Statement of changes in net assets

for the period ended December 31, 2015
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(amounts in EUR)

Notes

December 31, 2015

December 31, 2014

December 31, 2013

 

 

 

 

 

Operations

 

 

 

 

Net operating income

 

774,287

1,633,194

2,861,272

Realised loss on investments

 

(1,882,442)

(1,329,074)

Realised gain on foreign exchange

 

107

Realised loss on foreign exchange

 

(70)

Change in unrealised appreciation on investments

 

1,996,527

2,449,976

Change in unrealised depreciation on investments

 

(4,790,847)

 

 

 

 

 

 

 

 

 

 

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

 

2,770,851

2,200,728

(3,258,649)

 

 

 

 

 

Capital Transactions

 

 

 

 

 

 

 

 

 

Capital subscriptions

 

 

 

 

R Share Class

 

1,852,699

2,018,050

8,640,939

I Share Class

 

4,424,813

3,632,523

501,838

Z Share Class

 

4,732,429

18,853,782

31,370,298

 

 

 

 

 

 

 

 

 

 

Total subscriptions

 

11,009,941

24,504,355

40,513,075

 

 

 

 

 

Capital redemptions

 

 

 

 

R Share Class

 

(346,870)

(17,027,758)

(44,916,945)

I Share Class

 

(5,712,953)

(21,687)

(5,138)

Z Share Class

 

(5,598,764)

(5,702,949)

(1,518)

 

 

 

 

 

 

 

 

 

 

Total redemptions

 

(11,658,587)

(22,752,394)

(44,923,601)

 

 

 

 

 

Net increase/(decrease) in net assets resulting from capital transactions

 

(648,646)

1,751,961

(4,410,526)

 

 

 

 

 

Net assets

 

 

 

 

Net assets at the beginning of the year

 

61,972,666

58,019,977

65,689,152

Total increase/(decrease) in net assets

 

2,122,205

3,952,689

(7,669,175)

 

 

 

 

 

 

 

 

 

 

Net assets at the end of the year

 

64,094,871

61,972,666

58,019,977

 

 

 

 

 

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

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