Atlantis International Umbrella Fund Annual Report and Audited Financial Statements For the year ended 31st December 2015
Atlantis International Umbrella Fund
Annual Report and Audited Financial Statements For the year ended 31st December 2015
1
Atlantis International Umbrella Fund
Annual Report and Audited Financial Statements For the year ended 31st December 2015
Contents
Contents Page
Management and Administration ............................................................................................................... 2
Investment Manager’s Reports .................................................................................................................. 4
Statement of Managers’ Responsibilities ................................................................................................. 11
Report of the Trustee to the Unitholders .................................................................................................. 12
Independent Auditors’ Report to the Unitholders .................................................................................... 13
Schedule of Investments .......................................................................................................................... 15
Statement of Financial Position ............................................................................................................... 25
Statement of Comprehensive Income ...................................................................................................... 28
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units ........... 30
Statement of Cash Flows ......................................................................................................................... 32
Notes to the Financial Statements ............................................................................................................ 34
Significant Portfolio Movements (Unaudited) ......................................................................................... 61
2
Atlantis International Umbrella Fund
Management and Administration
REGISTERED OFFICE DIRECTORS OF THE MANAGER
George’s Court Victor Holmes (British) (Chairman) (Independent
54 - 62 Townsend Street non–executive)
Dublin 2 David Dillon (Irish) (non-executive)
Ireland Gerard Morrison (New Zealander) (non-executive)
D02 R156 Paul McNaughton (Irish) (non-executive)
MANAGER INVESTMENT MANAGER
Atlantis Investment Management (Ireland) Ltd. Atlantis Investment Management (Hong Kong) Ltd. George’s Court Room 3501
54 - 62 Townsend Street The Centrium
Dublin 2 60 Wyndham Street
Ireland Central
D02 R156 Hong Kong
INVESTMENT ADVISER
Atlantis Asian Fund: Atlantis Japan Opportunities Fund:
Atlantis Investment Management (Singapore) Pte Limited Atlantis Investment Research Corporation
16 Collyer Quay #24-04 Studio 1805
Income at Raffles Hamamatsu-cho Square
Singapore 049318 1-30-5 Hamamatsu -cho
Minato-Ku
Tokyo 105-0013
Japan
ADMINISTRATOR, REGISTRAR TRUSTEE
& TRANSFER AGENT
Northern Trust International Fund Northern Trust Fiduciary Services (Ireland) Ltd.
Administration Services (Ireland) Ltd. George’s Court
George’s Court 54 - 62 Townsend Street
54 - 62 Townsend Street Dublin 2
Dublin 2 Ireland
Ireland D02 R156
D02 R156
DISTRIBUTOR GERMAN PAYING AGENT
Atlantis Investment Management Ltd. Marcard, Stein & Co AG
2nd Floor Ballindamm 36
13 St Swithin’s Lane 20095 Hamburg
London EC4N 8AL Germany
United Kingdom
3
Atlantis International Umbrella Fund
Management and Administration
(continued)
LISTING SPONSOR INDEPENDENT AUDITOR
Dillon Eustace Grant Thornton 33 Sir John Rogerson’s Quay Chartered Accountants and Registered Auditors
Dublin 2 24-26 City Quay
Ireland Dublin 2
Ireland
LEGAL ADVISER IN IRELAND GOVERNANCE AND MONITORING SERVICE
Dillon Eustace Bridge Consulting Ltd.
33 Sir John Rogerson’s Quay 33 Sir John Rogerson’s Quay
Dublin 2 Dublin 2
Ireland Ireland
SWEDISH PAYING AGENT SWISS PAYING AGENT
Skandinaviska Enskilda Banken AB (publ) Neue Helvetische Bank AG
Sergels Torg 2 Seefeldstrasse 215
SE-106 40 Stockholm CH-8008 Zurich
Sweden Switzerland
SWISS REPRESENTATIVE
First Independent Fund Services Ltd
Klausstrasse 33
CH-8008 Zurich
Switzerland
The prospectus, the trust deed, the key investor information documents and the annual and semi-annual reports of the
Trust may be obtained free of charge from the Swiss Representative. In respect of units distributed in Switzerland to
Qualified Investors, the place of performance and the place of jurisdiction is at the registered office of the Swiss
Representative.
4
Atlantis International Umbrella Fund
Investment Manager’s Report
Atlantis Asian Fund For the year ended 31st December 2015
Investment Comment
Atlantis Asian Fund had another resilient year. The Fund has outperformed the benchmark in six out of the seven
financial years since 2009. The Fund was down 8.9% in 2015, compared to an 11.8% decline in the MSCI Far East ex
Japan benchmark return over the same period, an outperformance of 2.9%. Since the current fund adviser took over in
April 2009, the Fund has outperformed the benchmark by 47.8%.
After two years of outperformance, emerging markets (EM) underperformed developed markets as both EM currencies
and equity markets took a hit. Although the headline MSCI indices posted double digit declines for the year, much of the
decline occurred in June and the third quarter. Prior to June, the stock markets showed strong, double digit gains due to
greater clarity that US interest rate hikes were to be pushed back while, concurrently, monetary easing by the People’s
Bank of China (PBoC) and the increased quota for the Hong Kong-Shanghai Stock Connect fuelled a rally in the Chinese
A-share markets. Coupled with an environment of lax margin financing in China, this created a large bubble in the A-
share markets. Although the Chinese authorities tried to rein in the excess in May, it was too late. Subsequent policy
missteps, like allowing voluntary suspension of A-share corporates on the stock exchange, thereby preventing domestic
funds from further selling, exacerbated the fall as punters looked to proxy markets such as Hong Kong to raise cash.
Consecutive months of negative Chinese economic data, for example continued weak PMI of below 50, lower GDP
growth and exports numbers, led investors to wonder whether China’s slowdown was due for a hard landing. The final
nail in the coffin for Chinese stock markets was when the PBoC surprised everyone with a depreciation of the Yuan in
August, and accelerated the slide in November and December. This sparked fears of a competitive devaluation in Asian
currencies, despite these having already been battered earlier in the year. That aside, global liquidity tightened with
increased fears of US interest rate hikes, something which finally began in December.
The weak oil price is helping to curb inflation, which generally remains benign in the region. However, it is a bane for
Malaysia where oil exports make up a big part of government revenue. It is therefore no surprise that the Malaysian
Ringgit was the worst performing currency in Asia, losing 22% of its value in 2015. The mystery surrounding what is
said to be nearly US$1billion of missing assets in the state sponsored investment fund 1Malaysia Development Bhd. also
contributed to the currency’s slump.
The Fund’s outperformance in 2015 was due to our underweight in Malaysia, Taiwan and Korea and to our overweight in
Vietnam. In terms of stock selection, ASEAN and select Chinese stocks also added value.
Outlook and Strategy
We believe that the China slowdown presents the greatest challenge to global growth and to Asian equities for 2016. We
expect further easing and depreciation in the renminbi to boost Chinese competitiveness. We do not expect an escalating
currency war as ASEAN had largely already reacted prior to the devaluation of the Chinese Yuan.
In terms of valuation, China and Indonesia stocks look cheap. However, we see Indonesia as the better valued market as
its currency has already adjusted and, with some monetary easing on the way and government infrastructure spending
having recommenced at the end of 2015, we think that its stock market is well positioned for a re-rating.
Atlantis Investment Management (Hong Kong) Limited
January 2016
5
Atlantis International Umbrella Fund
Investment Manager’s Report
Atlantis China Fund For the year ended 31st December 2015
Market Review and Performance
For the year ended 31st December 2015, the Fund delivered a return of +17.7% for 2015, which outperformed the MSCI
China Free Index by 27.7%. We at Atlantis feel we have proved once more that our strategy of investing into China’s
most dynamic sector—P-chips—can work well even over a remarkably difficult year.
2015 posed challenges unprecedented in the history of the Chinese stock markets. A rally that had begun in earnest in
June of 2014, buoyed by upbeat data, including news of the ascendency of the yuan to a status among the world’s top five
payment currencies, ended with a thud in June 2015. In August, the markets experienced Black Monday, where the
Shanghai index lost 8.49%, only to be followed by Black Tuesday, when the market spiralled down an additional 7%.
Losses were precipitated and worsened by the panic selling of overleveraged margin buyers, often individual Chinese of
moderate means who had entered the market during its upswing and who found themselves deep underwater when
fortunes shifted.
Chinese officials responded with a variety of measures to the sudden downturn, including sharply tightening margin-
lending rules. Institutions and mutual funds pledged to buy shares to support the market. Short-selling was severely
limited, and violators could face arrest, along with parties found to be spreading rumors. Initial Public Offerings were
halted. In July, the China Securities Regulatory Commission (CSRC) imposed a six-month lockup on sales by investors
who held 5 percent or more of a company’s stock.
In spite of the difficulties, we saw policies pursued in 2015 that will uplift the economy over the longer term. These
include the ongoing anti-corruption drive, as well as comprehensive reforms that look to complete China’s transformation
to a developed economy with a new growth model. The market is in a shift from one driven by manufacturing and
investment to one whose drivers are domestic consumption and more research-and-development rich industries, to
include green energy and technology, higher up the value chain. The nation is enhancing global connections with the
opening of the Shanghai-Hong Kong Stock Connect, to be followed in the New Year by the Shenzhen-Hong Kong Stock
Connect, and the approval of cross-border mutual fund sales between the Mainland and Hong Kong. China’s reach
extended outwards, as well, with the ‘One Belt, One Road’ scheme, that will enhance trade and relations with partners in
Central Asia, the ASEAN countries and in Europe. And, although it finished the year down 4% against the dollar as the
PBoC eased monetary policy, the yuan cemented its claim to being among the globe’s top currencies in the year, being
designated by the International Monetary Fund (IMF) in November a Main World Currency and added to the IMF’s
Special Drawing Rights reserve mechanism.
As at the end of December, the Fund has delivered a cumulative return of 542.9% since its inception in March 2003,
outperforming the MSCI China Free Index by 225.2% over that period. The Fund held 25 names, of which the top 5
names accounted for 38%, and the top 10 accounted for 62%. As discussed, our consistent overweight in P-chips
contributed to the Fund’s solid performance in 2015, and that bias will be carried forward into 2016.
Outlook and Strategy
All equity markets are prone to boom and bust cycles, and we experienced an extreme one in July. We expect in the
medium to long term that China will continue to gradually open up its capital account, deepen financial market reforms
and allow for a bigger role for the private sector. A slew of measures to revive China’s economy was announced after
Beijing’s annual Central Economic Work Conference held in December. The government pledged to adopt more
“proactive” fiscal policy and “flexible” monetary policy in 2016, aiming to cut excess production capacity, work off
unsold inventory in the property market and reduce business operating costs by lowering corporate taxes and social
welfare fees. These measures focused on supply side reform, as the government admitted that many of the most in-
demand products and services in China, especially in education and healthcare, are in short supply. As such, like the
supply side reforms of Ronald Reagan and Margaret Thatcher in the US and UK 30 years ago, Beijing has promised to
cut red tape and lower administrative taxes. Further, the government will help rural residents buy properties in towns and
cities, and urge property developers to cut prices. Restrictions on buying homes would be revoked, and both individuals
and companies would be encouraged to buy vacant flats and then lease them out. To accommodate these measures, the
fiscal deficit ratio will be raised gradually. For monetary policy, market consensus predicts that the PBoC will cut its
benchmark interest rate twice in 2016.
6
Atlantis International Umbrella Fund
Investment Manager’s Report
Atlantis China Fund For the year ended 31st December 2015
(continued) Outlook and Strategy (continued)
In the Chinese Zodiac, 2016 will be the year of the fire monkey, which is supposed to bring high volatility risks to
business and the economy. Taking heed of this celestial message suggests that one will benefit from thinking twice before
leaping. 2016-2020 will be a critical period for China’s economic transition. Respite will not come soon, as it will take
years for China to digest the overcapacity and debt it built up in the construction and investment boom since the global
financial crisis. In the long term, the pursuit of innovation, spurred by R&D prowess, will play a critical role in increasing
China’s multi-factor productivity to build up its global competitiveness in innovation-heavy sectors. Beyond that,
consumption and services will continue to grow in importance, replacing investment and manufacturing as the catalyst for
long term growth. In the near to medium term, urbanisation matters, suggesting infrastructure investment growth may
continue to stay resilient.
While we are clearly experiencing great volatility, globally, in the start of this year, we believe that the Chinese
government will solve the problems in the country’s stock markets. The sentiment towards China has gone far beyond
fundamental logic, in that good quality stock names have currently been sold to close to their 2008 crisis levels. As
common wisdom goes, history always repeats itself, therefore, we believe that now is the time to buy China, not sell, as
the country is dedicated to making itself better and stronger.
2016 will be another year of uncertainty and opportunities. Uncertainty will likely arise from the government, as it works
to reinstill investors’ confidence and to deal with fluctuations in the stock market; meanwhile, opportunities will open up
through SOEs and the RMB’s internationalisation. We anticipate that our portfolio will continue to overweight healthcare,
TMT and consumer brand names.
Atlantis Investment Management (Hong Kong) Limited
January 2016
7
Atlantis International Umbrella Fund
Investment Manager’s Report
Atlantis China Healthcare Fund For the year ended 31st December 2015
Market Review and Performance
The Fund recorded a return of 9.3% for the year ended 31st December 2015. There is no benchmark for the Fund’s
strategy but the closest comparison is provided by the MSCI Asia ex Japan Healthcare index, up 6.2% in US dollar terms
over the period. Thus the Fund outperformed this index by 3.1%.
2015 was another policy driven year for Chinese healthcare. In particular, Premier Li Keqiang’s report at the 12th
National People’s Congress on 5th March 2015 highlighted plans for drug price reform, better expense reimbursement
(e.g. higher subsidies to medical insurance and more trials of major disease medical insurance) and further hospital
reform. These included implementing zero mark-up policies at all county level and selected trial city-level public
hospitals, establishing a merits-based pay system for physicians, prioritising hospitals’ use of domestic over imported
medical devices, maintaining the basic insurance coverage rate for >95% population and targeting private hospitals to
account for 20% of hospital beds and patient visits. We have every confidence that these milestones will contribute to the
continued growth of the sector in the coming few years.
The sector performed well on the back of this continued government focus and our Fund rallied following a quiet January
and February. While the industry was somewhat soft at the beginning of the year, mainly due to the results from
preliminary drug tendering processes in Hunan and Zhejiang provinces and concerns over upcoming tenders, we
expressed our belief at the time that the apparent pricing pressures may have been overstated. We thought that a sector
recovery could be led by strong upcoming annual results. Having witnessed a previous correction for similar reasons in
2011, lasting around three months but then rebounding sharply, we anticipated that a recovery may occur around early
March. Indeed, we were proved correct when the Fund rallied with a positive return of 9.7% in March and gained a
further 10.79% in the remainder of the second quarter. As in the second quarter, more major developments were observed
within the industry, including the Five-Year Plan for Traditional Chinese Medicine (TCM) and the “Made in China 2025”
plan.
The third quarter was tumultuous however. Healthcare stocks slid alongside the broader Chinese equity markets. We
foresaw that the markets would become more volatile as they began to overheat from excessive margin financing.
Nonetheless, the correction came faster and sharper than anyone expected. Unlike previous corrections, many healthcare
stock prices did not prove to be defensive. We believe this was because overall investment sentiment predominated in this
round of selling. Investors are typically not selective when panic selling. Further, as healthcare was one of the top
performing sectors during the rally, many stocks were an easy target for profit taking. From an earnings standpoint
however, the sector showed its resilience, with most names, especially market leaders, delivering solid interim results
with an average net profit growth of over 20%, an outlier relative to other industries. Underpinned by these solid
fundamentals and further government reforms in the second half to improve hospital coverage and streamline the drug
approval process, the sector began to recover in September and continued to do so into the fourth quarter.
Despite the correction, our long term positive view on the Chinese healthcare industry remains unchanged. Overall, the
market is shifting away from traditional active pharmaceutical ingredients, generic products and public services
dominating the market, towards a higher quality product and service-oriented market driven by R&D and innovation, new
business models and advanced technologies. We see multi-nationals and domestic companies focused on R&D as leading
this shift.
The Fund managed to deliver a solid result in one of the most challenging years in the history of Chinese stock markets,
up 9.3%, outperforming the MSCI China Free Index (-10.0%) by 19.3%. The Fund has outperformed the MSCI China
Free Index for four consecutive years. Despite increased market volatility, we remain upbeat about the long term high
growth outlook and defensive nature of the Chinese healthcare sector. Chinese healthcare is on its way to becoming one
of China’s pillar industries and the success of this sector is a national priority.
The Fund held 21 names at the end of 2015 with 68.3% in Hong Kong listed names, 30.5% in A-shares, and net cash at
1.2%.
8
Atlantis International Umbrella Fund
Investment Manager’s Report
Atlantis China Healthcare Fund For the year ended 31st December 2015
(continued)
Outlook and Strategy
In our view, the Chinese healthcare industry is at an inflection point of systematic shift towards a more market-driven
system. With favourable demographic trends and the relaxation of the one-child policy, we believe that the industry is
poised for a long term growth cycle. Moreover, we see the emergence of derivative services from healthcare and new
technologies in the areas of mobile health, internet and genomics. We think these will drive new business models and
expand the breadth of healthcare services, increasing patient access and ultimately resulting in better industry growth. We
believe product-driven pricing power is becoming increasingly critical to maintaining earnings sustainability for the
coming year. We prefer companies: 1) with major new products launched for the tender cycle; 2) strong R&D capability
to outperform peers amid raised standards for drug approval in China; and 3) with M&A/external collaboration capability.
As drug pricing pressures and controls over insurance reimbursement will likely continue or even intensify in 2016,
China's healthcare sector will likely undergo some consolidation. The drug manufacturing sub-sector, which is set to
slowdown this year, looks especially ripe. The first half of 2016 will see around 20 provinces deliver and implement new
drug tender results. Drug price cuts will therefore likely occur in a more concentrated manner than previously. We expect
the impact of lower drug prices on companies’ financial results to materialise in 2016 (a partial-year impact) and 2017
(full-year impact). However, we believe that the leading companies will ultimately emerge stronger from this transition
through: i) cost-savings in the near term, ii) consolidation in the medium term and iii) innovation in the long term.
Although sector growth may continue to slow, we believe that innovation will help the leading companies stand out as
they have been consistently spending on R&D and backing government reform.
Overall, we remain optimistic for the coming years due to continued healthy demand growth, favourable government
reform and the beneficial effects of industry consolidation and innovation.
Atlantis Investment Management (Hong Kong) Limited
January 2016
9
Atlantis International Umbrella Fund
Investment Manager’s Report
Atlantis Japan Opportunities Fund For the year ended 31st December 2015
Investment Comment
Looking back over the year it seems like a wild ride on a roller coaster with lots of ups and downs. After a weak opening
in January, the Tokyo Market moved higher peaking in August and then moving lower until late September, showing
good recovery in October through early December, declining and then moving higher with the TOPIX up 9.03% for the
year. Due in part to some success in stock picking, the Fund ended the year with a gain of 21.99%. Note all figures are
calculated on a simple return basis and in US dollars.
Since we are not traders, our time horizon is usually several years and we continue to believe that our stocks will, as they
have in the past, outperform the market over the medium to longer term but will of course have both good and bad years;
hopefully more good than bad. Since inception in October of 2003, the Fund is up 164.1% versus a gain of 29.4% for the
TOPIX.
The Fund has no exposure to bonds, convertible bonds or derivatives of any kind and excluding cash is invested entirely
in listed Japanese equities. On 30th December, the last trading day of the year, the yen closed at JPY120.48 to the US
dollar, a loss of 0.89% from JPY119.42, the 2014 year end rate. As of the end of the year, cash accounted for about 1.7%
of NAV.
Portfolio Activity
At the end of 2015, the Fund held 51 stocks, compared to 45 stocks at the end of 2014.
The Fund is now overweight in the following sectors: Services, Precision Instruments, Electrical Machinery and
Wholesale, and has little exposure to heavy industry such as Iron & Steel, Chemicals, Construction, Electric Power & Gas,
Foods, Transportation & Equipment, etc.
We do have some exposure to some of the bigger stocks such as Mitsubishi UFJ Finance, NIDEC, Keyence, Denso,
Fanuc and Mitsubishi Estate.
However, we have continued to hold primarily medium sized and smaller companies which are mostly involved in
domestic operations including service, technology, logistics, health care, real estate, software, electronics and retailing.
Major sales during the last year included: Japan Property Management, Gakujo, Obara Group, Topcon, Mimaki
Engineering. Some of our major purchases included: FPG, Kura, Tera Probe, Benefit One.
Outlook and Strategy
The economic recovery has continued but at a slower than expected pace, with the biggest disappointments coming from
exports and domestic private capital investments. Also, consumer spending has been somewhat sluggish, perhaps due to
warmer than usual autumn and winter weather. The government has continued to pump money into the economy, with the
monetary base up over 32% year on year. Current monetary and fiscal policy remains unchanged and unemployment is at
the lowest level in years. The bankruptcy rate recently dropped to a 25 year low. December bonuses were up and we
expect some wage hikes this spring. Many companies are aggressively hiring new graduates. The pace of recovery may
have slowed but will hopefully improve over the next few quarters and we think GDP growth for the year ending March
2017 is likely to reach something around 1.5% or higher. We also project a climb of 10-15% in corporate earnings for the
same period. There are some clouds on the horizon including the slow recovery in exports, a stronger yen, the delayed
recovery in private capital investments, slower than expected economic growth in China and parts of Southeast Asia, and
weak overseas stock markets including New York and China. A slowing world economy and weaker than expected
economic growth in the US and Europe could hold down the projected Japanese economic recovery.
Despite these possible negatives, we remain cautiously optimistic on the Tokyo Stock Market’s outlook for 2016. Some
domestic investors, including domestic institutional investors, the Bank of Japan, corporations and even local individuals
were net buyers in some weeks and months in 2015 and are expected to remain mostly on the buy side in 2016. However,
investors will continue to be influenced by the yen/dollar rate, the world economy and major stock markets including
China and New York, the trend of corporate earnings and geopolitical events.
10
Atlantis International Umbrella Fund
Investment Manager’s Report
Atlantis Japan Opportunities Fund For the year ended 31st December 2015
(continued)
Outlook and Strategy (continued)
Valuations look reasonable to attractive in terms of estimated PER, PBR and dividend yields versus government bond
yields. We are encouraged by the fact that we can still find many attractive companies that are growing sales and earnings,
have attractive valuations, improving operating profit margins, positive free cash flow and rising dividends.
Volatile markets can at times cause investors to overreact and we will make every effort to stay the course and not get
caught up in short term manias. We will continue to place stress on value and growth, admit mistakes, even if it means
taking a loss, and try not to get discouraged by short term corrections, which can often present buying opportunities if one
can take a long term view.
Atlantis Investment Management (Hong Kong) Limited
January 2016
11
Atlantis International Umbrella Fund
Statement of Managers’ Responsibilities
The Manager is responsible for preparing the Annual Report and the Trust's financial statements, in accordance with
applicable law and regulations.
Irish law requires the Manager of the Trust to prepare financial statements for each financial year. Under that law the
Manager has elected to prepare the financial statements in accordance with IFRS as adopted by the EU.
The Trust’s financial statements are required by law and IFRS as adopted by the EU to present fairly the financial
position and performance of the Trust. The Unit Trusts Act, 1990 provides in relation to such financial statements
that references in the relevant parts of this Act to financial statements giving a true and fair view are references to
their achieving a fair presentation.
The financial statements are required by law to give a true and fair view of the state of affairs of the Trust and of the
profit or loss for that period.
In preparing the financial statements, the Manager is required to:
- select suitable accounting policies and then apply them consistently;
- makes judgements and estimates that are reasonable and prudent; and
- prepares the financial statements on the going concern basis unless it is inappropriate to presume that the
Trust will continue in operation.
The Manager is responsible for keeping adequate accounting records that disclose with reasonable accuracy at any
time the position of the Trust and enable it to ensure that the financial statements comply with the Unit Trusts Act,
1990 and the European Communities (Undertakings for Collective Investments in Transferable Securities) Regulations,
2011 (as amended) (“UCITS Regulations”) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1))
(Undertakings for Collective Investment in Transferable Securities) Regulations 2015 (the "Central Bank UCITS
Regulations"). The Manager is responsible for safeguarding the assets of the Trust. The Manager has entrusted the
assets of the Trust to a Trustee, Northern Trust Fiduciary Services Ireland Limited, for safe-keeping. The Manager
has general responsibility for taking such steps as are reasonably open to them to prevent and detect fraud and other
irregularities.
On 14th December 2011, Irish Funds (“IF”) published a corporate governance code that may be adopted on a voluntary
basis by Irish authorised collective investment schemes.The Trust has adopted the IF Corporate Governance Code and
all elements have been complied with for the financial year ended 31st December 2015.
Any transaction carried out with a UCITS by a management company or Trustee to the UCITS, the delegates or sub-
delegates of the Manager or Trustee, and any associated or group of such a Manager, Trustee, delegate or sub-
delegate (“connected persons”) must be carried out as if negotiated at arm’s length. Transactions must be in the best
interests of the unitholders.
The Directors of the Manager are satisfied that there are arrangements (evidenced by written procedures) in place, to
ensure that the obligations set out in Regulation 41(1) of the Central Bank UCITS Regulations are applied to all
transactions with connected persons, and are satisfied that transactions with connected parties entered into during the
year complied with the obligations set out in Regulation 41(1) of the Central Bank UCITS Regulations.
15
Atlantis International Umbrella Fund
Atlantis Asian Fund
Schedule of Investments As at 31st December 2015
Fair Value % of
Holdings Financial assets at fair value through profit or loss Currency US$ Net Assets
Equities: 99.74% (2014: 91.87% )
Basic Materials: (2014: 4.01% )
63,000 Jindal Steel & Power INR 91,658 0.68
500,000 Terratech SGD 21,222 0.16
1,388,000 Xingda International HKD 282,938 2.11
Total Basic Materials 395,818 2.95
Communications: (2014: 4.41% )
738,000 Indosat IDR 294,450 2.19
888,000 O-Net Communications HKD 281,834 2.10
188,000 Total Access Communication THB 158,038 1.18
Total Communications 734,322 5.47
Consumer, Cyclical: (2014: 20.70% )
488,000 Bloomberry Resorts PHP 47,084 0.35
2,888,000 Boshiwa International* HKD - -
18,000 City Developments SGD 97,411 0.73
788,000 Dah Chong Hong HKD 397,510 2.96
2,225,900 Electronic City Indonesia IDR 137,252 1.02
8,880,000 Emperor Watch & Jewellery HKD 221,113 1.65
4,088,000 Erajaya Swasembada IDR 161,622 1.20
488,000 GMM Grammy THB 120,695 0.90
118,000 Li & Fung HKD 80,230 0.60
1,888 Lotte Shopping Class C KRW 374,364 2.79
2,388,000 Maoye International HKD 280,363 2.09
2,063,000 Mitra Pinasthika Mustika IDR 73,182 0.55
1,688,000 Parkson Retail HKD 219,958 1.64
5,388,000 Ramayana Lestari Sentosa IDR 252,104 1.88
398,000 Shangri-La Asia HKD 388,708 2.90
688,000 Thai Airways International THB 175,896 1.31
Total Consumer, Cyclical 3,027,492 22.57
16
Atlantis International Umbrella Fund
Atlantis Asian Fund
Schedule of Investments (continued) As at 31st December 2015
Fair Value % of
Holdings Financial assets at fair value through profit or loss Currency US$ Net Assets
Equities: 99.74% (2014: 91.87% ) (continued)
Consumer, Non-cyclical: (2014: 6.28% )
10,888,000 Adi Sarana Armada IDR 78,984 0.59
688,400 China Agri-Industries HKD 236,248 1.76
74,511 IL&FS Transportation Networks INR 95,847 0.71
188,000 Kinh Do VND 203,175 1.51
288,000 Malee Sampran THB 228,095 1.70
Total Consumer, Non-cyclical 842,349 6.27
Consumer Services: (2014: 0:00% )
188,880 Chennai Super Kings Cricket INR 6,424 0.05
Total Consumer Services 6,424 0.05
Diversified: (2014: 0.00% )
245,649 NWS Holdings HKD 367,636 2.74
Total Diversified 367,636 2.74
Energy: (2014: 5.22% )
237,600 Gcl-Poly Energy Rights HKD 1,226 0.01
1,188,000 Esso Thailand THB 165,069 1.23
1,188,000 GCL-Poly Energy HKD 177,795 1.32
2,188 OCI KRW 139,951 1.04
238,000 PetroChina HKD 155,986 1.16
Total Energy 640,027 4.76
Financial: (2014: 10.32% )
9,888,000 Metropolitan Land IDR 154,220 1.15
2,688,000 Minmetals Land HKD 312,117 2.32
288,530 NBB Investment VND 269,474 2.01
3,188,000 Pembangunan Jaya Ancol IDR 468,313 3.49
888,000 Poly Property HKD 289,854 2.16
288,800 Thuduc Housing Development VND 177,249 1.32
Total Financial 1,671,227 12.45
Industrial: (2014: 22.71% )
428,000 Beijing Capital International Airport HKD 462,183 3.44
6,888,000 Berlian Laju Tanker** SGD - -
1,688,000 China Automation HKD 187,291 1.39
1,688,000 Holcim Indonesia IDR 121,840 0.91
188,880 India Cements INR 276,512 2.06
17
Atlantis International Umbrella Fund
Atlantis Asian Fund
Schedule of Investments (continued) As at 31st December 2015
Fair Value % of
Holdings Financial assets at fair value through profit or loss Currency US$ Net Assets
Equities: 99.74% (2014: 91.87% ) (continued)
Industrial: (2014: 22.71% )
44,888 Lumens KRW 164,040 1.22
188,000 Merry Electronics TWD 335,397 2.50
388,000 Neptune Orient Lines /Singapore SGD 337,606 2.51
1,188,000 Salcon MYR 171,552 1.28
2,088,000 Sinotrans Shipping HKD 412,161 3.07
13,880 Sung Kwang Bend KRW 102,394 0.76
1,888,000 TCC International HKD 348,324 2.59
1,688,000 Tianjin Port Development HKD 280,936 2.09
63,000 TPK TWD 158,234 1.18
168,000 Unimicron Technology TWD 71,349 0.53
538,000 Zoomlion Heavy Industry Science and Technology HKD 200,597 1.49
Total Industrial 3,630,416 27.02
Technology: (2014: 17.71% )
688,000 Compal Electronics TWD 387,494 2.89
3,388,000 Comtec Solar Systems HKD 301,604 2.25
128,000 Epistar TWD 99,370 0.74
1,038,000 Innovalues SGD 583,765 4.35
688,000 Kingdee International Software HKD 315,997 2.35
16,888 Seoul Semiconductor KRW 226,124 1.68
388,000 Tian Ge Interactive HKD 161,689 1.20
Total Technology 2,076,043 15.46
Utilities: (2014: 0.51% ) - -
Total Equities 13,391,754 99.74
Total Value of Investments 13,391,754 99.74
Cash 71,502 0.53
Other Net Liabilities (36,486) (0.27)
Net Assets Attributable to Holders of Redeemable
Participating Shares 13,426,770 100.00
Analysis of portfolio % of
Assets
99.41
Other Assets 0.59
100.00
*Trading is suspended and value was written down to zero on 15 July 2014.
**Trading is suspended and value was written down to zero on 21 November 2013.
Transferable securities admitted to an official stock exchange listing or
traded on a regulated market
18
Atlantis International Umbrella Fund
Atlantis China Fund
Schedule of Investments As at 31st December 2015
Fair Value % of
Holdings Financial assets at fair value through profit or loss Currency US$ Net Assets
Equities: 86.10% (2014: 93.77% )
Basic Materials: 0.00% (2014: 0.00% )
9,527,000 Qunxing Paper* HKD - -
Total Basic Materials - -
Communications: (2014: 4.81% )
90,000,000 China E-Learning HKD 3,483,444 4.21
30,000,000 Fortunet e-Commerce HKD 3,754,379 4.54
15,000,000 Media Asia HKD 1,180,500 1.43
Total Communications 8,418,323 10.18
Consumer, Cyclical: (2014: 3.45% )
8,800,000 C.banner International HKD 4,007,767 4.85
30,000,000 China LotSynergy HKD 1,412,730 1.71
5,000,000 JC HKD 4,025,313 4.87
60,003,000 O Luxe Holdings HKD 1,857,930 2.24
Total Consumer, Cyclical 11,303,740 13.67
Consumer, Non-cyclical: (2014: 22.84% )
15,000,401 Brilliant Circle International HKD 3,348,066 4.05
35,002,716 Golden Meditech HKD 5,644,907 6.83
10,000,000 Hua Han Bio-Pharmaceutical HKD 1,393,378 1.68
12,000,000 Ming Fai International HKD 1,254,040 1.52
40,000,000 Silver Base HKD 5,986,363 7.24
12,000,000 Tibet 5100 Water Resources HKD 4,505,254 5.45
Total Consumer, Non-cyclical 22,132,008 26.77
Financial: (2014: 18.45% )
5,000,000 China CDM Exchange Centre** GBP - -
20,000,000 China Sandi HKD 1,315,968 1.59
22,000,000 eSun HKD 1,844,935 2.23
70,000,000 Renhe Commercial HKD 3,251,214 3.93
18,000,000 Silver Grant International HKD 2,391,965 2.89
Total Financial 8,804,082 10.64
19
Atlantis International Umbrella Fund
Atlantis China Fund
Schedule of Investments (continued) As at 31st December 2015
Fair Value % of
Holdings Financial assets at fair value through profit or loss Currency US$ Net Assets
Equities: 86.10% (2014: 93.77% ) (continued)
Industrial: (2014: 30.82% )
30,000,000 China Huarong Energy HKD 944,400 1.14
16,118,346 China Metal Recycling† HKD - -
13,000,000 China Water Affairs HKD 6,239,236 7.55
3,500,000 Nanjing Sample Technology HKD 7,522,949 9.10
9,440,000 Sino Credit HKD 2,106,993 2.55
Total Industrial 16,813,578 20.34
Technology: (2014: 10.01% )
9,000,000 Chinasoft International HKD 3,727,285 4.51
Total Technology 3,727,285 4.51
Utilities: (2014: 3.39% )
Total Equities 71,199,016 86.11
Structured Products: (2014: 4.86% )
600,082 Nantong Jinghua Pharmaceutical (Citigroup Global Markets) 12/02/2016 USD 3,576,317 4.32
600,000 Nanjing Xinjiekou (Credit Suisse AG (Nassau) Branch) 04/05/2020 USD 3,467,722 4.19
400,000 Nantong Jinghua Pharmaceutical -A (CICC Financial Products) 28/01/2018 USD 2,383,886 2.88
500,060 Searainbow Holdings (CLSA Financial Products) 25/11/2019 USD 2,579,002 3.12
Total Structured Products 12,006,927 14.51
Total Value of Investments 83,205,943 100.62
Cash 198,361 0.24
Other Net Liabilities (714,660) (0.86)
Net Assets Attributable to Holders of Redeemable
Participating Shares 82,689,644 100.00
Analysis of portfolio % of Total
Assets
Transferable securities admitted to an official stock exchange
listing or traded on a regulated market 99.54
Other Assets 0.46
100.00
*Trading is suspended and value was written down to zero on 30 May 2014.
**Value was written down to zero on 28 March 2012.
†Listing of company was cancelled on 4 Feburary 2016.
20
Atlantis International Umbrella Fund
Atlantis China Healthcare Fund
Schedule of Investments As at 31st December 2015
Fair Value % of
Holdings Financial assets at fair value through profit or loss Currency US$ Net Assets
Equities (2014: 68.70% )
Communications (2014: 5.18% )
100,000,000 China E-Learning HKD 3,870,493 4.47
Total Communications 3,870,493 4.47
Consumer, Cyclical (2014: 0.00% )
9,000,000 C.banner International HKD 4,098,852 4.74
6,000,000 JC HKD 4,830,376 5.58
Total Consumer, Cyclical 8,929,228 10.32
Consumer, Non-cyclical (2014: 55.76% )
3,277,500 Bloomage Biotechnology HKD 8,118,747 9.38
5,000,000 China Medical System HKD 7,366,839 8.51
19,000,000 China NT Pharma HKD 6,177,307 7.14
51,022,172 Golden Meditech HKD 8,228,374 9.50
26,000,000 Hua Han Bio-Pharmaceutical HKD 3,622,782 4.19
12,000,000 PW Medtech HKD 2,864,165 3.31
3,813,000 Shanghai Fudan-Zhangjiang Bio-Pharmaceutical HKD 4,102,777 4.74
500,000 YiChang HEC ChangJiang Pharmaceutical HKD 966,333 1.12
Total Consumer, Non-cyclical 41,447,324 47.89
Diversified (2014: 0.94% )
50,000,000 China Wah Yan Healthcare HKD 812,804 0.94
Total Industrial 812,804 0.94
Industrial (2014: 2.23% )
8,520,000 China Water Affairs HKD 4,089,099 4.72
Total Industrial 4,089,099 4.72
Technology (2014: 4.59% )
Total Equities 59,148,948 68.34
21
Atlantis International Umbrella Fund
Atlantis China Healthcare Fund
Schedule of Investments (continued) As at 31st December 2015
Fair Value % of
Holdings Financial assets at fair value through profit or loss Currency US$ Net Assets
Structured Products (2014: 29.23% )
600,000 Nantong Jinghua Pharmaceuticals (Goldman Sachs)13/06/2016 USD 3,575,828 4.13
660,050 Nantong Jinghua Pharmaceuticals -A (CICC Financial Trading Limited)
28/01/2018
USD 3,933,709 4.55
300,000 Ringpu Biotech (Credit Suisse Nassau) 10/07/2020 USD 928,607 1.07
500,000 Searainbow Holdings -A (Credit Suisse AG (Nassau) Branch) 19/06/2019 USD 2,578,693 2.98
450,081 Shanghai Fosun -A (Macquarie Bank) 29/03/2017 USD 1,628,127 1.88
220,000 Shanghai Kehua Bio-Engineering -A (UBS) 16/06/2016 USD 985,894 1.14
440,152 Shinva Medical Instrument (UBS) 25/09/2018 USD 2,462,536 2.85
1,150,000 Tianjin Ringpu -A (Citigroup) 17/01/2017 USD 3,559,658 4.11
50,072 Tibet Rhodiola Pharmaceuticals -A (BOCI Financial Products) 28/11/2016 USD 337,587 0.39
349,988 Tibet Rhodiola Pharmaceuticals -A (BOCI Financial Products) 31/08/2016 USD 2,359,626 2.73
100,079 Tibet Rhodiola Pharmaceuticals -A (BOCI Financial Products) 31/08/2016 USD 674,735 0.78
300,171 Yunnan Baiyao (CLSA Financial Products) 02/09/2019 USD 3,356,908 3.88
Total Structured Products 26,381,908 30.49
Total Value of Investments 85,530,856 98.83
Cash 2,421,696 2.80
Other Net Assets (1,409,512) (1.63)
Net Assets Attributable to Holders of Redeemable
Participating Shares. 86,543,040 100.00
Analysis of portfolio (unaudited) % of Total
Assets
Transferable securities admitted to an official stock
exchange listing or traded on a regulated market 96.23
Other Assets 3.77
100.00
22
Atlantis International Umbrella Fund
Atlantis Japan Opportunities Fund
Schedule of Investments As at 31st December 2015
Fair Value % of
Holdings Financial assets at fair value through profit or loss Currency US$ Net Assets
Equities (2014: 98.88% )
Communications (2014: 6.93% )
8,000 Hikari Tsushin JPY 547,809 1.54
40,000 Istyle JPY 713,811 2.00
27,000 M3 JPY 565,189 1.58
25,000 Start Today JPY 815,488 2.29
65,000 Tow JPY 368,484 1.03
Total Communications 3,010,781 8.44
Consumer, Cyclical (2014: 10.30% )
30,000 Ai JPY 766,932 2.15
11,000 Denso JPY 531,192 1.49
40,000 Doshisha JPY 810,093 2.27
20,000 Kura JPY 807,603 2.26
28,000 Nippon Gas JPY 693,028 1.94
22,000 Nippon View Hotel JPY 341,102 0.96
20,000 Toridoll.corp JPY 369,190 1.03
15,000 Trusco Nakayama JPY 588,272 1.65
20,000 Valor JPY 473,938 1.33
42,000 Yonex JPY 1,082,420 3.03
Total Consumer, Cyclical 6,463,770 18.11
Consumer, Non-cyclical (2014: 28.19% )
15,000 Ajis JPY 460,657 1.29
32,000 Asahi Intecc JPY 1,484,728 4.16
30,000 Benefit One JPY 708,665 1.99
60,000 CYBERDYNE JPY 1,018,924 2.86
50,400 Funai Soken JPY 722,869 2.03
25,000 Hito Communications JPY 601,760 1.69
16,000 Kanamoto JPY 408,367 1.14
12,600 Kyoritsu Maintenance JPY 1,089,741 3.05
31,000 Nihon M&A Center JPY 1,507,802 4.23
24,000 PeptiDream JPY 771,912 2.16
60,000 S-Pool JPY 419,323 1.17
25,000 Tanabe Management Consulting JPY 261,454 0.73
Total Consumer, Non-cyclical 9,456,202 26.50
23
Atlantis International Umbrella Fund
Atlantis Japan Opportunities Fund
Schedule of Investments (continued) As at 31st December 2015
Fair Value % of
Holdings Financial assets at fair value through profit or loss Currency US$ Net Assets
Equities (2014: 98.88% ) (continued)
Financial (2014: 13.75% )
40,000 Anicom JPY 1,080,678 3.02
90,000 Financial Products JPY 714,144 2.00
21,000 Hitachi Capital JPY 570,842 1.60
30,000 House Do JPY 545,319 1.53
25,000 Mitsubishi Estate JPY 523,635 1.47
80,000 Mitsubishi UFJ Financial JPY 502,722 1.41
110,000 Mitsubishi UFJ Lease & Finance JPY 573,373 1.61
14,200 Sumitomo Mitsui Financial JPY 542,872 1.52
Total Financial 5,053,585 14.16
Industrial (2014: 33.98% )
50,000 Daifuku JPY 861,139 2.41
2,800 FANUC JPY 489,907 1.37
1,500 Keyence JPY 835,159 2.34
45,000 Macnica Fuji Electronics JPY 600,971 1.68
12,400 Nagaoka International JPY 123,403 0.35
16,000 Nidec JPY 1,173,572 3.28
40,000 Nippon Concept JPY 353,918 0.99
65,000 Nittoku Engineering JPY 620,435 1.74
45,000 SBS JPY 353,710 0.99
25,000 Tadano JPY 306,275 0.86
60,000 Torex Semiconductor JPY 812,251 2.28
52,000 W-Scope JPY 1,942,231 5.44
Total Industrial 8,472,971 23.73
Technology (2014: 5.73% )
140,000 Fusion Partners JPY 624,004 1.75
45,000 Japan Material JPY 940,862 2.64
75,000 Nippon Systemware JPY 594,497 1.67
50,000 Tera Probe JPY 490,538 1.37
Total Technology 2,649,901 7.43
Total Equities 35,107,210 98.37
24
Atlantis International Umbrella Fund
Atlantis Japan Opportunities Fund
Schedule of Investments (continued) As at 31st December 2015
Total Value of Investments 35,107,210 98.37
Cash 727,385 2.04
Other Net Liabilities (147,194) (0.41)
Net Assets Attributable to Holders of Redeemable
Participating Shares. 35,687,401 100.00
Analysis of portfolio (unaudited)
Transferable securities admitted to an official stock exchange
listing or traded on a regulated market 97.33
Other Assets 2.67
100.00
% of Total
Assets
25
Atlantis International Umbrella Fund
Statement of Financial Position As at 31st December 2015
Atlantis Atlantis
Atlantis Atlantis China Japan
Asian China Healthcare O pportunities
Fund Fund Fund Fund
Assets Notes US$ US$ US$ US$
Financial assets at fair value through profit or loss:
-Transferable securities 5, 7 13,391,754 83,205,943 85,530,856 35,107,210
Amounts receivable on sale of investments - 90,805 791,126 182,413
Amounts receivable on units issued 33 - 1,990 -
Cash 10 71,502 198,361 2,421,696 727,385
Dividend and bank interest receivable 2 5,226 85,151 129,274 50,540
Sundry debtors 2,461 6,471 5,861 3,476
Total assets 13,470,976 83,586,731 88,880,803 36,071,024
Liabilities
Payable for investments purchased - - - 295,755
Management fees 3, 4 15,032 120,386 79,937 42,948
Administration fees 3, 4 4,860 27,317 39,983 11,993
Trustee fees 3, 4 1,676 24,231 28,686 6,047
Performance fees 3, 4 - - 1,474,508 -
Bank interest payable 47 - 105 -
Other payables 22,591 725,153 714,544 26,880
Total liabilities (excluding net assets
attributable to holders of redeemable units) 44,206 897,087 2,337,763 383,623
NET ASSETS ATTRIBUTABLE TO HO LDERS O F REDEEMABLE UNITS 13,426,770 82,689,644 86,543,040 35,687,401
REDEEMABLE UNITS IN ISSUE
US Dollar Class $ 12 1,945,282 10,604,717 40,957,953 8,948,073
Euro Class € 12 1,211 - - 156,150
Sterling Class £ 12 528 - - 183,013
US Dollar Class D $ 12 1,044 - - -
NET ASSET VALUE PER REDEEMABLE UNIT
US Dollar Class $ 14 6.88 7.80 2.11 2.64
Euro Class € 14 13.09 - - 33.40
Sterling Class £ 14 15.07 - - 37.38
US Dollar Class D $ 14 10.93 - - -
The Statement of Financial Position is continued on page 26.
The accompanying notes form an integral part of these financial statements
26
Atlantis International Umbrella Fund
Statement of Financial Position (continued) As at 31st December 2014
Atlantis Atlantis
Atlantis Atlantis China Japan
Asian China Healthcare O pportunities
Fund Fund Fund Fund
Assets Notes US$ US$ US$ US$
Financial assets at fair value through profit or loss:
-Transferable securities 5, 7 16,512,585 126,606,188 139,017,400 27,624,984
Amounts receivable on sale of investments 274,111 494,304 631,795 130,514
Cash 10 1,239,811 1,582,796 5,138,775 406,664
Dividend and bank interest receivable 2 4,497 96,710 19,342 49,651
Sundry debtors 2,797 8,015 7,915 3,346
Total assets 18,033,801 128,788,013 144,815,227 28,215,159
Liabilities
Payable for investments purchased - - 1,801,924 131,782
Amounts payable on units redeemed - - - 68,192
Management fees 3, 4 19,587 196,397 127,375 35,730
Administration fees 3, 4 17,099 74,934 84,235 15,752
Trustee fees 3, 4 3,413 23,659 25,726 5,333
Bank interest payable 16 6 - -
Other payables 19,310 120,189 815,327 19,707
Total liabilities (excluding net assets
attributable to holders of redeemable units) 59,425 415,185 2,854,587 276,496
NET ASSETS ATTRIBUTABLE TO HO LDERS O F REDEEMABLE UNITS 17,974,376 128,372,828 141,960,640 27,938,663
REDEEMABLE UNITS IN ISSUE
US Dollar Class $ 12 2,393,733 19,589,961 73,809,739 9,420,972
Euro Class € 12 1,207 - - 80,000
Sterling Class £ 12 519 - - 176,679
US Dollar Class D $ 12 1,000 - - -
NET ASSET VALUE PER REDEEMABLE UNIT
US Dollar Class $ 14 7.49 6.55 1.92 2.16
Euro Class € 14 11.78 - - 22.50
Sterling Class £ 14 10.55 - - 19.72
US Dollar Class D $ 14 11.94 - - -
The Statement of Financial Position is continued on page 27.
The accompanying notes form an integral part of these financial statements
27
Atlantis International Umbrella Fund
Statement of Financial Position (continued) As at 1st January 2014
Atlantis Atlantis
Atlantis Atlantis China Japan
Asian China Healthcare O pportunities
Fund Fund Fund Fund
Assets Notes US$ US$ US$ US$
Financial assets at fair value through profit or loss:
-Transferable securities 5, 7 20,349,344 177,251,895 93,854,387 24,192,856
Amounts receivable on sale of investments - - 747,446 246,215
Amounts receivable on units issued - - 15,090 -
Cash 125,300 13,099 674,705 930,960
Dividend and bank interest receivable 2 12,206 590,674 189,583 56,429
Sundry debtors 7,296 14,671 7,998 4,660
Total assets 20,494,146 177,870,339 95,489,209 25,431,120
Liabilities
Bank overdraft - 1,599,580 - -
Payable for investments purchased - - - 260,777
Amounts payable on units redeemed - - - 21,510
Management fees 3 21,578 250,480 85,649 70,680
Administration fees 3 29,632 209,436 106,996 31,890
Trustee fees 3 19,699 82,875 51,596 23,106
Performance fees 3 - - 3,122,726 -
Bank interest payable 3 1,363 1,589 -
Other payables 32,838 122,973 876,690 29,639
Total liabilities (excluding net assets
attributable to holders of redeemable units)103,750 2,266,707 4,245,246 437,602
NET ASSETS ATTRIBUTABLE TO HO LDERS O F REDEEMABLE UNITS 20,390,396 175,603,632 91,243,963 24,993,518
REDEEMABLE UNITS IN ISSUE
US Dollar Class $ 12 2,839,585 26,540,469 50,622,476 8,658,334
Euro Class € 12 1,205 - - 155,500
Sterling Class £ 12 513 - - 31,800
US Dollar Class D $ 12 1,000 - - -
NET ASSET VALUE PER REDEEMABLE UNIT
US Dollar Class $ 14 7.17 6.62 1.80 2.26
Euro Class € 14 9.93 - - 20.75
Sterling Class £ 14 9.50 - - 19.30
US Dollar Class D $ 14 11.43 - - -
The financial statements on pages 25 to 60 were approved by the Directors of Atlantis Investment Management (Ireland) Limited on 12th April 2016 and signed on its behalf by:
David Dillon } Paul McNaughton } Directors
The accompanying notes form an integral part of these financial statements
28
Atlantis International Umbrella Fund
Statement of Comprehensive Income For the year ended 31st December 2015
Atlantis Atlantis
Atlantis Atlantis China Japan
Asian China Healthcare O pportunities
Fund Fund Fund Fund
Income Notes US$ US$ US$ US$
Investment income 2 341,040 1,992,205 829,367 360,148
Bank interest income 2 2,709 - - -
Movement on revaluation of financial assets at fair value through profit or loss 2 (2,942,619) 44,516,882 (14,969,924) 4,943,593
Realised gain/(loss) on financial assets at fair value through profit or loss 2 2,064,500 (17,584,864) 31,905,881 1,756,731
Net loss on foreign currencies 2 (36,281) (4,813) (7,547) (21,338)
Net investment (loss)/income (570,651) 28,919,410 17,757,777 7,039,134
Expenses
Management fees 3 (256,039) (2,044,500) (1,284,526) (463,660)
Performance fee 3 - - (1,474,508) -
Administration fees 3 (38,587) (261,048) (297,211) (69,550)
Trustee fees 3 (12,862) (86,713) (95,434) (23,183)
Audit fee 19 (1,903) (8,840) (18,217) (7,522)
Transaction costs (61,405) (457,536) (382,495) (95,924)
General expenses 2 (37,177) (749,593) (77,815) (32,852)
Total operating expenses (407,973) (3,608,230) (3,630,206) (692,691)
O PERATING (EXPENSE)/INCO ME BEFO RE FINANCE CO STS (978,624) 25,311,180 14,127,571 6,346,443
Finance costs
Net income equalisation 2 (5,715) 1,112,039 1,081,476 207,364
Bank interest expense - (10,135) (17,245) (162)
Total finance costs (5,715) 1,101,904 1,064,231 207,202
(Loss)/Profit before tax (984,339) 26,413,084 15,191,802 6,553,645
Withholding tax 6 (25,250) (32,721) (6,768) (54,272)
CHANGE IN NET ASSETS ATTRIBUTABLE
TO HO LDERS O F REDEEMABLE UNITS FRO M O PERATIO NS (1,009,589) 26,380,363 15,185,034 6,499,373
NET (DEFICIT)/SURPLUS FO R THE YEAR
ATTRIBUTABLE TO HO LDERS O F
REDEEMABLE UNITS (1,009,589) 26,380,363 15,185,034 6,499,373
The Statement of Comprehensive Income is continued on page 29.
There are no recognised gains or losses arising in the period other than those dealt with in the Statement of Comprehensive Income . In arriving at the results for the year ended 31st December 2015 all amounts relate to continuing activities.
The accompanying notes form an integral part of these financial statements
29
Atlantis International Umbrella Fund
Statement of Comprehensive Income (continued) For the year ended 31st December 2014
Atlantis Atlantis
Atlantis Atlantis China Japan
Asian China Healthcare O pportunities
Fund Fund Fund Fund
Income Notes US$ US$ US$ US$
Investment income 2 381,360 1,893,567 831,458 406,540
Movement on revaluation of financial assets at fair value through profit or loss 2 187,393 25,548,186 (7,192,420) (1,922,790)
Realised gain/(loss) on financial assets at fair value through profit or loss 2 813,150 (23,656,162) 13,611,569 833,839
Net loss on foreign currencies 2 (18,409) (1,904) (2,140) (82,725)
Net investment income/(loss) 1,363,494 3,783,687 7,248,467 (765,136)
Expenses
Management fees 3 (265,562) (2,420,517) (1,088,084) (410,604)
Performance fee 3 - - (390,007) -
Administration fees 3 (54,113) (319,039) (255,287) (61,591)
Trustee fees 3 (14,548) (102,644) (81,606) (20,530)
Audit fee 19 (1,677) (10,813) (16,896) (3,697)
Transaction costs (72,611) (742,923) (383,776) (99,486)
General expenses 2 (7,731) (86,253) (69,604) (23,467)
Total operating expenses (416,242) (3,682,189) (2,285,260) (619,375)
O PERATING INCO ME/(LO SS) BEFO RE FINANCE CO STS 947,252 101,498 4,963,207 (1,384,511)
Finance costs
Net income equalisation 2 (13,059) - - 117
Bank interest expense (79) (38,580) (1,992) (45)
Total finance costs (13,138) (38,580) (1,992) 72
Profit/(loss) before tax 934,114 62,918 4,961,215 (1,384,439)
Withholding tax 6 (18,538) (27,382) (8,855) (64,676)
CHANGE IN NET ASSETS ATTRIBUTABLE
TO HO LDERS O F REDEEMABLE UNITS FRO M O PERATIO NS 915,576 35,536 4,952,360 (1,449,115)
NET SURPLUS FO R THE YEAR
ATTRIBUTABLE TO HO LDERS O F
REDEEMABLE UNITS 915,576 35,536 4,952,360 (1,449,115)
There are no recognised gains or losses arising in the period other than those dealt with in the Statement of Comprehensive Income. In arriving at the results for the year ended 31st December 2014 all amounts relate to
continuing activities.
The financial statements on pages 25 to 60 were approved by the Directors of Atlantis Investment Management (Ireland) Limited on 12th April 2016 and signed on its behalf by:
David Dillon } Paul McNaughton } Directors
The accompanying notes form an integral part of these financial statements
30
Atlantis International Umbrella Fund
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units For the year ended 31st December 2015
Atlantis Atlantis
Atlantis Atlantis China Japan
Asian China Healthcare Opportunities
Fund Fund Fund Fund
US$ US$ US$ US$
Net Assets attributable to holders of redeemable units at 1st January 2015 17,974,376 128,372,828 141,960,640 27,938,663
Proceeds from units issued during the year 71,657 8,241,234 34,101,118 10,170,766
Payment on units redeemed during the year (3,609,674) (80,304,781) (104,703,752) (8,921,401)
Change in net assets attributable to participating unitholders from operations (1,009,589) 26,380,363 15,185,034 6,499,373
Net Assets attributable to holders of redeemable units at 31st December 2015 13,426,770 82,689,644 86,543,040 35,687,401
The Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units is continued on page 31.
The accompanying notes form an integral part of these financial statements
31
Atlantis International Umbrella Fund
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units (continued) For the year ended 31st December 2014
Atlantis Atlantis
Atlantis Atlantis China Japan
Asian China Healthcare Opportunities
Fund Fund Fund Fund
US$ US$ US$ US$
Net Assets attributable to holders of redeemable units at 1st January 2014 20,390,396 175,603,632 91,243,963 24,993,518
Proceeds from units issued during the year 105,643 53,943,234 66,237,413 16,008,401
Payment on units redeemed during the year (3,437,239) (101,209,574) (20,473,096) (11,614,141)
Change in net assets attributable to participating unitholders from operations 915,576 35,536 4,952,360 (1,449,115)
Net Assets attributable to holders of redeemable units at 31st December 2014 17,974,376 128,372,828 141,960,640 27,938,663
The accompanying notes form an integral part of these financial statements
32
Atlantis International Umbrella Fund
Statement of Cash Flows
For the year ended 31st December 2015
Atlantis Atlantis
Atlantis Atlantis China Japan
Asian China Healthcare O pportunities
Fund Fund Fund Fund
US$ US$ US$ US$
CASH FLO WS FRO M O PERATING ACTIVITIES
Purchase of financial assets (9,023,274) (86,705,395) (98,623,295) (24,326,583)
Proceeds from sale of financial assets 11,512,426 157,077,958 168,500,106 23,515,846
Loss on foreign currencies (36,281) (4,813) (7,556) (21,338)
Dividends and interest received 317,801 1,960,902 695,527 304,825
Operating expenses paid (395,216) (2,761,579) (1,956,789) (608,758)
NET CASH INFLO W/(O UTFLO W) FRO M O PERATING ACTIVITES 2,375,456 69,567,073 68,607,993 (1,136,008)
CASH FLO WS FRO M FINANCING ACTIVITIES
Net Income Equalisation (5,715) 1,112,039 1,081,476 207,364
Proceeds from redeemable participating preference shares issued 71,624 8,241,234 32,297,204 10,170,766
Redemptions payable to shareholders (3,609,674) (80,304,781) (104,703,752) (8,921,401)
NET CASH (O UTFLO W)/INFLO W FRO M FINANCING ACTIVITES (3,543,765) (70,951,508) (71,325,072) 1,456,729
NET (DECREASE)/INCREASE IN CASH (1,168,309) (1,384,435) (2,717,079) 320,721
CASH AT BEGINNING O F THE YEAR 1,239,811 1,582,796 5,138,775 406,664
CASH AT END O F THE YEAR 71,502 198,361 2,421,696 727,385
Supplementary cash flow information
Cash flows from operating activities include:
Cash received during the year for dividend income 315,061 1,971,043 712,667 304,987
Cash received during the year for bank interest income 2,709 - - -
Cash paid during the year for interest expense 31 (10,141) (17,140) (162)
317,801 1,960,902 695,527 304,825
The Statement of Cash Flows is continued on page 33.
The accompanying notes form an integral part of these financial statements
33
Atlantis International Umbrella Fund
Statement of Cash Flows (continued)
For the year ended 31st December 2014
Atlantis Atlantis
Atlantis Atlantis China Japan
Asian China Healthcare O pportunities
Fund Fund Fund Fund
US$ US$ US$ US$
CASH FLO WS FRO M O PERATING ACTIVITIES
Purchase of financial assets (8,796,392) (91,700,859) (98,380,055) (27,059,334)
Proceeds from sale of financial assets 13,312,912 143,165,773 59,368,066 22,513,945
(Loss)/gain from forward foreign currency contracts and futures (18,358) (1,904) (2,140) (82,725)
Dividends and interest received 367,668 2,320,212 989,263 348,597
Operating expenses paid (406,664) (3,347,605) (5,092,395) (617,646)
NET CASH INFLO W/(O UTFLO W) FRO M O PERATING ACTIVITES 4,459,166 50,435,617 (43,117,261) (4,897,163)
CASH FLO WS FRO M FINANCING ACTIVITIES
Net Income Equalisation (13,059) - - (21,393)
Proceeds from redeemable participating preference shares issued 105,643 53,943,234 68,039,337 16,008,401
Redemptions payable to shareholders (3,437,239) (101,209,574) (20,458,006) (11,614,141)
NET CASH (O UTFLO W)/INFLO W FRO M FINANCING ACTIVITES (3,344,655) (47,266,340) 47,581,331 4,372,867
NET (DECREASE)/INCREASE IN CASH 1,114,511 3,169,277 4,464,070 (524,296)
CASH AT BEGINNING O F THE PERIO D 125,300 (1,586,481) 674,705 930,960
CASH AT END O F THE PERIO D 1,239,811 1,582,796 5,138,775 406,664
Supplementary cash flow information
Cash flows from operating activities include:
Cash received during the period for dividend income 370,531 2,360,149 992,844 348,642
Cash received during the period for bank interest income - - 1 -
Cash paid during the period for interest expense (66) (39,937) (3,581) (4)
370,465 2,320,212 989,264 348,638
The accompanying notes form an integral part of these financial statements
34
Atlantis International Umbrella Fund
Notes to the Financial Statements For the year ended 31st December 2015
1. General
Atlantis International Umbrella Fund (the “Trust”) was constituted on 10th October 2003 as an open-ended
umbrella unit trust authorised by the Central Bank of Ireland (the “Central Bank”) pursuant to the European
Communities (Undertakings for Collective Investments in Transferable Securities) Regulations, 2011 (as
amended) (“UCITS Regulations”) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1))
(Undertakings for Collective Investment in Transferable Securities) Regulations 2015 (the "Central Bank UCITS
Regulations"). The Trust consists of five sub-funds, of which four were in operation at the year end. The
investment objective of the sub-funds is to achieve long-term capital appreciation through an actively managed
portfolio of equity or equity related investments in Asia. The Trust has no employees.
Name Approval by the Launch Date listed on Irish
Central Bank of Ireland Date Stock Exchange
Atlantis Asian Fund¹ 12/09/2007 14/11/2007 15/11/2007
Atlantis China Fund 12/09/2007 14/11/2007 15/11/2007
Atlantis China Healthcare Fund 08/06/2007 19/06/2007 19/06/2007
Atlantis Japan Opportunities Fund 10/10/2003 21/10/2003 21/10/2003
Atlantis ASEAN Fund² 19/09/2008 N/A Delisted
¹Atlantis Asian Fund was previously called Atlantis Asian Recovery Fund.
²Atlantis ASEAN Fund was approved by the Central Bank of Ireland on 19th September 2008 but was never
launched.
2. Principal Accounting Policies
The principal accounting policies adopted by the Trust are as follows:
Basis of Preparation
From 1st January 2015, the Trust has changed its preparation of the financial statements to comply with
International Financial Reporting Standards as adopted by the European Union (“IFRS”).
For all periods up to and including the year ended 31st December 2014, the Trust prepared its Financial
Statements in accordance with Irish Generally Accepted Accounting Practice ("Irish GAAP"). These Financial
Statements have been prepared in accordance with IFRS. The Trust has adopted the basis of accounting with
effect from 1st January 2015.
The adoption of IFRS has resulted in no changes to the reported financial position or financial performance
compared to that presented previously. No adjustments have been made to the Net Asset Value presented in the
opening Statement of Financial Position either as at 1st January 2014 or at 31 December 2014 (i.e. at the end of
the latest period presented in the Trust’s most recent annual financial statements determined in accordance with
the previous financial reporting framework).
Previously, the Trust availed of an exemption under FRS 1 of Irish GAAP from preparing a Statement of Cash
Flows. No equivalent exemption exists under IFRS therefore the Trust has presented a Statement of Cash Flows
for the periods ended 31 December 2015 and 31 December 2014.
The following new standards, amendments and interpretations are not yet effective but will be applied, where
relevant, from their EU endorsed effective date.
IFRS 9 'Financial Instruments' is effective 1st January 2018 and amends IAS 39. IFRS 9 specifies how an entity
should classify and measure financial assets, including some hybrid contracts. They require all financial assets to
be classified on the basis of the entity’s business model for managing the financial assets and the contractual cash
flow characteristics of the financial asset. This classification includes financial assets initially measured at fair
value plus, in the case of a financial asset not at fair value through profit or loss, particular transaction costs;
subsequently measured at amortised costs or fair value. These requirements improve and simplify the approach
for classification and measurement of financial assets compared with the requirements of IAS 39. They apply a
consistent approach to classifying financial assets and replace the 4 categories of financial assets in IAS 39, each
of which had its own classification criteria. They also result in one impairment method, replacing the numerous
impairment methods in IAS 39 that arise from the different classification.
35
Atlantis International Umbrella Fund
Notes to the Financial Statements (continued) For the year ended 31st December 2015
2. Principal Accounting Policies (continued)
Comparative information
IFRS 1 ‘First Time Adoption of International Financial Reporting Standards’ requires the inclusion of an opening
IFRS Statement of Financial Position at the start of the start of the comparative financial year, i.e. 1st January
2014.
Income Income arising from investments is accounted for on an ex-dividend basis and is shown gross of any irrecoverable
withholding taxes, where deducted. Deposit interest is accounted for on an accruals basis.
Foreign currencies (a) Functional currency
Items included in each sub-fund’s financial statements are measured using the currency in which the majority of
its financing activities are transacted (the ‘functional currency’). The functional currency for all sub-funds is the
US Dollar as units are issued in that currency.
(b) Presentation currency
The financial statements are presented for financial reporting purposes in US Dollar which is denoted by the
symbol US$.
Financial assets and financial liabilities at fair value through profit or loss (a) Classification
The Trust classifies all its investment securities as financial assets and financial liabilities at fair value through
profit or loss.
(b) Recognition & derecognition
Purchases and sales of investments are recognised on the trade date – the date on which the Trust commits to
purchase or sell the investment. Investments are derecognised when the rights to receive cash flows from the
investments have expired or the Trust has transferred substantially all risks and rewards of ownership.
(c) Measurement
Financial instruments are measured initially at fair value (transaction price) plus, in the case of a financial asset or
financial liability not at fair value through profit or loss, transaction costs that are directly attributable to the
acquisition or issue of the financial asset or financial liability. Transaction costs on financial assets and financial
liabilities at fair value through profit or loss are expensed immediately, while on other financial instruments they
are amortised. Subsequent to initial recognition, all instruments classified at fair value through profit or loss are
measured at fair value with changes in their fair value recognised in the Statement of Comprehensive Income.
Financial assets and financial liabilities, other than those at fair value through profit or loss, are measured at
amortised cost using the effective interest rate method, less impairment loss, if any. Financial liabilities arising
from the redeemable participating shares issued by a sub-fund are carried at the redemption amount, representing
the Unitholders' right to a residual interest in that sub-fund's assets.
d) Fair value measurement principles
The fair value of financial instruments is based on their quoted market prices at the statement of financial position
date without any deduction for estimated future selling costs. Financial assets and financial liabilities are priced at
last traded price or, if no last traded price is available, at mid-market prices. Prior to 1st January 2015, the quoted
market price used for financial assets held by the Trust was the current bid price; the quoted market price for
financial liabilities was the current asking price. The Trust adopted IFRS 13, ‘Fair Value measurement’, from 1st
January 2015; it changed its fair valuation input to utilise the last traded market price for both financial assets and
financial liabilities where the last traded price falls within the bid-ask spread. In circumstances where the last
traded price is not within the bid-ask spread, management will determine the point within the bid-ask spread that
is most representative of fair value.
Structure Products are securities providing a return generated by a specified underlying equity or basket of
equities. Investments in Structure Products are valued at the last reported trade price of the underlying security as
of close of business at the reporting date. The resulting realised and unrealised gains and losses for the year are
included in the Statement of Comprehensive Income.
36
Atlantis International Umbrella Fund
Notes to the Financial Statements (continued) For the year ended 31st December 2015
2. Principal Accounting Policies (continued)
d) Fair value measurement principles (continued)
If a quoted market price is not available on a recognised stock exchange or from a broker/dealer for non-
exchange-traded financial instruments, the fair value of the instrument is estimated using valuation techniques,
including use of recent arm's length market transactions, reference to the current fair value of another instrument
that is substantially the same, discounted cash flow techniques, option pricing models or any other valuation
technique that provides a reliable estimate of prices obtained in actual market transactions.
Receivables Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an
active market. Receivables are recognised initially at fair value plus transaction costs that are directly attributable
to their acquisition.
Offsetting Financial Instruments Financial assets and financial liabilities are offset and the net amount reported in the Statement of Finanical
Position when there is a legally enforceable right to offset the recognised amounts and there is an intention to
settle on a net basis, or realise the asset and settle the liability simultaneously.
Redeemable Participating Units Redeemable participating units are redeemable at the Unitholder’s option and are classified as financial liabilities.
The participating units can be put back to a sub-fund at any time for cash equal to a proportionate share of the
relevant sub-fund’s Net Asset Value. The participating unit is carried at the redemption amount that is payable at
the Balance Sheet date if the Unitholder exercised its right to put the unit back to the sub-fund.
Distributions The Trust and each of its sub-funds are expected to conform to the requirements of United Kingdom legislation
for the Trust to be certified as a "reporting fund" (or such other type of fund that may replace “reporting fund” for
UK tax purposes).
Income Equalisation Income equalisation is accrued income included in the price of units purchased and sold during the accounting
period. Income equalisation is accounted for in the Statement of Comprehensive Income.
The Trust employs the full income equalisation method. This means that income attributable to subscribing and
redeeming Unitholders is taken into account when calculating the reportable income. Also, the subscribing
Unitholder is made aware that the subscription price of units is deemed to include an equalisation payment
calculated by reference to the accrued net income of the relevant sub-fund, and the first distribution in respect of
any unit will include a payment of capital usually equal to the amount of such equalisation payment. The
redemption price of each unit will also include an equalisation payment in respect of the accrued net income of
the relevant sub-fund up to the date of redemption.
Operating Expenses Each sub-fund is responsible for all of its normal operating expenses including audit fees, stamp and other duties
and charges incurred on the acquisition and realisation of investments.
Cash and Cash Equivalents The Manager considers short-term highly liquid investments with maturities of three months or less to be cash
equivalents.
Spot contracts Spot contracts were used for trade settlement and are shown on the Statement of Financial Position as Other
Receivables or Payables of the sub-funds.
37
Atlantis International Umbrella Fund
Notes to the Financial Statements (continued) For the year ended 31st December 2015
3. Fees and Expenses
Manager’s Fee
The Manager receives an annual management fee out of the assets of the sub-funds at the following rates:
Atlantis Asian Fund (except US Dollar Class D) pays 1.25% per annum of the Net Asset Value of the
sub-fund, plus VAT (if any), if the Net Asset Value is in line with the MSCI AC Far East Ex Japan
Index. This fee is reduced or increased, depending on the extent of the underperformance or
overperformance of the sub-fund relative to the MSCI AC Far East Ex Japan Index, to between a
minimum of 0.75% and a maximum of 1.75% of the Net Asset Value of the sub-fund, plus VAT (if any)
respectively, payable monthly in arrears.
Atlantis Asian Fund US Dollar Class D pays 1.5% of the Net Asset Value of the sub-fund, plus VAT (if
any), payable monthly in arrears.
Atlantis China Fund pays 1.75% of the Net Asset Value of the sub-fund, plus VAT (if any), payable
monthly in arrears.
Atlantis China Healthcare Fund pays at a rate of 1% of the Net Asset Value of the sub-fund, plus VAT
(if any), payable monthly in arrears.
Atlantis Japan Opportunities Fund pays 1.5% of the Net Asset Value of the sub-fund, plus VAT (if any),
payable monthly in arrears.
The Manager is also entitled to be repaid all of its Administration Expenses out of the assets of the sub-funds
which shall include legal fees, courier fees and telecommunication costs and expenses.
Investment Manager and the Investment Advisers’ fee
The Manager pays out of its own fee, the fee payable to the Investment Manager. The Investment Manager pays
out of its own fee, the fee payable to the Investment Adviser.
All reasonable out-of-pocket expenses incurred by the Investment Manager, or the Investment Adviser in
connection with the ongoing administration and operation of the sub-funds are paid out of the assets of the sub-
funds.
Performance Fee – Atlantis China Healthcare Fund
In addition to the annual management fee, the Manager is entitled to receive a performance fee in aggregate equal
to 20% of the amount by which the performance of each unit in the above sub-fund exceeds the benchmark (as
described below). The performance fee is payable on the last Valuation Day in each financial year (each a
“Payment Date”). The first calculation period for the purposes of the performance fee is the period from the
Business Day immediately following the closing date of the initial offer period and ending on the last Valuation
Day in each full year. Each subsequent calculation period commences on the first Business Day in each financial
year and ends on the last Valuation Day in that financial year. The performance fee is equal to 20% of x where x
equals the Net Asset Value per unit on the Payment Date less the benchmark value per unit on such date
multiplied by the weighted average number of units of the sub-fund in issue on Subscription Days in the period
since the preceding Payment Date. Such calculation of the performance fee is verified by the Trustee.
The benchmark value per unit for the purposes of the performance fee calculation is the higher of: (a) the
benchmark value per unit on the previous Payment Date increased by 5% and (b) the Net Asset Value per unit on
the previous Payment Date increased by 5%. For the purposes of the first calculation of the fee, the starting point
for the value per unit was US$1.00. The benchmark is as discussed above, namely 5% per annum.
Performance fees amounting to US$1,474,508 (2014: US$390,007) were charged to the sub-fund, the
performance fees payable at the year-end was US$1,474,508 (2014: US$390,007).
There is no performance fee entitlement on the other sub-funds.
38
Atlantis International Umbrella Fund
Notes to the Financial Statements (continued) For the year ended 31st December 2015
3. Fees and Expenses (continued)
Administrator’s Fee
Northern Trust International Fund Administration Services (Ireland) Limited (the “Administrator”) receives out
of the assets of the sub-funds, an annual fee of 0.225% on the first US$150 million of the sub-fund’s Net Asset
Value, 0.175% on the next US$150 million of the sub-fund’s Net Asset Value and 0.15% of the Net Asset Value
of the sub-fund thereafter, subject to a monthly minimum fee of GBP£2,500 (plus VAT, if any thereon) accrued
on each day which the Net Asset Value of the sub-fund is calculated and paid monthly in arrears.
Up until 31st October 2015, the Administrator was also entitled to receive an annual fee of €5,000 in respect of
the Administrator providing Money Laundering Reporting Officer (“MLRO”) services to the sub-funds of the
Trust. An additional annual fee of €500 was paid to the Administrator in respect of each additional sub-fund.
On 1st November 2015 Bridge Consulting Limited were appointed as MLRO to the Trust. Bridge Consulting is
entitled to be paid by the sub-funds’ an annual fee of €8,000 (plus VAT) in respect of this service.
An additional annual fee of €10,000 per sub-fund in respect of German tax reporting service shall be payable to
the Administrator from Atlantis China Fund, Atlantis China Healthcare Fund and Atlantis Asian Fund.
An additional annual fee of GBP£6,500 per sub-fund in respect of attribution services shall be payable to the
Administrator from Atlantis China Fund, Atlantis China Healthcare and Atlantis Asian Fund.
The Administrator is also entitled to additional fees for various services which it has agreed to provide for all the
sub-funds to assist with their compliance with the applicable requirements of the intergovernmental agreement
between the Government of Ireland and the Government of the United States of America in relation to the
implementation of the U.S. Foreign Account Tax Compliance Act. As well as a one-time set-up fee of US$7,500
for the Trust, these fees depend on the number of existing and new investors in the sub-funds.
Trustee Fee
The Manager pays to Northern Trust Fiduciary Services (Ireland) Ltd (the “Trustee”), out of the assets of the sub-
funds, an annual fee of 0.075% of the Net Asset Value on the first US$150 million of the sub-fund’s net assets
and 0.05% of the Net Asset Value of the sub-fund’s net assets thereafter. The fee is accrued and paid monthly in
arrears.
The Trustee is further entitled to be repaid all of its disbursements out of the assets of the sub-funds, including the
fees and transaction charges of any sub-custodian appointed by it. The fees and transaction charges of any such
sub-custodian shall be at normal commercial rates. There is also a charge of US$25 per investment transaction
processed.
Governance and Monitoring Service Fee
Bridge Consulting Limited provides governance and monitoring service to the Trust. Bridge Consulting Limited
receives fees amounting to €28,000 (plus VAT) per annum.
On 1st November 2015 Bridge Consulting Limited were appointed as MLRO to the Trust. Bridge Consulting is
entitled to be paid by the sub-funds’ an annual fee of €8,000 (plus VAT) in respect of this service.
4. Related and Connected Persons Disclosures
The Trust operates under an investment management agreement with the Investment Manager.
Gerard Morrison is a Director of AFMG Limited, Atlantis Investment Management (Hong Kong) Limited (the
“Investment Manager”), and also a Director of Atlantis Investment Management (Singapore) Pte Limited, the
investment advisor of the Atlantis Asian Fund. He is also a director of Atlantis Investment Management Limited,
the Distributor.
David Dillon and Paul McNaughton are Directors of Bridge Consulting Limited which provides the governance
and monitoring service and anti-money laundering reporting offices services. Fees amounting to US$6,442 (2014:
US$31,496) have accrued to Bridge Consulting Limited during the year.
39
Atlantis International Umbrella Fund
Notes to the Financial Statements (continued) For the year ended 31st December 2015
4. Related and Connected Persons Disclosures (continued)
David Dillon is also a Consultant with Dillon Eustace, which is the Legal Adviser to the Trust in Ireland. Fees
amounting to US$28,512 (2014: US$13,581) have accrued to Dillon Eustace during the year.
All fees in relation to the Investment Managers (including Performance), Administrator and Trustee are disclosed
separately in the Statement of Comprehensive Income. The outstanding amounts payable as at year end were
management fees of US$258,303 (2014: US$379,089), administration fees of US$84,153 (2014: US$192,020),
trustee fees of US$60,640 (2014: US$58,131) and performance fees of US$1,474,508 (2014: US$390,007).
For details of units in the sub-funds held by Directors of the Manager, please refer to Note 16.
The Central Bank UCITS Regulations require that any transaction carried out with a UCITS by a management
company or trustee to the UCITS, the delegates or sub-delegates of the management company or trustee, and any
associated or group of such a management company, trustee, delegate or sub-delegate (“connected persons”) must be
carried out as if negotiated at arm’s length. Transactions must be in the best interests of the unitholders.
The Directors of the Manager are satisfied that there are arrangements (evidenced by written procedures) in place, to
ensure that the obligations set out in Regulation 41(1) of the Central Bank UCITS Regulations are applied to all
transactions with connected persons, and are satisfied that transactions with connected persons entered into during
the year complied with the obligations set out in Regulation 41(1) of the Central Bank UCITS Regulations.
5. Financial Assets and Liabilities at Fair Value through Profit or Loss
Due to adoption of IFRS at 1st January 2015 and in accordance with IFRS 13 the Trust has changed its valuation
inputs for listed financial assets and liabilities to last traded prices. This is a change of policy from bid/ask pricing to
last traded pricing. The differences in prior year figures have not been adjusted due to the immateriality of the
amounts involved. This is consistent with the inputs prescribed in the sub-fund’s offering document for the
calculation of their per share trading value. In the prior year, the sub-fund utilised bid and ask prices for its listed
financial assets and liabilities in accordance with Irish GAAP (FRS 26).
The value of investments at 31st December 2014 and 1st January 2014 in accordance with the latest trade price basis
as per the Net Asset Valuation (“NAV”) calculated in accordance with the Trusts’ prospectus is set out below:
Atlantis Atlantis Atlantis China Atlantis Japan
Asian China Healthcare Opportunities
At 31st December 2014 Fund Fund Fund Fund
US$ US$ US$ US$
Financial assets and liabilities at fair value
through profit or loss at initial recognition 16,659,837 127,988,935 139,694,870 27,685,000
Net deficit on revaluation (147,252) (1,382,747) (677,470) (60,016)
Financial assets and liabilities at fair value
through profit or loss 16,512,585 126,606,188 139,017,400 27,624,984
Atlantis Atlantis Atlantis China Atlantis Japan
Asian China Healthcare Opportunities
At 1st January 2014 Fund Fund Fund Fund
US$ US$ US$ US$
Financial assets and liabilities at fair value
through profit or loss at initial recognition 20,465,242 178,635,226 94,370,324 24,242,359
Net deficit on revaluation (115,898) (1,383,331) (515,937) (49,503)
Financial assets and liabilities at fair value
through profit or loss 20,349,344 177,251,895 93,854,387 24,192,856
40
Atlantis International Umbrella Fund
Notes to the Financial Statements (continued) For the year ended 31st December 2015
6. Taxation
Under current law and practice, the Trust qualifies as an investment undertaking as defined in Section 739B of the
Taxes Consolidation Act, 1997 (as amended). It is not chargeable to Irish tax on its income or capital gains.
However, Irish tax can arise on the happening of a chargeable event in the Trust. A chargeable event includes any
distribution payments to unitholders or any encashment, redemption or transfer of units.
No tax will arise in respect of chargeable events in respect of:
(i) a unitholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes at the time of the
chargeable event, provided, in each case, that an appropriate valid declaration in accordance with Schedule
2B of the Taxes Consolidation Act, 1997 (as amended) is held by the Trust and;
(ii) certain Exempted Irish Investors (as defined in Section 739D of the Taxes Consolidation Act, 1997, as
amended) who have provided the Trust with the necessary signed statutory declarations.
Dividends, interest and capital gains (if any) received on investments made by the Trust may be subject to
Withholding taxes imposed by the country of origin and such taxes may not be recoverable by the Trust or its
Unitholders.
7. Financial Risk Management
Strategy in Using Financial Instruments
Each sub-fund is exposed to a variety of financial risks in pursuing its stated investment objective and policy.
These risks are defined in IFRS 7 as including credit risk, liquidity risk and market risk (which in turn includes
currency risk, interest rate risk, price risk and unit dealing risk). Each sub-fund takes exposure to certain of these
risks to generate investment returns on its portfolio, although these risks can also potentially result in a reduction
in the sub-fund’s net assets. The Investment Manager will use its best endeavours to minimise the potentially
adverse effects of these risks on each sub-fund’s performance where it can do so while still managing the
investments of the sub-fund in a way that is consistent with the sub-fund’s investment objective and policy.
In accordance with its investment objectives and policies, each sub-fund holds financial instruments, which at any
one time may comprise the following:
- securities and derivatives held in accordance with the investment objectives and policies; and
- cash, short-term debtors and creditors arising directly from operations.
The risks, and the measures adopted by the Manager for managing these risks on behalf of the sub-funds, are
detailed below.
41
Atlantis International Umbrella Fund
Notes to the Financial Statements (continued) For the year ended 31st December 2015
7. Financial Risk Management (continued)
Market Price Risk
Market price risk is defined in IFRS 7 as the risk that the fair value of a financial instrument or its future cash
flows will fluctuate because of changes in market prices.
Each sub-fund’s assets consist principally of equities. The values of these instruments are determined by market
forces and there is accordingly a risk that market prices can change in a way that is adverse to the sub-fund’s
performance. The Manager has adopted a number of investment restrictions which are set out in the Trust’s
prospectus which limit the exposure of the sub-funds to adverse changes in the price of any individual financial
asset. In accordance with the Manager’s policy, the Investment Manager, will monitor the sub-funds’ positions on
a daily basis and report regularly to the Directors of the Manager, who review the information on each sub-fund’s
overall market exposures as provided by the Investment Managers at their periodic meetings. The Trust uses the
commitment approach to measure global exposure.
The maximum risk arising from an investment in a financial instrument is determined by the fair value of the
financial instruments. The overall market exposures as at 31st December 2015 and as at 31st December 2014 can
be seen broken out on the portfolio statements.
At 31st December 2015, each sub-fund’s market price risk is affected by three main components: changes in
market prices, interest rates and currency exchange rates. IFRS 7 requires a sensitivity analysis showing how the
Net Asset Value of each sub-fund would be affected by changes in each of these factors.
Some limitations of sensitivity analysis are:
the models are based on historical data and cannot take account of the fact that future market price movements,
correlations between markets and levels of market liquidity in conditions of market stress may bear no relation
to historical patterns;
the market price risk information is a relative estimate of risk rather than a precise and accurate number;
the market price information represents a hypothetical outcome and is not intended to be predictive; and
future market conditions could vary significantly from those experienced in the past.
Interest rate and currency exchange rate movements, which are dealt with under the relevant headings below,
primarily affect the fair values of a sub-fund’s exposures to debt securities, related derivatives and other
instruments. Changes in market prices primarily affect the fair value of a sub-fund’s exposures to equity securities
and related instruments.
If the price of each of the equity securities to which each sub-fund had exposure at 31st December 2015 and 31st
December 2014 had increased by the amount shown below with all other variables held constant, this would have
increased Net Assets Attributable to Holders of Redeemable Participating Units of the relevant sub-fund by the
approximate amount shown below. Conversely, if the price of each of the equity securities to which each sub-
fund had exposure had decreased by the amount shown below, this would have decreased Net Assets Attributable
to Holders of Redeemable Participating Units of the sub-fund by the approximate amount shown below.
42
Atlantis International Umbrella Fund
Notes to the Financial Statements (continued) For the year ended 31st December 2015
7. Financial Risk Management (continued)
Market Price Risk (continued)
As at 31st December 2015 Financial assets % Increase/ Effect of Effect of
31/12/2015 (Decrease) Increase Decrease
US$ US$ US$
Atlantis Asian Fund 13,391,754 10% 1,339,175 (1,339,175)
Atlantis China Fund 83,205,943 10% 8,320,594 (8,320,594)
Atlantis China Healthcare Fund 85,530,856 10% 8,553,086 (8,553,086)
Atlantis Japan Opportunities Fund 35,107,210 10% 3,510,721 (3,510,721)
Total 217,235,763 21,723,576 (21,723,576)
As at 31st December 2014 Financial assets % Increase/ Effect of Effect of
31/12/2014 (Decrease) Increase Decrease
US$ US$ US$
Atlantis Asian Fund 16,512,585 10% 1,651,259 (1,651,259)
Atlantis China Fund 126,606,188 10% 12,660,619 (12,660,619)
Atlantis China Healthcare Fund 139,017,400 10% 13,901,740 (13,901,740)
Atlantis Japan Opportunities Fund 27,624,984 10% 2,762,498 (2,762,498)
Total 309,761,157 30,976,116 (30,976,116)
As at 1st January 2014 Financial assets % Increase/ Effect of Effect of
01/01/2014 (Decrease) Increase Decrease
US$ US$ US$
Atlantis Asian Fund 20,349,344 10% 2,034,934 (2,034,934)
Atlantis China Fund 177,251,895 10% 17,725,190 (17,725,190)
Atlantis China Healthcare Fund 93,854,387 10% 9,385,439 (9,385,439)
Atlantis Japan Opportunities Fund 24,192,856 10% 2,419,286 (2,419,286)
Total 315,648,482 31,564,849 (31,564,849)
The 2015 10% (2014: 10%) estimate is based on the nature of the markets that the sub-funds invest in. The sub-
funds of the Trust invest in Asian equity markets.
Currency Risk
Currency risk is defined in IFRS 7 as the risk that the fair value or future cash flows of a financial instrument will
fluctuate because of changes in foreign exchange rates. Each sub-fund is exposed to currency risk as assets and
liabilities of the sub-fund may be denominated in a currency other than the functional currency of the sub-fund,
which is its base currency, the US Dollar.
The fluctuations in the rate of exchange between the currency in which the asset or liability is denominated and
the functional currency could result in an appreciation or depreciation in the fair value of that asset.
In accordance with the Manager’s policy, the Investment Manager monitors each sub-fund’s currency exposures
on a daily basis and reports regularly to the Directors of the Manager, who reviews the information provided by
the Investment Manager on any significant exposures at their periodic meetings.
43
Atlantis International Umbrella Fund
Notes to the Financial Statements (continued) For the year ended 31st December 2015
7. Financial Risk Management (continued)
Currency Risk (continued)
The following tables set out each sub-fund’s foreign currency exposure as at 31st December 2015:
As at 31st December 2015 Monetary
Assets
Monetary
Liabilities
Spot
Contracts
Net Monetary
Assets
US$ US$ US$ US$
Atlantis Asian Fund
EUR 4 - - 4
HKD 6,377,507 - - 6,377,507
IDR 1,741,967 - - 1,741,967
INR 470,441 - - 470,441
GBP 33 - - 33
KRW 1,012,098 - - 1,012,098
MYR 171,552 - - 171,552
PHP 47,084 - - 47,084
SGD 1,040,004 - - 1,040,004
THB 847,792 - - 847,792
TWD 1,051,843 - - 1,051,843
VND 649,899 - - 649,899
13,410,224 - - 13,410,224
Atlantis China Fund
HKD 71,374,972 - (90,806) 71,284,166
71,374,972 - (90,806) 71,284,166
Atlantis China Healthcare Fund
HKD 59,571,203 - (292,984) 59,278,219
59,571,203 - (292,984) 59,278,219
Atlantis Japan Opportunities Fund
EUR 1 (154) - (153)
GBP 138,972 - - 138,972
JPY 35,877,485 (295,755) - 35,581,730
36,016,458 (295,909) - 35,720,549
44
Atlantis International Umbrella Fund
Notes to the Financial Statements (continued) For the year ended 31st December 2015
7. Financial Risk Management (continued)
Currency Risk (continued)
The comparative information as at 31st December 2014 is as follows:
As at 31st December 2014 Monetary
Assets
Monetary
Liabilities
Spot
Contracts
Net Monetary
Assets
US$ US$ US$ US$
Atlantis Asian Fund
EUR - (2,116) - (2,116)
HKD 7,297,945 - - 7,297,945
IDR 1,576,418 - - 1,576,418
INR 406,946 - - 406,946
GBP 24 - - 24
KRW 1,166,808 - - 1,166,808
MYR 806,918 - - 806,918
PHP 281,360 - - 281,360
SGD 2,483,038 - - 2,483,038
THB 1,284,702 - (274,052) 1,010,650
TWD 1,346,649 - - 1,346,649
VND 678,088 - - 678,088
17,328,896 (2,116) (274,052) 17,052,728
Atlantis China Fund
EUR - (15,938) - (15,938)
HKD 120,958,064 - (494,303) 120,463,761
120,958,064 (15,938) (494,303) 120,447,823
Atlantis China Healthcare Fund
EUR - (16,865) - (16,865)
HKD 93,107,445 (1,801,924) 1,352,121 92,657,642
SGD 4,427,793 - - 4,427,793
97,535,238 (1,818,789) 1,352,121 97,068,570
Atlantis Japan Opportunities Fund
EUR - (3,498) - (3,498)
JPY 28,176,037 (131,782) - 28,044,255
28,176,037 (135,280) - 28,040,757
45
Atlantis International Umbrella Fund
Notes to the Financial Statements (continued) For the year ended 31st December 2015
7. Financial Risk Management (continued)
Currency Risk (continued)
The comparative information as at 1st January 2014 is as follows:
As at 1st January 2014 Monetary
Assets
Monetary
Liabilities
Spot
Contracts
Net Monetary
Assets
US$ US$ US$ US$
Atlantis Asian Fund -
EUR 4 (3,275) - (3,271)
HKD 10,340,906 - 39 10,340,945
IDR 1,727,439 - - 1,727,439
INR 328,991 - - 328,991
GBP 12 - - 12
KRW 1,773,454 - - 1,773,454
MYR 725,819 - - 725,819
SGD 3,020,615 - - 3,020,615
THB 1,067,547 - - 1,067,547
TWD 1,024,158 - - 1,024,158
VND 356,687 - - 356,687
20,365,671 (3,275) 39 20,362,396
Atlantis China Fund
EUR - (26,104) - (26,104)
HKD 177,855,668 - (12,822) 177,842,846
177,855,668 (26,104) (12,822) 177,816,742
Atlantis China Healthcare Fund
EUR - (14,281) - (14,281)
HKD 65,565,246 - (29,070) 65,536,176
SGD 3,965,804 - - 3,965,804
69,531,050 (14,281) (29,070) 69,487,699
Atlantis Japan Opportunities Fund
EUR 1 (3,756) - (3,755)
JPY 24,596,605 (260,777) - 24,335,828
24,596,606 (264,533) - 24,332,073
None of the sub-funds have a direct exposure to the Chinese Renminbi (“RMB”) but the structured products held
on Atlantis China Healthcare Fund and Atlantis China Fund are more exposed to the currency. The underlying is
quoted on PRC exchanges but the settlement is in USD.
In determining the appropriate percentage change to apply for the sensitivity analysis, the percentage change in
the relevant exchange rate has been calculated based on the difference between the opening and the closing
exchange rates for each of the currencies in which the sub-funds hold assets and liabilities. This was
representative of the risk profile of the sub-funds during the year.
The calculated appreciation/depreciation of the currency against the reporting currency of each sub-fund has been
applied to each of the foreign currency balances at 31st December 2015 and at 31st December 2014, and with all
other variables held constant, the results of this sensitivity analysis is shown in the tables below. A movement in
the opposite direction would have had an equal but opposite effect.
46
Atlantis International Umbrella Fund
Notes to the Financial Statements (continued) For the year ended 31st December 2015
7. Financial Risk Management (continued)
Currency Risk (continued)
As at 31st December 2015 Net Foreign Currency Change in Foreign Effect on
Monetary Assets Exchange Rate v US$ Net Assets
US$ % US$
Atlantis Asian Fund
EUR 4 -10.63% -
HKD 6,377,507 0.06% 3,827
IDR 1,741,967 -10.16% (176,984)
INR 470,441 -4.59% (21,593)
GBP 33 -5.56% (2)
KRW 1,012,098 -6.26% (63,357)
MYR 171,552 -18.56% (31,840)
PHP 47,084 -4.94% (2,326)
SGD 1,040,004 -6.87% (71,448)
THB 847,792 -8.57% (72,656)
TWD 1,051,843 -3.79% (39,865)
VND 649,899 -4.88% (31,715)
13,410,224 (507,959)
Atlantis China Fund
HKD 71,284,166 0.06% 42,770
71,284,166 42,770
Atlantis China Healthcare Fund
HKD 59,278,219 0.06% 35,567
59,278,219 35,567
Atlantis Japan Opportunities Fund
EUR (153) -10.63% 16
GBP 138,972 -5.56% (7,727)
JPY 35,581,730 -0.73% (259,747)
35,720,549 (267,458)
47
Atlantis International Umbrella Fund
Notes to the Financial Statements (continued) For the year ended 31st December 2015
7. Financial Risk Management (continued)
Currency Risk (continued)
As at 31st December 2014 Net Foreign Currency Change in Foreign Effect on
Monetary Assets Exchange Rate v US$ Net Assets
US$ % US$
Atlantis Asian Fund
EUR (2,116) -11.79% 249
HKD 7,297,945 -0.02% (1,460)
IDR 1,576,418 -1.74% (27,430)
INR 406,946 -2.01% (8,180)
GBP 24 -5.77% (1)
KRW 1,166,808 -3.98% (46,439)
MYR 806,918 -6.32% (50,997)
PHP 281,360 -0.78% (2,195)
SGD 2,483,038 -4.44% (110,247)
THB 1,010,650 -0.12% (1,213)
TWD 1,346,649 -5.69% (76,624)
VND 678,088 -1.37% (9,290)
17,052,728 (333,827)
Atlantis China Fund
EUR (15,938) -11.79% 1,879
HKD 120,463,761 -0.02% (24,093)
120,447,823 (22,214)
Atlantis China Healthcare Fund
EUR (16,865) -11.79% 1,988
HKD 91,305,521 -0.02% (18,261)
SGD 4,427,793 -4.44% (196,594)
95,716,449 (212,867)
Atlantis Japan Opportunities Fund
EUR (3,498) -11.79% 412
JPY 28,044,255 -11.99% (3,362,506)
28,040,757 (3,362,094)
48
Atlantis International Umbrella Fund
Notes to the Financial Statements (continued) For the year ended 31st December 2015
7. Financial Risk Management (continued)
Currency Risk (continued)
As at 1st January 2014 Net Foreign Currency Change in Foreign Effect on
Monetary Assets Exchange Rate v US$ Net Assets
US$ % US$
Atlantis Asian Fund
EUR (3,271) 4.51% (148)
HKD 10,340,945 -0.04% (4,136)
IDR 1,727,439 -20.81% (359,480)
INR 328,991 -11.42% (37,571)
GBP 12 1.89% -
KRW 1,773,454 1.44% 25,538
MYR 725,819 -6.64% (48,194)
SGD 3,020,615 -3.23% (97,566)
THB 1,067,547 -6.91% (73,767)
TWD 1,024,158 -2.57% (26,321)
VND 356,687 -1.21% (4,316)
20,362,396 (625,961)
Atlantis China Fund
EUR (26,104) 4.51% (1,177)
HKD 177,842,846 -0.04% (71,137)
177,816,742 (72,314)
Atlantis China Healthcare Fund
EUR (14,281) 4.51% (644)
HKD 65,536,176 -0.04% (26,214)
SGD 3,965,804 -3.23% (128,095)
69,487,699 (154,953)
Atlantis Japan Opportunities Fund
EUR (3,755) 4.51% (169)
JPY 24,335,828 -17.73% (4,314,742)
24,332,073 (4,314,911)
Interest Rate Risk
The majority of the sub-fund’s financial assets and financial liabilities are non-interest bearing and any excess
cash and cash equivalents (as shown in the Statement of Financial Position) are invested at short-term market
interest rates. As a result, none of the sub-funds are subject to significant amounts of risk due to fluctuations in
the prevailing levels of market interest rates; therefore no sensitivity analysis is presented. In accordance with the
Trust’s policy, the Investment Manager monitors the sub-funds’ cash balances on a daily basis and reports
regularly to the Directors of the Manager.
49
Atlantis International Umbrella Fund
Notes to the Financial Statements (continued) For the year ended 31st December 2015
7. Financial Risk Management (continued)
Credit Risk
Credit risk is defined in IFRS 7 as the risk that one party to a financial instrument will cause a financial loss for
the other party by failing to discharge an obligation.
Whilst the Trust is exposed to credit, this risk is limited as the Trustee holds all assets on behalf of the Trust in a
segregated account. The majority of each sub-fund’s financial assets are equity securities. All transactions are
settled and paid for upon delivery of stock and by using approved brokers. The risk of default is considered
minimal as securities are only delivered to the broker once the broker has made the payment. The sub-funds only
pay a broker for a purchase once the securities have been received by the Trustee.
Substantially all of the cash assets are held with the Northern Trust Company, London Branch (NTC). Cash
deposited with NTC is deposited as banker and is held on its Balance Sheet. Accordingly, in accordance with
usual banking practice, NTC liability to the Trust in respect of such cash deposits shall be that of debtor and the
Trust will rank as a general creditor of NTC. The financial assets are held with the Trustee, Northern Trust
Fiduciary Services (Ireland) Limited. These assets are held distinct and separately from the proprietary assets of
the Trustee. Securities are clearly recorded to ensure they are held on behalf of the Trust. Bankruptcy or
insolvency of the Trustee and or one of its agents or affiliates may cause the Trust’s rights with respect to the
securities held by the Trustee to be delayed.
Both Northern Trust Fiduciary Services (Ireland) Limited and the Northern Trust Company, London Branch are
wholly owned subsidiaries of Northern Trust Corporation. As at 31st December 2015 Northern Trust Corporation
had a long term rating from Standard & Poor’s of A+ (2014: A+).
Risk is managed by monitoring the credit quality and financial positions of the Trustee used by the Trust.
Northern Trust acts as its own sub-custodian in the U.S., the U.K., Ireland and Canada. In all other markets,
Northern Trust appoints a local sub-custodian. Northern Trust continually reviews its sub-custodian network.
Atlantis China Fund and Atlantis China Healthcare Fund hold covered structure products, the table below states
the Issuer, cash value of the structure products on a per issuer basis, credit rating and rating date.
Cash Value of Credit
Issuer Structure Products Rating Rating Date
Atlantis China Fund
Citigroup Global Markets 3,576,317 A 03/07/2015
Credit Suisse AG (Nassau) Branch 3,467,722 A 11/01/2016
CIIC Financial Trading 2,383,886 N/A N/A
CLSA Financial Products 2,579,002 BBB+ 18/10/2012
Atlantis China Healthcare Fund
Goldman Sachs 3,575,828 A 09/12/2015
CIIC Financial Trading 3,933,709 N/A N/A
Credit Suisse AG (Nassau) Branch 3,507,300 A 11/01/2016
Macquarie Bank Ltd 1,628,127 A 21/12/2015
UBS AG - Switzerland 3,448,430 A 29/11/2011
Citigroup Global Markets 3,559,658 A 03/07/2015
BOCI Financial Products 3,371,948 A 29/11/2011
CLSA Financial Products 3,356,908 BBB+ 18/10/2012
The Investment Manager monitors credit risk.
There were no changes to the Trust’s policies and processes for monitoring credit risk during the year.
50
Atlantis International Umbrella Fund
Notes to the Financial Statements (continued) For the year ended 31st December 2015
7. Financial Risk Management (continued)
Liquidity Risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial
liabilities as they fall due.
Atlantis Asian Fund and Atlantis Japan Opportunities Fund operate daily cash redemptions of redeemable units.
Atlantis China Fund and Atlantis China Healthcare Fund operate twice-monthly cash redemptions of redeemable
units. Each sub-fund invests the majority of its assets in securities and other instruments that are traded regularly
and which are considered to be realisable under normal market conditions. The Investment Manager monitors
liquidity risk and reports regularly on that matter to the Directors of the Manager to the Trust.
At 31st December 2015 and 31st December 2014, each sub-fund’s financial liabilities (shown in the Statement of
Financial Position on pages 25 to 27) were classified as being of less than one month’s maturity.
Other Price Risk
Other price risk is the risk that the value of an instrument will fluctuate as a result of changes in market prices
(other than those arising from interest rate risk or currency risk), whether caused by factors specific to an
individual investment, its issuer or all factors affecting all instruments traded in the market.
As each sub-fund’s financial instruments are carried at fair value with fair value changes recognised in the Profit
and Loss Account, all changes in market conditions will directly affect net investment income. Price risk is
managed by the Trust’s Investment Manager by constructing a diversified portfolio of holdings subject to limits
on issuer exposure.
Unit Dealing Risks
Pursuant to the procedures set forth in the prospectus issued by the Trust, the Manager will issue units in the sub-
fund on each Dealing Day (T) on the basis that investors will not be obliged to settle such subscriptions until 4
business days following that Dealing Day (T+4). The Administrator will provide the Investment Manager with
details of the net aggregate value of subscriptions into the sub-fund on each Dealing Day. Using this information,
the Investment Manager may place investment trades in the market on the assumption that the sub-fund will have
received the subscription monies by the time the sub-fund is obliged to settle these trades.
However, in the event that a Unitholder fails to settle his subscription by T+4, the sub-fund may be forced to
borrow funds in order to settle any outstanding investment transactions. The costs of such borrowing will be
borne by the sub-fund notwithstanding that these costs will have been incurred by virtue of an investor's failure to
settle its subscription in accordance with the timetable set forth in the prospectus.
Fair Value Hierarchy
The disclosures are based on a three-level fair value hierarchy for the inputs used in valuation techniques to
measure fair value. The fair value of financial assets and liabilities traded in an active market (such as traded
securities) are based on quoted market prices at the close of trading on the year end date. The quoted market price
used for financial assets held by the sub-funds is the current bid price; the appropriate quoted market price for
financial liabilities is the current asking price.
A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly
available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices
represent actual and regularly occurring market transactions on an arm’s length basis.
The fair value of financial assets and financial liabilities that are not traded in an active market are determined by
using valuation techniques.
51
Atlantis International Umbrella Fund
Notes to the Financial Statements (continued) For the year ended 31st December 2015
7. Financial Risk Management (continued)
Fair Value Hierarchy (continued)
For instruments for which there is no active market, the Trust may use internally developed models, which are
usually based on valuation methods and techniques generally recognised as standard within the industry.
Valuation models are used primarily to value unlisted equity, debt securities and other instruments for which
markets were or have been inactive during the financial year. Some of the inputs to these models may not be
market observable and are therefore estimated based on assumptions.
Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to
the fair value measurement of the relevant asset as follows:
Level 1 -valued using quoted prices in active markets for identical assets.
Level 2 -valued by reference to valuation techniques using observable inputs other than quoted prices included
within level 1.
Level 3 -valued by reference to valuation techniques using inputs that are not based on observable market data.
The valuation techniques used by the Trust are explained in the accounting policies in Note 2. There has been no
change to the valuation techniques used during the year.
The table below sets out fair value measurements using the fair value hierarchies:
As at 31st December 2015
Total Level 1 Level 2 Level 3
Atlantis Asian Fund US$ US$ US$ US$
Equity investments 13,391,754 13,391,754 - -
13,391,754 13,391,754 - -
Atlantis China Fund
Equity investments 71,199,016 71,199,016 - -
Structure Products 12,006,927 12,006,927 - -
83,205,943 83,205,943 - -
Atlantis China Healthcare Fund
Equity investments 59,148,948 59,148,948 - -
Structure Products 26,381,908 26,381,908 - -
85,530,856 85,530,856 - -
Atlantis Japan Opportunities Fund
Equity investments 35,107,210 35,107,210 - -
35,107,210 35,107,210 - -
There were no transfers between levels for the year ended 31st December 2015.
52
Atlantis International Umbrella Fund
Notes to the Financial Statements (continued) For the year ended 31st December 2015
7. Financial Risk Management (continued)
Fair Value Hierarchy (continued)
The comparative information as at 31st December 2014 is as follows:
Total Level 1 Level 2 Level 3
Atlantis Asian Fund US$ US$ US$ US$
Equity investments 16,512,585 16,512,585 - -
16,512,585 16,512,585 - -
Atlantis China Fund
Equity investments 120,367,050 120,367,050 - -
Structure Products 6,239,138 6,239,138 - -
126,606,188 126,606,188 - -
Atlantis China Healthcare Fund
Equity investments 97,515,896 97,515,896 - -
Structure Products 41,501,504 41,501,504 - -
139,017,400 139,017,400 - -
Atlantis Japan Opportunities Fund
Equity investments 27,624,984 27,624,984 - -
27,624,984 27,624,984 - -
There were no transfers between levels for the year ended 31st December 2014.
The comparative information as at 1st January 2014 is as follows:
Total Level 1 Level 2 Level 3
Atlantis Asian Fund US$ US$ US$ US$
Equity investments 20,349,344 20,178,012 - 171,332
20,349,344 20,178,012 - 171,332
Atlantis China Fund
Equity investments 177,251,895 175,728,332 - 1,523,563
177,251,895 175,728,332 - 1,523,563
Atlantis China Healthcare Fund
Equity investments 70,268,818 70,268,818 - -
Structure Products 23,585,569 23,585,569 - -
93,854,387 93,854,387 - -
Atlantis Japan Opportunities Fund
Equity investments 24,192,856 24,192,856 - -
24,192,856 24,192,856 - -
The following tables present the transfer between levels for the year ended 1st January 2014:
2013 Atlantis China Fund Level 1 Level 2 Level 3
US$ US$ US$
Transfer between level 1 and 3
Equities (15,393,655) - 15,393,655
2013 Atlantis China Healthcare Fund Level 1 Level 2 Level 3
US$ US$ US$
Transfer between level 1 and 3
Equities 1,262,788 - (1,262,788)
53
Atlantis International Umbrella Fund
Notes to the Financial Statements (continued) For the year ended 31st December 2015
7. Financial Risk Management (continued)
Fair Value Hierarchy (continued)
A reconciliation of fair value measurements in level 3 for Atlantis Asian Fund is set out below:
Level 3 financial assets at fair value through profit or loss Equity Equity Equity
Investments Investments Investments
Dec 2015 Dec 2014 Jan 2014
Atlantis Asian Fund US$ US$ US$
Opening Balance - 171,332 495,011
Total gains or losses included in
the Profit and Loss Account:
-on assets held at the end of the year - (171,332) (323,679)
Closing Balance - - 171,332
As at 31st December 2015 Atlantis Asian Fund held two investments which were suspended: Boshiwa
International and Berlian Laju Tanker. Based on the recommendation of the Investment Manager, the Directors of
the Manager agreed to continue to hold Boshiwa International at zero (2014: written down to zero) and to
continue to hold Berlian Laju Tanker at zero (2014: written down to zero).
A reconciliation of fair value measurements in level 3 for Atlantis China Fund is set out below:
Level 3 financial assets at fair value through profit or loss Equity Equity Equity
Dec 2015 Dec 2014 Jan 2014
Atlantis China Fund US$ US$ US$
Opening Balance - 1,523,563 3,637,066
Transfers into level 3 - - 16,535,487
Transfers out of level 3 - - (1,141,832)
Purchases - - 1,213,824
Sales - - (113,433)
Total gains or losses included in
the Profit and Loss Account:
-on assets held at the end of the year - (1,523,563) (18,607,549)
Closing Balance - - 1,523,563
As at 31st December 2015 Atlantis China Fund held three investments which were suspended: Qunxing Paper,
China Metal Recycling and China CDM Exchange Centre. Based on recommendations by the Investment
Manager, the Directors of the Manager have agreed to value the three investments at zero. The listing of China
Metal Recycling was cancelled on 4th February 2016.
Level 3 financial assets at fair value through profit or loss Equity Equity Equity
Investments Investments Investments
Dec 2015 Dec 2014 Jan 2014
Atlantis China Healthcare Fund US$ US$ US$
Opening Balance - - 1,262,788
Transfers out of level 3 - - (1,262,788)
Closing Balance - - -
54
Atlantis International Umbrella Fund
Notes to the Financial Statements (continued) For the year ended 31st December 2015
8. Soft Commissions
There were no soft commission arrangements during the year ended 31st December 2015.
In past years, Atlantis Investment Management Limited entered into a soft commission agreement whereby goods
and services were received which support the investment decision process. The agreement was transferred to
Atlantis Investment Management (Hong Kong) Limited on 26th September 2014. Neither Atlantis Investment
Management Limited nor Atlantis Investment Management (Hong Kong) Limited make direct payment for these
goods and services but transact an agreed amount of business. Commission is paid on these transactions at
customary institutional rates and the execution of these transactions is consistent with the principles of best
execution. The goods and services supplied include portfolio performance measurement, portfolio administration,
electronic information delivery services, publications, market sector and specific training, research and analysis.
The total amounts of soft commission relating to the sub-funds were:
Dec 2015 Dec 2014 Jan 2014
US$ US$ US$
Atlantis China Fund - 16,034 26,977
Atlantis China Healthcare Fund - 1,737 10,587
9. Exchange Rates
The applicable year end exchange rates were as follows:
31st December 2015
Exchange Rate Exchange Rate
to US$ to US$
Euro 0.9206 Philippines peso 47.0550
Hong Kong dollar 7.7502 Pound sterling 0.6785
Indian rupee 66.1563 Singapore dollar 1.4187
Indonesian rupiah 13,785.0000 South Korean won 1,172.5500
Japanese yen 120.2950 Thai baht 35.9850
Malaysian ringgit 4.2935 Vietnamese Dong 22,485.0000
New Taiwan dollar 32.8470
Comparative 31st December 2014
Exchange Rate Exchange Rate
to US$ to US$
Euro 0.8227 Philippines peso 44.7325
Hong Kong dollar 7.7552 Pound sterling 0.6407
Indian rupee 63.1220 Singapore dollar 1.3212
Indonesian rupiah 12,385.0000 South Korean won 1,099.1500
Japanese yen 119.3300 Thai baht 32.9000
Malaysian ringgit 3.4965 Vietnamese Dong 21,387.5000
New Taiwan dollar 31.6020
Comparative 1st January 2014
Exchange Rate Exchange Rate
to US$ to US$
Euro 0.7257 Philippines peso 44.3825
Hong Kong dollar 7.7538 Pound sterling 0.6038
Indian rupee 61.8550 Singapore dollar 1.2626
Indonesian rupiah 12,170.0000 South Korean won 1,055.3500
Japanese yen 105.1050 Thai baht 32.8600
Malaysian ringgit 3.2755 Vietnamese Dong 21,095.0000
New Taiwan dollar 29.8035
55
Atlantis International Umbrella Fund
Notes to the Financial Statements (continued) For the year ended 31st December 2015
10. Cash
Atlantis China Fund has a committed borrowing facility of the lower of US$20m or 10% of the sub-fund’s Net
Asset Value repayable on demand and subject to periodic review. At 31st December 2015, the Atlantis China
Fund did not hold an overdraft (2014: no overdraft).
Atlantis China Healthcare Fund had an uncommitted borrowing facility of the lower of US$15m or 10% of the
sub-fund’s Net Asset Value repayable on demand and subject to periodic review.
All cash balances are held with Northern Trust Company (London) Branch, which is a 100% indirect wholly
owned subsidiary of the Northern Trust Corporation which has an S&P credit rating of A+ (2014:A+).
11. Distributions
There were no distributions declared in 2015 (2014: $nil).
12. Units Issued and Redeemed
For the year ended 31st December 2015:
Atlantis Atlantis Atlantis
Asian Asian Asian
Fund Fund Fund
USD Class $ EUR Class € GBP Class £
Units in issue as at 1st January 2015 2,393,733 1,207 519
Units issued during the period 8,162 4 9
Units redeemed during the period (456,613) - -
Units in issue as at 31st December 2015 1,945,282 1,211 528
Atlantis
Atlantis Atlantis China
Asian China Healthcare
Fund Fund Fund
USD Class D $ US Class $ US Class $
Units in issue as at 1st January 2015 1,000 19,589,961 73,809,739
Units issued during the period 44 1,023,536 17,371,156
Units redeemed during the period - (10,008,780) (50,222,942)
Units in issue as at 31st December 2015 1,044 10,604,717 40,957,953
Atlantis Atlantis Atlantis
Japan Japan Japan
Opportunities Opportunities Opportunities
Fund Fund Fund
USD Class $ EUR Class € GBP Class £
Units in issue as at 1st January 2015 9,420,972 80,000 176,679
Units issued during the period 220,444 124,850 176,227
Units redeemed during the period (693,343) (48,700) (169,893)
Units in issue as at 31st December 2015 8,948,073 156,150 183,013
56
Atlantis International Umbrella Fund
Notes to the Financial Statements (continued) For the year ended 31st December 2015
12. Units Issued and Redeemed (continued)
Comparatives for the year ended 31st December 2014:
Atlantis Atlantis Atlantis
Asian Asian Asian
Fund Fund Fund
USD Class $ EUR Class € GBP Class £
Units in issue as at 1st January 2014 2,839,585 1,205 513
Units issued during the year 13,973 2 6
Units redeemed during the year (459,825) - -
Units in issue as at 31st December 2014 2,393,733 1,207 519
Atlantis
Atlantis Atlantis China
Asian China Healthcare
Fund Fund Fund
USD Class D $ US Class $ US Class $
Units in issue as at 1st January 2014 1,000 26,540,469 50,622,476
Units issued during the year - 8,015,750 33,761,960
Units redeemed during the year - (14,966,258) (10,574,697)
Units in issue as at 31st December 2014 1,000 19,589,961 73,809,739
Atlantis Atlantis Atlantis
Japan Japan Japan
Opportunities Opportunities Opportunities
Fund Fund Fund
USD Class $ EUR Class € GBP Class £
Units in issue as at 1st January 2014 8,658,334 155,500 31,800
Units issued during the year 2,142,896 65,000 306,196
Units redeemed during the year (1,380,258) (140,500) (161,317)
Units in issue as at 31st December 2014 9,420,972 80,000 176,679
57
Atlantis International Umbrella Fund
Notes to the Financial Statements (continued) For the year ended 31st December 2015
12. Units Issued and Redeemed (continued)
Comparatives for the year ended 31st December 2013:
Atlantis Atlantis Atlantis
Asian Asian Asian
Fund Fund Fund
USD Class $ EUR Class € GBP Class £
Units in issue as at 1st January 2013 3,607,506 1,202 504
Units issued during the year 3,564 3 9
Units redeemed during the year (771,485) - -
Units in issue as at 31st December 2013 2,839,585 1,205 513
Atlantis
Atlantis Atlantis New China
Asian China Fortune
Fund Fund Fund
USD Class D $ US Class $ US Class $
Units in issue as at 1st January 2013 1,000 43,942,105 11,876,180
Units issued during the year - 6,740,069 -
Units redeemed during the year - (24,141,705) (11,876,180)
Units in issue as at 31st December 2013 1,000 26,540,469 -
Atlantis Atlantis Atlantis
China Japan Japan
Healthcare Opportunities Opportunities
Fund Fund Fund
US Class $ USD Class $ EUR Class €
Units in issue as at 1st January 2013 43,613,137 10,735,048 15,000
Units issued during the year 33,737,411 1,584,320 145,500
Units redeemed during the year (26,728,072) (3,661,034) (5,000)
Units in issue as at 31st December 2013 50,622,476 8,658,334 155,500
Atlantis
Japan
Opportunities
Fund
GBP Class £
Units in issue as at 1st January 2013 20,000
Units issued during the year 11,800
Units in issue as at 31st December 2013 31,800
58
Atlantis International Umbrella Fund
Notes to the Financial Statements (continued) For the year ended 31st December 2015
13. Net Asset Value per unit
Prior to the adoption of IFRS, the difference in the valuation as prescribed by Irish GAAP and the valuation
method used in calculating the prices at which units are issued and redeemed and which is described in the
Trust’s prospectus resulted in an overall decrease of US$2,267,485 for the year ended 31st December 2014 and
US$2,064,669 for the year ended 1st January 2014 in the value of investments.
As at 31st December 2015 this valuation adjustment is not required and Net Asset Value per unit is as per
Statement of Financial Position on page 25.
The Net Asset Value per unit at 31st December 2014 after the above adjustment is as follows:
Atlantis Atlantis Atlantis Atlantis Atlantis
Asian Asian Asian Asian China
Fund Fund Fund Fund Fund
USD Class $ EUR Class € GBP Class £ USD Class D $ US Class $
Net Asset Value per unit for
unitholder dealing 7.55 11.83 10.59 12.00 6.62
Difference in Net Asset Value per
unit due to FRS26 (0.06) (0.05) (0.04) (0.06) (0.07)
Net Asset Value per unit for
financial reporting purposes 7.49 11.78 10.55 11.94 6.55
Atlantis Atlantis Atlantis Atlantis
China Japan Japan Japan
Healthcare Opportunities Opportunities Opportunities
Fund Fund Fund Fund
USD Class $ USD Class $ EUR Class € GBP Class £
Net Asset Value per unit for
unitholder dealing 1.93 2.17 22.51 19.72
Difference in Net Asset Value per
unit due to FRS26 (0.01) (0.01) (0.01) (0.00)
Net Asset Value per unit for
financial reporting purposes 1.92 2.16 22.50 19.72
The Net Asset Value per unit at 1st January 2014 after the above adjustment is as follows:
Atlantis Atlantis Atlantis Atlantis Atlantis
Asian Asian Asian Asian China
Fund Fund Fund Fund Fund
USD Class $ EUR Class € GBP Class £ USD Class D $ US Class $
Net Asset Value per unit for
unitholder dealing 7.21 9.96 9.53 11.47 6.67
Difference in Net Asset Value per
unit due to FRS26 (0.04) (0.03) (0.03) (0.04) (0.05)
Net Asset Value per unit for
financial reporting purposes 7.17 9.93 9.50 11.43 6.62
59
Atlantis International Umbrella Fund
Notes to the Financial Statements (continued) For the year ended 31st December 2015
13. Net Asset Value per unit (continued)
The Net Asset Value per unit at 1st January 2014 after the above adjustment is as follows: (continued)
Atlantis Atlantis Atlantis Atlantis
China Japan Japan Japan
Healthcare Opportunities Opportunities Opportunities
Fund Fund Fund Fund
USD Class $ USD Class $ EUR Class € GBP Class £
Net Asset Value per unit for
unitholder dealing 1.81 2.26 20.75 19.30
Difference in Net Asset Value per
unit due to FRS26 (0.01) (0.00) (0.00) (0.00)
Net Asset Value per unit for
financial reporting purposes 1.80 2.26 20.75 19.30
This adjustment does not impact on the ongoing net asset valuation, capital transactions or the calculation of fees
based on the net assets.
14. Comparative Statistics
Audited Net Asset Value per unit Dec 2015 Dec 2014 Jan 2014
Atlantis Asian Fund - USD Class $ 6.88 7.49 7.17
Atlantis Asian Fund - EUR Class € 13.09 11.78 9.93
Atlantis Asian Fund - GBP Class £ 15.07 10.55 9.50
Atlantis Asian Fund - USD Class D $ 10.93 11.94 11.43
Atlantis China Fund - USD Class $ 7.80 6.55 6.62
Atlantis China Healthcare Fund USD Class $ 2.11 1.92 1.80
Atlantis Japan Opportunities Fund - USD Class $ 2.64 2.16 2.26
Atlantis Japan Opportunities Fund - EUR Class € 33.40 22.50 20.75
Atlantis Japan Opportunities Fund - GBP Class £ 37.38 19.72 19.30
Audited Net Asset Value Dec 2015 Dec 2014 Jan 2014
US$ US$ US$
Atlantis Asian Fund 13,426,770 17,974,376 20,390,396
Atlantis China Fund 82,689,644 128,372,828 175,603,632
Atlantis China Healthcare Fund 86,543,040 141,960,640 91,243,963
Atlantis Japan Opportunities Fund 35,687,401 27,938,663 24,993,518
15. Financial Derivative Instruments
The Atlantis China Fund and the Atlantis China Healthcare Fund held structured products at the year ended 31st
December 2015 (2014: Atlantis China Fund and Atlantis China Healthcare Funds held structured products).
60
Atlantis International Umbrella Fund
Notes to the Financial Statements (continued) For the year ended 31st December 2015
16. Directors of the Manager – related party investments in the Trust’s sub-funds
Gerard Morrison held investments in the following sub-funds as at year end:
31st Dec 2015 31st Dec 2014 1st Jan 2014
Atlantis China Fund 16,107.110 Units 16,107.110 Units -
Atlantis China Healthcare Fund 36,470.897 Units 36,470.897 Units 36,470.897 Units
Atlantis Japan Opportunities Fund 53,384.317 Units 53,384.317 Units 53,384.317 Units
No other Director of the Manager held a related party investment in the Trust for the years ended 31st December
2015 or 2014.
17. Significant changes during the year
There were no significant events to note during the financial year.
18. Significant events post year end
There have been no other significant events in respect of the Trust subsequent to the year-end that may be deemed
relevant to the accuracy of these financial statements.
19. Auditors’ Remuneration
The remuneration for all work carried out by the statutory audit firm in respect of the financial year is as
follows:
31st December 2015 Atlantis Atlantis Atlantis Atlantis
Asian China China Japan
Fund Fund Healthcare Opportunities
Fund Fund
US$ US$ US$ US$
Statutory audit of accounts 1,980 12,195 12,763 5,263
Tax advisory services - 7,500 7,500 -
31st December 2014 Atlantis Atlantis Atlantis Atlantis
Asian China China Japan
Fund Fund Healthcare Opportunities
Fund Fund
US$ US$ US$ US$
Statutory audit of accounts 2,116 15,938 16,865 3,498
Tax advisory services - 7,500 7,500 -
20. Approval of Financial Statements
The Financial Statements were approved by the Directors of Atlantis Investment Management (Ireland) Limited
on 12th April 2016.
61
Atlantis International Umbrella Fund
Atlantis Asian Fund
Significant Portfolio Movements For the year ended 31st December 2015 (Unaudited)
Purchases Cost Sales Proceeds
US $'000 US $'000
NBB Investment 532 Innovalues 1,655
TCC International 531 NBB Investment 841
Merry Electronics 399 China Shanshui Cement 676
China Telcom 391 United Photovoltaics 528
NWS Holdings 384 Tipco Foods Public Company 411
Zoomlion Heavy Industry Science and Technology 375 West China Cement 409
Dah Chong Hong 361 China Telcom 384
Emperor Watch & Jewellery 332 GOME Electrical Appliances 362
Kinh Do 282 Biosensors International 354
Holcim Indonesia 282 SIM Technology 319
Hon Hai Precision Industry 232 Sinotruk Hong Kong 298
Thuduc Housing Development 228 Beijing Capital International Airport 282
Tipco Foods Public Company 220 OUE 270
China South City Holdings 219 China South City Holdings 267
China Unicom 219 Hon Hai Precision Industry 251
China International Capital 214 Kingdee International Software 247
Lotte Shopping Class C 214 SM Prime 229
Total Access Communication 210 China Unicom 228
Tian Ge Interactive 188 China International Capital 224
PetroChina 183 Inventec 209
62
Atlantis International Umbrella Fund
Atlantis China Fund
Significant Portfolio Movements For the year ended 31st December 2015 (Unaudited)
Purchases Cost Sales Proceeds
US $'000 US $'000
Jinghua Phramaceutical -A (Credit Suisse AG (Nassau)
Branch) 19/06/2020 9,313 Renhe Commercial 18,318
Nantong Jinghua Pharmaceutical (Citigroup Global Markets)
12/02/2016 7,475 Hi Sun Technology China 11,468
C.banner International 6,203 Hao Tian Development 11,247
Fortunet e-Commerce 5,297 Nanjing Sample Technology 9,253
Golden Meditech 4,322 Alibaba Health Information Technology 8,679
Nantong Jinghua Pharmaceutical -A (CICC Financial
Products) 28/01/2018 4,034 Shanghai Prime Machinery 7,684
JC 3,190
Jinghua Phramaceutical -A (Credit Suisse AG
(Nassau) Branch) 19/06/2020 7,329
IGG 2,972 China Water Affairs 6,025
Chongqing Zongshen Power Machinery (Citigroup Global
Markets ) 12/02/2016 2,804 Tian Ge Interactive 5,984
Jiangsu Zongyi (Citigroup Global Markets) 12/02/2016 2,622 Hua Han Bio-Pharmaceutical 5,763
Nanjing Xinjiekou (Credit Suisse AG (Nassau) Branch)
04/05/2020 2,569 IGG 4,421
Suzhou Lopsking Aluminium -A (BOCI Financial Products)
16/05/2016 2,340 C.banner International 4,145
Shenzhen Terca Technology -A (CICC Finacial Products)
15/05/2018 2,189 CGN Power 4,009
Sino Credit 2,085 China Yurun Food 3,827
Zhejiang (CICC Financial Trading) 19/03/2018 2,067 Ming Fai International 3,704
Shenzhen O-film Tech -A (Credit Suisse AG (Nassau)
Branch) 06/05/2020 2,007 Silver Grant International 3,701
Silver Base 1,901 Yuanda China 3,158
Tibet 5100 Water Resources 1,776
Searainbow Holdings -A (Credit Suisse AG
(Nassau) Branch) 25/11/2015 3,042
Searainbow Holdings -A (Credit Suisse AG (Nassau)
Branch) 19/06/2019 1,774 Brilliant Circle International 2,979
China Huishan Dairy 1,743
Chongqing Zongshen Power Machinery (Citigroup
Global Markets ) 12/02/2016 2,786
63
Atlantis International Umbrella Fund
Atlantis China Healthcare Fund
Significant Portfolio Movements For the year ended 31st December 2015 (Unaudited)
Purchases Cost Sales Proceeds
US $'000 US $'000
C.banner International 6,203 Alibaba Health Information Technology 8,294
Nantong Jinghua Pharmaceuticals (Goldman Sachs)
09/06/2016
6,023 Luye Pharma 7,689
Nantong Jinghua Pharmaceuticals -A (CICC Financial
Trading Limited) 28/01/2018
5,374 Phoenix Healthcare Class C 7,233
China NT Pharma 4,921 Biostime International 6,412
Shanghai Fosun -A (Macquarie Bank) 24/03/2017 4,703 Searainbow Holdings (Standard Chartered Bank
Singapore) 24/11/2015
6,216
Tianjin Ringpu -A (Citigroup) 12/02/2016 4,545 Biosensors International 5,616
Yunnan Baiyao (CLSA Financial Products) 02/09/2019 4,336 Bloomage Biotechnology 5,026
JC 3,379 Shanghai Fudan-Zhangjiang Bio-Pharmaceutical 4,662
Searainbow Holdings -A (Credit Suisse AG (Nassau)
Branch) 19/06/2019
3,257 CSPC Pharmaceutical 4,622
Jiangsu Hengrui Medicine -A (CICC Financial
Trading) 22/01/2018
3,139 Guangzhou Baiyunshan Pharmaceutical 4,546
Golden Meditech 2,964 Nantong Jinghau Pharmaceuticals-A (UBS )
26/01/2016
4,400
Hainan Haiyao (Citigroup Global Markets Holdings)
12/02/2016
2,871 Yunnan Baiyao Group (CLSA Financial Products)
24/05/2017
4,336
Tibet Rhodiola Pharmaceuticals -A (Goldman Sachs)
11/08/2016
2,854 Golden Meditech 4,192
Shanghai Pharmaceuticals -A (Macquarie Bank)
29/05/2017
2,551 C.banner International 4,141
Sinopharm 2,441 China Medical System 4,054
3SBio 2,386 Beijing Tong Ren Tang Chinese Medicine 3,879
Tibet Rhodiola Pharmaceuticals -A (BOCI Financial
Products) 31/08/2016
2,139 Hua Han Bio-Pharmaceutical 3,851
Phoenix Healthcare Class C 2,048 New China Life Insurance (Credit Suisse (Nassau)
Branch) 09/12/2019
3,683
Shinva Medical Instrument (UBS) 25/09/2018 1,991 Searainbow Holdings -A (Credit Suisse (Nassau)
Branch) 19/06/2019
3,431
Tibet Rhodiola Pharmaceuticals -A (CLSA Financial
Products) 09/06/2020
1,989 Sinopharm 3,410
64
Atlantis International Umbrella Fund
Atlantis Japan Opportunities Fund
Significant Portfolio Movements For the year ended 31st December 2015 (Unaudited)
Purchases Cost Sales Proceeds
US $'000 US $'000
Financial Products Class C 998 Japan Property Management Center 1,337
Bengo4.com 862 Gakujo 927
Kura 794 Obara 788
Tera Probe 766 Nippon Concept 768
Hikari Tsushin 761 Mimaki Engineering 764
Benefit One 755 Topcon 760
PeptiDream 730 Kokusai 730
Nippon Gas 715 Elan 710
Start Today 706 Bengo4.com 691
Nippon Systemware 688 Komehyo 689
Nippon Commercial Development 666 Sato 645
Valor 665 Internet Initiative Japan 643
Anicom 649 Nippon Commercial Development 631
Japan Material 644 Financial Products Class C 599
S-Pool 641 Unicharm 590
W-Scope 641 YAMADA Consulting 578
Funai Soken 638 Daihen 569
Torex Semiconductor 617 Zenkoku Hosho 563
CyberAgent 606 CyberAgent 532
House Do 582 Maeda Kosen 511