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MGI Funds Plc (An Umbrella Fund with Segregated Liability Between Sub-Funds)

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MGI Funds plc (an umbrella fund with segregated liability between Sub-Funds) Annual Report and Audited Financial Statements For the year ended 30 June 2015 MGI Funds plc Contents Management and Administration 2 Investment Manager’s Report 3 Report of the Directors 23 Report of the Custodian to the Shareholders of MGI Funds plc 28 Independent Auditor’s Report to the Shareholders of MGI Funds plc 29 Portfolio Statements 31 Balance Sheet 204 Comparative Balance Sheet – as at 30 June 2014 207 Profit and Loss Account 210 Comparative Profit and Loss Account – for the year ended 30 June 2014 213 Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 216 Comparative Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares – for the year ended 30 June 2014 219 Notes to the Financial Statements 222 Unaudited Information in Respect of Underlying Investments 329 Supplemental Unaudited Information 331 Unaudited Significant Portfolio Movements 346 MGI Funds plc 1 MGI Funds plc Management and Administration REGISTERED OFFICE MANAGER 70 Sir John Rogerson’s Quay Mercer Global Investments Management Limited Dublin 2 70 Sir John Rogerson’s Quay Ireland Dublin 2 Ireland COMPANY REGISTRATION NUMBER 421179 SPONSORING LISTING AGENT Investec INVESTMENT MANAGER, PROMOTER AND The Harcourt Building DISTRIBUTOR Harcourt Street Mercer Global Investments Europe Limited Dublin 2 Charlotte House Ireland Charlemont Street Dublin 2 CUSTODIAN Ireland State Street Custodial Services (Ireland) Limited 78 Sir John Rogerson’s Quay ADMINISTRATOR, REGISTRAR & TRANSFER AGENT Dublin 2 State Street Fund Services (Ireland) Limited Ireland 78 Sir John Rogerson’s Quay Dublin 2 FACILITIES AGENT (in the UK) Ireland Mercer Limited 1 Tower Place West INDEPENDENT AUDITOR Tower Place KPMG London EC3R 5 BU Chartered Accountants UK Statutory Audit Firm 1 Harbourmaster Place International Financial Services Centre Dublin 1 Ireland LEGAL ADVISER IN IRELAND Matheson 70 Sir John Rogerson’s Quay Dublin 2 Ireland SECRETARY Matsack Trust Limited 70 Sir John Rogerson’s Quay Dublin 2 Ireland DIRECTORS* Michael Dempsey Tom Finlay** Tom Geraghty Paul Sullivan** For the Sub-Funds named hereafter, no notification for distribution has been made so no units of these Sub-Funds may be publicly distributed to investors within the scope of the German Investment Act: MGI DAM Multi-Manager Global Equity Fund, MGI Global Bond Fund, MGI Japanese Equity Fund, MGI Pacific Basin (Ex Japan) Equity Fund, MGI US Equity Fund, MGI UK Bond Fund, MGI UK Cash Fund, MGI UK Equity Fund, MGI MGI UK Inflation Linked Bond Fund, MGI UK Long Gilt Fund, Mercer Diversified Retirement Fund. *All Directors are non-excecutive Directors **These Directors are independent Directors MGI Funds plc 2 MGI Funds plc Investment Manager’s Report for the year ended 30 June 2015 The Sub-Funds of MGI Funds Fund plc (the “Company”) are managed using a proprietary multi-manager investment strategy. This strategy involves allocating portions of the Sub-Funds to specialist third party managers or sub-advisors (“Sub-Investment Managers”), who are selected by Mercer Global Investments Europe Limited (the “Investment Manager”) based on criteria for producing consistent superior returns and who, in aggregate, are most likely to achieve the overall objectives of the Company. Over the year to 30 June 2015, equity and bond markets generated strong returns in both the developed and emerging economies. US data has been reasonable over the year with key economic indicators such as employment and housing figures pointing to ongoing improvement within the economy. This was positive to see given that the US economy contracted over Q1 (this was largely attributed to the harsh winter). Much focus continues to centre on the US Federal Reserve and the timing surrounding interest rate increases, which many market commentators expect to happen in the latter stages of 2015. In the Eurozone, economic data has generally improved, with the exception of Greece. Bank lending statistics suggest households and businesses have better access to credit, and improving sentiment survey data also suggests further pickup in economic activity. Yields tumbled in January this year after the European Central Bank (ECB) announced its Quantitative Easing (QE) programme, which surpassed expectations. The resulting weaker Euro and low oil prices continue to provide a significant tailwind for countries with substantial exports to non-Eurozone countries like the UK and US. Emerging markets have performed well over the year to date, but have struggled over Q2 2015. Events in Greece and the potential increase in interest rates by the US Federal Reserve have both weighed heavily on market sentiment. In the latter half of Q2 2015, much attention has been focused on the sell-off of Chinese stocks which has seen indices fall dramatically despite interventions by the Chinese Authorities and the Central Bank (PBOC). All performance figures shown below are calculated by the Investment Manager using pricing from State Street Fund Services (Ireland) Limited (the “Administrator”). Figures shown are gross of the Investment Manager’s and underlying managers’ fees and net of all other expenses including custody and administration costs depending on fund structure. Investment Performance to 30 June 2015 (EUR) MGI Emerging Markets Equity Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) AQR 28.1 16.7 16.6 Dimensional 29.6 11.6 16.6 Mondrian 28.1 11.4 16.6 Vontobel 14.1 19.7 16.6 MGI Emerging Markets Equity Fund 100.0 14.1 16.6 Performance shown is in € terms. Figures may not sum to total due to rounding. The fund benchmark is the MSCI Emerging Markets (NDR) Index. The MGI Emerging Markets Equity Fund underperformed the benchmark by 2.5% over the last year. There were no Sub-Investment Manager changes during the period. MGI Funds plc 3 MGI Funds plc Investment Manager’s Report for the year ended 30 June 2015 (continued) Investment Performance to 30 June 2015 (EUR) (continued) MGI Euro Bond Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) PIMCO 15.6 2.9 2.1 Irish Life Investment Managers 84.4 4.3 4.1 MGI Euro Bond Fund 100.0 3.7 3.5 Performance shown is in € terms. Figures may not sum to total due to rounding. The fund benchmark is the Barclays Capital Euro Aggregate Index. The MGI Euro Bond Fund outperformed the benchmark by 0.2% over the last year. There were no Sub-Investment Manager changes during the period. MGI Euro Cash Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Irish Life Investment Managers 100.0 - - Euro Cash 100.0 0.0 0.0 Performance shown is in € terms. Figures may not sum to total due to rounding. The fund benchmark is a composite of 50% 1 Month Euro LIBID and 50% 1 Month Euro LIBOR. The MGI Euro Cash Fund performed in line with the composite benchmark over the last year. There were no Sub-Investment Manager changes during the period. MGI Eurozone Equity Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Hermes 30.7 21.0 11.5 Lingohr 33.2 14.8 11.5 TT International 36.2 15.2 11.5 MGI Eurozone Equity Fund 100.0 17.6 11.5 Performance shown is in € terms. Figures may not sum to total due to rounding. The fund benchmark is the MSCI EMU (NDR) Index. The MGI Eurozone Equity Fund outperformed the benchmark by 6.1% over the last year. There were no Sub-Investment Manager changes during the period. MGI Funds plc 4 MGI Funds plc Investment Manager’s Report for the year ended 30 June 2015 (continued) Investment Performance to 30 June 2015 (EUR) (continued) MGI Global Bond Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) PIMCO 15.4 26.4 25.1 Irish Life Investment Managers 84.6 13.2 11.4 MGI Global Bond Fund 100.0 14.5 14.2 Performance shown is in € terms. Figures may not sum to total due to rounding. The fund benchmark is the Barclays Capital Aggregate Index. The MGI Global Bond Fund outperformed the benchmark by 0.3% over the last year. There were no Sub-Investment Manager changes during the period. MGI Global Equity Fund Manager Performance over the Financial Year Weight(a) Fund Benchmark (%) (%) (%) Arrowstreet Capital 30.2 26.7 24.6 Baillie Gifford 20.1 27.8 24.6 GTP 15.1 23.8 24.6 Hexavest Inc. 25.1 25.7 24.6 MGI Global Equity Fund 100.0 26.0 24.6 Performance shown is in € terms. Figures may not sum to total due to rounding. The fund benchmark is the MSCI World (NDR) Index. (a) Plus 9.5% in a “completion portfolio”, which refers to the allocation to US assets (managed on a passive basis) to reduce the material underweighting held by managers in US assets at the total portfolio level. The MGI Global Equity Fund outperformed the benchmark by 1.4% over the last year. Edinburgh Partners was terminated as Sub-Investment Manager during the period. MGI Japanese Equity Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) J.P.Morgan 100.0 31.1 33.8 MGI Japanese Equity Fund 100.0 30.6 33.8 Performance shown is in € terms. Figures may not sum to total due to rounding. The fund benchmark is the TOPIX Index. Underlying manager returns may differ to the overall portfolio return due to a small cash allocation within the portfolio. The MGI Japanese Equity Fund underperformed the benchmark by 3.2% over the last year. There were no Sub-Investment Manager changes during the period. MGI Funds plc 5 MGI Funds plc Investment Manager’s Report for the year ended 30 June 2015 (continued) Investment Performance to 30 June 2015 (EUR) (continued) MGI Pacific Basin (Ex Japan) Equity Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Schroders 100.0 14.4 14.5 MGI Pacific Basin (ex-Japan) Equity Fund 100.0 14.2 14.5 Performance shown is in € terms.
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  • Annual Report

    Annual Report

    2017 ANNUAL REPORT WorldReginfo - abe7a544-37d0-4eb5-881f-6c32f4b6c3aa The Annual Report in English is a translation of the French Document de référence provided for information purposes. This translation is qualified in its entirety by reference to the Document de référence. The Annual Report is available on the Company’s website www.vivendi.com II –— VIVENDI –— ANNUAL REPORT 2017 –— WorldReginfo - abe7a544-37d0-4eb5-881f-6c32f4b6c3aa CONTENT QUESTIONS FOR VINCENT BOLLORÉ AND ARNAUD DE PUYFONTAINE 02 PROFILE OF THE GROUP AND ITS BUSINESSES — FINANCIAL COMMUNICATION, 04 1 TAX POLICY AND REGULATORY ENVIRONMENT — RISK FACTORS 1. Profile of the Group and its Businesses 06 2. Financial Communication, Tax policy and Regulatory Environment 37 3. Risk Factors 41 NON-FINANCIAL 44 2 PERFORMANCE 1. Strategy and challenges 46 2. Ensuring Group compliance 59 3. CSR commitments 62 4. Tables of indicators 89 5. Concordance table 100 6. Verification of non‑financial data 102 CORPORATE GOVERNANCE OF VIVENDI — COMPENSATION OF CORPORATE OFFICERS 3 OF VIVENDI — GENERAL INFORMATION ABOUT THE COMPANY — INTERNAL CONTROL 108 AND RISK MANAGEMENT 1. Corporate Governance of Vivendi 110 2. Compensation of Corporate Officers of Vivendi 141 3. General information about the company 169 4. Internal control and risk management 181 FINANCIAL REPORT — STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL 4 STATEMENTS — CONSOLIDATED FINANCIAL STATEMENTS — STATUTORY AUDITORS’ 188 REPORT ON THE FINANCIAL STATEMENTS — STATUTORY FINANCIAL STATEMENTS Key consolidated financial data for the last five years 190 I ‑ 2017 Financial Report 191 II ‑ Appendix to the Financial Report 216 III ‑ Audited Consolidated Financial Statements for the year ended December 31, 2017 218 IV ‑ Unaudited supplementary financial data: Vivendi’s interest in Telecom Italia 318 V ‑ 2017 Statutory Financial Statements 323 RECENT EVENTS 362 5 OUTLOOK 1.