HANDELSBANKEN FUNDS
SOCIETE D’INVESTISSEMENT A CAPITAL VARIABLE (SICAV)
ANNUAL REPORT For the year ended 31 December 2015
Handelsbanken Funds 15, rue Bender L-1229 Luxembourg Grand Duchy of Luxembourg
R.C.S. Luxembourg B 22175
HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Table of Contents
Page SHAREHOLDERS' INFORMATION 3 ADMINISTRATION AND SERVICE PROVIDERS 4 THE INVESTMENT MANAGER'S REPORT 6 REPORT OF THE RÉVISEUR D'ENTREPRISES AGRÉÉ 8 STATEMENT OF NET ASSETS 10 STATEMENT OF OPERATIONS 14 STATEMENT OF CHANGES IN NET ASSETS 19 STATEMENT OF CHANGES IN NUMBER OF SHARES OUTSTANDING 24 STATISTICAL INFORMATION 29 STATEMENT OF INVESTMENTS, CASH AT BANK AND OTHER NET ASSETS OR OTHER NET LIABILITIES 42 Swedish Bonds Shares Criteria (formerly Swedish Bonds Shares) 42 Swedish Short Term Assets Shares 43 Russia Shares 45 Global Criteria 46 America Small Cap 67 Commodity 68 Brazil 69 Global Dynamic Allocation Preserve 90 70 Multi Asset (L) 72 Multi Asset (M) 73 Multi Asset (H) 74 Global Selective 75 Pension 40 76 Pension 50 77 Pension 60 78 Pension 70 79 Pension 80 80 Pension 90 81 MSCI Emerging Markets Index 82 Emerging Markets Bond Fund 92 Global Selective Criteria 93 STATEMENT OF INVESTMENTS 94 Swedish Bonds Shares Criteria (formerly Swedish Bonds Shares) 94 Swedish Short Term Assets Shares 94 Russia Shares 95 Global Criteria 95 America Small Cap 96 Commodity 97 Brazil 97 Global Dynamic Allocation Preserve 90 98 Multi Asset (L) 98 Multi Asset (M) 99 Multi Asset (H) 99 Global Selective 100 Pension 40 100 Pension 50 101 Pension 60 101 Pension 70 102 Pension 80 102 Pension 90 103
1 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Table of Contents
MSCI Emerging Markets Index 103 Emerging Markets Bond Fund 104 Global Selective Criteria 105 NOTES TO THE FINANCIAL STATEMENTS 106
2
HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Shareholders' Information
Information to Shareholders of HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable, SICAV) hereafter called “Handelsbanken Funds” or “the Fund”:
Audited annual and unaudited semi-annual reports are available at the office of the domiciliary, registrar and transfer agent – paying agent.
The certified Articles of Incorporation were lodged at the office of the Registrar “Registre de Commerce et des Sociétés” of Luxembourg where they are available for inspection and where copies may be obtained upon request.
The sale and repurchase prices of the shares may be obtained at the registered office of the Fund.
Copies of portfolio changes are available at the office of the domiciliary, registrar and transfer agent – paying agent.
No subscription can be accepted on the basis of financial reports alone. Subscriptions are only valid if made on the basis of the current Prospectus accompanied by the latest available annual report and the latest available semi-annual report if published thereafter.
3
HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Administration and Service Providers
Directors Christian DAHL Head of Handelsbanken Asset Management, Norway Pär SJÖGEMARK Head of HMH International, Handelsbanken Fonder AB, Stockholm Peter CARLBERG Head of Business Development, Svenska Handelsbanken AB (Publ.), Stockholm (appointed 19 June 2015) Pär NURNBERG Head of Business Development Handelsbanken Fonder AB, Stockholm (end of mandate 7 April 2015) Rudy HOYLAERTS (resigned 19 June 2015)
Registered Office Handelsbanken Funds 15, rue Bender L-1229 Luxembourg Grand Duchy of Luxembourg R.C.S. Luxembourg N° B 22175
Investment Manager Handelsbanken Fonder AB Blasieholmstorg 12 S-106 70 Stockholm Sweden
Domiciliary, Svenska Handelsbanken AB, Luxembourg Branch Registrar and 15, rue Bender Transfer agent – L-1229 Luxembourg Paying agent, Grand Duchy of Luxembourg Administration agent
Custodian J.P. Morgan Bank Luxembourg S.A. 6, route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg
4 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Administration and Service Providers (continued)
Cabinet de KPMG Luxembourg, Société coopérative Révision agréé 39, avenue John F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg
Legal Adviser Elvinger, Hoss & Prussen 2, Place Winston Churchill L-1340 Luxembourg Grand Duchy of Luxembourg
Conducting Officers Birgitta RÖSTLUND, Head of Handelsbanken Asset Management, Luxembourg (appointed 19 June 2015) Oliver O’ROURKE Handelsbanken Asset Management, Luxembourg Rudy HOYLAERTS (resigned 19 June 2015)
5 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
The Investment Manager's Report
Global markets in brief The stock market was dominated by volatility in the markets during 2015, with an upturn of 5.15% (measured in SEK) in the World Index. The global equity markets rose sharply during the spring months and both the U.S. and Swedish stock markets hit record highs. The Chinese stock market rose over 30% during the first five months of 2015. The positive market sentiment could be largely explained by the European Central Bank’s launching of a major bond-buying programme at the beginning of 2015 to boost the economy and inflation. Markets became even more volatile in the early summer. Bond rates rose sharply, which resulted in turbulent stock markets as the markets began to prepare for a hike in interest rates during the summer by the U.S. central bank, the Federal Reserve, after seven years of zero interest rates. However, this did not transpire, as weak data from China and renewed concerns about developments in Greece caused the Federal Reserve to hold off using its interest rate weapon.
However, the summer was dominated by renewed speculation about the retreat of Greece from the Eurozone after the left-wing party Syriza, which came to power at the beginning of 2015, refused to submit to the expenditure cuts and reforms required by creditors. However, a referendum and a new election finally ended the drama in Greece and the country received new monetary aid in exchange for austerity measures. Stock markets fell sharply again in mid- August and the entire year’s market upturn in Sweden was wiped out. This time, China caused the markets to decline after an unexpected devaluation of its currency. The devaluation was interpreted as a panic reaction and market participants began to question the Chinese leadership’s ability to successfully deliver a soft landing of the world’s second largest economy. Concerns about China and volatile financial markets led a delay in the rate hike by the U.S. Federal Reserve until mid-December when rates were increased by 0.25 percent. The rate hike was well- communicated and was received with a sigh of relief, as this was seen as a sign that the economy is heading in the right direction. Stock markets rose after the Fed’s rate announcement.
Regionally, emerging market equities continued to struggle. In addition to concerns about the slowdown in China, many countries are negatively affected by a sharp decline in commodity prices. Countries such as Brazil, Russia and South Africa are highly dependent on commodities. Moreover, many of these countries have failed to implement structural reforms, which creates problems when there is a downturn in commodity revenues. Swedish investors benefitted from the strong performance of Japanese and U.S. equities, which was largely explained by a weaker SEK against these currencies.
The fixed income market also experienced volatility in 2015. Major focus was placed on the world’s central banks, with the Federal Reserve hiking rates at the end of 2015, as mentioned previously. Central banks on this side of the Atlantic have headed in the opposite direction. The European Central Bank has been purchasing bonds for 60 bn EUR per month and announced in December that this will continue until at least the spring of 2017. The Swedish Riksbank cut key rates to a record low of -0.35 percent and also launched a massive bond-buying programme. Bond rates have fluctuated significantly, with the Swedish 10-year bond rate falling to a low of 0.23 percent in the spring of 2015. Bond rates rose to 0.9 percent at year-end, which was the same level as at the outset of 2015.
We expect the global economy to slowly head in the right direction, with the U.S. and Europe leading the way. Consumption benefits from low energy prices, an improved labour market and a monetary policy that is no longer contractionary. We expect industrials to continue to struggle in the wake of weak growth for commodity prices, as a significant amount of the global investments are made in the commodity sector and China is switching from an investment-driven economy to one that is consumption-driven. A continuation of low rates and a tentatively rising growth leads us to expect markets to edge higher. However, we also expect continued volatility in the financial markets during 2016 due to concerns about China and rate hikes in the U.S.
6 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
The Investment Manager's Report (continued)
Risk Disclosures The SICAV uses a risk management process that allows monitoring the risk of the portfolio positions and their share of the overall risk profile of the portfolios at any time. The SICAV reports to the CSSF on a regular basis on the risk management process, in accordance with the Law of 17 December 2010 and the applicable regulatory requirements of the Commission de Surveillance du Secteur Financier ("CSSF"). The SICAV assures, at the basis of appropriate and reasonable methods, that the overall risk, associated with derivatives, does not exceed the net asset value of the portfolio. The SICAV's global exposure is calculated on a daily basis. The SICAV does not consider that the investment strategies motivate a more frequent calculation. The Commitment approach is used to calculate global exposure for all sub-funds of the SICAV. This process, in relation to financial instruments on the basis of the commitment approach, is implemented in accordance with the steps provided for in point 2 of Box 2, of ESMA Guidelines 10-788.
Pär SJÖGEMARK Director of Handelsbanken Funds
7 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Report of the Réviseur d'Entreprises agréé
To the Shareholders of HANDELSBANKEN FUNDS 15, rue Bender L-1229 Luxembourg
We have audited the accompanying financial statements of HANDELSBANKEN FUNDS (“the SICAV”) and each of its sub-funds, which comprise the statement of net assets and the statement of investments, cash at bank and other net assets or other net liabilities as at 31 December 2015 and the statement of operations and the statement of changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory information.
Board of Directors of the SICAV responsibility for the financial statements
The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements, and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Responsibility of the Réviseur d’Entreprises agréé
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgement of the Réviseur d’Entreprises agréé, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Réviseur d’Entreprises agréé considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements give a true and fair view of the financial position of HANDELSBANKEN FUNDS and each of its sub-funds as of 31 December 2015, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.
8
HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statement of Net Assets As at 31 December 2015
Combined Swedish Bonds Shares Swedish Short Term Russia Shares Global Criteria America Small Cap Criteria (formerly Assets Shares Swedish Bonds Shares) (expressed in) USD SEK SEK SEK SEK USD
Assets Investment securities at cost 12,491,072,496.69 3,250,070,388.75 22,739,282,890.74 568,084,125.86 13,950,530,847.99 515,661,963.91 Unrealised appreciation/(depreciation) in investments securities 1,196,485,513.09 (79,819,838.32) (74,821,967.12) (99,797,857.78) 3,838,834,544.99 29,196,207.86 Investment securities at market value (Note 2) 13,687,558,009.78 3,170,250,550.43 22,664,460,923.62 468,286,268.08 17,789,365,392.98 544,858,171.77
Cash at bank 867,746,702.06 87,841,441.47 2,630,319,897.76 4,313,088.06 234,865,883.21 17,157,589.94 Unrealised gain on futures (Note 2) 2,099,089.72 3,719,203.40 - - 5,652,967.99 - Unrealised gain on forwards (Note 2) 463,729.06 - - - - - Interest receivable on bonds 12,290,930.85 36,391,405.50 51,759,759.71 - - - Interest receivable on cash at bank 69,164.37 - - 12,553.00 134,415.36 35,836.71 Income receivable on rebate of management fees 2,943,334.92 - - - - - Income receivable on securities lending 220,600.73 - - - 1,738,332.54 - Dividends receivable 3,013,034.76 - - 2,904,787.95 16,471,376.19 154,201.60 Subscriptions receivable 8,371,328.21 - - 17,343.28 7,010,535.25 98,518.25 Receivable on securities sold 1,600,462.71 - - - 3,128,855.24 - 898,818,377.39 127,952,050.37 2,682,079,657.47 7,247,772.29 269,002,365.78 17,446,146.50 Total assets 14,586,376,387.17 3,298,202,600.80 25,346,540,581.09 475,534,040.37 18,058,367,758.76 562,304,318.27
Liabilities Unrealised loss on futures (Note 2) 40,821.17 - - - - - Unrealised loss on swaps already cashed (Note 2) 1,814,879.03 - - - - - Unrealised loss on swaps (Note 2) 2,384,547.79 - - - - - Unrealised loss on forwards (Note 2) 910,654.77 - - - - - Fees and commissions payable (Note 3) 8,814,910.22 2,517,554.46 3,653,175.96 1,102,887.83 7,235,304.52 832,861.57 Interest payable on bank overdraft 49,141.89 672.29 109,382.16 474.78 3,640.90 1,658.16 Payable on securities purchased 46,328,220.55 - - - - 829,622.10 Redemptions payable 11,409,201.96 4,550.93 - 265,822.27 62,484.02 100,154.12 Total liabilities 71,752,377.38 2,522,777.68 3,762,558.12 1,369,184.88 7,301,429.44 1,764,295.95 Total net assets 14,514,624,009.79 3,295,679,823.12 25,342,778,022.97 474,164,855.49 18,051,066,329.32 560,540,022.32
The accompanying notes are an integral part of these financial statements. 10 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statement of Net Assets (continued) As at 31 December 2015
Commodity Brazil Global Dynamic Multi Asset (L) Multi Asset (M) Multi Asset (H) Allocation Preserve 90
(expressed in) SEK SEK SEK SEK SEK SEK
Assets Investment securities at cost 647,779,380.62 296,163,507.70 1,791,390,762.48 14,767,991,614.70 9,488,543,323.78 4,142,065,578.95 Unrealised appreciation/(depreciation) in investments securities (15,690,850.31) (93,722,084.05) (41,579,783.02) 416,876,259.01 570,550,407.26 430,663,589.34 Investment securities at market value (Note 2) 632,088,530.31 202,441,423.65 1,749,810,979.46 15,184,867,873.71 10,059,093,731.04 4,572,729,168.29
Cash at bank 1,306,986,560.72 5,712,852.32 1,132,296,551.46 284,094,028.81 676,615,360.86 391,555,506.86 Unrealised gain on futures (Note 2) - - - 657,113.34 - - Unrealised gain on forwards (Note 2) - - - 3,909,498.35 - - Interest receivable on bonds ------Interest receivable on cash at bank 4,958.80 14,661.00 - - - - Income receivable on rebate of management fees - - 56,019.37 6,526,884.32 6,331,953.66 3,786,532.09 Income receivable on securities lending - - 16,430.70 - - - Dividends receivable - 660,274.61 1,203,088.04 - - - Subscriptions receivable 960,283.25 144,525.07 - 20,829,535.42 18,085,680.51 9,463,923.61 Receivable on securities sold ------1,307,951,802.77 6,532,313.00 1,133,572,089.57 316,017,060.24 701,032,995.03 404,805,962.56 Total assets 1,940,040,333.08 208,973,736.65 2,883,383,069.03 15,500,884,933.95 10,760,126,726.07 4,977,535,130.85
Liabilities Unrealised loss on futures (Note 2) - - - - 76,236.95 267,908.62 Unrealised loss on swaps already cashed (Note 2) 15,300,457.16 - - - - - Unrealised loss on swaps (Note 2) 20,103,087.15 - - - - - Unrealised loss on forwards (Note 2) 664.56 - - - 4,310,583.95 3,219,322.43 Fees and commissions payable (Note 3) 1,027,033.76 385,951.90 906,488.82 15,219,972.07 13,243,828.14 6,901,861.59 Interest payable on bank overdraft 25.38 622.15 205,447.02 13,472.71 28,365.15 15,653.39 Payable on securities purchased - - 277,563,768.02 - - - Redemptions payable 1,296,171.46 98,875.01 - 24,938,738.04 14,045,400.24 8,885,916.27 Total liabilities 37,727,439.47 485,449.06 278,675,703.86 40,172,182.82 31,704,414.43 19,290,662.30 Total net assets 1,902,312,893.61 208,488,287.59 2,604,707,365.17 15,460,712,751.13 10,728,422,311.64 4,958,244,468.55
The accompanying notes are an integral part of these financial statements. 11 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statement of Net Assets (continued) As at 31 December 2015
Global Selective Pension 40 Pension 50 Pension 60 Pension 70 Pension 80
(expressed in) EUR SEK SEK SEK SEK SEK
Assets Investment securities at cost 228,030,767.08 2,089,608,055.89 7,020,974,878.94 7,660,815,904.90 4,893,204,487.59 1,281,020,266.64 Unrealised appreciation/(depreciation) in investments securities 26,060,221.13 153,253,238.73 1,295,618,194.88 1,923,637,652.56 1,197,086,556.24 251,989,029.43 Investment securities at market value (Note 2) 254,090,988.21 2,242,861,294.62 8,316,593,073.82 9,584,453,557.46 6,090,291,043.83 1,533,009,296.07
Cash at bank 6,420,343.98 16,382,698.56 30,501,279.39 34,702,919.42 37,401,789.33 3,471,745.83 Unrealised gain on futures (Note 2) ------Unrealised gain on forwards (Note 2) ------Interest receivable on bonds ------Interest receivable on cash at bank 82.65 3,566.89 - - - - Income receivable on rebate of management fees - 694,857.25 2,501,327.89 2,766,847.56 1,719,321.38 425,397.05 Income receivable on securities lending ------Dividends receivable 66,385.37 - - - - - Subscriptions receivable 533,300.00 683,000.00 - 2,297,405.02 3,885,215.00 878,000.00 Receivable on securities sold ------7,020,112.00 17,764,122.70 33,002,607.28 39,767,172.00 43,006,325.71 4,775,142.88 Total assets 261,111,100.21 2,260,625,417.32 8,349,595,681.10 9,624,220,729.46 6,133,297,369.54 1,537,784,438.95
Liabilities Unrealised loss on futures (Note 2) ------Unrealised loss on swaps already cashed (Note 2) ------Unrealised loss on swaps (Note 2) ------Unrealised loss on forwards (Note 2) ------Fees and commissions payable (Note 3) 393,313.07 650,985.78 2,353,506.21 2,594,652.02 1,573,978.78 331,295.35 Interest payable on bank overdraft 187.96 117.78 223.57 196.28 111.69 22.17 Payable on securities purchased 3,347,239.51 - - 5,092,910.56 20,347,910.56 - Redemptions payable 10,445.72 33,177,589.87 12,139,999.99 - - 72,814.11 Total liabilities 3,751,186.26 33,828,693.43 14,493,729.77 7,687,758.86 21,922,001.03 404,131.63 Total net assets 257,359,913.95 2,226,796,723.89 8,335,101,951.33 9,616,532,970.60 6,111,375,368.51 1,537,380,307.32
The accompanying notes are an integral part of these financial statements. 12 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statement of Net Assets (continued) As at 31 December 2015
Pension 90* MSCI Emerging Emerging Markets Global Selective Markets Index Bond Fund Criteria
(expressed in) SEK SEK SEK EUR
Assets Investment securities at cost 18,218,280.98 2,067,604,661.80 754,765,243.97 157,569,286.83 Unrealised appreciation/(depreciation) in investments securities (929,166.03) (37,423,302.56) (123,373,158.24) 9,925,086.66 Investment securities at market value (Note 2) 17,289,114.95 2,030,181,359.24 631,392,085.73 167,494,373.49
Cash at bank 389,585.13 165,430,508.70 5,609,378.87 6,951,003.31 Unrealised gain on futures (Note 2) - 7,667,229.40 - - Unrealised gain on forwards (Note 2) - - - - Interest receivable on bonds - - 15,468,336.76 - Interest receivable on cash at bank - 34,453.47 44,449.45 3,402.02 Income receivable on rebate of management fees 4,838.32 - - - Income receivable on securities lending - 105,025.76 - - Dividends receivable - 1,383,902.42 - 95,018.00 Subscriptions receivable 138,300.00 7,600.93 459,094.52 - Receivable on securities sold - 33,554.83 10,330,396.32 - 532,723.45 174,662,275.51 31,911,655.92 7,049,423.33 Total assets 17,821,838.40 2,204,843,634.75 663,303,741.65 174,543,796.82
Liabilities Unrealised loss on futures (Note 2) - - - - Unrealised loss on swaps already cashed (Note 2) - - - - Unrealised loss on swaps (Note 2) - - - - Unrealised loss on forwards (Note 2) - - 146,764.11 - Fees and commissions payable (Note 3) 3,583.05 921,278.01 744,847.80 253,653.60 Interest payable on bank overdraft 18.90 31.30 554.91 2,135.90 Payable on securities purchased 172,377.56 - 10,123,372.09 4,326,667.76 Redemptions payable - 255,681.29 1,965.92 - Total liabilities 175,979.51 1,176,990.60 11,017,504.83 4,582,457.26 Total net assets 17,645,858.89 2,203,666,644.15 652,286,236.82 169,961,339.56 * Sub-fund launched on 21 January 2015
The accompanying notes are an integral part of these financial statements. 13 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statement of Operations For the year ended 31 December 2015
Combined Swedish Bonds Shares Swedish Short Term Russia Shares Global Criteria Europe Selective* Criteria (formerly Assets Shares Swedish Bonds Shares) (expressed in) USD SEK SEK SEK SEK EUR
Income Dividends, net 78,854,189.52 - - 28,970,195.39 298,849,028.64 1,019,487.59 Rebate on Management fees (Note 4 & 14) 34,731,571.33 - - - - - Income from securities lending, net (Note 9) 294,263.50 - - - 1,888,971.87 - Interest on bonds, net 52,442,823.89 72,478,576.25 206,471,692.12 - - - Interest on bank deposits 4,110,122.48 - - - - - Total income 170,432,970.72 72,478,576.25 206,471,692.12 28,970,195.39 300,738,000.51 1,019,487.59
Expenses Interest on bank overdraft 323,315.20 40,025.37 143,907.45 19,204.65 214,001.98 4,069.84 Flat All-in fee (Note 4) 94,166,017.66 25,018,319.70 43,892,941.72 13,941,012.59 64,537,123.52 652,972.39 Analysis costs 1,499,765.02 - - 378,745.90 - 20,150.11 Transaction costs (Note 8) 2,716,991.43 337,673.09 6,328.89 1,184,349.31 7,583,708.57 28,713.65 "Taxe d'abonnement" (Note 5) 2,537,178.78 1,681,257.64 2,474,389.11 244,489.01 2,319,626.23 12,984.85 Total expenses 101,243,268.09 27,077,275.80 46,517,567.17 15,767,801.46 74,654,460.30 718,890.84
Net income/(loss) from investments 69,189,702.63 45,401,300.45 159,954,124.95 13,202,393.93 226,083,540.21 300,596.75 Net realised gain/(loss) on foreign currencies (Note 2) 44,241,741.61 (57,415,552.29) (10,746.19) 62,875,724.26 115,179,271.37 1,103,810.39 Net realised gain/(loss) on sales of investment securities (Note 2) 115,595,063.08 19,138,083.03 (167,466,121.60) (99,290,815.04) 117,454,959.63 3,334,021.31 Net realised gain/(loss) on futures (Note 2) 57,796,634.57 33,926,248.32 589,647.79 - 29,654,463.51 - Net realised gain/(loss) on swaps (Note 2) (137,582,371.68) - - - - -
Net realised gain/(loss) for the year 149,240,770.21 41,050,079.51 (6,933,095.05) (23,212,696.85) 488,372,234.72 4,738,428.45 Change in net unrealised appreciation/(depreciation) on investment securities (100,874,216.05) (114,742,697.64) (351,135.75) 85,207,654.01 196,961,413.99 (7,673,431.54) Change in net unrealised appreciation/(depreciation) on forwards (866,422.45) - - - - - Change in net unrealised appreciation/(depreciation) on futures 3,439,428.28 3,502,115.70 - - 4,121,395.09 - Change in net unrealised appreciation/(depreciation) on swaps 528,559.06 - - - - - Net increase/(decrease) in net assets as a result of operations 51,468,119.05 (70,190,502.43) (7,284,230.80) 61,994,957.16 689,455,043.80 (2,935,003.09)
* Sub-fund liquidated on 25 September 2015 The accompanying notes are an integral part of these financial statements. 14 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statement of Operations (continued) For the year ended 31 December 2015
Nordic Shares* America Small Cap Far East Shares** Global Thematic*** Commodity Brazil
(expressed in) EUR USD USD USD SEK SEK
Income Dividends, net 1,201,932.67 5,281,826.29 393,002.79 1,167,636.86 - 8,421,488.93 Rebate on Management fees (Note 4 & 14) ------Income from securities lending, net (Note 9) - 255.01 - - - - Interest on bonds, net ------Interest on bank deposits - - - - 2,008,066.50 - Total income 1,201,932.67 5,282,081.30 393,002.79 1,167,636.86 2,008,066.50 8,421,488.93
Expenses Interest on bank overdraft 3,639.32 11,040.55 187.33 1,853.23 65,104.28 7,429.53 Flat All-in fee (Note 4) 503,502.51 9,481,157.87 188,996.50 882,882.16 14,297,205.80 4,727,579.09 Analysis costs 21,421.03 382,640.45 17,668.93 39,461.60 - 225,240.98 Transaction costs (Note 8) 13,001.59 127,146.96 85,086.33 109,037.68 18,947.56 277,046.20 "Taxe d'abonnement" (Note 5) 11,406.69 323,658.77 4,119.03 16,757.25 536,911.85 108,314.55 Total expenses 552,971.14 10,325,644.60 296,058.12 1,049,991.92 14,918,169.49 5,345,610.35
Net income/(loss) from investments 648,961.53 (5,043,563.30) 96,944.67 117,644.94 (12,910,102.99) 3,075,878.58 Net realised gain/(loss) on foreign currencies (Note 2) (581,451.46) (3,590,435.36) (881,427.76) (3,242,175.01) 190,138,346.59 (48,153,743.61) Net realised gain/(loss) on sales of investment securities (Note 2) 4,618,043.68 28,239,089.00 3,532,636.10 7,786,483.98 32,683,262.34 (31,258,802.77) Net realised gain/(loss) on futures (Note 2) - - - - 167,543,988.36 - Net realised gain/(loss) on swaps (Note 2) - - - - (1,159,897,245.59) -
Net realised gain/(loss) for the year 4,685,553.75 19,605,090.34 2,748,153.01 4,661,953.91 (782,441,751.29) (76,336,667.80) Change in net unrealised appreciation/(depreciation) on investment securities (5,268,226.16) (23,792,884.04) (3,778,898.54) (14,064,770.02) (30,638,135.22) (34,172,044.65) Change in net unrealised appreciation/(depreciation) on forwards - - - - (14,367.49) - Change in net unrealised appreciation/(depreciation) on futures ------Change in net unrealised appreciation/(depreciation) on swaps - - - - 4,456,051.98 - Net increase/(decrease) in net assets as a result of operations (582,672.41) (4,187,793.70) (1,030,745.53) (9,402,816.11) (808,638,202.02) (110,508,712.45) * Sub-fund liquidated on 25 September 2015 ** Sub-fund liquidated on 28 August 2015 *** Sub-fund liquidated on 22 May 2015
The accompanying notes are an integral part of these financial statements. 15 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statement of Operations (continued) For the year ended 31 December 2015
Global Dynamic Multi Asset (L) Multi Asset (M) Multi Asset (H) Global Selective Pension 40 Allocation Preserve 90
(expressed in) SEK SEK SEK SEK EUR SEK
Income Dividends, net 47,276,959.20 11,681,612.60 16,437,965.11 7,926,810.45 3,143,507.00 - Rebate on Management fees (Note 4 & 14) 515,073.10 72,722,130.95 73,339,531.32 44,215,472.63 - 9,382,022.06 Income from securities lending, net (Note 9) 213,353.20 - - - - 164.50 Interest on bonds, net ------Interest on bank deposits - 15,263,643.02 11,846,724.49 5,487,178.68 - - Total income 48,005,385.50 99,667,386.57 101,624,220.92 57,629,461.76 3,143,507.00 9,382,186.56
Expenses Interest on bank overdraft 423,295.41 327,959.64 390,610.01 225,251.97 10,533.97 11,922.05 Flat All-in fee (Note 4) 11,107,809.72 142,395,505.10 130,924,759.18 70,012,036.94 3,723,594.08 7,536,394.38 Analysis costs - 3,013,717.92 2,321,304.58 1,043,640.33 123,789.75 - Transaction costs (Note 8) 4,365,970.09 311,484.75 346,779.79 213,156.47 231,553.99 6,436.37 "Taxe d'abonnement" (Note 5) 294,721.65 3,176,962.50 2,395,436.17 1,264,115.63 74,063.42 35,568.48 Total expenses 16,191,796.87 149,225,629.91 136,378,889.73 72,758,201.34 4,163,535.21 7,590,321.28
Net income/(loss) from investments 31,813,588.63 (49,558,243.34) (34,754,668.81) (15,128,739.58) (1,020,028.21) 1,791,865.28 Net realised gain/(loss) on foreign currencies (Note 2) 57,558,471.82 (16,478,567.20) (8,239,234.71) (4,282,866.05) 9,477,438.89 (94,690.29) Net realised gain/(loss) on sales of investment securities (Note 2) (56,770,230.95) 281,288,111.27 287,524,446.38 168,257,546.83 10,125,052.51 66,469,675.33 Net realised gain/(loss) on futures (Note 2) - 76,434,192.80 101,279,953.70 68,133,810.42 - - Net realised gain/(loss) on swaps (Note 2) ------
Net realised gain/(loss) for the year 32,601,829.50 291,685,493.53 345,810,496.56 216,979,751.62 18,582,463.19 68,166,850.32 Change in net unrealised appreciation/(depreciation) on investment securities (147,684,611.40) (299,687,502.56) (232,002,684.63) (71,330,154.63) (3,732,672.40) (45,708,275.21) Change in net unrealised appreciation/(depreciation) on forwards 4,284,090.72 (129,742.90) (8,747,995.02) (5,607,806.08) - - Change in net unrealised appreciation/(depreciation) on futures - 5,529,819.48 4,889,636.31 2,738,848.33 - - Change in net unrealised appreciation/(depreciation) on swaps ------Net increase/(decrease) in net assets as a result of operations (110,798,691.18) (2,601,932.45) 109,949,453.22 142,780,639.24 14,849,790.79 22,458,575.11
The accompanying notes are an integral part of these financial statements. 16 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statement of Operations (continued) For the year ended 31 December 2015
Pension 50 Pension 60 Pension 70 Pension 80 Pension 90* MSCI Emerging Markets Index
(expressed in) SEK SEK SEK SEK SEK SEK
Income Dividends, net 16,030,365.40 23,592,253.19 18,656,050.00 4,167,165.00 15,690.85 54,417,010.38 Rebate on Management fees (Note 4 & 14) 31,723,546.07 34,485,234.00 21,313,295.73 5,083,328.00 27,165.61 - Income from securities lending, net (Note 9) 125.62 99.13 - - - 375,943.59 Interest on bonds, net ------Interest on bank deposits - - - - - 7,051.98 Total income 47,754,037.09 58,077,586.32 39,969,345.73 9,250,493.00 42,856.46 54,800,005.95
Expenses Interest on bank overdraft 10,467.37 7,314.79 4,218.25 857.66 587.57 83,066.02 Flat All-in fee (Note 4) 25,524,724.18 27,779,335.49 16,675,678.78 3,320,195.07 18,085.19 10,628,137.73 Analysis costs ------Transaction costs (Note 8) - 421.40 441.93 210.70 29.66 994,484.39 "Taxe d'abonnement" (Note 5) 446,866.14 587,983.50 374,698.85 96,004.20 765.19 347,934.40 Total expenses 25,982,057.69 28,375,055.18 17,055,037.81 3,417,267.63 19,467.61 12,053,622.54
Net income/(loss) from investments 21,771,979.40 29,702,531.14 22,914,307.92 5,833,225.37 23,388.85 42,746,383.41 Net realised gain/(loss) on foreign currencies (Note 2) (108,362.88) (139,720.75) (131,062.65) (31,039.17) (995.24) 20,187,672.40 Net realised gain/(loss) on sales of investment securities (Note 2) 116,269,828.80 4,813,166.19 - - 30,650.03 (74,792,140.39) Net realised gain/(loss) on futures (Note 2) - - - - - 9,683,309.66 Net realised gain/(loss) on swaps (Note 2) ------
Net realised gain/(loss) for the year 137,933,445.32 34,375,976.58 22,783,245.27 5,802,186.20 53,043.64 (2,174,774.92) Change in net unrealised appreciation/(depreciation) on investment securities 80,012,118.55 345,701,243.06 197,677,076.02 40,900,185.88 (929,166.03) (213,213,284.75) Change in net unrealised appreciation/(depreciation) on forwards ------Change in net unrealised appreciation/(depreciation) on futures - - - - - 8,214,511.75 Change in net unrealised appreciation/(depreciation) on swaps ------Net increase/(decrease) in net assets as a result of operations 217,945,563.87 380,077,219.64 220,460,321.29 46,702,372.08 (876,122.39) (207,173,547.92)
* Sub-fund launched on 21 January 2015 The accompanying notes are an integral part of these financial statements. 17 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statement of Operations (continued) For the year ended 31 December 2015
Emerging Markets Global Selective Bond Fund Criteria
(expressed in) SEK EUR
Income Dividends, net 477,561.03 2,298,151.39 Rebate on Management fees (Note 4 & 14) - - Income from securities lending, net (Note 9) - - Interest on bonds, net 163,172,412.33 - Interest on bank deposits 37,993.61 - Total income 163,687,966.97 2,298,151.39
Expenses Interest on bank overdraft 255,296.83 23,788.20 Flat All-in fee (Note 4) 24,173,088.29 2,588,143.28 Analysis costs - 47,968.82 Transaction costs (Note 8) 307,581.49 189,951.03 "Taxe d'abonnement" (Note 5) 825,558.42 40,615.43 Total expenses 25,561,525.03 2,890,466.76
Net income/(loss) from investments 138,126,441.94 (592,315.37) Net realised gain/(loss) on foreign currencies (Note 2) (2,403,270.98) 4,147,967.90 Net realised gain/(loss) on sales of investment securities (Note 2) (248,657,107.30) 6,528,271.24 Net realised gain/(loss) on futures (Note 2) 12,719.64 - Net realised gain/(loss) on swaps (Note 2) - -
Net realised gain/(loss) for the year (112,921,216.70) 10,083,923.77 Change in net unrealised appreciation/(depreciation) on investment securities (123,661,538.42) 2,288,688.66 Change in net unrealised appreciation/(depreciation) on forwards 2,911,389.22 - Change in net unrealised appreciation/(depreciation) on futures - - Change in net unrealised appreciation/(depreciation) on swaps - - Net increase/(decrease) in net assets as a result of operations (233,671,365.90) 12,372,612.43
The accompanying notes are an integral part of these financial statements. 18 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statement of Changes in Net Assets For the year ended 31 December 2015
Combined Swedish Bonds Shares Swedish Short Term Russia Shares Global Criteria Europe Selective* Criteria (formerly Assets Shares Swedish Bonds Shares) (expressed in) USD SEK SEK SEK SEK EUR Net increase/(decrease) in net assets as a result of operations 51,468,119.05 (70,190,502.43) (7,284,230.80) 61,994,957.16 689,455,043.80 (2,935,003.09)
Proceeds from shares issued 5,766,962,503.30 778,713,542.49 7,669,448,704.26 524,924,057.37 7,255,708,345.66 10,357,963.60 Payments for shares redeemed (4,256,372,606.13) (610,980,360.68) (10,656,774,768.27) (561,385,861.46) (2,414,485,441.76) (47,694,583.67) Dividend paid to Shareholders (Note 7) (30,011,169.53) - - - (92,500,657.59) -
Net Assets at the beginning of the year 13,937,605,356.03 3,198,137,143.74 28,337,388,317.78 448,631,702.42 12,612,889,039.21 40,271,623.16 Reevaluation (955,028,192.93) Net assets at the end of the year 14,514,624,009.79 3,295,679,823.12 25,342,778,022.97 474,164,855.49 18,051,066,329.32 -
* Sub-fund liquidated on 25 September 2015
The accompanying notes are an integral part of these financial statements. 19 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statement of Changes in Net Assets (continued) For the year ended 31 December 2015
Nordic Shares* America Small Cap Far East Shares** Global Thematic*** Commodity Brazil
(expressed in) EUR USD USD USD SEK SEK Net increase/(decrease) in net assets as a result of operations (582,672.41) (4,187,793.70) (1,030,745.53) (9,402,816.11) (808,638,202.02) (110,508,712.45)
Proceeds from shares issued 5,634,414.19 310,180,149.11 2,487,786.14 16,446,493.69 1,230,102,427.11 240,570,053.36 Payments for shares redeemed (47,249,883.97) (311,519,652.90) (41,202,177.65) (153,699,024.58) (909,035,258.26) (241,814,080.12) Dividend paid to Shareholders (Note 7) - - - (1,544,739.46) (36,121,803.94) -
Net Assets at the beginning of the year 42,198,142.19 566,067,319.81 39,745,137.04 148,200,086.46 2,426,005,730.72 320,241,026.80 Reevaluation Net assets at the end of the year - 560,540,022.32 - - 1,902,312,893.61 208,488,287.59
* Sub-fund liquidated on 25 September 2015 ** Sub-fund liquidated on 28 August 2015 *** Sub-fund liquidated on 22 May 2015
The accompanying notes are an integral part of these financial statements. 20 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statement of Changes in Net Assets (continued) For the year ended 31 December 2015
Global Dynamic Multi Asset (L) Multi Asset (M) Multi Asset (H) Global Selective Pension 40 Allocation Preserve 90
(expressed in) SEK SEK SEK SEK EUR SEK Net increase/(decrease) in net assets as a result of operations (110,798,691.18) (2,601,932.45) 109,949,453.22 142,780,639.24 14,849,790.79 22,458,575.11
Proceeds from shares issued 2,605,111,662.01 8,363,938,238.59 4,916,918,956.03 2,346,149,454.01 113,939,430.24 244,147,153.87 Payments for shares redeemed (1,783,526,216.10) (3,538,713,746.45) (2,513,291,764.01) (1,278,507,063.48) (54,128,092.36) (427,261,603.36) Dividend paid to Shareholders (Note 7) (23,150,463.94) (4,091,680.49) (1,227,436.50) (258,306.34) (1,994,023.72) -
Net Assets at the beginning of the year 1,917,071,074.38 10,642,181,871.93 8,216,073,102.90 3,748,079,745.12 184,692,809.00 2,387,452,598.27 Reevaluation Net assets at the end of the year 2,604,707,365.17 15,460,712,751.13 10,728,422,311.64 4,958,244,468.55 257,359,913.95 2,226,796,723.89
The accompanying notes are an integral part of these financial statements. 21 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statement of Changes in Net Assets (continued) For the year ended 31 December 2015
Pension 50 Pension 60 Pension 70 Pension 80 Pension 90* MSCI Emerging Markets Index
(expressed in) SEK SEK SEK SEK SEK SEK Net increase/(decrease) in net assets as a result of operations 217,945,563.87 380,077,219.64 220,460,321.29 46,702,372.08 (876,122.39) (207,173,547.92)
Proceeds from shares issued 905,860,859.52 1,359,298,041.59 1,024,670,116.49 384,761,764.43 22,385,469.49 698,389,404.30 Payments for shares redeemed (178,913,995.06) (67,844,785.00) (31,160,369.12) (14,099,871.71) (3,863,488.21) (496,225,938.90) Dividend paid to Shareholders (Note 7) - - - - - (993,191.16)
Net Assets at the beginning of the year 7,390,209,523.00 7,945,002,494.37 4,897,405,299.85 1,120,016,042.52 - 2,209,669,917.83 Reevaluation Net assets at the end of the year 8,335,101,951.33 9,616,532,970.60 6,111,375,368.51 1,537,380,307.32 17,645,858.89 2,203,666,644.15
* Sub-fund launched on 21 January 2015
The accompanying notes are an integral part of these financial statements. 22 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statement of Changes in Net Assets (continued) For the year ended 31 December 2015
Emerging Markets Global Selective Bond Fund Criteria
(expressed in) SEK EUR Net increase/(decrease) in net assets as a result of operations (233,671,365.90) 12,372,612.43
Proceeds from shares issued 3,085,443,189.42 108,937,523.57 Payments for shares redeemed (4,177,391,431.18) (37,531,074.23) Dividend paid to Shareholders (Note 7) (63,383,057.64) -
Net Assets at the beginning of the year 2,041,288,902.12 86,182,277.79 Reevaluation Net assets at the end of the year 652,286,236.82 169,961,339.56
The accompanying notes are an integral part of these financial statements. 23 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statement of Changes in Number of Shares Outstanding For the year ended 31 December 2015
Swedish Bonds Shares Swedish Short Term Russia Shares Global Criteria Europe Selective* Nordic Shares* Criteria (formerly Assets Shares Swedish Bonds Shares)
Changes in shares outstanding Number of shares outstanding at the beginning of the year 831,660.4285 195,949,388.1022 11,997,627.4725 73,410,496.0214 396,227.6051 484,195.5267 Number of shares issued 201,871.9882 53,010,555.9092 10,513,133.6135 39,150,631.9665 91,536.4778 56,963.4335 Number of shares redeemed 159,246.7212 73,602,817.3447 11,504,135.0094 13,155,607.6558 487,764.0829 541,158.9602 Number of shares outstanding at the end of the year 874,285.6955 175,357,126.6667 11,006,626.0766 99,405,520.3321 - -
Number of shares outstanding at the end of the year by Class EUR A Class - - 291,972.8759 237,733.7655 - - EUR AI Class - - - 1,248,543.2073 - - NOK A Class - - 154,591.2111 1,982,180.6850 - - NOK AI Class - - - 1,614,208.3117 - - SEK A Class 874,285.6955 158,781,522.2950 10,560,061.9896 8,100,111.4111 - - SEK AI Class - - - 66,190,458.9148 - - SEK BI Class - - - 20,032,284.0367 - - USD A Class ------EUR A2 Class ------SEK A2 Class - 16,575,604.3717 - - - - SEK L Class ------SEK SPA Class ------NOK A2 Class ------EUR BI Class ------Number of shares outstanding at the end of the year 874,285.6955 175,357,126.6667 11,006,626.0766 99,405,520.3321 - -
* Sub-fund liquidated on 25 September 2015
The accompanying notes are an integral part of these financial statements. 24 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statement of Changes in Number of Shares Outstanding (continued) For the year ended 31 December 2015
America Small Cap Far East Shares* Global Thematic** Commodity Brazil Global Dynamic Allocation Preserve 90
Changes in shares outstanding Number of shares outstanding at the beginning of the year 8,857,765.6283 3,177,276.0329 1,169,754.7986 28,097,891.9607 4,180,006.7494 13,878,697.5816 Number of shares issued 4,610,365.4922 192,670.5992 127,240.5606 14,479,970.9649 3,770,769.5211 17,927,581.9037 Number of shares redeemed 4,715,671.5033 3,369,946.6321 1,296,995.3592 10,719,889.1596 3,743,249.8908 12,255,057.4284 Number of shares outstanding at the end of the year 8,752,459.6172 - - 31,857,973.7660 4,207,526.3797 19,551,222.0569
Number of shares outstanding at the end of the year by Class EUR A Class 11,750.5516 - - 231,627.0987 131,899.2633 - EUR AI Class ------NOK A Class 486,286.1403 - - 259,639.3398 142,995.3145 - NOK AI Class ------SEK A Class 7,616,851.0171 - - 7,887,175.7886 3,932,631.8019 - SEK AI Class - - - - - 12,623,845.1436 SEK BI Class - - - 23,479,531.5389 - 6,927,376.9133 USD A Class 637,571.9082 - - - - - EUR A2 Class ------SEK A2 Class ------SEK L Class ------SEK SPA Class ------NOK A2 Class ------EUR BI Class ------Number of shares outstanding at the end of the year 8,752,459.6172 - - 31,857,973.7660 4,207,526.3797 19,551,222.0569
* Sub-fund liquidated on 28 August 2015 ** Sub-fund liquidated on 22 May 2015
The accompanying notes are an integral part of these financial statements. 25 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statement of Changes in Number of Shares Outstanding (continued) For the year ended 31 December 2015
Multi Asset (L) Multi Asset (M) Multi Asset (H) Global Selective Pension 40 Pension 50
Changes in shares outstanding Number of shares outstanding at the beginning of the year 90,124,133.4228 64,304,319.7364 26,568,683.9344 11,705,065.1059 20,342,314.7322 55,245,359.9705 Number of shares issued 68,540,716.4771 36,493,044.0533 15,422,349.3442 6,566,161.1266 2,017,709.0357 6,300,681.6279 Number of shares redeemed 29,205,874.9056 18,817,630.6119 8,374,987.2129 3,084,201.2935 3,549,393.4807 1,264,936.3259 Number of shares outstanding at the end of the year 129,458,974.9943 81,979,733.1778 33,616,046.0657 15,187,024.9390 18,810,630.2872 60,281,105.2725
Number of shares outstanding at the end of the year by Class EUR A Class - - - 613,530.9435 - - EUR AI Class - - - 528,251.3200 - - NOK A Class - - - 3,886,073.9141 - - NOK AI Class ------SEK A Class - - - 3,742,347.5439 - - SEK AI Class - - - 2,377,942.9176 - - SEK BI Class 1,498,810.0353 288,976.8675 56,139.8217 3,998,926.7373 - - USD A Class ------EUR A2 Class 236,630.5602 329,515.1685 63,820.2782 - - - SEK A2 Class 127,723,534.3988 81,361,241.1418 33,488,280.3263 - - - SEK L Class - - - - 16,586,345.2009 51,915,076.8307 SEK SPA Class - - - - 2,224,285.0863 8,366,028.4418 NOK A2 Class - - 7,805.6395 - - - EUR BI Class - - - 39,951.5626 - - Number of shares outstanding at the end of the year 129,458,974.9943 81,979,733.1778 33,616,046.0657 15,187,024.9390 18,810,630.2872 60,281,105.2725
The accompanying notes are an integral part of these financial statements. 26 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statement of Changes in Number of Shares Outstanding (continued) For the year ended 31 December 2015
Pension 60 Pension 70 Pension 80 Pension 90* MSCI Emerging Emerging Markets Markets Index Bond Fund
Changes in shares outstanding Number of shares outstanding at the beginning of the year 53,648,762.8534 33,021,264.2050 7,545,593.5323 - 19,527,559.3820 21,153,617.4027 Number of shares issued 8,259,508.8781 6,240,679.1792 2,353,961.5433 223,330.1678 6,067,504.6991 29,572,634.7119 Number of shares redeemed 421,075.6011 191,553.4396 85,945.9369 38,762.4263 4,364,819.8474 43,561,891.5887 Number of shares outstanding at the end of the year 61,487,196.1304 39,070,389.9446 9,813,609.1387 184,567.7415 21,230,244.2337 7,164,360.5259
Number of shares outstanding at the end of the year by Class EUR A Class - - - - 179,159.4783 9,771.3723 EUR AI Class - - - - - 1,841.1966 NOK A Class - - - - 28,579.5424 546,603.2908 NOK AI Class ------SEK A Class - - - - 2,061,733.0423 2,884,813.3652 SEK AI Class - - - - 18,877,403.4963 158,604.2177 SEK BI Class - - - - 83,368.6744 783,039.9868 USD A Class ------EUR A2 Class ------SEK A2 Class - - - - - 2,779,687.0965 SEK L Class 50,556,340.9448 30,553,293.6165 6,324,036.8192 111,788.8987 - - SEK SPA Class 10,930,855.1856 8,517,096.3281 3,489,572.3195 72,778.8428 - - NOK A2 Class ------EUR BI Class ------Number of shares outstanding at the end of the year 61,487,196.1304 39,070,389.9446 9,813,609.1387 184,567.7415 21,230,244.2337 7,164,360.5259
* Sub-fund launched on 21 January 2015
The accompanying notes are an integral part of these financial statements. 27 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statement of Changes in Number of Shares Outstanding (continued) For the year ended 31 December 2015
Global Selective Criteria
Changes in shares outstanding Number of shares outstanding at the beginning of the year 7,004,102.9239 Number of shares issued 8,088,396.5435 Number of shares redeemed 2,669,945.8010 Number of shares outstanding at the end of the year 12,422,553.6664
Number of shares outstanding at the end of the year by Class EUR A Class - EUR AI Class - NOK A Class - NOK AI Class - SEK A Class 4,560,889.4830 SEK AI Class 2,631,920.7087 SEK BI Class 5,229,743.4747 USD A Class - EUR A2 Class - SEK A2 Class - SEK L Class - SEK SPA Class - NOK A2 Class - EUR BI Class - Number of shares outstanding at the end of the year 12,422,553.6664
The accompanying notes are an integral part of these financial statements. 28 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statistical Information
Swedish Bonds Shares Criteria (formerly Swedish Bonds Shares) Swedish Short Term Assets Shares (expressed in) SEK SEK 31 December 2015 31 December 2014 31 December 2013 31 December 2015 31 December 2014 31 December 2013 Total net assets 3,295,679,823.12 3,198,137,143.74 2,516,313,373.75 25,342,778,022.97 28,337,388,317.78 31,940,430,625.80 Number of shares outstanding 874,285.6955 831,660.4285 695,683.5305 175,357,126.6667 195,949,388.1022 222,859,408.2620
Net asset value per share (in share class currency) EUR A Class ------EUR AI Class ------NOK A Class ------NOK AI Class ------SEK A Class 3,769.57 3,845.48 3,617.04 144.42 144.49 143.20 SEK AI Class ------SEK BI Class ------USD A Class ------EUR A2 Class ------SEK A2 Class - - - 145.46 145.43 143.85 SEK L Class ------SEK SPA Class ------NOK A2 Class ------EUR BI Class ------
29 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statistical Information (continued)
Russia Shares Global Criteria (expressed in) SEK SEK 31 December 2015 31 December 2014 31 December 2013 31 December 2015 31 December 2014 31 December 2013 Total net assets 474,164,855.49 448,631,702.42 1,118,813,088.34 18,051,066,329.32 12,612,889,039.21 8,825,998,540.02 Number of shares outstanding 11,006,626.0766 11,997,627.4725 18,410,988.9367 99,405,520.3321 73,410,496.0214 65,720,645.2287
Net asset value per share (in share class currency) EUR A Class 4.70 3.95 6.87 20.24 18.69 15.70 EUR AI Class - - - 20.67 19.03 15.94 NOK A Class 45.23 35.81 57.40 194.63 169.55 131.25 NOK AI Class - - - 198.78 172.66 133.27 SEK A Class 43.08 37.39 60.77 185.38 177.03 138.95 SEK AI Class - - - 189.33 180.28 141.09 SEK BI Class - - - 152.96 150.16 121.16 USD A Class ------EUR A2 Class ------SEK A2 Class ------SEK L Class ------SEK SPA Class ------NOK A2 Class ------EUR BI Class ------
30 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statistical Information (continued)
Europe Selective* Nordic Shares* (expressed in) EUR EUR 31 December 2015 31 December 2014 31 December 2013 31 December 2015 31 December 2014 31 December 2013 Total net assets - 40,271,623.16 45,196,078.51 - 42,198,142.19 40,577,671.81 Number of shares outstanding - 396,227.6051 468,495.0439 - 484,195.5267 513,862.5594
Net asset value per share (in share class currency) EUR A Class - 101.64 96.47 - 87.15 78.97 EUR AI Class ------NOK A Class - 922.12 806.48 - 790.67 660.17 NOK AI Class ------SEK A Class - 962.79 853.77 - 825.54 698.89 SEK AI Class ------SEK BI Class ------USD A Class ------EUR A2 Class ------SEK A2 Class ------SEK L Class ------SEK SPA Class ------NOK A2 Class ------EUR BI Class ------
* Sub-fund liquidated on 25 September 2015
31 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statistical Information (continued)
America Small Cap Far East Shares* (expressed in) USD USD 31 December 2015 31 December 2014 31 December 2013 31 December 2015 31 December 2014 31 December 2013 Total net assets 560,540,022.32 566,067,319.81 485,226,652.73 - 39,745,137.04 38,212,325.46 Number of shares outstanding 8,752,459.6172 8,857,765.6283 7,698,504.1054 - 3,177,276.0329 3,120,784.4638
Net asset value per share (in share class currency) EUR A Class 58.96 52.81 45.74 - 10.34 8.89 EUR AI Class ------NOK A Class 566.87 479.16 382.39 - 93.79 74.26 NOK AI Class ------SEK A Class 539.93 500.30 404.81 (vii) - - - SEK AI Class ------SEK BI Class ------USD A Class 64.04 63.91 63.03 - 12.51 12.24 EUR A2 Class ------SEK A2 Class ------SEK L Class ------SEK SPA Class ------NOK A2 Class ------EUR BI Class ------(vii) launched on 15 July 2013
* Sub-fund liquidated on 28 August 2015
32 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statistical Information (continued)
Global Thematic* Commodity (expressed in) USD SEK 31 December 2015 31 December 2014 31 December 2013 31 December 2015 31 December 2014 31 December 2013 Total net assets - 148,200,086.46 232,583,118.99 1,902,312,893.61 2,426,005,730.72 1,299,507,772.89 Number of shares outstanding - 1,169,754.7986 1,854,865.7984 31,857,973.7660 28,097,891.9607 13,259,327.5183
Net asset value per share (in share class currency) EUR A Class - 106.76 91.23 7.02 9.53 11.13 EUR AI Class ------NOK A Class - 968.54 762.72 67.45 86.44 93.03 NOK AI Class ------SEK A Class - 1,011.26 807.45 64.25 90.25 98.49 SEK AI Class ------SEK BI Class - 937.51 779.40 58.09 83.08 92.30 USD A Class - 129.18 125.72 - - - EUR A2 Class ------SEK A2 Class ------SEK L Class ------SEK SPA Class ------NOK A2 Class ------EUR BI Class ------
* Sub-fund liquidated on 22 May 2015
33 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statistical Information (continued)
Brazil Global Dynamic Allocation Preserve 90 (expressed in) SEK SEK 31 December 2015 31 December 2014 31 December 2013 31 December 2015 31 December 2014 31 December 2013 Total net assets 208,488,287.59 320,241,026.80 497,911,995.88 2,604,707,365.17 1,917,071,074.38 1,056,703,054.36 Number of shares outstanding 4,207,526.3797 4,180,006.7494 6,771,792.2315 19,551,222.0569 13,878,697.5816 9,212,324.0666
Net asset value per share (in share class currency) EUR A Class 5.41 8.09 8.31 - - - EUR AI Class ------NOK A Class 52.02 73.38 69.45 - - - NOK AI Class ------SEK A Class 49.55 76.61 73.53 - - - SEK AI Class - - - 137.24 139.18 115.06 SEK BI Class - - - 125.90 131.63 112.19 USD A Class ------EUR A2 Class ------SEK A2 Class ------SEK L Class ------SEK SPA Class ------NOK A2 Class ------EUR BI Class ------
34 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statistical Information (continued)
Multi Asset (L) Multi Asset (M) (expressed in) SEK SEK 31 December 2015 31 December 2014 31 December 2013 31 December 2015 31 December 2014 31 December 2013 Total net assets 15,460,712,751.13 10,642,181,871.93 5,425,074,047.01 10,728,422,311.64 8,216,073,102.90 4,388,875,044.53 Number of shares outstanding 129,458,974.9943 90,124,133.4228 48,472,314.3832 81,979,733.1778 64,304,319.7364 37,146,807.0839
Net asset value per share (in share class currency) EUR A Class ------EUR AI Class ------NOK A Class ------NOK AI Class ------SEK A Class ------SEK AI Class ------SEK BI Class 105.92 108.97 107.50 107.65 109.43 105.36 USD A Class ------EUR A2 Class 13.06 12.47 12.65 14.30 13.50 13.36 SEK A2 Class 119.58 118.16 111.94 130.95 127.84 118.21 SEK L Class ------SEK SPA Class ------NOK A2 Class ------EUR BI Class ------
35 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statistical Information (continued)
Multi Asset (H) Global Selective (expressed in) SEK EUR 31 December 2015 31 December 2014 31 December 2013 31 December 2015 31 December 2014 31 December 2013 Total net assets 4,958,244,468.55 3,748,079,745.12 2,315,613,970.35 257,359,913.95 184,692,809.00 110,421,223.70 Number of shares outstanding 33,616,046.0657 26,568,683.9344 18,367,485.4062 15,187,024.9390 11,705,065.1059 8,133,212.9056
Net asset value per share (in share class currency) EUR A Class - - - 17.39 16.00 13.66 EUR AI Class - - - 17.83 16.27 (ix) - NOK A Class - - - 167.21 145.19 114.18 NOK AI Class ------SEK A Class - - - 159.26 151.60 120.88 SEK AI Class - - - 163.32 154.08 121.78 SEK BI Class 126.10 125.57 116.84 141.04 139.82 116.10 USD A Class ------EUR A2 Class 16.11 14.90 14.25 - - - SEK A2 Class 147.53 141.10 126.08 - - - SEK L Class ------SEK SPA Class ------NOK A2 Class 154.89 135.14 119.10 (v) - - - EUR BI Class - - - 15.40 14.76 (ix) - (v) launched on 30 April 2013 (ix) launched on 4 December 2014
36 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statistical Information (continued)
Pension 40 Pension 50 (expressed in) SEK SEK 31 December 2015 31 December 2014 31 December 2013 31 December 2015 31 December 2014 31 December 2013 Total net assets 2,226,796,723.89 2,387,452,598.27 2,422,277,643.37 8,335,101,951.33 7,390,209,523.00 5,709,447,618.40 Number of shares outstanding 18,810,630.2872 20,342,314.7322 22,320,197.8144 60,281,105.2725 55,245,359.9705 48,959,797.1635
Net asset value per share (in share class currency) EUR A Class ------EUR AI Class ------NOK A Class ------NOK AI Class ------SEK A Class ------SEK AI Class ------SEK BI Class ------USD A Class ------EUR A2 Class ------SEK A2 Class ------SEK L Class 118.24 117.30 108.51 138.07 133.67 116.59 SEK SPA Class 119.45 118.09 108.80 139.49 134.57 116.90 NOK A2 Class ------EUR BI Class ------
37 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statistical Information (continued)
Pension 60 Pension 70 (expressed in) SEK SEK 31 December 2015 31 December 2014 31 December 2013 31 December 2015 31 December 2014 31 December 2013 Total net assets 9,616,532,970.60 7,945,002,494.37 5,515,900,359.05 6,111,375,368.51 4,897,405,299.85 3,208,057,249.69 Number of shares outstanding 61,487,196.1304 53,648,762.8534 44,565,362.7599 39,070,389.9446 33,021,264.2050 25,957,333.2768
Net asset value per share (in share class currency) EUR A Class ------EUR AI Class ------NOK A Class ------NOK AI Class ------SEK A Class ------SEK AI Class ------SEK BI Class ------USD A Class ------EUR A2 Class ------SEK A2 Class ------SEK L Class 156.12 147.95 123.74 156.07 148.14 123.54 SEK SPA Class 157.71 148.94 124.06 157.66 149.13 123.87 NOK A2 Class ------EUR BI Class ------
38 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statistical Information (continued)
Pension 80 Pension 90* (expressed in) SEK SEK 31 December 2015 31 December 2014 31 December 2013 31 December 2015 31 December 2014 31 December 2013 Total net assets 1,537,380,307.32 1,120,016,042.52 640,710,842.64 17,645,858.89 - - Number of shares outstanding 9,813,609.1387 7,545,593.5323 5,179,033.4115 184,567.7415 - -
Net asset value per share (in share class currency) EUR A Class ------EUR AI Class ------NOK A Class ------NOK AI Class ------SEK A Class ------SEK AI Class ------SEK BI Class ------USD A Class ------EUR A2 Class ------SEK A2 Class ------SEK L Class 156.10 148.13 123.62 98.28 (x) - - SEK SPA Class 157.68 149.10 123.94 91.50 (x) - - NOK A2 Class ------EUR BI Class ------(x) launched on 21 January 2015
* Sub-fund launched on 21 January 2015
39 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statistical Information (continued)
MSCI Emerging Markets Index Emerging Markets Bond Fund (expressed in) SEK SEK 31 December 2015 31 December 2014 31 December 2013 31 December 2015 31 December 2014 31 December 2013 Total net assets 2,203,666,644.15 2,209,669,917.83 1,441,920,101.70 652,286,236.82 2,041,288,902.12 311,222,848.11 Number of shares outstanding 21,230,244.2337 19,527,559.3820 15,024,236.7555 7,164,360.5259 21,153,617.4027 3,516,410.2123
Net asset value per share (in share class currency) EUR A Class 11.22 11.91 10.83 (ii) 9.99 10.36 9.99 (iv) EUR AI Class - 12.00 10.86 (ii) 10.11 10.43 10.01 (iv) NOK A Class 107.88 108.04 90.52 (i) 96.04 93.96 83.50 (iii) NOK AI Class ------SEK A Class 102.75 112.80 95.83 (i) 91.47 98.10 88.40 (iii) SEK AI Class 103.97 113.64 96.11 (i) 92.61 98.84 88.63 (iii) SEK BI Class 94.35 107.30 93.45 (i) 85.69 95.51 88.51 (iii) USD A Class ------EUR A2 Class - - - - 10.39 10.00 (vi) SEK A2 Class - - - 91.94 98.40 88.49 (iii) SEK L Class ------SEK SPA Class ------NOK A2 Class ------EUR BI Class ------(i) launched on 31 January 2013 (ii) launched on 1 March 2013 (iii) launched on 22 April 2013 (iv) launched on 29 April 2013 (vi) launched on 3 May 2013
40 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statistical Information (continued)
Global Selective Criteria (expressed in) EUR 31 December 2015 31 December 2014 31 December 2013 Total net assets 169,961,339.56 86,182,277.79 - Number of shares outstanding 12,422,553.6664 7,004,102.9239 -
Net asset value per share (in share class currency) EUR A Class - - - EUR AI Class - - - NOK A Class - - - NOK AI Class - - - SEK A Class 124.99 116.49 (viii) - SEK AI Class 126.34 116.70 (viii) - SEK BI Class 125.05 116.50 (viii) - USD A Class - - - EUR A2 Class - - - SEK A2 Class - - - SEK L Class - - - SEK SPA Class - - - NOK A2 Class - - - EUR BI Class - - - (viii) launched on 17 October 2014
41 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities As at 31 December 2015 Swedish Bonds Shares Criteria (formerly Swedish Bonds Shares) (expressed in SEK)
Market % of Market % of Value net Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing listing (continued)
Bonds Bonds (continued)
SEK - Sweden SEK - Sweden (continued) 69,000,000.00 BNP 1% 2020-05-12 68,666,040.00 67,172,190.00 2.04 92,200,000.00 Swedbank 186 3.75% 69,000,000.00 Castellum 1.29% 2019- 2017-12-20 99,905,650.13 98,878,046.00 3.00 10-23 69,000,000.00 66,845,820.00 2.03 69,000,000.00 Swedbank AB 1.115% 46,000,000.00 Credit Suisse 0.875 % 2019-11-19 69,010,340.00 68,468,700.00 2.08 2017-12-12 45,855,100.00 46,083,260.00 1.40 218,000,000.00 Swedbank Hypotek 68,000,000.00 Danske Bank 2019-12- 5.70% 2020-05-12 270,858,219.59 260,948,179.93 7.92 09 68,000,000.00 67,511,760.00 2.05 80,000.00 Swedish Govt Bonds 46,000,000.00 Forvaltnings 2.25% 1047 5.00% 2020-12-01 101,302.07 98,277.60 0.00 2018-04-25 45,785,180.00 47,640,360.00 1.45 100,000.00 Swedish Govt Bonds 59,000,000.00 Hexagon 1.625% 108 1052 4.25% 2019-03-12 114,745.89 113,966.00 0.00 2020-09-17 58,949,260.00 57,900,830.00 1.76 125,200,000.00 Swedish Govt Bonds 38,000,000.00 ICA Gruppen FRN 1053 3.50% 2039-03-30 182,564,009.03 156,608,924.00 4.75 2016-12-12 38,000,000.00 37,986,700.00 1.15 100,000.00 Swedish Govt Bonds 102,000,000.00 Kommuninvest 1% 1054 3.50% 2022-06-01 112,250.33 118,112.00 0.00 2021-09-15 104,523,374.08 100,384,320.00 3.05 75,000,000.00 TeliaSonera 1.125% 65,000,000.00 Länsförsäkringar Bank 2019-12-04 75,402,410.00 74,334,750.00 2.26 1% 2020 64,902,500.00 63,695,450.00 1.93 57,000,000.00 Vasakronan 1.8375% 68,000,000.00 Länsförsäkringar Bank 2018-05-21 57,000,000.00 58,434,120.00 1.77 1.265% 2019-11-18 68,109,400.00 67,607,640.00 2.05 31,000,000.00 Willhem AB 0.7% 2019- 136,000,000.00 Länsförsäkringar Hyp 02-11 30,984,810.00 30,547,710.00 0.93 513 2020-09-16 153,376,694.09 148,263,120.00 4.50 3,250,070,388.75 3,170,250,550.43 96.21 46,000,000.00 Lfhypotek RB 2.5% 2019-06-19 49,607,809.36 48,791,740.00 1.48 Total Investments 3,250,070,388.75 3,170,250,550.43 96.21 27,000,000.00 Loomis 1.875% 2019- 12-18 26,963,010.00 27,001,890.00 0.82 Cash at bank 87,841,441.47 2.67 228,000,000.00 Nordea Hypotek 5521 Other net assets 37,587,831.22 1.12 3.25% 2020 253,741,033.19 249,322,560.00 7.57 55,000,000.00 Nordea Hypotek 5529 Total net assets 3,295,679,823.12 100.00 2% 2018-06-20 57,115,293.83 57,356,750.00 1.74 68,200,000.00 Nordea Hypotek 5530 2.25% 2019-06-19 72,291,687.83 71,879,390.00 2.18 163,000,000.00 Nordea Hypotek 5531 1% 2022-04 163,184,369.07 156,137,700.00 4.74 25,000,000.00 NYSFF 1.42% 2020-04- 20 25,000,000.00 24,434,750.00 0.74 31,500,000.00 Riksobligation 1056 2.25% 2032-06-01 32,960,093.27 33,607,350.00 1.02 100,000.00 Riksobligation 1057 1.50% 2023-11-13 98,965.84 105,121.00 0.00 100,000.00 Riksobligation 1058 2.50% 2025-05-12 105,885.29 113,394.00 0.00 43,000,000.00 Sampo PLC 1.25% 2020-05-28 42,906,690.00 42,180,420.00 1.28 48,000,000.00 SBAB Bank 1.24% 2019-11-18 47,994,240.00 47,785,440.00 1.45 42,000,000.00 Scania CV AB 0.875% 2018-12-03 41,868,540.00 41,390,580.00 1.26 50,000,000.00 SCBC 141 2% 2020-06- 17 52,761,605.91 51,810,000.00 1.57 75,000,000.00 SEB Bolån 572 3.00% 2019-06-19 82,406,626.20 80,961,000.00 2.46 54,000,000.00 SEB Bolån 573 1.5% 2020-06-17 56,470,898.79 54,920,160.00 1.67 65,000,000.00 Skandiabanken Covered 0.42% 2016 65,000,000.00 65,087,100.00 1.97 52,000,000.00 Stadshypotek 1582 2.50% 2019-09-18 55,617,532.08 55,299,920.00 1.68 190,000,000.00 Stadshypotek 1583 4.25% 2020-06-17 222,219,845.21 215,976,799.90 6.55 182,000,000.00 Stadshypotek 3.00% 2018-03-21 194,982,207.67 193,444,160.00 5.87 67,000,000.00 Svenska Cellulosa AB 2019-06-1 66,888,110.00 65,885,790.00 2.00 69,000,000.00 Swedbank 0.875% 2020- 05-11 68,664,660.00 67,116,300.00 2.04
The accompanying notes form an integral part of these financial statements.
42 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Swedish Short Term Assets Shares (expressed in SEK)
Market % of Market % of Value net Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing listing (continued)
Bonds Bonds (continued)
SEK - Sweden SEK - Sweden (continued) 125,000,000.00 Atrium Ljungberg 2016- 100,000,000.00 Nordea Bank FRN 2016- 03-21 125,172,200.00 125,306,250.00 0.49 01-05 100,259,000.00 100,001,000.00 0.39 225,000,000.00 Balder FRN 2017-03-17 224,969,400.00 223,490,250.00 0.88 55,000,000.00 Nordea Bank FRN 2017- 200,000,000.00 BMW FRN 2016-01-22 200,000,000.00 199,984,000.00 0.79 02-17 56,029,100.00 55,756,800.00 0.22 200,000,000.00 BMW FRN 2016-07-27 200,120,000.00 199,578,000.00 0.79 110,000,000.00 Nordea Hypotek 5528 333,000,000.00 BMW FRN 2016-09-15 332,964,900.00 332,070,930.00 1.31 3.00% 2017-06-21 115,105,100.00 114,940,100.00 0.45 100,000,000.00 Castellum 0.625% 2017- 49,000,000.00 NykreditBank FRN 04-07 99,960,000.00 99,617,000.00 0.39 2016-01-15 49,551,250.00 49,008,820.00 0.19 300,000,000.00 Castellum FRN 2016-11- 280,000,000.00 NYSFF 0.605% 2017- 07 300,000,000.00 299,085,000.00 1.18 03-09 280,237,100.00 280,165,200.00 1.11 100,000,000.00 Castellum FRN 2017-03- 38,000,000.00 NYSFF FRN 2017-11- 01 102,554,400.00 100,900,000.00 0.40 20 38,000,000.00 37,898,160.00 0.15 40,000,000.00 Castellum FRN 2017-09- 200,000,000.00 Realkredit FRN 2017- 01 40,000,000.00 39,656,400.00 0.16 10-01 201,138,000.00 199,424,000.00 0.79 100,000,000.00 Credit Suisse AG FRN 209,000,000.00 Realkredit FRN 2016- 2017-05-29 100,000,000.00 99,331,000.00 0.39 10-01 209,209,000.00 208,776,370.00 0.82 100,000,000.00 Daimler AG 0.470 FRN 125,000,000.00 Rikshem FRN 2016-11- 2012-02-16 100,012,000.00 99,432,000.00 0.39 04 125,000,000.00 124,717,500.00 0.49 500,000,000.00 Danske Bank FRN 2016- 100,000,000.00 Rikshem FRN 2017-08- 09-30 500,000,000.00 498,960,000.00 1.97 25 100,325,000.00 99,579,000.00 0.39 550,000,000.00 Danske Bank FRN 2017- 200,000,000.00 Rikshem FRN 2017-11- 09-29 553,897,000.00 550,913,000.00 2.17 06 200,000,000.00 199,350,000.00 0.79 111,000,000.00 DnB Bank ASA FRN 200,000,000.00 Rikshem RB 107 2016- 2017-01-25 113,893,820.00 112,563,990.00 0.44 10-13 199,784,000.00 199,610,000.00 0.79 282,000,000.00 Fortum Värme FRN 284,000,000.00 Sandvik FRN 2016-05- 2016-09-16 282,037,590.00 281,909,760.00 1.11 23 283,999,370.00 283,940,360.00 1.12 135,000,000.00 General Electric Cap 350,000,000.00 Santander Consumer Ba 4.875% 2016-04-05 142,537,650.00 136,568,700.00 0.54 AS 0.48% 2017 349,999,979.00 349,422,500.00 1.38 140,000,000.00 Hemsö 0.4% 2016-11-28 140,000,000.00 140,077,000.00 0.55 250,000,000.00 Santander FRN 2017-08- 100,000,000.00 Hemsö FRN 2016-07-28 100,000,000.00 100,072,000.00 0.39 10 250,000,000.00 248,922,500.00 0.98 200,000,000.00 Hemsö FRN 2016-09-12 200,000,000.00 200,312,000.00 0.79 200,000,000.00 SBAB Bank FRN 2016- 200,000,000.00 Hemsö FRN 2017-10-26 200,000,000.00 199,378,000.00 0.79 06-30 200,000,000.00 199,788,000.00 0.79 350,000,000.00 Hexagon FRN 2017-03- 566,000,000.00 SBAB Bank FRN 2016- 10 350,220,500.00 350,693,000.00 1.38 10-17 566,000,000.00 564,907,620.01 2.23 100,000,000.00 Hufvudstaden FRN 21,000,000.00 SBAB Bank FRN 2017- 2016-03-11 100,069,220.00 99,964,000.00 0.39 02-01 21,394,800.00 21,372,540.00 0.08 680,000,000.00 ICA Gruppen FRN 550,000,000.00 Scania CV FRN 2016- 2016-12-12 680,133,300.01 679,762,000.01 2.68 11-07 550,000,000.01 547,866,000.01 2.16 50,000,000.00 Industrivärden 3.60% 100,000,000.00 Scania FRN 2017-04-24 101,201,000.00 100,226,000.00 0.40 2016-01-12 52,062,000.00 50,034,500.00 0.20 152,000,000.00 SEB 4.5% 2016-01-20 157,739,520.00 152,273,600.00 0.60 80,000,000.00 Kungsleden 1.20% 2017- 600,000,000.00 SEB Bolån 569 4.25% 05-04 80,000,000.00 78,626,400.00 0.31 2016-06-15 631,794,000.00 612,042,000.00 2.42 100,000,000.00 Landshypotek 0.2% 100,000,000.00 SEB FRN 2016-09-02 100,263,000.00 100,015,000.00 0.39 2017-05-22 100,206,000.00 99,700,000.00 0.39 255,000,000.00 Skandiabanken Covered 550,000,000.00 Landshypotek FRN FRN 2016-01-28 255,000,000.00 255,005,100.00 1.01 2016-03-21 550,000,000.01 550,055,000.01 2.17 100,000,000.00 Skandiabanken FRN 176,000,000.00 Landshypotek FRN 2016-10-20 100,000,000.00 99,718,000.00 0.39 2016-10-28 175,997,760.00 175,563,520.00 0.69 87,000,000.00 Stadshypotek FRN 2016- 545,000,000.00 Landshypotek FRN 06-03 87,196,620.00 87,022,620.00 0.34 2017-11-30 549,610,700.00 550,106,650.00 2.17 50,000,000.00 Sveaksog RB 119 2017- 600,000,000.00 Länsförsäkringar AB 02-09 52,832,500.00 51,793,000.00 0.20 1.49% 2016-01-15 600,141,000.00 600,210,000.00 2.37 68,000,000.00 Swedbank FRN 2016- 878,000,000.00 Länsförsäkringar Bank 01-25 70,232,440.00 68,063,240.00 0.27 FRN 2016-04-08 878,000,000.01 877,420,520.01 3.46 100,000,000.00 Swedbank FRN 2016- 50,000,000.00 Länsförsäkringar Bank 09-19 100,037,000.00 99,926,000.00 0.39 FRN 2016-06-12 50,056,500.00 49,956,000.00 0.20 25,000,000.00 Swedbanl FRN 2016-11- 280,000,000.00 Länsförsäkringar Bank 02 25,142,500.00 25,086,000.00 0.10 FRN 2016-08-26 280,000,000.00 279,493,200.00 1.10 12,000,000.00 Swedish Govt Bonds 400,000,000.00 Länsförsäkringar Bank 1050 3.00% 2016-07-12 12,228,840.00 12,216,480.00 0.05 FRN 2017 400,812,000.00 398,964,000.00 1.57 56,000,000.00 Tele2 AB FRN 2015-05- 100,000,000.00 Linköpstad RB 22 2017- 17 57,657,600.00 57,566,880.00 0.23 09-18 100,573,000.00 100,052,000.00 0.39 280,000,000.00 Vasakronan 1.4% 2016- 150,000,000.00 Loomis FRN 2017-11-27 150,000,000.00 149,865,000.00 0.59 03-04 280,000,000.00 280,565,600.00 1.11 39,000,000.00 Vasakronan 3.89% 2017- 11-14 41,684,370.00 41,364,180.00 0.16
The accompanying notes form an integral part of these financial statements.
43 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Swedish Short Term Assets Shares (continued) (expressed in SEK)
Market % of Market % of Value net Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange Other money market instruments (continued) listing (continued) Certificates of deposits and Commercial papers (continued) Bonds (continued) SEK - Sweden (continued) SEK - Sweden (continued) 100,000,000.00 Tele2 DI FC 2016-03-17 99,957,046.20 99,950,017.77 0.39 100,000,000.00 Vasakronan FRN 2017- 160,000,000.00 Trelleborg 2016-03-07 159,946,631.14 159,933,434.67 0.63 06-30 100,345,000.00 99,630,000.00 0.39 140,000,000.00 Trelltreas Di Fc 2016- 293,000,000.00 Vasakronan FRN 2017- 04-01 139,929,580.44 139,911,815.66 0.55 11-02 293,000,000.00 292,065,330.00 1.15 150,000,000.00 Wallenstam 2016-05-20 149,350,656.00 149,849,177.36 0.59 256,000,000.00 Vasakronan RB 471 4,115,198,861.68 4,122,495,543.55 16.27 2016-12-12 255,731,200.00 255,208,960.00 1.01 16,000,000.00 Volkswagen Finans FRN Total Investments 22,739,282,890.74 22,664,460,923.62 89.38 2016-04-11 16,006,560.00 15,941,120.00 0.06 600,000,000.00 Volkswagen FRN 2016- Cash at bank 2,630,319,897.76 10.38 02-03 600,000,000.01 599,370,000.01 2.37 Other net assets 47,997,201.59 0.24 88,000,000.00 Volkswagen FRN 2017- 08-25 89,160,720.00 86,334,160.00 0.34 Total net assets 25,342,778,022.97 100.00 655,000,000.00 Volv FRN 2016-09-19 655,004,800.00 653,617,950.00 2.58 1,064,000,000.00 Volvo FRN 2017-09-11 1,068,225,320.01 1,062,776,400.01 4.19 111,000,000.00 Volvo Treasury 2.50% 2016-06-02 114,062,490.00 111,991,230.00 0.44 57,000,000.00 VolvofinANns FRN 2016-05-09 57,491,910.00 57,288,990.00 0.23 250,000,000.00 Volvofinans Bank FRN 2017-10-2 250,014,000.00 249,740,000.00 0.99 18,624,084,029.06 18,541,965,380.07 73.11
Other money market instruments
Certificates of deposits and Commercial papers
SEK - Sweden 75,000,000.00 Akelius 2016-08-25 74,659,366.50 74,844,224.87 0.30 75,000,000.00 Akelius DI FC 2016-08- 26 74,658,438.00 74,843,153.01 0.30 250,000,000.00 Ålandsbank DI BAC 2016-02-29 249,986,875.00 250,124,360.44 0.99 150,000,000.00 Arla 2016-04-08 149,923,788.00 149,897,723.95 0.59 25,000,000.00 Arla DI FC 2016-01-25 24,995,417.50 24,996,788.61 0.10 110,000,000.00 Atrium 2016-04-07 109,367,944.40 109,925,817.78 0.43 40,000,000.00 Atrium Ljungberg 2016- 01-21 39,684,612.00 39,995,683.80 0.16 12,000,000.00 Balder 2016-03-30 11,927,836.56 11,992,618.21 0.05 100,000,000.00 Balder 2016-05-13 99,476,972.00 99,904,987.58 0.39 25,000,000.00 Balder FC 2016-06-13 24,924,603.00 24,970,010.09 0.10 225,000,000.00 Billerud Cert 2016-04-28 224,319,564.00 224,812,483.49 0.89 300,000,000.00 Boliden 2016-04-06 299,614,671.00 299,799,918.35 1.18 225,000,000.00 Bonnier 2016-04-12 223,043,874.75 224,833,634.08 0.89 230,000,000.00 Castellum 2016-04-15 228,955,390.60 229,831,096.99 0.91 70,000,000.00 Castellum 2016-06-20 69,752,448.50 69,911,977.28 0.28 260,000,000.00 Fabege cert 2016-04-08 258,573,892.20 259,822,721.51 1.03 115,000,000.00 Fabege DI FC 2016-04- 18 114,883,695.90 114,912,939.97 0.45 110,000,000.00 Hexagon 2016-03-11 109,924,976.70 109,950,623.92 0.43 320,000,000.00 Hexagon 2016-04-18 319,758,449.14 319,757,746.01 1.26 70,000,000.00 Hexagon DI FC 2016- 04-19 69,948,797.80 69,946,476.05 0.28 175,000,000.00 Hexagon FC 2016-02-22 174,877,648.55 174,946,067.04 0.69 75,000,000.00 LjungbergG DI FC 2016-03-23 74,923,486.50 74,958,540.22 0.30 54,000,000.00 Loomis Cert 2016-03-09 53,938,917.36 53,976,653.60 0.21 34,000,000.00 Loomis DI FC 2016-04- 29 33,959,604.94 33,971,402.37 0.13 250,000,000.00 STATEN DI SSVX 2016-02-17 250,206,280.00 250,147,994.54 0.99 100,000,000.00 Svenska Volksvagen Finans 2016 99,828,406.00 99,878,392.70 0.39 100,000,000.00 Svenska Volkswagen Finans 201 99,898,991.00 99,897,061.63 0.39
The accompanying notes form an integral part of these financial statements.
44 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Russia Shares (expressed in SEK)
Market % of Market % of Number of Value net Number of Value net Shares Denomination Cost (Note 2) assets Shares Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing listing (continued)
Equities Equities (continued)
GBP - Malaysia USD - Russian Federation (continued) 1,000,000.00 Steppe Cement Ord Shs 4,296,458.83 1,801,749.89 0.38 240,000.00 Novatek Comm 18,778,761.60 16,343,126.12 3.45 4,296,458.83 1,801,749.89 0.38 43,500.00 OJSC Cherkizovo Group 3,529,539.46 3,527,953.18 0.74 100,000.00 OTCPharm USD 1,305,949.02 2,650,112.10 0.56 HKD - Hong Kong 213,000.00 Phosagro GDR 20,888,194.41 23,074,973.73 4.87 1,300,000.00 Summit Ascent Holdings 130,000.00 Polski Koncern Naftowy Ord Shs 6,125,053.45 4,737,361.60 1.00 Orlen SA 20,018,586.39 12,768,143.70 2.69 6,125,053.45 4,737,361.60 1.00 900,000.00 Protek 7,706,401.50 6,336,072.32 1.34 115,000.00 Rosneft Oil Co 3,560,469.77 3,355,704.45 0.71 SEK - Sweden 3,825,494.00 Sberbank Savings Bank 4,000.00 Ferronord Pref 3,903,432.01 1,718,000.00 0.36 of Russian 4,950,000.00 Vostok Emerging Federation OJSC 55,305,596.41 44,633,593.72 9.41 Finance SDB 5,912,500.00 5,346,000.00 1.13 19,000.00 Severstal 1,727,374.02 1,339,917.41 0.28 25,000.00 Vostok New 122,000.00 Severstal Cherepovets Ventures SDB 1,413,700.00 1,362,500.00 0.29 Metal Factory JSC 7,681,039.85 8,567,812.43 1.81 11,229,632.01 8,426,500.00 1.78 1,850,000.00 Sistema JSFC 4,593,758.04 3,762,294.90 0.79 4,590,000.00 Surgutneftegaz Pref 18,387,179.60 23,389,284.15 4.93 USD - Cyprus 635,000.00 Tatneft Imeni V D 52,000.00 Global Ports GDR 3,315,948.95 1,424,771.40 0.30 Shashina Pref Shs1 15,877,577.39 14,567,378.16 3.07 40,000.00 Globaltrans Investment 1,540,315.92 1,534,369.20 0.32 50,000.00 Tatneft Lokala 1,918,896.08 1,829,729.57 0.39 1,500,000.00 Hydraulic Machine GDR 5,306,080.50 6,967,890.90 1.47 344,096.00 TMK GDR 16,077,949.48 9,282,994.36 1.96 20,000.00 IG Seismic 514,754,817.96 418,061,990.50 88.15 Services GDR 3,468,998.00 1,095,978.00 0.23 46,000.00 Ros Agro 3,142,247.12 5,332,354.50 1.12 USD - Switzerland 16,773,590.49 16,355,364.00 3.44 11,000.00 Luxoft Holding Ord Shs Class A 3,137,142.01 7,152,773.96 1.51 USD - Georgia 3,137,142.01 7,152,773.96 1.51 20,000.00 TBC Bank Joint Stock GDR When Issued 1,723,345.00 1,702,981.20 0.36 USD - United States 1,723,345.00 1,702,981.20 0.36 21,000.00 Yandex 2,730,647.58 2,783,109.67 0.59 2,730,647.58 2,783,109.67 0.59 USD - Kazakhstan 42,000.00 Halyk Savings Total Investments 568,084,125.86 468,286,268.08 98.74 Bank Of K 2,170,271.88 1,752,721.74 0.37
2,170,271.88 1,752,721.74 0.37 Cash at bank 4,313,088.06 0.91 USD - Netherlands Other net assets 1,565,499.35 0.35 34,500.00 X 5 Retail Group NV 5,143,166.65 5,511,715.52 1.16 5,143,166.65 5,511,715.52 1.16 Total net assets 474,164,855.49 100.00
USD - Russian Federation 39,400.00 Acron Holding 12,804,690.72 17,155,742.68 3.62 3,036,000.00 Aeroflot 21,142,130.54 19,624,610.09 4.14 400,000.00 Alrosa Co Ltd 2,691,399.17 2,578,213.38 0.54 2,192,423.00 Avtovaz Pref Shs 4,513,159.54 769,215.40 0.16 653,923.00 Bank of St Petersburg 10,903,947.66 3,281,339.59 0.69 38,000.00 Bashneft pref 7,035,380.34 7,509,035.04 1.58 205,000.00 Dixy 13,510,428.15 7,157,031.01 1.51 7,516,341.00 E.ON Russia Jsc 3,977,667.78 2,753,172.03 0.58 118,497.00 Etalon Group GDR 3,146,969.55 1,788,211.45 0.38 2,025,000.00 Gazprom 50,615,110.07 31,753,211.14 6.70 145,000.00 Gazprom Neft JSC 4,024,946.46 2,572,077.82 0.54 441,400,000.00 IDGC of Center and Volga Region 5,752,294.06 3,193,926.12 0.67 226,500.00 LSR Group 25,649,006.23 17,563,848.41 3.70 127,000.00 Lukoil Oil Company JSC 49,929,984.34 34,328,088.87 7.24 26,000.00 Magnit Krasnodar 32,868,878.68 33,636,605.60 7.09 20,000.00 Mail.ru Group Ltd 3,550,656.63 3,802,200.60 0.80 203,000.00 MD Medical Group Investments GRD WI 10,638,901.74 8,984,911.95 1.89 13,250.00 MMC Norilsk Nickel OJJC 16,923,719.20 13,969,259.40 2.95 500,000.00 Mobile Telesystems 19,808,291.33 12,098,337.84 2.55 1,720,000.00 Moscow Exchange Ord Shs 17,909,982.75 18,113,861.78 3.82
The accompanying notes form an integral part of these financial statements.
45 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Global Criteria (expressed in SEK)
Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing listing (continued)
Equities Equities (continued)
AED - United Arab Emirates AUD - Australia (continued) 280,000.00 Abu Dhabi Commercial 423,092.00 South32 5,015,453.97 2,763,794.51 0.02 Bank 4,142,920.60 4,235,269.02 0.02 51,175.00 Suncorp-Metway 179,200.00 Aldar Properties PJSC 892,163.50 954,253.03 0.01 Limited 4,285,951.08 3,810,639.52 0.02 60,115.00 First Gulf Bank PJSC 1,703,091.22 1,745,464.15 0.01 13,900.00 Sydney Airport 543,002.95 541,389.53 0.00 25,410.00 National Bank of Abu 384,545.00 Telstra Corp Ltd 11,166,993.90 13,232,178.76 0.07 Dhabi 493,975.80 464,253.61 0.00 59,986.00 TPG Telecom Ord Shs 2,489,924.48 3,638,878.24 0.02 7,232,151.12 7,399,239.81 0.04 432,655.00 Vicinity Centres 7,764,882.27 7,430,552.17 0.04 220,545.00 Westpac Banking AUD - Australia Corporation 36,822,826.05 45,398,394.84 0.25 147,414.00 AMP Ltd 5,016,566.17 5,271,432.07 0.03 88,218.00 Woodside Petroleum Ltd 20,118,544.46 15,540,427.89 0.09 184,066.00 ANZ Bank 29,195,425.13 31,533,039.84 0.17 371,829,458.01 384,169,368.59 2.11 55,614.00 APA Group 2,390,323.77 2,960,909.86 0.02 174,804.00 Aurizon Holdings AUD - Ireland Ord Shs 5,095,188.94 4,696,202.40 0.03 29,430.00 James Hardie Industries 2,452,371.12 3,153,584.67 0.02 50,981.00 Australian Gas Light 2,452,371.12 3,153,584.67 0.02 Energy 5,101,839.25 5,653,639.41 0.03 10,935.00 Australian Stock BRL - Brazil Exchange NPV 3,093,688.60 2,847,869.64 0.02 6,504.00 Banco Bradesco 1 Rights 0.00 18,017.67 0.00 15,081.00 Bank Of Queensland 181.00 Banco Bradesco 2 Rights 0.00 798.41 0.00 Ord Shs 1,164,906.85 1,289,478.91 0.01 198,553.00 Banco Bradesco Ord Shs 15,387,747.06 8,673,713.47 0.05 71,098.00 Bendigo and 5,533.00 Banco Bradesco Pref 424,753.39 227,322.52 0.00 Adelaide Bank 5,383,105.39 5,211,306.52 0.03 57,993.00 Banco do Brasil 4,354,758.88 1,821,578.18 0.01 237,296.00 BHP Billiton Ltd 46,091,286.08 25,995,202.29 0.14 66,751.00 BB Seguridade Ord Shs 5,763,871.74 3,460,785.18 0.02 16,600.00 Boral 573,691.50 601,751.11 0.00 114,787.00 BM&F Bovespa 3,466,477.16 2,663,761.53 0.01 26,609.00 Brambles Ltd 1,117,386.27 1,888,353.26 0.01 8,000.00 BR Malls Participacoes 421,675.22 189,229.01 0.00 57,160.00 Caltex Australia NVP 11,147,764.37 13,217,669.84 0.07 37,923.00 BRF Brasil Foods 5,687,544.81 4,477,001.17 0.02 5,168.00 CIMIC Group Ord Shs 696,956.91 770,282.64 0.00 12,563.00 CBD Grupo Pao de 4,460.00 Cochlear 2,236,614.04 2,614,708.11 0.01 Acucar Pref 3,983,296.21 1,120,643.15 0.01 103,606.00 Commonwealth Bank of 102,031.00 Cemig Cia Energy Australia 41,033,198.98 54,353,148.71 0.30 BRL Pref 4,354,184.07 1,332,807.34 0.01 57,809.00 Computershare Limited 3,831,665.09 4,120,243.80 0.02 5,512.00 Cetip 527,103.82 440,468.88 0.00 26,659.00 CSL Limited 8,872,841.01 17,220,065.40 0.10 10,795.00 Cia de Saneamento 133,593.00 Dexus Property Group Basico do Estado 787,243.07 435,459.75 0.00 fd. DB Rreef Trust 5,610,254.19 6,145,628.38 0.03 48,824.00 Cia Energetica de Sao 10,263.00 Flight Centre 2,523,615.57 2,511,075.06 0.01 Paulo B Prf 2,920,860.45 1,394,160.94 0.01 188,716.00 Fortescue Metals 69,464.00 Cielo SA 7,287,530.23 4,972,153.74 0.03 Group Ltd 3,970,011.24 2,164,570.12 0.01 25,472.00 Companhia Concessoes 27,900.00 Harvey Norman Rodoviarias 1,352,080.32 681,210.81 0.00 Hldg NPV 669,297.52 715,322.38 0.00 35,088.00 Cosan Industria e 133,935.00 Incitec Pivot 2,975,213.02 3,253,198.75 0.02 Comercio Ord Shs 2,546,716.16 1,884,229.99 0.01 175,698.00 Insurance Australia 36,477.00 Duratex SA 995,089.06 458,612.49 0.00 Group Ltd 7,171,055.40 5,991,877.68 0.03 79,744.00 EDP Energias do Brasil 69,119.00 Lend Lease 5,713,062.10 6,045,584.57 0.03 Ord Shs 2,339,133.86 2,045,969.99 0.01 31,702.00 Macquarie Group Ltd 10,448,837.29 16,094,628.11 0.09 30,269.00 Estacio Participacoes SA 1,815,103.44 899,802.17 0.00 108,412.00 Medibank Private 16,996.00 Fibria Celulose SA 1,701,054.24 1,879,339.10 0.01 Ord Shs 1,534,038.19 1,429,674.42 0.01 11,172.00 Gerdau Pref 465,349.88 110,702.81 0.00 619,168.00 Mirvac Group 6,356,702.08 7,519,604.90 0.04 207,056.00 Itau Unibanco Banco 133,368.00 National Australia Holding SA Pref 16,814,332.75 11,617,520.19 0.06 Bank Ltd 22,999,850.45 24,704,718.56 0.14 230,302.00 Itausa Investimentos 47,002.00 Newcrest Mining Itau Pref 5,515,212.41 3,376,454.52 0.02 Limited 7,381,251.97 3,739,190.95 0.02 123,500.00 JBS Ord Shs 4,364,379.23 3,250,189.42 0.02 33,300.00 Oil Search Ord Shs 1,576,113.71 1,368,486.02 0.01 53,095.00 Klabin Units 2,389,212.82 2,653,207.58 0.01 18,291.00 Orica Ltd 2,616,972.86 1,738,963.54 0.01 128,883.00 Kroton Educacional 87,978.00 Origin Energy Limited 6,186,763.97 2,536,257.08 0.01 Ord Shs 4,826,497.51 2,617,358.99 0.01 15,162.00 Platinum Asset 35,874.00 Localiza Rent A Car Sa 3,442,954.41 1,897,388.82 0.01 Management Ord Shs 819,836.82 751,431.13 0.00 84,210.00 Lojas Renner 3,751,477.23 3,068,559.40 0.02 39,845.00 QBE Insurance Group 2,690.00 M Dias Branco Industria Limited 3,632,972.30 3,076,953.20 0.02 Ord Shs 572,459.95 381,196.30 0.00 15,762.00 Ramsay Health Care Ltd 5,553,713.85 6,568,378.86 0.04 21,188.00 Natura On 1,340,060.99 1,060,590.51 0.01 3,701.00 REA Group Ord Shs 1,059,097.05 1,250,584.92 0.01 25,541.00 Porto Seguro Ord Shs 2,414,112.70 1,566,947.04 0.01 85,161.00 Santos Ltd 2,662,803.02 1,922,250.14 0.01 42,573.00 Qualicorp Ord Shs 3,068,025.60 1,281,891.22 0.01 265,673.00 Scentre Group 5,025,895.41 6,827,831.14 0.04 9,661.00 Raia Drogasil 547,999.51 730,433.11 0.00 14,359.00 Seek Ord Shs 1,461,865.44 1,354,571.27 0.01 35,189.00 Sonic Healthcare 3,630,207.05 3,857,028.14 0.02
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
46 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Global Criteria (continued) (expressed in SEK)
Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)
Equities (continued) Equities (continued)
BRL - Brazil (continued) CAD - Canada (continued) 39,963.00 Siderurgica Nacional 900,863.52 340,637.79 0.00 4,570.00 Intact Financial Corp 2,916,552.87 2,459,613.44 0.01 20,744.00 Sul American SA Com 4,997.00 Inter Pipeline Ord Shs 1,058,773.31 673,570.22 0.00 Shs & Pref Shs 950,699.94 822,647.22 0.00 8,800.00 Jean Coutu Group (PJC) 1,131,450.50 956,540.21 0.01 6,682.00 Telefonica Brasil 19,311.00 Keyera Ord Shs 4,655,940.73 4,718,495.09 0.03 SA Pref 904,053.15 509,046.29 0.00 81,417.00 Kinross Gold Corp 3,795,300.47 1,240,263.01 0.01 2,737.00 TIM Participacoes Ord 109,111.01 40,010.47 0.00 8,100.00 Linamar Ord Shs 3,775,202.93 3,673,710.88 0.02 11,438.00 Totvs Sa 919,959.91 756,321.81 0.00 24,972.00 Magna International 5,943,657.40 8,505,423.87 0.05 34,285.00 Transmissora Alianca 80,668.00 Manulife Financial Corp 8,425,614.37 10,153,949.86 0.06 Energia Eletrica U Com 3,932.00 MEG Energy Corp 491,255.43 191,387.18 0.00 & Pref 1,985,360.54 1,223,752.87 0.01 3,995.00 Methanex Corporation 1,680,740.02 1,108,046.42 0.01 19,375.00 Ultrapar Participacoes 3,095,604.05 2,495,817.20 0.01 26,361.00 National Bank of Canada 6,482,738.56 6,449,108.03 0.04 210,236.00 Vale Pref A 14,618,575.55 4,592,040.47 0.03 4,300.00 Onex 2,186,103.79 2,213,562.03 0.01 8,606.00 WEG SA 366,194.48 274,168.33 0.00 12,154.00 Open Text Corporation 3,295,971.91 4,893,500.89 0.03 139,478,720.33 83,743,947.85 0.43 12,914.00 Pembina Pipeline Corp 2,522,647.33 2,363,050.87 0.01 17,740.00 Peyto Exploration & CAD - Canada Development Ord Shs 4,007,650.59 2,677,653.48 0.01 10,379.00 Agnico-Eagle Mines 3,580,482.95 2,290,993.12 0.01 54,592.00 Potash Corp of 5,199.00 Agrium Inc 3,669,872.13 3,902,196.64 0.02 Saskatchewan 13,014,512.30 7,852,398.37 0.04 26,815.00 ARC Resources Ltd 3,704,905.79 2,717,810.96 0.02 48,058.00 Power Corp of Canada 8,915,740.31 8,440,908.50 0.05 49,791.00 Bank of Montreal 20,722,440.92 23,594,763.37 0.13 3,459.00 PrairieSky Royalty 99,723.00 Bank of Nova Scotia 36,163,018.74 33,874,712.25 0.19 Ord Shs 844,131.32 460,167.65 0.00 10,941.00 Bce Inc 2,577,199.42 3,549,857.71 0.02 11,600.00 Restaurants Brands 24,119.00 Blackberry Ltd 1,234,760.27 1,879,530.14 0.01 International 3,660,941.45 3,643,286.43 0.02 109,800.00 Bombardier Inc 'B' 1,255,018.61 892,960.22 0.00 30,134.00 Rogers Communications 10,435.00 Brookfield Asset -Cl B 7,589,633.08 8,727,345.95 0.05 Management Inc 2,701,651.39 2,764,405.03 0.02 114,583.00 Royal Bank of Canada 46,315,100.65 51,565,153.74 0.29 32,055.00 Cameco Corp 3,985,267.29 3,320,888.35 0.02 32,490.00 Saputo Inc 5,587,167.23 6,526,835.66 0.04 42,790.00 Canadian Imperial Bank 23,263.00 Shaw Communications of Commerce 23,283,419.71 23,681,787.24 0.13 Inc-B 3,162,522.65 3,360,219.52 0.02 40,086.00 Canadian National 26,825.00 Silver Wheaton Corp 3,714,633.86 2,800,226.43 0.02 Railway Co 9,969,129.91 18,818,197.10 0.10 39,996.00 Sun Life Financial 51,695.00 Canadian Natural Svsc Can 8,078,678.92 10,474,235.46 0.06 Resources 10,381,724.97 9,481,301.84 0.05 92,749.00 Suncor Energy 19,897,730.22 20,106,925.04 0.11 28,718.00 Canadian Oil Sands Ltd 4,475,904.54 1,441,400.52 0.01 22,341.00 Teck Resources Ltd-B 4,325,487.15 724,050.47 0.00 7,431.00 Canadian Pacific 7,505.00 Telus (Non-Tradable Railway Ltd 2,559,145.45 7,970,443.94 0.04 Non-Resident) 1,668,706.19 1,742,691.99 0.01 1,600.00 CCL Industries Ord Shs 31,313.00 Thomson Corp 8,146,355.66 9,960,102.56 0.06 Class B 2,168,026.43 2,178,761.76 0.01 48,861.00 Transcanada Corp 13,764,867.59 13,400,767.28 0.07 54,342.00 Cenovus Energy Inc 9,972,792.14 5,771,632.09 0.03 21,030.00 Valeant Pharmaceuticals 20,233.00 CGI 3,723,204.59 6,802,914.60 0.04 International 18,138,677.48 17,940,146.86 0.10 22,200.00 CI Financial Corp 4,960,807.16 4,122,867.46 0.02 9,665.00 Vermilion Energy Inc 3,593,027.61 2,206,125.25 0.01 1,830.00 Constellation Software 7,108.00 West Fraser Timber Ord Shs 4,030,943.63 6,407,100.63 0.04 Ord Shs 3,175,056.52 2,266,103.77 0.01 13,304.00 Crescent Point 58,457.00 Yamana Gold 1,443,915.24 911,789.57 0.01 Energy Corp 2,479,599.05 1,301,584.14 0.01 457,007,700.16 452,557,363.35 2.54 15,416.00 Dollarama Ord Shs 3,316,276.07 7,479,297.67 0.04 39,986.00 Eldorado Gold CAD - United States Corporation 1,810,544.98 994,985.59 0.01 152,650.00 Toronto Dominion Bank 38,765.00 Enbridge Inc 11,364,367.68 10,822,375.36 0.06 (USA) 42,674,481.27 50,250,624.38 0.28 43,022.00 Encana Corp 7,177,129.91 1,835,569.76 0.01 42,674,481.27 50,250,624.38 0.28 306.00 Fairfax Financial Holdings Ltd 956,084.73 1,219,978.77 0.01 CHF - Switzerland 8,933.00 Finning International 1,380,390.18 1,012,742.83 0.01 88,882.00 ABB Ltd 11,872,884.32 13,444,496.97 0.07 37,525.00 First Quantum 8,154.00 Actelion holdg 6,111,179.23 9,586,951.54 0.05 Minerals Ltd 2,852,590.21 1,179,710.47 0.01 13,086.00 Adecco 6,777,736.75 7,593,649.45 0.04 3,362.00 Franco-Nevada Corp 1,342,444.69 1,291,595.11 0.01 10,535.00 Aryzta AG 5,345,486.78 4,525,109.81 0.03 21,638.00 Gildan Activewear Inc 3,568,377.38 5,166,262.21 0.03 246.00 Barry Callebaut 1,960,696.90 2,272,825.75 0.01 41,774.00 Goldcorp Inc 10,600,180.05 4,053,960.37 0.02 1.00 Chokoladefabriken Lindt 6,887.00 Great-West Lifeco Inc 1,263,890.20 1,443,283.46 0.01 & Spruengli 640,739.79 628,462.91 0.00 63,532.00 H&R Real Estate 30,537.00 Compagnie Financiere Investment Trust 8,640,120.28 7,730,932.42 0.04 Richemont Ord Shs 14,067,000.93 18,543,257.98 0.10 21,782.00 Husky Energy Inc 3,419,051.04 1,891,743.98 0.01 600.00 EMS-Chemie Holding 1,966,144.01 2,228,508.25 0.01 44,218.00 Imperial Oil Ltd 12,052,975.35 12,097,843.88 0.07 3,500.00 Kuehne & Nagel 2,876,431.97 4,062,016.36 0.02 8,153.00 Industrial Alliance Insurance 2,257,476.68 2,183,616.38 0.01
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
47 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Global Criteria (continued) (expressed in SEK)
Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)
Equities (continued) Equities (continued)
CHF - Switzerland (continued) CZK - Czech Republic 71.00 Lindt & Spruengli AG 1,839,838.18 3,740,331.28 0.02 4,574.00 CEZ Group 917,585.84 688,751.62 0.00 150,702.00 Novartis AG-Reg Shs 77,667,090.53 110,169,949.86 0.61 544.00 Komercni Banka 915,332.97 912,628.98 0.01 17,389.00 Pargesa Holding AG 8,874,445.04 9,299,781.38 0.05 1,832,918.81 1,601,380.60 0.01 2,529.00 Partners group 4,899,780.59 7,694,512.19 0.04 2,399.00 Schindler-Hldg 2,779,181.66 3,394,407.17 0.02 DKK - Denmark 461.00 Sgs Holdings SA 6,000,439.58 7,419,694.42 0.04 583.00 AP Moller-Maersk B 6,762,146.13 6,421,217.82 0.04 209.00 Sika AG 5,641,377.17 6,372,051.30 0.04 2,221.00 Coloplast B Ord Shs 798,949.27 1,518,162.10 0.01 826.00 Sulzer AG 779,585.59 656,366.43 0.00 37,388.00 Danske Bank A/S 7,154,712.39 8,497,430.22 0.05 2,027.00 Swatch Group I 5,758,434.74 5,978,528.41 0.03 10,983.00 DSV A/S 2,367,011.43 3,662,056.26 0.02 2,845.00 Swiss Life Holding 3,191,367.85 6,500,645.32 0.04 132,369.00 NOVO Nordisk B-Share 32,457,523.46 64,960,907.38 0.36 5,914.00 Syngenta AG 12,980,798.97 19,539,976.41 0.11 7,922.00 Pandora Holding A/S 4,885,131.69 8,477,459.30 0.05 223,799.00 UBS Group Registered 52,238.00 TDC A/S 2,760,828.53 2,204,616.77 0.01 Ord Shs 28,065,392.40 36,792,759.50 0.20 11,841.00 Vestas Wind 210,096,032.98 280,444,282.69 1.53 Systems A/S 4,135,999.65 7,030,215.46 0.04 3,500.00 William Demant Holding 2,114,634.91 2,821,940.19 0.02 CHF - United Kingdom 63,436,937.46 105,594,005.50 0.60 119,430.00 Credit Suisse Group 26,066,680.31 21,817,118.52 0.12 4,747.00 Geberit AG 9,102,154.84 13,601,222.58 0.08 EUR - Austria 916.00 Givaudan-Reg 9,063,667.01 14,063,925.24 0.08 9,355.00 Andritz AG 3,698,675.95 3,859,640.46 0.02 10,078.00 Holcim Ltd 4,287,007.74 4,269,399.02 0.02 3,300.00 Erste Group Bank 648,089.59 873,716.01 0.00 21,220.00 Julius Baer Group Ltd 8,380,763.03 8,696,447.73 0.05 21,378.00 OMV AG 5,239,871.01 5,115,814.00 0.03 1,891.00 Lonza Group AG 1,395,560.13 2,597,585.77 0.01 3,232.00 Raiffeisen Bank 199,915.00 Nestle SA 89,484,564.49 125,521,303.09 0.70 International 435,815.10 402,696.78 0.00 49,500.00 Roche Holding AG- 26,119.00 VoestAlpine 7,782,917.76 6,780,180.73 0.04 Genusschein 79,650,689.03 115,230,553.53 0.64 17,805,369.41 17,032,047.98 0.09 6,687.00 Sonova Holding 6,892,841.61 7,169,421.82 0.04 20,238.00 Swiss Re Holding 10,991,302.62 16,729,474.61 0.09 EUR - Belgium 1,053.00 Swisscom AG-Reg 2,853,158.39 4,460,882.28 0.02 15,727.00 Ageas 4,439,703.11 6,164,500.89 0.03 6,834.00 Zurich Financial 12,435.00 Belgacom 2,759,169.71 3,416,451.88 0.02 Services 12,249,622.19 14,872,770.98 0.08 24,660.00 Colruyt 9,296,662.26 10,714,990.42 0.06 260,418,011.39 349,030,105.17 1.93 8,318.00 Delhaize le Lion 3,441,971.82 6,839,985.03 0.04 25,188.00 Groupe Bruxelles CLP - Chile Lambert Sa 15,757,380.18 18,184,169.67 0.10 8,898,102.00 Banco de Chile 7,817,341.11 7,694,309.20 0.04 16,533.00 KBC Groep NV 6,515,012.95 8,731,922.67 0.05 7,697.00 Banco de Credito e 2,377.00 Solvay et Cie 1,934,658.14 2,142,717.57 0.01 Inversiones 2,792,732.53 2,454,220.71 0.01 3,601.00 Telenet Group 2,354,783.00 Banco Santander Chile 1,064,331.44 890,913.11 0.00 Holding NV 1,387,680.15 1,641,341.78 0.01 57,606.00 Centros Comerciales 1,048.00 UCB 393,915.84 798,820.94 0.00 Sudamericanos SA 1,141,942.14 961,574.03 0.01 6,280.00 Umicore 2,513,516.40 2,223,749.80 0.01 17,295,800.00 Corpbanca Sociedad 48,439,670.56 60,858,650.65 0.33 Anonima Bancaria 1,763,516.46 1,172,932.03 0.01 81,521.00 Embotelladora Andina EUR - Finland Pref Shs 1,801,177.81 2,022,240.92 0.01 21,864.00 Elisa Communications 77,861.00 Empresa Nacional de Oyj-A 3,938,268.81 6,966,141.81 0.04 Electricidad SA/Chi 794,243.01 812,653.93 0.00 22,563.00 Fortum Oyj 3,628,820.64 2,876,367.30 0.02 34,038.00 Empresas COPEC SA 3,025,288.43 2,441,960.77 0.01 22,585.00 Kone Oyj 7,339,053.19 8,101,807.69 0.04 3,040,822.00 Enersis SA 6,948,993.73 6,186,491.85 0.03 12,445.00 Neste Oil 2,112,934.72 3,149,082.58 0.02 10,721.00 Soquimich Comercial 1,511,200.49 1,696,462.54 0.01 200,512.00 Nokia Oyj 7,713,949.60 12,110,537.88 0.07 28,660,767.15 26,333,759.09 0.13 1,391.00 Nokian Renkaat Oyj 365,973.50 421,660.95 0.00 8,207.00 Orion B 1,424,184.47 2,402,897.99 0.01 COP - Colombia 25,469.00 Sampo Oyj-A 5,640,938.83 10,962,712.25 0.06 57,374.00 BanColombia Pref Shs1 4,858,406.53 3,291,183.01 0.02 33,019.00 Stora Enso Oyj-R 1,470,600.68 2,537,079.88 0.01 7,072.00 Cementos Argos SA1 303,400.58 182,554.13 0.00 41,295.00 Upm-Kymmene Oyj 4,173,010.28 6,516,149.08 0.04 1,783,993.00 Ecopetrol 7,420,328.72 5,258,952.86 0.03 37,807,734.72 56,044,437.41 0.31 293,272.00 Grupo Aval Acc y Valores SA Pref 1,423,073.17 848,946.36 0.00 EUR - France 30,402.00 Interconexion Electrica 12,742.00 Air Liquide 9,421,102.53 12,095,258.95 0.07 SA ESP 910,176.82 595,856.48 0.00 131,062.00 Alcatel-Lucent 3,605,069.06 4,381,047.07 0.02 8,396.00 Inversiones Argos SA 680,716.36 361,219.01 0.00 4,877.00 Alstom 1,204,119.10 1,257,971.42 0.01 15,596,102.18 10,538,711.85 0.05 2,693.00 Arkema 1,856,620.85 1,592,978.45 0.01 8,904.00 Atos Origin 5,166,275.24 6,315,603.21 0.03 191,690.00 Axa 32,041,791.80 44,291,967.40 0.25 2,762.00 BIC 3,209,839.01 3,835,962.50 0.02 89,322.00 BNP Paribas 40,288,516.22 42,725,458.14 0.24
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
48 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Global Criteria (continued) (expressed in SEK)
Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)
Equities (continued) Equities (continued)
EUR - France (continued) EUR - Germany (continued) 129,812.00 Bollore 5,566,152.78 5,108,441.90 0.03 15,254.00 Brenntag AG 6,211,724.73 6,744,647.66 0.04 9,256.00 Bouygues 2,765,928.71 3,097,844.23 0.02 53,029.00 Commerzbank K 15,791.00 Bureau Veritas Ord Shs 6,394,489.78 4,648,623.69 0.03 Registre Int 2,795,049.95 2,659,497.75 0.01 8,927.00 Continental 10,807,656.63 18,358,063.08 0.10 12,316.00 Cap Gemini SA 6,203,682.91 9,654,987.34 0.05 69,639.00 Daimler AG 34,240,709.01 49,477,821.00 0.27 29,081.00 Carrefour SA 6,454,988.88 7,097,653.82 0.04 26,013.00 Deutsche Annington 4,984.00 Casino 3,261,197.74 1,936,001.85 0.01 Immobilien Ord Shs 7,148,928.46 6,801,501.80 0.04 5,224.00 Christian Dior 7,211,498.28 7,499,269.85 0.04 60,101.00 Deutsche Bank AG 17,575,866.24 12,398,089.34 0.07 18,937.00 CNP Assurances 2,636,793.59 2,157,445.45 0.01 15,812.00 Deutsche Boerse AG 8,793,085.06 11,785,991.35 0.07 11,456.00 Compagnie De Saint- 58,513.00 Deutsche Post AG 7,585,782.09 13,908,543.79 0.08 Gobain 3,408,662.31 4,180,898.21 0.02 213,048.00 Deutsche Telekom AG 22,646,311.71 32,564,323.61 0.18 100,218.00 Credit Agricole SA 8,160,641.27 9,985,800.62 0.06 105,504.00 E.ON AG 19,544,328.19 8,629,334.00 0.05 24,494.00 Danone 11,061,815.49 13,970,648.99 0.08 16,719.00 Evonik Industries 5,117,910.55 4,687,624.61 0.03 4,634.00 Dassault System 1,689,477.24 3,130,718.91 0.02 28,087.00 Fresenius 9,584,877.86 16,969,150.52 0.09 14,241.00 Edenred 2,906,589.53 2,275,852.87 0.01 9,112.00 Fresenius Medical Care 3,744,041.70 6,486,503.29 0.04 7,483.00 Electricite De France 1,586,878.92 930,301.77 0.01 10,000.00 Fuchs Petrolub SE 2,978,094.64 3,983,799.94 0.02 9,051.00 Essilor International 4,316,788.07 9,536,553.55 0.05 1,140.00 GEA Group 250,803.46 390,467.34 0.00 28,694.00 Eutelsat 9,686.00 Heidelberg Cement AG 4,354,125.40 6,707,943.58 0.04 Communications 20,034.00 Henkel Kgaa-Vorzug 12,277,193.25 18,934,578.00 0.10 Promesses 7,033,565.87 7,252,845.73 0.04 4,445.00 Hugo Boss N 4,489,647.90 3,118,234.69 0.02 72,925.00 Gaz De France 14,918,784.50 10,902,796.13 0.06 64,352.00 Infineon 5,364,288.72 7,959,117.22 0.04 12,588.00 Gecina 12,879,952.79 12,923,216.22 0.07 15,567.00 K+S AG 4,372,411.33 3,367,387.40 0.02 5,138.00 Groupe Eurotunnel SA 324,270.96 539,246.06 0.00 2,081.00 Kabel Deutschland 1,602.00 Hermes International 4,440,095.59 4,573,800.71 0.03 Holding AG 1,428,592.17 2,175,485.83 0.01 1,360.00 Icade 893,467.18 770,970.61 0.00 479.00 Lanxess 255,718.11 187,226.87 0.00 2,938.00 Iliad 4,937,701.64 5,919,468.80 0.03 7,724.00 Linde AG 7,206,886.47 9,471,769.17 0.05 2,951.00 Imerys 1,642,241.77 1,740,997.69 0.01 11,353.00 Lufthansa 1,750,304.56 1,514,360.91 0.01 1,600.00 Ingenico EUR1 1,758,537.30 1,707,081.17 0.01 5,972.00 Merck Kgaa 2,443,998.88 4,898,810.47 0.03 3,691.00 Kering 4,566,614.04 5,339,147.75 0.03 3,639.00 Metro 1,054,865.99 985,132.73 0.01 11,340.00 Klepierre 3,534,928.92 4,256,956.74 0.02 9,169.00 Munchener 20,159.00 Legrand 7,156,572.98 9,637,130.76 0.05 Ruckversicherungs- 15,167.00 L'Oreal 15,023,755.89 21,571,453.35 0.12 Gesellschaft AG 11,254,117.16 15,496,880.57 0.09 8,964.00 Michelin (Cgde)-B 5,201,912.38 7,216,040.91 0.04 4,798.00 Osram Licht 1,358,785.31 1,704,465.78 0.01 136,823.00 Natixis 5,786,147.74 6,537,146.37 0.04 19,564.00 ProSieben Sat.1 Media N 14,459.00 Numericable Group Ord Shs 7,356,688.83 8,378,897.09 0.05 Ord Shs 5,771,813.44 4,435,997.87 0.02 20,176.00 Qiagen NV 4,291,930.36 4,640,625.43 0.03 184,241.00 Orange 23,840,118.76 26,127,975.22 0.14 24,464.00 RWE AG 9,583,402.19 2,623,569.82 0.01 41,658.00 Peugeot SA 5,145,458.69 6,182,380.27 0.03 73,312.00 SAP AG 34,795,955.09 49,267,558.24 0.27 18,343.00 Publicis 9,288,279.63 10,311,112.23 0.06 56,984.00 Siemens AG 41,374,764.65 46,905,552.81 0.26 15,670.00 Renault SA 8,769,643.82 13,293,181.19 0.07 11,525.00 Thyssenkrupp AG 2,180,789.33 1,935,746.71 0.01 16,856.00 Rexel SA 2,576,954.41 1,895,663.09 0.01 16,957.00 United Internet AG 6,013,915.12 7,906,065.01 0.04 75,953.00 Sanofi-Aventis 48,215,104.78 54,673,357.16 0.30 460,871,392.32 584,054,670.83 3.24 32,473.00 Schneider Electric SA 13,648,907.04 15,630,973.72 0.09 54,908.00 Societe Generale-A 19,150,074.45 21,406,592.36 0.12 EUR - Greece 3,830.00 Sodexo 2,543,997.63 3,161,728.63 0.02 12,960.00 Hellenic Telecom 1,251,787.59 1,096,693.42 0.01 28,217.00 Stmicroelectronics NV 1,701,284.57 1,597,268.20 0.01 10,192.00 Jumbo Ord Shs1 1,111,834.71 905,397.75 0.01 6,338.00 Suez Environnement SA 823,033.13 1,001,846.74 0.01 15,266.00 National Bank of Greece 2,939,661.13 47,954.31 0.00 6,883.00 Technip-Coflexip SA 3,738,781.35 2,882,934.11 0.02 1,221.00 Piraeus Bank 1,777,890.48 3,108.63 0.00 134,977.00 Total 58,898,356.10 51,009,361.15 0.28 2,730.00 Titan Cement 624,796.23 440,281.33 0.00 5,521.00 Unibail-Rodamco 8,331,263.05 11,851,781.01 0.07 7,705,970.14 2,493,435.44 0.02 5,076.00 Valeo 5,101,905.99 6,626,696.78 0.04 27,926.00 Veolia Environnement 4,854,137.55 5,591,991.20 0.03 EUR - Ireland 22,091.00 Vinci SA 7,157,996.21 11,964,786.67 0.07 1,108,379.00 Bank of Ireland 3,002,124.95 3,430,941.02 0.02 56,903.00 Vivendi Universal SA 9,720,019.43 10,349,578.70 0.06 42,455.00 CRH Plc 8,743,539.83 10,381,219.41 0.06 16,907.00 Zodiac Aerospace 3,815,323.96 3,402,543.61 0.02 10,013.00 Kerry Group Plc-A 5,563,347.31 6,997,677.66 0.04 500,010,483.02 564,004,213.16 3.13 22,105.00 Ryanair Holdings Ord Shs 1,947,928.72 3,038,641.57 0.02 EUR - Germany 19,256,940.81 23,848,479.66 0.14 10,813.00 Adidas 5,324,684.40 8,903,534.88 0.05 35,360.00 Allianz SE 35,316,246.35 52,962,816.04 0.29 EUR - Italy 67,849.00 BASF 38,585,309.03 43,943,431.43 0.24 130,280.00 Assicurazioni Generali 18,821,954.11 20,187,678.15 0.11 49,840.00 Bayer AG 34,881,672.21 52,856,068.51 0.29 99,917.00 Banca Monte Dei Paschi 12,084.00 Beiersdorf 8,367,988.09 9,313,752.80 0.05 Di Siena 1,669,688.40 1,127,348.93 0.01 22,437.00 BMW AG 12,562,501.31 20,061,173.82 0.11 21,532.00 Banche Popolari Unite Scrl 596,881.43 1,222,599.81 0.01
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
49 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Global Criteria (continued) (expressed in SEK)
Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)
Equities (continued) Equities (continued)
EUR - Italy (continued) EUR - Spain (continued) 5,557.00 Banco Popolare 718,361.54 651,925.23 0.00 41,378.00 Distribuidora 335,851.00 Enel Green Power 5,780,004.96 5,791,688.95 0.03 Internacional 1,506,763.38 2,062,984.08 0.01 633,044.00 Enel Spa 22,449,768.00 22,563,942.91 0.13 33,564.00 Enagas 7,632,529.94 7,991,997.22 0.04 15,089.00 Exor 4,903,569.79 5,816,311.37 0.03 27,631.00 Endesa 4,655,906.39 4,687,735.33 0.03 758,475.00 Intesa SanPaolo 15,963,817.88 21,449,976.76 0.12 37,610.00 Gas Natural SDG 5,551,051.51 6,480,609.00 0.04 8,553.00 Luxottica 3,947,370.28 4,731,116.85 0.03 458,684.00 Iberdrola SA 21,369,454.99 27,514,596.92 0.15 82,632.00 Mediobanca Spa 6,350,438.57 6,723,787.20 0.04 64,807.00 Inditex 11,735,069.25 18,808,424.61 0.10 12,503.00 Prysmian 2,109,612.84 2,319,860.85 0.01 163,787.00 Mapfre 3,948,027.05 3,467,971.52 0.02 266,054.00 Snam SpA 10,955,765.32 11,768,610.44 0.07 23,408.00 Red Electrica 972,505.00 Telecom Italia Corporacion 13,192,922.26 16,530,396.69 0.09 S.p.A. Risp 5,041,391.26 8,469,945.65 0.05 117,433.00 Repsol Ypf SA 15,358,647.24 10,883,759.38 0.06 24,001.00 Tenaris Sa 3,514,830.64 2,404,666.88 0.01 318,355.00 Telefonica SA 38,590,895.51 29,840,616.13 0.17 38,368.00 Terna Trasmissione 1,364,219.10 1,671,164.77 0.01 210,729,860.95 202,913,709.60 1.13 21,532.00 UBI Right 2015 0.00 19.72 0.00 210,592.00 Unicredit 6,052,964.44 9,903,542.75 0.05 EUR - United Kingdom 110,240,638.56 126,804,187.22 0.71 59,498.00 CNH Industrial 4,258,739.25 3,454,616.87 0.02 41,114.00 Fiat Chrysler EUR - Luxembourg Automobiles Ord Shs 2,033,419.21 4,864,749.80 0.03 7,237.00 RTL Group Ord Shs 5,349,345.25 5,106,689.82 0.03 64,082.00 International Airlines 9,554.00 SES Global 1,654,267.88 2,237,737.52 0.01 Group Ord Shs1 2,131,833.10 4,856,376.22 0.03 7,003,613.13 7,344,427.34 0.04 8,423,991.56 13,175,742.89 0.08
EUR - Netherlands GBP - Germany 144,679.00 Aegon NV 6,513,953.15 6,929,716.23 0.04 20,994.00 TUI Ord Shs 3,216,099.50 3,159,117.93 0.02 8,546.00 Ahold 3,021,829.55 3,622,133.91 0.02 3,216,099.50 3,159,117.93 0.02 29,651.00 Akzo Nobel 14,942,692.07 16,749,119.21 0.09 10,014.00 Altice A 1,662,414.47 1,215,155.14 0.01 GBP - Ireland 30,538.00 Altice B 6,483,584.45 3,747,603.65 0.02 133,891.00 WPP Ord Shs NEW 17,499,041.31 26,003,802.94 0.14 45,294.00 Arcelormittal 7,042,249.74 1,616,513.53 0.01 17,499,041.31 26,003,802.94 0.14 18,619.00 ASML Holding 8,332,383.29 14,076,078.92 0.08 4,940.00 Gemalto 3,298,371.24 2,500,487.44 0.01 GBP - Jersey 203,663.00 ING Groep NV-Cva 14,856,427.68 23,221,472.31 0.13 5,246.00 Randgold Resources Ltd 3,066,762.58 2,700,658.82 0.01 55,810.00 Koninklijke Ahold 9,460,838.22 9,954,002.66 0.06 3,066,762.58 2,700,658.82 0.01 11,747.00 Koninklijke Boskalis Westminster 4,050,600.80 4,048,269.82 0.02 GBP - Mexico 330,175.00 Koninklijke Kpn NV 6,444,404.17 10,559,094.71 0.06 6,856.00 Fresnillo Plc 1,061,274.93 603,157.27 0.00 10,302.00 Koninklijke Vopak NV 4,763,929.44 3,742,760.26 0.02 1,061,274.93 603,157.27 0.00 27,135.00 NN Group Ord Shs 6,950,199.90 8,088,892.85 0.04 GBP - Switzerland 45,530.00 Philips Electronics NV 7,786,201.74 9,823,838.18 0.05 7,034.00 Coca Cola HBC 1,175,084.41 1,265,602.81 0.01 13,507.00 Randstad Hld 5,632,378.65 7,116,419.44 0.04 9,878.00 Wolseley Ord Shs 3,417,980.74 4,530,431.52 0.03 59,020.00 Reed Elsevier NV 3,366,213.31 8,399,597.65 0.05 4,593,065.15 5,796,034.33 0.04 9,759.00 TNT Express 700,871.23 696,227.29 0.00 102,724.00 Unilever NV 26,168,278.40 37,729,296.42 0.21 GBP - United Kingdom 16,600.00 Wolters Kluwer 3,250,203.07 4,707,468.65 0.03 123,792.00 Aberdeen Asset ORD 5,539,983.86 4,451,615.12 0.02 144,728,024.57 178,544,148.27 0.99 19,541.00 Admiral Group Plc 3,437,734.67 4,028,280.22 0.02 12,307.00 Aggreko 2,648,039.16 1,397,735.19 0.01 EUR - Portugal 31,179.00 Amec 3,569,558.95 1,661,669.82 0.01 3,076,262.00 Banco Comercial 68,635.00 Anglo American Plc 15,591,151.37 2,553,856.31 0.01 Portugues 2,018,067.45 1,377,654.91 0.01 31,464.00 Antofagasta 3,487,295.34 1,834,809.54 0.01 111,780.00 Energias De Portugal SA 2,565,135.61 3,399,705.08 0.02 71,478.00 ARM Holding 6,296,862.19 9,228,145.70 0.05 4,583,203.06 4,777,359.99 0.03 57,627.00 Ashtead Group Ord Shs 7,373,448.97 8,012,768.60 0.04 EUR - Spain 14,336.00 Associated British 12,324.00 Abertis 1,493,792.03 1,626,387.15 0.01 Foods PLC 2,439,306.21 5,953,343.49 0.03 9,075.00 Acs Actividades Cons 73,550.00 Astrazeneca Plc 28,912,347.02 42,191,213.82 0.23 Y Serv 1,926,328.36 2,245,225.00 0.01 198,996.00 Aviva Plc 8,961,530.37 12,759,114.99 0.07 1,588.00 Aena Ord Shs 1,405,254.51 1,532,848.99 0.01 1,168,560.00 Barclays Plc 34,024,983.30 31,785,077.95 0.18 32,924.00 Amadeus IT Holdings 7,739,534.96 12,267,474.87 0.07 110,456.00 Barrat Developments 8,720,115.74 8,591,918.49 0.05 282,811.00 Banco Bilbao Vizcaya 194,226.00 BG Group Plc 25,095,892.45 23,772,239.64 0.13 Argenta 20,530,006.14 17,454,202.79 0.10 148,939.00 BHP Billiton Plc 25,842,422.34 14,065,284.75 0.08 217,766.00 Banco De Sabadell SA 4,647,925.42 3,260,739.43 0.02 46,504.00 British Land 4,927,256.72 4,541,918.73 0.03 723,020.00 Banco Santander SA 43,299,375.74 30,180,949.27 0.17 137,844.00 British Sky 583,089.00 Bankia Ord Shs 5,766,965.84 5,735,184.50 0.03 Broadcasting Plc 15,334,023.59 19,046,674.39 0.11 5,700.00 Bankinter 379,410.43 341,606.72 0.00 524,598.00 British Telecom Group Plc 16,648,427.28 30,748,151.33 0.17
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
50 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Global Criteria (continued) (expressed in SEK)
Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)
Equities (continued) Equities (continued)
GBP - United Kingdom (continued) GBP - United Kingdom (continued) 32,323.00 Bunzl Plc 3,756,280.80 7,570,935.04 0.04 795.00 Standard Life 29,846.48 38,496.75 0.00 35,628.00 Burberry Group 6,073,256.06 5,290,367.62 0.03 21,535.00 Tate & Lyle 1,619,196.71 1,602,869.63 0.01 75,383.00 Capita Group Plc 9,108,179.97 11,315,320.36 0.06 355,014.00 Taylor Wimpey 8,624,638.23 8,959,461.47 0.05 9,598.00 Carnival 3,832,529.44 4,610,723.71 0.03 30,063.00 Travis Perkins 6,236,871.29 7,370,312.55 0.04 362,229.00 Centrica Plc 12,097,819.30 9,816,696.98 0.05 77,759.00 Unilever Plc 20,635,745.85 28,276,502.98 0.16 101,120.00 Compass Group 7,889,516.92 14,763,911.41 0.08 1,723,817.00 Vodafone Group 40,897,625.61 47,338,003.35 0.26 4,150.00 Croda International 1,387,876.21 1,568,678.01 0.01 17,741.00 Weir Group Plc/The 3,512,461.88 2,204,472.06 0.01 37,969.00 Dixons Carphone Plc 1,580,623.53 2,358,987.65 0.01 779,499,481.38 881,540,832.42 4.86 23,075.00 easyJet Ord Shs 4,734,988.94 4,989,045.46 0.03 41,010.00 Experian Group Ltd 4,105,235.95 6,120,110.73 0.03 HKD - China 45,537.00 GKN Plc 1,880,534.94 1,745,039.61 0.01 80,000.00 Air China 563,057.60 532,586.05 0.00 259,157.00 Glaxosmithkline Plc 39,103,407.16 44,214,018.05 0.24 58,000.00 Beijing Capital Intl 808,646.00 Glencore Intl Plc 22,641,231.59 9,091,541.75 0.05 Airport 464,229.19 528,082.56 0.00 10,034.00 Group 4 Securicor ord 34,562.00 BYD Company 1,429,949.31 1,605,369.90 0.01 GBP 025 278,126.35 281,155.86 0.00 44,000.00 CAR Inc 720,443.46 614,562.53 0.00 29,991.00 Hammerson Plc 1,435,870.18 2,235,984.04 0.01 424,715.00 CGN Power Ord Shs H 1,468,780.84 1,339,812.34 0.01 1,118,132.00 HSBC Holdings Plc 74,194,988.69 74,498,304.61 0.41 955,434.00 China Chinda Asset 75,462.00 ICAP Ord Shs 4,813,390.29 4,777,481.38 0.03 Management Ord Shs 4,346,920.11 2,993,240.11 0.02 6,739.00 IMI Plc 1,120,436.61 721,401.83 0.00 781,528.00 China Communications 14,549.00 Inmarsat Plc 1,864,494.02 2,055,512.45 0.01 Services 2,620,163.88 2,482,422.90 0.01 23,435.00 Intertek Group 7,532,984.74 8,086,625.68 0.04 272,103.00 China Everbright Bank 48,531.00 Intu Properties 2,192,004.49 1,913,444.26 0.01 Ord Shs H 837,538.42 1,118,854.22 0.01 24,817.00 Investec 1,456,398.56 1,478,338.25 0.01 502,000.00 China Galaxy Securities 426,912.00 ITV 8,945,992.69 14,672,936.61 0.08 Cls H Ord Shs 4,586,852.26 3,882,591.45 0.02 22,369.00 Johnson Matthey 7,047,364.62 7,385,240.23 0.04 218,000.00 China Longyuan Power 87,582.00 Kingfisher Plc 2,531,102.74 3,585,888.49 0.02 Group 1,769,015.73 1,387,269.17 0.01 37,488.00 Land Securities 381,464.00 China Minsheng Group Plc 3,038,582.41 5,482,709.52 0.03 Banking Corp Ltd 2,438,759.63 3,195,160.36 0.02 432,857.00 Legal & General 9,380,434.97 14,403,947.20 0.08 86,000.00 China Southern Airlines 3,963,845.00 Lloyds Tsb Group Plc 29,147,422.17 35,990,035.42 0.20 Ord Shs H 549,116.29 559,432.91 0.00 52,964.00 London Stock Exchange 10,887,079.68 18,058,903.90 0.10 71,200.00 China Vanke Ord Shs H 1,280,008.35 1,773,633.37 0.01 7,323.00 Merlin Entertainment 123,153.00 CITIC Securities Group Ord 430,977.50 414,480.32 0.00 Company Ord Shs H 2,951,149.58 2,430,136.42 0.01 44,971.00 Mondi (GBP) 8,466,292.52 7,454,437.49 0.04 397,000.00 Country Garden Holding 1,009,593.10 1,373,301.84 0.01 315,534.00 National Grid Plc 27,889,008.38 36,757,328.74 0.20 286,334.00 CSR Corp Ltd 2,693,797.34 2,987,032.19 0.02 19,042.00 Next Plc 11,983,413.88 17,249,106.04 0.10 8,100.00 Dalian Wanda 311,542.00 Old Mutual new 5,223,179.46 6,925,536.89 0.04 Commercial Properties 420,653.20 399,145.83 0.00 42,859.00 Pearson Plc 4,784,469.91 3,919,641.54 0.02 62,158.00 Enn Energy 46,925.00 Persimmon 6,714,631.94 11,819,103.42 0.07 Holdings Ltd 2,915,951.00 2,782,372.34 0.02 15,499.00 Petrofac Ltd 2,296,437.88 1,533,003.86 0.01 178,260.00 GF Securities Ord Shs H 3,070,299.12 3,785,141.26 0.02 11,000.00 Provident Financial 36,477.00 Guangzhou R&F Ord Shs 4,720,556.52 4,602,166.26 0.03 Properties 297,891.72 378,940.36 0.00 167,212.00 Prudential Plc 19,185,057.96 31,810,400.36 0.18 82,072.00 Haitian International 34,813.00 Reckitt Benckiser Group Ord Shs 1,160,088.41 1,028,480.05 0.01 Plc 16,866,754.53 27,170,444.70 0.15 70,000.00 Huatai Securities Ord 30,999.00 Reed Elsevier Plc 2,486,173.16 4,610,715.63 0.03 Shs H 1,421,481.32 1,376,717.53 0.01 66,441.00 Rexam new 4,147,438.16 4,990,671.32 0.03 55,000.00 Kingsoft Ord Shs 1,029,315.53 1,131,962.91 0.01 113,007.00 Royal Bank of 523,589.00 Lenovo Group 5,223,002.71 4,482,431.10 0.02 Scotland New 4,336,849.50 4,240,712.12 0.02 125,500.00 Longfor Properties 113,624.00 Royal Mail Ord Shs 7,182,866.19 6,268,729.75 0.03 Co Ltd 1,017,425.73 1,578,156.02 0.01 34,203.00 RSA Insurance Group 88,000.00 Shandong Weigao Group Ord Shs 1,913,825.60 1,812,632.40 0.01 Medical 564,089.17 514,049.96 0.00 21,170.00 Sage Group Ord Shs 1,099,190.36 1,587,539.85 0.01 264,000.00 Shanghai Electric 1,443,756.71 1,180,304.67 0.01 79,855.00 Sainsbury's 2,659,136.97 2,567,987.40 0.01 41,234.00 Shenzhou Group 85,886.00 Scottish and Southern Holdings Ltd 1,128,822.96 1,998,257.96 0.01 Energy Plc 13,541,204.33 16,306,931.01 0.09 138,000.00 Sihuan Pharmaceutical 65,551.00 Segro PLC 3,258,874.56 3,497,581.67 0.02 Holding Grp Ltd 556,786.39 496,884.51 0.00 1,119.00 Severn Trent 203,078.87 302,701.81 0.00 158,515.00 Sino-Ocean Land 42,545.00 Shire Ltd 15,509,464.56 24,836,365.56 0.14 Holdings 542,146.20 856,988.77 0.00 25,915.00 Smith & Nephew Plc 3,053,083.78 3,889,955.66 0.02 195,500.00 Sinopec Engineering 30,766.00 Smiths Group 4,447,238.33 3,591,652.60 0.02 Group Ord Shs H 1,362,170.69 1,407,839.44 0.01 38,496.00 Sports Direct 39,419.00 Sinopharm Group International Ord Shs 3,535,433.56 2,760,056.18 0.02 Co Ltd 906,483.24 1,333,565.55 0.01 130,256.00 Standard Chartered Plc 19,099,923.37 9,123,726.86 0.05 342,321.00 Tencent Holdings Ord Shs 38,531,166.66 56,861,846.06 0.32
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
51 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Global Criteria (continued) (expressed in SEK)
Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)
Equities (continued) Equities (continued)
HKD - China (continued) HKD - Hong Kong (continued) 314,772.00 Want Want China 75,129.00 China Resources Gas 1,646,234.70 1,887,852.09 0.01 Holdings Ltd 2,769,837.52 1,975,696.74 0.01 151,600.00 China Resources Land 2,239,093.79 3,726,971.03 0.02 81,610.00 Zhuzhou CSR Times 315,500.00 China Shenhua Energy 5,879,816.73 4,187,044.44 0.02 Electric Ord Shs H 3,323,762.50 4,003,762.39 0.02 157,712.00 China State Construction 65,800.00 ZTE 1,318,220.29 1,264,052.08 0.01 Int. Holding L 1,874,873.53 2,305,750.88 0.01 98,732,726.16 117,640,083.85 0.66 174,292.00 China Taiping 4,814,516.99 4,559,748.72 0.03 802,907.00 China Telecom Corp HKD - Hong Kong Ltd 3,014,372.94 3,179,179.17 0.02 61,186.00 AAC Technologies 283,641.00 China Unicom Hong Holding 2,801,246.77 3,351,196.65 0.02 Kong Ltd 2,915,685.29 2,918,828.11 0.02 1,560,832.00 Agricultural Bank of 640,000.00 Chongqing Rural China 4,709,265.85 5,382,249.16 0.03 Commercial 2,190,073.59 3,272,097.29 0.02 780,497.00 AIA Group Ltd 28,202,281.13 39,564,486.26 0.22 299,307.00 Citic Pacific 4,623,192.07 4,473,546.78 0.02 106,000.00 Alibaba Health 170,238.00 CK Hutchison Holdings 11,643,665.45 19,333,272.98 0.11 Information Tech 538,695.07 619,196.55 0.00 1,228,186.00 Cnooc Ltd 14,184,871.11 10,781,670.45 0.06 604,446.00 Alibaba Pictures Group 58,000.00 Dongfeng Motor Group Ord Shs 1,331,844.12 1,262,429.44 0.01 Co Ltd 733,274.49 656,159.93 0.00 140,500.00 Anhui conch cement 3,342,490.11 3,186,623.54 0.02 163,000.00 Evergrande Real Estate 103,000.00 Anta Sports Products Group 1,170,739.32 1,209,261.86 0.01 Limited 1,391,268.11 2,386,520.69 0.01 554,958.00 Far East Horizon Ltd 3,477,344.61 4,364,623.53 0.02 8,500.00 ASM Pacific Technology 743,624.48 563,561.10 0.00 182,914.00 First Pacific 5,387,659.00 Bank of China Ltd 17,331,888.42 20,277,974.61 0.11 Company Ltd 1,198,037.56 1,022,723.99 0.01 740,331.00 Bank of 164,000.00 Fosun International 3,062,141.38 2,165,762.90 0.01 Communications Co 86,000.00 Franshion Properties Ltd 4,016,627.18 4,397,106.19 0.02 China Ltd 156,986.74 247,909.23 0.00 178,000.00 Beijing Enterprises 437,600.00 GCL New Energy Water Group 1,267,164.76 1,055,273.13 0.01 Hld Ltd 791,163.66 556,944.03 0.00 294,000.00 Belle International 2,158,066.15 1,861,309.92 0.01 87,519.00 GCL-Poly Energy 415,960.00 BOC Hong Kong Right 2015 0.00 4,760.15 0.00 Holdings Ltd 8,674,484.07 10,701,165.74 0.06 410,000.00 Geely Automobile 975,701.96 1,841,968.86 0.01 26,230.00 Cheung Kong 54,490.00 Goldin Properties Infrastructure 1,392,156.56 2,045,812.47 0.01 Holdings Ord 482,201.25 522,797.82 0.00 234,739.00 Cheung Kong Property 769,319.00 Gome Electrical Holdings 13,996,050.18 12,958,945.78 0.07 Appliances Holding 1,227,460.91 1,079,554.43 0.01 723,279.00 China Citic Bank 3,137,691.81 3,949,643.97 0.02 250,500.00 Great Wall Motor 2,551,222.43 2,466,065.94 0.01 295,629.00 China Communications 354,000.00 Guangdong Investment 2,735,470.42 4,212,781.75 0.02 Construction Co Ltd 2,767,907.29 2,543,735.17 0.01 130,006.00 Haier Electronics Group 5,753,311.00 China Construction Bank Co Ltd 2,009,640.85 2,223,127.21 0.01 Corp 31,133,664.44 33,232,326.64 0.18 233,577.00 Haitong Securities 57,000.00 China Everbright Company Ord Shs H 4,321,374.44 3,480,959.89 0.02 International Ltd 539,357.45 616,944.81 0.00 32,000.00 Hang Lung 128,608.00 China Everbright Ltd 3,295,973.63 2,495,808.22 0.01 Properties Ltd 658,565.77 614,040.38 0.00 82,000.00 China Gas Holdings 66,697.00 Hang Seng Bank Ltd 9,202,559.62 10,752,337.30 0.06 Ord Shs 987,966.79 999,033.96 0.01 66,794.00 Henderson Land 472,820.00 China Life Insurance Co Development 2,315,684.37 3,451,273.99 0.02 Ltd 12,582,462.83 12,909,753.09 0.07 14,000.00 Hengan International 1,348,032.14 1,114,775.70 0.01 96,402.00 China Mengniu Dairy 1,450,574.05 1,325,505.38 0.01 466,000.00 HKT Trust and HKT Ltd 4,335,882.60 5,018,448.68 0.03 301,700.00 China Merchants Bank 60,308.00 Hong Kong Exchanges Co Ltd 4,202,716.39 6,012,417.85 0.03 And Clearing Ltd 8,618,402.18 13,022,183.57 0.07 432,058.00 China Mobile 34,155,788.84 41,124,296.34 0.23 228,000.00 Huaneng Renewables 554,000.00 China National Building Corporation 588,016.78 575,401.79 0.00 Material Co Ltd 3,299,000.36 2,247,848.16 0.01 105,842.00 Hysan Development 3,551,680.43 3,667,041.72 0.02 92,000.00 China Oilfield 1,477,052.38 669,518.10 0.00 3,400,000.00 Imperial Pacific 326,000.00 China Overseas Land & International 953,369.13 628,747.42 0.00 Invest 6,137,253.41 9,610,262.87 0.05 4,905,305.00 Industrial & Commercial 121,080.00 China Pacific Insurance Bank of China 23,347,001.77 24,972,397.83 0.14 Group Co Ltd 4,266,640.27 4,194,983.19 0.02 56,000.00 Jiangsu Express 657,927.20 637,188.73 0.00 98,000.00 China Pharmaceutical 60,500.00 Kerry Properties 1,413,121.88 1,395,210.10 0.01 Group 656,003.54 844,305.53 0.00 78,000.00 Kunlun Energy Co Ltd 861,291.73 585,453.05 0.00 99,987.00 China Railway 167,068.00 Li & Fung 2,008,313.78 959,567.59 0.01 Construction Corp Ltd 1,333,566.49 1,047,413.58 0.01 178,595.00 MTR Corp 6,327,332.20 7,469,886.73 0.04 235,966.00 China Railway Group 83,600.00 New China Life Ltd 1,038,625.78 1,516,998.98 0.01 Insurance Company Ord Sh 2,709,575.37 2,969,188.97 0.02
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
52 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Global Criteria (continued) (expressed in SEK)
Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)
Equities (continued) Equities (continued)
HKD - Hong Kong (continued) IDR - Indonesia (continued) 210,000.00 Nine Dragons Paper 368,341.00 Indofood CBP Sukses Holdings 922,772.40 1,048,528.78 0.01 Makmur 2,714,902.94 3,035,502.19 0.02 1,057,000.00 PCCW Ltd. 4,377,858.63 5,231,602.76 0.03 326,500.00 Indofood Sukses 502,000.00 PICC Property and Makmur Tbk Pt 1,216,354.33 1,033,344.79 0.01 Casualty 7,441,139.46 8,398,629.61 0.05 180,700.00 Jasa Marga 559,359.28 577,425.77 0.00 360,768.00 Ping An Insurance 622,200.00 Kalbe Farma Tbk 579,546.16 502,291.30 0.00 Group Co of China Ltd 12,608,615.91 16,835,796.86 0.09 852,900.00 Lippo Karawaci Tbk PT 665,357.81 539,871.22 0.00 48,537.00 Power Assets 167,200.00 Matahari Department Holdings Ltd 3,092,875.81 3,775,090.33 0.02 Store Ord Shs 1,293,075.81 1,799,702.23 0.01 128,380.00 Shimao Property 549,400.00 Media Nusantara Citra Holdings Ltd 1,547,974.74 1,929,984.36 0.01 Tbk Pt 576,660.51 623,281.57 0.00 691,250.00 Sino Biopharmaceutical 1,177,142.00 Perusahaan Gas Negara Ord Shs 3,309,039.44 5,293,661.65 0.03 (Persero) 3,170,002.05 1,976,163.70 0.01 238,856.00 Sino Land 2,904,733.31 2,956,832.98 0.02 327,127.00 Semen Indonesia Persero 1,605,819.00 Sinopec China (China Tbk Pt 2,492,018.80 2,280,725.17 0.01 Petroleum) 10,810,825.85 8,157,589.53 0.05 1,438,500.00 Summarecon Agung 294,040.00 Sinopec Shanghai Ord Shs 1,199,519.26 1,451,595.20 0.01 Petrochemical Co Ltd 753,827.67 988,355.70 0.01 430,900.00 Surya Citra Media 334,880.00 Sinotrans 1,491,399.72 1,519,055.50 0.01 Ord Shs1 811,846.46 816,939.51 0.00 150,500.00 Sun Art Retail Group Ltd 1,193,027.51 957,724.82 0.01 6,421,453.00 Telekomunikasi 137,916.00 Sun Hung Kai Indonesia Ord Shs 9,467,281.32 12,194,012.24 0.07 Properties Ltd 14,058,185.74 14,064,824.10 0.08 78,500.00 Unilever Indonesia 29,914.00 Swire Pacific Ltd 'A' 2,123,291.29 2,848,911.88 0.02 Ord Shs 1,610,178.65 1,776,327.73 0.01 145,386.00 Swire Properties Ltd 3,112,012.09 3,534,666.89 0.02 206,844.00 United Tractors Tbk Pt 2,480,199.36 2,144,195.32 0.01 110,000.00 Techtronic Ind 2,594,272.22 3,781,186.89 0.02 47,862,989.51 50,539,177.47 0.28 34,018.00 The Bank of East Asia, Ltd 876,457.11 1,067,586.25 0.01 ILS - Israel 371,743.00 The Hong Kong and 148,918.00 Bank Hapoalim BM 6,382,341.43 6,485,372.49 0.04 China Gas Company Ltd 5,835,907.41 6,162,772.59 0.03 52,789.00 Bank Leumi Le-Israel 1,377,954.00 1,544,076.72 0.01 1,199,000.00 The People's Insurance 250,338.00 Bezeq Israeli Co (Group) of Ch 5,795,111.08 4,956,226.62 0.03 Telecommunicatio 3,143,799.71 4,648,354.84 0.03 352,000.00 WH Group Ord Shs 1,982,665.19 1,654,149.61 0.01 35,673.00 ICL Isreal Chemicals 2,455,319.32 1,221,977.41 0.01 59,205.00 Wharf Holdings Ltd 2,760,663.83 2,778,993.70 0.02 4,970.00 Nice Systems 1,567,624.32 2,417,488.44 0.01 101,450.00 Wheelock 3,731,368.09 3,619,714.11 0.02 60,818.00 Teva Pharmaceuticals 23,369,930.79 33,536,025.68 0.19 48,500.00 Yua Yuen Industrial 1,167,028.81 1,387,541.12 0.01 38,296,969.57 49,853,295.58 0.29 116,000.00 Zhejiang Expressway Co Ltd 785,053.22 1,176,040.50 0.01 JPY - Japan 584,460.00 Zijin Mining Group Co 1,800.00 ABC-Mart Inc 643,077.47 838,890.08 0.00 Ltd 879,665.77 1,296,980.17 0.01 37,800.00 Aeon Co Ltd 4,693,872.78 4,948,568.42 0.03 449,331,084.17 504,891,601.39 2.80 2,500.00 Aeon Financial 547,901.67 477,613.69 0.00 17,500.00 Aeon Mall Co Ltd 2,393,337.13 2,555,916.56 0.01 HUF - Hungary 6,000.00 Air water Inc Ordinary 625,675.62 822,490.72 0.00 29,510.00 Gedeon Richter Ord Shs 4,015,359.74 4,702,060.20 0.03 3,956.00 Aisin Seiki 790,884.33 1,452,775.40 0.01 6,978.00 OTP Bank 919,546.58 1,213,378.95 0.01 25,754.00 Ajinomoto Co Inc 3,207,115.06 5,197,238.92 0.03 4,934,906.32 5,915,439.15 0.04 25,800.00 Alfresa Holdings NPV 2,472,395.86 4,348,562.28 0.02 10,497.00 Alps Electric 2,626,004.77 2,438,707.07 0.01 IDR - Indonesia 22,000.00 Amada 1,464,584.63 1,794,678.12 0.01 94,100.00 Astra Agro Lestari 107,000.00 ANA Holdings 2,105,455.97 2,624,597.61 0.01 Tbk PT 1,531,727.31 912,159.12 0.01 55,000.00 Asahi Glass Co Ltd 2,915,479.87 2,682,766.27 0.01 1,302,445.00 Astra International Tbk 5,094,198.78 4,779,278.70 0.03 119,984.00 Asahi Kasei Corp 5,971,234.80 6,919,605.04 0.04 334,102.00 Bank Central Asia 9,900.00 Asics Corp NPV 1,566,819.10 1,751,198.81 0.01 Tbk Pt 2,256,778.07 2,717,580.58 0.02 172,575.00 Astellas Pharma Inc 16,682,535.53 20,941,668.74 0.12 431,300.00 Bank Mandiri (Persero) 43,337.00 Bank of Kyoto Ltd/The 3,253,948.97 3,432,007.24 0.02 Tbk Pt 2,361,913.93 2,439,904.93 0.01 86,386.00 Bank of Yokohama 249,800.00 Bank Negara Indonesia Ltd/The 2,934,093.38 4,517,012.71 0.03 (Persero) Ord Shs 671,358.31 762,332.95 0.00 3,500.00 Benesse Holdings Inc 936,466.34 856,060.34 0.00 651,200.00 Bank Rakyat Indonesia 3,683,973.25 4,550,114.38 0.03 57,659.00 Bridgestone 14,790,405.07 16,866,713.13 0.09 1,634,910.00 Bumi Serpong Damai 42,400.00 Brother Industries 4,157,961.86 4,166,052.88 0.02 Ord Shs 1,499,440.68 1,799,774.40 0.01 3,100.00 Calbee Ord Shs 586,046.86 1,116,697.95 0.01 348,500.00 Charoen Pokphand 44,812.00 Canon Inc 11,441,395.98 11,541,508.57 0.06 Indonesia Tbk Pt 749,983.19 554,150.65 0.00 24,117.00 Casio Computer 2,887,584.68 4,811,956.12 0.03 93,200.00 Indocement Tunggal 15,332.00 Central Japan Prakarsa Tbk Pt 1,177,313.25 1,272,503.82 0.01 Railway Co 14,297,729.63 23,209,376.27 0.13 63,000.00 Chiba Bank 2,994,106.99 3,814,742.25 0.02
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
53 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Global Criteria (continued) (expressed in SEK)
Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)
Equities (continued) Equities (continued)
JPY - Japan (continued) JPY - Japan (continued) 51,781.00 Chubu Electric Power 35,012.00 Iyo Bank Ltd 2,232,518.56 2,905,223.38 0.02 Co Inc 6,401,046.74 6,033,134.33 0.03 22,100.00 Japan Airlines Ord Shs 4,511,018.52 6,746,694.61 0.04 8,818.00 Chugai Pharmaceuticals 1,169,495.61 2,620,274.91 0.01 19,884.00 Japan Exchange Group 1,550,526.33 2,661,632.12 0.01 25,900.00 Chugoku Bank 2,863,308.43 2,947,791.05 0.02 21.00 Japan Real Estate 809,779.28 863,909.61 0.00 3,500.00 Citizen Holdings Co Ltd 188,256.38 214,383.02 0.00 99.00 Japan Retail Fund Reit 1,547,544.12 1,611,047.40 0.01 101,378.00 Dai Ichi Life 20,333.00 Jfe Holdings Inc 3,717,129.37 2,735,984.28 0.02 Insurance Co 11,278,319.09 14,458,360.21 0.08 31,431.00 JGC Corporation 4,934,518.59 4,103,760.07 0.02 26,208.00 Dai Nippon Printing 16,548.00 JSR Corporation 2,038,756.03 2,202,324.88 0.01 Co Ltd 1,876,986.16 2,213,256.94 0.01 103,241.00 JX Holdings Inc 3,648,227.74 3,678,482.14 0.02 34,106.00 Daicel Chemical 9,644.00 Kakaku.com Inc 1,236,419.91 1,618,051.18 0.01 Industries 2,830,630.44 4,335,897.21 0.02 38,348.00 Kamigumi 2,343,647.89 2,816,533.42 0.02 25,660.00 Daihatsu Motor 2,000.00 Kaneka 80,881.15 177,309.26 0.00 company Ltd 3,152,038.73 2,951,047.10 0.02 20,315.00 Kansai Electric Power 57,015.00 Daiichi Sankyo Co Ltd 7,674,028.04 10,031,370.29 0.06 Co Inc 1,890,246.89 2,077,934.40 0.01 16,554.00 Daikin Industries Ltd 4,347,254.34 10,326,488.35 0.06 8,000.00 Kansai Paint Co NPV 896,458.96 1,034,420.85 0.01 5,082.00 Daito Trust Construct 43,087.00 Kao Corporation 11,455,862.42 18,887,934.95 0.10 Co Ltd 2,740,962.22 4,989,806.49 0.03 131,561.00 KDDI 14,408,444.11 29,080,358.93 0.16 36,897.00 Daiwa House Industry 3,916,265.34 9,058,204.08 0.05 3,149.00 Keyence Corporation 7,106,440.80 14,803,916.34 0.08 91,232.00 Daiwa Securities 453,381.00 Kobe Steel Ltd 4,838,945.55 4,225,964.70 0.02 Group Inc 3,014,009.49 4,762,091.89 0.03 13,000.00 Koito Manufacturing Co 20,959.00 Denso Corp 4,527,846.53 8,545,848.36 0.05 Ltd. Ordinary 2,260,331.16 4,564,487.12 0.03 19,161.00 Dentsu 4,430,604.04 8,970,270.53 0.05 57,519.00 Komatsu Ltd 8,359,920.11 8,029,926.48 0.04 26,199.00 East Japan Railway Co 14,746,854.43 21,023,310.72 0.12 18,687.00 Konica Corporation 1,280,090.01 1,600,374.78 0.01 10,268.00 Eisai Co Ltd 3,394,372.54 5,802,209.79 0.03 700.00 KOSE Ord Shs 567,044.74 552,882.53 0.00 12,355.00 Fanuc Ltd 14,684,376.90 18,252,580.14 0.10 103,201.00 Kubota Corp 8,878,254.32 13,655,160.31 0.08 3,444.00 Fast Retailing Co Ltd 7,884,459.24 10,291,797.83 0.06 84,617.00 Kuraray Co Ltd 8,113,911.24 8,729,238.14 0.05 5,100.00 Former Mediceo 20,764.00 Kyocera Corporation 8,303,930.03 8,227,686.44 0.05 Paltac NVP 476,019.71 741,292.89 0.00 21,000.00 Kyowa Hakko Kirin 2,849,857.13 2,818,376.32 0.02 139,000.00 Fuji Electric 300.00 Kyushu Electric Power Holdings Co 4,418,553.62 4,977,905.05 0.03 Co Inc 22,029.16 27,899.93 0.00 54,630.00 Fuji Heavy 3,284.00 LIXIL Group Corp 377,759.65 621,409.40 0.00 Industries Ltd 10,477,306.13 19,246,465.85 0.11 12,809.00 M3 Ord Shs 1,360,962.58 2,263,972.86 0.01 23,097.00 Fujifilm Holdings Corp. 5,655,901.49 8,222,998.18 0.05 800.00 Mabuchi Motor 205,394.57 372,279.37 0.00 67,000.00 Fujitsu Limited 2,911,795.52 2,849,724.31 0.02 5,998.00 Makita 1,905,429.43 2,955,103.49 0.02 84,000.00 Fukuoka Financial 58,184.00 Mazda 5,763,821.23 10,292,096.10 0.06 Group 2,281,505.63 3,561,603.49 0.02 6,600.00 Meiji Holdings Co Ltd 3,883,039.98 4,648,586.38 0.03 93,123.00 Gungho Online 22,646.00 Minebea 2,470,763.12 1,664,860.69 0.01 Entertainment Ord Shs 3,077,041.01 2,147,156.82 0.01 8,900.00 Miraca Holdings Inc 3,008,344.88 3,336,988.40 0.02 85,000.00 Gunma Bank NPV 4,290,099.93 4,211,620.66 0.02 98,224.00 Mitsubishi Chemical 56,000.00 Hachijuni Bank 2,299,680.89 2,923,850.80 0.02 Holdings Corp 3,795,531.74 5,330,129.77 0.03 15,300.00 Hakuhodo Dy Hld 987,337.48 1,414,318.21 0.01 52,068.00 Mitsubishi Corporation 7,650,862.70 7,400,307.30 0.04 124,129.00 Hankyu Corporation 6,364,215.96 6,863,745.43 0.04 155,789.00 Mitsubishi Electric 12,742,074.66 14,002,483.55 0.08 4,706.00 Hikari Tsushin Inc 2,558,718.81 2,720,926.30 0.02 79,039.00 Mitsubishi Estate Co Ltd 12,482,822.19 13,978,341.74 0.08 33,118.00 Hino Motors 3,244,705.99 3,270,288.01 0.02 2,000.00 Mitsubishi Gas 1,470.00 Hirose Electronics 1,351,939.20 1,520,598.65 0.01 Chemicals 80,681.31 87,182.90 0.00 58,000.00 Hiroshima Bank NPV 1,846,573.62 2,816,904.58 0.02 97,999.00 Mitsubishi Materials 2,356,255.81 2,637,325.76 0.01 3,300.00 Hitachi Chemical 361,088.39 447,744.44 0.00 33,000.00 Mitsubishi Motors 2,288,915.38 2,382,111.43 0.01 13,570.00 Hitachi Construction 936,854.00 Mitsubishi UFJ Machines 1,837,004.04 1,805,040.55 0.01 Finn NPV 38,450,724.21 49,709,119.35 0.28 8,200.00 Hitachi High- 142,900.00 Mitsubishi UFJ Lease 6,036,984.50 6,289,306.79 0.03 Technologies 1,308,212.05 1,890,691.44 0.01 53,877.00 Mitsui & Co Ltd 5,099,603.92 5,457,985.89 0.03 183,261.00 Hitachi Ltd 6,402,642.39 8,881,230.55 0.05 58,000.00 Mitsui Chemicals 1,445,495.17 2,203,120.18 0.01 32,000.00 Hitachi Metals Ltd 3,459,821.64 3,375,183.47 0.02 46,977.00 Mitsui Fudosan Co Ltd 8,675,785.40 10,061,194.31 0.06 109,254.00 Honda Motor Co Ltd 26,229,304.22 29,938,153.54 0.17 40,886.00 Mitsui Sumitomo 27,227.00 Hoya Corporation 4,749,092.49 9,504,455.48 0.05 Insurance Group 12,100.00 Idemitsu Kosan co NPV 1,994,713.38 1,643,425.61 0.01 Holdings Inc 7,209,581.06 10,229,484.49 0.06 7,632.00 Iida Group Holdings 117,718.00 Mitsui Trust Ord Shs 771,171.51 1,208,809.07 0.01 Holdings Inc 3,202,248.82 3,803,248.55 0.02 56,036.00 Inpex Holdings Inc 5,055,454.50 4,655,642.16 0.03 10,849.00 Mixi Ord Shs 3,798,643.59 3,459,489.47 0.02 14,000.00 Ishikawajima-Harima 1,773,745.00 Mizuho Financial Heavy 430,036.63 330,650.24 0.00 Group Inc 25,256,592.58 30,269,207.98 0.17 74,967.00 Isuzu Motors Ltd 6,530,861.43 6,903,612.47 0.04 14,745.00 Murata Manufacturing 142,493.00 Itochu Corporation 10,691,603.43 14,400,238.93 0.08 Co Ltd 8,685,574.98 18,156,304.01 0.10 8,400.00 Itochu Techno-Science 1,211,589.03 1,425,818.79 0.01 27,120.00 Namco Bandai Holdings Inc 4,500,527.43 4,873,249.13 0.03
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
54 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Global Criteria (continued) (expressed in SEK)
Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)
Equities (continued) Equities (continued)
JPY - Japan (continued) JPY - Japan (continued) 251,943.00 NEC 6,349,254.80 6,797,886.88 0.04 19,170.00 Shionogi & Co Ltd 3,955,120.90 7,393,201.34 0.04 26,500.00 Nexon Ord Shs 1,906,359.40 3,675,382.78 0.02 21,700.00 Shiseido Company 5,000.00 NGK Insulators 762,319.69 965,038.96 0.01 Limited 2,998,580.70 3,846,090.25 0.02 6,000.00 NGK Spark Plug 1,216,573.05 1,351,895.54 0.01 35,393.00 Shizuoka Bank Ltd/The 2,533,834.65 2,931,877.09 0.02 14,000.00 NH Foods 1,952,418.01 2,333,193.69 0.01 19,590.00 Showa Shell Sekiyu 1,408,172.44 1,356,445.31 0.01 15,300.00 Nidec Corp 9,234,745.01 9,475,610.35 0.05 4,304.00 Smc Corp 5,157,254.27 9,582,975.66 0.05 14,760.00 Nikon Corp 2,054,413.10 1,680,933.88 0.01 59,064.00 Softbank Corp 17,516,469.18 25,411,564.07 0.14 6,700.00 Nintendo Co Ltd 9,442,019.24 7,867,380.27 0.04 86,970.00 Sony Corp 15,528,490.55 18,297,470.92 0.10 52.00 Nippon Building 3,300.00 Sony Financial Holdings 376,750.06 503,943.77 0.00 Fund Reit 2,034,382.10 2,102,761.73 0.01 5,800.00 Stanley Electric 1,141,866.63 1,086,113.86 0.01 8,000.00 Nippon Paint 1,083,660.68 1,658,437.33 0.01 135,425.00 Sumitomo Chemical 13,000.00 Nippon Seiko 956,942.11 1,208,085.81 0.01 Co Ltd 4,441,119.66 6,653,156.97 0.04 34,339.00 Nippon Steel 14,500.00 Sumitomo Dainippon Corporation 7,257,862.17 5,814,273.83 0.03 Pharma Co Ltd 1,115,948.26 1,454,181.26 0.01 44,628.00 Nippon Telegraph & 38,434.00 Sumitomo Electric Telephone Corp NTT 7,709,658.98 15,125,321.83 0.08 Industries 3,736,341.80 4,643,695.72 0.03 100,758.00 Nippon Yusen KK 2,030,518.52 2,083,111.24 0.01 31,000.00 Sumitomo Heavy 169,075.00 Nissan Motor Co Ltd 11,484,650.84 15,161,095.87 0.08 Industries 980,831.56 1,190,565.13 0.01 3,050.00 Nisshin Seifun Group 217,675.93 424,725.77 0.00 59,564.00 Sumitomo Metal Mining 10,000.00 Nissin Food Products 3,627,543.03 4,506,318.47 0.02 Co Ltd 6,257,438.93 6,176,034.77 0.03 7,550.00 Nitori Co Ltd 2,794,183.10 5,412,943.49 0.03 93,765.00 Sumitomo Mitsui 15,292.00 Nitto Denko Corporation 5,187,219.01 9,551,033.64 0.05 Financial Group Inc 26,017,927.68 30,267,433.66 0.17 28,328.00 NKSJ Holdings Inc 5,694,806.89 7,963,050.75 0.04 9,000.00 Sumitomo Realty & 7,000.00 NOK Corp 1,062,377.36 1,402,074.76 0.01 Developmnt 2,537,071.84 2,191,836.86 0.01 265,440.00 Nomura Holdings Inc 11,798,064.06 12,633,131.21 0.07 28,200.00 Sumitomo Rubber 18,772.00 Nomura Research Industries 2,439,533.99 3,124,581.71 0.02 Institute 3,342,315.58 6,143,817.88 0.03 18,392.00 Suntory Beverage & 32,600.00 Nomura RL Est Inc NPV 5,004,063.63 5,151,990.51 0.03 Food Ord Shs 5,452,941.61 6,857,273.92 0.04 12,192.00 Ntt Data Corporation 4,487,233.31 5,024,156.83 0.03 17,000.00 Suruga Bank NPV 2,306,343.31 2,994,003.60 0.02 83,226.00 Ntt Docomo Inc 9,202,462.39 14,488,436.49 0.08 6,490.00 Suzuken 1,456,954.76 2,103,620.24 0.01 5,000.00 Oji Holdings 137,435.07 171,352.23 0.00 18,417.00 Suzuki Motor Corp 2,716,716.50 4,779,511.47 0.03 11,500.00 Olympus Optical Co Ltd 3,007,295.77 3,868,565.78 0.02 13,200.00 Sysmex Corp Ordinary 3,644,662.15 7,243,468.92 0.04 17,363.00 Omron Corporation 3,763,671.64 4,946,479.61 0.03 73,450.00 T&D Holdings Inc 6,350,935.83 8,282,448.65 0.05 2,400.00 Ono Pharmaceutical 59,000.00 Taiheiyo Cement 1,575,065.20 1,463,747.55 0.01 Co Ltd 2,400,816.68 3,648,225.73 0.02 76,000.00 Taisei 3,371,736.67 4,261,028.97 0.02 15,000.00 Oracle Japan 4,943,560.61 5,939,509.95 0.03 46,324.00 Takeda pharmaceutical 5,288.00 Oriental Land 2,599,313.54 2,719,073.04 0.02 Co Ltd 14,816,147.53 19,690,092.93 0.11 116,140.00 Orix Corp 9,301,651.64 13,963,151.55 0.08 24,800.00 Tanabe Seiyaku 3,711,597.85 3,642,955.51 0.02 121,372.00 Osaka Gas Co Ltd 3,397,549.89 3,729,065.07 0.02 3,500.00 Tdk Corp 1,087,780.43 1,918,163.86 0.01 2,700.00 Otsuka Corp NPV 899,359.26 1,127,771.02 0.01 98,000.00 Teijin 2,315,122.08 2,850,263.95 0.02 41,257.00 Otsuka Holdings Co Ltd 9,241,711.96 12,482,184.61 0.07 21,014.00 Terumo Corporation 4,026,832.36 5,566,874.56 0.03 124,179.00 Panasonic Corp 9,757,841.86 10,795,824.96 0.06 2,500.00 Toho 562,248.31 588,694.79 0.00 18,900.00 Park 24 Co Ltd NPV 2,292,547.44 3,879,645.85 0.02 29,000.00 Toho Gas 1,055,509.89 1,595,432.97 0.01 40,624.00 Rakuten 3,474,775.08 3,994,397.33 0.02 21,349.00 Tohoku Electric Power 5,800.00 Recruit Holdings Co Inc 2,177,418.12 2,274,217.69 0.01 Ord Shs 1,506,815.26 1,447,067.86 0.01 56,976.00 Tokio Marine 214,987.00 Resona Holdings 7,397,814.88 8,907,534.90 0.05 Holdings Inc 11,265,690.31 18,815,169.96 0.10 19,820.00 Ricoh Company Limited 1,635,472.42 1,737,688.26 0.01 11,716.00 Tokyo Electron Ltd 5,352,223.81 6,012,014.17 0.03 2,600.00 Rinnai Corp 1,674,400.76 1,964,278.29 0.01 142,459.00 Tokyo Gas Co Ltd 4,445,076.12 5,698,817.69 0.03 3,208.00 Rohm Company Limited 1,104,043.62 1,389,420.63 0.01 14,500.00 Tokyo Tatemono 1,803,977.08 1,344,431.73 0.01 1,946.00 Ryohin Keikaku Ord Shs 3,149,032.80 3,360,426.86 0.02 17,000.00 Toppan Printing 884,132.64 1,333,183.46 0.01 31,800.00 Santen Pharmaceutical 2,987,683.32 4,470,632.35 0.02 215,000.00 Toshiba Corp 5,581,511.63 3,765,439.06 0.02 22,000.00 SBI Holdings 2,074,805.12 2,036,743.81 0.01 2,000.00 Toyo Suisan Kaisha 400,769.89 592,899.75 0.00 14,287.00 Secom Co Ltd 4,709,988.17 8,250,479.02 0.05 186,094.00 Toyota 76,839,716.13 97,658,290.74 0.54 6,800.00 Seiko Epson 963,693.38 891,171.78 0.00 11,546.00 Toyota Industries Corp 3,911,353.02 5,283,912.80 0.03 20,094.00 Sekisui Chemical Co Ltd 1,175,894.04 2,240,513.09 0.01 25,200.00 Toyota Tsusho 4,551,578.02 5,031,574.39 0.03 65,450.00 Sekisui House 5,999,199.51 9,387,118.66 0.05 9,600.00 Trend Micro 1,946,685.33 3,316,874.66 0.02 14,000.00 Shimadzu 855,459.14 2,006,468.08 0.01 23,877.00 Uni Charm 2,999,550.79 4,144,924.97 0.02 1,900.00 Shimamura 1,523,476.83 1,898,821.03 0.01 347.00 United Urban 7,145.00 Shimano 6,158,175.98 9,343,826.81 0.05 Investment REIT 3,516,848.52 3,988,267.05 0.02 28,000.00 Shimizu 2,018,886.48 1,942,692.81 0.01 25,900.00 USS Co. Ltd 2,893,534.79 3,321,710.36 0.02 8,752.00 Shin-Etsu Chemical 11,800.00 West Japan Railway Co 3,094,576.60 6,941,636.69 0.04 Co Ltd 3,296,784.72 4,058,628.97 0.02 132,311.00 Yahoo Japan 150,344.00 Shinsei Bank Ltd 2,167,468.78 2,360,179.46 0.01 Corporation 3,800,459.80 4,580,720.66 0.03
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
55 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Global Criteria (continued) (expressed in SEK)
Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)
Equities (continued) Equities (continued)
JPY - Japan (continued) KRW - South Korea (continued) 17,010.00 Yamada Denki Co Ltd 412,613.69 623,471.94 0.00 282.00 Korea Express Co Ltd 418,151.31 387,266.20 0.00 44,704.00 Yamaguchi Financial 818.00 Korea Invest Holding 437,175.63 291,423.17 0.00 Group 3,372,122.15 4,511,487.77 0.02 12,017.00 Korea Telecom 2,605,699.02 2,440,853.01 0.01 11,051.00 Yamaha 1,051,828.92 2,283,953.51 0.01 1,416.00 Korea Zinc Ord Shs 4,087,953.32 4,774,888.22 0.03 21,943.00 Yamaha Motor Co Ltd 2,937,218.10 4,219,791.74 0.02 500.00 Korean Air Lines 6,392.00 Yamato Transport Ord Shs 110,238.87 99,581.09 0.00 Co Ltd 830,426.12 1,153,967.38 0.01 3,839.00 LG Chem Ltd 7,302,885.22 9,067,354.58 0.05 37,000.00 Yaskawa Electric 7,751.00 LG Corp 3,240,555.98 3,945,645.91 0.02 Corp NPV 3,335,544.95 4,312,259.43 0.02 10,825.00 LG Display Co Ltd 2,127,045.16 1,910,761.64 0.01 37,000.00 Yokogawa Electric 3,466,818.82 3,798,833.48 0.02 9,973.00 LG Electronics Inc 4,878,950.82 3,857,760.02 0.02 1,140,973,744.74 1,486,695,658.77 8.25 841.00 LG House&Health Care 3,392,110.79 6,349,103.52 0.04 1,196.00 LG Innotek Ord Shs 1,154,391.01 847,021.67 0.00 KRW - South Korea 22,522.00 LG Uplus Corp 1,517,373.54 1,684,098.18 0.01 2,295.00 Amorepacific Corp 3,691,095.09 6,839,657.24 0.04 1,177.00 Lotte Chemical 1,560,357.73 2,060,641.97 0.01 1,270.00 Amorepacific Group Inc 1,111,617.38 1,351,426.87 0.01 778.00 Lotte Shopping 1,524,284.56 1,300,557.83 0.01 15,707.00 BS Financial Group 1,547,206.97 950,894.75 0.01 1,633.00 Naver Corp 8,276,891.46 7,725,724.04 0.04 4,080.00 Celltrion Inc 1,498,013.73 2,478,814.26 0.01 1,412.00 NCSoft Corporation 1,787,536.13 2,162,426.79 0.01 3,691.00 Cheil Comm (KRW) 556,154.50 549,340.35 0.00 4,582.00 Pohang Iron & Steel 7,493,509.90 5,485,250.12 0.03 5,008.00 Cheil Industries Ord Shs 6,324,278.24 5,041,032.17 0.03 2,725.00 S1 1,535,107.53 1,953,389.18 0.01 179.00 CJ CheilJeng Corp 551,425.44 485,844.29 0.00 2,637.00 Samsung 900.00 CJ E&M Ord Shs 575,026.42 521,560.47 0.00 Electromechanic 1,000,670.10 1,192,581.01 0.01 964.00 Cj Ord Shs 1,141,979.89 1,739,714.04 0.01 7,086.00 Samsung Electronics 3,536.00 Daelim Industry 1,800,780.04 1,705,932.68 0.01 Co Ltd 61,823,329.31 64,194,645.70 0.36 1,349.00 Daum Kakao 1,309,315.37 1,123,175.50 0.01 1,487.00 Samsung 17,656.00 DGB Financial 1,553,603.45 1,275,808.51 0.01 Electronics Pref 10,044,166.03 11,664,411.50 0.06 796.00 Doosan Heavy Industries 1,392.00 Samsung Fire & & Construction 181,025.77 117,898.26 0.00 Marine Ins 2,632,979.43 3,077,595.01 0.02 1,661.00 E-mart 2,586,041.63 2,257,140.27 0.01 4,405.00 Samsung Life 1,130.00 Glovis Co Ltd 1,803,999.75 1,568,060.68 0.01 Insurance Co 3,716,292.38 3,483,900.24 0.02 5,409.00 GS Holdings 1,573,295.28 1,971,750.93 0.01 1,770.00 Samsung SDI Company 1,927,957.81 1,450,792.26 0.01 6,372.00 Halla Visteon Climate 1,530.00 Samsung SDS Ord Shs 3,339,465.03 2,794,166.37 0.02 Control Ord Shs 2,007,719.32 2,377,772.16 0.01 23,473.00 Shinhan Financial Group 19,073.00 Hana Financial Co Ltd 7,192,151.28 6,674,860.59 0.04 Group Inc 4,125,942.04 3,236,369.69 0.02 658.00 Shinsegae Co Ltd 1,054,610.63 1,088,130.15 0.01 4,410.00 Hankook Tire Ord Shs 1,784,263.18 1,491,850.59 0.01 3,309.00 SK C&C 5,462,781.93 5,721,882.84 0.03 275.00 Hanmi Pharm Co Ltd 1,154,504.80 1,439,432.11 0.01 3,518.00 SK Innovation Co Ltd 2,539,534.32 3,288,261.14 0.02 877.00 Hanmi Science Co Ltd 978,965.46 813,422.94 0.00 180.00 Sk Telecom Co Ltd 348,182.40 278,898.96 0.00 548.00 Hanssem Ord Shs 738,950.97 912,134.05 0.01 3,194.00 S-Oil Corp 1,509,158.06 1,823,402.42 0.01 6,588.00 Hanwha Chem Corp 867,170.73 1,288,396.71 0.01 4,399.00 Woongjin Coway 2,445,454.82 2,659,972.04 0.01 1,005.00 Hotel Shilla Ordinary 31,994.00 Woori Bank 2,290,458.71 2,028,916.80 0.01 shares Korea Ord 777,202.08 558,563.65 0.00 275,727,597.51 275,051,056.26 1.55 33,612.00 Hynix Semiconductor Inc 10,518,472.64 7,431,330.70 0.04 MXN - Mexico 2,162.00 Hyosung Corp 1,976,368.76 1,826,504.18 0.01 132,079.00 Alfa 2,439,264.51 2,200,428.64 0.01 1,173.00 Hyundai Department 1,050,766.48 1,066,880.19 0.01 1,531,405.00 America Movil 9,796,544.42 9,045,085.14 0.05 4,678.00 Hyundai 120,873.00 Arca Continental SAB Development Co 1,665,521.90 1,305,025.68 0.01 de CV 5,838,766.68 6,176,916.48 0.03 7,583.00 Hyundai Engineering & 814,409.00 Cemex 5,421,544.46 3,736,867.04 0.02 Construction 2,290,725.43 1,556,590.16 0.01 14,718.00 Coca-Cola Femsa SAB 860.00 Hyundai Heavy de CV 1,123,461.82 885,827.39 0.00 Industries 784,087.81 542,900.30 0.00 82,500.00 Fibra Uno 5,073.00 Hyundai Mobis 9,139,140.54 8,991,018.66 0.05 Administracion SA 1,896,169.96 1,529,890.93 0.01 11,590.00 Hyundai Motor Co Ltd 16,817,399.97 12,416,432.09 0.07 202,557.00 Fomento Economico 1,400.00 Hyundai Motor Second Mexicano SAB 14,338,682.93 15,897,048.85 0.09 Preferred 1,269,303.90 1,056,925.67 0.01 84,594.00 Gentera Sab De CV 7,681.00 Hyundai Steel Co 3,896,120.96 2,758,546.89 0.02 Ord Shs 1,125,330.62 1,368,864.06 0.01 1,669.00 Hyundai Wia Corp 1,864,333.17 1,344,006.82 0.01 24,545.00 Gruma SA de CV 2,742,594.59 2,905,201.02 0.02 23,962.00 Industrial Bank of Korea 2,091,057.12 2,127,733.03 0.01 19,322.00 Grupo Aeroportuario del 23,763.00 KB Financial Group Inc 5,908,164.34 5,663,852.23 0.03 Pacifico Ord Sh 897,737.20 1,435,879.78 0.01 322.00 KCC Corp 1,123,466.32 966,583.69 0.01 9,913.00 Grupo Aeroportuario del 2,119.00 KEPCO Plant Service & Sureste 1,188,925.73 1,181,454.09 0.01 Engineering Ord S 1,677,889.54 1,355,963.74 0.01 21,579.00 Grupo Bimbo SAB 16,172.00 Kia Motor 5,826,786.92 6,116,128.34 0.03 de CV 432,360.96 482,113.68 0.00 24,096.00 Korea Electric 35,557.00 Grupo Comercial Power Corp 6,811,003.96 8,662,476.55 0.05 Chedraui Ord Shs 835,105.20 791,977.44 0.00
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
56 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Global Criteria (continued) (expressed in SEK)
Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)
Equities (continued) Equities (continued)
MXN - Mexico (continued) NZD - New Zealand 85,985.00 Grupo Financiero 106,254.00 Auckland International Banorte-O 4,252,301.95 3,978,947.98 0.02 Airport 2,938,167.43 3,526,212.75 0.02 32,373.00 Grupo Financiero 79,471.00 Fletcher Building Ltd 3,387,569.64 3,371,253.39 0.02 Inbursa Sa 656,672.50 493,189.64 0.00 34,033.00 Meridian Energy 467,270.12 469,454.51 0.00 57,114.00 Grupo Financiero 44,979.00 Mighty River Power Santander Mexico B Ord 1,012,238.77 841,393.28 0.00 Ord Shs 895,103.25 721,688.81 0.00 71,251.00 Grupo Lala Ord Shs 1,353,125.67 1,387,021.97 0.01 156,068.00 Telecom New Zealand 2,003,788.78 2,972,509.04 0.02 131,036.00 Grupo Televisa SA 6,162,282.82 6,036,174.84 0.03 9,691,899.22 11,061,118.50 0.06 4,489.00 Industrias Penoles SAB de CV 760,794.29 388,460.24 0.00 PHP - Philippines 76,000.00 Kimberly Clark de 7,520.00 Aboitiz Equity Mexico 1,632,670.79 1,491,711.69 0.01 Ventures Inc 64,112.53 78,077.16 0.00 105,720.00 Mexichem SAB de CV 2,537,317.95 1,996,609.40 0.01 54,500.00 Aboitiz Power Corp 311,157.61 407,178.90 0.00 163,084.00 Ohl Mexico Ord Shs 2,631,961.11 1,444,062.09 0.01 327,367.00 Ayala Land 1,676,422.41 2,020,583.63 0.01 60,551.00 Promotora y Operadora 1,388,150.00 DMCI Holdings Ord Shs 3,765,194.58 3,432,165.25 0.02 de Infraestructur 5,563,790.80 5,997,681.53 0.03 1,862,900.00 Energy 74,639,645.73 71,692,807.20 0.38 Development Corp 1,858,420.04 2,069,349.94 0.01 150,000.00 International Container MYR - Malaysia Terminal Servic 2,106,600.47 1,889,292.89 0.01 98,026.00 AirAsia BHD 453,903.85 248,300.74 0.00 217,220.00 JG Summit Holdings 1 92,100.00 Alliance Financial Group Ord Shs 2,874,674.01 2,852,702.55 0.02 Ord Shs 922,261.83 643,808.41 0.00 2,899,110.00 Megaworld Corp 2,063,444.03 2,207,528.56 0.01 60,100.00 Axiata Group Berhad 880,201.20 756,448.77 0.00 121,990.00 Metro Bank & Trust 155,300.00 CIMB Group Holdings Ord Shs 1,688,512.95 1,759,433.34 0.01 Berhad 2,212,654.93 1,384,440.60 0.01 1,831,100.00 Metro Pacific Inv 170,300.00 Digi.Com 2,037,422.35 1,805,740.86 0.01 Ord Shs 1,411,080.90 1,705,957.13 0.01 91,100.00 Hong Leong Financial 8,470.00 Philippine Long Group Bhd 3,063,808.42 2,497,185.54 0.01 Distance Tel 3,545,379.45 3,126,103.39 0.02 293,600.00 Ijm Corp 2,328,692.05 1,948,586.85 0.01 4,430.00 SM Investments Ord Shs 561,936.92 685,756.88 0.00 316,553.00 IOI Property Group 1,476,614.65 1,398,543.47 0.01 877,800.00 SM Prime Holdings Inc 2,388,311.49 3,412,777.83 0.02 38,193.00 KL Kepong (MYR) 1,945,115.72 1,715,879.60 0.01 28,810.00 Universal Robina Corp 676,954.47 960,083.29 0.01 36,500.00 Lafarge Malaysia Bhd 761,773.95 636,433.23 0.00 24,992,201.86 26,606,990.74 0.15 300,900.00 Malayan Banking 6,197,349.88 4,963,048.17 0.03 304,708.00 MISC Berhad 4,714,807.37 5,606,224.23 0.03 PLN - Poland 231,391.00 Petronas Chemicals 32,320.00 Bank Millennium 569,990.77 383,639.21 0.00 Group Bhd 3,062,932.89 3,303,146.92 0.02 736.00 Bank Pekao 283,912.39 225,479.24 0.00 4,300.00 Petronas Dagangan BHD 217,668.56 209,902.01 0.00 18,683.00 Bank PKO BP 1,595,830.66 1,090,091.86 0.01 40,400.00 Petronas Gas Bhd 2,087,581.75 1,800,753.38 0.01 92,839.00 Cyfrowy Polsat SA 4,845,375.26 4,138,450.81 0.02 154,374.00 Public Bank 5,886,629.19 5,613,867.48 0.03 1,084.00 Enea Ord Shs 38,421.15 26,150.78 0.00 62,100.00 Rhb Capital Bhd 1,114,980.46 691,387.74 0.00 33,938.00 Energa Ord Shs 1,538,076.16 915,820.09 0.01 276,397.00 Sapura Kencana Ord Shs 1,228,329.06 1,096,305.80 0.01 1,338.00 Grupa Azoty SA 221,141.39 284,220.92 0.00 202,029.00 Sime Darby 4,089,038.04 3,074,414.60 0.02 23,460.00 KGHM Polska Miedz 5,448,812.12 3,179,875.99 0.02 69,900.00 Telekom Malaysia 929,996.28 930,580.37 0.01 446.00 MBank 494,505.73 298,979.46 0.00 171,000.00 Tenaga Nasional Bhd 4,444,300.69 4,472,469.14 0.02 185,207.00 Polish Oil & Gas 2,049,440.59 2,032,344.68 0.01 90,200.00 UMW Holdings Bhd 2,056,201.84 1,393,889.31 0.01 67,138.00 Polska Grupa 287,200.00 Westports Holdings Energetyczna 2,972,780.61 1,833,225.09 0.01 Ord Shs 2,350,156.64 2,323,425.06 0.01 22,400.00 Polsky Koncern Naftowy 2,785,497.56 3,244,701.28 0.02 358,052.00 YTL Corp Bhd 1,185,314.24 1,103,806.06 0.01 19,760.00 Powszechny Zaklad 55,647,735.84 49,618,588.34 0.27 Ubezpieczen SA 1,933,919.51 1,435,152.66 0.01 248,124.00 Tauron Polska Energy 3,038,289.41 1,525,590.97 0.01 NOK - Norway 107,862.00 Telekom Polska 2,043,018.88 1,510,598.88 0.01 60,209.00 Den Norske Bank 29,859,012.19 22,124,321.92 0.13 Holding 5,299,651.09 6,296,695.97 0.03 79,513.00 Norsk Hydro Asa 2,509,247.79 2,509,045.55 0.01 QAR - Qatar 56,163.00 Orkla Asa 3,466,037.46 3,749,879.28 0.02 14,190.00 Commercial Bank of 9,283.00 Royal Carribean Cruise 4,848,036.27 7,920,822.10 0.04 Qatar Ord Shs 1,559,197.37 1,507,571.27 0.01 52,317.00 Statoil Asa 8,808,182.04 6,163,983.99 0.03 13,500.00 Doha Bank Ord Shs 1,491,036.67 1,390,517.79 0.01 86,204.00 Telenor Asa 12,811,595.30 12,176,361.67 0.07 16,200.00 Masraf Al Rayon 24,055.00 Yara International Asa 7,722,290.98 8,772,829.68 0.05 Common Stock 1,492,875.33 1,409,891.30 0.01 45,465,040.93 47,589,618.24 0.25 1,970.00 Ooredoo 487,990.93 341,987.52 0.00 18,000.00 Qatar National Bank 7,212,432.10 7,291,104.52 0.04 12,243,532.40 11,941,072.40 0.07
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
57 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Global Criteria (continued) (expressed in SEK)
Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)
Equities (continued) Equities (continued)
SEK - Sweden THB - Thailand 44,503.00 Alfa Laval Ab 7,034,156.76 6,897,965.00 0.04 20,421.00 Advanced Info Service 911,824.11 727,206.20 0.00 64,563.00 Assa Abloy B 5,545,322.55 11,492,214.00 0.06 34,800.00 Bangkok Bank Foreign 1,391,251.30 1,243,329.00 0.01 17,193.00 Atlas Copco A 3,753,237.64 3,583,021.20 0.02 19,812.00 Banpu Ord Shs F1 118,293.74 74,265.19 0.00 56,974.00 Atlas Copco B 9,177,455.81 11,127,022.20 0.06 84,841.00 BEC World Ord Shs F 850,156.15 606,237.22 0.00 31,380.00 Boliden Ab 3,475,909.31 4,484,202.00 0.02 149,361.00 Central Pattana Ord 9,040.00 Electrolux Ab-Ser B 1,510,199.82 1,855,008.00 0.01 Shs F1 1,535,458.26 1,644,644.54 0.01 170,465.00 Ericsson Lm-B Shs 12,332,162.93 14,029,269.50 0.08 260,351.00 CP All Pcl 3,018,337.55 2,394,064.73 0.01 9,253.00 Getinge Ab 1,522,302.05 2,058,792.50 0.01 48,400.00 Delta Electronics 932,993.81 867,448.65 0.00 42,507.00 Hennes & Mauritz Ab - 88,373.00 Glow Energy Ord Shs F 1,492,642.59 1,532,104.17 0.01 B- Shs 10,024,470.35 12,841,364.70 0.07 86,793.00 Kasikornbank F 3,816,994.31 3,060,258.95 0.02 9,612.00 Hexagon B 1,939,051.16 3,025,857.60 0.02 574,400.00 Krung Thai Bank Ord 6,553.00 Husqvarna Ab 340,100.70 366,968.00 0.00 Shs F 2,616,086.25 2,247,335.33 0.01 8,490.00 ICA Gruppen 2,355,265.21 2,609,826.00 0.01 14,520.00 Minor International Ord 60,164.00 Industrivärden C 8,212,301.08 8,729,796.40 0.05 Shs F 76,073.35 123,313.78 0.00 41,090.00 Investor Ab -B- Shs 9,968,698.06 12,844,734.00 0.07 178,700.00 PTT Exploration & 7,679.00 Kinnevik Investment Ab Production Pcl 4,892,943.46 2,396,828.83 0.01 -B- Shs 2,026,581.17 2,011,898.00 0.01 158,848.00 PTT Global Chemical 2,193,809.94 1,860,753.02 0.01 8,754.00 Lundin Petroleum Ab 1,144,218.19 1,073,240.40 0.01 127,924.00 PTT Pcl 9,981,983.11 7,312,718.14 0.04 2,316.00 Millicom International 74,481.00 Siam Cement Pcl 8,398,034.27 8,026,760.55 0.04 Cellular Sa 1,371,104.24 1,126,734.00 0.01 161,300.00 Siam Commercial BK 273,261.00 Nordea Ab 23,550,210.36 25,495,251.30 0.14 THB10 6,207,740.02 4,515,847.32 0.03 34,241.00 Sandvik Ab 3,417,726.40 2,535,546.05 0.01 31,100.00 Thai Oil Pcl 423,602.90 480,885.08 0.00 14,622.00 Securitas B 1,147,360.56 1,900,860.00 0.01 378,600.00 Thai Union Group Ord 108,342.00 Skandinaviska Enskilda Shs F 1,736,370.77 1,525,618.81 0.01 Bank -A- Shs 7,641,333.61 9,685,774.80 0.05 51,199.00 True Corporation Ord 11,542.00 Skanska Ab -B- Shs 1,396,522.25 1,902,121.60 0.01 Shs F1 92,913.94 80,366.17 0.00 25,280.00 Skf Ab -B- Shs 4,257,818.84 3,468,416.00 0.02 50,687,509.83 40,719,985.68 0.21 50,622.00 Svenska Cellulosa Ab - B- Shs 9,171,264.00 12,478,323.00 0.07 TRY - Turkey 83,387.00 Svenska 69,409.00 Akbank 1,749,038.44 1,343,189.53 0.01 Handelsbanken AB 6,767,631.47 9,414,392.30 0.05 16,214.00 BIM Birlesik Magazalar 46,366.00 Swedbank Ab -A- Shs 6,086,565.88 8,675,078.60 0.05 Anonim 2,498,608.18 2,404,790.92 0.01 116,489.00 Teliasonera Ab 5,292,155.22 4,914,670.91 0.03 821,101.00 Emlak Konut 79,137.00 Volvo Ab -B- Shs 6,836,606.98 6,259,736.70 0.03 Gayrimenkul Yati 6,889,601.03 6,166,186.22 0.03 157,297,732.60 186,888,084.76 1.02 50,189.11 Enka Insaat San 813,028.22 655,231.30 0.00 123,734.00 Garanti Banka 3,332,872.96 2,544,577.91 0.01 SGD - China 37,057.00 Isbank 679,871.86 492,350.97 0.00 544,022.00 Yangzijiang 42,321.00 Tav Havalimanlari Shipbuilding Holding 2,806,309.73 2,223,490.75 0.01 Holding Ltd 3,350,704.16 3,556,250.70 0.02 18,585.00 Tupras 3,238,292.56 3,736,100.17 0.02 3,350,704.16 3,556,250.70 0.02 5,093.00 Turk Telecom 99,229.21 80,318.03 0.00 29,945.00 Turkcell 1,243,456.93 856,261.11 0.00 SGD - Singapore 49,703.00 Turkiye Halk Bankasi 9,116.00 Ascendas Real Estate A.S. (Halkbank) 2,511,211.32 1,491,574.18 0.01 Rights Is 0.00 3,358.76 0.00 164,522.00 Turkiye Vakiflar Bankasi 2,485,239.56 1,819,991.93 0.01 48,000.00 Capitaland 830,634.24 955,584.87 0.01 28,346,760.00 23,814,063.02 0.11 141,815.00 Comfort Delgro 1,982,827.51 2,570,426.74 0.01 4,647.00 Cycle & Carriage Ltd 840,692.47 962,406.79 0.01 TWD - China 135,795.00 Dbs Group Holdings Ltd 10,859,429.70 13,468,627.38 0.07 130,300.00 Zhen Ding Technology 61,310.00 Golden Agri-Resources 188,395.16 123,877.79 0.00 Holding Ord Shs 2,779,426.60 2,534,990.84 0.01 156,713.00 Keppel Corp Ltd 7,427,427.97 6,062,744.06 0.03 2,779,426.60 2,534,990.84 0.01 343,800.00 Noble Group Ltd 2,559,296.39 817,239.00 0.00 440,466.00 Oversea-Chinese TWD - Taiwan Banking Corp 21,891,175.49 23,034,473.20 0.13 355,000.00 Advanced Semi 2,981,292.01 3,462,379.94 0.02 148,000.00 Sembcorp Industries Ltd 4,045,017.82 2,682,531.17 0.01 23,088.00 Advantech Co Ltd 1,150,571.69 1,253,312.75 0.01 88,700.00 Sembcorp Marine Ltd 1,663,891.79 922,454.37 0.01 83,640.00 Asia Cement Corp 746,636.59 588,203.17 0.00 509,938.00 Singapore 288,000.00 Asia Pacific Telecom Telecommunications Ltd 9,749,297.59 11,121,584.41 0.06 Ord Shs 1,131,709.85 861,154.72 0.00 81,401.00 United Overseas 70,000.00 Asustek Computer 5,202,189.20 4,886,857.98 0.03 Bank Ltd 7,896,353.71 9,486,162.41 0.05 391,000.00 AU Optronics 1,018,449.05 976,455.31 0.01 27,460.00 United Overseas 27,006.00 Casetek Holdings Land Ltd 992,763.20 1,018,282.65 0.01 Ord Shs 1,381,828.34 932,277.75 0.01 70,927,203.04 73,229,753.60 0.40 61,000.00 Catcher Technology Co 3,852,922.30 4,321,173.37 0.02 621,079.00 Cathay Financial Holding 6,684,050.15 7,380,582.00 0.04
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
58 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Global Criteria (continued) (expressed in SEK)
Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)
Equities (continued) Equities (continued)
TWD - Taiwan (continued) TWD - Taiwan (continued) 226,512.00 Chailease Holding 124,281.00 Uni-President Ord Shs 3,263,139.46 3,308,005.74 0.02 Enterprises 1,667,316.74 1,751,216.57 0.01 139,000.00 Cheng Shin Rubber 542,000.00 United Micro Electronics 1,648,404.87 1,683,245.38 0.01 Industry 2,390,826.89 1,901,537.01 0.01 40,457.00 Vanguard International 42,421.00 Chicony Electric 735,611.41 786,105.57 0.00 Semi Corp 410,616.76 444,426.78 0.00 1,078,000.00 China Dev Fin 2,323,898.60 2,277,096.15 0.01 217,476,584.01 222,926,604.61 1.21 275,781.00 China Life Insurance Co Ltd (Taiwan) 1,856,744.37 1,787,263.14 0.01 USD - Bermuda 1,350,797.00 China Trust 5,316,847.00 5,859,216.77 0.03 11,624.00 Everest Re Group 12,995,661.49 17,942,324.63 0.10 136,060.00 Chunghwa Telecom 3,230,537.61 3,460,723.44 0.02 21,500.00 Hongkong Land 428,034.00 Compal Electronics 2,122,676.07 2,032,416.77 0.01 Holdings Ord Shs 1,311,740.08 1,268,805.30 0.01 76,009.00 Delta Electronics 3,469,884.14 3,033,599.09 0.02 2,216.00 Partnerre 1,452,113.66 2,610,651.97 0.01 107,730.00 E.Sun Financial Holding 389,261.04 529,502.74 0.00 7,015.00 Renaissance Re Holdings 4,918,950.01 6,694,131.19 0.04 10,200.00 Eclat Textile Ord Shs 787,544.29 1,187,244.69 0.01 3,442.00 Signet Jewelers Ord Shs 3,971,126.26 3,589,251.91 0.02 3,090.00 Feng TAY Enterprises 24,649,591.50 32,105,165.00 0.18 Ord Shs 137,013.75 133,238.75 0.00 142,198.00 Foxconn Technology 3,443,201.93 2,540,185.90 0.01 USD - Canada 780,000.00 Fubon Financial 6,703.00 Lululemon Athletica 3,166,875.55 2,965,096.06 0.02 Holding 8,582,835.91 9,008,861.08 0.05 3,166,875.55 2,965,096.06 0.02 15,000.00 Giant Manufacturing Co Ltd 788,155.08 843,137.00 0.00 USD - China 2,000.00 Hermes Microvision 3,200.00 58.com ADR Ord Shs 749,363.10 613,423.87 0.00 Representing 2 Ord 1,680,311.78 1,779,463.60 0.01 219,700.00 Highwealth 64,200.00 Alibaba Group Construction Corp 1,921,097.31 2,137,135.41 0.01 Holding ADR 47,075,939.65 43,986,942.14 0.24 970,321.00 Hon Hai Precision 19,500.00 JD.Com ADR 5,217,485.29 5,304,259.53 0.03 Industry 21,829,133.22 20,122,853.48 0.11 9,000.00 New Orientaé Education 26,000.00 Hotai Motor Co Ltd 2,212,672.40 2,535,827.56 0.01 & Technology Group 2,316,452.15 2,380,211.30 0.01 468,726.00 InnoluxDisplay 1,435,890.83 1,195,826.58 0.01 7,700.00 Qihoo 360 Technology 197,046.00 Inotera Memories Inc 1,797,465.89 1,413,553.37 0.01 Two ADR R 4,576,459.58 4,726,506.29 0.03 253,000.00 Inventec 1,607,724.09 1,399,363.59 0.01 3,800.00 Qunar Cayman Islands 7,679.00 Largan Precision 3,959,956.31 4,473,972.38 0.02 ADR Repr 1,492,302.31 1,689,593.41 0.01 94,942.00 Lite-On Technology 1,019,478.33 776,123.06 0.00 12,700.00 SouFun Holdings ADR 742,078.40 791,237.10 0.00 116,809.00 Mediatek 11,465,371.63 7,495,128.59 0.04 3,900.00 YY ADR Representing 867,111.00 Mega Financial Holding 4,830,609.23 4,729,294.99 0.03 Ord Shs Cl 2,066,046.01 2,053,972.37 0.01 31,500.00 Merida Industry Ord Shs 1,328,972.95 1,431,022.93 0.01 65,167,075.17 62,712,185.74 0.34 342,266.00 Nan Ya Plastics 5,276,124.50 5,358,662.04 0.03 USD - Hong Kong 105,000.00 Novatek 17,400.00 CTRIP.COM Microelectronics 3,220,802.03 3,476,496.39 0.02 International ADR 8,119,230.73 6,796,260.75 0.04 177,748.00 Pegatron 2,415,746.75 3,284,732.39 0.02 17,558.00 Michael Kors Holdings 44,000.00 Phison Electronics 2,310,981.18 2,625,659.51 0.01 Ord Shs 8,068,844.22 5,929,860.46 0.03 43,803.00 Pou Chen 347,202.72 484,555.92 0.00 6,700.00 NetEasy.com Inc 9,825,856.83 10,237,345.02 0.06 33,000.00 President Chain 26,013,931.78 22,963,466.23 0.13 Store Corp 1,759,876.19 1,740,558.16 0.01 72,000.00 Radiant Opto- USD - Ireland Electronics Corp 1,636,548.97 1,393,370.51 0.01 2,200.00 Alkermes Ord Shs 1,370,805.80 1,472,286.26 0.01 112,177.00 Realtek 12,408.00 Endo International Semiconductor Corp 2,808,807.83 2,265,903.07 0.01 Ord Shs 7,027,168.57 6,404,033.49 0.04 197,000.00 Ruentex Industries 3,824,739.11 3,104,540.79 0.02 6,207.00 Jazz Pharmaceuticals 218,000.00 SiliconWare Ord Shs 7,597,382.03 7,355,326.88 0.04 Precision Ind 2,445,099.56 2,926,314.21 0.02 8,500.00 Mallinckrodt 7,747,756.19 5,347,993.26 0.03 58,000.00 Simplo Technology 2,233,555.14 1,563,075.90 0.01 83,444.00 Medtronic Ord Shs 35,793,487.61 54,111,911.31 0.30 1,024,562.00 Sinopac Holdings 3,392,519.57 2,463,999.46 0.01 10,405.00 Perrigo Co Plc 11,976,819.60 12,693,140.87 0.07 211,618.00 Standard Foods Corp 4,112,653.37 4,459,216.27 0.02 1,593.00 XL Group Plc 280,533.60 526,185.28 0.00 828,897.00 Taishin Financial 2,598,868.39 2,425,315.22 0.01 71,793,953.40 87,910,877.35 0.49 221,000.00 Taiwan Cement 2,215,737.45 1,548,523.12 0.01 173,935.00 Taiwan Mobile 4,542,163.12 4,464,262.83 0.02 USD - Israel 1,665,898.00 Taiwan Semiconductor 48,499,853.48 61,143,066.77 0.34 6,200.00 Mobileye Ord Shs 2,357,487.75 2,209,963.76 0.01 204,105.00 Teco Electric & 3,100.00 Taro Pharmaceutical Machinery Co 1,539,917.60 1,377,755.54 0.01 Industries 3,938,861.55 4,039,142.61 0.02 57,631.00 Transcend Information 1,423,486.66 1,267,651.14 0.01 6,296,349.30 6,249,106.37 0.03
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
59 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Global Criteria (continued) (expressed in SEK)
Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)
Equities (continued) Equities (continued)
USD - Netherlands USD - United States 16,164.00 Chicago Bridge And Iron 8,042.00 (HP.N) Helmerich & Ord Shs 6,557,741.97 5,313,253.80 0.03 Payne Inc 4,486,783.46 3,630,630.30 0.02 1,461.00 Core Laboratories 32,831.00 3M Co 23,565,776.09 41,694,896.71 0.23 Ord Shs 1,110,578.69 1,339,362.17 0.01 75,271.00 Abbott Laboratories 22,951,523.92 28,498,973.99 0.16 35,730.00 LyondellBasell 108,121.00 AbbVie Ord Shs 34,754,776.72 53,998,735.23 0.30 Industries 21,956,652.59 26,176,481.87 0.15 46,235.00 Accenture Ltd 26,642,360.00 40,732,928.66 0.23 9,816.00 NXP Semiconductors 21,948.00 Ace Ltd 11,215,283.80 21,621,317.41 0.12 Ord Shs 7,942,369.71 6,972,089.34 0.04 36,002.00 Activision Blizzard Inc 5,204,719.22 11,749,199.63 0.07 37,567,342.96 39,801,187.18 0.23 3,352.00 Acuity Brands Ord Shs 5,528,633.43 6,607,040.99 0.04 21,472.00 Adobe Systems Inc 10,064,563.62 17,005,191.95 0.09 USD - Peru 4,281.00 ADT Corp 874,454.14 1,190,294.33 0.01 4,153.00 Compania de Minas 6,690.00 Advanced Auto Parts Inc 5,488,181.58 8,488,871.46 0.05 Buenaventura ADR 380,376.94 149,852.57 0.00 27,090.00 Aetna Inc 12,891,132.38 24,692,981.23 0.14 4,752.00 Credicorp LTd 4,751,316.62 3,898,854.39 0.02 690.00 Affiliated Managers 5,131,693.56 4,048,706.96 0.02 Group Ord Shs 1,085,374.90 929,342.13 0.01 50,817.00 Aflac Inc 21,062,850.47 25,662,226.23 0.14 USD - Russian Federation 10,934.00 Agco Corp Com 3,898,279.82 4,184,058.39 0.02 135,960.00 Alrosa Co Ltd 1,153,427.54 876,334.73 0.00 8,922.00 Air Products & 1,098,467.00 Gazprom 26,720,351.67 17,224,619.53 0.10 Chemicals Inc 5,696,038.70 9,786,589.68 0.05 41,533.00 Lukoil Oil Company JSC 15,496,993.81 11,226,366.26 0.06 2,700.00 Airgas Inc 2,238,022.23 3,148,525.60 0.02 14,899.00 Magnit JSC 5,980,593.49 5,051,934.03 0.03 8,804.00 Akamai Tech 2,242,326.13 3,906,356.62 0.02 28,100.00 Mobile 16,571.00 Albemarle Ord Shs 7,681,227.40 7,824,791.50 0.04 Telesystems OJSC 3,199,990.92 1,464,041.13 0.01 71,473.00 Alcoa Inc 6,544,796.24 5,947,269.90 0.03 307,555.00 Moscow Exchange 13,505.00 Alexion Pharma 11,157,900.84 21,717,889.51 0.12 Ord Shs 3,658,858.27 3,238,958.58 0.02 25,075.00 Allergan Ord Shs 46,964,106.13 66,061,654.69 0.37 5,981.00 Novatek OAO 4,917,463.47 4,142,283.84 0.02 6,622.00 Alliance Data Systems 12,024,916.94 15,440,193.20 0.09 4,773.00 Polski Koncern Naftowy 10,017.00 Alliant Energy Corp Orlen SA 639,040.49 468,787.31 0.00 Com Isin 4,449,473.97 5,273,860.05 0.03 563,449.00 Sberbank Savings Bank 18,584.00 Allstate Corp 5,436,603.90 9,727,905.45 0.05 of Russian 24,790.00 Ally Financial Ord Shs 4,529,854.38 3,895,658.86 0.02 Federation OJSC 9,518,398.61 6,573,988.55 0.04 2,850.00 Alnylam 8,178.00 Severstal Cherepovets Pharmaceuticals Ord Shs 2,549,666.46 2,261,921.55 0.01 Metal Factory JSC 683,393.79 574,324.34 0.00 16,053.00 Alphabet Ord Shs 12,974.00 Sistema JSFC GDR 954,633.90 645,333.77 0.00 Class A 53,469,608.19 105,293,090.52 0.58 807,031.00 Surgutneftegaz OJC 4,314,389.34 3,159,265.24 0.02 22,987.00 Alphabet Ord Shs 98,509.00 Tatneft Lokala 4,410,686.30 3,604,896.61 0.02 Class C 80,261,566.85 147,066,545.17 0.81 78.00 Transneft Pref 1,223,492.24 1,743,543.32 0.01 26,047.00 Amazon.Com 60,333,648.37 148,419,928.52 0.82 82,871,713.84 59,994,677.24 0.33 8,799.00 American Airlines 3,082,928.86 3,141,558.97 0.02 30,706.00 American Capital USD - Singapore Agency Ord Shs 5,211,076.50 4,488,805.86 0.02 20,133.00 Avago Technologies Ltd 11,784,517.00 24,636,784.11 0.14 32,190.00 American Electric 409,000.00 Hutchison Port Holdings Power Inc 10,289,285.89 15,813,371.69 0.09 Trust 1,982,733.84 1,827,501.16 0.01 47,377.00 American Express Co 16,174,381.40 27,779,420.09 0.15 13,767,250.84 26,464,285.27 0.15 52,224.00 American General 39,270,064.43 71,470,596.30 0.40 81,481.00 American International USD - Sweden Group 22,516,590.27 42,569,282.54 0.24 5,141.00 Autoliv Inc 4,186,978.95 5,407,745.73 0.03 21,536.00 American Tower 9,643,888.47 17,602,377.89 0.10 4,186,978.95 5,407,745.73 0.03 1,022.00 Ameriprise Financial Inc 322,520.14 916,922.51 0.01 USD - Switzerland 24,600.00 Amerisourcebergen Corp 13,647,616.10 21,508,703.14 0.12 11,400.00 Garmin Ltd 4,044,595.84 3,572,365.58 0.02 29,891.00 Ametek Inc 10,311,761.81 13,504,629.87 0.07 20,333.00 Pentair Ord Shs 7,947,963.16 8,490,402.38 0.05 25,348.00 Amphenol 8,207,513.37 11,161,490.87 0.06 32,663.00 Weatherford1 3,022,759.79 2,310,343.29 0.01 22,146.00 Anadarko 15,015,318.79 14,373,111.25 0.08 Petroleum Corp 15,960,840.62 9,070,083.60 0.05 19,765.00 Analog Devices Inc 9,225,703.81 9,218,016.35 0.05 USD - United Kingdom 149,749.00 Annaly Capital 19,736.00 Delphi Automotive Management Inc 13,276,872.80 11,842,005.36 0.07 Ord Shs 6,566,085.56 14,264,299.35 0.08 4,746.00 Ansys Inc 2,309,608.36 3,701,075.55 0.02 37,040.00 Ensco PLC 9,311,119.16 4,805,826.44 0.03 2,321.00 Antero Resources 15,877,204.72 19,070,125.79 0.11 Ord Shs 995,209.03 426,569.81 0.00 20,405.00 Anthem 12,228,458.36 23,987,360.24 0.13 16,579.00 AON Corp 5,666,297.70 12,888,276.29 0.07 24,683.00 Apache Corp 12,358,112.63 9,253,873.47 0.05 374,552.00 Apple Computer Inc 205,230,950.52 332,379,302.08 1.84 91,637.00 Applied Materials Inc 10,142,611.55 14,423,599.84 0.08
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
60 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Global Criteria (continued) (expressed in SEK)
Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)
Equities (continued) Equities (continued)
USD - United States (continued) USD - United States (continued) 30,526.00 Archer-Daniels- 11,238.00 Centene Ord Shs 6,114,820.94 6,235,042.28 0.03 Midland Co 7,033,933.93 9,439,689.54 0.05 93,017.00 Centerpoint Energy Inc 13,048,741.84 14,397,712.25 0.08 9,102.00 Arrow Electronics 2,307,472.01 4,157,519.70 0.02 58,283.00 Centurylink 13,391,809.19 12,362,634.20 0.07 52,347.00 Arthur J Gallagher 12,446.00 Cerner Corp 4,120,669.76 6,313,472.49 0.03 Ord Shs 18,353,061.72 18,067,502.35 0.10 20,085.00 CF Industries Holdings 6,176,403.29 6,910,300.21 0.04 10,480.00 Assurant Inc 4,920,910.83 7,115,925.49 0.04 25,868.00 Ch Robinson 365,362.00 At&T Inc 87,430,324.25 105,990,401.38 0.59 Worldwide Inc 13,267,886.25 13,525,492.82 0.07 23,011.00 Automatic Data 55,832.00 Charles Schwab Corp 9,644,705.84 15,500,060.75 0.09 Processing Inc 14,041,840.38 16,435,386.58 0.09 1,868.00 Charter Communications 3,228.00 AutoZone 12,385,312.26 20,190,321.53 0.11 Ord Shs Class A 1,865,161.23 2,883,524.86 0.02 16,330.00 Avalonbay 1,000.00 Check Point Software Communities Inc 20,044,809.60 25,349,489.75 0.14 Technologies Ltd 761,264.82 686,082.23 0.00 7,922.00 Avery Dennison 3,355,349.84 4,184,886.78 0.02 10,352.00 Cheniere Energy 8,989.00 Avnet 2,074,545.41 3,246,529.30 0.02 Ord Shs 5,034,663.57 3,250,940.53 0.02 9,057.00 Axalta Coating Systems 31,023.00 Chesapeake Energy Corp 3,607,510.94 1,176,941.27 0.01 Ord Shs 2,106,995.56 2,034,885.91 0.01 1,733.00 Chipotle Mexican 13,149.00 Axis Capital Grill Inc 5,768,543.87 7,010,718.77 0.04 Holdings Ltd 4,139,788.48 6,232,209.60 0.03 12,247.00 Chubb Corp 10,846,798.73 13,695,021.40 0.08 14,606.00 B/E Aerospace Ord Shs 5,631,134.96 5,217,329.25 0.03 11,817.00 Church & Dwight Co Inc 3,942,617.73 8,456,119.09 0.05 17,400.00 Baidu Inc ADR 33,076,324.11 27,730,738.86 0.15 18,231.00 Cigna Corp 10,354,400.63 22,490,667.64 0.12 18,021.00 Baker Hughes Inc 5,797,719.28 7,011,469.94 0.04 3,222.00 Cimarex Energy 2,998,168.91 2,427,864.08 0.01 5,884.00 Ball Corp. 2,466,285.97 3,607,818.95 0.02 3,708.00 Cintas Corp 716,041.28 2,846,283.53 0.02 691,788.00 Bank of America Corp 70,948,131.98 98,155,723.57 0.54 337,493.00 Cisco Systems Inc 53,238,551.14 77,263,265.73 0.43 55,413.00 Bank of New York 6,657.00 CIT Group Inc 1,946,582.44 2,228,063.42 0.01 Mellon 13,558,941.47 19,256,534.61 0.11 187,846.00 Citigroup 63,281,702.87 81,954,120.73 0.45 2,936.00 Bard (C.R.) Inc 1,787,121.26 4,689,064.65 0.03 14,353.00 Citrix Systems Inc 5,903,134.51 9,153,983.00 0.05 33,208.00 Baxalta 9,933,231.67 10,926,970.13 0.06 1,623.00 Clorox Company 1,197,394.91 1,735,397.62 0.01 39,729.00 Baxter International Inc 10,003,468.69 12,777,934.58 0.07 17,975.00 Cme Group Inc 9,026,639.18 13,729,527.17 0.08 14,796.00 Bb&T Corporation 3,223,222.14 4,716,387.55 0.03 12,462.00 Coach Inc 3,430,254.60 3,438,683.75 0.02 9,061.00 Becton Dickinson & Co 7,727,496.90 11,770,883.73 0.07 225,740.00 Coca-Cola Co 55,332,625.09 81,758,192.75 0.45 11,276.00 Bed Bath & Beyond Inc 3,367,396.54 4,586,811.25 0.03 8,473.00 Coca-Cola Enterprise 1,703,345.19 3,517,335.01 0.02 67,692.00 Berkshire Hathaway B 51,852,263.06 75,353,138.49 0.42 47,785.00 Cognizant Technology 22,234.00 Best Buy Co Inc 5,438,933.35 5,707,729.49 0.03 Solutions Corp 19,119,944.73 24,179,430.38 0.13 16,158.00 Biogen Idec Inc 21,262,748.37 41,731,497.82 0.23 45,900.00 Colgate-Palmolive Co 14,343,619.35 25,779,577.65 0.14 6,977.00 Biomarin 9,820.00 Columbia Pipeline Pharmaceuticals Inc 6,887,928.38 6,162,014.23 0.03 Group 1,340,885.20 1,655,769.84 0.01 9,885.00 BlackRock Inc 18,092,550.47 28,377,738.51 0.16 166,048.00 Comcast Corp Class -A- 43,974,647.77 78,995,470.29 0.44 16,593.00 BorgWarner 4,987,465.82 6,047,399.13 0.03 20,361.00 Conagra Foods Inc 3,919,929.48 7,236,993.63 0.04 57,111.00 Boston Scientific Corp 3,497,303.26 8,878,491.14 0.05 12,129.00 Concho Resources 111,238.00 Bristol-Myers Squibb Co 34,379,888.16 64,511,474.07 0.36 Inc/Midland T 9,744,381.12 9,495,375.84 0.05 12,797.00 Brixmor Property Group 69,553.00 ConocoPhillips Co 25,683,878.14 27,377,779.73 0.15 Ord Shs 2,679,080.61 2,785,626.54 0.02 37,948.00 Consolidated Edison Inc 17,074,949.47 20,561,541.75 0.11 31,033.00 Broadcom Corp-Cl A 7,334,772.02 15,127,262.14 0.08 8,790.00 Continental 9,483.00 Bunge Ltd 5,706,652.70 5,458,807.09 0.03 Resources Inc 2,306,440.35 1,702,932.30 0.01 40,415.00 CA Inc 8,151,336.20 9,731,040.28 0.05 2,296.00 Cooper Ord Shs 2,842,873.68 2,597,663.45 0.01 11,351.00 Cablevision 52,529.00 Corning Inc 5,260,077.30 8,095,316.05 0.04 Systems Corp 1,335,116.38 3,052,694.13 0.02 27,727.00 Costco Wholesale Corp 20,114,146.24 37,751,472.26 0.21 18,646.00 Cabot Oil & Gas 2,557,988.80 2,780,814.36 0.02 13,898.00 Crown Castle 6,720,401.51 10,129,214.99 0.06 9,663.00 Calpine Corp 1,539,514.86 1,178,796.93 0.01 4,919.00 Crown Holdings Inc 1,421,195.73 2,102,535.15 0.01 6,878.00 Camden Property Trust 3,283,714.31 4,450,979.78 0.02 60,395.00 Csx Corp 8,949,277.80 13,212,859.96 0.07 12,544.00 Cameron 14,221.00 Cummins Inc 10,633,417.36 10,551,656.42 0.06 International Corp 4,251,350.14 6,683,617.81 0.04 84,200.00 CVS Corp 40,336,857.41 69,402,671.96 0.38 6,791.00 Campbell Soup Co 1,691,045.36 3,008,603.35 0.02 14,838.00 D R Horton inc 3,226,120.87 4,006,736.57 0.02 39,043.00 Capital One 63,049.00 Danaher Corp 34,072,489.24 49,369,518.74 0.27 Financial Corp 15,903,402.76 23,758,474.00 0.13 4,033.00 Davita Inc 1,002,119.53 2,370,182.51 0.01 28,279.00 Cardinal Health Inc 15,688,565.58 21,282,765.84 0.12 17,914.00 Deere & Co 9,160,291.78 11,518,735.36 0.06 31,178.00 Carmax Inc 13,170,333.91 14,185,973.85 0.08 20,459.00 Delta Air Lines 7,266,069.38 8,743,094.61 0.05 25,227.00 Carnival 9,282,002.71 11,586,738.09 0.06 5,696.00 Dentsply International 2,503,697.84 2,922,059.45 0.02 30,170.00 Caterpillar Inc 16,301,854.47 17,285,707.69 0.10 26,130.00 Devon Energy 25,173.00 CBRE Group Inc 4,736,919.33 7,338,688.42 0.04 Corporation 10,628,412.62 7,049,330.50 0.04 20,479.00 CBS Corp 3,213,550.86 8,137,006.63 0.05 2,116.00 Dick´s Sporting 5,801.00 CDK Global Ord Shs 2,491,253.74 2,321,563.58 0.01 Goods Inc 636,755.02 630,613.94 0.00 19,200.00 CDW Corp 7,177,560.75 6,804,910.54 0.04 54,551.00 Celgene Corp 25,061,566.14 55,077,343.83 0.31
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
61 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Global Criteria (continued) (expressed in SEK)
Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)
Equities (continued) Equities (continued)
USD - United States (continued) USD - United States (continued) 24,260.00 Digital Realty Trust 12,522,635.63 15,466,283.04 0.09 8,298.00 Firstenergy Corp 2,514,294.92 2,219,739.38 0.01 53,067.00 Discover Financial 6,525.00 Fiserv Inc 1,160,825.78 5,031,183.96 0.03 Services 16,158,401.35 23,988,872.18 0.13 7,470.00 FleetCor Technologies 21,442.00 Discovery Ord Shs 7,516,283.12 9,001,242.87 0.05 Communications Inc A 5,614,660.92 4,822,914.92 0.03 29,362.00 Flextronics Intl Ltd 2,144,013.75 2,774,915.30 0.02 7,929.00 Discovery 14,166.00 Flowserve Corp 4,894,674.89 5,025,525.17 0.03 Communications Inc C 1,794,191.74 1,685,861.86 0.01 7,791.00 Fmc Corp 3,148,458.04 2,570,168.14 0.01 5,257.00 Dish Network 2,104,614.76 2,534,198.40 0.01 18,607.00 FMC Technologies 10,600.00 Dollar General Inc Com 5,172,015.45 4,550,745.73 0.03 Corporation 6,173,932.13 6,422,616.55 0.04 16,043.00 Foot Locker Ord Shs 8,473,494.84 8,803,560.22 0.05 9,014.00 Dollar Tree Stores 2,737,418.07 5,868,212.54 0.03 258,905.00 Ford Motor Co 23,485,260.52 30,754,588.11 0.17 23,539.00 Dominion Resources 37,409.00 Franklin Resources Inc 13,358,342.47 11,612,303.21 0.06 Inc/Va 7,364,454.56 13,423,015.51 0.07 64,019.00 Frontier 6,578.00 Dover Corp 3,333,075.54 3,400,037.21 0.02 Communications 2,176,965.99 2,520,485.78 0.01 72,997.00 Dow Chemical Co 18,887,561.21 31,681,230.00 0.18 11,783.00 Gamestop 3,492,225.99 2,785,430.78 0.02 31,898.00 Dr Pepper Snapple 10,109.00 Gap Inc/The 1,729,750.25 2,105,055.90 0.01 Group Inc 15,664,601.72 25,063,276.78 0.14 647,383.00 General Electric 122,429,061.34 170,011,315.78 0.94 29,368.00 Dte Energy Company 16,347,064.83 19,854,230.94 0.11 42,758.00 General Growth 29,886.00 Duke Energy 13,614,730.79 17,987,203.92 0.10 Properties 5,972,457.23 9,808,540.93 0.05 33,103.00 Duke Realty Corp 3,588,934.88 5,866,222.75 0.03 20,943.00 General Mills Inc 5,313,622.89 10,180,568.14 0.06 2,964.00 Dun & Bradstreet Corp 2,113,995.39 2,597,033.85 0.01 92,829.00 General Motors 20,837,390.70 26,616,367.73 0.15 50,803.00 DuPont 14,874,357.62 28,524,764.80 0.16 12,922.00 Genuine Parts Co 5,593,393.79 9,356,874.91 0.05 27,800.00 Eaton 8,725,462.62 12,196,650.19 0.07 101,042.00 Gilead Sciences Inc 50,928,607.53 86,198,164.70 0.48 18,566.00 Eaton Vance Corp 5,146,930.86 5,076,025.31 0.03 23,432.00 Goldman Sachs 75,718.00 Ebay Inc 10,477,456.82 17,541,807.73 0.10 Group Inc 22,593,866.20 35,603,682.99 0.20 22,055.00 Ecolab Inc 12,670,747.72 21,267,460.68 0.12 15,010.00 Goodyear 3,678,731.32 4,134,169.81 0.02 3,699.00 Edgewell Personal Care 3,874.00 Grainger 5,385,042.75 6,616,618.65 0.04 Ord Shs 1,523,835.65 2,443,951.95 0.01 21,693.00 H&R Block 5,230,580.31 6,091,899.54 0.03 19,362.00 Edison International 8,361,638.48 9,665,042.34 0.05 62,693.00 Halliburton Co 17,226,973.72 17,991,488.18 0.10 11,890.00 Edwards LifeSciences 3,418,013.72 7,916,942.09 0.04 35,282.00 Hanesbrands Ord Shs 8,763,851.59 8,753,907.27 0.05 22,598.00 Electronic Arts Inc 6,474,885.24 13,092,170.10 0.07 15,629.00 Harley-Davidson Inc 5,534,096.53 5,980,670.25 0.03 63,780.00 Eli Lilly & Co 25,334,101.07 45,306,911.07 0.25 5,984.00 Harman International 123,306.00 Emc Corp/Mass 18,434,935.24 26,695,478.71 0.15 Industries 5,310,507.91 4,752,773.01 0.03 38,735.00 Emerson Electric Co 13,738,244.07 15,619,330.89 0.09 28,522.00 Hartford Financial 8,545.00 Energen Corp 3,749,038.69 2,952,898.16 0.02 Svcs Grp 6,418,250.09 10,450,286.13 0.06 18,024.00 Entergy Corp 8,240,856.61 10,387,516.27 0.06 12,373.00 Hasbro Inc 5,673,908.74 7,026,443.78 0.04 9,585.00 Envision Healthcare 22,538.00 HCA Holdings Inc 7,794,397.34 12,850,299.39 0.07 Holdings Ord Shs 3,332,644.77 2,098,565.61 0.01 54,876.00 Hcp Inc 15,718,946.64 17,691,262.04 0.10 25,983.00 Eog Resources Inc 9,625,444.62 15,506,710.89 0.09 8,296.00 Henry Schein 5,262,856.16 11,063,849.35 0.06 11,982.00 EQT Corp 6,169,392.59 5,265,935.37 0.03 9,639.00 Hershey Foods 5,236,523.40 7,254,308.14 0.04 7,164.00 Equifax Inc. 3,474,792.17 6,726,393.67 0.04 15,092.00 Herzt Global Holdings 2,172,597.23 1,810,548.57 0.01 3,795.00 Equinix REIT 8,157,779.44 9,675,024.00 0.05 22,169.00 Hess Corp 9,792,640.72 9,060,813.65 0.05 15,956.00 Equity Residential 6,712,197.41 10,975,376.95 0.06 95,900.00 Hewlett Packard 9,903.00 Eversource Energy 2,437,282.35 4,263,744.00 0.02 Enterprise Ord Shs 12,331,877.62 12,289,117.01 0.07 62,624.00 Exelon Corp 16,094,786.41 14,661,390.73 0.08 108,860.00 Hewlett Packard Ord Shs 10,171,900.15 10,866,220.57 0.06 7,843.00 Expedia Inc 4,747,148.54 8,218,864.64 0.05 17,380.00 HollyFrontier Corp 5,278,270.05 5,844,835.50 0.03 23,790.00 Expeditors International 28,236.00 Hologic Inc 4,914,937.53 9,210,016.05 0.05 Washington Inc 7,415,236.25 9,045,435.23 0.05 70,758.00 Home Depot Inc 26,213,596.27 78,891,409.32 0.44 42,168.00 Express Scripts Hld 18,923,944.44 31,074,389.68 0.17 11,965.00 Hormels Foods Corp 5,686,765.71 7,976,967.96 0.04 13,500.00 Extra Space 8,525.00 Humana Inc 5,194,494.95 12,829,668.11 0.07 Storage REIT 9,116,628.92 10,039,453.55 0.06 124,663.00 Huntington Bancshares 11,007,269.91 11,623,881.80 0.06 269,385.00 Exxon Mobil 57,124.00 IBM 63,999,318.74 66,276,359.98 0.37 Corporation 164,517,093.98 177,030,467.26 0.98 11,802.00 IHS Inc Class A 10,252,743.34 11,783,541.18 0.07 9,757.00 F5 Networks Inc 8,424,467.07 7,975,674.03 0.04 19,906.00 Illinois Tool Works Inc 7,003,135.41 15,553,513.45 0.09 142,493.00 Facebook Class A 9,848.00 Illumnia Inc 8,982,365.05 15,936,147.02 0.09 Ord Shs 67,335,374.95 125,728,214.50 0.70 9,677.00 Incyte Corporation 8,547,552.17 8,847,667.26 0.05 16,075.00 Fastenal 4,818,547.87 5,532,003.75 0.03 10,377.00 Ingersoll-Rand Plc 3,981,837.93 4,837,008.95 0.03 12,318.00 Fedex Corp 8,181,201.33 15,472,333.01 0.09 320,281.00 Intel Corp 55,354,657.15 93,020,547.40 0.52 9,982.00 Fidelity National 10,622.00 Intercontinentalexchange Financial 3,194,945.48 2,917,627.82 0.02 Group 16,387,635.15 22,948,040.26 0.13 20,916.00 Fidelity National 35,421.00 International Paper Co 8,574,497.39 11,257,984.65 0.06 Information Services Inc 11,133,345.70 10,685,866.43 0.06 17,578.00 Intl Flavors & 25,358.00 Fifth Third Bancorp 2,194,748.12 4,297,041.41 0.02 Fragrances 11,844,419.40 17,729,820.90 0.10 900.00 First Republic Bank 349,353.36 501,232.89 0.00
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
62 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Global Criteria (continued) (expressed in SEK)
Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)
Equities (continued) Equities (continued)
USD - United States (continued) USD - United States (continued) 11,001.00 Intuit Inc 7,366,207.76 8,949,895.45 0.05 17,550.00 Mattel Inc 3,836,361.63 4,019,992.51 0.02 2,385.00 Intuitive Surgical Inc 7,224,306.11 10,981,628.74 0.06 8,509.00 Maxim Integrated 65,779.00 Invesco Ltd 15,802,980.21 18,566,549.52 0.10 Products 2,387,049.77 2,725,967.07 0.02 4,054.00 Ionis Pharmaceuticals 16,507.00 Mc Cormick & Co Inc 8,173,169.93 11,906,864.50 0.07 Ord Shs 2,165,788.59 2,116,622.01 0.01 51,437.00 Mcdonald'S Corporation 32,325,385.56 51,230,793.39 0.28 3,217.00 Iron Mountain 601,645.75 732,544.70 0.00 23,003.00 Mcgraw-Hill 6,025.00 Jarden Ord Shs1 2,003,490.07 2,901,374.13 0.02 Companies Inc 15,086,040.42 19,117,529.87 0.11 6,673.00 JB Hunt Transport 18,184.00 Mckesson Corp 19,375,806.21 30,235,759.46 0.17 Services Inc 5,014,937.01 4,127,042.41 0.02 20,547.00 Mead Johnson 12,818.00 Jm Smucker Co/The 8,960,470.08 13,328,543.55 0.07 Nutrition Co 10,882,447.67 13,675,998.34 0.08 184,030.00 Johnson & Johnson 105,526,456.08 159,368,367.42 0.88 13,376.00 Medivation Ord Shs 5,998,247.42 5,451,190.89 0.03 16,884.00 Johnson Controls Inc 3,122,193.83 5,621,095.47 0.03 168,159.00 Merck & Co Inc 51,911,428.17 74,881,924.44 0.41 9,280.00 Jones Lang LaSalle 73,270.00 Metlife Inc 22,873,083.76 29,779,802.09 0.16 Ord Shs 12,925,958.17 12,506,801.84 0.07 890.00 Mettler Toledo Ord Shs 1,490,199.92 2,544,571.75 0.01 239,979.00 JP Morgan Chase & Co 83,946,718.23 133,589,715.20 0.74 12,027.00 Microchip Technology 3,660,645.77 4,718,915.21 0.03 33,355.00 Juniper Networks Inc 5,940,596.56 7,761,193.50 0.04 66,377.00 Micron Technology Inc 5,643,077.76 7,923,906.78 0.04 3,960.00 Kansas City Southern 2,447,907.51 2,492,871.09 0.01 505,892.00 Microsoft Corp 126,312,990.96 236,620,708.32 1.31 9,691.00 Kellogg Co 3,372,375.08 5,904,527.27 0.03 4,182.00 Mohawk Industries 3,688,187.29 6,677,279.52 0.04 8,401.00 Keurig Green Mountain 85,737.00 Mondelez International Ord Shs 3,897,627.10 6,372,875.84 0.04 Ord Shs Class A 19,378,588.80 32,410,995.55 0.18 72,737.00 Keycorp 4,727,677.80 8,088,326.32 0.04 10,779.00 Monster Beverage 16,002.00 Kimberly-Clark Corp 7,344,295.65 17,173,592.51 0.10 Ord Shs 6,077,746.88 13,536,507.24 0.07 46,505.00 Kimco Realty Corp 6,288,786.66 10,374,041.30 0.06 21,558.00 Moody'S Corp 11,563,652.01 18,236,481.42 0.10 128,745.00 Kinder Morgan Inc 34,754,620.83 16,194,132.15 0.09 72,573.00 Morgan Stanley 15,333,423.10 19,462,437.43 0.11 6,365.00 KLA Tencor Corporation 3,468,433.04 3,721,374.33 0.02 29,865.00 Mosaic 10,647,119.97 6,946,606.59 0.04 13,650.00 Kohls Corp 4,600,646.16 5,481,150.37 0.03 25,694.00 Murphy Oil Corp 6,951,456.35 4,863,025.53 0.03 67,642.00 Kroger Co 9,987,322.52 23,854,086.45 0.13 32,936.00 Mylan Ord Shs 8,955,638.80 15,013,629.96 0.08 17,122.00 L Brands Ord Shs 7,670,718.17 13,831,495.62 0.08 20,436.00 Nasdaq Stock Market 2,985.00 Laboratory Corp of Inc/The 7,115,788.62 10,021,977.93 0.06 America Holdings 1,673,554.66 3,111,442.76 0.02 31,009.00 National-Oilwell Inc 10,996,614.53 8,755,105.68 0.05 18,822.00 Lam Research 8,976,529.42 12,602,425.42 0.07 31,930.00 Navient Ord Shs 4,434,460.23 3,082,214.71 0.02 14,418.00 Lauder Estee Cos 31,506.00 Netapp Inc 7,717,138.65 7,046,752.25 0.04 Inc CL A 7,435,089.65 10,703,903.53 0.06 25,103.00 NetFlix Inc 11,658,325.21 24,206,622.78 0.13 12,329.00 Lear Ord Shs 12,119,326.99 12,767,056.74 0.07 11,669.00 New York Community 11,839.00 Legget & Platt 2,719,632.11 4,194,010.88 0.02 Bancorp Inc 1,489,470.00 1,605,507.28 0.01 1,101.00 Lennar 307,953.70 453,987.05 0.00 13,277.00 Newell Rubbermaid Inc 1,394,293.89 4,934,010.00 0.03 7,196.00 Level 3 22,372.00 Newmont Mining Corp 7,580,655.89 3,393,082.80 0.02 Communications USD 2,513,594.70 3,297,836.25 0.02 31,450.00 NextEra Energy Inc 21,009,397.14 27,545,640.82 0.15 10,458.00 Liberty Global A 2,157,876.54 3,734,763.22 0.02 16,729.00 Nielsen Holdings 30,154.00 Liberty Global Ord Shs Ord Shs 4,790,711.53 6,572,254.64 0.04 Class C 8,238,625.55 10,364,399.06 0.06 100,818.00 Nike Inc -Cl B 29,122,110.76 53,122,264.43 0.29 46,774.00 Liberty Media Holding 31,819.00 Noble Energy Inc 9,881,288.78 8,833,579.90 0.05 Corp - Interactive 6,974,017.81 10,773,174.40 0.06 9,479.00 Nordstrom 3,484,784.27 3,980,499.28 0.02 2,788.00 Liberty Media Ord Shs 18,626.00 Norfolk Southern Corp 9,056,799.58 13,283,028.60 0.07 Series A 667,569.93 922,552.13 0.01 3,469.00 Northern Trust Corp 2,061,664.87 2,108,326.22 0.01 9,940.00 Liberty Property Trust 2,609,707.18 2,601,995.09 0.01 6,147.00 Norwegian Cruise Line 21,138.00 Lincoln National Corp 5,788,054.52 8,956,634.71 0.05 Holdings 2,856,637.50 3,036,821.83 0.02 13,026.00 Linear Technology 4,372,743.74 4,663,927.80 0.03 4,630.00 NRG Energy Inc 945,927.70 459,426.39 0.00 5,339.00 Linkedin Ord Shs 33,832.00 Nuance Class A 5,234,871.44 10,131,069.89 0.06 Communication Inc 4,819,240.71 5,673,106.54 0.03 42,519.00 LKQ Ord Shs 9,002,519.80 10,621,189.99 0.06 27,731.00 Nucor Corp 8,996,964.54 9,421,695.43 0.05 43,865.00 Lowe'S Cos Inc 10,022,013.05 28,120,220.77 0.16 38,174.00 Nvidia Corporation 4,234,432.51 10,607,507.72 0.06 2,886.00 Macerich Co Com. 1,411,642.69 1,963,245.12 0.01 40,631.00 Occidental 19,681.00 Macy's Inc 4,874,133.39 5,803,973.90 0.03 Petroleum Corp 22,893,802.11 23,159,380.14 0.13 6,777.00 Manpower Group 3,984,885.19 4,815,839.71 0.03 10,399.00 Oceaneering Intl 4,751,961.37 3,289,371.25 0.02 46,027.00 Marathon Oil Corp 9,677,323.06 4,885,363.50 0.03 15,153.00 Omnicom Group 6,916,276.46 9,665,480.40 0.05 41,522.00 Marathon Petroleum 11,564,541.30 18,146,870.55 0.10 10,362.00 Oneok 3,170,365.85 2,154,245.25 0.01 9,900.00 Marsh & Mclennan Cos 4,740,957.10 4,628,020.02 0.03 217,675.00 Oracle Corp 47,435,406.44 67,037,330.13 0.37 1,310.00 Martin Marietta Matls 7,027.00 O'Reilly Automotive Inc 6,041,925.51 15,013,063.60 0.08 Inc Com 1,451,817.39 1,508,401.27 0.01 18,018.00 P G & E Corp 6,668,235.01 8,079,696.68 0.04 28,081.00 Marvell Technology 39,017.00 Paccar Inc 15,651,118.00 15,591,600.54 0.09 Group Ltd 2,618,608.54 2,088,043.97 0.01 19,091.00 Packaging Corp of 845.00 Masco Corp 70,004.48 201,605.15 0.00 America Ord Shs 10,904,592.20 10,147,808.26 0.06 47,760.00 Mastercard Inc 15,072,298.91 39,201,561.60 0.22 2,689.00 Palo Alto Networks Ord Shs 3,779,910.49 3,993,073.26 0.02
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
63 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Global Criteria (continued) (expressed in SEK)
Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)
Equities (continued) Equities (continued)
USD - United States (continued) USD - United States (continued) 11,672.00 Parker Hannifin 9,989,865.53 9,543,022.39 0.05 4,433.00 Sempra Energy 1,870,291.45 3,513,421.61 0.02 19,119.00 Paychex Inc 5,375,915.89 8,525,055.68 0.05 25,219.00 Sensata Technologies 63,792.00 PayPal Holdings Ord Shs 18,443,631.36 19,468,535.03 0.11 Holding Ord Shs 8,409,885.66 9,792,876.54 0.05 6,232.00 Pepco Holdings Inc 834,311.57 1,366,552.37 0.01 5,425.00 Sherwin-Williams 88,360.00 Pepsico Inc 50,665,045.45 74,433,187.37 0.41 Co/The 4,774,543.99 11,873,066.90 0.07 382,945.00 Pfizer Inc 70,919,735.00 104,214,564.46 0.58 19,385.00 Simon Property 40,000.00 Phillips 66 Ord Shs 19,638,961.01 27,584,923.20 0.15 Group Inc 22,950,073.69 31,776,781.07 0.18 5,322.00 Pinnacle West Capital 2,121,486.40 2,893,066.28 0.02 17,979.00 Skyworks Solution Inc 10,736,033.31 11,645,411.78 0.06 6,096.00 Pioneer Natural 11,165.00 Snapon Inc 11,852,431.51 16,136,302.87 0.09 Resources Co 2,811,657.28 6,443,646.52 0.04 44,747.00 Southern Co 12,791,791.91 17,651,249.48 0.10 22,100.00 Plains GP Holdings Ord 16,262.00 Southwest Airlines 5,603,783.68 5,903,457.84 0.03 Shs Class 2,017,987.25 1,760,688.66 0.01 20,023.00 Southwestern Energy Co 5,363,326.17 1,200,209.98 0.01 5,300.00 Plum Creek Timber Co 2,138,302.66 2,132,233.63 0.01 43,396.00 Spectra Energy Corp 9,979,489.70 8,758,552.36 0.05 22,819.00 Pnc Financial Services 1,693.00 Splunk Ord Shs 978,117.04 839,395.47 0.00 Group 9,094,936.72 18,335,533.97 0.10 26,000.00 Sprint Communications 1,074,469.82 793,488.07 0.00 7,719.00 Polaris Industries 26,128.00 St Jude Medical Inc 9,613,067.89 13,606,369.26 0.08 Ord Shs 6,066,473.79 5,593,265.13 0.03 12,760.00 Stanley Black & 22,670.00 Ppg Industries Inc 13,414,322.71 18,886,646.59 0.10 Decker Inc 7,732,405.59 11,481,421.69 0.06 72,370.00 Ppl Corporation 17,128,472.70 20,823,481.68 0.12 29,448.00 Staples Inc 3,609,956.07 2,351,063.00 0.01 10,122.00 Praxair Inc 7,102,366.91 8,738,256.20 0.05 106,135.00 Starbucks Corp 26,932,092.69 53,713,747.31 0.30 3,687.00 Priceline.com Inc 21,755,819.48 39,630,064.12 0.22 4,500.00 Starwood Hotels & 18,267.00 Principal Financial Resorts Worldwide Inc 2,965,399.59 2,628,323.86 0.01 Group 3,376,419.18 6,926,999.62 0.04 26,649.00 State Street Corp 10,539,504.74 14,908,906.06 0.08 166,092.00 Procter & Gamble Co 82,960,449.49 111,194,267.64 0.62 9,189.00 Stericycle Inc 6,295,275.39 9,342,735.28 0.05 61,894.00 Progressive Corp 11,541,546.28 16,593,353.09 0.09 26,897.00 Stryker Corp 16,982,655.70 21,074,874.41 0.12 47,100.00 Prologis 14,697,989.02 17,042,727.68 0.09 49,211.00 Suntrust Banks Inc 13,995,956.52 17,773,384.51 0.10 30,645.00 Prudential Financial Inc 13,577,482.95 21,032,740.55 0.12 43,981.00 Symantec Corp 6,652,649.03 7,786,510.59 0.04 80,956.00 Public Service Enterprise 57,502.00 Synchrony Financial Group Inc 23,469,217.02 26,406,221.12 0.15 Ord Shs 15,366,237.99 14,742,049.14 0.08 12,355.00 Public Storage Inc 17,344,625.74 25,800,447.61 0.14 27,019.00 Synopsys 7,820,768.27 10,389,336.86 0.06 21,105.00 Pulte Homes Inc 3,533,491.91 3,170,673.63 0.02 32,504.00 Sysco Corp 7,824,463.52 11,235,157.12 0.06 9,257.00 PVH Ord Shs 7,929,990.10 5,747,798.03 0.03 7,356.00 T Mobile US Ord Shs 2,575,608.16 2,426,046.11 0.01 10,552.00 Qorvo Ord Shs 5,492,033.97 4,528,048.28 0.03 39,269.00 T Rowe Price Group Inc 20,030,782.05 23,667,567.43 0.13 108,293.00 Qualcomm Inc 45,309,045.73 45,635,053.67 0.25 1,800.00 Tableau Software Ord 18,480.00 Quanta Services Inc 3,743,140.36 3,154,899.13 0.02 Shs Class 1,522,705.57 1,429,796.04 0.01 12,212.00 Quest Diagnostics Inc 6,360,253.85 7,324,182.22 0.04 46,439.00 Target Corp 24,076,581.46 28,427,441.87 0.16 17,578.00 Quintiles Transnational 8,606.00 TD Ameritrade Holding 1,841,738.92 2,518,340.44 0.01 Holdings Ord Sh 7,843,591.62 10,174,937.34 0.06 16,782.00 TE Connectivity 3,276,776.35 9,141,173.29 0.05 4,270.00 Ralph Lauren Corp 4,239,908.84 4,013,130.84 0.02 31,210.00 Tegna 6,282,872.94 6,714,797.54 0.04 6,344.00 Range Recources 2,351,773.14 1,316,234.51 0.01 4,118.00 Teradata Corp 1,779,887.40 917,228.71 0.01 9,350.00 Realogy Holdings 4,970.00 Tesla Motors Ord Shs 8,723,880.96 10,056,438.68 0.06 Ord Shs 2,963,834.19 2,890,553.45 0.02 9,830.00 Tesoro Ord Shs 4,577,985.06 8,732,306.73 0.05 21,640.00 Realty Income REIT 6,412,720.18 9,419,283.44 0.05 68,826.00 Texas Instruments Inc 21,148,174.95 31,803,199.71 0.18 11,994.00 Red Hat Inc 4,922,125.83 8,373,467.00 0.05 103,354.00 The AES Corp 9,746,949.80 8,338,687.74 0.05 20,704.00 Regency Ctrs Corp 37,503.00 The Kraft Heinz Co 22,934,107.05 23,004,732.33 0.13 Com Com 6,873,027.77 11,890,151.34 0.07 102,281.00 The Walt Disney Co 45,258,400.47 90,609,455.07 0.50 5,460.00 Regeneron 35,305.00 Thermo Electron Corp 27,016,167.89 42,220,564.94 0.23 Pharmaceuticals Ord Shs 11,335,145.68 24,988,890.23 0.14 4,592.00 Tiffany 2,286,877.67 2,953,438.82 0.02 56,318.00 Regions Financial Corp 2,450,909.43 4,558,027.50 0.03 13,895.00 Time Warner Cable Inc 7,431,515.99 21,740,604.08 0.12 6,053.00 Resmed Ord Shs 2,036,402.25 2,739,823.35 0.02 48,240.00 Time Warner Inc 17,249,880.49 26,300,780.95 0.15 19,900.00 Rite Aid Ord Shs 1,328,568.83 1,315,308.49 0.01 42,092.00 Tjx Companies Inc 12,579,056.09 25,163,180.41 0.14 14,036.00 Robert Half International 5,730,812.11 5,578,165.84 0.03 5,230.00 Torchmark 1,393,181.00 2,520,300.89 0.01 12,547.00 Rockwell Automation 9,229,526.54 10,853,956.33 0.06 8,424.00 Total System Services 1,821,351.50 3,536,764.85 0.02 11,063.00 Roper Inds Inc 9,510,227.44 17,701,282.06 0.10 2,991.00 Towers Watson Ord Shs 2,460,578.70 3,239,237.67 0.02 32,372.00 Ross Stores 7,851,230.88 14,685,576.77 0.08 10,260.00 Tractor Supply Ord Shs 5,314,133.97 7,395,575.24 0.04 38,645.00 Salesforce.com 12,582,724.12 25,542,762.10 0.14 8,327.00 TransDigm Group 11,274.00 Sandisk Corp 4,378,598.39 7,222,589.95 0.04 Ord Shs 13,268,370.74 16,037,556.94 0.09 9,181.00 SBA 25,686.00 Transocean Ltd 6,589,479.95 2,704,150.74 0.01 Communications Corp 7,255,417.92 8,132,558.65 0.05 27,273.00 Travelers Cos Inc/The 14,264,493.57 25,949,646.29 0.14 82,160.00 Schlumberger Ltd 42,838,285.75 48,312,902.20 0.27 10,428.00 Trimble Navigation 28,684.00 Scripps Networks 14,502,024.21 13,351,066.07 0.07 Ord Shs 2,027,053.31 1,885,761.67 0.01 15,469.00 Seagate Technology 2,789,410.27 4,780,938.80 0.03 6,230.00 TripAdvisor Inc 3,928,387.73 4,477,554.89 0.02 23,575.00 Sealed Air Corp 6,676,800.03 8,864,312.22 0.05 79,076.00 Twenty-First Century Fox A 8,153,475.89 18,106,434.69 0.10
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
64 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Global Criteria (continued) (expressed in SEK)
Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)
Equities (continued) Equities (continued)
USD - United States (continued) USD - United States (continued) 11,669.00 Twenty-Fist Century 1,406.00 Workday Ord Shs Fox B 2,909,537.25 2,678,796.76 0.01 Class A 824,602.68 944,480.79 0.01 26,386.00 Twitter Ord Shs 7,493,967.90 5,147,488.64 0.03 20,269.00 Wyndham Worldwide 25,895.00 Tyson Foods Inc 6,023,048.33 11,642,492.94 0.06 Ord Shs 11,258,753.52 12,414,419.75 0.07 8,385.00 UDR 1,604,213.50 2,655,845.13 0.01 23,181.00 Xcel Energy Inc 3,879,457.88 7,017,881.91 0.04 2,868.00 Ulta Salon Cosmetics 28,012.00 Xerox Corp 1,687,234.72 2,510,359.19 0.01 and Fragrance Ord 1,784,005.70 4,473,107.75 0.02 16,529.00 Xilinx Inc 3,600,340.48 6,545,240.73 0.04 9,218.00 Under Armour Inc 4,690,259.06 6,264,466.76 0.03 9,210.00 Xylem Inc 2,310,936.56 2,834,072.65 0.02 58,810.00 Union Pacific Corp 26,810,219.62 38,771,840.43 0.21 41,753.00 Yahoo 9,853,738.16 11,707,614.52 0.06 5,833.00 United Continental 27,142.00 Yum! Brands Inc 13,365,313.33 16,715,545.37 0.09 Holdings 2,386,432.78 2,817,767.03 0.02 2,714.00 Zillow Group Ord Shs 31,053.00 United Parcel Class C 896,341.67 537,237.62 0.00 Service Inc 20,589,719.97 25,192,573.44 0.14 15,723.00 Zimmer Holdings Inc 11,707,525.55 13,598,748.08 0.08 9,472.00 United Rentals Ord Shs 6,567,117.65 5,792,655.82 0.03 23,484.00 Zoetis Ord Shs Class A 5,094,483.56 9,487,403.36 0.05 4,919.00 United Therapeutics 6,538,543,322.92 9,409,433,923.09 52.23 Ord Shs 6,657,017.27 6,494,635.71 0.04 67,377.00 Unitedhealth Group Inc 33,418,916.08 66,822,877.00 0.37 ZAR - Malta 7,030.00 Universal Health 16,731.00 Brait Ord Shs 1,427,473.57 1,519,620.69 0.01 Services Ord Shs Class 5,936,270.11 7,081,827.93 0.04 1,427,473.57 1,519,620.69 0.01 16,687.00 Unum Group 2,822,965.01 4,683,284.55 0.03 89,315.00 US Bancorp 19,907,988.54 32,129,615.59 0.18 ZAR - South Africa 38,700.00 Valero Energy Corp 11,742,189.11 23,070,143.00 0.13 23,506.00 Anglogold 1,827,476.41 1,358,943.60 0.01 24,980.00 Vantiv Ord Shs Class A 8,424,819.56 9,986,480.72 0.06 3,134.00 Barclays Africa Group 12,111.00 Varian Medical Ord Shs 412,443.85 244,665.94 0.00 Systems Inc 6,061,941.15 8,249,922.13 0.05 102,221.00 Barloworld 5,442,916.86 3,446,470.07 0.02 21,068.00 Ventas Inc 7,362,492.80 10,022,864.15 0.06 28,594.00 Bidvest Group 5,404,419.78 5,105,985.91 0.03 40,997.00 Vereit Ord Shs 3,773,727.14 2,737,384.12 0.02 64,234.00 Coronation Fund 4,963.00 Verisign Inc 1,702,446.34 3,655,235.68 0.02 Managers 4,037,376.83 1,848,730.17 0.01 11,572.00 Verisk Analytics Inc 4,957,346.68 7,500,328.48 0.04 7,500.00 Discovery Ltd 653,143.19 542,503.44 0.00 264,684.00 Verizon 244,971.00 FirstRand 7,174,424.09 5,647,107.16 0.03 Communications Inc 74,759,069.56 103,137,385.68 0.57 53,038.00 Gold Fields 1,685,894.84 1,217,734.13 0.01 12,598.00 Vertex 390,639.00 Growthpoint Prop Units 6,344,570.42 4,937,165.65 0.03 Pharmaceuticals Inc 9,998,693.44 13,364,240.57 0.07 4,663.00 Impala Platinum 325,279.28 63,526.16 0.00 31,123.00 Vf Corp 11,493,360.30 16,333,501.35 0.09 18,083.00 Imperial Holding 2,231,858.58 1,174,308.44 0.01 23,865.00 Viacom Inc 8,601,791.52 8,281,238.43 0.05 29,057.00 Liberty Holdings 25,300.00 Vipshop Holding Ord Shs 2,439,575.53 1,820,877.53 0.01 Sp ADR 3,647,242.51 3,257,002.13 0.02 17,004.00 Mondi Ord Shs 3,113,957.58 2,842,654.95 0.02 132,635.00 Visa Inc 43,794,977.42 86,715,839.53 0.48 20,742.00 Mr Price Group Ord 8,874.00 VMware Inc 5,953,462.78 4,232,179.58 0.02 Shs 1 2,395,806.99 2,257,010.17 0.01 15,102.00 Vornado Realty Trust 11,005,521.30 12,726,799.36 0.07 129,750.00 MTN Group Limited 17,461,720.07 9,381,073.91 0.05 1,500.00 Vulcan Materials Co 1,313,607.69 1,200,981.12 0.01 22,317.00 Naspers 19,668,147.29 25,740,949.59 0.14 2,800.00 WABCO Holdings 8,845.00 Nedbank Group Ltd 1,479,067.12 907,643.79 0.01 Ord Shs 2,413,571.25 2,413,916.84 0.01 806,954.00 Redefine Properties 14,242.00 Wabtec Corp 9,710,127.55 8,539,279.20 0.05 Ord Shs 5,136,216.82 4,258,664.26 0.02 62,753.00 Walgreens Boots 8,009.00 Resilient REIT 462,000.62 503,284.05 0.00 Alliance 25,677,820.37 45,050,864.60 0.25 4,446.00 RMB Holdings 148,874.92 134,516.40 0.00 18,866.00 Waste Management Inc 4,320,264.57 8,488,589.21 0.05 103,791.00 Sanlam 4,079,854.17 3,418,652.85 0.02 987.00 Waters 701,804.50 1,119,840.48 0.01 34,568.00 Sappi 860,088.18 1,227,366.35 0.01 36,601.00 WEC Energy Group 39,177.00 Sasol 14,798,104.60 8,939,484.85 0.05 Ord Shs 12,649,605.40 15,832,644.12 0.09 105,996.00 Standard Bank New 10,966,987.83 6,545,430.68 0.04 321,047.00 Wells Fargo & Company 88,099,334.23 147,131,801.04 0.82 157,366.00 Steinhoff International 19,388.00 Welltower Ord Shs 8,958,277.21 11,119,671.72 0.06 Holdings NV Ord Shs 6,225,224.02 6,721,849.32 0.04 13,921.00 Western Digital 5,800,672.36 7,047,611.08 0.04 42,243.00 Telecom South Africa 1,722,814.93 1,478,499.54 0.01 70,958.00 Western Union Co/The 8,729,072.30 10,714,093.60 0.06 27,320.00 The Foschini Group 1,955,959.33 1,810,129.12 0.01 14,530.00 Westlake Chemical 19,566.00 Tiger Brandsny ISIN Ord Shs 7,784,308.84 6,654,016.29 0.04 okt-05 pga återköp 3,876,402.69 3,368,575.73 0.02 23,236.00 Westrock Ord Shs 10,319,949.19 8,936,657.89 0.05 48,056.00 Truworths International 2,489,644.94 2,383,181.84 0.01 24,195.00 Weyerhaeuser Co 2,951,528.32 6,115,271.44 0.03 88,013.00 Vodacom Group Ord Shs 7,723,315.01 7,298,156.59 0.04 5,380.00 Whirlpool Corp 3,894,893.62 6,661,527.95 0.04 103,963.00 Woolworths Holding 19,739.00 WhiteWave Foods Ord Ord Shs 5,182,412.25 5,664,774.76 0.03 Shs Class 7,797,929.86 6,475,075.88 0.04 147,725,979.02 122,289,916.95 0.69 13,297.00 Whiting Petroleum Corp 5,215,419.05 1,058,239.94 0.01 18,363.00 Whole Foods Market 5,432,228.29 5,186,172.11 0.03 47,369.00 Williams Cos Inc 14,875,290.17 10,263,271.65 0.06
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
65 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Global Criteria (continued) (expressed in SEK)
Number of Market % of Shares / Value net Nominal Denomination Cost (Note 2) assets
Other Transferable Securities
Equities
EUR - Spain 17,999.00 Grifols Ord Shs 5,732,185.61 7,027,032.68 0.04 5,732,185.61 7,027,032.68 0.04
USD - United Kingdom 3,816.00 Willis Group Holdings 1,117,220.38 1,562,553.71 0.01 1,117,220.38 1,562,553.71 0.01
ZAR - South Africa 108,979.00 African Bank Investment 465,704.46 0.59 0.00 465,704.46 0.59 0.00 Investment Funds
AUD - Australia 142,736.00 General Property Trust 3,793,733.32 4,184,877.48 0.02 15,111.00 Goodman New 430,293.76 581,141.75 0.00 233,029.00 Stockland 5,661,905.49 5,860,236.69 0.03 48,204.00 Westfield Corp 1,878,389.34 2,811,803.22 0.02 11,764,321.91 13,438,059.14 0.07
EUR - India 194,300.00 Lyxor ETF MSCI India C-EUR 26,884,035.63 24,502,759.91 0.14 26,884,035.63 24,502,759.91 0.14
GBP - United Kingdom 186,357.00 3i Group Plc 8,762,356.60 11,152,152.30 0.06 8,762,356.60 11,152,152.30 0.06
HKD - Hong Kong 99,491.00 The Link Real Estate Investment Trust 2,601,347.84 5,037,926.85 0.03 2,601,347.84 5,037,926.85 0.03
SGD - Singapore 243,110.00 Ascendas Real Estate Investment Trust 2,713,346.19 3,293,979.50 0.02 447,586.00 CapitaCommercial Trust 3,802,414.86 3,590,818.75 0.02 91,100.00 Capitamall Trust 962,582.61 1,044,861.93 0.01 7,478,343.66 7,929,660.18 0.05
Total Investments 13,950,530,847.99 17,789,365,392.98 98.61
Cash at bank 234,865,883.21 1.30 Other net assets 26,835,053.13 0.09
Total net assets 18,051,066,329.32 100.00
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
66 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 America Small Cap (expressed in USD)
Market % of Market % of Number of Value net Number of Value net Shares Denomination Cost (Note 2) assets Shares Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing listing (continued)
Equities Equities (continued)
MXN - Mexico USD - United States (continued) 146,380.00 Credito Real SOFOM 110,000.00 Virtusa Ord Shs 5,536,468.76 4,547,400.00 0.81 ENR Ord Shs 359,254.16 370,459.98 0.07 300,000.00 Wolverine World Wide 2,511,000.00 Grupo Aeroportuario del Ord Shs 8,312,034.68 5,013,000.00 0.89 Centro Norte 8,184,386.16 12,203,781.45 2.18 140,000.00 Zebra Technologies Ord 2,381,895.00 Grupo Herdez SAB 7,511,590.02 6,052,947.92 1.08 Shs Class A 11,445,111.47 9,751,000.00 1.74 4,253,363.00 Hoteles City 468,589,151.50 492,571,500.68 87.88 Express ORD 7,383,248.50 5,676,519.35 1.01 698,520.00 Promotora y Operadora Total Investments 515,661,963.91 544,858,171.77 97.21 de Infraestructur 7,188,720.40 8,206,962.39 1.46 30,627,199.24 32,510,671.09 5.80 Cash at bank 17,157,589.94 3.06 Other net liabilities (1,475,739.39) (0.27) USD - Ireland 300,000.00 Allegion Ord Shs 16,445,613.17 19,776,000.00 3.53 Total net assets 560,540,022.32 100.00 16,445,613.17 19,776,000.00 3.53 USD - United States 65,000.00 Acadia Pharmaceuticals Ord Shs 1,645,757.00 2,317,250.00 0.41 36,500.00 Anacor Pharmaceuticals Ord Shs 2,397,312.15 4,123,405.00 0.74 170,000.00 Atmos Energy Ord Shs 8,304,128.50 10,716,800.00 1.91 500,000.00 Bright Horizons Family Solutions Ord Shs 21,593,300.95 33,400,000.00 5.96 367,000.00 Cardtronics Ord Shs 12,456,046.86 12,349,550.00 2.20 73,000.00 Cempra Ord Shs 2,680,667.00 2,272,490.00 0.41 250,000.00 Cinemark Holdings Inc. 10,271,165.04 8,357,500.00 1.49 485,600.00 Cognex Ord Shs 15,516,001.60 16,398,712.00 2.93 90,000.00 Coherus Biosciences Ord Shs 2,954,701.85 2,066,400.00 0.37 62,400.00 Cooper Ord Shs 8,418,075.97 8,374,080.00 1.49 230,000.00 Drew Industries Ord Shs 12,008,409.70 14,004,700.00 2.50 335,000.00 East-West Bancorp Inc. 13,250,328.20 13,922,600.00 2.48 226,000.00 Eaton Vance Corp 8,174,082.20 7,329,180.00 1.31 285,000.00 Envision Healthcare Holdings Ord Shs 9,460,288.14 7,401,450.00 1.32 450,000.00 Exponent Ord Shs 18,961,313.46 22,477,500.00 4.01 161,850.00 Fair Isaac Ord Shs 9,062,161.66 15,243,033.00 2.72 50,000.00 FibroGen Ord Shs 1,525,890.00 1,523,500.00 0.27 350,000.00 First Financial Bankshares 11,130,441.64 10,559,500.00 1.88 350,000.00 Gentherm Ord Shs 17,395,770.64 16,590,000.00 2.96 656,600.00 Grand Canyon Education Ord Shs 25,193,425.55 26,342,791.96 4.70 60,000.00 Hain Celestial Group Ord Shs 2,528,778.00 2,423,400.00 0.43 300,000.00 HSN Inc 19,845,314.88 15,201,000.00 2.71 378,550.00 Huron Consulting Group Ord Shs 25,054,943.36 22,485,870.00 4.01 172,000.00 InterActiveCorp 11,950,860.00 10,328,600.00 1.84 60,000.00 IPG Photonics Ord Shs 4,381,900.91 5,349,600.00 0.95 90,000.00 Kadant Ord Shs 3,706,859.19 3,654,900.00 0.65 201,400.00 LifePoint Hospitals Ord Shs 14,968,572.18 14,782,760.00 2.64 171,000.00 Mednax Inc 10,227,945.27 12,253,860.00 2.19 83,000.00 Middleby Ord Shs 8,037,581.20 8,953,210.00 1.60 246,800.00 Pool Ord Shs 13,704,699.14 19,936,504.00 3.56 494,000.00 PRA Group 27,431,634.91 17,136,860.00 3.06 164,700.00 Prosperity Bancshares 9,569,729.71 7,882,542.00 1.41 900,000.00 Rollins Ord Shs 19,128,565.08 23,310,000.00 4.16 500,000.00 Sensient Technologies Ord Shs 27,296,895.17 31,409,999.90 5.60 600,000.00 Service Ord Shs 11,282,434.02 15,612,000.00 2.79 368,441.00 Southside Bancshares 9,329,167.74 8,849,952.82 1.58 140,000.00 Vail Resorts Inc 12,450,387.72 17,918,600.00 3.20
The accompanying notes form an integral part of these financial statements.
67 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Commodity (expressed in SEK)
Market % of Value net Nominal Denomination Cost (Note 2) assets
Other money market instruments
Certificates of deposits and Commercial papers
USD - United States 35,000,000.00 US Treasury Bill 2016- 03-10 298,166,932.57 295,005,377.69 15.51 40,000,000.00 US Treasury Bill 2016- 03-31 349,612,448.05 337,083,152.62 17.72 647,779,380.62 632,088,530.31 33.23
Total Investments 647,779,380.62 632,088,530.31 33.23
Cash at bank 1,306,986,560.72 68.71 Other net liabilities (36,762,197.42) (1.94)
Total net assets 1,902,312,893.61 100.00
The accompanying notes form an integral part of these financial statements.
68 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Brazil (expressed in SEK)
Market % of Number of Value net Shares Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange listing
Equities
BRL - Brazil 80,800.00 Aliansce Shopping Centers 4,512,156.65 1,873,333.13 0.90 176,550.00 B2W Companhia Digital Ord Shs 13,164,889.15 5,729,838.51 2.75 581,900.00 Banco Daycoval Pref 23,197,884.94 10,887,235.83 5.22 294,000.00 BM&F Bovespa 7,171,934.49 6,822,600.90 3.27 211,762.00 BR Malls Participacoes 14,069,188.45 5,008,939.26 2.40 61,600.00 BRF Brasil Foods 11,736,790.17 7,272,190.28 3.49 165,096.00 Cetip 13,093,588.11 13,192,970.02 6.33 35,300.00 Cielo SA 4,017,542.09 2,526,733.66 1.21 87,250.00 Companhia Concessoes Rodoviarias 5,280,575.64 2,333,371.66 1.12 60,050.00 Compania de Transmissao de ENE-PF 6,745,415.64 5,847,954.28 2.80 57,700.00 Estacio Participacoes SA 3,154,616.09 1,715,239.53 0.82 75,000.00 Fleury Sa 2,802,464.29 2,557,148.82 1.23 149,000.00 Hypermarcas Ord Shs 7,240,750.03 6,893,199.51 3.31 337,000.00 Itausa Investimentos Itau Pref 5,790,449.89 4,940,752.46 2.37 460,808.00 Kroton Educacional Ord Shs 10,760,538.49 9,358,099.70 4.49 78,800.00 Linx Ord Shs 9,932,422.03 7,438,831.14 3.57 186,250.00 Localiza Rent A Car Sa 16,364,108.91 9,850,829.80 4.72 213,500.00 Lojas Renner 9,493,470.35 7,779,805.63 3.73 52,100.00 M Dias Branco Industria Ord Shs 12,164,741.43 7,383,021.37 3.54 94,800.00 Mahle-Metal Leve SA 7,028,465.39 4,999,865.22 2.40 52,100.00 Multiplus Ord Shs 5,307,807.09 4,145,594.25 1.99 367,317.00 Sao Paulo Alpargatas SA Pref 10,391,872.95 5,573,086.44 2.67 248,600.00 Ser Educacional Ord Shs 6,947,950.50 4,079,121.17 1.96 115,000.00 Sul American SA Com Shs & Pref Shs 6,021,653.67 4,560,568.36 2.19 344,200.00 Suzano Bahia Sul Papel Celulose Class A 13,448,014.37 13,708,657.45 6.58 255,000.00 T4F Entretenimento S/A 13,015,047.70 1,684,521.78 0.81 165,010.00 Tempo Participados 3,359,805.95 1,438,163.72 0.69 53,500.00 Ultrapar Participacoes 9,030,421.77 6,891,675.88 3.31 117,670.00 Valid Solucoes e Servicos 10,042,354.28 10,656,864.41 5.11 209,300.00 WEG SA 7,724,012.91 6,667,840.12 3.20 273,010,933.42 183,818,054.29 88.18
CLP - Chile 214,000.00 Sonda Ord Shs 2,912,000.63 3,307,350.79 1.59 2,912,000.63 3,307,350.79 1.59
USD - Chile 93,150.00 Embotelladora Andina ADR B 18,547,718.52 13,672,253.90 6.56 18,547,718.52 13,672,253.90 6.56
USD - United States 7,200.00 Grupo Financiero Galicia ADR R 1,692,855.13 1,643,764.67 0.79 1,692,855.13 1,643,764.67 0.79
Total Investments 296,163,507.70 202,441,423.65 97.12
Cash at bank 5,712,852.32 2.74 Other net assets 334,011.62 0.14
Total net assets 208,488,287.59 100.00
The accompanying notes form an integral part of these financial statements.
69 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Global Dynamic Allocation Preserve 90 (expressed in SEK)
Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing listing (continued)
Equities Equities (continued)
AUD - Australia GBP - United Kingdom 108,664.00 ANZ Bank 20,095,955.25 18,615,639.18 0.71 28,287.00 Astrazeneca Plc 16,062,865.75 16,349,886.00 0.63 20,095,955.25 18,615,639.18 0.71 222,165.00 Barclays Plc 6,867,025.05 6,042,934.76 0.23 141,364.00 HSBC Holdings Plc 10,030,217.32 9,418,725.46 0.36 CAD - Canada 97,580.00 Prudential Plc 19,656,179.41 18,563,613.06 0.71 111,959.00 Cameco Corp 12,635,550.52 11,598,918.71 0.45 107,423.00 United Utilities Group 31,284.00 Canadian National Plc 12,894,917.15 12,487,272.00 0.48 Railway Co 15,695,855.89 14,686,136.76 0.56 306,627.00 Vodafone Group 8,713,644.33 8,420,331.13 0.32 121,520.00 Manulife Financial Corp 17,223,916.30 15,296,127.18 0.59 74,224,849.01 71,282,762.41 2.73 45,555,322.71 41,581,182.65 1.60 HKD - Hong Kong CAD - United States 92,592.00 Hang Seng Bank Ltd 14,676,528.60 14,926,914.48 0.57 51,148.00 Toronto Dominion Bank 14,676,528.60 14,926,914.48 0.57 (USA) 17,884,692.32 16,837,333.35 0.65 17,884,692.32 16,837,333.35 0.65 JPY - Japan 167,683.00 Astellas Pharma Inc 20,510,475.46 20,348,033.26 0.78 CHF - Switzerland 44,310.00 Canon Inc 11,662,592.26 11,412,216.48 0.44 139,874.00 ABB Ltd 23,059,369.89 21,157,664.86 0.81 8,112.00 Central Japan 11,430.00 Compagnie Financiere Railway Co 11,981,776.06 12,279,836.96 0.47 Richemont Ord Shs 7,656,376.78 6,940,742.01 0.27 9,412.00 Nitto Denko Corporation 5,760,650.84 5,878,520.05 0.23 30,715,746.67 28,098,406.87 1.08 40,755.00 Toyota 22,098,862.16 21,387,382.71 0.82 72,014,356.78 71,305,989.46 2.74 CHF - United Kingdom 6,793.00 Roche Holding AG- NOK - Norway Genusschein 16,254,230.03 15,813,356.43 0.61 105,277.00 Den Norske Bank 16,254,230.03 15,813,356.43 0.61 Holding 12,230,893.49 11,009,936.42 0.42 85,142.00 Telenor Asa 13,561,317.80 12,026,353.60 0.46 DKK - Denmark 22,475.00 Yara International Asa 8,943,206.84 8,196,605.57 0.31 53,048.00 Danske Bank A/S 12,261,472.52 12,056,587.09 0.46 34,735,418.13 31,232,895.59 1.19 59,368.00 NOVO Nordisk B-Share 27,210,510.17 29,135,214.16 1.12 5,486.00 Pandora Holding A/S 5,562,235.70 5,870,656.62 0.23 SEK - Sweden 45,034,218.39 47,062,457.87 1.81 105,929.00 Assa Abloy B 18,366,631.21 18,855,362.00 0.72 87,242.00 Atlas Copco A 19,993,451.59 18,181,232.80 0.70 EUR - Belgium 159,766.00 Ericsson Lm-B Shs 14,166,117.66 13,148,741.80 0.50 24,435.00 KBC Groep NV 12,867,521.10 12,905,372.91 0.50 56,587.00 Hennes & Mauritz Ab - 12,867,521.10 12,905,372.91 0.50 B- Shs 18,326,731.31 17,094,932.70 0.66 171,151.00 Nordea Ab 16,802,199.88 15,968,388.30 0.61 EUR - Finland 177,940.00 Sandvik Ab 14,847,855.64 13,176,457.00 0.51 167,758.00 Nokia Oyj 10,528,321.87 10,132,259.48 0.39 109,340.00 Svenska 44,890.00 Sampo Oyj-A 18,860,911.08 19,322,162.46 0.74 Handelsbanken AB 12,986,288.93 12,344,486.00 0.47 29,389,232.95 29,454,421.94 1.13 115,489,276.22 108,769,600.60 4.17
EUR - France USD - Ireland 10,712.00 L'Oreal 16,133,849.89 15,235,274.50 0.58 26,778.00 XL Group Plc 8,506,801.36 8,845,065.49 0.34 12,866.00 Societe Generale-A 5,076,696.02 5,015,976.13 0.19 8,506,801.36 8,845,065.49 0.34 14,090.00 Vinci SA 7,446,834.74 7,631,336.03 0.29 43,325.00 Vivendi Universal SA 8,527,634.95 7,879,997.49 0.30 USD - Netherlands 37,185,015.60 35,762,584.15 1.36 7,608.00 LyondellBasell Industries 5,950,366.77 5,573,766.42 0.21 EUR - Germany 5,950,366.77 5,573,766.42 0.21 70,736.00 Deutsche Telekom AG 10,658,082.36 10,811,976.62 0.42 7,706.00 Munchener USD - United States Ruckversicherungs- 12,260.00 Ace Ltd 11,682,032.68 12,077,517.38 0.46 Gesellschaft AG 12,784,364.40 13,024,207.84 0.50 18,212.00 Allstate Corp 9,903,724.19 9,533,179.83 0.37 26,920.00 SAP AG 17,395,556.77 18,090,935.56 0.69 1,834.00 Alphabet Ord Shs 40,838,003.53 41,927,120.02 1.61 Class C 9,866,261.43 11,733,590.38 0.45 1,333.00 Amazon.Com 6,013,337.78 7,595,644.93 0.29 EUR - Spain 9,684.00 Analog Devices Inc 4,803,200.92 4,516,431.59 0.17 177,720.00 Banco Bilbao Vizcaya 27,278.00 At&T Inc 7,798,079.26 7,913,264.49 0.30 Argenta 12,885,027.68 10,968,317.78 0.42 73,364.00 Bank of America Corp 10,379,606.91 10,409,397.72 0.40 12,885,027.68 10,968,317.78 0.42 13,039.00 Camden Property Trust 8,331,617.08 8,437,965.31 0.32 13,789.00 Capital One GBP - Switzerland Financial Corp 9,134,089.04 8,390,892.04 0.32 27,770.00 Wolseley Ord Shs 13,637,623.98 12,736,392.31 0.49 10,333.00 Celgene Corp 10,293,648.53 10,432,699.56 0.40 13,637,623.98 12,736,392.31 0.49 25,349.00 Citigroup 11,394,604.67 11,059,351.71 0.42 23,259.00 Coca-Cola Co 8,208,496.99 8,423,911.50 0.32
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
70 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Global Dynamic Allocation Preserve 90 (continued) (expressed in SEK)
Number of Market % of Shares / Value net Nominal Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange listing (continued)
Equities (continued)
USD - United States (continued) 16,232.00 Deere & Co 11,318,382.34 10,437,206.22 0.40 11,501.00 Eli Lilly & Co 7,819,019.99 8,169,877.46 0.31 45,043.00 Emc Corp/Mass 9,966,620.78 9,751,710.77 0.37 28,583.00 Emerson Electric Co 12,433,874.60 11,525,683.10 0.44 12,061.00 Facebook Class A Ord Shs 9,615,157.12 10,641,982.29 0.41 59,350.00 Ford Motor Co 7,323,239.42 7,050,017.59 0.27 47,028.00 Franklin Resources Inc 16,794,283.54 14,598,182.14 0.56 11,674.00 Gilead Sciences Inc 10,340,412.88 9,959,000.84 0.38 29,816.00 Hcp Inc 9,496,785.54 9,612,265.27 0.37 40,602.00 Intel Corp 11,270,667.09 11,792,208.17 0.45 18,741.00 Intl Flavors & Fragrances 18,482,166.03 18,902,865.72 0.73 21,178.00 Johnson & Johnson 17,974,354.10 18,339,962.31 0.70 21,156.00 JP Morgan Chase & Co 11,626,602.85 11,776,963.79 0.45 48,849.00 Kimco Realty Corp 10,421,116.51 10,896,926.00 0.42 6,617.00 Macerich Co Com. 4,445,222.13 4,501,314.26 0.17 18,259.00 Merck & Co Inc 8,454,066.62 8,130,811.07 0.31 34,970.00 Microsoft Corp 14,659,577.10 16,356,507.19 0.63 40,085.00 Netapp Inc 10,607,535.62 8,965,564.14 0.34 34,376.00 Oracle Corp 11,425,493.34 10,586,770.46 0.41 18,214.00 Pepsico Inc 15,086,170.09 15,343,210.44 0.59 44,396.00 Pfizer Inc 12,451,607.30 12,081,917.14 0.46 22,987.00 Procter & Gamble Co 15,273,473.78 15,389,197.60 0.59 39,409.00 Prologis 13,919,519.17 14,259,805.84 0.55 32,783.00 Quanta Services Inc 6,550,868.65 5,596,702.29 0.21 16,455.00 Regency Ctrs Corp Com Com 9,036,792.46 9,449,982.63 0.36 13,773.00 Rockwell Automation 12,864,129.43 11,914,524.63 0.46 21,867.00 Seagate Technology 8,108,144.16 6,758,341.76 0.26 13,730.00 Skyworks Solution Inc 9,777,195.20 8,893,236.76 0.34 10,765.00 St Jude Medical Inc 5,948,174.36 5,605,961.61 0.22 18,643.00 State Street Corp 11,267,929.08 10,429,912.41 0.40 23,472.00 T Rowe Price Group Inc 15,074,165.12 14,146,658.76 0.54 14,622.00 The Walt Disney Co 13,340,410.35 12,953,446.26 0.50 12,435.00 Travelers Cos Inc/The 11,308,145.83 11,831,622.91 0.45 13,395.00 United Rentals Ord Shs 8,924,644.97 8,191,788.92 0.31 23,671.00 Verizon Communications Inc 9,285,062.10 9,223,697.06 0.35 28,261.00 Wells Fargo & Company 13,122,167.78 12,951,660.66 0.50 13,643.00 Western Digital 8,637,750.54 6,906,871.48 0.27 6,534.00 Whirlpool Corp 9,060,372.78 8,090,413.32 0.31 16,004.00 Yum! Brands Inc 10,584,977.06 9,856,148.70 0.38 10,542.00 Zimmer Holdings Inc 9,287,758.51 9,117,725.77 0.35 551,192,735.80 541,512,492.18 20.74 Investment Funds
EUR - France 805,767.00 Lyxor ETF Commodities EX-CRB 136,932,097.97 130,356,107.12 5.00 136,932,097.97 130,356,107.12 5.00
SEK - Sweden 4,353,374.02 SHB Korträntefond Sverige A1 455,325,741.63 454,242,800.25 17.44 455,325,741.63 454,242,800.25 17.44
Total Investments 1,791,390,762.48 1,749,810,979.46 67.10
Cash at bank 1,132,296,551.46 43.47 Other net liabilities (277,400,165.75) (10.57)
Total net assets 2,604,707,365.17 100.00
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
71 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Multi Asset (L) (expressed in SEK)
Market % of Market % of Value net Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets
Investment Funds Investment Funds (continued)
EUR - Luxembourg SEK - Sweden (continued) 45,370.45 JPMorgan European 4,323,898.27 SHB Långräntefond Strategic Div I (acc) - Sverige A1 466,670,781.42 479,231,482.19 3.10 EUR 52,217,603.88 68,617,300.88 0.44 528,303.15 SHB Norden Selektiv 35,881.70 UBS Equity Sicav Small A1 SEK 121,705,651.10 159,398,149.84 1.03 Caps Europe 78,244,570.16 108,737,183.06 0.70 1,034,405.52 SHB Nordenfond A1 834,904,953.95 923,820,125.32 5.98 130,462,174.04 177,354,483.94 1.14 364,348.74 SHB Tillväxtmarknadsfond A 81,782,423.50 76,238,735.65 0.49 GBP - Ireland 1,503,100.00 XACT Nordic 30 139,441,596.58 148,882,055.00 0.96 3,700.00 iShares Msci Emerging 6,960,870,734.31 7,367,363,077.80 47.66 Markets 985,636.33 948,306.01 0.01 4,100.00 iShares MSCI Europe 621,726.67 851,817.65 0.01 USD - Luxembourg 32,000.00 iShares S&P 500 300,327.89 Handelsbanken America Index Fund 3,005,852.02 5,499,189.19 0.04 Small Cap A - SEK 137,048,167.19 162,155,115.61 1.05 4,613,215.02 7,299,312.85 0.06 49,796.63 JPMorgan US Strat I (acc) - USD 45,356,894.85 67,317,415.84 0.44 SEK - Luxembourg 454,448.18 UBS Equity Sicav USA 781,870.39 BSF Global Absolute Growth B 63,612,805.98 102,792,996.50 0.66 Return Bond 797,000,003.91 795,123,093.11 5.14 246,017,868.02 332,265,527.95 2.15 40,176.33 Handelsbanken Emerging Markets Bond Total Investments 14,767,991,614.70 15,184,867,873.71 98.23 Fund (BI) 3,726,688.28 3,442,876.72 0.02 7,739,842.50 Handelsbanken Funds Cash at bank 284,094,028.81 1.84 Commodity SEK 704,184,644.18 449,643,882.14 2.91 Other net liabilities (8,249,151.39) (0.07) 255,473.25 Handelsbanken Funds Russia Shares (A) 13,632,041.85 11,005,773.84 0.07 Total net assets 15,460,712,751.13 100.00 153,864.73 Handelsbanken Swedish
Bonds Shares Criteria (A) 566,384,502.94 580,003,635.80 3.75 19,714,292.06 Handelsbanken Swedish Short Term Assets Shares (A) 2,826,799,739.61 2,847,200,770.44 18.42 735,441.19 JPMorgan Funds - Europe Equity Absolute Alpha I Fund - SEK Hedged 684,000,001.41 696,095,082.55 4.50 1,746,447.01 JPMorgan Systematic Alpha Fund C (SEK) 1,830,300,001.13 1,918,070,356.57 12.41 7,426,027,623.31 7,300,585,471.17 47.22
SEK - Sweden 154,724.44 Handelsbanken Asienfond (A) 55,245,613.79 63,369,467.71 0.41 458,160.06 Handelsbanken Europafond (A) 138,593,350.44 148,910,038.57 0.96 9,145,473.45 Handelsbanken Fixed Income Absolute Return 942,000,001.02 931,641,148.97 6.03 786,295.67 Handelsbanken Japanfond (A) 40,117,889.01 51,062,670.11 0.33 11,217.38 Handelsbanken Latinamerikafond (A) 2,824,596.93 2,204,009.09 0.01 379,566.78 Handelsbanken Nordiska Småbolagsfond (A) 193,051,440.76 273,880,733.71 1.77 3,159,425.14 Handelsbanken Räntestrat Plus 315,000,000.00 312,416,911.59 2.02 97,937.48 Handelsbanken Sverigefond (A) 129,823,015.81 158,518,766.80 1.03 684,898.57 SHB Amerikafond A1 327,218,943.67 432,245,445.96 2.80 246,917.38 SHB Europa Hedge Selektiv 26,000,000.00 26,404,504.76 0.17 111,475.56 SHB Europa Selektiv A1 SEK 22,380,996.10 26,182,232.46 0.17 2,353,024.72 SHB Foretagsobligationsfond A1 SEK 280,418,974.95 289,093,824.14 1.87 21,723.65 SHB Globalfond 5,000,000.05 7,769,828.50 0.05 70,631.47 SHB Kinafond A1 SEK 7,411,473.30 8,931,276.30 0.06 27,286,639.80 SHB Korträntefond Sverige A1 2,831,279,031.93 2,847,161,671.13 18.42
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
72 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Multi Asset (M) (expressed in SEK)
Market % of Market % of Value net Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets
Investment Funds Investment Funds (continued)
EUR - Luxembourg SEK - Sweden (continued) 64,313.66 JPMorgan European 36,736.77 SHB Långräntefond Strategic Div I (acc) - Sverige A1 3,816,442.91 4,071,654.03 0.04 EUR 72,170,652.16 97,266,607.65 0.91 708,839.00 SHB Norden Selektiv 47,215.90 UBS Equity Sicav Small A1 SEK 140,488,931.95 213,868,922.42 1.99 Caps Europe 97,099,384.52 143,084,731.87 1.33 1,398,167.41 SHB Nordenfond A1 1,098,102,191.66 1,248,693,245.09 11.64 169,270,036.68 240,351,339.52 2.24 493,678.34 SHB Tillväxtmarknadsfond A 110,395,325.30 103,300,513.85 0.96 GBP - Ireland 2,021,600.00 XACT Nordic 30 182,550,376.95 200,239,480.00 1.87 3,700.00 iShares Msci Emerging 4,721,664,890.77 5,366,998,700.63 50.01 Markets 985,636.33 948,306.01 0.01 4,400.00 iShares MSCI Europe 667,403.91 914,145.77 0.01 USD - Luxembourg 64,100.00 iShares S&P 500 410,760.65 Handelsbanken America Index Fund 6,021,122.69 11,015,563.36 0.10 Small Cap A - SEK 174,161,160.83 221,780,738.88 2.07 7,674,162.93 12,878,015.14 0.12 61,115.25 JPMorgan US Strat I (acc) - USD 54,582,229.04 82,618,444.24 0.77 SEK - Luxembourg 589,524.38 UBS Equity Sicav USA 573,835.53 BSF Global Absolute Growth B 80,673,783.95 133,346,286.68 1.24 Return Bond 584,999,994.40 583,562,042.23 5.44 309,417,173.82 437,745,469.80 4.08 37,176.40 Handelsbanken Emerging Markets Bond Total Investments 9,488,543,323.78 10,059,093,731.04 93.74 Fund (BI) 3,425,173.93 3,185,799.89 0.03 10,802,355.10 Handelsbanken Funds Cash at bank 676,615,360.86 6.31 Commodity SEK 988,963,566.54 627,559,654.15 5.85 Other net liabilities (7,286,780.26) (0.05) 250,172.06 Handelsbanken Funds Russia Shares (A) 13,582,703.35 10,777,398.66 0.10 Total net assets 10,728,422,311.64 100.00 139.33 Handelsbanken Swedish
Bonds Shares Criteria (A) 491,727.31 525,211.34 0.00 6,864,007.00 Handelsbanken Swedish Short Term Assets Shares (A) 983,803,894.76 991,321,725.92 9.24 590,272.09 JPMorgan Funds - Europe Equity Absolute Alpha I Fund - SEK Hedged 549,000,001.17 558,692,533.19 5.21 1,115,842.04 JPMorgan Systematic Alpha Fund C (SEK) 1,156,249,998.12 1,225,495,840.57 11.42 4,280,517,059.58 4,001,120,205.95 37.29
SEK - Sweden 202,680.79 Handelsbanken Asienfond (A) 69,163,726.78 83,010,633.26 0.77 633,665.47 Handelsbanken Europafond (A) 184,138,080.23 205,952,365.30 1.92 4,968,905.20 Handelsbanken Fixed Income Absolute Return 511,756,998.27 506,177,900.28 4.72 1,044,416.23 Handelsbanken Japanfond (A) 50,548,938.67 67,825,225.61 0.63 6,260.91 Handelsbanken Latinamerikafond (A) 1,596,545.62 1,230,154.28 0.01 499,678.31 Handelsbanken Nordiska Småbolagsfond (A) 234,486,324.54 360,548,581.56 3.36 3,212,736.75 Handelsbanken Räntestrat Plus 320,000,000.00 317,688,582.42 2.96 131,373.08 Handelsbanken Sverigefond (A) 163,285,073.45 212,636,664.29 1.98 923,797.15 SHB Amerikafond A1 417,005,033.86 583,016,415.62 5.43 246,917.38 SHB Europa Hedge Selektiv 26,000,000.00 26,404,504.76 0.25 142,302.04 SHB Europa Selektiv A1 SEK 25,367,906.75 33,422,439.36 0.31 1,661,514.05 SHB Foretagsobligationsfond A1 SEK 197,371,527.22 204,134,468.66 1.90 15,320.32 SHB Globalfond 3,351,970.27 5,479,569.18 0.05 15,166.15 SHB Kinafond A1 SEK 1,571,554.11 1,917,744.05 0.02 9,462,853.05 SHB Korträntefond Sverige A1 980,667,942.23 987,379,636.61 9.20
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
73 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Multi Asset (H) (expressed in SEK)
Market % of Market % of Value net Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets
Investment Funds Investment Funds (continued)
EUR - Luxembourg SEK - Sweden (continued) 47,425.54 JPMorgan European 960,490.96 SHB Nordenfond A1 757,025,963.14 857,807,557.42 17.30 Strategic Div I (acc) - 336,004.33 SHB EUR 52,482,904.20 71,725,375.17 1.45 Tillväxtmarknadsfond A 76,203,818.50 70,307,763.43 1.42 33,485.92 UBS Equity Sicav Small 1,379,400.00 XACT Nordic 30 126,417,606.83 136,629,570.00 2.76 Caps Europe 66,783,922.67 101,476,905.32 2.05 2,339,070,416.48 2,759,909,690.98 55.66 119,266,826.87 173,202,280.49 3.50 USD - Luxembourg GBP - Ireland 275,365.18 Handelsbanken America 3,700.00 iShares Msci Emerging Small Cap A - SEK 117,021,669.48 148,677,077.93 3.00 Markets 985,636.33 948,306.01 0.02 40,635.69 JPMorgan US Strat I 4,100.00 iShares MSCI Europe 621,726.67 851,817.65 0.02 (acc) - USD 36,446,895.26 54,933,221.13 1.11 32,000.00 iShares S&P 500 403,451.21 UBS Equity Sicav USA Index Fund 3,001,798.77 5,499,189.19 0.11 Growth B 55,765,604.01 91,257,838.51 1.84 4,609,161.77 7,299,312.85 0.15 209,234,168.75 294,868,137.57 5.95
SEK - Luxembourg Total Investments 4,142,065,578.95 4,572,729,168.29 92.23 233,529.83 BSF Global Absolute Return Bond 238,020,904.36 237,488,160.62 4.79 Cash at bank 391,555,506.86 7.90 31,263.00 Handelsbanken Other net liabilities (6,040,206.60) (0.13) Emerging Markets Bond Fund (BI) 2,890,901.25 2,679,056.12 0.05 Total net assets 4,958,244,468.55 100.00 4,832,235.14 Handelsbanken Funds
Commodity SEK 443,605,162.87 280,727,284.86 5.66 10,431.21 Handelsbanken Funds Russia Shares (A) 567,366.35 449,375.94 0.01 293,379.81 JPMorgan Funds - Europe Equity Absolute Alpha I Fund - SEK Hedged 273,000,000.65 277,683,993.00 5.60 490,245.46 JPMorgan Systematic Alpha Fund C (SEK) 511,800,669.60 538,421,875.86 10.86 1,469,885,005.08 1,337,449,746.40 26.97
SEK - Sweden 143,577.62 Handelsbanken Asienfond (A) 53,908,865.52 58,804,138.66 1.19 447,030.20 Handelsbanken Europafond (A) 134,055,832.70 145,292,636.73 2.93 1,488,039.32 Handelsbanken Fixed Income Absolute Return 152,986,431.58 151,585,225.94 3.06 727,487.71 Handelsbanken Japanfond (A) 33,664,850.57 47,243,633.60 0.95 2,628.64 Handelsbanken Latinamerikafond (A) 678,038.30 516,479.54 0.01 348,338.88 Handelsbanken Nordiska Småbolagsfond (A) 165,534,361.45 251,347,891.01 5.07 1,805,746.75 Handelsbanken Räntestrat Plus 179,995,079.10 178,559,642.24 3.60 89,574.46 Handelsbanken Sverigefond (A) 110,683,301.48 144,982,627.72 2.92 645,979.16 SHB Amerikafond A1 295,089,095.39 407,683,069.91 8.22 246,917.38 SHB Europa Hedge Selektiv 26,000,000.00 26,404,504.76 0.53 95,061.65 SHB Europa Selektiv A1 SEK 16,536,118.07 22,327,101.36 0.45 5,860.50 SHB Foretagsobligationsfond A1 SEK 726,771.15 720,024.47 0.01 2,864.57 SHB Globalfond 653,628.72 1,024,561.15 0.02 14,970.92 SHB Kinafond A1 SEK 1,612,313.15 1,893,057.79 0.04 1,032,018.42 SHB Korträntefond Sverige A1 107,970,632.68 107,683,588.81 2.17 5,091.28 SHB Långräntefond Sverige A1 526,996.54 564,283.05 0.01 492,289.90 SHB Norden Selektiv A1 SEK 98,800,711.61 148,532,333.39 3.00
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
74 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Global Selective (expressed in EUR)
Market % of Number of Value net Shares Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange listing
Equities
CHF - Switzerland 7,095.00 Sgs Holdings SA 12,251,845.23 12,468,931.23 4.84 12,251,845.23 12,468,931.23 4.84
CHF - United Kingdom 67,200.00 Roche Holding AG- Genusschein 16,049,331.46 17,081,399.78 6.64 16,049,331.46 17,081,399.78 6.64
DKK - Denmark 229,500.00 NOVO Nordisk B-Share 8,980,289.78 12,298,162.32 4.78 8,980,289.78 12,298,162.32 4.78
EUR - France 119,930.00 Air Liquide 12,912,953.54 12,430,744.50 4.83 12,912,953.54 12,430,744.50 4.83
EUR - Germany 167,400.00 BASF 12,713,728.71 11,838,528.00 4.60 12,713,728.71 11,838,528.00 4.60
EUR - Netherlands 188,600.00 Heineken 14,051,169.81 14,856,022.00 5.77 14,051,169.81 14,856,022.00 5.77
GBP - United Kingdom 219,857.00 Johnson Matthey 8,180,353.60 7,925,927.43 3.08 591,700.00 Prudential Plc 11,375,070.86 12,291,220.20 4.78 149,900.00 Reckitt Benckiser Group Plc 9,607,200.63 12,774,639.86 4.96 29,162,625.09 32,991,787.49 12.82
USD - Ireland 103,650.00 Perrigo Co Plc 14,098,577.32 13,806,641.81 5.36 14,098,577.32 13,806,641.81 5.36
USD - United States 160,850.00 Automatic Data Processing Inc 10,473,457.54 12,544,611.99 4.87 78,200.00 Brown-Forman Corp 5,515,823.18 7,146,917.06 2.78 136,300.00 Church & Dwight Co Inc 7,537,634.44 10,650,045.11 4.14 66,400.00 Grainger 13,247,802.97 12,383,297.43 4.81 91,550.00 Intuit Inc 6,156,866.90 8,132,721.16 3.16 156,600.00 Johnson & Johnson 12,945,053.78 14,808,019.98 5.75 140,800.00 Mastercard Inc 8,692,517.71 12,619,246.99 4.90 190,600.00 Nike Inc -Cl B 5,790,674.50 10,966,123.54 4.26 270,000.00 PRA Group 12,478,494.51 8,622,203.81 3.35 112,000.00 Rockwell Automation 10,541,633.26 10,579,324.31 4.11 195,700.00 Tjx Companies Inc 8,977,597.02 12,774,636.01 4.96 102,357,555.81 121,227,147.39 47.09
ZAR - South Africa 1,107,600.00 AVI Ltd. 5,452,690.33 5,091,623.69 1.98 5,452,690.33 5,091,623.69 1.98
Total Investments 228,030,767.08 254,090,988.21 98.71
Cash at bank 6,420,343.98 2.49 Other net liabilities (3,151,418.24) (1.20)
Total net assets 257,359,913.95 100.00
The accompanying notes form an integral part of these financial statements.
75 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Pension 40 (expressed in SEK)
Market % of Value net Nominal Denomination Cost (Note 2) assets
Investment Funds
NOK - Norway 1,121,000.00 XACT OBX ETF 67,976,283.44 55,828,584.06 2.51 67,976,283.44 55,828,584.06 2.51
SEK - Luxembourg 466,857.43 Handelsbanken Fund - MSCI Emerging Markets Index (AI) 47,708,557.56 48,537,458.33 2.18 1,158,703.28 Handelsbanken Funds - Global Criteria (AI) 144,695,581.96 219,375,752.25 9.85 63,405.39 Handelsbanken Swedish Bonds Shares Criteria (A) 228,363,328.50 239,010,962.52 10.73 2,681,896.68 Handelsbanken Swedish Short Term Assets Shares (A) 381,472,815.68 387,328,049.74 17.39 802,240,283.70 894,252,222.84 40.15
SEK - Sweden 0.50 Handelsbanken MSCI USA Index A1 0.00 117.76 0.00 3,882,531.14 SHB Korträntefond Sverige A1 398,503,017.38 405,113,782.19 18.19 3,728,337.12 SHB Långräntefond Sverige A1 392,108,086.89 413,223,533.59 18.56 140,811.63 SHB Ranteavkastningsfond Mega A7 256,845,521.44 257,523,554.17 11.56 2,190,000.00 XACT Nordic 30 171,934,863.04 216,919,500.01 9.74 1,219,391,488.75 1,292,780,487.72 58.05
Total Investments 2,089,608,055.89 2,242,861,294.62 100.71
Cash at bank 16,382,698.56 0.74 Other net liabilities (32,447,269.29) (1.45)
Total net assets 2,226,796,723.89 100.00
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
76 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Pension 50 (expressed in SEK)
Market % of Value net Nominal Denomination Cost (Note 2) assets
Investment Funds
NOK - Norway 3,923,000.00 XACT OBX ETF 236,909,807.28 195,375,142.98 2.34 236,909,807.28 195,375,142.98 2.34
SEK - Luxembourg 3,432,736.68 Handelsbanken Fund - MSCI Emerging Markets Index (AI) 343,471,332.19 356,889,064.99 4.28 7,067,547.98 Handelsbanken Funds - Global Criteria (AI) 917,246,769.51 1,338,089,465.68 16.05 63,858.34 Handelsbanken Swedish Bonds Shares (A) 230,601,767.07 240,718,396.48 2.89 2,392,735.91 Handelsbanken Swedish Short Term Assets Shares (A) 342,171,530.48 345,566,532.05 4.15 1,833,491,399.25 2,281,263,459.20 27.37
SEK - Sweden 2,970,821.98 Handelsbanken MSCI USA Index A1 432,139,541.72 699,554,900.80 8.39 133,165.43 Handelsbanken Sverige OMXSB Index 20,984,362.22 24,637,402.34 0.30 3,012,926.10 SHB Europa Index A1 220,621,812.81 283,646,986.64 3.40 10,697,269.50 SHB Korträntefond Sverige A1 1,107,063,028.86 1,116,181,982.51 13.39 9,044,784.89 SHB Långräntefond Sverige A1 979,296,966.81 1,002,462,452.89 12.03 208,899.83 SHB Ranteavkastningsfond Mega A7 380,799,999.99 382,046,767.99 4.58 67,322.68 SHB Sverigefond Index 529,267,016.60 595,879,352.89 7.15 10,025,000.00 XACT Nordic 30 681,361,315.57 992,976,250.00 11.91 2,526,500.00 XACT OMXS30 312,361,900.74 393,977,862.30 4.73 908,236.00 XACT OMXSB 286,677,727.09 348,590,513.28 4.18 4,950,573,672.41 5,839,954,471.64 70.06
Total Investments 7,020,974,878.94 8,316,593,073.82 99.77
Cash at bank 30,501,279.39 0.37 Other net liabilities (11,992,401.88) (0.14)
Total net assets 8,335,101,951.33 100.00
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
77 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Pension 60 (expressed in SEK)
Market % of Value net Nominal Denomination Cost (Note 2) assets
Investment Funds
NOK - Norway 5,225,000.00 XACT OBX ETF 310,586,499.96 260,217,976.57 2.71 310,586,499.96 260,217,976.57 2.71
SEK - Luxembourg 4,679,625.86 Handelsbanken Fund - MSCI Emerging Markets Index (AI) 469,128,531.95 486,523,568.92 5.06 9,779,366.26 Handelsbanken Funds - Global Criteria (AI) 1,330,889,737.15 1,851,514,416.83 19.25 1,800,018,269.10 2,338,037,985.75 24.31
SEK - Sweden 5,755,383.51 Handelsbanken MSCI USA Index A1 906,942,109.29 1,355,250,082.09 14.09 1,526,234.62 Handelsbanken Sverige OMXSB Index 264,629,716.76 282,374,008.29 2.94 11,536,754.92 SHB Europa Index A1 889,351,373.88 1,086,108,871.87 11.29 153,470.58 SHB Sverigefond Index 1,210,999,999.99 1,358,382,476.12 14.13 13,607,500.00 XACT Nordic 30 986,408,594.67 1,347,822,875.01 14.02 6,560,000.00 XACT OMXS30 844,158,200.75 1,022,954,592.01 10.64 1,389,500.00 XACT OMXSB 447,721,140.50 533,304,689.75 5.55 5,550,211,135.84 6,986,197,595.14 72.66
Total Investments 7,660,815,904.90 9,584,453,557.46 99.68
Cash at bank 34,702,919.42 0.36 Other net liabilities (2,623,506.28) (0.04)
Total net assets 9,616,532,970.60 100.00
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
78 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Pension 70 (expressed in SEK)
Market % of Value net Nominal Denomination Cost (Note 2) assets
Investment Funds
NOK - Norway 3,406,000.00 XACT OBX ETF 201,649,613.97 169,627,258.98 2.78 201,649,613.97 169,627,258.98 2.78
SEK - Luxembourg 3,497,545.18 Handelsbanken Fund - MSCI Emerging Markets Index (AI) 351,564,829.27 363,626,967.79 5.95 6,016,733.20 Handelsbanken Funds - Global Criteria (AI) 820,319,802.98 1,139,140,100.64 18.64 1,171,884,632.25 1,502,767,068.43 24.59
SEK - Sweden 3,624,985.54 Handelsbanken MSCI USA Index A1 543,742,444.28 853,594,194.56 13.97 491,596.12 Handelsbanken Sverige OMXSB Index 90,354,858.02 90,951,918.62 1.49 7,332,713.26 SHB Europa Index A1 578,765,983.99 690,326,264.63 11.30 92,679.74 SHB Sverigefond Index 734,300,000.00 820,317,044.66 13.42 8,825,000.00 XACT Nordic 30 656,806,908.89 874,116,250.00 14.30 4,243,949.00 XACT OMXS30 559,322,149.33 661,793,767.95 10.83 1,112,000.00 XACT OMXSB 356,377,896.86 426,797,276.00 6.98 3,519,670,241.37 4,417,896,716.42 72.29
Total Investments 4,893,204,487.59 6,090,291,043.83 99.66
Cash at bank 37,401,789.33 0.61 Other net liabilities (16,317,464.65) (0.27)
Total net assets 6,111,375,368.51 100.00
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
79 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Pension 80 (expressed in SEK)
Market % of Value net Nominal Denomination Cost (Note 2) assets
Investment Funds
NOK - Norway 833,500.00 XACT OBX ETF 48,133,781.52 41,510,370.04 2.70 48,133,781.52 41,510,370.04 2.70
SEK - Luxembourg 876,491.97 Handelsbanken Fund - MSCI Emerging Markets Index (AI) 90,033,732.85 91,125,661.15 5.93 1,521,320.90 Handelsbanken Funds - Global Criteria (AI) 221,865,943.97 288,029,663.72 18.74 311,899,676.82 379,155,324.87 24.67
SEK - Sweden 897,807.31 Handelsbanken MSCI USA Index A1 147,054,577.98 211,411,355.31 13.75 166,491.81 Handelsbanken Sverige OMXSB Index 30,778,686.22 30,803,231.66 2.00 1,845,533.12 SHB Europa Index A1 149,660,667.02 173,744,689.20 11.30 23,021.74 SHB Sverigefond Index 184,660,000.01 203,767,557.18 13.25 2,260,000.00 XACT Nordic 30 176,482,825.81 223,853,000.01 14.56 1,057,500.00 XACT OMXS30 143,540,357.94 164,904,646.50 10.73 270,600.00 XACT OMXSB 88,809,693.32 103,859,121.30 6.76 920,986,808.30 1,112,343,601.16 72.35
Total Investments 1,281,020,266.64 1,533,009,296.07 99.72
Cash at bank 3,471,745.83 0.23 Other net assets 899,265.42 0.05
Total net assets 1,537,380,307.32 100.00
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
80 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Pension 90 (expressed in SEK)
Market % of Value net Nominal Denomination Cost (Note 2) assets
Investment Funds
NOK - Norway 11,764.00 XACT OBX ETF 662,973.10 585,876.42 3.32 662,973.10 585,876.42 3.32
SEK - Luxembourg 16,654.91 Handelsbanken Funds - Global Criteria (AI) 3,314,955.91 3,153,252.10 17.87 9,749.13 Handelsbanken MSCI Emerging Markets Index A 1,148,292.25 1,001,713.37 5.68 4,463,248.16 4,154,965.47 23.55
SEK - Sweden 9,786.96 Handelsbanken MSCI USA Index A1 2,328,359.99 2,304,586.47 13.06 3,157.78 Handelsbanken Sverige OMXSB Index 617,145.53 584,232.21 3.31 19,616.46 SHB Europa Index A1 1,964,141.72 1,846,759.06 10.47 246.46 SHB Sverigefond Index 2,230,654.98 2,181,475.10 12.36 27,450.00 XACT Nordic 30 2,830,786.03 2,718,922.49 15.41 11,297.00 XACT OMXS30 1,901,218.20 1,761,633.85 9.98 2,998.00 XACT OMXSB 1,219,753.27 1,150,663.88 6.52 13,092,059.72 12,548,273.06 71.11
Total Investments 18,218,280.98 17,289,114.95 97.98
Cash at bank 389,585.13 2.21 Other net liabilities (32,841.19) (0.19)
Total net assets 17,645,858.89 100.00
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
81 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 MSCI Emerging Markets Index (expressed in SEK)
Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing listing (continued)
Equities Equities (continued)
AED - United Arab Emirates BRL - Brazil (continued) 166,840.00 Abu Dhabi Commercial 270,374.00 Itausa Investimentos Bank 2,467,841.03 2,523,615.30 0.11 Itau Pref 6,599,776.28 3,963,949.57 0.18 269,320.00 Aldar Properties PJSC 1,386,882.52 1,434,148.58 0.07 55,700.00 JBS Ord Shs 1,428,700.28 1,465,874.90 0.07 146,790.00 Arabtec Holding Co 606,091.06 421,157.02 0.02 42,300.00 Klabin Units 1,726,166.14 2,113,771.17 0.10 146,570.00 Dubai Financial Market 382,230.14 413,797.40 0.02 104,028.00 Kroton Educacional 92,400.00 Dubai Islamic Ord Shs 3,104,721.08 2,112,603.07 0.10 Bank PJSC 1,359,117.84 1,310,684.01 0.06 12,460.00 Localiza Rent A Car Sa 1,313,333.97 659,013.90 0.03 179,700.00 Emaar Malls Group 45,125.00 Lojas Americanas 1,922,993.23 1,865,493.33 0.08 PJSC Ord Shs 1,221,325.00 1,138,399.55 0.05 47,800.00 Lojas Renner 2,240,918.09 1,741,801.92 0.08 245,475.00 Emaar Properties PJSC 3,916,915.05 3,205,952.55 0.15 5,100.00 Multiplan 126,300.00 Emirates Empreendimentos Telecommunication Imobiliari SA 895,184.68 412,979.53 0.02 Corp Ltd Ord Shs 4,952,271.33 4,667,311.45 0.21 11,700.00 Natura On 1,866,916.66 585,657.40 0.03 60,892.00 First Gulf Bank PJSC 1,893,782.02 1,768,024.67 0.08 244,000.00 Petrobras 11,786,211.88 4,456,002.29 0.20 51,414.00 National Bank of Abu 279,300.00 Petrobras Pref 14,223,424.90 3,987,681.79 0.18 Dhabi 999,499.08 939,359.90 0.04 8,100.00 Porto Seguro Ord Shs 663,297.56 496,937.12 0.02 19,185,955.07 17,822,450.43 0.81 15,800.00 Qualicorp Ord Shs 1,054,019.27 475,744.75 0.02 13,800.00 Raia Drogasil 866,661.70 1,043,367.86 0.05 BRL - Brazil 37,700.00 Siderurgica Nacional 1,263,488.74 321,348.37 0.01 358,349.00 Ambev 19,339,433.06 13,630,731.85 0.62 17,100.00 Sul American SA Com 2,644.00 Banco Bradesco 1 Rights 0.00 7,324.53 0.00 Shs & Pref Shs 903,678.02 678,136.69 0.03 5,337.00 Banco Bradesco 2 Rights 0.00 23,541.94 0.00 30,747.00 Suzano Bahia Sul Papel 80,716.00 Banco Bradesco Ord Shs 6,744,738.91 3,526,048.24 0.16 Celulose Class A 987,968.03 1,224,579.00 0.06 162,936.00 Banco Bradesco Pref 13,989,093.71 6,694,202.36 0.30 30,400.00 Telefonica Brasil 66,700.00 Banco do Brasil 4,798,757.67 2,095,067.76 0.10 SA Pref 4,136,870.65 2,315,924.44 0.11 28,900.00 Banco Santander Brazil 55,900.00 TIM Participacoes Ord 1,681,520.75 817,166.74 0.04 SA/Brazil Com Shs & 9,800.00 Totvs Sa 1,234,269.04 648,011.34 0.03 Pref Shs 1,332,568.37 987,818.06 0.04 18,400.00 Tractebel Energy 1,801,113.85 1,313,130.01 0.06 53,500.00 BB Seguridade Ord Shs 3,867,337.55 2,773,771.28 0.13 28,000.00 Ultrapar Participacoes 4,454,420.34 3,606,858.40 0.16 144,000.00 BM&F Bovespa 5,666,193.30 3,341,682.07 0.15 123,299.00 Vale 12,730,452.08 3,423,566.17 0.16 29,500.00 BR Malls Participacoes 2,199,940.98 697,781.98 0.03 115,600.00 Vale Pref A 11,171,147.26 2,524,971.36 0.11 11,600.00 Braskem Pref 583,644.85 682,741.69 0.03 38,040.00 WEG SA 1,241,004.95 1,211,871.18 0.05 50,000.00 BRF Brasil Foods 7,467,628.81 5,902,751.85 0.27 210,001,326.55 119,255,006.32 5.43 10,806.00 CBD Grupo Pao de Acucar Pref 3,280,456.14 963,915.46 0.04 CLP - Chile 66,554.00 Cemig Cia Energy 301,011.00 AES Gener Ord Shs 1,242,998.07 1,127,748.77 0.05 BRL Pref 2,573,078.26 869,379.50 0.04 180,342.00 Aguas Andinas Ord Shs 809,457.85 774,571.33 0.04 14,100.00 Cetip 1,131,217.67 1,126,743.70 0.05 1,616,376.00 Banco de Chile 1,426,020.30 1,397,702.20 0.06 23,100.00 Cia de Saneamento 2,543.00 Banco de Credito e Basico do Estado 1,999,804.28 931,831.42 0.04 Inversiones 1,024,665.00 810,846.21 0.04 22,900.00 Cia Energetica de Sao 5,773,700.00 Banco Santander Chile 2,536,439.29 2,184,432.71 0.10 Paulo B Prf 1,143,620.15 653,905.57 0.03 116,316.00 Centros Comerciales 7,199.00 Cia Paranaense De Sudamericanos SA 3,380,881.19 1,941,576.32 0.09 Energia Copel Pref Sh 717,756.86 372,780.51 0.02 14,385.00 Cia Cervecerias 64,920.00 Cielo SA 4,865,350.94 4,646,899.41 0.21 Unidas SA 1,161,209.73 1,369,169.42 0.06 68,900.00 Companhia Concessoes 777,651.00 Colbun SA 1,544,160.84 1,571,845.61 0.07 Rodoviarias 3,885,536.27 1,842,628.16 0.08 11,048,365.00 Corpbanca Sociedad 10,600.00 Cosan Industria e Anonima Bancaria 1,000,499.87 749,255.96 0.03 Comercio Ord Shs 605,384.67 569,221.33 0.03 26,959.00 Embotelladora Andina 18,161.00 CPFL Energia Ord Shs 1,046,004.57 587,470.80 0.03 Pref Shs 785,249.12 668,755.20 0.03 18,799.00 EDP Energias do Brasil 268,089.00 Empresa Nacional de Ord Shs 676,658.59 482,320.80 0.02 Electricidad SA/Chi 2,772,647.23 2,798,109.19 0.13 26,400.00 Eletrobras Pref 865,980.11 587,325.94 0.03 87,911.00 Empresas CMPC SA 1,937,497.11 1,584,681.01 0.07 53,999.00 Embraer 3,089,850.79 3,473,950.19 0.16 34,197.00 Empresas COPEC SA 3,204,215.83 2,453,367.78 0.11 11,800.00 Equatorial Energia 1,370,687.00 Enersis SA 3,272,026.12 2,788,635.43 0.13 Ord Shs 972,924.09 860,974.96 0.04 7,802.00 ENTEL Chile SA 953,836.14 589,278.67 0.03 19,539.00 Estacio Participacoes SA 965,459.11 580,833.02 0.03 21,411.00 Latam Airlines SA 2,646,893.55 951,957.12 0.04 17,500.00 Fibria Celulose SA 1,354,957.37 1,935,069.09 0.09 49,238.00 SACI Falabella 3,170,208.46 2,647,867.05 0.12 67,000.00 Gerdau Pref 2,870,958.95 663,899.76 0.03 7,170.00 Soquimich Comercial 2,214,719.60 1,134,561.74 0.05 29,000.00 Hypermarcas Ord Shs 1,543,143.92 1,341,629.44 0.06 35,083,625.30 27,544,361.72 1.25 230,525.00 Itau Unibanco Banco Holding SA Pref 19,125,587.17 12,934,321.35 0.59
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
82 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 MSCI Emerging Markets Index (continued) (expressed in SEK)
Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)
Equities (continued) Equities (continued)
COP - Colombia HKD - China (continued) 29,713.00 BanColombia Pref Shs1 2,968,813.99 1,704,446.63 0.08 291,000.00 China Shipping 27,413.00 Cementos Argos SA1 1,009,819.72 707,629.59 0.03 Container 561,274.58 683,746.50 0.03 6,154.00 Corporacion Financiera 174,000.00 China Southern Airlines Colombiana 752,220.35 635,428.81 0.03 Ord Shs H 1,355,747.40 1,131,875.89 0.05 57.00 Corporation Financiera 109,311.00 China Vanke Ord Shs H 1,780,112.08 2,723,000.53 0.12 Colombiana SA 0.00 5,343.58 0.00 167,000.00 CITIC Securities 448,535.00 Ecopetrol 6,260,861.10 1,322,216.19 0.06 Company Ord Shs H 3,028,321.18 3,295,354.42 0.15 201,847.00 Grupo Aval Acc y 471,532.00 Country Garden Holding 1,715,854.85 1,631,122.83 0.07 Valores SA Pref 935,765.07 584,294.70 0.03 331,450.00 CSR Corp Ltd 3,645,593.49 3,457,681.66 0.16 15,436.00 Grupo de Inversiones 46,300.00 Dalian Wanda Suramericana Ord S 2,043,037.41 1,463,477.80 0.07 Commercial Properties 2,543,830.37 2,281,537.28 0.10 23,593.00 Grupo de Inversiones 258,000.00 Datang Power 741,082.71 665,145.15 0.03 Suramericana Pref 2,944,052.81 2,180,447.15 0.10 58,000.00 Enn Energy 35,970.00 Interconexion Electrica Holdings Ltd 2,073,685.00 2,596,248.20 0.12 SA ESP 1,181,170.99 704,985.12 0.03 110,000.00 GF Securities Ord Shs H 2,681,711.92 2,335,720.51 0.11 35,467.00 Inversiones Argos SA 2,623,507.54 1,525,887.88 0.07 93,200.00 Guangzhou R&F 20,719,248.98 10,834,157.45 0.50 Properties 976,020.26 968,205.76 0.04 50,995.00 Haitian International CZK - Czech Republic Ord Shs 675,211.29 639,040.60 0.03 5,230.00 Cesky Telecom 460,772.07 444,903.24 0.02 108,000.00 Huadian Power 13,961.00 CEZ Group 2,606,483.36 2,102,243.40 0.10 International 1,057,932.03 594,460.02 0.03 1,183.00 Komercni Banka 1,695,993.21 1,984,632.51 0.09 76,200.00 Huatai Securities Ord 4,763,248.64 4,531,779.15 0.21 Shs H 1,631,743.47 1,498,655.37 0.07 65,000.00 Kingsoft Ord Shs 1,355,033.03 1,337,774.35 0.06 EUR - Greece 514,000.00 Lenovo Group 3,733,273.81 4,400,339.93 0.20 5,590.00 Alpha Bank 1,805,448.14 127,473.36 0.01 119,500.00 Longfor Properties 5,335.00 Eurobank Ergasias 2,000,571.78 50,813.14 0.00 Co Ltd 1,407,363.91 1,502,706.33 0.07 18,465.00 Hellenic Telecom 1,536,561.80 1,562,534.25 0.07 108,500.00 Luye Pharma Group Ltd 841,899.61 953,651.01 0.04 6,769.00 Jumbo Ord Shs1 671,827.92 601,318.43 0.03 1,814,000.00 Semiconductor 2.00 National Bank of Greece 815.24 6.28 0.00 Manufacturing 19,335.00 OPAP/R 1,641,923.56 1,434,291.61 0.07 Internation 1,443,880.62 1,558,880.23 0.07 1,133.00 Piraeus Bank 388,925.95 2,884.58 0.00 158,000.00 Shandong Weigao Group 2,796.00 Titan Cement 548,642.95 450,925.49 0.02 Medical 1,076,931.21 922,953.35 0.04 8,594,717.34 4,230,247.14 0.20 242,000.00 Shanghai Electric 585,102.25 1,081,945.95 0.05 33,400.00 Shanghai Fosun HKD - China Pharmaceutical 144,000.00 Air China 823,519.48 958,654.89 0.04 (Group) H 828,492.00 815,663.80 0.04 148,000.00 Avichina Industry & 49,700.00 Shanghai Parmaceuticals Technology Co Ltd 518,497.10 982,064.31 0.04 Holding Co Ltd 714,715.05 907,186.80 0.04 112,000.00 Beijing Capital Intl 43,000.00 Shenzhou Group Airport 596,990.18 1,019,745.64 0.05 Holdings Ltd 1,076,549.45 2,083,840.81 0.09 49,000.00 BYD Company 1,482,304.57 2,276,000.38 0.10 279,165.00 Shui on Land Ltd com 649,782.55 646,828.20 0.03 64,000.00 CAR Inc 1,047,917.37 893,909.13 0.04 304,000.00 Sihuan Pharmaceutical 745,000.00 CGN Power Ord Shs H 3,166,171.04 2,350,188.23 0.11 Holding Grp Ltd 687,554.54 1,094,586.16 0.05 716,000.00 China Chinda Asset 273,500.00 Sino-Ocean Land Management Ord Shs 2,382,147.58 2,243,127.12 0.10 Holdings 1,292,410.44 1,478,638.79 0.07 170,000.00 China Communications 112,000.00 Sinopec Engineering Services 655,881.60 539,983.08 0.02 Group Ord Shs H 925,092.35 806,537.17 0.04 104,000.00 China Conch Venture 93,800.00 Sinopharm Group Holdings 2,037,742.04 1,814,621.61 0.08 Co Ltd 1,988,703.85 3,173,303.45 0.14 202,000.00 China Cosco Holdings 652,007.32 773,468.10 0.04 198,000.00 SOHO China 1,013,906.29 811,997.92 0.04 263,000.00 China Everbright Bank 147,000.00 Sunac China Holdings Ord Shs H 1,349,742.02 1,081,423.80 0.05 Ord Shs 1,253,349.08 959,438.10 0.04 268,500.00 China Galaxy Securities 391,942.00 Tencent Holdings Cls H Ord Shs 3,268,924.84 2,076,645.03 0.09 Ord Shs 26,372,832.20 65,104,232.03 2.95 479,000.00 China Huishan Dairy 72,000.00 Travelsky Holdings Company Technology Ord 1,075,124.15 1,002,514.91 0.05 Ord Shs 877,974.84 1,547,534.50 0.07 32,000.00 Tsingtao Brewery 1,399,683.92 1,221,815.05 0.06 37,900.00 China International 456,000.00 Want Want China Marine Containers 540,330.40 584,606.74 0.03 Holdings Ltd 4,135,352.33 2,862,127.86 0.13 273,000.00 China Longyuan Power 41,000.00 Zhuzhou CSR Times Group 1,741,460.21 1,737,268.28 0.08 Electric Ord Shs H 1,043,452.78 2,011,447.84 0.09 438,000.00 China Minsheng 62,680.00 ZTE 1,151,907.41 1,204,115.27 0.05 Banking Corp Ltd 3,182,386.22 3,668,708.55 0.17 104,844,510.27 146,992,269.42 6.66
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
83 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 MSCI Emerging Markets Index (continued) (expressed in SEK)
Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)
Equities (continued) Equities (continued)
HKD - Hong Kong HKD - Hong Kong (continued) 55,228.00 AAC Technologies 256,500.00 China Shenhua Energy 6,076,854.61 3,404,047.22 0.15 Holding 1,846,880.82 3,024,873.15 0.14 146,000.00 China State Construction 1,749,999.00 Agricultural Bank of Int. Holding L 1,500,276.50 2,134,521.34 0.10 China 5,774,680.60 6,034,557.62 0.27 125,400.00 China Taiping 2,475,545.25 3,280,658.26 0.15 201,406.00 Alibaba Health 1,058,000.00 China Telecom Corp Information Tech 1,071,906.00 1,176,508.49 0.05 Ltd 3,695,243.28 4,189,241.79 0.19 780,000.00 Alibaba Pictures Group 446,000.00 China Unicom Hong Ord Shs 2,257,474.79 1,629,086.74 0.07 Kong Ltd 4,495,791.35 4,589,595.08 0.21 322,000.00 Aluminium Corporation 251,000.00 Chongqing Rural of China 852,520.56 903,699.32 0.04 Commercial 811,443.59 1,283,275.66 0.06 97,000.00 Anhui conch cement 2,332,214.10 2,200,017.67 0.10 333,000.00 Citic Pacific 4,432,609.62 4,977,134.10 0.23 79,000.00 Anta Sports Products 1,365,000.00 Cnooc Ltd 16,794,493.52 11,982,696.57 0.54 Limited 770,713.14 1,830,438.20 0.08 132,000.00 Cosco Pacific 1,240,052.53 1,226,253.27 0.06 6,018,000.00 Bank of China Ltd 19,013,735.94 22,650,440.80 1.03 214,000.00 Dongfeng Motor Group 668,000.00 Bank of Co Ltd 2,202,963.04 2,421,003.90 0.11 Communications Co 344,000.00 Evergrande Real Estate Ltd 3,505,300.87 3,967,504.99 0.18 Group 1,069,021.22 2,552,061.84 0.12 40,000.00 Beijing Enterprise 1,977,599.83 2,038,534.02 0.09 150,000.00 Far East Horizon Ltd 970,359.53 1,179,717.26 0.05 330,785.00 Beijing Enterprises 171,500.00 Fosun International 1,483,730.01 2,264,806.94 0.10 Water Group 1,362,996.73 1,961,059.12 0.09 274,000.00 Franshion Properties 358,000.00 Belle International 4,099,972.75 2,266,493.03 0.10 China Ltd 598,437.89 789,850.35 0.04 232,000.00 Brilliance China 856,000.00 GCL New Energy Automotive Holdings 2,249,570.51 2,458,076.06 0.11 Hld Ltd 1,586,135.57 1,089,451.75 0.05 622,000.00 China Citic Bank 2,626,170.94 3,396,584.93 0.15 171,200.00 GCL-Poly Energy 262,000.00 China Coal Energy Co 1,565,827.10 843,609.34 0.04 Right 2015 0.00 9,311.55 0.00 339,000.00 China Communications 380,000.00 Geely Automobile 1,145,341.03 1,707,190.65 0.08 Construction Co Ltd 2,378,679.42 2,916,920.27 0.13 104,000.00 Goldin Properties 6,382,000.00 China Construction Bank Holdings Ord 781,911.41 997,815.63 0.05 Corp 35,154,926.79 36,863,765.69 1.67 933,000.00 Gome Electrical 193,000.00 China Everbright Appliances Holding 993,022.76 1,309,241.40 0.06 International Ltd 1,350,295.83 2,088,953.47 0.09 234,000.00 Great Wall Motor 2,533,846.90 2,303,630.46 0.10 80,000.00 China Everbright Ltd 971,804.99 1,552,505.73 0.07 228,000.00 Guangdong Investment 1,664,283.43 2,713,317.06 0.12 142,000.00 China Gas Holdings 158,000.00 Guangzhou Automobile Ord Shs 888,232.71 1,730,034.42 0.08 Group Company Ltd 992,786.41 1,187,636.43 0.05 564,000.00 China Life Insurance Co 95,000.00 Haier Electronics Group Ltd 11,667,330.53 15,399,307.86 0.70 Co Ltd 1,437,772.06 1,624,517.98 0.07 94,000.00 China Medical System 251,800.00 Haitong Securities Holdings Ord Shs 1,171,465.68 1,165,684.66 0.05 Company Ord Shs H 3,379,155.43 3,752,534.29 0.17 219,000.00 China Mengniu Dairy 2,769,884.02 3,011,199.74 0.14 882,000.00 Hanergy Thin 931,413.75 9.59 0.00 352,211.00 China Merchants Bank 56,500.00 Hengan International 3,924,703.54 4,498,916.21 0.20 Co Ltd 5,218,881.21 7,019,024.54 0.32 326,000.00 Huaneng Power 2,474,137.09 2,375,969.05 0.11 96,000.00 China Merchants 320,000.00 Huaneng Renewables Holdings 2,422,591.76 2,574,165.90 0.12 Corporation 844,579.52 807,581.46 0.04 466,000.00 China Mobile 33,355,087.57 44,354,976.21 2.01 4,000,000.00 Imperial Pacific 226,000.00 China National Building International 1,121,610.39 739,702.84 0.03 Material Co Ltd 1,768,299.88 916,992.21 0.04 5,590,000.00 Industrial & Commercial 134,000.00 China Oilfield 2,052,735.92 975,167.66 0.04 Bank of China 26,180,412.01 28,458,108.90 1.29 302,000.00 China Overseas Land & 104,000.00 Jiangsu Express 818,110.41 1,183,350.50 0.05 Invest 5,844,653.33 8,902,758.85 0.40 98,000.00 Jiangxi Copper 1,344,389.37 979,692.91 0.04 203,800.00 China Pacific Insurance 254,000.00 Kunlun Energy Co Ltd 2,878,380.23 1,906,475.30 0.09 Group Co Ltd 5,137,073.43 7,060,931.40 0.32 58,400.00 New China Life 304,000.00 China Pharmaceutical Insurance Company Group 2,151,974.45 2,619,070.21 0.12 Ord Sh 1,264,623.54 2,074,170.29 0.09 258,000.00 China Power 192,000.00 New World China 1,058,789.31 1,299,092.24 0.06 International 157,000.00 Nine Dragons Paper Development 1,358,730.39 1,260,127.31 0.06 Holdings 887,492.21 783,900.09 0.04 161,000.00 China Railway 1,604,000.00 Petrochina Co Ltd 13,358,178.15 8,881,176.93 0.40 Construction Corp Ltd 1,279,997.33 1,686,555.12 0.08 257,660.00 PICC Property and 311,000.00 China Railway Group Casualty 2,684,095.83 4,310,738.85 0.20 Ltd 1,235,621.25 1,999,384.15 0.09 396,000.00 Ping An Insurance 98,000.00 China Resources 2,077,773.41 1,771,762.36 0.08 Group Co of China Ltd 12,129,526.96 18,479,952.65 0.84 64,000.00 China Resources Gas 1,134,907.78 1,608,201.01 0.07 42,000.00 Shanghai Industrial 964,818.33 932,025.58 0.04 215,111.00 China Resources Land 4,034,054.85 5,288,340.79 0.24 114,000.00 Shimao Property 132,000.00 China Resources Power 2,262,481.40 2,156,712.42 0.10 Holdings Ltd 1,706,672.54 1,713,804.47 0.08
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
84 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 MSCI Emerging Markets Index (continued) (expressed in SEK)
Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)
Equities (continued) Equities (continued)
HKD - Hong Kong (continued) IDR - Indonesia (continued) 332,000.00 Sino Biopharmaceutical 310,500.00 Media Nusantara Citra Ord Shs 1,464,481.07 2,542,489.21 0.12 Tbk Pt 473,237.23 352,255.05 0.02 1,947,199.00 Sinopec China (China 865,800.00 Perusahaan Gas Negara Petroleum) 11,240,087.00 9,891,806.09 0.45 (Persero) 2,501,583.69 1,453,488.65 0.07 262,000.00 Sinopec Shanghai 232,700.00 Semen Indonesia Persero Petrochemical Co Ltd 407,810.34 880,659.75 0.04 Tbk Pt 2,181,951.54 1,622,381.36 0.07 186,000.00 Sinotrans 1,011,389.13 843,718.12 0.04 861,000.00 Summarecon Agung 198,500.00 Sun Art Retail Group Ltd 1,732,853.76 1,263,178.58 0.06 Ord Shs 846,049.94 868,838.00 0.04 518,000.00 The People's Insurance 530,500.00 Surya Citra Media Co (Group) of Ch 1,732,014.96 2,141,222.18 0.10 Ord Shs1 957,065.72 1,005,770.27 0.05 156,000.00 Tingyi (Cayman 3,769,206.00 Telekomunikasi Isl.) USD 2,692,773.66 1,883,631.54 0.09 Indonesia Ord Shs 5,149,719.67 7,157,530.25 0.32 90,000.00 Weichai Power 1,216,258.55 840,976.87 0.04 130,400.00 Tower Bersama 132,000.00 Yanzhou Coal Mining Infrastructure Ord Shs 480,224.13 468,529.75 0.02 Co Ltd 1,078,785.68 519,793.54 0.02 119,000.00 Unilever Indonesia 673,000.00 Yuexiu Property Co Ltd 1,195,077.52 980,998.26 0.04 Ord Shs 1,953,167.03 2,692,777.06 0.12 120,000.00 Zhejiang Expressway Co 137,900.00 United Tractors Tbk Pt 1,627,140.29 1,429,505.01 0.06 Ltd 864,603.03 1,216,593.62 0.06 229,000.00 XL Axiata Tbk Pt 697,677.98 511,187.31 0.02 474,000.00 Zijin Mining Group Co 56,471,300.70 57,304,063.96 2.59 Ltd 1,031,118.86 1,051,857.44 0.05 341,595,312.29 377,755,129.30 17.13 INR - India 105.00 Tata Motors 6,328.10 5,235.84 0.00 HUF - Hungary 14,349.00 Wipro 959,720.27 1,023,810.80 0.05 16,433.00 Gedeon Richter Ord Shs 1,984,846.80 2,618,399.03 0.12 966,048.37 1,029,046.64 0.05 2,861.00 Mol Hungarian Oil and Gas Plc 1,241,427.37 1,181,950.58 0.05 KRW - South Korea 18,041.00 OTP Bank 2,288,218.87 3,137,083.64 0.14 2,620.00 Amorepacific Corp 2,012,384.82 7,808,236.15 0.35 5,514,493.04 6,937,433.25 0.31 2,190.00 Amorepacific Group Inc 827,305.87 2,330,413.26 0.11 340.00 Amorepacific Preferred IDR - Indonesia Shares 622,167.44 562,255.70 0.03 158,600.00 AKR Corporindo 700.00 BGF Retail Ord Shs 930,064.85 863,155.97 0.04 Ord Shs 612,907.24 695,948.02 0.03 16,680.00 BS Financial Group 1,451,240.82 1,009,799.73 0.05 21,000.00 Astra Agro Lestari 5,408.00 Celltrion Inc 1,722,448.59 3,285,643.99 0.15 Tbk PT 354,446.72 203,563.67 0.01 6,650.00 Cheil Comm (KRW) 947,300.88 989,735.40 0.04 1,613,999.00 Astra International Tbk 7,338,593.54 5,922,515.76 0.27 5,722.00 Cheil Industries Ord Shs 6,614,110.04 5,759,741.63 0.26 940,000.00 Bank Central Asia 590.00 CJ CheilJeng Corp 1,223,391.31 1,601,386.20 0.07 Tbk Pt 6,115,891.57 7,645,945.68 0.35 1,755.00 CJ E&M Ord Shs 1,121,301.53 1,017,042.91 0.05 223,500.00 Bank Danamon 1,155.00 Cj Ord Shs 1,141,911.24 2,084,408.42 0.09 Indonesia Ord Shs 738,046.34 437,400.44 0.02 2,290.00 Daelim Industry 1,314,152.07 1,104,803.69 0.05 767,500.00 Bank Mandiri (Persero) 9,980.00 Daewoo Engineering & Tbk Pt 4,492,041.38 4,341,820.16 0.20 Constr 566,137.25 401,833.08 0.02 529,000.00 Bank Negara Indonesia 3,180.00 Daewoo Intl 718,851.10 373,828.14 0.02 (Persero) Ord Shs 1,483,968.77 1,614,388.04 0.07 14,060.00 Daewoo Securities 967,779.80 957,331.64 0.04 860,500.00 Bank Rakyat Indonesia 4,667,704.08 6,012,551.33 0.27 2,233.00 Daum Kakao 2,171,655.57 1,859,192.66 0.08 530,500.00 Bumi Serpong Damai 10,855.00 DGB Financial 952,006.05 784,373.66 0.04 Ord Shs 526,675.98 583,995.64 0.03 3,059.00 Dongbu Insurance 932,518.37 1,546,186.64 0.07 524,500.00 Charoen Pokphand 2,800.00 Dongsuh Ord Shs 776,031.18 627,109.23 0.03 Indonesia Tbk Pt 1,257,546.21 834,008.65 0.04 4,080.00 Doosan Heavy Industries 468,500.00 Global Mediacom & Construction 997,669.74 604,302.65 0.03 Ord Shs 582,948.00 315,176.62 0.01 1,571.00 E-mart 2,243,285.87 2,134,838.87 0.10 38,500.00 Gudang Garam 1,293,986.32 1,295,016.00 0.06 1,415.00 Glovis Co Ltd 2,066,215.17 1,963,545.01 0.09 29,700.00 Hanjaya Mandala 3,304.00 GS Engineering & Sampoerna Ord Shs 1,833,402.13 1,707,402.91 0.08 Construction 893,440.90 469,174.34 0.02 116,700.00 Indocement Tunggal 3,954.00 GS Holdings 1,550,281.98 1,441,357.58 0.07 Prakarsa Tbk Pt 1,639,663.44 1,593,360.47 0.07 2,468.00 GS Retail Ord Shs 1,031,304.89 954,672.79 0.04 81,500.00 Indofood CBP Sukses 2,748.00 Halla Visteon Climate Makmur 567,909.98 671,642.39 0.03 Control Ord Shs 695,444.07 1,025,442.23 0.05 344,300.00 Indofood Sukses 22,076.00 Hana Financial Makmur Tbk Pt 1,317,983.55 1,089,680.28 0.05 Group Inc 5,140,198.88 3,745,928.65 0.17 207,100.00 Jasa Marga 726,990.42 661,786.81 0.03 5,390.00 Hankook Tire Ord Shs 1,688,395.57 1,823,372.94 0.08 1,465,500.00 Kalbe Farma Tbk 1,064,748.01 1,183,072.79 0.05 372.00 Hanmi Pharm Co Ltd 1,468,074.24 1,947,159.07 0.09 1,542,000.00 Lippo Karawaci Tbk PT 1,382,177.93 976,059.82 0.04 918.00 Hanmi Science Co Ltd 1,065,596.20 851,450.70 0.04 181,764.00 Matahari Department 826.00 Hanssem Ord Shs 1,305,046.94 1,374,858.98 0.06 Store Ord Shs 1,605,851.87 1,956,465.77 0.09 7,370.00 Hanwha Chem Corp 854,666.80 1,441,330.26 0.07
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
85 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 MSCI Emerging Markets Index (continued) (expressed in SEK)
Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)
Equities (continued) Equities (continued)
KRW - South Korea (continued) KRW - South Korea (continued) 15,950.00 Hanwha Life Insurance 2,860.00 Paradise 729,255.04 362,942.52 0.02 Co Ltd 691,796.66 847,485.43 0.04 5,297.00 Pohang Iron & Steel 10,403,501.57 6,341,198.15 0.29 2,616.00 Hotel Shilla Ordinary 1,599.00 S1 723,665.68 1,146,227.27 0.05 shares Korea Ord 1,573,704.71 1,453,932.84 0.07 2,650.00 Samsung Card Co Ltd 575,701.03 587,798.07 0.03 43,889.00 Hynix 4,537.00 Samsung Semiconductor Inc 8,714,606.46 9,703,489.02 0.44 Electromechanic 2,295,028.67 2,051,854.39 0.09 1,539.00 Hyosung Corp 602,744.78 1,300,180.35 0.06 8,202.00 Samsung Electronics 1,022.00 Hyundai Department 1,001,628.08 929,540.97 0.04 Co Ltd 71,424,684.77 74,304,894.73 3.37 3,960.00 Hyundai 1,733.00 Samsung Development Co 628,933.69 1,104,724.60 0.05 Electronics Pref 10,217,444.96 13,594,098.94 0.62 6,083.00 Hyundai Engineering & 2,677.00 Samsung Fire & Construction 2,143,978.15 1,248,679.67 0.06 Marine Ins 4,023,923.30 5,918,622.00 0.27 3,311.00 Hyundai Heavy 11,140.00 Samsung Heavy Industries 3,918,553.95 2,090,166.15 0.09 Industries 2,593,534.19 869,044.55 0.04 4,950.00 Hyundai Marine & Fire 6,044.00 Samsung Life Insurance Co Ltd 938,348.72 1,283,032.27 0.06 Insurance Co 4,105,712.69 4,780,180.04 0.22 5,127.00 Hyundai Mobis 8,868,255.59 9,086,724.36 0.41 4,102.00 Samsung SDI Company 4,103,583.87 3,362,231.56 0.15 11,389.00 Hyundai Motor Co Ltd 15,118,960.14 12,201,099.66 0.55 2,329.00 Samsung SDS Ord Shs 6,215,901.67 4,253,342.13 0.19 4,923.00 Hyundai Motor Second 4,757.00 Samsung Securities 1,505,291.93 1,427,962.31 0.06 Preferred 3,532,067.98 3,716,603.64 0.17 32,119.00 Shinhan Financial Group 6,042.00 Hyundai Steel Co 2,822,448.26 2,169,918.02 0.10 Co Ltd 8,422,052.40 9,133,466.00 0.41 1,262.00 Hyundai Wia Corp 1,177,434.62 1,016,259.20 0.05 508.00 Shinsegae Co Ltd 719,764.14 840,076.16 0.04 20,920.00 Industrial Bank of Korea 1,797,929.21 1,857,615.18 0.08 2,670.00 SK C&C 2,846,688.20 4,616,931.76 0.21 9,530.00 Kangwon Land Inc 1,769,724.80 2,631,184.11 0.12 4,925.00 SK Innovation Co Ltd 4,592,912.35 4,603,378.66 0.21 29,259.00 KB Financial Group Inc 6,980,163.51 6,973,810.22 0.32 11,080.00 Sk Networks Ord Shs 590,598.08 437,360.16 0.02 483.00 KCC Corp 1,299,208.17 1,449,875.54 0.07 718.00 Sk Telecom Co Ltd 877,508.89 1,112,496.96 0.05 1,588.00 KEPCO Plant Service & 3,311.00 S-Oil Corp 1,694,822.52 1,890,195.81 0.09 Engineering Ord S 932,343.94 1,016,172.92 0.05 4,140.00 Woongjin Coway 1,457,228.84 2,503,360.82 0.11 19,603.00 Kia Motor 6,532,842.20 7,413,706.64 0.34 24,251.00 Woori Bank 1,853,477.32 1,537,890.27 0.07 3,460.00 Korea Aerospace 10,830.00 Woori Investment & Sec 680,020.29 786,460.55 0.04 Industires Ltd 631,262.27 1,942,916.99 0.09 764.00 Yuhan 834,814.86 1,496,879.97 0.07 19,740.00 Korea Electric 315,238,397.49 342,153,709.23 15.55 Power Corp 4,122,362.96 7,096,500.96 0.32 543.00 Korea Express Co Ltd 830,477.20 745,693.42 0.03 MXN - Mexico 2,398.00 Korea Gas Corp 863,050.80 635,351.10 0.03 230,200.00 Alfa 3,764,172.79 3,835,118.92 0.17 3,490.00 Korea Invest Holding 810,228.86 1,243,358.02 0.06 2,405,800.00 America Movil 17,337,061.86 14,209,608.71 0.64 2,120.00 Korea Telecom 396,082.53 430,607.34 0.02 30,700.00 Arca Continental SAB 8,273.00 Korea Tobacco & de CV 1,371,402.93 1,568,847.77 0.07 Ginseng Corp 4,062,423.70 6,215,934.48 0.28 1,034,339.00 Cemex 6,983,411.40 4,746,002.71 0.22 629.00 Korea Zinc Ord Shs 1,410,061.14 2,121,048.51 0.10 37,500.00 Coca-Cola Femsa SAB 3,407.00 Korean Air Lines de CV 3,226,111.65 2,257,000.07 0.10 Ord Shs 1,000,085.75 678,545.56 0.03 31,100.00 Controladora Comercial 1,988.00 Kumho Mexicana Ord Shs 790,413.25 719,878.44 0.03 Petrochemical Ltd 1,116,696.49 744,699.76 0.03 12,300.00 El Puerto de Liverpool 3,962.00 LG Chem Ltd 6,804,776.73 9,357,868.94 0.42 SAB de CV 881,609.02 1,265,287.78 0.06 7,038.00 LG Corp 2,705,374.72 3,582,693.31 0.16 187,100.00 Fibra Uno 18,180.00 LG Display Co Ltd 3,239,372.85 3,209,020.48 0.15 Administracion SA 4,124,770.49 3,469,607.19 0.16 7,885.00 LG Electronics Inc 3,359,233.92 3,050,078.99 0.14 140,200.00 Fomento Economico 700.00 LG House&Health Care 2,620,933.50 5,284,628.37 0.24 Mexicano SAB 9,351,484.40 11,003,155.89 0.50 870.00 LG Innotek Ord Shs 819,871.95 616,144.53 0.03 76,700.00 Gentera Sab De CV 16,000.00 LG Uplus Corp 906,399.71 1,196,411.10 0.05 Ord Shs 835,785.29 1,241,126.72 0.06 1,205.00 Lotte Chemical 1,729,664.82 2,109,663.19 0.10 17,250.00 Gruma SA de CV 1,373,602.17 2,041,748.53 0.09 48.00 Lotte Chilsung Beverage 22,900.00 Grupo Aeroportuario del Ord Shs 813,212.72 765,818.15 0.03 Pacifico Ord Sh 885,420.04 1,701,772.44 0.08 53.00 Lotte Confectionery 15,500.00 Grupo Aeroportuario del Ord Shs 550,162.13 868,454.98 0.04 Sureste 1,246,571.09 1,847,325.57 0.08 821.00 Lotte Shopping 1,771,263.04 1,372,439.56 0.06 120,600.00 Grupo Bimbo SAB 5,481.00 Mirae Asset Securities 1,042,880.77 851,217.74 0.04 de CV 2,219,727.54 2,694,420.96 0.12 2,118.00 Naver Corp 6,225,169.34 10,020,259.35 0.45 45,200.00 Grupo Carso Sab de CV 1,504,754.30 1,588,576.59 0.07 1,297.00 NCSoft Corporation 1,460,198.82 1,986,308.46 0.09 24,000.00 Grupo Comercial 1,303.00 OCI Company 949,905.43 702,639.87 0.03 Chedraui Ord Shs 549,613.93 534,563.05 0.02 266.00 Orion(South Korea) 184,700.00 Grupo Financiero Ord Shs 1,648,263.80 2,230,012.51 0.10 Banorte-O 7,978,383.69 8,546,975.54 0.39 102.00 Ottogi Corp 803,810.63 898,386.82 0.04 176,800.00 Grupo Financiero Inbursa Sa 3,061,385.63 2,693,476.91 0.12
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
86 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 MSCI Emerging Markets Index (continued) (expressed in SEK)
Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)
Equities (continued) Equities (continued)
MXN - Mexico (continued) MYR - Malaysia (continued) 125,100.00 Grupo Financiero 89,500.00 Westports Holdings Santander Mexico B Ord 2,384,402.36 1,842,950.94 0.08 Ord Shs 772,395.68 724,047.85 0.03 41,400.00 Grupo Lala Ord Shs 925,458.61 805,921.46 0.04 290,400.00 YTL Corp Bhd 987,116.56 895,247.84 0.04 184,800.00 Grupo Televisa SA 7,040,055.20 8,512,814.11 0.39 150,240.00 YTL Power Intl 460,714.02 436,610.63 0.02 9,290.00 Industrias Penoles SAB 76,836,314.25 71,630,641.96 3.25 de CV 2,485,743.77 803,919.73 0.04 120,500.00 Kimberly Clark de PHP - Philippines Mexico 2,229,894.85 2,365,148.14 0.11 130,150.00 Aboitiz Equity 79,600.00 Mexichem SAB de CV 2,390,199.62 1,503,311.66 0.07 Ventures Inc 1,108,643.46 1,351,295.46 0.06 298,700.00 Nuevo Grupo Mexico 6,822,769.73 5,364,166.36 0.24 143,700.00 Aboitiz Power Corp 905,592.48 1,073,607.48 0.05 73,000.00 Ohl Mexico Ord Shs 1,115,276.15 646,394.08 0.03 138,600.00 Alliance Global 18,638.00 Promotora y Operadora Group Inc 410,088.26 399,799.10 0.02 de Infraestructur 1,494,276.13 1,846,126.21 0.08 15,930.00 Ayala 1,557,986.80 2,157,696.11 0.10 391,100.00 Walmart de Mexico New 7,613,251.44 8,304,515.52 0.38 580,700.00 Ayala Land 2,863,040.49 3,584,212.57 0.16 101,987,009.33 97,959,762.00 4.44 141,830.00 Banco De Oro Unibank Inc 1,949,036.98 2,668,149.18 0.12 MYR - Malaysia 57,170.00 Bank of the Philippine 73,700.00 Alliance Financial Group Islands 849,547.66 858,863.14 0.04 Ord Shs 648,089.37 515,186.53 0.02 291,250.00 DMCI Holdings Ord Shs 583,331.92 720,108.15 0.03 157,900.00 AMMB Holdings 2,032,627.54 1,404,518.13 0.06 816,000.00 Energy 114,252.00 Astro Malaysia Holdings Development Corp 1,082,055.89 906,430.59 0.04 Ord Shs 709,783.68 619,184.26 0.03 6,075.00 Globe Tel Ord Shs 1,625,949.38 2,015,765.33 0.09 208,400.00 Axiata Group Berhad 2,882,504.56 2,623,027.00 0.12 5,600.00 GT Capital Holdings 9,000.00 British American Ord Shs 1,313,261.15 1,324,386.25 0.06 Tobacco 1,112,156.63 991,054.49 0.04 51,910.00 International Container 206,800.00 Bumi Armada Bhd 450,426.47 414,188.20 0.02 Terminal Servic 680,402.39 653,821.29 0.03 358,700.00 CIMB Group Holdings 185,709.00 JG Summit Holdings 1 Berhad 5,375,317.84 3,197,674.45 0.15 Ord Shs 1,240,307.61 2,438,875.51 0.11 259,458.00 Dialog Group Ord Shs 819,537.48 815,143.49 0.04 36,590.00 Jollibee Foods Corp 784,536.82 1,435,685.22 0.07 273,700.00 Digi.Com 2,787,712.88 2,902,121.39 0.13 841,000.00 Megaworld Corp 747,580.86 640,379.81 0.03 120,200.00 Gamuda Bhd 1,033,802.91 1,099,859.98 0.05 934,000.00 Metro Pacific Inv 168,800.00 Genting 3,404,419.29 2,432,851.04 0.11 Ord Shs 679,843.11 870,167.64 0.04 265,600.00 Genting Malaysia 2,191,807.16 2,284,279.27 0.10 7,255.00 Philippine Long 45,100.00 Hap Seng Consolidated Distance Tel 3,526,875.58 2,677,671.79 0.12 Ord Shs 569,926.92 573,850.24 0.03 103,000.00 Robinsons Land Co 575,701.13 507,484.32 0.02 72,900.00 Hartalega Holding Bhd 806,573.30 850,278.09 0.04 11,177.00 SM Investments Ord Shs 1,377,235.81 1,730,181.64 0.08 60,000.00 Hong Leong Bank 1,811,072.93 1,583,425.14 0.07 629,700.00 SM Prime Holdings Inc 1,803,524.80 2,448,195.72 0.11 212,600.00 IHH Healthcare Ord Shs 1,800,793.39 2,746,857.76 0.12 60,380.00 Universal Robina Corp 945,464.25 2,012,142.62 0.09 252,200.00 Ijm Corp 1,520,643.33 1,673,820.18 0.08 26,610,006.83 32,474,918.92 1.47 198,500.00 IOI Corp Bhd 1,699,610.37 1,738,370.67 0.08 141,400.00 IOI Property Group 811,427.29 624,710.70 0.03 PLN - Poland 32,600.00 KL Kepong (MYR) 1,486,561.28 1,464,605.42 0.07 4,278.00 Alior Bank Ord Shs 809,867.06 607,350.33 0.03 34,700.00 Lafarge Malaysia Bhd 620,790.09 605,047.48 0.03 3,140.00 Bank Handlowy 707,640.74 481,987.07 0.02 331,100.00 Malayan Banking 6,327,727.97 5,461,167.33 0.25 48,400.00 Bank Millennium 525,191.00 574,509.22 0.03 60,358.00 Malaysia Airports 9,384.00 Bank Pekao 3,316,676.49 2,874,860.33 0.13 Holdings Ord Shs 850,353.99 664,882.22 0.03 61,830.00 Bank PKO BP 4,730,009.04 3,607,577.98 0.16 139,500.00 Maxis Berhad 1,893,113.87 1,862,645.20 0.08 2,922.00 Bank Zachodni Ord Shs 2,032,733.56 1,771,639.69 0.08 80,000.00 MISC Berhad 967,605.16 1,471,894.20 0.07 1,700.00 CCC Ord Shs 545,399.57 502,842.87 0.02 241,800.00 Petronas Chemicals 17,656.00 Cyfrowy Polsat SA 707,382.14 787,045.18 0.04 Group Bhd 3,076,861.06 3,451,737.21 0.16 22,200.00 Enea Ord Shs 542,567.26 535,560.17 0.02 19,400.00 Petronas Dagangan BHD 1,098,545.72 946,999.76 0.04 17,080.00 Energa Ord Shs 903,717.57 460,905.39 0.02 47,000.00 Petronas Gas Bhd 2,006,282.64 2,094,935.87 0.10 6,531.00 Eurocash Ord Shs 622,715.23 676,235.98 0.03 36,800.00 PPB Group 1,062,430.47 1,148,925.74 0.05 3,606.00 Grupa Azoty SA 522,294.82 765,994.50 0.03 193,642.00 Public Bank 7,572,857.20 7,041,862.79 0.32 7,400.00 Grupa Lotos SA 451,766.38 426,552.34 0.02 40,300.00 Rhb Capital Bhd 652,711.66 448,678.36 0.02 9,645.00 KGHM Polska Miedz 3,083,006.70 1,307,327.53 0.06 242,000.00 Sapura Kencana Ord Shs 1,839,769.71 959,872.95 0.04 92.00 LPP 1,812,014.00 1,091,070.09 0.05 246,800.00 Sime Darby 4,772,740.36 3,755,725.78 0.17 1,074.00 MBank 915,589.84 719,964.00 0.03 90,500.00 Telekom Malaysia 1,035,729.23 1,204,828.66 0.05 131,297.00 Polish Oil & Gas 1,519,724.16 1,440,770.38 0.07 261,300.00 Tenaga Nasional Bhd 5,283,205.54 6,834,246.70 0.31 66,924.00 Polska Grupa 69,000.00 UMW Holdings Bhd 1,600,568.70 1,066,278.96 0.05 Energetyczna 2,466,127.10 1,827,381.75 0.08 23,705.00 Polsky Koncern Naftowy 2,341,932.18 3,433,734.10 0.16
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
87 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 MSCI Emerging Markets Index (continued) (expressed in SEK)
Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)
Equities (continued) Equities (continued)
PLN - Poland (continued) THB - Thailand (continued) 44,180.00 Powszechny Zaklad 60,600.00 Thai Oil Pcl 808,244.07 937,030.09 0.04 Ubezpieczen SA 3,916,152.74 3,208,757.30 0.15 136,600.00 Thai Union Group Ord 93,359.00 Tauron Polska Energy 972,436.38 574,018.02 0.03 Shs F 714,685.16 550,447.78 0.02 54,110.00 Telekom Polska 1,271,666.47 757,806.32 0.03 709,273.00 True Corporation Ord 34,716,610.43 28,433,890.54 1.29 Shs F1 1,211,398.00 1,113,333.32 0.05 49,569,448.00 43,934,097.07 2.01 QAR - Qatar 5,720.00 Barwa Real Estate S 656,851.64 529,588.80 0.02 TRY - Turkey 11,500.00 Commercial Bank of 164,132.00 Akbank 4,552,310.74 3,176,250.68 0.14 Qatar Ord Shs 1,243,004.09 1,221,780.80 0.06 17,488.00 Anadolou Efes 1,462,100.56 954,154.73 0.04 8,800.00 Doha Bank Ord Shs 1,033,420.15 906,411.60 0.04 13,672.00 Arcelik 567,773.75 551,664.66 0.03 61,300.00 Ezdan Holding Group 15,824.00 BIM Birlesik Magazalar Ord Shs 2,349,130.33 2,256,006.62 0.10 Anonim 2,376,191.81 2,346,947.79 0.11 11,825.00 Industries Qatar 3,797,806.19 3,040,870.87 0.14 6,447.00 Coca-Cola Icecek A 25,610.00 Masraf Al Rayon Ord Shs 1,074,410.28 691,586.13 0.03 Common Stock 2,877,972.30 2,228,846.67 0.10 129,019.00 Emlak Konut 6,610.00 Ooredoo 1,742,843.20 1,147,480.97 0.05 Gayrimenkul Yati 1,194,981.23 968,888.33 0.04 3,240.00 Qatar Electricity & 39,912.00 Enka Insaat San 583,746.48 521,061.08 0.02 Water Co 1,432,048.42 1,622,874.88 0.07 100,773.00 Eregli Demir ve Celik 16,700.00 Qatar Gas Transport Co Fabrikalari A Ord 816,143.93 884,839.45 0.04 Nakilat 980,574.80 902,580.87 0.04 5,790.00 Ford Otomotiv 8,100.00 Qatar Insurance Co 1,613,185.15 1,537,381.47 0.07 Sanayi AS 443,684.32 506,385.36 0.02 4,430.00 Qatar Islamic Bank 1,138,266.29 1,094,084.63 0.05 178,733.00 Garanti Banka 5,302,197.71 3,675,627.11 0.17 12,460.00 Qatar National Bank 5,646,432.59 5,047,064.57 0.23 101,303.00 Isbank 2,213,752.07 1,345,943.55 0.06 22,620.00 Vodafone Qatar QSC 916,074.41 664,934.84 0.03 40,743.00 Koc Holding 1,329,322.17 1,286,233.67 0.06 25,427,609.56 22,199,907.59 1.00 79,030.00 Sabanci Holding 2,730,964.39 1,890,031.43 0.09 13,469.00 Tav Havalimanlari THB - Thailand Holding 650,163.37 707,643.89 0.03 80,500.00 Advanced Info Service 3,983,957.10 2,866,661.71 0.13 16,500.00 Tofas OTO FB. 963,121.33 903,108.37 0.04 31,300.00 Airports of Thailand 9,388.00 Tupras 1,604,660.26 1,887,248.23 0.09 (Foreign) 1,023,655.54 2,537,215.84 0.12 47,943.00 Turk Hava Yollari AO A 37,499.00 Bangkok Bank Foreign 1,671,113.06 1,339,758.46 0.06 Ord Shs 986,811.04 1,023,331.52 0.05 275,200.00 Bangkok Dusit MF 1,047,382.70 1,437,772.82 0.07 53,698.00 Turk Telecom 1,299,911.51 846,832.39 0.04 94,900.00 Banpu Ord Shs F1 446,999.29 355,732.20 0.02 57,489.00 Turkcell 2,283,505.92 1,643,866.92 0.07 75,300.00 BEC World Ord Shs F 988,110.96 538,061.34 0.02 56,680.00 Turkiye Halk Bankasi 443,200.00 Bts Group Holdings Ord A.S. (Halkbank) 3,159,884.15 1,700,952.15 0.08 Shs F 902,256.43 944,883.19 0.04 51,400.00 Turkiye Sise ve Cam 29,000.00 Bumrungrad Hospital F 955,232.98 1,433,565.14 0.07 Fabrikalari A Ord S 470,350.33 473,587.80 0.02 110,300.00 Central Pattana Ord 57,670.00 Turkiye Vakiflar Bankasi 895,910.22 637,962.91 0.03 Shs F1 1,063,392.61 1,214,535.87 0.06 10,913.00 Ulker Biskuvi Sanayi A 240,300.00 Charoen Pokphand Ord Shs 601,536.24 554,757.94 0.03 Foods PCL 1,552,011.88 1,030,248.14 0.05 70,419.00 Yapi Ve Kredi Bankasi 1,087,436.83 669,163.83 0.03 315,800.00 CP All Pcl 2,980,372.76 2,903,947.52 0.13 38,650,870.64 29,848,069.92 1.36 44,600.00 Delta Electronics 973,629.07 799,343.17 0.04 47,400.00 Glow Energy Ord Shs F 824,818.39 821,763.86 0.04 TWD - China 235,337.00 Home Product Center 32,000.00 Zhen Ding Technology Ord Shs F 374,374.16 374,917.84 0.02 Holding Ord Shs 878,448.03 622,561.07 0.03 99,500.00 Indorama Ventures Ord 878,448.03 622,561.07 0.03 Shs F 531,424.67 496,523.33 0.02 847,500.00 IRPC Pcl 698,988.61 853,778.35 0.04 TWD - Taiwan 99,500.00 Kasikornbank F 4,178,005.15 3,508,298.66 0.16 190,050.00 Acer Inc 949,025.98 590,222.85 0.03 39,000.00 Kasikornbank Public 482,000.00 Advanced Semi 3,074,895.87 4,701,034.18 0.21 Non-Voting DR 1,789,493.37 1,375,112.04 0.06 21,988.00 Advantech Co Ltd 682,798.38 1,193,600.17 0.05 248,700.00 Krung Thai Bank Ord 199,629.00 Asia Cement Corp 1,587,044.17 1,403,902.57 0.06 Shs F 1,153,351.30 973,036.73 0.04 149,000.00 Asia Pacific Telecom 137,800.00 Minor International Ord Shs 587,149.64 445,527.96 0.02 Public Non Voting D 913,770.56 1,170,291.92 0.05 55,000.00 Asustek Computer 3,949,780.65 3,839,674.13 0.17 113,400.00 PTT Exploration & 612,000.00 AU Optronics 1,476,563.20 1,528,364.83 0.07 Production Pcl 3,420,746.98 1,520,987.07 0.07 11,000.00 Casetek Holdings 165,000.00 PTT Global Chemical 2,559,639.00 1,932,817.84 0.09 Ord Shs 478,505.10 379,732.48 0.02 77,700.00 PTT Pcl 5,546,434.86 4,441,685.68 0.20 50,000.00 Catcher Technology Co 2,046,674.89 3,541,945.38 0.16 29,700.00 Siam Cement Pcl 3,001,483.73 3,200,746.34 0.15 619,192.00 Cathay Financial 116,500.00 Siam Commercial BK Holding 4,939,705.05 7,358,157.87 0.33 THB10 4,254,475.61 3,261,600.82 0.15 82,979.00 Chailease Holding Ord Shs 1,200,590.47 1,211,834.29 0.05
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
88 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 MSCI Emerging Markets Index (continued) (expressed in SEK)
Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)
Equities (continued) Equities (continued)
TWD - Taiwan (continued) TWD - Taiwan (continued) 297,853.00 Chang HWA Bank 922,133.06 1,200,229.80 0.05 43,200.00 Realtek 110,250.00 Cheng Shin Rubber Semiconductor Corp 734,766.16 872,612.14 0.04 Industry 1,701,963.77 1,508,233.49 0.07 49,930.00 Ruentex Development 46,663.00 Chicony Electric 790,916.46 864,714.27 0.04 Ord Shs 627,816.35 549,129.99 0.02 251,000.00 China Airlines 642,163.04 773,068.08 0.04 69,000.00 Ruentex Industries 1,123,210.82 1,087,377.23 0.05 1,020,000.00 China Dev Fin 1,948,161.53 2,154,580.78 0.10 564,387.00 Shin Kong Financial 242,779.00 China Life Insurance Co Holding 975,152.60 1,035,728.24 0.05 Ltd (Taiwan) 1,242,350.81 1,573,385.97 0.07 168,000.00 SiliconWare 860,004.00 China Steel 4,992,032.58 3,962,120.67 0.18 Precision Ind 1,284,034.90 2,255,141.23 0.10 1,158,463.00 China Trust 4,010,218.58 5,024,948.85 0.23 25,000.00 Simplo Technology 748,902.55 673,739.61 0.03 277,000.00 Chunghwa Telecom 5,685,319.20 7,045,571.02 0.32 695,083.00 Sinopac Holdings 1,808,144.16 1,671,625.67 0.08 337,000.00 Compal Electronics 1,611,650.57 1,600,163.66 0.07 23,380.00 Standard Foods Corp 329,407.69 492,663.56 0.02 151,140.00 Delta Electronics 4,684,577.69 6,032,156.28 0.27 129,000.00 Synnex Technology 528,910.00 E.Sun Financial Holding 1,886,409.91 2,599,640.72 0.12 Int Corp 1,487,706.04 1,061,159.14 0.05 13,762.00 Eclat Textile Ord Shs 966,828.59 1,601,849.16 0.07 707,794.00 Taishin Financial 1,769,673.29 2,070,973.31 0.09 228,782.00 Eva Airways Corp 1,075,287.98 1,092,188.43 0.05 490,379.00 Taiwan Business Bank 840,817.94 1,029,551.18 0.05 174,000.00 Evergreen Marine C 274,000.00 Taiwan Cement 2,558,391.29 1,919,888.40 0.09 Twd10 603,058.98 591,735.88 0.03 578,767.00 Taiwan Cooperative 255,461.00 Far Eastern New Financial 1,847,665.71 2,042,533.71 0.09 Century Corp 1,796,615.64 1,688,358.29 0.08 116,000.00 Taiwan Mobile 2,551,426.02 2,977,287.42 0.14 115,000.00 Far Eastone Telecom 1,852,971.83 1,995,295.90 0.09 1,860,000.00 Taiwan Semiconductor 45,103,483.40 68,267,147.82 3.10 26,000.00 Feng TAY Enterprises 149,000.00 Teco Electric & Ord Shs 1,275,451.91 1,121,102.71 0.05 Machinery Co 902,050.32 1,005,784.16 0.05 671,736.00 First FHC 2,274,107.83 2,637,866.60 0.12 59,000.00 TWN Fertilizer 952,214.73 651,910.45 0.03 253,780.00 Formosa Chem & Fibre 4,273,852.47 4,820,053.81 0.22 357,291.00 Uni-President 89,000.00 Formosa Petrochemical 1,556,926.29 1,800,026.91 0.08 Enterprises 3,705,606.10 5,034,509.85 0.23 313,560.00 Formosa Plastic 5,061,097.27 6,196,895.24 0.28 983,999.00 United Micro Electronics 2,719,970.07 3,055,925.77 0.14 68,000.00 Formosa Taffeta Co Ltd 555,134.90 523,591.93 0.02 59,000.00 Vanguard International 66,334.00 Foxconn Technology 1,056,494.43 1,184,972.30 0.05 Semi Corp 746,906.92 648,124.67 0.03 515,000.00 Fubon Financial 167,959.00 Wistron 1,070,231.82 801,823.90 0.04 Holding 4,688,745.93 5,948,158.28 0.27 155,000.00 WPG Holdngs CO 1,325,423.14 1,251,166.54 0.06 20,000.00 Giant Manufacturing 713,125.00 Yuanta Financial Co Ltd 789,659.99 1,124,182.67 0.05 Holdings 2,352,779.58 2,223,846.02 0.10 3,000.00 Hermes Microvision 59,000.00 Yulon Motor 676,067.00 457,321.61 0.02 Ord Shs 693,376.10 920,135.81 0.04 221,846,645.67 267,321,778.29 12.13 46,000.00 High Tech Computer 2,413,119.79 920,905.80 0.04 62,400.00 Highwealth USD - China Construction Corp 847,133.93 606,997.04 0.03 2,700.00 58.com ADR 14,014.00 Hiwin Technology Corp 716,865.19 465,794.82 0.02 Representing 2 Ord 1,417,763.06 1,501,422.42 0.07 1,078,783.00 Hon Hai Precision 38,200.00 Alibaba Group Industry 16,937,922.68 22,372,176.06 1.02 Holding ADR 28,013,122.32 26,172,915.73 1.19 19,000.00 Hotai Motor Co Ltd 1,296,863.46 1,853,104.76 0.08 12,800.00 JD.Com ADR 3,424,810.85 3,481,770.36 0.16 442,865.00 Hua Nan Finance 1,528,773.65 1,733,420.69 0.08 4,700.00 New Orientaé Education 626,806.00 InnoluxDisplay 1,874,567.76 1,599,124.60 0.07 & Technology Group 1,189,505.71 1,242,999.23 0.06 185,000.00 Inotera Memories Inc 1,879,187.36 1,327,138.70 0.06 3,400.00 Qihoo 360 Technology 178,000.00 Inventec 674,627.95 984,532.49 0.04 Two ADR R 2,013,353.15 2,087,028.75 0.09 7,600.00 Largan Precision 2,168,307.99 4,427,945.05 0.20 2,300.00 Qunar Cayman Islands 143,701.00 Lite-On Technology 1,425,554.09 1,174,713.61 0.05 ADR Repr 903,235.61 1,022,648.64 0.05 112,732.00 Mediatek 9,386,334.59 7,233,525.13 0.33 9,700.00 SouFun Holdings ADR 566,784.29 604,330.70 0.03 866,295.00 Mega Financial Holding 4,680,504.22 4,724,844.46 0.21 1,300.00 TAL Education Group 17,600.00 Merida Industry Ord Shs 668,384.39 799,555.67 0.04 ADR Ord Shs 499,300.42 509,300.98 0.02 359,900.00 Nan Ya Plastics 4,896,726.22 5,634,747.45 0.26 4,400.00 Youku Tudou ADR 50,000.00 Novatek Representing 1 1,031,078.21 1,006,377.58 0.05 Microelectronics 1,394,148.27 1,655,474.47 0.08 1,000.00 YY ADR Representing 8,000.00 OBI Pharma Ord Shs 1,447,121.01 1,344,912.59 0.06 Ord Shs Cl 528,324.24 526,659.58 0.02 141,000.00 Pegatron 1,601,092.71 2,605,639.82 0.12 39,587,277.86 38,155,453.97 1.74 10,000.00 Phison Electronics 754,476.84 596,740.80 0.03 170,000.00 Pou Chen 1,280,664.72 1,880,567.67 0.09 USD - Hong Kong 56,000.00 Powertech Tech 576,804.57 937,126.88 0.04 10,800.00 CTRIP.COM 40,000.00 President Chain International ADR 5,040,281.09 4,218,368.74 0.19 Store Corp 1,554,021.11 2,109,767.47 0.10 3,100.00 NetEasy.com Inc 4,520,925.79 4,736,682.03 0.21 212,000.00 Quanta Computer 3,338,917.77 2,883,862.20 0.13 9,561,206.88 8,955,050.77 0.40 27,540.00 Radiant Opto- Electronics Corp 652,436.06 532,964.22 0.02
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
89 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 MSCI Emerging Markets Index (continued) (expressed in SEK)
Number of Market % of Number of Market % of Shares / Value net Shares / Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing (continued) listing (continued)
Equities (continued) Equities (continued)
USD - Peru ZAR - South Africa (continued) 13,800.00 Compania de Minas 260,693.00 FirstRand 6,350,501.54 6,009,532.99 0.27 Buenaventura ADR 2,011,536.62 497,944.96 0.02 76,500.00 Fortress Income B 5,200.00 Credicorp LTd 5,245,723.46 4,266,423.16 0.19 Ord Shs 1,677,183.51 1,449,665.49 0.07 7,257,260.08 4,764,368.12 0.21 61,943.00 Gold Fields 2,762,410.75 1,422,189.85 0.06 182,974.00 Growthpoint Prop Units 2,979,221.09 2,312,551.87 0.10 USD - Russian Federation 16,800.00 Hyprop Investments 130,500.00 Alrosa Co Ltd 1,034,468.81 841,142.12 0.04 Ord Shs 1,221,827.82 944,653.75 0.04 899,892.00 Gazprom 25,006,791.45 14,110,844.77 0.64 51,653.00 Impala Platinum 3,884,148.19 703,692.24 0.03 38,705.00 Lukoil Oil Company JSC 15,471,927.99 10,461,958.11 0.47 12,673.00 Imperial Holding 1,748,047.23 822,983.51 0.04 19,289.00 Magnit JSC 6,228,068.93 6,540,489.66 0.30 26,703.00 Investec Ltd Ord Shs 1,476,129.95 1,590,842.06 0.07 4,228.00 MMC Norilsk 8,269.00 Liberty Holdings Nickel OJJC 4,921,586.67 4,457,511.60 0.20 Ord Shs 677,250.89 518,182.76 0.02 38,900.00 Mobile 62,360.00 Life Healthcare Group Telesystems OJSC 4,754,920.59 2,026,733.10 0.09 Holdings Ltd 1,489,392.33 1,189,856.98 0.05 82,384.00 Moscow Exchange 7,698.00 Massmart Holdings Ltd 913,831.55 418,823.26 0.02 Ord Shs 986,415.08 867,611.85 0.04 37,601.00 Mediclinic International 6,818.00 Novatek OAO 5,220,388.84 4,721,968.10 0.21 Ord Shs 2,012,213.78 2,434,440.96 0.11 5,885.00 Polski Koncern Naftowy 74,056.00 Metropolitan Holdings 1,222,349.42 886,412.40 0.04 Orlen SA 1,085,287.63 578,004.04 0.03 8,700.00 Mondi Ord Shs 1,744,274.55 1,454,428.25 0.07 88,601.00 Rosneft Oil Co 4,432,494.39 2,585,380.61 0.12 18,409.00 Mr Price Group Ord 55,731.00 Rostelecom 1,353,539.28 581,462.48 0.03 Shs 1 1,780,641.05 2,003,148.21 0.09 7,753,519.00 Rushydro JSC 1,104,138.46 606,603.41 0.03 126,200.00 MTN Group Limited 15,976,476.91 9,124,404.84 0.41 814,890.00 Sberbank Savings Bank 30,100.00 Naspers 17,895,061.94 34,718,043.77 1.58 of Russian 13,765.00 Nedbank Group Ltd 1,907,250.68 1,412,517.45 0.06 Federation OJSC 15,718,704.19 9,507,652.92 0.43 61,711.00 Netcare 916,907.58 1,138,191.07 0.05 15,599.00 Severstal Cherepovets 17,441.00 Pick n Pay Stores Ltd 572,860.45 616,790.43 0.03 Metal Factory JSC 1,077,721.94 1,095,486.12 0.05 10,300.00 Pioneer Food Group 13,182.00 Sistema JSFC GDR 876,183.72 655,679.80 0.03 Ord Shs 1,055,356.35 891,019.56 0.04 1,205,727.00 Surgutneftegaz OJC 6,648,328.98 4,720,031.08 0.21 8,100.00 PSG Group Ord Shs 1,333,894.82 984,952.84 0.04 113,266.00 Tatneft Lokala 4,728,595.91 4,144,922.99 0.19 335,430.00 Redefine Properties 122.00 Transneft Pref 1,974,172.15 2,727,080.58 0.12 Ord Shs 2,125,441.66 1,770,217.08 0.08 382,198,594.00 VTB Bank OJSC 3,779,684.95 3,509,806.00 0.16 38,718.00 Remgro 4,927,033.17 5,165,400.29 0.23 106,403,419.96 74,740,369.34 3.39 24,538.00 Resilient REIT 1,693,054.61 1,541,963.30 0.07 50,592.00 RMB Holdings 1,587,335.15 1,530,691.37 0.07 USD - United Arab Emirates 46,784.00 RMI Holdings 784,129.84 985,311.18 0.04 12,060.00 DP World Ltd 2,079,677.77 2,063,962.63 0.09 138,082.00 Sanlam 4,809,036.88 4,548,124.82 0.21 2,079,677.77 2,063,962.63 0.09 39,011.00 Sappi 814,265.17 1,385,118.86 0.06 42,494.00 Sasol 12,834,356.87 9,696,364.42 0.44 USD - United States 35,278.00 Shoprite Holdings Ltd 4,059,119.34 2,749,677.71 0.12 10,500.00 Baidu Inc ADR 19,939,167.25 16,734,066.55 0.76 12,722.00 Spar Group 1,010,843.48 1,274,271.79 0.06 12,700.00 Southern Copper 2,885,251.49 2,796,632.35 0.13 92,889.00 Standard Bank New 7,757,472.95 5,736,051.46 0.26 14,900.00 Vipshop Holding 167,821.00 Steinhoff International Sp ADR 2,147,980.77 1,918,155.40 0.09 Holdings NV Ord Shs 4,975,448.24 7,168,432.03 0.33 24,972,399.51 21,448,854.30 0.98 22,852.00 Telecom South Africa 1,016,151.04 799,817.05 0.04 15,009.00 The Foschini Group 1,097,030.54 994,444.65 0.05 ZAR - Malta 13,271.00 Tiger Brandsny ISIN 25,368.00 Brait Ord Shs 1,228,972.93 2,304,090.47 0.10 okt-05 pga återköp 2,799,590.79 2,284,798.55 0.10 1,228,972.93 2,304,090.47 0.10 33,511.00 Truworths International 2,201,509.32 1,661,869.63 0.08 ZAR - South Africa 24,657.00 Vodacom Group Ord Shs 2,084,576.13 2,044,591.67 0.09 3,982.00 Anglo American 68,002.00 Woolworths Holding Platinum 1,191,938.57 401,534.91 0.02 Ord Shs 3,032,758.70 3,705,318.37 0.17 31,186.00 Anglogold 4,116,403.04 1,802,944.57 0.08 152,638,801.98 144,551,748.57 6.53 24,568.00 Aspen Pharmacare ZAR - United Kingdom Ord Shs 3,734,390.37 4,136,711.95 0.19 16,499.00 New Europe Property 25,690.00 Barclays Africa Group Investment 1,672,654.78 1,596,124.24 0.07 Ord Shs 2,927,706.20 2,005,573.72 0.09 15,248.00 Barloworld 962,109.19 514,099.60 0.02 1,672,654.78 1,596,124.24 0.07 22,635.00 Bidvest Group 3,653,797.36 4,041,896.59 0.18 2,900.00 Capitec Bank Ord Shs 1,066,555.09 849,737.89 0.04 17,100.00 Coronation Fund Managers 1,028,563.86 492,158.14 0.02 27,113.00 Discovery Ltd 1,545,175.25 1,961,186.10 0.09 10,689.00 Exxaro Resources Ord Shs 1,205,776.79 256,116.33 0.01
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
90 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 MSCI Emerging Markets Index (continued) (expressed in SEK)
Number of Market % of Shares / Value net Nominal Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange listing (continued)
Warrants
THB - Thailand 9,950.00 IVL-W1 0.00 3,892.93 0.00 7,653.00 IVL-W2 0.00 2,761.15 0.00 6,333.00 MINT-W5-R 0.00 7,863.62 0.00 0.00 14,517.70 0.00 Other Transferable Securities
Equities
BRL - Brazil 101,218.00 Santander Seguros 48,994.00 36,667.51 0.00 48,994.00 36,667.51 0.00
TWD - Taiwan 2,798.00 Taiwan Glass Right 2015 0.00 0.07 0.00 0.00 0.07 0.00
ZAR - South Africa 81,765.00 African Bank Investment 1,061,214.69 0.44 0.00 1,061,214.69 0.44 0.00 Investment Funds
EUR - France 129,301.00 Lyxor ETF MSCI Emerging Markets - C- EUR 9,332,649.34 9,082,502.19 0.41 9,332,649.34 9,082,502.19 0.41
EUR - India 92,400.00 Lyxor ETF MSCI India C-EUR 12,258,985.24 11,652,367.55 0.53 12,258,985.24 11,652,367.55 0.53
Total Investments 2,067,604,661.80 2,030,181,359.24 92.12
Cash at bank 165,430,508.70 7.51 Other net assets 8,054,776.21 0.37
Total net assets 2,203,666,644.15 100.00
The investments funds are classified geographically by their country of domicile. The accompanying notes form an integral part of these financial statements.
91 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Emerging Markets Bond Fund (expressed in SEK)
Market % of Market % of Value net Value net Nominal Denomination Cost (Note 2) assets Nominal Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange Transferable securities and money market instruments admitted to an official exchange listing listing (continued)
Bonds Bonds (continued)
BRL - Brazil PLN - Poland 5,580,000.00 Brazil Government 8.5% 13,000,000.00 Poland Government 2024-01-05 14,876,300.61 10,166,584.40 1.56 3.25% 2025-07-25 30,334,444.01 28,439,448.89 4.36 7,300,000.00 European Investment 9,500,000.00 Poland Government 4% Bank 10.50% 2017-12- 2023-10-25 24,118,031.58 21,950,889.61 3.37 21 21,427,099.26 14,874,947.44 2.28 9,400,000.00 Poland Government 7,000,000.00 International Finance 5.75% 2021-10-25 24,441,726.54 23,622,076.01 3.62 Corp 10.5% 2018-04-17 18,649,627.48 14,070,924.45 2.16 78,894,202.13 74,012,414.51 11.35 5,400,000.00 Nordic Investment Bank 10% 2016-02-04 16,048,394.69 11,453,776.40 1.76 RON - Romania 71,001,422.04 50,566,232.69 7.76 7,800,000.00 Romania Government 4.75% 2025-02-24 18,322,807.22 16,975,085.92 2.60 COP - Colombia 6,000,000.00 Romania Government 5,062,000,000.00 Colombia Rep of 7.75% 5.85% 2023-04-26 15,311,090.51 13,935,737.44 2.14 2021-04-14 19,598,503.37 13,640,091.17 2.09 5,000,000.00 Romania Govt 5.6% 19,598,503.37 13,640,091.17 2.09 2018-11-28 11,205,706.17 11,213,722.89 1.72 7,000,000.00 Romania Govt 5.95% HUF - Hungary 2021-06-11 16,994,278.24 16,365,604.76 2.51 740,000,000.00 Hungary Government 61,833,882.14 58,490,151.01 8.97 3.5% 2020-06-24 23,963,032.26 22,318,598.74 3.42 610,000,000.00 Hungary Government RUB - Luxembourg 5.50% 2025-06-24 22,177,118.96 20,765,225.91 3.18 230,000,000.00 European Bank for 592,300,000.00 Republic of Hungary 7% Reconstruction & 2022-06-24 20,252,494.48 21,047,025.18 3.23 Development 6.75% 66,392,645.70 64,130,849.83 9.83 2017-05-12 34,577,905.31 25,479,227.47 3.91 34,577,905.31 25,479,227.47 3.91 IDR - Indonesia 15,000,000,000.00 European Bank for RUB - Russian Federation Reconstruction & 220,000,000.00 Russia Government 7% Development 9,460,396.51 8,623,247.01 1.32 2023-08-16 23,121,862.46 21,915,981.60 3.36 9,460,396.51 8,623,247.01 1.32 148,857,000.00 Russia Government 7.6% 2022-07-20 27,249,766.98 15,490,393.27 2.37 INR - India 110,000,000.00 Russian Federation 358,000,000.00 INTL Finance Corp 7.85% 2018-03-10 20,624,145.35 12,145,212.28 1.86 6.30% 2024-11-25 46,821,941.08 42,550,183.04 6.52 70,995,774.79 49,551,587.15 7.59 46,821,941.08 42,550,183.04 6.52 TRY - Turkey MXN - Mexico 4,000,000.00 Turkey Government 38,400,000.00 Mexican Govt 10% 2025-03-12 9,862,774.25 9,837,534.09 1.51 2024-12-05 27,771,004.23 23,734,177.81 3.64 5,000,000.00 Turkey Government 48,477,000.00 Mexican Govt 6.5% 8.76% 2018-11-14 16,154,206.00 13,707,433.23 2.10 2021-06-10 27,136,109.21 24,510,077.11 3.76 5,000,000.00 Turkey Government 9% 39,705,000.00 Mexican Govt 7.75% 2024-07-24 17,282,878.02 13,089,764.01 2.01 2031-05-29 24,037,810.58 21,321,732.41 3.27 5,000,000.00 Turkey Government 78,944,924.02 69,565,987.33 10.67 9.5% 2022-01-12 18,538,184.20 13,637,391.24 2.09 61,838,042.47 50,272,122.57 7.71 MYR - Malaysia 2,000,000.00 Malaysia Government ZAR - South Africa 4.1818% 2024-07-15 4,738,223.61 3,907,824.13 0.60 50,000,000.00 EIB 8.50% 2024-09-17 33,970,197.52 25,449,307.58 3.90 3,330,000.00 Malaysian Government 33,000,000.00 Republic of South Africa 4.378% 2019-11-29 7,019,836.97 6,750,289.82 1.03 8.875% 2035- 22,473,032.34 15,824,039.47 2.43 4,493,000.00 Malaysian Government 19,169,000.00 South Africa Gov 6.75% 4.392% 2026-04-15 10,215,503.79 8,832,654.91 1.35 2021-03-31 13,179,026.78 9,278,378.12 1.42 21,973,564.37 19,490,768.86 2.98 18,692,000.00 South Africa Govt 6.25% 2036-03-31 9,736,888.66 6,786,620.14 1.04 PEN - Peru 11,545,000.00 South Africa Govt 8.25% 12,460,000.00 Peru Government 6.95% 2017-09-15 7,951,245.00 6,244,275.50 0.96 2031-08-12 32,137,552.17 28,902,885.39 4.43 87,310,390.30 63,582,620.81 9.75 4,760,000.00 Peru Government 7.84% 2020-08-12 12,984,097.57 12,533,716.89 1.92 Total Investments 754,765,243.97 631,392,085.73 96.80 45,121,649.74 41,436,602.28 6.35 Cash at bank 5,609,378.87 0.86 Other net assets 15,284,772.22 2.34
Total net assets 652,286,236.82 100.00
The accompanying notes form an integral part of these financial statements.
92 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable) Statement of Investments, Cash at Bank and Other Net Assets or Other Net Liabilities (continued) As at 31 December 2015 Global Selective Criteria (expressed in EUR)
Market % of Number of Value net Shares Denomination Cost (Note 2) assets
Transferable securities and money market instruments admitted to an official exchange listing
Equities
CHF - Switzerland 4,700.00 Sgs Holdings SA 8,058,525.47 8,259,898.07 4.86 8,058,525.47 8,259,898.07 4.86
CHF - United Kingdom 40,300.00 Roche Holding AG- Genusschein 9,629,305.34 10,243,756.07 6.03 9,629,305.34 10,243,756.07 6.03
DKK - Denmark 170,600.00 NOVO Nordisk B-Share 7,591,144.75 9,141,901.93 5.38 7,591,144.75 9,141,901.93 5.38
EUR - France 52,400.00 L'Oreal 8,103,153.51 8,137,720.00 4.79 8,103,153.51 8,137,720.00 4.79
GBP - United Kingdom 315,400.00 Bunzl Plc 7,322,968.13 8,066,614.13 4.75 433,800.00 Prudential Plc 8,734,439.95 9,011,207.25 5.30 96,200.00 Reckitt Benckiser Group Plc 6,988,551.11 8,198,267.89 4.82 23,045,959.19 25,276,089.27 14.87
SEK - Sweden 78,100.00 Autoliv Inc 7,708,771.28 9,150,450.84 5.38 761,600.00 Svenska Handelsbanken AB 9,639,642.79 9,388,854.61 5.52 17,348,414.07 18,539,305.45 10.90
USD - Ireland 63,200.00 Perrigo Co Plc 8,679,472.91 8,418,521.60 4.95 8,679,472.91 8,418,521.60 4.95
USD - United States 101,700.00 Automatic Data Processing Inc 7,336,220.11 7,931,532.73 4.67 70,100.00 Church & Dwight Co Inc 4,549,088.88 5,477,389.30 3.22 32,900.00 Cooper Ord Shs 4,404,117.18 4,064,420.51 2.39 41,100.00 Grainger 8,121,323.04 7,664,962.73 4.51 58,400.00 Intuit Inc 4,284,109.22 5,187,885.48 3.05 88,900.00 Johnson & Johnson 7,598,225.75 8,406,340.80 4.95 88,500.00 Mastercard Inc 6,157,990.06 7,931,842.03 4.67 134,600.00 Nike Inc -Cl B 5,561,521.67 7,744,177.48 4.56 178,900.00 PRA Group 7,897,267.75 5,713,008.38 3.36 85,600.00 Rockwell Automation 8,216,193.81 8,085,626.45 4.76 120,100.00 Tjx Companies Inc 6,860,718.67 7,839,722.91 4.61 70,986,776.14 76,046,908.80 44.75
ZAR - South Africa 746,200.00 AVI Ltd. 4,126,535.45 3,430,272.30 2.02 4,126,535.45 3,430,272.30 2.02
Total Investments 157,569,286.83 167,494,373.49 98.55
Cash at bank 6,951,003.31 4.09 Other net liabilities (4,484,037.24) (2.64)
Total net assets 169,961,339.56 100.00
The accompanying notes form an integral part of these financial statements.
93 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statement of Investments As at 31 December 2015
Swedish Bonds Shares Criteria Swedish Short Term Assets Shares
(formerly Swedish Bonds Shares) % of net assets % of net Economic sectors assets Banks 34.51 Economic sectors Consumer Durables & Apparel 7.52 Banks 74.14 Diversified Financials 6.67 Diversified Financials 0.93 Financial Services 2.87 Government 5.77 Government 1.04 Insurance 1.28 Materials 2.27 Materials 2.00 Real Estate 28.73 Real Estate 8.07 Telecommunication Services 4.66 Telecommunication Services 4.02 Utilities 1.11 TOTAL 96.21 TOTAL 89.38
Geographical sectors Geographical sectors Sweden 96.21 Sweden 89.38 TOTAL 96.21 TOTAL 89.38
94 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statement of Investments (continued) As at 31 December 2015
Russia Shares Global Criteria
% of net % of net assets assets Economic sectors Economic sectors Automobiles & Components 0.16 Automobiles & Components 3.07 Banks 10.83 Banks 8.56 Commercial Services & Supplies 5.91 Chemicals 0.32 Computer Services 1.51 Commercial Services & Supplies 4.59 Diversified Financials 6.63 Computer Services 4.87 Energy 3.44 Consumer Durables & Apparel 0.80 Food & Staples Retailing 4.53 Consumer Services 1.33 Health Care Equipment & Service 3.23 Diversified Financials 9.11 Industry 0.32 Energy 2.56 Insurance 0.54 Food & Staples Retailing 3.93 Materials 5.04 Food Beverage & Tobacco 1.27 Oil & Gas Drilling 28.61 Health Care Equipment & Service 3.35 Petrochemicals 8.49 Household & Personal Products 4.89 Pharmaceuticals, Biotechnology 0.56 Industry 1.94 Real Estate 0.38 Insurance 5.19 Retailing 8.09 Investment Funds 0.35 Telecommunication Services 6.03 Materials 1.28 Transportation 4.44 Media 3.13 TOTAL 98.74 Oil & Gas Drilling 4.51 Petrochemicals 2.61
Pharmaceuticals, Biotechnology 9.70 Professional Services 0.57 Geographical sectors Real Estate 3.22 Cyprus 3.44 Retailing 2.54 Georgia 0.36 Semiconductors & Semiconductor 2.63 Hong Kong 1.00 Software & Services 3.08 Kazakhstan 0.37 Technology Hardware & Equipment 3.14 Malaysia 0.38 Telecommunication Services 4.11 Netherlands 1.16 Transportation 1.95 Russian Federation 88.15 Utilities 0.01 Sweden 1.78 TOTAL 98.61 Switzerland 1.51
United States 0.59 TOTAL 98.74
95 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statement of Investments (continued) As at 31 December 2015
Global Criteria (continued) America Small Cap
% of net % of net assets assets Geographical sectors Economic sectors Australia 2.18 Automobiles & Components 5.46 Austria 0.09 Banks 7.35 Belgium 0.33 Commercial Services & Supplies 21.32 Bermuda 0.18 Computer Services 3.01 Brazil 0.43 Consumer Services 4.21 Canada 2.56 Diversified Financials 6.21 Chile 0.13 Food & Staples Retailing 5.07 China 1.03 Health Care Equipment & Service 7.64 Colombia 0.05 Household & Personal Products 4.42 Czech Republic 0.01 Materials 1.91 Denmark 0.60 Media 1.49 Finland 0.31 Petrochemicals 5.60 France 3.13 Pharmaceuticals, Biotechnology 2.20 Germany 3.26 Professional Services 8.02 Greece 0.02 Real Estate 0.07 Hong Kong 2.96 Retailing 2.71 Hungary 0.04 Software & Services 2.72 India 0.14 Technology Hardware & Equipment 5.62 Indonesia 0.28 Transportation 2.18 Ireland 0.79 TOTAL 97.21 Israel 0.32
Italy 0.71 Japan 8.25 Jersey 0.01 Geographical sectors Luxembourg 0.04 Ireland 3.53 Malaysia 0.27 Mexico 5.80 Malta 0.01 United States 87.88 0.38 Mexico TOTAL 97.21 Netherlands 1.22 New Zealand 0.06 Norway 0.25 Peru 0.02 Philippines 0.15 Poland 0.13 Portugal 0.03 Qatar 0.07 Russian Federation 0.33 Singapore 0.60 South Africa 0.69 South Korea 1.55 Spain 1.17 Sweden 1.05 Switzerland 1.65 Taiwan 1.21 Thailand 0.21 Turkey 0.11 United Arab Emirates 0.04 United Kingdom 7.05 United States 52.51 TOTAL 98.61
96 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statement of Investments (continued) As at 31 December 2015
Commodity Brazil
% of net % of net assets assets Economic sectors Economic sectors Government 33.23 Automobiles & Components 2.40 TOTAL 33.23 Banks 8.38 Commercial Services & Supplies 15.84
Computer Services 2.80 Consumer Services 0.81 Geographical sectors Diversified Financials 9.60 United States 33.23 Energy 2.80 7.03 TOTAL 33.23 Food & Staples Retailing Food Beverage & Tobacco 6.56 Health Care Equipment & Service 1.92 Household & Personal Products 6.40 Industry 3.20 Insurance 2.19 Media 5.11 Oil & Gas Drilling 3.31 Pharmaceuticals, Biotechnology 3.31 Real Estate 3.30 Retailing 2.75 Software & Services 3.57 Transportation 5.84 TOTAL 97.12
Geographical sectors Brazil 88.18 Chile 8.15 United States 0.79 TOTAL 97.12
97 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statement of Investments (continued) As at 31 December 2015
Global Dynamic Allocation Preserve 90 Multi Asset (L)
% of net % of net assets assets Economic sectors Economic sectors Automobiles & Components 1.09 Investment Funds 98.23 Banks 6.09 TOTAL 98.23 Commercial Services & Supplies 3.44
Computer Services 1.24 Consumer Durables & Apparel 0.31 Consumer Services 0.38 Geographical sectors Diversified Financials 3.95 Ireland 0.06 Food Beverage & Tobacco 0.91 Luxembourg 50.51 Health Care Equipment & Service 0.57 Sweden 47.66 2.82 Household & Personal Products TOTAL 98.23 Insurance 4.39 Investment Funds 22.44 Media 0.80 Oil & Gas Drilling 0.45 Petrochemicals 1.48 Pharmaceuticals, Biotechnology 5.70 Real Estate 2.19 Retailing 1.09 Semiconductors & Semiconductor 0.96 Software & Services 1.73 Technology Hardware & Equipment 2.19 Telecommunication Services 1.85 Transportation 1.03 TOTAL 67.10
Geographical sectors Australia 0.71 Belgium 0.50 Canada 1.60 Denmark 1.81 Finland 1.13 France 6.36 Germany 1.61 Hong Kong 0.57 Ireland 0.34 Japan 2.74 Netherlands 0.21 Norway 1.19 Spain 0.42 Sweden 21.61 Switzerland 1.57 United Kingdom 3.34 United States 21.39 TOTAL 67.10
98 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statement of Investments (continued) As at 31 December 2015
Multi Asset (M) Multi Asset (H)
% of net % of net assets assets Economic sectors Economic sectors Investment Funds 93.74 Investment Funds 92.23 TOTAL 93.74 TOTAL 92.23
Geographical sectors Geographical sectors Ireland 0.12 Ireland 0.15 Luxembourg 43.61 Luxembourg 36.42 Sweden 50.01 Sweden 55.66 TOTAL 93.74 TOTAL 92.23
99 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statement of Investments (continued) As at 31 December 2015
Global Selective Pension 40
% of net % of net assets assets Economic sectors Economic sectors Computer Services 9.77 Investment Funds 100.71 Diversified Financials 3.35 TOTAL 100.71 Food & Staples Retailing 1.98
Food Beverage & Tobacco 8.55 Household & Personal Products 18.32 Insurance 4.78 Geographical sectors Petrochemicals 12.51 Luxembourg 40.15 Pharmaceuticals, Biotechnology 22.53 Norway 2.51 Professional Services 4.84 Sweden 58.05 4.81 Retailing TOTAL 100.71 Software & Services 3.16 Technology Hardware & Equipment 4.11 TOTAL 98.71
Geographical sectors Denmark 4.78 France 4.83 Germany 4.60 Ireland 5.36 Netherlands 5.77 South Africa 1.98 Switzerland 4.84 United Kingdom 19.46 United States 47.09 TOTAL 98.71
100 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statement of Investments (continued) As at 31 December 2015
Pension 50 Pension 60
% of net % of net assets assets Economic sectors Economic sectors Investment Funds 99.77 Investment Funds 99.68 TOTAL 99.77 TOTAL 99.68
Geographical sectors Geographical sectors Luxembourg 27.37 Luxembourg 24.31 Norway 2.34 Norway 2.71 Sweden 70.06 Sweden 72.66 TOTAL 99.77 TOTAL 99.68
101 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statement of Investments (continued) As at 31 December 2015
Pension 70 Pension 80
% of net % of net assets assets Economic sectors Economic sectors Investment Funds 99.66 Investment Funds 99.72 TOTAL 99.66 TOTAL 99.72
Geographical sectors Geographical sectors Luxembourg 24.59 Luxembourg 24.67 Norway 2.78 Norway 2.70 Sweden 72.29 Sweden 72.35 TOTAL 99.66 TOTAL 99.72
102 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statement of Investments (continued) As at 31 December 2015
Pension 90 MSCI Emerging Markets Index
% of net % of net assets assets Economic sectors Economic sectors Investment Funds 97.98 Automobiles & Components 2.64 TOTAL 97.98 Banks 15.22 Commercial Services & Supplies 3.57
Computer Services 1.92 Consumer Durables & Apparel 0.76 Geographical sectors Consumer Services 0.64 Luxembourg 23.55 Diversified Financials 9.24 Norway 3.32 Energy 2.33 Sweden 71.11 Food & Staples Retailing 4.22 2.07 TOTAL 97.98 Food Beverage & Tobacco Health Care Equipment & Service 0.84 Household & Personal Products 2.40 Industry 2.20 Insurance 4.28 Investment Funds 0.94 Materials 2.58 Media 2.30 Oil & Gas Drilling 6.08 Petrochemicals 1.99 Pharmaceuticals, Biotechnology 1.25 Real Estate 3.31 Retailing 0.99 Semiconductors & Semiconductor 8.46 Software & Services 0.39 Technology Hardware & Equipment 3.42 Telecommunication Services 6.28 Transportation 1.63 Utilities 0.17 TOTAL 92.12
103 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statement of Investments (continued) As at 31 December 2015
MSCI Emerging Markets Index Emerging Markets Bond Fund
(continued) % of net assets % of net assets Economic sectors Geographical sectors Government 74.95 Brazil 5.43 Supranational 21.85 Chile 1.25 TOTAL 96.80 8.43 China Colombia 0.50 Czech Republic 0.21 France 0.41 Geographical sectors Greece 0.20 Brazil 7.76 Hong Kong 17.53 Colombia 2.09 Hungary 0.31 Hungary 9.83 India 0.58 India 6.52 Indonesia 2.59 Indonesia 1.32 Malaysia 3.25 Luxembourg 3.91 Malta 0.10 Malaysia 2.98 Mexico 4.44 Mexico 10.67 Peru 0.21 Peru 6.35 Philippines 1.47 Poland 11.35 Poland 1.29 Romania 8.97 Qatar 1.00 Russian Federation 7.59 Russian Federation 3.39 South Africa 9.75 South Africa 6.53 Turkey 7.71 South Korea 15.55 TOTAL 96.80 12.13 Taiwan Thailand 2.01 Turkey 1.36 United Arab Emirates 0.90 United Kingdom 0.07 United States 0.98 TOTAL 92.12
104 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Statement of Investments (continued) As at 31 December 2015
Global Selective Criteria
% of net assets Economic sectors Automobiles & Components 5.38 Banks 5.52 Computer Services 9.34 Diversified Financials 3.36 Food & Staples Retailing 2.02 Health Care Equipment & Service 2.39 Household & Personal Products 22.00 Insurance 5.30 Pharmaceuticals, Biotechnology 21.31 Professional Services 4.86 Retailing 9.26 Software & Services 3.05 Technology Hardware & Equipment 4.76 TOTAL 98.55
Geographical sectors Denmark 5.38 France 4.79 Ireland 4.95 South Africa 2.02 Sweden 10.90 Switzerland 4.86 United Kingdom 20.90 United States 44.75 TOTAL 98.55
105 HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Notes to the Financial Statements For the year ended 31 December 2015
Note 1 – GENERAL
Svenska Handelsbanken International Growth Fund S.A., an investment company, was incorporated in Luxembourg as a société anonyme on 28 November 1984.
An extraordinary General Meeting of Shareholders held on the 29 March 1988 resolved to change the name of the Fund to Svenska Selection Fund and to convert the Fund into a Société d’Investissement à Capital Variable (SICAV) à compartiments multiples, that is an open-ended investment Fund with an umbrella structure. The Directors have the right to issue shares of different classes from time to time. Each class entitles the holders to participate in separate assets of the Fund. On the 16 June 2008, an Extraordinary Meeting of shareholders resolved to change the name of the Fund to Handelsbanken Funds (“the Fund”).
The Fund is now an Undertaking for Collective Investment in Transferable Securities compliant with Part 1 of the law dated 17 December 2010 on undertakings for collective investments.
From 18 July 2007 the sub-funds launched additional dealing currencies.
The following sub-funds are currently available to investors:
Handelsbanken Funds –Swedish Bonds Shares Criteria (formerly Swedish Bonds Shares) The shares are offered at offering price expressed in Swedish Krona (SEK) and an additional dealing currency is available in Euro (EUR).
Handelsbanken Funds – Swedish Short Term Assets Shares The shares are offered at offering price expressed in Swedish Krona (SEK) and an additional dealing currency is available in Euro (EUR).
Handelsbanken Funds – Russia Shares The shares are offered at offering price expressed in Swedish Krona (SEK) and additional dealing currencies are available in Euro (EUR) and Norwegian Krone (NOK).
Handelsbanken Funds – Global Criteria The shares are offered at offering price expressed in Swedish Krona (SEK) and additional dealing currencies are available in Euro (EUR) and Norwegian Krone (NOK).
Handelsbanken Funds – America Small Cap The shares are offered at offering price expressed in US Dollars (USD) and additional dealing currencies are available in Euro (EUR), Norwegian Krone (NOK) and Swedish Krona (SEK).
Handelsbanken Funds – Commodity The shares are offered at offering price expressed in Swedish Krona (SEK) and additional dealing currencies are available in Euro (EUR) and Norwegian Krone (NOK).
Handelsbanken Funds – Brazil The shares are offered at offering price expressed in Swedish Krona (SEK) and additional dealing currencies are available in Euro (EUR) and Norwegian Krone (NOK).
106
HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Notes to the Financial Statements (continued) For the year ended 31 December 2015
Handelsbanken Funds – Global Dynamic Allocation Preserve 90 The shares are offered at offering price expressed in Swedish Krona (SEK).
Handelsbanken Funds – Multi Asset (L) The shares are offered at offering price expressed in Swedish Krona (SEK), and additional dealing currencies are available in Euro (EUR) and Norwegian Krone (NOK).
Handelsbanken Funds – Multi Asset (M) The shares are offered at offering price expressed in Swedish Krona (SEK), and additional dealing currencies are available in Euro (EUR) and Norwegian Krone (NOK).
Handelsbanken Funds – Multi Asset (H) The shares are offered at offering price expressed in Swedish Krona (SEK), and additional dealing currencies are available in Euro (EUR) and Norwegian Krone (NOK).
Handelsbanken Funds – Global Selective The shares are offered at offering price expressed in Euro (EUR) and additional dealing currencies are available in Norwegian Krone (NOK) and Swedish Krona (SEK).
Handelsbanken Funds – Pension 40 The shares are offered at offering price expressed in Swedish Krona (SEK).
Handelsbanken Funds – Pension 50 The shares are offered at offering price expressed in Swedish Krona (SEK).
Handelsbanken Funds – Pension 60 The shares are offered at offering price expressed in Swedish Krona (SEK).
Handelsbanken Funds – Pension 70 The shares are offered at offering price expressed in Swedish Krona (SEK).
Handelsbanken Funds – Pension 80 The shares are offered at offering price expressed in Swedish Krona (SEK).
Handelsbanken Funds – Pension 90 The shares are offered at offering price expressed in Swedish Krona (SEK). The sub-fund was launched on 21 January 2015.
Handelsbanken Funds – MSCI Emerging Markets Index The shares are offered at offering price expressed in Swedish Krona (SEK) and additional dealing currencies are available in Norwegian Krone (NOK) and Euro (EUR).
Handelsbanken Funds – Emerging Markets Bond Fund The shares are offered at offering price expressed in Swedish Krona (SEK) and additional dealing currencies are available in Euro (EUR), Danish Krone (DKK), Norwegian Krone (NOK), British Pound (GBP) and US Dollar (USD).
107
HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Notes to the Financial Statements (continued) For the year ended 31 December 2015
Handelsbanken Funds – Global Selective Criteria The shares are offered at offering price expressed in Swedish Krona (SEK).
Handelsbanken Funds – Global Thematic merged with the Swedish UCI Global Tema on 22 May 2015. Handelsbanken Funds – Far East Shares merged with the Swedish UCI Handelsbanken Asienfond on 28 August 2015. Handelsbanken Funds – Nordic Shares and Handelsbanken Funds Europe Selective merged with the Swedish UCIs Handelsbanken – Nordenfond and Handelsbanken – Europa Selektiv respectively on 25 September 2015.
Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Presentation of financial statements The financial statements are prepared in accordance with Luxembourg legal and regulatory requirements relating to undertakings for collective investment. a) Valuation of investment securities Investment securities are valued at each valuation date for subscription and redemption purposes as follows: – Securities which are quoted or dealt in on any Regulated Market are valued at the last available price and, if appropriate, on the average price on the Regulated Market which is normally the principal market of such securities. – Securities dealt in on another organised market are valued in a manner as similar as possible to that provided for quoted securities. – If such prices are not representative of their fair value, all such securities and all other eligible assets are valued at their fair value based on the reasonably foreseeable sales price determined prudently and in good faith. – Zero coupon bonds are accrued on a straight line basis until maturity date. – Shares or units in open-ended investment funds are valued at their last available calculated net asset value. Money market instruments are valued at: – Market value plus any accrued interest for instruments having, at the moment of their acquisition by the Fund, an initial or remaining maturity of more than 12 months, until the instruments have a remaining maturity of less than 12 months at which time they will move to an amortised cost basis plus accrued interest, and – On an amortised cost basis plus accrued interest for instruments having, at the moment of their acquisition by the Fund, an initial or remaining maturity of less than 12 months.
In the event that it is impossible or incorrect to carry out a valuation in accordance with the above rules owing to particular circumstances, the Board of Directors or their delegate shall be entitled to use other generally recognised valuation principles, in order to reach a fair valuation of the total assets of each sub-fund. b) Net realised gain/(loss) on sales of investment securities The net realised gain or loss on sales of securities is determined on the basis of the average cost of securities sold. c) Foreign exchange translation in each sub-fund The financial statements of each sub-fund are expressed in the base currency designated in the prospectus for that particular sub-fund. Bank accounts, other net assets or other net liabilities and the market value of the investments in currencies other than the sub-fund’s currency are translated into the sub-fund’s currency at applicable exchange rates at the year end.
108
HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Notes to the Financial Statements (continued) For the year ended 31 December 2015
Income and expenses in currencies other than the sub-fund’s currency are translated into the sub-fund’s currency at the applicable exchange rates prevailing at transaction date.
Resulting realised and unrealised foreign exchange gains or losses are included in the statement of operations. Foreign exchange rates used as at 31 December 2015 are as follows:
USD 1 = AUD 1.37448 USD 1 = MXN 17.27115 USD 1 = BRL 3.95625 USD 1 = MYR 4.29350 USD 1 = CAD 1.38910 USD 1 = NOK 8.85135 USD 1 = CHF 1.00100 USD 1 = NZD 1.46071 USD 1 = CZK 24.87530 USD 1 = PEN 3.41145 USD 1 = DKK 6.86980 USD 1 = PHP 47.05500 USD 1 = EUR 0.92056 USD 1 = PLN 3.94895 USD 1 = GBP 0.67847 USD 1 = SEK 8.43060 USD 1 = HUF 290.90035 USD 1 = SGD 1.41865 USD 1 = IDR 13,785.00000 USD 1 = THB 35.98500 USD 1 = ILS 3.89105 USD 1 = TRY 2.91885 USD 1 = KRW 1,172.54999 USD 1 = TWD 32.84700 USD 1 = JPY 120.29500 USD 1 = ZAR 15.49550 d) Cost of investment securities The cost of investment securities denominated in currencies other than the sub-fund’s currency is translated into the sub-fund’s currency at the exchange rate prevailing at the date of purchase. e) Allocation of shared expenses The Fund adopted a “Flat All-in Fee” model for the payment of shared expenses from 1 August 2012. The “Flat All- in Fee” model is described in note 4. f) Dividends Dividends are recorded at ex-date, net of withholding taxes. Interest are accrued on each valuation date on a prorata basis, net of withholding taxes. g) Combined financial statements The combined statement of net assets, the combined statement of operations and the combined statement of changes in net assets have been prepared in US Dollars. The cross sub-funds investments (meaning when one sub-fund has invested in another sub-fund of the Fund) are not retreated in the calculation of the combined figures. As at 31 December 2015, the cross sub-fund investments represent 11% of the combined net assets. For the purpose of preparing these combined statements, the assets, liabilities and the income and expenses of the sub-funds expressed in currencies other than US Dollar have been translated into US Dollars at the applicable exchange rate at 31 December 2015.
USD 1 = EUR 0.92056 USD 1 = SEK 8.43060
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Notes to the Financial Statements (continued) For the year ended 31 December 2015 h) Financial derivative instruments The value of financial derivative instruments which are quoted or dealt in on any Regulated Market is based on the last available price and, if appropriate, on the average price on the Regulated Market which is normally the principal market of such financial derivative instruments.
The value of financial derivative instruments dealt in on another organised market is valued in a manner as similar as possible to that provided for quoted financial derivative instruments.
The financial derivative instruments which are not listed on any official stock exchange or traded on any other Regulated Market are valued in a reliable and verifiable manner at each NAV calculation in accordance with market practice and verified by a competent and independent professional appointed by the Board of Directors.
The swap transactions are valued based on a calculation of the net present value of their expected cash flows.
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Notes to the Financial Statements (continued) For the year ended 31 December 2015
Notes 3 - FEES AND COMMISSIONS PAYABLE
Combined Swedish Bonds Swedish Short Term Russia Shares Global Criteria America Small Cap Shares Criteria Assets Shares (formerly Swedish Bonds Shares) (expressed in) USD SEK SEK SEK SEK USD
Flat All-in fee (Note 4) 7,852,686.34 2,098,841.34 3,029,748.03 1,022,838.43 6,587,678.07 739,957.53 Analysis Costs 53,601.81 - - 14,527.24 - 14,676.62 "Taxe d'abonnement" (Note 5) 908,622.07 418,713.12 623,427.93 65,522.16 647,626.45 78,227.42 Total 8,814,910.22 2,517,554.46 3,653,175.96 1,102,887.83 7,235,304.52 832,861.57
Commodity Brazil Global Dynamic Multi Asset (L) Multi Asset (M) Multi Asset (H) Allocation Preserve 90 (expressed in) SEK SEK SEK SEK SEK SEK
Flat All-in fee (Note 4) 914,356.68 348,713.77 839,381.77 13,164,689.52 11,834,634.42 6,256,446.70 Analysis Costs - 8,639.38 - 115,594.66 89,036.34 40,030.04 "Taxe d'abonnement" (Note 5) 112,677.08 28,598.75 67,107.05 1,939,687.89 1,320,157.38 605,384.85 Total 1,027,033.76 385,951.90 906,488.82 15,219,972.07 13,243,828.14 6,901,861.59
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Notes to the Financial Statements (continued) For the year ended 31 December 2015
Notes 3 - FEES AND COMMISSIONS PAYABLE (continued)
Global Selective Pension 40 Pension 50 Pension 60 Pension 70 Pension 80 (expressed in) EUR SEK SEK SEK SEK SEK
Flat All-in fee (Note 4) 367,648.94 593,171.83 2,142,036.97 2,352,572.08 1,420,626.97 293,613.29 Analysis Costs 4,748.10 - - - - - "Taxe d'abonnement" (Note 5) 20,916.03 57,813.95 211,469.24 242,079.94 153,351.81 37,682.06 Total 393,313.07 650,985.78 2,353,506.21 2,594,652.02 1,573,978.78 331,295.35
Pension 90* MSCI Emerging Emerging Markets Global Selective Markets Index Bond Fund Criteria (expressed in) SEK SEK SEK EUR
Flat All-in fee (Note 4) 3,213.72 841,657.20 641,716.24 241,470.55 Analysis Costs - - - 1,839.90 "Taxe d'abonnement" (Note 5) 369.33 79,620.81 103,131.56 10,343.15 Total 3,583.05 921,278.01 744,847.80 253,653.60
* Sub-fund launched on 21 January 2015
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Notes to the Financial Statements (continued) For the year ended 31 December 2015
Note 4 –FLAT ALL-IN FEE
A Flat All-in Fee, as described under the Section Fund Charges of the Fund's Prospectus, has been implemented as and from 1 August 2012.
The Fund pays a maximum monthly Flat All-in Fee calculated on the average net asset value of the Sub-Funds and its share classes as described for each Sub-Fund in the relevant Appendix.
The relevant Flat All-in Fee will not be charged until the corresponding share classes have been launched.
Out of the aforementioned Flat All-in Fee, the Fund will bear all internal and external costs incurred in connection with the Administration, Portfolio Management and Safekeeping of the Fund’s assets as well as Distribution, such as:
• annual fees and expenses for approving and supervising the Fund in Luxembourg and abroad;
• other fees charged by the supervisory authorities;
• printing of the regulations, prospectuses and annual and semi-annual reports;
• production of the KII or the corresponding documents for the Fund’s sales countries;
• price publications and publication of notices to investors;
• fees incurred in connection with the listing of the Fund and sales within Luxembourg and abroad;
• commission and expenses of the Custodian Bank for the safekeeping of the Fund’s assets, dealing with payments and other duties, as required under the Law of 2010;
• fees and other expenses for the payment of dividends to investors; and
• legal and auditor’s fees.
Unless otherwise provided in the relevant Appendix, the Fund will also, in addition to the Flat All-in Fee, bear all transaction expenses arising in connection with the administration of the Fund assets (brokerage commission in line with the market, fees, fiscal charges, etc.), as well as external analysis costs.
In the Sub-Funds that may invest in other UCI or UCITS under the terms of their investment policies, fees may be incurred both at the level of the Sub-Fund as well as at the level of the relevant target fund but the maximum investment management fee is set at 3% of the value of the relevant investments. The management fee charged to the Sub-Fund by an investment fund of the HANDELSBANKEN Group is refunded to the Sub-Fund and is included in the Rebate on Management fees of the Statement of Operations. Such investments may however entail a duplication of certain fees and expenses such as administration, operating and auditing costs.
The allocation of the Flat All-In Fee is performed by Svenska Handelsbanken AB (publ), Luxembourg Branch.
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Notes to the Financial Statements (continued) For the year ended 31 December 2015
The rates in effect on 31 December 2015 for the Flat All-in Fee are as follows: Sub Fund Name Share Class All in Fee Rate Swedish Bonds Shares Criteria (formerly Swedish Bonds Shares) Class A 0.75% Swedish Short Term Assets Shares Class A 0.15% Swedish Short Term Assets Shares Class A2 0.10% Russia Shares Class A 2.40% Global Criteria Class A 0.65% Global Criteria Class AI and BI 0.40% America Small Cap Class A 1.50% Commodity Class A 0.70% Commodity Class AI and BI 0.50% Brazil Class A 1.85% Global Dynamic Allocation Preserve 90 Class AI and BI 0.40% Multi Asset (L) Class A2 1.00% Multi Asset (L) Class BI 1.00% Multi Asset (M) Class A2 1.30% Multi Asset (M) Class BI 1.30% Multi Asset (H) Class A2 1.50% Multi Asset (H) Class BI 1.50% Global Selective Class A and BI 1.85% Global Selective Class AI 1.00% Pension 40 Class A and L 0.35% Pension 40 Class SPA 0.00% Pension 50 Class A and L 0.35% Pension 50 Class SPA 0.00% Pension 60 Class A and L 0.35% Pension 60 Class SPA 0.00% Pension 70 Class A and L 0.35% Pension 70 Class SPA 0.00% Pension 80 Class A and L 0.35% Pension 80 Class SPA 0.00% Pension 90 Class A and L 0.35% Pension 90 Class SPA 0.00% MSCI Emerging Markets Index Class A 0.80% MSCI Emerging Markets Index Class AI 0.40% MSCI Emerging Markets Index Class BI 0.80% Emerging Markets Bond Fund Class A 1.10% Emerging Markets Bond Fund Class A2 and BI 0.90% Emerging Markets Bond Fund Class AI 0.65% Global Selective Criteria Class A and BI 1.85% Global Selective Criteria Class AI 1.00%
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Notes to the Financial Statements (continued) For the year ended 31 December 2015
Note 5 – “TAXE D’ABONNEMENT”
Under current law and practice, the Fund is not liable to any Luxembourg tax on profits or income, nor are dividends paid by the Fund liable to any Luxembourg withholding tax. However with the exception of the Swedish Short Term Assets Shares sub-fund, the Fund is liable in Luxembourg to a subscription tax, “taxe d’abonnement”, of 0.05% per annum of its Net Asset Value, such tax being payable quarterly on the basis of the value of the net assets of the Fund at the end of the relevant calendar quarter. The Swedish Short Term Assets Shares sub-fund is liable in Luxembourg to a subscription tax, “taxe d’abonnement”, of 0.01% per annum of its Net Asset Value, such tax being payable quarterly on the basis of the value of the net assets of the sub fund at the end of the relevant calendar quarter. In respect of any class of shares which comprise only institutional investors (within the meaning of article 174 of the Law of 2010), the tax will be at the rate of 0.01% per annum. This tax is not applicable for the portion of the assets of the Fund invested in other Luxembourg collective investment undertakings already subject to the “taxe d’abonnement”. No stamp duty or other tax is payable in Luxembourg on the issue of the shares in the Fund. No tax is payable in Luxembourg on realised or unrealised capital appreciation of the assets of the Fund.
Dividends, interest and capital gains on investments held by the Fund may be subject to non-recoverable tax, and withholding and capital gain taxes in the countries of origin.
Investors should consult their professional advisers on the taxation applicable under the laws of their countries of citizenship, residence or domicile.
Note 6 – CHANGES IN INVESTMENT PORTFOLIO
The schedule of changes in the investment portfolio is available upon request from the Registered Office of the Fund.
Note 7 – DIVIDEND PAID TO SHAREHOLDERS
As per a circular resolution dated 19 March 2015, the Board of Directors resolved to: - distribute a dividend of 3.0% of the assets of Handelsbanken Funds – Global Criteria BI SEK Class. The dividend was calculated based on net assets as at 31 March 2015 and amounted to SEK 92,500,657.59
- distribute a dividend of 3.0% of the assets of Handelsbanken Funds – Global Dynamic Allocation Preserve 90 BI SEK Class. The dividend was calculated based on net assets as at 31 March 2015 and amounted to SEK 23,150,463.94
- distribute a dividend of 4.0% of the assets of Handelsbanken Funds – Global Selective BI SEK Class. The dividend was calculated based on net assets as at 31 March 2015 and amounted to SEK 18,456,722.21 (EUR 1,968,347.96)
- distribute a dividend of 4.0% of the assets of Handelsbanken Funds - Global Selective BI EUR Class. The dividend was calculated based on net assets as at 31 March 2015 and amounted to EUR 25,675.76
- distribute a dividend of 4.0% of the assets of Handelsbanken Funds – Global Thematic BI SEK Class. The dividend was calculated based on net assets as at 31 March 2015 and amounted to SEK 13,321,910.31 (USD 1,544,739.46)
- distribute a dividend of 3.5% of the assets of Handelsbanken Funds – MSCI Emerging Markets Index BI SEK Class. The dividend was calculated based on net assets as at 31 March 2015 and amounted to SEK 993,191.16
- distribute a dividend of 4.0% of the assets of Handelsbanken Funds – Emerging Markets Bond BI SEK Class. The dividend was calculated based on net assets as at 31 March 2015 and amounted to SEK 63,383,057.64
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Notes to the Financial Statements (continued) For the year ended 31 December 2015
- distribute a dividend of 2.0% of the assets of Handelsbanken Funds – Commodity BI SEK Class. The dividend was calculated based on net assets as at 1 April 2015 and amounted to SEK 36,121,803.94
- distribute a dividend of 4.0% of the assets of Handelsbanken Funds – Multi Asset H BI SEK Class. The dividend was calculated based on net assets as at 1 April 2015 and amounted to SEK 258,306.34
- distribute a dividend of 4.0% of the assets of Handelsbanken Funds – Multi Asset L BI SEK Class. The dividend was calculated based on net assets as at 1 April 2015 and amounted to SEK 4,091,680.49
- distribute a dividend of 4.0% of the assets of Handelsbanken Funds – Multi Asset M BI SEK Class. The dividend was calculated based on net assets as at 1 April 2015 and amounted to SEK 1,227,436.50
Note 8 – TRANSACTION COSTS
Unless otherwise provided in the Appendix of the Fund’s prospectus, in addition to the Flat All-in Fee, the Fund bears all transaction expenses arising in connection with the administration of the Fund assets (brokerage commission in line with the market, fees, fiscal charges, etc.).
These costs are shown as a separate entry in the Statement of Operations and are excluded from the purchase cost of securities. Note 9 – SECURITIES LENDING AND COLLATERAL INFORMATION
From 15 October 2012, Handelsbanken Funds has entered into a Securities Lending Agreement (with J.P. Morgan Bank, N.A. (London Branch) as agent).
As of 31 December 2015 the value of the securities lent by the sub-funds was as follows:
Handelsbanken Funds – America Small Cap Net income of Handelsbanken Funds America Small Cap sub-fund from securities lending for the period ending 31 December 2015 was USD 255.01. The cost of securities lending amounts to USD 216.60. No securities were lent by the sub-fund as at 31 December 2015.
Handelsbanken Funds – Global Criteria
Currency Total market value of Total amount of Counterparty securities on loan collateral received USD 846,343.84 929,555.08 Citigroup USD 20,867,977.93 22,848,757.25 Credit Suisse Group USD 21,424,163.97 23,921,157.86 Deutsche Bank USD 4,149,993.65 4,650,579.78 Goldman Sachs Intl USD 16,610,407.21 18,390,633.65 JP Morgan USD 15,991,546.17 16,884,787.92 Morgan Stanley Intl USD 301,538.31 324,300.77 Svenska Handelsbanken AB USD 80,191,971.08 87,949,772.32
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HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Notes to the Financial Statements (continued) For the year ended 31 December 2015
Net income of Handelsbanken Funds Global Criteria sub-fund from securities lending for the period ending 31 December 2015 was SEK 1,888,971.87. In order to mitigate risk with the above listed counterparties the sub-fund received collateral for an amount of USD 87,949,772.32. The cost of securities lending amounts to SEK 474,839.66.
Handelsbanken Funds – Global Dynamic Allocation Preserve 90
Currency Total market value of Total amount of Counterparty securities on loan collateral received USD 173,172.83 193,565.41 Citigroup USD 4,943,777.75 5,558,998.21 Credit Suisse Group USD 467,959.41 523,050.58 Deutsche Bank USD 1,645,282.29 1,831,064.40 JP Morgan USD 1,695,032.19 1,787,712.40 Morgan Stanley Intl USD 8,925,224.47 9,894,391.00
Net income of Handelsbanken Funds Global Dynamic Allocation Preserve 90 sub-fund from securities lending for the period ending 31 December 2015 was SEK 213,353.20. In order to mitigate risk with the above listed counterparties the sub-fund received collateral for an amount of USD 9,894,391.00. The cost of securities lending amounts to SEK 53,338.30.
Handelsbanken Funds – MSCI Emerging Markets Index Currency Total market value of Total amount of Counterparty securities on loan collateral received USD 224,839.57 247,892.00 Citigroup USD 1,846,134.28 2,029,642.11 Credit Suisse Group USD 1,319,116.75 1,474,411.59 Deutsche Bank USD 640,840.21 680,221.81 JP Morgan USD 5,338,651.67 5,636,689.22 Morgan Stanley Intl USD 9,369,582.48 10,068,856.73
Net income of Handelsbanken Funds MSCI Emerging Markets Index sub-fund from securities lending for the period ending 31 December 2015 was SEK 375,943.59. In order to mitigate risk with the above listed counterparties the sub-fund received collateral for an amount of USD 10,068,856.73. The cost of securities lending amounts to SEK 93,985.90.
Handelsbanken Funds – Pension 40 Net income of Handelsbanken Funds Pension 40 sub-fund from securities lending for the period ending 31 December 2015 was SEK 164.50.
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Notes to the Financial Statements (continued) For the year ended 31 December 2015
The cost of securities lending amounts to SEK 41.13. No securities were lent by the sub-fund as at 31 December 2015.
Handelsbanken Funds – Pension 50 Net income of Handelsbanken Funds Pension 50 sub-fund from securities lending for the period ending 31 December 2015 was SEK 125.62. The cost of securities lending amounts to SEK 31.41. No securities were lent by the sub-fund as at 31 December 2015.
Handelsbanken Funds – Pension 60 Net income of Handelsbanken Funds Pension 60 sub-fund from securities lending for the period ending 31 December 2015 was SEK 99.13. The cost of securities lending amounts to SEK 24.78. No securities were lent by the sub-fund as at 31 December 2015
Note 10 – FORWARD CURRENCY CONTRACTS
Handelsbanken Funds – Commodity sub-fund has entered into the following forward currency contracts as of 31 December 2015: Amount bought Currency Amount sold Currency Sold Maturity Date Unrealised Counterparty bought gain/(loss) SEK 20,000.00 EUR 21,828.00 USD 05/01/2016 (836.49) JP Morgan 630,000.00 SEK 74,768.48 USD 05/01/2016 (247.84) JP Morgan 16,543.59 USD 146,000.00 NOK 05/01/2016 419.77 JP Morgan
(664.56)
Handelsbanken Funds – Multi Asset (L) sub-fund has entered into the following forward currency contracts as of 31 December 2015:
Amount bought Currency Amount sold Currency Sold Maturity Date Unrealised Counterparty bought gain/(loss) SEK 700,000,000.00 JPY 48,708,450.00 SEK 13/01/2016 344,487.83 JP Morgan Svenska 167,018,290.00 SEK 17,800,000.00 EUR 13/01/2016 4,013,203.13 Handelsbanken Svenska 37,000,000.00 USD 311,173,700.00 SEK 13/01/2016 635,845.00 Handelsbanken 17,000,000.00 USD 49,478,500.00 TRY Svenska 13/01/2016 959,014.74 Handelsbanken 17,000,000.00 USD 50,522,300.00 TRY Svenska 13/01/2016 (2,043,052.35) Handelsbanken 3,909,498.35
Handelsbanken Funds – Multi Asset (M) sub-fund has entered into the following forward currency contracts as of 31 December 2015:
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Notes to the Financial Statements (continued) For the year ended 31 December 2015
Amount bought Currency Amount sold Currency Sold Maturity Date Unrealised Counterparty bought gain/(loss) SEK 1,000,000,000.00 JPY 69,583,500.00 SEK 13/01/2016 492,125.47 JP Morgan Svenska 128,547,785.00 SEK 13,700,000.00 EUR 13/01/2016 3,088,813.65 Handelsbanken Svenska 24,000,000.00 USD 201,842,400.00 SEK 13/01/2016 412,440.02 Handelsbanken Svenska 24,000,000.00 USD 209,793,600.00 SEK 13/01/2016 (7,538,760.00) Handelsbanken Svenska 12,000,000.00 USD 34,926,000.00 TRY 13/01/2016 676,951.58 Handelsbanken Svenska 12,000,000.00 USD 35,662,800.00 TRY 13/01/2016 (1,442,154.67) Handelsbanken (4,310,583.95)
Handelsbanken Funds – Multi Asset (H) sub-fund has entered into the following forward currency contracts as of 31 December 2015:
Amount bought Currency Amount sold Currency Sold Maturity Date Unrealised Counterparty bought gain/(loss) SEK 600,000,000.00 JPY 41,750,100.00 SEK 13/01/2016 295,275.28 JP Morgan Svenska 59,113,215.00 SEK 6,300,000.00 EUR 13/01/2016 1,420,403.36 Handelsbanken Svenska 11,000,000.00 USD 92,511,100.00 SEK 13/01/2016 189,035.00 Handelsbanken Svenska 11,500,000.00 USD 100,526,100.00 SEK 13/01/2016 (3,612,322.50) Handelsbanken
4,500,000.00 USD 39,083,778.00 SEK 13/01/2016 (1,160,995.50) JP Morgan Svenska 5,500,000.00 USD 16,007,750.00 TRY 13/01/2016 310,269.48 Handelsbanken Svenska 5,500,000.00 USD 16,345,450.00 TRY 13/01/2016 (660,987.55) Handelsbanken (3,219,322.43)
Handelsbanken Funds – Emerging Markets Bond sub-fund has entered into the following forward currency contracts as of 31 December 2015:
Amount bought Currency Amount sold Currency Sold Maturity Date Unrealised Counterparty bought gain/(loss) SEK 134,625,000.00 CZK 5,000,000.00 EUR 29/03/2016 (146,764.11) JP Morgan (146,764.11)
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Notes to the Financial Statements (continued) For the year ended 31 December 2015
Note 11 – FUTURES CONTRACTS – OPEN POSITIONS
At 31 December 2015, the following futures contracts were outstanding with 3 different brokers (Goldman Sachs International London, JP Morgan Plc London and UBS London):
Handelsbanken Funds – Swedish Bonds Shares Criteria (formerly Swedish Bonds Shares)
Number of Description Maturity Date Contract Commitment as Unrealised contracts Currency at 31/12/2015 gain/(loss) in contract currency Total in SEK (568) Mar 16 NDQ SGB5Y Fut 16/03/2016 SEK (726,812,800.00) 7,768,876.80 283 Mar 16 10Y Ntl Swd 16/03/2016 SEK 407,067,200.00 (4,049,673.40) 3,719,203.40
Handelsbanken Funds – Global Criteria
Number of Description Maturity Contract Commitment as Unrealised contracts Date Currency at 31/12/2015 gain/(loss) in contract currency Total in SEK 129 EuroStoxx50 Fut Mar 2016 21/03/2016 EUR 4,233,780.00 593,271.10 13 Topix Future Mar 2016 13/03/2016 JPY 201,175,000.00 (17,225.91) 76 E-Mini S&P 500 Future Mar 2016 18/03/2016 USD 7,734,520.00 (153,289.90) 279 MSCI India Future Mar 2016 21/03/2016 USD 14,009,706.00 5,230,212.70 5,652,967.99 Handelsbanken Funds – Multi Asset (L) Number of Description Maturity Contract Commitment as Unrealised contracts Date Currency at 31/12/2015 gain/(loss) in contract currency Total in SEK 222 Topix Future March 2016 11/03/2016 JPY 3,435,450,000.00 (2,720,622.99) 140 Nasdaq 100 E-mini Index Future 18/03/2016 USD 12,845,700.00 1,295,951.83 March 2016 (36) S&P Index Future March 2016 18/03/2016 USD (3,663,720.00) 271,049.69 (118) CBT T-Bonds 30Y Future 21/03/2016 USD (18,142,500.00) 1,810,734.81 2016 657,113.34
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Notes to the Financial Statements (continued) For the year ended 31 December 2015
Handelsbanken Funds – Multi Asset (M)
Number of Description Maturity Contract Commitment as Unrealised contracts Date Currency at 31/12/2015 gain/(loss) in contract currency Total in SEK 219 Topix Future March 2016 11/03/2016 JPY 3,389,025,000.00 (3,250,173.43) 190 Nasdaq 100 E-mini Index Future 18/03/2016 USD 17,433,450.00 1,758,791.77 March 2016 (80) CBT T-Bonds 30Y Future 21/03/2016 USD (12,300,000.00) 1,226,915.76 2016 (25) S&P Index Future March 2016 18/03/2016 USD (2,544,250.00) 188,228.95 (76,236.95)
Handelsbanken Funds – Multi Asset (H)
Number of Description Maturity Contract Commitment as Unrealised contracts Date Currency at 31/12/2015 gain/(loss) in contract currency Total in SEK 131 Topix Future March 2016 11/03/2016 JPY 2,027,225,000.00 (2,122,124.88) 130 Nasdaq 100 E-mini Index Future 18/03/2016 USD 11,928,150.00 1,203,383.84 March 2016 (37) CBT T-Bonds 30Y Future 21/03/2016 USD (5,688,750.00) 568,011.68 2016 (11) S&P Index Future March 2016 18/03/2016 USD (1,119,150.00) 82,820.74 (267,908.62)
Handelsbanken Funds – MSCI Emerging Markets Index
Number of Description Maturity Contract Commitment as Unrealised contracts Date Currency at 31/12/2015 gain/(loss) in contract currency Total in SEK 409 MSCI India Future Mar 2016 21/03/2016 USD 20,537,689.60 7,667,229.40 7,667,229.40
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Notes to the Financial Statements (continued) For the year ended 31 December 2015
Note 12 - SWAP CONTRACTS – OPEN POSITIONS
At 31 December 2015, the following swap contracts were outstanding: Handelsbanken Funds – Commodity
Number of Description Counterparty Maturity Contract Value as at Unrealised Unrealised Total Unrealised contracts Date Currency 31/12/2015 gain/(loss) gain/(loss) gain/(loss) in USD already cashed in SEK in SEK in SEK 6,200,309.00 1 - SHB Commodity SHB Capital 09/03/2016 USD 225,581,502.13 (15,300,457.16) (20,103,087.15) (35,403,544.31) Index March 2016 Markets Unrealised Gain/(Loss)* (15,300,457.16) (20,103,087.15) (35,403,544.31)
*The net unrealised loss from 29/12/2015 to 31/12/2015 on open swap contracts amounts to SEK 20,103,087.15 and is included on the Statement of Net Assets under – Unrealised loss on swaps.
The net unrealised loss from contract opening to 29/12/2015 on open swap contracts as at 31/12/2015 amounts to SEK 15,300,457.16 and is included in the Statement of Net Assets under – Unrealised loss on swaps already cashed.
The SHB Commodity Index Excess Return (the "Index") measures the performance of a basket of commodities, each such commodity represented by an index based on futures contracts in the relevant commodity. It is designed as benchmark for investment in the Nordic commodity markets. It is also designed as a "tradable" index that is readily accessible to market participants. In order to achieve its objectives the Index consists primarily of commodities that are important to the Nordic markets on a world production-weighted basis adjusted for liquidity. There is no limit to the number of contracts that may be included in the Index.
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Notes to the Financial Statements (continued) For the year ended 31 December 2015
The Index as at 1 December 2015 consisted of the following 15 underlying assets:
Weight as of SHB Commodity Index March 2016 Underlying Asset Ci 1 December 2015 1 SHB Crude Oil 15% 33,882,341.61 SHB Gasoil 12% 25,964,430.90 SHB Gold 9% 19,196,985.83 SHB Copper 11% 24,656,058.18 SHB Gasoline 9% 20,821,172.65 SHB Power 10% 23,031,871.37 SHB Aluminium 9% 20,076,753.69 SHB Live Cattle 4% 9,970,702.39 SHB Lean Hogs 5% 11,910,703.31 SHB Milling Wheat 3% 7,105,817.32 SHB Nickel 3% 7,150,933.62 SHB Coffee 2% 5,098,141.95 SHB Silver 2% 4,714,653.39 SHB Soybeans 3% 7,060,701.02 SHB Zinc 2% 4,940,234.90 Value as at 31/12/2015 in USD 225,581,502.13
On each quarterly reset Date (i.e. the first business day in March, June, September and December), the underlying asset Ci are rebalanced by the Index calculator to reset the cash amounts invested in each underlying asset according to the weights (Weight as of 1 December 2015 in the table above). If, on any Calculation Date, either (1) the percentage weight of any underlying asset (Ci) reaches 35 % or more or (2) the percentage weight of any two underlying assets (Ci) each reaches 20 % or more, the underlying assets, Ci, will be rebalanced as of the nearest following calculation date (the "Rebalancing Date") to reset the cash amounts invested in each underlying asset according to the weights, within the table above.
Note 13 – Index Tracking
Tracking error is usually defined as the volatility of the difference between the return of the index-tracking UCITS' portfolio and the return of the benchmark or index tracked. The tracking error helps to measure the quality of the replication.
Realised Tracking Performance of the Performance of the Sub-fund Name Sub-fund Currency Error (*) fund (*) benchmark (*) Commodity SEK 0.02% (26.37%) (1) (25.65%) Global Criteria SEK 0.22% 8.31% (1) 9.06% MSCI Emerging Markets Index SEK 0.72% (5.79%) (1) (5.23%)
(*) From 31 December 2014 to 31 December 2015 (1) Based on EUR A class The detailed composition of the benchmark of the different sub-funds is disclosed in the latest Prospectus of the Fund.
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HANDELSBANKEN FUNDS (Société d’Investissement à Capital Variable)
Notes to the Financial Statements (continued) For the year ended 31 December 2015
Trading in emerging markets incurs additional costs due to local taxes and transaction fees, which are borne by the sub-fund but not by the benchmark index.
Note 14 – Management fees of the underlying funds
Per group policy 100% of the management fee charged on holdings of Handelsbanken funds in other Handelsbanken funds is rebated. The maximum management fee (annual rate) applied by the underlying funds of the group Svenska Handelsbanken is as follows:
Target fund Management fee Target fund Management fee Handelsbanken America Small Cap A - SE 1.50% SHB Europa Hedge Selektiv 1.00% Handelsbanken Asienfond 1.60% SHB Europa Index 0.40% Handelsbanken - Commodity 2.80% SHB Europa Selektiv 1.85% Handelsbanken - Emerging Markets Bond Fund 1.60% SHB Företagsobligationsfond 0.95% Handelsbanken Europafond 1.60% SHB Globalfond 1.40% Handelsbanken Fixed Income Absolute Return 0.10% SHB Kinafond 1.85% Handelsbanken Global Criteria 0.40% SHB Korträntefond Sverige 0.40% Handelsbanken Japanfond 1.60% SHB Långräntefond Sverige 0.75% Handelsbanken Latinamerikafond 1.60% SHB Norden Aggressiv 1.85% Handelsbanken MSCI Emerging Markets Index 0.40% SHB Norden Selektiv 1.85% Handelsbanken MSCI USA Index 0.40% SHB Nordenfond 1.60% Handelsbanken Nordiska Småbolagsfond 1.60% SHB Ranteavkastningsfond Mega A7 0.50% Handelsbanken Räntestrat Plus A7 0.60% XACT Norden 120 0.40% Handelsbanken - Russia Shares 2.40% XACT Nordic 30 0.40% Handelsbanken Sverigefond 1.40% XACT OBLIGATION 0.19% Handelsbanken Sverige OMXSB Index 0.90% XACT OBX ETF 0.60% Handelsbanken - Swedish Bonds Shares Criteria 0.75% XACT OMXS30 0.30% Handelsbanken - Swedish Short Term Assets Shares 0.40% XACT OMXSB 0.30% Handelsbanken Tillväxt OblBI 0.90% XACT Råvaror 0.70% SHB Amerikafond 1.60% XACTREPO 0.14%
Note 15 – Subsequent events The sub-fund Handelsbanken Funds – Global Criteria changed its name to Handelsbanken Funds - Global Index Criteria on 1st January 2016. The A2 class of the sub-fund Handelsbanken Funds Global Dynamic Allocation Preserve 90 was launched on 1st January 2016.
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