Statement of changes in net assets

for the year ended December 31, 2014

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(amounts in EUR)

December 31, 2014

December 31, 2013

December 31, 2012

 

 

 

 

Operations

 

 

 

Net operating income

7,480,568

4,682,459

4,646,520

Realised gain on investments

5,103,883

556,957

1,008,119

Realised loss on investments

(1,492,209)

(7,065)

(13,827)

Realised gain/(loss) on swaps

72,249

(411,497)

(135,213)

Realised gain on foreign exchange contracts

1,898,854

2,317,758

1,710,669

Realised loss on foreign exchange contracts

(2,473,448)

(2,843,675)

(2,633,156)

Realised gain on foreign exchange

445,640

205,984

97,430

Realised loss on foreign exchange

(151,329)

(109,600)

(138,073)

Change in unrealised appreciation on investments

13,550,202

5,892,696

4,490,560

Change in unrealised depreciation on investments

(5,016,350)

(1,978,414)

Change in unrealised appreciation on swap contracts

616,983

215,369

Change in unrealised depreciation on swap contracts

(392,881)

Change in unrealised appreciation on forward foreign exchange contracts

169,681

3,446,587

1,716,559

Change in unrealised depreciation on forward foreign exchange contracts

(11,735,519)

(380,296)

 

 

 

 

 

 

 

 

Net increase in net assets resulting from operations

12,475,691

9,331,147

8,606,247

 

 

 

 

Capital transactions

 

 

 

 

 

 

 

Capital subscriptions

 

 

 

I Capitalisation Share Class (EUR)

38,437,110

14,380,824

9,955,011

I Distribution Share Class (EUR)

8,347,640

1,148,240

2,531,552

B Capitalisation Share Class (EUR)

233,106

492,760

1,272,209

B Distribution Share Class (EUR)

2,855,523

21,452,647

12,982,922

R Capitalisation Share Class (EUR)

3,407,045

3,212,131

536,460

R Distribution Share Class (EUR)

1,921,845

1,700,325

821,422

K–Institutional Capitalisation Share Class (GBP)

K–Institutional Distribution Share Class (GBP)

1,314,545

358,584

567,986

K–B Capitalisation Share Class (GBP)

K–B Distribution Share Class (GBP)

15,948

213,231

248,230

K–Retail Capitalisation Share Class (GBP)

60,275

K–Retail Distribution Share Class (GBP)

5,418

5,661

4,651

K–Z Capitalisation Share Class (GBP)

209,510

238,248

K–Z Distribution Share Class (GBP)

145,904

188,576

Z– Capitalisation Share Class (EUR)

1,626,917

500

Z– Distribution Share Class (EUR)

65,549,598

500

 

 

 

 

 

 

 

 

Total subscriptions

124,070,109

43,392,227

28,980,718

 

 

 

 

Capital redemptions

 

 

 

I Capitalisation Share Class (EUR)

(10,708,400)

(3,229,407)

(2,438,417)

I Distribution Share Class (EUR)

(40,957)

B Capitalisation Share Class (EUR)

(1,261,897)

(1,138,241)

(17,232)

B Distribution Share Class (EUR)

(56,298,132)

(3,169,208)

(1,632,113)

R Capitalisation Share Class (EUR)

(431,312)

R Distribution Share Class (EUR)

(637,330)

(146,384)

(56,175)

K–Institutional Capitalisation Share Class (GBP)

(2,319,579)

K–Institutional Distribution Share Class (GBP)

(27,520)

(524,321)

(32,106)

K–B Capitalisation Share Class (GBP)

(104,694)

(359,364)

(189,088)

K–B Distribution Share Class (GBP)

(187,780)

(61,637)

K–Retail Capitalisation Share Class (GBP)

(71,332)

(1,094)

(155,484)

K–Retail Distribution Share Class(GBP)

(67,288)

(255,958)

(156,738)

K–Z Capitalisation Share Class (GBP)

K–Z Distribution Share Class (GBP)

Z– Capitalisation Share Class (EUR)

(84,899)

Z– Distribution Share Class (EUR)

(5,343,024)

 

 

 

 

 

 

 

 

Total redemptions

(77,584,144)

(8,823,977)

(4,738,990)

 

 

 

 

Net increase in net assets resulting from capital transactions

46,485,965

34,568,250

24,241,728

 

 

 

 

Net assets

 

 

 

Net assets at the beginning of the year

163,470,832

122,404,100

91,679,563

Total increase in net assets

58,961,656

43,899,397

32,847,975

Dividend distribution

(2,049,336)

(2,832,665)

(2,123,438)

 

 

 

 

 

 

 

 

Net assets at the end of the year

220,383,152

163,470,832

122,404,100

 

 

 

 

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

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