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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Rorento Nv | LSE:RRO | London | Ordinary Share | ANN757371433 | ORD EUR3 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RORENTO N.V. SEMIANNUAL REPORT JUNE 2006 % ROBECO CONTENTS General information Report of the management board Financial statements Balance sheet Profit and loss account Cash-flow summary Notes Other data Spread of net assets GENERAL INFORMATION RORENTO N.V. [1] (public limited liability company with an open-end structure established according to the laws of the Netherlands Antilles, having its registered office in Philipsburg, St. Maarten, Netherlands Antilles) Ara Hill-Top, Unit A5 Pletterijweg Oost 1 Willemstad, Curaçao Information address for Rorento Robeco Institutional Asset Management B.V. Coolsingel 120 Postbus 973 NL - 3000 AZ Rotterdam Telephone +31- 10 - -224 12 24 Fax +31 - 10 - 411 52 88 Internet: www.robeco.com Supervisory Board Paulus C. van den Hoek, chairman Gilles Izeboud Philip Lambert Dirk P.M. Verbeek Management Board Edith J. Siermann Frank L.E.G. Boll Ferdie L.I. van de Walle Fund manager Edith J. Siermann PROSPECTUS A simplified prospectus with information on Rorento N.V. and its associated costs and risks is available. This simplified prospectus and the full prospectus are available at the company's offices and via www.robeco.com. This report is also published in Dutch, French and German. Only the original Dutch edition is binding. REPORT OF THE MANAGEMENT BOARD GENERAL INTRODUCTION More balanced growth In the first half of 2006 strong and balanced economic growth was recorded globally. The US and many emerging economies continued to grow rapidly. Japan's recovery became more entrenched, while in the euro zone growth was accelerating. The strong economic recovery was one of the factors behind the elevated level of prices for commodities like oil, leading to inflationary pressures. Although the underlying inflation in many countries has remained well-contained, core inflation is creeping up in many countries. This, in combination with strong growth, led to a worldwide tightening of monetary policy. The US Federal Reserve Bank (Fed) continued to raise interest rates by 25 basis points at every meeting while the ECB followed its own hiking strategy of raising interest rates by 25 basis points every quarter. The Bank of Japan stopped its policy of flooding the banking system with liquidity and abandoned its zero-interest-rate policy. Many other central banks around the world joined the major central banks by tightening their policies. Difficult environment for bond markets Strong growth and global tightening of monetary policies created a difficult environment for bond markets. Bond yields increased strongly and the credit market was not immune to tighter monetary conditions either, so that spreads widened, driven by fears that the Fed would overdo its tightening. Outlook The environment for bonds will probably remain difficult for some time to come. The ECB can be expected to further raise interest rates. The Bank of Japan abandoned its zero-interest-rate policy. The US economy appears to be close to a turning point. Still, further tightening may be needed to keep inflation under control, which could in turn lead to higher bond yields and weaker credit markets. INVESTMENT RESULT In the first six months of 2006, Rorento's share price dropped from EUR 42.87 to EUR 41.49, an investment result of -3.2%. Based on net asset value, which rose from EUR 43.10 to EUR 41.72, the investment result was -3.4%. The fund's benchmark, the Lehman Multiverse Index, 50% hedged into euros, fell 3.6% over the same period. INVESTMENT POLICY In the first six months of 2006 the portfolio anticipated rising interest rates worldwide, prompted in large part by the results of Robeco's duration model. As a result of qualitative factors, this positioning was increased from February through May. In May, when risk premiums rose and high-risk investment categories came under pressure, this qualitative position was halved. Capital-market rates in the euro zone increased from approximately 3.3% to some 4.1% during the reporting period. US capital-market rates rose from 4.4% to approximately 5.2%, while in Japan rates increased from 1.5% to 1.9%. Given the positioning, this had a positive effect on the portfolio's relative performance. The portfolio also anticipated a further flattening of the euro-zone yield curve with the idea being that short-dated bonds would remain under pressure as a result of the ECB's tightening cycle. This position was closed in May. Towards the end of the reporting period, the fund switched out of euro-zone bonds and into US Treasuries because the Fed had already increased the money-market rate by more than 400 basis points and the US is further ahead in the economic cycle than the euro zone. Expectations were for the spread between the two blocks, which had widened substantially in 2005, to narrow again. At the beginning of the year, a new country-allocation strategy was added, based on a quantitative model. Each month, a selection is made of countries, where the underlying spread is expected to narrow. The currency risk is hedged into euros. This strategy proved successful over the reporting period. In the second quarter a position was also taken to take advantage of a steepening of the Japanese yield curve. In the reporting period this had a slightly negative effect on the fund's relative performance. In addition, the fund took a position in the Hungarian bond market at the beginning of the year. Finally, in the second quarter, the response to the convergence of Sweden's short-term rates with those of the euro zone was successful. Asset allocation Credit derivatives were used on a number of occasions to take advantage of differences in the relative valuations of investment categories. At the beginning of January an overweight position was taken in emerging debt offset by an underweight position in the US high-yield market. Later the portfolio was positioned for a contraction in the valuation differentials between bonds issued by European companies with high-yield status and European companies with investment-grade status. Both decisions had a positive effect on relative performance. The fund also started building a position in asset-backed securities. These are loans which have a diversified basket of mortgages, for instance, as their underlying value. This investment category has an attractive risk/return profile and can be considered as a good alternative for government bonds, for example. Currency policy The US dollar weakened against most other currencies in the first few months of the year. The US currency fell from USD 1.18 against the euro at the beginning of the year to USD 1.29 in May. This was followed by a slight recovery to USD 1.26, mainly as a result of unrest in stock markets worldwide. Until April the fund was geared towards a stronger dollar and yen relative to the other currencies, then in the second quarter the fund underweighed the dollar against the yen and the euro. On balance, the currency policy had a negative effect on the fund's performance relative to that of the benchmark. In terms of absolute returns the benchmark lost 1.6% as a result of partial hedging into the euro. Credit policy The corporate-bond market was volatile in the first six months of 2006. On average, excess returns on corporate bonds over government bonds remained stable early in the year. However, over the reporting period risk premiums increased in various capital markets, including the credit market. This had the greatest impact on higher-risk names. The fund's credit-market risk exposure was mainly defensive during the reporting period. This was due in large part to the newly introduced credit-beta model, which gave a negative signal. On balance, this position turned out to be favorable. Issuer selection was however less opportune. On the whole, the credit policy's contribution to performance was neutral. Performance During the period under review, the fund manager's active investment policy led to an outperformance of 0.56% (before deduction of the management fee) relative to the benchmark. Of this 0.56%, 0.76% was attributable to the duration policy, 0.18% to the asset-allocation policy, 0.05% to the country policy, -0.20% to the yield-curve policy, 0.08% to the money-market policy, -0.07% to the credit policy and -0.24% to the currency policy. NEW BENCHMARK ADOPTED As of 1 July 2006, Rorento's benchmark has changed. The old benchmark was the Lehman Multiverse Index, 50% hedged into euros. The new Rorento benchmark is the Lehman Multiverse Index hedged into euros. The full hedging into euros will reduce the fund's risk profile for investors in the euro zone. Rorento's investment policy remains unchanged and the fund continues to respond actively to currency movements. Philipsburg, 9 August 2006 The management board Edith J. Siermann Frank L.E.G. Boll Ferdie L.I. van de Walle BALANCE SHEET EUR x thousand 30/06/2006 31/12/2005 Investments Financial investments Bonds and other fixed-income securities (1) 2,492,597 2,833,171 Investments in Robeco Group mutual funds (2) 218,064 214,515 Derivatives (6) 19,209 21,497 Deposits - 14,622 Other financial investments (3) 70,994 33,487 _________ _________ Total investments 2,800,864 3,117,292 Accounts receivable 87,595 58,039 Other assets Cash 49,173 132,234 Accounts payable Obligations arising from derivative (6) 15,429 2,070 instruments Other accounts payable 93,196 234,823 _________ _________ 108,625 236,893 Accounts receivable and other assets less accounts payable 28,143 -46,620 _________ _________ Shareholders' equity 2,829,007 3,070,672 Composition of shareholders' equity (4) Issued capital (5) 203,887 213,755 Other reserves 2,727,838 2,633,869 Net result -102,718 223,048 _________ _________ 2,829,007 3,070,672 PROFIT AND LOSS ACCOUNT EUR x thousand 01/01- 01/01- 30/06/2006 30/06/2005 Investment income 59,461 67,568 Changes in value -150,621 131,673 _________ _________ -91,160 199,241 Costs (7) Management costs (8) 10,310 10,729 Service fee (8) 983 1,019 Other costs (9) 265 233 _________ _________ 11,558 11,981 _________ _________ Net result -102,718 187,260 The numbers of the items in the financial statements refer to the numbers in the Notes. CASH-FLOW SUMMARY indirect method, EUR x thousand 01/01- 01/01- 30/06/2006 30/06/2005 Cash flow from investment activities 8,878 187,596 Cash flow from financing activities -136,401 -209,363 _________ _________ Net cash flow -127,523 -21,767 Currency and cash revaluation -444 -14,811 _________ _________ Increase(+)/decrease(-) cash* -127,967 -36,578 * Cash and accounts payable to credit institutions NOTES General Rorento (hereafter also referred to as 'the fund') is an investment institution registered in the Netherlands Antilles and as such is not subject to Dutch corporate-income tax. It is only liable to pay a minor sum in Netherlands Antilles profits tax. The financial statements are in euros and are drawn up in accordance with regulations prevailing in the Netherlands. The fund holds a license in accordance with article 11, section a, of the National Ordinance on the Supervision of Investment Institutions and Administrators ['Ltba', Landsverordening Toezicht op Beleggingsinstellingen en Administrateurs]. The fund also holds a license from the AFM [the Dutch Authority for the Financial Markets] under the Dutch Investment Institutions Supervision Act ['Wtb', Wet toezicht beleggingsinstellingen]. Models The semiannual report has been drawn up in conformity with the models provided by Dutch legislature for annual financial statements, taking into account the regulations that apply to semiannual reports. In certain areas, descriptions have been used which better express the nature of the items and relate better to the characteristics of an investment company. Open-end fund Rorento N.V. is an open-end investment company, meaning that, barring exceptional circumstances, Rorento N.V. issues and repurchases its shares on a daily basis at prices approximating net asset value. A fixed spread between the bid and offer price applies to cover costs related to issuance and repurchase of own shares. The issue price will not be more than 0.5% higher than the net asset value and the repurchase price will not be more than 0.5% lower than the net asset value. The abovementioned margin between the net asset value and the bid and offer prices, and the associated costs, are for the account and risk of Robeco Investment Consulting B.V., as a result of which Rorento N.V. issues and repurchases its shares at net asset value. Robeco Investment Consulting B.V. will distribute any positive results to the funds, in proportion to each fund's positive contribution to the spread result. A buffer is maintained to cover any future losses. Non-certificated participation in the Netherlands Parties with which shares may be held in non-certificated form include Robeco Direct N.V. in the Robeco Group Accounts System or the affiliated branches of Rabobank in the Rabo Securities Account. Participants pay costs on the sum deposited for each purchase, and in the event of a sale a percentage of the sum withdrawn. These participation costs are currently a maximum of 0.4% via Robeco Direct and a maximum of 0.5% via Rabobank, depending on the channel selected. These sums will accrue to Robeco Direct and Rabobank respectively. Outsourcing core tasks The administration has been outsourced to Robeco Institutional Asset Management B.V., a 100% subsidiary of Robeco Groep N.V. Agreements have been made with the aforementioned party relating to the provision of information and performance standards. accounting principles General The accounting principles for the valuation of assets and liabilities and determination of the result are unchanged, and as such are in accordance with the annual financial statements. Amounts are expressed in thousands of euros. Affiliated parties Rorento N.V. is affiliated to the entities belonging to Robeco Groep N.V. The affiliation with Robeco Groep N.V. is the result of the possibility of having decisive control or a substantial influence on the fund's business policy. Robeco Groep N.V. belongs to the Rabobank Group. The management structure of Robeco Groep N.V., in which significant authority is allocated to its independent supervisory board, is such that Rabobank does not have a meaningful say in or influence on the fund's business policy. Robeco Groep N.V. pursues an independent investment policy on behalf of its affiliated investment companies, taking into account the interests of the investors involved. Besides services of other market parties, Rorento N.V. also uses the services of one or more of these affiliated entities including transactions relating to securities, treasury, derivatives, custody, securities lending, and sale and purchase of its own shares, fund-administration services, as well as management activities. Transactions are executed at market rates. FINANCIAL INSTRUMENTS Risks Transactions in financial instruments may lead to the fund being subject to the risks described below or to the fund transferring these risks to another party. Price risks Currency risk is the risk that the value of a financial instrument will fluctuate as a result of changes in exchange rates. Interest-rate risk is the risk that the value of a financial instrument will fluctuate as a result of changes in market rates. The value of investments in fixed-income securities depends directly on market rates. Duration is used as the measure for the portfolio's sensitivity to interest-rate movements. The portfolio's sensitivity to fluctuations in market rates can be influenced by changing the portfolio's duration. Further information on the duration policy can be found in the report of the management board. Market risk is the risk that the value of a financial instrument will fluctuate as a result of changes in market prices, caused by factors that exclusively apply to the individual instrument or its issuer or caused by factors that affect all instruments traded in the market. The fund minimizes risks by diversifying over countries, currencies and issuers. Investments are made primarily in bonds issued or guaranteed by OECD member countries and by companies based in these countries. The fund pursues an active currency policy. Rorento invests a limited part of its assets in paper qualified as high yield by rating agencies. Credit risk Credit risk is the risk that the counterparty of a financial instrument will no longer meet its obligations, as a result of which the fund will suffer a financial loss. The fund minimizes this risk by trading exclusively with reputable counterparties with a rating of at least P1 from Moody's or A from Standard & Poor's. Wherever it is customary in the market, the fund will demand and obtain collateral. Liquidity risk Liquidity risk is the risk that the fund is not able to obtain the financial means required to meet the obligations arising from financial instruments. The fund minimizes this risk by mainly investing in financial instruments that are tradable on a daily basis. Insight into actual risks The Report of the management board, the Balance sheet, the Notes to the balance sheet and the Spread of net assets, which includes the geographic distribution of the investments and the net currency position, give an insight into the actual risks at balance-sheet date. Risk management Managing risk is a part of the investment process as a whole and with the help of advanced systems, the risks outlined above are limited, measured and monitored on the basis of fixed risk measures. Policy regarding the use of derivative instruments Investing implies that positions are taken. As it is possible to use various instruments, including derivative instruments, to construct an identical position, the selection of derivatives is subordinate to the positioning of a portfolio. In our published information, attention is given primarily to the overall position, and secondarily to the nature and volume of the financial instruments employed. Derivatives The market value of derivatives is reported in the Balance sheet. The presentation of the market value is based on the liabilities and receivables per counterparty. The receivables are reported under Financial investments and the liabilities are reported under Accounts payable. The value of the derivatives' underlying instruments is not included in the Balance sheet. If applicable, they are explained under the heading Commitments not shown in the balance sheet. NOTES TO THE BALANCE SHEET AND PROFIT AND LOSS ACCOUNT 1 Bonds At balance-sheet date, bonds to the amount of EUR 935 million (EUR 502 million at the end of last year) had been lent. To cover the risk of non-restitution, adequate collateral with a value of EUR 982 million (EUR 533 million at the end of last year) was demanded and obtained; this collateral is not included in the Balance sheet. The geographic distribution and the currency position of the bond portfolio are included in the overview of the Spread of net assets which can be found at the end of this report. 2 Investments in Robeco Group mutual funds A list of these investments is given below. +----------------------------------------------------------------------------------------------------------------------+ |INVESTMENTS IN ROBECO GROUP MUTUAL FUNDS | |----------------------------------------------------------------------------------------------------------------------| | | | | | | | |----------------+---------------------------------+-------------------------------------------------------------------| | | Market value| Interest in| Net asset value 1)| Return| Total expense| | | | fund| | | ratio| | | | | | | 2)| |----------------+-------------------+-------------+---------------------+---------------------------+-----------------| | | EUR x thousand| in %| EUR x 1| in %| in %| |----------------+-------------------+-------------+---------------------+---------------------------+-----------------| | | 30/06| 31/12| 30/06| 31/12| 30/06| 31/12| 01/01-30/06| 01/01-30/06| 01/01-| 01/01-| | | 2006| 2005| 2006| 2005| 2006| 2005| 2006| 2005| 30/06 | 30/06| | | | | | | | | | | 2006| 2005| |----------------+---------+---------+------+------+----------+----------+-------------+-------------+---------+-------| | | | | | | | | | | | | |----------------+---------+---------+------+------+----------+----------+-------------+-------------+---------+-------| |Robeco Capital | | | | | | | | | | | |Growth Funds - | 94,667| 93,605| 65.4| 78.9| 101.13| 99.59| 1.5| -| 0.28| -| |Robeco High | | | | | | | | | | | |Yield Bonds | | | | | | | | | | | |(EUR) I shares | | | | | | | | | | | |3) 5) | | | | | | | | | | | |----------------+---------+---------+------+------+----------+----------+-------------+-------------+---------+-------| |Robeco Interest | | | | | | | | | | | |Plus Funds - | 51,560| 50,220| 36.8| 85.5| 103.04| 100.51| 2.5| -| 0.17| -| |Robeco | | | | | | | | | | | |Flex-o-Rente | | | | | | | | | | | |(EUR) I shares | | | | | | | | | | | |3) 6) | | | | | | | | | | | |----------------+---------+---------+------+------+----------+----------+-------------+-------------+---------+-------| |Robeco Monetaire| 41,291| 40,609| 27.9| 36.7| 3,068.85| 3,018.17| 1.7| -| 0.15| -| |Quantiplus 4) | | | | | | | | | | | |----------------+---------+---------+------+------+----------+----------+-------------+-------------+---------+-------| |Robeco Capital | | | | | | | | | | | |Growth Funds - | 30,546| 30,081| 95.3| 96.8| 102.15| 100.19| 2.0| -| 0.29| -| |Robeco European | | | | | | | | | | | |High Yield Bonds| | | | | | | | | | | |(EUR) I shares | | | | | | | | | | | |3) 6) | | | | | | | | | | | |----------------+---------+---------+------+------+----------+----------+-------------+-------------+---------+-------| | | _____| _____| | | | | | | | | |----------------+---------+---------+------+------+----------+----------+-------------+-------------+---------+-------| | | 218,064| 214,515| | | | | | | | | |----------------+---------+---------+------+------+----------+----------+-------------+-------------+---------+-------| | | | | | | | | | | | | |----------------------------------------------------------------------------------------------------------------------| |1) Per share. | |----------------------------------------------------------------------------------------------------------------------| |2) Regarding management costs, agreements have been made with the manager of the fund concerned for the restitution of| |management costs to Rorento N.V. | |----------------------------------------------------------------------------------------------------------------------| |3) This Luxembourg-based fund with a UCITS III status is regulated by the Luxembourg authorities. Robeco Luxembourg| |S.A. | |is the manager of the fund. The annual report for the period ending on 30 June 2006 will be available at Rorento's | |offices on request after publication. | |----------------------------------------------------------------------------------------------------------------------| |4) This fund has a UCITS III status and is regulated by the French authorities. The semiannual report as of 31 March| |2006 | |of this fund is available at Rorento's offices on request. | |----------------------------------------------------------------------------------------------------------------------| |5) Introduced on 1 September 2005. | |----------------------------------------------------------------------------------------------------------------------| |6) Introduced on 3 October 2005. | +----------------------------------------------------------------------------------------------------------------------+ Rorento N.V. can enter and exit the mentioned Robeco Group funds on a daily basis at net asset value. These funds do not charge an entry or exit fee. 3 Other financial investments Includes call money, certificates of deposit and commercial paper. 4 Shareholders' equity COMPOSITION AND DEVELOPMENT OF SHAREHOLDERS' EQUITY EUR x thousand 01/01- 01/01- 30/06/2006 30/06/2005 Issued capital Situation at opening date 213,755 233,213 Received on shares issued 6,345 6,744 Paid for shares repurchased -16,213 -21,904 _______ _______ Situation at closing date 203,887 218,053 Other reserves Situation at opening date 2,633,869 2,786,675 Received on shares issued 83,426 86,383 Paid for shares repurchased -212,474 -280,102 Supervisory directors' fee -31 -35 Net result from previous financial year 223,048 97,628 _______ _______ Situation at closing date 2,727,838 2,690,549 Net result -102,718 187,260 _______ _______ Shareholders' equity 2,829,007 3,095,862 The company's authorized share capital amounts to EUR 900 million, divided into 300,000,000 ordinary shares with a nominal value of EUR 3 each. As of 30 June 2006 the number of shares outstanding was 67,962,241. Net asset value per share amounted to EUR 41.63. 5 Shares outstanding DEVELOPMENT OF NUMBER OF SHARES OUTSTANDING 01/01- 01/01- 30/06/2006 30/06/2005 Situation at opening date 71,251,513 77,737,554 Shares issued in financial year 2,115,167 2,248,231 Shares repurchased in financial year 5,404,439 7,301,330 __________ __________ Situation at closing date 67,962,241 72,684,455 6 Commitments not shown in the balance sheet Forward exchange transactions Forward exchange transactions current at balance sheet date concern purchases of DKK 77 million, EUR 1,282 million and KRW 25,588 million against sales of AUD 6 million, CAD 57 million, CHF 0.3 million, GBP 102 million, JPY 9,869 million, SEK 54 million and USD 1,344 million. The effect of these transactions on the currency position is shown in the survey Spread of net assets at the end of this report. Futures Futures contracts purchased as at closing date represent an increase in assets invested of CAD 4 million and GBP 1,944 million; futures contracts sold represent a decrease in assets invested of EUR 411 million, JPY 13,034 million and USD 3,325 million. Credit-default swaps Credit-default swap contracts current at closing date represent a value of EUR 5 million and USD 8 million; credit-default swap contracts sold represent a value of EUR 192 million and USD 214 million. Interest-rate swaps Interest-rate swaps contracts current at closing date represent a value of CAD 329 million, EUR 557 million, GBP 11 million, JPY 157,800 million, SEK 5,403 million and USD 253 million. Mortgage-backed securities (TBAs) Forward purchases of mortgage-backed TBA securities current at closing date represent a sum of USD 467 million. Unrealized results of these transactions at closing date are included in the Profit and loss account. COSTS 7 Total expense ratio TOTAL EXPENSE RATIO 01/01- 01/01- 30/06/2006 30/06/2005 in % in % Cost item Management costs 0.35 0.35 Service fee 0.03 0.03 Other costs 0.01 0.01 _______ _______ Total 0.39 0.39 The total expense ratio expresses the costs charged to the fund during the reporting period as a percentage of the average assets entrusted during the reporting period. The total expense ratio as shown does not include transaction costs. The total expense ratio was 0.39% during the reporting period. The management costs relate to all of the fund's current costs, which include the fees paid for registering shareholders and all costs resulting from the management of the fund, with the exception of costs relating to investments and taxes. The service fee covers the administration, the costs of the external auditor, other external advisers, regulators, costs relating to reports required by law, such as the annual and semiannual reports, and the costs relating to the meetings of shareholders. The total expense ratio takes into account the costs of intra-group investments, as presented in the table on page 7. As the management costs are restituted to Rorento, these costs are not material and are therefore not included in the table below. Other costs relate to bank charges and the custody fee charged by third parties for the custody of the fund's securities portfolio. The custody fee is EUR 181 thousand. 8 Management costs and service fee Management costs relate exclusively to the management fee of 0.70% per year. The service fee amounts to 0.08% per year and covers formal and operational costs. For assets exceeding EUR 1 billion the service fee is 0.06%; for assets exceeding EUR 5 billion the service fee is 0.04%. The management fee and service fee are charged by Robeco Institutional Asset Management B.V. and are calculated on a daily basis, based on the average assets entrusted. Wherever in this report mention is made of the average assets entrusted this is also calculated on a daily basis, unless stated otherwise. 9 Other costs This includes custody costs and bank charges. 10 Performance fee Rorento N.V. is not subject to a performance fee. 11 Transaction costs Brokerage costs and exchange fees relating to investment transactions are discounted in the cost price or the sales value of the investment transactions. Brokerage costs for the purchase and sale of bonds are included in the share price and cannot be quantified separately. These costs and fees are charged to the result ensuing from changes in value. The quantifiable transaction costs are shown in the table on page 9. The transaction volume of the quantifiable transaction costs is 1.2% (over the period 1 January through 30 June 2005 this was 0.7%) of the total transaction volume. TRANSACTION COSTS EUR x thousand 01/01- 01/01- 30/06/2006 30/06/2005 Transaction type Bonds - 10 Futures 302 211 12 Hard commissions and soft-dollar arrangements There were no hard commissions or soft-dollar arrangements during the reporting period. 13 Turnover ratio This shows the turnover of the investments against the average assets entrusted and is a measure of the incurred transaction costs resulting from the portfolio policy pursued and the ensuing investment transactions. In the calculation method used, the amount of the turnover is determined by the sum of the purchases and sales of investments less the sum of issuance and repurchase of own shares. The turnover ratio is corrected for repo transactions, which are not part of the portfolio policy but generate extra return on the portfolio.The turnover ratio is determined by expressing the amount of turnover as a percentage of the average assets entrusted. The turnover ratio over the reporting period was 69% (over the period 1 January through 30 June 2005 this was 159%). Holding certain positions for a longer period of time and less movements within the credit part of the portfolio were the main reasons for the decline. 14 Transactions with affiliated parties Part of the transaction volume over the reporting period relates to transactions with affiliated parties. The table below shows the various types of transactions where this was the case. TRANSACTIONS WITH AFFILIATED PARTIES Part of the total volume in % 01/01- 01/01- 30/06/2006 30/06/2005 Transaction type Bonds 0.5 33.8 Call money 98.9 100.0 Forward exchange transactions 3.3 4.6 Deposits - 2.3 15 Securities lending Robeco Securities Lending B.V. is the intermediary for all Rorento N.V.'s securities-lending transactions. As compensation for its services Robeco Securities Lending B.V. receives a fee of 40% of the gross return on these securities-lending transactions. An external agency periodically assesses whether the agreements between the fund and Robeco Securities Lending are still in line with the market. The return for the fund over the reporting period was EUR 328 thousand (EUR 179 thousand in the period 1 January through 30 June 2005) and for Robeco Securities Lending EUR 219 thousand (EUR 120 thousand in the period 1 January through 30 June 2005). Philipsburg, 9 August 2006 The management board OTHER DATA STOCK-EXCHANGE LISTING The ordinary shares of Rorento N.V. are listed on Eurolist of Euronext Amsterdam N.V. In addition, Rorento N.V. has a stock-exchange quotation in Paris, Brussels, Luxembourg, London, Berlin, Dusseldorf, Frankfurt, Hamburg, Munich, Vienna and Zurich. DIRECTORS' INTERESTS Statement pursuant to article 48, paragraph 1, section d, of the Dutch Investment Institutions Supervision Decree ['Btb', Besluit toezicht beleggingsinstellingen]. On 1 January 2006 and 30 June 2006 the directors of the investment company held the following total personal interests in investments of the investment company. DIRECTORS' INTERESTS +-------------------------------------------------------------------------------+ | |Description |Supervisory-board |Management-board |Total | | | |Value in EUR |Value in EUR |quantity | | | | | |Value in | | | | | |EUR | |------------------+-------------+------------------+-----------------+---------| | | | | | | |------------------+-------------+------------------+-----------------+---------| |As of 1 January | | | | | |2006 | | | | | |------------------+-------------+------------------+-----------------+---------| |Robeco |Board members|2 |11 |11 | |Flex-o-rente | | | | | |------------------+-------------+------------------+-----------------+---------| |5,5% Belgische |bonds | |1,800,787 |1,800,787| |overheid | | | | | |28-03-2028 | | | | | |------------------+-------------+------------------+-----------------+---------| |6% Nederland |bonds |45,379 |- |63,531 | |15-01-2006 | | | | | |------------------+-------------+------------------+-----------------+---------| |6,25% ING Groep |equities |5,808 |- |5.8081 | |21-06-2021 | | | | | |------------------+-------------+------------------+-----------------+---------| |As of 30 June 2006| | | | | |------------------+-------------+------------------+-----------------+---------| |Robeco |Board members| |11 |11 | |Flex-o-rente | | | | | |------------------+-------------+------------------+-----------------+---------| |5,5% Belgische |bonds | |1,836,787 |1,836,787| |overheid | | | | | |28-03-2028 | | | | | |------------------+-------------+------------------+-----------------+---------| | | | | | | |------------------+-------------+------------------+-----------------+---------| |1 Number | | | | | +-------------------------------------------------------------------------------+ AUDITORS No external audit has been conducted. SPREAD OF NET ASSETS Across countries Across currencies 30/06/2006 30/06/2006 31/12/2005 30/06/2006 30/06/2005 EUR x in % in % in % in % thousand Long-term investments North America (33.3%) US dollar 902,997 31.9 35.8 -3.2 27.1 Canadian 39,019 1.4 1.4 - 1.1 dollar Europe (57.6%) Euro 1,475,574 52.1 53.6 100.6 62.1 British pound 147,362 5.2 4.6 - 1.1 Swedish krona 8,512 0.3 0.3 - 0.3 Danish krone - - - 0.4 0.4 Hungarian - - - 0.1 - forint Swiss franc - - - - -1.4 Asia (4.9%) Japanese yen 137,197 4.9 3.6 1.4 8.4 Korean won - - - 0.7 0.7 Australia (0%) Australian - - - - 0.2 dollar Short-term 118,346 4.2 0.7 - - investments (4.2%) ________ ________ ________ ________ ________ Total 2,829,007 100.0 100.0 100.0 100.0 [1] Robeco (Schweiz) AG, Uraniastrasse 12, CH-8001 Zurich, is the fund's appointed representative in Switzerland. Copies of the prospectus, simplified prospectus, Articles of Association, annual and semiannual reports and a list of all purchases and sales in the fund's securities portfolio during the reporting period are available from the above address free of charge. UBS AG, Bahnhofstrasse 45, CH-8098 Zurich, is the fund's paying agent in Switzerland. - ---END OF MESSAGE--- Copyright © Hugin ASA 2006. All rights reserved.
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