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SELLA CAPITAL MANAGEMENT Société D'investissement À Capital Variable with Multiple Sub-Funds Luxembourg

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SELLA CAPITAL MANAGEMENT Société D'investissement À Capital Variable with Multiple Sub-Funds Luxembourg Annual report including audited financial statements as at 31st December 2017 SELLA CAPITAL MANAGEMENT Société d'Investissement à Capital Variable with multiple sub-funds Luxembourg R.C.S. Luxembourg B 96 386 No subscription can be received on the basis of these financial statements. Subscriptions are only valid if made on the basis of the current issued prospectus and the key investor information document ("KIID") accompanied by the subscription form, the latest annual report including audited financial statements and the most recent unaudited semi-annual report, if published thereafter. SELLA CAPITAL MANAGEMENT Contents Organisation ........................................................................................................................................... 2 General information ............................................................................................................................... 4 Report on activities of the Board of Directors..................................................................................... 6 Report of the réviseur d'entreprises agréé ........................................................................................12 Combined statement of net assets .....................................................................................................15 Combined statement of operations and other changes in net assets ............................................16 SELLA CAPITAL MANAGEMENT - BOND STRATEGY .....................................................................17 Statement of net assets ......................................................................................................................17 Statement of operations and other changes in net assets .................................................................18 Statistical information ..........................................................................................................................19 Statement of investments and other net assets .................................................................................20 Industrial and geographical classification of investments ...................................................................24 Statement of changes in investments (unaudited) ............................................................................26 SELLA CAPITAL MANAGEMENT - EQUITY EURO STRATEGY .......................................................29 Statement of net assets ......................................................................................................................29 Statement of operations and other changes in net assets .................................................................30 Statistical information ..........................................................................................................................31 Statement of investments and other net assets .................................................................................32 Industrial and geographical classification of investments ...................................................................35 Statement of changes in investments (unaudited) ............................................................................36 SELLA CAPITAL MANAGEMENT - EURO CORPORATE BOND ......................................................39 Statement of operations and other changes in net assets .................................................................39 Statistical information ..........................................................................................................................40 Statement of changes in investments (unaudited) ............................................................................41 SELLA CAPITAL MANAGEMENT - EQUITY USA...............................................................................44 Statement of operations and other changes in net assets .................................................................44 Statistical information ..........................................................................................................................45 Statement of changes in investments (unaudited) ............................................................................46 Notes to the financial statements .......................................................................................................49 Additional information (unaudited) ....................................................................................................55 1 SELLA CAPITAL MANAGEMENT Organisation Registered office 30, Boulevard Royal L-2449 LUXEMBOURG Board of Directors Chairman Bruno AGOSTINI Chairman MIRET S.A. 16, Avenue de la Porte Neuve L-2227 LUXEMBOURG Members Carmine DA FERMO Manager SELLA GESTIONI S.G.R. S.p.A. 32/2 Via Filippo Sassetti I-20124 MILANO (since 1st October 2017) 13, Via Vittor Pisani I-20124 MILANO (until 30th September 2017) Francesco PLINI Head of Products and Investment Services BANCA SELLA S.p.A. 1, Piazza Gaudenzio Sella I-13900 BIELLA Management Company SELLA GESTIONI S.G.R. S.p.A. 32/2 Via Filippo Sassetti I-20124 MILANO (since 1st October 2017) 13, Via Vittor Pisani I-20124 MILANO (until 30th September 2017) Board of Directors of the Management Company Chairman Giovanni PETRELLA Deputy Chairman Franco SELLA Directors Aldo GALLO Silva Maria LEPORE Paola MUSILE TANZI Nicola TRIVELLI Davide VANNONI 2 SELLA CAPITAL MANAGEMENT Organisation (continued) Conducting officers of the Management Company Chief Executive Officer Nicola TRIVELLI Deputy Chief Executive Officer Nicoletta DAMIA Manager Lorenzo LAMPERTI Depositary, domiciliary BANQUE DE PATRIMOINES PRIVES and paying agent 30, Boulevard Royal L-2449 LUXEMBOURG Administrative agent, registrar EUROPEAN FUND ADMINISTRATION S.A. and transfer agent 2, Rue d’Alsace L-1122 LUXEMBOURG Investment Manager SELLA GESTIONI S.G.R. S.p.A. 32/2 Via Filippo Sassetti I-20124 MILANO (since 1st October 2017) 13, Via Vittor Pisani I-20124 MILANO (until 30th September 2017) Cabinet de révision agréé DELOITTE Audit Société à responsabilité limitée 560, Rue de Neudorf L-2220 LUXEMBOURG Correspondent bank, paying agent, BANCA SELLA HOLDING S.p.A nominee, placing agent 1, Piazza Gaudenzio Sella and centralisation agent I-13900 BIELLA Sponsor BANCA SELLA HOLDING S.p.A 1, Piazza Gaudenzio Sella I-13900 BIELLA 3 SELLA CAPITAL MANAGEMENT General information SELLA CAPITAL MANAGEMENT (the "Company") is an investment company organised as a "société anonyme" under the Luxembourg laws and qualified as a "société d'investissement à capital variable" in accordance with Part I of the amended Law of 17th December 2010 relating to Undertakings for Collective Investment in Transferable Securities (UCITS) and to the Council Directive 2009/65/EC, as amended. The Directive 2014/91/EU of the European Parliament and of the Council of 23rd July 2014 amending the Directive 2009/65/EC has been transposed by the Luxembourg law of 10th May 2016 coming into force on 1st June 2016 and amending the amended law of 17th December 2010. The Company was incorporated in Luxembourg for an unlimited period on 24th October 2003. At the date of the financial statements, the following Sub-Funds are open for subscription: - SELLA CAPITAL MANAGEMENT - BOND STRATEGY in EUR (hereafter "BOND STRATEGY") - SELLA CAPITAL MANAGEMENT - EQUITY EURO STRATEGY in EUR (hereafter "EQUITY EURO STRATEGY") The Board of Directors of the Company decided to merge the following Sub-Funds with effect from 1st December 2017 as follows: Merging Sub-Funds Absorbing Sub-Funds SELLA CAPITAL MANAGEMENT - EQUITY SELLA CAPITAL MANAGEMENT - EQUITY USA EURO STRATEGY SELLA CAPITAL MANAGEMENT - EURO SELLA CAPITAL MANAGEMENT - BOND CORPORATE BOND STRATEGY On the effective date, all assets and liabilities of the Merging Sub-Funds were transferred to the respective Absorbing Sub-Funds and the shareholders of the Merging Sub-Funds received shares of the Absorbing Sub-Funds. Pursuant to the Company’s Articles of Incorporation, the Board of Directors of the Company (hereafter the Board of Directors) may decide to issue, within each Sub-Fund, one or several classes and/or categories of shares. For the time being, in each Sub-Fund, the Company may decide to issue shares of the following classes: - Class R ("Retail"): offered to individuals and corporate entities. - Class I ("Institutional"): reserved to corporate entities subscribing for their own account or on behalf of individuals within the framework of a collective savings or any comparable scheme, as well as to Undertakings for Collective Investment in Transferable Securities ("UCITS"). At the date of the financial statements, the following classes are open for each Sub-Fund: - Class Institutional - Class Retail. For the time being, in each Sub-Fund, the Company may decide to issue shares of the following category: - A-Shares: which are Capitalisation shares thus the holders of A-Shares are not entitled to receive dividends unless otherwise decided by the Board of Directors. - B-Shares: which are Distribution shares thus the holders of B-Shares are entitled to receive dividends. 4 SELLA CAPITAL MANAGEMENT General information (continued) At the date of the financial statements, A-Shares and B-Shares are active. Should it become apparent that shares of the "Institutional" class are held by individuals other than those authorised above, the Board of Directors will have the said shares converted, free of charge, into shares of the "Retail" class. The Company’s
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