interim report and unaudited accounts...2017/02/28 · interim report and unaudited accounts...
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Interim Report and Unaudited AccountsBlackRock Global Funds (BGF)R.C.S. Luxembourg: B.6317
28 February 2017
Some sub-funds of the SICAV are not approved by FINMA for distribution to non qualified investors in or from Switzerland. Therefore, no information in relation with these sub-funds are mentioned in this report. However, the investors’ attention is drawn to the fact that certain information contained in the report is expressed on a consolidated basis and, as a consequence, contains also information concerning the sub-funds which are not approved for distribution to non qualified investors in or from Switzerland.
BlackRock Global Funds, Société d’investissement à capital variable (SICAV) under Luxembourg Law
Report for Investors in Switzerland
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Interim Report and Unaudited Accounts 1
Contents
Board of Directors 2
Management and Administration 2
General Information 3
Chairman’s Letter to Shareholders 5
Investment Adviser’s Report 8
Statement of Net Assets 16
Three Year Summary of Net Asset Values 22
Statement of Operations and Changes in Net Assets 52
Statement of Changes in Shares Outstanding 64
Portfolio of Investments ASEAN Leaders FundAsia Pacific Equity Income FundAsian Dragon FundAsian Growth Leaders FundAsian Local Bond FundAsian Tiger Bond FundChina FundContinental European Flexible FundEmerging Europe FundEmerging Markets Bond FundEmerging Markets Corporate Bond FundEmerging Markets Equity Income FundEmerging Markets FundEmerging Markets Local Currency Bond FundEuro Bond FundEuro Corporate Bond FundEuro Reserve FundEuro Short Duration Bond FundEuro-Markets FundEuropean Equity Income FundEuropean Focus FundEuropean FundEuropean High Yield Bond FundEuropean Special Situations FundEuropean Value FundFixed Income Global Opportunities FundFlexible Multi-Asset FundGlobal Allocation FundGlobal Corporate Bond FundGlobal Dynamic Equity FundGlobal Enhanced Equity Yield FundGlobal Equity Income FundGlobal Government Bond FundGlobal High Yield Bond Fund
Global Inflation Linked Bond FundGlobal Long-Horizon Equity FundGlobal Multi-Asset Income FundGlobal Opportunities FundGlobal SmallCap FundIndia FundJapan Flexible Equity FundJapan Small & MidCap Opportunities FundLatin American FundNatural Resources Growth & Income FundNew Energy FundNorth American Equity Income FundPacific Equity FundRenminbi Bond FundStrategic Global Bond FundSwiss Small & MidCap Opportunities Fund(1)
United Kingdom FundUS Basic Value FundUS Dollar Core Bond FundUS Dollar High Yield Bond FundUS Dollar Reserve FundUS Dollar Short Duration Bond FundUS Flexible Equity FundUS Government Mortgage FundUS Growth FundUS Small & MidCap Opportunities FundWorld Agriculture FundWorld Bond FundWorld Energy FundWorld Financials FundWorld Gold FundWorld Healthscience FundWorld Mining FundWorld Real Estate Securities FundWorld Technology Fund
Notes to the Financial Statements
Appendix I – Share Classes
Appendix II – Eligibility for French “Plan d’Epargneen Actions” (“PEA”)
Appendix III – Supplementary Information�
Appendix IV – Total Expense Ratio
(1) Fund closed to subscriptions, see Note 1, for further details.
Subscriptions may be made only on the basis of the current Prospectus and relevant KIID for the Funds, together with the most recent annual report and audited accounts and interim report
and unaudited accounts. Copies are available from the Investor Services Centre, the Transfer Agent, the Management Company or any of the Distributors.
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2 BlackRock Global Funds (BGF)
Board of Directors(1)(2)(3) Managementand Administration continued
Nicholas C. D. Hall (Chairman)Frank P. Le FeuvreAlexander C. Hoctor-Duncan (resigned effective 6 October 2016)Francine KeiserGeoffrey D. RadcliffeBruno Rovelli (resigned effective 6 October 2016)Barry O’Dwyer (appointed effective 17 October 2016)Robert Hayes (appointed effective 17 October 2016)
(1) All Directors of BlackRock Global Funds are non-executive Directors.(2) Frank P. Le Feuvre, Geoffrey D. Radcliffe, Barry O’Dwyer and Robert Hayes are employees
of the BlackRock Group (of which the Management Company, Investment Advisers
and�Principal Distributor are part). Nicholas C. D. Hall is a former employee of�the
BlackRock�Group. (3) Francine Keiser is an independent Director.
Managementand AdministrationManagement CompanyBlackRock (Luxembourg) S.A.35A, avenue J.F. Kennedy, L-1855 Luxembourg,Grand Duchy of Luxembourg
Investment AdvisersBlackRock Financial Management, Inc.Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055, USA
BlackRock Investment Management, LLC100 Bellevue Parkway, Wilmington, Delaware 19809, USA
BlackRock Investment Management (UK) Limited12 Throgmorton Avenue, London EC2N 2DL, UK
BlackRock (Singapore) Limited# 18-01 Twenty Anson, 20 Anson Road, Singapore, 079912
Sub-Investment AdvisersBlackRock Asset Management North Asia Limited16/F Champion Tower, 3 Garden Road, Central, Hong Kong
BlackRock Japan Co. Limited1-8-3 Marunouchi, Chiyoda-ku, Tokyo 100-8217, Japan
BlackRock Investment Management (Australia) LimitedLevel 26, 101 Collins Street, Melbourne 3000, Australia
Principal DistributorBlackRock Investment Management (UK) Limited12 Throgmorton AvenueLondon EC2N 2DLUK
DepositaryThe Bank of New York Mellon (International) Limited Luxembourg Branch2-4, rue Eugène RuppertL-2453 LuxembourgGrand Duchy of Luxembourg
AdministratorThe Bank of New York Mellon (International) Limited Luxembourg Branch2-4, rue Eugène RuppertL-2453 LuxembourgGrand Duchy of Luxembourg
Transfer Agent and RegistrarJ.P. Morgan Bank Luxembourg S.A.European Bank & Business Center6, route de Trèves, Building CL-2633 SenningerbergGrand Duchy of Luxembourg
AuditorPricewaterhouseCoopers, Société coopérative2, rue Gerhard MercatorL-2182 LuxembourgGrand Duchy of Luxembourg
Legal AdvisersLinklaters LLP35 avenue John F. Kennedy, L-1855 LuxembourgGrand Duchy of Luxembourg
Listing AgentJ.P. Morgan Bank Luxembourg S.A.European Bank & Business Center6, route de Trèves, Building CL-2633 SenningerbergGrand Duchy of Luxembourg
Securities Lending Agent BlackRock Advisors (UK) Limited 12 Throgmorton Avenue London EC2N 2DL UK
Paying AgentsA list of Paying Agents is to be found on pages 3 and 4.
Registered Office2-4, rue Eugène RuppertL-2453 LuxembourgGrand Duchy of Luxembourg
EnquiriesIn the absence of other arrangements, enquiries regarding the Company should be addressed as follows:Written enquiries:BlackRock Investment Management (UK) Limitedc/o BlackRock (Luxembourg) S.A.P.O. Box 1058L-1010 LuxembourgGrand Duchy of Luxembourg
All other enquiries:Telephone: + 44 207 743 3300Fax: + 44 207 743 1143Website: www.blackrockinternational.comEmail: [email protected]
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Interim Report and Unaudited Accounts 3
General Information
Current ProspectusThe Company’s Prospectus dated 30 June 2016 and the relevant KIID for the Funds along with copies of the Account Opening and Dealing Form may be obtained from the Local Investor Services Centre, the Management Company or any of the Representatives or Distributors. Copies of the Company’s Articles of Association and the Annual Report and Audited Accounts and Interim Report and Unaudited Accounts may also be obtained free of charge from any of these offices and from the Paying Agents. All these documents are also available from www.blackrockinternational.com
RepresentativesThe representative in Hong Kong is BlackRock Asset Management North Asia Limited, 16/F, Champion Tower, 3 Garden Road Central, Hong�Kong.
The representative in Switzerland is BlackRock Asset Management Switzerland Limited, Bahnhofstrasse 39, 8001 Zurich, Switzerland.
The representative in Poland is Dubiński Fabrycki Jeleński, ul. Zielna 37, 00-108 Warszawa, Poland.
Authorised StatusThe Company is an Undertaking for Collective Investment in Transferable Securities (“UCITS”) under the Luxembourg law of 17 December 2010 as amended. Regulatory consents have been obtained or appropriate notifications have been made for the distribution of shares of the Company’s Funds in the umbrella in the following countries:
Austria, Canada, Czech Republic, Denmark, Finland, France, Germany, Gibraltar, Hungary, Iceland, Ireland, Luxembourg, Netherlands, Norway, Poland, Slovakia, Spain, Sweden and the United Kingdom.
Regulatory consents have been obtained or appropriate notifications have been made for the distribution of shares of certain Funds in the umbrella in the following countries:
Belgium, Brunei, Chile, Greece, Hong Kong, Italy, Japan, Korea, Macau, Peru, Portugal, Singapore, Switzerland and�Taiwan.
Shares of certain Funds in the umbrella may also be offered in Malta, Mauritius and Singapore by private placement.
The Company is duly registered with the Comisión Nacional de Mercado de Valores in Spain under number 140.
Paying AgentsAustriaRaiffeisen BankInternational AGAm Stadtpark 91030 Vienna
BelgiumJ.P. Morgan Chase Bank Brussels Branch1 Boulevard du�Roi�Albert�IIBrusselsB1210 - Belgium
Czech RepublicUniCredit Bank Czech Republic and Slovakia, A.S.Prague 4 - Michle, Zeletavská�1525/1,140 92, Czech Republic
FranceCACEIS Bank1/3, Place Valhubert 75013,Paris, France
Luxem bourg(Central Paying Agent)J.P. Morgan BankLuxembourg S.A. European Bank & Business Center,6, route de Trèves, Building�CL-2633 SenningerbergGrand Duchy of�Luxembourg
SwitzerlandState Street Bank International GmbH,Munich, Zurich branchBeethovenstrasse 19,CH-8027 Zurich,Switzerland
ItalyAllfunds Bank S.A.Succursale di MilanoVia Santa Margherita 720121 Milan
Banca Monte dei Paschi di Siena S.p.A.Piazza Salimbeni 353100 Siena
Banca Sella Holding�S.p.A.Piazza Gaudenzio Sella 113900 Biella
BNP Paribas SecuritiesServicesSuccursale di MilanoVia Ansperto 520123 Milan
Italy continuedRBC Investor Services Bank S.A.Succursale di MilanoVia Vittor Pisani, 26I-20121 Milan
Société Générale Securities Services S.p.A.Via Benigno Crespi, 19/A, MAC II20159 Milan
State Street Bank GmbH –�Succursale ItaliaRegistered OfficeVia Ferrante Aporti, 1020125 Milan
PolandBank Handlowyw Warszawie S.A.ul. Senatorska 1600-923 Warsaw
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4 BlackRock Global Funds (BGF)
General Information continued
Paying Agents continuedUnited KingdomJ.P. Morgan Europe Limited UK Paying Agency3 Lochside ViewEdinburgh United KingdomEH12 9DH
GermanyJ.P. Morgan AGCIB/Investor Services -�Trustee &�FiduciaryTaunustor 1 (Taunus Turm)60310 Frankfurt am MainGermany
GibraltarHassans International Law Firm57/63 Line Wall RoadGibraltar
Mauritius Subsidiary
Directors Mauritian Auditor to the SubsidiaryNicholas C.D. Hall PricewaterhouseCoopersCouldip Basanta Lala 18 Cybercity, Ebène, Réduit 72201Kapildeo Joory MauritiusFrank P. Le Feuvre Geoffrey D. Radcliffe
Indian Investment Adviser Investment ManagerDSP BlackRock Investment Managers Private Limited BlackRock Investment Management (UK) LimitedMafatlal Chambers, 10th Floor 12 Throgmorton AvenueNariman Point London EC2N 2DLMumbai - 400 021 United KingdomIndia
Mauritian AdministratorInternational Financial Services LimitedIFS Court, Bank StreetTwenty Eight, CybercityEbene 72201Mauritius
Publication of Prices and Notices to ShareholdersNotices are sent to registered shareholders and (when legally required) published in such newspapers as decided by the Directors and on the Recueil des Sociétés et Associations in Luxembourg. The previous Dealing Day’s prices for shares may be obtained during business hours from the local Investor Service Centre and are also available from the BlackRock website. They will also be published in such countries as required under applicable law and at the discretion of the Directors in a number of newspapers worldwide. The Company cannot accept any responsibility for error or delay in the publication or non-publication of prices. Historic dealing prices for all shares are available from the Administrator or local Investor Services Centre.
Purchases and SalesA detailed list of investments purchased and sold for any Fund during the period is available upon request, free of charge, from the Registered office, or the offices of the Representatives as mentioned above.
Disclosure PolicyDetails of month end holdings and valuations for all BlackRock Global Funds will be made available upon request from the Investor Services Centre to any BlackRock Global Funds shareholder no earlier than 10 business days after a given month end. BlackRock Global Funds reserves the right to require shareholders to sign an appropriate non-disclosure document prior to providing such information.
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Interim Report and Unaudited Accounts 5
The information stated in this report is historical and not necessarily indicative of future performance.
Chairman’s Letter to Shareholders1 September 2016 to 28 February 2017
Dear Shareholder,
I am writing to update you on the activities of BlackRock Global Funds (‘BGF’) over the six months to the end of February 2017.
The Funds’ performance is covered in more detail in the separate Investment Adviser’s report in which you will see that equity markets have moved significantly higher over the period, driven by more positive economic growth and expectations of fiscal stimulus from the world’s major economies.
In contrast, bond markets have been significantly more volatile as inflation expectations have revived. With the prospect of deflation dimmed, it became more difficult to justify low or negative bond yields. Yields on the major government bonds rose over the period, though they have been more stable recently.
Although the election of Donald Trump as US President appeared to be the catalyst both for higher equity markets and weaker bond markets, the trend was already well established. The Purchasing Manager’s Index had been turning higher for some time, while commodity prices had stabilised. Inflation figures had started to move up and in the US, wage growth was rising.
Donald Trump’s election accelerated the process. His manifesto promises cuts in tax rates for corporates and middle income earners across the US fuelled expectations of higher growth.
The US Federal Reserve responded to improving growth and employment numbers with a quarter point rise in the Fed Funds rate. Markets are expecting another two, or possibly three, rises by the end of the year, taking the base rate to almost 2%. However, their actions have been tempered to some extent by the persistently high level of the US Dollar, which is acting as a brake on US economic activity.
While stock markets rose in aggregate, there was a notable rotation away from defensive companies, with stable, predictable earnings, cashflow and dividends that had dominated since the credit crisis. Instead investors sought out more economically sensitive areas, such as financials and resources, where valuations were far lower. These looked likely to benefit more from an inflationary environment. This rotation was evident across almost all markets.
In geographic terms, the US continued to dominate, in spite of higher valuations. For international investors, returns were enhanced by the strong dollar. US stock markets were supported by continued strong economic growth and the promise of�some loosening of the government purse strings.
Elsewhere, Japan had a strong run, particularly in domestically-focused small and mid cap stocks. To date, Japan is the only country that has committed to significant fiscal stimulus and this appears to be reflected in improving economic figures. The country’s gross domestic product growth for the final quarter of 2016 was recently revised higher to 1.2%, suggesting the country may have put deflation on the back burner for the time being.
Europe is facing a tumultuous year, with general elections in the Netherlands, France and Germany. Each has its own brand of populist candidate making an impact. Of these, the greatest risk to the wider European project remains France’s Marine le Pen, the far right candidate promising the chance of a ‘Frexit’ should she be elected.
However, for the time being, all is calm. The European Central Bank stimulus package appears to be working to get credit moving around the system once again. Economic figures are improving for the peripheral countries as well as the core. Only Italy remains the laggard, with a banking system at breaking point, political inertia and a weakened economy. Its stock markets marginally lagged other developed markets over the period.
For the UK, there was plenty of noise around Brexit – the triggering of article 50, the role of parliament and the final deal sought by the UK government. However, the UK stock market performed relatively well over the period, buoyed by a higher weighting in mining and banking companies.
Emerging markets had a mixed period. There was an immediate sell off following the election of Donald Trump as investors fretted about the impact of increased protectionism on developed market economies. Mexico has taken the biggest early hit, with a significant devaluation of the peso. However, Asia was also weak.
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6 BlackRock Global Funds (BGF)
The information stated in this report is historical and not necessarily indicative of future performance.
Chairman’s Letter to Shareholders1 September 2016 to 28 February 2017 continued
Emerging markets had recovered some ground by the end of the period, as investors concluded that President Trump may struggle to implement some of his headline policies. The supply chains are too complex, US labour too expensive and the logistics of repatriated manufacturing and production too difficult. Within emerging markets, Asia remains the laggard, while Brazil has forged ahead. Emerging Europe has been notably stronger.
Bond markets appear to be in the dying days of the near-three decade long bull market. Yields have responded to a new environment, where deflation is no longer a risk and interest rates looks set to rise. The yield on the 10-year UK government bond, for example, has moved from 0.73% at the start of August to 1.19% at the end of February. That said, relatively few people are predicting a significant sell off in bonds, given that there are still significant deflationary forces at work – high debt, an ageing population, low business investment.
Regulatory change continued throughout Europe and a number of these future changes could have implications for investors. Key changes included:
� Revisions to the Markets in Financial Instruments Directive (MiFID II) and the new Markets in Financial Instruments Regulation (MiFIR): the revised directive and new regulation have been finalised and are due to come into effect at the beginning of�2018. Requirements being introduced include restrictions on how financial advisers may be remunerated which could result in advisers amending their services.
� European Market Infrastructure Regulation (EMIR): the Joint Committee of the European Supervisory Authorities published the final draft of the Regulatory Technical Standards in March 2016, which provide the framework for EMIR. This aims to increase the transparency and reduce the risk relating to over-the-counter derivatives.
� Packaged Retail Investment and Insurance-based Investment Products (PRIIPs): The European Parliament voted to reject the current regulatory technical standards proposed for the Key Investor Information Document (KIID). The Commission and Council will now discuss and redraft the standards. The start date has been delayed to 2018.
� UCITS V came into effect in March 2016. UCITS V aims to increase the level of protection already offered to investors in UCITS and to improve investor confidence in UCITS. It aims to do so by enhancing the rules on the responsibilities of depositaries and by introducing remuneration policy requirements for UCITS fund managers. It also aims to ensure that all EU regulators responsible for the supervision of UCITS funds and their managers have a common minimum set of powers available to investigate infringements.
� Securities Financing Transactions Regulation (Regulation (EU) 2015/2365) (“SFTR”) came into force on 12 January 2016 and, amongst other requirements, introduces new disclosure requirements in UCITS funds’ annual and half-yearly reports published after 13 January 2017 detailing the funds’ use of securities financing transactions and total return swaps (“TRS”). As a result, additional disclosures have been included in the Supplementary Information section (Appendix III) to the Interim Report.
The assets under management in the BGF range decreased from US$128.7bn to US$126.6bn over the period, as strong inflows into the Asian, emerging market and global multi-asset funds was offset by weakness in the European funds. The European funds saw outflows on the back of weaker performance.
Asian and emerging markets focused funds generally fared well as investors concluded that higher global economic growth might compensate for the Trump effect and took advantage of lower valuations: The Asian Growth Leaders Fund also saw strong growth, up 29% to US$1.78bn. Assets in the Asian Dragon Fund rose 45% to US$3.12bn.
Emerging market bond and equity funds also proved popular. Assets in the Emerging Markets Bond Fund and Emerging Markets Corporate Bond Fund rose 12% and 9% respectively to US$2.91bn and US$141.36m. Assets in the Emerging Markets Local Currency Bond Fund rose 52% to US$2.46bn.
Assets in the Global Multi-Asset Income Fund rose 18% to US$4.62bn.
Financial and natural resources funds benefited significantly from the reflation trade. The World Financials Fund, for example, saw assets rise 107% to US$521.29m. The World Mining Fund grew 25% to US$5.80bn.
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Interim Report and Unaudited Accounts 7
The information stated in this report is historical and not necessarily indicative of future performance.
Chairman’s Letter to Shareholders1 September 2016 to 28 February 2017 continued
The European funds were a weak spot as investors saw political turmoil ahead. The European Equity Income Fund, European Focus Fund and European Fund lost 22%, 24% and 17% of their assets respectively.
As the global bond market turned a corner, the demand for fixed income funds waned. The Fixed Income Global Opportunities Fund saw assets remain flat over the period at US$7.84bn. The Global Government Bond Fund shed 17% of its assets to US$641.89m. High yield funds saw stronger inflows.
There were no changes to the fund range during the period under review.
Should you have any questions on any of this material, please contact us via our website: www.blackrockinternational.com or viaemail: [email protected].
Yours faithfully,
Nicholas C.D. HallChairman
March 2017
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8 BlackRock Global Funds (BGF)
The information stated in this report is historical and not necessarily indicative of future performance.
Investment Adviser’s ReportPerformance overview1 September 2016 to 28 February 2017
Market ReviewAsset class performance over the last six months has been dominated by rising expectations of inflation. This has seen equity markets move higher at the same time as there has been volatility in bond markets.
After moving sideways over the summer, markets started to break out of a narrow trading range following the election of Donald Trump in November and have continued their steady rise higher ever since. They have not been derailed by raising rate rise expectations, or political turmoil in Europe, or even some erratic pronouncements from the White House.
However, there has been a notable change in leadership, away from defensive, stable companies, and towards those areas with more exposure to economic growth – banks and resource companies. This has been evident across all geographic regions. Gold has been a laggard, compared to other natural resources, as investors predict better times ahead.
Bond prices appear to have finally turned a corner after a lengthy bull run. The prospect of both higher inflation and, by consequence, higher interest rates, has seen prices fall and yields rise. Nevertheless, the sell-off stabilised in the last two months of the period under review. The government bond market has a number of price-insensitive buyers who continue to support valuations.
There are parts of the bond market that continue to attract support. Emerging market debt and, in particular, high yield has been reasonably strong. Higher quality corporate bonds have also survived the rout in many cases.
Fund PerformancePerformance data stated is for the main (A) share class of the relevant Fund, stated in the base currency of the Fund, net of�fees.
Equity Fund PerformanceGlobal equities climbed steadily higher over the period, with the US leading the way. The Global Equity Income Fund rose 2.05%, behind its benchmark, the MSCI ACWI Index, which rose by 7.53%. The Global Opportunities Fund rose 4.97%, trailing its MSCI ACWI Index benchmark.
Shares of small and medium sized companies were relatively strong, as investors saw them as natural beneficiaries of a stronger economic climate. The Global SmallCap Fund rose 5.74%, well behind its benchmark, the MSCI AC World Small Cap, which rose 8.47%. Of the individual country funds, the Japan Small & MidCap Opportunities Fund was particularly strong after a period of weakness, rising 16.77%, behind the S&P Japan Mid Small Cap Index, which rose 19.70%. The
Swiss Small & MidCap Opportunities Fund registered a gain of 11.09%, building on its strength in the previous six months, compared to 8.66% for its benchmark, the SPI Extra Index. The US Small & MidCap Opportunities Fund rose by 7.11%, underperforming the S&P US Mid Small Cap Index, which was up by 10.37%.
European equities were weak relative to some of their developed market peers, in spite of the huge quantitative easing programme announced during the period and generally improving economic data. The Continental European Flexible Fund rose by 5.63%, underperforming the FTSE World Europe ex UK Index, which rose by 9.00%. The European Value Fund benefited from the broader market move to value strategies, rising 7.42%. This was behind the MSCI Europe Value Index, which rose 12.38%. The European Equity Income Fund rose by 2.85%. This was significantly behind the MSCI Europe Index, its benchmark, which rose 8.77%. The European Focus Fund was up 5.32% while the European Special Situations Fund rose by 3.57%. Both are benchmarked to the MSCI Europe Index, which rose 8.77%.
Funds with a focus on US equities were stronger, as the world’s biggest economy continued to strengthen. The US Growth Fund producing a positive return of 7.00%, behind the Russell 1000 Growth Index, which was up 9.15%. The US Basic Value Fund rose by 8.12% underperforming the Russell 1000 Value Index, which was up by 11.07% over the period.
Japanese funds did particularly well over the period as the economy improved and the yen weakened. The Japan Flexible Equity Fund rose 16.49%, ahead of the MSCI Japan Index, which rose 15.08%.
Performance across emerging markets funds was mixed, held back initially by the election of Donald Trump, but recovery at the start of 2017. Asia was the weakest spot. The Asian Growth Leaders Fund rose 5.40% outperforming its benchmark, the MSCI All Country Asia ex Japan Index, which rose 4.54%. The Asian Dragon Fund rose 4.74% (against the same benchmark).
The India Fund rose 1.18%, against its MSCI India Index benchmark performance of 0.76%. The Emerging Markets Fund, which has a more broad exposure across the emerging markets investment universe, rose by 2.22%, behind the benchmark MSCI Emerging Markets Index, which was up by 5.51%. The Emerging Markets Equity Income Fund, which shares the same benchmark, was up 6.86%. The Latin American Fund rose 7.69%, slightly behind its benchmark, the MSCI Emerging Markets Latin America Index, which rose 9.55%. The Emerging Europe Fund rose 18.73%, well ahead of its benchmark, the MSCI Emerging Markets Europe 10/40 Index, which rose 16.22% over the period.
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Interim Report and Unaudited Accounts 9
The information stated in this report is historical and not necessarily indicative of future performance.
Investment Adviser’s ReportPerformance overview1 September 2016 to 28 February 2017 continued
In natural resources, the New Energy Fund was hit by the wider recovery in the resources sector, rising 0.25%, ahead of its benchmark, the MSCI World Index (Net) (USD), which was flat over the period. The World Mining Fund rose 17.69% underperforming its benchmark, the Euromoney Global Mining Constrained Weights Net Total Return Index, which was up by 19.61%. The World Agriculture Fund rose by 6.23% behind its benchmark, the DAX Global Agribusiness Index, which was up by 6.79%. The World Gold Fund fell 7.97%, marginally behind its benchmark, the FTSE Gold Mines Index, which fell 7.59%.
Among specialist strategies, the World Real Estate Securities Fund was a weak spot seeing a fall of 2.47%, outperforming its benchmark, which was down 3.11%.
Mixed Asset Fund PerformanceThe diversified Global Allocation Fund – which invests in a mixture of fixed income securities, equities and cash – gained 3.48% ahead of its reference benchmark, which rose by 2.85% (the benchmark comprises 36% S&P 500 Index, 24%�FTSE World Index (Ex-US) Index, 24% BofA ML Cur 5-Yr US Treasury Index, 16% Citigroup Non-USD World Govt Bond Index). The Global Dynamic Equity Fund gained 9.14% ahead of its reference benchmark, which rose by 8.27% (the�benchmark comprises of 60% S&P 500 Index/40% FTSE World (ex US) Index).
The Flexible Multi-Asset Fund, rose by 4.91%, a little ahead of its reference benchmark, 50% MSCI World Index, 50%�Citigroup World Government Bond Euro Hedged Index, which was up 4.46%. The Fund invests in an actively-managed portfolio of global equities and bonds, with some tactical exposure to alternative assets and specialist markets.
The Global Multi-Asset Income Fund rose by 2.62% over the period. The Fund combines the ability to allocate actively across a full range of asset classes and geographies at a top-down level with a focus on adding value through bottom-up security selection by specialist teams in each key asset class. It does not have a benchmark.
Fixed Income Fund PerformanceFor bond asset classes, yields on higher quality sectors rose over the period, but high yield and emerging markets were resilient. The Global Government Bond Fund fell 2.91%, marginally behind its benchmark, the Citigroup World Government Bond USD Hedged Index, which fell 2.69%. The Euro Corporate Bond Fund fell 0.49%, compared to a fall of 0.77% for its benchmark, the BofA Merrill Lynch Euro Corporate Index. The Global Corporate Bond Fund fell 2.09%, compared to a fall of 1.00% for its benchmark, the Bloomberg Barclays Global Aggregate Corporate Bond USD�Hedged�Index.
The Euro Bond Fund fell 2.48%, against a fall in its benchmark, the Bloomberg Barclays Euro-Aggregate 500mm+ Bond Index, of 2.73%. The Euro Short Duration Bond Fund rose 0.13%, against a flat return from the Bloomberg Barclays Eur Aggregate 500mm 1-3 yr Index.
The Global High Yield Bond Fund rose 4.54%, against a rise in its benchmark, the BofA Merrill Lynch Global High Yield Constrained USD Hedged Index, of 5.29%. The Emerging Markets Local Currency Bond Fund rose 0.69% over the period, ahead of its benchmark, the JP Morgan GBI-EM Global Diversified Index, which fell 0.27%. The broader Emerging Markets Bond Fund rose 1.91%, compared to a fall of 0.29% for its benchmark, the JP Morgan EMBI Global Diversified Index.
Asian bonds were weaker with the Asian Local Bond Fund down 4.66% against a fall of 3.72% for its benchmark, the Markit iBoxx ALBI Index.
The flagship Fixed Income Global Opportunities Fund delivered a positive absolute return of 1.95%.
OutlookThe markets closed the period at an apparent inflection point. After some time when deflation seemed to be the greater risk, inflationary pressures are now re-emerging. Commodity prices are rising, wage pressures are being felt in a number of key economies and inflation has already edged up to and beyond the 2% target in some cases.
The effects of this for global markets are clear. Global inflation may bring higher interest rates, which makes low-yielding bonds a poor option for long-term investors, particularly if governments increasingly look to fiscal policy to stimulate their economies from here.
Particularly important has been the election of Donald Trump. His first weeks in office have been frenetic and he seems intent on implementing all his campaign promises to the extent that Congress allow him to do so. At the time of writing, he has not yet laid out the plans for fiscal expansion that have got markets so excited, but most believe it is only a matter of time. In the meantime, equity markets continue to rally and bond yields to rise.
Within equity markets, the move from more defensive areas to more economically sensitive areas continues. While a number of commentators continue to doubt the strength of the reflation trade, pointing out that many deflationary factors remain in place, the outperformance of growth over value has been a persistent trend and, as such, may take time to unwind.
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10 BlackRock Global Funds (BGF)
The information stated in this report is historical and not necessarily indicative of future performance.
Investment Adviser’s ReportPerformance overview1 September 2016 to 28 February 2017 continued
The biggest risks looking into 2017 once again appear to be political. A wave of general elections in Europe – notably Germany and France – could prove destabilising for the European project as populist parties whip up support for isolationism. Politicians such as Marine Le Pen in France and the Five Star Movement in Italy have found resonance with segments of the French and Italian populations and are calling for their respective countries to leave the currency union. The European Union may be able to weather a Brexit, a ‘Frexit’ would almost certainly spell an end to the Union in its current form. Nevertheless, the early result from the Dutch election suggests the forces of populism may not be as strong as currently thought.
In the UK, the triggering of Article 50 looks certain to create some volatility, both domestically and across Europe. Although markets appear to be factoring in a more benign outcome than they were six months ago, there are likely to be implications both for the UK currency and the UK stock market.
Emerging markets will be a key area to watch, particularly China. Concerns remain about China’s debt levels and the real pace of growth in its economy. There remains a danger of the property market unwinding. Nevertheless, the country appears stable for the time being. Elsewhere in emerging markets, investors will be watching Trump’s trade policies closely. Will his bite be as bad as his bark?
The question for bond markets in this environment is whether income-starved buyers start returning to the asset class at a certain level of yield. There will be a point at which developed market government bonds look attractive, relative to equity markets and relative to the level of inflation. That said, if inflation surges, the outlook for the bond market is likely to be very different.
Both bonds and equities have seen enduring bull markets and, in aggregate, cannot be considered cheap. However, that masks considerable disparity in underlying valuations, with defensive and dependable companies still look expensive relative to their more economically sensitive peers, in spite of the recent shift in market leadership. This will create opportunities for those with the flexibility to take advantage.
March 2017
-
Interim Report and Unaudited Accounts 11
The information stated in this report is historical and not necessarily indicative of future performance.
Investment Adviser’s ReportPerformance overview1 September 2016 to 28 February 2017 continued
Disclosed in the table below are the performance returns for the A Class Non-Distributing Share Class for each Fund, net of fees, which has been selected as a representative Share Class. Performance returns for any other Share Class can be made available on request.
Calculation methodology is based on industry standards.
Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. All financial investments involve an element of risk. Therefore, the value of an investment and the income from it will vary and the initial investment amount cannot be guaranteed. The Fund invests a large portion of assets which are denominated in currencies other than US dollar; hence changes in the relevant exchange rate will affect the value of the investment. The performance figures do not consider charges and fees that may be levied at the time of subscription or redemption of shares. Levels and bases of taxation may change from time to time. Subscriptions may be made only on the basis of the current Prospectus, of which the most recent annual report and audited accounts and interim report and unaudited accounts form an integral part, as well as Key Investor Information Documents (KIIDs). Copies are available from Investor Services, the Transfer Agent, the Management Company or any of the Representatives or Distributors. The BGF range is only available for investment by non-US persons. It is not offered for sale or sold in the US, its territories or possessions.
The Funds are not registered for sale to the public in all jurisdictions. Further details on distribution of shares of the Funds are included in the Authorised Status on page 3.
Performance for�the�period
ended 28�February Calendar Year Performance
Performance for the 10 year period ended
28 February
2017 2016 2015 2014 2017 Launch Date
ASEAN Leaders Fund 'A' Non Dist (USD) -1.37% 7.89% -19.07% 3.76% – 8/8/2012
MSCI South-East Asia Index (Net) (USD) -1.33% 5.98% -18.52% 6.22% –
Asia Pacific Equity Income Fund 'A' Non Dist (USD) 5.83% 7.94% -10.62% 4.60% – 18/9/2009
MSCI All Country Asia Pacific ex Japan Index (Net) (USD) 5.91% 6.75% -9.37% 2.82% –
Asian Dragon Fund 'A' Non Dist (USD) 4.74% 8.24% -5.04% 5.72% 49.22% 2/1/1997
MSCI All Country Asia ex Japan Index (Net) (USD) 4.54% 5.44% -9.17% 4.80% 60.00%
Asian Growth Leaders Fund 'A' Non Dist (USD) 5.40% 6.40% 0.98% 9.46% – 31/10/2012
MSCI All Country Asia ex Japan Index (Net) (USD) 4.54% 5.44% -9.17% 4.80% –
Asian Local Bond Fund 'A' Non Dist (USD) -4.66% 0.21% -3.88% 3.51% – 30/4/2012
Markit iBoxx ALBI Index b1 -3.72% 1.77% -3.17% 4.36% –
Asian Tiger Bond Fund 'A' Non Dist (USD) -0.76% 4.70% 2.28% 8.19% 75.74% 2/2/1996
JP Morgan Asian Credit Index (USD) -0.55% 5.81% 2.80% 8.32% 88.16%
China Fund 'A' Non Dist (USD) 7.26% 5.15% -2.58% 14.61% – 24/6/2008
MSCI China 10/40 Index (Net) (USD) 5.58% 0.43% -8.01% 8.38% –
Continental European Flexible Fund 'A' Non Dist (EUR) 5.63% -2.68% 20.78% 5.13% 116.25% 24/11/1986
FTSE World Europe ex UK Index (EUR) 9.00% 3.35% 10.92% 7.38% 43.35%
Emerging Europe Fund 'A' Non Dist (EUR) 18.73% 25.15% 0.26% -14.31% -10.68% 29/12/1995
MSCI Emerging Markets Europe 10/40 Index (Net) (EUR) 16.22% 29.46% -4.99% -19.74% -11.56%
Emerging Markets Bond Fund 'A' Non Dist (USD) 1.91% 12.56% -1.63% 5.63% 83.94% 1/10/2004
JP Morgan Emerging Markets Bond Index Global Diversified Index�(USD)
-0.29% 10.15% 1.18% 7.43% 102.07%
Emerging Markets Corporate Bond Fund 'A' Non Dist (USD) 0.62% 9.74% -0.49% 2.74% – 18/2/2013
JP Morgan Corporate Emerging Markets Bond Index Broad Diversified 1.45% 9.65% 1.30% 4.96% –
-
12 BlackRock Global Funds (BGF)
The information stated in this report is historical and not necessarily indicative of future performance.
Investment Adviser’s ReportPerformance overview1 September 2016 to 28 February 2017 continued
Performance for�the�period
ended 28�February Calendar Year Performance
Performance for the 10 year period ended
28 February
2017 2016 2015 2014 2017 Launch Date
Emerging Markets Equity Income Fund 'A' Non Dist (USD) 6.86% 13.25% -15.84% -2.93% – 12/8/2011
MSCI Emerging Markets Index (Net) (USD) 5.51% 11.19% -14.92% -2.19% –
Emerging Markets Fund 'A' Non Dist (USD) 2.22% 8.08% -19.34% -2.07% 17.42% 30/11/1993
MSCI Emerging Markets Index (Net) (USD) 5.51% 11.19% -14.92% -2.19% 32.62%
Emerging Markets Local Currency Bond Fund 'A' Non Dist (USD) 0.69% 12.99% -14.17% -6.92% 4.99% 2/2/2007
JP Morgan GBI-EM Global Diversified Index (USD) -0.27% 9.94% -14.92% -5.72% 12.18%
Euro Bond Fund 'A' Non Dist (EUR) -2.48% 3.12% 1.51% 11.40% 62.64% 31/3/1994
Bloomberg Barclays Euro-Aggregate 500mm+ Bond Index (EUR) -2.73% 3.31% 1.00% 11.11% 58.55%
Euro Corporate Bond Fund 'A' Non Dist (EUR) -0.49% 4.86% 0.39% 7.78% 47.91% 31/7/2006
BofA Merrill Lynch Euro Corporate Index (EUR) b2 -0.77% 4.75% 0.43% 8.25% 54.98%
Euro Reserve Fund 'A' Non Dist (EUR) -0.19% -0.30% -0.50% 0.05% – 24/7/2009
7 Day Euro LIBID (EUR) -0.26% -0.49% -0.26% -0.05% –
Euro Short Duration Bond Fund 'A' Non Dist (EUR) 0.13% 0.57% 0.70% 2.41% 34.43% 4/1/1999
Bloomberg Barclays Eur Aggregate 500mm 1-3yr (EUR) 0.00% 0.58% 0.58% 1.79% 32.28%
Euro-Markets Fund 'A' Non Dist (EUR) 5.46% -0.83% 21.75% -4.39% 52.70% 4/1/1999
MSCI EMU Index (Net) (EUR) 9.79% 4.37% 9.81% 4.32% 17.34%
European Equity Income Fund 'A' Non Dist (EUR) 2.85% -6.93% 15.52% 12.12% – 3/12/2010
MSCI Europe Index (Net) (EUR) b3 8.77% 2.58% 8.22% 6.84% –
European Focus Fund 'A' Non Dist (EUR) 5.32% -6.55% 12.57% 4.65% 66.30% 14/10/2005
MSCI Europe Index (Net) (EUR) 8.77% 2.58% 8.22% 6.84% 32.84%
European Fund 'A' Non Dist (EUR) 5.89% -5.60% 10.97% 2.58% 41.01% 30/11/1993
MSCI Europe Index (Net) (EUR) 8.77% 2.58% 8.22% 6.84% 32.84%
European High Yield Bond Fund 'A' Non Dist (EUR) 3.02% 7.00% – – – 23/7/2015
Bloomberg Barclays Pan European High Yield 3% Issuer Constrained Index EUR�Hedged (EUR)
3.28% 9.02% – – –
European Special Situations Fund 'A' Non Dist (EUR) 3.57% -7.12% 25.76% 6.80% 92.98% 14/10/2002
MSCI Europe Index (Net) (EUR) 8.77% 2.58% 8.22% 6.84% 52.55%
European Value Fund 'A' Non Dist (EUR) 7.42% -0.35% 13.09% 5.04% 45.62% 8/1/1997
MSCI Europe Value Index (Net) (EUR) 12.38% 7.41% 0.65% 5.59% 7.21%
Fixed Income Global Opportunities Fund 'A' Non Dist (USD) 1.95% 2.44% -0.91% 3.52% 35.73% 31/1/2007
No Index. Absolute Return Style Fund. – – – – –
Flexible Multi-Asset Fund 'A' Non Dist (EUR) 4.91% 0.87% 1.32% 10.33% 34.46% 4/1/1999
Reference (50% MSCI World Index/50% Citigroup World Government Bond Euro Hedged Index) (EUR)
4.46% 6.63% 5.97% 13.84% 76.33%
Global Allocation Fund 'A' Non Dist (USD) 3.48% 3.24% -2.27% 1.60% 46.25% 3/1/1997
Reference (36% S&P 500 Index/24% FTSE World (Ex-US) Index/24% BofA ML Cur 5-Yr US Treasury Index/16% Citigroup Non-USD World Government Bond Index) (USD)
2.85% 6.06% -0.78% 4.17% 63.59%
Global Corporate Bond Fund 'A' Non Dist (USD) -2.09% 4.36% -1.59% 7.33% – 19/10/2007
Bloomberg Barclays Global Aggregate Corporate Bond USD Hedged Index�(USD)
-1.00% 6.22% -0.24% 7.60% –
-
Interim Report and Unaudited Accounts 13
The information stated in this report is historical and not necessarily indicative of future performance.
Investment Adviser’s ReportPerformance overview1 September 2016 to 28 February 2017 continued
Performance for�the�period
ended 28�February Calendar Year Performance
Performance for the 10 year period ended
28 February
2017 2016 2015 2014 2017 Launch Date
Global Dynamic Equity Fund 'A' Non Dist (USD) 9.14% 5.41% -2.22% 3.87% 56.51% 28/2/2006
Reference (60% S&P 500 Index/40% FTSE World (ex US) Index) (USD) 8.27% 9.13% -0.82% 6.44% 69.72%
Global Enhanced Equity Yield Fund 'A' Non Dist (USD) 4.22% 5.04% -4.56% 6.28% 16.49% 13/10/2006
MSCI ACWI Minimum Volatility (Net) (USD) b4 2.35% 7.43% 2.76% 10.95% 83.47%
Global Equity Income Fund 'A' Non Dist (USD) 2.05% 4.31% 0.50% 2.03% – 12/11/2010
MSCI ACWI Index (Net) (USD) b5 7.53% 7.86% -2.36% 4.16% –
Global Government Bond Fund 'A' Non Dist (USD) -2.91% 2.87% 0.07% 7.83% 40.51% 13/5/1987
Citigroup World Government Bond USD Hedged Index (USD) b6 -2.69% 3.75% 1.30% 8.35% 50.15%
Global High Yield Bond Fund 'A' Non Dist (USD) 4.54% 12.22% -4.67% 1.63% – 8/6/2007
BofA Merrill Lynch Global High Yield Constrained USD Hedged Index (USD) b7
5.29% 16.21% -2.03% 2.53% –
Global Inflation Linked Bond Fund 'A' Non Dist (USD) -1.65% 8.83% -1.66% 8.17% – 19/6/2009
Bloomberg Barclays World Government Inflation-Linked Bond Index (USD)
-1.17% 10.22% -1.12% 9.04% –
Global Long-Horizon Equity Fund 'A' Non Dist (USD) 2.83% – – – – 19/7/2016
MSCI All Country World Index (Net) (USD) 7.53% – – – –
Global Multi-Asset Income Fund 'A' Non Dist (USD) 2.62% 5.34% -2.35% 4.11% – 28/6/2012
Reference (50% MSCI World Index/50% Bloomberg Barclays Global Aggregate Bond Index USD Hedged) (USD) b8
2.86% 6.37% 0.30% 6.34% –
Global Opportunities Fund 'A' Non Dist (USD) 4.97% 2.83% -1.44% -3.36% 39.41% 29/2/1996
MSCI ACWI Index (Net) (USD) b5 7.53% 7.86% -2.36% 4.16% 42.00%
Global SmallCap Fund 'A' Non Dist (USD) 5.74% 7.11% -6.67% 0.67% 62.11% 4/11/1994
MSCI ACWI Small Cap Index (USD) 8.47% 11.59% -1.04% 1.89% 55.50%
India Fund 'A' Non Dist (USD) 1.18% 1.75% -0.99% 39.02% 71.43% 2/2/2005
MSCI India Index (USD) 0.76% -1.43% -6.12% 23.87% 52.87%
Japan Flexible Equity Fund 'A' Non Dist (JPY) 16.49% -3.10% 7.64% 5.36% -16.44% 28/2/2005
MSCI Japan Index (Net) (JPY) 15.08% -0.74% 9.93% 9.48% -0.39%
Japan Small & MidCap Opportunities Fund 'A' Non Dist (JPY) 16.77% 1.44% 8.75% 10.34% 3.36% 13/5/1987
S&P Japan Mid Small Cap Index (JPY) 19.70% 3.65% 13.40% 14.66% 28.23%
Latin American Fund 'A' Non Dist (USD) 7.69% 24.96% -30.68% -9.41% 3.12% 8/1/1997
MSCI Emerging Markets Latin America Index (Net) (USD) 9.55% 31.04% -31.04% -12.30% 15.70%
Natural Resources Growth & Income Fund 'A' Non Dist (USD) 11.63% 32.13% -24.88% -8.46% – 15/4/2011
S&P Global Natural Resources Index (USD) 12.05% 31.46% -24.50% -10.18% –
New Energy Fund 'A' Non Dist (USD) 0.25% 1.32% -2.82% -3.11% -25.71% 6/4/2001
MSCI World Index (Net) (USD) 7.78% 7.51% -22.80% -11.60% 52.22%
North American Equity Income Fund 'A' Non Dist (USD) 10.49% 13.92% -2.53% 8.88% – 9/3/2012
S&P 500 Index (Net) (USD) 9.67% 11.23% 0.75% 13.03% –
Pacific Equity Fund 'A' Non Dist (USD) 7.83% 1.67% -2.39% -1.15% 26.53% 5/8/1994
MSCI All Country Asia Pacific Index (Net) (USD) 6.10% 4.89% -1.96% 0.00% 23.69%
Renminbi Bond Fund 'A' Non Dist (CNH) 0.09% 4.47% 3.77% 3.78% – 11/11/2011
Markit iBoxx ALBI China Offshore Index b9 -0.97% 4.65% 3.19% 3.02% –
-
14 BlackRock Global Funds (BGF)
The information stated in this report is historical and not necessarily indicative of future performance.
Investment Adviser’s ReportPerformance overview1 September 2016 to 28 February 2017 continued
Performance for�the�period
ended 28�February Calendar Year Performance
Performance for the 10 year period ended
28 February
2017 2016 2015 2014 2017 Launch Date
Strategic Global Bond Fund 'A' Non Dist (USD) -2.97% – – – – 21/7/2016
Reference (Bloomberg Barclays 80% Global Aggregate ex EM Index/20% EM ex�Korea Index)
-4.36% – – – –
Swiss Small & MidCap Opportunities Fund 'A' Non Dist (CHF)(1) 11.09% 12.09% 14.91% 13.60% – 8/1/2008
SPI Extra Index (CHF) 8.66% 8.50% 11.01% 11.37% –
United Kingdom Fund 'A' Non Dist (GBP) 5.89% 7.07% 10.52% -0.40% 62.57% 31/12/1985
FTSE All-Share Index (GBP) 8.57% 16.75% 0.98% 1.18% 77.29%
US Basic Value Fund 'A' Non Dist (USD) 8.12% 16.41% -8.39% 9.27% 54.59% 8/1/1997
Russell 1000 Value Index (USD) 11.07% 17.34% -3.83% 13.45% 82.55%
US Dollar Core Bond Fund 'A' Non Dist (USD) -1.89% 2.19% -0.56% 6.08% 39.35% 7/4/1989
Bloomberg Barclays US Aggregate Index (USD) -2.19% 2.65% 0.55% 5.97% 52.05%
US Dollar High Yield Bond Fund 'A' Non Dist (USD) 4.96% 13.19% -5.00% 1.60% 71.78% 29/10/1993
Bloomberg Barclays US High Yield 2% Constrained Index (USD) 5.43% 17.13% -4.43% 2.46% 104.11%
US Dollar Reserve Fund 'A' Non Dist (USD) 0.20% 0.21% 0.00% 0.01% 0.59% 30/11/1993
7 Day USD LIBID (USD) 0.21% 0.29% 0.04% 0.00% 10.62%
US Dollar Short Duration Bond Fund 'A' Non Dist (USD) 0.62% 1.33% 0.31% 1.11% 17.87% 31/10/2002
BoA ML 1-3 Year US Corporate & Government Index (USD) 0.07% 1.29% 0.67% 0.78% 26.51%
US Flexible Equity Fund 'A' Non Dist (USD) 13.75% 8.37% -1.39% 12.02% 60.26% 31/10/2002
Russell 1000 Index (USD) 10.10% 12.05% 0.92% 13.24% 109.69%
US Government Mortgage Fund 'A' Non Dist (USD) -1.58% 0.98% 0.44% 5.59% 38.68% 2/8/1985
Citigroup Mortgage Index (USD) -1.28% 1.59% 1.56% 6.12% 51.12%
US Growth Fund 'A' Non Dist (USD) 7.00% -1.20% 4.54% 9.23% 54.03% 30/4/1999
Russell 1000 Growth Index (USD) 9.15% 7.08% 5.67% 13.05% 138.19%
US Small & MidCap Opportunities Fund 'A' Non Dist (USD) 7.11% 5.87% -2.55% 11.75% 89.18% 13/5/1987
S&P US Mid Small Cap Index (USD) 10.37% 15.67% -2.38% 10.26% 118.38%
World Agriculture Fund 'A' Non Dist (USD) 6.23% 9.17% -14.04% 3.02% – 9/2/2010
DAX Global Agribusiness Index (USD) 6.79% 12.61% -12.73% 1.55% –
World Bond Fund 'A' Non Dist (USD) -2.34% 2.67% -0.18% 7.15% 42.61% 4/9/1985
Bloomberg Barclays Global Aggregate USD Hedged Index (USD) -1.87% 3.95% 1.02% 7.59% 52.85%
World Energy Fund 'A' Non Dist (USD) 3.88% 27.48% -29.91% -15.37% -18.13% 6/4/2001
MSCI World Energy 10/40 Index (Net) (USD) b10 5.76% 27.83% -23.46% -11.60% 19.11%
World Financials Fund 'A' Non Dist (USD) 19.09% 6.47% -7.63% 0.83% -16.90% 3/3/2000
MSCI ACWI Financials Index (Net) (USD) b11 17.02% 12.38% -5.59% 4.17% -9.55%
World Gold Fund 'A' Non Dist (USD) -7.97% 50.92% -21.88% -5.19% -15.55% 30/12/1994
FTSE Gold Mines Index (Cap) (USD) -7.59% 59.59% -21.42% -15.20% -34.48%
World Healthscience Fund 'A' Non Dist (USD) 2.79% -8.02% 4.56% 24.40% 156.41% 6/4/2001
MSCI World Health Care Index (Net) (USD) b12 2.17% -6.81% 6.60% 18.10% 118.84%
World Mining Fund 'A' Non Dist (USD) 17.69% 52.34% -41.35% -23.08% -43.09% 24/3/1997
Euromoney Global Mining Constrained Weights Net Total Return Index (USD) b13
19.61% 66.93% -41.08% -20.54% -16.45%
World Real Estate Securities Fund 'A' Non Dist (USD) -2.47% 1.37% 0.65% 20.41% – 25/2/2013
FTSE EPRA/NAREIT Developed Index -3.11% 4.06% -0.79% 15.02% –
(1) Fund closed to subscriptions, see Note 1, for further details.
-
Interim Report and Unaudited Accounts 15
The information stated in this report is historical and not necessarily indicative of future performance.
Investment Adviser’s ReportPerformance overview1 September 2016 to 28 February 2017 continued
Performance for�the�period
ended 28�February Calendar Year Performance
Performance for the 10 year period ended
28 February
2017 2016 2015 2014 2017 Launch Date
World Technology Fund 'A' Non Dist (USD) 12.26% 5.92% 3.99% 8.13% 71.17% 3/3/1995
MSCI All Country World Information Technology Index (Net) (USD) 11.84% 12.20% 3.20% 15.20% 126.67%
Fund Performance & Benchmark InformationUnless otherwise stated, performance is shown on a NAV price basis with income reinvested. Fund performance figures are calculated net of annual fees. All fund and index information is recorded in its base currency and is converted into the appropriate currency.
b1 The benchmark changed its name from the HSBC Asian Local Bond Index on 30 June 2016.b2 The benchmark changed its name from the BoA ML EMU Corporate Bond Index (EUR) on 20 July 2015.b3 The benchmark changed its name from the MSCI Europe Total Return Index (EUR) on 20 July 2015.b4 The benchmark changed its name from the MSCI World Minimum Volatility Index (USD) on 20 July 2015.b5 The benchmark changed its name from the MSCI AC World Index (Net) (USD) on 20 July 2015.b6 The benchmark changed its name from the Citigroup WGBI - USD Hedged Index (USD) on 20 July 2015.b7 The benchmark changed its name from the BoA ML Global High Yield Constrained USD Hedged Index (USD)
on�20�July�2015.b8 The benchmark changed its name from the 50% MSCI World Index (Net) (USD)/50% Bloomberg Barclays US Aggregate
Index (USD) on 20 July 2015.b9 The benchmark changed its name from the HSBC Offshore RMB Index on 30 June 2016.b10 The benchmark changed its name from the MSCI World Energy Index (Net) (USD) on 30 September 2015.b11 The benchmark changed its name from the MSCI ACWI World Financials Index (Net) (USD) on 20 July 2015.b12 The benchmark changed its name from the MSCI World Healthcare Index (Net) (USD) on 20 July 2015.b13 The benchmark changed its name from the Euromoney Global Mining Index (USD) on 30 September 2015.
Changes in the composition or the name of a benchmark or a fund prior to 1 January 2014 have not been disclosed.
-
16
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0 32
,216
,956
12
,600
,274
–
10,6
48,2
66
8,91
3,00
4 21
,818
,407
1,
002,
118
Unr
ealis
ed a
pp
reci
atio
n o
n:O
pen
exc
hang
e tr
aded
futu
res
cont
ract
s2(
c)7,
403,
457
– –
– –
3,96
1 42
1,61
3 –
87,6
60
– O
pen
forw
ard
fore
ign
exch
ang
e co
ntra
cts
2(c)
29,2
32,9
29
– 1,
700,
451
433,
210
– 52
,638
48
3,89
7 –
1,14
6,80
3 16
,808
C
ont
ract
s fo
r d
iffer
ence
2(c)
42,5
52
– –
– –
– –
– –
– M
arke
t val
ue o
f To
Be
Ann
oun
ced
sec
uriti
es c
ont
ract
s2(
c)19
4,30
9,62
1 –
– –
– –
– –
– –
Mar
ket v
alue
of s
wap
s2(
c)92
,917
,615
–
– –
– –
– –
– –
Mar
ket v
alue
of p
urch
ased
op
tions
/sw
aptio
ns2(
c)29
0,94
1,11
8 –
– –
– –
– –
– –
Oth
er a
sset
s2(
a,c)
22,3
73,1
29
– –
704
74
– –
352
2,01
0,59
6 46
6,56
6
Tota
l ass
ets
133,
290,
652,
706
171,
757,
825
615,
193,
892
3,13
9,73
9,91
2 1,
783,
226,
859
18,1
41,8
67
2,81
9,50
6,75
8 1,
836,
456,
824
2,43
4,66
2,40
5 1,
022,
294,
761
Liab
ilitie
sC
ash
ow
ed to
ban
k2(
a)30
8,16
6,21
4 1,
547,
435
5 –
10
– –
2 –
3,24
2,49
3 D
ue to
bro
ker
1531
0,10
7,58
4 –
– –
– –
– –
– –
Inco
me
dis
trib
utio
n p
ayab
le2(
a)42
,867
,879
–
220,
691
– –
16,6
92
5,95
8,56
5 –
– –
Paya
ble
for
inve
stm
ents
pur
chas
ed2(
a)4,
809,
626,
837
– 6,
761,
665
4,77
2,74
0 1,
688,
613
– 17
,032
,930
1,
675,
512
8,96
2,27
3 1,
618,
306
Paya
ble
for
Fund
sha
res
red
eem
ed2(
a)66
2,95
7,35
1 7,
981
19,8
09,7
24
11,6
35,2
40
2,95
0,95
7 –
11,0
44,8
90
11,7
96,9
55
17,5
96,8
99
2,18
7,71
7 U
nrea
lised
dep
reci
atio
n o
n:O
pen
exc
hang
e tr
aded
futu
res
cont
ract
s2(
c)94
,420
,476
– –
– –
– –
– –
– O
pen
forw
ard
fore
ign
exch
ang
e co
ntra
cts
2(c)
135,
311,
108
– –
– 36
,168
–
– 10
7,12
6 –
– M
arke
t val
ue o
f To
Be
Ann
oun
ced
sec
uriti
es c
ont
ract
s2(
c)4,
423,
101
– –
– –
– –
– –
– M
arke
t val
ue o
f sw
aps
2(c)
35,5
42,2
60
– –
– –
57,4
89
2,01
2,06
0 –
– –
Mar
ket v
alue
of w
ritte
n o
ptio
ns/s
wap
tions
2(c)
104,
116,
328
– –
– –
– –
– –
– O
ther
liab
ilitie
s5,
6,7,
815
9,66
1,03
913
5,22
5 1,
015,
385
4,18
1,51
5 2,
436,
480
33,3
60
3,37
7,61
2 3,
366,
748
2,68
3,86
5 2,
323,
727
Tota
l lia
bili
ties
6,66
7,20
0,17
7 1,
690,
641
27,8
07,4
70
20,5
89,4
95
7,11
2,22
8 10
7,54
1 39
,426
,057
16
,946
,343
29
,243
,037
9,
372,
243
Tota
l net
ass
ets
126,
623,
452,
529
170,
067,
184
587,
386,
422
3,11
9,15
0,41
7 1,
776,
114,
631
18,0
34,3
26
2,78
0,08
0,70
1 1,
819,
510,
481
2,40
5,41
9,36
8 1,
012,
922,
518
-
Inte
rim R
epo
rt a
nd U
naud
ited
Acc
oun
ts
17
The
note
s o
n p
ages
550
to 5
60 fo
rm a
n in
teg
ral p
art o
f the
se fi
nanc
ial s
tate
men
ts.
Stat
emen
t of N
et A
sset
sas
at 2
8 Fe
bru
ary
2017
co
ntin
ued
Fund
Nam
eN
ote
Emer
ging
Mar
kets
Bond
Fund
Emer
ging
Mar
kets
Corp
orat
e Bo
ndFu
nd
Emer
ging
Mar
kets
Equi
ty In
com
eFu
nd
Emer
ging
Mar
kets
Fund
Emer
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Mar
kets
Loc
alCu
rrenc
y Bo
ndFu
nd
Euro
Bond
Fund
Euro
Corp
orat
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ndFu
nd
Euro
Rese
rve
Fund
Euro
Sho
rtD
urat
ion
Bond
Fund
Euro
-Mar
kets
Fund
Euro
pean
Equi
ty
Inco
me
Fund
Euro
pean
Focu
sFu
nd
USD
USD
USD
USD
USD
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Ass
ets
Secu
ritie
s p
ort
folio
at c
ost
2,54
8,10
8,16
5 13
1,58
3,23
9 38
1,97
3,64
5 43
8,65
1,55
2 2,
378,
645,
418
4,66
7,80
0,96
4 1,
427,
283,
172
166,
713,
100
10,1
16,6
85,5
73
2,82
2,71
6,72
6 2,
496,
255,
491
1,50
0,83
0,41
8 U
nrea
lised
ap
pre
ciat
ion/
(dep
reci
atio
n)93
,217
,629
4,
650,
446
52,6
76,2
09
57,5
96,3
78
(47,
683,
688)
39,5
40,8
74
17,9
11,4
10
34,9
80
100,
389,
702
210,
881,
417
120,
426,
417
105,
687,
285
Secu
ritie
s p
ort
folio
at m
arke
t val
ue2(
a)2,
641,
325,
794
136,
233,
685
434,
649,
854
496,
247,
930
2,33
0,96
1,73
0 4,
707,
341,
838
1,44
5,19
4,58
2 16
6,74
8,08
0 10
,217
,075
,275
3,
033,
598,
143
2,61
6,68
1,90
8 1,
606,
517,
703
Cas
h at
ban
k2(
a)23
0,88
1,92
4 3,
895,
636
4,71
5,61
3 5,
063,
878
80,8
09,3
18
50,6
41,7
75
21,8
95,2
13
100,
378
70,1
96,0
30
4 17
,824
,382
1,
297,
908
Due
fro
m b
roke
r15
9,75
0,00
0 –
– –
– –
– –
– –
– –
Inte
rest
and
div
iden
ds
rece
ivab
le2(
a)40
,266
,039
1,
742,
139
1,31
8,16
3 1,
418,
715
36,0
43,5
90
27,8
95,8
67
12,0
23,6
00
117,
397
48,3
21,1
41
905,
164
8,97
3,13
1 1,
588,
259
Rece
ivab
le fo
r in
vest
men
ts s
old
2(a)
14,7
19,0
47
– 7,
434,
686
3,11
2,42
1 9,
951,
404
23,7
88,9
35
4,30
9,71
3 –
38,7
37,0
36
20,1
28,4
77
1,73
5,30
7 3,
214,
192
Rece
ivab
le fo
r Fu
nd s
hare
s su
bsc
ribed
2(a)
9,27
1,88
9 50
,689
1,
008,
109
1,61
3,49
2 12
2,96
5,30
7 20
,236
,510
23
,296
,937
41
5,95
6 41
,241
,754
4,
924,
101
5,66
6,95
7 3,
315,
313
Unr
ealis
ed a
pp
reci
atio
n o
n:O
pen
exc
hang
e tr
aded
futu
res
cont
ract
s2(
c)–
13,7
81
– –
– –
– –
– –
– –
Op
en fo
rwar
d fo
reig
n ex
chan
ge
cont
ract
s2(
c)–
– –
– –
– –
– –
713,
540
10,4
16,3
39
425,
327
Co
ntra
cts
for
diff
eren
ce2(
c)–
– –
– –
– –
– –
– –
– M
arke
t val
ue o
f To
Be
Ann
oun
ced
sec
uriti
es
cont
ract
s2(
c)–
– –
– –
– –
– –
– –
– M
arke
t val
ue o
f sw
aps
2(c)
– 51
8,11
0 –
– 26
1,16
6 –
– –
– –
– –
Mar
ket v
alue
of p
urch
ased
op
tions
/sw
aptio
ns2(
c)–
35
– –
4,72
9,87
2 78
2,19
0 24
8,16
7 –
1,62
4,46
2 –
– –
Oth
er a
sset
s2(
a,c)
– –
103,
261
– 16
7,99
8 –
1,21
3 57
,796
16
,110
3,
401,
309
1,75
8,23
1 63
3,85
1
Tota
l ass
ets
2,94
6,21
4,69
3 14
2,45
4,07
5 44
9,22
9,68
6 50
7,45
6,43
6 2,
585,
890,
385
4,83
0,68
7,11
5 1,
506,
969,
425
167,
439,
607
10,4
17,2
11,8
08
3,06
3,67
0,73
8 2,
663,
056,
255
1,61
6,99
2,55
3
Liab
ilitie
sC
ash
ow
ed to
ban
k2(
a)–
– 3
5 –
46,2
38,1
93
13,9
57,2
58
– 21
3,82
3,96
2 2,
520,
565
– –
Due
to b
roke
r15
7,47
2,37
9 54
0,00
0 –
– –
1,12
0,00
0 97
5,00
0 –
1,56
0,00
0 –
– –
Inco
me
dis
trib
utio
n p
ayab
le2(
a)1,
232,
375
72
2,90
7 –
332,
798
2,61
4 1,
229
– 7,
883
– 3,
258,
400
– Pa
yab
le fo
r in
vest
men
ts p
urch
ased
2(a)
5,81
3,23
7 39
2,00
0 3,
932,
422
– 83
,568
,469
16
6,16
6,87
9 20
,925
,847
2,
002,
969
376,
654,
718
21,9
67,7
34
13,8
71,4
84
1,32
8,91
0 Pa
yab
le fo
r Fu
nd s
hare
s re
dee
med
2(a)
7,94
2,52
6 4,
960
98,3
96
4,80
8,81
2 24
,909
,117
30
,503
,753
2,
143,
971
344,
295
98,4
33,0
32
8,40
4,56
6 10
,545
,458
5,
657,
933
Unr
ealis
ed d
epre
ciat
ion
on:
Op
en e
xcha
nge
trad
ed fu
ture
s co
ntra
cts
2(c)
1,32
0,12
0 –
– –
255,
109
6,69
7,83
3 2,
480,
842
– 25
,855
,371
–
– –
Op
en fo
rwar
d fo
reig
n ex
chan
ge
cont
ract
s2(
c)6,
411,
396
83,3
83
215,
114
– 13
,082
,274
4,
901,
152
789,
327
– 18
,312
,050
–
– –
Mar
ket v
alue
of T
o B
e A
nno
unce
d s
ecur
ities
co
ntra
cts
2(c)
– –
– –
– –
– –
– –
– –
Mar
ket v
alue
of s
wap
s2(
c)1,
078,
111
– –
– –
11,2
78,2
11
2,58
8,01
2 –
14,2
12,4
79
– –
– M
arke
t val
ue o
f writ
ten
op
tions
/sw
aptio
ns2(
c)–
– –
– –
– –
– –
– –
– O
ther
liab
ilitie
s5,
6,7,
82,
804,
110
67,7
35
277,
104
813,
832
3,23
8,89
1 3,
612,
477
1,10
0,50
9 97
,860
5,
989,
984
3,61
2,60
6 3,
853,
419
2,31
3,52
4
Tota
l lia
bili
ties
34,0
74,2
54
1,08
8,15
0 4,
525,
946
5,62
2,64
9 12
5,38
6,65
8 27
0,52
1,11
2 44
,961
,995
2,
445,
124
754,
849,
479
36,5
05,4
71
31,5
28,7
61
9,30
0,36
7
Tota
l net
ass
ets
2,91
2,14
0,43
9 14
1,36
5,92
5 44
4,70
3,74
0 50
1,83
3,78
7 2,
460,
503,
727
4,56
0,16
6,00
3 1,
462,
007,
430
164,
994,
483
9,66
2,36
2,32
9 3,
027,
165,
267
2,63
1,52
7,49
4 1,
607,
692,
186
-
18
Bla
ckRo
ck G
lob
al F
und
s (B
GF)
Stat
emen
t of N
et A
sset
sas
at 2
8 Fe
bru
ary
2017
co
ntin
ued
Fund
Nam
eN
ote
Euro
pean
Fund
Euro
pean
High
Yi
eld
Bond
Fu
nd
Euro
pean
Spec
ial
Situ
atio
nsFu
nd
Euro
pean
Valu
eFu
nd
Fixe
d In
com
eG
loba
lO
ppor
tuni
ties
Fund
Flex
ible
Mul
ti-As
set
Fund
Glo
bal
Allo
catio
nFu
nd
Glo
bal
Corp
orat
eBo
ndFu
nd
Glo
bal
Dyn
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Equi
tyFu
nd
Glo
bal
Enha
nced
Equi
ty Y
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Fund
Glo
bal
Equi
tyIn
com
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Glo
bal
Gov
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Fund
EUR
EUR
EUR
EUR
USD
EUR
USD
USD
USD
USD
USD
USD
Ass
ets
Secu
ritie
s p
ort
folio
at c
ost
2,76
7,81
4,96
5 42
,903
,589
1,
201,
549,
603
2,46
5,11
6,21
4 7,
095,
747,
278
269,
557,
046
17,1
01,7
41,9
35
2,21
7,68
2,94
4 57
9,18
8,35
1 75
7,88
3,71
3 1,
959,
939,
438
659,
049,
843
Unr
ealis
ed a
pp
reci
atio
n/(d
epre
ciat
ion)
220,
382,
763
442,
996
140,
635,
183
255,
211,
977
(10,
279,
871)
20,3
90,6
79
929,
905,
189
(17,
942,
323)
57,4
99,3
44
38,6
71,7
90
247,
889,
361
(20,
552,
945)
Secu
ritie
s p
ort
folio
at m
arke
t val
ue2(
a)2,
988,
197,
728
43,3
46,5
85
1,34
2,18
4,78
6 2,
720,
328,
191
7,08
5,46
7,40
7 28
9,94
7,72
5 18
,031
,647
,124
2,
199,
740,
621
636,
687,
695
796,
555,
503
2,20
7,82
8,79
9 63
8,49
6,89
8 C
ash
at b
ank
2(a)
27,4
77,5
47
3,67
7,59
9 18
,261
,325
31
,975
,284
73
3,24
7,38
4 11
,511
,673
22
8,99
0,69
9 39
,955
,574
1,
422,
488
58,1
45,1
50
37,3
60,8
95
5,65
6,16
8 D
ue fr
om
bro
ker
15–
– –
– 48
,169
,546
–
– 30
,000
–
– –
– In
tere
st a
nd d
ivid
end
s re
ceiv
able
2(a)
5,28
9,81
5 62
5,99
4 1,
398,
308
5,89
5,73
5 55
,693
,634
74
2,18
7 50
,079
,643
19
,872
,445
1,
081,
567
1,30
7,52
9 8,
337,
762
3,79
7,27
5 Re
ceiv
able
for
inve
stm
ents
so
ld2(
a)41
,391
,097
–
1,84
1,00
9 1,
024,
041
3,27
6,05
0,73
9*1,
564,
708
43,5
96,4
91
– 2,
141,
303
82,8
66
– 7,
353,
016
Rece
ivab
le fo
r Fu
nd s
hare
s su
bsc
ribed
2(a)
1,98
2,52
5 2,
487
2,99
6,66
7 4,
213,
226
10,1
12,7
98
106,
071
27,1
03,1
27
5,66
0,28
2 75
9,30
4 8,
000,
764
4,13
1,30
4 53
1,20
0 U
nrea
lised
ap
pre
ciat
ion
on:
Op
en e
xcha
nge
trad
ed fu
ture
s co
ntra
cts
2(c)
– –
– –
– 1,
246,
579
– –
– 2,
635,
472
– 13
2,54
1 O
pen
forw
ard
fore
ign
exch
ang
e co
ntra
cts
2(c)
5,92
7,24
9 –
901,
991
1,72
4,05
6 –
– –
– –
313,
725
481,
400
– C
ont
ract
s fo
r d
iffer
ence
2(c)
– –
– –
31,9
90
– –
– –
– –
– M
arke
t val
ue o
f To
Be
Ann
oun
ced
sec
uriti
es
cont
ract
s2(
c)–
– –
– 33
,678
,023
–
– –
– –
– –
Mar
ket v
alue
of s
wap
s2(
c)–
1,54
4 –
– 53
,781
,729
2,
010,
119
15,4
65,8
97
– 77
4,30
5 –
– 63
,417
M
arke
t val
ue o
f pur
chas
ed o
ptio
ns/s
wap
tions
2(c)
– –
– –
55,3
83,8
31
99,2
54
208,
804,
692
1,93
0,57
7 10
,121
,115
–
– 51
1,74
6 O
ther
ass
ets
2(a,
c)1,
201,
348
2,86
5 82
7,64
1 1,
149,
509
– 68
,141
3,
004,
911
1,78
4,64
3 17
9,15
9 22
6,77
9 15
0,87
3 61
8,89
7
Tota
l ass
ets
3,07
1,46
7,30
9 47
,657
,074
1,
368,
411,
727
2,76
6,31
0,04
2 11
,351
,617
,081
30
7,29
6,45
7 18
,608
,692
,584
2,
268,
974,
142
653,
166,
936
867,
267,
788
2,25
8,29
1,03
3 65
7,16
1,15
8
Liab
ilitie
sC
ash
ow
ed to
ban
k2(
a)47
–
– –
– 38
5,
600,
882
– 25
9,89
2 –
– 22
5,75
2 D
ue to
bro
ker
15–
– –
– 71
,553
,587
2,
130,
000
193,
900,
386
210,
000
10,3
90,0
00
– –
60,0
00
Inco
me
dis
trib
utio
n p
ayab
le2(
a)–
– –
– 27
1,52
7 –
– 2,
007,
242
– 3,
520,
278
757,
074
27,7
84
Paya
ble
for
inve
stm
ents
pur
chas
ed2(
a)2,
292,
658
286,
780
– 97
5,33
6 3,
305,
217,
732*
2,24
2,68
9 54
,671
,208
6,
721,
907
3,70
2,05
5 –
10,2
02
3,69
4,95
7 Pa
yab
le fo
r Fu
nd s
hare
s re
dee
med
2(a)
54,5
55,1
55
10,4
97
22,0
33,5
87
9,00
9,46
9 25
,041
,656
69
3,74
1 27
,784
,702
5,
145,
920
1,73
6,75
9 2,
897,
403
23,7
78,6
25
5,21
8,87
2 U
nrea
lised
dep
reci
atio
n o
n:O
pen
exc
hang
e tr
aded
futu
res
cont
ract
s2(
c)–
1,67
1 –
– 16
,763
,810
– 33
,308
,328
2,
658,
447
1,11
1,53
5 –
– –
Op
en fo
rwar
d fo
reig
n ex
chan
ge
cont
ract
s2(
c)–
7,29
4 –
– 40
,909
,698
55
3,03
7 21
,641
,237
4,
091,
263
647,
404
– –
5,42
1,99
6 M
arke
t val
ue o
f To
Be
Ann
oun
ced
sec
uriti
es
cont
ract
s2(
c)–
– –
– –
– –
– –
– –
– M
arke
t val
ue o
f sw
aps
2(c)
– –
– –
– –
– 2,
366,
913
– –
– –
Mar
ket v
alue
of w
ritte
n o
ptio
ns/s
wap
tions
2(c)
– –
– –
37,3
23,9
35
– 58
,976
,409
26
5,60
6 1,
800,
474
5,02
1,84
2 –
70,4
79
Oth
er li
abili
ties
5,6,
7,8
3,63
4,06
0 35
,957
1,
943,
471
3,49
2,18
3 14
,047
,668
629,
526
21,7
14,0
41
1,31
2,75
6 95
5,84
3 1,
239,
263
2,74
3,79
7 55
2,98
8
Tota
l lia
bili
ties
60,4
81,9
20
342,
199
23,9
77,0
58
13,4
76,9
88
3,51
1,12
9,61
3 6,
249,
031
417,
597,
193
24,7
80,0
54
20,6
03,9
62
12,6
78,7
86
27,2
89,6
98
15,2
72,8
28
Tota
l net
ass
ets
3,01
0,98
5,38
9 47
,314
,875
1,
344,
434,
669
2,75
2,83
3,05
4 7,
840,
487,
468
301,
047,
426
18,1
91,0
95,3
91
2,24
4,19
4,08
8 63
2,56
2,97
4 85
4,58
9,00
2 2,
231,
001,
335
641,
888,
330
* In
clud
es T
o B
e A
nno
unce
d s
ecur
ities
, see
No
te 2
, fo
r fu
rthe
r d
etai
ls.
-
Inte
rim R
epo
rt a
nd U
naud
ited
Acc
oun
ts
19
The
note
s o
n p
ages
550
to 5
60 fo
rm a
n in
teg
ral p
art o
f the
se fi
nanc
ial s
tate
men
ts.
Stat
emen
t of N
et A
sset
sas
at 2
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bru
ary
2017
co
ntin
ued
Fund
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ote
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bal
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und
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Long
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Glo
bal
Mul
ti-As
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Inco
me
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Opp
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bal
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lexi
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all &
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