SEF SICAV PART II - Swedbanki/@sbg/@sb/@lux/documents/article/cid... · SEF SICAV PART II – CAPITAL GROWTH STRATEGY (Class A) ... SEK SEK SEK ASSETS Investments, at cost 5,821,086,850.16

R.C.S. Luxembourg B 184.721

SEF SICAV PART II Société d’Investissement à Capital Variable à compartiments multiples

Unaudited semi-annual report at June 30, 2015

SEF SICAV PART II

Unaudited semi-annual report at June 30, 2015

No subscription can be received on the basis of financial statements. Subscriptions are only valid on the basis of the current Prospectus accompanied by the latest available financial statements and the latest semi-annual report if it is more recent than the financial statements.

1

SEF SICAV PART II

Table of contents

2

Organisation of the SICAV 3

General information 5

Determination of the Net Asset Value of shares 7

Information to shareholders 7

Financial statements

Statement of net assets 8

Statement of operations and changes in net assets 12

Number of shares outstanding and net asset value per share 15

SEF SICAV PART II – ASCENSUS STABIL Statement of Investments and other net assets 16

SEF SICAV PART II – ATLAS DEFENSIV Statement of Investments and other net assets 17

SEF SICAV PART II – ATLAS OFFENSIV Statement of Investments and other net assets 18

SEF SICAV PART II – MOBILIS STABIL Statement of Investments and other net assets 19

SEF SICAV PART II – MOBILIS POTENTIAL Statement of Investments and other net assets 20

SEF SICAV PART II – MOBILIS MIX Statement of Investments and other net assets 21

SEF SICAV PART II – THE PERSISTENCE FUND Statement of Investments and other net assets 22

SEF SICAV PART II – CAPITAL GROWTH STRATEGY Statement of Investments and other net assets 23

SEF SICAV PART II – CAPITAL PRESERVATION STRATEGY Statement of Investments and other net assets 24

Notes to the financial statements 25

SEF SICAV PART II

3

Organisation of the SICAV

REGISTERED OFFICE SEF SICAV PART II, 65, Boulevard Grande Duchesse Charlotte L-1331 LUXEMBOURG, Grand-Duchy of Luxembourg

BOARD OF DIRECTORS

Chairman Ms TIINA NORBERG, Global Head of Securities Services, Swedbank AB (publ), Landsvägen 40, SE-105 34 STOCKHOLM, Sweden

Directors Mr JONAS PRIPP, Head of Institutional Clients, Financial Institutions, Swedbank AB (publ), Landsvägen 40, SE-105 34 STOCKHOLM, Sweden (from February 17, 2015)

Ms AET RÄTSEPP, Head of Fund Services, Swedbank AS, Liivalaia 8, 15040 TALLINN, Estonia

MANAGEMENT COMPANY AND DOMICILIARY AGENT

SWEDBANK MANAGEMENT COMPANY S.A., 65, Boulevard Grande-Duchesse Charlotte, L-1331 LUXEMBOURG, Grand-Duchy of Luxembourg

BOARD OF DIRECTORS OF THE MANAGEMENT COMPANY

Chairman Mr BENJAMIN SWEDBERG, Head of the Global Transaction Services, Swedbank AB (publ), Landsvägen 40, SE-105 34 STOCKHOLM, Sweden

Directors Ms TIINA NORBERG, Global Head of Securities Services, Swedbank AB (publ), Landsvägen 40, SE-105 34 STOCKHOLM, Sweden

Mr MAGNUS CARLEHED, Head of Investor and Insurance Risk, Swedbank AB (publ), Landsvägen 40, SE-105 34 STOCKHOLM, Sweden

Mr PÄR-OLA LAURIN, Head of Global Financial Institutions, Swedbank AB (publ), Landsvägen 40, SE-105 34 STOCKHOLM, Sweden

CONDUCTING OFFICERS OF THE MANAGEMENT COMPANY

Ms ÖZGÜL GÜLBEY, Conducting Officer, Swedbank Management Company S.A., 65, Boulevard Grande-Duchesse Charlotte, L-1331 LUXEMBOURG, Grand-Duchy of Luxembourg (from March 3, 2015)

Mr TOMAS LUNDMARK, Conducting Officer, Swedbank AB (publ), Landsvägen 40, SE-105 34 STOCKHOLM, Sweden (from March 3, 2015)

Mr FRANÇOIS WATELET, Conducting Officer, Swedbank Management Company S.A., 65, Boulevard Grande-Duchesse Charlotte, L-1331 LUXEMBOURG, Grand-Duchy of Luxembourg

Mr MARIO ZARDONI, Conducting Officer, Swedbank Management Company S.A., 65, Boulevard Grande-Duchesse Charlotte, L-1331 LUXEMBOURG, Grand-Duchy of Luxembourg

REVISEUR D’ENTREPRISES AGREE / CABINET DE REVISION AGREE

DELOITTE AUDIT, Société à responsabilité limitée, 560, Rue de Neudorf, L-2220 LUXEMBOURG, Grand Duchy of Luxembourg

SEF SICAV PART II

4

Organisation of the SICAV(continued)

INVESTMENT MANAGER In respect of SEF SICAV PART II – ASCENSUS STABIL

UNITED SECURITIES AB, Brunnsgatan 21 A, SE-103 93 STOCKHOLM, Sweden

In respect of SEF SICAV PART II – ATLAS OFFENSIV and SEF SICAV PART II – ATLAS DEFENSIV

CERBERUS AB, Engelbrektsgatan 7 SE-114 32 STOCKHOLM, Sweden

In respect of SEF SICAV PART II – MOBILIS STABIL, SEF SICAV PART II – MOBILIS POTENTIAL and SEF SICAV PART II – MOBILIS MIX

MOBILIS KAPITALFÖRVALTNING AB, Stortorget 13, SE-252 20 HELSINGBORG, Sweden

In respect of SEF SICAV PART II – THE PERSISTENCE FUND

ROMANESCO CAPITAL MANAGEMENT AB, Kungsgatan 5, SE-114 43 STOCKHOLM, Sweden

In respect of SEF SICAV PART II – CAPITAL GROWTH STRATEGY and SEF SICAV PART II – CAPITAL PRESERVATION STRATEGY.

ACCUKAP AB, Tegnérgatan 28, SE-113 59 STOCKHOLM, Sweden

DOMICILIARY AGENT / ADMINISTRATOR / DEPOSITARY BANK / PAYING AGENT / REGISTRAR AND TRANSFER AGENT

SWEDBANK AB (publ) Luxembourg Branch, 65, Boulevard Grande Duchesse Charlotte L-1331 LUXEMBOURG, Grand Duchy of Luxembourg

DISTRIBUTOR SWEDBANK AB (publ), Landsvägen 40, SE-105 34 STOCKHOLM, Sweden

LEGAL ADVISORS ARENDT & MEDERNACH S.A., 14, Rue Erasme, L-2082 LUXEMBOURG, Grand Duchy of Luxembourg

SEF SICAV PART II

5

General information

SEF SICAV PART II (the "SICAV") was incorporated in the Grand Duchy of Luxembourg on January 30, 2014. It is organized as a variable capital investment company (société d’investissement à capital variable: "SICAV") under the amended Law of August 10, 1915 relating to commercial companies and Part II of the Law of December 17, 2010, relating to undertakings for collective investment, as amended. It is established for an undetermined duration from the date of incorporation.

The main objective of the SICAV is to invest the funds raised in a pool of assets with the aim of spreading the investment risks and providing to the Shareholders the results of management of the assets of the Fund.

At the date of the report, the following sub-funds are offered to investors:

SEF SICAV PART II – ASCENSUS STABIL SEF SICAV PART II – ATLAS OFFENSIV SEF SICAV PART II – ATLAS DEFENSIV SEF SICAV PART II – MOBILIS STABIL SEF SICAV PART II – MOBILIS POTENTIAL SEF SICAV PART II – MOBILIS MIX SEF SICAV PART II – THE PERSISTENCE FUND SEF SICAV PART II – CAPITAL GROWTH STRATEGY SEF SICAV PART II – CAPITAL PRESERVATION STRATEGY

SEF SICAV PART II – ASCENSUS STABIL (Class A and Class I), has been launched on June 11, 2014.

SEF SICAV PART II – MOBILIS STABIL (Class I and Class R), SEF SICAV PART II – MOBILIS POTENTIAL (Class I and Class R) and SEF SICAV PART II – MOBILIS MIX (Class I and Class R) have been launched on July 3, 2014.

SEF SICAV PART II – ATLAS OFFENSIV (Class A) and SEF SICAV PART II – ATLAS DEFENSIV (Class A), have been launched on October 27, 2014.

SEF SICAV PART II – THE PERSISTENCE FUND (Class A), has been launched on November 21, 2014.

SEF SICAV PART II – CAPITAL GROWTH STRATEGY (Class A) and SEF SICAV PART II – CAPITAL PRESERVATION STRATEGY (Class A and Class B) has been launched on May 15, 2015.

The class A is reserved for Retail Investors for all the sub-funds excepted for SEF SICAV PART II – THE PERSISTENCE FUND. The class I is reserved for Institutional Investors for all the sub-funds excepted SEF SICAV PART II – THE PERSISTENCE FUND. The class R is reserved for Retail Investors for all the sub-funds excepted SEF SICAV PART II – THE PERSISTENCE FUND.

The classes A, B, C and D are reserved for Institutional Investors for SEF SICAV PART II – THE PERSISTENCE FUND. The classes E, F and G are reserved for Retail Investors for SEF SICAV PART II – THE PERSISTENCE FUND.

SEF SICAV PART II

6

The Board of Directors resolved on February 24, 2014: - to enter into a management company services agreement with Swedbank Management Company S.A. (launched on February 24, 2014) The SICAV was self-managed before the appointment of Swedbank Management Company S.A.

The registered office of the SICAV is at 65, Boulevard Grande Duchesse Charlotte L-1331 LUXEMBOURG. The Articles of Incorporation of the SICAV were published in the Mémorial, Recueil Spécial des Sociétés et Associations, dated February 28, 2014. The Articles of Incorporation have been deposited with the Register of the Tribunal d’Arrondissement of Luxembourg where they are available for inspection and where copies thereof can be obtained.

The Fund qualifies as an AIF. It has appointed the Management Company as AIFM on February 24, 2014.

The financial year of the SICAV starts on January 1 and ends on December 31 of each year.

Determination of the Net Asset Value of shares

The Net Asset Value of each sub-fund is expressed in the denomination currency of the respective sub-fund as per share figure, and shall be determined on any Valuation Date by SWEDBANK AB (publ) Luxembourg Branch by dividing the value of the net assets of the sub-fund, being the value of the assets of that sub-fund less its liabilities, on the valuation date, by the number of shares outstanding.

Information to shareholders

Net Asset Value

The Net Asset Value, the issue and redemption prices are available to the public at the registered office of the SICAV.

Financial Statements

Audited annual reports and unaudited semi-annual reports are published and made available to the shareholders free of charge at the SICAV’s registered office.

Other Information

All notices to shareholders are available at the SICAV’s registered office, and are published, if required, in a newspaper in Luxembourg and in the Mémorial.

Any other financial information to be published concerning the SICAV including any suspension of the net asset value, is made available to the public at the SICAV’s registered office.

SEF SICAV PART II

7

SEF SICAV PART II

Statement of net assets at June 30, 2015

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

8

COMBINED ASCENSUS STABIL ATLAS DEFENSIV

SEK SEK SEK

ASSETS Investments, at cost 5,821,086,850.16 140,804,850.29 2,352,632,622.77

Unrealized result on investments 11,885,096.36 -121,787.22 502,408.13

Investments, at market value (Note 1) 5,832,971,946.52 140,683,063.07 2,353,135,030.90

Cash at banks 377,941,281.72 10,563,063.54 61,603,427.34

Cash as margin deposit 68,685,098.92 0.00 0.00

Net formation expenses (Note 1) 440,845.61 152,557.73 0.00

Receivable on subscriptions 8,813,384.28 18,814.73 5,411,066.79

Receivable on sales of securities 1,242,261.71 0.00 643,796.65

Net unrealized result on futures (Note 12) 487,855.97 0.00 0.00 Net unrealized result on forward foreign exchange transactions (Note 11) 9,072,556.66 0.00 4,022,730.92

Accrued income (Note 1) 2,251,051.87 82,076.27 1,298,946.92

6,301,906,283.26 151,499,575.34 2,426,114,999.52

LIABILITIES Payable on purchases of securities 4,348,941.48 4,348,941.48 0.00

Payable on redemptions 5,813,329.48 1,190,276.03 0.00

Accrued expenses (Note 8) 12,283,313.79 270,718.18 4,569,303.52

Net accrued interest on bank accounts 49.27 0.00 0.00

Other payable 149,471.17 0.00 26,982.07

Bank overdraft 85,428,569.96 4,950.83 0.00

108,023,675.15 5,814,886.52 4,596,285.59

TOTAL NET ASSETS AT JUNE 30, 2015 6,193,882,608.11 145,684,688.82 2,421,518,713.93

SEF SICAV PART II

Statement of net assets at June 30, 2015 (continued)


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ATLAS OFFENSIV MOBILIS STABIL MOBILIS POTENTIAL MOBILIS MIX THE PERSISTENCE FUND

SEK SEK SEK SEK EUR

1,348,295,861.92 15,299,698.61 82,891,365.20 1,120,351,904.37 12,016,200.00

17,549,177.61 112,456.00 2,834,157.70 -398,651.81 -8,640.00

1,365,845,039.53 15,412,154.61 85,725,522.90 1,119,953,252.56 12,007,560.00

26,613,557.95 3,523,635.55 3,139,153.60 146,593,308.87 10,369,125.99

0.00 0.00 0.00 0.00 7,429,667.15

0.00 96,095.96 96,095.96 96,095.96 0.00

3,383,502.76 0.00 0.00 0.00 0.00

598,465.06 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 52,771.38

5,049,825.74 0.00 0.00 0.00 0.00

454,757.15 8,413.76 0.00 195,286.88 0.00

1,401,945,148.19 19,040,299.88 88,960,772.46 1,266,837,944.27 29,859,124.52

0.00 0.00 0.00 0.00 0.00

0.00 0.00 2,667,193.45 1,955,860.00 0.00

3,321,881.55 -16,536.16 232,670.75 2,996,556.45 36,804.80

0.00 0.00 49.27 0.00 0.00

26,982.07 0.00 0.00 0.00 9,805.83

0.00 803.30 1,202,755.66 35,467.54 396,243.74

3,348,863.62 -15,732.86 4,102,669.13 4,987,883.99 442,854.37

1,398,596,284.57 19,056,032.74 84,858,103.33 1,261,850,060.28 29,416,270.15

SEF SICAV PART II

Statement of net assets at June 30, 2015 (continued)


10

CAPITAL GROWTH STRATEGY

CAPITAL PRESERVATION

STRATEGY

SEK SEK

ASSETS Investments, at cost 114,724,293.52 535,000,000.36

Unrealized result on investments -2,254,335.87 -6,258,453.91

Investments, at market value (Note 1) 112,469,957.65 528,741,546.45

Cash at banks 0.00 30,045,599.05

Cash as margin deposit 0.00 0.00

Net formation expenses (Note 1) 0.00 0.00

Receivable on subscriptions 0.00 0.00

Receivable on sales of securities 0.00 0.00

Net unrealized result on futures (Note 12) 0.00 0.00

Net unrealized result on forward foreign exchange transactions (Note 11) 0.00 0.00

Accrued income (Note 1) 44,502.98 167,067.91

112,514,460.63 558,954,213.41

LIABILITIES Payable on purchases of securities 0.00 0.00

Payable on redemptions 0.00 0.00

Accrued expenses (Note 8) 64,404.94 504,064.95

Net accrued interest on bank accounts 0.00 0.00

Other payable 2,427.50 2,427.50

Bank overdraft 37,699,630.73 42,821,804.46

37,766,463.17 43,328,296.91

TOTAL NET ASSETS AT JUNE 30, 2015 74,747,997.46 515,625,916.50

SEF SICAV PART II

11

SEF SICAV PART II

Statement of operations and changes in net assets for the period ended June 30, 2015


12

COMBINED ASCENSUS STABIL ATLAS DEFENSIV

SEK SEK SEK

NET ASSETS AT THE BEGINNING OF THE PERIOD 1,977,653,960.45 78,411,741.86 829,786,314.47

INCOME Dividends, net 3,632,399.19 0.00 1,571,369.93

Interest on bank accounts, net 0.84 0.84 0.00

Other Income (Note 15) 4,052,762.89 130,656.31 2,462,451.21

Total income 7,685,162.92 130,657.15 4,033,821.14

EXPENSES Depositary fees (Note 5) 921,437.78 70,197.80 411,105.32

Administrator fees (Note 5) 1,697,225.29 64,392.92 660,596.36

Audit and legal fees 369,113.47 48,437.14 64,590.60

Subscription Tax (Note 2) 643,515.65 4,588.58 344,061.17

Investment management fees (Note 6) 36,243,443.29 1,013,684.24 14,117,640.82

Amortization of formation expenses (Note 1) 194,600.39 19,093.39 21,940.57

Interest on bank accounts, net 42,461.14 0.00 262.10

Transaction fees (Note 14) 1,038,806.15 93,712.90 514,795.70

Other administration expenses 3,131,223.85 99,458.09 146,837.86

Management company fees (Note 7) 1,230,940.79 73,761.29 482,850.88

Total expenses 45,512,767.80 1,487,326.35 16,764,681.38

NET INVESTMENT RESULT -37,827,604.88 -1,356,669.20 -12,730,860.24

Net realized result on futures -7,039,715.54 0.00 0.00

Net realized result on forward foreign exchange transactions -15,037,833.78 -321,087.86 -7,084,018.67

Net realized result on sales of investments 8,155,391.41 669,094.61 0.00

Net realized result on foreign exchange 6,906,004.40 752,846.29 1,072,176.99

NET REALIZED RESULT FOR THE PERIOD -44,843,758.39 -255,816.16 -18,742,701.92

Change in net unrealized result on: - futures 487,855.97 0.00 0.00

- forward foreign exchange transactions 12,000,662.25 27,511.50 5,259,447.30

- investments -26,374,389.66 -863,726.19 -10,758,346.58

- foreign exchange 1,275,413.59 -1,942.48 218,617.22

NET CHANGE IN UNREALIZED RESULT FOR THE PERIOD -12,610,457.85 -838,157.17 -5,280,282.06

NET CHANGE IN NET ASSETS AS A RESULT OF OPERATIONS FOR THE PERIOD -57,454,216.24 -1,093,973.33 -24,022,983.98

Proceeds from shares subscribed 4,385,626,043.28 84,711,139.18 1,627,456,949.61

Payments for shares redeemed -111,942,064.38 -16,344,218.89 -11,701,566.17

Currency revaluation of net assets at beginning of the period -1,115.00

NET ASSETS AT THE END OF THE PERIOD 6,193,882,608.11 145,684,688.82 2,421,518,713.93

SEF SICAV PART II

Statement of operations and changes in net assets for the period ended June 30, 2015 (continued)


13

ATLAS OFFENSIV MOBILIS STABIL MOBILIS POTENTIAL MOBILIS MIX THE PERSISTENCE FUND

SEK SEK SEK SEK EUR

526,737,014.63 11,950,449.88 41,089,558.34 489,621,467.57 6,089.83

2,061,029.26 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

836,256.51 20,184.46 0.00 391,640.92 0.28

2,897,285.77 20,184.46 0.00 391,640.92 0.28

259,043.18 13,447.46 12,429.42 134,498.39 0.00

435,768.54 27,072.91 46,057.17 306,024.13 12,534.83

64,590.60 48,437.14 43,635.31 43,635.31 6,034.52

223,358.34 794.02 1,989.50 31,855.57 1,441.17

10,920,027.17 123,789.36 634,146.81 7,910,373.71 116,106.89

21,940.57 12,039.61 12,039.61 12,039.61 9,805.83

235.01 8.96 774.75 42.57 4,449.87

333,606.70 0.00 0.00 79,588.14 1,850.00

206,258.25 3,576.94 18,647.40 182,575.57 267,598.49

308,016.63 4,969.66 16,975.46 212,782.77 10,732.09

12,772,844.99 234,136.06 786,695.43 8,913,415.77 430,553.69

-9,875,559.22 -213,951.60 -786,695.43 -8,521,774.85 -430,553.41

0.00 0.00 0.00 0.00 -761,486.03

-7,632,727.25 0.00 0.00 0.00 0.00

0.00 26,822.86 349,553.76 7,303,414.28 0.00

-59,535.44 -944.30 274,403.30 4,913,690.20 -33,684.62

-17,567,821.91 -188,073.04 -162,738.37 3,695,329.63 -1,225,724.06

0.00 0.00 0.00 0.00 52,771.38

6,713,703.45 0.00 0.00 0.00 0.00

9,321,137.88 73,503.82 -98,744.05 -15,455,550.49 -8,640.00

101,263.09 -3,199.68 7,547.44 884,930.80 -2,241.70

16,136,104.42 70,304.14 -91,196.61 -14,570,619.69 41,889.68

-1,431,717.49 -117,768.90 -253,934.98 -10,875,290.06 -1,183,834.38

878,950,656.89 9,503,963.64 55,976,056.57 847,050,971.80 30,600,000.00

-5,659,669.46 -2,280,611.88 -11,953,576.60 -63,947,089.03 -5,985.30

1,398,596,284.57 19,056,032.74 84,858,103.33 1,261,850,060.28 29,416,270.15

SEF SICAV PART II

Statement of operations and changes in net assets for the period ended June 30, 2015 (continued)


14

CAPITAL GROWTH STRATEGY

CAPITAL PRESERVATION

STRATEGY

SEK SEK

NET ASSETS AT THE BEGINNING OF THE PERIOD 0.00 0.00

INCOME Dividends, net 0.00 0.00

Interest on bank accounts, net 0.00 0.00

Other Income (Note 15) 44,502.98 167,067.91

Total income 44,502.98 167,067.91

EXPENSES Depositary fees (Note 5) 2,622.08 18,094.13

Administrator fees (Note 5) 5,244.17 36,188.25

Audit and legal fees 0.00 0.00

Subscription Tax (Note 2) 3,277.60 20,267.68

Investment management fees (Note 6) 49,164.05 401,242.90

Amortization of formation expenses (Note 1) 2,427.50 2,427.50

Interest on bank accounts, net 0.00 0.00

Transaction fees (Note 14) 0.00 0.00

Other administration expenses 0.00 0.00

Management company fees (Note 7) 4,097.00 28,272.07

Total expenses 66,832.40 506,492.53

NET INVESTMENT RESULT -22,329.42 -339,424.62

Net realized result on futures 0.00 0.00

Net realized result on forward foreign exchange transactions 0.00 0.00

Net realized result on sales of investments 0.00 -193,494.10

Net realized result on foreign exchange 349,793.79 -85,021.97

NET REALIZED RESULT FOR THE PERIOD 327,464.37 -617,940.69

Change in net unrealized result on: - futures 0.00 0.00

- forward foreign exchange transactions 0.00 0.00

- investments -2,254,335.87 -6,258,453.91

- foreign exchange -0.04 88,921.10

NET CHANGE IN UNREALIZED RESULT FOR THE PERIOD -2,254,335.91 -6,169,532.81

NET CHANGE IN NET ASSETS AS A RESULT OF OPERATIONS FOR THE PERIOD -1,926,871.54 -6,787,473.50

Proceeds from shares subscribed 76,674,869.00 522,413,390.00

Payments for shares redeemed 0.00 0.00

Currency revaluation of net assets at beginning of the period

NET ASSETS AT THE END OF THE PERIOD 74,747,997.46 515,625,916.50

SEF SICAV PART II

Number of shares outstanding and net asset value per share

The accompanying notes form an integral part of these financial statements

15

Sub-funds Ccy Number of

shares outstanding

30/06/2015

Net asset value

per share

30/06/2015 SEF SICAV PART II – ASCENSUS STABIL A - SEK 119,740.9311 99.88

SEF SICAV PART II – ASCENSUS STABIL I - SEK 1,341,982.0144 99.65

SEF SICAV PART II – ATLAS DEFENSIV A - SEK 22,964,837.2991 105.44

SEF SICAV PART II – ATLAS OFFENSIV A - SEK 13,139,455.3727 106.44

SEF SICAV PART II – MOBILIS MIX R - SEK 8,239.2361 109.50

SEF SICAV PART II – MOBILIS MIX I - SEK 11,546,747.7550 109.20

SEF SICAV PART II – MOBILIS POTENTIAL R - SEK 7,955.0832 119.88

SEF SICAV PART II – MOBILIS POTENTIAL I - SEK 698,250.7527 120.16

SEF SICAV PART II – MOBILIS STABIL R - SEK 1,648.7880 99.22

SEF SICAV PART II – MOBILIS STABIL I - SEK 191,409.5646 98.70

SEF SICAV PART II – THE PERSISTENCE FUND A - EUR 306,782.0512 95.89

SEF SICAV PART II – CAPITAL GROWTH STRATEGY * A - SEK 766,748.6900 97.49

SEF SICAV PART II – CAPITAL PRESERVATION STRATEGY * A - SEK 4,545,646.9100 98.70

SEF SICAV PART II – CAPITAL PRESERVATION STRATEGY * B - SEK 678,486.9900 98.71

* Launched on May 15, 2015

SEF SICAV PART II ASCENSUS STABIL

Statement of Investments and other net assets at June 30, 2015 (in SEK)


16

Description Number of shares

Market Value (in SEK) % of NAV

INVESTMENT FUNDS

INVESTMENT FUNDS IN EUR

DEUTSCHE INV GL INFRASTRC-FC 1,385 1,842,413.15 1.26

1,842,413.15 1.26

INVESTMENT FUNDS IN SEK

BLACKROCK STR EU DYN 56,180 6,643,853.90 4.56 CARNEGIE CORP BOND -A- 11,489 4,513,598.84 3.10 CARNEGIE LIKVIDITETSFONDS 4,469 5,403,904.29 3.71 CATELLA AVKASTNINGSFOND 66,537 8,488,809.67 5.83 CATELLA HEDGE FUND 77,915 12,902,787.91 8.86 DNB FRN FOND 26,573 2,817,035.25 1.93 HANDELS SVENSK SMABOLAG 940 1,005,642.62 0.69 INVESCO BALANCED RISK ALLOCATION - AA SEKH 82,624 8,909,308.18 6.12 NORDEA BOSTADSOBLIGATION FOND 18,060 1,983,160.92 1.36 NORDEA GLO STABLE EQUITY 55,371 7,601,304.38 5.22 NORRON TARGET FUND 76,406 9,516,384.36 6.53 OHMANS FORETAGSOBLIGATIONEN 44,030 4,981,507.58 3.42 SCHRODERS GL DYN BAL ASKH 9,431 11,131,857.81 7.64 SPILTAN AKTIEFOND STABIL 2,073 941,586.33 0.65 SPP AKTIEFD STABIL 46,393 6,902,236.25 4.74 SPP OBLIGATIONSFOND 6,999 988,059.30 0.68 STANDARD LF-GLOB ABS RE-HDSE 94,306 12,712,883.12 8.73 SWEDBANK ROBUR FORTAGSO FRN 92,763 13,468,323.08 9.23 SWEDBANK ROBUR INDEXFOND EUROPA 26,030 2,945,816.80 2.02 SWEDBANK ROBUR INDEXFOND SVERIGE 72,791 10,604,912.38 7.28 SWEDBANK ROBUR INDEXFOND USA 15,564 2,911,852.93 2.00

137,374,825.90 94.30

INVESTMENT FUNDS IN USD

FID GL PR Y ACC USD 13,955 1,465,824.02 1.01

1,465,824.02 1.01

TOTAL INVESTMENT FUNDS 140,683,063.07 96.57

TOTAL INVESTMENTS 140,683,063.07 96.57

CASH 10,558,112.71 7.25

OTHER NET LIABILITIES -5,556,486.96 -3.82

TOTAL NET ASSETS 145,684,688.82 100.00

SEF SICAV PART II ATLAS DEFENSIV



17



INVESTMENT FUNDS


ALKEN FUND-EUROP OPPORT-EU1A 70,903 108,638,426.00 4.49 DB PLATINUM CROCI 161,289 209,554,751.87 8.65

318,193,177.87 13.14


BRUM&PART LYNX DYNAMISK 1,690,523 216,927,971.74 8.96 CARNEGIE CORP BOND -A- 260,228 102,232,060.60 4.22 CARNEGIE SVERIGEFOND 73,191 154,230,842.14 6.37 DNB SMABOLAG 60,683 157,310,094.96 6.50 FRANKLIN TEMPLETON TOT RETURN AA SEK 7,941,651 100,382,472.34 4.15 FRANKLIN TEMPLETON INV GLOBAL BOND-A A SEK 15,364,085 200,808,590.75 8.29 MUZIN EUROYIELD SEK 763,436 101,338,543.62 4.18 RAM LUX SYSTEMATIC FUND - EMERGING MARKETS EQUITIES 83,201 165,524,269.24 6.84

1,198,754,845.39 49.51


FORT GLOBAL OFFSHORE CONTRARIAN CLASS 1 SERIER DED 28,189 236,721,319.48 9.78 MARKET VECTORS MORNINGSTAR WID 424,300 107,811,580.23 4.45 QUANTICA MGD FUT 250,771 226,877,133.59 9.37 SPDR BARC HY BD 307,300 97,921,477.39 4.04 SPDR S&P EMERGING MARKETS SMALL 445,800 166,855,496.95 6.89

836,187,007.64 34.53

TOTAL INVESTMENT FUNDS 2,353,135,030.90 97.18

TOTAL INVESTMENTS 2,353,135,030.90 97.18

CASH 61,603,427.34 2.54

OTHER NET ASSETS 6,780,255.69 0.28

TOTAL NET ASSETS 2,421,518,713.93 100.00

SEF SICAV PART II ATLAS OFFENSIV



18



INVESTMENT FUNDS


ALKEN FUND-EUROP OPPORT-EU1A 86,814 133,017,643.80 9.51 DB PLATINUM CROCI 98,821 128,393,842.56 9.18

261,411,486.36 18.69


BRUM&PART LYNX DYNAMISK 489,163 62,769,346.19 4.49 CARNEGIE SVERIGEFOND 50,550 106,521,354.83 7.62 DNB SMABOLAG 41,937 108,713,266.63 7.77 ENTER SELECT PRO 31,064 108,568,872.85 7.76 RAM LUX SYSTEMATIC FUND - EMERGING MARKETS EQUITIES 76,847 152,883,178.60 10.93

539,456,019.10 38.57


EGSHARES EM CONSUMER ETF 352,100 76,117,537.55 5.44 GLOBAL X NEXT EMERGING&FRONT 413,700 75,824,379.38 5.42 GLOBAL X SUPERDIVIDEND ETF 684,700 126,289,550.68 9.03 MARKET VECTORS MORNINGSTAR WID 520,300 132,204,490.21 9.45 SPDR S&P EMERGING MARKETS SMALL 412,900 154,541,576.25 11.06

564,977,534.07 40.40



CASH 26,613,557.95 1.90

OTHER NET ASSETS 6,137,687.09 0.44

TOTAL NET ASSETS 1,398,596,284.57 100.00

SEF SICAV PART II MOBILIS STABIL



19



INVESTMENT FUNDS


AKTIE ANS GRAAL KVANTHE 8,771 1,108,015.67 5.81 ATLANT STABILITY 1,498 2,001,737.44 10.50 CATELLA CREDIT OPPORT 12,991 1,324,453.55 6.95 CATELLA HEDGE FUND 10,387 1,720,045.82 9.03 DNB FRN FOND 12,800 1,356,940.53 7.12 HOLBERG KREDIT SEK-B 16,062 1,648,571.78 8.65 PARETO GLOBAL CORP BOND-B 19,916 1,991,920.02 10.45 PRIOR AND NILSSON YIELD HEDGE FUND 1,617 1,789,524.15 9.39 SPILTAN RANTEFOND SVERIGE 17,761 2,071,345.65 10.88 XACT OMX30 2,400 399,600.00 2.10

15,412,154.61 80.88



CASH 3,522,832.25 18.49

OTHER NET ASSETS 121,045.88 0.63

TOTAL NET ASSETS 19,056,032.74 100.00

SEF SICAV PART II MOBILIS POTENTIAL



20



INVESTMENT FUNDS


SHB-GLB CRI-A1 86,580 16,963,636.37 20.00 SPOTR BULL OMXS30 59,500 14,077,700.00 16.59 XACT BULL 2 27,725 15,828,202.50 18.65 XACT OMX30 67,450 11,230,425.00 13.23

58,099,963.87 68.47


ISHR MSCI WORLD ACC 41,800 14,757,183.37 17.39 SCHROD INTL QEP GL CO I AC 55,769 12,868,375.66 15.16

27,625,559.03 32.55



CASH 1,936,397.94 2.28


TOTAL NET ASSETS 84,858,103.33 100.00

SEF SICAV PART II MOBILIS MIX



21



INVESTMENT FUNDS


AKTIE ANS GRAAL KVANTHE 515,367 65,106,296.06 5.16 CATELLA CREDIT OPPORT 643,518 65,606,644.24 5.20 CATELLA HEDGE FUND 391,399 64,815,666.04 5.14 HOLBERG KREDIT SEK-B 638,970 65,582,180.43 5.20 SHB SVERIGEFOND INDEX 20,864 187,983,588.44 14.89 SHB-GLB CRI-A1 846,561 165,866,666.67 13.14 SPOTR OMXS30 ETF 514,200 88,185,300.00 6.99 XACT BULL 2 26,000 14,843,400.00 1.18 XACT OMX30 1,146,300 190,858,950.00 15.12

908,848,691.88 72.02


ISHR MSCI WORLD ACC 294,000 103,794,543.31 8.23 SCHROD INTL QEP GL CO I AC 465,063 107,310,017.37 8.50

211,104,560.68 16.73



CASH 146,557,841.33 11.61


TOTAL NET ASSETS 1,261,850,060.28 100.00

SEF SICAV PART II THE PERSISTENCE FUND

Statement of Investments and other net assets at June 30, 2015 (in EUR)


22

Description Nominal value

Market Value (in EUR) % of NAV

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING

BONDS BONDS IN EUR

GERMAN T-BILL 0915 12,000,000 12,007,560.00 40.82

12,007,560.00 40.82

TOTAL BONDS 12,007,560.00 40.82

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING 12,007,560.00 40.82


CASH 17,402,549.40 59.16

OTHER NET ASSETS 6,160.75 0.02

TOTAL NET ASSETS 29,416,270.15 100.00

SEF SICAV PART II CAPITAL GROWTH STRATEGY



23



INVESTMENT FUNDS


CHENAVARI CR MS2 EUR 10,395 13,867,295.06 18.55

13,867,295.06 18.55


BRUM&PART LYNX DYNAMISK 46,977 6,027,835.32 8.06 BRUMMER&PARTNERS LYNX HEDGEFOND 24,087 6,200,000.00 8.29 MADRAGUE EQ LG/SH C 12,530 17,707,933.92 23.69 NORDKINN FIXED INCOME MACRO SEK A 169,367 18,500,000.01 24.75 NORRON ACTIVE FUND 86,193 19,985,662.96 26.74 NORRON SELECT FD RCSEK 163,288 23,363,285.24 31.27 RHENMAN HEALTH SKRC2 17,355 6,817,945.14 9.12

98,602,662.59 131.92



OTHER NET LIABILITIES -22,329.46 -0.03

BANK OVERDRAFT -37,699,630.73 -50.44

TOTAL NET ASSETS 74,747,997.46 100.00

SEF SICAV PART II CAPITAL PRESERVATION STRATEGY



24



INVESTMENT FUNDS


ADRIGO HEDGE 503,437 77,171,801.01 14.97 BLUEBAY EVENT DRIVEN CREDIT -A- 26,000 26,000,000.00 5.04 EXCALIBUR 8,555 102,447,735.57 19.87 NEKTAR HEDGEFOND 21,064 51,696,801.72 10.03 NORDKINN FIXED INCOME MACRO SEK A 1,007,049 110,000,000.50 21.32 NORRON SELECT FD RCSEK 370,720 53,042,599.00 10.29 NORRON TARGET FUND 869,565 108,382,608.65 21.02

528,741,546.45 102.54



OTHER NET LIABILITIES -339,424.54 -0.07

BANK OVERDRAFT -12,776,205.41 -2.47

TOTAL NET ASSETS 515,625,916.50 100.00

SEF SICAV PART II

Notes to the financial statements at June 30, 2015

25

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A. Presentation of the financial statements

The financial statements of the SICAV are presented in accordance with generally accepted accounting principles in Luxembourg applicable to UCIs.

B. Valuation policy

Liquid assets are valued at their nominal value plus accrued interest.

Investments in investment funds are taken at their latest Net Asset Values reported by the administrator of the relevant investment fund.

Securities and money market instruments admitted to official listing on a stock exchange or which are traded on another regulated market are valued on the basis of the last known sales price. If the same security or money market instruments are quoted on different markets, the quotation of the main market for this security is used. If there is no relevant quotation or if the quotations are not representative of the fair value, the valuation is made in good faith by the Board of Directors with a view to establishing the probable sale price for such securities.

Non-listed securities or money market instruments are valued on the basis of their probable sales price as determined in good faith by the Board of Directors.

Unexpired forward foreign exchange rate contracts are valued at the forward exchange rates applicable on the valuation date or on the closing date and unrealized result resulting from them is recorded in the statement of net assets.

Assets or liabilities denominated in a currency other than that in which the relevant Net Asset Value is expressed, are converted at the relevant foreign currency spot rate on the relevant Valuation Day. If such quotations are not available, the rate of exchange is determined in good faith by or under procedures established by the Board of Directors of the SICAV. In that context account are taken of hedging instruments used to cover foreign exchange risks.

All other securities, instruments and other assets are valued at fair value, as determined in good faith pursuant to procedures established by the Board of Directors of the SICAV.

Realized gains and losses on sales of investments or financial instruments are determined on the basis of the average cost of investments or financial instruments sold.

SEF SICAV PART II

Notes to the financial statements at June 30, 2015 (continued)

26

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

C. Income recognition policy

Interest is accrued on a daily basis.

Interest income on bank deposits is based on interest rates arranged between the depositary bank and the SICAV’s management and may differ from prevailing market rates of interest.

Dividends are recognized as income on the date securities are first quoted ex-dividend.

D. NAV calculation policy

The Net Asset Value of each sub-fund is expressed in Swedish Krona (SEK), excepted for THE PERSISTENCE FUND expressed in Euro (EUR), as a per share figure and is determined on any valuation date, by dividing the value of the net assets of the sub-fund, being the value of the assets of that sub-fund less its liabilities, on the valuation date, by the number of shares then outstanding.

E. Combined financial statements

The combined statement of net assets and combined statement of operations and changes in net assets represent the total of the statements of net assets and statements of operations and changes in net assets of the individual sub-funds, converted in SEK at the exchange rates applicable at period-end.

F. Formation expenses

Formation expenses are amortized on a straight-line basis over the first year for THE PERSISTENCE FUND, the first three years for ATLAS OFFENSIV and ATLAS DEFENSIV and the first five years for MOBILIS STABIL, MOBILIS POTENTIAL, MOBILIS MIX, ASCENSUS STABIL, CAPITAL GROWTH STRATEGY and CAPITAL PRESERVATION STRATEGY.

NOTE 2 SUBSCRIPTION TAX

Fees paid to authorities are mainly composed of the subscription tax.

Under the prevailing laws and regulations, the SICAV is subject to a tax called "taxe d’abonnement", payable quarterly and calculated at the annual rate of 0.05% based on the aggregate Net Asset Value at the end of each quarter, except for Class I which will be subject to the reduced subscription tax of 0.01% per annum as its shares are reserved for Institutional Investors.

Pursuant to Article 129 (3) of the amended Law of December 17, 2010 the net assets invested in undertakings for collective investment already subject to the "taxe d’abonnement" are exempt from this tax.

NOTE 3 CURRENCY TRANSLATION POLICIES

Rates used are as at June 30, 2015.

EUR = 9.244707 SEK USD = 8.297125 SEK

NOTE 4 COMMISSIONS ON SUBSCRIPTIONS, REDEMPTIONS AND CONVERSIONS

There are no commissions on subscription, redemptions and conversions.

SEF SICAV PART II


27

NOTE 5 DEPOSITARY FEES AND ADMINISTRATOR FEES

SWEDBANK AB (Publ) Luxembourg Branch has been appointed to act as depositary bank, domiciliary, paying agent and central administrator.

The Depositary Bank, Administrator, Registrar and Transfer, Domiciliary, Paying Agent and Risk Manager (SWEDBANK AB) is entitled to receive out of the assets of each Sub-fund a fee of up to 0.50% per annum of the average quarterly net asset value thereof during the relevant quarter and payable monthly in arrears for SEF SICAV PART II – MOBILIS STABIL, SEF SICAV PART II – MOBILIS POTENTIAL and SEF SICAV PART II – MOBILIS MIX.

For the period ended June 30, 2015, administration fee rates were:

SEF SICAV PART II – ASCENSUS STABIL 0.090% SEF SICAV PART II – ATLAS OFFENSIV 0.080% SEF SICAV PART II – ATLAS DEFENSIV 0.080% SEF SICAV PART II – MOBILIS STABIL 0.080% SEF SICAV PART II – MOBILIS POTENTIAL 0.080% SEF SICAV PART II – MOBILIS MIX 0.080% SEF SICAV PART II – THE PERSISTENCE FUND 0.070% SEF SICAV PART II – CAPITAL GROWTH STRATEGY 0.080% SEF SICAV PART II – CAPITAL PRESERVATION STRATEGY 0.080% For the period ended June 30, 2015, depositary fee rates were: SEF SICAV PART II – ASCENSUS STABIL Range between 0.035% and 0.040% of the Net Asset Value depending on the type and the geographical origin of the securities SEF SICAV PART II – ATLAS OFFENSIV, SEF SICAV PART II – ATLAS DEFENSIV and SEF SICAV PART II – THE PERSISTENCE FUND Range between 0.040%% and 0.060% of the Net Asset Value depending on the type and the geographical origin of the securities

SEF SICAV PART II – MOBILIS STABIL, SEF SICAV PART II – MOBILIS POTENTIAL and SEF SICAV PART II – MOBILIS MIX Range between 0.035% and 0.050% of the Net Asset Value depending on the type and the geographical origin of the securities SEF SICAV PART II – CAPITAL GROWTH STRATEGY and SEF SICAV PART II – CAPITAL PRESERVATION STRATEGY 0.0425% of the Net Asset Value

SEF SICAV PART II


28

NOTE 6 INVESTMENT MANAGEMENT FEES

The Investment Management Fees are paid by the SICAV on a quarterly basis to the Investment Managers.

For the period ended June 30, 2015, investment management fee rates were:

SEF SICAV PART II – ASCENSUS STABIL – Class A 1.700%SEF SICAV PART II – ASCENSUS STABIL – Class I 1.950%SEF SICAV PART II – ATLAS OFFENSIV 2.050%SEF SICAV PART II – ATLAS DEFENSIV 1.600%SEF SICAV PART II – MOBILIS STABIL – Class I 1.500%SEF SICAV PART II – MOBILIS STABIL – Class R 0.900%SEF SICAV PART II – MOBILIS POTENTIAL – Class I 2.250%SEF SICAV PART II – MOBILIS POTENTIAL – Class R 1.500%SEF SICAV PART II – MOBILIS MIX – Class I 2.250%SEF SICAV PART II – MOBILIS MIX – Class R 1.500%SEF SICAV PART II – THE PERSISTENCE FUND 1.000%SEF SICAV PART II – CAPITAL GROWTH STRATEGY 0.750%SEF SICAV PART II – CAPITAL PRESERVATION STRATEGY – Class A 0.900%SEF SICAV PART II – CAPITAL PRESERVATION STRATEGY – Class B 0.800%

Investment Management fees of other UCIs or UCITS (excluding any performance fees) may be in total up to:

- 0.90% for SEF SICAV PART II – ASCENSUS STABIL - 2.00% for SEF SICAV PART II – ATLAS OFFENSIV and ATLAS DEFENSIV - 3.00% for SEF SICAV PART II – MOBILIS STABIL, SEF SICAV PART II – MOBILIS

POTENTIAL and SEF SICAV PART II – MOBILIS MIX - 2.50% for SEF SICAV PART II – CAPITAL GROWTH STRATEGY and SEF SICAV

PART II – CAPITAL PRESERVATION STRATEGY.

NOTE 7 MANAGEMENT COMPANY FEES

The management company fees including risk management and domiciliation are based on the Total Net Asset Value of each sub-fund per year.

The annual Management Company fee rate is 0.05% for each the sub-fund except for SEF SICAV PART II – THE PERSISTENCE FUND, SEF SICAV PART II – CAPITAL GROWTH STRATEGY and SEF SICAV PART II – CAPITAL PRESERVATION STRATEGY.

The annual management company fee rate is 0.035% and at a fixed rate of 6,000.00 euros for the sub-fund SEF SICAV PART II - THE PERSISTENCE FUND and 0.06% for the sub-funds SEF SICAV PART II – CAPITAL GROWTH STRATEGY and SEF SICAV PART II – CAPITAL PRESERVATION STRATEGY.

SEF SICAV PART II


29

NOTE 8 ACCRUED EXPENSES

At June 30, 2015, accrued expenses consist of:

SEF SICAV PART II –ASCENSUS STABIL

(SEK)

SEF SICAV PART II – ATLAS DEFENSIV

(SEK)

SEF SICAV PART II –ATLAS OFFENSIV

(SEK)Administrator fees (Note 5) 27,666.17 381,413.05 253,032.54Audit and legal fees -38,041.51 19,804.94 19,804.94Depositary fees (Note 5) 10,759.08 220,074.24 131,419.06Investment Management fees (Note 6) 248,719.67 3,337,654.58 2,504,936.37Kickback fees (Note 15) 0.00 -76,510.34 -17,920.40Management Company fees (Note 7) 15,370.25 275,093.09 164,273.74Subscription Tax (Note 2) 6,244.52 411,773.96 266,335.30Total 270,718.18 4,569,303.52 3,321,881.55

SEF SICAV PART II –MOBILIS STABIL

(SEK)

SEF SICAV PART II – MOBILIS POTENTIAL

(SEK)

SEF SICAV PART II –MOBILIS MIX

(SEK)Administrator fees (Note 5) 4,708.87 19,187.48 171,204.68Audit and legal fees -38,041.32 19,804.94 19,804.94Depositary fees (Note 5) 2,649.80 10,793.46 100,114.73Investment Management fees (Note 6) 25,941.99 183,842.34 2,548,029.12Kickback fees (Note 15) 0.00 0.00 0.00Management Company fees (Note 7) 2,944.07 11,992.42 111,238.24Subscription Tax (Note 2) -14,739.57 -12,949.89 46,164.74Total -16,536.16 232,670.75 2,996,556.45

SEF SICAV PART II –THE PERSISTENCE

FUND(EUR)

SEF SICAV PART II – CAPITAL GROWTH

STRATEGY (SEK)

SEF SICAV PART II –CAPITAL

PRESERVATION STRATEGY

(SEK)Administrator fees (Note 5) 5,157.03 5,244.21 36,188.21Audit and legal fees 1,251.65 0.00 0.00Depositary fees (Note 5) 184.16 2,786.01 19,225.03Investment Management fees (Note 6) 26,192.38 49,164.05 401,242.90Kickback fees (Note 15) 0.00 0.00 0.00Management Company fees (Note 7) 2,578.36 3,933.11 27,141.16Subscription Tax (Note 2) 1,441.22 3,277.56 20,267.65Total 36,804.80 64,404.94 504,064.95

SEF SICAV PART II


30

NOTE 9 PERFORMANCE FEES

In addition to the management fees, performance fees are added. The performance fee for each sub-fund is calculated as follow:

SEF SICAV PART II – MOBILIS STABIL The Performance Fee is calculated and crystallized on each Valuation Day and will be accrued on the last Business Day of each month. If a performance fee is due, it shall be paid to the Investment Manager by the Fund monthly in arrears.

The Performance Fee is calculated after the Management Fee has been deducted from the Net Asset Value per Share. The Performance Fee will equal to the number of Shares in the Share Class multiplied by the Performance Fee rate which corresponds to 20% multiplied by the positive excess performance, if any, per Share recorded that Valuation Day as compared to the performance of OMRX T-Bill Index.

No performance fee is paid this period.

SEF SICAV PART II – MOBILIS POTENTIAL The Performance Fee is calculated and crystallized on each Valuation Day and will be accrued on the last Business Day of each month. If a performance fee is due, it shall be paid to the Investment Manager by the Fund monthly in arrears.



SEF SICAV PART II – MOBILIS MIX The Performance Fee is calculated and crystallized on each Valuation Day and will be accrued on the last Business Day of each month. If a performance fee is due, it shall be paid to the Investment Manager by the Fund monthly in arrears.



SEF SICAV PART II – THE PERSISTENCE FUND The performance fee is calculated and accrued daily and paid out of the Sub-Fund quarterly at each month end of March, June, September and December (a “Calculation Period”). For each Calculation Period, the Performance Fee in respect of each Class will be equal to a percentage of the appreciation in the Net Asset Value per Share during that Calculation Period above the base Net Asset Value of that Share. The base Net Asset Value of a Share is the greater of the net Asset Value of that Share at the time of its issue and the highest Net Asset Value achieved by that Share as at the end of any previous Calculation Period (if any) with reference to which a Performance Fee has been paid and during which such Share was in issue (“High Watermark” – principle). The Performance Fee in respect of each Calculation Period will be calculated by reference to the Net Asset Value before making any deduction for accrued Performance Fees.

SEF SICAV PART II


31

NOTE 9 PERFORMANCE FEES (CONTINUED)

The Performance Fee will be calculated and accrued as an expense of the relevant Class of Shares as at each Valuation Day (i.e. as of the last Business Day of the month) and will be payable to the Investment Manager in arrears within 3-5 days of the end of each Calculation Period.

The concept of “crystallization” will be applied, meaning that the performance fee due to the AIFM is precisely determined (accrued or “crystallized”) at any time, in order to ensure that an investor applying for the redemption of his Shares within a certain period nevertheless pays an adequate portion of the performance fee due at the end of the month.

If the appointment of the Investment Manager is terminated during a Calculation Period, the Performance Fee in respect of the then current Calculation Period will be calculated and paid as though the date of termination were the end of the relevant period.

With regards to the first Calculation Period the High Watermark for Share Class A is set at “100”.

The Performance Fee shall be subject to a “High Watermark” – principle and shall amount to: Class A Shares 15% and Class B & C Shares 20% (Institutional Share Classes) Class D, E & F Shares 20% (Retail share Classes)


SEF SICAV PART II – CAPITAL GROWTH STRATEGY The Performance Fee is calculated and crystallized on each Valuation Day and will be accrued on the last Business Day of each month. If a performance fee is due, it shall be paid to the Investment Manager by the Fund on monthly in arrears.

The Performance Fee is calculated after the Management Fee has been deducted from the Net Asset Value per Share. The Performance Fee will equal to the number of Shares in the Share Class multiplied by the Performance Fee rate which corresponds to 20% multiplied by the positive excess performance, if any, per Share recorded that Valuation Day as compared to the performance of 1M STIBOR.


No performance fee as to be calculated for the following sub-funds: SEF SICAV PART II – ASCENSUS STABIL, SEF SICAV PART II – ATLAS OFFENSIV, SEF SICAV PART II – ATLAS DEFENSIV and SEF SICAV PART II – CAPITAL PRESERVATION STRATEGY.

NOTE 10 CHANGES IN THE INVESTMENT PORTFOLIO

Changes in the investment portfolio during the reporting period are available to the shareholders at the address of the depositary bank and domiciliary agent.

NOTE 11 FORWARD FOREIGN EXCHANGE TRANSACTIONS - OPEN POSITIONS

At June 30, 2015, the following forward foreign exchange transactions were opened:

SEF SICAV PART II – ATLAS DEFENSIV

Currency Buy Currency Sell Maturity Unrealized Result(SEK)

SEK 148,324,332.00 USD 17,420,000.00 28/08/2015 4,022,730.924,022,730.92

SEF SICAV PART II


32

NOTE 11 FORWARD FOREIGN EXCHANGE TRANSACTIONS - OPEN POSITIONS (CONTINUED)

SEF SICAV PART II – ATLAS OFFENSIV

Currency Buy Currency Sell Maturity Unrealized Result(SEK)

SEK 178,721,454.00 USD 20,990,000.00 28/08/2015 4,847,136.74SEK 44,505,676.80 EUR 4,800,000.00 28/08/2015 136,396.80SEK 6,726,237.84 EUR 720,000.00 28/08/2015 70,845.84SEK 1,104,678.36 EUR 120,000.00 28/08/2015 -4,553.64

5,049,825.74

The counterparty to forward foreign exchange transactions is Swedbank AB for all Sub-Funds.

NOTE 12 FUTURES CONTRACTS - OPEN POSITIONS

At June 30, 2015, the following futures contracts were opened:

SEF SICAV PART II – THE PERSISTENCE FUND

Number of Contracts

Description Expiration Date

Currency Market Value (EUR)

Unrealized Result(EUR)

-2 OSA JPN 10Y BON 0915 01/09/2015 JPY -40,073,619,631.90 -953.5545 CHI US 10YR NOT 0915 01/09/2015 USD 6,326,168.31 -11,990.04

-16 EUR Euro-Bobl 0915 01/09/2015 EUR -2,073,280.00 -10,400.00-54 EUR EURO-BUND 0915 01/09/2015 EUR -8,208,000.00 -95,820.0016 CHI US T-BONDS 0915 01/09/2015 USD 2,689,136.49 -1,795.00

INTEREST RATE FUTURES Total -120,958.59

-62 CHI S&P 500 EMI 0915 01/09/2015 USD -7,096,324.52 18,993.34-6 OMXS30 IND FUTURE 01/07/2015 SEK -8,551,941.42 308.28-7 SIN MSCI TAIWAN 0715 01/07/2015 USD -266,953.68 -62.83-8 SYD SPI 200 FUT 0915 01/09/2015 AUD -1,563,894.52 15,702.051 EUR CAC40 0715 01/07/2015 EUR 47,865.00 -1,860.00

-12 CHI E-MINI DOW 0915 01/09/2015 USD -1,171,454.04 12,116.25-33 EUR UK LGILT10 0915 01/09/2015 GBP -2,703,972.04 -65,718.97-8 H-K H-SHARES 0715 01/07/2015 HKD -44,645,941.28 11,359.98

-30 SGX CNX NIF 0715 01/07/2015 USD -560,523.68 915.45-19 SIN NIKKEI 225 0915 01/09/2015 JPY -26,278,611,713.04 696.83-26 NASDAQ 100 0915 01/09/2015 USD -2,543,654.81 29,397.61-3 RUSSELL 200 0915 01/09/2015 USD -417,961.00 2,243.752 EUR EURO STOXX 0915 01/09/2015 EUR 68,720.00 -2,720.00

EQUITY INDEX FUTURES Total 21,371.74

-4 CHI YEN CCY FUT 0915 01/09/2015 USD -45,584,958.22 -5,205.50-4 AUD CCY FUT 0915 01/09/2015 USD -342,506.96 -430.802 COM BP CCY FUT 0915 01/09/2015 USD 219,009.05 -392.66

-20 CAD DLR 0915 01/09/2015 USD -1,782,277.27 1,301.38-13 CHF CCY FUT 0915 01/09/2015 USD -1,941,310.32 6,428.34

CURRENCY FUTURES Total 1,700.76

69 N-Y SOYBEAN OIL 1215 01/12/2015 USD 157,158,307.11 3,214.85-7 CHI COPPER FUTU 0915 01/09/2015 USD -509,896.70 -235.59-5 N-Y SOYBEAN

MEA 1215 01/12/2015 USD -192,423.40 -13,462.50

22 N-Y NYHRBOB BLE 0715 01/07/2015 USD 2,109,911.20 15,926.1419 N-Y CORN FUTUR 0915 01/09/2015 USD 446,685.16 29,841.88-6 COCOA 0915 01/09/2015 USD -2,185.40 1,992.4522 N-Y CRUDE OIL 0715 01/07/2015 USD 14,577,513.21 798.7843 N-Y COTTON 1215 01/12/2015 USD 1,626,813.37 45,862.25

-11 N-Y GOLD 0815 01/08/2015 USD -1,436,169.90 367.9833 N-Y HEAT OIL 0715 01/07/2015 USD 2,918,541.82 -388.26

-15 COFFEE 0915 01/09/2015 USD -82,980,584.69 -622.644 SOYBEAN 1115 01/11/2015 USD 231,142.06 1,974.50

115 N-Y NYB SUGAR 0915 01/09/2015 USD 178,956,639.96 20,546.29

SEF SICAV PART II


33

NOTE 12 FUTURES CONTRACTS - OPEN POSITIONS (CONTINUED)

SEF SICAV PART II – THE PERSISTENCE FUND (continued)

Number of Contracts

Description Expiration Date

Currency Market Value (EUR)

Unrealized Result(EUR)

-15 N-Y SILVER 0915 01/09/2015 USD -1,302,027.62 -1,121.8813 N-Y W 0915 01/09/2015 USD 445,947.06 45,963.22

COMMODITY FUTURES Total 150,657.47

TOTAL 52,771.38

NOTE 13 RELATED - PARTIES TRANSACTIONS

During the period, the sub-fund SEF SICAV PART II – ASCENSUS STABIL invested part of its assets into other collective investment undertakings promoted by Swedbank group.

NOTE 14 TRANSACTION FEES

As at year-end the transactions fees are composed of fees on purchases and sales on portfolio, options, warrants, futures, forward foreign exchange transactions and forward rate agreements.

The amounts disclosed in the statement of operations and changes in net assets correspond to the amounts of transaction fees for the whole year.

NOTE 15 OTHER INCOME

At June 30, 2015, other income consists mainly of:

SEF SICAV PART II –ASCENSUS STABIL

(SEK)

SEF SICAV PART II – ATLAS OFFENSIV

(SEK)

SEF SICAV PART II –ATLAS DEFENSIV

(SEK)Kickback fees 130,503.31 836,256.51 2,462,451.21

SEF SICAV PART II –MOBILIS STABIL

(SEK)

SEF SICAV PART II – MOBILIS POTENTIAL

(SEK)

SEF SICAV PART II –MOBILIS MIX

(SEK)

Kickback fees 20,184.46 0.00 391,640.92

SEF SICAV PART II –THE PERSISTENCE

FUND (EUR)

SEF SICAV PART II – CAPITAL GROWTH

STRATEGY (SEK)

SEF SICAV PART II – CAPITAL

PRESERVATION STRATEGY (SEK)

Kickback fees 0.28 44,502.98 167,067.91

These fees represent a rebate on management fees paid by underlying funds.

SEF SICAV PART II


34

NOTE 16 VARIATION OF UNREALIZED AND REALIZED GAIN/LOSS ON INVESTMENTS SECURITIES

Realized gain/loss on investment securities during the financial period are as follows:

Realized gain (in sub-fund

currency)

Realized loss (in sub-fund

currency)

Net realized gain/loss (in sub-fund

currency) SEF SICAV PART II – ASCENSUS STABIL (SEK) 979,803.64 -310,709.03 669,094.61

SEF SICAV PART II – ATLAS DEFENSIV(SEK) 0.00 0.00 0.00

SEF SICAV PART II – ATLAS OFFENSIV (SEK) 0.00 0.00 0.00

SEF SICAV PART II – MOBILIS STABIL (SEK) 26,822.86 0.00 26,822.86

SEF SICAV PART II – MOBILIS POTENTIAL (SEK) 349,553.76 0.00 349,553.76

SEF SICAV PART II – MOBILIS MIX (SEK) 7,328,942.63 -25,528.35 7,303,414.28

SEF SICAV PART II – THE PERSISTENCE FUND (EUR) 0.00 0.00 0.00

SEF SICAV PART II – CAPITAL GROWTH STRATEGY (SEK) 0.00 0.00 0.00

SEF SICAV PART II – CAPITAL PRESERVATION STRATEGY (SEK)

0.00 -193,494.10 -193,494.10

Unrealized gain/loss on investment securities during the financial period are as follows:

Change in the unrealized gain (in sub-fund currency)

Change in the unrealized loss (in sub-fund currency)

Net change in the unrealized gain/loss

(in sub-fund currency)SEF SICAV PART II – ASCENSUS STABIL (SEK) 308,314.54 -1,172,040.73 -863,726.19

SEF SICAV PART II – ATLAS DEFENSIV(SEK) 38,539,160.10 -49,297,506.68 -10,758,346.58

SEF SICAV PART II – ATLAS OFFENSIV (SEK) 44,506,914.93 -35,185,777.05 9,321,137.88

SEF SICAV PART II – MOBILIS STABIL (SEK) 132,354.41 -58,850.59 73,503.82

SEF SICAV PART II – MOBILIS POTENTIAL (SEK) 3,344,948.67 -3,443,692.72 -98,744.05

SEF SICAV PART II – MOBILIS MIX (SEK) 19,232,698.91 -34,688,249.40 -15,455,550.49

SEF SICAV PART II – THE PERSISTENCE FUND (EUR) 0.00 -8,640.00 -8,640.00

SEF SICAV PART II – CAPITAL GROWTH STRATEGY (SEK) 0.00 -2,254,335.87 -2,254,335.87

SEF SICAV PART II – CAPITAL PRESERVATION STRATEGY (SEK)

0.00 -6,258,453.91 -6,258,453.91

SEF SICAV PART II


35

NOTE 17 SUBSEQUENT EVENTS

SEF SICAV PART II – RESOLUT MULTI STRATEGY (Class A and Class B) has been launched on August 10, 2015.

Documents

SEF SICAV PART II - Swedbanki/@sbg/@sb/@lux/documents/article/cid... · SEF SICAV PART II – CAPITAL GROWTH STRATEGY (Class A) ... SEK SEK SEK ASSETS Investments, at cost 5,821,086,850.16