RINASCIMENTO SICAV (in dissolution) Société d'investissement à Capital Variable R.C.S. Luxembourg N B Audited Report for the period from - PDF

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RINASCIMENTO SICAV (in dissolution) Société d'investissement à Capital Variable R.C.S. Luxembourg N B Audited Report for the period from January 1, 2016 to September 5, 2016 (date of dissolution)

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RINASCIMENTO SICAV (in dissolution) Société d'investissement à Capital Variable R.C.S. Luxembourg N B Audited Report for the period from January 1, 2016 to September 5, 2016 (date of dissolution) AUGUSTUM G.A.M.E.S. AUGUSTUM Balanced Equity Europe Table of Contents Board of Directors and Administration 2 General Information 4 Directors Report 5 Audit report 6 Statistics 8 Combined Statement of Net Assets as at September 5, Combined Statement of Operations and Changes in Net Assets for the period ended September 5, AUGUSTUM G.A.M.E.S. Statement of Net Assets as at September 5, Statement of Operations and Changes in Net Assets for the period ended September 5, 2016 Statement of Changes in Number of Shares 10 AUGUSTUM Balanced Equity Europe Statement of Net Assets as at September 5, Statement of Operations and Changes in Net Assets for the period ended September 5, 2016 Statement of Changes in Number of Shares 11 Notes to the Financial Statements 12 Unaudited Information Board of Directors and Administration Chairman Mr Alberto Alfiero Deputy General Manager Banca Finnat Euramerica S.p.A. Piazza del Gesù, 49 I Rome Italy Members Mr Sante Jannoni Managing Director of TMF Compliance (Luxembourg) S.A. 11B, boulevard Joseph II L-1840 Luxembourg Grand Duchy of Luxembourg Mr Emanuele Bonabello Head of Asset Management and Institutional Investors Banca Finnat Euramerica S.p.A. Piazza del Gesù, 49 I Rome Italy Conducting Persons Mrs Antonella Musco Operations Department Banca Finnat Euramerica S.p.A. Piazza del Gesù, 49 I Rome Italy Mr Marco Petronio Director of TMF Compliance (Luxembourg) S.A. 11B, boulevard Joseph II L-1840 Luxembourg Grand Duchy of Luxembourg Sub-fund co-manager Augustum Opus SIM S.p.A. Via Marina, 6 I Milan Italy Main Distributor and General Advisor Banca Finnat Euramerica S.p.A. Piazza del Gesù, 49 I Rome Italy Promoter Banca Finnat Euramerica S.p.A. Piazza del Gesù, 49 I Rome Italy Custodian, Paying Agent, Domicile and Listing Agent, Registrar and Transfer Agent BNP Paribas Securities Services - Luxembourg Branch 60, avenue J.F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg RINASCIMENTO SICAV (in dissolution) 2 Board of Directors and Administration (Continued) Administrative Agent BNP Paribas Securities Services - Luxembourg Branch 60, avenue J.F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg Registered Office 60, avenue J.F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg Auditor PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator B.P.1443 L-1014 Luxembourg Grand Duchy of Luxembourg RINASCIMENTO SICAV (in dissolution) 3 General Information Corporate information Rinascimento SICAV (in dissolution) (the Fund ) was incorporated for an unlimited period of time on October 12, 1998 and is governed by the Law of August 10, 1915 on commercial companies, as amended, and by the Law of December 17, 2010, as amended, (the Law ). The registered office of the Fund is established at 60, avenue J.F Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg. The Company is registered in «Registre de Commerce et des Sociétés» with the District Court of Luxembourg under the number B The Articles of Incorporation were published in the «Mémorial, Recueil des Sociétés et Associations» (the «Mémorial») on November 13, 1998, and have been filed with the Chancery of the District Court of Luxembourg together with the «Notice légale» on the issue and sale of Shares. Any interested person may inspect these documents at the Registrar of Companies of Luxembourg; copies are available on request at the registered office of the Fund or on the website: The minimum capital of the Fund, as provided by Law is EUR 1,250,000. The capital of the Fund is represented by fully paid-up shares of no par value. Shareholders information Periodic reports The Fund publishes annually a detailed audited report on its activities and on the management of its assets; such report shall include, inter alia, the combined accounts relating to all the Sub-Funds, a detailed description of the assets of each Sub-Fund and a report from the Auditor. The Fund shall further publish semi-annual unaudited reports, including, inter alia, a description of the investments underlying the portfolio of each Sub-Fund and the number of shares issued and redeemed since the last publication. The aforementioned documents will be available within four months for the annual reports and two months for the semi-annual reports of the date thereof and copies may be obtained free of charge by any person at the registered office of the Fund or on the website: The accounting year of the Fund commences on the 1st day of January of each year and terminates on the 31st of December of the same year. The combined accounts of the Fund shall be maintained in EURO which is the currency of the share capital. The financial statements relating to the various separate Sub-Funds shall also be expressed in the reference currency (the «Reference Currency») of the Sub-Funds. Shareholders information a) Net asset value The daily net asset value of each Sub-Fund is available at the registered office of the Fund and is published on Fund's website (www.rinascimentosicav.com). b) Issuing and redemption prices The issuing and redemption prices of the shares of each Sub-Fund of the Fund are rendered public each day at the counters of the Depositary Bank and in banks offering financial services. c) Notification to the shareholders The other information addressed to the shareholders are published in the Mémorial in Luxembourg, if this publication is prescribed by the statutes or the Prospectus. Moreover, they might be published in the «Luxemburger Wort». d) Listing on the Luxembourg Stock Exchange The Shares of each Sub-Fund are listed on the Luxembourg Stock Exchange. e) The list of changes in the portfolio of each Sub-Fund is available free of charge upon request at the registered office of the Fund. 4 Directors' Report 2016 started with global equities stocks falling sharply till mid-february and rebounding thereafter to end the quarter slightly negative in local currency terms, with Morgan Stanley world local currency index closing at - 2.5%. The Japanese equity market and Italian market are the two exceptions: the first fell sharply in January and February before a moderate rebound in March, but registered a decline of 12% for the first quarter as a whole, while the second market fell more than 15% at the end of Q1, with banking share performing even worse. Global equities generally delivered positive returns in Q2, with basic materials outperforming again. US equities gained over the quarter, supported by expectations that additional interest rate rises would be delayed. The UK's FTSE All-Share was among the strongest markets as a sharp depreciation in sterling was viewed as advantageous to a stock market comprising predominantly overseas earners. The result on UK referendum on Brexit, however, created a turbulent quarter end, with financials particularly under pressure. On the other hand, Japanese equities posted considerable declines as a sharp appreciation in the yen (up 9.1% against the dollar) had a particularly negative impact on the stock market. The first 2 months of the third quarter was generally positive but volatile for equity markets. US equities advanced and expectations rose that the Federal Reserve (Fed) would increase rates again before the end of Eurozone equities made gains with economically sensitive sectors such as information technology and consumer discretionary outperforming. UK equities moved higher against a more stable domestic political backdrop following the EU referendum vote. The Bank of England launched a series of monetary easing measures. Japanese stocks were supported as the government released details of a fiscal spending package designed to run alongside the Bank of Japan's continuing aggressive monetary policy. From fixed income point of view, the ECB announced fresh monetary policy easing in early March and forecasts for additional increases in US interest rates were deferred after Yellen's speech at congress in February. Government bond yields were sharply lower, with the 10-year German Bund yield dropping into negative territory and the 10-year Treasury yield fell from 2.27% at the end of December to 1.58% at the end of August. RINASCIMENTO SICAV - AUGUSTUM G.A.M.E.S. During the period the sub-fund under-performed compared to the Morgan Stanley World Local Index. The under-performance is largely due to the overweight in Italian market. The manager maintained the geographical exposure substantially unaltered during the whole period. RINASCIMENTO SICAV - AUGUSTUM Balanced Equity Europe The investment manager, in view of further economic recovery in the Eurozone and of further expansive monetary measures by the ECB, has determined an equity exposure close to 100%, since the beginning of the year, overweighting Italy. Following the volatility that returned as a result of UK referendum, the manager has reduced exposure through the use of derivatives. On September 2, 2016 the sub-fund RINASCIMENTO SICAV - AUGUSTUM G.A.M.E.S., has been merged into the sub-fund AZ MULTI ASSET - RIN G.A.M.E.S. and the sub-fund RINASCIMENTO SICAV - AUGUSTUM Balanced Equity Europe has been merged into the sub-fund AZ MULTI ASSET - RIN BALANCED EQUITY. 5 Audit report To the Shareholders of RINASCIMENTO SICAV (in dissolution) We have audited the accompanying financial statements of RINASCIMENTO SICAV (in dissolution) and of each of its Sub-Funds, which comprise the statement of net assets as at September 5, 2016 (date of dissolution) and the statement of operations and changes in net assets for the period then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements. Responsibility of the Board of Directors of the SICAV for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibility of the Réviseur d entreprises agréé Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgment of the Réviseur d entreprises agréé, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Réviseur d entreprises agréé considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. PricewaterhouseCoopers, Société coopérative, 2, rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg T: , F: , Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n ) R.C.S. Luxembourg B TVA LU pwc Opinion ln our opinion, the financial statements give a true and fair view of the financial position of RIMSCIMENTO SICAV (in dissolution) and of each of its Sub-Funds as of September 5, 2016 (date of dissolution), and of the results of their operations and changes in their nei assets for the period then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. Emphasls of Mafter We draw attention to note 1 to the financial statements which indicate that the Extraordinary General Meeting ol Shareholders held on JLtly 18, 2016, deided the merger of the SICAV with M MULTI ASSET on September 2, 2016 and ils dissolution on September 5, Therefore, as indicated in the note 3 to the financial statements, the financial statements of the SICAV (in dissolution) and of each of its sub-funds for the period ended September 5, 2016 (date of dissolution) have been prepared on a liquidation basis of accounting. Our opinion is not qualified in respect olthis matter. Other mafters Supplementary informdion included in this report has been reviewed in the context of our mandate but has not been subject to specific audit procedures canied out in accordance with the standards described above. Consequently, we express no opinion on such information, However, we have no observation to make conceming such informdion in the context of the financial statements taken as a whole. PricewaterhouseCoopers, Soci6t6 coop6rative Represented by Luxembourg, January 5, 2017 Gh Thierry Blondeau Statistics September 5, 2016 December 31, 2015 December 31, 2014 AUGUSTUM G.A.M.E.S. Net Asset Value Net asset value per share EUR - 41,769, ,015, Class A EUR Class I EUR Number of shares Class A - 1, , Class I - 255, , AUGUSTUM Balanced Equity Europe Net Asset Value Net asset value per share EUR - 17,117, ,416, Class I EUR Number of shares Class I - 149, , The accompanying notes are an integral part of these financial statements. 8 Combined Statement Statement of Net Assets as at September 5, 2016 Statement of Operations and Changes in Net Assets for the period ended September 5, 2016 Notes EUR Notes EUR Assets Cash at bank 1,427, Total assets 1,427, Liabilities Other liabilities 285, Payable to absorbing Sub-Fund 1,141, Total liabilities 1,427, Income Dividends (net of withholding taxes) , Interest on bonds , Bank interest 3.8 2, Other income 4, Total income 924, Expenses Management fees 4 489, Custodian fees 7 39, Administration fees 35, Professional fees 37, Distribution fees 17, Transaction costs 8 137, Taxe d'abonnement 5 3, Bank interest and charges 7, Agent association fees 5, Printing & Publication fees 6, Amortisation of formation expenses Other expenses 142, Total expenses 923, Net investment income / (loss) 1, Net realised gain / (loss) on: Investments securities (2,012,195.21) Foreign currencies transactions 92, Futures contracts (789,995.31) Forward foreign exchange contracts (1,171,747.18) Swap contracts 207, Net realised gain / (loss) for the period (3,672,071.50) Net change in unrealised appreciation / (depreciation) on: Investments securities (2,981,223.24) Futures contracts (100,272.94) Forward foreign exchange contracts 1,376, Increase / (Decrease) in net assets as a result of operations (5,377,241.11) Proceeds received on subscription of shares 4,865, Net amount paid on redemption of shares (58,374,576.15) Net assets at the beginning of the period 58,886, Net assets at the end of the period - The accompanying notes are an integral part of these financial statements. 9 AUGUSTUM G.A.M.E.S. (in EUR) Statement of Operations Net Assets and as at Changes September in Net 5, Assets 2016 for the Statement of Operations and Changes in Net Assets for period ended September 5, 2016 the period ended September 5, 2016 Notes EUR Notes EUR Assets Cash at bank 626, Total assets 626, Liabilities Other liabilities 207, Payable to absorbing Sub-Fund 418, Total liabilities 626, Income Dividends (net of withholding taxes) , Interest on bonds , Bank interest 3.8 2, Other income 0.27 Total income 525, Expenses Management fees 4 369, Custodian fees 7 27, Administration fees 18, Professional fees 25, Distribution fees 12, Transaction costs 8 116, Taxe d'abonnement 5 2, Bank interest and charges 4, Agent association fees 3, Printing & Publication fees 4, Other expenses 102, Total expenses 689, Net investment income / (loss) (164,510.28) Net realised gain / (loss) on: Investments securities (1,116,366.67) Foreign currencies transactions 96, Futures contracts (504,895.94) Forward foreign exchange contracts (1,161,828.32) Swap contracts 23, Net realised gain / (loss) for the period (2,827,671.45) Net change in unrealised appreciation / (depreciation) on: Investments securities (3,029,674.33) Futures contracts (59,972.94) Forward foreign exchange contracts 1,278, Increase / (Decrease) in net assets as a result of operations (4,638,989.15) Proceeds received on subscription of shares 3,279, Net amount paid on redemption of shares (40,409,314.18) Net assets at the beginning of the period 41,769, Net assets at the end of the period - Statement of Changes in Number of Shares Number of shares in issue at the beginning of the period Number of shares issued Number of shares redeemed Number of shares in issue at the end of the period Class A 1, (1,000.00) - Class I 255, , (277,164.35) - The accompanying notes are an integral part of these financial statements. 10 AUGUSTUM Balanced Equity Europe (in EUR) Statement of Operations Net Assets and as at Changes September in Net 5, Assets 2016 for the Statement of Operations and Changes in Net Assets for period ended September 5, 2016 the period ended September 5, 2016 Notes EUR Notes EUR Assets Cash at bank 801, Total assets 801, Liabilities Other liabilities 78, Payable to absorbing Sub-Fund 723, Total liabilities 801, Income Dividends (net of withholding taxes) , Interest on bonds , Other income 4, Total income 399, Expenses Management fees 4 120, Custodian fees 7 11, Administration fees 17, Professional fees 12, Distribution fees 4, Transaction costs 8 20, Taxe d'abonnement Bank interest and charges 2, Agent association fees 1, Printing & Publication fees 1, Amortisation of formation expenses Other expenses 39, Total expenses 233, Net investment income / (loss) 166, Net realised gain / (loss) on: Investments securities (895,828.54) Foreign currencies transactions (3,352.70) Futures contracts (285,099.37) Forward foreign exchange contracts (9,918.86) Swap contracts 183, Net realised gain / (loss) for the period (844,400.05) Net change in unrealised appreciation / (depreciation) on: Investments securities 48, Futures contracts (40,300.00) Forward foreign exchange contracts 97, Increase / (Decrease) in net assets as a result of operations (738,251.96) Proceeds received on subscription of shares 1,586, Net amount paid on redemption of shares (17,965,261.97) Net assets at the beginning of the period 17,117, Net assets at the end of the period - Statement of Changes in Number of Shares Number of shares in issue at the beginning of the period Number of shares issued Number of shares redeemed Number of shares in issue at the end of the period Class I 149, , (163,507.07) - The accompanying notes are an integral part of these financial statements. 11 Notes to the Financial Statements as at September 5, 2016 (date of dissolution) Note 1. General The Fund (in dissolution) was incorporated for an unlimited period of time on October 12, 1998 and was governed by the Law of August 10, 1915 on commercial companies and by Part I of the Law of December 17, 2010, as amended. The Fund (in dissolution) is a self-managed SICAV in compliance with Article 27 of the Law of December
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