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Annual Report Annual Report LGT Select Funds UCITS under the laws of Liechtenstein in the legal form of a unit trust LGT Capital Partners (FL) Ltd. As of November 30, 2016 Audited Annual Report as of November 30, 2016 Table of Contents Organization 3 Notice to investors and general information 6 Activity report 10 Short report of the statutory auditor 14 LGT Select Equity Europe 15 LGT Select Equity North America 29 LGT Select Equity Asia/Pacific ex Japan 37 LGT Select Equity Japan 52 LGT Select Equity Emerging Markets 71 LGT Select Bond High Yield 105 LGT Select Bond Emerging Markets 156 LGT Select Convertibles 190 LGT Select Commodity Producers 240 LGT Select REITS 250 LGT Select Equity Enhanced Minimum Variance 267 Notes to the Annual Report 293 Sales restrictions Sub-fund units of these UCITS may not be sold, offered or delivered to investors who are resident in or are citizens of the US. 2 Organization Management company Alken AM Limited 3rd Floor LGT Capital Partners (FL) Ltd., Vaduz, 61 Conduit Street established on September 1, 1998 London W1S 2GB United Kingdom Board of Directors LGT Select Equity North America: Brigitte Arnold, President LGT Capital Partners Ltd. Head Tax & Products, LGT Group Foundation, Vaduz Schützenstrasse 6 8808 Pfäffikon Dr. André Lagger, Vice President Switzerland CEO Financial Services, LGT Financial Services Ltd., Vaduz D.F. Dent and Co. Inc. Dr. Magnus Pirovino, Member 2 East Read Street, 6th Floor Baltimore, MD 21202 Dr. Roberto Paganoni, Member USA CEO Capital Partners, LGT Capital Partners Ltd., Pfäffikon Eagle Capital Management LLC Werner von Baum, Member 499 Park Avenue CRO Capital Partners, LGT Capital Partners Ltd., Pfäffikon New York, NY 10022 USA Executive Board LGT Select Equity Asia/Pacific ex Japan: Roger Gauch Chief Executive Officer, LGT Capital Partners (FL) Ltd., LGT Capital Partners Ltd. Vaduz Schützenstrasse 6 8808 Pfäffikon Lars Inderwildi Switzerland Head Operations & Risk Management, LGT Capital Partners (FL) Ltd., Vaduz First State Investments International Limited 23 St. Andrew Square Stephan Kind Edinburgh EH2 1BB Head Investment Management, LGT Capital Partners (FL) Scotland Ltd., Vaduz SG Hiscock & Company Ltd. Level 28, 367 Collins Street Asset manager Melbourne VIC 3000 Australia LGT Select Equity Europe: Whitefield Capital Management Pte. Ltd. LGT Capital Partners Ltd. 22 Malacca Street, #04-02 RB Capital Building Schützenstrasse 6 Singapore, 048990 8808 Pfäffikon Switzerland Maple-Brown Abbott Level 31, 259 George Street Jupiter Asset Management Limited Sydney NSW 2000 1 Grosvenor Place Australia London SW 1X 7JJ United Kingdom LGT Select Equity Japan: Intrinsic Value Investors LGT Capital Partners Ltd. 1 Hat & Mitre court Schützenstrasse 6 88 St. John Street 8808 Pfäffikon London EC1M 4 EL Switzerland United Kingdom 3 Morant Wright Management Limited LGT Select Bond Emerging Markets: 43 St James’s Place London SW1A 1NS LGT Capital Partners Ltd. United Kingdom Schützenstrasse 6 8808 Pfäffikon Baillie Gifford Overseas Limited Switzerland Calton Square 1 Greenside Row Capital International Sàrl Edinburgh EH1 3AN 3, place des Bergues United Kingdom 1201 Geneva Switzerland LGT Select Equity Emerging Markets: Neuberger Berman Europe Limited LGT Capital Partners Ltd. Lansdowne House, 4th Floor Schützenstrasse 6 57 Berkeley Square 8808 Pfäffikon London, W1J 6ER Switzerland United Kingdom Polunin Capital Partners Limited LGT Select Convertibles: 10 Cavalry Square London SW3 4RB LGT Capital Partners Ltd. United Kingdom Schützenstrasse 6 8808 Pfäffikon Acadian Asset Management LLC Switzerland One Post Office Square 20th Floor Oaktree Capital Management, L.P. Boston MA 02109 333 South Grand Ave., 28th Floor USA Los Angeles, CA 90071 USA Mondrian Investment Partners Limited 5th Floor Zazove Associates, LLC 10 Gresham Street 1033 Skokie Blv., Suite 310 London EC2V 7JD Northbrook, IL 60062 United Kingdom USA LGT Select Bond High Yield: LGT Select Commodity Producers: LGT Capital Partners Ltd. LGT Capital Partners Ltd. Schützenstrasse 6 Schützenstrasse 6 8808 Pfäffikon 8808 Pfäffikon Switzerland Switzerland Putnam Investments Limited Sailingstone Capital Partners LLC Cassini House One California Street 57-59 St. James’s Street Suite 3050 London SW1A 1LD San Francisco, CA 94111 United Kingdom USA Eaton Vance Management (International) Ltd. LGT Select REITS: 68 King William Street London EC4N 7 DZ LGT Capital Partners Ltd. United Kingdom Schützenstrasse 6 8808 Pfäffikon BlueBay Asset Management LLP Switzerland 77 Grosvenor Street London W1K 3JR AEW Capital Management, L.P. United Kingdom World Trade Center East/2 Seaport Place Boston MA 02210-2021 USA 4 Morgan Stanley Depositary Investment Management 522 Fifth Avenue LGT Bank Ltd. 5th Floor Herrengasse 12 New York, NY 10036 9490 Vaduz USA Liechtenstein Resolution Capital Limited Auditor Level 38, Australia Square Tower Sydney NSW 2000 PricewaterhouseCoopers Ltd. Australia Birchstrasse 160 8050 Zurich B & I Capital Ltd. Switzerland Nüschelerstrasse 32 8001 Zurich Paying agent and distributor Switzerland LGT Bank Ltd. LGT Select Equity Enhanced Minimum Variance Herrengasse 12 9490 Vaduz LGT Capital Partners AG Liechtenstein Schützenstrasse 6 8808 Pfäffikon Schweiz Information and sales Acadian Asset Management LLC LGT Bank Ltd., Vaduz 260 Franklin Street Tel. +423 235 11 22 Boston, MA 02110 USA Contacts in Switzerland State Street Bank and Trust Company Representative One Lincoln Street LGT Capital Partners Ltd. Boston, MA 02111-2900 Schützenstrasse 6 USA 8808 Pfäffikon Switzerland Administrator Paying agent UBS Fund Management (Switzerland) Ltd. LGT Bank (Switzerland) Ltd. Brunngässlein 12 Lange Gasse 15 4002 Basel 4002 Basel Switzerland Switzerland RBC Investor Services Bank S.A. Contact in Germany Esch sur Alzette, Zurich Branch Badenerstrasse 567 Paying and information agent 8048 Zurich Landesbank Baden-Württemberg Switzerland Am Hauptbahnhof 2 70173 Stuttgart BNP Paribas Fund Administration Services (Ireland) Limited Germany Trinity Point 10-11 Leinster Street South Dublin 2 Contact in Austria Ireland Paying and information agent Erste Bank der österreichischen Sparkassen AG Graben 21 1010 Vienna Austria 5 Notice to investors and general information Notice LGT Select Funds II to the umbrella structure LGT Select Funds. The management of LGT Capital Partners (FL) Ltd. has approved the following changes and has adapted the 5. Amendment of the investment policy constituent documents and the prospectus: The investment policy of the sub-fund LGT Select Equity 1. Change of asset manager Enhanced Minimum Variance has been amended as fol- lows: LGT Select REITS Effective October 4, 2016, the investment decisions shall The sub-fund invests at least two-thirds of its assets, less now be delegated in addition to: its liquid funds, directly or indirectly in equity securities and instruments (shares, participatory certificates, profit- Resolution Capital Limited sharing certificates, etc.) issued by companies worldwide Level 38, Australia Square Tower without any restrictions in terms of geographic areas, in- Sydney NSW 2000 dustries or market capitalisation. The investment portfolio Australia will be based on a broad investment universe, with the aim of maximising the Sharpe ratio, and actively man- LGT Select Bond High Yield aged. Effective October 14, 2016, the investment decisions shall now be delegated in addition to: The sub-fund may use derivative financial instruments (both exchange-traded and over-the-counter (OTC)) for BlueBay Asset Management LLP (indirect) investments, as well as for hedging purposes. 77 Grosvenor Street Such derivative financial instruments include, but are not London W1K 3JR limited to, total return swaps, forwards and futures and United Kingdom may involve taking both long and short positions. The types of OTC derivative financial instruments used are es- LGT Select Convertibles sentially limited to FX forwards, interest rate derivatives, Putnam Investments Limited, London and Penn Capital, interest rate swaps, currency swaps, FX swaps, equity in- Philadelphia no longer function as asset managers. dex swaps and total return swaps. Forwards may be used to hedge market risks. Swaps (including swaptions) may 2. Performance Fee be used for long or short positions and for hedging long positions. The sub-fund may invest in swaps for the pur- In the prospectus and in annex A “Overview of Sub- pose of an efficient portfolio management in certain sub- Funds“ has been defined, that for the sub-fund LGT Se- markets and to exploit additional investment opportuni- lect Bond High Yield may be now raised a maximum per- ties while, at the same time, hedging the portfolio as effi- formance fee of 25%. ciently as possible. Currency forwards may be used to hedge against currency risks or to change currency alloca- 3. Change of fund administrator tions. LGT Select Equity Japan Futures may be used to hedge against market risks or to The fund administration tasks for the sub-fund will be invest in individual markets, where this serves the purpose partly delegated to BNP Paribas Fund Administration Ser- of managing the sub-fund’s assets efficiently. vices (Ireland) Limited, Trinity Point, 10-11 Leinster Street South, IRE-Dublin 2 as of October 28, 2016. Interest rate caps and interest rate floors may be used to hedge against interest rate fluctuations which exceed or LGT Select Bond Emerging Markets fall short of a certain threshold. The fund administration tasks for the sub-fund will be partly delegated to RBC Investor Services Bank
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