Statement of operations

for the period ended December 31, 2015

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(amounts in EUR)

Notes

December 31, 2015

December 31, 2014

 

 

 

 

Income

 

 

 

Dividend income

2

821,226

428,238

Bank Interest

 

36,954

43,552

 

 

 

 

 

 

 

 

Total income

 

858,180

471,790

 

 

 

 

 

 

 

 

Expenses

 

 

 

Amortisation of formation expenses

3

52,284

24,431

Investment management, distribution and service fees

6

596,923

530,900

Administrative and depositary fees

5

110,129

89,959

Audit and reporting expenses

 

31,035

29,106

Subscription tax

4

14,923

13,680

Interest paid

 

1,918

435

Other tax

 

3,210

3,210

Other expenses

7

160,138

66,870

 

 

 

 

 

 

 

 

Total expenses

 

970,560

758,591

 

 

 

 

 

 

 

 

Net operating gain/(loss)

 

(112,380)

(286,801)

 

 

 

 

Realised gain on forward foreign exchange contracts

 

4,187

Realised loss on forward foreign exchange contracts

 

(1,444)

Realised gain on foreign exchange

 

190

Realised loss on foreign exchange

 

(11)

(514)

Change in unrealised appreciation on investments

 

1,011,536

68,795

Change in unrealised appreciation on forward foreign exchange contracts

 

7,365

Change in unrealised depreciation on forward foreign exchange contracts

 

(2,624)

 

 

 

 

 

 

 

 

Net increase/(decrease) in net assets resulting
from operations

 

899,264

(210,965)

 

 

 

 

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

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