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European Sicav Alliance EUROPEAN SICAV ALLIANCE Audited annual report as at 31/12/18 RCS Luxembourg B35554 Database Publishing System: CO-Reporter® by CO-Link, Belgium. EUROPEAN SICAV ALLIANCE Table of Contents Organisation and Administration 3 Swiss Country Supplement (unaudited) 5 Annual Directors’ Report 6 Report of the Réviseur d’Entreprises Agréé 9 Combined Statement of Net Assets 15 Combined Statement of Operations and Changes in Net Assets 16 Sub-funds: EUROPEAN SICAV ALLIANCE - GALAXY 17 EUROPEAN SICAV ALLIANCE - RPM EVOLVING CTA FUND 31 Notes to the Financial Statements 48 Unaudited information 61 Subscriptions are only valid if made on the basis of the current offering prospectus supplemented by the last annual report and the last semi-annual report if it is more recent. Page 2 EUROPEAN SICAV ALLIANCE Organisation and Administration REGISTERED OFFICE 5, Allée Scheffer L - 2520 Luxembourg Grand Duchy of Luxembourg PRINCIPAL CLEARING BROKERS SG Americas Securities, LLC 550, West Jackson Boulevard Suite 500 Chicago, Illinois 60661 5716 USA Société Générale International Limited 10, Bishops Square London E1 6EG United Kingdom Skandinaviska Enskilda Banken AB 2, Cannon Street London EC4M 6XX United Kingdom Goldman Sachs International (since February 1, 2018) Peterborough Court 133 Fleet Street London EC4A 2BB United Kingdom DEPOSITARY / CENTRAL CACEIS Bank, Luxembourg Branch ADMINISTRATION AGENT AND 5, Allée Scheffer TRANSFER AGENT L - 2520 Luxembourg Grand Duchy of Luxembourg LEGAL ADVISER As to English Law: Dechert LLP 160 Queen Victoria Street London EC4V 4QQ United Kingdom As to Luxembourg Law: Dechert (Luxembourg) LLP 1, Allée Scheffer BP . 709 L - 2017 Luxembourg Grand Duchy of Luxembourg ALTERNATIVE INVESTMENT RPM Risk & Portfolio Management AB FUND MANAGER Linnégatan 6 SE - 114 47 Stockholm Sweden CABINET DE REVISION AGREE KPMG Luxembourg, Société coopérative 39, Avenue John F. Kennedy L - 1855 Luxembourg Grand Duchy of Luxembourg Page 3 EUROPEAN SICAV ALLIANCE Organisation and Administration (continued) BOARD OF DIRECTORS Chairman M. Hans - Willem R. BARON VAN TUYLL VAN SEROOSKERKEN, Independent Senior Advisor, Switzerland Directors M. Magnus KOTTENAUER, Senior Vice President, RPM Risk & Portfolio Management AB, Sweden M. Mikael STENBOM, Partner, RPM Risk & Portfolio Management AB, Sweden M. Magnus WESTERLIND, Chairman, RPM Risk & Portfolio Management AB, Sweden Page 4 EUROPEAN SICAV ALLIANCE Swiss Country Supplement (unaudited) The distribution of the SICAV in Switzerland will be exclusively made to, and directed at, qualified investors (the "Qualified Investors"), as defined in the Swiss Collective Investment Schemes Act of June 23, 2006, as amended ("CISA") and its implementing ordinance. Accordingly, the SICAV has not been and will not be registered with the Swiss Financial Market Supervisory Authority ("FINMA"). This Prospectus and/or any other offering materials relating to the Shares may be made available in Switzerland solely to Qualified Investors. 1. Representative The representative in Switzerland is First Independent Fund Services Ltd, Klausstrasse 33, CH-8008 Zurich, Switzerland (the “Representative”). 2. Paying agent The paying agent in Switzerland is NPB Neue Privat Bank AG, Limmatquai 1, CH-8024 Zurich. 3. Place where the relevant fund documents may be obtained The Prospectus, the Articles of Incorporation as well as the annual and semi-annual reports may be obtained free of charge from the Representative. 4. Payment of retrocessions and rebates Retrocessions The SICAV, the Investment Manager and their respective agents may pay retrocessions as remuneration for distribution activity in respect of Shares in or from Switzerland. This remuneration may be deemed payment for the following services in particular: - Distributing the Shares in Switzerland; and - Introducing potential investors in the Sub-Fund to the SICAV. Retrocessions are not deemed to be rebates even if they are ultimately passed on, in full or in part, to the investors. The recipients of the retrocessions must ensure transparent disclosure and inform investors, unsolicited and free of charge, about the amount of remuneration they may receive for distribution. On request, the recipients of retrocessions must disclose the amounts they actually receive for distributing the Sub-Funds. Rebates In the case of distribution activity in or from Switzerland, the SICAV, the Investment Manager and their respective agents may, upon request, pay rebates directly to investors. The purpose of rebates is to reduce the fees or costs incurred by the investor in question. Rebates are permitted provided that: - they are paid from fees received by the SICAV, the Investment Manager or their respective agents and therefore do not represent an additional charge on the relevant Sub-fund’s assets; - they are granted on the basis of objective criteria; - all investors who meet these objective criteria and demand rebates are also granted these within the same timeframe and to the same extent. The objective criteria for the granting of rebates by the SICAV, the Investment Manager or their respective agents are as follows: - the volume subscribed by the investors or the total volume they hold in the respective Sub-Fund or, where applicable, in the product range of the promoter; - the amount of the fees generated by the investors; - the investment behaviour shown by the investors (e.g. expected investment period); - the investors’ willingness to provide support in the launch phase of a Sub-Fund. At the request of the investor, the SICAV, the Investment Manager or their respective agents must disclose the amounts of such rebates free of charge. 5. Place of jurisdiction and place of performance In respect of the units distributed in and from Switzerland, the place of performance and jurisdiction is the registered office of the Representative. Page 5 EUROPEAN SICAV ALLIANCE ANNUAL DIRECTORS’ REPORT For the year ending December 31, 2018 Organisational structure EUROPEAN SICAV ALLIANCE is a multiple sub-funds investment company (“Sicav”) incorporated under the Luxembourg law of December 20, 2002 on Collective Investment Undertakings and under the law of August 10, 1915 on Commercial Companies, as amended. EUROPEAN SICAV ALLIANCE is subject to part II of the Luxembourg law of December 17, 2010 on Collective Investment Undertakings and obtained a visa from the Commission de Surveillance du Secteur Financier (“CSSF”) in Luxembourg. The latest prospectus as per the end of the year under review is dated April 2017. RPM Risk & Portfolio Management AB has been appointed as Sicav’s Alternative Investment Fund Manager (“AIFM”) pursuant to an investment management agreement dated November 21, 2014. Sub–funds within EUROPEAN SICAV ALLIANCE during 2018 GALAXY - a multi-adviser fund trading a diversified global portfolio of exchange traded derivative instruments. GALAXY has five share classes: Category A shares are nominated in EUR, Category B shares are nominated in CHF, Category C shares are nominated in EUR, Category D shares are nominated in USD and Category E shares are nominated in SEK. Category A Shares has been trading since February 2003, Category B Shares since September 2005, Category C Shares since September 2005, Category D Shares since June 2009 and Category E shares since January 2016. The fund had the following managers as per December 31, 2018: Transtrend B.V., International Standard Asset Management and Quantitative Investment Management LLC. In 2018, GALAXY A (EUR) was down 25.93% (B CHF -26.39%, C EUR -25.37%, D USD -23.55% and E SEK -25.39%) with losses generated in all sectors except for energy, but most prominently in equities. Performance was negative across managers and sub strategies. RPM EVOLVING CTA FUND - a multi-adviser fund trading a diversified global portfolio of exchange traded derivative instruments. RPM EVOLVING CTA FUND has five active share classes: Category E Shares are nominated in SEK, Category E-R Shares are nominated in SEK, Category F Shares are nominated in EUR, Category G Shares are nominated in CHF and Category A Shares are nominated in USD. Category E Shares has been trading since June 2013, Category E-R Shares since May 2015, Category F shares since June 2013, Category G Shares since December 2009 and Category A Shares since January 2019. The sub-fund had the following managers as per December 31, 2018: PGR Capital LLP, Revolution Capital Management LLC, KeyQuant SAS, ROW Asset Management LLC, ADG Capital Management LLP, Claughton Capital LLC, John Street Capital LLP, Degraves Capital Management Pty Ltd, Plus Plus Capital Management Inc, Caddo Capital Management, Prolific Capital Markets LLC, Coloma Capital Futures LLC and Certeza Asset Management LLC. In 2018, RPM Evolving E SEK was up 1.29% (E-R SEK +1.13%, F EUR +1.64%, G CHF 1.21%) with profits in bonds and energies outweighing losses in equities. Compared to established managers, evolving managers were extremely successful in handling the frequent shifts between bullish and bearish market sentiment, especially in equities and fixed income. With regards to sub strategy performance, trend following was mixed (and flat on aggregate) with hybrid managers outperforming “standard” approaches. Regarding diversifying strategies, on aggregate, all sub strategies ended the year in positive territory. Short-term trading had a particularly strong year, but fundamental and VIX trading managers also contributed positively to overall performance. In early 2019, the global macroeconomic outlook has deteriorated
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