Semi-annual report

Transcrição

Semi-annual report

Investment Company in accordance with Part I of
the Luxembourg Law of 17 December 2010 on Undertakings
for Collective Investment as Société d’Investissement à Capital Variable (SICAV)
R.C.S. B 137 827
Semi-annual report as at 30 June 2015
BAKERSTEEL® GLOBAL FUNDS
Management Company
R.C.S. Luxembourg B 82183
BAKERSTEEL GLOBAL FUNDS SICAV
with the sub-fund Precious Metals Fund
Content
Management Comments
page
2
Geographic classification of BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund
page
4
Economic classification of BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund
page
4
Statement of net assets of BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund
page
6
Statement of assets as at 30 June 2015
page
11
Purchases and sales from 19 February 2015 to 30 June 2015
page 14
Geographic classification of BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (in Liquidation)
page 16
Economic classification of BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (in Liquidation)
page 16
Statement of net assets of BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (in Liquidation)
page 17
page 20
page 21
Consolidated semi-annual report of BAKERSTEEL GLOBAL FUNDS SICAV
page 23
Notes to the semi-annual report as at 30 June 2015
page 25
Management, distribution and advisory services
page 30
The sales prospectus including the Articles of Association, the Key Investor Information Document and the Investment Company’s
financial statements and semi-annual reports are available free of charge by post, fax or e-mail at the registered office of the
Investment Company, or at the custodian bank, paying agents or the distributors in the respective countries of distribution and the
Swiss Representative. Additional information are available at the Investment Company at all times during regular business hours.
Shares subscriptions are valid only if they are made on the basis of the most recent version of the sales prospectus (including its
appendices) in conjunction with the latest available fi nancial statements and any subsequent semi-annual report.
1
Management Comments
BAKERSTEEL Precious Metals Fund (“Precious Metals Fund”) rose +26.8% (A2 EUR class) over the period, compared with the
Euromoney Global Gold Mining Index which rose +7.0% (in Euro terms). Gold rose +6.5% in Euro terms, and fell -1.0% in US dollar
terms. Precious Metals Fund has grown substantially in size during the quarter, reaching EUR 74m at the end of the period. The
investment team exercises a fundamental value-driven investment approach and through active stock selection Precious Metals Fund
is invested in companies that offer superior operational upside and the best relative potential to deliver leverage to the gold price.
The gold price has traded in a range-bound, yet stable, pattern in recent months and would appear to be building a base with the
lows having been tested a number of times. While much attention is given by investors and the media to the performance of the
US dollar gold price, which generated lackluster returns during the first half of 2015, it is important to highlight that the gold price has
made strong year-to-date gains in producer currencies; having risen +16.2% in Brazilian Real (BRL), +4.8% in Australian dollars
(AUD), and +4.1% in South African Rand (ZAR), benefitting gold producers in these jurisdictions, for which the Fund is well-positioned.
Investors and industry participants have begun to recognise some of the opportunities created by the recent severe downturn. This
is evidenced by increasing equity issuance year to date with USD 6.3 billion in primary and secondary offerings, which compares
to just USD 4.6 billion in the entirety of 2014. Furthermore, the value of M&A deals totalled around USD 8 billion during the first half
of the year. Precious Metals Fund has benefitted from a number of these transactions and we expect this theme to continue as we
enter the second half of the year.
The encouraging outperformance of the Precious Metals Fund relative to its peers has been generated by Baker Steel’s active
management approach. In the Australian allocation, St Barbara Mines (7.1% NAV), the Fund’s largest holding, gained +442.9% (AUD)
during H1 2015. The company’s shares have re-rated on better operational performance leading to an improved outlook on its debt
position by Moody’s. The completion of the sale of its Gold Ridge Mine in May and the buyback of USD 54 million in senior debt in
June demonstrates the company’s ability to further de-risk the balance sheet. In the Fund’s Africa allocation Perseus Mining (2.8%
NAV) rose +65.4% (AUD) during the period. The company released an improved life of mine plan for their flagship Edikan mine in
Ghana, along with permit extensions and a resolution to local power interruptions. Furthermore it announced a positive feasibility
study for the Sissingne Project in Cote d’Ivoire demonstrating to the market the company has a viable second mine to develop.
While there were no significant detractors from performance, the Fund held a small number of underperforming positions during the
quarter. AngloGold Ashanti (4.5% NAV) underperformed the peer group, having been impacted by pay disputes and risks associated
with its South African assets. While wage negotiations with unions are ongoing throughout the South African gold sector, we believe
AngloGold presents a strong investment case; management is focussed on asset optimisation and deleveraging its balance sheet.
Uncertainty in the geopolitical and monetary policy spheres continued to raise investors’ concerns across all asset classes during
the quarter. A potentially important factor for gold in the near term is the cloud around the US Fed’s timetable for raising interest
rates. We believe the market may be wrong to expect weakness in gold following the eventual first rate hike. Evidence suggests that
rising rates do not necessarily correlate with a falling gold price, and we believe the most important factor for gold remains low real
interest rates in the near- to medium-term.
2
BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund
Semi-annual Report
19 February 2015 - 30 June 2015
The company is entitled to create share classes with different rights.
The following share classes currently exist with the following features:
Securities ID No.:
ISIN:
Subscription fee:
Redemption fee:
Management fee:
Minimum investment:
Use of income:
Currency:
Securities ID No.:
ISIN:
Subscription fee:
Redemption fee:
Management fee:
Minimum investment:
Use of income:
Currency:
Securities ID No.:
ISIN:
Subscription fee:
Redemption fee:
Management fee:
Minimum investment:
Use of income:
Currency:
Share class A USD
Share class A EUR
A12FTZ
LU1128909121
up to 5.00 %
none
1.75 % p.a. plus 500 EUR fixed fee p.m.
No minimum
accumulative
USD
A12FT0
LU1128909394
up to 5.00 %
none
No minimum
accumulative
EUR
Share class D GBP
Share class S USD
A12FT7
LU1128910566
none
none
No minimum
accumulative
GBP
A12FUC
LU1128913586
up to 5.00 %
none
1,000 USD
accumulative
USD
Share class A2 EUR
Share class I2 EUR
A1CXBS
LU0357130854
up to 5.00 %
none
No minimum
accumulative
EUR
A0Q2FR
LU0357130771
up to 5.00 %
none
100,000 EUR
accumulative
EUR
The accompanying notes form an integral part of this semi-annual report.
3
Geographic classification
Canada
Australia
Great Britain
United States of America
South Africa
Cayman Islands
Netherlands
Virgin Islands (GB)
Investment in securities
Cash at bank
Bank liabilities
Balance of other receivables and liabilities
33.30 %
26.71 %
14.42 %
7.13 %
5.37 %
4.57 %
2.95 %
0.53 %
94.98 %
5.20 %
0.00 %
-0.18 %
100.00 %
Economic classification
Raw, auxiliary & operating materials
Diversified financial services
Software & services
Commercial Services & Supplies
Cash at bank
Bank liabilities
90.41 %
3.98 %
0.52 %
0.07 %
94.98 %
5.20 %
0.00 %
-0.18 %
100.00 %
4
Performance since launch
Share class A USD
Date
21.04.2015
30.06.2015
Share class A EUR
Date
Total net assets
in Mio. EUR
Shares
outstanding
Net cash
inflow
Net asset
value per share
EUR
Net asset
value per share
USD*
Launch
0.00
10
0.93
92.98
94.94
100.00
105.85
Total net assets
in Mio. EUR
Shares
outstanding
Net cash
inflow
Net asset
value per share
EUR
Launch
0.00
11
1.12
100.00
102.44
21.04.2015
30.06.2015
Share class D GBP
Date
04.06.2015
30.06.2015
Total net assets
in Mio. EUR
Shares
outstanding
Net cash
inflow
Net asset
value per share
EUR
Net asset
value per share
GBP*
Launch
12.28
89,457
12,094.55
136.11
137.24
100.00
97.18
Total net assets
in Mio. EUR
Shares
outstanding
Net cash
inflow
Net asset
value per share
EUR
Net asset
value per share
USD*
Launch
53.29
551,858
51,151.41
89.19
96.57
100.00
107.67
Share class S USD
Date
27.02.2015
30.06.2015
* conversion into Euro
as at 27 February 2015
1 Euro = 1.1212 USD
as at 21 April 2015
1 Euro = 1.0753 USD
as at 4 June 2015
1 Euro = 0.7347 GBP
as at 30 June 2015
1 Euro = 1.1149 USD
1 Euro = 0.7081 GBP
5
Performance for the last 3 financial years
Share class A2 EUR
Date
Total net assets
in Mio. EUR
Shares
outstanding
Net cash
inflow
Net asset
value per share
EUR
5.92
6.90
7.74
7.93
56,234
53,325
51,601
48,341
-6,514.64
-195.66
-260,62
-519.94
105.27
129.43
149.96
164.08
Total net assets
in Mio. EUR
Shares
outstanding
Net cash
inflow
Net asset
value per share
EUR
4.36
3.01
1.33
0.05
51,484
28,521
10,870
360
-1,740.86
-2,362.28
-2,147.08
-1,309.40
84.60
105.68
122.64
134.74
31.12.2013
31.12.2014
18.02.2015
30.06.2015
Share class I2 EUR
Date
31.12.2013
31.12.2014
18.02.2015
30.06.2015
Statement of net assets
as at 30 June 2015
EUR
Investments in securities at market value
(Cost of investments: EUR 67,422,451.64)
Cash at bank
Dividend receivables
Other receivables *
Other assets **
69,858,484.48
3,824,950.66
14,480.53
346.95
9,042.68
73,707,305.30
Bank liabilities
Payables from share redemptions
Interest payable
Other liabilities ***
-0.01
-26,995.30
-23,804.24
-104,258.96
-155,058.51
Total net assets
* This item consists primarily of receivables associated with foreign exchange and securities transactions.
** The position includes amortisation of formation expenses.
*** This position consists primarily of investment adviser fee payables and audit fee payables.
6
73,552,246.79
Allocations by share class
Share class A USD
Proportion of sub-fund assets
Number of shares outstanding
Sub-fund asset value per share
949.44 EUR
10.000
94.94 EUR
Share class A EUR
1,139.40 EUR
11.123
102.44 EUR
Share class D GBP
12,277,167.26 EUR
89,456.561
137.24 EUR
Share class S USD
53,292,672.89 EUR
551,857.989
96.57 EUR
Share class A2 EUR
7,931,811.40 EUR
48,341.352
164.08 EUR
Share class I2 EUR
48,506.40 EUR
360.000
134.74 EUR
7
Statement of changes in net assets
for the reporting period from 19 February 2015 to 30 June 2015
Total
Total net assets at the beginning
of the reporting period
Net income
Income equalisation
Cash inflows from subscriptions
Cash outflows from redemptions
Realised gains
Realised losses
Net change in unrealised appreciation on
investments
Total net assets at the end
of the reporting period
EUR
Share class
A USD
EUR
Share class
A EUR
EUR
Share class
D GBP
EUR
Share class
S USD
EUR
9,071,239.54
0.00
0.00
0.00
0.00
7,738,173.70 1,333,065.84
-531,955.56
303,709.40
63,907,360.26
-2,488,679.84
3,108,938.44
-2,522,746.92
2,704,381.47
-9.21
0.00
929.97
0.00
42.00
-36.96
23.64
-7.56
-15,759.66
-455,865.70
0.75
-413.20
296,962.51
1,118.85 12,094,554.90 51,381,317.61
0.00
0.00
-229,906.28
46.03
10,594.98 2,020,773.05
-38.07
-13,774.78 -1,572,815.77
19.40
201,965.02 1,852,207.47
-60,103.77
-209.66
-1,506.99
8,666.33
429,438.93
0.00
-949,374.26 -1,309,399.30
1,070,595.72
6,886.66
-930,060.45
-6,020.89
634,648.52
15,517.42
73,552,246.79
949.44
1,139.40 12,277,167.26 53,292,672.89
7,931,811.40
8
Share class
A2 EUR
EUR
Share class
I2 EUR
EUR
48,506.40
Profit and loss account
Total
EUR
Share class
A USD
EUR
Share class
A EUR
EUR
Share class
D GBP
EUR
Share class
S USD
EUR
Share class
A2 EUR
EUR
Share class
I2 EUR
EUR
88,290.23
21.11
-91,496.30
1.30
0.00
0.00
1.49
0.00
0.07
1,954.86
0.00
5,348.78
31,059.84
10.75
-85,275.65
45,838.18
10.30
-2,399.67
9,434.56
0.06
-9,169.83
-3,184.96
1.30
1.56
7,303.64
-54,205.06
43,448.81
264.79
-32,228.87
-8.08
-177,769.72
-10,389.31
-8,051.85
-10,058.82
-44,492.99
-3,414.50
-0.19
-5.61
-3.33
-0.12
0.00
-0.09
-0.65
-0.01
-0.23
-2.47
-3.88
-0.15
0.00
-0.10
-0.84
-0.01
-232.60
0.00
-9,163.00
-523.94
-309.56
-577.44
-5,635.28
0.00
-19,097.02
0.00
-94,423.77
-7,440.44
-5,229.13
-7,414.98
-32,854.50
-1,813.06
-12,822.84
0.00
-73,472.01
-2,386.44
-2,486.26
-2,038.01
-5,965.59
-1,592.02
-75.99
0.00
-703.73
-38.22
-26.90
-28.20
-36.13
-9.40
-7,343.06
-5,085.52
-2,563.44
-15,151.34
-212,213.10
-0.10
-0.06
0.00
-0.35
0.00
-0.13
-0.08
0.00
-0.41
-0.82
-661.65
-790.56
-64.89
-168.80
-4,935.58
-5,304.06
-3,610.38
-1,660.21
-11,126.23
-211,686.86
-1,361.01
-680.32
-821.94
-3,832.80
3,906.66
-16.11
-4.12
-16.40
-22.75
503.50
Total expenses
-528,770.60
-10.51
-9.12
-23,063.30
-401,660.64
-103,552.58
-474.45
Net income
-531,955.56
-9.21
-7.56
-15,759.66
-455,865.70
-60,103.77
-209.66
Swiss Total Expense Ratio without Performance fee as a
2)
percentage
(for the reporting period from 1 July 2014 to 30 June 2015)
2.54*
2.68*
2.05**
1.74***
3.42
2.06
Swiss Total 2)Expense Ratio with Performance fee as a
percentage
3.12*
2.91*
2.05**
1.74***
3.42
2.06
0.58*
0.23*
-
-
-
-
Income
Dividend income
Bank interest
Income equalisation
Total income
Expenses
Interest expense
Performance fee
Management and investment adviser fee
Custodian fee
Central Administration Agent fee
Taxe d‘abonnement
Publishing and auditing expenses
Setting, printing and shipping expenses for annual
and semi-annual reports
Transfer agent fee
Government fees
Formation expense
1)
Other expenses
Income equalisation
Swiss Performance fee as a percentage
1)
2)
*
**
***
2)
This position consists primarily of paying agent fees and delivery charges.
See accompanying notes to this report.
Extrapolated for the reporting period from 21 April 2015 to 30 June 2015
Extrapolated for the reporting period from 4 June 2015 to 30 June 2015
Extrapolated for the reporting period from 27 February 2015 to 30 June 2015
9
Statement of changes in the number of shares
Share class
A USD
No. of shares
Share class
A EUR
No. of shares
Share class
D GBP
No. of shares
Share class
S USD
No. of shares
Share class
A2 EUR
No. of shares
Share class
I2 EUR
No. of shares
Shares outstanding at the beginning of the reporting period
Shares subscribed
Shares redeemed
0.000
10.000
0.000
0.000
11.123
0.000
0.000
89,456.561
0.000
0.000
554,159.168
-2,301.179
51,601.451
2,835.023
-6,095.122
10,870.000
0.000
-10,510.000
Units outstanding at the end of the reporting period
10.000
11.123
89,456.561
551,857.989
48,341.352
360.000
10
ISIN
Securities
Purchases in
Sales in the
the reporting reporting period
period
Quantity
Price
Market value % TNA *
EUR
Shares, rights and participation certificates
Transferable securities admitted to an official exchange listing
Australia
AU000000BDR9
AU000000EVN4
AU000000KCN1
AU000000NST8
AU000000PRU3
AU000000RED3
AU000000RSG6
AU000000SBM8
Beadell Resources Ltd.
Evolution Mining Ltd.
Kingsgate Consolidated NL
Northern Star Resources Ltd.
Perseus Mining Ltd.
Red 5 Ltd.
Resolute Mining Ltd.
St. Barbara Ltd.
Canada
CA0115271086
CA03841G1019
CA0515471070
CA0809032067
CA09173M1032
CA32076V1031
CA38119T1049
CA38141A1075
CA4969024047
CA5107281084
CA5625682045
CA6752221037
CA67551V1031
CA76547T1066
CA80280U1066
CA8169221089
CA9535551092
Alamos Gold Inc.
Aquila Resources Inc.
Aureus Mining Inc.
Belvedere Resources Ltd.
BitGold Inc.
First Majestic Silver Corporation
Golden Star Resources Ltd.
Goldgroup Mining Inc.
Kinross Gold Corporation
Lake Shore Gold Corporation
Mandalay Resources Corporation
OceanaGold Corporation
Oceanus Resources Corporation
Richmont Mines Inc.
Santacruz Silver Mining Ltd.
SEMAFO Inc.
West Kirkland Mining Inc.
Cayman Islands
KYG3040R1092
Endeavour Financial Corporation
Great Britain
GB00B61D2N63
GG00B6686L20
GB00B2QPKJ12
GG00B3M9KL68
GB00B0394F60
Acacia Mining Plc.
Baker Steel Resources Trust Ltd.
Fresnillo Plc.
Kolar Gold Ltd.
Metals Exploration Plc.
*
AUD
AUD
AUD
AUD
AUD
AUD
AUD
AUD
CAD
CAD
GBP
CAD
CAD
USD
USD
CAD
CAD
CAD
CAD
CAD
CAD
CAD
CAD
CAD
CAD
CAD
GBP
GBP
GBP
GBP
GBP
8,829,000
5,914,166
3,074,339
992,000
8,512,000
23,136,663
10,451,500
17,815,000
450,000
8,313,834
4,670,000
5,328,000
113,000
323,000
3,250,000
4,746,767
1,464,000
2,854,000
4,901,000
1,126,000
1,166,988
342,000
1,664,700
792,000
7,949,433
7,602,500
333,000
7,669,609
224,000
3,947,000
46,821,091
TNA = Total net assets
11
0
1,080,200
0
322,000
1,652,000
0
0
4,480,000
0
0
153,000
0
0
0
0
0
0
71,000
0
0
120,000
11,000
0
0
0
0
0
0
0
0
0
8,829,000
4,833,966
3,074,339
1,270,000
6,860,000
23,136,663
10,451,500
13,335,000
480,000
8,313,834
4,517,000
5,328,000
113,000
323,000
3,250,000
4,746,767
1,464,000
2,783,000
4,901,000
1,126,000
1,046,988
431,000
1,664,700
987,000
7,949,433
7,602,500
333,000
7,669,609
224,000
3,947,000
46,821,091
0.2000
1.2050
0.7000
2.3300
0.4400
0.0940
0.3250
0.5500
7.0200
0.1550
0.2800
0.0400
4.6500
4.8600
0.3277
0.0900
2.8500
1.3300
0.9300
3.1100
0.2000
4.0400
0.1700
3.4900
0.0600
0.6100
3.1120
0.2700
7.0050
0.0212
0.0587
1,212,275.16
3,998,990.13
1,477,438.76
2,031,511.74
2,072,222.99
1,493,097.84
2,331,963.13
5,035,184.68
1.65
5.43
2.01
2.76
2.82
2.03
3.17
6.84
19,652,684.43
26.71
2,441,385.31
933,664.88
1,786,131.90
154,412.40
380,705.69
1,408,000.72
955,265.05
309,526.90
3,023,040.14
2,681,778.00
3,302,369.22
2,537,212.00
151,715.40
1,261,585.28
205,042.02
2,495,746.99
345,577.44
3.32
1.27
2.43
0.21
0.52
1.91
1.30
0.42
4.11
3.65
4.49
3.45
0.21
1.72
0.28
3.39
0.47
24,373,159.34
33.15
3,360,038.40
4.57
3,360,038.40
4.57
1,463,488.21
2,924,437.83
2,215,958.20
118,449.02
3,884,676.03
1.99
3.98
3.01
0.16
5.28
10,607,009.29
14.42
ISIN
Securities
Netherlands
US65557T2050
Nord Gold NV ADR
Purchases in
Sales in the
period
EUR
2,166,130.77
2.95
3,324,764.55
625,374.47
4.52
0.85
3,950,139.02
5.37
2,399,677.10
2,849,179.30
3.26
3.87
5,248,856.40
7.13
393,315.34
0.53
393,315.34
0.53
69,751,332.99
94.83
69,751,332.99
94.83
US1921085049
Coeur d‘Alene Mines Corporation
US6516391066
Newmont Mining Corporation
Virgin Islands (GB)
VGG203461055
Chaarat Gold Holdings Ltd.
USD
USD
USD
USD
GBP
413,000
381,000
490,000
135,000
2,503,430
20,000
2.95
Anglogold Ltd. ADR
DRDGold Ltd. ADR
779,440
Price
2,166,130.77
South Africa
US0351282068
US26152H3012
USD
Quantity
7,000
0
0
0
0
759,440
406,000
381,000
490,000
135,000
2,503,430
3.1800
9.1300
1.8300
5.4600
23.5300
0.1113
Warrants
Canada
CA38501D1621
Gran Colombia Gold Corporation
WTS v.10(2015)
Ivanhoe Mines Ltd. WTS v.14(2015)
Stornoway Diamond Corporation
WTS v.14(2016)
West Kirkland Mining Inc./West
Kirkland Mining Inc. WTS v.14(2017)
CA46579R1120
CA86222Q1862
CA9535551415
USD
99
0
99
0.0041
0.36
0.00
CAD
CAD
340,000
0
0
0
340,000
125,000
0.0200
0.1100
4,926.82
9,962.32
0.01
0.01
CAD
6,767,000
0
6,767,000
0.0100
49,029.13
0.07
63,918.63
0.09
63,918.63
0.09
*
12
ISIN
Securities
Purchases in
Sales in the
period
Quantity
Price
EUR
Unquoted securities
Canada
CA4436281360
HudBay Minerals Inc./HudBay
Minerals WTS v.14(2018)
CAD
0
Unquoted securities
Warrants
Cash at bank - current accounts
Bank liabilities
Total sub-fund assets in EUR
*
13
0
51,000
1.1700
43,232.86
0.06
43,232.86
0.06
43,232.86
0.06
107,151.49
0.15
69,858,484.48
94.98
3,824,950.66
5.20
-0.01
0.00
-131,188.34
-0.18
73,552,246.79
100,00
Purchases and sales of securities, bonded loans and derivatives during the reporting period, including changes without cash flows, which were not stated in the
statement of assets.
ISIN
Securities
Purchases
Sales
AUD
AUD
AUD
AUD
AUD
1,050,000
0
0
1,030,000
189,000
1,050,000
1,000,000
2,300,000
1,030,000
189,000
Bermuda
BMG4111M1029 G-Resources Group Ltd.
HKD
4,865,000
4,865,000
Canada
CA0084741085
CA0084741085
CA05152Q3052
CA11777Q2099
CA2506691088
CA27743M1068
CA3518581051
CA3809564097
CA46579R1047
CA49451A2074
CA54928Q1081
CA68827L1013
CA7759032062
CA7798992029
CA8910541082
CAD
USD
CAD
CAD
CAD
CAD
CAD
CAD
CAD
CAD
CAD
CAD
CAD
CAD
CAD
10,000
16,000
1,308,500
0
48,500
317,000
0
0
345,000
899,572
0
0
33,000
0
0
29,000
16,000
1,308,500
320,000
110,500
317,000
11,500
31,000
345,000
899,572
300,000
30,000
819,700
2,401,500
400,000
Cayman Islands
KYG215841001 China Polymetallic Mining Ltd.
HKD
3,000,000
3,000,000
Jersey
JE00B29LFF73
US7523443098
Lydian International Ltd.
Randgold Resources Ltd. ADR
CAD
USD
400,000
0
400,000
8,500
South Africa
ZAE000058723
US38059T1060
DRDGold Ltd.
Gold Fields Ltd. ADR
ZAR
USD
321,622
300,000
321,622
300,000
AUD
123,966
123,966
Australia
AU0000EVNXX6
AU000000GOR5
AU000000OBS4
AU000000SAR9
AU000000SIR2
Gold Road Resources Ltd.
Orbis Gold Ltd.
Saracen Mineral Holdings Ltd.
Sirius Resources NL
Agnico Eagle Mines Ltd.
Agnico-Eagle Mines Ltd.
Aura Minerals Inc.
B2Gold Corporation
Detour Gold Corporation
Eastmain Resources Inc.
FRANCO-NEVADA Corporation
Goldcorp Inc.
Ivanhoe Mines Ltd.
Kincora Copper Ltd.
Lucara Diamond Corporation
Osisko Gold Royalties Ltd.
Romarco Minerals Inc.
Roxgold Inc.
Torex Gold Resources Inc.
Unquoted securities
Australia
AU0000EVNZZ6 Evolution Mining Ltd.
14
Exchange rates
For the valuation of assets in foreign currencies, conversions into Euro were performed using the following exchange rates as at 30 June 2015.
Australian Dollar
British Pound
Canadian Dollar
US Dollar
AUD
GBP
CAD
USD
15
1
1
1
1
1.4566
0.7081
1.3802
1.1149
BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (in Liquidation)
Semi-annual report
19 February 2015 - 30 June 2015
The company is entitled to create share classes with different rights.
The following share classes currently exist with the following features:
Securities ID No.:
ISIN:
Subscription fee:
Redemption fee:
Management fee:
Minimum investment:
Use of income:
Currency:
Share class A USD
Share class I USD
A1JDFH
LU0654359693
up to 5.00 %
none
1.75% p.a. plus 500 EUR fixed fee p.m.
No minimum
accumulative
USD
A1JDFR
LU0654365237
up to 5.00 %
none
1.50% p.a. plus 500 EUR fixed fee p.m.
100,000 USD
accumulative
USD
Share class SA USD
Securities ID No.:
ISIN:
Subscription fee:
Redemption fee:
Management fee:
Minimum investment:
Use of income:
Currency:
A1JDFU
LU0654367282
up to 5.00 %
none
No minimum
accumulative
USD
Geographic classification
Jersey
Australia
Canada
Cash at bank
1.37 %
1.01 %
0.13 %
2.51 %
103.28 %
-5.79 %
100.00 %
Economic classification
Raw, auxiliary & operating materials
Automobile & components
Cash at bank
2.09 %
0.42 %
2.51 %
103.28 %
-5.79 %
100.00 %
16
Performance for the last 3 financial years
Share class A USD
Date
Total net
assets in Mio.
USD
Shares
outstanding
Net cash
inflow
Net asset
value per share
USD
0.00
0.01
0.01
0.00
16
282
282
282
0.00
15.09
0.00
-9.43
49.94
42.54
43.13
8.43
Total net
assets in Mio.
USD
Shares
outstanding
Net cash
inflow
Net asset value per
share
USD
0.02
0.02
0.01
0.00
22
22
19
19
0.00
0.00
-2.04
-10.38
805.33
694.15
705.28
137.85
Total net
assets in Mio.
USD
Shares
outstanding
Net cash
inflow
Net asset value per
share
USD
68.22
56.99
11.59
2.27
1,494,676
1,440,661
288,085
288,085
5,441.38
-2,765.83
-50,054.25
-8,980.85
45.64
39.56
40.22
7.87
31.12.2013
31.12.2014
18.02.2015
30.06.2015
Share class I USD
Date
31.12.2013
31.12.2014
18.02.2015
30.06.2015
Share class SA USD
Date
31.12.2013
31.12.2014
18.02.2015
30.06.2015
as at 30 June 2015
USD
(Cost of investments: USD 949,125.26)
Cash at bank
56,972.34
2,346,344.33
2,403,316.67
Interest payable
Other liabilities *
-1,491.58
-130,052.17
-131,543.75
Total net assets
* This position consists primarily of audit fee payables and other fee payables.
17
2,271,772.92
Allocations by share class
Share class A USD
2,380.17 USD
282.393
8.43 USD
Share class I USD
2,619.24 USD
19.000
137.85 USD
Share class SA USD
2,266,773.51 USD
288,085.000
7.87 USD
Statement of changes in net assets
Total
Total net assets at the beginning of the reporting period
Net income
Realised gains
Realised losses
Net change in unrealised appreciation on investments
USD
Share class
A USD
USD
Share class
I USD
USD
Share class
SA USD
USD
11,612,455.11
-241,210.11
-9,000,654.11
580,870.41
-10,485,716.61
9,806,028.23
12,179.67
-269.88
-9,428.65
607.09
-10,952.08
10,244.02
13,400.23
-292.45
-10,377.24
667.92
-12,051.70
11,272.48
11,586,875.21
-240,647.78
-8,980,848.22
579,595.40
-10,462,712.83
9,784,511.73
2,271,772.92
2,380.17
2,619.24
2,266,773.51
Total net assets at the end of the reporting period
18
Total
USD
Share class
A USD
USD
Share class
I USD
USD
Share class
SA USD
USD
Income
Dividend income
Bank interest
3,690.32
13,619.26
3.87
14.27
4.26
15.66
3,682.19
13,589.33
Total income
17,309.58
18.14
19.92
17,271.52
Expenses
Interest expense on bonds
Interest expense
Custodian fee
Taxe d‘abonnement
Setting, printing and shipping expenses for annual and semi-annual reports
Transfer agent fee
Government fees
Formation expense
1)
Other expenses
-389.40
-9,590.98
-20,979.75
-1,432.89
-8,771.18
-1,489.24
-78,236.65
-8,875.27
-2,910.21
-1,668.24
-78,926.14
-45,249.74
-0.50
-10.03
-39.46
-1.47
-9.20
-1.57
-81.97
-9.28
-3.08
-1.75
-82.31
-47.40
-0.55
-11.11
-38.61
-1.72
-10.15
-1.66
-90.22
-10.22
-3.34
-1.92
-90.68
-52.19
-388.35
-9,569.84
-20,901.68
-1,429.70
-8,751.83
-1,486.01
-78,064.46
-8,855.77
-2,903.79
-1,664.57
-78,753.15
-45,150.15
Total expenses
-258,519.69
-288.02
-312.37
-257,919.30
Net income
-241,210.11
-269.88
-292.45
-240,647.78
4.91
3.96
2.07
4.91
3.96
2.07
-
-
-
Share class
A USD
No. of shares
Share class
I USD
No. of shares
Share class
SA USD
No. of shares
Shares outstanding at the beginning of the reporting period
Shares subscribed
Shares redeemed
282.393
0.000
0.000
19.000
0.000
0.000
288,085.000
0.000
0.000
Shares outstanding at the end of the reporting period
282.393
19.000
288,085.000
Swiss Total Expense Ratio without Performance fee as a percentage
Swiss Total Expense Ratio with Performance fee as a percentage
Swiss Performance fee as a percentage
1)
2)
2)
2)
2)
This position consists primarily of liquidation fees and legal fees.
See accompanying notes to this report.
Statement of changes in the number of shares
19
ISIN
Securities
Purchases in
Sales in the
period
Quantity
Price
USD
Australia
AU000000LSA2
Lachlan Star Ltd.
AUD
0
0
1,236,456
0.0141
13,344.23
0.59
13,344.23
0.59
13,344.23
0.59
9,567.68
0.42
9,567.68
0.42
31,031.25
1.37
31,031.25
1.37
Unquoted securities
40,598.93
1.79
53,943.16
2.38
0.00
0.00
0.00
0.00
Unquoted securities
Australia
AU00AU274468
Auzex Exploration Ltd.
Jersey
GB00B09TKL88 Peninsular Gold Ltd.
AUD
GBP
0
0
0
0
98,444
451,000
0.1270
0.0437
Warrants
Unquoted securities
Australia
N/A
Indochine Mining Ltd. WTS v.15(2016)
Canada
N/A
Aquila Resources Inc./Aquila
Resources Inc. WTS v.14(2017)
Goldgroup Mining Inc./Goldgroup
Mining Inc. WTS v.15(2016)
AUD
0
0
1,150,000
0.0000
CAD
0
0
750,000
0.0050
3,029.18
0.13
CAD
0
0
125,000
0.0000
0.00
0.00
3,029.18
0.13
Unquoted securities
3,029.18
0.13
Warrants
3,029.18
0.13
56,972.34
2.51
2,346,344.33
103.28
-131,543.75
-5.79
2,271,772.92
100,00
N/A
Cash at bank - current accounts
Total sub-fund assets in USD
*
20
Purchases and sales of securities, bonded loans and derivatives during the reporting period, including changes without cash flows, which were not stated in the statement
of assets.
ISIN
Securities
Purchases
Sales
AUD
AUD
AUD
AUD
AUD
AUD
0
0
0
0
0
0
255,000
3,147,049
963,000
208,000
13,538,000
381,000
Bermuda
BMG4111M1029 G-Resources Group Ltd.
HKD
0
5,732,000
Canada
CA0084741085
CA03841G1019
CA0679011084
CA0809032067
CA4509131088
CA46579R1047
CA4969024047
CA6445351068
CA67551V1031
CA7759032062
CA98462Y1007
Agnico-Eagle Mines Ltd.
Aquila Resources Inc.
Barrick Gold Corporation
Belvedere Resources Ltd.
IAMGOLD Corporation
Ivanhoe Mines Ltd.
Kinross Gold Corporation
New Gold Inc.
Oceanus Resources Corporation
Romarco Minerals Inc.
Yamana Gold Inc.
USD
CAD
USD
CAD
CAD
CAD
CAD
CAD
CAD
CAD
CAD
0
0
0
0
0
0
0
0
0
0
0
14,500
4,028,000
38,000
326,000
96,000
327,240
83,000
63,000
389,500
99,000
54,000
Cayman Islands
KYG3040R1092 Endeavour Financial Corporation
CAD
0
261,000
Great Britain
GG00B6686L20 Baker Steel Resources Trust Ltd.
GB00B2QPKJ12 Fresnillo Plc.
GB00B0394F60 Metals Exploration Plc.
GBP
GBP
GBP
0
0
0
520,000
19,000
23,933,724
Netherlands
US65557T2050
Nord Gold NV ADR
USD
0
360,732
South Africa
US0351282068
US38059T1060
Anglogold Ltd. ADR
Gold Fields Ltd. ADR
USD
USD
0
0
43,000
95,000
US6516391066 Newmont Mining Corporation
USD
0
20,000
Virgin Islands (GB)
VGG203461055 Chaarat Gold Holdings Ltd.
GBP
0
565,000
GBP
0
1,898,000
Australia
AU000000EVN4
AU000000IDC6
AU000000KCN1
AU000000NST8
AU000000RED3
AU000000RSG6
Indochine Mining Ltd.
Kingsgate Consolidated NL
Northern Star Resources Ltd.
Red 5 Ltd.
Resolute Mining Ltd.
Unquoted securities
Great Britain
GG00BS7K5R06 Baker Steel Resources Trust Ltd. BZR 20.02.15
21
Purchases and sales of securities, bonded loans and derivatives during the reporting period, including changes without cash flows, which were not stated in the statement
of assets.
ISIN
Securities
Purchases
Sales
1,500,000
1,500,000
0
0
400,000
1,540,000
Bonds
USD
US912796DU05
0.000 % United States of America v.14(2015)
Warrants
Canada
CA46579R1120
CA9535551415
Ivanhoe Mines Ltd. WTS v.14(2015)
West Kirkland Mining Inc./West Kirkland Mining Inc. WTS v.14(2017)
CAD
CAD
Exchange rates
For the valuation of assets in foreign currencies, conversions into US dollar were performed using the following exchange rates as at 30 June 2015.
Australian Dollar
British Pound
Canadian Dollar
Euro
AUD
GBP
CAD
EUR
22
1
1
1
1
1.3065
0.6351
1.2380
0.8969
Consolidated semi-annual report
BAKERSTEEL GLOBAL FUNDS SICAV with the sub-funds
BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund and BAKERSTEEL GLOBAL FUNDS SICAV Alpha Gold Fund (in Liquidation)
as at 30 June 2015
EUR
(Cost of investments: USD 68,273,761.41)
Cash at bank
Dividend receivables
Other receivables*
Other assets**
69,909,585.33
5,929,484.10
14,480.53
346.95
9,042.68
75,862,939.59
Bank liabilities
Payables from share redemptions
Interest payable
Other liabilities***
-0.01
-26,995.30
-25,142.10
-220,908.14
-273,045.55
Total net assets
75,589,894.04
* This item consists primarily of receivables associated with foreign exchange and securities transactions.
** The position includes amortisation of formation expenses.
*** This position consists primarily of audit fee payables and investment adviser fee payables.
Statement of changes in total net assets
EUR
Total net assets at the beginning of the period
Net income
Income equalisation
Cash inflows from subscriptions
Realised gains
Realised losses
Net change in unrealised appreciation on investments
19,486,931.63
-748,306.90
303,709.40
55,834,300.69
-2,488,679.84
3,629,945.18
-11,927,820.57
11,499,814.45
Total net assets at the end of the reporting period
75,589,894.04
For the consolidation, figures in USD have been converted at the exchange rate as at 30 June 2015 in EUR: 1 EUR = 1.1149 USD.
23
EUR
Income
Dividend income
Bank interest
Income equalisation
91,600.23
12,236.79
-91,496.30
Total income
12,340.72
Expenses
Interest expense on bonds
Interest expense
Performance fee
Custodian fee
Taxe d‘abonnement
Setting, printing and shipping expenses for annual and semi-annual reports
Transfer agent fee
Government fees
Formation expense
1)
Other expenses
Income equalisation
-349.27
-40,831.42
-8.08
-196,587.33
-11,674.53
-15,919.08
-11,394.58
-114,666.68
-11,375.10
-9,953.35
-6,581.83
-73,355.56
-55,737.71
-212,213.10
Total expenses
-760,647.62
Net income
-748,306.90
1)
This position consists primarily of liquidation fees and paying agent fees.
For the consolidation, figures in USD have been converted at the exchange rate as at 30 June 2015 in EUR: 1 EUR = 1.1149 USD.
24
Notes to the financial statements as at 30 June 2015
1.) GENERAL
BAKERSTEEL GLOBAL FUNDS SICAV is a Luxembourg investment company (“Investment Company“) (Société d’Investissement à
Capital Variable) that has been established for an unlimited period in the form of an umbrella fund with sub-funds in accordance with
Part I of the Luxembourg Law of 17 December 2010 on Undertakings for Collective Investment (the “Law of 17 December 2010”).
The Investment Company was established on 10 April 2008 at the initiative of Baker Steel Capital Managers LLP who has appointed
IPConcept (Luxemburg) S.A. as its management company (“Management Company”).The Investment Company is a limited company
with variable capital (Société d’Investissement à Capital Variable), under Luxembourg law with its registered office at 4, rue Thomas
Edison, L-1445 Strassen. Its Articles of Association were published on 30 April 2008 in the Mémorial, Recueil des Sociétés et
Associations, the official journal of the Grand Duchy of Luxembourg (“Mémorial“). The Investment Company is entered in the
commercial register in Luxembourg under registration number R.C.S. Luxembourg B137827. The latest amendment to the Articles of
Association of the Investment Company came into effect on 18 February 2015 and was published in the Mémorial on 13 March 2015.
The Board of Directors of the Investment Company appointed the Management Company IPConcept (Luxemburg) S.A., a public
limited company (Aktiengesellschaft) under the law of the Grand Duchy of Luxembourg with its registered office located at
4, rue Thomas Edison, L-1445 Luxembourg-Strassen, with the duties of asset management, administration and distribution of the
shares of the Investment Company. The Management Company was incorporated for an unlimited period on 23 May 2001. Its
Articles of Association were published in the Mémorial on 19 June 2001. The latest amendment to the Articles of Association of the
Management Company came into effect on 14 November 2013 and was published in the Mémorial on 11 December 2013. The
Management Company is listed in the commercial register in Luxembourg under registration number R.C.S. Luxembourg B 82.183.
2.) SIGNIFICANT ACCOUNTING POLICIES
These reports are drawn up at the responsibility of the Board of Directors of the Investment Company in accordance with the legal
provisions applicable in Luxembourg and the standards for the preparation and presentation of reports.
1. The net assets of the Investment Company are shown in Euro (EUR) (“reference currency”).
2. The value of a share („net asset value per share“) is denominated in the currency laid down in the Annex to the sales prospectus
(“fund currency”), unless any other currency is stipulated for any other share classes in the Annex to the sales prospectus (“share
class currency”).
3. The net asset value per share is calculated by the Investment Company or a third party commissioned for this purpose by the
Investment Company, under the supervision of the Custodian Bank, on each banking day in Luxembourg, with the exception of
24 and 31 December of each year (“valuation day”). The Board of Directors may decide to apply different regulations to individual
funds, but the net asset value per share must be calculated at least twice each month.
4. A Business Day is a day on which banks are normally open for business in Luxembourg and London.
5. In order to calculate the net asset value per share, the value of the assets of each sub-fund, less the liabilities of each sub-fund
(“net sub-fund assets”) is determined on each day specified in the relevant Annex („Valuation Day“) and this is divided by the
number of shares in circulation in the respective sub-fund on the Valuation Day. The Management Company can, however, decide
to determine the unit value on the 24 and 31 December of a year without these determinations of value being calculations of
the unit value on a Valuation Day within the meaning of the above clause 1 of this point 4. Consequently, the shareholders may
not demand the issue, redemption or exchange of shares on the basis of a net asset value determined on 24 December and/or
31 December of a year.
6. Insofar as information on the situation of the net assets of the company must be specified in the annual or semi-annual reports
and/or other financial statistics pursuant to the applicable legislative provisions or in accordance with the conditions of these
Articles of Association, the value of the assets of each sub-fund will be converted to the reference currency. The net sub-fund
assets will be calculated according to the following principles:
a) Securities which are officially listed on a stock exchange are valuated at the last available market price. If a security is officially
listed on more than one stock exchange, the last available listing on the stock exchange which represents the major market
for this security shall apply.
b) Securities not officially listed on a securities exchange but traded on a regulated market will be valued at a price that may not
be lower than the bid price and not higher than the offered price at the time of valuation and which the Investment Company
deems in good faith to be the best possible price at which the securities can be sold.
c) OTC derivatives shall be evaluated on a daily basis using a method to be determined and validated by the Investment
Company in good faith on the basis of the sale value that is likely attainable and using generally accepted valuation models
which can be verified by an auditor.
25
d) UCITS and UCIs are valued at the most recently established and available redemption price. In the event that the redemption
of the investment units is suspended, or no redemption prices are established, these units together with all other assets will
be valued at their appropriate market value, as determined in good faith by the Management Company and in accordance
with generally accepted valuation standards approved by the auditors.
e) If the respective prices are not fair market prices and if no prices are set for securities other than those listed under paragraphs
a) and b), these securities and the other legally permissible assets will be valued at the current trading value, which will be
established in good faith by the Investment Company on the basis of the sale value that is in all probability achievable.
f)
Liquid funds are valued at their nominal value plus interest.
g) The market value of securities and other investments which are denominated in a currency other than the currency of the
relevant sub-fund shall be converted into the currency of the sub-fund at the last mean rate of exchange (WM/Reuters fixing
at 4 pm London time). Gains and losses from foreign exchange transactions will on each occasion be added or subtracted.
Any distributions paid out to sub-fund shareholders will be deducted from the net assets of the subfund.
7. The net asset value per share is calculated separately for each sub-fund pursuant to the aforementioned criteria. However, if
there are different share classes within a sub-fund, the net asset value per share will be calculated separately for each share
class within this fund pursuant to the aforementioned criteria. The composition and allocation of assets always occurs separately
for each sub-fund.
The tables published in this report may, for arithmetical reasons, contain rounding differences which are higher or lower than a unit
(currency, percentage, etc.).
3.) TAXATION
Taxation of the Investment Company
In the Grand Duchy of Luxembourg, the assets of the Fund are subject to a subscription tax known as the “taxe d‘abonnement”, which
is currently levied in an amount of 0.05% p.a. The “taxe d‘abonnement” is payable quarterly on the total net assets reported as at
the end of each respective quarter. The amount of the “taxe d‘abonnement” is specified for the fund or share classes in the relevant
Annex to the sales prospectus. If the fund assets are invested in other Luxembourg investment funds that are already subject to the
taxe d’abonnement, said assets invested in such funds are exempt from the tax.
The income of the Investment Company or the fund from investing its assets is not taxed in the GrandDuchy of Luxembourg. However,
such income may be subject to taxation at source in countries in which the fund assets are invested. In such cases, neither the
custodian bank nor the Investment Company is obliged to collect tax certificates.
Taxation on income from shares of the investment fund for the investor
The European Union’s Savings Directive 2003/48/EC (“EUSD”) which came into effect on 1 July 2005 was aimed at ensuring that
EU residents are taxed on interest income from cross border investments in bank accounts and certain investment funds that are
in scope of EUSD (“in-scope funds”). The Luxembourg rules implementing the EUSD applied a withholding tax to interest income
including that from dividends and redemptions proceeds in certain investment funds and such payments were not subject to EUSD
reporting in Luxembourg. This EUSD Withholding Tax, which has increased in rate from 15% to 35% since the implementation of
EUSD, is applied to funds that pay interest income.
As an alternative to EUSD Withholding Tax under the Luxembourg EUSD rules, Luxembourg has offered investors an option of
Exchange of Information. Where an investor had elected for Exchange of Information, the Luxembourg tax authority was informed
of the amount of interest income paid, along with the name, residential address, tax identification number or date and place of birth.
The Luxembourg tax authority has then, in accordance with EUSD, reported this information to the tax authority in the country of
residence for the investor to be taxed accordingly.
The Luxembourg government has recently decreed that as of 1 January 2015 the country will no longer offer the EUSD Withholding
Tax possibility and will only apply the automatic Exchange of Information under Luxembourg EUSD rules. This means that the
Luxembourg Paying Agents can no longer apply EUSD Withholding Tax on interest income and the account will be subject to
Exchange of Information under Luxembourg rules. The changes to the rules will apply to any interest payments on in-scope funds
made on or after 1 January 2015 and these will be reported to the Luxembourg Tax Authority in 2016 for onward reporting to the Tax
Authority of the country of residence.
Prospective investors should ensure they are informed about laws and regulations which apply to the purchase, ownership and
redemption of shares and obtain advice if necessary.
26
4.) USE OF INCOME
Further details on the use of earnings are provided in the sales prospectus.
5.) INFORMATION RELATING TO FEES AND EXPENSES
Please refer to the current sales prospectus for information regarding management and custodian bank fees.
6.) EVENTS DURING THE REPORTING PERIOD
a) Change of management company, custodian bank, paying agent, central administration, Registrar- and Transfer Agent, name
of the fund , investment manager and registered office with effect 19 February 2015:
The Fund appointed a new management company, IPConcept (Luxembourg) S.A. (the “New Management Company”), with
registered office at 4, rue Thomas Edison, L-1445 Luxembourg - Strassen. DZ PRIVATBANK S.A., 4, rue Thomas Edison,
L-1445 Luxembourg - Strassen, has been appointed as the Fund‘s Custodian Bank, Paying Agent, Central Administration Agent,
Registrar and Transfer Agent. The Fund was renamed BAKERSTEEL GLOBAL FUNDS SICAV. The Dynamic Investment Fund Dynamic Precious Metals Sub-Fund was renamed BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund and the
Dynamic Investment Fund - Baker Steel Alpha Gold Fund was renamed BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund.
The New Management Company appointed Baker Steel Capital Managers LLP, 86 Jermyn St., London SW1Y 6JD, as investment
manager for BAKERSTEEL GLOBAL FUNDS SICAV -Precious Metals Fund. The registered office of the Fund changed to
4, rue Thomas Edison, L-1445 Luxembourg - Strassen.
b) Liquidation of the sub-fund BAKERSTEEL GLOBAL FUNDS SICAV – Alpha Gold Fund with effect 12 March 2015
In consideration of the principle of fair and equal treatment of all shareholders the issue and redemption of shares was suspended
in a resolution on 2 March 2015 (closing date) due to large redemptions. The Investment Company therefore concluded that an
efficient management of the sub-fund could not be ensured in future even though the sub-fund’s assets had not fallen below the
minimum amount of 2.5 million EUR as stated in the Articles of Association. Pursuant to Article 7 of the Articles of Association
the Investment Company hereby confirms that the sub-fund was liquidated effective 12 March 2015.
The net asset value of the sub-fund will be furthermore be calculated and published on a daily basis until the sub-fund’s liquidation.
The liquid assets within the fund have been put up for sale. The available cash amount within the fund’s assets has partially
been distributed to shareholders. During the liquidation process the sub-fund will be managed under the status “in liquidation”
until all assets of the sub-fund have been sold.
The Board of Directors of the BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (in Liquidation) resolved to make partial
payments from the liquidation proceeds for the sub-fund‘s three share classes as follows:
Fund name
Unit class
WKN
ISIN
Amount
per share
in USD
BAKERSTEEL GLOBAL FUNDS SICAV Alpha Gold Fund (in liquidation)
A USD
A1JDFH
LU0654359693
33.3884
I USD
A1JDFR
LU0654365237
546.1706
SA USD
A1JDFU
LU0654367282
31.1743
Ex-date:
Value date:
27
22 April 2015
24 April 2015
Fund name
Unit class
WKN
BAKERSTEEL GLOBAL FUNDS SICAV Alpha Gold Fund (in Liquidation)
A USD
A1JDFH
LU0654359693
7.9743
I USD
A1JDFR
LU0654365237
130.4796
SA USD
A1JDFU
LU0654367282
7.4471
Ex-date:
Value date:
ISIN Amount per share
in USD
1 July 2015
7 July 2015
c) Contribution in kind in the sub-fund BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund
•
Contribution in kind of RIT Capital Partners plc
RIT Capital Partners plc, an investment trust, which is listed at the London Stock Exchange, subscribed to shares in the sub-fund
in the form of a contribution in kind. Within this contribution in kind (in-specie transfer) RIT Capital Partners plc received shares of
the sub-fund to the value that corresponded to the value of the securities. The valuation of the securities transferred was based on
closing market prices of 7 April 2015. The subscription of shares of the sub-funds was carried out at an issue-price on 8 April 2015
(based on the previous day’s closing prices).
•
Contribution in kind of BNP Paribas Nominees PTY Limited
BNP Paribas Nominees PTY Limited, an Australian Proprietary Company regulated by the Australian Securities and Investments
Commission (ASIC) and Australian Transaction Reports and Analysis Centre (AUSTRAC) subscribed for shares in the share class
S USD in form of a contribution in kind. The ultimate holding company of BNP Paribas Nominees PTY Limited is BNP PARIBAS.
Within this contribution in kind (in-specie transfer) BNP Paribas Nominees PTY Limited received shares of the share class in the
value corresponding to the value of the securities. The valuation of the securities transferred was based on closing market prices
on 8 May 2015. The subscription in shares of the share class of the sub-funds was carried out based on the closing-prices as of
11 May 2015.
•
Contribution in kind of HSBC Global Custody Nominee (UK) Limited
HSBC Global Custody Nominees (UK) Limited, a wholly owned subsidiary of HSBC Bank plc authorised and regulated by the Prudential
Regulation Authority and the Financial Conduct Authority subscribed for shares of the share class S USD in form of a contribution in
kind. Within this contribution in kind (in-specie transfer) HSBC Global Custody Nominee (UK) Limited received shares of the share
class in the value that corresponds to the value of the securities. The valuation of the securities transferred was based on closing
market prices of 5 June 2015. The subscription of shares of the share class of the sub-funds was carried out with closing-prices as
of 8 June 2015.
Further to these events, there were no other essential events during the reporting period.
7.) INFORMATION FOR SWISS INVESTORS
a.) Securities number
BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund A (USD)
27096230
BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund A (EUR)
27096235
BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund D (GBP)
27098226
BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund S (USD)
27019031
BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund A2 (EUR)
3931040
BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund I2 (EUR)
3931038
BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (i.L.) A (USD)
13478086
BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (i.L.) I (USD)
13478459
BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (i.L.) SA (USD)
13478524
28
b.) Total Expense Ratio (TER)
The commissions and fees incurred for managing the collective capital investments must be reported in the indicator known
internationally as the total expense ratio (TER). This indicator expresses the total of all commission and fees regularly incurred
(operating expenses) by the capital of the collective investment retrospectively as a percentage of the net assets; in principle, it is
calculated using the following formula:
Total operating expenses in UA*
TER % = ------------------------------------------------ x 100
Average net assets in UA*
* UA = Units in the accounting currency of the collective capital investment
According to the Swiss Funds & Asset Management Association guideline of 16 May 2008, the following TER was calculated in per
cent for the period from 1 July 2014 to 30 June 2015:
Without Perfomance Fee
With Performance Fee
BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund A (USD)
2,54 *
3,12 *
BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund A (EUR)
2,68 *
2,91 *
BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund D (GBP)
2,05 **
2,05 **
BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund S (USD)
1,74 ***
1,74 ***
BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund A2 (EUR)
3,42
3,42
BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund I2 (EUR)
2,06
2,06
BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (i.L.) A (USD)
4,91
4,91
BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (i.L.) I (USD)
3,96
3,96
BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (i.L.) SA (USD)
2,07
2,07
* Extrapolated for the reporting period from 21 April 2015 to 30 June 2015
** Extrapolated for the reporting period from 4 June 2015 to 30 June 2015
*** Extrapolated for the reporting period from 27 February 2015 to 30 June 2015
c.) Portfolio Turnover Rate (PTR) for the period from 1 July 2014 to 30 June 2015
As an indicator of the relevance of the additional costs incurred by the collective investment for the sale and purchase of investments,
the indicator known internationally by the term “portfolio turnover rate (PTR)” must be disclosed according to the following standard
procedures:
(sum 1 - sum 2)
PTR= ------------------------------------- x 100
Average fund assets in UA*
*UA = Units in the accounting currency of the fund
Sum 1 = sum of security transactions = X + Y
Sum 2 in UA = sum of transactions with shares in collective capital investments = S + T
Securities purchases in UA = X
Share issues in UA = S
Securities sales in UA = Y
Share redemptions in UA = T
According to the Swiss Funds & Asset Management Association guideline of 16 May 2008, the following PTR was calculated in per
cent for the period from 1 July 2014 to 30 June 2015:
BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund -76,07
BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (i.L.) 248,29
d.) Changes to the prospectus in the financial year
Publications of amendments to the prospectus during the financial year shall be made available for consultation in the Swiss Official
Gazette of Commerce www.swissfunddata.ch.
29
Investment Company
Board of Directors of the Investment Company
Chairman of the Board of Directors
Members of the Board of Directors
4, rue Thomas Edison
L-1445 Luxembourg-Strassen
Priya Mukherjee
Baker Steel Capital Managers LLP, London
Trevor Steel
Baker Steel Capital Managers LLP, London
Richard Goddard
the Directors Office, Luxembourg
Claudia Hauschild
DZ PRIVATBANK S.A., Luxembourg
Felix Graf von Hardenberg
IPConcept (Luxemburg) S.A., Luxembourg
Auditor of the Investment Company
PricewaterhouseCoopers, Société coopérative
2, rue Gerhard Mercator
B.P. 1443
L-1014 Luxembourg
Management Company
IPConcept (Luxemburg) S.A.
Supervisory Board of the Management Company
Chairman of the Supervisory Board
Dr. Frank Müller
Member of the Board of Managing Directors
DZ PRIVATBANK S.A.
Deputy Chairman of the Supervisory Board
Ralf Bringmann
Member of the Board of Managing Directors
DZ PRIVATBANK S.A.
Member of the Supervisory Board
Julien Zimmer
Chief Representative „Investment Funds“
DZ PRIVATBANK S.A.
Executive Board of the Management Company
Nikolaus Rummler
Michael Borelbach
Auditor of the Management Company
Ernst & Young S.A.
7, rue Gabriel Lippmann
Parc d’Activité Syrdall 2
L-5365 Munsbach
Custodian Bank
DZ PRIVATBANK S.A.
Central Administration Agent and Registrar and
Transfer Agent
DZ PRIVATBANK S.A.
30
Paying Agent
Grand Duchy of Luxembourg
Investment Manager
Information for investors in the Federal Republic of Germany
Paying and information agents
Information for investors in Switzerland
Representative
Paying agent
Information for investors in Austria
Credit institution within the meaning of §141(1)
Investmenfondsgesetz (Investment Fund Act - InvFG) 2011
DZ PRIVATBANK S.A.
Baker Steel Capital Managers LLP
86 Jermyn Street London
SW1Y 6JD United Kingdom
DZ BANK AG
Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main
Platz der Republik
D-60265 Frankfurt am Main
IPConcept (Schweiz) AG
In Gassen 6
CH-8022 Zürich
DZ PRIVATBANK (Schweiz) AG
Münsterhof 12
Ch-8022 Zürich
Erste Bank der oesterreichischen Sparkassen AG
Graben 21
A-1010 Vienna
Office from which the unitholders can obtain the information
stipulated under § 141 InvFG 2011
Graben 21
A-1010 Vienna
Domestic tax representative within the
meaning of § 186(2)(2) InvFG 2011
Graben 21
A-1010 Vienna
31
Production: KNEIP (www.kneip.com)

Semi-annual report

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