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BRIGHT CAP (formerly Aria SICAV)

Société d’investissement à Capital Variable

R.C.S. Luxembourg B 148991

FINANCIAL STATEMENTS FOR THE PERIOD ENDED

December 31, 2018

This report does not constitute an offer of shares. No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus, supplemented by the last available

financial statements of the fund.

Bright Cap, (R.C.S. Luxembourg B 148991) Audited financial statements for the period ended 31 December 2018

CONTENTS

MANAGEMENT AND ADMINISTRATION OF THE FUND .................................................................................. 1

MANAGEMENT REPORT - BRIGHT CAP MOMENTUM 2018............................................................................ 2

MANAGEMENT REPORT - BRIGHT CAP SELECTION V ZEN 2018 ...................................................................... 3

MANAGEMENT REPORT - BRIGHT CAP EUROPE INCOME 2018 ...................................................................... 4

MANAGEMENT REPORT - BRIGHT CAP GLOBAL BALANCED 2018 .................................................................. 6

MANAGEMENT REPORT - BRIGHT CAP EUROPEAN SECURITIES 2018 ............................................................. 7

MANAGEMENT REPORT - BRIGHT CAP IFM GLOBAL CAPITAL ACCUMULATION 2018 ..................................... 8

MANAGEMENT REPORT - BRIGHT CAP IFM GLOBAL ACTIVE ALLOCATION 2018 ............................................. 9

REPORT OF THE REVISEUR D’ENTREPRISES AGREE ...................................................................................... 10

BRIGHT CAP – COMBINED – STATEMENT OF NET ASSETS (in EUR) ............................................................... 13

BRIGHT CAP – COMBINED – STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (in EUR) .............. 14

BRIGHT CAP – MOMENTUM COMFORT – STATEMENT OF NET ASSETS (in GBP)........................................... 15

BRIGHT CAP – MOMENTUM COMFORT – STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (in

GBP)........................................................................................................................................................... 16

BRIGHT CAP – MOMENTUM COMFORT –STATEMENT OF INVESTMENTS (in GBP) ....................................... 17

BRIGHT CAP – MOMENTUM COMFORT – STATISTICAL INFORMATION ........................................................ 20

BRIGHT CAP – SELECTION V ZEN– STATEMENT OF NET ASSETS (in EUR) ...................................................... 21

BRIGHT CAP – SELECTION V ZEN – STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (in EUR) .... 22

BRIGHT CAP – SELECTION V ZEN – STATEMENT OF INVESTMENTS (in EUR) ................................................. 23

BRIGHT CAP – SELECTION V ZEN – STATISTICAL INFORMATION ................................................................... 26

BRIGHT CAP – GLOBAL BALANCED – STATEMENT OF NET ASSETS (in EUR) .................................................. 27

BRIGHT CAP – GLOBAL BALANCED – STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (in EUR) . 28

BRIGHT CAP – GLOBAL BALANCED – STATEMENT OF INVESTMENTS (in EUR) .............................................. 29

BRIGHT CAP – GLOBAL BALANCED – STATISTICAL INFORMATION ................................................................ 31

BRIGHT CAP – EUROPE INCOME – STATEMENT OF NET ASSETS (in EUR) ...................................................... 32

BRIGHT CAP – EUROPE INCOME – STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (in EUR) ..... 33

BRIGHT CAP – EUROPE INCOME – STATEMENT OF INVESTMENTS (in EUR) .................................................. 34

BRIGHT CAP – EUROPE INCOME – STATISTICAL INFORMATION ................................................................... 36

BRIGHT CAP – EUROPEAN SECURITIES – STATEMENT OF NET ASSETS (in EUR)............................................. 37

BRIGHT CAP – EUROPEAN SECURITIES – STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (in EUR)

.................................................................................................................................................................. 38

BRIGHT CAP – EUROPEAN SECURITIES – STATEMENT OF INVESTMENTS (in EUR)......................................... 39

BRIGHT CAP – IFM GLOBAL CAPITAL ACCUMULATION – STATEMENT OF NET ASSETS (in EUR) ..................... 40

BRIGHT CAP – IFM GLOBAL CAPITAL ACCUMULATION – STATEMENT OF OPERATIONS AND CHANGES IN NET

ASSETS (in EUR) .......................................................................................................................................... 41

BRIGHT CAP – IFM GLOBAL CAPITAL ACCUMULATION – STATEMENT OF INVESTMENTS (in EUR) ................. 42


BRIGHT CAP – IFM GLOBAL CAPITAL ACCUMULATION – STATISTICAL INFORMATION .................................. 44

BRIGHT CAP – IFM GLOBAL ACTIVE ALLOCATION – STATEMENT OF NET ASSETS (in EUR) ............................ 45

BRIGHT CAP – IFM GLOBAL ACTIVE ALLOCATION – STATEMENT OF OPERATIONS AND CHANGES IN NET

ASSETS (in EUR) .......................................................................................................................................... 46

BRIGHT CAP – IFM GLOBAL ACTIVE ALLOCATION – STATEMENT OF INVESTMENTS ...................................... 47

BRIGHT CAP – IFM GLOBAL ACTIVE ALLOCATION – STATISTICAL INFORMATION .......................................... 49

NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2018 ............................................................ 50


1

MANAGEMENT AND ADMINISTRATION OF THE FUND

Registered office of the fund

25A, Boulevard Royal L-2449 Luxembourg Grand-Duchy of Luxembourg

Board of the Directors

Mr Christian DENIZON Mr Gerry SALUCCI Mr Frank BERGEOT Mr Tom BERNARDY Mr Jean-Luc BUCHALET Mr Aleksander JAWIEN Mr Pascal CORNU Mr Maciej WALOSZYK Mr Jean-Marc LOISEAU Custodian Bank Natixis Bank S.A. 51, avenue J.F. Kennedy L-1855 Luxembourg Grand-Duchy of Luxembourg Management Company and Central Administration Finexis S.A. 25A, Boulevard Royal L-2449 Luxembourg Grand-Duchy of Luxembourg

Auditor Artemis Audit & Advisory S.A.R.L. 25A, Boulevard Royal L-2449 LUXEMBOURG Grand-Duchy of Luxembourg

Correspondent Bank for France CACEIS Fax +33 (0)1 57 78 12 87 1-3, place Valhubert 75013 Paris, France Correspondent Agent for United Kingdom Sturgeon Ventures LLP Linstead House, 2nd Floor, 9 Disraeli Road, London. SW15 2DR United Kingdom Sub-depositary Bank for Poland RAIFFEISEN BANK POLSKA SPÓŁKA AKCYJNA 20 PIĘKNA street, 00-549 Warsaw, POLAND


2

MANAGEMENT REPORT - BRIGHT CAP MOMENTUM 2018

The investment strategy of the fund is to invest in listed European stocks, selected for their outperformance against the Eurostoxx 50 index over time horizons of 15 days, 1 month, 2 months, and 3 months. The portfolio of 80 stocks selected is then systematically hedged to neutralize exposure to stock market fluctuations. The 2018 financial year had two major phases: until August, the fund delivered a slightly positive, fairly regular performance. From the end of August 2018, the sudden return of risk perception by stock investors (rising trade tensions (China-United States), European concerns over the euro zone (Brexit), economic slowdown in China and indebtedness companies) has resulted in a sudden and profound change in their sectoral allocations, seeking to reduce their risk exposures as quickly as possible until the end of the year. In this context, the stock selection model requiring 2 to 3 months to readjust the portfolio to this violent sectoral reallocation, the Fund experienced a concentrated decline between September and December 2018, ending the year 2018 with a decline of 6, 1%.

In Q1 2018, the fund grew + 0.9% against -4.1% for the Euro Stoxx 50 and + 2.4% for the bond rate index (JP Morgan EMU 10-15 Y). In Q2 2018, the fund posted a performance of + 0.2% versus 0.1% for the Euro Stoxx 50 and -2.2% for the bond index (10-15 years). In Q3 2018, the fund fell -1.3% while the Euro Stoxx 50 rose 2.5% and the bond index (10-15 years) was down 0.5% Finally, in Q4 2018, the fund declined by -5.8% while the Euro Stoxx 50 dropped -13% and the bond index rose by + 1.4% (10%). -15 years). In the end, the fund's performance in 2018 was -6.1% against -14.3% for the Euro Stoxx 50 and + 1.1% for the bond index (10-15 years), with a NAV of 10,834 euros per share. Despite this negative performance, the Bright Cap Momentum Comfort Fund was able to weather these major market turmoils with low volatility (7.4%) compared to that of the Euro Stoxx 50 index (13.6%). The Board of directors Luxembourg, 31 december 2018. The figures are in this report and are indicative of future performance. The fund seeks absolute performance without reference to a specific index.


3

MANAGEMENT REPORT - BRIGHT CAP SELECTION V ZEN 2018

The fund's investment policy is to buy quoted shares when they are on technical support after having dropped significantly, and to hedge this portfolio by selling futures on the Euro Stoxx 50 index. This strategy has been heavily affected by last quarter when investors accelerated sales on stocks that had already fallen significantly to not display them in their portfolios on December 31: an aggressive capitulation phase. As an example we can cite Iliad and Atos. For the full year of 2018, the fund posted a decline of 13.6% against a backdrop of a sharp drop in the Euro Stoxx 50 to -14.3%, despite a net limited exposure to the market. In Q1 2018, the fund gained 0.7% against a decline of -4.1% in the Euro Stoxx 50 and a 2.4% rise in the bond index (JP Morgan EMU 10 -15 Y). In Q2 18, after having withstood the Q1 downturn, the fund recorded a -4.9% decline while the Euro Stoxx 50 rose by 0.1% and the bond index (JP Morgan EMU 10-15 Y) decreased by -2.2%. In Q3 18, the fund was down 3.4% against a rise of 2.5% for the Euro Stoxx 50 and 0.5% for the bond index (JP Morgan EMU 10-15 Y) . Finally, in Q4 18, the fund held up better than the Euro Stoxx index (-13%) but did not register a positive performance (-6.6%). Over the same period, the bond index rose by 1.4%. In total, the fund declined by 13.6% over the year and at 31.12.18 the fund's NAV was € 882.03 per unit. The new list of securities selected for 2019 is now in place and we expect it to perform as well as the historical lists which, over a long period of time, have been able to deliver a relative performance of 8 to 10% per year compared to the previous year. Euro Stoxx 50. This new list has a rather defensive profile and should behave better now that cyclical stocks have made a major move and that the continued rise in indices should be fueled by defensive stocks. The new list of securities selected for 2019 is now in place and we expect it to perform as well as the historical lists which, over a long period of time, have been able to deliver a relative performance of 8 to 10% per year compared to the previous year. Euro Stoxx 50. This new list has a rather defensive profile and should behave better now that cyclical stocks have made a major move and that the continued rise in indices should be fueled by defensive stocks. The Board of directors Luxembourg 31th December 2018. The figures are in this report and are indicative of future performance. The fund seeks absolute performance without reference to a specific index.


4

MANAGEMENT REPORT - BRIGHT CAP EUROPE INCOME 2018

The fund is a mixed securities fund, which grew since inception by +40% in two years, then went down this year by 13% as of now. Since year end 2018 the fund catched up and reached +38% since inception in three years time, receiving the 5 Stars rating from Morning stars. The fund is a mixed fund which chose not to invest into any future/options/derivatives of any kind, and not make any leverage, so it is a pure mixed securities 50% equity 50% bonds. For the Fall 2018 the stock markets were terrible for equities, as well as the bond markets due to the interest rates risen up by US Fed. We made the choice of keeping all assets in temporary unrealized losses, and to sell all the ones in profit. Why ?

- we locked the so called “acquis de croissance” and you can see in the accounts “portfolio

valuation” that we made 1,689,086.76 euro in realized gains on equities, while we have a large

unrealized loss in Bonds for instance.

- we kept almost all bonds with a temporary unrealized loss, because our strategy is to buy and

hold all bonds until final reimbursement, if shareholders remain invested this strategy

guarantees that the bonds will be reimbursed at PAR (100%), which means that the fund will

mechanically and progressively in the next 3 years on average gain back all unrealized losses

on capital, while it continues to receive interests via the coupons at a rate of 6% which is far

higher than the administrative fees of the fund (around 0,5% for share class A).

This strategy works of course only if investors do not redeem. We continue to receive regular

subscriptions from private investors, while the large institutional investor who subscribed 20 mio is

redeeming progressively its assets as the BCP EI was a temporary parking of cash for its private equity

investments. When we sell some assets to honor redemptions, we apply to large amounts an exit fee

which is the rounding up of the transaction costs and difference between bid/ask on prices of

securities, so that each large redemption sustains mechanically the NAV price, so redeemers subsidize

the remaining shareholders. We prefer to apply this methodology rather that gating the large

institutional investor.

Most investors trust that the long term buy and hold strategy will work, and the fund does not want

to pay broker fees to cover a temporary drop down of the NAV price linked to stock markets, as this

would then be a waste of cash. So the fund continues the strategy to receive much more cash (via

dividends and interests) than to pay (mgt and transaction fees), therefore the fund is in permanent

net cash recipient position structurally.

Some other competitors use massively the derivatives to cover their fund against temporary downside

of the stock market curve, but if they once make the wrong choice, then their performance sinks

massively with a leverage downwards. And apart from the Nasdaq bubble for GAFAM, all stocks


5

markets worldwide suffer from turmoil, same for bonds markets, raw materials and metals, including

emerging markets. So keeping them until maturity involves receiving the Yield to maturity which will

be above 6% per year. A potential risk could have been the currency risk, this is why we kept only

Euro-based assets (1 single asset in PLN in Poland), and only companies we know. We also avoid back

and forth and lots of trading, to reduce the fees to the bare minimum; The assets chosen are

strategically chosen in areas where we know that the real value of the company is far above the stock

price, with a growth expectation which is clear and almost automatic due to their situation in terms

of product cycle or market positioning, generally high quality on exporting sectors.

Several large financial institutions did reference our fund in France for distribution (Allianz, Axa,

Société Générale/MFEX, Nortia, HEts, Vitis Life, Wealins etc…) and the positive impact on subscription

will be experiencedlater in 2019, as they all wait the fund to be 3 years old (conditions to sell openly

funds are 3 years+ 10 mio min + positive net perf since inception, we do not yet meet the condition of

the 3 years as we started in April 2016). The sub fund will continue this strategy and continue also to

enlarge the scope of the distributors wishing to offer the product, so that the numerous subscriptions

of small investors and the increase of our own investments secures the fund above a threshold that

guarantees its future.


6

MANAGEMENT REPORT - BRIGHT CAP GLOBAL BALANCED 2018

The bond market underwent a difficult year in 2018 mainly because of a pick up in credit spreads.

Over the course of the year, we saw volatility picking up in the market and a slowdown of the economic

activity especially in Europe. We thereforce decided to sell the bonds we considered the riskiest and

to increase our holdings in cash, money market and sovereign bonds. As of december 31st 2018 the

fund was 87% invested in bonds, 8% in cash / money market and the remaining in diversified products

During 2018, BRIGHT CAP – GLOBAL BALANCED (B share) NAV went from 1,025.09 euros on

31/12/2017 to 1,009.55 euros on 31/12/2018 which is a 1.5% decrease. The fund outperformed the

bonds bencmark ; Indeed, the Ibox High yield euro fell 3.37% and the Ibox investment grade euro fell

1.74% during the same period.

The fund’s assets went from 16.2 to 18.6 million euros during the same period.

For 2019 we think the world economy will continue to deteriorate and we have therefore decided to

keep a conservative allocation to navigate safely through these uncertain times.


7

MANAGEMENT REPORT - BRIGHT CAP EUROPEAN SECURITIES 2018

The sub-fund had been active from 22nd June 2016 to 8th of August 2018.

Currently there is no investor, no asset, no NAV calculation, so that no performance can be calculated

and disclosed at year-end.

The sub-fund will be reactivated later in 2019 and is therefore considered as dormant for now.


8

MANAGEMENT REPORT - BRIGHT CAP IFM GLOBAL CAPITAL ACCUMULATION 2018

This sub fund was launched in December 2015 and is under umbrella fund Bright Cap in Luxembourg.

The strategy of the Fund is to invest directly or indirectly in units or shares of bond related Investment

Funds, as well as financial instruments (including financial derivative instruments and ETFs) related to

debt market. The fund shall be able to invest directly into bonds. Targeted bonds will be issued by

governments, governmental bodies and corporates from around the world.

The proportion of the Sub-Fund invested in bonds, units or shares of Investment Funds, financial

derivative instruments is not fixed and may vary.

Over the year 2017, the exposure on US treasuries long and High Yield Europe increasing our

involvement in Emerging Markets bond instrument, reducing thereby level of cash. Over 2018, the

investments shifted towards European funds following implementation of new regulations.


9

MANAGEMENT REPORT - BRIGHT CAP IFM GLOBAL ACTIVE ALLOCATION 2018

This sub fund was launched in December 2015 and is under umbrella of Bright Cap SICAV Fund in

Luxembourg.

Our strategy is to invest directly or indirectly in units or shares of equity and bond related Investment

Funds, as well as financial instruments (including financial derivative instruments and ETFs)

representing financial indices globally. The fund shall be able to invest directly into bonds. Targeted

bonds will be issued by governments, governmental bodies and corporates from around the world.

The proportion of the Sub-Fund invested in equities, bonds, units or shares of Investment Funds,

financial derivative instruments representing financial indices is not fixed and may vary.

In 2016, the proportion between bond instruments and equities instruments was close to a fifty-fifty

balance. Over 2017, the focus was marginally shifted towards equities including instruments with

short exposure to the main European and US equity markets. Over 2018, the investments shifted

towards European funds following implementation of new regulations.

Artemis Audit & Advisory Sàrl – RCS Luxembourg B 166716 – TVA LU 25229569 – Capital 30 000 € 25 A, Boulevard Royal, L-2449 Luxembourg – Tél 00352 26 27 58 – Fax 00352 22 58 28 – www.artemisaudit.lu

To the shareholders of

BRIGHT CAP (Formerly ARIA SICAV) 25 A Bd royal

L-2449 Luxembourg

REPORT OF THE REVISEUR D'ENTREPRISES AGREE

Report on the audit of the Financial statements

Opinion

We have audited the accompanying financial statements of BRIGHT CAP, which comprise the combined

statement of net assets and the statement of net assets of each of its compartments, the statement of

investments as at December 31, 2018, and the combined statement of operations and changes in net assets

as well as the statement of operations and changes in net assets for each of its compartments for the year

then ended and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements give a true and fair view of the financial position of

BRIGHT CAP and of each of its compartments as of December 31, 2018, and of the results of its operations

and changes in its net assets for the year then ended in accordance with Luxembourg legal and regulatory

requirements relating to the preparation of the financial statements.

Basis for Opinion

We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (“Law of 23

July 2016”) and with International Standards on Auditing (“ISAs”) as adopted for Luxembourg by the

Commission de Surveillance du Secteur Financier (“CSSF”). Our responsibilities under those Law and

standards are further described in the « Responsibilities of “Réviseur d’Entreprises agréé” for the Audit of

the Financial Statements » section of our report. We are also independent of the Fund in accordance with

the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants

(“IESBA Code”) as adopted for Luxembourg by the CSSF together with the ethical requirements that are

relevant to our audit of the financial statements and have fulfilled our other ethical responsibilities under

those ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate

to provide a basis for our opinion.

Other information

The Board of Directors of the Fund is responsible for the other information. The other information

comprises the information stated in the annual report including the management report but does not include

the financial statements and our report of “Réviseur d’Entreprises agréé” thereon.

http://www.artemisaudit.lu/


Our opinion on the financial statements does not cover the other information and we do not express

any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other

information and, in doing so, consider whether the other information is materially inconsistent with

the financial statements or our knowledge obtained in the audit or otherwise appears to be materially

misstated. If, based on the work we have performed, we conclude that there is a material misstatement

of this other information; we are required to report this fact. We have nothing to report in this regard.

Responsibility of the Board of Directors of the Fund and Those Charged with Governance for

the Financial Statements

The Board of Directors of the Fund is responsible for the preparation and fair presentation of these

financial statements in accordance with Luxembourg legal and regulatory requirements relating to the

preparation and presentation of the financial statements, and for such internal control as the Board of

Directors of the Fund determines is necessary to enable the preparation of financial statements that are

free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors of the Fund is responsible for assessing

the Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going

concern and using the going concern basis of accounting unless the Board of Directors of the Fund

either intends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so.

Responsibility of the Réviseur d'entreprises agréé for the audit of the financial statements

The objectives of our audit are to obtain reasonable assurance about whether the financial statements

as a whole are free from material misstatement, whether due to fraud or error, and to issue a report of

“Réviseur d’Entreprises agréé” that includes our opinion. Reasonable assurance is a high level of

assurance but is not a guarantee that an audit conducted in accordance with the Law of 23 July 2016

and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement

when it exists. Misstatements can arise from fraud or error and are considered material if, individually

or in the aggregate, they could reasonably be expected to influence the economic decisions of users

taken on the basis of these financial statements.

As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for

Luxembourg by the CSSF, we exercise professional judgment and maintain professional skepticism

throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether

due to fraud or error, design and perform audit procedures responsive to those risks, and

obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.

The risk of not detecting a material misstatement resulting from fraud is higher than for one



resulting from error, as fraud may involve collusion, forgery, intentional omissions,

misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit 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 Fund's internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of

accounting estimates and related disclosures made by the Board of Directors of the Fund.

• Conclude on the appropriateness of the Board of Directors of the Fund use of the going

concern basis of accounting and, based on the audit evidence obtained, whether a material

uncertainty exists related to events or conditions that may cast significant doubt on the Fund's

ability to continue as a going concern. If we conclude that a material uncertainty exists, we

are required to draw attention in our report of "Réviseur d'Entreprises agréé" to the related

disclosures in the financial statements or, if such disclosures are inadequate, to modify our

opinion. Our conclusions are based on the audit evidence obtained up to the date of our report

of "Réviseur d'Entreprises agréé". However, future events or conditions may cause the Fund

to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including

the disclosures, and whether the financial statements represent the underlying transactions

and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned

scope and timing of the audit and significant audit findings, including any significant deficiencies in

internal control that we identify during our audit.

Luxembourg, April 19, 2019 Someya Qalam

Réviseur d’Entreprises Agréé



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

13

BRIGHT CAP – COMBINED – STATEMENT OF NET ASSETS (in EUR)

Notes EUR

ASSETS

Investments at market value 61,616,529.58

Cash at bank 23,400,009.20

Margin accounts 4,039,944.12

Receivable on investments sold 1,006,036.82

Receivable on subscriptions 741,755.15

Unrealized appreciation on forward contracts 285,961.41

Unrealized appreciation on futures contracts 2,939,775.37

Interest receivable on bonds 469,745.23

Formation expenses, net of amortisation 60,982.82

Total assets 94,560,739.70

LIABILITIES

Payable on redemptions (1,080,939.09)

Unrealised depreciation on forward foreign exchange contracts (380,079.21)

Management / advisory fees payable (109,745.62)

Investment management / advisory fees payable (185,221.22)

Custodian fees payable (20,213.17)

Administrative agent, domiciliation agent and transfer agent fees payable (6,423.39)

Audit fees payable (51,008.92)

Professional fees payable (5,589.53)

Performance fees payable (173,518.06)

Subscription tax payable ("taxe d'abonnement") (12,241.11)

Other payables / liabilities (107,196.91)

Other liabilities (10,495.61)

Total liabilities (2,142,671.84)

Net assets as of 31 December 2018 92,418,067.86

Number of shares outstanding

A-shares GBP 19,713.510

B1-shares GBP 3,051.840

A-shares EUR 3,638,855.650

B-shares EUR 20,941.860

D-shares PLN 5,734.990

A-shares PLN 20,881.870

P-shares PLN 306,396.100

A1-shares EUR 100,000.000

A-shares USD 107.150



14

BRIGHT CAP – COMBINED – STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (in EUR)

NET ASSETS AT THE BEGINNING OF THE YEAR 111,508,804.58

INCOME Dividends, net of withholding tax 601,187.85

Interest on bonds 1,718,668.69

Dividend expense on securities sold short (877,278.95)

Other income 234,565.86

Total income 1,677,143.45 EXPENSES Management fees (626,414.30)

Investment advisory fees (891,906.98)

Performance fees (1,240.80)

Custodian bank fees (124,817.30)

Administrative agent, domiciliation agent and transfert agent fees (466,397.00)

Audit fees (60,649.34)

Professional fees (110,602.98)

Subscription tax ("taxe d'abonnement") (59,639.49)

Amortisation of formation costs (43,277.63)

Bank and interest expenses (1,304,106.05)

Other expenses (243,544.35)

Total expenses (3,932,596.22)

NET INVESTMENT INCOME / (LOSS) (2,255,452.77) Net realized gains / (losses) - on investments 956,490.89

- on forward foreign exchange contracts 18,660.33

- on futures contracts 1,705,693.39

- on foreign currency transactions (86,164.28)

NET REALIZED GAINS / (LOSSES) FOR THE YEAR TO DATE 2,594,680.33 Change in net unrealized appreciation / (depreciation) - on investments (9,413,362.67)

- on forward foreign exchange contracts (278,325.98)


- on foreign currency transactions 363,812.80 CHANGE IN NET UNREALIZED APPRECIATION / (DEPRECIATION) FOR THE YEAR TO DATE (7,899,063.84) RESULT OF OPERATIONS FOR THE YEAR TO DATE (7,559,836.28)

Redemption of "A-shares" GBP (8,776.23)

Subscription of "A-shares" EUR 39,695,096.13

Redemption of "A-shares" EUR (51,309,186.64)

Subscription of "B-shares" EUR 13,238,970.30

Redemption of "B-shares" EUR (12,851,166.34)

Subscription of "A-shares" USD 9,245.47

Subscription of "D-shares" PLN 155,470.85

Redemption of "D-shares" PLN (24,892.12)

Subscription of "A-shares" PLN 481,041.00

Redemption of "A-shares" PLN (231,739.52)

Redemption of "P-shares" PLN (420,407.84)

Dividends paid (11,450.07)

Currency Translation (253,105.43)




15

BRIGHT CAP – MOMENTUM COMFORT – STATEMENT OF NET ASSETS (in GBP)

Notes GBP ASSETS


Cash at bank 13,089,600.66

Margin accounts 3,063,594.23

Receivable on investments sold 12,000.00

Receivable on Subscriptions 581,407.56

Unrealized appreciation on futures contracts 2,629,717.26


LIABILITIES

Payable on redemptions (1.27)

Management fee payable (3,000.00)

Investment management/Advisory fees payable 5 (165,685.94)

Custodian fees payable 6 (10,000.00)


Professional fees payable (5,000.00)

Performance fees payable (155,217.11)

Subscription tax payable ("taxe d'abonnement") 9 (4,088.67)


Other Liabilities (5,999.98)

Total liabilities (419,572.46)

Net assets as of 31 December 2018

35,229,252.50


A-shares GBP 19,713.511

A-shares EUR 3,613,694.878


Net asset value per share

A-shares GBP 9.1197

A-shares EUR 9.6910

B-shares EUR 9.5134



16

BRIGHT CAP – MOMENTUM COMFORT – STATEMENT OF OPERATIONS AND

CHANGES IN NET ASSETS (in GBP)

NET ASSETS AT THE BEGINNING OF THE YEAR Notes 27,517,547.38

INCOME

Dividends, net of withholding tax 180,095.60

Interest on bonds (767.35)



Total income (323,566.60)

EXPENSES

Advisory fees 5 (634,748.56)

Performance fees 11 (1,109.93)

Custodian bank fees 6 (12,323.98)

Administrative agent, domiciliation agent and transfer agent fees 4 (93,386.80)



Subscription tax ("taxe d'abonnement") 9 (18,136.23)

Bank and interest expenses (708,549.85)

Other expenses 10 (57,406.84)

Total expenses (1,546,513.95)

NET INVESTMENT INCOME / (LOSS) (1,870,080.55)

Net realized gains / (losses)

- on investments 92,028.69



NET REALIZED GAINS / (LOSSES) FOR THE YEAR TO DATE 1,299,951.49

Change in net unrealized appreciation / (depreciation)

- on investments (3,408,706.38)


- on foreign currency transactions 211,941.52 CHANGE IN NET UNREALIZED APPRECIATION / (DEPRECIATION) FOR THE YEAR TO DATE (1,510,616.50)

RESULT OF OPERATIONS FOR THE YEAR TO DATE (2,080,745.56)

Redemption of “A-shares” GBP (7,850.60)

Subscription of "A-shares" EUR " 19,081,619.92

Redemption of "A-shares" EUR " (9,281,318.64)


.



17

BRIGHT CAP – MOMENTUM COMFORT –STATEMENT OF INVESTMENTS (in GBP)

Listed Equities

Nominal /

Quantity ISIN Name

Security

Currency

Cost Value

(CCY)

Price at year

end (CCY)

Market value

(Compartmt=GBP)

Gain / loss

(Compartmt=GBP)

Market value as

a percentage (%)

of net assets

1,611.00 CH0009691608 BC BERNOISE CHF 346,828.36 194.80 249,111.64 (19,413.86) 0.71%

4,513.00 CH0130293662 BKW CHF 316,032.60 68.70 246,111.33 (6,161.54) 0.70% 134.00 CH0010645932 GIVAUDAN CHF 330,079.32 2,276.00 242,095.43 (15,138.90) 0.69%

2,008.00 CH0012627250 HBM HEALTHCARE CHF 337,600.74 155.40 247,699.00 (3,537.10) 0.70% 530.00 CH0012271687 HELVETIA HLDG CHF 328,883.63 574.50 241,699.32 (14,603.19) 0.69%

1,052.00 CH0013841017 LONZA GROUP CHF 328,506.81 254.70 212,693.50 (45,921.07) 0.60% 3,176.00 CH0018294154 PSP SWISS PROPERTY CHF 314,471.80 96.85 244,168.51 (6,858.45) 0.69%

859.00 CH0014852781 SWISS LIFE HLDG CHF 321,902.98 378.60 258,156.64 8,929.15 0.73%

657.00 CH0008742519 SWISSCOM LTD CHF 314,456.63 469.70 244,960.16 (6,054.69) 0.70% 4,492.00 DK0060634707 ROYAL UNIBREW DKK 2,451,933.92 449.00 241,611.39 (51,718.03) 0.69% 3,659.00 ES0125220311 ACCIONA SA EUR 291,277.37 73.90 241,881.00 (17,597.62) 0.69%

12,563.00 NL0011794037 AHOLD DELHAIZE EUR 289,693.83 22.08 248,078.42 (9,989.53) 0.70% 18,886.00 ES0157097017 ALMIRALL EUR 296,129.58 13.37 225,874.03 (39,096.79) 0.64%

7,437.00 FI0009000285 AMER SPORTS EUR 259,137.78 38.37 255,261.01 26,118.43 0.72% 5,500.00 IT0005056236 BIO-ON EUR 289,406.96 56.80 279,451.17 24,345.50 0.79%

35,273.00 DE0005493092 BORUSSIA DORTMUND EUR 265,209.22 7.97 251,317.71 13,922.34 0.71% 37,321.00 IT0005252207 CAMPARI EUR 289,572.18 7.39 246,546.41 (11,413.18) 0.70%

3,970.00 DE0005313704 CARL ZEISS MEDITEC EUR 286,936.49 68.30 242,552.70 (14,123.70) 0.69%

4,558.00 BE0974256852 COLRUYT EUR 257,583.32 62.24 253,769.14 24,306.19 0.72% 18,969.00 DE0005557508 DEUTSCHE TELEKOM EUR 288,713.34 14.80 251,131.43 (6,063.07) 0.71%

3,378.00 AT0000818802 DO AND CO EUR 259,256.69 80.80 244,155.17 12,229.32 0.69% 2,617.00 DE0005659700 ECKERT AND ZIEGLER EUR 144,168.58 61.70 144,438.78 16,009.09 0.41%

8,486.00 FR0010908533 EDENRED SA EUR 298,229.96 32.11 243,746.42 (23,100.30) 0.69% 16,869.00 ES0168561019 EUROPAC EUR 191,219.37 16.78 253,207.29 83,528.36 0.72% 15,396.00 DE0005664809 EVOTEC EUR 312,367.75 17.37 239,153.97 (39,259.72) 0.68%

106,326.00 NL0000009082 KONINKLIJKE KPN NV EUR 279,899.94 2.56 243,486.20 (7,961.91) 0.69% 1,695.00 ES0158252033 LET S GOWEX SA EUR 31,704.66 0.00 0.00 (26,102.45) 0.00% 2,939.00 DE0006599905 MERCK EUR 289,763.31 89.98 236,559.55 (21,570.30) 0.67%

3,000.00 BE0003853703 MONTEA EUR 172,528.66 59.80 160,478.68 6,784.97 0.46% 1,680.00 DE000A0D9PT0 MTU AERO ENGINES EUR 314,988.31 158.40 238,045.17 (43,863.44) 0.68%



18

10,601.00 FR0000120560 NEOPOST EUR 304,546.83 23.82 225,882.98 (43,412.55) 0.64%

13,944.00 ES0173093024 RED ELECTRICA EUR 269,427.48 19.50 243,167.50 3,153.42 0.69% 68,957.00 IT0003153415 SNAM EUR 280,294.05 3.82 235,571.60 (16,230.56) 0.67%

1,612.00 BE0003717312 SOFINA EUR 288,505.39 165.80 239,080.68 (17,928.58) 0.68%

13,689.00 DE0008303504 TAG IMMOBILIEN EUR 277,243.90 19.91 243,802.35 (4,269.94) 0.69% 2,021.00 FR0000051807 TELEPERFORMANCE SA EUR 327,313.80 139.60 252,375.18 (40,417.30) 0.72%

54,154.00 IT0003242622 TERNA SPA EUR 0.22 EUR 278,802.07 4.95 239,935.09 (10,526.75) 0.68% 16,147.00 FI4000074984 VALMET CORP EUR 321,356.56 17.95 259,269.37 (27,269.80) 0.74%

7,311.00 AT0000746409 VERBUND EUR 245,374.26 37.24 243,546.20 24,745.97 0.69% 5,327.00 NL0000395903 WOLTERS KLUWER EUR 291,519.14 51.66 246,168.23 (14,674.49) 0.70%

10,235.00 GB00B9GQVG73 AB DYNAMICS GBP 163,844.50 13.90 142,266.50 (21,578.00) 0.40%

79,262.00 GB00B61D2N63 ACACIA MINING SHS GBP 147,270.54 1.83 145,287.25 (1,983.29) 0.41% 383,661.00 GG00B4TM3943 BUSHVELD MINERALS GBP 78,386.91 0.39 148,668.64 70,281.73 0.42%

9,871.00 GB00B2425G68 CRANEWARE REG GBP 320,226.37 24.50 241,839.50 (78,386.87) 0.69% 29,738.00 GB00BY7QYJ50 DRAPER ESPRIT GBP 187,284.58 5.40 160,585.20 (26,699.38) 0.46%

67,945.00 GB00B1VNSX38 DRAX GROUP GBP 279,212.34 3.59 243,786.66 (35,425.68) 0.69% 69,069.00 CA29382B1022 ENTERTAINMENT GBP 299,190.82 3.57 246,300.05 (52,890.77) 0.70%

8,590.00 GB0003718474 GAMES WORKSHOP GROUP

PLC

GBP 153,663.18 30.40 261,136.00 107,472.82 0.74%

13,788.00 GB00B0LCW083 HIKMA PHARM GBP 256,449.77 17.16 236,602.08 (19,847.69) 0.67% 99,680.00 GG00B8P59C08 SYNCONA GBP 260,283.87 2.68 266,644.00 6,360.13 0.76% 11,052.00 GB0008794710 TELECOM PLUS GBP 155,797.33 14.32 158,264.64 2,467.31 0.45% 25,238.00 NO0010073489 AUSTEVOLL SEAFOOD NOK 2,773,515.08 106.80 242,366.30 (15,548.49) 0.69%

206,824.00 BMG359471031 FLEX LNG NOK 3,257,097.57 12.35 229,675.11 (74,790.41) 0.65% 27,179.00 NO0010365521 GRIEG SEAFOOD NOK 3,448,036.99 102.30 250,008.71 (72,001.31) 0.71% 39,883.00 NO0003096208 LEROY SEAFOOD NOK 3,004,215.22 65.94 236,473.67 (44,310.38) 0.67%

22,471.00 NO0003679102 NRC GROUP NOK 1,864,944.90 71.00 143,458.67 (30,879.36) 0.41% 6,168.00 NO0010310956 SALMAR NOK 2,287,177.37 428.00 237,374.56 27,822.83 0.67%

13,411.00 NO0005668905 TOMRA SYSTEMS NOK 2,638,578.37 194.80 234,907.10 (11,618.64) 0.67%

6,500.00 SE0000170110 AVANZA BANK HLD SEK 3,375,147.91 423.60 240,180.10 (48,571.09) 0.68% 18,016.00 SE0000379190 CASTELLUM SEK 2,924,361.52 163.35 256,711.44 2,851.67 0.73% 13,512.00 SE0001664707 CATENA SEK 2,945,882.86 220.50 259,893.82 1,981.93 0.74%

7,069.00 SE0000683484 CELLAVISION AB SEK 1,888,214.37 191.50 118,084.93 (45,355.69) 0.34%

25,644.00 SE0000163628 ELEKTA SHS B FRIA SEK 3,027,957.65 105.35 235,661.17 (22,534.04) 0.67% 23,768.00 SE0011166974 FABEGE SEK 2,978,752.17 118.16 244,980.12 (11,491.98) 0.70%

9,008.00 SE0000652216 HAKON INVEST SEK 2,948,317.64 316.80 248,932.31 (7,007.06) 0.71%

14,426.00 MT0000780107 Kambi Group Shs Series B SEK 2,640,154.06 190.00 239,093.21 13,037.42 0.68% 14,228.00 SE0009216278 MIPS SEK 1,490,862.78 108.80 135,033.17 7,886.81 0.38% 31,746.00 SE0008321293 NIBE INDUSTRIER SEK 3,429,356.01 90.92 251,777.06 (45,062.16) 0.71%



19

167,377.00 SE0000722365 OASMIA SEK 2,016,124.86 9.15 133,593.27 (39,800.77) 0.38%

11,530.00 SE0009414576 ONCOPEPTIDES SEK 1,915,892.60 131.40 132,157.67 (31,211.29) 0.38% 22,411.00 SE0005757267 RECIPHARM B SEK 2,898,873.53 113.20 221,296.92 (25,709.28) 0.63%

170,987.00 SE0009554454 SAMHALL NORD SEK 2,069,885.28 10.68 159,294.97 (18,175.08) 0.45%

7,869.00 SE0000241614 SKISTAR SEK 1,881,499.75 207.00 142,088.07 (18,878.29) 0.40% 27,694.00 DE000A2MBXN2 DEUTSCHE BALAT WTS / BIO

30.11.20

EUR 187,765.32 2.90 71,842.03 (96,204.18) 0.20% Total Equity: 16,272,505.25 (1,016,004.60) 46.20%

CFD

Contract Name CCY Sum of

Quantity Sum of Commitment (sub-fund

CCY) Sum of Net unrealised (sub-

fund CCY) Sum of Market value as a

percentage (%) of net assets

CFD - BIC EUR 3,097.00 258,298.05 (12,393.34) (0.03%)

CFD - ERICSSON SEK 35,400.00 255,473.17 (20,182.70) (0.05%)

CFD - EURO STOXX 50 EUR (7,400.00) (22,343,900.22) 2,769,740.72 7.82%

CFD - EXPERIAN GBP 13,604.00 251,941.55 7,214.65 0.01%

CFD - IBERDROLA EUR 40,256.00 256,612.85 (2,802.08) 0.00%

CFD - NESTE OYJ EUR 4,003.00 200,456.07 39,670.90 0.12%

CFD - NOVARTIS CHF 3,754.00 251,958.99 (8,361.09) (0.02%)

CFD - PERNOD RICARD EUR 1,907.00 253,730.73 (8,200.83) (0.01%)

CFD - ROCHE HOLDINGS EUR 1,309.00 293,698.27 (9,911.40) (0.04%)

CFD - SAP EUR 55,397.00 252,583.05 (1,381.11) 0.00%

CFD - SCOR SE EUR 7,107.00 263,698.13 (15,993.37) (0.04%)

CFD - SES GLOBAL EUR 16,134.00 287,576.05 (49,419.28) (0.14%)

CFD -NESTLE OIL CORPORATION EUR 3,886.00 292,358.83 (16,176.86) (0.04%)

CFD -SANOFI EUR 3,636.00 250,393.17 (7,333.40) (0.02%)

CFD-SAFRAN EUR 2,616.00 281,351.49 (34,753.55) (0.10%)

Grand Total 184,706.00 (18,693,769.82) 2,629,717.26 7.46%



20

BRIGHT CAP – MOMENTUM COMFORT – STATISTICAL INFORMATION

STATISTICAL INFORMATION

31/12/2018 31/12/2017 31/12/2016

Total net assets GBP 35,229,252.50

27,517,547.38 15,939,602.15


A-shares GBP 19,713.5109 20,536.441 24,639.48

B-shares GBP 3,051.8358 3,051.836 3,051.84

A-shares EUR 3,613,694.8783 2,665,776.084 1,839,646.74

NAV per share

A-shares GBP GBP 10.1949 9.6293 8.19

B-shares GBP GBP 10.6351 10.0450 8.53

A-shares EUR EUR 10.8337 11.5380 9.98



21

BRIGHT CAP – SELECTION V ZEN– STATEMENT OF NET ASSETS (in EUR)

Notes EUR

ASSETS


Cash at bank 6,104,301.75

Margin accounts 338,200.32

Receivable on subscriptions 91,796.45



LIABILITIES

Payable on redemptions (60,937.67) Unrealised depreciation on forward foreign exchange contracts (352,301.08)

Management fees 3 (30,276.07)






9,775,692.59


A-shares EUR 11,083.179


A-shares EUR 882.0296



22

BRIGHT CAP – SELECTION V ZEN – STATEMENT OF OPERATIONS AND CHANGES IN

NET ASSETS (in EUR)




Other income 0.20

Total income (153,435.91)

EXPENSES







Amortisation of formation costs 2.15 (9,415.56)



Total expenses (651,444.21)

NET INVESTMENT INCOME / (LOSS) (804,880.12)

Net realized gains / (losses) - on investments 170,292.06

- on futures contracts 346,699.08

- on foreign currency transactions (151.63)

NET REALIZED GAINS / (LOSSES) FOR THE YEAR TO DATE 516,839.51


- on investments (1,128,540.08)

- on futures contracts (454,189.79)

- on foreign currency transactions 116.20

CHANGE IN NET UNREALIZED APPRECIATION / (DEPRECIATION) FOR THE YEAR TO DATE (1,582,613.670)

RESULT OF OPERATIONS FOR THE YEAR TO DATE

(1,870,654.280)




9,775,692.59



23

BRIGHT CAP – SELECTION V ZEN – STATEMENT OF INVESTMENTS (in EUR)

Listed Equities and Investments Funds

Nominal /

Quantity ISIN Name

Security

Currency

Cost Value

(CCY)

Price at

year end

(CCY)

Market value

(Compartmt=EUR)

Gain / loss

(Compartmt=EUR)

Market value as a

percentage (%) of

net assets

40,000.00 FR0010557264 AB SCIENCE EUR 151,406.25 3.47 138,720.00 (12,686.25) 1.42% 6,256.00 FR0011184241 ADOCIA EUR 94,465.46 16.54 103,474.24 9,008.78 1.06%

19,097.00 FR0000074783 ARTPRICE.COM EUR 256,269.70 14.36 274,232.92 17,963.22 2.81% 27,990.00 IT0001137345 AUTOGRILL EUR 305,639.91 7.36 206,006.40 (99,633.51) 2.11%

6,550.00 DE000BAY0017 BAYER AG EUR 436,816.53 60.56 396,668.00 (40,148.53) 4.06%

100.00 FR0000035164 BENETEAU EUR 1,318.57 11.48 1,148.00 (170.57) 0.01% 9,000.00 FR0004548873 BOURBON SA EUR 39,939.97 3.43 30,870.00 (9,069.97) 0.32% 5,023.00 FR0000120503 BOUYGUES EUR 215,146.02 31.34 157,420.82 (57,725.20) 1.61%

2,502.00 FR0010425595 CELLECTIS EUR 65,280.28 15.08 37,730.16 (27,550.12) 0.39% 45,000.00 FR0012633360 CELLNOVO GROUP EUR 66,034.67 1.31 58,770.00 (7,264.67) 0.60% 90,000.00 FR0013181864 CGG ORD EUR 135,694.65 1.16 104,040.00 (31,654.65) 1.06%

300,000.00 FR0004026714 CLARANOVA EUR 212,112.42 0.62 185,700.00 (26,412.42) 1.90%

6,000.00 FR0010417345 DBV TECHNOLOGIES EUR 114,709.68 10.61 63,660.00 (51,049.68) 0.65% 22,200.00 DE000ENAG999 E.ON SE REGISTERED EUR 201,232.60 8.63 191,519.40 (9,713.20) 1.96% 13,294.00 FR0011950732 ELIOR EUR 235,205.07 13.06 173,619.64 (61,585.43) 1.78%

5,708.00 FR0011052257 GLOBAL BIOENERGIES EUR 38,014.25 6.14 35,047.12 (2,967.13) 0.36% 19,660.00 FR0012821890 HI MEDIA RGPT EUR 93,256.35 2.65 52,099.00 (41,157.35) 0.53% 12,600.00 DE000KSAG888 K+S AG EUR 203,970.07 15.72 198,072.00 (5,898.07) 2.03% 33,618.00 FR0000033599 LEXIBOOK LINGUIST EUR 48,059.48 0.84 28,239.12 (19,820.36) 0.29%

12,295.00 FR0010241638 MERCIALYS EUR 215,194.87 11.97 147,171.15 (68,023.72) 1.51% 48,443.00 FR0004177046 METABOLIC EXPLORER EUR 109,404.49 1.61 77,896.34 (31,508.15) 0.80%

7,000.00 FR0011341205 NANOBIOTIX EUR 79,110.74 11.64 81,480.00 2,369.26 0.83%

77,926.00 FR0010095596 ONXEO EUR 76,052.59 0.87 67,951.47 (8,101.12) 0.70% 239,191.00 FR0013190410 ORCHESTRA-PREMAMAN EUR 309,148.82 0.54 129,163.14 (179,985.68) 1.32%

28,200.00 ES0173516115 REPSOL EUR 437,929.83 14.08 397,056.00 (40,873.83) 4.06% 332,656.00 FR0012452746 SAFE ORTHOPAEDICS SA EUR 125,301.33 0.12 41,249.34 (84,051.99) 0.42%

60,000.00 IT0003865570 SALINI IMPREGILO EUR 136,999.77 1.42 84,960.00 (52,039.77) 0.87% 6,000.00 FR0004188670 TARKETT EUR 133,036.22 17.52 105,120.00 (27,916.22) 1.08%



24

13,228.00 FR0000054900 TELEVISION FRANCAISE TF1 EUR 169,427.97 7.08 93,654.24 (75,773.73) 0.96%

8,347.00 FR0005175080 TRANSGENE SA/REG EUR 25,760.46 2.73 22,787.31 (2,973.15) 0.23% 3,250.00 FR0010131409 WALLIX GROUP EUR 78,052.00 12.50 40,625.00 (37,427.00) 0.42%

Total Equity: 3,726,150.81 (1,083,840.21) 38.15%

CFD

Contract Name CCY Sum of

Quantity Sum of Commitment (sub-fund CCY)

Sum of Net unrealised (sub-fund CCY)

Sum of Market value as a percentage (%) of net assets

CFD - AB SCIENCE EUR 8,500.00 54,624.40 (25,146.40) (0.26%)

CFD - AIR LIQUIDE EUR 2,200.00 233,318.64 5,271.36 0.06%

CFD - AIRBUS SE EUR 1,800.00 163,835.00 (12,707.00) (0.13%)

CFD - ALSTOM EUR 3,000.00 111,450.00 (5,640.00) (0.06%)

CFD - ALTRAN TECH EUR 40,000.00 284,589.00 (4,389.00) (0.05%)

CFD - AUTOGRILL EUR 3,350.00 34,806.50 (10,150.50) (0.10%)

CFD - BNP PARIBAS EUR 5,000.00 236,195.00 (38,820.00) (0.40%)

CFD - BOUYGUES EUR 9,093.00 371,378.28 (86,403.66) (0.88%)

CFD - CARREFOUR EUR 18,000.00 295,132.98 (26,752.98) (0.27%)

CFD - CGG EUR 175,000.00 269,290.00 (66,990.00) (0.68%)

CFD - CREDIT AGRICOLE SA EUR 20,000.00 227,036.00 (38,436.00) (0.40%)

CFD - DANONE EUR 3,650.00 229,987.20 (5,475.70) (0.06%)

CFD - ELIOR GROUP SCA EUR 9,408.00 118,940.16 3,928.32 0.04%

CFD - ENGIE SA EUR 20,000.00 268,193.00 (17,693.00) (0.18%)

CFD - ERAMET EUR 1,600.00 124,974.80 (28,414.80) (0.29%)

CFD - EURO STOXX 50 EUR (2,310.00) (7,293,560.96) 360,280.76 3.70%

CFD - ILIAD EUR 1,500.00 166,418.40 17,556.60 0.18%

CFD - IMERSYS EUR 4,000.00 214,916.00 (46,996.00) (0.48%)

CFD - INGENICO GRP EUR 5,000.00 294,019.00 (46,319.00) (0.46%)



25

CFD - PEUGEOT EUR 9,000.00 162,684.30 5,120.70 0.05%

CFD - RENAULT EUR 3,679.00 292,175.08 (91,485.63) (0.94%)

CFD - REXEL SA EUR 30,000.00 336,991.00 (57,991.00) (0.60%)

CFD - SOITEC EUR 4,000.00 207,791.00 (5,391.00) (0.05%)

CFD - SOLOCAL EUR 200,000.00 171,526.10 (70,826.10) (0.75%)

CFD - SOPRA STERIA EUR 1,500.00 133,695.80 (12,720.80) (0.13%)

CFD - SPIE SA EUR 19,000.00 296,678.00 (76,468.00) (0.77%)

CFD - TF1 EUR 5,950.00 54,431.75 (12,305.75) (0.13%)

CFD - VALLOUREC EUR 30,000.00 58,131.00 (9,366.00) (0.09%)

CFD -SANOFI EUR 6,000.00 395,210.00 58,750.00 0.60%

CFD -VALEO EUR 5,000.00 122,202.50 5,347.50 0.05%

CFD-ATOS EUR 2,500.00 190,368.00 (11,668.00) (0.12%)

Grand Total 645,420.00 (1,172,572.07) (352,301.08) (3.60%)



26

BRIGHT CAP – SELECTION V ZEN – STATISTICAL INFORMATION

Statistical information

31/12/2018 31/12/2017 31/12/2016

Not yet created

Total net assets EUR 9,775,692.59 4,940,089.65


A-shares 11,083.1796 4,837.207

NAV per share

A-shares EUR 882.0296 1,021.2690



27

BRIGHT CAP – GLOBAL BALANCED – STATEMENT OF NET ASSETS (in EUR)

Notes EUR

ASSETS


Cash at bank 687,135.86



LIABILITIES


Custodian fees payable (8,760.54)













28

BRIGHT CAP – GLOBAL BALANCED – STATEMENT OF OPERATIONS AND CHANGES IN

NET ASSETS (in EUR)


INCOME Interest on bonds 515,931.22

Total income 515,931.22

EXPENSES Management fees 3 (74,808.68)

Custodian bank fees (19,234.98)








NET INVESTMENT INCOME / (LOSS) 362,606.20

Net realized gains / (losses) - on investments (189,009.17)


NET REALIZED GAINS / (LOSSES) FOR THE YEAR TO DATE (189,299.24)


- on investments (465,060.08)


CHANGE IN NET UNREALIZED APPRECIATION / (DEPRECIATION) FOR THE YEAR TO DATE (465,120.58)

RESULT OF OPERATIONS FOR THE YEAR TO DATE (291,813.62)



Subscription of "B-shares" EUR 1,726,097.48

Redemption of "B-shares" EUR (2,076,042.80)


18,519,569.84



29

BRIGHT CAP – GLOBAL BALANCED – STATEMENT OF INVESTMENTS (in EUR)

Listed Equities

Nominal /

Quantity ISIN Name

Security

Currency

Cost Value

(CCY)

Price at

year end

(CCY)

Market value

(Compartmt=EUR)

Gain / loss

(Compartmt=EUR)

Market value as

a percentage (%)

of net assets

450.00 LU0497314004 ELEUSIS PAT FL EUR 490,189.50 1,212.81 545,764.50 55,575.00 2.95%

4,500.00 IE0033758917 MUZINICH ENHANC SH TERM EUR EUR 728,335.00 159.00 715,500.00 (12,835.00) 3.86%

5,000.00 LU0325598752 PARVEST ENHANCED CASH 6M - I - EUR 570,000.00 111.52 557,600.00 (12,400.00) 3.01%

Total of Equities: 1,818,864.50 30,340.00 9.82%

Bonds

Nominal / Quantity

ISIN Name Security Currency

Cost Value (CCY)

Price at year end

(CCY)

Market value (Compartmt=EUR)

Gain / loss (Compartmt=EUR)

Market value as a percentage (%)

of net assets

500,000 FR0013185444 0.75% CHRISTIAN DIOR 2016-24.6.21

EUR 506,199.00 100.97 504,860.00 (1,339.00) 2.73%

300,000 XS1403264374 1.00% MCDONALDS CORP 15.11.2023

EUR 305,380.00 100.77 302,310.00 (3,070.00) 1.63% 300,000 XS1186131717 1.134% FCE BANK PLC EUR 306,035.00 96.68 290,031.00 (16,004.00) 1.57% 300,000 FR0013313186 1.289% UBISOFT

ENTERTAINMENT 18-30.01.23

EUR 301,722.86 99.25 297,753.00 (3,969.86) 1.61%

300,000 DE000A2BPET2 1.375% THYSSENKRUPP AG 03.03.2022

EUR 304,420.00 97.90 293,691.00 (10,729.00) 1.59% 300,000 XS1077584024 1.875% RYANAIR EUR 317,146.00 103.06 309,183.00 (7,963.00) 1.67% 500,000 FR0013233426 2% BOLLORE EUR 498,974.29 98.62 493,115.00 (5,859.29) 2.66% 400,000 FR0011731876 2,625% ACCOR EUR 429,897.00 104.50 418,004.00 (11,893.00) 2.26%

600,000 FR0013245586 2.00% PEUGEOT 23.03.2024 EUR 615,152.00 100.22 601,314.00 (13,838.00) 3.25% 300,000 XS0942094805 2.5% ESSITY AB EUR 328,390.00 108.21 324,633.00 (3,757.00) 1.75% 500,000 XS1084568762 2.875% ARCELORMITTAL EUR 522,880.83 103.66 518,310.00 (4,570.83) 2.80%

300,000 XS1114452060 2.875% CNH INDUSTRIAL FINANCE

EUR 326,899.00 105.68 317,037.00 (9,862.00) 1.71% 600,000 XS1052677892 3.25% ANGLO AMERICAN

CAPITAL PLC EUR 665,279.00 105.58 633,486.00 (31,793.00) 3.42%

500,000 FR0013176294 3.25% NEXANS 26.05.2021 EUR 539,365.00 102.76 513,790.00 (25,575.00) 2.77%

700,000 FR0011302793 3.25% VALLOUREC 2012-2.8.19

EUR 691,082.68 96.80 677,572.00 (13,510.68) 3.66% 300,000 BE0002428036 3.75% UCB SA 27.03.2020 EUR 320,950.00 104.24 312,732.00 (8,218.00) 1.69%



30

500,000 FR0011965177 3.875% AIR FRANCE EUR 534,270.00 103.57 517,855.00 (16,415.00) 2.80% 500,000 DE000A1TM5X8 3.875% HOCHTIEF AG 2020 EUR 544,803.33 104.32 521,575.00 (23,228.33) 2.82%

500,000 BE0002183490 4,75% KINEPOLIS GROUP EUR 527,300.00 100.70 503,485.00 (23,815.00) 2.72% 500,000 XS1026109204 4.00% FRESENIUS 01.02.2024 EUR 585,987.00 112.35 561,740.00 (24,247.00) 3.03% 311,000 FR0013301066 4.25% AKUO ENERGY 2017-

08.12.23 EUR 311,100.00 100.97 314,004.26 2,904.26 1.70%

500,000 FR0011615699 4.5% ERAMET SA 2013-06.11.20

EUR 521,985.71 99.41 497,040.00 2,904.26 2.68% 300,000 XS0999654873 4.5% FINMECCANICA

19.01.2021 EUR 338,549.40 106.74 320,211.00 2,904.26 1.73%

700,000 XS1088515207 4.75% FIAT CHRYSLER FINANCE

EUR 787,350.00 109.06 763,420.00 2,904.26 4.12% 400,000 BE6228573091 5% BEKAERT EMTN 2011-

06.12.2019 EUR 438,800.00 104.32 417,280.00 2,904.26 2.25%

406,000 FR0013188067 5.5% AKUO ENERGY EUR 406,200.00 104.13 422,751.56 16,551.56 2.28% 300,000 XS0552915943 6.125% BOMBARDIER REG

2021 EUR 314,568.04 101.87 305,598.00 (8,970.04) 1.65%

600,000 FR0013069721 BH 6% 31122019 EUR 608,200.00 112.00 672,000.00 63,800.00 3.63%

600,000 IT0004423957 ITALIE BTPS 4.5% EUR 611,860.00 100.72 604,320.00 (7,540.00) 3.26% 1,000,000 US912828F627 1.5% US GOVERNMENT

BOND 2019 USD 987,460.11 99.08 865,345.25 18,321.65 4.67%

500,000 XS1796261367 0.371% PIRELLI & C EUR 500,100.00 97.56 487,820.00 (12,280.00) 2.63%

300,000 XS1560862580 BANK OF AMERICA EMTN 02.07.2022

EUR 303,202.00 100.08 300,234.00 (2,968.00) 1.62% 400,000 XS1604592391 BNP 3Y PHX ON AIR FRANCE

PDI50 10/05/20 EUR 400,800.00 90.39 361,560.00 (39,240.00) 1.95%

300,000 XS1600481821 BURGER KING 01.05.2023 EUR 305,442.86 100.04 300,105.00 (5,337.86) 1.62% 300,000 FR0013309606 RCI BANQUE ETMN-

12.01.2023 EUR 299,700.00 95.09 285,276.00 (14,424.00) 1.54%

Total of Bonds : 15,829,441.07 (237,222.38) 85.47%



31

BRIGHT CAP – GLOBAL BALANCED – STATISTICAL INFORMATION


31/12/2018 31/12/2017 31/12/2016

Total net assets EUR 18,519,569.84 16,185,234.83 8,660,355.39

Number of shares outstanding A-shares 6,075.3488 3,163.436 561.303

B-shares 12,269.0000 12,620.000 8,380.000

NAV per share

A-shares EUR 1,009.5606 1,025.4679 968.5831

B-shares EUR 1,009.5474 1,025.4543 968.5784



32

BRIGHT CAP – EUROPE INCOME – STATEMENT OF NET ASSETS (in EUR)

Notes EUR

ASSETS


Cash at bank 1,863,777.13




LIABILITIES

Administrative agent, domiciliation agent and transfer agent fees payable 4 (5,146.46)

Management fees payable (48,518.85)

Custodian fees payable (273.58)

Payable on redemptions (1,020,000.00)


Total liabilities (1,077,350.48) Net assets as of 31 December 2018 18,254,898.41



A1-shares EUR 100,000.000




A1-shares EUR 0.0129

B-shares EUR 936.5519



33

BRIGHT CAP – EUROPE INCOME – STATEMENT OF OPERATIONS AND CHANGES IN

NET ASSETS (in EUR)



Interest on bonds 983,962.63


Total income 1,389,748.77

EXPENSES Custodian bank fees 6 (31,151.78)

Management fees (276,941.24)





NET INVESTMENT INCOME / (LOSS) 914,941.05

Net realized gains / (losses) - on investments 1,048,342.97


NET REALIZED GAINS / (LOSSES) FOR THE YEAR TO DATE 1,049,200.48

Change in net unrealized appreciation / (depreciation) - on investments (4,543,857.13)


CHANGE IN NET UNREALIZED APPRECIATION / (DEPRECIATION) FOR THE YEAR TO DATE (4,552,677.97)

RESULT OF OPERATIONS FOR THE YEAR TO DATE (2,588,536.44)

Subscription of "A-shares" EUR " 3,700,749.93

Redemption of "A-shares" EUR " (13,832,550.67)

Subscription of "B-shares" EUR " 11,512,872.82

Redemption of "B-shares" EUR " (10,775,123.54)




34

BRIGHT CAP – EUROPE INCOME – STATEMENT OF INVESTMENTS (in EUR)

Listed Equities

Nominal /

Quantity ISIN Name

Security

Currency Cost Value (CCY)

Price at year end

(CCY)

Market value

(Compartmt=EUR)

Gain / loss

(Compartmt=EUR)

Market value as

a percentage (%)

of net assets

70,000.00 FR0000074783 ARTPRICE.COM EUR 1,056,340.60 14.36 1,005,200.00 (51,140.60) 5.51% 5,000.00 FR0000051732 ATOS EUR 600,380.16 71.48 357,400.00 (242,980.16) 1.96%

50,000.00 FR0000035164 BENETEAU EUR 807,960.52 11.48 574,000.00 (233,960.52) 3.14% 153,235.00 FR0010193052 CATANA GROUP EUR 525,250.21 2.30 352,440.50 (172,809.71) 1.93% 200,000.00 FR0004026714 CLARANOVA EUR 148,596.83 0.61 123,800.00 (24,796.83) 0.68%

2,000.00 FR0010485268 FOUNTAINE PAJOT EUR 234,685.95 95.00 190,000.00 (44,685.95) 1.04% 20,000.00 FR0004163111 GENFIT EUR 478,840.24 17.35 347,000.00 (131,840.24) 1.90% 14,500.00 FR0000121964 KLEPIERRE SA EUR 527,194.61 26.96 390,920.00 (136,274.61) 2.14%

125,000.00 FR0000120685 NATIXIS EUR 718,983.43 4.11 514,875.00 (204,108.43) 2.82%

6,000.00 NL0000379121 RANDSTAD HOLDING EUR 323,674.00 40.09 240,540.00 (83,134.00) 1.32% 3,000.00 DE0007236101 SIEMENS NOM EUR 346,677.18 97.61 292,830.00 (53,847.18) 1.60% 8,500.00 FR0000130809 SOCIETE GENERALE PARIS A EUR 373,216.37 27.82 236,470.00 (136,746.37) 1.30%

2,500.00 FR0013326246 UNIBAIL-RODAMCO SE EUR 547,777.56 135.40 338,500.00 (209,277.56) 1.85% 7,134.00 PLAMICA00010 AMICA PLN 1,286,411.28 114.80 190,399.22 (109,990.28) 1.04% 5,741.31 LU0931225857 QUADRUM PRIVATE EQUITY SICAV-SIF AA EUR 700,000.00 127.32 731,019.79 31,019.79 4.00%

Total of Equities : 5,885,394.22 (1,804,572.65) 32.23%



35

Debt Instruments

Nominal / Quantity

ISIN Name Security Currency

Cost Value (CCY) Price at year

end (CCY) Market value

(Compartmt=EUR) Gain / loss

(Compartmt=EUR)

Market value as a percentage (%) of

net assets

1,000,000.00 XS1577963058 4.5% NORICAN - 2023 EUR 960,125.00 86.39 863,880.00 (96,245.00) 4.73% 1,365,000.00 FR0013342425 5% CLARANOVA CONVERTIBLE EUR 1,501,593.75 1.10 1,501,500.00 (93.75) 8.23%

1,500,000.00 XS1703065620 5.25% CMA CGM - 2025 EUR 1,370,550.00 83.95 1,259,265.00 (111,285.00) 6.90% 1,100,000.00 DE000A0GNPZ3 5.375% ALLIANZ FIN II EUR 1,187,056.36 105.67 1,162,403.00 (24,653.36) 6.37% 1,300,000.00 XS1729059862 6.375% RAFFINERIE HEIDE - 2022 EUR 1,321,220.00 86.01 1,118,130.00 (203,090.00) 6.13%

1,300,000.00 XS1574789746 6.875% NYRSTAR - 2024 EUR 1,302,865.00 38.12 495,573.00 (807,292.00) 2.71% 900,000.00 DE000DB7XHP3 6% DEUTSCHE BANK AG EMTN

SUB.JR

EUR 927,000.00 81.85 736,641.00 (190,359.00) 4.04% 600,000.00 XS0954675129 6.5% ENEL EMTN EUR 649,451.37 106.00 635,982.00 (13,469.37) 3.48% 700,000.00 XS0972588643 7.625% TELEFONICA EUROPE BV EUR 834,863.18 114.11 798,756.00 (36,107.18) 4.38%

700,000.00 XS0863907522 7.75% ASSICURAZIONI GENERALI

EMTN

EUR 864,353.13 116.71 816,977.00 (47,376.13) 4.48% 1,000,000.00 DE000A107RQ3 MEDIAN TRUST FRN 2013-31.12.30 EUR 1,007,730.00 100.35 1,003,500.00 (4,230.00) 5.50%

Total of Bonds : 10,392,607.00 (1,534,200.79) 56.95%



36

BRIGHT CAP – EUROPE INCOME – STATISTICAL INFORMATION


31/12/2018 31/12/2017 31/12/2016



A-shares 7,901.019 15,500.726 4,690.493

A1-shares 100,000.000 100,000.000 1,000.000

B-shares 8,672.857 8,278.760 -

NAV per share

A-shares EUR 1,282.4910 1,394.7408 1,111.7178

A1-shares EUR 0.0129 0.0139 1.1117

B-shares EUR 936.5519 1,040.8077 -



37

BRIGHT CAP – EUROPEAN SECURITIES – STATEMENT OF NET ASSETS (in EUR)

Sub-fund fully redeemed over the financial year, no remaining assets.



38

BRIGHT CAP – EUROPEAN SECURITIES – STATEMENT OF OPERATIONS AND CHANGES

IN NET ASSETS (in EUR)


INCOME


Interest on bonds 219,481.38


EXPENSES


Investment management/advisory fees 5 (182,318.08)

















- on foreign currency transactions 61,405.60 CHANGE IN NET UNREALIZED APPRECIATION / (DEPRECIATION) FOR THE YEAR TO DATE 244,654.67



Net assets as of 31 December 2018 0.00



39

BRIGHT CAP – EUROPEAN SECURITIES – STATEMENT OF INVESTMENTS (in EUR)


31/12/2018 31/12/2017 31/12/2016

Total net assets EUR 0.00 22,299,197.61 22,222,981.73

Number of shares oustanding

A-shares 0.000 24,102.402 23,025.569 NAV per share

A-shares EUR 0.000 925.1442 965.1436

Bright Cap, (R.C.S. Luxembourg B 148991) Audited annual financial statements for the period ended 31 December 2018


40

BRIGHT CAP – IFM GLOBAL CAPITAL ACCUMULATION – STATEMENT OF NET ASSETS

(in EUR)

Notes EUR

ASSETS



Margin Accounts 82,294.23


Receivable on investments sold 711.28



LIABILITIES

Unrealised depreciation on forward foreign exchange contracts (27,778.13)


Administrative agent, domiciliation agent and transfer agent fees payable 4 (637.59)


Suscription tax payable ("taxe d'abonnement") 9 (70.66)

Other liabilities (841.63)

Total liabilities (39,184.06) Net assets as of 31 December 2018 1,310,972.94







A-shares PLN 87.3757

P-shares PLN 87.4931



41

BRIGHT CAP – IFM GLOBAL CAPITAL ACCUMULATION – STATEMENT OF OPERATIONS

AND CHANGES IN NET ASSETS (in EUR)


INCOME


Interest on bonds 151.28

Other income 269.51


EXPENSES

Management fees (11,596.37)





Subscription tax ("taxe d'abonnement") 9 (707.08)














- on foreign currency transactions 15,887.81 CHANGE IN NET UNREALIZED APPRECIATION / (DEPRECIATION) FOR THE YEAR TO DATE (35,608.49)



Redemption of “A-shares” PLN (114,983.41)





42

BRIGHT CAP – IFM GLOBAL CAPITAL ACCUMULATION – STATEMENT OF INVESTMENTS (in EUR)

Investment Funds

Nominal /

Quantity ISIN Name

Security

Currency Cost Value (CCY)

Price at year end

(CCY)

Market value

(Compartmt=EUR)

Gain / loss

(Compartmt=EUR)

Market value as a

percentage (%) of

net assets

294.00 FR0010754127 AMUNDI ETF PARTS C EUR 65,206.90 214.87 63,171.78 (2,035.12) 4.82%

416.00 LU0201576401 AMUNDI FD EURO INFL AEC/CAP EUR 62,770.40 142.26 59,180.16 (3,590.24) 4.51% 19,400.00 LU0441099214 AMUNDI FUNDS CLASS E EUR 126,917.80 6.61 128,214.60 1,296.80 9.78%

432.09 LU0266009793 AXA WORLD FD GLOB INFLATION AC

EUR

EUR 64,636.28 146.43 63,270.94 (1,365.34) 4.83% 460.00 LU0251658612 AXA WORLD FUND EURO INFLATION

BOND

EUR 62,512.80 132.57 60,982.20 (1,530.60) 4.65%

445.00 LU0190304583 PARVEST BOND EURO INFLATION

LINKED

EUR 62,809.40 137.44 61,160.80 (1,648.60) 4.67% 7,540.00 LU0396317926 ABERDEEN GL EM LOC BD -A- USD USD 67,207.81 9.04 59,417.89 399.99 4.53% 3,040.00 LU0278470058 BGF EM MKT LC BOND -A2- CAP USD 67,693.09 22.43 59,461.26 17.22 4.54%

1,210.00 LU0616856422 DWS INVEST CHINA BONDS A2/CAP USD 143,644.01 120.48 127,125.18 800.31 9.70% 9,280.00 LU0332400406 JP MORGAN EMERGING MKT LOC

CUR DEBT

USD 143,025.87 15.59 126,161.06 777.86 9.62% 543.00 LU0823386163 PARVEST BOND WRL EM LOC USD USD 66,598.79 125.24 59,302.66 368.29 4.52% 930.00 LU0255798109 PICTET EMERG LOC CY -P- CAP USD 144,952.16 157.02 127,341.27 (595.32) 9.71%

6,110.00 IE00B3DD5N41 PIMCO EM LOC BOND -E USD 66,651.77 11.08 59,035.36 54.10 4.50% 61,000.00 IT0005340929 ITALIE BTP 2.8% EUR 58,742.96 100.68 61,415.41 2,672.45 4.68%

Total of Equities: 1,115,240.57 (4,378.20) 85.06%



43

FOREX

Maturity

Date Currency

purchased Amount purchased Currency Sold Amount Sold Net unrealized

06-DEC-49 EUR 749,478.000 USD 891,061.890 (27,554.380)

06-DEC-49 EUR 7,978.000 PLN 35,163.350 (223.750) 06-DEC-49 PLN 197,766.310 EUR 43,707.000 2,421.400 06-DEC-49 PLN 64,547.880 EUR 15,027.000 28.600

06-DEC-49 PLN 459,318.650 EUR 101,519.000 5,615.710 06-DEC-49 PLN 2,616,818.220 EUR 591,968.000 18,397.080 06-DEC-49 PLN 21,759.050 EUR 5,000.000 75.230 06-DEC-49 PLN 273,103.830 EUR 64,827.000 (1,126.340)

06-DEC-49 PLN 215,643.870 EUR 47,658.000 2,640.290 06-DEC-49 PLN 1,711,164.750 EUR 378,173.000 20,951.100 06-DEC-49 PLN 204,145.560 EUR 44,497.000 3,119.350

Total Unrealized on FOREX: 24,344.290



44

BRIGHT CAP – IFM GLOBAL CAPITAL ACCUMULATION – STATISTICAL INFORMATION


31/12/2018 31/12/2017 31/12/2016



A-shares EUR 50.5407 50.541 50.541

A-shares PLN 6,084.2811 5,786.720 8,991.390

P-shares PLN 57,952.4529 64,539.715 69,910.235

NAV per share

A-shares EUR EUR 85.2630 95.8873 98.1393

A-shares PLN PLN 87.3757 97.3446 98.6703

P-shares PLN PLN 87.4931 97.2397 98.7388



45

BRIGHT CAP – IFM GLOBAL ACTIVE ALLOCATION – STATEMENT OF NET ASSETS (in

EUR)

Notes EUR

ASSETS



Margin Accounts 194,640.75





LIABILITIES


Administrative agent, domiciliation agent and transfer agent fees payable 4 (639.34)


Subscription tax payable ("taxe d'abonnement") 9 (944.65)

Other liabilities 10 (2,946.57)

Total liabilities (23,298.17) Net assets as of 31 December 2018 5,173,959.22


A-shares EUR 50.684

D-shares PLN 5,734.993






D-shares PLN 21.0236

A-shares PLN 19.0674

P-shares PLN 19.1532




46

BRIGHT CAP – IFM GLOBAL ACTIVE ALLOCATION – STATEMENT OF OPERATIONS AND

CHANGES IN NET ASSETS (in EUR)





EXPENSES Management fees 3 (108,698.32)











Net realized gains / (losses) - on investments 199,985.22



NET REALIZED GAINS / (LOSSES) FOR THE YEAR TO DATE 191,397.79

Change in net unrealized appreciation / (depreciation) - on investments 313,839.70


- on foreign currency transactions 58,353.94 CHANGE IN NET UNREALIZED APPRECIATION / (DEPRECIATION) FOR THE YEAR TO DATE 181,028.68


Subscription of "A-shares" USD 9,245.47

Subscription of "D-shares" PLN " 155,470.85

Redemption of "D-shares" PLN (24,892.12)


Redemption of “A-shares” PLN (116,756.11)


Dividends paid (11,450.07) Net assets as of 31 December 2018 5,173,959.220



47

BRIGHT CAP – IFM GLOBAL ACTIVE ALLOCATION – STATEMENT OF INVESTMENTS

Investment Funds

Nominal /

Quantity ISIN Name

Security

Currency

Cost Value

(CCY)

Price at year end

(CCY)

Market value

(Compartmt=EUR)

Gain / loss

(Compartmt=EUR)

Market value as a

percentage (%) of net

assets

344.00 US0231351067 AMAZON.COM INC USD 576,766.02 1,501.97 450,558.26 (55,923.32) 8.71% 3,300.00 US0378331005 APPLE INC T USD 580,876.81 157.74 453,928.06 (60,099.47) 8.77%

34,609.00 LU0441099214 AMUNDI FUNDS CLASS E EUR 230,274.87 6.61 228,730.88 (1,543.99) 4.42% 32,165.00 LU0396317926 ABERDEEN GL EM LOC BD -A- USD USD 288,488.83 9.04 253,471.70 137.99 4.90%

1,095.00 LU0347184235 AMUNDI FDS II PI.US.FUND.GWTH -

A-

USD 296,322.34 251.65 240,293.66 (19,918.97) 4.64%

8,430.00 IE0033609722 AXA ROSENBERG -US ENH IND EQU

-B

USD 299,125.75 32.18 236,561.94 (26,112.48) 4.57% 2,425.00 LU0616856422 DWS INVEST CHINA BONDS A2/CAP USD 292,155.97 120.48 254,775.67 (1,778.30) 4.92%

750.00 IE00B53SZB19 ISHARES NASDAQ 100 SHS USD AC USD 288,289.94 354.33 231,739.70 (21,419.36) 4.48% 10,600.00 IE0031442068 ISHARES S&P 500 SHS USD USD 289,744.57 24.55 226,928.28 (27,508.15) 4.39%

57,395.00 IE00BSKRJZ44 ISHARES USD TR BD 20+YR USD USD 258,995.90 4.51 225,676.09 8,863.28 4.36% 12.67 FR0010236893 NATIXIS ACTIONS US VALUE USD 297,631.35 20,987.58 231,883.71 (29,478.42) 4.48%

1,864.00 LU0255798109 PICTET EMERG LOC CY -P- CAP USD 292,594.33 157.02 255,230.24 (1,708.68) 4.93%

1,210.00 LU0130732877 PICTET USA INDEX-P USD CAP USD 300,144.93 225.35 237,779.38 (25,790.02) 4.60% 178.00 LU0487500448 UNI GLOB EQ EMERGING SA USD USD 237,887.76 1,340.30 208,043.08 (2,132.97) 4.02%

2,938.00 IE00BJZ2DD79 XR RUSS 2000 USD 620,929.74 187.02 479,149.56 (66,113.96) 9.26% 9,100.00 LU0411078552 XTR S&P 5002 CAP USD 608,357.89 55.82 442,957.92 (91,265.75) 8.56%

Total of Equities : 4,657,708.13 (421,792.57) 90.01%



48

FOREX

Maturity Date Currency purchased Amount purchased Currency Sold Amount Sold Net unrealized

06-DEC-49 EUR 44,528.000 PLN 190,904.890 (213.430)

06-DEC-49 EUR 4,650,667.000 USD 5,333,152.380 14,153.770 06-DEC-49 PLN 802,020.840 EUR 187,068.980 1,068.980 06-DEC-49 PLN 2,285,018.750 EUR 532,973.840 (12,551.160)

06-DEC-49 PLN 18,386.160 EUR 4,288.520 51.520 06-DEC-49 PLN 1,247,010.340 EUR 290,861.460 5,090.460 06-DEC-49 PLN 271,449.820 EUR 63,314.860 607.860

06-DEC-49 PLN 77,888.670 EUR 18,167.300 34.300 06-DEC-49 PLN 267,738.730 EUR 62,449.260 113.260 06-DEC-49 PLN 7,618,484.250 EUR 1,776,988.840 90,408.840 06-DEC-49 PLN 11,044,061.480 EUR 2,575,994.560 135,161.560

06-DEC-49 USD 27,392.450 EUR 23,887.030 (86.970) Total Unrealized on

FOREX: 233,838.990



49

BRIGHT CAP – IFM GLOBAL ACTIVE ALLOCATION – STATISTICAL INFORMATION


31/12/2018 31/12/2017 31/12/2016



A-shares EUR 50.684 50.684 50.684

A-shares PLN 14,797.594 2,407.277 3,878.497

P-shares PLN 248,443.645 262,332.452 339,885.062

D-shares PLN 5,734.993 249.407 0.000

A-shares USD 107.1503 - -

NAV per share

A-shares EUR EUR 79.7852 80.8441 92.88

A-shares PLN PLN 81.7475 81.7877 93.07

P-shares PLN PLN 82.1156 81.7983 92.85

D-shares PLN PLN 90.1346 100.5044 0.00

A-shares USD PLN 93.1112 - -


50

NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2018

Note 1 - Activity BRIGHT CAP (formerly Aria SICAV, the "Company") is an open-ended investment fund and has been incorporated on 28 October 2009 for an unlimited period of time and is organised as a société d’investissement à capital variable (a multiple compartment investment company with variable share capital). The Company is registered in the Grand Duchy of Luxembourg pursuant to part I of the Luxembourg Law of 17 December 2010 on collective investment undertakings, as amended (loi relative aux organismes de placement collectif) (“the Law of 2010”) The Board of Directors of the SICAV may authorise the creation of additional sub-funds/sub classes in the future. As of 31 December 2018, the following sub-funds are active:

- MOMENTUM COMFORT - GLOBAL BALANCED - SELECTION V ZEN (since 14/11/2017) - EUROPE INCOME - IFM GLOBAL CAPITAL ACCUMULATION - IFM GLOBAL ACTIVE ALLOCATION

Two compartments were as of 31st of December awaiting for a reactivation:

- EUROPEAN SECURITIES - SELECTION V

Note 2 – Principal accounting policies 2.1 Presentation of the financial statements The financial statement is prepared in accordance with Luxembourg legal and regulatory requirements relating to investment funds. 2.2 Dividend and interest income Dividends are shown net of withholding tax deducted at source, and are recorded as income on the ex-dividend date. Interest income is accrued on a daily basis. 2.3 Foreign currency translation The accounts are maintained in EUR and the financial statement is expressed in that currency if not specified otherwise. The acquisition cost of securities expressed in a currency other than the reference currency of the respective sub-fund is translated at the exchange rates prevailing on the date of purchase. Income and expenses expressed in currencies other than the reference currency of the respective sub-fund are converted at exchange rates ruling at the transaction date. Assets and liabilities expressed in currencies other than the reference currency of the respective sub-fund are converted at exchange rates prevailing at year-end. The realized or unrealized gains and losses on foreign exchange are recognised in the statement of operations and changes in net assets. The exchange rate applied at year-end are as follows: EUR = 1.6220 AUD EUR = 1.5605 CAD EUR = 1.1269 CHF EUR = 7.4673 DKK

EUR = 0.89453 GBP EUR = 8.9675 HKD EUR = 9.9483 NOK EUR = 4.3014 PLN

EUR = 10.2548 SEK EUR = 1.1450 USD


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NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2018 (CONTINUED) 2.4 Valuation of investments in securities a) Standard valuation policy Securities listed on a recognised stock exchange or dealt in on any other regulated market that operates regularly, is recognised and is open to the public, are valued at their last available closing prices, or, in the event that there should be several such markets, on the basis of their last available closing prices on the main market for the relevant security. Certain investments of the Fund may, depending upon market conditions, trade in relatively thin markets that experience significant volatility. As a result of these conditions, the prices used to value securities may differ from the value that would be realized if these securities were sold, and the differences could be material. In the event that the last available closing price does not, in the opinion of the Board of Directors, truly reflect the fair market value of the relevant securities, the value of such securities is defined by the Board of Directors based on the reasonable foreseeable sale proceeds determined prudently and in good faith. Securities not listed or traded on a stock exchange or not dealt on another regulated market are valued on the basis of the probable sale proceeds determined prudently and in good faith by the Board of Directors of the Fund. Short term investments of sufficient credit quality are valued at amortized cost, which approximates market value. In the event of material changes in market conditions, the valuation basis of the investment is adjusted to market yields. Investments in open-ended UCIs are valued on the basis of the last available NAV of the units or shares of such UCIs. b) Additional information – year-end valuation The financial statements are presented on the basis of the latest NAV calculated during the financial year (i.e. 31 December 2018). In accordance with the Prospectus the NAV was calculated using the latest market value and exchange rates known at the time of the calculation. 2.5 Swing pricing / dilution levy No swing pricing or dilution levy are applicable to this sub-fund. 2.6 Realized gains and losses on sales of investments in securities Investments in securities are accounted for on a trade date basis. Realized gains and losses on sales of investments in securities are usually determined on the average cost basis and include transaction costs. 2.7 Short positions on investments The valuation of short positions on investments is determined following the same rules as those applicable to investments in securities (long positions) detailed in note 2.5 above and is presented on the liability side of the statement of net assets, under “Investments at market value”. The change in unrealized appreciation / (depreciation) resulting from these short positions is presented in the statement of operations and changes in net assets under the item “Change in net unrealized appreciation / (depreciation) on investments”. Any realized gain (loss) is presented in the statement of operations and changes in net assets under “Net realized gains / (losses) on investments.”


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NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2018 (CONTINUED)

2.8 Mortgage related securities – To Be Announced securities (TBAs) The fund entered into no mortgage related securities or TBA securities during the financial year. 2.9 Options Outstanding options traded on a regulated market are valued based on the closing price or the last available market price of the instruments. OTC options are market to market based upon daily prices obtained from third party pricing agents and verified against the value from the counterparty. The market value of options is included in the statement of net assets under the heading “Options bought/(written) at market value”. The realized gains / (losses) and change in unrealized appreciation / depreciation on options are disclosed in the statement of operations and changes in net assets respectively under the headings “Net realized gains/ (losses) on options” and “Change in net unrealized appreciation/depreciation on options”. 2.10 Futures contracts Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount which is referred to as the initial margin account. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. The unrealized appreciation/(depreciation) on future contracts is disclosed in the statement of net assets under “Unrealized appreciation/(depreciation) on futures contracts”. Changes in the market value of open futures contracts are recorded as unrealized appreciation/(depreciation) in the statement of operations and changes in net assets under “Change in net unrealized appreciation/(depreciation) on futures contracts”. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported at the closing or expiration of futures contracts in the statement of operations and changes in net assets under “Net realized gains/ (losses) on futures contracts”. Securities deposited as initial margin account are designated in the statement of investments and cash deposited is recorded in the statement of net assets. A receivable and/ or a payable to brokers for the daily variation margin is also recorded in the statement of net assets. 2.11 Forward foreign exchange contracts Forward foreign exchanges contracts are remaining open at closing date are valued by reference to the forward foreign exchange rate corresponding to the remaining life of the contract. Realized gains / (losses) and change in unrealized appreciation / depreciation resulting therefrom are included in the statement of operations and changes in net assets respectively under the headings “Net realized gains/ (losses) on forward foreign exchange contracts” and “Change in net unrealized appreciation/depreciation on forward foreign exchange contracts”.


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2.12 Securities lending, repurchase and reverse repurchase agreements a) Securities lending The fund may lend securities included in its portfolio to a borrower. To guarantee this transaction, the fund receives collateral. Securities lending attracts remuneration for the fund according to the contracts. This remuneration is accounted for in the statement of operations and changes in net asset under “Other income”. Securities on loan are delivered to a third-party broker, the assets of which continue to be valued as part of the portfolio of the fund. b) Repurchase and reverse repurchase agreements A repurchase agreement is an agreement under which, on payment of the purchase price, the fund receives (purchases) securities from a seller who agrees to repurchase them at or within a specified time at a specified price. 2.13 Credit Default Swaps (CDS) A CDS is a credit derivatives transaction in which two parties enter into an agreement, whereby one party (the protection buyer) pays the other (the protection seller) a fixed periodic coupon for the specified life of the agreement in return for a payment contingent on a credit event. If such an event occurs, the protection seller will then make a payment to the protection buyer and the swap will terminate. CDS are marked to market based upon daily prices obtained from third party pricing agents and verified against the value from the counterparty. Realized gains / (losses) and change in unrealized appreciation / depreciation resulting there from are included in the statement of operations and changes in net assets respectively under the heading “Net realized gains / (losses) on swap contracts” and “Change in net unrealized appreciation / depreciation on swap contracts”. 2.14 Other swap contracts The fund completed no other swap contracts during the financial year. 2.15 Formation expenses Formation expenses are amortized on a straight-line basis over a period of five years.

Note 3 – Management fees

The Investment Manager is entitled to a fee payable at the end of each quarter and calculated on the average NAV of the sub-fund during the month.

The detail of the management fees applied for each sub fund is available in the prospectus of the fund.

Note 4 – Administrative and domiciliary agent fees The administrative and domiciliary agent is entitled to receive fees and commissions for its services rendered to the fund. The specific details for each sub fund are available in their dedicated annex of the prospectus.

The exact value of the fees paid during the financial years is also detailed in the respective statement of operations of each sub fund previously in this document.


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Note 5 – Investment management/advisory fees The investment manager is entitled to a maximum fee of 1.75% payable at the end of each quarter and calculated on the average NAV of the sub-fund during the month.

The detail of the management fees due by each sub fund is available in the prospectus of the fund.

Note 6 – Custodian fees The custodian receives a fee at the end of each quarter which is chargeable against the NAV of the sub-fund. The fee is determined with a percentage specific to each sub fund directly linked to its complexity. A minimum fee is also defined case by case.

The details are defined in the prospectus.

Note 7 – Transfer agent fee The Fund pays a fee to the transfer agent. This is currently incorporated into the administrative and domiciliary fees charged to the fund.

Note 8 – Distribution fee No active share classes are currently subject to distribution fees.

Note 9 – Taxation Under legislation and regulations prevailing in Luxembourg, the fund is subject to the “taxe d’abonnement” (subscription tax) at the rate of 0.05% per annum. The “taxe d’abonnement” is calculated on the basis of the NAV of the sub-fund on the last day of the quarter and payable quarterly to Luxembourg authorities. The portion of the assets of each sub-fund invested in other Luxembourg UCI already subject to the “taxe d’abonnement” is not subject to the aforesaid tax.

Note 10 – Other expenses Other expenses are composed of the following:

Momentum Comfort (in GBP)

Selection V (in EUR) Selection V Zen (in EUR)

Global Balanced (in EUR)

Registration fee (355.20)

Reporting preparation fee (1,079.63) (3,101.81) (1,213.06)

Marketing Fees (18,961.56)

Other fees (877.00) (2,074.00)

Ad hoc reporting (3,845.00) (394.29)

Miscellaneous expense (14,148.32) (1,678.79) Other expenses (584.29) (2,787.28)

European Securities (in EUR)

IFM Global Capital Accumulation (in EUR)

IFM Global Active Allocation (in EUR)

Europe Income (in EUR)

Registration fee (3,160.00) Reporting preparation fee (1,794.29) (249.30) (2,687.97)

Marketing Fees (54,844.90)

Maintenance fee (5,000.00) Liquidation + Administration fees

(8,565.63)

Other expenses (3,778.56) (1,008.55) (81,724.21)


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Note 11 – Performance fees Only one sub-fund has been charged with performance fees. Here are the details, per class:

Momentum Comfort A (GBP) (1,109.93)

Note 12 – Dividends The Board of Directors decided not to distribute dividends for the financial year to date.

Note 13 – External Asset Manager or Investment Advisor The Asset Manager of Global Balanced is Victory Asset Management S.A. domiciled at 28 Avenue Marie-Thérèse, 2132 Luxembourg, a Management Company regulated in Luxembourg.

Note 14 – Events subsequent to the financial statements The Board of the Bright Cap Fund take notes regarding the resignations of Mr. Maciej Waloszyk of 11th January 2019, Mr. Gerry Salucci of 26th March 2019 as directors of the Fund. Mr. Christian Denizon tendered also on 16th March 2019 his resignation, considering that he continues to act as Chairman of Finexis SA, which is the management company of the fund.

The Board of the Bright Cap Fund take notes regarding the appointment Mr. Franck Bergeot as Chairman of the Board of Directors.

FINEX HONG KONG LTD will be acting as asset manager for Bright Cap Selection V, subject to the formal prior and approval from the CSSF.

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