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Audited Annual Report Schroder GAIA Société d’Investissement à Capital Variable (SICAV) Audited Annual Report 30 September 2020 No subscriptions can be received on the basis of periodical reports. Subscriptions are valid only if made on the basis of the current prospectus, the current Key Investors Information Documents, accompanied by the last available Annual Report or unaudited semi-annual report if published thereafter. This report is based on the current prospectus. Audited annual and unaudited semi-annual reports, the current prospectus and the Articles of Incorporation of the Company are available, free of charge, at the Company’s registered ofce, 5, rue Höhenhof, L-1736 Senningerberg, Grand Duchy of Luxembourg. Schrc>ders Table of Contents Schroder GAIA 5 Board of Directors 6 Administration 7 Directors’ Report 8 Investment Manager’s Report 9 Audit Report 11 Statement of Net Assets 14 Statement of Operations 24 Statement of Changes in Net Assets 26 Distribution of Investments by Industry 28 Portfolio of Investments 32 Schroder GAIA BlueTrend 32 Schroder GAIA Cat Bond 32 Schroder GAIA Contour Tech Equity 36 Schroder GAIA Egerton Equity 37 Schroder GAIA Helix 38 Schroder GAIA Sirios US Equity 41 Schroder GAIA Two Sigma Diversifed 43 Schroder GAIA UK Dynamic Absolute Return Fund 44 Schroder GAIA Wellington Pagosa 45 Notes to the Financial Statements 58 Total Expense Ratio (the “TER”) 128 Appendix I – UCITS Disclosures (Unaudited) 130 Appendix II – Securities Financing Transactions (Unaudited) 132 Schroder GAIA Audited Annual Report 4 () 30 September 2020 Schroder GAIA The Company Schroder GAIA (the ‘Company’) is an umbrella structured open-ended investment company with limited liability, organised as a ‘société anonyme’ and qualifes as a SICAV under Part I of the Law of 17 December 2010 as amended. The Company was incorporated on 21 October 2009 and its Articles were published in the Memorial on 12 November 2009 as amended. This report covers the year from 1 October 2019 to 30 September 2020. The fnancial statements are prepared in accordance with Luxembourg regulations relating to undertakings for collective investment. The last day on which prices were calculated was 30 September 2020, the last working day of the year under review. At the date of this report, nine sub-funds are available for investment within the Company (the ‘sub-funds’). Please refer to the current prospectus for the investment objectives of the sub-funds as well as details of investment restrictions. The Investment Manager’s report for each sub-fund can be found in the quarterly investment reports, which can be obtained from the Company’s registered ofce and are also available on the website of Schroder Investment Management (Europe) S.A. (http://www.schroders.lu). Schroders is a FATCA compliant organisation. The FATCA classifcation of this entity and its GIIN is as follows: FATCA entity classifcation: FFI; Sponsoring entity: Schroder Investment Management (Europe) S.A.; Sponsoring entity GIIN: 4RIMT7.00000.SP.442. Corporate Governance The Company is subject to corporate governance based on: 1. Its obligations as defned by the UCITS Directive 2009/65/EC dated 13 July 2009, as implemented in Luxembourg law which is available for inspection at the registered ofce of the Company at 5, rue Höhenhof, 1736 Senningerberg, Grand Duchy of Luxembourg. 2. Its Articles of Incorporation which are available for inspection at the registered ofce of the Company and at the Luxembourg corporate and trade register, Registre de Commerce et des Sociétés (‘RCSL’). 3. The obligations in respect of the management of the Company, for which the Company has appointed Schroder Investment Management (Europe) S.A. (the ‘Management Company’), which is subject to the requirements of the Management Company Directive 2010/43/EC, as implemented in Luxembourg law. 4. The Association of the Luxembourg Fund Industry (‘ALFI’) Code of Conduct for Luxembourg Investment Funds, the principles of which the Company has voluntarily adopted. Internal Control and Risk Management Systems The Board of Directors is responsible for establishing and maintaining adequate internal control and risk management systems of the Company in relation to the fnancial reporting process. Such systems are designed to manage rather than eliminate the risk of error or fraud in achieving the Company’s fnancial reporting objectives and can only provide reasonable and not absolute assurance against material misstatement or loss. The Board of Directors has contracted with the Management Company to put procedures in place to ensure all relevant accounting records are properly maintained and are readily available, including the production of annual and semi-annual reports. The annual and semi-annual reports of the Company are required to be approved by the Board of Directors of the Company and fled with the Commission de Surveillance du Secteur Financier (‘CSSF’) and in the case of the annual reports, with the Registre de Commerce et des Sociétés (‘RCSL’). The annual statutory fnancial statements are required to be audited by independent auditors who report to the Board of Directors on their fndings. The Board meets at least four times a year and ensures that the Company maintains high standards of integrity and control in its operations and that it possesses adequate governance and means of control as law and regulation demand. Schroder GAIA Audited Annual Report 5 30 September 2020 Board of Directors Chairman - Eric Bertrand Head of Schroders GAIA Vaults 13-15 Valletta Waterfront FRN 1914 Malta Other Directors - Carla Bergareche Head of Iberian Business Schroder Investment Management (Europe) S.A. Sucursal en España Pinar 7, 4th Floor, 28006 Madrid Spain - Mike Champion Head of Product Development Schroder Investment Management Limited 1 London Wall Place London EC2Y 5AU United Kingdom - Marie-Jeanne Chèvremont-Lorenzini Independent Director 12, rue de la Sapinière, 8150 Bridel Grand Duchy of Luxembourg - Daniel de Fernando Garcia1 Independent Director Serrano 1, 28001 Madrid Spain - Bernard Herman Independent Director 11-13, rue Jean Fischbach, 3372 Leudelange Grand Duchy of Luxembourg - Achim Kuessner Country Head Germany, Austria & CEE Schroder Investment Management (Europe) S.A., German Branch Taunustor 1 (TaunusTurm), 60310 Frankfurt am Main Germany - Hugh Mullan2 Independent Director 5, rue Hohenhof, 1736 Senningerberg Grand Duchy of Luxembourg - Neil Walton Head of Investment Solutions Schroder Investment Management Limited 1 London Wall Place London EC2Y 5AU United Kingdom 1 Daniel de Fernando Garcia’s mandate as director ended within the accounting period as at 26 March 2020. 2 Hugh Mullan was appointed to the Board of Directors on effective 26 March 2020. Schroder GAIA Audited Annual Report 6 30 September 2020 Administration Registered Ofce Investment Managers 5, rue Höhenhof, 1736 Senningerberg Grand Duchy of Luxembourg BennBridge Ltd. Windsor House, Station Court, Station Road, Great Shelford Cambridgeshire CB22 5NE, United Kingdom Management Company, Registrar Schroder GAIA UK Dynamic Absolute Return Fund and Domiciliary Agent Contour Asset Management, LLC Schroder Investment Management (Europe) S.A. 99 Park Avenue, Suite 1540, New York NY 10016 5, rue Höhenhof, 1736 Senningerberg United States Grand Duchy of Luxembourg Schroder GAIA Contour Tech Equity Egerton Capital (UK) LLP Principal Paying Agent Stratton House, 5 Stratton Street, London W1J 8LA and Transfer Agent United Kingdom Schroder GAIA Egerton Equity HSBC Continental Europe, Luxembourg 16, boulevard d’Avranches, 1160 Luxembourg Egerton Capital (UK) LLP has appointed the following Grand Duchy of Luxembourg Sub-Investment Manager for Schroder GAIA Egerton Equity: Depositary and Administration Agent - Egerton Capital (US), LP. Nuveen Asset Management, LLC Brown Brothers Harriman (Luxembourg) S.C.A. 333 West Wacker Drive Chicago, IL 60606 80, route d’Esch, 1470 Luxembourg United States Grand Duchy of Luxembourg Schroder GAIA Nuveen US Equity Long Short* Schroder GAIA Nuveen US Equity Market Neutral* Principal Legal Adviser Schroder Investment Management Limited Arendt & Medernach S.A. 1 London Wall Place, London EC2Y 5AU 41A, Avenue J.F. Kennedy, 2082 Luxembourg United Kingdom Grand Duchy of Luxembourg Schroder GAIA Helix Independent Auditor Schroder Investment Management Limited has appointed the following Sub-Investment Manager for Schroder GAIA Helix: PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator, 2182 Luxembourg - BennBridge Ltd. Grand Duchy of Luxembourg Schroder Investment Management (Switzerland) AG Central 2, CH-8001 Zürich, Switzerland Schroder GAIA Cat Bond Sirios Capital Management LP One International Place, Boston MA, 02110, United States Schroder GAIA Sirios US Equity Systematica Investments Limited 29 Esplanade, St Helier JE2 3QA, Jersey Schroder GAIA BlueTrend Systematica Investments Limited has appointed the following Sub- Investment Managers for Schroder GAIA BlueTrend: - Systematica Investments UK LLP; - Systematica Investments Jersey Limited; - Systematica Investments GP Limited, Geneva branch; and - Systematica Investments Singapore PTE. Two Sigma Advisers LP 100 Avenue of the Americas, 16th Floor, New York NY 10013 United States Schroder GAIA Two Sigma Diversifed Wellington Management International Limited Cardinal Place, 80 Victoria Street, London SW1E 5JL United Kingdom Schroder GAIA Wellington Pagosa Wellington Management International Limited has appointed the following Sub-Investment Manager for Schroder GAIA Wellington
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