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Erste Responsible Stock Dividend ERSTE RESPONSIBLE STOCK DIVIDEND Jointly owned fund pursuant to the InvFG Annual Report 2019/20 ERSTE RESPONSIBLE STOCK DIVIDEND Contents General Information about the Investment Firm ������������������������������������������������������������������������������������������������������������������ 3 Development of the Fund ������������������������������������������������������������������������������������������������������������������������������������������������������� 4 Method of Calculating the Global Exposure �������������������������������������������������������������������������������������������������������������������������� 5 Asset Allocation ����������������������������������������������������������������������������������������������������������������������������������������������������������������������� 5 Comparative Overview ����������������������������������������������������������������������������������������������������������������������������������������������������������� 6 Disbursement/Payment ��������������������������������������������������������������������������������������������������������������������������������������������������������� 7 Income Statement and Changes in Fund Assets ������������������������������������������������������������������������������������������������������������������ 8 Statement of Assets and Liabilities as of 29 February 2020 �������������������������������������������������������������������������������������������� 11 Remuneration Policy ������������������������������������������������������������������������������������������������������������������������������������������������������������ 19 Audit Report* ������������������������������������������������������������������������������������������������������������������������������������������������������������������������ 21 Fund Rules ����������������������������������������������������������������������������������������������������������������������������������������������������������������������������� 24 2 Accounting Year 2019/20 General Information about the Investment Firm The company Erste Asset Management GmbH Am Belvedere 1, A-1100 Vienna Telephone: +43 05 0100-19777, fax: +43 05 0100-919777 Registered capital EUR 2�50 million Shareholders Erste Group Bank AG (64�67%) VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe (0�76%) Erste Bank der österreichischen Sparkassen AG (22�17%) DekaBank Deutsche Girozentrale, Frankfurt (1�65%) NÖ-Sparkassen Beteiligungsgesellschaft m� b� H� (0�76%) Salzburger Sparkasse Bank Aktiengesellschaft (1�65%) Sieben Tiroler Sparkassen Beteiligungsgesellschaft m� b� H� (1�65%) Steiermärkische Bank und Sparkassen Aktiengesellschaft (3�30%) „Die Kärntner“ Trust-Vermögensverwaltungsgesellschaft m� b� H� & Co KG (1�65%) Tiroler Sparkasse Bankaktiengesellschaft Innsbruck (1�74%) Supervisory Board Rudolf SAGMEISTER (Chairman) Thomas SCHAUFLER (Deputy Chairman) Ingo BLEIER (until 31 October 2019) Harald GASSER Gerhard GRABNER Harald Frank GRUBER (from 13 September 2019) Oswald HUBER Radovan JELASITY Robert LASSHOFER Franz PRUCKNER (from 13 September 2019) Rupert RIEDER (from 13 September 2019) Gabriele SEMMELROCK-WERZER (from 13 September 2019) Reinhard WALTL (from 13 September 2019) Gerald WEBER Appointed by the Works Council: Martin CECH Regina HABERHAUER (from 13 September 2019) Heinrich Hubert REINER Peter RIEDERER Nicole WEINHENGST Manfred ZOUREK Managing directors Heinz BEDNAR Winfried BUCHBAUER Peter KARL Wolfgang TRAINDL Prokuristen (proxies) Achim ARNHOF Karl FREUDENSCHUSS Manfred LENTNER Günther MANDL Gerold PERMOSER Magdalena REISCHL State commissioners Caroline HABERFELLNER (until 31 July 2019) Christoph SEEL (from 1 August 2019) Eva SCHRITTWIESER (from 1 July 2019) Philipp VISKI-HANKA (until 30 June 2019) Auditor Ernst & Young Wirtschaftsprüfungsgesellschaft m�b�H� Depositary bank Erste Group Bank AG 3 ERSTE RESPONSIBLE STOCK DIVIDEND Dear Unit-holder, We are pleased to present you the following annual report for the ERSTE RESPONSIBLE STOCK DIVIDEND jointly owned fund pursuant to the InvFG for the accounting year from 1 March 2019 to 29 February 2020� The companies managing the sub-funds contained in the fund that are not managed by the Investment Firm assessed no administration fees� No front-end surcharges were charged for the purchase of the units in these funds� Development of the Fund ERSTE RESPONSIBLE STOCK DIVIDEND is an equity fund and invests its entire assets in global emerging market stocks� The fund normally has an investment rate of 100% and holds no cash. Foreign currencies can have a significant effect on the result� The fund focuses on investments in companies with high dividends� Along with high-dividend stocks, the investment process emphasises shares that exhibit lower price fluctuations than other comparable equities in the investment universe and that have a medium to high market capitalisation� In addition, the fund invests solely in shares that meet EAM’s stringent SRI criteria� The fund follows a rule-based investment policy built around purely quantitative criteria, and the portfolio is restructured twice a year� The past financial year was dominated by a positive trend on the stock markets, which enabled the value of a fund unit to increase� The international exchanges were on a very stable uptrend from the beginning of the financial year, a trajectory that was only disturbed to some extent by the trade dispute stemming from the USA� The sustained low interest rate levels including three key rate cuts in the USA, solid economic and corporate data, initial steps towards a new trade agreement with China, and an ultimately fairly decent Brexit lent substantial support to the markets and brought a number of important equity indices to new record highs in February 2020� But the spread of the coronavirus that had already had a firm grip on China for weeks triggered a very sharp correction that brought the dominant exchanges down by between 10 and 15%� US shares posted higher growth than their European counterparts as measured by the performance in the individual regions� The emerging markets lagged behind somewhat� In currency terms, the strength of the US dollar versus the euro in particular had a positive impact on the fund’s performance� In terms of industries, IT companies were at the lead around the world, ahead of utilities and telecoms� Energy (the oil price fell by 25% over the course of the year), materials, and financials made up the tail of the pack. Investment policy – equities The steady inflow of liquidity into the fund over the year (fund volume as of 29 February 2020: EUR 110.2 million) was always invested quickly, and the cash position in the fund remained very limited� The semi-annual restructuring due to the investment process described above resulted in 59 transactions in March (accounting for 44% of the fund assets) and 65 transactions in October (accounting for 63% of the fund assets)� The fund achieved a performance of plus 4�04% for the year� 4 Accounting Year 2019/20 Method of Calculating the Global Exposure 1) Method of calculating the global exposure: Commitment approach Reference assets used: – Lowest value: – Value at risk: Average value: – Highest value: – Model used: – Leverage* when using the value-at-risk calculation method: – Leverage** according to§4of the 4th Derivatives Risk Measurement and Reporting Regulation: – * Total nominal values of derivative instruments without taking into account offsetting and hedging (item 8�5� Schedule B InvFG 2011)� ** Total derivative risk taking offsetting and hedging into account = total of the equivalent values of the underlying assets as a percentage of the fund assets� Asset Allocation As of 29�02�2020 EUR millions % Equities AUD 7�4 6�72 GBP 4�8 4�38 DKK 1�9 1�75 EUR 19�5 17�74 HKD 2�4 2�18 JPY 2�0 1�84 CAD 28�0 25�46 SEK 1�9 1�72 CHF 11�4 10�39 SGD 7�6 6�93 USD 18�6 16�90 Investment certificates CHF 3�0 2�74 Securities 108�8 98�75 Bank balances 1�2 1�07 Dividend entitlements 0�2 0�19 Interest entitlements 0�0 0�00 Other deferred items -0�0 -0�01 Fund assets 110�2 100�00 5 ERSTE RESPONSIBLE STOCK DIVIDEND Comparative Overview Accounting Fund assets year 2017/2018 51,982,629�79 2018/2019 64,344,368�70 2019/2020 110,169,832�74 General information about performance: The performance of unit categories with no outstanding units at the end of the reporting period or no outstanding units during the reporting period is generally based on the dividend-adjusted performance of the overall fund� In these cases, the performance is not reported below� When a unit category is issued during the reporting period, the performance and reinvestment are calculated from the point in time that the unit category is launched� Because of this and possible other fees and currency classes, the performance and reinvestment of this unit category differ from those of comparable unit categories� The performance is determined assuming the reinvestment of all paid dividends and amounts at their nominal value on the day of disbursement� Calculated Dividend Develop- Accounting Re- Fund type ISIN Currency value per disbursement/ ment in per year investment unit payment cent Dividend- 2017/2018 AT0000A1QA61 EUR 94�06 3�0000 0�0000 -5�94 bearing units Dividend- 2018/2019 AT0000A1QA61 EUR 98�48 3�0000 0�0000 8�04 bearing units Dividend- 2019/2020 AT0000A1QA61 EUR 99�46 3�0000 2�0353 4�04 bearing units Calculated Dividend Develop- Accounting Re- Fund type ISIN Currency value per disbursement/ ment in per year
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