LANDOLT INVESTMENT (LUX) SICAV
LANDOLT INVESTMENT (LUX) SICAV
Investment Company with Variable Capital ("SICAV") with multiple sub-funds governed by Luxembourg law
Organisme de Placement Collectif en Valeurs Mobilières ("OPCVM")
Audited Annual Report as at 31 December 2020
R.C.S. Luxembourg B 28.744
Subscriptions can only be made on the basis of the prospectus containing the data sheets of each individual Sub- Funds and on the basis of key investor information ("Key Information"). The prospectus may be distributed if accompanied with the latest annual report and the latest semi-annual report, if the latter is more recent than the annual report.
LANDOLT INVESTMENT (LUX) SICAV Contents
Contents Organisation ...... 4 General information of the Fund ...... 6 Manager's Report ...... 8 Report of the Réviseur d’Entreprises agréé ...... 13 Combined Statement of Net Assets as at 31 December 2020 ...... 16 Combined Statement of Operations and Changes in Net Assets from 1 January 2020 to the 31 December 2020 ...... 17 Statement of net assets as at 31 December 2020 ...... 18 Statement of Operations and Changes in Net Assets from 1 January 2020 to the 31 December 2020 ...... 21 Securities portfolio statement as at 31 December 2020 ...... 24 Geographical allocation of the securities portfolio as at 31 December 2020 ...... 30 Economic Allocation of the securities portfolio as at 31 December 2020 ...... 31 Allocation by Currency of the securities portfolio as at 31 December 2020 ...... 33 Changes occuring in the number of shares ...... 34 Changes in capital, total net assets and share value ...... 36 Notes to the financial statements as at 31 December 2020 ...... 37 Additional information (unaudited) as at 31 December 2020 ...... 42
LANDOLT INVESTMENT (LUX) SICAV Organisation
Organisation
Registered office : 12, rue Eugène Ruppert, L-2453 Luxembourg
Date of incorporation : 31 August 1988
Board of Directors of the fund : Chairman : - Charles MULLER, Independent Administrator
Members : - Elad Yaakov BEN-AM, Administrator, (Until 12 October 2020) Landolt & Cie S.A. - Philippe MASSET, Independent Administrator, (Since 20 April 2020) - Jane WILKINSON, Independent Administrator, (Since 20 April 2020) - Eric LOBET, Independent Administrator, (Until 20 April 2020)
Management Company : Degroof Petercam Asset Services S.A. 12, rue Eugène Ruppert, L-2453 Luxembourg
Investment Advisers: Comgest S.A. 17, Square Edouard VII, F-75009 Paris (For the Sub-Fund EUROPE SELECTION)
Managers : Landolt & Cie S.A. 6, chemin de Roseneck, CH-1006 Lausanne
KONWAVE A.G., (Since 1 June 2020) 1, Obstmarkt, CH-9100 Herisau, Switzerland (for the Sub-Fund GOLD)
Manager of the foreign exchange risk : Degroof Petercam Asset Services S.A. 12, rue Eugène Ruppert, L-2453 Luxembourg (for the Sub-Fund GOLD)
Depositary and Depositary of bearer shares : Banque Degroof Petercam Luxembourg S.A. 12, rue Eugène Ruppert, L-2453 Luxembourg
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LANDOLT INVESTMENT (LUX) SICAV Organisation
Domiciliary Agent, Administrative Agent, Transfer Agent and Register Agent : Degroof Petercam Asset Services S.A. 12, rue Eugène Ruppert, L-2453 Luxembourg
Auditor : KPMG Luxembourg, Société coopérative 39, avenue John F. Kennedy, L-1855 Luxembourg
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LANDOLT INVESTMENT (LUX) SICAV General information of the Fund
General information of the Fund
LANDOLT INVESTMENT (LUX) SICAV (" la SICAV") (the «SICAV») is a Luxembourg-law Investment Company with Variable Capital («SICAV»), incorporated on 31 August 1988. It is subject to amended law of 10 August 1915 and governed by Part I of the amended law of 17 December 2010 on undertakings for collective investment.
The articles of association of the SICAV are filed at the local and Luxembourg court registry where any interested party can view them or obtain a copy of them.
The semi-annual and annual reports, the net asset value, the issue price and the redemption price, and also all notices sent to holders of shares, are available from the registered office of the SICAV, the Management Company's registered office and the distributors.
The Annual General Meeting of shareholders of the SICAV is held at the registered office of the SICAV in Luxembourg at 10:00 am on the third Monday of April each year (if this day is not a legal working day or banking day in Luxembourg, on the following business day).
Financial notices will be published in the countries in which the SICAV is marketed and in a Luxembourg newspaper.
On the date of this report, the following Sub-Funds are available to investors: - LANDOLT INVESTMENT (LUX) SICAV EUROPE SELECTION (“EUROPE SELECTION") in EUR ; - LANDOLT INVESTMENT (LUX) SICAV GOLD (“GOLD”) in USD ; - LANDOLT INVESTMENT (LUX) SICAV Best Selection in Food Industry ("Best Selection in Food Industry") in CHF.
The Sub-Funds EUROPE SELECTION and GOLD offer the following capitalisation share classes, which differ depending on the accounting currency and the hedging policy: - shares of the "EUR" class denominated in EUR; - shares of the "USD" class denominated in USD, available only for the GOLD Sub-Fund.
The Sub-Fund Best Selection in Food Industry offers nine share classes that differ according to the accounting currency, the minimum initial subscription amount, the applicable management fee and the maximum net asset threshold: - shares of the “A USD”* class are denominated in USD; - shares of the “B USD”* class denominated in USD, with a minimum initial subscription of USD 1,000,000; - shares of the “A CHF” class are denominated in CHF; - shares of the “B CHF” class denominated in CHF, with a minimum initial subscription of CHF 1,000,000; - shares of the “A EUR” class are denominated in EUR; - shares of the “B EUR”* class denominated in EUR, with a minimum initial subscription of EUR 1,000,000; - shares of the “S46060 USD” class denominated in USD, with a minimum initial subscription of USD 4,000,000. This share class differs from other share classes in particular in that it has a maximum net asset threshold; - shares of the “S46060 CHF” class denominated in CHF, with a minimum initial subscription of CHF 4,000,000. This share class differs from other share classes in particular in that it has a maximum net asset threshold; - shares of the “S46060 EUR” class denominated in EUR, with a minimum initial subscription of EUR 4,000,000. This share class differs from other share classes in particular in that it has a maximum net asset threshold. * Classes not yet active
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LANDOLT INVESTMENT (LUX) SICAV General information of the Fund
The "EUR" class of GOLD Sub-Fund benefits from a risk management technique designed to hedge it as effectively as possible against the exchange risk linked to the Sub-Fund's reference currency, by using of hedging techniques and instruments.
The net asset value of the SICAV is determined for all sub-funds on each working day in Luxembourg. If a valuation day falls on an official public or bank holiday in Luxembourg, the valuation day will be the next working day.
The net asset value is calculated on the basis of the last known prices on the markets where the securities held in the portfolio are mainly traded.
The SICAV publishes an audited annual report on the last day of the financial year and an unaudited semi- annual report on the last day of the sixth month of that year.
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LANDOLT INVESTMENT (LUX) SICAV Manager's Report
Manager's Report
Europe Selection
Europe Selection rose by 10.7% in 2020 compared with a 6% gain in its MSCI Europe benchmark.
Over a 30-year history, never before had the notion of quality been so sorely tested as in 2020 with the COVID-19 crisis. The European Commission anticipates a fall of over 7% in European GDP, which represents its sharpest ever peacetime drop. We are living through a crisis of an unprecedented nature: whereas previous crises were demand-driven, the current situation combines both demand and supply shocks. Shops, bars and restaurants have been closed, and planes grounded. Many companies have been faced with the somewhat strange situation of having goods or services available to sell and clients ready to buy them, but without the means to satisfy demand. This crisis has tested all aspects of quality, from the protection of revenue streams to balance sheet strength, not forgetting the ability to react to highly volatile economic conditions. The unprecedented fiscal and monetary measures taken in the wake of the strong correction in March, combined with the progress made on the development of COVID-19 vaccines towards the end of the year, resulted in an upturn in global stock markets.
The quality-based approach certainly had a beneficial impact on performance in 2020. The defensive nature of the revenue streams of some securities proved crucial. Most of the portfolio’s healthcare shares held up well. Demand remained strong for the oncology drugs of Roche, which save or extend a large number of lives each year, and for the Novo Nordisk medicines for the treatment of diabetes. Lonza should benefit from the launch of the vaccine developed by Moderna, for which it is a key production partner, whilst Ambu profited from rising demand for single-use sterile endoscopes. Some of our technology holdings performed extremely well. Demand for the latest generation of ASML’s EUV systems remained strong. We estimate that its 2020 earnings rose by 26%. Online payments specialist Adyen also showed strong results on the back of accelerating demand for online services. Overall, we estimate that close to two thirds of the portfolio saw little damage, or benefited, from the crisis.
Companies with less defensive revenue streams excelled with their swift reaction times. At the very start of the crisis, Amplifon had relatively high debt levels and a model based exclusively on retail sales, but its flexible cost management and high cash flow generation enabled it to emerge relatively unscathed from the crisis. L’Oréal benefited from years of investment in e-commerce and digital marketing capabilities, and as online sales exploded, the world leader in beauty successfully returned to growth in the third quarter, despite the strong pressure that continues to depress retail sales in the travel segment.
Ultimately, the crisis represented a unique opportunity for some players to consolidate their dominant positions. Ryanair took advantage of the downturn at its competitors to reduce costs further, while signing a new long-term contract with Boeing that guarantees its future growth. We believe that Ryanair will emerge stronger from the crisis, and in a better position to exploit the numerous growth opportunities with which it will be presented.
The crisis also offered the opportunity to test the ESG values of our holdings. Along with many other portfolio companies, Ferrari continued to pay full wages even when production was interrupted. The company also provided its employees, their families, and its suppliers with COVID-19 testing centres, and provided support for all employees who tested positive. But the aid provided by companies was not limited solely to employees. L’Oréal froze receivables payments for over 100,000 of its clients, such as independent hairdressing salons; at the same time, it brought forward its due dates for payments to close to 9,000 suppliers. LVMH used its production capacities to produce hand sanitiser, which it then donated to healthcare professionals and charities. The crisis allowed us to test not only the financial strength of the shares in the portfolio, but also their duty of care to their employees, clients, suppliers or society as a whole.
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LANDOLT INVESTMENT (LUX) SICAV Manager's Report
In 2020, we initiated four positions in the portfolio and liquidated three others. The correction in the spring provided us with the opportunity to strengthen our positions in software provider SimCorp and Teleperformance, the global leader in outsourced customer experience management. Later in the year we took a position in the recently listed technology company Prosus, which has a major holding in Chinese internet company Tencent. We also initiated a position in Linde plc, the world’s largest industrial gases company, on the basis of its resilient economic model, high barriers to entry, a performance culture inherited from Praxair, and its medium to long term opportunities, particularly in the area of hydrogen. We sold holdings in Fresenius, Associated British Foods and Genmab.
We used the high volatility and extremely heterogeneous returns within the portfolio during the year as an opportunity to adjust the size of holdings based on their valuations: in particular, we took profits in securities such as Lonza, Coloplast and Ambu. In contrast, at the start of the year we strengthened certain holdings such as Ferrari, Campari and Amplifon.
As we write this, many European countries have started their vaccination campaigns. The crisis is far from over, but we can at last see the light at the end of the tunnel. Attention is therefore now focused on the form that the recovery will take, and economists are predicting a broad range of scenarios. As was the case in previous crises, we are convinced that companies that have held up well will emerge strengthened from this crisis. This will support a K-shaped recovery, not only within sectors, but also between sectors, against a backdrop of accelerating digital and environmental transition. Sound companies that are managed on the basis of a long-term strategy consider crises not so much as short-term threats as long -term opportunities.
The portfolio saw its first fall in earnings since its launch (although to a lesser extent than the market) and we forecast a strong bounce in 2021, despite the negative impact from the depreciation of the US dollar. Furthermore, we continue to see many growth options for the securities in the portfolio. More than ever, we shall continue to focus on the search for high-quality companies with the potential to be long-term winners and capable of flourishing in the post-COVID-19 era.
GOLD
The USD share class of the GOLD sub-fund rose by 37.32% in 2020.
Gold closed 2020 up 25.1% at USD 1,898.36 per ounce. Although gold and gold companies suffered from the general market weakness during spring 2020, they subsequently benefited from a rise in demand and once again demonstrated their potential for diversification during the year.
A general recovery in small caps and strong stock picking were the key factors in the fund’s outperformance of its benchmark index and ETFs. Within our universe, Australian gold companies underperformed, whilst companies operating in the silver segment and those active in exploration and development performed very well.
At portfolio level, the main positive contributions came from Alamos, Argonaut and Aya Gold and Silver among the producers, and from Sabina Gold & Silver, Marathon Gold, MAG Silver and Skeena Resources among exploration and development companies. Among the negative contributors, we would highlight Pretium Resources, Torex Gold Resources, White Gold, Newcrest Mining and Gold Star Resources in particular.
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LANDOLT INVESTMENT (LUX) SICAV Manager's Report
During the financial year, management of the fund moved to a system of co-management between Landolt & Cie SA and Konwave AG. Landolt is responsible for the investment strategy, whilst Konwave looks after stock selection.
Changes made to the portfolio consisted primarily of increasing the exposure to quality growth companies and reducing the exposure to relatively expensive companies. Accordingly, we downgraded our exposure to Australian gold companies, which had a positive impact on performance. Holdings in Barrick, Roxgold, Rubicon, Gold Standard Ventures, Teranga and Wheaton Precious Metals were also sold on the grounds of valuation. Among companies with the highest market capitalisations, we increased our positions in Kinross and Goldfields, as both companies have low valuations and are extremely sensitive to changes in the gold price.
As for companies operating in the silver segment, we added Pan American Silver to the portfolio, as a high- quality company with a sound management. Several companies were added in the small cap segment, including Skeena Resources, Aya Gold & Silver and Revival and Tristar; this raises the number of exploration and development companies held by the fund and at the same time increases our diversification among small cap companies.
The COVID-19 crisis had a negative impact on gold production, as most mines were either closed or forced to operate with limited manpower. However, the industry managed the impact of the pandemic well. Indeed. In any event, risk management is a key element of the business.
There were a number of mergers of equals among medium-sized companies and several opportunistic acquisitions, despite the fact that the pandemic made M&A transactions more complicated, in particular, as on-site due diligence procedures were no longer possible. As soon as the healthcare situation allows, we expect many other transactions to follow, given the improvement in cash flow generation and relatively empty pipelines of medium and large-sized companies. The fund should benefit from this trend, given its bias to small caps. In addition, the gold price should continue to rise as a result of monetary and fiscal stimulus measures and the likelihood of a renewed fall in real rates.
Valuations for gold companies are discounting a lower price for gold than the current price; this provides significant catch-up potential once investors realise that current or even higher gold prices are sustainable. Cash flows and earnings forecasts are likely to rise further, as are dividends. This situation is likely to boost interest in the asset class and the number of investors, and could lead to a rerating for the gold mining segment where valuations are still very low. Small cap gold companies should continue to produce above- average performance, as should companies operating in the silver segment. The outlook for the fund for 2021 is therefore promising.
Best Selection in Food Industry
The CHF B share class of the Best Selection in Food Industry sub-fund fell by 0.79% in 2020.
2020 will go down as a milestone year in many respects. The pandemic brought the global economy to a halt, resulting in one of the greatest economic shocks ever recorded and unprecedented monetary and fiscal measures in response. In our thematic area, a tiny virus proved the ultimate catalyst for change, and a clear illustration of the power of these catalysts to accelerate existing trends. Some developments that could have taken three years to realise were accomplished in less than three months. We are thinking specifically of the adoption of plant-based meat substitutes or home meal delivery services. As most of our themes are
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LANDOLT INVESTMENT (LUX) SICAV Manager's Report
designed to benefit from such changes, it is no surprise that our most innovative themes, such as sustainable packaging and organic or vegetarian food, continue to dominate our allocation.
We slightly modified the names of our eight key sub-themes in 2020 as follows: Food Safety & Clean Label Sustainable Packaging Nutrition & Functional Foods (formerly Dairy & Probiotics) Agritech and Food Automation Online Food (formerly New Way of Consuming) Plant-Based & Organic Foods (formerly Plant-based Food and Organic & Natural Products) Aquaculture Special Situation
The Special Situation sub-theme did not exist previously. It refers to companies that cannot be considered as revolutionary today, but are trying to reinvent themselves to provide a better response to consumer demands. This sub-theme made a positive contribution, thanks in particular to Archer Daniels Midland (ADM), which is one of the main commodity brokers worldwide, alongside Cargyll, Dreyfus and Bunge. The company holds a leading position in a certain number of key categories of protein, fat and cereal processing. It gained its first exposure to flavours with the acquisition of flavours and fragrances specialist Wild Flavors in 2014, and recently expanded this area further with the specialist pet nutrition business Neovia. The market is only just beginning to recognise that these deals represent a strategic turning point and have moved the group from a commodities sector player into a premium segment exposed to secular growth trends and with high barriers to entry.
Our best contribution last year came from US company Hain Celestial in the Plant-Based & Organic Foods sub-theme. The new management has understood the importance of rationalising its portfolio, and following the sale of certain underperforming brands, Hain Celestial’s margins surprised on the upside. 2020 therefore represented a decisive turning point and the promise of better things to come.
Our contact with the company confirmed our expectations and Hain made a positive 2.73% contribution to performance.
Celsius sells energy drinks and specifically targets consumers concerned about healthy food choices and physical fitness. The company’s sales and market share exploded during the COVID-19 crisis thanks in particular to its strong position online, where it appears third after Monster and Red Bull on Amazon’s US platform. The total return of the share was 415%, resulting in a positive performance contribution by Celsius to the fund of 2.35%.
Two sub-themes performed particularly well in 2020: Sustainable Packaging and Online Food.
The healthcare crisis and various lockdowns around the world provided a boost for online sales in general, and home meal delivery services and meal kit producers were no exception. Meal kits are ordered online, and a package of all the ingredients required to produce a specific recipe are delivered to the buyer’s home. Our exposure to this theme consists of HelloFresh in Germany and GoodFood Market in Canada. Meal delivery services also made a positive contribution via our holdings in JustEat, Takeaway and Delivery Hero. This segment was also subject to a high degree of consolidation during the year, with the merger of JustEat and Takeaway, followed by the takeover of GrubHub.
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LANDOLT INVESTMENT (LUX) SICAV Manager's Report
The best performances in the sustainable packaging theme were provided by SIG Combibloc (contribution of 2.30%), WestRock (1.52%), TOMRA (0.74%) and Carbios (0.19%). In contrast, Huhtamaki, which has much higher exposure to the restaurant sector, made a negative contribution of 0.82%.
In contrast to 2019, aquaculture underperformed our investment universe. We cut our exposure significantly, with gradual reductions over the course of the year, from 12% at the end of 2019 to 5% at the end of 2020. We have retained positions in Salmar (the sector leader), Norway Royal Salmon (with its niche position in the north of Norway) and Bakkafrost (niche position in the Faroe Isles). We also initiated a small position in Atlantic Sapphire last summer, which approved the first phase of its land-based farm in Miami and is in the process of revolutionising the industry.
Our worst contributions came from the agritech sector (CNH Industrial, Bucher Industries and Elanco) and from Elior. The closure of schools and then offices brought the latter to an abrupt standstill, despite having started the year with the promise of a strong improvement in margins.
With no prospect of a return to normality, and homeworking widespread, we took the opportunity offered by a partial bounce in the spring to close our position.
In 2020, the fund fell by 0.8% in CHF, was flat in EUR, and rose by 9.0% in USD. Our allocation by market capitalisation at the end of 2020 highlights our overweight in small and mid-cap companies. We ended the year with a cash position of around 2%.
Far removed from speculation, or the extrapolation of known events that are therefore already reflected in share prices, thematic investing focuses on catalysts for change that are not expected or properly discounted by the market, but are capable of creating significant value uplifts over the long term or speeding up pre- existing trends. This is why our portfolio is constantly evolving and focuses on anticipating changes in the agri-foodstuffs industry, which is undergoing fundamental transformation. The rules of the game are in the process of being rewritten, both by the COVID-19 crisis and the combined forces of generational, socio- political, economic and technological change. For example, the new US government and the implementation of the European Green Deal will undoubtedly have a positive impact on our portfolio. Transformation is underway in the food sector, the cards are being shuffled and new hands dealt to create tomorrow’s winners, which are the target holdings of our portfolio.
Luxembrg, 22 February 2021.
12 KPMG Luxembourg, Société Coopérative Tel.: +352 22 51 51 1 39, Avenue John F. Kennedy Fax: +352 22 51 71 L-1855 Luxembourg E-mail: [email protected]
Internet: www.kpmg.lu
Report of the Réviseur d’Entreprises agréé
To the Shareholders of LANDOLT INVESTMENT (LUX) SICAV 12, Rue Eugène Ruppert L - 2453 Luxembourg
REPORT OF THE REVISEUR D'ENTREPRISES AGREE
Opinion
We have audited the accompanying financial statements of LANDOLT INVESTMENT (LUX) SICAV ("the Fund"), which comprise the statement of net assets and the schedule of investments as at 31 December 2020 and the statement of operations and changes in net assets for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying financial statements give a true and fair view of the financial position of LANDOLT INVESTMENT (LUX) SICAV as at 31 December 2020, and of the results of its operations and changes in its net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements.
Basis for opinion
We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession ("Law of 23 July 2016") and with International Standards on Auditing ("ISAs") as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier ("CSSF"). Our responsibilities under the Law of 23 July 2016 and ISAs are further described in the « Responsibilities of "Reviseur d'Entreprises agree" for the Audit of the Financial Statements » section of our report. We are also independent of the Fund in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants ("IESBA Code") as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the financial statements, and have fulfilled our other ethical responsibilities under those ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other information
The Board of Directors of the Fund is responsible for the other information. The other information comprises the information stated in the annual report but does not include the financial statements and our report of "Reviseur d'Entreprises agree" thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report this fact. We have nothing to report in this regard. éviseur d’Entreprises agr éé
KPMG Luxembourg, Société Coopérative, a Luxembourg entity and a T.V.A. LU 27351518 member firm of the KPMG network of independent member firms R.C.S. Luxembourg B 149133 affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. 13
Responsibilities of Board of Directors of the Fund for the financial statements
The Board of Directors of the Fund is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of Directors of the Fund determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors of the Fund is responsible for assessing the Fund's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors of the Fund either intends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so.
Responsibilities of the "Reviseur d 'Entreprises agree" for the audit of the financial statements
The objectives of our audit are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a report of "Reviseur d'Entreprises agree" that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: — Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. — Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control. — Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors of the Fund. — Conclude on the appropriateness of the Board of Directors of the Fund's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report of the "Reviseur d'Entreprises agree" to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our report of the "Reviseur d'Entreprises agree". However, future events or conditions may cause the Fund to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide corporate governance officials with a statement that we have complied with the relevant ethical rules regarding independence and disclose to them all relationships and other factors that can reasonably be considered likely to affect our independence and related safeguards, if any.
Luxembourg, 30 March 2021 KPMG Luxembourg Société coopérative Cabinet de révision agréé
P. Perichon
15 LANDOLT INVESTMENT (LUX) SICAV Combined Statement of Net Assets as at 31 December 2020
Combined Statement of Net Assets as at 31 December 2020 The accompanying notes form an integral part of these Financial St atements.
COMBINED NOTES (IN EUR)
Assets
Investments in securities 1a 111,006,135.39 Cash at banks 2,068,409.04 Dividends receivable on shares 7,177.37 Amounts receivable on subscriptions 23,105.80 Unrealised gain on forward exchange contracts 10 81,521.84
Total Assets 113,186,349.44
Liabilities
Taxes and Expenses payable 3 432,755.89 Overdraft interest 1,339.51 Amounts payable on redemptions 91,853.93
Total Liabilities 525,949.33
Net assets at the end of the year 112,660,400.11
The accompanying notes form an integral part of these Financial Statements. 16 LANDOLT INVESTMENT (LUX) SICAV Combined Statement of Operations and Changes in Net Assets from 1 January 2020 to the 31 December 2020
Combined Statement of Operations and Changes in Net Assets from 1 January 2020 to the 31 December 2020 Combined Statement of Operations and Changes in Net Assets from 1 January 2020 to the 31 December 2020 The accompanying notes form an integral part of these Financial St atements.
COMBINED NOTES (IN EUR)
Income
Dividends, net of taxes 1g 1,077,410.20 Interest on cash accounts 222.01 Commission on subscriptions and redemptions 6 21.25 Tax claim 454.29
Total Income 1,078,107.75
Expenses
Management Fee 4 1,343,449.79 Hedging fee 8 4,351.99 Depositary fees 5 42,171.37 Subscription tax 7 99,639.53 Administration fees 9 210,393.10 Miscellaneous fees 136,572.73 Transaction fees 342,838.28 Overdraft interest 20,865.65 Taxes paid to foreign authorities 17,366.41
Total Expenses 2,217,648.85
Net Profit / (Loss) -1,139,541.10
Net Realised Profit / (Loss)
- on investments 1b -1,963,421.34 - on currencies -23,069.14 - on forward exchange contracts 254,976.06
Total Net Realised Profit / (Loss) -2,871,055.52
Change in Net Unrealised Appreciation or Depreciation
- on investments 1e 12,654,057.18 - on forward exchange contracts 17,597.12
Result of operations 9,800,598.78
- Subscriptions 23,114,341.99 - Redemptions -44,822,279.57
Net changes in Net Assets -11,907,338.80
Net assets at the beginning of the year 127,218,040.16
Currency difference of the net assets of the 01.01.20 to the 31.12.20 1j -2,650,301.25
Net assets at the end of the year 112,660,400.11
The accompanying notes form an integral part of these Financial Statements. 17 LANDOLT INVESTMENT (LUX) SICAV Statement of net assets as at 31 December 2020
Statement of net assets as at 31 December 2020 The accompanying notes form an integral part of these Financial St atements.
EUROPE SELECTION
VALUE NOTES (IN EUR)
Assets
Investments in securities 1a 26,624,509.70 Cash at banks 343,763.97 Dividends receivable on shares 754.46 Amounts receivable on subscriptions 0.00 Unrealised gain on forward exchange contracts 10 0.00
Total Assets 26,969,028.13
Liabilities
Taxes and Expenses payable 3 108,117.54 Overdraft interest 85.89 Amounts payable on redemptions 85,073.25
Total Liabilities 193,276.68
Net assets at the end of the year 26,775,751.45
Number of Shares Outstanding
(at the end of the exercice) - EUR 7,897.793
Net Asset Value per Share
(at the end of the exercice) - EUR 3,390.28
The accompanying notes form an integral part of these Financial Statements. 18 LANDOLT INVESTMENT (LUX) SICAV Statement of net assets as at 31 December 2020
GOLD
VALUE NOTES (IN USD)
Assets
Investments in securities 1a 30,673,153.67 Cash at banks 398,407.21 Dividends receivable on shares 0.00 Amounts receivable on subscriptions 0.00 Unrealised gain on forward exchange contracts 10 99,746.05
Total Assets 31,171,306.93
Liabilities
Taxes and Expenses payable 3 154,555.68 Overdraft interest 1.03 Amounts payable on redemptions 8,296.50
Total Liabilities 162,853.21
Net assets at the end of the year 31,008,453.72
Number of Shares Outstanding
(at the end of the exercice) - EUR 84,363.427 - USD 468,756.782
Net Asset Value per Share
(at the end of the exercice) - EUR 44.59 - USD 56.33
The accompanying notes form an integral part of these Financial Statements. 19 LANDOLT INVESTMENT (LUX) SICAV Statement of net assets as at 31 December 2020
Best Selection in Food Industry
VALUE NOTES (IN CHF)
Assets
Investments in securities 1a 64,149,587.34 Cash at banks 1,513,120.05 Dividends receivable on shares 6,946.70 Amounts receivable on subscriptions 24,990.08 Unrealised gain on forward exchange contracts 10 0.00
Total Assets 65,694,644.17
Liabilities
Taxes and Expenses payable 3 214,494.00 Overdraft interest 1,354.94 Amounts payable on redemptions 0.00
Total Liabilities 215,848.94
Net assets at the end of the year 65,478,795.23
Number of Shares Outstanding
(at the end of the exercice) - A CHF 99,751.030 - A EUR 53,039.175 - B CHF 106,715.002 - S46060 CHF 276,235.000 - S46060 EUR 19,380.000 - S46060 USD 108,507.000
Net Asset Value per Share
(at the end of the exercice) - A CHF 90.68 - A EUR 101.16 - B CHF 92.51 - S46060 CHF 101.95 - S46060 EUR 100.86 - S46060 USD 109.29
The accompanying notes form an integral part of these Financial Statements. 20 LANDOLT INVESTMENT (LUX) SICAV Statement of Operations and Changes in Net Assets from 1 January 2020 to the 31 December 2020
Statement of Operations and Changes in Net Assets from 1 January 2020 to the 31 December 2020 Statement of Operations and Changes in Net Assets from 1 January 2020 to the 31 December 2020 The accompanying notes form an integral part of these Financial St atements.
EUROPE SELECTION
VALUE NOTES (IN EUR)
Income
Dividends, net of taxes 1g 234,260.22 Interest on cash accounts 0.00 Commission on subscriptions and redemptions 6 0.00 Tax claim 325.27
Total Income 234,585.49
Expenses
Management Fee 4 409,255.00 Hedging fee 8 0.00 Depositary fees 5 10,681.25 Subscription tax 7 14,981.12 Administration fees 9 49,957.44 Miscellaneous fees 34,662.66 Transaction fees 63,512.78 Overdraft interest 839.07 Taxes paid to foreign authorities 3,727.69
Total Expenses 587,617.01
Net Profit / (Loss) -353,031.52
Net Realised Profit / (Loss)
- on investments 1b 1,826,562.90 - on currencies -9,859.70 - on forward exchange contracts 0.00
Total Net Realised Profit / (Loss) 1,463,671.68
Change in Net Unrealised Appreciation or Depreciation
- on investments 1e 18,448.87 - on forward exchange contracts 0.00
Result of operations 1,482,120.55
- Subscriptions 5,477,672.87 - Redemptions -8,482,388.82
Net changes in Net Assets -1,522,595.40
Net assets at the beginning of the year 28,298,346.85
Net assets at the end of the year 26,775,751.45
The accompanying notes form an integral part of these Financial Statements. 21 LANDOLT INVESTMENT (LUX) SICAV Statement of Operations and Changes in Net Assets from 1 January 2020 to the 31 December 2020
GOLD
VALUE NOTES (IN USD)
Income
Dividends, net of taxes 1g 127,524.87 Interest on cash accounts 114.00 Commission on subscriptions and redemptions 6 26.00 Tax claim 0.00
Total Income 127,664.87
Expenses
Management Fee 4 525,529.99 Hedging fee 8 5,324.88 Depositary fees 5 13,692.35 Subscription tax 7 17,858.18 Administration fees 9 76,810.81 Miscellaneous fees 55,244.47 Transaction fees 79,074.88 Overdraft interest 556.70 Taxes paid to foreign authorities 6,902.96
Total Expenses 780,995.22
Net Profit / (Loss) -653,330.35
Net Realised Profit / (Loss)
- on investments 1b 5,516,588.59 - on currencies 98,442.76 - on forward exchange contracts 311,975.97
Total Net Realised Profit / (Loss) 5,273,676.97
Change in Net Unrealised Appreciation or Depreciation
- on investments 1e 4,928,651.64 - on forward exchange contracts 21,530.96
Result of operations 10,223,859.57
- Subscriptions 4,494,732.53 - Redemptions -24,045,932.03
Net changes in Net Assets -9,327,339.93
Net assets at the beginning of the year 40,335,793.65
Net assets at the end of the year 31,008,453.72
The accompanying notes form an integral part of these Financial Statements. 22 LANDOLT INVESTMENT (LUX) SICAV Statement of Operations and Changes in Net Assets from 1 January 2020 to the 31 December 2020
Best Selection in Food Industry
VALUE NOTES (IN CHF)
Income
Dividends, net of taxes 1g 799,183.95 Interest on cash accounts 139.35 Commission on subscriptions and redemptions 6 0.00 Tax claim 139.54
Total Income 799,462.84
Expenses
Management Fee 4 545,839.15 Hedging fee 8 0.00 Depositary fees 5 21,954.87 Subscription tax 7 75,776.67 Administration fees 9 105,622.71 Miscellaneous fees 61,387.80 Transaction fees 232,206.70 Overdraft interest 21,167.65 Taxes paid to foreign authorities 8,649.13
Total Expenses 1,072,604.68
Net Profit / (Loss) -273,141.84
Net Realised Profit / (Loss)
- on investments 1b -8,975,413.61 - on currencies -101,304.57 - on forward exchange contracts 0.00
Total Net Realised Profit / (Loss) -9,349,860.02
Change in Net Unrealised Appreciation or Depreciation
- on investments 1e 9,309,388.60 - on forward exchange contracts 0.00
Result of operations -40,471.42
- Subscriptions 15,101,845.93 - Redemptions -18,048,145.39
Net changes in Net Assets -2,986,770.88
Net assets at the beginning of the year 68,465,566.11
Net assets at the end of the year 65,478,795.23
The accompanying notes form an integral part of these Financial Statements. 23 LANDOLT INVESTMENT (LUX) SICAV Securities portfolio statement as at 31 December 2020
Securities portfolio statement as at 31 December 2020 The accompanying notes form an integral part of these Financial St atements. EUROPE SELECTION
% Total Cost Evaluation value Investment Quantity CCY Net (in EUR) (in EUR) Assets
Transferable securities admitted to an official stock exchange or
dealt in on another regulated market
Shares & Related Securities
LINDT & SPRUENGLI 106 CHF 499,047.88 845,804.63 3.16% LONZA GROUP A.G. -REG- 1,295 CHF 333,871.34 681,055.89 2.54% ROCHE HLDG A.G. -PARTICIPATION CERTIFICATE- 4,677 CHF 1,204,629.76 1,336,223.94 4.99% SIKA AG-REG 2,952 CHF 334,452.85 659,972.82 2.46% STRAUMANN HLDG A.G. 570 CHF 322,010.90 543,622.58 2.03% TEMENOS A.G. 4,934 CHF 549,353.82 564,087.74 2.11%
Total SWISS FRANC 3,243,366.55 4,630,767.60 17.29%
AMBU A/S -B- 11,683 DKK 201,684.22 413,110.26 1.54% CHR. HANSEN HLDG 2,736 DKK 175,873.93 230,246.78 0.86% COLOPLAST A/S -B- 2,005 DKK 138,601.60 250,401.09 0.94% NOVO NORDISK -B- 20,795 DKK 895,837.05 1,191,945.50 4.45% SIMCORP AS 1,524 DKK 111,477.36 185,395.48 0.69%
Total DANISH KRONE 1,523,474.16 2,271,099.11 8.48%
ADYEN 210 EUR 155,684.30 400,050.00 1.49% AMADEUS IT GROUP S.A. 11,032 EUR 514,757.47 657,065.92 2.45% AMPLIFON Spa 14,013 EUR 316,016.86 477,002.52 1.78% ASML HOLDING NV 4,513 EUR 887,047.00 1,794,143.15 6.70% DASSAULT SYSTEMES S.A. 5,579 EUR 592,064.61 926,950.85 3.46% DAVIDE CAMPARI-MILANO N.V. 46,162 EUR 353,737.63 431,153.08 1.61% ESSILOR LUXOTTICA S.A. 9,519 EUR 932,952.22 1,214,148.45 4.53% FERRARI N.V. 3,033 EUR 365,195.32 572,175.45 2.14% HEINEKEN N.V. -CF VORM- 12,405 EUR 996,893.46 1,131,584.10 4.23% HERMES INTERNATIONAL S.A. 388 EUR 167,835.83 341,284.80 1.27% INDUSTRIA DE DISENO TEXTIL S.A. 39,341 EUR 985,294.52 1,024,439.64 3.83% JERONIMO MARTINS SGPS S.A. 47,627 EUR 719,044.07 658,205.14 2.46% L'OREAL 447 EUR 89,933.25 138,927.60 0.52% L'OREAL S.A. PRIME DE FIDELITE 1,972 EUR 359,199.80 612,897.60 2.29% LINDE PLC 1,275 EUR 265,908.53 271,575.00 1.01% LVMH MOET HENNESSY.LOUIS VUITTON SE 2,139 EUR 635,550.69 1,092,815.10 4.08% MTU AERO ENGINES A.G. 3,641 EUR 502,663.81 776,989.40 2.90% ORPEA 6,425 EUR 645,093.38 691,008.75 2.58% PROSUS NV 9,142 EUR 802,738.84 807,787.12 3.02% RYANAIR HLDG PLC 31,204 EUR 391,636.20 513,773.86 1.92% SAP A.G. 5,887 EUR 519,915.61 631,204.14 2.36% TELEPERFORMANCE 2,451 EUR 578,092.36 664,956.30 2.48%
Total EURO 11,777,255.76 15,830,137.97 59.12%
EXPERIAN PLC 18,470 GBP 377,075.07 573,021.90 2.14% HALMA PLC 9,830 GBP 150,650.44 268,949.50 1.00% UNILEVER PLC 9,908 GBP 499,298.56 486,157.26 1.82%
Total BRITISH POUND 1,027,024.07 1,328,128.66 4.96%
The accompanying notes form an integral part of these Financial Statements. 24 LANDOLT INVESTMENT (LUX) SICAV Securities portfolio statement as at 31 December 2020
EUROPE SELECTION
% Total Cost Evaluation value Investment Quantity CCY Net (in EUR) (in EUR) Assets
ASSA ABLOY AB -B- 29,342 SEK 529,719.84 591,307.66 2.21%
Total SWEDISH KRONA 529,719.84 591,307.66 2.21%
ACCENTURE PLC -A- 4,261 USD 656,956.07 909,661.08 3.40% ICON PLC 4,109 USD 574,884.91 654,793.69 2.45%
Total U.S. DOLLAR 1,231,840.98 1,564,454.77 5.84%
Total Shares & Related Securities 19,332,681.36 26,215,895.77 97.91%
Total Transferable securities admitted to an official stock 19,332,681.36 26,215,895.77 97.91% exchange or dealt in on another regulated market
Investment funds
AMUNDI SERENITE PEA -IC- -CAP- 37 EUR 411,998.41 408,613.93 1.53%
Total EURO 411,998.41 408,613.93 1.53%
Total Investment funds 411,998.41 408,613.93 1.53%
Total Portfolio 19,744,679.77 26,624,509.70 99.44%
The accompanying notes form an integral part of these Financial Statements. 25 LANDOLT INVESTMENT (LUX) SICAV Securities portfolio statement as at 31 December 2020
GOLD
% Total Cost Evaluation value Investment Quantity CCY Net (in USD) (in USD) Assets
Transferable securities admitted to an official stock exchange or
dealt in on another regulated market
Shares & Related Securities
AGNICO EAGLE MINES LTD 20,000 CAD 868,985.59 1,406,438.86 4.54% ALAMOS GOLD -A- INC. 200,000 CAD 1,207,964.40 1,745,685.91 5.63% ARGONAUT GOLD INC. 800,000 CAD 2,474,234.57 1,720,568.13 5.55% ELDORADO GOLD CORP. 110,000 CAD 992,006.25 1,456,595.93 4.70% ENDEAVOUR MINING CORP. 25,000 CAD 595,964.39 581,241.20 1.87% FORTUNA SILVER MINES INC. 100,000 CAD 546,667.90 821,037.53 2.65% GOLDEN ARROW RESOURCES CORP. 1,248,500 CAD 441,397.68 176,397.48 0.57% GOLDEN STAR RESOURCES LTD 302,600 CAD 1,167,923.09 1,118,719.36 3.61% IAMGOLD CORP. 350,000 CAD 1,316,680.79 1,282,969.26 4.14% KINROSS GOLD CORP. 210,000 CAD 1,374,861.45 1,539,563.11 4.96% MAG SILVER CORP. 80,000 CAD 899,166.72 1,636,423.56 5.28% MARATHON GOLD CORP. 540,000 CAD 401,056.88 1,224,962.88 3.95% MOUNTAIN PROVINCE DIAMONDS INC. 147,900 CAD 552,162.44 69,654.75 0.22% OCEANAGOLD CORP. 550,000 CAD 1,365,551.71 1,062,011.26 3.42% PAN AMERICAN SILVER CORP. 35,000 CAD 786,311.22 1,206,046.05 3.89% PREMIER GOLD MINES LTD 500,000 CAD 1,467,927.43 1,181,320.73 3.81% REVIVAL GOLD INC. 325,000 CAD 265,951.85 198,979.94 0.64% SABINA GOLD-SILVER CORP. 600,000 CAD 866,362.53 1,549,453.23 5.00% SKEENA RESOURCES LTD 109,500 CAD 107,518.97 295,667.70 0.95% SSR MINING INC. 50,000 CAD 473,968.41 1,003,141.46 3.24% TOREX GOLD RESOURCES INC. 70,000 CAD 869,328.71 1,048,902.92 3.38% TRISTAR GOLD INC. 1,200,000 CAD 264,975.45 240,188.80 0.77% WHITE GOLD CORP. 958,600 CAD 965,959.45 571,850.28 1.84%
Total CANADIAN DOLLAR 20,272,927.88 23,137,820.33 74.62%
FRESNILLO PLC 58,869 GBP 639,951.15 908,914.56 2.93% PETROPAVLOVSK PLC 800,000 GBP 252,457.25 355,404.98 1.15% POLYMETAL INTERNATIONAL PLC 20,000 GBP 361,909.27 460,522.84 1.49%
Total BRITISH POUND 1,254,317.67 1,724,842.38 5.56%
COEUR MINING INC. 60,000 USD 572,298.34 621,000.00 2.00% GOLD FIELDS LTD -ADR- 70,000 USD 501,739.00 648,900.00 2.09% GOLD STANDARD VENTURES CORP. 300,000 USD 497,531.12 217,140.00 0.70% MCEWEN MINING INC. 300,000 USD 736,260.00 295,500.00 0.95% NEWMONT CORP. 30,000 USD 1,065,790.74 1,796,700.00 5.79% POLYUS P.J.S.C. GDR 2,249 USD 165,882.25 226,699.20 0.73% PRETIUM RESOURCES INC. 90,000 USD 971,683.96 1,033,200.00 3.33%
Total U.S. DOLLAR 4,511,185.41 4,839,139.20 15.61%
Total Shares & Related Securities 26,038,430.96 29,701,801.91 95.79%
Total Transferable securities admitted to an official stock 26,038,430.96 29,701,801.91 95.79% exchange or dealt in on another regulated market
The accompanying notes form an integral part of these Financial Statements. 26 LANDOLT INVESTMENT (LUX) SICAV Securities portfolio statement as at 31 December 2020
GOLD
% Total Cost Evaluation value Investment Quantity CCY Net (in USD) (in USD) Assets
Other Transferable Securities
AYA GOLD & SILVER INC. 300,000 CAD 483,522.22 906,594.98 2.92% AYA GOLD & SILVER WARRANT 20-030923 150,000 CAD 0.00 64,756.78 0.21% REVIVAL GOLD INC. WARRANT 20-060222 162,500 CAD 0.00 0.00 0.00% TRISTAR GOLD INC. WARRANT 20-140722 600,000 CAD 0.00 0.00 0.00%
Total CANADIAN DOLLAR 483,522.22 971,351.76 3.13%
Total Other Transferable Securities 483,522.22 971,351.76 3.13%
Total Portfolio 26,521,953.18 30,673,153.67 98.92%
The accompanying notes form an integral part of these Financial Statements. 27 LANDOLT INVESTMENT (LUX) SICAV Securities portfolio statement as at 31 December 2020
Best Selection in Food Industry
% Total Cost Evaluation value Investment Quantity CCY Net (in CHF) (in CHF) Assets
Transferable securities admitted to an official stock exchange or
dealt in on another regulated market
Shares & Related Securities
BURCON NUTRASCIENCE CORP. 200,000 CAD 304,488.20 477,358.48 0.73% GOODFOOD MARKET CORP. 112,000 CAD 427,309.13 941,839.38 1.44% JAMIESON WELLNES INC. 13,000 CAD 317,908.72 325,887.36 0.50% SUNOPTA INC. 96,500 CAD 674,373.77 995,622.00 1.52%
Total CANADIAN DOLLAR 1,724,079.82 2,740,707.22 4.19%
GIVAUDAN A.G. 400 CHF 1,340,153.77 1,492,000.00 2.28% SIG COMBIBLOC A.G. 145,200 CHF 2,202,994.05 2,982,408.00 4.55%
Total SWISS FRANC 3,543,147.82 4,474,408.00 6.83%
NOVOZYMES -B- 35,000 DKK 1,786,460.13 1,777,409.72 2.71%
Total DANISH KRONE 1,786,460.13 1,777,409.72 2.71%
CARBIOS S.A. 8,000 EUR 234,516.20 342,635.04 0.52% CORBION 66,500 EUR 2,151,305.09 3,319,249.91 5.07% DELIVERY HERO SE 7,590 EUR 759,196.13 1,042,538.49 1.59% EDENRED S.A. 38,890 EUR 1,758,477.43 1,952,073.26 2.98% GEA GROUP 103,400 EUR 3,307,381.04 3,274,448.87 5.00% HELLOFRESH 33,730 EUR 1,628,886.96 2,305,579.07 3.52% HUHTAMAEKI OY 57,300 EUR 2,382,996.79 2,618,971.16 4.00% JUST EAT TAKEAWAY COM N.V. 14,500 EUR 1,443,703.81 1,449,060.69 2.21% KERRY GROUP PLC 21,100 EUR 2,508,825.76 2,704,253.54 4.13% KONINKLIJKE AHOLD DELHAIZE N.V. 44,050 EUR 1,099,893.75 1,101,013.03 1.68% KONINKLIJKE DSM N.V. 23,944 EUR 2,756,550.09 3,646,245.95 5.57% RAISIO GROUP PLC -V- 100,000 EUR 388,385.45 345,014.45 0.53%
Total EURO 20,420,118.50 24,101,083.46 36.81%
OCADO GROUP PLC 55,700 GBP 1,322,450.01 1,539,204.78 2.35%
Total BRITISH POUND 1,322,450.01 1,539,204.78 2.35%
ATLANTIC SAPPHIRE AS 26,000 NOK 288,713.78 322,111.11 0.49% BAKKAFROST P-F 21,240 NOK 1,281,206.43 1,343,110.42 2.05% NORWAY ROYAL SALMON ASA 29,100 NOK 610,014.40 644,723.97 0.98% SALMAR ASA 30,600 NOK 1,547,616.03 1,590,956.33 2.43% TOMRA SYSTEMS - NEW 23,250 NOK 649,209.62 1,014,386.74 1.55%
Total NORWEGIAN KRONE 4,376,760.26 4,915,288.57 7.51%
AAK AB 90,630 SEK 1,616,546.58 1,619,292.98 2.47% BIOGAIA AB -B- 18,300 SEK 945,289.42 1,057,720.06 1.62% MUNTERS GROUP -B- 184,000 SEK 1,208,438.57 1,643,770.87 2.51%
Total SWEDISH KRONA 3,770,274.57 4,320,783.91 6.60%
The accompanying notes form an integral part of these Financial Statements. 28 LANDOLT INVESTMENT (LUX) SICAV Securities portfolio statement as at 31 December 2020
Best Selection in Food Industry
% Total Cost Evaluation value Investment Quantity CCY Net (in CHF) (in CHF) Assets
ARCHER-DANIELS MIDLAND COMPANY 44,250 USD 1,699,086.00 1,971,763.64 3.01% BEYOND MEAT INC. 8,115 USD 1,061,274.71 896,650.96 1.37% CELSIUS HLDG INC. 30,000 USD 288,698.39 1,334,137.07 2.04% CHROMADEX CORP. 53,107 USD 257,102.80 225,329.41 0.34% CONAGRA BRANDS INC. 37,700 USD 1,226,630.58 1,208,353.57 1.85% ECOLAB INC. 10,030 USD 1,825,679.34 1,918,239.31 2.93% HAIN CELESTIAL GROUP 104,440 USD 2,834,264.66 3,706,613.41 5.66% JOHN BEAN TECHNOLOGIES CORP. 24,500 USD 2,150,497.16 2,466,040.96 3.77% Mc CORMICK & CO INC. 18,860 USD 1,635,957.38 1,593,765.64 2.43% THE SIMPLY GOOD FOODS CO 65,100 USD 1,381,568.60 1,804,604.03 2.76% WESTROCK CO 82,000 USD 2,323,743.40 3,155,203.68 4.82%
Total U.S. DOLLAR 16,684,503.02 20,280,701.68 30.97%
Total Shares & Related Securities 53.627.794,13 64.149.587,34 97,97%
Total Transferable securities admitted to an official stock 53.627.794,13 64.149.587,34 97,97% exchange or dealt in on another regulated market
Total Portfolio 53.627.794,13 64.149.587,34 97,97%
The accompanying notes form an integral part of these Financial Statements. 29 LANDOLT INVESTMENT (LUX) SICAV Geographical allocation of the securities portfolio as at 31 December 2020
Geographical allocation of the securities portfolio as at 31 December 2020 These allocations of assets were established on basis of data (gross) used by the administrative agent and do not reflect inevitably the geographic analysis which directed the assets selection
(Content)
EUROPE SELECTION % TOTAL NET ASSETS
FRANCE 22.77 % NETHERLANDS 19.18 % SWITZERLAND 17.29 % DENMARK 8.48 % IRELAND 7.76 % SPAIN 6.28 % GERMANY 5.26 % UNITED KINGDOM 3.83 % PORTUGAL 2.46 % SWEDEN 2.21 % JERSEY 2.14 % ITALY 1.78 %
Total Portfolio 99.44 %
(Content)
GOLD % TOTAL NET ASSETS
CANADA 79.91 % UNITED STATES OF AMERICA 8.75 % UNITED KINGDOM 4.08 % SOUTH AFRICA 2.09 % CAYMAN ISLANDS 1.87 % JERSEY 1.49 % RUSSIA 0.73 %
Total Portfolio 98.92 %
(Content)
Best Selection in Food Industry % TOTAL NET ASSETS
UNITED STATES OF AMERICA 30.98 % NETHERLANDS 14.53 % GERMANY 10.11 % SWITZERLAND 6.83 % SWEDEN 6.60 % NORWAY 5.46 % FINLAND 4.53 % CANADA 4.19 % IRELAND 4.13 % FRANCE 3.50 % DENMARK 2.71 % UNITED KINGDOM 2.35 % FAROE ISLANDS 2.05 %
Total Portfolio 97.97 %
These allocations of assets were established on basis of data (gross) used by the administrative agent and do not reflect inevitably the geographic analysis which directed the assets selection 30 LANDOLT INVESTMENT (LUX) SICAV Economic Allocation of the securities portfolio as at 31 December 2020
Economic Allocation of the securities portfolio as at 31 December 2020 These allocations of assets were established on basis of data (gross) used by the administrative agent and do not reflect inevitably the economic analysis which directed the assets selection
EUROPE SELECTION % TOTAL NET ASSETS
PHARMACOLOGY & PERSONAL CARE 25.51 % IT & INTERNET 12.57 % ELECTRIC & ELECTRONIC COMPONENTS 7.71 % DISTRIBUTION 6.28 % TOBACCO & SPIRITS 5.84 % FOOD & CLEANING MATERIALS 5.83 % TEXTILE & GARMENTS 5.36 % CHEMICAL PRODUCTS 5.01 % MISCELLANEOUS CONSUMER GOODS 3.40 % FINANCIAL SERVICES - HOLDINGS 3.15 % PUBLISHING & BROADCASTING 3.02 % AEROSPACE INDUSTRY & DEFENCE 2.90 % HEALTH CARE & SERVICES 2.58 % TELECOMMUNICATIONS 2.48 % MECHANICAL CONSTRUCTION 2.21 % ROAD VEHICLES 2.14 % AIR TRANSPORT 1.92 % UNIT TRUSTS, UCITS 1.53 %
Total Portfolio 99.44 %
GOLD % TOTAL NET ASSETS
PRECIOUS METALS & STONES 58.57 % INTERMEDIARY INDUSTRIAL PRODUCTIONS 21.28 % NONFERROUS METALS 6.45 % FINANCIAL SERVICES - HOLDINGS 5.55 % OTHER SERVICES 4.14 % MISCELLANEOUS 2.93 %
Total Portfolio 98.92 %
These allocations of assets were established on basis of data (gross) used by the administrative agent and do not reflect inevitably the economic analysis which directed the assets selection 31 LANDOLT INVESTMENT (LUX) SICAV Economic Allocation of the securities portfolio as at 31 December 2020
Best Selection in Food Industry % TOTAL NET ASSETS
FOOD & CLEANING MATERIALS 32.79 % CHEMICAL PRODUCTS 14.22 % MECHANICAL CONSTRUCTION 6.55 % AGRICULTURE & FISHING 6.00 % PHOTOGRAPHY & OPTICAL 4.96 % FOREST PRODUCTS & PAPER INDUSTRY 4.82 % FINANCIAL SERVICES - HOLDINGS 4.55 % MISCELLANEOUS CONSUMER GOODS 4.00 % IT & INTERNET 3.81 % PACKAGING INDUSTRY 3.77 % MISCELLANEOUS 2.98 % BUILDING MATERIALS 2.51 % PHARMACOLOGY & PERSONAL CARE 2.46 % DISTRIBUTION 2.35 % CONSUMER GOODS 1.68 % BIOTECHNOLOGY 0.52 %
Total Portfolio 97.97 %
These allocations of assets were established on basis of data (gross) used by the administrative agent and do not reflect inevitably the economic analysis which directed the assets selection 32 LANDOLT INVESTMENT (LUX) SICAV Allocation by Currency of the securities portfolio as at 31 December 2020
Allocation by Currency of the securities portfolio as at 31 December 2020 These allocations of assets were established on basis of data (gross) used by the administrative agent and do not reflect inevitably the currency analysis which directed the assets selection
EUROPE SELECTION % TOTAL NET ASSETS
EURO 60.66 % SWISS FRANC 17.29 % DANISH KRONE 8.48 % U.S. DOLLAR 5.84 % BRITISH POUND 4.96 % SWEDISH KRONA 2.21 %
Total Portfolio 99.44 %
GOLD % TOTAL NET ASSETS
CANADIAN DOLLAR 77.75 % U.S. DOLLAR 15.61 % BRITISH POUND 5.56 %
Total Portfolio 98.92 %
Best Selection in Food Industry % TOTAL NET ASSETS
EURO 36.81 % U.S. DOLLAR 30.97 % NORWEGIAN KRONE 7.51 % SWISS FRANC 6.83 % SWEDISH KRONA 6.60 % CANADIAN DOLLAR 4.19 % DANISH KRONE 2.71 % BRITISH POUND 2.35 %
Total Portfolio 97.97 %
These allocations of assets were established on basis of data (gross) used by the administrative agent and do not reflect inevitably the currency analysis which directed the assets selection 33 LANDOLT INVESTMENT (LUX) SICAV Changes occuring in the number of shares
Changes occuring in the number of shares
EUROPE SELECTION
Shares outstanding at the beginning of the exercise - EUR 9,187.820
Shares issued during the exercise - EUR 1,793.459
Shares redeemed during the exercise - EUR 3,083.486
Shares outstanding at the end of the exercise - EUR 7,897.793
GOLD
Shares outstanding at the beginning of the exercise - EUR 138,431.223 - USD 856,855.565
Shares issued during the exercise - EUR 4,464.591 - USD 100,167.935
Shares redeemed during the exercise - EUR 58,532.387 - USD 488,266.718
Shares outstanding at the end of the exercise - EUR 84,363.427 - USD 468,756.782
34 LANDOLT INVESTMENT (LUX) SICAV Changes occuring in the number of shares
Best Selection in Food Industry
Shares outstanding at the beginning of the exercise - A CHF 127,899.470 - A EUR 55,758.285 - A USD 0.000 - B CHF 139,230.794 - C USD 0.000 - S46060 CHF 299,581.826 - S46060 EUR 14,810.000 - S46060 USD 53,350.000
Shares issued during the exercise - A CHF 14,847.300 - A EUR 6,007.000 - A USD 0.000 - B CHF 400.000 - C USD 0.000 - S46060 CHF 88,605.000 - S46060 EUR 6,620.000 - S46060 USD 67,522.000
Shares redeemed during the exercise - A CHF 42,995.740 - A EUR 8,726.110 - A USD 0.000 - B CHF 32,915.792 - C USD 0.000 - S46060 CHF 111,951.826 - S46060 EUR 2,050.000 - S46060 USD 12,365.000
Shares outstanding at the end of the exercise - A CHF 99,751.030 - A EUR 53,039.175 - A USD - - B CHF 106,715.002 - C USD - - S46060 CHF 276,235.000 - S46060 EUR 19,380.000 - S46060 USD 108,507.000
35 LANDOLT INVESTMENT (LUX) SICAV Changes in capital, total net assets and share value
Changes in capital, total net assets and share value
SUB-FUND VALUATION DATE TOTAL NET ASSETS SHARE CLASS SHARES SHARE VALUE CCY OUTSTANDING
EUROPE SELECTION 31.12.2018 15,308,509.18 - EUR 6,640.241 2,305.41 EUR (EUR)
31.12.2019 28,298,346.85 - EUR 9,187.820 3,079.98 EUR
31.12.2020 26,775,751.45 - EUR 7,897.793 3,390.28 EUR
GOLD 31.12.2018 31,258,614.98 - EUR 162,878.237 23.50 EUR (USD) - USD 965,911.798 27.83 USD
31.12.2019 40,335,793.65 - EUR 138,431.223 33.38 EUR - USD 856,855.565 41.02 USD
31.12.2020 31,008,453.72 - EUR 84,363.427 44.59 EUR - USD 468,756.782 56.33 USD
Best Selection in Food Industry 03.07.2018 28,720,500.00 - A CHF 144,330.000 100.00 CHF (CHF) - B CHF 142,875.000 100.00 CHF
31.12.2018 38,862,934.99 - A CHF 161,122.000 86.22 CHF - B CHF 288,471.956 86.56 CHF
31.12.2019 68,465,566.11 - A CHF 127,899.470 92.14 CHF - A EUR 55,758.285 102.27 EUR - B CHF 139,230.794 93.25 CHF - S46060 299,581.826 102.46 CHF CHF - S46060 14,810.000 100.86 EUR EUR - S46060 53,350.000 100.26 USD USD
31.12.2020 65,478,795.23 - A CHF 99,751.030 90.68 CHF - A EUR 53,039.175 101.16 EUR - B CHF 106,715.002 92.51 CHF - S46060 276,235.000 101.95 CHF CHF - S46060 19,380.000 100.86 EUR EUR - S46060 108,507.000 109.29 USD USD
36 LANDOLT INVESTMENT (LUX) SICAV Notes to the financial statements as at 31 December 2020
Notes to the financial statements as at 31 December 2020
NOTE 1 - ACCOUNTING PRINCIPLES AND METHODS
The financial statements of the SICAV are prepared on the going on concern basis in accordance with the relevant regulations governing UCITS in Luxembourg, on basis of the net asset value calculated on 31 December 2020. a) Securities portfolio valuation
Securities and derivative products listed on an official stock exchange are valued on the basis of the last closing prices available at 31 December 2020 and, if there is more than one market, at the price of the relevant security's main market. Securities listed on other markets that are regulated, operate regularly, and are recognised and open to the public are valued on the basis of the last closing prices available at 31 December 2020 and, if there is more than one market, at the price of the relevant security's main market. Unlisted securities or securities whose price is not representative are valued at their last known trading value or, in the absence of a trading value, at the probable realisable value in accordance with the valuation criteria deemed relevant by the Board of Directors. The value of shares or units in UCIs will be based on their last available net asset value on 31 December 2020. The value of all other assets will be based on their probable realisation value, estimated prudently and in good faith. b) Net realised profit or loss on investments
The net realised profit or loss on sales of securities is calculated on the average cost of the securities sold. The amounts of net realised profit or loss attributable to changes in exchange rates are recognised in «Net realised exchange profit or loss» at the time of the sale. c) Conversion of foreign currencies
All assets not given in the currency of the relevant Sub-Fund are converted into the currency of the Sub- Fund at the exchange rate in force in Luxembourg on the closing date. The value of the net assets of the SICAV is equal to the total net values of the various Sub-Funds converted into EUR at the exchange rate in force in Luxembourg on the payment date. d) Acquisition cost of the securities in the portfolio
For securities denominated in currencies other than the currency of the SICAV, the acquisition cost is calculated based on the exchange rate valid on the day of purchase. e) Change in the net unrealised appreciation and depreciation
Net unrealised appreciation or depreciation at the end of the periof appear in the “Statement of Operations and Changes”. f) Change in the securities portfolio
The table of changes in the securities portfolio is available free of charge from the registered office of the SICAV.
37 LANDOLT INVESTMENT (LUX) SICAV Notes to the financial statements as at 31 December 2020
g) Income, expenditure and related provisions
Interest is recognised daily and dividends are recorded on the ex-date. The interest and income are recognised net of non-recoverable withholding taxes. When the SICAV pays expenses concerning one Sub-Fund in particular, these are allocated to that Sub- Fund. Expenses not attributable to one Sub-Fund in particular are split between the different sub-funds at pro rata of the net asset value of each Sub-Fund. h) Forward exchange contracts
Forward exchange contracts are valued on the basis of the last forward closing prices available on 31 December 2020. i) Combined financial statements
The net assets of the different Sub-Funds of the SICAV are expressed in their based currency. The combined financial statements of the Fund are prepared in EUR and are equal to the sum of the corresponding items in the financial statements of each sub-fund converted into this currency at the exchange rates prevailing on the date of the financial statements (Note 2). j) Difference from Foreign Exchange
The exchange rate difference at the level of the net assets of the SICAV is due to differences in the exchange rates of the currencies in which the net assets of the various Sub-Funds are denominated, during the period between 31 December 2019 and 31 December 2020.
NOTE 2 - EXCHANGE RATE
1 EUR = 1.08155 CHF 1 EUR = 1.22355 USD
NOTE 3 - TAXES AND EXPENSES PAYABLE
Management fee 337,147.08 EUR Hedging fee 309,641.11 EUR Depositary fees 10,292.92 EUR Subscription tax 14,083.15 EUR Miscellaneous fees 71,232.75 EUR
Total 742,397.01 EUR
NOTE 4 - MANAGEMENT FEE
The SICAV paid to the Management Company, on behalf of the Sub-Funds a management fee at the annual rate of : - 1,50% for the Sub-Funds Gold and Europe Selection; - 1,60% for the classes A USD, A CHF and A EUR for the Sub-Fund Best Selection in Food Industry; - 0,80% for the classes B USD, B CHF and B EUR for the Sub-Fund Best Selection in Food Industry; - 0,50% for the classes S46060 USD, S46060 CHF et S46060 EUR for the Sub-Fund Best Selection in Food Industry.
38 LANDOLT INVESTMENT (LUX) SICAV Notes to the financial statements as at 31 December 2020
These fees are paid quarterly and calculated on the average net assets of each Sub-Fund or classes during the quarter under review. In addition, the Sub-Fund will pay the Management Company an annual fee at the rate of 0.10% with an annual minimum of EUR 15,000. The fee is payable quarterly and is calculated on the basis of the sub-fund's average net assets during the past quarter. The Management Company pays part of this fee to the investment managers and advisors of the various Sub-Funds.
NOTE 5 - DEPOSITARY FEES
The fees due to the Custodian Bank and the Transfer Agent shall be calculated on the basis of the SICAV’s net assets and are payable quarterly on the basis of a percentage applied individually to the average net assets of each Sub-Fund during the quarter under review; the calculation shall be performed on the basis of the periodical valuations of the net assets of each Sub-Fund: - 0.040% on the portion of average net assets between EUR 0 and EUR 35 million; - 0.030% on the portion of average net assets between EUR 35 and EUR 125 million; - 0.020% on net assets in excess of 125 million euros; with a minimum of EUR 10,000.00 per Sub-Fund.
NOTE 6 - FEES ON SUBSCRIPTIONS AND REDEMPTIONS
For the EUROPE SELECTION and GOLD Sub-Funds, subscriptions are processed on the basis of the net asset value plus a maximum entry fee of 2%, which may be paid in whole or in part to approved intermediaries. For the Best Selection in Food Industry Sub-Fund, subscriptions are processed on the basis of the net asset value. For all Sub-Funds, there will no longer be a 0.50% levy for the Sub-Fund. For the EUROPE SELECTION, GOLD and Best Selection in Food Industry Sub-Funds, redemptions are processed on the basis of the net asset value.
NOTE 7 - SUBSCRIPTION TAX
The SICAV is governed by Luxembourg tax laws. Under current legislation and regulations, the SICAV is subject to the subscription tax in Luxembourg at an annual rate of 0,05%. This tax is payable quarterly and calculated on the net assets of the SICAV at the end of each quarter. The subscription tax is not payable on portions of assets invested in undertakings for collective investment that are already subject to this tax. As the SICAV is registered in Belgium, it is subject to a further tax at the annual rate of 0.0925% calculated for 2020 on the basis of the value of the shares distributed in Belgium as recorded at 31 December 2019.
NOTE 8 - HEDGING FEES
In exchange for its services, the Foreign Exchange Risk Manager receives an annual fee from GOLD Sub- Fund at the rate of 0.12% calculated on the net asset value of EUR Capitalisation Class Sub-Fund on the quarter under review. The hedging fees amounts to EUR 4.351,99 (USD 5.324,88) for this year. This commission is recorded under “Hedging fees” in the Statement of operations and changes in net assets.
39 LANDOLT INVESTMENT (LUX) SICAV Notes to the financial statements as at 31 December 2020
NOTE 9 - ADMINISTRATION FEES
The Management Company pays to Degroof Petercam Asset Services S.A. a compensation which is charged to the SICAV. Domiciliation Agent: a commission of a flat amount of EUR 2,500 per annum per sub-fund, plus EUR 1,000 per annum per sub-fund for each foreign country where the sub-fund is authorised to be sold. Administrative Agent: an annual commission, payable quarterly, according to a degressive scale by portions of average net assets of : - 0.135% on the portion of net assets between EUR 0 and EUR 125 million; - 0.105% on net assets in excess of EUR 125 million; with a minimum of EUR 33,750.00 per Sub-Fund.
NOTE 10 - FORWARD FOREIGN EXCHANGE CONTRACTS
As at 31 December 2020, all forward foreign exchange contracts were dealt with Banque Degroof Petercam Luxembourg S.A. :
GOLD :
MATURITY CURRENCY NOMINAL CURRENCY NOMINAL +/- UNREALISED VALUE COMMITMENTS PURCHASE PURCHASED SOLD SOLD (IN USD) (IN USD)
29/01/2021 USD 265,621.51 EUR 217,384.00 -551.60 265,980.21 29/01/2021 EUR 259,817.00 USD 315,625.69 2,492.00 317,899.11 29/01/2021 EUR 297,027.00 USD 362,283.83 1,394.47 363,427.40 29/01/2021 EUR 3,281,787.00 USD 3,921,735.47 96,411.18 4,015,430.68
Total 99,746.05 4,962,737.39
NOTE 11 - SECURITIES LENDING
The SICAV may lend securities included in its portfolio to a borrower directly or through a standardised lending system organised by a recognised securities clearing house or a lending system organised by a financial institution subject to prudential supervision considered by the CSSF to be equivalent to that provided for under community legislation and specialising in this type of operation.
As at 31 December 2020, no securities were lent.
NOTE 12 - EVENTS DURING THE YEAR
Appointment of KONWAVE A.G. as co-manager of the Sub-Fund GOLD, jointly with Landolt & Cie S.A., with effect from 1 June 2020.
40 LANDOLT INVESTMENT (LUX) SICAV Notes to the financial statements as at 31 December 2020
The COVID-19 (coronavirus) pandemic is seriously threatening the health of the world's population and has severely disrupted people's daily lives for more than one year. This obviously has a major impact on the global economy although finance in its specific sector is not the most disadvantaged sector impacted. Most sectors of the economy are affected and some are being hit extremely hard. Fiscal year 2020 has been marked by some negative impacts on the valuation of equities, bonds, funds and other investments and year 2021 is expected to suffer the same fate according to current forecasts of the evolving pandemic. The current measures and the new proposals taken by health authorities to contain the spread of the virus, while necessary, have and will also have a significant impact on economic activity. It remains to be hoped that although these effects are significant, they will ultimately be temporary. Authorities around the world have taken and continue to take strong and necessary measures to contain the spread of the virus and to support individuals and businesses in these very difficult times. We can hope that vaccination will offer a glimmer of hope for 2021. The Board of Directors is currently not in a position to accurately estimate the consequences of this event, but is closely monitoring the situation.
NOTE 13 - SUBSEQUENT EVENT(S) TO THE YEAR
No event after year-end.
41 LANDOLT INVESTMENT (LUX) SICAV Additional information (unaudited) as at 31 December 2020
Additional information (unaudited) as at 31 December 2020
OVERALL RISK ASSESSMENT
Each Sub-Fund shall ensure that the global exposure relating to financial derivative instruments does not exceed the total net value of its portfolio.
Global exposure is a measure designed to limit the leverage generated by each Sub-Fund through the use of financial derivative instruments. In order to calculate global exposure, each Sub-Fund will use the commitment approach. This method consists of converting derivative financial instrument positions into equivalent positions in the underlying assets and then aggregating the market value of these equivalent positions.
Remuneration
A) General
Degroof Petercam Asset Services S.A. (“DPAS”) has implemented a Remuneration Policy that is designed as not to encourage taking excessive risks. In that context, it integrates in its performance management system, risk criteria specific to the activities of the business units concerned. DPAS has implemented a series of safeguards that refrain staff from taking undue risk compared to the activity profile.
The governance structure of the Remuneration Policy (“the Policy”) aims at preventing internal conflicts of interest. The Policy is formulated by the Remuneration Policy and approved by the Management Board. The Policy follows a defined process establishing the principles, the approval, the communication, the implementation, the review and the update of the Policy involving the Management Board, Human Resources, Internal Audit and other control functions.
Performance is assessed at Group and DPAS level. Individual staff assessments are based on a weighting of financial and non-financial targets linked to the specific job scope and role. As such, the principle of individual performance assessment is based on an assessment of objectives reached as well as an appreciation of the employee’s long-term value creation. Furthermore, the performance reflects an assessment of business and interpersonal skills and is linked to the achievement of the individual. The criteria applied to establish fixed remuneration are job complexity, level of responsibility, performance and local market conditions.
B) Methodology
DPAS is dual-licenced as a chapter 15 Management Company under law of 17 December 2010 relating to Undertakings for Collective Investment in Transferable Securities, and as an AIFM under law of 12 July 2013 on Alternative Investment Fund Manager.
In line with those regulations, the responsibilities of DPAS in its two roles are very similar. DPAS considers a fair assumption to state that its staff is remunerated similarly for tasks related to Undertakings for Collective Investment in Transferable Securities (“UCITS”) and Alternative Investment Funds (“AIF”).
As a consequence, the remuneration as stated above is the ratio between the Assets under Management (“AuM”) of all UCITS under the responsibility of DPAS and the total AuM plus Assets Under
42 LANDOLT INVESTMENT (LUX) SICAV Additional information (unaudited) as at 31 December 2020
Administration ("AUA"). Based on the AuM and AuA as of 31 December 2019, this ratio equals 58.62% (71.82% for 2019).
As of 31 December 2020, DPAS is Management Company for a total AuM of 30.493 billion EUR for the UCITS.
Would it be necessary to assess the proportion of the remuneration of the staff of the Management Company attributable to all the UCITS it manages, the above ratio is applied to the yearly remuneration of the concerned staff.
Would it be necessary to assess the proportion of the remuneration of the staff of the Management Company attributable to this UCITS, the ratio between the AuM of this UCITS and the total AuM for all UCITS is applied to the yearly remuneration of the concerned staff.
C) Allocated remuneration by category of staff
The table below represents the allocation of total remuneration of the employees of the Management Company based on the AuM of all UCITS, by category of staff:
Number of Total remuneration Fixed remuneration paid Variable remuneration paid Type of staff beneficiaries (*) (in EUR) (in EUR) (in EUR)
Senior Management (**) 4 802,543 567,557 234,986
Identified staff (***) 4 175,395 124,778 50,617
Other staff 111 5,511,383 4,642,912 868,471
6,489,321 5,335,247 1,154,074 (*) No proportionality applied (**) Management Board (***) Identified staff not already reported in Senior Management All figures refer to the 2020 calendar year.
D) Carried Interest paid by the UCITS
No employee of the Management Company receives Carried Interest paid by any UCITS.
E) Remuneration Policy review
The remuneration policy of DPAS is subject to an annual review, as a minimum. It was reviewed and updated in 2020. The remuneration policy of DPAS was approved by the Board of Management on 19 January 2020.
43 LANDOLT INVESTMENT (LUX) SICAV Additional information (unaudited) as at 31 December 2020
Regulation EU 2015/2365 of the European Parliament and the Council of 25 November 2015: transparency of securities financing transactions and of reuse (hereinafter the Regulation)
In accordance with Article 13 and Section A of the Annex to the Regulation, the SICAV must inform investors of the use it makes of securities financing transactions and total return swaps in its annual and half-yearly reports.
The information in the following table is limited to the securities lending activity in view of the fact that the SICAV does not use any other instrument referred to in the Regulation.
1. General information
1.1.
Sub-Fund Proportion of total assets that can be lent EUROPE SELECTION 0.00% GOLD 0.00% Best Selection in Food Industry 0.00%
1.2.
Sub-Fund CCY Securities lent at assessed value Proportion of assets under management EUROPE SELECTION EUR 0.00 0.00% GOLD USD 0.00 0.00% Best Selection in Food Industry CHF 0.00 0.00% Total 0.00 0.00%
2. Concentration data
2.1. Ten largest collateral issuers
Market value of collateral in EUR as of Sub-Fund Collateral issuers 31/12/2020 Total 0.00
2.2 Top ten counterparties
Market value (in EUR) of operations as Sub-Fund counterparties at 31/12/2020 Total 0.00
3. Aggregate transaction data on total return broken down according to:
3.1. the following categories: - type and quality of collateral - maturity tenor of the collateral broken down in the following maturity buckets: less than one day, one day to one week, one week to one month, one to three months, three months to one year, above one year, open maturity; - currency of the collateral
44 LANDOLT INVESTMENT (LUX) SICAV Additional information (unaudited) as at 31 December 2020
Internal Valuation Sub-Fund Maturity Securities CCY Type Quantity valuation (in EUR) (*)
(*) Rating 1 = rating equivalent to AAA to AA- (S&P) ) or any other equivalent rating scale Rating 2 = rating equivalent to A+ to A- (S&P) or any other equivalent rating scale Rating 3 = rating equivalent to BBB+ to BBB- (S&P) or any other equivalent rating scale Rating 4 = rating equivalent to BB+ to BB- (S&P) or any other equivalent rating scale Rating 5 = rating equivalent to B+ to B- (S&P) or any other equivalent rating scale Rating 6 = rating equivalent to CCC+ (S&P) or any other equivalent rating scale
3.2. the following categories: - maturity tenor of the securities financing transactions and total return swaps broken down in the following maturity buckets: less than one day, one day to one week, one week to one month, one to three months, three months to one year, above one year, open transactions.
Market Valuation Sub-Fund Securities Maturity CCY Quantity price (in EUR)
- country in which counterparties are established
Market value (in EUR) of Sub-Fund Counterparties counterparties operations as at 31/12/2020 Total 0.00
4. Data on reuse of collateral The SICAV did not reuse collateral.
5. Safekeeping of collateral received by the SICAV as part of securities financing transactions and total return swaps Collateral is deposited in accounts opened in the name of Banque Degroof Petercam Luxembourg S.A with the provider Brown Brothers Harriman.
6. Safekeeping of collateral granted by the SICAV as part of securities financing transactions and total return swaps Not applicable
7. Data on return and cost for each type of securities financing transaction and total return swaps, broken down between the collective investment undertaking, the manager of the collective investment undertaking and third parties (e.g. agent lender) in absolute terms and as a percentage of overall returns generated by that type of SFT and total return swap
As at December 31, 2019, income from securities lending are nil.
45