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Partners Group Listed Investments SICAV Partners Group Listed Investments SICAV Luxembourg investment fund in accordance with the Law of 20 December 2002 on Undertakings for Collective Investment Société d’Investissement à capital variable (SICAV) Audited annual report at 31 December 2010 R.C.S. Luxembourg B 143 187 Contents Report on the course of business for the Partners Group Listed Investments - Listed Private Equity subfund Page 2 Geographical breakdown by country of the Partners Group Listed Investments - Listed Private Equity subfund Page 3 Sectoral breakdown of the Partners Group Listed Investments - Listed Private Equity subfund Page 3 Breakdown of the net subfund assets of the Partners Group Listed Investments - Listed Private Equity subfund Page 5 Breakdown of assets of the Partners Group Listed Investments - Listed Private Equity subfund Page 8 Purchases and sales of assets between 1 January 2010 and 31 December 2010 of the Partners Group Listed Investments - Listed Private Equity subfund Page 11 Report on the course of business for the Partners Group Listed Investments - Listed Infrastructure subfund Page 13 Geographical breakdown by country of the Partners Group Listed Investments - Listed Infrastructure subfund Page 14 Sectoral breakdown of the Partners Group Listed Investments - Listed Infrastructure subfund Page 15 Breakdown of the net subfund assets of the Partners Group Listed Investments - Listed Infrastructure subfund Page 16 Breakdown of assets of the Partners Group Listed Investments - Listed Infrastructure subfund Page 19 Purchases and sales of assets between 1 January 2010 and 31 December 2010 of the Partners Group Listed Investments - Listed Infrastructure subfund Page 22 Report on the course of business for the Partners Group Listed Investments - Listed Real Estate subfund Page 24 Geographical breakdown by country of the Partners Group Listed Investments - Listed Real Estate subfund Page 25 Sectoral breakdown of the Partners Group Listed Investments - Listed Real Estate subfund Page 25 Breakdown of the net subfund assets of the Partners Group Listed Investments - Listed Real Estate subfund Page 26 Breakdown of assets of the Partners Group Listed Investments - Listed Real Estate subfund Page 30 Purchases and sales of assets between 1 January 2010 and 24 June 2010 of the Partners Group Listed Investments - Listed Real Estate subfund Page 31 Consolidated annual report Partners Group Listed Investments Page 34 Notes to the annual report for the period ended 31 December 2010 Page 36 Auditors' report Page 40 Management, distribution and consulting Page 41 Share subscriptions are only valid if they are made on the basis of the latest issue of the sales prospectus (including its appendices) in combination with the most recently available annual report and any semi-annual report which may have been published since then. The full sales prospectus, the simplified sales prospectus as well as the Fund's annual and semi-annual reports can be obtained free of charge from the registered office of the management company, the custodian bank, the paying agents in the respective countries of sale and the sales agents. Additional information may be obtained free of charge at the Management Company at any time during normal business hours. The full sales prospectus (together with the fund management regulations), the simplified prospectus, the latest annual and half-yearly reports of the fund and a statement of changes in the transferable securities held for the period from 1 January 2010 to 31 December 2010 can be obtained free of charge from the representative in Switzerland. 1 Partners Group Listed Investments - Listed Private Equity Report on operations The investment advisor reports on behalf of the board of directors of the management company: PARTNERS GROUP LISTED INVESTMENTS SICAV – LISTED PRIVATE EQUITY Market review At the beginning of the year, global stock markets were characterised by the continuing economic recovery and the related rises in prices. However, this momentum was slowed in the second quarter by the emerging debt crisis in euroland. The subsequent rescue measures by the European Union, however, deepened investors' fears. Worries about the future economic momentum in the United States and the further development of the debt crisis impacted negatively on stock exchanges, but the announcement of a further bond purchase plan by the Federal Reserve and good macro-economic data from the USA and Germany gave a boost to the global stock markets again at the year end. Contrastingly, the listed private equity class benefited during the whole reporting period from constant positive company newsflow. Investment and disposal activities therefore continued to improve during the reporting period. This trend was further clarified by the size of completed transactions. Once again takeovers with a price tag of several billions were completed in 2010. For example, in July, the German BASF acquired the worldwide specialised chemicals company, Cognis, for EUR 3,1. billion, from which the portfolio company SVG Capital directly benefited from its stake. M&A activity remained high throughout the period. One of the biggest transactions of the year was announced in November. The portfolio company, KKR, acquired the well-known US food and animal feed group, Del Monte, for USD 5,3 billion. The climate for IPOs also improved. A current example of this is the IPO of Goodbaby, the Chinese company. The biggest share owned by the portfolio company ARC Capital was 1.400 times oversubscribed by private investors. This trend should also continue in the coming year. Around 53% of the public offers announced on the US market in 2011 have been from companies dominated by private equity companies. Furthermore, the majority of listed private equity companies again announced rising NAVs. These rises are mainly attributable to the considerable improvement in the operating activities of the portfolio companies. A current example is the portfolio company, Electra Private Equity, which announced a 19,2% rise in net asset value in the fourth quarter for the year ended the 30 September 2010 and a doubling of net profit from activity segments. Partners Group Listed Investments SICAV - Listed Private Equity Partners Group Listed Investments SICAV - Listed Private Equity rose by 38,5% 1) during the reporting period and the Fund was able to considerably exceed the broad- based equities market (MSCI World TR in EUR +20,2%). Of particular note was the fact that the additional yield in the second half of almost 5% at the end of June, more than tripled to over 18% at the end of December. This is a clear sign of the attraction of listed private equity investments. The portfolio focus implemented at the beginning of the reporting reporting period was mostly maintained during the year. Umbrella funds, for example, were priced as previously at attractive levels in view of the strong improvement in fundamental data (reduction of external finance and over-commitment levels). The average discounts for umbrella funds listed in the UK, however, still amounted to around 25% at 31 December 2010, which is around 10% above the long-term average. In view of the probable continuation of rising net asset values, the investment advisor considers these discounts to be unjustified. The alternative asset managers also continue to offer an above-average price gain potential. The sector benefited from a generally higher level of valuation, on the one hand from higher capital income and on the other hand from carried interests. For this reason, any security in the portfolio which either reported disappointing results in the view of the asset manager, or were generally not in the position to benefit from the current attractive market backdrop were sold (e.g. CapMan, Dinamia). In addition the allocation to holding companies was reduced during the reporting period. At the beginning of 2009, the sector was built up primarily to improve liquidity and the general stability of the portfolio. When the market backdrop normalises, other sectors, such as umbrella funds, will again be prioritised. At the end of December 2010, the portfolio covered a total of 33 positions compared with 38 at the end of December 2009. During the year the Fund's assets increased by over EUR 106,1 million from EUR 110,6 million to EUR 216,7 million. Outlook For 2011, the fund manager expects a mostly positive market backdrop for listed private equity companies, primarily thanks to stronger fundamental data and the historically comparative attractive valuations within the asset class as before. Luxembourg, February 2011 The board of directors of the Partners Group Listed Investments SICAV 1) Unit class (I): +38,5% Unit class (P): +37,4% Unit class (USD): +25,1% Unit class (GBP): +19,7% (launched: 18. May 2010) The historic information and figures in this report do not give any indication of future performance. 2 Partners Group Listed Investments - Listed Private Equity Annual report 1. January 2010 to 31.12.10 The company is entitled to create share classes with different rights relating to the shares. Details of the current share classes are as follows: Share class P Share class USD Share class I Share class GBP German securities number (WKN): A0B61B A0B61C A0B61A A0RMTL ISIN code: LU0196152788 LU0196152861 LU0196152606 LU0424511698 Front-end load: 5.00% 5.00% 5.00% 5.00% Redemption fee: 0.00% 0.00% 0.00% 0.00% Management fee: 2.05% 2.05% 1.25% 1.25% Minimum subsequent investment: None None None None Income allocation: reinvested reinvested
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