Canaccord Genuity Investment Funds Plc...Canaccord Genuity Wealth (International) Limited Canaccord...
Transcript of Canaccord Genuity Investment Funds Plc...Canaccord Genuity Wealth (International) Limited Canaccord...
CanaccordGenuityInvestmentFunds Plc
AN INVESTMENT COMPANY WITH VARIABLECAPITAL STRUCTURED AS AN UMBRELLA FUNDWITH SEGREGATED LIABILITY BETWEEN SUB-FUNDS
Interim Report and Unaudited Financial Statements for the six months ended 30 June 2016
To us there are no foreign markets.TM
CANACCORD GENUITY INVESTMENT FUNDS PLC (An Investment Company with variable capital structured as an umbrella fund with segregated
liability between sub-funds)
CONDENSED INTERIM REPORT AND UNAUDITED FINANCIAL STATEMENTS
For the six months ended 30 June 2016
CGWM TOTAL RETURN BOND FUND
CGWM SELECT INCOME FUND
CGWM SELECT DIVERSITY FUND
CGWM SELECT AFFINITY FUND
CGWM SELECT GLOBAL DIVERSITY FUND
CGWM SELECT GLOBAL AFFINITY FUND
CGWM SELECT OPPORTUNITY FUND
CGWM SELECT GLOBAL OPPORTUNITY FUND
CGWM GPS OPTIMIZED PORTFOLIO 4 FUND
CGWM GPS OPTIMIZED PORTFOLIO 5 FUND
CGWM SELECT BOND FUND
CGWM GLOBAL EQUITY FUND
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CONTENTS
2 Introduction
4 Management and Administration 5 Investment Managers’ Reports 16 Condensed Statement of Financial Position 20 Condensed Statement of Comprehensive Income 24 Condensed Statement of Changes in Net Assets attributable to Holders of Redeemable Shares 28 Condensed Statement of Cash Flows 32 Notes to the Condensed Financial Statements 48 Investment Portfolios 75 Significant Portfolio Movements
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INTRODUCTION
Canaccord Genuity Investment Funds plc (the “Company”) is an umbrella fund with segregated liability between sub-funds established as an open-ended investment company with variable capital under the laws of Ireland as a public limited company pursuant to the Companies Act 2014 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (the “UCITS Regulations”) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 (the "Central Bank UCITS Regulations") and has been authorised by the Central Bank of Ireland (the “Central Bank”) as an Undertaking for Collective Investment in Transferable Securities (“UCITS”). Different sub-funds (“Funds”) may be established from time to time by the Directors with the prior approval of the Central Bank.
The Funds of the Company that have been established and were in existence during the six months ended 30 June 2016 are outlined below:
CGWM TOTAL RETURN BOND FUND (TERMINATED 15 JANUARY 2016) The investment objective of the Fund was to seek to generate income from a portfolio of investment grade bonds and money market instruments whilst seeking to increase and preserve capital value. The Fund aimed to deliver a net total return in excess of 2% per annum over 3 Month sterling LIBOR, whilst paying a semi-annual dividend equivalent to the then current sterling base rate.
The Fund aimed to achieve this objective by investing in a concentrated portfolio of investment grade bonds and money market investments denominated in a variety of currencies from the Group of Ten (G10) countries.
The Fund terminated on 15 January 2016.
CGWM SELECT INCOME FUND The investment objective of the Fund is to seek to generate income and capital growth by investing in an internationally diversified portfolio of shares and units in collective investment schemes and individual high quality fixed interest instruments.
The Fund is primarily a fund of funds that seeks to achieve its investment objective and policy by exposure to international equity markets equal to a maximum of 50% of its net assets by investing in the securities of regulated collective investment schemes; and by an exposure to international debt markets equal to a maximum of 40% of its net assets may be invested in direct assets, primarily in debt securities consisting of bonds (both corporate and sovereign, fixed and floating) and to a lesser extent in equities.
CGWM SELECT DIVERSITY FUND The investment objective of the Fund is to seek to generate capital growth by investing in an internationally diversified portfolio of shares and units in collective investment schemes and individual high quality fixed interest instruments.
The Fund is a fund of funds and aims to achieve its objective by indirect exposure to international equity markets equal to a maximum of 60% of its net assets by investing in the securities of regulated collective investment schemes.
CGWM SELECT AFFINITY FUND The investment objective of the Fund is to seek to generate capital growth by investing in an internationally diversified portfolio of shares and units in collective investment schemes and individual high quality fixed interest instruments.
The Fund is a fund of funds that aims to achieve its objective by indirect exposure to international equity markets equal to a maximum of 85% of its net assets by investing in the securities of regulated collective investment schemes.
CGWM SELECT GLOBAL DIVERSITY FUND The investment objective of the Fund is to seek to generate capital growth by investing in an internationally diversified portfolio of shares and units in collective investment schemes and individual high quality fixed interest instruments.
The Fund is a fund of funds that aims to achieve its objective by indirect exposure to international equity markets equal to a maximum of 60% of its net assets by investing in the securities of regulated collective investment schemes. The Base Currency of the Fund is US Dollars but investments may be denominated in other currencies.
CGWM SELECT GLOBAL AFFINITY FUND The investment objective of the Fund is to seek to generate capital growth by investing primarily in an internationally diversified portfolio of shares and units in collective investment schemes and individual high quality fixed interest instruments.
The Fund is a fund of funds that aims to achieve its objective by indirect exposure to international equity markets equal to a maximum of 85% of its net assets by investing in the securities of regulated collective investment schemes. The Base Currency of the Fund is US Dollars but investments may be denominated in other currencies.
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INTRODUCTION (CONTINUED)
CGWM SELECT OPPORTUNITY FUND The investment objective of the Fund is to seek to generate capital growth by investing in an internationally diversified portfolio of shares and units in collective investment schemes and individual high quality fixed interest instruments. The Fund is primarily a fund of funds that pursues its investment objective by investing primarily in a portfolio of regulated collective investment schemes and fixed interest securities.
CGWM SELECT GLOBAL OPPORTUNITY FUND The investment objective of the Fund is to seek to generate capital growth by investing in an internationally diversified portfolio of shares and units in collective investment schemes and individual high quality fixed interest instruments. The Fund is a fund of funds that pursues its investment objective by investing primarily in a portfolio of regulated collective investment schemes and fixed interest securities. The Base Currency of the Fund is US Dollars but investments may be denominated in other currencies.
CGWM GPS OPTIMIZED PORTFOLIO 4 FUND The investment objective of the Fund is to seek to generate capital growth over the long term whilst seeking to cap annualised volatility at 6%. The Fund is a fund of funds that pursues its investment objective by investing in regulated open-ended collective investment schemes, individual fixed interest securities and to a lesser extent direct equities.
CGWM GPS OPTIMIZED PORTFOLIO 5 FUND The investment objective of the Fund is to seek to generate capital growth over the long term whilst seeking to cap annualised volatility at 9%. The Fund is a fund of funds that pursues its investment objective by investing in regulated open-ended collective investment schemes, individual fixed interest securities and to a lesser extent direct equities.
CGWM SELECT BOND FUND The investment objective of the Fund is to seek to generate positive total returns from a diversified portfolio of bonds and other debt securities and collective investment schemes. The Fund aims to achieve this objective by investing into a portfolio of high quality bonds, collective investment schemes and money market instruments, with a bias towards sterling denominated assets across all permitted asset classes. In normal circumstances, the Fund will aim to deliver income in excess of the average rate achievable through a one-year cash deposit.
CGWM GLOBAL EQUITY FUND (LAUNCHED 30 JUNE 2016) The investment objective of the Fund is to seek to generate long-term capital growth by investing directly in shares of companies, ie equities. The Fund seeks to achieve this objective by investing in a concentrated portfolio of equities from around the globe. In general the portfolio will normally consist of between 20 and 40 holdings, provided that at least 90% of the Fund's net assets are invested in equities which are listed on the permitted stock exchanges and markets listed in Appendix IV of the Prospectus. The Fund may also access some markets by investing in global depository receipts and American depository receipts.
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MANAGEMENT AND ADMINISTRATION
Directors: Brian McDermott (Irish) (Non-executive) John Renouf (British) (Independent, non-executive) Collette Wisener-Keating (Irish) (Non-executive) Bronwyn Wright (Irish) (Independent, non-executive)
Registered Office: 25-28 North Wall Quay IFSC Dublin 1 Ireland
Investment Managers: Canaccord Genuity Wealth (International) Limited Canaccord Genuity Wealth Limited Trafalgar Court, Admiral Park 41 Lothbury St Peter Port London Guernsey GY1 2JA EC2R 7AE Channel Islands England
Administrator and Registrar: Northern Trust International Fund Administration Services (Ireland) Limited Georges Court 54-62 Townsend Street Dublin 2 Ireland
Depositary: Northern Trust Fiduciary Services (Ireland) Limited Georges Court 54-62 Townsend Street Dublin 2 Ireland
Company Secretary: Goodbody Secretarial Limited International Financial Services Centre North Wall Quay Dublin 1 Ireland
Irish Legal Advisers: A&L Goodbody International Financial Services Centre North Wall Quay Dublin 1 Ireland
Sponsoring Broker: A&L Listing International Financial Services Centre North Wall Quay Dublin 1 Ireland
Independent Auditor: Deloitte Deloitte & Touche House Earlsfort Terrace Dublin 2 Ireland
Registered number: 367917
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INVESTMENT MANAGERS’ REPORTS (continued) For the six months ended 30 June 2016 CGWM Select Income Fund
Fund Performance For the 6 months to 30 June 2016 the Fund returned 2.51% net of all fees and expenses. This compared to a 2.76% gain for the Fund’s peer group, the Morningstar GIF GBP Cautious Allocation sector.
Market Review While we expected that 2016 would be marked by an increase in volatility, the speed and severity with which markets declined through January and the early part of February came as an unpleasant surprise. It was particularly unnerving that this setback was accompanied not by a sharp deterioration to the fundamental investment backdrop, but was instead driven by a pronounced slump in investor confidence. Ultimately, a stabilisation in commodity prices provided the catalyst for investor sentiment to recover and for markets to rally off their February lows, with, for example, the price of Brent crude recovering from USD30 per barrel in January to USD49 at the end of June. While the subsequent rally was impressive, it started to lose momentum in May as the release of stronger than expected U.S. inflation data for April reignited speculation on the U.S. Federal Reserve’s second interest rate rise of this cycle. This ultimately proved wide of the mark, as May’s employment data showed the U.S. economy only added 38,000 jobs, the worst monthly job gain since 2010. However, investors soon switched their attention to the UK referendum on EU membership. In the lead up to the UK’s vote, global markets oscillated with each new opinion poll, as the economic and political uncertainty associated with a "leave" win looked likely to trigger a significant risk-off phase because investors feared a sizable regional economic slowdown with contagion for the global economy. As we now know, these fears may now ultimately come to fruition and currency and bonds markets have been quick to adjust to this new reality, with the pound falling significantly in value and government bonds rallying in expectation of slower economic growth and potentially lower interest rates. Equity markets, however, have not reacted as initially expected. After a brief initial sell-off, many markets have rallied strongly, seemingly brushing off the “leave” vote as a far from significant event. Only time will tell, but as we note below, a positive outcome is far from certain.
Activity/review The composition of the Fund did not change significantly during the first half of the reporting period as we judged that the asset allocation was appropriate for the prevailing economic and financial environment. During May, we initiated the first part of a restructuring of the Fund’s fixed interest holdings; a process undertaken in order to improve the risk-return profile of this weighting. The holding of Man GLG Flexible Bond Fund was sold, with the proceeds re-invested into the New Capital Wealthy Nations Bond Fund. This fund invests globally in investment grade bonds from those countries which are considered to have the greatest ability to pay their debt to foreign nations. The investment process uses Net Foreign Assets (NFA) as a key part of the selection criteria, which effectively seeks to establish the value of assets a country owns abroad, less debt owed to foreigners. By doing so the intention is to highlight those economies which may be unstable going forward and avoid highly indebted nations. Since inception in 2009, the fund has an impressive track record and over the past 3 years has delivered an annualised return which is almost twice the level of its peer group, but with only moderately higher volatility. With an historic yield of c.3.5% the fund was felt to be an attractive replacement for Man GLG which has proven its defensive characteristics, but produced lacklustre returns. Following the UK’s EU referendum result, we used the initial rebound off the post-Brexit lows to reduce the Fund’s already underweight UK allocation and removed the Fund’s modest European equity weighting. In addition, in the lead up to the referendum, we altered the composition of the Fund’s fixed interest holdings, selling the fund’s holdings in the Kames Strategic Global Bond Fund and the Legg Mason Brandywine Global Income Optimiser Fund and reinvesting the proceeds into the Rathbone Ethical Bond Fund and Vontobel TwentyFour Global Unconstrained Bond Fund. These changes reflect a number of new additions to our approved funds list which we believe will provide improved risk adjusted returns moving forward.
Outlook It will take time for markets to fully digest the longer-term impact of the UK exit vote, and while equities have initially shaken off the result, we feel that the bigger issue is the increased risk of European political and economic fragmentation, and possibly the beginning of the end for the euro as we know it today. That would drive increased policy uncertainty across the major developed economies together with heightened stock market and exchange rate volatility. All this, set against a backdrop of subdued economic growth, a slowing Chinese economy and the diminishing effectiveness of monetary policy is a recipe for low and volatile returns from risk assets. In the near-term, we believe that calls for defensive positioning in the equity space combined with high quality fixed income duration and cash.
Canaccord Genuity Wealth (International) Limited
July 2016
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INVESTMENT MANAGERS’ REPORTS (continued) For the six months ended 30 June 2016
CGWM Select Diversity Fund
Fund Performance
For the 6 months to 30 June 2016 the Fund returned 1.72% net of all fees and expenses. This compared to a 2.29% gain for the Fund’s peer group, the Morningstar GIF GBP Moderate Allocation sector.
Market Review
While we expected that 2016 would be marked by an increase in volatility, the speed and severity with which markets declined through January and the early part of February came as an unpleasant surprise. It was particularly unnerving that this setback was accompanied not by a sharp deterioration to the fundamental investment backdrop, but was instead driven by a pronounced slump in investor confidence. Ultimately, a stabilisation in commodity prices provided the catalyst for investor sentiment to recover and for markets to rally off their February lows, with, for example, the price of Brent crude recovering from USD30 per barrel in January to USD49 at the end of June. While the subsequent rally was impressive, it started to lose momentum in May as the release of stronger than expected U.S. inflation data for April reignited speculation on the U.S. Federal Reserve’s second interest rate rise of this cycle. This ultimately proved wide of the mark, as May’s employment data showed the U.S. economy only added 38,000 jobs, the worst monthly job gain since 2010. However, investors soon switched their attention to the UK referendum on EU membership. In the lead up to the UK’s vote, global markets oscillated with each new opinion poll, as the economic and political uncertainty associated with a "leave" win looked likely to trigger a significant risk-off phase because investors feared a sizable regional economic slowdown with contagion for the global economy. As we now know, these fears may now ultimately come to fruition and currency and bonds markets have been quick to adjust to this new reality, with the pound falling significantly in value and government bonds rallying in expectation of slower economic growth and potentially lower interest rates. Equity markets, however, have not reacted as initially expected. After a brief initial sell-off, many markets have rallied strongly, seemingly brushing off the “leave” vote as a far from significant event. Only time will tell, but as we note below, a positive outcome is far from certain.
Activity/review
The Fund marginally underperformed its peer group over the reporting period, with relative returns primarily impacted by the currency hedges we had in place on the Fund’s Japanese and European equity positions. Both currencies have appreciated substantially against the pound since the start of the year and while we have lowered the size of these hedges, they have weighed on the Fund’s returns over the course of the last six months. In terms of activity, with equity markets initially rallying strongly off their February lows, we took the decision to reduce risk slightly in April by selling our long-standing and highly successful thematic investment in technology. This has generally been a volatile area of the market and after a turbulent start to 2016, technology stocks had recovered well. However, with the sector facing some near-term headwinds, including the saturation of the smartphone market, and with our expectation that macro concerns would likely increase in the lead up to the UK’s European membership referendum in June, it seemed an appropriate time to take profits. We also altered the composition of the Fund’s fixed interest holdings, selling the Fund’s holdings in the Kames Strategic Global Bond Fund and the Man GLG Flexible Bond Fund, and reinvesting the proceeds into the Rathbone Ethic Bond Fund, the TwentyFour Global Unconstrained Bond Fund and the New Capital Wealthy Nations Bond Fund. These reflect a number of new additions to our approved funds list that we believe will provide improved risk adjusted returns moving forward. Finally, following the UK’s referendum result, we reduced the Fund’s already underweight UK allocation and meaningfully lowered the Fund’s European equity weighting. Unfortunately, an economic crystal ball is going to offer little clarity in the short-term as we once again move into unchartered territory with a rapidly changing political landscape in the UK and potential economic and political fallout in Europe. We therefore believe it is better to err on the side of caution until the political landscape settles.
Outlook
It will take time for markets to fully digest the longer-term impact of the UK exit vote, and while equities have initially shaken off the result, we feel that the bigger issue is the increased risk of European political and economic fragmentation, and possibly the beginning of the end for the euro as we know it today. That would drive increased policy uncertainty across the major developed economies together with heightened stock market and exchange rate volatility. All this, set against a backdrop of subdued economic growth, a slowing Chinese economy and the diminishing effectiveness of monetary policy is a recipe for low and volatile returns from risk assets. In the near-term, we believe that calls for defensive positioning in the equity space combined with high quality fixed income duration and cash.
Canaccord Genuity Wealth (International) Limited
July 2016
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INVESTMENT MANAGERS’ REPORTS (continued) For the six months ended 30 June 2016
CGWM Select Affinity Fund
Fund Performance
For the 6 months to 30 June 2016 the Fund returned -0.1% net of all fees and expenses. This compared to a 1.58% gain for the Fund’s peer group, the Morningstar GIF GBP Aggressive Allocation sector.
Market Review While we expected that 2016 would be marked by an increase in volatility, the speed and severity with which markets declined through January and the early part of February came as an unpleasant surprise. It was particularly unnerving that this setback was accompanied not by a sharp deterioration to the fundamental investment backdrop, but was instead driven by a pronounced slump in investor confidence. Ultimately, a stabilisation in commodity prices provided the catalyst for investor sentiment to recover and for markets to rally off their February lows, with, for example, the price of Brent crude recovering from USD30 per barrel in January to USD49 at the end of June. While the subsequent rally was impressive, it started to lose momentum in May as the release of stronger than expected U.S. inflation data for April reignited speculation on the U.S. Federal Reserve’s second interest rate rise of this cycle. This ultimately proved wide of the mark, as May’s employment data showed the U.S. economy only added 38,000 jobs, the worst monthly job gain since 2010. However, investors soon switched their attention to the UK referendum on EU membership. In the lead up to the UK’s vote, global markets oscillated with each new opinion poll, as the economic and political uncertainty associated with a "leave" win looked likely to trigger a significant risk-off phase because investors feared a sizable regional economic slowdown with contagion for the global economy. As we now know, these fears may now ultimately come to fruition and currency and bonds markets have been quick to adjust to this new reality, with the pound falling significantly in value and government bonds rallying in expectation of slower economic growth and potentially lower interest rates. Equity markets, however, have not reacted as initially expected. After a brief initial sell-off, many markets have rallied strongly, seemingly brushing off the “leave” vote as a far from significant event. Only time will tell, but as we note below, a positive outcome is far from certain.
Activity/review
The Fund underperformed its peer group over the reporting period, with relative returns primarily impacted by the currency hedges we had in place on the Fund’s Japanese and European equity positions. Both currencies have appreciated substantially against the pound since the start of the year and while we have lowered the size of these hedges, they have weighed on the Fund’s returns over the course of the last six months. In addition, one of the themes which has long stood us in good stead, suffered short term underperformance, with the Polar Capital HealthcareOpportunities Fund lagging the return of the FTSE World Index by more than +10.0% in GBP terms over the reporting period. In terms of activity, with equity markets initially rallying strongly off their February lows, we took the decision to reduce risk slightly in April by selling our long-standing and highly successful thematic investment in technology. This has generally been a volatile area of the market and after a turbulent start to 2016, technology stocks had recovered well. However, with the sector facing some near-term headwinds, including the saturation of the smartphone market, and with our expectation that macro concerns would likely increase in the lead up to the UK’s European membership referendum in June, it seemed an appropriate time to take profits. We also crystallised the Fund’s significant profit in HICL Infrastructure Company Limited on valuation grounds, reinvesting the proceeds into the more internationally diversified RIT Capital Partners plc. Finally, following the UK’s referendum result, we reduced the Fund’s already underweight UK allocation and meaningfully lowered the Fund’s European equity weighting. Unfortunately, an economic crystal ball is going to offer little clarity in the short-term as we once again move into unchartered territory with a rapidly changing political landscape in the UK and potential economic and political fallout in Europe. We therefore believe it is better to err on the side of caution until the political landscape settles.
Outlook
It will take time for markets to fully digest the longer-term impact of the UK exit vote, and while equities have initially shaken off the result, we feel that the bigger issue is the increased risk of European political and economic fragmentation, and possibly the beginning of the end for the euro as we know it today. That would drive increased policy uncertainty across the major developed economies together with heightened stock market and exchange rate volatility. All this, set against a backdrop of subdued economic growth, a slowing Chinese economy and the diminishing effectiveness of monetary policy is a recipe for low and volatile returns from risk assets. In the near-term, we believe that calls for defensive positioning in the equity space combined with high quality fixed income duration and cash. Canaccord Genuity Wealth (International) Limited
July 2016
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INVESTMENT MANAGERS’ REPORTS (continued) For the six months ended 30 June 2016
CGWM Select Global Diversity Fund
Fund Performance
For the 6 months to 30 June 2016 the Fund fell -2.19%. This compared to a return of -0.36% for the Fund’s peer group, the Morningstar GIF USD Moderate Allocation sector.
Market Review While we expected that 2016 would be marked by an increase in volatility, the speed and severity with which markets declined through January and the early part of February came as an unpleasant surprise. It was particularly unnerving that this setback was accompanied not by a sharp deterioration to the fundamental investment backdrop, but was instead driven by a pronounced slump in investor confidence. Ultimately, a stabilisation in commodity prices provided the catalyst for investor sentiment to recover and for markets to rally off their February lows, with, for example, the price of Brent crude recovering from USD30 per barrel in January to USD49 at the end of June. While the subsequent rally was impressive, it started to lose momentum in May as the release of stronger than expected U.S. inflation data for April reignited speculation on the U.S. Federal Reserve’s second interest rate rise of this cycle. This ultimately proved wide of the mark, as May’s employment data showed the U.S. economy only added 38,000 jobs, the worst monthly job gain since 2010. However, investors soon switched their attention to the UK referendum on EU membership. In the lead up to the UK’s vote, global markets oscillated with each new opinion poll, as the economic and political uncertainty associated with a "leave" win looked likely to trigger a significant risk-off phase because investors feared a sizable regional economic slowdown with contagion for the global economy. As we now know, these fears may now ultimately come to fruition and currency and bonds markets have been quick to adjust to this new reality, with the pound falling significantly in value and government bonds rallying in expectation of slower economic growth and potentially lower interest rates. Equity markets, however, have not reacted as initially expected. After a brief initial sell-off, many markets have rallied strongly, seemingly brushing off the “leave” vote as a far from significant event. Only time will tell, but a positive outcome is far from certain.
Activity/review
The Fund underperformed its peer group over the reporting period, with relative returns primarily impacted by the currency hedges we had in place on the Fund’s Japanese and European equity positions. Both currencies have appreciated substantially against the US dollar since the start of the year and while we have lowered the size of these hedges, they have weighed on the Fund’s returns over the course of the last six months.
In terms of activity, with equity markets initially rallying strongly off their February lows, we took the decision to reduce risk slightly in April by selling our long-standing and highly successful thematic investment in technology. This has generally been a volatile area of the market and after a turbulent start to 2016, technology stocks had recovered well. However, with the sector facing some near-term headwinds, including the saturation of the smartphone market, and with our expectation that macro concerns would likely increase in the lead up to the UK’s European membership referendum in June, it seemed an appropriate time to take profits.
During May we initiated the first part of a restructuring of the Fund’s fixed interest holdings; a process undertaken in order to improve the risk-return profile of this weighting. The holding of Man GLG Flexible Bond Fund was sold, with the proceeds re-invested into the New Capital Wealthy Nations Bond Fund. This fund invests globally in investment grade bonds from those countries which are considered to have the greatest ability to pay their debt to foreign nations. With an historic yield of c.3.5% the fund was felt to be an attractive replacement for Man GLG which has proven its defensive characteristics, but produced lacklustre returns.
Following the UK’s EU referendum result we used the initial rebound off the post-Brexit lows to meaningfully reduce the Fund’s European equity weighting, with the proceeds initially retained in cash. In addition, in the lead up to the referendum, we altered the composition of the Fund’s fixed interest holdings, selling the fund’s holdings in the Kames Strategic Global Bond Fund and reinvesting the proceeds into the Rathbone Ethical Bond Fund, Vontobel TwentyFour Global Unconstrained Bond Fund and New Capital Wealthy Nations Bond Fund. These changes reflect a number of new additions to our approved funds list which we believe will provide improved risk adjusted returns moving forward. Finally, and again prior to the Brexit decision, the holding of the Wells Fargo US Premier Growth Fund was sold and replaced with the Loomis Sayles US Growth Equity Fund which was felt to be a better option in maintaining exposure to growth areas of the market.
Outlook
It will take time for markets to fully digest the longer-term impact of the UK exit vote, and while equities have initially shaken off the result, we feel that the bigger issue is the increased risk of European political and economic fragmentation, and possibly the beginning of the end for the euro as we know it today. That would drive increased policy uncertainty across the major developed economies together with heightened stock market and exchange rate volatility. All this, set against a backdrop of subdued economic growth, a slowing Chinese economy and the diminishing effectiveness of monetary policy is a recipe for low and volatile returns from risk assets. In the near-term, we believe that calls for defensive positioning in the equity space combined with high quality fixed income duration and cash.
Canaccord Genuity Wealth (International) Limited
July 2016
9
INVESTMENT MANAGERS’ REPORTS (continued) For the six months ended 30 June 2016 CGWM Select Global Affinity Fund
Fund Performance
For the 6 months to 30 June 2016 the Fund fell -3.60%. This compared to a return of -1.05% for the Fund’s peer group, the Morningstar GIF USD Aggressive Allocation sector.
Market Review
While we expected that 2016 would be marked by an increase in volatility, the speed and severity with which markets declined through January and the early part of February came as an unpleasant surprise. It was particularly unnerving that this setback was accompanied not by a sharp deterioration to the fundamental investment backdrop, but was instead driven by a pronounced slump in investor confidence. Ultimately, a stabilisation in commodity prices provided the catalyst for investor sentiment to recover and for markets to rally off their February lows, with, for example, the price of Brent crude recovering from USD30 per barrel in January to USD49 at the end of June.
While the subsequent rally was impressive, it started to lose momentum in May as the release of stronger than expected U.S. inflation data for April reignited speculation on the U.S. Federal Reserve’s second interest rate rise of this cycle. This ultimately proved wide of the mark, as May’s employment data showed the U.S. economy only added 38,000 jobs, the worst monthly job gain since 2010. However, investors soon switched their attention to the UK referendum on EU membership. In the lead up to the UK’s vote, global markets oscillated with each new opinion poll, as the economic and political uncertainty associated with a "leave" win looked likely to trigger a significant risk-off phase because investors feared a sizable regional economic slowdown with contagion for the global economy. As we now know, these fears may now ultimately come to fruition and currency and bonds markets have been quick to adjust to this new reality, with the pound falling significantly in value and government bonds rallying in expectation of slower economic growth and potentially lower interest rates. Equity markets, however, have not reacted as initially expected. After a brief initial sell -off, many markets have rallied strongly, seemingly brushing off the “leave” vote as a far from sign ificant event. Only time will tell, but as we note below, a positive outcome is far from certain.
Activity/review
The Fund underperformed its peer group over the reporting period, with relative returns primarily impacted by the currency hedges we had in place on the Fund’s Japanese and European equity positions. Both currencies have appreciated substantially against the US dollar since the start of the year and while we have lowered the size of these hedges, they have weighed on the Fund’s returns over the course of the last six months.
In terms of activity, with equity markets initially rallying strongly off their February lows, we took the decision to reduce risk slightly in April by selling our long-standing and highly successful thematic investment in technology. This has generally been a volatile area of the market and after a turbulent start to 2016, technology stocks had recovered well. However, with the sector facing some near-term headwinds, including the saturation of the smartphone market, and with our expectation that macro concerns would likely increase in the lead up to the UK’s European membership referendum in June, it seemed an appropriate time to take profits.
Following the UK’s EU referendum result we used the initial rebound off the post-Brexit lows to meaningfully reduce the Fund’s European equity weighting, with the proceeds initially retained in cash.
Fortuitously, in the lead up to the referendum, we had switched into a longer dated US Treasury, which provided greater protection during the initial sell-off period.
Finally, and again prior to the Brexit decision, the holding of the Wells Fargo US Premier Growth Fund was sold and replaced with the Loomis Sayles US Growth Equity Fund. The Wells Fargo fund performed well relative to the S&P 500 Index during 2015, but lagged its Russell 1000 Growth benchmark. This relative underperformance was ascribed to a number of stock specific issues but the fund also struggled during the sell-off in in the early part of this year and the medium and longer term performance numbers no longer appear attractive. Loomis Sayles is a high conviction large cap growth strategy which combines elements of quality and value. However, what is particularly appealing is that historically the manager has been able to preserve capital better than his US large cap growth counterparts during periods of market stress. This fund was therefore felt to be a better option in maintaining exposure to growth areas of the market.
Outlook
It will take time for markets to fully digest the longer-term impact of the UK exit vote, and while equities have initially shaken off the result, we feel that the bigger issue is the increased risk of European political and economic fragmentation, and possibly the beginning of the end for the euro as we know it today. That would drive increased policy uncertainty across the major developed economies together with heightened stock market and exchange rate volatility. All this, set against a backdrop of subdued economic growth, a slowing Chinese economy and the diminishing effectiveness of monetary policy is a recipe for low and volatile returns from risk assets. In the near-term, we believe that calls for defensive positioning in the equity space combined with high quality fixed income duration and cash.
Canaccord Genuity Wealth (International) Limited
July 2016
10
INVESTMENT MANAGERS’ REPORTS (continued) For the six months ended 30 June 2016
CGWM Select Opportunity Fund
Fund Performance For the 6 months to 30 June 2016 the Fund returned 2.35% net of all fees and expenses. This compared to a 1.58% gain for the Fund’s peer group, the Morningstar GIF GBP Aggressive Allocation sector.
Market Review
While we expected that 2016 would be marked by an increase in volatility, the speed and severity with which markets declined through January and the early part of February came as an unpleasant surprise. It was particularly unnerving that this setback was accompanied not by a sharp deterioration to the fundamental investment backdrop, but was instead driven by a pronounced slump in investor confidence. Ultimately, a stabilisation in commodity prices provided the catalyst for investor sentiment to recover and for markets to rally off their February lows, with, for example, the price of Brent crude recovering from USD30 per barrel in January to USD49 at the end of June. While the subsequent rally was impressive, it started to lose momentum in May as the release of stronger than expected U.S. inflation data for April reignited speculation on the U.S. Federal Reserve’s second interest rate rise of this cycle. This ultimately proved wide of the mark, as May’s employment data showed the U.S. economy only added 38,000 jobs, the worst monthly job gain since 2010. However, investors soon switched their attention to the UK referendum on EU membership. In the lead up to the UK’s vote, global markets oscillated with each new opinion poll, as the economic and political uncertainty associated with a "leave" win looked likely to trigger a significant risk-off phase because investors feared a sizable regional economic slowdown with contagion for the global economy. As we now know, these fears may now ultimately materialise and currency and bonds markets have been quick to adjust to this new reality, with the pound falling significantly in value and government bonds rallying in expectation of slower economic growth and potentially lower interest rates. Equity markets, however, have not reacted as initially expected. After a brief initial sell-off, many markets have rallied strongly, seemingly brushing off the “leave” vote as a far from significant event. Only time will tell, but as we note below, a positive outcome is far from certain.
Activity/review
The Fund outperformed its peer group over the reporting period, as our focus on non-sterling assets helped propel the Fund higher in the days following the UK’s Referendum, as the pound fell in value against most global currencies boosting the returns of the Fund’s international holdings in sterling terms.
However, while the Fund ended the period ahead its peer group, the first six months of the year were certainly a more challenging period for the Fund. While our broader asset allocation decisions were once again a net positive at the start of the year, as we maintained a healthy weighting to cash and absolute return funds in the face of increased market volatility, this defensive positioning was largely negated by two factors. First, one of the themes which has long stood us in good stead, suffered short-term underperformance, with the Polar Capital Healthcare Opportunities Fund slumping 10% in the first quarter, against a FTSE World Index return of +3% in GBP terms. We significantly reduced the Fund’s exposure to the healthcare sector over this period, recognising that while healthcare stocks had moved to oversold levels, the sector continued to face headwinds in the lead up to the US Presidential Election in November. We reinvested the proceeds from this reduced weighting into global equity investments; including the iShares MSCI ACWI ETF, the Fidelity Global Dividend Fund and our favoured Asian and US equity holdings.
The second factor was our hedging of a portion of the Fund’s euro exposure. With quantitative easing in full throw in Europe, the euro had been on a depreciating trend for much of the last year and our hedging of the Fund’s European equity positions had added value. However, despite the European Central Bank pulling out all the stops to avert a dangerous deflation-trap by launching a blast of triple stimulus early in 2016, the euro has enjoyed a counter-trend rally since the end of December, lowering the potential returns from the Fund’s European equity holdings. The majority of the Fund’s hedging was removed in the lead up to the UK’s EU referendum in June.
Our final piece of activity over the reporting period followed the UK’s referendum result, as we reduced the Fund’s European equity weighting and reinvested the proceeds into the globally diversified BNY Mellon Global Equity Income Fund. Unfortunately, an economic crystal ball is going to offer little clarity in the short-term as we once again move into unchartered territory with a rapidly changing political landscape in the UK and potential economic and political fallout in Europe. We therefore believe it is better to err on the side of caution with the Fund’s European allocation until the political landscape settles.
Outlook
It will take time for markets to fully digest the longer-term impact of the UK exit vote, and while equities have initially shaken off the result, we feel that the bigger issue is the increased risk of European political and economic fragmentation, and possibly the beginning of the end for the euro as we know it today. That would drive increased policy uncertainty across the major developed economies together with heightened stock market and exchange rate volatility. While this is unnerving, the Fund has historically benefitted from such periods, as our flexible approach has allowed us to take advantage of short-term opportunities in a generally more challenging environment. We will of course endeavour to repeat this in months ahead.
Canaccord Genuity Wealth (International) Limited
July 2016
11
INVESTMENT MANAGERS’ REPORTS (continued) For the six months ended 30 June 2016
CGWM Select Global Opportunity Fund
Fund Performance
For the 6 months to 30 June 2016 the Fund returned -3.44% net of all fees and expenses. This compared to a 1.05% loss for the Fund’s peer group, the Morningstar GIF USD Aggressive Allocation sector.
Market Review
While we expected that 2016 would be marked by an increase in volatility, the speed and severity with which markets declined through January and the early part of February came as an unpleasant surprise. It was particularly unnerving that this setback was accompanied not by a sharp deterioration to the fundamental investment backdrop, but was instead driven by a pronounced slump in investor confidence. Ultimately, a stabilisation in commodity prices provided the catalyst for investor sentiment to recover and for markets to rally off their February lows, with, for example, the price of Brent crude recovering from USD30 per barrel in January to USD49 at the end of June. While the subsequent rally was impressive, it started to lose momentum in May as the release of stronger than expected U.S. inflation data for April reignited speculation on the U.S. Federal Reserve’s second interest rate rise of this cycle. This ultimately proved wide of the mark, as May’s employment data showed the U.S. economy only added 38,000 jobs, the worst monthly job gain since 2010. However, investors soon switched their attention to the UK referendum on EU membership. In the lead up to the UK’s vote, global markets oscillated with each new opinion poll, as the economic and political uncertainty associated with a "leave" win looked likely to trigger a significant risk-off phase because investors feared a sizable regional economic slowdown with contagion for the global economy. As we now know, these fears may now ultimately materialise and currency and bonds markets have been quick to adjust to this new reality, with the pound falling significantly in value and government bonds rallying in expectation of slower economic growth and potentially lower interest rates. Equity markets, however, have not reacted as initially expected. After a brief initial sell-off, many markets have rallied strongly, seemingly brushing off the “leave” vote as a far from significant event. Only time will tell, but as we note below, a positive outcome is far from certain.
Activity/review
While the Fund ended 2015 ahead of its peer group, the first half of 2016 has certainly proven to be a more challenging period for the Fund. While our broader asset allocation decisions were once again a net positive to relative returns at the start of the year, as we maintained a healthy weighting to cash and absolute return funds in the face of increased market volatility, this defensive positioning was negated by two factors. First, one of the themes which has long stood us in good stead, suffered short-term underperformance, with the Polar Capital Healthcare Opportunity Fund slumping 12% in the first quarter, against a FTSE World Index return of +0.4% in USD terms. We significantly reduced the Fund’s exposure to the Healthcare sector over this period, recognising that while healthcare stocks had moved to oversold levels, the sector continued to face headwinds in the lead up to the US Presidential Election. We reinvested the proceeds from this reduced weighting into global equity investments; including the iShares MSCI ACWI ETF, the Fidelity Global Dividend Fund and our favoured Asian and US equity holdings. The second factor was the Fund’s allocation to European equities, which struggled in the first half of the year despite a general improvement in the region’s economic fundamentals. We anticipated this underperformance reversing had the UK voted to remain within the European Union, as this would have removed a significantly uncertainty overhanging the region’s stock markets. However, following the UK’s leave vote, we reduced the Fund’s European exposure, reinvesting the proceeds in the globally diversified BNY Mellon Global Equity Income Fund. Unfortunately, an economic crystal ball is going to offer little clarity in the short-term as we once again move into unchartered territory with a rapidly changing political landscape in the UK and potential economic and political fallout in Europe. We therefore believe it is better to err on the side of caution with the Fund’s European allocation until the political landscape settles.
Outlook
It will take time for markets to fully digest the longer-term impact of the UK exit vote, and while equities have initially shaken off the result, we feel that the bigger issue is the increased risk of European political and economic fragmentation, and possibly the beginning of the end for the euro as we know it today. That would drive increased policy uncertainty across the major developed economies together with heightened stock market and exchange rate volatility. While this is unnerving, the Fund has historically benefitted from such periods, as our flexible approach has allowed us to take advantage of short-term opportunities in a generally more challenging environment. We will of course endeavour to repeat this in months ahead.
Canaccord Genuity Wealth (International) Limited
July 2016
12
INVESTMENT MANAGERS’ REPORTS (continued) For the six months ended 30 June 2016 CGWM GPS Optimized Portfolio 4 Fund
Fund Performance
For the 6 months to 30 June 2016 the NAV decreased by 0.43% net of all fees and expenses on a total return basis. This underperformed the 5.29% rise of the WMA Income index. The Fund remained within its annualised volatility Cap throughout the period.
Market Review
Our Market Stress Indicator (“MSI”) moved to its highest reading of 5 on February 11 and remained there until the end of the period. The Indicator has been at a stressed level since the end of June last year, and that has felt absolutely correct as equity and commodity markets corrected sharply. Equity volatility continues to be high and the equity bond correlation remains negatively correlated. While risks in parts of the equity and corporate bond markets have lessened in recent weeks, the maximum stress reading reflects a higher degree of systematic risk in markets centred on concerns over the slower global growth and the effectiveness of further monetary stimuli by central banks. Although some economic indicators have stabilised, the prospect for economic growth remains fragile and weak pricing pressures reflect poor world demand. We expect markets to remain volatile given the impact on corporate earnings and the challenges of stimulating a substantive recovery.
Activity/review A re-optimisation of the portfolio at the beginning of February saw us de-risk the Fund by selling approximately 3% of
UK equities and reduce our corporate bond exposure and add gilts. On the 11th February our MSI struck 5 and a further
optimisation saw us sell all our equity exposure and hold, cash (approx. 16%), added a cash fund (approx. 16%) and
added further gilt and iShare gilt exposure. We maintained approx. 16% in Infrastructure. There were no changes to the
portfolio during the 2nd quarter of 2016 as our MSI remained at a stressed level.
Outlook
Macro backdrop merits continued caution. Our proprietary MSI remains at maximum stress, and has been forecasting market stress since June 2015. At the beginning of this year, risk assets saw a sharp downward correction on heightened concerns over the global economic outlook, the implications of the re-balancing of the Chinese economy and renewed concerns on the banks. The adoption of further extraordinary monetary loosening measures and a more dovish outlook for interest rates from the major central banks supported a recovery of the global stockmarkets from mid-February. We are however, once again seeing the beginnings of market instability. Oil has fallen from its recent high of above USD40, while European and Japanese equity markets have led the sell-off in recent days. As the head of the IMF, Christine Lagarde, highlighted this week, “the recovery remains too slow, too fragile, and risks to its durability are increasing”. We could not have said it better, the risks remain and they are systematic in nature. In this kind of environment, where our models are forecasting elevated levels of systematic risk, it should not be surprising that the GPS Optimized Portfolios are positioned for safety. The portfolios are therefore very defensively positioned away from risk assets. Importantly, the strategy is not designed to call the bottom of a market and will always re-apply risk in a slow and cautious manner as market conditions improve. This is because the risks are often largest around what may appear to be a market bottom. The emphasis of GPS Optimized Portfolios is risk first, returns second, and this approach has proven its worth in difficult markets as our longer track record demonstrates.
Canaccord Genuity Wealth Limited
July 2016
13
INVESTMENT MANAGERS’ REPORTS (continued) For the six months ended 30 June 2016 CGWM GPS Optimized Portfolio 5 Fund
Fund Performance
For the 6 months to 30 June 2016 the NAV decreased by 0.49% net of all fees and expenses on a total return basis. This underperformed the 5.39% rise of the WMA Balanced index. The Fund remained within its annualised volatility Cap throughout the period.
Market Review
Our Market Stress Indicator (“MSI”) moved to its highest reading of 5 on February 11 and remained there until the end of the period. The Indicator has been at a stressed level since the end of June last year, and that has felt absolutely correct as equity and commodity markets corrected sharply. Equity volatility continues to be high and the equity bond correlation remains negatively correlated. While risks in parts of the equity and corporate bond markets have lessened in recent weeks, the maximum stress reading reflects a higher degree of systematic risk in markets centred on concerns over the slower global growth and the effectiveness of further monetary stimuli by central banks. Although some economic indicators have stabilised, the prospect for economic growth remains fragile and weak pricing pressures reflect poor world demand. We expect markets to remain volatile given the impact on corporate earnings and the challenges of stimulating a substantive recovery.
Activity/review
A re-optimisation of the portfolio at the beginning of February saw us de-risk the Fund by selling approximately 5% of US and 2% of UK equities along with reducing our corporate bond exposure and added gilts. On the 11th February our MSI struck 5 and a further optimisation saw us sell all our equity exposure except for Polar Capital Healthcare Opportunities Fund and Blackrock Gold and General Fund and hold, cash (approx. 17%), added a cash fund (approx. 12%) and added further gilt and iShare gilt exposure. We also maintained approx. 11% in Infrastructure. There were no changes to the portfolio during the 2nd quarter of 2016 as our MSI remained at a stressed level.
Outlook
Macro backdrop merits continued caution. Our proprietary MSI remains at maximum stress, and has been forecasting market stress since June 2015. At the beginning of this year, risk assets saw a sharp downward correction on heightened concerns over the global economic outlook, the implications of the re-balancing of the Chinese economy and renewed concerns on the banks. The adoption of further extraordinary monetary loosening measures and a more dovish outlook for interest rates from the major central banks supported a recovery of the global stockmarkets from mid-February. We are however, once again seeing the beginnings of market instability. Oil has fallen from its recent high of above USD40, while European and Japanese equity markets have led the sell-off in recent days. As the head of the IMF, Christine Lagarde, highlighted this week, “the recovery remains too slow, too fragile, and risks to its durability are increasing”. We could not have said it better, the risks remain and they are systematic in nature. In this kind of environment, where our models are forecasting elevated levels of systematic risk, it should not be surprising that the GPS Optimized Portfolios are positioned for safety. The portfolios are therefore very defensively positioned away from risk assets. Importantly, the strategy is not designed to call the bottom of a market and will always re-apply risk in a slow and cautious manner as market conditions improve. This is because the risks are often largest around what may appear to be a market bottom. The emphasis of GPS Optimized Portfolios is risk first, returns second, and this approach has proven its worth in difficult markets as our longer track record demonstrates.
Canaccord Genuity Wealth Limited
July 2016
14
INVESTMENT MANAGERS’ REPORTS (continued) For the six months ended 30 June 2016 CGWM Select Bond Fund
Fund Performance The Fund’s total return during the reporting period was +4.14% net of all fees and expenses versus the EFFAS 3-7 Year Gilt index return of +5.07%.
Market Review
The UK referendum has been the elephant in the room over recent months and given the negative reaction in global equities and sterling in the immediate days after the vote, the outcome to leave was not broadly anticipated or priced-in to markets. The positive rebound in most risk assets since then has therefore come as a further shock and must be assumed to be built on an anticipated increase in central bank support/monetary stimulus. The broader picture is that the second quarter of 2016 has seen a relatively flat period for global equities but a very strong one for government bonds as yet again yields have fallen to new all-time lows. Even before the Brexit vote, in the wake of quantitative easing programmes and negative interest rates in Europe and Japan, $10 trillion of global government bonds yielded less than zero. That figure is now around $12 trillion. The basic premise that borrowers have to pay lenders for the use of their money has held good for all time, yet today that conventional wisdom is being turned on its head.
Activity/review
Given the uncertain outlook we were defensively positioned going into the referendum, partly due to the healthy gains that had already been generated, and partly that we anticipated better opportunities to put cash to work on the other side. Whilst we had already increased the credit quality of the Fund over the quarter, this risk-reduction process has accelerated since the UK referendum. The Brexit result creates more uncertainty in what is the latter part of the economic cycle, and thus the probability of a domestic and global recession occurring over the next 18 months has surely increased. Ironically it is the rapidly flattening yield curves that could accentuate growth fears as bank margins shrink even further. Should this lending profile diminish further, recession is an increasing probability. Given the low risk approach undertaken, the Fund’s headline yield to maturity of 3.03% remains relatively attractive. Having employed the cash weighting the duration has intentionally been increased through 5 years to enhance the counterbalance to higher risk bond exposure within the Fund. The weighting to the highest quality assets is now 51% (AAA/AA).
Outlook In terms of the outlook for higher risk corporate bonds, credit spreads had widened after the Brexit vote – especially amongst subordinated bank debt – but there are signs there that some of the negative sentiment is dissipating. Within this specific sector it should be noted that market pricing reflects greater concern with some of the European banks, and this could yet be the more significant outcome of the UK vote to leave the EU. The political backdrop across Europe is now firmly in focus and together with some of their heavily indebted banks with dubious balance sheets, risk appetite across the region could be increasingly constrained. Furthermore, the number of global corporate high yield bonds on negative rating watch has risen 25% in the past year due to increasing leverage and a poor liquidity outlook. This backdrop demands a lower risk exposure and we have adjusted our weightings to high yield and higher risk financials. The coming period will remain volatile and infers an optimum approach of balancing risk in portfolios with a spread of asset exposure as far as mandates allow.
Canaccord Genuity Wealth (International) Limited
July 2016
15
INVESTMENT MANAGERS’ REPORTS (continued) For the six months ended 30 June 2016 CGWM Global Equity Fund
The CGWM Global Equity Fund launched 30 June 2016; the Fund commenced trading 1 July 2016.
Canaccord Genuity Wealth (International) Limited
July 2016
16
CO
ND
EN
SE
D S
TA
TE
ME
NT
OF
FIN
AN
CIA
L P
OS
ITIO
N
As a
t 3
0 J
un
e 2
01
6
CG
WM
CG
WM
CG
WM
CG
WM
CG
WM
Sel
ect
Sel
ect
Sel
ect
Sel
ect
Sel
ect
Glo
bal
Glo
bal
Inco
me
Div
ersi
tyA
ffin
ity
Div
ersi
tyA
ffin
ity
To
tal
Fu
nd
Fu
nd
Fu
nd
Fu
nd
Fu
nd
No
tes
GB
PG
BP
GB
PG
BP
US
DU
SD
Ass
ets
Fin
anci
al a
sset
s at
fair
valu
e th
roug
h pr
ofit
or lo
ss51
9,24
6,53
6
13,9
57,5
99
70
,940
,917
41,2
98,1
99
61
,563
,610
30,5
82,7
35
Cas
h de
posi
ts5
88,4
48,0
36
1,45
2,72
0
11,4
14,1
01
7,
727,
299
11
,441
,176
6,08
6,04
3
Sub
scrip
tions
rec
eiva
ble
14,3
67,2
86
19,9
45
28
0,14
7
21
5,71
6
6,
628,
104
9,
340,
541
Sec
uriti
es s
old
rece
ivab
le6,
669,
765
430,
064
-
60
9,16
1
-
256,
426
Inte
rest
and
div
iden
ds r
ecei
vabl
e1,
013,
999
47,9
80
10
0,83
2
45
,474
72,4
15
29
,285
Sun
dry
debt
ors
19,1
49
12
5
25
2
13
3
27
5
2,
698
To
tal A
sset
s62
9,76
4,77
1
15,9
08,4
33
82
,736
,249
49,8
95,9
82
79
,705
,580
46,2
97,7
28
Lia
bili
ties
Fin
anci
al li
abili
ties
at fa
ir va
lue
thro
ugh
prof
it or
loss
(3
,259
,147
)
(1
7,73
0)
-
-
(1
,053
,420
)
(6
98,9
48)
Red
empt
ions
pay
able
(6
,899
,557
)
(3
,000
)
(758
,824
)
(427
,324
)
(180
,605
)
(35,
185)
Sec
uriti
es p
urch
ased
pay
able
(7
,792
,821
)
-
(370
,879
)
-
(1
,290
,392
)
(2
,239
,246
)
Man
agem
ent f
ee p
ayab
le
(671
,619
)
(16,
775)
(97,
418)
(57,
346)
(86,
815)
(43,
652)
Sun
dry
cred
itors
(6
89,3
88)
(2
2,80
9)
(9
5,17
7)
(5
5,50
0)
(8
5,70
7)
(5
0,03
8)
To
tal l
iab
iliti
es (
excl
ud
ing
net
ass
ets
attr
ibu
tab
le t
o h
old
ers
of
red
eem
able
sh
ares
)(1
9,31
2,53
2)
(60,
314)
(1,3
22,2
98)
(540
,170
)
(2,6
96,9
39)
(3,0
67,0
69)
Net
Ass
ets
attr
ibu
tab
le t
o h
old
ers
of
red
eem
able
sh
ares
1461
0,45
2,23
9
15,8
48,1
19
81
,413
,951
49,3
55,8
12
77
,008
,641
43,2
30,6
59
Th
e a
cco
mp
an
yin
g n
ote
s f
orm
an
in
teg
ral p
art
of
the
se
un
au
dite
d f
ina
ncia
l sta
tem
en
ts.
17
CO
ND
EN
SE
D S
TA
TE
ME
NT
OF
FIN
AN
CIA
L P
OS
ITIO
N
As a
t 3
0 J
un
e 2
01
6
CG
WM
CG
WM
CG
WM
CG
WM
S
elec
tG
PS
GP
SC
GW
MC
GW
M
Sel
ect
Glo
bal
Op
tim
ized
Op
tim
ized
Sel
ect
Glo
bal
Op
po
rtu
nit
y O
pp
ort
un
ity
Po
rtfo
lio 4
Po
rtfo
lio 5
Bo
nd
Eq
uit
y
Fu
nd
F
un
dF
un
dF
un
dF
un
dF
un
d*
No
tes
GB
P
US
DG
BP
GB
PG
BP
US
D
Ass
ets
Fin
anci
al a
sset
s at
fair
valu
e th
roug
h pr
ofit
or lo
ss60
,851
,950
247,
924,
563
23
,002
,608
12,7
65,4
21
42
,038
,065
-
Cas
h de
posi
ts5
9,95
9,56
1
49,9
37,9
24
2,
841,
717
2,
612,
135
1,
413,
254
74
8,08
0
Sub
scrip
tions
rec
eiva
ble
252,
971
1,51
4,44
3
-
37
,819
482,
375
-
Sec
uriti
es s
old
rece
ivab
le1,
100,
000
5,
800,
000
-
-
-
-
Inte
rest
and
div
iden
ds r
ecei
vabl
e-
368,
960
12,3
31
31
,920
423,
382
-
Sun
dry
debt
ors
-
2,
398
3,
228
3,
221
8,
172
-
To
tal A
sset
s72
,164
,482
305,
548,
288
25
,859
,884
15,4
50,5
16
44
,365
,248
748,
080
Lia
bili
ties
Fin
anci
al li
abili
ties
at fa
ir va
lue
thro
ugh
prof
it or
loss
-
(1,4
71,2
73)
-
-
(829
,956
)
-
Red
empt
ions
pay
able
(4
71,0
08)
(6
,760
,426
)
-
(543
)
(2
0,26
4)
-
Sec
uriti
es p
urch
ased
pay
able
(3
,260
,000
)
(2
,029
,061
)
-
(3,7
29)
-
-
Man
agem
ent f
ee p
ayab
le
(81,
654)
(370
,009
)
(16,
669)
(9,9
01)
(1
7,47
2)
-
Sun
dry
cred
itors
(8
2,92
3)
(3
08,6
64)
(3
1,04
0)
(1
8,54
2)
(5
0,95
5)
-
To
tal l
iab
iliti
es (
excl
ud
ing
net
ass
ets
attr
ibu
tab
le t
o h
old
ers
of
red
eem
able
sh
ares
)(3
,895
,585
)
(1
0,93
9,43
3)
(4
7,70
9)
(3
2,71
5)
(9
18,6
47)
-
Net
Ass
ets
attr
ibu
tab
le t
o h
old
ers
of
red
eem
able
sh
ares
1468
,268
,897
294,
608,
855
25
,812
,175
15,4
17,8
01
43
,446
,601
748,
080
*La
un
ch
ed
30
Ju
ne
20
16
.
Th
e a
cco
mp
an
yin
g n
ote
s f
orm
an
in
teg
ral p
art
of
the
se
un
au
dite
d f
ina
ncia
l sta
tem
en
ts.
18
CO
ND
EN
SE
D S
TA
TE
ME
NT
OF
FIN
AN
CIA
L P
OS
ITIO
N
As a
t 3
1 D
ece
mb
er
20
15
(fo
r co
mp
ara
tive
pu
rpo
se
s)
CG
WM
CG
WM
CG
WM
To
tal
CG
WM
CG
WM
CG
WM
Sel
ect
Sel
ect
Ret
urn
Sel
ect
Sel
ect
Sel
ect
Glo
bal
Glo
bal
Bo
nd
Inco
me
Div
ersi
tyA
ffin
ity
Div
ersi
tyA
ffin
ity
To
tal
Fu
nd
*F
un
dF
un
dF
un
dF
un
dF
un
d
No
tes
GB
PG
BP
GB
PG
BP
GB
PU
SD
US
D
Ass
ets
Fin
anci
al a
sset
s at
fair
valu
e th
roug
h pr
ofit
or lo
ss50
7,31
0,08
5
2,97
3,52
9
13,5
89,2
33
75
,676
,561
48,2
43,7
06
54
,747
,866
25,3
99,0
30
Cas
h de
posi
ts5
30,3
44,3
68
16
1,78
0
93
4,77
7
4,
288,
226
1,
587,
721
4,
010,
224
2,
066,
650
Sub
scrip
tions
rec
eiva
ble
3,08
3,82
1
-
30
,976
389,
405
189,
825
855,
511
201,
674
Inte
rest
and
div
iden
ds r
ecei
vabl
e74
6,21
0
58
,289
25,3
28
93
,739
17,7
04
43
,151
10,5
99
Sun
dry
debt
ors
28,7
73
13
2
16
6
5,
889
56
7
67
1
31
4
To
tal A
sset
s54
1,51
3,25
7
3,19
3,73
0
14,5
80,4
80
80
,453
,820
50,0
39,5
23
59
,657
,423
27,6
78,2
67
Lia
bili
ties
Fin
anci
al li
abili
ties
at fa
ir va
lue
thro
ugh
prof
it or
loss
(9
89,0
00)
(5
,857
)
-
-
-
(8
9,05
2)
(5
6,17
7)
Red
empt
ions
pay
able
(1
,240
,233
)
(6
8,50
0)
(2
11,7
00)
(4
68,4
32)
(3
1,82
0)
(8
3,16
5)
(4
7,32
2)
Sec
uriti
es p
urch
ased
pay
able
(2
,951
,683
)
-
-
(1
,195
,327
)
-
-
-
Man
agem
ent f
ee p
ayab
le
(598
,075
)
(2,5
46)
(1
6,08
7)
(9
8,28
5)
(5
8,59
4)
(7
3,11
2)
(3
5,27
7)
Sun
dry
cred
itors
(2
89,1
79)
(9
,007
)
(7,2
71)
(4
0,61
9)
(2
5,85
8)
(3
1,53
2)
(1
4,81
2)
To
tal l
iab
iliti
es (
excl
ud
ing
net
ass
ets
attr
ibu
tab
le t
o h
old
ers
of
red
eem
able
sh
ares
)(6
,068
,170
)
(8
5,91
0)
(2
35,0
58)
(1
,802
,663
)
(1
16,2
72)
(2
76,8
61)
(1
53,5
88)
Net
Ass
ets
attr
ibu
tab
le t
o h
old
ers
of
red
eem
able
sh
ares
1453
5,44
5,08
7
3,10
7,82
0
14,3
45,4
22
78
,651
,157
49,9
23,2
51
59
,380
,562
27,5
24,6
79
*Te
rmin
ate
d 1
5 J
an
ua
ry 2
01
6.
Th
e a
cco
mp
an
yin
g n
ote
s f
orm
an
in
teg
ral p
art
of
the
se
un
au
dite
d f
ina
ncia
l sta
tem
en
ts.
19
CO
ND
EN
SE
D S
TA
TE
ME
NT
OF
FIN
AN
CIA
L P
OS
ITIO
N
As a
t 3
1 D
ece
mb
er
20
15
(fo
r co
mp
ara
tive
pu
rpo
se
s)
CG
WM
CG
WM
CG
WM
CG
WM
CG
WM
S
elec
tG
PS
GP
SG
PS
CG
WM
Sel
ect
Glo
bal
Op
tim
ized
Op
tim
ized
Op
tim
ized
Sel
ect
Op
po
rtu
nit
y O
pp
ort
un
ity
Po
rtfo
lio 4
Po
rtfo
lio 4
(i)
Po
rtfo
lio 5
Bo
nd
Fu
nd
F
un
dF
un
dF
un
d*
Fu
nd
Fu
nd
No
tes
GB
P
US
DG
BP
GB
PG
BP
GB
P
Ass
ets
Fin
anci
al a
sset
s at
fair
valu
e th
roug
h pr
ofit
or lo
ss60
,480
,204
255,
232,
853
27
,082
,034
-
14
,575
,460
37,1
43,5
89
Cas
h de
posi
ts5
3,44
3,02
2
15,1
90,6
38
1,
760,
539
9,
988
57
9,42
3
3,
149,
481
Sub
scrip
tions
rec
eiva
ble
356,
290
1,99
9,10
2
28,0
00
-
-
15
,720
Inte
rest
and
div
iden
ds r
ecei
vabl
e-
31,8
06
18
,833
-
18
,942
455,
328
Sun
dry
debt
ors
723
3,06
7
4,45
1
11
4,32
8
9,75
7
To
tal A
sset
s64
,280
,239
272,
457,
466
28
,893
,857
9,99
9
15,1
78,1
53
40
,773
,875
Lia
bili
ties
Fin
anci
al li
abili
ties
at fa
ir va
lue
thro
ugh
prof
it or
loss
-
(418
,035
)
-
-
-
(6
00,9
84)
Red
empt
ions
pay
able
(9
0,40
4)
(1
86,8
68)
(1
33,0
60)
-
(2,0
60)
(1
8,94
1)
Sec
uriti
es p
urch
ased
pay
able
(4
16,0
92)
(1
,955
,000
)
(2
,877
)
-
(1
0,97
4)
-
Man
agem
ent f
ee p
ayab
le
(78,
961)
(328
,867
)
(18,
386)
(1,1
08)
(1
0,27
5)
(1
7,16
7)
Sun
dry
cred
itors
(3
2,67
5)
(1
36,9
18)
(1
2,88
7)
(8
,891
)
(7,6
14)
(2
0,01
9)
To
tal l
iab
iliti
es (
excl
ud
ing
net
ass
ets
attr
ibu
tab
le t
o h
old
ers
of
red
eem
able
sh
ares
)(6
18,1
32)
(3
,025
,688
)
(1
67,2
10)
(9
,999
)
(30,
923)
(657
,111
)
Net
Ass
ets
attr
ibu
tab
le t
o h
old
ers
of
red
eem
able
sh
ares
1463
,662
,107
269,
431,
778
28
,726
,647
-
15
,147
,230
40,1
16,7
64
*Te
rmin
ate
d 1
8 D
ece
mb
er
20
15
.
Th
e a
cco
mp
an
yin
g n
ote
s f
orm
an
in
teg
ral p
art
of
the
se
un
au
dite
d f
ina
ncia
l sta
tem
en
ts.
20
CO
ND
EN
SE
D S
TA
TE
ME
NT
OF
CO
MP
RE
HE
NS
IVE
IN
CO
ME
F
or
the
six
mo
nth
s e
nd
ed
30
Ju
ne
20
16
CG
WM
CG
WM
CG
WM
CG
WM
CG
WM
Sel
ect
Sel
ect
Sel
ect
Sel
ect
Sel
ect
Glo
bal
Glo
bal
Inco
me
Div
ersi
tyA
ffin
ity
Div
ersi
tyA
ffin
ity
To
tal
Fu
nd
Fu
nd
Fu
nd
Fu
nd
Fu
nd
Inve
stm
ent
Inco
me
No
tes
GB
PG
BP
GB
PG
BP
US
DU
SD
Div
iden
d in
com
e2,
747,
759
17
2,87
1
26
2,76
4
31
4,54
5
26
4,59
8
10
0,34
9
Bon
d in
tere
st in
com
e97
1,25
1
12
6,75
7
23
8,13
4
22
,067
35,1
63
7,
182
Dep
osit
inte
rest
363
-
-
-
-
-
Net
rea
lised
gai
n/(lo
ss)
on in
vest
men
ts43
5,76
9
(1
52,7
60)
59
4,73
1
48
4,40
8
(1
,016
,434
)
(2
33,0
85)
Mov
emen
t in
net u
nrea
lised
(lo
ss)/
gain
on
inve
stm
ents
(1
,017
,687
)
41
3,36
3
95
5,26
3
(4
44,4
09)
75
,677
(475
,232
)
Net
(lo
ss)/
gain
on
curr
enci
es(1
,443
,827
)
(1
7,02
9)
(1
0,37
9)
57
8
(4
10,7
36)
(4
81,4
69)
1,69
3,62
8
543,
202
2,04
0,51
3
377,
189
(1,0
51,7
32)
(1,0
82,2
55)
Exp
ense
s
Inve
stm
ent M
anag
emen
t fee
s 12
3,66
3,02
9
98,6
99
54
2,55
0
31
8,11
5
48
5,55
2
23
9,73
9
Adm
inis
trat
ion
fees
1220
5,59
8
5,
444
27
,948
17,5
30
26
,256
14,6
14
Gen
eral
exp
ense
s27
1,76
6
11
,789
47,6
52
20
,745
35,1
64
20
,856
Dep
osito
ry fe
es12
60,3
52
1,
902
1,
233
6,
120
8,
215
4,
097
Tra
nsac
tion
cost
s12
29,8
52
1,
210
3,
340
1,
655
4,
141
5,
239
Set
up c
osts
3,72
4
-
-
-
-
-
4,23
4,32
1
119,
044
622,
723
364,
165
559,
328
284,
545
Op
erat
ing
(L
oss
)/ P
rofi
t(2
,540
,693
)
42
4,15
8
1,
417,
790
13
,024
(1,6
11,0
60)
(1,3
66,8
00)
Fin
ance
co
sts
Inco
me
equa
lisat
ion
cred
it/(c
harg
e)26
,910
10,4
75
3,
097
25
6
33
0
-
Ban
k in
tere
st e
xpen
se(1
,584
)
-
(2
11)
-
(3
77)
(265
)
Dis
trib
utio
ns13
(1,5
04,2
01)
(248
,094
)
(183
,426
)
-
-
-
Tax
atio
n
Net
with
hold
ing
tax
char
ge(1
60,0
75)
(1
,842
)
(6,2
79)
(3
,210
)
(1,4
70)
(1
,993
)
Ch
ang
e in
net
ass
ets
attr
ibu
tab
le t
o h
old
ers
of
red
eem
able
shar
es r
esu
ltin
g f
rom
op
erat
ion
s(4
,179
,643
)
18
4,69
7
1,
230,
971
10
,070
(1,6
12,5
77)
(1,3
69,0
58)
Ga
ins a
nd
lo
sse
s a
rise
so
lely
fro
m c
on
tin
uin
g o
pe
ratio
ns.
Th
ere
we
re n
o g
ain
s a
nd
lo
sse
s o
the
r th
an
th
ose
re
fle
cte
d a
bo
ve
.
Th
e a
cco
mp
an
yin
g n
ote
s f
orm
an
in
teg
ral p
art
of
the
se
un
au
dite
d f
ina
ncia
l sta
tem
en
ts.
21
CO
ND
EN
SE
D S
TA
TE
ME
NT
OF
CO
MP
RE
HE
NS
IVE
IN
CO
ME
F
or
the
six
mo
nth
s e
nd
ed
30
Ju
ne
20
16
CG
WM
CG
WM
CG
WM
CG
WM
Sel
ect
GP
SG
PS
CG
WM
CG
WM
Sel
ect
Glo
bal
Op
tim
ized
Op
tim
ized
Sel
ect
Glo
bal
Op
po
rtu
nit
yO
pp
ort
un
ity
Po
rtfo
lio 4
Po
rtfo
lio 5
Bo
nd
Eq
uit
y
Fu
nd
Fu
nd
Fu
nd
Fu
nd
Fu
nd
Fu
nd
*
Inve
stm
ent
Inco
me
No
tes
GB
PU
SD
GB
PG
BP
GB
PU
SD
Div
iden
d in
com
e29
9,05
3
1,
329,
220
25
1,28
7
11
1,97
1
153,
125
-
Bon
d in
tere
st in
com
e-
-
10
,956
11,8
99
531,
891
-
Dep
osit
inte
rest
-
49
4
18
-
-
-
Net
rea
lised
(lo
sses
)/ga
in o
n in
vest
men
ts1,
837,
265
(1
,347
,415
)
(8
76,9
59)
(1
12,5
08)
473,
660
-
Mov
emen
t in
net u
nrea
lised
gai
n/(lo
ss)
on in
vest
men
ts
145,
489
(6,3
62,3
34)
845,
564
143,
851
1,
641,
450
-
Net
gai
n/(lo
ss)
on c
urre
ncie
s(2
1,00
9)
(3
9,12
2)
(3
64)
(3)
(745
,767
)
-
2,26
0,79
8
(6,4
19,1
57)
230,
502
155,
210
2,
054,
359
-
Exp
ense
s
Inve
stm
ent M
anag
emen
t fee
s 12
471,
134
2,09
2,09
9
106,
506
58,6
43
101,
486
-
Adm
inis
trat
ion
fees
1222
,680
104,
542
9,52
2
5,22
8
15
,782
-
Gen
eral
exp
ense
s35
,430
105,
031
12,8
64
7,
267
23,6
42
-
Dep
osito
ry fe
es12
7,91
5
34,9
52
3,
325
1,
829
5,04
8
-
Tra
nsac
tion
cost
s12
4,80
0
12,6
65
1,
320
1,
375
770
-
Set
up c
osts
-
-
1,05
2
1,05
2
1,
620
-
541,
959
2,34
9,28
9
134,
589
75,3
94
148,
348
-
Op
erat
ing
Pro
fit/
(Lo
ss)
1,71
8,83
9
(8,7
68,4
46)
95,9
13
79
,816
1,
906,
011
-
Fin
ance
co
sts
Inco
me
equa
lisat
ion
cred
it/(c
harg
e)13
8
29
0
(1
2,42
8)
72
3
24,2
16
-
Ban
k in
tere
st e
xpen
se(3
44)
(804
)
-
-
(2
0)
-
Dis
trib
utio
ns13
-
-
(272
,829
)
(135
,770
)
(6
64,0
82)
-
Tax
atio
n
Net
with
hold
ing
tax
char
ge/(
recl
aim
)(3
7,79
7)
(1
26,8
37)
(1
6,41
2)
(5
,622
)
2,00
7
-
Ch
ang
e in
net
ass
ets
attr
ibu
tab
le t
o h
old
ers
of
red
eem
able
shar
es r
esu
ltin
g f
rom
op
erat
ion
s1,
680,
836
(8
,895
,797
)
(2
05,7
56)
(6
0,85
3)
1,26
8,13
2
-
*La
un
ch
ed
30
Ju
ne
20
16
. G
ain
s a
nd
lo
sse
s a
rise
so
lely
fro
m c
on
tin
uin
g o
pe
ratio
ns.
Th
ere
we
re n
o g
ain
s a
nd
lo
sse
s o
the
r th
an
th
ose
re
fle
cte
d a
bo
ve
.
Th
e a
cco
mp
an
yin
g n
ote
s f
orm
an
in
teg
ral p
art
of
the
se
un
au
dite
d f
ina
ncia
l sta
tem
en
ts.
22
CO
ND
EN
SE
D S
TA
TE
ME
NT
OF
CO
MP
RE
HE
NS
IVE
IN
CO
ME
F
or
the
six
mo
nth
s e
nd
ed
30
Ju
ne
20
15
(fo
r co
mp
ara
tive
pu
rpo
se
s)
CG
WM
CG
WM
CG
WM
To
tal
CG
WM
CG
WM
CG
WM
Sel
ect
Sel
ect
Ret
urn
Sel
ect
Sel
ect
Sel
ect
Glo
bal
Glo
bal
Bo
nd
Inco
me
Div
ersi
tyA
ffin
ity
Div
ersi
tyA
ffin
ity
To
tal
Fu
nd
*F
un
dF
un
dF
un
dF
un
dF
un
d
Inve
stm
ent
Inco
me
No
tes
GB
PG
BP
GB
PG
BP
GB
PU
SD
US
D
Div
iden
d in
com
e2,
478,
358
-
241,
980
391,
221
281,
518
173,
367
74,7
43
Bon
d in
tere
st in
com
e75
7,70
1
61
,507
26,6
07
93
,005
20,5
54
19
,412
4,36
1
Net
rea
lised
gai
n/(lo
ss)
on in
vest
men
ts10
,295
,115
(29,
237)
249,
781
2,32
1,48
5
2,14
3,08
3
472,
676
514,
012
Mov
emen
t in
net u
nrea
lised
(lo
ss)/
gain
on
inve
stm
ents
(1
,470
,840
)
3,
160
(2
91,8
55)
(1
,025
,977
)
(1
,025
,156
)
19
1,36
0
91
,572
Net
gai
n/(lo
ss)
on c
urre
ncie
s1,
275,
486
35
,223
37
(12,
406)
4,54
1
(84,
695)
(72,
415)
13,3
35,8
20
70
,653
226,
550
1,76
7,32
8
1,42
4,54
0
772,
120
612,
273
Exp
ense
s
Inve
stm
ent M
anag
emen
t fee
s 12
2,96
7,33
9
15,2
30
10
0,60
9
55
1,86
2
36
6,13
3
27
0,14
5
13
8,59
1
Adm
inis
trat
ion
fees
1233
5,22
0
3,
149
10
,064
55,1
87
36
,616
27,0
14
13
,859
Gen
eral
exp
ense
s11
3,48
1
2,
880
3,
506
16
,948
10,5
79
10
,985
2,46
4
Dep
osito
ry fe
es12
111,
838
1,14
8
3,35
5
18,3
96
12
,205
9,00
5
4,62
0
Tra
nsac
tion
cost
s12
32,8
25
10
6
1,
379
1,
263
2,
422
9,
997
7,
901
Set
up c
osts
4,74
9
-
-
-
-
-
-
3,56
5,45
2
22,5
13
11
8,91
3
64
3,65
6
42
7,95
5
32
7,14
6
16
7,43
5
Op
erat
ing
Pro
fit
9,77
0,36
8
48,1
40
10
7,63
7
1,
123,
672
99
6,58
5
44
4,97
4
44
4,83
8
Fin
ance
co
sts
Inco
me
equa
lisat
ion
cred
it/(c
harg
e)22
,687
(685
)
1,
988
2,
523
(6
19)
9,15
9
130
Ban
k in
tere
st e
xpen
se(3
,417
)
(20)
-
(1
17)
(239
)
(7
91)
(273
)
Dis
trib
utio
ns13
(1,3
44,9
37)
(57,
057)
(128
,913
)
(144
,542
)
-
-
-
Tax
atio
n
Net
with
hold
ing
tax
(cha
rge)
/rec
laim
s(1
37,8
37)
-
(13,
435)
(25,
905)
(15,
539)
(4,6
67)
(2
,243
)
Ch
ang
e in
net
ass
ets
attr
ibu
tab
le t
o h
old
ers
of
red
eem
able
shar
es r
esu
ltin
g f
rom
op
erat
ion
s8,
306,
864
(9
,622
)
(32,
723)
955,
631
980,
188
448,
675
442,
452
*Te
rmin
ate
d 1
5 J
an
ua
ry 2
01
6.
Ga
ins a
nd
lo
sse
s a
rise
so
lely
fro
m c
on
tin
uin
g o
pe
ratio
ns.
Th
ere
we
re n
o g
ain
s a
nd
lo
sse
s o
the
r th
an
th
ose
re
fle
cte
d a
bo
ve
.
Th
e a
cco
mp
an
yin
g n
ote
s f
orm
an
in
teg
ral p
art
of
the
se
un
au
dite
d f
ina
ncia
l sta
tem
en
ts.
23
CO
ND
EN
SE
D S
TA
TE
ME
NT
OF
CO
MP
RE
HE
NS
IVE
IN
CO
ME
F
or
the
six
mo
nth
s e
nd
ed
30
Ju
ne
20
15
(fo
r co
mp
ara
tive
pu
rpo
se
s)
CG
WM
CG
WM
CG
WM
CG
WM
CG
WM
Sel
ect
GP
S
GP
S
GP
S
CG
WM
Sel
ect
Glo
bal
Op
tim
ized
Op
tim
ized
Op
tim
ized
Sel
ect
Op
po
rtu
nit
yO
pp
ort
un
ity
Po
rtfo
lio 4
Po
rtfo
lio 4
(i)
Po
rtfo
lio 5
Bo
nd
Fu
nd
Fu
nd
Fu
nd
Fu
nd
*F
un
dF
un
d
Inve
stm
ent
Inco
me
No
tes
GB
PU
SD
GB
PG
BP
GB
PG
BP
Div
iden
d in
com
e20
7,29
6
83
8,90
7
15
6,80
0
45
,976
124,
795
315,
355
Bon
d in
tere
st in
com
e-
-
23
,344
-
-
517,
082
Net
rea
lised
gai
n on
inve
stm
ents
1,63
0,55
5
2,74
9,95
2
628,
788
2,39
1
450,
676
445,
210
Mov
emen
t in
net u
nrea
lised
(lo
ss)/
gain
on
inve
stm
ents
(2
23,9
71)
4,
462,
582
(7
02,1
94)
(3
9,70
1)
(4
31,0
61)
(8
48,5
99)
Net
gai
n/(lo
ss)
on c
urre
ncie
s36
7,19
5
1,
324,
943
10
5
15
(9
5)
11
4,41
4
1,98
1,07
5
9,37
6,38
4
106,
843
8,68
1
144,
315
543,
462
Exp
ense
s
Inve
stm
ent M
anag
emen
t fee
s 12
372,
064
1,54
8,06
3
97,5
51
11
,956
55,6
70
11
2,00
3
Adm
inis
trat
ion
fees
1237
,206
154,
806
18,2
91
2,
242
10
,438
33,6
01
Gen
eral
exp
ense
s13
,837
64,0
84
5,
845
2,
737
4,
313
1,
951
Dep
osito
ry fe
es12
12,4
02
51
,602
6,09
7
747
3,48
0
11,1
99
Tra
nsac
tion
cost
s12
4,27
0
12,9
11
66
8
(1
10)
866
1,74
1
Set
up c
osts
-
-
1,04
6
1,04
6
1,04
6
1,61
1
439,
779
1,83
1,46
6
129,
498
18,6
18
75
,813
162,
106
Op
erat
ing
Pro
fit
1,54
1,29
6
7,54
4,91
8
(22,
655)
(9,9
37)
68
,502
381,
356
Fin
ance
co
sts
Inco
me
equa
lisat
ion
cred
it/(c
harg
e)1,
156
4,
607
12
,328
556
1,13
1
(4,8
11)
Ban
k in
tere
st e
xpen
se(2
39)
(3,1
05)
-
-
-
(66)
Dis
trib
utio
ns13
-
-
(138
,521
)
(23,
701)
(108
,375
)
(743
,828
)
Tax
atio
n
Net
with
hold
ing
tax
(cha
rge)
/rec
laim
s(1
2,57
2)
(5
1,81
5)
2,
331
(2
,062
)
4,59
8
(36,
711)
Ch
ang
e in
net
ass
ets
attr
ibu
tab
le t
o h
old
ers
of
red
eem
able
shar
es r
esu
ltin
g f
rom
op
erat
ion
s1,
529,
641
7,
494,
605
(1
46,5
17)
(3
5,14
4)
(3
4,14
4)
(4
04,0
60)
*Te
rmin
ate
d 1
8 D
ece
mb
er
20
15
. G
ain
s a
nd
lo
sse
s a
rise
so
lely
fro
m c
on
tin
uin
g o
pe
ratio
ns.
Th
ere
we
re n
o g
ain
s a
nd
lo
sse
s o
the
r th
an
th
ose
re
fle
cte
d a
bo
ve
.
T
he
acco
mp
an
yin
g n
ote
s f
orm
an
in
teg
ral p
art
of
the
se
un
au
dite
d f
ina
ncia
l sta
tem
en
ts.
24
CO
ND
EN
SE
D S
TA
TE
ME
NT
OF
CH
AN
GE
S I
N N
ET
AS
SE
TS
AT
TR
IBU
TA
BL
E T
O H
OL
DE
RS
OF
RE
DE
EM
AB
LE
SH
AR
ES
F
or
the
six
mo
nth
s e
nd
ed
30
Ju
ne
20
16
CG
WM
CG
WM
CG
WM
CG
WM
CG
WM
Se
lec
tS
ele
ct
Se
lec
tS
ele
ct
Se
lec
tG
lob
al
Glo
ba
l
Inc
om
eD
ive
rsit
yA
ffin
ity
Div
ers
ity
Aff
init
y
To
tal
Fu
nd
Fu
nd
Fu
nd
Fu
nd
Fu
nd
No
tes
GB
PG
BP
GB
PG
BP
US
DU
SD
Ba
lan
ce
at
1 J
an
ua
ry 2
01
65
32
,33
7,2
67
14
,34
5,4
22
78
,65
1,1
57
49
,92
3,2
51
59
,38
0,5
62
27
,52
4,6
79
Ch
an
ge
in
ne
t a
ss
ets
att
rib
uta
ble
to
ho
lde
rs o
f re
de
em
ab
le
sh
are
s r
es
ult
ing
fro
m o
pe
rati
on
s(4
,17
9,6
43
)
18
4,6
97
1,2
30
,97
1
10
,07
0
(1,6
12
,57
7)
(1,3
69
,05
8)
Fo
reig
n e
xch
an
ge
ad
just
me
nt
on
ag
gre
ga
tion
22
7,7
74
,75
8
Sh
are
Tra
ns
ac
tio
ns
Su
bsc
rip
tion
s d
uri
ng
th
e p
eri
od
10
2,9
98
,13
2
3
,19
1,0
51
1
1,0
15
,30
4
4
,65
7,2
23
2
3,7
92
,45
7
2
0,8
60
,57
7
Re
de
mp
tion
s d
uri
ng
th
e p
eri
od
(48
,47
8,2
75
)
(1
,87
3,0
51
)
(9
,48
3,4
81
)
(5
,23
4,7
32
)
(4
,55
1,8
01
)
(3
,78
5,5
39
)
Ne
t in
cre
as
e/(
de
cre
as
e)
in n
et
as
se
ts
res
ult
ing
fro
m s
ha
re t
ran
sa
cti
on
s5
4,5
19
,85
7
1,3
18
,00
0
1,5
31
,82
3
(57
7,5
09
)
1
9,2
40
,65
6
1
7,0
75
,03
8
Ba
lan
ce
at
30
Ju
ne
20
16
61
0,4
52
,23
9
1
5,8
48
,11
9
8
1,4
13
,95
1
4
9,3
55
,81
2
7
7,0
08
,64
1
4
3,2
30
,65
9
T
he
acco
mp
an
yin
g n
ote
s f
orm
an
in
teg
ral p
art
of
the
se
un
au
dite
d f
ina
ncia
l sta
tem
en
ts.
25
CO
ND
EN
SE
D S
TA
TE
ME
NT
OF
CH
AN
GE
S I
N N
ET
AS
SE
TS
AT
TR
IBU
TA
BL
E T
O H
OL
DE
RS
OF
RE
DE
EM
AB
LE
SH
AR
ES
F
or
the
six
mo
nth
s e
nd
ed
30
Ju
ne
20
16
CG
WM
CG
WM
CG
WM
CG
WM
Sel
ect
GP
SG
PS
CG
WM
CG
WM
Sel
ect
Glo
bal
Op
tim
ized
Op
tim
ized
Sel
ect
Glo
bal
Op
po
rtu
nit
yO
pp
ort
un
ity
Po
rtfo
lio 4
Po
rtfo
lio 5
Bo
nd
Eq
uit
y
Fu
nd
Fu
nd
Fu
nd
Fu
nd
Fu
nd
Fu
nd
*
GB
PU
SD
GB
PG
BP
GB
PU
SD
Bal
ance
at
1 Ja
nu
ary
2016
63,6
62,1
07
26
9,43
1,77
8
28,7
26,6
47
15
,147
,230
40
,116
,764
-
Ch
ang
e in
net
ass
ets
attr
ibu
tab
le t
o h
old
ers
of
red
eem
able
shar
es r
esu
ltin
g f
rom
op
erat
ion
s1,
680,
836
(8
,895
,797
)
(2
05,7
56)
(6
0,85
3)
1,26
8,13
2
-
Sh
are
Tra
nsa
ctio
ns
Sub
scrip
tions
dur
ing
the
perio
d10
,469
,818
48,4
86,5
78
21
8,83
2
50
3,97
0
7,
429,
712
74
8,08
0
Red
empt
ions
dur
ing
the
perio
d(7
,543
,864
)
(1
4,41
3,70
4)
(2
,927
,548
)
(1
72,5
46)
(5,3
68,0
07)
-
Net
incr
ease
/(d
ecre
ase)
in n
et a
sset
s
resu
ltin
g f
rom
sh
are
tran
sact
ion
s2,
925,
954
34
,072
,874
(2,7
08,7
16)
331,
424
2,06
1,70
5
748,
080
Bal
ance
at
30 J
un
e 20
1668
,268
,897
294,
608,
855
25
,812
,175
15,4
17,8
01
43,4
46,6
01
748,
080
*L
au
nch
ed
30
Ju
ne
20
16
.
T
he
acco
mp
an
yin
g n
ote
s f
orm
an
in
teg
ral p
art
of
the
se
un
au
dite
d f
ina
ncia
l sta
tem
en
ts.
26
CO
ND
EN
SE
D S
TA
TE
ME
NT
OF
CH
AN
GE
S I
N N
ET
AS
SE
TS
AT
TR
IBU
TA
BL
E T
O H
OL
DE
RS
OF
RE
DE
EM
AB
LE
SH
AR
ES
F
or
the
six
mo
nth
s e
nd
ed
30
Ju
ne
20
15
(fo
r co
mp
ara
tive
pu
rpo
se
s)
CG
WM
CG
WM
CG
WM
To
tal
CG
WM
CG
WM
CG
WM
Sel
ect
Sel
ect
Ret
urn
Sel
ect
Sel
ect
Sel
ect
Glo
bal
Glo
bal
Bo
nd
Inco
me
Div
ersi
tyA
ffin
ity
Div
ersi
tyA
ffin
ity
To
tal
Fu
nd
*F
un
dF
un
dF
un
dF
un
dF
un
d
No
tes
GB
PG
BP
GB
PG
BP
GB
PU
SD
US
D
Bal
ance
at
1 Ja
nu
ary
2015
407,
481,
948
4,
213,
772
12
,957
,795
70,5
84,0
17
46
,784
,302
29,5
17,6
69
15
,973
,425
Ch
ang
e in
net
ass
ets
attr
ibu
tab
le t
o h
old
ers
of
red
eem
able
shar
es r
esu
ltin
g f
rom
op
erat
ion
s8,
306,
864
(9
,622
)
(32,
723)
955,
631
980,
188
448,
675
442,
452
For
eign
exc
hang
e ad
just
men
t on
aggr
egat
ion
2(2
,754
,897
)
Sh
are
Tra
nsa
ctio
ns
Sub
scrip
tions
dur
ing
the
perio
d88
,318
,334
193,
791
1,22
2,44
6
7,77
3,83
4
4,36
9,60
6
18,8
37,1
87
6,
252,
720
Red
empt
ions
dur
ing
the
perio
d(2
6,23
7,15
8)
(3
72,1
71)
(6
02,2
09)
(4
,581
,327
)
(2
,795
,900
)
(2
,393
,607
)
(9
90,7
53)
Net
incr
ease
/(d
ecre
ase)
in n
et a
sset
s
resu
ltin
g f
rom
sh
are
tran
sact
ion
s62
,081
,176
(178
,380
)
620,
237
3,19
2,50
7
1,57
3,70
6
16,4
43,5
80
5,
261,
967
Bal
ance
at
30 J
un
e 20
1547
5,11
5,09
1
4,02
5,77
0
13,5
45,3
09
74
,732
,155
49,3
38,1
96
46
,409
,924
21,6
77,8
44
*T
erm
ina
ted
15
Ja
nu
ary
20
16
.
Th
e a
cco
mp
an
yin
g n
ote
s f
orm
an
in
teg
ral p
art
of
the
se
un
au
dite
d f
ina
ncia
l sta
tem
en
ts.
27
CO
ND
EN
SE
D S
TA
TE
ME
NT
OF
CH
AN
GE
S I
N N
ET
AS
SE
TS
AT
TR
IBU
TA
BL
E T
O H
OL
DE
RS
OF
RE
DE
EM
AB
LE
SH
AR
ES
F
or
the
six
mo
nth
s e
nd
ed
30
Ju
ne
20
15
(fo
r co
mp
ara
tive
pu
rpo
se
s)
CG
WM
CG
WM
CG
WM
CG
WM
CG
WM
Sel
ect
GP
S
GP
S
GP
S
CG
WM
Sel
ect
Glo
bal
Op
tim
ized
Op
tim
ized
Op
tim
ized
Sel
ect
Op
po
rtu
nit
yO
pp
ort
un
ity
Po
rtfo
lio 4
Po
rtfo
lio 4
(i)
Po
rtfo
lio 5
Bo
nd
Fu
nd
Fu
nd
Fu
nd
Fu
nd
*F
un
dF
un
d
GB
PU
SD
GB
PG
BP
GB
P G
BP
Bal
ance
at
1 Ja
nu
ary
2015
43,6
73,6
11
18
2,87
3,55
8
22,6
54,7
17
2,
991,
169
13
,366
,648
43,7
97,9
01
Ch
ang
e in
net
ass
ets
attr
ibu
tab
le t
o h
old
ers
of
red
eem
able
shar
es r
esu
ltin
g f
rom
op
erat
ion
s1,
529,
641
7,
494,
605
(1
46,5
17)
(3
5,14
4)
(3
4,14
4)
(4
04,0
60)
Sh
are
Tra
nsa
ctio
ns
Sub
scrip
tions
dur
ing
the
perio
d12
,677
,515
49,8
60,8
24
5,
409,
591
10
9,46
5
1,
148,
754
6,
222,
640
Red
empt
ions
dur
ing
the
perio
d(3
,314
,341
)
(6
,510
,023
)
(1
,732
,729
)
(8
1,10
3)
(4
45,4
86)
(5
,818
,139
)
Net
incr
ease
/(d
ecre
ase)
in n
et a
sset
s
resu
ltin
g f
rom
sh
are
tran
sact
ion
s9,
363,
174
43
,350
,801
3,67
6,86
2
28,3
62
70
3,26
8
40
4,50
1
Bal
ance
at
30 J
un
e 20
1554
,566
,426
233,
718,
964
26
,185
,062
2,98
4,38
7
14,0
35,7
72
43
,798
,342
*T
erm
ina
ted
18
De
ce
mb
er
20
15
.
Th
e a
cco
mp
an
yin
g n
ote
s f
orm
an
in
teg
ral p
art
of
the
se
un
au
dite
d f
ina
ncia
l sta
tem
en
ts.
28
CO
ND
EN
SE
D S
TA
TE
ME
NT
OF
CA
SH
FL
OW
S
Fo
r th
e s
ix m
on
ths e
nd
ed
30
Ju
ne
20
16
CG
WM
CG
WM
CG
WM
CG
WM
CG
WM
Se
lec
tS
ele
ct
Se
lec
tS
ele
ct
Se
lec
tG
lob
al
Glo
ba
l
Inc
om
eD
ive
rsit
yA
ffin
ity
Div
ers
ity
Aff
init
y
To
tal
Fu
nd
Fu
nd
Fu
nd
Fu
nd
Fu
nd
No
tes
GB
PG
BP
GB
PG
BP
US
DU
SD
CA
SH
FL
OW
S F
RO
M O
PE
RA
TIN
G A
CT
IVIT
IES
Pu
rch
ase
of
fina
nci
al a
sse
ts
(21
4,7
25
,49
3)
(3,7
16
,79
1)
(1
3,3
07
,63
0)
(3
,35
1,5
68
)
(2
6,6
85
,60
6)
(1
2,7
35
,93
7)
Pro
cee
ds
fro
m s
ale
of
fina
nci
al a
sse
ts2
21
,36
3,9
44
3,1
79
,66
7
1
8,7
68
,82
0
9
,72
7,9
13
20
,28
9,1
66
8
,88
9,3
01
Ga
in/(
loss
) fr
om
fo
rwa
rd f
ore
ign
cu
rre
ncy
co
ntr
act
s a
nd
fu
ture
s2
88
,57
9
(2
)
(1
0,3
79
)
57
8
48
3,9
63
98
,73
6
Div
ide
nd
s, r
eb
ate
an
d in
tere
st r
ece
ive
d3
,36
9,4
06
27
5,1
34
4
87
,31
5
30
5,6
32
26
8,6
50
86
,58
7
Op
era
ting
exp
en
ses
pa
id(3
,72
9,5
34
)
(1
02
,77
7)
(5
63
,39
5)
(33
5,3
37
)
(49
1,0
54
)
(24
3,3
28
)
NE
T C
AS
H (
OU
TF
LO
W)/
INF
LO
W F
RO
M O
PE
RA
TIN
G A
CT
IVIT
ES
6,5
66
,90
2
(3
64
,76
9)
5
,37
4,7
31
6
,34
7,2
18
(6,1
34
,88
1)
(3,9
04
,64
1)
CA
SH
FL
OW
S F
RO
M F
INA
NC
ING
AC
TIV
ITIE
S
Dis
trib
utio
ns
(1,5
04
,20
1)
(24
8,0
94
)
(18
3,4
26
)
-
-
-
Inco
me
eq
ua
lisa
tion
26
,91
0
10
,47
5
3
,09
7
25
6
33
0
-
Pro
cee
ds
fro
m r
ed
ee
ma
ble
pa
rtic
ipa
ting
sh
are
s is
sue
d9
1,7
14
,66
7
3,2
02
,08
2
1
1,1
24
,56
2
4
,63
1,3
32
18
,01
9,8
64
1
1,7
21
,71
0
Re
de
mp
tion
s p
aid
to
sh
are
ho
lde
rs(4
2,7
50
,45
1)
(2
,08
1,7
51
)
(9,1
93
,08
9)
(4,8
39
,22
8)
(4,4
54
,36
1)
(3,7
97
,67
6)
NE
T C
AS
H I
NF
LO
W/(
OU
TF
LO
W)
FR
OM
FIN
AN
CIN
G A
CT
IVIT
ES
47
,48
6,9
25
8
82
,71
2
1,7
51
,14
4
(20
7,6
40
)
13
,56
5,8
33
7
,92
4,0
34
NE
T I
NC
RE
AS
E I
N C
AS
H
54
,05
3,8
27
5
17
,94
3
7,1
25
,87
5
6,1
39
,57
8
7
,43
0,9
52
4,0
19
,39
3
FO
RE
IGN
EX
CH
AN
GE
AD
JU
ST
ME
NT
ON
AG
GR
EG
AT
ION
24
,22
1,6
09
CA
SH
AT
BE
GIN
NIN
G O
F T
HE
PE
RIO
D3
0,1
72
,60
0
93
4,7
77
4
,28
8,2
26
1
,58
7,7
21
4,0
10
,22
4
2
,06
6,6
50
CA
SH
AT
EN
D O
F T
HE
PE
RIO
D8
8,4
48
,03
6
1,4
52
,72
0
1
1,4
14
,10
1
7
,72
7,2
99
11
,44
1,1
76
6
,08
6,0
43
Su
pp
lem
en
tary
ca
sh
flo
w i
nfo
rma
tio
n
Ca
sh
flo
ws
fro
m o
pe
rati
ng
ac
tivit
ies
in
clu
de
:
Ca
sh r
ece
ive
d d
uri
ng
th
e p
eri
od
fo
r d
ivid
en
d in
com
e
2
,28
7,8
13
15
8,0
01
2
82
,37
7
28
3,5
14
22
9,0
44
79
,79
5
Ca
sh r
ece
ive
d d
uri
ng
th
e p
eri
od
fo
r b
on
d in
tere
st in
com
e
1
,08
2,8
14
11
7,1
33
2
05
,14
9
22
,11
8
39
,98
3
7,0
57
Ca
sh r
ece
ive
d d
uri
ng
th
e p
eri
od
fo
r b
an
k in
tere
st in
com
e
36
3
-
-
-
-
-
Ca
sh p
aid
du
rin
g t
he
pe
rio
d f
or
inte
rest
exp
en
se
(1,5
84
)
-
(21
1)
-
(37
7)
(2
65
)
3,3
69
,40
6
2
75
,13
4
48
7,3
15
3
05
,63
2
2
68
,65
0
8
6,5
87
T
he
acco
mp
an
yin
g n
ote
s f
orm
an
in
teg
ral p
art
of
the
se
un
au
dite
d f
ina
ncia
l sta
tem
en
ts.
29
CO
ND
EN
SE
D S
TA
TE
ME
NT
OF
CA
SH
FL
OW
S
Fo
r th
e s
ix m
on
ths e
nd
ed
30
Ju
ne
20
16
CG
WM
CG
WM
CG
WM
CG
WM
Se
lec
tG
PS
GP
SC
GW
MC
GW
M
Se
lec
tG
lob
al
Op
tim
ize
dO
pti
miz
ed
Se
lec
tG
lob
al
Op
po
rtu
nit
yO
pp
ort
un
ity
Po
rtfo
lio
4P
ort
foli
o 5
Bo
nd
Eq
uit
y
Fu
nd
Fu
nd
Fu
nd
Fu
nd
Fu
nd
Fu
nd
*
No
tes
GB
PU
SD
GB
PG
BP
GB
PU
SD
CA
SH
FL
OW
S F
RO
M O
PE
RA
TIN
G A
CT
IVIT
IES
Pu
rch
ase
of
fina
nci
al a
sse
ts
(37
,33
9,0
78
)
(14
8,7
03
,36
1)
(8
,02
1,3
38
)
(6
,02
0,6
76
)
(12
,01
7,3
22
)
-
Pro
cee
ds
fro
m s
ale
of
fina
nci
al a
sse
ts4
0,6
93
,99
4
14
2,5
79
,19
3
1
2,0
63
,52
6
7
,82
7,8
16
9
,55
9,0
21
-
(Lo
ss)/
ga
in f
rom
fo
rwa
rd f
ore
ign
cu
rre
ncy
co
ntr
act
s(2
1,0
09
)
1
,01
0,8
86
(36
4)
(3
)
(9
45
,66
5)
-
Div
ide
nd
s, r
eb
ate
an
d in
tere
st r
ece
ive
d2
60
,91
2
8
64
,91
9
25
5,3
17
13
2,2
67
8
26
,75
4
-
Op
era
ting
exp
en
ses
pa
id(4
88
,29
5)
(2
,13
5,7
32
)
(11
6,9
30
)
(63
,73
3)
(1
15
,52
2)
-
NE
T C
AS
H IN
FL
OW
/(O
UT
FL
OW
) F
RO
M O
PE
RA
TIN
G A
CT
IVIT
ES
3,1
06
,52
4
(6
,38
4,0
95
)
4,1
80
,21
1
1,8
75
,67
1
(2,6
92
,73
4)
-
CA
SH
FL
OW
S F
RO
M F
INA
NC
ING
AC
TIV
ITIE
S
Dis
trib
utio
ns
-
-
(2
72
,82
9)
(1
35
,77
0)
(66
4,0
82
)
-
Inco
me
eq
ua
lisa
tion
13
8
29
0
(12
,42
8)
72
3
2
4,2
16
-
Pro
cee
ds
fro
m r
ed
ee
ma
ble
pa
rtic
ipa
ting
sh
are
s is
sue
d1
0,5
73
,13
7
48
,97
1,2
37
2
46
,83
2
4
66
,15
1
6,9
63
,05
7
7
48
,08
0
Red
em
ptio
ns
pa
id t
o s
ha
reh
old
ers
(7,1
63
,26
0)
(7,8
40
,14
6)
(3
,06
0,6
08
)
(1
74
,06
3)
(5,3
66
,68
4)
-
NE
T C
AS
H IN
FL
OW
/(O
UT
FL
OW
) F
RO
M F
INA
NC
ING
AC
TIV
ITE
S3
,41
0,0
15
41
,13
1,3
81
(3
,09
9,0
33
)
1
57
,04
1
95
6,5
07
7
48
,08
0
NE
T I
NC
RE
AS
E/(
DE
CR
EA
SE
) IN
CA
SH
6
,51
6,5
39
34
,74
7,2
86
1
,08
1,1
78
2
,03
2,7
12
(1
,73
6,2
27
)
74
8,0
80
FO
RE
IGN
EX
CH
AN
GE
AD
JU
ST
ME
NT
ON
AG
GR
EG
AT
ION
2
CA
SH
AT
BE
GIN
NIN
G O
F T
HE
PE
RIO
D3
,44
3,0
22
15
,19
0,6
38
1
,76
0,5
39
5
79
,42
3
3,1
49
,48
1
-
CA
SH
AT
EN
D O
F T
HE
PE
RIO
D9
,95
9,5
61
49
,93
7,9
24
2
,84
1,7
17
2
,61
2,1
35
1
,41
3,2
54
74
8,0
80
Su
pp
lem
en
tary
ca
sh
flo
w i
nfo
rma
tio
n
Cas
h f
low
s f
rom
op
era
tin
g a
cti
vit
ies
in
clu
de
:
Cash
re
ceiv
ed
du
rin
g t
he
pe
rio
d f
or
div
ide
nd
inco
me
26
1,2
56
86
5,2
29
2
29
,02
9
1
13
,59
4
16
4,3
09
-
Cash
re
ceiv
ed
du
rin
g t
he
pe
rio
d f
or
bo
nd
inte
rest
inco
me
-
-
2
6,2
70
1
8,6
73
66
2,4
65
-
Cash
re
ceiv
ed
du
rin
g t
he
pe
rio
d f
or
ba
nk
inte
rest
inco
me
-
49
4
18
-
-
-
Cash
pa
id d
uri
ng
th
e p
eri
od
fo
r in
tere
st e
xpe
nse
(3
44
)
(80
4)
-
-
(2
0)
-
26
0,9
12
86
4,9
19
2
55
,31
7
1
32
,26
7
82
6,7
54
-
*La
un
ch
ed
30
Ju
ne
20
16
.
Th
e a
cco
mp
an
yin
g n
ote
s f
orm
an
in
teg
ral p
art
of
the
se
un
au
dite
d f
ina
ncia
l sta
tem
en
ts.
30
CO
ND
EN
SE
D S
TA
TE
ME
NT
OF
CA
SH
FL
OW
S
Fo
r th
e s
ix m
on
ths e
nd
ed
30
Ju
ne
20
15
(fo
r co
mp
ara
tive
pu
rpo
se
s)
CG
WM
CG
WM
CG
WM
To
tal
CG
WM
CG
WM
CG
WM
Sel
ect
Sel
ect
Ret
urn
Sel
ect
Sel
ect
Sel
ect
Glo
bal
Glo
bal
Bo
nd
Inco
me
Div
ersi
tyA
ffin
ity
Div
ersi
tyA
ffin
ity
To
tal
Fu
nd
*F
un
dF
un
dF
un
dF
un
dF
un
d
No
tes
GB
PG
BP
GB
PG
BP
GB
PU
SD
US
D
CA
SH
FL
OW
S F
RO
M O
PE
RA
TIN
G A
CT
IVIT
IES
Pur
chas
e of
fina
ncia
l ass
ets
(168
,309
,072
)
-
(4
,507
,811
)
(1
2,57
5,42
3)
(9
,743
,111
)
(18,
648,
577)
(7,8
70,8
52)
Pro
ceed
s fr
om s
ale
of fi
nanc
ial a
sset
s12
6,73
9,36
3
40
4,49
8
3,13
2,07
2
15,1
45,5
09
11,6
43,1
46
6,
418,
423
4,
529,
115
Gai
n/(lo
ss)
from
forw
ard
fore
ign
curr
ency
con
trac
ts a
nd fu
ture
s1,
108,
078
(39,
395)
37
(1
2,40
6)
4,54
1
25,7
61
17,7
11
Div
iden
ds a
nd in
tere
st r
ecei
ved
3,20
5,36
8
93
,657
234,
883
396,
857
26
2,97
2
15
0,55
4
62
,964
Ope
ratin
g ex
pens
es p
aid
(3,5
37,0
77)
(2
4,22
1)
(120
,886
)
(649
,049
)
(4
31,7
02)
(310
,718
)
(1
68,0
83)
NE
T C
AS
H (
OU
TF
LO
W)/
INF
LO
W F
RO
M O
PE
RA
TIN
G A
CT
IVIT
ES
(40,
793,
340)
43
4,53
9
(1,2
61,7
05)
2,30
5,48
8
1,
735,
846
(1
2,36
4,55
7)
(3
,429
,145
)
CA
SH
FL
OW
S F
RO
M F
INA
NC
ING
AC
TIV
ITIE
S
Dis
trib
utio
ns(1
,344
,937
)
(57,
057)
(1
28,9
13)
(1
44,5
42)
-
-
-
Inco
me
equa
lisat
ion
22,6
87
(685
)
1,98
8
2,52
3
(6
19)
9,15
9
130
Pro
ceed
s fr
om r
edee
mab
le p
artic
ipat
ing
shar
es is
sued
85,6
53,0
68
173,
527
1,
388,
382
7,
248,
561
4,24
4,01
2
18,1
46,4
04
5,
497,
837
Red
empt
ions
pay
able
to s
hare
hold
ers
(25,
583,
605)
(3
72,1
71)
(5
49,9
13)
(4
,718
,345
)
(2,7
84,6
56)
(2
,438
,595
)
(977
,394
)
NE
T C
AS
H IN
FL
OW
/(O
UT
FL
OW
) F
RO
M F
INA
NC
ING
AC
TIV
ITE
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32
NOTES TO THE CONDENSED FINANCIAL STATEMENTS For the six months ended 30 June 2016
1. GENERAL
Canaccord Genuity Investment Funds plc (the “Company”) is an open-ended investment company with variable capital structured as an umbrella fund with segregated liability between sub-funds. It was incorporated with limited liability in Ireland on 26 February 2003 and is authorised under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (“the UCITS Regulations”) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 (the "Central Bank UCITS Regulations").
The Company is structured as an umbrella fund, in that different funds may be established from time to time by the Directors with the prior approval of the Central Bank. During the six months ended 30 June 2016 the Funds of the Company were:
CGWM Total Return Bond Fund (launched 1 November 2004) (terminated 15 January 2016) CGWM Select Income Fund (launched 26 September 2008) CGWM Select Diversity Fund (launched 26 September 2008) CGWM Select Affinity Fund (launched 26 September 2008) CGWM Select Global Diversity Fund (launched 26 September 2008) CGWM Select Global Affinity Fund (launched 26 September 2008) CGWM Select Opportunity Fund (launched 26 September 2008) CGWM Select Global Opportunity Fund (launched 26 September 2008) CGWM GPS Optimized Portfolio 4 Fund (launched 19 December 2012) CGWM GPS Optimized Portfolio 5 Fund (launched 19 December 2012) CGWM Select Bond Fund (launched 16 January 2014) CGWM Global Equity Fund (launched 30 June 2016)
The Shares in each Fund may be divided into a number of different share classes. The Directors may also add other share classes, which will be notified in advance to the Central Bank. Each Fund will represent a separate portfolio of assets and liabilities, which will be invested in accordance with the investment objectives applicable to each Fund.
2. PRINCIPAL ACCOUNTING POLICIES
Basis of Preparation These condensed interim accounts have been prepared in accordance with IAS 34 ‘Interim Financial Reporting’, and should be read in conjunction with the audited annual financial statements for the financial year ended 31 December 2015, which have been prepared in accordance with International Financial Reporting Standards. The financial statements have been prepared for the six months ended 30 June 2016. Functional currency Items included in the Company’s financial statements are measured using the currency of the primary economic environment in which it operates (the ‘functional currency’). The functional currency for each Fund is sterling with the exception of CGWM Select Global Diversity Fund, CGWM Select Global Affinity Fund, CGWM Select Global Opportunity Fund and CGWM Global Equity Fund where the functional currency is US Dollar. To calculate the total Company figures, US Dollar assets and liabilities in the financial statements have been translated to sterling at the average rate of exchange for the six months ended 30 June 2016 on the Condensed Statement of Comprehensive Income and at the period end rate on the Condensed Statement of Financial Position. The foreign exchange adjustment on aggregation arising from the translation of the opening net assets is shown in the Condensed Statement of Changes in Net Assets attributable to holders of redeemable shares. The foreign exchange adjustment on aggregation in the Condensed Statement of Cash Flows arises from the difference between the average rates used in the Condensed Statement of Comprehensive Income and the period end rate used for the Condensed Statement of Financial Position cash balances. The method of translation has no effect on the Net Asset Value per share attributable to the individual Funds.
33
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued) For the six month ended 30 June 2016
3. RELATED PARTY DISCLOSURES The Company has entered into an Investment Management Agreement and a Marketing and Distribution Agreement with both Canaccord Genuity Wealth (International) Limited and Canaccord Genuity Wealth Limited the latter of which Collette Wisener-Keating is an employee. All fees received by the Investment Managers are disclosed separately in the Condensed Statement of Comprehensive Income on pages 20 and 21. The amounts due to the Investment Managers are disclosed on the face of the Condensed Statement of Financial Position and the rate of Investment Management fee is disclosed in Note 12. Brian McDermott is a Partner in A&L Goodbody, who are the Irish Legal Advisers of the Company. Fees of EUR66,079
(30 June 2015: EUR62,295) were paid to A&L Goodbody during the period. Brian McDermott is also a Director of A&L Listing, the Sponsoring Broker to the Company. Fees of EUR1,927 (30 June 2015: EUR Nil) were paid to A&L Listing
during the period. Brian McDermott is also a Partner in Goodbody Secretarial Limited, the Company Secretary. Fees of EUR7,200 (30 June 2015: EUR Nil) were paid to Goodbody Secretarial Limited during the period.
4. CONNECTED PERSONS
Any transaction carried out with a UCITS by a management company or depositary to the UCITS, the delegates or sub-delegates of the UCITS or management company or depositary, and any associated or group company of such a UCITS or management company, depositary, delegate or sub-delegate (“connected persons”) must be carried out as if negotiated at arm’s length. Transactions must be in the best interests of the shareholders. The Directors are satisfied that there are arrangements (evidenced by written procedures) in place, to ensure that the obligations set out in Regulation 41(1) of the Central Bank UCITS Regulations are applied to all transactions with connected persons, and are satisfied that transactions with connected persons entered into during the period complied with the obligations set out in Regulation 41(1) of the Central Bank UCITS Regulations. UCITS Notice 14 deems a “Depositary” and its “associated or group companies” to be connected persons to the Company. As such, Northern Trust Fiduciary Services (Ireland) Limited (NTFSIL), the Depositary, and Northern Trust International Fund Administration Services (Ireland) Limited (NTIFASIL), the Administrator, are connected persons to the Company. During the period, NTFSIL and NTIFASIL earned fees for provision of depositary and administration services to the Company as disclosed in the Condensed Statement of Comprehensive Income. NTFSIL were selected by the Company to execute foreign exchange transactions and purchase and sell securities on behalf of the Funds, the terms of such transactions are agreed/negotiated.
5. CASH DEPOSITS At 30 June 2016, the Company held cash of GBP88,448,036 (31 December 2015: GBP30,255,995) with The Northern Trust Company, London Branch (NTC) and GBP Nil (31 December 2015: GBP88,373) with ADM Investor Services International Limited (Broker). As the Total Return Bond Fund terminated 15 January 2016, there is no margin cash held. NTC is a wholly owned subsidiary of Northern Trust Corporation. As at 30 June 2016, Northern Trust Corporation had a long term rating from Standard & Poor’s of A+ (31 December 2015: A+). ADM Investor Services International Limited has a credit rating of A from Standard and Poors (31 December 2015: A).
6. SHARE CAPITAL
The authorised share capital of the Company is 500,000,000,000 shares of no par value initially designated as unclassified shares available for issue as shares; the issued subscriber share capital of the Company is GBP7 represented by 7 subscriber shares (issued for the purposes of the incorporation of the Company). One share is held by Canaccord Genuity Wealth (International) Limited and the other 6 are held by Forest Nominees Limited. At the discretion of the Directors, the subscriber shares may be repurchased at their issue price.
34
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued) For the six months ended 30 June 2016
6. SHARE CAPITAL (continued)
Share Class movement for the six month ended 30 June 2016:
Shares Outstanding at
the Beginning of the
Period
Shares
Subscribed
Shares
Redeemed
Shares Outstanding
at the End of the
Period
CGWM Select Income Fund
A GBP (Accumulation) shares 220,748 187,429 - 408,177
A GBP (Distribution) shares 9,207,196 1,438,862 (1,111,990) 9,534,068
R GBP (Distribution) shares 3,764,667 1,474,857 (647,814) 4,591,710
CGWM Select Diversity Fund
A GBP (Accumulation) shares 64,787 1,197,094 (16,930) 1,244,951
A GBP (Distribution) shares 48,011,272 5,037,058 (5,954,539) 47,093,791
R GBP (Distribution) shares 11,366,236 2,968,432 (1,329,691) 13,004,977
CGWM Select Affinity Fund
A GBP (Accumulation) shares 23,067,557 2,273,089 (2,429,872) 22,910,774
R GBP (Accumulation) shares 14,872,361 1,328,310 (1,662,906) 14,537,765
CGWM Select Global Diversity Fund
A USD (Accumulation) shares 36,511,074 11,988,462 (2,315,930) 46,183,606
A SGD Hedged (Distribution) shares 4,226,561 2,475,187 (569,459) 6,132,289
A EUR Hedged (Accumulation) shares - 169,496 - 169,496
T USD (Accumulation) shares 417,828 334,996 (56,183) 696,641
T GBP Hedged (Accumulation) shares 4,085,087 3,649,844 (651,485) 7,083,446
T EUR Hedged (Accumulation) shares 394,688 220,936 (797) 614,827
CGWM Select Global Affinity Fund
A USD (Accumulation) shares 15,623,929 13,865,322 (2,517,541) 26,971,710
A SGD Hedged (Distribution) shares 332,069 18,725 - 350,794
A EUR Hedged (Accumulation) shares 78,000 101,678 - 179,678
T USD (Accumulation) shares 772,977 250,686 (135,470) 888,193
T GBP Hedged (Accumulation) shares 3,346,637 1,885,378 (230,765) 5,001,250
T EUR Hedged (Accumulation) shares 271,985 42,497 (47,814) 266,668
CGWM Select Opportunity Fund
A GBP (Accumulation) shares 34,178,474 5,848,947 (4,170,302) 35,857,119
R GBP (Accumulation) shares 871,617 95,491 (145,903) 821,205
CGWM Select Global Opportunity Fund
A USD (Accumulation) shares 131,296,942 23,343,472 (6,532,333) 148,108,081
A GBP Hedged (Accumulation) shares 10,108 114,617 - 124,725
A SGD Hedged (Distribution) shares 15,553,892 3,611,736 (1,040,477) 18,125,151
A EUR Hedged (Accumulation) shares 177,015 282,153 - 459,168
T USD (Accumulation) shares 1,818,867 181,419 (350,923) 1,649,364
T GBP Hedged (Accumulation) shares 7,945,674 2,081,872 (1,088,982) 8,938,564
T EUR Hedged (Accumulation) shares 811,389 70,188 (41,727) 839,850
R GBP Hedged (Accumulation) shares - 19,700 - 19,700
CGWM GPS Optimized Portfolio 4 Fund
D GBP (Distribution) shares 26,513,960 209,308 (2,795,575) 23,927,693
CGWM GPS Optimized Portfolio 5 Fund
D GBP (Distribution) shares 13,868,242 483,445 (165,431) 14,186,256
CGWM Select Bond Fund
A GBP (Distribution) shares 380,898 40,626 (47,776) 373,748
A USD Hedged (Distribution) shares 14,915 595 (1,869) 13,641
A EUR Hedged (Distribution) shares 4,078 5,991 (2,739) 7,330
A GBP (Accumulation) shares 4,482 25,075 (1,811) 27,746
A USD Hedged (Accumulation) shares 9,337 5,914 (1,923) 13,328
CGWM Global Equity Fund*
R USD (Accumulation) shares - 2,778 - 2,778
R USD (Distribution) shares - 3,366 - 3,366
R GBP Hedged (Accumulation) shares - 200 - 200
R GBP Hedged (Distribution) shares - 800 - 800
*Launched 30 June 2016.
35
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued)
For the six months ended 30 June 2016
6. SHARE CAPITAL (continued) Share Class movement for the financial year ended 31 December 2015:
Shares Outstanding at
the Beginning of the
Year
Shares
Subscribed
Shares
Redeemed
Shares Outstanding
at the End of the
Year
CGWM Total Return Bond Fund
A GBP (Distribution) shares 53,351 2,543 (15,494) 40,400
CGWM Select Income Fund
A GBP (Accumulation) shares - 220,748 - 220,748
A GBP (Distribution) shares 11,081,219 2,744,658 (4,618,681) 9,207,196
R GBP (Distribution) shares - 3,857,695 (93,028) 3,764,667
CGWM Select Diversity Fund
A GBP (Accumulation) shares - 64,787 - 64,787
A GBP (Distribution) shares 50,926,331 10,483,673 (13,398,732) 48,011,272
R GBP (Distribution) shares - 12,078,459 (712,223) 11,366,236
CGWM Select Affinity Fund
A GBP (Accumulation) shares 30,854,170 5,072,037 (12,858,650) 23,067,557
R GBP (Accumulation) shares - 15,623,974 (751,613) 14,872,361
CGWM Select Global Diversity Fund
A USD (Accumulation) shares 21,594,360 18,630,964 (3,714,250) 36,511,074
A SGD Hedged (Distribution) shares 509,285 4,051,468 (334,192) 4,226,561
T USD (Accumulation) shares - 437,828 (20,000) 417,828
T GBP Hedged (Accumulation) shares 198,384 4,228,958 (342,255) 4,085,087
T EUR Hedged (Accumulation) shares - 394,688 - 394,688
CGWM Select Global Affinity Fund
A USD (Accumulation) shares 11,416,913 5,278,914 (1,071,898) 15,623,929
A SGD Hedged (Distribution) shares 73,755 291,182 (32,868) 332,069
A EUR Hedged (Accumulation) shares - 78,000 - 78,000
T USD (Accumulation) shares - 792,977 (20,000) 772,977
T GBP Hedged (Accumulation) shares 133,618 3,402,223 (189,204) 3,346,637
T EUR Hedged (Accumulation) shares - 271,985 - 271,985
CGWM Select Opportunity Fund
A GBP (Accumulation) shares 24,586,971 12,989,659 (3,398,156) 34,178,474
R GBP (Accumulation) shares - 876,018 (4,401) 871,617
CGWM Select Global Opportunity Fund
A USD (Accumulation) shares 95,762,880 40,334,508 (4,800,446) 131,296,942
A GBP Hedged (Accumulation) shares - 10,108 - 10,108
A SGD Hedged (Distribution) shares 8,276,078 8,111,902 (834,088) 15,553,892
A EUR Hedged (Accumulation) shares - 177,015 - 177,015
T USD (Accumulation) shares - 2,123,648 (304,781) 1,818,867
T GBP Hedged (Accumulation) shares 19,231 8,328,130 (401,687) 7,945,674
T EUR Hedged (Accumulation) shares - 891,936 (80,547) 811,389
CGWM GPS Optimized Portfolio 4 Fund
D GBP (Distribution) shares 20,798,878 10,267,091 (4,552,009) 26,513,960
CGWM GPS Optimized Portfolio 4(i) Fund*
D GBP (Distribution) shares 2,876,311 193,492 (3,069,803) -
CGWM GPS Optimized Portfolio 5 Fund
D GBP (Distribution) shares 12,231,917 2,337,571 (701,246) 13,868,242
CGWM Select Bond Fund
A GBP (Distribution) shares 424,013 78,905 (122,020) 380,898
A USD Hedged (Distribution) shares 6,508 8,407 - 14,915
A EUR Hedged (Distribution) shares - 4,078 - 4,078
A GBP (Accumulation) shares - 4,482 - 4,482
A USD Hedged (Accumulation) shares - 9,337 - 9,337
36
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38
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued) For the six months ended 30 June 2016
8. EXCHANGE RATES
The 30 June 2016 period end exchange rates were as follows:
Exchange Rate Exchange Rate
to GBP to USD
Australian Dollar 0.5570 0.7446
British Pound - 1.3368
Canadian Dollar 0.5760 0.7700
Chinese Yuan 0.1126 0.1505
Euro 0.8311 1.1110
Japanese Yen 0.0073 0.0097
New Zealand Dollar 0.5328 0.7122
Norwegian Krone 0.0894 0.1195
Swedish Krona 0.0883 0.1180
Swiss Franc 0.7679 1.0265
US Dollar 0.7481 -
Singapore Dollar 0.5558 0.7430
The 31 December 2015 year end exchange rates were as follows:
Exchange Rate Exchange Rate
to GBP to USD
Australian Dollar 0.4936 0.7275
British Pound - 1.4739
Canadian Dollar 0.4884 0.7199
Chinese Yuan 0.1045 0.1540
Euro 0.7370 1.0863
Japanese Yen 0.0056 0.0083
New Zealand Dollar 0.4645 0.6846
Norwegian Krone 0.0767 0.1130
Swedish Krona 0.0805 0.1186
Swiss Franc 0.6778 0.9990
US Dollar 0.6785 -
Singapore Dollar 0.4783 0.7049
The 30 June 2015 period end exchange rates were as follows:
Exchange Rate Exchange Rate
to GBP to USD
British Pound - 1.5727
Canadian Dollar 0.5093 0.8010
Chinese Yuan 0.1025 0.1613
Euro 0.7085 1.1142
Japanese Yen 0.0052 0.0082
Norwegian Krone 0.0808 0.1271
Singapore Dollar 0.4722 0.7427
Swedish Krona 0.0766 0.1205
Swiss Franc 0.6804 1.0700
US Dollar 0.6358 -
9. SOFT COMMISSION
There were no soft commission arrangements during the period or in the preceding period.
39
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued) For the six months ended 30 June 2016
10. TAXATION
The Company is not liable to tax in respect of its income and gains, other than on the occurrence of a chargeable event. A chargeable event includes any distribution or any redemption or transfer of a share. A chargeable event does not include: (i) any transactions in relation to shares held in a recognised clearing system as designated by order of the
Revenue Commissioners of Ireland; or (ii) an exchange of shares representing one Fund of the Company; or (iii) an exchange of shares arising on a qualifying amalgamation or reconstruction of the Company with another fund.
A chargeable event will not occur in respect of shareholders who are neither resident nor ordinarily resident in Ireland and who provide the Company with a relevant declaration to that effect. In the absence of an appropriate declaration, the Company will be liable to Irish Tax on the occurrence of a chargeable event. Capital gains, dividends and interest received may be subject to withholding taxes imposed by the Country of Origin and such taxes may not be recoverable by the Company or its shareholders.
11. EFFICIENT PORTFOLIO MANAGEMENT The Company may, on behalf of certain Funds, employ investment techniques and Financial Derivative Instruments for efficient portfolio management purposes and for currency hedging purposes subject to the conditions and within the limits laid down by the Central Bank. The Company and its relevant Funds may only invest in Financial Derivative Instruments as described in the prospectus such as futures, put options, call options, interest rate futures and forward foreign currency contracts. The CGWM GPS Optimized Portfolio 4 Fund and CGWM GPS Optimized Portfolio 5 Fund will not invest in financial derivative instruments. The counterparties used during the period included The Northern Trust Company, London Branch (NTC) for over-the-counter derivatives and ADM Investor Services International Limited for exchange-traded derivatives. The realised and unrealised gains and losses arising during the period through the use of efficient portfolio management techniques are disclosed in the Condensed Statement of Comprehensive Income. Open Financial Derivative Instrument contracts at the period end are disclosed in the Schedule of Investments, including the relevant Counterparty, the underlying securities, currencies or indices, and the market value or unrealised gain/loss on the contract at the period end.
40
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued) For the six months ended 30 June 2016
12. FEES AND OTHER EXPENSES
Investment Managers The Investment Managers are entitled to an investment management fee for the launched Share Classes as set out below. Investment Management fees are paid in the currency of the relevant Fund.
Investment
Share class Management Fee
CGWM Select Income Fund - A GBP (Accumulation) shares 1.50%
CGWM Select Income Fund - A GBP (Distribution) shares 1.50%
CGWM Select Income Fund - R GBP (Distribution) shares 0.80%
CGWM Select Diversity Fund - A GBP (Accumulation) shares 1.50%
CGWM Select Diversity Fund - A GBP (Distribution) shares 1.50%
CGWM Select Diversity Fund - R GBP (Distribution) shares 0.80%
CGWM Select Affinity Fund - A GBP (Accumulation) shares 1.50%
CGWM Select Affinity Fund - R GBP (Accumulation) shares 0.80%
CGWM Select Global Diversity Fund - A USD (Accumulation) shares 1.50%
CGWM Select Global Diversity Fund - A SGD Hedged (Distribution) shares 1.50%
CGWM Select Global Diversity Fund - A EUR Hedged (Accumulation) shares 1.50%
CGWM Select Global Diversity Fund - T USD (Accumulation) shares 1.50%
CGWM Select Global Diversity Fund - T GBP Hedged (Accumulation) shares 1.50%
CGWM Select Global Diversity Fund - T EUR Hedged (Accumulation) shares 1.50%
CGWM Select Global Affinity Fund - A USD (Accumulation) shares 1.50%
CGWM Select Global Affinity Fund - A SGD Hedged (Distribution) shares 1.50%
CGWM Select Global Affinity Fund - A EUR Hedged (Accumulation) shares 1.50%
CGWM Select Global Affinity Fund - T USD (Accumulation) shares 1.50%
CGWM Select Global Affinity Fund - T GBP Hedged (Accumulation) shares 1.50%
CGWM Select Global Affinity Fund - T EUR Hedged (Accumulation) shares 1.50%
CGWM Select Opportunity Fund - A GBP (Accumulation) shares 1.50%
CGWM Select Opportunity Fund - R GBP (Accumulation) shares 0.80%
CGWM Select Global Opportunity Fund - A USD (Accumulation) shares 1.50%
CGWM Select Global Opportunity Fund - A GBP Hedged (Accumulation) shares 1.50%
CGWM Select Global Opportunity Fund - A SGD Hedged (Distribution) shares 1.50%
CGWM Select Global Opportunity Fund - A EUR Hedged (Accumulation) shares 1.50%
CGWM Select Global Opportunity Fund - T USD (Accumulation) shares 1.50%
CGWM Select Global Opportunity Fund - T GBP Hedged (Accumulation) shares 1.50%
CGWM Select Global Opportunity Fund - T EUR Hedged (Accumulation) shares 1.50%
CGWM Select Global Opportunity Fund - R GBP Hedged (Accumulation) shares 0.80%
CGWM GPS Optimized Portfolio 4 Fund - D GBP (Distribution) shares 0.80%
CGWM GPS Optimized Portfolio 5 Fund - D GBP (Distribution) shares 0.80%
CGWM Select Bond Fund - A GBP (Distribution) shares 0.50%
CGWM Select Bond Fund - A USD Hedged (Distribution) shares 0.50%
CGWM Select Bond Fund - A EUR Hedged (Distribution) shares 0.50%
CGWM Select Bond Fund - A GBP (Accumulation) shares 0.50%
CGWM Select Bond Fund - A USD Hedged (Accumulation) shares 0.50%
CGWM Global Equity Fund - R USD (Accumulation) shares* 0.80%
CGWM Global Equity Fund - R USD (Distribution) shares* 0.80%
CGWM Global Equity Fund - R GBP Hedged (Accumulation) shares* 0.80%
CGWM Global Equity Fund - R GBP Hedged (Distribution) shares* 0.80%
* Launched 30 June 2016.
41
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued) For the six months ended 30 June 2016
12. FEES AND OTHER EXPENSES (continued)
Investment Managers (continued) On CGWM Select Income Fund, CGWM GPS Optimized Portfolio 4 Fund, CGWM GPS Optimized Portfolio 5 Fund and the CGWM Select Bond Fund, the Investment Management fees are allocated to capital. The result of this allocation policy is that the capital growth of the Fund is less than if all Investment Management fees were charged to income. For accounting presentational purposes the total fee is charged to the Condensed Statement of Comprehensive Income.
On CGWM Select Diversity Fund and CGWM Select Global Diversity Fund, 50% of all ongoing Investment Management fees are allocated to capital.
Depositary The Depositary is entitled to receive out of the assets of the Company, a monthly fee, accrued daily and payable monthly in arrears, based on the number of transactions and the Net Asset Value of each Fund, up to a maximum fee of 0.02% of the Net Asset Value of the Company per annum, subject to a minimum annual fee of GBP99,000 in respect of the Company. Sub-Custodian The Depositary shall also be entitled to receive out of the assets of each Fund safe-keeping fees and transaction charges. Any sub-custody fees are at normal commercial rates.
Administrator The Administrator is entitled to receive out of the assets of the Company, a monthly fee, accrued daily and payable monthly in arrears, up to a maximum fee of 0.09% of the Net Asset Value of the Company per annum, subject to a minimum annual fee of GBP242,000 in respect of the Company.
Transaction Costs
Transaction costs incurred by the Funds for the period ended 30 June 2016 are shown separately on the Condensed Statement of Comprehensive Income and for the period amounted to GBP29,852 (30 June 2015: GBP32,825).
Directors Fee The total Directors fees payable in any one year will not exceed GBP100,000 or such higher amount agreed by the Shareholders. Directors fees charged for the period ended 30 June 2016 amounted to GBP23,640 (30 June 2015: GBP37,975).
13. DISTRIBUTIONS
The following Share Classes paid a distribution during the six months ended 30 June 2016:
No. Rate per Amount
Fund XD Date Date Paid of Shares Share GBP
CGWM Total Return Bond Fund - A GBP (Distribution) Shares 05/01/2016 19/01/2016 40,400 0.94893 38,337
38,337
CGWM Select Income Fund - A GBP (Distribution) Shares 05/01/2016 19/01/2016 9,207,196 0.00894 82,312
04/04/2016 18/04/2016 9,937,235 0.01008 100,167
182,479
CGWM Select Income Fund - R GBP (Distribution) Shares 05/01/2016 19/01/2016 3,764,667 0.00752 28,310
04/04/2016 18/04/2016 4,399,138 0.00848 37,305
65,615
42
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued) For the six months ended 30 June 2016
13. DISTRIBUTIONS (continued)
No. Rate per Amount
Fund XD Date Date Paid of Shares Share GBP
CGWM Select Diversity Fund - A GBP (Distribution) Shares 05/01/2016 19/01/2016 47,995,321 0.00291 139,666
139,666
CGWM Select Diversity Fund - R GBP (Distribution) Shares 05/01/2016 19/01/2016 11,366,236 0.00385 43,760
43,760
CGWM GPS Optimized Portfolio 4 Fund - D GBP (Distribution) Shares 05/01/2016 19/01/2016 26,513,960 0.01029 272,829
272,829
CGWM GPS Optimized Portfolio 5 Fund - D GBP (Distribution) Shares 05/01/2016 19/01/2016 13,868,242 0.00979 135,770
135,770
CGWM Select Bond Fund - A GBP (Distribution) Shares 05/01/2016 19/01/2016 380,898 0.78549 299,192
04/04/2016 18/04/2016 375,033 0.91881 344,584
643,776
Amount
USD
CGWM Select Bond Fund - A USD Hedged (Distribution) Shares 05/01/2016 19/01/2016 14,915 0.74739 11,147
04/04/2016 18/04/2016 13,641 0.89752 12,243
23,390
Amount
EUR
CGWM Select Bond Fund - A EUR Hedged (Distribution) Shares 05/01/2016 19/01/2016 4,078 0.73689 3,005
04/04/2016 18/04/2016 2,768 0.84849 2,349
5,354
The following Share Classes paid a distribution during the financial year ended 31 December 2015:
No. Rate per Amount
Fund XD Date Date Paid of Shares Share GBP
CGWM Total Return Bond Fund - A GBP (Distribution) Shares 05/01/2015 19/01/2015 53,351 1.06946 57,057
02/07/2015 16/07/2015 51,059 1.04470 53,341
110,398
CGWM Select Income Fund - A GBP (Distribution) Shares 05/01/2015 19/01/2015 11,081,270 0.00569 63,052
02/04/2015 20/04/2015 11,394,642 0.00578 65,861
02/07/2015 16/07/2015 11,676,756 0.01060 123,774
02/10/2015 16/10/2015 9,176,622 0.00935 85,801
338,488
CGWM Select Income Fund - R GBP (Distribution) Shares 02/07/2015 16/07/2015 94,070 0.00304 286
02/10/2015 16/10/2015 3,446,381 0.00869 29,949
30,235
CGWM Select Diversity Fund - A GBP (Distribution) Shares 05/01/2015 19/01/2015 50,894,960 0.00284 144,54202/07/2015 16/07/2015 52,980,252 0.00175 92,715
237,257
43
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued)
For the six months ended 30 June 2016
13. DISTRIBUTIONS (continued)
No. Rate per Amount
Fund XD Date Date Paid of Shares Share GBP
CGWM Select Diversity Fund - R GBP (Distribution) Shares 02/07/2015 16/07/2015 53,961 0.00026 14
14
CGWM GPS Optimized Portfolio 4 Fund - D GBP (Distribution) Shares 05/01/2015 19/01/2015 20,798,878 0.00666 138,52102/07/2015 16/07/2015 24,129,502 0.00678 163,598
302,119
CGWM GPS Optimized Portfolio 4(i) Fund - D GBP (Distribution) Shares 05/01/2015 19/01/2015 2,876,311 0.00824 23,70102/07/2015 16/07/2015 2,903,936 0.01338 38,855
62,556
CGWM GPS Optimized Portfolio 5 Fund - D GBP (Distribution) Shares 05/01/2015 19/01/2015 12,231,916 0.00886 108,375
02/07/2015 16/07/2015 12,883,410 0.00867 111,699
220,074
CGWM Select Bond Fund - A GBP (Distribution) Shares 05/01/2015 19/01/2015 423,829 0.76873 325,810
02/04/2015 20/04/2015 433,895 0.94702 410,90702/07/2015 16/07/2015 422,041 0.86118 363,453
02/10/2015 16/10/2015 419,446 0.87134 365,480
1,465,650
Amount
USD
CGWM Select Global Diversity Fund - A USD (Accumulation) Shares 02/07/2015 16/07/2015 30,946,074 0.00013 4,023
4,023
CGWM Select Bond Fund - A USD Hedged (Distribution) Shares 05/01/2015 20/01/2015 6,508 0.23087 1,503
02/04/2015 20/04/2015 10,071 0.90613 9,126
02/07/2015 16/07/2015 12,986 0.85982 11,166
02/10/2015 16/10/2015 14,192 0.82933 11,770
33,565
No. Rate per Amount
Fund XD Date Date Paid of Shares Share SGD
CGWM Select Global Diversity Fund - A SGD Hedged (Distribution) Shares 02/07/2015 16/07/2015 1,431,854 0.00013 186
186
Amount
EUR
CGWM Select Bond Fund - A EUR Hedged (Distribution) Shares 02/07/2015 16/07/2015 2,739 0.73433 2,011
02/10/2015 16/10/2015 2,739 0.81689 2,237
4,248
44
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued) For the six months ended 30 June 2016
14. COMPARATIVE STATISTICS
Net Asset Value Currency 30 June 2016 31 Dec 2015 31 Dec 2014
CGWM Total Return Bond Fund**
A GBP (Distribution) shares GBP - 3,107,820 4,226,648
CGWM Select Income Fund
A GBP (Accumulation) shares GBP 415,334 219,109 -
A GBP (Distribution) shares GBP 10,972,778 10,511,614 12,971,495
R GBP (Distribution) shares GBP 4,460,007 3,614,699 -
CGWM Select Diversity Fund
A GBP (Accumulation) shares GBP 1,277,289 65,333 -
A GBP (Distribution) shares GBP 67,005,760 67,298,495 70,586,635
R GBP (Distribution) shares GBP 13,130,902 11,287,329 -
CGWM Select Affinity Fund
A GBP (Accumulation) shares GBP 35,291,648 35,570,393 46,785,511
R GBP (Accumulation) shares GBP 14,064,164 14,352,858 -
CGWM Select Global Diversity Fund
A USD (Accumulation) shares USD 58,986,930 47,675,032 28,572,627
A SGD Hedged (Distribution) shares SGD 9,857,709 6,933,890 840,068
A EUR Hedged (Accumulation) shares EUR 173,261 - -
T USD (Accumulation) shares USD 647,491 397,028 -
T GBP Hedged (Accumulation) shares GBP 6,894,878 4,076,143 198,384
T EUR Hedged (Accumulation) shares EUR 576,288 380,179 -
CGWM Select Global Affinity Fund
A USD (Accumulation) shares USD 35,164,870 21,131,974 15,670,305
A SGD Hedged (Distribution) shares SGD 575,865 564,477 126,299
A EUR Hedged (Accumulation) shares EUR 173,290 78,621 -
T USD (Accumulation) shares USD 829,017 748,479 -
T GBP Hedged (Accumulation) shares GBP 4,735,058 3,298,882 133,473
T EUR Hedged (Accumulation) shares EUR 257,943 274,961 -
CGWM Select Opportunity Fund
A GBP (Accumulation) shares GBP 67,426,763 62,791,865 43,676,514
R GBP (Accumulation) shares GBP 842,134 870,242 -
CGWM Select Global Opportunity Fund
A USD (Accumulation) shares USD 251,333,396 230,751,408 169,100,111
A GBP Hedged (Accumulation) shares GBP 112,910 9,517 -
A SGD Hedged (Distribution) shares SGD 38,768,424 34,383,464 18,227,706
A EUR Hedged (Accumulation) shares EUR 436,008 175,239 -
T USD (Accumulation) shares USD 1,549,805 1,770,031 -
T GBP Hedged (Accumulation) shares GBP 8,547,368 7,902,831 19,217
T EUR Hedged (Accumulation) shares EUR 750,499 755,936 -
R GBP Hedged (Accumulation) shares GBP 19,185 - -
CGWM GPS Optimized Portfolio 4 Fund
D GBP (Distribution) shares GBP 25,812,175 28,726,647 22,662,069
CGWM GPS Optimized Portfolio 4(i) Fund*
D GBP (Distribution) shares GBP - - 2,995,070
CGWM GPS Optimized Portfolio 5 Fund
D GBP (Distribution) shares GBP 15,417,801 15,147,230 13,370,636
CGWM Select Bond Fund
A GBP (Distribution) shares GBP 37,941,929 37,772,926 43,469,906
A USD Hedged (Distribution) shares USD 1,354,508 1,447,325 650,596
A EUR Hedged (Distribution) shares EUR 710,940 387,914 -
A GBP (Accumulation) shares GBP 2,867,583 444,833 -
A USD Hedged (Accumulation) shares USD 1,380,933 930,227 -
CGWM Global Equity Fund***
R USD (Accumulation) shares USD 277,800 - -
R USD (Distribution) shares USD 336,600 - -
R GBP Hedged (Accumulation) shares GBP 20,000 - -
R GBP Hedged (Distribution) shares GBP 80,000 - -
* Terminated 18 December 2015. **Terminated 15 January 2016. *** Launched 30 June 2016.
45
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued)
For the six months ended 30 June 2016
14. COMPARATIVE STATISTICS (continued)
Shares in issue Currency 30 June 2016 31 Dec 2015 31 Dec 2014
CGWM Total Return Bond Fund**
A GBP (Distribution) shares GBP - 40,400 53,351
CGWM Select Income Fund
A GBP (Accumulation) shares GBP 408,177 220,748 -
A GBP (Distribution) shares GBP 9,534,068 9,207,196 11,081,219
R GBP (Distribution) shares GBP 4,591,710 3,764,667 -
CGWM Select Diversity Fund
A GBP (Accumulation) shares GBP 1,244,951 64,787 -
A GBP (Distribution) shares GBP 47,093,791 48,011,272 50,926,331
R GBP (Distribution) shares GBP 13,004,977 11,366,236 -
CGWM Select Affinity Fund
A GBP (Accumulation) shares GBP 22,910,774 23,067,557 30,854,170
R GBP (Accumulation) shares GBP 14,537,765 14,872,361 -
CGWM Select Global Diversity Fund
A USD (Accumulation) shares USD 46,183,606 36,511,074 21,594,360
A SGD Hedged (Distribution) shares SGD 6,132,289 4,226,561 509,285
A EUR Hedged (Accumulation) shares EUR 169,496 - -
T USD (Accumulation) shares USD 696,641 417,828 -
T GBP Hedged (Accumulation) shares GBP 7,083,446 4,085,087 198,384
T EUR Hedged (Accumulation) shares EUR 614,827 394,688 -
CGWM Select Global Affinity Fund
A USD (Accumulation) shares USD 26,971,710 15,623,929 11,416,913
A SGD Hedged (Distribution) shares SGD 350,794 332,069 73,755
A EUR Hedged (Accumulation) shares EUR 179,678 78,000 -
T USD (Accumulation) shares USD 888,193 772,977 -
T GBP Hedged (Accumulation) shares GBP 5,001,250 3,346,637 133,618
T EUR Hedged (Accumulation) shares EUR 266,668 271,985 -
CGWM Select Opportunity Fund
A GBP (Accumulation) shares GBP 35,857,119 34,178,474 24,586,971
R GBP (Accumulation) shares GBP 821,205 871,617 -
CGWM Select Global Opportunity Fund
A USD (Accumulation) shares USD 148,108,081 131,296,942 95,762,880
A GBP Hedged (Accumulation) shares GBP 124,725 10,108 -
A SGD Hedged (Distribution) shares SGD 18,125,151 15,553,892 8,276,078
A EUR Hedged (Accumulation) shares EUR 459,168 177,015 -
T USD (Accumulation) shares USD 1,649,364 1,818,867 -
T GBP Hedged (Accumulation) shares GBP 8,938,564 7,945,674 19,231
T EUR Hedged (Accumulation) shares EUR 839,850 811,389 -
R GBP Hedged (Accumulation) shares GBP 19,700 - -
CGWM GPS Optimized Portfolio 4 Fund
D GBP (Distribution) shares GBP 23,927,693 26,513,960 20,798,878
CGWM GPS Optimized Portfolio 4(i) Fund*
D GBP (Distribution) shares GBP - - 2,876,311
CGWM GPS Optimized Portfolio 5 Fund
D GBP (Distribution) shares GBP 14,186,256 13,868,242 12,231,917
CGWM Select Bond Fund
A GBP (Distribution) shares GBP 373,748 380,898 424,013
A USD Hedged (Distribution) shares USD 13,641 14,915 6,508
A EUR Hedged (Distribution) shares EUR 7,330 4,078 -
A GBP (Accumulation) shares GBP 27,746 4,482 -
A USD Hedged (Accumulation) shares USD 13,328 9,337 -
CGWM Global Equity Fund***
R USD (Accumulation) shares USD 2,778 - -
R USD (Distribution) shares USD 3,366 - -
R GBP Hedged (Accumulation) shares GBP 200 - -
R GBP Hedged (Distribution) shares GBP 800 - -
* Terminated 18 December 2015. **Terminated 15 January 2016. *** Launched 30 June 2016.
46
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued)
For the six months ended 30 June 2016
14. COMPARATIVE STATISTICS (continued)
Net Asset Value per Share Currency 30 June 2016 31 Dec 2015 31 Dec 2014
CGWM Total Return Bond Fund**
A GBP (Distribution) shares GBP - 76.93 79.22
CGWM Select Income Fund
A GBP (Accumulation) shares GBP 1.02 0.99 -
A GBP (Distribution) shares GBP 1.15 1.14 1.17
R GBP (Distribution) shares GBP 0.97 0.96 -
CGWM Select Diversity Fund
A GBP (Accumulation) shares GBP 1.03 1.01 -
A GBP (Distribution) shares GBP 1.42 1.40 1.39
R GBP (Distribution) shares GBP 1.01 0.99 -
CGWM Select Affinity Fund
A GBP (Accumulation) shares GBP 1.54 1.54 1.52
R GBP (Accumulation) shares GBP 0.97 0.97 -
CGWM Select Global Diversity Fund
A USD (Accumulation) shares USD 1.28 1.31 1.32
A SGD Hedged (Distribution) shares SGD 1.61 1.64 1.65
A EUR Hedged (Accumulation) shares EUR 1.02 - -
T USD (Accumulation) shares USD 0.93 0.95 -
T GBP Hedged (Accumulation) shares GBP 0.97 1.00 1.01
T EUR Hedged (Accumulation) shares EUR 0.94 0.96 -
CGWM Select Global Affinity Fund
A USD (Accumulation) shares USD 1.30 1.35 1.37
A SGD Hedged (Distribution) shares SGD 1.64 1.70 1.71
A EUR Hedged (Accumulation) shares EUR 0.96 1.01 -
T USD (Accumulation) shares USD 0.93 0.97 -
T GBP Hedged (Accumulation) shares GBP 0.95 0.99 1.00
T EUR Hedged (Accumulation) shares EUR 0.97 1.01 -
CGWM Select Opportunity Fund
A GBP (Accumulation) shares GBP 1.88 1.84 1.78
R GBP (Accumulation) shares GBP 1.03 1.00 -
CGWM Select Global Opportunity Fund
A USD (Accumulation) shares USD 1.70 1.76 1.77
A GBP Hedged (Accumulation) shares GBP 0.91 0.94 -
A SGD Hedged (Distribution) shares SGD 2.14 2.21 2.20
A EUR Hedged (Accumulation) shares EUR 0.95 0.99 -
T USD (Accumulation) shares USD 0.94 0.97 -
T GBP Hedged (Accumulation) shares GBP 0.96 0.99 1.00
T EUR Hedged (Accumulation) shares EUR 0.89 0.93 -
R GBP Hedged (Accumulation) shares GBP 0.97 - -
CGWM GPS Optimized Portfolio 4 Fund
D GBP (Distribution) shares GBP 1.08 1.08 1.09
CGWM GPS Optimized Portfolio 4(i) Fund*
D GBP (Distribution) shares GBP - - 1.04
CGWM GPS Optimized Portfolio 5 Fund
D GBP (Distribution) shares GBP 1.09 1.09 1.09
CGWM Select Bond Fund
A GBP (Distribution) shares GBP 101.52 99.17 102.52
A USD Hedged (Distribution) shares USD 99.30 97.04 99.97
A EUR Hedged (Distribution) shares EUR 96.99 95.12 -
A GBP (Accumulation) shares GBP 103.35 99.25 -
A USD Hedged (Accumulation) shares USD 103.61 99.63 -
CGWM Global Equity Fund***
R USD (Accumulation) shares USD 100.00 - -
R USD (Distribution) shares USD 100.00 - -
R GBP Hedged (Accumulation) shares GBP 100.00 - -
R GBP Hedged (Distribution) shares GBP 100.00 - -
* Terminated 18 December 2015. **Terminated 15 January 2016. *** Launched 30 June 2016.
47
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued)
For the six months ended 30 June 2016
15. CREDIT FACILITY A credit facility with Northern Trust Company, London Branch (NTC) is in operation for certain Funds. Each Fund may borrow up to 10% of its Net Asset Value provided this borrowing is on a temporary basis. Credit balances (e.g. cash) may not be offset against borrowings when determining the percentage of borrowings outstanding.
16. EVENTS DURING THE PERIOD The CGWM Total Return Bond Fund terminated on 15 January 2016, proceeds were distributed to shareholders in two tranches paid on 25 January 2016 and 31 March 2016. Audited Non-Statutory Termination financial statements were prepared for this Fund for the period 1 January 2016 to 15 April 2016.
Northern Trust Fiduciary Services (Ireland) Limited, the Custodian by virtue of the terms of UCITS V became the Depositary of the Company. The CGWM Global Equity Fund launched 30 June 2016; the Fund commenced trading 1 July 2016.
The following share classes launched during the period:
CGWM Select Global Diversity Fund - A EUR Hedged (Accumulation) shares - Launched 25 January 2016.
CGWM Select Global Opportunity Fund – R GBP Hedged (Accumulation) shares – Launched 20 April 2016.
CGWM Select Global Equity Fund – R USD (Accumulation) shares – Launched 30 June 2016.
CGWM Select Global Equity Fund – R USD (Distribution) shares – Launched 30 June 2016.
CGWM Select Global Equity Fund – R GBP Hedged (Accumulation) shares – Launched 30 June 2016.
CGWM Select Global Equity Fund – R GBP Hedged (Distribution) shares – Launched 30 June 2016.
17. EVENTS SINCE THE PERIOD END DATE
The following share classes launched since the period end:
CGWM Select Global Equity Fund – X USD (Accumulation) shares – Launched 18 July 2016.
CGWM Select Global Equity Fund – X USD (Distribution) shares – Launched 19 July 2016.
The following distributions were declared in July 2016:
No. Rate per Amount
Fund XD Date Date Paid of Shares Share GBP
CGWM Select Income Fund - A GBP (Distribution) Shares 04/07/2016 18/07/2016 9,534,068 0.01067 101,729
CGWM Select Income Fund - R GBP (Distribution) Shares 04/07/2016 18/07/2016 4,591,110 0.00900 41,320
CGWM Select Diversity Fund - A GBP (Distribution) Shares 04/07/2016 18/07/2016 47,067,586 0.00216 101,666
CGWM Select Diversity Fund - R GBP (Distribution) Shares 04/07/2016 18/07/2016 13,004,977 0.00324 42,136
CGWM GPS Optimized Portfolio 4 Fund - D GBP (Distribution) Shares 04/07/2016 18/07/2016 23,927,693 0.00863 206,496
CGWM GPS Optimized Portfolio 5 Fund - D GBP (Distribution) Shares 04/07/2016 18/07/2016 14,186,256 0.00728 103,276
CGWM Select Bond Fund - A GBP (Distribution) Shares 04/07/2016 18/07/2016 371,785 0.77218 287,085
Amount
USD
CGWM Select Bond Fund - A USD Hedged (Distribution) Shares 04/07/2016 18/07/2016 13,641 0.69454 9,474
Amount
EUR
CGWM Select Bond Fund - A EUR Hedged (Distribution) Shares 04/07/2016 18/07/2016 7,330 0.69441 5,090
There were no other events subsequent to the period end, which, in the opinion of the Directors of the Company, may
have an impact on the financial statements for the six months ended 30 June 2016.
18. APPROVAL OF THE FINANCIAL STATEMENTS The financial statements were authorised for issue by the Board of Directors of the Company on 17 August 2016.
48
CGWM SELECT INCOME FUND
INVESTMENT PORTFOLIO 30 June 2016
Fair Value % of
Holdings Financial assets at fair value through profit or loss GBP Net Assets
Collective Investment Schemes: 76.54% (31 Dec 2015: 84.74%)
Guernsey: 9.76% (31 Dec 2015: 6.65%)
222,643 HICL Infrastructure Company Limited* 379,606 2.40
154,550 International Public Partnerships Limited* 234,143 1.48
718,000 Picton Property Income Limited* 475,675 3.00
469,090 Renewables Infrastructure Group Limited* 456,190 2.88
Total Guernsey 1,545,614 9.76
Ireland: 16.98% (31 Dec 2015: 23.60%)
56,895 GAM Star - Credit Opportunities Fund 612,173 3.87
61,324 Invesco Bond Series - Sterling Bond Fund 634,214 4.00
46,355 Kames High Yield Global Bond Fund 500,676 3.16
5,717 New Capital Wealthy Nations Bond Fund 676,090 4.27
1,607 Prusik Asian Equity Income Fund 266,838 1.68
Total Ireland 2,689,991 16.98
Jersey: 1.63% (31 Dec 2015: 1.85%)
260,000 CVC Credit Partners European Opportunities Ltd* 258,700 1.63
Total Jersey 258,700 1.63
Luxembourg: 21.79% (31 Dec 2015: 23.38%)
906 Allianz Global Investors Fund - Allianz Flexi Asia Bond Fund 840,481 5.30
535,420 Fidelity Funds - Global Dividend Fund 688,551 4.35
71,812 Jupiter Global Fund - Dynamic Bond Fund 813,628 5.13
436,831 Rathbone Ethical Bond Fund 440,937 2.78
6,910 Vontobel Fund - Twentyfour Global Unconstrained Bond Fund 670,533 4.23
Total Luxembourg 3,454,130 21.79
United Kingdom: 26.38% (31 Dec 2015: 29.26%)
632,610 Artemis Global Income Fund 519,784 3.28
421,161 Artemis Income Fund 900,528 5.68
594,325 Capita Financial - CF Woodford Equity Income Fund 666,060 4.20
221,385 Invesco Perpetual UK Strategic Income Fund 627,781 3.96
174,401 Newton Asian Income Fund 197,928 1.25
297,118 Newton Global Higher Income Fund 563,336 3.56
1,485,974 Schroder Income Maximiser Fund 705,689 4.45
Total United Kingdom 4,181,106 26.38
Total Collective Investment Schemes 12,129,541 76.54
*Closed-end Fund
49
CGWM SELECT INCOME FUND
INVESTMENT PORTFOLIO (continued) 30 June 2016
Fair Value % of
Holdings Financial assets at fair value through profit or loss GBP Net Assets
Bonds: 11.53% (31 Dec 2015: 9.98%)
United Kingdom: 11.53% (31 Dec 2015: 9.98%)
200,000 Lloyds Bank 5.50% 25/09/2016 201,865 1.27
662,000 UK Treasury Bond 4.00% 07/03/2022 795,062 5.02
620,000 UK Treasury Bond 4.25% 07/12/2027 830,428 5.24
Total United Kingdom 1,827,355 11.53
Total Bonds 1,827,355 11.53
Financial Derivative Instruments: 0.00% (31 Dec 2015: 0.00%)
Forward Currency Contracts: 0.00% (31 Dec 2015: 0.00%)
Counterparty Currency Currency Currency Maturity Unrealised % of
Buys Sells Rate Date Gain Net Assets
Northern Trust EUR 545,000 GBP 452,220 0.8298 06/07/2016 703 -
Total Fair Value Gain on Forward Currency Contracts 703 -
Total Financial assets at fair value through profit or loss 13,957,599 88.07
Financial liabilities at fair value through profit or loss
Financial Derivative Instruments: (0.11%) (31 Dec 2015: 0.00%)
Forward Currency Contracts: (0.11%) (31 Dec 2015: 0.00%)
Counterparty Currency Currency Currency Maturity Unrealised % of
Buys Sells Rate Date Loss Net Assets
Northern Trust GBP 435,193 EUR 545,000 0.7985 06/07/2016 (17,730) (0.11)
Total Fair Value Losses on Forward Currency Contracts (17,730) (0.11)
Total Financial liabilities at fair value through profit or loss (17,730) (0.11)
Fair Value % of
GBP Net Assets
Total Value of Investments 13,939,869 87.96
(Cost: GBP 13,341,747)
Cash 1,452,720 9.17
Other Net Assets 455,530 2.87
Net Assets Attributable to Holders of Redeemable
Participating Shares 15,848,119 100.00
50
CGWM SELECT INCOME FUND
INVESTMENT PORTFOLIO (continued) 30 June 2016
% of Total
Analysis of Total Assets Assets
Transferable securities admitted to official stock exchange listing 76.40
Transferable securities other than admitted to official stock exchange listing or traded
on a regulated market 11.34
Over the counter financial derivative instruments 0.00
Other Assets 12.26
100.00
51
CGWM SELECT DIVERSITY FUND
INVESTMENT PORTFOLIO 30 June 2016
Fair Value % of
Holdings Financial assets at fair value through profit or loss GBP Net Assets
Collective Investment Schemes: 79.37% (31 Dec 2015: 88.93%)
Guernsey: 2.95% (31 Dec 2015: 2.91%)
528,200 HICL Infrastructure Company Limited* 900,581 1.11
988,300 International Public Partnerships Limited* 1,497,275 1.84
Total Guernsey 2,397,856 2.95
Ireland: 38.65% (31 Dec 2015: 44.96%)
1,518,158 BNY Mellon Absolute Return Equity Fund 1,803,724 2.22
152,199 Brown Advisory US Small Cap Blend Fund 1,279,709 1.57
86,021 Findlay Park American Fund 5,355,738 6.58
193,351 Invesco Bond Series - Sterling Bond Fund 2,226,187 2.73
18,170 iShares $ TIPS UCITS ETF 2,772,379 3.41
842,553 Lazard Global Listed Infrastructure Equity Fund 1,204,766 1.48
23,615 Legg Mason Western Asset Macro Opportunities Bond Fund 2,490,721 3.06
6,976 Man GLG Investments - Japan Core Alpha Equity Fund 860,878 1.06
30,278 New Capital UCITS Fund PLC - New Capital Wealthy Nations Bond Fund 2,695,982 3.31
1,349,713 Old Mutual Global Equity Absolute Return Hedged Fund 2,087,871 2.56
372,654 Polar Capital North American Fund 4,781,155 5.87
102,853 Polar Capital Healthcare Opportunities Fund 2,675,214 3.29
8,271 Prusik Asian Equity Income Fund 1,232,485 1.51
Total Ireland 31,466,809 38.65
Luxembourg: 18.19% (31 Dec 2015: 16.88%)
89,267 Aberdeen Global - Japanese Equity Fund 834,821 1.03
178,550 Henderson Gartmore Fund - United Kingdom Absolute Return Fund 2,072,557 2.55
204,297 Investec Global Strategy Fund - UK Alpha Fund 3,965,410 4.87
346,997 Jupiter Global Fund - Dynamic Bond Fund 3,931,473 4.83
2,179,248 Rathbone Ethical Bond Fund 2,199,733 2.70
18,107 Vontobel Fund - TwentyFour Global Unconstrained Bond Fund 1,801,621 2.21
Total Luxembourg 14,805,615 18.19
United Kingdom: 19.58% (31 Dec 2015: 24.18%)
329,896 Baring German Growth Trust 2,060,530 2.53
3,036,660 Capita Financial - CF Woodford Equity Income Fund 3,604,212 4.43
262,186 First State Investments ICVC - Asia Pacific Leaders Fund 1,533,394 1.88
703,444 First State Investments ICVC - Global Listed Infrastructure Fund 1,622,141 1.99
1,268,594 Invesco Perpetual UK Strategic Income Fund 3,597,353 4.42
2,239,768 Investec UK Special Situations Fund 3,527,411 4.33
Total United Kingdom 15,945,041 19.58
Total Collective Investment Schemes 64,615,321 79.37
*Closed-end Fund
52
CGWM SELECT DIVERSITY FUND
INVESTMENT PORTFOLIO (continued) 30 June 2016
Fair Value % of
Holdings Financial assets at fair value through profit or loss GBP Net Assets
Bonds: 7.77% (31 Dec 2015: 7.29%)
United Kingdom: 7.77% (31 Dec 2015: 7.29%)
2,490,000 UK Treasury Bond 4.00% 07/03/2022 2,990,490 3.67
2,490,000 UK Treasury Bond 4.25% 07/12/2027 3,335,106 4.10
Total United Kingdom 6,325,596 7.77
Total Bonds 6,325,596 7.77
Total Value of Investments 70,940,917 87.14
(Cost: GBP 63,679,745)
Cash 11,414,101 14.02
Other Net Liabilities (941,067) (1.16)
Net Assets Attributable to Holders of Redeemable
Participating Shares 81,413,951 100.00
Analysis of Total Assets % of Total
Assets
Transferable securities admitted to an official stock exchange listing 82.84
Transferable securities other than those admitted to an official stock
exchange listing or traded on a regulated market 2.90
Other Assets 14.26
100.00
53
CGWM SELECT AFFINITY FUND
INVESTMENT PORTFOLIO 30 June 2016
Fair Value % of
Holdings Financial assets at fair value through profit or loss GBP Net Assets
Collective Investment Schemes: 80.86% (31 Dec 2015: 94.15%)
Guernsey: 1.73% (31 Dec 2015: 2.62%)
563,000 International Public Partnerships Limited* 852,945 1.73
Total Guernsey 852,945 1.73
Ireland: 40.71% (31 Dec 2015: 49.65%)
804,508 BNY Mellon Absolute Return Equity Fund 955,836 1.94
140,057 Brown Advisory US Small Cap Blend Fund 1,177,622 2.39
51,853 Findlay Park American Fund 3,228,372 6.54
7,910 iShares $ TIPS UCITS ETF 1,206,908 2.45
543,440 Lazard Global Listed Infrastructure Equity Fund 777,065 1.57
9,686 Legg Mason Western Asset Macro Opportunities Bond Fund 1,021,611 2.07
5,629 Man GLG Investments - Japan Core Alpha Equity Fund 694,674 1.41
936,187 Old Mutual Global Equity Absolute Return Fund 1,448,187 2.93
270,851 Old Mutual UK Alpha Fund 2,600,444 5.27
162,804 Polar Capital North American Fund 2,088,776 4.23
71,571 Polar Capital Healthcare Opportunities Fund 1,861,550 3.77
7,268 Prusik Asian Equity Income Fund 1,083,094 2.19
3,962 Vanguard Investment Series - US Opportunities Fund 1,947,104 3.95
Total Ireland 20,091,243 40.71
Luxembourg: 13.99% (31 Dec 2015: 16.30%)
69,885 Aberdeen Global - Japanese Equity Fund 829,749 1.68
149,782 Investec Global Strategy Fund - UK Alpha Fund 2,907,259 5.89
125,757 Henderson Gartmore Fund - United Kingdom Absolute Return Fund 1,459,749 2.96
150,931 Jupiter Global Fund - Dynamic Bond Fund 1,710,053 3.46
Total Luxembourg 6,906,810 13.99
United Kingdom: 24.43% (31 Dec 2015: 25.58%)
80,000 Aberforth Smaller Companies Trust* 726,000 1.47
297,057 Baring German Growth Trust 1,855,419 3.76
1,882,109 Capita Financial - CF Woodford Equity Income Fund 2,233,876 4.52
124,712 First State Investments ICVC - Asia Pacific Leaders Fund 729,378 1.48
426,519 First State Investments ICVC - Global Listed Infrastructure Fund 983,552 1.99
887,493 Invesco Perpetual UK Strategic Income Fund 2,516,664 5.10
1,561,169 Investec UK Special Situations Fund 2,458,684 4.98
33,800 RIT Capital Partners plc* 556,010 1.13
Total United Kingdom 12,059,583 24.43
Total Collective Investment Schemes 39,910,581 80.86
*Closed-end Fund
54
CGWM SELECT AFFINITY FUND
INVESTMENT PORTFOLIO (continued) 30 June 2016
Fair Value % of
Holdings Financial assets at fair value through profit or loss GBP Net Assets
Bonds: 2.81% (31 Dec 2015: 2.49%)
United Kingdom: 2.81% (31 Dec 2015: 2.49%)
1,036,000 UK Treasury Bond 4.25% 07/12/2027 1,387,618 2.81
Total United Kingdom 1,387,618 2.81
Total Bonds 1,387,618 2.81
Total Value of Investments 41,298,199 83.67
(Cost: GBP 37,078,377)
Cash 7,727,299 15.66
Other Net Assets 330,314 0.67
Net Assets Attributable to Holders of Redeemable
Participating Shares 49,355,812 100.00
% of Total
Analysis of Total Assets Assets
Transferable securities admitted to official stock exchange listing 78.49
Transferable securities other than those admitted to an official stock
exchange listing or traded on a regulated market 4.28
Other Assets 17.23
100.00
55
CGWM SELECT GLOBAL DIVERSITY FUND
INVESTMENT PORTFOLIO 30 June 2016
Fair Value % of
Holdings Financial assets at fair value through profit or loss USD Net Assets
Collective Investment Schemes: 75.35% (31 Dec 2015: 87.59%)
Guernsey: 2.23% (31 Dec 2015: 0.88%)
362,920 HICL Infrastructure Company Limited* 827,183 1.07
688,600 Renewables Infrastructure Group Limited* 895,206 1.16
Total Guernsey 1,722,389 2.23
Ireland: 37.72% (31 Dec 2015: 46.98%)
47,836 Findlay Park American Fund 3,981,387 5.17
77,622 First State Global Listed Infrastructure Fund 1,132,503 1.47
8,540 iShares $ TIPS UCITS ETF 1,736,694 2.25
69,675 iShares MSCI Japan USD Hedged UCITS ETF 1,739,088 2.26
477,204 Lazard Global Listed Infrastructure Equity Fund 1,041,785 1.35
20,311 Legg Mason Western Asset Macro Opportunities Bond Fund 2,354,666 3.06
5,176 Man GLG Investments - Japan Core Alpha Equity Fund 667,506 0.87
18,282 New Capital UCITS Fund PLC - New Capital Wealthy Nations Bond Fund 2,176,076 2.83
1,805,550 Old Mutual Global Equity Absolute Return Fund 2,758,519 3.58
271,196 Polar Capital North American Fund 4,707,966 6.11
60,822 Polar Capital Healthcare Opportunities Fund 2,114,790 2.75
7,057 Vanguard Investment Series - US Opportunities Fund 4,636,456 6.02
Total Ireland 29,047,436 37.72
Luxembourg: 21.49% (31 Dec 2015: 20.53%)
82,961 Aberdeen Global - Japanese Equity Fund 991,757 1.29
384,261 Henderson Gartmore Fund - United Kingdom Absolute Return Fund 2,562,288 3.33
130,968 JPMorgan Funds - Highbridge US STEEP Fund 3,714,240 4.82
316,178 Jupiter Global Fund - Dynamic Bond Fund 3,560,166 4.62
24,245 Loomis Sayles US Growth Equity Fund 2,418,184 3.14
1,687,660 Rathbone Ethical Bond Fund 1,700,149 2.21
16,914 Vontobel Fund - TwentyFour Global Unconstrained Bond Fund 1,599,740 2.08
Total Luxembourg 16,546,524 21.49
United Kingdom: 5.96% (31 Dec 2015: 9.47%)
252,268 Baring German Growth Trust 1,860,505 2.42
349,183 First State Investments ICVC - Asia Pacific Leaders Fund 2,730,010 3.54
Total United Kingdom 4,590,515 5.96
United States of America: 7.95% (31 Dec 2015: 9.73%)
32,315 iShares Barclays 10-20 Year Treasury Bond Fund ETF 4,737,379 6.15
11,120 iShares US Aerospace & Defense ETF 1,389,222 1.80
Total United States of America 6,126,601 7.95
Total Collective Investment Schemes 58,033,465 75.35
*Closed-end Fund
56
CGWM SELECT GLOBAL DIVERSITY FUND
INVESTMENT PORTFOLIO (continued) 30 June 2016
Fair Value % of
Holdings Financial assets at fair value through profit or loss USD Net Assets
Bonds: 4.35% (31 Dec 2015: 4.42%)
United States of America: 4.35% (31 Dec 2015: 4.42%)
3,310,000 US Treasury Bond 1.625% 15/02/2026 3,347,367 4.35
Total United States of America 3,347,367 4.35
Total Bonds 3,347,367 4.35
Financial Derivative Instruments: 0.24% (31 Dec 2015: 0.19%)
Forward Currency Contracts: 0.24% (31 Dec 2015: 0.19%)
Counterparty Currency Currency Currency Maturity Unrealised % of
Buys Sells Rate Date Gain Net Assets
Northern Trust USD 6,671,393 EUR 5,860,000 0.8783 06/07/2016 161,226 0.21
Northern Trust EUR 5,860,000 USD 6,489,786 0.9029 06/07/2016 20,381 0.03
Northern Trust USD 33,813 GBP 24,997 1.3526 29/07/2016 391 -
Northern Trust SGD 40,550 USD 29,745 1.3633 05/07/2016 383 -
Northern Trust GBP 11,517 USD 15,147 1.3151 29/07/2016 253 -
Northern Trust SGD 23,193 USD 17,094 0.7370 29/07/2016 136 -
Northern Trust SGD 18,001 USD 13,365 0.7424 29/07/2016 8 -
Total Fair Value Gains on Forward Currency Contracts 182,778 0.24
Total Financial assets at fair value through profit or loss 61,563,610 79.94
Financial Derivative Instruments: (1.37%) (31 Dec 2015:( 0.15%))
Financial liabilities at fair value through profit or loss
Forward Currency Contracts: (1.37%) (31 Dec 2015: (0.15%))
Counterparty Currency Currency Currency Maturity Unrealised % of
Buys Sells Rate Date Loss Net Assets
Northern Trust GBP 6,935,074 USD 10,267,745 1.4806 29/07/2016 (995,377) (1.29)
Northern Trust SGD 9,858,721 USD 7,361,078 0.7467 29/07/2016 (37,261) (0.05)
Northern Trust EUR 569,406 USD 648,173 1.1383 29/07/2016 (15,103) (0.02)
Northern Trust EUR 171,987 USD 195,778 1.1383 29/07/2016 (4,562) (0.01)
Northern Trust USD 29,745 SGD 40,547 0.7336 29/07/2016 (377) -
Northern Trust GBP 12,471 USD 17,005 1.3635 29/07/2016 (330) -
Northern Trust USD 15,147 GBP 11,520 1.3148 05/07/2016 (253) -
Northern Trust USD 24,621 EUR 22,255 1.1063 29/07/2016 (122) -
Northern Trust EUR 19,172 USD 21,342 1.1131 29/07/2016 (26) -
Northern Trust USD 13,365 SGD 18,000 0.7425 07/07/2016 (9) -
Total Fair Value Losses on Forward Currency Contracts (1,053,420) (1.37)
Total Financial liabilities at fair value through profit or loss (1,053,420) (1.37)
57
CGWM SELECT GLOBAL DIVERSITY FUND
INVESTMENT PORTFOLIO (continued) 30 June 2016
Fair Value % of
USD Net Assets
Total Value of Investments 60,510,190 78.57
(Cost: USD 59,498,221)
Cash 11,441,176 14.86
Other Net Assets 5,057,275 6.57
Net Assets Attributable to Holders of Redeemable
Participating Shares 77,008,641 100.00
Analysis of Total Assets % of
Total Assets
Transferable securities admitted to official stock exchange listing 74.85
Transferable securities other than those admitted to an official stock
exchange listing or traded on a regulated market 2.16
Financial derivative instruments dealt on a regulated market
OTC Financial derivative instruments 0.23
Other Assets 22.76
100.00
58
CGWM SELECT GLOBAL AFFINITY FUND
INVESTMENT PORTFOLIO 30 June 2016
Fair Value % of
Holdings Financial assets at fair value through profit or loss USD Net Assets
Collective Investment Schemes: 68.23% (31 Dec 2015: 90.33%)
Guernsey: 1.17% (31 Dec 2015: 0.92%)
389,550 Renewables Infrastructure Group Limited* 506,431 1.17
Total Guernsey 506,431 1.17
Ireland: 33.47% (31 Dec 2015: 46.86%)
37,964 Findlay Park American Fund 3,159,708 7.31
40,896 First State Global Listed Infrastructure Fund 596,676 1.38
34,990 iShares MSCI Japan USD Hedged UCITS ETF 873,350 2.02
241,718 Lazard Global Listed Infrastructure Equity Fund 527,695 1.22
6,390 Legg Mason Western Asset Macro Opportunities Bond Fund 740,763 1.71
4,954 Man GLG Investments - Japan Core Alpha Equity 638,971 1.48
630,879 Old Mutual Global Equity Absolute Return Fund 963,857 2.23
26,729 Polar Capital Healthcare Opportunities Fund 929,364 2.15
176,139 Polar Capital North American Fund 3,057,772 7.07
4,543 Vanguard Investment Series - US Opportunities Fund 2,984,848 6.90
Total Ireland 14,473,004 33.47
Luxembourg: 22.34% (31 Dec 2015: 26.71%)
65,662 Aberdeen Global - Japanese Equity Fund 784,959 1.82
48,792 BlackRock Global Funds - Asian Growth Leaders Fund 726,022 1.68
315,638 Henderson Gartmore Fund - United Kingdom Absolute Return Fund 2,104,708 4.87
109,777 JPMorgan Funds - Highbridge US STEEP Fund 3,113,289 7.20
99,901 Jupiter Global Fund - Dynamic Bond Fund 1,124,882 2.60
18,083 Loomis Sayles US Growth Equity Fund 1,803,562 4.17
Total Luxembourg 9,657,422 22.34
United Kingdom: 6.76% (31 Dec 2015: 11.54%)
134,557 Baring German Growth Trust 992,376 2.30
201,950 First State Investments ICVC - Asia Pacific Leaders Fund 1,578,903 3.65
15,890 RIT Capital Partners Fund* 349,428 0.81
Total United Kingdom 2,920,707 6.76
*Closed-end Fund
59
CGWM SELECT GLOBAL AFFINITY FUND
INVESTMENT PORTFOLIO (continued) 30 June 2016
Fair Value % of
Holdings Financial assets at fair value through profit or loss USD Net Assets
Collective Investment Schemes: 68.23% (31 Dec 2015: 90.33%) (continued)
United States of America: 4.49% (31 Dec 2015: 4.30%)
9,317 iShares Barclays 10-20 Year Treasury Bond Fund ETF 1,365,873 3.16
4,600 iShares US Aerospace & Defense ETF 574,678 1.33
Total United States of America 1,940,551 4.49
Total Collective Investment Schemes 29,498,115 68.23
Bonds: 2.21% (31 Dec 2015: 1.70%)
United States of America: 2.21% (31 Dec 2015: 1.70%)
945,000 US Treasury Bond 1.625% 15/02/2026 955,668 2.21
Total United States of America 955,668 2.21
Total Bonds 955,668 2.21
Financial Derivative Instruments: 0.30% (31 Dec 2015: 0.24%)
Forward Currency Contracts: 0.30% (31 Dec 2015: 0.24%)
Counterparty Currency Currency Currency Maturity Unrealised % of
Buys Sells Rate Date Gain Net Assets
Northern Trust USD 4,690,468 EUR 4,120,000 1.1385 06/07/2016 113,354 0.26
Northern Trust EUR 4,120,000 USD 4,561,549 1.1072 06/07/2016 15,565 0.04
Northern Trust GBP 7,094 USD 9,451 0.7506 05/07/2016 33 -
Total Fair Value Gains on Forward Currency Contracts 128,952 0.30
Total Financial assets at fair value through profit or loss 30,582,735 70.74
Financial liabilities at fair value through profit or loss
Financial Derivative Instruments: (1.62%) (31 Dec 2015:( 0.20%))
Forward Currency Contracts: (1.62%) (31 Dec 2015: (0.20%))
Counterparty Currency Currency Currency Maturity Unrealised % of
Buys Sells Rate Date Loss Net Assets
Northern Trust GBP 4,771,628 USD 7,064,649 0.6754 29/07/2016 (684,862) (1.58)
Northern Trust EUR 264,749 USD 301,373 0.8785 29/07/2016 (7,022) (0.02)
Northern Trust EUR 180,546 USD 205,521 0.8785 29/07/2016 (4,789) (0.01)
Northern Trust SGD 577,940 USD 431,522 1.3393 29/07/2016 (2,184) (0.01)
Northern Trust USD 15,975 EUR 14,420 1.1078 29/07/2016 (58) -
Northern Trust USD 9,451 GBP 7,093 1.3324 29/07/2016 (33) -
Total Fair Value Losses on Forward Currency Contracts (698,948) (1.62)
Total Financial liabilities at fair value through profit or loss (698,948) (1.62)
60
CGWM SELECT GLOBAL AFFINITY FUND
INVESTMENT PORTFOLIO (continued) 30 June 2016
Fair Value % of
USD Net Assets
Total Value of Investments 29,883,787 69.12
(Cost: USD 29,063,829)
Cash 6,086,043 14.08
Other Net Assets 7,260,829 16.80
Net Assets Attributable to Holders of Redeemable
Participating Shares 43,230,659 100.00
% of
Analysis of Total Assets Total Assets
Transferable securities admitted to an official stock exchange listing 64.68
Transferable securities other than those admitted to an official stock
exchange listing or trading on a regulated market 1.09
Over the counter financial derivative instruments 0.28
Other Assets 33.95
100.00
61
CGWM SELECT OPPORTUNITY FUND
INVESTMENT PORTFOLIO 30 June 2016
Fair Value % of
Holdings Financial assets at fair value through profit or loss GBP Net Assets
Collective Investment Schemes: 89.13% (31 Dec 2015: 95.00%)
Ireland: 51.59% (31 Dec 2015: 53.34%)
1,110,125 BNY Mellon Absolute Return Equity Fund 1,318,939 1.93
1,025,639 BNY Mellon Asian Income Fund 1,133,126 1.66
1,891,149 BNY Mellon Global Equity Income Fund 3,004,279 4.40
93,120 Findlay Park American Fund 5,797,739 8.49
1,265,221 Hermes Asia Ex-Japan Equity Fund 2,221,223 3.25
348,000 iShares S&P 500 UCITS ETF 5,421,840 7.94
972,284 J O Hambro Capital Management Umbrella Fund - Continental European Fund 3,482,723 5.10
138,110 KBI Institutional Water Fund 1,585,088 2.32
851,470 Old Mutual Global Equity Absolute Return Fund 1,317,139 1.93
159,697 Polar Capital North American Fund 2,048,911 3.00
106,611 Polar Capital Healthcare Opportunities Fund 2,772,965 4.06
8,240 Prusik Asian Equity Income Fund Class C 1,368,426 2.01
5,747 Prusik Asian Equity Income Fund Class Y 856,364 1.26
5,891 Vanguard Investment Series - US Opportunities Fund 2,895,248 4.24
Total Ireland 35,224,010 51.59
Luxembourg: 24.21% (31 Dec 2015: 28.73%)
203,225 BlackRock Global Funds - Asian Growth Leaders Fund 2,249,696 3.30
236,897 BlackRock Global Funds - Continental European Flexible Fund Class D 3,752,454 5.50
278,965 BlackRock Global Funds - European Equity Income Fund 3,191,361 4.67
2,254,968 Fidelity Global Dividend Fund 3,150,190 4.61
360,672 Henderson Gartmore Fund - United Kingdom Absolute Return Fund 4,186,577 6.13
Total Luxembourg 16,530,278 24.21
United Kingdom: 4.33% (31 Dec 2015: 12.93%)
505,145 First State Investments ICVC - Asia Pacific Leaders Fund 2,954,341 4.33
Total United Kingdom 2,954,341 4.33
United States: 9.00% (31 Dec 2015: 0.00%)
146,050 iShares MSCI ACWI ETF 6,143,321 9.00
Total United States 6,143,321 9.00
Total Collective Investment Schemes 60,851,950 89.13
Total Financial assets at fair value through profit or loss 60,851,950 89.13
62
CGWM SELECT OPPORTUNITY FUND
INVESTMENT PORTFOLIO (continued) 30 June 2016
Fair Value % of
GBP Net Assets
Total Fair Value of Investments 60,851,950 89.13
(Cost: GBP 55,250,049)
Cash 9,959,561 14.59
Other Net Liabilities (2,542,614) (3.72)
Net Assets Attributable to Holders of Redeemable
Participating Shares 68,268,897 100.00
% of
Analysis of Total Assets Total Assets
Transferable securities admitted to official stock exchange listing 84.32
Other Assets 15.68
100.00
63
CGWM SELECT GLOBAL OPPORTUNITY FUND
INVESTMENT PORTFOLIO 30 June 2016
Fair Value % of
Holdings Financial assets at fair value through profit or loss USD Net Assets
Collective Investment Schemes: 84.15% (31 Dec 2015: 94.72%)
Ireland: 47.40% (31 Dec 2015: 53.84%)
5,810,316 BNY Mellon Absolute Return Equity Fund 5,977,653 2.03
5,628,047 BNY Mellon Asian Income Fund 4,940,300 1.68
285,198 Findlay Park American Fund 23,737,016 8.06
4,201,361 Hermes Asia Ex-Japan Equity Fund 9,913,952 3.36
1,026,000 iShares S&P 500 UCITS ETF 21,368,854 7.25
3,173,431 J O Hambro Capital Management Umbrella Fund - Continental European Fund 15,195,711 5.16
425,080 KBI Institutional Water Fund 6,521,771 2.21
3,927,714 Old Mutual Global Equity Absolute Return Fund 6,000,762 2.04
344,965 Polar Capital Healthcare Opportunities Fund 12,135,885 4.12
677,469 Polar Capital North American Fund 11,760,856 3.99
19,104 Prusik Asian Equity Income Fund 3,143,638 1.07
47,009 Prusik Asian Equity Income Fund 6,925,324 2.35
21,745 Vanguard Investment Series - US Opportunities Fund 12,036,085 4.08
Total Ireland 139,657,807 47.40
Luxembourg: 23.76% (31 Dec 2015: 28.22%)
653,218 BlackRock Global Funds - Asian Growth Leaders Fund 9,719,880 3.30
722,322 BlackRock Global Funds - Continental European Flexible Fund Class D 15,295,104 5.19
7,609,025 BlackRock Global Funds - Continental European Income Fund 13,609,793 4.62
863,590 Fidelity Global Dividend Fund 13,886,522 4.71
2,623,554 Henderson Gartmore Fund - UK Absolute Return Fund 17,494,121 5.94
Total Luxembourg 70,005,420 23.76
United Kingdom: 3.96% (31 Dec 2015: 12.66%)
1,491,899 First State Investments ICVC - Asia Pacific Leaders Fund 11,664,078 3.96
Total United Kingdom 11,664,078 3.96
United States: 9.03% (31 Dec 2015: 0.00%)
472,900 iShares MSCI ACWI ETF 26,591,167 9.03
Total United States 26,591,167 9.03
Total Collective Investment Schemes 247,918,472 84.15
64
CGWM SELECT GLOBAL OPPORTUNITY FUND
INVESTMENT PORTFOLIO (continued) 30 June 2016
Financial assets at fair value through profit or loss
Financial Derivative Instruments: 0.00% (31 Dec 2015: 0.00%)
Forward Currency Contracts: 0.00% (31 Dec 2015: 0.00%)
Counterparty Currency Currency Currency Maturity Unrealised % of
Buys Sells Rate Date Gain Net Assets
Northern Trust USD 42,052 GBP 28,397 0.6753 29/07/2016 4,085 -
Northern Trust SGD 107,884 USD 79,143 1.3632 29/07/2016 1,002 -
Northern Trust GBP 41,417 USD 54,455 0.7606 05/07/2016 911 -
Northern Trust SGD 201,467 USD 149,572 1.3470 29/07/2016 93 -
Total Fair Value Gains on Forward Currency Contracts 6,091 -
Total Financial Derivative Instruments 6,091 -
Total Financial assets at fair value through profit or loss 247,924,563 84.15
Financial liabilities at fair value through profit or loss
Financial Derivative Instruments: (0.50%) (31 Dec 2015: (0.15%))
Forward Curreny Contracts: (0.50%) (31 Dec 2015: (0.15%))
Counterparty Currency Currency Currency Maturity Unrealised % of
Buys Sells Rate Date Loss Net Assets
Northern Trust GBP 8,771,168 USD 12,986,179 0.6754 29/07/2016 (1,258,907) (0.43)
Northern Trust SGD 39,060,660 USD 29,164,895 1.3393 29/07/2016 (147,630) (0.05)
Northern Trust EUR 740,437 USD 842,863 0.8785 29/07/2016 (19,639) (0.01)
Northern Trust GBP 113,737 USD 168,393 0.6754 29/07/2016 (16,324) (0.01)
Northern Trust EUR 441,704 USD 502,807 0.8785 29/07/2016 (11,715) -
Northern Trust USD 1,158,117 SGD 1,571,374 1.3568 29/07/2016 (9,224) -
Northern Trust GBP 19,693 USD 29,156 0.6754 29/07/2016 (2,826) -
Northern Trust USD 495,740 GBP 372,645 0.7517 29/07/2016 (2,487) -
Northern Trust USD 79,143 SGD 107,892 0.7335 05/07/2016 (1,020) -
Northern Trust USD 54,455 GBP 41,407 0.7604 29/07/2016 (907) -
Northern Trust SGD 69,267 USD 51,673 1.3405 29/07/2016 (216) -
Northern Trust USD 19,132 SGD 25,958 1.3568 29/07/2016 (152) -
Northern Trust GBP 7,664 USD 10,366 0.7393 29/07/2016 (120) -
Northern Trust USD 149,572 SGD 201,451 0.7425 07/07/2016 (106) -
Total Fair Value Losses on Forward Currency Contracts (1,471,273) (0.50)
Total Financial liabilities at fair value through profit or loss (1,471,273) (0.50)
65
CGWM SELECT GLOBAL OPPORTUNITY FUND
INVESTMENT PORTFOLIO (continued) 30 June 2016
Fair Value % of
USD Net Assets
Total Value of Investments 246,453,290 83.65
(Cost: USD 245,569,032)
Cash 49,937,924 16.95
Other Net Liabilities (1,782,359) (0.60)
Net Assets Attributable to Holders of Redeemable
Participating Shares 294,608,855 100.00
% of
Analysis of Total Assets Total Assets
Transferable securities admitted to official stock exchange listing 81.14
Financial derivative instruments dealt on a regulated market -
OTC Financial derivative instruments -
Other Assets 18.86
100.00
66
CGWM GPS OPTIMIZED PORTFOLIO 4 FUND
INVESTMENT PORTFOLIO 30 June 2016
Fair Value % of
Holdings Financial assets at fair value through profit or loss GBP Net Assets
Collective Investment Schemes: 80.27% (31 Dec 2015: 86.44%)
Guernsey: 16.96% (31 Dec 2015: 10.53%)
1,382,085 HICL Infrastructure Company Limited* 2,356,455 9.13
675,598 International Public Partnerships Limited* 1,023,531 3.96
1,026,000 Renewables Infrastructure Group Limited* 997,785 3.87
Total Guernsey 4,377,771 16.96
Ireland: 28.92% (31 Dec 2015: 19.81%)
185,355 Invesco Bond Series - Sterling Bond Fund 849,556 3.29
164,950 iShares Core UK Gilts UCITS ETF 2,220,639 8.60
132,750 iShares GBP Index-Linked Gilts UCITS ETF 2,228,872 8.63
16,073 iShares UK Gilts 0-5yr UCITS ETF 2,167,926 8.40
Total Ireland 7,466,993 28.92
Luxembourg: 0.00% (31 Dec 2015: 7.44%) - -
United Kingdom: 34.39% (31 Dec 2015: 48.66%)
456,073 Invesco Perpetual Fixed Interest Investment Series - Corporate Bond Fund 764,606 2.96
4,112,862 Jupiter Unit Trust Managers - Strategic Bond Fund 2,706,675 10.49
1,700,000 M&G Corporate Bond Fund 1,157,530 4.48
4,369,209 Royal London Short Term Money Market Fund 4,247,933 16.46
Total United Kingdom 8,876,744 34.39
Total Collective Investment Schemes 20,721,508 80.27
Bonds: 8.84% (31 Dec 2015: 7.84%)
United Kingdom: 8.84% (31 Dec 2015: 7.84%)
2,230,250 UK Treasury Bond 1.25% 22/07/2018 2,281,100 8.84
Total United Kingdom 2,281,100 8.84
Total Bonds 2,281,100 8.84
*Closed-end Fund
67
CGWM GPS OPTIMIZED PORTFOLIO 4 FUND
INVESTMENT PORTFOLIO (continued) 30 June 2016
Fair Value % of
GBP Net Assets
Total Value of Investments 23,002,608 89.11
(Cost: GBP 21,892,787)
Cash 2,841,717 11.01
Other Net Liabilities (32,150) (0.12)
Net Assets Attributable to Holders of Redeemable
Participating Shares 25,812,175 100.00
Analysis of Total Assets % of
Total Assets
Transferable securities admitted to an official stock exchange listing 72.02
Transferable securities other than those admitted to an official stock
exchange listing or traded on a regulated market 16.93
Other Assets 11.05
100.00
68
CGWM GPS OPTIMIZED PORTFOLIO 5 FUND
INVESTMENT PORTFOLIO 30 June 2016
Fair Value % of
Holdings Financial assets at fair value through profit or loss GBP Net Assets
Collective Investment Schemes: 64.05% (31 Dec 2015: 86.63%)
Guernsey: 11.32% (31 Dec 2015: 10.36%)
581,356 HICL Infrastructure Company Limited* 991,212 6.43
497,539 International Public Partnerships Limited* 753,772 4.89
Total Guernsey 1,744,984 11.32
Ireland: 17.90% (31 Dec 2015: 22.09%)
110,500 iShares Core UK Gilts UCITS ETF 1,487,606 9.65
21,550 iShares GBP Index-Linked Gilts UCITS ETF 361,825 2.35
3,750 iShares UK Gilts 0-5yr UCITS ETF 505,800 3.28
15,556 Polar Capital Healthcare Opportunities Fund 404,624 2.62
Total Ireland 2,759,855 17.90
Luxembourg: 0.00% (31 Dec 2015: 8.15%) - -
United Kingdom: 34.83% (31 Dec 2015: 46.03%)
56,000 BlackRock Gold and General Fund 651,560 4.23
1,000,155 Invesco Perpetual Fixed Interest Investment Series - Corporate Bond Fund 1,169,581 7.59
1,825,605 Jupiter Unit Trust Managers - Strategic Bond Fund 1,201,430 7.79
50,000 M&G Strategic Corporate Bond Fund 597,665 3.88
1,798,908 Royal London Short Term Money Market Fund 1,748,976 11.34
Total United Kingdom 5,369,212 34.83
Total Collective Investment Schemes 9,874,051 64.05
Bonds: 18.75% (31 Dec 2015: 9.59%)
United Kingdom: 18.75% (31 Dec 2015: 9.59%)
1,439,100 UK Treasury Bond 1.25% 07/22/2018 1,471,911 9.55
517,600 UK Treasury Bond 4.75% 07/12/2030 748,398 4.85
610,000 UK Treasury Bond 8.75% 25/08/2017 671,061 4.35
Total United Kingdom 2,891,370 18.75
Total Bonds 2,891,370 18.75
*Closed-end Fund
69
CGWM GPS OPTIMIZED PORTFOLIO 5 FUND
INVESTMENT PORTFOLIO (continued) 30 June 2016
Fair Value % of
GBP Net Assets
Total Value of Investments 12,765,421 82.80
(Cost: GBP 11,996,779)
Cash 2,612,135 16.94
Other Net Assets 40,245 0.26
Net Assets Attributable to Holders of Redeemable
Participating Shares 15,417,801 100.00
Analysis of Total Assets % of
Total Assets
Transferable securities admitted to official stock exchange listing 71.33
Transferable securities other than those admitted to official stock
exchange listing or traded on a regulated market 11.29
Other Assets 17.38
100.00
70
CGWM SELECT BOND FUND
INVESTMENT PORTFOLIO 30 June 2016
Fair Value % of
Holdings Financial assets at fair value through profit or loss GBP Net Assets
Collective Investment Schemes: 19.89% (31 Dec 2015: 20.18%)
Ireland: 8.49% (31 Dec 2015: 9.47%)
115,475 GAM Star - Credit Opportunities Fund 1,242,475 2.86
112,361 Kames High Yield Global Bond Fund 1,213,584 2.79
12,676 Legg Mason Brandywine Global Income Optimiser Fund 1,234,599 2.84
Total Ireland 3,690,658 8.49
Luxembourg: 11.39% (31 Dec 2015: 10.71%)
1,319 Allianz Global Investors Fund - Allianz Flexi Asia Bond Fund 1,222,722 2.81
110,665 Jupiter Global Fund - Dynamic Bond Fund 1,253,835 2.90
1,243,977 Rathbone Ethical Bond Fund 1,255,670 2.89
12,548 Vontobel Fund - TwentyFour Global Unconstrained Bond Fund 1,217,616 2.80
Total Luxembourg 4,949,843 11.40
Total Collective Investment Schemes 8,640,501 19.89
Bonds: 75.77% (31 Dec 2015: 72.28%)
Australia: 1.96% (31 Dec 2015: 2.07%)
800,000 Macquarie Bank 3.50% 18/12/2020 851,690 1.96
Total Australia 851,690 1.96
Canada: 2.07% (31 Dec 2015: 2.04%)
8,000,000 Province of British Columbia Canada 2.85% 13/11/2016 897,357 2.07
Total Canada 897,357 2.07
Hong Kong: 2.32% (31 Dec 2015: 2.22%)
1,300,000 Hainan Airlines Hong Kong 3.63% 07/02/2020 1,009,689 2.32
Total Hong Kong 1,009,689 2.32
Mexico: 3.95% (31 Dec 2015: 3.96%)
650,000 Petroleos Mexicanos 8.25% 02/06/2022 752,305 1.73
1,300,000 Petroleos Mexicanos 6.63% 29/09/2049 965,178 2.22
Total Mexico 1,717,483 3.95
Netherlands: 2.23% (31 Dec 2015: 2.14%)
1,250,000 Cooperatieve Centrale Raiffeisen-Boerenleenbank 3.95% 09/11/2022 968,385 2.23
Total Netherlands 968,385 2.23
71
CGWM SELECT BOND FUND
INVESTMENT PORTFOLIO (continued) 30 June 2016
Fair Value % of
Holdings Financial assets at fair value through profit or loss GBP Net Assets
Bonds: 75.77% (31 Dec 2015: 72.28%) (continued)
New Zealand: 2.31% (31 Dec 2015: 2.22%)
9,000,000 Fonterra Co-operative 3.60% 29/01/2019 1,002,595 2.31
Total New Zealand 1,002,595 2.31
Norway: 7.68% (31 Dec 2015: 8.39%)
2,183,000 Kommunalbanken 2.62% 26/07/2016 3,337,851 7.68
Total Norway 3,337,851 7.68
People's Republic of China: 2.37% (31 Dec 2015: 4.45%)
1,300,000 Sinopec Overseas Development 2012 3.90% 17/05/2022 1,030,399 2.37
Total People's Republic of China 1,030,399 2.37
Qatar: 2.30% (31 Dec 2015: 0.00%)
800,000 Qatar Government International Bond 9.75% 15/06/2030 997,965 2.30
Total Qatar 997,965 2.30
Saudi Arabia: 2.17% (31 Dec 2015: 4.14%)
1,200,000 Saudi Electricity Global Sukuk 4.21% 03/04/2022 942,697 2.17
Total Saudi Arabia 942,697 2.17
Singapore: 6.11% (31 Dec 2015: 3.15%)
1,100,000 Temasek Financial I 4.625% 26/07/2022 1,318,522 3.04
900,000 Temasek Financial I 5.13% 26/07/2040 1,334,817 3.07
Total Singapore 2,653,339 6.11
Supranational: 2.88% (31 Dec 2015: 3.02%)
700,000 European Investment Bank 2.65% 16/04/2020 1,251,768 2.88
Total Supranational 1,251,768 2.88
Sweden: 1.97% (31 Dec 2015: 2.07%)
800,000 Svenska Handelsbanken 3.00% 20/11/2020 854,646 1.97
Total Sweden 854,646 1.97
72
CGWM SELECT BOND FUND
INVESTMENT PORTFOLIO (continued) 30 June 2016
Fair Value % of
Holdings Financial assets at fair value through profit or loss GBP Net Assets
Bonds: 75.77% (31 Dec 2015: 72.28%) (continued)
Switzerland: 1.85% (31 Dec 2015: 0.00%)
740,000 Zurich Finance UK FRN 29/10/2049 802,900 1.85
Total Switzerland 802,900 1.85
United Arab Emirates: 4.84% (31 Dec 2015: 8.23%)
1,635,000 IPIC GMTN 6.88% 14/03/2026 2,100,975 4.84
Total United Arab Emirates 2,100,975 4.84
United Kingdom: 14.61% (31 Dec 2015: 19.90%)
900,000 A2D Funding II 4.50% 30/09/2026 965,925 2.22
800,000 A2D Funding 4.75% 18/10/2022 867,954 2.00
1,050,000 Abbey National Treasury Services PLC/United Kingdom 5.13% 14/04/2021 1,236,575 2.85
750,000 Places for People Capital Markets 5.00% 27/12/2016 763,365 1.76
1,200,000 Society of Lloyd's 4.75% 30/10/2024 1,256,652 2.89
1,150,000 Standard Chartered Bank 7.75% 03/04/2018 1,257,420 2.89
Total United Kingdom 6,347,891 14.61
United States: 14.15% (31 Dec 2015: 4.28%)
1,000,000 Johnson & Johnson 5.50% 06/11/2024 1,317,241 3.03
900,000 Wells Fargo 2.125% 22/04/2022 918,746 2.11
2,800,000 US Treasury Bond 1.13% 15/01/2021 2,452,079 5.64
1,700,000 US Treasury Bond 3.00% 15/11/2044 1,462,598 3.37
Total United States 6,150,664 14.15
Total Bonds 32,918,294 75.77
Financial Derivative Instruments: 1.10% (31 Dec 2015: 0.13%)
Forward Currency Contracts: 1.10% (31 Dec 2015: 0.13%)
Currency Currency Currency Maturity Unrealised % of
Counterparty Buys Sells Rate Date Gain Net Assets
Northern Trust USD 2,000,000 GBP 1,361,903 0.6810 13/10/2016 133,004 0.31
Northern Trust USD 1,780,000 GBP 1,222,695 0.6869 13/10/2016 107,772 0.24
Northern Trust USD 1,347,076 GBP 909,847 0.6754 29/07/2016 97,687 0.23
Northern Trust USD 1,328,267 GBP 897,142 0.6754 29/07/2016 96,323 0.22
Northern Trust EUR 422,252 GBP 324,636 0.7688 29/07/2016 26,490 0.06
Northern Trust EUR 280,327 GBP 215,113 0.7674 29/07/2016 17,994 0.04
Total Fair Value Gains on Forward Currency Contracts 479,270 1.10
Total Financial Derivative Instruments 479,270 1.10
Total Financial assets at fair value through profit or loss 42,038,065 96.76
73
CGWM SELECT BOND FUND
INVESTMENT PORTFOLIO (continued) 30 June 2016
Financial liabilities at fair value through profit or loss
Financial Derivative Instruments: (1.91%) (31 Dec 2015: (1.50%))
Forward Currency Contracts: (1.91%) (31 Dec 2015: (1.50%))
Currency Currency Currency Maturity Unrealised % of
Counterparty Buys Sells Rate Date Loss Net Assets
Northern Trust GBP 9,608,586 USD 13,780,000 0.6973 13/10/2016 (691,322) (1.59)
Northern Trust GBP 2,402,742 USD 3,400,000 0.7067 13/10/2016 (138,600) (0.32)
Northern Trust GBP 2,924 USD 3,955 0.7393 29/07/2016 (34) -
Total Fair Value Losses on Forward Currency Contracts (829,956) (1.91)
Total Financial liabilities at fair value through profit or loss (829,956) (1.91)
Fair Value % of
GBP Net Assets
Total Value of Investments 41,208,109 94.85
(Cost: GBP 39,669,031)
Cash 1,413,254 3.25
Other Net Assets 825,238 1.90
Net Assets Attributable to Holders of Redeemable
Participating Shares 43,446,601 100.00
% of Total
Analysis of Total Assets Assets
Transferable securities listed on an official stock exchange listing 93.67
OTC Financial derivative instruments 1.08
Other Assets 5.25
100.00
74
CGWM GLOBAL EQUITY FUND
INVESTMENT PORTFOLIO (continued) 30 June 2016
There is no investment portfolio for the CGWM Global Equity Fund as the Fund commenced trading 1 July 2016.
75
CGWM SELECT INCOME FUND
SIGNIFICANT PORTFOLIO MOVEMENTS*
Purchases Cost
GBP
Vontobel Fund - Twentyfour Global Unconstrained Bond Fund 680,000
New Capital Wealthy Nations Bond Fund 665,000
Rathbone Ethical Bond Fund 445,000
UK Treasury Bond 4.00% 07/03/2022 300,874
Fidelity Funds - Global Dividend Fund 202,000
Newton Global Higher Income Fund 202,000
Newton Asian Income Fund 172,500
Allianz Global Investors Fund - Allianz Flexi Asia Bond Fund 170,000
Invesco Perpetual UK Strategic Income Fund 162,000
Invesco Bond Series - Sterling Bond Fund 155,000
Capita Financial - CF Woodford Equity Income Fund 90,000
Man GLG Flexible Bond Fund 85,000
Schroder Income Maximiser Fund 78,000
Jupiter Global Fund - Dynamic Bond Fund 73,500
HICL Infrastructure Company Limited 73,462
Kames High Yield Global Bond Fund 57,500
Artemis Income Fund 40,000
International Public Partnerships Limited 34,955
GAM Star - Credit Opportunities Fund 30,000
Sales Proceeds
GBP
Kames Strategic Global Bond Fund 699,572
Man GLG Flexible Bond Fund 696,911
Legg Mason Brandywine Global Income Optimiser Fund 566,655
RWC Funds Enhanced Income Fund 430,064
BlackRock Global - Continental European Flexible Fund 425,296
Magna Umbrella Fund - Emerging Markets Dividend Fund 276,326
Artemis Global Income Fund 122,500
Kames High Yield Global Bond 114,000
Allianz Global Investors Fund - Allianz Flexi Asia Bond 105,000
Capita Financial - CF Woodford Equity Income Fund 78,701
Newton Global Higher Income Fund 71,000
Renewables Infrastructure Group Limited 21,562
*Only the top 20 purchases and sales or those greater than 1% of the total value of purchases and sales have been included in the portfolio movements. Where there were less than 20 purchases and sales, all purchases and sales have been included.
76
CGWM SELECT DIVERSITY FUND
SIGNIFICANT PORTFOLIO MOVEMENTS*
Purchases Cost
GBP
New Capital UCITS Fund PLC - New Capital Wealthy Nations Bond Fund 2,420,032
Rathbone Ethical Bond Fund 2,220,000
Invesco Bond Series - Sterling Bond Fund 2,220,000
Vontobel Fund - TwentyFour Global Unconstrained Bond Fund 1,789,000
Findlay Park American Fund 558,435
Baring German Growth Trust 440,000
Investec UK Special Situations Fund 350,000
Polar Capital North American Fund 300,000
BlackRock Global Funds - Continental European Flexible Fund 285,000
Legg Mason Western Asset Macro Opportunities Bond Fund 270,000
Capita Financial - CF Woodford Equity Income Fund 215,000
UK Treasury Bond 4.00% 07/03/2022 184,109
First State Investments ICVC - Asia Pacific Leaders Fund 160,000
Jupiter Global Fund - Dynamic Bond Fund 140,000
Henderson Gartmore Fund - United Kingdom Absolute Return Fund 130,000
Old Mutual Global Investors Series - UK Alpha Fund 120,000
Man GLG Investments - Japan Core Alpha Equity Fund 120,000
Polar Capital Healthcare Opportunities Fund 100,000
First State Investments ICVC - Global Listed Infrastructure Fund 90,000
iShares $ TIPS UCITS ETF 89,532
Sales Proceeds
GBP
Kames Strategic Global Bond Fund 3,991,952
Old Mutual Global Investors Series - UK Alpha Fund 3,433,616
M&G UK Inflation Linked Corporate Bond Fund 2,433,105
Man GLG Flexible Bond Fund 1,761,060
J O Hambro Capital Management Umbrella Fund - Continental European Fund 1,751,569
Henderson Global Funds - Global Technology Fund 1,618,816
J O Hambro Capital Management Umbrella Fund - Continental European Fund 1,209,932
BlackRock Global Funds - Continental European Flexible Fund 1,125,231
Investec UK Special Situations Fund 340,000
Findlay Park American Fund 200,905
Polar Capital North American Fund 200,000
Polar Capital Healthcare Opportunities Fund 185,000
Legg Mason Western Asset Macro Opportunities Bond Fund 170,000
Aberdeen Global - Japanese Equity Fund 155,000
International Public Partnerships Limited 120,075
Lazard Global Listed Infrastructure Equity Fund 55,000
Jupiter Global Fund - Dynamic Bond Fund 50,000
Man GLG Investments - Japan Core Alpha Equity Fund 50,000
First State Investments ICVC - Global Listed Infrastructure Fund 35,000 *Only the top 20 purchases and sales or those greater than 1% of the total value of purchases and sales have been included in the portfolio movements. Where there were less than 20 purchases and sales, all purchases and sales have been included.
77
CGWM SELECT AFFINITY FUND
SIGNIFICANT PORTFOLIO MOVEMENTS* Purchases Cost
USD
Aberforth Smaller Companies Trust 864,301
RIT Capital Partners plc 547,330
Baring German Growth Trust 330,000
Old Mutual Global Equity Absolute Return Fund 280,000
Polar Capital Healthcare Opportunities Fund 225,000
Old Mutual UK Alpha Fund 180,000
Capita Financial - CF Woodford Equity Income Fund 170,000
Polar Capital North American Fund 120,000
Investec Global Strategy Fund - UK Alpha Fund 118,833
First State Investments ICVC - Asia Pacific Leaders Fund 110,000
BlackRock Global - Continental European Flexible Fund 100,000
UK Treasury Bond 4.25% 07/12/2027 60,520
Man GLG Investments - Japan Core Alpha Equity Fund 60,000
HICL Infrastructure Company Limited 50,385
Henderson Global Fund - Global Technology Fund 50,000
Findlay Park American Fund 49,565
iShares $ TIPS UCITS ETF 35,633
Sales Proceeds
USD
J O Hambro Capital Management Umbrella - UK Growth Fund 1,819,982
Henderson Global Fund - Global Technology Fund 1,549,391
J O Hambro Capital Management Umbrella Fund - Continental European Fund Class A Distributing 1,161,733
BlackRock Global - Continental European Flexible Fund 1,139,105
J O Hambro Capital Management Umbrella Fund - Continental European Fund Class A 1,103,001
Polar Capital North American Fund 1,035,000
HICL Infrastructure Company Limited 577,684
Invesco Perpetual UK Strategic Income Fund 465,000
Old Mutual Global Investors Series - UK Alpha Fund 355,000
Investec UK Special Situations Fund 270,000
Capita Financial - CF Woodford Equity Income Fund 245,000
Vanguard Investment Series - US Opportunities Fund 220,000
Investec Global Strategy Fund - UK Alpha Fund 165,000
Findlay Park American Fund 96,858
Old Mutual Global Equity Absolute Return Fund 60,000
First State Investments ICVC - Asia Pacific Leaders Fund 60,000
International Public Partnerships Limited 39,730
Man GLG Investments - Japan Core Alpha Equity Fund 30,000
UK Treasury Bond 4.25% 07/12/2027 29,794
*Only the top 20 purchases and sales or those greater than 1% of the total value of purchases and sales have been included in the portfolio movements. Where there were less than 20 purchases and sales, all purchases and sales have been included.
78
CGWM SELECT GLOBAL DIVERSITY FUND
SIGNIFICANT PORTFOLIO MOVEMENTS*
Purchases Cost
USD
US Treasury Bond 1.625% 15/02/2026 3,245,869
Loomis Sayles US Growth Equity Fund 2,400,000
New Capital UCITS Fund PLC - New Capital Wealthy Nations Bond Fund 2,135,000
Vontobel Fund - Twentyfour Global Unconstrained Bond Fund 1,720,000
Rathbone Ethical Bond Fund 1,715,000
iShares $ TIPS UCITS ETF 1,659,781
iShares MSCI Japan USD Hedged UCITS ETF 1,650,247
Polar Capital North American Fund 1,445,000
JPMorgan Funds - Highbridge US STEEP Fund 1,240,000
BlackRock European Dynamic Fund 1,034,356
Jupiter Global Fund - Dynamic Bond Fund 945,000
J O Hambro Capital Management Umbrella Fund - Continental European Fund 944,352
Old Mutual Global Equity Absolute Return Fund 755,000
iShares Barclays 10-20 Year Treasury Bond Fund ETF 661,515
Vanguard Investment Series - US Opportunities Fund 652,518
Baring German Growth Trust 641,071
Findlay Park American Fund 592,000
US Treasury Bond 2.625% 15/08/2020 588,005
Wells Fargo Lux Worldwide Fund - U.S. Premier Growth Fund 572,000
First State Asia Pacific Leaders Fund 509,945
Polar Capital Healthcare Opportunities Fund 456,202
Kames Capital Investment - Strategic Global Bond Fund 450,000
Henderson Gartmore Fund - United Kingdom Absolute Return Fund 390,000
Legg Mason Western Asset Macro Opportunities Bond Fund 300,000
iShares US Aerospace & Defense ETF 285,186
HICL Infrastructure Company Limited 283,676
Sales Proceeds
USD
Kames Capital Investment - Strategic Global Bond Fund 3,865,319
J O Hambro Capital Management Umbrella Fund - Continental European Fund 3,824,725
US Treasury Bond 2.625% 15/08/2020 3,249,916
Wells Fargo Lux Worldwide Fund - U.S. Premier Growth Fund 2,468,310
BlackRock European Dynamic Fund 1,555,038
Henderson Horizon - Global Technology Fund 1,224,854
Man GLG Investments - Flexible Bond Fund 1,161,986
iShares MSCI Japan USD Hedged UCITS ETF 1,073,200
Vanguard Short-Term Corporate Bond ETF 1,037,389
Edinburgh Partners Opportunities Fund - European Opportunities Fund 522,190
BlackRock European Dynamic Fund 287,362 *Only the top 20 purchases and sales or those greater than 1% of the total value of purchases and sales have been included in the portfolio movements. Where there were less than 20 purchases and sales, all purchases and sales have been included.
79
CGWM SELECT GLOBAL AFFINITY FUND
SIGNIFICANT PORTFOLIO MOVEMENTS*
Purchases Cost
USD
Loomis Sayles US Growth Equity Fund 1,790,000
Polar Capital North American Fund 1,275,000
JPMorgan Funds - Highbridge US STEEP Fund 1,220,000
Wells Fargo (Lux) - US Premier Growth Fund 943,000
US Treasury Bond 1.625% 15/02/2026 931,992
J O Hambro Capital Management Umbrella Fund - Continental European Fund 863,637
Henderson Gartmore Fund - United Kingdom Absolute Return Fund 852,000
Vanguard Investment Series - US Opportunities Fund 776,464
Findlay Park American Fund 752,000
BlackRock European Dynamic Fund 588,423
First State Asia Pacific Leaders Fund 566,925
iShares Barclays 10-20 Year Treasury Bond Fund ETF 537,449
iShares MSCI Japan USD Hedged UCITS ETF 418,635
Old Mutual Global Equity Absolute Return Fund 385,000
Jupiter Global Fund - Dynamic Bond Fund 365,000
RIT Capital Partners Fund 346,874
Polar Capital Healthcare Opportunities Fund 331,662
Man GLG Investments - Japan Core Alpha Equity Fund 297,000
Baring German Growth Trust Fund 286,368
Renewables Infrastructure Group Limited 229,824
Aberdeen Global - Japanese Equity Fund 195,000
BlackRock Global - Asian Growth Leaders Fund 190,000
US Treasury Bond 2.625% 15/08/2020 185,534
Legg Mason Western Asset Macro Opportunities Bond Fund 170,000
Sales Proceeds
USD
J O Hambro Capital Management Umbrella Fund - Continental European Fund 2,749,279
Wells Fargo (Lux) - US Premier Growth Fund 2,207,409
BlackRock European Dynamic Fund 1,123,806
Henderson Horizon - Global Technology Fund 850,894
US Treasury Bond 2.625% 15/08/2020 658,838
Polar Capital North American Fund 400,000
HICL Infrastructure Company Limited 259,438
First State Asia Pacific Leaders Fund 211,440
BlackRock European Dynamic Fund 184,473
Henderson Gartmore Fund - United Kingdom Absolute Return Fund 145,000
Jupiter Global Fund - Dynamic Bond Fund 125,000
Man GLG Investments - Japan Core Alpha Equity Fund 100,000
Polar Capital Healthcare Opportunities Fund 96,285
BlackRock Global Funds - Asian Growth Leaders Fund 55,000 *Only the top 20 purchases and sales or those greater than 1% of the total value of purchases and sales have been included in the portfolio movements. Where there were less than 20 purchases and sales, all purchases and sales have been included.
80
CGWM SELECT OPPORTUNITY FUND
SIGNIFICANT PORTFOLIO MOVEMENTS*
Purchases Cost
GBP
Vanguard Investment Series - US Opportunities Fund 5,900,000
iShares MSCI ACWI ETF 5,392,981
iShares S&P 500 UCITS ETF 4,944,021
Henderson Gartmore Fund - United Kingdom Absolute Return Fund 3,490,000
J O Hambro Capital Management Umbrella Fund - Continental European Fund 3,461,228
BNY Mellon Absolute Return Equity Fund 3,125,000
BNY Mellon Global Equity Income Fund 2,950,000
Fidelity Global Dividend Fund 2,910,000
Old Mutual Global Equity Absolute Return Fund 1,625,000
BNY Mellon Global Funds - Asian Income Fund 1,040,000
Polar Capital Healthcare Opportunities Fund 690,000
BlackRock Global Funds - Asian Growth Leaders Fund 690,000
Findlay Park American Fund 652,118
BlackRock Global Funds - European Equity Income Fund 637,892
Hermes Asia Ex-Japan Equity Fund 585,000
Polar Capital North American Fund 500,000
BlackRock Global Funds - Continental European Flexible Fund Class D 355,000
BlackRock Global Funds - Continental European Flexible Fund Class D Hedged 325,000
Prusik Asian Equity Income Fund Class Y 295,000
iShares MSCI Europe ex-UK UCITS ETF 211,676
Sales Proceeds
GBP
JPMorgan Liquidity Funds - Sterling Liquidity Fund 6,280,000
Vanguard Investment Series - US Opportunities Fund 6,130,000
Polar Capital Healthcare Opportunities Fund 4,320,000
Threadneedle Investment Funds ICVC - European Select Fund 3,560,471
J O Hambro Capital Management Umbrella Fund - Continental European Fund 3,491,228
Polar Capital North American Fund 3,000,000
First State Investments ICVC - Global Listed Infrastructure Fund 2,365,004
Lazard Global Listed Infrastructure Equity Fund 2,208,154
Old Mutual Global Equity Absolute Return Fund 2,160,000
iShares MSCI Europe ex-UK UCITS ETF 1,794,250
BNY Mellon Absolute Return Equity Fund 1,760,000
Henderson Gartmore Fund - United Kingdom Absolute Return Fund 1,160,000
BlackRock Global Funds - Continental European Flexible Fund Class D Hedged 1,054,968
Goldman Sachs India Equity Portfolio 678,795
GAM Star Fund - China Equity Fund 527,423
BlackRock Global Funds - Continental European Flexible Fund Class D 410,000
BlackRock Global Funds - European Equity Income Fund 290,000
BlackRock Global Funds - Asian Growth Leaders Fund 230,000
KBI Institutional Water Fund 200,000
J O Hambro Capital Management Umbrella Fund - Continental European Fund 120,000
*Only the top 20 purchases and sales or those greater than 1% of the total value of purchases and sales have been included in the portfolio movements. Where there were less than 20 purchases and sales, all purchases and sales have been included.
81
CGWM SELECT GLOBAL OPPORTUNITY FUND
SIGNIFICANT PORTFOLIO MOVEMENTS*
Purchases Cost
USD
iShares MSCI ACWI 24,830,825
iShares S&P 500 UCITS 20,842,426
J O Hambro Capital Management Umbrella Fund - Continental European Fund 15,779,066
Henderson Gartmore Fund - UK Absolute Return Fund 15,420,000
Fidelity Funds - Global Dividend Fund 13,875,000
BNY Mellon Absolute Return Equity Fund 13,000,000
Old Mutual Global Equity Absolute Return Fund 7,935,000
BNY Mellon Global Funds - Asian Income Fund 4,900,000
Findlay Park American Fund 4,160,000
Vanguard Investment Series - US Opportunities Fund 3,150,000
Hermes Asia Ex-Japan Equity Fund 3,130,000
Polar Capital North American Fund 3,080,000
Prusik Asian Equity Income Fund 2,970,000
BlackRock Global Funds - Asian Growth Leaders Fund 2,770,000
BlackRock Global Funds - Continental European Income Fund 2,737,064
iShares MSCI Europe ex-UK UCITS ETF 2,644,051
First State Investments ICVC - Asia Pacific Leaders Fund 1,807,606
BlackRock Global - Continental European Flexible Fund Class D USD Hedged 1,800,000
Threadneedle Investment Funds ICVC - European Select Fund 1,422,455
BlackRock Global Funds - Continental European Flexible Fund Class D 1,294,843
Sales Proceeds
USD
JPMorgan US Dollar Liquidity Fund 26,600,000
J O Hambro Capital Management Umbrella Fund - Continental European Fund 15,874,893
Threadneedle Investment Funds ICVC - European Select Fund 15,627,642
Polar Capital Healthcare Opportunities Fund 14,000,000
Lazard Global Listed Infrastructure Equity Fund 11,545,164
Old Mutual Global Equity Absolute Return Fund 9,800,000
Polar Capital North American Fund 9,480,000
iShares MSCI Europe ex-UK UCITS ETF 8,502,757
First State Investments ICVC - Global Listed Infrastructure Fund 8,217,811
BNY Mellon Absolute Return Equity Fund 6,900,000
Henderson Gartmore Fund - UK Absolute Return Fund 5,800,000
BlackRock Global - Continental European Flexible Fund Class D USD Hedged 4,642,829
Vanguard Investment Series - US Opportunities Fund 3,880,000
Goldman Sachs India Equity Portfolio 3,475,056
GAM Star Fund - China Equity Fund 2,605,545
First State Investments ICVC - Asia Pacific Leaders Fund 800,557
BlackRock Global Funds - Continental European Income Fund 452,496
BlackRock Global Funds - Continental European Flexible Fund Class D 240,522
BlackRock Global Funds - Asian Growth Leaders Fund 140,000
*Only the top 20 purchases and sales or those greater than 1% of the total value of purchases and sales have been included in the portfolio movements. Where there were less than 20 purchases and sales, all purchases and sales have been included.
82
CGWM GPS OPTIMIZED PORTFOLIO 4 FUND
SIGNIFICANT PORTFOLIO MOVEMENTS*
Purchases Cost
GBP
Royal London Short Term Money Market Fund 4,250,000
iShares UK Gilts 0-5yr UCITS 1,889,601
iShares Core UK Gilts UCITS 1,878,860
Sales Proceeds
GBP
Artemis Income Fund 1,948,051
Invesco Perpetual UK Investment Series - Income Fund Accumulating 1,911,744
Wells Fargo Lux Worldwide - U.S. Premier Growth Fund 1,802,196
Capita Financial - CF Woodford Equity Income Fund 1,487,280
iShares S&P 500 UCITS 1,313,993
M&G Corporate Bond Fund Class I Accumulating 950,645
M&G UK Inflation Linked Corporate Bond Fund Class I Accumulating 712,525
M&G UK Inflation Linked Corporate Bond Fund Class I Distributing 460,306
Man GLG Investments - Japan Core Alpha Equity Fund 355,562
Invesco Bond Series - Sterling Bond Fund 214,467
Blackrock North American Income Fund 210,696
Invesco Perpetual Fixed Interest Investment Series - Corporate Bond Fund 108,760
iShares Developed Markets Property Yield UCITS 106,527
Schroder Income Maximiser Fund 103,058
M&G Corporate Bond Fund Class I Distributing 86,387
Kames High Yield Global Bond Fund 77,503
Lazard Investment Funds - Global Equity Income Fund 71,824
iShares Dow Jones Industrial Average UCITS 55,912
SPDR S&P 400 US Mid Cap UCITS 52,278
BlackRock Global - European Equity Income Fund 38,344
*Only the top 20 purchases and sales or those greater than 1% of the total value of purchases and sales have been included in the portfolio movements. Where there were less than 20 purchases and sales, all purchases and sales have been included.
83
CGWM GPS OPTIMIZED PORTFOLIO 5 FUND
SIGNIFICANT PORTFOLIO MOVEMENTS*
Purchases Cost
USD
Royal London Short Term Money Market Fund 1,750,000
iShares Core UK Gilts UCITS 1,424,928
UK Treasury Bond 4.75% 07/12/2030 720,855
UK Treasury Bond 8.75% 25/08/2017 690,873
BlackRock Gold and General Fund 549,850
iShares UK Gilts 0-5yr UCITS 500,925
Polar Capital Healthcare Opportunities Fund 376,000
Sales Proceeds
USD
Threadneedle Investment Funds ICVC - UK Fund 1,160,716
Wells Fargo (Lux) - US Premier Growth Fund 1,145,483
Invesco Perpetual UK Investment Series - Income Fund 1,093,302
iShares S&P 500 UCITS 978,465
M&G Strategic Corporate Bond Fund 547,663
Vanguard Investment Series - US Opportunities Fund 495,696
iShares FTSE 250 UCITS 444,565
Henderson Global Funds - Global Technology Fund 443,753
M&G UK Inflation Linked Corporate Bond Fund 337,700
Polar Capital Global Technology Fund 311,915
Schroder Income Maximiser Fund 279,108
Man GLG Investments - Japan Core Alpha Equity Fund 214,190
Invesco Bond Series - Sterling Bond Fund 189,695
BlackRock Gold and General Fund 189,223
*Only the top 20 purchases and sales or those greater than 1% of the total value of purchases and sales have been included in the portfolio movements. Where there were less than 20 purchases and sales, all purchases and sales have been included.
84
CGWM SELECT BOND FUND
SIGNIFICANT PORTFOLIO MOVEMENTS*
Purchases Cost
GBP
US Treasury Bond 1.13% 15/01/2021 2,287,378
US Treasury Bond 3.00% 15/11/2044 1,422,963
Rathbone Ethical Bond Fund 1,265,000
Johnson & Johnson 5.50% 06/11/2024 1,256,020
Temasek Financial I 5.13% 26/07/2040 1,224,018
Vontobel Fund - TwentyFour Global Unconstrained Bond Fund 1,220,000
Qatar Government International Bond 9.75% 15/06/2030 899,567
UK Treasury Bond 4.75% 7/12/2030 816,570
Kames High Yield Global Bond Fund 400,000
Legg Mason Brandywine Global Income Optimiser Fund 353,000
Allianz Global Investors Fund - Allianz Flexi Asia Bond Fund 350,000
Jupiter Global Fund - Dynamic Bond Fund 42,609
Sales Proceeds
GBP
IPIC GMTN 6.875% 01/11/2041 1,328,223
Man GLG Investments - Flexible Bond Fund 1,270,774
Jupiter Global Fund - Dynamic Bond Fund 1,009,800
COSCO Finance 2011 4% 03/12/2022 961,557
Saudi Electricity Global Sukuk2 5.06% 08/04/2043 930,806
GAM Star - Credit Opportunities Fund 926,000
US Treasury Bond 6.25% 15/05/2030 914,888
BP Capital Markets 3.95% 08/10/2018 893,789
UK Treasury Bond 4.75% 7/12/2030 842,988
*Only the top 20 purchases and sales or those greater than 1% of the total value of purchases and sales have been included in the portfolio movements. Where there were less than 20 purchases and sales, all purchases and sales have been included.
85
CGWM GLOBAL EQUITY FUND
SIGNIFICANT PORTFOLIO MOVEMENTS There are no purchases or sales during the period for the CGWM Global Equity Fund as the Fund commenced trading 1 July 2016.
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