Vulcan Global Value Fund Plc An umbrella fund with segregated … · 2015. 12. 31. · Vulcan Global Value Fund Plc Investment Manager's Report For the Financial Year Ended 31 December

Vulcan Global Value Fund Plc An umbrella fund with segregated liability between sub-funds

Annual Report and Audited Financial Statements

For the Financial Year Ended 31 December 2015

Vulcan Global Value Fund Plc is an open-ended umbrella investment company with variable capital and with segregated liability between sub-funds, incorporated and registered in Ireland on 18 August 2011 with registered number 502528 under the Irish Companies Act 2014 as

an undertaking for collective investment in transferable securities pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations, 2011, as amended and The Central Bank (Supervision and Enforcement)

Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015


CONTENTS

Annual Report and Audited Financial Statements Management and Administration of the Company 1 - 2 Investment Managers Report 3 Directors Report 4 - 9 Custodians Report 10 Independent Auditors Reportto the Members of Vulcan Global Value Fund Plc 11 - 12 Statement of Financial Position 13 Statement of Comprehensive Income 14 Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 15 Statement of Cash Flows 16 Notes to the Financial Statements 17 - 39 Schedule of Investments 40 - 42 Changes in Portfolio Composition (unaudited) 43 - 46


Management and Administration of the Company

Board of Directors Yvonne Connolly (Irish) *

Adam McClain (American) Hampton McFadden (American) Elizabeth Beazley (I rish)*

All Directors are non-executive. * Independent

Registered Office 2nd Floor Beaux Lane House Mercer Street Lower Dublin 2 Ireland

Secretary MFD Secretaries Limited 2nd Floor Beaux Lane House Mercer Street Lower Dublin 2 Ireland

Promoter, Investment Manager and Distributor Vulcan Value Partners LLC Three Protective Center 2801 Highway 280 South, STE300 Birmingham, AL 35223 United States of America

Custodian SMT Trustees (Ireland) Limited Block 5 Harcourt Centre Harcourt Road Dublin 2 Ireland

Sub-custodian Sumitomo Mitsui Trust (UK) Limited 1 Floor 155 Bishopsgate London EC2M 3XU United Kingdom

Global Sub-custodian Brown Brothers Harriman & Co 30 Herbert Street Dublin 2 Ireland

Administrator Maples Fund Services (Ireland) Limited 2nd Floor Beaux Lane House Mercer Street Lower Dublin 2 Ireland


Management and Administration of the Company

Independent Auditor

UK Facilities Services Agent

Swiss Paying Agent and Representative

Irish Legal Advisors

PricewaterhouseCoopers One Spencer Dock North Wall Quay Dublin 1 Ireland

Campion Capital Limited 87-89 Baker Street London Wi U 6RJ United Kingdom

RBC Investor Services Bank S.A. Esch-sur-Alzette Zurich Branch Badenerstrasse 567 P.O. Box 1292 CH-8048 Zurich Switzerland

Maples and Calder 75 St Stephens Green Dublin 2 Ireland

Vulcan Global Value Fund Plc

Investment Manager's Report


The Vulcan Value Equity Fund (USD Share Class) (the Fund") was launched on 1 May 2013, Since inception through 31 December 2015, the Fund returned 8.40% versus the S&P 500 return of 12.40%. For the year ended 31 December 2015, the Fund returned -10.19% versus the S&P 500 return of 1.38%.

2015 was disappointing in terms of absolute compounding and relative performance. However, as we say repeatedly, whether our performance is good or bad: we place no weight on short-term results, good or bad, and neither should you. In fact, we have and will continue to willingly make decisions that negatively impact short-term performance when we think we can lower risk and improve our long-term returns. We encourage you to place more weight on our longer term historical results and a great deal of weight on our long-term prospects. Our prospects have improved in the Fund as our values have grown, and our price to value ratios improved materially over the course of 2015.

Our investment philosophy is designed to lower risk and produce exceptional returns over our five year time horizon. It is not designed to perform well in all market environments, and it is not designed to perform well over shorter periods of time. In fact, accepting poor short-term results is necessary to produce superior long-term results.

The current market environment reminds us of 2007. Then, as now, our short-term performance was poor. Then, as now, valuation levels were stretched, and what was working we simply did not want to own. In 2015, a narrow group of over-valued companies led the S&P 500 higher. Without the so-called FANG stocks (Facebook, Amazon, Netflix, and Google), the S&P 500 would have had a negative return. What else worked in 2015? The most expensive stocks trounced the least expensive stocks. The 50 highest P/E stocks in the S&P 500 returned 5.4%, while the lowest 50 PIE stocks returned -10.9%. Growth worked well too. The top quintile fastest growing S&P 500 stocks returned 12.9%, while the slowest growing returned -5.13%. The largest stocks did well, while smaller cap stocks did not. The fifty largest stocks in the S&P 500 gained 5.6%, while the smallest 50 declined 5.3%. Momentum worked while mean reversion produced awful results - the exact

opposite of what has happened over the long term. Over the last ten years, mean reversion, which is fundamental to value investors such as ourselves, produced a 7.2% annualised return versus 3.1% for momentum. In 2015, mean reversion produced a loss of 28.6%, while

momentum produced a 2.4% gain.1

So, if we had thrown out our investment philosophy and bought the fastest growing, most expensive, largest companies that had gone up the most in price, we would have had a pretty good year. Instead, we methodically executed our investment philosophy, reduced risk and improved our long term prospects. We allocated capital away from more expensive companies and added capital to more discounted companies with higher margins of safety. We responded to second half volatility by becoming more concentrated in our most discounted companies. The values of the underlying businesses we own grew even though prices declined. As a result, we believe we have deferred returns, not lost them, and our prospective returns come to us with less risk because our price to value ratios have improved materially over the past twelve months. Said another way, our margin of safety improved, not just because of price declines, but also because of rising

values.

2016 looks like more of the same in terms of subdued value growth. Valuation levels, while improving, are a long way from being deeply discounted. The silver lining to this somewhat glum outlook is that increased volatility and market declines give us the opportunity to continue to improve our price to value ratios, reduce risk, and improve our long-term prospects. We thank you for your confidence in us, and for your patient capital which allows us to execute our investment philosophy and compound our own capital alongside yours over our five year time

horizon.

1 Source data from FactSet. The momentum returns were calculated by taking the top 50 performing stocks of each year over the last 10 years from the S&P 500 and calculating their average subsequent year performance then annualising those returns over the ten year period. The mean reversion returns were calculated by taking the bottom 50 performing stocks of each year over the last 10 years from the S&P 500 and calculating their average subsequent year performance then annualising those returns over the ten year period.

2 Source data from FactSet as of 20 January 2015.

Vulcan Value Partners LLC 26 April 2016


Directors' Report

The Directors of Vulcan Global Value Fund Plc (the Company') present herewith the annual report and audited financial statements for the

financial year ended 31 December 2015.

Statement of Directors' responsibilities

The Directors are responsible for preparing the Directors' report and the financial statements in accordance with Irish law.

Irish law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have prepared the financial statements in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS).

Under Irish law the Directors shall not approve the financial statements unless they are satisfied that they give a true and fair view of the Company's assets, liabilities and financial position as at the end of the financial year and of the profit or loss of the Company for the financial

year.

In preparing these financial statements, the Directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are reasonable and prudent;

• state whether the financial statements have been prepared in accordance with IFRS and ensure that they contain the additional

information required by the Companies Act 2014; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in

business.

The Directors are responsible for keeping adequate accounting records that are sufficient to:

• correctly record and explain the transactions of the Company;

• enable, at any time, the assets, liabilities, financial position and profit or loss of the Company to be determined with reasonable

accuracy; and

• enable the Directors to ensure that the financial statements comply with the Companies Act 2014 and enable those financial

statements to be audited.

The Directors believe that they have complied with the requirements of section 281 to 285 of the Irish Companies Act 2014 with regard to the obligation to keep adequate accounting records by employing personnel with appropriate expertise and by providing adequate resources to the financial function. In this regard the Directors have appointed Maples Fund Services (Ireland) Limited for the purpose of maintaining adequate accounting records. Accordingly, the accounting records are kept at the following address: 2nd Floor, Beaux Lane House, Mercer

Street Lower, Dublin 2, Ireland.

The Directors are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and

detection of fraud and other irregularities,

The Directors have entrusted the assets of the Company to the Custodian for safekeeping in accordance with the Memorandum and Articles of Association of the Company. In this regard the Directors have appointed SMT Trustees (Ireland) Limited as Custodian pursuant to the terms of the Custodian Agreement. The address at which this business is conducted is Block 5, Harcourt Centre, Harcourt Road, Dublin 2,

Ireland.

Corporate Governance Code

The Company is subject to corporate governance practices imposed by:

(i) The Irish Companies Act 2014 which is available for inspection at the registered office of the Company and may also be obtained at

www,irishstatutebook.ie.


Directors' Report (continued)

(ii) The Articles of Association of the Company which are available for inspection at the registered office of the Company at 2nd Floor, Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland and at the Companies Registration Office in Ireland.

(iii) The Central Bank of Ireland UCITS Regulations can be obtained from the Central Bank of Ireland's website at: www.centralbank.ie and are available for inspection at the registered office of the Company.

A corporate governance code (the "IF code") was issued by the Irish Funds (formerly known as the Irish Funds Industry Association) in December 2011 that may be adopted on a voluntary basis by Irish authorised collective investment schemes and management companies authorised by the Central Bank of Ireland to act as managers of Irish authorised collective investment schemes effective 1 January 2012 with a twelve month transitional period.

The IF Code may be inspected on/obtained from www.irishfunds,ie. During 2013, the Board adopted the IFIA Code having regard for certain other key pillars of governance within the collective investment fund governance structure, including:

the role of the Promoter, unique within the collective investment fund structure, as recognised by the Central Bank of Ireland, in supporting the corporate governance culture of the Company and of the investment funds which it manages (the "Fund"); and

the uniqueness of the independent segregation of duties as between the Investment Manager, the Administrator (with responsibility for the calculation of the net asset value, amongst other duties) and the independent Custodian (with responsibility for safeguarding the assets of the Company and overseeing how the Company is managed) to the Fund, such segregation of duties/functions being achieved through delegation of respective responsibilities to and appointment of suitably qualified and also regulated third party entities who are subject to regulatory supervision,

The Company has no employees and the Directors are all non-executive. Consistent with the regulatory framework applicable to investment fund companies such as the Company (and in contrast to normal operating companies with a full time executive management and employees), the Company, consequently, operates under the delegated model whereby it has delegated investment management, administration and distribution functions to third parties without abrogating the Board's overall responsibility. The Board has in place mechanisms for monitoring the exercise of such delegated functions, which are always subject to the supervision and direction of the Board. These delegations of functions and the appointment of regulated third party entities are summarised as follows:

The Company has delegated the performance of the investment management functions in respect of the Fund to the Investment Manager as detailed in the Prospectus for the Fund. The Investment Manager have direct responsibility for the decisions relating to the day-to-day running of the Fund they manage and they are accountable to the Board of the Company for the investment performance of the Fund they manage. The Investment Manager has internal controls and risk management processes in place to ensure that all applicable risks pertaining to their management of the Fund are identified, monitored and managed at all times and appropriate reporting is made to the Board on a regular basis. The Investment Manager is regulated by and under the supervision of the regulator of their operating jurisdiction;

2. The Company has delegated its responsibility as Administrator, Registrar and Transfer Agent in respect of the Fund to Maples Fund Services (Ireland) Limited (the "Administrator"), which has responsibility for the day-to-day administration of the Fund including the calculation of the net asset values. The Administrator is regulated by and under the supervision of the Central Bank of Ireland;



3. The Company has delegated the distribution of the Fund to the entities described in the Prospectus, which entities are regulated by and subject to the supervision of the regulators of their respective operating jurisdictions; and

4. The Company had also delegated to the Administrator the responsibility to deliver to it accounting, administrative and other management support functions and services.

The Fund also has appointed SMT Trustees (Ireland) Limited (the "Custodian") as custodian of their assets which has responsibility for the safekeeping of such assets in accordance with the Regulations and for exercising independent oversight over how the Fund is managed. The Custodian is regulated by and under the supervision of the Central Bank of Ireland. The Board receives reports on a regular (and at least quarterly) basis from each of its delegate service providers and the Custodian which enable it to assess the performance of the delegate service providers and the Custodian (as the case may be).

Financial Reporting Process - description of main features

The Board is ultimately responsible for overseeing the establishment and maintenance of adequate internal control and risk management systems for the Company in rela tion to the financial reporting process. As the Company has no employees and all Directors serve in a non-executive capacity, all functions relating to the Company's financial reporting process including the preparation of the Company's financial statements have been outsourced to the Administrator, which is required to maintain the books and records of the Company.

Through this appointment the Board has procedures in place to ensure that all relevant books of account are properly maintained and are readily available, including production of annual and half yearly financial statements. Subject to the supervision of the Board, the appointment of the Administrator is intended to manage rather than eliminate the risk of failure to achieve the Company's financial reporting objectives and can only provide reasonable and not absolute assurance against material misstatement or loss.

The Board is responsible for assessing the risk of irregularities whether caused by fraud or error in financial reporting and for ensuring that processes are in place for the timely identification of internal and external matters with a potential effect on financial reporting. The Board's appointment of an independent third party administrator, (which is regulated by the Central Bank of Ireland) is intended to mitigate though not eliminate the risk of fraud or irregularities which may impact the financial statements of the Company.

During the year of these financial statements, the Board was responsible for the review and approval of the annual financial statements as set out in the Statement of Directors' Responsibilities. The statutory financial statements are required to be audited by independent auditors who report annually to the Board on their findings. The Board monitors and evaluates the independent auditor's performance, qualifications

and independence. As part of its review procedures, the Board receives presentations from relevant parties including consideration of accounting standards and their impact on the annual financial statements, and presentations and reports on the audit process. The Board evaluates and discusses significant accounting and reporting issues as the need arises.

The audited annual financial statements of the Company are required to be approved by the Board and filed with the Central Bank of Ireland.

For the appointment and replacement of Directors, the Company is governed by its Articles of Association and Irish statute comprising the Irish Companies Act 2014. The Articles of Associa tion may be amended by special resolution of the shareholders. The Articles of Associa tion do not provide for retirement of Directors by rotation. However, the Directors my be removed by the shareholders by ordinary resolution in accordance with the procedures established under the Irish Companies Act 2014. A Director may also be removed upon notice from the Company in accordance with the Letter of Appointment between him and the Company.



The Board is responsible for managing the business affairs of the Company in accordance with the Articles of Association. There are currently four directors (refer to page 1 for details), all of whom are non-executive. Each of Adam McClain and Hampton McFadden are full time executives of Vulcan Value Partners LLC. Both Yvonne Connolly and Elizabeth Beazley are regarded as independent directors having regard to the terms of the Corporate Governance Code. All related party transactions during the year are detailed in the notes to the financial

statements.

The Board meets at least quarterly. There are no permanent sub-committees of the Board.

Shareholders' meetings

The convening and conduct of Shareholders meetings are governed by the Memorandum and Articles of Association of the Company and the Irish Companies Act. Although the Directors may convene an extraordinary general meeting of the Company at any time, the Directors are required to convene an annual general meeting of the Company within fifteen months of the date of the previous annual general meeting.

The Directors may convene general meetings. Extraordinary general meetings may also be convened on such requisition, or in default may be convened by such requisitionists, and in such manner as may be provided by the Irish Companies Act. If at any time there are not within the State sufficient Directors capable of acting to form a quorum, any Director or any two Holders may convene an extraordinary general meeting in the same manner as nearly as possible as that in which general meetings may be convened by the Directors. Subject to the provisions of the Irish Companies Act allowing a general meeting to be called by shorter notice, an annual general meeting and an extraordinary general meeting called for the passing of a special resolution shall be called by at least twenty-one Clear Days' notice and all

other extraordinary general meetings shall be called by at least fourteen Clear Days' notice.

Two shareholders present either in person or by proxy constitutes a quorum at a general meeting. Every holder of shares present in person or by proxy who votes on a show of hands is entitled to one vote and the holders of Subscriber shares shall have one vote in respect of all of the Subscriber shares in issue. On a poll, every holder of shares present in person or by proxy is entitled to one vote in respect of each share held by him, The chairman of a general meeting of the Company or at least two shareholders present in person or by proxy having the right to vote at the meeting or any holder or holders of shares present in person or by proxy representing at least one tenth of the shares in issue having the right to vote at such meeting may demand a poll. Shareholders may resolve to sanction an ordinary resolution or special resolution at a shareholders' meeting. An ordinary resolution of the Company or of the shareholders of a particular Fund or Class requires a simple majority of the votes cast by the shareholders voting in person or by proxy at the meeting at which the resolution is proposed.

Risk management objectives and policies

The principal risks and uncertainties faced by the Company are disclosed in Note 9 of the financial statements.

Significant events during the year

There are no significant events during the year other than those disclosed in Notes 13 and 14 to these financial statements.

Review of the business and future developments

The net asset value of the Fund as at 31 December 2015 was US$1,164,062,186 (2014: US$876,624,216).

Directors

The Directors who served the Company during the year ended 31 December 2015 are stated on page 1.



Directors' and Secretary's interests in shares of the Company

The Directors and Company Secretary had no interests in the shares of the Company during the year ended 31 December 2015 other than those disclosed in Note 5 of the financial statements. No Director had, at any time during the year or at the end of the year, a material interest in any contracts or agreements of any significance in relation to the business of the Company, as defined in the Irish Companies Act,

2014.

Results and dividends

The results of operations for the year are set out in the Statement of Comprehensive Income. During the year ended 31 December 2015, the Fund made cash distributions by way of dividends to all persons who are listed as owners of its income share classes (USD Income, USD II

Income, GBP Income and GBP II Income).

The total dividend payment for each share class is listed below. The record date and ex-date of the dividend was 21 April 2015, with a pay

date of 24 April 2015:

Share Class Dividend (USD) USD Income Class US$274,147

USD II Income Class US$87,409

GBP Income Class US$87,921

GBP II Income Class US$2,111,010

Total US$2,560,487

Performance data

Management OCF* Performance YTD

Fee %

USD Class Shares 1.00% 1,15% -10.19%

USD Accumulating Class Shares 1.50% 1.65% -10.63%

USD II Accumulating Class Shares 0.75% 0.90% -9.96%

USD Income Class Shares 1.00% 1.15% -10.37%

USD II Income Class Shares 0.75% 0.90% -10.05%

GBP Class Shares 1.00% 1.15% -5.05%

GBP Accumulating Class Shares 1.50% 1.65% -5.53%

QBP Income Class Shares 1.00% 1.15% -5.18%

GBP II Accumulating Class Shares 0.75% 0.90% -4.82%

GBP II Income Class Shares 0.75% 0.90% -5.02%

Euro Class Shares 1.00% 1,15% 0.11%

Euro Accumulating Class Shares 1.50% 1.65% -0.28%

Euro II Accumulating Class Shares 0.75% 0.90% 0.34% * Ongoing fund charge including one-off charges, if any

Independent auditors

The independent auditors, PricewaterhouseCoopers, Chartered Accountants & Registered Auditors have indicated their willingness to

continue in office in accordance with section 383 of the Irish Companies Act, 2014.

Events since year-end

The subsequent events are disclosed in Note 14 to the financial statements.


Directors Report (continued)

Transactions with connected parties

The Central Bank UCITS Regulations requires that any transaction carried out with a UCITS by a management company or depositary to the UCITS, the delegates or sub-delegates of the management company or depositary, and any associated or group of such a management company, depositary, delegate or sub-delegate ("connected persons") must be carried out as if negotiated at arm's length and must be in the best interests of the shareholders.

The Board of Directors is satisfied that there are arrangements (evidenced by written procedures) in place, to ensure that the obligations set out in Regulation 41(1) of the Central Bank UCITS Regulations are applied to all transactions with connected persons, and are satisfied that transactions with connected persons entered into during the year complied with the obligations set out in this paragraph.

Signed on behalf of the Board of Directors by:

Director 1HS_Director Dated: 26 April 2016


Custodian's Report


Statement of Custodian's Responsibilities

The European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011, as amended (the "UCITS Regulations") and The Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 (the "Central Bank UCITS Regulations") (together the "Regulations") require the Custodian to take reasonable care so as to ensure that the Company is managed in accordance with the Regulations and the Memorandum and Articles of Association of the Company. In particular, the Custodian must:

satisfy itself on reasonable grounds and on a continuing basis that the Company has been managed in accordance with the limitations imposed on the investment and borrowing powers of the Company by the Memorandum and Articles of Association and the Regulations;

take into its custody or under its control all the assets of the Company and hold them in trust for the shareholders in accordance with the Regulations and the Memorandum and Articles of Association;

satisfy itself that the valuation of the shares of the Company and that the sale, issue, repurchase, redemption and cancellation of shares of the Company are being carried out in accordance with the Regulations and the Memorandum and Articles of Association.

To enable the Custodian to fulfil its responsibilities under the Regulations and the Memorandum and Articles of Association, the Custodian is required to keep proper records.

Custodian's Report

SMT Trustees (Ireland) Limited as Custodian has enquired into the conduct of the Company during the above period. In our opinion the Company has been managed in all material respects:

i) in accordance with the limitations imposed on the investment and borrowing powers of the Company by the Company's Memorandum and Articles of Association and the Regulations; and

ii) otherwise in accordance with the provisions of the Memorandum and Articles of Association and the Regulations.

SMT Trustees (Ireland) Limited

(u,r ((

Dated: 26 April 2016

Efli

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VULCAN GLOBAL VALUE FUND PLC

Report on the financial statements Our opinion

In our opinion, Vulcan Global Value Fund plc's financial statements (the "financial statements"):

• give a true and fair view of the company's and Fund's assets, liabilities and financial position as at 31 December 2015 and of their results and cash flows for the year then ended;

• have been properly prepared in accordance with International Financial Reporting Standards ("lFRSs") as adopted by the European Union; and

• have been properly prepared in accordance with the requirements of the Companies Act 2014 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended).

What we have audited The financial statements comprise: • the statement of financial position as at 31 December 2015;

• the statement of comprehensive income for the year then ended;

• the statement of cash flows for the year then ended;

• the statement of changes in net assets attributable to holders of redeemable participating shares for the year then ended;

• the schedule of investments for the Fund as at 31 December 2015; and

• the notes to the financial statements for the company and its funds which include a summary of significant accounting policies and other explanatory information.

The financial reporting framework that has been applied in the preparation of the financial statements is Irish law and IFRSs as adopted

by the European Union.

In applying the financial reporting framework, the directors have made a number of subjective judgements, for example in respect of significant accounting estimates. In making such estimates, they have made assumptions and considered future events.

Matters on which we are required to report by the Companies Act 2014

• We have obtained all the information and explanations which we consider necessary for the purposes of our audit.

• In our opinion the accounting records of the company were sufficient to permit the financial statements to be readily and

properly audited. • The financial statements are in agreement with the accounting records.

• In our opinion the information given in the Directors' Report is consistent with the financial statements.

Matters on which we are required to report by exception

Directors' remuneration and transactions

Under the Companies Act 2014 we are required to report to you if, in our opinion, the disclosures of directors' remuneration and transactions specified by sections 305 to 312 of that Act have not been made. We have no exceptions to report arising from this

responsibility.

Responsibilities for the financial statements and the audit

Our responsibilities and those of the directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VULCAN GLOBAL VALUE FUND PLC

Our responsibility is to audit and express an opinion on the financial statements in accordance with Irish law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards

for Auditors.

This report, including the opinions, has been prepared for and only for the company's shareholders as a body in accordance with section 391 of the Companies Act 2014 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly

agreed by our prior consent in writing.

What an audit of financial statements involves

We conducted our audit in accordance with International Standards on Auditing (UK and Ireland). An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of:

whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and

adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and

the overall presentation of the financial statements.

We primarily focus our work in these areas by assessing the directors' judgements against available evidence, forming our own

judgements, and evaluating the disclosures in the financial statements.

We test and examine information, using sampling and other auditing techniques, to the extent we consider necessary to provide a reasonable basis for us to draw conclusions. We obtain audit evidence through testing the effectiveness of controls, substantive

procedures or a combination of both.

In addition, we read all the financial and non-financial information in the Annual Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements

or inconsistencies we consider the implications for our report.

Marie O'Connor for and on behalf of PricewaterhouseCoopers Chartered Accountants and Statutory Audit Firm Dublin 26 April 2016

WA


Statement of Financial Position

as at 31 December 2015

Vulcan Global Value Vulcan Global Value Fund Plc & Vulcan Fund Plc & Vulcan Value Equity Fund Value Equity Fund

31 December 2015 31 December 2014

Note USD USD

Assets Financial assets at fair value through profit or loss 3,10 1,114,570,245 803,012,157

Dividends receivable 840,366 1,866,599

Cash and cash equivalents 8 55,338,282 69,062,388

Other debtors and prepayments 82,596 50,232

Subscriptions awaiting settlement 3,760,865 1,199,935

Unsettled trades 41,913 3,019,973

Total Assets 1,174,634,267 878,211,284

Liabilities

Unsettled trades 5,844,720 -

Administration fees payable 4 196,690 183,595

Audit and tax consultancy fees payable 4 25,455 18,801

Custodian fees payable 4 28,407 16,161

Investment management fees payable 4 1,067,729 923,718

Redemptions payable 3,201,184 47,343

Withholding tax expense payable 6 172,368 369,495

Other liabilities 35,528 27,955

Total Liabilities (excluding net assets attributable to holders of redeemable shares) 10,572,081 1,587,068

Net assets attributable to holders of redeemable shares 1,164,062,186 876,624,216

31 December 2015 31 December 2015 31 December 2014 31 December 2014 Redeemable Net asset value per Redeemable Shares Net asset value per

Note Shares in issue redeemable share in issue in issue redeemable share in issue Vulcan Value Equity Fund USD Class Shares 7,16 897,360.26 $ 124.003 359,249.08 $ 138.067 USD Accumulating Class Shares 7,16 790,298.27 $ 110.921 704,258.09 $ 124,121 USD 11 Accumulating Class Shares 7,16 3,507,732.58 $116,750 2,641,195.97 $ 129.667 USD Income Class Shares 7,16 298,183.20 $110,215 181,379.52 $124,121 USD II Income Class Shares 7,16 368,894.47 $113,107 102,098.94 $ 126.241 GBP Class Shares 7,16 132,140.76 £ 122.049 91,389.91 £128,547 GBP Accumulating Class Shares 7,16 6,062.87 £121,086 4,235.60 £128,173 GBP Income Class Shares 7,16 99,508.09 £ 121.430 50,668.81 £ 128.549 GBP II Accumulating Class Shares 7,16 652,017.14 £ 122.833 660,278.47 £129,049 GBP II Income Class Shares 7,16 1,666,876.42 £119,215 993,469.50 £126,410 Euro Class Shares* 7,16 168,785.72 €113,352 10.00 €113,233 Euro Accumulating Class Shares* 7,16 10.00 € 112.624 10.00 € 112.942 Euro II Accumulating Class Shares* 7,16 54,590.54 €113,698 29,631.34 €113,314

The financial statements were approved by the Board of Directors on 26 April 2016 and signed oncJts behalf by:

Nat Director Director

The notes on pages 17 to 39 are an integral part of these financial statements 13


Statement of Comprehensive Income


Vulcan Global Vulcan Global Value Fund Value Fund

Plc & Vulcan Plc & Vulcan Value Equity Value Equity

Fund Fund

31 December 31 December 2015 2014

Note USD USD

Interest income 2(c) 13,131 8,904

Dividend income 2(c) 18,663,935 10,617,935

Net gain on financial assets at fair value through profit or loss 42,752,479 41,789579

Net change in unrealised (loss)/gain on investments (167,263,671) 37,238,979

Net (loss)/gain on foreign currency transactions (577,249) 281,007

Total (loss)Iincome (106,411,375) 89,936,404 Investment management fees 4 9,111,087 4,300,532

Transaction costs 4 1,051,106 836,267

Administration fees 4 729,317 510,755

Other expenses 486,027 343,623

Custodian fees 4 247,971 231,356

Audit and tax consultancy fees 4 128,257 60,424

Directors' fees 4 42,882 33,270

Legal fees 36,820 101,746

Interest expense -- 46 55

Total operating expense 11,833,513 6,418,028

Operating (loss)/profit (118,244,888) 83,518,376

Finance costs (excluding (decrease)/increase in net assets from operations attributable to holders of redeemable shares)

Distributions to holders of redeemable shares (2,560,487) (235,949)

(Loss)/profit after distributions and before tax (120,805,375) 83,282,427

Withholding tax expense 6 (4,941,265) (2,431,921)

(Decrease)/increase in net assets from operations attributable to holders of redeemable shares (125,746,640) 80,850,506



Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares


Vulcan Global Value Fund Plc &

Vulcan Value Equity Fund

USD

Balance at 31 December 2013 147,618,691

Increase in net assets from operations attributable to holders of redeemable shares 80,850,506

Contributions and redemptions by holders of redeemable shares: Issue of redeemable shares 778,356,734

Redemptions of redeemable shares (130,2011,715)

Total contributions and redemptions by holders of redeemable shares 648,155,019

Balance at 31 December 2014 876,624,216

Decrease in net assets from operations attributable to holders of redeemable shares (125,746,640)

Contributions and redemptions by holders of redeemable shares: Issue of redeemable shares 654,374,000

Redemptions of redeemable shares (241,189,390)

Total contributions and redemptions by holders of redeemable shares 413,184,610

Balance at 31 December 2015 1,164,062,186


Vulcan Global Value Fund Plc

An umbrella fund with segregated liability between sub-funds

Statement of Cash Flows

For the Financial Year Ended 31 December 2015 Vulcan Global Value Vulcan Global Value

Fund Plc & Vulcan Fund Plc & Vulcan Value Equity Fund Value Equity Fund

31 December 2015 31 December 2014

USD USD

(Decrease)/increase in net assets from operations attributable to holders of redeemable shares (125,746640) 80,850,506

Adjustment for Net gain on financial assets at fair value through profit or loss (42,752,479) (41,789,579)

Net change in unrealised (losses)/gains on investments 167,263,671 (37,238,979)

Exchange (losses)/gains on cash and cash equivalents 577,249 (206,271)

Distributions to holders of redeemable shares 2,560,487 235,949

Operating cash flow before movement in working capital 1,902,288 1,851,626

Decrease in other receivables - 3,715

(Increase)/decrease in other debtors and prepayments (32,364) 12,585

Decrease/(Increase) in dividends receivable 1,026,233 (1,793,935)

Decrease/(Increase) in receivable unsettled trades 2,978,060 (3,019,973)

Increase in administration fees payable 13,095 114,207

Decrease in audit and tax consultancy fees payable 6,654 (1,223)

Increase/(decrease) in custodian fees payable 12,246 (7,777)

Increase in investment management fees payable 144,011 733,037

Decrease in directors' fees payable - (6,674)

Decrease in organization fees payable - (65,978)

(Decrease)/increase in withholding tax expense payable

Increase/(decrease) in payable unsettled trades

(197,127)

5844,720

347,696

(934,978)

Increase/(decrease) in other liabilities 7,573 (31,350)

Purchase of financial assets at fair value through profit or loss (1,011,338,627) (928982,986)

Proceeds from sales of financial assets at fair value through profit or loss 575,269,347 345,400,676

Net cash used in operating activities (424,363,891) (586,381,332)

Cash flows from financing activities Proceeds from issues of redeemable shares 651,813,070 738,084,069

Payments for redemptions of redeemable shares (238,035,549) (88,186,636)

Distributions paid to holders of redeemable shares (2,560487) (235,949)

Net cash from financing activities 411,217,034 649,661,484

Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year

(13,146,857) 69,062,388

63,280,152 5,575,965

Exchange gains on cash and cash equivalents (577,249) 206,271

Cash and cash equivalents at the end of the year 55,338,282 69,062,388

Supplementary information on cash flows from operating activities: Interest received 13,131 8,904

Interest paid (46) (55)

Dividend received 19,690,168 8,824,000

Supplementary information on non-cash flows: Non-cash redemptions 542,694 42,053,788

Non-cash subscriptions (542,694) (42,053,788)



Notes to the Financial Statements


1. General information

Vulcan Global Value Fund Plc (the Company) is an open-ended umbrella investment company with variable capital and with

segregated liability between sub-funds, incorporated and registered in Ireland on 18 August 2011 with registered number 502528 under the Irish Companies Act 2014 as an Undertaking for Collective Investment in Transferable Securities ("UCITS") pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended).

Vulcan Value Equity Fund (the "Fund'), is a Sub-fund of the Company launched on 1 May 2013. The investment objective is to achieve capital appreciation over the long term primarily by investing directly or indirectly in equity securities. Exposure to equity securities may be achieved by investing in collective investment schemes, including exchange traded funds. As of 31 December 2015 and 31

December 2014, no other Sub-funds of the Company were in existence.

2. Significant accounting policies

(a) Basis of preparation

The financial statements for the Company have been prepared in accordance with International Financial Reporting Standards ("IFRS"), as adopted by the European Union, and comply with Irish Statute comprising the Irish Companies Act 2014 and with the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as

amended).

The preparation of financial statements in conformity with IFRS requires the use of accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies.

The resulting accounting estimates will by definition seldom equal the related actual result.

The functional and presentation currency of the Fund is the United States Dollar ('USD"). USD is the currency noted in the

Prospectus and is relevant to the stated investment strategy.

(i) Standards, amendments and interpretations that are issued but not effective for the financial period beginning I

January 2015 and not early adopted

IFRS 9 Financial Instruments: Classification and Measurement:

IFRS 9 as issued reflects the first phase of the IASB's work on the replacement of lAS 39 and applies to classification and measurement of financial assets and financial liabilities as defined in lAS 39. The standard is effective for annual periods beginning on or after 1 January 2018. In subsequent phases, the IASB will address hedge accounting and impairment of financial assets. The adoption of the first phase of IFRS 9 will have an effect on the classification and measurement of the Company's financial assets but will potentially have no impact on classification and measurements of financial liabilities. The Company will quantify the effect in conjunction with the other phases, when issued, to present

a comprehensive picture.

17


Notes to the Financial Statements (continued)


2. Significant accounting policies (continued)

(b) Financial assets and liabilities at fair value through profit or loss

Accounting for investments

The Company records investment transactions on a trade date basis, matching the cost of investments for the purpose of calculating realised gains and losses on a first-in, first-out basis. The Company records an unrealised gain or loss to the extent of the difference between the cost and the fair value of the position at any particular point in time. The Company records a realised gain or loss when the position is sold or closed. Realised gains and losses and the movement in unrealised gains and losses are recorded in the Statement of Comprehensive Income within "Net gain on financial assets at fair value through profit or loss, 'Net change in unrealised (loss)/gain on investments' and "Net (loss)/gain on foreign currency transactions".

The Company designates its financial assets and financial liabilities into the categories below in accordance with [AS 39.

• Financial assets designated at fair value through profit or loss. These include debt and equity instruments.

• Financial assets measured at amortised cost.

Financial assets would be measured at amortised cost if it is held within a business model whose objective is to hold assets in order to collect contractual cash flows, and the assets contractual terms give rise on specified dates to cash flows that are solely payments of principal interest on the principal outstanding. All other financial assets would be measured at fair value. The Company does not classify any derivatives as hedges in a hedging relationship.

Recognition

The Company initially recognises financial assets and financial liabilities at fair value on the date it becomes a party to the contractual provisions of the instruments. A regular way purchase of financial assets is recognised using trade date accounting. From this date any gains and losses arising from changes in fair value of the financial assets or financial liabilities are recorded.

Derecognition

The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition in accordance with lAS 39,

The Company derecognises a financial liability when the obligation specified in the contract is discharged, cancelled or expires.

Measurement

Financial instruments are measured initially at fair value (transaction price). Transaction costs on financial assets and financial liabilities at fair value through profit or loss are expensed immediately through operating expenses.

18





(b) Financial assets and liabilities at fair value through profit or loss (continued)

Measurement (continued)

Subsequent to initial recognition, all instruments classified at fair value through profit or loss are measured at fair value with changes in their fair value recognised in the Statement of Comprehensive Income.

Financial liabilities, other than those at fair value through profit or loss, are measured at amortised cost using the effective

interest rate.

Valuation of investments

The fair value of financial instruments is based on their quoted market prices where available at the year end date. Quoted investments and investments traded on over the counter markets are valued at closing price.

Where prices are not available, investments are valued on the basis of the probable realisation value, estimated by the

Directors.

(c) Income recognition

Interest and dividends receivable are recognised on an accruals basis as they are earned. Dividend income is recognised when the right to receive payment is established. Interest income arising on investments, as well as deposit interest, is accounted for on an effective interest basis. The effective interest method is a method of calculating the amortised cost of a financial asset or financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts throughout the expected life of the financial instrument, or shorter period where appropriate, to the net carrying amount of the financial assets or financial liabilities.

(d) Expenses

Interest payable is recognised on an accruals basis as it is incurred. The Fund is responsible for all normal operating expenses including administration fees, fees and expenses of the Investment Manager and the Custodian, audit and tax consultancy fees, stamp and other duties and charges incurred on the acquisition and realisation of investments. Such costs are expensed in the year to which they relate. Interest expense is recorded on an effective interest basis.

(e) Foreign exchange translation

The functional and presentation currency of the Company and Fund is the US Dollar (USD"). Transactions in foreign currencies are translated at the foreign currency exchange rate ruling at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions are recognised in the Statement of Comprehensive Income in the period in which they arise. Assets and liabilities denominated in foreign currencies are translated to USD at the foreign currency closing exchange rate ruling at the year end date. Purchases and sales of investments and income and expenses denominated in currencies other than USD are translated at the exchange rate on the respective dates of such transactions.

19





(f) Redeemable shares

Redeemable shares are redeemable at the shareholder's option and are classified as financial liabilities.

The redeemable shares can be put back to the Fund at any time for cash equal to a proportionate share of the Fund's NAy. The redeemable share is carried at the redemption amount that is payable at the year end date if the shareholder exercised its right to put the share back to the Fund.

(g) Cash and cash equivalents

For the purposes of cash flows, cash and cash equivalents consist of bank deposits and other short-term investments in an active market with original maturities of three months of less. Cash and cash equivalents are valued at their face value together with interest accrued using the effective interest method, where applicable.

(h) Distributions

It is the intention of the Directors not to declare or pay dividends, and any income earned by the Fund and the USD Class Shares, USD Accumulating Class Shares, USD II Accumulating Class Shares, GBP Class Shares, GBP Accumulating Class Shares, GBP II Accumulating Class Shares, Euro Class Shares, Euro Accumulating Class Shares and Euro II Accumulating Class Shares will be reinvested and reflected in the value of those Classes.

The Directdrs intend to declare a dividend on an annual basis in respect of the USD Income Class Shares, USD II Income Class Shares, GBP Income Class Shares and GBP II Income Class Shares, Dividends may be payable out of the accumulated revenue (consisting of all revenue accrued including interest and dividends) less expenses and realised and unrealised accumulated capital gains on the disposal/valuation of investments less realised and unrealised accumulated capital losses attributable to the relevant Class of the Fund.

Dividends will generally be payable in respect of those Classes within 4 months of the financial year end in accordance with the terms of the Prospectus. Dividends payable on Redeemable Participating Shares are recognised in the Statement of Comprehensive Income as a finance cost.

20




3. Financial assets at fair value through profit or loss

Vulcan Global Value Fund Plc & Vulcan Value

Equity Fund

31 December 2015 USD

Designated at fair value through profit or loss upon initial recognition: Equity Investments 1,114,570,245

Total financial assets at fair value through profit or loss 1114,570,245


Equity Fund


Designated at fair value through profit or loss upon initial recognition: Equity investments 803,012,157

Total financial assets at fair value through profit or loss 803,012,157

4. Fees

Investment management fees

Vulcan Value Partners LLC (the "Investment Manager") receives investment management fees at the following percentage rate per annum of the net asset value of that class:

USD Class Shares 1,00%

USD Accumulating Class Shares 1,50%

USD II Accumulating Class Shares 0.75%

USD Income Class Shares 1.00%

USD II Income Class Shares 0.75%

GBP Class Shares 1.00%

GBP Accumulating Class Shares 1.50%

GBP Income Class Shares 1.00%

GBP II Accumulating Class Shares 0.75%

GBP II Income Class Shares 0.75%

Euro Class Shares 1.00%

Euro Accumulating Class Shares 1.50%

Euro II Accumulating Class Shares 0.75%

21




4. Fees (continued)

Investment management fees (continued)

The Investment Manager's fees are calculated on each business day (dealing day' and are payable monthly in arrears. The Investment Manager does not anticipate that aggregate fees of the Investment Manager in respect of a particular class, the Administrator and the Custodian (the "Annual Management Fee") will exceed 2% of the average monthly Net Asset Value of that class in each year of the Fund's operation (the "AMF Threshold"). If the Annual Management Fees exceed the AMF Threshold, the Investment Manager has undertaken to discharge that proportion of the Annual Management Fees above the OF Threshold and shall rebate the Fund accordingly. The Annual Management Fee for the years ended 31 December 2015 and 31 December 2014 has not exceeded the AMF Threshold.

During the years ended 31 December 2015 and 31 December 2014, the Investment Manager charged the following investment

management fees:


Equity Fund

31 December 2015 IJSD

Investment management fees - 9,111,087

Investment management fees payable 1,067,729


Equity Fund


Investment management fees 4,300,532

Investment management fees payable 1 923,718

Distributor fees

Vulcan Value Partners, LLC shall act as distributor (the "Distributor") of Shares in the Fund pursuant to the Distribution Agreement with authority to delegate some or all of its duties as Distributor to Fund subject to the requirements of the Central Bank. No distribution fees were incurred during the years ended 31 December 2015 and 31 December 2014.

22




4. Fees (continued)

Administration fees

With effect from 1 January 2015, the Company pays the Administrator a fee of up to 010% (2014: 0.14%) of the Net Asset Value of the Fund per annum. The fees are calculated on each dealing day and are payable quarterly in arrears. The fees are subject to a minimum monthly fee of €4,000 for the first 12 months of the term of the Administration Agreement and a minimum monthly fee of €4,583 thereafter.

In addition, the Administrator is entitled to be reimbursed all reasonable out of pocket expenses and transaction charges as may be agreed between the Company and the Administrator from time to time.

During the years ended 31 December 2015 and 31 December 2014, Administration fees were as follows:


Equity Fund


Administration fees 729,317

Administration fees payable 196,690


Equity Fund


Administration fees 510,755

Administration fees payable 183,595

23




4. Fees (continued)

Custodians fees

Effective 1 December 2014, the Company agrees to pay to the Custodian a fee, pro-rated as at each dealing day, up to 0.020% (2014: 0,035%) of the Net Asset Value of the Fund, subject to a minimum of €3,250 (2014: USD4,400) per month. Such fees will be paid monthly in arrears.

The Custodian or its affiliate is entitled to be reimbursed all reasonable out of pocket expenses and the reasonable safekeeping fees and transaction charges of sub-custodians appointed by it which shall be charged at normal commercial rates.

During the years ended 31 December 2015 and 31 December 2014, Custodian fees charged were as follows:

Vulcan Global Value Fund Plc & Vulcan Value Equity Fund


Custodian fees (including Sub-Custody fees) 247,971

Custodian fees payable (including fees owing to the Sub-Custodian) 28,407



Custodian fees (including Sub-Custody fees) 231,356

Custodian fees payable (including fees owing to the Sub-Custodian) 16,161

24




4. Fees (continued)

Audit and tax consultancy fees

Auditors remuneration consists of:


Equity Fund


Statutory auditor's remuneration 25,455

Tax advisory services: - German tax reporting fees 94,461

- UK tax reporting fees 8,341

Other assurance services -

128,257


Equity Fund


Statutory auditor's remuneration 18,250

Tax advisory services: - German tax reporting fees 40,423

- UK tax reporting fees 1,751

Other assurance services -

60,424

As at 31 December 2015 audit fees amounting to USD 25,455 (2014: USD18,801 audit and tax consultancy fees) were remaining payable.

Directors' fees

The Directors are entitled to remuneration not exceeding €25,000 (USD30,245) (exclusive of VAT) per annum per Director, or such other amount as may be approved by a resolution of the Directors and approved by or notified in advance to shareholders (as appropriate). The Directors' fee to Elizabeth Beazley and Yvonne Connolly was €19,250 (USD21,441) (2014: €13,750 (USD16,635)) respectively. In addition the Company paid €31,616 (USD34,322) (2014: €22,500 (USD27,221)) to Came Global Financial Services Limited in respect of Directors' support services for Elizabeth 8eazley and Yvonne Connolly. Support fees are included in other expenses. Adam McClain and Hampton McFadden do not receive fees as employees of the Investment Manager.

25




4, Fees (continued)

Transaction costs

Commission expenses for the years ended 31 December 2015 and 31 December 2014 comprised transaction costs associated with

investment activities, the expenses were as follows:


Equity Fund


Commissions incurred on depository receipt transactions 43,987

Commissions incurred on equity transactions 1,007,119

1,051,106


Equity Fund


Commissions incurred on depository receipt transactions 27,064

Commissions incurred on equity transactions 809,203

836,267

5. Related party disclosures

The Company's related parties include key management and the Investment Manager as described below.

The Company operates under an investment management agreement with Vulcan Value Partners LLC. All fees paid to the Investment Manager are disclosed separately in the Statement of Comprehensive Income. Amounts payable at 31 December 2015 and 31

December 2014 are included in the Statement of Financial Position.

Adam McClain and Hampton McFadden are employees of Vulcan Value Partners LLC, the Investment Manager, Promoter and

Distributor, and do not receive fees for their services.

Yvonne Connolly and Elizabeth Beazley are independent of the Investment Manager and are employees of Came Global Financial Services Limited. The Company paid Directors' support services fees to Came Global Financial Services Limited. The amount charged

to the Company is disclosed in Note 4.

26




5. Related party disclosures (continued)

The Independent Directors may be entitled to remuneration as determined by the Board of Directors.

6. Taxation

Under current law and practice, the Company qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997, as amended. On that basis, it is not liable to Irish tax on its income or gains.

However, Irish tax can arise on the happening of a "chargeable event". A chargeable event includes any distribution payments to

shareholders or any encashment, redemption, cancellation or transfer of shares.

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

a shareholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes at the time of the chargeable event, provided appropriate valid declarations in accordance with the provisions of the Taxes Consolidation Act, 1997, as

amended, are held by the Company; and

ii) certain exempted Irish tax resident shareholders who have provided the Company with the necessary signed statutory

declarations.

Dividends, interest and capital gains (if any) received on investments made by the Company may be subject to withholding taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the Company

or its shareholders.

7. Share Capital

The Fund has authorised thirteen share classes (2014: thirteen), The authorised share capital of the Company is 1,000,000,000,000 shares of no par value initially designated as unclassified shares. The share capital of the Company is equal to the Net Assets

attributable to holders of redeemable shares.

- Vulcan Value Equity Fund

USD Class USD USD II USD Income USD II Income Accumulating Accumulating Class Class

Class Class Redeemable shares in issue

Balance at 31 December 2013 405,771.95 20,140.75 139,627.26 124,753.04 4,427.64

Subscriptions 313,046.45 810,499.75 2,749,830.05 75,303.89 104,479.99

Redemptions (359569.32) (126,382.41) (248,261.34) (18,677.41) (6,808.69)

Balance at 31 December 2014 359,249.08 704,258.09 2,641,195.97 181,379.52 102,098.94

Subscriptions 717,566.72 655,991.27 1,452,142.54 242,805.62 313,748.87

Redemptions (179,455.54) (569,95109) (585,605.93) (126,001.94) (46,953.34)

Balanceat31December 2015 897,360.26790,298.273,507,732.58298,183.20368,894.47

27




7. Share Capital (continued)


GBP Class GBP GBP II GBP Income GBP II Income Accumulating Accumulating Class Class

Class Class Redeemable shares in issue

Balance at 31 December 2013 32,132.84 5.10 68,735.10 17,011,91 254,066.14

Subscriptions 71,153.30 4,230.60 644,640.28 38,074.93 877,556.61

Redemptions (11,896.23) (0.10) (53,096.91) (4,418.03) (138,153.25)

Balance at 31 December 2014 91,389.91 4,235.60 660,278.47 50,668.81 993,469.50

Subscriptions 54,967.10 6,927.27 96,737.42 56,286.68 817,795,88

Redemptions (14,216.25) (5,100.00) (104,998.75) (7,447.40) (144,388.96)

Balance at 31 December 2015 132,140.76 6,062.87 652,017.14 99,508.09 1,666,876.42


Euro Euro II Accumulating Accumulating

Redeemable shares in issue Euro Class Class Class

Balance at 31 December 2013 - - -

Subscriptions 10.00 '10.00 29,631.34

Redemptions - - -

Balance at 31 December 2014 10.00 10.00 29,631.34

Subscriptions 168,775.72 456.61 34,583.64

Redemptions - (456.61) (9,624.44)

Balance at 31 December 2015 168,785.72 10.00 54,590.54

Redeemable shares of the Fund are freely transferable. Redeemable participating shares are entitled to participate equally in the profits and distributions of the Fund and its assets in the event of termination.

All classes have the same voting rights at the Company meetings (one vote per share). The authorised share capital of the Company is 1,000,000,000,000 shares of no par value initially designated as unclassified shares and available for issue as shares.

28




7. Share Capital (continued)

The Fund has five GBP, five USD and three Euro Share Classes. The minimum holding per particular shareholders is $5,000 in respect of the USD Share Classes, £5,000 in respect of the GBP Share Classes and €5,000 in respect of the Euro Share Classes, or such greater or lesser amount as may be determined by the Directors and notified to the shareholders in advance. The minimum initial investment is $5,000 in respect of the USD Class Shares, £5,000 in respect of the GBP Class Shares and €5,000 in respect of the Euro Class Shares, $50,000,000 in respect of the USD Accumulating Class Shares, USD II Accumulating Class Shares, £50,000,000 in respect of the GBP Accumulating Class Shares, GBP II Accumulating Class Shares and GBP II Income Class Shares and €50,000,000 in respect of the Euro Accumulating Class Shares and Euro II Accumulating Class Shares, or such greater or lesser amount as may be determined by the Directors and notified to the shareholders in advance. There will be no minimum initial investment amount for the USD Income Class Shares and GBP Income Class Shares. The minimum additional investment is $10,000 in respect of the USD Class Shares, £10,000 in respect of the GBP Class Shares and €10,000 in respect of the Euro Class Shares, or such greater or lesser amount as may be determined by the Directors and notified to the shareholders in advance.

To determine the NAV of the Company for subscriptions and redemptions, investments have been valued based on the last traded market prices of the close of business on the relevant trading day. Shareholders may subscribe for shares on and with effect from any dealing day at the subscription price per share on the relevant dealing day. Applications received after the dealing deadline for the relevant dealing day, shall, unless the Directors in exceptional circumstances shall otherwise agree and provided they are received before the relevant valuation point, be deemed to have been received by such next dealing deadline.

8. Cash and Cash Equivalents

Cash was held with the following financial institutions:


Equity Fund


Cash at bank Brown Brothers Harriman & Co 55,338,282

55,338,282

29




8. Cash and Cash Equivalents (continued)

Vulcan Global Value Fund Plc &Vulcan Value

Equity Fund


Cash at bank

Brown Brothers Harriman & Co 69,062,388

69,062,388

The Company's Custodian is SMT Trustees (Ireland) Limited (the Custodian"). The Custodian has appointed Sumitomo Mitsui Trust (UK) Limited ("SMT" or the "Sub-Custodian") as its Sub-Custodian. The Sub-Custodian has, in turn, appointed Brown Brothers Harriman & Co ('BBH & Co' or the "Global Sub-Custodian") as their Global Sub-Custodian. Both the cash and non cash assets are ultimately held at BBH & Co, however cash is swept on a nightly basis to pre-approved financial institutions. See Note 9(e) for further detail.

9. Financial instruments and associated risks

The Company's risks are set out in the Prospectus and any consideration of risk here should be viewed in the context of the Prospectus which is the primary document governing the operation of the Company. The Company's investments expose it to a variety of financial risks including risks from the use of derivatives and other financial instruments, currency risk, interest rate risk, credit risk and liquidity risk, The Company's overall risk management programme seeks to minimise potential adverse effects on the Company's financial performance.

The Investment Manager monitors the Company's risk factors on a daily basis and produces reports detailing the Company's exposures as well as cash and liquidity reports which are circulated to the relevant fund management teams and compliance.

Market risk includes price, foreign currency and interest rate risks. Details of the Company's investment portfolio at 31 December 2015 are disclosed in the Schedule of Investments.

(a) Market price risk

Market price risk arises mainly from uncertainty about future prices of financial instruments held. It represents thep0tentia1 loss the Company might suffer through holding market positions in the face of price movements. Some of the recognised exchanges on which the Company may invest may prove to be illiquid or highly volatile from time to time and this may affect the price at which the Company may liquidate positions to meet repurchase requests or other funding requirements. Potential investors should also note that the securities of small capitalisation companies are less liquid and this may result in fluctuations in the price of the shares of the Company.

The financial instruments are measured in accordance with the fair value measurement principles as discussed in Note 2(b). A reasonably possible weakening in the individual equity market prices of 5% at 31 December 2015 would result in a decrease of USD55,728,512 (2014: USD40,150,608) in the net assets attributable to holders of redeemable shares of the Vulcan Value Equity Fund. A strengthening would have the opposite effect.

The Company does not currently use Financial Derivative Instruments (FDI).

30




9. Financial Instruments and associated risks (continued)

(b) Foreign currency and exchange rate risk

The Company invests in securities denominated in currencies other than USD, the functional currency of the Company, and the Statement of Financial Position and Statement of Comprehensive Income may be significantly affected by movements in the

exchange rates against USD.

The value of the Company and its income, as measured in USD, may suffer significant declines due to currency depreciation, disruptions in currency markets or delays and difficulties in currency conversions or be otherwise adversely affected by exchange control regulations or by changes in the method of controlling exchange rates or limiting exchange rate movements.

Currency devaluations may occur without warning and are beyond the control of the Investment Manager. Currency risks will be

absorbed by the shareholders.

The following tables list the exposure to currencies of the Company at 31 December 2015 and 31 December 2014 and the impact on the net assets if the USD had strengthened/ weakened by 5% with all other variables held constant.


Effect on net Effect on net Financial assets - stated in USD assets of assets of

As at 31 December 2015 CHF +1- 5% GBP +/- 5%

Financial assets at fair value through profit or loss 51,134,289 2,556,714 41,121,962 2,056,098

Cash and cash equivalents - - 8,297,683 414,884

Subscriptions awaiting settlement - - 1,208,545 60,427

51,134,289 2,556,714 50,628,190 2,531,409


Effect on net Effect on net Financial liabilities - stated in USD assets of assets of

As at 31 December 2015 EUR +/- 5% GBP +/- 5%

Redemptions payable - - 2,318,508 115,925

Administration fees payable 196,690 9,835 - -

Audit and tax consultancy fees payable 25,455 1,273 - -

Custodian fees payable 28,407 1,420 - -

Other liabilities 35,528 1,776 - -

286,080 14,304 2,318,508 115,925

31




9. Financial instruments and associated risks (continued)

(b) Foreign currency and exchange rate risk (continued)


Effect on net Effect on net Financial assets - stated in (iSO assets of assets of

As at 31 December 2014 EUR +1- 5% GBP +/- 5%

Financial assets at fair value through profit or loss 13,517746 675,887 32,930,882 1646,544

Cash and cash equivalents - - 1,554 78

13,517,746 675,887 32,932,436 1,646,622


Effect on net Effect on net Financial liabilities - stated in USD assets of assets of

As at 31 December 2014 EUR +1- 5% GBP +/- 5%

Cash and cash equivalents 17 1 14,110 706

Administration fees payable 183,595 9,180 - -

Audit and tax consultancy fees payable 18,801 940 - -

Custodian fees payable 16,161 808 - -

Other liabilities 27,955 1,398 - -

246,529 12,327 14,110 706

(c) Interest rate risk

Interest rate risk is the risk borne by an interest-bearing asset due to variability of interest rates.

32





(c) Interest rate risk (continued)

The interest rate exposure of the assets of the Company is as follows at 31 December 2015 and 31 December 2014, All liabilities of the Company are non-interest bearing.

Vulcan Global Value Fund Plc & Vulcan Value Equity Non-interest

Fund Floating rate Fixed rate bearing Total

At 31 December 2015 USD USD USD USD

Financial assets at fair value through Profit or Loss - - 1,114,570,245 1,114,570,245

Cash and cash equivalents 55,338,282 - - 55,338,282

Other debtors and prepayments - - 82,596 82,596

Dividends receivable - - 840,366 840,366

Subscriptions awaiting settlement - - 3,760,865 3,760,865

Unsettled trades - * 41,913 41,913

55,338,282 - 1,119,295,985 1,174,634,267

Vulcan Global Value Fund Plc & Vulcan Value Non-interest

Equity Fund Floating rate Fixed rate bearing Total

At 31 December 2014 USD USD USD USD

Financial assets at fair value through Profit or Loss - - 803,012,157 803,012,157

Cash and cash equivalents 69,062,388 - - 69,062,388

Other debtors and prepayments - - 50,232 50,232

Dividends receivable - - 1,866,599 1,866,599

Subscriptions awaiting settlement - - 1,199,935 1,199,935

Unsettled trades - - 3,019,973 3,019,973

69,062,388 - 809,148,896 878,211,284

A sensitivity analysis has been determined based on the exposure of floating rate assets and liabilities at 31 December 2015 outstanding for the whole year. A 50 basis point increase in interest rates, with other variables held constant, would increase net asset value by USD276,691 (2014: USD345,312), conversely a 50 basis point decrease would have an equal but opposite effect.

33





(d) Liquidity risk

Liquidity risk is the risk that an entity will encounter difficulty in realising assets or otherwise raising funds to meet commitments

associated with investment activities.

Large redemptions of shares in the Company might result in the Company being forced to sell assets at a time and price at

which it would normally prefer not to dispose of those assets.

Liquidity risk is minimised by holding sufficiently liquid investments which can be readily realised to meet liquidity demands. To manage this risk, if redemption requests on any dealing day represent 10% or more of the Shares in issue in respect of the Fund, the Directors may, in their discretion, refuse to redeem any Shares in excess of 10%. Any request for redemption on such dealing day shall be reduced rateably and the redemption requests shall be treated as if they were received on each subsequent dealing day until all shares to which the original request related have been redeemed. Any deferred redemption requests shall be treated in priority to any redemption requests received on subsequent days.

Where a repurchase request results in shares representing more than 5% of the Net Asset Value of the Fund, the Directors may satisfy the repurchase request by a distribution of investments of the Company in specie provided that such a distribution would not be prejudicial to the interests of the remaining shareholders of the Company and such asset allocation is subject to

the approval of the Custodian.

The tables below analyse the Company's financial liabilities and net settled derivative financial liabilities into relevant maturity groupings based on the remaining year as at 31 December 2015 and 31 December 2014 to the contractual maturity date. The amounts in the table are the contractual undiscounted cash flows. Balances due within twelve months equal their carrying

balances, as the impact of discounting is not significant.


Equity Fund

As at 31 December 2015

Less than I month 1-6 months

USD USD

No stated maturity Total

USD USD

Administration fees payable 196,690 - - 196,690

Audit and tax consultancy fees payable 25,455 - - 25,455

Custodian fees payable 28,407 - * 28,407

Investment Management fees payable 1,067,729 - - 1,067,729

Redemptions payable 3,201,184 - - 3,201,184

Withholding tax expense payable 172,368 - - 172,368

Unsettled Trades 5,844,720 - - 5,844,720

Other liabilities 35,528 - - 35,528

Net assets attributable to holders of redeemable participating shares 1,164,062,186 - - 1,164,062,186

1,174,634,267 - - 1,174,634,267

34





(d) Liquidity risk (continued)


Equity Fund


Less than I month 1-6 months

USD USD

No stated maturity Total

USD USD

Administration fees payable 183,595 - - 183,595

Audit and tax consultancy fees payable 18,801 - - 18,801

Custodian fees payable 16,161 - - 16,161

Investment management fees payable 923,718 - - 923,718

Redemptions payable 47,343 - - 47,343

Withholding tax expense payable 369,495 - - 369,495

Other liabilities 27,955 - - 27,955

Net assets attributable to holders of redeemable participating shares 876,624,216 - - 876,624,216

878,211,284 - - 878,211,284

(e) Credit risk

Credit Risk is the risk that the Company's counterparty to a financial transaction will fail to discharge an obligation or commitment that it has entered into with the Company. The financial assets and liabilities, which potentially expose the Company to credit risk, consist principally of cash and its investments in equities. The Company will be exposed to a credit risk

in relation to the counterparties with whom it trades, and may bear the risk of settlement default.

The Company's Custodian is SMT Trustees (Ireland) Limited (the "Custodian"). Substantially all of the investments are held in its custody network at the year end. Investments are segregated from the assets of the Custodian, the Sub-Custodian and the Global Sub-Custodian, with ownership rights remaining with the Company. Bankruptcy or insolvency of the Custodian, the Sub-Custodian and the Global Sub-Custodian may cause the Company's rights with respect to its securities held by the Custodian to be delayed. The maximum exposure to this risk is the amount of long investments disclosed in the schedule of

investments.

The Custodian has appointed Sumitomo Mitsui Trust (UK) Limited ("SMT" or the "Sub-Custodian") as its Sub-Custodian. The Sub-Custodian has, in turn, appointed Brown Brothers Harriman & Co ('BBH & Co" or the "Global Sub-Custodian") as their Global Sub-Custodian, Both the cash and non cash assets are ultimately held at BBH & Co. Cash is segregated on the books and records of the Global Sub-Custodian but it is commingled with other clients of the Global Sub-Custodian and is therefore

exposed to the intraday credit risk of the Global Sub-Custodian.

35





(e) Credit risk (continued)

The Company has elected to enter into the Global Sub-Custodian sweep program which means that the Global Sub-Custodian will sweep cash into overnight eligible bank counterparty accounts in order to diversify overnight exposure and/or to gain interest on the various accounts. Participation in Cash Management Systems involves investment risks such as the loss of any balances swept plus sovereign and counterparty risks associated with offshore overnight time deposits. The Fitch credit rating of BBH & Co and SMT is A+ and A, respectively, as at 31 December 2015.

Cash held via accounts opened on the books of the Custodian are obligations of the Custodian while cash held in accounts opened directly on the books of a third party cash correspondent bank, sub-custodian or a broker (collectively, 'agency accounts') are obligations of the agent. Cash held via agency cash accounts are liabilities of the agent, creating a

debtor/creditor relationship directly between the agent and the Company.

Accordingly, while the Custodian is responsible for exercising reasonable care in the administration of such agency cash accounts where it has appointed the agent (i.e., in the case of cash correspondent banks and sub-custodians), it is not liable for their repayment in the event the agent, by reason of its bankruptcy, insolvency or otherwise, fails to make repayment.

The Company's cash is swept on a nightly basis to pre-approved financial institutions. As at 31 December 2015, the institutions where the Company's cash was held, the amounts held and their respective S&P credit ratings, at that date, are as follows:

Citibank, Puerto Rico Citibank, London J.P. Morgan Chase, New York Standard Chartered Bank, Singapore Standard Chartered Bank, London HSBC RBC, Toronto National Australia Bank, London DNB, Oslo

31 December 2015 USD Rating

17,802,094 A - N/A

15,000,000 A+

14,236,815 A+ - N/A

8,299,373 AA- - N/A - N/A - N/A

55,338,282

31 December 2014 USD Rating

- N/A

15,000,000 A - N/A - N/A

15,000,000 A+ - N/A

9,062,388 AA-

15,000,000 AA-

15,000,000 69,062,388

The Investment Manager did not utilize derivative instruments dung the years ended 31 December 2015 or 31 December

2014,

(f) Risks of derivative instruments

No derivative instruments were utilized during the year ended 31 December 2015 or 31 December 2014.

(g) Efficient portfolio management

The Company does not engage in the use of derivative instruments.

36




10. Fair value of financial instruments

The following tables show financial instruments recognised at fair value, analysed between those whose fair value is based on:

Quoted prices in active markets for identical assets or liabilities (Level 1);

Those involving inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices) (Level 2); and

Those with inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3).

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement.

Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability.

The determination of what constitutes 'observable' requires significant judgement by the Directors. The Directors consider observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

At the reprting date, the carrying amounts of financial assets at fair value issued by the Company which fair values were determined directly, in full or in part, by reference to published price quotations and determined using valuation techniques are as follows:

Vulcan Global Value Plc & Vulcan Value Equity Fund Level I Level 2 Level 3 Total As at 31 December 2015 USD USD USD USD

Assets

Financial assets at fair value through profit or loss:

Equity Investments 1,114,570,245 - - 1,114,570,245

Total 1,114,570,245 - - 1,114,570,245

Vulcan Global Value Plc & Vulcan Value Equity Fund Level I Level 2 Level 3 Total

As at 31 December 2014 USD USD USD USD

Assets

Financial assets at fair value through profit or loss:

Equity investments 803,012,157 - - 803,012,157

Total 803,012,157 - 803,012,157

There were no transfers between any of the levels during the years ended 31 December 2015 and 31 December 2014.

37




10. Fair value of financial instruments (continued)

Financial instruments not measured at fair value

The financial instruments not measured at fair value through profit or loss are short-term financial assets and financial liabilities whose carrying amounts approximate fair value. These financial instruments are classified as level 2, with the exception of cash and cash

equivalents, which are classified as level 1.

11. Exchange rates

The exchange rates used in the financial statements to express GBP, EUR and CHF into USD at 31 December 2015 are 1,4736 (2014: 1.5578), 1.0856 (2014: 1.2098) and 0.9979 (2014: 1.0057) respectively.

12. Soft commissions

The Investment Manager does not make use of soft commission arrangements to enable it to obtain services which assist in the

provision of investment services to the Company.

13. Significant events during the year

The Irish Companies Act, 2014 was signed into law on 23 December 2014. The Act commenced on 1 June 2015 by ministerial order and replaced all previously enacted Companies legislation. Certain disclosure updates have been made within the financial statements, including narrative changes to ensure the financial statements are consistent with the language used in the Irish Companies Act, 2014

and previous reference throughout the financial statements to the Irish Companies Acts 1963 - 2013 have been replaced with the Irish

Companies Act, 2014.

The Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 consolidate into one location all of the requirements which the Central Bank imposes on UCITS, UCITS management companies and depositaries of UCITS. They supplement existing legislative requirements, in particular the UCITS Regulations, The Central Bank UCITS Regulations came into effect on 1 November 2015 and replaced the UCITS Notices which

applied until that date.

The Board of Directors resolved that the Company shall make a cash distribution by way of a dividend to all persons who are listed as owners of its income share classes (USD Income, USD II Income, GBP Income and GBP II Income). The total dividend payment for each share class is listed in the table below. The record date and ex-date of the dividend was 21 April, with a pay date of 24 April 2015.

The financial statements do not reflect the dividends payable detailed below.

Share Class Dividend (USD) USD Income Class US$274,147

USD II Income Class US$87,409

GBP Income Class US$87,921

GBP II Income Class US$2,111,010

Total US$2,560,487

38




14. Significant events since the year end

Subsequent to the year end, the Board of Directors have resolved that the Company shall make a cash distribution by way of a dividend to all persons who are listed as owners of income share classes (USD Income, USD II Income, GBP Income and GBP II Income). The total dividend payment for each share class is listed in the table below. The record date and ex-date of the dividend is 23 March, with a pay date of 31 March 2016,

Share Class Dividend (USD) USD Income Class US$433,278 USD II Income Class US$318,376 GBP Income Class US$215,244 GBP II Income Class US$3,035,348 Total US$4,002,246

15. Contingent liabilities

There were no contingent liabilities at 31 December 2015 and 31 December 2014.

16. Comparative net asset values


31 December 2015 31 December 2014 31 December 2013

NAV NAV per NAV NAV per NAV NAV per USD unit (JSD unit USD unit

USD Class Shares 111,275,018 $ 124.003 49,600,514 $ 138.067 49,725,415 $ 122.545

USD Accumulating Class Shares 87,660,399 $ 110.921 87,413,097 $ 124.121 2,229,988 $ 110.718

USD 11 Accumulating Class Shares 409,528,091 $ 116.750 342,476,966 $ 129.667 16,029,482 $ 114.802

USD Income Class Shares 32,864,382 $ 110.215 22,512,970 $ 124.121 13,786,942 $ 110.514

USD 11 Income Class Shares 41,724,664 $ 113.107 12,889,056 $ 126,241 495,091 $ 111.818

GBP Class Shares 23,765,734 £ 122.049 18,300,899 £ 128.547 5,711,168 £ 107.355

GBP Accumulating Class Shares 1,081,812 £ 121.086 845,714 £ 128.173 909 £ 107.692

GBP Income Class Shares 17,805,832 £ 121.430 10,146,622 £ 128.549 3,033,349 £ 107.700

GBP II Accumulating Class Shares 118,019,194 £ 122.833 132,737,716 £ 129.049 12,233,889 £ 107.505

GBP II Income Class Shares 292,827,704 £ 119.215 195,635,846 £ 126.410 44,372458 £ 105.490

Euro Class Shares 20,769,982 € 113.352 1,370 € 113.232 - € -

Euro Accumulating Class Shares 1,223 € 112.624 1,366 € 112.942 - € -

Euro II Accumulating Class Shares 6,738,151 € 113.698 4,062,079 € 113.314 - € -

17. Approval of financial statements

The Directors approved the financial statements on 26 April 2016.

39


Schedule of Investments


Fair Value

%ofnet Shares USD assets

Transferable Securities Admitted to an Official Stock Exchange Listing

BERMUDIAN EQUITY

Financial

EVEREST RE GROUP LTD 176,853 32,380,016 2.78%

TOTAL BERMUDIAN EQUITY (2014: USD32,898,213, 3.75%) 32,380,016 2.78%

BRITISH EQUITIES

Financial

ABERDEEN ASSET MGMT PLC 9,462,634 41,121,962 3.53%

TOTAL BRITISH EQUITIES (2014: USD55,817,233, 6.37%) 41,121,962 3.53%

FRENCH EQUITY

TOTAL FRENCH EQUITY (2014: USD1 3,517,746,1.54%) 0.00%

ISRAELI EQUITY

Technology

CHECK POINT SOFTWARE TECHNOLOGIES 108,828 8,856,423 0,76%

TOTAL ISRAELI EQUITY (2014: USD18,765,109, 2.14%) 8,856,423 0.76%

SWISS EQUITY

Financials

SWISS RE AG 522,023 51,134,289 4.39%

TOTAL SWISS EQUITY (2014: USDniI, 0.00%) 51,134,289 4.39%

UNITED STATES EQUITIES

Communications

CISCO SYSTEMS INC 1,481,847 40,239,555 3.46%

DISCOVERY COMMUNICATIONS-C 2,085,207 52,588,921 4.52%

TIME WARNER INC 295,318 19,098,215 1.64%

VERIZON COMMUNICATIONS INC 349,270 16,143,259 1.39%

WALT DISNEY CO/THE 143,340 15,062,167 1.29%

143,132,117 12.30%

40


Schedule of Investments (continued)


Fair Value

%ofnet Shares USD assets

Consumer, Cyclical FOSSIL GROUP INC 986,380 36,062,053 310%

MSC INDUSTRIAL DIRECT CO-A 502,866 28,296270 2.43%

64,358,323 5.53%

Consumer, Non-cyclical AETNA INC 313,933 33,942,436 2.92%

ANTHEM INC 302,113 42,126,637 3,62%

MASTERCARD INC-CLASS A 411,717 40,084,767 3.44%

116,153,840 9.98%

Energy NATIONAL OILWELL VARCO INC 1,706,245 57,142,145 4.91%

57,142,145 4.91%

Financial BANK OF NEW YORK MELLON CORP 688,791 28,391,965 2.44%

AXIS CAPITAL HOLDINGS LTD 759,449 42,696,223 3.67%

FRANKLIN RESOURCES INC 1,567,811 57,726,801 4.96%

STATE STREET CORP 647,784 42,986,946 3.69%

T ROWE PRICE GROUP INC 353,665 25,283,511 2,17%

VISA INC-CLASS A SHARES 526,061 40,796,030 3,50%

237,881,476 20.43%

Industrial BOEING CO/THE 283,474 40,987,506 3,52%

DOVER CORP 499,895 30,648,562 2.63%

HONEYWELL INTERNATIONAL INC 95,909 9,933,295 0.85%

PARKER HANNIFIN CORP 845,977 82,042,849 7.05%

UNITED TECHNOLOGIES CORP 306,525 29,447,857 2.53%

193,060,069 16.58%

Materials CARLISLE COS INC 94,912 8,417,745 0.72%

8,417,745 0.72%

41


Schedule of Investments (continued)


Fair Value %ofnet

Shares USD assets

Technology APPLE INC 72,949 7,678,612 0.66%

MICROSOFT CORP 182,292 10,113,560 0,87%

ORACLE CORP 2,529,941 92,418,745 7.94%

QUALCOMM INC 715,031 35,740,824 3.07%

145,951,741 12.54%

TOTAL UNITED STATES EQUITIES (2014: USD682,013,856, 77.78%) 966,097,456 82.99%

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING (2014: USD780,125,807, 88.97%) 1,099,590,146 94.45%

Transferable Securities Dealt in on Another Regulated Market

BRITISH EQUITIES

Consumer, Cyclical INTERCONTINENTAL HOTELS-ADR 386,683 14,980,099 1.29%

TOTAL TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET (2014: USD22,886,350, 2.61%) 14,980,099 1.29%

TOTAL FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

(2014: USD803,012,157, 91.58%) 1,114,570,245 95.75%

CASH AND CASH EQUIVALENTS (2014: USD69,062,388, 7.68%) 55,338,282 4.75%

OTHER NET ASSETS (2014: USD4,549,671, 0.54%) (5,846,341) (0.50)%

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES (2014: USD876,624,216, 100.00%) 1,164,062,186 100.00%

All transferable securities held at year end are listed on an official stock exchange or dealt on another regulated market.

ANALYSIS OF TOTAL ASSETS

Financial assets at fair value through profit or loss Dividends receivable Cash and cash equivalents Other debtors and prepayments Subscriptions awaiting settlement Unsettled trades

2015 % of total assets

94.89% 0.07% 4.71% 0,01% 0.32%

0.00% 100.00%

2014 % of total assets

91.44% 0.21 % 7.86% 0.01 % 0.14% 0.34%

100.00%

42


Changes in Portfolio Composition (unaudited)


Cost

Shares USD

Largest Purchases (by aggregate):

Description

NATIONAL OILWELL VARCO INC 1,759,793 81,591,312

PARKER HANNIFIN CORP 608,504 71,299,958

QUALCOMM INC 1,023,560 65,563,099

FOSSIL GROUP INC 797,550 56,129,289

SWISS RE AG 569,173 51,869,197

DISCOVERY COMMUNICATIONS-C 1,620,858 46,115,685

AXIS CAPITAL HOLDINGS LTD 801,123 41,763,823

FRANKLIN RESOURCES INC 918,253 39,565,699

F5 NETWORKS INC 333,650 39,076,599

ORACLE CORP 937,112 38,397,014

ANTHEM INC 240,418 35,082,105

CISCO SYSTEMS INC 1,203,618 33,141,519

MICROSOFT CORP 737,032. 31,361,554

DOVER CORP 442,140 29,458,112

UNITED TECHNOLOGIES CORP 306,525 28,698,710

ABERDEEN ASSET MGMT PLC 4,751,530 27,320,533

MSC INDUSTRIAL DIRECT CO-A 340,114 23,465,544

STATE STREET CORP 320,271 23,170,822

PRECISION CASTPARTS CORP 91,346 19,175,390

TIME WARNER INC 263,378 18,555,556

UCITS requires a schedule of portfolio changes during the year. These are defined as aggregate purchases of a security exceeding one per cent of the total value of purchases for the year and aggregate disposals greater than one per cent of the total value of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the year is available, upon request, at no extra cost from the administrator.

43


Changes in Portfolio Composition (unaudited) (continued)


Proceeds

Shares USD

Largest Sales (by aggregate):

Description

DISCOVERY COMMUNICATIONS-C 1422,525 43,902,108

CHUBB CORP 330,340 40,033,095

F5 NETWORKS INC 333,650 35,091,974

SABRE CORP 1,483,244 34,448,358

UNILEVER N V -NY SHARES 676,346 29,987,569

MICROSOFT CORP 554,740 29,835,817

NASDAQ OMX GROUP/THE 569,446 28,433,430

QUALCOMM INC 308,529 21,361,521

LVMH MOET HENNESSY LOUIS VUITTON 118,488 21,311,888

PRECISION CASTPARTS CORP 91,346 19,604,495

DOVER CORP 255,023 18,892,419

VERIZON COMMUNICATIONS INC 403,545 18,098,553

STARWOOD HOTELS & RESORTS 210,439 17,167,572

APPLE INC 125,897 16,053,892

MSCI INC-A 245,576 15,264,897

PARTNERRE LTD 116,715 15,079,153

CISCO SYSTEMS INC 497,799 14,156,964

ANTHEM INC 86,568 13,245,830

SCRIPPS NETWORKS INTER-CL A 227,551 11,865,779

MASTERCARD INC-CLASS A 134,063 11,743,208

UCITS requires a schedule of portfolio changes during the year. These are defined as aggregate purchases of a security exceeding one per cent of the total value of purchases for the year and aggregate disposals greater than one per cent of the total value of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the year is available, upon request, at no extra cost from the administrator.

44


Changes in Portfolio Composition (unaudited)

For the Year Ended 31 December 2014

Cost

Shares LJSD

Largest Purchases (by aggregate):

Description DISCOVERY COMMUNICATIONS-C 1748,529 70,729,884

ORACLE CORP 1,509,067 60,089,950

EBAY INC 801,093 42,165,485


ABERDEEN ASSET MGMT PLC 4,891,104 33,600,858

VISA INC-CLASS A SHARES 148,726 32,117,421

SABRE CORP 1,714,744 31,894,807

PARKER HANNIFIN CORP 267,881 31,119,048

MASTERCARD INC-C;ASS A 400,458 30,701,796

BOEING CO/THE 239,561 30,253,266

VERIZON COMMUNICATIONS INC 605,840 29,627,636

STARWOOD HOTELS & RESORTS 364,257 28,464,075

APPLE INC 162,064 27,886,656

BANK OF NEW YORK MELLON CORP 754,815 27,592,009

EVEREST RE GROUP LTD 171,445 27,104,953

DOVER CORP 320,168 26,052,159

NASDAQ QMX GROUP/THE 619,664 23,765,900

QUALCOMM INC 304,002 23,310,097

WELLPOINT INC 232,669 23,195,126

STATE STREET CORP 327,513 21,531,828

45


Changes in Portfolio Composition (unaudited) (continued)

For the Year Ended 31 December 2014

Proceeds

Shares USD

Largest Sales (by aggregate):

Description EBAY INC 885,008 48,331,926 QUALCOMM INC 390,345 29,700,524 APPLE INC 149,484 22,066,499 MARRIOTT INTERNATIONAL-CL A 295,517 20,522,512 STARWOOD HOTELS & RESORTS 241,899 19,176,461

TIME WARNER INC 214,922 17,718,925 CME GROUP INC 212,643 16,608,785 BANK OF NEW YORK MELLON CORP 383,151 14,145,561 EXPRESS SCRIPTS HOLDING CO 175,322 13,819,627

COCA-COLA CO/THE 340,036 13,739,639 WELLPOINT INC 114,406 13,496,281

NASDAQ OMX GROUP/THE 270,616 11,791,359

DISCOVERY COMMUNICATIONS-C 131,293 10,897,792

INTERCONTINENTAL HOTELS-ADR 283,653 10,855,405

TESCO PLC 1,869,067 9,180,857


ORACLE CORP 189,692 7,640,642

VISA INC-CLASS A SHARES 29,106 7,048,021

CISCO SYSTEMS INC 240,995 5,961,011

MASTERCARD INC-CLASS A 62,074 5,212,559

46

Documents

Vulcan Global Value Fund Plc An umbrella fund with segregated … · 2015. 12. 31. · Vulcan Global Value Fund Plc Investment Manager's Report For the Financial Year Ended 31 December