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Equator ICAV Semi Annual Report and Accounts May 2019

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Equator ICAV Semi Annual Report and Accounts May 2019 EQUATOR ICAV An Irish collective asset-management vehicle established as an umbrella fund with segregated liability between sub-funds Condensed Unaudited Semi-Annual Report and Accounts For the financial period ended 31 May 2019 EQUATOR ICAV Table of Contents Page Background to the ICAV.......................................................................................................................................... 2 Investment Manager’s Report ................................................................................................................................. 4 Fund Summary Information .................................................................................................................................... 9 Portfolio and Statement of Investments & Portfolio Changes ................................................................................. 11 Statement of Comprehensive Income ....................................................................................................................... 97 Statement of Financial Position ................................................................................................................................ 103 Statement of Changes in Net Assets Attributable to Redeemable Shareholders ...................................................... 109 Notes forming part of the Financial Statements ....................................................................................................... 115 Management and Administration ............................................................................................................................. 150 1 EQUATOR ICAV Background to the ICAV Equator ICAV (the “ICAV”) was registered on 1 July 2016 with the Central Bank of Ireland (the “CBI”) as an Irish Collective Asset-management Vehicle under the Irish Collective Asset-management Vehicles Act 2015 (the “ICAV Act 2015”). The ICAV is authorised by the CBI pursuant to the provisions of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. 352 of 2011) (as amended) (the “UCITS Regulations”) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2019 (the "Central Bank UCITS Regulations"). The ICAV is structured as an umbrella fund with segregated liability between sub-funds (each a “Fund”, together the “Funds”) and with variable capital. Shares representing interests in different Funds of the ICAV may be issued from time to time by the Directors. A separate portfolio of assets will be maintained for each Fund and will be invested in accordance with the investment objective and strategies applicable to the particular Fund. Accordingly, any liability incurred on behalf of or attributable to any Fund shall be discharged solely out of the assets of that Fund. The specific investment objectives and policies for each Fund are detailed in the ICAV’s Prospectus and Fund Supplements. The different share classes available for issue in each Fund are set out in the Supplement for the relevant Fund. The different share classes in a Fund may, inter alia, have the following distinguishing features: • Currency of denomination • Hedging arrangements • Levels of fees and expenses to be charged • Different minimum initial / additional investment amounts The Funds issue both accumulating and distributing shares which represent interests in the same distinct portfolio of investments. The income per distributing share may be distributed or re-invested in accordance with the dividend policy for the Fund as set out in the relevant Supplement. No dividends or distributions shall be made in respect of the accumulating shares. The ICAV has 15 authorised Funds as of 31 May 2019. They are as follows: Fund Name Base Currency Launch Date Coutts Multi Asset UK Funds Coutts Multi Asset UK Defensive Fund GBP 15 November 2012 Coutts Multi Asset UK Balanced Fund GBP 15 November 2012 Coutts Multi Asset UK Growth Fund GBP 15 November 2012 Coutts Multi Asset UK Equity Growth Fund GBP 15 November 2012 Coutts Multi Asset Global Funds Coutts Multi Asset Global Defensive Fund USD 15 November 2012 Coutts Multi Asset Global Balanced Fund USD 15 November 2012 Coutts Multi Asset Global Growth Fund USD 15 November 2012 Personal Portfolio Funds Personal Portfolio 1 Fund GBP 1 June 2016 Personal Portfolio 2 Fund GBP 1 June 2016 Personal Portfolio 3 Fund GBP 1 June 2016 Personal Portfolio 4 Fund GBP 1 June 2016 Personal Portfolio 5 Fund GBP 1 June 2016 Equator Funds Equator UK Equity Fund GBP 24 February 2017 Equator UK Sovereign Bond Fund GBP 24 February 2017 Equator US Equity Fund USD 24 February 2017 2 EQUATOR ICAV Background to the ICAV (continued) The Coutts Multi Asset UK Funds and Coutts Multi Asset Global Funds may offer A and B accumulating and distributing share classes and C distributing share classes. The Personal Portfolio Funds may offer A and B accumulating share classes. The Equator UK Equity Fund, Equator UK Sovereign Bond Fund and Equator US Equity Fund may offer B and C distributing share classes. The Equator US Equity Fund may offer (Unhedged) Class B–Distributing, (Unhedged) Class C–Distributing and (Hedged) Class C–Distributing share classes. The Coutts Multi Asset Global Funds may offer all share classes in Swiss Franc (CHF), Euro (EUR), Pound Sterling (GBP) and US Dollar (USD). The Coutts Multi Asset UK Funds, Personal Portfolio Funds, Equator UK Equity Fund and Equator UK Sovereign Bond Fund may offer all share classes in GBP only. The Equator US Equity Fund may offers all share classes in GBP and USD. The following are hedged share classes: Coutts Multi Asset Global Coutts Multi Asset Global Coutts Multi Asset Global Defensive Fund Balanced Fund Growth Fund EUR Class A-Accumulating CHF Class B-Accumulating EUR Class A-Accumulating EUR Class B-Accumulating CHF Class B-Distributing EUR Class A-Distributing EUR Class B-Distributing EUR Class A-Accumulating EUR Class B-Accumulating EUR Class C-Distributing EUR Class A-Distributing EUR Class C-Distributing GBP Class A-Accumulating EUR Class B-Accumulating GBP Class A-Accumulating GBP Class A-Distributing EUR Class B-Distributing GBP Class A-Distributing GBP Class B-Accumulating EUR Class C-Distributing GBP Class B-Accumulating GBP Class B-Distributing GBP Class A-Accumulating GBP Class B-Distributing GBP Class C-Distributing GBP Class A-Distributing GBP Class C-Distributing GBP Class B-Accumulating GBP Class B-Distributing GBP Class C-Distributing No other share classes on the Funds were hedged. 3 EQUATOR ICAV Investment Manager’s Report After a challenging end to 2018, markets staged a dramatic rebound during the first few months of 2019. As prices fell, the sell-off began to appear overdone and valuations became more attractive, luring investors back into the market. Overall, the MSCI World Index returned 1.4% between 30 November 2018 and 31 May 2019, translating to 2.6% for UK investors. The major catalyst for the rally at the start of the year was the change in the US Federal Reserve’s (the “Fed”) monetary policy outlook. In January, the Fed adopted a more patient approach to raising interest rates, signalling that it would ease off its tightening plans. This move gave investors more confidence as it reduced the pressure of rising borrowing costs. Meanwhile, as expected, the Bank of England kept interest rates on hold at 0.75% at its May policy meeting and suggested a long-term average of just 1%, lower than previous estimates. Governor Mark Carney did say that rate increases could be “more frequent” than expected if the economy continued growing at a healthy pace, but that ongoing Brexit-related uncertainty made increases unlikely any time soon. While the world economy continued to expand, the pace of growth slowed as we approached the latter stages of the business cycle. In April, the International Monetary Fund cut its 2019 growth outlook to 3.3%, shaving 0.2% off its January forecast of 3.5%. 1 Despite the slow-down, ongoing economic expansion combined with the low interest rate environment to create a supportive backdrop for investors. Trade tension and Brexit bother The trade war once again hit the headlines during the period as China announced it would increase tariffs on a range of American goods. It was in retaliation to President Donald Trump’s decision to raise duties on $200 billion worth of Chinese exports following the breakdown of talks. This all took its toll on stock markets, with the MSCI World Index returning -2.5% in sterling terms in May. However, President Trump gave investors a slight moment of relief with a decision to delay imposing auto tariffs on Europe and Japan. Meanwhile, on the other side of the Atlantic, UK equities seemed unperturbed when the Brexit deadline was pushed back six months in April, as further delays had been broadly expected and priced-in by investors. Similarly, British Prime Minister Theresa May’s well-flagged resignation didn’t shake markets too much. The UK economy grew 0.5% in the first three months of 2019, up from 0.2% in the previous quarter, according to the Office for National Statistics 2. But a slower global economy and increased political uncertainty have started to have an effect, UK GDP fell 0.4% in April 3. There is a potential silver lining on the cloud cast by Brexit. Although the future remains shrouded in uncertainty, a Brexit resolution when finally reached should release pent-up
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