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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Himalayan Fd | LSE:HYF | London | Ordinary Share | NL0000464154 | ORD EUR0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 35.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMHYF
RNS Number : 0623P
Himalayan Fund N.V.
29 August 2017
HIMALAYAN FUND N.V.
Extract of the Semi-Annual Report 2017
The complete version may be found on
http://www.himalayanfund.nl/annual-reports/
Directors' Report, First Half-year 2017
The Fund
The Net Asset Value (NAV) per share of your Fund was US$58.28 on June 30th 2017, 19.8% higher than the closing NAV of $48.66 on December 31st, 2016. Over the same period the Fund's performance benchmark, the Nifty50 USD index gained 22.3%. Thus, your Fund underperformed its benchmark by 2.5%. For comparison purposes, the Transaction Price on Euronext Amsterdam for the Fund's shares was US$57.58 at the end of the period (30/6/2017) compared to $48.49 at the beginning of the period (30/12/2016), a rise of 18.8%. Over the comparable period, the benchmark index rose by 22.3%, including Rupee appreciation of 4.9% against the US dollar.
The number of Ordinary Shares held by third parties on December 31, 2016 was 162,323; by mid-year, this had fallen to 140,907. The net turnover in the Fund's Ordinary Shares in the first half of this year was 13%. Investment in emerging markets demands long- term commitment and in the first half of 2017, India provided a modest reward which your Fund exceeded for shareholders who stayed the course. We commend our long-standing shareholders for their commitment and thank them for their continuing loyalty.
The Market
This year opened with equity markets enjoying a wave of optimism in the hope that a new US President's promises of big tax cuts and $1trillion in infrastructure spending would drive US economic growth beyond its recent modest range. A healthy return on US equities of 8.4% in the first half helped the MSCI All Country World Index rise 9.4%. Fears that a populist trend would continue into Europe were dispelled in elections in The Netherlands and France which helped propel European equities to a gain of 13.1%. Emerging Markets gained 17.2% with substantial help from China which gained 23.7% and India.
By mid-year, President Trump was manifestly failing to achieve anything in the US Congress and any articulation of policy, such as a menu for tax reform, brought only disappointment. Meanwhile, US equities continue to perform well, supported by strong earnings, especially among multinationals and banks. Foreign inflows brought sustained dollar appreciation, except against the Indian Rupee. A notable characteristic of markets in first half has been the steady decline in market volatility as volatility indices traded as low as single figures throughout.
In India, the first half of 2017 has been coloured by two major economic reforms:: the so-called "demonetization" of 86% of the currency notes in circulation last November and the imminent introduction of a nationwide goods and services tax on July 1st. The first of these cut the pace of economic growth in the first quarter, delaying a recovery in corporate earnings and contributing to a slowdown in inflationary pressures. The effects of the reform were accentuated by slow release of new notes into circulation but the evidence so far indicates that some of the objectives of the move arte being achieved. There has been some growth in non-cash transactions and there has also been sharp growth in compliance in both Direct and Indirect taxation. It is more difficult to gauge the success of the third objective: reducing corruption but there is anecdotal evidence to suggest so.
The second major economic reform, the introduction of a nationwide goods and services tax to replace a myriad of national and state level taxes and surcharges, was due on July 1st. The effects of the new GST will only become apparent after the initial filings fall due in August but economic effects were evident already in June. Manufacturers and dealers anxious to avoid consequential inventory adjustments started discounting heavily to unload products before deadline day. This will probably affect GDP and industrial production numbers for the first and second quarters.
The return on the Nifty50 USD index in the first half distinguished Indian markets as being amongst the top performing markets in the world in local currency terms. A strong recovery in foreign investor sentiment was a key influence. Since late in 2016, however, a surge in domestic investment volumes arising from systematic mutual fund savings schemes has sustained Indian markets, even in the face of periodic reversals in FPI flows. This evolution is at least partially due to government reforms undertaken to bring domestic savings out from under the mattress as well as to allow organized pension schemes to invest in equity markets.
Your Fund's underperformance in the first half was substantially due to the uncertainties caused by the adoption of major reforms. Demonetization took everyone by surprise and our overweight position in some stocks hurt the portfolio. The lead-in to adoption of GST also caused a great deal of uncertainty and again some stocks suffered more than others. Overall, however, the Directors believe that the long-term effects of both of these major reforms will be positive. During the course of the period under review, we held a total of twenty two stocks, with an average of twenty holdings. Seven of our holdings outperformed the benchmark and fifteen underperformed. From an asset allocation perspective, we held overweight positions in Consumer orientated and Healthcare stocks. We were slightly underweight in IT stocks and in Financials. In this case, however, we have concentrated on private sector banks, sticking with two of the highest quality banks.
The biggest contributions to performance came from Pidilite Industries (+40.5%), VIP Industries (+72%), Kalpataru Power (+37.4%) and Indian Hotels (+42.6%) in the Consumer sector. Heidelberg Cement added 77.9%, Supreme Industries 43.5% and Indraprashtha Gas 20.8%. Our two remaining banks also contributed: HDFC Bank 44.8% and Kotak Mahindra Bank 35.7%. On the downside, our Healthcare holdings suffered from negative reports about USFDA inspections and delayed approvals of generic patent applications. Lupin lost 25.2% IT stocks underperformed across the board in the face of headwinds from currency appreciation and uncertainties over immigration policy in the US. By the end of the half-year, our portfolio was overweight in Industrials, Construction, Consumer, and Media stocks. Our significant underweight sectors were Energy and Financials while we continued to hold no stocks at all in the Telecom, Metals and Transport sectors. Prospects for future returns are now framed by the prospect of a better than normal monsoon driving an excellent sowing season nearing completion. A boost from the rural sector will accentuate a recovery in consumer demand from purchasing decisions deferred during the major reforms to accelerate growth in the coming quarters. This will also dovetail nicely into the Diwali festival buying season to bring a strong boost to growth as the year progresses.
The Directors believe that the return prospects for foreign investors investing in India are very strong in the medium term. We also believe the Fund is well-positioned to share in these returns while benefitting from the favourable tax position it enjoys as well as the liquidity provided by the stock exchange listings the Fund maintains.
Administration
The Fund's website provides access to all regulatory and statutory information on the Fund, the address is:
www.himalayanfund.nl
On June 15, the AGM of the Fund was held in Amsterdam; the Annual Report for 2016 was adopted by unanimous vote and the Directors were discharged from their responsibilities for the year.
After completing the routine Agenda for the AGM, the Chairman gave a description of the outlook for the Indian economy and the investment strategy of the Fund for the benefit of the audience and answered a number of their questions.
Conclusion
The Directors would like to thank shareholders for their continuing support for the Fund. In compliance with regulatory requirements, the Directors review the Synthetic Risk and Reward Indicator (SRRI) on a regular basis. As at June 30th, the calculation puts the Fund in Category 5, the same category as before. Consistency of returns continues to drive the SRRI percentage down; we are now well within of Category 5. The Directors consider it unlikely that the SRRI classification will drop to a lower category in due course. It would not be unusual for a fund investing in emerging market equities to have a higher risk rating and the Directors remind shareholders of the risk statements in the Fund's Prospectus which is available for download from the Fund's website.
Amsterdam, August 29, 2017
Board of Directors
Ian McEvatt, Chairman
Dwight Makins
Robert Meijer
Karin van der Ploeg
Hot Features
Premium
Financial statements
Himalayan Fund N.V.
Semi Annual Report 2017
Balance sheet
(before profit appropriation)
30-06-2017 31-12-2016
USD Notes USD
Investments
Securities 7,805,922 4.1 7,298,399
Short term receivables
Receivable on security transactions - 5.1 -
Due to subscriptions - 5.2 -
Dividend receivable 9,917 5.3 -
Other receivables - 5.4 -
9,917 -
Other assets
Cash at banks 510,426 6 670,109
Current liabilities (due within one
year)
Payable on security transactions - 7.1 -
Due to redemptions 54,883 7.2 12,080
Other liabilities, accruals and deferred
income 44,974 7.3 44,160
Total current liabilities 99,857 56,240
Total of receivables and other assets
less current liabilities 420,486 613,869
Total assets less current liabilities 8,226,408 7,912,268
------------ ------------
Shareholders' equity
Issued capital 17,166 8.1 17,171
Share premium 15,137,489 8.2 16,261,438
General reserve -8,366,341 8.3 -7,987,889
Undistributed result current year 1,438,094 8.4 -378,452
Total shareholders' equity 8,226,408 7,912,268
------------ ------------
Net Asset Value per share 58.28 48.66
Profit & Loss account
01-01-2017 01-01-2016
30-06-2017 30-06-2016
USD Notes USD
Income from investments
Dividends 31,047 9.1 63,451
Other income -4,267 9.3 -
26,780 63,451
Capital gains/losses
Unrealised gains on investments 1,503,758 4 710,635
Unrealised losses on investments -487,960 4 -611,951
Realised price gains on investments 738,769 4 673,631
Realised price losses on investments -81,576 4 -126,585
Realised currency gains on investments 14,450 4 -
Realised currency losses on investments -64,480 4 -193,761
Other exchange differences 27 -11,219
1,622,988 440,750
Expenses
Investment research fees 83,711 10.1 85,512
Other expenses 150,493 10.2 149,554
234,204 235,066
Tax 22,530 23,775
Total investment result 1,438,094 292,910
------------ ------------
Total investment result per ordinary
share 10.21 1.72
Statement of Cash Flows
01-01-2017 01-01-2016
30-06-2017 30-06-2016
USD Notes USD
Cash flow from investing activities
Income from investments 26,780 9 63,451
Expenses -234,204 10 -235,066
Tax 22,530 23,775
Result of operations -184,894 -147,840
Purchases of investments -242,355 4 -114,757
Sales of investments 1,357,793 4 1,747,292
1,115,438 1,632,535
Change in short term receivables -9,917 5 91,041
Change in current liabilities 43,617 7 -62,256
33,700 28,785
Cash flow from investing activities 964,244 1,513,480
Cash flow from financing activities
Received on shares issued 74,585 8 -
Paid on shares purchased -1,198,539 8 -1,820,359
Cash flow from financing activities -1,123,954 -1,820,359
Other exchange differences 27 -11,219
Change in cash and cash equivalents -159,683 -318,098
Cash and cash equivalents as at January
1 670,109 465,306
------------ ------------
Cash and cash equivalents as at June
30 510,426 6 147,208
------------ ------------
Notes
1 General
Himalayan Fund N.V. ('the Fund') is an open-end investment
company (in Dutch: beleggingsmaatschappij met veranderlijk
kapitaal) incorporated under Dutch law and has its
statutory seat in Amsterdam. The Fund is listed both
on NYSE Euronext
Amsterdam and on The London Stock Exchange.
This semi annual report is prepared in accordance with
Part 9 Book 2 of the Dutch Civil Code and the Act on
the Financial
Supervision (AFS) ("Wet op het financieel toezicht").
Since December 1991 the Fund is licensed to undertake
investment
activities according to the Act on the Financial Supervision.
2. Principles
of valuation
2.1 Investments
The investments are valued based on the following principles:
- listed securities are valued at the most recent stock
market price as at the end of the accounting period
which can be
considered fair
value;
- non or low marketable securities are, according to
the judgement of the Investment Committee, valued at
the best effort
estimated price, taking into account the standards
which the Investment Committee thinks fit for the valuation
of such
investments.
Expenses related to the purchase of investments are
included in the cost of investments.
Sales charges, if any, are deducted from gross proceeds
and will be expressed in the capital gains/losses.
2.2 Foreign currency translation
Assets and liabilities in foreign currencies are translated
into US dollars at the rate of exchange as at the balance
sheet date.
All exchange differences are taken to the profit and
loss account. Income and expenses in foreign currencies
are translated
at the exchange rate as per transaction date.
Rates of exchange as at June 30, 2017, equivalent of
1 US dollar:
Euro 0.87677 Srilanka Rupee 153.55004
Indian Rupee 64.63754 Bangladesh Taka 80.59498
------------------------- ---------- ---------------------- ----------
2.3 Other assets
and liabilities
Other assets and liabilities are stated at nominal
value. If required, provisions have been taken for
irrecoverable receivables.
2.4 Income recognition principles
The result is determined by deducting expenses from
the proceeds of dividend, interest and other income
in the period under
review. The realized revaluations of investments are
determined by deducting the purchase price from the
sale proceeds.
The unrealized revaluations of investments are determined
by deducting the purchase price or the balance sheet
value
at the start of the period under review from the balance
sheet value at the end of the period under review.
Brokerage fees payable on the acquisition of investments,
if any, are considered to be part of the investments
costs,
and as a result, are not taken to the profit and loss
account.
2.5 Cash flow
statement
The Cash Flow statement has been prepared according
to the indirect method.
3. Risk Management
Investing in emerging and developing markets carries
risks that are greater than those associated with investment
in
securities in developed markets. In particular, prospective
investors should consider the following:
3.1 Currency
Fluctuations
The Fund invests primarily in securities denominated
in local currencies whereas the Ordinary Shares are
quoted in US
dollars. The US dollar price at which the Ordinary
Shares are valued is therefore subject to fluctuations
in the US dollar/ local
currency exchange
rate.
3.2 Counterparty Risk
The Fund deals principally in listed stocks traded on
the BSE and the NSE in India.
All transactions are book-entry and settlement is fully
automated. In the event of non-delivery by either side,
the
transaction fails. In this case recovery can be achieved
by delivery against payment or the transaction abandoned.
3.3 Concentration Risk
The investment restrictions for the Fund in section
IX INVESTMENT POLICIES of the Prospectus, limit the
possibility
for concentration of risk by stock and sector. Investors
should note that the portfolio will be concentrated
in the Indian
sub-continent.
3.4 Market Volatility
Securities exchanges in emerging markets are smaller
and subject to greater volatility than those in developed
markets.
The Indian market has in the past experienced significant
volatility and there is no assurance that such volatility
will not
occur in the future.
3.5 Market Liquidity
A substantial proportion of market capitalization and
trading value in emerging markets can be represented
by a relatively
small number of issuers. Also, there is a lower level
of regulation and monitoring of the activities of investors,
brokers and
other market participants than in most developed markets.
Disclosure requirements may be less stringent and there
may
be less public information available about corporate
activity. As a result, liquidity may be impaired at
times of high volatility.
The Indian markets have withstood high volatility in
the recent past and recovered momentum because of excellent
corporate
results. This has shown that the liquidity in the shares
of the top companies is strong, as further emphasized
by demand for
those shares through Depository Receipts in overseas
markets. Furthermore, standards of governance and transparency
are
improving dramatically under the impetus of the regulatory
bodies. Other contiguous markets are not necessarily
the same
and the Fund only invests in them with the utmost care.
3.6 Fund Liquidity
The Fund's rules allow weekly purchases and sales of
Ordinary Shares but in order to allow orderly management
of the
portfolio in the interest of continuing shareholders,
the value of purchases may be limited to 5% of the net
asset value of
the Fund on any one Execution Day.
3.7 Political Economy
The Fund's portfolio may be adversely affected by changes
in exchange rates and controls, interest rates, government
policies, inflation, taxation, social and religious
instability and regional geo-political developments.
3.8 Legal and Regulatory Compliance
The Fund is responsible for ensuring that no action
taken by it or by any contracted service provider might
cause a breach
of any legal or regulatory requirement. The Fund and
all of its service providers maintain adequate control
procedures to
guard against any such occurrence and these procedures
are subject to regular review. Should such a breach
occur
inadvertently, control procedures should detect it and
institute corrective action without delay.
3.9 Financial Crisis
Almost uniquely amongst financial markets, the Indian
financial sector was insulated against any consequences
of the
recent financial crisis by the tight control exercised
by the RBI. Bank balance sheets were free of toxic assets
and capital
ratios were maintained. Ratios of non-performing assets
remained within historic norms.
3.10 Credit risk
The principal credit risk is counterparty default (i.e.,
failure by the counterparty to perform as specified
in the contract) due to
financial impairment or for other reasons. Credit risk
is generally higher when a nonexchange-traded or foreign
exchange-traded financial instrument is involved. Credit
risk is reduced by dealing with reputable counterparties.
The Fund
manages credit risk by monitoring its aggregate exposure
to counterparties.
Notes to the Balance sheet
30-06-2017 31-12-2016
4. Investments USD USD
4.1 Statement of changes in securities
Position as at January 1 7,298,399 10,108,751
Purchases 242,355 537,921
Sales -1,357,793 -3,341,053
Unrealised gains on investments 1,503,758 545,633
Unrealised losses on investments -487,960 -1,690,172
Realised price gains on investments 738,769 1,629,156
Realised price losses on investments -81,576 -126,585
Realised currency gains on investments 14,450 -
Realised currency losses on investments -64,480 -365,252
Position as at June 30 7,805,922 7,298,399
----------- -----------
Historical cost 4,346,575 4,854,850
The Fund's portfolio comprises shares of companies listed
on The National Stock Exchange of India or the Bombay Stock
Exchange.
The Fund may also acquire depository receipts or participatory
notes of Indian companies listed on overseas stock exchanges
as
well as other instruments as described in the Prospectus.
The portfolio breakdown as at June 30th 2017 is provided
on page 18 of
this report.
4.2 Transaction costs
The transaction costs for the purchase of investments are
capitalized within the historical cost price and for sales
the transaction costs
are discounted from the sales price. Transaction costs
for the first half year of 2017 are USD 5,637 (for the
first half year of 2016:
USD 5,313).
5. Receivables
5.1 Receivable on security transactions
These include transactions still unsettled
as at the balance sheet date.
5.2 Due to subscriptions
These include payments already done by new subscribers
for entering the Fund against the next available NAV.
5.3 Dividend receivable
These include other transactions still unsettled as at
the balance sheet date.
This includes the receivables from unsettled share subscriptions
as per balance sheet date.
5.4 Other receivables
These include other receivables.
6. Cash at banks
This includes immediately due demand deposits
at banks.
7. Current liabilities (due within one year)
7.1 Payable on security transactions
These include transactions still unsettled
as at the balance sheet date.
7.2 Due to redemptions
These include the debts in respect of the repurchase of
shares Himalayan still unsettled as at the balance sheet
date.
30-06-2017 31-12-2016
USD USD
7.3 Other liabilities, accruals and deferred income
Payable investment reseach
fee 9,503 12,246
Payable administration
fee 3,140 3,931
Payable auditors fee 6,635 15,707
Other expenses payable 25,696 12,276
44,974 44,160
----------------- ----------
8. Shareholders' equity
The authorised share capital of the Fund is EUR 60,000
(December 31, 2016: EUR 60,000) and consists of:
Ordinary shares of
- EUR 0.01 each 5,000,100
Priority shares of
- EUR 0.20 each 49,995
8.1 Issued capital number USD USD
Ordinary shares:
Position as at January
1 162,323 2,941 3,522
Sold 1,273 13 1
Purchased -22,689 -227 -455
Revaluation - 209 -127
Position as at June 30 140,907 2,936 2,941
---------------- ----------------- ----------
Priority shares:
Position as at January
1 49,995 14,230 14,230
Sold - - -
Revaluation - - -
Position as at June 30 49,995 14,230 14,230
---------------- ----------------- ----------
Total issued capital 17,166 17,171
----------------- ----------
As at June 30, 2017 the issued and EUR EUR
subscribed share capital amounts
to:
Ordinary shares, par value EUR 0.01
(December 31, 2016: EUR 0.01) 4,450,005 44,500 44,500
Priority shares, par value EUR 0.20
(December 31, 2016: EUR 0.20) 49,995 9,999 9,999
54,499 54,499
----------------- ----------
The Fund became open-ended on April 7, 2000. As at June
30, 2017 a total of 4,309,098 Ordinary Shares have been
purchased,
meaning that 140,907 Ordinary Shares are still outstanding
as at June 30, 2017. Ordinary Shares purchased by the Fund
are directly
charged against capital and share premium.
8.2 Share premium USD USD
Position as at January
1 16,261,438 18,504,968
Received on shares sold 74,572 3,628
Paid on shares purchased -1,198,312 -2,247,285
Revaluation of outstanding
capital -209 127
Position as at June 30 15,137,489 16,261,438
----------------- ----------
30-06-2017 31-12-2016
USD USD
8.3 General reserve
Position as at January 1 -7,987,889 -7,942,782
Transferred from undistributed result -378,452 -45,107
Position as at June 30 -8,366,341 -7,987,889
------------------ ------------
8.4 Undistributed result
Position as at January 1 -378,452 -45,107
Transferred to/from general reserve 378,452 45,107
Total investment result 1,438,094 -378,452
Position as at June 30 1,438,094 -378,452
------------------ ------------
Three years Himalayan Fund N.V.
30-06-2017 31-12-2016 31-12-2015
Net Asset Value (USD x 1,000)
Net Asset Value according to balance
sheet 8,226 7,912 10,535
Less: value priority shares 14 14 14
8,212 7,898 10,521
------------------ ------------------ ------------
Number of Ordinary Shares
outstanding 140,907 162,323 207,748
Per Ordinary Share
Net Asset Value
share (USD) 58.28 48.66 50.64
Notes to the Profit & Loss account
9. Income from investments
9.1 Dividends
This refers to net cash dividends including withholding
tax. Stock dividends are considered to be cost free shares.
Therefore stock dividends are not presented
as income.
9.2 Interest income
Most of this amount was received on outstanding
cash balances.
9.3 Other income
From March 6, 2009 this refers to the charges of 0.35%
received on shares issued and repurchased.
These costs are to cover transaction costs in relation
with the purchase and sale of Ordinary Shares and are booked
as an income for
the Fund.
01-01-2017 01-01-2016
10. Expenses 30-06-2017 30-06-2016
USD USD
10.1 Investment research fees
Research fee 81,000 81,000
Custody Fee and Charges 2,711 4,512
------------ ------------
83,711 85,512
------------ ------------
Expenses directly related to the management of investments,
like custody fees and transfer charges as well as other
paying agent fees,
are deducted from the result. These expenses are included
in other investment management fees with the exception
of the transfer
charges. Transfer charges are accounted for in the investment
revaluation reserve.
10.2 Other expenses
Administration Fees and Charges 27,364 29,655
Company Secretarial and Domiciliation Fees 16,411 16,892
Bank Expenses 126 150
Regulatory Fees and Charges 10,357 6,308
Legal Expenses - -
Distribution fees 17,838 18,411
Listing Expenses 7,190 7,210
Audit Fees 11,759 9,997
Fiscal Advisory Fees 7,934 9,219
Advertising and Promotion 7,318 7,553
Directors Fees 31,700 31,700
Board Expenses 10,136 10,156
Miscellaneous 2,360 2,303
------------ ------------
150,493 149,554
------------ ------------
On-going charges ratio
The on-going charges ratio is calculated as follows:
the total expenses of the Fund, excluding transaction
fees and cost of
interest, divided by the average
NAV*.
The expense ratio of the Fund for the reporting period
is equal to 2.83%; annualised 5.66% (annualised 2016:
5.11%).
Turnover ratio
The turnover ratio is calculated as follows: the total
sum of purchases plus sales minus subscriptions minus
redemptions
divided by the average NAV
*.
The turnover ratio of the Fund for the reporting period
is equal to 3.95 %; annualised 7.9 % (annualised 2016:
0.91%).
* - The Fund has a weekly NAV. The average Net Asset
Value of the Company for the reporting period is calculated
as the
sum of the weekly Net Asset Values divided by the number
of observations.
Comparison of real cost with cost according to Prospectus*
According to Prospectus Actual costs
USD USD
Research fee (1) 81,000 81,000
Administration fee (2) 27,364 27,364
Secretarial and Domiciliation
fees (3) 16,411 16,411
Costs for the Board (4) 100,000 41,836
*- As per the Prospectus of
June 7, 2010.
1) Ian McEvatt receives an annual fee of USD 114,000
for investment research and IndAsia Fund Advisors Pvt
Ltd receives
an annual fee of USD 48,000.
2) CACEIS Bank Netherlands Branch is paid a fixed fee
of EUR 50,000 per year for administration services.
3) Inviqta has been appointed to provide domicile and
company secretarial services to the Fund for a fixed
fee of
EUR 25,000 (exclusive VAT)
per year.
4) The Prospectus states that the remuneration of the
Directors is subject to a limit of USD 100,000 in aggregate
per year.
In 2017 the remuneration of the Directors will be USD
62,895 (inclusive VAT). Directors fees per person in
the first half year
of 2017 are as follows: Ian McEvatt*: USD 5,000; Dwight
Makins: USD 9,250; Robert Meijer: USD 11,400; Karin
van der
Ploeg*: USD 6,050. Board expenses (exclusive remuneration
of the Directors) amount to USD 10,235 for the first
half year
of 2017.
* Karin van der Ploeg is a partner of Inviqta. It has
been agreed that members of the Board who are also
directors/partners
of the service providers of the Fund receive a fixed
annual management fee of USD 10,000 (exclusive VAT).
Employees
The Fund has no employees.
Amsterdam, August 29, 2017
Board of Directors
Ian McEvatt, Chairman
Dwight Makins
Robert Meijer
Karin van der Ploeg
Portfolio breakdown
As per June
30, 2017
percentage
Market value of total
Net
India USD Asset Value
Auto Ancillary 561,370 6.8
13,000 Bajaj Auto 561,370
Construction 874,600 10.6
100,000 HeidelbergCement 193,541
135,369 Kalpataru Power Transmission 681,059
Consumer discretionary 708,095 8.6
240,000 Indian Hotels 496,801
75,000 VIP Industries 211,294
Consumer goods 1,476,399 17.9
28,000 Agro Tech Foods 214,253
3,500 Nestle India 364,785
72,000 Pidilite Industries 897,361
Consumer staples 250,357 3.0
50,000 ITC Dematerialised 250,357
Energy 490,419 6.0
30,000 Indraprastha Gas 490,419
Financials 1,473,758 17.9
27,000 HDFC Bank 690,084
53,000 Kotak Mahindra Bank 783,674
Healthcare 404,475 4.9
12,000 Lupin 196,762
11,000 Torrent Pharmaceuticals 207,713
Industrials 474,879 5.8
25,000 Supreme Industries 474,879
Media 357,250 4.3
250,000 IBN18 Broadcast 139,818
38,000 Shemaroo Entertainment 217,432
Technology 734,320 8.9
250,000 Firstsource Solutions 131,889
18,000 HCL Technologies 236,955
10,000 Tata Consultancy 365,476
Total Equity 7,805,922 94.9
Cash 420,486 5.1
NAV 8,226,408 100.0
Other information
Personal interest
At the end of, or during the reporting period, none
of the members of the Board of Directors had any interests
in securities
also being a part of the investments of the Fund.
Special controlling rights
Special rights are assigned to holders of Priority
Shares. The most important rights are:
- to submit a binding nomination for the appointment
of the Directors
- to give their approval in advance of amendments
in the Articles of Association, legal merger, legal
split and dissolving
the Fund.
The Priority Shares are all held in the name of Iceman
Capital Ltd.
Priority Shares
During 2011 & 2012 49.995 Priority Shares were held
by Iceman Capital Ltd. At the beginning of 2009 the
nominal value
of the Priority Shares was Eur 0.01 each. On August
26, 2009 the Articles of Association were amended and
the nominal
value of the Priority Shares was increased to Eur 0.20
Each.
The directors of Iceman Capital Ltd. are Messrs. I.
McEvatt, P.J. Nicolle, M.T. Cordwell, J.W. Owen and
E.H. Jostrom.
The directors of the Fund and the directors of Iceman
Capital Ltd. declare that to the best of their knowledge
and belief
Appendix X, paragraph C, article 10 of the listing
Rules of Euronext Amsterdam NV is complied with.
Independent Auditor's report
No audit was performed on these semi annual statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EELFLDVFFBBK
(END) Dow Jones Newswires
August 29, 2017 02:01 ET (06:01 GMT)
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