fund Fund Total Notes USD EUR USD Cash flows from operating activities Dividend income received 1,467,798 3,130,737 4,884,058 Call account interest received 5,091 18 5,111 Other income received 27,324 10,000 38,236 Operating expenses (paid) (1,607,629) (1,155,945) (2,868,996) Net cash inflow/(outflow) from operating activities (107,416) 1,984,810 2,058,409
Cash flows from investing activities Purchases of Financial Assets at Fair Value through Profit or Loss (28,876,761) (302,261,853) (358,704,895) Proceeds from sale of Financial Assets at Fair Value through Profit or Loss 146,590,128 115,440,255 272,558,534 Net cash inflow/(outflow) from investing activities 117,713,367 (186,821,598) (86,146,361)
Cash flows from financing activities Net proceeds from Redeemable Participating Shares issued 1,279,888 189,248,863 207,788,247 Net payments on Redeemable Participating Shares redeemed (121,291,156) (2,842,875) (124,393,301) Overdraft interest (412) (13,743) (15,408) Net cash inflow/(outflow) from financing activities (120,011,680) 186,392,245 83,379,538
Net increase/(decrease) in cash and cash equivalents (2,405,729) 1,555,457 (708,414)
Movement in currency translation 1 – – 91,304
Cash and cash equivalents at the beginning of the financial year 2,409,803 491,308 2,955,622
Cash and cash equivalents at the end of the financial year 4,074 2,046,765 2,338,512
The accompanying notes form an integral part of these financial statements.
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Notes to the Financial Statements For the financial year ended 30th June, 2018
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The principal accounting policies applied in the preparation of these financial statements are set out below.
Basis of preparation The financial statements of the Los Angeles Capital Global Funds plc (the “Company”) have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union, Irish statute comprising the Companies Act 2014, the requirements of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended (the “UCITS Regulations”) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 as amended (the “Central Bank UCITS Regulations”). The financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets and financial liabilities at fair value through profit or loss. The financial statements have been prepared on a going concern basis for the Company under the historical cost convention as modified by the revaluation of financial assets and liabilities held at fair value through the profit or loss except for the financial statements of the Los Angeles Emerging Markets Fund which have been prepared on a termination basis as the Company has approved the liquidation of Los Angeles Emerging Markets Fund subsequent to the year end date. The preparation of financial statements requires the Directors to make certain critical accounting estimates. It also requires the Directors to exercise their judgment in the process of applying the Company’s accounting policies. As at 30th June, 2018, the Company comprised of two active portfolios of investments, namely the Los Angeles Capital Emerging Markets Fund and Los Angeles Capital Global Fund (the “Sub-Funds”).
The Company had no employees during the financial year (2017: Nil).
Standards, Interpretations and Amendments issued but not yet effective At the date of authorisation of these financial statements, the following interpretations and amendments to existing standards, which have not been applied, were in issue but not yet effective: IFRS 9, “Financial instruments”, classification and measurement of financial assets and financial liabilities – for annual accounting periods beginning on or after 1st January, 2018.
The Company has not yet assessed the impact that the adoption of these standards and interpretations in future periods will have on the financial statements of the Company. These standards and interpretations will be adopted when they become effective. The Company expects no material impact from the adoption of the standards or amendments on its financial position or performance.
Financial Asset and Liabilities at Fair Value through Profit or Loss (a) Classification The Company classifies its financial assets and liabilities at fair value through profit or loss. The category of financial assets and liabilities at fair value through profit or loss is sub-divided into financial assets and liabilities held for trading and those designated by Directors at fair value through profit or loss on initial recognition. Financial assets are classified as held for trading if they are acquired for the purpose of selling in the near term. This category includes equity securities and investments in managed funds. These assets are acquired principally for the purpose of generating a profit from short-term fluctuation in price.
(b) Recognition/Derecognition Purchases and sales of financial assets and liabilities at fair value through profit or loss are recognised on trade date – the date on which the Company commits to purchase or sell the asset or liability. Financial assets and liabilities at fair value through profit or loss are derecognised when the rights to receive cash flows from the financial assets or liabilities at fair value through profit or loss have expired or the Company has transferred substantially all risks and rewards of ownership. Realised fair value gains and losses on disposals of financial instruments are calculated using the first in, first out method.
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Notes to the Financial Statements (continued) For the financial year ended 30th June, 2018
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Financial Asset and Liabilities at Fair Value through Profit or Loss (continued) (c) Measurement Financial assets and liabilities at fair value through profit or loss are initially recognised at fair value. Transaction costs are expensed in the Statement of Comprehensive Income. Subsequent to initial recognition, all financial assets and liabilities at fair value through profit or loss are measured at fair value. Gains and losses arising from changes in the fair value of the ‘financial assets or liabilities at fair value through profit or loss’ category are presented in the Statement of Comprehensive Income in the period in which they arise. Dividend income from financial assets at fair value through profit or loss is recognised in the Statement of Comprehensive Income as dividend income when the Company’s right to receive payment is established. (d) Fair Value Estimation Fair value is the amount for which an asset could be exchanged or a liability settled, between knowledgeable willing parties in an arm’s length transaction. The fair value of financial instruments traded in active markets (such as trading securities) is based on quoted market prices at the Statement of Financial Position date. For the purpose of these financial statements, the quoted market price used for financial assets and liabilities held by the Company is the current last traded price. The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. The Company uses a variety of methods and makes assumptions that are based on market conditions existing at each Statement of Financial Position date. Valuation techniques used include the use of comparable recent arm’s length transactions, discounted cash flow analysis and other valuation techniques commonly used by market participants. There were no investments priced in this manner as at 30th June, 2018 and 30th June, 2017. Shares or units in investment funds are valued by reference to the latest available net asset value of the shares or units of the relevant investment funds or, if unavailable and if appropriate in the opinion of the Directors, shares or units in investment funds are valued at the estimated net asset value of the shares or units as provided by the relevant investment funds.
Rights The Sub-Funds may receive rights passively (e.g., as a result of corporate actions) because of the Sub-Funds’ existing holdings in equity or other securities issued by the rights issuer. However, the Sub-Funds may also acquire or dispose of rights on the secondary market. Rights generally give the holder the right to receive, upon exercise, a security of the issuer at a stated price. The rights held at the year end are valued at the difference between the price of the underlying equity at the financial year end date and the exercise price of the rights issue.
Foreign Currency Translation Functional and Presentation Currency Items included in the Company’s financial statements are measured using the currency noted in the prospectus (the “functional currency”). The functional currencies of the Sub-Funds are: for the Los Angeles Capital Emerging Markets Fund – US Dollar (or “USD”), for the Los Angeles Capital Global Fund – Euro (or “EUR”). The presentation currency of the Company is USD.
The Company’s results and financial position are translated from the functional currency of each Sub-Fund to the functional currency of the Company (USD) as follows: assets and liabilities are translated at the closing rate at each Statement of Financial Position date. Income, expense and gain and loss amounts as included in the Statement of Comprehensive Income are translated at the average exchange rate for the financial year. Notional exchange gains or losses due to the presentation of these financial statements in USD are included in the Statements of Changes in Net Assets Attributable to Holders of Redeemable Shares and in the Statement of Cash Flows. The method of translation has no effect on the Net Asset Value of each Sub-Fund.
A movement in currency translation of USD 5,924,525 arising on aggregation is included in the Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial year ended 30th June, 2018 (30th June, 2017: USD 10,912,697).
A movement in currency translation of USD 53,725 arising on aggregation is included in the Statement of Cash Flows for the financial year ended 30th June, 2018 (30th June, 2017: USD 91,304).
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Notes to the Financial Statements (continued) For the financial year ended 30th June, 2018
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Foreign Currency Translation (continued) Transactions and Balances Assets and liabilities denominated in currencies other than the functional currency of the Sub-Funds are translated into the functional currency at the exchange rates ruling at the Statement of Financial Position date. Transactions in currencies other than the functional currency of the Sub-Funds are translated into the functional currency at the exchange rates ruling at the dates of the transactions. Gains and losses on foreign exchange transactions are recognised in the Statement of Comprehensive Income in determining the results for the financial year. Proceeds from subscriptions and amounts paid on redemptions of redeemable participating shares are translated at the rates prevailing at the dates of the transactions.
Cash and Cash Equivalents Cash and cash equivalents includes cash in hand, deposits held on call with banks and other short-term highly liquid investments with original maturities of three months or less.
Redeemable Participating Shares Each Sub-Fund issues redeemable participating shares, which are redeemable at the holder’s option and are classified as financial liabilities. As the Sub-Funds have non-participating shares in issue that are classified as “equity” in accordance with International Accounting Standards (“IAS”) 32, the redeemable participating shares do not represent that most “subordinate” class of instrument. They have a priority over other claims to the assets of the entity on liquidation. The size of the class that is the most “subordinate class” is not a factor in determining the classification. Redeemable participating shares can be put back to the Sub-Funds at any time for cash equal to a proportionate share of each Sub-Fund’s net asset value. Redeemable participating shares are carried at the redemption amount that is payable at the Statement of Financial Position date if the holder exercises the right to put the shares back to a Sub-Fund. Redeemable participating shares are issued and redeemed at the holder’s option at prices based on each Sub- Fund’s net asset value per share at the time of issue or redemption. Each Sub-Fund’s net asset value per share is calculated by dividing the net assets attributable to holders of redeemable participating shares with the total number of outstanding redeemable participating shares. In accordance with the provisions of the Sub-Funds’ regulations, investment positions are valued based on the last traded market price for the purpose of determining the net asset value per share for subscriptions and redemptions.
Income recognition Interest income is accrued on a daily basis. Dividend income is recognised in the Statement of Comprehensive Income on the date upon which the relevant securities are listed as “ex-dividend” to the extent that information thereon is reasonably available to the Sub-Fund. Income is shown gross of any non-recoverable withholding taxes, which are disclosed separately in the Statement of Comprehensive Income, and net of any tax credits.
Expenses recognition All expenses are recognised in the Statement of Comprehensive Income on an accruals basis. Expenses may be subject to Value Added Tax ("VAT") and any VAT refund received from the Irish Revenue is recognised as Income in the Statement of Comprehensive Income.
Distributions Payable to Holders of Redeemable Participating Shares For the Sub-Funds, it is intended that, in the normal course of business, distributions will not be declared and that any net investment income attributable to each class will be accumulated in the net asset value per share of each respective class. Shareholders will be notified in advance of any change in distribution policy for the classes and an updated prospectus for the Company will be issued to reflect any such change.
Taxation Under current law and practice, the Company qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997, as amended. On that basis, it is not chargeable to Irish tax on its income and gains. However, Irish tax can arise on the happening of a “chargeable event”. A chargeable event includes any distribution payments to shareholders or any encashment, redemption, cancellation or transfer of shares and the holding of shares at the end of each eight year period beginning with the acquisition of such shares.
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Notes to the Financial Statements (continued)
For the financial year ended 30th June, 2018
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Taxation (continued) No Irish tax will arise on the Company in respect of chargeable events where: • the shareholder is neither Irish resident nor ordinarily resident in Ireland (“Non-Irish Resident”) and it (or an intermediary acting in its behalf) has made the necessary declaration to that effect and the Company is not in possession of any information which would reasonably suggest that the information contained in the declaration is not, or is no longer, materially correct; or • the shareholder is Non–Irish Resident and has confirmed that to the Company and the Company is in possession of written notice of approval from the Revenue Commissioners to the effect that the requirement to provide the necessary declaration of non-residence has been complied with in respect of the shareholder and the approval has not been withdrawn; or • the shareholder is an exempt Irish resident and they (or an intermediary acting on its behalf) have made the necessary declaration to that effect.
There was no chargeable event during the financial year ended 30th June, 2018 or the financial year ended 30th June, 2017. Capital gains, dividends, and interest received (if any) by the Company may be subject to withholding taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the Company or its shareholders.
NOTE 2 - CASH AND CASH EQUIVALENTS
Los Angeles Capital Emerging Markets Fund As at 30th June, 2018 USD
Held by: Brown Brothers Harriman & Co. 14,465 14,465
As at 30th June, 2017 USD
Held by: Brown Brothers Harriman & Co. 4,074 4,074
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Notes to the Financial Statements (continued)
For the financial year ended 30th June, 2018
NOTE 2 - CASH AND CASH EQUIVALENTS (continued)
Los Angeles Capital Global Fund As at 30th June, 2018 EUR
Held by: Brown Brothers Harriman & Co. 25,785 Banco Bilbao Vizcaya Argentina S.A. 1,617,526 Bank of Tokyo-Mitsubishi UFJ, Ltd. 431,296 China Construction Bank 30,236 2,104,843
As at 30th June, 2017 EUR
Held by: Brown Brothers Harriman & Co. 50,668 Banco Santander S.A. 1,929,613 Bank of Tokyo-Mitsubishi UFJ, Ltd. 32,991 China Construction Bank 33,493 2,046,765
All cash balances at 30th June, 2018 and at 30th June, 2017 were held with Brown Brothers Harriman & Co. or with third party institutions approved by the Company on overnight deposit.
NOTE 3 - FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Los Angeles Capital Emerging Markets Fund As at As at 30th June, 2018 30th June, 2017 USD USD Financial Assets Equities 1,346,705 1,074,166 1,346,705 1,074,166
For the financial For the financial Net Gain/(Loss) on Financial Assets and Liabilities year ended year ended at Fair Value through Profit or Loss 30th June, 2018 30th June, 2017 Equities 52,001 9,618,215 Real Estate Investment Trusts (6,205) (61,047) 45,796 9,557,168
Net Gain/(Loss) on Financial Assets and Liabilities at Fair Value through Profit or Loss Realised Gain/(Loss) on Financial Assets and Liabilities at Fair Value through Profit or Loss 189,738 12,635,724 Movement in unrealised Loss on Financial Assets and Liabilities at Fair Value through Profit or Loss (143,942) (3,078,556) 45,796 9,557,168
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Notes to the Financial Statements (continued)
For the financial year ended 30th June, 2018
NOTE 3 - FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (continued)
Los Angeles Capital Global Fund As at As at 30th June, 2018 30th June, 2017 EUR EUR Financial Assets Equities 256,696,099 236,550,618 256,696,099 236,550,618
For the financial For the financial Net Gain on Financial Assets and Liabilities year ended year ended at Fair Value through Profit or Loss 30th June, 2018 30th June, 2017 Equities 20,498,615 6,626,506 Real Estate Investment Trusts (581,166) (415,456) 19,917,449 6,211,050
Net Gain on Financial Assets and Liabilities at Fair Value through Profit or Loss Realised Gain/(Loss) on Financial Assets and Liabilities at Fair Value through Profit or Loss 4,346,761 2,062,479 Movement in unrealised Gain on Financial Assets and Liabilities at Fair Value through Profit or Loss 15,570,688 4,148,571 19,917,449 6,211,050
NOTE 4 - NET ASSET VALUE PER REDEEMABLE PARTICIPATING SHARE RECONCILIATION The net asset value per redeemable participating share is calculated by dividing the total net assets (as calculated for pricing purposes) of each Sub-Fund by the number of redeemable participating shares in issue. The net asset value per redeemable participating share reported in the Statement of Financial Position is that used for financial statement purposes. For the purposes of the financial statements, all organisational expenses, including fees paid to the professional advisors of the Company, are expensed in the financial year they are incurred in accordance with IFRS. For the Los Angeles Capital Emerging Markets Fund, organisational expenses totalling USD 141,430 were charged to the Statement of Comprehensive Income, in the period from 24th May, 2011 to 30th June, 2012. For the purpose of calculating the net asset value per share for shareholder dealing, organisational expenses were amortised over the first five financial years of the lifetime of the Company. Organisational expenses were fully amortised for the financial year ended 30th June, 2018 and 30th June, 2017. For the Los Angeles Capital Global Fund, organisational expenses totalling EUR 26,535 were charged to the Statement of Comprehensive Income, in the financial period from 22nd April, 2016 to 30th June, 2016. For the purpose of calculating the net asset value per share for shareholder dealing, organisational expenses were amortised over the first two financial years of the lifetime of the Company. Organisational expenses were fully amortised for the financial year ended 30th June, 2018. EUR 24,972 was amortised for the financial year ended 30th June, 2017.
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Notes to the Financial Statements (continued)
For the financial year ended 30th June, 2018
NOTE 4 - NET ASSET VALUE PER REDEEMABLE PARTICIPATING SHARE RECONCILIATION (continued) Los Angeles Capital Emerging Markets Fund
As at 30th June, 2018 Class A USD
Net Asset Value for financial statement purposes 1,359,317
Shares outstanding 109,043 Net Asset Value per Share for financial statement purposes 12.466
Add: Cumulative additional organisational expenses written off –
Net Asset Value for Shareholder dealing purposes 1,359,317
Shares outstanding 109,043
Net Asset Value per Share for Shareholder dealing purposes 12.466
As at 30th June, 2017 Class A USD
Net Asset Value for financial statement purposes 1,064,200
Shares outstanding 90,559 Net Asset Value per Share for financial statement purposes 11.751
Add: Cumulative additional organisational expenses written off –
Net Asset Value for Shareholder dealing purposes 1,064,200
Shares outstanding 90,559
Net Asset Value per Share for Shareholder dealing purposes 11.751
Los Angeles Capital Global Fund
As at 30th June, 2018 Class A Class B EUR EUR
Net Asset Value for financial statement purposes 95,660,013 114,588,179
Shares outstanding 7,763,519 10,115,293 Net Asset Value per Share for financial statement purposes 12.322 11.328
Add: Cumulative additional organisational expenses written off – –
Net Asset Value for Shareholder dealing purposes 95,660,013 114,588,179
Shares outstanding 7,763,519 10,115,293
Net Asset Value per Share for Shareholder dealing purposes 12.322 11.328
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Notes to the Financial Statements (continued)
For the financial year ended 30th June, 2018
NOTE 4 - NET ASSET VALUE PER REDEEMABLE PARTICIPATING SHARE RECONCILIATION (continued)
Los Angeles Capital Global Fund Class B Class B As at 30th June, 2018 CHF GBP (stated in EUR) (stated in EUR)
Net Asset Value for financial statement purposes 4,243,934 44,009,177
Shares outstanding 421,719 3,453,896 Net Asset Value per Share for financial statement purposes 10.063 12.742
Add: Cumulative additional organisational expenses written off – –
Net Asset Value for Shareholder dealing purposes 4,243,934 44,009,176
Shares outstanding 421,719 3,453,896
Net Asset Value per Share for Shareholder dealing purposes 10.063 12.742
Class A Class B As at 30th June, 2017 EUR EUR
Net Asset Value for financial statement purposes 72,456,049 113,110,641
Shares outstanding 6,417,498 10,918,228 Net Asset Value per Share for financial statement purposes 11.290 10.360
Add: Cumulative additional organisational expenses written off – –
Net Asset Value for Shareholder dealing purposes 72,456,049 113,110,641
Shares outstanding 6,417,498 10,918,228
Net Asset Value per Share for Shareholder dealing purposes 11.290 10.360
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Notes to the Financial Statements (continued)
For the financial year ended 30th June, 2018
NOTE 4 - NET ASSET VALUE PER REDEEMABLE PARTICIPATING SHARE RECONCILIATION (continued)
Los Angeles Capital Global Fund Class B Class B As at 30th June, 2017 CHF GBP (stated in EUR) (stated in EUR)
Net Asset Value for financial statement purposes 4,361,002 48,835,348
Shares outstanding 473,841 4,191,072 Net Asset Value per Share for financial statement purposes 9.204 11.652
Add: Cumulative additional organisational expenses written off – –
Net Asset Value for Shareholder dealing purposes 4,361,002 48,835,348
Shares outstanding 473,841 4,191,072
Net Asset Value per Share for Shareholder dealing purposes 9.204 11.652
NOTE 5 - SHARE CAPITAL Authorised The authorised share capital of the Company is 500 billion shares of no par value. At the financial year end date the Company had two subscriber shares in issue (30th June, 2017: same). The subscriber shares do not participate in the assets of the Sub-Funds. The Company reserves the right to redeem the subscriber shares provided that the Company at all times has a minimum issued share capital to the value of EUR 300,000. The Investment Manager and Mr. Thomas Stevens each beneficially own one subscriber share. The subscriber shares entitle the holders thereof to attend and vote at all meetings of the Company, but do not entitle the holders to participate in the dividends or the net assets of the respective Sub-Fund or of the Company. As subscriber shares do not form a part of the net assets attributable to holders of redeemable participating shares, they are disclosed in the financial statements by way of this note only. Redeemable Participating Shares Each of the redeemable participating shares entitles the holder to participate equally on a pro rata basis in the dividends and net assets of the Sub-Funds attributable to the relevant class. No class of redeemable participating shares confers on the holder thereof any preferential or pre-emptive rights or any rights to participate in the profit and dividends of any other class of redeemable participating shares or any voting rights in relation to matters relating solely to any other class of redeemable participating share
Los Angeles Capital Emerging Markets Fund
For the financial year ended 30th June, 2018 Class A USD Issued and fully paid
At the beginning of the financial year 90,559 Issued during the financial year 89,431 Redeemed during the financial year (70,947)
At the end of the financial year 109,043
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Notes to the Financial Statements (continued)
For the financial year ended 30th June, 2018
NOTE 5 - SHARE CAPITAL (continued) Redeemable Participating Shares (continued)
Los Angeles Capital Emerging Markets Fund
For the financial year ended 30th June, 2017 Class A USD Issued and fully paid
At the beginning of the financial year 11,559,113 Issued during the financial year 119,560 Redeemed during the financial year (11,588,114)
At the end of the financial year 90,559
Los Angeles Capital Global Fund
For the financial year ended 30th June, 2018 Class A Class B EUR EUR Issued and fully paid
At the beginning of the financial year 6,417,498 10,918,228 Issued during the financial year 1,427,143 351,662 Redeemed during the financial year (81,122) (1,154,597)
At the end of the financial year 7,763,519 10,115,293
Class B Class B CHF GBP Issued and fully paid
At the beginning of the financial year 473,841 4,191,072 Issued during the financial year 864 7,921 Redeemed during the financial year (52,986) (745,097)
At the end of the financial year 421,719 3,453,896
For the financial year ended 30th June, 2017 Class A Class B* EUR EUR Issued and fully paid
At the beginning of the financial year 4,370,325 – Issued during the financial year 2,047,173 11,182,141 Redeemed during the financial year – (263,913)
At the end of the financial year 6,417,498 10,918,228
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Notes to the Financial Statements (continued)
For the financial year ended 30th June, 2018
NOTE 5 - SHARE CAPITAL (continued) Redeemable Participating Shares (continued)
Los Angeles Capital Global Fund
For the financial year ended 30th June, 2017
Class B** Class B*** CHF GBP Issued and fully paid
At the beginning of the financial year – – Issued during the financial year 473,841 4,191,072
At the end of the financial year 473,841 4,191,072
*Class B (EUR) for Los Angeles Capital Global Fund launched on 1st December, 2016. **Class B (CHF) for Los Angeles Capital Global Fund launched on 23rd March, 2017. ***Class B (GBP) for Los Angeles Capital Global Fund launched on 26th January, 2017.
NOTE 6 - INVESTMENT MANAGEMENT FEES The Investment Manager is entitled to receive out of the assets of the Company an investment management fee of up to 0.90% for Class A Shares per annum of the net asset value of the Los Angeles Capital Emerging Markets Fund and up to 0.60% for Class A Shares and up to 0.40% for Class B Shares per annum of the net asset value of the Los Angeles Capital Global Fund. Fees payable to the Investment Manager are calculated and accrued on each dealing day and are payable monthly in arrears. The Investment Manager is entitled to be reimbursed by the Company for all reasonable disbursements and out-of-pocket expenses incurred by it. For the financial year ended 30th June, 2018 the Investment Manager earned fees of USD 1,402,969 (30th June, 2017: USD 1,046,395) of which USD 354,906 (30th June, 2017: USD 308,465) was due at the financial year end. The Investment Manager reimburses the Sub-Funds for all expenses that exceed the respective percentages of the Net Asset Value of each Sub-Fund as follows: Class A Class A Class B Class B Class B USD EUR EUR CHF GBP Los Angeles Capital Emerging Markets Fund 1.30%* – – – – Los Angeles Capital Global Fund – – 0.65% 0.65% 0.65%
*Percentage changed from 1.40% to 1.30% on 1st July, 2017.
NOTE 7 - ADMINISTRATION, TRANSFER AGENT AND DEPOSITARY FEES The Administrator is entitled to receive administration and fund accounting fees of up to 0.07% per annum of the net asset value of the Company. Such fees are accrued at each dealing day and payable monthly in arrears. The administration and fund accounting fees are subject to a minimum fee of USD 60,000 per annum. The Administrator is entitled to reimbursement of all reasonable out-of-pocket expenses incurred for the benefit of the Company. The Administrator is also entitled to receive registration fees, transfer agent fees, transaction and reporting charges at normal commercial rates, which are accrued daily and are paid monthly in arrears. The Administrator earned a fee of USD 253,811 for the financial year ended 30th June, 2018 (30th June, 2017: USD 191,758), of which USD 39,227 was due at the financial year end (30th June, 2017: USD 37,800). The Depositary is entitled to receive transaction charges and all sub-custodian charges will be recovered by the Depositary from the Company as they are incurred by the relevant sub-custodians. All such charges are at normal commercial rates. The Depositary is also entitled to reimbursement of all reasonable out-of-pocket expenses incurred for the benefit of the Company.
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Notes to the Financial Statements (continued)
For the financial year ended 30th June, 2018
NOTE 7 - ADMINISTRATION, TRANSFER AGENT AND DEPOSITARY FEES (continued) The Depositary earned a fee of USD 64,705 for the financial year ended 30th June, 2018 (30th June, 2017: USD 59,461), of which USD 10,012 (30th June, 2017: USD 7,994) was due at the financial year end. The Depositary is also entitled to receive a depositary fee of 0.020% per annum of the net asset value of the Company, accrued at each dealing day and payable monthly in arrears. The depositary fee is subject to a minimum of USD 12,000 per annum. The Depositary earned a depositary fee of USD 59,703 for the financial year ended 30th June, 2018 (30th June, 2017: USD 36,126), of which USD 9,804 (30th June, 2017: USD 9,147) was due at the financial year end.
NOTE 8 - DIRECTORS’ FEES AND EXPENSES Each of the Independent Directors are entitled to receive an annual fee of EUR 20,000 per annum. This may be increased but shall not, in aggregate for all the Directors, exceed EUR 150,000 and shareholders will be notified of any increase in Directors’ fees in the next audited or unaudited accounts. All Directors are entitled to reimbursement by the Company of all reasonable disbursements and out-of-pocket expenses incurred by them, if any. The aggregate emoluments of the Directors (including expenses) for the financial year ended 30th June, 2018 were USD 46,609 (30th June, 2017: USD 50,794) of which USD 5,265 (30th June, 2017: USD 568) was due at the financial year end.
NOTE 9 - AUDITORS’ FEES Fees and expenses paid/payable to the Company’s statutory auditors Grant Thornton in respect of the financial year are analysed as follows:
30th June, 2018 30th June, 2017 USD USD
Audit of entity financial statements 24,556 21,430 24,556 21,430
NOTE 10 - FINANCIAL RISK MANAGEMENT The Sub-Funds invest primarily in equity securities of both emerging market and developed countries and therefore, are exposed to a variety of financial risks: market risk (including market price risk, currency risk and interest rate risk), liquidity risk and credit risk. The Sub-Funds’ overall risk management program focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Sub-Funds’ financial performance. a) Market price risk Market price risk arises mainly from uncertainty about future prices of financial instruments held. It represents the potential loss each Sub-Fund might suffer through holding market positions in the face of price movements. The Investment Manager aims to reduce the market price risk through diversification and uses analysis and research in order to minimise the risk associated with particular countries or companies whilst continuing to follow the Sub-Funds’ investment objectives. The Investment Manager may use derivative instruments to hedge or reduce the market price risk on its investment portfolio where appropriate. At 30th June, 2018 or during the financial year, none of the Sub-Funds had outstanding derivative instruments (30th June, 2017: none). All securities investments present a risk of loss of capital. The Investment Manager moderates this risk through a careful selection of securities and other financial instruments within specified limits, as set forth in the Company’s prospectus. The Sub-Funds’ concentrations in market price exposures at 30th June, 2018 and 2017 are detailed in the Schedule of Investments on pages 46 through 50 and 53 through 66, respectively.
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Notes to the Financial Statements (continued)
For the financial year ended 30th June, 2018
NOTE 10 - FINANCIAL RISK MANAGEMENT (continued)
a) Market price risk (continued) The market price risk is affected mainly by the changes in actual market prices and the foreign currency movements. Foreign currency movements are covered in the section below on currency risk. As at 30th June, 2018 had the market price of investments increased or decreased by 5% with all other variables held constant, this would have increased or reduced Net Assets Attributable to Holders of Redeemable Participating Shares by approximately the amounts below: 30th June, 2018
Los Angeles Capital Emerging Markets Fund 67,335 Los Angeles Capital Global Fund 12,834,805
30th June, 2017
Los Angeles Capital Emerging Markets Fund 53,708 Los Angeles Capital Global Fund 11,827,531
Global Exposure and the use of derivatives UCITS funds are required to monitor exposures on a daily basis by utilising either the commitment approach or the VaR approach when financial derivative instruments are held by the Sub-Funds. The Investment Manager has decided to use the commitment approach to measure global exposure in relation to the use of derivatives. The use of financial derivative instruments by a Sub-Fund may create leverage. The leverage of each Sub-Fund cannot exceed 100 per cent of the net asset value of the Sub-Fund. Leverage is calculated using the sum of the notionals of the derivatives used. Derivatives may be primarily used to achieve one of the following aims: a) a reduction of risk; b) a reduction of cost with no increase or a minimal increase in risk; c) generation of additional capital or income with no, or an acceptably low, level of risk (relative to the expected return).
Subject to the conditions and within the limits from time to time laid down by the Central Bank and except as otherwise stated in the investment objectives and policies of each Sub-Fund, the Sub-Funds may employ financial derivative instruments for investment purposes and/or for efficient portfolio management purpose such as futures, forward contracts, warrants and rights. During the financial year ended 30th June, 2018, the Sub-Funds received rights passively as a result of corporate actions because of the Sub-Funds’ existing holdings in equity or other securities issued by the rights issuer (30th June, 2017: same). Risks associated with the use of rights are generally similar to risks associated with the use of options. Unlike most options, however, rights are issued in specific amounts. Rights are not likely to be as liquid as exchange- traded options backed by a recognised clearing agency. In addition, the terms of rights may limit the Sub-Funds’ ability to exercise the rights at such time, or in such quantities, as the Sub-Funds would otherwise wish. As at 30th June, 2018, there were no derivative instruments held by the Sub-Funds (30th June, 2017: same). The Sub-Funds did not engage in any efficient portfolio management techniques (i.e., repurchase, reverse repurchase and stocklending arrangements) during the financial year ended 30th June, 2018 (30th June, 2017: same). b) Currency risk Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. Certain of the Sub-Funds’ assets, liabilities, income and expenses are denominated in currencies other than its functional currency. As a result, movements in exchange rates may affect the value of those items. Income denominated in foreign currencies is managed alongside any other currency balances the Sub-Funds may have.
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Notes to the Financial Statements (continued)
For the financial year ended 30th June, 2018
NOTE 10 - FINANCIAL RISK MANAGEMENT (continued)
b) Currency risk (continued) To mitigate the Sub-Funds’ exposure to foreign exchange risk, if appropriate, forward currency contracts may be used to limit the Sub-Funds’ exposure to anticipated future changes in exchange rates which might otherwise adversely affect the value of the Sub-Funds. Where appropriate, they may also be used to assist the Sub-Fund in meeting its investment objectives. The below table summarises the Sub-Funds’ exposure to currency risk at the financial year end for all foreign currencies for which the Sub-Funds had an exposure of greater than 5% of net assets.
Los Angeles Capital Emerging Markets Fund
Financial Assets and Liabilities - stated in USD (‘000’s)
As at 30th June, 2018 HKD KRW TWD INR BRL ZAR Other Financial assets at fair value through profit or loss 377 209 173 111 90 80 189 Debtors and creditors 2 – 1 – – – 2 Cash and cash equivalents – – – – – – – Total 379 209 174 111 90 80 191
As at 30th June, 2017 HKD KRW TWD INR BRL ZAR Other Financial assets at fair value through profit or loss 218 179 151 90 71 63 180 Debtors and creditors 3 – 1 – – – 1 Cash and cash equivalents – – – – – – – Total 221 179 152 90 71 63 181
As at 30th June, 2018 had the HKD, KRW, TWD, INR, BRL and ZAR strengthened/weakened by 5% against USD, with all other variables held constant, the variation in net assets and the change in net assets attributable to Shareholders would have been an increase/decrease of approximately USD 52,100.
As at 30th June, 2017 had the HKD, KRW, TWD, INR, BRL and ZAR strengthened/weakened by 5% against USD, with all other variables held constant, the variation in net assets and the change in net assets attributable to Shareholders would have been an increase/decrease of approximately USD 38,800.
Los Angeles Capital Global Fund
Financial Assets and Liabilities - stated in EUR (‘000’s)
As at 30th June, 2018 USD JPY Other Financial assets at fair value through profit or loss 143,108 19,178 68,570 Debtors and creditors 85 (367) 434 Cash and cash equivalents 30 431 27 Total 143,223 19,242 69,031
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Notes to the Financial Statements (continued)
For the financial year ended 30th June, 2018
NOTE 10 - FINANCIAL RISK MANAGEMENT (continued)
b) Currency risk (continued) Los Angeles Capital Global Fund (continued)
As at 30th June, 2017 USD JPY Other Financial assets at fair value through profit or loss 123,043 16,453 65,831 Debtors and creditors 127 15 287 Cash and cash equivalents 34 33 52 Total 123,204 16,501 66,170
As at 30th June, 2018 had the USD and JPY strengthened/weakened by 5% against EUR, with all other variables held constant, the variation in net assets and the change in net assets attributable to Shareholders would have been an increase/decrease of approximately EUR 8,123,250. As at 30th June, 2017 had the USD and JPY strengthened/weakened by 5% against EUR, with all other variables held constant, the variation in net assets and the change in net assets attributable to Shareholders would have been an increase/decrease of approximately EUR 6,985,250. c) Interest rate risk Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates.
The majority of the Sub-Funds’ financial assets and liabilities are non-interest bearing. As a result, the Sub-Funds are not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. Therefore, no specific hedging strategies have been adopted specifically to mitigate risk associated with changes in interest rates and its respective impact upon the Sub-Funds’ holdings. Any excess cash is invested at short- term market interest rates.
d) Credit risk The Sub-Funds are exposed to credit risk on parties with whom they trade and will also bear the risk of settlement default. The majority of the Sub-Funds’ financial assets are non-interest bearing equity securities. As a result they are not subject to significant amounts of credit risk. Cash held via accounts opened on the books of Brown Brothers Harriman & Co. (“BBH”) are obligations of BBH while cash held in accounts opened directly on the books of a third party cash correspondent bank, sub- custodian or a broker (collectively “agency accounts”) are obligations of the agent. Cash held via agency cash accounts are liabilities of the agent, creating a debtor/creditor relationship directly between the agent and the Sub-Funds. Accordingly, while BBH is responsible for exercising reasonable care in the administration of such agency cash accounts where it has appointed the agent (i.e., in the case of cash correspondent banks and sub-custodians), it is not liable for their repayment in the event the agent, by reason of its bankruptcy, insolvency or otherwise, fails to make repayment. The Sub-Funds’ cash and cash equivalents held with BBH or with third party institutions approved by the Sub- Funds at 30th June, 2018 and at 30th June, 2017 are detailed in note 2 on pages 26 and 27. The Depositary must ensure that there is legal separation of non-cash assets held in custody, that such assets are held on a fiduciary basis, and that appropriate internal control systems are maintained such that records clearly identify the nature and amount of all assets under custody. The Depositary must ensure the ownership of each asset and the location of documents of title for each asset. All securities that BBH holds in custody (as global sub-custodian for and on behalf of the Depositary for further benefit of its underlying clients) are segregated from BBH’s own assets, whether they are held in BBH’s vault, in segregated accounts on the books of their sub- custodians, or in an account maintained at a central securities depository. BBH maintains segregated accounts per client on its own books as well as on the books of the sub-custodian in the local market, where this is possible.
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Notes to the Financial Statements (continued)
For the financial year ended 30th June, 2018
NOTE 10 - FINANCIAL RISK MANAGEMENT (continued)
d) Credit risk (continued) The Depositary must also ensure non-cash assets are held on a fiduciary basis through BBH’s network of global sub-custodians. BBH’s sub-custodians are required by contract with BBH and generally by operation of law to segregate the securities of custody clients from the general banking assets of the sub-custodian. BBH performs both initial and ongoing due diligence reviews on the sub-custodians within its global custody network through its Network Management group. Such reviews include an assessment of service level standards, management expertise, market information, custody operations, reporting and technology capabilities at the sub- custodian, as well as reviews in relation to their reputation and standing in the market and their ongoing commitment to providing custody services. Service level agreements are put in place with each sub-custodian, as well as the usual contractual arrangements, and these are reviewed on a regular basis through service review meetings, including on-site due diligence meetings. Regular financial analysis of all sub-custodians is carried out by BBH’s Risk and Credit group and is focused on the sub-custodian bank's capital adequacy, asset quality, earnings, liquidity and credit ratings as key indicators, amongst others. These reviews form part of BBH’s routine assessment of a sub-custodian's financial strength and standing.
As at 30th June, 2018 and 30th June, 2017 all of the Sub-Funds’ investments are held by the Depositary either directly with BBH (as global sub-custodian), or through its network of sub-custodians and or cash correspondent banks. The short-term credit rating for BBH is F1 (30th June, 2017: F1); this indicates the strongest intrinsic capacity for timely payment of financial commitments, as rated by Fitch. The short-term credit rating for other institutions with which cash was held at 30th June, 2018 is above F1 (30th June, 2017: above F1), with the exception of Banco Bilbao Vizcaya Argentina S.A. for which the credit rating is F2. This indicates strong intrinsic capacity for timely payment of financial commitments, as rated by Fitch. e) Liquidity risk Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The securities markets in emerging market countries are substantially smaller, less liquid, and more volatile than the major securities markets in the U.S. and Europe. The combination of price volatility and the less liquid nature of securities markets in emerging market countries may, in certain cases, affect the Sub-Funds’ ability to acquire or dispose of securities at the price and time it wishes to do so, and consequently may have an adverse impact on the investment performance of the Sub-Funds.
The portfolios maintain liquidity with positions generally representing less than 100% of the average daily volume (“ADV”). The portfolios only purchase securities within the MSCI Emerging Markets Index and the MSCI All Country World Index which have a strong emphasis on liquidity and investability in their construction. The Sub-Funds directly invest in all markets and do not use American Depository Receipts (“ADR”) unless they are held in the Index. The Investment Manager takes several steps to ensure liquidity risk is accounted for in each step of the portfolio optimisation and trading process. Firstly, maximum percentages of average daily volume are hard-coded constraints in the portfolio optimisation software. Secondly, all optimisations and trade lists are generated on “trade date minus one day” for detailed individual and aggregated trading analysis. Thirdly, once portfolio trades are loaded and positioned for execution, in addition to confirming the expected percentages of historic average daily volume, the Investment Manager’s traders monitor liquidity by analysing trade lists for percentages of “live” daily volume to further ensure market impact costs are within expectations. In terms of the portfolio construction process, the candidate list for the portfolios is the MSCI Emerging Markets Index and the MSCI All Country World Index, which screens existing and potential constituents based on market cap and liquidity criteria, and the Investment Manager does not allow ex benchmark bets so the risk of style or process drift is extremely low.
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Notes to the Financial Statements (continued)
For the financial year ended 30th June, 2018
NOTE 10 - FINANCIAL RISK MANAGEMENT (continued) e) Liquidity risk (continued)
The below table summarises the Sub-Funds’ exposure to liquidity risk:
Los Angeles Capital Emerging Markets Fund
As at 30th June, 2018 Less than 1 month 1 month to 1 year USD USD
Accrued expenses – 28,856 Redeemable Participating Shares 1,359,317 – 1,359,317 28,856
As at 30th June, 2017 Less than 1 month 1 month to 1 year USD USD
Accrued expenses – 24,749 Redeemable Participating Shares 1,064,200 – 1,064,200 24,749
Los Angeles Capital Global Fund
As at 30th June, 2018 Less than 1 month 1 month to 1 year EUR EUR
Payable for investments purchased 1,717,116 – Accrued expenses – 508,356 Redeemable Participating Shares 258,501,303 – 260,218,419 508,356
As at 30th June, 2017 Less than 1 month 1 month to 1 year EUR EUR
Payable for investments purchased 23,959 – Accrued expenses – 389,859 Redeemable Participating Shares 238,763,040 – 238,786,999 389,859
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Notes to the Financial Statements (continued)
For the financial year ended 30th June, 2018
NOTE 10 - FINANCIAL RISK MANAGEMENT (continued)
f) Fair value estimation The Company has classified fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels: (i) Level 1: Investments, whose values are based on quoted market prices in active markets and therefore classified within level 1, include active listed equities, certain real estate investment trusts and exchange traded derivatives. Quoted prices for these instruments are not adjusted. (ii) Level 2: Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within level 2. These include investment-grade corporate bonds and over-the- counter derivatives. As level 2 investments include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non- transferability, which are generally based on available market information. (iii) Level 3: Investments classified within level 3 have significant unobservable inputs, as they trade infrequently. Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. As observable prices are not available for these securities, the Sub-Fund has used valuation techniques to derive the fair value, if applicable. The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the financial asset or liability. The determination of what constitutes ‘observable’ requires significant judgment by the Directors in consultation with the Investment Manager. The Directors consider observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The tables below analyse, within the fair value hierarchy, the Sub-Funds’ financial assets measured at fair value at 30th June, 2018 and 30th June, 2017:
Los Angeles Capital Emerging Markets Fund
As at 30th June, 2018 Level 1 Level 2 Level 3 Total USD USD USD USD Financial Assets at Fair Value through Profit or Loss Equities 1,339,519 – – 1,339,519 Investment Funds 7,186 – – 7,186
1,346,705 – – 1,346,705
As at 30th June, 2017 Level 1 Level 2 Level 3 Total USD USD USD USD Financial Assets at Fair Value through Profit or Loss Equities 1,056,302 – – 1,056,302 Investment Funds 17,864 – – 17,864
1,074,166 – – 1,074,166
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Notes to the Financial Statements (continued)
For the financial year ended 30th June, 2018
NOTE 10 - FINANCIAL RISK MANAGEMENT (continued)
f) Fair value estimation (continued)
Los Angeles Capital Emerging Markets Fund (continued)
The Los Angeles Capital Emerging Markets Fund held no securities classified as level 3 at 30th June, 2018 and 30th June, 2017. There were no transfers between levels for the investments held at 30th June, 2018 and 30th June, 2017. Los Angeles Capital Global Fund
As at 30th June, 2018 Level 1 Level 2 Level 3 Total EUR EUR EUR EUR Financial Assets at Fair Value through Profit or Loss Equities 249,485,146 – – 249,485,146 Investment Funds 7,164,337 – – 7,164,337 Rights 46,616 – – 46,616
256,696,099 – – 256,696,099
As at 30th June, 2017 Level 1 Level 2 Level 3 Total EUR EUR EUR EUR Financial Assets at Fair Value through Profit or Loss Equities 229,277,150 – – 229,277,150 Investment Funds 7,251,942 – – 7,251,942 Rights 21,526 – – 21,526
236,550,618 – – 236,550,618
The Los Angeles Capital Global Fund held no securities classified as level 3 at 30th June, 2018 and 30th June, 2017. There were no transfers between levels for the investments held at 30th June, 2018 and 30th June, 2017.
At 30th June, 2018, cash and cash equivalents are classified as Level 1. All other assets and liabilities not measured at fair value but for which fair value is disclosed are classified as Level 2. Refer to the Statement of Financial Position for a breakdown of assets and liabilities.
g) Umbrella structure of the Company and segregated liability The Company is an umbrella fund with segregated liability between sub-funds and, under Irish law, the Company will not be exposed to the liabilities of the Company’s other Sub-Funds. Each Sub-Fund of the Company will be paying its fees and expenses regardless of the level of its profitability. Notwithstanding the foregoing, there can be no assurance that, should an action be brought against the Company in the courts of another jurisdiction, the segregated nature of the Sub-Funds would necessarily be upheld.
NOTE 11 - RELATED PARTY TRANSACTIONS Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions. Details of fees paid to the Investment Manager are listed in note 6. Directors fees paid are listed in note 8. Apart from these, the Directors are not aware of any transactions with related parties, during the financial year ended 30th June, 2018 (30th June, 2017: Nil).
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Notes to the Financial Statements (continued)
For the financial year ended 30th June, 2018
NOTE 11 - RELATED PARTY TRANSACTIONS (continued)
Mr. Thomas Stevens is the chairman of the Investment Manager and Mr. Daniel Allen is President of the Investment Manager. The Investment Manager and Mr. Thomas Stevens each beneficially own one subscriber share of the Company. None of the Directors held any shares in the Sub-Funds at 30th June, 2018 (30th June, 2017: same). Below is the table that shows the percentage ownership of each of the significant shareholders that hold more than 20% of the issued capital of each respective Fund: % of Fund Owned As at 30th June, 2018 As at 30th June, 2017 Los Angeles Capital Emerging Markets Fund 41% 47% Los Angeles Capital Emerging Markets Fund 21% – Los Angeles Capital Emerging Markets Fund 21% – Los Angeles Capital Global Fund 40% 44% Los Angeles Capital Global Fund 36% 29%
NOTE 12 - CONNECTED PERSONS TRANSACTIONS The Central Bank UCITS Regulation 41(1) “Restrictions on transactions with connected persons” states that, inter alia, any transaction carried out with a UCITS by the management company or depositary; and the delegates or sub-delegates of such a management company or depositary (excluding any non-group company sub- custodians appointed by a depositary); and any associated or group company of these (“connected persons”) must be carried out as if negotiated at arm's length. Transactions must be in the best interests of the shareholders. The Directors of the Company are satisfied that: (i) there are arrangements (evidenced by written procedures) in place, to ensure that the obligations set out in the Central Bank UCITS Regulation 41(1) are applied to all transactions with connected persons; and (ii) transactions with connected persons entered into during the period complied with the obligations set out in the Central Bank UCITS Regulation 41(1).
NOTE 13 - EFFICIENT PORTFOLIO MANAGEMENT The Company may employ techniques and instruments relating to transferable securities and/or other financial instruments in which it invests for investment purposes or hedging. Techniques and instruments utilised for the purpose of efficient portfolio management may only be used in accordance with the investment objective of the Company. Any technique or instrument must be one which is reasonably believed by the Investment Manager to be economically appropriate to the efficient portfolio management of the Company. No efficient portfolio management techniques were used by the Sub-Funds during the financial year ended 30th June, 2018 or for the financial year ended 30th June, 2017. There was no revenue or fees derived from efficient portfolio management techniques during the financial year ended 30th June, 2018 or for the financial year ended 30th June, 2017.
NOTE 14 - SOFT COMMISSIONS Where the Investment Manager, or any of its delegates, successfully negotiates the recapture of a portion of the commissions charged by brokers or dealers in connection with the purchase and/or sale of securities permitted derivative instruments or techniques and instruments for the Company, the rebated commission shall be paid to the Company. The Investment Manager or its delegates may be reimbursed out of the assets of the Company for reasonable properly vouched costs and expenses directly incurred by the Investment Manager or its delegates in this regard. There were no soft commission arrangements entered into by the Investment Manager or its delegate, on behalf of the Company during the financial year ended 30th June, 2018 or during the financial year ended 30th June, 2017.
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Notes to the Financial Statements (continued)
For the financial year ended 30th June, 2018
NOTE 15 - EXCHANGE RATES The following USD exchange rates were used to translate financial assets and liabilities for the Los Angeles Capital Emerging Markets Fund.
30th June, 2018 30th June, 2017 Brazilian Real (BRL) 3.8474 3.3133 Chilean Peso (CLP) 651.0450 664.7250 Czech Republic Koruna (CZK) 22.2817 22.8969 Emirati Dirham (AED) 3.6732 3.6730 Euro (EUR) 0.8565 0.8768 Hong Kong Dollar (HKD) 7.8455 7.8065 Hungarian Forint (HUF) 281.8938 271.0097 Indian Rupee (INR) 68.5150 64.6375 Indonesian Rupiah (IDR) 14,330.0000 13,327.5000 Malaysian Ringgit (MYR) 4.0395 4.2927 Mexican Peso (MXN) 19.6558 18.0998 New Taiwan Dollar (TWD) 30.4885 30.4200 Philippine Peso (PHP) 53.3675 N/A Polish Zloty (PLN) 3.7440 3.7083 South African Rand (ZAR) 13.7063 13.1025 South Korean Won (KRW) 1,114.5000 1,144.1500 Thai Baht (THB) 33.1300 33.9700 Turkish New Lira (TRY) 4.5812 3.5226
The following EUR exchange rates were used to translate financial assets and liabilities for the Los Angeles Capital Global Fund.
30th June, 2018 30th June, 2017 Australian Dollar (AUD) 1.5802 1.4869 Brazilian Real (BRL) 4.4920 3.7789 British Pound (GBP) 0.8843 0.8781 Canadian Dollar (CAD) 1.5359 1.4812 Chilean Peso (CLP) 760.1276 758.1521 Colombian Peso (COP) 3,429.0830 3,484.4602 Czech Republic Koruna (CZK) 26.0150 26.1150 Danish Krone (DKK) 7.4507 7.4350 Emirati Dirham (AED) 4.2886 4.1892 Hong Kong Dollar (HKD) 9.1600 8.9036 Hungarian Forint (HUF) 329.1251 309.1001 Indian Rupee (INR) 79.9947 73.7223 Indonesian Rupiah (IDR) 16,730.9923 15,200.6805 Israeli Shekel (ILS) 4.2739 3.9802 Japanese Yen (JPY) 129.3237 128.1522 Malaysian Ringgit (MYR) 4.7163 4.8960 Mexican Peso (MXN) 22.9491 20.6437 New Taiwan Dollar (TWD) 35.5968 34.6955 New Zealand Dollar (NZD) 1.7245 1.5577 Norwegian Krone (NOK) 9.5160 9.5540 Philippine Peso (PHP) 62.3092 57.5522 Polish Zloty (PLN) 4.3712 4.2295
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Notes to the Financial Statements (continued)
For the financial year ended 30th June, 2018
NOTE 15 - EXCHANGE RATES (continued) 30th June, 2018 30th June, 2017 Qatari Riyal (QAR) N/A 4.1749 Singapore Dollar (SGD) 1.5920 1.5704 South African Rand (ZAR) 16.0027 14.9441 South Korean Won (KRW) 1,301.2345 1,304.9603 Swedish Krona (SEK) 10.4449 9.6200 Swiss Franc (CHF) 1.1593 1.0922 Thai Baht (THB) 38.6809 38.7445 Turkish New Lira (TRY) 5.3488 4.0176 US Dollar (USD) 1.1676 1.1406
The average exchange rate used for the purposes of preparing the financial statements was: 1 EUR = USD 1.1940 (30th June, 2017: 1 EUR = USD 1.0912).
NOTE 16 – COMPARATIVE NET ASSET VALUE
Los Angeles Capital Emerging Markets Fund
Class A 30th June, 2018 30th June, 2017 30th June, 2016 USD Shares USD USD USD
Net Assets Attributable to Holders of Redeemable Participating Shares 1,359,317 1,064,200 111,919,963
Redeemable Participating Shares Issued and Outstanding 109,043 90,559 11,559,113
Net Asset Value per Redeemable Participating Share 12.466 11.751 9.682
Los Angeles Capital Global Fund
Class A 30th June, 2018 30th June, 2017 30th June, 2016 EUR Shares EUR EUR EUR
Net Assets Attributable to Holders of Redeemable Participating Shares 95,660,013 72,456,049 44,063,527
Redeemable Participating Shares Issued and Outstanding 7,763,519 6,417,498 4,370,325
Net Asset Value per Redeemable Participating Share 12.322 11.290 10.082
Class B* 30th June, 2018 30th June, 2017 EUR Shares EUR EUR
Net Assets Attributable to Holders of Redeemable Participating Shares 114,588,179 113,110,641
Redeemable Participating Shares Issued and Outstanding 10,115,293 10,918,228
Net Asset Value per Redeemable Participating Share 11.328 10.360
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Notes to the Financial Statements (continued)
For the financial year ended 30th June, 2018
NOTE 16 – COMPARATIVE NET ASSET VALUE (continued)
Los Angeles Capital Global Fund (continued)
Class B** 30th June, 2018 30th June, 2017 CHF Shares CHF CHF (stated in EUR) (stated in EUR) Net Assets Attributable to Holders of Redeemable Participating Shares 4,243,934 4,361,002
Redeemable Participating Shares Issued and Outstanding 421,719 473,841
Net Asset Value per Redeemable Participating Share 10.063 9.204
*Class B (EUR) for Los Angeles Capital Global Fund launched on 1st December, 2016. **Class B (CHF) for Los Angeles Capital Global Fund launched on 23rd March, 2017.
Class B* 30th June, 2018 30th June, 2017 GBP Shares GBP GBP (stated in EUR) (stated in EUR) Net Assets Attributable to Holders of Redeemable Participating Shares 44,009,177 48,835,348
Redeemable Participating Shares Issued and Outstanding 3,453,896 4,191,072
Net Asset Value per Redeemable Participating Share 12.742 11.652
*Class B (GBP) for Los Angeles Capital Global Fund launched on 26th January, 2017.
NOTE 17 - EVENTS DURING THE FINANCIAL YEAR There have been no significant events affecting the Company during the financial year.
NOTE 18 - EVENTS AFTER THE FINANCIAL YEAR END Los Angeles Capital Emerging Markets Fund has been liquidated post the financial year end and the final NAV for the sub-fund was calculated on 14th September, 2018. This sub-fund will remain dormant until the audit of the financial statements for the year ended 30th June, 2019 is completed. There have been no other significant events affecting the Company after the financial year end.
NOTE 19 - APPROVAL OF FINANCIAL STATEMENTS The financial statements were authorised for issue by the Directors on 25th October, 2018.
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Los Angeles Capital Emerging Markets Fund Schedule of Investments 30th June, 2018
Transferable securities quoted on a stock exchange or dealt in on another regulated market.
Fair Value % of Total Shares Security Description USD Net Assets
Equities (30th June, 2017: 99.26%)
Brazil (30th June, 2017: 6.63%) 2,800 Ambev S.A. 13,084 0.95 611 Banco Bradesco S.A. - PFD 4,272 0.31 500 Banco Santander Brasil S.A. 3,808 0.28 300 Centrais Eletricas Brasileiras S.A. - PFD 1,057 0.08 100 Engie Brasil Energia S.A. 890 0.07 400 Fibria Celulose S.A. 7,545 0.56 1,000 Hypermarcas S.A. 7,176 0.53 700 Localiza Rent a Car S.A. 4,317 0.32 1,500 Lojas Renner S.A. 11,451 0.84 2,500 Odontoprev S.A. 8,493 0.62 1,300 Petroleo Brasileiro S.A. 6,562 0.48 1,600 Petroleo Brasileiro S.A. - PFD 7,149 0.53 600 TIM Participacoes S.A. 2,055 0.15 934 Vale S.A. 12,039 0.89 Total Brazil 89,898 6.61
Chile (30th June, 2017: 0.00%) 433 Compania Cervecerias Unidas S.A. 5,441 0.40 1,599 Empresas CMPC S.A. 5,845 0.43 1,093 Empresas COPEC S.A. 16,789 1.24 7,816 Enel Americas S.A. 1,386 0.10 Total Chile 29,461 2.17
China (30th June, 2017: 25.06%) 56 58.com, Inc. 3,883 0.29 276 Alibaba Group Holding Ltd. 51,206 3.77 500 Anhui Conch Cement Co. Ltd. 2,868 0.21 57 Autohome, Inc. 5,757 0.42 13,000 China Construction Bank Corp. 12,013 0.88 10,000 China Life Insurance Co. Ltd. 25,811 1.90 2,500 China Merchants Bank Co. Ltd. 9,225 0.68 6,000 China Molybdenum Co. Ltd. 2,906 0.21 3,800 China Pacific Insurance Group Co. Ltd. 14,700 1.08 2,000 China Petroleum & Chemical Corp. 1,787 0.13 3,500 China Railway Construction Corp. Ltd. 3,547 0.26 18,000 China Railway Group Ltd. 13,582 1.00 3,500 China Shenhua Energy Co. Ltd. 8,307 0.61 10,000 CNOOC Ltd. 17,258 1.27 2,000 CSPC Pharmaceutical Group Ltd. 6,042 0.44 1,000 ENN Energy Holdings Ltd. 9,834 0.72 2,000 Fosun International Ltd. 3,763 0.28 2,000 Geely Automobile Holdings Ltd. 5,188 0.38 2,000 Genscript Biotech Corp. 5,532 0.41 8,500 Great Wall Motor Co. Ltd. 6,501 0.48 1,000 Hengan International Group Co. Ltd. 9,623 0.71 6,000 Huaneng Renewables Corp. Ltd. 1,996 0.15 36,000 Industrial & Commercial Bank of China Ltd. 26,935 1.98 1,500 Ping An Insurance Group Co. of China Ltd. 13,804 1.02
The accompanying notes form an integral part of these financial statements.
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Los Angeles Capital Emerging Markets Fund Schedule of Investments (continued) 30th June, 2018
Fair Value % of Total Shares Security Description USD Net Assets
China (30th June, 2017: 25.06%) (continued) 10,000 Shui On Land Ltd. 2,537 0.19 12 SINA Corp./China 1,016 0.07 8,500 Sino-Ocean Group Holding Ltd. 4,940 0.36 1,000 Sunac China Holdings Ltd. 3,499 0.26 200 Sunny Optical Technology Group Co. Ltd. 3,722 0.27 1,700 Tencent Holdings Ltd. 85,331 6.29 2,000 Tingyi Cayman Islands Holding Corp. 4,640 0.34 14 Weibo Corp. 1,243 0.09 71 YY, Inc. 7,133 0.52 600 ZTE Corp. 912 0.07 Total China 377,041 27.74
Hong Kong (30th June, 2017: 2.98%) 1,500 Beijing Enterprises Holdings Ltd. 7,304 0.54 6,000 China Everbright Ltd. 11,012 0.80 800 China Gas Holdings Ltd. 3,217 0.24 1,000 China Mengniu Dairy Co. Ltd. 3,391 0.25 500 China Mobile Ltd. 4,442 0.33 1,400 China Taiping Insurance Holdings Co. Ltd. 4,381 0.32 2,000 China Traditional Chinese Medicine Holdings Co. Ltd. 1,731 0.13 101,000 GCL-Poly Energy Holdings Ltd. 9,526 0.70 2,000 Kunlun Energy Co. Ltd. 1,751 0.13 7,000 Lee & Man Paper Manufacturing Ltd. 7,084 0.52 6,000 Nine Dragons Paper Holdings Ltd. 7,648 0.56 1,500 Sino Biopharmaceutical Ltd. 2,302 0.17 4,000 SSY Group Ltd. 4,441 0.33 8,000 Yuexiu Property Co. Ltd. 1,530 0.11 Total Hong Kong 69,760 5.13
Hungary (30th June, 2017: 0.65%) 155 OTP Bank PLC 5,614 0.41 Total Hungary 5,614 0.41
India (30th June, 2017: 8.48%) 16 Bajaj Auto Ltd. 656 0.05 366 Bharat Forge Ltd. 3,280 0.24 1,269 Coal India Ltd. 4,892 0.36 250 Dabur India Ltd. 1,421 0.10 2,634 GAIL India Ltd. 13,081 0.96 904 Hindustan Unilever Ltd. 21,587 1.59 524 Infosys Ltd. 10,024 0.74 341 JSW Steel Ltd. 1,626 0.12 1 Maruti Suzuki India Ltd. 129 0.01 10 Nestle India Ltd. 1,433 0.11 3,048 Petronet LNG Ltd. 9,787 0.72 1,005 Reliance Industries Ltd. 14,275 1.05 419 Siemens Ltd. 5,987 0.44 793 Tata Steel Ltd. 6,563 0.48 140 Tech Mahindra Ltd. 1,335 0.10 284 Titan Co. Ltd. 3,634 0.27 460 United Spirits Ltd. 4,458 0.33
The accompanying notes form an integral part of these financial statements.
47
LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Los Angeles Capital Emerging Markets Fund Schedule of Investments (continued) 30th June, 2018
Fair Value % of Total Shares Security Description USD Net Assets
India (30th June, 2017: 8.48%) (continued) 1,767 Wipro Ltd. 6,727 0.49 Total India 110,895 8.16
Indonesia (30th June, 2017: 2.08%) 14,400 Bank Negara Indonesia Persero Tbk PT 7,084 0.52 26,500 Bank Rakyat Indonesia Persero Tbk PT 5,252 0.39 3,600 United Tractors Tbk PT 7,939 0.58 Total Indonesia 20,275 1.49
Luxembourg (30th June, 2017: 0.00%) 129 Reinet Investments SCA 2,274 0.17 Total Luxembourg 2,274 0.17
Malaysia (30th June, 2017: 3.33%) 13,400 Gamuda Bhd 10,847 0.80 1,000 Hartalega Holdings Bhd 1,483 0.11 1,100 Hong Leong Bank Bhd 4,956 0.36 700 Kuala Lumpur Kepong Bhd 4,187 0.31 3,000 Malayan Banking Bhd 6,684 0.49 700 Petronas Dagangan Bhd 4,298 0.32 Total Malaysia 32,455 2.39
Mexico (30th June, 2017: 3.70%) 3,600 America Movil SAB de CV 3,037 0.22 2,200 Grupo Financiero Banorte SAB de CV 13,071 0.97 2,300 Mexichem SAB de CV 6,714 0.49 Total Mexico 22,822 1.68
Philippines (30th June, 2017: 0.00%) 12,200 Ayala Land, Inc. 8,664 0.63 8,000 Robinsons Land Corp. 2,788 0.21 6,100 SM Prime Holdings, Inc. 4,109 0.30 Total Philippines 15,561 1.14
Poland (30th June, 2017: 2.27%) 4 LPP S.A. 9,065 0.67 1,071 Polskie Gornictwo Naftowe i Gazownictwo S.A. 1,633 0.12 410 Powszechna Kasa Oszczednosci Bank Polski S.A. 4,051 0.30 Total Poland 14,749 1.09
Russia (30th June, 2017: 3.76%) 2,400 Alrosa PJSC 3,828 0.28 2,910 Novolipetsk Steel PJSC 7,047 0.52 11 Polyus PJSC 738 0.05 671,000 RusHydro PJSC 7,247 0.53 940 Severstal PJSC 13,943 1.03 1,490 Tatneft PJSC 16,062 1.18 Total Russia 48,865 3.59
South Africa (30th June, 2017: 4.43%) 38 Anglo American Platinum Ltd. 995 0.07 5 Aspen Pharmacare Holdings Ltd. 94 0.01
The accompanying notes form an integral part of these financial statements.
48
LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Los Angeles Capital Emerging Markets Fund Schedule of Investments (continued) 30th June, 2018
Fair Value % of Total Shares Security Description USD Net Assets
South Africa (30th June, 2017: 4.43%) (continued) 95 Bid Corp. Ltd. 1,908 0.14 110 Capitec Bank Holdings Ltd. 6,966 0.51 123 Exxaro Resources Ltd. 1,128 0.08 260 Mondi Ltd. 7,049 0.52 100 Mr Price Group Ltd. 1,651 0.12 96 Naspers Ltd. 24,410 1.81 3,785 Rand Merchant Investment Holdings Ltd. 10,342 0.76 63 Sanlam Ltd. 322 0.02 205 SPAR Group Ltd. 2,773 0.20 614 Standard Bank Group Ltd. 8,595 0.63 134 Tiger Brands Ltd. 3,240 0.24 328 Woolworths Holdings Ltd./South Africa 1,327 0.10 Total South Africa 70,800 5.21
South Korea (30th June, 2017: 16.83%) 1,652 BNK Financial Group, Inc. 13,859 1.02 19 Celltrion, Inc. 5,174 0.38 156 Dongsuh Cos, Inc. 3,660 0.27 13 E-Mart, Inc. 2,969 0.22 326 Hana Financial Group, Inc. 12,534 0.92 80 Hanmi Science Co. Ltd 4,637 0.34 943 Industrial Bank of Korea 13,030 0.96 221 KB Financial Group, Inc. 10,470 0.77 160 Kia Motors Corp. 4,429 0.33 11 Korea Zinc Co. Ltd. 3,810 0.28 10 LG Chem Ltd. 2,992 0.22 18 LG Chem Ltd. - PFD 3,254 0.24 107 LG Corp. 6,922 0.51 109 LG Display Co. Ltd. 1,790 0.13 39 LG Electronics, Inc. 2,904 0.21 6 Lotte Chemical Corp. 1,873 0.14 54 OCI Co. Ltd. 4,991 0.37 21 Samsung Electro-Mechanics Co. Ltd. 2,798 0.21 1,525 Samsung Electronics Co. Ltd. 63,833 4.69 266 Samsung Electronics Co. Ltd. - PFD 8,986 0.66 56 Samsung SDS Co. Ltd. 10,074 0.74 62 SillaJen, Inc. 4,078 0.30 216 SK Hynix, Inc. 16,610 1.22 16 SK Innovation Co. Ltd. 2,900 0.21 Total South Korea 208,577 15.34
Taiwan (30th June, 2017: 14.19%) 1,000 ASE Technology Holding Co. Ltd. 2,348 0.17 1,000 Catcher Technology Co. Ltd. 11,185 0.82 2,000 Cathay Financial Holding Co. Ltd. 3,529 0.26 4,720 China Life Insurance Co. Ltd./Taiwan 4,969 0.37 14,000 CTBC Financial Holding Co. Ltd. 10,079 0.74 5,000 Formosa Chemicals & Fibre Corp. 19,926 1.47 5,000 Formosa Petrochemical Corp. 20,089 1.49 3,000 Formosa Plastics Corp. 11,070 0.81 5,000 Innolux Corp. 1,796 0.13 1,000 MediaTek, Inc. 9,840 0.72
The accompanying notes form an integral part of these financial statements.
49
LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Los Angeles Capital Emerging Markets Fund Schedule of Investments (continued) 30th June, 2018
Fair Value % of Total Shares Security Description USD Net Assets
Taiwan (30th June, 2017: 14.19%) (continued) 4,000 Nan Ya Plastics Corp. 11,440 0.84 1,000 Ruentex Development Co. Ltd. 1,155 0.08 1,000 Standard Foods Corp. 2,024 0.15 3,000 Synnex Technology International Corp. 4,526 0.33 6,000 Taiwan Semiconductor Manufacturing Co. Ltd. 42,605 3.14 1,000 Uni-President Enterprises Corp. 2,539 0.19 8,000 United Microelectronics Corp. 4,448 0.33 4,000 Vanguard International Semiconductor Corp. 9,158 0.67 Total Taiwan 172,726 12.71
Thailand (30th June, 2017: 2.55%) 1,100 Advanced Info Service PCL 6,142 0.45 1,400 CP ALL PCL 3,106 0.23 1,000 Glow Energy PCL 2,860 0.21 2,700 PTT Global Chemical PCL 5,949 0.44 2,000 PTT PCL 2,898 0.21 3,200 Thai Oil PCL 7,510 0.55 Total Thailand 28,465 2.09
Turkey (30th June, 2017: 2.17%) 53 Akbank Turk AS 87 0.01 1,205 BIM Birlesik Magazalar AS 17,663 1.30 518 Turk Hava Yollari AO 1,531 0.11 Total Turkey 19,281 1.42
Total Equities 1,339,519 98.54
Investment Funds (30th June, 2017: 1.68%)
South Africa (30th June, 2017: 1.48%) 2,685 Fortress REIT Ltd. 2,948 0.22 705 Growthpoint Properties Ltd. 1,373 0.10 3,743 Redefine Properties Ltd. 2,865 0.21 Total South Africa 7,186 0.53
Total Investment Funds 7,186 0.53
Total Financial Assets at Fair Value through Profit or Loss 1,346,705 99.07 Other assets in excess of other liabilities 12,612 0.93 Net Assets Attributable to Holders of Redeemable Participating Shares 1,359,317 100.00
Portfolio Analysis (unaudited) % of total assets Transferable securities and money market instruments admitted to an official stock exchange 85.11 Transferable securities and money market instruments traded on another regulated market 11.90 97.01
The accompanying notes form an integral part of these financial statements.
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Los Angeles Capital Emerging Markets Fund Statement of Changes in the Portfolio (unaudited) 30th June, 2018
Significant purchases
Cost Shares Security Description USD
106 Samsung Electronics Co. Ltd. 72,083 1,500 Tencent Holdings Ltd. 65,070 328 Alibaba Group Holding Ltd. 56,261 6,000 Taiwan Semiconductor Manufacturing Co. Ltd. 47,076 654 SK Hynix, Inc. 45,504 12,000 China Life Insurance Co. Ltd. 39,442 146 Naspers Ltd. 36,728 19,000 Cathay Financial Holding Co. Ltd. 34,089 1,452 Aspen Pharmacare Holdings Ltd. 33,094 3,000 MediaTek, Inc. 30,096 1,495 Hindustan Unilever Ltd. 28,346 275 Samsung Electronics Co. Ltd. - PFD 27,361 158 MMC Norilsk Nickel PJSC 26,655 30,000 Industrial & Commercial Bank of China Ltd. 26,313 4,200 Grupo Financiero Banorte SAB de CV 26,141 1,299 BIM Birlesik Magazalar AS 23,601 150 Celltrion, Inc. 22,992 1,633 Reliance Industries Ltd. 22,792 1,475 Empresas COPEC S.A. 22,705 15,000 CITIC Ltd. 22,137
This schedule reflects the aggregate purchases of a security exceeding one percent of the total value of purchases for the financial year. At a minimum the largest 20 purchases must be given.
51
LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Los Angeles Capital Emerging Markets Fund Statement of Changes in the Portfolio (unaudited) (continued) 30th June, 2018
Significant sales
Proceeds Shares Security Description USD
18 Samsung Electronics Co. Ltd. 40,598 200 Alibaba Group Holding Ltd. 36,892 700 Tencent Holdings Ltd. 36,651 438 SK Hynix, Inc. 34,983 1,447 Aspen Pharmacare Holdings Ltd. 31,832 17,000 Cathay Financial Holding Co. Ltd. 31,157 12,000 China Evergrande Group 30,689 197 Maruti Suzuki India Ltd. 27,170 158 MMC Norilsk Nickel PJSC 26,877 2,000 Phison Electronics Corp. 24,443 3,000 Taiwan Semiconductor Manufacturing Co. Ltd. 24,189 131 Celltrion, Inc. 23,634 644 Hyundai Marine & Fire Insurance Co. Ltd. 22,970 43,000 Agricultural Bank of China Ltd. 22,883 200 Weibo Corp. 22,528 2,000 Banco Santander Brasil S.A. 21,678 21,000 China Construction Bank Corp. 21,406 15,000 CITIC Ltd. 21,367 5,400 Unilever Indonesia Tbk PT 20,961 2,000 MediaTek, Inc. 20,910
This schedule reflects the aggregate sales of a security exceeding one percent of the total value of sales for the financial year. At a minimum the largest 20 sales must be given.
52
LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Los Angeles Capital Global Fund Schedule of Investments 30th June, 2018
Transferable securities quoted on a stock exchange or dealt in on another regulated market.
Fair Value % of Total Shares Security Description EUR Net Assets
Equities (30th June, 2017: 96.02%)
Australia (30th June, 2017: 1.91%) 103,820 Alumina Ltd. 183,958 0.07 9,373 Aristocrat Leisure Ltd. 183,281 0.07 25,847 ASX Ltd. 1,053,195 0.41 24,676 Aurizon Holdings Ltd. 67,615 0.03 21,570 BHP Billiton Ltd. 462,870 0.18 34,780 BHP Billiton PLC 670,949 0.26 4,648 BlueScope Steel Ltd. 50,768 0.02 826 Caltex Australia Ltd. 17,009 0.01 4,684 CIMIC Group Ltd. 125,383 0.05 8,053 Cochlear Ltd. 1,020,087 0.39 14,374 Computershare Ltd. 167,642 0.06 12,594 Insurance Australia Group Ltd. 67,982 0.03 9,455 Macquarie Group Ltd. 739,838 0.29 33,991 Medibank Pvt Ltd. 62,810 0.02 53,609 Newcrest Mining Ltd. 739,563 0.29 136,180 Origin Energy Ltd. 864,361 0.33 127,764 QBE Insurance Group Ltd. 787,496 0.30 20,728 Sydney Airport 93,919 0.04 15,501 Treasury Wine Estates Ltd. 170,585 0.07 3,132 Westpac Banking Corp. 58,072 0.02 43,120 Woolworths Group Ltd. 832,806 0.32 Total Australia 8,420,189 3.26
Austria (30th June, 2017: 0.14%) 7,311 OMV AG 355,095 0.14 Total Austria 355,095 0.14
Belgium (30th June, 2017: 0.67%) 3,432 Anheuser-Busch InBev S.A./NV 296,867 0.11 3,766 KBC Group NV 249,008 0.10 4,697 Telenet Group Holding NV 187,880 0.07 2,234 UCB S.A. 150,438 0.06 Total Belgium 884,193 0.34
Bermuda (30th June, 2017: 0.49%) 3,600 Arch Capital Group Ltd. 81,586 0.03 3,554 Everest Re Group Ltd. 701,577 0.28 3,063 RenaissanceRe Holdings Ltd. 315,653 0.12 Total Bermuda 1,098,816 0.43
Brazil (30th June, 2017: 0.60%) 83,400 Ambev S.A. 333,820 0.13 39,250 Banco Bradesco S.A. - PFD 235,044 0.09 71,100 Banco Santander Brasil S.A. 463,761 0.18 2,600 Fibria Celulose S.A. 42,004 0.02 56,100 Hypera S.A. 344,815 0.13 3,700 Localiza Rent a Car S.A. 19,546 0.01 1,500 Natura Cosmeticos S.A. 10,108 0.00 45,600 Odontoprev S.A. 132,678 0.05 The accompanying notes form an integral part of these financial statements.
53
LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Los Angeles Capital Global Fund Schedule of Investments (continued) 30th June, 2018
Fair Value % of Total Shares Security Description EUR Net Assets
Brazil (30th June, 2017: 0.60%) (continued) 37,100 Petroleo Brasileiro S.A. - PFD 141,973 0.05 57,826 Vale S.A. 638,373 0.25 Total Brazil 2,362,122 0.91
Canada (30th June, 2017: 3.39%) 15,700 CI Financial Corp. 241,554 0.09 2,200 Constellation Software, Inc./Canada 1,460,432 0.56 2,300 Crescent Point Energy Corp. 14,466 0.01 26,100 Dollarama, Inc. 866,004 0.34 27,800 Empire Co. Ltd. 477,677 0.18 1,100 Encana Corp. 12,297 0.00 1,200 Finning International, Inc. 25,354 0.01 28,000 First Quantum Minerals Ltd. 353,133 0.14 27,300 Gildan Activewear, Inc. 658,213 0.25 30,200 Husky Energy, Inc. 402,902 0.16 8,300 Linamar Corp. 312,415 0.12 3,600 Lululemon Athletica, Inc. 384,960 0.15 30,000 PrairieSky Royalty Ltd. 506,884 0.20 61,300 Shaw Communications, Inc. 1,068,861 0.41 1,200 West Fraser Timber Co. Ltd. 70,702 0.03 Total Canada 6,855,854 2.65
Chile (30th June, 2017: 0.19%) 1,802 Antofagasta PLC 20,173 0.01 89,269 Empresas CMPC S.A. 279,506 0.11 23,022 Empresas COPEC S.A. 302,867 0.11 506,086 Enersis S.A. 76,892 0.03 Total Chile 679,438 0.26
China (30th June, 2017: 3.50%) 3,800 58.com, Inc. 225,679 0.09 61,000 Anhui Conch Cement Co. Ltd. 299,674 0.12 39,000 ANTA Sports Products Ltd. 176,906 0.07 86,000 China Evergrande Group 187,774 0.07 365,000 China Life Insurance Co. Ltd. 806,909 0.31 420,000 China Molybdenum Co. Ltd. 174,237 0.07 40,000 China Pacific Insurance Group Co. Ltd. 132,533 0.05 242,000 China Railway Group Ltd. 156,403 0.06 307,500 China Shenhua Energy Co. Ltd. 625,074 0.24 203,000 CNOOC Ltd. 300,069 0.12 193,000 Fosun International Ltd. 310,993 0.12 95,000 Geely Automobile Holdings Ltd. 211,055 0.08 471,500 Great Wall Motor Co. Ltd. 308,844 0.12 15,500 Hengan International Group Co. Ltd. 127,757 0.05 23,000 Industrial & Commercial Bank of China Ltd. 14,739 0.01 56,000 Jiangxi Copper Co. Ltd. 61,136 0.02 682,000 PetroChina Co. Ltd. 444,493 0.17 20,000 Shenzhou International Group Holdings Ltd. 211,464 0.08 414,500 Sino-Ocean Group Holding Ltd. 206,346 0.08 244,000 Sinopec Shanghai Petrochemical Co. Ltd. 127,328 0.05 62,600 Tencent Holdings Ltd. 2,691,266 1.03 86,000 Tingyi Cayman Islands Holding Corp. 170,874 0.07
The accompanying notes form an integral part of these financial statements.
54
LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Los Angeles Capital Global Fund Schedule of Investments (continued) 30th June, 2018
Fair Value % of Total Shares Security Description EUR Net Assets
China (30th June, 2017: 3.50%) (continued) 181,400 Yangzijiang Shipbuilding Holdings Ltd. 103,123 0.04 Total China 8,074,676 3.12
Colombia (30th June, 2017: 0.05%) 53,431 Ecopetrol S.A. 47,135 0.02 Total Colombia 47,135 0.02
Denmark (30th June, 2017: 1.16%) 183 DSV AS 12,664 0.00 4,228 Genmab AS 558,836 0.22 5,954 H Lundbeck AS 358,324 0.14 29,419 Novo Nordisk AS 1,168,749 0.45 3,591 Novozymes AS 156,013 0.06 13,299 William Demant Holding AS 458,370 0.18 Total Denmark 2,712,956 1.05
Finland (30th June, 2017: 0.61%) 2,719 Fortum OYJ 55,576 0.02 460 Neste OYJ 30,912 0.01 13,894 Nokian Renkaat OYJ 470,173 0.18 5,131 Orion OYJ 118,475 0.05 13,569 Sampo OYJ 567,184 0.22 14,125 UPM-Kymmene OYJ 432,508 0.17 Total Finland 1,674,828 0.65
France (30th June, 2017: 1.74%) 604 Accor S.A. 25,380 0.01 7,373 Alstom S.A. 290,201 0.11 217 Arkema S.A. 22,004 0.01 978 Atos SE 114,377 0.04 1,820 Dassault Systemes SE 218,400 0.08 6,319 Engie S.A. 82,968 0.03 5,756 Essilor International Cie Generale d'Optique S.A. 695,900 0.27 1,052 Hermes International 551,038 0.21 64 Kering S.A. 30,950 0.01 2,807 LVMH Moet Hennessy Louis Vuitton SE 800,557 0.31 53,810 TOTAL S.A. 2,809,421 1.10 2,606 Unibail-Rodamco-Westfield 491,361 0.19 Total France 6,132,557 2.37
Germany (30th June, 2017: 4.62%) 6,828 Adidas AG 1,276,496 0.49 1,032 BASF SE 84,531 0.03 3,201 Beiersdorf AG 311,265 0.12 6,034 Brenntag AG 287,942 0.11 10,919 Deutsche Lufthansa AG 224,931 0.09 5,698 Deutsche Post AG 159,373 0.06 240 Fraport AG Frankfurt Airport Services Worldwide 19,829 0.01 1,464 Fresenius Medical Care AG & Co. KGaA 126,460 0.05 3,227 FUCHS PETROLUB SE - PFD 136,308 0.05 2,578 Hannover Rueck SE 275,330 0.11 3,131 HOCHTIEF AG 484,679 0.19 4,189 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 758,418 0.29 The accompanying notes form an integral part of these financial statements.
55
LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Los Angeles Capital Global Fund Schedule of Investments (continued) 30th June, 2018
Fair Value % of Total Shares Security Description EUR Net Assets
Germany (30th June, 2017: 4.62%) (continued) 21,176 Porsche Automobil Holding SE - PFD 1,155,363 0.45 5 Puma SE 2,505 0.00 10,917 SAP SE 1,080,237 0.42 2,483 Volkswagen AG 351,345 0.14 Total Germany 6,735,012 2.61
Greece (30th June, 2017: 0.08%) 1,923 FF Group 9,230 0.00 Total Greece 9,230 0.00
Hong Kong (30th June, 2017: 1.55%) 271,500 BOC Hong Kong Holdings Ltd. 1,095,195 0.42 45,000 China Mengniu Dairy Co. Ltd. 130,678 0.05 16,600 China Taiping Insurance Holdings Co. Ltd. 44,490 0.02 9,000 CLP Holdings Ltd. 83,024 0.03 26,000 Galaxy Entertainment Group Ltd. 172,435 0.07 62,000 GCL-Poly Energy Holdings Ltd. 5,009 0.00 56,000 Hang Lung Group Ltd. 134,498 0.05 5,500 Hang Seng Bank Ltd. 117,806 0.05 8,400 Hong Kong Exchanges & Clearing Ltd. 216,420 0.08 37,900 Hongkong Land Holdings Ltd. 232,097 0.09 1,900 Jardine Matheson Holdings Ltd. 102,685 0.04 42,000 Kunlun Energy Co. Ltd. 31,500 0.01 3,300 Melco Resorts & Entertainment Ltd. 79,140 0.03 282,000 Nine Dragons Paper Holdings Ltd. 307,862 0.12 8,000 Shanghai Industrial Holdings Ltd. 15,965 0.01 140,500 Shimao Property Holdings Ltd. 315,974 0.12 21,500 Swire Pacific Ltd. 195,050 0.08 5,000 Techtronic Industries Co. Ltd. 23,881 0.01 49,000 Wheelock & Co. Ltd. 292,343 0.11 Total Hong Kong 3,596,052 1.39
Hungary (30th June, 2017: 0.06%) 965 OTP Bank PLC 29,936 0.01 Total Hungary 29,936 0.01
India (30th June, 2017: 0.04%) 1,931 Coal India Ltd. 6,375 0.00 33,223 Oil & Natural Gas Corp. Ltd. 65,620 0.03 Total India 71,995 0.03
Indonesia (30th June, 2017: 0.09%) 1,229,000 Bank Negara Indonesia Persero Tbk PT 517,868 0.20 237,300 United Tractors Tbk PT 448,191 0.17 Total Indonesia 966,059 0.37
Ireland (30th June, 2017: 1.21%) 16,207 Accenture PLC 2,270,826 0.88 700 AerCap Holdings NV 32,465 0.01 4,500 Perrigo Co. PLC 281,012 0.11 Total Ireland 2,584,303 1.00
The accompanying notes form an integral part of these financial statements.
56
LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Los Angeles Capital Global Fund Schedule of Investments (continued) 30th June, 2018
Fair Value % of Total Shares Security Description EUR Net Assets
Israel (30th June, 2017: 0.40%) 5,780 Check Point Software Technologies Ltd. 483,569 0.19 Total Israel 483,569 0.19
Italy (30th June, 2017: 0.56%) 37,949 Enel SpA 180,523 0.07 44,819 Eni SpA 712,891 0.28 106,323 Mediobanca SpA 846,544 0.33 6,586 Prysmian SpA 140,479 0.05 17,716 Recordati SpA 603,407 0.23 199,141 Terna Rete Elettrica Nazionale SpA 922,422 0.36 Total Italy 3,406,266 1.32
Japan (30th June, 2017: 6.87%) 12,100 Astellas Pharma, Inc. 158,029 0.06 1,300 Brother Industries Ltd. 21,994 0.01 11,300 Canon, Inc. 317,268 0.12 8,700 Chugoku Electric Power Co., Inc. 96,335 0.04 9,000 CYBERDYNE, Inc. 90,331 0.03 6,600 Daifuku Co. Ltd. 247,774 0.10 4,000 Daikin Industries Ltd. 410,443 0.16 15,500 Eisai Co. Ltd. 935,343 0.36 3,600 Fast Retailing Co. Ltd. 1,417,189 0.54 13,900 Hamamatsu Photonics KK 511,616 0.20 600 Hoya Corp. 29,224 0.01 4,700 Japan Airport Terminal Co. Ltd. 188,620 0.07 900 Japan Exchange Group, Inc. 14,329 0.01 82,800 Japan Post Holdings Co. Ltd. 776,628 0.30 11,200 Kansai Electric Power Co., Inc. 139,953 0.05 10,900 KAO Corp. 712,205 0.28 2,500 KDDI Corp. 58,593 0.02 22,200 Keikyu Corp. 311,739 0.12 800 Keyence Corp. 386,998 0.15 15,900 Koito Manufacturing Co. Ltd. 899,974 0.35 10,000 Konami Holdings Corp. 436,115 0.17 3,100 Kubota Corp. 41,781 0.02 11,000 Kurita Water Industries Ltd. 268,783 0.10 56,800 Kyushu Electric Power Co., Inc. 542,861 0.21 4,800 Lion Corp. 75,346 0.03 23,400 Marubeni Corp. 152,914 0.06 11,500 McDonald's Holdings Co. Japan Ltd. 502,422 0.19 40,900 Mebuki Financial Group, Inc. 117,649 0.05 32,800 MINEBEA MITSUMI, Inc. 475,297 0.18 159,100 Mizuho Financial Group, Inc. 229,441 0.09 3,000 Nidec Corp. 385,660 0.15 39,300 Nikon Corp. 535,756 0.21 500 Nintendo Co. Ltd. 139,959 0.05 1,900 Nippon Telegraph & Telephone Corp. 73,988 0.03 68,700 Nomura Holdings, Inc. 285,905 0.11 2,600 NTT DOCOMO, Inc. 56,745 0.02 7,400 Otsuka Corp. 248,624 0.10 13,200 Persol Holdings Co. Ltd. 252,214 0.10 6,800 Pola Orbis Holdings, Inc. 256,334 0.10 132,300 Rakuten, Inc. 766,647 0.30 The accompanying notes form an integral part of these financial statements.
57
LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Los Angeles Capital Global Fund Schedule of Investments (continued) 30th June, 2018
Fair Value % of Total Shares Security Description EUR Net Assets
Japan (30th June, 2017: 6.87%) (continued) 22,500 Recruit Holdings Co. Ltd. 533,429 0.21 7,700 Sankyo Co. Ltd. 258,108 0.10 1,900 Seven & i Holdings Co. Ltd. 70,976 0.03 6,600 Shin-Etsu Chemical Co. Ltd. 503,866 0.19 15,000 Shionogi & Co. Ltd. 660,088 0.26 12,400 Shiseido Co. Ltd. 843,583 0.33 500 SoftBank Group Corp. 30,826 0.01 4,400 Start Today Co. Ltd. 136,603 0.05 10,400 SUMCO Corp. 179,896 0.07 7,700 Sumitomo Mitsui Financial Group, Inc. 256,382 0.10 600 Sundrug Co. Ltd. 20,831 0.01 11,500 Takeda Pharmaceutical Co. Ltd. 415,987 0.16 8,200 Tohoku Electric Power Co., Inc. 85,789 0.03 700 Trend Micro, Inc./Japan 34,209 0.01 6,700 Unicharm Corp. 172,676 0.07 3,300 USS Co. Ltd. 53,791 0.02 5,300 Yakult Honsha Co. Ltd. 303,270 0.12 Total Japan 18,129,336 7.02
Luxembourg (30th June, 2017: 0.51%) 180 Eurofins Scientific SE 85,752 0.03 Total Luxembourg 85,752 0.03
Macau (30th June, 2017: 0.00%) 6,800 Wynn Macau Ltd. 18,745 0.01 Total Macau 18,745 0.01
Malaysia (30th June, 2017: 0.13%) 289,100 Gamuda Bhd 200,444 0.08 70,500 Genting Bhd 125,714 0.05 31,500 Kuala Lumpur Kepong Bhd 161,363 0.06 41,600 Malayan Banking Bhd 79,384 0.03 19,700 Petronas Dagangan Bhd 103,589 0.04 Total Malaysia 670,494 0.26
Netherlands (30th June, 2017: 1.48%) 5,228 ASML Holding NV 887,192 0.34 1,940 Koninklijke DSM NV 167,073 0.06 4,398 Randstad Holding NV 221,747 0.09 Total Netherlands 1,276,012 0.49
New Zealand (30th June, 2017: 0.06%) 5,894 Fisher & Paykel Healthcare Corp. Ltd. 50,892 0.02 Total New Zealand 50,892 0.02
Norway (30th June, 2017: 0.06%) 19,917 DNB ASA 333,415 0.13 38,824 Norsk Hydro ASA 199,057 0.08 20,740 Orkla ASA 155,615 0.06 21,176 Equinor ASA 481,556 0.18 Total Norway 1,169,643 0.45
The accompanying notes form an integral part of these financial statements.
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Los Angeles Capital Global Fund Schedule of Investments (continued) 30th June, 2018
Fair Value % of Total Shares Security Description EUR Net Assets
Peru (30th June, 2017: 0.00%) 500 Compania de Minas Buenaventura S.A.A. 5,837 0.00 Total Peru 5,837 0.00
Philippines (30th June, 2017: 0.08%) 367,700 Ayala Land, Inc. 223,656 0.09 3,710 PLDT, Inc. 76,809 0.03 Total Philippines 300,465 0.12
Poland (30th June, 2017: 0.23%) 40 LPP S.A. 77,644 0.03 29,800 Powszechna Kasa Oszczednosci Bank Polski S.A. 252,171 0.10 Total Poland 329,815 0.13
Russia (30th June, 2017: 0.38%) 596 MMC Norilsk Nickel PJSC 92,801 0.04 13,840 Novolipetsk Steel PJSC 28,705 0.01 33,180 Severstal PJSC 421,546 0.16 Total Russia 543,052 0.21
Singapore (30th June, 2017: 0.45%) 3,200 City Developments Ltd. 21,970 0.01 853,500 Genting Singapore Ltd. 654,083 0.25 5,000 Keppel Corp. Ltd. 22,457 0.01 27,700 UOL Group Ltd. 132,588 0.05 Total Singapore 831,098 0.32
South Africa (30th June, 2017: 0.18%) 5,509 Aspen Pharmacare Holdings Ltd. 88,893 0.03 Total South Africa 88,893 0.03
South Korea (30th June, 2017: 3.54%) 28,517 BNK Financial Group, Inc. 204,908 0.08 38,905 Hana Financial Group, Inc. 1,281,152 0.50 36,067 Hanwha Life Insurance Co. Ltd. 146,903 0.06 4,634 Hotel Shilla Co. Ltd. 439,812 0.17 2,004 Hyundai Marine & Fire Insurance Co. Ltd. 51,901 0.02 11,135 Industrial Bank of Korea 131,782 0.05 11,432 KB Financial Group, Inc. 463,875 0.18 3,732 Kia Motors Corp. 88,479 0.03 487 LG Corp. 26,984 0.01 65,362 Samsung Electronics Co. Ltd. 2,343,265 0.91 7,139 Samsung Electronics Co. Ltd. - PFD 206,560 0.08 393 Samsung SDS Co. Ltd. 60,555 0.02 661 Samsung Securities Co. Ltd. 17,652 0.01 8,381 SillaJen, Inc. 472,111 0.18 20,360 SK Hynix, Inc. 1,340,921 0.52 3,064 SK Innovation Co. Ltd. 475,647 0.18 6,766 Woori Bank 84,755 0.03 Total South Korea 7,837,262 3.03
Spain (30th June, 2017: 2.14%) 3,643 Amadeus IT Group S.A. 246,267 0.10
The accompanying notes form an integral part of these financial statements.
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Los Angeles Capital Global Fund Schedule of Investments (continued) 30th June, 2018
Fair Value % of Total Shares Security Description EUR Net Assets
Spain (30th June, 2017: 2.14%) (continued) 155,577 Banco Bilbao Vizcaya Argentaria S.A. 944,975 0.37 133,600 CaixaBank S.A. 495,122 0.19 55,020 Endesa S.A. 1,039,603 0.40 4,255 Red Electrica Corp. S.A. 74,207 0.03 95,898 Repsol S.A. 1,607,729 0.62 Total Spain 4,407,903 1.71
Sweden (30th June, 2017: 1.11%) 882 Atlas Copco AB 22,023 0.01 882 Epiroc AB 7,937 0.00 5,530 ICA Gruppen AB 145,439 0.06 12,432 Investor AB 434,321 0.17 39,513 SKF AB 630,624 0.24 20,377 Swedish Match AB 865,615 0.33 8,882 Volvo AB 121,773 0.05 Total Sweden 2,227,732 0.86
Switzerland (30th June, 2017: 3.73%) 22,606 Adecco Group AG 1,145,784 0.45 4,590 Cie Financiere Richemont S.A. 333,050 0.13 26,751 Coca-Cola HBC AG 765,619 0.30 204 EMS-Chemie Holding AG 112,002 0.04 938 Geberit AG 344,594 0.13 165,192 Glencore PLC 676,205 0.26 4,960 Nestle S.A. 329,007 0.13 10,070 Novartis AG 653,892 0.25 2,794 Partners Group Holding AG 1,753,300 0.69 932 Roche Holding AG 177,305 0.07 1,599 Schindler Holding AG 294,610 0.11 107 SGS S.A. 243,845 0.09 9,891 STMicroelectronics NV 189,017 0.07 675 Straumann Holding AG 439,590 0.17 3,643 Swatch Group AG 269,772 0.10 9,195 Swiss Re AG 679,719 0.26 Total Switzerland 8,407,311 3.25
Taiwan (30th June, 2017: 2.07%) 65,000 Catcher Technology Co. Ltd. 622,668 0.23 258,000 Cathay Financial Holding Co. Ltd. 389,933 0.15 421,000 China Airlines Ltd. 112,592 0.04 324,000 China Development Financial Holding Corp. 101,487 0.04 467,920 China Life Insurance Co. Ltd./Taiwan 421,954 0.16 10,000 Chunghwa Telecom Co. Ltd. 30,902 0.01 773,000 E.Sun Financial Holding Co. Ltd. 461,452 0.18 202,000 Eva Airways Corp. 83,701 0.03 199,000 First Financial Holding Co. Ltd. 115,162 0.04 95,000 Formosa Chemicals & Fibre Corp. 324,256 0.13 60,000 Formosa Petrochemical Corp. 206,479 0.08 22,080 Foxconn Technology Co. Ltd. 46,273 0.02 30,000 Globalwafers Co. Ltd. 427,285 0.17 34,000 Hiwin Technologies Corp. 343,851 0.13 9,000 Hotai Motor Co. Ltd. 67,885 0.03 104,000 Macronix International 126,798 0.05 The accompanying notes form an integral part of these financial statements.
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Los Angeles Capital Global Fund Schedule of Investments (continued) 30th June, 2018
Fair Value % of Total Shares Security Description EUR Net Assets
Taiwan (30th June, 2017: 2.07%) (continued) 60,000 MediaTek, Inc. 505,663 0.20 103,000 Nan Ya Plastics Corp. 252,314 0.10 4,000 Phison Electronics Corp. 27,081 0.01 3,000 President Chain Store Corp. 29,118 0.01 450,000 Shin Kong Financial Holding Co. Ltd. 148,538 0.06 103,000 Standard Foods Corp. 178,530 0.07 176,000 Synnex Technology International Corp. 227,436 0.09 387,000 Taiwan Business Bank 102,303 0.04 6,000 Taiwan Cement Corp. 7,138 0.00 39,000 Taiwan Semiconductor Manufacturing Co. Ltd. 237,198 0.09 155,000 Vanguard International Semiconductor Corp. 303,931 0.12 6,000 Walsin Technology Corp. 70,287 0.03 Total Taiwan 5,972,215 2.31
Thailand (30th June, 2017: 0.15%) 13,800 Advanced Info Service PCL 66,002 0.02 10,600 Thai Oil PCL 21,306 0.01 Total Thailand 87,308 0.03
Turkey (30th June, 2017: 0.21%) 58,517 Akbank Turk AS 82,271 0.03 2,543 Anadolu Efes Biracilik Ve Malt Sanayii AS 11,220 0.00 13,285 Aselsan Elektronik Sanayi Ve Ticaret AS 57,474 0.02 6,890 BIM Birlesik Magazalar AS 86,499 0.03 62,448 Turk Hava Yollari AO 158,081 0.07 10,125 Turkiye Garanti Bankasi AS 15,863 0.01 6,380 Turkiye Vakiflar Bankasi TAO 5,857 0.00 19,367 Yapi ve Kredi Bankasi AS 8,980 0.00 Total Turkey 426,245 0.16
United Kingdom (30th June, 2017: 3.80%) 52,452 3i Group PLC 534,164 0.21 12,750 Admiral Group PLC 275,014 0.11 10,464 Aon PLC 1,229,367 0.48 1,963 Associated British Foods PLC 60,776 0.02 96,475 Barclays PLC 206,185 0.08 20,031 Barratt Developments PLC 116,742 0.05 5,083 BT Group PLC 12,519 0.00 15,417 Bunzl PLC 400,095 0.15 57,138 CNH Industrial NV 519,727 0.20 1,993 Compass Group PLC 36,475 0.01 8,674 Croda International PLC 471,001 0.18 9,600 Diageo PLC 295,488 0.11 6,749 Direct Line Insurance Group PLC 26,169 0.01 6,932 easyJet PLC 131,140 0.05 438 GlaxoSmithKline PLC 7,577 0.00 8,213 InterContinental Hotels Group PLC 438,354 0.17 22,745 Legal & General Group PLC 68,415 0.03 4,200 Michael Kors Holdings Ltd. 239,579 0.09 12,043 Mondi PLC 279,306 0.11 1,040 Persimmon PLC 29,789 0.01 3,284 Reckitt Benckiser Group PLC 231,685 0.09 5,675 Rio Tinto Ltd. 299,655 0.12 The accompanying notes form an integral part of these financial statements.
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Los Angeles Capital Global Fund Schedule of Investments (continued) 30th June, 2018
Fair Value % of Total Shares Security Description EUR Net Assets
United Kingdom (30th June, 2017: 3.80%) (continued) 906 Rio Tinto PLC 43,039 0.02 2,269 Sky PLC 37,499 0.01 2,786 Smith & Nephew PLC 44,042 0.02 2,764 Smiths Group PLC 53,071 0.02 57,660 Standard Chartered PLC 451,583 0.17 90,049 Taylor Wimpey PLC 182,167 0.07 580,580 Tesco PLC 1,685,266 0.66 Total United Kingdom 8,405,889 3.25
United States (30th June, 2017: 45.37%) 363 3M Co. 61,162 0.02 2,900 AbbVie, Inc. 230,127 0.09 2,133 Activision Blizzard, Inc. 139,429 0.05 20,191 Adobe Systems, Inc. 4,216,322 1.63 4,200 Affiliated Managers Group, Inc. 534,807 0.21 2,130 AGCO Corp. 110,774 0.04 4,218 Air Products & Chemicals, Inc. 562,605 0.22 1,500 Albemarle Corp. 121,190 0.05 4,223 Alexion Pharmaceuticals, Inc. 449,048 0.17 1,298 Align Technology, Inc. 380,367 0.15 1,347 Alphabet, Inc. Class A 1,302,744 0.50 1,557 Alphabet, Inc. Class C 1,487,788 0.58 1,874 Amazon.com, Inc. 2,728,299 1.06 37,089 American Express Co. 3,113,119 1.20 904 Ameriprise Financial, Inc. 108,305 0.04 1,400 AmerisourceBergen Corp. 102,247 0.04 1,100 Anadarko Petroleum Corp. 69,012 0.03 20,900 Antero Resources Corp. 382,181 0.15 900 Anthem, Inc. 183,484 0.07 490 AO Smith Corp. 24,824 0.01 29,379 Apple, Inc. 4,657,912 1.80 18,511 Applied Materials, Inc. 732,322 0.28 397 Arrow Electronics, Inc. 25,597 0.01 3,051 Avery Dennison Corp. 266,804 0.10 53,549 Baxter International, Inc. 3,386,628 1.31 1,052 Becton Dickinson & Co. 215,851 0.08 16,624 Best Buy Co., Inc. 1,061,897 0.41 7,630 Biogen, Inc. 1,896,734 0.73 2,375 Boeing Co. 682,486 0.26 87,798 Boston Scientific Corp. 2,458,991 0.95 14,600 Brighthouse Financial, Inc. 501,068 0.19 45,000 Bristol-Myers Squibb Co. 2,132,928 0.83 7,321 CA, Inc. 223,540 0.09 80,141 Cabot Oil & Gas Corp. 1,633,640 0.63 20,600 Cadence Design Systems, Inc. 764,152 0.30 18,500 Capital One Financial Corp. 1,456,169 0.56 7,200 Cardinal Health, Inc. 301,123 0.12 9,200 Carnival PLC 452,229 0.17 648 Caterpillar, Inc. 75,298 0.03 2,400 Cboe Global Markets, Inc. 213,925 0.08 152 CBRE Group, Inc. 6,215 0.00 9,400 Celgene Corp. 639,414 0.25 2,000 Centene Corp. 211,057 0.08 The accompanying notes form an integral part of these financial statements.
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Los Angeles Capital Global Fund Schedule of Investments (continued) 30th June, 2018
Fair Value % of Total Shares Security Description EUR Net Assets
United States (30th June, 2017: 45.37%) (continued) 1,400 Cerner Corp. 71,694 0.03 5,700 CF Industries Holdings, Inc. 216,762 0.08 17,300 Cheniere Energy, Inc. 965,943 0.37 48,973 Chevron Corp. 5,303,118 2.04 1,400 Cimarex Energy Co. 121,996 0.05 6,912 Cintas Corp. 1,095,631 0.42 2,305 Citizens Financial Group, Inc. 76,797 0.03 5,678 Citrix Systems, Inc. 509,855 0.20 12,179 CME Group, Inc. 1,709,890 0.66 8,200 Coca-Cola Co. 308,040 0.12 2,119 Cognizant Technology Solutions Corp. 143,360 0.06 55,700 Comcast Corp. 1,565,258 0.61 17,070 Comerica, Inc. 1,329,283 0.51 11,500 Concho Resources, Inc. 1,362,704 0.53 1,306 ConocoPhillips 77,876 0.03 5,900 Coty, Inc. 71,252 0.03 200 Crown Holdings, Inc. 7,667 0.00 19,374 Cummins, Inc. 2,206,965 0.85 17,100 CVS Health Corp. 942,474 0.36 24,200 Dell Technologies, Inc. 1,753,104 0.68 11,500 DISH Network Corp. 331,048 0.13 3,000 Dollar General Corp. 253,351 0.10 2,032 Domino's Pizza, Inc. 491,088 0.19 1,300 East West Bancorp, Inc. 72,596 0.03 7,966 Eaton Vance Corp. 356,084 0.14 7,400 eBay, Inc. 229,818 0.09 7,706 Edwards Lifesciences Corp. 960,783 0.37 6,957 Electronic Arts, Inc. 840,286 0.33 20,629 Eli Lilly & Co. 1,507,664 0.58 13,500 Estee Lauder Cos, Inc. 1,649,878 0.64 13,725 Expeditors International of Washington, Inc. 859,319 0.33 5,300 Express Scripts Holding Co. 350,489 0.14 1,100 Exxon Mobil Corp. 77,944 0.03 5,649 F5 Networks, Inc. 834,371 0.32 28,812 Facebook, Inc. 4,795,295 1.85 25,847 Fifth Third Bancorp 635,355 0.25 14,489 FMC Corp. 1,107,074 0.43 7,061 Fortinet, Inc. 377,558 0.15 5,502 Fortive Corp. 363,376 0.14 4,100 Gap, Inc. 113,742 0.04 5,600 H&R Block, Inc. 109,261 0.04 28,702 Halliburton Co. 1,107,715 0.43 24,000 HD Supply Holdings, Inc. 881,641 0.34 1,207 HollyFrontier Corp. 70,742 0.03 6,754 Home Depot, Inc. 1,128,607 0.44 20,204 HP, Inc. 392,642 0.15 712 Humana, Inc. 181,502 0.07 480 IDEXX Laboratories, Inc. 89,599 0.03 18,633 Illinois Tool Works, Inc. 2,210,968 0.86 615 Incyte Corp. 35,292 0.01 7,462 Ingersoll-Rand PLC 573,479 0.22 14,280 IntercontinentalExchange Group, Inc. 899,571 0.35 2,400 Intuitive Surgical, Inc. 983,557 0.38 The accompanying notes form an integral part of these financial statements.
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Los Angeles Capital Global Fund Schedule of Investments (continued) 30th June, 2018
Fair Value % of Total Shares Security Description EUR Net Assets
United States (30th June, 2017: 45.37%) (continued) 700 JB Hunt Transport Services, Inc. 72,875 0.03 1,795 Johnson & Johnson 186,549 0.07 13,262 JPMorgan Chase & Co. 1,183,590 0.46 1,128 Kimberly-Clark Corp. 101,772 0.04 25,100 Kinder Morgan, Inc./DE 379,870 0.15 2,568 KLA-Tencor Corp. 225,512 0.09 538 Lam Research Corp. 79,648 0.03 9,228 Las Vegas Sands Corp. 603,529 0.23 242 Lear Corp. 38,513 0.01 13,100 Liberty Media Corp.-Liberty SiriusXM Class A 505,464 0.20 21,200 Liberty Media Corp.-Liberty SiriusXM Class C 823,632 0.32 800 Lowe's Cos, Inc. 65,484 0.03 18,026 LyondellBasell Industries NV 1,695,993 0.66 11,270 Marathon Petroleum Corp. 677,233 0.26 57,604 Marvell Technology Group Ltd. 1,057,796 0.41 2,481 MasterCard, Inc. 417,598 0.16 26,684 McDonald's Corp. 3,581,101 1.39 1,647 Mettler-Toledo International, Inc. 816,242 0.32 36,896 Microsoft Corp. 3,116,195 1.21 331 Mohawk Industries, Inc. 60,745 0.02 900 Monster Beverage Corp. 44,169 0.02 17,302 Motorola Solutions, Inc. 1,724,495 0.67 8,300 Mylan NV 256,916 0.10 18,475 NetApp, Inc. 1,242,638 0.48 3,695 Northrop Grumman Corp. 973,793 0.38 2,662 Norwegian Cruise Line Holdings Ltd. 107,729 0.04 2,383 NVIDIA Corp. 483,519 0.19 13,100 Occidental Petroleum Corp. 938,896 0.36 6,323 Paychex, Inc. 370,157 0.14 1,411 PayPal Holdings, Inc. 100,633 0.04 1,306 PepsiCo, Inc. 121,780 0.05 8,507 Philip Morris International, Inc. 588,288 0.23 4,601 PNC Financial Services Group, Inc. 532,393 0.21 2,530 Praxair, Inc. 342,700 0.13 24,956 Progressive Corp. 1,264,312 0.49 33,800 Qurate Retail, Inc. 614,309 0.24 500 Ralph Lauren Corp. 53,839 0.02 500 Red Hat, Inc. 57,544 0.02 1,400 Regeneron Pharmaceuticals, Inc. 413,675 0.16 61,689 Regions Financial Corp. 939,429 0.36 5,510 Rockwell Automation, Inc. 784,487 0.30 1,200 Rollins, Inc. 54,041 0.02 597 S&P Global, Inc. 104,254 0.04 13,081 Salesforce.com, Inc. 1,528,199 0.59 800 Seagate Technology PLC 38,693 0.01 1,738 SEI Investments Co. 93,066 0.04 2,008 Southwest Airlines Co. 87,505 0.03 500 Spirit AeroSystems Holdings, Inc. 36,791 0.01 476 Starbucks Corp. 19,916 0.01 4,103 State Street Corp. 327,137 0.13 5,200 Steel Dynamics, Inc. 204,651 0.08 7,993 Texas Instruments, Inc. 754,767 0.29 5,060 TJX Cos, Inc. 412,497 0.16 The accompanying notes form an integral part of these financial statements.
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Los Angeles Capital Global Fund Schedule of Investments (continued) 30th June, 2018
Fair Value % of Total Shares Security Description EUR Net Assets
United States (30th June, 2017: 45.37%) (continued) 3,039 Toll Brothers, Inc. 96,281 0.04 2,101 Torchmark Corp. 146,497 0.06 1,700 Total System Services S.A. 123,065 0.05 2,200 Tractor Supply Co. 144,129 0.06 2,500 TransUnion 153,398 0.06 10,315 Travelers Cos, Inc. 1,080,842 0.42 200 TripAdvisor, Inc. 9,543 0.00 4,500 Twitter, Inc. 168,314 0.07 6,280 UGI Corp. 280,073 0.11 386 Ulta Beauty, Inc. 77,183 0.03 1,451 United Rentals, Inc. 183,458 0.07 10,832 UnitedHealth Group, Inc. 2,276,153 0.88 15,600 US Bancorp 668,333 0.26 10,612 Valero Energy Corp. 1,007,347 0.39 4,167 Veeva Systems, Inc. 274,314 0.11 9,130 Vertex Pharmaceuticals, Inc. 1,329,052 0.51 9,000 Visa, Inc. 1,020,984 0.39 21,400 Vistra Energy Corp. 433,664 0.17 8,762 Wal-Mart Stores, Inc. 642,769 0.25 15,031 Waste Management, Inc. 1,047,168 0.41 4,748 Waters Corp. 787,260 0.30 14,286 Western Digital Corp. 947,179 0.37 400 WW Grainger, Inc. 105,657 0.04 635 Xilinx, Inc. 35,493 0.01 23,884 Yum! Brands, Inc. 1,600,108 0.62 1,000 Zoetis, Inc. 72,965 0.03 Total United States 131,032,966 50.70
Total Equities 249,485,146 96.51
Investment Funds (30th June, 2017: 3.04%)
Australia (30th June, 2017: 0.00%) 13,827 Goodman Group 84,175 0.03 Total Australia 84,175 0.03
Canada (30th June, 2017: 0.16%) 4,000 RioCan Real Estate Investment Trust 62,897 0.02 Total Canada 62,897 0.02
France (30th June, 2017: 0.25%) 3,666 Klepierre S.A. 118,229 0.05 Total France 118,229 0.05
Japan (30th June, 2017: 0.02%) 101 Japan Real Estate Investment Corp. 457,658 0.19 1 Japan Retail Fund Investment Corp. 1,543 0.00 70 Nippon Building Fund, Inc. 345,876 0.13 183 United Urban Investment Corp. 243,248 0.09 Total Japan 1,048,325 0.41
The accompanying notes form an integral part of these financial statements.
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Los Angeles Capital Global Fund Schedule of Investments (continued) 30th June, 2018
Fair Value % of Total Shares Security Description EUR Net Assets
Singapore (30th June, 2017: 0.00%) 27,000 CapitaLand Mall Trust 35,108 0.01 Total Singapore 35,108 0.01
United Kingdom (30th June, 2017: 0.24%) 84,182 Hammerson PLC 497,473 0.19 Total United Kingdom 497,473 0.19
United States (30th June, 2017: 2.30%) 3,641 American Tower Corp. 449,594 0.17 3,478 Camden Property Trust 271,466 0.11 800 Crown Castle International Corp. 73,878 0.03 1,600 Equity Residential 87,280 0.03 1,600 Essex Property Trust, Inc. 327,619 0.13 9,900 Macerich Co. 481,878 0.19 47,000 Prologis, Inc. 2,644,366 1.02 2,900 Simon Property Group, Inc. 422,724 0.16 5,800 UDR, Inc. 186,486 0.07 2,000 Ventas, Inc. 97,555 0.04 43,200 VEREIT, Inc. 275,284 0.11 Total United States 5,318,130 2.06
Total Investment Funds 7,164,337 2.77
Rights (30th June, 2017: 0.01%)
Spain 0.02% (30th June, 2017: 0.01%) 95,898 Repsol S.A. 46,616 0.02
Total Rights 46,616 0.02
Total Financial Assets at Fair Value through Profit or Loss 256,696,099 99.30 Other assets in excess of other liabilities 1,805,204 0.70 Net Assets Attributable to Holders of Redeemable Participating Shares 258,501,303 100.00
Portfolio Analysis (unaudited) % of total assets Transferable securities and money market instruments admitted to an official stock exchange 73.46 Transferable securities and money market instruments traded on another regulated market 24.99 98.45
The accompanying notes form an integral part of these financial statements.
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Los Angeles Capital Global Fund Statement of Changes in the Portfolio (unaudited) 30th June, 2018
Significant purchases
Cost Shares Security Description EUR
48,101 Chevron Corp. 4,929,916 19,374 Cummins, Inc. 2,803,914 57,783 TOTAL S.A. 2,734,475 44,266 Samsung Electronics Co. Ltd. 2,663,991 47,000 Prologis, Inc. 2,644,836 62,600 Tencent Holdings Ltd. 2,222,032 24,500 Capital One Financial Corp. 1,969,827 13,181 Alibaba Group Holding Ltd. 1,928,291 9,971 UnitedHealth Group, Inc. 1,819,820 52,197 Micron Technology, Inc. 1,795,611 12,728 Apple, Inc. 1,728,159 1,851 Amazon.com, Inc. 1,654,417 52,200 Sony Corp. 1,644,989 55,700 Comcast Corp. 1,595,450 80,141 Cabot Oil & Gas Corp. 1,591,653 13,500 Estee Lauder Cos, Inc. 1,588,304 37,100 Bristol-Myers Squibb Co. 1,585,164 22,477 Aflac, Inc. 1,541,073 124,778 Freeport-McMoRan, Inc. 1,510,965 24,400 Dell Technologies, Inc. 1,468,561
This schedule reflects the aggregate purchases of a security exceeding one per cent of the total value of purchases for the financial year. At a minimum the largest 20 purchases must be given.
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Los Angeles Capital Global Fund Statement of Changes in the Portfolio (unaudited) (continued) 30th June, 2018
Significant sales
Proceeds Shares Security Description EUR
6,060 Amazon.com, Inc. 5,319,682 23,817 Deere & Co. 2,988,580 40,298 Exxon Mobil Corp. 2,448,574 52,197 Micron Technology, Inc. 2,201,484 52,200 Sony Corp. 2,109,252 34,362 Citigroup, Inc. 1,991,400 64,708 Pfizer, Inc. 1,944,745 13,097 Volkswagen AG - PFD 1,937,567 75,610 Symantec Corp. 1,917,324 13,181 Alibaba Group Holding Ltd. 1,870,307 10,599 Netflix, Inc. 1,796,390 9,749 Becton Dickinson & Co. 1,792,354 976 Samsung Electronics Co. Ltd. 1,773,694 44,954 Aflac, Inc. 1,725,930 124,778 Freeport-McMoRan, Inc. 1,646,986 8,871 L3 Technologies, Inc. 1,470,275 21,726 Procter & Gamble Co. 1,461,690 58,104 ArcelorMittal 1,435,165 230,000 Hitachi Ltd. 1,434,389 20,600 Royal Bank of Canada 1,420,974
This schedule reflects the aggregate sales of a security exceeding one per cent of the total value of sales for the financial year. At a minimum the largest 20 sales must be given.
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LOS ANGELES CAPITAL GLOBAL FUNDS PLC
Los Angeles Capital Global Fund 30th June, 2018
APPENDIX I (unaudited)
COUNTRY SUPPLEMENT
LOS ANGELES CAPITAL GLOBAL FUNDS PLC (THE "COMPANY") ______
ADDITIONAL INFORMATION FOR INVESTORS IN SWITZERLAND
1. Representative
The Company’s representative in Switzerland is CACEIS (Switzerland) SA, Route de Signy 35, CH-1260 Nyon (the “Swiss Representative”).
2. Paying agent
The Company’s paying agent in Switzerland is CACEIS Bank, Paris, succursale de Nyon / Suisse, Route de Signy 35, CH-1260 Nyon (the “Swiss Paying Agent”).
3. Place of performance and jurisdiction
In respect of Shares of the Company distributed in and from Switzerland, the place of performance and jurisdiction is at the registered office of the Swiss Representative.
69