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GAM Star Fund P.L.C. Unaudited Half-Yearly Report

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GAM Star Fund P.L.C. Unaudited Half-Yearly Report GAM Star Fund p.l.c. Unaudited Half-Yearly Report 31 December 2016 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. Directors of the Company Delegate Investment Managers Depositary Andrew Bates* Cantab Capital Partners LLP State Street Custodial Services (Ireland) David Dillon** City House Limited Andrew Hanges* 126-130 Hill Road 78 Sir John Rogerson's Quay Daniel O' Donovan** Cambridge CB2 1RE Dublin 2, Ireland Burkhard Poschadel** United Kingdom Delegate Administrator *Non-executive Director Manning & Napier Advisors LLC State Street Fund Services (Ireland) **Independent non-executive Director 290 Woodcliff Drive Limited Fairpoint 78 Sir John Rogerson's Quay Manager, Registrar and Secretary New York 14450, USA Dublin 2, Ireland GAM Fund Management Limited George’s Court Wadhwani Asset Management LLP Independent Auditors 54-62 Townsend Street 40 Berkeley Square PricewaterhouseCoopers Dublin 2, Ireland London W1J 5AL Chartered Accountants and Registered United Kingdom Auditors Registered Address of the Company One Spencer Dock George’s Court Dalton Investments LLC North Wall Quay 54-62 Townsend Street 1601 Cloverfield Boulevard Dublin 1, Ireland Dublin 2, Ireland Suite 5050 N Santa Monica, CA 90404, USA Legal Advisers to the Company Sponsor and Global Distributor and the Manager as to Irish Law GAM Limited GAMCO Asset Management Inc. and the Irish Listing Sponsor Wessex House One Corporate Center Dillon Eustace 45 Reid Street Rye, N.Y. 10580-1433, USA 33 Sir John Rogerson’s Quay Hamilton HM12, Bermuda Wellington Management International Dublin 2, Ireland Co-Investment Managers Limited GAM International Management Limited Cardinal Place, 80 Victoria Street 20 King Street London SW1E 5JL, United Kingdom London, SW1Y 6QY ATLANTICOMNIUM SA United Kingdom 24 Route de Malagnou GAM Hong Kong Limited Case Postale 330 Suite 2302, 23/F Lee Garden One CH-1211 Geneva 17, Switzerland 33 Hysan Avenue, Causeway Bay North of South Capital LLP Hong Kong 45 Pont Street GAM Capital Management (Switzerland) AG London SW1X 0BD, United Kingdom Hardstrasse 201 Fermat Capital Management LLC CH-8037 Zurich 615 Riverside Avenue Switzerland Westport CT 06880 GAM USA Inc USA One Rockefeller Plaza New Horizon Wealth Management 21st Floor Private Limited New York 1111 – B, Raheja Chambers, NY 10020 Nariman Point, USA Mumbai – 400021 India Table of Contents General Information 2 GAM Star Target Return 372 Investment Objectives 3 GAM Star Target Return Plus 377 GAM Star Absolute Return Bond 8 GAM Star Technology 382 GAM Star Absolute Return Bond Defender 11 GAM Star US All Cap Equity 387 GAM Star Absolute Return Bond Plus 14 GAM Star Worldwide Equity 391 GAM Star Alpha Spectrum 17 Balance Sheet 395 GAM Star Alpha Technology 21 Notes to the Unaudited Half-Yearly Report 405 GAM Star Alternative Fixed Income 27 Contact Information 480 GAM Star Asian Equity 53 GAM Star Asia-Pacific Equity 57 GAM Star Balanced 61 GAM Systematic Alternative Risk Premia 69 GAM Star Capital Appreciation US Equity 76 GAM Star Cat Bond 81 GAM Star Cautious 88 GAM Star China Equity 96 GAM Star Composite Global Equity 101 GAM Star Continental European Equity 104 GAM Star Credit Opportunities (EUR) 109 GAM Star Credit Opportunities (GBP) 118 GAM Star Credit Opportunities (USD) 125 GAM Star Defensive 136 GAM Star Discretionary FX 141 GAM Star Dynamic Global Bond 147 GAM Star Emerging Market Rates 162 GAM Star European Equity 169 GAM Star Flexible Global Portfolio 173 GAM Star GAMCO US Equity 177 GAM Star Global Equity 182 GAM Star Global Quality 185 GAM Star Global Rates 189 GAM Star Global Selector 211 GAM Star Growth 217 GAM Star India Equity 225 GAM Star Japan Equity 229 GAM Star Keynes Quantitative Strategies 234 GAM Star MBS Total Return 280 GAM Star North of South EM Equity 291 GAM Systematic Global Equity Market Neutral 296 GAM Systematic Diversified Macro 350 GAM Star Tactical Opportunities 367 1 GAM Star Fund p.l.c. General Information Application for shares Principal Activities All applications should be made directly to the Manager or via the German information and distribution agent of the Company, the GAM Star Fund p.l.c. (the “Company”) was incorporated and Austrian paying agent of the Company, or via the Swiss representative registered in Ireland under the Companies Act 2014 as an of the Company. Shares will be purchased on the relevant Dealing investment company with variable capital on 20 February 1998 and Day and a contract note will be sent to the purchaser. Prospective is authorised by the Central Bank of Ireland (“the Central Bank”) as shareholders should note that the price of shares may go down as an Undertaking for Collective Investment in Transferable Securities well as up. ("UCITS") under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 Redemption of shares (as amended) (the "UCITS Regulations"). Requests for redemption of shares and requests for the switch It is an umbrella type company, in that shares may be issued in of shares can be submitted via the German paying agent of the relation to different funds (the “Funds”) from time to time. A separate Company, the Austrian paying agent of the Company, the Swiss portfolio of assets will be maintained for each Fund and will be representative of the Company or directly to the Manager. This should invested in accordance with the investment objective and policies be done in writing by post, by facsimile, by email or by telephone. applicable to such a Fund as set out in "Investments Objectives". Segregated liability exists between Funds. Publication of Prices Certain Funds are authorised for sale in Austria, Bahrain, Belgium, Prices are available from GAM Fund Management Limited, on Bulgaria, Chile, Denmark, Finland, France, Germany, Hong Kong, www.gam.com and the Irish Stock Exchange. Italy, Japan, Liechtenstein, Luxembourg, Macau, the Netherlands, Norway, Peru, Portugal, Singapore, Spain, Switzerland, Sweden, Reports Taiwan, United Arab Emirates and the UK. Annual and half-yearly reports are made available to all shareholders. The following Funds are not authorised by the Securities and This half-yearly report as required by UCITS Regulations is Futures Commission (“SFC”) and are not available to the public in unaudited. We note that the statutory auditor's report in the audited Hong Kong. GAM Star Absolute Return Bond, GAM Star Absolute year end financial statements as at 30 June 2016 was unqualified. Return Bond Defender, GAM Star Absolute Return Bond Plus, GAM Star Alpha Spectrum, GAM Star Alpha Technology, GAM Star Purchases and Sales Alternative Fixed Income, GAM Star Balanced, GAM Systematic Please contact the Manager or other local GAM Contacts (as per the Alternative Risk Premia, GAM Star Capital Appreciation US Equity, Contact Information) to obtain a complete list of all purchases and GAM Star Cat Bond, GAM Star Cautious, GAM Star China A Equity, sales for any Fund free of charge. GAM Star China Focus, GAM Star Composite Global Equity, GAM Star Credit Opportunities (EUR), GAM Star Credit Opportunities Prospectus (GBP), GAM Star Credit Opportunities (USD), GAM Star Defensive, Further details concerning the Funds are contained in the Prospectus, GAM Star Discretionary FX, GAM Star Dynamic Global Bond, GAM the Key Investor Information Documents of the Company and the Star Emerging Market Rates, GAM Star Flexible Global Portfolio, Articles of Incorporation. Copies of these, as well as copies of the GAM Star GAMCO US Equity, GAM Star Global Diversified, GAM annual and half–yearly reports, are available on application to the Star Global Equity, GAM Star Global Quality, GAM Star Global Rates, Manager, to the UK facilities agent, the Hong Kong representative GAM Star Global Selector, GAM Star Growth, GAM Star India Equity, office, the German and Austrian information agent as well as to the GAM Star Keynes Quantitative Strategies, GAM Star MBS Total Swiss representative free of charge. Return, GAM Star North American Growth, GAM Star North of South EM Equity, GAM Star Tactical Opportunities, GAM Star Target Return, Place of performance and forum in Switzerland GAM Star Target Return Plus, GAM Systematic Global Equity Market Neutral, GAM Systematic Diversified Macro, GAM Star Europe Long/ In the case of shares which are distributed in Switzerland or from Short and GAM Star UK Diversified. Switzerland, the place of performance and the forum are at the domicile of the Swiss representative of the Fund in Zürich. SFC authorisation is not a recommendation or endorsement of a product nor does it guarantee the commercial merits of a product Reporting Fund Status (relevant or its performance. It does not mean the product is suitable for all to UK Shareholders only) investors nor is it an endorsement of its suitability for any particular It is the policy of the Company to apply to HM Revenue and Customs investor or class of investors. (“HMRC”) for certification of all Share classes (with the exception of GAM Star Alpha Spectrum and the non UK RFS Classes of the Directors relevant Funds) as reporting funds as defined in the Offshore Funds The Directors of the Company during the period ended 31 December (Tax) Regulations 2009. 2016 were: Andrew Bates David Dillon Andrew Hanges Daniel O' Donovan Burkhard Poschadel 2 Investment Objectives GAM Star Alternative Fixed Income The investment objectives
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