as at June 30, 2016 SICAV with variable Capital under the Luxembourg law Database Publishing System: CO-Reporter® by CO-Link, Belgium. Semi-annual report, including unaudited financial statements BEST CHOICE R.C.S. Luxembourg B 174040
as at June 30, 2016
SICAV with variable Capital under the Luxembourglaw
Database Publishing System: CO-Reporter® by CO-Link, Belgium.
Semi-annual report, including unaudited financial statements
BEST CHOICE
R.C.S. Luxembourg B 174040
BEST CHOICE
Table of contents
Page 2
Page Organisation of the SICAV 3 Board of Directors of the SICAV 4 Board of Directors of the Management Company 4 Day to Day Managers of the Management Company 5 General information 6 Combined 7 BEST CHOICE - DYNAMIC 10
BEST CHOICE - BALANCED 15
BEST CHOICE - CONSERVATIVE 21 Notes to the financial statements 26 No subscription can be received on the basis of this report. Subscriptions are only valid if made on the basis of the current prospectus accompanied by the latest annual report and the most recent semi-annual report, if published thereafter.
BEST CHOICE
Organisation of the SICAV
Page 3
REGISTERED OFFICE 1, rue du Potager, L-2347 Luxembourg, Grand Duchy of Luxembourg
PROMOTOR Optima Bank NV/SA
Keizer Karelstraat 75, B-9000 Gent, Belgium (until June 15, 2016)
MANAGEMENT COMPANY NOVACAP ASSET MANAGEMENT S.A. 1, rue du Potager, L-2347 Luxembourg, Grand Duchy of Luxembourg
DEPOSITARY BANK CACEIS BANK Luxembourg
5, allée Scheffer, L-2520 Luxembourg, Grand Duchy of Luxembourg
PAYING AGENT, ADMINISTRATIVE AGENT, REGISTRAR AND TRANSFER AGENT
CACEIS BANK Luxembourg 5, allée Scheffer, L-2520 Luxembourg, Grand Duchy of Luxembourg
AUDITOR Ernst & Young S.A.
35E, Avenue John F. Kennedy L - 1855 Luxembourg Grand Duchy of Luxembourg
DISTRIBUTOR Optima Bank NV/SA
Keizer Karelstraat 75, B-9000 Gent, Belgium (until June 15, 2016)
NOVACAP ASSET MANAGEMENT S.A. 1, rue du Potager, L-2347 Luxembourg, Grand Duchy of Luxembourg (since September 1, 2016)
INVESTMENT ADVISOR
Expert Timing Systems International EAFI SL 2-4, Urbanizacion La Cabana, Pozuelo de Alarcon E-28223 Madrid, Spain
BEST CHOICE
Board of Directors of the SICAV
Page 4
CHAIRMAN
Mr. Philip DE HULSTERS, Independent Director
DIRECTORS
Mr. Jan DE PAEPE, Independent Director (since June 16, 2016) Secretary General and Executive Director, Optima Bank NV/SA, Belgium (until June 15, 2016)
Mr. Ludwig CALUWE, Independent Director (since June 16, 2016) Executive Director of Optima Bank NV/SA, Belgium (until June 15, 2016)
Board of Directors of the Management Company
CHAIRMAN
Mr. Marc MICHIELS, CEO
MEMBERS
Mr. Gérard DÉJARDIN-VERKINDER, Independent Director
Mr. Hugo KOWALEWSKI FERREIRA , Independent Director
BEST CHOICE
Day to Day Managers of the Management Company
Page 5
Mr. Bart VAN WAGENBERG, Conducting Officer
Mrs. Catherine GREYER, Conducting Officer
Mr. Marc MICHIELS, Conducting Officer
Mr. Hervé LEITE-FARIA (since June 8, 2016)
BEST CHOICE
General information
Page 6
The financial year of BEST CHOICE (the "SICAV") ends on December 31 in each year. Annual report, including audited financial statements, of the SICAV made up to December 31 in each year are prepared in EUR, the SICAV’s Reference Currency. The SICAV publishes Annual reports, including audited financial statements, within four months of the end of the financial year and Semi-annual reports, including unaudited financial statements within two months of the end of the reference period. The net asset value of each sub-fund, the issue and repurchase prices shall be made public after the calculation of the net asset value at the registered office of the SICAV. Copies of the articles of incorporation, the most recent Prospectus, the KIIDs and the latest financial reports may be obtained free of charge, on request at the registered office of the SICAV or at the Promotor (for Belgian investors).
The accompanying notes form an integral part of these financial statements
8Page
15,720,523.49Assets13,373,595.60Investments in securities at market value 2Note13,020,706.76Securities at acquisition cost
352,888.84Net unrealised gain on investments882,199.87Cash at banks and liquidities50,625.10Formation expenses 2Note
1,414,102.92Brokers receivable
1,882,326.20Liabilities1,375,463.50Brokers payable
4,013.55Taxe d'abonnement payable 3Note476,079.74Redemptions payable21,436.77Management and distribution fees payable 4Note5,332.64Other fees payable 8Note
13,838,197.29Total net assets
BEST CHOICE
Financial Statements as at June 30, 2016
Expressed in EUR
Statement of net assets as at June 30, 2016
Combined
The accompanying notes form an integral part of these financial statements
9Page
260,246.37Fees and expenses8,991.64Amortisation of formation expenses 2Note
137,366.55Management and distribution fees 4Note2,576.30Depositary fees 5Note
881.54Taxe d'abonnement 3Note18,750.00Administrative expenses 6Note5,322.27Domiciliation fees
17,619.61Professional fees1,028.48Bank interest on overdrafts
10,459.96Legal fees36,983.57Transaction fees 2Note20,266.45Other expenses
-260,246.37Net investment loss
Net realised gain / loss on:-499,634.98- sales of investment securities
-759,881.35Net realised loss
Change in net unrealised appreciation / depreciation on:281,896.00- investments in securities
-477,985.35Decrease in net assets as a result of operations
14,705.84Proceeds from subscriptions of shares-6,202,165.34Cost of shares redeemed
-6,665,444.85Decrease in net assets
20,503,642.14Net assets at the beginning of the period
13,838,197.29Net assets at the end of the period
EUR
Statement of operations and changes in net assets from January 1, 2016 to June 30, 2016
BEST CHOICECombined
Expressed in
The accompanying notes form an integral part of these financial statements
11Page
3,174,272.62Assets2,782,482.29Investments in securities at market value 2Note2,627,259.60Securities at acquisition cost
155,222.69Net unrealised gain on investments123,668.50Cash at banks and liquidities12,995.14Formation expenses 2Note
255,126.69Brokers receivable
131,678.50Liabilities125,419.41Brokers payable
723.47Taxe d'abonnement payable 3Note5,030.82Management and distribution fees payable 4Note
504.80Other fees payable 8Note
3,042,594.12Total net assets
Financial Statements as at June 30, 2016
Expressed in EUR
Statement of net assets as at June 30, 2016
BEST CHOICE - DYNAMIC
Statistics
BEST CHOICE - DYNAMIC - Class A
Capitalisation shares
99.8030,485.52 41,222.86
102.1558,233.27
106.26Number of sharesNet asset value per share
EUR EUR EUR
Total Net Assets 3,042,594.12 4,210,820.51 6,187,585.99
December 31, 2014December 31, 2015June 30, 2016Period/Year ending as at:
EUR
The accompanying notes form an integral part of these financial statements
12Page
Statement of operations and changes in net assets from January 1, 2016 to June 30, 2016Expressed in EUR
BEST CHOICE - DYNAMIC
60,417.68Fees and expenses2,308.38Amortisation of formation expenses 2Note
28,782.18Management and distribution fees 4Note514.16Depositary fees 5Note202.34Taxe d'abonnement 3Note
6,250.00Administrative expenses 6Note1,774.09Domiciliation fees3,684.80Professional fees
192.54Bank interest on overdrafts2,193.35Legal fees9,168.48Transaction fees 2Note5,347.36Other expenses
-60,417.68Net investment lossNet realised gain / loss on:
-205,294.81- sales of investment securities
-265,712.49Net realised lossChange in net unrealised appreciation / depreciation on:
105,309.12- investments in securities
-160,403.37Decrease in net assets as a result of operations-1,007,823.02Cost of shares redeemed
-1,168,226.39Decrease in net assets
4,210,820.51Net assets at the beginning of the period
3,042,594.12Net assets at the end of the period
The accompanying notes form an integral part of these financial statements
13Page
CPR ACTIVE US FCP -P- CAPITALISATION7,857 131,054.76 4.31%EUR 130,190.49
Shares/Units in investment funds 2,782,482.29 91.45%2,627,259.60
France 416,188.76 13.68%412,580.91
GROUPAMA EUROPE STOCK -N- CAP213 143,170.08 4.70%EUR 141,231.78MANDARINE VALEUR -4- DEC -S-28 141,963.92 4.67%EUR 141,158.64
AWF FRAMLINGTON HYBRID RESOURCES -A-2,041 132,052.70 4.34%EUR 128,725.87Luxembourg 2,366,293.53 77.77%2,214,678.69
BRGF US BASIC VALUE FD -A2- EUR HDG CAP2,831 140,389.29 4.61%EUR 145,513.40BRGF WORLD ENERGY FUND -A2- EUR HDG CAP28,752 143,184.96 4.71%EUR 140,597.28BRGF WORLD GOLD FUND -A2 EUR HDG- CAP33,334 202,337.38 6.64%EUR 115,335.64BRGF WORLD MINING FUND -A2- EUR HDG CAP61,798 161,292.78 5.30%EUR 149,551.16CARMIGNAC PTF SICAV EMERGING DISCOVERY102 133,175.28 4.38%EUR 131,031.24DEUT INV I GLOBAL INFRA -LC-1,067 147,448.73 4.85%EUR 141,345.49NN L EM EUR EQ PC -P- CAP2,745 129,015.00 4.24%EUR 129,536.55NORDEA 1 GLB STABLE EQ FD -BP BASE CUR-9,754 155,673.84 5.12%EUR 146,144.49N1 GL ST EQ U-BP BASE CURR- CAP8,017 156,331.50 5.14%EUR 149,086.21PICTET EMERGING EUROPE -P-CAPITALISATION586 156,602.64 5.15%EUR 149,629.24PICTET FD EME MARKETS -P- CAP501 151,302.00 4.97%EUR 145,134.69PICTET SICAV HIGH DVD SEL -P- EUR CAP829 125,419.41 4.12%EUR 125,419.41PICTET VAR WATER -P- CAPITALISATION592 152,688.64 5.02%EUR 143,357.46R CAP PROP EQ -D EUR- CAP858 133,573.44 4.39%EUR 128,871.60ROBECO K GROWTH SAM SUST AGRIB -D- CAP1,071 145,805.94 4.79%EUR 145,398.96
Total investments 2,782,482.29 91.45%2,627,259.60
Cash at bank/(bank liabilities) 123,668.50 4.06
Other net assets/(liabilities) 136,443.33 4.48%
Total net assets 3,042,594.12 100.00
Statement of investments and other net assets as at June 30, 2016EURExpressed in
BEST CHOICE - DYNAMIC
Quantity Description Quotationcurrency
% of netassets
Market value (note 2)
Securities atacquisition cost
14Page
Luxembourg 77.77%France 13.68%
91.45%
( in % of net assets)
Geographical classification of investments
BEST CHOICE - DYNAMIC
Units of investment funds 91.45%
91.45%
( in % of net assets)
Industrial classification of investments
The accompanying notes form an integral part of these financial statements
16Page
10,572,965.63Assets9,126,131.95Investments in securities at market value 2Note8,960,242.15Securities at acquisition cost
165,889.80Net unrealised gain on investments531,036.60Cash at banks and liquidities22,614.32Formation expenses 2Note
893,182.76Brokers receivable
1,478,285.77Liabilities981,760.44Brokers payable
2,620.40Taxe d'abonnement payable 3Note476,079.74Redemptions payable13,068.31Management and distribution fees payable 4Note4,756.88Other fees payable 8Note
9,094,679.86Total net assets
Financial Statements as at June 30, 2016
Expressed in EUR
Statement of net assets as at June 30, 2016
BEST CHOICE - BALANCED
Statistics
BEST CHOICE - BALANCED - Class A
Capitalisation shares
95.7494,996.41 131,699.62
97.51200,916.64
102.71Number of sharesNet asset value per share
EUR EUR EUR
Total Net Assets 9,094,679.86 12,841,859.64 20,635,556.73
December 31, 2014December 31, 2015June 30, 2016Period/Year ending as at:
EUR
The accompanying notes form an integral part of these financial statements
17Page
Statement of operations and changes in net assets from January 1, 2016 to June 30, 2016Expressed in EUR
BEST CHOICE - BALANCED
146,647.03Fees and expenses4,016.45Amortisation of formation expenses 2Note
84,856.45Management and distribution fees 4Note1,630.87Depositary fees 5Note
512.34Taxe d'abonnement 3Note6,250.00Administrative expenses 6Note1,774.09Domiciliation fees
11,458.94Professional fees575.95Bank interest on overdrafts
6,846.41Legal fees18,671.40Transaction fees 2Note10,054.13Other expenses
-146,647.03Net investment lossNet realised gain / loss on:
-269,994.00- sales of investment securities
-416,641.03Net realised lossChange in net unrealised appreciation / depreciation on:
138,555.99- investments in securities
-278,085.04Decrease in net assets as a result of operations14,705.84Proceeds from subscriptions of shares
-3,483,800.58Cost of shares redeemed
-3,747,179.78Decrease in net assets
12,841,859.64Net assets at the beginning of the period
9,094,679.86Net assets at the end of the period
The accompanying notes form an integral part of these financial statements
18Page
PETERCAM EQUITIES WORLD SUNSTAINABLE-F734 118,988.74 1.31%EUR 115,392.14
Shares/Units in investment funds 9,126,131.95 100.35%8,960,242.15
Belgium 118,988.74 1.31%115,392.14
AMUNDI OBLIG INTERNATIONALES -P- 3 DEC C660 147,259.20 1.62%EUR 144,104.40France 1,096,553.39 12.06%1,091,515.13
CRED.EURO CT-N-CAP337 201,367.61 2.21%EUR 201,475.45GROUPAMA AVENIR EURO -N- CAP 4 DEC112 121,627.52 1.34%EUR 127,962.24GROUPAMA ETAT MONDE -N- CAP 3 DEC188 119,009.64 1.31%EUR 117,518.80GROUPAMA EUROPE STOCK -N- CAP174 116,955.84 1.29%EUR 114,561.60GROUPAMA OBLIG MONDE -N- 4 DEC346 228,508.78 2.51%EUR 226,405.10MANDARINE VALEUR -4- DEC -S-22 111,543.08 1.23%EUR 109,204.04NATIXIS TRESO PLUS 3 MOIS FCP4 50,281.72 0.55%EUR 50,283.50
AMUNDI BOND EURO HIGH YIELD -A- CAP6,896 137,506.24 1.51%EUR 138,471.68Luxembourg 7,794,156.24 85.70%7,625,282.87
AMUNDI FDS IND EQ PAC EX JAP AE CAP637 117,596.57 1.29%EUR 115,443.51AV I EU CORP BD -A- CAP14,893 203,407.10 2.23%EUR 201,999.72AVIVA INVESTORS EUROPEAN CVG EQ -A- CAP13,022 111,648.02 1.23%EUR 113,588.30AWF FRAMLINGTON HYBRID RESOURCES -A-1,844 119,306.80 1.31%EUR 116,393.28AXA WLD FD GLB AGG BD -A- EUR6,541 207,218.88 2.27%EUR 203,555.92AXA WORLD FD SICAV EURO 10 + LT -A- CAP647 151,850.90 1.67%EUR 146,946.64AXA WORLD FD VAR GLB INFL BONDS -A- CAP436 65,618.00 0.72%EUR 65,338.96AXA WORLD FRAMLINGTON JUNIOR ENERGY -A-1,537 124,727.55 1.37%EUR 121,284.67BGF GL EQ INC A2 EUR HDG CAP10,523 138,377.45 1.52%EUR 130,590.43BRGF JAPAN OPP FUND -A2- EUR HDG CAP3,410 119,725.10 1.32%EUR 128,932.10BRGF US BASIC VALUE FD -A2- EUR HDG CAP2,468 122,388.12 1.35%EUR 122,881.72BRGF WORLD ENERGY FUND -A2- EUR HDG CAP24,593 122,473.14 1.35%EUR 120,751.63BRGF WORLD GOLD FUND -A2 EUR HDG- CAP24,263 147,276.41 1.62%EUR 82,494.20BRGF WORLD MINING FUND -A2- EUR HDG CAP47,309 123,476.49 1.36%EUR 105,499.07CANDRIAM BDS SICAV EURO HIGH YIELD -CLC-146 149,974.12 1.65%EUR 150,702.66CARMIGNAC PTF SICAV EMERGING DISCOVERY95 124,035.80 1.36%EUR 119,184.15DEXIA BDS MORTGAGES SHS -CLASSIQUE- CAP.270 45,651.60 0.50%EUR 45,486.90DEXIA BONDS GLO.HY -CLASSIQUE- CAP768 147,048.96 1.62%EUR 145,543.68DK-INS LIQUID G - UNITS -CF (T)- CAP52 300,021.80 3.29%EUR 300,018.12DWS INV EU C BD -LC- CAP939 144,277.35 1.59%EUR 143,591.88DWS INV VAR EUR SMALL/MID CAP-FC-EUR CAP586 116,725.34 1.28%EUR 128,357.44DWS INVEST TOP 50 ASIA -LC- CAP540 116,839.80 1.28%EUR 114,723.00EURIZON EASYFUND-BD EM MK-Z403 138,172.58 1.52%EUR 132,595.06ING L RENTA FD GLB HY -P- CAP213 102,001.44 1.12%EUR 101,221.86MORGAN STANLEY INV EUR PROPERTY -Z-2,868 117,071.76 1.29%EUR 128,228.28NN L EM DB HC PHC -P HEDGED- CAP29 141,483.75 1.56%EUR 134,469.81NN L EM EUR EQ PC -P- CAP2,764 129,908.00 1.43%EUR 131,511.12NN L EM HD PC -P- CAP541 119,409.52 1.31%EUR 115,855.15NN L EUR SC EXF PC -P- CAP348 130,524.36 1.44%EUR 130,249.44NN L FOOD B PHC -P HEDGED- CAP217 141,776.95 1.56%EUR 123,822.37NORDEA 1 GLB STABLE EQ FD -BP BASE CUR-8,474 135,245.04 1.49%EUR 127,279.48NORDEA 1 SICAV EME CON -BL BASE CUR- CAP6,189 118,271.79 1.30%EUR 114,991.62N1 CIM ENV EQ -BI- BASE CUR CAP8,773 116,417.71 1.28%EUR 116,417.71N1 GL ST EQ U-BP BASE CURR- CAP6,147 119,866.50 1.32%EUR 108,371.61OYSTER EUROPEAN FIXED INCOME REG463 119,954.04 1.32%EUR 119,421.59PAM (L) BOND UNIVERSALIS -F- CAP931 147,116.62 1.62%EUR 142,712.99PETERCAM L FD BONDS HIGHER YIELD -F- CAP583 142,817.51 1.57%EUR 138,136.02PICTET FD EME MARKETS -P- CAP415 125,330.00 1.38%EUR 120,615.60PICTET GL BDS -I EUR-CAP176 31,569.12 0.35%EUR 30,400.48PICTET SICAV EQ -HP- EUR CAP925 117,687.75 1.29%EUR 121,739.25PICTET VAR WATER -P- CAPITALISATION552 142,371.84 1.57%EUR 141,599.04R CAP GL VAL EQ -D EUR- CAP569 124,952.40 1.37%EUR 127,996.55R CAP PROP EQ -D EUR- CAP808 125,789.44 1.38%EUR 121,224.24R CAPITAL HIGH YIELD BD EUR -SHS D-CAP1,149 151,610.55 1.67%EUR 148,623.15ROBECO K GROWTH SAM SUST AGRIB -D- CAP904 123,070.56 1.35%EUR 123,061.52SCHRODER INT SEL GLB INFL LK BD -A- CAP1,291 40,836.91 0.45%EUR 40,776.49SEEYOND GLOBAL MIN VAR R/A EUR C794 137,369.94 1.51%EUR 126,857.38UBS L BD FD FCP EURO HY -P- CAP635 115,208.05 1.27%EUR 116,332.00UBS LUX BD CONVERT GLOBAL-B- EUR HEDGED11,599 152,294.87 1.67%EUR 152,990.81UBS (LUX) BD FD EUR CONV -P-769 153,154.04 1.68%EUR 146,175.38UBS (LUX) BOND FLEXIBLE TERM -B- EUR1,373 170,691.36 1.88%EUR 170,856.12
Statement of investments and other net assets as at June 30, 2016EURExpressed in
BEST CHOICE - BALANCED
Quantity Description Quotationcurrency
% of netassets
Market value (note 2)
Securities atacquisition cost
The accompanying notes form an integral part of these financial statements
19Page
UBS LUX EQ VAR SMALL CAPS EUROPE -P- CAP399 114,185.82 1.26%EUR 128,525.60UBS (LUX) OB EUR CORPORATES - B CAP8,828 130,830.96 1.44%EUR 130,597.90VONTOBEL FD EUE MID&SML CAP EQ -B- CAP662 119,967.64 1.32%EUR 127,752.76VONTOBEL FD FAR EAST EQUITY -H HDG- CAP786 123,543.48 1.36%EUR 120,540.96VONTOBEL FD SICAV GLB VALUE EQ EX-US969 125,756.82 1.38%EUR 126,541.71VONTOBEL FD SICAV US VALUE EQUITY847 142,439.99 1.57%EUR 130,438.00VONTOBEL GLB TREND FUT RES -B-608 113,288.64 1.25%EUR 114,687.04VONTOBEL GLB VALUE EQ -H- CAP1,133 134,996.95 1.48%EUR 129,887.12
THREADNEEDLE PAN EUR SMLR CIE -RETAIL-53,028 116,433.58 1.28%EUR 128,052.01United Kingdom 116,433.58 1.28%128,052.01
Total investments 9,126,131.95 100.35%8,960,242.15
Cash at bank/(bank liabilities) 531,036.60 5.84
Other net assets/(liabilities) -562,488.69 -6.18%
Total net assets 9,094,679.86 100.00
Statement of investments and other net assets as at June 30, 2016EURExpressed in
BEST CHOICE - BALANCED
Quantity Description Quotationcurrency
% of netassets
Market value (note 2)
Securities atacquisition cost
20Page
Luxembourg 85.70%France 12.06%Belgium 1.31%United Kingdom 1.28%
100.35%
( in % of net assets)
Geographical classification of investments
BEST CHOICE - BALANCED
Units of investment funds 100.35%
100.35%
( in % of net assets)
Industrial classification of investments
The accompanying notes form an integral part of these financial statements
22Page
1,973,285.24Assets1,464,981.36Investments in securities at market value 2Note1,433,205.01Securities at acquisition cost
31,776.35Net unrealised gain on investments227,494.77Cash at banks and liquidities15,015.64Formation expenses 2Note
265,793.47Brokers receivable
272,361.93Liabilities268,283.65Brokers payable
669.68Taxe d'abonnement payable 3Note3,337.64Management and distribution fees payable 4Note
70.96Other fees payable 8Note
1,700,923.31Total net assets
Financial Statements as at June 30, 2016
Expressed in EUR
Statement of net assets as at June 30, 2016
BEST CHOICE - CONSERVATIVE
Statistics
BEST CHOICE - CONSERVATIVE - Class A
Capitalisation shares
91.2918,632.65 37,528.10
91.9677,022.55
99.02Number of sharesNet asset value per share
EUR EUR EUR
Total Net Assets 1,700,923.31 3,450,961.99 7,626,936.44
December 31, 2014December 31, 2015June 30, 2016Period/Year ending as at:
EUR
The accompanying notes form an integral part of these financial statements
23Page
Statement of operations and changes in net assets from January 1, 2016 to June 30, 2016Expressed in EUR
BEST CHOICE - CONSERVATIVE
53,181.66Fees and expenses2,666.81Amortisation of formation expenses 2Note
23,727.92Management and distribution fees 4Note431.27Depositary fees 5Note166.86Taxe d'abonnement 3Note
6,250.00Administrative expenses 6Note1,774.09Domiciliation fees2,475.87Professional fees
259.99Bank interest on overdrafts1,420.20Legal fees9,143.69Transaction fees 2Note4,864.96Other expenses
-53,181.66Net investment lossNet realised gain / loss on:
-24,346.17- sales of investment securities
-77,527.83Net realised lossChange in net unrealised appreciation / depreciation on:
38,030.89- investments in securities
-39,496.94Decrease in net assets as a result of operations-1,710,541.74Cost of shares redeemed
-1,750,038.68Decrease in net assets
3,450,961.99Net assets at the beginning of the period
1,700,923.31Net assets at the end of the period
The accompanying notes form an integral part of these financial statements
24Page
NATIXIS CASH EURIBOR SICAV -R- CAP0 18,302.89 1.08%EUR 18,303.78
Shares/Units in investment funds 1,464,981.36 86.13%1,433,205.01
France 18,302.89 1.08%18,303.78
AWF FRAMLINGTON HYBRID RESOURCES -A-1,499 96,985.30 5.70%EUR 96,730.47Luxembourg 1,338,506.34 78.69%1,309,848.17
AXA WORLD FD SICAV EURO 10 + LT -A- CAP466 109,370.20 6.43%EUR 105,698.12AXA WORLD FD VAR GLB INFL BONDS -A- CAP654 98,427.00 5.79%EUR 95,274.72AXA WORLD FRAMLINGTON JUNIOR ENERGY -A-1,223 99,246.45 5.83%EUR 96,188.95DEUT INV I GLOBAL INFRA -LC-669 92,449.11 5.44%EUR 91,693.14EURIZON EASYFUND-BOND INT-Z654 108,642.48 6.39%EUR 105,954.54GENERALI INV VAR EUE HY BD -B- CAP627 93,931.50 5.52%EUR 95,006.18ING L RENTA FD GLB HY -P- CAP222 106,311.36 6.25%EUR 104,607.48NN L EM DB HC PHC -P HEDGED- CAP25 121,968.75 7.16%EUR 115,826.43NN L EUR LD BD PC -P- CAP126 61,514.46 3.62%EUR 57,757.14NORDEA 1 GLOBAL BOND FD -BP- BASE CU CAP3,561 65,130.69 3.83%EUR 64,881.42OYSTER EUROPEAN FIXED INCOME REG456 118,140.48 6.95%EUR 115,956.24PION SF EUR COM -A-CAP3,068 80,749.76 4.75%EUR 79,860.04UBS (LUX) BD FD EUR CONV -P-430 85,638.80 5.03%EUR 84,413.30
TRED GLOBAL BO -2- INST GROSS EUR83,621 108,172.13 6.36%EUR 105,053.06United Kingdom 108,172.13 6.36%105,053.06
Total investments 1,464,981.36 86.13%1,433,205.01
Cash at bank/(bank liabilities) 227,494.77 13.37
Other net assets/(liabilities) 8,447.18 0.50%
Total net assets 1,700,923.31 100.00
Statement of investments and other net assets as at June 30, 2016EURExpressed in
BEST CHOICE - CONSERVATIVE
Quantity Description Quotationcurrency
% of netassets
Market value (note 2)
Securities atacquisition cost
25Page
Luxembourg 78.69%United Kingdom 6.36%France 1.08%
86.13%
( in % of net assets)
Geographical classification of investments
BEST CHOICE - CONSERVATIVE
Units of investment funds 86.13%
86.13%
( in % of net assets)
Industrial classification of investments
BEST CHOICE
Notes to the financial statements as at June 30, 2016
Page 27
NOTE 1 – GENERAL BEST CHOICE (the "SICAV") was incorporated in Luxembourg on December 19, 2012, for an unlimited duration as an open-ended investment company with variable share capital (Société d’Investissement à Capital Variable) organised as a multi-compartment investment fund in the form of a public limited liability company (société anonyme) and currently qualifies as an undertaking for a collective investment in transferable securities ("UCITS") governed by Part I of the amended Luxembourg Law of December 17, 2010 (the "Law"). The SICAV is registered with the register of commerce and companies of Luxembourg under the number B 174040. At all times, the SICAV’s capital will be equal to the net asset value and will not fall below the minimum capital of EUR 1,250,000. As at June 30, 2016, the SICAV includes three sub-funds in activity, all of them denominated in Euro (EUR): BEST CHOICE - DYNAMIC BEST CHOICE - BALANCED BEST CHOICE - CONSERVATIVE NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a) Presentation of financial statements The financial statements are prepared and presented in accordance with generally accepted accounting principles and legal reporting requirements in Luxembourg. The reference currency of the SICAV is the EUR. b) Valuation of assets The value of these assets shall be determined as follows:
1) The value of cash at hand and bank deposits, drafts and bills of exchange payable at sight and receivables, prepaid expenses and dividends and interest notified or due for payment but not yet received, shall be constituted by the nominal value of the said assets, unless it is unlikely that it would be possible to realise that value; in the latter case, the value shall be determined by subtracting the amount that the SICAV considers adequate in order to arrive at the real value of the assets in question.
2) The value of any security admitted to official listing on a stock exchange or any other regulated
market which operates regularly and is recognised and open to the public is based on the last known price in Luxembourg on the Valuation Day and, if that security is dealt on several markets, on the basis of the last known price on the principal market on which the security is dealt in; if the last known price is not representative, the valuation shall be based on the probable sale value that the Board of Directors of the SICAV shall determine in good faith in accordance with the principle of prudence.
3) Securities that are not listed or are not dealt in on a stock exchange or any other regulated market which operates regularly and is recognised and open to the public shall be valued on the basis of the probable sale value estimated in good faith in accordance with the principle of prudence.
4) Shares or units of UCITS (including shares issued by the SICAV sub-funds that may be held by another sub-fund of the SICAV) and UCIs will be valued on the basis of the last available net asset value.
BEST CHOICE
Notes to the financial statements as at June 30, 2016 (continued)
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5) Securities denominated in a currency other than the currency in which the class concerned is
denominated shall be converted at the exchange rates prevailing on the days and at the time when the net asset value of the shares is determined.
6) The Board of Directors of the SICAV may, at its sole discretion, authorise the use of another valuation method if it considers that such a valuation reflects more accurately the market value of any asset owned by a sub-fund.
c) Net realised gain/loss on sales of investments securities Realised gains or losses on the sales of investments are calculated on the basis of the average cost of the investments sold. d) Cost of investment securities The cost of investment securities in currencies other than the currency of the sub-fund is translated into the currency of the sub-fund at the exchange rate applicable at purchase date. e) Transaction fees The transaction fees represent the costs incurred by each sub-fund in connection with purchases and sales of investments. They include brokerage fees as well as bank commissions, tax, depositary fees and other transaction fees, and are included in the statement of operations and change in net assets. f) Formation expenses Formation expenses are amortised on a straight line basis over a period of 5 years. NOTE 3 – TAXATION Taxation of the SICAV The SICAV is subject in Luxembourg to an annual tax representing 0.05% of the net asset value. This tax is payable quarterly on the basis of the SICAV net assets, calculated at the end of the quarter to which the tax relates. The value of assets represented by units/shares held in other UCIs which are already subject to the subscription tax provided for in article 174 of the Law of 2010 is exempt from the subscription tax. No duties or taxes are payable in Luxembourg when the SICAV shares are issued. Certain income of the SICAV portfolio in the form of dividends and interest payments may be subject to variable rate withholding tax in the country where they are generated. NOTE 4 – MANAGEMENT AND DISTRIBUTION FEES The Management Company is entitled to receive for the services provided as management company including the investment manager function, on a monthly basis, a global fee not exceeding 0.37% p.a. of the average Net Asset Value of the relevant sub-fund as determined during the relevant month. The Management Company applies a minimum fee per sub-fund of EUR 15,000.00 per year. The Distribution fees will not exceed 1.25% p.a. of the average Net Asset Value of the relevant sub-fund. All amounts charged are shown in the SICAV's statement of operations and changes in net assets.
BEST CHOICE
Notes to the financial statements as at June 30, 2016 (continued)
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NOTE 5 – DEPOSITARY FEES The appointed Depositary Bank is entitled to receive from the SICAV, on a monthly basis, an annual safekeeping services fee not exceeding 0.03% p.a. of the average Net Asset Value of the relevant sub- fund, as determined during the relevant month. The Depositary Bank reserves the right to apply a minimum fee per sub-fund of EUR 3,000.00 per year. NOTE 6 – ADMINISTRATIVE EXPENSES The Administrative Agent is entitled to receive from the SICAV on a monthly basis, an annual services fee not exceeding 0.04% p.a. of the average Net Asset Value of the relevant sub-fund, as determined during the relevant month with a minimum of EUR 12,000.00 per sub-fund per year. For its function as domiciliary agent of the SICAV, the Management Company is entitled to receive a fixed fee of EUR 15,000.00 per year. NOTE 7 – PERFORMANCE FEE The Management Company is entitled to a performance fee in relation to each sub fund. The performance fee is calculated in respect of each performance period. A performance period is the period from January 1 to December 31 in any year. By way of exemption the first performance period started as of April 27, 2015, i.e. the date of appointment of the current Management Company and has ended on December 31, 2015. A provision for the above mentioned performance fee is made each Valuation Day in the Net Asset Value of the Class of Share. In case of redemption during the relevant quarter, the accrued performance fee at the relevant Valuation Day on which the relevant shares are redeemed, corresponding to the net number of shares redeemed is due to the Management Company in remuneration of its performance of the portfolio management function. The performance fee in respect to each sub-fund will be paid if the difference between the performance of the Net Asset Value per Share over the performance period and the performance of the benchmark in the case it is an index or a composition of indices or the daily compounded accrued income of the benchmark in the case it is a money market rate, is positive (positive spread). The spread (cumulated and annual) will be reset every time a performance fee is charged. However, the spread will be carried forward should it be negative. This will ensure a high water mark structure on the spread. The cumulated spread will then be the basis for the performance fee. Performance fee is only then charged should the cumulated spread be positive. The spread will then be reset again. The performance fee will be 10% over the annual outperformance of the corresponding benchmark for the following sub-funds: - BEST CHOICE - DYNAMIC - BEST CHOICE - BALANCED - BEST CHOICE - CONSERVATIVE As at June 30, 2016, no Performance fee was accrued.
BEST CHOICE
Notes to the financial statements as at June 30, 2016 (continued)
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NOTE 8 – OTHER FEES PAYABLE As at June 30, 2016, the other fees payable include mainly administration, custody and other operating fees. NOTE 9 – CHANGES IN THE COMPOSITION OF THE PORTFOLIO The report on the changes in the statement of investments is available upon request at the registered office of the Management Company of the SICAV free of charge. NOTE 10 – EVENT Following the bankruptcy of Optima Bank N.V. in June 2016, the Board of Directors has decided to appoint, with effect on 1st of September 2016 , Novacap Asset Management S.A. as the global distributor in replacement of Optima bank N.V. with which the distribution agreement was terminated on June 30th, 2016. A new Financial Services Agent is also being appointed in Belgium and will be communicated as soon as officially appointed. Any subscription, redemption or conversion request shall be temporarily submitted directly to CACEIS BANK LUXEMBOURG, the SICAV's transfer agent.