ValueInvest LUX Semi-annual Report - June 2014

Unaudited semi-annual report as at 30 June 2014

ValueInvest LUX Société d'Investissement à Capital Variable incorporated in Luxembourg

R.C.S. Luxembourg B 83 606

No subscription can be received on the basis of this financial report. Subscriptions are only valid if made on the basis of the current Prospectus, the KIID supplemented by the latest annual report and the most recent semi-annual report, if published thereafter.

ValueInvest LUX

Contents

1

Organisation ..................................................................................................................................................... 2

General information ......................................................................................................................................... 4

Additional information for the investors in Germany, in Switzerland and in Austria ............................... 5

Report on activities of the Board of Directors............................................................................................... 8

Combined statement of net assets ............................................................................................................... 11

Combined statement of operations and other changes in net assets ...................................................... 12

ValueInvest LUX - Global ............................................................................................................................... 13 Statement of net assets ................................................................................................................................ 13 Statement of operations and other changes in net assets ........................................................................... 14 Statistical information .................................................................................................................................... 15 Statement of investments and other net assets ........................................................................................... 16 Industrial and geographical classification of investments ............................................................................. 17

ValueInvest LUX - Japan ................................................................................................................................ 18 Statement of net assets ................................................................................................................................ 18 Statement of operations and other changes in net assets ........................................................................... 19 Statistical information .................................................................................................................................... 20 Statement of investments and other net assets ........................................................................................... 21 Industrial and geographical classification of investments ............................................................................. 22

Notes to the financial statements ................................................................................................................. 23

ValueInvest LUX

2

Organisation

Registered Office 11, rue Aldringen L-1118 LUXEMBOURG Board of Directors Chairman Michael ANDERSEN Group Executive Vice President, Asset Management

SYDBANK A/S Peberlyk 4 DK-6200 AABENRAA

Directors Jan GERHARDT Director

SPARNORD BANK Skelagervej 15 Postboks 162 DK-9100 AALBORG SV

Per MUNCK Managing Director

SKJERN BANK Banktorvet 3 DK-6900 SKJERN

Stéphane RIES Head of Business Development Investment Funds & Global Custody Services

KBL EUROPEAN PRIVATE BANKERS S.A. 43, boulevard Royal L-2955 LUXEMBOURG

Delegates of the Board of Directors Angela SCHROEDER Head of Administration, CFO

VALUEINVEST ASSET MANAGEMENT S.A. Jacob VENDELBO Director, Client Relations

VALUEINVEST ASSET MANAGEMENT S.A. Investment Manager VALUEINVEST ASSET MANAGEMENT S.A. 36, rue Marie-Adelaïde L-2128 LUXEMBOURG Custodian and Main Paying Agent KBL EUROPEAN PRIVATE BANKERS S.A. 43, boulevard Royal L-2955 LUXEMBOURG

ValueInvest LUX

Organisation (continued)

3

Domiciliary, Registrar, Transfer and Administrative Agent KREDIETRUST LUXEMBOURG S.A. 11, rue Aldringen L-2960 LUXEMBOURG Cabinet de révision agréé DELOITTE Audit Société à responsabilité limitée 560, rue de Neudorf L-2220 LUXEMBOURG Paying and Information Agent in Germany MERCK FINCK & CO Neuer Wall 77 D-20354 HAMBURG Representative in Switzerland CARNEGIE FUND SERVICES S.A. 11, rue du Général-Dufour CH-1204 GENEVA Paying Agent in Switzerland BANQUE CANTONALE DE GENEVE 17, quai de l’Ile CH-1204 GENEVA Representative Agent in Austria ERSTE BANK DER ÖSTERREICHISCHEN SPARKASSEN AG Graben 21 A-1010 VIENNA Distributor (among others) VALUEINVEST ASSET MANAGEMENT S.A. 36, rue Marie-Adelaïde L-2128 LUXEMBOURG

ValueInvest LUX

4

General information

ValueInvest LUX (the "SICAV") is an open-ended investment fund registered on the official list of collective investment undertakings on transferable securities (UCITS) under the Council Directive 2009/65/EC as amended and pursuant to Part I of the amended Law of 17 December 2010 relating to undertakings for collective investment (the “2010 Law”). The SICAV was incorporated on 12 September 2001 and qualifies as a Self-Managed Company in accordance with article 27 of the 2010 Law. The investment objective of the SICAV is to manage the assets of each Sub-Fund for the benefit of its Shareholders and to achieve a long-term capital growth by investing in a broad range of transferable securities. The SICAV is a "Société Anonyme" incorporated in Luxembourg under the laws of Luxembourg as a "Société d'Investissement à Capital Variable" ("SICAV") with multiple Sub-Funds. The "umbrella" structure offers investors not only the advantage to choose between different Sub-Funds but also to switch between these Sub-Funds; furthermore, within each Sub-Fund, each investor can choose between capitalisation of the Sub-Fund's earnings or prospective distribution thereof in the form of dividends, by selecting either capitalisation shares or distribution shares. Each individual Sub-Fund consists of share classes dedicated to Retail investors (A Shares) and Institutional investors (I Shares and X Shares). At the date of the report, two Sub-Funds are activated: - ValueInvest LUX - Global expressed in EUR - ValueInvest LUX - Japan expressed in EUR The annual general meeting of Shareholders of the SICAV is held at the registered office of the SICAV or at such other place in Luxembourg on the second Wednesday of the month of May in each year at 11.30 a.m., or if any such day is not a bank Business Day in Luxembourg, on the next following bank Business Day in Luxembourg. Audited annual reports are published within 4 months following the end of the accounting year and unaudited semi-annual reports are published within 2 months following the period to which they refer. The Articles of Incorporation, the prospectus, the KIID, the most recent audited annual and unaudited semi-annual reports are made available at the registered office of the SICAV during normal business hours, at the office of the paying and information agent in Germany, at the office of the representative and paying agent in Switzerland and at the office of the representative agent in Austria. The SICAV's accounting year ends on 31 December each year. The accounts of the SICAV are presented in EUR. The Net Asset Value per share of each Sub-Fund is determined for each class on a daily basis.

ValueInvest LUX

5

Additional information for the investors in Germany, in Switzerland and in Austria

Additional information for the investors in Germany: The umbrella SICAV ValueInvest LUX has been authorised for distribution in Germany as from 16 May 2007. The Paying and Information Agent in the Federal Republic of Germany is MERCK FINCK & CO, Neuer Wall 77, D-20354 HAMBURG ("MERCK FINCK"). Subscriptions and redemptions of shares will be accepted by the Transfer Agent or the Paying Agent in Germany in the currencies stated in the Prospectus of the SICAV under "1.4. Share prices". Subscription, redemption and conversion orders for shares may be submitted to the Transfer Agent directly or to the German Paying Agent and must arrive to the Transfer Agent no later than 9.15 a.m. Luxembourg time on a Valuation Day to be dealt with on Valuation Day. The Prospectus, the KIID, the Articles of Incorporation of the SICAV, the semi-annual and audited annual reports, as well as the subscription, conversion and redemption prices may be obtained by Shareholders free of charge at MERCK FINCK. In addition, the Custodian and Paying Agent Agreements with KBL EUROPEAN PRIVATE BANKERS S.A., Luxembourg, the Domiciliary Agreement, the Administrative Agent Agreement, the Registrar & Transfer Agent Agreement with KREDIETRUST LUXEMBOURG S.A. and the Investment Management Agreement with VALUEINVEST ASSET MANAGEMENT S.A. may be inspected there. All payments by the SICAV to Shareholders in the Federal Republic of Germany (proceeds of redemptions, any distributions and other payments) may be transferred via the Paying Agent MERCK FINCK. Publication in the Federal Republic of Germany of subscription and redemption prices and any other important information to Shareholders is available on www.fundinfo.com and on www.valueinvestlux.com. ValueInvest LUX intends to fulfil its obligations to provide information which are included in the requirements for taxation of Shareholders subject to taxation in the Federal Republic of Germany pursuant to Section 5 of the German Investment Tax Act (InvStG) but assumes no liability for doing so. The Prospectus does not provide any information on the German taxation of Shareholders in respect of shares in ValueInvest LUX. It should, however, be noted that distributions by the SICAV, income allocated for tax purposes but not distributed (including profits) in the SICAV, and the proceeds from the sale, conversion or redemption of shares and from the assignment of claims arising from the shares and equivalent cases are subject in the Federal Republic of Germany to taxation at the legally prescribed rates and may also be subject to a deduction of tax (investment income tax plus solidarity surcharge). Moreover, any other (German or non-German) taxation must be observed. Investors are recommended to contact their tax advisor in respect of taxation details relating to shares in ValueInvest LUX.

http://www.fundinfo.com/

http://www.valueinvestlux./

ValueInvest LUX

Additional information for the investors in Germany, in Switzerland and in Austria (continued)

6

Additional information for the investors in Switzerland: The umbrella SICAV ValueInvest LUX has been authorised for distribution in Switzerland as from 15 February 2008. The authorised Representative in Switzerland is Carnegie Funds Services S.A., 11 rue du Général-Dufour, CH-1204 GENEVA, Switzerland and the authorised Paying Agent in Switzerland is Banque Cantonale de Genève, 17 quai de l’Ile, CH-1204 GENEVA, Switzerland. This authorisation includes the right to offer and distribute the SICAV's shares in or from Switzerland, in conformity with Article 120 of the Federal Act on Collective Investment Schemes of 23 June 2006. The prospectus, the Articles of Incorporation, the annual and semi-annual reports, the statement of changes in investments of the SICAV as well as the KIID of each Sub-Fund may be obtained, free of charge, at the office of Carnegie Funds Services S.A., 11 rue du Général-Dufour, CH-1204 GENEVA. The SICAV’s publications in Switzerland are made in the "Feuille Officielle Suisse du Commerce" and on the electronic platform www.fundinfo.com and on www.valueinvestlux.com The issue and redemption prices of Shares, respectively the net asset value with a note “commission not included”, are published on a daily basis on the electronic platform www.fundinfo.com and on www.valueinvestlux.com. Only the prospectus signed and submitted in its German version, the Swiss version of the KIID in German, prevail in the legal relationship between the SICAV and the investors in Switzerland. The place of execution and jurisdiction in respect of all shares of the SICAV offered or distributed in or from Switzerland is the registered office of the Representative of the SICAV.


http://www.valueinvestlux.com/



ValueInvest LUX

Additional information for the investors in Germany, in Switzerland and in Austria (continued)

7

Additional information for the investors in Austria: Place where the shareholders ("investors") may obtain the prescribed information in reference to §§ 141 and 142 InvFG 2011: ERSTE BANK DER ÖSTERREICHISCHEN SPARKASSEN AG, Graben 21, A-1010 VIENNA Phone 0043 (0) 50100 12139 Fax 0043 (0) 50100 9 12139. Publication The respective net asset values of the Sub-Funds and any other information to investors are published on the electronic platform of ValueInvest LUX www.valueinvestlux.com and of www.fundinfo.com. The Net Asset Value per share of each Sub-Fund is determined for each class on a daily basis.



ValueInvest LUX

8

Report on activities of the Board of Directors

Preliminary specification: all performance figures are expressed in EUR.

After several years of very loose monetary policies and quantitative easing, the Federal Reserve (FED), at the end of 2013, announced its plan to scale back the offensive policy. The newly appointed Chair of the Board of Governors of the FED, Janet Yellen, continued the tapering and the monthly bond acquisitions are now reduced by half compared to when it was at its highest. In spite hereof, there is still talk of an expansive monetary policy. Bank of England and Bank of Japan are still active in quantitative easing (bond buying) and whether or not the European Central Bank should start asset purchasing programs, in order to counteract the deflationary tendencies, is a recent subject for debate. The beginning of the year was characterized by tepid economic key figures with decreasing growth in China and a missing export-boom in Japan - and this in spite of a significantly decreasing Yen in 2013. This, coupled with a harsh winter that stunted the economic activities in America, was not what the stock market was expecting after the rally in 2013 and the disappointment resulted in a minor return in the first quarter of 2014. As economic activity accelerated, the second quarter offered improved returns and in total the MSCI World returned a positive 6.6%, thereby slightly outperforming ValueInvest LUX Global - I shares returning 5.7%. The lacking export boom in Japan together with an increasing Yen has resulted in a lower return for the Japanese stock market than for the Global market. The doubt whether or not 'Abenomics' is working is still leaving its mark. In this environment, ValueInvest LUX Japan - I shares, returning 9.1%, outperformed the Japanese stock market, returning 1.1%, by a rather large margin.

Sector Development

Global

In the five year period up until the end of 2013, Utilities has been the worst performing sector of the MSCI World. ValueInvest LUX Global and ValueInvest LUX Japan have had no investments in that sector. In the fall of 2013, however, one Japanese utility company found its way to the Global fund as well as the Japanese fund. This spring another utility company has been added to the Global fund, namely the Australian company AGL Energy, and even though we have yet to see the cocoon turn into a butterfly, it finally looks as though the sector is gaining tailwind. Utilities was the best performing sector in the first six months of 2014 with 16.5% in return, Energy the runner up (+14.3%) followed by Healthcare (+11.2%) as the third best performing sector. The poorest performing sectors were Consumer Discretionary, Telecommunication Services and Industrials with returns of 1.5%, 2.9% and 3.4% respectively.

Major Bias Towards Earnings Stability

ValueInvest LUX Global continues having no investment in Financials or Materials, whereas having a large majority of companies within Consumer Staples including the Packaged Foods and Meats and Food Retailing subsectors. The weighting of Healthcare has dropped marginally during the first six months of 2014. Following a good start to 2014, Consumer Staples had to settle for a place at the lower end of the return scale. The sector continues to be one of the most attractively priced sectors measured by the latest stock market screenings.

Japan

In MSCI Japan, the sector returns showed a wider diversification than the global market. Financials, Telecommunication Services and Consumer Discretionary were the weakest sectors returning 6.1%, 4.8%, and 1.8% respectively. ValueInvest LUX Japan has no exposure to Financials and the investments in Telecommunication Services and Consumer Discretionary account for less than ten percent. In the positive end Energy, Consumer Staples and Healthcare returned 10.2%, 9.4% and

ValueInvest LUX

Report on activities of the Board of Directors (continued)

9

6.4% respectively, sectors where the Fund has approximately 60% of its aggregated exposure. The intentional deselection of Financials and a considerable weighting in Consumer Staples is contributing to ValueInvest LUX Japan outperformance of the market as stated here before.

ValueInvest LUX Investment Markets

USA

The harsh winter in the US with record cold temperatures extended over quite some time. The extreme weather conditions decelerated economic activities and were said to be the cause of the relatively poor start to 2014 - seen from an economic perspective. As winter released its hold things brightened - also from an economic point of view. One example is the Philadelphia FED Index on the expected investment capital of companies that showed a tendency towards an increase throughout the first quarter. Traditionally, the small and medium sized enterprises (SMEs) are the ones creating jobs in an economic recovery - such positive trends are also being identified. Towards the end of the last six months these companies showed the greatest optimism since the fall of 2007.

Europe

Germany continues to flex its economic muscles as the country enjoys decreasing unemployment rates and increasing consumer optimism. During the first six months of the year both analysts and companies in Germany have expressed optimism towards the economy. However, the crisis in Ukraine does not go unnoticed and has among other things meant that Germany has started to rethink its energy supply that currently is dependent on gas from Russia. In most areas, England appears to have gotten through the crisis. Retail sales are increasing and the optimism among companies is at its highest in decades. Simultaneously, the employment situation looks to be improving. France and Italy continue to be the "black sheep" of Europe, where the eagerness for reforms is easy to miss. In fairness it must be mentioned that the two countries are starting to acknowledge the need for labour market reforms at the eleventh hour. On the contrary, Spain, Portugal, and Ireland are starting to bear their teeth and the countries have improved their competitiveness significantly. In Spain, the unemployment rate has decreased from a rather high level and the fear of unemployment is at its lowest in years.

Japan

In Japan, the focus is on 'Abenomics' and to what extend the third arrow (structural reforms), that was launched end of June 2014, can be implemented. The inflation rate has already increased and the Central Bank is running very accommodative policies. With an increase in consumption tax by three percentage points (1 April) the economy of the first quarter was supported by the consumers who logically, to no one’s surprise, brought their purchasing forward. The large decrease in the Yen in 2013 has yet to induce a notable rise in the export volume and the trade balance continues to worsen in Japan. After digesting the rise in consumer tax certain optimism can be traced among Japanese companies. This is backed by Reuters Tankan Survey that shows arising number of companies that are positive towards the business climate.

Expectations

In the previous paragraphs the economic development in the investment markets is described in short. The recurring theme is prosperity. The Central Banks have chosen a rather dovish approach towards increases in interest rates. This dictates decent investment environment for stocks. However, the general stock market has increased more than 160% since it reached its bottom in March 2009. It should be understood that the better economic development that we are witnessing at the moment, to a large degree, already is taken into account when it comes to market pricing. But the more you get the more you want. The stock market screenings performed by the SICAV show that the expectations towards an increase in companies’ earnings remain high. At the end of June, the expectations in the general market are that the companies improve their operating profits by 17% in 2014, compared to 2013. This in plain contrast to the group accounts (average investments of ValueInvest LUX Global)

ValueInvest LUX

Report on activities of the Board of Directors (continued)

10

that merely expects an earnings growth by 1% in the calculations of the companies’ value (+5% for the Japan Fund). Historically, the Fund has a much larger weighting towards earnings stability. At the end of June the weighting of A and B companies (the two most earning stable categories) is the highest in years. In the long run, this major bias towards earnings stability will lead to more stable returns than in the stock market in general - even though a slide in the stock market initially would lead to a loss for all investors.

Luxembourg, 18 July 2014 The Board of Directors Note: The information in this report represents historical data and is not an indication of future results.

ValueInvest LUX

Combined statement of net assets (in EUR) as at 30 June 2014

The accompanying notes are an integral part of these financial statements.

11

Assets Securities portfolio at market value 608,197,336.95 Cash at banks 6,392,170.31 Receivable on sales of securities 6,478,496.95 Receivable on issues of shares 101,483.03 Income receivable on portfolio 1,143,151.37

Total assets 622,312,638.61

Liabilities Payable on purchases of securities 1,658,520.65 Payable on redemptions of shares 24,258.61 Expenses payable 859,167.20

Total liabilities 2,541,946.46

Net assets at the end of the period 619,770,692.15

ValueInvest LUX

Combined statement of operations and other changes in net assets (in EUR) from 1 January 2014 to 30 June 2014


12

Income Dividends, net 7,839,009.20 Interest on bank accounts 698.45 Other income 42,835.56

Total income 7,882,543.21

Expenses Management fees 2,047,258.27 Custodian fees 129,681.58 Transaction fees 169,481.87 Central administration costs 154,572.91 Professional fees 16,386.10 Other administration costs 446,078.81 Subscription duty ("taxe d'abonnement") 44,151.95 Interest paid on bank overdrafts 746.00 Other expenses 20,562.80

Total expenses 3,028,920.29

Net investment income 4,853,622.92

Net realised gain/(loss) - on securities portfolio 16,604,256.30 - on forward foreign exchange contracts 34,119.82 - on foreign exchange -58,174.03

Realised result 21,433,825.01

Net variation of the unrealised gain/(loss) - on securities portfolio 11,746,830.87

Result of operations 33,180,655.88

Subscriptions 144,530,858.56

Redemptions -96,567,102.22

Total changes in net assets 81,144,412.22

Total net assets at the beginning of the period 538,626,279.93

Total net assets at the end of the period 619,770,692.15

ValueInvest LUX - Global

Statement of net assets (in EUR) as at 30 June 2014


13

Assets Securities portfolio at market value 535,278,807.37 Cash at banks 5,215,616.33 Receivable on sales of securities 6,478,496.95 Receivable on issues of shares 95,321.29 Income receivable on portfolio 976,124.37


Liabilities Payable on purchases of securities 1,658,520.65 Payable on redemptions of shares 23,254.45 Expenses payable 757,333.96

Total liabilities 2,439,109.06


Capitalisation A Shares outstanding 325,601.484 Net asset value per capitalisation A Share 198.37

Capitalisation I Shares outstanding 2,182,332.871 Net asset value per capitalisation I Share 215.77

Distribution A Shares outstanding 51,121.698 Net asset value per distribution A Share 198.37


Statement of operations and other changes in net assets (in EUR) from 1 January 2014 to 30 June 2014


14

Income Dividends, net 7,165,193.93 Interest on bank accounts 694.60 Other income 36,775.19

Total income 7,202,663.72

Expenses Management fees 1,789,093.84 Custodian fees 113,233.18 Transaction fees 149,902.99 Central administration costs 134,385.59 Professional fees 14,297.88 Other administration costs 391,691.71 Subscription duty ("taxe d'abonnement") 38,626.60 Interest paid on bank overdrafts 746.00 Other expenses 11,447.50

Total expenses 2,643,425.29

Net investment income 4,559,238.43

Net realised gain/(loss) - on securities portfolio 16,004,758.83 - on forward foreign exchange contracts 34,150.06 - on foreign exchange -55,583.86

Realised result 20,542,563.46



Subscriptions 143,615,910.99






Statistical information (in EUR) as at 30 June 2014


15

Total net assets

- as at 30.06.2014 545,605,257.25 - as at 31.12.2013 469,646,500.75 - as at 31.12.2012 457,756,036.32

Portfolio Turnover Rate (in %)

(subscriptions and redemptions of shares are netted by NAV calculation)

- as at 30.06.2014 21.74

Number of capitalisation A Shares

- outstanding at the beginning of the period 338,963.693 - issued 16,883.165 - redeemed -30,245.374

- outstanding at the end of the period 325,601.484

Net asset value per capitalisation A Share

- as at 30.06.2014 198.37 - as at 31.12.2013 188.49 - as at 31.12.2012 154.70

TER per capitalisation A Share (in %)

- as at 30.06.2014 1.91

Number of capitalisation I Shares

- outstanding at the beginning of the period 1,948,192.533 - issued 662,445.672 - redeemed -428,305.334

- outstanding at the end of the period 2,182,332.871

Net asset value per capitalisation I Share

- as at 30.06.2014 215.77 - as at 31.12.2013 204.07 - as at 31.12.2012 165.85

TER per capitalisation I Share (in %)

- as at 30.06.2014 0.88

Number of distribution A Shares



Net asset value per distribution A Share

- as at 30.06.2014 198.37 - as at 31.12.2013 188.49 - as at 31.12.2012 154.70

TER per distribution A Share (in %)

- as at 30.06.2014 1.92


Statement of investments and other net assets (in EUR) as at 30 June 2014

* See note 1b) to the financial statements.


16

Currency Number / nominal value

Description Cost Market value % of total net assets

Investments in securities

Transferable securities admitted to an official stock exchange listing

Shares

AUD 524,730 AGL Energy Ltd 5,382,385.13 5,597,270.00 1.03 CHF 436,942 Nestlé SA Reg 18,984,881.22 24,730,042.50 4.53 CHF 72,842 Roche Holding AG B de jouis Pref 10,835,324.92 15,872,738.87 2.91

29,820,206.14 40,602,781.37 7.44

EUR 77,430 Adidas AG Reg 5,264,667.04 5,727,497.10 1.05 EUR 286,989 Casino Guichard Perrachon 20,888,396.84 27,789,144.87 5.09 EUR 427,309 Danone 23,415,877.54 23,177,240.16 4.25 EUR 1,533,197 Davide Campari SpA 8,572,635.51 9,689,805.04 1.78 EUR 416,761 Delhaize Groupe 20,876,753.26 20,592,161.01 3.77 EUR 100,364 Kerry Group Plc A 3,283,931.08 5,504,965.40 1.01 EUR 1,736,736 Koninklijke Ahold NV 18,832,504.29 23,810,650.56 4.36 EUR 1,382,525 Orange 16,610,229.86 15,933,600.63 2.92 EUR 96,054 Publicis Groupe SA 4,033,137.52 5,949,584.76 1.09

121,778,132.94 138,174,649.53 25.32

GBP 541,270 GlaxoSmithKline Plc 8,925,454.50 10,575,335.63 1.94 HKD 8,662,000 Chaoda Modern Agri (Hgs)* 4,427,512.39 601,084.51 0.11 JPY 417,200 Asahi Group Holdings Ltd 6,835,720.37 9,566,147.81 1.75 JPY 343,400 Familymart Co Ltd 11,588,942.57 10,808,121.20 1.98 JPY 1,421,000 INPEX Corp 14,193,546.69 15,779,035.96 2.89 JPY 214,200 Kao Corp 5,373,510.24 6,157,882.10 1.13 JPY 141,900 KDDI Corp 4,052,239.11 6,322,171.28 1.16 JPY 678,000 Kirin Holdings Co Ltd 6,887,834.78 7,152,200.61 1.31 JPY 1,573,600 Konica Minolta Inc 10,152,912.50 11,357,796.72 2.08 JPY 110,900 Lawson Inc 6,033,330.15 6,077,301.82 1.11 JPY 129,700 Makita Corp 3,685,465.30 5,854,367.44 1.07 JPY 1,210,200 Mitsubishi Tanabe Pharma Corp 13,116,445.09 13,237,573.87 2.43 JPY 3,232,000 Osaka Gas Co Ltd 9,457,699.40 9,927,653.67 1.82 JPY 125,300 Secom Co Ltd 4,454,956.65 5,592,517.96 1.03

95,832,602.85 107,832,770.44 19.76

SEK 1,902,502 Securitas AB B 13,350,153.61 16,465,540.04 3.02 USD 238,300 Clorox Co 15,700,786.95 15,909,875.82 2.92 USD 129,300 Computer Sciences Corp 5,004,287.30 5,969,145.36 1.09 USD 1,017,050 ConAgra Foods Inc 21,718,810.89 22,049,703.43 4.04 USD 755,000 General Mills Inc 23,048,218.87 28,975,675.68 5.31 USD 535,200 Hormel Foods Corp 17,313,204.51 19,293,002.19 3.54 USD 326,200 Kimberly-Clark Corp 20,460,877.06 26,501,069.39 4.86 USD 261,599 Kraft Foods Group Inc 9,176,026.65 11,455,704.93 2.10 USD 363,930 Merck Co Inc 11,964,762.81 15,378,634.40 2.82 USD 789,900 Microsoft Corp 18,554,387.15 24,060,504.02 4.41 USD 188,400 Mondelez Intl Inc 3,812,093.75 5,175,839.30 0.95 USD 726,800 Pfizer Inc 12,650,366.58 15,757,066.47 2.89 USD 2,490,200 Staples Inc 23,387,510.03 19,717,872.90 3.61 USD 158,700 Waste Management Inc 4,043,574.57 5,185,281.96 0.95

186,834,907.12 215,429,375.85 39.49

Total investments in securities 466,351,354.68 535,278,807.37 98.11

Cash at banks 5,215,616.33 0.96

Other net assets/(liabilities) 5,110,833.55 0.93

Total 545,605,257.25 100.00


Industrial and geographical classification of investments as at 30 June 2014


17

Industrial classification

(in percentage of net assets)

Food, beverage and tobacco 30.68 %

Food retailing, drugstores and pharmacies 13.22 %

Pharmaceuticals and biotechnology 12.99 %

Household and personal products 8.91 %

Retailing 6.70 %

Software and services 5.50 %

Commercial services and supplies 5.00 %

Consumer durables and apparel 4.20 %

Telecommunication services 4.08 %

Energy 2.89 %

Utilities 2.85 %

Media 1.09 %

Total 98.11 %

Geographical classification

(by domicile of the issuer) (in percentage of net assets)

United States of America 39.49 %

Japan 19.76 %

France 13.35 %

Switzerland 7.44 %

The Netherlands 4.36 %

Belgium 3.77 %

Sweden 3.02 %

United Kingdom 1.94 %

Italy 1.78 %

Germany 1.05 %

Australia 1.03 %

Ireland 1.01 %

Cayman Islands 0.11 %

Total 98.11 %

ValueInvest LUX - Japan

Statement of net assets (in EUR) as at 30 June 2014


18

Assets Securities portfolio at market value 72,918,529.58 Cash at banks 1,176,553.98 Receivable on issues of shares 6,161.74 Income receivable on portfolio 167,027.00


Liabilities Payable on redemptions of shares 1,004.16 Expenses payable 101,833.24

Total liabilities 102,837.40


Capitalisation A Shares outstanding 59,833.384 Net asset value per capitalisation A Share 166.97

Capitalisation I Shares outstanding 371,623.000 Net asset value per capitalisation I Share 172.47

Distribution A Shares outstanding 484.665 Net asset value per distribution A Share 166.97


Statement of operations and other changes in net assets (in EUR) from 1 January 2014 to 30 June 2014


19

Income Dividends, net 673,815.27 Interest on bank accounts 3.85 Other income 6,060.37

Total income 679,879.49

Expenses Management fees 258,164.43 Custodian fees 16,448.40 Transaction fees 19,578.88 Central administration costs 20,187.32 Professional fees 2,088.22 Other administration costs 54,387.10 Subscription duty ("taxe d'abonnement") 5,525.35 Other expenses 9,115.30

Total expenses 385,495.00

Net investment income 294,384.49

Net realised gain/(loss) - on securities portfolio 599,497.47 - on forward foreign exchange contracts -30.24 - on foreign exchange -2,590.17

Realised result 891,261.55



Subscriptions 914,947.57






Statistical information (in EUR) as at 30 June 2014


20

Total net assets

- as at 30.06.2014 74,165,434.90 - as at 31.12.2013 68,979,779.18 - as at 31.12.2012 18,609,832.50

Portfolio Turnover Rate (in %)

(subscriptions and redemptions of shares are netted by NAV calculation)

- as at 30.06.2014 26.50

Number of capitalisation A Shares



Net asset value per capitalisation A Share

- as at 30.06.2014 166.97 - as at 31.12.2013 153.79 - as at 31.12.2012 134.88

TER per capitalisation A Share (in %)

- as at 30.06.2014 1.88

Number of capitalisation I Shares

- outstanding at the beginning of the period 371,623.000 - issued 0.000 - redeemed 0.000


Net asset value per capitalisation I Share

- as at 30.06.2014 172.47 - as at 31.12.2013 158.14 - as at 31.12.2012 137.60

TER per capitalisation I Share (in %)

- as at 30.06.2014 0.90

Number of distribution A Shares

- outstanding at the beginning of the period 512.699 - issued 14.966 - redeemed -43.000

- outstanding at the end of the period 484.665

Net asset value per distribution A Share

- as at 30.06.2014 166.97 - as at 31.12.2013 153.79 - as at 31.12.2012 134.88

TER per distribution A Share (in %)

- as at 30.06.2014 1.88


Statement of investments and other net assets (in EUR) as at 30 June 2014


21

Currency Number / nominal value

Description Cost Market value % of total net assets

Investments in securities

Transferable securities admitted to an official stock exchange listing

Shares

JPY 355,000 Air Water Inc 3,673,533.81 4,146,761.28 5.59 JPY 162,700 Asahi Group Holdings Ltd 2,691,353.19 3,730,614.21 5.03 JPY 294,500 Astellas Pharma Inc 2,083,963.68 2,826,370.05 3.81 JPY 120,900 Benesse Holdings Inc 3,812,566.04 3,831,341.36 5.17 JPY 249,100 Daiichi Sankyo Co Ltd 3,137,695.16 3,394,698.42 4.58 JPY 24,600 Eisai Co Ltd 731,537.47 752,794.00 1.01 JPY 107,600 Familymart Co Ltd 3,172,922.07 3,386,586.61 4.57 JPY 269,500 House Foods Group Inc 3,109,854.88 3,690,195.73 4.98 JPY 256,700 INPEX Corp 2,601,309.16 2,850,442.32 3.84 JPY 259,700 IT Holdings Corp 2,288,847.27 3,258,268.46 4.39 JPY 79,700 Itochu Techno-Solut Corp CTC 2,442,829.99 2,531,453.19 3.41 JPY 113,800 Kao Corp 2,486,557.22 3,271,554.54 4.41 JPY 73,300 KDDI Corp 2,049,800.76 3,265,786.86 4.40 JPY 285,000 Kirin Holdings Co Ltd 2,779,919.01 3,006,456.01 4.05 JPY 400,500 Konica Minolta Inc 2,359,920.70 2,890,694.96 3.90 JPY 64,900 Lawson Inc 3,326,862.52 3,556,509.36 4.79 JPY 50,800 Makita Corp 1,616,675.85 2,292,998.19 3.09 JPY 316,400 Mitsubishi Tanabe Pharma Corp 3,231,580.89 3,460,889.42 4.67 JPY 840,000 Nippon Flour Mills Co Ltd 2,895,940.51 3,264,628.13 4.40 JPY 1,139,000 Osaka Gas Co Ltd 3,479,594.33 3,498,637.85 4.72 JPY 65,400 Secom Co Ltd 2,352,604.77 2,918,999.80 3.94 JPY 112,440 Seven & I Holdings Co Ltd 2,477,966.65 3,460,277.39 4.67 JPY 46,400 Takeda Pharmaceutical Co Ltd 1,669,503.96 1,572,132.31 2.12 JPY 126,100 Terumo Corp 2,101,345.76 2,059,439.13 2.78

Total investments in securities 62,574,685.65 72,918,529.58 98.32

Cash at banks 1,176,553.98 1.59

Other net assets/(liabilities) 70,351.34 0.09

Total 74,165,434.90 100.00


Industrial and geographical classification of investments as at 30 June 2014


22

Industrial classification

(in percentage of net assets)

Food, beverage and tobacco 18.46 %

Pharmaceuticals and biotechnology 17.96 %

Retailing 14.03 %

Commercial services and supplies 9.11 %

Software and services 7.80 %

Consumer durables and apparel 6.99 %

Materials 5.59 %

Utilities 4.72 %

Household and personal products 4.41 %

Telecommunication services 4.40 %

Energy 3.84 %

Health care equipment and services 1.01 %

Total 98.32 %

Geographical classification

(by domicile of the issuer) (in percentage of net assets)

Japan 98.32 %

Total 98.32 %

ValueInvest LUX

Notes to the financial statements as at 30 June 2014

23

Note 1 - Significant accounting policies a) Presentation of the financial statements The financial statements of the SICAV are established in accordance with the Luxembourg legal and regulatory requirements concerning undertakings for collective investment. b) Valuation of assets The basic accounting principles for determining the Net Asset Value of the Sub-Funds are set forth in the Articles of Incorporation, the material provisions of which provide as follows:

(1) the value of any cash on hand or on deposit, bills and demand notes and accounts

receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received are deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof is arrived at after making such discount as the Directors may consider appropriate in such case to reflect the true value thereof;

(2) the value of securities, which are quoted or dealt in on any stock exchange is in respect of

each security, the last known price, and where appropriate, the middle market price on the stock exchange which is normally the principal market for such security;

(3) securities dealt in on another regulated market are valued in a manner as near as possible

to that described in the preceding paragraph; (4) in the event that any of the securities held in any portfolio on the relevant Valuation Day are

not quoted or dealt in on a stock exchange or another regulated market or, for any of the securities, no price quotation is available, or if the price as determined pursuant to sub-paragraphs (2) and/or (3) is not in the opinion of the Directors representative of the fair market value of the relevant securities, the value of such securities is determined based on the reasonably foreseeable sales price determined prudently and in good faith;

(5) all other assets are valued at their respective fair values as determined in good faith by the

Directors in accordance with generally accepted valuation principles and procedures.

(6) *by circular Resolution with effect as from 4 January 2013, the Board of Directors has resolved:

the security Chaoda is suspended for official trading in Honk-Kong since 27 June 2011, pending the release of price sensitive information on the Company. The Board authorizes the Central Administration of the SICAV instead of this stale suspended price to take a daily OTC quotation when available.

As at 30 June 2014, this Resolution is still in application. c) Acquisition cost of securities in the portfolio The acquisition cost of the securities held by each Sub-Fund that are denominated in currencies other than the reference currency of the Sub-Fund is converted into this currency at the exchange rate prevailing on the date of purchase. d) Net realised gain (loss) on sales of securities The realised gains and losses on sales of securities are calculated on the basis of the average acquisition cost.

ValueInvest LUX

Notes to the financial statements (continued) as at 30 June 2014

24

e) Investment income Dividend income is recorded at the ex-date, net of any withholding tax. f) Formation expenses

Formation expenses were amortised on a straight line basis over a period of 5 years.

g) Conversion of foreign currencies Cash at banks, other net assets and liabilities and the market value of the securities in portfolio expressed in currencies other than the currency of the Sub-Fund are converted into this currency at the exchange rate prevailing on the date of the report. h) Combined financial statements The combined financial statements of the SICAV are expressed in EUR and are equal to the sum of the corresponding items in the financial statements of each Sub-Fund. i) Transaction fees Transaction costs disclosed under the caption "Transaction fees" in the expenses of the statement of operations and other changes in net assets are mainly composed of transaction costs incurred by the SICAV relating to purchases or sales of securities. Note 2 - Management fees As remuneration for its services, the Investment Manager receives from the SICAV an effective monthly fee of 0.75% p.a. calculated on the average net asset value of each Sub-Fund, payable within the first ten Business Days after the last day of each month. Note 3 - Subscription duty ("Taxe d’abonnement") The SICAV is governed by Luxembourg law. Pursuant to the legislation and regulations in force, the SICAV is subject to an annual subscription duty ("taxe d’abonnement") of 0.05% which is payable quarterly and calculated on the basis of the net assets of each class on the last day of each quarter. Institutional Share Classes benefit from the reduced "taxe d’abonnement" of 0.01%. Pursuant to Article 175 (a) of the amended Law of 17 December 2010, the net assets invested in undertakings for collective investments already subject to the "taxe d’abonnement" are exempt from this tax.

ValueInvest LUX

Notes to the financial statements (continued) as at 30 June 2014

25

Note 4 - Distribution fees The distributors receive a quarterly fee on the retail share classes applicable on the average net assets of their contribution in each Sub-Fund of the SICAV at the maximum annual rate of 1%. As at 30 June 2014, the accrued distribution fees amounted to:

EUR

ValueInvest LUX - Global 361,709.00

ValueInvest LUX - Japan 49,000.85

These fees are recorded in the statement of operations and other changes in net assets under the caption "Other administration costs". Note 5 - Total Expense Ratio ("TER") and Portfolio Turnover Rate ("PTR") The TER and the PTR disclosed under "Statistical Information" of this report are calculated in accordance with the "Guidelines on the calculation and disclosure of the TER and PTR of collective investment schemes" issued by the Swiss Funds & Assets Management Association SFAMA on 16 May 2008. The TER and the PTR are calculated for the last 12 months preceding the date of this report. Transaction fees are not taken into account in the calculation of the TER. The PTR has been calculated according to the following formula (Total 1 - Total 2)/M*100 with Total 1 = Total securities transactions = X + Y

X = Securities purchases Y = Securities sales

Total 2 = Total subscriptions and redemptions = S + T S = subscriptions T = redemptions S+T: subscriptions and redemptions are netted per NAV calculation day. M = average net assets

Note 6 - Changes in investments The statement of changes in investments for the period in reference to the report is available free of charge at the registered office of the SICAV, at the office of the paying and information agent in Germany, at the office of the representative and paying agent in Switzerland and at the office of the representative agent in Austria.

ValueInvest LUX Semi-annual Report - June 2014

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