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UBAM Variable Capital Investment Company Luxembourg Annual report, including Audited Financial Statements as at 31st December 2019 UBAM Variable Capital Investment Company Luxembourg R.C.S. Luxembourg B 35 412 No subscription can be received on the basis of this report. Subscriptions are only valid if made on the basis of the current prospectus and the Key Investor Information Documents (KIIDs) supplemented by the subscription form, the latest Annual report, including Audited Financial Statements and the most recent Semi-annual report including Unaudited Financial Statements, if published thereafter. UBAM Contents Organisation ....................................................................................................................................................5 Report of the Board of Directors ................................................................................................................10 Report of the Réviseur d'Entreprises Agréé...............................................................................................36 Combined statement of net assets..............................................................................................................39 Combined statement of operations and other changes in net assets .....................................................40 UBAM - ABSOLUTE RETURN FIXED INCOME............................................................................................42 UBAM - ABSOLUTE RETURN LOW VOL FIXED INCOME .........................................................................49 UBAM - CORPORATE EURO BOND ............................................................................................................56 UBAM - CORPORATE US DOLLAR BOND..................................................................................................65 UBAM - DYNAMIC EURO BOND...................................................................................................................76 UBAM - DYNAMIC US DOLLAR BOND ........................................................................................................84 UBAM - EM INVESTMENT GRADE CORPORATE BOND ...........................................................................94 UBAM - EM SUSTAINABLE HIGH GRADE CORPORATE BOND.............................................................103 UBAM - EMERGING MARKET CORPORATE BOND.................................................................................108 UBAM - EMERGING MARKET CORPORATE BOND SHORT DURATION ...............................................117 UBAM - EMERGING MARKET DEBT OPPORTUNITIES ...........................................................................125 UBAM - EMERGING MARKET SOVEREIGN BOND ..................................................................................132 UBAM - EURO BOND ..................................................................................................................................139 UBAM - EURO HIGH YIELD SOLUTION** ..................................................................................................146 UBAM - GLOBAL AGGREGATE BOND .....................................................................................................151 UBAM - GLOBAL BOND TOTAL RETURN.................................................................................................156 UBAM - GLOBAL HIGH YIELD SOLUTION ................................................................................................162 UBAM - HIGH GRADE EURO INCOME.......................................................................................................173 UBAM - HYBRID BOND...............................................................................................................................179 UBAM - US DOLLAR BOND........................................................................................................................186 UBAM - US HIGH YIELD SOLUTION ..........................................................................................................192 UBAM - EUROPE 10-40 CONVERTIBLE BOND**......................................................................................198 UBAM - GLOBAL 10-40 CONVERTIBLE BOND (merged)*.......................................................................204 UBAM - GLOBAL CONVERTIBLE BOND** ................................................................................................207 UBAM - SRI EUROPEAN CONVERTIBLE BOND**....................................................................................213 UBAM - 30 GLOBAL LEADERS EQUITY....................................................................................................218 UBAM - ADAMS US SMALL CAP EQUITY (merged)* ...............................................................................225 UBAM - AJO US EQUITY VALUE ...............................................................................................................228 UBAM - ANGEL JAPAN SMALL CAP EQUITY ..........................................................................................235 UBAM - ASIA EQUITY (merged)*................................................................................................................241 UBAM - BEST SELECTION ASIA EQUITY*................................................................................................243 UBAM - DR. EHRHARDT GERMAN EQUITY..............................................................................................251 UBAM - EURO EQUITY INCOME ................................................................................................................255 UBAM - EUROPE EQUITY...........................................................................................................................260 Page 3 UBAM Contents (continued) UBAM - EUROPE EQUITY DIVIDEND+ ......................................................................................................267 UBAM - EUROPE EQUITY FLEX.................................................................................................................274 UBAM - EUROPE MARKET NEUTRAL* .....................................................................................................279 UBAM - EUROPE SMALL CAP EQUITY.....................................................................................................283 UBAM - GLOBAL EMERGING EQUITY*.....................................................................................................291 UBAM - GLOBAL EQUITY (formerly UBAM - GLOBAL EQUITY SUSTAINABLE GROWTH)**..............299 UBAM - POSITIVE IMPACT EQUITY...........................................................................................................307 UBAM - SNAM JAPAN EQUITY VALUE .....................................................................................................315 UBAM - SWISS EQUITY ..............................................................................................................................323 UBAM - SWISS SMALL AND MID CAP EQUITY ........................................................................................330 UBAM - TECH GLOBAL LEADERS EQUITY..............................................................................................337 UBAM - TURKISH EQUITY (merged)* ........................................................................................................341 UBAM - US EQUITY GROWTH**.................................................................................................................344 UBAM - MULTIFUNDS ALLOCATION 30 ...................................................................................................350 UBAM - MULTIFUNDS ALLOCATION 50 ...................................................................................................355 UBAM - MULTIFUNDS ALLOCATION 70 ...................................................................................................360 UBAM - MULTIFUNDS ALTERNATIVE.......................................................................................................365 UBAM - MULTIFUNDS SECULAR TRENDS** ............................................................................................370 UBAM - ASYMMETRY 50 EUR (merged)* ..................................................................................................376 UBAM - ASYMMETRY 50 USD (merged)* ..................................................................................................378 UBAM - REAL RETURN ..............................................................................................................................380 UBAM - ABSOLUTE RETURN FOREX .......................................................................................................387 UBAM - GLOBAL CARRY ...........................................................................................................................391 UBAM - GLOBAL CARRY ENHANCED** ...................................................................................................396 Notes to the financial statements - Schedule of derivative instruments ...............................................401 Other Notes to the financial statements ...................................................................................................437 Unaudited information................................................................................................................................466 * Please refer to Note 13 ** Please refer to Note 13 and/or Note 19 Page 4 UBAM Organisation REGISTERED OFFICE
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