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Blueorchard Microfinance Fund

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Blueorchard Microfinance Fund BlueOrchard Microfinance Fund Investment company with variable capital (SICAV) Part II Fund under Luxembourg Law of 17th December 2010 R.C.S. Luxembourg B66258 Unaudited semi-annual report as at 31st December 2018 Shares of the Company may not be publicly offered or sold in the United States of America or in any of its territories subject to its jurisdiction and may not be offered to or for the benefit of, or purchased by, U.S. Persons. No subscription can be received on the basis of this financial report. Subscriptions are only valid if made on the basis of the current prospectus supplemented by the latest annual report and the most recent semi-annual report, if published thereafter. BlueOrchard Microfinance Fund Contents Organisation ................................................................................................................................................................................ 2 BlueOrchard Microfinance Fund ................................................................................................................................................ 3 Statement of net assets ............................................................................................................................................................. 3 Statement of operations ............................................................................................................................................................ 5 Statement of changes in net assets........................................................................................................................................... 6 Statistical information ................................................................................................................................................................ 7 Statement of investments and other net assets ......................................................................................................................... 8 Industrial and geographical classification of investments ........................................................................................................ 23 Notes to the financial statements ............................................................................................................................................ 25 Additional information .............................................................................................................................................................. 45 1 BlueOrchard Microfinance Fund Organisation Registered Office 2, rue d'Alsace L-1122 LUXEMBOURG Board of Directors Chairman Frédéric BERNEY Senior Advisor Risk BLUEORCHARD FINANCE LTD Members Maxime BLANQUET DU CHAYLA Independent Director Jean-Yves MALDAGUE Managing Director CANDRIAM LUXEMBOURG S.C.A. Michel VAREIKA Independent Director External AIFM BLUEORCHARD ASSET MANAGEMENT (LUXEMBOURG) S.A. 1, rue Goethe L-1637 LUXEMBOURG Portfolio manager BLUEORCHARD FINANCE LTD Seefeldstrasse 233 CH-8008 ZÜRICH Share Class hedging manager CREDIT SUISSE ASSET MANAGEMENT (SWITZERLAND) AG Kalandergasse 4 CH-8045 ZÜRICH (since 1st October 2018) CANDRIAM BELGIUM S.A. 58, avenue des Arts B-1000 BRUSSELS (until 30th September 2018) Depositary and paying agent BANQUE DE LUXEMBOURG Société Anonyme 14, boulevard Royal L-2449 LUXEMBOURG Administrative, domiciliary, EUROPEAN FUND ADMINISTRATION S.A. registrar and transfer agent 2, rue d'Alsace L-1122 LUXEMBOURG Auditor PRICEWATERHOUSECOOPERS, Société coopérative 2, rue Gerhard Mercator L-2182 LUXEMBOURG Legal adviser ALLEN & OVERY, Société en commandite simple 33, avenue John F. Kennedy L-1855 LUXEMBOURG 2 BlueOrchard Microfinance Fund Statement of net assets (in USD) as at 31st December 2018 Assets Investments Securities portfolio at market value 214,135,032.71 Loans 1,565,036,553.43 1,779,171,586.14 Cash and cash equivalents Cash at banks 82,319,857.36 Cash collateral at banks 1,453,054.94 Other liquid assets 1,107,953.25 84,880,865.55 Receivables Receivable on loans 941,993.09 Income receivable on portfolio 953,372.33 Interest receivable on swap contracts 8,749.53 Interest receivable on bank accounts 839,138.73 Interest receivable on loans 24,604,794.03 Unrealised gain on swap contracts 38,175.56 Unrealised gain on forward foreign exchange contracts 14,688,383.16 Other receivables 143,484.80 Prepaid expenses 4,849.31 42,222,940.54 Total assets 1,906,275,392.23 Liabilities Payables Upfront fees, net 9,426,482.03 Payable on loans 1,889,857.85 Payable on redemptions of shares 717,340.00 Interest payable on swap contracts 7,593.06 Interest payable on bank overdrafts 41,202.01 Unrealised loss on futures contracts 624,454.69 Unrealised loss on forward foreign exchange contracts 124,686.34 Expenses payable 2,755,252.77 15,586,868.75 Borrowings Bank overdrafts 7,217.61 Redeemable cash collateral received 19,700,000.00 19,707,217.61 Other liabilities Dividends payable 35,521.56 Deferred income 3,125.00 38,646.56 Total liabilities 35,332,732.92 Total net assets at the end of the period 1,870,942,659.31 The accompanying notes are an integral part of these financial statements. 3 BlueOrchard Microfinance Fund Statement of net assets (in USD) (continued) as at 31st December 2018 Breakdown of net assets per share class Share class Number Currency NAV per share Net assets per of of in currency of share class shares share share class (in USD) class P - USD 2,633.281 USD 20,537.76 54,081,694.66 P - CHF (hedged) 3,693.410 CHF 13,095.57 49,078,969.30 P - EUR (hedged) 3,708.594 EUR 14,628.52 62,009,179.57 I - USD 4,755.377 USD 12,266.43 58,331,480.77 I - CHF (hedged) 18,712.964 CHF 11,131.06 211,359,779.47 I - EUR (hedged) 20,957.141 EUR 11,422.21 273,607,720.76 N - USD 6,273.677 USD 11,850.24 74,344,559.79 N - CHF (hedged) 12,680.603 CHF 10,774.56 138,638,112.89 N - EUR (hedged) 8,955.430 EUR 11,029.10 112,894,502.82 H - USD 19.685 USD 10,441.72 205,545.17 H - EUR (hedged) 142.770 EUR 10,166.94 1,659,103.22 H - SEK (hedged) 221,504.286 SEK 10,171.93 253,933,525.60 Andbank Microfinance - USD 15.000 USD 10,687.67 160,314.98 Andbank Microfinance - EUR (hedged) 99.612 EUR 9,609.55 1,094,109.50 D - USD 401,813.770 USD 110.55 44,419,988.88 D - CHF (hedged) 1,454,429.238 CHF 102.67 151,528,429.30 D - EUR (hedged) 1,222,859.679 EUR 103.85 145,150,510.28 D - GBP (hedged) 57,323.731 GBP 107.27 7,826,865.67 S - USD 16,677.216 USD 11,045.85 184,213,967.71 S - CHF (hedged) 4,415.026 CHF 10,355.47 46,392,358.43 S - EUR (hedged) 1.000 EUR 10,446.67 11,940.54 1,870,942,659.31 The accompanying notes are an integral part of these financial statements. 4 BlueOrchard Microfinance Fund Statement of operations (in USD) from 1st July 2018 to 31st December 2018 Income Investment income Interest on bonds and other debt securities, net 2,199,953.40 Interest on loans, net 52,736,883.06 Interest on bank accounts 1,290,681.82 Interest on swap contracts 8,749.53 Upfront fees 1,862,750.47 58,099,018.28 Realised gain on investments - on investments 1,928,857.10 - on futures contracts 143,919.00 - on forward foreign exchange contracts 95,255,438.35 97,328,214.45 Appreciation of unrealised results on investments - on investments 1,689,528.32 - on futures contracts 437,890.63 - on swap contracts 38,175.56 - on forward foreign exchange contracts 19,366,384.39 21,531,978.90 Other income Other revenue 967,657.54 967,657.54 Total income 177,926,869.17 Expenses Investment advisory or management fees Management fees 12,010,657.09 12,010,657.09 Other expenses Depositary fees 374,708.88 Banking charges and other fees 72,826.89 Transaction fees 24,424.38 Central administration costs 178,022.17 Professional fees 35,622.88 Other administration costs 256,201.48 Bank interest paid 206,965.39 Interest paid on swap contracts 7,593.06 Other fees 117,787.50 1,274,152.63 Realised loss on investments - on investments 762,134.60 - on futures contracts 386,664.07 - on forward foreign exchange contracts 138,958,804.47 - on foreign exchange 99,857.46 140,207,460.60 Depreciation of unrealised results on investments - on investments 6,102,284.47 - on futures contracts 627,954.69 - on forward foreign exchange contracts 3,379,887.54 10,110,126.70 Total expenses 163,602,397.02 Net income 14,324,472.15 The accompanying notes are an integral part of these financial statements. 5 BlueOrchard Microfinance Fund Statement of changes in net assets (in USD) from 1st July 2018 to 31st December 2018 Net income 14,324,472.15 Dividends paid -44,402.23 Subscriptions 249,797,279.51 Redemptions -83,004,502.29 Total changes in net assets 181,072,847.14 Total net assets at the beginning of the period 1,689,869,812.17 Total net assets at the end of the period 1,870,942,659.31 The accompanying notes are an integral part of these financial statements. 6 BlueOrchard Microfinance Fund Statistical information (in USD) as at 31st December 2018 Total net assets Currency 30.06.2017 30.06.2018 31.12.2018 USD 1,019,630,499.87 1,689,869,812.17 1,870,942,659.31 Net asset value per share Currency 30.06.2017 30.06.2018 31.12.2018 P - USD USD 19,416.98 20,106.85 20,537.76 P - CHF (hedged) CHF 12,973.69 13,041.29 13,095.57 P - EUR (hedged) EUR 14,426.85 14,538.88 14,628.52 I - USD USD 11,483.37 11,969.24 12,266.43 I - CHF (hedged) CHF 10,911.11 11,048.09 11,131.06 I - EUR (hedged) EUR 11,148.33 11,314.47 11,422.21 N - USD USD 11,122.34 11,574.95 11,850.24 N - CHF (hedged) CHF 10,597.03 10,705.21 10,774.56 N - EUR (hedged) EUR 10,798.35 10,936.33 11,029.10 H - USD USD - 10,178.28 10,441.72 H - EUR (hedged) EUR - 10,060.49
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