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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 2017 REPORT & ACCOUNTS Investec Global Strategy 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 2017 Contents Material changes to the Fund 2 Annualised performance over 5 years 4 The Fund 10 Registrations for distribution 11 Directors of the Fund 24 Statistical Information 25 Portfolio details - Schedule of Investments 39 Statement of Operations 316 Statement of Changes in Shareholders’ Equity 324 Statement of Assets and Liabilities 328 Notes forming part of the fi nancial statements 336 Securities Financing Transactions Regulation (‘SFTR’) 390 Investment objectives and policy 418 Risk considerations 431 Additional Information for Investors in the Federal Republic of Germany 463 Notice to Investors in Switzerland 464 Portfolio Turnover 465 Report of the depositary 467 Other information 468 Administration of the Fund 469 How to contact Investec 470 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 2017, 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 • Latin American Investment Grade Corporate Debt Fund launched on 30 May 2017. • Global Total Return Credit Fund launched on 8 June 2017. Sub-Fund liquidations • Liquidation of the Emerging Markets Short Duration Fund on 9 March 2017. Other material changes • Investment Policy changes to the Emerging Markets Investment Grade Corporate Debt Fund and Latin American Investment Grade Corporate Debt Fund to provide that the investment grade debt securities, money market instruments and cash held or deposited with bodies who are rated as investment grade, will total at least 90% of the Sub-Funds’ assets from 31 May 2017. • Amendment to the defi nition of Investment Grade and Non-Investment Grade to include securities which are unrated but are determined by the Investment Manager to be of comparable quality to those which are rated Investment Grade or Non-Investment Grade (as relevant) from 31 May 2017. • Update to the smoothing policy to clarify that, where distributions are smoothed over fi nancial years, the fi nal distribution payment of the fi nancial year will normally comprise of all remaining income for that year, which may be more or less than the smoothed interim distributions paid to investor during that year from 31 May 2017. • Amendments to Prospectus to comply with the disclosure requirements contained in the Securities Financing Transaction Regulations from 31 May 2017. • Restructure to Appendix 4 of the Prospectus to disclose an expected levels of leverage, using the sum of notionals approach, based on averages. The Prospectus no longer discloses maximum expected leverage levels, using the sum of the notionals approach, or leverage levels calculated using the commitment approach from 31 May 2017. • A reduction of F Share Class distribution fee by 0.15% from 1 June 2017 in: – Asia Local Currency Bond Fund; – Emerging Markets Blended Debt Fund; – Emerging Markets Corporate Debt Fund; – Emerging Markets Hard Currency Debt Fund; – Emerging Markets Local Currency Debt Fund; – Latin American Corporate Debt Fund; – Latin American Investment Grade Corporate Debt; and – Emerging Markets Investment Grade Corporate Debt Fund. 2 Investec Global Strategy Fund REPORT & ACCOUNTS • A reduction of management fee by 0.15% across A, C, E1-E4 and F Share Classes of the Emerging Markets Investment Grade Corporate Debt Fund and the Latin American Investment Grade Debt Fund from 1 June 2017. • A reduction of F Share Class distribution fee by 0.25% in the Emerging Markets Multi-Asset Fund from 1 June 2017. • Appointment of Investec Asset Management North America, Inc. as a sub-investment manager on 1 June 2017 for: – Global Franchise Fund; – Global High Yield Bond Fund; – Global Quality Equity Income Fund; and – Investment Grade Corporate Bond Fund. Investec Global Strategy Fund 3 REPORT & ACCOUNTS Performance Sub-Fund performance record (Annualised performance over 5 years) Currency, Multi-Asset and Fixed Income 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 Morningstar sector average % Money Sub-Funds Sterling Money Fund GBP (0.05) (0.09) 0.00 0.04 0.04 0.04 GBP Money Market - Short Term GBP 0.00 0.04 0.11 0.13 0.14 0.04 U.S. Dollar Money Fund USD 0.25 0.42 0.28 0.18 0.11 0.07 USD Money Market - Short Term USD 0.35 0.48 0.26 0.10 0.07 0.12 Bond Sub-Funds All China Bond Fund * ▲ USD 8.25 3.43 1.94 2.92 4.47 5.69 RMB Bond USD 5.17 1.09 (0.78) 0.33 2.33 5.05 Asia Local Currency Bond Fund ▲ USD 5.78 (2.06) (0.19) (1.45) – 7.23 Asia Bond - Local Currency USD 5.21 1.08 0.99 (0.11) 0.69 6.04 Emerging Markets Blended Debt Fund USD 8.32 6.28 4.31 (0.45) 0.87 8.31 Global Emerging Markets Bond USD 6.38 6.27 5.33 1.06 2.65 6.52 Emerging Markets Corporate Debt Fund USD 5.56 7.06 5.50 3.39 4.82 5.98 Global Emerging Markets Corporate Bond USD 5.01 7.30 5.16 2.82 4.26 5.07 Emerging Markets Local USD 9.47 5.81 3.32 (1.69) – 9.06 Currency Total Return Debt Fund ▲ ^ Global Emerging Markets Bond - Local Currency USD 9.79 5.78 2.90 (3.65) (1.48) 11.05 Emerging Markets Hard Currency Debt Fund ▲ USD 6.55 5.63 6.60 3.43 3.88 6.41 Global Emerging Markets Bond USD 6.38 6.27 5.33 1.06 2.65 6.52 Emerging Markets Investment Grade USD 5.53 5.68 5.97 4.84 – 4.62 Corporate Debt Fund ▲ Global Emerging Markets Corporate Bond USD 5.01 7.30 5.16 2.82 4.26 5.07 Emerging Markets Local Currency Debt Fund USD 10.58 5.55 1.43 (5.06) (2.59) 12.00 Global Emerging Markets Bond - Local Currency USD 9.79 5.78 2.90 (3.65) (1.48) 11.05 Emerging Markets Local Currency USD 10.46 5.19 1.31 (4.84) (2.49) 11.66 Dynamic Debt Fund Global Emerging Markets Bond - Local Currency USD 9.79 5.78 2.90 (3.65) (1.48) 11.05 European High Yield Bond Fund ▲ ■ EUR 3.87 9.42 6.06 3.73 5.51 4.71 EUR High Yield Bond EUR 2.75 7.61 4.47 3.39 6.53 4.06 Global High Yield Bond Fund ▲ USD4.6112.04–––– Global High Yield Bond USD 4.52 10.10 4.64 2.25 5.27 5.20 Investment Grade Corporate Bond Fund USD 2.49 1.62 3.89 2.95 3.36 3.04 Global Corporate Bond - USD Hedged USD 3.30 3.56 4.27 3.21 4.20 3.33 Latin American Corporate Debt Fund USD 5.13 7.53 5.23 2.60 3.88 6.62 No relevant Morningstar sector average available Onshore Renminbi Bond Fund ▲ USD2.64(2.29)–––– RMB Bond - Onshore USD 2.74 (1.91) (2.36) (0.08) 1.10 4.07 Target Return Bond FundUSD0.28––––– Alt - Long/Short Debt 4 Investec Global Strategy Fund REPORT & ACCOUNTS Currency, Multi-Asset and Fixed Income 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 Morningstar sector average % continued Multi-Asset Sub-Funds Emerging Markets Multi-Asset Fund USD 15.40 14.44 0.86 (2.58) 0.52 11.76 Global Emerging Markets Allocation USD 12.51 12.37 1.65 (2.40) 0.90 11.47 Global Diversifi ed Growth Fund USD 6.45 8.46 1.33 2.14 – 4.92 USD Moderate Allocation USD 5.95 9.38 2.22 1.39 4.66 6.35 Global Diversifi ed Growth Fund (Euro)EUR3.716.04–––– EUR Moderate Allocation - Global EUR 2.02 5.77 0.70 2.76 4.30 5.93 Global Multi-Asset Income Fund ▲ ● USD 3.25 3.55 3.65 2.69 2.87 3.90 S&P 500 TR USD USD 9.34 17.90 10.73 9.61 14.63 10.35 Global Strategic Managed Fund USD 8.55 12.93 3.66 2.39 6.94 7.66 USD Moderate Allocation USD 5.95 9.38 2.22 1.39 4.66 6.35 ^ 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. * The All China Bond Fund, previously Renminbi Bond Fund, was launched on 21.07.15 within the Investec Global Strategy Fund.
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