unaudited semi-annual report for the financial … · 2018-09-05 · for the financial period ended...

PCM GLOBAL FUNDS ICAV

(An Irish collective asset-management vehicle constituted as an open-ended umbrella fund with segregated

liability between Sub-Funds registered in Ireland on 7 July 2015 under the Irish Collective Asset-management Vehicles Act 2015 (“ICAV”) and authorised by the Central Bank of Ireland as an Undertaking for Collective Investment in Transferable Securities (“UCITS”) pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities)

Regulations 2015 (together the “UCITS Regulations”). Registration Number C142346)

UNAUDITED SEMI-ANNUAL REPORT

FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2018

PCM Global Funds ICAV Unaudited Semi-Annual Report

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CONTENTS

General Information 3

Investment Manager’s Report 4

Statement of Financial Position 7

Statement of Comprehensive Income 8

Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 9

Statement of Cash Flows 10

Notes to the Financial Statements 11

Schedule of Investments 28

Supplemental unaudited information

- Financial Information and Material Portfolio Changes 33


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GENERAL INFORMATION

BOARD OF DIRECTORS INVESTMENT MANAGER AND DISTRIBUTOR

Kathleen Jacobs (Chairman, U.S. Resident)^ Polaris Capital Management, LLC

Bernard R. Horn Jr. (U.S. Resident)^ 121 High Street

Jason Crawshaw (U.S. Resident)^ Boston

Neil Clifford (Irish Resident)^ Massachusetts 02110-2475

Frank Kenny (Irish Resident)* United States

REGISTERED OFFICE DEPOSITARY 4th Floor RBC Investor Services Bank, S.A., Dublin Branch One George’s Quay Plaza 4th Floor George’s Quay One George’s Quay Plaza

Dublin 2 George’s Quay

Ireland Dublin 2

Ireland

ADMINISTRATOR IRISH LEGAL ADVISERS

RBC Investor Services Ireland Limited Dechert

4th Floor 3 George's Dock

One George’s Quay Plaza IFSC

George’s Quay Dublin 1 Dublin 2 Ireland

Ireland

ICAV SECRETARY US LEGAL ADVISERS

Dechert Secretarial Limited Dechert LLP

3 George’s Dock One International Place

IFSC 40th Floor Dublin 1 100 Oliver Street

Ireland Boston

Massachusetts 02110-2605

USA

INDEPENDENT AUDITORS PAYING AGENT IN SWITZERLAND KPMG, Chartered Accountants Hugo Fund Services SA 1 Harbourmaster Place 6 Cours de Rive

IFSC CH-1204 Geneva

Dublin 1 Switzerland

Ireland PAYING AGENT IN SWEDEN

Skandinaviska Enskilda Banken AB (Publ) Kungsträdgårdsgatan 8,

*Independent non-executive directors SE-106 40 Stockholm ^Non-executive directors Sweden

FACILITIES AGENT IN UNITED KINGDOM Carne Financial Services (UK) LLP Tallis House 2 Tallis Street

London EC4Y 0AB United Kingdom


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INVESTMENT MANAGER’S REPORT for the financial period ended 30 June 2018 Polaris Global Value UCITS Fund SEMI-ANNUAL COMMENTARY – THROUGH 30 JUNE 2018 The Polaris Global Value UCITS Fund (“The Fund”) returned (-1.04%) for the six months ended 30 June 2018, lagging the MSCI World Index, which gained +0.76%. Underperformance was primarily driven by the Fund’s significant benchmark-relative underweight to the U.S., during a period in which U.S. stocks appreciated on the back of higher employment and increased consumer spending. At the end of the quarter, the Fund’s U.S. allocation was 37% while the U.S. represented 61% of the MSCI World Index. The Fund had greater-than-benchmark weightings in developed Europe and emerging Asian economies - regions that were impacted by escalating trade war concerns. With the U.S. dollar appreciating against most foreign currencies, returns were lower for non-U.S. equities in dollar terms. The Euro and British Pound both slipped more than (-5%) against the greenback, and emerging market currencies, especially in Asia, were also hard hit. At the end of the six-month period, the Fund was in absolute positive territory in local currency terms; yet the overweight position in currency depreciating regions led to underperformance. SIX-MONTH PERFORMANCE ANALYSIS The health care sector was the largest contributor to Fund performance, led by Teva Pharmaceutical. The Israeli-based generic drug company, Teva rebounded from prior lows as it continued its restructuring and reduced debt. The company reaffirmed the long-term efficacy and safety of its blockbuster branded drug, Copaxone, and expects its new migraine therapy to undergo FDA review in 2018. UnitedHealth Group reported solid revenues and earnings-per-share for the quarter and increased full year 2018 guidance. The company benefitted from health insurance tax reform, greater per member revenues in Medicare Advantage, strong OptumRx sales and the Empresas Banmedica acquisition in Brazil. Gains were also exacted in the utilities sector, with Kansai Electric Power Co, NextEra Energy and ALLETE all in positive territory. U.S.-based electric utility company NextEra Energy made huge strides in expanding its solar energy capacity and entered into a four-year supply agreement with Chinese-based solar panel manufacturer, JinkoSolar. The company sought federal permission to operate two nuclear reactors in Florida for an additional 20 years. Japanese utility Kansai Electric Power was up +20% on a slew of positive news. The company restarted its Ohi Unit No. 3 nuclear reactor and won a court battle to continue operation of two of its nuclear reactors. Lastly, Kansai shuttered its crude oil fired Aioi Unit No. 2, effectively lowering fuel costs that will translate to reduced prices and market share gains. The information technology (IT) sector was also a top contributor to returns during the period. IT consulting company, Infosys, continued its turnaround by posting stable quarterly earnings under the watchful eye of new CEO Salil Parekh. Infosys’ employee utilization increased to an all-time high of 84.9%, and attrition rates decreased as Mr. Parekh promoted professionals internally. The stock ticked up almost +23% for the period. Web.com Group, Inc.’s stock price advanced after it agreed to be acquired by an affiliate of Siris Capital Group in an all-cash transaction valued at approximately $2 billion. Microsoft Corp. posted greater revenues and operating income, as commercial cloud offerings fueled growth. The company’s various platforms, including Azure, LinkedIn, Microsoft 365 and Dynamics 365, are also advancing. Among materials, Methanex Corporation posted record quarterly results on strong underlying demand and higher methanol prices. Growing demand from olefin makers, greater use of methanol for clean fuel, and curtailed production of high polluting coal to methanol in China tightened the global methanol supply/demand balance. The company’s healthy balance sheet allowed for reinvestment into its facilities, including a plant in Chile. In addition to benefiting from higher oil prices, BHP Billiton announced a number of strategic initiatives that were well received by investors. The company intends to reduce costs and refocus on core markets with development of five high-margin projects and divestiture of its U.S. shale business.


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INVESTMENT MANAGER’S REPORT for the financial period ended 30 June 2018 (continued) Polaris Global Value UCITS Fund (continued) Financials were generally muted, although Popular Inc. and Bancolombia were among the top 15 individual stock contributors, each up more than +20%. Puerto Rico continued to navigate through the hurricane aftermath, with Federal aid and insurance proceeds helping the Commonwealth. In this environment, Popular Inc. delivered upbeat quarterly results. Additionally, Popular’s acquisition of the Wells Fargo’s Puerto Rico auto finance business remained on track. Bancolombia SA had strong fiscal year-end results, pointing to loan growth and increased non-interest income. The Colombia-based bank noted a number of cost savings, ranging from tailoring back loan loss provisions in its Panama-based banks, reducing bonus expenses and lowering taxes. Siam Commercial and Franklin Resources detracted from sector results. Thailand-based Siam Commercial, saw its stock drop more than (-20%). Although the bank accrued decent quarterly metrics, net profits shrunk. Franklin Resources declined after declaring a special dividend that failed to impress the market. At $3.00 per share, this was a 10% yield payout on a dividend basis; however many investors felt that Franklin could have paid 3x that amount. The consumer discretionary sector detracted most for the six months ending June 32018. L Brands, the parent company of Victoria’s Secret (VS) and Bath and Body Works, noted positive year-on-year comparable sales growth. Yet gross margins at their brick-and-mortar VS stores were lower than expected due to product mix and promotional activity. L Brands’ 2018 guidance was equally unenthusiastic and the stock price plummeted. Korean auto components manufacturer, Hyundai Mobis, declined more than (-20%) after it terminated the restructuring of Hyundai Glovis, Kia and Hyundai Motors. The objective was to simplify the companies’ cross-holding structure, yet activist shareholders demanded changes to the valuation and various deal provisions. Hyundai Mobis noted an improved proposal is forthcoming. U.K. homebuilders also weakened, although all industry conditions look promising. Declines were likely due to profit taking, after homebuilder stock prices rose markedly in recent quarters. Sector losses were somewhat mitigated by a +31% gain in UK-based fashion retailer, Next PLC, after the company reported robust online sales that surpassed analyst expectations. Consumer staples holdings also weighed down performance during the period. Irish convenience food producer, Greencore Group, suffered steep losses in the first quarter of 2018 after the company reported lackluster earnings. Greencore’s ability to cultivate new U.S. customer relationships and restructure U.S. facilities came under fire. Greencore put those concerns to rest in the second quarter, as the company announced impressive half-year numbers with revenue growth from both its U.K. food-to-go grocery business and its U.S. Peacock acquisition. Investor sentiment turned positive on speculation of more U.S. outsourcing contracts, and Greencore’s stock price started to recover. Tyson Foods reported strong results, but referenced higher costs in labor and logistics. Until Tyson raises prices to mitigate freight/shipping costs, the stock will be pressured. INVESTMENT ENVIRONMENT AND STRATEGY Most fundamental indicators that we track point to synchronized global growth. The majority of companies, regardless of geography or industry, with which we met have expressed optimism about the global economy. The same theme repeats: companies are noting good business demand, inventory restocking and new purchasing trends. Raw material/commodity prices are rising, and supply-demand metrics are proving favorable in numerous sectors. The recent (-20% to -25%) declines among many systemically important financial institutions (SIFIs) have given us pause. While no large U.S.-based SIFI banks have entered bear market territory, many Chinese and some European banks were impacted. In an efficient market, such substantial declines may indicate problems in the financial system. We will continue to monitor this situation carefully. Of equal concern is the escalating trade war, which appears to sway global markets on a near daily basis. However, we must keep this “headline news” rhetoric in perspective. High-level negotiations will continue, as economic leaders push their respective agendas. And we expect all parties will carefully evaluate the costs of a global trade war.


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INVESTMENT MANAGER’S REPORT for the financial period ended 30 June 2018 (continued) Polaris Global Value UCITS Fund (continued)

There is little doubt that the current economic boom will be intermittently tested by the threat of trade wars or challenges in emerging markets. We will capitalize on periods of market volatility to add new investments to the portfolio. Expect to see new purchases from Asia (China, Japan, Korea, Taiwan) and the U.S., as that is where our research team is finding fundamentally sound, attractively-priced companies. Such efforts will continue as we seek to improve the valuation, risk profile, and ultimately performance, of the Fund. Regards, Polaris Capital Management, LLC


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STATEMENT OF FINANCIAL POSITION REPORT as at 30 June 2018

PCM Global Funds ICAV including

Polaris Global Value UCITS Fund



30 June 2018 31 December 2017

Notes USD USD

ASSETS Cash and cash equivalents 10 1,227,183 2,135,875

Financial assets at fair value through profit or loss:

Transferable securities 9 102,379,981 103,720,642

Other receivables 280,419 286,355

TOTAL ASSETS 103,887,583 106,142,872

LIABILITIES

Other payables 342,774 232,126

Total liabilities (excluding net assets attributable to holders of redeemable participating shares) 342,774 232,126

Net assets attributable to holders of redeemable participating shares/equity shares* 103,544,809 105,910,746

*See Note 3(g)

Number of units in issue 30 June 2018 31 December 2017

Class I USD Accumulating 7,770,975 7,895,869

Class A USD Accumulating 50,055 7,419

NAV per unit 30 June 2018 31 December 2017

Class I USD Accumulating $13.27 $13.41

Class A USD Accumulating $9.90 $10.03

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


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STATEMENT OF COMPREHENSIVE INCOME for the financial period 1 January 2018 to 30 June 2018





30 June 2018 30 June 2017

Notes USD USD

INCOME Dividends 2,195,347 1,346,210 Bank Interest 21,903 4,324 Net (loss)/gain on financial instruments at fair value through profit or loss (2,395,934) 5,542,126 Other income 7,705 27,166

Total investment gain (170,979) 6,919,826

EXPENSES Investment Management fees 6 (412,666) (265,921) Investment Manager rebate for capped expenses 6 128,391 91,631 Operating expenses 7 (213,925) (151,890)

Total operating expenses (498,200) (326,180)

(Decrease)/Increase in net assets attributable to holders of redeemable participating shares/equity shares before tax (669,179) 6,593,646 Withholding tax expenses 3 (366,975) (212,258)

(Decrease)/Increase in net assets attributable to holders of redeemable participating shares/equity shares (1,036,154) 6,381,388



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STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING/EQUITY SHARES for the financial period 1 January 2018 to 30 June 2018

PCM Global Funds ICAV including Polaris

Global Value UCITS Fund



30 June 2018 30 June 2017 USD USD

Net assets attributable to holders of redeemable participating/equity shares at beginning of the financial period

105,910,746 66,699,745 (Decrease)/Increase in net assets attributable to holders of redeemable participating/equity shares

(1,036,154) 6,381,388 Proceeds from issuance of redeemable participating/equity shares

11,972,978 5,983,059

Payments on redemption of redeemable participating/equity shares

(13,302,761) (4,495,919)

Net assets attributable to holders of redeemable participating/equity shares at end of the financial period

103,544,809 74,568,273



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STATEMENT OF CASH FLOWS for the financial period 1 January 2018 to 30 June 2018





30 June 2018 30 June 2017 USD USD

Cash flows from operating activities (Decrease)/Increase in net assets attributable to holders of redeemable participating/equity shares from operations (1,036,154) 6,381,388 Dividend income (1,828,372) (1,346,210) Bank interest income (21,903) (4,324) Withholding tax - 212,258 Net gain/(loss) on financial instruments at fair value through profit or loss 2,395,934 (5,542,126)

Operating loss before working capital changes (490,495) (299,014)

Changes in operating assets and liabilities Movement in investments (1,055,273) (2,905,924) Increase in receivable from Investment Manager 111,779 68,635 Increase in other receivables (345) (48,734) Increase in other payables 151,248 35,123

Cash used by operating activities (1,283,086) (3,149,914)

Dividend received 1,730,257 1,261,624 Interest received 14,520 4,344 Withholding tax - (212,258)

Net cash provided from/(used by) operating activities 461,691 (2,096,204)

Financing activities Payments of redemptions of redeemable participating/equity shares (13,343,361) (4,495,919) Proceeds from issue of redeemable participating/equity shares 11,972,978 5,983,059

Net cash (used by)/provided from financing activities (1,370,383) 1,487,140

Net decrease in cash and cash equivalents (908,692) (609,064) Cash and cash equivalents at the beginning of the financial period 2,135,875 874,517

Cash and cash equivalents at the end of the financial period 1,227,183 265,453



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NOTES TO THE FINANCIAL STATEMENTS 1. Reporting Entity

The ICAV is an Irish collective asset-management vehicle constituted as an open-ended umbrella fund with segregated liability between Sub-Funds registered in Ireland on 7 July 2015 under the ICAV Act 2015 and authorised by the Central Bank of Ireland as an Undertaking for Collective Investment in Transferable Securities (“UCITS”) pursuant to the UCITS Regulations. The ICAV’s registration number is C142346. As of 30 June 2018, there was one active Fund. The principal activity of the Fund is to seek capital appreciation.

2. Basis of Preparation

The principal accounting policies and estimation techniques applied in the preparation of these financial statements are set out below. (a) Statement of compliance

The financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union, and Irish law comprising the ICAV Act 2015 and the UCITS Regulations. (b) Basis of Measurement

The financial statements have been prepared on the historical cost basis, except for financial instruments at fair value through profit or loss, which are measured at fair value. The financial statements are prepared on a going concern basis. (c) Functional and Presentation Currency

Items included in the Fund’s financial statements are measured using the primary economic environment in which the respective Fund operates (“the functional currency”). Functional currency is the currency of the primary economic environment in which the Fund operates. The functional and presentational currency is United States Dollar (“USD”). If indicators of the primary economic environment are mixed, then management uses its judgement to determine the functional currency that most faithfully represents the economic effects of the underlying transactions, events and conditions. The majority of the Fund’s investments and transactions are denominated in USD. Investor subscriptions and redemptions are determined based on the net asset value, and received and paid in USD. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into said functional currency at the closing rates of exchange at each financial period end. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value through profit or loss are retranslated into the functional currency at the spot rate at the date the fair value was determined. Transactions during the financial period, including purchases and sale of securities, income and expenses, are translated at the rate of exchange prevailing on the date of the transaction. Foreign currency gains and losses on items measured at fair value through profit or loss are included in the net gain or loss on financial instruments at fair value through profit or loss in the Statement of Comprehensive Income.


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NOTES TO THE FINANCIAL STATEMENTS (continued)

2. Basis of Preparation (continued)

(d) Use of estimates and judgements

The preparation of financial statements in conformity with IFRS as adopted by the EU, requires management to make judgements, estimates and assumptions which affect the application of policies and the reported amounts of assets and liabilities, income and expense. The estimates and associated assumptions are based on historical experience and various other factors which are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities which are not readily apparent from other sources. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the financial period in which the estimates are revised and in any future years affected. There were no estimates used in measuring the fair value of investments at the financial period end date of 30 June 2018 (31 December 2017: nil) as all investments held at year end were classified as level 1.

3. Significant Accounting Policies

(a) Expenses

All expenses are recognised in the Statement of Comprehensive Income on an accrual basis and as the related services are performed. The Investment Manager has undertaken to limit the annual expenses through the use of an Expense Limitation. Reimbursement of expenses, arising as a result of the Expense Limitation, is included in the operating expenses in the Statement of Comprehensive Income.

(b) Financial Assets and Liabilities at Fair Value through Profit or Loss

(i) Classification

The ICAV classifies its investments as financial assets and liabilities at fair value through profit or loss: held for trading. The financial assets and liabilities held for trading are those that the ICAV principally holds for the purpose of short-term profit taking, in accordance with International Accounting Standard 39.

Financial assets that are categorised as loans and receivables include cash and cash equivalents and other receivables, dividend receivable, receivables from investment manager, none of which are quoted on an active market.

Financial liabilities that are at amortised cost includes other payables.

(ii) Recognition The ICAV recognises financial assets held-for-trading on the trade date, being the date it commits to purchase the instruments. From this date any gains and losses arising from changes in fair value of the assets or liabilities are recognised through profit or loss in the Statement of Comprehensive Income. Other financial assets and liabilities are recognised on the date they are originated.

(iii) Initial Measurement Financial instruments categorised at fair value through profit or loss are measured initially at fair value, with transaction costs for such instruments being recognised immediately in the Statement of Comprehensive Income. Financial assets and liabilities not at fair value through profit or loss are recognised initially at fair value plus transaction costs that are directly attributable to their acquisition or issue.

(iv) Subsequent measurement After initial measurement, the ICAV measures financial instruments which are classified as at fair value through profit or loss, at their fair value. Subsequent changes in the fair value of financial instruments at fair value through profit or loss are recognised in the Statement of Comprehensive Income. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of financial instruments is based on their quoted market prices in an active market. The ICAV measures instruments quoted in an active market at last traded price, because this price provides a reasonable approximation of exit price.


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NOTES TO THE FINANCIAL STATEMENTS (continued) 3. Significant Accounting Policies (continued)

(b) Financial Assets and Liabilities at Fair Value through Profit or Loss (continued) (iv) Subsequent measurement (continued) If a quoted market price is not available, the fair value of the financial instruments may be estimated by a competent person using valuation techniques, including the use of recent arm’s length market transactions, reference to the current fair value of another instrument that is substantially the same, discounted cash flow techniques, option pricing models or any other valuation technique that provides a reliable estimate of prices obtained in actual market transactions. (v) De-recognition

The ICAV de-recognises a financial asset when the contractual rights to the cash flows from the financial asset expire. It also derecognises a financial asset when it transfers the financial assets and the transfer qualifies for derecognition in accordance with IAS 39. The ICAV derecognises a financial liability when the obligation specified in the contract is discharged, cancelled or expires. (c) Offsetting Financial Instruments

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is a legally enforceable right to set-off the recognised amounts and there is an intention to settle on a net basis, or realise the assets and settle the liability simultaneously. There were no master netting agreements in place for the financial period ended 30 June 2018 and 31 December 2017. As a result, the requirements of IFRS 7 to disclose offsetting positions of financial assets and liabilities have no impact on current disclosures in the ICAV’s financial statements. (d) Transaction Costs

Transaction costs include fees and commissions paid to agents, advisers, brokers and dealers, levies by regulatory agencies and security exchanges, and transfer taxes and duties. Transaction costs do not include debt premiums or discounts, financing costs or internal administrative or holding costs. Transaction costs relate to the purchase and sale of investments and are recognised in operating expenses in the Statement of Comprehensive Income.

(e) Net Gain/Loss on Financial Assets and Liabilities at Fair Value through Profit or Loss

Results arising from trading activities are recognised in the Statement of Comprehensive Income. Included are all realised and unrealised fair value changes of financial instruments and foreign exchange differences, but excludes interest and dividend income which are presented separately in the Statement of Comprehensive Income.


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(f) Income Tax

Withholding tax expense Dividend, interest income and capital gains (if any) received by the Fund might be subject to withholding tax imposed in the country of origin. Income that is subject to such tax is recognised gross of the taxes and the corresponding withholding tax is recognised as tax expense in the Statement of Comprehensive Income. The ICAV may be liable to taxes (including withholding taxes) in countries other than Ireland on dividend, interest income and capital gains arising on its investments. The ICAV may not be able to benefit from a reduction in the rate of such foreign tax by virtue of double taxation treaties between Ireland and other countries. The ICAV may not, therefore, be able to reclaim any foreign withholding tax suffered by it in particular countries. Income that is subject to such tax is recognised gross of the taxes and the corresponding withholding tax is recognised as a tax expense. Capital gains tax Capital gains tax (if any) received on investments made by the ICAV may be subject to withholding taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the ICAV or its shareholders. (g) Redeemable Participating Shares

A puttable instrument that includes a contractual obligation for the issuer to repurchase or redeem that instrument for cash or another financial asset is classified as equity instruments if it meets the following conditions:

- it entitles the holder to a pro rata share of the Fund's net assets in the event of the Fund's liquidation; - it is in the class of instruments that is subordinate to all other classes of instruments; - all financial instruments in the class of instruments that is subordinate to all other classes of instruments have identical features; - apart from the contractual obligation for the Fund to repurchase or redeem the instrument for cash or another financial asset, the instrument does not include other features that would require classification as a liability; - the total expected cash flows attributable to the instrument over its life are based substantially on the profit or loss, the change in the recognised net assets or the change in the fair value of the recognised and unrecognised net assets of the Fund over the life of the instrument. (h) Cash and Cash Equivalents

Cash and cash equivalents include cash in hand and other short term deposits with original maturities of three months or less, net of bank overdrafts. (i) Interest Income and Interest Expense Interest income is recognised in the Statement of Comprehensive Income on an accruals basis, using the effective interest method. The effective interest method is the rate that exactly discounts the estimated future cash payments and receipts through the expected life of the financial asset or liability (or when appropriate; a shorter period) to the carrying amount of the financial asset or financial liability. When calculating the effective interest rate, the Fund estimate future cash flows considering all contractual terms but not future credit losses. Interest expense is recognised on an accruals basis in line with the contractual terms. Interest is accrued on a daily basis.


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(j) Dividend Income

Dividend income is recognised in the Statement of Comprehensive Income on the date upon which the related security is first listed as “ex-dividend”. Dividend income is shown gross of any non-recoverable withholding taxes and net of any tax credits. (k) New Standards, Amendments and Interpretations issued but not effective and not yet adopted

A number of new standards, amendments to standards and interpretations in issue are not yet effective, and have not been applied in preparing these financial statements.

IFRS 9, published in July 2014, replaces the existing guidance in IAS 39 Financial Instruments: Recognition and Measurement. IFRS 9 includes revised guidance on the classification and measurement of financial instruments, a new expected credit loss model for calculating impairment on financial assets, and new general hedge accounting requirements. It also carries forward the guidance on recognition and derecognition of financial instruments form IAS 39. IFRS 9 is effective for annual reporting periods beginning on or after 1 January 2018, with early adoption permitted. Based on the initial assessment, this standard is not expected to have a material impact on the Fund. This is because the financial instruments currently measured at fair value through profit or loss (“FVTPL”) will continue to be measured at FVTPL under IFRS 9 and those currently measured at amortised cost will continue to be measured at amortised cost under IFRS 9.

4. Taxation

The ICAV is an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997. Therefore, the ICAV will not be liable to Irish tax in respect of its income and gains, other than on the occurrence of a chargeable event.

Generally a chargeable event arises on any distribution, redemption, repurchase, cancellation, transfer of shares or the ending of a ‘Relevant Period’. A ‘Relevant Period’ is an eight year period beginning with the acquisition of the shares by the Shareholder and each subsequent period of eight years beginning immediately after the preceding Relevant Period.

A gain on a chargeable event does not arise in respect of:

a) A shareholder who is not an Irish resident and not ordinarily resident in Ireland at the time of the chargeable event, provided the necessary signed statutory declarations are held by the ICAV;

b) Certain exempted Irish tax resident Investors who have provided the ICAV with the necessary signed statutory declarations;

c) An exchange of shares arising on a qualifying amalgamation or reconstruction of the ICAV with another fund;

d) Any transaction in relation to shares held in a recognised clearing system as designated by order of the Revenue Commissioners of Ireland;

e) Certain exchanges of shares between spouses and former spouses on the occasion of judicial

separation and/or divorce;

f) An exchange by a Shareholder, effected by way of an arm’s length bargain where no payment is made to the Shareholder of Shares in the ICAV for other Shares in the ICAV.


16

NOTES TO THE FINANCIAL STATEMENTS (continued) 4. Taxation (continued)

Capital gains, dividends and interest (if any) received on investments made by the ICAV may be subject to withholding taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the ICAV or its shareholders.

In the absence of an appropriate declaration, the ICAV will be liable for Irish tax on the occurrence of chargeable event, and the ICAV reserves its right to withhold such taxes from the relevant shareholders.

The ICAV may be subject to taxes imposed on realised and unrealised gains on securities for certain foreign countries in which the ICAV invests. The foreign tax expense, if any, is recorded on an accrual basis and is included in the capital gains tax line in the statement of comprehensive income. The amount of foreign tax owed, if any, is included in the capital gains tax payable in the statement of financial position. There was a capital gains tax charge of USD Nil (30 June 2017: USD Nil) for the period ended 30 June 2018, of which Nil were payable at the period end 30 June 2018 (31 December 2017: Nil).

5. Share Capital

The ICAV's current capital exceeds EUR 300,000, being the capital required to establish a self-managed investment company under the UCITS Regulations.

Authorised Shares The authorised share capital of the ICAV is 500,000,000,000 redeemable Shares of no par value. There were also 300,000 redeemable Management Shares of €1 each and shall at all times be equal to the value for the time being of the issued share capital of the ICAV.

Redeemable Management Shares At the registration of the ICAV Neil Clifford and Declan O’Sullivan were each issued one Redeemable Management Share. On 28 July 2015, Neil Clifford and Declan O’Sullivan each transferred their shares to Mr. Bernard Horn Jr. and Polaris Capital Management, LLC. Mr. Bernard Horn Jr. holds his share, for and on behalf of Polaris Capital Management, LLC.

The Redeemable Management Shares entitle the holders to attend and vote at general meetings of the ICAV but do not entitle the holders to participate in the profits or assets of the ICAV except for a return of capital on a winding-up. As at 30 June 2018, there were no Redeemable Management Shares in issue.

Redeemable Participating Shares A Fund may consist of one or more Classes of Shares. A separate pool of assets will not be maintained for each Class within a Fund. The Shares of each Class allocated to a Fund will rank pari passu with each other in all respects provided that Classes may differ as to certain matters including, without limitation as to all or any of the following: currency of denomination of the Class, distribution policy, the amount of fees and expenses to be charged (including any Share Class specific expenses) and the minimum subscription and redemption amounts.

Each of the Shares entitles the holder to attend and vote at meetings of the ICAV and to participate equally in the profits and assets of the Fund to which the Shares relate, subject to any differences between fees, charges and expenses applicable to different Classes. Each Shareholder shall have one vote for each whole Share held. The liability of the shareholders shall be limited to the amount, if any, unpaid on the Shares respectively held by them, and the shareholders shall not be liable for the debts of the Sub-Fund. Minimum subscription and redemption amounts are specified in the relevant Supplement for each Sub-Fund.

The ICAV may from time to time by Ordinary Resolution increase its capital, consolidate its shares or any of them into a smaller number of shares, sub-divide shares or any of them into a larger number of shares or cancel any shares not taken or agreed to be taken by any person. The ICAV may by Special Resolution from time to time reduce its share capital in any way permitted by Irish law.

The rights attached to each Class (and for these purposes, reference to any Class shall include reference to any Class) may, whether or not the ICAV is being wound up, be varied with the consent in writing of the holders of three fourths of the issued Shares of that Class or with the sanction of a Special Resolution passed at a separate general meeting of the holders of the Shares of that Class.


17

NOTES TO THE FINANCIAL STATEMENTS (continued) 5. Share Capital (continued)

The provisions of the Instrument of Incorporation in relation to general meetings shall apply to every such separate general meeting except that the necessary quorum at any such meeting shall be two persons holding or representing by proxy at least one third of the issued Shares of the Class in question or, at an adjourned meeting, one person holding Shares of the Class in question or his proxy. Any holder of Shares representing one tenth of the Shares in issue of the Class in question present in person or by proxy may demand a poll. The rights attaching to any Class shall not be deemed to be varied by the creation or issue of further Shares of that Class ranking pari passu with Shares already in issue, unless otherwise expressly provided by the terms of issue of those Shares.

The Instrument of Incorporation provide that on a show of hands at a general meeting of the ICAV every Shareholder present in person or by proxy shall have one vote and on a poll at a general meeting every Shareholder shall have one vote in respect of each Share, as the case may be, held by him; provided, however, that, in relation to a resolution which in the opinion of the directors affects more than one Class or gives or may give rise to a conflict of interest between the shareholders of the respective Classes, such resolution shall be deemed to have been duly passed, only if, in lieu of being passed at a single meeting of the Shareholders of all of those Classes, such resolution shall have been passed at a separate meeting of the Shareholders of each such Class.

All general meetings of the ICAV or any Fund shall be held in Ireland. At least 21 days’ notice (exclusive of the day on which the notice is served or deemed to be served and of the day for which the notice is given) shall be given to Shareholders. The notice shall specify the place, day and hour of the meeting and the terms of the resolutions to be proposed. A proxy may attend on behalf of any Shareholder.

The initial issue price per Share for Shares being offered by the Fund is:

Class A USD Accumulating USD $10.00

Class I USD Accumulating USD $10.00

Class I EUR Accumulating EUR €10.00

Class I EUR Accumulating (Hedged) EUR €10.00

Class I GBP Accumulating GBP £10.00

Class I GBP Accumulating (Hedged) GBP £10.00

Class R GBP Accumulating GBP £10.00

Class R GBP Accumulating (Hedged) GBP £10.00

Class X USD Accumulating USD $10.00

As of 30 June 2018 and 31 December 2017, Class I USD Accumulating share class and Class A USD Accumulating share class were in issue. Investors may apply for shares in the Class I USD Accumulating share class and Class A USD Accumulating share class net asset value. 30 June 2018 31 December 2017

Share Class I USD

Accumulating Share Class I USD

Accumulating

Redeemable participating/equity shares in issue at beginning of the period 7,895,869 5,990,627 Shares issued during the period 858,685 2,696,384 Shares redeemed during the period (983,579) (791,142)

Redeemable participating/equity shares in issue at end of the period 7,770,975 7,895,869


18

NOTES TO THE FINANCIAL STATEMENTS (continued) 5. Share Capital (continued)


Share Class A USD

Accumulating Share Class A USD

Accumulating

Redeemable participating/equity shares in issue at beginning of the period 7,419 - Shares issued during the period 42,636 7,419 Shares redeemed during the period - -

Redeemable participating/equity shares in issue at end of the period 50,055 7,419

Shares in the Fund may be redeemed on a daily basis at the Net Asset Value per share of the relevant class. For details of the proceeds from issuance and payments on redemption of redeemable participating shares, please see the Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares.

Dividend Policy

It is intended that, in the normal course of business, dividends will not be declared and that any net investment income and net realised capital gains will be accumulated in the respective Net Asset Value per Share of each Class. Shareholders will be notified in advance of any change in distribution policy. Significant shareholders

Sygnia Life Limited held 5,800,835 (31 December 2017: 5,268,889) shares at 30 June 2018 which represents 74.17% (31 December 2017: 66.67%) of the net asset share capital of the ICAV at financial period end.

6. Investment Management Fees and Expense Limitation

Under the Investment Management Agreement, the ICAV pays to the Investment Manager a maximum fee at an annual rate equal to the percentage of the average daily Net Asset Value of the relevant Class of the Fund, with the exception of the Class X Shares (of which there are none in issue) which are set out in a separate agreement. The investment management fee shall accrue and be calculated daily and shall be payable monthly in arrears. In addition, the Investment Manager shall be entitled to be reimbursed its reasonable vouched out-of-pocket expenses. Each Fund shall bear pro rata its share of such out-of-pocket expenses. The Investment Manager may also, from time to time and at its sole discretion, use part of its investment management fee to remunerate certain financial intermediaries and may pay reimbursements or rebates to certain institutional shareholders in circumstances where its fees are charged directly to such intermediaries and/or institutional shareholders and not to the Fund.

The Investment Manager also may pay trail or service fees out of its investment management fee to financial intermediaries who assist in the sales of Shares of the Fund and provide on-going services to the Shareholders.


19

NOTES TO THE FINANCIAL STATEMENTS (continued) 6. Investment Management Fees and Expense Limitation (continued)

The Investment Manager has committed to waive a portion of its management fee and, if necessary, reimburse the Fund’s operating expenses, in order to keep the Fund’s total operating expenses (including the fees of the Investment Manager, Administrator and Depositary) from exceeding an annual rate of the daily Net Asset Value of the Fund as set out in the schedule to the supplement. Operating expenses in relation to the expense limitation do not include the cost of buying and selling investments, withholding tax, stamp duty or other taxes on investments, commissions and brokerage fees incurred with respect to investments, and such extraordinary or exceptional costs and expenses (if any) as may arise from time to time, such as material litigation in relation to the ICAV as may be determined by the Directors in their discretion. The expenses subject to the Expense Limitation shall include the investment management fee. The Investment Manager may renew or discontinue this arrangement at any time upon prior notification to Shareholders.

Class Investment

Management Fee Expense

Limitation

Class A USD Accumulating* 1.000% N/A

Class I USD Accumulating* 0.750% 0.900%

Class I EUR Accumulating 0.750% 0.900%

Class I EUR Accumulating (Hedged) 0.750% 0.900%

Class I GBP Accumulating 0.750% 0.900%

Class I GBP Accumulating (Hedged) 0.750% 0.900%

Class R GBP Accumulating 0.825% 0.975%

Class R GBP Accumulating (Hedged) 0.825% 0.975%

Class X USD Accumulating N/A 0.150% * in issue as at 31 December 2017.

To the extent that the Investment Manager waives its fee or reimburses the Fund’s operating expenses under the Expense Limitation, the Fund’s overall expense ratio will be lower than it would have been without the Expense Limitation. This reduction in operating expenses may increase the Fund’s investment return and such returns may not be achieved without the benefit of the Expense Limitation.

For the financial period ended 30 June 2018 fees charged by the Investment Manager amounted to USD 412,666 (30 June 2017: USD 265,921), of which USD 138,312 (31 December 2017: USD 119,332) remains payable at 30 June 2018. For the financial period ended 30 June 2018 Investment Manager rebate for capped expenses amounted to USD 128,391 (30 June 2017: 91,631), of which USD 58,206 (31 December 2017: USD 169,985) is due from the Investment Manager at 30 June 2018.

7. Operating Expenses

Administrator’s Fees and Expenses

The Administrator is entitled to receive out of the assets of the Fund an annual fee which will not exceed 0.0275% of the net assets of the Fund, subject to a minimum fee of USD 2,670 per month per Fund (plus any applicable taxes). This fee accrues and is calculated on each Dealing Day and payable monthly in arrears. The Administrator agreed to waive the minimum fee requirement for the first six months of the ICAV’s operations. Minimum fee requirements commenced from 1 June 2016 onwards. The Administrator is also entitled to charge to the Fund all agreed fees and transaction charges, at normal commercial rates, together with reasonable out of-pocket expenses (plus any applicable taxes), it incurs on behalf of the Fund in the performance of its duties under the Administration Agreement, which shall be payable monthly in arrears. For the financial period ended 30 June 2018 fees charged by the Administrator were USD 19,673 (30 June 2017: USD 18,669). As at 30 June 2018 fees of USD 5,267 (31 December 2017: USD 7,900) were payable to the Administrator.


20

NOTES TO THE FINANCIAL STATEMENTS (continued) 7. Operating Expenses (continued)

Transfer Agent Fees

The Administrator, in relation to the provision of its services shall be entitled to a fee payable out of the assets of each Fund accruing daily and payable monthly in arrears at the end of each calendar month at the following rates: - Transfer Agent fee - USD 2,000 per share class per annum subject to a minimum monthly fee of USD

2,500. Account maintenance and servicing fees will be charged at normal commercial rates. For the financial period ended 30 June 2018 fees charged by the Transfer Agent were USD 15,034 (30 June 2017: USD 15,061). As at 30 June 2018 fees of USD 4,931 (31 December 2017: USD 7,398) were payable to the Transfer Agent. Depositary’s Fees and Expenses

The Depositary is entitled to receive out of the assets of the Fund, the greater of an annual fee which will not exceed 0.023% of the net assets of the Fund, or a minimum oversight fee of up to USD 1,117 per month (plus any applicable taxes) and a depositary cash flow monitoring & reconciliation flat fee of USD 291 per month. These fees accrue and are calculated on each Dealing Day and payable monthly in arrears. The Depositary is also entitled to receive out of the assets of the Fund, the greater of a safekeeping fee accrued daily and payable monthly in arrears at a rate, depending on the custody markets, ranging from 0.5 bps up to 108 bps on the Net Asset Value of the Fund, subject to a minimum safekeeping fee of USD 8,000 per annum (plus VAT, if any). These fees accrue and are calculated on each Dealing Day and payable monthly in arrears. The Depositary shall also be entitled to receive out of the net assets of the Fund all agreed sub-custodian fees, transaction charges (which will be charged at normal commercial rates) together with reasonable out-of-pocket expenses incurred by the Depositary in the performance of its duties under the Depositary Agreement. For the financial period ended 30 June 2018 fees charged by the Depositary were USD 25,244 (30 June 2017: USD 14,084). As at 30 June 2018 fees of USD 6,681 (31 December 2017: USD 9,237) were payable to the Depositary. Directors Remuneration

The Instrument of Incorporation provides that the Directors shall be entitled to a fee by way of remuneration for their services at a rate to be determined from time to time by the Directors. However, Directors affiliated with the Investment Manager are not entitled to a fee. The aggregate amount of Directors’ remuneration in any one year shall not exceed €60,000 without the approval of the Directors. All Directors will be entitled to reimbursement by the ICAV of expenses properly incurred in connection with the business of the ICAV or the discharge of their duties. For the financial period ended 30 June 2018 fees charged by the Directors were USD 19,726 (30 June 2017: USD 15,190). As at 30 June 2018 fees of USD 1,258 (31 December 2017: USD 1,073) were payable to the Directors. There were no reimbursement of expenses made to the directors during the year ended 30 June 2018 (2017: nil). Audit Fees

Audit fees relate to the service provided by KPMG for the financial period ended 30 June 2018 and 30 June 2017.

Fees shown above are exclusive of VAT.

30 June 2018 30 June 2017 Description USD USD Audit (including reimbursement of expenses) 7,644 4,591 Tax advisory (VAT returns) 8,037 3,238

Total 15,681 7,829


21


7. Operating Expenses (continued)

Below is a breakdown of the operating expenses for the financial period ended 30 June 2018 and 30 June 2017:

30 June 2018 30 June 2017 USD USD Operating expenses Depositary fees 25,244 14,084 Transaction costs 23,686 19,195 Other Charges 164,995 118,611

Total operating expenses 213,925 151,890

8. Related Parties

IAS 24 ‘Related Party Transactions’ requires the disclosure of information relating to material transactions with parties who are deemed to be related to the reporting entity. The Directors, the Investment Manager, Carne Global Financial Services Limited and Sygnia Life Limited, represent related parties for the purposes of the accounting standards to which the ICAV is subject.

Please refer to Note 5 on Sygnia Life Limited shareholding.

Transactions with parties with significant influence

Polaris Capital Management, LLC has been appointed as the Investment Manager of the ICAV pursuant to the Investment Management Agreement dated 1 October 2015 and shall remain in effect until terminated. Investment Management fees incurred by the ICAV are disclosed in Note 6. The Investment Manager has imposed a voluntary cap on the fees and expenses payable in respect of each Share Class of the Fund. The Investment Manager will discharge all fees and expenses in excess of the cap payable in respect of each Class. The cap for each Class will be reviewed on a periodic basis by the Investment Manager, in consultation with the Directors. Any increase or removal of the cap in respect of any Class will be notified to Shareholders of that Class in advance. Amounts reimbursed by the Investment Manager with respect to the expense cap is disclosed in Note 6.

Transactions with key management personnel

Ms. Kathleen Jacobs, Mr. Bernard Horn Jr and Mr. Jason Crawshaw, directors of the ICAV, are also employees of the Investment Manager.

By virtue of their roles within Polaris Capital Management, LLC Ms. Jacobs, Mr. Horn Jr. and Mr. Crawshaw are considered related parties. For the financial period ended 30 June 2018 Investment Manager fees and the Expense Limitation are discussed in Note 6.

Neil Clifford, a Director of the ICAV, is also an employee of Carne Global Financial Services Limited. Carne Global Financial Services Limited earned fees during the period in respect of Director support services and other fund governance services provided to the ICAV, the fees amounted to USD5,123 and USD18,100, (30 June 2017: USD 20,981) respectively, of which USD31,078 was payable at period end (31 December 2017: USD13,275). For the financial period ended 30 June 2018 Neil Clifford earned US$4,991 directors fees.

Directors’ remuneration is discussed in Note 7.

Connected party transactions

Regulation 41 (1) of the Central Bank of Ireland UCITS Regulations 2015 states that “a responsible person shall ensure that any transaction between a UCITS and a connected person is conducted at (a) arm’s length; and (b) in the best interests of the shareholders of the UCITS”. As required under Regulation 78 (4) of the Central Bank of Ireland UCITS Regulations 2015, the Directors are satisfied that there are in place arrangements, evidenced by written procedures, to ensure that the obligations that are prescribed by Regulation 41(1) are applied to all transactions with a connected party; and all transactions with connected parties that were entered into during the period to which the report relates complied with the obligations that are prescribed by Regulation 41(1).


22


9. Risks Associated with Financial Instruments

The Fund, the ICAV’s only sub-fund in operation, aims to seek capital appreciation by investing primarily in equity and equity-related securities of companies both U.S. and non-U.S., of any market capitalisation, including companies which are organised, headquartered or do a substantial amount of their business in Emerging Market countries. The Fund is exposed to risks which includes market risk, credit risk and liquidity risk arising from the financial instruments it holds. The ICAV may use derivatives and other instruments in connection with its risk management activities.

The Fund has in place guidelines that set out its overall business strategies and its general risk management philosophy and has established processes to monitor and control economic hedging transactions in a timely and accurate manner. The Investment Manager employs a risk management process to monitor and control position risk in a timely and accurate manner. Global exposure is calculated using the commitment approach. (a) Market Risk Market risk arises mainly from uncertainty about future prices of financial instruments held. It represents the potential loss the Fund might suffer through holding market positions in the face of price movements. The ICAV is exposed, particularly in its equity assets, to market risks. The ICAV invests in securities traded on global markets and market risk is a risk to which exposure is unavoidable. Market risk comprises of price risk, currency risk and interest rate risk. (i) Price Risk Price risk is the risk that the value of a financial instrument will fluctuate as a result of changes in market prices, whether caused by factors specific to an individual investment, its issuer or all factors affecting equity instruments traded in the market. As the majority of the ICAV’s investments are carried at fair value with fair value changes recognised in the Statement of Comprehensive Income, all changes in market conditions will directly affect net income. The risk is mitigated through diversification of the portfolio in investments in various geographic zones and industries. The investment strategy of the ICAV is not to replicate a market index and therefore correlation between the return from the ICAV and any market index is likely to vary. As a result, it is appropriate to use the financial period end portfolio as a risk variable in any market sensitivity analysis. To illustrate the sensitivity of the portfolio based on a reasonably possible estimate of market price movements for a financial period, if the price of each of the equity securities to which the ICAV had exposure had increased by 5%, whilst the foreign currency rates held constant, there would have been the following approximate increases in net assets attributable to holders of redeemable participating shares:


Polaris Global Value UCITS Fund 5,118,999 5,186,032

A decrease by 5% would have resulted in an equal but opposite effect on net assets attributable to holders of redeemable shares by the amounts shown above, on the basis that all other variables remained constant.


23

NOTES TO THE FINANCIAL STATEMENTS (continued) 9. Risk Associated with Financial Instruments (continued)

(a) Market Risk (continued) (ii) Currency Risk Currency risk is the risk that the ICAV’s operations or the NAV of the ICAV will be affected by changes in exchange rates and regulatory controls on currency movements.

The ICAV may employ techniques and instruments intended to provide protection against exchange rate risks in the context of the management of its assets and liabilities, for example where there is a difference between the date an investment purchase or sale is entered into and the date when settlement of the proceeds occurs. When the ICAV enters into a transaction which will involve the buying or selling of foreign currency in order to complete a transaction, a forward foreign exchange contract may be entered into at the same time as the initial transaction in order to eliminate exchange rate risk. The ICAV may also enter into forward foreign exchange contracts to hedge the foreign exchange risk implicit in the value of portfolio securities denominated in a currency other than the ICAV’s base currency, USD.

Monetary items are units of currency held assets and liabilities or paid in a fixed or determinable number of units of currency. Monetary assets and liabilities included cash and cash equivalents, other receivables and other payables.

All assets and liabilities that do not meet the definition of monetary items are classified as non-monetary. Marketable equity investments are considered non-monetary assets. The currency associated with equities is included in other price risk. Net assets attributable to holders of redeemable shares are non-monetary.

As at 30 June 2018 and 31 December 2017, the sub-fund did not hold any significant monetary assets or liabilities that are exposed to currency risk since all monetary assets are in the denomination of the sub-fund’s currency.

(iii) Interest Rate Risk

Interest rate risk is the risk that the value of a financial instrument will fluctuate because of changes in market interest rates. Interest rate risk arises when the ICAV invests in interest bearing financial instruments. At the financial period end the ICAV held no fixed income securities, and interest rate risk in relation to cash and cash equivalents is not regarded as a material risk.

(iv) Concentration risk The Investment Manager reviews the concentration of risk of equity securities held based on industries and geographical location. The tables shown below provides geographical concentration and exposures to industries above 5% of the Net Asset Value of the ICAV:

Countries, as at 30 June 2018

United States of America 35.15% Great Britain 10.71% Germany 9.21% South Korea 6.94% France 5.95%

Total 67.96%

Countries, as at 31 December 2017

United States of America 35.51% Germany 10.38% Great Britain 9.94% Japan 5.63% South Korea 5.13%

Total 66.59%


24


(a) Market Risk (continued) (iv) Concentration risk (continued)

(b) Credit Risk Credit risk arises where there is a possibility that a loss may occur from the failure of another party to fulfil its duties according to the terms of a contract. The ICAV will also be exposed to credit risk on parties with whom they trade securities and may also bear the risk of settlement default. The ICAV may also be exposed to credit risk on issuers in which the ICAV invests in respect of a default in payment of dividends declared by the issuer. The Investment Manager seeks to minimise concentrations of credit risk by undertaking transactions with various numbers of counterparties on recognised exchanges. In choosing and appointing a sub-custodian as a safe keeping agent, the Depositary exercises care and diligence to ensure that the sub-custodian has and maintains the expertise, competence and standing appropriate to discharge the responsibilities concerned. These criteria are monitored by the Depositary on an ongoing basis. As at 30 June 2018, RBC Investor Services Bank S.A., Dublin Branch has a credit rating of AA- with Standard & Poor’s (31 December 2017: AA-) . The credit risk on liquid funds is mitigated through the use of counterparties or banks with high credit-ratings assigned by international credit-rating agencies. The carrying amount of financial assets recognised in the financial statements, which is net of impairment losses, represents the ICAV’s maximum exposure to credit risk, without taking into account collateral or other credit enhancements held. Substantially all of the investments and cash of the Fund is held by the Depositary, and its sub-custodians, on behalf of the Fund. The investments are clearly segregated from the Depositary’s own assets. However, bankruptcy or insolvency of the Depositary, or one of its sub-custodians, could cause the Fund's rights with respect to assets held by the Depositary or sub custodian to be delayed.

Investment Sector, as at 30 June 2018

Banks and Financial Institutions 18.29% Chemicals 7.90% Internet Software 7.00% Pharmaceuticals and Cosmetics 5.84% Construction Building Material 5.15% News Transmission 5.10%

Total 49.28%

Investment Sector, as at 31 December 2017

Banks and Financial Institutions 18.17% Chemicals 9.41% Internet Software 7.13% Construction Building Material 5.36% Pharmaceuticals and Cosmetics 5.35%

Total 45.42%


25


(c) Liquidity Risk

Liquidity risk is the risk that the ICAV will encounter difficulty in realising assets or otherwise raising funds to meet commitments. Not all securities or instruments invested in by the ICAV will be listed or rated and consequently liquidity may be low. Moreover, the accumulation and disposal of holdings in some investments may be time consuming and may need to be conducted at unfavourable prices. The ICAV may also encounter difficulties in disposing of assets at their amounts approximating fair values due to adverse market conditions leading to limited liquidity.

Substantial redemption at the option of Shareholders may necessitate liquidation of investments. It is possible that losses may be incurred due on such liquidations, which might otherwise not have arisen.

All financial liabilities are due within 1 month.

The Fund’s assets comprise of highly liquid equity securities. (d) Capital Management

At 30 June 2018, the ICAV had $103,544,809 (31 December 2017: $105,910,746) of redeemable share capital classified as financial liability. The ICAV does not intend to declare any dividends and any net investment income and net realised capital gains will be accumulated in the Net Asset Value of the ICAV. The Directors may at their discretion change the distribution policy of a Fund or Class upon notice in advance to Shareholders and the provision of an addendum or revision to the Prospectus in relation to same. (e) Fair Value Measurements

IFRS 13, Fair Value Measurement, requires a fair value hierarchy for inputs used in measuring fair value that classify investments according to how observable the inputs are. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the ICAV. Unobservable inputs reflect the ICAV’s assumptions, made in good faith, about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorised into three levels based on the inputs as follows:

Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the ICAV has the ability to access at the measurement date;

Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active; and

Level 3 - Inputs that are unobservable.

For those instruments which have significant unobservable inputs (Level 3), the amendment requires disclosures on the transfers into and out of Level 3, a reconciliation of the opening and closing balances, total gains and losses for the period, purchases, sales issues and settlements. The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety.

For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability.


26


9. Risk Associated with Financial Instruments (continued) (e) Fair Value Measurements (continued)

The determination of what constitutes ‘observable’ requires significant judgement by the ICAV. The ICAV considers observable data to be that market data that is readily available, regularly distributed or updated and reliable.

There were no transfers between Level 1 and Level 2 during the financial period. There were no level 3 securities held as at 30 June 2018 or 31 December 2017. At 30 June 2018 and 31 December 2017, all instruments held were classified as level 1.

(f) Assets and liabilities not carried at Fair Value through Profit or Loss

Cash and cash equivalents are classified as Level 2 and all other assets and liabilities not carried at fair value are classified as Level 2.

Assets and liabilities not carried at fair value are carried at amortised cost, their carrying values are a reasonable approximation of fair value.

10. Cash and Cash Equivalents All cash and cash equivalents were held with RBC Investor Services Bank S.A., Dublin Branch during the

financial period.

11. Exchange rates The exchange rates to 1 USD as at 30 June 2018 were:

30 June 2018

AUD 1.351077

CAD 1.314549

CHF 0.990200

COP 2,932.551320

EUR 0.856384

GBP 0.757662

JPY 110.695021

KRW 1,114.827202

NOK 8.144715

SEK 8.958888

SGD 1.362500

THB 33.130135


27

NOTES TO THE FINANCIAL STATEMENTS (continued) 11. Exchange rates (continued)

The exchange rates to 1 USD as at 31 December 2017 were:

31 December 2017

AUD 1.281723

CAD 1.256700

CHF 0.974350

COP 2,985.074627

EUR 0.833472

GBP 0.740713

JPY 112.684944

KRW 1,067.235859

NOK 8.210315

SEK 8.203176

SGD 1.337499

THB 32.590275

12. Significant Events occurred during the Financial Period

The Fund received approval to market to investors in the following jurisdictions: United Kingdom on 23 March 2018, Finland on 14 June 2018 and Sweden on 25 June 2018. The Fund was also available for distribution to qualified investors in Switzerland as of 15 May 2018. There were no other significant events occurred during the financial period.

13. Events since Financial Period End There were no significant events since the financial period end.

14. Approval of Financial Statements

The financial statements were approved and authorised for issue, by the Board of Directors on 24 August 2018.


28

Polaris Global Value UCITS Fund Schedule of Investments as at 30 June 2018

(expressed in USD) Fair % net

Description Quantity Currency Value Assets

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING

LISTED SECURITIES : SHARES

AUSTRALIA (2017: 0.64%) WorleyParsons Ltd 53,460 AUD 691,656 0.67

691,656 0.67

AUSTRIA (2017: 1.30%) ANDRITZ AG 25,300 EUR 1,343,016 1.30

1,343,016 1.30

BELGIUM (2017: 1.31%) Solvay SA 10,500 EUR 1,326,011 1.28

1,326,011 1.28

CANADA (2017: 2.80%) Magna International Inc 21,382 CAD 1,243,672 1.20

Methanex Corp 19,800 CAD 1,400,182 1.35

2,643,854 2.55

COLOMBIA (2017: 0.98%) Bancolombia SA 21,600 USD 1,032,048 1.00

Bancolombia SA 18,000 COP 216,794 0.21

1,248,842 1.21

FINLAND (2017: 1.12%) Kone OYJ 27,200 EUR 1,386,704 1.34

1,386,704 1.34

FRANCE (2017: 4.29%) Cie Generale des Etablissements Michelin 11,151 EUR 1,358,093 1.31

Imerys SA 18,267 EUR 1,477,129 1.43

IPSOS 12,200 EUR 417,121 0.40

Publicis Groupe SA 23,000 EUR

1,582,957 1.53

Vinci SA 13,800 EUR 1,327,170 1.28

6,162,470 5.95

GERMANY (2017: 10.38%) BASF SE 13,800 EUR 1,319,919 1.27

Deutsche Telekom AG 90,811 EUR 1,407,151 1.36

Freenet AG 52,200 EUR 1,383,045 1.34

Hannover Rueck SE 10,800 EUR 1,346,869 1.30

LANXESS AG 17,100 EUR 1,333,840 1.29

Linde AG 6,000 EUR 1,432,067 1.38

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 6,200 EUR 1,310,756 1.27

9,533,647 9.21


29

Polaris Global Value UCITS Fund Schedule of Investments as at 30 June 2018 (continued)



TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING (continued)

LISTED SECURITIES : SHARES (continued)

GREAT BRITAIN (2017: 9.94%) Babcock International Group Plc 132,172 GBP 1,426,629 1.38

BBA Aviation Plc 199,006 GBP 896,714 0.87

Bellway Plc 30,762 GBP 1,219,660 1.18

BHP Billiton Plc 32,600 USD 1,465,370 1.42

Cineworld Group Plc 395,900 GBP

1,387,836 1.34

Inchcape Plc 76,320 GBP 786,205 0.76

Next Plc 17,800 GBP

1,421,346 1.37

Standard Chartered Plc 137,683 GBP 1,258,598 1.22

Taylor Wimpey Plc 512,160 GBP 1,209,320 1.17

11,071,678 10.71

INDIA (2017: 1.30%) Infosys Ltd 77,700 USD 1,509,711 1.46

1,509,711 1.46

IRELAND (2017: 2.69%) Allergan Plc 9,100 USD 1,517,152 1.47

Greencore Group Plc 638,315 GBP 1,566,169 1.51

3,083,321 2.98

ISRAEL (2017: 1.42%) Teva Pharmaceutical Industries Ltd 65,400 USD 1,590,529 1.54

1,590,529 1.54

ITALY (2017: 0.10%) TREVI - Finanziaria Industriale SpA 269,400 EUR 94,216 0.09

94,216 0.09

JAPAN (2017: 5.63%) Kansai Electric Power Co Inc 95,400 JPY 1,392,713 1.34

KDDI Corp 51,400 JPY 1,407,412 1.36

Nexon Co Ltd 71,900 JPY 1,045,098 1.01

3,845,223 3.71

NORWAY (2017: 3.76%) DNB ASA 72,500 NOK 1,418,005 1.37

SpareBank 1 SR-Bank ASA 102,823 NOK 1,090,758 1.05

Yara International ASA 33,200 NOK 1,377,778 1.33

3,886,541 3.75

PUERTO RICO (2017: 1.31%) Popular Inc 29,500 USD 1,333,696 1.29

1,333,696 1.29


30






SINGAPORE (2017: 1.36%) United Overseas Bank Ltd 65,208 SGD 1,280,709 1.24

1,280,709 1.24

SOUTH KOREA (2017: 5.13%) Hyundai Mobis Co Ltd 5,200 KRW 988,852 0.94

Kia Motors Corp 34,400 KRW 951,933 0.92

KT&G Corp 12,100 KRW

1,161,346 1.12

LG Uplus Corp 82,700 KRW 1,038,546 1.00

Samsung Electronics Co Ltd 32,102 KRW 1,343,311 1.30

Shinhan Financial Group Co Ltd 26,900 KRW

1,044,799 1.01

SK Hynix Inc 8,700 KRW

668,794 0.65

7,197,581 6.94

SWEDEN (2017: 2.62%) Duni AB 32,700 SEK 467,930 0.45

Loomis AB 24,600 SEK 855,065 0.83

Svenska Handelsbanken AB 126,600 SEK 1,406,905 1.36

2,729,900 2.64

SWITZERLAND (2017: 2.60%) Chubb Ltd 10,322 USD 1,311,227 1.27

Novartis AG 18,000 CHF 1,368,452 1.32

2,679,679 2.59

THAILAND (2017: 1.29%) Siam Commercial Bank Pcl 369,200 THB 1,320,556 1.28

1,320,556 1.28

UNITED STATES (2017: 35.51%) ALLETE Inc 18,400 USD 1,424,344 1.38

Ameris Bancorp 24,500 USD 1,307,075 1.26

Anthem Inc 6,000 USD 1,428,180 1.38

Avnet Inc 35,100 USD 1,505,439 1.45

Brookline Bancorp Inc 24,569 USD 456,983 0.44

Capital One Financial Corp 15,000 USD 1,378,500 1.33

Carter's Inc 12,300 USD 1,333,197 1.29

Dime Community Bancshares Inc 25,900 USD 505,050 0.49

Franklin Resources Inc 42,700 USD 1,368,535 1.32

General Dynamics Corp 6,700 USD 1,248,947 1.21

Hewlett Packard Enterprise Co 43,500 USD 635,535 0.61

International Bancshares Corp 31,800 USD 1,361,040 1.31

JM Smucker Co 11,900 USD 1,279,012 1.24

JPMorgan Chase & Co 12,300 USD 1,281,660 1.24

L Brands Inc 38,000 USD 1,401,440 1.35


31






UNITED STATES (2017: 35.51%) (continued) Marathon Petroleum Corp 19,800 USD 1,389,168 1.34

Microsoft Corp 14,000 USD 1,380,540 1.33

NextEra Energy Inc 8,600 USD 1,436,458 1.39

Praxair Inc 8,700 USD 1,375,905 1.33

Quest Diagnostics Inc 14,200 USD 1,561,148 1.51

Tyson Foods Inc 19,900 USD 1,370,115 1.32

UnitedHealth Group Inc 5,700 USD 1,398,438 1.35

Verizon Communications Inc 28,500 USD 1,433,835 1.38

Web.com Group Inc 74,700 USD 1,930,996 1.86

Webster Financial Corp 21,200 USD 1,350,440 1.30

WESCO International Inc 22,900 USD 1,307,590 1.26

Western Union Co 68,700 USD 1,396,671 1.35

Xerox Corp 48,925 USD 1,174,200 1.13

36,420,441 35.15

TOTAL LISTED SECURITIES : SHARES

102,379,981 98.88

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 102,379,981 98.88

CASH AND OTHER ASSETS AND LIABILITIES

1,164,828 1.12

NET ASSETS 103,544,809 100.00


32


(expressed in USD)

% Total

Description Assets

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING

98.48

DEPOSITS

1.18

OTHER CURRENT ASSETS

0.34

TOTAL 100.00


33

Supplemental information - Financial Information Polaris Global Value UCITS Fund Establishment and Organisation PCM Global Funds ICAV (the “ICAV”) is an open-ended umbrella ICAV with segregated liability between its Funds established under the laws of Ireland authorised and regulated by the UCITS Regulations. The ICAV was incorporated on 7 July 2015 and commenced operations on 25 November 2015. The ICAV has established Polaris Global Value UCITS Fund (the "Fund"), a Fund of the ICAV. Investment Objective The investment objective of the Fund is to seek capital appreciation. Investment Policy The Fund will invest primarily in equity and equity related securities (including american depositary receipts (“ADR’s”) and master limited partnership (“MLP”) of companies, both US and non- US, of any market capitalisation, including companies which are organised, headquartered or do a substantial amount of their business in emerging market countries. Although there is no limit on the amount of Fund assets that may be invested in companies located in any one country, the Fund seeks to achieve broad geographic diversification and, at any given time, expects to be invested in securities representing approximately 15 of the 24 global industry classification standard (“GICS”) industries. The GICS industries represented will vary depending on which industry, in the Investment Manager’s view, presents the best opportunities for the Fund. MLP’s derive at least 90% of their income from select sources for example, energy, natural resources and real estate. MLPs typically pay their investors quarterly distributions out of capital. As the MLP itself does not pay any income taxes, the amount of that cash flow is enhanced. The classes and currencies in which shares of each fund are on offer, as per the Prospectus, are set out below: Fund Class Currency Polaris Global Value UCITS Fund Class A USD Accumulating USD Class I USD Accumulating USD Class I EUR Accumulating EUR Class I EUR Accumulating (Hedged) EUR Class I GBP Accumulating GBP Class I GBP Accumulating (Hedged) GBP Class R GBP Accumulating GBP Class R GBP Accumulating (Hedged) GBP Class X USD Accumulating USD

As at 30 June 2018, the Class A USD Accumulating & Class I USD Accumulating share classes are the only active share classes. Securities Lending

There was no securities lending during the financial period 30 June 2018 (31 December 2017: Nil).


34

Supplemental information - Financial Information (continued) Polaris Global Value UCITS Fund Soft Commissions

It is the Investment Manager’s policy to seek to obtain best execution on all client transactions over which the Investment Manager exercises discretion. However, under certain circumstances, consistent with applicable law and regulation, the Investment Manager may select broker-dealers that furnish the Investment Manager with proprietary and third-party brokerage and research services in connection with commissions paid on transactions placed for client accounts (including for the Funds). The Investment Manager has entered into client commission arrangements with a number of broker-dealers that it selects to execute client transactions from time to time. These client commission arrangements provide for the broker dealers to pay a portion of the commissions paid by eligible client accounts for securities transactions to providers of certain research services designated by the Investment Manager. Although the broker-dealers involved in these soft commission arrangements do not necessarily charge the lowest brokerage commissions, the Investment Manager will nonetheless enter into such arrangements where the broker-dealers have agreed to provide best execution and/or the value of the research and other services exceeds any incremental commission costs. Details of any such soft commission arrangements will be disclosed in the period reports of the relevant Fund.

The Investment Manager intends to enter into soft commission arrangements in accordance with all applicable law and industry standards when it is of the view that the arrangements enhance the quality of the provision of the investment services to the ICAV. While such arrangements are designed to be for the benefit of it clients, not all soft commission arrangements will benefit all clients at all times.

In selecting brokers or dealers to execute transactions and negotiating their commission rates, the Fund is expected to consider one or more of such factors as price, execution capabilities, reputation, reliability, financial resources, the quality of research products and services and the value and expected contribution of such services to the performance of the Fund. It is not possible to place a dollar value on information and services received from brokers and dealers, as they only supplement the research efforts of the Fund. If the Fund determines in good faith that the amount of the commissions charged by a broker or dealer is reasonable in relation to the value of the research products or services provided by such broker or dealer, the Fund may pay commissions to such broker or dealer in an amount greater than the amount another broker or dealer might charge.

There were no soft commissions paid during the period nor in prior year.

Net Asset Value History

The Net Assets included in the table below are the Net Asset Values calculated for share dealing purposes. 30 June 2018 31 December 2017 31 December 2016 USD USD USD

Total Net Asset for share dealing 1dealinglingfinancial statement

purposes 103,610,979 105,986,205 66,799,533 Net Asset Value per Share – Class I USD Accumulating 13.27 13.41 11.15 Net Asset Value per Share – Class A USD Accumulating 9.90 10.03 -


35

Supplemental information - Financial Information (continued) Polaris Global Value UCITS Fund

Net Assets Value

The net assets value in the financial statements at 30 June 2018 differs from that included in the published valuations at 30 June 2018 is depicted in the table below.

Polaris Global Value

UCITS Fund

Polaris Global Value

UCITS Fund

30 June 2018 31 December 2017 USD USD

Total Net Assets for financial statement purposes 103,544,809 105,910,746

Adjustment for formation cost written-off 66,170 75,459

Total Net Assets for unitholder dealing/prospectus 103,610,979 105,986,205

Establishment Costs

The preliminary expenses incurred in the formation of the ICAV and the Funds amounting to approximately €125,000 will be discharged out of the assets of the ICAV and will be amortised over the first five financial years of the ICAV’s operation and amortised and allocated among the Funds on a basis deemed fair and equitable by the Directors. The Directors may in their absolute discretion, following consultation with the Depositary, shorten the period over which said expenses are amortised. The preliminary expenses incurred in the establishment of each new Fund or Class will be charged to the respective Fund.

This practice is not in accordance with IFRS and, although this is not anticipated by the Directors, which leads to a divergence between the published Net Asset Value per Share, which is calculated in accordance with this Prospectus, and the Net Asset Value per Share included in the financial statements, which is calculated in accordance with International Financial Reporting Standards.

Efficient Portfolio Management

The ICAV may, subject to the conditions and within the limits laid down by the UCITS Notices, use techniques and instruments for hedging purposes (to protect a Fund against, or minimise liability from, fluctuations in market value or foreign currency exposures) or for the purposes of efficient portfolio management (namely: contracts for differences, forward contracts, futures contracts, options, put and call options on securities, indices and currencies, swap contracts, repurchase/reverse repurchase and stock lending agreements).

Such techniques and instruments may be used for the reduction of risk, cost or the generation of additional capital or income for each Fund taking into account the risk profile of the ICAV and to the extent the Investment Manager deems consistent with the investment objective and policies of the Fund as described in the Prospectus and the general provisions of the Regulations. The ICAV does not currently use Financial Derivative Instruments (“FDIs”) for efficient portfolio management or for investment purposes.

The Investment Manager operates a risk management process on behalf of each Fund in relation to the use of FDIs which allows it to accurately measure, monitor and manage the various risks associated with FDIs and other investments, and which is intended to ensure that the Fund’s investments including FDI exposure remains within the limits described below. This risk management process also takes into account any exposure created through FDIs embedded in investments held by the Funds. In particular, the Investment Manager will manage exposure risk using the commitment approach in accordance with the Central Bank’s requirements.


36

Supplemental information Polaris Global Value UCITS Fund Material Portfolio Changes for the Financial Period ended 30 June 2018

Significant portfolio changes are defined as the aggregate purchases of a security exceeding one per cent of the total value of purchases for the period and aggregate sales of a security exceeding one per cent of the total value of sales for the period. At a minimum, the 20 largest purchases and 20 largest sales are to be disclosed. SIGNIFICANT PURCHASES*

SECURITY NAME QUANTITY COST % OF TOTAL

USD PURCHASES

Publicis Groupe SA 23,000 1,562,658 10.01

Shinhan Financial Group Co Ltd 26,900 1,194,090 7.65

KT&G Corp 12,100 1,127,109 7.22

Cineworld Group Plc 393,200 865,149 5.54

Inchcape Plc 76,320 768,811 4.92

L Brands Inc 13,000 551,942 3.53

Freenet AG 15,500 455,959 2.92

Franklin Resources Inc 11,800 435,532 2.79

Greencore Group Plc 156,200 398,790 2.55

KDDI Corp 14,800 369,415 2.37

Tyson Foods Inc 4,800 359,689 2.30

Web.com Group Inc 17,800 330,605 2.12

Samsung Electronics Co Ltd 3,336 320,528 2.05

ALLETE Inc 4,400 304,413 1.95

Siam Commercial Bank Pcl 73,000 304,029 1.95

Symrise AG 3,500 285,494 1.83

Kone OYJ 5,200 272,756 1.75

Mixi Inc 6,400 262,993 1.68

Deutsche Telekom AG 16,100 261,719 1.68

Imerys SA 3,100 249,243 1.60

Marathon Petroleum Corp 3,500 242,079 1.55

Svenska Handelsbanken AB 21,700 236,674 1.52

Cie Generale des Etablissements Michelin 1,800 234,571 1.50

Verizon Communications Inc 4,500 220,396 1.41

Kansai Electric Power Co Inc 16,700 208,499 1.34

Bellway Plc 4,600 203,834 1.31

Taylor Wimpey Plc 73,549 200,990 1.29

Hyundai Mobis Co Ltd 1,000 198,714 1.27

Vinci SA 1,800 182,812 1.17

BASF SE 1,700 180,172 1.15

LG Uplus Corp 15,200 180,077 1.15

NextEra Energy Inc 1,100 169,154 1.08

Anthem Inc 700 167,649 1.07

Chubb Ltd 1,100 160,725 1.03 * To the extent that trades have been executed the 1% aggregate trade shown above.


37

Supplemental information Polaris Global Value UCITS Fund Material Portfolio Changes for the Financial Period ended 30 June 2018 (continued)

SIGNIFICANT SALES*

SECURITY NAME QUANTITY PROCEEDS % OF TOTAL

USD SALES

Regal Entertainment Group 78,900 1,822,090 12.50

Symrise AG 18,300 1,532,409 10.51

Asahi Group Holdings Ltd 29,800 1,529,177 10.49

Mixi Inc 28,600 811,890 5.57

Next Plc 6,800 527,998 3.62

Popular Inc 9,500 443,123 3.04

Methanex Corp 6,100 409,693 2.81

BHP Billiton Plc 9,000 405,784 2.78

Marathon Petroleum Corp 5,200 404,477 2.77

Kansai Electric Power Co Inc 27,100 383,021 2.63

Sberbank of Russia PJSC 28,100 372,883 2.56

Babcock International Group Plc 33,500 361,795 2.48

Webster Financial Corp 5,400 348,140 2.39

Cineworld Group Plc 95,600 334,390 2.29

Magna International Inc 5,000 319,289 2.19

Teva Pharmaceutical Industries Ltd 14,200 307,085 2.11

KDDI Corp 10,000 267,739 1.84

Microsoft Corp 2,700 265,326 1.82

ALLETE Inc 3,300 250,423 1.72

Ameris Bancorp 4,400 245,570 1.68

International Bancshares Corp 5,500 236,213 1.62

Samsung Electronics Co Ltd 4,951 235,875 1.62

United Overseas Bank Ltd 9,400 206,087 1.41

NextEra Energy Inc 1,200 193,413 1.33

Bellway Plc 4,000 174,757 1.20

Taylor Wimpey Plc 64,100 171,166 1.17

Hyundai Mobis Co Ltd 700 151,269 1.04

UnitedHealth Group Inc 600 145,750 1.00

* To the extent that trades have been executed the 1% aggregate trade shown above.

unaudited semi-annual report for the financial … · 2018-09-05 · for the financial period ended...

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