Statement of changes in net assets

for the year ended December 31, 2017

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(amounts in EUR)

December 31, 2017

December 31, 2016

 

 

 

Operations

 

 

Net operating income

15,228,792

13,216,993

Realised gain on investments

5,184,206

5,000,469

Realised loss on investments

(2,103,101)

(2,806,422)

Realised gain on swaps

492,514

65,213

Realised loss on swaps

(941,943)

(2,217,329)

Realised gain on foreign exchange contracts

7,403,563

5,242,946

Realised loss on foreign exchange contracts

(6,811,832)

(13,197,450)

Realised gain on foreign exchange

387,906

584,567

Realised loss on foreign exchange

(596,823)

(486,192)

Change in unrealised appreciation on investments

28,735

9,288,688

Change in unrealised depreciation on investments

(31,917,227)

Change in unrealised depreciation on swap contracts

(35,489)

(20,639)

Change in unrealised appreciation on forward foreign exchange contracts

16,040,976

964,198

Change in unrealised depreciation on forward foreign exchange contracts

(6,470)

(4,803,010)

 

 

 

 

 

 

Net increase in net assets resulting from operations

2,353,807

10,832,032

 

 

 

Capital transactions

 

 

 

 

 

Capital subscriptions

 

 

I Capitalisation Share Class (EUR)

11,175,583

65,755,794

I Distribution Share Class (EUR)

18,362,372

10,928,854

B Distribution Share Class (EUR)

473,872

417,208

R Capitalisation Share Class (EUR)

5,875,422

8,127,739

R Distribution Share Class (EUR)

3,369,411

5,456,642

R Distribution Share Class (EUR)

246,600

116,828

K-B Capitalisation Share Class (GBP)

64

K-B Distribution Share Class (GBP)

10,009

K-Retail Distribution Share Class (GBP)

2,675

K-Z Capitalisation Share Class (GBP)

411,300

110,867

K-Z Distribution Share Class (GBP)

722,671

25,398

Z Capitalisation Share Class (EUR)

17,333,728

124,838

Z Distribution Share Class (EUR)

1,659,396

5,896,136

I-II Institutional Capitalisation Share Class (EUR)

50,900,439

I-II Institutional Distribution Share Class (EUR)

25,376,427

 

 

 

 

 

 

Total subscriptions

135,919,969

96,960,304

 

 

 

Capital redemptions

 

 

I Capitalisation Share Class (EUR)

(73,808,208)

(5,992,479)

I Distribution Share Class (EUR)

(26,062,228)

(1,412,046)

B Capitalisation Share Class (EUR)

(82,503)

(6,914)

B Distribution Share Class (EUR)

(238,096)

(152,894)

R Capitalisation Share Class (EUR)

(310,236)

(358,139)

R Distribution Share Class (EUR)

(1,902,632)

(19,587)

K-Institutional Distribution Share Class (GBP)

(433,186)

(106,666)

K-B Capitalisation Share Class (GBP)

(680,883)

(79,184)

K-B Distribution Share Class (GBP)

(598,245)

(69,987)

K-Retail Distribution Share Class(GBP)

(426,158)

K-Z Distribution Share Class (GBP)

(12,380)

Z Capitalisation Share Class (EUR)

(50,557)

Z Distribution Share Class (EUR)

(1,873,221)

(50,894,619)

I-II Institutional Capitalisation Share Class (EUR)

(3,000,000)

 

 

 

 

 

 

Total redemptions

(109,466,153)

(59,104,895)

 

 

 

Net increase in net assets resulting from capital transactions

26,453,816

37,855,409

 

 

 

Net assets

 

 

Net assets at the beginning of the year

339,201,563

290,558,880

Total increase in net assets

28,807,623

48,687,441

Dividend distribution

(2,661,982)

(44,758)

 

 

 

 

 

 

Net assets at the end of the year

365,347,204

339,201,563

 

 

 

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

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