huntress investment fund offshore - ravenscroft | investment fund offshore ... commission as a class...

HUNTRESS | Investment Fund OffshoreUNAUDITED CONDENSED HALF-YEARLY FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 OCTOBER 2016 TO 31 MARCH 2017

Guernsey: +44 (0)1481 729100 / Jersey: +44 (0)1534 722051 www.RavenscroftGroup.com

01Ravenscroft Limited | Huntress Investment Fund Offshore | Unaudited Interim Report 2017

02

03

05

09

10

12

14

15

17

Management and Administration

Report of the Manager

Investment Manager’s Report

Financial Statements

Unaudited Condensed Statement of Comprehensive Income

Unaudited Condensed Statement of Financial Position

Unaudited Condensed Statement of Changes in Net Assets Attributable to Unitholders

Unaudited Condensed Statement of Cash Flows

Notes to the Unaudited Condensed Financial Statements

Portfolio Statements 25

CONTENTS

02 Ravenscroft Limited | Huntress Investment Fund Offshore | Unaudited Interim Report 2017

MANAGER

Ravenscroft Investment Management Limited

Level 5, The Market Buildings

Fountain Street

St. Peter Port

Guernsey GY1 4JG

ADMINISTRATOR AND REGISTRAR

Louvre Fund Services Limited

St. Peter’s House

Le Bordage

St. Peter Port

Guernsey GY1 1BR

LISTING SPONSOR

Mourant Ozanne Services Limited

1 Le Marchant Street

St. Peter Port

Guernsey GY1 4HP

PRINCIPAL BANKER

Kleinwort Benson (Channel Islands) Limited

Dorey Court

Admiral Park

St. Peter Port

Guernsey GY1 2HT

AUDITOR

Saffery Champness

La Tonnelle House

Les Banques

St. Sampson

Guernsey GY2 4BF

DIRECTORS OF THE MANAGER

Mark Bousfield

Ben Byrom

Robert Tannahill

Mark Harries (appointed 2 Dec 2016)

Charlie Roger (resigned 6 Dec 2016)

TRUSTEE

Kleinwort Benson (Guernsey) Limited Dorey Court

Admiral Park

St. Peter Port

Guernsey GY1 2HT

LEGAL ADVISOR

Mourant Ozannes 1 Le Marchant Street

St. Peter Port

Guernsey GY1 4HP

TAX ADVISOR

Deloitte LLP PO Box 137

Regency Court

Glategny Esplanade

St. Peter Port

Guernsey GY1 3HW

MANAGEMENT AND ADMINISTRATION


Ravenscroft Investment Management Limited (the “Manager”)

has pleasure in submitting its report for the Huntress Investment

Fund Offshore (the “Fund”) for the half-yearly period from 1

October 2016 to 31 March 2017.

STATEMENT OF MANAGER’S RESPONSIBILITIESThe Manager is responsible for preparing financial statements

for each half year in accordance with the Trust Instrument,

the Listing Rules of the The International Stock Exchange (‘TISE’),

the Protection of Investors (Bailiwick of Guernsey) Law, 1987

(as amended) and the Authorised Collective Investment

Schemes (Class B) Rules 2013. The Manager has chosen

to prepare interim financial statements in accordance with

International Accounting Standard 34 Interim Financial

Reporting (“IAS 34”). In preparing these financial statements, the

Manager is required to:

• Select suitable accounting policies and then apply them

consistently;

• Make judgements and estimates that are reasonable and

prudent;

• State whether applicable accounting standards have been

followed, subject to any material departures disclosed and

explained in the financial statements; and

• Prepare the financial statements on the going concern

basis unless it is inappropriate to presume that the Fund

will continue in business.

The Manager confirms that they have complied with the

above requirements in preparing the financial statements.

The Manager is responsible for keeping proper accounting

records that disclose with reasonable accuracy at any time the

financial position of the Fund and enable them to ensure that

the financial statements comply with the Trust Instrument and

The Protection of Investors (Bailiwick of Guernsey) Law, 1987

(as amended). They are also responsible for safeguarding the

assets of the Fund and hence for taking reasonable steps for the

prevention and detection of fraud and other irregularities.

ACTIVITIES AND STATUSA Trust Instrument dated 12 November 2008, between

the Manager and the Trustee, established the Fund as an

exempt unit trust under the laws of the Island of Guernsey.

The Fund is authorised by the Guernsey Financial Services

Commission as a Class B Scheme under the provisions of

the Protection of Investors (Bailiwick of Guernsey) Law, 1987

(as amended).

The Fund changed its administrator to Louvre Fund Services Ltd

on 1 April 2016.

During the period, the Fund consisted of the following Sub Funds:

• Huntress Global Balanced Fund (first units created

1 December 2008)

• Huntress Global Income Fund (first units created

1 October 2009)

• Huntress Global Growth Fund (first units created 7 April 2011)

• Huntress Global Blue Chip Fund (first units created

1 July 2014)

The Huntress Global Balanced Fund aims to generate long-term

capital growth with a lower level of volatility than equity markets.

The Huntress Global Balanced Fund seeks to attain its objective

by diversifying investments in a number of collective investment

schemes across different asset classes.

The Huntress Global Income Fund aims to provide investors

with a total return with a focus on delivering an income yield

that competes with prevailing cash rates with some capital

growth. The Huntress Global Income Fund will invest in a global

portfolio comprising of a range of fixed, floating and inflation

linked debt securities, properties and equities.

The Huntress Global Growth Fund aims to generate

long-term capital growth primarily through investment in

global equity markets. The Huntress Global Growth Fund seeks

to attain its objective by investing in a number of collective

investment schemes that offer a range of geographic and

sector exposures or whose investment strategy best fits the

investment environment.

The Huntress Global Blue Chip Fund aims to generate long-term

capital growth from a focused portfolio of global equities of

developed market, multi-national businesses (“Blue Chips”) with

a market capitalization of $5 billion or greater. The stocks will be

listed on recognised stock exchanges in developed countries

and will be held for a long period.

RESULTSAs at 31 March 2017, the reported net asset value (“NAV”)

and units in issue in respect of each Sub Fund was as follows:

REPORT OF THE MANAGER


NAV of Sub Fund (£’000s)

Units in issue

Huntress Global Balanced Fund 101,310 775,514

Huntress Global Income Fund 58,026 480,152

Huntress Global Growth Fund 33,645 267,084

Huntress Global Blue Chip Fund 49,787 362,919

Within each Sub Fund there is more than one unit class. The NAV per unit, by unit class, is included in note 7.

The price history for the period from 1 October 2016 to 31 March 2017 is as follows:

Huntress Global Balanced FundHighest NAV

per unit (£)Lowest NAV

per unit (£)

I Accumulation Units 183.16 170.53

O Accumulation Units 116.16 107.88

Huntress Global Income Fund

Accumulation Units 121.98 116.90

Distribution Units 119.77 115.56

Huntress Global Growth Fund



Huntress Global Blue Chip Fund



I Distribution Units 135.05 115.44

O Distribution Units 136.71 116.72

DISTRIBUTION POLICYThe Huntress Global Income Fund Distribution units will distribute the majority of the income available for income allocation on a

quarterly basis. The Huntress Global Blue Chip Fund Distribution units will distribute the majority of the income available for

income allocation on a half-yearly basis.

The Accumulation unitholders of the Huntress Global Balanced Fund, Huntress Global Growth Fund, Huntress Global Income Fund

or Huntress Global Blue Chip Fund will not receive a distribution payment. All income accruing to those Sub Funds will be added to

the capital of the respective Sub Fund from which it is derived and reflected in the net asset value.

SCHEME PARTICULARSFull details of the Fund can be found in its Scheme Particulars, copies of which can be obtained free of charge from the Manager.

The information contained under Management and Administration on page 1 forms part of this report.

Approved by the Board of Directors of the Manager and signed on its behalf by:

Robert Tannahill Ben Byrom

28th July 2017

REPORT OF THE MANAGER (cont.)


For the six month period ended 31st March 2017 the I Accumulation class of the Blue Chip Fund returned 9.86%.

We started the interim period with the results of the US Presidential Election. Reminiscent of Brexit, the mathematically equally likely

but popularly unexpected outcome became a reality when Donald Trump was elected America’s 45th President. Performance wise

the previous six months were split over the calendar quarters, with the Fund losing ground versus the broader market throughout

Q4 but rebounding in 2017 Q1. During Q4, there were two main reasons for the underperformance;

I. structural underweight to the Financials and Oil & Gas sectors

II. the fear that inflation would materialise quicker than expected

The underweight to Financials has been a stance of the Fund since the beginning as we could not (and still can’t) get comfortable

with their overcomplicated operational structures and opaque balance sheets. In terms of Oil & Gas, the volatility in energy prices

taught us a lesson in how difficult it is to value companies that can’t control the end price of their product and as a result we have

been reducing our exposure to this type of business. Both these sectors performed well during the quarter; Financials rose in

response to higher government bond yields whilst the oil prices responded positively to news of an agreed output cut by OPEC,

lifting oil & gas stocks.

In December, the US Federal Reserve voted to raise rates and hinted, in a more hawkish tone, of further rates rises to come. Markets

focused on the possibility of inflation coming back into the system stronger than previously thought, which forced government

bond yields higher and bond proxy stocks (i.e. dividend paying companies) lower. This had a negative impact on the Fund which

had a bias towards these types of businesses.

Throughout Q1 2017, equity markets enjoyed some positive momentum, primarily due to a strong belief (hope) that President Trump

would come good on his campaign promise to ‘Make America Great Again’. The two themes that consistently drove performance

over the quarter were Healthcare and Global Brands. The Fund’s preference towards these themes were certainly a contributing

factor to performance, with roughly 65% of the portfolio invested across consumer staples, consumer discretionary, large cap

pharmaceutical and medical device companies.

Over the interim period, we pursued our strategy to improve our exposure to dependable earners that are able to generate reliable

free cash flow from increasing volume/subscription or licensing based revenues from relevant products and reduce and remove the

exposure to those which rely on the sale of big ticket, bespoke, price orientated products. As part of this process we introduced Walt

Disney and L’Oréal and sold Royal Dutch Shell and BAE Systems. In addition, we sold Deere, which benefited from the ‘Trump Rally’.

The pick-up in infrastructure and construction associated stocks saw Deere hit all-time highs in both price and valuation making it

vulnerable to a sharp decline should reality not meet expectations.

Our aim is to build and maintain a portfolio focused on a select number of companies that are aligned with one or more of our

investment themes that would, in aggregate, possess characteristics of financial quality that were better than the market average.

In doing so, we have a portfolio that will weather future financial turmoil, helping investors navigate the uncertainties of investing in

equity markets.

INVESTMENT MANAGER’S REPORT

HUNTRESS GLOBAL BLUE CHIPBY HOLLY WARBURTON


For the six month period ended 31st March 2017 the I Accumulation class of the Growth Fund returned 4.88%.

In terms of performance, the story, once again, is a tale of two halves. Following the “shock” outcome of the US presidential election,

the Fund struggled, on a relative basis, as the more cyclical sectors of the market (those that we typically avoid owning) rallied

significantly. During the last 3 months of 2016, the Healthcare, Consumer Staples and Real Estate sectors were the three worst

performing, whilst the Finance, Energy and Materials sectors were up considerably. Our thematic approach means that we have

a consequential overweight to both the Healthcare and Consumer Staples sectors and at the same time we maintain a strategic

underweights to the Finance, Materials and Energy sectors.

Our premise for investing in healthcare is that the demand for products and services will increase as average life expectancy rises

and global demographics shifts towards an ageing population. We seek to benefit from this by owning high quality companies

which are well positioned to survive the test of time and benefit from the natural tailwinds provided by this theme.

Likewise, many of the companies contained within the Consumer Staples sector have well-established globally recognised brands

with loyal customer bases and this enables them to maintain significant pricing power.

We used the negative sentiment shown as an opportunity to allocate some of the Fund’s surplus cash to areas that had begun

to look comparatively attractive from a valuation perspective. As a result, we marginally increased the Fund’s holding in the Polar

Capital Healthcare Opportunities Fund - taking the position from a 5.5% weight up to a 7% allocation.

The Healthcare sector had been the worst performing sector during 2016. This was largely attributable to the negative sentiment

shown towards the sector following comments made by Hillary Clinton in the latter half of 2015. Whilst, following the election,

the immediate threat to the sector diminished, like his opponent, Trump advocated that he strongly opposed price gauging. This

suppressed the recovery of the broader industry and it seemed that the quality companies (such as those which Polar seek to own)

were being unfairly tarnished by the immoral practices of a select few.

If we now fast-forward to the first three months of 2017, the story could not be any more dissimilar. As the “Trump-trade” began to

unwind, the Healthcare sector regained its position as one of the strongest performers, whilst both the Energy and Finance sectors

headed towards the bottom of the pack. The Fund returned ~5.5% over the three month period, outperforming the peer group

average (as defined by the TMPI High Risk Index) which stood at ~3.9%. Quarterly performance was assisted by our position in Polar

Capital Global Technology Fund which returned ~16.1%, outperforming the MSCI World AC Technology sector by over 4%.

In terms of portfolio composition, having carried out an extensive review of fixed income assets and considered various “blends”

of our preferred bond funds, the only change we made over the quarter was to increase the Fund’s allocation to PIMCO Global

Investment Grade Credit Fund – taking the position up to a 7% weighting. This decision came out of a wider review of the Growth

Fund’s bond holdings and the fact that we felt, particularly in the Growth strategy that the bond holdings could be working harder

for our investors.

Over the coming months, there are likely to be a few further changes as we gradually tweak the bond allocation within the Fund.

HUNTRESS GLOBAL GROWTHBY SAM CORBET

INVESTMENT MANAGER’S REPORT (cont.)


For the six month period ended 31st March 2017 the I Accumulation class of the Balanced Fund returned 3.09%.

Markets remained strong during the period with new highs reached in major market indices. Many clients have asked “when will

it end”? The answer is, of course, that we simply cannot know. At some point the market will sell-off; however, that point could be

tomorrow, in 3 weeks’, 3 months’, or even 3 years’ time. We often quote the world’s most successful investors and this highly topical

market-timing observation comes from Warren Buffet:

“[You are] making a terrible mistake if you stay out of a game that you think is going to be very good over time because you think

you can pick a better time to enter it.”

During the period, there have been very few changes to the portfolio and the Balanced Fund has delivered investors a pleasing

return of 3.37%. This said, as our returns thus far this year have been highly correlated to the devaluation of sterling, we further

partially hedged our equity currency exposure in the Balanced Fund. This was achieved by switching from the Polar Technology

USD class into the GBP hedged class. It is important to note that we maintain the stance that such hedges are imperfect but we

believe that this that best option available to reduce our non-sterling exposure. This will allow us to continue to enjoy the majority

of the tailwinds should the pound continue to weaken but will mitigate the risk of giving all the currency gains made thus far back

should the pound strengthen once again.

Polar’s Technology fund was also the best performing holding during the period, returning 17.64% taking into account the

aforementioned class switch. Findlay Park was the second best performing delivering 11.76%. At the other end of the spectrum,

the worst performing holdings were the Ishares Core UK Gilts and M&G’s Corporate Bond Fund, which returned -1.91% and 0.67%

respectively.

As investor sentiment continues to swing from one extreme to the other, we remain focused on the fundamentals. Until valuations start

to offer a more attractive entry point, we will remain in the most defensive position that the Fund has been in since inception in 2008.

HUNTRESS GLOBAL BALANCEDBY TIFFANY GERVAISE-BRAZIER



INCOME COMMENTARYFor the six month period ended 31st March 2017 the Accumulation class of the Income Fund returned 0.98%.

Over the period ranging from the end of September 2016 to March 2017, the performance of the Fund was more benign than the

unusually strong performance seen for the preceding six months. A large part of that return was down to the EU referendum vote

and the subsequent currency moves as the vote for Britain to leave the European Union came out on top. This six month period

was not without significant political occasion however, as Donald Trump was elected the new President of the United States of

America. The reaction to this outcome was reasonably severe, as it came as a surprise to many, but it was also very short lived.

From the day Donald Trump was elected, despite the many headlines about him or his decisions, markets have generally taken little

notice of the noise and have been very docile in terms of volatility.

Over the period in question, broadly equity markets experienced a rotation to the more cyclical assets in the equity market, which

the Fund deliberately has less exposure to. The duration of this rotation was not one of great length and a counter rotation occurred

fairly soon after the New Year begun, in February. We saw our favoured sectors, such as Consumer Staples, bounce back and it has

so far been one of the strongest performing sectors in equity markets over 2017. One of the most significant bits of news for the

portfolio was the Kraft Heinz bid for Unilever during February, and although the offer was rejected, it highlighted the fact that big

players in the market are prepared to pay up to own the same high quality businesses that we invest in, despite the rise in valuations

we have seen in recent years.

On the bond side of the portfolio, the performance of the holdings within the Fund has been relatively stable, and in fact, was a tale

of two clear sides. The top performing asset classes were assets seen by investors as likely to benefit from the “Trump Reflation”

such as high yield, namely the Muzinich Global High Yield and Oaktree Global High Yield funds. On the other hand, the worst

performing bond exposure was the Fund’s allocation to UK gilts (in a reversal of previous commentaries) which lagged as investors

priced in higher growth and inflation on the promise (and not much else) that Mr Trump would “make America great again” and by

extension boost the global economy.

As far as positioning within the Fund is concerned, equity valuations are still relatively high and bond yields remain relatively low and

as a result the cautious stance of 75% bonds and 25% equities remains. We continue to look out for opportunities should any short

term volatility allow access to good quality assets at the right price.

The main change to the Fund over the period was the removal of the small direct bond position. This position was introduced a

number of years ago when, in the wake of the financial crisis, new bond issues were being priced at a discount to existing bonds to

encourage investors to purchase them. During this period a number of bond issuers with whom we were comfortable issued new

bonds and so we moved to take advantage of the discounts on offer. Since then the bonds have performed well however they no

longer offer a discount and as such we have been able to reduce risk by switching the capital into our main bond funds without any

material loss of income or return potential. This change has being going on for a number of months now as prices allowed and was

completed during the period.

Looking forward the primary risk to the Fund’s performance remains a revaluation by investors of the value of income bearing

assets. While this cannot be mitigated entirely we have taken a number of steps to help manage this risk. Firstly, the Fund owns a

broad range of income bearing assets which provide an element of diversification. Secondly, the Fund limits its exposure to certain

risks in order to limit the impact should one risk factor be repriced aggressively. Finally, the Fund uses a balance of equity and bond

assets in order to smooth the Funds return potential across a range of economic scenarios. This combination of mitigating factors,

combined with structural forces such the retirement of the baby boomers which provide strong demand for the type of assets we

own, allow us to be comfortable that this risk is sensibly managed.

HUNTRESS GLOBAL INCOMEBY BOB TANNAHILL



HUNTRESS | Financial Statements

Ravenscroft Limited | Huntress Investment Fund Offshore | Unaudited Interim Report 2017 09


UNAUDITED CONDENSED STATEMENT OF COMPREHENSIVE INCOMEFOR THE PERIOD 1 OCTOBER 2016 TO 31 MARCH 2017

Notes

Huntress Global

Balanced Fund (£’000s)

Huntress Global

Income Fund (£’000s)

Huntress Global

Growth Fund (£’000s)

Huntress Global

Blue Chip Fund (£’000s)

Total (£’000s)

01/10/16

to 31/03/17

01/10/16

to 31/03/17

01/10/16

to 31/03/17

01/10/16

to 31/03/17

01/10/16

to 31/03/17

Income

Bond interest – 27 – – 27

Dividend income 631 698 94 519 1,942

Unrealised gain or revaluation of investments 276 (45) 882 3,101 4,214

Realised gain/(loss) on disposal of

investments2,908 206 733 1,340 5,187

Foreign exchange (loss)/gain – (1) (10) (75) (86)

Total Income 3,815 885 1,699 4,885 11,284

Expenses

Management fees 429 194 118 180 921

Administration fees 46 26 15 22 109

Audit fees 6 6 6 6 24

Trustee fees 36 21 12 18 87

Withholding tax 12 7 – 144 163

Other operating expenses 23 18 18 36 95

Total Expenses 552 272 169 406 1,399

Total comprehensive income attributable

to unitholders3,263 613 1,530 4,479 9,885

Weighted average units in existance

during the period725,903 429,911 239,634 340,486

Earnings per unit £4.50 £1.43 £6.39 £13.15

All items in the above statement are derived from continuing operations.

There was no other comprehensive income in the period.

The notes on pages 17 - 24 form part of these financial statements.

These condensed half-yearly financial statements are not audited.


Notes

Huntress Global


Huntress Global


Huntress Global


Huntress Global


Total (£’000s)

01/10/15

to 31/03/16

01/10/15

to 31/03/16

01/10/15

to 31/03/16

01/10/15

to 31/03/16

01/10/15

to 31/03/16

Income

Bond interest – 60 – – 60

Dividend income 429 611 58 366 1,464

Unrealised gain or revaluation of investments 4,291 1,718 1,724 2,989 10,722

Realised gain/(loss) on disposal of

investments605 68 11 (149) 535

Foreign exchange (loss)/gain (4) – (4) 31 23

Total Income 5,321 2,457 1,789 3,237 12,804

Expenses

Management fees 526 148 98 106 878

Administration fees 88 49 25 34 196

Audit fees 6 6 6 6 24

Trustee fees 35 20 10 14 79

Withholding tax 9 3 3 96 111

Other operating expenses 3 1 2 3 9

Total Expenses 667 227 144 259 1,297

Total comprehensive income attributable

to unitholders4,654 2,230 1,645 2,978 11,507

Weighted average units in existance

during the period456,780 357,795 151,210 260,829

Earnings per unit £10.19 £6.23 £10.88 £11.42

All items in the above statement are derived from continuing operations.

There was no other comprehensive income in the period.

The notes on pages 17 - 24 form part of these financial statements.

These condensed half-yearly financial statements are not audited.

UNAUDITED CONDENSED STATEMENT OF COMPREHENSIVE INCOMEFOR THE PERIOD 1 OCTOBER 2015 TO 31 MARCH 2016


Huntress Global


Huntress Global


Huntress Global


Huntress Global


Total (£’000s)

Notes 31/03/17 31/03/17 31/03/17 31/03/17 31/03/17

Assets

Current Assets

Financial assets at fair value

through profit or loss3 97,178 55,542 31,671 49,126 233,517

Other receivables and prepayments 4 30 2 15 68 115

Issues receivable – – – – –

Cash and cash equivalents 4,366 2,614 2,050 718 9,748

Total assets 101,574 58,158 33,736 49,912 243,380

Equity and liabilities

Premium on units in issue 5 75,484 51,327 26,220 38,471 191,502

Retained earnings 25,826 6,699 7,425 11,316 51,266

Net assets attributable to unitholders 101,310 58,026 33,645 49,787 242,768

Liabilities

Current liabilities

Other payables 6 259 132 86 125 602

Due to brokers – – – – –

Redemptions payable 5 – 5 – 10

Total liabilities 264 132 91 125 612

Total equity and liabilities 101,574 58,158 33,736 49,912 243,380

Net asset value per unit 7

I Accumulation Units £182.78 £161.34 £137.97

O Accumulation Units £115.93 £120.01 £138.94

I Distribution Units £131.99

O Distribution Units £133.55

Accumulation Units £121.98

Distribution Units . £119.77

The unaudited condensed half-yearly financial statements were approved by the Manager on 28th July 2017 and signed on its

behalf by:

The notes on pages 17 - 24 form part of these financial statements. These condensed half-yearly financial statements are not audited.

Robert Tannahill Ben Byrom

Director, Ravenscroft Investment Management Limited

28th July 2017 28th July 2017

UNAUDITED CONDENSED STATEMENT OF FINANCIAL POSITIONAS AT 31 MARCH 2017


Huntress Global


Huntress Global


Huntress Global


Huntress Global


Total (£’000s)

Notes 30/09/16 30/09/16 30/09/16 30/09/16 30/09/16

Assets

Current Assets

Financial assets at fair value

through profit or loss3 83,110 46,399 26,222 36,437 192,168

Debtors and prepayments 4 1 28 2 658 689

Issues receivable 329 596 7 322 1,254

Cash and cash equivalents 4,514 2,991 1,795 2,636 11,936

Total assets 87,954 50,014 28,026 40,053 206,047

Equity and liabilities

Units in issue 5 64,896 43,399 21,811 32,252 162,358

Retained earnings / (deficit) 22,563 6,497 5,895 6,918 41,873

Net assets attributable to unitholders 87,459 49,896 27,706 39,170 204,231

Liabilities

Current liabilities

Other payables 6 234 118 80 105 537

Due to brokers 250 – 240 778 1,268

Redemptions payable 11 – – – 11

Total liabilities 495 118 320 883 1,816

Total equity and liabilities 87,954 50,014 28,026 40,053 206,047

Net asset value per unit 7 £124.00 £120.58 £120.42 £125.29


UNAUDITED CONDENSED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2016


FOR THE PERIOD 1 OCTOBER 2016 TO 31 MARCH 2017

Huntress Global


Huntress Global


Huntress Global


Huntress Global


Total (£’000s)

Notes

01/10/16

to 31/03/17

01/10/16

to 31/03/17

01/10/16

to 31/03/17

01/10/16

to 31/03/17

01/10/16

to 31/03/17

Net assets attributable to unitholders at

start of period87,459 49,896 27,706 39,170 204,231

Total comprehensive income

attributable to unitholders3,263 613 1,530 4,479 9,885

Movement due to issue

and redemption of units90,722 50,509 29,236 43,649 214,116

Amounts receivable on issues 5 23,850 12,020 5,749 11,880 53,499

Amounts payable on redemptions 5 (13,262) (4,092) (1,340) (5,661) (24,355)

Equalisation on issues and redemptions – – – – –

Dividends paid to unitholders 8 – (411) – (81) (492)

Net assets attributable to

unitholders at end of period101,310 58,026 33,645 49,787 242,768

FOR THE PERIOD 1 OCTOBER 2015 TO 31 MARCH 2016

Huntress Global


Huntress Global


Huntress Global


Huntress Global


Total (£’000s)

Notes

01/10/15

to 31/03/16

01/10/15

to 31/03/16

01/10/15

to 31/03/16

01/10/15

to 31/03/16

01/10/15

to 31/03/16

Net assets attributable to unitholders at

start of period67,254 37,185 17,416 23,934 145,789


attributable to unitholders4,654 2,230 1,645 2,978 11,507

Movement due to issue

and redemption of units71,908 39,415 19,061 26,912 157,296

Amounts receivable on issues 5 5,517 6,791 5,664 6,121 24,093

Amounts payable on redemptions 5 (3,656) (4,546) (1,624) (2,083) (11,909)

Equalisation on issues and redemptions – 14 – 13 27

Dividends paid to unitholders 8 – (375) – (39) (414)

Net assets attributable to

unitholders at end of period73,769 41,299 23,101 30,924 169,093


UNAUDITED CONDENSED STATEMENT OF CHANGES

IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS


Huntress Global


Huntress Global


Huntress Global


Huntress Global


Total (£’000s)

01/10/16

to 31/03/17

01/10/16

to 31/03/17

01/10/16

to 31/03/17

01/10/16

to 31/03/17

01/10/16

to 31/03/17

Cash flows from operating activities


attributable to unitholders3,263 613 1,530 4,479 9,885

Adjusted for

(Increase) / decrease in receivables 300 622 (6) 912 1,828

Increase / (decrease) in payables (231) 14 (229) (758) (1,204)

Realised (profit) / loss on sale of investments (2,908) (206) (733) (1,340) (5,187)

Unrealised profit on revaluation of investments (276) 45 (882) (3,101) (4,214)

Purchase of investments at fair value through

profit or loss(19,025) (15,297) (6,891) (13,721) (54,934)

Sale proceeds from disposal of investments at fair value

through profit or loss8,141 6,315 3,057 5,473 22,986

Net cash used in operating activities (10,736) (7,894) (4,154) (8,056) (30,840)

Cash flows from financing activities

Proceeds on issue of units 23,850 12,020 5,749 11,880 53,499

Redemption of units (13,262) (4,092) (1,340) (5,661) (24,355)

Equalisation – – – – –

Dividends paid – (411) – (81) (492)

Net cash flow from financing activities 10,588 7,517 4,409 6,138 28,652

Net movement in cash and cash equivalents (148) (377) 255 (1,918) (2,188)

Opening cash and cash equivalents 4,514 2,991 1,795 2,636 11,936

Closing cash and cash equivalents 4,366 2,614 2,050 718 9,748


UNAUDITED CONDENSED STATEMENT OF CASH FLOWSFOR THE PERIOD 1 OCTOBER 2016 TO 31 MARCH 2017


Huntress Global


Huntress Global


Huntress Global


Huntress Global


Total (£’000s)

01/10/15

to 31/03/16

01/10/15

to 31/03/16

01/10/15

to 31/03/16

01/10/15

to 31/03/16

01/10/15

to 31/03/16

Cash flows from operating activities


attributable to unitholders4,654 2,230 1,645 2,978 11,507

Adjusted for

(Increase) / decrease in receivables (256) 9 – (2) (249)

Increase / (decrease) in payables 3 (7) 7 8 11

Realised (profit) / loss on sale of investments (605) (68) (11) 149 (535)

Unrealised profit on revaluation of investments (4,291) (1,718) (1,724) (2,989) (10,722)

Purchase of investments at fair value through

profit or loss(3,938) (5,307) (4,157) (9,184) (22,586)

Sale proceeds from disposal of investments at fair value

through profit or loss3,062 3,722 425 5,239 12,448

Net cash used in operating activities (1,371) (1,139) (3,815) (3,801) (10,126)

Cash flows from financing activities

Proceeds on issue of units 5,524 6,690 5,662 6,108 23,984

Redemption of units (3,656) (4,546) (1,622) (2,077) (11,901)

Equalisation – 14 – 13 27

Dividends paid – (375) – (39) (414)

Net cash flow from financing activities 1,868 1,783 4,040 4,005 11,696

Net movement in cash and cash equivalents 497 644 225 204 1,570

Opening cash and cash equivalents 3,033 1,215 623 1,099 5,970

Closing cash and cash equivalents 3,530 1,859 848 1,303 7,540


UNAUDITED CONDENSED STATEMENT OF CASH FLOWSFOR THE PERIOD 1 OCTOBER 2015 TO 31 MARCH 2016


1. GENERAL INFORMATIONHuntress Global Balanced Fund, Huntress Global Income Fund, Huntress Global Growth Fund and Huntress Global Blue Chip Fund

(each a “Sub Fund” and together the “Funds”) are the Sub Funds of the Huntress Investment Fund Offshore, an open-ended unit trust

constituted under the Trust Instrument made between Kleinwort Benson (Guernsey) Limited as Trustee and Ravenscroft Investment

Management Limited as Manager, dated 12 November 2008. The Trust is authorised by the GFSC under the Protection of Investors

(Bailiwick of Guernsey) Law, 1987, as amended, as a Class B collective investment scheme.

The Huntress Global Balanced Fund aims to generate long-term capital growth with a lower level of volatility than equity markets. The

Huntress Global Balanced Fund seeks to attain its objective by diversifying investments in a number of collective investment schemes

across different asset classes.

The Huntress Global Income Fund aims to provide investors with a total return with a focus on delivering an income yield that

competes with prevailing cash rates with some capital growth. The Huntress Global Income Fund will invest in a global portfolio

comprising of a range of fixed, floating and inflation linked debt securities, property and equities.

The Huntress Global Growth Fund aims to generate long-term capital growth primarily through investment in global equity markets.

The Huntress Global Growth Fund seeks to attain its objective by investing in a number of collective investment schemes that offer a

range of geographic and sector exposures or whose investment strategy best fit the investment environment.

The Huntress Global Blue Chip Fund aims to generate long-term capital growth from a focused portfolio of global equities of developed

market, multi-national businesses (“Blue Chips”) with a market capitalization of $5 billion or greater. The stocks will be listed on

recognised stock exchanges in developed countries and will be held for a long period.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Statement of Compliance and basis of preparation

These unaudited condensed half-yearly financial statements have been prepared in accordance with International Accounting Standard

34: Interim Financial Reporting (“IAS 34”), and applicable legal and regulatory requirements of Guernsey Law. They do not include all

of the information required for full annual financial statements and should be read in conjunction with the financial statements for the

year ended 30 September 2015 which were prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued

by the International Accounting Standards Board (“IASB”), interpretations issued by the International Financial Reporting Interpretations

Committee (“IFRIC”) and applicable legal and regulatory requirements of Guernsey Law.

The accounting policies adopted in the period are consistent with those of the annual financial statements with the exception of new

standards that have become effective during the period. Although there were a number of new standards and interpretations that

apply for the first time in this period, none of these impact the Funds’ Unaudited Condensed Interim Financial Statements.

There have been no new IFRS or IFRIC interpretations that are effective for the first time for the financial year beginning 1 October 2015,

which have not previously been adopted by the Funds.

NOTES TO THE UNAUDITED CONDENSED HALF-YEARLY FINANCIAL STATEMENTS


Standards and Interpretations in issue and not yet effective

At the date of authorisation of these Financial Statements, the following standards and interpretations, which will become relevant to

the Company but have not been applied in these Financial Statements, were in issue but not yet effective:

IFRS 9, “Financial Instruments - Classification and Measurement” (effective for periods commencing on or after 1 January 2018);

IFRS 15, “Revenue from Contracts with Customers” (effective periods commencing on or after 1 January 2018);

IAS 1, “Presentation of Financial Statements: Disclosure Initiative” (effective for periods commencing on or after 1 January 2016); and

Annual Improvements 2012-2014 Cycle (effective for periods commencing on or after 1 January 2016).

With the exception of IFRS 9, the adoption of the above standards and interpretations are not expected to have a material impact on

the Funds’ financial statements. Management is considering the potential impact of this new standard, and will report on its findings

once this is completed.

The Fund has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.

3. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

Huntress Global

Balanced Fund(£’000s)

Huntress Global

Income Fund(£’000s)

Huntress Global

Growth Fund(£’000s)

Huntress Global

Blue Chip Fund(£’000s)

Total (£’000s)

01/10/16

to 31/03/17

01/10/16

to 31/03/17

01/10/16

to 31/03/17

01/10/16

to 31/03/17

01/10/16

to 31/03/17

Book cost at start of period 64,135 43,565 19,735 29,936 157,371

Purchases 19,025 15,297 6,891 13,721 54,934

Sales (8,141) (6,315) (3,057) (5,473) (22,986)

Realised gain / (loss) at start of period 2,908 206 733 1,340 5,187

Book cost at end of period 77,927 52,753 24,302 39,524 194,506

Unrealised gain / (loss) at start of period 18,975 2,834 6,487 6,501 34,797

Unrealised gain on revaluation of investments 276 (45) 882 3,101 4,214

Closing fair value at end of project 97,178 55,542 31,671 49,126 233,517

Huntress Global

Balanced Fund(£’000s)

Huntress Global

Income Fund(£’000s)

Huntress Global

Growth Fund(£’000s)

Huntress Global

Blue Chip Fund(£’000s)

Total (£’000s)

01/10/15

to 03/09/16

01/10/15

to 03/09/16

01/10/15

to 03/09/16

01/10/15

to 03/09/16

01/10/15

to 03/09/16

Book cost at start of period 56,528 36,511 15,720 24,151 132,910

Purchases 23,625 18,998 7,610 14,808 65,041

Sales (19,796) (13, 252) (4,234) (8,857) (46,139)

Realised gain on disposals 3,778 1,351 639 479 6,247

Realised loss on disposals – (43) – (645) (688)

Book cost at end of period 64,135 43,565 19,735 29,936 157,371

Unrealised gain at start of the period 7,989 (530) 1,135 (1,290) 7,304

Unrealised gain / (loss) on revaluation of investments 10,986 3,364 5,352 7,791 27,493

Closing fair value at end of project 83,110 46,399 26,222 36,437 192,168

NOTES TO THE UNAUDITED CONDENSED HALF-YEARLY FINANCIAL STATEMENTS (cont.)


4. OTHER RECEIVABLES AND PREPAYMENTS

Huntress GlobalBalanced Fund

(£’000s)

Huntress GlobalIncome Fund

(£’000s)

Huntress GlobalGrowth Fund

(£’000s)

Huntress GlobalBlue Chip Fund

(£’000s)Total

(£’000s)

31/03/17 31/03/17 31/03/17 31/03/17 31/03/17

Debtors and prepayments 30 2 2 16 50

Bond interest receivable – – – – –

Dividend income receivable – – 13 52 65

30 2 15 68 115


(£’000s)


(£’000s)


(£’000s)


(£’000s)Total

(£’000s)

30/09/16 30/09/16 30/09/16 30/09/16 30/09/16

Debtors and prepayments 1 1 2 603 607

Bond interest receivable – 27 – – 27

Dividend income receivable – – – 55 55

1 28 2 658 689

The Manager considers that the carrying amount of debtors and prepayments approximates fair value.

5. UNITS IN ISSUEAs at 31 March 2017, the units in issue in respect of each Sub Fund were as follows:

31/03/17 31/03/17 30/09/16 30/09/16I Accumulation Units

Huntress Global Balanced Fund No. £’000s No. £’000s

At start of period 129,250.05 6,903 452,200 58,248

Issued 10,931.03 1,942 45,622 7,179

Redeemed (3,752.67) (668) (27,223) (5,689)

Switch in 36,212.63 6,596 – –

Switch out (1,943.98) (347) (341,350) (54,305)

At end of period 170,697.06 14,426 129,250 6,903

31/03/17 31/03/17 30/09/16 30/09/16O Accumulation Units

Huntress Global Balanced Fund No. £’000s No. £’000s

At start of period 576,036.10 57,993 – –

Issued 132,732.92 14,918 57,331 6,103

Redeemed (50,319.12) (5,651) (22,862) (2,414)

Switch in 3,484.41 394 541,567 54,304

Switch out (57,117.12) (6,596) – –

At end of period 604,817.19 61,058 576,036 57,993

31/03/17 31/03/17 30/09/16 30/09/16Distribution Units

Huntress Global Income Fund No. £’000s No. £’000s

At start of period 227,725.87 24,196 192,639 20,201

Issued 34,057.35 4,023 69,206 7,869

Redeemed (18,857.50) (2,231) (33,215) (3,768)

Switch in 2,619.55 313 – –

Switch out (51.66) (6) (904) (106)

At end of period 245,493.61 26,295 227,726 24,196



31/03/17 31/03/17 30/09/16 30/09/16Accumulation Units

Huntress Global Income Fund No. £’000s No. £’000s

At start of period 186,080.01 19,203 152,983.78 15,416

Issued 63,953.98 7,678 53,969.83 6,248

Redeemed (12,853.93) (1,542) (23,869) (2,567)

Switch in 50.72 6 2,995 106

Switch out (2,572.09) (313) – –

At end of period 234,658.69 25,032 186,080.01 19,203


Huntress Global Growth Fund No. £’000s No. £’000s


Issued 3,771.55 574 43,924.41 5,730

Redeemed (524.13) (83) (14,100) (1,855)

Switch out (251.98) (39) (134,631) (18)

At end of period 38,518.02 20,782 35,522.58 20,330


Huntress Global Growth Fund No. £’000s No. £’000s

At start of period 194,563.69 1,481 – –

Issued 44,305.21 5,138 18,045.16 1,993

Redeemed (10,642.09) (1,220) (4,924) (530)

Switch in 339 39 – –

Switch out – – (181,442.14) (18)

At end of period 228,565.81 5,438 194,563.69 1,481


Huntress Global Blue Chip Fund No. £’000s No. £’000s


Issued 5,206.74 667 5,604.91 611

Redeemed (221.89) (29) (945) (105)

Switch in 28.96 4 414 46

Switch out (95.53) (13) (272) (30)

At end of period 42,497.54 4,563 37,579.26 3,934

31/03/17 31/03/17 30/09/16 30/09/16I Distribution Units


At start of period 23,848.38 2,502 195.63 19

Issued 16,270.62 2,000 22,848.38 2,520

Redeemed – – (196) (37)

At end of period 40,119.00 4,502 23,848.38 2,502






Issued 48,661.27 6,267 60,401.88 6,641

Redeemed (15,154.51) (1,988) (27,209.73) (2,927)

Switch in 94.49 13 271.13 30

Switch out (18,703.22) (2,606) (1,323.85) (167)

At end of period 221,220.13 22,853 206,322.10 21,167

31/03/17 31/03/17 30/09/16 30/09/16O Distribution Units



Issued 3,027.75 373 11,447.85 1,308

Redeemed (7,874.43) (1,025) (5,598) (608)

Switch in 19,052.90 2,556 – –

At end of period 59,081.94 6,553 44,875.72 4,649

The nature of the rights represented by units is that of a beneficial interest under a trust. Unitholders have the right, subject to the

Trust Instrument, to transfer or redeem their units and to call, participate and vote in meetings of unitholders.

6. OTHER PAYABLES


(£’000s)


(£’000s)


(£’000s)


(£’000s)Total

(£’000s)

31/03/17 31/03/17 31/03/17 31/03/17 31/03/17

Management fee 225 101 62 96 484

Administration fee 9 5 2 4 20

Trustee fee 7 4 2 3 16

Audit fee 5 5 5 5 20

Sundry creditors 13 17 15 17 62

259 132 86 125 602


(£’000s)


(£’000s)


(£’000s)


(£’000s)Total

(£’000s)

30/09/16 30/09/16 30/09/16 30/09/16 30/09/16

Management fee 201 89 54 76 420

Administration fee 7 4 2 3 16

Trustee fee 6 3 2 2 13

Audit fee 11 11 11 11 44

Sundry creditors 9 11 11 13 44

234 118 80 105 537

The Manager considers that the carrying amount of creditors approximates fair value.



7. NET ASSET VALUE PER UNITThe below table shows the NAV per unit for each Sub Fund and reconciles the difference between the financial statements NAV per

unit and the dealing NAV per unit reported to the TISE.

I Accumulation Units O Accumulation Units

Huntress Global

Balanced Fund (£)

Huntress Global

Balanced Fund (£)

Huntress Global

Balanced Fund (£)

Huntress Global

Balanced Fund (£)

31/03/17 30/09/16 31/03/17 30/09/16

NAV 31,198,767 22,914,942 70,110,892 64,521,019

No. of units in issue 170,697.06 129,250.05 604,817.19 576,036.10

Adjustments – 5,984 – 16,848

Dealing NAV per Unit 182.78 177.34 115.93 112.04

Distribution Units Accumulation Units

Huntress Global

Income Fund (£)

Huntress Global

Income Fund (£)

Huntress Global

Income Fund (£)

Huntress Global

Income Fund (£)

31/03/17 30/09/16 31/03/17 30/09/16

NAV 29,402,368 27,696,690 28,623,200 22,477,646


Adjustments – 9,682 – –


I Accumulation Units O Accumulation Units

Huntress Global

Growth Fund (£)

Huntress Global

Growth Fund (£)

Huntress Global

Growth Fund (£)

Huntress Global

Growth Fund (£)

31/03/17 30/09/16 31/03/17 30/09/16

NAV 6,214,091 5,464,081 27,427,337 22,232,608


Adjustments 463 1,908 2,744 7,774


O Accumulation Units I Accumulation Units

Huntress Global

Blue Chip Fund (£)

Huntress Global

Blue Chip Fund (£)

Huntress Global

Blue Chip Fund (£)

Huntress Global

Blue Chip Fund (£)

31/03/17 30/09/16 31/03/17 30/09/16

NAV 30,736,021 26,056,561 5,863,028 4,719,450


Adjustments (388) – (75) –


I Distribution Units O Distribution Units

Huntress Global

Blue Chip Fund (£)

Huntress Global

Blue Chip Fund (£)

Huntress Global

Blue Chip Fund (£)

Huntress Global

Blue Chip Fund (£)

31/03/17 30/09/16 31/03/17 30/09/16

NAV 5,295,363 2,892,628 7,890,778 5,500,906


Adjustments (70) – (104) –




8. DIVIDENDSThe Accumulation unitholders of the Huntress Global Balanced Fund, Huntress Global Growth Fund, Huntress Global Income Fund or Huntress

Global Blue Chip Fund will not receive a distribution payment. All income accruing to those Sub Funds will be added to the capital of the respective

Sub Fund from which it is derived and reflected in the net asset value.

The Huntress Global Income Fund Distribution units will distribute the majority of the income available for income allocation on a quarterly basis.

The Huntress Global Blue Chip Fund Distribution units will distribute the majority of the income available for income allocation on a half-yearly basis.

The fund launched Accumulation and Distribution classes on the 1st August 2014. The first dividend was paid on the 31st October 2014.

Dividends paid to unitholders during the period 1 October 2016 to 31 March 2017 were as follows:

Accumulation Class Distribution Class Total dividend

paid (£‘000s)Huntress Global Income Fund Dividend per unit (£) Dividend per unit (£)

01/10/16 to 31/03/17 01/10/16 to 31/03/17 01/10/16 to 31/03/17

Interim dividend paid 31 October 2016 (Ex-dividend 3 October 2016) 0.99 0.99 225

Interim dividend paid 31 January 2017 (Ex-dividend 3 January 2017) 0.81 0.80 186

411

Huntress Global Income Fund Dividend per unit (£)

Total dividend

paid (£‘000s)

01/10/15 to 31/03/16 01/10/15 to 31/03/16

Interim dividend paid 30 October 2015 (Ex-dividend 1 October 2015) 1.12 216

Interim dividend paid 29 January 2016 (Ex-dividend 4 January 2016) 0.77 159

375

I Distribution Class O Distribution Class

Huntress Global Blue Chip Fund

Dividend

per unit (£)

Dividend

per unit 0 (£)

Total dividend

paid (£‘000s)

01/10/16

to 31/03/17

01/10/16

to 31/03/17

01/10/16

to 31/03/17


81

I Distribution Class O Distribution Class Total dividend

paid (£‘000s)Huntress Global Blue Chip Fund Dividend per unit (£) Dividend per unit (£)

01/10/15

to 31/03/16

01/10/15

to 31/03/16

01/10/15

to 31/03/16


39



9. SEGMENTAL INFORMATIONFor management purposes, each Sub Fund is organised into one main operating segment. All of the Sub Funds’ activities are interrelated, and each

activity is dependent on the others. Accordingly, all significant operating decisions are based upon analysis of each Sub Fund as one segment. The

financial results from this segment are equivalent to the financial results of the Sub Fund as a whole.

The following table analyses the key information used in decision making by the Manager:

Huntress Global


Huntress Global


Huntress Global


Huntress Global


01/10/16

to 31/03/17

01/10/16

to 31/03/17

01/10/16

to 31/03/17

01/10/16

to 31/03/17

Bond interest – 27 – –

Dividend income 631 698 94 519

Unrealised gain/(loss) on revaluation of investments 276 (45) 882 3,101

Realised gain on disposal of investments 2,908 206 733 1,340

Net expenses (552) (272) (169) (406)

Foreign exchange (loss) / gain – (1) (10) (75)

Profit/(Loss) for the period 3,263 613 1,530 4,479

Net asset value at 31 March 2017 101,310 58,026 33,642 49,788

Huntress Global


Huntress Global


Huntress Global


Huntress Global


01/10/15

to 31/03/16

01/10/15

to 31/03/16

01/10/15

to 31/03/16

01/10/15

to 31/03/16

Bond interest – 60 – –

Dividend income 429 611 58 366

Unrealised gain / (loss) on revaluation of investments 4,291 1,718 1,724 2,989

Realised gain on disposal of investments 605 68 11 (149)

Net expenses (671) (227) (148) (228)

(Loss) / profit for the period 4,654 2,230 1,645 2,978

Net asset value at 31 March 2016 73,769 41,299 23,101 30,924

10. EVENTS AFTER THE REPORTING DATE

With effect from 10 April 2017, Huntress Investment Fund Offshore changed it’s designated Trustee from Kleinwort Benson (Guernsey) Limited to

BNP Paribas Securities Services S.C.A. Guernsey Branch.

On 3 April 2017, an interim dividend was declared for the Huntress Global Income Fund. The dividend per unit for the Distribution units was £0.81

and for the Accumulation units was £0.83.

On 3 April 2017, an interim dividend was declared for the Huntress Global Blue Chip Fund. The dividend per unit was £0.98 for the I Distribution

units, £1.03 for the I Accumulation units, £1.00 for the O Distribution units and £1.04 for the O Accumulation units.



ASSETS AND LIABILITIES AS AT 31 MARCH 2017

Nominal Description Fair Value (£’000s) % of the Fund

9,658,564.7430 M&G Offshore Corporate Bond GBP Fund 10,154 10.03

521,841.3130 PIMCO Global Investment Grade Credit Inc GBP HD Fund 10,150 10.03

10,494,067.8110 Smith & Williamson Short-Dated Corporate Bond GBP Fund 9,987 9.87

2,824,807.9500 Fundsmith Equity Fund I Acc GBP Fund 9,136 9.03

3,618,462.2340 Lindsell Train Global Equity B Inc GBP Fund 9,073 8.96

495,150.0000 iShares Core UK Gilt 6,621 6.54

65,501.8120 Oaktree Lux Global High Yield Bond 6,572 6.49

441,578.4300 Fidelity Global Dividend Y USD Acc Fund 5,961 5.89

727,483.0600 Blackrock Global Equity Income D2 USD Fund 5,914 5.84

183,237.8580 Polar Capital Healthcare Opportunities I GBP Fund 5,598 5.53

386,620.6930 Polar Capital Global Technology I USD Fund 5,096 5.03

572,583.2430 Stewart Investors Asia Pacific Leaders B Acc Fund 3,870 3.82

292,922.6320 Findlay Park Latin American USD Inc Fund 3,590 3.55

226,204.8860 Investec Global Energy Fund A Acc USD Fund 2,384 2.36

245,844.0000 Arisaig Global Emerging Markets Consumer USD Fund 1,970 1.95

Investment total 96,076 94.92

Cash and cash equivalents 5,373 5.31

Other sundry net liabilities (234) (0.23)

101,215 100

PORTFOLIO STATEMENT – HUNTRESS GLOBAL BALANCED FUND





445,348.0970 PIMCO Global Investment Grade Credit Inc GBP HD Fund 6,137 10.59

57,226.8680 Stratton Street UCITS - NFA Global Bond Fund UI 5,952 10.27


5,320,856.3070 M&G Offshore Corporate Bond GBP Fund 5,594 9.65

614,863.5000 Blackrock Global Equity Income D5G USD Fund 4,999 8.63

3,491,573.1500 Fidelity Global Dividend W GBP Inc Fund 4,902 8.46

266,447.0600 Guinness Global Equity Income Fund 4,615 7.96

38,777.7300 Muzinich Global High Yield GBP Inc Fund 3,871 6.68

38,191.7930 Oaktree Lux Global Bond 3,832 6.61

25,026.3700 Schroder Strategic Credit C Inc GBP Fund 2,455 4.24




57,954 100

PORTFOLIO STATEMENT – HUNTRESS GLOBAL INCOME FUND




1,583,264.0510 Lindsell Train Global Equity B Inc GBP Fund 3,970 11.81

1,226,765.5900 Fundsmith Equity I Acc GBP Fund 3,968 11.80

174,123.1400 Fidelity Global Dividend Y USD Acc Fund 2,350 6.99

285,511.8900 Blackrock Global Equity Income Fund 2,321 6.90

119,064.3700 PIMCO Global Investment Grade IH Accumulation 2,316 6.89

73,348.4390 Polar Capital Healthcare Opportunities I GBP Fund 2,241 6.66

147,098.3170 Polar Capital Global Technology I USD Fund 1,939 5.77

131,628.2740 Findlay Park Latin American USD Fund 1,613 4.80

231,946.6130 Stewart Investors Asia Pacific Leaders B Acc Fund 1,568 4.66

14,668.7630 Stratton Street UCITS - NFA Global Bond Fund UI 1,526 4.54


8,982.7490 Muzinich Americayield Fund HD Inc GBP Fund 1,514 4.50


10,856.5700 Alquity SICAV Asia 1,369 4.07

114,163.0000 Arisaig Global Emerging Markets Consumer Fund Ltd 915 2.72

73,279.9240 Investec Global Energy A Acc USD Fund 772 2.30




33,624 100

PORTFOLIO STATEMENT – HUNTRESS GLOBAL GROWTH FUND




25,878.0000 Johnson & Johnson 2,570 5.16

64,670.0000 Unilever Plc 2,548 5.12

12,407.0000 Roche Hol Ag-Genussc 2,531 5.08

34,610.0000 Sanofi 2,498 5.02

38,559.0000 Medtronic Inc 2,477 4.98

18,400.0000 Apple Inc 2,108 4.23

19,598.0000 Kimberly-Clark Corp 2,057 4.13

131,400.0000 Relx Plc 2,055 4.13

22,430.0000 Walt Disney Co 2,028 4.07

84,120.0000 General Electric Co 1,999 4.02

32,519.0000 Nestlé Sa-Reg 1,993 4.00

87,240.0000 Diageo Plc 1,992 4.00

33,217.0000 Novartis Ag-Reg 1,969 3.95

19,280.0000 Honeywell Int 1,919 3.85

8,843.0000 LVMH Moet Hennessy L 1,553 3.12

10,080.0000 3M Co. 1,538 3.09

53,453.0000 Intel Corporation 1,537 3.09

17,240.0000 Pepsico Inc 1,537 3.09

23,655.0000 Cie Financiere Richemont 1,494 3.00

9,700.0000 L’Oreal SA 1,491 2.99

11,180.0000 Amgen Inc 1,462 2.94

20,287.0000 Procter & Gamble 1,453 2.92

27,600.0000 Microsoft Corp 1,449 2.91

22,282.0000 Colgate - Palmolive 1,300 2.61

142,190.0000 Rolls Royce Holdings 1,072 2.15

10,490.0000 Monsanto Co 947 1.90

1,130.0000 Syngenta Ag-Reg 498 1.00




49,889 100

PORTFOLIO STATEMENT – HUNTRESS GLOBAL BLUE CHIP FUND

huntress investment fund offshore - ravenscroft | investment fund offshore ... commission as a class...

Documents