Old Mutual Global Funds Plc - doc.morningstar.com

Old Mutual Global Funds Plc

An umbrella fund with segregated liability between funds

(Registered Number 457920)

Interim Report and Unaudited Financial Statements

For the period from 1 July 2012 to 31 December 2012

Old Mutual Global Funds Plc Interim Report and Unaudited Financial Statements for the period from 1 July 2012 to

31 December 2012

2

Table of Contents Page

General Information 3

Company Background 5

Investment Adviser Report 5

Schedule of Investments 6

Balance Sheet 16

Notes to the Unaudited Financial Statements 17

Portfolio Changes 27


31 December 2012

3

General Information

Directors Noel Ford (Irish)

Julian F. Sluyters (American) (resigned 11 July 2012)

Adrian Waters (Irish)

Linda T. Gibson (American)

Paul Nathan (British) (appointed 11 July 2012)

Investment Manager and Promoter Old Mutual Asset Management International, Limited

2 Lambeth Hill

London

EC4P 4WR

England

Administrator, Registrar and Transfer Agent Citibank Europe plc

1 North Wall Quay

Dublin 1

Ireland

Custodian Citibank International plc, Ireland Branch

1 North Wall Quay

Dublin 1

Ireland

Auditors KPMG

Chartered Accountants, Statutory Audit Firm

1 Harbourmaster Place

International Financial Services Centre

Dublin 1

Ireland

Legal Advisers in Ireland Dillon Eustace (appointed 31 October 2012)

33 Sir John Rogerson’s Quay

Dublin 2

Ireland

Arthur Cox (resigned 31 October 2012)

Earlsfort Centre

Earlsfort Terrace

Dublin 2

Ireland

Company Secretary Tudor Trust Limited (appointed 31 October 2012)

33 Sir John Rogerson’s Quay

Dublin 2

Ireland

Bradwell Limited (resigned 31 October 2012)

Earlsfort Centre

Earlsfort Terrace

Dublin 2

Ireland


31 December 2012

4

General Information (continued)

Investment Adviser Acadian Global SRI Equity UCITS Fund

Acadian Emerging Markets Equity UCITS Fund

Acadian European Equity UCITS Fund

Acadian Asset Management LLC

260 Franklin Street

Boston

MA 02110

United States of America

Analytic Global Low Volatility Equity UCITS Fund

Analytic Investors, LLC

555 West Fifth Street

50th

Floor

Los Angeles

CA 90013


TS&W US Equity Long Short UCITS Fund

Thompson, Siegel & Walmsley LLC

6806 Paragon Place

Suite 300

Richmond, VA 23230


Distributor Acadian Emerging Markets Equity UCITS Fund

Acadian Asset Management (UK) Limited

36-38 Cornhill

London

EC3V 3NG

England

Swedish Paying Agent Skandinaviska Enskilda Banken AB

Rissnelenden 110

SE-106 40

Stockholm

Sweden


31 December 2012

5

Company Background

Old Mutual Global Funds plc (the “Company”) is an open-ended investment company with variable capital

organised under the laws of Ireland as a public limited company pursuant to the Companies Acts 1963 to 2012 and

the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011,

as may be amended from time to time (the “Regulations”). It was incorporated on 27 May 2008 under registration

number 457920. Its sole objective is the collective investment in transferable securities and other liquid financial

assets referred to in Regulation 68 of the Regulations of capital raised from the public and which operates on the

basis of risk spreading.

The Company is organised in the form of an umbrella fund with segregated liability between funds (each a

“Fund”, together the “Funds”). The articles of association provide that the Company may offer separate classes

of shares, each representing interests in a Fund, with each Fund comprising a separate and distinct portfolio of

investments.

Additional Funds may be established by the Company with the prior approval of the Central Bank of Ireland (the

“Central Bank”). A Fund may consist of one or more classes of shares. A separate pool of assets will not be

maintained for each class within a Fund. Further classes of shares may be issued on advance notification to, and

in accordance with the requirements of, the Central Bank.

There are currently no shares in issue in respect of the Acadian Global SRI Equity UCITS Fund, the TS&W US

Equity Long Short UCITS Fund and the Acadian European Equity UCITS Fund. The Company has one

operating Fund, namely the Acadian Emerging Markets Equity UCITS Fund, which launched on 1 August 2008.

A revised prospectus of the Company was issued on 3 October 2012.

Investment Objective

The investment objective of the Acadian Emerging Markets Equity UCITS Fund is to seek to achieve long-term

capital appreciation by investing primarily in a diversified portfolio of common stocks of issuers in emerging

market countries including Asia, Latin America, Africa and Europe.

Investment Adviser Report

Acadian Emerging Markets Equity UCITS Fund — Acadian Asset Management LLC

The following is a report from the investment adviser of the Acadian Emerging Markets Equity UCITS Fund

(the “Fund”) on emerging markets and the performance of the Fund for the period from 1 July 2012 to 31

December 2012.

For the trailing six-month period ending 31 December 2012, the Fund outperformed its benchmark by 270 basis

points, as positive active return from stock selection was augmented by value added from country allocations.

With regard to stock selection, the Fund realized the biggest gains from its investments in Korea, Mexico,

Thailand and Poland. Stock selection proved less successful in Brazil, Taiwan and China. With regard to

country allocations, the Fund saw the most value added from overweight positions in Turkey, Poland and

Thailand. An underweight position in China moderately detracted from these gains. Sector allocations yielded

negative results, primarily due to the Fund’s overweight positions in the telecommunication services and utilities

sectors.

References to benchmarks in this report are for illustrative purposes only. There is no guarantee that the Fund

will outperform its benchmark.

Acadian Asset Management LLC

16 January 2013


31 December 2012

6

Schedule of Investments

As at 31 December 2012


Country Holdings Value in USD % of Fund

Argentina - 0.02% (30 June 2012 0.03%)

Petrobras Argentina SA (ADR) 20,200 97,768 0.02%

97,768 0.02%

Bermuda - 1.13% (30 June 2012 1.00%)

ChipMOS TECHNOLOGIES Bermuda Ltd 57,492 629,537 0.13%

Cosan Ltd 219,085 3,752,926 0.78%

VimpelCom Ltd 100,906 1,051,441 0.22%

5,433,904 1.13%

Brazil - 10.59% (30 June 2012 15.21%)

AES Tiete SA 8,800 101,388 0.02%

Banco Bradesco SA 52,500 901,794 0.19%

Banco do Brasil SA 483,000 6,038,968 1.25%

BM&F Bovespa SA 327,400 2,238,630 0.47%

Centrais Eletricas Brasileiras SA (PFD) 179,100 916,711 0.19%

Centrais Eletricas de Santa Catarina SA (PFD) 3,400 44,835 0.01%

Cia de Bebidas das Americas (ADR) 273,174 11,465,112 2.37%

Cia de Saneamento Basico do Estado de Sao Paulo (ADR) 67,743 5,690,412 1.18%

Cia de Saneamento de Minas Gerais-COPASA 15,700 335,470 0.07%

Cia Energetica de Minas Gerais (ADR) 76,430 843,622 0.18%

Cia Energetica de Sao Paulo 51,700 489,603 0.10%

Cia Energetica do Ceara (PFD) 15,600 342,857 0.07%

Cosan SA Industria e Comercio 280,700 5,723,669 1.18%

Duratex SA 136,900 992,900 0.21%

Equatorial Energia SA 13,700 125,324 0.03%

Eternit SA 16,300 64,483 0.01%

Fertilizantes Heringer SA 8,600 43,767 0.01%

Grendene SA 14,300 115,168 0.02%

Hypermarcas SA 255,700 2,075,570 0.43%

Itausa - Investimentos Itau SA 271,600 1,285,373 0.27%

JBS SA 65,000 190,476 0.04%

Klabin SA 198,600 1,240,581 0.25%

Marfrig Alimentos SA 115,500 478,358 0.10%

Metalurgica Gerdau SA (PFD) 115,200 1,288,437 0.26%

Natura Cosmeticos SA 62,500 1,789,986 0.37%

Parana Banco SA (PFD) 100 676 0.00%

Porto Seguro SA 87,700 1,006,140 0.21%

Profarma Distribuidora de Produtos Farmaceuticos SA 10,300 72,943 0.02%

Sao Martinho SA 10,000 136,752 0.03%

Telefonica Brasil SA 87,342 2,103,195 0.44%

Tim Participacoes SA 85,200 341,216 0.07%

Tim Participacoes SA (ADR) 129,747 2,593,643 0.54%

51,078,059 10.59%


31 December 2012

7

Schedule of Investments (continued)


Acadian Emerging Markets Equity UCITS Fund (continued)


Cayman Islands - 0.58% (30 June 2012 0.50%)

China Great Star International Ltd 54,443 76,790 0.02%

China King-Highway Holdings Ltd 95,475 252,829 0.05%

Greentown China Holdings Ltd 244,500 447,965 0.09%

Honghua Group Ltd 543,000 238,208 0.05%

Ju Teng International Holdings Ltd 156,000 73,669 0.02%

Real Nutriceutical Group Ltd 236,000 85,869 0.02%

Shanda Games Ltd 106,091 331,004 0.07%

Shimao Property Holdings Ltd 266,500 502,715 0.10%

Silicon Motion Technology Corp 26,726 372,026 0.08%

TCL Multimedia Technology 722,000 402,437 0.08%

2,783,512 0.58%

Chile - 0.02% (30 June 2012 0.02%)

Administradora de Fondos de Pensiones Provida SA (ADR) 777 77,646 0.02%

77,646 0.02%

China - 9.98% (30 June 2012 8.90%)

Agricultural Bank of China Ltd 1,742,000 860,843 0.18%

Bank of China Ltd 24,917,000 11,123,694 2.30%

Bank of Communications Co Ltd 226,000 170,294 0.04%

Beijing Capital Land Ltd 254,000 105,528 0.02%

China Citic Bank Corp Ltd 2,737,000 1,624,463 0.34%

China Construction Bank Corp 662,000 531,283 0.11%

China Minsheng Banking Corp Ltd 1,631,200 1,885,786 0.39%

China Petroleum & Chemical Corp 6,964,000 7,889,155 1.64%

China Railway Construction Corp Ltd 231,500 263,150 0.06%

China Telecom Corp Ltd 6,908,000 3,841,552 0.79%

Chongqing Rural Commercial Bank 196,000 107,226 0.02%

Huaneng Power International Inc 1,190,000 1,100,889 0.24%

Industrial & Commercial Bank of China Ltd 12,095,000 8,583,132 1.78%

Jiangling Motors Corp Ltd 119,100 270,305 0.06%

Jiangsu Future Land Co Ltd 546,698 464,693 0.10%

PetroChina Co Ltd 5,984,000 8,477,566 1.76%

Qingling Motors Co Ltd 202,000 48,478 0.01%

Xinyuan Real Estate Co Ltd (ADR) 173,520 612,526 0.14%

47,960,563 9.98%

Czech Republic - 0.24% (30 June 2012 0.67%)

Komercni Banka AS 5,380 1,133,164 0.24%

1,133,164 0.24%

Hong Kong - 2.66% (30 June 2012 3.75%)

C C Land Holdings Ltd 273,000 95,810 0.02%

China Mobile Ltd 1,056,000 12,296,693 2.56%

Hopson Development Holdings Ltd 122,000 194,876 0.04%

Sino-Ocean Land Holdings Ltd 252,500 188,633 0.04%

12,776,012 2.66%

Hungary - 0.01% (30 June 2012 –%)

EGIS Pharmaceuticals PLC 317 25,214 0.01%

25,214 0.01%


31 December 2012

8





India - 5.81% (30 June 2012 5.26%)

ACC Ltd 6,796 177,651 0.04%

Ajanta Pharma Ltd 22,058 153,855 0.03%

Allahabad Bank 235,106 729,496 0.15%

Aurobindo Pharma Ltd 125,698 434,529 0.09%

Bank of Baroda 5,283 83,548 0.02%

Cairn India Ltd 42,763 249,061 0.05%

Corp Bank 7,283 61,274 0.01%

DB Realty Ltd 47,590 136,025 0.03%

Dish TV India Ltd 119,879 166,290 0.03%

Dishman Pharmaceuticals & Chemicals Ltd 177,000 372,166 0.08%

Emami Ltd 13,542 148,153 0.03%

Geodesic Ltd 41,057 16,524 0.00%

Geometric Ltd 65,359 118,816 0.02%

Grasim Industries Ltd 25,655 1,484,134 0.31%

HCL Technologies Ltd 60,790 686,472 0.15%

Hindustan Unilever Ltd 614,434 5,886,009 1.21%

ICICI Bank Ltd 184,729 3,837,808 0.80%

IDBI Bank Ltd 154,127 313,523 0.07%

IFCI Ltd 233,059 142,502 0.03%

India Cements Ltd 339,825 563,496 0.12%

Indraprastha Gas Ltd 130,307 592,094 0.12%

Jindal Poly Films Ltd 208,513 669,437 0.14%

JK Cement Ltd 16,731 110,042 0.02%

JK Lakshmi Cement Ltd 215,628 635,803 0.13%

JK Paper Ltd 71,166 51,762 0.01%

Karnataka Bank Ltd 381,798 1,167,585 0.24%

Kolte-Patil Developers Ltd 20,954 43,313 0.01%

Madras Cements Ltd 47,735 214,243 0.04%

MAX India Ltd 9,992 44,071 0.01%

MindTree Ltd 21,342 265,994 0.05%

Multi Commodity Exchange of India Ltd 3,704 99,593 0.02%

OMAXE Ltd 28,350 84,343 0.02%

Rural Electrification Corp Ltd 139,032 622,222 0.13%

Shree Cement Ltd 6,514 552,237 0.11%

Shriram Transport Finance Co Ltd 17,197 237,732 0.05%

Sobha Developers Ltd 23,669 164,076 0.03%

Strides Arcolab Ltd 25,818 516,374 0.11%

Syndicate Bank 88,941 208,114 0.04%

Tata Motors Ltd (ADR) 129,905 3,681,508 0.76%

TV18 Broadcast Ltd 152,444 90,428 0.02%

UCO Bank 162,268 233,383 0.05%

Ultratech Cement Ltd 41,505 1,504,720 0.31%

Varun Industries Ltd 105,672 36,453 0.01%

Vikas WSP Ltd 76,387 62,600 0.01%

VST Industries Ltd 2,483 88,376 0.02%

Wockhardt Ltd 12,676 363,875 0.08%

28,101,710 5.81%


31 December 2012

9





Indonesia - 2.47% (30 June 2012 2.41%)

Adhi Karya Persero Tbk PT 4,201,000 767,176 0.16%

Alam Sutera Realty Tbk PT 3,218,000 200,340 0.04%

Asia Pacific Fibers Tbk PT 661,487 13,247 0.00%

Bakrie Sumatera Plantations Tbk PT 5,221,000 50,381 0.01%

Bank Bukopin Tbk PT 875,000 56,290 0.01%

Bank Negara Indonesia Persero Tbk PT 994,000 381,609 0.08%

Bank Victoria International Tbk PT 2,870,500 34,848 0.01%

Citra Marga Nusaphala Persada Tbk PT 1,914,500 333,730 0.07%

Darma Henwa Tbk PT 12,387,000 64,264 0.01%

Gajah Tunggal Tbk PT 2,621,500 605,215 0.13%

Global Mediacom Tbk PT 2,793,000 695,524 0.14%

Holcim Indonesia Tbk PT 332,000 99,900 0.02%

Indah Kiat Pulp & Paper Corp Tbk PT 400,500 28,258 0.01%

Indofood Sukses Makmur Tbk PT 1,875,000 1,138,118 0.24%

Lippo Cikarang Tbk PT 1,202,000 402,220 0.08%

Malindo Feedmill Tbk PT 419,000 103,254 0.03%

Pabrik Kertas Tjiwi Kimia Tbk PT 65,298 13,415 0.00%

Panin Financial Tbk PT 4,253,000 59,574 0.01%

Perusahaan Gas Negara Persero Tbk PT 3,776,000 1,802,269 0.38%

Surya Semesta Internusa Tbk PT 1,050,000 117,664 0.02%

Telekomunikasi Indonesia Persero Tbk PT 103,099 3,832,190 0.80%

Telekomunikasi Indonesia Persero Tbk PT 972,000 912,735 0.19%

Wijaya Karya Persero Tbk PT 892,000 136,980 0.03%

11,849,201 2.47%

Luxembourg - 0.21% (30 June 2012 –%)

Ternium SA 43,836 1,010,858 0.21%

1,010,858 0.21%

Malaysia - 2.72% (30 June 2012 1.62%)

Affin Holdings BHD 273,100 307,215 0.06%

APM Automotive Holdings BHD 80,300 123,680 0.03%

BIMB Holdings BHD 145,500 133,700 0.03%

Cahya Mata Sarawak BHD 121,700 132,525 0.03%

DRB-Hicom BHD 2,548,143 2,274,829 0.47%

Hong Leong Financial Group BHD 111,500 481,295 0.10%

KLCC Property Holdings BHD 92,100 189,742 0.04%

Kulim Malaysia BHD 458,900 735,320 0.15%

Kumpulan Fima BHD 113,500 68,664 0.01%

Lion Diversified Holdings BHD 116,300 10,459 0.00%

Lion Forest Industries BHD 8,794 3,825 0.00%

MBF Holdings BHD 63,100 24,968 0.01%

Multi-Purpose Holdings BHD 275,400 314,305 0.07%

RHB Capital BHD 177,100 445,356 0.09%

Sunway BHD 32,640 25,403 0.01%

TDM BHD 54,500 59,882 0.01%

Tenaga Nasional BHD 2,571,500 5,835,907 1.20%

Top Glove Corp BHD 105,100 193,497 0.04%

Tradewinds Malaysia BHD 53,000 154,945 0.04%

UMW Holdings BHD 413,200 1,613,344 0.33%

13,128,861 2.72%


31 December 2012

10





Mexico - 8.40% (30 June 2012 6.72%)

Alfa SAB de CV 1,512,000 3,191,472 0.66%

America Movil SAB de CV (ADR) 319,098 7,316,917 1.52%

Bio Pappel SAB de CV 41,800 45,966 0.01%

Cemex SAB de CV (ADR) 681,835 6,600,163 1.38%

Gruma SAB de CV 339,300 1,027,372 0.21%

Grupo Aeroportuario del Pacifico SAB de CV (ADR) 156,500 885,069 0.18%

Grupo Financiero Banorte SAB de CV 1,253,900 8,103,238 1.68%

Grupo Mexico SAB de CV 1,718,000 6,190,225 1.29%

Grupo Simec SAB de CV 103,900 465,260 0.10%

Grupo Televisa SAB (ADR) 185,816 4,853,514 1.01%

Industrias Bachoco SAB de CV (ADR) 3,095 84,989 0.02%

Industrias CH SAB de CV 219,200 1,646,469 0.34%

40,410,654 8.40%

Philipines - 1.89% (30 June 2012 2.23%)

Aboitiz Power Corp 236,400 212,723 0.04%

Alliance Global Group Inc 499,000 203,670 0.04%

Globe Telecom Inc 3,825 101,720 0.02%

Lopez Holdings Corp 1,202,000 183,830 0.04%

Metropolitan Bank & Trust 830,520 2,063,017 0.43%

Nickel Asia Corp 178,650 70,046 0.01%

Philippine National Bank 834,053 1,848,364 0.38%

Security Bank Corp 290,440 1,103,401 0.23%

Universal Robina Corp 1,637,592 3,343,960 0.70%

9,130,731 1.89%

Poland - 3.36% (30 June 2012 3.21%)

Cyfrowy Polsat SA 17,266 91,666 0.02%

Grupa Lotos SA 15,460 206,070 0.04%

Jastrzebska Spolka Weglowa SA 20,891 624,509 0.13%

KGHM Polska Miedz SA 102,226 6,283,808 1.31%

Polski Koncern Naftowy Orlen SA 306,720 4,911,964 1.02%

Powszechny Zaklad Ubezpieczen SA 9,399 1,328,835 0.28%

Tauron Polska Energia SA 1,704,192 2,618,906 0.54%

Zaklady Azotowe w Tarnowie-Moscicach SA 6,402 111,638 0.02%

16,177,396 3.36%

Republic of Korea (South) - 18.71% (30 June 2012 17.43%)

AK Holdings Inc 1,292 26,792 0.01%

AMOREPACIFIC Group 4,797 2,094,765 0.44%

Asia Cement Co Ltd 2,510 141,845 0.03%

AtlasBX Co Ltd 2,828 87,436 0.02%

Chong Kun Dang Pharm Corp 3,950 136,516 0.03%

CJ Corp 24,946 2,761,235 0.57%

Dae Han Flour Mills Co Ltd 600 77,902 0.02%

Daeduck GDS Co Ltd 33,580 553,617 0.11%

Daegu Department Store 6,570 93,895 0.02%

Daekyo Co Ltd 12,890 76,456 0.02%

Daesang Corp 22,100 540,851 0.11%

Daewoong Pharmaceutical Co 4,284 190,876 0.04%


31 December 2012

11





Republic of Korea (South) - 18.71% (30 June 2012 17.43%) (continued)

Daishin Securities Co Ltd 10,730 99,926 0.02%

Daou Data Corp 16,133 47,620 0.01%

Daou Technology Inc 92,280 1,357,601 0.28%

DGB Financial Group Inc 8,200 111,445 0.02%

Dongbu Securities Co Ltd 12,260 41,341 0.01%

Dongwha Pharm Co Ltd 12,080 68,153 0.01%

E1 Corp 1,245 80,475 0.02%

Green Cross Holdings Corp 5,270 75,562 0.02%

GS Home Shopping Inc 821 116,949 0.02%

Gwangju Shinsegae Co Ltd 776 168,527 0.03%

Hana Financial Group Inc 152,770 4,951,670 1.04%

Hankuk Paper Manufacturing Co Ltd 2,240 43,311 0.01%

Hansol Paper Co 31,960 272,261 0.06%

Hanwha Corp 41,190 1,315,837 0.27%

Harim Holdings Co Ltd 7,499 12,083 0.00%

Humax Co Ltd 8,304 86,486 0.02%

Husteel Co Ltd 2,680 62,083 0.01%

Huvis Corp 27,620 267,023 0.06%

Hyundai Hy Communications & Networks Co Ltd 70,130 279,715 0.06%

Hyundai Motor Co 36,069 7,361,555 1.54%

Ilshin Spinning Co Ltd 431 31,040 0.01%

INTOPS Co Ltd 14,418 376,419 0.08%

Inzi Controls Co Ltd 6,390 43,333 0.01%

INZI Display Co Ltd 31,311 96,515 0.02%

Jeonbuk Bank 11,230 43,952 0.01%

KB Financial Group Inc 38,290 1,355,528 0.28%

Kia Motors Corp 103,348 5,454,244 1.13%

KISCO Corp 1,880 49,346 0.01%

KISCO Holdings Co Ltd 153 5,402 0.00%

KISWIRE Ltd 1,846 53,109 0.01%

Kolon Corp 10,450 172,284 0.04%

Korea District Heating Corp 1,048 72,440 0.02%

Korea Exchange Bank 207,170 1,474,572 0.31%

Korea Flange Co Ltd 2,670 30,551 0.01%

Korea Gas Corp 3,668 257,308 0.05%

Korea Real Estate Investment Trust Co 74,537 91,903 0.02%

Korea United Pharm Inc 8,720 72,003 0.01%

KT Corp 170,950 5,668,676 1.17%

KyungDong City Gas Co Ltd 308 21,779 0.00%

LG Display Co Ltd 182,380 5,289,601 1.10%

LG Electronics Inc 17,148 1,178,895 0.25%

LIG Insurance Co Ltd 32,080 774,603 0.16%

Meritz Fire & Marine Insurance Co Ltd 8,210 108,513 0.02%

Namyang Dairy Products Co Ltd 149 131,106 0.03%

Nong Shim Holdings Co Ltd 989 56,260 0.01%

Poongsan Holdings Corp 110 2,409 0.00%

Samchully Co Ltd 2,128 247,471 0.05%


31 December 2012

12





Republic of Korea (South) - 18.71% (30 June 2012 17.43%) (continued)

Samsung Electro-Mechanics Co Ltd 8,636 800,218 0.17%

Samsung Electronics Co Ltd 19,296 27,432,539 5.70%

Samsung SDI Co Ltd 22,429 3,163,523 0.66%

Samyang Holdings Corp 2,426 160,892 0.03%

SBS Contents Hub Co Ltd 11,916 145,253 0.03%

SeAH Holdings Corp 62 4,789 0.00%

SeAH Steel Corp 1,415 122,523 0.03%

Sindoh Co Ltd 1,070 62,966 0.01%

SK Broadband Co Ltd 26,787 116,724 0.02%

SK Holdings Co Ltd 34,434 5,757,375 1.20%

SK Telecom Co Ltd 4,840 689,444 0.14%

Sungwoo Hitech Co Ltd 15,943 174,237 0.03%

Synopex Inc 41,609 79,676 0.02%

Taekwang Industrial Co Ltd 664 586,116 0.12%

Taeyoung Engineering & Construction Co Ltd 50,680 246,164 0.05%

TS Corp/Korea 2,950 71,506 0.01%

Ubiquoss Inc 8,809 41,388 0.01%

Whanin Pharmaceutical Co Ltd 8,130 64,398 0.01%

Woori Finance Holdings Co Ltd 317,570 3,500,302 0.73%

89,981,104 18.71%

Russian Federation - 3.56% (30 June 2012 3.33%)

Gazprom Neft OAO (ADR) 12,489 289,495 0.06%

Lukoil OAO (ADR) 165,602 10,954,573 2.28%

MMC Norilsk Nickel OJSC (ADR) 33 608 0.00%

Sistema JSFC 16,244 328,129 0.07%

Surgutneftegas OAO (ADR) 263,021 2,314,585 0.48%

Tatneft OAO 74,186 3,232,284 0.67%

17,119,674 3.56%

South Africa - 2.68% (30 June 2012 3.17%)

ArcelorMittal South Africa Ltd 148 629 0.00%

Blue Label Telecoms Ltd 66,714 63,447 0.01%

DRDGOLD Ltd (ADR) 8,532 65,270 0.01%

FirstRand Ltd 229,308 838,759 0.17%

Imperial Holdings Ltd 190,952 4,478,712 0.94%

Liberty Holdings Ltd 103,205 1,353,769 0.28%

Metair Investments Ltd 24,355 92,965 0.02%

MMI Holdings Ltd/South Africa 161,104 421,433 0.09%

Mondi Ltd 42,487 462,014 0.10%

MTN Group Ltd 186,446 3,907,080 0.81%

Palabora Mining Co Ltd 2,802 34,698 0.01%

Pick'n Pay Holdings Ltd 30,321 70,659 0.01%

Sappi Ltd 95,155 346,934 0.07%

Stefanutti Stocks Holdings Ltd 4,153 4,572 0.00%

Super Group Ltd/South Africa 279,020 553,096 0.11%

Telkom SA SOC Ltd 124,086 245,973 0.05%

12,940,010 2.68%


31 December 2012

13





Taiwan - 7.86% (30 June 2012 8.87%)

Acelon Chemicals & Fiber Corp 3,000 2,149 0.00%

AmTRAN Technology Co Ltd 1,437,000 1,118,351 0.24%

Apacer Technology Inc 99,000 88,297 0.02%

Asustek Computer Inc (GDR) 122 6,859 0.00%

Audix Corp 57,000 47,894 0.01%

Cathay Real Estate Development Co Ltd 215,000 104,023 0.02%

Cheng Loong Corp 196,560 83,256 0.02%

Chinatrust Financial Holding Co Ltd 82,688 48,834 0.01%

Chipbond Technology Corp 374,000 735,395 0.15%

CMC Magnetics Corp 421,000 70,893 0.01%

Compal Electronics Inc 1,495,356 1,006,709 0.21%

Coretronic Corp 28,000 21,695 0.00%

Creative Sensor Inc 61,000 31,194 0.01%

Darfon Electronics Corp 68,000 44,960 0.01%

E.Sun Financial Holding Co Ltd 29,400 16,452 0.00%

Elitegroup Computer Systems Co Ltd 982,000 304,007 0.06%

Feng TAY Enterprise Co Ltd 62,000 74,513 0.02%

First Financial Holding Co Ltd 148,400 90,452 0.02%

Formosa Taffeta Co Ltd 321,000 309,510 0.06%

Fubon Financial Holding Co Ltd 3,115,316 3,765,494 0.78%

Hannstar Board Corp 186,000 84,227 0.02%

Himax Technologies Inc (ADR) 22,773 53,972 0.01%

Hon Hai Precision Industry Co Ltd 3,069,000 9,395,314 1.94%

Hua Nan Financial Holdings Co Ltd 24,150 13,971 0.00%

Innolux Corp 1,291,000 693,527 0.14%

King Yuan Electronics Co Ltd 1,318,000 839,653 0.17%

King's Town Bank 165,000 123,582 0.03%

L&K Engineering Co Ltd 50,000 46,489 0.01%

LITE-ON IT Corp 457,562 393,127 0.08%

Lite-On Technology Corp 85,265 113,190 0.02%

Long Bon International Co Ltd 151,000 151,315 0.03%

Mega Financial Holding Co Ltd 4,789,485 3,727,434 0.77%

Mercuries & Associates Ltd 539,348 494,042 0.11%

Micro-Star International Co Ltd 126,000 60,528 0.01%

Nien Hsing Textile Co Ltd 178,126 124,212 0.03%

Pegatron Corp 197,975 255,996 0.05%

Pou Chen Corp 927,180 973,815 0.19%

Rich Development Co Ltd 193,000 101,686 0.02%

Shin Kong Financial Holding Co Ltd 450,000 126,914 0.03%

Sigurd Microelectronics Corp 452,000 403,135 0.08%

SinoPac Financial Holdings Co Ltd 1,620,806 694,885 0.14%

Ta Chong Bank Ltd 229,960 79,189 0.02%

Taichung Commercial Bank 38,406 13,292 0.00%

Taishin Financial Holding Co Ltd 6,858,586 2,727,905 0.57%

Taiwan Business Bank 2,261,574 680,667 0.14%

Taiwan Semiconductor Co Ltd 130,000 59,540 0.01%

Taiwan Semiconductor Manufacturing Co Ltd (ADR) 205,222 3,515,452 0.74%

Tatung Co Ltd 261,000 65,881 0.01%

Te Chang Construction Co Ltd 12,000 12,748 0.00%

ThaiLin Semiconductor Corp 120,000 42,563 0.01%

Union Bank Of Taiwan 141,440 51,629 0.01%


31 December 2012

14





Taiwan - 7.86% (30 June 2012 8.87%) (continued)

United Microelectronics Corp 5,849,000 2,356,569 0.50%

United Microelectronics Corp (ADR) 99,838 199,676 0.04%

Vanguard International Semiconductor Corp 274,000 190,125 0.04%

Walsin Technology Corp 408,723 100,072 0.02%

Walton Advanced Engineering Inc 172,000 49,753 0.01%

Winbond Electronics Corp 5,947,000 1,034,194 0.21%

38,021,206 7.86%

Thailand - 6.64% (30 June 2012 6.76%)

Advanced Info Service PCL (NVDR) 478,200 3,267,163 0.68%

Airports of Thailand PCL (NVDR) 782,000 2,486,058 0.52%

Bangchak Petroleum PCL (NVDR) 1,677,000 1,740,571 0.36%

Bangkok Bank PCL 3,000 20,497 0.00%

Bangkok Bank PCL (NVDR) 466,900 2,983,909 0.62%

Bangkok Expressway PCL (NVDR) 366,400 416,222 0.09%

Delta Electronics Thailand PCL (NVDR) 82,900 86,720 0.02%

Electricity Generating PCL (NVDR) 39,600 195,473 0.04%

Kang Yong Electric PCL (NVDR) 17,300 149,302 0.03%

Kasikornbank PCL (NVDR) 677,500 4,285,536 0.89%

Krung Thai Bank PCL (NVDR) 10,251,525 6,568,398 1.36%

Krungthai Card PCL (NVDR) 327,500 331,885 0.07%

Lanna Resources PCL (NVDR) 160,600 121,275 0.03%

PTT PCL (NVDR) 235,200 2,552,644 0.53%

Saha-Union PCL (NVDR) 49,600 64,857 0.01%

Saha-Union PCL 2,600 3,400 0.00%

Siam Commercial Bank PCL (NVDR) 773 4,586 0.00%

Thai Oil PCL (NVDR) 376,600 830,996 0.17%

Thaicom PCL (NVDR) 114,500 86,463 0.02%

Thanachart Capital PCL 782,900 966,136 0.20%

Tisco Financial Group PCL (NVDR) 260,200 442,309 0.09%

Total Access Communication PCL (NVDR) 1,200,000 3,461,871 0.72%

TPI Polene PCL (NVDR) 1,773,000 817,227 0.17%

Vinythai PCL (NVDR) 199,900 117,625 0.02%

32,001,123 6.64%

Turkey - 6.26% (30 June 2012 6.33%)

Alarko Holding AS 318,177 923,208 0.19%

Dogus Otomotiv Servis ve Ticaret AS 20,285 98,173 0.02%

EGE Seramik Sanayi ve Ticaret AS 102,060 118,339 0.02%

Eregli Demir ve Celik Fabrikalari TAS 1 1 0.00%

Gubre Fabrikalari TAS 85,078 676,716 0.14%

Haci Omer Sabanci Holding AS 2,236 12,324 0.00%

Ipek Dogal Enerji Kaynaklari Ve Uretim AS 205,896 696,604 0.14%

KOC Holding AS 577,303 3,007,377 0.62%

Koza Anadolu Metal Madencilik Isletmeleri AS 551,248 1,722,989 0.36%

Menderes Tekstil Sanayi ve Ticaret AS 553,667 170,574 0.04%


31 December 2012

15



Acadian Emerging Markets Equity UCITS Fund (continued) 0.02%


Turkey - 6.26% (30 June 2012 6.33%) (continued) Petkim Petrokimya Holding AS 728 1,133 0.00%

Pinar Entegre Et ve Un Sanayi AS 17,025 63,704 0.01%

Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS 39,480 57,498 0.01%

Sekerbank TAS 123,209 125,607 0.03%

Soda Sanayii AS 277,876 375,119 0.08%

Turk Hava Yollari 1,212,296 4,250,932 0.88%

Turkiye Halk Bankasi AS 164,045 1,626,438 0.34%

Turkiye Is Bankasi 2,106,823 7,316,797 1.52%

Turkiye Sise ve Cam Fabrikalari AS 1,514,434 2,510,980 0.52%

Turkiye Vakiflar Bankasi Tao 1,991,897 5,165,937 1.07%

Ulker Biskuvi Sanayi AS 23,599 128,223 0.03%

Vestel Elektronik Sanayi ve Ticaret AS 1,075,573 1,144,708 0.24%

30,193,381 6.26%

Investments in Securities (Cost: USD 390,816,316) 461,431,751 95.80%

(30 June 2012: Cost USD 268,866,879)

Cash at Bank 21,286,480 4.42%

Other Net Liabilities (1,058,981) (0 .22)%

Net Asset Value as at 31 December 2012 481,659,250 100.00%

Total assets comprised as follows:

% of Total Assets

(a) Transferable securities and money market instruments admitted to an official stock exchange

listing or traded on a regulated market. 34.32%

(b) Transferable securities and money market instruments other than those admitted to an official

stock exchange listing or traded on another regulated market. 61.48%

(c) Collective Investment Schemes –%

(d) Exchange traded financial derivative instruments –%

(e) OTC financial derivative instruments. –%

(f) Other current assets 4.20%

100.00%

All investments are transferable securities admitted to an official stock exchange or traded on a regulated

market.


31 December 2012

16

Balance Sheet

As at 31 December 2012 As at 30 June 2012

USD USD

Assets Notes

Investments at Fair Value through Profit or

Loss 2(c), 3

461,431,751

273,375,556

Cash at Bank 2(d), 9

21,286,480

5,190,978

Receivables

Due from Shareholders 320,240 263,709

Due from Broker - 10,331

Other Receivables and Assets 2(g) 159,449 116,832

Dividends Receivable 442,450 1,272,292

Total Receivables 922,139 1,663,164

Total Assets 483,640,370 280,229,698

Liabilities: Amounts Due within One

Year

Due to Shareholders 5 429,625 -

Custody and Trustee Fees Payable 4 138,575 78,742

Investment Manager Fees Payable 4 866,040 575,371

Performance Fee Payable 4 277,520 25,487

Administration Fees Payable 4 46,403 37,053

Other Fees Payable 194,035 114,737

Directors’ Fees Payable 4 18,108 26,123

Audit Fees Payable 4 10,814 18,218

Total Liabilities 1,981,120 875,731

Net Assets Attributable to Holders of

Redeemable Participating Shares

481,659,250

279,353,967

Class A USD

Net assets 178,190,975 140,453,931

Shares outstanding 12,969,723 11,863,571

Net asset value per share 13.74 11.84

Institutional Class USD

Net assets 303,277,778 138,887,430

Shares outstanding 21,455,554 11,491,750


Institutional Class STG

Net assets 190,497 12,606

Shares outstanding 8,369 648


The accompanying notes on pages 17 to 26 form an integral part of the financial statements.


31 December 2012

17

Notes to the Unaudited Financial Statements

1. The Company

The Company is an open-ended investment company with variable capital organised under the laws of

Ireland as a public limited company pursuant to the Companies Acts 1963 to 2012 and the Regulations. It

was incorporated on 27 May 2008 under registration number 457920. Its sole objective is the collective

investment in transferable securities and other liquid financial assets referred to in Regulation 68 of the

Regulations of capital raised from the public and which operates on the basis of risk spreading.

The Company is organised in the form of an umbrella fund with segregated liability between Funds, as at

31 December 2012 there is one active Fund, the Acadian Emerging Markets Equity UCITS Fund.

2. Significant Accounting Policies

(a) Basis of preparation

The financial statements have been prepared under the historical cost convention adjusted to take account

of the revaluation of investments to market value and in accordance with accounting standards generally

accepted in Ireland and Irish statute comprising the Companies Acts 1963 to 2012. The reporting and

functional currency of the Company is U.S. Dollars denoted by USD. Fair value accounting has been

applied to derivatives and other financial assets designated at fair value through profit or loss. All other

assets and liabilities are stated at cost or amortised cost as appropriate.

The preparation of financial statements requires the Directors to make judgements, estimates and

assumptions that effect the application of policies and the reported amounts of assets and liabilities,

income and expense. The estimates and associated assumptions are based on historical experience and

various other factors that are believed to be reasonable under the circumstances, the results of which form

the basis of making the judgements about carrying values of assets and liabilities that are not readily

apparent from other sources. Actual results may differ from estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimates are revised if the revision affects only that

period or in the period of the revision and future periods if the provision affects both future and current

periods.

The Company has availed itself of the exemption available to open-ended investment funds under

Financial Reporting Standard (“FRS”) 1 (Revised) “Cash Flow Statements” not to prepare a cash flow

statement.

(b) Realised Gains and Losses on Investments

Realised gains and losses on sales of investments are calculated on a weighted average cost basis.

(c) Investments at fair value

In accordance with FRS 26 Financial Instruments: Measurement, the Company has designated its equity

investments as financial assets at fair value through profit or loss, as they are reported as held-for-trading.

Financial instruments held-for-trading

These include futures, forward contracts, options and interest rate swaps included as financial derivative

instruments on the Balance Sheet. All derivatives in a net receivable position (positive fair value) as well

as options purchased are reported as financial assets held-for-trading. All derivatives in a net payable

position (negative fair value) as well as options written are reported as financial liabilities held-for-

trading.


31 December 2012

18

Notes to the Unaudited Financial Statements (continued)

2. Significant Accounting Policies (continued)

(c) Investments at fair value (continued)

Financial instruments designated at fair value through profit or loss upon initial recognition

These include financial assets that are not held for trading purposes and which may be sold.

Financial assets that are categorised as loans and receivables include cash at bank and deposits with credit

institutions which are generally short-term in nature. This category also includes balances due from

brokers, deposits and accounts receivable, none of which are quoted in an active market.

Financial liabilities that are not at fair value through profit or loss include balances due to brokers,

accounts payable and financial liabilities arising on redeemable shares.

All financial instruments are measured initially at fair value (transaction price) plus, in the case of a

financial asset or financial liability not at fair value through profit or loss, transaction costs that are

directly attributable to the acquisition or issue of the financial asset or liability. Transaction costs on

financial assets and financial liabilities at fair value through profit or loss are expensed immediately,

while on other financial instruments they are amortised. Subsequent to initial recognition, all instruments

classified at fair value through profit or loss are remeasured at fair value based on quoted bid prices for

long securities.

The policy set out above differs from the valuation policy as set out in the Company’s prospectus, which

states that investments quoted, listed or dealt on a regulated market for which market quotations are

readily available are valued at the latest available market price as at 2:00 p.m. (Irish time) on each dealing

day. This policy is used to calculate the net asset value on each dealing day. There was no material

difference between the valuation policies at the period end.

The fair value of any of the investments held in the Fund’s portfolio, for which there are no transactions

on the valuation date, are valued at such value as shall be determined with care and good faith as being

the probable realisation value of the investment by a competent professional person appointed by the

Directors and approved for that purpose by Citibank International plc, Ireland Branch (the “Custodian”).

Investments in collective investment schemes shall be valued on the basis of the latest available net asset

value per share published by the collective investment scheme.

The Company derecognises a financial asset when the contractual rights to the cash flows from the

financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition in

accordance with FRS 26.

(d) Cash at Bank Cash comprises current deposits and bank overdrafts with banks. Cash equivalents are short-term highly

liquid investments that are readily convertible to known amounts of cash, are subject to an insignificant

risk of changes in value, and are held for the purpose of meeting short-term cash commitments rather

than for investment or other purposes.

(e) Redeemable Shares

All redeemable participating shares issued by the Company in respect of the Fund provide the

shareholders with the right to require redemption for cash at the value proportionate to the shareholder’s

share in the Fund’s net assets at the redemption date. In accordance with FRS 26, such instruments give

rise to a financial liability for the present value of the redemption amount. In accordance with the

prospectus the Company is contractually obliged to redeem shares at the net asset value per share other

than when the valuation of the shares and the sale and redemptions of shares has been temporarily

suspended.


31 December 2012

19


2. Significant Accounting Policies (continued)

(f) Income Recognition In accordance with FRS 16, investment income is reported gross of withholding tax. Dividends are

recognised as income on the dates the securities are first quoted “ex-dividend” to the extent that

information thereon is reasonably available to the Company.

Bank deposit interest and other income are accounted for on an accrual basis.

(g) Rebates

The Company periodically receives rebate income from Old Mutual Capital, Inc. (the “Investment

Manager”). This is recognised on an accrual basis. Total net amount of rebates of USD 159,449 (30 June

2012: USD 116,832) were payable at 31 December 2012 as disclosed in Other Receivables and Assets in

the Balance Sheet.

(h) Foreign currency translation

(i) Functional and presentation currency

In accordance with FRS 23, the functional currency of the Acadian Emerging Markets Equity UCITS

Fund has been evaluated by the Directors on the advice of Acadian Asset Management LLC (the

“Investment Adviser”).

The currency in which the performance of the Acadian Emerging Markets Equity UCITS Fund is

reported to shareholders is still considered to be the appropriate functional currency as it reflects the

currency of the primary economic environment in which the Acadian Emerging Markets Equity UCITS

Fund invests.

The Company has adopted the U.S. Dollar as its presentation currency and functional currency.

(ii) Foreign currency transactions

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary

assets and liabilities denominated in foreign currencies are retranslated at the closing rate of exchange

ruling at the Balance Sheet date.

(i) Standard Interpretation and Amendments Adopted by the Fund

The Fund has not applied the disclosure requirements of FRS 29: Financial Instruments Disclosures as

according to paragraph 56 of the ‘Statement on Half-yearly Financial Reports’ issued by the Accounting

Standards Board in July 2007, disclosures demanded by Financial Reporting Standards are not generally

required for half yearly reports.


31 December 2012

20


3. Financial Assets and Liabilities

The following table details the categories of financial assets and liabilities held by the Company at 31

December 2012 and 30 June 2012.

As at 31

December

2012

As at 30 June

2012

USD USD

Assets

Financial Assets at fair value through profit or loss

Designated at fair value through profit and loss upon

initial recognition

Investments in equity securities held long at fair value 461,431,751 273,375,556

Held for trading

Unrealised gain on derivative financial instruments -

Total financial assets at fair value through profit or

loss 461,431,751 273,375,556

Loans and receivables 6,854,142

22,208,619

Total Assets 483,640,370 280,229,698

Liabilities

Financial liabilities measured at amortised cost 1,981,120 875,731

Total liabilities (excluding net assets attributable to

holders of redeemable participating shares) 1,981,120 875,731

Loans and receivables as presented above represent cash and cash equivalents, interest, dividends, other

assets and prepayments as detailed in the Balance Sheet. Financial liabilities measured at amortised cost

as presented above represent balances due to banks, fees and expenses payable, accounts payable and

accrued expenses as detailed in the Balance Sheet.

4. Fees and Expenses

Investment Management Fee

Under the investment management agreement, the Company will pay the Investment Manager an

investment management fee up to the amount specified in the following table which fee shall be

calculated and accrued daily and be paid monthly in arrears.

Fund

Class A

Shares

Institutional

Class

Acadian Emerging Markets Equity UCITS 1.50% 1.00%

Institutional Class USD, Institutional Class STG and Institutional Class EUR Shares (“Institutional Class

Shares”) shall also be subject to a servicing fee of 0.10% of the net asset value of such class which is

payable to the Investment Manager and shall accrue daily and be paid monthly in arrears.

Investment management fees of USD 866,040 (30 June 2012: USD 575,371) were payable at 31

December 2012.


31 December 2012

21


4. Fees and Expenses (continued)

Performance Fee

In addition to the investment management fee, the Company shall also pay to the Investment Adviser a

performance-related fee (the “Performance Fee”) in respect of the performance of Class A Shares of the

Acadian Emerging Markets Equity UCITS Fund. No Performance Fee shall be payable in respect of the

Institutional Class Shares. The Performance Fee will be calculated and accrue daily and will be payable

quarterly in arrears in respect of each performance period which will comprise each successive quarterly

calendar period (“Performance Period”).

“Benchmark Performance” in respect of a Performance Period is the difference between the opening

Benchmark Level of a Fund on the first business day of a Performance Period and on the closing

Benchmark Level of a Fund on the last business day of the Performance Period, expressed as a

percentage. For purposes of calculating the Performance Fee, the “Benchmark Level” of a Fund shall

mean the Fund’s Benchmark price only return adjusted to include dividends net of withholding taxes. In

the event that a Fund’s Benchmark is denominated in a currency other than the Class Currency of one or

more of the Fund’s Share Classes, the Benchmark Level and Benchmark Performance shall be converted

to the Class Currency of such Share Classes using the relevant WM/Reuters spot rate at the time of the

determination of the Net Asset Value per Share of the Fund.

“Fund Performance” in respect of a Performance Period is the difference between the opening net asset

value per share of a Fund on the first business day of the relevant Performance Period, which reflects the

charging of a Performance Fee, if any, in respect of the previous Performance Period, and the net asset

value per share of a Fund (before the deduction of any unrealised Performance Fee) on the last business

day of the relevant Performance Period, expressed as a percentage.

In calculating the net asset value per share of a Fund for Performance Fee purposes no deduction is made

on account of Performance Fees accrued in the Performance Period and any distributions distributed to

shareholders in respect of the Performance Period is added back.

“Percentage Outperformance” in respect of Performance Periods where Fund Performance is greater than

Benchmark Performance is the arithmetical difference between Fund Performance and Benchmark

Performance, expressed as a percentage. In respect of a Performance Period where Fund Performance is

less than Benchmark Performance, such underperformance, being the arithmetical difference between

Fund Performance and Benchmark Performance expressed as a percentage, shall be carried forward. No

Performance Fee shall be payable subsequent to the Performance Period during which such

underperformance occurred unless the accumulated Percentage Outperformance during such subsequent

Performance Period(s) has recovered any accumulated percentage underperformance since the

underperformance occurred. In the Performance Period in which any accumulated percentage

underperformance is recovered, only that part of the Percentage Outperformance for such period as

exceeds the accumulated percentage underperformance carried forward is taken into account for the

purposes of calculating the Performance Fee payable for the Performance Period. Once any accumulated

percentage underperformance is recovered, such underperformance shall not continue to be carried

forward.

In the event that shares are redeemed during a Performance Period, whether a Performance Fee is

payable in respect of such shares shall be determined on the redemption date. If a Performance Fee is

payable upon the redemption of shares, it shall be withheld from the redemption proceeds.

In the event of the Investment Adviser’s termination or resignation as investment adviser to the Acadian

Emerging Markets Equity UCITS Fund, the then current Performance Period shall end on the effective

date of such termination or resignation and whether a Performance Fee is payable shall be determined

based upon the net asset value per share on such date.


31 December 2012

22



Performance Fee (continued)

The amount of Performance Fee payable in respect of each share is a U.S. Dollar amount equivalent to

the opening net asset value per share of a Fund on the first business day of the Performance Period x

Percentage Outperformance x 20 per cent and is payable on the average number of shares in issue during

the Performance Period.

The amount of the Performance Fee will be calculated by the Administrator. The calculation of the

Performance Fee shall be verified by the Custodian.

Performance fees of USD 277,520 (30 June 2012: USD 25,487) were payable at 31 December 2012.

Custodian Fee

The Company will pay to the Custodian monthly in arrears a fiduciary fee of up to 2 basis points per

annum of the daily combined average net asset value of the Fund plus VAT (if any), subject to a

minimum fee of USD 15,000 per annum for the Fund, the rate declining as the combined average net

asset value increases. The fiduciary fee shall be calculated and accrued daily and be payable monthly in

arrears. The Custodian is also entitled to custody fees charged at rates that are normal commercial rates

and which vary from country to country. These fees shall be calculated and accrued daily and be payable

monthly in arrears. The Custodian is entitled to be reimbursed by the Company for all reasonable

disbursements, out-of-pocket expenses and may charge transaction charges on each transaction. In

addition, the Custodian shall be reimbursed any sub-custodial fees and expenses which shall be charged

at normal commercial rates.

Custodian fees of USD 138,575 (30 June 2012: USD 78,742) were payable at 31 December 2012.

Administrator Fee

The Company will pay to the Administrator in respect of the Fund an administration fee of up to 7 basis

points per annum of the combined average net asset value of the Fund, the rate declining as the net asset

value increases, subject to a minimum fee of USD 70,000 per annum.

An additional annual fee of USD 5,000 shall be payable for the second and each subsequent class of

shares in the Fund. The administration fees shall be calculated and accrued daily and be payable monthly

in arrears. The Administrator is entitled to be reimbursed by the Company for all reasonable out-of-

pocket expenses incurred by it.

In addition, the Company will pay to the Administrator monthly in arrears a reporting fee of up to USD

6,000 per annum for compliance reporting in respect of the Fund.

The Administrator is also entitled to fees for the registrar and transfer agency functions it performs

payable out of the Company’s assets: annual maintenance fees of up to USD 12,000 per share class for

maintaining the register of each share class of the Company, annual shareholder account (“Account”)

servicing fees of USD 58 for each Account and USD 25 for Accounts maintained electronically through

NSCC Networking. There are additional transaction fees for each initial account set up, manual and

automated transactions payment and miscellaneous services, such as inbound customer service calls and

investigations which shall be charged at normal commercial rates.

Administration fees of USD 46,403 (30 June 2012: USD 37,053) were payable at 31 December 2012.


31 December 2012

23



Distribution Fees

No distribution fees are due in respect of the Class A and Institutional Class Shares of the Fund.

Directors’ Fees

Mr. Adrian Waters is entitled to a fee by way of remuneration for his services at a rate to be determined

from time to time by the Directors, provided however that the aggregate amount of remuneration in any

one year shall not exceed €25,000 (including VAT) or such other maximum as may be determined by

the Directors and notified to shareholders from time to time and disclosed in the prospectus or the

Company’s annual or half-yearly financial statements. The Directors may also be reimbursed for all

reasonable disbursements and out-of-pocket expenses incurred by them.

Directors’ fees of USD 18,108 (30 June 2012: USD 26,123) were payable at 31 December 2012.

Audit Fees

Audit fees relate to the audit of statutory accounts.

Paying Agents

It is intended that the Company will appoint various paying agents in connection with the registration

of its shares in certain jurisdictions. Shareholders in certain jurisdictions where shares are marketed

may be charged directly additional fees and expenses by the paying agent in that jurisdiction for

processing transactions on their behalf.

5. Share Capital

The share capital of the Company shall at all times equal the net asset value of the Company. The

Directors are empowered to issue up to the currency equivalent of €500 billion divided into an

unspecified number of shares of no par value in the Company at the net asset value per share on such

terms as they may think fit. There are no rights of pre-emption upon the issue of shares in the

Company. As of the date of this document, the Company has issued subscriber shares to the value of

€2. The subscriber shares do not participate in the assets of any Fund.

Each of the shares, other than the subscriber shares, entitles the shareholder to participate equally on a

pro rata basis in the dividends and net assets of the Fund attributable to the relevant class in respect of

which they are issued, save in the case of dividends declared prior to becoming a shareholder.

6. Net Asset Value per Share

As the Fund is made up of more than one class of shares, the net asset value of each class shall be

determined by calculating the amount of the net asset value of the Fund attributable to each class. The

amount of the net asset value of the Fund attributable to a class shall be determined by establishing the

value of shares in issue in the class and by allocating relevant fees and expenses to that class and

making appropriate adjustments to take account of distributions paid out of the Fund, if applicable, and

apportioning the net asset value of the Fund accordingly. The net asset value per share of a class shall

be calculated by dividing the net asset value of the class by the number of shares in issue in that class,

adjusted to the second decimal place. The value of the assets of the Fund shall be determined in the

base currency of the Fund.


31 December 2012

24


7. Taxation

Under current law and practice the Company qualifies as an investment undertaking as defined in

Section 739B of the Taxes Consolidation Act, 1997, as amended. On this basis, it is generally not

chargeable to Irish tax on its income or gains.

However, Irish tax can arise on the happening of a “chargeable event” in the Company. A chargeable

event includes any payments of distributions to shareholders, any encashment, repurchase, redemption,

cancellation or transfer of shares and any deemed disposal of shares as described below for Irish tax

purposes arising as a result of holding shares in the Company for a period of eight years or more.

A chargeable event does not include:

(i) any transactions (which might otherwise be a chargeable event) in relation to shares held in a

recognised clearing system as designated by order of the Revenue Commissioners of Ireland; or

(ii) a transfer of shares between spouses and any transfer of shares between spouses or former spouses

on the occasion of judicial separation and/or divorce; or

(iii) an exchange by a shareholder, effected by way of arm’s length bargain where no payment is made

to the shareholder, of shares in the Company for other shares in the Company; or

(iv) an exchange of shares arising on a qualifying amalgamation or reconstruction of the Company

with another Irish collective investment scheme.

No Irish tax will arise on the Company in respect of chargeable events in respect of:

(a) the shareholder is neither resident nor ordinarily resident in Ireland and has made the necessary

declaration to that effect; or

(b) the shareholder is Non-Irish Resident and has confirmed that to the Company and the Company is

in possession of written notice of approval from the Revenue Commissioners to the effect that the

requirement to provide the necessary declaration of non-residence has been complied with in

respect of the shareholder and the approval has not been withdrawn; or

(c) the shareholder is an exempt Irish resident and has made the necessary declaration to that effect.

In the absence of an appropriate declaration, the Company will be liable to account for Irish tax on the

occurrence of a chargeable event.

There were no chargeable events during the period under review.

Dividends, interest and capital gains (if any) received on investments made by the Company may be

subject to withholding taxes imposed by the country from which the investment income/gains are

received and such taxes may not be recoverable by the Company or its shareholders.


31 December 2012

25

8. Exchange Rates

The financial statements are prepared in U.S. Dollars.

Exchange rates used to translate assets and liabilities in other currencies to USD as at 31 December

2012 were as follows:

BRL/USD 2.0475 MXN/USD 12.9858

CZK/USD 19.0386 MYR/USD 3.0580

EUR/USD 0.7568 PHP/USD 41.0627

HKD/USD 7.7504 PLN/USD 3.0910

HUF/USD 2.2109 THB/USD 30.5904

IDR/USD 9,637.6253 TRY/USD 1.7852

ILS/USD 3.7385 TWD/USD 29.0394

INR/USD 54.7885 ZAR/USD 8.4751

KRW/USD 10.7057

Exchange rates used to translate assets and liabilities in other currencies to USD as at 30 June 2012

were as follows:

BRL/USD 2.0338 KRW/USD 1,145.4754

CNY/USD 6.3532 MXN/USD 13.3869

CZK/USD 20.1207 MYR/USD 3.1755

EUR/USD 0.7886 PHP/USD 42.1354

HKD/USD 7.7580 PLN/USD 3.3357

HUF/USD 226.0909 THB/USD 31.7601

IDR/USD 9,433.9623 TRY/USD 1.8086

ILS/USD 3.9154 TWD/USD 29.8846

INR/USD 55.8659 ZAR/USD 8.1866

9. Cash at Bank

All cash balances are held with Citibank N.A. in the name of Citibank International plc, Ireland Branch

as Custodian of the Company. There were no bank overdrafts as at 31 December 2012.

10. Related Parties

Each of the Directors (with the exception of Mr. Adrian Waters) is an employee of the Investment

Manager or an employee of an affiliate of the Investment Manager. Ms. Linda T. Gibson is a Director

of the Investment Manager.

In the opinion of the Directors, there are no other related party transactions required to be disclosed in

accordance with FRS 8 “Related Party Transactions”.

11. Significant Events during the period

Mr. Julian Sluyters resigned as a Director of the Company with effect from 11 July 2012 and Mr. Paul

Nathan was appointed as a Director of the Company with effect from the same date. Paul Nathan and

Linda T. Gibson are Directors of the Investment Manager. Noel Ford was a Director of an affiliate of

the Investment Manager until 31 December 2012.

A revised prospectus for the Company was noted by the Central Bank on 3 October 2012, reflecting the

creation of an additional Fund, namely the TS&W US Equity Long Short UCITS Fund and the

appointment of Thompson, Siegel and Walmsley LLC as investment adviser to that Fund.Effective 31

October 2012 Dillon Eustace were appointed as Legal Advisers to the Company and Tudor Trust

Limited were appointed as Company Secretary to the Company.

Effective 31 October 2012 Arthur Cox resigned as Legal Advisers to the Company and Bradwell

Limited resigned as Company Secretary to the Company.


31 December 2012

26


12. Subsequent Events

There have been no significant events subsequent to the Balance sheet date.

13. Commitments and contingencies

The Company has no undisclosed commitments or contingencies at 31 December 2012 (30 June 2012:

none).

14. Soft Commission Arrangements

There were no soft commission arrangements in place during the period ended 31 December 2012 (30

June 2012: none).

15. Net Asset Value History


Net Asset

Value

Number of Units in

Issue

Net Asset Value

per Unit

31 December 2012 USD USD

Class A USD 178,190,975 12,969,723 13.74

Institutional Class USD 303,277,778 21,455,554 14.14

Institutional Class STG 190,497 8,369 22.76

30 June 2011

Class A USD 140,453,931 11,863,571 11.84

Institutional Class USD 138,887,430 11,491,750 12.09

Institutional Class STG 12,606 648 19.46

30 June 2011

Class A USD 271,045,534 19,418,042 13.96

Institutional Class USD 714,733 50,688 14.10

Institutional Class STG 14,706 648 22.71

16. Comparative Information

The comparative figures given in the financial statements are as at 30 June 2012. The current period is

for the six months from 1 July 2012 to 31 December 2012.

17. Approval of Unaudited Financial Statements

The financial statements were approved by the Directors on 14 February 2013.


31 December 2012

27

Portfolio Changes



Purchases at cost

Security Description Holdings Cost in USD

Hon Hai Precision Industry 3,069,000 9,767,699

Samsung Electronics Co Ltd 6,268 7,462,148

KT Corp 180,820 6,381,574

Tenaga Nasional Bhd 2,571,500 5,825,593

Bank of China Ltd 13,610,000 5,553,162

Companhia De Bebidas - Prf ADR 123,522 5,158,547

Cemex SAB de CV (ADR) 600,258 5,108,354

Industrial & Commercial Bank of China 6,568,000 4,372,535

America Movil-Adr Series L 168,041 4,291,789

Grupo Mexico SAB de CV 1,303,900 4,087,726

Lukoil Oil Comp 62,772 3,865,245

Grupo Televisa SAB (ADR) 161,951 3,759,224

Hindustan Unilever Ltd 434,645 3,666,828

Krung Thai Bank - NVDR 6,181,100 3,591,337

Samsung Sdi Co Ltd 24,746 3,375,763

Tatneft (GDR ) 74,186 3,002,326

Taiwan Semiconductor Manufacturing Co Ltd (ADR) 177,939 2,806,726

Kasikornbank PCL NVDR 480,100 2,721,625

Grupo Financiero Banorte 434,800 2,660,633

Turk Hava Yollari Anonim Ortakligi AS 1,212,296 2,595,455

Mega Financial Holding Co Ltd 3,326,000 2,540,719

Banco Bradesco (ADR) 149,794 2,194,591


31 December 2012

28

Portfolio Changes (continued)



Proceeds from Sales Security Description Holdings Proceeds in USD

Vale SA (PFD) 299,100 5,472,817

Cielo SA 176,720 4,643,166

Gazprom 417,677 3,788,306

Vale SA (ADR) 146,745 2,671,008

Taiwan Semiconductor Manufacturing Co Ltd (ADR) 180,818 2,652,618

Banco Bradesco- (ADR) 149,794 2,362,059

ITC Ltd 451,937 2,268,854

PTT PCL-NVDR 206,900 2,181,107

America Movil-ADR Series L 79,349 2,029,455

Komercni Banka 9,740 1,946,022

Multiplus SA 85,800 1,824,834

Ecopetrol SA (ADR) 31,116 1,819,853

Grupo Modelo SAB de CV 142,100 1,276,128

China Petrochemical Development Corp 1,563,400 1,237,351

Cia Energetica de Minas Gerais (ADR) 100,023 1,213,347

Kb Financial Group Inc 34,610 1,142,493

Eregli Demir ve Celik Fabrikalari TAS 960,681 1,124,598

Tata Motors Ltd - Spon ADR 44,074 1,083,779

Obrascon Huarte Lain Brasil SA 110,800 1,052,834

Samsung Heavy Industries Co Ltd 29,650 1,001,724

Banco Santander Brasil - ADS 133,139 978,332

Compal Electronics 1,239,000 957,934

Cemex SAB de CV (ADR) 119,033 936,596

Kumba Iron Ore Ltd 14,187 894,636

KP Chemical Corp 78,340 894,053

AES Tiete SA 72,200 784,692

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