Unaudited semi-annual report as at 30th June 2017
INSINGER DE BEAUFORT MANAGER SELECTION SICAV Société d'Investissement à Capital Variable with multiple sub-funds Luxembourg
R.C.S. Luxembourg B 75 761
No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus accompanied by the latest annual report and the most recent semi-annual report, if published thereafter.
INSINGER DE BEAUFORT MANAGER SELECTION SICAV
Contents
Organisation ...... 2 General information ...... 4 Combined statement of net assets ...... 5 Combined statement of operations...... 6 Combined statement of changes in net assets ...... 7 INSINGER DE BEAUFORT MULTI-MANAGER EQUITY ...... 8 Statement of net assets ...... 8 Statement of operations ...... 9 Statement of changes in net assets...... 10 Statistical information ...... 11 Statement of investments and other net assets ...... 12 INSINGER DE BEAUFORT MULTI-MANAGER BALANCED ...... 13 Statement of net assets ...... 13 Statement of operations ...... 14 Statement of changes in net assets...... 15 Statistical information ...... 16 Statement of investments and other net assets ...... 17 INSINGER DE BEAUFORT MULTI-MANAGER DEFENSIVE BALANCED ...... 19 Statement of net assets ...... 19 Statement of operations ...... 20 Statement of changes in net assets...... 21 Statistical information ...... 22 Statement of investments and other net assets ...... 23 INSINGER DE BEAUFORT MULTI-MANAGER DEFENSIVE ...... 25 Statement of net assets ...... 25 Statement of operations ...... 26 Statement of changes in net assets...... 27 Statistical information ...... 28 Statement of investments and other net assets ...... 29 Notes to the financial statements ...... 30 Additional information ...... 33
1 INSINGER DE BEAUFORT MANAGER SELECTION SICAV
Organisation
Registered Office 11, rue Aldringen L-1118 LUXEMBOURG
Board of Directors
Chairman
Peter George SIERADZKI CEO BANK INSINGER DE BEAUFORT N.V. AMSTERDAM
Directors
Steve GEORGALA Managing Director MAITLAND ADVISORY LLP LONDON
Marcel ERNZER Director WALLBERG INVEST S.A. LUXEMBOURG
Marc Jan BALTUS CFO BANK INSINGER DE BEAUFORT N.V. AMSTERDAM
Alternative Investment Fund Manager KREDIETRUST LUXEMBOURG S.A. 11, rue Aldringen L-2960 LUXEMBOURG
Board of Directors of the Alternative Investment Fund Manager
Chairman Vincent DECALF (since 17th March 2017) Olivier de JAMBLINNE de MEUX (until 17th March 2017)
Directors Vincent DECALF (until 17th March 2017) Olivier de JAMBLINNE de MEUX (since 17th March 2017)
Managing director Stefan VAN GEYT
Conducting officers Aurélien BARON Kristel COOLS Stefan VAN GEYT
Portfolio Manager INSINGER DE BEAUFORT ASSET MANAGEMENT N.V. Herengracht 537 NL-1017 BV AMSTERDAM
Sub-portfolio Manager BANK INSINGER DE BEAUFORT N.V. Herengracht 537 NL-1017 BV AMSTERDAM
Domiciliary Agent, Administrative KREDIETRUST LUXEMBOURG S.A. Agent, Registrar and Transfer Agent 11, rue Aldringen L-2960 LUXEMBOURG
Auditor PRICEWATERHOUSECOOPERS, Société coopérative 2, rue Gerhard Mercator L-2182 LUXEMBOURG
2 INSINGER DE BEAUFORT MANAGER SELECTION SICAV
Organisation (continued)
Distributor BANK INSINGER DE BEAUFORT N.V. Herengracht 537 NL-1017 BV AMSTERDAM
3 INSINGER DE BEAUFORT MANAGER SELECTION SICAV
General information
INSINGER DE BEAUFORT MANAGER SELECTION SICAV (the "SICAV", the "Company" or the “Fund”) was incorporated in Luxembourg on 17th May 2000 for an unlimited period and is an open-ended investment company registered pursuant to Part II of the Luxembourg law of 17th December, 2010 on Undertakings for Collective Investment (the "Law of 2010"). The Company qualifies as an Alternative Investment Fund ("AIF") under the Law of 12th July 2013 on Alternative Investment Fund Managers ("AIFM") implementing Directive 2011/61/EU of the European Parliament and of the Council of 8th June 2011 on Alternative Investment Fund Managers (the "AIFMD").
The Directive 2014/91/EU of the European Parliament and of the Council of 23rd July 2014 amending the Directive 2009/65/EC had been transposed by the law of 10th May 2016 coming into force on 1st June 2016 and amending the amended law of 17th December 2010.
At the date of the financial statements, the following Sub-Funds are offered to investors:
- INSINGER DE BEAUFORT MULTI-MANAGER EQUITY in EUR - INSINGER DE BEAUFORT MULTI-MANAGER BALANCED in EUR - INSINGER DE BEAUFORT MULTI-MANAGER DEFENSIVE BALANCED in EUR - INSINGER DE BEAUFORT MULTI-MANAGER DEFENSIVE in EUR
At the date of the financial statements, only EUR Share Class is active. These shares aim to achieve the investment objective of long-term capital growth.
The most recent financial statements, annual report, key investor information document as well as copies of the Articles of Incorporation of the Company and the material contracts referred to in the prospectus are available for inspection during usual business hours at the registered office of the Company in Luxembourg and can be obtained free of charge upon request from the AIFM.
The Board of Directors confirms adherence to the Association of the Luxembourg Fund Industry (ALFI) Code of Conduct in the governance of INSINGER DE BEAUFORT MANAGER SELECTION SICAV.
4 INSINGER DE BEAUFORT MANAGER SELECTION SICAV
Combined statement of net assets (in USD) as at 30th June 2017
Assets Investments Securities portfolio at market value 118,812,664.07 118,812,664.07 Cash and cash equivalents Cash at banks 4,888,608.57 4,888,608.57 Receivables Receivable on issues of shares 1,446,169.12 Income receivable on portfolio 141,202.52 1,587,371.64
Total assets 125,288,644.28
Liabilities Payables Payable on redemptions of shares 701,974.26 Expenses payable 177,071.46 879,045.72
Total liabilities 879,045.72
Total net assets at the end of the period 124,409,598.56
The accompanying notes are an integral part of these financial statements.
5 INSINGER DE BEAUFORT MANAGER SELECTION SICAV
Combined statement of operations (in USD) from 1st January 2017 to 30th June 2017
Income Investment income Dividends, net 406,668.01 Interest on bonds and other debt securities, net 76,953.20 483,621.21 Realised gain on investments - on securities portfolio 5,581,472.57 5,581,472.57 Appreciation of unrealised results on investments - on securities portfolio 2,126,606.16 2,126,606.16 Other income Other revenue 1,003.76 1,003.76
Total income 8,192,703.70
Expenses Investment advisory or management fees Portfolio management fees 443,749.95 Performance fees 400,405.38 844,155.33 Other expenses Depositary fees 39,156.38 Banking charges and other fees 306.40 Transaction fees 5,561.12 Central administration costs 96,196.64 Professional fees 25,879.90 Other administration costs 6,589.30 Subscription duty ("taxe d'abonnement") 18,406.88 Bank interest paid 9,855.13 Other fees 18,981.86 220,933.61 Realised loss on investments - on securities portfolio 162,907.05 - on foreign exchange 2,081.41 164,988.46 Depreciation of unrealised results on investments - on securities portfolio 5,049,843.31 5,049,843.31
Total expenses 6,279,920.71
Net income 1,912,782.99
The accompanying notes are an integral part of these financial statements.
6 INSINGER DE BEAUFORT MANAGER SELECTION SICAV
Combined statement of changes in net assets (in USD) from 1st January 2017 to 30th June 2017
Net income 1,912,782.99
Subscriptions 7,241,254.73
Redemptions -14,324,459.32
Total changes in net assets -5,170,421.60
Total net assets at the beginning of the period 119,830,840.94
Revaluation difference 9,749,179.22
Total net assets at the end of the period 124,409,598.56
The accompanying notes are an integral part of these financial statements.
7 INSINGER DE BEAUFORT MULTI-MANAGER EQUITY
Statement of net assets (in EUR) as at 30th June 2017
Assets Investments Securities portfolio at market value 25,519,887.73 25,519,887.73 Cash and cash equivalents Cash at banks 836,706.63 836,706.63 Receivables Receivable on issues of shares 387,194.94 Income receivable on portfolio 17,978.04 405,172.98
Total assets 26,761,767.34
Liabilities Payables Payable on redemptions of shares 387,130.26 Expenses payable 38,369.87 425,500.13
Total liabilities 425,500.13
Total net assets at the end of the period 26,336,267.21
Breakdown of net assets per share class
Share class Number Currency NAV per share Net assets per of of in currency of share class shares share share class (in EUR) class EUR 217,890.237 EUR 120.87 26,336,267.21 26,336,267.21
The accompanying notes are an integral part of these financial statements.
8 INSINGER DE BEAUFORT MULTI-MANAGER EQUITY
Statement of operations (in EUR) from 1st January 2017 to 30th June 2017
Income Investment income Dividends, net 118,371.47 118,371.47 Realised gain on investments - on securities portfolio 1,886,127.26 1,886,127.26 Appreciation of unrealised results on investments - on securities portfolio 583,416.44 583,416.44
Total income 2,587,915.17
Expenses Investment advisory or management fees Portfolio management fees 93,326.30 Performance fees 128,413.28 221,739.58 Other expenses Depositary fees 8,216.94 Banking charges and other fees 212.24 Transaction fees 2,612.93 Central administration costs 20,186.10 Professional fees 5,468.46 Other administration costs 1,353.79 Subscription duty ("taxe d'abonnement") 3,993.86 Bank interest paid 915.67 Other fees 4,015.49 46,975.48 Realised loss on investments - on securities portfolio 11,489.82 11,489.82 Depreciation of unrealised results on investments - on securities portfolio 1,605,098.67 1,605,098.67
Total expenses 1,885,303.55
Net income 702,611.62
The accompanying notes are an integral part of these financial statements.
9 INSINGER DE BEAUFORT MULTI-MANAGER EQUITY
Statement of changes in net assets (in EUR) from 1st January 2017 to 30th June 2017
Net income 702,611.62
Subscriptions 2,537,810.28
Redemptions -3,917,530.32
Total changes in net assets -677,108.42
Total net assets at the beginning of the period 27,013,375.63
Total net assets at the end of the period 26,336,267.21
The accompanying notes are an integral part of these financial statements.
10 INSINGER DE BEAUFORT MULTI-MANAGER EQUITY
Statistical information (in EUR) as at 30th June 2017
Total net assets Currency 31.12.2015 31.12.2016 30.06.2017 EUR 29,746,186.40 27,013,375.63 26,336,267.21
Net asset value per share Currency 31.12.2015 31.12.2016 30.06.2017 EUR Share Class EUR 111.87 117.81 120.87
Number of shares outstanding at the issued redeemed outstanding at the beginning of the period end of the period 01.01.17 30.06.17 EUR Share Class 229,288.537 20,763.189 -32,161.489 217,890.237
The accompanying notes are an integral part of these financial statements.
11 INSINGER DE BEAUFORT MULTI-MANAGER EQUITY
Statement of investments and other net assets (in EUR) as at 30th June 2017
Currency Number / Description Cost Market value % of nominal value total net assets
Investments in securities Open-ended investment funds Investment funds (UCITS) EUR 458.134 Allianz Gl Investors Fd Europe Equity Growth WT EUR Cap 997,347.05 1,113,329.76 4.23 EUR 3,266.705 Aviva Investors Multi-Strateg Target Return Fd I Cap 351,240.33 354,197.72 1.34 EUR 5,100.853 DNCA Invest Value EUR I Cap 910,655.28 955,491.78 3.63 EUR 318,637.828 J O Hambro Cap Mgt Umbr Fd Plc Continental Eur A EUR Dist 986,136.85 1,139,448.87 4.33 EUR 7,509.1086 Robeco Capital Gh Fds Emerging Cons Equities F EUR Cap 969,000.00 952,004.79 3.61 4,214,379.51 4,514,472.92 17.14 GBP 177,114.885 First State Inv ICVC Stewart Gl Em Markets Leaders Fd B Cap 1,130,229.09 1,355,966.55 5.15 GBP 40,619.758 First State Inv ICVC Stewart Inv Asia Pacific Fd B GBP Cap 417,286.81 668,183.58 2.54 1,547,515.90 2,024,150.13 7.69 USD 12,842.116 AB FCP I FCP American Growth Ptf I Cap 881,659.44 990,414.20 3.76 USD 10,207.04 JPMorgan Fds US Value C USD Dist 848,953.47 1,242,067.95 4.72 USD 8,143.7777 Robeco Capital Gh Fds BP US Select Opp Eq F USD Cap 908,251.02 1,125,845.55 4.27 USD 150,404.85 Threadneedle (Lux) US Contrarian Core Equities ZU USD Cap 1,403,812.03 1,617,780.16 6.14 USD 21,251.442 Wellington Management Fds Lux US Research Eq Units S Cap 1,031,845.02 1,597,670.99 6.07 5,074,520.98 6,573,778.85 24.96 Total investment funds (UCITS) 10,836,416.39 13,112,401.90 49.79 Tracker funds (UCITS) EUR 11,123 UBS ETF SICAV MSCI EMU UCITS A EUR Dist 1,193,790.60 1,377,917.24 5.23 EUR 25,932 Vanguard Fds Plc FTSE Japan UCITS ETF EUR Dist 672,924.21 647,003.40 2.46 Total tracker funds (UCITS) 1,866,714.81 2,024,920.64 7.69 Investment funds (UCI) EUR 7,443.372 Absolute Return Str SICAV Multi-Manager Hedge B EUR Cap* 899,512.92 935,259.69 3.55 EUR 35,815 Insinger de B Umb Fd NV Equity Income (D) Dist* 1,639,344.32 1,834,086.15 6.96 EUR 21,439 Insinger de B Umb Fd NV European Mid Cap (F) Dist* 716,588.38 1,270,046.36 4.82 EUR 3,931 Insinger de B Umb Fd NV Real Estate Equity (C)* 609,963.62 601,010.59 2.28 Total investment funds (UCI) 3,865,409.24 4,640,402.79 17.61 Tracker funds (UCI) USD 7,812 iShares Core S&P500 ETF 1,329,844.35 1,661,605.43 6.31 USD 2,975 SPDR Gold Trust 325,284.86 308,071.07 1.17 USD 8,132 SPDR S&P 500 ETF Trust Ser 1 Dist 1,336,764.55 1,717,712.41 6.52 USD 5,172 SPDR Ser Trust S&P Div ETF Dist 314,863.29 402,090.64 1.53 USD 8,518 Vanguard 500 Index Fd 1,328,873.50 1,652,682.85 6.28 Total tracker funds (UCI) 4,635,630.55 5,742,162.40 21.81 Total investments in securities 21,204,170.99 25,519,887.73 96.90 Cash at banks 836,706.63 3.18 Other net assets/(liabilities) -20,327.15 -0.08 Total 26,336,267.21 100.00
*Related Party Investments
The accompanying notes are an integral part of these financial statements.
12 INSINGER DE BEAUFORT MULTI-MANAGER BALANCED
Statement of net assets (in EUR) as at 30th June 2017
Assets Investments Securities portfolio at market value 59,448,398.54 59,448,398.54 Cash and cash equivalents Cash at banks 2,447,113.19 2,447,113.19 Receivables Receivable on issues of shares 175,681.90 Income receivable on portfolio 34,478.07 210,159.97
Total assets 62,105,671.70
Liabilities Payables Payable on redemptions of shares 189,347.19 Expenses payable 85,934.58 275,281.77
Total liabilities 275,281.77
Total net assets at the end of the period 61,830,389.93
Breakdown of net assets per share class
Share class Number Currency NAV per share Net assets per of of in currency of share class shares share share class (in EUR) class EUR 505,750.392 EUR 122.25 61,830,389.93 61,830,389.93
The accompanying notes are an integral part of these financial statements.
13 INSINGER DE BEAUFORT MULTI-MANAGER BALANCED
Statement of operations (in EUR) from 1st January 2017 to 30th June 2017
Income Investment income Dividends, net 205,510.21 205,510.21 Realised gain on investments - on securities portfolio 2,448,175.05 2,448,175.05 Appreciation of unrealised results on investments - on securities portfolio 1,107,954.13 1,107,954.13
Total income 3,761,639.39
Expenses Investment advisory or management fees Portfolio management fees 221,022.71 Performance fees 195,060.63 416,083.34 Other expenses Depositary fees 19,441.44 Banking charges and other fees 28.31 Transaction fees 1,462.94 Central administration costs 47,767.50 Professional fees 12,893.55 Other administration costs 3,401.96 Subscription duty ("taxe d'abonnement") 8,808.70 Bank interest paid 6,617.53 Other fees 9,455.06 109,876.99 Realised loss on investments - on securities portfolio 82,239.50 - on foreign exchange 514.91 82,754.41 Depreciation of unrealised results on investments - on securities portfolio 2,224,926.45 2,224,926.45
Total expenses 2,833,641.19
Net income 927,998.20
The accompanying notes are an integral part of these financial statements.
14 INSINGER DE BEAUFORT MULTI-MANAGER BALANCED
Statement of changes in net assets (in EUR) from 1st January 2017 to 30th June 2017
Net income 927,998.20
Subscriptions 2,599,144.64
Redemptions -5,764,792.47
Total changes in net assets -2,237,649.63
Total net assets at the beginning of the period 64,068,039.56
Total net assets at the end of the period 61,830,389.93
The accompanying notes are an integral part of these financial statements.
15 INSINGER DE BEAUFORT MULTI-MANAGER BALANCED
Statistical information (in EUR) as at 30th June 2017
Total net assets Currency 31.12.2015 31.12.2016 30.06.2017 EUR 62,222,827.00 64,068,039.56 61,830,389.93
Net asset value per share Currency 31.12.2015 31.12.2016 30.06.2017 EUR Share Class EUR 115.81 120.54 122.25
Number of shares outstanding at the issued redeemed outstanding at the beginning of the period end of the period 01.01.17 30.06.17 EUR Share Class 531,525.060 21,148.082 -46,922.750 505,750.392
The accompanying notes are an integral part of these financial statements.
16 INSINGER DE BEAUFORT MULTI-MANAGER BALANCED
Statement of investments and other net assets (in EUR) as at 30th June 2017
Currency Number / Description Cost Market value % of nominal value total net assets
Investments in securities Open-ended investment funds Investment funds (UCITS) EUR 682.453 Allianz Gl Investors Fd Europe Equity Growth WT EUR Cap 1,451,676.64 1,658,456.33 2.68 EUR 10,813.505 Aviva Investors Multi-Strateg Target Return Fd I Cap 1,156,884.46 1,172,471.58 1.90 EUR 14,875.989 BlueBay Fds Inv Grade Bond S EUR Cap 1,584,224.85 1,670,276.04 2.70 EUR 10,997.061 BNP Paribas Flexi I US Mortgage IH EUR Cap 1,101,439.77 1,111,253.01 1.80 EUR 7,503.5967 DNCA Invest Value EUR I Cap 1,339,617.12 1,405,573.73 2.27 EUR 104,641.658 Franklin Templeton Inv Fds Gl Total Return ZH1 EUR Dist 1,133,082.14 1,061,066.41 1.72 EUR 405,148.6183 Hermes Inv Fds Plc Multi Strategy Cred F Hedged EUR Cap 848,865.27 903,765.02 1.46 EUR 462,469.437 J O Hambro Cap Mgt Umbr Fd Plc Continental Eur A EUR Dist 1,412,671.88 1,653,790.71 2.67 EUR 164,112.311 PIMCO Fds Gl Investors Ser Plc Low Average Dur I Hgd EUR 1,742,342.51 1,734,667.13 2.81 Cap EUR 10,956.434 Robeco Capital Gh Fds Emerging Cons Equities F EUR Cap 1,414,000.00 1,389,056.70 2.25 EUR 8,357.5032 Robeco Capital Gh Fds EUR Credit Bonds FH EUR Cap 917,700.52 971,726.90 1.57 EUR 8,479.9437 Robeco Capital Gh Fds Global Cred IH EUR Cap 964,000.00 960,947.22 1.55 EUR 8,790.4094 Robeco Capital Gh Fds Inv Grade Corp Bds OIH EUR Cap 882,553.92 912,180.78 1.48 EUR 106,765.85 Schroder Intl Sel Fd EUR Corp Bond Z Dist 2,080,909.08 2,088,745.74 3.38 EUR 44,159.18 Standard Life Inv Gl SICAV Eur Corporate Bd Fd D Cap 759,644.01 813,659.39 1.32 18,789,612.17 19,507,636.69 31.56 GBP 308,740.291 First State Inv ICVC Stewart Gl Em Markets Leaders Fd B Cap 1,939,930.78 2,363,672.07 3.82 GBP 37,086.722 First State Inv ICVC Stewart Inv Asia Pacific Fd B GBP Cap 380,991.92 610,066.13 0.99 2,320,922.70 2,973,738.20 4.81 USD 17,935.848 AB FCP I FCP American Growth Ptf I Cap 1,210,388.13 1,383,254.80 2.24 USD 15,387.423 JPMorgan Fds US Value C USD Dist 1,330,012.77 1,872,455.18 3.03 USD 12,125.9316 Robeco Capital Gh Fds BP US Select Opp Eq F USD Cap 1,409,795.42 1,676,362.82 2.71 USD 217,543.216 Threadneedle (Lux) US Contrarian Core Equities ZU USD Cap 2,030,295.56 2,339,931.84 3.78 USD 30,435.218 Wellington Management Fds Lux US Research Eq Units S Cap 1,585,602.66 2,288,101.90 3.70 7,566,094.54 9,560,106.54 15.46 Total investment funds (UCITS) 28,676,629.41 32,041,481.43 51.83 Tracker funds (UCITS) EUR 21,028 iShares eb.rexx Govt Germany 5.5-10.5 UCITS ETF (DE) 3,001,080.37 2,959,480.72 4.79 EUR 16,264 UBS ETF SICAV MSCI EMU UCITS A EUR Dist 1,871,233.35 2,014,784.32 3.26 EUR 38,771 Vanguard Fds Plc FTSE Japan UCITS ETF EUR Dist 1,006,851.85 967,336.45 1.56 5,879,165.57 5,941,601.49 9.61 USD 6,143 iShares VII Plc USD T Bond 3-7 UCITS ETF Cap 683,212.79 666,988.08 1.08
Total tracker funds (UCITS) 6,562,378.36 6,608,589.57 10.69 Investment funds (UCI) EUR 24,354.31 Absolute Return Str SICAV Multi-Manager Hedge B EUR Cap* 2,877,244.82 3,060,119.05 4.95 EUR 6,748.526 BlueOerchard Microfinance Fd D EUR Cap* 686,999.95 688,214.68 1.11 EUR 51,951 Insinger de B Umb Fd NV Equity Income (D) Dist* 2,507,537.00 2,660,410.71 4.30 EUR 31,449 Insinger de B Umb Fd NV European Mid Cap (F) Dist* 1,098,546.58 1,863,038.76 3.01 EUR 17,139 Insinger de B Umb Fd NV Real Estate Equity (C)* 2,399,793.34 2,620,381.71 4.24 Total investment funds (UCI) 9,570,121.69 10,892,164.91 17.61 Tracker funds (UCI) USD 11,295 iShares Core S&P500 ETF 1,965,668.93 2,402,436.42 3.89 USD 16,000 iShares Trust Floating Rate Bond ETF USD Dist 771,762.98 712,900.40 1.15 USD 11,366 SPDR Gold Trust 1,242,752.18 1,176,986.80 1.90
*Related Party Investments
The accompanying notes are an integral part of these financial statements.
17 INSINGER DE BEAUFORT MULTI-MANAGER BALANCED
Statement of investments and other net assets (in EUR) (continued) as at 30th June 2017
Currency Number / Description Cost Market value % of nominal value total net assets
USD 12,172 SPDR S&P 500 ETF Trust Ser 1 Dist 2,036,849.02 2,571,076.67 4.16 USD 7,386 SPDR Ser Trust S&P Div ETF Dist 455,820.14 574,215.28 0.93 USD 12,723 Vanguard 500 Index Fd 1,979,268.77 2,468,547.06 3.99 Total tracker funds (UCI) 8,452,122.02 9,906,162.63 16.02 Total investments in securities 53,261,251.48 59,448,398.54 96.15 Cash at banks 2,447,113.19 3.96 Other net assets/(liabilities) -65,121.80 -0.11 Total 61,830,389.93 100.00
The accompanying notes are an integral part of these financial statements.
18 INSINGER DE BEAUFORT MULTI-MANAGER DEFENSIVE BALANCED
Statement of net assets (in EUR) as at 30th June 2017
Assets Investments Securities portfolio at market value 14,081,246.65 14,081,246.65 Cash and cash equivalents Cash at banks 828,504.67 828,504.67 Receivables Receivable on issues of shares 705,247.60 Income receivable on portfolio 4,154.77 709,402.37
Total assets 15,619,153.69
Liabilities Payables Payable on redemptions of shares 30,742.45 Expenses payable 22,228.60 52,971.05
Total liabilities 52,971.05
Total net assets at the end of the period 15,566,182.64
Breakdown of net assets per share class
Share class Number Currency NAV per share Net assets per of of in currency of share class shares share share class (in EUR) class EUR 120,736.275 EUR 128.93 15,566,182.64 15,566,182.64
The accompanying notes are an integral part of these financial statements.
19 INSINGER DE BEAUFORT MULTI-MANAGER DEFENSIVE BALANCED
Statement of operations (in EUR) from 1st January 2017 to 30th June 2017
Income Investment income Dividends, net 32,719.52 32,719.52 Realised gain on investments - on securities portfolio 557,860.89 557,860.89 Appreciation of unrealised results on investments - on securities portfolio 166,967.61 166,967.61
Total income 757,548.02
Expenses Investment advisory or management fees Portfolio management fees 54,956.36 Performance fees 27,635.68 82,592.04 Other expenses Depositary fees 4,892.50 Banking charges and other fees 12.16 Transaction fees 692.33 Central administration costs 12,017.44 Professional fees 3,215.01 Other administration costs 670.11 Subscription duty ("taxe d'abonnement") 1,966.27 Bank interest paid 1,098.46 Other fees 2,328.04 26,892.32 Realised loss on investments - on securities portfolio 38,403.40 - on foreign exchange 496.56 38,899.96 Depreciation of unrealised results on investments - on securities portfolio 504,059.73 504,059.73
Total expenses 652,444.05
Net income 105,103.97
The accompanying notes are an integral part of these financial statements.
20 INSINGER DE BEAUFORT MULTI-MANAGER DEFENSIVE BALANCED
Statement of changes in net assets (in EUR) from 1st January 2017 to 30th June 2017
Net income 105,103.97
Subscriptions 1,131,825.17
Redemptions -2,016,578.29
Total changes in net assets -779,649.15
Total net assets at the beginning of the period 16,345,831.79
Total net assets at the end of the period 15,566,182.64
The accompanying notes are an integral part of these financial statements.
21 INSINGER DE BEAUFORT MULTI-MANAGER DEFENSIVE BALANCED
Statistical information (in EUR) as at 30th June 2017
Total net assets Currency 31.12.2015 31.12.2016 30.06.2017 EUR 15,729,337.03 16,345,831.79 15,566,182.64
Net asset value per share Currency 31.12.2015 31.12.2016 30.06.2017 EUR Share Class EUR 124.36 128.14 128.93
Number of shares outstanding at the issued redeemed outstanding at the beginning of the period end of the period 01.01.17 30.06.17 EUR Share Class 127,560.728 8,716.817 -15,541.270 120,736.275
The accompanying notes are an integral part of these financial statements.
22 INSINGER DE BEAUFORT MULTI-MANAGER DEFENSIVE BALANCED
Statement of investments and other net assets (in EUR) as at 30th June 2017
Currency Number / Description Cost Market value % of nominal value total net assets
Investments in securities Open-ended investment funds Investment funds (UCITS) EUR 82.855 Allianz Gl Investors Fd Europe Equity Growth WT EUR Cap 181,974.93 201,349.25 1.29 EUR 2,635.347 Aviva Investors Multi-Strateg Target Return Fd I Cap 281,943.24 285,741.72 1.84 EUR 9,003.398 BlueBay Fds Inv Grade Bond S EUR Cap 950,369.53 1,010,901.53 6.49 EUR 9,040.976 BNP Paribas Flexi I US Mortgage IH EUR Cap 905,326.50 913,590.62 5.87 EUR 841.805 DNCA Invest Value EUR I Cap 150,287.45 157,686.91 1.01 EUR 49,891.7 Franklin Templeton Inv Fds Gl Total Return ZH1 EUR Dist 542,631.68 505,901.84 3.25 EUR 78,767.2365 Hermes Inv Fds Plc Multi Strategy Cred F Hedged EUR Cap 164,400.15 175,706.07 1.13 EUR 52,093.214 J O Hambro Cap Mgt Umbr Fd Plc Continental Eur A EUR Dist 165,566.16 186,285.33 1.20 EUR 72,276.869 PIMCO Fds Gl Investors Ser Plc Low Average Dur I Hgd EUR 767,580.34 763,966.51 4.91 Cap EUR 1,363.2843 Robeco Capital Gh Fds Emerging Cons Equities F EUR Cap 176,000.00 172,837.18 1.11 EUR 3,553.828 Robeco Capital Gh Fds EUR Credit Bonds FH EUR Cap 387,800.70 413,203.58 2.66 EUR 4,011.2597 Robeco Capital Gh Fds Global Cred IH EUR Cap 456,000.00 454,555.95 2.92 EUR 3,797.5692 Robeco Capital Gh Fds Inv Grade Corp Bds OIH EUR Cap 381,293.85 394,073.76 2.53 EUR 46,527.25 Schroder Intl Sel Fd EUR Corp Bond Z Dist 906,834.68 910,249.81 5.85 EUR 17,576.945 Standard Life Inv Gl SICAV Eur Corporate Bd Fd D Cap 301,801.66 323,865.76 2.08 6,719,810.87 6,869,915.82 44.14 GBP 51,743.186 First State Inv ICVC Stewart Gl Em Markets Leaders Fd B Cap 309,332.34 396,138.53 2.55
USD 2,649.332 AB FCP I FCP American Growth Ptf I Cap 178,925.56 204,322.72 1.31 USD 1,885.337 JPMorgan Fds US Value C USD Dist 154,578.66 229,421.72 1.47 USD 1,642.3157 Robeco Capital Gh Fds BP US Select Opp Eq F USD Cap 193,475.36 227,043.75 1.46 USD 29,628.822 Threadneedle (Lux) US Contrarian Core Equities ZU USD Cap 274,273.13 318,692.65 2.05 USD 3,817.485 Wellington Management Fds Lux US Research Eq Units S Cap 173,260.48 286,996.29 1.84 974,513.19 1,266,477.13 8.13 Total investment funds (UCITS) 8,003,656.40 8,532,531.48 54.82 Tracker funds (UCITS) EUR 9,468 iShares eb.rexx Govt Germany 5.5-10.5 UCITS ETF (DE) 1,350,921.05 1,332,526.32 8.56 EUR 2,218 UBS ETF SICAV MSCI EMU UCITS A EUR Dist 246,198.13 274,765.84 1.77 EUR 5,319 Vanguard Fds Plc FTSE Japan UCITS ETF EUR Dist 138,130.18 132,709.05 0.85 1,735,249.36 1,740,001.21 11.18 USD 2,900 iShares VII Plc USD T Bond 3-7 UCITS ETF Cap 321,425.84 314,873.10 2.02
Total tracker funds (UCITS) 2,056,675.20 2,054,874.31 13.20 Investment funds (UCI) EUR 4,275.559 Absolute Return Str SICAV Multi-Manager Hedge B EUR Cap* 460,004.13 537,223.99 3.45 EUR 3,271.119 BlueOerchard Microfinance Fd D EUR Cap* 332,999.91 333,588.72 2.14 EUR 6,842 Insinger de B Umb Fd NV Equity Income (D) Dist* 315,535.20 350,378.82 2.25 EUR 5,040 Insinger de B Umb Fd NV European Mid Cap (F) Dist* 189,942.86 298,569.60 1.92 EUR 2,610 Insinger de B Umb Fd NV Real Estate Equity (C)* 347,471.69 399,042.90 2.56 Total investment funds (UCI) 1,645,953.79 1,918,804.03 12.32 Tracker funds (UCI) USD 733 iShares Core S&P500 ETF 125,878.34 155,908.45 1.00 USD 7,400 iShares Trust Floating Rate Bond ETF USD Dist 356,977.52 329,716.44 2.12 USD 1,928 SPDR Gold Trust 210,806.46 199,650.76 1.28
*Related Party Investments The accompanying notes are an integral part of these financial statements.
23 INSINGER DE BEAUFORT MULTI-MANAGER DEFENSIVE BALANCED
Statement of investments and other net assets (in EUR) (continued) as at 30th June 2017
Currency Number / Description Cost Market value % of nominal value total net assets
USD 2,193 SPDR S&P 500 ETF Trust Ser 1 Dist 378,300.63 463,224.71 2.98 USD 1,134 SPDR Ser Trust S&P Div ETF Dist 68,408.57 88,161.40 0.57 USD 1,744 Vanguard 500 Index Fd 284,718.75 338,375.07 2.17 Total tracker funds (UCI) 1,425,090.27 1,575,036.83 10.12 Total investments in securities 13,131,375.66 14,081,246.65 90.46 Cash at banks 828,504.67 5.32 Other net assets/(liabilities) 656,431.32 4.22 Total 15,566,182.64 100.00
The accompanying notes are an integral part of these financial statements.
24 INSINGER DE BEAUFORT MULTI-MANAGER DEFENSIVE
Statement of net assets (in EUR) as at 30th June 2017
Assets Investments Securities portfolio at market value 5,135,545.66 5,135,545.66 Cash and cash equivalents Cash at banks 174,424.50 174,424.50 Receivables Income receivable on portfolio 67,207.53 67,207.53
Total assets 5,377,177.69
Liabilities Payables Payable on redemptions of shares 8,331.01 Expenses payable 8,738.31 17,069.32
Total liabilities 17,069.32
Total net assets at the end of the period 5,360,108.37
Breakdown of net assets per share class
Share class Number Currency NAV per share Net assets per of of in currency of share class shares share share class (in EUR) class EUR 54,520.615 EUR 98.31 5,360,108.37 5,360,108.37
The accompanying notes are an integral part of these financial statements.
25 INSINGER DE BEAUFORT MULTI-MANAGER DEFENSIVE
Statement of operations (in EUR) from 1st January 2017 to 30th June 2017
Income Investment income Interest on bonds and other debt securities, net 67,479.13 67,479.13 Realised gain on investments - on securities portfolio 2,148.05 2,148.05 Appreciation of unrealised results on investments - on securities portfolio 6,451.50 6,451.50 Other income Other revenue 880.18 880.18
Total income 76,958.86
Expenses Investment advisory or management fees Portfolio management fees 19,812.44 19,812.44 Other expenses Depositary fees 1,784.77 Banking charges and other fees 15.97 Transaction fees 108.26 Central administration costs 4,382.38 Professional fees 1,116.68 Other administration costs 352.20 Subscription duty ("taxe d'abonnement") 1,371.89 Bank interest paid 10.16 Other fees 846.32 9,988.63 Realised loss on investments - on securities portfolio 10,718.08 - on foreign exchange 813.69 11,531.77 Depreciation of unrealised results on investments - on securities portfolio 94,048.52 94,048.52
Total expenses 135,381.36
Net expenditure -58,422.50
The accompanying notes are an integral part of these financial statements.
26 INSINGER DE BEAUFORT MULTI-MANAGER DEFENSIVE
Statement of changes in net assets (in EUR) from 1st January 2017 to 30th June 2017
Net expenditure -58,422.50
Subscriptions 80,969.74
Redemptions -862,006.73
Total changes in net assets -839,459.49
Total net assets at the beginning of the period 6,199,567.86
Total net assets at the end of the period 5,360,108.37
The accompanying notes are an integral part of these financial statements.
27 INSINGER DE BEAUFORT MULTI-MANAGER DEFENSIVE
Statistical information (in EUR) as at 30th June 2017
Total net assets Currency 31.12.2016 30.06.2017 EUR 6,199,567.86 5,360,108.37
Net asset value per share Currency 31.12.2016 30.06.2017 EUR Share Class EUR 99.38 98.31
Number of shares outstanding at the issued redeemed outstanding at the beginning of the period end of the period 01.01.17 30.06.17 EUR Share Class 62,383.727 818.144 -8,681.256 54,520.615
The accompanying notes are an integral part of these financial statements.
28 INSINGER DE BEAUFORT MULTI-MANAGER DEFENSIVE
Statement of investments and other net assets (in EUR) as at 30th June 2017
Currency Number / Description Cost Market value % of nominal value total net assets
Investments in securities Transferable securities admitted to an official stock exchange listing Bonds EUR 100,000 Allianz SE VAR Sub 12/17.10.42 118,990.00 120,953.00 2.26 EUR 100,000 Apple Inc 1% EMTN 14/10.11.22 105,190.00 102,898.50 1.92 EUR 600,000 Belgium 2.25% OLO Reg S Ser 68 13/22.06.23 702,288.00 678,570.00 12.66 EUR 105,000 Daimler AG 1.75% EMTN Sen 12/21.01.20 111,125.70 109,421.02 2.04 EUR 200,000 Deutsche Bank AG 1.25% EMTN Sen 14/08.09.21 200,330.00 204,192.00 3.81 EUR 437,000 European Economic Community 3.375% 10/10.05.19 480,590.75 468,179.95 8.73 EUR 40,900 France 0.5% OAT Sen 14/25.05.25 42,470.56 41,055.42 0.77 EUR 100,000 ING Bank NV 0.75% EMTN Reg S Sen 16/22.02.21 102,381.00 101,915.00 1.90 EUR 100,000 Intesa Sanpaolo SpA 1.125% Reg S Sen 15/04.03.22 101,380.00 101,526.00 1.89 EUR 300,000 Koninklijke KPN NV 4.25% EMTN Reg S Ser 25 12/01.03.22 362,241.00 348,462.00 6.50 EUR 100,000 Lagardere SCA 4.125% Sen 12/31.10.17 104,210.00 101,353.00 1.89 EUR 457,000 Netherlands 2.25% 12/15.07.22 526,692.50 512,374.69 9.56 EUR 400,000 Netherlands 3.25 11/15.07.21 472,408.00 458,194.00 8.55 EUR 323,000 Oesterreich 1.2% Reg S Ser 144A 15/20.10.25 357,351.05 342,883.88 6.40 EUR 34,000 Oesterreich 1.65% Ser 1 14/21.10.24 38,821.20 37,310.07 0.70 EUR 300,000 Sanofi SA 1.875% EMTN Reg S Ser 15 13/04.09.20 321,606.00 315,492.00 5.89 EUR 200,000 Telefonica Emisiones SA 2.242% EMTN Sen 14/27.05.22 219,940.00 215,574.00 4.02 EUR 128,000 Volkswagen Intl Finance NV 2% EMTN Sen 13/26.03.21 137,638.40 135,729.92 2.53 4,505,654.16 4,396,084.45 82.02 GBP 250,000 Tesco Plc 5% EMTN Ser 49 06/24.03.23 310,906.43 314,209.80 5.86
NOK 3,681,000 Norway 3.75% 10/25.05.21 461,382.93 425,251.41 7.93
Total investments in securities 5,277,943.52 5,135,545.66 95.81 Cash at banks 174,424.50 3.25 Other net assets/(liabilities) 50,138.21 0.94 Total 5,360,108.37 100.00
The accompanying notes are an integral part of these financial statements.
29 INSINGER DE BEAUFORT MANAGER SELECTION SICAV
Notes to the financial statements as at 30th June 2017
Note 1 - Significant accounting policies a) Presentation of the financial statements
The financial statements of the Company are prepared in accordance with Luxembourg legal and regulatory requirements concerning undertakings for collective investment and with generally accepted accounting principles in Luxembourg. b) Valuation of assets
Each share or unit in an open-ended UCI is valued at the last available Net Asset Value whether estimated or final, which is computed for such units or shares at or prior to the valuation day on which the Net Asset Value of the Shares of the Sub-Funds is determined and as approved by the Central Administration of the Company.
Transferable securities which are admitted to an official exchange listing or dealt in on another regulated market are valued on the basis of the last available price prevailing on the valuation date, and where appropriate at the middle market price. If securities are listed on several stock exchanges or markets, the price on the principal market will be applied.
Transferable securities not admitted to an official exchange listing or dealt in on another regulated market and transferable securities admitted to an official exchange listing or dealt in on another regulated market for which the available price is not representative of the fair market value are valued on the basis of their reasonably foreseeable sales price determined with prudence and good faith by the Board of Directors.
Units/shares of open-ended UCI are valued at their latest available Net Asset Value. If, since the last Valuation Day there has been a material movement in the quotations on the markets on which a substantial portion of the investments of the Company attributable to a particular Sub-Funds is listed or dealt in, the Board of Directors may, in order to safeguard the interests of the shareholders and the Company, cancel the first valuation and carry out a second valuation.
The net assets as at 30th June 2017 have been calculated for reporting purposes, based on last available prices at the date. c) Acquisition cost of securities in the portfolio
The acquisition cost of the securities held by the Sub-Funds that are denominated in currencies other than the reference currency of the Sub-Funds is converted into this currency at the exchange rate prevailing on the date of purchase. d) Realised gain /(loss) on sales of securities portfolio
The realised gains and losses on sales of securities portfolio are calculated on the basis of the average acquisition cost and are in the statement of operations. e) Investment portfolio income
Dividend income is recorded at the ex-date, net of any withholding tax.
Interest income accrued and payable are recorded, net of any withholding tax. f) Conversion of foreign currencies
Cash at banks, other net assets and liabilities and the market value of the securities in the portfolio expressed in currencies other than the reference currency of the Sub-Funds are converted into this currency at the exchange rate prevailing on the date of the report. Income and expenses expressed in currencies other than the currency of the Sub- Funds are converted into this reference currency at the exchange rate prevailing on the date of the transaction. Net realised gains or losses on foreign exchange are recorded in the statement of operations. At the date of the financial statements, the exchange rates used are as follow:
1 EUR = 0.8779737 GBP Pound Sterling 9.5524465 NOK Norwegian Krona 1.1404000 USD US Dollar
30 INSINGER DE BEAUFORT MANAGER SELECTION SICAV
Notes to the financial statements (continued) as at 30th June 2017
g) Combined financial statements
The combined financial statements of the Company are expressed in USD and are equal to the corresponding items in the financial statements of the Sub-Funds converted into this currency at the exchange rate prevailing at the date of the report.
At the date of the financial statements, the exchange rate used for the combined financial statements is the following:
1 USD = 0.8768853 EUR h) Transaction fees
Transaction costs disclosed under the item "Transaction fees" in the expenses of the statements of operations are mainly composed of broker fees incurred by the Company and of fees relating to liquidation of transactions paid to the depositary.
Note 2 - Portfolio management fee
As remuneration for its services, the Portfolio Manager receives from the Company an annual fee at the maximum annual rate of 0.70% on the average net assets of the Sub-Funds.
The actual management fees charged during the year ended 31st December 2016 are 0.70% p.a. of the average net assets attributable to Class EUR Share accrued daily and payable monthly.
Note 3 - Performance fee
In addition to the portfolio management fee, the Sub-Funds also pays the Portfolio Manager a performance fee of 10% on the absolute positive return yielded by the Sub-Fund (based on the Net Asset Value per Share including dividend).
The performance fee is calculated daily as a percentage of the Net Asset Value per Share that exceeds the so-called "high water mark" which is determined on the first trading day of each month. The high water mark is the highest Net Asset Value per Share on which the performance fee is calculated.
The performance fee is calculated on each Valuation Day and included in the calculation of the Sub-Fund’s Net Asset Value.
If a performance fee is positive at the end of the calendar month (i.e. the high water mark has been exceeded), it is then payable to the Portfolio Manager on the last day of a calendar month. In case of a negative performance fee at the end of the calendar month no performance fee is payable. The Portfolio Manager is required to recoup the negative accrual until such time that there is positive performance fee. Any negative accrual is not reset to zero at the end of a financial year.
No performance fee is applicable to the Sub-Fund INSINGER DE BEAUFORT MULTI-MANAGER DEFENSIVE.
At the date of the financial statements, the performance fee was recorded for the following Sub-Funds and amounted to:
- INSINGER DE BEAUFORT MULTI-MANAGER EQUITY EUR 128,413.28 - INSINGER DE BEAUFORT MULTI-MANAGER BALANCED EUR 195,060.63 - INSINGER DE BEAUFORT MULTI-MANAGER DEFENSIVE BALANCED EUR 27,635.68
Note 4 - Management fees and performance fees of the target funds
If the portfolio of the Company or Sub-Fund includes Related Party Investments, the Portfolio Manager will charge (portfolio) management fees at both levels of investing but at no time will the combined fees exceed the maximum portfolio management fees set out in note 2 plus 0.05%.
There is no waiver of fees in respect of performance fees earned in the Related Party Investments by the Portfolio Manager or an affiliate of the Portfolio Manager.
31 INSINGER DE BEAUFORT MANAGER SELECTION SICAV
Notes to the financial statements (continued) as at 30th June 2017
Note 5 - Depositary, AIFM, Domiciliary Agent, Administrative Agent and Registrar and Transfer Agent
As remuneration for the services of Depositary and Paying Agent as rendered by KBL EUROPEAN PRIVATE BANKERS S.A., the Company will be charged an all-in fee of 0.06% per annum of the total net assets of the Company.
As remuneration for the services of AIFM, Domiciliary Agent, Administrative Agent and Registrar and Transfer Agent rendered by KREDIETRUST LUXEMBOURG S.A., the Company is charged by KREDIETRUST LUXEMBOURG S.A. an all-in fee of 0.15% per annum of the total net assets of the Company. The total amount fees to the Depositary and Paying Agent, the AIFM, Domiciliary Agent, Administrative Agent and Registrar and Transfer Agent is subject to a minimum of EUR 150,000 per annum should the total net assets of the Company be below EUR 100 million and split between the Sub-Funds according to asset size.
This fee is reflected in the "Statement of operations" in the caption "Central administration costs".
The Depositary, Domiciliary Agent, Administrative Agent as well as the Registrar and Transfer Agent are also entitled to be reimbursed of reasonable disbursements and out of pocket expenses which are not included in the above mentioned fees.
Note 6 - Subscription duty ("taxe d’abonnement")
The Company is governed by Luxembourg law.
Pursuant to the legislation and regulations in force, the Company is subject to an annual "taxe d’abonnement" of 0.05% which is payable quarterly and calculated on the basis of the net assets of each Sub-Fund on the last day of each quarter.
Pursuant to Article 175 (a) of the amended law of 17th December 2010, the net assets invested in undertakings for collective investment already subject to the "taxe d’abonnement" are exempt from this tax.
Note 7 - Changes in investments
The statement of changes in investments for the reporting period is available free of charge at the registered office of the Company.
32 INSINGER DE BEAUFORT MANAGER SELECTION SICAV
Additional information as at 30th June 2017
1 - Information concerning the transparency of securities financing transactions and of reuse of cash collateral (regulation EU 2015/2365, hereafter "SFTR")
At the date of the financial statements, the Company is not in the scope of the publication requirements of SFTR. No transactions were carried out during the reporting period.
33