Statement of changes in net assets

for the year ended December 31, 2016

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(amounts in EUR)

December 31, 2016

December 31, 2015

December 31, 2014

 

 

 

 

Operations

 

 

 

Net operating income

13,216,993

11,996,275

7,480,568

Realised gain on investments

5,000,469

2,207,311

5,103,883

Realised loss on investments

(2,806,422)

(151,247)

(1,492,209)

Realised gain on swaps

65,213

262,322

72,249

Realised loss on swaps

(2,217,329)

(103,453)

Realised gain on foreign exchange contracts

5,242,946

4,583,824

1,898,854

Realised loss on foreign exchange contracts

(13,197,450)

(17,384,119)

(2,473,448)

Realised gain on foreign exchange

584,567

973,092

445,640

Realised loss on foreign exchange

(486,192)

(759,475)

(151,329)

Change in unrealised appreciation on investments

9,288,688

8,715,552

13,550,202

Change in unrealised depreciation on swap contracts

(20,639)

(1,162,816)

(392,881)

Change in unrealised appreciation on forward foreign exchange contracts

964,198

169,681

Change in unrealised depreciation on forward foreign exchange contracts

(4,803,010)

(779,005)

(11,735,519)

 

 

 

 

 

 

 

 

Net increase in net assets resulting from operations

10,832,032

8,398,261

12,475,691

 

 

 

 

Capital transactions

 

 

 

 

 

 

 

Capital subscriptions

 

 

 

I Capitalisation Share Class (EUR)

65,755,794

43,534,012

38,437,110

I Distribution Share Class (EUR)

10,928,854

7,348,811

8,347,640

B Capitalisation Share Class (EUR)

82,273

233,106

B Distribution Share Class (EUR)

417,208

278,820

2,855,523

R Capitalisation Share Class (EUR)

8,127,739

3,630,026

3,407,045

R Distribution Share Class (EUR)

5,456,642

4,901,237

1,921,845

K-Institutional Distribution Share Class (GBP)

116,828

486,785

1,314,545

K-B Distribution Share Class (GBP)

29,675

15,948

K-Retail Distribution Share Class (GBP)

10,112

5,418

K-Z Capitalisation Share Class (GBP)

110,867

209,510

K-Z Distribution Share Class (GBP)

25,398

2,809,285

145,904

Z Capitalisation Share Class (EUR)

124,838

670,476

1,626,917

Z Distribution Share Class (EUR)

5,896,136

12,176,206

65,549,598

 

 

 

 

 

 

 

 

Total subscriptions

96,960,304

75,957,718

124,070,109

 

 

 

 

Capital redemptions

 

 

 

I Capitalisation Share Class (EUR)

(5,992,479)

(4,726,613)

(10,708,400)

I Distribution Share Class (EUR)

(1,412,046)

(40,957)

B Capitalisation Share Class (EUR)

(6,914)

(152,163)

(1,261,897)

B Distribution Share Class (EUR)

(152,894)

(103,338)

(56,298,132)

R Capitalisation Share Class (EUR)

(358,139)

(272,783)

(431,312)

R Distribution Share Class (EUR)

(19,587)

(57,145)

(637,330)

K-Institutional Capitalisation Share Class (GBP)

(2,319,579)

K-Institutional Distribution Share Class (GBP)

(106,666)

(91,807)

(27,520)

K-B Capitalisation Share Class (GBP)

(79,184)

(88,023)

(104,694)

K-B Distribution Share Class (GBP)

(69,987)

(187,780)

K-Retail Capitalisation Share Class (GBP)

(71,332)

K-Retail Distribution Share Class(GBP)

(67,288)

K-Z Distribution Share Class (GBP)

(12,380)

Z Capitalisation Share Class (EUR)

(116,686)

(84,899)

Z Distribution Share Class (EUR)

(50,894,619)

(1,766,252)

(5,343,024)

 

 

 

 

 

 

 

 

Total redemptions

(59,104,895)

(7,374,810)

(77,584,144)

 

 

 

 

Net increase in net assets resulting from capital transactions

37,855,409

65,582,908

46,485,965

 

 

 

 

Net assets

 

 

 

Net assets at the beginning of the year

290,558,880

220,383,152

163,470,832

Total increase in net assets

48,687,441

76,981,169

58,961,656

Dividend distribution

(44,758)

(6,805,441)

(2,049,336)

 

 

 

 

 

 

 

 

Net assets at the end of the year

339,201,563

290,558,880

220,383,152

 

 

 

 

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

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