Statement of changes in net assets

for the period ended December 31, 2015

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(amounts in EUR)

December 31, 2015

December 31, 2014

December 31, 2013

 

 

 

 

Operations

 

 

 

Net operating income

11,996,275

7,480,568

4,682,459

Realised gain on investments

2,207,311

5,103,883

556,957

Realised loss on investments

(151,247)

(1,492,209)

(7,065)

Realised gain on swaps

262,322

72,249

Realised loss on swaps

(103,453)

(411,497)

Realised gain on foreign exchange contracts

4,583,824

1,898,854

2,317,758

Realised loss on foreign exchange contracts

(17,384,119)

(2,473,448)

(2,843,675)

Realised gain on foreign exchange

973,092

445,640

205,984

Realised loss on foreign exchange

(759,475)

(151,329)

(109,600)

Change in unrealised appreciation on investments

8,715,552

13,550,202

5,892,696

Change in unrealised depreciation on investments

(5,016,350)

Change in unrealised appreciation on swap contracts

616,983

Change in unrealised depreciation on swap contracts

(1,162,816)

(392,881)

Change in unrealised appreciation on forward foreign exchange contracts

169,681

3,446,587

Change in unrealised depreciation on forward foreign exchange contracts

(779,005)

(11,735,519)

 

 

 

 

 

 

 

 

Net increase in net assets resulting from operations

8,398,261

12,475,691

9,331,147

 

 

 

 

Capital transactions

 

 

 

 

 

 

 

Capital subscriptions

 

 

 

I Capitalisation Share Class (EUR)

43,534,012

38,437,110

14,380,824

I Distribution Share Class (EUR)

7,348,811

8,347,640

1,148,240

B Capitalisation Share Class (EUR)

82,273

233,106

492,760

B Distribution Share Class (EUR)

278,820

2,855,523

21,452,647

R Capitalisation Share Class (EUR)

3,630,026

3,407,045

3,212,131

R Distribution Share Class (EUR)

4,901,237

1,921,845

1,700,325

K-Institutional Distribution Share Class (GBP)

486,785

1,314,545

358,584

K-B Distribution Share Class (GBP)

29,675

15,948

213,231

K-Retail Distribution Share Class (GBP)

10,112

5,418

5,661

K-Z Capitalisation Share Class (GBP)

209,510

238,248

K-Z Distribution Share Class (GBP)

2,809,285

145,904

188,576

Z- Capitalisation Share Class (EUR)

670,476

1,626,917

500

Z- Distribution Share Class (EUR)

12,176,206

65,549,598

500

 

 

 

 

 

 

 

 

Total subscriptions

75,957,718

124,070,109

43,392,227

 

 

 

 

Capital redemptions

 

 

 

I Capitalisation Share Class (EUR)

(4,726,613)

(10,708,400)

(3,229,407)

I Distribution Share Class (EUR)

(40,957)

B Capitalisation Share Class (EUR)

(152,163)

(1,261,897)

(1,138,241)

B Distribution Share Class (EUR)

(103,338)

(56,298,132)

(3,169,208)

R Capitalisation Share Class (EUR)

(272,783)

(431,312)

R Distribution Share Class (EUR)

(57,145)

(637,330)

(146,384)

K-Institutional Capitalisation Share Class (GBP)

(2,319,579)

K-Institutional Distribution Share Class (GBP)

(91,807)

(27,520)

(524,321)

K-B Capitalisation Share Class (GBP)

(88,023)

(104,694)

(359,364)

K-B Distribution Share Class (GBP)

(187,780)

K-Retail Capitalisation Share Class (GBP)

(71,332)

(1,094)

K-Retail Distribution Share Class(GBP)

(67,288)

(255,958)

Z- Capitalisation Share Class (EUR)

(116,686)

(84,899)

Z- Distribution Share Class (EUR)

(1,766,252)

(5,343,024)

 

 

 

 

 

 

 

 

Total redemptions

(7,374,810)

(77,584,144)

(8,823,977)

 

 

 

 

Net increase in net assets resulting from capital transactions

65,582,908

46,485,965

34,568,250

 

 

 

 

Net assets

 

 

 

Net assets at the beginning of the year

220,383,152

163,470,832

122,404,100

Total increase in net assets

76,981,169

58,961,656

43,899,397

Dividend distribution

(6,805,441)

(2,049,336)

(2,832,665)

 

 

 

 

 

 

 

 

Net assets at the end of the year

290,558,880

220,383,152

163,470,832

 

 

 

 

The (PDF:) accompanying notes form an integral part of these financial statements.

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