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Danske Invest FCP 2014 DANSKE INVEST A Luxembourg based mutual investment fund Annual Report, including Audited Financial Statements as at December 31, 2014 (R.C.S. Luxembourg B 28 945) Subscriptions shall only be valid if made on the basis of the KIID (Key Investor Information Document) or the current prospectus accompanied by the most recent annual report, including audited financial statements as well as by the most recent unaudited semi-annual report if published more recently than the most recent annual report, including audited financial statements. No one is authorised to state other information than the one contained in the Prospectus as well as in the documents herein mentioned, which are available to the public. DANSKE INVEST Table of contents Page Management and Administration 5 Information to Unitholders 7 Report of the Management Company 8 Investment Managers’ Report for the Year ended December 31, 2014 14 Report of the réviseur d'entreprises agréé 18 Statement of Net Assets 19 Statement of Operations and Changes in Net Assets 25 Changes in the Number of Units for the Year ended December 31, 2014 31 Statistics 37 DANISH BOND Statement of Investments 43 Geographical and Economic Portfolio Breakdowns 46 EUROPEAN BOND Statement of Investments 47 Geographical and Economic Portfolio Breakdowns 51 DENMARK FOCUS Statement of Investments 52 Geographical and Economic Portfolio Breakdowns 54 NORDIC Statement of Investments 55 Geographical and Economic Portfolio Breakdowns 57 SWEDISH BOND Statement of Investments 58 Geographical and Economic Portfolio Breakdowns 60 SWEDEN Statement of Investments 61 Geographical and Economic Portfolio Breakdowns 63 DANISH MORTGAGE BOND Statement of Investments 64 Geographical and Economic Portfolio Breakdowns 67 GLOBAL EMERGING MARKETS Statement of Investments 68 Geographical and Economic Portfolio Breakdowns 71 EUROPE FOCUS Statement of Investments 72 Geographical and Economic Portfolio Breakdowns 74 GLOBAL STOCKPICKING Statement of Investments 75 Geographical and Economic Portfolio Breakdowns 77 EUROPE SMALL CAP Statement of Investments 78 Geographical and Economic Portfolio Breakdowns 80 EUROPE HIGH DIVIDEND Statement of Investments 81 Geographical and Economic Portfolio Breakdowns 83 GLOBAL CORPORATE BONDS Statement of Investments 84 Geographical and Economic Portfolio Breakdowns 90 EASTERN EUROPE CONVERGENCE Statement of Investments 91 Geographical and Economic Portfolio Breakdowns 94 CHINA Statement of Investments 95 Geographical and Economic Portfolio Breakdowns 97 JAPAN Statement of Investments 98 Geographical and Economic Portfolio Breakdowns 100 INDIA Statement of Investments 101 Geographical and Economic Portfolio Breakdowns 102 TRANS-BALKAN Statement of Investments 103 Geographical and Economic Portfolio Breakdowns 106 3 DANSKE INVEST Table of contents (continued) GLOBAL EMERGING MARKETS SMALL CAP Statement of Investments 107 Geographical and Economic Portfolio Breakdowns 111 RUSSIA Statement of Investments 112 Geographical and Economic Portfolio Breakdowns 114 Notes to the Audited Financial Statements 115 Information for Investors in Switzerland (non audited) 129 4 DANSKE INVEST Management and Administration MANAGEMENT COMPANY PRINCIPAL PAYING AGENT Danske Invest Management Company S.A. RBC Investor Services Bank S.A. 13, rue Edward Steichen 14, Porte de France L- 2540 Luxembourg L-4360 Esch-sur-Alzette Grand Duchy of Luxembourg Grand Duchy of Luxembourg BOARD OF DIRECTORS PAYING AGENT IN DENMARK Morten RASTEN (from February 4, 2014) Danske Bank A/S Managing Director 2-12, Holmens Kanal Danske Invest Management A/S DK-1092 Copenhagen Kongens Lyngby Denmark Denmark INVESTMENT MANAGER Henrik Rye PETERSEN (until February 4, 2014) Head of Global Fund Administration Danske Bank A/S Danske Invest Management A/S (acting through its asset management division Kongens Lyngby Danske Capital) Denmark Parallelvej 17 DK-2800 Kongens Lyngby Johnny BISGAARD Denmark Deputy General Manager Danske Bank International S.A. SUB-INVESTMENT MANAGERS Luxembourg Grand Duchy of Luxembourg Aberdeen Asset Management Asia Limited 21, Church Street #01-01 Capital square Two Lone MORTENSEN (from February 19, 2014) Singapore 049480 Member of Executive Board Singapore Head of Management Company Integration Danske Invest Management A/S Schroder Investment Management Limited Kongens Lyngby 31, Gresham Street Denmark GB-London EC2V 7QA U.K. Klaus EBERT (until February 19, 2014) General Manager Danske Capital AB Danske Invest Management Company S.A. BOX 7523 Luxembourg Norrmalmstorg 1 Grand Duchy of Luxembourg S-103 92 Stockholm Sweden CONDUCTING OFFICERS Danske Bank plc Klaus EBERT (acting through its asset management division General Manager Danske Capital) Danske Invest Management Company S.A. Hiililaiturinkuja 2 Luxembourg FI 00075 Helsinki Grand Duchy of Luxembourg Finland Peter DYHR Daiwa SB Investments (UK) Limited Danske Invest Management Company S.A. 5th floor, 5 King William Street, Luxembourg GB-London EC4N7JA Grand Duchy of Luxembourg U.K. Maria EKQVIST (until June 23, 2014) AUDITOR (CABINET DE RÉVISION AGRÉÉ) Danske Invest Management Company S.A. Luxembourg Deloitte Audit, Société à responsabilité limitée Grand Duchy of Luxembourg 560, rue de Neudorf L-2220 Luxembourg CUSTODIAN AND CENTRAL ADMINISTRATION Grand Duchy of Luxembourg RBC Investor Services Bank S.A. SWISS REPRESENTATIVE 14, Porte de France L-4360 Esch-sur-Alzette Carnegie Fund Services S.A. Grand Duchy of Luxembourg 11, rue du General - Dufour 1204 Geneva REGISTRAR AGENT Switzerland RBC Investor Services Bank S.A. 14, Porte de France L-4360 Esch-sur-Alzette Grand Duchy of Luxembourg 5 DANSKE INVEST Management and Administration (continued) SWISS PAYING AGENT Banque Cantonale de Geneve 17, Quai de L'lle 1204 Geneva Switzerland PAYING AND INFORMATION AGENT IN GERMANY Danske Bank A/S Zweigniederlassung Hamburg Georgsplatz 1 Postfach 10 15 22 D-20099 Hamburg Germany 6 DANSKE INVEST Information to Unitholders Information about the Net Asset Value of the units of each Sub-Fund and about the subscription and redemption prices is available at all times at the registered office of the Management Company. Copies of the annual report, including audited financial statements and all unaudited semi-annual reports of the Fund may be obtained by holders of units from the registered office of the Management Company, the Custodian Bank and any paying agent. A detailed schedule of the changes in the portfolio statement for each Sub-Fund is available free of charge upon request at the registered office of the Management Company and from the German Information and Paying Agent. The current prospectus, the KIIDs and the management regulations are also available from the German Information and Paying Agent. Information to Unitholders in Switzerland The Fund’s prospectus, KIID, articles of association, annual and unaudited semi-annual reports – each in their respective latest version approved by the Swiss Financial Market Supervisory Authority, in German – and the net asset value per unit as well as the subscription, redemption and possible conversion price of units and a list of changes to the investment portfolio are available free of charge at the office of the Swiss Representative. The investor can obtain a list of changes to the investment portfolio free of charge from the Swiss Representative. All information available to unitholders at the head office of the Management Company can also be obtained free of charge on request from the Swiss Representative. Swiss Representative: Carnegie Fund Services S.A. 11 rue du General -Dufour 1204 Geneva, SWITZERLAND 7 DANSKE INVEST Report of the Management Company BOARD OF DIRECTORS Board of Directors At the Annual General Meeting of Danske Invest Management Company S.A. [DIMC) held on February 19. 2014 the General Assembly took note of the resignation of Mr. Henrik Rye Petersen as of February 4, 2014 and ratified the co-option of Mr. Morten Rasten to the Board. The Annual General Meeting has taken note of the expiry of the mandate for all the current Board Members as of February 19, 2014. The Annual General Meeting decided to appoint Ms. Lone Mortensen in replacement of Mr. Klaus Ebert to the Board of Directors. On January 28. 2014 the CSSF approved the nominations of both Mr. Morten Rasten and Ms. Lone Mortensen to the Board of Directors. The Annual General Meeting noted that the mandates of Mr. Klaus Ebert and Mr. Henrik Rye Petersen will not be renewed. There is no remuneration fee for Board Members from the Danske Bank Group. The Board Members attended all the Board Meetings throughout the year. The following Board Members were elected for a one year period until the next Annual General Meeting which will be held in 2015: Mr. Morten Rasten Ms. Lone Mortensen Mr. Johnny Bisgaard KPMG Luxembourg S.a.r.l. was elected as statutory auditor for another year. REPORT ON THE ACTIVITIES DURING THE YEAR Danske Invest Propectus update May 2014 A Prospectus update with general regulatory updates/ updated disclosures on ESMA Guidelines & FATCA as well as alignment of Risk Factors used / or to be used with other structures where Danske Invest Management Company S.A. i s acting as a management company was filed with CSSF on March 4. 2014 and approved with Prospectus dated May 2014 and visa stamped by CSSF on May 20, 2014. The current valid Management Regulations are dated May 23. 2013 and effective as from May 31, 2013. Sales Activities 2013 In accordance with the current Prospectus of Danske Invest FCP, the Management Company handles the marketing
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