Semi-annual report as at 31 March 2014
A Luxembourg investment fund established in accordance with Part I of the Law of 17 December 2010 on
Undertakings for Collective Investment in the legal form of a fonds commun de placement (FCP)
R.C.S. Luxembourg B 82 183
Contents
Salm
Consolidated semi-annual report
Page
2
Salm - Salm Conservative Convertible
Geographic country breakdown
Economic breakdown
Composition of the net sub-fund assets
Statement of net assets
Acquisitions and disposals from 1 October 2013 to 31 March 2014
Page
Page
Page
Page
Page
3
4
4
6
10
Salm - Salm Asia Convertible
Geographic country breakdown
Economic breakdown
Composition of the net sub-fund assets
Statement of net assets
Acquisitions and disposals from 1 October 2013 to 31 March 2014
Page
Page
Page
Page
Page
13
14
14
16
18
Salm - Salm Investment Grade Convertible
Geographic country breakdown
Economic breakdown
Composition of the net sub-fund assets
Statement of net assets
Acquisitions and disposals from 1 October 2013 to 31 March 2014
Page
Page
Page
Page
Page
20
21
21
23
26
Salm - Salm Balanced Convertible
Geographic country breakdown
Economic breakdown
Composition of the net sub-fund assets
Statement of net assets
Acquisitions and disposals from 1 October 2013 to 31 March 2014
Page
Page
Page
Page
Page
28
29
29
31
35
Salm - Salm Sustainability Progressive Convertible
Geographic country breakdown
Economic breakdown
Composition of the net sub-fund assets
Statement of net assets
Acquisitions and disposals from 1 October 2013 to 31 March 2014
Page
Page
Page
Page
Page
38
39
39
41
44
Explanatory notes to the semi-annual report as at 31 March 2014
Management, distribution and advisory services
Page
Page
46
49
The sales prospectus, complete with incorporated Management Regulations, the Key Investor Information Document and the annual
and semi-annual reports for the Fund are available free of charge by post, fax or e-mail from the registered office of the Management
Company, the custodian bank and the paying and sales agents of each respective country. For further information, please feel free to
contact the Management Company during normal business hours.
Unit subscriptions are only valid if they are made on the basis of the latest issue of the sales prospectus (including its Annexes) in
combination with the most recently available annual report and any semi-annual report which may have been published since then.
1
Salm
Consolidated semi-annual report - Salm including the sub-funds
Salm - Salm Conservative Convertible, Salm - Salm Asia Convertible, Salm - Salm Investment Grade
Convertible, Salm - Salm Balanced Convertible and Salm - Salm Sustainability Progressive Convertible
Composition of net fund assets
as at 31 March 2014
EUR
172,692,500.39
Security holdings
(Securities purchase costs: EUR 171,172,240.52)
Bank balances
Unrealised profits from currency swaps
Interest receivables
Receivables from sale of units
Receivables from securities transactions
Receivables from currency transactions
Other assets*
62,407,503.72
501,950.09
568,577.17
79,014.05
3,075,132.17
8,537,853.96
11,211.83
247,873,743.38
Bank liabilities
Payables from redemption of units
Payables from securities transactions
Payables from currency transactions
Other liabilities **
-48,246,576.34
-259,870.79
-5,318,061.74
-8,552,925.12
-279,083.84
-62,656,517.83
185,217,225.55
Net fund assets
* The item comprises the capitalised costs of establishing investment funds.
** This item primarily consists of investment adviser fees and audit costs.
The explanatory notes are an integral part of this semi-annual report.
2
Salm - Salm Conservative Convertible
Semi-annual report
1 October 2013 to 31 March 2014
The company is entitled to create unit classes with different unit-related rights.
Details of the current unit classes are as follows:
Securities ID No.:
ISIN:
Front-load fee:
Redemption fee:
Management fee:
Minimum subsequent
investment:
Use of income:
Currency:
Unit class V
A0KE9N
LU0264979146
up to 4.50 %
None
0.08 % p.a. plus
EUR 500 monthly (fixed)
None
Unit class I
A1C324
LU0535042138
up to 4.50 %
None
0.08 % p.a. plus
EUR 500 monthly (fixed)
None
Unit class R
A1J2PU
LU0815449565
up to 4.50 %
None
0.08 % p.a. plus
EUR 500 monthly (fixed)
None
distribution
EUR
distribution
EUR
distribution
EUR
Geographic country breakdown
United States of America
Japan
Cayman Islands
Italy
Netherlands
United Arab Emirates
France
Virgin Islands (GB)
Austria
India
Hong Kong
Belgium
Sweden
Taiwan
Germany
Singapore
Philippines
Jersey
Security holdings
Bank balances
Bank liabilities
Balance from other payables and receivables
32.84 %
20.55 %
7.43 %
4.62 %
3.29 %
3.24 %
3.11 %
3.11 %
2.66 %
2.49 %
2.10 %
2.06 %
1.90 %
1.87 %
1.57 %
1.47 %
1.19 %
0.94 %
96.44 %
33.79 %
-28.83 %
-1.40 %
100.00 %
The explanatory notes are an integral part of this semi-annual report.
3
Salm - Salm Conservative Convertible
Economic breakdown
Wholesale and retail
Transport
Semi-conductors & equipment for the production of semi-conductors
Capital goods
Consumer goods & clothing
Pharmaceuticals, biotechnology & life sciences
Software & services
Health services: Equipment & services
Household and personal care products
Public utilities
Raw, auxiliary & operating materials
Energy
Diversified financial services
Hardware & equipment
Automobile & components
Consumer services
Industrial services & operating materials
Property
Security holdings
Bank balances
Bank liabilities
Balance from other payables and receivables
12.63 %
10.69 %
8.89 %
8.54 %
7.11 %
5.93 %
5.60 %
5.20 %
5.09 %
5.08 %
3.95 %
3.79 %
3.78 %
2.73 %
2.49 %
1.89 %
1.58 %
1.47 %
96.44 %
33.79 %
-28.83 %
-1.40 %
100.00 %
Composition of the net sub-fund assets
as at 31 March 2014
EUR
Security holdings
(Securities purchase costs: EUR 25,863,100.50)
Bank balances
Unrealised profits from currency swaps
Interest receivables
Receivables from securities transactions
Receivables from currency transactions
25,820,221.05
9,046,153.73
65,558.81
91,413.90
719,640.36
708,437.14
36,451,424.99
-7,719,018.32
-1,201,873.50
-709,916.89
-45,919.27
-9,676,727.98
26,774,697.01
Bank liabilities
Payables from securities transactions
Payables from currency transactions
Other liabilities*
Net sub-fund assets
*
This item primarily consists of investment adviser fees and audit costs.
The explanatory notes are an integral part of this semi-annual report.
4
Salm - Salm Conservative Convertible
Allocations by unit class
Unit class V
Proportion of net sub-fund assets
Units in circulation
Unit value
EUR 14,329,534.56
260,584.087
EUR 54.99
Unit class I
Proportion of net sub-fund assets
Units in circulation
Unit value
EUR 12,435,013.18
229,538.000
EUR 54.17
Unit class R
Proportion of net sub-fund assets
Units in circulation
Unit value
EUR 10,149.27
94,000
EUR 107.97
The explanatory notes are an integral part of this semi-annual report.
5
Salm - Salm Conservative Convertible
Statement of assets as at 31 March 2014
ISIN
Securities
Acquisitions in the
reporting period
Disposals in the
reporting period
Quantity
Price
4,000,000
0
4,000,000
120.1250
563,292.77
2.10
3,000,000
0
3,000,000
112.2500
394,773.86
1.47
958,066.63
3.57
Convertible bonds
Securities traded on the stock exchange
CNH
XS0819835264 2,750 % China Power International
Development Ltd. CV v.12(2017)
XS0566792353 8.000 % Kaisa Group Holding Ltd. S.1638 CV
v.10(2015)
EUR
XS0632138961
4.000 %
XS0951366136
2.625 %
XS0992613157
BE6220862583
2.875 %
4.000 %
BE6261856213
1.500 %
XS0877820422
0.625 %
XS0479535022
FR0010973057
XS0834606104
2.500 %
0.000 %
6.375 %
XS1023684282
4.000 %
HKD
XS1042935228
2.000 %
XS1019149928
0.000 %
JPY
XS1042530326
0.000 %
XS1030986613 0.000 %
JP316600PD34 0.000 %
JP384700PC99 0.150 %
XS0967009381
0.000 %
XS0980205271
XS0630591377
XS0461804535
0.000 %
0.000 %
0.000 %
Aabar Investments PJS/Daimler AG
CV v.11(2016)
ACS Actividades Finance B.V. CV
v.13(2018)
Amplitier NV CV v.13(2018)
Econocom Group S.A. CV v.
11(2016)
Econocom Group S.A. CV
v.14(2019)
ENI S.p.A./SNAM S.p.A. CV
v.13(2016)
Industrivarden AB CV v.10(2015)
Orpea S.A. CV v.10(2016)
Steinhoff Finance Holding GmbH CV
v.12(2017)
Steinhoff Finance Holding GmbH CV
v.14(2021)
ASM Pacific Technology Ltd. Reg.S.
CV v.14(2019)
Biostime International Holdings Ltd.
CV v.14(2019)
Alps Electric Corporation Ltd. Reg.S.
CV v.14(2019)
Asics Corporation CV v.14(2019)
Ebara Corporation CV v.13(2018)
Hokkaido Gas Co. Ltd. CV
v.12(2017)
Kawasaki Kisen Kaisha Ltd. Reg.S.
CV v.13(2018)
SBI Holdings Inc. CV v.13(2017)
Sekisui House Ltd. CV v.11(2016)
Takashimaya Co. Ltd. CV
v.09(2014)
Market value % share
of NSFA*
EUR
900,000
200,000
700,000
123.3927
863,748.90
3.24
400,000
0
400,000
108.9943
435,977.20
1.63
400,000
22.000
0
14.000
400,000
8.000
111.0547
33.0200
444,218.80
258,578.67
1.66
0.97
25.000
0
25.000
11.7485
292,895.72
1.09
700,000
0
700,000
109.1321
763,924.70
2.85
900,000
15.000
500,000
500,000
0
300,000
400,000
15.000
200,000
126.9508
55.3014
128.4617
507,803.20
829,521.00
256,923.40
1.90
3.11
0.96
400,000
0
400,000
113.7166
454,866.40
1.70
5,108,457.99
19.11
4,000,000
0
4,000,000
103.2500
387,182.66
1.45
4,000,000
0
4,000,000
96.6250
362,339.22
1.35
749,521.88
2.80
60,000,000
0
60,000,000
107.3500
455,157.35
1.70
80,000,000
40,000,000
0
0
45,000,000
0
80,000,000
30,000,000
100,000,000
111.0500
140.6500
112.8000
627,793.50
298,173.65
797,108.36
2.34
1.11
2.98
50,000,000
0
50,000,000
104.1000
367,814.63
1.37
50,000,000
60,000,000
50,000,000
0
0
0
50,000,000
60,000,000
50,000,000
109.9540
133.3000
121.5300
388,498.46
565,183.75
429,399.73
1.45
2.11
1.60
*NSFA = Net sub-fund assets
The explanatory notes are an integral part of this semi-annual report.
6
Salm - Salm Conservative Convertible
Statement of assets as at 31 March 2014
ISIN
Securities
Acquisitions in
the reporting
period
Disposals in the
reporting period
Quantity
Price
50,000,000
50,000,000
0
0
50,000,000
50,000,000
119.4230
152.6200
JPY (continued)
JP354767PD91 0.000 % Temp Holdings Co. CV v.13(2018)
XS0658205280
0.000 % Zeus (Cayman Islands) II CV
Reg.S. v. 11(2016)
SGD
XS0635636920
USD
XS0968252006
XS0763738928
XS0764303813
US229678AE75
US29089QAA31
XS0582769872
XS0640324298
US422368AA83
US43739QAA85
US471109AJ77
XS0493723968
US74348TAL61
US81762PAA03
XS0740856108
2.750 % Osim International Ltd. CV v.
11(2016)
0.000 % Advanced Seminconductor
Engineering CV v. 13(2018)
6.000 % Amtek India Ltd. CV v.12(2017)
6.500 % China Hongqiao Group Ltd. CV
v.12(2017)
1.125 % Cubist Pharmaceuticals Inc. CV
v.13(2018)
2.875 % Emergent Biosolutions Inc. S.144A
CV v.14(2021)
4.250 % Essar Energy Investment Ltd. CV v.
11(2016)
3.000 % Giant Great Ltd. CV v.11(2016)
3.500 % Heartware International CV
v.10(2017)
0.125 % HomeAway Inc. 144A CV v.
14(2019)
1.500 % Jarden Corporation CV v.13(2019)
1.750 % PB Issuer No.2 Ltd. CV v.10(2016)
5.750 % Prospect Capital Corporation CV
v.12(2018)
0.000 % ServiceNow Inc. CV v. 13(2018)
1.625 % SM Investments Corporation CV
v.12(2017)
500,000
0
500,000
136.0490
Market value % share
of NSFA*
EUR
421,955.11
539,249.46
1.58
2.01
4,890,334.00
18.25
392,864.57
1.47
392,864.57
1.47
600,000
0
600,000
114.4500
499,381.86
1.87
0
400,000
0
0
1,000,000
400,000
91.5000
105.6990
665,406.15
307,465.64
2.49
1.15
0
0
500,000
115.9283
421,526.80
1.57
1,000,000
0
1,000,000
106.6940
775,899.93
2.90
0
1,200,000
400,000
86.5000
251,618.06
0.94
400,000
400,000
0
0
400,000
400,000
136.0496
119.9420
395,751.87
348,896.81
1.48
1.30
700,000
0
700,000
101.1700
515,009.82
1.92
0
600,000
0
0
0
0
700,000
600,000
1,000,000
119.3840
100.0660
106.0975
607,728.89
436,619.88
771,562.07
2.27
1.63
2.88
600,000
0
0
0
600,000
400,000
105.8410
109.1500
461,818.05
317,504.18
1.72
1.19
6,776,190.01
18,875,435.08
25.31
70.51
Securities traded on the stock exchange
Securities admitted to trading on or included in organised markets
EUR
DE000A1R0VM5 0.600 % Dte. Post AG CV v.12(2019)
600,000
300,000
300,000
140.5600
421,680.00
421,680.00
1.57
1.57
USD
US09061GAE17
500,000
0
500,000
107.4211
390,593.78
1.46
350,000
0
350,000
108.8113
276,954.08
1.03
US34385PAA66
0.750 % Biomarin Pharmaceutical Inc. CV
v.13(2018)
2.750 % Fluidigm Corporation/Fluidigm
Corporation Revese CV v.14(2034)
*NSFA = Net sub-fund assets
The explanatory notes are an integral part of this semi-annual report.
7
Salm - Salm Conservative Convertible
Statement of assets as at 31 March 2014
ISIN
Securities
Acquisitions in the
reporting period
Disposals in the
reporting period
Quantity
Price
500,000
0
500,000
119.9800
436,259.18
1.63
0
800,000
300,000
0
400,000
800,000
117.6700
115.6140
342,287.83
672,614.36
1.28
2.51
0
0
1,000,000
103.0620
749,487.31
2.80
500,000
600,000
500,000
500,000
0
0
0
300,000
500,000
600,000
500,000
200,000
117.8440
111.8710
116.1000
145.8680
428,492.47
488,128.86
422,151.12
212,156.21
4,419,125.20
4,840,805.20
1.60
1.82
1.58
0.79
16.50
18.07
400,000
0
400,000
118.7192
474,876.80
1.77
474,876.80
1.77
411,274.00
235,634.56
506,637.27
1.54
0.88
1.89
1,153,545.83
4.31
475,558.14
1.78
475,558.14
2,103,980.77
25,820,221.05
25,820,221.05
9,046,153.73
-7,719,018.32
-372,659.45
26,774,697.01
1.78
7.86
96.44
96.44
33.79
-28.83
-1.40
100.00
USD (continued)
US398905AE99 2.250 % Group 1 Automotive Inc. CV
v.06(2036)
US458140AD22 2.950 % Intel Corporation CV v.05(2035)
US512807AJ73
0.500 % Lam Research Corporation CV v.
11(2016)
US69073TAQ67 3.000 % Owens-Brockway Glass Container
Inc. CV v.10(2015)
US741503AR75 0.350 % Priceline.com Inc. CV v.13(2020)
US79466LAD64 0.250 % salesforce.com Inc. CV v.13(2018)
US94733AAA25 1.000 % Web.com Group Inc. CV v.13(2018)
US94973VBG14 2.750 % WellPoint Inc. CV v.12(2042)
Securities admitted to trading on or included in organised markets
Unlisted securities
EUR
XS0994784030 2.125 %
JPY
XS0965095887
XS0965427981
XS0951560290
USD
US67066GAB05
Azimut Holding S.p.A. CV v.
13(2020)
0.000 % Daifuku Co. CV v.13(2017)
0.000 % Maeda Corporation CV v.13(2018)
0.000 % Resorttrust Inc. CV Reg.S.
v.13(2018)
1.000 % Nvidia Corporation S.144A CV
v.13(2018)
0
30,000,000
0
600,000
Unlisted securities
Convertible bonds
Security holdings
Bank balances - current accounts
Bank liabilities
Balance from other payables and receivables
Net sub-fund assets in EUR
*NSFA = Net sub-fund assets
The explanatory notes are an integral part of this semi-annual report.
8
0
0
0
0
50,000,000
30,000,000
65,000,000
600,000
116.4000
111.1500
110.3000
108.9900
Market value % share
of NSFA*
EUR
Salm - Salm Conservative Convertible
Forward exchange transactions **
As at 31 March 2014, the following forward exchange transactions were outstanding:
Currency
USD
USD
Currency purchases
Currency sales
*NSFA = Net sub-fund assets
** The contracting party is DZ PRIVATBANK S.A.
The explanatory notes are an integral part of this semi-annual report.
9
Currency amount
3,269,650.00
18,735,750.00
Market value % share
of NSFA*
2,377,697.28
8.88
13,624,682.12
50.89
Salm - Salm Conservative Convertible
Acquisitions and disposals from 1 October 2013 to 31 March 2014
Any purchases and sales made during the reporting period in securities, borrower's notes and derivatives, including changes without monetary flows, which were not
indicated in the statement of net assets.
ISIN
Securities
Acquisitions
Disposals
0
500,000
Bonds
Securities traded on the stock exchange
USD
DE000A1G0WC7 1.650 % Siemens Financieringsmaatschappij NV v.12(2019)
Convertible bonds
Securities traded on the stock exchange
CHF
CH0131196237
1.875 % Swiss Prime Site AG CV v.11(2016)
EUR
DE000A1ML0D9 0.250 % adidas AG CV v.12(2019)
XS0981380644
2.625 % Beni Stabili S.p.A. SIIQ EO-Conv. Notes Reg.S. CV v.13(2019)
DE000A1GPH50 2.500 % Celesio Finance BV CV v.11(2018)
BE6254178062
0.000 % Confinimmo S.A. CV v.13(2018)
DE000A1HTR04 2.000 % Gabriel Finance Ltd. CV v.13(2016)
XS0451905367
4.400 % Hungarian State Holding Co. CV v.09(2014)
XS0993164895
3.375 % Hungarian State Holding Co.Reg.S. CV v.13(2019)
FR0010941427
3.250 % Misarte CV v.10(2016)
FR0011567908
0.000 % Rallye S.A. CV v.13(2020)
XS0605635787
4.500 % Steinhoff International Holdings Ltd. CV v.11(2018)
BE6000386639
4.500 % UCB S.A. CV v.09(2015)
0
1,000,000
400,000
300,000
0
0
600,000
0
600,000
3.000
3.000
100,000
500,000
400,000
300,000
1,000,000
5.538
600,000
500,000
600,000
3.000
3.000
1,100,000
500,000
GBP
XS0455660216
6.000 % TUI Travel Plc. CV v.09(2014)
300,000
300,000
HKD
XS0759818643
XS0936737195
XS0950986736
XS0683220650
XS0878021913
2.000 %
0.000 %
3.000 %
6.000 %
0.000 %
0
0
4,000,000
0
0
4,000,000
1,000,000
4,000,000
6,900,000
5,000,000
JPY
XS0640924998
XS0916265787
0.000 % Lotte Shopping Co. Ltd. CV v.11(2016)
0.000 % Park24 Co. Ltd. CV v.13(2018)
40,000,000
0
40,000,000
100,000,000
SGD
XS0985326411
0.000 % Indah Capital Ltd./IHH Healthcare Berhad Reg.S. CV v.13(2018)
500,000
500,000
USD
XS0828492206
US04010LAK98
US095229AA86
US14161HAF55
XS0296963571
XS0757015606
XS0919151380
XS0953566485
2.500 %
4.375 %
4.250 %
1.000 %
0.000 %
1.000 %
6.000 %
0.000 %
0
0
0
500,000
300,000
400,000
0
0
800,000
1,200,000
1,200,000
500,000
600,000
400,000
600,000
600,000
China Overseas Grand Oceans Finance Ltd. CV v.12(2017)
Hengan International Group CV v.13(2018)
Kingsoft Corporation Ltd. CV v.13(2018)
REXLot Holdings Ltd. CV v.11(2016)
Tong Jie Ltd. CV v.13(2018)
Amtek India Ltd. CV v. 12(2017)
Ares Capital Corporation CV v.13(2019)
Blucora Inc. CV v.13(2019)
Cardtronics Inc. S.144A CV v.13(2020)
China Overseas Finance Ltd. CV v.07(2014)
Dialog Semiconductor Plc. CV v.12(2017)
Drillsearch Finance Proberty CV v.13(2018)
Flexium Interconnect Inc. CV v.13(2016)
The explanatory notes are an integral part of this semi-annual report.
10
Salm - Salm Conservative Convertible
Acquisitions and disposals from 1 October 2013 to 31 March 2014
Any purchases and sales made during the reporting period in securities, borrower's notes and derivatives, including changes without monetary flows, which were not
indicated in the statement of net assets.
ISIN
Securities
USD (continued)
XS0834475161
XS0508721817
XS0563898062
US741503AQ92
US79466LAC81
XS0987076899
XS0466930780
XS0611551127
XS0832411283
US984332AE65
US98474TAA51
1.000 %
2.650 %
2.625 %
1.000 %
0.250 %
0.000 %
4.500 %
0.000 %
0.000 %
0.000 %
1.125 %
Holdgrove Ltd./Severstal CV v.12(2017)
Hynix Semiconductor Inc. CV v.10(2015)
Lukoil International Finance BV CV v.10(2015)
priceline.com Inc. CV v. 12(2018)
Salesforce.com Inc. CV v.13(2018)
Semiconductor Manufacturing International Corporation CV Reg.S. v.13(2018)
Tata Steel Ltd. CV v.09(2014)
TPK Holding Co. Ltd. CV v.11(2014)
TPK Holding Co. Ltd. CV v.12(2017)
Yahoo Inc. S.144A CV v.13(2018)
Yandex NV CV v. 13(2018)
Securities admitted to trading on or included in organised markets
EUR
DE000A1R09V9 2.000 % KUKA AG CV v.13(2018)
USD
US19075FAA49
US380956AB80
US452327AC39
US531229AA07
US58471AAA34
US59001AAR32
US80004CAD39
US82568PAA49
US88947EAM21
US94973VBD82
2.625 %
2.000 %
0.250 %
1.375 %
1.000 %
1.875 %
1.500 %
0.250 %
0.500 %
2.750 %
Cobalt Intl Energy Inc. DL-Conv. Notes CV v.12(2019)
GoldCorporation Inc. CV v.09(2014)
Illumina Inc. CV v.11(2016)
Liberty Media Corporation CV v.13(2023)
Medidata Solutions Inc. CV 144A v.13(2018)
Meritage Homes Corporation CV v.12(2032)
SanDisk Corporation CV v.10(2017)
Shutterfly Inc. CV S.144A v.13(2018)
Toll Brothers Finance Corporation CV v.12(2032)
WellPoint Inc. CV v.12(2042)
Unlisted securities
JPY
XS0939672670
0.000 %
XS0951513455
0.000 %
XS0976017474
0.000 %
XS0974286030
0.000 %
Nihon Unisys Ltd. CV v.13(2016)
Paramount Bed Holdings Co. Ltd. CV v.13(2018)
Press Kogyo Co. Ltd. CV v.13(2018)
Senko Co. Ltd. Reg.S. CV v. 13(2018)
USD
US22943FAC41
NO0010701055
US42703MAA18
US80004CAE12
US82922RAC79
CTRip.com S144.A CV v.13(2018)
Golden Ocean Group Ltd. CV v.14(2019)
Herbalife Ltd. CV S.144A v.14(2019)
SanDisk Corporation CV v.13(2020)
Sina Corporation CV v.13(2018)
1.250 %
3.070 %
2.000 %
0.500 %
1.000 %
Options
EUR
Call on DAX Performance-Index December 2014/10,000.00
Put on DAX Performance-Index June 2014/9,000.00
Put on DAX Performance-Index June 2014/9,200.00
The explanatory notes are an integral part of this semi-annual report.
11
Acquisitions
Disposals
0
400,000
0
0
600,000
400,000
600,000
0
0
500,000
500,000
600,000
400,000
700,000
700,000
600,000
400,000
600,000
1,400,000
500,000
500,000
500,000
0
600,000
400,000
0
500,000
500,000
800,000
0
300,000
0
0
500,000
400,000
1,000,000
500,000
500,000
800,000
1,000,000
300,000
800,000
750.000
500,000
0
0
40,000,000
50,000,000
100,000,000
70,000,000
40,000,000
50,000,000
500,000
600,000
400,000
500,000
400,000
500,000
600,000
400,000
500,000
400,000
100
150
75
100
150
75
Salm - Salm Conservative Convertible
Acquisitions and disposals from 1 October 2013 to 31 March 2014
Any purchases and sales made during the reporting period in securities, borrower's notes and derivatives, including changes without monetary flows, which were not
indicated in the statement of net assets.
ISIN
Securities
USD
CME E-Mini S&P 500 Index December 2013/1,700.00
Acquisitions
Disposals
60
60
Exchange rates
For the valuation of assets in foreign currencies, conversions into EUR were performed using the following exchange rates as at 31 March 2014.
Australian dollar
British pound
China Renminbi Offshore
Hong Kong dollar
Japanese yen
Swedish krona
Singapore dollar
US dollar
AUD
GBP
CNH
HKD
JPY
SEK
SGD
USD
The explanatory notes are an integral part of this semi-annual report.
12
1
1
1
1
1
1
1
1
1.4882
0.8264
8.5302
10.6668
141.5115
8.9427
1.7315
1.3751
Salm - Salm Asia Convertible
Semi-annual report
1 October 2013 to 31 March 2014
The company is entitled to create unit classes with different unit-related rights.
Details of the current unit classes are as follows:
Securities ID No.:
ISIN:
Front-load fee:
Redemption fee:
Management fee:
Minimum subsequent
investment:
Use of income:
Currency:
Unit class V
A1J2PX
LU0815456693
up to 4.50 %
None
0.08 % p.a. plus
EUR 500 monthly (fixed)
None
distribution
EUR
Geographic country breakdown
Japan
Cayman Islands
Singapore
Virgin Islands (GB)
Hong Kong
Taiwan
India
Jersey
Philippines
Security holdings
Bank balances
Bank liabilities
Balance from other payables and receivables
Unit class I
Unit class R
A1J2PY
A1J2PZ
LU0815456776
LU0815456859
up to 4.50 %
up to 4.50 %
None
None
0.08 % p.a. plus
0.08 % p.a. plus
EUR 500 monthly (fixed) EUR 500 monthly (fixed)
None
None
distribution
EUR
distribution
EUR
40.85 %
18.10 %
7.43 %
6.94 %
3.87 %
3.44 %
2.51 %
1.30 %
1.09 %
85.53 %
13.11 %
0.00 %
1.36 %
100.00 %
The explanatory notes are an integral part of this semi-annual report.
13
Salm - Salm Asia Convertible
Economic breakdown
Capital goods
Public utilities
Consumer goods & clothing
Wholesale and retail
Transport
Hardware & equipment
Semi-conductors & equipment for the production of semi-conductors
Household and personal care products
Industrial services & operating materials
Raw, auxiliary & operating materials
Diversified financial services
Property
Foodstuffs, beverages & tobacco
Health services: Equipment & services
Energy
Security holdings
Bank balances
Bank liabilities
Balance from other payables and receivables
14.92 %
9.21 %
8.33 %
7.30 %
6.32 %
6.26 %
6.10 %
5.73 %
4.99 %
4.62 %
3.71 %
2.72 %
2.70 %
1.32 %
1.30 %
85.53 %
13.11 %
0.00 %
1.36 %
100.00 %
Composition of the net sub-fund assets
as at 31 March 2014
EUR
12,433,270.09
Security holdings
(Securities purchase costs: EUR 12,643,980.57)
Bank balances
Unrealised profits from currency swaps
Interest receivables
Receivables from securities transactions
Receivables from currency transactions
Other assets*
1,905,878.42
20,187.42
41,605.10
531,595.18
320,178.38
4,708.87
15,257,423.46
Bank liabilities
Payables from securities transactions
Payables from currency transactions
Other liabilities**
-9.30
-375,139.34
-319,470.85
-25,246.02
-719,865.51
14,537,557.95
Net sub-fund assets
* The item comprises the capitalised costs of establishing investment funds.
** This item primarily consists of investment adviser fees and audit costs.
The explanatory notes are an integral part of this semi-annual report.
14
Salm - Salm Asia Convertible
Allocations by unit class
Unit class V
Proportion of net sub-fund assets
Units in circulation
Unit value
EUR 3,782,301.01
35,624.130
EUR 106.17
Unit class I
Proportion of net sub-fund assets
Units in circulation
Unit value
EUR 9,981,297.06
93,842.582
EUR 106.36
Unit class R
Proportion of net sub-fund assets
Units in circulation
Unit value
EUR 773,959.88
7,407.005
EUR 104.49
The explanatory notes are an integral part of this semi-annual report.
15
Salm - Salm Asia Convertible
Statement of assets as at 31 March 2014
ISIN
Securities
Acquisitions in the
reporting period
Disposals in the
reporting period
Quantity
Price
4,000,000
0
4,000,000
120.1250
563,292.77
3.87
3,000,000
0
3,000,000
112.2500
394,773.86
2.72
958,066.63
6.59
Convertible bonds
Securities traded on the stock exchange
CNH
XS0819835264 2.750 % China Power International
Development Ltd. CV v.12(2017)
XS0566792353 8.000 % Kaisa Group Holding Ltd. S.1638
CV v.10(2015)
HKD
XS1042935228
2.000 %
XS1019149928
0.000 %
XS0832723927
1.250 %
XS0936737195
0.000 %
JPY
XS1042530326
0.000 %
XS0364004712
0.000 %
XS1030986613 0.000 %
JP316600PD34 0.000 %
JP384700PC99 0.150 %
XS0673557764
0.000 %
XS0511612623
XS0980205271
XS0630591377
XS0461804535
0.000 %
0.000 %
0.000 %
0.000 %
JP354767PD91 0.000 %
XS0752753581 0.000 %
XS0658205280
SGD
XS0635636920
*
0.000 %
2.750 %
ASM Pacific Technology Ltd. Reg.S.
CV v.14(2019)
Biostime International Holdings Ltd.
CV v.14(2019)
China Merchants Holdings Pacific
Ltd. CV v.12(2017)
Hengan International Group CV
v.13(2018)
Alps Electric Corporation Ltd.
Reg.S. CV v.14(2019)
Asahi Group Holdings Ltd. CV
v.08(2028)
Asics Corporation CV v.14(2019)
Ebara Corporation CV v.13(2018)
Hokkaido Gas Co. Ltd. CV
v.12(2017)
Makino Milling Machine Co. Ltd. CV
v.13(2018)
Nidec Corporation CV v.10(2015)
SBI Holdings Inc. CV v.13(2017)
Sekisui House Ltd. CV v.11(2016)
Takashimaya Co. Ltd. CV
v.09(2014)
Temp Holdings Co. CV v.13(2018)
Yaskawa Electric Corporation CV
v.12(2017)
Zeus (Cayman Islands) II CV
Reg.S. v. 11(2016)
Market value % share
of NSFA*
EUR
4,000,000
0
4,000,000
103.2500
387,182.66
2.66
4,000,000
0
4,000,000
96.6250
362,339.22
2.49
0
0
3,000,000
107.8500
303,324.33
2.09
0
2,000,000
2,000,000
102.2290
191,676.98
1.32
1,244,523.19
8.56
70,000,000
0
70,000,000
107.3500
531,016.91
3.65
0
0
40,000,000
138.7000
392,052.94
2.70
70,000,000
70,000,000
0
0
25,000,000
0
70,000,000
60,000,000
41,000,000
111.0500
140.6500
112.8000
549,319.31
596,347.29
326,814.43
3.78
4.11
2.25
30,000,000
0
30,000,000
114.0620
241,807.91
1.66
20,000,000
80,000,000
30,000,000
10,000,000
0
30,000,000
10,000,000
0
60,000,000
50,000,000
70,000,000
60,000,000
123.3750
109.9540
133.3000
121.5300
523,102.36
388,498.46
659,381.04
515,279.68
3.60
2.67
4.55
3.54
50,000,000
40,000,000
0
0
50,000,000
40,000,000
119.4230
134.1250
421,955.11
379,121.13
2.90
2.61
50,000,000
0
50,000,000
152.6200
539,249.46
3.71
6,063,946.03
41.73
471,437.48
3.24
471,437.48
3.24
Osim International Ltd. CV v.
11(2016)
0
NSFA = Net sub-fund assets
The explanatory notes are an integral part of this semi-annual report.
16
0
600,000
136.0490
Salm - Salm Asia Convertible
Statement of assets as at 31 March 2014
ISIN
Securities
USD
XS0968252006 0.000% Advanced Seminconductor Engineering
CV v. 13(2018)
XS0764303813 6.500% China Hongqiao Group Ltd. CV
v.12(2017)
XS0884410019 0.000% ENN Energy Holdings Ltd. CV
v.13(2018)
XS0582769872 4.250% Essar Energy Investment Ltd. CV v.
11(2016)
XS0640324298 3.000% Giant Great Ltd. CV v.11(2016)
XS0493723968 1.750% PB Issuer No.2 Ltd. CV v.10(2016)
XS0834718594 1.875% PB Issuer No.3 Ltd. CV v.12(2022)
XS0740856108 1.625% SM Investments Corporation CV
v.12(2017)
XS0453134842 5.000% Swiber Holdings Ltd. CV v.09(2014)
XS0466930780 4.500 % Tata Steel Ltd. CV v.09(2014)
Acquisitions in
the reporting
period
Disposals in the
reporting period
Quantity
Price
600,000
0
600,000
114.4500
499,381.86
3.44
200,000
0
400,000
105.6990
307,465.64
2.11
0
0
500,000
123.6380
449,560.03
3.09
200,000
300,000
300,000
86.5000
188,713.55
1.30
400,000
400,000
370.000
0
0
0
0
200,000
400,000
400,000
370.000
200,000
136.0496
100.0660
119.7940
109.1500
395,751.87
291,079.92
322,331.32
158,752.09
2.72
2.00
2.22
1.09
0
500,000
0
0
400,000
500,000
105.2000
100.3747
306,014.11
364,972.37
3,284,022.76
12,021,996.09
2.10
2.51
22.58
82.70
50,000,000
0
50,000,000
116.4000
411,274.00
411,274.00
411,274.00
12,433,270.09
12,433,270.09
1,905,878.42
-9.30
198,418.74
14,537,557.95
2.83
2.83
2.83
85.53
85.53
13.11
0.00
1.36
100.00
Securities traded on the stock exchange
Unlisted securities
JPY
XS0965095887 0.000 % Daifuku Co. CV v.13(2017)
Unlisted securities
Convertible bonds
Security holdings
Bank balances - current accounts
Bank liabilities
Balance from other payables and receivables
Net sub-fund assets in EUR
Forward exchange transactions **
As at 31 March 2014, the following forward exchange transactions were outstanding:
Currency
Currency amount
Market value % share
of NSFA*
EUR
Market value % share
of NSFA*
JPY
Currency sales
800,000,000.00
5,656,468.37
38.91
SGD
USD
Currency sales
Currency sales
1,000,000.00
8,000,000.00
577,589.64
5,817,619.10
3.97
40.02
* NSFA = Net sub-fund assets
** The contracting party is DZ PRIVATBANK
S.A.
The explanatory notes are an integral part of this semi-annual report.
17
Salm - Salm Asia Convertible
Acquisitions and disposals from 1 October 2013 to 31 March 2014
Any purchases and sales made during the reporting period in securities, borrower's notes and derivatives, including changes without monetary flows, which were not
indicated in the statement of net assets.
ISIN
Securities
Convertible bonds
Securities traded on the stock exchange
AUD
XS0641119812 5.750 % Commonwealth Managed Investments Ltd. CV v.11(2016)
Acquisitions
Disposals
0
200,000
0
4,000,000
0
0
5,000,000
7,000,000
3,000,000
4,400,000
50,000,000
0
30,000,000
20,000,000
40,000,000
0
20,000,000
0
0
30,000,000
50,000,000
20,000,000
30,000,000
60,000,000
40,000,000
40,000,000
20,000,000
20,000,000
40,000,000
30,000,000
HKD
XS0759818643
XS0950986736
XS0425833240
XS0683220650
2.000 %
3.000 %
2.250 %
6.000 %
China Overseas Grand Oceans Finance Ltd. CV v.12(2017)
Kingsoft Corporation Ltd. CV v.13(2018)
Power Regal Group Ltd. CV v.09(2014)
REXLot Holdings Ltd. CV v. 11(2016)
JPY
XS1034964111
XS0755481339
XS0989029706
XS0967009381
XS0640924998
JP364980PA37
XS0971995237
JP374300PA39
XS0951562585
XS1008564848
0.000 %
0.000 %
0.000 %
0.000 %
0.000 %
0.500 %
0.000 %
0.000 %
0.000 %
0.000 %
Advantest Corporation CV v.14(2019)
Fukuyama Transporting Co. Ltd. CV v.12(2017)
GS Yuasa Corporation CV v. 14(2019)
Kawasaki Kisen Kaisha Ltd. Reg.S. CV v.13(2018)
Lotte Shopping Co. Ltd. CV v.11(2016)
Nagoya Railroad Co. Ltd. CV v.10(2015)
Nagoya Railroad Co. Ltd. CV v.13(2023)
Nippon Meat Packers Inc. CV v.10(2014)
Sumitomo Forestry Co. Ltd. CV v.13(2018)
Taiyo Yuden Co. Ltd. CV v.14(2021)
SGD
XS0985326411
XS0496240184
0.000 %
1.600 %
Indah Capital Ltd./IHH Healthcare Berhad Reg.S. CV v.13(2018)
Ruby Assets Pte. Ltd. CV v.10(2019)
500,000
0
500,000
500,000
USD
XS0546152645
XS0296963571
XS0953566485
XS0508721817
XS0987076899
XS0611551127
XS0832411283
0.750 %
0.000 %
0.000 %
2.650 %
0.000 %
0.000 %
0.000 %
Billion Express CV v.10(2015)
China Overseas Finance Ltd. CV v.07(2014)
Flexium Interconnect Inc. CV v.13(2016)
Hynix Semiconductor Inc. CV v.10(2015)
Semiconductor Manufacturing International Corporation CV Reg.S. v.13(2018)
TPK Holding Co. Ltd. CV v.11(2014)
TPK Holding Co. Ltd. CV v.12(2017)
0
0
200,000
200,000
600,000
0
0
200,000
300,000
600,000
600,000
600,000
200,000
500,000
0
40,000,000
0
0
10,000,000
0
30,000,000
40,000,000
20,000,000
40,000,000
10,000,000
50,000,000
600,000
400,000
600,000
400,000
Unlisted securities
JPY
XS0854197067 0.000 %
XS0965427981 0.000 %
XS0463126358 0.000 %
XS0951513455 0.000 %
XS0976017474 0.000 %
XS0951560290 0.000 %
Kuroda Electric Co. Ltd. CV v.12(2017)
Maeda Corporation CV v.13(2018)
Nipro Corporation CV v.10(2015)
Paramount Bed Holdings Co. Ltd. CV v. 13(2018)
Press Kogyo Co. Ltd. CV v.13(2018)
Resorttrust Inc. CV Reg.S. v.13(2018)
USD
US22943FAC41 1.250 %
US82922RAC79 1.000 %
CTRip.com S144.A CV v.13(2018)
Sina Corporation CV v.13(2018)
The explanatory notes are an integral part of this semi-annual report.
18
Salm - Salm Asia Convertible
Acquisitions and disposals from 1 October 2013 to 31 March 2014
Any purchases and sales made during the reporting period in securities, borrower's notes and derivatives, including changes without monetary flows, which were not
indicated in the statement of net assets.
ISIN
Securities
Acquisitions
Disposals
Options
EUR
Put on DAX Performance-Index June 2014/9,000.00
50
50
JPY
Call on Nikkei 225 Stock Average Index December 2013/16,000.00
Call on Nikkei 225 Stock Average Index March 2014/15,500.00
Call on Nikkei 225 Stock Average Index March 2014/17,000.00
0
22
50
40
22
50
USD
CME E-Mini S&P 500 Index December 2013/1,700.00
50
50
1
1
1
1
1
1
1.4882
8.5302
10.6668
141.5115
1.7315
1.3751
Exchange rates
For the valuation of assets in foreign currencies, conversions into EUR were performed using the following exchange rates as at 31 March 2014.
Australian dollar
China Renminbi Offshore
Hong Kong dollar
Japanese yen
Singapore dollar
US dollar
AUD
CNH
HKD
JPY
SGD
USD
The explanatory notes are an integral part of this semi-annual report.
19
Salm - Salm Investment Grade Convertible
Semi-annual report
1 October 2013 to 31 March 2014
The company is entitled to create unit classes with different unit-related rights.
Details of the current unit classes are as follows:
Securities ID No.:
ISIN:
Front-load fee:
Redemption fee:
Management fee:
Minimum subsequent investment:
Use of income:
Currency:
Unit class VS
A1C7FN
LU0549675600
up to 4.50 %
None
0.08 % p.a. plus
EUR 500 monthly (fixed)
None
distribution
EUR
Unit class IS
A1C7FP
LU0549676830
up to 4.50 %
None
0.08 % p.a. plus
EUR 500 monthly (fixed)
None
distribution
EUR
Geographic country breakdown
United States of America
Netherlands
Japan
France
Germany
Italy
United Arab Emirates
Sweden
Luxembourg
Great Britain
Malaysia
Cayman Islands
Finland
Security holdings
Bank balances
Bank liabilities
Balance from other payables and receivables
24.17 %
12.49 %
9.64 %
9.55 %
9.04 %
8.78 %
5.32 %
4.70 %
3.94 %
2.02 %
1.73 %
1.45 %
1.31 %
94.14 %
16.74 %
-11.26 %
0.38 %
100.00 %
The explanatory notes are an integral part of this semi-annual report.
20
Salm - Salm Investment Grade Convertible
Economic breakdown
Capital goods
Transport
Energy
Semi-conductors & equipment for the production of semi-conductors
Health services: Equipment & services
Wholesale and retail
Property
Consumer goods & clothing
Software & services
Raw, auxiliary & operating materials
Hardware & equipment
Pharmaceuticals, biotechnology & life sciences
Diversified financial services
Public utilities
Security holdings
Bank balances
Bank liabilities
Balance from other payables and receivables
15.31 %
15.07 %
13.78 %
8.82 %
6.64 %
6.10 %
5.19 %
4.91 %
4.88 %
3.94 %
3.32 %
2.71 %
2.20 %
1.27 %
94.14 %
16.74 %
-11.26 %
0.38 %
100.00 %
Composition of the net sub-fund assets
as at 31 March 2014
EUR
15,271,692.73
Security holdings
(Securities purchase costs: EUR 14,645,174.90)
Bank balances
Unrealised profits from currency swaps
Interest receivables
Receivables from currency transactions
Other assets*
2,716,149.18
50,890.31
43,214.07
262,933.48
6,502.96
18,351,382.73
-1,825,860.71
-261,462.85
-41,900.20
-2,129,223.76
16,222,158.97
Bank liabilities
Payables from currency transactions
Other liabilities**
Net sub-fund assets
* The item comprises the capitalised costs of establishing investment funds.
** This item primarily consists of performance fees and investment adviser fees.
The explanatory notes are an integral part of this semi-annual report.
21
Salm - Salm Investment Grade Convertible
Allocations by unit class
Unit class VS
Proportion of net sub-fund assets
Units in circulation
Unit value
EUR 1,777,818.43
16,712.000
EUR 106.38
Unit class IS
Proportion of net sub-fund assets
Units in circulation
Unit value
EUR 14,444,340.54
13,440.000
EUR 1,074.73
The explanatory notes are an integral part of this semi-annual report.
22
Salm - Salm Investment Grade Convertible
Statement of assets as at 31 March 2014
ISIN
Securities
Acquisitions in the Disposals in the
reporting period reporting period
Bonds
Securities traded on the stock exchange
USD
DE000A1G0WA1 1.050 % Siemens
Financieringsmaatschappij NV
v.12(2017)
DE000A1G0WC7 1.650 % Siemens
Financieringsmaatschappij NV
v.12(2019)
Quantity
Price
500,000
0
500,000
116.6210
424,045.52
2.61
500,000
0
500,000
121.4952
441,768.60
2.72
865,814.12
865,814.12
865,814.12
5.33
5.33
5.33
Securities traded on the stock exchange
Bonds
Convertible bonds
Securities traded on the stock exchange
EUR
XS0632138961 4.000 % Aabar Investments PJS/Daimler AG
CV v.11(2016)
DE000A1ML0D9 0.250 % adidas AG CV v.12(2019)
FR0011600352 0.000 % Cap Gemini S.A. CAP Reg.S. CV
v.13(2019)
XS1027633434 0.000 % CEZ MH BV CV v.14(2017)
XS0860994200 0.250 % ENI S.p.A./Galp Energia SGPS
S.A. CV v. 12(2015)
XS0877820422 0.625 % ENI S.p.A./SNAM S.p.A. CV
v.13(2016)
XS0479535022 2.500 % Industrivarden AB CV v.10(2015)
XS1040531904 0.000 % Solidium Oy CV v.14(2018)
FR0010962704 0.500 % Technip S.A. CV v.10(2016)
FR0011321330 0.000 % Unibail-Rodamco SE CV
v.12(2018)
JPY
XS1042530326
0.000 %
XS1030986613
XS0996456520
0.000 %
0.000 %
SGD
XS0985326411
0.000 %
Alps Electric Corporation Ltd.
Reg.S. CV v.14(2019)
Asics Corporation CV v.14(2019)
Takashimaya Co. Ltd. Zero CV v.
13(2020)
Indah Capital Ltd./IHH Healthcare
Berhad Reg.S. CV v.13(2018)
Market value % share
of NSFA*
EUR
900,000
200,000
700,000
123.3927
863,748.90
5.32
400,000
8.000
0
3.000
400,000
5.000
120.7959
78.8960
483,183.60
394,480.00
2.98
2.43
200,000
700,000
0
300,000
200,000
400,000
102.7657
102.9040
205,531.40
411,616.00
1.27
2.54
600,000
0
600,000
109.1321
654,792.60
4.04
700,000
200,000
9.500
2.600
100,000
0
2.500
600
600,000
200,000
7.000
2.000
126.9508
106.0513
93.5709
250.9560
761,704.80
212,102.60
654,526.16
501,912.00
4.70
1.31
4.03
3.09
5,143,598.06
31.71
40,000,000
0
40,000,000
107.3500
303,438.24
1.87
40,000,000
40,000,000
0
0
40,000,000
40,000,000
111.0500
107.1690
313,896.75
302,926.62
1.93
1.87
920,261.61
5.67
279,979.79
1.73
279,979.79
1.73
500,000
*NSFA = Net sub-fund assets
The explanatory notes are an integral part of this semi-annual report.
23
0
500,000
96.9570
Salm - Salm Investment Grade Convertible
Statement of assets as at 31 March 2014
ISIN
Securities
USD
XS0757015606
1.000 %
XS0475310396
5.000 %
XS0563898062
2.625 %
XS1046477581
XS0780212683
0.875 %
0.000 %
Acquisitions in
the reporting
period
Disposals in the
reporting period
Quantity
Price
600,000
200,000
400,000
112.4867
327,210.24
2.02
800,000
0
800,000
109.8635
639,159.33
3.94
900,000
200,000
700,000
100.9128
513,700.53
3.17
600,000
300,000
0
0
600,000
300,000
101.2500
107.7940
441,786.05
235,169.81
2.72
1.45
2,157,025.96
8,500,865.42
13.30
52.41
Dialog Semiconductor Plc. CV
v.12(2017)
Glencore Finance Europe S.A. CV
v.09(2014)
Lukoil International Finance BV CV
v.10(2015)
Qiagen NV CV v.14(2021)
Zhen Ding Technology Holding Ltd.
CV v.12(2015)
Securities traded on the stock exchange
Market value % share
of NSFA*
EUR
Securities admitted to trading on or included in organised markets
EUR
DE000A1R0VM5 0.600 % Dte. Post AG CV v.12(2019)
900,000
200,000
700,000
140.5600
983,920.00
983,920.00
6.06
6.06
USD
US04010LAB99 5.750 %
400,000
0
400,000
109.0440
317,195.84
1.96
700,000
600,000
0
0
700,000
600,000
117.6700
115.6140
599,003.71
504,460.77
3.69
3.11
800,000
400,000
700,000
0
0
200,000
800,000
400,000
500,000
117.8440
117.0590
121.1159
685,587.96
340,510.51
440,389.43
4.23
2.10
2.71
600,000
0
600,000
145.8680
636,468.62
3,523,616.84
4,507,536.84
3.92
21.72
27.78
300,000
0
300,000
118.7192
356,157.60
2.20
356,157.60
2.20
329,019.20
314,179.41
643,198.61
2.03
1.94
3.97
US458140AD22 2.950 %
US512807AJ73 0.500 %
US741503AR75 0.350 %
US74340XAT81 3.250 %
US88163VAE92 0.250 %
US94973VBG14 2.750 %
Ares Capital Corporation CV v.
11(2016)
Intel Corporation CV v.05(2035)
Lam Research Corporation CV v.
11(2016)
Priceline.com Inc. CV v.13(2020)
Prologis L.P. CV v.11(2015)
Teva Pharmaceutical Finance LLC
CV v.06(2026)
WellPoint Inc. CV v.12(2042)
Securities admitted to trading on or included in organised markets
Unlisted securities
EUR
XS0994784030 2.125 %
JPY
XS0965095887
XS0965427981
0.000 %
0.000 %
Azimut Holding S.p.A. CV v.
13(2020)
Daifuku Co. CV v.13(2017)
Maeda Corporation CV v.13(2018)
40,000,000
40,000,000
*NSFA = Net sub-fund assets
The explanatory notes are an integral part of this semi-annual report.
24
0
0
40,000,000
40,000,000
116.4000
111.1500
Salm - Salm Investment Grade Convertible
Statement of assets as at 31 March 2014
ISIN
Securities
USD
US80004CAE12
0.500 %
Acquisitions in the
reporting period
Disposals in the
reporting period
Quantity
500,000
0
500,000
SanDisk Corporation CV v.
13(2020)
Price Market value in % share
EUR of NSFA*
109.4910
Unlisted securities
Convertible bonds
Security holdings
Bank balances - current accounts
Bank liabilities
Balance from other payables and receivables
Net sub-fund assets in EUR
398,120.14
2.45
398,120.14
1,397,476.35
14,405,878.61
15,271,692.73
2,716,149.18
-1,825,860.71
60,177.77
16,222,158.97
2.45
8.62
88.81
94.14
16.74
-11.26
0.38
100.00
Forward exchange transactions **
As at 31 March 2014, the following forward exchange transactions were outstanding:
Currency
USD
USD
Currency purchases
Currency sales
Currency amount
1,652,300.00
11,164,650.00
* NSFA = Net sub-fund assets
** The contracting party is DZ PRIVATBANK S.A.
The explanatory notes are an integral part of this semi-annual report.
Acquisitions and disposals from 1 October 2013 to 31 March 2014
25
Market value % share
of NSFA*
1,201,556.49
8,118,960.13
7.41
50.05
Salm - Salm Investment Grade Convertible
Any purchases and sales made during the reporting period in securities, borrower's notes and derivatives, including changes without monetary flows, which were not
indicated in the statement of net assets.
ISIN
Securities
Acquisitions
Disposals
300,000
12.000
21.000
4.000
6.500
7.300
300,000
700,000
12.000
9.000
600,000
700,000
27.210
600,000
300,000
12.000
21.000
4.000
6.500
7.300
300,000
700,000
12.000
9.000
600,000
700,000
27.210
600,000
25,000,000
25,000,000
20,000,000
25,000,000
25,000,000
20,000,000
400,000
400,000
700,000
400,000
400,000
400,000
400,000
400,000
700,000
400,000
400,000
400,000
Securities admitted to trading on or included in organised markets
EUR
DE000A1R0W05 1.750 % Dte. EuroShop AG CV v.12(2017)
DE000GSW1CB6 2.000 % GSW Immobilien AG CV v. 12(2019)
DE000A1R09V9 2.000 % KUKA AG CV v.13(2018)
700,000
600,000
300,000
700,000
600,000
300,000
USD
US82568PAA49 0.250 %
US94973VBD82 2.750 %
Shutterfly Inc. CV S.144A v.13(2018)
WellPoint Inc. CV v.12(2042)
400,000
800,000
400,000
800,000
Unlisted securities
JPY
XS0951513455 0.000 %
XS0951560290 0.000 %
Paramount Bed Holdings Co. Ltd. CV v. 13(2018)
Resorttrust Inc. CV Reg.S. v.13(2018)
40,000,000
40,000,000
40,000,000
40,000,000
40
40
Convertible bonds
Securities traded on the stock exchange
EUR
XS0937410214 3.375 % Amorim Energia BV CV v.13(2018)
FR0010748905 3.500 % Cap Gemini S.A. CV v.09(2014)
FR0010998005 1.750 % Compagnie Generale de Geophysique-Veritas S.A. CV v.11(2016)
FR0010449264 0.000 % Compagnie Generale Ets Michelin S.C.p.A. CV v.07(2017)
FR0011018902 2.750 % Compagnie Industrielle et Financiere d'Ingenierie S.A. Ingenico CV v.11(2017)
BE6254178062 0.000 % Confinimmo S.A. CV v.13(2018)
XS0451905367 4.400 % Hungarian State Holding Co. CV v.09(2014)
XS0579438663 1.875 % Industrivarden AB CV v.11(2017)
FR0010973057 0.000 % Orpea S.A. CV v.10(2016)
FR0000180127 0.000 % Publicis Group S.A. CV v.02(2018)
DE000A1AYDS2 2.000 % Salzgitter Finance BV CV v.10(2017)
XS0761797868 0.500 % Solidium Oy CV v.12(2015)
FR0011766120 0.000 % Suez Environnement Co. S.A. CV v.14(2020)
BE6000386639 4.500 % UCB S.A. CV v.09(2015)
JPY
JP316600PD34
JP374300PA39
XS0461804535
0.000 %
0.000 %
0.000 %
Ebara Corporation CV v.13(2018)
Nippon Meat Packers Inc. CV v.10(2014)
Takashimaya Co. Ltd. CV v.09(2014)
USD
XS0546152645
US451055AE78
XS0254367179
XS0987076899
N00010661168
US98474TAA51
0.750 %
2.500 %
3.250 %
0.000 %
1.000 %
1.125 %
Billion Express CV v.10(2015)
Iconix Brand Group Inc. CV v. 11(2016)
Qiagen Finance S.A. CV v.06(2026)
Semiconductor Manufacturing International Corporation CV Reg.S. v.13(2018)
Subsea 7 S.A. CV v.12(2017)
Yandex NV CV v.13(2018)
Options
USD
CME E-Mini S&P 500 Index December 2013/1,700.00
The explanatory notes are an integral part of this semi-annual report.
Exchange rates
26
Salm - Salm Investment Grade Convertible
For the valuation of assets in foreign currencies, conversions into EUR were performed using the following exchange rates as at 31 March 2014.
Japanese yen
Singapore dollar
US dollar
JPY
SGD
USD
1
1
1
The explanatory notes are an integral part of this semi-annual report.
27
141.5115
1.7315
1.3751
Salm - Salm Balanced Convertible
Semi-annual report
1 October 2013 to 31 March 2014
The company is entitled to create unit classes with different unit-related rights.
Details of the current unit classes are as follows:
Securities ID No.:
ISIN:
Front-load fee:
Redemption fee:
Management fee:
Unit class V
Unit class B
Unit class I
663169
A0MKGM
A1C322
LU0150164340
LU0286098685
LU0535036080
up to 4.50 %
up to 4.50 %
up to 4.50 %
None
None
None
0.08 % p.a. plus
0.08 % p.a. plus
0.08 % p.a. plus
EUR 500 monthly (fixed) EUR 500 monthly (fixed) EUR 500 monthly (fixed)
Minimum subsequent
investment:
Use of income:
Currency:
None
None
None
Unit class R
A1J2PV
LU0815452437
up to 4.50 %
None
0.08 % p.a. plus
EUR 500 monthly
(fixed)
None
distribution
EUR
distribution
EUR
distribution
EUR
distribution
EUR
Geographic country breakdown
United States of America
Japan
Cayman Islands
Singapore
Italy
Germany
Netherlands
France
Austria
Virgin Islands (GB)
Belgium
United Arab Emirates
Hong Kong
Taiwan
Sweden
Philippines
Jersey
Security holdings
Bank balances
Bank liabilities
Balance from other payables and receivables
33.23 %
17.21 %
8.07 %
4.95 %
4.43 %
3.54 %
3.36 %
3.00 %
2.68 %
2.52 %
2.34 %
2.29 %
2.23 %
1.81 %
1.52 %
1.21 %
0.55 %
94.94 %
37.07 %
-30.06 %
-1.95 %
100.00 %
The explanatory notes are an integral part of this semi-annual report.
28
Salm - Salm Balanced Convertible
Economic breakdown
Wholesale and retail
Capital goods
Software & services
Semi-conductors & equipment for the production of semi-conductors
Health services: Equipment & services
Consumer goods & clothing
Pharmaceuticals, biotechnology & life sciences
Transport
Household and personal care products
Industrial services & operating materials
Diversified financial services
Energy
Consumer services
Hardware & equipment
Raw, auxiliary & operating materials
Public utilities
Property
Security holdings
Bank balances
Bank liabilities
Balance from other payables and receivables
Composition of the net sub-fund assets
12.46 %
9.68 %
8.26 %
7.96 %
7.87 %
7.21 %
6.97 %
6.48 %
5.38 %
4.03 %
3.81 %
3.17 %
2.84 %
2.69 %
2.47 %
2.23 %
1.43 %
94.94 %
37.07 %
-30.06 %
-1.95 %
100.00 %
as at 31 March 2014
EUR
87,086,368.07
Security holdings
(Securities purchase costs: EUR 86,424,837.81)
Bank balances
Unrealised profits from currency swaps
Interest receivables
Receivables from sale of units
Receivables from securities transactions
Receivables from currency transactions
34,002,862.85
250,359.54
279,050.69
79,014.05
1,195,710.88
3,171,554.38
126,064,920.46
Bank liabilities
Payables from redemption of units
Payables from securities transactions
Payables from currency transactions
Other liabilities*
-27,575,156.21
-259,870.79
-3,209,458.24
-3,181,499.50
-114,030.80
-34,340,015.54
91,724,904.92
Net sub-fund assets
* This item consists primarily of investment advisor fees and the subscription tax (taxe d'abonnement).
The explanatory notes are an integral part of this semi-annual report.
29
Salm - Salm Balanced Convertible
Allocations by unit class
Unit class V
Proportion of net sub-fund assets
Units in circulation
Unit value
EUR 53,527,237.36
749,222.423
EUR 71.44
Unit class B
Proportion of net sub-fund assets
Units in circulation
Unit value
EUR 11,194,634.46
210,357.000
EUR 53.22
Unit class I
Proportion of net sub-fund assets
Units in circulation
Unit value
EUR 27,002,925.88
499,557.000
EUR 54.05
Unit class R
Proportion of net sub-fund assets
Units in circulation
Unit value
EUR 107.22
1,013
EUR 105.84
The explanatory notes are an integral part of this semi-annual report.
30
Salm - Salm Balanced Convertible
Statement of assets as at 31 March 2014
ISIN
Securities
Convertible bonds
Securities traded on the stock exchange
CNH
XS0819835264 2.750 % China Power International
Development Ltd. CV v.12(2017)
XS0566792353 8.000 % Kaisa Group Holding Ltd. S.1638 CV
v.10(2015)
EUR
XS0632138961
XS0951366136
XS0992613157
BE6220862583
BE6261856213
XS0877820422
XS0479535022
FR0010973057
XS0834606104
XS1023684282
HKD
XS1042935228
XS1019149928
XS0832723927
XS0936737195
4.000 % Aabar Investments PJS/Daimler AG
CV v.11(2016)
2.625 % ACS Actividades Finance B.V. CV
v.13(2018)
2.875 % Amplitier NV CV v.13(2018)
4.000 % Econocom Group S.A. CV v.11(2016)
1.500 % Econocom Group S.A. CV v.14(2019)
0.625 % ENI S.p.A./SNAM S.p.A. CV
v.13(2016)
2.500 % Industrivarden AB CV v.10(2015)
0.000 % Orpea S.A. CV v.10(2016)
6.375 % Steinhoff Finance Holding GmbH CV
v.12(2017)
4.000 % Steinhoff Finance Holding GmbH CV
v.14(2021)
2.000 % ASM Pacific Technology Ltd. Reg.S.
CV v.14(2019)
0.000 % Biostime International Holdings Ltd.
CV v.14(2019)
1.250 % China Merchants Holdings Pacific
Ltd. CV v.12(2017)
0.000 % Hengan International Group CV
v.13(2018)
JPY
XS1042530326
0.000 % Alps Electric Corporation Ltd. Reg.S.
CV v.14(2019)
XS1030986613 0.000 % Asics Corporation CV v.14(2019)
JP316600PD34 0.000 % Ebara Corporation CV v.13(2018)
XS0967009381 0.000 % Kawasaki Kisen Kaisha Ltd. Reg.S.
CV v.13(2018)
XS0511612623 0.000 % Nidec Corporation CV v.10(2015)
XS0980205271 0.000 % SBI Holdings Inc. CV v.13(2017)
XS0630591377 0.000 % Sekisui House Ltd. CV v.11(2016)
XS0461804535 % 0.000 % Takashimaya Co. Ltd. CV v.09(2014)
Acquisitions in
the reporting
period
Disposals in the
reporting period
Quantity
Price
Market value % share
of NSFA*
EUR
14,500,000
0
14,500,000
120.1250
2,041,936.30
2.23
10,000,000
0
10,000,000
112.2500
1,315,912.87
1.43
3,357,849.17
3.86
900,000
1,200,000
1,700,000
123.3927
2,097,675.90
2.29
1,400,000
0
1,400,000
108.9943
1,525,920.20
1.66
1,400,000
19.500
100,000
2,400,000
0
40.500
0
200,000
1,400,000
30.000
100,000
2,200,000
111.0547
33.0200
11.7485
109.1321
1,554,765.80
969,670.00
1,171,582.88
2,400,906.20
1.70
1.06
1.28
2.62
2,800,000
50.000
1,500,000
1,700,000
0
1,000,000
1,100,000
50.000
500,000
126.9508
55.3014
128.4617
1,396,458.80
2,765,070.00
642,308.50
1.52
3.00
0.70
1,600,000
0
1,600,000
113.7166
1,819,465.60
1.98
16,343,823.88
17.81
12,000,000
0
12,000,000
103.2500
1,161,547.98
1.27
14,000,000
0
14,000,000
96.6250
1,268,187.27
1.38
6,000,000
0
24,000,000
107.8500
2,426,594.67
2.65
1,000,000
3,000,000
11,000,000
102.2290
1,054,223.38
1.15
5,910,553.30
6.45
210,000,000
0
210,000,000
107.3500
1,593,050.74
1.74
270,000,000
130,000,000
150,000,000
0
30,000,000
0
270,000,000
100,000,000
150,000,000
111.0500
140.6500
104.1000
2,118,803.07
993,912.16
1,103,443.89
2.31
1.08
1.20
0
160,000,000
170,000,000
0
0
0
30,000,000
0
200,000,000
160,000,000
140,000,000
150,000,000
123.3750
109.9540
133.3000
121.5300
1,743,674.54
1,243,195.08
1,318,762.08
1,288,199.19
1.90
1.36
1.44
1.40
*NSFA = Net sub-fund assets
The explanatory notes are an integral part of this semi-annual report.
31
Salm - Salm Balanced Convertible
Statement of assets as at 31 March 2014
ISIN
Securities
Acquisitions in the
reporting period
Disposals in the
reporting period
Quantity
Price
150,000,000
170,000,000
0
0
150,000,000
170,000,000
119.4230
152.6200
JPY (continued)
JP354767PD91 0.000 % Temp Holdings Co. CV v.13(2018)
XS0658205280 0.000 % Zeus (Cayman Islands) II CV
Reg.S. v. 11(2016)
SGD
XS0635636920
USD
XS0968252006
XS0764303813
US229678AE75
US29089QAA31
XS0582769872
XS0640324298
US422368AA83
US43739QAA85
US471109AJ77
XS0493723968
US81762PAA03
XS0740856108
XS0453134842
Market value % share
of NSFA*
EUR
1,265,865.32
1,833,448.17
1.38
2.00
14,502,354.24
15.81
2.750 % Osim International Ltd. CV v.11(2016)
0
0
1,900,000
136.0490
1,492,885.36
1,492,885.36
1.63
1.63
0.000 % Advanced Seminconductor
Engineering CV v.13(2018)
6.500 % China Hongqiao Group Ltd. CV
v.12(2017)
1.125 % Cubist Pharmaceuticals Inc. CV
v.13(2018)
2.875 % Emergent Biosolutions Inc. S.144A
CV v.14(2021)
4.250 % Essar Energy Investment Ltd. CV
v.11(2016)
3.000 % Giant Great Ltd. CV v.11(2016)
3.500 % Heartware International CV
v.10(2017)
0.125 % HomeAway Inc. 144A CV v. 14(2019)
1.500 % Jarden Corporation CV v.13(2019)
1.750 % PB Issuer No.2 Ltd. CV v.10(2016)
0.000 % ServiceNow Inc. CV v.13(2018)
1.625 % SM Investments Corporation CV
v.12(2017)
5.000 % Swiber Holdings Ltd. CV v.09(2014)
2,000,000
0
2,000,000
114.4500
1,664,606.21
1.81
1,000,000
0
1,000,000
105.6990
768,664.10
0.84
500,000
0
2,500,000
115.9283
2,107,633.99
2.30
3,000,000
0
3,000,000
106.6940
2,327,699.80
2.54
0
700,000
800,000
86.5000
503,236.13
0.55
1,600,000
1,300,000
0
0
1,600,000
1,300,000
136.0496
119.9420
1,583,007.49
1,133,914.62
1.73
1.24
2,300,000
1,500,000
1,000,000
2,000,000
0
0
0
0
0
600,000
2,300,000
2,500,000
1,000,000
2,000,000
1,400,000
101.1700
119.3840
100.0660
105.8410
109.1500
1,692,175.11
2,170,460.33
727,699.80
1,539,393.50
1,111,264.64
1.84
2.37
0.79
1.68
1.21
0
0
800,000
105.2000
612,028.22
17,941,783.94
59,549,249.89
0.67
19.57
64.93
2,300,000
0
4.000
1,300,000
1,000,000
8.000
1,000,000
600,000
16.000
140.5600
119.9894
70.2770
1,405,600.00
719,936.40
1,123,931.94
3,249,468.34
1.53
0.78
1.23
3.54
2,500,000
0
2,500,000
107.4211
1,952,968.88
2.13
1,100,000
0
1,100,000
108.8113
870,427.10
0.95
Securities traded on the stock exchange
Securities admitted to trading on or included in organised markets
EUR
DE000A1R0VM5 0.600 % Dte. Post AG CV v.12(2019)
DE000A1R09V9 2.000 % KUKA AG CV v.13(2018)
DE000TUAG158 2.750 % TUI AG CV v. 11(2016)
USD
US09061GAE17 0.750 % Biomarin Pharmaceutical Inc. CV
v.13(2018)
US34385PAA66 2.750 % Fluidigm Corporation/Fluidigm
Corporation Revese CV v.14(2034)
*NSFA = Net sub-fund assets
The explanatory notes are an integral part of this semi-annual report.
32
Salm - Salm Balanced Convertible
Statement of assets as at 31 March 2014
ISIN
Securities
USD (continued)
US398905AE99 2.250 %
US458140AD22 2.950 %
US512807AJ73 0.500 %
US53219LAH24 3.500 %
US587200AK26 4.000 %
US69073TAQ67 3.000 %
US741503AR75
US79466LAD64
US94733AAA25
US94973VBG14
0.350 %
0.250 %
1.000 %
2.750 %
Acquisitions in the
reporting period
Disposals in the
reporting period
Quantity
Price
1,700,000
0
1,700,000
119.9800
1,483,281.22
1.62
0
600,000
1,200,000
0
1,200,000
2,400,000
117.6700
115.6140
1,026,863.50
2,017,843.07
1.12
2.20
0
0
2,000,000
105.1586
1,529,468.40
1.67
1,000,000
0
2,500,000
124.5082
2,263,620.83
2.47
2,000,000
0
2,000,000
103.0620
1,498,974.62
1.63
1,600,000
2,000,000
2,000,000
1,700,000
0
0
0
1,000,000
1,600,000
2,000,000
2,000,000
700,000
117.8440
111.8710
116.1000
145.8680
1,371,175.91
1,627,096.21
1,688,604.47
742,546.72
18,072,870.93
21,322,339.27
1.49
1.77
1.84
0.81
19.70
23.24
1,400,000
0
1,400,000
118.7192
1,662,068.80
1,662,068.80
1.81
1.81
200,000,000
40,000,000
0
0
200,000,000
190,000,000
116.4000
110.3000
1,645,095.98
1,480,939.71
1.79
1.61
3,126,035.69
3.40
1,426,674.42
1.56
1,426,674.42
6,214,778.91
87,086,368.07
87,086,368.07
34,002,862.85
-27,575,156.21
-1,789,169.79
91,724,904.92
1.56
6.77
94.94
94.94
37.07
-30.06
-1.95
100.00
Group 1 Automotive Inc. CV
v.06(2036)
Intel Corporation CV v.05(2035)
Lam Research Corporation CV
v.11(2016)
Lifepoint Hospitals Inc. CV
v.07(2014)
Mentor Graphics Corporation CV
v.11(2031)
Owens-Brockway Glass Container
Inc. CV v.10(2015)
Priceline.com Inc. CV v.13(2020)
salesforce.com Inc. CV v.13(2018)
Web.com Group Inc. CV v.13(2018)
WellPoint Inc. CV v.12(2042)
Securities admitted to trading on or included in organised markets
Unlisted securities
EUR
XS0994784030 2.125 %
JPY
XS0965095887
XS0951560290
0.000 %
0.000 %
USD
US67066GAB05 1.000 %
Azimut Holding S.p.A. CV v.13(2020)
Daifuku Co. CV v.13(2017)
Resorttrust Inc. CV Reg.S.
v.13(2018)
Nvidia Corporation S.144A CV
v.13(2018)
1,800,000
Unlisted securities
Convertible bonds
Security holdings
Bank balances - current accounts
Bank liabilities
Balance from other payables and receivables
Net sub-fund assets in EUR
*NSFA = Net sub-fund assets
The explanatory notes are an integral part of this semi-annual report.
33
0
1,800,000
108.9900
Market value % share
of NSFA*
EUR
Salm - Salm Balanced Convertible
Forward exchange transactions **
As at 31 March 2014, the following forward exchange transactions were outstanding:
Currency
USD
USD
Currency purchases
Currency sales
Currency amount
11,720,000.00
61,227,930.00
* NSFA = Net sub-fund assets
** The contracting party is DZ PRIVATBANK S.A.
The explanatory notes are an integral part of this semi-annual report.
34
Market value % share
of NSFA*
8,522,811.99
44,525,096.85
9.29
48.54
Salm - Salm Balanced Convertible
Acquisitions and disposals from 1 October 2013 to 31 March 2014
Any purchases and sales made during the reporting period in securities, borrower's notes and derivatives, including changes without monetary flows, which were not
indicated in the statement of net assets.
ISIN
Securities
Acquisitions
Disposals
Bonds
Securities traded on the stock exchange
USD
DE000A1G0WA1 1.050 % Siemens Financieringsmaatschappij NV v.12(2017)
DE000A1G0WC7 1.650 % Siemens Financieringsmaatschappij NV v.12(2019)
0
0
1,000,000
1,000,000
Convertible bonds
Securities traded on the stock exchange
CHF
CH0108774156 1.875 % Swiss Prime Site AG CV v.10(2015)
0
2,000,000
EUR
DE000A1ML0D9
DE000A1HGM38
DE000A1HTR04
XS0451905367
XS0993164895
DE000A1AHTR5
FR0010941427
FR0011534874
FR0011567908
XS0542360770
BE6000386639
0.250 %
6.000 %
2.000 %
4.400 %
3.375 %
6.000 %
3.250 %
0.000 %
0.000 %
5.000 %
4.500 %
adidas AG CV v.12(2019)
Air Berlin Finance BV CV v. 13(2019)
Gabriel Finance Ltd. CV v.13(2016)
Hungarian State Holding Co. CV v.09(2014)
Hungarian State Holding Co.Reg.S. CV v.13(2019)
Klöckner & Co. Financial Services S.A. CV v.09(2014)
Misarte CV v.10(2016)
Orpea S.A. CV v.13(2020)
Rallye S.A. CV v.13(2020)
Steinhoff International Holdings Ltd. CV v.10(2016)
UCB S.A. CV v.09(2015)
1,600,000
0
3,900,000
0
2,000,000
0
12.000
6.000
10.100
0
0
1,600,000
1,900,000
3,900,000
2,000,000
2,000,000
1,500,000
12.000
6.000
10.100
600,000
1,500,000
GBP
XS0455660216
6.000 %
TUI Travel Plc. CV v.09(2014)
1,000,000
1,000,000
HKD
XS0759818643
XS0950986736
2.000 %
3.000 %
China Overseas Grand Oceans Finance Ltd. CV v.12(2017)
Kingsoft Corporation Ltd. CV v.13(2018)
10,000,000
15,000,000
10,000,000
15,000,000
JPY
XS0640924998
XS0916265787
XS0996455803
0.000 %
0.000 %
0.000 %
Lotte Shopping Co. Ltd. CV v.11(2016)
Park24 Co. Ltd. CV v.13(2018)
Takashimaya Co. Ltd. CV v.09(2014)
140,000,000
0
10,000,000
140,000,000
60,000,000
10,000,000
SGD
XS0985326411
0.000 %
Indah Capital Ltd./IHH Healthcare Berhad Reg.S. CV v.13(2018)
2,000,000
2,000,000
USD
US04010LAK98
XS0546152645
US14161HAF55
XS0296963571
XS0757015606
XS0834475161
XS0508721817
US451055AE78
XS0563898062
4.375 %
0.750 %
1.000 %
0.000 %
1.000 %
1.000 %
2.650 %
2.500 %
2.625 %
Ares Capital Corporation CV v.13(2019)
Billion Express CV v.10(2015)
Cardtronics Inc. S.144A CV v. 13(2020)
China Overseas Finance Ltd. CV v.07(2014)
Dialog Semiconductor Plc. CV v.12(2017)
Holdgrove Ltd./Severstal CV v.12(2017)
Hynix Semiconductor Inc. CV v.10(2015)
Iconix Brand Group Inc. CV v.11(2016)
Lukoil International Finance BV CV v.10(2015)
0
0
1,500,000
1,000,000
0
0
1,600,000
0
0
2,000,000
2,000,000
1,500,000
1,000,000
1,200,000
2,000,000
1,600,000
2,000,000
2,000,000
The explanatory notes are an integral part of this semi-annual report.
35
Salm - Salm Balanced Convertible
Acquisitions and disposals from 1 October 2013 to 31 March 2014
Any purchases and sales made during the reporting period in securities, borrower's notes and derivatives, including changes without monetary flows, which were not
indicated in the statement of net assets.
ISIN
Securities
USD (continued)
US741503AQ92
XS0254367179
US79466LAC81
XS0987076899
NO0010657968
XS0466930780
XS0832411283
US984332AE65
US98474TAA51
XS0780212683
1.000 %
3.250 %
0.250 %
0.000 %
1.000 %
4.500 %
0.000 %
0.000 %
1.125 %
0.000 %
priceline.com Inc. CV v.12(2018)
Qiagen Finance S.A. CV v.06(2026)
Salesforce.com Inc. CV v.13(2018)
Semiconductor Manufacturing International Corporation CV Reg.S. v.13(2018)
Siem Industries Inc. CV v.12(2019)
Tata Steel Ltd. CV v.09(2014)
TPK Holding Co. Ltd. CV v.12(2017)
Yahoo Inc. S.144A CV v.13(2018)
Yandex NV CV v. 13(2018)
Zhen Ding Technology Holding Ltd. CV v.12(2015)
Securities
admitted to trading on or included in organised markets
EUR
DE000A1ML4A7 2.750 % SGL Carbon SE CV v.12(2018)
USD
US19075FAA49
US452327AC39
US526057BC76
US531229AA07
US58471AAA34
US67020YAB65
US67020YAF79
US681919AV83
US74340XAT81
US795435AE61
US80004CAD39
US82568PAA49
US88163VAE92
US88947EAM21
US94973VBD82
2.625 %
0.250 %
2.000 %
1.375 %
1.000 %
2.750 %
2.750 %
0.000 %
3.250 %
1.500 %
1.500 %
0.250 %
0.250 %
0.500 %
2.750 %
Cobalt Intl Energy Inc. DL-Conv. Notes CV v.12(2019)
Illumina Inc. CV v.11(2016)
Lennar Corporation CV 144A v.10(2020)
Liberty Media Corporation CV v.13(2023)
Medidata Solutions Inc. CV 144A v.13(2018)
Nuance Communications Inc. CV v.07(2027)
Nuance Communications Inc. CV v.11(2031)
Omnicom Group Inc. CV v.02(2032)
Prologis L.P. CV v.11(2015)
Salix Pharmaceuticals Ltd. CV v. 12(2019)
SanDisk Corporation CV v.10(2017)
Shutterfly Inc. CV S.144A v.13(2018)
Teva Pharmaceutical Finance LLC CV v.06(2026)
Toll Brothers Finance Corporation CV v.12(2032)
WellPoint Inc. CV v.12(2042)
Unlisted securities
EUR
N00010679152 2.375 %
Marine Harvest ASA CV v.13(2018)
JPY
XS0952552486
XS0758719024
XS0951513455
XS0976017474
0.000 %
0.000 %
0.000 %
0.000 %
Nikkiso CV v.13(2018)
OSG Corporation CV v.12(2022)
Paramount Bed Holdings Co. Ltd. CV v.13(2018)
Press Kogyo Co. Ltd. CV v.13(2018)
USD
US22943FAC41
US42703MAA18
US80004CAE12
US82922RAC79
1.250 %
2.000 %
0.500 %
1.000 %
CTRip.com S144.A CV v.13(2018)
Herbalife Ltd. CV S.144A v.14(2019)
SanDisk Corporation CV v.13(2020)
Sina Corporation CV v.13(2018)
The explanatory notes are an integral part of this semi-annual report.
36
Acquisitions
Disposals
0
0
2,000,000
2,100,000
0
2,200,000
0
1,800,000
1,800,000
0
2,600,000
2,000,000
2,000,000
2,100,000
1,400,000
2,200,000
3,500,000
1,800,000
1,800,000
2,500,000
0
1,500,000
1,200,000
1,500,000
0
1,800,000
500,000
0
0
0
0
0
900,000
700,000
0
0
1,700,000
1,200,000
1,500,000
1,500,000
1,800,000
2,800,000
1,500,000
2,000,000
2,400,000
1,500,000
2,000,000
900,000
3,000,000
1,500,000
2,000,000
1,700,000
0
1,500,000
0
0
0
140,000,000
175,000,000
150,000,000
200,000,000
140,000,000
2,000,000
1,200,000
2,000,000
1,400,000
2,000,000
1,200,000
2,000,000
1,400,000
Salm - Salm Balanced Convertible
Acquisitions and disposals from 1 October 2013 to 31 March 2014
Any purchases and sales made during the reporting period in securities, borrower's notes and derivatives, including changes without monetary flows, which were not
indicated in the statement of net assets.
ISIN
Securities
Acquisitions
Disposals
300
500
250
300
500
250
0
65
200
200
1
1
1
1
1
1
1
1
1
1
1
1.4882
0.8264
8.5302
10.6668
141.5115
8.2592
4.1712
8.9427
1.2195
1.7315
1.3751
Options
EUR
Call on DAX Performance-Index December 2014/10,000.00
Put on DAX Performance-Index June 2014/9,000.00
Put on DAX Performance-Index June 2014/9,200.00
JPY
Call on Nikkei 225 Stock Average Index December 2013/15,000.00
USD
CME E-Mini S&P 500 Index December 2013/1,700.00
Exchange rates
For the valuation of assets in foreign currencies, conversions into EUR were performed using the following exchange rates as at 31 March 2014.
Australian dollar
British pound
China Renminbi Offshore
Hong Kong dollar
Japanese yen
Norwegian krone
Polish zloty
Swedish krona
Swiss franc
Singapore dollar
US dollar
AUD
GBP
CNH
HKD
JPY
NOK
PLN
SEK
CHF
SGD
USD
The explanatory notes are an integral part of this semi-annual report.
37
Salm - Salm Sustainability Progressive Convertible
Semi-annual report
1 October 2013 to 31 March 2014
The company is entitled to create unit classes with different unit-related rights.
Details of the current unit classes are as follows:
Securities ID No.:
ISIN:
Front-load fee:
Redemption fee:
Management fee:
Minimum subsequent
investment:
Use of income:
Currency:
Unit class V
A0KE9P
LU0264979492
up to 4.50 %
None
0.08 % p.a. plus 500
EUR per month (fixed)
None
Unit class B
A0Q4GQ
LU0371207076
up to 4.50 %
None
0.08 % p.a. plus 500
EUR per month (fixed)
None
distribution
EUR
distribution
EUR
Unit class I
Unit class R
A1C323
A1J2PW
LU0535037997
LU0815454565
up to 4.50 %
up to 4.50 %
None
None
0.08 % p.a. plus 500 0.08 % p.a. plus 500
EUR per month (fixed) EUR per month (fixed)
None
None
distribution
EUR
distribution
EUR
Geographic country breakdown
United States of America
Japan
Cayman Islands
Germany
Italy
Netherlands
Virgin Islands (GB)
United Arab Emirates
Austria
France
Singapore
Luxembourg
Belgium
Security holdings
Bank balances
Bank liabilities
Balance from other payables and receivables
30.13 %
16.02 %
8.88 %
6.73 %
5.09 %
4.59 %
3.35 %
3.08 %
2.85 %
2.61 %
2.19 %
2.07 %
1.63 %
89.22 %
40.98 %
-30.94 %
0.74 %
100.00 %
The explanatory notes are an integral part of this semi-annual report.
38
Salm - Salm Sustainability Progressive Convertible
Economic breakdown
Capital goods
Wholesale and retail
Health services: Equipment & services
Consumer goods & clothing
Transport
Software & services
Household and personal care products
Pharmaceuticals, biotechnology & life sciences
Diversified financial services
Hardware & equipment
Semi-conductors & equipment for the production of semi-conductors
Public utilities
Energy
Industrial services & operating materials
Property
Raw, auxiliary & operating materials
Consumer services
Security holdings
Bank balances
Bank liabilities
Balance from other payables and receivables
9.47 %
9.43 %
9.36 %
9.06 %
8.27 %
7.45 %
5.87 %
5.79 %
5.04 %
4.60 %
3.37 %
2.50 %
2.12 %
1.88 %
1.83 %
1.71 %
1.47 %
89.22 %
40.98 %
-30.94 %
0.74 %
100.00 %
Composition of the net sub-fund assets
as at 31 March 2014
EUR
Security holdings
(Securities purchase costs: EUR 31,595,146.74)
Bank balances
Unrealised profits from currency swaps
Interest receivables
Receivables from securities transactions
Receivables from currency transactions
32,080,948.45
14,736,459.54
114,954.01
113,293.41
628,185.75
4,074,750.58
51,748,591.74
-11,126,531.80
-531,590.66
-4,080,575.03
-51,987.55
-15,790,685.04
35,957,906.70
Bank liabilities
Payables from securities transactions
Payables from currency transactions
Other liabilities*
Net sub-fund assets
*
This item primarily consists of investment adviser fees and audit costs.
The explanatory notes are an integral part of this semi-annual report.
39
Salm - Salm Sustainability Progressive Convertible
Allocations by unit class
Unit class V
Proportion of net sub-fund assets
Units in circulation
Unit value
EUR 18,274,742.79
341,039.668
EUR 53.59
Unit class B
Proportion of net sub-fund assets
Units in circulation
Unit value
EUR 5,380,867.82
100,000.000
EUR 53.81
Unit class I
Proportion of net sub-fund assets
Units in circulation
Unit value
EUR 12,106,024.50
224,771.108
EUR 53.86
Unit class R
Proportion of net sub-fund assets
Units in circulation
Unit value
EUR 196,271.59
1,747.128
EUR 112.34
The explanatory notes are an integral part of this semi-annual report.
40
Salm - Salm Sustainability Progressive Convertible
Statement of assets as at 31 March 2014
ISIN
Securities
Convertible bonds
Securities traded on the stock exchange
CNH
XS0566792353 8.000 % Kaisa Group Holding Ltd. S.1638 CV
v.10(2015)
EUR
XS0632138961
4.000 % Aabar Investments PJS/Daimler AG
CV v.11(2016)
XS1046590805 1.625 % ACS Actividades Finance B.V. CV
v.14(2019)
DE000A1HGM38 6.000 % Air Berlin Finance BV CV v.13(2019)
XS0992613157 2.875 % Amplitier NV CV v.13(2018)
BE6261856213 1.500 % Econocom Group S.A. CV v.14(2019)
XS0877820422 0.625 % ENI S.p.A./SNAM S.p.A. CV
v.13(2016)
XS0878451920 5.750 % Grupo Vilmar Mir Debt S.A./
Obrascon Huerte Lain S.A. CV
v.13(2018)
FR0010973057 0.000 % Orpea S.A. CV v.10(2016)
XS0542360770 5.000 % Steinhoff International Holdings Ltd.
CV v.10(2016)
HKD
XS1019149928
XS0936737195
0.000 % Biostime International Holdings Ltd.
CV v.14(2019)
0.000 % Hengan International Group CV
v.13(2018)
JPY
XS1042530326
0.000 % Alps Electric Corporation Ltd. Reg.S.
CV v.14(2019)
XS1030986613 0.000 % Asics Corporation CV v.14(2019)
XS0673557764 0.000 % Makino Milling Machine Co. Ltd. CV
v.13(2018)
XS0511612623 0.000 % Nidec Corporation CV v.10(2015)
XS0980205271 0.000 % SBI Holdings Inc. CV v.13(2017)
XS0630591377 0.000 % Sekisui House Ltd. CV v.11(2016)
JP354767PD91 0.000 % Temp Holdings Co. CV v.13(2018)
Acquisitions in
the reporting
period
Disposals in the
reporting period
Quantity
Price
5,000,000
0
5,000,000
112.2500
Market value % share
of NSFA*
EUR
657,956.44
1.83
657,956.44
1.83
700,000
300,000
900,000
123.3927
1,110,534.30
3.08
500,000
0
500,000
101.8174
509,087.00
1.42
700,000
400,000
50.000
700,000
400,000
0
0
0
700,000
400,000
50.000
700,000
99.3400
111.0547
11.7485
109.1321
695,380.00
444,218.80
585,791.44
763,924.70
1.93
1.24
1.63
2.12
200,000
0
600,000
124.1250
744,750.00
2.07
6.000
150.000
0
0
17.000
750.000
55.3014
136.6250
940,123.80
1,024,687.50
2.61
2.85
6,818,497.54
18.95
6,000,000
0
6,000,000
96.6250
543,508.83
1.51
0
0
5,000,000
102.2290
479,192.45
1.33
1,022,701.28
2.84
80,000,000
0
80,000,000
107.3500
606,876.47
1.69
80,000,000
70,000,000
0
0
80,000,000
70,000,000
111.0500
114.0620
627,793.50
564,218.46
1.75
1.57
70,000,000
70,000,000
60,000,000
80,000,000
0
0
40,000,000
0
70,000,000
70,000,000
60,000,000
80,000,000
123.3750
109.9540
133.3000
119.4230
610,286.09
543,897.85
565,183.75
675,128.17
4,193,384.29
1.70
1.51
1.57
1.88
11.67
0
1,000,000
136.0490
785,729.14
785,729.14
2.19
2.19
SGD
XS0635636920 2.750 % Osim International Ltd. CV 0 v.11(2016)
*NSFA = Net sub-fund assets
The explanatory notes are an integral part of this semi-annual report.
41
Salm - Salm Sustainability Progressive Convertible
Statement of assets as at 31 March 2014
ISIN
Securities
Acquisitions in the
reporting period
Disposals in the
reporting period
Quantity
Price
1,000,000
0
1,000,000
98.9160
719,336.78
2.00
800,000
0
800,000
105.6990
614,931.28
1.71
200,000
0
900,000
115.9283
758,748.24
2.11
900,000
0
900,000
106.6940
698,309.94
1.94
250.000
0
1,000,000
123.6380
899,120.06
2.50
600,000
0
0
0
600,000
600,000
136.0496
119.9420
593,627.81
523,345.21
1.65
1.46
700,000
200,000
700,000
0
0
0
700,000
900,000
700,000
101.1700
119.3840
119.7940
515,009.82
781,365.72
609,816.01
6,713,610.87
20,191,879.56
1.43
2.17
1.70
18.67
56.15
1,300,000
100,000
500,000
10.000
700,000
300,000
0
2.500
600,000
400,000
500,000
7.500
121.9273
140.5600
119.9894
70.2770
731,563.80
562,240.00
599,947.00
526,843.10
2,420,593.90
2.03
1.56
1.67
1.47
6.73
800,000
0
800,000
107.4211
624,950.04
1.74
400,000
0
400,000
108.8113
316,518.94
0.88
0
0
600,000
119.9800
523,511.02
1.46
0
0
500,000
115.6140
420,383.97
1.17
0
200,000
0
0
700,000
800,000
105.1586
124.5082
535,313.94
724,358.66
1.49
2.01
800,000
800,000
0
900,000
0
0
0
450.000
800,000
800,000
800,000
450.000
117.8440
111.8710
116.1000
145.8680
685,587.96
650,838.48
675,441.79
477,351.47
5,634,256.27
8,054,850.17
1.91
1.81
1.88
1.33
15.68
22.41
USD
US00971TAF84 0.000 % Akamai Technologies Inc. S.144A CV
v.14(2019)
XS0764303813 6.500 % China Hongqiao Group Ltd. CV
v.12(2017)
US229678AE75 1.125 % Cubist Pharmaceuticals Inc. CV
v.13(2018)
US29089QAA31 2.875 % Emergent Biosolutions Inc. S.144A
CV v.14(2021)
XS0884410019 0.000 % ENN Energy Holdings Ltd. CV
v.13(2018)
XS0640324298 3.000 % Giant Great Ltd. CV v.11(2016)
US422368AA83 3.500 % Heartware International CV
v.10(2017)
US43739QAA85 0.125 % HomeAway Inc. 144A CV v. 14(2019)
US471109AJ77 1.500 % Jarden Corporation CV v.13(2019)
XS0834718594 1.875 % PB Issuer No.3 Ltd. CV v.10(2022)
Securities traded on the stock exchange
Securities admitted to trading on or included in organised markets
EUR
DE000A1X3GS9 0.750 % Drillisch AG Reg.S. CV v.13(2018)
DE000A1R0VM5 0.600 % Dte. Post AG CV v.12(2019)
DE000A1R09V9 2.000 % KUKA AG CV v.13(2018)
DE000TUAG158 2.750 % TUI AG CV v. 11(2016)
USD
US09061GAE17 0.750 % Biomarin Pharmaceutical Inc. CV
v.13(2018)
US34385PAA66 2.750 % Fluidigm Corporation/Fluidigm
Corporation Revese CV v.14(2034)
US398905AE99 2.250 % Group 1 Automotive Inc. CV
v.06(2036)
US512807AJ73 0.500 % Lam Research Corporation CV
v.11(2016)
US53219LAH24 3.500 % Lifepoint Hospitals Inc. CV v.07(2014)
US587200AK26 4.000 % Mentor Graphics Corporation CV
v.11(2031)
US741503AR75 0.350 % Priceline.com Inc. CV v.13(2020)
US79466LAD64 0.250 % salesforce.com Inc. CV v.13(2018)
US94733AAA25 1.000 % Web.com Group Inc. CV v.13(2018)
US94973VBG14 2.750 % WellPoint Inc. CV v.12(2042)
Securities admitted to trading on or included in organised markets
*NSFA = Net sub-fund assets
The explanatory notes are an integral part of this semi-annual report.
42
Market value % share
of NSFA*
EUR
Salm - Salm Sustainability Progressive Convertible
Statement of assets as at 31 March 2014
ISIN Securities
Unlisted securities
EUR
XS0994784030 2.125 %
JPY
XS0965095887 0.000 %
XS0965427981 0.000 %
XS0758719024 0.000 %
USD
US60855RAC43 1.125 %
US67066GAB05 1.000 %
Acquisitions in the
reporting period
Disposals in the
reporting period
Quantity
Price
900,000
0
900,000
118.7192
Azimut Holding S.p.A. CV
v.13(2020)
Daifuku Co. CV v.13(2017)
Maeda Corporation CV v.13(2018)
OSG Corporation CV v. 12(2022)
Molina Healthcare Inc. CV
v.13(2020)
Nvidia Corporation S.144A CV
v.13(2018)
Market value % share
of NSFA*
EUR
1,068,472.80
2.97
1,068,472.80
2.97
70,000,000
70,000,000
0
0
0
0
70,000,000
70,000,000
50,000,000
116.4000
111.1500
124.2500
575,783.59
549,813.97
439,010.26
1,564,607.82
1.60
1.53
1.22
4.35
500,000
0
500,000
112.3570
408,541.20
1.14
1,000,000
0
1,000,000
108.9900
792,596.90
2.20
1,201,138.10
3,834,218.72
32,080,948.45
32,080,948.45
14,736,459.54
-11,126,531.80
267,030.51
35,957,906.70
3.34
10.66
89.22
89.22
40.98
-30.94
0.74
100.00
Unlisted securities
Convertible bonds
Security holdings
Bank balances - current accounts
Bank liabilities
Balance from other payables and receivables
Net sub-fund assets in EUR
Forward exchange transactions **
As at 31 March 2014, the following forward exchange transactions were outstanding:
Currency
USD
USD
Currency purchases
Currency sales
Currency amount
9,765,000.00
28,413,268.00
* NSFA = Net sub-fund assets
** The contracting party is DZ PRIVATBANK S.A.
The explanatory notes are an integral part of this semi-annual report.
43
Market value % share
of NSFA*
7,101,131.30
19.75
20,662,196.30
57.46
Salm - Salm Sustainability Progressive Convertible
Acquisitions and disposals from 1 October 2013 to 31 March 2014
Any purchases and sales made during the reporting period in securities, borrower's notes and derivatives, including changes without monetary flows, which were not
indicated in the statement of net assets.
ISIN
Securities
Shares, rights and participation certificates
Securities traded on the stock exchange
United States of America
US4405431069 Hornbeck Offshore Services Inc.
Convertible bonds
Securities traded on the stock exchange
EUR
XS0437092322 6.875 %
Abengoa S.A. CV v.09(2014)
FR0011018902 2.750 %
Compagnie Industrielle et Financiere d'Ingenierie S.A. Ingenico CV v.11(2017)
BE6220862583 4.000 %
Econocom Group S.A. CV v.11(2016)
DE000A1YC3T6 0.000 %
Fresenius SE & Co. KGaA CV v.14(2019)
XS0451905367 4.400 %
Hungarian State Holding Co. CV v.09(2014)
XS0479535022 2.500 %
Industrivarden AB CV v.10(2015)
FR0010941427 3.250 %
Misarte CV v.10(2016)
BE6258011566 4.250 %
Nyrstar CV v.13(2018)
BE6000386639 4.500 %
UCB S.A. CV v.09(2015)
HKD
XS0832723927 1.250 %
XS0950986736 3.000 %
China Merchants Holdings Pacific Ltd. CV v.12(2017)
Kingsoft Corporation Ltd. CV v.13(2018)
JPY
XS0876187815
XS0364004712
XS0755481339
XS0967009381
XS1008564848
XS0461804535
ABC-Mart Inc. CV v.13(2018)
Asahi Group Holdings Ltd. CV v.08(2028)
Fukuyama Transporting Co. Ltd. CV v.12(2017)
Kawasaki Kisen Kaisha Ltd. Reg.S. CV v.13(2018)
Taiyo Yuden Co. Ltd. CV v.14(2021)
Takashimaya Co. Ltd. CV v.09(2014)
0.000 %
0.000 %
0.000 %
0.000 %
0.000 %
0.000 %
SGD
XS0985326411 0.000 %
Indah Capital Ltd./IHH Healthcare Berhad Reg.S. CV v.13(2018)
USD
US04010LAK98
US14161HAF55
XS0836237213
XS0508721817
XS0987076899
XS0299687482
XS0740856108
US98474TAA51
Ares Capital Corporation CV v.13(2019)
Cardtronics Inc. S.144A CV v.13(2020)
HKEX International Ltd. CV v.12(2017)
Hynix Semiconductor Inc. CV v.10(2015)
Semiconductor Manufacturing International Corporation CV Reg.S. v.13(2018)
Shire Pharmaceuticals Group Plc. CV v.07(2014)
SM Investments Corporation CV v.12(2017)
Yandex NV CV v.13(2018)
4.375 %
1.000 %
0.500 %
2.650 %
0.000 %
2.750 %
1.625 %
1.125 %
Securities admitted to trading on or included in organised markets
USD
US251591AX13 1.750 %
Developers Diversified Realty Corporation CV v.10(2040)
US440543AE63 1.625 %
Hornbeck Offshore Services Inc. CV v.06(2026)
US458140AF79 3.250 %
Intel Corporation CV v.09(2039)
US46612JAE10 0.625 %
JDS Uniphase Corporation CV v.13(2033)
The explanatory notes are an integral part of this semi-annual report.
44
USD
Acquisitions
Disposals
1.459
1.459
500,000
0
10.000
600,000
0
0
3.500
0
0
500,000
12.000
20.000
600,000
500,000
400,000
3.500
400,000
500,000
0
2,000,000
6,000,000
6,000,000
0
0
0
0
50,000,000
0
80,000,000
40,000,000
40,000,000
60,000,000
50,000,000
50,000,000
500,000
500,000
0
900,000
800,000
500,000
600,000
0
0
1,000,000
800,000
900,000
800,000
1,000,000
600,000
600,000
600,000
1,000,000
0
0
0
0
600,000
500,000
500,000
800,000
Salm - Salm Sustainability Progressive Convertible
Acquisitions and disposals from 1 October 2013 to 31 March 2014
Any purchases and sales made during the reporting period in securities, borrower's notes and derivatives, including changes without monetary flows, which were not
indicated in the statement of net assets.
ISIN
Securities
Acquisitions
Disposals
USD (continued)
US526057BC76
US531229AA07
US58471AAA34
US59001AAR32
US60855RAB69
US67020YAB65
US795435AE61
US80004CAD39
US82568PAA49
US88947EAM21
US94973VBD82
2.000 %
1.375 %
1.000 %
1.875 %
1.125 %
2.750 %
1.500 %
1.500 %
0.250 %
0.500 %
2.750 %
Lennar Corporation CV 144A v.10(2020)
Liberty Media Corporation CV v.13(2023)
Medidata Solutions Inc. CV 144A v.13(2018)
Meritage Homes Corporation CV v.12(2032)
Molina Healthcare Inc. CV v.13(2020)
Nuance Communications Inc. CV v.07(2027)
Salix Pharmaceuticals Ltd. CV v.12(2019)
SanDisk Corporation CV v.10(2017)
Shutterfly Inc. CV S.144A v.13(2018)
Toll Brothers Finance Corporation CV v. 12(2032)
WellPoint Inc. CV v.12(2042)
0
600,000
300,000
0
0
0
0
500,000
0
0
0
600,000
600,000
750,000
600,000
500,000
600,000
500,000
500,000
700,000
700,000
400,000
Unlisted securities
JPY
XS0854197067 0.000 %
XS0951513455 0.000 %
XS0951560290 0.000 %
Kuroda Electric Co. Ltd. CV v.12(2017)
Paramount Bed Holdings Co. Ltd. CV v. 13(2018)
Resorttrust Inc. CV Reg.S. v.13(2018)
0
0
0
40,000,000
100,000,000
60,000,000
USD
NO0010687288
US22943FAC41
US42703MAA18
US80004CAE12
US82922RAC79
Algeta ASA Reg.S CV v.13(2018)
CTRip.com S144.A CV v.13(2018)
Herbalife Ltd. CV S.144A v.14(2019)
SanDisk Corporation CV v.13(2020)
Sina Corporation CV v.13(2018)
0
800,000
500,000
800,000
500,000
600,000
800,000
500,000
800,000
500,000
60
0
60
75
0
40
3.375 %
1.250 %
2.000 %
0.500 %
1.000 %
Options
EUR
Call on DAX Performance-Index December 2014/10,000.00
Put on Dow Jones EURO STOXX 50 Index March 2014/2,800.00
USD
Call on Apple Inc. January 2014/700.00
Exchange rates
For the valuation of assets in foreign currencies, conversions into EUR were performed using the following exchange rates as at 31 March 2014.
Australian dollar
AUD
British pound
GBP
China Renminbi Offshore
CNH
Hong Kong dollar
HKD
Japanese yen
JPY
Norwegian krone
NOK
Polish zloty
PLN
Swedish krona
SEK
Swiss franc
CHF
Singapore dollar
SGD
US dollar
USD
The explanatory notes are an integral part of this semi-annual report.
45
1
1
1
1
1
1
1
1
1
1
1
1.4882
0.8264
8.5302
10.6668
141.5115
8.2592
4.1712
8.9427
1.2195
1.7315
1.3751
Explanatory Notes
to semi-annual report as at 31 March 2014
1.)
GENERAL
The "Salm" investment fund was set up on the initiative of Salm-Salm & Partner GmbH and is managed by IPConcept (Luxemburg)
S.A. in accordance with the Fund's Management Regulations. The management regulations first came into force on 10 August
2012 and were published on 17 September 2012 in the “Mémorial, Recueil des Sociétés et Associations”, the official journal of the
Grand Duchy of Luxembourg (“Mémorial”). The management regulations were last amended on 18 February 2014, and a notice of
deposit with the Commercial Register in Luxembourg was published in the Mémorial on 2 April 2014.
The Salm fund is a Luxembourg investment fund (fonds commun de placement) established for an indefinite period in the form of
an umbrella fund with one or more sub-funds in accordance with Part I of the Luxembourg Law of 17 December 2010 on Collective
Investment Undertakings ("Law of 17 December 2010").
The management company of the Fund is IPConcept (Luxemburg) S.A. (the "Management Company"), a public limited company
(Aktiengesellschaft) under the law of the Grand Duchy of Luxembourg with its registered office located at 4, rue Thomas Edison, L1445 Luxembourg-Strassen. It was incorporated for an indefinite period on 23 May 2001. Its Articles of Association were published
in the Mémorial on 19 June 2001. The most recent amendment to the Articles of Association came into effect on 14 November
2013 and was published in the Mémorial on 11 December 2013. The Management Company is entered in the Luxembourg
Register of Trade and Companies under registration number R.C.S. Luxembourg B 82 183.
2.)
BASIC PRINCIPLES OF ACCOUNTING AND VALUATION
The Executive Board of the Management Company was responsible for drawing up this report in accordance with the legal
provisions applicable in Luxembourg and standards for preparation and presentation of reports.
1. The net assets of the Fund are denominated in euros (EUR) ("the reference currency").
2. The value of a unit (the "unit value") is denominated in the currency laid down in the Annex to the Sales Prospectus ("sub-fund
currency"), insofar as no other currency is stipulated for other unit classes in the respective Annex to the Sales Prospectus
("unit class currency").
3. The unit value is calculated by the Management Company or a third party commissioned for this purpose by the Management
Company, under the supervision of the Custodian Bank, on each banking day in Luxembourg with the exception of 24 and 31
December of each year (“valuation day”) and rounded up to two decimal places. The Management Company may decide on a
different arrangement for individual sub-funds, in which case it should be taken into account that the unit value should be
calculated at least twice a month.
The Management Company may, however, decide to determine the unit value on 24 and 31 December of a given year without
these determinations of value being calculations of the unit value on a valuation day as referred to in the first sentence of this
sub-section (3). Consequently, the investors cannot demand the issuance, redemption and/or exchange of units on the basis of
a unit value determined on the 24 December and/or 31 December of a year.
4. In order to calculate the unit value, the value of the assets of each sub-fund, less the liabilities of each sub-fund, is determined
on each valuation day (“net sub-fund assets”), and this is divided by the number of units in circulation on the valuation day.
5. As far as applicable provisions of the law or of the Management Regulations require the situation of the Fund assets in their
entirety to be described in the annual or semi-annual reports or in other financial statistics, the assets of the relevant sub-funds
will be converted to the reference currency. Net sub-fund assets are calculated according to the following principles:
a) Securities, money market instruments, derivative financial instruments (derivatives) and other investments officially listed
on a securities exchange are valued at the latest available trade price which provides a reliable valuation on the trading
day preceding the valuation day. If securities, money market instruments, derivative financial instruments (derivatives) and
other investments are officially listed on several securities exchanges, the stock exchange with the highest liquidity will be
the definitive one.
b) Securities, money market instruments, derivative financial instruments (derivatives) and other investments not officially
listed on a securities exchange (or whose stock exchange rate is not deemed representative, e.g. due to lack of liquidity)
but traded on another regulated market shall be valued at a price no less than the bid price and no more than the offer
price of the trading day preceding the valuation day, which the Management Company considers, to the best of its
knowledge, to be the best possible price at which the securities, money market instruments, derivative financial
instruments (derivatives) and other investments can be sold.
(c) OTC derivatives are valued on a daily basis by means of a valuation to be determined and validated by the Management
Company.
(d) Units in UCI/UCITS are determined at the last available redemption price set before the valuation day or are valued at the
latest available price which affords a reliable valuation. If the redemption of investment units is suspended or no
redemption prices are established, the units and all other assets will be valued at their appropriate market value, as
determined in good faith by the Management Company in line with generally accepted valuation and verifiable valuation
standards.
(e) If the prices in question are not fair market prices and if no prices are set for financial instruments different from those
listed under (a)-(d), then these financial instruments and the other legally permissible assets shall be valuated at their
46
Explanatory Notes
to semi-annual report as at 31 March 2014
current trading value, which shall be established in good faith by the Management Company on the basis of generally
accepted, verifiable valuation rules (e.g. suitable valuation models taking account of current market conditions).
f)
Liquid funds are valuated at the nominal value, plus interest.
(g) Amounts due, for example deferred interest claims and liabilities, shall in principle be rated at the nominal value.
h) The market value of securities, money-market instruments, derivatives and other investments denominated in a currency
other than that of the relevant sub-fund shall be converted into the currency of the sub-fund at the exchange rate of the
trading day preceding the valuation day, using WM/Reuters fixing at 5 p.m. (4 p.m. GMT). Profits and losses from foreign
exchange transactions shall on each occasion be added or subtracted.
The net assets of the individual sub-fund will be reduced by any distributions which may be paid to the investors of the relevant
sub-fund.
6. The unit value is calculated separately for each sub-fund pursuant to the criteria specified herein. However, if there are different
unit classes within a sub-fund, the unit value will be calculated separately for each unit class within this sub-fund pursuant to
the criteria contained herein.
The tables published in this report may, for arithmetical reasons, contain rounding up differences which are higher or lower than a
unit (currency, percentage, etc.).
3.) TAXATION
Fund taxation
The assets of the Fund are subject in the Grand Duchy of Luxembourg to a tax known as the "taxe d'abonnement", which currently
amounts to 0.05% per annum, or 0.01% per annum for the sub-funds or classes of units that are issued exclusively to institutional
investors. The taxe d'abonnement is payable quarterly on the Fund’s net assets reported at the end of each quarter. The amount of
the taxe d’abonnement is specified for each sub-fund or unit classes in the relevant Annex to the sales prospectus. If fund assets
are invested in other Luxembourg investment funds already subject to the taxe d’abonnement, the portion of fund assets invested
in such Luxembourg investment funds is exempt from this tax.
The fund’s income derived from the investment of fund assets is not subject to taxation in the Grand Duchy of Luxembourg.
However, such income may be subject to taxation at source in countries in which fund assets are invested. In such cases, neither
the Custodian Bank nor the Management Company are obliged to collect tax certificates.
Taxation of earnings from units in the investment fund held by the investor
Pursuant to Directive 2003/48/EC on the taxation of interest payments (the "Directive"), a withholding tax has been levied in the
Grand Duchy of Luxembourg since 1 July 2005. This withholding tax applies to specific interest income paid in Luxembourg to
natural persons who are tax residents in another Member State. Under certain circumstances, investment fund interest income may
also be subject to the withholding tax.
By means of the Directive, the EU Member States agreed that all interest payments should be taxed in accordance with the
regulations that apply in the state where a person is resident. To this end, an automatic exchange of information was stipulated
between the national tax authorities. In deviation therefrom, it was agreed that, for a transitional period, Luxembourg would not
participate in the automatic exchange of information stipulated between the other states. Instead, Luxembourg introduced a
withholding tax on interest income. As of 1 July 2011, this withholding tax shall amount to 35% of the interest payments. This tax is
remitted to the Luxembourg tax authority anonymously, and the investor is issued with a certificate to this effect. The certificate
enables the tax so remitted to be applied fully against the tax liability of the taxpayer in the state of its registered office. By issuing a
power of attorney on voluntary participation in the exchange of information between tax authorities or by providing a "certificate
permitting the collection of income tax at source to be waived" (Bescheinigung zur Ermöglichung der Abstandnahme vom
Quellensteuerabzug), the withholding tax can be avoided.
47
Explanatory Notes
to semi-annual report as at 31 March 2014
4.)
USE OF INCOME
Please refer to the sales prospectus for further information on appropriation of income.
5.)
INFORMATION ON FEES AND EXPENSES EXPENDITURE
Please refer to the current securities prospectus for information regarding management and Custodian Bank fees.
6.)
EVENTS DURING THE REPORTING PERIOD
With effect from 1 October 2013, the sub-fund WARBURG - L- Fonds - Wandelanleihe was merged into the newly established subfund of the Salm - Salm Investment Grade Convertible umbrella fund. The merger of the respective unit classes took place using
the conversion ratio 1:1.
By resolution of the extraordinary general meeting of IPConcept (Luxembourg) S.A. on 14 November 2013, the management
changed from a one-tier organisational structure to a two-tier organisational structure. As a result of this resolution, since this date,
the operational management is carried out by the Board of Directors and this management is monitored by Supervisory Board.
48
Management, distribution and advisory services
Management Company
Board of Directors of the Management
Company to 13 November 2013)
Chairman of the Board of Directors:
IPConcept (Luxembourg) S.A.
4, rue Thomas Edison
L-1445 Luxembourg-Strassen
Dr Frank Müller
Member of the Executive Board
DZ PRIVATBANK S.A.
Deputy Chairman of the Board of Directors:
Ralf Bringmann
Member of the Executive Board
DZ PRIVATBANK S.A.
Member of the Board of Directors:
Julien Zimmer
Chief Representative "Investment Funds"
DZ PRIVATBANK S.A.
Supervisory Board of the Management
Company since 14 November 2013)
Chairman of the Supervisory Board:
Dr Frank Müller
Member of the Executive Board
DZ PRIVATBANK S.A.
Deputy Chairman of the Supervisory Board:
Ralf Bringmann
Member of the Executive Board
DZ PRIVATBANK S.A.
Member of the Supervisory Board:
Julien Zimmer
Chief Representative "Investment Funds"
DZ PRIVATBANK S.A.
Management Company Executives
Nikolaus Rummler (until 13 November 2013) Michael
Borelbach (until 13 November 2013)
Executive Board of the Management
Company since 14 November 2013)
Nikolaus Rummler
Michael Borelbach
Fund auditor
PricewaterhouseCoopers, Société coopérative
400, route d‘Esch
L-1471 Luxembourg
Custodian Bank
DZ PRIVATBANK S.A.
4, rue Thomas Edison
L-1445 Luxembourg-Strassen
Registrar and transfer agent as well as Central
Administration Agent
DZ PRIVATBANK S.A.
4, rue Thomas Edison
L-1445 Luxembourg-Strassen
Fund manager to the sub-fund
Salm - Salm Asia Convertible
Salm - Salm Conservative Convertible
Salm - Salm Investment Grade Convertible
Salm - Salm Sustainability Progressive Convertible
Salm-Salm & Partner GmbH
Schlossstrasse 3
D-55595 Wallhausen
49
Management, distribution and advisory services
Fund Manager to the sub-fund
Salm - Salm Balanced Convertible
Salm-Salm & Partner GmbH
Schlossstrasse 3
D-55595 Wallhausen
and
Franzen Gerber & Westphalen Asset Management GmbH
Minnholzweg 2 b
D-61476 Kronberg/Ts.
Paying and information agents
- Grand Duchy of Luxembourg
- Federal Republic of Germany
Paying & Information Agent and tax representative
- Republic of Austria
Sales and information agent
- Federal Republic of Germany
DZ PRIVATBANK S.A.
4, rue Thomas Edison
L-1445 Luxembourg-Strassen
DZ BANK AG
Deutsche Zentral-Genossenschaftsbank
Platz der Republik
D-60265 Frankfurt am Main
ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG
Graben 21
A-1010 Vienna
Salm-Salm & Partner GmbH
Schlossstrasse 3
D-55595 Wallhausen
Additional information for Austria
Credit institution within the meaning of §141(1) of the Investment ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG
Fund Act (Investmenfondsgesetz - InvFG) 2011
Graben 21
A-1010 Vienna
Office from which the unitholders can obtain the
information stipulated under § 141 InvFG 2011
ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG
Graben 21
A-1010 Vienna
Domestic tax representative within the meaning of §
186(2)(2) InvFG 2011
ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG
Graben 21
A-1010 Vienna
50
Production: KNEIP (www.kneip.com)

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