Old Mutual Global Investors Series Plc
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OLD MUTUAL GLOBAL INVESTORS SERIES PLC An investment company with variable capital incorporated with limited liability in Ireland, established as an umbrella fund with segregated liability between Funds and authorised pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011, as amended, and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 (Registered Number 271517) Annual Report and Audited Financial Statements for the financial year ended 31 December 2015 Old Mutual Global Investors Series Plc Annual Report and Audited Financial Statements for the financial year ended 31 December 2015 CONTENTS PAGE Directory 4 - 8 General Information 9 - 12 Directors’ Report 13 - 15 Depositary’s Report 16 Investment Advisers’ Reports: Old Mutual China Equity Fund (formerly Old Mutual Greater China Equity Fund) 17 Old Mutual Global Bond Fund 18 Old Mutual World Equity Fund 19 Old Mutual Pacific Equity Fund 20 Old Mutual European Equity Fund 21 Old Mutual Japanese Equity Fund 22 Old Mutual US Dividend Fund 23 Old Mutual North American Equity Fund 24 Old Mutual Total Return USD Bond Fund 25 Old Mutual Emerging Market Debt Fund 26 Old Mutual European Best Ideas Fund 27 Old Mutual Investment Grade Corporate Bond Fund 28 Old Mutual Global Emerging Markets Fund 29 Old Mutual Asian Equity Income Fund (formerly Old Mutual Asian Equity Fund) 30 Old Mutual Local Currency Emerging Market Debt Fund 31 Old Mutual UK Alpha Fund (IRL) 32 Old Mutual UK Smaller Companies Focus Fund 33 Old Mutual UK Dynamic Equity Fund 34 Old Mutual Global Equity Absolute Return Fund 35 Old Mutual Global Strategic Bond Fund 36 Old Mutual Pan African Fund 37 Old Mutual Monthly Income High Yield Bond Fund 38 Old Mutual Europe (ex UK) Smaller Companies Fund 39 Old Mutual Global Equity Income Fund (IRL) 40 Independent Auditor’s Report 41-42 Portfolio of Investments: Old Mutual China Equity Fund (formerly Old Mutual Greater China Equity Fund) 43 - 44 Old Mutual Global Bond Fund 45 - 46 Old Mutual World Equity Fund 47 - 57 Old Mutual Pacific Equity Fund 58 - 62 Old Mutual European Equity Fund 63 - 64 Old Mutual Japanese Equity Fund 65 - 68 Old Mutual US Dividend Fund 69 - 70 Old Mutual North American Equity Fund 71 - 75 Old Mutual Total Return USD Bond Fund 76 - 82 Old Mutual Emerging Market Debt Fund 83 - 87 Old Mutual European Best Ideas Fund 88 - 90 Old Mutual Investment Grade Corporate Bond Fund 91 - 95 Old Mutual Global Emerging Markets Fund 96 - 98 Old Mutual Asian Equity Income Fund (formerly Old Mutual Asian Equity Fund) 99 - 103 Old Mutual Local Currency Emerging Market Debt Fund 104 - 105 Old Mutual UK Alpha Fund (IRL) 106 - 107 Old Mutual UK Smaller Companies Focus Fund 108 - 109 Old Mutual UK Dynamic Equity Fund 110 - 112 Old Mutual Global Equity Absolute Return Fund 113 - 129 Old Mutual Global Strategic Bond Fund 130 - 131 2 Old Mutual Global Investors Series Plc Annual Report and Audited Financial Statements for the financial year ended 31 December 2015 CONTENTS (continued) PAGE Portfolio of Investments (continued): Old Mutual Pan African Fund 132 - 133 Old Mutual Monthly Income High Yield Bond Fund 134 - 136 Old Mutual Europe (ex UK) Smaller Companies Fund 137 - 138 Old Mutual Global Equity Income Fund (IRL) 139 - 147 Financial Statements: Statement of Operations 148 - 156 Statement of Financial Position 157 - 173 Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders 174 - 192 Notes to the Financial Statements 193 - 314 Significant Purchases and Sales (unaudited): Old Mutual China Equity Fund (formerly Old Mutual Greater China Equity Fund) 315 - 316 Old Mutual Global Bond Fund 317 - 318 Old Mutual World Equity Fund 319 - 320 Old Mutual Pacific Equity Fund 321 - 322 Old Mutual European Equity Fund 323 - 324 Old Mutual Japanese Equity Fund 325 - 326 Old Mutual US Dividend Fund 327 - 328 Old Mutual North American Equity Fund 329 - 330 Old Mutual Total Return USD Bond Fund 331 - 332 Old Mutual Emerging Market Debt Fund 333 - 334 Old Mutual European Best Ideas Fund 335 - 336 Old Mutual Investment Grade Corporate Bond Fund 337 - 338 Old Mutual Global Emerging Markets Fund 339 - 340 Old Mutual Asian Equity Income Fund (formerly Old Mutual Asian Equity Fund) 341 - 342 Old Mutual Local Currency Emerging Market Debt Fund 343 - 344 Old Mutual UK Alpha Fund (IRL) 345 - 346 Old Mutual UK Smaller Companies Focus Fund 347 - 348 Old Mutual UK Dynamic Equity Fund 349 - 350 Old Mutual Global Equity Absolute Return Fund 351 - 352 Old Mutual Global Strategic Bond Fund 353 - 354 Old Mutual Pan African Fund 355 - 356 Old Mutual Monthly Income High Yield Bond Fund 357 - 358 Old Mutual Europe (ex UK) Smaller Companies Fund 359 - 361 Old Mutual Global Equity Income Fund (IRL) 362 - 363 Total Expense Ratios (unaudited) 364 - 368 Fund Performance (unaudited) 369 Significant Events During The Financial Year (unaudited) 370 – 373 Post Statement of Financial Position events (unaudited) 374 Supplementary Information (unaudited) 375 3 Old Mutual Global Investors Series Plc Annual Report and Audited Financial Statements for the financial year ended 31 December 2015 DIRECTORY Board of Directors Bronwyn Wright (Irish)* Tom Murray (Irish)* Adrian Waters (Irish)* Jessica Brescia (British) Paul Nathan (British) (resigned on 31 August 2015) *Independent, Non-Executive Directors Investment Manager, Distributor and Promoter Old Mutual Global Investors (UK) Limited 2 Lambeth Hill London EC4P 4WR United Kingdom Investment Adviser to the Investment Manager Old Mutual Global Investors (UK) Limited for the Old Mutual Global Bond Fund, 2 Lambeth Hill for the Old Mutual World Equity Fund, London EC4P 4WR for the Old Mutual European Equity Fund, United Kingdom for the Old Mutual Japanese Equity Fund, (from 20 January 2015 until 30 March 2015 for the Old Mutual North American Equity Fund, for Old Mutual China Equity Fund) for the Old Mutual Emerging Market Debt Fund, (until 30 March 2015 for the Old Mutual for the Old Mutual European Best Ideas Fund, Asian Equity Income Fund) for the Old Mutual Local Currency Emerging Market Debt Fund, (from 20 April 2015 for Old Mutual Local for the Old Mutual UK Alpha Fund (IRL), Currency Emerging Market Debt Fund) for the Old Mutual UK Smaller Companies Focus Fund, (from 21 January 2016 for the Old Mutual for the Old Mutual UK Dynamic Equity Fund, Emerging Market Debt Fund) for the Old Mutual Global Equity Absolute Return Fund, for the Old Mutual Global Strategic Bond Fund, for the Old Mutual Monthly Income High Yield Bond Fund, for the Old Mutual Europe (ex UK) Smaller Companies Fund and for the Old Mutual Global Equity Income Fund (IRL)* Investment Adviser to the Investment Manager Old Mutual Global Investors (Asia Pacific) Limited for the Old Mutual China Equity Fund**, 24th Floor for the Old Mutual Pacific Equity Fund, Henley Building and for the Old Mutual Asian Equity Income Fund*** 5 Queen’s Road Central Hong Kong (from 30 March 2015 for the Old Mutual China Equity Fund, the Old Mutual Pacific Equity Fund and the Old Mutual Asian Equity Income Fund) Investment Adviser to the Investment Manager Metisq Capital Pty Limited Level 15 255 Pitt Street NSW 2000, Sydney Australia (until 20 January 2015) *This Fund was approved by the Central Bank of Ireland on 13 July 2015 and launched on 30 July 2015. ** This Fund changed its name from Old Mutual Greater China Equity Fund to Old Mutual China Equity Fund on 19 November 2015. *** This Fund changed its name from Old Mutual Asian Equity Fund to Old Mutual Asian Equity Income Fund on 6 August 2015. 4 Old Mutual Global Investors Series Plc Annual Report and Audited Financial Statements for the financial year ended 31 December 2015 DIRECTORY (continued) Investment Adviser to the Investment Manager Barrow, Hanley, Mewhinney & Strauss LLC for the Old Mutual US Dividend Fund JP Morgan Chase Tower 2200 Ross Avenue 31st Floor Dallas, TX 75201 United States of America Investment Adviser to the Investment Manager Pacific Investment Management Company LLC for the Old Mutual Total Return USD Bond Fund 840 Newport Centre Drive Suite 300, Newport Beach CA 92660 United States of America (until 6 July 2015) Janus Capital International Limited 26th Floor CityPoint 1 Ropemaker Street London EC2Y 9HT United Kingdom (from 6 July 2015) Sub-Investment Adviser Janus Capital Management LLC 151 Detroit Street Denver Colorado 80206 United States of America (from 6 July 2015) Investment Adviser to the Investment Manager Stone Harbor Investment Partners LP for the Old Mutual Emerging Market Debt Fund and 31 West 52nd Street for the Old Mutual Local Currency Emerging Market Debt New York, NY 10019 Fund United States of America (until 20 April 2015 for Old Mutual Local Currency Emerging Market Debt Fund) (until 21 January 2016 for Old Mutual Emerging Market Debt Fund) Investment Advisers to the Investment Manager Wellington Management Company, LLP for the Old Mutual European Best Ideas Fund 280 Congress Street Boston MA 02210 United States of America (until 1 January 2015) Wellington Management International Limited Cardinal Place 80 Victoria Street London SW1E 5JL United Kingdom (from 1 January 2015) Mandarine Gestion 5 rue Alfred de Vigny 75008 Paris France (until 26 January 2015) 5 Old Mutual Global Investors Series Plc Annual Report and Audited Financial Statements for the financial year ended 31 December 2015 DIRECTORY (continued) Investment Advisers