Statement of operations and changes in net assets

for the year ended December 31, 2014

Combined

Download XLS

(amounts in EUR)

Note

Jan. 1, 2014 -
Dec. 31, 2014

Jan. 1, 2013 -
Dec. 31, 2013

Jan. 1, 2012 -
Dec. 31, 2012

 

 

 

 

 

Net assets at the beginning of the year

 

669,251,723

503,124,006

409,868,136

 

 

 

 

 

Income

 

 

 

 

Dividends, net

(2e)

6,496,546

4,342,054

4,247,343

Interest on bonds, net

(2e)

10,941,070

8,583,134

7,330,170

Other income

(7)

273,794

547,844

5,955

 

 

 

 

 

 

 

 

 

 

Total income

 

17,711,410

13,473,032

11,583,468

 

 

 

 

 

Expenses

 

 

 

 

Management fees

(4.1)

7,200,250

6,584,813

5,398,539

Service fees

(4.2)

918,433

487,004

659,121

Subscription tax

(6)

422,152

290,554

229,283

Bank charges and correspondent fees

 

324

557

55

Bank interest

 

6,202

1,049

1,193

Amortisation of formation expenses

 

6,411

Other charges

(2d)

10

29,606

 

 

 

 

 

 

 

 

 

 

Total expenses

 

8,547,371

7,393,583

6,294,602

 

 

 

 

 

Net income from investments

 

9,164,039

6,079,449

5,288,866

 

 

 

 

 

Net realised gain/(loss) on sale of investments

(2b)

22,240,073

16,899,269

(4,006,352)

Net realised loss on foreign exchange

 

(521,944)

(501,878)

(266,571)

 

 

 

 

 

 

 

 

 

 

Net realised gain/(loss)

 

30,882,168

22,476,840

1,015,943

 

 

 

 

 

Change in net unrealised appreciation on investments

 

80,094,901

42,475,062

44,090,223

 

 

 

 

 

 

 

 

 

 

Net increase in net assets as a result of operations

 

110,977,069

64,951,902

45,106,166

 

 

 

 

 

Evolution of the capital

 

 

 

 

Subscription of shares

 

374,446,940

595,456,392

108,711,025

Redemption of shares

 

(127,254,913)

(488,666,217)

(55,082,474)

Dividend paid

 

(4,214,615)

(5,614,360)

(5,478,847)

 

 

 

 

 

 

 

 

 

 

Net assets at the end of the year

 

1,023,206,204

669,251,723

503,124,006

 

 

 

 

 

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

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