Other Funds for Traditional Investments” Type
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Annual report and audited financial statements BlackRock Investment Funds Switzerland Umbrella Fund under Swiss Law of the “Other Funds for Traditional Investments” Type For the financial year ended 31 July 2019 BlackRock Investment Funds Switzerland Contents Overview General information 2 Performance Sub-fund performance 6 Governance Report of the audit company 11 Financial Statements Statement of net assets 12 Changes in the fund’s net assets 15 Changes in number of units outstanding 17 Net assets attributable to redeemable unitholders 21 Profit and loss account 24 Appropriation of net income 27 Notes to the annual report 35 Composition of portfolio and changes in holdings 45 Additional Information Disclaimers 256 This annual report and audited financial statements (the “Report and Accounts”) may be translated into other languages. Any such translations shall only contain the same information and have the same meaning as the German language Report and Accounts. To the extent that if there is any inconsistency between the German language annual report and the annual report in another language, the German language annual report will prevail, except to the extent (and only to the extent) that it is required by law of any jurisdiction where the shares are sold, that in an action based upon disclosure in an annual report in a language other than German, the language of the annual report on which such action is based shall prevail. Any disputes as to the terms of the annual report, regardless of the language of the annual report, shall be governed by and construed in accordance with the laws of Switzerland. BlackRock Investment Funds Switzerland ANNUAL REPORT [1] BlackRock Investment Funds Switzerland General information Fund Management Company Paying Agent BlackRock Asset Management Schweiz AG State Street Bank International GmbH, Munich, Zurich Branch Bahnhofstrasse 39 Beethovenstrasse 19 CH-8001 Zurich CH-8027 Zurich Board of Directors1 Auditor David Blumer, Chairman Deloitte AG Barry O’Dwyer, Vice-Chairman General-Guisan-Quai 38 Dr. Susanne Haury von Siebenthal P.O. Box 2232 Dr. Peter Athanas CH-8022 Zurich Dr. Mirjam Staub-Bisang Fund Administrator Executive Committee1,2,3,4 State Street Bank International GmbH, Munich, Zurich Branch Dr. Mirjam Staub-Bisang, CEO Beethovenstrasse 19 Dr. Michael Burch, COO CH-8027 Zurich Nathalie von Niederhäusern André Bantli Frank Rosenschon Holger Schmidt Jasmin Djalali Robert Majewski Edward Gordon 1 With effect from 9 November 2018, Dr. Mirjam Staub-Bisang was appointed as a member of the Board of Directors and the Executive Committee. 2 With effect from 9 November 2018, Robert Majewski was appointed as a member of the Executive Committee. 3 With effect from 9 November 2018, Edward Gordon was appointed as a member of the Executive Committee. 4 With effect from 30 November 2018, Barbara Dailey resigned as a member of the Executive Committee. Custodian Bank State Street Bank International GmbH, Munich, Zurich Branch Beethovenstrasse 19 CH-8027 Zurich [2] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland General information (continued) General Investment decisions in respect of the following sub-funds have BlackRock Investment Funds Switzerland (“BIFS” or the “Fund”) is been delegated to BlackRock Advisors (UK) Limited, London, an umbrella fund under Swiss law of the “Other funds for which has sub-delegated these investment decisions to traditional investments” type which was established under the BlackRock Asset Management Deutschland AG: Swiss Collective Investment Schemes Act (“CISA”) of June 23, 2006 and is divided into the following sub-funds: iShares SPI® Equity Index Fund (CH) iShares SMI® Equity Index Fund (CH) a) iShares World ex Switzerland Equity Index Fund (CH) b) iShares World ex Switzerland Small Cap Equity Index Fund The precise duties involved are laid down in an investment (CH) management agreement between BlackRock Asset Management c) iShares Emerging Markets Equity Index Fund (CH) Schweiz AG (the “Fund Management Company”) and BlackRock d) BIFS Global ex Switzerland Sovereign Screened CHF Bond Advisors (UK) Limited London, as well as a sub-investment Fund management agreement between BlackRock Advisors (UK) e) iShares SPI® Equity Index Fund (CH) Limited and BlackRock Asset Management Deutschland AG, f) iShares SMI® Equity Index Fund (CH) Munich. g) iShares SBI AAA-BBB® Bond Index Fund (CH) h) iShares Emerging Markets Bond Index Fund (CH) Delegation of other specific tasks i) iShares Japan Equity Index Fund (CH) The Fund Management Company has delegated parts of the fund administration to State Street Bank International GmbH, Munich, Delegation and sub-delegation of investment decisions Zurich Branch. Investment decisions in respect of the following sub-funds have been delegated to BlackRock Advisors (UK) Limited, London: A Service Agreement between the Fund Management Company and State Street Bank International GmbH, Munich, Zurich a) iShares World ex Switzerland Equity Index Fund (CH) Branch details the terms of the delegated tasks as outlined in the b) iShares World ex Switzerland Small Cap Equity Index Fund prospectus. (CH) c) iShares Emerging Markets Equity Index Fund (CH) d) BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund e) iShares SPI® Equity Index Fund (CH) f) iShares SMI® Equity Index Fund (CH) g) iShares SBI AAA-BBB® Bond Index Fund (CH) h) iShares Emerging Markets Bond Index Fund (CH) i) iShares Japan Equity Index Fund (CH) BlackRock Investment Funds Switzerland ANNUAL REPORT [3] BlackRock Investment Funds Switzerland General information (continued) Total Expense Ratio (TER) Flat fee Total charged Expense Max fee to the Ratio charged to Unit sub-fund (TER) the sub-fund Sub-fund Class Currency % % % iShares World ex Switzerland Equity Index Fund (CH) I1 CHF* CHF 0.15 0.15 1.00 iShares World ex Switzerland Equity Index Fund (CH) X1 CHF CHF 0.02 0.02 0.50 iShares World ex Switzerland Small Cap Equity Index Fund (CH) I0 CHF CHF 0.20 0.20 1.00 iShares World ex Switzerland Small Cap Equity Index Fund (CH) X0 N CHF CHF 0.03 0.03 0.50 iShares Emerging Markets Equity Index Fund (CH) D CHF CHF 0.25 0.19 1.00 iShares Emerging Markets Equity Index Fund (CH) I CHF CHF 0.20 0.14 1.00 iShares Emerging Markets Equity Index Fund (CH) X N CHF CHF 0.08 0.02 0.50 BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund D CHF CHF 0.25 0.25 1.00 BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund X N CHF CHF 0.05 0.05 0.50 iShares SPI® Equity Index Fund (CH) D CHF CHF 0.13 0.13 1.00 iShares SPI® Equity Index Fund (CH) I CHF CHF 0.10 0.10 1.00 iShares SPI® Equity Index Fund (CH) X CHF CHF 0.03 0.03 0.50 iShares SPI® Equity Index Fund (CH) X N CHF CHF 0.03 0.03 0.50 iShares SPI® Equity Index Fund (CH) Y CHF CHF 0.00 0.00 0.00 iShares SMI® Equity Index Fund (CH) D CHF CHF 0.13 0.13 1.00 iShares SMI® Equity Index Fund (CH) I CHF CHF 0.10 0.10 1.00 iShares SMI® Equity Index Fund (CH) I A-CHF CHF 0.10 0.10 1.00 iShares SMI® Equity Index Fund (CH) X CHF CHF 0.03 0.03 0.50 iShares SBI AAA-BBB® Bond Index Fund (CH) D CHF CHF 0.15 0.15 1.00 iShares SBI AAA-BBB® Bond Index Fund (CH) I CHF CHF 0.12 0.12 1.00 iShares SBI AAA-BBB® Bond Index Fund (CH) Y CHF CHF 0.00 0.00 0.00 iShares Emerging Markets Bond Index Fund (CH) D USD USD 0.30 0.30 1.00 iShares Emerging Markets Bond Index Fund (CH) X USD USD 0.04 0.04 0.50 iShares Emerging Markets Bond Index Fund (CH) X N USD* USD 0.04 0.04 0.50 iShares Emerging Markets Bond Index Fund (CH) X NT USD* USD 0.04 0.04 0.50 iShares Japan Equity Index Fund (CH) D JPY* JPY 0.20 0.20 1.00 iShares Japan Equity Index Fund (CH) I1 CHF* CHF 0.15 0.15 1.00 iShares Japan Equity Index Fund (CH) X1 CHF CHF 0.04 0.04 0.50 Total Expense Ratio (“TER”) describes the sum of all periodic costs and commissions that are charged to the sub-fund’s assets. It is expressed retroactively as a percentage of average sub-fund assets and has been calculated in accordance with the Swiss Funds & Asset Management Association (“SFAMA”) guidelines on the calculation and disclosure of the TER of collective investment schemes. Any reimbursements/commissions for client unit holdings from target funds have been credited to the sub-fund and thus reduce the TER. *As this is the initial publication of the TER for this newly launched unit class, the TER has been annualised in accordance with SFAMA guidelines. [4] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland General information (continued) Tracking error Realised tracking error is the annualised standard deviation of the difference in monthly returns between a sub-fund and its benchmark index. Tracking error shows the consistency of the returns relative to the benchmark index over a defined period of time. Cash management and currency hedging, efficient portfolio management techniques including securities lending and transaction costs from rebalancing can have an impact on tracking error as well as the return differential between a sub-fund and its benchmark index. Importantly, these impacts can be either positive or negative depending on the underlying circumstances. In addition to the above, the sub-funds may also have a tracking error due to withholding tax suffered by the sub-funds on any income received from its investments.