NOMURA FUNDS IRELAND PLC Interim Report and Unaudited
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NOMURA FUNDS IRELAND PLC Interim Report and Unaudited Financial Statements for the half year ended 30th June, 2011 Company Registration No. 418598 NOMURA FUNDS IRELAND PLC TABLE OF CONTENTS Page MANAGEMENT AND ADMINISTRATION 2 GENERAL INFORMATION 3 INVESTMENT MANAGER’S REPORT NOMURA FUNDS IRELAND - GLOBAL EMERGING MARKETS FUND 8 NOMURA FUNDS IRELAND - INDIA EQUITY FUND 9 NOMURA FUNDS IRELAND - ASIA PACIFIC EX JAPAN FUND 11 NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUND 13 NOMURA FUNDS IRELAND - JAPAN STRATEGIC VALUE FUND 14 NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND 16 NOMURA FUNDS IRELAND - NEWS EMERGING MARKETS SMALL CAP EQUITY FUND 18 STATEMENT OF FINANCIAL POSITION 19 STATEMENT OF COMPREHENSIVE INCOME 22 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES 26 STATEMENT OF CASH FLOWS 30 NOTES TO THE FINANCIAL STATEMENTS 34 STATEMENT OF INVESTMENTS NOMURA FUNDS IRELAND - GLOBAL EMERGING MARKETS FUND 44 NOMURA FUNDS IRELAND - INDIA EQUITY FUND 56 NOMURA FUNDS IRELAND - ASIA PACIFIC EX JAPAN FUND 58 NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUND 62 NOMURA FUNDS IRELAND - JAPAN STRATEGIC VALUE FUND 111 NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND 116 NOMURA FUNDS IRELAND - NEWS EMERGING MARKETS SMALL CAP EQUITY FUND 131 STATEMENT OF CHANGES IN THE PORTFOLIO NOMURA FUNDS IRELAND - GLOBAL EMERGING MARKETS FUND 147 NOMURA FUNDS IRELAND - INDIA EQUITY FUND 149 NOMURA FUNDS IRELAND - ASIA PACIFIC EX JAPAN FUND 151 NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUND 153 NOMURA FUNDS IRELAND - JAPAN STRATEGIC VALUE FUND 155 NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND 157 NOMURA FUNDS IRELAND - NEWS EMERGING MARKETS SMALL CAP EQUITY FUND 159 1 NOMURA FUNDS IRELAND PLC MANAGEMENT AND ADMINISTRATION DIRECTORS REGISTERED OFFICE OF THE COMPANY Yoshikazu Chono – Japanese 33 Sir John Rogerson’s Quay David Dillon – Irish* Dublin 2 Mark Roxburgh – British Ireland John Walley – Irish* Tamon Watanabe – Japanese * Non-Executive Director ADMINISTRATOR COMPANY SECRETARY Brown Brothers Harriman Fund Administration Tudor Trust Limited Services (Ireland) Limited 33 Sir John Rogerson’s Quay Styne House Dublin 2 Upper Hatch Street Ireland Dublin 2 Ireland CUSTODIAN DISTRIBUTOR Brown Brothers Harriman Trustee Services (Ireland) Limited Nomura Asset Management U.K. Limited Styne House Nomura House Upper Hatch Street 1 St. Martin’s–le–Grand Dublin 2 London EC1A 4NT Ireland England AUDITORS LEGAL ADVISERS Ernst & Young Dillon Eustace Block 1 33 Sir John Rogerson’s Quay Harcourt Centre Dublin 2 Harcourt Street Ireland Dublin 2 Ireland INVESTMENT MANAGER SUB-INVESTMENT MANAGER Nomura Asset Management U.K. Limited Charlemagne Capital (IOM) Limited Nomura House Regent House 1 St. Martin’s–le–Grand 16-18 Ridgeway Street London EC1A 4NT Douglas England Isle of Man IM1 1EN SUB-INVESTMENT MANAGER SUB-INVESTMENT MANAGER Emerging Markets Management, LLC Nomura Asset Management Singapore Limited 1001 19th Street North 6 Battery Road # 34-02 17th Floor, Arlington Singapore 049909 VA 22209 Singapore United States of America SUB-INVESTMENT MANAGER SUB-INVESTMENT MANAGER Nomura Asset Management Co. Ltd Nomura Corporate Research and Asset Management Inc. 1-12-1, Nihonbashi 2 World Financial Centre Chuo-Ku Building B Tokyo 103-8260 New York, NY 10281-1198 Japan United States of America 2 NOMURA FUNDS IRELAND PLC GENERAL INFORMATION Nomura Funds Ireland Plc (the “Fund”) is structured as an open-ended umbrella investment company with variable capital, incorporated under the laws of Ireland on 13th April, 2006 as a public limited company pursuant to the Companies Acts, 1963 to 2009. The Fund has been authorised by the Central Bank of Ireland as an Undertaking for Collective Investment in Transferable Securities pursuant to the provisions of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2003, as amended (the “UCITS Regulations”). The Fund commenced operations on 18th December, 2006. At the period end, there were redeemable participating shares of seven sub-funds in issue, the Nomura Funds Ireland - Global Emerging Markets Fund, the Nomura Funds Ireland - India Equity Fund, the Nomura Funds Ireland - Asia Pacific ex Japan Fund, the Nomura Funds Ireland - Fundamental Index Global Equity Fund, the Nomura Funds Ireland - Japan Strategic Value Fund, the Nomura Funds Ireland - US High Yield Bond and the Nomura Funds Ireland - NEWS Emerging Markets Small Cap Equity Fund (the “Sub-Funds”). The Fund has segregated liability between its Sub-Funds and accordingly any liability incurred on behalf of or attributable to any Sub-Fund shall be discharged solely out of the assets of that Sub-Fund. The Fund had in issue the following share classes in each of the Sub-Funds at the period end: Sub-Fund Share Class Currency Launch Date Launch Price Nomura Funds Ireland - Global Emerging Markets Fund Class I US$ USD 18th December, 2006 USD 100 Class J USD 27th March, 2008 USD 100 Nomura Funds Ireland - India Equity Fund Class S JPY 12th March, 2010 JPY 10,000 Class Z USD 12th January, 2007 INR 10,000 Class ZD USD 12th January, 2007 INR 10,000 Nomura Funds Ireland - Asia Pacific ex Japan Fund Class P US$ USD 28th June, 2007 USD 100 Nomura Funds Ireland - Fundamental Index Global Equity Fund Class A US$ USD 30th December, 2010 USD 100 Class I Euro EUR 4th January, 2011 EUR 100 Class I US$ USD 19th December, 2008 USD 100 Nomura Funds Ireland - Japan Strategic Value Fund Class A JPY JPY 4th January, 2010 JPY 10,000 Class I Euro EUR 14th February, 2011 EUR 100 Class I JPY JPY 26th August, 2009 JPY 10,000 Class I Sterling GBP 25th March, 2010 GBP 100 Nomura Funds Ireland - US High Yield Bond Fund Class I US$ USD 31st March, 2009 USD 100 Nomura Funds Ireland - NEWS Emerging Markets Small Cap Equity Fund Class I US$ USD 8th April, 2011 USD 100 3 NOMURA FUNDS IRELAND PLC GENERAL INFORMATION (CONTINUED) Nomura Funds Ireland - Global Emerging Markets Fund The investment objective of the Nomura Funds Ireland - Global Emerging Markets Fund (the “Sub-Fund”) is to achieve long- term capital growth through investment in an actively managed portfolio of global emerging market securities. The Sub-Fund invests, under normal market conditions, primarily in equity and equity related securities (which includes but is not limited to equities, depositary receipts, convertible securities, preferred shares and structured notes) listed or traded on a recognised exchange in the countries covered by the MSCI Emerging Markets Index (the “Index Countries”). The Sub-Fund may invest in equity and equity related securities listed or traded on any recognised exchange in non-Index Countries provided that the business activities of the issuers of such securities are in the Index Countries or in other emerging countries. The Sub-Fund may also hold exposure to the Index Countries through investment in such instruments as American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) or Non-Voting Depositary Receipts (“NVDRs”) and which may be listed on any recognised exchange in a non-Index Country. The Sub-Fund invests across the entire range of capitalisations (from small cap to large cap). Investment in equity and equity related securities in Russia is not expected to exceed twice the percentage weighting of Russian securities held by the MSCI Emerging Markets Index (the “Index”). The performance of the Sub-Fund’s portfolio of investments will be measured against the Index which is a free float-adjusted market capitalisation index that is designed to measure equity market performance in the global emerging markets. The Investment Manager is, however, entitled at any time to change the Index where, for reasons outside the Investment Manager's control, the Index has been replaced by another index or where another index may reasonably be considered by the Investment Manager to have become the industry standard for the relevant exposure. A change in Index proposed by the Directors will be subject to shareholder approval and disclosure in a revised Supplement for the Sub-Fund. Nomura Funds Ireland - India Equity Fund The investment objective of the Nomura Funds Ireland - India Equity Fund (the “Sub-Fund”) is to achieve long-term capital growth through investment in an actively managed portfolio of Indian securities. The Sub-Fund invests, under normal market conditions, primarily in equity and equity related securities listed or traded on a recognised exchange in India. The Sub-Fund may invest in equity and equity related securities listed or traded on any recognised exchange outside India provided that the business activities of the issuers of such securities are in India. The Sub-Fund may also hold exposure to India through investment in such instruments as ADRs and GDRs and which may be listed on any recognised exchange outside India. The Sub-Fund invests across the entire range of capitalisations (from small cap to large cap). The performance of the Sub-Fund’s portfolio of investments will be measured against the MSCI India Index (the “Index”). The Investment Manager is, however, entitled at any time to change the Index where, for reasons outside the Investment Manager's control, the Index has been replaced by another index or where another index may reasonably be considered by the Investment Manager to have become the industry standard for the relevant exposure. A change in Index proposed by the Directors will be subject to shareholder approval and disclosure in a revised Supplement for the Sub-Fund. Nomura Funds Ireland - Asia Pacific ex Japan Fund The investment objective of the Nomura Funds Ireland - Asia Pacific ex Japan Fund (the “Sub-Fund”) is to achieve long-term capital growth through investment in an actively managed portfolio of Asia Pacific (excluding Japan) securities. The Sub-Fund invests, under normal market conditions, primarily in equity and equity related securities listed or traded on a recognised exchange in the countries covered by the MSCI All Countries Asia Pacific Ex Japan Index (the “Index Countries”).