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Fullgoal International Funds SICAV Société D’Investissement À Capital Variable Audited Annual Report As at 31 December 2020

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Fullgoal International Funds SICAV Société D’Investissement À Capital Variable Audited Annual Report As at 31 December 2020 Fullgoal International Funds SICAV Société d’Investissement à Capital Variable Audited Annual Report as at 31 December 2020 R.C.S. No. B 198 506 This Audited Annual Report does not constitute an offer The Prospectus is available free of charge at the or an invitation to purchase shares of the Company. Company, at the Depositary Bank and at the Paying Statements on future performances cannot be made on and Distribution Agents mentioned in this Annual basis of this Audited Annual Report. This Report should Report. be read exclusively in conjunction with the most recent version of the Prospectus, the Statutes of the Company and the latest Annual Report. If the cut-off day of the A statement of the changes to the investment Annual Report exceeds more than eight months a more portfolio in the period under review is available recent Semi-Annual Report will be provided in addition free of charge from the Company, the Paying to the Annual Report. Agents and the Distribution Agents. Fullgoal International Funds SICAV Société d’Investissement à Capital Variable Table of Contents Page Management and Administration 2 Report of Board of Directors 3 Audit Report 4 Statement of Net Assets as at 31 December 2020 7 Statement of Operations and Changes in Net Assets for the year ended 31 December 2020 8 Statistical Information as at 31 December 2020 9 Schedule of Investments and other Net Assets as at 31 December 2020 11 Portfolio Classification as at 31 December 2020 13 Notes to the Financial Statements for the year ended 31 December 2020 14 Other Information (unaudited) 18 Appendix I: Performance Table (unaudited) 20 Appendix II: Additional Information for Investors in Switzerland (unaudited) 21 1 Fullgoal International Funds SICAV Société d’Investissement à Capital Variable Management and Administration Directory Registered Office 106, route d'Arlon L-8210 Mamer Grand Duchy of Luxembourg Board of Directors of the Company Chairman: Mr. Lixin ZHANG Board Members: Mr. Yuk Sing (Michael) CHOW Mr. Dimitri BRUNWASSER Management Company and Domiciliary Agent Lemanik Asset Management S.A. 106, route d'Arlon L-8210 Mamer Grand Duchy of Luxembourg Administrator Depositary Bank, Registrar and Transfer Agent Brown Brothers Harriman (Luxembourg) S.C.A. Brown Brothers Harriman (Luxembourg) S.C.A. 80, route d’Esch 80, route d’Esch L-1470 Luxembourg L-1470 Luxembourg Grand Duchy of Luxembourg Grand Duchy of Luxembourg Legal Advisers Paying Agent Elvinger Hoss Prussen, société anonyme Brown Brothers Harriman (Luxembourg) S.C.A. 2, Place Winston Churchill 80, route d’Esch L-1340 Luxembourg L-1470 Luxembourg Grand Duchy of Luxembourg Grand Duchy of Luxembourg Investment Manager Auditor Fullgoal Asset Management (HK) Limited PricewaterhouseCoopers, Société coopérative 19/F, 33 Des Voeux Road Central 2, rue Gerhard Mercator Hong Kong L-2182 Luxembourg Grand Duchy of Luxembourg Distributor Fullgoal Asset Management (HK) Limited 19/F, 33 Des Voeux Road Central Hong Kong 2 Fullgoal International Funds SICAV Société d’Investissement à Capital Variable Report of the Board of Directors Fullgoal China Small-Mid Cap Growth Fund 2020 Annual Report I. Portfolio Review In 2020, the portfolio RoR of 111.87% exceeded the benchmark by 80.61%. We have achieved good returns in the following industries: consumer, healthcare, technology, alternative energy and the Internet. II. Market Review The Covid-19 pandemic had an immense effect on the market in 2020. The Chinese domestic market experienced a steep decline in 2020 Q1, prompted by the emergence of Covid-19 in China, and the spread of the epidemic overseas. Later, with an expansion of quantitative easing, a year-long bull market emerged. Valuations for top-end companies and those industries in high demand continue to rise. Leading HKEX companies also performed well. III. Investment Strategy The main strategy of the Fund is to buy and hold high-quality growth stocks at reasonable prices. We invest the main portion in small and medium cap stocks and a minor portion in large cap stocks. We have conducted a large amount of research focused on entities including: the listed company itself, upstream/downstream industries within the industry chain, and competitors. We have also collected information and feedback relating to the Company from both buyers and sellers. With regard to our stock selection process, the quality and certainty of growth are the main considerations. Quality and certainty can be observed in profit growth supported by cash flow and a core competitiveness, which minimises risks. These risks include those brought about by a fall in demand, increased industry competition and policies. Valuations are equally important to us. Reasonable valuations incorporate growth rates, the quality and certainty of growth, balance sheet quality and corporate governance. IV. Market Outlook Following market rises in 2019 and 2020, the current market valuation is already relatively high and the stock prices for a number of stocks already incorporate growth for the next three years. The economy is still improving and the moderate monetary policy of the Federal Reserve persists. Our outlook for the 2021 stock market is one of cautious optimism, as inflation and tightening monetary policy have the potential to cause fluctuations in growth. We continue to expand the scale of this Fund, and with that, the number of shares we hold, in the areas of consumption, healthcare, technology, alternative energy and the Internet. Note: The information in this report represents historical data and is not an indication of future results. 3 Audit report To the Shareholders of Fullgoal International Funds SICAV Our opinion In our opinion, the accompanying financial statements give a true and fair view of the financial position of Fullgoal International Funds SICAV (the “Fund”) as at 31 December 2020, and of the results of its operations and changes in its net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements. What we have audited The Fund’s financial statements comprise: the statement of net assets as at 31 December 2020; the schedule of investments and other net assets as at 31 December 2020; the statement of operations and changes in net assets for the year then ended; and the notes to the financial statements, which include a summary of significant accounting policies. Basis for opinion We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (Law of 23 July 2016) and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier” (CSSF). Our responsibilities under the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the “Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the financial statements” section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. We are independent of the Fund in accordance with the International Code of Ethics for Professional Accountants, including International Independence Standards, issued by the International Ethics Standards Board for Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the financial statements. We have fulfilled our other ethical responsibilities under those ethical requirements. Other information The Board of Directors of the Fund is responsible for the other information. The other information comprises the information stated in the annual report but does not include the financial statements and our audit report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg T : +352 494848 1, F : +352 494848 2900, www.pwc.lu Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°10028256) R.C.S. Luxembourg B 65 477 - TVA LU25482518 the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the Board of Directors of the Fund for the financial statements The Board of Directors of the Fund is responsible for the preparation and fair presentation of the financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of Directors of the Fund determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Board of Directors of the Fund is responsible for assessing the Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors of the Fund either intends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so. Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the financial statements The objectives of our audit are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an audit report that includes our opinion.
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