2014 STANLIB Funds Limited

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Text of 2014 STANLIB Funds Limited

  • STANLIB Funds LimitedUnaudited Interim Report and Financial Statements for the period 1 January 2014 to 30 June 2014

    Company Number 64639

  • Copies of Annual and Semi-Annual Reports may be obtained at the registered office of the company at Standard Bank House, 47 - 49 La Motte Street, St Helier, Jersey JE2 4SZ. The financial statements must be read in conjunction with the detailed information contained in the prospectus.

  • 01Management and Administration

    02Report of the Directors

    04Investment Managers Report

    09Statements of Total Return

    11Statements of Changes in Shareholders Net Assets

    13Balance Sheet

    16Notes to the Financial Statements

    64Portfolio Statement

    172Fund Statistics

    175Summary of Material Portfolio Changes

  • You say future potential. We say STANLIB.

  • STANLIB Funds Limited

    1

    Management and Administration

    Directors

    Neil Deacon **Michael Farrow (Chairman) *Sidney Place *Martin Rabe

    * Independent non-executive Directors**As at 23 June 2014, Neil Deacon was appointed Interim Managing Director of STANLIB Funds Managers Jersey Limited. Mr. Deacon was an Independent Director up to 23 June 2014.

    Manager

    STANLIB Fund Managers Jersey LimitedStandard Bank House47-49 La Motte StreetSt Helier, Jersey JE2 4SZChannel Islands

    Independent Auditors

    PricewaterhouseCoopers Chartered Accountants and Registered AuditorsOne Spencer DockNorth Wall QuayDublin 1Ireland

    Custodian

    Capita Trust Company (Jersey) Limited12 Castle StreetSt Helier, Jersey JE2 3RTChannel Islands

    Sub-Custodian And Bankers

    The Bank of New York Mellon SA/NV London BranchThe Bank of New York Mellon Centre160 Queen Victoria StreetLondon EC4V 4LAUnited Kingdom

    Administrator

    BNY Mellon Fund Services (Ireland) LimitedGuild House, Guild StreetInternational Financial Services CentreDublin 1Ireland

    Investment Manager, Promoter and Distributor

    STANLIB Asset Management Limited17 Melrose BoulevardMelrose Arch2196South Africa

    Registered Office

    Standard Bank House47-49 La Motte StreetSt Helier, Jersey JE2 4SZChannel Islands

    Sponsoring Broker

    J & E DavyDavy House 49 Dawson StreetDublin 2Ireland

    Legal Advisers

    Bedell Cristin26 New StreetSt HelierJersey JE2 3RAChannel Islands

    Sole Representative in South Africa

    STANLIB Collective Investments Limited17 Melrose BoulevardMelrose Arch 2196South Africa

  • STANLIB Funds Limited

    2

    Report of the Directors

    The Directors present their Unaudited Interim Report and Financial Statements for the period ended 30 June 2014.

    Incorporation

    STANLIB Funds Limited (the Company) was incorporated in Jersey, Channel Islands on 18 March 1996 with an authorised share capital of USD 5,000,100 divided into 100 Founder Shares of USD 1 each and 5,000,000 Unclassified Shares of USD 1 each.

    Activities

    The Company was originally incorporated in Jersey on 18 March 1996.

    The Company is an open-ended investment company in that it may issue and redeem Participating Shares.

    As at 30 June 2014 participating Shares are offered in the Company as shares of the Global Property Fund, STANLIB Multi-Manager Global Bond Fund, STANLIB Multi-Manager Global Equity Fund, High Alpha Global Equity Fund, STANLIB Global Bond Fund, STANLIB Global Emerging Markets Fund, STANLIB Global Balanced Fund and the STANLIB Global Balanced Cautious Fund (each a Class Fund).

    The Company is an umbrella fund and where the assets of a Class Fund are insufficient to meet that Class Funds liabilities, any liabilities which remain undischarged will revert to the Company as a whole and be allocated amongst other Class Funds. As at the date hereof, the Directors are not aware of any existing or contingent liability relating to a Class Fund which could not be discharged out of the assets of that Class Fund. Certain Share Classes are listed on the Irish Stock Exchange: Global Property Fund B Class, STANLIB Multi-Manager Global Bond Fund A Class, STANLIB Multi-Manager Global Equity Fund A Class, High Alpha Global Equity Fund A Class, High Alpha Global Equity Fund B Class, STANLIB Global Bond Fund A Class, STANLIB Global Emerging Markets Fund B, STANLIB Global Balanced Fund B Class and STANLIB Global Balanced Cautious Fund B Class.

    Investment objectives and policy

    The objectives of the Class Funds are as follows:

    Global Property Fund

    The primary objective is to maximise long term total return, both capital and income growth, by investing in global property company shares and REITS. The Class Funds benchmark is the UBS Global Real Estate Investors Index.

    STANLIB Multi-Manager Global Bond Fund

    The primary objective is to provide attractive investment returns from investing in major international bond markets. The investment objective is to out-perform the Barclays Capital Multiverse Index.

    STANLIB Multi-Manager Global Equity Fund

    The objective is to maximise long term total return by investing in global equities. The investment objective is to generate annualised investment returns in excess of the benchmark. The Class Funds benchmark is the MSCI All Country World Investable Market Index.

    High Alpha Global Equity Fund

    The objective is to maximise long term total return by investing in global equities. The Class Funds benchmark is the MSCI World All Country Index. Tracking error of the fund to the benchmark is expected to be in the region of 6-10%.

    STANLIB Global Bond Fund

    The primary objective of this single manager fund is to provide attractive investment returns from investment in major international bond markets. The criterion for investment is the preservation of capital and appropriate weighted average credit rating. The investment objective is to out-perform the Barclays Global Aggregate Bond Index.

    STANLIB Global Emerging Markets Fund

    The primary objective of this single manager fund is to maximise long term total return by investing in emerging market equities. The investment objective is to out-perform the MSCI Emerging Markets Free Index.

    STANLIB Global Balanced Fund*

    The primary objective is to provide investors with long-term capital growth from a diversified and actively managed portfolio of equities, property company shares, bonds and cash. This Class Funds composite benchmark comprises the MSCI AC World Index (50%), the Barclays Capital Aggregate Bond Index (30%), the UBS Global Real Estate investors Index (10%) and the JP Morgan Global Cash 1 Month Index (10%), rebalanced monthly.

    STANLIB Global Balanced Cautious Fund*

    The primary objective is to adopt a conservative approach to investment from a diversified and actively managed portfolio of equities, property company shares, bonds and cash. This Class Funds composite benchmark comprises the MSCI AC World Index (20%), the Barclays Capital Aggregate Bond Index (40%), the UBS Global Real Estate Investors Index (8%) and the JP Morgan Global Cash 1 Month Index (32%), rebalanced monthly.

    The objectives shall be sought within the constraints of the investment restrictions and subject to the risks normally associated with a conservative and balanced approach to portfolio management.

  • STANLIB Funds Limited

    Report of the Directors (continued)

    3

    Results and dividends

    Change in net assets attributable to shareholders from investing activities

    6 months to 30 June 2014 USD

    12 months to 31 December 2013USD

    Global Property Fund 13,372,114 (4,424,408)

    STANLIB Multi-Manager Global Bond Fund 12,992,792 (15,289,567)

    STANLIB Multi-Manager Global Equity Fund 128,472,647 353,657,305

    High Alpha Global Equity Fund 31,785,823 205,868,215

    STANLIB Global Bond Fund 7,434,486 (3,673,652)

    STANLIB Global Emerging Markets Fund 7,998,406 2,092,031

    STANLIB Global Balanced Fund 5,260,055 3,032,061

    STANLIB Global Balanced Cautious Fund 1,396,839 337,265

    Capital values

    Total net assets attributable to holders of redeemable participating shares amounted to US$4.037 billion as at 30 June 2014 (31 December 2013: US$3.812 billion).

    Directors

    The Directors at 30 June 2014, all of whom have served as Directors for the whole period then ended unless otherwise stated, are listed below:

    Neil Deacon (independent up to 23 June 2014)* Michael Farrow (independent) Sidney Place (independent) Martin Rabe

    All Directors act in a non-executive capacity.*As at 23 June 2014, Neil Deacon was appointed Interim Managing Director of STANLIB Funds Managers Jersey Limited. Mr. Deacon was an Independent Director up to 23 June 2014

    Directors interests

    There were no material contracts or contracts for the provision of services existing during the period under review to which the Company was a party and in which any Director is, or was, materially interested.

    The Directors had no beneficial interest in the Shares of the Company at 30 June 2014.

    Directors responsibilities

    The Directors are responsible for preparing financial statements which shall be in accordance with generally accepted accounting principles and show a true and fair view of the total return of the Company for the period and of the state of the Companys affairs as at the end of the period.

    In preparing the financial statements, the Directors should:

    select suitable accounting policies and then apply them consistently;

    make judgments and estimates that are reasonable and prudent;

    state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

    prepare the financial stat