Professional Documents
Culture Documents
1-2
3-7
Directors Report
Audit Committee Report
Directors Remuneration Report
Independent Auditors Report
8-15
16-17
18
19-20
21
22
23
24
25-50
51-52
Registered Office:
Sarnia House
Le Truchot
St Peter Port
Guernsey, GY1 4NA
Registrar:
Investment Manager:
Auditor:
Corporate Broker:
Cash Management*:
Guernsey Advocates:
Carey Olsen
Carey House
Les Banques
St Peter Port
Guernsey, GY1 4B
English Solicitors:
Macfarlanes
20 Cursitor Street
London, EC4A 1LT
Company Number:
*Cash accounts held through the Companys Cash Management Agreement with Praxis Asset Management Limited.
Key Dates:
Companys half-year
Interim results to be announced
Companys year end
Annual results to be announced
30 June 2014
by 31 August 2014
31 December 2014
by 30 April 2015
Abax Arhat,
Apollo Asia Opportunity Fund,
Autonomy Fund Fund II C,
Autonomy Global Macro Class L (switched from Autonomy AB SPV),
Cedar Hill Offshore Mortgage Opportunity Fund (fully redeemed),
Clearwater Capital Partners Long Term Value Fund (fully liquidated),
Double Haven Temple Fund,
Finisterre Credit Fund (fully redeemed),
Fore Multi Strategy (fully redeemed),
Investcorp Silverback Arbitrage Fund (fully redeemed),
Pamli Global Credit Strategies (audit holdback repaid)
Serengeti Opportunities Fund SC,
Serengeti Opportunities Fund CLO,
Serengeti Alphacat Fund,
Sola I Class T3 (fully redeemed),
Solus Core Opportunities (audit holdback repaid), and
Fusion V Series B Fund (fully redeemed).
Some of these funds listed as having been fully redeemed have small amounts outstanding which represent
audit holdbacks. Gottex expects these to be received once the respective fund audit has been completed,
typically during the second quarter of the succeeding year.
The Net Asset Value, per ordinary share, declined by 29.60% during the year. One of the main contributors to
this has been the reserves held by the Company against the value of certain funds. The main reserves are
held against underlying assets in the Ukraine within a number of funds but predominantly Ubique Gallois, the
reserves held in respect of South Asian Real Estate Limited and the reserves held against the FCVS assets
managed by Vision Investments LLP. At this stage these are unrealised losses. Details of the rationale behind
each of these decisions were released via RNS announcements at the time of their becoming effective.
The other significant contributor to the fall in Net Asset Value per ordinary share has been the sale of certain
funds managed by Vision Investments LLP at a price below where they were valued in the portfolio. This has
produced a realised loss for the Company.
Other contributors have been a series of disappointments in the portfolio of the Double Haven Temple Fund
position and exchange rate movements, predominantly the exchange rates between Sterling and the US Dollar
and Brazilian Real.
Autonomy
Fund II D
Holding
(percentage of
31 December
NAV)
19.1%
Manager and
primary
location
Principal
Strategy
Comment
Autonomy
Investimentos
Commercial
Real Estate
Development
Sao Paulo,
Brazil
3DPropCo
Limited
18.7%
3Degrees
Capital, Cayman
Ltd
Hotel
management
Singapore
Ubique SPC
Gallois Fund
9.9%
Cornerstone
Investment
Management
Limited, Gallois
Invest
Residential
and
Commercial
Real Estate
Development
Kiev, Ukraine
South Asian
Real Estate
Limited
(SARE)
8.4%
South Asian
Asset
Management Ltd
Mauritius
Residential
Real Estate
Development
7.7%
Vision
Investments LLP,
Vision Brazil
Gestao de
Investimentos e
Participacoes
Ltda
Asset-Based
Strategies
(1) The Vision Funds are a group of 7 separate funds with multiple series under the name Vision. Since the restructuring in June
2013, each fund now consists of a single underlying asset or portfolio of related assets. They are all run by the same manager, and
hence we consider them as a single line item for the purpose of this and similar analyses.
No other single position is greater than 4.3% of the Net Asset Value of the Company as of 31 December 2013.
These five positions listed in Table 1 account for 63.8% of the Net Asset Value of the Company, or 77.4% of
the Hedge Fund portfolio excluding cash and equivalents.
Table 2: Portfolio Exposure
Real Estate
60.0%
Asset-Based Strategies
10.3%
Distressed
3.0%
Long-short Credit
3.0%
Other
6.2%
17.5%
4.8%
Brazil
36.8%
1.4%
Developed Europe
0.0%
Ukraine
Other Emerging
Europe
14.2%
14.6%
0.4%
Dubai
Asia Pacific
43.0%
0.0%
Indonesia
23.7%
India
10.9%
Vietnam
0.5%
Australia
3.2%
China
3.5%
Korea
0.6%
Philippines
0.0%
42.4%
Cash Pct*
Mar-13
58,435,675
12,981,287
18%
Apr-13
56,934,067
13,382,106
18%
May-13
55,116,862
14,956,693
21%
Jun-13
45,583,190
24,023,070
33%
Jul-13
42,844,019
24,404,898
34%
Aug-13
40,016,028
25,577,780
35%
Sep-13
38,605,189
26,022,510
36%
Oct-13
37,725,593
25,993,788
36%
Nov-13
35,712,767
26,858,875
37%
Dec-13
25,304,831
28,633,634
39%
Mar-14
24,968,590
28,743,321
40%
Jun-14
24,572,757
29,139,154
40%
Sep-14
24,080,012
29,631,899
41%
Dec-14
24,044,837
29,667,074
41%
Mar-15
19,102,328
34,609,583
48%
Jun-15
19,102,328
34,609,583
48%
Sep-15
18,962,264
34,749,647
48%
Dec-15
18,962,264
34,749,647
48%
Mar-16
15,562,564
38,149,347
53%
*Cash Pct represents the percentage of the 1 January 2013 Net Asset Value that has been or is projected to be converted to cash
by the relevant date.
It should also be noted that the analysis does not include any estimate of the fees and expenses that the
Company will incur during the period of projection.
The information in the tables above has not been subject to audit and should be considered to be illustrative. It
is emphasised that:
there is no guarantee that the portfolio can be realised in accordance with the above indicative
timetable, or at all;
the values of any underlying investments as at the time of realisation may differ significantly from the
values relied on in this document;
the estimated portfolio liquidity profile above is indicative only and should not under any circumstances
be considered a prediction, forecast or guarantee of the Company's actual portfolio liquidity profile or
an indication as to the timing of distributions to Shareholders pursuant to the Company's winding
down; and
there is no guarantee that the assets in the portfolio will be realised at their net asset value, and it is
possible that the Company may not be able to realise some of its assets at any material value.
10
11
Board
Management
Ad hoc
5 of 5
4 of 4
5 of 5
4 of 4
5 of 5
2 of 4
2 of 2
2 of 2
12
Audit
Committee
Management
Engagement
Committee
3 of 3
3 of 3
3 of 3
1 of 1
1 of 1
1 of 1
1 of 1
-
13
Number of ordinary
shares held*
7,671,462
5,773,222
5,326,908
3,616,782
3,120,652
2,684,019
Directors interests
As at 31 December 2013, the interests of the Directors and their families who held office during the year
are set out below:
31 December 2013
31 December 2012
ordinary shares
ordinary shares
Talmai Morgan (Chairman)
19,313*
32,180*
David Staples
7,783*
12,068*
Norman Crighton
Andrew Pegge (resigned 24 May 2013)
* Shareholdings reduced pursuant to the Tender Offers tender offers in September 2012, June and October 2013
Andrew Pegge is a director of Laxey Partners, which held none (31 December 2012: 11.59%) of the
issued share capital of the Company as at 25 March 2014. Mr Pegge resigned as a Director of the
Company on 24 May 2013.
There were no changes in the interests of the Directors from 31 December 2013 to the date of this report.
No Director, other than those listed above, and no connected person of any Director has any interest, the
existence of which is known to, or could with reasonable diligence be ascertained by that Director,
whether or not held through another party, in the share capital of the Company.
14
The Directors are responsible for keeping proper accounting records which disclose with reasonable
accuracy at any time the financial position of the Company and to enable them to ensure that the
Financial Statements comply with the Companies (Guernsey) Law, 2008. They have general
responsibility for taking such steps as are reasonably open to them to safeguard the assets of the
Company and to prevent and detect fraud and other irregularities.
Directors Statement
The Directors make the following statements:
so far as the Directors are aware, there is no relevant audit information of which the Companys
auditor are unaware;
that all steps have been taken by the Directors to make themselves aware of any relevant audit
information and to establish that the Companys auditor are aware of that information; and
The Annual Report and Financial Statements, taken as a whole, is fair, balanced and
understandable and provides the information necessary for shareholders to assess the Companys
performance, business model and strategy.
This annual report includes a fair review of the development and performance of the business and
the position of the Company, together with a description of the principal risks and uncertainties that
the Company faces; and
The Financial Statements, prepared in accordance with International Financial Reporting Standards
as adopted by the EU, give a true and fair view of the assets, liabilities, financial position and
performance of the Company.
Related parties
Details of the related parties are disclosed in Note 14 to the Financial Statements.
Auditor
The auditor of the Company, KPMG Channel Islands Limited, has expressed its willingness to continue in
office and a resolution giving authority to re-appoint it will be proposed at the forthcoming Annual General
Meeting.
15
16
Internal controls
The Investment Manager and Administrator together maintain a system of internal control on which they
report to the Audit Committee. The Audit Committee has reviewed the need for an internal audit function
and has decided that the systems and procedures employed by the Investment Manager and
Administrator provide sufficient assurance that a sound system of risk management and internal control,
which safeguards shareholders investment and the Companys assets, is maintained. An internal audit
function specific to the Company is therefore considered unnecessary.
The Audit Committee is responsible for reviewing and monitoring the effectiveness of the internal
financial control systems and risk management systems on which the Company is reliant. These systems
are designed to ensure proper accounting records are maintained, that the financial information on which
the business decisions are made and which is issued for publication is reliable, and that the assets of the
Company are safeguarded. Such a system of internal financial controls can only provide reasonable and
not absolute assurance against misstatement or loss.
In accordance with the guidance published in the Turnbull Report by the Financial Reporting Council (the
FRC), the Audit Committee has reviewed the Companys internal control procedures. These internal
controls are implemented by the Companys two main service providers, the Investment Manager and the
Administrator. The Audit Committee has performed reviews of the internal financial control systems and
risk management systems during the year. The Audit Committee is satisfied with the internal financial
control systems of the Company.
The Audit Committee has considered non-financial areas of risk such as disaster recovery and
investment management, staffing levels and considers adequate arrangements to be in place.
David Staples
Audit Committee Chairman
Date: 14 April 2014
17
31 December 2012
GBP
30,000
24,000
24,000
22,000
In addition to the fees above, during 2012 Mr Morgan, Mr Staples and Mr Crighton were paid additional
fees of 17,000, 15,000 and 18,000 respectively in recognition of additional duties carried out as
Directors of the Company.
Other than the above, there were no other fees paid to the Board. The Company did not engage the services
of an external remuneration consultant during the year.
On behalf of the Board
Talmai Morgan
Date: 14 April 2014
18
give a true and fair view of the state of the Companys affairs as at 31 December 2013 and of its
result for the year then ended;
are in accordance with International Financial Reporting Standards as adopted by the EU; and
comply with the Companies (Guernsey) Law, 2008.
In our opinion, the information given in the Annual Report is consistent with the Financial Statements.
Emphasis of matter
In forming our opinion on the Financial Statements, which is not modified, we have considered the
adequacy of the disclosures made in notes 2(b) and 6 to the Financial Statements concerning the
valuation of investments in fund of fund structures subject to material redemption restrictions and the
resultant uncertainties relating to both the timing and ultimate realisation proceeds from such
investments.
19
Dermot A. Dempsey
for and on behalf of KPMG Channel Islands Limited.
Chartered Accountants and Recognised Auditors
20 New Street
St Peter Port
Guernsey, GY1 4AN
Date: 14 April 2014
a.
b.
The maintenance and integrity of the Global Fixed Income Realisation Limited website is the responsibility of the Directors;
the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no
responsibility for any changes that may have occurred to the Financial Statements or review report since they were initially
presented on the website.
Legislation in Guernsey governing the preparation and dissemination of Financial Statements may differ from legislation in
other jurisdictions.
20
Income
Interest Income
Net losses on financial assets at fair value through
profit and loss
Net foreign exchange (losses)/gains
Total net loss
Expenses
Net Investment Managers fee
Other expenses
Total operating expenses before finance costs
1 January 2013
To
31 December 2013
1 January 2012
To
31 December 2012
39,609
6
3
3
Finance costs:
Overdraft facility fees
(11,723,328)
(233,433)
(11,917,152)
42,105
(1,774,946)
1,356,179
(376,662)
249,865
496,578
746,443
1,012,388
713,629
1,726,017
4,654
(12,663,595)
(2,107,333)
(12,663,595)
(2,107,333)
(19.04)p
(2.34)p
*Basic loss per ordinary share is calculated by dividing the total comprehensive loss for the year by the weighted average number
of ordinary shares outstanding during the year. Diluted loss per ordinary share is the same as basic loss per ordinary share since
there are no dilutive potential ordinary shares arising from financial instruments.
21
31 December 2013
31 December 2012
Assets
Cash and cash equivalents
Prepayments
Other receivables
Unsettled investment sales
Investments at fair value through profit or loss
Total Assets
Liabilities:
Other payables
Total Liabilities
Total Net Assets
Equity attributable to holders of ordinary shares:
Share premium
Retained earnings
11
11
Total Equity
12
2,503,002
27,073
14,059
2,893,368
25,304,831
30,742,333
4,929,983
20,530
20,535
1,623,798
60,212,006
66,806,852
53,868
53,868
292,417
292,417
30,688,465
66,514,435
29,599,744
1,088,721
52,762,119
13,752,316
30,688,465
66,514,435
60.73p
86.26p
The Financial Statements on pages 21 to 50 were approved by the Board of Directors on 14 April 2014
and signed on its behalf by:
The accompanying notes on pages 25 to 50 form an integral part of these Financial Statements.
22
52,762,119
(23,162,375)
29,599,744
13,752,316
66,514,435
(12,663,595)
(12,663,595)
1,088,721
(23,162,375)
30,688,465
69,690,059
(16,927,940)
52,762,119
15,859,649
85,549,708
(2,107,333)
(2,107,333)
13,752,316
(16,927,940)
66,514,435
The accompanying notes on pages 25 to 50 form an integral part of these Financial Statements.
23
Notes
1 January 2013
to
31 December 2013
1 January 2012
to
31 December 2012
(12,663,595)
(2,107,333)
11,723,328
233,433
1,774,946
(1,356,179)
(67)
(238,549)
(945,450)
312,730
(65,047)
(1,440,883)
Purchase of investments
Sale of investments
21,914,277
(713,273)
22,566,112
20,968,827
20,411,956
(23,162,375)
(16,927,940)
(23,162,375)
(16,927,940)
(2,193,548)
3,484,016
4,929,983
(233,433)
89,788
1,356,179
2,503,002
4,929,983
2,503,002
2,503,002
4,929,983
4,929,983
39,609
42,105
The accompanying notes on pages 25 to 50 form an integral part of these Financial Statements.
24
1. General Information:
Global Fixed Income Realisation Limited, formerly Signet Global Fixed Income Strategies Limited
(the Company), was registered as a company with limited liability in Guernsey on 23 October 2006
and is a Guernsey Authorised Closed-Ended Investment Scheme governed by the provisions of the
Companies (Guernsey) Law, 2008 and subject to the Authorised Closed-Ended Investment Scheme
Rules 2008. The ordinary shares are listed on the Irish Stock Exchange and traded on the London
Stock Exchange plc (traded on SETSmm) through CREST.
On 25 February 2013, a Shareholders resolution was passed to change the Companys name from
Signet Global Fixed Income Strategies Limited to Global Fixed Income Realisation Limited.
Shareholders approved in a poll the recommended change of investment objective and policy with
effect from 30 March 2012 to the following:
"The Company will be managed with a view to realising its existing investments comprised in the
Portfolio in an orderly and timely manner (such realisations to be effected in such manner as the
Investment Manager may determine, acting in its discretion under the control and supervision of the
Board) and return the proceeds of such realisations to Shareholders at such times and from time to
time and in such manner as the Directors may (acting in their absolute discretion) determine."
Shareholders should expect that, under the terms of the managed winding down, the Board and the
Investment Manager (Signet Capital Management Limited (Signet IM) for the period to 31
December 2012 and Gottex Asset Management (UK) Limited (Gottex) for the period since 1
January 2013) will be committed to distributing as much of the available cash as quickly as
reasonably practicable, having regard to cost efficiency and working capital requirements. However,
in order to minimise the administrative burden and costs, whilst returns of cash (which are anticipated
to be offered pro rata by way of tender offers) are expected to be made regularly, this will not
necessarily be as soon as cash becomes available.
The Investment Manager continues to conduct the process of an orderly realisation of the Portfolio.
In line with the resolution that was passed and the Boards settled intention that the Company will be
wound down in an orderly fashion in due course, the Board has resolved to prepare the Companys
Financial Statements on the basis that the Company is no longer a going concern and therefore they
have been prepared on a non-going concern basis.
2. Principal Accounting Policies
The following accounting policies have been applied consistently in dealing with items which are
considered material in relation to the Companys Financial Statements:
(a) Basis of Preparation:
(i) Statement of compliance
The Financial Statements give a true and fair view and have been prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by the EU. The Financial
Statements are in compliance with the Companies (Guernsey) Law, 2008 and the Listing Rules
of the Irish Stock Exchange.
(ii) Basis of measurement
Non-going concern basis of accounting:
The Board has prepared the Financial Statements on the basis that the Company is no longer a
going concern for reasons outlined in Note 1 above. The Financial Statements have been
prepared on a non-going concern basis.
The preparation of financial statements on a non-going concern basis still requires that the
normal recognition, measurement and disclosure requirements of IFRS apply as if the Company
was a going concern. However, additional consideration has been given by the Directors as to
the recognition and measurement of certain assets and liabilities under the non-going concern
basis as detailed below.
25
2.
IFRS 13, Fair value measurement, establishes a single framework for measuring fair value
and making disclosures about fair value measurements, when such measurements are
required or permitted by other IFRSs. In particular, it unifies the definition of fair value as the
price at which an orderly transaction to sell an asset or to transfer a liability would take place
between willing market participants at the measurement date. It also replaces and expands
the disclosure requirements about fair value measurements in other IFRSs, including IFRS 7
Financial Instruments: Disclosures. The relevant disclosures have been included in Note 6
to these Financial Statements. Notwithstanding the above, the adoption of this new
Standard has had no significant impact on the measurements of the Companys assets and
liabilities.
26
2.
IFRS 10, Consolidated financial statements, effective for annual periods beginning on or
after 1 January 2014, introduces a new control model that is applicable to all investees, by
focusing on whether a company has power over an investee, exposure or rights to variable
returns from its involvement in the investee and the ability to use its power to affect those
returns. The Company has changed its accounting policy for determining whether it has
control and consequently whether it needs to consolidate its investees in accordance with
the Standard. As the Company does not control any of its investees within the investment
portfolio, the new standard has had no impact on the Companys financial position or
performance. Amendments to this Standard for investment entities are effective for annual
periods beginning on or after 1 January 2014. The Company will follow the guidance
contained in these amendments.
IFRS 11 Acquisition of an interest in a joint operation & IFRS 12, Disclosures of interests in
other entities, effective for annual periods beginning on or after 1 January 2014, includes
the disclosure requirements for all forms of interests in other entities, including joint
arrangements, associates, special purpose vehicles and other off balance sheet vehicles. In
adopting the Standard, the Company has changed its accounting policy for interests in joint
arrangements. Under the Standard, the Company would classify interests in joint
arrangements as either joint operations or joint ventures depending on whether the
Company had rights to the assets and obligations for the liabilities of the arrangement.
When making this assessment, the Company considers the structure of any arrangements
that might exist, the legal form of any separate vehicles, the contractual terms of such
arrangements and other facts or circumstances that may exist. After evaluating its
investment portfolio the Company had no such joint arrangements during the period and
therefore the adoption of the new standard has had no impact on the Companys financial
position or performance.
At the date of approval of these Financial Statements, the following standards and
interpretations, which have not been applied in these Financial Statements, were in issue but not
yet effective:
IFRS 9, Financial instruments (2013), IFRS 9, Financial instruments (2010) and IFRS 9,
Financial instruments (2009) (together, IFRS 9) - IFRS 9 (2009) introduces new
requirements for the classifications and measurement of financial assets. IFRS 9 (2010)
introduces additions relating to financial liabilities. The IASB currently has an active project
to make limited amendments to the classification and measurement requirements of IFRS 9
and add new requirements to address the impairment of financial assets.
The IFRS 9 (2009) requirements represent a significant change from the existing
requirements in IAS 39 in respect of financial assets. The standard contains two primary
measurement categories of financial assets: amortised cost and fair value. A financial asset
would be measured at amortised cost if it is held within a business model whose objective is
to hold assets in order to collect contractual cash flows, and the assets contractual terms
give rise on specified dates to cash flows that are solely payments of principal and interest
on the principal outstanding. All other financial assets would be measured at fair value. The
standard eliminates the existing IAS 39 categories of held-to-maturity, available-for-sale and
loans and receivables. For an investment in an equity instrument that is not held for trading,
the standard permits an irrevocable election, on initial recognition, on an individual share by
share basis, to present all fair value changes from the investment in Other Comprehensive
Income (OCI).
27
2.
IFRS 9, IFRS 9 (2009) continued No amount recognised in OCI would ever be reclassified
to profit and loss, rather than OCI, unless they clearly represent a partial recovery of the cost
of the investment. Investments in equity instruments in respect of which an equity does not
elect to present fair value changes in OCI would be measured at fair value, with changes in
fair value recognised in profit or loss. The standard requires derivatives embedded in
contracts with a host that is a financial asset in the scope of the standard not to be
separated; instead the hybrid financial instrument is assessed in its entirety as to for whether
it should be measured at amortised cost or fair value.
IFRS 9 (2010) introduces a new requirement in respect of financial liabilities designated
under the fair value option to generally present fair value changes that are attributable to the
liabilitys credit risk in Other Comprehensive Income rather than in profit or loss. Apart from
this change, IFRS 9 (2010) largely carries forward without substantive amendment the
guidance on classification and measurement of financial liabilities from IAS 39.
IFRS 9 (2013) introduces new requirements for hedge accounting that align hedge
accounting more closely with risk management.
The mandatory effective date of IFRS 9 is not specified but will be determined when the
outstanding phases are finalised. However, early adoption of IFRS 9 is permitted.
Based on the initial assessment, the standard is not expected to have a significant impact on
the Company.
Offsetting Financial Assets and Financial Liabilities (amendments to IAS 32) The
amendments to IAS 32 clarify the offsetting criteria in IAS 32 by explaining when an entity
currently has a legally enforceable right to set-off and when gross settlement is considered
to be equivalent to net settlement. The amendments are effective for annual periods
beginning on or after 1 January 2014 and interim periods within those annual periods. Early
application is permitted.
Based on the initial assessment, the standard is not expected to have a significant impact on
the Company.
There are no other standards, interpretations or amendments to existing standards that are not yet
effective which may be relevant to the Company.
(b) Investments at fair value through profit or loss:
Recognition and initial measurement
Financial assets and financial liabilities at fair value through profit or loss are initially recognised
on the trade date, which is the date on which the Company becomes party to the contractual
provisions of the instrument. Other financial assets and liabilities are recognised on the date on
which they are originated.
Financial assets and financial liabilities at fair value through profit or loss are initially recognised
at fair value, with transaction costs recognised in Statement of Comprehensive Income. Financial
assets and financial liabilities not at fair value through profit or loss are initially recognised at fair
value plus transaction costs that are directly attributable to their acquisition or issue.
Classification
An investment is classified at fair value through profit or loss if it is designated as such upon
initial recognition. Upon initial recognition, attributable transaction costs are recognised in the the
Statement of Comprehensive Income as incurred. Investments at fair value through profit or loss
are measured at fair value and changes therein are recognised in the Statement of
Comprehensive Income.
As the Companys business is investing in financial assets with a view to profiting from their total
return in the form of interest, dividends or increases in fair value, listed equities and fixed income
securities are designated as fair value through profit or loss on initial recognition. The Company
manages and evaluates the performance of these investments on a fair value basis in
accordance with its investment strategy and information about the Company is provided internally
on this basis to the Board.
28
2.
29
2.
30
2.
31
3. Expenses:
31 December 2013
249,865
249,865
87,353
129,849
70,652
27,859
41,202
17,761
85,917
12,717
23,268
496,578
31 December 2012
1,132,851
(120,463)
1,012,388
155,571
167,976
88,156
30,681
58,536
17,469
143,031
13,608
38,601
713,629
The Company has no employees. The Directors, all of whom are or were non-executive, are the only
key management personnel of the Company. Their remuneration is paid quarterly in arrears.
Included in legal and professional fees is an amount of 10,500 payable to KPMG Channel Islands
Limited for non-audit services in respect of the independent review of the Financial Statements in the
interim report for the 6 months ended 30 June 2013 (30 June 2012: 10,000).
Included in expenses for the prior year to 31 December 2012 were fees specifically in relation to the
continuation vote held at the EGM on 6 March 2012. The fees were included as follows:
31 December 2012
29,795
75,000
104,795
32
3. Expenses, continued:
Investment management fee and performance fee, continued
Thereafter, the performance fee shall be:
i. for the period beginning on 1 January 2013 and ending on 31 December 2014, 20 per cent of
any Distribution;
ii. for the period beginning on 1 January 2015 and ending on 31 December 2015, 10 per cent of
any Distribution; and
iii. any time from 1 January 2016 onwards, 5 per cent of any Distribution.
There was no performance fee payable for the current year (31 December 2012: nil). Had the
Companys remaining investment portfolio and other net assets been realised at their fair value and
distributed as at 31 December 2013, Gottex would have been entitled to a performance fee of
244,220. Due to significant uncertainties in the timeframe for the realisation of the Companys
remaining investments (refer to Table 4 in the Investment Managers Report) and the amounts at
which they will be ultimately realised, there is currently a low probability that the Company will be
liable to pay a performance fee in accordance with the Investment Management Agreement.
During the prior year to 31 December 2012, the Company was responsible for the fees of Signet IM
in accordance with the Investment Management Agreement between the Company and Investment
Manager dated 21 November, 2006 as amended on 21 April 2011 and 11 May 2012.
On 28 June 2012, the Company served notice to terminate the Investment Management Agreement.
This notice expired and the termination became effective on 31 December 2012.
For the services performed under the Investment Management Agreement, the Company paid Signet
IM an investment management fee at a monthly rate of one twelfth of 1.50 per cent of the Net Assets
of the Company attributable to each class of Shares in issue on the immediately preceding Net Asset
Value calculation date. With effect from 11 May 2012, the fee basis was calculated on Net Assets of
the Company less cash and cash equivalents.
Up until 11 May 2012, in addition to the investment management fee, subject to satisfaction of a high
water mark provision, Signet IM was entitled to a performance fee equivalent to 10 per cent of the
amount by which the value of the year end net assets attributable to that class of shares exceed the
highest value of the net assets attributable to that class of shares at the end of the previous
accounting period, after increasing the value of the net assets at the end of the previous accounting
period by 3 per cent. On 11 May 2012, an Instrument of Amendment was made to the Investment
Management Agreement removing Signet IMs entitlement to a performance fee. As at 31 December
2012, no performance fee was payable.
Under the terms of the Investment Management Agreement Signet IM rebated to the Company out of
its investment management and performance fee an agreed amount that had been charged to the
Company in respect of management fees and performance fees of any Signet vehicle in which the
Company was invested. As part of this agreement Signet IM had agreed to receive payment on a net
basis should a liability arise. During the prior year to 31 December 2012, 120,463 was rebated by
Signet IM in respect of investment management fees. The rebate ceased with effect from 1 February
2012 as a result of the redemption of most of the Companys holdings in Signet funds and in-specie
transfer of the underlying assets of those funds to the Company.
Administration fees
Praxis Fund Services Limited (the Administrator) was appointed as Administrator of the Company
on 1 October 2010. Pursuant to the terms of the Administration and Secretarial Agreement between
the Company and the Administrator, dated 27 September 2010, the Administrator is entitled to
receive an administration fee, payable monthly in arrears, at the rate of 0.05 per cent per annum of
the Net Assets of the Company, subject to a minimum fixed fee of 61,800 (pre 1 May 2013:
60,000) per annum, plus company secretarial services, which is compensated on a time cost basis.
The Administration Agreement can be terminated by either party in writing giving no less than three
months notice.
Administration fees for the year totalled 129,849 (31 December 2012: 167,976) of which 6,905
(31 December 2012: 7,295) was outstanding at the year end.
33
3. Expenses, continued:
Custodian fees
ABN AMRO (Guernsey) Limited (the Custodian) was appointed as Custodian to the Company on 1
October 2010. In respect of services provided under the Custodian Agreement, the Company pays
the Custodian a quarterly fee at the rate of 0.07 per cent per annum of the Net Assets of the
Company (pre 28 March 2012: 0.06 per cent per annum of the Net Assets of the Company up to 50
million and 0.045 per cent per annum of the Net Assets of the Company thereafter), subject to a
minimum fee of 25,000 per annum. Investment transaction fees of 100 per trade are also payable.
The Custodian Agreement can be terminated by either party in writing on three months notice. The
Custodian does not have any decision making discretion relating to the investment of the assets of
the Company.
Custodian fees for the year totalled 41,202 (31 December 2012: 58,536) of which 4,272 (31
December 2012: 12,840) was outstanding at the year end.
4. Tax status:
The Company is exempt from Guernsey taxation under the Income Tax (Exempt Bodies) (Guernsey)
Ordinance, 1989. A fixed annual fee of 600 is payable to the States of Guernsey in respect of this
exemption.
5. Loss per ordinary share:
Basic loss per ordinary share is calculated by dividing the total comprehensive loss for the year by
the weighted average number of ordinary shares in issue during the year.
Sterling class
No.
(12,663,595)
66,523,949
(19.04)p
Sterling class
No.
(2,107,333)
89,964,170
(2.34)p
34
31 December 2012
60,212,006
(23,183,847)
966,658
(12,689,986)
25,304,831
85,463,588
(85,600,438)
85,600,438
6,365,368
(29,842,004)
347,898
(2,122,844)
60,212,006
40,014,282
(14,709,451)
25,304,831
62,231,471
(2,019,465)
60,212,006
*During the prior year the Company made non-cash investment sales of 5,652,095 for proceeds of non-cash purchases of
investments amounting to 5,652,095.
Please refer to Table 2 and Table 3 of the Investment Managers Report for Strategic and
Geographical exposures within the Companys investment portfolio.
b) Net gains on financial assets and liabilities at fair value through profit or loss:
31 December 2013
31 December 2012
966,658
347,898
(12,689,986)
(2,122,844)
(11,723,328)
(1,774,946)
c) Valuation models:
The fair value of financial assets and financial liabilities that are traded in active markets are based
on quoted market prices or broker price quotations. For all other financial instruments, the Company
determines fair values using other valuation techniques.
For financial instruments that trade infrequently and have little price transparency, fair value is less
objective, and requires varying degrees of judgement depending on liquidity, uncertainty of market
factors, pricing assumptions and other risks affecting the specific instrument.
The Company measures fair values using the following fair value hierarchy that reflects the
significance of the inputs used in making the measurements.
Level 1 - Inputs that are quoted market prices (unadjusted) in active markets for identical
instruments.
Level 2 - Inputs other than quoted prices included within Level 1 that are observable either
directly (i.e. as prices) or indirectly (i.e. derived from prices). This category includes
instruments valued using: quoted market prices in active markets for similar instruments;
quoted prices for identical or similar instruments in markets that are considered less than
active; or other valuation techniques in which all significant inputs are directly or indirectly
observable from market data.
35
Description
Fair Value
()
Valuation
Technique
Unobservable Inputs
Range
Discounts for:
60% - 85%
5,108,970
Unlisted openended
investment
funds
(redemption
restricted)
- lack of marketability
2,070,411
Adjusted Net
Asset Value
Discount for:
- potential failure to recover
underlying assets
25%
42% - 68%
Unlisted
private equity
investment
Adjusted Net
Asset Value
2,586,674
Market approach
using comparable
multiples
Income Approach
N/A
52% - 70%
40% - 70%
15%
37
N/A
N/A
Discount for lack of marketability: The Investment Manager has observed that there is a material
likelihood that the realisation of certain assets will be delayed beyond the dates used in the
models used to determine the net asset value of a fund. The Board, acting with the advice of the
Investment Manager, has formed a view based on its judgment as to the likely length of the delay
and adjusted the model calculations to determine an appropriate discount to the stated net asset
value of the fund. The Investment Manager has observed that some market participants use
methodologies to value this type of company that examine the cash flow generated by the
company or the net debt and cash of the company. In general, the more cash that is generated
by the company, the lower will be the discount applied to the market capitalisation.
Discount for failure to recover certain assets: The Investment Manager has observed that for a
number of reasons, it may not be possible for an underlying fund to recover the full value of its
assets. These reasons include, without limitation, the possibility that those assets will not be
recognised by a governmental authority and insolvency proceedings affecting the underlying
assets. The Investment Manager has also observed that these risks have not been taken into
account when the net asset value of the underlying fund has been calculated. The Board, acting
with the advice of the Investment Manager, has formed the view based on its judgment that a
discount should be applied to reflect the fact that there is a material possibility that less than the
current stated net asset value of the underlying fund will be recoverable.
Discount for potential lack of additional financing: The Investment Manager has observed that
the realisation of the stated net asset value of an underlying fund is dependent on the provision
of additional development finance. In the current market conditions, there is a material likelihood
that such financing will not be available for the foreseeable future. The Board, acting with the
advice of the Investment Manager, has formed the view based on its judgment that a discount
should be applied to reflect the fact that it may not be possible to fully develop underlying assets
and residual assets will realise a lower value on sale.
Reduction in value to reflect discounts needed to achieve exit: Some of the assets in underlying
funds are not wholly owned by the relevant fund. The Investment Manager has observed that,
while attempts have been made to sell these assets at the net asset value, these transactions
have not proceeded. The Board, acting with the advice of the Investment Manager, has formed
the view that there is a material likelihood that a discount to the assumed net asset value will
need to be offered to any purchaser of the asset to reflect the fact that the asset is not wholly
owned. This factor is not currently taken into account in the valuation process of the underlying
fund. If such a discount is required, this will reduce the fair value of the relevant assets.
Peer NAV discount and price to book value: The Investment Manager has observed that some
market participants apply discounts to the published net asset value of the company depending
on the size and maturity of the company. They also apply discounts to the published net asset
value by comparing the price per share with the book value of the assets of the company. In
both cases lower discounts will increase the fair value of the company.
Although the Company believes that its estimates of fair value are appropriate, the use of different
methodologies or assumptions could lead to different measurements of fair value. For fair value
measurements in Level 3, changing one or more of the assumptions used to reasonably possible
alternative assumptions would have the following effects on net assets attributable to holders of
shares.
38
Favourable
1.6m
(Unfavourable)
2.1m
The favourable and unfavourable effects of using reasonably possible alternative assumptions for the
valuation of unlisted open-ended investment funds have been calculated by recalibrating the
published net asset values of 8 underlying funds using unobservable inputs. The most significant
unobservable inputs are discounts for delay in cash realisation compared to a model, failure to
recover certain assets, potential lack of available financing and potential lack of market exit and a
reduction in value to reflect discounts needed to achieve exit.
See below for a reconciliation between reported net asset value and fair value of investee
funds/companies recognised in the Financial Statements where the Directors have estimated the fair
value of certain investments as at 31 December 2013.
As at 31 December 2013 and as described in the table on page 37, the Directors, in consultation with
Gottex, have applied adjustments against net asset values to 8 investment funds in the Portfolio (31
December 2012: 5) due to illiquidity and/or restrictions on redemptions, among other factors. The
following table summarises the write downs in terms of percentages applied to the relevant level 3
investments:
31 December 2013
Investments
valued at NAV
1,447,137
398,141
756,528
891,570
5,727,886
987,784
6,466,686
3,566,439
20,242,171
Fair value
adjustment
(138,925)
(107,498)
(317,742)
(401,206)
(2,697,834)
(507,721)
(3,880,012)
(2,425,178)
(10,476,116)
Fair value
1,308,212
290,643
438,786
490,364
3,030,052
480,063
2,586,674
1,141,261
9,766,055
15,538,776
25,304,831
31 December 2012
Level 3 investments with fair value
adjustments of:
15%
35%
47%
55%
62%
913,706
3,152,930
2,347,696
2,039,842
2,655,182
11,109,356
(137,056)
(1,103,525)
(1,103,417)
(1,121,913)
(1,646,213)
(5,112,124)
776,650
2,049,405
1,244,279
917,929
1,008,969
5,997,232
54,214,774
60,212,006
39
31 December 2013
25,304,831
% of net assets
%
82.46
31 December 2012
60,212,006
% of net assets
%
90.52
The table below provides a reconciliation from brought forward to carried forward balances of the
financial instruments categorised under level 3:
31 December 2013
31 December 2012
60,212,006
(23,183,847)
966,658
(12,689,986)
25,304,831
85,463,588
(85,600,438)
61,801,522
7,117,661
5,652,095
(12,359,651)
403,938
(2,266,709)
60,212,006
40,014,282
(14,709,451)
25,304,831
62,231,471
(2,019,465)
60,212,006
(12,591,574)
(1,967,092)
The Company recognises transfers between levels of fair value hierarchy as of the end of each
reporting year which the transfer has occurred.
As at 31 December 2012, investments held with a fair value of 7,117,661 were transferred from
level 2 to level 3, as the Directors reassessed the then current redemption notice period for this
investment fund to be significant enough in duration to warrant a level 3 categorisation.
There were no transfers between any fair value hierarchy levels during the current year.
7. Financial risk management:
Financial risk factors
The primary investment objective of the Company is to realise its existing investments in the Portfolio
in an orderly and timely manner (such realisations to be effected in such manner as the Investment
Manager may determine, acting in its discretion under the control and supervision of the Board) and
return the proceeds of such realisations to Shareholders at such times and from time to time and in
such manner as the Directors may (acting in their absolute discretion) determine.
The Company is exposed to a variety of financial risks: market risk (including price risk, fair value
interest rate risk, cash flow interest rate risk and currency risk), credit risk and liquidity risk. The risk
management policies employed by the Company to manage these risks are discussed below. The
primary objectives of the financial risk management function are to establish risk limits, and then
ensure that exposure to risks stays within these limits. The operational and legal risk management
functions are intended to ensure proper functioning of internal policies and procedures to minimise
operational and legal risks.
40
41
Interest-bearing assets
2013
2012
Non interest-bearing
assets
2013
2012
Total
2013
2012
2,503,022
4,929,983
2,503,022
4,929,983
Investments at
fair value through
profit or loss
Total assets
2,503,022
4,929,983
25,304,831
25,304,831
60,212,006
60,212,006
25,304,831
27,807,853
60,212,006
65,141,989
Liabilities:
Bank overdraft
Total liabilities
Interest-bearing
liabilities
2013
2012
Non interest-bearing
liabilities
2013
2012
Total
2013
2012
The analysis above excludes short term receivables and payables as all material amounts are noninterest bearing.
Interest rate sensitivity
As at 31 December 2013, should interest rates have increased by 50 basis points with all other
variables held constant, the increase in net assets attributable to holders of ordinary shares for the
year would amount to approximately 12,515 (31 December 2012: increase of 24,650). A decrease
of 50 basis points would have had an equal, but opposite, effect.
Currency risk
Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in foreign exchange rates.
The Board has resolved that the currency risk associated with the Company's US Dollar
denominated investments will be unhedged.
Shareholders should therefore be aware that, as the Company's shares are denominated in Sterling
and the Company's investments are principally denominated in US Dollars, and to a lesser extent in
Brazilian Real, the value of the Company's shares may be affected favourably or unfavourably by
currency fluctuations between Sterling and those two currencies.
Up until 1 February 2012, the Company had no direct exposure to currency risk, as all assets and
liabilities were denominated in Sterling, the functional and presentational currency of the Company.
However, the Signet Funds invested in underlying assets, which were predominantly US Dollar
denominated. The Company invested in the Sterling share classes of the Signet Funds and therefore
had exposure to fluctuations in the exchange rate between the US Dollar and the Sterling shares. To
reduce the impact of currency fluctuations and the volatility of returns to shareholders, which may
have resulted from such exposure, the Signet Funds, in line with approved policy, entered into
forward foreign exchange contracts and other methods of currency hedging. The gains and losses on
currency hedges accrued to the different currency classes of shares issued.
42
GBP
BRL
USD
Total
2,503,002
27,073
14,059
-
2,893,368
2,503,002
27,073
14,059
2,893,368
2,877,317
5,421,451
5,875,356
5,875,356
16,552,158
19,445,526
25,304,831
30,742,333
53,868
5,367,583
5,875,356
19,445,526
53,868
30,688,465
GBP
BRL
USD
Total
4,848,910
20,530
20,535
-
81,073
1,623,798
4,929,983
20,530
20,535
1,623,798
6,262,603
11,152,578
6,972,612
6,972,612
46,976,791
48,681,662
60,212,006
66,806,852
292,417
10,860,161
6,972,612
48,681,662
292,417
66,514,435
43
44
As at 31 December 2012
Assets
Investments
Unsettled investment sales
Cash and cash equivalents
Other receivables & prepayments
Liabilities
Other payables
Less than 1
month
131,688
1,056,122
2,503,002
41,132
3,731,944
1-12
months*
1,128,306
1,837,246
2,965,552
53,868
53,868
Less than 1
month
1,623,798
4,929,983
41,065
6,594,846
1-12
months*
18,063,602
18,063,602
292,417
292,417
>12months
Total
24,044,837
24,044,837
25,304,831
2,893,368
2,503,002
41,132
30,742,333
53,868
53,868
>12months
Total
42,148,404
42,148,404
60,212,006
1,623,798
4,929,983
41,065
66,806,852
292,417
292,417
*Based on Gottexs realisation projections information. See also page 7 of the Annual Report.
The Companys investments in funds are shown as having maturity dates in line with the table above.
However, they may be liable to redemption gating, suspension or the creation of side-pockets for
illiquid assets at the discretion of the underlying fund manager.
(d) Concentration Risk
As the Company continues to redeem from the more liquid funds so the number of funds in the
Portfolio will decrease and the relative weight of the remaining, less liquid funds, will increase. As the
Company is being managed with a view to realising its existing investments, the concentration risk of
the Company will naturally increase as the managed realisation of the Company's investment
portfolio progresses.
Going forward, the Company may hold a relatively small number of investments each representing a
relatively large portion of the Companys net assets. Losses incurred in such investments could have
a materially adverse effect on the Companys overall financial position. Whilst the Companys
portfolio is diversified in terms of the funds and underlying assets in which it has invested, the
investment portfolio of the Company may be subject to more rapid change in value than would be the
case if the Company were required to maintain a wider diversification among types of securities,
countries and industry groups.
Please refer to the Schedule of Investments after these Financial Statements for full details of the
Portfolio.
45
31 December 2012
4,929,983
(2,426,981)
89,788
4,840,195
2,503,002
4,929,983
Cash and cash equivalents comprise bank balances and cash and bank overdrafts held by the
Company including short-term bank deposits with an original maturity of three months or less. The
carrying value of these assets approximates their fair value.
46
31 December 2013
31 December 2012
No.
77,113,172
(26,583,978)
50,529,194
No.
95,852,078
(18,738,906)
77,113,172
The holders of shares in the Company will only be entitled to participate in the income, profits and
assets attributable to the Company. On a winding up the holders of ordinary shares are only entitled
to participate in the assets of the Company. Holders of shares are entitled to attend and vote at
general meetings of the Company.
Tender Offers
In October 2013, the Companys Shareholders approved the terms and conditions of a Tender Offer,
for 13,424,730 Shares for aggregate gross consideration of 11,206,225.
In June 2013, the Companys Shareholders approved the terms and conditions of a Tender Offer, for
13,159,248 Shares for aggregate gross consideration of 11,956,150.
In September 2012, the Companys Shareholders approved the terms and conditions of a Tender
Offer, for 18,738,906 Shares for aggregate gross consideration of 16,927,940.
Buy back of ordinary shares
At an Extraordinary General Meeting on 7 September 2012, the Companys Shareholders authorised
the Company to repurchase the entire issued Share capital of the Company (less one Share) through
one or more tender offers (to be made at the absolute discretion of the Directors). Shareholders
should note that there is no guarantee that any future tender offers will be made. Any such authority
will be exercised in accordance with The Companies (Guernsey) Law, 2008.
C shares
C shares may be issued as a temporary form of share capital whose purpose is to prevent the
dilution of the net asset value of the existing shares where there may be a delay between the receipt
of the issue proceeds and their investment. Once that process is substantially complete, the C
shares convert into the relevant class of shares on a net asset to net asset basis. The ordinary
shares arising on conversion rank pari passu with the ordinary shares then in issue.
The C shares do not carry any right to attend or vote at any general meeting of the Company except
prior to conversion where the consent of the holders of C shares shall be required to approve any
alteration to the Articles or the passing of any resolution to wind up the Company. The holders of C
shares are entitled to receive dividends as the Directors may resolve to pay such holders out of the
assets attributable to such holders.
There are no C shares currently in issue nor were there during the years reported on.
47
11. Reserves:
(a) Share premium
Balance at 1 January
Tender offer paid
Balance carried forward
31 December 2013
Class
52,762,119
(23,162,375)
29,599,744
31 December 2012
Class
69,690,059
(16,927,940)
52,762,119
31 December 2013
Class
13,752,316
(12,663,595)
1,088,721
31 December 2012
Class
15,859,649
(2,107,333)
13,752,316
Number of
ordinary shares
in issue
As at 31 December 2013:
Sterling class:
Published NAV
Fair value adjustment
Per Financial Statements
30,688,465
30,688,465
No.
50,529,194
50,529,194
50,529,194
60.73
60.73
As at 31 December 2012*:
Sterling class:
Published NAV
Fair value adjustment
Per these Financial Statements
71,626,559
(5,112,124)
66,514,435
77,113,172
77,113,172
77,113,172
92.88p
(6.62)p
86.26p
*The announced NAV as at 31 December 2012 was 71,626,559 (or 92.88p per ordinary share). The reduction in the NAV per
the audited annual financial statements of 5,112,124 resulted from fair value adjustments of some investments during the
post year end period. As the audited annual financial statements were prepared on a non-going concern basis these
adjustments were reflected in the results as at 31 December 2012 in accordance with IFRS.
The number of ordinary shares in issue excludes any treasury shares that may have been held by
the Company. There were no ordinary shares held in treasury by the Company as at 31 December
2013 (31 December 2012: nil).
13. Notes to the Statement of Cash Flows:
Purchases and sales of investments are considered to be operating activities of the Company, given
its purpose, rather than investing activities. The cash flows arising from these activities are shown in
the Statement of Cash Flows.
Cash and cash equivalents (which are presented as a single class on the face of the Statement of
Financial Position) comprise bank balances and cash held by the Company including short-term
bank deposits with an original maturity of three months or less. The carrying value of these assets
approximates their fair value.
48
Sale
Nominal
No.
698
Proceeds ()
()
1,286,588
Realised
gain
()
224,814
Prior year
Signet IM, Signet Research and Advisory S.A., and the Directors were regarded as related parties
during the prior year. The only related party transactions are described below:
The fees and expenses paid to Signet IM are explained in note 3. The net investment management
fee during the prior year ended 31 December 2012 was 1,012,388 of which the net balance payable
at 31 December 2012 was 249,401. The performance fee during the prior year 31 December 2012
was nil.
Signet IM sold 7,158,028 ordinary shares of the Company during the prior year in the open market
for several of the Signet Multi-Manager Inc SPV Funds. As at 31 December 2012, the total holding
remaining was 1,767,700 ordinary shares representing 2.29% of the outstanding share capital.
During the prior year ended 31 December 2012, the Company made the following investment
transactions with other Funds that are managed by Signet IM:
31 December 2012
Investee Fund
Distributions/In-specie
redemptions
Proceeds
Nominal
()
Purchases
Nominal
Cost ()
Realised
gain/(loss)
()
296,280
35,056,866
3,678,741
528,653
50,543,572
85,600,438
(2,812,540)
866,201
255
24,014
85,624,452
(2,298)
863,903
49
50
Number of
Shares
Description
BRL (31 December 2012: 10.48%)
58,135.0420
Autonomy Fund II D Limited BRL
GBP (31 December 2012: 9.42%)
5,352.3900 Signet Credit Fund GBP Share Class
991,823.0000 South Asian Real Estate GBP Class
USD (31 December 2012: 70.62%)
7,850.1351 3DPropCo Limited Class A October 2011
1,230.4200 Abax Arhat Fund Class Rest Red Series 4 Feb 12
82.9577 Apollo Asia Opportunity O/S Series P54 P10-54 0708
32.9207 Apollo Asia Opportunity O/S Series P54 P2-54 07.08
355.8995 Apollo Asia Opportunity O/S Series P54 P3-54 07.08
42.2754 Apollo Asia Opportunity O/S Series P54 P4-54 07.08
58.0154 Apollo Asia Opportunity O/S Series P54 P6-54 07.08
5.9766 Apollo Asia Opportunity O/S Series P54 P6-54 07081
Autonomy Fund II C Ltd Class II C LTV Liquidating Class
11,308.6352
Series S3
Autonomy Fund II C Ltd Class II C LTV Liquidating Class
109.4014
Series S2
Autonomy Fund II C Ltd Class II C LTV Liquidating Class
1,241.7262
Series S4
Autonomy Fund II C Ltd Class II C LTV Liquidating Class
0.8334
Series S5
Autonomy Fund II C Ltd Class II C LTV Liquidating Class
7.1432
Series S9
Autonomy Fund II C Ltd Class II C LTV Liquidating Class
27.6237
Series S10
Autonomy Fund II C Ltd Class II C LTV Liquidating Class
2.1470
Series S6
Autonomy Fund II C Ltd Class II C LTV Liquidating Class
2,736.1321
Series S7
Autonomy Fund II C Ltd Class II C LTV Liquidating Class
1,429.4504
Series S8
Autonomy Fund II C Ltd Class II C LTV Liquidating Class
19.5892
Series S1
5,784.5800 Autonomy Global Macro Fund Class L Series 3
404.0600 Autonomy Global Macro Fund Class L Series 4
554.6400 Autonomy Global Macro Fund Class L Series 5
*1.0000 Clearwater Capital Partners Long Term Value SP
*1.0000 Clearwater Capital Partners Opportunities Fund LP SP
3,629.8883 Double Haven Temple Feeder Fund Original Series 08 02
195.1864 LaPaloma Co-Investment shares Initial T3 (ex-Sola)
33.1130 Serengeti Opp - Alpha Cat - A 191/0907 (May 11)
13.9970 Serengeti Opp - Alpha Cat - A 191/1007 (May 11)
44.4110 Serengeti Opportunities - CLO A191/1007SLVL
533.9150 Serengeti Opportunities - MGT FEE A 191/0907
52.1340 Serengeti Opportunities - SC- A 191/0907 (Feb 11)
145.8820 Serengeti Opportunities - SC- A 191/0907 (Jun 10)
3.7700 Serengeti Opportunities - SC- A 191/0907 (Mar 11)
287.3964 Trafalgar Discovery Fund USD C U/NV/1
26.6223 Trafalgar Discovery Fund USD C U/NV/2
9,984.1400 Ubique Fund SPC Ltd - Gallois Investment Fd SP USD
3,601.8292 Ubique Fund SPC Ltd - The Green Fund SP USD - CL B
Sub-total carried forward
*LP interest
51
Fair Value
5,875,356
5,875,356
% of net
assets
19.15
19.15
290,643
2,586,674
2,877,317
0.95
8.43
9.38
5,739,519
490,364
22,007
8,728
89,281
12,112
16,359
1,684
18.70
1.60
0.07
0.03
0.29
0.04
0.05
0.01
876,288
2.86
8,477
0.03
96,219
0.31
65
554
2,141
0.01
166
212,018
0.69
110,766
0.36
1,518
1,008,379
70,447
97,696
12,144
351,154
1,012,541
50,607
27,223
11,507
63,303
22,344
68,637
188,573
10,251
5,956
552
3,030,052
480,063
14,199,696
3.29
0.23
0.32
0.04
1.14
3.30
0.16
0.09
0.04
0.21
0.07
0.22
0.62
0.03
0.02
9.87
1.56
46.26
Number of
Shares
Description
Fair Value
% of net
assets
14,199,696
15,753
129,959
44,371
273,770
120,645
306,138
237,152
597,970
2,376
279
13,701
116,883
50,566
442,896
16,552,157
46.26
0.05
0.42
0.14
0.89
0.39
1.01
0.78
1.96
0.01
0.04
0.38
0.16
1.44
53.93
25,304,831
82.46
5,383,634
17.54
30,688,465
100.00
Portfolio of investments
52