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SEF, SICAV
Société d’Investissement à Capital Variable à compartiments multiples
Annual report including audited Financial
Statements as at December 31, 2013
R.C.S. Luxembourg B 168.502
SEF, SICAV
2
SEF, SICAV
Annual report including audited Financial Statements as at
December 31, 2013
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
Table of contents
Organisation of the SICAV
4
General information
6
Determination of the Net Asset Value of shares
7
Information to shareholders
7
Report of the Board of Directors
8
Report of the réviseur d’entreprises agréé
15
Financial statements
Statement of net assets
18
Statement of operations and changes in net assets
22
Number of shares outstanding and net asset value per share
25
SEF - INDECAP FONDGUIDE I
Statement of Investments and other net assets
26
SEF - INDECAP FONDGUIDE II
Statement of Investments and other net assets
27
SEF - PLACERUM BALANSERAD
Statement of Investments and other net assets
28
SEF - PLACERUM DYNAMISK
Statement of Investments and other net assets
29
SEF - PLACERUM OPTIMERA
Statement of Investments and other net assets
30
SEF - AVIATUM TREND
Statement of Investments and other net assets
32
SEF - AVIATUM STABIL
Statement of Investments and other net assets
33
SEF - ASCENSUS BALANSERAD
Statement of Investments and other net assets
34
SEF - ASCENSUS OFFENSIV
Statement of Investments and other net assets
35
2
SEF, SICAV
Table of contents (continued)
SEF - ASCENSUS TREND
Statement of Investments and other net assets
Notes to the financial statements
36
37
3
SEF, SICAV
Organisation of the SICAV
REGISTERED OFFICE
SEF, SICAV, 65, Boulevard Grande Duchesse Charlotte
L-1331 LUXEMBOURG, Grand-Duchy of Luxembourg
BOARD OF DIRECTORS
Chairman
Ms TIINA NORBERG, Head of Securities Services - SWEDBANK
Brunkebergstorg 8, S-105 34 STOCKHOLM, Sweden (since May 7, 2013)
AB
(publ),
Ms CECILIA VERNERSON, Head of Legal and Compliance, SWEDBANK ASSET
MANAGEMENT S.A. Luxembourg, L-1331 LUXEMBOURG, Grand Duchy of Luxembourg
(until September 30, 2013)
Directors
Ms Sarah OLSSON, Legal Counsel, SWEDBANK ROBUR FONDER AB, S-105 34
STOCKHOLM, Sweden (since April 26, 2013)
Mr Björn NILSSON, Head of Legal and Compliance, SWEDBANK ASSET MANAGEMENT
S.A., L-1331 LUXEMBOURG, Grand Duchy of Luxembourg (since April 26, 2013)
Mr LARS FRIBERG, HR - Swedbank AB (publ), Brunkebergstorg 8 S-105 34 STOCKHOLM,
Sweden
Mr FREDRIC BLOMMÉ SEKUND, Head of the Group Depositary Banking, Swedbank AB
(publ), Brunkebergstorg 8 S-105 34 STOCKHOLM, Sweden (since May 24, 2013)
CONDUCTING PERSONS
Mr PETTER BRANDT, Head of Investor and Insurance Risk (Group Risk) - Swedbank AB
(publ) Brunkebergstorg 8, S-105 34 Stockholm, Sweden (until January 6, 2013)
Ms DANIELA KLASEN-MARTIN, Managing Director - Crestbridge, 9A boulevard Prince
Henri, L-1724 LUXEMBOURG, Grand-Duchy of Luxembourg
Ms LUDIVINE NICOLAI, Risk Manager - Crestbridge, 9A boulevard Prince Henri, L-1724
LUXEMBOURG, Grand-Duchy of Luxembourg (since March 8, 2013)
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
INVESTMENT MANAGER
In respect of SEF - INDECAP FONDGUIDE I and SEF - INDECAP FONDGUIDE II
INDECAP AB, Regeringsgatan 60,
S-111 56 STOCKHOLM, Sweden
In respect of SEF - PLACERUM BALANSERAD, SEF - PLACERUM DYNAMISK and SEF PLACERUM OPTIMERA
PLACERUM KAPITALFÖRVALTNING AB, Renmarkstorget 12C,
S - 903 26 UMEÅ, Sweden
In respect of SEF - AVIATUM TREND and SEF - AVIATUM STABIL
AVIATUM AB, Solna Torg 19, Plan 8,
SE-171 45 SOLNA, Sweden
In respect of SEF - ASCENSUS BALANSERAD, SEF - ASCENSUS OFFENSIV, SEF ASCENSUS TREND
UNITED SECURITIES AB, Brunnsgatan 21 A,
S-103 93 STOCKHOLM, Sweden
4
SEF, SICAV
Organisation of the SICAV
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), Brunkebergstorg 8,
S-111 51 STOCKHOLM, Sweden
RISK MANAGER
SWEDBANK ROBUR FONDER AB, Malmskillnadsgatan 32 60,
S-111 56 STOCKHOLM, Sweden
SWEDBANK AB (publ) Luxembourg Branch, 65, Boulevard Grande-Duchesse Charlotte,
L-1331 LUXEMBOURG, Grand-Duchy of Luxembourg
LEGAL ADVISORS
ARENDT & MEDERNACH, 14, Rue Erasme, L-2082 LUXEMBOURG,
Grand Duchy of Luxembourg
5
SEF, SICAV
General information
SEF, SICAV (the "SICAV") was incorporated in the Grand Duchy of Luxembourg on
April 25, 2012. 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 I 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 provide a range of sub-funds combined with active
professional management to diversify investment risk and satisfy the needs of investors seeking
income, capital conservation and longer term capital growth.
At the date of the report, the following sub-funds are offered to investors:
SEF - INDECAP FONDGUIDE I
SEF - INDECAP FONDGUIDE II
SEF - PLACERUM BALANSERAD
SEF - PLACERUM DYNAMISK
SEF - PLACERUM OPTIMERA
SEF - AVIATUM TREND
SEF - AVIATUM STABIL
SEF - ASCENSUS BALANSERAD
SEF - ASCENSUS OFFENSIV
SEF - ASCENSUS TREND
SEF - INDECAP FONDGUIDE I (Class PM) and SEF - INDECAP FONDGUIDE II (Class PM)
have been launched on May 30, 2012.
SEF - ASCENSUS BALANSERAD (Class A and Class I), SEF - ASCENSUS OFFENSIV (Class
A and Class I) and SEF - ASCENSUS TREND (Class A and Class I) have been launched on
April 5, 2013.
SEF - AVIATUM STABIL (Class A), SEF - AVIATUM TREND (Class A), SEF - PLACERUM
BALANSERAD (Class A and Class I), SEF - PLACERUM DYNAMISK (Class A and Class I) and
SEF - PLACERUM OPTIMERA (Class A and Class I) have been launched on January 10, 2013.
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 May 14, 2012. 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 financial year of the SICAV starts on January 1 and ends on December 31 of each year.
6
SEF, SICAV
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 subfund, 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.
7
SEF, SICAV
Report of the Board of Directors
SEF - INDECAP FONDGUIDE I
The investment strategy is to deliver consistent absolute return over the long term by investing
in Swedish Government Bonds, Corporate Bonds, Global Equity Funds and Swedish Equity
Funds. The funds benchmark is 35 percent OMRX T-Bill, 35 percent OMRX T-Bond, 20 percent
MSCI World Index (Net TR) and 10 percent SIX PRX.
The year was characterized by continued expansionary monetary policy, low interest rates and
further quantitative easing by central banks around the world. Among the dominant economies
the greatest gains were recorded in the U.S. and Germany which rose 30 percent. Japan and
France increased 25,5 and 24,7 percent, while the UK showed an increase of 19,1 percent.
Furthermore, Emering Markets exhibited a weak trend. Latin America and Eastern Europe fell
8 percent, while Asia fell 3,1 percent (all expressed in Swedish kronor).
On the Swedish Stock Exchange, there were large differences between the indexes for large
and small companies throughout the year. MSCI Sweden Net TR consisting of the 32 largest
companies rose 22,9 percent, while the Carnegie Small Cap Return Index rose by 36,6 percent.
At the sector level, it was mainly the financial sector that stood out with the total return of nearly
50 percent, while the industrial sector was moving sideways. The strong performance of Small
Cap Index was mainly driven by an increase in risk appetite among investors.
In the Swedish Bond Market interest rates rose overall. The 10-year government bond rose
100 basis points and stood at 2,52 percent at the end of the year.
The return during the year for Fondguide 1 was 4,2 percent while the benchmark rose
6,2 percent. The portfolio has been over weighted to Swedish Money Market Funds, Corporate
Bonds and Hedgefunds at the expense of Swedish Government Bond Funds, Swedish Stock
Market and the Developed Stock Market.
The largest positive contribution to the absolute return came from SPP USA and Robur
Sverigefond, the return was 31,5 respectively 26,2 percent.
On the fixed income-/hedgefund side Torgny Prior was the strongest performer, managing P&N
Yield with a rise of 4,2 percent. Furthermore Erik Brändström managing Spiltan Räntefond and
Karin Haraldsson managing Lannebo Likviditesfond returned the most with an overall increase
of 3 respectively 2,8 percent.
The portfolio was affected negatively by Nordea Obligationsfond which fell 3,4 percent due to
rising interest rates.
During the year, one new manager has been added, Mikael Lundström managing Evli Short
Corporate Bond Fund. The fund has sold AMF Räntefond Kort, Vontobel Global Value, CPH
Global Equity and Prior&Nilsson Sverige Aktiv.
At year end, the fund was invested in 9 underlying funds. 45,6 percent to Swedish
Corporate/Government Bond Funds, 23,6 percent to Swedish Money Market Funds, 18,5
percent to Swedish Equity Funds, 6 percent to Global Equity Funds and 6 percent to Hedge
Funds.
SEF - INDECAP FONDGUIDE II
The investment strategy is to deliver consistent absolute return over the long term by investing
in Swedish Equity Funds, Global Equity Funds and Emerging Market Funds. The funds
benchmark is 50 percent SIX PRX, 30 percent MSCI World Index (Net TR) and 20 percent
MSCI Emerging Market (Net TR).
8
SEF, SICAV
Report of the Board of Directors (continued)
The year was characterized by continued expansionary monetary policy, low interest rates and
further quantitative easing by central banks around the world. Among the dominant economies
the greatest gains were recorded in the U.S. and Germany which rose 30 percent. Japan and
France increased 25,5 and 24,7 percent, while the UK showed an increase of 19,1 percent.
Furthermore, Emering Markets exhibited a weak trend. Latin America and Eastern Europe fell
8 percent, while Asia fell 3,1 percent (all expressed in Swedish kronor).
On the Swedish Stock Exchange, there were large differences between the indexes for large
and small companies throughout the year. MSCI Sweden Net TR consisting of the 32 largest
companies rose 22,9 percent, while the Carnegie Small Cap Return Index rose by 36,6 percent.
At the sector level, it was mainly the financial sector that stood out with the total return of nearly
50 percent, while the industrial sector was moving sideways. The strong performance of Small
Cap Index was mainly driven by an increase in risk appetite among investors.
The return during the year for Fondguide 2 was 17,4 percent which was in line with the
benchmark. The portfolio has been over weighted the Swedish Stock Market at the expense of
Developed Markets and Emerging Markets.
At a fund level Lars Bergqvist managing Lannebo 130/30 was the strongest performer
the broad Swedish Equity Funds with a return of 27,8 percent, while the Swedish Stock
rose 22,9 percent. Among Global Managers Peter Robson managing Treetop
Opportunities contributed the most after a rise of 30,6 percent while the Global Stock
rose 25,1 percent.
among
Market
Global
Market
The portfolio was negatively affected versus the index by DNB Sverige which increased 20,6
percent. Among the Emerging Market managers Devan Kaloo was the weakest both in absolute
terms and relative index, the fund fell 8,2 percent which was 4,4 percentage points after the
benchmark that fell 3,8 percent.
During the year, three new managers have been added, Simion Blecher managing Carnegie
Sverigefond, Torgny Prior managing Prior&Nilsson Sverige Aktiv and Allan Conway managing
Schroder Emerging Market. The fund has sold Öhman Emerging Market and Hexam Global
Emerging Market. Furthermore, some changes were made between existing managers.
At year end, the fund was invested in 18 underlying funds. 58,9 percent to Swedish Equity
Funds, 27,6 percent to the Global Equity Funds and 24,2 percent to Emerging Market Funds.
SEF - PLACERUM BALANSERAD
Placerum Balanserad is a sub-fund that invests in a mix of equity funds and fixed income
instruments. The proportion invested in each asset class will change over time due to market
conditions and the fund therefore suits clients who don´t want to make these investment
decisions on their own. The amount of equities can vary between 0-75 percent meaning that the
fund can be fully invested in fixed income instruments in the event of extreme market conditions.
The fund was officially launched on January 1, 2013 but wasn´t fully invested until March 1 and
the index comparison for 2013 therefore becomes misleading.
2013 turned out to be a great year for developed market equities, where major markets like US,
Europe and Japan gained between 20-30 percent in SEK. US markets were mainly driven by
falling unemployment levels leading FED to reduce their QE-programme at the end of the year.
In Japan on the other hand, BOJ announced it would expand its massive asset purchase
programme in order to boost the economy. As a result the JPY depreciated 18 percent against
the USD and Japanese equities, in particular export companies that benefit from a weaker Yen,
raised sharply.
9
SEF, SICAV
Report of the Board of Directors (continued)
While developed markets were improving, emerging markets struggled with weaker growth than
expected and massive sell-offs during summer when FED announced their plans of reducing its
asset purchase programme. MSCI Emerging Markets ended the year down 5percent.
Placerum Balanserad (Class A) gained 8,5 percent during the year. From March 1, when the
fund was fully invested, average equity exposure was 55 percent. Our core holdings in Europe,
Sweden and US were among the top performers in 2013 and were also the largest contributors
to the fund´s performance. The Emerging Market positions in Russia and China, which
accounted for approximately 10 percent of NAV, had a negative impact on fund performance
during the year. The China holding was closed in December, reducing the Emerging Market
exposure to 5 percent at years end.
Placerum Balanserad (Class I) gained 7,5 percent during the year. From March 1, when the
fund was fully invested, average equity exposure was 55 percent. Our core holdings in Europe,
Sweden and US were among the top performers in 2013 and were also the largest contributors
to the fund´s performance. The Emerging Market positions in Russia and China, which
accounted for approximately 10 percent of NAV, had a negative impact on fund performance
during the year. The China holding was closed in December, reducing the Emerging Market
exposure to 5 percent at years end.
Our fixed income holdings mainly consisted of High Yield corporate bonds. These performed
very well during 2013 when market conditions improved and bond spreads were narrowing.
Although we expect High Yield to be the best fixed income pick during next year, we expect
overall lower returns in this segment going forward.
In 2014 we expect global growth to accelerate and interest rates to be kept at low levels. This
should support corporate profit growth, why we believe equities will still be the most attractive
asset class the year to come. However, we expect volatility to pick up within soon and 2014 will
probably be a year where active funds with flexible investment mandates can benefit.
SEF - PLACERUM DYNAMISK
Placerum Dynamisk is a sub-fund that mainly invests in equity funds. The equity exposure can
however vary between 0-100 percent meaning that the fund´s risk level can be reduced
significantly in the event of market turmoil. The fund thus suits clients who don´t want to make
these investment decisions on their own.
The fund was officially launched on January 1, 2013 but wasn´t fully invested until March 1 and
the index comparison for 2013 therefore becomes misleading.
2013 turned out to be a great year for developed market equities, where major markets like US,
Europe and Japan gained between 20-30 percent in SEK. US markets were mainly driven by
falling unemployment levels leading FED to reduce their QE-programme at the end of the year.
In Japan on the other hand, BOJ announced it would expand its massive asset purchase
programme in order to boost the economy. As a result the JPY depreciated 18 percent against
the USD and Japanese equities, in particular export companies that benefit from a weaker Yen,
raised sharply.
While developed markets were improving, emerging markets struggled with weaker growth than
expected and massive sell-offs during summer when FED announced their plans of reducing its
asset purchase programme. MSCI Emerging Markets ended the year down 5 percent.
Placerum Dynamisk (Class A) gained 8,2 percent during the year. From March 1, when the fund
was fully invested, average equity exposure was 90 percent. Our core holdings in Europe,
Sweden and US were among the top performers in 2013 and were also the largest contributors
to the fund´s performance. The Emerging Market positions in Russia and China, which
accounted for approximately 20 percent of NAV, had a negative impact on fund performance
during the year. The China holding was closed in December, reducing the EM exposure to 10
percent at years end.
10
SEF, SICAV
Report of the Board of Directors (continued)
Placerum Dynamisk (Class I) gained 7,8 percent during the year. From March 1, when the fund
was fully invested, average equity exposure was 90 percent. Our core holdings in Europe,
Sweden and US were among the top performers in 2013 and were also the largest contributors
to the fund´s performance. The Emerging Market positions in Russia and China, which
accounted for approximately 20 percent of NAV, had a negative impact on fund performance
during the year. The China holding was closed in December, reducing the EM exposure to 10
percent at years end.
In 2014 we expect global growth to accelerate and interest rates to be kept at low levels. This
should support corporate profit growth, why we believe equities will still be the most attractive
asset class the year to come. However, we expect volatility to pick up within soon and 2014 will
probably be a year where active funds with flexible investment mandates can benefit.
SEF - PLACERUM OPTIMERA
Placerum Optimera is a sub-fund that invests in Government Bonds, Corporate Bonds and
Hedge funds. The fund suits clients who are looking for an alternative to bank account and
similar low risk savings. Return target is 4-5 percent a year.
The fund was officially launched on January 1, 2013 but wasn´t fully invested until March 1 and
the index comparison for 2013 therefore becomes misleading.
The developed economies in US, Europe, Japan and the Nordic countries were all improving in
2013, although at a slow pace. In US the unemployment rate dropped below 7 percent at the
end of the year, leading the FED to start reducing its asset purchase programme in December.
This is positive for the American economy but a bad omen for bonds since the 10-year bond
yield will rise, putting pressure on bond prices. While FED is reducing their QE-programme,
Bank of Japan expanded its massive asset purchase programme during 2013 in order to boost
the economy. As a result the Yen depreciated 18 percent against the US Dollar while the stock
market rose sharply.
While developed markets were improving, Emerging Markets struggled with sharply rising
interest rates during the summer when FED announced its plans on reducing the QE
programme and as a result Emerging Market bonds had a rough year.
Placerum Optimera (Class A) gained 4,5 percent during the year which was in line with the
funds return target. Largest contribution came from our corporate bond holdings, which
accounted for 85 percent of the portfolio. About 2/3 of the corporate bonds were High Yield
bonds on the Nordic and European market. These were the best performers in 2013.
Placerum Optimera (Class I) gained 4,4 percent during the year which was in line with the funds
return target. Largest contribution came from our corporate bond holdings, which accounted for
85 percent of the portfolio. About 2/3 of the corporate bonds were High Yield bonds on the
Nordic and European market. These were the best performers in 2013.
In 2014 we expect global growth to accelerate and interest rates to be kept at low levels. This
should support corporate profit growth and we expect default rates to remain low. Given these
market conditions High Yield bonds is set to outperform other fixed income instruments the year
to come, even if we expect lower HY returns in 2014.
SEF - AVIATUM TREND
The fund was launched on January 2, 2013. The fund’s strategy is based on a trend following
model which gets its data from technical analysis. The fund uses a quantitative model of
management which identifies trends in the financial markets and invests mainly in equity and
fixed income markets. The fund can allocate 100 percent in equity as well as 100 percent in
fixed income markets depending upon what the model indicate. The funds benchmark is MSCI
World (Net TR)
11
SEF, SICAV
Report of the Board of Directors (continued)
The fund has made some major changes during the year regarding the choice of investments.
In order to harmonize the fund’s performance better to the model, the fund started to trade with
EFTs instead of funds in June and in October the fund started to hedge foreign exchange
positions.
The return for the fund of the period is -6,26% percent. The fund has been fully invested in the
equity market six times during the year. The number of days we have been in the market during
the year is 144 days out of 260 days.
The largest positive return during the period based on a month performance was in October,
3,69 percent. In April the fund had its most negative period of return, -2,38 percent.
Since inception, two new members have been added to the administrative council. Maria
Westerlind Månktell who previously worked at Skandia, and Anders Haglund, who has
experience in both technical management and fund management. The members of the
administrative councils consist of Peter Kolstad, Maria Westerlind Månktell and Anders
Haglund.
At period-end, the fund was invested in three different kinds of fixed income markets. 15 percent
towards corporate bonds, 15 percent towards long term bonds and 70 percent towards short
term bonds.
SEF - AVIATUM STABIL
The fund was launched on January 2, 2013. The fund’s strategy is based on a trend following
model which gets its data from technical analysis. The fund uses a quantitative model of
management which identifies trends in the financial markets and invests mainly in equity and
fixed income markets. The fund can allocate up to 50 percent in equity and up to 100 percent in
fixed income markets depending upon what the model indicate. The funds benchmark is
50 percent MSCI World (Net TR) and 50 percent OMRX T-Bill.
The fund has made some major changes during the year regarding the choice of investments.
In order to harmonize the funds performance better too the model, the fund started to trade with
EFTs instead of funds in June and in October the fund started to hedge foreign exchange
positions.
The return for the fund of the period is -3,73 percent. The fund has been fully invested in the
equity market six times during the year. The number of days we have been in the market during
the year is 144 days out of 260 days.
The largest positive return during the period based on a month performance was in October,
2,09 percent. In December the fund had its most negative period of return, -1,4 percent.
Since inception, two new members have been added to the administrative council. Maria
Westerlind Månktell who previously worked at Skandia, and Anders Haglund, who has
experience in both technical management and fund management. The members of the
administrative councils consist of Peter Kolstad, Maria Westerlind Månktell and Anders
Haglund.
At period-end, the fund was invested in three different kinds of fixed income markets. 15 percent
towards corporate bonds, 15 percent towards long term bonds and 70 percent towards short
term bonds.
12
SEF, SICAV
Report of the Board of Directors (continued)
SEF - ASCENSUS BALANSERAD
Ascensus Balanserad, a balanced fund with 50/50 in equity versus fixed income exposure
under normal market conditions, increased 6.1 % during the year (since inception on
April 4, 2013 with first NAV calculation on April 5, 2013). During the early summer, the fund
plummeted from the general market turmoil due to worries about Federal Reserves decrease of
quantitative easing and macro signals from China. After the summer the global markets
recovered and so Ascensus Balanserad with a few minor declines in the global equity markets
and fixed income markets.
Our market view has been quite neutral during 2013 why Ascensus Balanserads investments
have been quite close to 50/50 in equity versus fixed income exposure. During the year the subfund has increased its investments in active managed mutual funds while the passive
investments have decreased. The sub-fund made a substantial re-allocation to an enhanced
index global equity mutual fund at the expense of an index global equity mutual fund. The subfund also began to invest in Swedish small-cap equities and Japanese equities as part of its
strategic exposure.
Ascensus Balanserad decreased its investments in long government and mortgage bonds and
re-allocated into investment grade credits. Also the short fixed income exposure has slightly
been re-allocated into floated rate notes. During the autumn, Ascensus Balanserad began
direct investments in bonds.
SEF - ASCENSUS OFFENSIV
Ascensus Offensiv, a global equity fund with Swedish equity tilt, increased 11.8 % during the
year (since inception on April 4, 2013 with first NAV calculation on April 5, 2013). During the
early summer, the fund plummeted from the general market turmoil due to worries about
Federal Reserves decrease of quantitative easing and macro signals from China. After the
summer the global markets recovered and so Ascensus Offensiv with a few minor declines in
the global equity markets.
Ascensus Offensiv has been fully invested in the global equity markets, besides cash and cash
equivalents for liquidity purposes. During the year the sub-fund has increased its investments in
active managed mutual funds while the passive investments have decreased. The sub-fund
made a substantial re-allocation to an enhanced index global equity mutual fund at the expense
of an index global equity mutual fund. The sub-fund also began to invest in Swedish small-cap
equities and Japanese equities as part of its strategic exposure. No currency hedging was
made on sub-fund level.
SEF - ASCENSUS TREND
Ascensus Trend, a balanced trend following fund, increased 6.1 % during the year (since
inception on April 4, 2013 with first NAV calculation on April 5, 2013). During the early summer,
the fund plummeted from the general market turmoil due to worries about Federal Reserves
decrease of quantitative easing and macro signals from China. After the summer the global
markets recovered and so Ascensus Trend with a few minor declines in the global equity
markets and fixed income markets.
Our market view has been quite neutral during 2013 why Ascensus Trends investments have
been quite close to 50/50 in equity versus fixed income exposure. During the year the sub-fund
has increased its investments in active managed mutual funds substantially, while the passive
investments have decreased. The sub-fund made a substantial re-allocation to an enhanced
index global equity mutual fund at the expense of an index global equity mutual fund. The subfund also began to invest in Swedish small-cap equities and Japanese equities as part of its
strategic exposure.
13
SEF, SICAV
Report of the Board of Directors (continued)
Ascensus Trend decreased its investments in long government and mortgage bonds and reallocated into investment grade credits. Also the short fixed income exposure has substantially
been re-allocated into floated rate notes. During the autumn, Ascensus Trend began direct
investment in bonds.
14
Deloitte.
Deloitte Audit
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Fax: +352451 452992
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Tel +352451 451
To the Shareholders of
SEF, SICAV
65, Boulevard Grande Duchesse Charlotte
L-1331 Luxembourg
REPORT OF THE RÉVISEUR D'ENTREPRISES
AGRÉÉ
Following our appointment, by the annual general meeting of Shareholders of SEF, SICAV (the "SICAV") held on
April,26, 2013, we have audited the accompanying financial statements of the "SICAV" and of each of its sub-funds,
which comprise the statement of net assets, the statement of investments and other net assets as at December 31, 2013
and the statement of operations and changes in net assets for the year then ended, and a summary of significant
accounting policies and other explanatory notes to the financial statements.
Responsibility of the Board of Directors of the SICA V for the financial statements
The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements
in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements
and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.
Responsibility of the réviseur d'entreprises agréé
Our responsibility is to express an opinion on these financial statements based on our audit We conducted our audit in
accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du
Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the réviseur d'entreprises agréé's judgement, including the assessment
of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk
assessments, the réviseur d'entreprises agréé considers internal control relevant to the entity's preparation and fair
presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the
Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
15
Deloitte.
Opinion
In our opinion, the financial statements give a true and fair view of the financial position of SEF, SICAV and of each of its
sub-funds as of December31, 2013, and of the results of their operations and changes in their net assets for the year
then ended in accordance with the Luxembourg legal and regulatory requirements relating to the preparation of the
financial statements.
Other matter
Supplementary information included in the annual report has been reviewed in the context of our mandate but has not
been subject to specific audit procedures carried out in accordance with the standards described above. Consequently,
we express no opinion on such information. However, we have no observation to make concerning such information in
the context of the financial statementstaken as a whole.
For Deloitte Audit Société à Re~e~Limitée,Cabinet de révision agréé
..- .... ,/
.1>-2
".-
~/,.'
,/
7
jean-PhiliP~~ß'achelet~e r d'entreprises agréé
Partner ~
April 22, 2014
560, rue de Neudorf,
L-2220 Luxembourg
16
SEF, SICAV
17
SEF, SICAV
Statement of net assets at December 31, 2013
COMBINED
INDECAP FONDGUIDE I
INDECAP
FONDGUIDE II
SEK
SEK
SEK
5,898,302,268.51
873,476,526.76
3,251,035,249.03
965,254,640.71
39,214,960.96
789,390,753.92
6,863,556,909.22
912,691,487.72
4,040,426,002.95
554,417,972.86
44,836,778.04
448,370,480.27
20,000,000.00
0.00
20,000,000.00
534,462.15
0.00
0.00
90,556,964.22
90,556,964.22
0.00
Receivable on subscriptions
Net unrealized result on forward foreign exchange transactions
(Note 10)
Net unrealized result on swaps (Note 11)
3,402,591.53
0.00
0.00
3,894,576.00
0.00
0.00
625,214.28
0.00
625,214.28
Net accrued interest on bonds
2,219,834.06
0.00
0.00
7,539,208,524.32
1,048,085,229.98
4,509,421,697.50
3,330,880.88
102,383.65
1,186,736.41
166,456.36
0.00
0.00
34,697,751.14
6,134,839.61
24,795,202.35
437,716.66
0.00
437,716.66
38,632,805.04
6,237,223.26
26,419,655.42
TOTAL NET ASSETS AT DECEMBER 31, 2013
7,500,575,719.28
1,041,848,006.72
4,483,002,042.08
TOTAL NET ASSETS AT DECEMBER 31, 2012
3,928,533,042.20
670,924,296.58
3,257,608,745.62
ASSETS
Investments, at cost
Unrealized result on investments
Investments, at market value (Note 1)
Cash at banks
Cash as margin deposit
Net formation expenses (Note 1)
Receivable on sales of investments
LIABILITIES
Payable on redemptions
Net unrealized result on forward foreign exchange transactions
(Note 10)
Net accrued expenses (Note 7)
Net accrued interest on swaps
The accompanying notes form an integral part of these financial statements.
18
SEF, SICAV
Statement of net assets at December 31, 2013 (continued)
PLACERUM
BALANSERAD
PLACERUM DYNAMISK
PLACERUM OPTIMERA
AVIATUM TREND
AVIATUM STABIL
SEK
SEK
SEK
SEK
SEK
182,603,679.84
278,961,714.98
212,446,969.84
137,906,150.70
57,316,988.40
11,278,243.59
27,638,695.25
6,226,008.55
-615,421.70
202,623.07
193,881,923.43
306,600,410.23
218,672,978.39
137,290,729.00
57,519,611.47
8,843,588.75
11,261,214.02
9,103,867.24
12,861,500.44
6,131,359.05
0.00
0.00
0.00
0.00
0.00
60,646.20
60,477.81
60,477.81
60,477.81
60,477.81
0.00
0.00
0.00
0.00
0.00
270,262.99
229,270.27
0.00
49,083.81
51,137.03
0.00
0.00
0.00
3,245,480.00
649,096.00
0.00
0.00
0.00
0.00
0.00
299,511.21
0.00
1,300,458.24
0.00
0.00
203,355,932.58
318,151,372.33
229,137,781.68
153,507,271.06
64,411,681.36
3,449.92
2,799.19
0.00
287,371.97
165,000.00
0.00
0.00
166,456.36
0.00
0.00
308,922.46
513,104.04
310,227.57
456,745.48
183,433.29
0.00
0.00
0.00
0.00
0.00
312,372.38
515,903.23
476,683.93
744,117.45
348,433.29
203,043,560.20
317,635,469.10
228,661,097.75
152,763,153.61
64,063,248.07
0.00
0.00
0.00
0.00
0.00
The accompanying notes form an integral part of these financial statements.
19
SEF, SICAV
Statement of net assets at December 31, 2013 (continued)
ASCENSUS
BALANSERAD
ASCENSUS OFFENSIV
ASCENSUS TREND
SEK
SEK
SEK
324,609,719.45
473,609,857.56
106,335,411.95
22,649,648.34
62,390,388.86
6,878,739.87
347,259,367.79
536,000,246.42
113,214,151.82
5,976,876.65
3,041,415.19
3,990,893.21
0.00
0.00
0.00
77,301.57
77,301.57
77,301.57
ASSETS
Investments, at cost
Unrealized result on investments
Investments, at market value (Note 1)
Cash at banks
Cash as margin deposit
Net formation expenses (Note 1)
Receivable on sales of investments
0.00
0.00
0.00
Receivable on subscriptions
Net unrealized result on forward foreign exchange transactions
(Note 10)
Net unrealized result on swaps (Note 11)
833,339.61
236,581.97
1,732,915.85
0.00
0.00
0.00
0.00
0.00
0.00
Net accrued interest on bonds
236,573.42
311,250.00
72,041.19
354,383,459.04
539,666,795.15
119,087,303.64
0.00
1,583,139.74
0.00
0.00
0.00
0.00
715,097.11
1,017,679.26
262,499.97
0.00
0.00
0.00
715,097.11
2,600,819.00
262,499.97
TOTAL NET ASSETS AT DECEMBER 31, 2013
353,668,361.93
537,065,976.15
118,824,803.67
TOTAL NET ASSETS AT DECEMBER 31, 2012
0.00
0.00
0.00
LIABILITIES
Payable on redemptions
Net unrealized result on forward foreign exchange transactions
(Note 10)
Net accrued expenses (Note 7)
Net accrued interest on swaps
The accompanying notes form an integral part of these financial statements.
20
SEF, SICAV
21
SEF, SICAV
Statement of operations and changes in net assets
for the year/period ended December 31, 2013
NET ASSETS AT THE BEGINNING OF THE YEAR/PERIOD
COMBINED
INDECAP
FONDGUIDE I
INDECAP
FONDGUIDE II
SEK
SEK
SEK
3,928,533,042.20
670,924,296.58
3,257,608,745.62
INCOME
Dividends, net
Interest on bonds, net
Interest on bank accounts, net
794,762.95
0.00
0.00
9,077,725.49
0.00
0.00
1,872,464.94
376,664.70
794,283.44
Other Income (Note 13)
24,339,173.93
2,802,940.16
17,837,762.69
Total income
36,084,127.31
3,179,604.86
18,632,046.13
EXPENSES
Depositary fees (Note 5)
1,646,852.16
272,004.88
707,361.77
Administrator fees (Note 5)
3,605,621.86
512,413.28
1,383,125.06
Audit and legal fees
685,647.51
72,670.24
121,907.50
Fees paid to authorities (Note 2)
759,488.64
79,503.81
303,216.70
157,928,856.25
22,408,101.39
104,485,066.10
2,639,367.20
489,402.26
1,690,171.00
85,393.68
0.00
0.00
697,901.75
17,413.14
25,678.49
2,783,962.11
220,759.16
2,160,631.93
170,833,091.16
24,072,268.16
110,877,158.55
-134,748,963.85
-20,892,663.30
-92,245,112.42
Management fees (Note 6)
Risk management fees (Note 5)
Amortization of formation expenses (Note 1)
Transaction fees (Note 9)
Other administration expenses
Total expenses
NET INVESTMENT RESULT
Net realized result on forward foreign exchange transactions
-7,398,899.83
-121.41
-458.92
Net realized result on sales of investments
59,536,715.92
20,859,581.81
32,831,673.90
Net realized result on foreign exchange
NET REALIZED RESULT FOR THE YEAR/PERIOD
-27,074,639.44
-50,399.29
-32,484,571.62
-109,685,787.20
-83,602.19
-91,898,469.06
Change in net unrealized result on:
- forward foreign exchange transactions
3,728,119.64
0.00
0.00
855,934,583.80
32,592,932.18
686,692,725.79
625,214.28
0.00
625,214.28
NET CHANGE IN UNREALIZED RESULT FOR THE YEAR/PERIOD
860,287,917.72
32,592,932.18
687,317,940.07
NET CHANGE IN NET ASSETS AS A RESULT OF OPERATIONS FOR THE
YEAR/PERIOD
750,602,130.52
32,509,329.99
595,419,471.01
3,427,660,674.84
340,481,292.50
665,681,944.70
-606,220,128.28
-2,066,912.35
-35,708,119.25
7,500,575,719.28
1,041,848,006.72
4,483,002,042.08
- investments
- swaps
Proceeds from shares subscribed
Payments for shares redeemed
NET ASSETS AT THE END OF THE YEAR/PERIOD
The accompanying notes form an integral part of these financial statements.
22
SEF, SICAV
Statement of operations and changes in net assets
for the year/period ended December 31, 2013 (continued)
PLACERUM
BALANSERAD
from January 10, 2013
(launching date) to
December 31, 2013
PLACERUM DYNAMISK
from January 10, 2013
(launching date) to
December 31, 2013
PLACERUM OPTIMERA
from January 10, 2013
(launching date) to
December 31, 2013
AVIATUM TREND
from January 10, 2013
(launching date) to
December 31, 2013
AVIATUM STABIL
from January 10, 2013
(launching date) to
December 31, 2013
SEK
SEK
SEK
SEK
SEK
0.00
0.00
0.00
0.00
0.00
188,336.29
0.00
0.00
0.00
606,426.66
2,001,661.44
419,625.00
6,036,574.44
0.00
0.00
87,858.45
92,659.91
181,513.71
116,441.64
66,790.17
390,393.06
588,772.63
417,772.97
275,060.03
92,586.61
2,479,912.95
1,101,057.54
6,635,861.12
997,928.33
347,713.07
62,451.62
109,406.78
81,200.33
79,333.87
27,855.07
154,541.36
245,718.21
205,932.11
211,820.52
83,105.16
64,497.16
64,497.16
64,497.16
64,589.81
64,589.81
13,984.23
96,128.65
78,655.71
93,328.98
36,378.15
2,532,766.18
4,769,536.40
2,417,134.93
4,865,727.13
1,620,952.79
44,176.73
72,969.09
60,405.15
58,388.72
21,612.67
10,171.11
10,336.29
10,336.29
10,336.29
10,336.29
73,567.98
60,474.57
49,176.68
155,243.98
141,487.89
51,636.52
65,370.55
56,442.00
55,012.20
30,411.62
3,007,792.89
5,494,437.70
3,023,780.36
5,593,781.50
2,036,729.45
-527,879.94
-4,393,380.16
3,612,080.76
-4,595,853.17
-1,689,016.38
-1,479,500.00
0.00
0.00
-819.50
-5,918,000.00
1,643,174.02
-162,356.00
-194,916.80
-7,078,585.30
-764,603.32
93,900.85
462,714.55
-1,940.80
3,876,545.94
1,030,530.79
1,209,194.93
-4,093,021.61
3,414,403.66
-13,715,892.53
-2,902,588.91
0.00
0.00
-166,456.36
3,245,480.00
649,096.00
11,278,243.59
27,638,695.25
6,226,008.55
-615,421.70
202,623.07
0.00
0.00
0.00
0.00
0.00
11,278,243.59
27,638,695.25
6,059,552.19
2,630,058.30
851,719.07
12,487,438.52
23,545,673.64
9,473,955.85
-11,085,834.23
-2,050,869.84
308,656,373.88
319,623,208.51
240,240,343.48
431,866,932.91
118,869,989.14
-118,100,252.20
-25,533,413.05
-21,053,201.58
-268,017,945.07
-52,755,871.23
203,043,560.20
317,635,469.10
228,661,097.75
152,763,153.61
64,063,248.07
The accompanying notes form an integral part of these financial statements.
23
SEF, SICAV
Statement of operations and changes in net assets
for the year/period ended December 31, 2013 (continued)
NET ASSETS AT THE BEGINNING OF THE YEAR/PERIOD
ASCENSUS
BALANSERAD
from April 5, 2013
(launching date) to
December 31, 2013
ASCENSUS
OFFENSIV
from April 5, 2013
(launching date) to
December 31, 2013
ASCENSUS TREND
from April 5, 2013
(launching date) to
December 31, 2013
SEK
SEK
SEK
0.00
0.00
0.00
INCOME
Dividends, net
Interest on bonds, net
Interest on bank accounts, net
0.00
0.00
0.00
236,573.42
311,250.00
72,041.19
69,664.23
43,644.61
42,944.08
Other Income (Note 13)
606,480.80
1,141,304.57
186,100.41
Total income
912,718.45
1,496,199.18
301,085.68
Depositary fees (Note 5)
107,068.71
150,670.90
49,498.23
Administrator fees (Note 5)
280,323.63
447,128.93
81,513.60
Audit and legal fees
56,132.89
56,132.89
56,132.89
Fees paid to authorities (Note 2)
20,851.46
31,151.81
6,289.14
5,138,369.93
8,197,053.65
1,494,147.75
Risk management fees (Note 5)
70,081.03
111,782.10
20,378.45
Amortization of formation expenses (Note 1)
11,292.47
11,292.47
11,292.47
Transaction fees (Note 9)
64,450.10
60,446.00
49,962.92
Other administration expenses
49,677.43
77,478.19
16,542.51
5,798,247.65
9,143,136.94
1,785,757.96
-4,885,529.20
-7,646,937.76
-1,484,672.28
EXPENSES
Management fees (Note 6)
Total expenses
NET INVESTMENT RESULT
Net realized result on forward foreign exchange transactions
Net realized result on sales of investments
Net realized result on foreign exchange
NET REALIZED RESULT FOR THE YEAR/PERIOD
0.00
0.00
0.00
3,440,710.59
8,257,375.71
704,661.31
-1,540.58
-1,838.42
1,959.14
-1,446,359.19
608,599.53
-778,051.83
Change in net unrealized result on:
- forward foreign exchange transactions
0.00
0.00
0.00
22,649,648.34
62,390,388.86
6,878,739.87
0.00
0.00
0.00
NET CHANGE IN UNREALIZED RESULT FOR THE YEAR/PERIOD
22,649,648.34
62,390,388.86
6,878,739.87
NET CHANGE IN NET ASSETS AS A RESULT OF OPERATIONS FOR THE
YEAR/PERIOD
21,203,289.15
62,998,988.39
6,100,688.04
Proceeds from shares subscribed
361,513,940.28
517,714,655.73
123,011,993.71
Payments for shares redeemed
-29,048,867.50
-43,647,667.97
-10,287,878.08
NET ASSETS AT THE END OF THE YEAR/PERIOD
353,668,361.93
537,065,976.15
118,824,803.67
- investments
- swaps
The accompanying notes form an integral part of these financial statements.
24
SEF, SICAV
Number of shares outstanding and net asset value per share
Sub-funds
Ccy
Number of
shares
outstanding
Net asset
value
per share
Net asset
value
per share
31/12/2013
31/12/2013
31/12/2012
SEF - INDECAP FONDGUIDE I
SEK
9,966,594.7895
104.53
100.30
SEF - INDECAP FONDGUIDE II
SEK
36,384,170.1261
123.21
104.95
SEF - PLACERUM BALANSERAD *
A - SEK
9,136.4822
108.48
0.00
SEF - PLACERUM DYNAMISK *
SEF - PLACERUM OPTIMERA *
I - SEK
1,880,345.4390
107.45
0.00
A - SEK
1,738,544.2283
108.18
0.00
I - SEK
1,201,456.7457
107.84
0.00
A - SEK
2,168,439.7140
104.54
0.00
18,912.4033
104.39
0.00
SEF - AVIATUM TREND *
I - SEK
A - SEK
1,629,644.5604
93.74
0.00
SEF - AVIATUM STABIL *
A - SEK
665,440.3649
96.27
0.00
SEF - ASCENSUS BALANSERAD **
A - SEK
12,205.6100
106.11
0.00
3,325,492.6257
105.96
0.00
I - SEK
SEF - ASCENSUS OFFENSIV **
A - SEK
I - SEK
SEF - ASCENSUS TREND **
A - SEK
I - SEK
* Launched on January 10, 2013
** Launched on April 5, 2013
The accompanying notes form an integral part of these financial statements
25
2,589.8680
111.79
0.00
4,808,538.4091
111.63
0.00
9,581.0998
106.07
0.00
1,112,355.1894
105.91
0.00
SEF, SICAV
INDECAP FONDGUIDE I
Statement of Investments and other net assets
at December 31, 2013 (in SEK)
Description
Number of shares
Market Value (in SEK)
% of NAV
AMF RANTEFOND LANG
426,463
54,629,924.52
5.24
DNB FORETAGSOBLIGATI
463,059
49,876,033.17
4.79
EVLI SHORT CORPORATE BOND B SEK
143,974
151,261,642.88
14.52
INVESTMENT FUNDS
INVESTMENT FUNDS IN SEK
LANNEBO LIKVIDITET
779,064
86,912,408.60
8.34
NORDEA OBLIGATIONSFOND
681,309
75,416,571.19
7.24
6.07
PRIOR AND NILSSON YIELD HEDGE FUND
ROBUR SVERIGE MEGA
SPILTAN RANTEFOND SVERIGE
SPP AKT USA
SPP FÖRETAGSOBLIGATION
59,686
63,212,534.47
752,747
38,089,017.76
3.66
1,624,871
182,993,013.05
17.55
630,746
67,277,479.84
6.46
1,364,722
143,022,862.24
13.73
912,691,487.72
87.60
TOTAL INVESTMENT FUNDS
912,691,487.72
87.60
TOTAL INVESTMENTS
912,691,487.72
87.60
CASH
44,836,778.04
4.30
OTHER NET ASSETS
84,319,740.96
8.09
TOTAL NET ASSETS
1,041,848,006.72
100.00
The accompanying notes form an integral part of these financial statements.
26
SEF, SICAV
INDECAP FONDGUIDE II
Statement of Investments and other net assets
at December 31, 2013 (in SEK)
Description
Number of shares
Market Value (in SEK)
% of NAV
INVESTMENT FUNDS
INVESTMENT FUNDS IN EUR
SAXO INVEST CPH CAPITAL GLOBAL EQUITIES X6
33,367
348,912,687.54
7.78
348,912,687.54
7.78
2,121,855
793,149,304.36
17.70
132,954
211,032,261.33
4.71
CARNEGIE WORLDWIDE ASIA FUND CLASS 1A
51,406
38,264,783.42
0.85
CLIENS ABSOLUT AKTIER SVERIG FUND B
60,272
114,417,013.47
2.55
406,920
199,219,752.50
4.44
92,396
177,060,345.84
3.95
2,464,445
301,697,328.36
6.73
12,559,668
326,551,356.61
7.28
12,862
17,811,463.02
0.40
12,269,387
620,830,990.67
13.85
7,082,634
755,457,123.84
16.86
527,345
72,768,305.36
1.62
3,628,260,028.78
80.94
INVESTMENT FUNDS IN SEK
AMF AKTIEFOND SVERIG
CARNEGIE SVERIGEFOND
DANSKE INV-GLOBAL EMERGING MARKETS
DNB SMABOLAG
DNB SVERIGEFOND
LANNEBO SVER 130/30
PRIOR NILSSON SVERIGE AKTIV A
ROBUR SVERIGE MEGA
SPP AKT USA
TREETOP GLOBAL OPPORTUNITIES
INVESTMENT FUNDS IN USD
VONTOBEL GLOBAL VALUE EQUITY
76,365
63,253,286.63
1.41
63,253,286.63
1.41
TOTAL INVESTMENT FUNDS
4,040,426,002.95
90.13
TOTAL INVESTMENTS
4,040,426,002.95
90.13
CASH
468,370,480.27
10.45
OTHER NET LIABILITIES
-25,794,441.14
-0.58
4,483,002,042.08
100.00
TOTAL NET ASSETS
The accompanying notes form an integral part of these financial statements.
27
SEF, SICAV
PLACERUM BALANSERAD
Statement of Investments and other net assets
at December 31, 2013 (in SEK)
Description
Number of shares or
nominal value
Market Value (in SEK)
% of NAV
I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING
BONDS
BONDS IN SEK
AKELIUS FASTIGHETER AB FRN 25/06/2015
2,000,000
2,080,780.00
1.02
BAYPORT MANAGEMENT 13% 12/06/2017
3,000,000
3,337,500.00
1.64
BAYPORT MGT 13% 15
2,000,000
2,160,000.00
1.06
BYGGMAES 8% 30/11/2018
1,000,000
1,030,000.00
0.51
ESTEA LOG 6% 19
2,000,000
2,005,000.00
0.99
MCBTREAS 13% 15
5,000,000
5,150,000.00
2.54
NORDAX FRN 21.03.2016
2,000,000
2,035,000.00
1.00
REAL PEOPLE INV HDLS FRN 19/092018
2,000,000
1,980,000.00
0.98
SBAB 7.16% 08.06.2015 FIX TO FLOAT
2,000,000
2,125,640.00
1.05
SPARBANK SPGRIP FRN 22
3,000,000
3,110,760.00
1.53
STUDSVIK FRN 16
3,000,000
3,070,140.00
1.51
WA WALLVISION 9% 17
2,000,000
2,070,000.00
1.02
30,154,820.00
14.85
TOTAL BONDS
30,154,820.00
14.85
TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING
30,154,820.00
14.85
II. INVESTMENT FUNDS
INVESTMENT FUNDS IN EUR
LYXOR ETF CHINA ENTERPRISE HSCEI
8,012
7,444,938.07
3.67
7,444,938.07
3.67
INVESTMENT FUNDS IN SEK
CATELLA AVKASTNINGSFOND
73,762
9,175,942.21
4.52
CATELLA SVERIGE PASSIVE -B- (INSTIT)
26,176
32,681,444.48
16.10
GUSTAVIA RYSSLAND
GUSTAVIA SVERIGE
NEKTAR HEDGEFOND
NORDEA EUR HIGH YIELD
NORRON PREMIUM RC
SPP AKTIEFOND EUROPA
SWEDBANK ROBUR INDEXFOND USA
134,969
8,107,594.94
3.99
54,197
17,509,452.61
8.62
7,382
17,544,846.46
8.64
80,215
21,155,897.74
10.42
64,386
7,190,581.23
3.54
318,062
29,039,287.40
14.30
85,157
10,877,118.29
5.36
153,282,165.36
75.49
160,727,103.43
79.16
3,000,000.00
1.48
3,000,000.00
1.48
TOTAL BONDS
3,000,000.00
1.48
TOTAL OTHER TRANSFERABLE SECURITIES
3,000,000.00
1.48
193,881,923.43
95.49
8,843,588.75
4.36
OTHER NET ASSETS
318,048.02
0.16
TOTAL NET ASSETS
203,043,560.20
100.00
TOTAL INVESTMENT FUNDS
III. OTHER TRANSFERABLE SECURITIES
BONDS
BONDS IN SEK
JSM FINANCIAL AB 8% 31/03/2017
3,000,000
TOTAL INVESTMENTS
CASH
The accompanying notes form an integral part of these financial statements.
28
SEF, SICAV
PLACERUM DYNAMISK
Statement of Investments and other net assets
at December 31, 2013 (in SEK)
Description
Number of shares
Market Value (in SEK)
% of NAV
20,288
18,852,084.83
5.94
18,852,084.83
5.94
18.55
INVESTMENT FUNDS
INVESTMENT FUNDS IN EUR
LYXOR ETF CHINA ENTERPRISE HSCEI
INVESTMENT FUNDS IN SEK
CATELLA SVERIGE PASSIVE -B- (INSTIT)
47,182
58,906,998.18
454,849
27,322,792.57
8.60
83,011
26,818,492.38
8.44
HANDELSBANK EUROPAFOND INDEX
370,872
29,328,540.66
9.23
ROBUR INDEXFOND EUROPA
253,056
22,691,493.78
7.14
SPP AKTIEFOND EUROPA
380,124
34,705,520.12
10.93
SPP AKTIEFOND JAPAN
157,169
7,866,673.20
2.48
SPP AKTIEFOND SVERIGE
178,665
34,373,745.66
10.82
SWEDBANK ROBUR INDEXFOND USA
358,053
GUSTAVIA RYSSLAND
GUSTAVIA SVERIGE
45,734,068.85
14.40
287,748,325.40
90.59
TOTAL INVESTMENT FUNDS
306,600,410.23
96.53
TOTAL INVESTMENTS
306,600,410.23
96.53
11,261,214.02
3.55
-226,155.15
-0.07
317,635,469.10
100.00
CASH
OTHER NET LIABILITIES
TOTAL NET ASSETS
The accompanying notes form an integral part of these financial statements.
29
SEF, SICAV
PLACERUM OPTIMERA
Statement of Investments and other net assets
at December 31, 2013 (in SEK)
Description
Number of shares or
nominal value
Market Value (in SEK)
% of NAV
I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING
BONDS
BONDS IN EUR
GEN ELECTRIC 5.5% FIX TO FLOAT 67
500,000
4,749,931.29
2.08
4,749,931.29
2.08
BONDS IN SEK
AKELIUS FASTIGHETER AB FRN 25/06/2015
2,000,000
2,080,780.00
0.91
BAYPORT MANAGEMENT 13% 12/06/2017
3,000,000
3,337,500.00
1.46
BAYPORT MGT 13% 12/06/2017
4,000,000
4,450,000.00
1.95
BAYPORT MGT 13% 15
2,500,000
2,700,000.00
1.18
BYGGMAES 8% 30/11/2018
1,000,000
1,030,000.00
0.45
CATELLA FRN 17
3,000,000
3,015,060.00
1.32
CLOETTA FRN 17/09/2018
1,000,000
1,033,070.00
0.45
ESTEA LOG 6% 19
3,000,000
3,007,500.00
1.32
KAHRS HLDG FRN 17
2,000,000
2,145,000.00
0.94
LANSFORAK FRN 28.03.2023
5,000,000
5,151,150.00
2.25
MCBTREAS 13% 15
7,000,000
7,210,000.00
3.15
MEDA AB FRN 05.04.2018
5,000,000
5,232,350.00
2.29
NCC TREASURY AB FRN 06.03.2017
7,000,000
7,152,180.00
3.13
NORDAX FRN 21.03.2016
8,000,000
8,140,000.00
3.56
OPUS GROUP AB FRN 17.10.2017
1,000,000
1,038,730.00
0.45
OPUS GROUP AB FRN 20/11/2018
2,000,000
2,044,760.00
0.89
REAL PEOPLE INV HDLS FRN 19/092018
2,000,000
1,980,000.00
0.87
SBAB 7.16% 08.06.2015 FIX TO FLOAT
6,000,000
6,376,920.00
2.79
SBAB FRN PERPETUAL
4,000,000
3,944,520.00
1.73
11,000,000
11,406,120.00
4.99
6,000,000
6,140,280.00
2.69
SPARBANK SPGRIP FRN 22
STUDSVIK FRN 16
WA WALLVISION 9% 17
4,000,000
4,140,000.00
1.81
WEST AIR EUROPE EMTN 8% 08/05/2018
2,000,000
2,097,500.00
0.92
WIHLNORG FASTIGHETER AB FRN 15/02/2016
4,000,000
4,085,880.00
1.79
98,939,300.00
43.29
3,893,891.15
1.70
BONDS IN USD
ALLIANZ 5.5% PERP
600,000
3,893,891.15
1.70
TOTAL BONDS
107,583,122.44
47.07
TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING
107,583,122.44
47.07
11.57
II. INVESTMENT FUNDS
INVESTMENT FUNDS IN SEK
CARNEGIE CORP BOND -ACATELLA AVKASTNINGSFOND
NEKTAR HEDGEFOND
NORDEA EUR HIGH YIELD
NORRON PREMIUM RC
TOTAL INVESTMENT FUNDS
The accompanying notes form an integral part of these financial statements.
30
70,654
26,468,807.29
116,182
14,453,023.37
6.32
8,144
19,355,714.85
8.46
80,215
21,155,897.74
9.24
146,769
16,391,195.20
7.17
97,824,638.45
42.76
97,824,638.45
42.76
SEF, SICAV
PLACERUM OPTIMERA
Statement of Investments and other net assets
at December 31, 2013 (in SEK) (continued)
Description
Number of shares or
nominal value
Market Value (in SEK)
% of NAV
JSM FINANCIAL AB 8% 31/03/2017
4,000,000
4,000,000.00
1.75
NORDNET 7.25% 20 FIX TO FLOAT
2,881,000
3,046,657.50
1.33
NORDNET 7.25% 20 FIX TO FLOAT
2,000,000
2,075,000.00
0.91
SCANDINAVIAN AIRLINES 10.5% 16/06/2014
4,000,000
4,143,560.00
1.81
III. OTHER TRANSFERABLE SECURITIES
BONDS
BONDS IN SEK
13,265,217.50
5.80
TOTAL BONDS
13,265,217.50
5.80
TOTAL OTHER TRANSFERABLE SECURITIES
13,265,217.50
5.80
218,672,978.39
95.63
9,103,867.24
3.98
TOTAL INVESTMENTS
CASH
OTHER NET ASSETS
884,252.12
0.39
TOTAL NET ASSETS
228,661,097.75
100.00
The accompanying notes form an integral part of these financial statements.
31
SEF, SICAV
AVIATUM TREND
Statement of Investments and other net assets
at December 31, 2013 (in SEK)
Description
Number of shares
Market Value (in SEK)
% of NAV
11.72
INVESTMENT FUNDS
INVESTMENT FUNDS IN EUR
AMUNDI ETF EONIA
1,437
17,896,231.45
COMSTAGE ETF COMMERZBANK EONIA INDEX TR ETF
26,054
23,870,011.15
15.63
DB X-TRACK II EONIA ETF
19,241
23,869,091.60
15.62
ISHARES EURO CORPORATE BOND LARGE CAP UCITS ETF
21,140
23,901,687.66
15.64
ISHARES EURO GOV BOND 3-5 ETF
17,000
23,882,320.26
15.63
LYXOR ETF EURO CASH EURO MTS EONIA
25,142
23,871,386.88
15.63
137,290,729.00
89.87
TOTAL INVESTMENT FUNDS
137,290,729.00
89.87
TOTAL INVESTMENTS
137,290,729.00
89.87
12,861,500.44
8.42
OTHER NET ASSETS
2,610,924.17
1.71
TOTAL NET ASSETS
152,763,153.61
100.00
CASH
The accompanying notes form an integral part of these financial statements.
32
SEF, SICAV
AVIATUM STABIL
Statement of Investments and other net assets
at December 31, 2013 (in SEK)
Description
Number of shares
Market Value (in SEK)
% of NAV
10,855
9,945,074.50
15.52
8,018
9,946,591.99
15.53
9,945,619.98
15.52
29,837,286.47
46.57
INVESTMENT FUNDS
INVESTMENT FUNDS IN EUR
COMSTAGE ETF COMMERZBANK EONIA INDEX TR ETF
DB X-TRACK II EONIA ETF
LYXOR ETF EURO CASH EURO MTS EONIA
10,475
INVESTMENT FUNDS IN SEK
SHB FÖRETAGSOBLIGATIONSFOND
41,553
4,906,532.42
7.66
SPP OBLIGATIONSFOND
76,595
9,978,885.78
15.58
12.41
SPP PENNINGMARKNADSFOND
67,373
7,949,032.16
SWEDBANK ROBUR INTERNATIONAL CORPORATE BOND SUB FUND 21 CBF
37,677
4,847,874.64
7.57
27,682,325.00
43.22
TOTAL INVESTMENT FUNDS
57,519,611.47
89.79
TOTAL INVESTMENTS
57,519,611.47
89.79
6,131,359.05
9.57
CASH
OTHER NET ASSETS
412,277.55
0.64
TOTAL NET ASSETS
64,063,248.07
100.00
The accompanying notes form an integral part of these financial statements.
33
SEF, SICAV
ASCENSUS BALANSERAD
Statement of Investments and other net assets
at December 31, 2013 (in SEK)
Description
Number of shares or
nominal value
Market Value (in SEK)
% of NAV
I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING
BONDS
BONDS IN SEK
KUNGSLEDEN FRN 16
3,000,000
3,007,545.00
0.85
PA RESOURCES AB 13.5 % 03.03.2016
7,000,000
6,925,625.00
1.96
SPARBANKEN ORESUND FRN 25.10.2023
2,000,000
2,024,320.00
0.57
11,957,490.00
3.38
TOTAL BONDS
11,957,490.00
3.38
TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING
11,957,490.00
3.38
II. INVESTMENT FUNDS
INVESTMENT FUNDS IN SEK
CARNEGIE CORP BOND -A-
39,654
14,855,257.13
4.20
CARNEGIE LIKVIDITETSFONDS
33,029
39,396,170.49
11.14
CARNEGIE SVERIGEFOND
CATELLA HEDGE FUND
CATELLA SVERIGE PASSIVE -B- (INSTIT)
2,760
4,380,146.22
1.24
27,624
4,155,248.60
1.17
9,545
11,917,618.12
3.37
DANSKE INVEST - EUROPE FOCUS-A
99,039
13,972,407.52
3.95
DANSKE INVEST GLOBAL INDEX
12.41
50,264
43,870,670.48
DANSKE INV-GLOBAL EMERGING MARKETS
5,518
2,701,330.60
0.76
DIDNER AND GERGE SMABOLAGSFOND
9,014
3,411,395.11
0.96
7,911
13,409,184.86
3.79
38,632
4,002,704.27
1.13
0.89
DIDNER&GERGE AKTIEFOND
DNB FRN FOND
NORDEA SMABOLAGSFOND SVERIGE
OHMANS FORETAGSOBLIGATIONEN
ROBUR INDEXFOND EUROPA
22,229
3,159,132.53
184,252
19,836,619.33
5.61
62,570
5,610,663.15
1.59
SHB MSCI EMERG IND A
102,290
9,824,960.74
2.78
SHB MSCI USA INDEX
136,452
21,701,399.41
6.14
SPP AKTIEFOND GLOBAL
173,558
12,051,248.94
3.41
97,762
4,893,192.35
1.38
SPP FÖRETAGSOBLIGATION
245,447
25,722,832.95
7.27
SPP OBLIGATIONSFOND
356,716
46,473,609.27
13.15
305,345,792.07
86.34
29,956,085.72
8.47
SPP AKTIEFOND JAPAN
INVESTMENT FUNDS IN USD
SCHRODER ISF QEP GLOBAL CORE
198,372
29,956,085.72
8.47
TOTAL INVESTMENT FUNDS
335,301,877.79
94.81
TOTAL INVESTMENTS
347,259,367.79
98.19
5,976,876.65
1.69
CASH
OTHER NET ASSETS
432,117.49
0.12
TOTAL NET ASSETS
353,668,361.93
100.00
The accompanying notes form an integral part of these financial statements.
34
SEF, SICAV
ASCENSUS OFFENSIV
Statement of Investments and other net assets
at December 31, 2013 (in SEK)
Description
Number of shares or
nominal value
Market Value (in SEK)
% of NAV
10,000,000
9,893,750.00
1.84
9,893,750.00
1.84
TOTAL BONDS
9,893,750.00
1.84
TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING
9,893,750.00
1.84
I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING
BONDS
BONDS IN SEK
PA RESOURCES AB 13.5 % 03.03.2016
II. INVESTMENT FUNDS
INVESTMENT FUNDS IN SEK
CARNEGIE SVERIGEFOND
14,758
23,424,185.04
4.36
CATELLA SVERIGE PASSIVE -B- (INSTIT)
32,164
40,156,492.34
7.48
DANSKE INVEST - EUROPE FOCUS-A
343,777
48,500,001.66
9.03
DANSKE INVEST GLOBAL INDEX
112,448
98,144,463.41
18.28
DANSKE INV-GLOBAL EMERGING MARKETS
DIDNER AND GERGE SMABOLAGSFOND
18,687
9,148,731.33
1.70
6,098
2,307,826.47
0.43
DIDNER&GERGE AKTIEFOND
16,292
27,613,476.51
5.14
NORDEA SMABOLAGSFOND SVERIGE
81,505
11,583,485.91
2.16
ROBUR INDEXFOND EUROPA
309,329
27,737,502.77
5.16
SHB MSCI EMERG IND A
263,977
25,354,982.66
4.72
SHB MSCI USA INDEX
438,461
69,732,761.13
12.98
1.61
SHB SVER OMXSB INDEX
56,623
8,621,401.78
SPP AKTIEFOND GLOBAL
433,521
30,102,209.87
5.60
SPP AKTIEFOND JAPAN
383,855
19,212,801.77
3.58
SWEDBANK ROBUR INDEXFOND USA
125,598
16,042,687.96
2.99
457,683,010.61
85.22
68,423,485.81
12.74
68,423,485.81
12.74
TOTAL INVESTMENT FUNDS
526,106,496.42
97.96
TOTAL INVESTMENTS
536,000,246.42
99.80
3,041,415.19
0.57
-1,975,685.46
-0.37
537,065,976.15
100.00
INVESTMENT FUNDS IN USD
SCHRODER ISF QEP GLOBAL CORE
453,107
CASH
OTHER NET LIABILITIES
TOTAL NET ASSETS
The accompanying notes form an integral part of these financial statements.
35
SEF, SICAV
ASCENSUS TREND
Statement of Investments and other net assets
at December 31, 2013 (in SEK)
Description
Number of shares or
nominal value
Market Value (in SEK)
% of NAV
I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING
BONDS
BONDS IN SEK
KUNGSLEDEN FRN 16
2,000,000
2,005,030.00
1.69
PA RESOURCES AB 13.5 % 03.03.2016
2,000,000
1,978,750.00
1.67
SPARBANKEN ORESUND FRN 25.10.2023
1,000,000
1,012,160.00
0.85
4,995,940.00
4.21
TOTAL BONDS
4,995,940.00
4.21
TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING
4,995,940.00
4.21
16,145
6,048,289.38
5.09
7,501
8,947,124.01
7.53
15,572
801,334.49
0.67
II. INVESTMENT FUNDS
INVESTMENT FUNDS IN SEK
CARNEGIE CORP BOND -ACARNEGIE LIKVIDITETSFONDS
CARNEGIE RYSSLANDFOND
CARNEGIE SVERIGEFOND
1,543
2,448,537.68
2.06
CATELLA HEDGE FUND
6,906
1,038,812.13
0.87
CATELLA SVERIGE PASSIVE -B- (INSTIT)
2,689
3,357,452.52
2.83
DANSKE INVEST - EUROPE FOCUS-A
44,604
6,292,778.68
5.30
DANSKE INVEST GLOBAL INDEX
13,187
11,509,462.52
9.69
DANSKE INV-GLOBAL EMERGING MARKETS
1,537
752,647.98
0.63
DIDNER AND GERGE SMABOLAGSFOND
6,647
2,515,664.25
2.12
DIDNER&GERGE AKTIEFOND
2,912
4,936,147.95
4.15
72,436
7,505,070.50
6.32
0.89
DNB FRN FOND
NORDEA SMABOLAGSFOND SVERIGE
7,410
1,053,044.17
89,203
9,603,542.85
8.08
8,516
818,001.39
0.69
SHB MSCI USA INDEX
49,069
7,803,973.92
6.57
SPP AKTIEFOND GLOBAL
47,796
3,318,795.83
2.79
SPP AKTIEFOND JAPAN
33,077
1,655,582.80
1.39
SPP FÖRETAGSOBLIGATION
63,750
6,681,049.19
5.62
SPP OBLIGATIONSFOND
60,609
7,896,309.40
6.65
94,983,621.64
79.94
OHMANS FORETAGSOBLIGATIONEN
SHB MSCI EMERG IND A
INVESTMENT FUNDS IN USD
DANSKE INV-GREATER CHINA-A
SCHRODER ISF QEP GLOBAL CORE
3,959
1,456,416.46
1.23
77,996
11,778,173.72
9.90
13,234,590.18
11.13
TOTAL INVESTMENT FUNDS
108,218,211.82
91.07
TOTAL INVESTMENTS
113,214,151.82
95.28
CASH
3,990,893.21
3.36
OTHER NET ASSETS
1,619,758.64
1.36
TOTAL NET ASSETS
118,824,803.67
100.00
The accompanying notes form an integral part of these financial statements.
36
SEF, SICAV
Notes to the financial statements at December 31, 2013
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 UCITS and other 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 or its delegate 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 or its delegate.
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.
Total return swaps are valued at fair value under procedures approved by the Board of
Directors of the Fund. As these swaps are not exchange-traded, but are private contracts into
which the Fund and a swap counterparty enter as principals, the data inputs for valuation
models are usually established by reference to active markets. However it is possible that such
market data will not be available for total return swaps near the Valuation Day. Where such
markets inputs are not available, quoted market data for similar instruments (e.g. a different
underlying instrument for the same or a similar reference entity) will be used provided that
appropriate adjustments are made to reflect any differences between the total return swaps
being valued and the similar financial instrument for which a price is available. Market input data
and prices may be sourced from exchanges, a broker, an external pricing agency or a
counterparty.
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 Fund. 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 Fund.
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.
C.
Income recognition policy
Interest is accrued on a daily basis and calculated in accordance with the settlement day
valuation method.
Interest income on bank deposits is based on interest rates arranged between the depositary
bank and the Fund’s management and may differ from prevailing market rates of interest.
37
SEF, SICAV
Notes to the financial statements at December 31, 2013 (continued)
NOTE 1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C.
Income recognition policy (continued)
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), 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 year-end.
F.
Formation expenses
Formation expenses are amortised on a straight line basis over the first five years.
NOTE 2
FEES PAID TO AUTHORITIES
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 December 31, 2013.
EUR =
USD =
NOTE 4
8.876800
6.425945
SEK
SEK
COMMISSIONS ON SUBSCRIPTIONS, REDEMPTIONS AND CONVERSIONS
There are no commissions on subscription, redemptions and conversions.
38
SEF, SICAV
Notes to the financial statements at December 31, 2013 (continued)
NOTE 5
DEPOSITARY FEES, ADMINISTRATOR FEES AND RISK MANAGEMENT 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) are entitled to receive out of the assets of each sub-fund a fee of up
to 0.30% per annum of the average quarterly Net Asset Value thereof during the relevant
quarter and payable quarterly in arrears, subject to a minimum of EUR 80,000 per annum for
SEF – INDECAP FONDGUIDE I and SEF – INDECAP FONDGUIDE II.
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 Compartment 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, subject to a minimum of EUR 50,000 per annum for
SEF – PLACERUM BALANSERAD, SEF – PLACERUM DYNAMISK, SEF – PLACERUM
OPTIMERA, SEF – AVIATUM TREND, SEF – AVIATUM STABIL, SEF – ASCENSUS
BALANSERAD and SEF – ASCENSUS OFFENSIV.
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 Compartment 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 – ASCENSUS TREND.
For year ended December 31, 2013, administration fee rates were:
SEF – INDECAP FONDGUIDE I
SEF - INDECAP FONDGUIDE II
SEF – PLACERUM BALANSERAD
SEF – PLACERUM DYNAMISK
SEF – PLACERUM OPTIMERA
SEF – AVIATUM TREND
SEF – AVIATUM STABIL
SEF – ASCENSUS BALANSERAD
SEF – ASCENSUS OFFENSIV
SEF – ASCENSUS TREND
0.060%
0.020%
0.075%
0.075%
0.075%
0.105%
0.105%
0.090%
0.090%
0.110%
For year ended December 31, 2013, depositary fee rates were:
SEF – INDECAP FONDGUIDE I
SEF - INDECAP FONDGUIDE II
0.030%
0.010%
SEF – PLACERUM BALANSERAD, SEF – PLACERUM DYNAMISK and SEF – PLACERUM OPTIMERA
Range between 0.035% and 0.200% of the Net Asset Value depending on the type and the geographical
origin of the securities
SEF – AVIATUM TREND and SEF – AVIATUM STABIL
Range between 0.035% and 0.060% of the Net Asset Value depending on the type and the geographical
origin of the securities
SEF – ASCENSUS BALANSERAD, SEF – ASCENSUS OFFENSIV and SEF – ASCENSUS TREND
Range between 0.035% and 0.040% of the Net Asset Value depending on the type and the geographical
origin of the securities
39
SEF, SICAV
Notes to the financial statements at December 31, 2013 (continued)
NOTE 5
DEPOSITARY FEES, ADMINISTRATOR FEES AND RISK MANAGEMENT FEES (CONTINUED)
For year ended December 31, 2013, risk management fee rates were:
SEF – INDECAP FONDGUIDE I
SEF – INDECAP FONDGUIDE II
SEF – PLACERUM BALANSERAD
SEF – PLACERUM DYNAMISK
SEF – PLACERUM OPTIMERA
SEF – AVIATUM TREND
SEF – AVIATUM STABIL
SEF – ASCENSUS BALANSERAD
SEF – ASCENSUS OFFENSIV
SEF – ASCENSUS TREND
NOTE 6
0.060%
0.030%
0.030%
0.030%
0.030%
0.030%
0.030%
0.030%
0.030%
0.030%
MANAGEMENT FEES
The Management Fees are normally payable by the Fund on a quarterly basis to the Investment
Managers.
For year ended December 31, 2013, annual management fee rates were:
SEF – INDECAP FONDGUIDE I
SEF – INDECAP FONDGUIDE II
SEF – PLACERUM BALANSERAD – CLASS A
SEF – PLACERUM BALANSERAD – CLASS I
SEF – PLACERUM DYNAMISK – CLASS A
SEF – PLACERUM DYNAMISK – CLASS I
SEF – PLACERUM OPTIMERA – CLASS A
SEF – PLACERUM OPTIMERA – CLASS I
SEF – AVIATUM TREND
SEF – AVIATUM STABIL
SEF – ASCENSUS BALANSERAD – CLASS A
SEF – ASCENSUS BALANSERAD – CLASS I
SEF – ASCENSUS OFFENSIV – CLASS A
SEF – ASCENSUS OFFENSIV – CLASS I
SEF – ASCENSUS TREND – CLASS A
SEF – ASCENSUS TREND – CLASS I
2.75%
2.75%
1.50%
1.75%
1.80%
2.25%
1.20%
1.40%
2.50%
2.25%
1.95%
2.20%
1.95%
2.20%
1.95%
2.20%
As from December 31, 2013, annual management fee rates are:
- SEF – INDECAP FONDGUIDE I 1.95%
- SEF – INDECAP FONDGUIDE II 2.50%
Investment Management fees of other UCIs or UCITS (excluding any performance fees) may be
in total up to:
- 0.40% for
- 0.50% for
- 1.50% for
- 0.90% for
NOTE 7
SEF Indecap Fondguide I and SEF Indecap Fondguide II
SEF - PLACERUM BALANSERAD, SEF – PLACERUM DYNAMISK and
SEF – PLACERUM OPTIMERA
SEF – AVIATUM TREND and SEF – AVIATUM STABIL
SEF – ASCENSUS BALANSERAD, SEF – ASCENSUS TREND and
SEF – ASCENSUS OFFENSIV.
PROMOTER FEES
Swedbank AB (publ) may act as a promoter, distributor of the Fund, or business introducer or
such other denomination as may be the case. Swedbank AB (publ) and/or its affiliates may
directly or indirectly receive a fee from the investors in relation to their investment in the Fund.
40
SEF, SICAV
Notes to the financial statements at December 31, 2013 (continued)
NOTE 8
ACCRUED EXPENSES
At December 31, 2013, accrued expenses consist of:
Administrator fees (Note 5)
Audit and legal fees
Depositary fees (Note 5)
Fees paid to authorities (Note 2)
Kickback fees (Note 14)
Management fees
Promoter fees
Risk management fees (Note 5)
Total
SEF - INDECAP
FONDGUIDE I
(SEK)
141,018.83
57,644.16
70,509.40
26,083.22
-741,962.75
6,581,546.75
0.00
0.00
6,134,839.61
SEF - INDECAP
FONDGUIDE II
(SEK)
361,316.00
57,644.16
180,658.26
94,513.48
-5,208,430.65
29,309,501.10
0.00
0.00
24,795,202.35
SEF - PLACERUM
BALANSERAD
(SEK)
46,880.86
56,534.56
19,739.42
2,737.17
-107,927.55
266,284.51
9,868.95
14,804.54
308,922.46
Administrator fees (Note 5)
Audit and legal fees
Depositary fees (Note 5)
Fees paid to authorities (Note 2)
Kickback fees (Note 14)
Management fees
Promoter fees
Risk management fees (Note 5)
Total
SEF - PLACERUM
DYNAMISK
(SEK)
74,434.09
56,534.56
31,340.69
25,216.86
-213,396.37
499,798.86
15,670.21
23,505.14
513,104.04
SEF - PLACERUM
OPTIMERA
(SEK)
54,040.71
56,534.56
22,754.07
18,855.21
-74,264.18
203,864.97
11,377.30
17,064.93
310,227.57
SEF - AVIATUM
TREND
(SEK)
44,697.88
56,534.56
17,027.83
17,501.50
-3,292.41
302,991.25
8,514.00
12,770.87
456,745.48
Administrator fees (Note 5)
Audit and legal fees
Depositary fees (Note 5)
Fees paid to authorities (Note 2)
Kickback fees (Note 14)
Management fees
Promoter fees
Risk management fees (Note 5)
Total
SEF - AVIATUM
STABIL
(SEK)
19,092.13
56,534.56
7,273.29
5,710.98
-9,614.85
95,345.84
3,636.46
5,454.88
183,433.29
SEF - ASCENSUS
BALANSERAD
(SEK)
103,055.56
56,534.56
30,058.17
7,987.87
-178,169.67
652,690.62
17,175.98
25,764.02
715,097.11
SEF - ASCENSUS
OFFENSIV
(SEK)
158,777.63
56,534.56
46,310.26
11,470.33
-314,995.36
993,424.48
26,462.98
39,694.38
1,017,679.26
Administrator fees (Note 5)
Audit and legal fees
Depositary fees (Note 5)
Fees paid to authorities (Note 2)
Kickback fees (Note 14)
Management fees
Promoter fees
Risk management fees (Note 5)
Total
SEF - ASCENSUS
TREND
(SEK)
31,706.77
56,534.56
9,247.93
2,697.03
-62,661.74
211,764.80
5,284.18
7,926.44
262,499.97
41
SEF, SICAV
Notes to the financial statements at December 31, 2013 (continued)
NOTE 9
CHANGES IN THE INVESTMENT PORTFOLIO
Changes in the investment portfolio during the reporting year are available to the shareholders
at the address of the depositary bank and domiciliary agent.
NOTE 10
TRANSACTION FEES
As at year-end, the transaction fees are composed of fees on purchases and sales on portfolio.
NOTE 11
FORWARD FOREIGN EXCHANGE TRANSACTIONS - OPEN POSITIONS
At December 31, 2013, the following forward foreign exchange transactions were opened:
SEF - PLACERUM OPTIMERA
Currency
Buy
Currency
Sell
Maturity
SEK
SEK
SEK
SEK
SEK
SEK
SEK
SEK
SEK
SEK
SEK
SEK
SEK
SEK
239,329.75
241,623.25
243,540.00
4,701,976.75
4,066,618.95
108,702.00
108,566.70
108,429.75
108,294.45
108,159.15
108,022.20
107,883.60
107,748.30
107,611.35
EUR
EUR
EUR
EUR
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
-27,500.00
-27,500.00
-27,500.00
-527,500.00
-616,500.00
-16,500.00
-16,500.00
-16,500.00
-16,500.00
-16,500.00
-16,500.00
-16,500.00
-16,500.00
-16,500.00
15/09/2014
15/09/2015
15/09/2016
15/09/2017
26/09/2018
26/03/2018
26/09/2017
27/03/2017
26/09/2016
29/03/2016
28/09/2015
26/03/2015
26/09/2014
26/03/2014
Unrealized Result
(SEK)
-5,924.00
-6,036.91
-7,252.55
-174,944.85
21,949.87
346.81
212.67
163.30
248.28
443.09
686.28
982.28
1,240.26
1,429.11
-166,456.36
SEF - AVIATUM TREND
Currency
Buy
Currency
Sell
Maturity
SEK
158,714,500.00
EUR
-17,500,000.00
19/02/2014
Unrealized Result
(SEK)
3,245,480.00
3,245,480.00
SEF - AVIATUM STABIL
Currency
Buy
Currency
Sell
Maturity
SEK
31,742,900.00
EUR
-3,500,000.00
19/02/2014
List of counterparty to forward foreign exchange transactions:
Swedbank AB
42
Unrealized Result
(SEK)
649,096.00
649,096.00
SEF, SICAV
Notes to the financial statements at December 31, 2013 (continued)
NOTE 12
TOTAL RETURN SWAPS
A Total Return Swap (TRS) is an agreement to exchange the total performance of a bond or
other underlying asset (share, index, etc.) for a benchmark rate plus a spread. The total
performance includes the interest coupons, dividends and profits and losses on the underlying
asset over the life of the agreement, depending on the type of underlying concerned. The risk in
this type of agreement is linked to the fact that the benefit for each counterparty will depend on
how the underlying asset performs over time, which is unknown at the time at which the
agreement is entered into.
SEF - INDECAP FONDGUIDE II
Name
Maturity Date Currency
Quantity /
Valuation as at
Notional Value December 31, 2013
TRS VONTOBEL EM MKT
30/12/2014
SEK 200,000,000.00
-2,101,343.57
TRS SW ROB RYSSLAND
05/12/2014
SEK 300,000,000.00
5,754,111.64
TRS SHRODER EM MKT
29/12/2014
SEK 400,000,000.00
-3,027,553.79
The net unrealised gain on these Total Return Swap contracts as at December 31, 2013, was
SEK 625,214.28 and is included in the statement of net assets.
List of counterparties to SWAPS contracts:
Swedbank AB (publ) Luxembourg Branch
NOTE 13
RELATED - PARTIES TRANSACTIONS
During the year, the sub-funds SEF – INDECAP FONDGUIDE I, SEF – INDECAP FONDGUIDE
II, SEF – PLACERUM BALANSERAD, SEF – PLACERUM DYNAMISK, SEF – AVIATUM
TREND, SEF – AVIATUM STABIL, SEF – ASCENSUS BALANSERAD and SEF – ASCENSUS
OFFENSIV invested part of their assets into other collective investment undertakings promoted
by Swedbank group.
43
SEF, SICAV
Notes to the financial statements at December 31, 2013 (continued)
NOTE 14
OTHER INCOME
At December 31, 2013, other income consists mainly of:
Kickback fees
Kickback fees
Kickback fees
SEF - INDECAP
FONDGUIDE I
(SEK)
SEF - INDECAP
FONDGUIDE II
(SEK)
SEF PLACERUM
BALANSERAD
(SEK)
2,802,940.16
18,095,684.57
390,393.03
SEF - PLACERUM
DYNAMISK
(SEK)
SEF - PLACERUM
OPTIMERA
(SEK)
SEF - AVIATUM
TREND
(SEK)
588,772.63
417,772.97
275,059.99
SEF - AVIATUM
STABIL
(SEK)
SEF - ASCENSUS
BALANSERAD
(SEK)
SEF ASCENSUS
OFFENSIV
(SEK)
92,579.68
602,579.02
1,138,290.68
SEF - ASCENSUS
TREND
(SEK)
Kickback fees
186,100.41
These fees represent a rebate on management fees paid by underlying funds.
NOTE 15
GLOBAL RISK EXPOSURE (UNAUDITED NOTE)
In terms of risk management, the Board of Directors of SEF, SICAV selected the commitment
approach in order to determine the global risk for all the sub-funds.
NOTE 16
SUBSEQUENT EVENTS
1) The Board of Directors resolved to launch on March 4, 2014, the below sub-funds:
- SEF - Intacta Dynamisk Balanserad (Class A and Class I)
- SEF - Intacta TrendBox (Class A and Class I)
Both sub-funds will be managed by Intacta Kapital AB.
2) The Board of Directors resolved to elect Ellinor Ortegren Johansson and Mrs Aet Ratsepp
as directors of the Company for the period from January 20, 2014 until next Annual General
Meeting of Shareholders of the Company to be held in 2014 in replacement of Mrs Lars
Friberg and Mrs Tiina Norberg.
3) 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)
- to terminate existing agreements covering similar services between the Fund, Swedbank
AB (publ) and Swedbank Robur Fonder AB, namely:
1. Global Distribution Agreement made on April 25, 2012
2. Central Administration Agreement made on April 25, 2012
3. Risk Management Agreement made on April 25, 2012
44
SEF, SICAV
Notes to the financial statements at December 31, 2013 (continued)
NOTE 16
SUBSEQUENT EVENTS (CONTINUED)
4) The Board of Directors resolved on February 28, 2014 to terminate the General
Infrastructure Contract with Crestbridge Management Company S.A.
5) Ludivine Nicolaï and Daniela Klasén-Martin from Crestbridge Management Company S.A.
resigned from their function of Conducting Person on February 28, 2014.
45