diaman sicav - bper banca · 2020. 9. 17. · diaman sicav organization 4 organization registered...

DIAMAN SICAV

DIAMAN SICAV

Investment Company with Variable Capital ("SICAV") with multiple sub-funds governed by Luxembourg law

Organisme de Placement Collectif en Valeurs Mobilières ("OPCVM")

Annual report including audited financial statements as at 31 December 2019

Luxembourg Trade and Companies Register (R.C.S.) no. B 119.895

Subscriptions may only be accepted on the basis of the latest prospectus which is only valid if accompanied by the last available annual report including audited financial statements and, if applicable, the last available half-yearly report if the latter was published after the last annual report.

DIAMAN SICAV

Table of contents

Table of contents

Organization .......................................................................................................................................................... 4

General information of the SICAV ......................................................................................................................... 5

Manager's Report .................................................................................................................................................. 6

Report of the Réviseur d'Entreprises agréé ......................................................................................................... 12

Combined Statement of Net Assets as at 31 December 2019 ............................................................................. 15

Combined Statement of Operations and Changes in Net assets from 1 January 2019 to 31 December 2019 .... 16

Statement of Net Assets as at 31 December 2019 .............................................................................................. 17

Statement of Operations and Changes in Net Assets from 1 January 2019 to 31 December 2019 ..................... 19

Schedule of Investments as at 31 December 2019 ............................................................................................. 22

Geographic Allocation as at 31 December 2019 ................................................................................................. 24

Economic Allocation as at 31 December 2019 .................................................................................................... 25

Currency Allocation as at 31 December 2019 ..................................................................................................... 26

Changes in the number of shares ........................................................................................................................ 27

Changes in Capital, Total Net Assets and Net Asset Value per Share .................................................................. 28

Notes to the financial statements as at 31 December 2019 ............................................................................... 29

Other information (unaudited) as at 31 December 2019 .................................................................................... 36

DIAMAN SICAV

Organization

4

Organization

Registered Office:

12, rue Eugène Ruppert, L-2453 Luxembourg

Date of Constitution:

4 October 2006

Board of Directors of the SICAV:

Chairman:

- Daniele BERNARDI, Managing Director DIAMAN SCF S.r.l.

Directors:

- Massimo SCOLARI, Independent Consultant - Antonio TRICARICO, Attaché de Direction

Degroof Petercam Asset Services S.A.

Domiciliary and Corporate agent, Administrative Agent, Paying Agent, Registrar and

Transfer Agent:

Degroof Petercam Asset Services S.A. 12, rue Eugène Ruppert, L-2453 Luxembourg

Depositary:

Banque Degroof Petercam Luxembourg S.A. 12, rue Eugène Ruppert, L-2453 Luxembourg

Cabinet de Révision agréé:

Deloitte Audit, Société à responsabilité limitée 20, boulevard de Kockelscheuer, L-1821 Luxembourg

Management Company:

Degroof Petercam Asset Services S.A. 12, rue Eugène Ruppert, L-2453 Luxembourg

Representative and Paying Agent for Switzerland:

Landolt & Cie S.A. Chemin de Roseneck 6, CH-1006 Lausanne

Representative and Paying Agent for Italy:

Allfunds Bank S.A. 6, Via Bocchetto, I-20123 Milano

DIAMAN SICAV

General information of the SICAV

5

General information of the fund

DIAMAN SICAV (the «SICAV») was established as an Investment Company with Variable Capital («SICAV») on 4 October 2006 for an unlimited number of years, in accordance with part I of the Law of 17 December 2010 relating to Undertakings for Collective Investment in Transferable Securities (UCITS) of the Grand-Duchy of Luxembourg as amended. Its Articles of Incorporation are registered with the «Greffe du Tribunal d’Arrondissement» of Luxembourg where they are available for inspection. Copies may be obtained there. Semi-annual report and annual report including audited financial statement, the net asset value, the subscription price and the redemption price along with any other notices to the shareholders are available at the registered offices of the SICAV, and the Management Company and from all distributors. The following Sub-Funds are in operation as at 31 December 2019: - DIAMAN SICAV Dynamic Income, denominated in EUR ; - DIAMAN SICAV Mathematics, denominated in EUR. The DIAMAN SICAV Target Strategy Sub-Fund was in operation until 13 December 2019. DIAMAN SICAV Dynamic Income and DIAMAN SICAV Mathematics, offer four classes of shares which differ in the status of the investors, the fees level and the minimum amounts of investment: - Class I EUR Institutional Shares, intended for institutional investors ; - Class P EUR Private Shares, intended for all types of investors subscribing through regulated European Stock Exchange ; - Class R EUR Retail Shares, intended for direct distribution to retail investors ; - Class R CHF Retail Shares, intended for direct distribution to retail investors. The difference between these classes of Shares relates to the status of the investors, the fees level, the minimum investment and the currency. Class R CHF will be managed in such a way as to hedge against the foreign exchange rate risk of currencies linked to the EUR. In this respect the hedging technique performed by the Management Company is based on a periodic roll-over of forward agreements EUR-CHF. DIAMAN SICAV Target Strategy offered seven classes of Shares: - Class I EUR Shares Cap., Institutional Shares, intended for institutional investors ; - Class I EUR Shares Dis., Institutional Shares, intended for institutional investors ; - Class P EUR Shares Cap. Private Shares intended for all types of investors subscribing through regulated European Stock Exchange ; - Class R EUR Shares Cap., Retail Shares, intended for direct distribution to retail investors ; - Class R EUR Shares Dis., Retail Shares, intended for direct distribution to retail investors ; - Class R CHF Shares Cap., Retail Shares, intended for direct distribution to retail investors ; - Class R CHF Shares Dis., Retail Shares, intended for direct distribution to retail investors. The difference between these classes of Shares related to the status of the investors, the fees level, the minimum investment, the currency and the distribution policy. Classes R CHF Cap. and R CHF Dis. would have been managed in such way as to hedge against the foreign exchange rate risk of currencies linked to the EUR. In this respect the hedging technique performed by the Management Company would have been based on a periodic roll-over of forward agreements EUR-CHF.

DIAMAN SICAV

General information of the SICAV

6

The Net Asset Value Calculation for each Sub-Fund is made on a daily basis. As the size of the remaining assets of the SICAV may not anymore guarantee an efficient management of the SICAV, a meeting has been convened on 23 March 2020 by the Board of Directors. Its results are :

- Decision of liquidation taken by the Board of Directors; - Nomination of a liquidator; - Request of approval from Commission de Surveillance du Secteur Financier in Luxembourg (« CSSF »); - Organisation of an Extraordinary General Meeting to inform the Shareholders.

On 3 August 2020, the EGM has been convened to be held on 13 August 2020. The following items are on the agenda:

- Winding-up and opening of the liquidation of the SICAV; - Appointment of PricewaterhouseCoopers, Société Coopérative as liquidator of the SICAV; - Determination of the powers and the remuneration of the liquidator; - Appointment of Deloitte Audit SA as auditor to the liquidation of the SICAV; and - Miscellaneous.

The Board of Directors of the SICAV has also decided, in order to ensure equal treatment of shareholders, to suspend the calculation of the net asset value, the issue, redemption and conversion of the SICAV's shares as soon as a general meeting of shareholders is convened to deliberate on the dissolution of the SICAV. Consequently, please note that the calculation of the net asset value of the shares, the issue, redemption and conversion of shares of the SICAV will be suspended as from Monday 3 August 2020.

DIAMAN SICAV

Manager’s Report

7

DIAMAN SICAV DYNAMIC INCOME

The sub-fund in the year 2019 lost -5.27% while the Indices of bond obtained a positive performance, for example Fideuram Bonds Govt Short Term +7.14%. The low assets of the subfunds have created difficulties to generate an efficient portfolio. The sub-fund asset class allocation was composed by 50% Euro Government bonds,20% Euro Equity, 10% volatility strategy. The 3 months rolling volatility of the sub-fund was slightly higher than Fideuram Bond Mixed for all the year. The Maximum Drawdown was higher than the Index. The correlation of the sub-fund with Fideuram Bonds Mixed during the year 2019 was 52.37%.

Graphic 1 – 2019, Historical data

Track Record 2019 of the sub-fund Dynamic Income compared to Fideuram Bonds Mixed

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DIAMAN SICAV

Manager’s Report

8

Graphic 2 – 2019, Annual Volatility

The volatility is calculated with daily Standard Deviation formula and annualized using the common approximation (*radq(260)).

Graphic 3 – 2019, Maximum Drawdown

The Max Drawdown is an indicator of the risk of a portfolio. It measures the largest single drop from peak to bottom in the value of a portfolio (before a new peak is achieved). A drawdown is usually quoted as the percentage. The series with low max drawdown is better.

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DIAMAN SICAV

Manager’s Report

9

DIAMAN SICAV MATHEMATICS

A positive trend phase has characterized European equity market in 2019 as a matter of fact the sub fund gained +13.50%. The most important events happened in the course of the year was:

Commercial war between USA and China

Global Pil increased more than 3%

Fed rate decreased 3 times

Brexit - Boris Johnson won the election in UK

Commercial war between Usa and China

Political problem in Italy between Movimento 5 Stelle - Lega The Equity on the group Momentum/Growth gained more than the equity Value/Risk. The best sector was Utilities that gained +4.66%. Drawdown and volatility were better respect of the index. The correlation of the sub-fund with EuroStoxx50 during the year 2019 was 76%.

Graphic 4 – 2019, Track Record

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DIAMAN SICAV

Manager’s Report

10

Graphic 5 – 2019, Monthly Return

Graphic 6 – 2019, Monthly Maximum Drawdown

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DIAMAN SICAV

Manager’s Report

11

DIAMAN SICAV TARGET STRATEGY

The sub-fund was liquidated in November 2019 with a loss of -11.91%. The optimization model has to benefits in terms of risk by making the right mix of assets. The volatility of the sub-fund was 4.74% annualized, the maximun drawdown was -12.11%.

Graphic 7 –2019, Diaman Sicav Target Strategy, Eurostoxx50, Fideuram Corporate Bond, Thomson Reuters Core Commodities historical series.

Graphic 8 –2019, Diaman Sicav Target Strategy, Eurostoxx50, Fideuram Corporate Bond, Thomson Reuters Core Commodities historical maximum drawdown series.

The low asset under management of the DIAMAN SICAV, with an extremely high cost derived by the providers, create a situation that was no more sustainable for the DIAMAN SICAV. The Board of Directors tried to find a solution actively since May 2018, but due to the worldwide pandemic, the situations of the costs related to the assets and also the failed acquisition deal with a Maltese Management Company, the Board decided to liquidate the SICAV. On 3 August 2020, the EGM of shareholders has been convened to be held on 13 August 2020, for decision of liquidation. Luxembourg, August 2020

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Deloitte Audit Société à responsabilité limitée 20 Boulevard de Kockelscheuer L-1821 Luxembourg

Tel: +352 451 451 www.deloitte.lu

Société à responsabilité limitée au capital de 360.000 € RCS Luxembourg B 67.895 Autorisation d’établissement 10022179 © Deloitte Audit, SARL

To the Shareholders of

DIAMAN SICAV

12, rue Eugène Ruppert

L-2453 Luxembourg

REPORT OF THE REVISEUR D’ENTREPRISES AGREE

Qualified Opinion

We have audited the financial statements of DIAMAN SICAV (the “SICAV”) and of each of its sub-funds, which

comprise the statement of net assets and the schedule of investments and other net assets as at 31 December 2019

and the statement of operations and changes in net assets for the year then ended, and notes to the financial

statements, including a summary of significant accounting policies.

In our opinion, except for the balances relating to the liquidation expenses as described in the Basis for Qualified

Opinion section of our report, the accompanying financial statements give a true and fair view of the financial position of

the SICAV and of each of its sub-funds as at 31 December 2019, and of the results of their operations and changes in

their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to

the preparation and presentation of the financial statements.

Basis for Qualified Opinion

In the context of the foreseen liquidation of the SICAV in the coming months as described in the Note 15 to the financial

statements, the expenses to be incurred in connection with the liquidation of the SICAV have been provided for in the

financial statements as at 31 December 2019. These liquidation expenses amount to EUR 129,616 (6.42% of the net

asset value as at 31 December 2019) in the sub-fund DIAMAN SICAV Mathematics and EUR 29,386 (7.11% of the net

asset value as at 31 December 2019) in the sub-fund DIAMAN SICAV Dynamic Income. We have not been able to

obtain sufficient appropriate audit evidence with respect to part of these balances, ie 2.35% the net asset value as at 31

December 2019 of DIAMAN SICAV Mathematics and 5.00% the net asset value as at 31 December 2019 of DIAMAN

SICAV Dynamic Income.

Emphasis of Matter

We draw your attention to the Note 15 to these financial statements, which indicates the decision of the Board of

Directors of the SICAV dated 23 March 2020 to propose the liquidation of the SICAV to the Shareholders. The related

General Assembly of Shareholders is scheduled on 11 September 2020.

The financial statements as at 31 December 2019 have therefore been prepared using a basis of accounting other

than that of a going-concern. Our opinion is not modified with respect to this matter.

Deloitte.

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 the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF

are further described in the “Responsibilities of the Réviseur d’Entreprises Agréé for the Audit of the Financial Statements”

section of our report. We are also independent of the SICAV 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 qualified

opinion.

Other information

The Board of Directors of the SICAV is responsible for the other information. The other information comprises the

information stated in the annual report but does not include the financial statements and our report of the Réviseur

d'Entreprises Agréé thereon.

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.

Responsibilities of the Board of Directors of the SICAV for the Financial Statements

The Board of Directors of the SICAV is responsible for the preparation and fair presentation of the 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 SICAV 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 SICAV is responsible for assessing the SICAV’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 SICAV either intends to liquidate the SICAV or to cease

operations, or has no realistic alternative but to do so.

Responsibilities 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 the 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 dated 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a

Deloitte.

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 dated 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

SICAV’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 SICAV.

Conclude on the appropriateness of the Board of Directors of the SICAV 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 SICAV’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 the 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 the Réviseur d’Entreprises

Agréé.

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.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements

regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought

to bear on our independence, and where applicable, related safeguards.

For Deloitte Audit, Cabinet de Révision Agréé

Elisabeth Layer, Réviseur d’Entreprises Agréé

Partner

August 26, 2020

Deloitte.

DIAMAN SICAV

Combined Statement of Net Assets as at 31 December 2019

The accompanying notes form an integral part of these Financial Statements.

15

Combined Statement of Net Assets as at 31 December 2019 The accompanying notes form an integral part of these Financial St atements.

NOTES COMBINED (IN EUR)

Assets

Investments in Securities 1 a 2,345,265.99

Cash at Banks 316,448.22

Interest Receivable on Bonds 3,026.04

Total Assets 2,664,740.25

Liabilities

Taxes and Expenses Payable 2 73,358.75

Liquidation Fees 159,001.49

Interest Payable on Deposit 39.11

Amounts Payable on Redemptions 61.25

Total Liabilities 232,460.60

Total Net Assets at the End of the Year 2,432,279.65

DIAMAN SICAV

Combined Statement of Operations and Changes in Net assets

from 1 January 2019 to 31 December 2019


16

Combined Statement of Operations and Changes in Net ass ets from 1 January 2019 to 31 December 2019

Combined Statement of Operations and Changes in Net assets from 1 January 2019 to 31 December 2019 The accompanying notes form an integral part of these Financial St atements.

NOTES COMBINED (IN EUR)

Income Dividends, Net of Taxes 1 g 58,277.43 Interest on Bonds, Net of Taxes 1 g 16,763.69 Interest on Cash Accounts 1,931.98 Tax Claim 1,077.46 Total Income 78,050.56 Expenses Investment Advisory Fees 6 27,202.20 Management Company Fees 5 15,983.01 Marketing Fees 8 32,666.07 Depositary Fees 24,407.36 Subscription Tax 4 1,164.36 Administration Fees 148,772.78 Miscellaneous Fees 9 122,723.87 Transactions Fees 10 34,371.05 Variable Fees 7 25,312.13 Liquidation Fees 159,001.49 Overdraft Interest 1,967.58 Taxes Paid to Foreign Authorities 12,835.40 Total Expenses 606,407.30 Net Profit / (Loss) -528,356.74 Net Realised Profit / (Loss) - on Investments 1 b 157,619.58 - on Currencies 1 b 6,729.03 - on Forward Foreign Exchange Contracts -20,688.72 - on Futures 1 h 45,412.97 Total Net Realised Profit / (Loss) -339,283.88 Change in Net Unrealised Appreciation / (Depreciation) - on Investments 1 e 407,844.35 - on Forward Foreign Exchange Contracts 111.83 - on Futures 1 h -35,765.27 Result of Operations 32,907.03

- Subscriptions 631,476.15

- Redemptions -3,662,228.61

Net Changes in Net Assets -2,997,845.43 Total Net Assets at the Beginning of the Year 5,430,125.08 Total Net Assets at the End of the Year 2,432,279.65

DIAMAN SICAV

Statement of Net Assets as at 31 December 2019


17

Statement of Net Assets as at 31 December 2019 The accompanying notes form an integral part of these Financial St atements.

DIAMAN SICAV Dynamic Income

NOTES

VALUE (IN EUR)

Assets

Investments in Securities 1 a 340,044.70 Cash at Banks 134,480.73 Interest Receivable on Bonds 3,026.04 Total Assets 477,551.47

Liabilities

Taxes and Expenses Payable 2 34,514.58 Liquidation Fee 29,385.73 Interest Payable on Deposit 39.11 Amounts Payable on Redemptions 20.88 Total Liabilities 63,960.30

Total Net Assets at the End of the Year 413,591.17

Number of Shares Outstanding

- I EUR 203.190

- R EUR 4,427.813

Net Asset Value per Share

- I EUR 98.59 - R EUR 88.88

DIAMAN SICAV

Statement of Net Assets as at 31 December 2019


18

DIAMAN SICAV Mathematics

NOTES

VALUE (IN EUR)

Assets

Investments in Securities 1 a 2,005,221.29 Cash at Banks 181,967.49 Interest Receivable on Bonds 0.00 Total Assets 2,187,188.78

Liabilities

Taxes and Expenses Payable 2 38,844.17 Liquidation Fees 129,615.76 Interest Payable on Deposit 0.00 Amounts Payable on Redemptions 40.37

Total Liabilities 168,500.30

Total Net Assets at the End of the Year 2,018,688.48

Number of Shares Outstanding

- I EUR 1,407.488

- P EUR 1.000

- R EUR 947.255

Net Asset Value per Share

- I EUR 835.43 - P EUR 809.91 - R EUR 888.91

DIAMAN SICAV

Statement of Operations and Changes in Net Assets



19

Statement of Operations and Changes in Net Assets from 1 January 2019 to 31 December 2019 Statement of Operations and Changes in Net Assets from 1 January 2019 to 31 December 2019 The accompanying notes form an integral part of these Financial St atements.


NOTES

VALUE (IN EUR)

Income Dividends, Net of Taxes 1 g 2,227.31 Interest on Bonds, Net of Taxes 1 g 16,675.83 Interest on Cash Accounts 202.25 Tax Claim 0.00 Total Income 19,105.39

Expenses Investment Advisory Fees 6 7,956.08 Management Company Fees 5 1,476.16 Marketing Fees 8 4,615.43 Depositary Fees 11,155.06 Subscription Tax 4 296.81 Administration Fees 44,137.52 Miscellaneous Fees 9 31,451.98 Transactions Fees 10 2,578.73 Variable Fees 7 726.05 Liquidation Fees 29,385.73 Overdraft Interest 706.25 Taxes Paid to Foreign Authorities 4,000.00 Total Expenses 138,485.80

Net Profit / (Loss) -119,380.41

Net Realised Profit / (Loss)

- on Investments 1 b 43,773.96 - on Currencies 1 b 208.60 - on Forward Foreign Exchange Contracts 0.00 - on Futures 1 h 6,380.00

Total Net Realised Profit / (Loss) -69,017.85 Change in Net Unrealised Appreciation / (Depreciation)

- on Investments 1 e 4,173.65 - on Forward Foreign Exchange Contracts 0.00 - on Futures 1 h 0.00

Result of Operations -64,844.20

- Subscriptions 0.00

- Redemptions -669,856.36

Net Changes in Net Assets -734,700.56 Total Net Assets at the Beginning of the Year 1,148,291.73 Total Net Assets at the End of the Year 413,591.17

DIAMAN SICAV




20


NOTES

VALUE (IN EUR)

Income Dividends, Net of Taxes 1 g 47,377.31 Interest on Bonds, Net of Taxes 1 g 0.00 Interest on Cash Accounts 1,545.93 Tax Claim 1,077.46 Total Income 50,000.70

Expenses Investment Advisory Fees 6 16,056.12 Management Company Fees 5 5,000.00 Marketing Fees 8 23,796.77 Depositary Fees 2,950.40 Subscription Tax 4 748.31 Administration Fees 60,165.51 Miscellaneous Fees 9 56,967.74 Transactions Fees 10 27,444.16 Variable Fees 7 24,192.03 Liquidation Fees 129,615.76 Overdraft Interest 1,043.63 Taxes Paid to Foreign Authorities 4,861.28 Total Expenses 352,841.71



- on Investments 1 b 81,019.92 - on Currencies 1 b 5,265.52 - on Forward Foreign Exchange Contracts 0.00 - on Futures 1 h 46,395.76


- on Investments 1 e 410,297.94 - on Forward Foreign Exchange Contracts 0.00 - on Futures 1 h -29,784.47

Result of Operations 210,353.66



Net Changes in Net Assets -1,196,835.99 Total Net Assets at the Beginning of the Year 3,215,524.47 Total Net Assets at the End of the Year 2,018,688.48

DIAMAN SICAV


From 1 January 2019 to 13 December 2019 (date of liquidation)


21

DIAMAN SICAV Target Strategy

NOTES

VALUE (IN EUR)

Income Dividends, Net of Taxes 1 g 8,672.81 Interest on Bonds, Net of Taxes 1 g 87.86 Interest on Cash Accounts 183.80 Tax Claim 0.00 Total Income 8,944.47

Expenses Investment Advisory Fees 6 3,190.00 Management Company Fees 5 9,506.85 Marketing Fees 8 4,253.87 Depositary Fees 10,301.90 Subscription Tax 4 119.24 Administration Fees 44,469.75 Miscellaneous Fees 9 34,304.15 Transactions Fees 10 4,348.16 Variable Fees 7 394.05 Liquidation Fees 0.00 Overdraft Interest 217.70 Taxes Paid to Foreign Authorities 3,974.12 Total Expenses 115,079.79



- on Investments 1 b 32,825.70 - on Currencies 1 b 1,254.91 - on Forward Foreign Exchange Contracts -20,688.72 - on Futures 1 h -7,362.79


- on Investments 1 e -6,627.24 - on Forward Foreign Exchange Contracts 111.83 - on Futures 1 h -5,980.80

Result of Operations -112,602.43



Net Changes in Net Assets -1,066,308.88 Total Net Assets at the Beginning of the Period 1,066,308.88 Total Net Assets at the End of the Period 0.00

DIAMAN SICAV

Schedule of Investments as at 31 December 2019


22

Schedule of Investments as at 31 December 2019 The accompanying notes form an integral part of these Financial St atements.


Investment Quantity CCY Cost

(in EUR) Market Value

(in EUR)

% Total Net

Assets

Transferable securities admitted to an official stock exchange or traded in an other regulated market

Quoted or negotiated equities

ADIDAS AG 67 EUR 18,910.05 19,416.60 4.38%

AMPLIFON Spa 604 EUR 13,650.40 15,486.56 3.50%

HERMES INTERNATIONAL S.A. 21 EUR 13,022.20 13,990.20 3.16%

PERNOD RICARD S.A. 128 EUR 21,118.14 20,403.20 4.61%

VEOLIA ENVIRONNEMENT 680 EUR 15,946.00 16,122.80 3.64%

Total EURO

82,646.79

85,419.36

19.28% Total Quoted or negotiated equities

82,646.79

85,419.36

19.28% Bonds

GERMANY -INFLATION LINKED- 1,75 09-150420 35,000 EUR 40,460.80 40,137.53 9.06%

ITALY BTP 4,00 10-010920 20,000 EUR 21,081.64 20,562.40 4.64%

ITALY BTP 4,75 11-010921 20,000 EUR 21,760.00 21,612.70 4.88%

K+S A.G. 2,625 17-060423 25,000 EUR 25,550.00 26,287.75 5.93%

ROMANIA 2,875 14-281024 35,000 EUR 38,465.00 39,213.47 8.85%

SPAIN KINGDOM 5,40 13-310123 20,000 EUR 24,916.00 23,504.50 5.31%

Total EURO

172,233.44

171,318.35

38.67%

US TREASURY NOTES 2,25 18-290220 45,000 USD 40,626.59 40,135.19 9.06%

Total U.S. DOLLAR

40,626.59

40,135.19

9.06% Total Bonds

212,860.03

211,453.54

47.73% Total Transferable securities admitted to an official stock exchange or traded in an other regulated market

295,506.82

296,872.90

67.02%

Investment Fund

NEW MILLENNIUM VOLACTIVE -I- -CAP- 420 EUR 41,264.45 43,171.80 9.75%

Total EURO

41,264.45

43,171.80

9.75% Total Investment Fund

41,264.45

43,171.80

9.75% Other transferable securities

COGEME-COGEME SET 09-130314* 8,801 EUR 8,802.69 0.00 0.00%

Total EURO

8,802.69

0.00

0.00% Total Other transferable securities

8,802.69

0.00

0.00% Total Portfolio

345,573.96

340,044.70

76.76%

(*) Cfr Note 11

DIAMAN SICAV

Schedule of Investments as at 31 December 2019


23


Investment Quantity CCY Cost

(in EUR) Market Value

(in EUR)

% Total Net

Assets

Transferable securities admitted to an official stock exchange or traded in an other regulated market

Quoted or negotiated equities

ADIDAS AG 294 EUR 75,839.04 85,201.20 3.97%

AMPLIFON Spa 2,812 EUR 63,309.37 72,099.68 3.36%

DAVIDE CAMPARI - MILANO SpA 5,548 EUR 40,897.63 45,160.72 2.10%

DEUTSCHE TELEKOM A.G. -REG- 3,939 EUR 61,785.58 57,391.23 2.67%

DIASORIN SpA 785 EUR 80,131.94 90,589.00 4.22%

ENEL AZ 9,180 EUR 62,920.64 64,920.96 3.02%

ESSILOR LUXOTTICA S.A. 438 EUR 61,061.23 59,480.40 2.77%

FERROVIAL S.A. 2,354 EUR 61,220.24 63,487.38 2.96%

HERA SpA 16,289 EUR 61,565.90 63,527.10 2.96%

HERMES INTERNATIONAL S.A. 100 EUR 62,696.80 66,620.00 3.11%

NEMETSCHEK SE 1,639 EUR 76,824.03 96,373.20 4.49%

PERNOD RICARD S.A. 504 EUR 78,906.34 80,337.60 3.74%

PORSCHE AUTOMOBIL HLDG SE - VZ 886 EUR 60,850.48 59,043.04 2.75%

RECORDATI INDUSTRIES CHIMIC. -E- FARMAC. SpA 2,045 EUR 76,753.83 76,830.65 3.58%

RWE A.G. -A- 2,229 EUR 61,096.89 60,963.15 2.84%

SANOFI S.A. 746 EUR 61,278.23 66,856.52 3.11%

SARTORIUS STEDIM BIOTECH 609 EUR 77,016.09 89,949.30 4.19%

SCHNEIDER ELECTRIC SE 1,001 EUR 72,572.50 91,591.50 4.26%

SCOUT24 A.G. 1,154 EUR 61,669.76 68,028.30 3.17%

SIEMENS HEALTHINEERS A.G. 2,325 EUR 86,051.04 99,556.50 4.63%

TELEPERFORMANCE 409 EUR 78,088.82 88,916.60 4.14%

UNILEVER N.V. 995 EUR 47,926.74 50,973.85 2.37%

VEOLIA ENVIRONNEMENT 2,643 EUR 61,840.12 62,665.53 2.92%

VOLKSWAGEN A.G. 389 EUR 68,025.17 68,557.36 3.19%

WIENERBERGER A.G. 2,507 EUR 60,952.44 66,234.94 3.08%

WOLTERS KLUWER N.V. 1,237 EUR 59,360.74 80,429.74 3.74%

Total EURO

1,720,641.59

1,875,785.45

87.31% Total Quoted or negotiated equities

1,720,641.59

1,875,785.45

87.37% Total Transferable securities admitted to an official stock exchange or traded in an other regulated market

1,720,641.59

1,875,785.45

87.31%

Investment Fund

NEW MILLENNIUM VOLACTIVE -I- -CAP- 1,266 EUR 130,955.04 129,435.84 6.03%

Total EURO

130,955.04

129,435.84

6.03% Total Investment Fund

130,955.04

129,435.84

6.03% Total Portfolio

1,851,596.63

2,005,221.29

93.34%

DIAMAN SICAV

Geographic Allocation as at 31 December 2019

These allocations of assets were established on basis of data (gross) used by the Administration Agent and do not reflect inevitably the geographic analysis which directed the assets selection.

24

Geographic Allocation as at 31 December 2019 These allocations of assets were established on basis of data (gross) used by the Administration Agent and do not reflect inevitably the geographic analysis which directed the assets selection.

(Content)

DIAMAN SICAV Dynamic Income % TOTAL NET ASSETS

GERMANY 19.38 % ITALY 13.02 % FRANCE 11.40 % LUXEMBOURG 9.75 % UNITED STATES OF AMERICA 9.06 % ROMANIA 8.85 % SPAIN 5.31 %

Total Portfolio 76.76 %

(Content)

DIAMAN SICAV Mathematics % TOTAL NET ASSETS

FRANCE 28.23 % GERMANY 27.70 % ITALY 19.23 % NETHERLANDS 6.12 % LUXEMBOURG 6.03 % AUSTRIA 3.08 % SPAIN 2.96 %


DIAMAN SICAV

Economic Allocation as at 31 December 2019

These allocations of assets were established on basis of data (gross) used by the Administration Agent and do not reflect inevitably the economic analysis which directed the assets selection.

25

Economic Allocation as at 31 December 2019 These allocations of assets were established on basis of data (gross) used by the Administration Agent and do not reflect inevitably the economic analysis which directed the assets sel ection.


STATE 41.80 % UNIT TRUSTS, UCITS 9.75 % TEXTILE & GARMENTS 7.54 % CHEMICAL PRODUCTS 5.93 % TOBACCO & SPIRITS 4.61 % ENERGY SOURCES 3.64 % PHARMACOLOGY & PERSONAL CARE 3.50 %



PHARMACOLOGY & PERSONAL CARE 25.85 % ENERGY SOURCES 11.73 % TEXTILE & GARMENTS 7.07 % TELECOMMUNICATIONS 6.81 % UNIT TRUSTS, UCITS 6.03 % ROAD VEHICLES 5.94 % TOBACCO & SPIRITS 5.84 % IT & INTERNET 4.49 % ELECTRIC & ELECTRONIC MATERIALS 4.26 % PUBLISHING & BROADCASTING 3.74 % FINANCIAL SERVICES - HOLDINGS 3.17 % BUILDING MATERIALS 3.08 % ROAD & RAILWAY TRANSPORTS 2.96 % FOOD & CLEANING MATERIALS 2.37 %


DIAMAN SICAV

Currency Allocation as at 31 December 2019

These allocations of assets were established on basis of data (gross) used by the Administration Agent and do not reflect inevitably the currency analysis which directed the assets selection

26

Currency Allocation as at 31 December 2019 These allocations of assets were established on basis of data (gross) used by the Administration Agent and do not reflect inevitably the currency analysis which directed the assets sel ection


EURO 67.70 % U.S. DOLLAR 9.06 %



EURO 93.34 %


DIAMAN SICAV

Changes in the number of shares

27

Changes in the number of shares


Shares issued and outstanding at beginning of year - I EUR 1,940.108 - P EUR 533.912 - R EUR 8,640.805

Shares issued during the year - I EUR 0.000 - P EUR 0.000 - R EUR 0.000

Shares redeemed during the year - I EUR 1,736.918 - P EUR 533.912 - R EUR 4,212.992

Shares issued and outstanding at end of year - I EUR 203.190 - P EUR 0.000 - R EUR 4,427.813


Shares issued and outstanding at beginning of year - I EUR 1,543.913 - P EUR 41.868 - R EUR 2,337.953

Shares issued during the year - I EUR 353.561 - P EUR 8.000 - R EUR 182.550

Shares redeemed during the year - I EUR 489.986 - P EUR 48.868 - R EUR 1,573.248

Shares issued and outstanding at end of year - I EUR 1,407.488 - P EUR 1.000 - R EUR 947.255

DIAMAN SICAV Target Strategy

Shares issued and outstanding at beginning of period - I EUR Cap 5,088.540 - P EUR Cap 351.000 - R EUR Cap 6,262.100 - R EUR Dis 749.535

Shares issued during the period - I EUR Cap 0.000 - P EUR Cap 0.000 - R EUR Cap 1,973.684 - R EUR Dis 0.000

Shares redeemed during the period - I EUR Cap 5,088.540 29,902.900 - P EUR Cap 351.000 351.000 - R EUR Cap 8,235.784 40,321.218 - R EUR Dis 749.535 2,349.535

Shares issued and outstanding at end of period - I EUR Cap 0.000 - P EUR Cap 0.000 - R EUR Cap 0.000 - R EUR Dis 0.000

DIAMAN SICAV

Changes in Capital, Total Net Assets and Net Asset Value per Share

28

Changes in Capital, Total N et Assets and Net Asset Value per Share

SUB-FUND VALUATION DATE TOTAL NET ASSETS SHARE CLASS SHARES

OUTSTANDING SHARE PRICE CCY

DIAMAN SICAV Dynamic Income (EUR)

31.12.2017 4,521,969.67 - I EUR 9,522.885 124.71 EUR

- P EUR 545.912 123.99 EUR

- R EUR 28,627.569 114.11 EUR

31.12.2018 1,148,291.73 - I EUR 1,940.108 111.29 EUR

- P EUR 533.912 110.27 EUR

- R EUR 8,640.805 101.09 EUR

31.12.2019 413,591.17 - I EUR 203.190 98.59 EUR

- R EUR 4,427.813 88.88 EUR

DIAMAN SICAV Mathematics (EUR)

31.12.2017 4,648,377.34 - I EUR 1,550.415 850.57 EUR

- P EUR 75.868 837.80 EUR

- R EUR 3,499.038 933.42 EUR

31.12.2018 3,215,524.47 - I EUR 1,543.913 782.14 EUR

- P EUR 41.868 764.48 EUR

- R EUR 2,337.953 845.17 EUR

31.12.2019 2,018,688.48 - I EUR 1,407.488 835.43 EUR

- P EUR 1.000 809.91 EUR

- R EUR 947.255 888.91 EUR

DIAMAN SICAV Target Strategy (EUR)

31.12.2017 7,077,846.28 - Class I EUR Shares Cap. 29,902.900 103.58 EUR

- Class P EUR Shares Cap. 351.000 102.25 EUR

- Class R EUR Shares Cap. 37,602.005 98.74 EUR

- Class R EUR Shares Dis. 2,349.535 98.74 EUR

31.12.2018 1,066,308.88 - Class I EUR Shares Cap. 5,088.540 88.59 EUR

- Class P EUR Shares Cap. 351.000 86.91 EUR


- Class R EUR Shares Dis. 749.535 83.44 EUR

*13.12.2019 730,631.08 - Class I EUR Shares Cap. 5,088.540 78.10 EUR


- Class R EUR Shares Dis. 749.535 72.73 EUR

*Closed Sub-Fund

DIAMAN SICAV

Notes to the financial statements as at 31 December 2019

29

Notes to the f inancial statements as at 31 December 2019

NOTE 1 - ACCOUNTING PRINCIPLES

The Board of Directors took the decision on 23 March 2020 to put the fund in liquidation. The Financial Statements of DIAMAN SICAV (the «SICAV») have been prepared on a basis other than

that of a going concern, (including the relating fees of EUR 159,001.49, see note 1.j), and in accordance with legal and regulatory requirements and generally accepted accounting principles in Luxembourg, including the following significant policies relating to UCITS : a) Valuation of investments The Net Asset Value per Share of each class of Shares of the various Sub-Funds is determined on the day specified for each Sub-Fund on the basis of the value of the underlying investments of the relevant Sub-Fund, determined as follows: 1) The value of any cash on hand or on deposit, bills and demand notes payable and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received is deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof is arrived at after making such discount as may be considered appropriate in such case to reflect the true value thereof. 2) The value of each security or other asset which is quoted or dealt in on a stock exchange is based on its last available price in Luxembourg on the stock exchange which is normally the principal market for such security. 3) The value of each security or other asset dealt in on any other regulated market that operates regularly, is recognized and is open to the public (a "Regulated Market”) is based on its last available price in Luxembourg. 4) In the event that any assets are not listed nor dealt in on any stock exchange or on any other Regulated Market, or if, with respect to assets listed or dealt in on any stock exchange or on any other Regulated Market as aforesaid, the price as determined pursuant to sub-paragraph 2) or 3) is not representative of the fair market value of the relevant assets, the value of such assets is based on the reasonably foreseeable sales price determined prudently and in good faith by the Board of Directors of the SICAV. 5) Units or shares of undertakings for collective investment are valued at their last determined and available net asset value or, if such price is not representative of the fair market value of such assets, then the price shall be determined by the Board of Directors of the SICAV on a fair and equitable basis. 6) The liquidating value of futures contracts, spot, forward or options contracts not traded on stock exchanges nor on other Regulated Markets shall mean their net liquidating value determined, pursuant to the policies established by the Board of Directors of the SICAV, on a basis consistently applied for each different variety of contracts. The liquidating value of futures contracts, spot, forward or options contracts traded on stock exchanges or on other Regulated Markets shall be based upon the last available settlement prices of these contracts on stock exchanges and Regulated Markets on which the particular futures contracts, spot, forward or options contracts are traded by the SICAV; provided that

DIAMAN SICAV


30

if a futures contracts, spot, forward or options contract could not be liquidated on the day with respect to which net assets are being determined, the basis for determining the liquidating value of such contract shall be such value as the Board of Directors of the SICAV may deem fair and reasonable. Swaps are valued at their market value. All other securities and other assets are valued at fair market value as determined in good faith pursuant to procedures established by the Board of Directors of the SICAV. b) Net realised profit or loss on sale of investments The net realised profit or loss on sales of investments is determined on the basis of the average cost of investments sold. The net realised profit or loss on variation of exchange rates is recorded in the caption “Net realised Profit/ (Loss) on currencies” during the sale transaction. c) Conversion of foreign currencies All assets and liabilities expressed in currencies other than the concerned Sub-Fund’s currency are converted into the Sub-Fund’s currency at the exchange rate prevailing on closing date in Luxembourg. The value of the combined statement of net assets of the SICAV equals the sum of all different Sub-Funds’ net assets converted into EUR at the exchange rate prevailing on closing date in Luxembourg. Income and expenses in currencies other than EUR are converted into EUR at the exchange rates prevailing at the transaction date. d) Acquisition cost of investments The acquisition cost of investments expressed in currencies other than the Sub-Fund’s currency is converted into the Sub-Fund’s currency at the exchange rate prevailing at the purchase date. e) Change in Net Unrealised Appreciation or Depreciation Unrealised appreciation or depreciation on all components of the statement of net assets at the end of the financial year are accounted in the statement of operations and changes in net assets. f) Purchases and sales of investments The details of purchases and sales of investments may be obtained at the registered office of the SICAV, free of charge. g) Income, expenses and accruals Interests on bonds and current accounts are accounted for on a day-to-day basis. Dividends are taken into income on the date upon which the relevant securities are first listed as «ex-dividend» and net of withholding tax.

DIAMAN SICAV


31

h) Futures Net realised profit or loss on futures contracts and the change in net unrealised appreciation or depreciation on futures contracts are disclosed in the Statement of Operations and Changes in Net Assets.

i) Forward exchange contracts Forward exchange contracts are valued on the basis of the latest available closing "forward" rates at 31 December 2019.

j) Liquidation costs A total liquidation fee of EUR 159,001.49 has been provisioned in the Net Asset Value of 31 December 2019 presented in these financial statements. NOTE 2 - TAXES AND EXPENSES PAYABLE

Management fees 4,113.67 EUR

Marketing fees 4,875.61 EUR

Depositary fees 3,331.04 EUR

Subscription tax 182.55 EUR

Miscellaneous fees 60,855.88 EUR

Total 73,358.75 EUR

NOTE 3 - SUBSCRIPTION AND REDEMPTION FEE Subscription price of any share of any Sub-Fund of DIAMAN SICAV is made up of: - net asset value per share, plus, - a sales charge of maximum 1% of the net asset value per share for the Dynamic Income Sub-Fund and 3% for the Mathematics Sub-Fund, in favor of the sales agents. NOTE 4 - SUBSCRIPTION TAX The SICAV is subject to Luxembourg tax laws. Under current laws and regulations, the SICAV is subject in Luxembourg to the subscription tax (“taxe d’abonnement”) at an annual rate of 0.05%, such tax being payable quarterly and calculated on the basis of the net assets at the end of the relevant quarter. However, this subscription tax is reduced to 0.01% per annum for the net assets attributable to the Class I Institutional Shares, intended for institutional investors. However the portion of assets which are invested in units or shares of UCI shall be exempt from such tax as far as those UCIs are already submitted to this tax in Luxembourg.

DIAMAN SICAV


32

NOTE 5 - MANAGEMENT COMPANY FEES A management fee is payable to the Management Company in remuneration for its services. Such fee is payable quarterly in arrears and calculated on the average of the net assets of each Sub-Fund as follows: For DIAMAN SICAV Dynamic Income and DIAMAN SICAV Mathematics: - 0.075% per annum on the first EUR 10 million of average net assets. - 0.050% per annum on the average net assets over EUR 10 million with a minimum of EUR 5,000. For DIAMAN SICAV Target Strategy (until its liquidation on 13 December 2019, or "dormant"): - 0.075% per annum with a minimum of EUR 10,000. In addition, in remuneration for its services relating to the currency hedging of Retail CHF shares for DIAMAN SICAV Dynamic Income, DIAMAN SICAV Mathematics and of R CHF Cap, R CHF Dist for DIAMAN SICAV Target Strategy, the Management Company is entitled to receive, at the charge of such classes only, an annual fee, payable quarterly in arrears and calculated on the average net assets of such class for the relevant quarter, as follows: - 0.12% per annum. NOTE 6 - INVESTMENT ADVISORY FEES An investment Advisory fee is payable to the Investment Adviser by the Management Company at the charge of each Sub-Fund, in compensation for its services. Such fee is payable monthly in arrears at the below-mentioned annual rate, calculated on the average of the net assets of the Sub-Fund for the relevant month.

Sub-Funds Annual Rate (%)

DIAMAN SICAV Dynamic Income 0.60%

DIAMAN SICAV Mathematics 0.70%

DIAMAN SICAV Target Strategy 0.50%

This contract had been suspended as at 15 October 2019 NOTE 7 - VARIABLE FEES An additional variable fee is payable to the Investment Adviser by the Management Company at the charge of each Sub-Fund. This fee represents a percentage of the total Net Asset Value of each Sub-Fund as above (net of any liabilities other than the additional variable fee) for any 100 basis point of return realised by the Sub-Fund. The Sub-Fund’s return is equal to the annualised increase, in percent, of the Sub-Fund’s Net Asset Value per Share (net of any liabilities other than the additional variable fee), it is calculated on the last business day of the month and compared with the Net Asset Value per Share calculated on the corresponding business day of the previous quarter. Payment of the additional variable fee, if applicable, is effected on a monthly basis. The additional variable fee represents: - 0.007% p.a. of the Total Net Asset Value of each Sub-Fund.

DIAMAN SICAV


33

The amount of variable fees for the financial year ended 31 December 2019 is EUR 25,312.13. When calculating the additional variable fee, the capital movements of each Sub-Fund are taken into consideration according to the principle of “crystallisation”. In the event of a redemption or conversion during the financial year under way carried out before the end of the period of calculation of the variable fee, the additional variable fee relating to the redeemed or converted shares shall be crystallised on the redemption/conversion date and shall be definitively payable to the Investment Adviser. NOTE 8 - MARKETING FEES A marketing fee is payable to the Management Company in remuneration for its services. Such fee is different for each class of Shares, payable quarterly in areas and calculated on the average of the net assets of each Sub-Fund in the respective class of Shares for the relevant quarter as follows:

Sub-Funds Class of Shares Markeing Fees

DIAMAN SICAV Dynamic Income Class I EUR Shares 0%

Class R EUR Shares Up to 0.30% per annum

Class R CHF Shares Up to 0.70% per annum

DIAMAN SICAV Mathematics Class I EUR Shares 0%

Class P EUR Shares Up to 0.80% per annum



DIAMAN SICAV Target Strategy Class I EUR Shares 0%

Class P EUR Shares Up to 0.60% per annum



NOTE 9 - MISCELLANEOUS FEES The caption “Miscellaneous Fees” includes fees relating to publication, legal matters, stock exchange and ALFI/CSSF information, audit fees, administrator fees and bank charges. NOTE 10 - TRANSACTIONS FEES Transactions fees on purchases and sales of securities and derivatives are brokerage fees, bank charges, taxes and other costs.

DIAMAN SICAV


34

NOTE 11 - VALUATION OF COGEME Issuer: Cogeme-Cogeme Set 09-130314 Instrument type: Convertible Bond Internal security identifier: 170601 ISIN code: IT0004447014 Sub-Fund: DIAMAN SICAV - Dynamic Income Weight in NAV : 0% (as at 31 December 2019) The company was put into liquidation (bankruptcy) and the price was suspended. The Board of Directors, in agreement with the management company, has decided to evaluate this obligation at 0 and to reverse the interest still accrued. This was confirmed by circular resolution dated 6 February 2012. At the date of this report, we do not have any updated information. The Board of Directors considers that the nil valuation as at 31 December 2019 reflects appropriately

the situation. NOTE 12 - CLOSED SUB-FUND As at 31 December 2019, there is a remaining cash amount of EUR 37,356.72 in the DIAMAN Target Strategy Sub-Fund. NOTE 13 - DIFFERENCE IN NET ASSET VALUE According to refunds of fees for each Sub-Fund* and provision of liquidation fees**, the net asset value published has been updated as follows in this annual report including audited financial statements.

Sub-Funds Share Classes NAV per share

before adjustment

NAV per share adjusted*

NAV per share adjusted**

DIAMAN SICAV Dynamic Income Class I EUR Shares 105.43 105.60 98.59

Class R EUR Shares 95.05 95.20 88.88

DIAMAN SICAV Mathematics Class I EUR Shares 887.71 889.07 835.43

Class P EUR Shares 860.60 861.92 809.91

Class R EUR Shares 944.53 945.98 888.91

DIAMAN SICAV Target Strategy Class I EUR Shares 78.04 78.10 78.10

(as of 13 December 2019) Class R EUR Shares Cap 72.67 72.72 72.72

Class R EUR Shares Dis 72.67 72.73 72.73

Liquidation fees are mainly composed of audit fees, fees of the liquidator and of the regulator, legal and accounting fees, other expenses relate to reporting, listing etc. In addition, an amount of EUR 20,000 has been provided for as a buffer. NOTE 14 - EVENTS DURING THE YEAR The Sub-Fund DIAMAN SICAV Target Strategy, which has been subject to a compulsory redemption procedure and whose final NAV is dated 13 December 2019, remains inactive.

DIAMAN SICAV


35

On 23 April 2019, the Management Company, the Depositary and the Domiciliary and Corporate agent, Administrative Agent, Paying Agent, Registrar and Transfer Agent resolved to terminate their existing agreements with the SICAV with date of effect 15 November 2019. DPAS Luxembourg and Banque Degroof Petercam Luxembourg will still provide their services until the liquidation of the SICAV, in the absence of any transfer of activity to another service provider. NOTE 15 - SUBSEQUENT EVENTS The Board of Directors tried to sell the SICAV to a Management Company based in Malta, but during the finalization of the acquisition process in March 2020, the Covid-19 creates great uncertainty about the future of the financial market and the buyer withdraw its offer. The Board of Directors had no other solution than to propose the liquidation of the SICAV. During the Board of Directors’ meeting held on 23 March 2020, the Board resolved to propose the liquidation of the SICAV to the Extraordinary general meeting of Shareholders. This decision should be approved by the CSSF. Whereas the Extraordinary General Meeting of the SICAV convened at the premises of the notary Mireille Hames on 13 August 2020 at 8.00 am could not validly deliberate as the required quorum was not reached, shareholders are hereby invited to attend a second Extraordinary General Meeting of shareholders of the SICAV (the “Meeting”) which will take place at the premises of the notary Mireille Hames, 7, rue Emile Laux, L-7544 Mersch on 11 September 2020 at 8:00 am to deliberate and vote on the following agenda: validate the liquidation of the SICAV. For the remaining Sub-Funds, unaudited details are as follows :

Sub-Fund Date of calculation

Total net assets Share class Shares outstanding

Share price Ccy


23.03.2020 361,953.61 - I EUR 196.178 94.26 EUR - R EUR 4,048.577 84.84 EUR


23.03.2020 1,593,890.13 - I EUR 1,360.763 693.24 EUR - P EUR 2 670.96 EUR - R EUR 883.401 734.90 EUR


*31.07.2020 209,189.99 - I EUR 195.202 82.83 EUR - R EUR 3,685.309 74.35 EUR


*31.07.2020 1,144,504.40 - I EUR 525.761 805.17 EUR - R EUR 849.852 848.59 EUR

*Last calculation of NAV according to the convening of EGM.

I I I I I I

I I I I I I

I I I I I I

I I I I I I

DIAMAN SICAV

Other information (unaudited) as at 31 December 2019

36


Overall risk determination Each sub-fund must ensure that its overall risk relating to derivatives does not exceed the total net value of its portfolio. Overall risk is a measurement designed to limit the leverage generated for each sub-fund by using derivatives. The method used to calculate overall exposure for each sub-fund of the SICAV is the ‘commitment method’. The commitment method consists in converting positions on derivatives into equivalent positions on the underlying assets and then aggregating the market value of these equivalent positions. According to the commitment methodology, the maximum level of derivative leverage is 100% of the Total Net Asset.

Remuneration disclosure

A) General Degroof Petercam Asset Services S.A. (“DPAS”) has implemented a Remuneration Policy that is designed as not to encourage taking excessive risks. In that context, it integrates in its performance management system, risk criteria specific to the activities of the business units concerned. DPAS has implemented a series of safeguards that refrain staff from taking undue risk compared to the activity profile. The governance structure of the Remuneration Policy (“the Policy”) aims at preventing internal conflicts of interest. The Policy is formulated by the Remuneration Policy and approved by the Management Board. The Policy follows a defined process establishing the principles, the approval, the communication, the implementation, the review and the update of the Policy involving the Management Board, Human Resources, Internal Audit and other control functions. Performance is assessed at Group and DPAS level. Individual staff assessments are based on a weighting of financial and non-financial targets linked to the specific job scope and role. As such, the principle of individual performance assessment is based on an assessment of objectives reached as well as an appreciation of the employee’s long-term value creation. Furthermore, the performance reflects an assessment of business and interpersonal skills and is linked to the achievement of the individual. The criteria applied to establish fixed remuneration are job complexity, level of responsibility, performance and local market conditions. B) Methodology DPAS is dual-licenced as a chapter 15 Management Company under law of 17 December 2010 relating to Undertakings for Collective Investment in Transferable Securities, and as an AIFM under law of 12 July 2013 on Alternative Investment Fund Manager.

In line with those regulations, the responsibilities of DPAS in its two roles are very similar. DPAS considers a fair assumption to state that its staff is remunerated similarly for tasks related to Undertakings for Collective Investment in Transferable Securities (“UCITS”) and Alternative Investment Funds (“AIF”). As a consequence, the remuneration as stated above is the ratio between the Assets under Management (“AuM”) of all UCITS under the responsibility of DPAS and the total AuM. Based on the AuM as of 31 December 2019, this ratio equals 71.82%.

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37

As of 31 December 2019, DPAS is Management Company for a total AuM of 29,137 billion EUR for the UCITS. Would it be necessary to assess the proportion of the remuneration of the staff of the Management Company attributable to all the UCITS it manages, the above ratio is applied to the yearly remuneration of the concerned staff. Would it be necessary to assess the proportion of the remuneration of the staff of the Management Company attributable to this UCITS, the ratio between the AuM of this UCITS and the total AuM for all UCITS is applied to the yearly remuneration of the concerned staff. C) Allocated remuneration by category of staff The table below represents the allocation of total remuneration of the employees of the Management Company based on the AuM of all UCITS, by category of staff:

Type of staff Number of

beneficiaries (*)

Total remuneration

(in EUR)

Fixed remuneration

paid (in EUR)

Variable remuneration

paid (in EUR)

Senior Management (**) 4 802,543 567,557 234,986

Identified staff (***) 4 175,395 124,778 50,617

Other staff 111 5,511,383 4,642,912 868,471

6,489,321 5,335,247 1,154,074

(*) No proportionality applied (**) Management Board (***) Identified staff not already reported in Senior Management

All figures refer to the 2019 calendar year.

D) Carried Interest paid by the UCITS No employee of the Management Company receives Carried Interest paid by any UCITS. E) Remuneration Policy review The remuneration policy of DPAS is subject to an annual review, as a minimum. It was reviewed and updated in 2019. The remuneration policy of DPAS was approved by the Board of Management on 11 June 2019 and notified to the Supervisory Board on 26 August 2019.

SFTR As at 31 December 2019, the SICAV is in the scope of the requirements of the Regulation (EU) 2015/2365 on transparency of Securities Financing Transactions and of Reuse (“SFTR”). However, no corresponding transactions were carried out during the period referring to the financial statements.

diaman sicav - bper banca · 2020. 9. 17. · diaman sicav organization 4 organization registered...

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