GAM Star Fund P.L.C. Unaudited Half-Yearly Report
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GAM Star Fund p.l.c. Unaudited Half-Yearly Report 31 December 2019 No notification pursuant to Section 310 Capital Investment Code (Kapitalanlagegesetzbuch) has been filed with respect to the followingunds F and the Shares in such Funds may therefore not be distributed to investors in Germany: – GAM Star Global Balanced – GAM Star Global Cautious – GAM Star China Bond – GAM Star Global Defensive – GAM Star Global Dynamic Growth – GAM Star Flexible Allocation EUR – GAM Star Flexible Allocation Plus EUR – GAM Star Flexible Allocation USD – GAM Star Global Income – GAM Star Global Growth – GAM Star UK Equity Income – GAM Systematic Alternative Risk Premia Ex-A Any continuing authorisation pursuant to Sec. 355 (4) of the German Capital Investment Code (Kapitalanlagegesetzbuch) for activities that did not qualify as public marketing under the German Investment Act (Investmentgesetz) remains unaffected. Copies of the Prospectus, the Key Investor Information Documents, the Memorandum and Articles of Association and the most recent audited annual and the unaudited semi-annual reports may be obtained in paper form free of charge at the registered office of the Information Agent in the Federal Republic of Germany. Net Asset Value per Share of a Fund, the issue and redemption prices (and if applicable the conversion prices) may be obtained free of charge from the Information Agent in the Federal Republic of Germany. No notification has been filed with respect to the following Funds in Austria and the Shares in such Funds may therefore not be publicly distributed to investors in Austria: – GAM Star Absolute Return Bond – GAM Star Absolute Return Bond Defender – GAM Star Absolute Return Bond Plus – GAM Star Alpha Spectrum – GAM Star Global Balanced – GAM Star Global Cautious – GAM Star China Bond – GAM Star China Focus – GAM Star Global Defensive – GAM Star Global Dynamic Growth – GAM Star Flexible Allocation EUR – GAM Star Flexible Allocation Plus EUR – GAM Star Flexible Allocation USD – GAM Star Global Income – GAM Star Global Growth – GAM Star UK Diversified – GAM Star UK Equity Income – GAM Systematic Alternative Risk Premia Ex-A GAM Star Fund p.l.c. is an open-ended umbrella investment company incorporated with limited liability with variable capital under the laws of Ireland. It is an umbrella fund with segregated liability between funds (registered number 280599). Directors of the Company Delegate Investment Managers Depositary and Securities Lending Agent Andrew Bates* Cantab Capital Partners LLP State Street Custodial Services (Ireland) David Dillon** City House Limited Daniel O' Donovan** 126-130 Hill Road 78 Sir John Rogerson's Quay Deborah Reidy** Cambridge CB2 1RE Dublin 2, Ireland Kaspar Boehni*/*** United Kingdom Delegate Administrator *Non-executive Director Wellington Management International State Street Fund Services (Ireland) **Independent non-executive Director Limited Limited ***Appointed 5 July 2019 Cardinal Place, 80 Victoria Street 78 Sir John Rogerson's Quay London SW1E 5JL Dublin 2, Ireland Manager, Registrar, Transfer Agent United Kingdom and Global Distributor Independent Auditors GAM Fund Management Limited ATLANTICOMNIUM SA PricewaterhouseCoopers George’s Court 24 Route de Malagnou Chartered Accountants and Registered 54-62 Townsend Street Case Postale 330 Auditors Dublin 2, Ireland CH-1211 Geneva 17 One Spencer Dock Switzerland North Wall Quay Secretary Dublin 1, Ireland Amy Carroll Fermat Capital Management LLC c/o GAM Fund Management Limited 615 Riverside Avenue Legal Advisers to the Company and the 54-62 Townsend Street Westport CT 06880 Manager as to Irish Law Dublin 2, Ireland USA Dillon Eustace 33 Sir John Rogerson’s Quay Registered Address of the Company GAM Investment Management Dublin 2, Ireland George’s Court (Switzerland) AG 54-62 Townsend Street Hardstrasse 201 CH-8037 Irish Listing Sponsor Dublin 2, Ireland Zurich Dillon Eustace, Switzerland 33 Sir John Rogerson's Quay, Co-Investment Managers Dublin 2, Ireland GAM International Management Limited 8 Finsbury Circus London, EC2M 7GB United Kingdom GAM Hong Kong Limited Suite 2302, 23/F Lee Garden One 33 Hysan Avenue Causeway Bay Hong Kong GAM USA Inc One Rockefeller Plaza 21st Floor New York NY 10020 USA Table of Contents General Information 2 GAM Star Alpha Spectrum 8 GAM Star Alpha Technology 12 GAM Star Asian Equity 17 GAM Star Asia-Pacific Equity 21 GAM Star Global Balanced 25 GAM Star Capital Appreciation US Equity 29 GAM Star Cat Bond 35 GAM Star Global Cautious 42 GAM Star China Equity 46 GAM Star Composite Global Equity 50 GAM Star Continental European Equity 53 GAM Star Credit Opportunities (EUR) 57 GAM Star Credit Opportunities (GBP) 65 GAM Star Credit Opportunities (USD) 71 GAM Star Global Defensive 79 GAM Star Global Dynamic Growth 83 GAM Star Emerging Equity 87 GAM Star Emerging Market Rates 94 GAM Star European Equity 99 GAM Star Flexible Global Portfolio 103 GAM Star Global Rates 107 GAM Star Global Selector 113 GAM Star Global Growth 117 GAM Star Interest Trend 121 GAM Star Japan Leaders 126 GAM Star MBS Total Return 130 GAM Systematic Alternative Risk Premia 143 GAM Systematic Core Macro 149 GAM Systematic Global Equity Market Neutral 156 GAM Star Tactical Opportunities 219 GAM Star Technology 223 GAM Star US All Cap Equity 228 GAM Star Worldwide Equity 232 GAM Systematic Dynamic Credit 235 Balance Sheet 240 Notes to the Unaudited Half-Yearly Report 251 Contact Information 314 1 GAM Star Fund p.l.c. General Information Principal Activities On 1 November 2019 GAM Star Credit Opportunities (USD) SI GAM Star Fund p.l.c. (the “Company”) was incorporated and USD class of GAM Star Fund p.l.c. was listed on the Global Exchange registered in Ireland under the Companies Act 2014 as an Market of Euronext. investment company with variable capital on 20 February 1998 A new Prospectus for GAM Star Fund p.l.c. was issued on and is authorised by the Central Bank of Ireland (“the Central 6 December 2019. Bank”) as an Undertaking for Collective Investment in Transferable Securities ("UCITS") Regulations 1989 and is subject to the Application for shares European Communities (Undertakings for Collective Investment All applications should be made directly to the Manager or via the in Transferable Securities) Regulations, 2011 (as amended) and German information and distribution agent, the Austrian paying under the CBI (Supervision & Enforcement) Act 2013 (Section 48(1) agent, or via the Swiss representative of the Company. Shares will (Undertakings for Collective Investment in Transferable Securities) be purchased on the relevant Dealing Day and a contract note will Regulations 2019, as amended (together, the “UCITS Regulations”). be sent to the purchaser. Prospective shareholders should note that It is an umbrella type company, in that shares may be issued in the price of shares may go down as well as up. relation to different funds (the “Funds”) from time to time. A separate portfolio of assets will be maintained for each Fund and will be Redemption of shares invested in accordance with the investment objective and policies Requests for redemption of shares and requests for the switch of applicable to such a Fund as set out in "Investments Objectives". shares can be submitted via the German paying agent, the Austrian Segregated liability exists between Funds. paying agent, the Swiss representative of the Company or directly Certain Funds are authorised for sale in Austria, Bahrain, Belgium, to GAM Fund Management Limited (the "Manager"). This should be Bulgaria, Chile, Denmark, Finland, France, Germany, Gibraltar, done in writing by post, by facsimile, by email or by telephone. Iceland, Ireland, Israel, Italy, Japan, Liechtenstein, Luxembourg, Availability of Prices the Netherlands, Norway, Portugal, Singapore, Spain, Switzerland, Sweden, Taiwan, United Arab Emirates and the United Kingdom. Prices are available from the Manager on www.gam.com Directors Reports The Directors of the Company during the period ended 31 December Annual and half-yearly reports are made available to all shareholders. 2019 were: This half-yearly report as required by UCITS Regulations is Andrew Bates unaudited. We note that the statutory auditor's report in the audited David Dillon year end financial statements as at 30 June 2019 was unqualified. Daniel O'Donovan Deborah Reidy Purchases and Sales Kaspar Boehni (Appointed 5 July 2019) Please contact the Manager, the Swiss representative or other local GAM Contacts to obtain a complete list of all purchases and sales Significant events during the period for any Fund free of charge. On 5 July 2019 Kaspar Boehni was appointed as Director of the Company. Prospectus Further details concerning the Funds are contained in the GAM Star Absolute Return Macro on receipt of redemption requests Prospectus, the Key Investor Information Documents of the of all remaining shares closed on 17 July 2019. Company and the Articles of Incorporation. Copies of these, as well On 17 July 2019, GAM Star Dynamic Global Bond completed a full as copies of the annual and half–yearly reports, are available on compulsory redemption of shares. application to the Manager, to the UK facilities agent, the German and Austrian information agent as well as to the Swiss representative On 23 July 2019, the following Funds completed a full compulsory free of charge. redemption of shares. Place of performance and forum in Switzerland – GAM Star Absolute Return Bond – GAM Star Absolute Return Bond Plus In the case of shares which are distributed in Switzerland or from – GAM Star Absolute Return Bond Defender Switzerland, the place of performance and the forum are at the domicile of the Swiss representative of the Fund in Zürich. The Funds have completed the disposal of all investments and subsequent payments to the shareholders of the Funds. Reporting Fund Status (relevant to UK Shareholders only) GAM Star Target Return Plus on receipt of redemption requests of all It is the policy of the Company to apply to HM Revenue and Customs remaining shares closed on 21 August 2019.