DOCSLIB.ORG

Lazard Global Active Funds Plc

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Lazard Global Active Funds Plc Lazard Global Active Funds plc Interim Report and Unaudited Financial Statements For the financial period ended 30 September 2015 Contents Directors and Other Information .................................................................................... 4 Investment Managers’ Reports ...................................................................................... 6 Statement of Comprehensive Income ......................................................................... 40 Statement of Financial Position ................................................................................... 46 Statement of Changes in Net Assets attributable to Redeemable Participating Shareholders ........................................................................................... 52 Notes to the Financial Statements ............................................................................... 58 Portfolios of Investments ............................................................................................. 92 Statements of Major Changes in Investments ........................................................... 126 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global Active Funds plc Period ended 30 September 2015 3 Directors and Other Information Registered Office Investment Managers (continued) 6th Floor Lazard Gulf Limited 2 Grand Canal Square Dubai International Financial Centre Dublin 2 Level 2, Gate Village 1 IRELAND Sheikh Zayed Road Street Manager P.O. Box 506644 DUBAI Lazard Fund Managers (Ireland) Limited 6th Floor Lazard MENA Fund 2 Grand Canal Square Lazard Asset Management (Singapore) Pte. Limited Dublin 2 1 Raffles Place IRELAND #15-02 One Raffles Place Tower 1 Investment Managers SINGAPORE 048616 Lazard Asset Management Limited Lazard Asia Ex-Japan Strategic Equity Fund 50 Stratton Street Custodian London W1J 8LL ENGLAND BNY Mellon Trust Company (Ireland) Limited Guild House Lazard UK Equity Fund Guild Street Lazard European Equity Fund IFSC Lazard Pan European Equity Fund Dublin 1 Lazard Global Strategic Equity Fund IRELAND Lazard Asset Management LLC Administrator, Registrar and Transfer Agent 30 Rockefeller Plaza New York NY 10020 BNY Mellon Investment Servicing (International) Limited UNITED STATES OF AMERICA Riverside Two Sir John Rogerson’s Quay Lazard Global Managed Volatility Fund Grand Canal Dock Lazard Global Equity Select Fund Dublin 2 Lazard Global Equity Income Fund IRELAND Lazard Pan-European Small Cap Fund * Lazard Thematic Global Ex-Japan Fund Directors Lazard Thematic Global Fund Michael Allen (British)** Lazard Emerging World Fund Gavin Caldwell (Irish)* Lazard Emerging Markets Equity Fund John Donohoe (Irish)* / ** Lazard Emerging Markets Core Equity Fund Andreas Hübner (German) Lazard Developing Markets Equity Fund Daniel Morrissey (Irish)* / ** Lazard Global Fixed Income Fund William Smith (British) * See Note 15 * Independent Directors Lazard Japan Asset Management K.K. ** Member of the Audit Committee Akasaka Twin Tower Annex (ATT) All Directors are Non-Executive Level 7, 2-11-7 Akasaka Promoter Minato – Ku Lazard Asset Management Limited Tokyo, 107-0052 50 Stratton Street JAPAN London W1J 8LL Lazard Japanese Strategic Equity Fund ENGLAND Lazard Asset Management Pacific Co. Distributors Level 39, Gateway Building Lazard Asset Management Limited 1 Macquarie Place 50 Stratton Street Sydney NSW 2000 London W1J 8LL AUSTRALIA ENGLAND Lazard Global Listed Infrastructure Equity Fund Lazard Asset Management (Deutschland) GmbH Lazard Global Equity Franchise Fund Neue Mainzer Strasse 75 Lazard Asset Management (Deutschland) GmbH 60311 Frankfurt am Main Neue Mainzer Strasse 75 GERMANY 60311 Frankfurt am Main GERMANY LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Sterling High Quality Bond Fund Lazard Global Active Funds plc Period ended 30 September 2015 4 Directors and Other Information (continued) Legal Advisers as to Irish Law Paying Agent in Switzerland William Fry NBP Neue Privat Bank AG 2 Grand Canal Square Limmatquai 1/am Bellevue Dublin 2 P.O. Box IRELAND CH-8022 Zürich Legal Advisers as to English Law SWITZERLAND MacFarlanes LLP Authorised Representative in Switzerland 20 Cursitor Street ACOLIN Fund Services AG London EC4A 1LT Stadelhoferstrasse 18 ENGLAND CH-8001 Zürich Secretary SWITZERLAND Wilton Secretarial Limited 6th Floor 2 Grand Canal Square Dublin 2 IRELAND Independent Auditors PricewaterhouseCoopers Chartered Accountants and Registered Auditors One Spencer Dock North Wall Quay Dublin 1 IRELAND LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global Active Funds plc Period ended 30 September 2015 5 Investment Managers’ Report Lazard UK Equity Fund Investment Review Over the six month period ending 30 September 2015, the Lazard UK Equity Fund returned -7.4%, in Sterling terms against the FTSE All Share Index return of -7.1%.1 Market Review Equity markets were volatile throughout the period under review, with concerns over commodity prices and a slowdown in China spooking investors. In spite of this, a number of positive factors in Europe and the UK helped to underpin economic growth. Wages have been increasing at the fastest pace for more than six years, with average pay across the economy up by 2.9% between May and July compared with the same period a year ago. The prospect of an increase in interest rates has been pushed out again, with the base rate now expected to rise by just 0.25% over the next 12 months. At the start of 2015, the UK recorded an annualised growth rate of 2.9%; this has fallen back to 2.4% in the latest report, indicating that growth is slowing slightly. While the economy is still holding up, the comparative strength of Sterling is a challenge for UK companies’ significant overseas earnings: moreover, the strength of Sterling shows no signs of abating in 2016. Portfolio Review What Contributed to Returns: • Stock selection in industrials, consumer services and basic materials contributed positively to performance. In basic materials, holding chemicals business Synthomer Plc was beneficial as its shares performed well after interim results showed strong growth in profits. • Not holding mining company Glencore Finance Europe SA made the largest individual contribution to relative returns; its share price fell significantly as a result of declining commodity prices. • SABMiller Plc was one of our strongest performers as its share price rose strongly on the news that it had been approached by Anheuser-Busch InBev NV as a takeover target. What Detracted from Returns: • Stock selection in the consumer goods and utilities sectors detracted from relative returns. Our positioning in the health care sector also cost some performance. • Not holding certain defensive stocks, whose stable businesses help them to perform better in challenging environments hurt relative returns given the volatile market conditions. These included National Grid Plc, Imperial Tobacco and Reckitt Benckiser. • A larger-than-index exposure to GKN Holdings Plc, which manufactures automotive and aerospace components, also detracted from performance. Investors appeared to react badly to GKN Holdings Plc’s plans to acquire Fokker, with the aim of augmenting its aerospace business. Outlook Despite US and global equities heading for their worst quarter since 2011, our outlook for UK equities remains positive. Driven by low borrowing costs, as well as a lack of inflation and lacklustre global growth, mergers and acquisition activity has past its 2006 peak and should continue to support equity markets. We recognise there are many economic headwinds; including uncertainty over the timing of when the US central banks will start to raise interest rates, weakness in emerging markets, stalled growth in China, falling oil prices and the commodity rout. However, the valuations of select UK companies are attractive, as is their capacity for dividend payments. All data contained herein are sourced by Lazard Asset Management Limited unless otherwise noted as at 30 September 2015. 1 Source: Morningstar Direct, Cumulative Growth, Bid Price to Bid Price, Gross Income Reinvested, Net of Fees, in Sterling terms, Retail Share Class to 30 September 2015. Fund Manager: Lloyd Whitworth and team. Figures refer to past performance and past performance is not a reliable indicator of future results. Lazard Asset Management Limited September 2015 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global Active Funds plc Period ended 30 September 2015 6 Investment Managers’ Report (continued) Lazard Japanese Strategic Equity Fund Investment Review Over the six month period ending 30 September 2015 the Lazard Japanese Strategic Equity Fund (the “Fund”) returned -7.2%, in Japanese Yen terms against the Tokyo Stock Exchange Price Index (TOPIX) return of -7.7%.1 Market Review It was a period of two halves for the Japanese equity market. Shares rallied over the second quarter amid evidence of an improvement in Japan’s economic performance: Japan’s economy grew at an annualised pace of 3.9% in the first three months of the year, helped by a pick-up in business spending and strong exports to the US and China. Signs that the weak Japanese Yen, which fell to a 12-year low against the US dollar, was starting to boost company profits also boosted share prices. However, worries that a slowing Chinese economy and falling commodity prices could cause a worldwide recession weighed on sentiment in the third quarter, causing Japanese equities to lose all of their second-quarter gains and more. Weak domestic economic data also weighed on the market as second-quarter economic
Load more

Recommended publications
  • 10 Year Capital Market Assumptions for 2021
    10-Year Capital Market Assumptions Calendar Year 2021 2 10-Year Capital Market Assumptions Overview On an annual basis, BNY Mellon Investor Solutions, LLC develops capital market return assumptions for approximately 50 asset classes around the world. The assumptions are based on a 10-year investment time horizon and are intended to guide investors in developing their long-term strategic asset allocations. Historically, the initial baseline assumptions were derived using consensus views, adjusted to reflect insights regarding global market imbalances based on research from across BNY Mellon. This year we have incorporated the macroeconomic forecasts generated by BNY Mellon Investment Management Global Economic and Investment Analysis Group, led by Chief Economist Shamik Dhar. Given the global pandemic and unprecedented amount of global monetary and fiscal stimulus deployed to support the economic recovery, we believe the incorporation of these probability-weighted forecasts will prove particularly useful given the high degree of coronavirus-related economic uncertainty. Overall, the results of our 2021 10-year capital market assumptions are mixed depending on the asset class when compared to last year’s assumptions (see Exhibit 1). We see stronger equity market returns due to higher growth rates as the economy recovers from the pandemic. Fixed income asset class returns will be extremely limited given how low global bond yields are today. Alternative asset class returns are mixed, with generally lower returns in absolute return or hedged strategies and amplified returns in private markets. Exhibit 1: Snapshot of Risk and Return for the 2021 Capital Market Assumptions 9% U.S. Private Equity US Private Equity EM Equity Equity 2021 Equity 2020 EM Equity 8% Fixed Income 2021 Fixed Income 2020 Alternatives 2021 Alternatives 2020 Int'lIntl Developed Equity Equity USU.S.
    [Show full text]
  • Market Monitor
    MARKET MONITOR M&A and financing update 1st Quarter 2020 “There are decades where nothing happens; and there are weeks where decades happen” said Vladimir Lenin Indeed for many of us, the last few weeks of “interesting times” seemed undoubtedly like decades. We are hearing “unprecedented” as often as “coronavirus”. An increasingly common sentiment is that “this time is different.” Lately, the comparisons to past events such as the Great Recession, September 11th, and Black Monday have been questioned. But, relatively little attention has been given to the oil price shock that may have more significant long-term economic implications than COVID-19. The lack of precedent, or our ability to recognize precedent where it’s relevant, will test leadership at all levels of the U.S. economy as monetary, fiscal, and regulatory policy levers are being pulled to create a baseline and a path forward. From February 11th to March 12th, the Dow Industrial average dropped 28%, sending the U.S. into a bear market. On March 9th the stock market experienced its first trading halt when the S&P 500 declined 7%. The capital markets took notice and continued forward. On March 12th when the second trading halt occurred the gravity of the situation intensified and the capital markets began to pause. By noon, almost every M&A sale process was stopped due to the very real threat of COVID-19 on the U.S. economy as the hospitality industry closed its doors, social gathering was restricted by local governments, and employers quickly shifted to work from home models.
    [Show full text]
  • Brokerage Transfer
    Brokerage Transfer ✓ Use this form to: Mail to: Express delivery only: • Transfer assets to T. Rowe Price Brokerage from another T. Rowe Price T. Rowe Price Mail Code 17150 institution. P.O. Box 17150 4515 Painters Mill Road ✗ Do not use this form to: Baltimore, MD 21297-1150 Owings Mills, MD 21117-4903 • Exchange between T. Rowe Price funds. This stamp indicates a signature guarantee is required. • Change ownership. Use the Change Ownership form. This paper clip indicates you may need to attach documentation. Trust, Estate, Corporation, or Other Entity Name (if applicable) TIN 1 T. Rowe Price Account A separate form is required for each account type or delivering institution. Delivering Firm Name Phone Check One Account Type: ¨ Individual ¨ Traditional or Rollover IRA ¨ Profit Sharing Plan (PSP) ¨ Joint ¨ Roth or Roth Rollover IRA ¨ Money Purchase Delivering Firm Address ¨ Trust ¨ Inherited IRA Pension Plan (MPP) ¨ Estate ¨ Roth Inherited IRA ¨ Individual 401(k) ¨ UGMA/UTMA ¨ SIMPLE IRA ¨ SEP-IRA City State ZIP Code ¨ Corporate or Other Entity For a new account, visit troweprice.com/newaccount to get an account ¨ For more owners, check this box and attach a separate page. number or write “new” and enclose one of these forms: • Brokerage New Account • Brokerage IRA New Account 3 Transfer Instructions • Brokerage Employer-Sponsored Retirement Plan New Account T. Rowe Price Brokerage Account Number Phone NOTE: Your current firm may charge a fee for transferring assets. Check one: ¨ Full transfer. Transfer all identically registered assets in kind. Owner Name (as it appears on statement) Social Security Number (SSN) Assets are moved as is and not sold.
    [Show full text]
  • Private Equity 05.23.12
    This document is being provided for the exclusive use of SABRINA WILLMER at BLOOMBERG/ NEWSROOM: NEW YORK 05.23.12 Private Equity www.bloombergbriefs.com BRIEF NEWS, ANALYSIS AND COMMENTARY CVC Joins Firms Seeking Boom-Era Size Funds QUOTE OF THE WEEK BY SABRINA WILLMER CVC Capital Partners Ltd. hopes its next European buyout fund will nearly match its predecessor, a 10.75 billion euro ($13.6 billion) fund that closed in 2009, according to two “I think it would be helpful people familiar with the situation. That will make it one of the largest private equity funds if Putin stopped wandering currently seeking capital. One person said that CVC European Equity Partners VI LP will likely aim to raise 10 around bare-chested.” billion euros. The firm hasn’t yet sent out marketing materials. Two people said they expect it to do so — Janusz Heath, managing director of in the second half. Mary Zimmerman, an outside spokeswoman for CVC Capital, declined Capital Dynamics, speaking at the EMPEA to comment. conference on how Russia might help its reputation and attract more private equity The London-based firm would join only a few other firms that have closed or are try- investment. See page 4 ing to raise new funds of similar size to the mega funds raised during the buyout boom. Leonard Green & Partners’s sixth fund is expected to close shortly on more than $6 billion, more than the $5.3 billion its last fund closed on in 2007. Advent International MEETING TO WATCH Corp. is targeting 7 billion euros for its seventh fund, larger than its last fund, and War- burg Pincus LLC has a $12 billion target on Warburg Pincus Private Equity XI LP, the NEW JERSEY STATE INVESTMENT same goal as its predecessor.
    [Show full text]
  • 2005 Market St. Philadelphia, PA 19103-7094 for IMMEDIATE RELEASE DELAWARE
    2005 Market St. Philadelphia, PA 19103-7094 FOR IMMEDIATE RELEASE DELAWARE INVESTMENTS GLOBAL DIVIDEND AND INCOME FUND, INC. AND DELAWARE ENHANCED GLOBAL DIVIDEND AND INCOME FUND ANNOUNCE APPROVAL OF PLAN OF REORGANIZATION PHILADELPHIA, September 21, 2011 — The Board of Directors of Delaware Investments Global Dividend and Income Fund, Inc. (NYSE: DGF) (“DGF”) and the Board of Trustees of Delaware Enhanced Global Dividend and Income Fund (NYSE: DEX) (“DEX”) today announced the final results of voting at the Joint Special Meeting of Shareholders (the “Special Meeting”) held on September 21, 2011. Shareholders of each Fund approved an Agreement and Plan of Reorganization (the “Plan of Reorganization”) providing for (i) the acquisition by DEX of substantially all of the assets and certain of the liabilities of DGF, in exchange for newly issued common shares of DEX; (ii) the distribution of such newly issued common shares of DEX to holders of common shares of DGF; and (iii) the dissolution of DGF thereafter. Common shares of DGF would be exchanged for common shares of DEX on a pro rata basis based on the relative net asset values of each Fund’s common shares. This transaction, which is expected to be tax-free, is currently anticipated to close at the close of business on October 21, 2011. In connection with this transaction, shareholders of DGF holding share certificates must send in such certificates before becoming eligible to receive distributions as DEX shareholders. DGF shareholders will be mailed specific instructions on how to send in their certificates. The Fund’s transfer agent, BNY Mellon Shareowner Services, can assist DGF shareholders in this process.
    [Show full text]
  • LAZARD GROUP LLC (Exact Name of Registrant As Specified in Its Charter)
    Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2008 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to 333-126751 (Commission File Number) LAZARD GROUP LLC (Exact name of registrant as specified in its charter) Delaware 51-0278097 (State or Other Jurisdiction of Incorporation (I.R.S. Employer Identification No.) or Organization) 30 Rockefeller Plaza New York, NY 10020 (Address of principal executive offices) Registrant’s telephone number: (212) 632-6000 Securities Registered Pursuant to Section 12(b) of the Act: None Securities Registered Pursuant to Section 12(g) of the Act: None Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐ Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒ Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.
    [Show full text]
  • DTC Participant Alphabetical Listing June 2019.Xlsx
    DTC PARTICPANT REPORT (Alphabetical Sort ) Month Ending - June 30, 2019 PARTICIPANT ACCOUNT NAME NUMBER ABN AMRO CLEARING CHICAGO LLC 0695 ABN AMRO SECURITIES (USA) LLC 0349 ABN AMRO SECURITIES (USA) LLC/A/C#2 7571 ABN AMRO SECURITIES (USA) LLC/REPO 7590 ABN AMRO SECURITIES (USA) LLC/ABN AMRO BANK NV REPO 7591 ALPINE SECURITIES CORPORATION 8072 AMALGAMATED BANK 2352 AMALGAMATED BANK OF CHICAGO 2567 AMHERST PIERPONT SECURITIES LLC 0413 AMERICAN ENTERPRISE INVESTMENT SERVICES INC. 0756 AMERICAN ENTERPRISE INVESTMENT SERVICES INC./CONDUIT 7260 APEX CLEARING CORPORATION 0158 APEX CLEARING CORPORATION/APEX CLEARING STOCK LOAN 8308 ARCHIPELAGO SECURITIES, L.L.C. 0436 ARCOLA SECURITIES, INC. 0166 ASCENSUS TRUST COMPANY 2563 ASSOCIATED BANK, N.A. 2257 ASSOCIATED BANK, N.A./ASSOCIATED TRUST COMPANY/IPA 1620 B. RILEY FBR, INC 9186 BANCA IMI SECURITIES CORP. 0136 BANK OF AMERICA, NATIONAL ASSOCIATION 2236 BANK OF AMERICA, NA/GWIM TRUST OPERATIONS 0955 BANK OF AMERICA/LASALLE BANK NA/IPA, DTC #1581 1581 BANK OF AMERICA NA/CLIENT ASSETS 2251 BANK OF CHINA, NEW YORK BRANCH 2555 BANK OF CHINA NEW YORK BRANCH/CLIENT CUSTODY 2656 BANK OF MONTREAL, CHICAGO BRANCH 2309 BANKERS' BANK 2557 BARCLAYS BANK PLC NEW YORK BRANCH 7263 BARCLAYS BANK PLC NEW YORK BRANCH/BARCLAYS BANK PLC-LNBR 8455 BARCLAYS CAPITAL INC. 5101 BARCLAYS CAPITAL INC./LE 0229 BB&T SECURITIES, LLC 0702 BBVA SECURITIES INC. 2786 BETHESDA SECURITIES, LLC 8860 # DTCC Confidential (Yellow) DTC PARTICPANT REPORT (Alphabetical Sort ) Month Ending - June 30, 2019 PARTICIPANT ACCOUNT NAME NUMBER BGC FINANCIAL, L.P. 0537 BGC FINANCIAL L.P./BGC BROKERS L.P. 5271 BLOOMBERG TRADEBOOK LLC 7001 BMO CAPITAL MARKETS CORP.
    [Show full text]
  • Now Live Rule
    NOW LIVE RULE COLLATERAL SCHEDULES MADE EASY With RULE you can easily manage your collateral schedules so that you can be free to concentrate on driving performance for your business. RULE creates a flexible, collaborative and intelligent environment for the management of your collateral schedules. Negotiate schedules with your counterparties and receive feedback in real-time. So enhance the efficiency of your workflow and take full control of your collateral schedules with our new platform, designed to better integrate your needs – and our services. How It Works R R 1. Set up your criteria 2. Negotiate your schedules 3. Counterparty confirms 4. Schedule approved The Benefits of Digital Simplified, Streamlined Workflow Reduced Time-to-Market Transformation • Dedicated workflows and user • Self service workflow profiles (edit, approve, view) • Ready to use downloadable schedules As a result of our investment in • Easy access to all counterparty this technology, you’ll be able to • Electronic approval schedules streamline your end-to-end collateral schedule workflow. That doesn’t just • Increased visibility via a Risk Reduction dashboard on pending and active mean improved operational efficiency; • Allows for timely handling of changes collateral schedules it may also reduce your time-to-market in schedules during market stress as well as enhance your risk profile. • Collaborative tool scenarios Here’s how. • Full schedule visibility Through RULE, To learn more, contact us at: You’ll be able to … US APAC [email protected] [email protected] 1. Define your collateral eligibility criteria +1 212 815 6336 +81 3 6756 4326 2. Agree to your collateral schedules [email protected] electronically EMEA +61 2 92606663 3.
    [Show full text]
  • Longleaf Partners International Fund Commentary 2Q21
    July 2021 Longleaf Partners International Fund Commentary 2Q21 Longleaf Partners International Fund added 1.19% in the quarter and 8.00% year-to- date, trailing the MSCI EAFE Index’s 5.17% and 8.83% for the same periods. US markets continued the monetary liquidity fueled run to ever sillier valuation levels, while non-US lagged relatively. The majority of our holdings were positive in the quarter. The Fund’s exposure to China and Hong Kong (including Netherlands-listed Prosus, whose business is driven by the Chinese consumer) was the biggest geographic headwind. FX was a moderate contributor to the Fund, as well as the MSCI EAFE index. Despite relative underperformance, it was a solid period for value per share growth at our holdings. “Value” had a (we believe temporary) pullback vs. “growth” in the second quarter on the back of lower interest rates and various other factors. Over the last year, we have seen interest rate consensus go from “low rates forever” for most of 2020 to “rates are definitely going up” in February/March of 2021 to what now feels like magical goldilocks thinking for growth stocks in the 1-2% US 10-year range. While we cannot predict precisely what rates will do in the near term, we welcome increased volatility on this all- Average Annual Total Returns for the Longleaf Partners International Fund (6/30/21): Since Inception (10/26/98): 7.45%, Ten Year: 4.50%, Five Year: 10.64%, One Year: 34.82%. Average Annual Total Returns for the MSCI EAFE (6/30/21): Since Inception (10/26/98): 5.62%, Ten Year: 5.89%, Five Year: 10.28%, One Year: 32.35%.
    [Show full text]
  • GP Investments
    1 GP Investments Earnings Release Fourth Quarter 2020 Earnings Release 2Q18 2 2020 highlights March 31, 2021 – This release reports the 4Q20 and full-year results of GP Investments, Ltd. (‘GP’) [B3: GPIV33], a leader in private equity and alternative investments. 2020 was a challenging year worldwide; and for GP Investments this was no different. At the beginning of the Covid-19 pandemic, most of the companies in GP’s portfolio that have physical premises had to close facilities or operate under restrictions. Brick-and-mortar stores had to be closed, restaurants had to depend mostly on delivery and take-out, and many businesses had to be reinvented fast. In March, GP moved 100% of its team members, across all its offices, to remote working, following procedures in its Business Continuity Plan. The transition to a work-at-home model was seamless, with no interruptions in our activities, and we have continued to leverage multiple digital technologies to enable our teamwork. The results reported by GP Investments in 2020 reflected the volatility of the financial markets, and the economic impacts of the pandemic. In the 4th quarter of 2020, GP posted net income of USD 33.8 million, which was driven by increases in the share prices of our listed companies – primarily Centauro – as well as the positive impact of the temporary BRL appreciation. Nevertheless, for the full year, mark-to-market adjustments in the companies in the portfolio have translated into significant net unrealized losses, which together with the rapid devaluation of the Brazilian Real have led to a total net loss of USD (91.8) million in 2020.
    [Show full text]
  • Including League Tables of Financial Advisors
    An Acuris Company Finding the opportunities in mergers and acquisitions Global & Regional M&A Report 2019 Including League Tables of Financial Advisors mergermarket.com An Acuris Company Content Overview 03 Global 04 Global Private Equity 09 Europe 14 US 19 Latin America 24 Asia Pacific (excl. Japan) 29 Japan 34 Middle East & Africa 39 M&A and PE League Tables 44 Criteria & Contacts 81 mergermarket.com Mergermarket Global & Regional Global Overview 3 M&A Report 2019 Global Overview Regional M&A Comparison North America USD 1.69tn 1.5% vs. 2018 Inbound USD 295.8bn 24.4% Outbound USD 335.3bn -2.9% PMB USD 264.4bn 2.2x Latin America USD 85.9bn 12.5% vs. 2018 Inbound USD 56.9bn 61.5% Outbound USD 8.9bn 46.9% EMU USD 30.6bn 37.4% 23.1% Europe USD 770.5bn -21.9% vs. 2018 50.8% 2.3% Inbound USD 316.5bn -30.3% Outbound USD 272.1bn 28.3% PMB USD 163.6bn 8.9% MEA USD 141.2bn 102% vs. 2018 Inbound USD 49.2bn 29% Outbound USD 22.3bn -15.3% Ind. & Chem. USD 72.5bn 5.2x 4.2% 17% 2.6% APAC (ex. Japan) USD 565.3bn -22.5% vs. 2018 Inbound USD 105.7bn -14.8% Outbound USD 98.9bn -24.5% Ind. & Chem. USD 111.9bn -5.3% Japan USD 75.4bn 59.5% vs. 2018 Inbound USD 12.4bn 88.7% Global M&A USD 3.33tn -6.9% vs. 2018 Outbound USD 98.8bn -43.6% Technology USD 21.5bn 2.8x Cross-border USD 1.27tn -6.2% vs.
    [Show full text]
  • Blackrock UK Income Fund
    Annual report BlackRock UK Income Fund For the year ended 28 February 2019 Contents General Information Manager & Registrar General Information 2 BlackRock Fund Managers Limited About the Fund 3 12 Throgmorton Avenue, London EC2N 2DL Investment Objective & Policy 3 Member of The Investment Association and authorised and regulated by the Financial Conduct Authority (“FCA”). Fund Managers 3 Directors of the Manager G D Bamping* C L Carter M B Cook (appointed 2 May 2018) W I Cullen* Significant Events 3 R A Damm (resigned 31 December 2018) R A R Hayes A M Lawrence Risk and Reward Profile 4 L E Watkins (appointed 16 May 2018, resigned 1 March 2019) M T Zemek* Performance Table 5 * Non-executive Director. Classification of Investments 6 Trustee* & Custodian The Bank of New York Mellon (International) Limited Investment Report 8 One Canada Square, London E14 5AL Performance Record 10 Authorised by the Prudential Regulation Authority and regulated by the FCA and the Prudential Distribution Tables 14 Regulation Authority. * On 18 June 2018 the Trustee changed from BNY Mellon Trust & Depositary (UK) Limited to The Bank of New York Mellon (International) Limited. Report on Remuneration 16 Portfolio Statement 22 Investment Manager BlackRock Investment Management (UK) Limited Statement of Total Return 25 12 Throgmorton Avenue, London EC2N 2DL Statement of Change in Net Assets Attributable to Unitholders 25 Authorised and regulated by the FCA. Balance Sheet 26 Securities Lending Agent Notes to Financial Statements 27 BlackRock Advisors (UK) Limited 12 Throgmorton Avenue, London EC2N 2DL Statement of Manager’s Responsibilities 44 Authorised and regulated by the FCA.
    [Show full text]