Dpam Capitalb Sar 31Dec2016 -En-All
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DPAM CAPITAL B DPAM CAPITAL B Limited Company Semi-annual Report on 31 December 2016 Public UCIT with variable capital under Belgian law having opted to undertake investment fulfilling Directive 2009/65/EC No subscriptions may be accepted on the basis of this report. Subscriptions are only valid if they are made after the key investor information or the prospectus has been provided free of charge. DPAM CAPITAL B ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY For the following additional sub-funds no notification of distribution was published, so that shares of these sub-funds may not be distributed within the area of application of the Capital Investment Code: DPAM CAPITAL B Bonds EUR Medium Term DPAM CAPITAL B Equities Belgium DPAM CAPITAL B Equities EMU Index DPAM CAPITAL B Equities Europe Index DPAM CAPITAL B Equities Japan Index DPAM CAPITAL B Equities US Dividend DPAM CAPITAL B Equities US Index DPAM CAPITAL B Equities World Ex Japan, Europe & USA Index DPAM CAPITAL B Real Estate EMU Dividend DPAM CAPITAL B SUMMARY 1. GENERAL INFORMATION OF THE FUND 7 1.1. Organisation of the Fund 7 1.2. Management Report 15 1.2.1 Information to Shareholders 15 1.2.2 Market Overview 15 1.3. Aggregated Balance Sheet 19 1.4. Aggregated Income and Expenditure Account 21 1.5. Summary of the Accounting and Valuation Rules 23 1.6.1 Summary of the Rules 23 1.6. Exchange Rate 24 2. INFORMATION ABOUT THE COMPARTMENT DPAM CAPITAL B BONDS EUR MEDIUM TERM 25 2.1. Management Report 25 2.1.1 Launch Date of the Compartment and Unit Subscription Price 25 2.1.2 Objective and Distinctive Features of the Investment Policy 25 2.1.3 Distributor(s) 25 2.1.4 Index and Benchmark 25 2.1.5 Investment Policy Followed During the Year 25 2.1.6 Future Investment Policy 26 2.1.7 Risk Category 26 2.2. Balance Sheet 27 2.3. Income and Expenditure Account 29 2.4. Composition of the Assets 30 2.5. Geographic Allocation of Investments 32 2.6. Economic Allocation of Investments 33 2.7. Changes in the Composition of the Assets in EUR 34 2.8. Evolution of the Subscriptions, the Redemptions and the Net Asset Value 35 2.9. Performance 36 2.10. Ongoing Charges 39 2.11. Notes to the Financial Statements and other Information 39 2.11.1. Gross dividends paid during the fiscal year 39 2.11.2. Transparency of the Securities Financing Transactions and of Reuse 39 3. INFORMATION ABOUT THE COMPARTMENT DPAM CAPITAL B EQUITIES BELGIUM 42 3.1. Management Report 42 3.1.1 Launch Date of the Compartment and Unit Subscription Price 42 3.1.2 Objective and Distinctive Features of the Investment Policy 42 3.1.3 Distributor(s) 42 3.1.4 Index and Benchmark 42 3.1.5 Investment Policy Followed During the Year 42 3.1.6 Future Investment Policy 43 3.1.7 Risk Category 43 3.2. Balance Sheet 44 3.3. Income and Expenditure Account 46 3.4. Composition of the Assets 47 3.5. Geographic Allocation of Investments 49 3.6. Economic Allocation of Investments 50 3.7. Composition of Securities Lending on 31 December 2016 51 3.8. Changes in the Composition of the Assets in EUR 52 3.9. Evolution of the Subscriptions, the Redemptions and the Net Asset Value 53 3.10. Performance 54 3.11. Ongoing Charges 57 3.12. Notes to the Financial Statements and other Information 57 3.12.1 Comment concerning the securities lending 57 3 DPAM CAPITAL B 3.12.2. Transparency of the Securities Financing Transactions and of Reuse 58 4. INFORMATION ABOUT THE COMPARTMENT DPAM CAPITAL B EQUITIES EMU BEHAVIORAL VALUE 62 4.1. Management Report 62 4.1.1 Launch Date of the Compartment and Unit Subscription Price 62 4.1.2 Objective and Distinctive Features of the Investment Policy 62 4.1.3 Distributor(s) 62 4.1.4 Index and Benchmark 62 4.1.5 Investment Policy Followed During the Year 62 4.1.6 Future Investment Policy 63 4.1.7 Risk Category 63 4.2. Balance Sheet 64 4.3. Income and Expenditure Account 66 4.4. Composition of the Assets 67 4.5. Geographic Allocation of Investments 70 4.6. Economic Allocation of Investments 71 4.7. Composition of Securities Lending on 31 December 2016 72 4.8. Changes in the Composition of the Assets in EUR 73 4.9. Evolution of the Subscriptions, the Redemptions and the Net Asset Value 74 4.10. Performance 75 4.11. Ongoing Charges 81 4.12. Notes to the Financial Statements and other Information 81 4.12.1. Comment concerning the securities lending 81 4.12.2. Transparency of the Securities Financing Transactions and of Reuse 82 5. INFORMATION ABOUT THE COMPARTMENT DPAM CAPITAL B EQUITIES EMU INDEX 86 5.1. Management Report 86 5.1.1 Launch Date of the Compartment and Unit Subscription Price 86 5.1.2 Objective and Distinctive Features of the Investment Policy 86 5.1.3 Distributor(s) 86 5.1.4 Index and Benchmark 86 5.1.5 Investment Policy Followed During the Year 86 5.1.6 Future Investment Policy 87 5.1.7 Risk Category 87 5.2. Balance Sheet 88 5.3. Income and Expenditure Account 90 5.4. Composition of the Assets 91 5.5. Geographic Allocation of Investments 96 5.6. Economic Allocation of Investments 97 5.7. Composition of Securities Lending on 31 December 2016 98 5.8. Amount of Commitments Related to Financial Derivative Positions 98 5.9. Changes in the Composition of the Assets in EUR 99 5.10. Evolution of the Subscriptions, the Redemptions and the Net Asset Value 100 5.11. Performance 101 5.12. Ongoing Charges 105 5.13. Notes to the Financial Statements and other Information 105 5.13.1. Comment concerning the securities lending 105 5.13.2. Transparency of the Securities Financing Transactions and of Reuse 106 6. INFORMATION ABOUT THE COMPARTMENT DPAM CAPITAL B EQUITIES EUROPE INDEX 110 6.1. Management Report 110 6.1.1 Launch Date of the Compartment and Unit Subscription Price 110 6.1.2 Objective and Distinctive Features of the Investment Policy 110 6.1.3 Distributor(s) 110 6.1.4 Index and Benchmark 110 6.1.5 Investment Policy Followed During the Year 110 6.1.6 Future Investment Policy 111 4 DPAM CAPITAL B 6.1.7 Risk Category 111 6.2. Balance Sheet 112 6.3. Income and Expenditure Account 114 6.4. Composition of the Assets 115 6.5. Geographic Allocation of Investments 123 6.6. Economic Allocation of Investments 124 6.7. Composition of Securities Lending on 31 December 2016 125 6.8. Amount of commitments related to financial derivative positions 125 6.9. Changes in the Composition of the Assets in EUR 126 6.10. Evolution of the Subscriptions, the Redemptions and the Net Asset Value 127 6.11. Performance 128 6.12. Ongoing Charges 132 6.13. Notes to the Financial Statements and other Information 132 6.13.1. Comment concerning the securities lending 132 6.13.2. Transparency of the Securities Financing Transactions and of Reuse 133 7. INFORMATION ABOUT THE COMPARTMENT DPAM CAPITAL B EQUITIES JAPAN INDEX 137 7.1. Management Report 137 7.1.1 Launch Date of the Compartment and Unit Subscription Price 137 7.1.2 Objective and Distinctive Features of the Investment Policy 137 7.1.3 Distributor(s) 137 7.1.4 Index and Benchmark 137 7.1.5 Investment Policy Followed During the Year 137 7.1.6 Future Investment Policy 138 7.1.7 Risk Category 138 7.2. Balance Sheet 139 7.3. Income and Expenditure Account 141 7.4. Composition of the Assets 142 7.5. Geographic Allocation of Investments 148 7.6. Economic Allocation of Investments 149 7.7. Composition of Securities Lending on 31 December 2016 150 7.8. Amount of Commitments Related to Financial Derivative Positions 151 7.9. Changes in the Composition of the Assets in EUR 152 7.10. Evolution of the Subscriptions, the Redemptions and the Net Asset Value 153 7.11. Performance 154 7.12. Ongoing Charges 158 7.13. Notes to the Financial Statements and other Information 158 7.13.1. Comment concerning the securities lending 158 7.13.2. Transparency of the Securities Financing Transactions and of Reuse 159 8. INFORMATION ABOUT THE COMPARTMENT DPAM CAPITAL B EQUITIES US BEHAVIORAL VALUE 163 8.1. Management Report 163 8.1.1 Launch Date of the Compartment and Unit Subscription Price 163 8.1.2 Objective and Distinctive Features of the Investment Policy 163 8.1.3 Distributor(s) 163 8.1.4 Index and Benchmark 163 8.1.5 Investment Policy Followed During the Year 163 8.1.6 Future Investment Policy 164 8.1.7 Risk Category 164 8.2. Balance Sheet 165 8.3. Income and Expenditure Account 167 8.4. Composition of the Assets 168 8.5. Geographic Allocation of Investments 171 8.6. Economic Allocation of Investments 172 8.7. Composition of Securities Lending on 31 December 2016 173 8.8. Changes in the Composition of the Assets in EUR 174 8.9. Evolution of the Subscriptions, the Redemptions and the Net Asset Value 175 5 DPAM CAPITAL B 8.10. Performance 176 8.11. Ongoing Charges 184 8.12. Notes to the Financial Statements and other Information 184 8.12.1. Comment concerning the securities lending 184 8.12.2.