French mutual fund TOBAM ANTI-BENCHMARK UK EQUITY FUND … · 2015-05-06 · Statutory Auditor: PwC Sellam . CONTENTS 1. Investment orientation 3 2. Changes affecting the Fund 5 3

French mutual fund

TOBAM ANTI-BENCHMARK UK EQUITY FUND

Annual report

For the year ended 31 December 2013

Management Company: TOBAM

Custodian: Caceis Bank France

Statutory Auditor: PwC Sellam

CONTENTS

1. Investment orientation 3

2.

Changes affecting the Fund

5

3.

Management report

6

4.

Regulatory information

7

5.

Statutory auditor’s certification

9

6.

Financial statements for the year

11

TOBAM ANTI-BENCHMARK UK EQUITY FUND 2

Annual report


1. INVESTMENT ORIENTATION

• LEGAL FORM

French mutual fund (fonds commun de placement).

• CLASSIFICATION

European Union equities.

• ALLOCATION OF EARNINGS Capitalisation and/or distribution.

• MANAGEMENT FEES

A and A1 units: maximum of 1% including tax.

B and B1 units: maximum of 2.5% including tax.

R units: maximum of 0.75% including tax.

• INVESTMENT OBJECTIVE

The Fund’s investment objective is to outperform the MSCI UK Net TR index over the long term (at least

five years) while maintaining a high level of diversification relative to that index.

• INVESTMENT STRATEGY

At least 90% of the Fund’s assets are exposed at all times to small, mid and large cap UK equity markets. The Fund reserves the right to invest up to 100% of its assets in mono-underlying Contracts for Difference (CFDs) if justified by market conditions and in order to reduce the cost of trading on the London Stock Exchange. CFDs are futures contracts entered into with a counterparty and settled through cash payments rather than through physical delivery of financial instruments. The Fund may thus benefit from the characteristics, mainly in terms of liquidity and pricing, of these instruments relative to its direct investments in physical securities.

Stock selection is based on quantitative and systematic models developed by TOBAM that aim to optimise

the level of diversification achieved relative to the MSCI UK Net TR index. These models determine both the

list of eligible stocks and their portfolio weightings.

Sector allocation may also be used to limit the concentration of stocks in any one sector.

The Fund may hold up to 10% of its assets in UCITS shares or units.

Up to 10% of the Fund may be invested in other markets or assets (money market instruments, listed index-

tracking funds) either directly or through UCITS, but still with the goal of furthering the investment objective

(maximising the return on cash investments).

To maintain exposure as close as possible to the model portfolio, the Fund may build or add to its exposure

through other OTC contracts in order to enhance risk control and minimise transaction costs. It may also use

forward financial instruments (notably futures) representing up to 100% of its assets in order to make

occasional adjustments for subscriptions and redemptions and/or to hedge currency risk.

The Fund may also enter into repurchase and reverse repurchase

agreements.

The Fund may also have recourse to deposits, temporary purchases and sales of securities and cash

borrowings in the event of a negative balance.


Annual report


• RISK PROFILE

Your money will be primarily invested in financial instruments selected by the Management Company. These

instruments are subject to market fluctuations and uncertainties. The portfolio manager invests using a

systematic and fundamental model. There is a risk that the equities selected may not deliver the strongest

performance.

The main specific risks associated with this investment strategy are:

- Equity risk,

- Counterparty risk,

- Risks associated with TOBAM’s investment process,

- Capital risk,

- Interest-rate

risk,

- Credit risk,

- Currency risk.


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2. CHANGES AFFECTING THE FUND

None.


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3. MANAGEMENT REPORT

TOBAM ANTI-BENCHMARK UK EQUITY FUND is 100% invested in UK equities.

In 2013, the Fund’s net asset value grew by 17.58%, underperforming its benchmark by 0.85%. The Fund’s

volatility during the year was lower than that of its benchmark.

Year under review

Net asset value

Period start date Period end date

Valuation date

Net asset value

31/12/201

2

GBP 11,732.34

31/12/201

3

GBP 13,794.56

* Net performance

Period start date

Period end date

Valuation date 31/12/2012 31/12/2013

Fund performance 17.58% Benchmark performance 18.43%

* Volatility

Period start date

Period end date

Valuation date 31/12/2012 31/12/2013

Fund volatility 10.81% Benchmark volatility 12.35%

Past performance is not a guide to future results. Performances are not constant over time.

Derivatives

- To maintain equity market exposure of close to 100%, the Fund used index futures traded on organised and

centralised markets. The clearing house acts as the counterparty and ensures there is no default by the parties

concerned. In 2013, the Fund held an average of 1.00% of such instruments, in accordance with the

commitment formula.

- To hedge its currency risk, the Fund used financial futures (spots and forwards) traded on the forex market.

The maturity of these instruments did not exceed 40 days. These instruments were traded with UBS and State

Street.

Securities lending

- The Fund temporarily sold its securities in order to benefit from additional remuneration. Caceis

Luxembourg is the only counterparty in this activity. Counterparty risk was hedged by means of collateral in

the form of bonds, rated at least AA+ by the three main rating agencies (Moody’s, Fitch and S&P). The value

of the collateral is maintained at 105% of the value of the securities sold. In 2013, securities lending generated

revenue of around 0.001% for the Fund.


Annual report


4. REGULATORY INFORMATION

• BROKER AND COUNTERPARTY SELECTION PROCEDURE

Post-trade analysis of execution quality, cost of service and automation of Straight Through Processing.

• METHODOLOGY

N e w counterparties are suggested by the portfolio managers; their approval depends on the following criteria:

- Financial stability,

- Quality of investment services,

- Capacity to provide liquidity,

- Robustness of STP

processes,

- Quality of order execution and monitoring,

- Best execution, including brokerage fees.

Each counterparty is rated on each criterion on a scale from 1 to 5 according to feedback on past executions. Based on this rating, an overall rating is established that is submitted to the executive committee for approval.

• CONTRIBUTORS

The main contributor is the portfolio management team; the middle office helps to assess the STP quality of

the confirmation and settlement/delivery process.

• SELECTION

Formal approval of the counterparties selected takes place at quarterly or ad hoc meetings attended by the

portfolio managers directly concerned, a Middle Office representative and the head of Compliance and

Internal Control.

At these meetings, counterparties that have already been approved are confirmed or removed if they are no longer able to provide best execution.

The list of the counterparties selected is then updated and distributed to the TOBAM and Middle Office

teams concerned.

• EXCEPTIONS

In the case of OTC products, calls for tender may be used for specific or complex instruments. Tender

procedures may also be used when unusually high volumes are traded.

• OVERALL RISK

The Management Company uses the commitment calculation method to measure the Fund’s overall risk.

• ENVIRONMENTAL, SOCIAL AND GOVERNANCE (“ESG”) CRITERIA

The methods used by the Management Company to ensure that its investment policy reflects the criteria

relating to compliance with social, environmental and governance objectives are available on its website:

www.tobam.fr/pdf/2013-10-22-Sustainability Report-final.pdf

http://www.tobam.fr/pdf/2013-10-22-Sustainability

http://www.tobam.fr/pdf/2013-10-22-Sustainability


Annual report


• OTHER INFORMATION

The Fund’s full prospectus and the latest annual and periodic reports are issued within one week of a written

request by the holder to the Management Company:

TOBAM

20 rue Quentin Bauchart

75008 Paris France


Annual report


5. STATUTORY AUDITOR’S CERTIFICATION [pwc logo]

STATUTORY AUDITOR’S REPORT ON THE FINANCIAL STATEMENTS For the year ended 31 December 2013 TOBAM ANTI-BENCHMARK UK EQUITY FUND UCITS ESTABLISHED IN THE FORM OF A MUTUAL FUND (FRENCH FONDS COMMUN DE PLACEMENT) Governed by the French monetary and financial code (Code monétaire et financier) Management Company TOBAM 20 rue Quentin Bauchart 75008 Paris France To the shareholders,

In accordance with our appointment by the management bodies of the Fund’s Management Company, we hereby report to you for the year ended 31 December 2013 on:

- the audit of the accompanying financial statements of the UCITS established in the form of a mutual fund called TOBAM ANTI-BENCHMARK UK EQUITY FUND,

- the basis of our assessments, - the specific verifications and disclosures required by law.

The financial statements have been approved by the Fund’s Management Company. Our role is to express an opinion on these financial statements, based on our audit.

1. OPINION ON THE FINANCIAL STATEMENTS

We conducted our audit in accordance with professional standards applicable in France. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, using sampling testing techniques or other selection methods, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a reasonable basis for our opinion. In our opinion, the financial statements give a true and fair view of the financial position and the assets and liabilities of the UCITS established in the form of a mutual fund as at 31 December 2013 and the results of its operations for the year then ended in accordance with French accounting regulations. Without qualifying the opinion expressed above, we draw your attention to the change of accounting regulation explained in the accounting rules and methods in the notes to the financial statements.

2. BASIS OF OUR ASSESSMENTS

In accordance with Article L. 823-9 of the French Commercial Code (Code de commerce) relating to the basis of our assessments, we bring to your attention the fact that our assessments covered the appropriateness of the accounting principles used and the reasonableness of any material estimates made. [pwc]


Annual report


[pwc logo] TOBAM ANTI-BENCHMARK UK EQUITY FUND As part of our assessment of the accounting rules and principles followed by your undertaking for collective investment, we have satisfied ourselves as to the correct disclosure in the appended notes to the financial statements of the change of accounting regulation mentioned above and the application methods used. These assessments were made as part of our audit approach for the financial statements taken as a whole and therefore contributed to the formulation of our opinion expressed in the first part of this report.

3. SPECIFIC VERIFICATIONS AND DISCLOSURES We have also performed, in accordance with professional standards applicable in France, the specific verifications provided for by law. We have no comments to make as to the fair presentation and consistency with the financial statements of the information given in the management report and in the documents addressed to the unit holders with respect to the financial position and the financial statements. Levallois-Perret, electronic signing date

Document authenticated by electronic signature

Statutory Auditor PwC Sellam

Patrick Sellam


Annual report


6. FINANCIAL STATEMENTS FOR THE YEAR

• BALANCE SHEET (in POUNDS STERLING)

ASSETS

31/12/2013 31/12/2012

Net non-current assets

Deposits

Financial instruments

Equities and similar securities

Traded on a regulated or equivalent market

Not traded on a regulated or equivalent market

Bonds and similar securities



Debt securities


Negotiable debt securities

Other debt securities


Undertakings for collective investment

Coordinated European UCI and French generalist UCI

UCI reserved for specific investors – FCPR (French

venture capital funds) – FCIMT (French futures

funds) Listed investment funds and FCC (French

securitisation funds)

Unlisted investment funds and FCC (French securitisation funds)

Temporary securities transactions

Receivables on securities received under repurchase agreements

Receivables on loaned securities

Borrowed securities

Securities delivered under repurchase agreements

Other temporary transactions

Financial futures

Transactions on a regulated or equivalent market

Other transactions

Other financial instruments

Receivables

Forward currency transactions

Other

Financial accounts

Cash and cash equivalents

13,665,474.54

13,662,699.67

13,662,699.67

114.87

114.87

2,660.00

2,660.00

59,360.27

59,360.27

12,717.87

12,717.87

11,071,223.49

11,071,100.66

11,071,100.66

122.83

122.83

62,960.70

62,960.70

7,798.32

7,798.32 Total assets 13,737,552.68 11,141,982.51


Annual report


SHAREHOLDERS’ EQUITY AND LIABILITIES

31/12/2013 31/12/2012

Shareholders’ equity

Capital

Prior net gains and losses not distributed (a)

Retained earnings (a)

Net gains and losses for the period (a, b)

Profit/(loss) for the period (a, b)

Total shareholders’ equity (net assets)

Financial instruments

Disposals of financial instruments


Amounts payable on securities delivered under repurchase

agreements

Amounts payable on securities borrowed

Other temporary transactions

Financial futures

Transactions on a regulated or equivalent market

Other transactions

Payables

Forward currency transactions

Other

Financial accounts

Short-term bank loans

Borrowings

11,562,849.05

1,841,933.86

293,261.39

13,698,044.30

2,660.67

0.67

0.67

2,660.00

2,660.00

33,981.81

33,981.81

2,865.90

2,865.90

10,805,667.33

293,168.88

11,098,836.21

28,661.74

28,661.74

14,484.56

14,484.56

Total shareholders’ equity and liabilities

13,737,552.68

11,141,982.51

(a) Including equalisation accounts

(b) Less interim payments in respect of the period


Annual report


• OFF-BALANCE SHEET (in POUNDS STERLING)

31/12/2013 31/12/2012

Hedging transactions

Commitments on regulated or equivalent markets

Futures contracts

LIFF FTSE 100 0314

Commitments on OTC markets

Other commitments

Other transactions

Commitments on regulated or equivalent markets

Commitments on OTC markets

Other commitments

66,975.00


Annual report


• INCOME STATEMENT (in POUNDS STERLING)

Year ended

31/12/2013 Year ended

31/12/2012

Income on financial transactions

Income on deposits and financial accounts

Income on equities and similar securities

Income on bonds and similar securities

Income on debt securities

Income on temporary purchases and sales of securities

Income on financial futures

Other financial income

Total (1)

Charges on financial transactions

Charges on temporary purchases and sales of securities

Charges on financial futures

Charges on financial debts

Other financial charges

Total (2)

Net income on financial transactions (1 - 2)

Other income (3)

Management fees and depreciation provisions (4)

Net profit/(loss) for the period (L. 214-17-1) (1 - 2 + 3 - 4)

Income equalisation for the period (5)

Interim distributions paid in respect of the period (6)

Profit/(loss) (1 - 2 + 3 - 4 + 5 + 6)

421,046.29

8.00

177.18

421,231.47

368.07

368.07

420,863.40

129,923.87

290,939.53

2,321.86

293,261.39

559,385.39

8.00

559,393.39

453.24

453.24

558,940.15

138,977.22

419,962.93

(126,794.05)

293,168.88


Annual report


NOTES TO THE FINANCIAL STATEMENTS

ACCOUNTING RULES AND METHODS

The annual financial statements have been prepared in accordance with the requirements of the French Accounting Regulatory Committee regulation no. 2003-02, as amended, relating to accounting standards applicable to UCITS.

Article 18 of Ordinance no. 2011-915 provides for the possibility of distributing net gains for financial years

commencing on or after 1 January 2013. The chart of accounts used by UCITS has been modified to reflect

this new option. The changes made relate to the definition of distributable amounts. Realised gains, net of

charges, less any realised losses, net of charges, are added to the net income to establish the distributable

amount.

Prior year data has not been restated.

General accounting principles apply:

- true and fair view, comparability, going

concern,

- accuracy, reliability,

-

prudence,

- consistency of accounting methods between accounting

periods.

Income on fixed-income securities is recognised on the basis of interest actually received.

Purchases and sales of securities are recognised exclusive of

costs.

The accounting currency of the portfolio is the POUND STERLING. The accounting period comprises

12 months.

Asset valuation rules

Financial instruments are initially recognised at historic cost and carried on the balance sheet at their current

value as determined by the last-known market value or, in the absence of a market, by any external means or

by recourse to financial models.

Differences between the securities’ current values used when calculating the NAV and their original historic

costs are recognised in the accounts as “valuation differentials”.

Securities denominated in a currency other than that of the portfolio are valued in accordance with the

principles described below and then translated into the portfolio currency at the exchange rate prevailing on

the valuation date.

Deposits:

Deposits with a residual maturity of three months or less are valued using the straight-line method.

Equities, bonds and other securities traded on a regulated or equivalent market:

When calculating the NAV, equities and other securities traded on a regulated or equivalent market are

valued based on the day’s closing market price.

Bonds and other similar securities are valued at the closing price notified by various financial services

providers. Interest accrued on bonds and similar securities is calculated up to the date of the net asset

valuation.

Equities, bonds and other securities not traded on a regulated or equivalent market:

Securities not traded on a regulated market are valued by the Management Company using methods based

on market value and return, taking into account the prices used in recent significant transactions.


Annual report


Negotiable debt securities:

Negotiable debt securities and similar securities that are not traded in significant amounts are actuarially

valued on the basis of a reference rate as specified below, plus any enhancement to represent the issuer’s

intrinsic characteristics:

- negotiable debt securities with a maturity of one year or less: euro interbank offered rate (Euribor);

- negotiable debt securities with a maturity of more than one year: the prevailing rate on French medium-

term interest-bearing Treasury notes (BTANs) or, for longer-dated securities, on French fungible Treasury

bonds (OATs) with similar maturities.

Negotiable debt securities with a residual maturity of three months or less may be valued using the straight-

line method.

French Treasury notes are valued using the market rate published daily by the Banque de France.

UCITS held:

UCITS units and shares are valued at the latest known NAV.

Financial futures not traded on a regulated or equivalent market:

Swaps:

Interest rate and/or currency swaps are valued at their market value by discounting future interest streams at

market interest rates and/or exchange rates. This price is adjusted for credit risk.

Index swaps are valued actuarially on the basis of a reference rate provided by the counterparty.

Other swaps are valued at their market value or at an estimated value according to methods determined by

the Management Company.

Off-balance sheet commitments:

Futures are recorded in off-balance sheet commitments at their market value at the price used in the

portfolio.

Options are valued at the amount of their underlying equivalents.

Swap commitments are stated at their nominal value or, where there is no nominal value, at an equivalent

amount.

Temporary securities

transactions:

Securities received under repurchase agreements are carried in Assets under “Receivables on securities received under repurchase agreements” at the contract amount, plus any accrued interest receivable.

Securities delivered under a repurchase agreement are recorded in the buying portfolio at their current value.

The corresponding debt is recorded in the selling portfolio at the value set in the contract plus accrued

interest payable.

Loaned securities are valued at their current value and carried in Assets under “Receivables on loaned securities” at their current value plus accrued interest receivable.

Borrowed securities are carried in Assets under "Borrowed securities” at the contract amount, and in Liabilities

under “Amounts payable on securities borrowed” at the contract amount plus accrued interest payable.


Annual report


Financial futures:

Financial futures traded on a regulated or equivalent market:

Financial futures traded on regulated markets are valued at the day’s settlement price.

Management

fees

Management fees are calculated on the net assets at each net asset valuation.

These fees are recorded in the Fund’s income statement.

The management fees are paid in full to the Management Company that bears all of the Fund’s operating

costs.

Management fees do not include transaction costs.

The rate applied to the net assets is 1% including taxes for the D1 units.

Allocation of earnings

Definition of distributable

amounts:

Distributable amounts comprise:

Net income/(loss)

Net income for the period is equal to the amount of interest, arrears, premiums and bonuses, dividends,

attendance fees and all other revenue relating to the securities making up the portfolio, plus revenue from

amounts temporarily available, less management fees and the cost of borrowing, plus retained income

brought forward and plus or minus the balance on the income equalisation account.

Gains and losses

Realised gains, net of charges, less any realised losses, net of charges, recognised during the period, plus any

net gains of the same nature recognised in prior periods that have not been distributed or capitalised, plus or

minus the balance on the gains equalisation account.

Procedures for appropriation of distributable amounts:

Distributable amounts Units

Appropriation of net income Mixed (capitalisation and/or distribution)

Appropriation of realised net gains and losses The prospectus does not provide for the

appropriation of distributable amounts in respect

of realised net gains and losses


Annual report


• CHANGE IN NET ASSETS (in POUNDS STERLING)

31/12/2013 31/12/2012

Net assets at the start of the period

Subscriptions (including subscription fees earned by the UCI)

Redemptions (net of redemption fees earned by the UCI)

Realised capital gains on deposits and financial instruments

Realised capital losses on deposits and financial instruments

Realised capital gains on financial futures

Realised capital losses on financial futures

Transaction costs

Exchange gains/losses

Change in the valuation differential for deposits and financial instruments

Valuation differential, period N

Valuation differential, period N-1

Change in the valuation differential for financial futures

Valuation differential, period N

Valuation differential, period N-1

Prior-year distribution out of net gains and losses

Prior-year distribution out of net income

Net profit/(loss) for the period before equalisation account

Interim payments made during the period out of net gains and losses

Interim payments made during the period out of net income

Other items

Net assets at the end of the period

11,098,836.21

942,206.86

(361,984.39

)

2,016,402.06

(154,695.93

)

29,955.00

(9,510.00

)

(56,314.84

)

(53,824.79

)

(46,625.41

)

1,036,817.27

(1,083,442.68

)

2,660.00

2,660.00

290,939.53

13,698,044.30

16,143,994.18

730,356.43

(7,915,188.02

)

1,464,736.26

(954,600.49

)

14,880.00

(12,545.00

)

(44,684.14

)

(75,561.99

)

1,329,076.05

1,083,442.68

245,633.37

(1,590.00

)

(1,590.00

)

419,962.93

11,098,836.21


Annual report


• BREAKDOWN OF FINANCIAL INSTRUMENTS BY LEGAL OR FINANCIAL TYPE

Amount %

Assets

Bonds and equivalent securities

Fixed-income bonds traded on a regulated or equivalent market

TOTAL Bonds and similar securities

Debt securities

TOTAL Debt securities

Liabilities


TOTAL Disposals of financial instruments

Off-balance sheet


Equities

TOTAL Hedging transactions

Other transactions

TOTAL Other transactions

114.87

114.87

66,975.00

66,975.00

0.00

0.00

0.49

0.49

• BREAKDOWN OF ASSETS, LIABILITIES AND OFF-BALANCE SHEET ITEMS BY INTEREST RATE TYPE

Fixed rate % Variable rate % Adjustable rate % Other %

Assets

Deposits


Debt securities


transactions

Financial accounts

Liabilities


Financial accounts

Off-balance sheet items


Other transactions

114.87

12,717.87

2,865.90

0.09

0.02


Annual report


• BREAKDOWN OF ASSETS, LIABILITIES AND OFF-BALANCE SHEET ITEMS BY RESIDUAL MATURITY

< 3 months

% 3 months -

1 year

%

1 - 3 years

%

3 - 5 years

%

> 5 years

%

Assets

Deposits


Debt securities


transactions

Financial accounts

Liabilities


Financial accounts



Other transactions

12,717.87

2,865.90

0.09

0.02

114.87

All interest rate futures positions are presented according to the maturity of the underlying securities.

• BREAKDOWN OF ASSETS, LIABILITIES AND OFF-BALANCE SHEET ITEMS BY LISTING OR

VALUATION CURRENCY

USD EUR UNDEF Other currencies

Amount % Amount % Amount % Amount %

Assets

Deposits

Equities and similar

securities

Bonds and similar

securities

Debt securities

UCIs


Receivables

Financial accounts

Liabilities



Financial accounts



Other transactions

12,717.87

0.09

10.15

0.67


Annual report


• RECEIVABLES AND PAYABLES: BREAKDOWN BY TYPE

Type of debit/credit 31/12/2013

Receivables

Total receivables

Payables

Total payables

Cash security deposits

Cash dividends and coupons

Management fees

3,407.00

55,953.27

59,360.27

33,981.81

33,981.81


Annual report


• NUMBER OF UNITS ISSUED AND REDEEMED

Units Amount

Units subscribed during the

period Units redeemed during

the period Net

subscriptions/redemptions

Number of C units or shares in issue at the end of the period

74.000

(27.000)

47.000

993.003

942,206.86

(361,984.39)

580,222.47

• SUBSCRIPTION AND REDEMPTION FEES

Amount

Total fees earned

Subscription fees earned

Redemption fees earned

• MANAGEMENT FEES

31/12/2013

Underwriting fees

Fixed management fees

Fixed management fees

percentage Variable management

fees

Shared management fees

129,923.87

1.00

• COMMITMENTS RECEIVED AND GIVEN

Guarantees received by the Fund

None.

Other commitments received and/or given

None.


Annual report


• MARKET VALUE OF SECURITIES SUBJECT TO A TEMPORARY PURCHASE TRANSACTION

31/12/2013

Securities held under repurchase agreements

Borrowed securities

• MARKET VALUE OF PLEDGED SECURITIES

31/12/2013

Financial instruments pledged but not reclassified

Financial instruments received as pledges but not recognised on the balance sheet

• GROUP FINANCIAL INSTRUMENTS HELD IN THE PORTFOLIO

ISIN code Name of security 31/12/2013

Equities

Bonds

Negotiable debt securities

UCIs

Financial futures

Total Group securities


Annual report


• APPROPRIATION OF THE SHARE OF DISTRIBUTABLE AMOUNTS RELATING TO INCOME/(LOSS)

31/12/2013 31/12/2012

Amounts to be appropriated

Retained earnings

Profit/(loss)

Total

293,261.39

293,261.39

293,168.88

293,168.88

31/12/2013 31/12/2012

TOBAM ANTI-BENCHMARK UK EQUITY FUND A

Appropriation

Distribution

Retained earnings for the period

Capitalisation

Total

293,261.39

293,261.39

293,168.88

293,168.88

• APPROPRIATION OF THE SHARE OF DISTRIBUTABLE AMOUNTS RELATING TO NET GAINS AND

LOSSES

31/12/2013 31/12/2012

Amounts to be appropriated

Prior net gains and losses not distributed

Net gains and losses for the period

Interim payments made out of net gains and losses for the period

Total

Appropriation

Distribution

Net gains and losses not distributed

Capitalisation

Total

1,841,933.86

1,841,933.86

1,841,933.86

1,841,933.86


Annual report


• RESULTS AND OTHER KEY DATA FOR THE FUND OVER THE PAST FIVE YEARS

31/12/2009 31/12/2010 30/12/2011 31/12/2012 31/12/2013

Total net assets in GBP

Net assets in

GBP

Number of units

NAV per unit in GBP

Capitalisation per unit out of

net gains and losses in GBP

Capitalisation per unit out of

net income/(loss) in GBP

4,625,009.44

4,625,009.44

533.493

8,669.29

146.97

16,263,108.93

16,263,108.93

1,632.776

9,960.40

278.74

16,143,994.18

16,143,994.18

1,620.776

9,960.65

341.25

11,098,836.21

11,098,836.21

946.003

11,732.34

309.90

13,698,044.30

13,698,044.30

993.003

13,794.56

1,854.91

295.32


Annual report


• PORTFOLIO LISTING (in POUNDS STERLING)

Security name Currency Quantity or

nominal value Current value

% of net assets

Equities and similar securities

Equities and similar securities traded on a regulated or equivalent market

JERSEY

RANDGOLD RESOURCES GBP 7,199 272,842.10 1.99

SHIRE GBP 9,540 272,080.80 1.99

TOTAL JERSEY 544,922.90 3.98

UK ADMIRAL GROUP PLC GBP 34,261 448,819.10 3.28

AGGREKO GBP 20,123 343,902.07 2.51

AMEC PLC GBP 7,667 83,416.96 0.61

ANTOFAGASTA PLC GBP 24,521 202,053.04 1.48

ARM HOLDINGS PLC GBP 6,155 67,643.45 0.49

AVIVA PLC GBP 25,346 113,980.96 0.83

BG GROUP PLC GBP 14,436 187,307.10 1.37

BRITISH SKY BROADCASTING GROUP GBP 60,324 509,134.56 3.72

CAPITA GROUP GBP 28,078 291,449.64 2.13

CARNIVAL PLC GBP 19,687 492,371.87 3.59

CENTRICA PLC GBP 74,169 257,885.61 1.88

COBHAM GBP 181,101 497,122.25 3.63

DIRECT LINE INSURANCE GROUP GBP 245,145 611,881.92 4.47

FRESNILLO PLC GBP 31,516 234,951.78 1.72

GLAXOSMITHKLINE PLC GBP 13,719 221,081.69 1.61

G4S SHS GBP 165,215 433,689.38 3.17

HARGREAVES LANSDOWN PLC GBP 17,690 239,522.60 1.75

ICAP GBP 77,450 349,764.20 2.55

INMARSAT PLC GBP 53,797 406,705.32 2.97

INVENSYS PLC GBP 88,561 450,332.69 3.29

JOHNSON MATTHEY PLC GBP 1,813 59,466.40 0.43

MARKS & SPENCER PLC NEW GBP 3,280 14,189.28 0.10

MORRISON SUPERMARKETS GBP 241,070 629,192.70 4.60

NATIONAL GRID TRANSCO PLC NEW GBP 26,265 206,968.20 1.51

NEXT PLC GBP 7,325 399,212.50 2.91

PEARSON ORD GBP 43,690 585,882.90 4.28

PETROFAC LIMITED GBP 26,240 321,177.60 2.34

ROYAL & SUN ALLIANCE INSURANCE GBP 434,416 397,056.22 2.90

ROYAL BANK OF SCOTLAND GBP 88,297 298,532.16 2.18

SAGE GROUP GBP 13,153 53,098.66 0.39

SAINSBURY J. PLC GBP 162,238 592,168.70 4.32

SEGRO REIT GBP 25,522 85,243.48 0.62


Annual report


Security name

Currency Quantity or

nominal value

Current value % of net assets

SEVERN TRENT PLC NV

GBP

27,264

464,851.20

3.39

SMITH & NEPHEW PLC GBP 9,370 80,675.70 0.59

TATE LYLE GBP 67,151 543,251.59 3.97

TULLOW OIL GBP 43,918 375,498.90 2.74

UNITED UTILITIES GROUP GBP 82,102 551,314.93 4.02

VODAFONE GROUP PLC GBP 207,974 492,898.38 3.60

WILLIAM HILL PLC GBP 48,636 195,468.08 1.43

TOTAL UK 12,789,163.77 93.37

SWITZERLAND

COCA-COLA HBC SA

GBP

18,650

328,613.00

2.40

TOTAL SWITZERLAND 328,613.00 2.40

TOTAL Equities and similar securities traded on a regulated or equivalent market 13,662,699.67 99.75

TOTAL Equities and similar securities 13,662,699.67 99.75


Bonds and similar securities traded on a regulated or equivalent market

UK

TREASURY 8% 07/12/15 GBP 100 114.87

TOTAL UK 114.87

TOTAL Bonds and similar securities traded on a regulated or equivalent market 114.87

TOTAL Bonds and similar securities 114.87

Financial futures

Futures

Futures on a regulated or equivalent market

LIFF FTSE 100 0314 GBP 1 2,660.00 0.02

TOTAL Futures on a regulated market 2,660.00 0.02

TOTAL Futures 2,660.00 0.02

TOTAL Financial futures 2,660.00 0.02

Margin calls

Margin calls C.A.Indo in £ sterling

TOTAL Margin calls

GBP (2,660) (2,660.00)

(2,660.00)

-0.02

-0.02

Receivables

Payables

Financial accounts

59,360.27

(33,981.81)

9,851.97

0.43

-0.25

0.07

Net assets 13,698,044.97 100.00

TOBAM ANTI-BENCHMARK UK EQUITY FUND A GBP 993.003 13,794.56


Annual report


Documents

French mutual fund TOBAM ANTI-BENCHMARK UK EQUITY FUND … · 2015-05-06 · Statutory Auditor: PwC Sellam . CONTENTS 1. Investment orientation 3 2. Changes affecting the Fund 5 3