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Semi Annual Financial Statements

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Semi Annual Financial Statements SPARX FUNDS PLC INTERIM REPORT AND UNAUDITED CONDENSED FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 NOVEMBER 2019 TO 30 APRIL 2020 SPARX Funds Plc Contents Company Information 2 Unaudited Statement of Financial Position 3 Unaudited Statement of Comprehensive Income 9 Unaudited Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 13 Unaudited Statement of Cash Flows 17 Notes to the Unaudited Financial Statements 21 Unaudited Schedule of Investments 33 Unaudited Schedule of Changes in Composition of Portfolio 43 Unaudited Disclosure of Remuneration Policy 50 1 SPARX Funds Plc COMPANY INFORMATION Registered Office: 33 Sir John Rogerson’s Quay, D02 XK09 Dublin 2, Ireland DIRECTORS DISTRIBUTOR Mr. Brian Wilkinson (Independent Non-executive) SPARX Overseas Ltd. Mr. Paul McNaughton (Chairman, Non-executive) 37 Front Street Mr. Brian Morikuni (Non-executive) (resigned on 30 Hamilton HM11 March 2020) Bermuda Mr. Alan Ng (Non-executive) Ms. Satomi Fujii (Non-executive) (appointed on 26 March 2020) Bridge Fund Management Limited Ferry House INVESTMENT ADVISORS 48-53 Mount Street Lower SPARX Asset Management Co., Ltd D2 PT98 Shinagawa Season Terrace 6F Dublin 2 1-2-70 Konan Ireland Minato-ku Tokyo, 108-0075 LEGAL ADVISOR AS TO IRISH LAW Japan Dillon Eustace 33 Sir John Rogerson’s Quay SPARX Asia Investment Advisors Limited D02 XK09 1706, 17th Floor, Central Plaza Dublin 2 18 Harbour Road Ireland Wanchai Hong Kong SECRETARY Tudor Trust Limited DEPOSITARY^ 33 Sir John Rogerson’s Quay HSBC France, Dublin Branch D02 XK09 1 Grand Canal Square Dublin 2 Grand Canal Harbour Ireland D02 P820 Dublin 2 MANAGER Ireland Bridge Fund Management Limited Ferry House AUDITORS 48-53 Mount Street Lower Grant Thornton D2 PT98 13-18 City Quay Dublin 2 D02 ED70 Ireland Dublin 2 Ireland ADMINISTRATOR HSBC Securities Services (Ireland) DAC 1 Grand Canal Square Grand Canal Harbour D02 P820 Dublin 2 Ireland 2 SPARX Funds Plc UNAUDITED STATEMENT OF FINANCIAL POSITION AS AT 30 APRIL 2020 SPARX SPARX JAPAN SPARX ONEASIA SPARX SMALLER JAPAN GROWTH ONEASIA SPARX COMPANIES SUSTAINABLE EQUITY ALL CAP TOTAL JAPAN FUND FUND EQUITY FUND FUND FUND* 30 APRIL 30 APRIL 30 APRIL 30 APRIL 30 APRIL 30 APRIL 2020 2020 2020 2020 2020 2020* NOTES JPY JPY JPY JPY USD USD ASSETS Cash and cash equivalents 6,084,481,847 5,885,236,724 3,054,947 145,048,416 479,454 - Financial assets at fair value through profit or loss - Transferable securities 4 139,454,928,200 130,391,279,960 252,370,440 8,309,361,960 4,705,461 - - Financial derivative instruments 4 10,336,217 10,067,297 - 268,920 - - Due from shareholders 693,140,146 690,012,941 - 3,127,205 - - Investments sold not yet settled 456,086,171 439,998,841 - 16,087,330 - - Dividends receivable 853,723,789 773,381,164 5,937,600 73,808,972 5,588 - Other receivables 7,148,820 - - 5,074,260 19,449 - TOTAL ASSETS 147,559,845,190 138,189,976,927 261,362,987 8,552,777,063 5,209,952 - LIABILITIES Financial liabilities at fair value through profit or loss - Financial derivative instruments 4 132,458,658 132,356,714 100,072 1,872 - - Due to shareholders 77,135,957 74,364,124 - 2,771,833 - - Investments purchased not yet settled 2 1,231,876,793 1,215,562,912 - 16,313,881 - - Investment advisory fees payable 2 86,950,157 83,606,405 575,930 2,377,315 3,661 - Administration fees payable 12,607,984 10,089,141 1,986,884 491,426 380 - Depositary fees payable 2 3,376,477 2,748,376 290,207 317,841 188 - Redemptions payable - - - - - - Other payables and accrued expenses 141,113,317 125,253,906 2,935,214 12,685,477 2,238 - TOTAL LIABILITIES 1,685,519,343 1,643,981,578 5,888,307 34,959,645 6,467 - NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES 145,874,325,847 136,545,995,349 255,474,680 8,517,817,418 5,203,485 - * SPARX OneAsia All Cap Fund is terminated on 30 June 2019. The accompanying notes form an integral part of these financial statements 3 SPARX Funds Plc UNAUDITED STATEMENT OF FINANCIAL POSITION AS AT 30 APRIL 2020 (CONTINUED) SPARX SPARX JAPAN SPARX ONEASIA SMALLER JAPAN GROWTH SPARX COMPANIES SUSTAINABLE EQUITY JAPAN FUND FUND EQUITY FUND FUND 30 APRIL 30 APRIL 30 APRIL 30 APRIL 2020 2020 2020 2020 Net Asset Value per share JPY Institutional A Class Shares ¥23,687 ¥20,711 - - JPY Institutional B Class Shares ¥16,784 ¥14,776 ¥9,558 - JPY Institutional C Class Shares ¥9,528 - - - JPY Institutional D Class Shares ¥9,550 - - - JPY Institutional E Class Shares - - ¥8,888 - USD Hedged Class A Shares $146 - - - USD Hedged Class B Shares $169 $148 - - USD Hedged Class C Shares $125 - - - USD Hedged Class D Shares $102 - - - USD Institutional E Class Shares $96 - - - EUR Hedged Class A Shares € 134 - - - EUR Hedged Class B Shares € 114 - - - EUR Hedged Class C Shares € 92 - - - GBP Hedged Class B Shares £117 - - - GBP Hedged Class C Shares - - £96 - GBP Institutional C Class Shares £110 - - - GBP Institutional D Class Shares £97 - £104 - GBP Institutional E Class Shares £98 - £96 - GBP Institutional F Class Shares £97 - £106 - USD Unhedged Class B Shares - - - $105 SPARX OneAsia All Cap Fund is terminated on 30 June 2019. The accompanying notes form an integral part of these financial statements 4 SPARX Funds Plc UNAUDITED STATEMENT OF FINANCIAL POSITION AS AT 30 APRIL 2020 (CONTINUED) SPARX SPARX JAPAN SPARX ONEASIA SMALLER JAPAN GROWTH SPARX COMPANIES SUSTAINABLE EQUITY JAPAN FUND FUND EQUITY FUND FUND 30 APRIL 30 APRIL 30 APRIL 30 APRIL 2020 2020 2020 2020 Number of shares in issue JPY Institutional A Class Shares 113,420 6,826 - - JPY Institutional B Class Shares 518,592 6,888 3 - JPY Institutional C Class Shares 5,410,341 - - - JPY Institutional D Class Shares 3,731,767 - - - JPY Institutional E Class Shares - - 24,700 USD Hedged Class A Shares 22,097 - - - USD Hedged Class B Shares 237,559 - - - USD Hedged Class C Shares 28,324 778 - - USD Hedged Class D Shares 581,317 - - - USD Institutional E Class Shares 6,197 - - - EUR Hedged Class A Shares 15,984 - - - EUR Hedged Class B Shares 48,994 - - - EUR Hedged Class C Shares 507,906 - - - GBP Hedged Class B Shares 267,722 - - - GBP Hedged Class C Shares - - 8,703 - GBP Institutional C Class Shares 139,369 - - - GBP Institutional D Class Shares 9,576 - 492 - GBP Institutional E Class Shares 880,517 - 641,658 - GBP Institutional F Class Shares 192,708 - 227 - USD Unhedged Class B Shares - - - 50,000 SPARX OneAsia All Cap Fund is terminated on 30 June 2019. The accompanying notes form an integral part of these financial statement 5 SPARX Funds Plc STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 2019 SPARX SPARX JAPAN SPARX ONEASIA SPARX SMALLER JAPAN GROWTH ONEASIA SPARX COMPANIES SUSTAINABLE EQUITY ALL CAP TOTAL JAPAN FUND FUND EQUITY FUND FUND FUND* 2019 2019 2019 2019 2019 2019 NOTES JPY JPY JPY JPY USD USD ASSETS Cash and cash equivalents 6 5,725,456,832 5,593,120,396 48,357,751 59,862,267 171,844 50,847 Financial assets at fair value through profit or loss - - Transferable securities 3 132,245,681,994 129,352,487,740 845,941,500 1,458,844,480 5,433,362 - - Financial derivative instruments 3 630,211 614,585 - 15,626 - - Due from shareholders 1,417,295,366 1,416,947,985 - 347,381 - - Investments sold not yet settled 4 125,666,777 103,987,967 - 357,714 196,879 - Dividends receivable 737,418,965 718,585,228 6,224,700 12,573,841 325 - Other receivables 5 1,659,952 - - - 15,328 - TOTAL ASSETS 140,253,810,097 137,185,743,901 900,523,951 1,532,001,309 5,817,738 50,847 LIABILITIES Financial liabilities at fair value through profit or loss - Financial derivative instruments 3 53,349,965 52,780,951 569,011 3 - - Due to shareholders 203,202,447 202,647,874 - 554,573 - - Investments purchased not yet settled 4 125,785,640 103,975,096 3,195,916 357,860 168,583 - Investment advisory fees payable 8 345,393,162 332,853,205 4,015,915 6,691,467 16,918 4 Administration fees payable 8 15,065,454 12,236,557 2,193,896 544,899 417 415 Depositary fees payable 8 3,556,164 2,946,718 302,670 283,817 212 - Redemptions payable 663,418 - - - - 6,126 Other payables and accrued expenses 7 133,641,993 123,018,282 2,672,486 3,051,290 944 44,302 TOTAL LIABILITIES 880,658,243 830,458,683 12,949,894 11,483,909 187,074 50,847 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES 139,373,151,854 136,355,285,218 887,574,057 1,520,517,400 5,630,664 - *Terminated sub fund The accompanying notes form an integral part of these financial statements 6 SPARX Funds Plc STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 2019 (CONTINUED) SPARX SPARX JAPAN SPARX ONEASIA SMALLER JAPAN GROWTH SPARX COMPANIES SUSTAINABLE EQUITY JAPAN FUND FUND EQUITY FUND FUND 31 OCTOBER 31 OCTOBER 31 OCTOBER 31 OCTOBER 2019 2019 2019 2019 Net Asset Value per share JPY Institutional A Class Shares ¥26,387 ¥23,180 - - JPY Institutional B Class Shares ¥18,641 ¥16,479 - - JPY Institutional C Class Shares ¥10,574 - - - JPY Institutional D Class Shares ¥10,623 - - - JPY B Class Shares - - ¥10,500 - JPY C Class Shares - - ¥10,402 - USD Hedged Class A Shares $162 - - - USD Hedged Class B Shares $186 $164 - - USD Hedged Class C Shares $138 - - - USD Hedged Class D Shares $112 - - - USD B Class Shares - - - $113 USD Institutional E Class Shares $105 EUR Hedged Class A Shares € 150 - - - EUR Hedged Class B Shares € 127 - - - EUR Hedged Class C Shares € 102 - - - GBP Hedged Class B Shares £131 - £106 - GBP C Class Shares - - £111 - GBP Institutional C Class Shares £116 - - - GBP Institutional D Class Shares £102 - - - GBP Institutional E Class Shares £103 - £100 - GBP Institutional F Class Shares £103 - - - SPARX OneAsia All Cap Fund is terminated on 30 June 2019.
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