BPI Global Investment Fund

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BPI Global Investment Fund
BPI Global Investment Fund
Fonds Commun de Placement
R.C.S. Luxembourg N° of the Management Company S.A. B 46.684
Unaudited Semi-Annual Report as at June 30, 2016
BPI Global Investment Fund
BPI Global Investment Fund - BPI Europa
BPI Global Investment Fund - BPI Opportunities
BPI Global Investment Fund - BPI High Income Bond Fund
BPI Global Investment Fund - BPI Universal
BPI Global Investment Fund - BPI Iberia
BPI Global Investment Fund - BPI Africa
BPI Global Investment Fund - BPI America
BPI Global Investment Fund - BPI Alternative Fund: Iberian Equities Long/Short Fund
BPI Global Investment Fund - BPI Euro Large Caps
No subscription can be received on the basis of financial statements. Subscriptions are only valid if made on the basis of the current prospectus and relevant Key
Investor Information Document ("KIID") which will be accompanied by a copy of the latest available Annual Report and a copy of the latest available semi-annual
report, if published after such Annual Report.
BPI Global Investment Fund
Table of Contents
Board of Directors
3
Statistics
4
Combined Statement of Net Assets as at June 30, 2016
6
Combined Statement of Operations and Changes in Net Assets for the period ended June 30, 2016
6
BPI Global Investment Fund - BPI Europa
Statement of Net Assets as at June 30, 2016
7
Statement of Operations and Changes in Net Assets for the period ended June 30, 2016
7
Statement of Changes in Number of Units
7
Securities Portfolio as at June 30, 2016
8
Portfolio Breakdowns
10
Top Ten Holdings
10
BPI Global Investment Fund - BPI Opportunities
Statement of Net Assets as at June 30, 2016
11
Statement of Operations and Changes in Net Assets for the period ended June 30, 2016
11
Statement of Changes in Number of Units
11
Securities Portfolio as at June 30, 2016
12
Financial derivative instrument as at June 30, 2016
12
Portfolio Breakdowns
13
Top Ten Holdings
13
BPI Global Investment Fund - BPI High Income Bond Fund
Statement of Net Assets as at June 30, 2016
14
Statement of Operations and Changes in Net Assets for the period ended June 30, 2016
14
Statement of Changes in Number of Units
14
Securities Portfolio as at June 30, 2016
15
Portfolio Breakdowns
16
Top Ten Holdings
16
BPI Global Investment Fund - BPI Universal
Statement of Net Assets as at June 30, 2016
17
Statement of Operations and Changes in Net Assets for the period ended June 30, 2016
17
Statement of Changes in Number of Units
17
Securities Portfolio as at June 30, 2016
18
Financial derivative instrument as at June 30, 2016
18
Portfolio Breakdowns
19
Top Ten Holdings
19
BPI Global Investment Fund - BPI Iberia
Statement of Net Assets as at June 30, 2016
20
Statement of Operations and Changes in Net Assets for the period ended June 30, 2016
20
Statement of Changes in Number of Units
20
Securities Portfolio as at June 30, 2016
21
Portfolio Breakdowns
22
Top Ten Holdings
22
1
BPI Global Investment Fund
Table of Contents
BPI Global Investment Fund - BPI Africa
Statement of Net Assets as at June 30, 2016
23
Statement of Operations and Changes in Net Assets for the period ended June 30, 2016
23
Statement of Changes in Number of Units
23
Securities Portfolio as at June 30, 2016
24
Portfolio Breakdowns
25
Top Ten Holdings
25
BPI Global Investment Fund - BPI America
Statement of Net Assets as at June 30, 2016
26
Statement of Operations and Changes in Net Assets for the period ended June 30, 2016
26
Statement of Changes in Number of Units
26
Securities Portfolio as at June 30, 2016
27
Financial derivative instrument as at June 30, 2016
28
Portfolio Breakdowns
29
Top Ten Holdings
29
BPI Global Investment Fund - BPI Alternative Fund: Iberian Equities Long/Short Fund
Statement of Net Assets as at June 30, 2016
30
Statement of Operations and Changes in Net Assets for the period ended June 30, 2016
30
Statement of Changes in Number of Units
30
Securities Portfolio as at June 30, 2016
31
Financial derivative instrument as at June 30, 2016
31
Portfolio Breakdowns
33
Top Ten Holdings
33
BPI Global Investment Fund - BPI Euro Large Caps
Statement of Net Assets as at June 30, 2016
34
Statement of Operations and Changes in Net Assets for the period ended June 30, 2016
34
Statement of Changes in Number of Units
34
Securities Portfolio as at June 30, 2016
35
Portfolio Breakdowns
36
Top Ten Holdings
36
Notes to the Financial Statements
37
2
BPI Global Investment Fund
Board of Directors
Management Company
BPI Global Investment Fund Management Company S.A.
60, avenue J.F. Kennedy
L1855 Luxembourg
Grand Duchy of Luxembourg
Board of Directors of the Management Company
Chairman
Maria Isabel Cabral de Abreu Castelo Branco
Managing Director of Banco BPI
Vice Chairman
Paulo Alexandre Meles Saldanha Freire de Oliveira
CEO of BPI Gestão de Activos - Sociedade Gestora de
Fundos de Investimento Mobiliário, S.A., Lisboa, Portugal
Member of the Board of BPI Vida e Pensões - Companhia de Seguros, SA,
Members
Manuel Maria Pimentel de Sousa e Meneses
General Director of Banco BPI, S.A., Porto, Portugal
José Manuel Chaves da Veiga Sarmento
CEO of BPI Vida e Pensões - Companhia de Seguros, SA,
Member of the Board of BPI Gestão de Activos - Sociedade Gestora de
Fundos de Investimento Mobiliário, S.A., Lisboa, Portugal
João António Braga da Silva Pratas
Senior Director of Banco BPI, S.A., Porto, Portugal
Portfolio Manager
BPI Gestão de Activos - Sociedade Gestora de Fundos de Investimento Mobiliário, S.A.
1-5, Largo Jean Monnet
1269-067 Lisboa, Portugal
Custodian, Paying Agent, Domiciliary Agent and Administrative Agent
BNP Paribas Securities Services, Luxembourg Branch
60, avenue J.F. Kennedy
L1855 Luxembourg
Grand Duchy of Luxembourg
Cabinet de révision agréé
Deloitte Audit
Société à responsabilité limitée
560, rue de Neudorf
L-2220 Luxembourg
Grand Duchy of Luxembourg
3
BPI Global Investment Fund
Statistics
June 30, 2016
December 31, 2015
December 31, 2014
21,580,477.80
23,624,415.66
34,917,597.45
BPI Global Investment Fund - BPI Europa
Net Asset Value
EUR
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
Net asset value per unit
"R"
EUR
9.08
10.17
-
"I"
EUR
12.43
13.85
12.85
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
Number of units
"R"
"I"
100.00
100.00
-
1,736,804.82
1,705,581.27
2,717,984.40
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
BPI Global Investment Fund - BPI Opportunities
Net Asset Value
EUR
10,368,097.55
9,898,589.94
10,770,985.64
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
Net asset value per unit
"R"
EUR
4.99
4.75
4.72
"I"
EUR
6.51
6.16
6.06
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
Number of units
"R"
"I"
10,321.01
10,321.01
13,321.01
1,584,058.29
1,599,906.15
1,768,435.98
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
BPI Global Investment Fund - BPI High Income Bond Fund
Net Asset Value
EUR
22,019,113.85
23,302,677.21
26,075,162.44
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
Net asset value per unit
"R"
EUR
8.82
8.49
8.38
"I"
EUR
9.32
8.94
8.78
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
Number of units
"R"
"I"
137,229.77
220,528.43
502,699.78
2,233,651.33
2,397,423.79
2,490,754.43
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
BPI Global Investment Fund - BPI Universal
Net Asset Value
EUR
19,686,105.19
20,522,144.90
33,699,997.13
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
Net asset value per unit
"R"
EUR
6.66
6.71
7.03
"I"
EUR
7.32
7.34
7.61
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
Number of units
"R"
"I"
156,207.44
254,920.14
172,608.14
2,547,206.22
2,562,826.75
4,267,057.47
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
BPI Global Investment Fund - BPI Iberia
Net Asset Value
EUR
47,278,507.53
54,139,053.84
43,629,437.77
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
Net asset value per unit
"R"
EUR
3.85
4.53
4.19
"I"
EUR
4.19
4.91
4.49
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
Number of units
"R"
"I"
299,208.17
479,481.47
752,151.96
10,998,276.38
10,580,458.77
9,015,126.60
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
The accompanying notes are an integral part of these financial statements.
4
BPI Global Investment Fund
Statistics
June 30, 2016
December 31, 2015
December 31, 2014
15,284,202.75
15,529,702.21
6,953,593.57
BPI Global Investment Fund - BPI Africa
Net Asset Value
EUR
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
Net asset value per unit
"R"
EUR
9.30
9.35
11.00
"I"
EUR
9.79
9.77
11.35
"R USD"
USD
7.29
7.17
9.38
"M"
EUR
9.20
9.16
-
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
Number of units
"R"
"I"
2,623.43
13,702.09
12,398.09
1,281,851.93
1,482,121.15
600,428.93
25.00
25.00
122.64
294,705.89
100,000.00
-
"R USD"
"M"
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
BPI Global Investment Fund - BPI America
Net Asset Value
EUR
5,495,804.48
6,749,054.53
12,086,719.83
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
Net asset value per unit
"R"
EUR
16.67
17.84
16.46
"I"
EUR
17.50
18.64
17.01
"I EUR Hedged"
EUR
13.91
14.53
14.80
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
Number of units
"R"
"I"
"I EUR Hedged"
553.22
769.43
1,500.00
293,579.97
341,915.44
686,771.98
25,000.00
25,000.00
25,549.00
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
BPI Global Investment Fund - BPI Alternative Fund: Iberian Equities Long/Short Fund
Net Asset Value
EUR
349,330,518.83
340,311,166.47
188,452,122.27
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
Net asset value per unit
"R"
EUR
11.66
12.01
11.31
"I"
EUR
11.84
12.17
11.42
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
Number of units
"R"
7,714,325.20
6,656,331.06
2,898,877.61
"I"
21,913,948.91
21,386,925.12
13,635,333.74
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
BPI Global Investment Fund - BPI Euro Large Caps
Net Asset Value
EUR
18,137,869.55
24,690,357.79
20,050,681.11
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
Net asset value per unit
"R"
EUR
9.94
11.17
10.98
"I"
EUR
10.24
11.47
11.12
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
Number of units
"R"
"I"
25.00
25.00
25.00
1,770,858.60
2,152,354.32
1,803,256.75
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
The accompanying notes are an integral part of these financial statements.
5
BPI Global Investment Fund
Combined Statement
Statement of Net Assets as at June 30, 2016
Statement of Operations and Changes in Net Assets for
the period ended June 30, 2016
Notes
EUR
Assets
Notes
EUR
Income
Investment in securities at cost
396,566,329.47 Dividends (net of withholding taxes)
2
4,714,908.84
Unrealised appreciation / (depreciation) on securities
(17,928,794.35) Interest on bonds
2
955,091.34
2
37,995.81
Investment in securities at market value
Investment in option at market value
Cash at bank
2
378,637,535.12
11
15,347.23
2
Receivable for investments sold
Bank interest on cash account
Other income
6,605.30
126,742,827.83 Total income
5,714,601.29
13,398,143.49
Receivable on subscriptions
Expenses
500.00
Receivable on withholding tax reclaim
5,422.06
Net unrealised appreciation on futures contracts
2, 11
637,956.93
Net unrealised appreciation on equity swaps
2, 10
3,275,235.00
Dividends and interest receivable
1,336,695.01
Total assets
3
3,656,593.71
Performance fees
4
228,600.64
Administration fees
13,500.24
Professional fees
39,237.07
Transaction costs
524,049,662.67 Taxe d'abonnement
2
881,618.71
5
43,621.92
2
5,249,118.69
Bank interest and charges
Liabilities
Bank overdraft
Expenses on equity swaps
2,892.37
Accrued expenses
Performance fees payable
4,400.01
11,071,897.76 Total expenses
10,134,098.99
127,210.75
Payable on redemptions
Net investment income / (loss)
1,979,975.08
Payable on equity swaps
Net unrealised depreciation on forward foreign exchange
contracts
Net unrealised depreciation on futures contracts
2, 12
2, 11
17,408.00
Other expenses
796,524.53
Payable for investments purchased
587,255.12 Net realised gain / (loss) on:
7,251.78 Investments
Foreign currencies transactions
294,575.12
Other liabilities
1,382.63
Total liabilities
14,868,965.14
Net assets at the end of the period
Global management fees
Futures contracts
Forward foreign exchange contracts
Options and equity swaps
509,180,697.53 Net realised gain / (loss) for the period
(4,419,497.70)
(28,465,794.13)
(129,339.86)
642,291.95
16,722.41
19,671,993.29
(12,683,624.04)
Net change in unrealised appreciation / (depreciation) on:
Investments
Futures contracts
463,172.03
Forward foreign exchange contracts
(11,506.01)
Options and equity swaps
Increase / (Decrease) in net assets as a result of
operations
Proceeds received on subscription of units
(129,090.79)
(22,051,581.08)
119,941,509.39
Net amount paid on redemption of units
(107,476,393.33)
Net assets at the beginning of the period
518,767,162.55
Net assets at the end of the period
509,180,697.53
The accompanying notes are an integral part of these financial statements.
6
(9,690,532.27)
BPI Global Investment Fund
BPI Global Investment Fund - BPI Europa (in EUR)
Statement ofofOperations
Changes
in Net
Statement
Net Assetsand
as at
June 30,
2016Assets for the
period ended June 30, 2016
Notes
Statement of Operations and Changes in Net Assets for
the period ended June 30, 2016
EUR
Assets
Notes
EUR
2
479,394.62
Income
Investment in securities at cost
22,468,651.48 Dividends (net of withholding taxes)
Unrealised appreciation / (depreciation) on securities
(1,328,820.34) Other income
0.57
21,139,831.14 Total income
479,395.19
Investment in securities at market value
2
Cash at bank
2
Dividends and interest receivable
416,223.87
Expenses
48,022.26
Total assets
Global management fees
3
21,604,077.27 Administration fees
1,077.33
Professional fees
Liabilities
Bank overdraft
2.00
Accrued expenses
23,597.47
Total liabilities
23,599.47
Net assets at the end of the period
3,549.57
Transaction costs
2
4,924.00
Taxe d'abonnement
5
1,081.96
Bank interest and charges
21,580,477.80
110,096.87
256.91
Total expenses
120,986.64
Net investment income / (loss)
358,408.55
Net realised gain / (loss) on:
Investments
(37,444.66)
Foreign currencies transactions
(1,299.24)
Futures contracts
17,440.00
Net realised gain / (loss) for the period
337,104.65
Net change in unrealised appreciation / (depreciation) on:
Investments
(2,773,273.59)
Increase / (Decrease) in net assets as a result of
operations
(2,436,168.94)
Proceeds received on subscription of units
Statement of Changes in Number of Units
"R"
"I"
2,092,669.89
Net amount paid on redemption of units
(1,700,438.81)
Net assets at the beginning of the period
23,624,415.66
Net assets at the end of the period
21,580,477.80
Number of units in issue at
the beginning of the period
Number of units
subscribed
Number of units
redeemed
Number of units in issue at
the end of the period
100.00
-
-
100.00
1,705,581.27
164,088.38
(132,864.83)
1,736,804.82
The accompanying notes are an integral part of these financial statements.
7
BPI Global Investment Fund
BPI Global Investment Fund - BPI Europa (in EUR)
Securities Portfolio as at June 30, 2016
Name
Quantity/
Nominal
Currency
Market value
in EUR
%
NAV
Name
Currency
8,972.00 THYSSENKRUPP AG
830.00 VOLKSWAGEN AG-PREF
EUR
EUR
161,585.72
89,889.00
3,214,152.31
0.75
0.42
14.89
CHF
CHF
CHF
CHF
CHF
CHF
CHF
CHF
CHF
162,304.14
92,383.24
82,759.12
715,532.43
608,660.12
572,160.95
131,811.88
194,269.97
149,970.62
2,709,852.47
0.75
0.43
0.38
3.33
2.82
2.65
0.61
0.90
0.69
12.56
EUR
EUR
EUR
EUR
EUR
EUR
GBP
EUR
114,760.80
172,363.37
143,352.77
90,594.72
169,535.12
114,226.29
81,319.42
163,201.86
1,049,354.35
0.53
0.79
0.66
0.42
0.79
0.53
0.38
0.76
4.86
SEK
SEK
SEK
SEK
SEK
SEK
SEK
105,953.39
206,020.08
90,205.67
143,347.90
143,493.43
162,845.14
138,017.67
989,883.28
0.49
0.96
0.42
0.66
0.66
0.76
0.64
4.59
EUR
EUR
EUR
EUR
EUR
EUR
EUR
GBP
119,458.73
43,650.15
65,412.48
173,734.23
163,304.34
60,570.86
138,184.41
147,631.31
911,946.51
0.55
0.20
0.30
0.82
0.76
0.28
0.64
0.68
4.23
GBP
GBP
GBP
GBP
GBP
97,036.44
55,610.77
153,071.19
255,795.80
280,631.78
842,145.98
0.45
0.26
0.71
1.19
1.29
3.90
EUR
EUR
EUR
390,549.60
242,124.16
60,450.50
693,124.26
1.81
1.12
0.28
3.21
EUR
EUR
EUR
EUR
EUR
166,061.52
187,671.00
141,385.14
648.43
163,469.28
659,235.37
0.77
0.86
0.66
0.00
0.76
3.05
DKK
DKK
DKK
71,373.56
302,708.53
139,345.28
0.33
1.40
0.65
Quantity/
Nominal
Transferable securities admitted to an official exchange listing
Shares
United Kingdom
9,356.00 ANGLO AMERICAN PLC
10,228.00 ASHTEAD GROUP PLC
4,494.00 ASTRAZENECA PLC
69,103.00 BARCLAYS PLC
3,693.00 BELLWAY PLC
7,121.00 BOVIS HOMES GROUP PLC
61,471.00 BP PLC
8,133.00 BRITISH AMERICAN TOBACCO PLC
27,910.00 CARILLION PLC
4,751.00 CARNIVAL PLC
12,401.00 DIAGEO PLC
24,307.00 DIXONS CARPHONE PLC
23,752.00 DS SMITH PLC
5,665.00 EASYJET PLC
1,224.00 GLAXOSMITHKLINE PLC
76,225.00 HSBC HOLDINGS PLC
13,440.00 ICAP PLC
90,798.00 LEGAL & GENERAL GROUP PLC
240,744.00 LLOYDS BANKING GROUP PLC
38,615.00 MAN GROUP PLC
20,432.00 NATIONAL GRID PLC
21,465.00 PAGEGROUP PLC
12,426.00 PRUDENTIAL PLC
2,732.00 RECKITT BENCKISER GROUP PLC
17,524.00 RESTAURANT GROUP PLC
6,080.00 RIO TINTO PLC
11,446.00 ROLLS-ROYCE HOLDINGS PLC
11,848.00 ROYAL BANK OF SCOTLAND GROUP
12,658.00 ROYAL DUTCH SHELL PLC-A SHS
4,341.00 SABMILLER PLC
31,856.00 SAINSBURY (J) PLC
6,044.00 UNILEVER PLC
102,547.00 VODAFONE GROUP PLC
81,834.74
130,949.91
241,558.25
115,247.89
84,342.87
62,465.66
324,090.24
473,956.07
78,519.44
189,228.21
311,349.34
93,595.33
110,407.29
74,029.12
23,631.65
427,329.62
67,875.19
208,353.04
156,604.55
53,760.38
269,459.98
76,737.28
187,948.76
246,226.82
60,644.99
167,830.09
97,994.45
24,464.44
311,861.56
228,267.49
89,045.77
260,290.91
280,907.59
5,610,808.92
0.38
0.61
1.12
0.53
0.39
0.29
1.50
2.20
0.36
0.88
1.44
0.43
0.51
0.34
0.11
1.98
0.31
0.97
0.73
0.25
1.25
0.36
0.87
1.14
0.28
0.78
0.45
0.11
1.45
1.06
0.41
1.21
1.30
26.00
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
247,095.62
227,438.36
134,303.87
160,583.20
83,167.13
63,561.82
221,486.30
201,928.00
105,691.86
228,759.04
169,252.12
370,029.88
131,261.13
96,848.96
176,338.27
359,143.02
183,465.81
106,250.30
3,266,604.69
1.14
1.05
0.62
0.74
0.39
0.29
1.03
0.94
0.49
1.06
0.78
1.72
0.61
0.45
0.82
1.67
0.85
0.49
15.14
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
301,224.60
270,922.08
373,140.00
265,191.60
194,807.46
192,757.20
174,786.23
210,731.68
70,476.18
180,153.71
59,754.09
291,944.52
376,788.24
1.40
1.26
1.72
1.23
0.90
0.89
0.81
0.98
0.33
0.83
0.28
1.35
1.74
3,593.00 ADECCO GROUP AG-REG
9,698.00 CREDIT SUISSE GROUP AG-REG
5,669.00 LOGITECH INTERNATIONAL-REG
10,305.00 NESTLE SA-REG
8,219.00 NOVARTIS AG-REG
2,418.00 ROCHE HOLDING AG-GENUSSCHEIN
35.00 SIKA AG-BR
16,727.00 UBS GROUP AG-REG
678.00 ZURICH INSURANCE GROUP AG
Spain
8,694.00 ABERTIS INFRAESTRUCTURAS SA
34,037.00 BANCO BILBAO VIZCAYA ARGENTA
41,806.00 BANCO SANTANDER SA
3,618.00 BOLSAS Y MERCADOS ESPANOLES
27,852.00 IBERDROLA SA
3,819.00 INDUSTRIA DE DISENO TEXTIL
18,265.00 INTL CONSOLIDATED AIRLINE-DI
19,291.00 TELEFONICA SA
Sweden
6,126.00 BOLIDEN AB
7,867.00 HENNES & MAURITZ AB-B SHS
4,026.00 JM AB
19,031.00 NORDEA BANK AB
10,446.00 SECURITAS AB-B SHS
8,739.00 SKANSKA AB-B SHS
7,394.00 SWEDBANK AB - A SHARES
Netherlands
33,841.00 AEGON NV
1,191.00 FERRARI NV
11,904.00 FIAT CHRYSLER AUTOMOBILES NV
2,099.00 HEINEKEN NV
7,292.00 KONINKLIJKE PHILIPS ELECTRONICS
16,455.00 POSTNL NV
3,822.00 RANDSTAD HOLDING NV
5,950.00 ROYAL DUTCH SHELL PLC-B SHS
Jersey
52,759.00 GLENCORE PLC
21,903.00 HENDERSON GROUP PLC
2,741.00 SHIRE PLC
5,493.00 WOLSELEY PLC
15,027.00 WPP PLC
Belgium
3,321.00 ANHEUSER-BUSCH INBEV SA/NV
3,296.00 GROUPE BRUXELLES LAMBERT SA
725.00 SOLVAY SA
Germany
2,357.00 ALLIANZ AG REG
3,947.00 BASF SE
4,146.00 BAYER AG-REG
4,955.00 DAIMLER CHRYSLER AG
2,649.00 DEUTSCHE BOERSE AG
12,615.00 DEUTSCHE TELEKOM AG-REG
13,471.00 INFINEON TECHNOLOGIES AG
2,512.00 LEG IMMOBILIEN AG
1,705.00 PORSCHE AUTOMOBIL HLDG-PRF
4,594.00 PROSIEBENSAT.1 MEDIA SE
4,211.00 RWE
4,347.00 SAP SE
4,104.00 SIEMENS AG-REG
%
NAV
Switzerland
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
France
2,627.00 AIR LIQUIDE SA
5,721.00 BNP PARIBAS
6,047.00 CARREFOUR SA
1,109.00 CHRISTIAN DIOR SE
4,885.00 EUTELSAT COMMUNICATIONS
2,212.00 FAURECIA
5,558.00 KLEPIERRE
1,174.00 LOREAL
7,212.00 ORANGE
3,088.00 ORPEA
2,473.00 RENAULT SA
4,939.00 SANOFI
4,653.00 SOCIETE GENERALE
1,984.00 TECHNIP SA
2,291.00 TELEPERFORMANCE
8,279.00 TOTAL SA
9,423.00 VEOLIA ENVIRONNEMENT
6,287.00 VIVENDI
Market value
in EUR
Italy
41,724.00 ENEL SPA
12,925.00 ENI SPA
83,070.00 INTESA SANPAOLO
806.00 RCS MEDIAGROUP SPA
30,498.00 SNAM SPA
Denmark
61.00 AP MOELLER-MAERSK A/S-B
6,289.00 NOVO NORDISK A/S-B
1,143.00 PANDORA A/S
The accompanying notes are an integral part of these financial statements.
8
BPI Global Investment Fund
BPI Global Investment Fund - BPI Europa (in EUR)
Securities Portfolio as at June 30, 2016
Name
Quantity/
Nominal
Currency
5,789.00 TRYG A/S
Market value
in EUR
%
NAV
DKK
92,595.37
606,022.74
0.43
2.81
NOK
NOK
96,182.39
130,265.43
226,447.82
0.45
0.60
1.05
EUR
120,018.55
120,018.55
0.56
0.56
EUR
EUR
47,892.00
64,784.36
112,676.36
0.22
0.30
0.52
EUR
102,458.26
102,458.26
0.47
0.47
NOK
22,769.20
22,769.20
0.11
0.11
21,137,501.07
97.95
1,368.33
961.74
2,330.07
0.01
0.00
0.01
2,330.07
0.01
21,139,831.14
97.96
Norway
9,000.00 DNB ASA
8,681.00 MARINE HARVEST
Finland
23,510.00 NOKIA
Ireland
2,456.00 KINGSPAN GROUP PLC
5,723.00 RYANAIR HOLDINGS PLC
Austria
3,413.00 VOESTALPINE AG
Bermuda
7,910.00 SEADRILL LTD
Other transferable securities
Shares
United Kingdom
1,137,150.00 ROLLS-ROYCE HOLDINGS -C SHR
799,247.00 ROLLS-ROYCE HOLDINGS-ENTITL
Total securities portfolio
GBP
GBP
Summary of net assets
Total securities portfolio
Cash at bank
Other assets and liabilities
Total net assets
%
NAV
21,139,831.14
97.96
416,221.87
1.93
24,424.79
0.11
21,580,477.80
100.00
The accompanying notes are an integral part of these financial statements.
9
BPI Global Investment Fund
BPI Global Investment Fund - BPI Europa (in EUR)
Portfolio Breakdowns
Nature allocation
% of portfolio
% of net
assets
100.00
97.96
100.00
97.96
% of portfolio
% of net
assets
United Kingdom
26.56
26.01
France
15.46
15.14
Germany
15.20
14.89
Switzerland
12.82
12.56
Spain
4.96
4.86
Sweden
4.68
4.59
Netherlands
4.31
4.23
Jersey
3.98
3.90
Belgium
3.28
3.21
Italy
3.12
3.05
Denmark
2.87
2.81
Other
2.76
2.71
100.00
97.96
Shares
Country allocation
Top Ten Holdings
Top Ten Holdings
Sector
Market value
NESTLE SA-REG
Food services
715,532.43
3.33
NOVARTIS AG-REG
Cosmetics
608,660.12
2.82
ROCHE HOLDING AG-GENUSSCHEIN
Cosmetics
572,160.95
2.65
BRITISH AMERICAN TOBACCO PLC
Agriculture
473,956.07
2.20
HSBC HOLDINGS PLC
Banks
427,329.62
1.98
ANHEUSER-BUSCH INBEV SA/NV
Food services
390,549.60
1.81
SIEMENS AG-REG
Diversified
machinery
Cosmetics
376,788.24
1.74
BAYER AG-REG
373,140.00
1.72
SANOFI
Cosmetics
370,029.88
1.72
TOTAL SA
Energy
359,143.02
1.67
% of
net
EUR assets
The accompanying notes are an integral part of these financial statements.
10
BPI Global Investment Fund
BPI Global Investment Fund - BPI Opportunities (in EUR)
Statement ofofOperations
Changes
in Net
Statement
Net Assetsand
as at
June 30,
2016Assets for the
period ended June 30, 2016
Notes
Statement of Operations and Changes in Net Assets for
the period ended June 30, 2016
EUR
Assets
Notes
EUR
2
141,699.31
Income
Investment in securities at cost
8,723,288.72 Dividends (net of withholding taxes)
Unrealised appreciation / (depreciation) on securities
(190,863.28) Other income
0.30
8,532,425.44 Total income
141,699.61
Investment in securities at market value
2
Investment in option at market value
Cash at bank
Dividends and interest receivable
11
15,347.23
2
1,823,933.26
11,070.01
Total assets
Expenses
Global management fees
3
Administration fees
1,077.49
10,382,775.94 Professional fees
Liabilities
49,773.83
4,218.81
Transaction costs
2
9,606.33
Taxe d'abonnement
5
515.00
Accrued expenses
14,678.39
Total liabilities
14,678.39 Other expenses
100.01
10,368,097.55 Total expenses
65,877.37
Net assets at the end of the period
Bank interest and charges
585.90
Net investment income / (loss)
75,822.24
Net realised gain / (loss) on:
Investments
(731,206.14)
Foreign currencies transactions
(1,103.31)
Options and equity swaps
(113,630.67)
Net realised gain / (loss) for the period
(770,117.88)
Net change in unrealised appreciation / (depreciation) on:
Investments
1,351,850.44
Options and equity swaps
(10,022.09)
Increase / (Decrease) in net assets as a result of
operations
571,710.47
Proceeds received on subscription of units
-
Net amount paid on redemption of units
(102,202.86)
Net assets at the beginning of the period
9,898,589.94
Net assets at the end of the period
Statement of Changes in Number of Units
"R"
"I"
10,368,097.55
Number of units in issue at
the beginning of the period
Number of units
subscribed
Number of units
redeemed
Number of units in issue at
the end of the period
10,321.01
-
-
10,321.01
1,599,906.15
-
(15,847.86)
1,584,058.29
The accompanying notes are an integral part of these financial statements.
11
BPI Global Investment Fund
BPI Global Investment Fund - BPI Opportunities (in EUR)
Securities Portfolio as at June 30, 2016
Name
Quantity/
Nominal
Currency
Market value
in EUR
%
NAV
Shares
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
255,421.94
192,591.93
119,817.09
11,028.17
51,773.98
55,455.24
133,206.72
28,286.24
173,275.12
45,352.18
73,695.49
114,211.26
166,391.38
109,166.03
136,137.54
88,235.29
35,229.31
61,235.43
187,984.70
114,102.99
2,152,598.03
2.47
1.86
1.16
0.11
0.50
0.53
1.28
0.27
1.67
0.44
0.71
1.10
1.60
1.05
1.31
0.85
0.34
0.59
1.81
1.10
20.75
76,653.00
170,397.50
160,245.00
127,216.00
203,320.00
97,079.91
215,266.00
135,135.00
184,277.38
138,546.00
141,418.80
141,391.80
135,200.00
107,088.00
2,033,234.39
0.74
1.64
1.55
1.23
1.96
0.94
2.08
1.30
1.78
1.34
1.36
1.36
1.30
1.03
19.61
EUR
EUR
EUR
EUR
EUR
EUR
EUR
140,580.00
110,510.40
207,000.00
197,460.00
234,525.00
220,344.00
111,600.00
1,222,019.40
1.36
1.07
2.00
1.90
2.25
2.13
1.08
11.79
CAD
CAD
USD
USD
CAD
CAD
CAD
CAD
CAD
USD
USD
CAD
USD
27,789.71
25,836.91
129,146.23
71,790.40
60,482.40
57,125.03
18,849.46
183,878.57
9,824.65
58,211.44
148,260.50
175,275.19
141,365.50
1,107,835.99
0.27
0.25
1.25
0.69
0.58
0.55
0.18
1.78
0.09
0.56
1.43
1.70
1.36
10.69
68,287.85
149,130.00
124,247.46
195,007.23
0.66
1.44
1.20
1.88
3,000.00 NOVARTIS AG-REG
EUR
121,216.50
657,889.04
1.17
6.35
CHF
222,165.76
222,165.76
2.14
2.14
GBP
GBP
9.22
187,450.69
187,459.91
0.00
1.81
1.81
USD
93,885.41
93,885.41
0.91
0.91
EUR
90,560.00
90,560.00
0.87
0.87
EUR
EUR
74,066.40
0.00
74,066.40
0.71
0.00
0.71
GBP
39,083.09
39,083.09
0.38
0.38
7,880,797.42
76.01
651,628.02
651,628.02
6.28
6.28
Russia
24,200.00 GAZPROM PAO -SPON ADR
Ireland
8,000.00 RYANAIR HOLDINGS PLC
Spain
21,600.00 BANCO SANTANDER SA
23,087.00 LA SEDA DE BARCELONA
Bermuda
28,000.00 PETRA DIAMONDS LTD
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Undertakings for collective investment
United States
3,455.00 SPDR TRUST SERIES 1
USD
Total securities portfolio
651,628.02
6.28
8,532,425.44
82.29
Financial derivative instrument as at June 30, 2016
Quantity
Germany
Name
Currency
Commitment
in EUR
Market value
in EUR
USD
1,039,651.31
(12,376.79)
USD
1,138,665.71
27,724.02
Options
(550.00) PUT VANECK VECTORS GOLD MINE
16/09/16 21
550.00 PUT VANECK VECTORS GOLD MINE
16/09/16 23
15,347.23
Canada
81,000.00 ALTERRA POWER CORP
240,500.00 BLACKBIRD ENERGY INC
7,500.00 GOLDCORP INC
123,652.00 GOLDEN STAR RESOURCES LTD
86,400.00 IVANHOE MINES LTD-CL A
13,000.00 KINROSS GOLD CORP
52,300.00 LONG RUN EXPLORATION LTD
70,000.00 NEVSUN RESOURCES LTD
189,000.00 PRD ENERGY INC
14,500.00 SANDSTORM GOLD LTD
7,000.00 SILVER WHEATON CORP
7,056.00 SUNCOR ENERGY INC
225,000.00 TANZANIAN ROYALTY EXPLORATION
EUR
EUR
EUR
EUR
Total Options
15,347.23
Total financial derivative instruments
15,347.23
Summary of net assets
Total securities portfolio
Total financial derivative instruments
Cash at bank
Other assets and liabilities
Total net assets
Netherlands
19,345.00 AEGON NV
4,500.00 EURONEXT NV - W/I
5,548.00 KONINKLIJKE PHILIPS ELECTRONICS
4,653.00 UNILEVER NV-CVA
%
NAV
United Kingdom
4.00 LONMIN PLC
68,430.00 VODAFONE GROUP PLC
France
1,100.00 ALLIANZ AG REG
1,610.00 BASF SE
2,300.00 BAYER AG-REG
3,000.00 FRESENIUS SE & CO KGAA
2,500.00 HANNOVER RUECK SE
2,400.00 SIEMENS AG-REG
3,000.00 UNITED INTERNET AG-REG SHARE
Market value
in EUR
Switzerland
United States
3,672.00 ALSTOM
4,550.00 AMUNDI SA
9,000.00 AXA SA
3,200.00 BNP PARIBAS
2,600.00 CAPGEMINI
4,371.00 CARREFOUR SA
1,480.00 KERING
1,350.00 PERNOD RICARD SA
3,473.00 SCHNEIDER ELECTRIC SE
1,800.00 TELEPERFORMANCE
3,260.00 TOTAL SA
2,220.00 VINCI SA
8,000.00 VIVENDI
1,150.00 WENDEL
Currency
2,700.00 VOPAK
Transferable securities admitted to an official exchange listing
410.00 ALPHABET INC-CL C
6,000.00 AQUA AMERICA INC
1,420.00 EXXON MOBIL CORP
18,817.00 GOLDEN MINERALS CO
1,270.00 HALLIBURTON CO
800.00 HCA HOLDINGS INC
1,220.00 JOHNSON & JOHNSON
710.00 JOHNSON CONTROLS INC
50,000.00 MCEWEN MINING INC
7,520.00 MEDLEY CAPITAL CORP
1,600.00 MICROSOFT CORP
3,100.00 ORACLE CORP
5,250.00 PFIZER INC
1,700.00 PRUDENTIAL FINANCIAL INC
2,100.00 ROYAL GOLD INC
2,500.00 SOUTHWEST AIRLINES CO
3,300.00 STILLWATER MINING CO
77,500.00 URANIUM ENERGY CORP
3,740.00 VERIZON COMMUNICATIONS INC
1,736.00 WAL-MART STORES INC
Name
Quantity/
Nominal
The accompanying notes are an integral part of these financial statements.
12
%
NAV
8,532,425.44
82.29
15,347.23
0.15
1,823,933.26
17.59
(3,608.38)
(0.03)
10,368,097.55
100.00
BPI Global Investment Fund
BPI Global Investment Fund - BPI Opportunities (in EUR)
Portfolio Breakdowns
Nature allocation
% of portfolio
% of net
assets
92.36
76.01
7.64
6.28
100.00
82.29
% of portfolio
% of net
assets
United States
32.87
27.03
France
23.83
19.61
Germany
14.32
11.79
Canada
12.98
10.69
Netherlands
7.71
6.35
Switzerland
2.60
2.14
United Kingdom
2.20
1.81
Other
3.49
2.87
100.00
82.29
Shares
Undertakings for collective investment
Country allocation
Top Ten Holdings
Top Ten Holdings
Sector
SPDR TRUST SERIES 1
Open-ended Funds
651,628.02
6.28
ALPHABET INC-CL C
Internet
255,421.94
2.47
HANNOVER RUECK SE
Insurance
234,525.00
2.25
NOVARTIS AG-REG
Cosmetics
222,165.76
2.14
SIEMENS AG-REG
Diversified
machinery
Distribution &
Wholesale
Cosmetics
220,344.00
2.13
215,266.00
2.08
207,000.00
2.00
KERING
BAYER AG-REG
Market value
% of
net
EUR assets
203,320.00
1.96
FRESENIUS SE & CO KGAA
Office & Business
equipment
Cosmetics
197,460.00
1.90
UNILEVER NV-CVA
Cosmetics
195,007.23
1.88
CAPGEMINI
The accompanying notes are an integral part of these financial statements.
13
BPI Global Investment Fund
BPI Global Investment Fund - BPI High Income Bond Fund (in EUR)
Statement ofofOperations
Changes
in Net
Statement
Net Assetsand
as at
June 30,
2016Assets for the
period ended June 30, 2016
Notes
Statement of Operations and Changes in Net Assets for
the period ended June 30, 2016
EUR
Assets
Notes
EUR
2
946,477.95
Income
Investment in securities at cost
23,130,116.73 Interest on bonds
Unrealised appreciation / (depreciation) on securities
(1,743,526.72)
Investment in securities at market value
2
21,386,590.01
Cash at bank
2
1,820,224.16
Receivable for investments sold
196,527.12
Dividends and interest receivable
340,269.93
Total assets
Total income
946,477.95
Expenses
Global management fees
3
Administration fees
89,161.63
1,077.33
Professional fees
4,218.81
23,743,611.22 Taxe d'abonnement
5
1,365.74
Bank interest and charges
467.23
Other expenses
100.00
Payable on redemptions
1,702,771.74 Total expenses
96,390.74
Total liabilities
1,724,497.37 Net investment income / (loss)
Liabilities
Accrued expenses
21,725.63
Net assets at the end of the period
850,087.21
22,019,113.85 Net realised gain / (loss) on:
Investments
(630,996.65)
Foreign currencies transactions
145.40
Net realised gain / (loss) for the period
219,235.96
Net change in unrealised appreciation / (depreciation) on:
Investments
718,535.57
Increase / (Decrease) in net assets as a result of
operations
Proceeds received on subscription of units
Statement of Changes in Number of Units
"R"
"I"
937,771.53
1,012,885.56
Net amount paid on redemption of units
(3,234,220.45)
Net assets at the beginning of the period
23,302,677.21
Net assets at the end of the period
22,019,113.85
Number of units in issue at
the beginning of the period
Number of units
subscribed
Number of units
redeemed
Number of units in issue at
the end of the period
220,528.43
2,249.99
(85,548.65)
137,229.77
2,397,423.79
109,978.13
(273,750.59)
2,233,651.33
The accompanying notes are an integral part of these financial statements.
14
BPI Global Investment Fund
BPI Global Investment Fund - BPI High Income Bond Fund (in EUR)
Securities Portfolio as at June 30, 2016
Name
Quantity/
Nominal
Currency
Market value
in EUR
%
NAV
Bonds and other debt instruments
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
317,109.00
100,796.00
315,150.00
402,824.00
194,926.00
197,976.00
301,572.00
227,500.00
104,599.00
202,200.00
259,725.21
1.44
0.46
1.43
1.83
0.89
0.90
1.37
1.03
0.48
0.92
1.18
EUR
EUR
EUR
EUR
216,500.00
471,025.00
195,952.00
395,044.00
3,902,898.21
0.98
2.13
0.89
1.79
17.72
EUR
EUR
EUR
EUR
USD
USD
EUR
EUR
EUR
EUR
EUR
EUR
367,395.00
470,758.50
235,950.00
168,672.30
185,761.74
190,942.89
199,100.00
330,897.00
186,228.00
243,639.00
310,779.00
147,988.40
3,038,111.83
1.67
2.14
1.07
0.77
0.84
0.87
0.90
1.50
0.85
1.11
1.41
0.67
13.80
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
96,336.00
197,494.00
207,304.00
157,875.00
536,106.00
415,380.00
234,253.16
189,282.27
113,053.23
304,959.00
2,452,042.66
0.44
0.90
0.94
0.72
2.44
1.89
1.06
0.86
0.51
1.38
11.14
EUR
EUR
EUR
EUR
EUR
EUR
205,316.00
612,300.00
417,005.00
410,396.00
211,414.05
168,588.80
2,025,019.85
0.93
2.79
1.89
1.86
0.96
0.77
9.20
EUR
EUR
EUR
EUR
EUR
EUR
EUR
280,245.00
41,330.87
274,353.00
415,576.00
293,691.00
298,875.00
202,590.00
1,806,660.87
1.27
0.19
1.25
1.88
1.33
1.36
0.92
8.20
EUR
EUR
EUR
EUR
EUR
195,654.00
102,488.00
327,112.00
501,370.00
285,789.00
0.89
0.47
1.48
2.27
1.30
300,000.00 OVAKO AB 6.5% 14-01/06/2019
500,000.00 PERSTORP HOLDING 9% 12-15/05/2017
300,000.00 STENA AB 7.875% 10-15/03/2020
400,000.00 UNILABS SUBHOLD 8.5% 13-15/07/2018
EUR
102,689.00
1,515,102.00
0.47
6.88
EUR
EUR
EUR
EUR
212,253.00
497,935.00
319,575.00
407,352.00
1,437,115.00
0.96
2.27
1.45
1.85
6.53
EUR
EUR
388,324.00
459,590.00
1.76
2.09
847,914.00
3.85
USD
EUR
396,057.43
413,260.00
809,317.43
1.80
1.88
3.68
EUR
EUR
299,613.00
246,000.00
545,613.00
1.36
1.12
2.48
USD
EUR
167,559.30
377,290.00
544,849.30
0.76
1.71
2.47
EUR
515,671.20
515,671.20
2.34
2.34
EUR
396,212.00
396,212.00
1.80
1.80
USD
360,052.21
360,052.21
1.64
1.64
EUR
301,782.00
301,782.00
1.37
1.37
USD
196,228.45
196,228.45
0.89
0.89
20,694,590.01
93.99
EUR
389,000.00
389,000.00
1.76
1.76
EUR
303,000.00
303,000.00
1.38
1.38
Cayman Islands
500,000.00 CAIXA GERAL DEPOSIT 06-20/12/2016 FRN
400,000.00 VIRIDIAN GROUP 7.5% 15-01/03/2020
Canada
300,000.00 BOMBARDIER INC 6.125% 10-15/05/2021
300,000.00 ETRION CORP 8% 14-23/04/2019
United States
219,000.00 CHESAPEAKE ENRGY 8% 15-15/12/2022
500,000.00 RAIN CII CARBON 8.5% 12-15/01/2021
Spain
765,000.00 OBRASCON HUARTE 5.5% 15-15/03/2023
Finland
400,000.00 PAROC GROUP OY 6.25% 14-15/05/2020
France
Denmark
400,000.00 SCAN BIDCO AS 7.7% 16-27/06/2022
Austria
300,000.00 SAPPI PAPIER HOL 3.375% 15-01/04/2022
Norway
200,000.00 DET NORSKE OLJES 10.25% 15-27/05/2022
Germany
200,000.00 HAPAG-LLOYD 7.5% 14-15/10/2019
600,000.00 HAPAG-LLOYD 7.75% 13-01/10/2018
500,000.00 HECKLER & KOCH 9.5% 11-15/05/2018
400,000.00 HEIDELBERG DRUCK 8% 15-15/05/2022
250,000.00 UNITYMEDIA 5.125% 13-21/01/2023
200,000.00 UNITYMEDIA 5.625% 13-15/04/2023
Mortgage backed securities
Denmark
400,000.00 DBB JACK-UP 15-26/11/2019 SR
Finland
300,000.00 FORCHEM OY 4.9% 15-02/07/2020
United Kingdom
350,000.00 ALGECO SCOTSMAN 9% 12-15/10/2018
41,000.00 ANGLO AMERICAN 4.375% 09-02/12/2016
300,000.00 BOPARAN FINANCE 4.375% 14-15/07/2021
400,000.00 EC FINANCE 5.125% 14-15/07/2021
300,000.00 IGLO FOODS BONDC 14-15/06/2020 FRN
300,000.00 INNOVIA GROUP FI 14-31/03/2020 FRN
200,000.00 MOTOR OIL FINANC 5.125% 14-15/05/2019
Total securities portfolio
692,000.00
3.14
21,386,590.01
97.13
Summary of net assets
Italy
200,000.00 ASTALDI SPA 7.125% 13-01/12/2020
100,000.00 KEDRION GROUP 4.625% 14-24/04/2019
400,000.00 MANUTENCOOP 8.5% 13-01/08/2020
500,000.00 MARCOLIN 8.5% 13-15/11/2019
300,000.00 ONORATO ARMATORI 7.75% 16-15/02/2023
%
NAV
Mexico
400,000.00 CEMEX SAB 4.375% 15-05/03/2023
500,000.00 PETROLEOS MEXICA 1.875% 1521/04/2022
Netherlands
100,000.00 AREVA SA 4.625% 11-05/10/2017
200,000.00 CASINO GUICHARD 2.33% 14-07/02/2025
200,000.00 CERBA EUROPEAN 7% 13-01/02/2020
300,000.00 CGG SA 5.875% 14-15/05/2020
600,000.00 CMA CGM 8.75% 13-15/12/2018
400,000.00 LABEYRIE 5.625% 14-15/03/2021
250,000.00 PICARD GROUPE 13-01/08/2019 FRN
300,000.00 QUICK 14-15/04/2019 FRN
200,000.00 QUICK 14-15/10/2019 FRN
300,000.00 TEREOS FIN GROUP 4.25% 13-04/03/2020
Market value
in EUR
Sweden
Luxembourg
350,000.00 ADRIA BIDCO BV 7.875% 13-15/11/2020
450,000.00 CABLE COMM SYST 7.5% 13-01/11/2020
300,000.00 CONSTELLIUM NV 4.625% 14-15/05/2021
170,000.00 EDP FINANCE BV 2% 15-22/04/2025
200,000.00 EDP FINANCE BV 4.125% 14-15/01/2020
200,000.00 EDP FINANCE BV 5.25% 14-14/01/2021
200,000.00 HYDRA DUTCH 14-15/04/2019 FRN
300,000.00 LGE HOLDCO VI 7.125% 14-15/05/2024
200,000.00 PETROBRAS INTL 3.25% 12-01/04/2019
300,000.00 SELECTA GROUP BV 6.5% 14-15/06/2020
300,000.00 UNIVEG HOLDING 7.875% 13-15/11/2020
140,000.00 UPC HOLDING BV 6.375% 12-15/09/2022
Currency
100,000.00 PIAGGIO & C 4.625% 14-30/04/2021
Transferable securities admitted to an official exchange listing
300,000.00 ALBEA BEAUTY HLD 8.75% 12-01/11/2019
100,000.00 ALTICE FINANCING 5.25% 15-15/02/2023
300,000.00 ALTICE FINANCING 6.5% 13-15/01/2022
400,000.00 ALTICE 7.25% 14-15/05/2022
200,000.00 ARCELORMITTAL 3.125% 15-14/01/2022
200,000.00 BMBG BOND FINCE 3% 16-15/06/2021
300,000.00 INEOS GROUP HOLD 5.75% 14-15/02/2019
250,000.00 INTRALOT CAPITAL 6% 14-15/05/2021
100,000.00 INTRALOT FINANCE 9.75% 13-15/08/2018
400,000.00 PAGESJAUNES FI 8.875% 11-01/06/2018
400,000.00 SCHMOLZBICKENBAC 9.875% 1215/05/2019
400,000.00 TAKKO LUX 2 SCA 9.875% 13-15/04/2019
500,000.00 TRAFIGURA FUNDIN 5% 15-27/04/2020
200,000.00 TRAFIGURA FUNDIN 5.25% 13-29/11/2018
400,000.00 WIND ACQ 4% 14-15/07/2020
Name
Quantity/
Nominal
Total securities portfolio
Cash at bank
21,386,590.01
97.13
1,820,224.16
8.27
Other assets and liabilities
(1,187,700.32)
(5.40)
Total net assets
22,019,113.85
100.00
The accompanying notes are an integral part of these financial statements.
15
%
NAV
BPI Global Investment Fund
BPI Global Investment Fund - BPI High Income Bond Fund (in EUR)
Portfolio Breakdowns
Nature allocation
% of portfolio
% of net
assets
96.76
93.99
3.24
3.14
100.00
97.13
% of portfolio
% of net
assets
Luxembourg
18.25
17.72
Netherlands
14.21
13.80
France
11.47
11.14
Germany
9.47
9.20
United Kingdom
8.45
8.20
Italy
7.08
6.88
Sweden
6.72
6.53
Mexico
3.96
3.85
Cayman Islands
3.78
3.68
Denmark
3.50
3.40
Finland
3.27
3.18
Canada
2.55
2.48
United States
2.55
2.47
Spain
2.41
2.34
Other
2.33
2.26
100.00
97.13
Bonds and other debt instruments
Mortgage backed securities
Country allocation
Top Ten Holdings
Top Ten Holdings
Sector
HAPAG-LLOYD 7.75% 13-01/10/2018
Transportation
612,300.00
2.79
CMA CGM 8.75% 13-15/12/2018
Transportation
536,106.00
2.44
OBRASCON HUARTE 5.5% 15-15/03/2023
Building materials
515,671.20
2.34
MARCOLIN 8.5% 13-15/11/2019
Cosmetics
501,370.00
2.27
PERSTORP HOLDING 9% 12-15/05/2017
Chemical
497,935.00
2.27
TRAFIGURA FUNDIN 5% 15-27/04/2020
Energy
471,025.00
2.13
CABLE COMM SYST 7.5% 13-01/11/2020
Media
470,758.50
2.14
PETROLEOS MEXICA 1.875% 15-21/04/2022
Energy
459,590.00
2.09
HECKLER & KOCH 9.5% 11-15/05/2018
Diversified
machinery
Diversified services
417,005.00
1.89
415,576.00
1.88
EC FINANCE 5.125% 14-15/07/2021
Market value
% of
net
EUR assets
The accompanying notes are an integral part of these financial statements.
16
BPI Global Investment Fund
BPI Global Investment Fund - BPI Universal (in EUR)
Statement ofofOperations
Changes
in Net
Statement
Net Assetsand
as at
June 30,
2016Assets for the
period ended June 30, 2016
Notes
Statement of Operations and Changes in Net Assets for
the period ended June 30, 2016
EUR
Assets
Notes
EUR
Income
Investment in securities at cost
17,544,158.68 Other income
Unrealised appreciation / (depreciation) on securities
728,142.69
Investment in securities at market value
2
18,272,301.37
Cash at bank
2
1,733,084.21
Receivable on withholding tax reclaim
2,098.89
Total assets
6,397.26
Total income
6,397.26
Expenses
Global management fees
3
Administration fees
1,008.88
20,007,484.47 Professional fees
Liabilities
Accrued expenses
16,462.77
Payable on redemptions
9,870.32
Net unrealised depreciation on futures contracts
2, 11
471.07
Total liabilities
321,379.28
Net assets at the end of the period
3,549.57
Transaction costs
2
Taxe d'abonnement
5
Bank interest and charges
1,869.81
296.28
1,295.47
294,575.12 Total expenses
Other liabilities
63,901.00
71,921.01
Net investment income / (loss)
(65,523.75)
Net realised gain / (loss) on:
19,686,105.19
Investments
(859,082.00)
Foreign currencies transactions
(9,969.64)
Futures contracts
197,075.31
Net realised gain / (loss) for the period
(737,500.08)
Net change in unrealised appreciation / (depreciation) on:
Investments
900,879.95
Futures contracts
(256,055.24)
Increase / (Decrease) in net assets as a result of
operations
Proceeds received on subscription of units
Statement of Changes in Number of Units
"R"
"I"
(92,675.37)
80,538.08
Net amount paid on redemption of units
(823,902.42)
Net assets at the beginning of the period
20,522,144.90
Net assets at the end of the period
19,686,105.19
Number of units in issue at
the beginning of the period
Number of units
subscribed
Number of units
redeemed
Number of units in issue at
the end of the period
254,920.14
12,497.58
(111,210.28)
156,207.44
2,562,826.75
-
(15,620.53)
2,547,206.22
The accompanying notes are an integral part of these financial statements.
17
BPI Global Investment Fund
BPI Global Investment Fund - BPI Universal (in EUR)
Securities Portfolio as at June 30, 2016
Name
Quantity/
Nominal
Currency
Market value
in EUR
%
NAV
Quantity
Name
93.00 EURO FX CURR FUT (CME)
19/09/2016
Transferable securities admitted to an official exchange listing
USD
USD
USD
USD
EUR
USD
USD
USD
USD
USD
414,836.40
562,518.57
304,689.50
806,633.51
918,746.04
567,551.83
580,812.91
1,070,072.91
308,090.10
1,180,948.74
6,714,900.51
2.11
2.86
1.55
4.10
4.67
2.88
2.95
5.43
1.57
5.99
34.11
EUR
USD
(294,575.12)
Total securities portfolio
407,479.55
410,460.85
2.07
2.08
817,940.40
4.15
7,532,840.91
38.26
EUR
USD
USD
EUR
USD
USD
EUR
EUR
EUR
EUR
USD
USD
USD
EUR
USD
JPY
EUR
297,214.40
808,137.81
596,384.00
187,278.00
420,300.61
418,291.89
439,744.03
405,719.50
334,842.60
603,120.60
860,046.63
156,697.11
573,508.98
915,805.00
413,047.08
212,641.49
439,028.10
8,081,807.83
1.51
4.11
3.03
0.95
2.14
2.12
2.23
2.06
1.70
3.06
4.37
0.80
2.91
4.66
2.10
1.08
2.23
41.06
JPY
EUR
USD
USD
EUR
211,947.16
560,016.87
589,595.60
627,043.61
391,723.23
2,380,326.47
1.08
2.84
2.99
3.19
1.99
12.09
EUR
277,326.16
277,326.16
1.41
1.41
18,272,301.37
92.82
(294,575.12)
(1.50)
Cash at bank
1,733,084.21
8.80
(24,705.27)
(0.12)
19,686,105.19
100.00
Total net assets
Ireland
France
10,739,460.46
54.56
18,272,301.37
92.82
Financial derivative instrument as at June 30, 2016
Quantity
Name
Currency
Commitment
in EUR
Unrealised
appreciation /
(depreciation)
in EUR
376,505.63
(24,693.48)
Futures
3.00 EUR-JPY 19/09/2016
JPY
The accompanying notes are an integral part of these financial statements.
18
%
NAV
Total financial derivative instruments
Undertakings for collective investment
Total securities portfolio
(269,881.64)
(294,575.12)
Luxembourg
1.05 ODDO AVENIR EUR CI EURO
11,622,907.20
Total financial derivative instruments
Funds
1,375.00 VAN JAP INV JPY AC ACCU SHS INV CL
33,910.00 VANGUARD EURO STK - B INS
28,550.00 VANGUARD US 500 STK IDX INS
4,940.00 VANGUARD-EMRG MK ST IND-USD IN
3,260.00 VANGUARD-EUROZ IN LK IND-IN
USD
Total Futures
Other assets and liabilities
2,230.00 AXA WF-EURO INFL BND-ICEUR
4,530.00 AXA WF-US HI YLD BD-F USD
16,765.00 BGF-WORLD GOLD FUND-USDD2
1,225.00 DEXIA BONDS-EUR INF LINK-I-C
24,943.00 GOLDMAN SACHS EMMKT DEBT-I-DIST
66.00 ING L RENTA-EM MK DB HC-ICUSD
24,570.00 LODH INVEST CNVRTBLE BD IA -CAP1,895.00 PARVEST BD EUR GOV-IN
2,220.00 PARVEST BD EUR INFL-LINKD-I
3,015.00 PARVEST BOND EURO CORP-I
4,680.00 PARVEST EQUITY USA SMALL CAP CAP
3,045.00 PARVEST WORLD COMMODITIES CAP
1,420.00 PICTET INDIAN EQUITIES I USD
5,500.00 PICTET-EUR GOVMNT BONDS-I
685.00 PICTET-USD GOVERNMENT BONDS-I
24,930.00 SCHRODER INTL JAPAN EQTY CAC
2,670.00 UBS LUX BND-C EUROPE EUR-QA
Unrealised
appreciation /
(depreciation)
in EUR
Summary of net assets
Ireland
17,610.00 BLACKROCK EURO GOVT BD IDX-I
2,435.00 VANGUARD INV-US GOVERM BD INDEX
FD
Commitment
in EUR
(294,575.12)
Undertakings for collective investment
Luxembourg
26,335.00 BGF-EMERGING MARKETS BD-USDD2
55,500.00 FRANKLIN TEMPL INV TECH SHS A CAP
40.00 ING (L) RENTA-US CREDIT-IC
5,950.00 JPM GLBL HI YLD BD-A ACC USD
56,580.00 JPMORGAN F-EU GOVER BOND-CEURA
13,030.00 MORGAN ST-US GROWTH FD-Z
1,665.00 PICTET-GLOBAL EMRG DEBT-IUSD
77,750.00 THREAD LUX-ENH COM-IU
2,245.00 UBS LUX BD-USD CORP USD-QAC
16,660.00 VONTOBEL-BELVISTA COMM-I USD
Currency
BPI Global Investment Fund
BPI Global Investment Fund - BPI Universal (in EUR)
Portfolio Breakdowns
Nature allocation
% of portfolio
% of net
assets
100.00
92.82
100.00
92.82
% of portfolio
% of net
assets
Luxembourg
80.98
75.17
Ireland
17.50
16.24
France
1.52
1.41
100.00
92.82
Undertakings for collective investment
Country allocation
Top Ten Holdings
Top Ten Holdings
Sector
Market value
VONTOBEL-BELVISTA COMM-I USD
Open-ended Funds
1,180,948.74
THREAD LUX-ENH COM-IU
Open-ended Funds
1,070,072.91
5.43
JPMORGAN F-EU GOVER BOND-CEURA
Open-ended Funds
918,746.04
4.67
PICTET-EUR GOVMNT BONDS-I
Open-ended Funds
915,805.00
4.66
PARVEST EQUITY USA SMALL CAP CAP
Open-ended Funds
860,046.63
4.37
AXA WF-US HI YLD BD-F USD
Open-ended Funds
808,137.81
4.11
JPM GLBL HI YLD BD-A ACC USD
Open-ended Funds
806,633.51
4.10
VANGUARD-EMRG MK ST IND-USD IN
Open-ended Funds
627,043.61
3.19
PARVEST BOND EURO CORP-I
Open-ended Funds
603,120.60
3.06
BGF-WORLD GOLD FUND-USDD2
Open-ended Funds
596,384.00
3.03
% of
net
EUR assets
5.99
The accompanying notes are an integral part of these financial statements.
19
BPI Global Investment Fund
BPI Global Investment Fund - BPI Iberia (in EUR)
Statement ofofOperations
Changes
in Net
Statement
Net Assetsand
as at
June 30,
2016Assets for the
period ended June 30, 2016
Notes
Statement of Operations and Changes in Net Assets for
the period ended June 30, 2016
EUR
Assets
Notes
EUR
2
766,651.02
Income
Investment in securities at cost
47,558,086.33 Dividends (net of withholding taxes)
Unrealised appreciation / (depreciation) on securities
(4,655,091.58)
Investment in securities at market value
2
42,902,994.75
Cash at bank
2
2,315,374.93
Receivable for investments sold
4,600,989.85
Receivable on subscriptions
500.00
Dividends and interest receivable
146,326.03
Total assets
Total income
766,651.02
Expenses
Global management fees
3
Administration fees
1,704.63
Professional fees
3,566.23
Transaction costs
49,966,185.56 Taxe d'abonnement
Payable for investments purchased
48,103.81 Total expenses
345,834.80
2,687,678.03
Net assets at the end of the period
2,773.08
2,100.00
7,833.40
Total liabilities
5
1,175.95
2,631,740.12
Payable on redemptions
70,622.56
Other expenses
0.70
Accrued expenses
2
Bank interest and charges
Liabilities
Bank overdraft
263,892.35
Net investment income / (loss)
420,816.22
Net realised gain / (loss) on:
Investments
47,278,507.53
(4,428,821.98)
Foreign currencies transactions
(2,473.36)
Net realised gain / (loss) for the period
(4,010,479.12)
Net change in unrealised appreciation / (depreciation) on:
Investments
(3,984,886.17)
Increase / (Decrease) in net assets as a result of
operations
Proceeds received on subscription of units
Statement of Changes in Number of Units
"R"
"I"
(7,995,365.29)
2,613,176.94
Net amount paid on redemption of units
(1,478,357.96)
Net assets at the beginning of the period
54,139,053.84
Net assets at the end of the period
47,278,507.53
Number of units in issue at
the beginning of the period
Number of units
subscribed
Number of units
redeemed
Number of units in issue at
the end of the period
479,481.47
1,557.94
(181,831.24)
299,208.17
10,580,458.77
576,520.90
(158,703.29)
10,998,276.38
The accompanying notes are an integral part of these financial statements.
20
BPI Global Investment Fund
BPI Global Investment Fund - BPI Iberia (in EUR)
Securities Portfolio as at June 30, 2016
Name
Quantity/
Nominal
Currency
Market value
in EUR
%
NAV
Transferable securities admitted to an official exchange listing
Shares
Spain
68,120.00 ABERTIS INFRAESTRUCTURAS SA
31,381.00 ACCIONA SA
12,340.00 AMADEUS IT HOLDING SA-A SHS
399,200.00 BANCO BILBAO VIZCAYA ARGENTA
1,321,228.00 BANCO DE SABADELL SA
1,123,634.00 BANCO SANTANDER SA
1,119,111.00 CAIXABANK
159,600.00 EDP RENOVAVEIS SA
119,749.00 ENDESA SA
210,537.00 FERROVIAL SA
37,810.00 GRIFOLS SA
726,402.00 IBERDROLA SA
66,823.00 INDUSTRIA DE DISENO TEXTIL
346,663.00 INTL CONSOLIDATED AIRLINE-DI
266,765.00 REPSOL SA
228,288.00 TELEFONICA SA
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
899,184.00
2,046,982.63
484,653.50
2,021,548.80
1,557,727.81
3,852,940.99
2,201,291.34
1,082,088.00
2,159,074.47
3,670,712.60
766,030.60
4,421,608.97
1,998,675.93
1,533,983.78
3,043,788.65
1,931,316.48
33,671,608.55
1.90
4.33
1.03
4.28
3.29
8.15
4.66
2.29
4.57
7.76
1.62
9.35
4.23
3.24
6.44
4.08
71.22
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
134,002.63
567,840.00
2,050,617.61
128,750.00
1,827,078.96
50,280.00
3,765.95
2,093,679.01
1,586,195.01
706,326.88
9,148,536.05
0.28
1.20
4.34
0.27
3.86
0.11
0.01
4.43
3.36
1.49
19.35
42,820,144.60
90.57
82,850.15
82,850.15
0.18
0.18
82,850.15
0.18
0.00
0.00
0.00
0.00
Portugal
120,941.00 BANCO BPI SA.- REG SHS
31,200,000.00 BANCO COMERCIAL PORTUGUES-R
288,251.00 CTT-CORREIOS DE PORTUGAL
10,300.00 GALP ENERGIA SGPS SA
129,031.00 JERONIMO MARTINS
20,000.00 NAVIGATOR CO SA/THE
691.00 NOS SGPS
826,561.00 REDES ENERGETICAS NACIONAIS
2,249,922.00 SONAE
1,298,395.00 SONAE CAPITAL SGPS SA
Rights
Spain
282,765.00 REPSOL SA RTS 01/07/2016
EUR
Other transferable securities
Shares
Portugal
998,548.00 BANCO ESPIRITO SANTO-REG
Total securities portfolio
EUR
0.00
0.00
42,902,994.75
90.75
Summary of net assets
Total securities portfolio
Cash at bank
Other assets and liabilities
Total net assets
%
NAV
42,902,994.75
90.75
2,315,374.23
4.90
2,060,138.55
4.35
47,278,507.53
100.00
The accompanying notes are an integral part of these financial statements.
21
BPI Global Investment Fund
BPI Global Investment Fund - BPI Iberia (in EUR)
Portfolio Breakdowns
Nature allocation
% of portfolio
% of net
assets
Shares
99.81
90.57
Rights
0.19
0.18
100.00
90.75
% of portfolio
% of net
assets
Spain
78.68
71.40
Portugal
21.32
19.35
100.00
90.75
Country allocation
Top Ten Holdings
Top Ten Holdings
Sector
Market value
IBERDROLA SA
Energy
4,421,608.97
9.35
BANCO SANTANDER SA
Banks
3,852,940.99
8.15
FERROVIAL SA
Building materials
3,670,712.60
7.76
REPSOL SA
Energy
3,043,788.65
6.44
CAIXABANK
Banks
2,201,291.34
4.66
ENDESA SA
Energy
2,159,074.47
4.57
REDES ENERGETICAS NACIONAIS
Energy
2,093,679.01
4.43
CTT-CORREIOS DE PORTUGAL
Diversified services
2,050,617.61
4.34
ACCIONA SA
Building materials
2,046,982.63
4.33
BANCO BILBAO VIZCAYA ARGENTA
Banks
2,021,548.80
4.28
% of
net
EUR assets
The accompanying notes are an integral part of these financial statements.
22
BPI Global Investment Fund
BPI Global Investment Fund - BPI Africa (in EUR)
Statement ofofOperations
Changes
in Net
Statement
Net Assetsand
as at
June 30,
2016Assets for the
period ended June 30, 2016
Notes
Statement of Operations and Changes in Net Assets for
the period ended June 30, 2016
EUR
Assets
Notes
EUR
2
282,510.35
Income
Investment in securities at cost
13,822,993.71 Dividends (net of withholding taxes)
Unrealised appreciation / (depreciation) on securities
Investment in securities at market value
2
Cash at bank
2
Dividends and interest receivable
281,779.32 Other income
0.03
14,104,773.03 Total income
282,510.38
1,371,530.53
54,376.22
Total assets
Expenses
Global management fees
15,530,679.78 Performance fees
3
105,817.82
4
109,326.81
Administration fees
Liabilities
Bank overdraft
2,405.64
Accrued expenses
125,248.67
Payable for investments purchased
109,974.24
Performance fees payable
7,936.92
Other liabilities
911.56
Total liabilities
246,477.03
Net assets at the end of the period
15,284,202.75
1,696.52
Professional fees
3,595.87
Transaction costs
2
122,328.53
Taxe d'abonnement
5
764.78
Bank interest and charges
2,991.18
Other expenses
2,100.00
Total expenses
348,621.51
Net investment income / (loss)
(66,111.13)
Net realised gain / (loss) on:
Investments
(1,984,552.45)
Foreign currencies transactions
(101,598.22)
Net realised gain / (loss) for the period
(2,152,261.80)
Net change in unrealised appreciation / (depreciation) on:
Investments
2,161,442.26
Increase / (Decrease) in net assets as a result of
operations
9,180.46
Proceeds received on subscription of units
Statement of Changes in Number of Units
"R"
"I"
(2,066,155.55)
Net assets at the beginning of the period
15,529,702.21
Net assets at the end of the period
15,284,202.75
Number of units in issue at
the beginning of the period
Number of units
subscribed
Number of units
redeemed
Number of units in issue at
the end of the period
13,702.09
-
(11,078.66)
2,623.43
1,482,121.15
202.35
(200,471.57)
1,281,851.93
25.00
-
-
25.00
100,000.00
194,705.89
-
294,705.89
"R USD"
"M"
1,811,475.63
Net amount paid on redemption of units
The accompanying notes are an integral part of these financial statements.
23
BPI Global Investment Fund
BPI Global Investment Fund - BPI Africa (in EUR)
Securities Portfolio as at June 30, 2016
Name
Quantity/
Nominal
Currency
Market value
in EUR
%
NAV
8,100.00 SONATEL
Shares
South Africa
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
403,395.23
227,611.24
333,123.66
401,927.28
295,798.67
374,680.77
385,316.73
501,776.14
224,170.62
335,649.88
437,249.88
299,787.43
130,134.48
357,405.02
525,862.75
248,828.65
527,048.32
6,009,766.75
2.64
1.49
2.18
2.63
1.94
2.45
2.52
3.28
1.47
2.20
2.86
1.96
0.85
2.34
3.44
1.63
3.44
39.32
KES
KES
KES
KES
KES
265,329.26
264,264.48
419,629.65
584,510.27
502,691.72
2,036,425.38
1.74
1.73
2.75
3.81
3.29
13.32
EGP
EGP
EGP
EGP
EGP
487,353.47
309,952.68
232,903.05
334,864.96
366,805.23
1,731,879.39
3.19
2.03
1.52
2.19
2.40
11.33
NGN
NGN
NGN
NGN
NGN
GBP
NGN
NGN
0.00
314,998.16
415,644.50
104,225.53
24,090.06
109,116.52
54,695.86
327,916.15
1,350,686.78
0.00
2.06
2.72
0.68
0.16
0.71
0.36
2.15
8.84
MAD
MAD
MAD
386,505.47
249,242.81
354,643.94
990,392.22
2.53
1.63
2.32
6.48
ZAR
541,944.59
541,944.59
3.55
3.55
GBP
396,787.20
396,787.20
2.60
2.60
TZS
314,999.96
314,999.96
2.06
2.06
MUR
312,521.89
312,521.89
2.04
2.04
Total securities portfolio
Total securities portfolio
0.89
0.89
14,104,773.03
92.28
14,104,773.03
92.28
14,104,773.03
92.28
15,284,202.75
100.00
Total net assets
The accompanying notes are an integral part of these financial statements.
24
%
NAV
8.96
Mauritius
58,612.00 MCB GROUP LTD
136,591.21
136,591.21
(1.24)
Tanzania
55,900.00 TANZANIA BREWERIES LTD
USD
(189,695.17)
Jersey
250,000.00 CENTAMIN PLC
1.85
1.85
Other assets and liabilities
United Kingdom
9,438.00 BRITISH AMERICAN TOBACCO PLC
282,777.66
282,777.66
1,369,124.89
Morocco
12,212.00 ATTIJARIWAFA BANK
74,526.00 DOUJA PROM ADDOHA
32,460.00 MAROC TELECOM
XOF
Cash at bank
Nigeria
48,450.00 AFRILAND PROPERTIES PLC
515,352.00 DANGOTE CEMENT PLC
5,613,187.00 GUARANTY TRUST BANK
445,374.00 LAFARGE AFRICA PLC
950,653.00 NASCON ALLIED INDUSTRIES PLC
130,009.00 SEPLAT PETROLEUM DEVELOPMENT
859,486.00 UAC OF NIGERIA PLC
6,531,731.00 ZENITH BANK PLC
%
NAV
Summary of net assets
Egypt
120,709.00 COMMERCIAL INTERNATIONAL BAN
71,160.00 EL SEWEDY CABLES HOLDING CO
1,063,720.00 EMAAR MISR FOR DEVELOPMENT
1,035,583.00 GLOBAL TELECOM HOLDING
358,633.00 SIX OF OCTOBER DEVELOPMENT
Market value
in EUR
Zimbabwe
722,600.00 ECONET WIRELESS ZIMBABWE LTD
Kenya
175,300.00 BAMBURI CEMENT LTD
1,837,858.00 CO-OPERATIVE BANK OF KENYA L
169,538.00 EAST AFRICAN BREWERIES LTD
1,705,207.00 EQUITY GROUP HOLDINGS LTD
3,180,893.00 SAFARICOM LTD
Currency
Senegal
Transferable securities admitted to an official exchange listing
24,527.00 ANGLOGOLD ASHANTI LTD
29,272.00 ASTRAL FOODS LTD
34,850.00 CITY LODGE HOTELS LTD
53,295.00 CLICKS GROUP LTD
260,000.00 CLOVER INDUSTRIES LTD
48,000.00 FAMOUS BRANDS LTD
106,219.00 HOLDSPORT LTD
44,124.00 JSE LTD
100,752.00 LIFE HEALTHCARE GROUP HOLDIN
38,210.00 MTN GROUP LTD
62,900.00 OCEANA GROUP LTD
252,067.00 RAUBEX GROUP LTD
47,902.00 ROYAL BAFOKENG PLATINUM LTD
41,834.00 THE FOSCHINI GROUP LTD
23,600.00 TIGER BRANDS LTD
24,112.00 VODACOM GROUP LTD
102,059.00 WOOLWORTHS HOLDINGS LTD
Name
Quantity/
Nominal
BPI Global Investment Fund
BPI Global Investment Fund - BPI Africa (in EUR)
Portfolio Breakdowns
Nature allocation
% of portfolio
% of net
assets
100.00
92.28
100.00
92.28
% of portfolio
% of net
assets
South Africa
42.61
39.32
Kenya
14.44
13.32
Egypt
12.28
11.33
Nigeria
9.58
8.84
Morocco
7.02
6.48
United Kingdom
3.84
3.55
Jersey
2.81
2.60
Tanzania
2.23
2.06
Mauritius
2.22
2.04
Senegal
2.00
1.85
Zimbabwe
0.97
0.89
100.00
92.28
Shares
Country allocation
Top Ten Holdings
Top Ten Holdings
Sector
Market value
EQUITY GROUP HOLDINGS LTD
Banks
584,510.27
3.81
BRITISH AMERICAN TOBACCO PLC
Agriculture
541,944.59
3.55
WOOLWORTHS HOLDINGS LTD
527,048.32
3.44
TIGER BRANDS LTD
Distribution &
Wholesale
Food services
525,862.75
3.44
SAFARICOM LTD
Telecommunication
502,691.72
3.29
JSE LTD
Financial services
501,776.14
3.28
COMMERCIAL INTERNATIONAL BAN
Banks
487,353.47
3.19
OCEANA GROUP LTD
Food services
437,249.88
2.86
EAST AFRICAN BREWERIES LTD
Food services
419,629.65
2.75
GUARANTY TRUST BANK
Banks
415,644.50
2.72
% of
net
EUR assets
The accompanying notes are an integral part of these financial statements.
25
BPI Global Investment Fund
BPI Global Investment Fund - BPI America (in EUR)
Statement ofofOperations
Changes
in Net
Statement
Net Assetsand
as at
June 30,
2016Assets for the
period ended June 30, 2016
Notes
Statement of Operations and Changes in Net Assets for
the period ended June 30, 2016
EUR
Assets
Notes
EUR
2
36,704.50
Income
Investment in securities at cost
5,081,802.67 Dividends (net of withholding taxes)
Unrealised appreciation / (depreciation) on securities
(52,891.12) Other income
207.14
5,028,911.55 Total income
36,911.64
Investment in securities at market value
2
Cash at bank
2
473,706.89
2, 11
6,426.93
Net unrealised appreciation on futures contracts
Dividends and interest receivable
3,815.39
Total assets
Expenses
Global management fees
3
Administration fees
1,077.33
5,512,860.76 Professional fees
Liabilities
Accrued expenses
Net unrealised depreciation on forward foreign exchange
contracts
Total liabilities
9,804.50
2, 12
7,251.78
Net assets at the end of the period
3,579.65
Transaction costs
2
1,496.82
Taxe d'abonnement
5
285.74
Bank interest and charges
49.22
Total expenses
17,056.28
5,495,804.48
29,207.90
35,696.66
Net investment income / (loss)
1,214.98
Net realised gain / (loss) on:
Investments
(298,189.73)
Foreign currencies transactions
(1,853.39)
Futures contracts
(1,327.16)
Forward foreign exchange contracts
16,722.41
Net realised gain / (loss) for the period
(283,432.89)
Net change in unrealised appreciation / (depreciation) on:
Investments
(132,606.56)
Futures contracts
6,727.27
Forward foreign exchange contracts
(11,506.01)
Increase / (Decrease) in net assets as a result of
operations
(420,818.19)
Proceeds received on subscription of units
Statement of Changes in Number of Units
"R"
"I"
"I EUR Hedged"
-
Net amount paid on redemption of units
(832,431.86)
Net assets at the beginning of the period
6,749,054.53
Net assets at the end of the period
5,495,804.48
Number of units in issue at
the beginning of the period
Number of units
subscribed
Number of units
redeemed
Number of units in issue at
the end of the period
769.43
-
(216.21)
553.22
341,915.44
-
(48,335.47)
293,579.97
25,000.00
-
-
25,000.00
The accompanying notes are an integral part of these financial statements.
26
BPI Global Investment Fund
BPI Global Investment Fund - BPI America (in EUR)
Securities Portfolio as at June 30, 2016
Name
Quantity/
Nominal
Currency
Market value
in EUR
%
NAV
Shares
United States
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
74,507.11
37,455.78
62,425.82
38,629.40
65,412.93
76,654.02
23,462.84
24,263.02
35,334.35
82,696.43
38,456.68
24,723.84
33,976.87
33,243.62
64,664.82
40,583.42
98,447.29
43,127.77
62,856.15
43,877.50
33,916.74
28,352.94
39,392.41
31,173.89
56,975.24
105,623.12
59,618.43
27,902.15
34,108.00
95,948.67
68,459.95
24,842.57
32,702.82
30,914.08
36,377.48
28,562.80
21,004.44
26,813.81
29,760.48
54,729.16
37,134.96
35,495.22
56,324.28
37,432.00
123,446.13
22,736.04
26,354.08
33,273.14
36,096.49
32,527.36
5,515.28
148,781.15
96,710.18
91,857.28
58,343.40
76,679.35
42,252.85
28,753.46
37,919.55
50,171.47
92,280.25
24,320.81
28,243.97
32,097.93
24,728.48
36,704.87
42,120.79
44,920.89
30,340.76
46,773.52
Currency
685.00 PRUDENTIAL FINANCIAL INC
1,443.00 QORVO INC
739.00 RED HAT INC
7,608.00 REGIONS FINANCIAL CORP
1,376.00 REYNOLDS AMERICAN INC
406.00 ROCKWELL COLLINS INC
768.00 SALESFORCE.COM INC
393.00 SL GREEN REALTY CORP
263.00 S&P GLOBAL INC
589.00 STARBUCKS CORP
452.00 STATE STREET CORP
1,261.00 TENET HEALTHCARE CORP
553.00 TESORO CORP
1,354.00 TWENTY-FIRST CENTURY FOX - B
1,354.00 TWENTY-FIRST CENTURY FOX-A
485.00 UNION PACIFIC CORP
602.00 UNITED RENTALS INC
377.00 UNITED TECHNOLOGIES CORP
509.00 VARIAN MEDICAL SYSTEMS INC
624.00 VISA INC-CLASS A SHARES
935.00 WALGREENS BOOTS ALLIANCE INC
354.00 WALT DISNEY Co
365.00 WELLS FARGO & CO
1,413.00 WESTERN UNION CO
1,085.00 WESTROCK CO-WHEN ISSUED
10,281.00 XEROX CORP
Transferable securities admitted to an official exchange listing
1,337.00 ABBVIE INC
1,050.00 ACTIVISION BLIZZARD INC
724.00 ADOBE SYSTEMS INC
61.00 ALPHABET INC-CL A
105.00 ALPHABET INC-CL C
119.00 AMAZON.COM INC
429.00 AMERICAN EXPRESS CO
300.00 AMERIPRISE FINANCIAL INC
258.00 AMGEN INC
961.00 APPLE INC
495.00 ASSURANT INC
707.00 BANK OF NEW YORK MELLON CORP
1,060.00 BB&T CORP
280.00 BOSTON PROPERTIES INC
3,074.00 BOSTON SCIENTIFIC CORP
613.00 BRISTOL-MYERS SQUIBB CO
1,402.00 CARDINAL HEALTH INC
1,084.00 CARNIVAL CORP
708.00 CELGENE CORP
683.00 CENTENE CORP
643.00 CERNER CORP
1,307.00 CF INDUSTRIES HOLDING INC
10,225.00 CHESAPEAKE ENERGY CORP
817.00 CITIGROUP INC
3,168.00 CITIZENS FINANCIAL GROUP
1,800.00 COMCAST CORP-CLASS A
1,334.00 COMPUTER SCIENCES CORP
1,323.00 CSRA INC-W/I
337.00 CUMMINS INC
2,926.00 DELTA AIR LINES INC
3,126.00 DIAMOND OFFSHORE DRILLING
515.00 DISCOVER FINANCIAL SERVICES
1,440.00 DISCOVERY COMMUNICATIONS-A
1,440.00 DISCOVERY COMMUNICATIONS-C
583.00 DOVER CORP
1,008.00 DR HORTON INC
272.00 DUKE ENERGY CORP
232.00 EQUIFAX INC
480.00 EQUITY RESIDENTIAL
668.00 ESTEE LAUDER COMPANIES-CL A
361.00 FACEBOOK INC-A
873.00 FLOWSERVE CORP
4,978.00 FORD MOTOR CO
1,321.00 GENERAL ELECTRIC CO
1,644.00 GILEAD SCIENCES INC
170.00 GOLDMAN SACHS GROUP INC
1,141.00 GOODYEAR TIRE & RUBBER CO
816.00 HARLEY-DAVIDSON INC
1,159.00 HOLOGIC INC
283.00 HOME DEPOT INC
180.00 INGEVITY CORP
1,089.00 INTL BUSINESS MACHINES CORP
2,157.00 JACOBS ENGINEERING GROUP INC
1,214.00 LAM RESEARCH CORP
1,406.00 LENNAR CORP-A
1,076.00 LOWES COS INC
320.00 L-3 COMMUNICATIONS HOLDINGS
802.00 METLIFE INC
222.00 MOHAWK INDUSTRIES INC
539.00 MONSANTO CO
1,094.00 MOODYS CORP
1,040.00 MORGAN STANLEY
343.00 NETFLIX INC
646.00 NIKE INC CL B
722.00 NORDSTROM INC
479.00 NORFOLK SOUTHERN CORP
1,329.00 PFIZER INC
629.00 PHILLIPS 66
27.00 PRICELINE GROUP INC/THE
1,264.00 PRINCIPAL FINANCIAL GROUP
Name
Quantity/
Nominal
1.36
0.68
1.14
0.70
1.19
1.39
0.43
0.44
0.64
1.50
0.70
0.45
0.62
0.60
1.18
0.74
1.78
0.78
1.14
0.80
0.62
0.52
0.72
0.57
1.04
1.91
1.08
0.51
0.62
1.75
1.25
0.45
0.60
0.56
0.66
0.52
0.38
0.49
0.54
1.00
0.68
0.65
1.02
0.68
2.24
0.41
0.48
0.61
0.66
0.59
0.10
2.70
1.76
1.67
1.06
1.40
0.77
0.52
0.69
0.91
1.68
0.44
0.51
0.58
0.45
0.67
0.77
0.82
0.55
0.85
Market value
in EUR
%
NAV
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
43,987.49
71,776.57
48,293.26
58,278.12
66,796.60
31,114.67
54,896.15
37,663.90
25,392.12
30,283.70
21,937.84
31,373.19
37,293.09
33,211.67
32,967.91
38,090.15
36,360.05
34,800.26
37,675.03
41,659.91
70,081.87
31,169.97
15,550.16
24,394.74
37,962.06
87,822.76
4,433,148.02
0.80
1.31
0.88
1.06
1.22
0.57
1.00
0.69
0.46
0.55
0.40
0.57
0.68
0.60
0.60
0.69
0.66
0.63
0.69
0.76
1.28
0.57
0.28
0.44
0.69
1.60
80.65
USD
USD
USD
USD
USD
75,971.96
39,172.31
51,353.45
34,351.83
29,263.75
230,113.30
1.38
0.71
0.93
0.63
0.53
4.18
USD
USD
67,624.51
58,087.82
125,712.33
1.23
1.06
2.29
USD
119,737.52
119,737.52
2.18
2.18
USD
34,943.85
34,943.85
0.64
0.64
USD
28,879.86
28,879.86
0.53
0.53
USD
24,553.50
24,553.50
0.45
0.45
4,997,088.38
90.92
31,823.17
31,823.17
0.58
0.58
Ireland
745.00 ACCENTURE PLC-CL A
716.00 MALLINCKRODT PLC - W/I
2,342.00 SEAGATE TECHNOLOGY
307.00 WILLIS TOWERS WATSON PLC
976.00 XL GROUP PLC
United Kingdom
2,105.00 COCA-COLA EUROPEAN PARTNERS
6,646.00 ENSCO PLC-CL A
Singapore
856.00 BROADCOM SHS
Switzerland
297.00 CHUBB LTD
Netherlands
742.00 MYLAN NV
Bermuda
331.00 SIGNET JEWELERS LTD
Other transferable securities
Shares
United States
155.00 ESSEX PROPERTY TRUST INC
Total securities portfolio
The accompanying notes are an integral part of these financial statements.
27
USD
31,823.17
0.58
5,028,911.55
91.50
BPI Global Investment Fund
BPI Global Investment Fund - BPI America (in EUR)
Financial derivative instrument as at June 30, 2016
Quantity
Name
Currency
Commitment
in EUR
Unrealised
appreciation /
(depreciation)
in EUR
376,290.56
6,426.93
Futures
4.00 S&P 500 E-MINI FUTURE 16/09/2016
USD
6,426.93
Total Futures
6,426.93
Purchase
Sale
Maturity
Date
Commitment
in EUR
Unrealised
appreciation /
(depreciation)
in EUR
345,173.73
(7,251.78)
Forward foreign exchange contracts
345,173.73 EUR
392,000.00 USD
18/08/16
(7,251.78)
Total Forward foreign exchange contracts
(7,251.78)
Total financial derivative instruments
(824.85)
Summary of net assets
Total securities portfolio
Total financial derivative instruments
Cash at bank
Other assets and liabilities
Total net assets
%
NAV
5,028,911.55
91.50
(824.85)
(0.01)
473,706.89
8.62
(5,989.11)
(0.11)
5,495,804.48
100.00
The accompanying notes are an integral part of these financial statements.
28
BPI Global Investment Fund
BPI Global Investment Fund - BPI America (in EUR)
Portfolio Breakdowns
Nature allocation
% of portfolio
% of net
assets
100.00
91.50
100.00
91.50
% of portfolio
% of net
assets
Shares
Country allocation
United States
88.78
81.23
Ireland
4.58
4.18
United Kingdom
2.50
2.29
Singapore
2.38
2.18
Other
1.76
1.62
100.00
91.50
Top Ten Holdings
Top Ten Holdings
Sector
Market value
INTL BUSINESS MACHINES CORP
148,781.15
2.70
GILEAD SCIENCES INC
Office & Business
equipment
Cosmetics
123,446.13
2.24
BROADCOM SHS
Electric & Electronic
119,737.52
2.18
COMCAST CORP-CLASS A
Media
105,623.12
1.91
CARDINAL HEALTH INC
Cosmetics
98,447.29
1.78
JACOBS ENGINEERING GROUP INC
Building materials
96,710.18
1.76
DELTA AIR LINES INC
Transportation
95,948.67
1.75
MOODYS CORP
Diversified services
92,280.25
1.68
LAM RESEARCH CORP
Electric & Electronic
91,857.28
1.67
XEROX CORP
Office & Business
equipment
87,822.76
1.60
% of
net
EUR assets
The accompanying notes are an integral part of these financial statements.
29
BPI Global Investment Fund
BPI Global Investment Fund - BPI Alternative Fund: Iberian Equities Long/Short Fund (in EUR)
Statement ofofOperations
Changes
in Net
Statement
Net Assetsand
as at
June 30,
2016Assets for the
period ended June 30, 2016
Notes
Statement of Operations and Changes in Net Assets for
the period ended June 30, 2016
EUR
Assets
Notes
EUR
2
2,524,985.56
Income
Investment in securities at cost
238,474,148.61 Dividends (net of withholding taxes)
Unrealised appreciation / (depreciation) on securities
(9,039,417.85) Interest on bonds
Bank interest on cash account
Investment in securities at market value
2
229,434,730.76
Cash at bank
2
116,525,533.49 Total income
Receivable for investments sold
8,293,073.24
Net unrealised appreciation on futures contracts
2, 11
631,530.00
Net unrealised appreciation on equity swaps
2, 10
3,275,235.00
Dividends and interest receivable
723,710.51
Total assets
2
8,613.39
2
37,995.81
2,571,594.76
Expenses
Global management fees
3
2,839,674.01
Performance fees
4
119,273.83
Administration fees
3,703.40
358,883,813.00 Professional fees
Liabilities
Bank overdraft
484.03
Accrued expenses
516,097.79
Payable for investments purchased
8,330,183.40
2
651,112.95
Taxe d'abonnement
5
35,565.77
2
5,249,118.69
Bank interest and charges
119,273.83 Total expenses
Payable on equity swaps
587,255.12
9,553,294.17
Net assets at the end of the period
10,492.73
Expenses on equity swaps
Performance fees payable
Total liabilities
9,524.50
Transaction costs
8,918,465.88
Net investment income / (loss)
(6,346,871.12)
Net realised gain / (loss) on:
349,330,518.83
Investments
(18,515,552.32)
Foreign currencies transactions
(11,188.10)
Futures contracts
425,695.00
Options and equity swaps
19,785,623.96
Net realised gain / (loss) for the period
(4,662,292.58)
Net change in unrealised appreciation / (depreciation) on:
Investments
(6,053,969.79)
Futures contracts
715,800.00
Options and equity swaps
(119,068.70)
Increase / (Decrease) in net assets as a result of
operations
Statement of Changes in Number of Units
(10,119,531.07)
Proceeds received on subscription of units
110,742,123.61
Net amount paid on redemption of units
(91,603,240.18)
Net assets at the beginning of the period
340,311,166.47
Net assets at the end of the period
349,330,518.83
Number of units in issue at
the beginning of the period
Number of units
subscribed
Number of units
redeemed
Number of units in issue at
the end of the period
"R"
6,656,331.06
1,533,906.11
(475,911.97)
7,714,325.20
"I"
21,386,925.12
7,549,665.75
(7,022,641.96)
21,913,948.91
The accompanying notes are an integral part of these financial statements.
30
BPI Global Investment Fund
BPI Global Investment Fund - BPI Alternative Fund: Iberian Equities Long/Short Fund (in EUR)
Securities Portfolio as at June 30, 2016
Name
Quantity/
Nominal
Currency
Market value
in EUR
%
NAV
Name
Quantity/
Nominal
Transferable securities admitted to an official exchange listing
Currency
Market value
in EUR
%
NAV
EUR
34,989,500.00
34,989,500.00
10.01
10.01
EUR
17,528,334.60
17,528,334.60
5.02
5.02
Other transferable securities
Shares
Money market instruments
Spain
Portugal
382,131.00 ABERTIS INFRAESTRUCTURAS SA
124,009.00 ACCIONA SA
305,236.00 ACERINOX SA
11,734.00 ACS ACTIVIDADES CONS Y SERV
5,500.00 AENA SA
55,575.00 AMADEUS IT HOLDING SA-A SHS
586,661.00 ATRESMEDIA CORP DE MEDIOS DE
2,584,332.00 BANCO BILBAO VIZCAYA ARGENTA
2,404,374.00 BANCO DE SABADELL SA
1,958,990.00 BANCO POPULAR ESPANOL
1,145,085.00 BANCO SANTANDER SA
123,389.00 BANKINTER SA
3,309,236.00 CAIXABANK
456,182.00 DISTRIBUIDORA INTERNACIONAL
27,500.00 EBRO FOODS SA
1,065,042.00 EDP RENOVAVEIS SA
1,503.00 ENAGAS SA
556,524.00 ENDESA SA
883,024.00 FERROVIAL SA
15,492.00 GAS NATURAL SDG SA
366,513.00 GRIFOLS SA
2,649,714.00 IBERDROLA SA
82,424.00 INDUSTRIA DE DISENO TEXTIL
843,047.00 INTL CONSOLIDATED AIRLINE-DI
568,020.00 MAPFRE SA
39,597.00 RED ELECTRICA CORPORACION SA
693,411.00 REPSOL SA
30,000.00 TELEFONICA SA
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
5,044,129.20
8,089,107.07
3,031,298.72
286,250.93
650,375.00
2,182,708.13
5,115,683.92
13,087,057.25
2,834,756.95
2,254,797.49
3,926,496.47
711,707.75
6,509,267.21
2,373,058.76
565,950.00
7,220,984.76
41,039.42
10,034,127.72
15,395,523.44
273,666.18
7,425,553.38
16,128,809.12
2,465,301.84
3,730,482.98
1,112,183.16
3,174,491.49
7,911,819.51
253,800.00
131,830,427.85
1.44
2.32
0.87
0.08
0.19
0.62
1.46
3.75
0.81
0.65
1.12
0.20
1.86
0.68
0.16
2.07
0.01
2.87
4.41
0.08
2.13
4.63
0.71
1.07
0.32
0.91
2.26
0.07
37.75
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
467,853.48
8,273,027.11
2,754,000.00
381,225.00
10,985,497.92
709,993.30
26,477.78
8,101,704.25
7,632,428.00
816,000.00
40,148,206.84
0.13
2.37
0.79
0.11
3.15
0.20
0.01
2.32
2.18
0.23
11.49
171,978,634.69
49.24
4,580,000.00
1.31
4,580,000.00
1.31
4,580,000.00
1.31
35,000,000.00 PORTUGAL T-BILL 0% 15-18/11/2016
Spain
17,500,000.00 LETRAS 0% 16-07/04/2017
Total securities portfolio
52,517,834.60
15.03
229,434,730.76
65.68
Financial derivative instrument as at June 30, 2016
Quantity
Name
Currency
Commitment
in EUR
Unrealised
appreciation /
(depreciation)
in EUR
5,770,383.00
5,588,622.00
566,883.00
64,647.00
Futures
71.00 IBEX35 EURO 15/07/2016
(1,257.00) PORTUGAL PSI 20 INDEX 16/09/2016
EUR
EUR
631,530.00
Total Futures
Name
631,530.00
Currency
Quantity
Unrealised
appreciation /
(depreciation)
in EUR
EUR
20,000.00
11,300.00
EUR
155,000.00
54,250.00
EUR
150,000.00
30,000.00
EUR
35,000.00
(1,750.00)
EUR
100,000.00
(28,500.00)
EUR
35,000.00
(7,000.00)
EUR
11,000.00
(8,140.00)
EUR
220,000.00
(162,800.00)
EUR
66,000.00
313,830.00
EUR
12,000.00
16,800.00
EUR
38,000.00
114,760.00
EUR
25,000.00
87,125.00
EUR
145,000.00
529,250.00
EUR
EUR
EUR
EUR
EUR
EUR
20,000.00
10,000.00
25,000.00
15,000.00
11,000.00
25,000.00
12,000.00
(36,500.00)
30,000.00
12,750.00
17,050.00
47,875.00
Portugal
25,706,235.00 BANCO COMERCIAL PORTUGUES-R
1,162,922.00 CTT-CORREIOS DE PORTUGAL
1,000,000.00 EDP-ENERGIAS DE PORTUGAL SA
30,498.00 GALP ENERGIA SGPS SA
775,812.00 JERONIMO MARTINS
130,274.00 NOS SGPS
254,594.00 PHAROL SGPS SA
3,198,462.00 REDES ENERGETICAS NACIONAIS
10,826,139.00 SONAE
1,500,000.00 SONAE CAPITAL SGPS SA
Equity swap
ABERTIS INFRAESTRUCTURAS SA
07/07/2016
ABERTIS INFRAESTRUCTURAS SA
12/07/2016
ABERTIS INFRAESTRUCTURAS SA
23/09/2016
ABERTIS INFRAESTRUCTURAS SA
23/09/2016
ABERTIS INFRAESTRUCTURAS SA
29/09/2016
ABERTIS INFRAESTRUCTURAS SA
30/09/2016
ABERTIS INFRAESTRUCTURAS SA
30/11/2016
ABERTIS INFRAESTRUCTURAS SA
30/11/2016
ACS ACTIVIDADES CONS Y SERV
12/07/2016
ACS ACTIVIDADES CONS Y SERV
21/09/2016
ACS ACTIVIDADES CONS Y SERV
23/09/2016
ACS ACTIVIDADES CONS Y SERV
25/07/2016
ACS ACTIVIDADES CONS Y SERV
28/11/2016
AENA SA 03/01/2017
AENA SA 04/10/2016
AENA SA 23/09/2016
AENA SA 25/07/2016
AENA SA 26/09/2016
AMADEUS IT HOLDING SA-A SHS
12/07/2016
AMADEUS IT HOLDING SA-A SHS
26/09/2016
AMADEUS IT HOLDING SA-A SHS
29/07/2016
AMADEUS IT HOLDING SA-A SHS
30/11/2016
BANCO BILBAO VIZCAYA ARGENTA
03/08/2016
Bonds and other debt instruments
Netherlands
5,000,000.00 SONAE INVSMNTS 1.625% 14-11/06/2019
CV
EUR
Rights
Spain
335,236.00 ACERINOX SA RTS 06/07/2016
11,734.00 ACS ATV DE CNTC Y SERVICO RTS
11/07/2016
677,941.00 REPSOL SA RTS 01/07/2016
EUR
EUR
152,197.14
7,427.62
0.04
0.00
EUR
198,636.71
358,261.47
0.06
0.10
358,261.47
0.10
Other transferable securities
Shares
Portugal
1,098,369.00 BANCO ESPIRITO SANTO-REG
EUR
0.00
0.00
0.00
0.00
0.00
0.00
The accompanying notes are an integral part of these financial statements.
31
EUR
50,000.00
55,500.00
EUR
17,000.00
(3,230.00)
EUR
90,000.00
(175,950.00)
EUR
1,050,000.00
(49,350.00)
BPI Global Investment Fund
BPI Global Investment Fund - BPI Alternative Fund: Iberian Equities Long/Short Fund (in EUR)
Financial derivative instrument as at June 30, 2016
Name
BANCO COMERCIAL PORTUGUES-R
25/07/2016
BANCO SANTANDER SA 21/09/2016
BANKINTER SA 02/08/2016
BANKINTER SA 25/07/2016
BANKINTER SA 26/09/2016
BANKINTER SA 29/09/2016
DISTRIBUIDORA INTERNACIONAL
03/01/2017
DISTRIBUIDORA INTERNACIONAL
11/07/2016
DISTRIBUIDORA INTERNACIONAL
23/09/2016
DISTRIBUIDORA INTERNACIONAL
25/07/2016
DISTRIBUIDORA INTERNACIONAL
25/07/2016
EBRO FOODS SA 03/01/2017
EBRO FOODS SA 06/07/2016
EBRO FOODS SA 15/07/2016
EBRO FOODS SA 23/09/2016
EBRO FOODS SA 29/07/2016
EBRO FOODS SA 30/09/2016
EDP-ENERGIAS DE PORTUGAL SA
04/10/2016
EDP-ENERGIAS DE PORTUGAL SA
11/07/2016
EDP-ENERGIAS DE PORTUGAL SA
18/08/2016
EDP-ENERGIAS DE PORTUGAL SA
22/09/2016
EDP-ENERGIAS DE PORTUGAL SA
24/08/2016
EDP-ENERGIAS DE PORTUGAL SA
27/09/2016
EDP-ENERGIAS DE PORTUGAL SA
28/07/2016
ENAGAS SA 23/08/2016
ENAGAS SA 25/07/2016
ENAGAS SA 25/07/2016
GALP ENERGIA SGPS SA 11/07/2016
GALP ENERGIA SGPS SA 11/07/2016
GALP ENERGIA SGPS SA 22/09/2016
GALP ENERGIA SGPS SA 23/09/2016
GAS NATURAL SDG SA 04/10/2016
GAS NATURAL SDG SA 12/07/2016
GAS NATURAL SDG SA 13/07/2016
GAS NATURAL SDG SA 16/08/2016
GAS NATURAL SDG SA 23/09/2016
GAS NATURAL SDG SA 23/09/2016
GAS NATURAL SDG SA 25/07/2016
GAS NATURAL SDG SA 26/09/2016
GAS NATURAL SDG SA 30/11/2016
INDUSTRIA DE DISENO TEXTIL 07/07/2016
INDUSTRIA DE DISENO TEXTIL 15/07/2016
INDUSTRIA DE DISENO TEXTIL 20/07/2016
INDUSTRIA DE DISENO TEXTIL 23/09/2016
INDUSTRIA DE DISENO TEXTIL 23/09/2016
MAPFRE SA 03/01/2017
MAPFRE SA 06/07/2016
MAPFRE SA 07/07/2016
MAPFRE SA 15/07/2016
MAPFRE SA 23/09/2016
MAPFRE SA 26/08/2016
MEDIASET ESPANA COMUNICACION
04/10/2016
MEDIASET ESPANA COMUNICACION
06/07/2016
MEDIASET ESPANA COMUNICACION
16/08/2016
MEDIASET ESPANA COMUNICACION
21/07/2016
MEDIASET ESPANA COMUNICACION
25/07/2016
NOS SGPS 07/09/2016
NOS SGPS 09/09/2016
NOS SGPS 23/09/2016
NOS SGPS 23/09/2016
TECNICAS REUNIDAS SA 04/10/2016
TECNICAS REUNIDAS SA 12/09/2016
TECNICAS REUNIDAS SA 16/08/2016
TECNICAS REUNIDAS SA 25/07/2016
Currency
Quantity
Unrealised
appreciation /
(depreciation)
in EUR
EUR
7,500,000.00
11,250.00
EUR
EUR
EUR
EUR
EUR
EUR
2,000,000.00
500,000.00
500,000.00
500,000.00
200,000.00
650,000.00
462,000.00
35,500.00
252,500.00
239,500.00
17,200.00
(37,050.00)
EUR
50,000.00
9,000.00
EUR
200,000.00
(5,600.00)
EUR
450,000.00
30,600.00
EUR
80,000.00
5,680.00
EUR
EUR
EUR
EUR
EUR
EUR
EUR
135,000.00
50,000.00
20,000.00
13,000.00
20,000.00
40,000.00
2,500,000.00
(52,650.00)
6,000.00
(5,700.00)
(4,550.00)
(23,400.00)
(38,800.00)
(152,500.00)
EUR
300,000.00
69,600.00
EUR
200,000.00
11,800.00
EUR
745,000.00
119,200.00
EUR
400,000.00
84,000.00
EUR
700,000.00
170,800.00
EUR
100,000.00
(11,900.00)
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
200,000.00
40,000.00
200,000.00
50,000.00
200,000.00
100,000.00
200,000.00
60,000.00
80,000.00
125,000.00
27,500.00
90,000.00
19,000.00
110,000.00
50,000.00
30,000.00
25,000.00
15,000.00
100,000.00
150,000.00
30,000.00
1,000,000.00
250,000.00
200,000.00
175,000.00
400,000.00
350,000.00
50,000.00
(112,000.00)
(81,000.00)
(92,000.00)
(11,500.00)
(118,000.00)
(125,000.00)
(74,000.00)
(34,200.00)
23,600.00
36,875.00
(10,725.00)
4,050.00
(760.00)
(8,800.00)
5,000.00
(57,150.00)
6,750.00
(15,000.00)
(39,000.00)
24,750.00
(600.00)
(24,000.00)
65,500.00
57,000.00
15,925.00
34,400.00
49,350.00
(2,750.00)
EUR
60,000.00
93,000.00
EUR
300,000.00
231,000.00
EUR
150,000.00
189,750.00
EUR
155,000.00
196,075.00
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
350,000.00
200,000.00
350,000.00
225,000.00
30,000.00
30,000.00
30,000.00
30,000.00
364,000.00
194,600.00
183,750.00
118,125.00
(35,550.00)
20,700.00
(13,050.00)
(19,950.00)
Name
TECNICAS REUNIDAS SA 26/09/2016
TELEFONICA SA 15/08/2016
TELEFONICA SA 21/07/2016
TELEFONICA SA 23/09/2016
TELEFONICA SA 26/08/2016
Currency
Quantity
Unrealised
appreciation /
(depreciation)
in EUR
EUR
EUR
EUR
EUR
EUR
100,000.00
50,000.00
200,000.00
400,000.00
110,000.00
(25,000.00)
32,700.00
7,000.00
114,400.00
55,220.00
3,275,235.00
Total equity swap
3,275,235.00
Total financial derivative instruments
3,906,765.00
Summary of net assets
Total securities portfolio
Total financial derivative instruments
Cash at bank
Other assets and liabilities
Total net assets
The accompanying notes are an integral part of these financial statements.
32
%
NAV
229,434,730.76
65.68
3,906,765.00
1.12
116,525,049.46
33.36
(536,026.39)
(0.16)
349,330,518.83
100.00
BPI Global Investment Fund
BPI Global Investment Fund - BPI Alternative Fund: Iberian Equities Long/Short Fund (in EUR)
Portfolio Breakdowns
Nature allocation
% of portfolio
% of net
assets
Shares
74.96
49.24
Money market instruments
22.89
15.03
2.15
1.41
100.00
65.68
% of portfolio
% of net
assets
Spain
65.25
42.87
Portugal
32.75
21.50
2.00
1.31
100.00
65.68
Other
Country allocation
Netherlands
Top Ten Holdings
Top Ten Holdings
Sector
Market value
PORTUGAL T-BILL 0% 15-18/11/2016
Government
34,989,500.00
10.01
LETRAS 0% 16-07/04/2017
Government
17,528,334.60
5.02
IBERDROLA SA
Energy
16,128,809.12
4.63
FERROVIAL SA
Building materials
15,395,523.44
4.41
BANCO BILBAO VIZCAYA ARGENTA
Banks
13,087,057.25
3.75
JERONIMO MARTINS
Food services
10,985,497.92
3.15
ENDESA SA
Energy
10,034,127.72
2.87
CTT-CORREIOS DE PORTUGAL
Diversified services
8,273,027.11
2.37
REDES ENERGETICAS NACIONAIS
Energy
8,101,704.25
2.32
ACCIONA SA
Building materials
8,089,107.07
2.32
% of
net
EUR assets
The accompanying notes are an integral part of these financial statements.
33
BPI Global Investment Fund
BPI Global Investment Fund - BPI Euro Large Caps (in EUR)
Statement ofofOperations
Changes
in Net
Statement
Net Assetsand
as at
June 30,
2016Assets for the
period ended June 30, 2016
Notes
Statement of Operations and Changes in Net Assets for
the period ended June 30, 2016
EUR
Assets
Notes
EUR
2
482,963.48
Income
Investment in securities at cost
19,763,082.54 Dividends (net of withholding taxes)
Unrealised appreciation / (depreciation) on securities
(1,928,105.47)
Investment in securities at market value
2
17,834,977.07
Cash at bank
2
263,216.49
Receivable for investments sold
307,553.28
Receivable on withholding tax reclaim
3,323.17
Dividends and interest receivable
9,104.66
Total assets
Total income
482,963.48
Expenses
Global management fees
3
Administration fees
1,077.33
Professional fees
3,434.06
Transaction costs
18,418,174.67 Taxe d'abonnement
Bank interest and charges
Liabilities
Payable on redemptions
259,499.62
Total liabilities
280,305.12
Net assets at the end of the period
2
19,657.71
5
973.57
93.41
20,805.50 Total expenses
Accrued expenses
105,068.30
130,304.38
Net investment income / (loss)
352,659.10
Net realised gain / (loss) on:
18,137,869.55
Investments
(979,948.20)
Futures contracts
3,408.80
Net realised gain / (loss) for the period
(623,880.30)
Net change in unrealised appreciation / (depreciation) on:
Investments
(1,878,504.38)
Futures contracts
(3,300.00)
Increase / (Decrease) in net assets as a result of
operations
(2,505,684.68)
Proceeds received on subscription of units
Statement of Changes in Number of Units
(5,635,443.24)
Net assets at the beginning of the period
24,690,357.79
Net assets at the end of the period
18,137,869.55
Number of units in issue at
the beginning of the period
Number of units
subscribed
Number of units
redeemed
Number of units in issue at
the end of the period
25.00
-
-
25.00
2,152,354.32
151,836.40
(533,332.12)
1,770,858.60
"R"
"I"
1,588,639.68
Net amount paid on redemption of units
The accompanying notes are an integral part of these financial statements.
34
BPI Global Investment Fund
BPI Global Investment Fund - BPI Euro Large Caps (in EUR)
Securities Portfolio as at June 30, 2016
Name
Quantity/
Nominal
Currency
Market value
in EUR
%
NAV
Name
Quantity/
Nominal
Currency
47,801.00 NOKIA
Shares
EUR
France
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
298,170.20
362,812.49
433,488.52
123,376.55
154,391.37
388,196.02
218,375.50
259,806.10
378,400.00
333,064.00
282,577.71
190,862.36
851,091.20
304,458.28
213,239.39
1,013,270.04
209,116.75
360,676.47
189,094.10
6,564,467.05
1.64
2.00
2.39
0.68
0.85
2.14
1.20
1.43
2.09
1.84
1.56
1.05
4.69
1.68
1.18
5.58
1.15
1.99
1.04
36.18
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
565,642.80
580,008.00
723,420.00
212,041.17
512,346.96
157,538.15
216,706.40
461,990.80
168,515.42
235,833.06
198,630.50
19,764.36
589,463.32
666,907.84
14,101.83
196,023.00
5,518,933.61
3.12
3.20
3.98
1.17
2.82
0.87
1.19
2.55
0.93
1.30
1.10
0.11
3.25
3.68
0.08
1.08
30.43
EUR
EUR
EUR
EUR
EUR
280,839.60
320,767.31
335,969.76
205,541.31
629,991.12
1,773,109.10
1.55
1.77
1.85
1.13
3.48
9.78
EUR
EUR
EUR
EUR
EUR
EUR
314,504.78
469,179.78
342,022.44
273,855.96
2,407.51
345,726.36
1,747,696.83
1.73
2.59
1.89
1.51
0.01
1.91
9.64
EUR
EUR
EUR
EUR
EUR
154,684.10
296,915.96
345,430.80
226,166.87
109,004.04
1,132,201.77
0.85
1.64
1.90
1.25
0.60
6.24
EUR
854,481.60
854,481.60
4.71
4.71
Total securities portfolio
Total securities portfolio
Cash at bank
Other assets and liabilities
Total net assets
Italy
14,662.00 ASSICURAZIONI GENERALI
74,602.00 ENEL SPA
23,790.00 ENI SPA
132,883.00 INTESA SANPAOLO
55,332.00 UNICREDIT SPA
Belgium
7,266.00 ANHEUSER-BUSCH INBEV SA/NV
17,834,914.07
98.33
EUR
63.00
63.00
0.00
0.00
63.00
0.00
17,834,977.07
98.33
Summary of net assets
Spain
62,106.00 BANCO BILBAO VIZCAYA ARGENTA
136,827.00 BANCO SANTANDER SA
56,189.00 IBERDROLA SA
9,156.00 INDUSTRIA DE DISENO TEXTIL
211.00 REPSOL SA
40,866.00 TELEFONICA SA
1.35
1.35
Spain
215.00 REPSOL SA RTS 01/07/2016
Netherlands
5,430.00 AIRBUS GROUP SE
3,629.00 ASML HOLDING NV
36,602.00 ING GROEP NV
9,178.00 KONINKLIJKE PHILIPS ELECTRONICS
15,032.00 UNILEVER NV-CVA
244,024.11
244,024.11
Rights
Germany
4,426.00 ALLIANZ AG REG
8,450.00 BASF SE
8,038.00 BAYER AG-REG
3,223.00 BAYERISCHE MOTOREN WERKE AG
9,573.00 DAIMLER CHRYSLER AG
12,782.00 DEUTSCHE BANK AG-REGISTERED
8,608.00 DEUTSCHE POST AG-REG
30,235.00 DEUTSCHE TELEKOM AG-REG
18,670.00 E.ON SE
3,583.00 FRESENIUS SE & CO KGAA
1,322.00 MUENCHENER RUECKVER AG-REG
504.00 PROSIEBENSAT.1 MEDIA SE
8,777.00 SAP SE
7,264.00 SIEMENS AG-REG
783.00 THYSSENKRUPP AG
1,810.00 VOLKSWAGEN AG-PREF
%
NAV
Finland
Transferable securities admitted to an official exchange listing
3,170.00 AIR LIQUIDE SA
20,377.00 AXA SA
10,904.00 BNP PARIBAS
5,555.00 CARREFOUR SA
4,494.00 COMPAGNIE DE SAINT GOBAIN
6,122.00 DANONE GROUPE
15,050.00 ENGIE
2,186.00 ESSILOR INTERNATIONAL
2,200.00 LOREAL
2,449.00 LVMH LOUIS VUITTON MOET HENNESSY
19,282.00 ORANGE
3,133.00 SAFRAN SA
11,360.00 SANOFI
5,738.00 SCHNEIDER ELECTRIC SE
7,559.00 SOCIETE GENERALE
23,358.00 TOTAL SA
895.00 UNIBAIL-RODAMCO SE
5,663.00 VINCI SA
11,189.00 VIVENDI
Market value
in EUR
The accompanying notes are an integral part of these financial statements.
35
%
NAV
17,834,977.07
98.33
263,216.49
1.45
39,675.99
0.22
18,137,869.55
100.00
BPI Global Investment Fund
BPI Global Investment Fund - BPI Euro Large Caps (in EUR)
Portfolio Breakdowns
Nature allocation
% of portfolio
% of net
assets
Shares
100.00
98.33
Rights
-
-
100.00
98.33
% of portfolio
% of net
assets
France
36.81
36.18
Germany
Country allocation
30.94
30.43
Netherlands
9.94
9.78
Spain
9.80
9.64
Italy
6.35
6.24
Belgium
4.79
4.71
Finland
1.37
1.35
100.00
98.33
Top Ten Holdings
Top Ten Holdings
Sector
Market value
TOTAL SA
Energy
1,013,270.04
5.58
ANHEUSER-BUSCH INBEV SA/NV
Food services
854,481.60
4.71
SANOFI
Cosmetics
851,091.20
4.69
BAYER AG-REG
Cosmetics
723,420.00
3.98
SIEMENS AG-REG
Diversified
machinery
Cosmetics
666,907.84
3.68
UNILEVER NV-CVA
629,991.12
3.48
SAP SE
Computer software
589,463.32
3.25
BASF SE
Chemical
580,008.00
3.20
ALLIANZ AG REG
Insurance
565,642.80
3.12
DAIMLER CHRYSLER AG
Auto Parts &
Equipment
512,346.96
2.82
% of
net
EUR assets
The accompanying notes are an integral part of these financial statements.
36
BPI Global Investment Fund
Notes to the Financial Statements as at June 30, 2016
Note 1. General
BPI Global Investment Fund (the “Fund”) is established in accordance with Part I of the amended Luxembourg Law of December 17, 2010 governing
undertakings for collective investment by BPI Global Investment Fund Management Company S.A. (the “Management Company”), as an open-ended
investment fund. The only Shareholder of the Management Company is Banco BPI, SA.
The Management Regulations for the Fund entered in force on February 18, 1994 and were changed in May 2005. They may be amended by the
Management Company in accordance with the relevant legal provisions. Any amendment must be published in the Luxembourg “Mémorial, Recueil des
Sociétés et Associations” hereinafter called “Mémorial”, the official gazette of the Grand Duchy of Luxembourg. Such amendments become legally binding in
respect of all unitholders subsequent to its publication in the “Mémorial”. The Management Regulations are available at the Register of Commerce and
Companies of the District Court of Luxembourg for inspection.
The active Sub-Funds and related classes of Units of BPI Global Investment Fund as at June 30, 2016 are:
- BPI Global Investment Fund - BPI Europa - Classes of Units “I” & “R”
- BPI Global Investment Fund - BPI Opportunities - Classes of Units “I” & “R”
- BPI Global Investment Fund - BPI High Income Bond Fund - Classes of Units “I” & “R”
- BPI Global Investment Fund - BPI Universal - Classes of Units “I” & “R”
- BPI Global Investment Fund - BPI Iberia - Classes of Units “I” & “R”
- BPI Global Investment Fund - BPI Africa - Classes of Units “I”, “R”, “M” & “R USD”
- BPI Global Investment Fund - BPI America - Classes of Units “I”, “R” & “I EUR Hedged”
- BPI Global Investment Fund - BPI Alternative Fund: Iberian Equities Long/Short Fund - Classes of Units “I” & “R”
- BPI Global Investment Fund - BPI Euro Large Caps - Classes of Units “I” & “R”
The object of the Management Company is the creation, administration and management of BPI Global Investment Fund, as well as the issue and redemption
of the Units of the Fund. The Management Company may also carry on any activities deemed useful for the accomplishment of its object, remaining, however,
within the limitations set forth by the Luxembourg law of 17 December 2010 governing collective investment undertakings.
The Management Company manages and administers the Fund for the account and in the interest of the Unitholders. The Management Company determines
the investment policy of the individual Sub-Funds constituting the Fund, determines their launching and determines their dissolution. The Management
Company is vested with extensive powers in order to perform all administrative and management actions in its name for the account of the Unitholders. It shall
accordingly be entitled in particular to buy, sell, subscribe to, exchange and receive securities and other assets as well as to exercise all the rights directly or
indirectly connected with the assets of the Fund.
The investment objectives of the Sub-Funds are as follows:
Sub-Funds
Investment objective
BPI Global Investment Fund - BPI Europa
The investment objective of the Sub-Fund is to provide unitholders with long-term
capital appreciation through investment in a diversified portfolio of mainly equity
securities issued by companies of the European Union, Switzerland or Norway, with
no specific focus on any economic sector of activity.
BPI Global Investment Fund - BPI High Income Bond Fund
The investment objective of the Sub-Fund is to provide unitholders with a high current
income through a diversified portfolio based on the acquisition of fixed-income
securities.
BPI Global Investment Fund - BPI Opportunities
BPI Global Investment Fund - BPI Euro Large Caps
The investment objective of the Sub-Fund is to provide unitholders with long-term
capital appreciation based on risk spreading and future potential growth. The SubFund will mainly invest in instruments issued by companies that, in the Management
Company’s opinion, may benefit from an operational or financial reorganisation or
companies that offer a strong valuation potential, due to the reorganisation expected
in their economic sector. The Sub-Fund will have no restriction in terms of
geographical asset allocation.
BPI Global Investment Fund - BPI Iberia
The investment objective of the Sub-Fund is to provide Unitholders with long-term
capital appreciation, based on risk spreading and future potential growth.
The Sub-Fund will mainly invest in instruments issued by Portuguese and Spanish
companies and companies that have their main activities in Portugal and Spain.
BPI Global Investment Fund - BPI Universal
The investment objective of the Sub-Fund is to provide unitholders with long-term
capital appreciation by investing in a diversified Portfolio of targets funds.
37
BPI Global Investment Fund
Notes to the Financial Statements as at June 30, 2016 (continued)
Note 1. General (Continued)
Sub-Funds
Investment objective
BPI Global Investment Fund - BPI Africa
The investment objective of the Sub-Fund is to provide unitholders with long-term
capital appreciation in investing mainly in instruments issued by African companies
(companies having their head office in Africa or listed in Stock Markets in African
countries) and/or companies that have significant operations in Africa.
BPI Global Investment Fund - BPI America
The investment objective of the Sub-Fund is to provide unitholders with long-term
capital appreciation in investing mainly in securities issued by companies from the
United States of America and Canada or which have their securities traded in a stock
market in these countries.
BPI Global Investment Fund - BPI Alternative Fund: Iberian
Equities Long/Short Fund
The investment objective of the Sub-Fund is essentially composed of two investment
strategies. The first and main strategy consists of offering its participants access to a
portfolio composed of Iberian shares. The second strategy goal is to take advantage
of clear and defined equity market tendencies. This strategy will have a directional
logic, taking advantage of the mid-term market trends. Exposure to equity risk that is
not Iberian will be made exclusively through derivatives on indices.
The portfolio movements can be obtained free of charge from the registered office of the Management Company.
Note 2. Significant accounting policies
The financial statements are presented in accordance with Luxembourg regulations relating to Undertakings for Collective Investment Funds and generally
accepted accounting policies.
The books and records of each class of units are maintained in Euro (“EUR”).
The combined financial statements of the Fund are expressed in Euro and are equal to the sum of the corresponding accounts in the financial statements of
each sub-fund converted into Euro at the exchange rate prevailing at the end of the financial period.
Valuation of investments
The value of the assets held by each Sub-Fund is calculated as follows:
- Securities which are listed on an official stock exchange are valued at the last available price. If the same security is quoted on several stock exchanges, the
last available listing on the stock exchange that represents the major market for this security shall be used;
- Securities that are not listed on an official stock exchange, but which are actively traded on another regulated market which operates regularly and is
recognized and open to the public, are valued at the last available price on this market;
- If these prices fail to conform correctly to market trends, the respective securities, as well as the other legally admissible assets, will be valued at their
corresponding market value which the Management Company, acting in good faith, shall estimate on the basis of the probable selling price;
- Units / shares issued by open-ended investment funds shall be valued at their last available net asset value.
The Management Company is authorized to apply other adequate valuation principles for the total assets of the Fund and the assets of an individual SubFund if the aforementioned valuation criteria appear impossible or inappropriate due to extraordinary circumstances or events.
In the case of extensive redemption applications, the Management Company may establish the value of the units of the relevant Sub-Fund on the basis of the
prices at which the necessary sales of securities are affected. In such an event, the same basis for calculation shall be applied for subscription and redemption
applications submitted at the same time.
Valuation method for futures
Unrealized gains or losses on open futures contracts are calculated as being the net difference, on any Valuation day, between the contract price and the
closing price reported on the primary exchange of the futures contracts. Upon entering into futures contracts, the Fund is required to pledge an amount as an
initial deposit. These amounts are included in cash at bank in the Statement of Net Assets.
Valuation of forward foreign exchange contracts
The Forward foreign exchange contracts opened at the end of the are valued at the forward exchange rates corresponding to the termination date of the
contract. The net change in unrealised appreciation / (depreciation) is included in the Statement of Operations and Changes in Net Assets.
38
BPI Global Investment Fund
Notes to the Financial Statements as at June 30, 2016 (continued)
Note 2. Significant accounting policies (continued)
Valuation of options
The liquidating value of options contracts that are not traded on exchanges or on other Regulated Markets shall be determined pursuant to the policies
established in good faith by the Management Company, on a basis consistently applied. The liquidating value of options contracts traded on exchanges or on
other Regulated Markets shall be based upon the last available settlement prices of these contracts on exchanges and organised markets on which the
particular options contracts are traded; provided that if an options contract could not be liquidated on such Luxembourg Banking Day with respect to which a
Net Asset Value is being determined, then the basis for determining the liquidating value of such contract shall be such value as the Management Company
may, in good faith and pursuant to verifiable valuation procedures, deem fair and reasonable.
Valuation of swap contracts
A swap is a contract whereby the Fund and a counterparty enter into an agreement to exchange one stream of income (linked to securities, instruments, an
index, or a basket of equities or bonds) for another stream of income (linked to other securities or instruments, a different index or another basket of equities or
bonds). Swaps shall only be entered into with first-rate financial institutions specialising in this type of transaction. The valuation of swap transactions is based
on the calculation of the net present value of the expected cash flows. Resulting realised and change in unrealised gains or losses are included in the
Statement of Operations and Changes in Net Assets.
Foreign exchange translation
All investments, cash balances and other assets or liabilities of each class of units expressed in currencies other than EUR have been valued after taking into
account the exchange rate at the time of determination of the net asset value of units.
Foreign exchange rates used as of June 30, 2016 are as follows:
1 EUR =
1 EUR =
1 EUR =
1 EUR =
1 EUR =
1 EUR =
1 EUR =
1 EUR =
1.4428
1.0823
7.4398
9.8652
0.83105
113.9724
112.31705
10.869
CAD
CHF
DKK
EGP
GBP
JPY
KES
MAD
1 EUR =
1 EUR =
1 EUR =
1 EUR =
1 EUR =
1 EUR =
1 EUR =
1 EUR =
39.57205
314.12115
9.2964
9.41275
2,432.98125
1.11095
655.95705
16.26985
MUR
NGN
NOK
SEK
TZS
USD
XOF
ZAR
Transactions in foreign currencies are translated at prevailing exchange rates at the transaction date. Gains or losses on foreign exchange are recognized in
the statement of operations and changes in net assets in determining the net realized profit or loss for the period.
Income
Dividends, net of withholdings taxes, are recognized as income on the ex-dividend date.
Interest income is accrued on a daily basis.
Investment transactions
Realized gains or losses arising from sales of investment securities are computed using the average cost basis.
Income and Expenses on Equity swaps
Income and expenses on Equity swaps consist of the net sum of dividends and interest receivable and payable on Equity swaps. These amounts are included
in the Statement of Operations and Changes in Net Assets.
Net asset value per unit
The net asset value per each class of units of each Sub-Fund is expressed in the currency of the Sub-Fund and is obtained by dividing the total net assets of
the Sub-Fund by the number of units outstanding.
The net assets of each Sub-Fund are equal to the difference between the sum of the assets of the Sub-Fund and its liabilities.
39
BPI Global Investment Fund
Notes to the Financial Statements as at June 30, 2016 (continued)
Note 2. Significant accounting policies (continued)
Issue of units
The issue price of each Sub-Fund is based on the net asset value per each class of units. In addition, the sales agencies are allowed to charge an issuing fee
of maximum 3% in their favour. All subscription requests received by the Management Company or by the Register and Transfer Agent prior to 2.00 pm on a
Luxembourg banking day (“Valuation Day”) shall be executed at the issue price of this Valuation Day, as made public on the following Valuation Day.
Redemption of units
The redemption price of each Sub-Fund is based on the net asset value per each class of units minus a redemption fee of maximum 3% in favour of the sales
agencies. All redemption requests received by the Management Company or by the Register and Transfer Agent prior to 2.00 pm on a Valuation day shall be
executed at the redemption price of this Valuation Day, as made public on the following Valuation Day. The redemption fee is of maximum 2% for all SubFunds except for BPI Global Investment Fund - BPI Africa and BPI Global Investment Fund - BPI Alternative Fund: Iberian Equities Long/Short Fund, which is
up to 3%.
Transactions cost
The Fund incurred transaction costs which have been defined as brokerage fees, certain taxes and certain custodian fees relating to the purchase and sale of
transferable securities, money market instruments or other eligible assets. The global amounts of transaction costs are all taken into account through the
Statement of Operations and Changes in Net Assets.
Note 3. Global Management Fee
Each Sub-Fund is subject to a Global Management Fee, which includes the remuneration of the Portfolio Manager, the Administrative Agent, the Custodian
and the Paying Agent. BNP Paribas Securities Services - Luxembourg Branch is the Administrative Agent, the Custodian and the Paying Agent. The Global
Management Fee is expressed as a percentage per annum of the average daily net assets of each Sub-Fund and is payable on a monthly basis. There is a
specific Global Management Fee for each Sub-Fund and class of units at the following annual rates:
BPI Global Investment Fund - BPI Europa - “I”
BPI Global Investment Fund - BPI Europa - “R”
BPI Global Investment Fund - BPI Opportunities - “I”
BPI Global Investment Fund - BPI Opportunities - “R”
BPI Global Investment Fund - BPI High Income Bond Fund - “I”
BPI Global Investment Fund - BPI High Income Bond Fund - “R”
BPI Global Investment Fund - BPI Universal - “I”
BPI Global Investment Fund - BPI Universal - “R”
BPI Global Investment Fund - BPI Iberia - “I”
BPI Global Investment Fund - BPI Iberia - “R”
BPI Global Investment Fund - BPI Africa - “I”
BPI Global Investment Fund - BPI Africa - “R” and “R USD”
BPI Global Investment Fund - BPI Africa - “M”
BPI Global Investment Fund - BPI America - “I” and “I EUR Hedged”
BPI Global Investment Fund - BPI America - “R”
BPI Global Investment Fund - BPI Alternative Fund: Iberian Equities Long/Short Fund - “I”
BPI Global Investment Fund - BPI Alternative Fund: Iberian Equities Long/Short Fund - “R”
BPI Global Investment Fund - BPI Euro Large Caps - “I”
BPI Global Investment Fund - BPI Euro Large Caps - “R”
1.00%
2.00%
1.00%
2.00%
0.75%
1.25%
0.60%
1.60%
1.00%
2.00%
1.50%
3.00%
1.00%
1.00%
2.00%
1.50%
2.00%
1.00%
2.00%
Note 4. Performance Fee
The performance fee (“Performance Fee”) is paid out of the assets of the following Sub-Funds. The Performance Fee shall amount to a percentage of the
positive difference between each Sub-Fund's net performance by class of Units and the performance of its respective benchmark. The rates and benchmarks
of each Sub-Fund are detailed as follows:
Sub-Fund
Rate per annum
BPI Global Investment Fund - BPI Universal
15.00%
BPI Global Investment Fund - BPI Africa
10.00%
BPI Global Investment Fund - BPI Alternative Fund:
Iberian Equities Long/Short
20.00%
Benchmark
EONIA Index + 300bps
benchmark
FTSE/JSE All Africa 40
Index/ECB Exchange USD
EONIA Index
40
Performance fee
payable to
Management
Company
Management
Company
Management
Company
BPI Global Investment Fund
Notes to the Financial Statements as at June 30, 2016 (continued)
Note 4. Performance Fee (continued)
Only three Sub-Funds pay performance fees to the Management Company (BPI Global Investment Fund - BPI Africa, BPI Global Investment Fund - BPI
Alternative Fund: Iberian Equities Long/Short, and BPI Global Investment Fund - BPI Universal).
The table below indicates the performance fees that have been charged for the following Sub-Funds during the period:
BPI Global Investment Fund - BPI Africa
BPI Global Investment Fund - BPI Alternative Fund: Iberian Equities Long/Short Fund
EUR
109,326.81
119,273.83
Note 5. Taxation
In conformity with current legislation in the Grand Duchy of Luxembourg, the assets of the Fund are not subject to any Luxembourg withholding taxes on
income, capital gains or wealth. The Fund's assets are only subject to a “taxe d'abonnement” of 0.05% p.a. on total net assets attributable to non-institutional
investors, which is accrued daily and payable quarterly. Where net assets are attributable to institutional investors, the rate of the “taxe d'abonnement” is
reduced to 0.01% p.a..
The value of assets represented by units held in other undertakings for collective investment is exempt from the taxe d’abonnement provided that such units
have already been subject to the taxe d’abonnement.
Under the current legislation, except for the EU Council Directive 2003/48/EC on taxation of savings income in form of interest payments, the unitholders are
not subject to any taxes on capital gains, income, inheritance or other taxes in Luxembourg unless they are or were residents of Luxembourg or maintain a
permanent establishment there with title to the units. Potential unitholders should seek information on the laws and regulations in force and, where appropriate,
seek advice on subscription, purchase, possession and sale of units at their place of residence.
Capital gains, dividends and interest on securities issued in other countries may be subject to irrecoverable withholding or capital gain taxes imposed by such
countries.
Note 6. Distribution Policy
In principle, the net proceeds of the individual Sub-Funds shall not be distributed to unitholders. Nevertheless, according to article 13 of the Management
Regulations, the Management Company may decide, after closing the annual accounts, whether and to what extent distributions are to be paid to unitholders.
For the period from January 1, 2016 to June 30, 2016, no distribution was declared to or paid to unitholders.
Note 7. Other Income
The “Other income” are mainly composed of management and trailer fees rebates.
Note 8. Total Expense Ratio (“TER”)
The TER expresses the total annual fees, expenses and charges (i.e., the total operating costs, excluding any transaction costs, interests on borrowings,
payments incurred because of financial derivative instruments, Sales Charges or any other fees directly paid by the investor) of a Sub-Fund in percentage
points of the average net assets of the relevant Sub-Fund.
41
BPI Global Investment Fund
Notes to the Financial Statements as at June 30, 2016 (continued)
Note 8. Total Expense Ratio (“TER”) (continued)
The TER of each Sub-Fund for the period from January 1, 2016 to June 30, 2016 is given below:
Sub-Fund
Classes of units
BPI Global Investment Fund - BPI Europa
Unit “R”
Unit “I”
Unit “R”
Unit “I”
Unit “R”
Unit “I”
Unit “R”
Unit “I”
Unit “R”
Unit “I”
Unit “R”
Unit “I”
Unit “R USD”
Unit “M”
Unit “R”
Unit “I”
Unit “I EUR Hedged”
Unit “R”
Unit “I”
Unit “R”
Unit “I”
BPI Global Investment Fund - BPI Opportunities
BPI Global Investment Fund - BPI High Income Bond Fund
BPI Global Investment Fund - BPI Universal
BPI Global Investment Fund - BPI Iberia
BPI Global Investment Fund - BPI Africa
BPI Global Investment Fund - BPI America
BPI Global Investment Fund - BPI Alternative Fund: Iberian
Equities Long/Short
BPI Global Investment Fund - BPI Euro Large Caps
TER excluding
performance fees
in % of TNA
2.03
1.05
2.16
1.12
1.34
0.81
1.57
0.59
2.07
1.04
2.79
1.60
3.09
1.19
2.21
1.17
1.17
2.07
1.52
1.72
1.05
Performance fees
in % in TNA
–
–
–
–
–
–
–
–
–
–
0.00
0.64
0.00
0.08
–
–
–
0.00
0.03
–
–
Note 9. Investments Valued at Zero
The unlisted securities are the securities that are not listed on an official stock exchange and not dealt on other regulated markets. These instruments are
classified as illiquid. As at June 30, 2016, the Board of Directors of the Management Company has identified as illiquid and valued at zero the following
investments:
Sub-Fund
BPI Global Investment Fund - BPI Opportunities
BPI Global Investment Fund - BPI Iberia
BPI Global Investment Fund - BPI Africa
BPI Global Investment Fund - BPI Alternative Fund: Iberian Equities Long/Short Fund
Securities description
LA SEDA DE BARCELONA
BANCO ESPIRITO SANTO-REG
AFRILAND PROPERTIES PLC
BANCO ESPIRITO SANTO-REG
Note 10. Equity Swaps
As at June 30, 2016, BPI Global Investment Fund - BPI Alternative Fund: Iberian Equities Long/Short entered into swap agreement with Banco BPI Cayman
as counterparty. There is no collateral pledged for these positions.
As at June 30, 2016 the unrealised gain of these contracts amounts to EUR 3,275,235 are recorded as net unrealised appreciation on equity swaps in the
Statement of Net Assets.
Note 11. Forward Foreign Exchange Contracts
As at June 30, 2016, BPI Global Investment Fund - BPI America has entered into forward foreign exchange contracts.
The Fund did not receive any collateral for these positions.
The counterparty for these positions is BNP Paribas Securities Services – Luxembourg Branch.
Note 12. Option Contracts
During the period from January 1, 2016 to June 30, 2016, BPI Global Investment Fund - BPI Opportunities has entered into option contracts.
42

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