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 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 Statement of assets as at 30 June 2015 page 20 Purchases and sales from 19 February 2015 to 30 June 2015 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 1.75 % p.a. plus 500 EUR fixed fee p.m. No minimum accumulative EUR Share class D GBP Share class S USD A12FT7 LU1128910566 none none 1.00 % p.a. plus 500 EUR fixed fee p.m. No minimum accumulative GBP A12FUC LU1128913586 up to 5.00 % none 0.85 % p.a. plus 500 EUR fixed fee p.m. 1,000 USD accumulative USD Share class A2 EUR Share class I2 EUR A1CXBS LU0357130854 up to 5.00 % none 2.40 % p.a. plus 500 EUR fixed fee p.m. No minimum accumulative EUR A0Q2FR LU0357130771 up to 5.00 % none 1.20 % p.a. plus 500 EUR fixed fee p.m. 100,000 EUR accumulative EUR The accompanying notes form an integral part of this semi-annual report. 3 BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund 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 Investment in securities Cash at bank Bank liabilities Balance of other receivables and liabilities 90.41 % 3.98 % 0.52 % 0.07 % 94.98 % 5.20 % 0.00 % -0.18 % 100.00 % The accompanying notes form an integral part of this semi-annual report. 4 BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund 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 The accompanying notes form an integral part of this semi-annual report. 5 BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund 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. The accompanying notes form an integral part of this semi-annual report. 6 73,552,246.79 BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund 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 Proportion of sub-fund assets Number of shares outstanding Sub-fund asset value per share 1,139.40 EUR 11.123 102.44 EUR Share class D GBP Proportion of sub-fund assets Number of shares outstanding Sub-fund asset value per share 12,277,167.26 EUR 89,456.561 137.24 EUR Share class S USD Proportion of sub-fund assets Number of shares outstanding Sub-fund asset value per share 53,292,672.89 EUR 551,857.989 96.57 EUR Share class A2 EUR Proportion of sub-fund assets Number of shares outstanding Sub-fund asset value per share 7,931,811.40 EUR 48,341.352 164.08 EUR Share class I2 EUR Proportion of sub-fund assets Number of shares outstanding Sub-fund asset value per share 48,506.40 EUR 360.000 134.74 EUR The accompanying notes form an integral part of this semi-annual report. 7 BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund 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 The accompanying notes form an integral part of this semi-annual report. 8 Share class A2 EUR EUR Share class I2 EUR EUR 48,506.40 BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund Profit and loss account for the reporting period from 19 February 2015 to 30 June 2015 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 (for the reporting period from 1 July 2014 to 30 June 2015) 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 The accompanying notes form an integral part of this semi-annual report. 9 BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund 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 The accompanying notes form an integral part of this semi-annual report. 10 BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund Statement of assets as at 30 June 2015 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 The accompanying notes form an integral part of this semi-annual report. 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 BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund Statement of assets as at 30 June 2015 ISIN Securities Netherlands US65557T2050 Nord Gold NV ADR Purchases in Sales in the the reporting reporting period 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 Transferable securities admitted to an official exchange listing 69,751,332.99 94.83 Shares, rights and participation certificates 69,751,332.99 94.83 United States of America 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 Market value % TNA * 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 Transferable securities admitted to an official exchange listing 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 Transferable securities admitted to an official exchange listing * TNA = Total net assets The accompanying notes form an integral part of this semi-annual report. 12 BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund Statement of assets as at 30 June 2015 ISIN Securities Purchases in Sales in the the reporting reporting period period Quantity Price Market value % TNA * EUR Unquoted securities Canada CA4436281360 HudBay Minerals Inc./HudBay Minerals WTS v.14(2018) CAD 0 Unquoted securities Warrants Investment in securities Cash at bank - current accounts Bank liabilities Balance of other receivables and liabilities Total sub-fund assets in EUR * TNA = Total net assets The accompanying notes form an integral part of this semi-annual report. 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 BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund Purchases and sales from 19 February 2015 to 30 June 2015 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 Shares, rights and participation certificates Transferable securities admitted to an official exchange listing Australia AU0000EVNXX6 AU000000GOR5 AU000000OBS4 AU000000SAR9 AU000000SIR2 Evolution Mining Ltd. 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. The accompanying notes form an integral part of this semi-annual report. 14 BAKERSTEEL GLOBAL FUNDS SICAV - Precious Metals Fund 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 The accompanying notes form an integral part of this semi-annual report. 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 0.85 % p.a. plus 500 EUR fixed fee p.m. No minimum accumulative USD Geographic classification Jersey Australia Canada Investment in securities Cash at bank Balance of other receivables and liabilities 1.37 % 1.01 % 0.13 % 2.51 % 103.28 % -5.79 % 100.00 % Economic classification Raw, auxiliary & operating materials Automobile & components Investment in securities Cash at bank Balance of other receivables and liabilities 2.09 % 0.42 % 2.51 % 103.28 % -5.79 % 100.00 % The accompanying notes form an integral part of this semi-annual report. 16 BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (in Liquidation) 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 Statement of net assets as at 30 June 2015 USD Investments in securities at market value (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. The accompanying notes form an integral part of this semi-annual report. 17 2,271,772.92 BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (in Liquidation) Allocations by share class Share class A USD Proportion of sub-fund assets Number of shares outstanding Sub-fund asset value per share 2,380.17 USD 282.393 8.43 USD Share class I USD Proportion of sub-fund assets Number of shares outstanding Sub-fund asset value per share 2,619.24 USD 19.000 137.85 USD Share class SA USD Proportion of sub-fund assets Number of shares outstanding Sub-fund asset value per share 2,266,773.51 USD 288,085.000 7.87 USD 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 Cash outflows from redemptions 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 The accompanying notes form an integral part of this semi-annual report. 18 BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (in Liquidation) Profit and loss account for the reporting period from 19 February 2015 to 30 June 2015 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 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 -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 (for the reporting period from 1 July 2014 to 30 June 2015) Swiss Total Expense Ratio with Performance fee as a percentage (for the reporting period from 1 July 2014 to 30 June 2015) 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 The accompanying notes form an integral part of this semi-annual report. 19 BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (in Liquidation) Statement of assets as at 30 June 2015 ISIN Securities Purchases in Sales in the the reporting reporting period period Quantity Price Market value % TNA * USD Shares, rights and participation certificates Transferable securities admitted to an official exchange listing 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 Shares, rights and participation certificates 53,943.16 2.38 0.00 0.00 0.00 0.00 Transferable securities admitted to an official exchange listing 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 Investment in securities Cash at bank - current accounts Balance of other receivables and liabilities Total sub-fund assets in USD * TNA = Total net assets The accompanying notes form an integral part of this semi-annual report. 20 BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (in Liquidation) Purchases and sales from 19 February 2015 to 30 June 2015 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 United States of America 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 Shares, rights and participation certificates Transferable securities admitted to an official exchange listing Australia AU000000EVN4 AU000000IDC6 AU000000KCN1 AU000000NST8 AU000000RED3 AU000000RSG6 Evolution Mining Ltd. 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 The accompanying notes form an integral part of this semi-annual report. 21 BAKERSTEEL GLOBAL FUNDS SICAV - Alpha Gold Fund (in Liquidation) Purchases and sales from 19 February 2015 to 30 June 2015 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 Transferable securities admitted to an official exchange listing USD US912796DU05 0.000 % United States of America v.14(2015) Warrants Transferable securities admitted to an official exchange listing 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 The accompanying notes form an integral part of this semi-annual report. 22 1 1 1 1 1.3065 0.6351 1.2380 0.8969 BAKERSTEEL GLOBAL FUNDS SICAV 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) Statement of net assets as at 30 June 2015 EUR Investments in securities at market value (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 for the reporting period from 19 February 2015 to 30 June 2015 EUR Total net assets at the beginning of the period Net income Income equalisation Cash inflows from subscriptions Cash outflows from redemptions 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. The accompanying notes form an integral part of this semi-annual report. 23 BAKERSTEEL GLOBAL FUNDS SICAV Profit and loss account for the reporting period from 19 February 2015 to 30 June 2015 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 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 -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. The accompanying notes form an integral part of this semi-annual report. 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 Notes to the financial statements as at 30 June 2015 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 Notes to the financial statements as at 30 June 2015 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) BAKERSTEEL GLOBAL FUNDS SICAV Alpha Gold Fund (in liquidation) A USD A1JDFH LU0654359693 33.3884 I USD A1JDFR LU0654365237 546.1706 BAKERSTEEL GLOBAL FUNDS SICAV Alpha Gold Fund (in liquidation) SA USD A1JDFU LU0654367282 31.1743 Ex-date: Value date: 27 22 April 2015 24 April 2015 Notes to the financial statements as at 30 June 2015 Fund name Unit class WKN BAKERSTEEL GLOBAL FUNDS SICAV Alpha Gold Fund (in Liquidation) BAKERSTEEL GLOBAL FUNDS SICAV Alpha Gold Fund (in Liquidation) A USD A1JDFH LU0654359693 7.9743 I USD A1JDFR LU0654365237 130.4796 BAKERSTEEL GLOBAL FUNDS SICAV Alpha Gold Fund (in Liquidation) 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 Notes to the financial statements as at 30 June 2015 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 Management, distribution and advisory services Investment Company Board of Directors of the Investment Company Chairman of the Board of Directors Members of the Board of Directors BAKERSTEEL GLOBAL FUNDS SICAV 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. 4, rue Thomas Edison L-1445 Luxembourg-Strassen 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. 4, rue Thomas Edison L-1445 Luxembourg-Strassen Central Administration Agent and Registrar and Transfer Agent DZ PRIVATBANK S.A. 4, rue Thomas Edison L-1445 Luxembourg-Strassen 30 Management, distribution and advisory services 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. 4, rue Thomas Edison L-1445 Luxembourg-Strassen 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 Erste Bank der oesterreichischen Sparkassen AG Graben 21 A-1010 Vienna Domestic tax representative within the meaning of § 186(2)(2) InvFG 2011 Erste Bank der oesterreichischen Sparkassen AG Graben 21 A-1010 Vienna 31 Production: KNEIP (www.kneip.com)