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Investec Global Strategy Fund

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Investec Global Strategy Fund GSF | REPORT & ACCOUNTS Investec Global Strategy Fund R.C.S. Luxembourg B139420 | Investment Fund under Luxembourg Law Semi-Annual report and accounts | For the period ended 30 June 2018 REPORT & ACCOUNTS Investec Global Strategy Fund With respect to the following sub-funds, no registration notification was filed with BaFin and consequently Shares in these sub-funds must not be distributed in Germany: Asia Pacific Quality Equity, Global Multi-Asset Total Return Fund, Latin American Investment Grade Corporate Debt Fund. Investment Fund under Luxembourg Law Registered address 49, Avenue J.F. Kennedy, L-1855 Luxembourg Grand Duchy of Luxembourg Correspondence address - Global Distributor c/o Investec Asset Management Guernsey Limited P.O. Box 250 St. Peter Port, Guernsey GY1 3QH Channel Islands Semi-Annual report and accounts for the period ended 30 June 2018 Contents Material changes to the Fund 2 Annualised performance over 5 years 3 The Fund 9 Directors of the Fund 10 Statistical information 11 Portfolio details - Schedule of investments 26 Statement of operations 320 Statement of changes in Shareholders’ equity 328 Statement of assets and liabilities 332 Notes forming part of the fi nancial statements 340 Securities Financing Transactions Regulation (SFTR) Disclosure 397 Additional information for investors in the Federal Republic of Germany 405 Notice to investors in Switzerland 406 Portfolio Turnover 407 Report of the depositary 409 Other information 410 Administration of the Fund 411 How to contact Investec 412 Investec Global Strategy Fund 1 REPORT & ACCOUNTS Material changes to the Fund The following material changes to the Fund were undertaken during the period ended 30 June 2018, having received prior approval from the Board of Directors, the Commission de Surveillance du Secteur Financier (‘CSSF’) and where required Shareholders. Where appropriate, notices were sent to Shareholders notifying them of the respective changes: Sub-Fund launches • Asia Pacifi c Quality Equity Fund launched on 23 January 2018. • Global Multi-Asset Total Return Fund launched on 16 February 2018. Sub-Fund liquidations • Liquidation of the Onshore Renminbi Bond Fund on 6 February 2018. Other material changes • Amendments to the articles of incorporation to refl ect the changes to Luxembourg Companies Law of 1915. A full summary of the changes to the articles of incorporation are contained under agenda item 8.2 as of 29 June 2018. • A change of name of the Asia Pacifi c Equity Fund to the Asia Pacifi c Equity Opportunities Fund on 29 June 2018. • A change of name of the American Equity Fund to the American Franchise Fund and the investment policy amendment to defi ne the meaning of franchise as of 29 June 2018. • A change to the trade order cut-off time from 11am Luxembourg Time to 4pm New York City Time for the All China Equity Fund as of 29 June 2018. • Insertion of a new disclosure for compliance with the EU Benchmarks Regulation as at 29 June 2018. • Amendments to the data protection policy for compliance with GDPR as at 29 June 2018. • The addition of the Hong Kong Special Administrative region of the People’s Republic of China to the list of states in which a sub-fund is authorised to invest up to a 100% of assets in such states issued transferable securities or money market instruments as at 29 June 2018. • Amendment to the China Tax risk warning to refl ect changes to Chinese business tax and to the Stock Connect risk warning to refl ect proposed changes to the operational model at custody as at 29 June 2018. • A decrease of the management fee of the J and JX share classes of the Latin American Corporate Debt Fund from 1.00% to 0.70% as of 1 July 2018. 2 Investec Global Strategy Fund REPORT & ACCOUNTS Performance Sub-Fund performance record (Annualised performance over 5 years) Money, Bond and Multi-Asset Sub-Funds 2 YEAR 3 YEAR 5 YEAR 3 YEAR REFERENCE 6 MONTHS 1 YEAR ANNUALISED ANNUALISED ANNUALISED VOLATILITY CURRENCY % CHANGE % CHANGE % CHANGE % CHANGE % CHANGE ANNUALISED Sub-Funds and sector average % Money Sub-Funds Sterling Money Fund GBP 0.11 0.14 0.02 0.05 0.07 0.05 GBP Money Market - Short Term GBP 0.09 0.07 0.05 0.10 0.12 0.04 U.S. Dollar Money Fund USD 0.65 0.94 0.68 0.50 0.29 0.14 USD Money Market - Short Term USD 0.66 1.09 0.78 0.53 0.28 0.15 Bond Sub-Funds All China Bond Fund * ▲ USD 0.75 7.74 5.56 3.84 4.70 6.47 RMB Bond USD (0.77) 4.87 2.96 1.07 2.05 5.91 Asia Local Currency Bond Fund ▲ USD (4.03) 0.79 0.35 1.48 – 7.55 Asia Bond - Local Currency USD (4.13) (0.77) 0.15 0.40 0.35 6.04 Emerging Markets Blended Debt Fund USD (5.88) (1.14) 2.50 2.46 0.45 7.99 Global Emerging Markets Bond USD (5.44) (2.16) 2.02 2.81 1.81 6.01 Emerging Markets Corporate Debt Fund ▲ USD (5.79) (2.54) 1.77 2.27 2.86 5.69 Global Emerging Markets Corporate Bond USD (4.16) (0.91) 3.12 3.10 3.24 4.60 Emerging Markets Hard Currency Debt Fund ▲ USD (6.08) (2.03) 1.73 3.64 3.48 6.06 Global Emerging Markets Bond USD (5.44) (2.16) 2.02 2.81 1.81 6.01 Emerging Markets Investment Grade USD (4.00) (1.47) 1.50 2.66 3.56 4.54 Corporate Debt Fund ▲ Global Emerging Markets Corporate Bond USD (4.16) (0.91) 3.12 3.10 3.24 4.60 Emerging Markets Local Currency Debt Fund USD (7.46) (3.23) 1.06 (0.15) (3.29) 11.91 Global Emerging Markets Bond - Local Currency USD (7.18) (3.87) 0.85 0.60 (2.35) 11.01 Emerging Markets Local Currency USD (7.50) (3.25) 0.88 (0.23) (3.20) 11.59 Dynamic Debt Fund Global Emerging Markets Bond - Local Currency USD (7.18) (3.87) 0.85 0.60 (2.35) 11.01 Emerging Markets Local USD (5.38) (0.73) 2.49 1.95 – 9.25 Currency Total Return Debt Fund ▲ ^ Global Emerging Markets Bond - Local Currency USD (7.18) (3.87) 0.85 0.60 (2.35) 11.01 European High Yield Bond Fund ▲ ■ EUR (3.56) (2.23) 2.91 2.55 2.56 4.61 EUR High Yield Bond EUR (1.94) (0.22) 3.61 2.88 4.02 3.85 Global High Yield Bond Fund ▲ USD(1.26)1.636.71––– Global High Yield Bond USD (1.41) 1.36 5.68 3.56 3.82 4.67 Global Total Return Credit Fund ▲ USD(1.83)(0.76)–––– Global Flexible Bond-USD Hedged USD (1.59) 0.56 2.83 1.61 2.16 3.11 Investment Grade Corporate Bond Fund USD (2.43) (0.50) 0.55 2.40 2.60 2.87 Global Corporate Bond - USD Hedged USD (2.10) 0.11 1.82 2.86 3.43 2.95 Latin American Corporate Debt Fund USD (5.59) (2.12) 2.59 2.72 2.72 6.36 No relevant Morningstar sector average available Latin American Investment Grade USD(4.51)(2.70)–––– Corporate Debt Fund ▲ No relevant Morningstar sector average available Target Return Bond Fund USD (3.76) (3.95) (1.67) (0.38) (1.42) 2.90 No relevant Morningstar sector average available Investec Global Strategy Fund 3 REPORT & ACCOUNTS Performance continued Sub-Fund performance record (Annualised performance over 5 years) continued Money, Bond and Multi-Asset Sub-Funds continued 2 YEAR 3 YEAR 5 YEAR 3 YEAR REFERENCE 6 MONTHS 1 YEAR ANNUALISED ANNUALISED ANNUALISED VOLATILITY CURRENCY % CHANGE % CHANGE % CHANGE % CHANGE % CHANGE ANNUALISED Sub-Funds and sector average % continued Multi-Asset Sub-Funds Emerging Markets Multi-Asset Fund USD (5.59) 4.45 9.33 2.04 0.87 11.55 Global Emerging Markets Allocation USD (7.86) 0.51 6.17 1.20 0.66 11.42 Global Diversifi ed Growth Fund USD (6.42) (2.94) 2.60 (0.11) – 4.98 USD Flexible Allocation USD (1.96) 2.92 5.12 1.44 2.69 6.35 Global Diversifi ed Growth Fund (Euro)EUR(6.50)(4.47)0.65––– EUR Flexible Allocation - Global EUR (1.81) 0.12 2.95 (0.15) 2.72 5.91 Global Multi-Asset Income Fund ▲ USD (0.16) 1.93 2.25 2.53 – 3.50 USD Cautious Allocation USD (1.50) 1.18 3.25 1.48 2.12 3.83 Global Multi-Asset Total Return Fund ▲ ● USD (2.24) 7.07 11.05 5.33 6.56 8.59 USD Moderate Allocation USD (1.51) 3.43 6.37 2.63 3.73 6.24 Global Strategic Managed Fund ▲ USD (3.38) 4.42 8.19 3.40 4.76 7.65 USD Moderate Allocation USD (1.51) 3.43 6.37 2.63 3.73 6.24 * The All China Bond Fund, previously Renminbi Bond Fund, was launched on 20.06.14 within the Investec Global Strategy Fund umbrella. The performance record has been carried over from a predecessor fund of the same name which was domicilied in Guernsey. ^ The performance record shown is that of the Emerging Markets Debt Total Return Fund, which changed its name to the Emerging Markets Local Currency Total Return Debt Fund on 31.05.16. ■ The performance record shown is that of the High Income Bond Fund, which changed its name to European High Yield Bond Fund on 30.11.15.
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