SELECTUM STOCK PICKING FUND · 2019-10-14 · Withholding taxes on dividends Note 1e 54,458.52 Directors Fees Note 11 3,461.46 Miscellaneous fees Note 12 -2,432.43 Net income from

as at 30/06/2019

"Société d'Investissement à Capital Variable"("SICAV")

Database Publishing System: CO-Reporter® by CO-Link, Belgium.

Unaudited Semi-Annual Report

incorporated under Luxembourg law

SELECTUM STOCK PICKING FUND

R.C.S. Luxembourg No. B 161.997


Table of Contents

Page 2

Organisation 3 General Information of the Fund 4 Combined 5 SELECTUM STOCK PICKING FUND - Selectum Benelux Fund 8 SELECTUM STOCK PICKING FUND - Selectum Germany Fund 14 SELECTUM STOCK PICKING FUND - Selectum Choice Of My Best Ideas Fund 20 SELECTUM STOCK PICKING FUND - Selectum European Smaller Cap Fund 26 Notes to the Financial Statements 32 Unaudited Information 38 Subscriptions are only valid if made on the basis of the current prospectus and the Key Investor Information Document, accompanied by the latest annual report including audited financial statements as well as by the latest semi-annual report, if published after the latest annual report including audited financial statements.


Organisation

Page 3

Registered Office:

5, Allée Scheffer, L-2520 Luxembourg Date of constitution:

June 30, 2011 Board of Directors:

Chairman: - Mr Pieter Tolk, Managing Director, Selectum Vermogensbeheer N.V., Belgium

Directors: - Mr Gerhard Rooze, Managing Director, Selectum Vermogensbeheer N.V., Belgium - Mr Herman Van Everdingen (since March 12, 2019) Management Company:

Novacap Asset Management S.A. 1, rue du Potager L-2347 Luxembourg Investment Manager:

Selectum Vermogensbeheer N.V., Belgium 17 bus 9, Venusstraat B-2000 Antwerp Depositary, Domiciliary and Paying, Administrative, Registrar and Transfer Agent:

CACEIS Bank, Luxembourg Branch 5, Allée Scheffer L-2520 Luxembourg Auditor:

BDO Audit, Société Anonyme 1, rue Jean Piret L-2350 Luxembourg


General Information of the Fund

Page 4

Selectum Stock Picking Fund (the “Fund”) is a Luxembourg fonds d’investissement (open-ended investment company) established as a société d’investissement à capital variable (investment company with variable capital) formed as a société anonyme (public limited liability company) in accordance with the Luxembourg law of December 17, 2010, as amended, relating to undertakings for collective investment (the “Law of 2010”). The Fund is subject, in particular, to the provisions of Part I of the Law of 2010, which relates specifically to undertakings for collective investment as defined by the European Directive of July 13, 2009 (2009/65/EEC), as amended. The prospectus, semi-annual, annual financial reports and information about the net asset value, the subscription price and the redemption price along with any other notices to the shareholders are available at the registered office of the Fund, at the registered office of the Management Company, Novacap Asset Management S.A., and at all distributors. The Fund currently has four Sub-Funds: - Selectum Benelux Fund; - Selectum Germany Fund; - Selectum Choice Of My Best Ideas Fund; - Selectum European Smaller Cap Fund. All Sub-Funds offer three classes of Capitalisation Shares, denominated in Euro: - Class F Founder Shares, reserved to institutional investors agreed by the Board of Directors; - Class I Institutional Shares, intended for institutional investors; - Class R Retail Shares, intended for individual investors. The difference between these Classes of Shares relates to the status of the investors, the applicable minimum investment requirement and the applicable fees. The Net Asset Value per Share of the Sub-Funds will be determined in Luxembourg, under the overall responsibility of the Board of Directors, on each Business Day (“Valuation Day”) or, if such day is not a Business Day, on the next following Business Day. The Net Asset Value of all the above-mentioned Sub-Funds will be calculated in Euro. The Fund publishes an annual report on the last day of the financial year, certified by auditors, as well as anon-certified, semi-annual report on the last business day of the sixth month of the financial year.

5Page

SELECTUM STOCK PICKING FUNDCombined

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

6Page

73,780,636.47Assets70,870,574.59Investments in securities 1aNote2,718,963.06Cash at banks

5,057.24Prepaid expenses21,521.11Dividends receivable42,346.81Receivable on Belgian Tax reclaim 8Note

122,173.66Receivable on German Tax reclaim 9Note

152,812.14Liabilities11,034.30Directors fees payable3,238.19Subscription tax payable 2Note2,765.84Management fees payable 3Note1,147.43Depositary fees payable

30,233.44Audit fees payable45,595.93Investment management fees payable 4Note1,599.66Bank confirmation fees payable

57,197.35Other fees payable 10Note

73,627,824.33Net asset value


Financial Statements as at 30/06/2019

Expressed in EUR

Statement of Net Assets as at 30/06/2019

Combined


7Page

1,731,147.99Income1,736,365.40Gross dividends 1eNote

-5,217.41Interest on cash accounts

715,858.28Expenses295,419.61Investment management fees 4Note17,883.71Management fees 3Note10,447.64Depositary fees 6Note6,468.93Subscription tax 2Note

25,688.54Administration and domiciliation fees 7Note429.66Bank confirmation fees

17,455.84Audit fees36,913.40Legal fees6,598.54Transaction fees 5Note

286,289.79Withholding taxes on dividends 1eNote22,184.73Directors Fees 11Note-9,922.11Miscellaneous fees 12Note

1,015,289.71Net income from investments

Net realised profit / loss on:310,977.96- investments 1bNote

1,326,267.67Net realised profit

Change in net unrealised appreciation / depreciation on:7,793,114.52- investments 1cNote

9,119,382.19Increase in net assets as a result of operations

243,849.79Subscriptions-1,037,431.70Redemptions

8,325,800.28Increase in net assets

65,302,024.05Net assets at the beginning of the period

73,627,824.33Net assets at the end of the period

EUR

Statement of Operations and Changes in Net Assets from 01/01/2019 to 30/06/2019

SELECTUM STOCK PICKING FUNDCombined

Expressed in

8Page

SELECTUM STOCK PICKING FUNDSelectum Benelux Fund


9Page

11,173,854.52Assets10,896,756.76Investments in securities 1aNote

227,378.58Cash at banks1,019.08Prepaid expenses

18,237.35Dividends receivable30,462.75Receivable on Belgian Tax reclaim 8Note

32,560.55Liabilities1,631.12Directors fees payable

447.71Subscription tax payable 2Note417.67Management fees payable 3Note173.28Depositary fees payable

7,558.36Audit fees payable5,751.15Investment management fees payable 4Note

435.72Bank confirmation fees payable16,145.54Other fees payable 10Note



Expressed in EUR


SELECTUM STOCK PICKING FUND Selectum Benelux Fund

Changes in number of shares outstanding from 01/01/2019 to 30/06/2019

Shares issued Shares redeemedShares

outstanding as at30/06/2019

Sharesoutstanding as at

01/01/2019

Class F Founder Shares 15.523 0.000 0.000 15.523

Class I Institutional Shares 10.524 0.000 1.165 9.359

Class R Retail Shares 101,189.024 0.000 0.000 101,189.024


10Page

Key figures relating to the last 3 years


Total Net Assets 11,141,293.97 9,555,815.80 11,297,382.01

31/12/201731/12/201830/06/2019Period/Year ending as at:

EURClass F Founder Shares

490,080.8215.523 15.523

411,685.0415.523

499,621.83Number of sharesNet asset value per share EUR

Class I Institutional Shares

185,950.309.359 10.524

156,700.218.767


Class R Retail Shares

17.72101,189.024 101,189.024

14.98101,189.024

18.42Number of sharesNet asset value per share EUR


11Page

AALBERTS N.V.5,000 172,850.00 1.55EUR 156,131.00

Transferable securities admitted to an official stock exchange and/or dealt in onanother regulated market 10,896,756.76 97.819,549,027.25

Shares and related securities 10,896,756.76 97.819,549,027.25

The Netherlands 6,316,587.11 56.705,447,646.53

ARCADIS31,157 520,321.90 4.67EUR 660,223.56ASM INTERNATIONAL NV9,600 549,696.00 4.93EUR 405,315.00ASML HLDG3,000 551,220.00 4.95EUR 273,948.00BESI -REGISTERED SHS17,000 384,880.00 3.45EUR 251,313.75BRUNEL INTERNATIONAL N.V16,254 209,351.52 1.88EUR 213,824.59DSM KONINKLIJKE5,690 618,503.00 5.56EUR 282,910.43HEINEKEN NV4,500 441,630.00 3.96EUR 324,795.00KONINKLIJKE AHOLD NV26,000 514,228.00 4.62EUR 383,319.04POST NL199,789 304,378.54 2.73EUR 661,618.07RANDSTAD BR5,500 265,650.00 2.38EUR 243,177.20ROYAL DUTCH SHELL PLC14,000 401,940.00 3.61EUR 380,291.96ROYAL PHILIPS ELECTRONIC15,000 572,775.00 5.15EUR 421,810.99SBM OFFSHORE NV6,000 101,880.00 0.91EUR 97,588.80SIGNIFY -REGISTERED SHS14,000 364,000.00 3.27EUR 416,070.20TKH GROUP N.V.6,293 343,283.15 3.08EUR 275,308.94

AGEAS NOM6,000 274,260.00 2.46EUR 78,840.00Belgium 3,564,572.65 31.993,035,037.78

BARCO NV4,000 740,800.00 6.65EUR 252,001.30BEKAERT SA19,000 448,020.00 4.02EUR 511,663.57CIE.ENTREPRISES CFE4,500 375,300.00 3.37EUR 376,802.86COLRUYT4,400 224,400.00 2.01EUR 192,211.15MELEXIS NV7,000 416,500.00 3.74EUR 268,037.14SOLVAY4,300 391,730.00 3.52EUR 401,508.47UMICORE SA11,000 310,200.00 2.78EUR 361,320.46X-FAB SILICON F - REGISTERED77,447 383,362.65 3.44EUR 592,652.83

EUROFINS SCIENTIFIC980 381,220.00 3.42EUR 242,981.94Luxembourg 1,015,597.00 9.121,066,342.94

RTL GROUP6,300 283,752.00 2.55EUR 400,936.11SES GLOBAL CERT.GC FID.DEP.REC(1-A-SHS)25,500 350,625.00 3.15EUR 422,424.89

Total securities portfolio 10,896,756.76 97.819,549,027.25

Cash at bank/(bank liabilities) 227,378.58 2.04

Other net assets/(liabilities) 17,158.63 0.15

Total net assets 11,141,293.97 100.00

Securities portfolio as at 30/06/2019EURExpressed in


Quantity/Nominal Denomination Quotation

currency% of net

assetsMarket valueCost price

12Page

The Netherlands 57.97Belgium 32.71Luxembourg 9.32

100.00

Breakdown per country % of portfolio

Geographical breakdown


Electronics and semiconductors 33.03Chemicals 9.27Building materials and trade 8.22Non-ferrous metals 6.96Retail trade, department stores 6.78Petroleum 4.62Miscellaneous services 4.36Tobacco and alcoholic drinks 4.05Pharmaceuticals and cosmetics 3.50Electrical engineering and electronics 3.34Communications 3.22Holding and finance companies 3.15Transportation 2.79Graphic art and publishing 2.60Banks and credit institutions 2.52Machine and apparatus construction 1.59

100.00

Breakdown per sector % of portfolio

Economical breakdown


13Page

Statement of Operations and Changes in Net Assets from 01/01/2019 to 30/06/2019Expressed in EUR


302,143.78Income302,819.10Gross dividends 1eNote

-675.32Interest on cash accounts

114,587.99Expenses36,527.40Investment management fees 4Note2,644.11Management fees 3Note1,506.46Depositary fees 6Note

887.95Subscription tax 2Note6,419.83Administration and domiciliation fees 7Note

143.22Bank confirmation fees4,363.96Audit fees5,929.54Legal fees

677.97Transaction fees 5Note54,458.52Withholding taxes on dividends 1eNote3,461.46Directors Fees 11Note

-2,432.43Miscellaneous fees 12Note

187,555.79Net income from investmentsNet realised profit / loss on:

174,698.15- investments 1bNote

362,253.94Net realised profitChange in net unrealised appreciation / depreciation on:

1,438,687.23- investments 1cNote

1,800,941.17Increase in net assets as a result of operations-215,463.00Redemptions




14Page

SELECTUM STOCK PICKING FUNDSelectum Germany Fund


15Page


522,448.41Cash at banks1,019.08Prepaid expenses








Expressed in EUR


SELECTUM STOCK PICKING FUND Selectum Germany Fund





01/01/2019





16Page



Total Net Assets 18,614,263.51 16,200,433.60 20,350,059.08



589,994.9819.066 19.066

506,595.3919.066



225,067.1821.316 22.302

193,838.0819.604



21.35120,282.418 120,282.422

18.45119,032.422



17Page

BERTRANDT AG7,200 450,000.00 2.42EUR 480,459.27



Germany 16,569,810.10 89.0213,017,285.67

BRENNTAG - NAMEN AKT17,000 736,270.00 3.96EUR 623,516.06COMPUGROUP HOLDING AKT14,900 1,057,900.00 5.69EUR 413,468.42COVESTRO AG11,500 514,165.00 2.76EUR 752,703.52DUERR AG18,500 554,445.00 2.98EUR 564,162.50EVONIK INDUSTRIES AG21,500 550,615.00 2.96EUR 620,236.07FIELMANN AG11,640 742,632.00 3.99EUR 592,831.19FUCHS PETROLUB AG24,000 829,920.00 4.46EUR 970,258.17GRENKELEASING NAMENS-AKT.10,242 966,844.80 5.19EUR 235,789.97HAPAG-LLOYDS NAM-AKT15,575 599,637.50 3.22EUR 458,711.83HELLA KGAA HUECK AND CO13,500 586,980.00 3.15EUR 484,916.00HENKEL KGAA6,500 524,875.00 2.82EUR 650,735.05HORNBACH HOLD8,000 399,600.00 2.15EUR 470,071.53INFINEON TECHNOLOGIES REG SHS43,000 668,650.00 3.59EUR 465,867.00SAP AG8,500 1,026,460.00 5.51EUR 552,460.00SARTORIUS VORZ.OHNE STIMMRECHT.8,730 1,574,019.00 8.47EUR 136,010.16SGL CARBON SE60,914 435,535.10 2.34EUR 478,216.18SILTRONIC AG6,750 433,620.00 2.33EUR 775,934.73SIXT AKTIENGESELLSCHAFT9,000 847,800.00 4.55EUR 409,676.00SOFTWARE6,500 196,300.00 1.05EUR 204,600.90STRATEC N NAMEN-AKT10,189 579,754.10 3.11EUR 473,725.08SYMRISE AG11,000 931,040.00 5.00EUR 630,875.04TAKKT40,000 512,000.00 2.75EUR 504,949.63TUI AG REG SHS54,400 468,057.60 2.51EUR 657,636.04WACKER CHEMIE AG5,500 382,690.00 2.06EUR 409,475.33

RTL GROUP7,900 355,816.00 1.91EUR 474,890.80Luxembourg 967,816.00 5.201,138,080.11

STABILUS SA15,000 612,000.00 3.29EUR 663,189.31

WIENERBERGER AG25,000 542,500.00 2.91EUR 504,845.50Austria 542,500.00 2.91504,845.50




Total net assets 18,614,263.51 100.00




currency% of net


18Page

Germany 91.65Luxembourg 5.35Austria 3.00

100.00




Internet and Internet services 17.95Chemicals 17.23Machine and apparatus construction 14.98Retail trade, department stores 9.15Transportation 8.01Electronics and semiconductors 6.10Road vehicles 5.74Petroleum 4.59Holding and finance companies 3.38Building materials and trade 3.00Miscellaneous consumer goods 2.90Hotels and restaurants 2.59Coal mining and steel industry 2.41Graphic art and publishing 1.97

100.00




19Page




-733.65Interest on cash accounts

180,708.42Expenses64,306.46Investment management fees 4Note4,448.13Management fees 3Note2,711.82Depositary fees 6Note1,404.82Subscription tax 2Note6,419.83Administration and domiciliation fees 7Note

143.22Bank confirmation fees4,363.96Audit fees9,250.76Legal fees

653.01Transaction fees 5Note83,396.60Withholding taxes on dividends 1eNote5,428.51Directors Fees 11Note






2,635,002.45Increase in net assets as a result of operations50,056.62Subscriptions

-271,229.16Redemptions




20Page

SELECTUM STOCK PICKING FUNDSelectum Choice Of My Best Ideas Fund


21Page

26,473,204.45Assets25,071,990.74Investments in securities 1aNote1,339,675.74Cash at banks

1,019.08Prepaid expenses11,884.06Receivable on Belgian Tax reclaim 8Note48,634.83Receivable on German Tax reclaim 9Note

47,714.82Liabilities4,013.58Directors fees payable1,411.19Subscription tax payable 2Note

994.43Management fees payable 3Note412.57Depositary fees payable





Expressed in EUR


SELECTUM STOCK PICKING FUND Selectum Choice Of My Best Ideas Fund





01/01/2019





22Page



Total Net Assets 26,425,489.63 24,009,330.69 23,916,971.97



445,144.3116.795 16.795

401,308.8916.795



169,937.2065.457 66.191

153,659.5963.817



16.16484,285.442 484,285.442

14.66160,088.669



23Page

BERTRANDT AG11,300 706,250.00 2.67EUR 1,098,471.30



Germany 11,705,109.36 44.3011,308,114.86

BRENNTAG - NAMEN AKT27,500 1,191,025.00 4.51EUR 976,390.47DUERR AG27,600 827,172.00 3.13EUR 928,903.71FIELMANN AG15,676 1,000,128.80 3.78EUR 710,760.11FUCHS PETROLUB AG28,220 884,697.00 3.35EUR 820,559.43HELLA KGAA HUECK AND CO11,700 508,716.00 1.93EUR 577,358.34HORNBACH HOLD7,000 349,650.00 1.32EUR 510,278.85INFINEON TECHNOLOGIES REG SHS60,000 933,000.00 3.53EUR 583,714.98LEONI AG17,600 255,816.00 0.97EUR 631,031.20SAP AG13,200 1,594,032.00 6.04EUR 951,779.08SILTRONIC AG4,994 320,814.56 1.21EUR 374,136.09SYMRISE AG11,500 973,360.00 3.68EUR 691,697.80TAKKT51,000 652,800.00 2.47EUR 602,444.64TUI AG REG SHS58,000 499,032.00 1.89EUR 838,258.70WACKER CHEMIE AG9,000 626,220.00 2.37EUR 747,537.76ZALANDO SE9,800 382,396.00 1.45EUR 264,792.40

ARCADIS60,856 1,016,295.20 3.85EUR 963,916.47The Netherlands 8,557,237.43 32.386,964,087.60

ASML HLDG7,200 1,322,928.00 5.01EUR 719,440.57BESI -REGISTERED SHS24,000 543,360.00 2.06EUR 724,225.32DSM KONINKLIJKE15,668 1,703,111.60 6.43EUR 790,363.75HEINEKEN NV10,000 981,400.00 3.71EUR 689,434.14KONINKLIJKE AHOLD NV43,500 860,343.00 3.26EUR 531,576.63POST NL397,953 606,281.40 2.29EUR 1,127,204.12RANDSTAD BR14,000 676,200.00 2.56EUR 637,522.00ROYAL DUTCH SHELL PLC29,513 847,318.23 3.21EUR 780,404.60

AGEAS NOM10,000 457,100.00 1.73EUR 231,057.07Belgium 2,127,252.95 8.051,796,675.55

CIE.ENTREPRISES CFE8,500 708,900.00 2.68EUR 360,861.24UMICORE SA16,000 451,200.00 1.71EUR 521,806.10X-FAB SILICON F - REGISTERED103,041 510,052.95 1.93EUR 682,951.14

EUROFINS SCIENTIFIC1,947 757,383.00 2.87EUR 785,952.72Luxembourg 1,705,163.00 6.452,068,098.71

RTL GROUP7,000 315,280.00 1.19EUR 524,824.50SES GLOBAL CERT.GC FID.DEP.REC(1-A-SHS)46,000 632,500.00 2.39EUR 757,321.49

FAURECIA9,000 367,290.00 1.39EUR 495,497.42France 977,228.00 3.701,167,493.06

PLASTIC OMNIUM SA26,600 609,938.00 2.31EUR 671,995.64


Cash at bank/(bank liabilities) 1,339,675.74 5.07


Total net assets 26,425,489.63 100.00




currency% of net


24Page

Germany 46.69The Netherlands 34.13Belgium 8.48Luxembourg 6.80France 3.90

100.00




Chemicals 17.92Electronics and semiconductors 15.50Retail trade, department stores 11.42Petroleum 6.91Building materials and trade 6.88Internet and Internet services 6.36Road vehicles 6.31Tobacco and alcoholic drinks 3.91Machine and apparatus construction 3.30Pharmaceuticals and cosmetics 3.02Miscellaneous services 2.70Communications 2.52Miscellaneous consumer goods 2.43Transportation 2.42Hotels and restaurants 1.99Banks and credit institutions 1.82Non-ferrous metals 1.80Textiles and garments 1.53Graphic art and publishing 1.26

100.00




25Page





272,999.55Expenses131,206.52Investment management fees 4Note

6,504.67Management fees 3Note3,815.78Depositary fees 6Note2,847.38Subscription tax 2Note7,409.97Administration and domiciliation fees 7Note

143.22Bank confirmation fees4,363.96Audit fees

12,872.84Legal fees2,985.56Transaction fees 5Note

95,366.13Withholding taxes on dividends 1eNote8,111.52Directors Fees 11Note






2,546,015.08Increase in net assets as a result of operations193,793.17Subscriptions

-323,649.31Redemptions




26Page

SELECTUM STOCK PICKING FUNDSelectum European Smaller Cap Fund


27Page


629,460.33Cash at banks2,000.00Prepaid expenses3,283.76Dividends receivable








Expressed in EUR


SELECTUM STOCK PICKING FUND Selectum European Smaller Cap Fund





01/01/2019





28Page



Total Net Assets 17,446,777.22 15,536,443.96 21,656,592.84



363,394.2527.811 27.811

319,047.0627.811



140,777.4134.759 36.268

123,961.6633.915



13.59180,120.599 180,620.600

12.00181,420.600



29Page

ALL FOR ONE STEEB AG4,000 186,000.00 1.07EUR 233,366.00



Germany 7,443,337.21 42.667,506,188.11

AMADEUS FIRE AG3,500 419,300.00 2.40EUR 235,042.73AUMANN - BEARER9,150 171,654.00 0.98EUR 295,093.97BASLER10,500 525,000.00 3.01EUR 171,426.46EINHELL, (HANS) PREF.ST.4,694 328,580.00 1.88EUR 313,289.34ELMOS SEMICONDUCTOR17,454 383,988.00 2.20EUR 262,774.84FOCUS DIGITAL63,000 169,470.00 0.97EUR 184,440.90GRENKELEASING NAMENS-AKT.6,000 566,400.00 3.25EUR 189,760.00HORNBACH HOLD8,500 424,575.00 2.43EUR 620,573.00JENOPTIK -REGISTERED SHS12,100 344,245.00 1.97EUR 218,648.81JOST WERKE AG10,495 323,246.00 1.85EUR 383,032.65NANOGATE AG15,000 333,000.00 1.91EUR 560,478.31OHB AG20,000 669,000.00 3.84EUR 490,061.30SIXT LEASING AG34,500 374,670.00 2.15EUR 546,994.85STEICO8,853 208,045.50 1.19EUR 183,392.64STRATEC N NAMEN-AKT5,500 312,950.00 1.79EUR 287,976.42SUESS MICROTEC AG32,000 300,480.00 1.72EUR 302,550.81TECHNOTRANS11,923 259,325.25 1.49EUR 477,178.12TELE COLUMBUS NAM.AKT125,000 220,750.00 1.27EUR 267,055.00USU SOFTWARE AG17,017 272,272.00 1.56EUR 285,433.18VA-Q-TEC NAMEN AKT36,259 286,446.10 1.64EUR 564,762.74WACKER CONSTR EQUIP NAMEN-AKT16,453 363,940.36 2.09EUR 432,856.04

ACCELL GROUP NV20,967 508,449.75 2.91EUR 519,938.44The Netherlands 4,158,360.08 23.833,570,359.17

BESI -REGISTERED SHS37,600 851,264.00 4.87EUR 635,170.73C TAC208,075 609,659.75 3.49EUR 581,877.67DPA155,000 217,775.00 1.25EUR 270,508.70ICT AUTOMATISERING NV58,235 786,172.50 4.51EUR 414,215.07KENDRION18,762 353,476.08 2.03EUR 566,109.12NEDERLANDSCHE APPARTENFABRIEK NEDAP5,270 254,541.00 1.46EUR 245,481.17NEWAYS ELECTRONICS INTERNATIONAL43,880 577,022.00 3.31EUR 337,058.27

BIESSE22,000 248,160.00 1.42EUR 430,975.67Italy 2,454,204.55 14.072,400,111.39

EL.EN.SPA34,000 621,860.00 3.56EUR 391,164.50ELICA S.P.A.247,689 499,093.34 2.86EUR 432,453.46INTERPUMP GROUP27,000 730,620.00 4.20EUR 342,237.27PANARIAGROUP INDUSTRIE CERAMICHE SPA82,619 109,552.79 0.63EUR 390,935.89PRIMA INDUSTRIE SPA11,000 164,120.00 0.94EUR 333,284.00SOL7,253 80,798.42 0.46EUR 79,060.60

AGRANA -BEARER SHS27,088 517,380.80 2.96EUR 451,828.36Austria 1,756,277.36 10.071,690,603.63

DO CO RESTAURANTS5,464 463,347.20 2.66EUR 294,315.82PALFINGER14,000 378,000.00 2.17EUR 431,102.70POLYTEC HOLDING AG20,686 181,209.36 1.04EUR 327,348.50SCHOELLER BLECKMANN OILFIELD EQUIPMENT2,900 216,340.00 1.24EUR 186,008.25

RECTICEL PART.SOC.50,368 399,418.24 2.29EUR 399,617.73Belgium 601,521.79 3.45587,388.98

X-FAB SILICON F - REGISTERED40,829 202,103.55 1.16EUR 187,771.25

SAF HOLLAND SA40,000 408,000.00 2.34EUR 549,102.00Luxembourg 408,000.00 2.34549,102.00



Other net assets/(liabilities) -4,384.10 -0.03

Total net assets 17,446,777.22 100.00




currency% of net


30Page

Germany 44.24The Netherlands 24.72Italy 14.59Austria 10.44Belgium 3.58Luxembourg 2.43

100.00




Electronics and semiconductors 17.02Machine and apparatus construction 14.11Internet and Internet services 10.76Road vehicles 8.27Miscellaneous services 7.41Electrical engineering and electronics 7.37Chemicals 4.83Transportation 4.65Building materials and trade 3.99Aerospace industry 3.98Pharmaceuticals and cosmetics 3.70Foods and non alcoholic drinks 3.08Hotels and restaurants 2.75Retail trade, department stores 2.52Miscellaneous consumer goods 1.95Communications 1.31Petroleum 1.29Holding and finance companies 1.01

100.00




31Page





147,562.32Expenses63,379.23Investment management fees 4Note4,286.80Management fees 3Note2,413.58Depositary fees 6Note1,328.78Subscription tax 2Note5,438.91Administration and domiciliation fees 7Note4,363.96Audit fees8,860.26Legal fees2,282.00Transaction fees 5Note

53,068.54Withholding taxes on dividends 1eNote5,183.24Directors Fees 11Note



-221,416.34- investments 1bNote

-5,003.27Net realised lossChange in net unrealised appreciation / depreciation on:


2,137,423.49Increase in net assets as a result of operations-227,090.23Redemptions




32Page

SELECTUM STOCK PICKING FUNDNotes to the Financial Statements


Notes to the Financial Statements as at June 30, 2019

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Note 1 - Accounting principles and methods The Financial Statements of Selectum Stock Picking Fund (the “Fund”) have been prepared in accordance with the accounting principles generally accepted in Luxembourg, including the following significant policies: a) Valuation of investments The assets of the Fund are valued as follows: 1. The value of any cash on hand or on deposit, bills and demand notes payable and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received is 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 may be considered appropriate in such case to reflect the true value thereof. 2. The value of any security or other asset which is quoted or dealt in on a stock exchange is based on its last available price in Luxembourg on the stock exchange which is normally the principal market for such security. 3. The value of any security or other asset dealt in on any other regulated market that operates regularly, is recognised and is open to the public (a “regulated market”) is based on its last available price in Luxembourg. 4. In the event that any assets are not listed nor dealt in on any stock exchange or on any other regulated market, or if, with respect to assets listed or dealt in on any stock exchange or on any other regulated market as aforesaid, the price as determined pursuant to sub-paragraph (2) or (3) is not, in the opinion of the Board of Directors, representative of the fair market value of the relevant assets, the value of such assets will be based on the reasonably foreseeable sales price determined prudently and in good faith. 5. Units or shares of undertakings for collective investment are valued at their last determined and available net asset value or, if such price is not, in the opinion of the Board of Directors, representative of the fair market value of such assets, then the price is determined by the Board of Directors on a fair and equitable basis. 6. The liquidating value of futures, spot, forward or options contracts not traded on stock exchanges nor on other regulated markets shall mean their net liquidating value determined, pursuant to the policies established by the Board of Directors, on a basis consistently applied for each different variety of contracts. The liquidating value of futures, spot, forward or options contracts traded on stock exchanges or on other regulated markets is based upon the last available settlement prices of these contracts on stock exchanges and regulated markets on which the particular futures, spot, forward or options contracts are traded by the Fund; provided that if a futures, spot, forward or options contract could not be liquidated on the day with respect to which net assets are being determined, the basis for determining the liquidating value of such contract shall be such value as the Board of Directors may deem fair and reasonable. Swaps are valued at their market value. 7. Money market instruments with a remaining maturity of 90 days or less may be valued by the amortised cost method, which approximates market value. 8. Interest rate swaps are valued at their market value established by reference to the applicable interest rates’ curve. 9. All other securities and other assets will be valued at fair market value as determined in good faith pursuant to procedures established by the Board of Directors. 10. Valuation of option contracts: premiums received on issued options are recorded as liabilities and premiums paid on the purchase of options are recorded as assets in the statement of net assets. Option contracts outstanding on the reporting date are valued at the last known price on the stock exchanges or regulated markets.


Notes to the Financial Statements as at June 30, 2019 (continued)

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Note 1 - Accounting principles and methods (continued) b) Net realised profit / (loss) The net realised profit / (loss) on sale of investments is determined on the basis of the average cost of investments sold.

Premiums paid for the purchase of options, which expire unexercised, are treated as realised losses in the Statement of Operations and Changes in Net Assets. Premiums received from written options, which expire unexercised, are treated as realised gains in the Statement of Operations and Changes in Net Assets. c) Unrealised profit / (loss) In accordance with current practice, unrealised profit or loss at the end of the period are accounted for in the Financial Statements. d) Purchases and sales of investments The details of purchases and sales of investments may be obtained free of charge at the Registered Office of the Fund. e) Investment income Interest income is accrued on a day-to-day basis and dividends are accrued on an ex-dividend basis. Interest and dividend are stated gross of withholding taxes, if any. f) Expenses When the Fund incurs any expenses, which relate to a particular Sub-Fund /Class of Shares or to any action taken in connection with a particular Sub-Fund /Class of Shares, such expense shall be allocated to the relevant Sub-Fund /Class of Shares. Expenses of the Fund, which cannot be considered as being attributable to a particular Portfolio, shall be allocated to all the Portfolios pro rata to the net asset value of each Portfolio. Expenses are provisioned by making daily accruals for the expected amount of each individual expense. Note 2 - Subscription tax (“taxe d’abonnement”) The Fund is not liable to any Luxembourg tax on profit or income. The Fund is, however, liable to a tax (“taxe d’abonnement”) of 0.05% per annum of its Net Asset Value allocated to the Class R Retail Shares. This tax is reduced to 0.01% per annum of its Net Asset Value allocated to the Class I Institutional Shares and F Founders Shares, such tax being payable quarterly on the basis of the value of the aggregate net assets of the Classes of the Sub-Fund at the end of the relevant calendar quarter. However, the portion of assets which are invested in units or shares of UCIs are exempt from such tax as far as those UCIs are already submitted to this tax in Luxembourg. Note 3 - Management fees Each Sub-Fund pays a management fee (the “Management fee”) to the different Management Companies in remuneration of their services in accordance with the agreement signed as at March 24, 2017, between the Fund and Novacap Asset Management S.A.. The Management fee is up to 0.05% per annum for all Classes of Shares of the average net assets of each Class of Shares of the Sub-Fund during the relevant month with a yearly minimum of EUR 25,000.00 for the Fund, split pro-rata by Sub-Fund. Such fee is payable monthly in arrears.



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Note 4 - Investment management fees Pursuant to the Investment Management Agreement dated as at March 24, 2017, between the Fund, Novacap Asset Management S.A. and Selectum Vermogensbeheer N.V., the Management Company pays, at the expense of each Sub-Fund, an investment management fee (the “Investment management fee”) to the Investment Manager in remuneration for its services. Such fee is different for each Class of Shares, payable monthly in arrears and calculated on the average net assets of the Sub-Fund in the respective Class of Shares for the relevant month as follows: - Class F Founder Shares: 0.40% p.a. - Class I Institutional Shares: 1.00% p.a. - Class R Retail Shares: 1.60% p.a. Note 5 - Transaction fees Transaction fees (commissions, brokerage and taxes) on purchases and sales of securities, options and derivatives are disclosed in the Statement of Operations and Changes in Net Assets. For investors an anti-dilution fee is added to the subscription price or deducted from the redemption price, the rate is 0.25% of the Net Asset Value per share calculated on the relevant Valuation Day. Subscriptions and redemptions are disclosed for their gross amounts without anti-dilution fees in the Statement of Operations and Changes in Net Assets. The anti-dilution fee applies to cover transaction costs and to protect the value of the underlying assets of the relevant Sub-Fund in the context of the acquisition or liquidation of the underlying investments of the relevant Sub-Fund due to subscription/redemption of the Shares of any Class. This fee will be for the benefit of the relevant Sub-Fund. The transaction fees in the Statement of Operations and Changes in Net Assets are presented, (if any), net of anti-dilution fees. SELECTUM STOCK PICKING FUND Total transaction fees Anti-dilution fees Net transaction fees Selectum Benelux Fund 1,216.63 538.66 677.97 Selectum Germany Fund 1,456.22 803.21 653.01 Selectum Choice Of My Best Ideas Fund 4,279.16 1,293.60 2,985.56 Selectum European Smaller Cap Fund 2,849.72 567.72 2,282.00 Combined 9,801.73 3,203.19 6,598.54 Note 6 - Depositary fees In accordance with the Depositary Agreement signed between the Fund, Novacap Asset Management S.A. and CACEIS Bank, Luxembourg Branch as at March 24, 2017, the Fund pays the following fees: Supervisory fee For the general supervision function performed by the Depositary Bank of the Fund a variable annual fee of 0.005% per annum is retained on each Sub-Fund average net assets, payable monthly in arrears. Safekeeping fee For the services of safekeeping and supervision of the assets, the Depositary Bank of the Fund is entitled to receive a monthly variable fee calculated on the average NAV of each Sub-Fund at the following decreasing annual rate, applicable per brackets: Up to EUR100 million 0.015% Above EUR 100 million 0.010%



Page 36

Note 7 - Administration fees The Fund entered into a Central Administration Agreement with CACEIS Bank, Luxembourg Branch as from March 24, 2017. In accordance with this agreement, the Fund pays the following fees: NAV calculation fee The Central Administration Agent of the Fund is entitled to receive a monthly variable fee calculated on the average NAV of each Sub-Fund at the following decreasing annual rate, applicable per brackets: Up to EUR 25 million 0.05% From EUR 25 million to EUR 50 million 0.04% Above EUR 50 million 0.035% Minimum annual fee per Sub-Fund EUR 11,000 Domiciliary fee The service covers the domiciliation of the Fund, secretarial services related to such functions and the preparation of the financial statements. For these services, the Domiciliary Agent receives an annual fee of EUR 2,000 per Sub-Fund. Note 8 - Belgian Tax reclaim The Aberdeen tax reclaim case is to abolish discriminatory tax regimes contradictory to the free movement of capital. Pursuant to this case, a reclaim was introduced to the Belgian Tax Administration for the below mentioned Sub-Funds and relates to the withholding tax paid on Belgian dividends received by the Sub-Funds during the years 2011 (year of incorporation of the Fund) and 2012. The following amounts are the taxes paid for which the Fund expects to receive the reimbursement from the Belgian Tax Administration. These amounts were booked in the NAV as at May 28, 2014, and are still receivable from the Belgian Tax Administration as at June 30, 2019.

Sub-Funds Withholding taxes receivable for year

2011

Withholding taxes receivable for year

2012 Total


5,287.50 25,175.25 30,462.75

SELECTUM STOCK PICKING FUND Selectum Choice of My Best Ideas Fund 1,305.00 10,579.06 11,884.06

Combined 6,592.50 35,754.31 42,346.81 Note 9 - Germany - Luxembourg Double Tax Treaty The German dividend withholding tax rate is 25% (ignoring the solidarity surcharge). On April 23, 2012 Germany and Luxembourg signed a new double tax treaty (“the Revised Treaty”) to replace the previous double tax treaty entered into in 1958. In its article 10, the convention stated that the tax charged shall not exceed 15% of the gross amount of the dividends. For equity investments into Germany the basic dividend withholding tax (WHT) rate stays at 15% of the gross dividend payment. This means a reduction (on subsequent claim for refund) of 10% compared to the domestic standard WHT rate of 25% (ignoring solidarity surcharge). The Revised Treaty entered into force as from January 1, 2013.



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Note 9 - Germany - Luxembourg Double Tax Treaty (continued) A new German tax reform came into force on January 1, 2018. The new legislation aim for allowing UCITS and AIF funds to benefit from a reduced tax rate of 15% at source on German dividends if a Fund Status Certificate has been requested and obtained. Such requirement has been fully completed by the Fund. In addition, all reclaims have been obtained by the Fund for the year 2018. The reclaims regarding the years 2015, 2016, 2017 are as follows:

Accrued reclaims Sub-Funds 2015 2016 2017

Accrued reclaims

total SELECTUM STOCK PICKING FUND Selectum Germany Fund 22,228.63 22,940.80 2,222.79 47,392.22 SELECTUM STOCK PICKING FUND Selectum Choice Of My Best Ideas Fund 13,530.80 16,190.98 18,913.05 48,634.83 SELECTUM STOCK PICKING FUND Selectum European Smaller Cap Fund 7,314.52 8,036.71 10,795.38 26,146.61 Combined 43,073.95 47,168.49 31,931.22 122,173.66

Note 10 - Other fees payable

SELECTUM STOCK PICKING FUND Combined

Selectum

Benelux Fund Selectum

Germany Fund Selectum Choice Of My Best Ideas Fund

Selectum European Smaller Cap Fund

Administration fee payable 3,555.74 855.56 855.56 989.06 855.56 Legal fees payable 5,784.49 2,075.08 1,554.48 517.31 1,637.62 Transfer agency fee payable 4,721.38 1,490.46 1,240.46 1,240.46 750.00Provision for costs dividend tax reclaim 3,510.00 2,521.26 - 988.74 - Shareholder services fees payable 1,345.42 140.26 665.44 539.72 - Operational expenses payable 38,280.32 9,062.92 9,966.85 8,523.11 10,727.44 Total other fees payable 57,197.35 16,145.54 14,282.79 12,798.40 13,970.62

Note 11 - Directors fees For services provided to the Fund, the Board of Directors of the Fund approves the payment of the Directors’ fees for a gross amount of EUR 7,500.00 for each of the Directors. Note 12 - Miscellaneous fees Miscellaneous fees are represented by operational expenses like transfer agency fee, publication fee, reporting fee, shareholders services fee and other operational expenses. Note 13 - Changes in portfolio composition The details of the changes in portfolio composition for the period ended are at the disposal of the shareholders at the registered office of the SICAV and are available upon request free of charge. Note 14 - Subsequent event A new Sub-Fund will be launched during the second semester 2019: SELECTUM STOCK PICKING FUND Selectum Quality First Fund. With effect on [***] 2019, each Class I Share from each existing Sub-Fund will be splitted into 10,000 Class I Shares, and the existing Class R Shares were then converted into Class I Shares.


Other Information

Page 38

Portfolio Turnover Ratio (“PTR”) 30.06.2019 31.12.2018 PTR (%) PTR (%) SELECTUM STOCK PICKING FUND - Selectum Benelux Fund 16.15 15.54 SELECTUM STOCK PICKING FUND - Selectum Germany Fund 20.54 24.26 SELECTUM STOCK PICKING FUND - Selectum Choice Of My Best Ideas Fund 34.09 16.68 SELECTUM STOCK PICKING FUND - Selectum European Smaller Cap Fund 35.16 42.49 Total Expense Ratio (“TER”) 30.06.2019 31.12.2018 TER (%) TER (%) SELECTUM STOCK PICKING FUND - Selectum Benelux Fund Class F Founder Shares 0.85 0.83 Class I Institutional Shares 1.48 1.48 Class R Retail Shares 2.13 2.11 SELECTUM STOCK PICKING FUND - Selectum Germany Fund Class F Founder Shares 0.74 0.71 Class I Institutional Shares 1.35 1.33 Class R Retail Shares 2.00 1.97 SELECTUM STOCK PICKING FUND - Selectum Choice Of My Best Ideas Fund Class F Founder Shares 0.70 0.68 Class I Institutional Shares 1.30 1.29 Class R Retail Shares 1.94 1.94 SELECTUM STOCK PICKING FUND - Selectum European Smaller Cap Fund Class F Founder Shares 0.73 0.71 Class I Institutional Shares 1.34 1.32 Class R Retail Shares 1.98 1.97 Securities Financing Transactions and of Reuse Regulation (“SFTR”) The Fund does not use any instruments falling into the scope of SFTR.

Documents

SELECTUM STOCK PICKING FUND · 2019-10-14 · Withholding taxes on dividends Note 1e 54,458.52 Directors Fees Note 11 3,461.46 Miscellaneous fees Note 12 -2,432.43 Net income from