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Länsförsäkringar Fondförvaltning HALVÅRSREDOGÖRELSE FÖR FONDER Länsförsäkringar Fondförvaltning Dessa årsberättelser är utgivna av Länsförsäkringar Fondförvaltning AB (publ), organisationsnummerDessa halvårsredogörelser 556364-2783. är utgivna avÅrsberättelser, Länsförsäkringar faktablad Fondförvaltning och informa AB- tionsbroschyrer(publ) organisationsnummer kan hämtas på 556364-2783. lansforsakringar.se Halvårsredogörelser,. faktablad och informationsbroschyrer kan hämtas på lansforsakringar.se. Sparande i fonder innebär alltid en risk. Fonder kan såväl öka som minska i värde. Det beror bland annat på utvecklingen på världens börser, ränteutveck- lingen och på förändringar i valutakurser. Det är inte säkert att du får tillbaka hela det insatta kapitaletkapitalet. Innehåll 4 Så läser du årsberättelserna Länsförsäkringars aktiefonder 6 Asienfonden 9 Europa Aktiv 12 Europa Index 18 Fastighetsfonden 21 Global Aktiv 24 Global Index 36 Japanfonden 39 Småbolag Sverige 42 Sverige & Världen 55 Sverige Aktiv 58 Sverige Index 61 Tillväxtmarknad Aktiv 64 Tillväxtmarknad Index 72 USA Aktiv 76 USA Index Länsförsäkringars blandfonder 82 Trygghetsfonden Länsförsäkringars räntefonder 91 Företagsobligation Norden 95 Global Strategisk Ränta 98 Kort Ränta Företag 102 Kort Räntefond 105 Lång Räntefond Länsförsäkringars fond-i-fonder 108 Bekväm Fond Balans 111 Bekväm Fond Defensiv 114 Bekväm Fond Potential 117 Bekväm Fond Stabil 120 Bekväm Fond Tillväxt 123 Flexibel 0–100 126 Försiktig 129 Offensiv Länsförsäkringars generationsfonder 132 Bekväm Pension 135 Pension 2010 143 Pension 2015 151 Pension 2020 159 Pension 2025 166 Pension 2030 173 Pension 2035 180 Pension 2040 187 Pension 2045 Övrigt 194 Skatteregler och Redovisningsprinciper 195 Ordlista 195 Styrelse, revisorer och ledande befattningshavare 196 Adresser INNEHÅLL 3 Så läser du årsberättelserna I årsberättelserna kan du hitta utförlig information om Länsförsäkringars fonder. Först står fondens utveckling under halvåret. Därefter följer mer detaljerade uppgifter om till exempel avkastning och risk tillsammans med en förteckning över varje fonds samtliga värdepappers innehav vid halvårsskiftet. Här finner du också resultat och balansräkningar. På sidan 166 finns en ordlista med förklaringar till olika facktermer och uttryck. ASIENFOND RisktERMOMETER Risktermometern visar risknivån i fonden. BEDÖMD RISKNIVÅ Länsförsäkringar AVKASTNING 2015 Lägre risk/avkastning Högre risk/avkastning Staplarna visar avkastningen för fonden och Asienfond fondens jämförelseindex. AVKASTNING 2015 10,9% Länsförsäkringar Asienfond utvecklades positivt under det första halvåret 11,8% 2015. Fonden gynnades av en hög exponering mot kinesiska aktier, -5% 0% 5% 10% 15% framgångsrika placeringar inom hälsovård, informationsteknologi och Asienfond Index telekommunikation samt av att många asiatiska valutor stärktes mot den FONDFAKTA svenska kronan. Startdatum 1993-10-01 FÖRVALTNINGSBERÄTTELSE Startkurs 100,00 kr Förvaltningsavgift 1,60% FOndfakta Marknadens utveckling Högsta tillåtna förvaltningsavgift 1,80% Asiatiska aktier exklusive Japan hade en relativt stark avkastning jämfört med Här hittar du vissa grunduppgifter om fonden, Inköpsavgift - globala aktiemarknader under det första halvåret 2015. Framförallt noterade Försäljningsavgift - kinesiska aktier kraftigt stigande kurser, bland annat som ett resultat av de bland annat redovisas avgifter och eventuell utdel- Omsättningshastighet , ggr 0,24 räntesänkningar som den kinesiska centralbanken initierade under perioden för att ning ur fonden samt årlig avgift. Posten Omsätt- Transaktionskostnad* 0,25% stimulera ekonomin. Mot slutet av perioden tilltog oron på marknaden. Denna oro 3 766 kSEK hade sin grund i en tilltagande osäkerhet gällande Greklands eventuella utträde ur ning via närstående institut visar hur stor andel Analyskostnad* - - eurozonen, oro för höjda räntor i USA och ett kraftigt fall på de kinesiska aktiemarknaderna vid periodens utgång. Fondens jämförelseindex steg i värde med av fondens handel som skett hos respektive för- Årlig avgift 1,60% 11,8 procent under första halvåret 2015. Förvaltningsavgift i kr vid: valtare. 10 000 kr engångsinsättning 189,27 kr 100 kr löpande sparande 11,65 kr Fondens utveckling Omsättning via Länsförsäkringar Asienfond ökade i värde med 10,9 procent under det första närstående institut i % - halvåret 2015. Fondens absoluta avkastning gynnades av en hög exponering mot Nummer premiepension 385 401 kinesiska aktier samt av placeringar inom framförallt sektorerna hälsovård och Riskbedömningsmetod Åtagandemetoden informationsteknologi. Bland de individuella bolag som bidrog till fondens positiva * Analyskostnader har tidigare varit en komponent i utveckling märktes Amorepacific Corp, Travelsky och Jintian Pharmaceutical. AnsvaRig föRvaltaRE transaktionskostnader men fr o m 1 /1 2015 har analyskostnader separerats från transaktionskostnader och redovisas separat. Jämfört med index utvecklades fonden väl som en följd av placeringar i Namnet på fondens ansvarige förvaltare. individuella bolag inom hälsovård, informationsteknologi och Ansvarig förvaltare: Joanne Wong, Franklin Templeton telekommunikationstjänster samt av bra aktieval i Indien. Därtill gynnades fonden Investments av en övervikt mot den kinesiska aktiemarknaden. Placeringar i Hyundai Motors, Placeringsinriktning: Fonden placerar i asiatiska aktier exkluderat DMCI Holdings och Halla Visteon belastade fondens relativavkastning. plaCERingsinRiktning Japan. Investering sker i aktier med stor potential till värdetillväxt. Jämförelseindexet är MSCI AC Asia ex Japan NR. Under det första halvåret 2015 gynnades fonden av att de flesta asiatiska valutor Här kan du se vilken typ av värdepapper som Handel med optioner, terminer och värdepapperslån: stärktes mot den svenska kronan. Fonden har tillstånd att handla med optioner, terminer och swapavtal. fonden placerar i och vilket index som fondens Fonden har under året i begränsad omfattning placerat i Framtida strategi avkastning jämförs med. aktieindexterminer i syfte att effektivisera förvaltningen. Fonden har Fonden har reducerat exponeringen mot flera av de kinesiska bolag som stigit enligt fondbestämmelserna möjlighet att lämna värdepapperslån. kraftigt under perioden. Dessutom har den aktiva andelen i fonden försiktigt ökats Fonden har inte utnyttjat denna möjlighet under perioden. genom placeringar i bolag som inte ingår i jämförelseindex. Bland dessa märks Jintian Pharmaceutical, E VA Precision, Casetec Holdings och Goldpac Group. HANDEL MED OPTIONER, TERMINER Förvaltaren ser fortsatt potential i Kina där tillväxten förväntas understödjas av det OCH VÄRDEPAPPERSLÅN pågående reformprogrammet. Däremot anser förvaltaren att vissa kinesiska aktier, framförallt på börserna i fastlandskina, är högt värderade. I övriga delar av Asien Har fonden handlat med optioner, terminer och ser förvaltaren möjligheter i Indien, Indonesien och Thailand som samtliga värdepapperslån redovisas det här. befinner sig i en tillväxtorienterad omstruktureringsfas. Detta förväntas leda till långsiktig tillväxt och positiv utveckling för aktiemarknaderna. I Sydkorea och Taiwan förväntas tillväxt och företagsvinster drivas av pågående reformarbeten. FONDENS TIO STÖRSTA INNEHAV 2015-06-30 Överlag ser förvaltaren långsiktigt positivt på Asien ur investeringssynpunkt. % av Största innehav kSEK fonden Starka tillväxtutsikter, generellt höga reserver av utländsk valuta, låg skuldsättning Samsung Electronics Co Ltd 175 997 5,7 samt potential till förstärkt tillväxt genom reformarbete är alla faktorer som talar Taiwan Semiconductor Mfg (2330) 106 076 3,4 för regionen. China Mobile Ltd 92 311 3,0 Övrigt AIA GROUP 91 911 3,0 Fondens väsentligaste risker på balansdagen är risk för förlust på grund av FONDENS TIO STÖRSTA INNEHAV China Construction Bank Corp 89 156 2,9 förändringar i marknadsvärdet på positioner i fonden till följd av ändringar i Du kan se hur stort belopp som fonden placerat Tencent Holdings 84 061 2,7 marknadsvariabler, för denna fond gäller det främst aktiepriser. I fonden finns även Industrial and Commercial Bank of China 76 703 2,5 risk för kursförändring i underliggande valutor i de finansiella instrument som Ltd i sina tio största innehav och hur stor del vart och fonden innehar. På grund av att det finns en osäkerhet kring vilken slutgiltig Torrent Pharmaceuticals Ltd 72 808 2,3 skattesats som ska användas avseende skatt på utdelningar i USA under 2014 – ett av innehaven utgör av fonden. China Life Insurance 55 665 1,8 2015, kan justeringar av utdelningsbeloppen under den perioden bli aktuella. Techtronic Industries Co 52 237 1,7 Aktiefonder 7 föRvaltaREns KOMMEntaR Förvaltaren berättar om förvaltningen och förklarar varför fondens avkastning avvikit från index. De vik- tigaste faktorerna som påverkat avkastningen redo- visas också tillsammans med en beskrivning av vilka förändringar förvaltaren gjort av fondens innehav. 4 ALLMÄN INFORMatION ÅRLIG AVKASTNING 5 ÅR Diagrammet visar avkastningen för fonden och jämförelseindex för vart och ett av de senaste åren. AKTIEFONDER Länsförsäkringar Asienfond AVKASTNING OCH RISK RESULTAT- OCH BALANSRÄKNING Alla belopp redovisas i kSEK varför avrundningsdifferenser kan förekomma. ÅRLIG AVKASTNING, 5 år RESULTATRÄKNING % kSEK 2015 2014 40 Intäkter och värdeförändring Värdeförändring på överlåtbara värdepapper 243 461 192 729 30 Värdeförändring på fondandelar - -893 Ränteintäkter 0 49 20 Utdelningar 47 743 32 534 RESULTATRÄKNING Valutakursvinster och -förluster netto -3 233 1 025 Resultaträkningen visar fondens intäkter och 10
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