half-year financial report - global flagship fund€¦ · directors' report 31 december 2019 4...

(ARSN 158 717 072)

HALF-YEAR FINANCIAL REPORTFOR THE HALF-YEAR ENDED 31 DECEMBER 2019

Evans & Partners Global Flagship Fund Contents 31 December 2019

1

Chairman's letter 2 Portfolio positioning 3 Directors' report 4 Auditor's independence declaration 6 Condensed statement of profit or loss and other comprehensive income 7 Condensed statement of financial position 8 Condensed statement of changes in equity 9 Condensed statement of cash flows 10 Notes to the condensed financial statements 11 Directors' declaration 16 Independent auditor's review report to the unitholders of Evans & Partners Global Flagship Fund 17 Corporate directory 19

Evans & Partners Global Flagship Fund Chairman's letter 31 December 2019

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Dear Investor

It is a pleasure to provide you with the Evans & Partners Global Flagship Fund (Fund or EGF) Half-Year Financial Report for the

six month period ended 31 December 2019.

The Fund seeks to provide investors with capital growth and attractive risk-adjusted returns over the medium to long-term

through exposure to a portfolio of global listed equities.

Market Conditions and Fund Positioning

Despite continued volatility, global markets were strong in the six months to 31 December 2019, continuing the trend of the

prior six months. Technology-related companies, in particular, performed well. The key driver behind the market strength

was corporate profit growth and central bank policy supportive of asset values. Reduced uncertainty surrounding trade

negotiations between the US and China and Brexit also influenced market sentiment. In December the US and China agreed

to a “phase-one” trade deal, and the UK election was won by the Conservative party – increasing the certainty that Brexit

would proceed and that over two years of debate on a withdrawal agreement would be at an end. Recent developments in

the US-China trade negotiations have been positive for exporting nations, although the emergence of the novel coronavirus

in China in January may, in the short-term, offset these gains, as cross border trade and travel is constrained.

Looking forward, we anticipate trade deal negotiations will continue to influence markets, as will further developments in the

spread of novel coronavirus. Through these periods of uncertainty central bank policy has remained supportive, and the

broader expectation is that it will continue to remain so, which in turn, will support the global economy, corporate earnings

and asset values. We anticipate that growth will remain positive, but caution that in the short-term, the impact of trade

(goods/services) restrictions may result in some downside for the market.

The Fund continues to be managed conservatively, with the Portfolio Manager seeking to position the portfolio at a lower

risk level than the market. The Fund remains overweight the Healthcare and Consumer sectors, underweight Industrials and

Financials, and materially underweight cyclical sectors like Real Estate and Energy.

Fund Performance

At 31 December 2019, the Fund was 95.4% invested in equities and the net tangible assets (NTA) value of the Fund was

$185.9 million or $1.76 per unit.

Following a strong period in global markets, the Fund appreciated 9.9% in the half-year period to 31 December 2019,

outperforming the MSCI World Index which appreciated 8.9%. Positive contributors to this result came from Information

Technology companies Apple Inc, ASML Holding, Intel Corp and Applied Materials, and Communications Services giant,

Alphabet. The largest negative contributors included Fresenius Medical, Pfizer Inc and Unilever NV.

Since inception (July 2018) the Fund has returned 17.7% per annum, outperforming the MSCI World Index which has

increased 13.8% per annum over the same period.

We look forward to updating you on the Fund performance in the full year financial report.

Yours faithfully,

Stuart Nisbett

Independent Chairman of the Responsible Entity

georgia.locke

Stamp

Evans & Partners Global Flagship Fund Portfolio positioning 31 December 2019

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Top 10 Portfolio Holdings

Company Sector

Airbus SE Industrials

Alphabet Inc Communication Services

Aon Plc Financials

Coca-Cola Consumer Staples

HCA Healthcare Inc Health Care

Johnson & Johnson Health Care

Microsoft Corp Information Technology

Novartis AG Health Care

Orsted A/S Utilities

Unilever NV Consumer Staples

Sector Exposure

Country Exposure

4.6%

2.5%

3.5%

6.2%

9.6%

8.0%

11.0%

16.0%

17.2%

21.3%

0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

Cash

Energy

Utilities

Consumer Discretionary

Communication Services

Industrials

Financials

Consumer Staples

Information Technology

Health Care

4.6%

4.5%

2.3%

2.7%

3.5%

3.9%

4.5%

4.9%

8.1%

29.9%

16.2%

44.7%

0.0% 10.0% 20.0% 30.0% 40.0% 50.0%

Cash

Other

Belgium

Norway

Denmark

Switzerland

Netherlands

Germany

France

Europe (ex UK)

United Kingdom

United States

Evans & Partners Global Flagship Fund Directors' report 31 December 2019

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The directors of Walsh & Company Investments Limited, the Responsible Entity of Evans & Partners Global Flagship Fund (the Fund or EGF), present their report together with the condensed interim financial statements of the Fund for the half-year ended 31 December 2019.

Directors The directors of the Responsible Entity at any time during or since the end of the financial period are:

Stuart Nisbett Appointed 19 December 2019 Mike Adams Warwick Keneally Peter Shear Appointed 19 December 2019 Alex MacLachlan Resigned 19 December 2019

Directors have been in office since the start of the financial period to the date of this report unless otherwise stated.

Principal activities The Fund is a registered managed investment scheme structured as a closed ended unit trust that is domiciled in Australia and quoted on the Australian Securities Exchange (ASX) (ticker code: EGF). The registered office and principal place of business of the Responsible Entity of the Fund is located at Level 15, 100 Pacific Highway, North Sydney, NSW, 2060.

The principal activities of the Fund during the financial period were to provide investors with capital growth and attractive risk-adjusted returns over the medium to long-term through exposure to a portfolio of global listed equities.

There were no significant changes in the nature of these activities of the Fund that occurred during the period.

Review of financial results and operations a) Financial results for the period The performance of the Fund, as represented by the results of its operations for the relevant half-year ended 31 December, was as follows: 2019 2018 Results Total net investment income ($) 19,125,042 430,921 Total expenses ($) (1,448,646) (1,242,310)

Net profit/(loss) ($) 17,676,396 (811,389)

2019 2018 Distributions Cash distributions - cents per unit 3.25 3.00

2019 2018 Net asset value Net asset value per unit (ex-distribution) - $ per unit 1.76 1.48

b) Performance returns The performance returns shown in the table below are for the six and twelve months ended 31 December 2019, and have been calculated using the net asset value per unit for the Fund, which is after fees and expenses, assuming reinvestment of distributions. The returns are calculated monthly and compounded to produce longer period returns.

Evans & Partners Global Flagship Fund Directors' report 31 December 2019

5

6 months to 12 months to

31 December

2019 31 December

2019 % % Performance Growth return (i) 7.98 18.92 Distribution return (ii) 1.89 8.69

Total return (iii) 9.87 27.61

(i) The Growth return is calculated as a percentage by dividing the end of period net asset value per unit by the net asset value per unit at the start of the period minus 1. (ii) The Distribution return is calculated as a percentage by subtracting the Growth return from the Total return. (iii) The Total return is calculated as a percentage by dividing the end of period net asset value per unit (cum-distribution) by the net asset value per unit at the start of the period minus 1.

Matters subsequent to the end of the financial period No matter or circumstance has arisen since 31 December 2019 that has significantly affected, or may significantly affect the Fund's operations, the results of those operations, or the Fund's state of affairs in future financial years.

Auditor's independence declaration A copy of the lead auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors' report.

This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001.

On behalf of the directors

___________________________ Stuart Nisbett Chairman of Walsh & Company Investments Limited, Responsible Entity 25 February 2020

georgia.locke

Stamp

KPMG, an Australian partnership and a member firm of the KPMGnetwork of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.

Liability limited by a scheme approved underProfessional Standards Legislation.

Lead Auditor’s Independence Declaration under

Section 307C of the Corporations Act 2001

To the Directors of Walsh & Company Investments Limited, the Responsible Entity of Evans & Partners Global Flagship Fund

I declare that, to the best of my knowledge and belief, in relation to the review of Evans & Partners Global Flagship Fund, for the half-year ended 31 December 2019 there have been:

i. no contraventions of the auditor independence requirements as set out in theCorporations Act 2001 in relation to the review; and

ii. no contraventions of any applicable code of professional conduct in relation to the review.

PM_INI_01

PAR_SIG_01 PAR_NAM_01 PAR_POS_01 PAR_DAT_01 PAR_CIT_01

KP MG

KPMG Jessica Davis

Partner

Sydney

25 February 2020

6

Evans & Partners Global Flagship Fund Condensed statement of profit or loss and other comprehensive income For the period ended 31 December 2019

Note 31 December

2019

31 December 2018

$ $

The above condensed statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes

7

Investment income Interest income 17,150 29,430 Dividend and distribution income 1,135,021 1,174,159 Other income - 24,094Net gain/(loss) on financial assets at fair value through profit or loss 18,024,592 (1,662,150)Net foreign currency (losses)/gains (51,721) 865,388

Total net investment income 19,125,042 430,921

Expenses Management and administration fees 11 (1,215,538) (1,070,745) Performance fees 11 (166,814) - Investment transaction costs (66,294) (171,565)

Total expenses (1,448,646) (1,242,310)

Profit/(loss) before income tax expense 17,676,396 (811,389)

Income tax expense - -

Profit/(loss) after income tax expense for the period 17,676,396 (811,389)

Other comprehensive income for the period, net of tax - -

Total comprehensive income/(loss) for the period 17,676,396 (811,389)

Cents Cents

Basic earnings/(loss) per unit 5 15.86 (0.70) Diluted earnings/(loss) per unit 5 15.86 (0.70)

Evans & Partners Global Flagship Fund Condensed statement of financial position As at 31 December 2019

Note 31 December

2019

30 June 2019 $ $

The above condensed statement of financial position should be read in conjunction with the accompanying notes 8

Assets Cash and cash equivalents 7,387,719 8,557,919 Receivables 6 1,614,645 305,812 Financial assets 7 180,367,007 189,892,182

Total assets 189,369,371 198,755,913

Liabilities Payables 8 10,713 598,332 Distributions payable 3,437,275 9,950,894

Total liabilities 3,447,988 10,549,226

Net assets 185,921,383 188,206,687

Equity Issued capital 9 161,358,473 177,887,761 Retained earnings 24,562,910 10,318,926

Total equity 185,921,383 188,206,687

Evans & Partners Global Flagship Fund Condensed statement of changes in equity For the period ended 31 December 2019

The above condensed statement of changes in equity should be read in conjunction with the accompanying notes 9

Issued Accumulated

Total equity capital losses

$ $ $ Balance at 1 July 2018 145,449,424 (3,543,893) 141,905,531 Loss after income tax expense for the period - (811,389) (811,389) Other comprehensive income for the period, net of tax - - -

Total comprehensive loss for the period - (811,389) (811,389) Issued capital 44,376,674 - 44,376,674 Unit buy-backs (3,666,183) - (3,666,183) Issue and buy-back costs (9,395) - (9,395) Distributions paid or payable (note 4) - (3,612,521) (3,612,521)

Balance at 31 December 2018 186,150,520 (7,967,803) 178,182,717

Issued Retained

Total equity capital earnings

$ $ $ Balance at 1 July 2019 177,887,761 10,318,926 188,206,687 Profit after income tax expense for the period - 17,676,396 17,676,396 Other comprehensive income for the period, net of tax - - -

Total comprehensive income for the period - 17,676,396 17,676,396 Transactions with unitholders in their capacity as unitholders: Issued capital (note 9) 7,555,445 - 7,555,445 Unit buy-backs (note 9) (24,023,174) - (24,023,174) Buy-back costs (note 9) (61,559) - (61,559) Distributions paid or payable (note 4) - (3,432,412) (3,432,412)

Balance at 31 December 2019 161,358,473 24,562,910 185,921,383

Evans & Partners Global Flagship Fund Condensed statement of cash flows For the period ended 31 December 2019

Note 31 December

2019

31 December 2018

$ $

The above condensed statement of cash flows should be read in conjunction with the accompanying notes 10

Cash flows from operating activities Interest income received 21,648 54,981 Dividends, distributions and rebates received 1,168,444 966,304 Payments to suppliers (1,726,219) (3,307,220)

Net cash used in operating activities (536,127) (2,285,935)

Cash flows from investing activities Payments for investments (18,422,856) (140,357,812) Receipts from disposal of investments 44,326,068 76,736,127

Net cash from/(used in) investing activities 25,903,212 (63,621,685)

Cash flows from financing activities Payments for unit buy-backs (24,023,174) (4,794,460) Distributions paid 4 (2,390,586) (2,387,167) Unit issue proceeds - 1,128,278Payment of buy-back costs (61,559) (9,396)

Net cash used in financing activities (26,475,319) (6,062,745)

Net decrease in cash and cash equivalents (1,108,234) (71,970,365) Cash and cash equivalents at the beginning of the financial period 8,557,919 77,309,926 Effects of exchange rate changes on cash and cash equivalents (61,966) (196,679)

Cash and cash equivalents at the end of the financial period 7,387,719 5,142,882

Evans & Partners Global Flagship Fund Notes to the condensed financial statements 31 December 2019

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1. General information

Evans & Partners Global Flagship Fund (the Fund) is a registered managed investment scheme registered and domiciled in Australia and listed on the Australian Securities Exchange (ticker code: EGF). The investment objective of the Fund is to provide investors with capital growth and attractive risk-adjusted returns over the medium to long-term through exposure to a portfolio of global listed equities.

The condensed interim financial statements were authorised for issue by the board of directors of the Responsible Entity of the Fund on 25 February 2020.

2. Significant accounting policies

Statement of Compliance The half-year financial report is a general purpose financial report prepared in accordance with the Corporations Act 2001 and Australian Accounting Standards Board (AASB) 134: 'Interim Financial Reporting'. Compliance with AASB 134 ensures compliance with International Financial Reporting Standards (IFRS) IAS 34 'Interim Financial Reporting'. The half-year report does not include all notes of the type normally included in an annual financial report and should be read in conjunction with the most recent annual financial report.

Basis of Preparation The condensed financial statements have been prepared on an accrual basis and are based on historical cost with the exception of financial assets which are measured at fair value. All amounts are presented in Australian dollars unless otherwise noted.

The same accounting policies and methods of computation have been followed in this half-year financial report as were applied in the most recent annual financial statements.

New Accounting Standards and Interpretations The Fund has adopted all of the new and revised Standards and Interpretations issued by the AASB that are relevant to their operations and effective for the current year. The impact of the adoption is not material to the Fund's financial report in the current or future reporting periods and on foreseeable future transactions.

3. Operating segments

The Fund operates in Australia and has one business operation, that being to invest in a portfolio of global equities to provide investors with capital growth and attractive risk-adjusted returns over the medium to long-term.

4. Distributions paid

Distributions paid during the financial period were as follows:

31 December 2019

31 December 2018

$ $

Cash distribution - 3.00 cents per unit paid on 4 February 2019 - 3,612,521Cash distribution - 3.25 cents per unit paid on 3 February 2020 3,432,412 -

3,432,412 3,612,521


12

5. Earnings per unit

31 December 2019

31 December 2018

$ $

Profit/(loss) after income tax 17,676,396 (811,389)

Number Number

Weighted average number of ordinary units used in calculating basic earnings per unit 111,437,203 116,375,673

Weighted average number of ordinary units used in calculating diluted earnings per unit 111,437,203 116,375,673

Cents Cents

Basic earnings/(loss) per unit 15.86 (0.70) Diluted earnings/(loss) per unit 15.86 (0.70)

6. Receivables

31 December 2019 30 June 2019

$ $

Receivable for investments sold 1,346,854 - Interest receivable 1,517 6,019 Dividends and distributions receivable 156,988 190,411 GST receivable 109,286 109,382

1,614,645 305,812

7. Financial assets


$ $

Equity investments - listed 171,753,310 181,492,031 Managed funds - unlisted 8,613,697 8,400,151

180,367,007 189,892,182

Refer to Note 10 for further information on fair value measurement.


13

8. Payables


$ $

Accrued expenses 10,713 13,376 Unsettled buy-backs - 243,651Accrued performance fees - 341,305

10,713 598,332

9. Issued capital


31 December 2019

30 June 2019 Units Units $ $

Ordinary units - fully paid 105,612,634 115,380,718 161,358,473 177,887,761

Movements in unit capital

Details Date Units $

Balance 1 July 2019 115,380,718 177,887,761 Issue of ordinary units at $1.57 per unit (distribution reinvested) 2 August 2019 686,391 1,078,447 Issue of ordinary units at $1.65 per unit (distribution reinvested) 2 August 2019 3,923,829 6,476,998 Unit buy-backs (14,378,304) (24,023,174) Buy-back costs - (61,559)

Balance 31 December 2019 105,612,634 161,358,473

Ordinary units All units are fully paid. The holders of ordinary units are entitled to one vote per unit at meetings of the Fund and are entitled to receive distributions from time to time by the Responsible Entity.

10. Fair value measurement

The aggregate net fair values and carrying amounts of financial assets and financial liabilities at balance date are disclosed in the Statement of Financial Position and in the notes to the condensed financial statements.

The fair values of: ● other assets and other liabilities approximate their carrying value;● listed securities included in “Equity Investments” are readily traded on global Stock Exchanges in a standardised form.

The net fair value of listed securities is determined by valuing them at the last quoted sale price as at the end of thereporting period.


10. Fair value measurement (continued)

14

The Fund measures values using the following fair value hierarchy that reflects the significance of the inputs in making the measurements: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Fund can access at measurement date Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly Level 3: Unobservable inputs for the asset or liability

Level 1 Level 2 Level 3 Total 31 December 2019 $ $ $ $

Financial assets at fair value through profit or loss Equity investments - listed 171,753,310 - - 171,753,310 Managed funds - unlisted - 8,613,697 - 8,613,697

Total assets 171,753,310 8,613,697 - 180,367,007

Level 1 Level 2 Level 3 Total 30 June 2019 $ $ $ $

Financial assets at fair value through profit or loss Equity investments - listed 181,492,031 - - 181,492,031 Managed funds - unlisted - 8,400,151 - 8,400,151

Total assets 181,492,031 8,400,151 - 189,892,182

The Fund determines Level 2 fair values for unlisted investments at the redemption price at balance date. For unlisted investments where there is no organised financial market, the net fair value has been based on reasonable estimation of underlying net assets of the investments.

There were no transfers between hierarchy levels during the financial period.

11. Related party transactions

Related party investments in the scheme The Responsible Entity or its associates do not hold any investments in the scheme.

Responsible Entity services a) Responsible Entity feeThe Responsible Entity's duties include establishing the compliance plan and procedures and monitoring against regulatoryand legislative requirements, the issuance of disclosure documents, the appointment and monitoring of external serviceproviders to the Fund and overall administration of the Fund. Walsh & Company Investments Limited, as Responsible Entity,receives a Responsible Entity fee of 0.10% per annum (inclusive of the net effect of GST) of the gross asset value of theFund.

Total Responsible Entity fees paid or payable to the Responsible Entity for the half-year ending 31 December 2019 were $42,143 (31 December 2018: $22,785), exclusive of GST.

b) Custodial servicesThe Responsible Entity provided custodial services, together with JP Morgan, to the Fund in its personal capacity under acustody arrangement with Walsh & Company Investments Limited during the period up to 19 December 2019.

Effective 19 December 2019, the Fund's custodial services were outsourced to external party providers. The Responsible Entity bears the cost of the custodial services and, as such, there were no custody fees paid out of the assets of the Fund.


11. Related party transactions (continued)

15

c) Fund administration servicesAustralian Fund Accounting Services Pty Limited, a related party of the Responsible Entity, provides fund administrationservices to the Fund under an agreement with the Responsible Entity. These services include net asset valuation,management accounting, statutory reporting, capital management and taxation. Time spent by administrative staff ischarged to the Fund at agreed market derived rates, currently subject to a cap. The Responsible Entity bears the cost of thefund administration services and, as such, there were no fund administration fees paid out of the assets of the Fund.

Investment Management fee The Investment Manager provides investment management services to the Fund, including overseeing the assessment of market conditions and investment opportunities, the selection and recommendation of investments, monitoring the Fund's investment portfolio, and determining and recommending the retention or sale of investment in the Fund's portfolio.

In connection with the provision of services as Investment Manager, Evans and Partners Investment Management Pty Limited, a related party of the Responsible Entity, received an Investment Management fee of 1.25% per annum (inclusive of the net effect of GST) of the gross asset value of the Fund.

Total Investment Management fees paid or payable to Evans & Partners Investment Management Pty Limited for the half-year ending 31 December 2019 were $1,170,914 (31 December 2018: $1,033,572 paid or payable to Walsh & Company Asset Management Pty Limited), exclusive of GST.

Performance fee The Investment Manager may be paid a performance fee of 10% (inclusive of the net effect of GST) of the excess return of the Fund above the higher of the MSCI World Net Total Return Index over the Calculation Period and the yield of 10-year US Government Bonds over each six month period ending 31 March and 30 September in each year.

Total performance fees paid or payable to the related party of the Responsible Entity for the half-year ended 31 December 2019 was $166,814 (31 December 2018: nil), exclusive of GST, and recognised as performance fees in profit and loss.

Brokerage fee Dixon Advisory & Superannuation Services Limited, a related party of the Responsible Entity, was engaged as a broker by the Fund and received brokerage of 0.25% on all transactions undertaken as part of the Fund's buy-back program up to 1 October 2019.

Effective 1 October 2019, Evans & Partners Pty Ltd, also a related party of the Responsible Entity and broker of the Fund, was engaged to provide brokerage under the Fund's buy-back program. There was no change in the brokerage fee structure under the buy-back program as a result of the change in brokers.

Total brokerage fees paid or payable to the related parties of the Responsible Entity for the half-year ended 31 December 2019 were $60,058 (31 December 2018: $9,395).

12. Events after the reporting period

No matter or circumstance has arisen since 31 December 2019 that has significantly affected, or may significantly affect the Fund's operations, the results of those operations, or the Fund's state of affairs in future financial years.

Evans & Partners Global Flagship Fund Directors' declaration 31 December 2019

16

In the opinion of the directors of Walsh & Company Investments Limited, the Responsible Entity of Evans & Partners Global Flagship Fund:

● the attached financial statements and notes comply with the Corporations Act 2001, Australian Accounting Standard AASB 134 'Interim Financial Reporting', the Corporations Regulations 2001 and other mandatory professional reporting requirements;

● the attached financial statements and notes give a true and fair view of the Fund's financial position as at 31 December 2019 and of its performance for the financial period ended on that date; and

● there are reasonable grounds to believe that the Fund will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of directors made pursuant to section 303(5)(a) of the Corporations Act 2001.

On behalf of the directors

___________________________ Stuart Nisbett Chairman of Walsh & Company Investments Limited, Responsible Entity

25 February 2020

georgia.locke

Stamp

KPMG, an Australian partnership and a member firm of the KPMGnetwork of independent member firms affiliated with KPMGInternational Cooperative (“KPMG International”), a Swiss entity.

Liability limited by a scheme approved underProfessional Standards Legislation.

Independent Auditor’s Review Report

To the unitholders of Evans & Partners Global Flagship Fund

Conclusion

We have reviewed the accompanying Half-Year Financial Report of Evans & Partners Global Flagship Fund (the Fund).

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the Half-Year Financial Report of the Fund is not in accordance with the Corporations Act 2001, including:

• giving a true and fair view of the Fund’sfinancial position as at 31 December 2019 andof its performance for the half-year ended 31December 2019; and

• complying with Australian Accounting StandardAASB 134 Interim Financial Reporting and theCorporations Regulations 2001.

The Half-Year Financial Report comprises:

• Condensed statement of financial position as at 31December 2019

• Condensed statement of profit or loss and othercomprehensive income, condensed statement ofchanges in equity and condensed statement of cashflows for the half-year ended 31 December 2019

• Notes 1 to 12 comprising a summary of significantaccounting policies and other explanatoryinformation

• The Directors’ Declaration.

Responsibilities of the Directors for the Half-Year Financial Report

The Directors of the Responsible Entity are responsible for:

• the preparation of the Half-Year Financial Report that gives a true and fair view in accordance withAustralian Accounting Standards and the Corporations Act 2001; and

• for such internal control as the Directors determine is necessary to enable the preparation of the Half-YearFinancial Report that is free from material misstatement, whether due to fraud or error.

17

Auditor’s responsibility for the review of the Half-Year Financial Report

Our responsibility is to express a conclusion on the Half-Year Financial Report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the Half-Year Financial Report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the Fund’s financial position as at 31 December 2019 and its performance for the half-year ended on that date; and complying with Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. As auditor of Evans & Partners Global Flagship Fund, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

A review of a Half-year Financial Report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001.

KPMG Jessica Davis

Partner

Sydney

25 February 2020

18

Evans & Partners Global Flagship Fund Corporate directory 31 December 2019

19

The Fund’s units are quoted on the official list of Australian Securities Exchange (ASX). The ASX code is EGF

Responsible Entity Walsh & Company Investments Limited (ACN 152 367 649) (AFSL 410 433) Registered & Principal Office Level 15, 100 Pacific Highway NORTH SYDNEY NSW 2060 T 1300 454 801 F 1300 883 159 Directors Stuart Nisbett Peter Shear Warwick Keneally Mike Adams Secretaries Hannah Chan Caroline Purtell Registered Office Level 15, 100 Pacific Highway NORTH SYDNEY NSW 2060 T 1300 454 801 F 1300 883 159 globalflagshipfund.com.au

Unit Register Boardroom Pty Limited Level 12, 225 George Street SYDNEY NSW 2000 T 1300 737 760 (Australia) T +61 2 9290 9600 (International) F 1300 653 459 boardroomlimited.com.au Auditor KPMG Tower 3 International Towers Sydney 300 Barangaroo Avenue SYDNEY NSW 2000 T: +61 2 9335 7000 F: +61 2 9335 7001 kpmg.com.au Bankers Macquarie Bank ANZ Bank J.P. Morgan

(ARSN 158 717 072)

half-year financial report - global flagship fund€¦ · directors' report 31 december 2019 4...

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