sycomore fund sicav (previously named united ... statement of operations and changes in net assets...

SYCOMORE FUND SICAV(Previously named UNITED

INVESTORS SYNERGY)Société d'Investissement à Capital Variable

R.C.S. Luxembourg N°B 166 946Audited Annual Report as at December 31, 2015

SYCOMORE FUND SICAV (Previously named UNITED INVESTORS SYNERGY)

SYCOMORE FUND SICAV - SYNERGY EMERGING MARKETS

SYCOMORE FUND SICAV - ALLARD ASIA PACIFIC

SYCOMORE FUND SICAV - SYCOMORE ECO SOLUTIONS*

SYCOMORE FUND SICAV - SYCOMORE HAPPY @ WORK**

SYCOMORE FUND SICAV - SYCOMORE RENDEMENT DURABLE**

* This sub-fund has been launched on August 31, 2015.** These sub-funds have been launched on November 4, 2015.

No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current Prospectus and relevant Key InvestorInformation Document ("KIID") which will be accompanied by a copy of the latest available Annual Report and a copy of the latest available Semi-Annual Report, ifpublished after such Annual Report.


1

Table of Contents

Organisation of the SICAV 2

Directors' Report 4

Audit report 6

Statistics 8

Combined Statement of Net Assets as at December 31, 2015 10

Combined Statement of Operations and Changes in Net Assets for the year / period ended December 31, 2015 10


Statement of Net Assets as at December 31, 2015 11

Statement of Operations and Changes in Net Assets for the year ended December 31, 2015 11

Statement of Changes in Number of Shares 11

Securities Portfolio as at December 31, 2015 12

Portfolio Breakdowns 14

Top Ten Holdings 14



Statement of Operations and Changes in Net Assets for the year ended December 31, 2015 15




Top Ten Holdings 17

SYCOMORE FUND SICAV - SYCOMORE ECO SOLUTIONS


Statement of Operations and Changes in Net Assets for the period ended December 31, 2015 18




Top Ten Holdings 20

SYCOMORE FUND SICAV - SYCOMORE HAPPY @ WORK






Top Ten Holdings 23

SYCOMORE FUND SICAV - SYCOMORE RENDEMENT DURABLE






Top Ten Holdings 26

Notes to the Financial Statements 27


2

Registered Office

As from January 1, 201660, avenue J.F. Kennedy L-1855 LuxembourgGrand Duchy of Luxembourg

Until December 31, 201533, rue de GasperichL-5826 HesperangeGrand Duchy of Luxembourg

Board of Directors:

Chairman of the Board:

Laurent DELTOUR Chief Executive Officer Sycomore Asset Management 14, avenue Hoche, F-75008 Paris, France

Board Members:

Emmanuel de SINETY Portfolio Manager Sycomore Asset Management 14, avenue Hoche,F-75008 Paris, France

Jean-Baptiste BLANC Head of Legal and Compliance Sycomore Asset Management 14, avenue Hoche, F-75008 Paris, France

Management Company

Sycomore Asset Management 14, avenue Hoche, F-75008 Paris, France

Directors of the Management Company

Laurent Deltour, Président Cyril Charlot, Co-reponsable de la gestion Christine Kolb, Responsable du développement Emeric Préaubert, Co-reponsable de la gestion

Initiator


Investment Manager


Distributor


Organisation of the SICAV


3

Custodian Bank and Main Paying Agent, Registrar, Transfer Agent and Domiciliary Agent

BNP Paribas Securities Services, Luxembourg Branch As from January 1, 201660, avenue J.F. Kennedy L-1855 LuxembourgGrand Duchy of Luxembourg


Administrative Agent

BNP Paribas Securities Services, Luxembourg Branch As from January 1, 201660, avenue J.F. Kennedy L-1855 LuxembourgGrand Duchy of Luxembourg


Auditor

PricewaterhouseCoopers, Société coopérative2, rue Gerhard MercatorL - 2182 Luxembourg Grand Duchy of Luxembourg

Organisation of the SICAV (continued)


4


Emerging equities were negative in 2015: the Msci Emerging Markets in Euros ended the year with a 5.2% loss. This performance was in sharpcontract with Developed Markets: indeed, the Msci World Eur posted a 10.4% gain.

The currency effect was globally slightly positive. Looking in details, the Brazilian Real plunged by 25.3%, whereas Russian Rouble lost 11.2% andTurkish Lira lost 10.8%. Asian currencies showed generally firmer tone: Chinese Renminbi gained 6.4%, Indian Rupee gained 6.1% and KoreanWon increased by 4.4%.

Within the EM universe, the Asian markets were, as in 2014, the best performers. The region was led by India (+4.6%), Korea (+4.0%) and China(+2.7%). The laggard in the region was Indonesia which lost 10.3%, impacted by commodities prices weakness and political turmoil.Latin America was deeply impacted by commodity prices collapse: not only Brazil lost 34.7% in Eur, but also Colombia (-35.2%) and Peru (-23.9%).It is worth noting that the two best performing markets lied in Eastern Europe, namely Hungary (+51.8% in Eur) and Russia (+16.1%, despite weakcurrency). But the region's performance was penalized by Turkey (-24.1%).

As for sectors, Information Technology and Consumer Stocks were the best performers whilst Utilities, Basic Materials and Industrial companieslagged behind.

The SYCOMORE FUND SICAV - SYNERGY EMERGING MARKETS sub-fund lost 3.4%, leading the Msci EM by 1.8%.

This over performance was achieved with an average equity exposure close to 80%. Over the year, the fund volatility was 16.6%, versus 21.2% forthe indice.

The stocks which most contributed to the performance were Asian names. In China: MTR Corp (+38.5%), China Mobile (+11.1%) and ChinaResources (+69.5%). In India: Voltas Ltd (+43.1%) and Maruti Suzuki (+48.3%). Other remarkable gainers include Sberbank (+57.3%), JeronimoMartins (+53.3%), Turkish Reit Is Gayrimenkul Yatirim Ortakligi (+26.4%) and Brazilian Insurer Sul America (+8.2%).

The main performance detractors came from cyclical stocks: in Brazil, Metalurgica Gerdau lost 88.8% and Mills 79.2%; in India, Tata Steel slumpedby 28.9%. Some Chinese consumer stocks performed poorly: Chow Tai Fook lost 40.2% whereas Tingyi lost 29.2%.

At year end the Fund held investments in 96 companies. The weighted average P/E multiple of the portfolio stood at 11.4x and the dividend yield at3.3%. The net equity exposure was 84%.


Asian equities were slightly in positive territory in 2015: the Msci Emerging Asia in Euros ended the year with a gain of 0.5%, whereas the Msci ACAsia Pacific ex Japan Eur posted +1.0%. Msci Australia ended 2015 with a gain of 0.3%.

These performances were supported by currency effect. Chinese Renminbi (+6.4%), Indian Rupee (+6.1%), and Korean Won (+4.4%) were themain gainers. Australian Dollar was the outlier with a loss of 0.7% versus Euro.

As for sectors, Healthcare and Technology stocks took the lead whilst Oil & Gas and Basic Materials companies lagged behind.

The SYCOMORE FUND SICAV - ALLARD ASIA PACIFIC sub-fund (Eur shares) gained 1.9%, slightly outstripping the Msci AC Asia Pacific ExJapan Eur by 0.5%.

This over performance was achieved with an average equity exposure close to 75%. Over the year, the fund volatility was 16.4%, versus 20.8% forthe indice.

The stocks which most contributed to the performance were MTR Corp (+38.5%), which operates, inter alia, Hong-Kong automatic metro, ChinaMobile (+11.1%), China Resources (+69.5%), Indian utility Indraprastha Gas (+25.6%) and Hyundai Mobis (+10.4%).

The holdings which mainly detracted the performance were Chinese jeweller Chow Tai Fook (-40.2%), noodle maker Tingyi (-29.2%), Singapore-listed conglomerate Jardine Strategic (-10.2%) and Hong-Kong Reit Sun Hung Kai Properties (-8.9%).

At year end, the Fund held investments in 25 companies. The top 20 holdings made up 75% of the portfolio. The median market capitalization wasEur 18.5bn. The weighted average P/E multiple of the portfolio stood at 10.6x and the dividend yield at 3.4%. The net equity exposure was 80%.

SYCOMORE FUND SICAV - SYCOMORE ECO SOLUTIONS

Since its launch 31 August 2015 the fund outperformed its benchmark by 3% (I shares) mainly due to a stock picking effect. This was raised first bythe companies in the field of low-carbon mobility, such as Plastic Omnium, Valeo, Kion, Renault, Faurecia and Infineon. This theme should remaincarrier after the Volkswagen case. The stock picking was also supported by the renewable energy field with companies like Gamesa and EnelGreen Power. Finally, in the field of circular economy, Veolia Environnement has also recorded solid outperformance and as Wienerberger andTarkett for the field of construction. The end of 2015 was marked, firstly in the world, through the conclusion of the Paris climate agreement at theend of the COP21 and the other at the French level, by publication of the decree n° 2015-1850 of the law on Energy Transition to Green Growth.The decree strengthens the disclosure requirements of institutional investors on the integration of Environment-Social-Governance criteria (ESG)issues in their investment policy and, on the other hand, establishes a reporting obligation on their contribution to the policy energy and ecologicaltransition and the fight against global warming. These structural elements of the news are in favor of responsible financing solutions dedicated toenergy and ecological transition.

Directors' Report


5

SYCOMORE FUND SICAV - SYCOMORE HAPPY @ WORK

Since its inception, the fund has been particularly resilient in volatile markets, enabling it to display a performance well above its benchmark overthe period (0% vs -3.4% for the Euro Stoxx).These are the sectors related to new uses and to the digital transformation that contributed most significantly to the outperformance of the fundsince its inception. The Solucom consulting company, which recently acquired the European activities of its competitor Kurt Salmon, notablycontinued its beautiful course and represent the best performance within the Fund (+ 20%; + 0.8% contribution). Also on the field of digital, Criteo (+16.7%; + 0.3%) and Octo Technology (+ 8.5%; + 0.3%) also signed good growth and Showroomprive.com (+ 4.7%; + 0.2%) which was the subjectof a site visit in December. Our visit of its headquarters, which houses more than 70% of employees, allowed us to note the significant sense ofbelonging and pride of employees and the start-up mind of a growing group, based on a flat organization, substantial autonomy and a strong cultureof innovation.

SYCOMORE FUND SICAV - SYCOMORE RENDEMENT DURABLE

Since its launch November 4, 2015, the fund displays a limited withdrawal performance at -2.7%, outperforming by 90 basis points its benchmark,the Stoxx 600 (performance of -3.6% over the same period).The average equities exposure reaches 88% in the period and contributes positively to the fund's performance against its index (+ 0.8%). Sectorallocation was also positive (+ 0.5%), thanks to the absence of the oil & gas sector, in the period when oil prices remained strongly under pressure.However, stock picking has contributed more negatively (-0.4%). In particular, the values of luxury showed a disappointing performance at the endof year 2015. The fears about slowing growth in emerging markets and the decline in demand from Asian tourists, as well as the impact of terroristattacks in Paris on consumption, have quite clearly affected the sector.

The Board of Directors

Luxembourg, March 23, 2016

Note: The figures stated in this report are historical and not necessarily indicative of futures results.

Director's Report (continued)

PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg

T: +352 494848 1, F:+352 494848 2900, www.pwc.lu

Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°10028256)

R.C.S. Luxembourg B 65 477 - TVA LU25482518

6

Audit report

To the Shareholders of

SYCOMORE FUND SICAV

We have audited the accompanying financial statements of SYCOMORE FUND SICAV and of each of its sub-funds, which comprise the statement of

net assets and the securities portfolio as at December 31, 2015 and the statement of operations and changes in net assets for the year then ended,

and a summary of significant accounting policies and other explanatory notes to the financial statements.

Responsibility of the Board of Directors of the SICAV for the financial statements

The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with

Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of

Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether

due to fraud or error.

Responsibility of the “Réviseur d’entreprises agréé”

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International

Standards on Auditing as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier”. Those standards require that we

comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from

material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures

selected depend on the judgment of the “Réviseur d’entreprises agréé”, including the assessment of the risks of material misstatement of the financial

statements, whether due to fraud or error. In making those risk assessments, the “Réviseur d’entreprises agréé” considers internal control relevant to

the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances,

but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the

appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well

as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of SYCOMORE FUND SICAV and of each of its sub-funds as of December 31, 2015, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.


8

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

Statistics


Net Asset Value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

51,009,917.06 54,941,191.76 50,439,192.76EUR

Net asset value per share

- I EUR 2,092.98 2,167.39 1,906.76EUR- R EUR 1,017.01 1,058.96 937.13EUR−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

- I EUR 21,068.09 20,952.09 22,270.09- R EUR 6,799.26 8,999.33 8,510.66−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net Asset Value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

4,309,566.77 242,897.24 202,487.89EUR


- I EUR 1,129.54 1,121.37 934.81EUR- I USD 1,210.11 - -USD−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

- I EUR 2,885.67 216.61 216.61- I USD 942.64 - -−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

SYCOMORE FUND SICAV - SYCOMORE ECO SOLUTIONS*

Net Asset Value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

6,229,067.66 - -EUR


- I EUR 103.82 - -EUR- R EUR 103.54 - -EUR- X EUR 103.82 - -EUR−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

- I EUR 9,500.00 - -- R EUR 500.00 - -- X EUR 50,000.00 - -−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

SYCOMORE FUND SICAV - SYCOMORE HAPPY @ WORK**

Net Asset Value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

17,024,486.13 - -EUR



Number of shares

- I EUR 149,824.00 - -- R EUR 30.00 - -- X EUR 20,200.00 - -−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

SYCOMORE FUND SICAV - SYCOMORE RENDEMENT DURABLE**

Net Asset Value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

10,623,018.87 - -EUR



December 31, 2013December 31, 2015 December 31, 2014


9


Statistics

* This sub-fund has been launched on August 31, 2015.** These sub-funds have been launched on November 4, 2015.

Number of shares

- I EUR 1,300.00 - -- R EUR 300.00 - -- X EUR 107,600.00 - -−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

December 31, 2013December 31, 2015 December 31, 2014

10



Combined Statement

EUR

AssetsInvestment in securities at cost 82,070,115.13Unrealised appreciation / (depreciation) on securities (1,822,787.27)

Investment in securities at market value 2.2 80,247,327.86Cash at bank 9,574,439.27Receivable for investment sold 196,401.04Receivable on withholding tax reclaim 196.56Dividends and interest receivable 43,681.42Formation expenses 2.4 643.96

Total assets 90,062,690.11

LiabilitiesBank overdraft 26.56Accrued expenses 809,753.02Payable for investment purchased 52,805.83Other liabilities 4,048.21

Total liabilities 866,633.62

Net assets at the end of the year / period 89,196,056.49

Notes

Statement of Net Assets as at December 31, 2015

IncomeDividends (net of withholding taxes) 2.3 1,314,622.77Interest on bonds 2.3 21,119.02Bank interest 2.3 0.08Other income 10,699.79

Total income 1,346,441.66

ExpensesManagement fees 3 1,114,454.50Custodian fees 4 115,125.03Performance fees 5 373,237.95Administration fees 4 117,221.14Professional fees 69,942.21Transaction costs 8 267,480.57Subscription tax 6 9,601.78Bank interest and charges 8,211.61Amortisation of formation expenses 2.4 431.22Tax charges (excluding subscription tax) 183.28Other expenses 19,618.13

Total expenses 2,095,507.42

Net investment income / (loss) (749,065.76)

Net realised gain / (loss) on: Investments 2.2 2,326,988.36Foreign currencies transactions 2.1 (119,595.85)

Net realised gain / (loss) for the year / period 1,458,326.75

Net change in unrealised appreciation / (depreciation) on: Investments (4,007,108.28)

Increase / (Decrease) in net assets as a result ofoperations

(2,548,781.53)

Proceeds received on subscription of shares 44,202,725.33Net amount paid on redemption of shares (7,641,976.31)Net assets at the beginning of the year / period 55,184,089.00

Net assets at the end of the year / period 89,196,056.49

EURNotes

Statement of Operations and Changes in Net Assets forthe year / period ended December 31, 2015

11



SYCOMORE FUND SICAV - SYNERGY EMERGING MARKETS (in EUR)Statement of Operations and Changes in Net Assets for theyear ended December 31, 2015

EUR

AssetsInvestment in securities at cost 46,065,069.39Unrealised appreciation / (depreciation) on securities (1,806,158.73)

Investment in securities at market value 2.2 44,258,910.66Cash at bank 7,134,499.82Receivable for investment sold 175,848.21Dividends and interest receivable 30,749.73Formation expenses 2.4 643.96


LiabilitiesBank overdraft 0.06Accrued expenses 584,358.16Payable for investment purchased 2,833.83Other liabilities 3,543.27


Net assets at the end of the year 51,009,917.06

Notes


IncomeDividends (net of withholding taxes) 2.3 1,134,368.51Interest on bonds 2.3 21,119.02

Total income 1,155,487.53

ExpensesManagement fees 3 959,766.44Custodian fees 4 113,467.10Performance fees 5 233,430.16Administration fees 4 116,550.80Professional fees 60,081.10Transaction costs 8 156,290.06Subscription tax 6 8,113.91Bank interest and charges 7,443.17Amortisation of formation expenses 2.4 431.22Tax charges (excluding subscription tax) 183.28Other expenses 15,994.22

Total expenses 1,671,751.46


Net realised gain / (loss) on: Investments 2.2 2,827,043.60Foreign currencies transactions 2.1 (129,799.00)

Net realised gain / (loss) for the year 2,180,980.67

Net change in unrealised appreciation / (depreciation) on: Investments (3,968,492.47)


(1,787,511.80)

Proceeds received on subscription of shares 653,175.20Net amount paid on redemption of shares (2,796,938.10)Net assets at the beginning of the year 54,941,191.76


EURNotes

Statement of Operations and Changes in Net Assets forthe year ended December 31, 2015

Number of shares in issue atthe end of the year

Number of shares in issue atthe beginning of the year

Number of sharessubscribed

Number of sharesredeemed

Statement of Changes in Number of Shares

- I EUR 20,952.09 278.00 (162.00) 21,068.09

- R EUR 8,999.33 16.00 (2,216.07) 6,799.26


12

SYCOMORE FUND SICAV - SYNERGY EMERGING MARKETS (in EUR)


Securities Portfolio as at December 31, 2015

BANK PEKAO SA PLN 265,276.13 0.527,930.00

Transferable securities admitted to an official exchange listing

SharesBanks

BANK PERMATA TBK PT IDR 221,444.64 0.433,509,053.02BANK ST PETERSBURG USD 104,657.65 0.21191,700.00BANK ZACHODNI WBK SA PLN 43,827.77 0.09662.00BRD-GROUPE SOCIETE GENERALE RON 326,409.64 0.64121,972.00ERSTE GROUP BANK AG EUR 323,329.44 0.6311,184.00HSBC HOLDINGS PLC HKD 1,693,891.15 3.32230,384.25ICICI BANK LTD INR 22,499.98 0.046,187.00INDUSTRIAL AND CIAL BK CHINA -H- HKD 2,636,187.89 5.184,742,293.60ITAU UNIBANCO HOLDING SA BRL 321,030.19 0.6356,130.00KOMERCNI BANKA AS CZK 261,770.04 0.511,429.00KOTAK MAHINDRA BANK LTD INR 369,515.89 0.7236,880.00OTP BANK PLC HUF 115,441.21 0.236,080.00PKO BANK POLSKI SA PLN 169,725.44 0.3326,640.00STATE BANK OF INDIA INR 270,481.22 0.5386,604.00TURKIYE HALK BANKASI TRY 318,704.22 0.6297,260.00YAPI VE KREDI BANKASI TRY 108,948.99 0.21105,000.00

7,573,141.49 14.84

BM&FBOVESPA SA BRL 154,317.13 0.3060,900.00Financial services

HOUSING DEVELOPMENT FINANCE INR 645,877.00 1.2736,729.00ITAUSA-INVESTIMENTOS ITAU-PR BRL 305,872.76 0.60191,066.00JARDINE STRATEGIC HLDGS LTD USD 2,938,885.77 5.76116,813.45

4,044,952.66 7.93

AES TIETE SA BRL 74,306.89 0.1522,100.00Energy

EDP - ENERGIAS DO BRASIL SA BRL 85,446.70 0.1730,500.00ENERGA SA PLN 66,887.66 0.1322,700.00GAIL INDIA LTD INR 304,102.13 0.5958,263.00INDIAN OIL CORPORATION LTD INR 400,430.42 0.7867,150.00LUKOIL PJSC-SPON ADR USD 142,873.98 0.284,820.00NTPC LTD INR 424,167.84 0.82208,431.00OIL & NATURAL GAS CORP LTD INR 304,091.90 0.6090,398.00OMV AG EUR 186,568.20 0.377,140.00PETRONET LNG LTD INR 462,174.14 0.90129,769.00POWER GRID CORP OF INDIA LTD INR 243,342.36 0.48123,896.00PTC INDIA LTD INR 251,791.08 0.49270,682.00QGEP PARTICIPACOES SA BRL 136,605.12 0.27100,700.00SOCIETATEA NATIONALA DE GAZE RON 156,408.27 0.3126,000.00SOCIETATEA NATIONALA NUCLEAR RON 74,103.68 0.1552,190.00TRANSGAZ SA MEDIAS RON 197,205.13 0.393,219.00

3,510,505.50 6.88

BHARTI AIRTEL LTD INR 237,844.94 0.4750,214.00Telecommunication

CHINA MOBILE LTD HKD 2,845,438.94 5.57273,778.383,083,283.88 6.04

AMBEV SA BRL 148,692.89 0.2935,800.00Food services

CHINA MENGNIU DAIRY CO HKD 1,018,639.36 2.01678,471.02CIA BRASILEIRA DE DIS-PREF BRL 252,271.36 0.4925,900.00TINGYI (CAYMAN ISLN) HLDG CO HKD 800,453.37 1.57609,310.75WOOLWORTHS LTD AUD 767,248.03 1.5046,756.72

2,987,305.01 5.86

ATRIUM EUROPEAN REAL ESTATE EUR 121,737.00 0.2434,100.00Real estate

CYRELA BRAZIL REALTY SA EMP BRL 51,830.65 0.1029,700.00HELBOR EMPREENDIMENTOS SA BRL 51,290.36 0.10140,400.00HYSAN DEVELOPMENT CO HKD 762,653.70 1.50202,228.14IMMOFINANZ AG EUR 274,243.53 0.54130,530.00IS GAYRIMENKUL YATIRIM ORTAK TRY 481,087.13 0.94866,708.53SUN HUNG KAI PROPERTIES HKD 1,218,573.84 2.39109,605.90

2,961,416.21 5.81

FORD OTOMOTIV SANAYI AS TRY 68,758.50 0.137,200.00Auto Parts & Equipment

NameQuantity/Nominal

Market valuein EUR

Currency %NAV

HANKOOK TIRE CO LTD KRW 648,854.36 1.2717,565.83HYUNDAI MOBIS CO LTD KRW 955,191.48 1.884,935.77MARCOPOLO SA-PREF BRL 187,296.55 0.37435,100.00MARUTI SUZUKI INDIA LTD INR 236,031.98 0.463,670.00TATA MOTORS LTD INR 364,426.73 0.7166,930.00TURK TRAKTOR VE ZIRAAT MAKIN TRY 69,643.22 0.143,175.00

2,530,202.82 4.96

MTR CORP HKD 1,726,052.39 3.38378,425.75Transportation

TALLINK GROUP AS EUR 250,633.94 0.49292,455.00TEGMA GESTAO LOGISTICA BRL 105,315.70 0.2196,300.00

2,082,002.03 4.08

CHOW TAI FOOK JEWELLERY GROU HKD 575,504.71 1.13969,029.09Distribution & Wholesale

E-MART INC KRW 544,931.87 1.073,672.50FAIRWOOD HOLDINGS LTD HKD 714,232.98 1.40246,438.19GLORIOUS SUN ENTERPRISES LTD HKD 196,082.87 0.381,528,529.56VIA VAREJO SA BRL 36,750.55 0.0748,300.00

2,067,502.98 4.05

BAJAJ AUTO LTD INR 855,057.13 1.6824,269.00Diversified services

GLOBAL PORTS INV-REGS W/I USD 82,424.28 0.1627,550.00HERO MOTOCORP LTD INR 672,086.39 1.3217,928.00MILLS ESTRUTURAS E SERVICOS BRL 122,303.12 0.24197,600.00PRIME CAR MANAGEMENT SA PLN 99,430.03 0.1911,374.00

1,831,300.95 3.59

INFOSYS LTD INR 715,701.72 1.4046,530.00Office & Business equipment

Tata Consultancy Services Ltd INR 524,157.31 1.0315,458.00WIPRO LTD INR 218,956.66 0.4328,104.00

1,458,815.69 2.86

ACC LTD INR 93,322.16 0.184,929.00Building materials

DURATEX SA BRL 135,115.24 0.2698,420.00MULTIPLAN EMPREENDIMENTOS BRL 173,304.02 0.3419,600.00VOLTAS LTD INR 205,900.75 0.4145,628.00

607,642.17 1.19

TATA CHEMICALS LTD INR 404,944.12 0.7972,491.00Chemical

ULTRAPAR PARTICIPACOES SA BRL 130,812.19 0.269,300.00535,756.31 1.05

FLEURY SA BRL 165,671.94 0.3244,500.00Cosmetics

KRKA EUR 317,850.00 0.634,875.00483,521.94 0.95

SAMSUNG FIRE + MARINE INS-PF KRW 457,119.25 0.903,080.70Insurance

457,119.25 0.90

INDIAN HOTELS CO LTD INR 366,407.09 0.72225,542.00Lodging & Restaurants

366,407.09 0.72

METALURGICA GERDAU SA-PREF BRL 67,710.96 0.13175,300.00Metal

TATA STEEL LTD INR 242,615.69 0.4867,112.00310,326.65 0.61

EXIDE INDUSTRIES LTD INR 249,449.29 0.49122,409.00Electric & Electronic

249,449.29 0.49

ZHAOPIN LTD-SPONSORED ADR USD 188,615.19 0.3713,374.20Internet

188,615.19 0.37


Market valuein EUR

Currency %NAV


13




PEGAS NONWOVENS SA CZK 151,410.22 0.305,597.00Textile

151,410.22 0.30

37,480,677.33 73.48

BNP INSTICASH FUND USD INST CAP USD 778,787.30 1.535,690.40

Undertakings for collective investmentOpen-ended Funds

BNP INSTICASH-EUR-I EUR 241,189.70 0.471,711.73PALAED D M HOR SHS A EURRESTRICTED CAP

EUR 1,760,800.00 3.4520,000.00

2,780,777.00 5.45

2,780,777.00 5.45

CITI CW 12/02/2016 INDRAPRASTH USD 591,877.59 1.1680,470.17

WarrantsFinancial services

CITI CW 17/01/2017 MUTHOOT FIN USD 284,551.05 0.56114,061.92876,428.64 1.72

876,428.64 1.72

RAIFFEISEN BK IN 6.625% 11-18/05/2021 EUR 203,750.00 0.40200,000.00

Bonds and other debt instrumentsBanks

203,750.00 0.40

INDIAN HOTELS 0% 14-05/03/2016 CV INR 101,311.96 0.2066,981.00Lodging & Restaurants

101,311.96 0.20

305,061.96 0.60

CLSA GM CW 04/06/2020 STATE BANK USD 819,075.95 1.60263,243.26

Other transferable securities


CLSA GM CW 05/02/2020 HERO MOTOCO USD 120,567.93 0.243,227.77CLSA GM CW 10/02/2020 INFO EDGE I USD 85,134.89 0.177,197.05CLSA GM CW 28/01/2020 TREE HOUSE USD 79,827.66 0.1632,723.31CLSA GM CW 30/04/2020 INDRAPRASTH USD 834,548.73 1.63113,783.53CLSA GM CW 30/04/2020 MUTHOOT FIN USD 421,539.16 0.83168,973.43

2,360,694.32 4.63

2,360,694.32 4.63

SC FONDUL PROPRIETATEA SA RON 455,271.41 0.892,541,370.00

Undertakings for collective investmentClose-ended Funds

455,271.41 0.89

455,271.41 0.89

Total securities portfolio 44,258,910.66 86.77


Market valuein EUR

Currency %NAV

Summary of net assets%

NAV44,258,910.66 86.77Total securities portfolio

7,134,499.76 13.99Cash at bank

(383,493.36) (0.76)Other assets and liabilities

51,009,917.06 100.00Total net assets


14



Nature allocation % of portfolio % of netassets

Shares 84.69 73.48

Warrants 7.31 6.35

Undertakings for collective investment 7.31 6.34

Bonds and other debt instruments 0.69 0.60

100.00 86.77

Country allocation % of portfolio % of netassets

India 20.75 17.99

Hong Kong 14.80 12.84

Bermuda 8.70 7.54

Luxembourg 6.63 5.75

Brazil 6.11 5.30

China 5.96 5.18

South Korea 5.89 5.12

Cayman Islands 5.84 5.08

Singapore 5.33 4.63

United Kingdom 3.83 3.32

Romania 2.73 2.38

Turkey 2.37 2.04

Austria 2.23 1.94

Other 8.83 7.66

100.00 86.77

Portfolio Breakdowns

Top Ten Holdings Market value % ofnet

assets

JARDINE STRATEGIC HLDGS LTD 2,938,885.77 5.76Financial services

CHINA MOBILE LTD 2,845,438.94 5.57Telecommunication

INDUSTRIAL AND CIAL BK CHINA -H- 2,636,187.89 5.18Banks

PALAED D M HOR SHS A EUR RESTRICTEDCAP

1,760,800.00 3.45Open-ended Funds

MTR CORP 1,726,052.39 3.38Transportation

HSBC HOLDINGS PLC 1,693,891.15 3.32Banks

SUN HUNG KAI PROPERTIES 1,218,573.84 2.39Real estate

CHINA MENGNIU DAIRY CO 1,018,639.36 2.01Food services

HYUNDAI MOBIS CO LTD 955,191.48 1.88Auto Parts &Equipment

BAJAJ AUTO LTD 855,057.13 1.68Diversified services

EUR

Sector

Top Ten Holdings

15



SYCOMORE FUND SICAV - ALLARD ASIA PACIFIC (in EUR)Statement of Operations and Changes in Net Assets for theyear ended December 31, 2015

EUR

AssetsInvestment in securities at cost 3,556,594.14Unrealised appreciation / (depreciation) on securities (10,278.01)

Investment in securities at market value 2.2 3,546,316.13Cash at bank 853,528.98Receivable for investment sold 20,552.83Dividends and interest receivable 403.18


LiabilitiesAccrued expenses 110,326.23Payable for investment purchased 403.18Other liabilities 504.94



Notes


IncomeDividends (net of withholding taxes) 2.3 149,785.63Bank interest 2.3 0.08Other income 10,699.79

Total income 160,485.50

ExpensesManagement fees 3 107,405.82Custodian fees 4 1,657.93Performance fees 5 58,043.66Administration fees 4 670.34Professional fees 9,861.11Transaction costs 8 53,241.90Subscription tax 6 628.66Bank interest and charges 293.71Other expenses 3,275.86

Total expenses 235,078.99


Net realised gain / (loss) on: Investments 2.2 (627,950.97)Foreign currencies transactions 2.1 10,685.55

Net realised gain / (loss) for the year (691,858.91)

Net change in unrealised appreciation / (depreciation) on: Investments (32,265.28)


(724,124.19)

Proceeds received on subscription of shares 9,635,831.93Net amount paid on redemption of shares (4,845,038.21)Net assets at the beginning of the year 242,897.24


EURNotes

Statement of Operations and Changes in Net Assets forthe year ended December 31, 2015

Number of shares in issue atthe end of the year

Number of shares in issue atthe beginning of the year




- I EUR 216.61 2,862.78 (193.72) 2,885.67

- I USD - 5,077.27 (4,134.63) 942.64


16

SYCOMORE FUND SICAV - ALLARD ASIA PACIFIC (in EUR)



BANK PERMATA TBK PT IDR 31,505.88 0.73499,247.98


SharesBanks

HSBC HOLDINGS PLC HKD 240,997.14 5.6032,777.75INDUSTRIAL AND CIAL BK CHINA -H- HKD 375,061.73 8.71674,706.40

647,564.75 15.04

JARDINE STRATEGIC HLDGS LTD USD 418,127.85 9.7016,619.55Financial services

418,127.85 9.70

CHINA MOBILE LTD HKD 404,832.77 9.3938,951.62Telecommunication

404,832.77 9.39

CHINA MENGNIU DAIRY CO HKD 144,926.17 3.3796,528.98Food services

TINGYI (CAYMAN ISLN) HLDG CO HKD 113,883.93 2.6486,689.25WOOLWORTHS LTD AUD 109,159.66 2.536,652.28

367,969.76 8.54

CHOW TAI FOOK JEWELLERY GROU HKD 81,879.52 1.90137,867.91Distribution & Wholesale

E-MART INC KRW 77,529.79 1.80522.50FAIRWOOD HOLDINGS LTD HKD 101,616.97 2.3535,061.81GLORIOUS SUN ENTERPRISES LTD HKD 27,897.55 0.65217,470.44

288,923.83 6.70

HYSAN DEVELOPMENT CO HKD 108,506.01 2.5228,771.86Real estate

SUN HUNG KAI PROPERTIES HKD 173,371.71 4.0215,594.10281,877.72 6.54

MTR CORP HKD 245,572.86 5.7053,840.25Transportation

245,572.86 5.70

HANKOOK TIRE CO LTD KRW 92,315.29 2.142,499.17Auto Parts & Equipment

HYUNDAI MOBIS CO LTD KRW 135,899.17 3.16702.23228,214.46 5.30

SAMSUNG FIRE + MARINE INS-PF KRW 65,036.31 1.51438.30Insurance

65,036.31 1.51

ZHAOPIN LTD-SPONSORED ADR USD 26,835.09 0.621,902.80Internet

26,835.09 0.62

2,974,955.40 69.04

CITI CW 12/02/2016 INDRAPRASTH USD 84,208.95 1.9511,448.83


CITI CW 17/01/2017 MUTHOOT FIN USD 40,484.30 0.9416,228.08124,693.25 2.89

124,693.25 2.89

BNP INSTICASH FUND USD INST CAP USD 110,801.40 2.57809.60


110,801.40 2.57

110,801.40 2.57

CLSA GM CW 04/06/2020 STATE BANK USD 116,533.44 2.7037,452.74

Other transferable securities



Market valuein EUR

Currency %NAV

CLSA GM CW 05/02/2020 HERO MOTOCO USD 17,153.72 0.40459.23CLSA GM CW 10/02/2020 INFO EDGE I USD 12,112.51 0.281,023.95CLSA GM CW 28/01/2020 TREE HOUSE USD 11,357.42 0.264,655.69CLSA GM CW 30/04/2020 INDRAPRASTH USD 118,734.81 2.7616,188.47CLSA GM CW 30/04/2020 MUTHOOT FIN USD 59,974.18 1.3924,040.57

335,866.08 7.79

335,866.08 7.79



Market valuein EUR

Currency %NAV



853,528.98 19.81Cash at bank


4,309,566.77 100.00Total net assets


17

SYCOMORE FUND SICAV - ALLARD ASIA PACIFIC (in EUR)



Shares 83.89 69.04

Warrants 12.99 10.68


100.00 82.29


Hong Kong 26.28 21.63

Bermuda 15.44 12.70

China 10.58 8.71

South Korea 10.46 8.61

Cayman Islands 10.36 8.53

Singapore 9.47 7.79


United States 3.52 2.89


Australia 3.08 2.53

Indonesia 0.89 0.73

100.00 82.29



assets

JARDINE STRATEGIC HLDGS LTD 418,127.85 9.70Financial services

CHINA MOBILE LTD 404,832.77 9.39Telecommunication

INDUSTRIAL AND CIAL BK CHINA -H- 375,061.73 8.71Banks

MTR CORP 245,572.86 5.70Transportation

HSBC HOLDINGS PLC 240,997.14 5.60Banks

SUN HUNG KAI PROPERTIES 173,371.71 4.02Real estate

CHINA MENGNIU DAIRY CO 144,926.17 3.37Food services

HYUNDAI MOBIS CO LTD 135,899.17 3.16Auto Parts &Equipment

CLSA GM CW 30/04/2020 INDRAPRASTH 118,734.81 2.76Financial services

CLSA GM CW 04/06/2020 STATE BANK 116,533.44 2.70Financial services

EUR

Sector

Top Ten Holdings

18



SYCOMORE FUND SICAV - SYCOMORE ECO SOLUTIONS* (in EUR)Statement of Operations and Changes in Net Assets for theperiod ended December 31, 2015

EUR

AssetsInvestment in securities at cost 5,939,774.37Unrealised appreciation / (depreciation) on securities 163,419.02

Investment in securities at market value 2.2 6,103,193.39Cash at bank 205,961.62Receivable on withholding tax reclaim 196.56


LiabilitiesAccrued expenses 50,769.16Payable for investment purchased 29,514.75


Net assets at the end of the period 6,229,067.66

Notes


* This sub-fund has been launched on August 31, 2015.

IncomeDividends (net of withholding taxes) 2.3 4,707.99


ExpensesManagement fees 3 20,201.04Performance fees 5 45,342.43Transaction costs 8 16,150.38Subscription tax 6 161.57Other expenses 161.37



Net realised gain / (loss) on: Investments 2.2 143,399.63Foreign currencies transactions 2.1 34.61

Net realised gain / (loss) for the period 66,125.44

Net change in unrealised appreciation / (depreciation) on: Investments 163,419.02


229,544.46

Proceeds received on subscription of shares 5,999,523.20Net amount paid on redemption of shares -Net assets at the beginning of the period -


EURNotes

Statement of Operations and Changes in Net Assets forthe period ended December 31, 2015

Number of shares in issue atthe end of the period

Number of shares in issue atthe beginning of the period




- I EUR - 9,500.00 - 9,500.00

- R EUR - 500.00 - 500.00

- X EUR - 50,000.00 - 50,000.00


19


SYCOMORE FUND SICAV - SYCOMORE ECO SOLUTIONS (in EUR) Securities Portfolio as at December 31, 2015

ALSTOM EUR 181,664.25 2.926,450.00


SharesAuto Parts & Equipment

ANDRITZ AG EUR 124,788.50 2.002,770.00FAURECIA EUR 263,881.30 4.237,130.00KION GROUP AG EUR 180,398.40 2.903,920.00MICHELIN (CGDE) EUR 149,430.00 2.401,700.00PEUGEOT SA EUR 126,399.00 2.037,800.00PLASTIC OMNIUM EUR 210,002.80 3.367,160.00RENAULT SA EUR 187,575.75 3.012,025.00TOYOTA MOTOR CORP JPY 189,096.05 3.043,300.00VALEO SA EUR 30,648.25 0.49215.00

1,643,884.30 26.38

ALBIOMA SA EUR 87,607.00 1.415,860.00Energy

DIRECT ENERGIE EUR 88,644.90 1.424,593.00EDP RENOVAVEIS SA EUR 101,500.00 1.6314,000.00PNE WIND AG-REG EUR 89,424.00 1.4443,200.00SUEZ ENVIRONNEMENT CO EUR 124,548.16 2.007,216.00THEOLIA SA - REGR EUR 29,500.00 0.4750,000.00VELCAN EUR 115,240.00 1.858,600.00VEOLIA ENVIRONNEMENT EUR 225,209.50 3.6210,300.00VOLTALIA-REGR EUR 131,690.00 2.1113,000.00

993,363.56 15.95

AIR LIQUIDE SA EUR 124,380.00 2.001,200.00Chemical

ARKEMA EUR 90,426.00 1.451,400.00JOHNSON MATTHEY PLC GBP 144,196.46 2.314,000.00LINDE AG EUR 120,510.00 1.93900.00UMICORE EUR 151,760.13 2.443,925.00WACKER CHEMIE AG EUR 177,520.80 2.852,290.00

808,793.39 12.98

AST GROUPE EUR 63,450.00 1.0222,500.00Building materials

CENTROTEC SUSTAINABLE AG EUR 109,510.90 1.768,290.00COMPAGNIE DE SAINT GOBAIN EUR 230,133.75 3.695,775.00KINGSPAN GROUP PLC EUR 31,603.00 0.511,300.00WIENERBERGER AG EUR 272,363.33 4.3715,937.00

707,060.98 11.35

BLUE SOLUTIONS - W/I EUR 129,687.50 2.086,250.00Electric & Electronic

GAMESA CORP TECNOLOGICA SA EUR 94,920.00 1.526,000.00NEXANS SA EUR 30,330.00 0.49900.00SAFT GROUPE SA EUR 134,832.00 2.164,800.00SCHNEIDER ELECTRIC SE EUR 230,475.60 3.714,385.00

620,245.10 9.96

EUROPCAR GROUPE SA EUR 218,970.00 3.5118,000.00Diversified services

HAMBURGER HAFEN UND LOGISTIK EUR 63,270.00 1.024,500.00PIAGGIO & C. S.P.A. EUR 104,670.00 1.6845,000.00SECHE ENVIRONNEMENT EUR 109,620.00 1.763,780.00

496,530.00 7.97

AURUBIS AG EUR 118,846.75 1.912,530.00Diversified machinery

FAIVELEY TRANSPORT EUR 200,508.00 3.222,100.00319,354.75 5.13

BONDUELLE SCA EUR 202,291.20 3.258,780.00Food services

202,291.20 3.25

GROUPE EUROTUNNEL SE - REGR EUR 103,140.00 1.669,000.00Transportation

103,140.00 1.66

5,894,663.28 94.63


Market valuein EUR

Currency %NAV

BNP INSTICASH-EUR-I EUR 208,530.11 3.351,479.95


208,530.11 3.35

208,530.11 3.35



Market valuein EUR

Currency %NAV



205,961.62 3.31Cash at bank


6,229,067.66 100.00Total net assets

20

SYCOMORE FUND SICAV (Previously named UNITED INVESTORS

SYCOMORE FUND SICAV - SYCOMORE ECO SOLUTIONS (in EUR)



Shares 96.58 94.63


100.00 97.98


France 62.59 61.32

Germany 14.08 13.81

Austria 6.51 6.37


Spain 3.22 3.15

Japan 3.10 3.04

Belgium 2.49 2.44


Other 2.23 2.19

100.00 97.98



assets

WIENERBERGER AG 272,363.33 4.37Building materials

FAURECIA 263,881.30 4.23Auto Parts &Equipment

SCHNEIDER ELECTRIC SE 230,475.60 3.71Electric & Electronic

COMPAGNIE DE SAINT GOBAIN 230,133.75 3.69Building materials

VEOLIA ENVIRONNEMENT 225,209.50 3.62Energy

EUROPCAR GROUPE SA 218,970.00 3.51Diversified services

PLASTIC OMNIUM 210,002.80 3.36Auto Parts &Equipment

BNP INSTICASH-EUR-I 208,530.11 3.35Open-ended Funds

BONDUELLE SCA 202,291.20 3.25Food services

FAIVELEY TRANSPORT 200,508.00 3.22Diversifiedmachinery

EUR

Sector

Top Ten Holdings

21



SYCOMORE FUND SICAV - SYCOMORE HAPPY @ WORK** (in EUR)Statement of Operations and Changes in Net Assets for theperiod ended December 31, 2015

EUR

AssetsInvestment in securities at cost 15,723,916.15Unrealised appreciation / (depreciation) on securities 110,246.40

Investment in securities at market value 2.2 15,834,162.55Cash at bank 1,237,746.67


LiabilitiesBank overdraft 23.36Accrued expenses 47,399.73



Notes


**This sub-fund has been launched on November 4, 2015.

IncomeDividends (net of withholding taxes) 2.3 756.13

Total income 756.13

ExpensesManagement fees 3 10,541.32Performance fees 5 36,421.70Transaction costs 8 23,031.08Subscription tax 6 427.57Bank interest and charges 469.32Other expenses 53.01



Net realised gain / (loss) on:Investments 2.2 (9,767.40)

Net realised gain / (loss) for the period (79,955.27)

Net change in unrealised appreciation / (depreciation) on:Investments 110,246.40


30,291.13



EURNotes







- I EUR - 149,824.00 - 149,824.00

- R EUR - 30.00 - 30.00

- X EUR - 20,200.00 - 20,200.00


22


SYCOMORE FUND SICAV - SYCOMORE HAPPY @ WORK (in EUR) Securities Portfolio as at December 31, 2015

BONDUELLE SCA EUR 513,792.00 3.0222,300.00


SharesFood services

DANONE GROUPE EUR 479,556.00 2.827,700.00HEINEKEN NV EUR 630,160.00 3.698,000.00NATUREX EUR 392,700.00 2.315,500.00PERNOD RICARD SA EUR 326,120.00 1.923,100.00

2,342,328.00 13.76

INGENICO GROUP EUR 547,550.00 3.224,700.00Office & Business equipment

NEURONES EUR 261,150.00 1.5315,000.00OCTO TECHNOLOGY EUR 487,922.74 2.8742,281.00SOLUCOM EUR 173,750.00 1.022,500.00

1,470,372.74 8.64

BIOMERIEUX EUR 340,690.00 2.003,100.00Cosmetics

BOIRON SA EUR 156,450.00 0.922,100.00NOVO NORDISK A/S-B DKK 172,281.76 1.013,215.00UNILEVER NV-CVA EUR 733,921.50 4.3118,300.00

1,403,343.26 8.24

ALPHABET INC-CL A USD 236,346.59 1.39330.00Internet

AUFEMININ EUR 256,200.00 1.5010,500.00CRITEO SA-SPON ADR USD 422,866.61 2.4911,600.00LDLC.COM EUR 246,344.00 1.458,798.00SQLI SA-REG EUR 160,710.00 0.945,500.00

1,322,467.20 7.77

AIR LIQUIDE SA EUR 881,025.00 5.188,500.00Chemical

IMCD GROUP NV - W/I EUR 425,812.50 2.5012,500.001,306,837.50 7.68

MANUTAN INTERNATIONAL EUR 250,488.00 1.475,112.00Distribution & Wholesale

RATIONAL AG EUR 104,975.00 0.62250.00SEB SA EUR 264,880.00 1.562,800.00SHOWROOMPRIVE EUR 459,770.00 2.7023,000.00THERMADOR GROUPE EUR 174,000.00 1.022,000.00

1,254,113.00 7.37

MICHELIN (CGDE) EUR 641,670.00 3.777,300.00Auto Parts & Equipment

VALEO SA EUR 427,650.00 2.513,000.001,069,320.00 6.28

AXA SA EUR 744,285.00 4.3729,500.00Insurance

744,285.00 4.37

FOCUS HOME INTERACTIVE EUR 461,200.00 2.7120,000.00Computer software

PHARMAGEST INTERACTIVE EUR 149,240.00 0.887,000.00610,440.00 3.59

SCHNEIDER ELECTRIC SE EUR 567,648.00 3.3310,800.00Electric & Electronic

567,648.00 3.33

ELIOR EUR 530,750.00 3.1227,500.00Diversified services

530,750.00 3.12

SVENSKA HANDELSBANKEN-A SHS SEK 431,473.61 2.5335,000.00Banks

431,473.61 2.53


Market valuein EUR

Currency %NAV

DS SMITH PLC GBP 333,700.56 1.9662,000.00Forest products & Paper

333,700.56 1.96

BOUYGUES SA EUR 255,815.00 1.507,000.00Building materials

255,815.00 1.50

1000MERCIS EUR 254,592.00 1.506,800.00Advertising

254,592.00 1.50

BRUNELLO CUCINELLI SPA EUR 252,960.00 1.4915,500.00Textile

252,960.00 1.49

DIRECT ENERGIE EUR 193,000.00 1.1310,000.00Energy

193,000.00 1.13

ID LOGISTICS GROUP EUR 41,248.50 0.24321.00Transportation

41,248.50 0.24

14,384,694.37 84.50

BNP INSTICASH-EUR-I EUR 1,449,468.18 8.5110,286.94


1,449,468.18 8.51

1,449,468.18 8.51



Market valuein EUR

Currency %NAV



1,237,723.31 7.27Cash at bank


17,024,486.13 100.00Total net assets

23


SYCOMORE FUND SICAV - SYCOMORE HAPPY @ WORK (in EUR)



Shares 90.85 84.50


100.00 93.01


France 69.88 65.00

Netherlands 11.30 10.50


Sweden 2.72 2.53


Other 4.84 4.51

100.00 93.01



assets

BNP INSTICASH-EUR-I 1,449,468.18 8.51Open-ended Funds

AIR LIQUIDE SA 881,025.00 5.18Chemical

AXA SA 744,285.00 4.37Insurance

UNILEVER NV-CVA 733,921.50 4.31Cosmetics

MICHELIN (CGDE) 641,670.00 3.77Auto Parts &Equipment

HEINEKEN NV 630,160.00 3.69Food services

SCHNEIDER ELECTRIC SE 567,648.00 3.33Electric & Electronic

INGENICO GROUP 547,550.00 3.22Office & Businessequipment

ELIOR 530,750.00 3.12Diversified services

BONDUELLE SCA 513,792.00 3.02Food services

EUR

Sector

Top Ten Holdings

24



SYCOMORE FUND SICAV - SYCOMORE RENDEMENT DURABLE** (in EUR)Statement of Operations and Changes in Net Assets for theperiod ended December 31, 2015

EUR

AssetsInvestment in securities at cost 10,784,761.08Unrealised appreciation / (depreciation) on securities (280,015.95)

Investment in securities at market value 2.2 10,504,745.13Cash at bank 142,702.18Dividends and interest receivable 12,528.51


LiabilitiesBank overdraft 3.14Accrued expenses 16,899.74Payable for investment purchased 20,054.07



Notes


**This sub-fund has been launched on November 4, 2015.

IncomeDividends (net of withholding taxes) 2.3 25,004.51


ExpensesManagement fees 3 16,539.88Transaction costs 8 18,767.15Subscription tax 6 270.07Bank interest and charges 5.41Other expenses 133.67



Net realised gain / (loss) on:Investments 2.2 (5,736.50)Foreign currencies transactions 2.1 (517.01)

Net realised gain / (loss) for the period (16,965.18)

Net change in unrealised appreciation / (depreciation) on:Investments (280,015.95)


(296,981.13)



EURNotes







- I EUR - 1,300.00 - 1,300.00

- R EUR - 300.00 - 300.00

- X EUR - 107,600.00 - 107,600.00


25


SYCOMORE FUND SICAV - SYCOMORE RENDEMENT DURABLE (in EUR) Securities Portfolio as at December 31, 2015

GLAXOSMITHKLINE PLC GBP 360,271.62 3.3919,340.00


SharesCosmetics

NOVARTIS AG-REG CHF 262,619.09 2.473,290.00RHOEN-KLINIKUM AG EUR 334,097.60 3.1512,070.00ROCHE HOLDING AG-GENUSSCHEIN CHF 576,998.34 5.442,270.00SANOFI EUR 701,505.00 6.618,925.00UNILEVER NV-CVA EUR 334,876.75 3.158,350.00

2,570,368.40 24.21

EUTELSAT COMMUNICATIONS EUR 305,697.60 2.8811,076.00Telecommunication

KONINKLIJKE KPN NV EUR 229,773.60 2.1665,800.00ORANGE EUR 162,592.50 1.5310,500.00SES EUR 412,269.00 3.8816,120.00VODAFONE GROUP PLC GBP 318,434.30 3.00106,200.00

1,428,767.00 13.45

ALLIANZ AG REG EUR 336,913.00 3.172,060.00Insurance

AXA SA EUR 338,082.00 3.1913,400.00EULER HERMES GROUP EUR 228,562.20 2.152,580.00POSTE ITALIANE SPA EUR 291,100.00 2.7441,000.00

1,194,657.20 11.25

C&C GROUP PLC EUR 218,584.31 2.0658,870.00Food services

EBRO FOODS SA EUR 228,753.00 2.1512,600.00NESTLE SA-REG CHF 372,270.09 3.515,430.00

819,607.40 7.72

CIE FINANCIERE RICHEMON-REG CHF 145,870.88 1.372,200.00Distribution & Wholesale

KERING EUR 203,755.50 1.921,290.00MARR SPA EUR 168,858.00 1.598,850.00MATAS A/S DKK 227,588.06 2.1412,770.00

746,072.44 7.02

BNP PARIBAS EUR 305,545.50 2.885,850.00Banks

ING GROEP NV EUR 200,196.00 1.8816,080.00NATIXIS EUR 205,184.61 1.9339,330.00

710,926.11 6.69

BASF SE EUR 201,552.00 1.902,850.00Chemical

SYNGENTA AG-REG CHF 342,730.37 3.22950.00544,282.37 5.12

BURBERRY GROUP PLC GBP 278,706.33 2.6217,190.00Textile

HERMES INTERNATIONAL EUR 146,522.50 1.38470.00425,228.83 4.00

DAIMLER CHRYSLER AG EUR 217,224.00 2.042,800.00Auto Parts & Equipment

INDUSTRIA MACCHINE AUTOMATIC EUR 165,565.50 1.563,450.00382,789.50 3.60

SCHNEIDER ELECTRIC SE EUR 253,864.80 2.394,830.00Electric & Electronic

253,864.80 2.39

STEF EUR 206,570.00 1.943,250.00Transportation

206,570.00 1.94

NEOPOST SA EUR 202,230.00 1.909,000.00Office & Business equipment

202,230.00 1.90


Market valuein EUR

Currency %NAV

RUBIS EUR 155,244.60 1.462,220.00Energy

155,244.60 1.46

BOUYGUES SA EUR 113,654.95 1.073,110.00Building materials

113,654.95 1.07

TELEVISION FRANCAISE (T.F.1) EUR 109,367.50 1.0310,670.00Media

109,367.50 1.03

9,863,631.10 92.85

BNP INSTICASH-EUR-I EUR 641,114.03 6.044,550.02


641,114.03 6.04

641,114.03 6.04



Market valuein EUR

Currency %NAV



142,699.04 1.34Cash at bank


10,623,018.87 100.00Total net assets

26


SYCOMORE FUND SICAV - SYCOMORE RENDEMENT DURABLE (in EUR)



Shares 93.90 92.85


100.00 98.89


France 34.64 34.26

Switzerland 16.19 16.01

Germany 10.37 10.26



Netherlands 7.28 7.19

Italy 5.95 5.89

Spain 2.18 2.15

Denmark 2.17 2.14

Ireland 2.08 2.06

100.00 98.89



assets

SANOFI 701,505.00 6.61Cosmetics

BNP INSTICASH-EUR-I 641,114.03 6.04Open-ended Funds

ROCHE HOLDING AG-GENUSSCHEIN 576,998.34 5.44Cosmetics

SES 412,269.00 3.88Telecommunication

NESTLE SA-REG 372,270.09 3.51Food services

GLAXOSMITHKLINE PLC 360,271.62 3.39Cosmetics

SYNGENTA AG-REG 342,730.37 3.22Chemical

AXA SA 338,082.00 3.19Insurance

ALLIANZ AG REG 336,913.00 3.17Insurance

UNILEVER NV-CVA 334,876.75 3.15Cosmetics

EUR

Sector

Top Ten Holdings


27

Notes to the Financial Statements as at December 31, 2015

Note 1 - General information

SYCOMORE FUND SICAV (Previously named UNITED INVESTORS SYNERGY) (the “SICAV” or the “Company”) is an Investment Company with Variable Capital incorporated on February 13, 2012 in the form of a limited company under Luxembourg law in accordance with the amended Law of August 10, 1915 on commercial companies as well as Part I of the Law of December 17, 2010 as amended relating to Undertakings for Collective Investment.

The SICAV Articles of Association were filed with the Luxembourg Trade and Companies Registry on February 21, 2012 and published in the “Mémorial C,

Recueil des Sociétés et Associations” (Gazette) on March 7, 2012. Copies of the Articles of Association may be obtained from the Trade and Companies Registry in Luxembourg on payment of the Registrar’s fee.

The Company is registered in the Luxembourg Trade and Companies Registry under n° B.166.946.

The SICAV consists of different sub-funds each of which relates to a distinct portfolio of assets consisting of transferable securities denominated in various currencies. For each sub-fund, the management will aim to combine a maximisation of growth and capital yield.

After an extraordinary general meeting hold on July 28, 2015, the board of directors of the Company has resolved to change the name of the Company into “SYCOMORE SICAV“.The changes will become effective on August 14, 2015.

The meeting resolves to change of the registered office of the Company to 60, Avenue J.F. Kennedy, L-1855 Luxembourg with effect as from January 1, 2016.

During the year ended, five sub-funds have been active:

SYCOMORE FUND SICAV - Synergy Emerging Markets; SYCOMORE FUND SICAV - Allard Asia Pacific; SYCOMORE FUND SICAV - Sycomore Eco Solutions (launched on August 31, 2015); SYCOMORE FUND SICAV - Sycomore Happy @ Work (launched on November 4, 2015); SYCOMORE FUND SICAV - Sycomore Rendement Durable (launched on November 4, 2015).

The SICAV can issue only capitalisation shares for which no distribution is made except for the sub-fund SYCOMORE FUND SICAV - Sycomore Rendement Durable, there is a distribution class which is entitled to receive a dividend (shares in class “D” or “D” shares).

The SICAV is incorporated for an indefinite term, and at present can issue shares in the following categories: (i) Category “R”, open to all types of investors; (ii) Category “l”, exclusively reserved for all other Institutional Investors. (iii) Category “X” shares, which are open to all types of institutional investors providing said investors have been approved beforehand by the Company’s Board of Directors.

Note 2 - Principal accounting methods

The financial statements of the SICAV are established in accordance with the regulatory provisions and accounting practices generally accepted in the Grand Duchy of Luxembourg.

2.1 Conversion of foreign currencies

The financial statements of the sub-funds of the SICAV are expressed in EURO and accounted in that currency. Assets and Liabilities denominated in a currency other than that of the sub-fund are converted into the currency of the sub-fund at the exchange rate prevailing on the closing date. Income and expenses in currencies other than that of the sub-fund are converted into the currency of the sub-fund at the exchange rate prevailing on the date of the transactions.

Foreign exchange gains and losses resulting from this conversion are recorded in the Statement of Operations and Changes in net Assets.

2.2 Securities portfolio

Securities officially listed on a stock market or traded on a regulated, recognised market that is functioning normally and open to the public, shall be valued at the last known closing price, and if this security is traded on several markets the last known closing price in this security’s main market. If the last known price is unrepresentative, the valuation shall be based on the probable market value, estimated conservatively and in a good faith.

Unlisted securities and money market instruments and securities not traded on a stock market or on a regulated, recognised market that is functioning normally and open to the public, shall be valued on the basis of their probable market value, estimated conservatively and in good faith.

Units of UCITS and/or other investment funds shall be valued at their last known net asset value per share.


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Notes to the Financial Statements as at December 31, 2015 (continued) Note 2 - Principal accounting methods (continued) 2.3 Income Interests are accrued on a daily basis. Dividends are recorded on the date when the shares are listed for the first time “ex-dividend”. 2.4 Formation expenses The SICAV will bear the formation and launching expenses incurred on behalf of, or in connection with, the formation of the Fund and the launching of the sub-funds. These expenses will be written off over a period not exceeding five years. 2.5 Pooling of assets As at December 31, 2015, a part of the assets of one or more sub-funds are co-managed with all or part of the assets of other sub-funds of the SICAV. Assets shall be co-managed in accordance with the respective investment policy of the relevant Parties to the Co-Managed Assets, each of which being identical or comparable in their objectives. Due to co-managed assets, fractions of securities are held in the portfolios of the co-managed sub-funds. The price of these fractions of securities shall be based on the market value of the securities concerned at the end of the year. Note 3 - Management fees

The Investment Manager (Sycomore Asset Management) receives management fees corresponding to a rate per annum of the average NAV of each sub-fund as indicated below:

Sub-Fund Category Class Management fee

SYCOMORE FUND SICAV - Synergy Emerging Markets R - EUR C 2.50%

SYCOMORE FUND SICAV - Synergy Emerging Markets I - EUR C 2.00%

SYCOMORE FUND SICAV - Allard Asia Pacific I - EUR C 2.00%

SYCOMORE FUND SICAV - Allard Asia Pacific I - USD C 2.00%

SYCOMORE FUND SICAV - Sycomore Eco Solutions I - EUR C 1.00%

SYCOMORE FUND SICAV - Sycomore Eco Solutions R - EUR C 2.00%

SYCOMORE FUND SICAV - Sycomore Eco Solutions X - EUR C 1.00%

SYCOMORE FUND SICAV - Sycomore Happy @ Work I - EUR C 1.00%

SYCOMORE FUND SICAV - Sycomore Happy @ Work R - EUR C 2.00%

SYCOMORE FUND SICAV - Sycomore Happy @ Work X - EUR C 1.00%

SYCOMORE FUND SICAV - Sycomore Rendement Durable I - EUR C 1.00%

SYCOMORE FUND SICAV - Sycomore Rendement Durable R - EUR C 2.00%

SYCOMORE FUND SICAV - Sycomore Rendement Durable X - EUR C 1.00%

Note 4 - Custodian fees and Administration fees The Custodian and Administration Agent receive from the sub-funds a quarterly fee in relation to their services in accordance with usual practice in Luxembourg.


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Notes to the Financial Statements as at December 31, 2015 (continued)

Note 5 - Performance fee SYCOMORE FUND SICAV - Synergy Emerging Markets A performance fee may be charged, based on comparison of the performance of the sub-fund, over the fund’s financial year, and the MSCI Emerging Markets Equity Total Return Net (expressed in EUR). The performance of the sub-fund is calculated after deduction of operating and management fees and before the performance fee. If, over the fund’s financial year, the performance of the sub-fund, whether positive or negative, is superior to the benchmark, the performance fee will represent 20% (all taxes included) of the difference between the performance of the sub-fund and the performance of the benchmark. If, over the fund’s financial year, the performance of the sub-fund is inferior to the benchmark, no performance fee will be charged. If, over the fund’s financial year, the performance of the sub-fund, since the beginning of the fund’s financial year, is superior to the benchmark calculated over the same period, whether positive or negative, a provision will be posted for that out-performance upon calculation of the sub-fund’s NAV. In the case of an under-performance of the sub-fund in relation to the benchmark between two net asset values, the provision will be readjusted by a provision reversal. Provision reversals will not exceed the initial provisions. The performance fee will only be definitely charged at the close of each financial year if, over the fund’s past financial year, the performance of the sub-fund was superior to the benchmark, whether positive or negative. In addition, if Shares were redeemed (or converted into other Shares of any Class of the same Sub-Fund or any Class of another existing Sub-Fund) during the reference period, and for those Shares a performance fee is accrued, it will be crystallized at the date of redemption or conversion and it will be considered as payable to the Investment Manager. As at December 31, 2015, a performance fee was accrued for the sub-fund SYCOMORE FUND SICAV - Synergy Emerging Markets and amounts to EUR 233,430.16. SYCOMORE FUND SICAV - Allard Asia Pacific A performance fee may be charged, based on a comparison of the performance of the sub-fund, over the fund’s financial year, and the benchmark, MSCI AC Asia Pacific Ex Japan Net Return Index (expressed in Euros). The performance of the sub-fund is calculated after deduction of operating and management fees and before the performance fee. If, over the fund’s financial year, the performance of the sub-fund, whether positive or negative, is superior to the benchmark, the performance fee will represent 20% (all taxes included) of the difference between the performance of the sub-fund and the performance of the benchmark. If, over the fund’s financial year, the performance of the sub-fund is inferior to the benchmark, no performance fee will be charged. If, over the fund’s financial year, the performance of the sub-fund, since the beginning of the fund’s financial year, is superior to the benchmark calculated over the same period, whether positive or negative, a provision will be posted for that out-performance upon calculation of the sub-fund’s NAV. In the case of an under-performance of the sub-fund in relation to the benchmark between two net asset values, the provision will be readjusted by a provision reversal. Provision reversals will not exceed the initial provisions. The performance fee will only be definitively charged at the close of each financial year if, over the fund’s past financial year, the performance of the sub-fund was superior to the benchmark, whether positive or negative. In addition, if Shares were redeemed (or converted into other Shares of any Class of the same Sub-Fund or any Class of another existing Sub-Fund) during the reference period, and for those Shares a performance fee is accrued, it will be crystallized at the date of redemption or conversion and it will be considered as payable to the Investment Manager. As at December 31, 2015, a performance fee was accrued for the sub-fund SYCOMORE FUND SICAV - Allard Asia Pacific and amounts to EUR 58,043.66.


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Notes to the Financial Statements as at December 31, 2015 (continued) Note 5 - Performance fee (continued) SYCOMORE FUND SICAV - Sycomore Eco Solutions A performance fee may be charged, based on a comparison of the performance of the Sub-fund, over the Fund’s financial year, and the benchmark, MSCI Daily Net TR Europe Index (expressed in Euros). The performance of the Sub-fund is calculated after deduction of operating and management fees and before the performance fee. If, over the Fund’s financial year, the performance of the Sub-fund is positive and superior to the benchmark, the performance fee will represent 20% (all taxes included) of the difference between the performance of the Sub-fund and the performance of the benchmark. If, over the Fund’s financial year, the performance of the Sub-fund is inferior to the benchmark, no performance fee will be charged. If, over the Fund’s financial year, the performance of the Sub-fund, since the beginning of the Fund’s financial year, is positive and superior to the benchmark calculated over the same period a provision will be posted for that out-performance by way of performance fee on calculation of the Sub-fund’s NAV. In the case of an under-performance of a the Sub-fund in relation to the benchmark between two net asset values, any provision posted earlier will be readjusted by a provision reversal. Provision reversals will not exceed the initial provisions. The performance fee will only be definitively charged at the close of each financial year if, over the Fund’s past financial year, the performance of the Sub-fund was positive and superior to the benchmark. In addition, if Shares were redeemed (or converted into other Shares of any Class of the same Sub-Fund or any Class of another existing Sub-Fund) during the reference period, and for those Shares a performance fee is accrued, it will be crystallized at the date of redemption or conversion and it will be considered as payable to the Investment Manager. As at December 31, 2015, a performance fee was accrued for the sub-fund SYCOMORE FUND SICAV - Sycomore Eco Solutions and amounts to EUR 45,342.43. SYCOMORE FUND SICAV - Sycomore Happy @ Work A performance fee may be charged, based on a comparison of the performance of the Sub-fund, from the first bank business day of October to the last bank business day of September (the “Calculation period”), and the benchmark, MSCI Daily Net TR Europe Index (expressed in Euros). The performance of the Sub-fund is calculated after deduction of operating and management fees and before the performance fee. If, over the Calculation period, the performance of the Sub-fund is positive and superior to the benchmark, the performance fee will represent 20% (all taxes included) of the difference between the performance of the Sub-fund and the performance of the benchmark. If, over the Calculation period, the performance of the Sub-fund is negative or inferior to the benchmark, no performance fee will be charged. If, over the Calculation period, the performance of the Sub-fund, since the beginning of the Calculation period, is positive and superior to the benchmark calculated over the same period, a provision will be posted for that out-performance by way of performance fee on calculation of the Sub-fund’s NAV. In the case of an under-performance of a the Sub-fund in relation to the benchmark between two net asset values, any provision posted earlier will be readjusted by a provision reversal. Provision reversals will not exceed the initial provisions. In addition, if Shares were redeemed (or converted into other Shares of any Class of the same Sub-Fund or any Class of another existing Sub-Fund) during the Calculation period, and for those Shares a performance fee is accrued, it will be crystallized at the date of redemption or conversion and it will be considered as payable to the Investment Manager. As at December 31, 2015, a performance fee was accrued for the sub-fund SYCOMORE FUND SICAV - Sycomore Happy @ Work and amounts to EUR 36,421.70. For this Sub-fund, a performance fee was accrued only for the following Shares: - Category “R” (20% over the Euro Stoxx Total Return) - Category “I” (20% over the Euro Stoxx Total Return)


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Notes to the Financial Statements as at December 31, 2015 (continued) Note 5 - Performance fee (continued)

SYCOMORE FUND SICAV - Sycomore Rendement Durable A performance fee may be charged, based on a comparison of the performance of the Sub-fund, from the first bank business day of October to the last bank business day of September (the “Calculation period”), and the benchmark, Stoxx 600 Total Return Index (expressed in Euros). The performance of the Sub-fund is calculated after deduction of operating and management fees and before the performance fee. If, over the Calculation period, the performance of the Sub-fund is positive and superior to the benchmark, the performance fee will represent 20% (all taxes included) of the difference between the performance of the Sub-fund and the performance of the benchmark. If, over the Calculation period, the performance of the Sub-fund is negative or inferior to the benchmark, no performance fee will be charged. If, over the Calculation period, the performance of the Sub-fund, since the beginning of the Calculation period, is positive and superior to the benchmark calculated over the same period, a provision will be posted for that out-performance by way of performance fee on calculation of the Sub-fund’s NAV. In the case of an under-performance of a the Sub-fund in relation to the benchmark between two net asset values, any provision posted earlier will be readjusted by a provision reversal. Provision reversals will not exceed the initial provisions. In addition, if Shares were redeemed (or converted into other Shares of any Class of the same Sub-Fund or any Class of another existing Sub-Fund) during the Calculation period, and for those Shares a performance fee is accrued, it will be crystallized at the date of redemption or conversion and it will be considered as payable to the Investment Manager The first calculation of the performance fee will be between the launch date of the Sub-fund and September 30, 2016. For this Sub-fund, a performance can be accrued only for the following Shares: - Category “R” (20% over the Stoxx 600 Total Return) - Category “I” (20% over the Stoxx 600 Total Return)

Note 6 - Taxation The Company is subject to the Luxembourg tax laws. In accordance with current legislation and regulations, the Company is liable for subscription tax at the annual rate of 0.05% (except for the share classes reserved for institutional investors, which qualify for the reduced annual tax rate of 0.01% as specified in each sub-fund schedule), assessed and payable quarterly, based on the net value of the Company’s assets at the end of the quarter in question. No duties or taxes shall be payable in Luxembourg on issues of the Company’s shares except for the fixed duty payable at the time of incorporation, covering the raising of capital. The amount of this duty is EUR 1,250 or its equivalent in another currency. Income received by the Company from abroad may have been subject to withholding tax in the country of origin, and is consequently received by the Company after deduction of said withholding tax. No stamp duty or other tax is currently payable in Luxembourg on the issue of shares by the Company.


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Notes to the Financial Statements as at December 31, 2015 (continued)

Note 7 - Exchange rates as at December 31, 2015 The exchange rates used for the translation of the SICAV’s assets and liabilities not denominated in EUR are as follows:

1 euro (EUR) = 27.022000 Czech Krona (CZK) 1 euro (EUR) = 4.289700 Poland New Zloty (PLN)

1 euro (EUR) = 1.086300 US Dollar (USD) 1 euro (EUR) = 3.170750 New Turkish Lira (TRY)

1 euro (EUR) = 4.521500 Romania Leu (RON) 1 euro (EUR) = 14,974.646000 Indonesian Rupiah (IDR)

1 euro (EUR) = 1,273.741100 South Korean Won (KRW) 1 euro (EUR) = 8.418950 Hong Kong Dollar (HKD)

1 euro (EUR) = 4.297650 Brazilian Real (BRL) 1 euro (EUR) = 71.865500 Indian Rupee (INR)

1 euro (EUR) = 1.493050 Australian Dollar (AUD) 1 euro (EUR) = 7.640750 Croatian Kuna(HRK) Note 8 - Transaction costs The Company incurred transaction costs which have been defined as brokerage fees, certain taxes and certain custodian fees relating to the purchase and sale of transferable securities, money market instruments or other eligible assets.

Note 9 - Changes in the composition of the securities portfolio The list of changes in the composition of the portfolio is available to shareholders at the office of the Custodian Bank and at the registered office of the SICAV.

sycomore fund sicav (previously named united ... statement of operations and changes in net assets...

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