international global sicav

Transcription

INTERNATIONAL GLOBAL SICAV
Luxembourg domiciled Open-ended Investment
Company (SICAV)
Audited annual report as at December 31, 2008
R.C.S. Luxembourg B 108.857
INTERNATIONAL
GLOBAL SICAV
Luxembourg domiciled Open-ended Investment Company (SICAV)
Audited annual report
as at December 31, 2008
1
Audited annual report as at December 31, 2008
No subscriptions can be received solely on the basis of this report. Subscriptions are only valid if made on the basis of the current prospectus accompanied by the latest annual and the
most recent semi-annual report, if published thereafter.
2
Table of contents
Organisation of the SICAV
5
General information
6
Management report
7
Auditor’s report
30
Financial statements
Combined statement of net assets
32
Combined statement of operations and changes in net assets
36
Number of shares outstanding and net asset value per share
39
Sub-fund: INTERNATIONAL GLOBAL SICAV - FIXED INCOME
Statement of investments and other net assets
Geographical and industrial classification of investments
40
42
Sub-fund: INTERNATIONAL GLOBAL SICAV - CITADEL EUROPE
43
46
Sub-fund: INTERNATIONAL GLOBAL SICAV - CITADEL ACTIONS SUISSES
47
49
Sub-fund: INTERNATIONAL GLOBAL SICAV - BALANCED
50
53
Sub-fund: INTERNATIONAL GLOBAL SICAV - OAKSTREET CAPITAL
54
56
Sub-fund: INTERNATIONAL GLOBAL SICAV - SK WORLD OPPORTUNITIES
57
59
Sub-fund: INTERNATIONAL GLOBAL SICAV - US HIGH YIELD (note 1)
60
67
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Table of contents
Sub-fund: INTERNATIONAL GLOBAL SICAV - EQUITY WRAPPER (EUR) (note 1)
68
69
Sub-fund: INTERNATIONAL GLOBAL SICAV - EQUITY WRAPPER (CHF) (note 1)
70
71
Notes to the financial statements
72
4
Organisation of the SICAV
REGISTERED
OFFICE
1, boulevard Royal, L-2449 Luxembourg
BOARD OF
DIRECTORS
Chairman
Mr Pierre ETIENNE, Senior Vice President, Pictet & Cie (Europe) S.A., L-2449 Luxembourg
Directors
Mrs Michèle BERGER, Executive Vice President, Pictet Funds (Europe) S.A., L-2449
Luxembourg
Mr Frédéric FASEL, Senior Vice President, Pictet & Cie (Europe) S.A., L-2449 Luxembourg
Mr Jerry HILGER, Vice President, Pictet & Cie (Europe) S.A., L-2449 Luxembourg
CUSTODIAN
Pictet & Cie (Europe) S.A., 1, boulevard Royal, L-2449 Luxembourg
CENTRAL
ADMINISTRATION
AGENT
INVESTMENT
MANAGERS
Van Daalen & Cie S.A., cours de Rive 11, CP 3775, CH-1211 Geneva
Citadel Finance S.A., route de Frontenex 60, CP 6420, CH-1211 Geneva
Hoving & Partners S.A., Route de Chêne 30 A, CH-1208 Geneva
Pictet & Cie, Geneva, 60 route des Acacias, CH-1211 Geneva
Western Asset Management Company Limited, 10 Exchange Square, Primrose Street, London
EC2A 2EN, United Kingdom
INVESTMENT
ADVISORS
SK Vermögensverwaltung GmbH, Kaiserallee 12a, 76135 Karlsruhe, Germany
Pictet Bank & Trust Limited, PO Box 4837, Bayside Executive Park, West Bay Street, Nassau,
Bahamas
Pictet Advisory Services (Overseas) Ltd, Bayside Executive Park, Building n° 1, West Bay Street
and Blake Road, P.O. Box N-4837, Nassau, Bahamas (from December 15, 2008)
AUDITORS
Deloitte S.A., 560, rue de Neudorf, L-2220 Luxembourg
PROMOTER
5
General information
The audited annual reports are available free of charge at the registered office of the SICAV
within fifteen days of the Annual General Meeting. In addition, the unaudited semi-annual reports
are available at the registered office of the SICAV.
The net asset value per share of each sub-fund as well as the issue and redemption prices are
available at the registered office of the Custodian.
Any other information intended for shareholders may be published in one or more international
newspapers where necessary.
A detailed schedule of changes in the investments of the different sub-funds for the year ended
December 31, 2008 is available free of charge upon request at the registered office of the
SICAV.
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Management report
INTERNATIONAL GLOBAL SICAV - FIXED INCOME
Market review
In 2008, corporate bonds have gone through one of their deepest correction in history, with a very
severe credit crunch in the second half of the year creating a dislocation situation in the financial
system. The only traditional investment assets showing a positive return during the period were in
the sovereign bond area, although the bonds issued by some governments (notably Greece,
Ireland, Spain, Italy) have had a flat to negative year due to a deterioration of their credit spread,
not to mention some countries having to ask for help from the IMF such as Iceland.
The Euro government bonds were up by 7% for the year while corporate bonds were down by 8%
in the same period.
Sub-fund evolution during the period under review
The sub-fund was down 4.71% for the year, including the distribution of EUR 3.4 in dividend per
share (around 2.5% average net yield).
Until the 3rd quarter the sub-fund held reasonably well thanks to around 50% exposure to
sovereign and supra-national bonds with a lower duration than the market and no exposure out of
the Euro. But it then succumbed to market dislocation in the last quarter, especially because of a
10% exposure to steepeners. Overall, we sold government bonds and increased corporate bonds
too early in the cycle.
Outlook
At the start of 2009, the spectre of deflation is still around and threatening. The current pace of
intervention should give the markets around the end of the first quarter a better sense of the timing
of the next economic upturn. But, there is still some way to go, notably in terms of the structure and
trend of interest rates in the EU. The more the interest rate curve steepens with the long end
trending up again, the more we will favor corporate bonds, inflation linked sovereign bonds and
steepeners, and extend duration.
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Management report
INTERNATIONAL GLOBAL SICAV - CITADEL EUROPE
INTERNATIONAL GLOBAL SICAV - CITADEL ACTIONS SUISSES
Revue des marchés
International
En 2008, la conjoncture mondiale s’est fortement détériorée sous l’effet de la plus profonde crise
financière de ces dernières décennies. Le retournement historique de l’immobilier résidentiel aux
États-Unis en a été le déclenchement.
L’économie mondiale sensée se trouver encore dans un état relativement sain à la fin du premier
semestre grâce au dynamisme des pays émergents s’est retournée de manière si brutale que les
souvenirs de la crise de 1929 et de la Grande dépression se sont manifestés sur les marchés. Un
sentiment d’insécurité s’est instauré au fur et à mesure des mauvaises nouvelles.
Les enquêtes conjoncturelles ont témoigné du pessimisme grandissant, tant des industriels que
des consommateurs. Ces derniers, soumis à un coût de l’argent croissant et inquiets quant aux
perspectives de plus en plus moroses, ont réprimé leurs dépenses.
Au cours du dernier trimestre, le monde a connu une remontée extrême de l’aversion au risque.
Les conséquences ont été désastreuses, car le système bancaire s’est paralysé. Un choc
systémique s’est enclenché avec la faillite de Lehman Brothers, entraînant dans son sillage le gel
du marché interbancaire, des faillites importantes, un arrêt des prêts aux entreprises endettées à
court terme, un rapide deleveraging du système financier, et des mouvements de panique chez les
investisseurs. Sans des interventions concertées des gouvernements et des banques centrales,
l’économie mondiale aurait plongé dans un chaos absolu.
Du secteur bancaire, les inquiétudes se sont déplacées vers les compagnies d’assurances, puis
vers les entreprises cycliques. L’industrie automobile ainsi que AIG réclamèrent l’aide de leur
gouvernement afin d’éviter la faillite.
Après une volonté de ralentir l’inflation principalement due aux prix des matières premières
pendant le premier semestre, les banques centrales ont toutes opté pour une politique visant à
relancer la croissance.
Les actions, les matières premières et les obligations non gouvernementales, ont connu dans un
laps de temps court des baisses historiques et une volatilité sans commune mesure avec ce que
nous avions connu depuis l’entre-deux-guerres.
L’affaire «Madoff» a probablement couronné une année 2008 qui restera dans la mémoire de la
communauté financière comme «annus horribilis».
États-Unis
L’économie américaine a glissé inexorablement vers une récession malgré la mobilisation massive
des autorités publiques. Les indicateurs provenant des secteurs manufacturiers et des services ont
exhibé de manière continue et progressive un ralentissement de l’activité économique.
Les consommateurs ont réfréné leurs dépenses à cause de l’aggravation de la crise immobilière,
de la dégradation du marché de l’emploi et des conditions de crédit devenant très restrictives.
Afin de lutter contre un effondrement de la demande et le retour du spectre déflationniste, la Fed a
abaissé à sept reprises son taux directeur passant de 4.25% à une fourchette de 0%-0.25%.
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Management report
D’autres mesures ont été prises, tels le prêt d'urgence à Bear Stearns en quasi-faillite, l'allègement
des contraintes prudentielles sur Fannie Mae et Freddie Mac, et la mise en place d'une structure
de défaisance publique de $700 milliards.
Le marché de l’emploi s’est très fortement dégradé à cause des ajustements massifs de la part des
entreprises impactées par l’affaiblissement de la demande et par la difficulté à trouver des
refinancements.
Le seul point positif notable réside dans la diminution du déficit commercial en raison de la chute
des prix de l’énergie et des matières premières, ainsi que de l’atonie des importations.
Europe
Dans un premier temps, le ralentissement économique avait été enclenché par une montée de
l’inflation, qui avait comprimé le pouvoir d’achat du consommateur et entamé les profits des
sociétés. Par la suite, le pessimisme a été grandissant, tant de la part des industriels que des
particuliers. Et finalement, l’Europe a été prise de plein fouet par la crise des liquidités.
En Allemagne, la détérioration a été principalement due à l’effondrement de la production dans les
secteurs sensibles à l’exportation, probablement la conséquence de la dégradation de la demande
externe et de la force de l’Euro.
L’un des pays les plus affectés par la crise, la Grande-Bretagne, est probablement entré dans un
profond et long ralentissement similaire à celui du début des années 90. Les prix du logement ont
déjà chuté de plus de 10% et l’activité immobilière continue à fléchir.
En Europe Méridionale, la demande interne a commencé à se contracter et le marché immobilier
espagnol est dans une situation dramatique. Le risque d’une récession s’étendant sur plusieurs
trimestres en Espagne et en Italie paraît désormais inévitable.
Pour pallier à cette crise, les États européens ont entrepris de nombreuses actions avec un succès
encore très mitigé : augmentation du plafond de la garantie des dépôts, adoption de plans de
sauvetage, structures de défaisance, recapitalisations de compagnies financières, garanties sur
des dettes bancaires, et même des nationalisations comme en Islande.
Suisse
L’économie suisse a connu comparativement un environnement conjoncturel plutôt robuste en
2008 avec un chômage bas, une inflation contenue et une compétitivité préservée. La conjoncture
a résisté du fait d’une croissance «embarquée» au-delà de son potentiel, grâce au commerce
extérieur et à la vigueur de la consommation privée. Toutefois, avec un effet de décalage par
rapport à ses voisins européens, les indicateurs économiques ont dénoté de sérieux signes de
faiblesse dès le 3ème trimestre.
À l’instar des pays voisins, le secteur financier est sinistré et représente, malheureusement, une
proportion trop importante du PIB pour envisager une un scénario découplé du reste de l’Europe.
Le sauvetage de l’UBS par la Confédération et la Banque Nationale Suisse en est l’illustration.
Japon
L’économie japonaise a été modérément affectée par la crise des subprimes et l’assèchement du
crédit qui s’en est suivi. Néanmoins, le ralentissement mondial et l’appréciation du yen pénalisent
fortement les entreprises exportatrices de l’archipel.
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Management report
Reste du monde
L’année 2008 a brisé le paradigme du découplage économique entre les pays occidentaux et les
pays émergents. Malgré cela, dans un contexte de faible croissance mondiale, plusieurs pays
émergents ont tiré leur épingle du jeu.
La décrue, au 2ème semestre, des coûts de l’énergie et des matières premières a permis
d’atténuer le retournement conjoncturel dans les pays consommateurs nets. Par contre, toutes les
économies vivant de la rente pétrolière ont été malmenées et se retrouvent parfois dans des
situations inextricables.
En début d’année, la principale inquiétude de la Chine tournait autour de l’inflation, qui pour
l’essentiel était due à la montée du prix des denrées alimentaires. Depuis quelques mois,
l’environnement conjoncturel a complètement changé et le gouvernement a lancé un vaste plan de
relance pour prévenir une hausse du chômage et des faillites en cascades.
La montée de l’aversion au risque a particulièrement frappé les nations émergentes par le biais de
rapatriement soudain de capitaux. Les conséquences ont été dramatiques sur les bourses,
plusieurs monnaies ont décroché, et l’aisance de refinancement qui prévalait ces dernières années
a presque totalement disparu.
Heureusement, de nombreux pays émergents ont des réserves importantes et une demande
intérieure qui s’est récemment bien développée. La surchauffe inflationniste tant crainte est en
phase de s’estomper. En outre, plusieurs gouvernements de la zone ont des marges de
manoeuvre budgétaire significatives.
Taux
L’année s’est déroulée dans un contexte tranché entre les craintes inflationnistes accompagnant le
1er semestre et les effets pré-déflationnistes se généralisant au 2ème semestre.
La Fed a continué de diminuer ses taux directeurs au courant de l’année par 4%. La grande
majorité des banques centrales autour du globe ont finalement emboîté le pas.
La Banque Centrale Européenne (BCE) est restée focalisée sur les risques inflationnistes durant
les trois premiers trimestres au point de relever, fin juin, son taux directeur d’un demi-point. La crise
déployant ses effets sur l’activité du crédit et sur les prix à la consommation, la BCE a, depuis fin
septembre, abaissé de 2% son taux.
Le marché du crédit était à l’épicentre de la débâcle financière. À la fin du troisième trimestre, les
taux de refinancement ont augmenté si violemment qu’ils ont gelé les émissions de dette et les
échanges obligataires.
Les taux longs gouvernementaux ont légèrement progressé durant le premier semestre de l’année
pour finalement s’écrouler à partir du mois d’octobre sous la conjonction de peurs déflationnistes et
de fuites vers la qualité.
Le marché du crédit corporate a été touché de plein fouet par la crise financière même si les bilans
des entreprises de bon rating étaient solides. La prime de risque des débiteurs de faible qualité,
quant à elle, a considérablement augmenté.
Le marché interbancaire qui fut complètement gelé après la faillite de Lehman Brothers a retrouvé
les niveaux de débuts d’année grâce aux aides et garanties étatiques.
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Management report
Les obligations souveraines des pays émergents, résistantes jusqu’à l’automne, ont été
sensiblement affectées. Elles ont subi un écartement conséquent de leurs spreads dès l’instant où
le scénario du découplage économique est parti en éclats avec, en outre, des inquiétudes quant
aux retombées de la chute des matières premières sur les revenus des pays producteurs. La
sollicitation d’aide du FMI de la part de certains États a accentué de surcroît la fuite des capitaux.
Actions
L’année 2008 a affiché des performances déplorables pour l’ensemble des indices boursiers. Les
pertes se sont creusées davantage lors des quatre derniers mois de l’année avec une explosion de
la volatilité. En effet, le monde a réalisé au mois de septembre que la crise de l’immobilier, puis
financière allaient se répandre sur l’économie réelle dans son ensemble. Le marché n’a, dès lors,
que peu réagi aux multiples actions de sauvetages à plusieurs dizaines, voire centaines de
milliards, aux régulations intervenues pour empêcher des ventes à découvert et aux énergiques
baisses de taux des banques centrales.
La volonté des investisseurs de diminuer les risques à entrainé la vente massive d’actions et de
fonds à composantes actions. La baisse s’accélérant, il y eut des appels de marge, des ventes
«panique», et une diminution de l’effet de levier de la part de Hedge Funds subissant des
contraintes de liquidité.
La montée de l’aversion au risque a entraîné une compression des multiples de bénéfice qui n’a
épargné pratiquement aucun secteur. Les valorisations ont plongé pour exhiber des ratios horsnorme, synonymes de révisions bénéficiaires successives et d’une vision très pessimiste quant
aux futurs résultats de la globalité des sociétés cotées.
Les rendements positifs étaient difficiles à trouver. Seulement 80 des 1700 compagnies du MSCI
World l’ont réussi. Dans l’ensemble, ce sont les secteurs défensifs qui ont le moins souffert.
D’une manière générale, les marchés boursiers émergents ont été les plus pénalisés par les
sorties généralisées de capitaux fuyant les zones les plus risquées.
Hedge Funds
L’impact de l’activité économique sur les Hedge Funds s’est manifesté par plusieurs biais.
Premièrement, la volatilité des positions ainsi que leur illiquidité ont forcé le secteur dans son
ensemble à réduire son effet de levier. Cette action eut comme conséquences de faire plonger
certains titres sans raison fondamentale particulière. Ces Fonds ont subi, en deuxième partie
d’année, une pression de remboursements sans précédent de la part des investisseurs. Les deux
principales raisons en étaient un besoin de liquidité dû aux pertes dans les autres classes d’actifs
et une crainte globale face aux marchés financiers. Tous les fonds ont dégagé du cash pour se
préparer aux futurs remboursements, mais souvent ceux-ci furent beaucoup plus importants
qu’escomptés. Ceux qui n’avaient pas une liquidité adaptée aux investissements sous-jacents se
sont retrouvés contraints de prendre des mesures restrictives.
C’est pour ces raisons que nous assistons à l’implémentation de moyens, jusqu’à lors rares dans
l’industrie exprimés sous forme de Gate, Side Pockets et Slow Pay.
Une autre conséquence négative de ces ventes a été la déstabilisation des portefeuilles se
retrouvant avec des investissements concentrés et illiquides.
Il faut cependant noter que bon nombre de fonds ont substantiellement réduit leurs effets de levier,
construit des positions importantes en cash et ajusté l’exposition de leurs portefeuilles à
l’environnement volatil actuel.
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Management report
Monnaies
Les taux de change ont vécu une année exceptionnellement volatile. Le dollar a poursuivi au 1er
semestre sa dépréciation sur la tendance baissière de ces dernières années. Mais, au mois d’août,
le dollar a cassé brutalement sa tendance contre l’euro, entrainant sa réappréciation. Le
rapatriement des actifs étrangers détenus par les Américains, l’augmentation des craintes de
récession en Europe et la baisse escomptée du différentiel de taux d’intérêt ont été les principales
raisons de ce revirement.
La livre anglaise subit un crash en regard de la forte dégradation de l’activité économique au
Royaume-Uni.
Les forts mouvements de rapatriement de fonds et la recherche de sécurité ont pénalisé les
devises émergentes et les nations ayant des déficits budgétaires et commerciaux difficilement
maîtrisables.
Les monnaies fréquemment utilisées pour le carry trade, à l’instar du yen et du franc suisse, ont
connu beaucoup de volatilité, mais se sont finalement appréciées sur le second trimestre.
Perspectives et analyses
Conclusion
La grande majorité des gouvernements semblent à présent avoir reconnu la gravité de la situation
et commencent à déployer tout l'arsenal nécessaire pour prévenir une dépression du style des
années 1930. Les mesures prises pour stabiliser le système financier devraient empêcher un
effondrement de l’économie mondiale.
Néanmoins, l’horizon économique reste sombre, car les répercussions de cette crise financière
sont loin d'être terminées. L’état prédéflationniste de l’économie ainsi qu’un marché du crédit
grippé entraveront la consommation et l’investissement. Conséquence négative sur les chiffres
d’affaires et les marges des sociétés. Ceci nous laisse présager des parutions de résultats en
dessous des attentes, du moins au premier semestre.
L’éclatement de la bulle immobilière, la baisse des marchés boursiers et les perspectives de
montée du chômage ébranlent la confiance des consommateurs et encouragent les
comportements précautionneux. Durant ces prochaines années, ils favoriseront probablement leur
épargne au détriment des dépenses.
Nous craignons également que les régions qui ne sont pas encore totalement affectées par la
récession immobilière le deviennent en 2009. Tel pourrait être le cas en Asie où la hausse des prix
avait eu des raisons plus fondamentales que dans les pays anglo-saxons.
Les diverses mesures de stimulation de l’économie aux États-Unis et en Europe (baisses de taux,
injection de liquidités, rabais fiscaux, subventions) ne parviendront qu’à terme à soutenir la
consommation et à permettre le redémarrage des investissements des entreprises, socles
nécessaires à la croissance. À court terme, nous prévoyons un déclin des profits et une montée
significative des défauts.
En outre, le réajustement des déséquilibres macroéconomiques (déficits publics et endettement)
sera nécessaire et impliquera des efforts d’adaptations structurelles longues et douloureuses.
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Management report
Au sein des économies en développement, les perspectives plus favorables concerneront celles
qui sont moins dépendantes de la demande extérieure et dont l’endettement et les déficits sont
faibles. À défaut d’être découplés du monde occidental, les pays émergents joueront le rôle de
«béquille de la croissance». La baisse des prix des matières premières et de l’énergie est une
bonne nouvelle pour 75 à 80% de l’économie mondiale, car elle limitera les risques inflationnistes
et redonnera du pouvoir d’achat aux consommateurs.
Au deuxième semestre, le deleveraging accompli et les coupes de coûts réalisées permettront aux
sociétés d’afficher des bilans assainis et des résultats en amélioration en jouissant d’un effet de
base annuel favorable.
États-Unis
Les États-Unis sont embourbés dans une grave récession qui devrait, en tout cas, persister jusqu'à
la fin de 2009. Nous anticipons le pire ralentissement depuis les années 1970. La persistance de la
faiblesse du système bancaire et des finances des consommateurs est susceptible de contenir
grandement le redémarrage de la croissance. Nous craignons, de ce fait, que la reprise n’arrive
pas avant 2010.
Les entreprises américaines restent globalement en bonne santé financière, mais le durcissement
des conditions de financement et la faiblesse de la demande interne devraient finir par peser sur
les dépenses d’investissement. Par conséquent, nous anticipons un deleveraging important :
cessions d’actifs, baisse de dividendes, restructurations, augmentations de capital.
Un grand nombre d’entreprises coupent rapidement leurs prix de vente pour soutenir des volumes
qui plongent comme peut l’indiquer l’indice des prix à la consommation qui a commencé à stagner.
Cette force désinflationniste devrait, selon nous, se poursuivre.
La faiblesse du marché du travail exercera des pressions négatives sur les salaires. Les ménages
souffrent déjà d'une crise de confiance résultant de la destruction sans précédent de leurs
richesses et de l'assèchement du crédit.
Heureusement, un projet de mesures d'incitations fiscales s’élevant à $800 milliards donnera un
coup de fouet à l'économie réelle. Ensuite, des efforts d’ajustements structurels longs et
douloureux seront obligatoires, car des déséquilibres macro financiers (déficits, endettement) sont
déjà présents et il est raisonnable d’attendre une remontée du taux d’épargne.
Le choc est à court terme plus violent aux États-Unis (diminution brutale de l’emploi, hausse du
taux d’épargne, chute de l’investissement immobilier), mais la politique économique y est proactive
contrairement à l’Europe (insuffisance des plans de relance budgétaires en Europe et BCE en
retard) et l’ajustement récessif sur l’immobilier est en avance sur l’Europe.
Europe
Nous ne pensons pas que la baisse de l'inflation et les mesures expansives monétaires et
budgétaires de ces derniers mois soient suffisantes pour relancer à elles seules les dépenses
ménagères. Les consommateurs sont de plus en plus pessimistes sur les perspectives
économiques et rien ne laisse présager une amélioration, surtout si le chômage s’aggrave.
Après 3 ans d’embellie, l’Allemagne a recommencé à détruire des emplois en décembre,
confirmant que le ralentissement du marché du travail, qui avait commencé il y a quelque temps en
Espagne, touche désormais l'ensemble de la zone euro. Cependant, nous estimons que
l’ajustement du marché de l’emploi se fera plus posément qu’aux États-Unis. L’importance de la
fonction publique, la diversité politique, les lois et la force des syndicats en sont les raisons
principales.
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Management report
Les secteurs industriels ralentiront ostensiblement en réponse à la chute de la demande et au
durcissement des conditions de crédit. Même si la BCE ramène ses taux proches de zéro au
courant de l’année, la croissance de la zone Euro sera profondément ancrée dans le rouge.
Cette crise frappera différemment les pays européens selon les marges de manoeuvre budgétaire
dont ils disposent, leur compétitivité, la qualité de la gouvernance politique et l’ampleur de leur
bulle immobilière. Les déficits publics dépasseront fréquemment les 3% du PIB. Ceci impliquera
par la suite une longue et pénible période de consolidation budgétaire.
En Espagne, le ralentissement du marché du logement conduit à une importante contraction des
dépenses des ménages et de l'investissement dans le secteur de la construction. La récession
sera probablement plus profonde et plus longue que dans le reste de la zone euro.
L'une des pires récessions sera vraisemblablement vécue au Royaume-Uni, où la crise du crédit a
frappé particulièrement fort. Le marché du logement s’effondre et de graves déséquilibres sont en
train de se créer. Certes, il existe quelques raisons d'être optimistes : les taux d'intérêt sont
rapidement abaissés et le gouvernement a annoncé un paquet fiscal d’une valeur équivalente à
1% du PIB. Toutefois, les banques seront réticentes à prêter à cause de la montagne de créances
douteuses qui s’amoncèle. Les recapitalisations n'empêcheront pas le ralentissement continu des
prêts bancaires. De plus, la hausse du chômage ôtera en grande partie les effets bénéfiques de la
diminution de l'inflation. À cela s’ajoute la faiblesse de l'environnement extérieur qui effacera les
gains de compétitivité provenant de la chute de la livre.
Suisse
La Suisse a bénéficié d’une politique monétaire de la BNS préventive et résolument expansive lui
servant de coussin d’absorption au choc conjoncturel. En ce qui concerne le secteur immobilier,
l’activité sur le marché des surfaces d’habitation s’est montrée remarquablement stable en
comparaison internationale. La construction de logements, bien qu’en légère baisse, a évolué à un
niveau supérieur à la moyenne et, selon les projets de nouveaux chantiers, devrait se maintenir
encore ces prochains mois. La demande demeure soutenue par le flux migratoire et la stabilité des
revenus, et ne traduit pas encore la baisse observée du moral des consommateurs. Le nombre de
logements vacants est toujours faible dans tous les cantons. La forte baisse des intérêts
hypothécaires devrait limiter les ventes forcées et apportera du renfort à la demande tant que le
marché de l’emploi restera stable. Du côté des surfaces commerciales, la situation encore
prospère jusqu’au troisième trimestre devrait rapidement se dégrader par un affaiblissement de la
demande en relation à la récession économique et de l’inhérent contrôle accru des coûts au sein
des entreprises.
Sachant que la Suisse est très dépendante du secteur bancaire et du commerce extérieur,
l’économie helvétique pâtira au même titre que ses voisins européens des retombées de la crise
financière et du ralentissement mondial. Les indicateurs conjoncturels présagent une contraction à
venir des diverses composantes du PIB à l’exception de la consommation privée qui, pour le
moment, résiste. Celle-ci pourrait bien finir par être également affectée en conséquence à la
hausse du chômage.
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Management report
Japon
La conjoncture japonaise résiste bien, en comparaison historique. Une certaine détérioration est
visible, mais l’environnement conjoncturel s’avère dans une situation plus favorable que lors des
deux dernières crises. La demande domestique démontre une bonne tenue. Toutefois l’économie
nipponne est assurément trop dépendante de ses entreprises exportatrices pour sortir totalement
indemne de la crise actuelle. La production industrielle et l’indicateur Tankan, en fort repli au
quatrième trimestre, en témoignent. La détérioration du marché de l’emploi devrait s’accélérer.
Le système bancaire de l’archipel s’est trouvé salutairement isolé du credit crunch et l’économie
tourne déjà avec des taux d’intérêt très bas. Dans un pays globalement importateur de ressources,
les entreprises et les ménages japonais profiteront de la baisse des prix énergétiques et des
matières premières. Ces éléments nous font penser que le ralentissement sera moins violent et
douloureux au Japon que dans les économies occidentales, et que le pays connaîtra probablement
la reprise la plus forte parmi les pays du G4.
Reste du monde
Le paradigme du découplage entre l’occident et les pays émergents est aujourd’hui rompu même
si seulement quelques nations émergentes sont déjà en croissance négative. Elles le sont pour
des raisons spécifiques, comme pour Singapour, Hong Kong et Taiwan, très ouverts sur le
commerce international, ou le Mexique, très exposé aux États-Unis, ou les pays baltes, la Hongrie,
et l’Ukraine, qui subissent le risque systémique de crédit.
Nous avons catégorisé trois problématiques majeures risquant de déstabiliser certains États. La
première est la chute du prix des matières premières qui est un problème pour les pays
exportateurs nets (Russie, Pays du Golfe, Afrique du Sud, une partie de l’Afrique noire et de
l’Amérique latine). La seconde concerne la dépréciation des devises à fort endettement en
monnaies étrangères (Europe centrale, Afrique du Sud, Argentine, Turquie, Pakistan) ou à inflation
structurelle élevée (Russie, Afrique du Sud, Argentine, Venezuela). Finalement, nous sommes
également préoccupés par les pays à déficit courant élevé (Europe centrale, Inde, Pakistan,
Ukraine, Afrique du Sud, Turquie).
Nous pensons que l’OPEP et la Russie réussiront finalement à maintenir le prix du baril à un
niveau acceptable pour eux (>50$). Si les cours ne se redressent pas, ils rencontreront des
difficultés à satisfaire la stabilité économique, et par conséquent sociale, de leurs pays
(démographie galopante, dépenses irraisonnables, fragilité de certains régimes).
Quant au Brésil, il sera en mesure de surmonter la crise mieux que ses voisins étant donné sa forte
réserve de change et son faible niveau d'endettement.
En Chine, la croissance pourrait ralentir aux environs de 7% à cause d’une demande intérieure qui
ne compensera qu’une partie de la forte décélération des exportations. Les capacités financières
des entreprises restent généralement élevées, tout comme le taux d’épargne des ménages.
Les marges de manoeuvre du gouvernement pour réguler la croissance sont importantes (les
ressources budgétaires sont colossales, assouplissement monétaire et fiscal possible). Beijing
pourra aisément accélérer son plan quinquennal pour soutenir son économie durant ces deux
prochaines années.
Les besoins en infrastructures demeurent gigantesques et sont déjà inscrits dans ce plan.
Cependant, nous craignons qu’une résistance de la consommation n’ait seulement qu’une faible
incidence pour le reste du monde. La Chine ne contribue guère qu’à 6% au PIB mondial et, par
conséquent sa taille ne suffit pas à contrebalancer la contraction de production dans le reste du
monde.
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Management report
En outre, le ralentissement chinois dans la construction pèsera négativement sur les importations
de matières premières tandis que les exportations de produits compétitivement attractifs viendront
mettre une pression supplémentaire aux entreprises manufacturières de l’OCDE.
Taux
Les banques centrales continueront d’agir de manière extrêmement accommodante afin de réduire
les risques de dépression. Nous pensons que la BCE finira par suivre son homologue américain en
amenant ses taux directeurs proches de zéro.
Leurs actions vont bien au-delà de baisses de taux et comprennent aussi des achats d’actifs. En
pratique, la Fed et la BCE contribuent à purger les bilans bancaires afin de dégeler le canal du
crédit et prévenir la déflation. Malheureusement, ces grandes quantités de monnaie injectées sont
en partie neutralisées par la destruction de richesse dans le secteur privé et la diminution du crédit.
La désinflation va demeurer à cause de la faiblesse conjoncturelle et de la chute des biens
immobiliers et financiers. Les indices de prix à la consommation devraient prochainement évoluer
en territoire négatif. Toutefois, il est difficile d’envisager une spirale déflationniste pour autant, en
raison des vigoureuses mesures de relance économique tendanciellement inflationnistes.
Il nous faut distinguer entre quelques mois d'inflation négative en raison de la dissipation du choc
pétrolier, et une plus longue période de baisse généralisée des prix et des salaires. Pour l’instant,
nous optons pour la première possibilité. Les décideurs politiques utiliseront certainement tous les
outils à leur disposition pour empêcher que la situation ne se dégrade dangereusement en spirale
déflationniste.
Grâce aux aides et aux contraintes gouvernementales, les établissements financiers devraient,
malgré l’extraordinaire pression sur leurs fonds propres et l’augmentation des défauts de leurs
clients commerciaux, continuer à assurer les prêts aux entreprises et aux particuliers.
L’activité du système bancaire est encore en proie à une forte aversion aux risques. Mais avec les
garanties directes ou sous-entendues des États, les spreads interbancaires reviendront à des
niveaux d’avant crise.
Actions
Ce sont les données macroéconomiques qui continueront de dicter la tendance sur les marchés.
La visibilité faisant encore largement défaut, la volatilité restera élevée. Il est trop tôt pour être
haussier sur les actifs les plus risqués, tels que les actions, tant que les indicateurs économiques
avancés pointent sur une récession. A court terme, un rebond soutenu des marchés actions nous
parait improbable. Si les autorités publiques parviennent, comme nous le pensons, à dégeler
progressivement le marché interbancaire et du crédit, nous pourrions connaître une consolidation
du marché sur les niveaux actuels. La véritable reprise des marchés n’interviendra in fine que
quelques mois avant le creux du cycle mondial, duquel nous nous rapprochons, mais qui n’est
actuellement pas encore perceptible.
Les marchés pâtiront de la parution de résultats de sociétés nouvellement en baisse aux premier et
deuxième trimestres et d’un environnement conjoncturel en détérioration. De ce fait, le mouvement
de reprise du marché des actions se verra heurté dans sa progression.
La crise de confiance aura des conséquences durables sur le comportement des dirigeants des
entreprises. Ils ne prendront plus le risque d’être affectés par une nouvelle crise de liquidité et se
concentreront sur le désendettement de leurs sociétés. Ils prendront donc des mesures
préventives au niveau des dépenses d’équipement, ce qui engendrera, par conséquent, une perte
d’activité pour leurs fournisseurs.
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Management report
Les cours boursiers intègrent déjà le scénario d’une récession internationale. Les valorisations ont
plongé pour exhiber des ratios hors-norme, synonymes de révisions bénéficiaires successives et
d’une vision très pessimiste quant aux futurs résultats de la globalité des sociétés cotées. En outre,
de nombreuses sociétés dégagent encore des rentabilités satisfaisantes et des free cash flow
élevés, avec des bilans, de surcroît, particulièrement sains. Malgré cela, le constat est que
beaucoup d’investisseurs escomptent un scénario catastrophe et réagissent par la liquidation
intempestive de leurs portefeuilles. Le marché actions, très liquide, est devenu en quelque sorte
l’exutoire des ventes de détresse, dans le processus de deleveraging.
Pourtant, un certain nombre d’éléments se mettent peu à peu en place en tant que support à une
reprise boursière. En effet, nous observons un sentiment des investisseurs au plus bas, une
rotation sectorielle vers les secteurs défensifs, des actions survendues, un écart de rendement en
faveur des dividendes par rapport au coupons d’obligations d’Etat, et un niveau de cash et
assimilables très élevé dans les portefeuilles malgré l’effondrement de la rémunération de
l’épargne liquide.
Les parutions futures de résultats trimestriels et des données économiques pourraient jouir au
deuxième semestre d’un effet de base annuel positif. Le faible niveau des taux d’intérêt favorisera
la poursuite de plans de relance par endettement de la part des gouvernements. Puis, lorsque le
crédit sera à nouveau accessible aux entreprises, la progression des opérations de fusions et
acquisitions pourra alimenter avec plus de vigueur le marché. Les sociétés prédatrices profiteront
alors de la valorisation attractive des cibles potentielles.
Hedge Funds
Le deleveraging a frappé violemment les marchés en 2008. Que ce soit au niveau des banques,
des ménages ou des hedge funds, cette diminution des risques a contribué a un écroulement des
valeurs mobilières actions et obligataires. Ce processus de création de cash au sein des
portefeuilles avec les impératifs de remboursement a provoqué la dislocation de la gestion
alternative. On estime que sur les 10,000 gérants de hedge funds dans le monde, la moitié
disparaîtra en raison des effets de la crise de crédit ou des contraintes de liquidité auxquelles ils
n’auront pu faire face.
Néanmoins, la crise dans ce pan de l’activité financière se résorbera progressivement et offrira aux
«survivants», ou plutôt aux gérants les plus robustes et talentueux, des opportunités sans
précédent dans un marché purgé, et encore regorgeant d’inefficiences attractives. Historiquement,
les périodes d’après-crise sont les plus rentables. Dès lors, une fois le cycle de remboursements
terminé et les craintes des investisseurs apaisées, les actifs pourront finalement revenir sur des
ratios plus fondamentaux.
Parmi les différentes stratégies, nous considérons les éléments ci-dessous :
Event-driven, equity: Les opérations stratégiques de fusions et acquisitions sont destinées à se
reprendre, permettant aux sociétés de se renforcer en profitant de cibles aux valorisations
déprimées.
Event-driven, credit distressed: La profonde déroute dans le marché du crédit créé des
opportunités. Cette stratégie apportera des rendements intéressants avec beaucoup moins de
levier que par le passé.
Relative value : La volatilité élevée ainsi qu’une moindre concurrence parmi les gérants alternatifs
donneront de bonnes perspectives pour les gamma-traders.
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Management report
Trading strategies : Les perspectives sont bonnes dans les marchés avec peu de volume et une
forte volatilité, en ciblant les gérants disposant de beaucoup de liquidités et peu de levier.
Long/short equity : Les marchés actuels apparaissent comme mal valorisés. Les gérants qui auront
traversé la tempête en préservant leur capital pourront engranger des revenus conséquents dès
2009 – 2010.
Monnaies
Le dollar US s’est très fortement apprécié vis-à-vis de l’euro ces derniers mois, sous l’influence de
plusieurs facteurs tels que le rapatriement massif de fonds par les Américains et la recherche d’une
monnaie refuge pour d’autres, car le dollar demeure une devise de réserve. D’autres aspects
peuvent soutenir le dollar dans un avenir proche comme la baisse du déficit commercial associée à
la faiblesse de la demande américaine, la baisse des cours du pétrole, la soudaine diminution
escomptée du différentiel de taux d’intérêt entre l’euro et le dollar avec la fin des craintes
inflationnistes, et enfin la contagion plus forte qu’anticipée du ralentissement américain au
continent européen.
Ce sont autant de facteurs qui sont intimement liés à la crise, mais qui pourraient lentement
s’estomper avec un retour de la croissance mondiale. Le prix de l’énergie et le volume des
importations américaines pourraient rebondir à un moment donné. La force du dollar US n’aidera
pas à soutenir ses exportations. De plus, les finances des États tendront à se dégrader avec la
difficulté de financer, par les impôts, les plans de relance. Enfin, un retour à l’appétence des
risques serait un autre facteur défavorable au dollar.
Quand des signes d’accalmie conjoncturelle apparaîtront, des sorties de fonds des monnaies
refuges (franc suisse…) et des devises de carry trade (yen…) s’exerceront également.
Plusieurs devises des pays émergents pourraient continuer de s’affaiblir contre le dollar US, à
cause de l’aversion élevée aux risques et les incertitudes sur les moyens que ces pays pourront
employer si la crise perdure. Les monnaies des pays ayant les déficits courants les plus importants
ou une trop forte dépendance aux exportations de matières premières sont les plus vulnérables.
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Management report
INTERNATIONAL GLOBAL SICAV - BALANCED
Market review
In 2008, equities and bonds have gone through one of their deepest correction in history, with a
very severe credit crunch in the second half of the year creating a dislocation situation in the
financial system. The only traditional investment assets showing a positive return during the period
were in the sovereign bond area, although the bonds issued by some governments (notably
Greece, Ireland, Spain, Italy) have had a flat to negative year due to a deterioration of their credit
spread, not to mention some countries having to ask for help from the IMF such as Iceland. Gold
was the other notable asset holding well and performing positively in USD and Euro.
The MSCI World Index expressed in Euros was down almost 40% during the period.
Sub-fund evolution during the period under review
The sub-fund was down 22% for the year with its worst drawdown of - 13.37% in October.
Until the 3rd quarter the sub-fund held reasonably well thanks to a large exposure to gold (strategic
stance fluctuating between 5% and 20%). But it then succumbed to market dislocation in the last
quarter, gold being also under pressure during that period.
Outlook
For 2009, all will depend on the pace at which Governments and Central banks manage to restore
confidence in the financial system and give the markets a better sense of the timing of the next
economic upturn. The current pace of intervention should enable equities to perform again from the
end of the first quarter onwards; but there is still some way to go, notably in terms of the structure
and trend of interest rates in the EU. In the meantime, we prefer to hold on to our large weighting in
gold related investments and corporate bonds of strong companies (Balance sheet and cash flow
wise). Equities will gradually be purchased as opportunities arise.
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Management report
INTERNATIONAL GLOBAL SICAV - OAKSTREET CAPITAL
Market review
In 2008 equity markets faced intense downward pressures from events that were unprecedented.
It was the perfect storm where a financial, credit and economic crisis combined forces. Creditrelated issues caused extreme damage on the financial system, and policymakers around the
world did their efforts to enact new programs, inject liquidity into the markets and cut interest rates.
By mid 2008, the Oakstreet Capital sub-fund ended with a YTD of -7.9%, a modest loss compared
to the DJ Stoxx 600 Index (-21.2%) and the S&P 500 (-12.9%).
The rest of the year did improve much; deleveraging caused virtually all marketable assets, from
stocks to commodities, corporate and municipal bonds to be liquidated. Declining prices spiraled to
a selloff as investors from every corner sought to cut more losses in their portfolios. At year-end,
the S&P 500 Index lost 39%, the DJ Stoxx European 600 Index lost 47% and Oakstreet Capital
sub-fund finished 2008 with a decline of 29%.
The evolution of the sub-fund, factors impacting its performance
Sub-fund evolution
For the sub-fund, we started the year with the majority of our portfolio concentrated in European
sectors such as; Information Technology (Artilium), Healthcare (Genmab, Novo Nordisk), Oil
Services (Subsea 7), Insurance (Axa) and Financials (Fortis, Unicredito). We thought that Europe
could escape some of the economic misfortunes of the US. We invested in Healthcare and Oil
Services companies as they were in a long term uptrend and into specific financial services as they
seemed poised for a recovery.
Our preference for European shares diminished rapidly during the first quarter as it became clear
that there was a global crisis unfolding and the US was acting more proactive. Fears for recession
intensified further, the availability of credit contracted and eventually this culminated in the collapse
of Bear Stearns in March. The FED responded aggressively and slashed interest rates by another
200bps after a 100bps rate cut in 2007.
A lot of the available liquidity moved into treasuries, and for us this type of panic-induced safety
posed an opportunity to find some value into equities as risk-aversion reached peak levels.
In Europe, the ECB moved slowly and kept to its strict policy of controlling inflation and even raised
its key interest rate to 4.25%. While credit markets were in a bad shape already, the ECB kept
inflation rates too high for too long and began only to cut drastically in Q4 to 1.75%. Obviously this
was a big discouragement for any investor alike to buy assets in a contracting EU economy.
Another reason that we were more optimistic about US Equities is that from the corporate side
profit warnings and downgrades occurred much faster than in Europe. The U.S. has a more flexible
economy where the 'hire-and-fire' culture is prevalent; large scale lay-offs can be done almost
instantly while labor unions do not have much power to go against it as is the case in Europe.
We also believed that the main beneficiary of the deleveraging process was the US Dollar. It
regained strength during the second half of the year and ended with a rise of 12% against the EUR
in 2008. For all these reasons we shifted the majority of the sub-fund's assets throughout 2008
towards US equities.
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Management report
Investment strategy of the Fund
To protect ourselves against losses, we bought short-Trackers in areas such as; the S&P 500, the
DJ Financial Index, the DJ Oil & Gas Index, Basic Materials and Real Estate.
The high turnover in our Fund is explained by using these short shares as a trading mechanism in
an attempt to preserve capital. Furthermore, the extreme high volatility of the markets makes it
necessary to trade around our core holdings to benefit from opportunities.
We consider our core holdings at this moment to be international large-cap companies with
distinctive and competitive business models. The sub-fund also holds some illiquid small-cap
companies with promising prospects. We have analyzed these companies thoroughly, met
management, shareholders and competitors. However the severe credit crisis caused redemptions
and margin calls to push stock prices much lower and especially in small caps. The severity of the
problems in small cap companies has surprised us and had a big impact on the performance of the
sub-fund. Despite the losses in these holdings we still believe our investments will survive and
make money. We have three significant holdings in small caps over the period with the following
performance:
Artilium
Genmab
Thenergo
-95.00%
-54.92%
-53.66%
What are the expectations for the evolution of the sub-fund, market trends?
Outlook '09
What to expect and to do in 2009? Economic conditions will remain very challenging till at least the
start of 2010. Both capital expenditure and consumer spending will be under severe downward
pressure. Credit access and availability is weak and large restructuring and even bankruptcies will
become more a reality. However, we believe a lot is priced in the markets. Most is priced in already
in the credit markets and the valuation of the equity markets looks reasonable. Therefore, we will
be patient and look for opportunities to buy high quality companies at the right price. We expect to
find most of these companies in the US for the first 6 months of 2009. We will avoid more exposure
to illiquid small cap companies. The turnover of the sub-fund will go lower as we expect market
volatility will drift lower during the year. However, for the moment we stick with some core holdings
and will trade around them to take profits or add to positions.
On the currency side, we believe the US Dollar could remain strong for H109 and be somewhat
weaker in the second half. The Euro zone will undergo a crucial test as it is facing a tough
recession with business and consumer activity declining rapidly. Yield spreads within the Euro
zone are widening further (CDS spread between Italy and Bunds 150bp). The British Pound seems
to be bottoming against the EURO and is now at almost parity. On a more positive note, lower
interest rates, fiscal stimulus and a more pro-active government (Especially in the US) can be key
opportunities in our opinion.
Overall, we expect the sub-fund to do much better in 2009 than 2008 as we are better positioned
either way the market goes. We will keep positions relative small in size and concentrate on quality.
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Management report
INTERNATIONAL GLOBAL SICAV - SK WORLD OPPORTUNITIES
Market environment
In a weak market environment, the sub-fund's investments were broadly diversified in terms of
region as well as sector throughout the financial year.
In the year to December 31, 2008, most asset classes performed negatively due to the global
financial crisis and the oil price shock. The MSCI World (F) fell 39.1% in value during the reporting
period.
Performance
Against this difficult backdrop, the sub-fund lost 40.70% (class I) and 40.95% (class P) in the period
under review. Against the benchmark index, the MSCI World (F), the Fund underperformed by
2.40% (class I) and 2.65% (class P) during the financial year.
Investment strategy
In accordance with the investment policy, a portion of the assets was invested in a diversified
portfolio consisting of equity funds, equities and ETFs during the financial year. In order to benefit
from sideways movements on the markets, while at the same time removing market risk from the
portfolio, discount certificates on indices and individual stocks were acquired. Furthermore, cash
positions were built up from time to time in order to further reduce risk.
Outlook
Amid increasing confidence that the global economy will recover in 2010 at the latest, we are
retaining our investments. After a volatile year, we expect prices to recover towards the end of
2009.
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Management report
INTERNATIONAL GLOBAL SICAV - US HIGH YIELD
High Yield Market Review
The Lehman 2% Issuer-Constrained Index returned -25.07% in the 3rd and 4th quarter of 2008 by
far the worst 6-month return on record for the Index. The total return for October and November
was a combined -23.45%, if not for a strong rally during the last 2 weeks of December the return
could have been a lot worse. The Option-Adjusted Spread (OAS) at the end of December
registered +1,658 basis points (bps). The Index generated 3453bps of negative excess return
versus similar duration US treasuries for the period, a new record of futility. Of the four quarterly
returns now in the history books for 2008, 3 of them are among the 8 worst quarters in terms of
relative return versus treasuries on record.
The third quarter began with rising energy prices which pressured most sectors, most industries
and many issuers. None more so then the auto companies. Despite the drop in the price of oil from
its July peak of $145/bbl to approximately $100/bbl by quarters end, autos continued to slide. GM
returned -26.97% while Ford returned -14.76%. Most other cyclical industries and issuers struggled
from the beginning of the period due in large part to a general flight by investors from cyclical
credits which was exacerbated by the release of economic data throughout the period that showed
accelerating weakness on almost all fronts. For example, gaming issuers posted poor results that
indicated sharply lower traffic trends. Gaming issuers in general returned -14.13%. The 2nd quarter
earnings announcements were decidedly weaker than expectations and contributed to a further
slide in the asset class throughout August. Of particular note were the major yellow page providers
RH Donnelly and Idearc which reported a sharp drop in revenue due to the loss of business to the
internet. RH Donnelly and Idearc returned -31.57% and -52.62%, respectively. The September
news flow was breathtaking in its swiftness as well as its impact. No sooner had we settled into our
chairs after the Labor Day holiday when the US treasury announced it had placed Fannie Mae and
Freddie Mac into conservatorship, Lehman declared bankruptcy, Merrill Lynch was acquired by
BankAmerica, Morgan Stanley and Goldman Sachs converted to bank holding companies, the
NAV of a number of major money funds fell below $1, The Fed announced it had provided AIG with
an $85bn credit facility in exchange for an 80% stake, Washington Mutual filed for bankruptcy, and
Wachovia was pulled from the ledge by Citigroup. By month’s end it was obvious that even the
government's effort to craft a policy response would bring no immediate economic relief and the
deleveraging across all markets would continue unabated. By quarters end every sub-sector, every
industry and all except 5 issuers had posted negative returns for the period. It was a total blood
bath which showed no signs of receding in the near future.
The fourth quarter began on a sour note with the failure of Congress to pass legislation to deal with
the financial crisis. When global stock markets plummeted in reaction, the US government enacted
numerous policy responses in an effort to stabilize and revive economic activity. The Troubled
Asset Repurchase Program (TARP) provided $700bn of support for various projects. The
Commercial Paper Funding Facility was implemented to improve liquidity in the commercial paper
market by funding a backstop source for CP issuers. The Capital Purchase Program provided
$250bn of TARP monies for direct capital infusions in commercial banks. Many other programs
were initiated and/or clarified but did little to steady a market in free fall. Though the systemic risk of
a financial system meltdown was addressed and reduced during the month, by the time November
rolled around concern about a deepening economic slowdown took center stage. The release of
nonfarm payroll employment showed a large drop and was accompanied by large downward
revisions to earlier reports. Job losses were significant and widespread across a majority of
industries. The Institute of Supply Management also released reports that showed broad based
weakness. Just when you thought market conditions could not get any worse the CEO's of the Big
Three auto companies showed up in Washington for testimony before congress in an effort to gain
approval of an auto bailout. It was a disaster. They were unprepared, arrogant and were sent home
empty handed.
23
Management report
December started similarly to how November ended, weak. High yield suffered a sharp sell-off only
to rally even stronger over the last two weeks. The beginning of the month sell-off was in large part
due to the release of economic data that indicated the economic slump appeared to be
accelerating. The ISM Manufacturing Index, retail sales and Industrial Production each showed
meaningful weakness while jobless claims rose more than expected. However, the tone of the
credit market began to change after the Fed lowered the Fed Funds rate on December 16th to a
range between 0 to ¼ percent. The announcement included commentary that gave market
participants hope that the Fed would do anything and everything in its power to help restore a
degree of normalcy in the credit markets. On December 19th President Bush announced a $13.4bn
auto bailout plan, lifting GM bonds as well as providing a boost to the broader high yield market.
When GMAC received approval from the Fed for Bank Holding Company status on December
24th, high yield spreads ratcheted in further. As the year came to a close, the market turned its
attention towards the government's increasingly aggressive policy responses and staged its largest
2 week rally on record. In the last 10 trading days of the year the OAS of the Index narrowed over
300bps and generated a total return of approximately 10%.
According to Moody's Investors Service high yield default rates rose and recoveries declined
significantly in 2008. While full year data is not yet available a comparison of November 2007 and
2008 data illustrates the point. Year-over-year the trailing 12 month issuer weighted default rate
increased to 3.42% by November 2008 from 0.91%. Further, recoveries declined from $53.88 to
$39.77. The average US speculative grade default rate from 1982-2007 was 4.372% and recovery
(bond price 30 days after bankruptcy filing) of $45.93. Moody's forecasts a default rate for 2009 of
10.74%. New issue supply was just $1.3bn in the 4th quarter down from $31.6bn in 4Q07. Net
issuance was negative for the period as redemptions and maturities outpaced issuance by $1.9bn.
Sub-fund Review
The sub-fund returned -29.22% since inception in June 2008 underperforming the Lehman 2%
Issuer-Constrained High Yield Index by 92 bps.
The following portfolio positioning impacted relative performance for the period
•
Rating Strategy (-76 bps): Underweight to higher quality and overweight to lower quality cost
us 208 bps. Overweight to cash, however, helped us 133 bps.
•
Sector Selection (-59 bps): Within Caa & below, our overweight to Basic Industry cost us 59
bps and our underweight to Finance Cos cost us 60 bps. Overweight Caa Capital Goods cost
us 17 bps and overweight Energy cost us 13 bps. Underweight Caa Communications helped us
by about 50 bps. Within single-B, we had better sector selection. +45 bps by underweighting
Technology, +29 by overweighting Electric, +27 by overweighting Capital Goods. -52 bps,
however, for underweighting single-B Consumer Non-Cyclicals.
•
Security Selection (+43 bps): Security Selection was generally good. The best were Caa
Industrials (Allied Sec Escrow helped Consumer Cyclical +121 bps; US Investigation and
Odebrecht helped Capital Goods +57; Georgia Gulf helped Basic Industry +51; Dole Foods
helped Consumer Non-Cyclical +44; L3 helped Communications +39) and GMAC (+100). The
worst were single-B Utilities (TXU -136, Semgroup -38) and Rescap (-189). Also, HY10.CDX
helped us +109. Hawker Beechcraft helped B-rated Capital Goods -73 and Neiman Marcus and
Station Casinos contributed to B-rated Consumer Cyclical -40. Intelsat and CSC helped B-rated
Communications +39 bps.
24
Management report
High Yield Outlook
Western Asset believes current valuations in today's high yield market offer investors a very
attractive risk/reward profile. Both yields and spreads have far surpassed anything ever witnessed
in past markets, including the Great Depression. That having been said, Western recognizes the
credit cycle has certainly turned for the worse and we can expect to see a dramatic rise in defaults
over the next 12 months. These defaults will take the form of both traditional restructurings as well
as 'selective defaults' generated by proactive bond exchanges. This rise in defaults will be
somewhat tempered by the fact that refinancing risk does not become elevated until the years 2011
and beyond. Furthermore, current valuations suggest that such a default trend is widely
anticipated by the market. As evidence, consider the fact that the average dollar price of a high
yield bond now stands at just $61.50. With a yield to worst of 19 ½%, the market should be able to
absorb a combination of elevated defaults and depressed recoveries while still generating strong
overall returns. We expect U.S. High Yield will generate a total return of +10.00% to +12.00% over
the next 12 months. Generous coupon income combined with marginal spread tightening will
partially offset the impairment caused by an inevitable rise in default activity.
With respect to positioning across the rating spectrum, we feel investors are offered substantial
yield advantages in lower rated securities. For instance, the CCC index was yielding 28.92% at
year end compared with 14.29% for the BB Index. Our portfolios have been and continue to be
positioned to exploit this anomaly by having a slight overweight to CCCs and an underweight to
BBs (essentially neutral B's). While this bias benefitted our portfolios versus both our high yield
indices and competitors during 2006 and early 2007, our performance over the past 18 months has
been hurt by this strategy. For the year 2008, the Barclay's BB High Yield Index had returned 17.53% versus -26.65% and -44.35% for the B and CCC indices respectively. To be clear, our
strategy is not premised on the expectation of a random rally in CCCs and B's relative to BB rated
issuers. More specifically, we strongly feel that select, lower-rated issuers offer very compelling
risk/reward relationships. These anomalies exit because investors continue to take comfort in a
high rated security based solely on the rating and shun lower rated securities. We feel the past 18
months have demonstrated that the rating agencies are far from clairvoyant in this process.
While our rating profile tends to be somewhat aggressive, our industry positioning is defensive and
provides a bit of a hedge in our portfolios. Electric Utilities are our single largest sector bet, as we
continue to feel the current market affords us a great opportunity to buy a historically defensive
sector and very attractive valuations. We also remain overweight Aerospace/Defense based on
the sectors' strong balance sheets, free cash flow generation and focus on operations &
maintenance as opposed to weapons programs. While overweight to the Auto sector, this is largely
based on our position in Ford Motor Credit. In addition, we continue to increase our wireless
exposure due to the defensive nature of the business as well as strong underlying asset values.
Our key underweights have not changed over the past 2 quarters. The most notable of these are
Retail, Media Non-Cable and Technology.
25
INTERNATIONAL GLOBAL SICAV - EQUITY WRAPPER (EUR)
INTERNATIONAL GLOBAL SICAV - EQUITY WRAPPER (CHF)
Letter to Investors
December 2008
Historical, with
The events of the last few weeks are likely to be recorded in indelible ink in the annals
a capital H
of economic and financial history: that is one of very few things that can be regarded
as a certainty in today’s unsettled climate. The authorities’ decision to allow the Lehman
Brothers investment bank to go to the wall in mid-September can now be seen as a key
turning-point in the crisis that we are all living through. Commentators have been scrabbling around to find terms to describe all the momentous events that we have been witnessing and which were scarcely imaginable only a few weeks ago. This final quarter
of 2008 has seen the world’s leading stock markets plumbing great depths, plunging by
50% from their records posted in 2007. From a more fundamental standpoint, the speed
with which the economy has degenerated since the autumn has probably been unprecedented since World War II. Moreover, the downturn has spread right around the globe,
with seemingly less vulnerable countries, like China, falling victim to the debilitating
contagion.
THE BIGGEST DRAWDOWN1 ON THE S&P 500 SINCE 1945
45 48 51 54 57 60 63 66 69 72 75 78 81 84 87 90 93 96 99 02 05 08
0%
-10%
-20%
-30%
-40%
-50%
3.10.74
-48.20%
-60%
1
7.10.02
-48.59%
20.11.08
-51.93%
Peak-to-trough fall
The maelstrom has spared no asset class, with the sole exception of government bonds:
10-year yields have sunk to their lowest levels for 50 years, reflecting investors’ utmost
aversion to risk at present and a scenario of deflation looming menacingly over the
world’s major economies. Once again, post-war records have been obliterated as we
need to go as far back as the 1930s to find such a similar trail of havoc, which, hardly
surprisingly, has prompted feverish speculation about the danger of the global economy slip-sliding towards a widespread depression.
GERMAN GOVERNMENT BONDS: 10-YEAR YIELDS
data: Global Financial Data
%
11
10
9
8
7
6
5
4
3
2
49
54
59
64
69
74
79
84
89
94
99
04
Commodities have been among the front-line casualties over the last six months, as can
be seen from how the price of a barrel of crude oil has moved, going into free-fall from
its record highs of July 2008.
PRICE OF CRUDE OIL IN REAL TERMS (CPI-ADJUSTED)
data: Global Financial Data
0.70
0.60
0.50
0.40
0.30
0.20
0.10
0.00
57 59 61 63 65 67 69 71 73 75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09
Paradoxically, with just a few trading days to go before the end of 2008 which, sadly,
will be remembered as a year of mega-crashes on financial markets, risky assets are
trading, effectively for the first time since the early 1990s, at attractive valuation levels
which would usually bode promisingly for lucrative returns to come in the medium term.
It is not just, however, a structural problem facing investors – we are also being
confronted by a cyclical economic challenge. Unlike recessions seen over the past 50
years, this one is very unlikely to be solved by employing the classic remedies normally
administered. The root cause of the problem is the huge mountain of debt in the developed world dwarfing the size of borrowers’ cash flows.
USA: DEBT/GDP RATIO
%
3.2
2.7
2.2
1.7
1.2
52
57
62
67
72
77
82
87
92
97
02
07
This imbalance, the main detonator that unleashed the financial and economic avalanche,
can only be fundamentally redressed in one of two ways. The first way would see the
adjustment being made as a result of a wave of bankruptcies, defaults and the purging
of all non-performing loans. The price to be paid for this draconian solution would be
high in terms of jobs lost and, for this reason, it would be both politically and socially
unpalatable to administer. The only viable alternative would be to ditch the ‘sacred cows’
of central banks’ inflation targets and to water excess debt down by letting inflation run
at structurally faster rates, for example at around 5%-6% rather than the magic pricestability formula of 1%-2%. This approach obviously comes at a price too, but it would
be likely to be less painful than the other method.
The ramifications of which solution is adopted to drag economies out of the crisis are
significant for investors endeavouring to allocate assets in their investment portfolios
as the choices to be made are radically different depending on the approach taken: in
the former case, government bonds and money-market instruments would be the path
to follow; for the latter, real assets, such as equities, to start with, and then gold. Furthermore, timing is of the essence as we will probably have to endure many long, hard
months before any clear direction emerges.
In these circumstances, our investment strategy is fashioned as outlined below. Judging by the macroeconomic climate, there have to be serious doubts about the likely effectiveness of the fiscal and monetary policy mix being adopted to throw the recessionary
juggernaut into reverse, but it will take several months for markets to detect any clear
signs of whether the reflationary packages are having much success or not. As a result,
a temporary rally by stock markets, fuelled by hopes of the economic recovery kicking
in during the second half of 2009, looks reasonably likely. Regrettably, we suspect that
these high hopes will be dashed, but, as long as the market keeps faith with them, this
temporary rebound after the historically dramatic collapse in prices might turn out to
be surprisingly robust and long-lasting. Eventually, if the powers-that-be become aware
that economies are still lifeless in spite of all their best efforts to resuscitate them, the
risk of the authorities being tempted into devaluing their currencies will begin to mount,
and the prime beneficiary of this would, without a shadow of doubt, be gold. Government bonds at present are offering investors paltry returns, but the markets are unlikely
to collapse as long as the usual mechanisms of transmission for monetary policy are not
working properly. We are likely to see things change fast and quite dramatically though
if the monetary measures implemented do begin to feed through eventually to the real
economy. At the outset, the price of sovereign bonds will be corrected, share prices
would bounce upwards; if inflation were then to escalate, both these asset classes would
subsequently struggle, but we are some way from that happening yet.
PRICE OF A KILO OF GOLD IN SWISS FRANCS
35000
Gold Bullion(Zurich) kg(995) CHF
30000
25000
20000
15000
10000
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
With the festive season just a few days away in a year when investors probably thought
that they had seen everything imaginable, the news breaking that the famous and controversial investment ‘wizard’ Madoff had concocted a massive fraudulent scam running into almost USD50bn unleashed yet another devastating tidal wave through the
world of alternative investments. Although it is too early to draw any hard and fast conclusions about this sorry affair, it does provide yet another reminder of just why understanding, monitoring and transparency of investments undertaken on our clients’ behalf
are indispensable building-blocks throughout our investment decision-making process.
THE FAIRFIELD FUND OVER 10 YEARS: JUST TOO GOOD TO BE TRUE!
1600
1400
1200
1000
800
600
400
200
0
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
In conclusion, although 2008 will clearly go down as an annus horribilis for financial
markets, the outlook is for a bleak 2009 for the real economy as well as an unpredictable
and eventful 2009 for markets, so it would be advisable for investors to bide their time
until we all have a much clearer idea of how effectual leading governments’ recent
interventions have been. We can thus expect further big shifts in market perceptions
which will always be accompanied by heightened volatility.
Auditor’s report
To the Shareholders of
International Global SICAV
(Investment Company with Variable Capital)
1, boulevard Royal, L-2449 Luxembourg
Following our appointment by the annual general meeting of the shareholders dated
April 17, 2008, we have audited the accompanying financial statements of International Global
SICAV, which comprise the combined statement of net assets, as well as the statement of net
assets and the statement of investments and other net assets of each of its sub-funds as at
December 31, 2008 and the combined statement of operations and changes in net assets as well
as the statement of operations and changes in net assets of each of its sub-funds for the year
then ended, and a summary of significant accounting policies and other explanatory notes to the
financial statements.
Board of Directors' of the SICAV responsibility for the financial statements
The Board of Directors of the SICAV is responsible for the preparation and fair presentation of
these financial statements in accordance with the Luxembourg legal and regulatory requirements
relating to the preparation of the financial statements. This responsibility includes: designing,
implementing and maintaining internal control relevant to the preparation and fair presentation of
financial statements that are free from material misstatement, whether due to fraud or error;
selecting and applying appropriate accounting policies; and making accounting estimates that
are reasonable in the circumstances.
Auditor's responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with International Standards on Auditing as adopted by the
Institut des Réviseurs d'Entreprises. Those standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance whether the
financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditor's
judgement, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity's preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the entity's internal control.
An audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as
evaluating the overall presentation of the financial statements. We believe that the audit evidence
we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
30
Combined statement of net assets as at December 31, 2008
COMBINED
FIXED INCOME
CITADEL EUROPE
EUR
EUR
EUR
177,389,974.81
ASSETS
Investments in securities at acquisition cost
Net unrealised loss on investments
Investments in securities at market value (note 2)
Cash at banks
Interest receivable, net
486,544,675.04
21,996,635.07
-153,458,520.34
-3,301,175.06
-67,023,972.55
333,086,154.70
18,695,460.01
110,366,002.26
26,414,139.84
116,488.97
5,996,699.87
3,968,656.61
398,963.29
1,392.55
363,468,951.15
19,210,912.27
116,364,094.68
LIABILITIES
Bank overdraft
Management fee payable (note 4)
"Taxe d’abonnement" payable (note 3)
92,156.75
0.00
0.00
752,806.15
23,691.13
472,447.42
37,921.47
2,413.80
14,624.25
401,591.46
20,401.96
91,563.16
1,502,641.55
0.00
5,746.67
2,787,117.38
46,506.89
584,381.50
TOTAL NET ASSETS AS AT DECEMBER 31, 2008
360,681,833.77
19,164,405.38
115,779,713.18
360,724,774.32
22,354,802.72
229,084,471.18
308,854,802.63
38,079,667.69
210,877,781.14
Other fees payable (note 5)
Net unrealised loss on forward exchange contracts (note 8)
The accompanying notes form an integral part of these financial statements.
32
CITADEL ACTIONS
SUISSES
BALANCED
OAKSTREET CAPITAL
SK WORLD
OPPORTUNITIES
US HIGH YIELD (note 1)
CHF
EUR
EUR
EUR
USD
204,528,562.05
54,546,074.96
12,964,326.19
5,338,956.52
59,733,969.94
-16,865,617.96
-3,751,055.53
-1,652,168.39
-20,229,767.75
-63,936,787.87
37,680,457.00
9,213,270.66
3,686,788.13
39,504,202.19
140,591,774.18
1,232,668.39
814,527.05
475,930.90
5,920,152.87
16,709,165.73
305.90
45,851.77
0.00
3,898.42
4,890,677.79
38,913,431.29
10,073,649.48
4,162,719.03
45,428,253.48
162,191,617.70
0.00
0.00
0.00
0.00
0.00
152,667.73
37,087.18
13,822.16
5,460.13
127,679.51
4,889.40
1,265.13
522.43
1,263.07
19,867.82
42,385.53
14,552.76
17,544.66
81,524.11
194,247.62
0.00
0.00
0.00
0.00
2,080,760.41
199,942.66
52,905.07
31,889.25
88,247.31
2,422,555.36
38,713,488.63
10,020,744.41
4,130,829.78
45,340,006.17
159,769,062.34
59,505,878.77
11,970,435.13
4,617,182.08
56,748,317.12
-
61,734,160.11
-
-
-
-
33
EQUITY WRAPPER (EUR)
(note 1)
EQUITY WRAPPER (CHF)
(note 1)
EUR
CHF
10,450,839.87
21,696,311.77
ASSETS
Investments in securities at acquisition cost
Net unrealised gain/(loss) on investments
Investments in securities at market value (note 2)
63,903.68
-249,663.82
10,514,743.55
21,446,647.95
236,634.28
0.00
0.00
0.00
10,751,377.83
21,446,647.95
0.00
136,345.92
2,150.08
4,596.72
Cash at banks
Interest receivable, net
LIABILITIES
Bank overdraft
Management fee payable (note 4)
"Taxe d’abonnement" payable (note 3)
Other fees payable (note 5)
Net unrealised loss on forward exchange contracts (note 8)
44.18
282.55
3,763.19
5,698.62
0.00
0.00
5,957.45
146,923.81
10,745,420.38
21,299,724.14
-
-
-
-
34
35
for the year/period ended December 31, 2008
NET ASSETS AT THE BEGINNING OF THE YEAR/PERIOD
COMBINED
FIXED INCOME
CITADEL EUROPE
EUR
EUR
EUR
360,724,774.32
22,354,802.72
229,084,471.18
4,717,647.99
INCOME
Dividends, net
5,746,135.66
0.00
Interest on bonds, net
8,517,645.16
940,207.08
0.00
584,335.88
26,022.98
344,855.23
Bank interest
Interest on securities lending
591,260.63
0.00
591,260.63
15,439,377.33
966,230.06
5,653,763.85
3,832,180.68
101,616.54
2,750,065.49
429,590.49
21,461.43
171,340.99
EXPENSES
Management fee (note 4)
Custodian fee, bank charges and interest
Administration, audit and other expenses
702,655.20
19,375.43
127,311.98
Service fees
553,292.16
30,992.02
250,087.42
"Taxe d’abonnement" (note 3)
NET INVESTMENT INCOME/(LOSS)
163,993.08
9,676.81
85,335.71
5,681,711.61
183,122.23
3,384,141.59
9,757,665.72
783,107.83
2,269,622.26
Net realised gain/(loss) on sales of investments
-13,891,796.66
-295,535.93
-11,067,151.22
Net realised loss on forward exchange contracts
-7,924,832.77
0.00
0.00
Net realised gain/(loss) on foreign exchange
494,655.07
-7,843.21
39,630.09
Net realised gain/(loss) on forward contracts
-1,441,776.04
0.00
-1,594,980.60
-13,006,084.68
479,728.69
-10,352,879.47
-184,640,251.84
-1,350,129.84
-99,752,610.35
-1,502,641.55
0.00
-5,746.67
-199,148,978.07
-870,401.15
-110,111,236.49
NET REALISED GAIN/(LOSS)
Change in net unrealised appreciation/(depreciation) :
- on investments
- on forward exchange contracts
INCREASE/(DECREASE) IN NET ASSETS AS A RESULT
OF OPERATIONS
Proceeds from subscriptions of shares
289,147,666.65
1,683,000.00
16,905,334.68
Cost of shares redeemed
-93,526,799.40
-3,217,471.07
-20,098,856.19
-785,525.12
-785,525.12
0.00
19,164,405.38
115,779,713.18
Dividends distributed (note 7)
Revaluation difference *
NET ASSETS AT THE END OF THE YEAR/PERIOD
4,270,695.39
360,681,833.77
* The difference mentioned above is a result of the euro exchange rate fluctuations affecting the different items related to the sub-funds denominated in currencies
other than euro between January 1, 2008 and December 31, 2008.
36
CITADEL ACTIONS
SUISSES
BALANCED
OAKSTREET CAPITAL
SK WORLD
OPPORTUNITIES
CHF
EUR
EUR
EUR
USD
59,505,878.77
11,970,435.13
4,617,182.08
56,748,317.12
-
836,186.84
87,774.85
106,239.04
234,119.99
48,890.54
0.00
214,487.17
0.00
0.00
10,234,878.21
20,894.84
37,716.10
36,082.62
17,993.99
149,488.95
0.00
0.00
0.00
0.00
0.00
857,081.68
339,978.12
142,321.66
252,113.98
10,433,257.70
729,700.19
171,783.38
60,386.04
25,785.22
311,482.26
50,043.50
18,671.49
16,363.27
103,278.23
87,424.74
43,155.18
17,595.29
18,476.90
317,603.73
240,649.98
78,451.95
17,279.47
14,863.17
37,278.51
200,039.43
15,701.06
5,416.43
2,525.30
3,956.22
64,269.07
917,051.88
230,746.06
112,614.68
487,901.91
903,865.48
-59,970.20
109,232.06
29,706.98
-235,787.93
9,529,392.22
-3,318,692.99
375,732.94
139,315.69
-3,507,730.78
3,762,505.22
0.00
-1,611.05
0.00
0.00
-11,013,683.28
12,157.13
76,582.72
-214,319.59
-151,605.42
1,266,312.56
-3,939.95
155,867.59
0.00
0.00
0.00
-3,370,446.01
715,804.26
-45,296.92
-3,895,124.13
3,544,526.72
-16,446,115.45
-3,395,103.29
-1,485,438.54
-21,440,132.19
-63,936,787.87
0.00
0.00
0.00
0.00
-2,080,760.41
-19,816,561.46
-2,679,299.03
-1,530,735.46
-25,335,256.32
-62,473,021.56
4,757,973.02
1,550,816.35
1,132,890.15
63,626,294.68
243,497,155.78
-5,733,801.70
-821,208.04
-88,506.99
-49,699,349.31
-21,255,071.88
0.00
0.00
0.00
0.00
0.00
38,713,488.63
10,020,744.41
4,130,829.78
45,340,006.17
159,769,062.34
37
EQUITY WRAPPER (EUR)
(note 1)
EQUITY WRAPPER (CHF)
(note 1)
EUR
CHF
-
-
Dividends, net
0.00
0.00
Interest on bonds, net
0.00
0.00
Bank interest
0.00
0.00
Interest on securities lending
0.00
0.00
0.00
0.00
NET ASSETS AT THE BEGINNING OF THE YEAR/PERIOD
INCOME
EXPENSES
Management fee (note 4)
Custodian fee, bank charges and interest
Administration, audit and other expenses
Service fees
"Taxe d’abonnement" (note 3)
NET INVESTMENT INCOME/(LOSS)
2,150.08
4,596.72
868.43
1,315.07
0.00
0.00
2,894.76
4,383.55
44.18
282.55
5,957.45
10,577.89
-5,957.45
-10,577.89
Net realised gain/(loss) on sales of investments
0.00
-71.35
Net realised loss on forward exchange contracts
0.00
0.00
Net realised gain/(loss) on foreign exchange
-23,321.52
-212,556.48
Net realised gain/(loss) on forward contracts
0.00
0.00
-29,278.97
-223,205.72
63,903.68
-249,663.82
0.00
0.00
34,624.71
-472,869.54
10,837,060.76
22,229,444.07
-126,265.09
-456,850.39
0.00
0.00
10,745,420.38
21,299,724.14
NET REALISED GAIN/(LOSS)
Change in net unrealised appreciation/(depreciation) :
- on investments
- on forward exchange contracts
INCREASE/(DECREASE) IN NET ASSETS AS A RESULT
OF OPERATIONS
Proceeds from subscriptions of shares
Cost of shares redeemed
Dividends distributed (note 7)
NET ASSETS AT THE END OF THE YEAR/PERIOD
38
Number of shares outstanding and net asset value per share
NII *
Sub-fund
Class
Number of shares
outstanding
Net asset value
per share
Net asset value
per share
Net asset value
per share
31.12.2008
31.12.2008
31.12.2007
31.12.2006
Currency
FIXED INCOME
EUR
3.46
224,867.86
85.23
92.69
95.77
CITADEL EUROPE
EUR
1.32
1,604,690.00
72.15
136.64
128.51
CITADEL ACTIONS SUISSES
CHF
0.00
583,685.00
66.33
98.60
100.00
BALANCED
EUR
0.82
135,369.41
74.03
94.09
-
OAKSTREET CAPITAL
SK WORLD OPPORTUNITIES
EUR
0.00
59,677.15
69.22
97.41
-
EUR
-7.59
2,265.00
594.00
1,005.88
-
I
EUR
-39.04
7,236.00
6,079.96
10,252.07
-
I
USD
4.37
757,940.16
70.78
-
-
P
R
USD
3.88
11,245.00
70.37
-
-
HI-EUR
EUR
3.14
851,495.96
45.64
-
-
HR-EUR
EUR
2.79
35,338.00
45.38
-
-
HI-CHF
CHF
4.65
714,051.98
73.06
-
-
HR-CHF
CHF
4.13
1,040.00
72.64
-
-
EQUITY WRAPPER (EUR) (note 1)
EUR
0.00
107,232.00
100.21
-
-
EQUITY WRAPPER (CHF) (note 1)
CHF
-0.05
217,964.00
97.72
-
-
* NII = Net Investment Income
39
as at December 31, 2008 (expressed in EUR)
Description
Currency
Nominal
Market value (note 2)
% of net assets
I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
BONDS
AUSTRALIA
4.125%
BHP BILLITON FIN. 06/11
EUR
2,000,000.00
1,961,129.60
10.23
1,961,129.60
10.23
5.28
FRANCE
1%
O. A. T. (INFLATION) 05/17
EUR
1,000,000.00
1,012,452.90
6%
AXA 04/PE
EUR
935,000.00
347,118.75
1.81
6.125%
AIR LIQUIDE 08/12
EUR
300,000.00
315,126.00
1.64
FRN
CNP ASSURANCES 04/PE
EUR
1,000,000.00
387,000.00
2.02
2,061,697.65
10.75
506,560.00
2.64
506,560.00
2.64
440,000.00
2.30
440,000.00
2.30
GERMANY
4%
GERMANY 99/09
EUR
500,000.00
IRELAND
8.30%
SIBACADEMFINANCE 06/11
EUR
800,000.00
LUXEMBOURG
4.125%
SYNGENTA LUX FIN. 06/11
EUR
1,000,000.00
1,002,650.00
5.23
5.03%
GAZPROM OAO 06/14
EUR
1,000,000.00
625,000.00
3.26
5.875%
GAZ CAPITAL 05/15
EUR
1,000,000.00
640,000.00
3.34
2,267,650.00
11.83
10.80
NETHERLANDS
4%
NETHERLANDS 08/11
EUR
2,000,000.00
2,069,600.00
7.875%
ALB FINANCE 07/12
EUR
500,000.00
162,500.00
0.85
8%
RABOBANK 05/35
EUR
1,000,000.00
599,016.30
3.13
2,831,116.30
14.78
442,000.00
2.31
442,000.00
2.31
989,950.00
5.17
989,950.00
5.17
SPAIN
FRN
POPULAR CAPIT. ’B’ 04/PE
EUR
1,105,000.00
SUPRANATIONAL
FRN
E.I.B. 03/11
EUR
1,000,000.00
UNITED KINGDOM
5.875%
VODAFONE GROUP 08/10
EUR
1,000,000.00
1,017,680.00
5.31
7.125%
CENTRICA 08/13
EUR
500,000.00
519,660.00
2.71
1,537,340.00
8.02
5.35
UNITED STATES
5.625%
PHILIP MORIS 08/11
EUR
1,000,000.00
1,025,700.00
6%
DEUTSCHE POSTBANK 04/PE
EUR
1,300,000.00
552,500.00
2.88
6.625%
I.B.M 08/14
EUR
450,000.00
474,754.50
2.48
7.625%
VERIZON WIRELESS 08/11
EUR
750,000.00
TOTAL I.
40
766,875.00
4.00
2,819,829.50
14.71
15,857,273.05
82.74
Description
Quantity
% of net assets
II. UNITS OF INVESTMENT FUNDS
MALTA
INVESTINVENT WIND ENERGY ’C’
15,000.00
1,648,800.00
8.60
1,648,800.00
8.60
1,189,386.96
6.21
1,189,386.96
6.21
2,838,186.96
14.81
SWITZERLAND
ZKB GOLD ETF
600.00
TOTAL II.
TOTAL INVESTMENTS
18,695,460.01
97.55
CASH AT BANKS
116,488.97
0.61
OTHER NET ASSETS
352,456.40
1.84
TOTAL NET ASSETS
19,164,405.38
100.00
41
Geographical classification
Industrial classification
(in % of net assets)
Netherlands
14.78
Bonds issued by companies
58.85
United States
14.71
Bonds issued by countries or cities
18.72
Luxembourg
11.83
Units of investment funds
14.81
France
10.75
Bonds issued by supranational institutions
Australia
10.23
Malta
8.60
United Kingdom
8.02
Switzerland
6.21
Supranational
5.17
Germany
2.64
Spain
2.31
Ireland
5.17
97.55
2.30
97.55
42
Description
Quantity
% of net assets
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
CERTIFICATES
NETHERLANDS
FUGRO CRT
30,000.00
TOTAL CERTIFICATES
614,550.00
0.53
614,550.00
0.53
614,550.00
0.53
SHARES
AUSTRIA
ERSTE BANK DER OESTER. SPARKASSEN
70,000.00
1,134,000.00
0.98
RAIFFEISEN INT. BANK-HOLDING
42,083.00
812,201.90
0.70
1,946,201.90
1.68
BELGIUM
DEXIA
KBC GROUPE
100,000.00
320,000.00
0.28
24,000.00
514,800.00
0.44
834,800.00
0.72
1,585,078.66
1.37
1,585,078.66
1.37
416,098.56
0.36
416,098.56
0.36
920,299.24
0.79
920,299.24
0.79
BERMUDA
SEADRILL
280,000.00
CAYMAN ISLANDS
SUBSEA 7
100,000.00
DENMARK
CARLSBERG ’B’
40,000.00
FINLAND
FORTUM
140,000.00
2,132,200.00
1.84
KONE ’B’
80,000.00
1,242,400.00
1.07
3,374,600.00
2.91
2.39
FRANCE
ALSTOM
66,000.00
2,770,680.00
250,000.00
3,961,250.00
3.42
BIOMERIEUX
13,000.00
780,000.00
0.67
BNP PARIBAS
70,000.00
2,117,500.00
1.83
BUREAU VERITAS
30,000.00
862,200.00
0.74
CIE GENERALE DE GEOPHYSIQUE
35,000.00
371,000.00
0.32
DANONE GROUPE (EUR)
60,000.00
2,590,800.00
2.24
0.52
AXA
DIOR CHRISTIAN
15,000.00
603,750.00
ELECTRICITE DE FRANCE
105,000.00
4,357,500.00
3.77
ESSILOR INTERNATIONAL
50,000.00
1,678,500.00
1.45
FRANCE TELECOM
IPSEN
160,000.00
3,193,600.00
2.76
50,000.00
1,399,500.00
1.21
NATIXIS
250,000.00
312,500.00
0.27
ORPEA
30,000.00
774,900.00
0.67
PERNOD-RICARD
14,000.00
741,580.00
0.64
REMY COINTREAU
22,000.00
651,860.00
0.56
SANOFI-AVENTIS
50,000.00
2,270,000.00
1.96
SOCIETE GENERALE
15,000.00
540,000.00
0.47
43
Description
Quantity
% of net assets
0.66
STALLERGENES
20,000.00
762,000.00
SUEZ ENVIRONNEMENT
65,000.00
783,250.00
0.68
TELEPERFORMANCE
70,000.00
1,394,400.00
1.20
THEOLIA
TOTAL
VALLOUREC USINES A TUBES
VEOLIA ENVIRONNEMENT
60,000.00
182,400.00
0.16
105,000.00
4,085,550.00
3.54
8,000.00
648,000.00
0.56
40,000.00
888,000.00
0.77
38,720,720.00
33.46
GERMANY
AIXTRON
150,000.00
714,000.00
0.62
ALLIANZ NOM.
20,000.00
1,500,000.00
1.30
BAYER (EUR)
35,000.00
1,454,250.00
1.26
DEUTSCHE BANK NOM.
20,000.00
556,600.00
0.48
0.51
DEUTSCHE POST NOM.
50,000.00
595,500.00
DEUTSCHE TELEKOM NOM.
200,000.00
2,150,000.00
1.86
E.ON NOM.
130,000.00
3,697,200.00
3.19
K&S
70,000.00
2,797,900.00
2.42
SIEMENS NOM.
50,000.00
2,634,000.00
2.28
WACKER CHEMIE
10,000.00
747,100.00
0.65
16,846,550.00
14.57
2,162,652.92
1.87
2,162,652.92
1.87
495,773.44
0.43
495,773.44
0.43
HUNGARY
OTP BANK
200,000.00
IRELAND
ICON PLC ADR (REP. 1 SHS)
35,000.00
ITALY
ANSALTO STS
100,000.00
1,002,000.00
0.87
ASSICURAZIONI GENERALI
100,000.00
1,949,000.00
1.68
BANCA POPOLARE DI MILANO
150,000.00
627,375.00
0.54
ENI
190,000.00
3,180,600.00
2.75
0.59
ERG
INTESA SANPAOLO
TREVI FINANZIARIA INDUSTRIALE
UNICREDITO ITALIANO
UNIPOL
80,000.00
680,800.00
700,000.00
1,776,250.00
1.53
80,000.00
589,200.00
0.51
600,000.00
1,047,000.00
0.90
1,200,000.00
1,302,000.00
1.12
12,154,225.00
10.49
LUXEMBOURG
ACERGY
100,000.00
400,687.50
0.35
SES GLOBAL FDR
180,000.00
2,487,600.00
2.15
2,888,287.50
2.50
NETHERLANDS
ING GROEP (CERT.)
120,000.00
879,600.00
0.76
KPN KONINKLIJKE
100,000.00
1,038,000.00
0.90
QIAGEN
80,000.00
989,600.00
0.85
WOLTERS KLUWER
50,000.00
677,000.00
0.58
100,000.00
618,682.66
0.53
4,202,882.66
3.62
475,687.98
0.41
475,687.98
0.41
X5 RETAIL GROUP SPONS. GDR REG. S
NORWAY
TELENOR
100,000.00
44
Description
Quantity
% of net assets
PORTUGAL
EDP (ELECTRIC. DE PORTUGAL) NOM.
900,000.00
2,425,500.00
2.09
2,425,500.00
2.09
RUSSIA
GAZPROM ADR (R. 10 SHS)
170,000.00
1,742,742.73
1.51
LUKOIL HOLDING ADR (R. 1 SHS)
80,000.00
1,844,537.61
1.59
URALKALIY GDR (R.5 SHS)
35,000.00
224,344.41
0.19
3,811,624.75
3.29
SPAIN
BANCO SANTANDER
BCO BILBAO VIZCAYA ARGENT. NOM.
ENDESA
437,500.00
2,953,125.00
2.55
80,000.00
692,800.00
0.60
0.74
30,000.00
858,000.00
101,541.00
664,078.14
0.57
INDITEX NOM.
30,000.00
939,900.00
0.81
TELEFONICA
220,000.00
3,487,000.00
3.01
9,594,903.14
8.28
90,000.00
363,522.29
0.31
120,000.00
753,244.39
0.65
1,116,766.68
0.96
IBERDROLA
SWEDEN
SWEDBANK ’A’
TELE2 ’B’
UNITED KINGDOM
ANGLO AMERICAN
BARCLAYS
ROYAL DUTCH SHELL ’A’
SMITH & NEPHEW
VODAFONE GROUP (NEW)
46,000.00
735,564.17
0.64
300,000.00
475,992.22
0.41
75,000.00
1,406,250.00
1.21
221,464.00
1,004,444.58
0.87
1,500,000.00
2,156,548.86
1.86
5,778,799.83
4.99
TOTAL SHARES
109,751,452.26
94.79
TOTAL INVESTMENTS
110,366,002.26
95.32
CASH AT BANKS
OTHER NET LIABILITIES
TOTAL NET ASSETS
45
5,996,699.87
5.18
-582,988.95
-0.50
115,779,713.18
100.00
France
33.46
Banks and credit institutions
14.92
Germany
14.57
Public utilities
13.04
Italy
10.49
Communications
12.95
Spain
8.28
Oil
12.22
United Kingdom
4.99
Pharmaceuticals and cosmetics
Netherlands
4.15
Insurance
7.52
Russia
3.29
Electronics and electrical equipment
5.94
Finland
2.91
Food and soft drinks
3.44
Luxembourg
2.50
Chemicals
3.26
Portugal
2.09
Tobacco and alcohol
1.99
Hungary
1.87
Construction of machines and appliances
1.63
Austria
1.68
Photography and optics
1.45
Bermuda
1.37
Transport and freight
1.38
Sweden
0.96
Mining and steelworks
1.37
Denmark
0.79
Textiles and clothing
1.33
Belgium
0.72
Environmental conservation and waste management
0.77
Ireland
0.43
Aeronautics and astronautics
0.74
Norway
0.41
Healthcare & social services
0.67
0.36
Stainless steel
0.64
Cayman Islands
95.32
7.91
Publishing and graphic arts
0.58
Certificates
0.53
Retail and supermarkets
0.53
Construction and building materials
0.51
95.32
46
INTERNATIONAL GLOBAL SICAV - CITADEL ACTIONS
SUISSES
as at December 31, 2008 (expressed in CHF)
Description
Quantity
% of net assets
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
SHARES
AUSTRIA
AUSTRIAMICROSYSTEMS
5,500.00
69,300.00
0.18
69,300.00
0.18
223,200.00
0.58
223,200.00
0.58
99,385.00
0.26
99,385.00
0.26
4.83
ISRAEL
ORIDION SYSTEMS NOM.
31,000.00
ITALY
NEWRON PHARMACEUTICALS (CHF)
7,150.00
SWITZERLAND
ABB LTD NOM.
120,000.00
1,869,600.00
ACINO HOLDING
2,150.00
494,500.00
1.28
ACTELION NOM.
13,375.00
794,475.00
2.05
ADVANCED DIGITAL BROADCAST HOLD.
5,480.00
157,276.00
0.41
BALOISE-HOLDING NOM. (NEW)
2,600.00
204,100.00
0.53
BARRY CALLEBAUT NOM.
1,000.00
689,000.00
1.78
BASILEA PHARMACEUTICA NOM.
1,940.00
288,866.00
0.75
CIE FINANCIERE RICHEMONT
24,300.00
492,804.00
1.27
CS GROUP NOM.
36,000.00
1,026,000.00
2.65
GALENICA NOM.
560.00
192,220.00
0.50
1,300.00
147,030.00
0.38
GIVAUDAN NOM.
855.00
710,077.50
1.83
GURIT-HEBERLEIN
300.00
135,000.00
0.35
HELVETIA PATRIA NOM.
1,000.00
228,900.00
0.59
HOLCIM NOM.
7,980.00
481,194.00
1.24
JULIUS BAER HOLDING
7,700.00
307,846.00
0.80
KABA HOLDING NOM.
1,050.00
274,050.00
0.71
152.00
297,920.00
0.77
3,400.00
331,670.00
0.86
650.00
396,500.00
1.02
195,000.00
8,112,000.00
20.94
GEBERIT
LINDT & SPRUENGLI
LONZA GROUP
NATIONALE SUISSE ASSURANCES NOM.
NESTLE NOM. (NEW)
NOBEL BIOCARE HOLDING
NOVARTIS AG NOM.
PARTNERS GROUP HOLDING NOM.
ROCHE HOLDING BON JCE
S. G. S. NOM.
SCHINDLER HOLDING B. PART.
SCHWEITER TECHNOLOGIES
SONOVA HOLDING NOM.
STRAUMANN HOLDING NOM. (NEW)
SUISSE REASSURANCE NOM.
5,000.00
107,100.00
0.28
97,000.00
5,111,900.00
13.20
2,400.00
180,000.00
0.46
39,000.00
6,337,500.00
16.37
0.99
350.00
385,000.00
8,000.00
384,800.00
0.99
940.00
352,500.00
0.91
5,000.00
317,500.00
0.82
670.00
124,285.00
0.32
13,600.00
684,080.00
1.77
SWISSCOM NOM.
1,365.00
463,417.50
1.20
SYNGENTA NOM.
4,900.00
981,960.00
2.54
TEMENOS GROUP NOM.
6,000.00
84,000.00
0.22
THE SWATCH GROUP NOM.
5,650.00
161,025.00
0.42
130,000.00
1,929,200.00
4.98
UBS (NEW)
ZURICH FINANCIAL SER. NOM. (CHF)
7,200.00
47
1,634,400.00
4.22
36,869,696.00
95.23
SUISSES
Description
Quantity
% of net assets
3,140.00
418,876.00
1.08
418,876.00
1.08
TOTAL SHARES
37,680,457.00
97.33
TOTAL INVESTMENTS
37,680,457.00
97.33
UNITED STATES
SYNTHES
CASH AT BANKS
TOTAL NET ASSETS
48
1,232,668.39
3.18
-199,636.76
-0.51
38,713,488.63
100.00
SUISSES
Switzerland
36.90
United States
1.08
Food and soft drinks
23.49
Israel
0.58
Insurance
7.60
Italy
0.26
Holding and finance companies
6.88
0.18
6.76
Austria
95.23
97.33
5.78
Chemicals
3.75
Construction of machines and appliances
1.90
Miscellaneous trade
1.28
Communications
1.20
Utilities
0.99
Watch-making
0.42
Construction and building materials
0.38
97.33
49
Description
Curency
Quantity/Nominal
% of net assets
BONDS
FRANCE
6.125%
AIR LIQUIDE 08/12
EUR
150,000.00
157,563.00
1.57
157,563.00
1.57
IRELAND
8.30%
SIBACADEMFINANCE 06/11
EUR
500,000.00
275,000.00
2.74
275,000.00
2.74
LUXEMBOURG
5.875%
GAZ CAPITAL 05/15
EUR
700,000.00
448,000.00
4.47
448,000.00
4.47
NETHERLANDS
7.875%
ALB FINANCE 07/12
EUR
200,000.00
65,000.00
0.65
65,000.00
0.65
UNITED STATES
7.625%
VERIZON WIRELESS 08/11
EUR
500,000.00
511,250.00
5.10
511,250.00
5.10
1,456,813.00
14.53
1,600.00
0.02
1,600.00
0.02
1,600.00
0.02
296,000.00
2.95
296,000.00
2.95
500,000.00
23,717.89
0.24
2,000.00
12,008.24
0.12
10,000.00
24,198.43
0.24
59,924.56
0.60
0.19
TOTAL BONDS
RIGHTS
FRANCE
EXONHIT THERAP B.SOUS. 30.06.09
20,000.00
TOTAL RIGHTS
SHARES
BELGIUM
THENERGO
80,000.00
BERMUDA
DMX TECHNOLOGIES
VOSTOK GAS
VOSTOK NAFTA DEP. RECEIPT
CANADA
ATACAMA MINERALS
150,000.00
19,230.56
BARRICK GOLD (CAD)
10,000.00
264,522.81
2.64
CAMECO
20,000.00
245,335.30
2.45
0.42
250,000.00
42,248.95
KINROSS GOLD (CAD)
GOLD-ORE RESOURCES
20,000.00
262,234.88
2.62
SEABRIDGE GOLD
20,000.00
188,194.63
1.88
URANIUM ONE
10,000.00
10,431.12
0.10
1,032,198.25
10.30
CAYMAN ISLANDS
ENDEAVOUR MINING CAPITAL
25,000.00
50
24,912.31
0.25
24,912.31
0.25
Description
Quantity
% of net assets
CHINA
FUJIAN ZIJIN MINING
500,000.00
218,131.46
2.18
218,131.46
2.18
FRANCE
EXONHIT THERAPEUTICS ’A’
LEGUIDE. COM
THEOLIA
20,000.00
55,200.00
0.55
6,600.00
70,422.00
0.70
50,000.00
152,000.00
1.52
277,622.00
2.77
18,250.00
0.18
18,250.00
0.18
77,053.06
0.77
77,053.06
0.77
100,945.82
1.01
100,945.82
1.01
GERMANY
HANSEYACHTS
5,000.00
ISRAEL
SHL TELEMEDICINE
20,000.00
JAPAN
SHARP
20,000.00
JERSEY
BLACK EARTH FARMING
25,000.00
41,164.62
0.41
CAMCO INTERNATIONAL
400,000.00
80,676.65
0.81
121,841.27
1.22
307,542.84
3.07
307,542.84
3.07
37,298.33
0.37
37,298.33
0.37
RUSSIA
GAZPROM ADR (R. 10 SHS)
30,000.00
SWEDEN
LUNDIN PETROLEUM
10,000.00
SWITZERLAND
ADVANCED DIGITAL BROADCAST HOLD.
BALOISE-HOLDING NOM. (NEW)
GOLDBACH MEDIA
NATIONALE SUISSE ASSURANCES NOM.
30,000.00
581,953.36
5.81
5,000.00
265,292.33
2.65
15,000.00
201,757.35
2.01
340.00
140,182.49
1.40
1,189,185.53
11.87
UNITED KINGDOM
ALBEMARLE & BOND HOLDINGS ’A’
30,000.00
63,300.14
0.63
GMA RESOURCES
1,400,000.00
23,530.69
0.23
SINCLAIR PHARMA
300,000.00
55,235.38
0.55
SUBSEA RESOURCES
400,000.00
1,075.69
0.01
143,141.90
1.42
772,077.12
7.70
772,077.12
7.70
4,676,124.45
46.66
UNITED STATES
PFIZER
60,600.00
TOTAL SHARES
51
Description
Quantity
% of net assets
WARRANTS
UNITED KINGDOM
SUBSEA RES. WRT (C-40) 04.11.PE
50,000.00
TOTAL WARRANTS
TOTAL I.
0.52
0.00
0.52
0.00
0.52
0.00
6,134,537.97
61.21
31,200.00
0.31
31,200.00
0.31
II. OTHER TRANSFERABLE SECURITIES
SHARES
FRANCE
EUROPLASMA
20,000.00
UNITED KINGDOM
GPXS HOLDING PREF ’E’
21,080.00
0.00
0.00
0.00
0.00
10,647.10
0.11
10,647.10
0.11
41,847.10
0.42
4.28
UNITED STATES
VOICE MOBILITY INTERNATIONAL
400,000.00
TOTAL II.
III. UNITS OF INVESTMENT FUNDS
CAYMAN ISLANDS
GAVEKAL ASIAN BALANCED
4,000.00
429,221.89
SAC ASSETS GLOB.ENERGY & MINING
2,556.04
224,261.59
2.24
653,483.48
6.52
IRELAND
ATLANTIS CHINA FUND
153,374.23
432,521.76
4.32
432,521.76
4.32
MALTA
INVESTINVENT WIND ENERGY ’C’
8,731.12
959,724.55
9.58
959,724.55
9.58
991,155.80
9.89
991,155.80
9.89
TOTAL III.
3,036,885.59
30.31
TOTAL INVESTMENTS
9,213,270.66
91.94
SWITZERLAND
ZKB GOLD ETF
500.00
CASH AT BANKS
TOTAL NET ASSETS
52
814,527.05
8.13
-7,053.30
-0.07
10,020,744.41
100.00
Switzerland
21.76
United States
12.91
30.31
14.53
Canada
10.30
Holding and finance companies
10.83
Malta
9.58
9.02
Ireland
7.06
7.42
Cayman Islands
6.77
Public utilities
4.47
France
4.67
Oil
3.44
Luxembourg
4.47
Precious metals and stones
3.29
Russia
3.07
Stainless steel
2.81
Belgium
2.95
Insurance
1.40
China
2.18
1.01
United Kingdom
1.42
Utilities
0.71
Jersey
1.22
0.63
Japan
1.01
Biotechnology
0.57
Israel
0.77
Agriculture and fisheries
0.41
Netherlands
0.65
Internet, software and IT services
0.35
Bermuda
0.60
Chemicals
0.31
Sweden
0.37
Miscellaneous
0.25
Germany
0.18
Shipyards
0.18
91.94
Warrants
0.00
91.94
53
Description
Currency
Quantity/Nominal
% of net assets
SHARES
BELGIUM
THENERGO
41,800.00
154,660.00
3.74
154,660.00
3.74
184,989.71
4.48
184,989.71
4.48
BRAZIL
PETROLEO BRASIL. ’ADR’ (REPR. 1 SHS)
10,500.00
CANADA
POLYMET MINING (USD)
64,200.00
30,944.20
0.75
30,944.20
0.75
15,718.86
0.38
15,718.86
0.38
219,030.28
5.30
219,030.28
5.30
210,924.00
5.11
210,924.00
5.11
2,692,563.00
254,266.94
6.16
56,666.00
9,084.64
0.22
263,351.58
6.38
CAYMAN ISLANDS
JA SOLAR HOLDINGS ADR (REPR. 3SHS)
5,000.00
DENMARK
GENMAB
8,031.00
GREECE
ALAPIS
390,600.00
UNITED KINGDOM
ARTILIUM
SCI ENTERTAINMENT
UNITED STATES
BANK OF AMERICA
16,000.00
162,066.08
3.92
CADIZ
20,147.00
181,316.44
4.39
CELGENE
4,280.00
170,208.52
4.12
GENENTECH
2,500.00
149,113.31
3.61
MOODY’S W. I.
4,500.00
65,037.22
1.57
727,741.57
17.61
1,807,360.20
43.75
155,929.61
3.77
155,929.61
3.77
247,264.44
5.99
247,264.44
5.99
403,194.05
9.76
2,210,554.25
53.51
TOTAL SHARES
STRUCTURED PRODUCTS
UNITED KINGDOM
POWERSHARES OIL (DB) ETN 01.06.38
USD
85,000.00
UNITED STATES
POWERSHARES GOLD (DB) ETN 15.02.38
19,000.00
TOTAL STRUCTURED PRODUCTS
TOTAL I.
54
Description
Quantity
% of net assets
4,762.00
128,569.35
3.11
128,569.35
3.11
128,569.35
3.11
3.62
0.00
3.62
0.00
3.62
0.00
128,572.97
3.11
121,367.76
2.94
121,367.76
2.94
6.52
SHARES
UNITED STATES
CADIZ (Private Placement)
TOTAL SHARES
WARRANTS
UNITED KINGDOM
ARTILIUM WTS PERP
350,000.00
TOTAL WARRANTS
TOTAL II.
III. UNITS OF INVESTMENT FUNDS
GUERNSEY
QUEENS WALK INVESTMENT
237,976.00
UNITED STATES
ISHARES FTSE/XINHUA CHINA 25 IND.
12,826.00
269,243.99
PROSHARES TRUST ULTRA FIN.
74,297.00
321,763.86
7.79
PROSHARES ULTRA S&P 500
14,350.00
271,607.80
6.58
PROSHARES ULTRA.REAL EST.INDEX
4,000.00
145,922.78
3.53
PROSHARES ULTRASHORT OIL & GAS
6,000.00
124,700.53
3.02
PROSHARES-TRUST ULTRASHORT FIN.
1,250.00
93,054.19
2.25
1,226,293.15
29.69
TOTAL III.
1,347,660.91
32.63
TOTAL INVESTMENTS
3,686,788.13
89.25
CASH AT BANKS
475,930.90
11.52
-31,889.25
-0.77
4,130,829.78
100.00
TOTAL NET ASSETS
55
United States
56.40
United Kingdom
10.15
Divers - Industries
32.63
9.76
Denmark
5.30
Biotechnology
9.42
Greece
5.11
8.72
Brazil
4.48
Agriculture and fisheries
7.50
Belgium
3.74
Internet, software and IT services
6.38
Guernsey
2.94
5.49
Canada
0.75
Oil
4.48
0.38
Public utilities
3.74
Cayman Islands
89.25
0.75
0.38
Warrants
0.00
89.25
56
INTERNATIONAL GLOBAL SICAV - SK WORLD
OPPORTUNITIES
Description
Quantity
% of net assets
CERTIFICATES
GERMANY
DJ EUROST.BANKS (DB) CRT 20.03.09
25,000.00
360,750.00
K+S (DB) CRT 23.12.09
30,000.00
668,100.00
1.47
MAN (BNP) CRT 28.12.09
25,000.00
744,750.00
1.64
SALZGITTER (DRESDNER) CRT 25.09.9
15,000.00
659,400.00
1.45
SOLON (DB) CRT 03.04.09
20,000.00
278,200.00
0.61
2,711,200.00
5.97
2,711,200.00
5.97
TOTAL CERTIFICATES
0.80
SHARES
GERMANY
COMMERZBANK
75,000.00
498,000.00
1.10
HYPO REAL ESTATE
25,000.00
76,250.00
0.17
Q-CELLS
30,000.00
759,000.00
1.67
SOLARWORLD
50,000.00
755,000.00
1.67
2,088,250.00
4.61
439,800.00
0.97
439,800.00
0.97
401,216.63
0.88
401,216.63
0.88
364,260.21
0.80
364,260.21
0.80
TOTAL SHARES
3,293,526.84
7.26
TOTAL I.
6,004,726.84
13.23
1,419,600.00
3.13
1,419,600.00
3.13
NETHERLANDS
ING GROEP (CERT.)
60,000.00
SWITZERLAND
UBS (NEW)
40,000.00
UNITED STATES
GOLDMAN SACHS
6,000.00
II. UNITS OF INVESTMENT FUNDS
FRANCE
LYXOR ETF IAM MSCI EUROPE PART.
20,000.00
GERMANY
4Q GROWTH FONDS UNIVERSAL
KEPPLER-EMERGING MARKETS ’I’
MAT FUNDAMENTAL EUROPA
WM AKTIEN GLOBAL US (AK B2)
70,000.00
1,548,505.15
3.42
100,000.00
1,957,000.00
4.32
40,000.00
1,221,200.00
2.69
150.00
529,173.31
1.17
5,255,878.46
11.60
1,213,000.00
2.68
1,213,000.00
2.68
IRELAND
METZLER JAPANESE EQUITY
50,000.00
57
OPPORTUNITIES
Description
Quantity
% of net assets
1.36
LUXEMBOURG
DB PLATINUM-AGRICULTURE EUR ’I1C’
100.00
615,983.00
DB XT-DJ EURO STOXX 50 ’1D’
100,000.00
2,451,000.00
5.41
DB XT-MSCI JAPAN TRN INDEX ’1C
150,000.00
3,606,000.00
7.94
DB XT-MSCI USA TRN ETF ’1C’ (EUR)
184,000.00
2,613,904.00
5.77
DB XT-MSCI USA TRN ETF ’1C’ (EUR)
150,000.00
2,320,059.99
5.12
FT EMERGING ARABIA-DIS-
40,000.00
1,115,200.00
2.46
GREIFF BLUE CHIP OP ’V’
15,000.00
425,100.00
0.94
PICTET FUNDS (LUX) - BIOTECH ’I’
10,000.00
2,140,426.19
4.72
PICTET FUNDS (LUX) - WATER ’I’
27,500.00
3,007,400.00
6.63
1,600.00
1,083,008.00
2.39
RP RENDITE-HIGH DIV. ASIA ’I’
STARCAP-PRIAMOS
VITRUVIUS GROWTH OPPORTUNITIES
1,001.45
996,160.35
2.20
85,000.00
1,918,239.98
4.23
22,292,481.51
49.17
UNITED KINGDOM
FIRST STATE GLOBAL RESOURCES ’B’
800,000.00
1,610,471.38
3.55
M&G INV. GLOB. BASICS C EUR CAP
120,000.00
1,708,044.00
3.77
3,318,515.38
7.32
TOTAL II.
33,499,475.35
73.90
TOTAL INVESTMENTS
39,504,202.19
87.13
5,920,152.87
13.06
-84,348.89
-0.19
45,340,006.17
100.00
CASH AT BANKS
TOTAL NET ASSETS
58
OPPORTUNITIES
Luxembourg
49.17
Germany
22.18
Certificates
73.90
5.97
United Kingdom
7.32
3.75
France
3.13
Public utilities
3.34
Ireland
2.68
Mortgage & funding institutions
Netherlands
0.97
Switzerland
0.88
United States
0.17
87.13
0.80
87.13
59
as at December 31, 2008 (expressed in USD)
Description
Currency
Nominal
% of net assets
BONDS
BERMUDA
11.5%
INTELSAT JACKSON 08/16
USD
820,000.00
713,400.00
6.75%
PETROPLUS FIN. -144A-07/14
USD
100,000.00
63,500.00
0.45
0.04
776,900.00
0.49
CANADA
13.75%
ABITIBI CON. CANADA 08/11
USD
1,100,000.00
704,000.00
0.44
15.5%
ABITIBI CON. CANADA 08/10
USD
2,430,000.00
704,700.00
0.44
7.625%
SUN MEDIA 03/13
USD
200,000.00
161,000.00
0.10
7.875%
OPTI CANADA 07/14
USD
170,000.00
86,700.00
0.05
8.25%
OPTI CANADA SR. 06/14
USD
190,000.00
102,600.00
0.06
8.75%
METHANEX SR. 02/12
USD
410,000.00
360,800.00
0.23
2,119,800.00
1.32
447,200.00
0.28
447,200.00
0.28
385,000.00
0.24
385,000.00
0.24
434,000.00
0.27
434,000.00
0.27
59,000.00
0.04
59,000.00
0.04
CAYMAN ISLANDS
7.5%
ODEBRECHT FINANCE 07/17
USD
520,000.00
DENMARK
8.875%
NORDIC TELEPHONE 06/16
USD
550,000.00
FRANCE
7.5%
GEN. GEOPHYSIQUE SR 05/15
USD
700,000.00
IRELAND
7.5%
SMURFIT CAP. FDG. 95/25
USD
100,000.00
LUXEMBOURG
10.75%
WIND AQUISITION 05/15
USD
2,170,000.00
1,866,200.00
1.17
6.875%
FMC FINANCE III SR. 08/17
USD
640,000.00
598,400.00
0.37
7.5%
TNK-BP FINANCE 06/16
USD
170,000.00
85,000.00
0.05
7.5%
USD
440,000.00
229,460.00
0.14
7.875%
USD
480,000.00
240,000.00
0.15
3,019,060.00
1.88
MEXICO
7.375%
KANSAS CITY SOUTH. 07/14
USD
1,150,000.00
940,930.00
0.59
9.375%
TFM S. A. 05/12
USD
590,000.00
539,850.00
0.34
1,480,780.00
0.93
NETHERLANDS
8.10%
MONTELL FIN. GTD. 97/27
USD
620,000.00
12,400.00
0.01
9.25%
ATF CAPITAL REGS 07/14
USD
150,000.00
87,823.50
0.05
FRN
NXP BV/NXP FDG. LLC 07/13
USD
315,000.00
104,737.50
0.07
204,961.00
0.13
766,443.60
0.48
766,443.60
0.48
351,785.37
0.22
351,785.37
0.22
SWEDEN
FRN
CORRAL FINANS 07/10
USD
1,419,340.00
THAILAND
10.75%
TRUE MOVE ’S’ 06/13
USD
870,000.00
60
Description
Currency
Nominal
% of net assets
UNITED KINGDOM
8.625%
ASHTEAD HOLDINGS 05/15
USD
100,000.00
52,500.00
9.125%
VIRGIN MEDIA 06/16
USD
1,600,000.00
1,184,000.00
0.03
0.74
1,236,500.00
0.77
UNITED STATES
10%
DENNY’S HOLDINGS 05/12
USD
100,000.00
69,250.00
0.04
10%
HARRAHS OPERATING 08/18
USD
16,000.00
5,840.00
0.00
10%
MICHAELS STORES SR. 07/14
USD
410,000.00
186,550.00
0.12
10%
NEWPAGE SR. ’B’ 05/12
USD
700,000.00
308,000.00
0.19
10%
NORTEK 08/13
USD
900,000.00
612,000.00
0.38
10.06%
MIRANT MID-ATLANTIC 00/28
USD
690,000.00
618,482.09
0.39
10.125% AFFINION 06/13
USD
160,000.00
116,800.00
0.07
10.25%
BERRY PLASTICS 07/16
USD
400,000.00
142,000.00
0.09
10.25%
CCH II LLC/CCH II 06/13
USD
100,000.00
36,000.00
0.02
10.25%
EDUCATION MGMT. 06/16
USD
330,000.00
239,250.00
0.15
10.25%
INTER. COAL SR. 06/14
USD
1,210,000.00
907,500.00
0.57
10.25%
PARALLEL PETRO. SR. 08/14
USD
1,120,000.00
711,200.00
0.45
10.25%
SOLAR CAPITAL 06/15
USD
680,000.00
448,800.00
0.28
USD
320,000.00
358,400.00
0.22
10.375% BIOMET INC. -PIK- 08/17
USD
1,170,000.00
924,300.00
0.58
10.375% INTERFACE SR. 02/10
USD
950,000.00
940,500.00
0.59
10.375% SBARRO INC. SR. 07/15
USD
960,000.00
504,000.00
0.32
10.5%
HERTZ SUB. GLB. 07/16
USD
2,340,000.00
1,067,625.00
0.67
10.5%
REALOGY CORP 07/14
USD
970,000.00
167,325.00
0.10
10.375% ALLTEL COMM. 07/17
10.5%
TEX COMPETITIVE 07/16
USD
770,000.00
385,000.00
0.24
10.5%
TL ACQUISITIONS 07/15
USD
1,220,000.00
500,200.00
0.31
10.5%
US INVEST SERV. 07/15
0.31
USD
670,000.00
489,100.00
10.625% MACY’S 90/10
USD
250,000.00
226,005.00
0.14
10.75%
CRC HEALTH CORP 06/16
USD
1,435,000.00
864,587.50
0.54
10.75%
EYE CARE SR. 05/15
USD
655,000.00
622,250.00
0.39
10.75%
GEORGIA GULF 07/16
USD
1,585,000.00
380,400.00
0.24
10.75%
HARRAHS OPERATING 08/16
USD
76,000.00
21,660.00
0.01
10.75%
TICKETMASTER 08/16
10.875% CHARTER COM. OPER. 08/14
USD
490,000.00
264,600.00
0.17
USD
2,750,000.00
2,200,000.00
1.38
11%
ALLIANCE ONE INTL 05/12
USD
1,120,000.00
929,600.00
0.58
11%
ALLISON TRANS. 07/15
USD
20,000.00
9,800.00
0.01
11%
CCH I LLC/CCH I 05/15
USD
1,696,000.00
296,800.00
0.19
11%
CCH I LLC/CCH I 06/15
USD
230,000.00
35,650.00
0.02
11%
INDIANAPOLIS SECD. 07/12
USD
300,000.00
163,500.00
0.10
11%
REALOGY SR. -PIK- 07/14
0.01
USD
97,000.00
15,452.10
11.125% METALS USA 06/15
USD
940,000.00
554,600.00
0.35
11.25%
ALLISON TRANS. (PIK) 07/15
USD
1,830,000.00
722,850.00
0.45
11.25%
AMH 04/14
USD
1,895,000.00
1,051,725.00
0.66
11.25%
DAE AVIATION 07/15
USD
1,500,000.00
615,000.00
0.38
11.25%
ENERGY FUTURE-144A- 07/17
11.375% VERSO PAPER HLDGS 07/16
USD
8,635,000.00
4,187,975.00
2.63
USD
300,000.00
90,000.00
0.06
11.5%
AFFINION 06/15
USD
1,440,000.00
865,800.00
0.54
11.5%
K.HOVNANIAN ENT. 08/13
USD
950,000.00
722,000.00
0.45
11.625% BIOMET INC 08/17
USD
50,000.00
42,750.00
0.03
11.75%
CHARTER COM HOLDINGS 1/11
USD
100,000.00
12,000.00
0.01
11.75%
EL POLLO LOCO SR. GLB 6/13
USD
220,000.00
162,800.00
0.10
11.75%
R H DONNELLEY 08/15
USD
30,000.00
7,350.00
0.00
61
Description
Currency
Nominal
% of net assets
11.75%
SEQUA SR. 08/15
USD
430,000.00
163,400.00
0.10
11.75%
US INVEST. SERV. 07/16
USD
200,000.00
126,000.00
0.08
11.875% DOLLAR GENERAL 08/17
USD
1,165,000.00
996,075.00
0.62
12%
DOWNSTREAM 07/15
USD
615,000.00
338,250.00
0.21
12%
FORD MOTOR CREDIT 08/15
USD
6,660,000.00
4,973,421.60
3.12
12%
INN OF THE MOUNTAIN 04/10
USD
510,000.00
168,300.00
0.11
12%
NEWPAGE SR. B 05/13
USD
140,000.00
39,900.00
0.02
12%
PENHALL INTL SR. 06/14
USD
1,950,000.00
741,000.00
0.46
12%
RYERSON 07/15
USD
2,010,000.00
1,241,175.00
0.78
12.125% CHARTER COM HLDG. 02/12
USD
100,000.00
2,250.00
0.00
12.25%
CERIDIAN (PIK) 07/15
USD
1,100,000.00
540,375.00
0.34
12.25%
LEVEL 3 FINANCING 06/13
USD
65,000.00
39,325.00
0.02
12.375% REALOGY SUB. SR. 07/15
USD
200,000.00
27,000.00
0.02
12.5%
USD
100,000.00
500.00
0.00
HAWAIIAN TELCOM ’B’ 06/15
12.5%
SWIFT TRANS 07/17
USD
1,180,000.00
107,675.00
0.07
13%
KANSAS CITY SOUTHN. 08/13
USD
235,000.00
235,587.50
0.15
13%
MGM MIRAGE INC 08/13
USD
450,000.00
428,625.00
0.27
13.5%
SEQUA -PIK- 08/15
USD
106,863.00
34,196.16
0.02
3.875%
VENTAS CV 06/11
USD
100,000.00
83,750.00
0.05
4.25%
HORIZON LINES 07/12
USD
300,000.00
142,500.00
0.09
5.875%
CAPMARK FIN. GRP. 07/12
USD
200,000.00
54,000.00
0.03
6%
FERTITTA COLONY PAR.04/12
USD
420,000.00
84,000.00
0.05
6.25%
CHESAPEAKE ENERGY 05/18
USD
200,000.00
148,000.00
0.09
6.3%
CINCINNATI BELL TEL 98/28
USD
100,000.00
63,000.00
0.04
6.375%
USD
500,000.00
395,000.00
0.25
6.375%
HCA 04/15
USD
235,000.00
143,350.00
0.09
6.375%
L-3 COMMUNICATIONS 05/15
USD
850,000.00
794,750.00
0.50
6.375%
TENET HEALTHCARE 01/11
USD
100,000.00
77,250.00
0.05
6.5%
USD
400,000.00
306,000.00
0.19
6.5%
FOREST CITY ENT. SR 05/17
USD
200,000.00
70,000.00
0.04
6.5%
USD
200,000.00
152,000.00
0.10
6.5%
VIRGIN MEDIA 08/16
USD
570,000.00
229,886.70
0.14
6.625%
USD
1,300,000.00
1,027,000.00
0.64
6.625%
DAVITA 05/13
USD
200,000.00
190,000.00
0.12
6.625%
DRS TECHNOLOGIES 06/16
USD
675,000.00
675,000.00
0.42
6.625%
ECHOSTAR DBS 05/14
USD
70,000.00
58,450.00
0.04
6.625%
FERTITTA SUB. SR. 06/18
USD
100,000.00
5,750.00
0.00
6.625%
WESTLAKE CHEMICAL 06/16
USD
525,000.00
304,500.00
0.19
6.75%
BOYD GAMING 04/14
USD
100,000.00
63,000.00
0.04
6.75%
CSC HOLDINGS 07/12
USD
600,000.00
549,000.00
0.34
6.75%
STONE ENERGY SUB. SR. 04/14
USD
100,000.00
49,000.00
0.03
0.05
6.75%
VENTAS REALTY 06/17
USD
100,000.00
72,250.00
6.8%
COLORADO INTERSTATE 06/15
USD
100,000.00
86,149.00
0.05
6.875%
CHEMTURA 06/16
USD
600,000.00
306,000.00
0.19
6.875%
R H DONNELLEY 06/13
USD
300,000.00
40,500.00
0.03
6.875%
SPRINT CAP. CORP. 98/28
USD
2,295,000.00
1,365,525.00
0.85
6.875%
SUBURBAN PROPANE 03/13
USD
1,610,000.00
1,320,200.00
0.83
7%
EDISON MISSION TR.A 07/17
USD
75,000.00
65,250.00
0.04
7%
WHITING PETROLEUM 06/14
USD
1,020,000.00
719,100.00
0.45
0.04
7.125%
BOYD GAMING 06/16
USD
120,000.00
70,800.00
7.125%
LEUCADIA NATIONAL 07/17
USD
100,000.00
74,250.00
0.05
7.125%
NEIMAN MARCUS GROUP 98/28
USD
100,000.00
47,000.00
0.03
62
Description
Currency
Nominal
% of net assets
7.2%
EDISON MISSION TR. ’B’7/19
USD
700,000.00
574,000.00
0.36
7.20%
GENERAL MOTORS SR 01/11
USD
3,555,000.00
746,550.00
0.47
7.25%
USD
200,000.00
156,000.00
0.10
7.25%
DAVITA SUB. SR 05/15
USD
1,080,000.00
1,026,000.00
0.64
7.25%
DOLE FOOD 03/10
USD
600,000.00
418,500.00
0.26
7.25%
EXCO RESOURCES 04/11
USD
300,000.00
234,000.00
0.15
7.25%
MOOG SUB. SR. -144A- 08/18
USD
200,000.00
160,000.00
0.10
7.375%
MIRANT NORTH AMER. 06/13
USD
500,000.00
480,000.00
0.30
7.375%
NRG ENERGY SR. 06/16
USD
2,185,000.00
2,032,050.00
1.27
7.375%
PRIDE INT. SR. 04/14
USD
625,000.00
581,250.00
0.36
7.375%
USD
100,000.00
71,250.00
0.04
7.45%
FORD MOTOR 99/31
USD
500,000.00
140,000.00
0.09
7.5%
ADVANCED MED. OPTIC 07/17
USD
600,000.00
306,000.00
0.19
7.5%
AMERICAN RAILCAR 07/14
USD
100,000.00
66,000.00
0.04
7.5%
HCA 03/33
USD
800,000.00
372,000.00
0.23
7.5%
MARINER ENERGY 06/13
USD
100,000.00
64,000.00
0.04
7.5%
QWEST COM. INTL. 05/14
USD
2,000,000.00
1,430,000.00
0.90
7.5%
SOUTHWESTERN EN. SR. 08/18
USD
100,000.00
87,500.00
0.05
7.5%
WILLIAMS COMP. ’A’ 01/31
USD
1,435,000.00
1,002,204.00
0.63
7.625%
ASBURY AUTOMOTIVE 07/17
USD
300,000.00
139,500.00
0.09
7.625%
DIRECTV HOLDINGS 08/16
USD
1,040,000.00
1,008,800.00
0.63
7.625%
DRS TECHMOLOGIES 06/18
USD
100,000.00
100,750.00
0.06
7.625%
EDISON MISSION TR. ’C’7/27
USD
1,630,000.00
1,263,250.00
0.79
7.625%
KANSAS CITY SO. SR. 07/13
USD
600,000.00
492,000.00
0.31
7.625%
SPRINT CAPITAL 01/11
USD
1,325,000.00
1,106,375.00
0.69
7.75%
DYNEGY HOLDINGS 07/19
USD
2,065,000.00
1,424,850.00
0.89
7.75%
ECHOSTAR DBS 08/15
USD
1,200,000.00
1,020,000.00
0.64
7.75%
EDISON MISSION 06/12
USD
100,000.00
89,000.00
0.06
7.75%
EL PASO PERF. -144A- 06/11
USD
200,000.00
173,150.00
0.11
7.75%
FERTITTA COLONY PAR. 06/16
USD
1,340,000.00
254,600.00
0.16
7.75%
QUICKSILVER RES. 08/15
USD
540,000.00
342,900.00
0.21
7.75%
STATER BROTHERS 07/15
USD
170,000.00
142,800.00
0.09
7.75%
STEEL DYNAMICS 08/16
USD
500,000.00
346,250.00
0.22
7.8%
EL PASO SR. GLB. TR. 4 01/31
USD
850,000.00
553,775.00
0.35
7.85%
BROADCASTING MEDIA 01/11
USD
400,000.00
210,000.00
0.13
7.875%
CITIZENS COMMUNIC. 06/27
USD
200,000.00
116,000.00
0.07
7.875%
FRESENIUS MED. CARE 01/11
USD
100,000.00
95,000.00
0.06
7.875%
HUNTSMAN INTL SUB. 07/14
USD
160,000.00
85,600.00
0.05
7.875%
PETROHAWK EN. -144A- 08/15
USD
100,000.00
74,000.00
0.05
8%
AES 07/17
USD
800,000.00
656,000.00
0.41
8%
AES 08/20
USD
1,350,000.00
1,046,250.00
0.65
8%
CABLEVISION SYSTEMS 05/12
USD
100,000.00
89,000.00
0.06
8%
CCM MERGER 05/13
USD
200,000.00
103,000.00
0.06
8%
CHARTER COM. OPER. 04/12
USD
100,000.00
82,000.00
0.05
8%
COMPLETE PROD. SERV. 07/16
USD
800,000.00
504,000.00
0.32
8%
G. M. A. C. 01/31
USD
6,950,000.00
4,066,445.00
2.56
8%
IDEARC 07/16
USD
2,325,000.00
174,375.00
0.11
8%
MARINER ENERGY SR. 07/17
USD
435,000.00
226,200.00
0.14
8%
SANDRIDGE ENERGY 08/18
USD
2,270,000.00
1,259,850.00
0.79
8%
SOUTHERN NATURAL 02/32
USD
100,000.00
83,326.00
0.05
8.125%
APPLETON PAPERS 04/11
USD
100,000.00
69,000.00
0.04
8.125%
LENDER PROCESS 08/16
USD
1,000,000.00
891,250.00
0.56
63
Description
Currency
Nominal
% of net assets
8.125%
LEUCADIA NATIONAL 07/15
USD
830,000.00
666,075.00
0.42
8.125%
SUB. HAMLET 01/11
USD
1,280,000.00
627,200.00
0.39
8.175%
AMERICAN INTL GR. 08/58
USD
740,000.00
287,878.50
0.18
8.25%
AMERICAN ACH.S.144A-08/12
USD
20,000.00
15,400.00
0.01
8.25%
INERGY L P 06/16
USD
100,000.00
78,000.00
0.05
8.25%
STONE ENERGY 01/11
USD
100,000.00
62,000.00
0.04
8.25%
TARGA RESOURCES SR. 08/16
USD
100,000.00
62,000.00
0.04
8.25%
VISTEON CORP 00/10
USD
2,310,000.00
716,100.00
0.45
8.25%
W&T OFFSHORE 07/14
USD
200,000.00
108,000.00
0.07
8.312%
CONTINENTAL AIRL. 00/11
USD
100,000.00
23,048.40
0.01
8.375%
EL PASO NATURAL GAS 03/32
USD
100,000.00
86,289.00
0.05
8.375%
ENTEPRISE PRODS 06/66
USD
925,000.00
462,500.00
0.29
8.375%
FREDDIE MAC 08/PE
USD
6,900.00
2,415.00
0.00
8.375%
FREEPORT MCMORAN SR 07/17
USD
4,300,000.00
3,526,000.00
2.22
8.375%
GENERAL MOTORS SR 03/33
USD
2,505,000.00
438,375.00
0.27
8.375%
H&E EQUIPMENT SR. 06/16
USD
400,000.00
212,000.00
0.13
8.375%
KEY ENERGY 08/14
USD
200,000.00
132,000.00
0.08
8.375%
USD
1,360,000.00
1,088,000.00
0.68
8.5%
ALLIANCE ONE INTER. 07/12
USD
100,000.00
73,500.00
0.05
8.5%
BE AEROSPACE SR. 08/18
USD
870,000.00
783,000.00
0.49
8.5%
CSC HLDG. SR. -144A- 08/15
USD
1,010,000.00
888,800.00
0.56
8.5%
DEX MEDIA WEST ’B’ 04/10
USD
1,050,000.00
635,250.00
0.40
8.5%
EXPEDIA 08/16
USD
70,000.00
52,150.00
0.03
8.5%
PLASTIPAK HOLD. SR. 05/15
USD
560,000.00
375,200.00
0.23
8.5%
RESIDENTIAL CAPITAL 08/10
USD
1,500,000.00
825,000.00
0.52
8.5%
SOLO CUP SUB. SR. 04/14
USD
525,000.00
336,000.00
0.21
8.5%
UNIVERSAL HOSP SVCS 07/11
USD
100,000.00
71,000.00
0.04
8.625%
WINDSTREAM 06/16
USD
1,245,000.00
1,101,825.00
0.69
8.75%
AES 03/13
USD
200,000.00
192,000.00
0.12
8.75%
ATLAS PIPELINE 08/18
USD
840,000.00
550,200.00
0.34
8.75%
BELDEN & BLAKE 05/12
USD
2,440,000.00
1,671,400.00
1.05
8.75%
EDUCATION MGMT. SR. 06/14
USD
70,000.00
53,200.00
0.03
8.75%
MARKWEST ENERGY 08/18
USD
300,000.00
186,000.00
0.12
8.75%
SEMGROUP LP SR. 05/15
USD
1,710,000.00
59,850.00
0.04
8.75%
USD
350,000.00
236,250.00
0.15
8.75%
VISANT HOLDING 06/13
USD
100,000.00
74,000.00
0.05
8.875%
FREESCALE SEMICOND. 07/14
USD
180,000.00
79,200.00
0.05
8.875%
HAWKER BEECH. -PIK- 07/15
USD
2,320,000.00
788,800.00
0.49
8.875%
OXFORD INDUSTRIE SR. 04/11
USD
440,000.00
332,200.00
0.21
9%
ASHTEAD CAPITAL 06/16
USD
950,000.00
489,250.00
0.31
9%
BLOCKBUSTER 06/12
USD
1,450,000.00
703,250.00
0.44
9%
CARROLS 05/13
USD
130,000.00
87,750.00
0.05
9%
COLUMBIA/HCA T. 10 95/14
USD
100,000.00
64,084.00
0.04
9%
GROUPE DELHAIZE 01/31
USD
100,000.00
101,769.00
0.06
9%
NEIMAN-MARCUS (PIK) 06/15
USD
1,490,000.00
655,600.00
0.41
9%
NORCRAFT CO. SUB. SR. 04/11
USD
1,500,000.00
1,275,000.00
0.80
9%
VANGUARD HEALTH 04/14
USD
600,000.00
501,000.00
0.31
9%
VENTAS REALTY 02/12
USD
200,000.00
181,750.00
0.11
9.125%
FREESCALE SEMI.-PIK-07/14
USD
350,000.00
80,500.00
0.05
9.125%
HCA -SR- 144A 06/14
USD
300,000.00
278,250.00
0.17
9.125%
PETROHAWK ENERGY SR. 06/13
USD
100,000.00
81,000.00
0.05
9.125%
TURNING STONE 06/14
USD
100,000.00
76,000.00
0.05
64
Description
Currency
Nominal
% of net assets
9.25%
HCA SR. 07/16
USD
500,000.00
458,750.00
0.29
9.25%
INTELSAT 08/14
USD
3,300,000.00
3,069,000.00
1.92
9.25%
LEVEL 3 FINANCING 07/14
USD
1,790,000.00
1,038,200.00
0.65
9.25%
METROPCS WIRELES 07/14
USD
450,000.00
402,750.00
0.25
9.25%
ROCK-TENN 08/16
USD
390,000.00
362,700.00
0.23
9.375%
VERASUN ENERGY 07/17
USD
300,000.00
34,500.00
0.02
9.5%
ACTIVANT SOLUTIONS 06/16
USD
400,000.00
186,000.00
0.12
9.5%
ASHTON WOODS 06/15
USD
200,000.00
40,000.00
0.03
9.5%
DI FINANCE SUB. SR. 05/13
USD
1,300,000.00
1,132,625.00
0.71
9.5%
DYNCORP INTL 08/13
USD
1,160,000.00
1,013,550.00
0.63
9.5%
GRAPHIC PACKAGING 03/13
USD
260,000.00
179,400.00
0.11
9.5%
INTERFACE 04/14
USD
100,000.00
80,000.00
0.05
9.5%
RENTAL SERVICE SR. 07/14
USD
1,100,000.00
605,000.00
0.38
9.625%
HCA 06/16
USD
3,070,000.00
2,394,600.00
1.50
9.625%
PARKER DRILLING 03/13
USD
1,500,000.00
1,162,500.00
0.73
9.625%
RESIDENTIAL CAP. SR. 08/15
USD
50,000.00
14,500.00
0.01
9.7%
ALTRIA 08/18
USD
480,000.00
527,649.60
0.33
9.75%
APPLETON PAPERS 04/14
USD
1,040,000.00
608,400.00
0.38
9.75%
ASSOC. MATERIALS 02/12
USD
300,000.00
236,250.00
0.15
9.75%
KEYSTONE AUT. SUB. SR. 04/13
USD
350,000.00
133,000.00
0.08
9.75%
RIVER ROCK ENTMT. 04/11
USD
10,000.00
8,300.00
0.01
9.75%
TUBE CITY IMS 07/15
USD
100,000.00
35,000.00
0.02
9.875%
CMP SUSQUEHANNA 06/14
USD
200,000.00
8,000.00
0.01
9.875%
DEX MEDIA WEST ’B’ 04/13
USD
50,000.00
11,875.00
0.01
9.875%
FIRST DATA 08/15
USD
2,370,000.00
1,433,850.00
0.90
9.875%
USD
2,425,000.00
1,952,125.00
1.22
FRN
AAC GROUP HOLDINGS 04/12
USD
400,000.00
264,000.00
0.17
FRN
AUTONATION 06/13
USD
100,000.00
66,500.00
0.04
FRN
CITIGROUP 08/PE
USD
300,000.00
205,500.00
0.13
FRN
DOLE FOOD 02/09
USD
1,050,000.00
955,500.00
0.60
FRN
FORD MOTOR CREDIT 06/12
USD
400,000.00
260,000.00
0.16
FRN
HEXION US FINANCE 07/14
USD
200,000.00
54,000.00
0.03
FRN
IPCS 07/13
USD
1,745,000.00
1,238,950.00
0.78
FRN
METALS USA HLDG (PIK) 08/12
USD
420,000.00
117,600.00
0.07
FRN
NEWPAGE ’B’ SR. 05/12
USD
860,000.00
283,800.00
0.18
FRN
NORANDA ALUMIUM 08/14
USD
2,200,000.00
297,000.00
0.19
FRN
NTK HOLDINGS INC 05/14
USD
778,000.00
167,270.00
0.10
FRN
SLM 06/10
USD
500,000.00
420,000.00
0.26
FRN
SLM TR.101 06/11
USD
940,000.00
700,300.00
0.44
FRN
SNOQUALMIE ENTMT. 07/14
USD
200,000.00
116,000.00
0.07
FRN
SWIFT TRANSPORTATION 07/15
USD
290,000.00
23,562.50
0.01
0.65
FRN
US ONCOLOGY -PIK- 07/12
USD
2,147,000.00
1,041,295.00
STEP
TL ACQUISITIONS -144A- 07/15
USD
100,000.00
29,000.00
0.02
STEP
VANGUARD HEALTH 04/15
USD
950,000.00
745,750.00
0.47
USD
691,000.00
TLK 12.25% VISTEON CORP 08/16
TOTAL BONDS
65
165,840.00
0.10
119,888,843.65
75.05
131,170,273.62
82.10
Description
Currency
Quantity/Nominal
% of net assets
BANK OF AMERICA PREF 7.25% PE.
1,300.00
844,870.03
0.53
CITIGOURP INC PREF 6.5%
6,900.00
189,681.00
0.12
1,034,551.03
0.65
1,034,551.03
0.65
SHARES
UNITED STATES
TOTAL SHARES
STRUCTURED PRODUCTS
UNITED STATES
8.875%
CDX NA HY 10 ’144A’ 08/13
USD
6,000,000.00
TOTAL STRUCTURED PRODUCTS
TOTAL I.
5,400,000.00
3.39
5,400,000.00
3.39
5,400,000.00
3.39
137,604,824.65
86.14
986,000.00
0.62
986,000.00
0.62
BONDS
INDIA
7.25%
HINDALCO INDUST. SR. 06/15
USD
1,700,000.00
MARSHALL ISLANDS
8.875%
TEEKAY 01/11
USD
839,000.00
708,955.00
0.44
708,955.00
0.44
85,500.00
0.05
85,500.00
0.05
NETHERLANDS
8%
SENSATA TECHNOLOG. 06/14
USD
190,000.00
UNITED STATES
0%
NORCRAFT HLDG. SR. 04/12
USD
225,000.00
167,625.00
0.10
6.619%
DELTA AIR LINES 01/11
USD
100,000.00
32,141.69
0.02
7.339%
CONTINENTAL AIRL. 07/14
USD
200,000.00
116,000.00
0.07
7.625%
L-3 COMM. SUB. SR. 02/12
USD
300,000.00
293,250.00
0.18
7.711%
USD
100,000.00
60,000.00
0.04
7.75%
GULFMARK OFFSHORE 05/14
USD
200,000.00
142,000.00
0.09
7.811%
UAL 2000 PASS TRUST 00/09
USD
100,000.00
94,260.16
0.06
7.875%
EL PASO 03/12
USD
180,000.00
161,634.60
0.10
8.03%
UAL 2000 PASS TRUST 00/11
USD
100,000.00
91,179.67
0.06
8.954%
USD
100,000.00
48,403.41
0.03
1,206,494.53
0.75
2,986,949.53
1.86
TOTAL II.
TOTAL INVESTMENTS
140,591,774.18
88.00
16,709,165.73
10.45
OTHER NET ASSETS
2,468,122.43
1.55
TOTAL NET ASSETS
159,769,062.34
100.00
CASH AT BANKS
66
United States
79.84
Luxembourg
1.88
Canada
1.32
Mexico
0.93
United Kingdom
0.77
India
0.62
Bermuda
0.49
Sweden
0.48
Marshall Islands
0.44
Cayman Islands
0.28
France
0.27
Denmark
0.24
Thailand
0.22
Netherlands
0.18
Ireland
87.35
0.65
88.00
0.04
88.00
67
Description
Quantity
% of net assets
UNITS OF INVESTMENT FUNDS
LUXEMBOURG
PICTET FUNDS (LUX) - CLEAN ENERGY ’P’ CAP. EUR
10,506.00
432,321.90
4.02
PICTET FUNDS (LUX) - EUROPE INDEX ’P’
21,159.00
1,617,605.55
15.05
PICTET FUNDS (LUX) - EUROPEAN EQ. SELECT. ’P’
16,964.00
5,189,966.16
48.30
PICTET FUNDS (LUX) - JAPAN INDEX ’P’
18,692.00
1,208,402.24
11.25
PICTET FUNDS (LUX) - JAPANESE MID SMALL CAP’P’
6,653.00
400,855.20
3.73
8,849,151.05
82.35
SWITZERLAND
PICTET MONEY MARKET PART ’P’ (EUR)
1,650.00
TOTAL INVESTMENTS
CASH AT BANKS
TOTAL NET ASSETS
68
1,665,592.50
15.50
1,665,592.50
15.50
10,514,743.55
97.85
236,634.28
2.20
-5,957.45
-0.05
10,745,420.38
100.00
Luxembourg
82.35
Switzerland
15.50
97.85
97.85
97.85
69
Description
Quantity
% of net assets
4.11
UNITS OF INVESTMENT FUNDS
LUXEMBOURG
PICTET FUNDS (LUX) - CLEAN ENERGY ’P’ CAP. EUR
14,393.00
876,266.35
PICTET FUNDS (LUX) - EUROPE INDEX ’P’
10,871.00
1,229,594.62
5.77
8,366.00
3,786,771.43
17.78
25,523.00
2,441,194.82
11.46
9,087.00
810,038.19
3.80
9,143,865.41
42.92
PICTET FUNDS (LUX) - EUROPEAN EQ. SELECT. ’P’
PICTET FUNDS (LUX) - JAPAN INDEX ’P’
PICTET FUNDS (LUX) - JAPANESE MID SMALL CAP’P’
SWITZERLAND
PICTET (CH) SWISS EQUITIES P
5,496.00
6,976,842.24
32.76
PICTET MONEY MARKET PART ’P’ (CHF)
3,220.00
3,162,007.80
14.85
25,838.00
2,163,932.50
10.16
12,302,782.54
57.77
21,446,647.95
100.69
-136,345.92
-0.64
-10,577.89
-0.05
21,299,724.14
100.00
PICTET SWISS MARKET TRACKER
TOTAL INVESTMENTS
BANK OVERDRAFT
TOTAL NET ASSETS
70
Switzerland
57.77
Luxembourg
42.92
100.69
100.69
100.69
71
Notes to the financial statements as at December 31, 2008
NOTE 1
GENERAL
INTERNATIONAL GLOBAL SICAV (the "SICAV") is an open-ended investment company
organised as a "société anonyme" under the laws of the Grand Duchy of Luxembourg and
qualifies as a Société d’Investissement à Capital Variable ("SICAV") under Part II of the
Luxembourg law of December 20, 2002 as amended regarding collective investment
undertakings, whose object is to invest in transferable securities under the principle of risk
spreading in accordance with, and as more fully described in, its Articles and the Prospectus.
The SICAV was incorporated for an indefinite period on June 30, 2005, with an initial capital of
EUR 31,000. Its articles of incorporation were published in the official gazette Mémorial, on
July 13, 2005.
The SICAV is registered at the Trade and Companies Register of Luxembourg under the number
B 108.857.
The capital of the SICAV shall at all times be equal to the value of its total net assets. The
minimum capital required by law is EUR 1,250,000.
As at December 31, 2008, nine sub-funds are in activity:
- International Global SICAV - Fixed Income,
- International Global SICAV - Citadel Europe,
- International Global SICAV - Citadel Actions Suisses,
- International Global SICAV - Balanced,
- International Global SICAV - Oakstreet Capital,
- International Global SICAV - SK World Opportunities,
- International Global SICAV - US High Yield (launched on June 20, 2008),
- International Global SICAV - Equity Wrapper (EUR) (launched on December 17, 2008),
- International Global SICAV - Equity Wrapper (CHF) (launched on December 17, 2008).
Share Classes
•
•
INTERNATIONAL GLOBAL SICAV - SK World Opportunities Class P (“Class P”);
INTERNATIONAL GLOBAL SICAV - SK World Opportunities Class I (“Class I”): I Shares are
only offered to Investors:
(i) who, at the time the relevant subscription order is received, are clients of SK with an
agreement covering the charging structure relevant to the clients' investments in such Shares,
and
(ii) who are institutional investors, as may be defined from time to time by the guidelines or
recommendations issued by the Luxembourg supervisory authority.
•
•
INTERNATIONAL GLOBAL SICAV - US High Yield-I (“I Shares”);
INTERNATIONAL GLOBAL SICAV - US High Yield-R (“R Shares”) denominated in USD.
72
Notes to the financial statements as at December 31, 2008 (continued)
Hedged Share Classes
•
•
•
•
INTERNATIONAL GLOBAL SICAV - US High Yield-HI-EUR (“HI-EUR Shares”);
INTERNATIONAL GLOBAL SICAV - US High Yield-HR-EUR (“HR-EUR Shares”)
denominated in EUR and hedged against the USD currency risk;
INTERNATIONAL GLOBAL SICAV - US High Yield-HI-CHF (“HI-CHF Shares”);
INTERNATIONAL GLOBAL SICAV - US High Yield-HR-CHF (“HR-CHF Shares”)
denominated in CHF and hedged against the USD currency risk.
I, HI-EUR and HI-CHF Shares are only offered to Investors investing an initial minimum sum in
the sub-fund. Such minimum initial subscription amount for I Shares is USD 10,000 (or the
equivalent amount in EUR and CHF in respect of HI-EUR and HI-CHF Shares). However, such
minima may be waived at the Directors’ discretion from time to time.
R, HR-EUR and HR-CHF share classes do not bear any minimum investment limit.
NOTE 2
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES
a) Presentation of financial statements
The financial statements are presented in accordance with the legal reporting requirements
applicable in Luxembourg.
b) Formation expenses
Formation expenses are amortised over a maximum period of 5 years.
c) Conversion of foreign currencies for each sub-fund
Cash at banks, other net assets as well as the market value of the investment portfolio in
currencies other than the currency of the sub-fund are converted into the base currency of the
sub-fund at the exchange rates prevailing at the end of the year.
Income and expenses in currencies other than the currency of the sub-fund are converted into
the currency of the sub-fund at the exchange rates applicable on the payment date.
Resulting realised and unrealised foreign exchange gains and losses are included in the
statement of operations.
d) Combined financial statements of the SICAV
The combined financial statements of the SICAV are expressed in Euro (EUR) and correspond to
the sum of the corresponding items in the financial statements of the different sub-funds,
converted into EUR at the exchange rates prevailing at the end of the year.
e) Valuation of investments and instruments
1) Securities and other assets listed or dealt in on a stock exchange or another regulated market
are valued at the last available price; where such securities or other assets are listed or dealt in
one or by more than one stock exchange or any other regulated market, the Directors shall make
regulations for the order of priority in which stock exchanges or other regulated markets are used
for the provisions of prices of securities or assets.
73
2) Assets not listed or dealt in on a stock exchange or another organised market or assets so
listed or dealt in for which the last available price is not representative of a fair market value, are
valued, prudently and in good faith, on the basis of their estimated sale prices.
3) Cash in hand or on deposit, bills and demand notes and accounts receivable, prepaid
expenses, cash dividends and interest declared or accrued as aforesaid and not yet received are
valued at their face value with interest accrued.
4) The units/shares of open-ended undertakings for collective investment are valued on the basis
of the last known Net Asset Value or, if the price so determined is not representative of their fair
market value, are valued as the Directors may deem fair and reasonable. Units/shares of closedended undertakings for collective investment are valued on the basis of their last available
market value.
5) Liquid assets and money market instruments which are not listed or dealt in on a stock
exchange or another regulated market with remaining maturity of less than twelve months are
valued at their nominal value increased by any interest accrued thereon, if any, such global value
being amortised pursuant to the amortised costs method.
6) Futures, forward and options contracts not dealt in on a stock exchange or another regulated
market are valued at their liquidating value determined pursuant to the policies established in
good faith by the Directors, on a basis consistently applied for each different variety of contracts.
The liquidating value of futures, forward and options contracts dealt in on a stock exchange or
another organised market is based on the last available settlement prices published by such
stock exchange or other regulated market where these particular futures, forward or options
contracts are traded. If a futures, forward or options contract could not be liquidated on the
Valuation Day of the relevant assets, the basis for determining the liquidating value of such
contract shall be such value as the Directors may deem fair and reasonable.
7) For each sub-fund, securities whose value is expressed in a currency other than the reference
currency of that sub-fund are converted into that reference currency at the average rate between
the last available buy/sell rate in Luxembourg or, failing that, in a financial centre which is most
representative for those securities.
8) Any other security, instrument or asset are valued, prudently and in good faith, on the basis of
their estimated sale prices by the Directors.
Securities or other assets for which market quotations are not readily available are valued at their
fair value as determined in good faith in accordance with procedures adopted by the
Administrator, with advice from the Investment Manager.
As of December 31, 2008, these securities were valued based on bid prices provided by brokers
such as Barclays (Lehman) and Merrill Lynch if available or other pricing vendors such as
Bloomberg, Telekurs, IDC or Reuters.
f) Income
Dividends are recorded at the ex-date. Interest is recorded on an accrual basis.
74
NOTE 3
“TAXE D’ABONNEMENT”
Under the legislation and regulations currently prevailing in Luxembourg, the SICAV is not
subject to any tax on income.
The SICAV is subject to a "taxe d’abonnement" of 0.05% per annum on its net assets, payable
quarterly and calculated on the basis of the net assets at the end of each quarter; such tax is
reduced to 0.01% per annum in respect of Classes comprising institutional investors only (as per
article 129 of the Law of 20 December 2002 as amended), as well as in respect of liquidity funds.
The value of the net assets invested in units/shares of other Luxembourg Undertakings for
Collective Investment is exempt from the "taxe d’abonnement" provided such units/shares have
already been subject to this tax.
NOTE 4
MANAGEMENT FEE
The Investment Managers are entitled to the following management fee payable out of the assets
of the relevant sub-fund on a quarterly basis at a total annual rate of:
•
•
•
•
•
•
•
•
•
•
•
NOTE 5
up to 0.50% per annum for International Global SICAV - Fixed Income
1.50% for International Global SICAV - Citadel Europe,
1.50% for International Global SICAV - Citadel Actions Suisses,
up to 1.50% per annum for International Global SICAV - Balanced,
1.25% for International Global SICAV - Oakstreet Capital,
up to 1.00% for International Global SICAV - SK World Opportunities (Class P),
up to 0.75% for International Global SICAV - SK World Opportunities (Class I),
max 1.10% for International Global SICAV - US High Yield (Classes I, HI-EUR and HI-CHF),
max 1.75% for International Global SICAV - US High Yield (Classes R, HR-EUR and
HR-CHF),
max 1.50% per annum for International Global SICAV - Equity Wrapper (EUR),
max 1.50% per annum for International Global SICAV - Equity Wrapper (CHF).
OTHER FEES PAYABLE
As at December 31, 2008, other fees payable include administration, custodian, promoter and
audit expenses.
NOTE 6
SECURITIES LENDING
As at December 31, 2008, there are no open securities lending transactions.
NOTE 7
DIVIDEND DISTRIBUTIONS
By circular resolution dated December 21, 2007, the Board of Directors resolved to approve a
dividend payment of EUR 1.25 for the International Global SICAV - Fixed Income sub-fund which
was paid on January 4, 2008 with an ex-date of January 4, 2008.
By circular resolution dated March 27, 2008, the Board of Directors resolved to approve a
was paid on April 8, 2008 with an ex-date of April 4, 2008.
75
By circular resolution dated September 24, 2008, the Board of Directors resolved to approve a
was paid on October 7, 2008 with an ex-date of October 3, 2008.
By circular resolution dated December 17, 2008, the Board of Directors resolved to approve a
was paid on January 5, 2009 with an ex-date of December 29, 2008.
NOTE 8
FORWARD EXCHANGE CONTRACTS
The SICAV had the following forward exchange contracts outstanding as at December 31, 2008:
CITADEL EUROPE
Purchase
3,171,996.87
EUR
HUF
Sale
850,000,000.00
Maturity
30/01/2009
The net unrealised loss on this contract as at December 31, 2008 was EUR 5,746.67 and is
included in the statement of net assets.
US HIGH YIELD
EUR
CHF
Purchase
37,498,684.81
48,018,546.35
USD
USD
Sale
53,460,000.00
45,769,000.00
Maturity
30/01/2009
30/01/2009
The net unrealised loss on these contracts as at December 31, 2008 was USD 2,080,760.41 and
is included in the statement of net assets.
NOTE 9
EXCHANGE RATES
The following exchange rates were used to establish the combined financial statements of the
Fund into EUR as at December 31, 2008:
1 EUR =
1 EUR =
1.479500
1.390051
CHF
USD
76

international global sicav

Transcription

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