MARCH INTERNATIONAL
Société d'Investissement à Capital Variable
R.C.S. Luxembourg B157545
Unaudited Semi-Annual Report
as at June 30, 2020 MARCH INTERNATIONAL
Table of Contents Page
Directors and Administration 3 General Information 5 Statement of Net Assets 6 Key Figures 8 Statement of Operations and Changes in N et Assets 10 Statistics 12 Statement of Investments MARCH INTERNATIONAL - TORRENOVA LU X 14 MARCH INTERNATIONAL - VINI CATENA 20 MARCH INTERNATIONAL - IBERIA 23 MARCH INTERNATIONAL - THE FAMILY BUSINESSES FUND 25 MARCH INTERNATIONAL - BELLVER LUX 28 MARCH INTERNATIONAL - LLUC LUX 31 MARCH INTERNATIONAL - MEDITERRANEAN FUND 34 Notes to the Financial Statements 37
MARCH INTERNATIONAL
Directors and Administration
Registered Office 11-13, Boulevard de la Foire L-1528 Luxembourg Grand Duchy of Luxembourg
Board of Directors of the Company
Enrique Ruiz Crespo Chairman Banca March, S.A.
Iñigo Damborenea Agorria (resigned as of March 1 st , 2020) Director Banca March, S.A.
José Ramón Aranda Godlewski Director Banca March, S.A.
Irene Samayoa Pe ñalver Director March Asset Management SGIIC S.A.U.
Giovanni Mancuso Independent Director
Management Company FundRock Management Company S.A. 33, rue de Gasperich L-5826 Hesperange Grand Duchy of Luxembourg
Investment Manager and Global Distributor March Asset Management SGIIC S.A.U. Castelló, 74 S-28006 Madrid Spain
Administrative Agent, Depositary and Domiciliary Agent RBC Investor Services Bank S.A. 14, porte de France L-4360 Esch-sur-Alzette Grand Duchy of Luxembourg
Legal Adviser Elvinger Hoss Prussen, Société Anonyme 2, place Winston Churchill L-1340 Luxembourg Grand Duchy of Luxembourg
Fund Registration Services (Luxembourg, Spain, Italy, Germany, Austria, France Portugal), Fund Maintenance and Regulatory Reporting Services Deloitte S.A. 20, boulevard de Kockelscheuer L-1821 Luxembourg Grand Duchy of Luxembourg
3 MARCH INTERNATIONAL
Directors and Administration (continued)
Paying and Information Agent in Germany Marcard, Stein & Co AG Ballindamm 36 D-20095 Hamburg Germany
Paying and Information Agent in France CACEIS Bank 1/3, Place Valhubert F-75206 Paris Cedex 13 France
Paying and Information Agent in Austria Erste Bank der Oesterreichischen Sparkassen AG Graben 21 A-1010 Vienna Austria
Paying and Information Agent in Spain Allfunds Bank S.A. C/Padres Dominicos, 7 28050 Madrid (España) Spain
Paying and Information Agents in Italy State Street Bank S.p.a. Via Ferrante Aporti 10 I-20125 Milan Italy
Allfunds Bank S.A., Milan Branch Via Santa Margherita 7 I-20121 Milan Italy
Independent Auditors (Cabinet de révision agréé) Deloitte Audit Société à responsabilité limitée 20, boulevard de Kockelscheuer L-1821 Luxembourg Grand Duchy of Luxembourg
4 MARCH INTERNATIONAL
General Information
Information to the Shareholders
Notices concerning MARCH INTERNATIONAL (the "Company") are sent to shareholders to their registered address and, if prescribed by law, are published in the Recueil Electronique des Sociétés et Associations (the “RESA”), the official gazette of Luxembourg, and are lodged with the Registrar of the Luxembourg District Court.
The current Articles of Incorporation of the Company are lodged with the Registrar of the Luxembourg District Court, from whom copies may be obtained.
The issue price and the net asset value of the Company shares are made public at the Registered Office of the Company, where annual reports may be obtained.
Subscriptions cannot be received on the basis of financial reports. Subscriptions are valid only if made on the basis of the current Prospectus and the Key Investor Information Document (the “KIID”), supplemented by the last Annual Report including Audited Financial Statements, and the most recent semi-annual report, if published thereafter. The KIID(s) may be obtained free of charge upon request at the registered office of the Company.
Net Asset Value per Share
The Net Asset Value of each sub-fund and share class is calculated in the Reference Currency of the relevant sub-fund or share class, as stipulated in the relevant Special Section of the current Prospectus, and is determined by the Management Company (or its sub-contractor) as on each Valuation Day as explained in the relevant Special Section of the Prospectus, by calculating the aggregate of: - the value of all assets of the Company which are allocated to the relevant sub-fund in accordance with the provisions of the Articles; less - all the liabilities of the Company which are allocated to the relevant sub-fund in accordance with the provisions of the Articles, and all fees attributable to the relevant sub-fund, which fees have been accrued but are unpaid on the relevant Valuation Day.
The Net Asset Value per Share is calculated in the Reference Currency of the relevant sub-fund by the Management Company (or its sub-contractor) at the Valuation Day of the relevant sub-fund by dividing the Net Asset Value of the relevant sub-fund by the number of share classes which are in issue on such Valuation Day in the relevant sub-fund (including share classes in relation to which a Shareholder has requested redemption on such Valuation Day).
5 MARCH INTERNATIONAL
Statement of Net Assets as at June 30, 2020
TORRENOVA LUX VINI CATENA IBERIA THE FAMILY BUSINESSES FUND
Note EUR EUR EUR EUR
ASSETS Investment portfolio at market value (2c) 365,241,296.23 98,732,226.24 19,821,291.91 131,594,911.66 Cash at bank (2b) 19,526,286.59 2,672,056.52 748,693.82 1,860,280.72 Receivable for investments sold 421,728.48 20,118.95 135,477.87 0.00 Receivable on subscriptions 1,831,992.00 31,006.24 2,364.36 663,294.29 Interest and dividends receivable, net 1,307,650.93 143,663.77 25,930.38 6,107.00 Other assets 54,785.41 80,517.17 292,916.86 201,853.67 TOTAL ASSETS 388,383,739.64 101,679,588.89 21,026,675.20 134,326,447.34
LIABILITIES Bank overdraft 53,546.46 0.00 0.00 0.00 Payable on redemptions 2,712,341.82 366,593.14 31,010.75 241,573.80 Interest payable 513.16 42.95 1.49 27.33 Net unrealised loss on forward foreign (2d,16) exchange contracts on currencies 102,527.67 16,370.41 2,359.52 12,954.23 Net unrealised loss on futures (2d,15) contracts 113,285.31 0.00 24,668.00 0.00 Management fees payable (7) 248,129.25 90,989.10 18,473.83 118,346.86 Taxes and expenses payable 956,133.56 441,185.93 96,390.20 555,372.86 Other liabilities 13.65 11.80 0.00 66.54 TOTAL LIABILITIES 4,186,490.88 915,193.33 172,903.79 928,341.62 TOTAL NET ASSETS 384,197,248.76 100,764,395.56 20,853,771.41 133,398,105.72
The notes form an integral part of these financial statements.
6 MARCH INTERNATIONAL
Statement of Net Assets (continued) as at June 30, 2020
BELLVER LUX LLUC LUX MEDITERRANEAN Combined
Note EUR EUR EUR EUR
ASSETS Investment portfolio at market value (2c) 4,920,881.16 1,319,649.33 57,951,568.53 679,581,825.06 Cash at bank (2b) 580,466.73 138,281.22 2,539,432.51 28,065,498.11 Receivable for investments sold 0.00 0.00 0.00 577,325.30 Receivable on subscriptions 4,000.00 0.00 42,994.90 2,575,651.79 Interest and dividends receivable, net 24,721.16 770.01 116,672.73 1,625,515.98 Other assets 548.55 0.00 9,202.22 639,823.88 TOTAL ASSETS 5,530,617.60 1,458,700.56 60,659,870.89 713,065,640.12
LIABILITIES Bank overdraft 38.18 19.85 35,246.83 88,851.32 Payable on redemptions 0.00 0.00 261,062.86 3,612,582.37 Interest payable 3.73 1.77 25.08 615.51 Net unrealised loss on forward foreign (2d,16) exchange contracts on currencies 0.00 0.00 883.42 135,095.25 Net unrealised loss on futures (2d,15) contracts 8,447.22 4,223.61 108,817.61 259,441.75 Management fees payable (7) 2,126.16 836.37 49,328.50 528,230.07 Taxes and expenses payable 13,951.64 11,678.89 212,889.60 2,287,602.68 Other liabilities 0.51 0.10 0.02 92.62 TOTAL LIABILITIES 24,567.44 16,760.59 668,253.92 6,912,511.57 TOTAL NET ASSETS 5,506,050.16 1,441,939.97 59,991,616.97 706,153,128.55
The notes form an integral part of these financial statements.
7 MARCH INTERNATIONAL
Key Figures as at June 30, 2020 TORRENOVA LUX VINI CATENA IBERIA THE FAMILY BUSINESSES FUND
EUR EUR EUR EUR
Net asset value per share Share class I-EUR 114.28 142.18 99.39 167.43 Share class I-USD hedged (USD) - 132.08 - 130.86 Share class I-GBP hedged (GBP) 112.31 125.62 - 139.53 Share class R-GBP hedged (GBP) 10.93 12.32 10.49 13.15 Share class D-EUR 10.37 11.72 9.94 12.46 Share class P-EUR 10.48 11.86 9.91 12.60 Share class P-USD hedged (USD) 11.18 - - - Share class A-EUR 11.12 14.53 9.52 14.06 Share class A-USD hedged (USD) 11.85 15.12 9.65 15.51 Share class A-GBP hedged (GBP) 11.61 13.23 9.30 12.05 Share class C-EUR 9.65 8.44 7.97 9.20 Share class S-EUR 9.91 8.44 7.97 9.20
Number of shares outstanding Share class I-EUR 588,521.65 92,751.38 67,178.23 107,139.73 Share class I-USD hedged - 100.00 - 100.00 Share class I-GBP hedged 2,399.43 100.00 - 100.00 Share class R-GBP hedged 84.50 256.05 84.50 84.50 Share class D-EUR 100.00 1,045.42 100.00 100.00 Share class P-EUR 6,667,152.62 927,285.45 69,906.44 1,534,055.88 Share class P-USD hedged 345,903.17 - - - Share class A-EUR 19,165,015.33 4,934,320.15 1,211,777.75 5,684,066.10 Share class A-USD hedged 1,854,587.83 179,799.60 15,919.11 229,364.03 Share class A-GBP hedged 752,143.40 133,117.57 34,324.59 86,748.49 Share class C-EUR 33,501.65 33,912.22 157,237.50 1,266,011.52 Share class S-EUR 67,131.69 25,000.00 25,000.00 25,000.00
8 MARCH INTERNATIONAL
Key Figures as at June 30, 2020 (continued) BELLVER LUX LLUC LUX MEDITERRANEAN
EUR EUR EUR
Net asset value per share Share class I-EUR 98.31 91.70 94.17 Share class P-EUR - - 9.41 Share class A-EUR 9.81 9.17 9.35 Share class A-USD hedged (USD) - - 9.56 Share class C-EUR 9.92 9.28 9.42 Share class S-EUR 9.91 9.27 9.41
Number of shares outstanding Share class I-EUR 22,197.03 2,500.00 69,600.25 Share class P-EUR - - 235,819.68 Share class A-EUR 288,252.52 81,670.06 4,835,039.12 Share class A-USD hedged - - 75,840.87 Share class C-EUR 25,000.00 25,000.00 536,894.49 Share class S-EUR 25,000.00 25,000.00 34,610.15
9 MARCH INTERNATIONAL
Statement of Operations and Changes in Net Assets for the Period ended June 30, 2020 TORRENOVA LUX VINI CATENA IBERIA THE FAMILY BUSINESSES FUND
Note EUR EUR EUR EUR
NET ASSETS AT THE BEGINNING OF THE PERIOD 458,143,603.24 156,669,022.26 31,696,588.69 169,684,188.79 INCOME Dividends, net (2f) 1,286,975.40 1,006,618.34 204,723.55 1,495,834.58 Bond interest, net (2f) 1,855,980.82 0.00 0.00 0.00 Bank interest 436.73 1.58 0.00 1.88 Other income 345.00 53,925.00 0.00 610.26 TOTAL INCOME 3,143,737.95 1,060,544.92 204,723.55 1,496,446.72 EXPENSES Global fees (7) 2,234,673.67 1,087,203.75 198,391.70 1,218,660.12 Management company fees (6) 47,636.90 13,270.74 2,718.34 16,783.17 Administration agent fees (5) 170,536.12 80,731.48 34,272.09 90,645.22 Depositary fees (8) 69,406.36 27,935.87 9,660.91 36,089.83 Audit, printing and publication expenses 50,342.81 22,504.78 9,132.58 25,128.62 Annual tax (11) 82,549.24 26,660.27 5,599.20 29,505.01 Interest paid 56,642.87 17,500.02 1,125.35 34,050.22 Transaction fees (9) 6,406.79 2,614.39 6,280.32 2,267.70 Other charges (18) 128,233.13 48,275.18 31,800.11 122,926.40 TOTAL EXPENSES 2,722,977.84 1,282,875.48 280,321.03 1,520,915.59 NET INCOME / (LOSS) FROM INVESTMENTS 420,760.11 (222,330.56) (75,597.48) (24,468.87) Net realised gain / (loss) on sales of (2c) investments (6,627,857.04) (5,481,351.09) (3,160,290.65) 1,143,443.73 Net realised gain / (loss) on forward (2d) foreign exchange contracts on currencies (356,584.54) (112,686.39) (19,826.93) (64,884.74) Net realised gain / (loss) on futures (2d) contracts 593,071.08 (49,236.61) 165,105.00 (59,083.93) Net realised gain / (loss) on foreign (2g) exchange (156,904.42) (74,826.46) (1,339.92) (3,294.69) NET REALISED GAIN / (LOSS) (6,127,514.81) (5,940,431.11) (3,091,949.98) 991,711.50 Change in net unrealised appreciation / (depreciation) on investments (11,703,365.08) (19,930,808.52) (3,041,794.18) (28,774,309.00) Change in net unrealised appreciation / (depreciation) on futures contracts (113,285.31) 0.00 (24,668.00) 0.00 Change in net unrealised appreciation / (depreciation) on forward foreign exchange contracts on currencies (102,527.67) (11,398.87) (5,739.19) 15,100.05 NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS (18,046,692.87) (25,882,638.50) (6,164,151.35) (27,767,497.45) EVOLUTION OF THE CAPITAL Subscriptions of shares 29,336,503.14 2,816,218.93 951,433.42 18,326,054.51 Redemptions of shares (85,236,164.75) (32,838,207.13) (5,630,099.35) (26,844,640.13) NET ASSETS AT THE END OF THE PERIOD 384,197,248.76 100,764,395.56 20,853,771.41 133,398,105.72
The notes form an integral part of these financial statements.
10 MARCH INTERNATIONAL
Statement of Operations and Changes in Net Assets (continued) for the Period ended June 30, 2020 BELLVER LUX LLUC LUX MEDITERRANEAN Combined
Note EUR EUR EUR EUR
NET ASSETS AT THE BEGINNING OF THE PERIOD 2,031,341.76 1,449,300.37 57,714,310.46 877,388,355.57 INCOME Dividends, net (2f) 20,657.02 12,558.06 767,947.73 4,795,314.68 Bond interest, net (2f) 7,277.87 27.46 0.00 1,863,286.15 Bank interest 5.46 56.85 0.00 502.50 Other income 0.00 7.66 (345.00) 54,542.92 TOTAL INCOME 27,940.35 12,650.03 767,602.73 6,713,646.25 EXPENSES Global fees (7) 16,556.21 8,076.86 475,270.49 5,238,832.80 Management company fees (6) 338.48 166.28 7,363.78 88,277.69 Administration agent fees (5) 9,109.22 8,539.30 40,662.91 434,496.34 Depositary fees (8) 3,260.99 3,083.32 14,416.18 163,853.46 Audit, printing and publication expenses 4,275.73 4,241.76 8,448.43 124,074.71 Annual tax (11) 647.27 194.29 12,190.64 157,345.92 Interest paid 903.17 377.21 10,385.83 120,984.67 Transaction fees (9) 1,969.43 2,347.71 10,032.41 31,918.75 Other charges (18) 8,405.00 9,547.07 61,337.79 410,524.68 TOTAL EXPENSES 39,896.60 30,976.49 608,296.09 6,486,259.12 NET INCOME / (LOSS) FROM INVESTMENTS (11,956.25) (18,326.46) 159,306.64 227,387.13 Net realised gain / (loss) on sales of (2c) investments 108,994.40 (24,511.27) (4,168,900.08) (18,210,472.00) Net realised gain / (loss) on forward (2d) foreign exchange contracts on currencies 0.00 0.00 (4,570.00) (558,552.60) Net realised gain / (loss) on futures (2d) contracts 10,495.62 6,909.09 (297,374.96) 369,885.29 Net realised gain / (loss) on foreign (2g) exchange (3,627.49) (1,670.75) (88,452.08) (330,115.81) NET REALISED GAIN / (LOSS) 103,906.28 (37,599.39) (4,399,990.48) (18,501,867.99) Change in net unrealised appreciation / (depreciation) on investments (115,553.48) (128,210.08) (5,646,733.68) (69,340,774.02) Change in net unrealised appreciation / (depreciation) on futures contracts (11,298.00) (10,252.01) (108,817.61) (268,320.93) Change in net unrealised appreciation / (depreciation) on forward foreign exchange contracts on currencies 0.00 0.00 5,241.03 (99,324.65) NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS (22,945.20) (176,061.48) (10,150,300.74) (88,210,287.59) EVOLUTION OF THE CAPITAL Subscriptions of shares 3,595,777.52 180,034.80 29,554,946.70 84,760,969.02 Redemptions of shares (98,123.92) (11,333.72) (17,127,339.45) (167,785,908.45) NET ASSETS AT THE END OF THE PERIOD 5,506,050.16 1,441,939.97 59,991,616.97 706,153,128.55
The notes form an integral part of these financial statements.
11 MARCH INTERNATIONAL Statistics TORRENOVA LUX VINI CATENA IBERIA THE FAMILY BUSINESSES FUND
EUR EUR EUR EUR Total Net Asset Value June 30, 2020 384,197,248.76 100,764,395.56 20,853,771.41 133,398,105.72 December 31, 2019 458,143,603.24 156,669,022.26 31,696,588.69 169,684,188.79 December 31, 2018 562,665,075.07 189,187,715.58 42,363,072.86 207,861,477.98
NAV per share at the end of the period
June 30, 2020 - - - - Share class I-EUR 114.28 142.18 99.39 167.43 Share class I-USD hedged (USD) - 132.08 - 130.86 Share class I-GBP hedged (GBP) 112.31 125.62 - 139.53 Share class R-GBP hedged (GBP) 10.93 12.32 10.49 13.15 Share class D-EUR 10.37 11.72 9.94 12.46 Share class P-EUR 10.48 11.86 9.91 12.60 Share class P-USD hedged (USD) 11.18 - - - Share class A-EUR 11.12 14.53 9.52 14.06 Share class A-USD hedged (USD) 11.85 15.12 9.65 15.51 Share class A-GBP hedged (GBP) 11.61 13.23 9.30 12.05 Share class C-EUR 9.65 8.44 7.97 9.20 Share class S-EUR 9.91 8.44 7.97 9.20
NAV per share at the end of the year
December 31, 2019 Share class I-EUR 118.18 169.10 124.64 199.04 Share class I-USD hedged (USD) - 155.14 - 153.64 Share class I-GBP hedged (GBP) 115.95 150.37 - 166.53 Share class R-GBP hedged (GBP) 11.26 14.72 13.19 15.66 Share class D-EUR 10.74 13.95 12.47 14.82 Share class P-EUR 10.84 14.11 12.44 14.98 Share class P-USD hedged (USD) 11.44 - - - Share class A-EUR 11.53 17.34 11.99 16.78 Share class A-USD hedged (USD) 12.16 17.81 12.00 18.28 Share class A-GBP hedged (GBP) 12.03 15.89 11.77 14.44 Share class C-EUR - 10.02 9.98 10.92 Share class S-EUR 10.25 10.02 9.98 10.91
NAV per share at the end of the year
December 31, 2018 - - - - Share class I-EUR 111.94 151.05 106.54 161.70 Share class I-USD hedged (USD) - 135.13 - 121.67 Share class I-GBP hedged (GBP) 108.68 133.13 - 134.09 Share class R-GBP hedged (GBP) 10.54 12.99 11.11 12.54 Share class D-EUR 10.19 12.50 10.67 12.07 Share class P-EUR 10.27 12.61 10.64 12.18 Share class P-USD hedged (USD) 10.56 - - - Share class A-EUR 10.98 15.62 10.33 13.74 Share class A-USD hedged (USD) 11.26 15.62 10.06 14.57 Share class A-GBP hedged (GBP) 11.32 14.19 10.06 11.74 Share class C-EUR - 8.94 8.52 8.86 Share class S-EUR - 8.94 8.52 8.86
12 MARCH INTERNATIONAL Statistics (continued) BELLVER LUX LLUC LUX MEDITERRANEAN
EUR EUR EUR Total Net Asset Value June 30, 2020 5,506,050.16 1,441,939.97 59,991,616.97 December 31, 2019 2,031,341.76 1,449,300.37 57,714,310.46 December 31, 2018 944,341.93 910,181.53 -
NAV per share at the end of the period
June 30, 2020 - - - Share class I-EUR 98.31 91.70 94.17 Share class P-EUR - - 9.41 Share class A-EUR 9.81 9.17 9.35 Share class A-USD hedged USD)( - - 9.56 Share class C-EUR 9.92 9.28 9.42 Share class S-EUR 9.91 9.27 9.41
NAV per share at the end of the year
December 31, 2019 Share class I-EUR 101.24 102.98 107.20 Share class P-EUR - - 10.72 Share class A-EUR 10.13 10.33 10.69 Share class A-USD hedged )(USD - - 10.76 Share class C-EUR 10.20 10.42 10.72 Share class S-EUR 10.19 10.41 10.72
13 MARCH INTERNATIONAL
TORRENOVA LUX
Statement of Investments as at June 30, 2020 (expressed in EUR) Quantity/ Currency Cost Evaluation % net Face value assets Description
Transferable securities admitted to an official stock exchange listing
Bonds
Czech Republic CEZ 0.875% 18-21.11.22 1,134,000.00 EUR 1,151,123.40 1,142,321.29 0.30 1,151,123.40 1,142,321.29 0.30
France ACCOR 2.625% 14-05.02.21 3,600,000.00 EUR 3,945,600.00 3,623,583.60 0.94 BNPP FRN 18-19.01.23 REGS 7,000,000.00 EUR 6,888,000.00 6,941,543.00 1.82 BNPP FRN 18-22.05.23 1,500,000.00 EUR 1,498,950.00 1,494,727.50 0.39 BOLLORE 2.875% 15-29.07.21 1,400,000.00 EUR 1,484,840.00 1,420,886.60 0.37 BPCE FRN 17-09.03.22 3,000,000.00 EUR 3,084,900.00 3,024,654.00 0.79 BRE FINANCE 2% 14-26.11.21 4,000,000.00 EUR 4,250,000.00 4,048,832.00 1.05 CR AGR 4.25% 11-04.07.21 1,600,000.00 EUR 1,808,336.00 1,665,408.48 0.43 PEUGEOT 2.75% 20-15.05.26 1,600,000.00 EUR 1,599,200.00 1,627,384.00 0.42 SOCGEN FRN 17-01.04.22 2,100,000.00 EUR 2,114,712.80 2,103,101.70 0.55 SOCGEN FRN 18-06.03.23 1,800,000.00 EUR 1,764,000.00 1,778,130.00 0.46 28,438,538.80 27,728,250.88 7.22
Germany DEUT BK FRN 14-10.09.21 10,400,000.00 EUR 10,266,023.21 10,280,743.20 2.69 DEUT BK FRN 17-16.05.22 4,600,000.00 EUR 4,679,273.33 4,495,787.00 1.17 FRESENIUS M 1.0% 20-29.05.26 1,300,000.00 EUR 1,295,710.00 1,320,819.50 0.34 SCHAEFFLER 1.125% 19-26.3.22 REGS 1,000,000.00 EUR 1,011,750.00 975,850.00 0.25 TUI 2.125% 16-26.10.21 2,000,000.00 EUR 1,945,760.00 1,668,660.00 0.43 VW LEASING FRN 17-06.07.21 REGS 1,000,000.00 EUR 997,900.00 993,035.00 0.26 20,196,416.54 19,734,894.70 5.14
Great Britain ANGLO AMER 2.875% 13-20.11.20 3,000,000.00 EUR 3,237,000.00 3,026,025.00 0.79 CREDIT AG FRN 17-20.04.22 REGS 1,500,000.00 EUR 1,524,390.00 1,507,138.50 0.39 EC FIN 2.375% 17-15.11.22 REGS 1,000,000.00 EUR 987,500.00 914,600.00 0.24 FCE BK FRN 17-26.08.20 REGS 5,000,000.00 EUR 4,996,000.00 4,978,225.00 1.29 FCE BK 1.528% 15-09.11.20 3,500,000.00 EUR 3,546,375.00 3,479,780.50 0.91 FCE BK 1.66% 16-11.02.21 REGS 700,000.00 EUR 730,940.00 691,947.90 0.18 HBOS 5.374% 07-30.06.21 1,600,000.00 EUR 1,874,560.00 1,635,321.60 0.43 HSBC HLDG FRN 17-05.10.23 2,000,000.00 EUR 2,010,800.00 1,978,386.00 0.51 IMP TOBACCO 2.25% 14-26.02.21 1,500,000.00 EUR 1,552,800.00 1,510,414.50 0.39 SANTANDER U FRN 17-18.05.23 3,000,000.00 EUR 3,015,600.00 2,958,090.00 0.77 23,475,965.00 22,679,929.00 5.90
Ireland FCA BANK IE FRN 18-17.06.21 4,300,000.00 EUR 4,300,129.00 4,239,959.10 1.11 FGA CAP IE 1.25% 16-23.09.20 3,200,000.00 EUR 3,281,600.00 3,203,651.20 0.83 7,581,729.00 7,443,610.30 1.94
14 MARCH INTERNATIONAL
TORRENOVA LUX
Statement of Investments (continued) as at June 30, 2020 (expressed in EUR) Quantity/ Currency Cost Evaluation % net Face value assets Description
Transferable securities admitted to an official stock exchange listing (continued)
Bonds (continued)
Italy BTPS 1% 19-15.07.22 /BTP REGS 4,800,000.00 EUR 4,909,728.00 4,890,041.28 1.27 CDP RETI SR 1.875% 15-29.05.22 600,000.00 EUR 628,200.00 610,775.40 0.16 INTESA SAN FRN 17-15.03.23 2,300,000.00 EUR 2,398,348.63 2,289,597.10 0.60 ITALY 2.1% 19-15.07.26 /BTP 2,500,000.00 EUR 2,662,500.00 2,683,347.50 0.70 ITALY 1.35% 15-15.04.22 /BTP 1,800,000.00 EUR 1,840,500.00 1,840,827.60 0.48 ITALY 2.45% 18-01.10.23 /BTP 5,400,000.00 EUR 5,803,920.00 5,772,740.40 1.50 MEDIOBANCA 1.625% 16-19.01.21 1,000,000.00 EUR 1,026,500.00 1,007,666.00 0.26 UNICREDIT 2%(FRN) 16-30.06.23 1,500,000.00 EUR 1,494,750.00 1,467,354.00 0.38 20,764,446.63 20,562,349.28 5.35
Japan MBJ 0.1% 17-20.11.20 3,000,000.00 EUR 2,998,500.00 2,993,012.40 0.78 TAKEDA PHAR FRN 18-21.11.22 1,500,000.00 EUR 1,531,500.00 1,511,101.50 0.39 4,530,000.00 4,504,113.90 1.17
Luxembourg ALLERGAN FD 0.5% 17-01.06.21 5,200,000.00 EUR 5,231,720.00 5,182,247.20 1.35 GLENCORE FI 1.25% 15-17.03.21 1,000,000.00 EUR 995,052.25 1,000,524.00 0.26 GLENCORE FI 1.625% 14-18.01.22 800,000.00 EUR 781,634.83 803,351.20 0.21 7,008,407.08 6,986,122.40 1.82
Mexico PEMEX 2.5% 17-21.08.21 900,000.00 EUR 943,920.00 873,562.50 0.23 943,920.00 873,562.50 0.23
Netherlands CETIN FINAN 1.423% 16-06.12.21 6,050,000.00 EUR 6,278,085.00 6,126,351.00 1.59 GAS NAT 0.875% 17-15.05.25REGS 1,500,000.00 EUR 1,496,550.00 1,544,041.50 0.40 JAB HOLDING 1.5% 14-24.11.21 4,000,000.00 EUR 4,172,640.00 4,055,692.00 1.06 LEASEPLAN 1% 16-24.05.21 800,000.00 EUR 818,400.00 797,704.80 0.21 MYLAN 1.25% 16-23.11.20 8,000,000.00 EUR 8,248,100.00 8,010,880.00 2.09 REDEXIS GAS 1.875% 20-28.05.25 1,900,000.00 EUR 1,896,200.00 1,964,178.20 0.51 SYNGENTA 1.875% 14-02.11.21 3,500,000.00 EUR 3,606,400.00 3,507,605.50 0.91 TEVA 0.375% 16-25.7.20 REGS/POOL 7,760,000.00 EUR 4,556,030.23 4,710,962.11 1.23 31,072,405.23 30,717,415.11 8.00
Panama CARNIVAL 1.625% 16-22.02.21 2,200,000.00 EUR 2,205,500.00 2,019,353.60 0.53 2,205,500.00 2,019,353.60 0.53
Portugal MOTA-ENGIL 4.375% 19-30.10.24 2,700,000.00 EUR 2,700,000.00 2,736,207.00 0.72 PORTUGAL 2.125% 18-17.10.28 1,850,000.00 EUR 2,178,837.50 2,127,685.00 0.55
15 MARCH INTERNATIONAL
TORRENOVA LUX
Statement of Investments (continued) as at June 30, 2020 (expressed in EUR) Quantity/ Currency Cost Evaluation % net Face value assets Description
Transferable securities admitted to an official stock exchange listing (continued)
Bonds (continued)
Portugal (continued) PORTUGAL 4.95% 08-25.10.23 2,000,000.00 EUR 2,442,900.00 2,355,676.00 0.61 7,321,737.50 7,219,568.00 1.88
Spain AMADEUS IT 2.50% 20-20.05.24 1,000,000.00 EUR 999,020.00 1,034,769.00 0.27 BANCO BILBA FRN 18-09.03.23 6,800,000.00 EUR 6,818,870.00 6,700,618.00 1.74 BCO SAB 0.875% 17-05.03.23 3,800,000.00 EUR 3,800,760.00 3,725,041.20 0.97 CELLNEX TEL FRN 17-03.08.27 3,000,000.00 EUR 3,000,000.00 2,970,206.19 0.77 CELLNEX TEL 2.375% 16-16.01.24 1,000,000.00 EUR 1,021,500.00 1,042,500.00 0.27 CRITERIA CA 1.625% 15-21.04.22 12,700,000.00 EUR 13,007,053.33 12,992,712.14 3.37 CRITERIA 1.5% 17-10.05.23 REGS 1,100,000.00 EUR 1,101,320.00 1,122,823.90 0.29 FCC AQUALIA 1.413% 17-08.06.22 6,500,000.00 EUR 6,703,450.00 6,518,024.50 1.70 METROVACESA 2.375% 16-23.05.22 2,800,000.00 EUR 2,996,000.00 2,849,501.20 0.74 SACYR FRN 18-10.06.22 1,200,000.00 EUR 1,198,676.56 1,191,588.00 0.31 SANTANDER FRN 17-21.11.24 4,600,000.00 EUR 4,594,020.00 4,409,422.00 1.15 SANTANDER FRN 17-28.03.23 REGS 2,900,000.00 EUR 2,921,560.87 2,886,480.20 0.75 SANTANDER 1.375% 17-9.2.22 REGS 2,000,000.00 EUR 2,059,666.67 2,026,200.00 0.53 SPANISH GOV 0.6% 19-31.10.29 3,700,000.00 EUR 3,815,717.50 3,786,483.80 0.99 SPANISH GOV 0.80% 30.07.27 REGS 3,100,000.00 EUR 3,199,045.00 3,241,656.67 0.84 TELEFONICA 0.318% 16-17.10.20 2,300,000.00 EUR 2,303,220.00 2,301,987.20 0.60 59,539,879.93 58,800,014.00 15.29
Sweden VATTENFALL 6.25% 09-17.03.21 2,500,000.00 EUR 3,190,500.00 2,609,567.50 0.68 3,190,500.00 2,609,567.50 0.68
United States ALBEMARLE 1.875% 14-08.12.21 2,000,000.00 EUR 2,102,800.00 2,000,666.00 0.52 ATT 1.45% 14-01.06.22 2,600,000.00 EUR 2,705,708.57 2,647,307.00 0.69 BAFC FRN 17-04.05.23 REGS 300,000.00 EUR 303,750.00 300,426.90 0.08 BAFC FRN 17-21.09.21 1,500,000.00 EUR 1,501,590.00 1,500,165.00 0.39 BOA FRN 17-07.02.22 8,800,000.00 EUR 8,862,690.00 8,818,568.00 2.29 FORD MC FRN 17-01.12.21 7,100,000.00 EUR 7,099,290.00 6,687,326.70 1.74 FORD MC FRN 18-15.11.23 5,000,000.00 EUR 4,998,818.18 4,331,255.00 1.13 GENERAL MOTORS FRN 17-10.05.21 2,000,000.00 EUR 2,010,850.00 1,966,554.00 0.51 GLDM SACHS GRP FRN 20-21.04.23 2,500,000.00 EUR 2,471,250.00 2,469,377.50 0.64 GS FRN 16-27.07.21 3,500,000.00 EUR 3,558,313.89 3,517,696.00 0.92 GS FRN 17-09.09.22 6,300,000.00 EUR 6,338,538.39 6,267,807.00 1.63 MOR ST FRN 16-27.01.22 5,100,000.00 EUR 5,142,346.00 5,106,737.10 1.33 MOR ST FRN 18-21.05.21 5,000,000.00 EUR 5,002,250.00 5,007,575.00 1.30
16 MARCH INTERNATIONAL
TORRENOVA LUX
Statement of Investments (continued) as at June 30, 2020 (expressed in EUR) Quantity/ Currency Cost Evaluation % net Face value assets Description
Transferable securities admitted to an official stock exchange listing (continued)
Bonds (continued)
United States (continued) WELLS FARGO FRN 17-31.01.22 2,070,000.00 EUR 2,074,130.59 2,068,143.21 0.54 54,172,325.62 52,689,604.41 13.71
Total - Bonds 271,592,894.73 265,710,676.87 69.16
Rights
Spain REPSOL RIGHTS 06.07.20 /SOUS 182,000.00 EUR 0.00 76,622.00 0.02 0.00 76,622.00 0.02
Total Investment in rights 0.00 76,622.00 0.02
Shares
Belgium ANHEUSER-BUSCH INBEV SA/NV 61,100.00 EUR 3,221,860.61 2,680,151.50 0.70 3,221,860.61 2,680,151.50 0.70
France AXA 102,047.00 EUR 2,307,275.94 1,899,298.76 0.49 DANONE. 24,208.00 EUR 1,512,208.41 1,490,244.48 0.39 LVMH ACT. 4,381.00 EUR 833,649.94 1,710,780.50 0.45 MICHELIN B /NOM. 20,909.00 EUR 1,969,436.07 1,930,737.06 0.50 SAINT-GOBAIN 55,165.00 EUR 1,933,780.86 1,768,038.25 0.46 SANOFI 34,476.00 EUR 2,492,281.14 3,125,249.40 0.81 TOTAL SA 57,672.00 EUR 2,215,686.76 1,959,406.20 0.51 13,264,319.12 13,883,754.65 3.61
Germany ADIDAS AG 6,610.00 EUR 960,646.25 1,544,096.00 0.40 BAYER AG 27,883.00 EUR 1,896,199.37 1,834,422.57 0.48 DEUTSCHE TELEKOM /NAM. 197,186.00 EUR 2,437,974.08 2,946,944.77 0.76 E.ON SE 167,021.00 EUR 1,177,136.92 1,672,715.32 0.44 HENKEL / VORZUG 22,000.00 EUR 1,878,052.77 1,823,360.00 0.47 SIEMENS AG /NAM. 24,775.00 EUR 2,390,063.03 2,595,429.00 0.68 10,740,072.42 12,416,967.66 3.23
Great Britain BP PLC 543,303.00 GBP 2,902,498.30 1,836,129.79 0.48 PRUDENTIAL PLC 166,138.00 GBP 2,371,025.23 2,227,073.61 0.58 RECKITT BENCKISER GROUP PLC 37,997.00 GBP 2,460,915.01 3,106,669.62 0.80 VODAFONE GROUP PLC 1,102,345.00 GBP 2,660,464.89 1,562,700.40 0.41 10,394,903.43 8,732,573.42 2.27
17 MARCH INTERNATIONAL
TORRENOVA LUX
Statement of Investments (continued) as at June 30, 2020 (expressed in EUR) Quantity/ Currency Cost Evaluation % net Face value assets Description
Transferable securities admitted to an official stock exchange listing (continued)
Shares (continued)
Italy ENEL 198,000.00 EUR 1,003,303.45 1,520,244.00 0.40 1,003,303.45 1,520,244.00 0.40
Japan SOFTBANK GROUP SHS 36,964.00 JPY 958,880.55 1,693,368.20 0.44 958,880.55 1,693,368.20 0.44
Netherlands AIRBUS SE 19,530.00 EUR 1,541,091.54 1,240,545.60 0.32 ING GROUP NV 255,822.00 EUR 2,380,975.94 1,585,584.76 0.42 3,922,067.48 2,826,130.36 0.74
Spain RED ELECTRICA CORPORACION. SA 120,000.00 EUR 1,688,347.13 1,992,600.00 0.52 REPSOL SA 182,000.00 EUR 2,390,148.37 1,417,052.00 0.37 4,078,495.50 3,409,652.00 0.89
Sweden ERICSSON TEL. B 232,000.00 SEK 1,821,562.36 1,910,281.08 0.50 1,821,562.36 1,910,281.08 0.50
United States ALPHABET INC -A- 1,369.00 USD 1,314,461.97 1,728,451.63 0.45 AMAZON COM INC 650.00 USD 1,031,638.19 1,596,610.43 0.42 ARCHER-DANIELS MIDLAND CO 62,723.00 USD 2,155,264.76 2,228,239.95 0.58 BERKSHIRE HATHAWAY - B 10,350.00 USD 1,703,996.04 1,644,997.11 0.43 COCA-COLA CO. 35,889.00 USD 1,196,599.42 1,427,699.35 0.37 JOHNSON & JOHNSON 23,314.00 USD 2,837,496.84 2,919,154.00 0.75 PAYPAL HOLDINGS INC 12,080.00 USD 1,113,881.70 1,873,924.59 0.49 PHILIP MORRIS INT. 26,300.00 USD 1,710,562.58 1,640,544.90 0.43 THE KRAFT HEINZ COMPANY 83,900.00 USD 2,246,297.10 2,382,202.73 0.62 WALT DISNEY 24,921.00 USD 2,249,076.98 2,474,238.27 0.64 WELLS FARGO & CO 80,913.00 USD 3,124,050.72 1,844,253.04 0.48 20,683,326.30 21,760,316.00 5.66
Total - Shares 70,088,791.22 70,833,438.87 18.44
Total - Transferable securities admitted to an official stock exchange 341,681,685.95 336,620,737.74 87.62 listing
18 MARCH INTERNATIONAL
TORRENOVA LUX
Statement of Investments (continued) as at June 30, 2020 (expressed in EUR) Quantity/ Currency Cost Evaluation % net Face value assets Description
Transferable securities dealt in on another regulated market
Bonds
Spain NORTEGAS EN 0.918% 17-28.09.22 2,000,000.00 EUR 2,009,600.00 2,007,938.00 0.52 2,009,600.00 2,007,938.00 0.52
United States PRICELINECO 2.15% 15-25.11.22 3,500,000.00 EUR 3,740,450.00 3,619,381.50 0.94 3,740,450.00 3,619,381.50 0.94
Total - Bonds 5,750,050.00 5,627,319.50 1.46
Debt Instruments
Germany THYSSEN-KRUPP 0.42% 03.07.20 CD 5,500,000.00 EUR 5,492,246.78 5,499,807.78 1.43 5,492,246.78 5,499,807.78 1.43
Spain ACCIONA FIN 0% 19-12.08.20 CP 5,200,000.00 EUR 5,178,532.11 5,197,464.08 1.36 SACYR 0% 20-25.09.20 CP 2,000,000.00 EUR 1,994,282.15 1,994,533.49 0.52 7,172,814.26 7,191,997.57 1.88
Total - Debt instruments 12,665,061.04 12,691,805.35 3.31
Total - Transferable securities dealt in on another regulated market 18,415,111.04 18,319,124.85 4.77
Other transferable securities
Bonds
Germany DT HYPOBK FRN 17-08.02.21 3,200,000.00 EUR 3,201,460.00 3,194,285.31 0.83 3,201,460.00 3,194,285.31 0.83
Total - Bonds 3,201,460.00 3,194,285.31 0.83
Total - Other transferable securities 3,201,460.00 3,194,285.31 0.83
Investment funds
Ireland MUZ GLB SHO DUR -H- EUR(H)/CAP 72,000.29 EUR 7,243,625.99 7,107,148.33 1.85 7,243,625.99 7,107,148.33 1.85
Total - Investment funds 7,243,625.99 7,107,148.33 1.85
TOTAL INVESTMENT PORTFOLIO 370,541,882.98 365,241,296.23 95.07
19 MARCH INTERNATIONAL
VINI CATENA
Statement of Investments as at June 30, 2020 (expressed in EUR) Quantity Currency Cost Evaluation % net assets Description
Transferable securities admitted to an official stock exchange listing
Shares
Australia TREASURY WINE ESTATES 635,418.00 AUD 4,297,877.14 4,156,139.50 4.12 4,297,877.14 4,156,139.50 4.12
Canada CORBY SPIRIT & WINE SHS -A- 280,447.00 CAD 4,141,381.18 2,979,127.32 2.95 NUTRIEN LTD 63,290.00 USD 2,812,578.96 1,808,849.22 1.80 6,953,960.14 4,787,976.54 4.75
Chile CONCHATOR SPONSORED 1,522,730.00 CLP 2,587,617.69 2,115,430.77 2.10 2,587,617.69 2,115,430.77 2.10
China KWEICHOW MOUTAI CO LTD -A- 16,110.00 CNH 2,303,025.74 2,966,169.18 2.94 2,303,025.74 2,966,169.18 2.94
France FRANCOIS FRERES (TONNELLERIE) 60,851.00 EUR 920,049.51 1,569,955.80 1.56 LANSON-BCC 52,292.00 EUR 1,913,835.44 993,548.00 0.99 LAURENT PERRIER.TOURS S.MARNE 31,599.00 EUR 2,616,404.31 2,433,123.00 2.41 LVMH ACT. 6,174.00 EUR 890,187.06 2,410,947.00 2.39 PERNOD-RICARD 27,009.00 EUR 2,812,438.41 3,782,610.45 3.75 REMY COINTREAU SA 30,004.00 EUR 2,157,790.14 3,636,484.80 3.61 11,310,704.87 14,826,669.05 14.71
Germany HAWESKO HLD AG HAMBURG 80,745.00 EUR 3,388,331.54 2,809,926.00 2.78 KRONES AG 41,927.00 EUR 2,973,890.38 2,394,031.70 2.38 SCHLOSS WACHENHEIM AG 164,437.00 EUR 1,931,709.81 2,417,223.90 2.40 8,293,931.73 7,621,181.60 7.56
Great Britain DIAGEO PLC 122,022.00 GBP 3,113,657.12 3,599,614.57 3.57 STOCK SPIRITS GROUP PLC 1,165,891.00 GBP 3,154,283.03 3,001,330.82 2.98 6,267,940.15 6,600,945.39 6.55
Ireland C&C GROUP PLC 687,100.00 EUR 2,313,391.39 1,745,234.00 1.73 2,313,391.39 1,745,234.00 1.73
Italy DAVIDE CAMPARI - MILANO SPA 100,443.00 EUR 785,147.74 753,322.50 0.75
20 MARCH INTERNATIONAL
VINI CATENA
Statement of Investments (continued) as at June 30, 2020 (expressed in EUR) Quantity Currency Cost Evaluation % net assets Description
Transferable securities admitted to an official stock exchange listing (continued)
Shares (continued)
Italy (continued) MASI AGRICOLA S.P.A. 335,000.00 EUR 1,516,625.05 780,550.00 0.77 ZIGNAGO VETRO SPA 122,963.00 EUR 636,191.72 1,637,867.16 1.63 2,937,964.51 3,171,739.66 3.15
Japan KUBOTA CORP 95,487.00 JPY 1,107,098.25 1,249,035.34 1.24 TAKARA HOLDINGS INC 236,251.00 JPY 1,525,782.44 1,863,943.57 1.85 2,632,880.69 3,112,978.91 3.09
Mexico BECLE SAB DE CV 1,675,181.00 MXN 2,371,380.40 2,851,719.70 2.83 2,371,380.40 2,851,719.70 2.83
New Zealand DELEGAT GROUP SHS 175,504.00 NZD 1,165,294.50 1,292,616.30 1.28 1,165,294.50 1,292,616.30 1.28
Norway ARCUS ASA 493,261.00 NOK 2,467,600.55 1,775,458.97 1.76 YARA INTERNATIONAL ASA 62,192.00 NOK 2,329,524.85 1,916,550.19 1.90 4,797,125.40 3,692,009.16 3.66
Portugal CORTIC.AMORIM SOC.GEST.PART. 479,745.00 EUR 2,930,801.87 4,835,829.60 4.80 2,930,801.87 4,835,829.60 4.80
Spain BARON DE LEY SA 49,437.00 EUR 3,800,016.22 4,943,700.00 4.90 BODEGAS RIOJANAS SA 173,018.00 EUR 795,663.00 519,054.00 0.52 VIDRALA SA 33,888.00 EUR 1,489,333.81 2,877,091.20 2.86 6,085,013.03 8,339,845.20 8.28
Sweden ALFA LAVAL AB 101,434.00 SEK 1,824,610.51 1,981,381.22 1.97 1,824,610.51 1,981,381.22 1.97
Switzerland BUCHER INDUSTRIES AG/NAM 7,797.00 CHF 1,644,603.03 1,998,627.63 1.98 DUFRY AG BASEL 58,388.00 CHF 5,242,077.65 1,539,470.08 1.53 VETROPACK HLDG N 33,967.00 CHF 999,006.91 1,672,431.99 1.66 7,885,687.59 5,210,529.70 5.17
21 MARCH INTERNATIONAL
VINI CATENA
Statement of Investments (continued) as at June 30, 2020 (expressed in EUR) Quantity Currency Cost Evaluation % net assets Description
Transferable securities admitted to an official stock exchange listing (continued)
Shares (continued)
Thailand THAI BEVERAGE PCL 10,500,728.00 SGD 4,882,572.36 4,523,718.11 4.49 4,882,572.36 4,523,718.11 4.49
United States BRWN-FRMAN CORP. B /NON-VOT 72,836.00 USD 2,239,463.51 4,128,335.27 4.11 CONSTELLATION BRAND -A- 13,940.00 USD 1,556,294.87 2,171,395.63 2.15 DEERE & CO. 14,229.00 USD 1,036,744.62 1,990,907.14 1.98 O-I GLASS RG 365,886.00 USD 5,625,229.32 2,925,394.01 2.90 TEJON RANCH CO 133,811.00 USD 2,540,082.42 1,715,602.01 1.70 TORO CO 33,240.00 USD 781,786.01 1,963,354.49 1.95 13,779,600.75 14,894,988.55 14.79
Total - Shares 95,621,380.46 98,727,102.14 97.97
Warrants
France BELVEDERE 29.09.22 CW 320,256.00 EUR 0.00 5,124.10 0.01 0.00 5,124.10 0.01
Total - Warrants 0.00 5,124.10 0.01
Total - Transferable securities admitted to an official stock exchange 95,621,380.46 98,732,226.24 97.98 listing TOTAL INVESTMENT PORTFOLIO 95,621,380.46 98,732,226.24 97.98
22 MARCH INTERNATIONAL
IBERIA
Statement of Investments as at June 30, 2020 (expressed in EUR) Quantity Currency Cost Evaluation % net assets Description
Transferable securities admitted to an official stock exchange listing
Rights
Spain REPSOL RIGHTS 06.07.20 /SOUS 56,411.00 EUR 0.00 23,749.03 0.11 0.00 23,749.03 0.11
Total Investment in rights 0.00 23,749.03 0.11
Shares
Cyprus ATALAYA MINING PLC 266,250.00 GBP 347,352.36 432,037.75 2.07 347,352.36 432,037.75 2.07
Luxembourg EDREAMS ODIGEO S.A. 243,803.00 EUR 498,084.59 602,193.41 2.89 498,084.59 602,193.41 2.89
Portugal CORTIC.AMORIM SOC.GEST.PART. 63,916.00 EUR 693,120.20 644,273.28 3.09 GALP ENERGIA SGPS SA -B- SHRS 39,677.00 EUR 532,838.25 408,474.72 1.96 NOS SGPS SA 39,377.00 EUR 207,501.66 152,940.27 0.73 SOC.DE INVESTIMENTO E GESTAO 66,510.00 EUR 1,127,297.56 538,065.90 2.58 SONAE SGPS S.A. 740,130.00 EUR 708,795.94 475,163.46 2.28 3,269,553.61 2,218,917.63 10.64
Spain ACERINOX S.A. 30,951.00 EUR 403,262.34 222,228.18 1.07 AENA SME SA 2,573.00 EUR 258,462.25 305,415.10 1.46 ALANTRA PARTNERS SA 51,693.00 EUR 713,560.70 563,453.70 2.70 AMADEUS IT --- SHS-A- 8,829.00 EUR 380,147.08 409,489.02 1.96 APPLUS SERVICES S.A. 78,629.00 EUR 488,100.01 537,036.07 2.58 ARIMA REAL ESTATE SOCIMI /REIT 149,239.00 EUR 1,455,228.43 1,313,303.20 6.30 BANKINTER S.A. 172,153.00 EUR 749,966.41 730,789.49 3.50 BARON DE LEY SA 15,675.00 EUR 1,627,238.57 1,567,500.00 7.52 CIE AUTOMOTIVE SA 26,781.00 EUR 474,189.28 418,319.22 2.01 COMPANIA DE DISTRIBUCION INTEGRAL 25,423.00 EUR 477,239.96 422,021.80 2.02 CONSTR 11,000.00 EUR 344,205.08 355,300.00 1.70 CORP FIN ALBA /SPLIT ISSUE 23,599.00 EUR 977,489.80 849,564.00 4.07 EDP RENOVAVEIS S.A. 29,215.00 EUR 351,851.78 359,344.50 1.72 EUSKALTEL S.A. 81,743.00 EUR 672,089.42 645,769.70 3.10 FERROVIAL SA 16,519.00 EUR 426,362.62 391,500.30 1.88 GESTAMP AUTOMOCION 89,454.00 EUR 211,940.24 200,376.96 0.96 GLOBAL DOMINION ACCESS S.A 176,965.00 EUR 665,967.32 504,350.25 2.42 GRIFOLS. SA 24,629.00 EUR 376,004.33 402,930.44 1.93 GRUPO CATALANA OCCIDENTE SA 30,778.00 EUR 1,064,674.74 630,949.00 3.03 INDITEX 6,784.00 EUR 165,864.12 159,898.88 0.77
23 MARCH INTERNATIONAL
IBERIA
Statement of Investments (continued) as at June 30, 2020 (expressed in EUR) Quantity Currency Cost Evaluation % net assets Description
Transferable securities admitted to an official stock exchange listing (continued)
Shares (continued)
Spain (continued) INDRA SISTEMAS SA 65,925.00 EUR 707,792.10 461,145.38 2.21 LABORATORIOS FARMAC.ROVI 20,086.00 EUR 463,668.14 508,175.80 2.44 MERL SOCIMI /REIT 82,799.00 EUR 729,913.59 611,056.62 2.93 MIQUEL Y COSTAS 49,199.00 EUR 888,152.44 627,779.24 3.01 NATURHOUSE HEALTH SA 224,012.00 EUR 833,035.18 358,419.20 1.72 PRIM SA 45,754.00 EUR 587,043.88 438,323.32 2.10 PROSEGUR COMPANIA DE SEGURIDAD 223,219.00 EUR 1,092,085.14 462,509.77 2.22 RED ELECTRICA CORPORACION. SA 18,758.00 EUR 316,748.19 311,476.59 1.49 REPSOL SA 56,411.00 EUR 545,895.71 439,216.05 2.11 VIDRALA SA 1,218.00 EUR 89,130.84 103,408.20 0.50 VISCOFAN --- SHS 1,802.00 EUR 87,058.38 104,696.20 0.50 WORLD WIDE WEB IBERCOM S.A. 35,751.00 EUR 737,884.25 811,547.70 3.89 ZARDOYA OTIS / SPLIT ISSUE 52,069.00 EUR 456,905.47 317,100.21 1.52 19,819,157.79 16,544,394.09 79.34
Total - Shares 23,934,148.35 19,797,542.88 94.94
Total - Transferable securities admitted to an official stock exchange 23,934,148.35 19,821,291.91 95.05 listing
Other transferable securities
Shares
Portugal BANCO ESPIRITO SANTO (SEE NOTE 13) 2,725,635.00 EUR 395,667.95 0.00 0.00 395,667.95 0.00 0.00
Total - Shares 395,667.95 0.00 0.00
Total - Other transferable securities 395,667.95 0.00 0.00
TOTAL INVESTMENT PORTFOLIO 24,329,816.30 19,821,291.91 95.05
24 MARCH INTERNATIONAL
THE FAMILY BUSINESSES FUND
Statement of Investments as at June 30, 2020 (expressed in EUR) Quantity Currency Cost Evaluation % net assets Description
Transferable securities admitted to an official stock exchange listing
Shares
Belgium ANHEUSER-BUSCH INBEV SA/NV 46,376.00 EUR 2,182,285.27 2,034,283.24 1.52 2,182,285.27 2,034,283.24 1.52
France BIOMERIEUX SA 14,314.00 EUR 435,226.06 1,750,602.20 1.31 ESSILORLUXOTT --- ACT. 36,974.00 EUR 4,093,933.12 4,224,279.50 3.17 LVMH ACT. 5,556.00 EUR 933,315.25 2,169,618.00 1.63 REMY COINTREAU SA 36,266.00 EUR 2,795,522.88 4,395,439.20 3.29 ROBERTET SA 3,465.00 EUR 652,540.91 3,225,915.00 2.42 SAVENCIA ACT 44,108.00 EUR 2,837,411.94 2,381,832.00 1.79 SODEXO 58,795.00 EUR 5,522,725.96 3,539,459.00 2.65 17,270,676.12 21,687,144.90 16.26
Germany BMW-BAYER.MOTORENWERKE 33,603.00 EUR 2,848,182.46 1,909,322.46 1.43 EUROKAI KGAA /VORZUG. 106,615.00 EUR 3,112,716.35 2,750,667.00 2.06 KRONES AG 40,314.00 EUR 2,334,328.07 2,301,929.40 1.73 RATIONAL AG. LANDSBERG AM LECH 5,328.00 EUR 1,931,992.25 2,655,475.20 1.99 SCHAEFFLER AG /PFD 579,397.00 EUR 7,343,111.62 3,864,577.99 2.90 17,570,330.75 13,481,972.05 10.11
Great Britain ASHMORE GROUP PLC 391,902.00 GBP 1,677,143.57 1,798,712.86 1.35 FRASERS GRP RG REGISTERED SHS 318,998.00 GBP 1,076,974.54 1,072,460.66 0.80 2,754,118.11 2,871,173.52 2.15
Israel CHECK POINT SOFTWARE TECHNO 32,295.00 USD 2,153,964.72 3,089,036.95 2.32 2,153,964.72 3,089,036.95 2.32
Italy SALVATORE FERRAGAMO SPA 242,918.00 EUR 4,302,009.69 2,927,161.90 2.20 SOL SPA 129,700.00 EUR 830,392.28 1,361,850.00 1.02 5,132,401.97 4,289,011.90 3.22
Japan T.HASEGAWA CO LTD 331,299.00 JPY 5,306,123.11 6,389,693.83 4.79 5,306,123.11 6,389,693.83 4.79
Luxembourg EDREAMS ODIGEO S.A. 1,216,372.00 EUR 4,022,782.64 3,004,438.84 2.25 4,022,782.64 3,004,438.84 2.25
25 MARCH INTERNATIONAL
THE FAMILY BUSINESSES FUND
Statement of Investments (continued) as at June 30, 2020 (expressed in EUR) Quantity Currency Cost Evaluation % net assets Description
Transferable securities admitted to an official stock exchange listing (continued)
Shares (continued)
Mexico FOMENTO ECONOMICO MEXICANO/ADR 36,391.00 USD 2,741,536.34 2,009,175.90 1.51 2,741,536.34 2,009,175.90 1.51
Netherlands HEINEKEN HOLDING 56,674.00 EUR 3,532,920.55 4,128,700.90 3.10 3,532,920.55 4,128,700.90 3.10
South Korea SAMSUNG EL./SP.GDR(1/2VOT144A) 4,575.00 USD 2,212,910.66 4,492,921.69 3.37 2,212,910.66 4,492,921.69 3.37
Spain GRUPO CATALANA OCCIDENTE SA 47,478.00 EUR 1,189,955.18 973,299.00 0.73 INDITEX 154,311.00 EUR 3,914,033.04 3,637,110.27 2.73 PROSEGUR CASH SA 4,071,420.00 EUR 7,659,420.66 3,045,422.16 2.28 PROSEGUR COMPANIA DE SEGURIDAD 996,052.00 EUR 4,198,493.38 2,063,819.74 1.55 TECNICAS REUNIDAS SA 194,780.00 EUR 4,714,147.23 2,629,530.00 1.97 21,676,049.49 12,349,181.17 9.26
Sweden TOBII AB 809,776.00 SEK 3,421,741.41 2,775,100.95 2.08 3,421,741.41 2,775,100.95 2.08
Switzerland BUCHER INDUSTRIES AG/NAM 7,226.00 CHF 1,516,718.26 1,852,261.55 1.39 CIE FINANCIERE RICHEMONT NAM-AK 67,181.00 CHF 4,650,363.80 3,815,319.46 2.86 ROCHE HOLDING AG /GENUSSSCHEIN 15,736.00 CHF 3,362,857.09 4,855,023.71 3.64 SCHINDLER HOLDING/PARTIC 20,778.00 CHF 2,447,929.93 4,353,801.18 3.26 VETROPACK HLDG N 46,550.00 CHF 1,357,365.66 2,291,980.72 1.72 13,335,234.74 17,168,386.62 12.87
Thailand THAI BEVERAGE PCL 13,819,714.00 SGD 7,051,477.39 5,953,538.70 4.46 7,051,477.39 5,953,538.70 4.46
United States ALPHABET INC -C- 5,341.00 USD 4,615,433.54 6,722,246.37 5.03 BERKSHIRE HATHAWAY - B 40,755.00 USD 4,795,227.51 6,477,474.11 4.85 ESTEE LAUDER CO -A- 13,671.00 USD 911,101.37 2,296,616.02 1.72 ORACLE CORP 117,304.00 USD 4,126,037.61 5,772,507.75 4.33
26 MARCH INTERNATIONAL
THE FAMILY BUSINESSES FUND
Statement of Investments (continued) as at June 30, 2020 (expressed in EUR) Quantity Currency Cost Evaluation % net assets Description
Transferable securities admitted to an official stock exchange listing (continued)
Shares (continued)
United States (continued) WALMART INC 18,212.00 USD 1,036,364.84 1,942,245.79 1.46 15,484,164.87 23,211,090.04 17.39
Total - Shares 125,848,718.14 128,934,851.20 96.66
Total - Transferable securities admitted to an official stock exchange 125,848,718.14 128,934,851.20 96.66 listing
Other transferable securities
Shares
Bermuda Islands JARDINE MATHESON HLDS LTD/SADR 71,715.00 USD 3,587,579.88 2,660,060.46 1.99 3,587,579.88 2,660,060.46 1.99
Total - Shares 3,587,579.88 2,660,060.46 1.99
Total - Other transferable securities 3,587,579.88 2,660,060.46 1.99
TOTAL INVESTMENT PORTFOLIO 129,436,298.02 131,594,911.66 98.65
27 MARCH INTERNATIONAL
BELLVER LUX
Statement of Investments as at June 30, 2020 (expressed in EUR) Quantity/ Currency Cost Evaluation % net Face value assets Description
Transferable securities admitted to an official stock exchange listing
Bonds
France CAPGEMINI 0.625% 20-23.06.25 100,000.00 EUR 99,887.00 99,987.60 1.82 99,887.00 99,987.60 1.82
Italy ITALY 0.60% 20-15.06.23 /BTP 500,000.00 EUR 501,575.00 505,236.00 9.18 ITALY 0.9% 17-01.08.22 /BTP 50,000.00 EUR 51,009.50 50,840.95 0.92 ITALY 2.15% 14-15.12.21 /BTP 80,000.00 EUR 83,891.34 82,589.36 1.50 ITALY 2.5% 14-01.12.24 /BTP 40,000.00 EUR 43,133.20 43,323.08 0.79 679,609.04 681,989.39 12.39
Portugal PORTUGUESE 2.2% 15-17.10.22 120,000.00 EUR 125,858.40 127,450.92 2.31 125,858.40 127,450.92 2.31
Spain SPAIN 0.05% 17-31.01.21 133,000.00 EUR 134,107.89 133,439.83 2.42 SPAIN 0.05% 18-31.10.21 300,000.00 EUR 301,785.00 301,988.10 5.48 SPAIN 0.45% 17-31.10.22 200,000.00 EUR 204,054.00 203,935.60 3.70 SPAIN 5.85% 11-31.1.22 615,000.00 EUR 686,257.20 676,517.84 12.30 1,326,204.09 1,315,881.37 23.90
Total - Bonds 2,231,558.53 2,225,309.28 40.42
Shares
Belgium ANHEUSER-BUSCH INBEV SA/NV 2,031.00 EUR 98,341.65 89,089.82 1.62 98,341.65 89,089.82 1.62
France AXA 3,777.00 EUR 73,815.43 70,297.52 1.28 LVMH ACT. 161.00 EUR 56,781.15 62,870.50 1.14 MICHELIN B /NOM. 684.00 EUR 65,891.95 63,160.56 1.15 SAINT-GOBAIN 2,130.00 EUR 68,047.47 68,266.50 1.24 SANOFI 761.00 EUR 64,836.67 68,984.65 1.25 THALES 913.00 EUR 73,121.21 65,626.44 1.19 TOTAL SA 1,866.00 EUR 70,823.16 63,397.35 1.15 473,317.04 462,603.52 8.40
Germany ADIDAS AG 279.00 EUR 64,324.12 65,174.40 1.18 BAYER AG 1,021.00 EUR 65,773.47 67,171.59 1.22 DEUTSCHE TELEKOM /NAM. 5,019.00 EUR 73,800.65 75,008.96 1.36
28 MARCH INTERNATIONAL
BELLVER LUX
Statement of Investments (continued) as at June 30, 2020 (expressed in EUR) Quantity/ Currency Cost Evaluation % net Face value assets Description
Transferable securities admitted to an official stock exchange listing (continued)
Shares (continued)
Germany (continued) E.ON SE 5,712.00 EUR 53,711.62 57,205.68 1.04 SIEMENS AG /NAM. 614.00 EUR 62,455.80 64,322.64 1.17 320,065.66 328,883.27 5.97
Great Britain BP PLC 16,749.00 GBP 72,559.87 56,604.40 1.03 PRUDENTIAL PLC 5,101.00 GBP 69,733.44 68,378.72 1.24 RECKITT BENCKISER GROUP PLC 748.00 GBP 56,094.04 61,157.17 1.11 STANDARD CHARTERED PLC 12,383.00 GBP 69,120.24 59,953.88 1.09 VODAFONE GROUP PLC 42,084.00 GBP 68,380.54 59,658.89 1.08 335,888.13 305,753.06 5.55
Israel CHECK POINT SOFTWARE TECHNO 588.00 USD 57,723.71 56,242.57 1.02 57,723.71 56,242.57 1.02
Japan FANUC CORP --- SHS 487.00 JPY 78,469.98 76,704.76 1.39 PANASONIC CORP 9,121.00 JPY 73,808.45 69,997.08 1.27 SOFTBANK GROUP SHS 1,596.00 JPY 54,734.91 73,114.81 1.33 SONY CORP/SADR 1,296.00 USD 72,402.61 79,768.94 1.45 279,415.95 299,585.59 5.44
Netherlands ING GROUP NV 9,767.00 EUR 69,753.75 60,535.87 1.10 69,753.75 60,535.87 1.10
Panama CARNIVAL CORP 1,929.00 USD 38,715.12 28,201.20 0.51 38,715.12 28,201.20 0.51
Spain RED ELECTRICA CORPORACION. SA 3,911.00 EUR 61,735.99 64,942.16 1.18 61,735.99 64,942.16 1.18
Sweden ERICSSON TEL. B 7,148.00 SEK 57,230.22 58,856.42 1.07 57,230.22 58,856.42 1.07
United States ALPHABET INC -A- 54.00 USD 64,172.32 68,178.52 1.24 AMAZON COM INC 25.00 USD 49,170.42 61,408.09 1.12
29 MARCH INTERNATIONAL
BELLVER LUX
Statement of Investments (continued) as at June 30, 2020 (expressed in EUR) Quantity/ Currency Cost Evaluation % net Face value assets Description
Transferable securities admitted to an official stock exchange listing (continued)
Shares (continued)
United States (continued) ARCHER-DANIELS MIDLAND CO 1,782.00 USD 65,849.58 63,305.70 1.15 BERKSHIRE HATHAWAY - B 316.00 USD 52,442.33 50,224.07 0.91 COCA-COLA CO. 1,479.00 USD 63,481.90 58,836.06 1.07 INTL FLAVORS FRAG 532.00 USD 58,552.75 58,005.36 1.05 KKR & CO INC -A- 2,227.00 USD 55,044.44 61,229.36 1.11 LAS VEGAS SANDS CORP 1,225.00 USD 59,031.93 49,669.68 0.90 PAYPAL HOLDINGS INC 528.00 USD 64,438.71 81,906.64 1.49 QUANTA SERVICES INC 2,127.00 USD 71,397.47 74,293.02 1.35 VALERO ENER. CORP 1,101.00 USD 68,741.39 57,659.99 1.05 WALT DISNEY 666.00 USD 70,786.77 66,122.66 1.20 WELLS FARGO & CO 2,465.00 USD 77,174.04 56,184.84 1.02 820,284.05 807,023.99 14.66
Total - Shares 2,612,471.27 2,561,717.47 46.52
Total - Transferable securities admitted to an official stock exchange 4,844,029.80 4,787,026.75 86.94 listing
Investment funds
Luxembourg FID CHINA CONS -Y- USD/CAP 3,864.00 USD 72,676.88 77,166.47 1.40 FR TI INDIA -I- USD/CAP 1,794.00 USD 59,992.86 56,687.94 1.03 132,669.74 133,854.41 2.43
Total - Investment funds 132,669.74 133,854.41 2.43
TOTAL INVESTMENT PORTFOLIO 4,976,699.54 4,920,881.16 89.37
30 MARCH INTERNATIONAL
LLUC LUX
Statement of Investments as at June 30, 2020 (expressed in EUR) Quantity/ Currency Cost Evaluation % net Face value assets Description
Transferable securities admitted to an official stock exchange listing
Bonds
Spain SPAIN 0.05% 18-31.10.21 150,000.00 EUR 151,335.00 150,994.05 10.47 151,335.00 150,994.05 10.47
Total - Bonds 151,335.00 150,994.05 10.47
Shares
Belgium ANHEUSER-BUSCH INBEV SA/NV 806.00 EUR 45,210.62 35,355.19 2.45 45,210.62 35,355.19 2.45
France AXA 1,548.00 EUR 35,405.46 28,811.38 2.00 LVMH ACT. 70.00 EUR 23,197.20 27,335.00 1.90 MICHELIN B /NOM. 278.00 EUR 27,280.76 25,670.52 1.78 SAINT-GOBAIN 1,060.00 EUR 36,422.32 33,973.00 2.36 SANOFI 377.00 EUR 32,024.84 34,175.05 2.36 THALES 418.00 EUR 38,029.08 30,045.84 2.08 TOTAL SA 760.00 EUR 34,912.92 25,821.00 1.79 227,272.58 205,831.79 14.27
Germany ADIDAS AG 128.00 EUR 30,584.25 29,900.80 2.07 BAYER AG 451.00 EUR 30,001.09 29,671.29 2.06 DEUTSCHE TELEKOM /NAM. 1,862.00 EUR 26,824.27 27,827.59 1.93 E.ON SE 2,846.00 EUR 26,303.76 28,502.69 1.98 113,713.37 115,902.37 8.04
Great Britain BP PLC 6,484.00 GBP 35,202.31 21,913.13 1.52 PRUDENTIAL PLC 2,250.00 GBP 32,885.52 30,161.17 2.09 RECKITT BENCKISER GROUP PLC 391.00 GBP 27,736.66 31,968.52 2.21 STANDARD CHARTERED PLC 4,336.00 GBP 33,359.93 20,993.30 1.46 129,184.42 105,036.12 7.28
Guernsey SYNCONA LTD --SHS-- 3,000.00 GBP 7,325.36 8,135.39 0.56 7,325.36 8,135.39 0.56
Israel CHECK POINT SOFTWARE TECHNO 301.00 USD 29,372.85 28,790.84 2.00 29,372.85 28,790.84 2.00
31 MARCH INTERNATIONAL
LLUC LUX
Statement of Investments (continued) as at June 30, 2020 (expressed in EUR) Quantity/ Currency Cost Evaluation % net Face value assets Description
Transferable securities admitted to an official stock exchange listing (continued)
Shares (continued)
Japan ASICS CORP. 2,115.00 JPY 24,888.36 21,643.79 1.50 FANUC CORP --- SHS 204.00 JPY 32,855.81 32,130.95 2.23 PANASONIC CORP 3,800.00 JPY 32,573.05 29,162.25 2.02 SOFTBANK GROUP SHS 845.00 JPY 29,704.14 38,710.53 2.69 SONY CORP/SADR 617.00 USD 33,509.45 37,976.41 2.63 153,530.81 159,623.93 11.07
Netherlands ING GROUP NV 4,692.00 EUR 40,713.75 29,081.02 2.02 40,713.75 29,081.02 2.02
Panama CARNIVAL CORP 985.00 USD 27,275.33 14,400.30 1.00 27,275.33 14,400.30 1.00
South Korea SAMSUNG EL./SP.GDR(1/2VOT144A) 27.00 USD 25,964.68 26,515.60 1.84 25,964.68 26,515.60 1.84
Sweden ERICSSON TEL. B 3,468.00 SEK 27,154.85 28,555.41 1.98 27,154.85 28,555.41 1.98
United States ALPHABET INC -A- 25.00 USD 27,795.06 31,564.13 2.19 AMAZON COM INC 16.00 USD 24,877.80 39,301.18 2.73 ARCHER-DANIELS MIDLAND CO 826.00 USD 32,996.57 29,343.72 2.04 INTEL CORP. 511.00 USD 23,826.03 27,220.88 1.89 INTL FLAVORS FRAG 214.00 USD 21,523.37 23,332.98 1.62 KKR & CO INC -A- 984.00 USD 23,234.28 27,054.20 1.88 LAS VEGAS SANDS CORP 492.00 USD 28,276.38 19,948.97 1.38 PAYPAL HOLDINGS INC 276.00 USD 28,374.50 42,814.83 2.96 QUANTA SERVICES INC 946.00 USD 31,232.73 33,042.41 2.29 VALERO ENER. CORP 493.00 USD 35,294.67 25,818.69 1.79 WALT DISNEY 290.00 USD 34,208.26 28,792.15 2.00 WELLS FARGO & CO 988.00 USD 40,114.39 22,519.52 1.56 351,754.04 350,753.66 24.33
Total - Shares 1,178,472.66 1,107,981.62 76.84
Total - Transferable securities admitted to an official stock exchange 1,329,807.66 1,258,975.67 87.31 listing
32 MARCH INTERNATIONAL
LLUC LUX
Statement of Investments (continued) as at June 30, 2020 (expressed in EUR) Quantity/ Currency Cost Evaluation % net Face value assets Description
Investment funds
Luxembourg FID CHINA CONS -Y- USD/CAP 1,785.00 USD 30,359.83 35,647.55 2.47 FR TI INDIA -I- USD/CAP 792.00 USD 28,400.69 25,026.11 1.74 58,760.52 60,673.66 4.21
Total - Investment funds 58,760.52 60,673.66 4.21
TOTAL INVESTMENT PORTFOLIO 1,388,568.18 1,319,649.33 91.52
33 MARCH INTERNATIONAL
MEDITERRANEAN
Statement of Investments as at June 30, 2020 (expressed in EUR) Quantity Currency Cost Evaluation % net assets Description
Transferable securities admitted to an official stock exchange listing
Shares
Austria ANDRITZ AG GRAZ 40,031.00 EUR 1,423,251.21 1,297,004.40 2.16 1,423,251.21 1,297,004.40 2.16
Brazil SABESP /SADR 100,037.00 USD 1,030,983.54 936,107.26 1.56 1,030,983.54 936,107.26 1.56
Cayman Islands SITC INTERNATIONAL HOLDINGS 1,472,652.00 HKD 1,507,970.28 1,399,077.42 2.33 1,507,970.28 1,399,077.42 2.33
China XINJIANG GOLDWIND -H- 1,430,000.00 HKD 1,414,579.45 1,090,787.68 1.82 1,414,579.45 1,090,787.68 1.82
Denmark DSV PANALPINA A/S 13,399.00 DKK 1,271,527.78 1,455,822.27 2.42 ORSTED 8,560.00 DKK 739,719.44 879,063.85 1.47 VESTAS WIND SYSTEMS AS / REG 10,047.00 DKK 871,001.30 910,449.07 1.52 2,882,248.52 3,245,335.19 5.41
Faroe Islands BAKKAFROST 29,850.00 NOK 1,727,411.09 1,668,121.72 2.78 1,727,411.09 1,668,121.72 2.78
Finland NESTE OIL OYJ 36,875.00 EUR 1,385,334.83 1,283,618.75 2.14 VALMET CORPORATION 52,618.00 EUR 1,096,670.56 1,222,316.14 2.04 WARTSILA CORPORATION -B- 203,377.00 EUR 1,649,966.83 1,496,447.97 2.49 4,131,972.22 4,002,382.86 6.67
France SCHNEIDER ELECTRIC SE 16,091.00 EUR 1,431,575.74 1,591,078.08 2.64 SUEZ ENVIRONNEMENT CIE 141,200.00 EUR 1,861,280.93 1,473,422.00 2.46 VEOLIA ENVIRONNEMENT 61,687.00 EUR 1,395,650.24 1,234,973.74 2.06 VINCI. 16,584.00 EUR 1,557,583.20 1,359,888.00 2.27 6,246,090.11 5,659,361.82 9.43
Germany DEUTSCHE POST AG 49,235.00 EUR 1,596,711.62 1,602,599.25 2.67 SIEMENS AG /NAM. 13,233.00 EUR 1,426,978.23 1,386,289.08 2.31 3,023,689.85 2,988,888.33 4.98
34 MARCH INTERNATIONAL
MEDITERRANEAN
Statement of Investments (continued) as at June 30, 2020 (expressed in EUR) Quantity Currency Cost Evaluation % net assets Description
Transferable securities admitted to an official stock exchange listing (continued)
Shares (continued)
Great Britain INTERCONTINENTAL HOTELS GROUP PLC 32,861.00 GBP 1,625,234.10 1,289,507.72 2.15 1,625,234.10 1,289,507.72 2.15
Hong Kong CHINA EVERBRIGHT INTL LTD 2,872,200.00 HKD 1,872,278.58 1,349,503.74 2.25 1,872,278.58 1,349,503.74 2.25
Ireland JOHNSON CTR INT SHS 43,986.00 USD 1,612,511.04 1,337,027.15 2.23 1,612,511.04 1,337,027.15 2.23
Italy HERA SPA 398,400.00 EUR 1,473,914.69 1,333,046.40 2.22 1,473,914.69 1,333,046.40 2.22
Japan KUBOTA CORP 116,451.00 JPY 1,604,947.91 1,523,258.82 2.55 MITSUBISHI LOGISTICS CORP 32,754.00 JPY 722,973.55 750,116.20 1.25 TOKIO MARINE HOLDINGS INC 37,668.00 JPY 1,709,255.86 1,417,239.88 2.36 YAMAHA MOTOR CO LTD 55,153.00 JPY 974,601.99 746,018.00 1.24 5,011,779.31 4,436,632.90 7.40
Jersey FERGUSON NEWCO PLC 18,802.00 GBP 1,434,104.71 1,367,656.25 2.28 1,434,104.71 1,367,656.25 2.28
Netherlands AALBERTS 58,576.00 EUR 1,832,341.25 1,709,833.44 2.85 ARCADIS N.V. 81,570.00 EUR 1,343,372.40 1,313,277.00 2.19 CORBION NV --- SHS 29,285.00 EUR 848,149.64 938,584.25 1.56 KONINKLIJKE DSM NV 11,478.00 EUR 1,296,825.99 1,414,089.60 2.36 5,320,689.28 5,375,784.29 8.96
Norway SALMAR ASA 48,618.00 NOK 1,991,969.04 2,060,030.43 3.43 TGS NOPEC GEOPHYSICAL CO 61,867.00 NOK 1,100,206.26 795,674.21 1.33 3,092,175.30 2,855,704.64 4.76
Portugal EDP-ENERGIAS DE PORTUGAL SA 344,250.00 EUR 1,322,625.91 1,463,062.50 2.44 1,322,625.91 1,463,062.50 2.44
35 MARCH INTERNATIONAL
MEDITERRANEAN
Statement of Investments (continued) as at June 30, 2020 (expressed in EUR) Quantity Currency Cost Evaluation % net assets Description
Transferable securities admitted to an official stock exchange listing (continued)
Shares (continued)
Spain IBERDROLA SA 145,092.00 EUR 1,301,438.08 1,497,349.44 2.50 MELIA HOTELS INTERNATIONAL S.A. 322,248.00 EUR 1,919,385.69 1,218,741.94 2.03 3,220,823.77 2,716,091.38 4.53
Sweden ALFA LAVAL AB 65,526.00 SEK 1,399,139.91 1,279,965.16 2.13 1,399,139.91 1,279,965.16 2.13
Switzerland GEBERIT AG/NAMEN-AKTIEN 2,419.00 CHF 1,136,595.28 1,077,847.72 1.80 1,136,595.28 1,077,847.72 1.80
United States AGILENT TECHNOLOGIES 10,000.00 USD 661,790.64 786,804.97 1.31 AIR PRODUCTS & CHEMICALS 5,780.00 USD 1,264,149.84 1,242,611.23 2.07 AMERICAN WATER WORKS CO INC 10,021.00 USD 1,135,011.13 1,147,933.81 1.91 DANAHER CORP 5,640.00 USD 761,222.82 887,967.95 1.48 ECOLAB INC. 4,771.00 USD 805,110.63 845,114.59 1.41 THERMO FISHER SCIENTIFIC INC 2,709.00 USD 768,952.74 873,951.89 1.46 TRIMBLE NAVIGATION LTD 28,056.00 USD 1,033,388.36 1,078,875.16 1.80 WASTE MANAGEMENT INC 14,267.00 USD 1,433,594.47 1,345,339.42 2.25 WATTS WATER TECHNOLOGIES INC 9,880.00 USD 845,546.22 712,531.72 1.19 XYLEM INC 14,875.00 USD 1,028,753.19 860,330.32 1.43 9,737,520.04 9,781,461.06 16.31
Total - Shares 61,647,588.19 57,950,357.59 96.60
Total - Transferable securities admitted to an official stock exchange 61,647,588.19 57,950,357.59 96.60 listing
Transferable securities dealt in on another regulated market
Shares
Great Britain ROLLS-ROYCE HOLDGS PLC C 1,100,734.00 GBP 0.00 1,210.94 0.00 0.00 1,210.94 0.00
Total - Shares 0.00 1,210.94 0.00
Total - Transferable securities dealt in on another regulated market 0.00 1,210.94 0.00
TOTAL INVESTMENT PORTFOLIO 61,647,588.19 57,951,568.53 96.60
36 MARCH INTERNATIONAL
Notes to the Financial Statements as at June 30, 2020
1 - General
MARCH INTERNATIONAL (the “Company”) is an open-ended investment company organised as a société d'investissement à capital variable (SICAV), incorporated under the form of a public limited liability company (société anonyme) on December 1, 2010 and authorised under part I of the amended law of December 17, 2010 relating to Undertakings for Collective Investment in Transferable Securities (the "2010 Law").
The Company is registered with the Luxembourg trade and companies register under the number B157545. Its original Articles of Incorporation have been published in the memorial C on December 29, 2010.
The Company has an umbrella structure consisting of one or several sub-funds. A separate portfolio of assets is maintained for each sub-fund and is invested in accordance with the investment objective and policy applicable to that sub-fund. The investment objective, policy, as well as the risk profile and other specific features of each sub-fund are set forth in the relevant Special Section of the Company’s prospectus.
The Company is one single legal entity. However, the rights of the Shareholders and creditors relating to a sub-fund or arising from the setting-up, operation and liquidation of a sub-fund are limited to the assets of that sub-fund. The assets of a sub-fund are exclusively dedicated to the satisfaction of the rights of the Shareholders relating to that sub- fund and the rights of those creditors whose claims have arisen in connection with the setting-up, operation and liquidation of that sub-fund.
The Company's capital and the net assets of all the sub-funds are expressed in Euros (EUR).
As at June 30, 2020, the following sub-funds are available to investors: - MARCH INTERNATIONAL - TORRENOVA LUX - MARCH INTERNATIONAL - VINI CATENA - MARCH INTERNATIONAL - IBERIA - MARCH INTERNATIONAL - THE FAMILY BUSINESSES FUND - MARCH INTERNATIONAL - BELLVER LUX - MARCH INTERNATIONAL - LLUC LUX - MARCH INTERNATIONAL – MEDITERRANEAN FUND
The Company’s prospectus has been amended in order to clarify the fact that the Company may pay investment research fees. Such investment research fees were already being charged to the Company as part of the brokerage fees foreseen in the Prospectus. Even though the investment research fees take a more important weighting within the brokerage fees, this difference in weighting is compensated by the fact that transaction fees are generally be lower so that the overall amount of brokerage fees (including the investment research fees) charged to the Company remains identical except for minor changes due to the variable nature of transaction fees.
The Board of Directors of the Company may decide to issue one or more share classes, the assets of which are commonly invested but subject to different fee structures, distribution, marketing targets, currency or other specific features. A separate Net Asset Value per Share, which may differ as a consequence of these variable factors, are calculated for each share class.
The Company may, at any time, create additional share classes whose features may differ from the existing share classes and additional sub-funds, whose investment objectives may differ from those of the existing sub-funds.
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MARCH INTERNATIONAL
Notes to the Financial Statements (continued) as at June 30, 2020
1 - General (continued)
To ensure effective management of the Company, the Board of Directors of the Company (hereafter “the Board”) and the new Management Company may decide to manage all or part of the assets of one or more sub-funds with those of other sub-funds in the Company (pooling technique) or, where applicable, to co-manage all or part of the assets, except for a cash reserve, if necessary, of one or more sub-funds with the assets of other Luxembourg investment funds or of one or more sub-funds of other Luxembourg investment funds (hereinafter referred to as the Party(ies) to the co-managed assets) for which the Depositary is the appointed Depositary. These assets are managed in accordance with the respective investment policies of the Parties to the co-managed assets, each of which is pursuing identical or comparable objectives.
Parties to the co-managed assets only participate in co-managed assets which are in accordance with the stipulations of their respective prospectuses and investment restrictions.
Each Party to the co-managed assets participates in the co-managed assets in proportion to the assets it has contributed to the co-management. Assets and liabilities will be allocated to each Party to the co-managed assets in proportion to its contribution to the co-managed assets.
As at June 30, 2020, co-management principle is not applied.
2 - Summary of Significant Accounting Policies
The Company prepares its financial statements in conformity with legal and regulatory requirements in Luxembourg applicable to Undertakings for Collective Investment in Transferable Securities and generally accepted accounting principles. The preparation of financial statements in conformity with generally accepted accounting principles in Luxembourg requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities during the financial year.
Actual results could differ from those estimates. The significant accounting policies used by the Company are as follows: a) Combined financial statements
The combined financial statements of the Company are expressed in Euros (EUR) being the “Reference Currency” of the net assets of the Company. The financial statements relating to the various sub-funds are expressed in the Reference Currency of the relevant sub-fund.
The various positions of the combined financial statements of the Company are equal to the sum of the various corresponding positions in the financial statements of each sub-fund and are expressed in EUR. b) Valuation of cash
The value of any cash in hand or on deposit, notes and bills payable on demand and accounts receivable (including reimbursements of fees and expenses payable by any UCI (Undertakings for Collective Investment) in which the Company may invest), prepaid expenses and cash dividends declared and interest accrued but not yet collected, are deemed the nominal value of these assets unless it is improbable that it can be paid and collected in full; in which case, the value will be arrived at after deducting such amounts as the Board of Directors of the Company may consider appropriate to reflect the true value of these assets.
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MARCH INTERNATIONAL
Notes to the Financial Statements (continued) as at June 30, 2020
2 - Summary of Significant Accounting Policies (continued) c) Valuation of investment securities
Securities listed and money market instrument on an official stock exchange or dealt on any other Regulated Market will be valued at their last available price in Luxembourg on the Valuation Day and, if the security is traded on several markets, on the basis of the last known price on the main market of this security. If the last known price is not representative, valuation will be based on the fair value at which it is expected it can be sold, as determined with prudence and in good faith by the Board of Directors of the Company.
Unlisted securities and securities or money market instrument not traded on a stock exchange or any other Regulated Market as well as listed securities and securities listed on a Regulated Market for which no price is available, or securities whose quoted price is, in the opinion of the Board of Directors of the Company, not representative of actual market value, will be valued at their last known price in Luxembourg or, in the absence of such price, on the basis of their probable realisation value, as determined with prudence and in good faith by the Board of Directors of the Company.
Money Market Instruments are valued at amortised cost.
UCIs are valued on the basis of their last available net asset value in Luxembourg. As indicated below, this net asset value may be adjusted by applying a recognised index so as to reflect market changes since the last valuation.
In the context of sub-funds which invest in other UCIs, valuation of their assets may be complex in some circumstances and the administrative agents of such UCIs may be late or delay communicating the relevant net asset values. Consequently, the Management Company (or its sub-contractor), without liability for and under the responsibility of the Board of Directors of the Company, may calculate the Net Asset Value of the relevant sub- funds as of the Valuation Day considering, among other things, the last valuation of these assets, market changes and any other information received from the relevant UCIs. In this case, the Net Asset Value estimated for the sub-funds concerned may be different from the value that would have been calculated on the said Valuation Day using the official net asset values calculated by the administrative agents of the UCIs in which the sub-funds invested. Nevertheless, the Net Asset Value calculated using this method is considered as final and applicable despite any future divergence. d) Valuation of futures, forward and options contracts
The liquidating value of futures, forward or options contracts that are not traded on exchanges or on other regulated markets is determined pursuant to the policies established in good faith by the Board of Directors of the Company, on a basis consistently applied. The liquidating value of futures, forward or options contracts traded on exchanges or on other regulated markets is based upon the last available settlement prices as of the relevant valuation day of these contracts on exchanges and regulated markets on which the particular futures, forward or options contracts are traded; provided that if a future, forward or option contract could not be liquidated on such business day with respect to which a Net Asset Value is being determined, then the basis for determining the liquidating value of such contract is such value as the Board of Directors of the Company may, in good faith and pursuant to verifiable valuation procedures, deem fair and reasonable. The net unrealised gain/loss on these contracts is included in the Statement of Net Assets. The change in net unrealised appreciation/depreciation and the net realised gain/loss on these contracts is included in the Statement of Operations and Changes in Net Assets. e) Net realised result on sales of investments
Net realised result on sales of investments are calculated on the basis of the average cost of the investments sold. f) Income and expense recognition
Dividends are taken into account on the date upon which the relevant investments are first listed as ex-dividend. Interest income is accrued on a daily basis. Income is recorded net of withholding tax, if any.
Expenses are accounted for on an accrual basis. Expenses are charged to the Statement of Operations and Changes in Net Assets.
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MARCH INTERNATIONAL
Notes to the Financial Statements (continued) as at June 30, 2020
2 - Summary of Significant Accounting Policies (continued) g) Conversion on foreign currency
Assets and liabilities expressed in currencies other than the sub-fund’s reporting currency are converted into the reporting currency at the exchange rates prevailing on the Valuation date. Income and expenses in currencies other than the sub-fund’s reporting currency are converted at the exchange rates prevailing at transaction date. The resulting net realised result is presented in the statement of operations and changes in net assets. h) Cost of investments in securities
Cost of investments in securities in currencies other than EUR is converted into EUR at the exchange rate applicable at purchase date. i) Formation expenses
Formation expenses are amortised on a straight line basis over a period of 5 years, except for the sub-fund MARCH INTERNATIONAL - MEDITERRANEAN FUND
3 - Exchange Rates as at June 30, 2020
1 EUR = 1.63130 AUD 1 EUR = 1.52973 CAD 1 EUR = 1.06424 CHF 1 EUR = 921.36997 CLP 1 EUR = 7.938129 CNH 1 EUR = 7.45318 DKK 1 EUR = 1.10012 GBP 1 EUR = 8.70490 HKD 1 EUR = 121.17102 JPY 1 EUR = 25.95258 MXN 1 EUR = 10.83504 NOK 1 EUR = 1.74469 NZD 1 EUR = 10.46396 SEK 1 EUR = 1.56685 SGD 1 EUR = 1.12315 USD
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MARCH INTERNATIONAL
Notes to the Financial Statements (continued) as at June 30, 2020
4 - Issue, Conversion and Repurchase of the Company's Shares
Subscriptions for Shares in the sub-funds are accepted on each Valuation Day. Applications for subscriptions must be received by the Management Company (in its capacity as Administrative Agent) not later than 4.00 p.m. (Luxembourg time) on the Business Day before the relevant Valuation Day. Applications received after that time are processed on the next Valuation Day.
Shares in the sub-funds may be redeemed on each Valuation Day. Redemption requests must be sent in writing to the Management Company (in its capacity as Administrative Agent) or the Distributor(s). Redemption requests must be received by the Administrative Agent no later than 4.00 p.m. (Luxembourg time) on the Business Day before the relevant Valuation Day. Redemption requests received after this deadline will be processed on the next following Valuation Day. Redemptions are paid by the Depositary in EUR within 3 Business Days after the relevant Valuation Day.
Shares in the sub-funds may be converted on each Valuation Day. Conversion requests must be received by the Management Company (in its capacity as Administrative Agent) no later than 4.00 p.m. (Luxembourg time) on the Business Day before the relevant Valuation Day. Conversion requests received after this deadline will be processed on the next following Valuation Day.
5 - Administrative Agent Fees
RBC Investor Services Bank S.A. has been appointed as Administrative Agent of the Company. The Administrative Agent is entitled to receive, out of the assets of each share class within each sub-fund, a fee corresponding to a maximum of 0.0225% p.a. per share class, with a minimum fee of EUR 12,000 per share class. The calculation is performed at at the level of the Funds promoted by Banca March S.A..
6 - Management Company Fees
FundRock Management Company S.A. is entitled to receive a Management Company Fee of maximum 0.025% p.a. of the Net Asset Value of each sub-fund. This fee is payable monthly and based on the average net assets of each sub-fund during the relevant quarter.
7 - Global Fees
The Management Company has, with the consent of the Company, appointed March Asset Management SGIIC S.A.U. (the “Investment Manager”) as investment manager of all sub-funds pursuant to an investment management agreement dated December 1, 2010 and July 2, 2018 (the “Investment Management Agreement”). The Investment Manager provides or procures each sub-fund investment management services, pursuant to the provisions of the Investment Management Agreement and in accordance with the investment policy, objective and restrictions of the relevant sub-fund as set out in the Articles of Incorporation and Prospectus and with the aim to achieve the sub-fund's investment objective.
March Asset Management SGIIC S.A.U., whose registered office is at Calle de Castelló 74, 28006 Madrid (Spain), is a Spanish public limited company (sociedad anónima) under the supervision of the Spanish financial regulator (Comisión Nacional del Mercado de Valores).
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MARCH INTERNATIONAL
Notes to the Financial Statements (continued) as at June 30, 2020
7 - Global Fees (continued)
The Investment Manager and Global Distributor are entitled to receive, out of the net assets of each share class within each sub-fund, a Global Fee at an annual rate payable based on the average net assets of the relevant share class over the relevant year as disclosed in respect of each share class in each sub-fund:
Share Share Share Share Shar e Share Share class I class R class D class P class A class C class S p.a. p.a. p.a. p.a. p.a. p.a. p.a. MARCH INTERNATIONAL – 0.75% 0.65% 1.00% 0.75% 1.25% 0.60%* 0.60%* TORRENOVA LUX MARCH INTERNATIONAL – 1.25% 0.90% 1.50% 1.25% 2.00% 0.95% 0.95% VINI CATENA MARCH INTERNATIONAL – 1.25% 0.90% 1.50% 1.25% 2.00% 0.95% 0.95% IBERIA MARCH INTERNATIONAL – 1.25% 0.90% 1.50% 1.25% 2.00% 0.95% 0.95% THE FAMILY BUSINESSES FUND MARCH INTERNATIONAL – 1.00% 0.70%* 1.25%* 1.00%* 1.50% 0.75% 0.75% BELLVER LUX MARCH INTERNATIONAL – 1.10% 0.85%* 1.40%* 1.10%* 1.75% 0.95% 0.95% LLUC LUX MARCH INTERNATIONAL – 0.95% - - 0.95% 1.85% 0.95% 0.95% MEDITERRANEAN FUND
Distributors, with regard to the distribution of certain share classes, may be entitled to a portion of the Global Fee as agreed from time to time with the Global Distributor.
* Non active
Prior rates for classes C and S are shown below:
Shar e Share class C class S p.a. p.a. MARCH INTERNATIONAL – 0.75%** 0.75%* TORRENOVA LUX MARCH I NTERNATIONAL – VINI 1.25% 1.25% CATENA MARCH INTERNATIONAL – IBERIA 1.25% 1.25% MARCH INTERNATIONAL – THE 1.25% 1.25% FAMILY BUSINESSES FUND MARCH I NTERNATIONAL – BELLVER 1.00% 1.00% LUX MARCH INTERNATIONAL – LLUC LUX 1.10% 1.10%
* Non active
** Launched on January 17, 2020
8 - Depositary Fees
RBC Investor Services Bank S.A. has been appointed as Depositary of the Company. The Depositary is entitled to receive, out of the assets of each share class within each sub-fund, a fee corresponding to a maximum of 0.02% p.a. of the total net assets of the Company, with a minimum fee of EUR 3,600 per sub-fund. The calculation is performed at the level of the Funds promoted by Banca March S.A..
9 - Transaction Fees
The total amount of transaction fees is included in the statement of operations and changes in net assets of each sub-fund and includes Sub-Depositary fees, Correspondent’s expenses and Brokerage fees.
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MARCH INTERNATIONAL
Notes to the Financial Statements (continued) as at June 30, 2020
10 - Delegation
FundRock Management Company S.A. and RBC Investor Services Bank S.A. may delegate all or part of their functions and duties to a sub-contractor which, having regard to the nature of the functions and duties to be delegated, must be qualified and capable of undertaking the duties in question.
11 - Annual Tax
The Company's assets are subject to a subscription tax (“taxe d'abonnement”) in Luxembourg of 0.05% p.a. on total net assets of each sub-fund (and 0.01% p.a. on total net assets in case of sub-funds or share classes are reserved to Institutional Investors), payable quarterly and is calculated on the net assets at the end of the relevant quarter. In case some sub-funds are invested in other Luxembourg UCIs, which in turn are subject to the annual subscription tax (“taxe d'abonnement”) provided for by the 2010 Law or the Luxembourg amended law of February 13, 2007 relating to specialized investment funds, no annual subscription tax (“taxe d'abonnement”) is due from the Company on the portion of assets invested therein.
The Company's income is not taxable in Luxembourg. Income received from the Company may be subject to withholding taxes in the country of origin of the issuer of the security, in respect of which such income is paid. No duty or tax is payable in Luxembourg in connection with the issue of Shares of the Company, except for a fixed registration duty of EUR 75 due each time the Articles are amended.
Under current legislation, Shareholders are not subject to any capital gains, income, withholding, estate, inheritance or other taxes in Luxembourg, except for those Shareholders domiciled, resident or having a permanent establishment in Luxembourg.
12 - Collateral held at Brokers
The total amount of cash collateral as at June 30, 2020 is disclosed in the statement of net assets of each sub-fund under “Margin deposits” for the collateral relating to the outstanding forward foreign exchange contracts on contracts on currencies. As at June 30, 2020 there is no cash collateral.
13 - Valuation of Banco Espirito Santo
This security was written off at EUR 0 on August 4, 2014. The position represented 0.71% NAV as of August 1, 2014. The Bank of Portugal rescued Banco Espirito Santo in 2014 by splitting the general activity and assets into a “good bank” renamed Novo Banco and a “bad bank”, the existing Banco Espirito Santo, SA with the exposure to the losses borned by the junior bondholders and shareholders. In 2017, 75% of Novo Banco was acquired by Lone Star Funds under the EU Merger Regulation on July 10, 2017 and the remaining 25% is still owned by the Portuguese Resolution Fund. After recognizing a net loss of €1.41bn for 2018, Novo Banco will need to receive a new capital injection from the Resolution Fund but the Portuguese Finance Ministry considers that the bank is in a stable situation.
On July 2018, the Board Members by Circular Resolution ratified the minutes of the meeting of the Board held on December 16, 2014, regarding the valuation of the security at a value of zero. A second circular resolution was signed on March 11, 2020 to ratify the confirmation of the renewal of valuation of this security at a value zero which was provided to RBC Investor & Treasury Services on August 13, 2019.
14 - Changes in the Securities Portfolio
A copy of the list of changes in the securities portfolio of each sub-fund may be obtained free of charge at the registered office of the Company for the period ended June 30, 2020, and available at the paying and local agent.
15 - Futures Contracts
As at June 30, 2020, the following futures contracts were outstanding:
The net unrealised gain/loss on futures contracts as at June 30, 2020 is included in the statement of net assets of each sub-fund.
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MARCH INTERNATIONAL
Notes to the Financial Statements (continued) as at June 30, 2020
15 - Futures Contracts (continued)
MARCH INTERNATIONAL - TORRENOVA LUX
Unrealised Sale / Commitment result Purchase Quantity Contract(s) Maturity EUR EUR Purchase 48 EU RO/G BP 16/09/2020 6,117,349.96 107 ,2 61.70 Purchase 10 EURO /JPY CURR 16/09/2020 1,246,225.88 (6 ,550 .66 ) Purchase 152 EURO/USD CURR 16/09/2020 18, 832,867.64 (213,996.35) (113,285.31)
MARCH INTERNATIONAL - IBERIA
Unrealised Sale / Commitment result Purchase Quantity Contract(s) Maturity EUR EUR Purchase 14 IBEX 35 INDX 17/07/2020 1,009,372.00 (24 ,668.00) (24,668.00)
MARCH INTERNATIONAL – BELVER LUX
Unrealised Sale / Commitment result Purchase Quantity Contract(s) Maturity EUR EUR Purchase 6 EUR/USD SPOT -CROSS RATES 14/0 9/2020 751,469 .08 (8,447.2 2) (8,447.22)
MARCH INTERNATIONAL – LLUC LUX
Unrealised Sale / Commitment result Purchase Quantity Contract(s) Maturity EUR EUR Purchase 3 EUR/USD SPOT -CROSS RATES 14/0 9/2020 375,734.54 (4,2 23.61 ) (4,223.61)
MARCH INTERNATIONAL – MEDITERRANEAN
Unrealised Sale / Commitment result Purchase Quantity Contract(s) Maturity EUR EUR Purchase 105 EUR/USD SPOT -CROSS RATES 14/0 9/2020 13,125,000.00 (108 ,817.61 ) (108,817.61)
16 - Forward Foreign Exchange Contracts on Currencies
As at June 30, 2020, the following forward foreign exchange contracts on currencies were outstanding:
The net unrealised gain/(loss) on outstanding forward foreign exchange contracts on currencies as at June 30, 2020 is included in the statement of net assets of each sub-fund.
MARCH INTERNATIONAL - TORRENOVA LUX
Unrealised i n Sale Purchase Maturity EUR EUR 23,052,011.15 USD 25 ,895 ,638 .09 30/09/2020 (44,035.11) * EUR 10,026,777.11 GBP 9,075 ,235 .96 30/09/2020 (58 ,492.56) * (102,527.67)
* Contract is specifically related to Share Class Hedging 44
MARCH INTERNATIONAL
Notes to the Financial Statements (continued) as at June 30, 2020
16 - Forward Foreign Exchange Contracts on Currencies (continued)
MARCH INTERNATIONAL - VINI CATENA
Unreal is ed in Sale Purchase Maturity EUR EUR 2,471,684.60 USD 2,776,584.20 30/09/2020 (4 ,721 .53 )* EUR 1,9 96,8 48 .0 9 GBP 1,807,347.20 30/09/2020 (11,648.88) * (16,370.4 1)
MARCH INTERNATIONAL – IBERIA
Unrealised in Sale Purchase Maturity EUR EUR 359,022.02 GBP 324,95 0.83 30/09/2020 (2,094.40) * EUR 138,788.81 USD 155,909.38 30/09/2020 (265.12) * (2, 359.52 )
MARCH INTERNATIONAL - THE FAMILY BUSINESSES FUND
Unrealised in Sale Purchase Maturity EUR EUR 3,19 0,130.60 USD 3,583,655.54 30/09/2020 (6 ,093.95) * EUR 1,175,987.24 GB P 1,064,386.05 30/09/2020 (6,860.28) * (12,954.23)
MARCH INTERNATIONAL - MEDITERRANEAN
Unreal is ed in Sale Purchase Maturity EUR EUR 630 ,975.95 USD 708 ,811.25 30/09/2020 (883.42) * (883.42)
* Contract is specifically related to Share Class Hedging
17 – Subsequent events
Subsequent to the beginning of 2020, COVID 19 has widespread across the world. The long-term consequences of the pandemic are unknown to date and will likely affect the financial markets performance as well as the asset management industry and the Fund.
The Board of Directors of the Fund is carefully monitoring the situation as well as its potential impacts on the Fund. The Fund is in full capacity to continue its usual operations in accordance with its investment policy and its prospectus. Information on the Fund’s unaudited net assets values and unaudited financial information are available on https://online.rbcits.com/.
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MARCH INTERNATIONAL
Risk Management
As required by the CSSF Circular 18/698 regulation, the Board of Directors of the Company needs to determine the global risk exposure of the sub-funds either by applying the commitment approach or the Value at Risk (VaR) approach. The method used to calculate the global risk exposure for the sub-funds of the Company is the commitment approach.
Securities Financing Transactions and of Reuse Regulation (“SFTR”)
The Company does not use any instruments falling into the scope of SFTR.
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