erste responsible stock global czk

ERSTE RESPONSIBLE
STOCK GLOBAL CZK
Mutual fund pursuant to the InvFG
Semi-Annual Report 2014/15
(Partial semi-annual period from 15 December 2014 to
31 May 2015)
Semi-Annual Report 2014/15
Contents
General Information about the Investment Firm.........................................................................................................2
Development of the Fund...............................................................................................................................................3
Asset Allocation..............................................................................................................................................................4
Fund Portfolio as of 31 May 2015 ................................................................................................................................4
The Austrian Investment Fund Act (Investmentfondsgesetz [InvFG]) 2011 has been in effect since 1 September 2011. Some of the provisions
and legal references in the semi-annual report still refer to the InvFG 1993.
ERSTE RESPONSIBLE STOCK GLOBAL CZK
General Information about the Investment Firm
The company
ERSTE-SPARINVEST Kapitalanlagegesellschaft m. b. H.
Habsburgergasse 1a, A-1010 Vienna
Telephone: +43 05 0100-19881, Fax: +43 05 0100-17102
Nominal capital
EUR 4.50 million
Shareholders
Erste Asset Management GmbH (81.48%)
DekaBank Deutsche Girozentrale (2.87%)
„Die Kärntner“ Trust-Vermögensverwaltungsgesellschaft m.b.H. & Co KG (2.87 %)
NÖ-Sparkassen Beteiligungsgesellschaft m. b. H. (1.31%)
Salzburger Sparkasse Bank Aktiengesellschaft (2.87%)
Sieben Tiroler Sparkassen Beteiligungsgesellschaft m. b. H. (2.87%)
Steiermärkische Bank und Sparkassen Aktiengesellschaft (5.73%)
Supervisory Board
Wolfgang TRAINDL, Mag. (Chairman)
Gerhard FABISCH, Mag. Dr. (Deputy Chairman)
Wilhelm SCHULTZE, DI (Deputy Chairman)
Franz PRUCKNER, Dr. MBA
Birte QUITT, Dipl. BW. (FH)
Rupert RIEDER, Mag.
Gabriele SEMMELROCK-WERZER
Reinhard WALTL, Mag.
Appointed by the Works Council:
Regina HABERHAUER, Mag. (FH)
Dieter KERSCHBAUM, Mag.
Gerhard RAMBERGER, Mag.
Herbert STEINDORFER
Managing directors Heinz BEDNAR, Mag.
Franz GSCHIEGL, Dr.
Günther MANDL
Prokuristen (proxies)
State commissioners
Auditor
Achim ARNHOF, Mag.
Karl BRANDSTÖTTER, Mag.
Winfried BUCHBAUER, Mag.
Karl FREUDENSCHUSS
Dietmar JAROSCH, Dr.
Manfred LENTNER
Gerold Permoser, Mag.
Christian SCHÖN
Jürgen SINGER, Mag.
Custodian bank Erste Group Bank AG
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Erwin GRUBER
Michael MANHARD, HR Dr.
ERNST & YOUNG
WIRTSCHAFTSPRÜFUNGSGESELLSCHAFT MBH
Semi-Annual Report 2014/15
Dear Shareholder,
We are pleased to present you the following semi-annual report for the ERSTE RESPONSIBLE STOCK GLOBAL CZK
mutual fund pursuant to the InvFG for the period from 15 December 2014 to 31 May 2015.
As a so-called feeder fund (§ 93 InvFG), ERSTE RESPONSIBLE STOCK GLOBAL CZK held 4.57% of the assets of ERSTE
RESPONSIBLE STOCK GLOBAL (the so-called master fund) as of 31 May 2015. Details about ERSTE RESPONSIBLE
STOCK GLOBAL can be found in the annual report for ERSTE RESPONSIBLE STOCK GLOBAL as of 31 May 2015, which
is available at the web site www.erste-am.at.
The aggregate fees are made up of the TER of the feeder and the TER of the master fund together. The aggregate fees
amount to 1.73%.
Development of the Fund
ERSTE RESPONSIBLE STOCK GLOBAL CZK is an equity fund that invests according to ethical and socially responsible
criteria. The exclusion criteria include atomic energy, child labour, weapons, and the manufacture of genetically
manipulated seed. As an internationally investing fund, it achieved positive growth during the reporting period, in line
with the international equity markets.
Market
Fears of an imminent interest rate hike by the Fed and a substantial decline in the oil price caused prices to decline
on the international exchanges at the beginning of the reporting period. An assortment of stimulating measures by
the major central banks, especially the ECB but also the Bank of Japan, caused European and Japanese equities to
develop positively starting at the beginning of 2015 while the American equity market moved sideways because of
weaker economic data in the first quarter. Overall, the global equity markets saw positive development during the
reporting period despite phases of increased volatility, in part due to the appreciation of world currencies against the
euro. In absolute terms, the fund achieved a performance of 13.91% in the reporting period.
Portfolio
In sector terms, the overweighting of healthcare had a positive effect, as did the underweighting of energy and utilities,
while the overweighting of telecoms made a negative contribution. The stock picks also had a positive effect, especially
in the sectors of technology, healthcare, consumer discretionary, and energy. In regional terms, the underweighting
of the American market had a negative effect relative to the benchmark because of the strong US dollar. Countries
including Japan, Denmark, Ireland, and Finland made positive contributions.
We increased our allocations to financials, telecoms, industrials, and consumer discretionary and reduced our
allocations to technologies and energy during the reporting period. The greatest overweightings are currently in
technology, telecommunications, and healthcare. Financials, energy, utilities, and commodities are underweighted.
In regional terms, the fund is overweighted in Europe compared with the benchmark and underweighted in the USA.
No exchange-traded stock futures or options were used in the fund during the reporting period.
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ERSTE RESPONSIBLE STOCK GLOBAL CZK
Asset Allocation
31 May 2015
CZK million
%
Equities denominated in
EUR
Securities
Forward exchange agreements
Cash in banks
Other deferred items
Fund assets
-
278.0
278.0
0.8
3.4
0.0
280.5
-
99.11
99.11
0.30
1.20
0.01
100.00
Fund Portfolio as of 31 May 2015
(including changes in securities assets from 15 December 2014 to 31 May 2015)
Security designation
ISIN
Purch./
number
additions disposals
Sales/
Holding
Price
Value
in CZK
Shares/nominal (nom. in 1,000, rounded)
% share
of
fund
assets
Investment certificates
Investment certificates denominated in EUR
Issue country Austria
ERSTE RESPON.STOCK GL VTA
AT0000A0FSN4
38,180
400
37,780
268.470000 277,988,596.39
Total 277,988,596.39
99.11
Total investment certificates denominated in EUR translated at a rate of 0.036486 277,988,596.39
Total investment certificates 277,988,596.39
99.11
99.11
99.11
Unrealised
Forward exchange agreements
result in CZK
Forward exchange agreements denominated in GBP
Issue country Austria
FXF SPEST GBP/CZK 15.06.2015
FXF_TAX_3418437
720,000
-725,144.93
-0.26
Total
-725,144.93
-0.26
Total forward exchange agreements denominated in GBP translated at a rate of 0.026214
-725,144.93
-0.26
Forward exchange agreements denominated in EUR
Issue country Austria
FXF SPEST EUR/CZK 15.06.2015
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FXF_TAX_3418415
2,000,000
-65,343.45
-0.02
Total
-65,343.45
-0.02
Total forward exchange agreements denominated in EUR translated at a rate of 0.036486
-65,343.45
-0.02
Semi-Annual Report 2014/15
Security designation
ISIN
Holding
Unrealised
number
result in CZK
% share
of
fund
assets
Forward exchange agreements denominated in JPY
Issue country Austria
FXF SPEST JPY/CZK 15.06.2015
FXF_TAX_3418417
107,000,000
687,282.12
0.25
Total
687,282.12
0.25
Total forward exchange agreements denominated in JPY translated at a rate of 0.049640
687,282.12
0.25
Forward exchange agreements denominated in USD
Issue country Austria
FXF SPEST USD/CZK 15.06.2015
FXF_TAX_3418418
4,950,000
-739,310.19
-0.26
Total
-739,310.19
-0.26
Total forward exchange agreements denominated in USD translated at a rate of 0.039999
-739,310.19
-0.26
Total forward exchange agreements
-842,516.45
-0.30
277,988,596.39
99.11
-842,516.45
- 0.30
Breakdown of fund assets
Securities
Forward exchange agreements
Cash in banks
Other deferred items
Fund assets
KEST-exempt non-dividend shares outstanding
shares
Share value for KEST-exempt non-dividend share
CZK
3,360,812.68
1.20
-16,288.16
- 0.01
280,490,604.46
100.00
2,467,330
113.68
Investor note:
The values of assets in illiquid markets may deviate from their actual selling prices.
Vienna, June 2015
ERSTE-SPARINVEST Kapitalanlagegesellschaft m.b.H.
Electronically signed
Inspection information: The electronic signatures in this document can be inspected at www.signaturpruefung.gv.at.
Note:This document was signed with two qualified electronic signatures. A qualified electronic signature fulfils
the legal requirements of a hand-written signature, and in particular the requirements of the written form as
defined in § 886 ABGB (§ 4 [1] Austrian Signature Act [Signaturgesetz]).
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