Unaudited Interim Financial Report

Unaudited Interim Financial Report For the period from 01 July 2013 to 31 December 2013 Hedge Invest International Funds plc

HEDGE INVEST INTERNATIONAL FUNDS plc CONTENTS

Page

General information

1

Background

2

Investment Manager’s report

4

Condensed Statement of Financial Position

7

Condensed Statement of Comprehensive Income

11

Condensed Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares

15

Condensed Statement of Cash Flows

19

Notes to the condensed financial statements

23

Schedule of investments

33

Schedule of material purchases and sales

44

HEDGE INVEST INTERNATIONAL FUNDS plc GENERAL INFORMATION Board of Directors David McGeough (Irish resident) 1 Teddy Otto (Irish resident) 1 John Skelly (Irish resident) 1 Francesco Rovati (Italian resident)2

Sub-Investment Manager (HI Sibilla Macro Fund) Sibilla Capital Management Llc 1700 Broadway New York, NY 10019 United States

1

Independent and non-executive. Non-executive

2

Registered Office 2nd Floor, Block E Iveagh Court Harcourt Road Dublin 2 Ireland

Company Secretary Carne Global Financial Services Limited 2nd Floor, Block E Iveagh Court Harcourt Road Dublin 2 Ireland

Legal Advisers Dechert Riverside Two Sir John Rogerson’s Quay Dublin 2 Ireland

Administrator, Registrar and Transfer Agent J.P. Morgan Administration Services (Ireland) Limited JPMorgan House International Financial Services Centre Dublin 1 Ireland

Custodian J.P. Morgan Bank (Ireland) plc JPMorgan House International Financial Services Centre Dublin 1 Ireland

Promoter, Investment Manager and Distributor Hedge Invest SGR P.A. Via Vittor Pisani 22 20124 Milan Italy

Independent Auditors KPMG Registered Auditors 1 Harbourmaster Place International Financial Services Centre Dublin 1 Ireland

Sub-Investment Manager (HI Numen Credit Fund) Numen Investments Limited 171 Old Bakery Street Valletta Malta VLT 1455

Swiss Representative and Paying Agent Société Générale, Paris, Zurich Branch Talacker 50, P.O. Box 1928 CH-8021 Zurich Switzerland

Sub-Investment Manager (HI Principia Fund) Oakley Capital Management Limited 3 Cadogan Gate London SW1X 0AS United Kingdom

The prospectus, the articles of association, the Key Investor Information Documents (“KIID”), the annual and semi-annual report as well as a list containing all purchases and sales which have been made during the reporting period for the Company can be obtained free of charge at the Swiss Representative. Société Générale, Paris, Zurich Branch, Talacker 50, P.O. Box 1928, CH – 8021 Zürich, Switzerland. It should be noted that no notification to the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) has been made in respect of the following portfolio and shares of these sub-funds may not be publicly distributed to investors in the area of application of the German Investment Act (Investmentgesetz): HI Principia Fund HI Sibilla Macro Fund The information contained in this report is historical and not necessarily indicative of future performance. The performance data contained in this report does not take account of any commissions or costs charged when subscribing and redeeming shares.

1

HEDGE INVEST INTERNATIONAL FUNDS plc BACKGROUND Hedge Invest International Funds plc (the “Company”) is an open-ended investment company incorporated in Ireland on 10 June 2010 with variable capital organised under the laws of Ireland pursuant to the Companies Acts 1963 to 2013 and the European Communities (Undertaking for Collective Investment in Transferable Securities) Regulations, 2013 (the “UCITS Regulations”) with registration number 485407. Hedge Invest SGR P.A. was the promoter of the Company as at period ended 31 December 2013. The Company is structured as an umbrella fund in that different funds (each a “Fund”, collectively the “Funds”) thereof may be established with the prior approval of the Central Bank of Ireland (“the Central Bank”). In addition, each Fund may have more than one share class allocated to it. The shares of each class allocated to a Fund will rank pari passu with each other in all respects except as to all or any of the following:     

currency of denomination of the class; currency hedging; dividend policy; the level of fees and expenses to be charged; and the minimum subscription, minimum additional subscription, minimum holding and minimum redemption applicable.

The assets of each Fund are separate from one another and are invested in accordance with the investment objectives, policies and restrictions applicable to each such Fund. The share capital of each Fund shall at all times equal its Net Asset Value (“NAV”). There were four Funds launched of which three were in operation at 31 December 2013, the HI Numen Credit Fund which launched on 10 June 2011, HI Principia Fund which launched on 31 October 2012 and HI Sibilla Macro Fund which launched on 22 November 2013 (the “Funds”). On 18 December 2013 the Central Bank approved the HI Core UCITS Fund and the supplement for the Fund. Total expense ratio The annualised total expense ratio (“TER”) shown below expresses the sum of all costs and commissions (including and excluding performance fees) charged to each Fund’s assets in line with the Company’s prospectus for the purposes of calculating the NAV, as a percentage of the average Fund assets, during the period. Period ended 31 December 2013 Annualised TER (%) (including performance fees)

Fund Name

HI Numen Credit Fund EUR A Shares 1.92 EUR DM Shares 2.06 EUR FOF Shares 2.50 EUR I Initial Shares 1.80 EUR I Shares 2.51 EUR Management Shares 0.29 EUR R Shares 2.86 USD R Shares 2.71 CHF R Shares 2.52 HI Principia Fund EUR DM Shares 5.64 EUR FOF Shares 6.37 EUR I Shares 7.25 EUR R Shares 7.20 USD I Shares 6.59 USD R Shares 6.31 CHF R Shares 6.47 HI Sibilla Macro Fund1 EUR DM Shares 3.63 EUR FOF Shares 4.27 EUR R Shares 4.75 USD DM Shares 4.05 USD R Shares 4.54 CHF DM Shares 3.20 CHF R Shares 3.77 1 HI Sibilla Macro Fund launched on 22 November 2013, commenced operations on 25 November 2013. 2

Period ended 31 December 2013 Annualised TER (%) (excluding performance fees) 1.31 1.34 2.13 1.35 1.84 0.29 2.05 2.09 2.09 1.57 2.57 2.03 2.54 2.01 2.56 2.57 1.98 3.07 3.01 1.95 3.17 1.95 3.15

HEDGE INVEST INTERNATIONAL FUNDS plc BACKGROUND (continued) Portfolio Turnover Rates The Portfolio Turnover Rate (PTR), expressed as a percentage, reflects the volume of dealing in the Fund. It is equal to the total of purchases and sales of securities netted against the value of the subscriptions and redemptions, over the average net assets of the Funds for the period. The PTR for the period ended 31 December 2013 are as follows: Period ended 31 December 2013 PTR (%) 349.20 343.43 -

Fund Name HI Numen Credit Fund HI Principia Fund HI Sibilla Macro Fund1 1

HI Sibilla Macro Fund launched on 22 November 2013, commenced operations on 25 November 2013.

3

HEDGE INVEST INTERNATIONAL FUNDS plc INVESTMENT MANAGER’S REPORT HI Numen Credit Fund Performance review This review is for the period 1 July 2013 – 31 December 2013 HI Numen Credit Fund Class EUR I

Date

Class EUR I NAV

Class EUR I Monthly return

Total Fund AUM (EUR)

31/07/2013

109.93

0.01%

109,110,812

30/08/2013

110.09

0.15%

115,705,509

30/09/2013

109.92

(0.15)%

138,817,566

31/10/2013

110.68

0.69%

149,359,531

29/11/2013

111.68

0.91%

155,644,006

31/12/2013

112.21

0.48%

181,631,090

In Q3 2013 the positive returns of the fund have been driven mainly (with the exception of the month of July) by our portfolio of sovereign bonds (in particular our exposure to Cyprus), thanks to the improved market sentiment surrounding the peripheral issuers in Europe and the progresses achieved by specific issuers in their recapitalisation/refinancing programs. On the special situations front the portfolio benefitted from positive returns of a long position in a convertible bond of an Italian real estate company and of a short position on a telecom operator facing credit deterioration and governance issues, which were however more than offset by other losses, particularly in a newly initiated special situation in the energy sector (a bond of an E&P Brazilian company).The portfolio of financials was a positive contributor through the quarter thanks to carry positions on bonds. In Q4 2013 the returns were positive across all months, again driven mainly by our portfolio of sovereigns (where we benefitted from positive mark-to-market on our Cyprus position and also crystallised profits on long positions in Portugal, BTP futures and Spanish Regions). The portfolio of financials also contributed positively (both thanks to carry in bonds and opportunistic participation to issuances in the primary market), whereas the portfolio of corporate/special situations was marginally negative for the quarter, as the positive contributions from our legacy position were offset by losses in the special situation in the energy sector initiated during the previous quarter (which was exited completely during the month of November). Market view and Outlook We expect European assets to outperform US and EM (“Emerging Markets”) assets. Now that we are witnessing a turning point in the monetary policy of the FED and other central banks, we expect consensual trades (EM, gold, US equities) to be slowly unwound and global funds flow to favour Europe. The overall rates volatility will justify Draghi to be even more aggressive and more creative in proposing and implementing new structural monetary and fiscal solutions soon. ECB will be politically required to do more and more, both in terms of regulation and assistance to debt adjustments of various countries. Angela Merkel was the clear winner of German elections but she will still need support from opposition to form a government coalition, and opposition will likely require concession in change of its support. Overall, we think the resulting coalition will represent a strong negotiator in Europe, and we believe Merkel herself will be predominantly focused on the sustainable long term solution. In the next few months we expect European banks to issue a substantial amount of capital, in anticipation to the asset quality review and stress tests. We expect European banks to take central stage in 2014. Liability side restructuring will continue, accelerated by ECB AQR and stress tests deadlines. The deleveraging process will continue in parallel, and the ECB will keep smoothing the process while testing new forms of QE to prevent rising global rates to derail European financial stability. Politicians will happily and conveniently let the ECB act and create a good pro-European sentiment to assist a smooth process for the European elections in May 2014, for which unemployment rate and growth numbers must be improved. We will see a continuation of repatriation of European savings back to Europe and plenty of USA investors coming back to Europe, and the clearer it will be that the banks restructuring this time is serious and far reaching.

4

HEDGE INVEST INTERNATIONAL FUNDS plc INVESTMENT MANAGER’S REPORT (continued) HI Principia Fund Performance Review The HI Principia EUR FOF share class increased by 8.69% on a net basis from the 1st July to the 31st December 2013. HI Principia Fund Class EUR FOF

Date

Class EUR FOF NAV

Monthly return


31/07/2013

102.57

0.64%

41,009,168

30/08/2013

104.44

1.82%

42,304,054

30/09/2013

106.41

1.89%

45,077,917

31/10/2013

106.38

(0.03)%

55,463,736

29/11/2013

107.31

0.88%

61,991,535

31/12/2013

110.78

3.24%

67,845,039

Exposure The gross exposure of HI Principia ranged between 95% and 140% over the period. As at close 31 st December the Top 5 long positions represented 31.07% of NAV and the Top 5 short equity positions amounted to 13.92% of NAV. Market views & Outlook 2013 was a positive year for the European equity market. The stabilisation in the Eurozone combined with economic activity ceasing to contract meant that the European region became more palatable for global investors. The improvement in sentiment meant that the risk premium applied to Europe markedly declined and this led to an appreciation above 15% for 2013. As earnings expectations for 2013 declined the appreciation was driven by a re-rating of European equities. The forward earnings multiple has risen from approximately 11* earnings to just below 14* earnings which is in line with historical averages. We consider that the risk/reward ratio is evenly balanced towards European equities. Expectations for 2014/15 seem fair but not excessive, this equally applies to valuation. We see a more considered, stock picking environment to materialise rather than a strong directional one. We view that our long book has reasonable upside potential on a 2 year view. The short side is composed of companies where we consider expectations are full and valuation high enough. Our long term target remains to generate a return which more than compensates for the risk premium of holding equities. This translates into a high single digit to low double digit return with contained volatility.

5

HEDGE INVEST INTERNATIONAL FUNDS plc INVESTMENT MANAGER’S REPORT (continued) HI Sibilla Macro Fund Performance Review HI Sibilla Macro Fund EUR FOF share class increased by 0.47% on a net basis since inception November 25th to the end of year 31st December 2013. HI Sibilla Macro Fund Class EUR FOF Date

Class EUR FOF NAV

Class EUR FOF Monthly Return


29/11/2013

99.75

(0.25)%

13,964,357

31/12/2013

100.47

0.72%

25,723,568

Exposure The Hi Sibilla Fund utilizes a "double-hull" approach, by making investments when fundamental and quantitative measures confirm a view. The investment team employs a top-down approach which incorporates thematic views augmented by rigorous fundamental analyses and a series of proprietary models to exploit the best opportunities and major events in the global markets. The investment team keenly focuses on detecting market conditions using a disciplined framework and dynamically allocates to the appropriate asset classes in each environment. The fund avoids crowded trades by relying on original research and independent, proprietary analysis The average gross exposure during the last quarter of 2013 was 83% and the biggest positions were held in Long Stock Index Futures and Short Emerging Market Currencies. The biggest source of risk was the long position in US dollar. Market Views & Outlook At the December meeting, the Federal Reserve Board announced the beginning of the end of the asset purchases portion of the quantitative easing program. The reduction, at first, is quite modest with the amount of the asset purchases only declining by $10 billion per month. As a result, we expect that the process of curtailing asset purchases will begin to negatively impact the price of bonds, particularly in emerging markets and high-yielding commodity currencies. We believe that global equities outside of emerging markets, in particular European equities, will withstand tapering for some time before any impact is felt. Our portfolio is positioned to exploit the additional upside we expect in Europe and the U.S., although our exposure is moderate. The current risk-reward profile does not suggest full exposure is warranted, so a tactical approach for the time being will be employed. Our portfolio is further positioned in uncorrelated or inversely correlated securities designed to perform well in a market downturn and be resilient if the bull market rally continues. We identified a basket of currencies, including the New Zealand dollar, the Mexican peso, the Hungarian forint, the Polish zloty, and the Canadian dollar, which we believe can depreciate against both the Euro and U.S. dollar in almost all possible scenarios, especially a sudden reversal in risky assets. We also plan to take a short position in U.S. treasuries as we expect the 10-year yield to break out above 3% and lead bonds lower as the Fed scales back on bond purchases. Lastly, we are searching for a catalyst to take a short position in the Japanese 10-year bond futures as we believe that these bonds will eventually follow along the global downtrend in bonds. Hedge Invest SGR P.A January 2014

6

HEDGE INVEST INTERNATIONAL FUNDS plc CONDENSED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2013 HI Numen Credit Fund EUR ’000

HI Principia Fund EUR ’000

12,076

19,967

-

6,456

3,661

2,359

Financial assets at fair value through profit or loss

167,058

41,228

Total assets

182,795

70,010

-

(134)

(2,003)

(954)

(308)

(1,282)

Total liabilities (excluding net assets attributable to redeemable participating shareholders)

(2,311)

(2,370)

Net assets attributable to redeemable participating shareholders

180,484

67,640

ASSETS Cash and cash equivalents Collateral cash Receivables

LIABILITIES Bank Overdraft Payables Financial liabilities at fair value through profit or loss

The accompanying notes form an integral part of these financial statements.

7

HEDGE INVEST INTERNATIONAL FUNDS plc CONDENSED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2013 HI Sibilla Macro Fund1 EUR ’000

Company Total EUR ’000

19,627

51,670

Collateral cash

1,404

7,860

Receivables

2,041

8,061


3,312

211,598

26,384

279,189

-

(134)

(671)

(3,628)

(30)

(1,620)


(701)

(5,382)


25,683

273,807

ASSETS Cash and cash equivalents

Total assets LIABILITIES Bank Overdraft Payables Financial liabilities at fair value through profit or loss

1



8

HEDGE INVEST INTERNATIONAL FUNDS plc CONDENSED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2013 HI Numen Credit Fund EUR ’000


Cash and cash equivalents

9,545

10,402

Receivables

1,411

3,107

74,149

30,696

3,998

-

89,103

44,205

(3,871)

(3,054)

(916)

(430)


(4,787)

(3,484)


84,316

40,721

ASSETS

Financial assets at fair value through profit or loss Pledged financial assets at fair value through profit or loss Total assets LIABILITIES Payables Financial liabilities at fair value through profit or loss


9

HEDGE INVEST INTERNATIONAL FUNDS plc CONDENSED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2013 Company Total EUR ’000 ASSETS Cash and cash equivalents

19,947

Receivables

4,518


104,845

Pledged financial assets at fair value through profit or loss

3,998 133,308

Total assets LIABILITIES Payables

(6,925)

Financial liabilities at fair value through profit or loss

(1,346)


(8,271)


125,037


10

HEDGE INVEST INTERNATIONAL FUNDS plc CONDENSED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD FROM 1 JULY 2013 TO 31 DECEMBER 2013 HI Numen Credit Fund EUR ’000


3,791

180

762

5,813

4,553

5,993

(1,720)

(1,730)

Net operating profit

2,833

4,263

Net profit for the financial period before tax

2,833

4,263

-

(16)

2,833

4,247

Operating income Net gains on financial assets/liabilities at fair value through profit or loss Total gains Operating expenses

Withholding tax Increase in net assets attributable to holders of redeemable participating shares from operations

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 of the financial period, all amounts relate to continuing operations. The accompanying notes form an integral part of these financial statements.

11

HEDGE INVEST INTERNATIONAL FUNDS plc CONDENSED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD FROM 1 JULY 2013 TO 31 DECEMBER 2013 HI Sibilla Macro Fund1 EUR ’000


2

3,973

Net gains on financial assets/liabilities at fair value through profit or loss

189

6,764

Total gains

191

10,737

(133)

(3,583)


58

7,154


58

7,154

-

(16)

58

7,138

Operating income

Operating expenses

Withholding tax Increase in net assets attributable to holders of redeemable participating shares from operations 1



12

HEDGE INVEST INTERNATIONAL FUNDS plc CONDENSED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD FROM 1 JULY 2012 TO 31 DECEMBER 2012 HI Numen Credit Fund EUR ’000


280

-

Net gains/(losses) on financial assets/liabilities at fair value through profit or loss

1,751

(171)

Total gains/(losses)

2,031

(171)

Operating expenses

(741)

(165)

Net operating profit/(loss)

1,290

(336)

Net profit/(loss) for the financial period before tax

1,290

(336)

(2)

-

1,288

(336)

Operating income

Withholding tax Increase/(decrease) in net assets attributable to holders of redeemable participating shares from operations


13

HEDGE INVEST INTERNATIONAL FUNDS plc CONDENSED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD FROM 1 JULY 2012 TO 31 DECEMBER 2012 Company Total EUR ’000 Operating income

280

Net gains on financial assets/liabilities at fair value through profit or loss

1,580

Total gains

1,860

Operating expenses

(906)


954


954

Withholding tax

(2)

Increase in net assets attributable to holders of redeemable participating shares from operations

952


14

HEDGE INVEST INTERNATIONAL FUNDS plc CONDENSED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES FOR THE PERIOD FROM 1 JULY 2013 TO 31 DECEMBER 2013 HI Numen Credit Fund EUR ’000


84,316

40,721

2,833

4,247

Proceeds from issue of redeemable participating shares

109,771

23,952

Payments on redemption of redeemable participating shares

(16,436)

(1,280)

93,335

22,672

180,484

67,640

Net assets attributable to holders of redeemable participating shares at the beginning of the period Increase in net assets attributable to holders of redeemable participating shares from operations Share transactions:

Increase in net assets resulting from share transactions Net assets attributable to holders of redeemable participating shares at the end of the period The accompanying notes form an integral part of these financial statements.

15

HEDGE INVEST INTERNATIONAL FUNDS plc CONDENSED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES FOR THE PERIOD FROM 1 JULY 2013 TO 31 DECEMBER 2013 HI Sibilla Macro Fund1 EUR ’000


-

125,037

58

7,138

25,626

159,349

(1)

(17,717)

Increase in net assets resulting from share transactions

25,625

141,632

Net assets attributable to holders of redeemable participating shares at the end of the period

25,683

273,807

Net assets attributable to holders of redeemable participating shares at the beginning of the period Increase in net assets attributable to holders of redeemable participating shares from operations Share transactions: Proceeds from issue of redeemable participating shares Payments on redemption of redeemable participating shares

1



16

HEDGE INVEST INTERNATIONAL FUNDS plc CONDENSED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES FOR THE PERIOD FROM 1 JULY 2012 TO 31 DECEMBER 2012 HI Numen Credit Fund EUR ’000


Net assets attributable to holders of redeemable participating shares at the beginning of the period

678

-

Increase/(decrease) in net assets attributable to holders of redeemable participating shares from operations

1,288

(336)

74,797

33,939

(21,626)

-


53,171

33,939


55,137

33,603

Share transactions: Proceeds from issue of redeemable participating shares Payments on redemption of redeemable participating shares


17

HEDGE INVEST INTERNATIONAL FUNDS plc CONDENSED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES FOR THE PERIOD FROM 1 JULY 2012 TO 31 DECEMBER 2012 Company Total EUR ’000 Net assets attributable to holders of redeemable participating shares at the beginning of the period

678

Increase in net assets attributable to holders of redeemable participating shares from operations

952

Share transactions: Proceeds from issue of redeemable participating shares

108,736

Payments on redemption of redeemable participating shares

(21,626)


87,110


88,740


18

HEDGE INVEST INTERNATIONAL FUNDS plc CONDENSED STATEMENT OF CASH FLOWS FOR THE PERIOD FROM 1 JULY 2013 TO 31 DECEMBER 2013 HI Numen Credit Fund EUR ’000


2,833

4,247

(88,911)

(10,532)

(2,250)

748

(608)

852

(1,868)

(2,100)

(90,804)

(6,785)

Proceeds from issue of redeemable participating shares during the period

109,771

23,952

Payments for redemption of redeemable participating shares during the period

(16,436)

(1,280)

93,335

22,672

Net increase in cash and cash equivalents

2,531

15,887

Cash and cash equivalents, beginning of period

9,545

10,402

12,076

26,289

Cash flows from operating activities: Increase in net assets attributable to holders of redeemable participating shares resulting from operations Adjustments to reconcile net profit/(loss) to net cash used in operating activities: Increase/(decrease) in operating assets: Financial assets at fair value through profit or loss Other receivables and prepayments Increase/(decrease) in operating liabilities: Financial liabilities at fair value through profit or loss Other payables Net cash used in operating activities Cash flows from financing activities

Net cash provided by financing activities

Cash and cash equivalents and pledged cash, end of period The accompanying notes form an integral part of these financial statements.

19

HEDGE INVEST INTERNATIONAL FUNDS plc CONDENSED STATEMENT OF CASH FLOWS FOR THE PERIOD FROM 1 JULY 2013 TO 31 DECEMBER 2013 HI Sibilla Macro Fund1 EUR ’000


58

7,138


(3,312)

(102,755)

Other receivables and prepayments

(2,041)

(3,543)

30

274

671

(3,297)

(4,594)

(102,183)

25,626

159,349

(1)

(17,717)


25,625

141,632


21,031

39,449

-

19,947

21,031

59,396

Cash flows from operating activities: Increase in net assets attributable to holders of redeemable participating shares resulting from operations Adjustments to reconcile net profit/(loss) to net cash used in operating activities: Decrease in operating assets:

Increase/(decrease) in operating liabilities: Financial liabilities at fair value through profit or loss Other payables Net cash used in operating activities Cash flows from financing activities Proceeds from issue of redeemable participating shares during the period Payments for redemption of redeemable participating shares during the period

Cash and cash equivalents, beginning of period Cash and cash equivalents and pledged cash, end of period 1



20

HEDGE INVEST INTERNATIONAL FUNDS plc CONDENSED STATEMENT OF CASH FLOWS FOR THE PERIOD FROM 1 JULY 2012 TO 31 DECEMBER 2012 HI Numen Credit Fund EUR ’000


1,288

(336)

(44,630)

(16,348)

(17)

(69)

(1)

61

(342)

164

(43,702)

(16,528)

74,797

33,939

(21,626)

-

53,171

33,939

9,469

17,411

251

-

9,720

17,411

Cash flows from operating activities: Increase/(decrease) in net assets attributable to holders of redeemable participating shares resulting from operations Adjustments to reconcile net profit/(loss) to net cash used in operating activities: Decrease in operating assets: Financial assets at fair value through profit or loss Other receivables and prepayments Increase in operating liabilities: Financial liabilities at fair value through profit or loss Other payables Net cash used in operating activities Cash flows from financing activities Proceeds from issue of redeemable participating shares during the period Payments for redemption of redeemable participating shares during the period Net cash provided by financing activities Net increase in cash and cash equivalents Cash and cash equivalents, beginning of period Cash and cash equivalents and pledged cash end of period The accompanying notes form an integral part of these financial statements.

21

HEDGE INVEST INTERNATIONAL FUNDS plc CONDENSED STATEMENT OF CASH FLOWS FOR THE PERIOD FROM 1 JULY 2012 TO 31 DECEMBER 2012 Company Total EUR ’000 Cash flows from operating activities: Increase in net assets attributable to holders of redeemable participating shares resulting from operations

952

Adjustments to reconcile net profit/(loss) to net cash used in operating activities: Increase in operating assets: Financial assets at fair value through profit or loss

(60,978)

Other receivables and prepayments

(86)

Increase in operating liabilities: Financial liabilities at fair value through profit or loss

60

Other payables

(178) (60,230)

Net cash used in operating activities Cash flows from financing activities Proceeds from issue of redeemable participating shares during the period

108,736

Payments for redemption of redeemable participating shares during the period

(21,626)


87,110


26,880

Cash and cash equivalents, beginning of period

251

Cash and cash equivalents and pledged cash, end of period The accompanying notes form an integral part of these financial statements.

22

27,131

HEDGE INVEST INTERNATIONAL FUNDS plc NOTES TO THE CONDENSED FINANCIAL STATEMENTS For the period from 01 July 2013 to 31 December 2013 1.

Basis of preparation and significant accounting policies

The principle accounting policies and estimation techniques are consistent with those applied to the previous annual financial statements except as follows: Futures contracts A futures contract is a contract, traded on a futures exchange, to buy or sell a certain underlying instrument at a certain date in the future, at a specified price. The changes in value of open futures contracts are recognised as unrealised gains or losses by marking-to-market the value of the contract at the balance sheet date. Changes in the futures contracts’ value are settled daily with the exchange, by paying or receiving a variation margin amount. When the contract is closed, the difference between the proceeds from (or cost of) the closing transactions and the original transaction is recorded in the net gains/(losses) on financial assets/(liabilities) at fair value through profit or loss in the income statement. Statement of compliance The condensed financial statements are prepared in accordance with the International Accounting Standards 34 Interim Financial Reporting which prescribes the minimum content for an interim report. The condensed financial statements are also prepared in accordance with the UCITS Regulations. 2. Fees and expenses a) Investment management fees HI Numen Credit Fund The Investment Manager is entitled to a fee, payable out of the assets of the Fund, based on a percentage per annum of the Net Asset Value attributable to the relevant Share class as set out in the table below, which is accrued as of each Dealing Day and paid monthly in arrears. Share class name EUR A Shares EUR DM Shares EUR FOF Shares EUR I Initial Shares EUR I Shares EUR Management Shares EUR R Shares USD R Shares CHF R Shares

Investment Management fee 1.00% 1.00% 1.75% 1.00% 1.50% 1.50% 1.75% 1.75% 1.75%

The Investment Manager shall also be entitled to be reimbursed all reasonable, properly vouched out of pocket expenses incurred by the Investment Manager in the performance of his duties and responsibilities under the Investment Management Agreement. The Investment Manager is responsible for the fees of any advisers it utilises. The Investment Management Fee incurred by the Fund amounted to EUR 876,205 for the period ended 31 December 2013 (year ended 30 June 2013: EUR 699,024; period ended 31 December 2012: EUR 214,605).

23

HEDGE INVEST INTERNATIONAL FUNDS plc NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued) For the period from 01 July 2013 to 31 December 2013 2. Fees and expenses (continued) a) Investment management fees (continued) HI Principia Fund The Investment Manager is entitled to a fee, payable out of the assets of the Fund, based on a percentage per annum of the Net Asset Value attributable to the relevant Share class as set out above, which is accrued as of each Dealing Day and paid monthly in arrears in Euro. Share class name EUR DM Shares EUR FOF Shares EUR I Shares USD I Shares EUR R Shares USD R Shares CHF R Shares

Investment Management fee 1.00% 2.00% 1.50% 1.50% 2.00% 2.00% 2.00%

The Investment Manager shall also be entitled to be reimbursed all reasonable, properly vouched out of pocket expenses incurred by the Investment Manager in the performance of his duties and responsibilities under the Investment Management Agreement. The Investment Manager is responsible for the fees of any advisers it utilises. The Investment Management Fee incurred by the Funds amounted to EUR 487,031 for the period ended 31 December 2013 (year ended 30 June 2013: EUR 488,990; period ended 31 December 2012: EUR 108,097). HI Sibilla Macro Fund All fees and expenses relating to the establishment of the Fund and the fees of the professional advisers to the Fund (establishment expenses) not exceeding EUR 55,000 will be borne by the Fund. The Investment Manager is entitled to a fee, payable out of the assets of the Fund, based on a percentage per annum of the Net Asset Value attributable to the relevant Share class as set out above, which is accrued as of each Dealing Day and paid monthly in arrears in Euro. Share class name EUR DM Shares EUR FOF Shares EUR R Shares USD DM Shares USD R Shares CHF DM Shares CHF R Shares

Investment Management fee 1.00% 2.00% 2.00% 1.00% 2.00% 1.00% 2.00%

The Investment Management Fee incurred by the Funds amounted to EUR 40,499 for the period ended 31 December 2013. The Investment Manager shall also be entitled to be reimbursed all reasonable, properly vouched out of pocket expenses incurred by the Investment Manager in the performance of his duties and responsibilities under the Investment Management Agreement. The Investment Manager is responsible for the fees of any advisers it utilises.

24

HEDGE INVEST INTERNATIONAL FUNDS plc NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued) For the period from 01 July 2013 to 31 December 2013 2. Fees and expenses (continued) b) Performance fees HI Numen Credit Fund From 19 October 2012, a performance fee in respect of each share class of the HI Numen Credit Fund, with the exception of the EUR Management share class and Sterling Management share class (the “Management Shares”, collectively the “Applicable Share Classes”), equal to 10% (in the case of the EUR I Initial Share class) or 15% (in the case of all Applicable Share Classes, other than the EUR I Initial Share class) of the increase of the NAV per share of the relevant Applicable Share Class outstanding in respect of each performance period above the average weekly Euro interbank interest offer rate (“EURIBOR”) from the end of the preceding performance period until the end of the current performance period, expressed as an annual percentage, plus 1.00%, to be adjusted for the actual number of days from the end of the preceding performance period until the end of the current performance period (the “Hurdle Performance”) and subject to a high water mark shall be payable. Performance period refers to each calendar quarter ending 31 December, 31 March, 30 June, and 30 September. For the period from 31 December 2013 the performance fee in respect of each share class of the HI Numen Credit Fund (with the exception of the EUR Management Shares) was payable at a rate of 15% in respect of the EUR I Shares and EUR R Shares and 10% in respect of EUR A Initial Shares and EUR I Initial Shares, when the performance of the Net Asset Value per Share of the relevant class exceeds the high water mark. No Performance Fees are payable in respect of the Management Shares of the HI Numen Credit Fund. The performance fee incurred by the Fund amounted to EUR 417,986 for the period ended 31 December 2013 (year ended 30 June 2013: EUR 913,631; period ended 31 December 2012: EUR 352,266) of which EUR 412,772 was outstanding as at 31 December 2013 (year ended 30 June 2013: EUR 378,026; period ended 31 December 2012: EUR 264,422). HI Principia Fund A performance fee in respect of all share classes of the Fund equal to 20% of the increase of the Net Asset Value per Share of the relevant applicable share class outstanding in respect of each performance period subject to a high water mark shall be payable. Performance period refers to each calendar quarter ending 31 December, 31 March, 30 June, and 30 September. The performance fee shall be calculated and accrue on each dealing date. As the performance fee depends on the performance of the Net Asset Value per Share of the class in question, it is not possible to predict the amount of performance fee that will be payable and there is in effect, no maximum performance fee as it is impossible to quantify any outperformance in advance. The performance fee incurred by the Fund amounted to EUR 1,030,193 for the period ended 31 December 2013 (year ended 30 June 2013: EUR 255,668; period ended 31 December 2012: EUR 956) of which EUR 649,680 was outstanding as at 31 December 2013 (year ended 30 June 2013: EUR 632; period ended 31 December 2012: EUR 956). HI Sibilla Macro Fund A performance fee in respect of all share classes of the Fund equal to 20% of the increase of the Net Asset Value per Share of the relevant applicable share class outstanding in respect of each performance period subject to a high water mark shall be payable. Performance period refers to each calendar quarter ending 31 December, 31 March, 30 June, and 30 September. The performance fee shall be calculated and accrue on each dealing date. As the performance fee depends on the performance of the Net Asset Value per Share of the class in question, it is not possible to predict the amount of performance fee that will be payable and there is in effect, no maximum performance fee as it is impossible to quantify any outperformance in advance. The performance fee incurred by the Fund amounted to EUR 27,580 for the period ended 31 December 2013 of which EUR 27,580 was outstanding as at 31 December 2013. 25

HEDGE INVEST INTERNATIONAL FUNDS plc NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued) For the period from 01 July 2013 to 31 December 2013 2. Fees and expenses (continued) c) Administrator’s fees The Company shall pay the Administrator out of the assets of each Fund an annual fee (fund accounting, trustee and transfer agent fees), calculated and accrued daily and payable monthly in arrears at a rate of up to a maximum of 1% per annum of the NAV of the Fund (subject to a minimum annual fee of EUR 150,000 for the HI Numen Credit Fund and EUR 125,000 for the HI Principia Fund). The Administrator shall also be entitled to be repaid out of the assets of each Fund all of its reasonable out-of-pocket expenses, as agreed at normal commercial rates, incurred on behalf of each Fund. The Administrator’s fee incurred by the Fund amounted to EUR 199,770 for the period ended 31 December 2013 (year ended 30 June 2013: EUR 302,376; period ended 31 December 2012: 109,559). d) Custodian fees The Company shall pay the Custodian out of the assets of each Fund an annual fee, calculated and accrued daily and payable monthly in arrears at a rate of up to a maximum of 0.30% per annum of the Net Asset Value of each Fund (subject to a minimum annual fee of EUR 45,000). The Custodian is entitled to be repaid for all of its out-of-pocket expenses reasonably incurred on behalf of the Funds including transaction charges and sub-custodial fees. The Custodian’s fee incurred by the Fund amounted to EUR 24,501 for the period ended 31 December 2013 (year ended 30 June 2013: EUR 47,211; period ended 31 December 2012: EUR 23,780). e) Directors’ fees The Directors shall be entitled to a fee and remuneration for their services at a rate to be determined from time to time by the Directors provided that no Director may be paid in excess of EUR 25,000 in any one financial year without the approval of the Board. All Directors will be entitled to reimbursement by the Company of expenses properly incurred in connection with the business of the Company or the discharge of their duties. The Director’s fees incurred by the Company amounted to EUR 33,123 for the period ended 31 December 2013 (year ended 30 June 2013: EUR 45,480, period ended 31 December 2012: EUR 9,133). f) Audit fees The audit fees incurred by the Company amounted to EUR 11,790 (year ended 30 June 2013: EUR 18,000, period ended 31 December 2012: EUR 12,946). Fees relate solely to the audit of the Company. There were no other fees paid to KPMG during the period ended 31 December 2013 (year ended 30 June 2013: Nil; period ended 31 December 2012: Nil). g) Establishment expenses All fees and expenses relating to the establishment of the Funds and the fees of the professional advisers to the Funds (establishment expenses) not exceeding EUR 75,000 for the HI Numen Credit Fund and not exceeding EUR 55,000 for the HI Principia Fund and HI Sibilla Macro Fund will be borne by the Funds. Establishment fees are amortised over a 5 year period in the dealing NAV but are written off in the financial statements in the period that they were incurred. 3.

Adjustment to align to the valuation methodology as set out in the prospectus

The adjustment between the financial statements NAV and the valuation methodology set out in the prospectus is shown below: Hedge Invest International Funds plc

Net assets attributable to redeemable participating shareholders at the end of the period/year Adjustment to align to the investment valuation methodology as set out in the prospectus* Adjustment to establishment costs Total adjustment for the period/year Net assets attributable to redeemable participating shareholders at the end of the period/year 26

Company Total for the period ended 31 December 2013 EUR ‘000

Company Total for the year ended 30 June 2013 EUR ‘000

273,807

125,037

1,287

680

107 1,394

82 762

275,201

125,799

HEDGE INVEST INTERNATIONAL FUNDS plc NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued) For the period from 01 July 2013 to 31 December 2013 3.

Adjustment to align to the valuation methodology as set out in the prospectus (continued)

HI Numen Credit Fund

Net assets attributable to redeemable participating shareholders at the end of the period/year Adjustment to align to the investment valuation methodology as set out in the prospectus* Adjustment to establishment costs Total adjustment for the period/year Net assets attributable to redeemable participating shareholders at the end of the period/year HI Principia Fund

Fund Total for the period ended 31 December 2013 EUR ‘000

Fund Total for the year ended 30 June 2013 EUR ‘000

180,484

84,316

1,133

606

14 1,147

18 624

181,631

84,940


Fund Total for the period ended 30 June 2013 EUR ‘000

67,640

40,721

152

74

53 205

64 138

67,845

40,859

Net assets attributable to redeemable participating shareholders at the end of the period Adjustment to align to the investment valuation methodology as set out in the prospectus* Adjustment to establishment costs Total adjustment for the period Net assets attributable to redeemable participating shareholders at the end of the period HI Sibilla Fund1


Net assets attributable to redeemable participating shareholders at the end of the period Adjustment to align to the investment valuation methodology as set out in the prospectus* Adjustment to establishment costs Total adjustment for the period Net assets attributable to redeemable participating shareholders at the end of the period 1

25,683 2 39 41 25,724


*Under IFRS, investments are required to be valued at bid prices where these are available. In the reported net asset value, investments are valued at closing trade prices. 4.

Net asset value per share as per the valuation methodology as set out in the prospectus

HI Numen Credit Fund EUR A Shares* Net Asset Value Number of Shares in Issue Net asset value per share

31 December 2013

30 June 2013

€ 36,366,454 349,931 € 103.92

-

*EUR A share class launched on 19 July 2013, therefore no comparative data is available. 27


Net asset value per share as per the valuation methodology as set out in the prospectus (continued)

HI Numen Credit Fund (continued) EUR DM Shares

31 December 2013

30 June 2013

€ 23,452,586 218,064 € 107.55

€ 12,211,616 116,159 € 105.13

31 December 2013

30 June 2013

€ 2,614,543 23,529 € 111.12

€ 10,435,013 95,760 € 108.97

31 December 2013

30 June 2013

€ 26,894,073 234,140 € 114.86

€ 29,812,114 265,836 € 112.14

31 December 2013

30 June 2013

€ 35,863,127 319,615 € 112.21

€ 21,383,162 194,535 € 109.92

EUR Management Shares Net Asset Value Number of Shares in Issue Net asset value per share

31 December 2013 € 817,871 8,000 € 102.23

30 June 2013 € 275,716 2,500 € 110.29

EUR R Shares

31 December 2013

30 June 2013

Net Asset Value Number of Shares in Issue Net asset value per share

€ 51,067,606 462,260 € 110.47

€ 8,264,102 76,272 € 108.35

USD R Shares Net Asset Value Number of Shares in Issue Net asset value per share

31 December 2013 $ 2,866,514 26,399 $ 108.59

30 June 2013

CHF R Shares

31 December 2013

30 June 2013

CHF 3,032,519 28,164 CHF 107.67

CHF 1,534,416 14,511 CHF 105.74

31 December 2013

30 June 2013

€ 2,649,025 23,584 € 112.33

€ 1,847,992 17,977 € 102.80

Net Asset Value Number of Shares in Issue Net asset value per share EUR FOF Shares Net Asset Value Number of Shares in Issue Net asset value per share EUR I Initial Shares Net Asset Value Number of Shares in Issue Net asset value per share EUR I Shares Net Asset Value Number of Shares in Issue Net asset value per share


$ 1,704,146 15,994 $ 106.55

HI Principia Fund EUR DM Shares Net Asset Value Number of Shares in Issue Net asset value per share

28



HI Principia Fund (continued) EUR FOF Shares

31 December 2013

30 June 2013


€ 34,977,473 315,730 € 110.78

€ 32,614,204 319,992 € 101.92

EUR I Shares Net Asset Value Number of Shares in Issue Net asset value per share

31 December 2013 € 7,310,890 65,456 € 111.69

30 June 2013

EUR R Shares

31 December 2013

30 June 2013

€ 17,584,336 156,528 € 112.34

€ 3,561,428 34,445 € 103.40

31 December 2013

30 June 2013

$ 4,991,906 48,000 $ 104.00

-

31 December 2013

30 June 2013

$ 1,507,742 13,457 $ 112.04

$ 541,312 5,215 $ 103.79

31 December 2013

30 June 2013

CHF 743,153 6,640 CHF 111.92

CHF 636,232 6,186 CHF 102.84

Net Asset Value Number of Shares in Issue Net asset value per share USD I Shares* Net Asset Value Number of Shares in Issue Net asset value per share USD R Shares Net Asset Value Number of Shares in Issue Net asset value per share CHF R Shares Net Asset Value Number of Shares in Issue Net asset value per share

€ 1,901,504 18,526 € 102.64

*USD I share class launched on 14 October 2013, therefore no comparative data is available. HI Sibilla Macro Fund1 EUR DM Shares*

31 December 2013 € 4,062,742 40,326 € 100.75

Net Asset Value Number of Shares in Issue Net asset value per share EUR FOF Shares*

31 December 2013

Net Asset Value Number of Shares in Issue Net asset value per share 1 HI Sibilla Macro Fund launched on 22 November 2013, commenced operations on 25 November 2013.

€ 16,079,817 160,050 € 100.47

*EUR DM, EUR FOF, EUR R, USD DM, USD R, CHF DM and CHF R share classes launched on 29 November 2013, 22 November 2013, 29 November 2013, 20 December 2013, 6 December 2013, 20 December 2013 and 6 December 2013 respectively, therefore no comparative data is available. 29



HI Sibilla Macro Fund1 (continued) EUR R Shares*

31 December 2013 € 3,608,826 35,845 € 100.68

Net Asset Value Number of Shares in Issue Net asset value per share USD R Shares*

31 December 2013


$ 701,809 6,974 $ 100.64

CHF DM Shares*

31 December 2013


CHF 50,075 500 CHF 100.15

CHF R Shares*

31 December 2013

Net Asset Value Number of Shares in Issue Net asset value per share 1

CHF 620,986 6,204 CHF 100.09


*EUR DM, EUR FOF, EUR R, USD DM, USD R, CHF DM and CHF R share classes launched on 29 November 2013, 22 November 2013, 29 November 2013, 20 December 2013, 6 December 2013, 20 December 2013 and 6 December 2013 respectively, therefore no comparative data is available. 5. Related parties Parties are considered to be related if one party has the ability to control the other party or is able to exercise significant influence over the other party, in making financial or operational decisions. Teddy Otto and John Skelly, Directors of the Company, are employees of Carne Global Financial Services Limited, who are the company secretary and also provide MLRO and foreign registration services to the Company. Francesco Rovati, a Director of the Company, is an employee of Hedge Invest SGR P.A, the Investment Manager. Funds managed by the Investment Manager owned 19.5% of the Company as at 31 December 2013. The Managers, Directors and employees of the Investment Manager and Sub-Investment Managers owned 2.19% of the Company as at 31 December 2013. Fees paid to the Investment Manager during the period and the balances outstanding at the period end are disclosed in note 2. There were no other related party transactions other than those disclosed in the financial statements.

30

HEDGE INVEST INTERNATIONAL FUNDS plc NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued) For the period from 01 July 2013 to 31 December 2013 5. Related parties (continued) Transactions with connected parties The amendment to UCITS Notice 14 of the UCITS Notices published by the Central Bank of Ireland dated May 1, 2013 states that any transaction carried out with a Fund by a Promoter, Manager, Trustee, Investment Adviser and group companies of these (“connected parties”) must be carried out as if negotiated at arm’s length. Transactions must be in the best interests of the Shareholders. The Board of Directors are satisfied that there are arrangements (evidenced by written procedures) in place, to ensure that the obligations set out in the UCITS Notices are applied to all transactions with connected parties; and the Board is satisfied that transactions with connected parties entered into during the period complied with this obligation. 6. Contingent Liabilities As at 31 December 2013, the Company did not have any significant commitments or contingent liabilities, other than those disclosed in the financial statements (30 June 2013: Nil). 7. Soft Commissions During the period, the Investment Manager and the sub-Investment Managers have not entered into soft commission arrangements with brokers. 8. Exchange rates The following period ended EUR exchange rates have been used in this report: EUR= CHF DKK GBP SEK USD

31 December 2013 1.2255 7.4604 0.8320 8.8500 1.3779

30 June 2013 1.2299 7.4587 0.8570 8.7733 1.2998

31 December 2012 1.2068 7.4610 0.8111 8.5768 1.3184

9. Distributions There were no distributions made by the Company during the period ended 31 December 2013 (year ended 30 June 2013: nil) 10. Efficient Portfolio Management The Investment Manager of the Company has identified that forward exchange contracts may be used for both investment and hedging purposes. Those foreign exchange contracts entered into for hedging purposes are utilized to reduce foreign exchange rate risk and all other FDI are used for investment purposes. Transaction costs on the purchase and sale of forward exchange contracts are included in the purchase and sale price of the investment. These costs cannot be practically or reliably gathered as they are embedded in the cost of the investment and cannot be separately verified or disclosed. Details of all open forward exchange contracts at the period-end are disclosed in the Schedule of Investments.

31


Significant events

On 1 July 2013, a new supplement was issued for each Fund in order to modify the performance fee methodology. On 11 July 2013, a new supplement for HI Numen Credit Fund was issued for the creation of the new EUR A Shares class. On 19 July 2013, Share class A EUR launched for the HI Numen Credit Fund. On 13 August 2013, a new supplement for HI Principia Fund was issued for the creation of the new USD I Shares and STG I Shares classes. On 14 October 2013, USD I Share class launched for HI Principia Fund. On 7 November 2013 the Central Bank approved the HI Sibilla Macro Fund and the supplement for the Fund. On 22 November 2013, HI Sibilla Macro Fund was launched and commenced operations on 25 November 2013. On 7 November 2013 the Central Bank approved a new version of the Prospectus of the Company with minor updates. On 22 November 2013, EUR FOF Share class launched for HI Sibilla Macro Fund. On 29 November 2013, EUR DM Share class and EUR R Share class launched for HI Sibilla Macro Fund. On 6 December 2013, USD R Share class and CHF R Share class launched for HI Sibilla Macro Fund. On 18 December 2013 the Central Bank approved the HI Core UCITS Fund and the supplement for the Fund. On 20 December 2013, USD DM Share class and CHF DM Share class launched for HI Sibilla Macro Fund. 12. Subsequent events There were no subsequent events since the period end. 13. Approval of Financial Statements The Directors approved the condensed interim financial statements on 12 February 2014.

32

HEDGE INVEST INTERNATIONAL FUNDS plc HI NUMEN CREDIT FUND SCHEDULE OF INVESTMENTS As at 31 December 2013 Transferable securities admitted to an official stock exchange GOVERNMENT FIXED COUPON SECURITIES

Country

Investments

Coupon rate

Maturity date

Holding

Fair value EUR '000

% of net asset value

4.38% 3.75%

15/07/2014 01/11/2015

34,800,000 3,500,000

33,668 3,216 36,884

18.66 1.78 20.44

0.05%

30/04/2014

3,000,000

2,999 2,999

1.66 1.66

4.15%

09/05/2014

10,000,000

9,876 9,876

5.47 5.47

-

-

10,465 5,625 16,090

5.80 3.11 8.91

65,849

36.48

Cyprus Cyprus (Republic of) Cyprus (Republic of) Cyprus total (2012: 11.40%) Germany Germany (Republic of) Germany total (2012: 1.80%) Greece Hellenic (Republic of) Greece total (2012: Nil) Portugal total (2012: 9.07%) Spain Catalonia (Republic of) Catalonia (Republic of) Spain total (2012: 2.71%)

2.13% 3.88%

01/10/2014 07/04/2015

12,900,000 5,550,000

Total investment in government fixed coupon securities (2012: 15.91%) CORPORATE FIXED COUPON SECURITIES Ireland Baggot Securities Bank of Ireland Ireland total (2012: 7.22%)

10.24% 10.00%

31/12/2049 12/02/2020

8,000,000 6,005,000

8,410 6,966 15,376

4.66 3.86 8.52

1.00% 4.75% 8.50% 2.13%

10/05/2014 24/03/2014 15/11/2019 25/11/2020

14,800,000 15,403,923 2,500,000 1,000,000

17,509 15,486 2,604 1,004 36,603

9.70 8.58 1.44 0.56 20.28

0.00% 3.13%

30/12/2099 02/12/2018

21,800,000 500,000

4,578 530 5,108

2.54 0.29 2.83

Italy Risanamento Banco Popolare Marcolin Azimut Holding Italy total (2012: 6.20%) Luxembourg Bank of New York Mellon Luxembourg Espirito Santo Financial Group Luxembourg total (2012: Nil)

33

HEDGE INVEST INTERNATIONAL FUNDS plc HI NUMEN CREDIT FUND SCHEDULE OF INVESTMENTS (continued) As at 31 December 2013 Transferable securities admitted to an official stock exchange (continued) CORPORATE FIXED COUPON SECURITIES (continued) Fair value EUR '000


3,307,000 450,014

3,373 14 3,387

1.87 0.01 1.88

6,900,000

6,877 6,877

3.81 3.81

Spain total (2012: 2.69%)

-

-

Supranational total (2012: 14.38%)

-

-

15,395 15,395

8.53 8.53

82,746

45.85

2,556 2,556

1.42 1.42

-

-

Country

Investments

Coupon rate

Maturity date

Holding

10.75% -

15/11/2015 15/12/2015

4.00%

16/03/2015

Netherlands Unify Germany Holdings Boats Investments Netherlands Netherlands total (2012: Nil) Portugal Rede Ferroviaria Nacional Portugal total (2012: Nil)

United Kingdom Co-Operative Bank United Kingdom total (2012: 7.21%)

2.38%

23/10/2015

15,923,000

Total investment in corporate fixed coupon securities (2012: 37.70%) CORPORATE VARIABLE COUPON SECURITIES1 France Societe Generale France total (2012: Nil)

7.88%

18/12/2023

3,500,000

Italy total (2012: 3.67%) Luxembourg Controlinveste International Finance Luxembourg total (2012: Nil)

2.75%

28/01/2015

3,117,000

3,060 3,060

1.69 1.69

7.13%

28/11/2023

2,000,000

1,997 1,997

1.11 1.11

11.30%

27/07/2014

5,000,000

6,232 6,232

3.45 3.45

13,845

7.67

162,440

90.00

Portugal Banco Espirito Santo Portugal total (2012: 7.97%) Spain Santander Finance Preferred Spain total (2012: 0.42%)

Total investment in corporate variable coupon securities (2012: 12.06%) Total bonds (2012: 81.28%)

34

HEDGE INVEST INTERNATIONAL FUNDS plc HI NUMEN CREDIT FUND SCHEDULE OF INVESTMENTS (continued) As at 31 December 2013 Financial derivative instruments OPTIONS PURCHASED

Notional value Description

Counterparty

Currency

Maturity date

100 Euro Stoxx Call 3025 JP Morgan 50 Dax Call 9200 JP Morgan Total unrealised gain on options purchased (2012: Nil)

EUR EUR

17/01/2014 17/01/2014

Unrealised gain EUR '000


100 104 204

0.05 0.06 0.11



447 430 357 197 196 178 78 25 5 1,913

0.25 0.24 0.20 0.11 0.11 0.10 0.04 0.01 0.00 1.06

Unrealised loss EUR '000


(90) (90)

(0.05) (0.05)



2,382 2,382

1.32 1.32

CREDIT DEFAULT SWAPS

Notional value Currency

Counterparty

5,000,000 EUR Morgan Stanley 6,500,000 EUR Barclays Bank 2,000,000 USD J.P. Morgan 5,000,000 EUR J.P. Morgan 5,000,000 EUR J.P. Morgan 5,000,000 EUR J.P. Morgan 2,000,000 EUR J.P. Morgan 5,000,000 EUR Morgan Stanley 5,000,000 EUR Morgan Stanley Total unrealised gain on credit default swaps (2012: 0.13%)

Notional value Currency

Counterparty

5,000,000 USD Morgan Stanley Total unrealised loss on credit default swaps (2012: Nil)

Maturity date

Buy/Sell

20/12/2015 20/03/2019 20/03/2018 20/12/2014 20/12/2014 20/12/2014 20/12/2014 20/03/2019 20/03/2019

Sell Buy Buy Sell Sell Sell Sell Buy Buy

Maturity date

Buy/Sell

20/03/2019

Buy

CREDIT INDEX SWAPS

Notional value

Currency

Counterparty

25,000,000 EUR Citibank Total unrealised gain on credit index swaps (2012: Nil)

35

Maturity date

Buy/Sell

20/12/2018

Sell

HEDGE INVEST INTERNATIONAL FUNDS plc HI NUMEN CREDIT FUND SCHEDULE OF INVESTMENTS (continued) As at 31 December 2013 Financial derivative instruments (continued) FORWARD CURRENCY CONTRACTS

Amount sold

Maturity date

EUR J.P. Morgan 10,948,106 USD (15,000,000) EUR J.P. Morgan 2,835,580 USD (3,900,000) CHF J.P. Morgan 1,471,000 EUR (1,199,993) Total unrealised gain on forward currency contracts (2012: Nil)

23/01/2014 31/01/2014 31/01/2014

Currency Counterparty

Amount purchased Currency

Amount sold

Maturity date

USD J.P. Morgan 000,111 EUR (98,900) EUR J.P. Morgan 900,508 CHF (1,000,000) USD J.P. Morgan 0,001,111 EUR (1,984,920) CHF J.P. Morgan 0,0,0,111 EUR (1,278,670) USD J.P. Morgan 0,111,111 EUR (3,641,661) CHF J.P. Morgan 0,111,111 EUR (4,095,004) EUR J.P. Morgan 0,501,008 CHF (2,970,000) USD J.P. Morgan 0,011,111 EUR (1,829,759) EUR J.P. Morgan 0,059,,00 CHF (8,780,000) EUR J.P. Morgan 5,100,0,9 CHF (4,940,000) USD J.P. Morgan 0,011,111 EUR (5,486,467) EUR J.P. Morgan ,,010,,50 GBP (5,300,000) Total unrealised loss on forward currency contracts (2012: Nil)

31/01/2014 28/02/2014 31/01/2014 31/01/2014 23/01/2014 28/02/2014 28/02/2014 23/01/2014 28/02/2014 28/02/2014 23/01/2014 31/01/2014

Currency Counterparty

Amount desahcrup Currency



62 5 1 68

0.04 0.00 0.00 0.04



(1) (1) (4) (5) (13) (13) (14) (15) (19) (21) (44) (68) (218)

(0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.02) (0.04) (0.12)



51 51

0.03 0.03

51

0.03

FUTURES

Country

No. of contracts

Currency

Notional Amount

(55)

EUR

100,000

European Union Euro bond European Union total

Total unrealised gain on futures contracts (2012: Nil)

36

HEDGE INVEST INTERNATIONAL FUNDS plc HI NUMEN CREDIT FUND SCHEDULE OF INVESTMENTS (continued) As at 31 December 2013

Fair value EUR '000


167,058

92.56

(308)

(0.17)

Cash and cash equivalents2

12,076

6.69

Other assets and liabilities

1,658

0.92

180,484

100.00

Total financial assets at fair value through profit or loss Total financial liabilities at fair value through profit or loss


% of total current assets

Analysis of total current assets Transferable securities admitted to an official stock exchange Financial derivative instruments Other assets Total current assets 1

For floating rate notes the coupon rate is at 31 December 2013.

2

All cash holdings are held with J.P. Morgan Bank (Ireland) plc

37

88.86 8.61 2.53 100.00

HEDGE INVEST INTERNATIONAL FUNDS plc HI PRINCIPIA FUND SCHEDULE OF INVESTMENTS As at 31 December 2013 Transferable securities admitted to an official stock exchange EQUITIES Fair value EUR '000


261,300 308,000 165,200

3,881 3,154 3,120 10,155

5.74 4.66 4.61 15.01

50,900 69,900 81,500 350,700 26,700

3,690 3,126 2,356 2,268 1,245 12,685

5.46 4.62 3.48 3.35 1.84 18.75

Greencore Group

1,000,000

2,668 2,668

3.94 3.94

Abengoa

2,748,800

5,800 5,800

8.58 8.58

437,000 94,100

2,447 2,339 4,786

3.62 3.46 7.08

163,000

3,206 3,206

4.74 4.74

Total investment in equities

39,300

58.10

Total equities

39,300

58.10



303 303

0.45 0.45

Country

Investments

Holding

CNP Assurances UBISOFT Entertainment Areva

France

France total Germany Vossloh Rheinmetall Aareal Bank Deutz SHW Germany total Ireland Ireland total Spain Spain total Sweden Eniro Getinge Sweden total Switzerland Gategroup Holding Switzerland total

Financial derivative instruments OPTIONS PURCHASED

Notional value Description 2,036 Euro Stoxx 50 Index Put 2750 Total unrealised gain on options purchased

Counterparty Currency J.P. Morgan EUR

38

Maturity date 21/03/2014

HEDGE INVEST INTERNATIONAL FUNDS plc HI PRINCIPIA FUND SCHEDULE OF INVESTMENTS (continued) As at 31 December 2013 Financial derivative instruments (continued) CONTRACTS FOR DIFFERENCE

Country

Investments



127,900 94,300 15,000 89,772 (219,600)

654 653 84 80 59 1,530

0.97 0.96 0.12 0.12 0.09 2.26

557,800

51 51

0.08 0.08

1,581

2.34



61,100 (10,400) (6,900) (22,100) (19,300) (206,850) (46,600) (82,800) (34,100) (18,350) (40,700)

(24) (37) (38) (41) (70) (86) (89) (98) (104) (138) (152) (877)

(0.04) (0.06) (0.06) (0.06) (0.10) (0.13) (0.13) (0.15) (0.15) (0.20) (0.22) (1.30)

(21,300)

(26) (26)

(0.04) (0.04)

(903)

(1.34)

Holding

European Union Faurecia Orpea Christian Dior Groupe Fnac Mediaset Espana Comunicacion European Union total United Kingdom Esure Group United Kingdom total Total unrealised gain on contracts for difference

Country

Investments

Holding

European Union Electricite De France Pfeiffer Vacuum Technology UBS Sodexo Siemens Infineon Technologies ProSiebenSat.1 Media Aalberts Industries Fraport AG Frankfurt Airport Services Worldwide Hugo Boss Amadeus IT Holding European Union total Switzerland Aryzta Switzerland total Total unrealised loss on contracts for difference

39

HEDGE INVEST INTERNATIONAL FUNDS plc HI PRINCIPIA FUND SCHEDULE OF INVESTMENTS (continued) As at 31 December 2013 Financial derivative instruments (continued) FORWARD CURRENCY CONTRACTS

Currency

Amount Counterparty purchased Currency

GBP J.P. Morgan 2,218,713 EUR EUR J.P. Morgan 2,576,387 GBP EUR J.P. Morgan 2,328,591 GBP CHF J.P. Morgan 670,975 EUR EUR J.P. Morgan 52,255 USD USD J.P. Morgan 160,000 EUR USD J.P. Morgan 11,965 EUR Total unrealised gain on forward currency contracts

Currency

Amount sold

Maturity date

(2,647,566) (2,129,899) (1,933,196) (545,508) (70,839) (115,833) (8,662)

08/01/2014 08/01/2014 08/01/2014 07/01/2014 07/01/2014 07/01/2014 07/01/2014

Amount Counterparty purchased Currency

Amount sold

Maturity date

(9,444) (40,891) (72,938) (1,069,251) (184,086) (4,733,140) (6,969,765) (35,818,465) (1,049,769) (3,568,306)

07/01/2014 07/01/2014 07/01/2014 08/01/2014 08/01/2014 08/01/2014 08/01/2014 08/01/2014 07/01/2014 07/01/2014

No of contracts

Currency

Notional amount

(46) (63)

EUR EUR

10 10

USD J.P. Morgan 12,965 EUR CHF J.P. Morgan 50,000 EUR USD J.P. Morgan 99,765 EUR EUR J.P. Morgan 119,403 SEK EUR J.P. Morgan 217,705 GBP EUR J.P. Morgan 526,841 SEK EUR J.P. Morgan 5,677,785 CHF EUR J.P. Morgan 4,034,429 SEK USD J.P. Morgan 1,421,859 EUR USD J.P. Morgan 4,833,092 EUR Total unrealised loss on forward currency contracts



19 17 5 2 1 -1 -1 44

0.03 0.02 0.01 0.06



-1 -1 (1) (1) (3) (8) (10) (13) (18) (61) (115)

(0.01) (0.02) (0.02) (0.03) (0.09) (0.17)



(124) (140) (264)

(0.18) (0.21) (0.39)

(264)

(0.39)

FUTURES

Country European Union IBEX 35 Index January 2014 CAC 40 Index January 2014 European Union total

Total unrealised loss on futures contracts (2012: Nil) 1

Investments that are less that EUR 500 have been rounded down to zero.

40

HEDGE INVEST INTERNATIONAL FUNDS plc HI PRINCIPIA FUND SCHEDULE OF INVESTMENTS (continued) As at 31 December 2013 Fair value EUR '000


Total financial assets at fair value through profit or loss

41,228

60.95

Total financial liabilities at fair value through profit or loss

(1,282)

(1.90)

Cash and cash equivalents1

26,289

38.87

Other assets and liabilities

1,405

2.08

67,640

100.00


% of total current assets


56.24 2.76 41.00 100.00

The main cash accounts are held with J.P. Morgan (Ireland) plc. Other accounts are held with Lloyds TSB (deposit of EUR7,000,000); Sumitomo Mitsui Bank (deposit of EUR7,000,132); UBS AG (swap counterparty – cash collateral of EUR2,425,900); and Bank of America Merrill Lynch (swap counterparty – cash collateral of EUR4,030,300).

41

HEDGE INVEST INTERNATIONAL FUNDS plc HI SIBILLA MACRO FUND1 SCHEDULE OF INVESTMENTS As at 31 December 2013 Transferable securities admitted to an official stock exchange EQUITIES

Country

Investments

Fair value EUR '000


Currency

Holding

USD

19,870

257 257

1.00 1.00

USD USD USD

48,780 30,600 15,300

261 143 115 519

1.01 0.56 0.45 2.02

USD USD

34,140 40,969

307 269 576

1.20 1.05 2.25

USD USD USD USD USD USD USD

13,247 11,949 24,409 31,500 34,140 6,460 8,000

393 327 319 282 278 250 92 1,941

1.53 1.27 1.24 1.10 1.08 0.97 0.36 7.55

Total investment in equities

3,293

12.82

Total equities

3,293

12.82



11 5 3 -2 19

0.05 0.02 0.01 0.08

Luxembourg ArcelorMittal Luxembourg total Marshall Islands Paragon Shipping Baltic Trading Safe Bulkers Marshall Islands total Spain Banco Bilbao Vizcaya Argentaria Banco Santander Spain total United States General Motors Co Freeport-McMoRan Copper & Gold Cloud Peak Energy Stillwater Mining Co GrafTech International Nucor Corp Taser International United States total

Financial derivative instruments FORWARD CURRENCY CONTRACTS

Currency

Amount Counterparty purchased

Maturity date

(10,094,639) (1,137,277,800) (1,286,453) (65,313)

21/01/2014 21/01/2014 21/01/2014 10/01/2014

Currency

USD Citibank 3,357,047 PLN USD Citibank 5,275,714 HUF USD Citibank 1,776,990 EUR USD Citibank 90,000 EUR Total unrealised gain on forward currency contracts 1

Amount sold


2

Investments that are less that EUR 500 have been rounded down to zero. 42

HEDGE INVEST INTERNATIONAL FUNDS plc HI SIBILLA MACRO FUND1 SCHEDULE OF INVESTMENTS (continued) As at 31 December 2013 Financial derivative instruments FORWARD CURRENCY CONTRACTS

Currency

Amount Counterparty purchased

Amount sold

Maturity date

(40,861) (98,240) (124,278) (409,353) (320,793) (45,446,130) (919,658) (4,271,589)

10/01/2014 10/01/2014 10/01/2014 10/01/2014 10/01/2014 21/01/2014 10/01/2014 21/01/2014

Currency

CHF Citibank 50,000 EUR CHF Citibank 120,000 EUR USD Citibank 170,000 EUR CHF Citibank 500,000 EUR USD Citibank 440,000 EUR USD Citibank 3,460,980 MXN USD Citibank 1,258,000 EUR USD Citibank 3,488,521 NZD Total unrealised loss on forward currency contracts

Total financial assets at fair value through profit or loss Total financial liabilities at fair value through profit or loss Cash, cash equivalents and cash collateral2 Other assets and liabilities Net assets attributable to redeemable participating shareholders



-3 -3 (1) (1) (2) (3) (7) (16) (30)

(0.01) (0.01) (0.03) (0.07) (0.12)

Fair value EUR '000


3,312

12.90

(30)

(0.12)

21,031

81.89

1,370

5.33

25,683

100.00 % of total current assets


12.48 0.07 87.45 100.00


2

All cash holdings are held with J.P. Morgan Bank (Ireland) plc, other than a balance of EUR 678,386 held as security by counterparty for derivative contracts, BNP Paribas. Cash balances of EUR 725,718 is held as cash collateral for FX forwards by Citi.. 3

Investments that are less that EUR 500 have been rounded down to zero.

43

HEDGE INVEST INTERNATIONAL FUNDS plc HI NUMEN CREDIT FUND SCHEDULE OF MATERIAL PURCHASES AND SALES For the period ended 31 December 2013 The 20 largest purchases Holding 36,800,000 30,800,000 30,005,000 21,000,000 15,403,923 15,923,000 11,300,000 15,900,000 12,500,000 11,500,000 10,000,000 10,000,000 10,000,000 14,000,000 8,000,000 8,000,000 6,900,000 6,005,000 5,000,000 6,000,000

Investments Cyprus (Republic of) Germany (Republic of) US Treasury Note Germany (Republic of) Banco Popolare Co-Operative Bank Risanamento Catalonia (Republic of) Portugal (Republic of) Spain (Kingdom of) Portugal (Republic of) Italy (Republic of) Hellenic (Republic of) Cyprus (Republic of) Baggot Securities Germany (Republic of) Rede Ferroviaria Nacional Bank of Ireland Santander Finance Preferred Sanofi

Coupon rate 4.38% 0.03% 2.50% 0.05% 4.75% 2.38% 1.00% 2.13% 1.21% 3.30% 5.65% 1.17% 3.37% 4.63% 10.24% 1.50% 4.00% 10.00% 11.30% 2.50%

Maturity date 15/07/2014 30/04/2014 15/08/2023 12/06/2013 24/03/2014 23/10/2015 10/05/2014 01/10/2014 21/02/2014 30/07/2016 15/02/2024 14/08/2014 09/05/2014 03/02/2020 31/12/2049 15/05/2023 16/03/2015 12/02/2020 27/07/2014 14/11/2023

Cost EUR ’000 34,381 30,802 21,865 21,000 15,488 14,980 13,050 12,579 12,437 11,832 9,988 9,890 9,795 8,945 8,400 7,888 6,837 6,779 6,190 5,970

Investments Germany (Republic of) US Treasury Note Portugal (Republic of) Spain (Kingdom of) Italy (Republic of) Portugal (Republic of) Cyprus (Republic of) Allied Irish Banks Sanofi OTE OTE Banco Popular Espanol AIB Mortgage Bank AT&T AT&T UnityMedia Hessen Portugal (Republic of) Raiffeisenlandesbank Catalonia (Republic of) Italy (Republic of)

Coupon rate 0.03% 2.50% 1.21% 3.30% 1.17% 4.38% 4.63% 5.63% 2.50% 7.25% 7.25% 11.50% 3.13% 2.65% 3.50% 6.25% 4.95% 5.88% 2.13% 0.42%

Maturity date 30/04/2014 15/08/2023 21/02/2014 30/07/2016 14/08/2014 16/06/2014 03/02/2020 12/11/2014 14/11/2023 08/04/2014 12/02/2015 10/10/2018 10/09/2018 17/12/2021 17/12/2025 15/01/2029 25/10/2023 27/11/2023 01/10/2014 31/01/2014

Proceeds EUR ’000 27,790 21,944 12,448 11,833 9,935 8,071 8,025 6,700 5,973 5,600 5,251 5,212 5,025 4,984 4,978 4,941 4,556 4,482 4,077 3,996

The 20 largest sales Holding 27,800,000 30,005,000 12,500,000 11,500,000 10,000,000 8,000,000 10,000,000 6,500,000 6,000,000 5,500,000 5,000,000 5,100,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 4,500,000 5,000,000 4,000,000

UCITS 8.2 requires a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total value of purchases for the period and aggregate disposals greater than one per cent of the total value of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no extra cost from the Administrator. 44

HEDGE INVEST INTERNATIONAL FUNDS plc HI PRINCIPIA FUND SCHEDULE OF MATERIAL PURCHASES AND SALES (continued) For the period ended 31 December 2013 The 20 largest purchases Holding 3,257,800 240,900 40,500 113,300 107,600 1,026,950 65,000 50,900 261,300 534,300 34,600 164,900 1,439,500 308,000 165,200 59,900 136,450 681,000 94,100 1,015,000

Investments Abengoa Aareal Bank Novo Nordisk Rheinmetall Stada Arzneimittel Koninklijke BAM Groep AMS Vossloh CNP Assurances Deutz Fresenius SE & Co Rhoen Klinikum Greencore Group plc UBISOFT Entertainment Areva LEG Immobilien Enagas AZ Electronic Materials Getinge Heidelberger Druckmaschinen

Cost EUR ’000 6,060 5,763 5,002 4,559 3,935 3,822 3,669 3,563 3,519 3,397 3,212 3,185 3,166 3,003 2,688 2,509 2,407 2,263 2,211 1,986

Investments AMS AZ Electronic Materials Novo Nordisk Enagas Aareal Bank Stada Arzneimittel Heidelberger Druckmaschinen Koninklijke BAM Groep Gamesa Corp Tecnologica Rhoen Klinikum Fresenius SE & Co Unibail-Rodamco ASM International Aurubis LEG Immobilien Swedish Match Lanxess Andritz FLSmidth & Co CGG

Proceeds EUR ’000 5,838 5,614 5,109 4,320 4,079 3,972 3,763 3,741 3,571 3,282 3,259 3,107 2,795 2,553 2,466 2,436 2,395 2,269 2,171 1,998

The 20 largest sales Holding 83,300 1,304,000 40,500 239,450 159,400 107,600 1,922,000 1,026,950 700,000 164,900 34,600 17,000 115,000 58,600 59,900 90,800 52,050 53,500 53,300 109,500


HEDGE INVEST INTERNATIONAL FUNDS plc HI SIBILLA MACRO FUND1 SCHEDULE OF MATERIAL PURCHASES AND SALES (continued) For the period ended 31 December 2013 The 20 largest purchases Holding 18,000 25,000 39,320 34,590 13,247 11,949 48,700 34,140 15,539 31,500 34,140 10,600 3,976 40,969 19,870 6,460 48,780 22,500 10,000 30,600

Investments Transocean United States Oil Fund Peabody Energy Corp. Cloud Peak Energy General Motors Co Freeport-McMoRan Copper & Gold JetBlue Airways Corp. Banco Bilbao Vizcaya Argentaria Cliffs Natural Resources Stillwater Mining Co GrafTech International Allegheny Technologies Apache Corp. Banco Santander ArcelorMittal Nucor Corp Paragon Shipping Cia de Minas Buenaventura United States Steel Corp. Baltic Trading

Cost EUR ’000 656 622 530 443 396 303 300 289 285 278 272 264 262 257 246 243 223 200 192 137

Investments Transocean United States Oil Fund Peabody Energy Corp. JetBlue Airways Corp. Cliffs Natural Resources Allegheny Technologies Apache Corp Cia de Minas Buenaventura United States Steel Corp. Cloud Peak Energy Barrick Gold Corp.

Proceeds EUR ’000 639 611 551 303 302 272 250 194 192 136 95

The 11 largest sales2 Holding 18,000 25,000 39,320 48,700 15,539 10,600 3,976 22,500 10,000 10,181 7,800



2

There are only 11 sales.

46

Unaudited Interim Financial Report

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