ABANTE GLOBAL FUNDS

ABANTE GLOBAL FUNDS

Société d'Investissement à Capital Variable

Annual Report and Audited FinancialStatements as at

December 31, 2019

R.C.S Luxembourg B 175074

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ABANTE GLOBAL FUNDS

TABLE OF CONTENTS

STATEMENT OF NET ASSETS......................................................................................................................................................................................... 16STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS............................................................................................................................ 17STATISTICAL INFORMATION ........................................................................................................................................................................................ 18CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUE PER SHARE............................................................. 19STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS....................................................................................................... 20GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES...................................................................................................... 21ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES ............................................................................................................... 22

SPANISH OPPORTUNITIES..................................................................................................................................................................... .SPANISH OPPORTUNITIES 16


ABANTE EQUITY MANAGERS.............................................................................................................................................................. .ABANTE EQUITY MANAGERS 23

STATEMENT OF NET ASSETS......................................................................................................................................................................................... 30STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS............................................................................................................................ 31STATISTICAL INFORMATION AND CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUE PERSHARE.................................................................................................................................................................................................................................. 32STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS....................................................................................................... 33GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES...................................................................................................... 35ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES ............................................................................................................... 36

ABANTE GLOBAL SELECTION ............................................................................................................................................................. .ABANTE GLOBAL SELECTION 30


ABANTE PANGEA FUND ........................................................................................................................................................................ .ABANTE PANGEA FUND 37

DIRECTORS AND ADMINISTRATION................................................................................................................................................. . 5

GENERAL INFORMATION..................................................................................................................................................................... . 6

REPORT ON THE ACTIVITIES OF THE FUND.................................................................................................................................... . 7

AUDIT REPORT........................................................................................................................................................................................ . 11

COMBINED STATEMENT OF NET ASSETS ........................................................................................................................................ . 14

COMBINED STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS ........................................................................... . 15

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ABANTE GLOBAL FUNDS

TABLE OF CONTENTS(continued)


ABANTE EUROPEAN QUALITY EQUITY FUND ................................................................................................................................ .ABANTE EUROPEAN QUALITY EQUITY FUND 45


NOTES TO THE FINANCIAL STATEMENTS....................................................................................................................................... . 62

ABANTE BIOTECH FUND ....................................................................................................................................................................... .ABANTE BIOTECH FUND 53

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DIRECTORS AND ADMINISTRATION

REGISTERED OFFICE ABANTE GLOBAL FUNDS C/O Edmond de Rothschild (Europe) 20, Boulevard Emmanuel Servais L - 2535 Luxembourg BOARD OF DIRECTORS CHAIRMAN Mr. Joaquin CASASUS OLEA, Director at Abante Asesores Gestion SGIIC, S.A., Madrid MEMBERS Ms. María de las VIÑAS HERRERA HERNAMPEREZ, Director at Abante Asesores Gestion SGIIC, S.A., Madrid Mr. Javier VALLS, Independent Director REGISTRAR, TRANSFER, PAYING AGENT AND ADMINISTRATIVE AGENT Edmond de Rothschild Asset Management (Luxembourg) 20, Boulevard Emmanuel Servais L - 2535 Luxembourg AUDITOR PricewaterhouseCoopers, Société coopérative 2, Rue Gerhard Mercator B.P. 1443 L - 1014 Luxembourg MANAGEMENT COMPANY Abante Asesores Gestion SGIIC, S.A. Plaza de la Independencia 6 ES - 28001 Madrid DISTRIBUTOR Abante Asesores Distribucion AV, S.A. Plaza de la Independencia 6 ES - 28001 Madrid DEPOSITARY AND DOMICILIARY AGENT Edmond de Rothschild (Europe) 20, Boulevard Emmanuel Servais L - 2535 Luxembourg

LEGAL ADVISER AS TO LUXEMBOURG LAW Eversheds Sutherland (Luxembourg ) LLP 33, Rue Sainte-Zithe L - 2763 Luxembourg

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GENERAL INFORMATION

INFORMATION TO THE SHAREHOLDERS Annual reports and semi-annual reports are at the disposal of the shareholders with the administrative agent at the registered office of the SICAV and on the following website: www.abanteasesores.com. The periodical reports contain financial information regarding the ABANTE GLOBAL FUNDS (“SICAV”), the composition and evolution of its assets and its consolidated situation. The list of movements that took place in the composition of the securities portfolios for the financial period starting

on January 1, 2018 are available for free with the head office of the administrative agent. The shares of the Sub-Funds of the SICAV are not currently listed on the Luxembourg Stock Exchange. Subscriptions cannot be received on the basis of financial reports. Subscriptions are valid only if made on the basis of the current prospectus and Key Investors Information Document (“KIID”), supplemented by the last annual report and the most recent semi-annual report if published thereafter.

NET ASSET VALUE PER SHARE

The accounts of each Sub-Fund are held in the reference currency corresponding to each of these Sub-Funds. The net asset value is calculated for each Sub-Fund and is expressed in the corresponding currency. The net asset value is calculated every bank business day in Luxembourg. The net asset value of the shares of each Sub-Fund is calculated by dividing the net assets of the Sub-Fund by the total number of shares of the Sub-Fund in issue at that time. The net assets of each Sub-Fund correspond to the difference between the total assets and total liabilities of each Sub-Fund. The net asset value of the shares of each share class is calculated by dividing the net assets of the Sub-Fund allocated to this share class by the total number of shares of said share class in issue at that time. The net assets of every share class correspond to the difference between the total assets and total liabilities of each share class.

If, since the time of determination of the Net Asset Value on the relevant Valuation Day, there has been a material change in the quotations in the markets on which a substantial portion of the investments attributable to the relevant Class/Category in respect of a Sub-Fund or to the relevant Sub-Fund are dealt in or quoted, the Fund may, in order to safeguard the interests of the shareholders and the Fund, cancel the first valuation and carry out a second valuation. All subscription, redemption and conversion requests shall be treated on the basis of this second valuation.

RISK MANAGEMENT PROCESS (UNAUDITED)

The SICAV will employ a risk-management process which enables it to monitor and measure at any time the risk of each Sub-Fund’s portfolio positions and their contribution to the overall risk profile of each Sub-Fund. For the following Sub-Funds the Management Company retained the commitment approach for the determination of the global risk exposure:

- SPANISH OPPORTUNITIES - ABANTE EQUITY MANAGERS - ABANTE GLOBAL SELECTION - ABANTE PANGEA FUND - ABANTE EUROPEAN QUALITY EQUITY

FUND - ABANTE BIOTECH FUND

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REPORT ON THE ACTIVITIES OF THE FUND *

Global Market Overview The year 2019 was a great one for financial markets. The main worries investors faced were Brexit and the Trade War, however, both were properly addressed, increasing investors ‘risk appetite. Central Banks also proposed new monetary policies during the second semester, in order to stimulate the economy and maintain a low volatility. Most financial assets, including fixed income and raw materials, significantly rose in 2019.

The global equities index gained 24.90% in the year, measured in local currency, and 27.50% in euros. United States was the clear leader in terms of performance, the S&P 500 rising 28.90% and Nasdaq 35.20%, while Europe trailed along with a rise of 22.20%. Spain, however, was one of the markets with lowest performance in the year, gaining 11.8%.

We have witnessed another wonderful year for the technology sector. Shares of Apple gained almost 90% in 2019, reaching a market capitalization of 1,3 trillion dollars, an equivalent of Spain´s GDP.

From a macroeconomic perspective, the year 2019 has been characterized by a global economic slowdown. If the global economy grew 3.60% in 2018, in 2019 it grew close to 3.00%. Protectionist policies and trade tensions were clear causes of this growth decline. Even though both consumption and the levels of internal demand still hold, the investment components and trade balance pointed towards a lower growth. Where most impact has been seen has been in economies with a strong exposure to industrial and manufacturing sectors. For example, Germany has gone from growing above 3.00% in 2017 to entering recession territory in 2019, given that the automotive sector was negatively impacted, and the trade balance was clearly weakening.

In 2020 some economic recovery is expected, and the IMF anticipates a global growth of 3.40%. Business confidence indicators have begun to point towards an upturn as well. The signing of the first phase of the trade agreement between United States and China has been scheduled for January 15th, which should be the start of this expected improvement. In Europe, there is a projected growth of 1.5%, in United States close to 2%, and Emerging Markets around 4.60%.

Regarding prices, 2019 fulfilled the low inflation expectations: in Europe inflation decreased from 1.5% in 2018 to 1% in 2019 and United States stayed close to 2%. The raise in wages in United States is still growing at an interannual rate of 3%, which is favorable for consumers, but could eventually generate higher inflation and pressure corporate margins.

In terms of employment, news has continued to be positive, given that even though there has been an economic slowdown, jobs have still been created in a consistent manner. The unemployment rate in United States remains at historic lows at 3.5% and in Europe we have returned to pre-crisis levels, at around 7.5%.

Again, materials and energy have experienced a tough year, with profit losses of around 20%. On the bright side, healthcare and utilities have significantly increased their profits, with prices rising around 8%.

Today, we find ourselves at the opposite end from where we stood twelve months ago, where expectations were pessimistic, everyone spoke of an imminent recession and asset prices reflected very bad expectations for the upcoming year. It was a great time to buy equities at favorable prices and start the year with a clear overweight on riskier assets. We had bad news but good prices. A year later, as the horizon clears up, we have positive expectations for the year ahead. A hard Brexit can be almost discarded, the trade war progressing towards phase 2, Trump´s impeachment does not seem to prosper, and everything seems to point towards a global economic growth recovery. Expectations are high and are reflected on the asset prices, which keep climbing.

Investment alternatives are still scarce given the low interest rates, which are unfavorable for fixed income assets. We still see value in niche markets such as banks´ AT1, given that liquidity is still penalizing portfolios or offering no profitability. It is hard to believe 2020 will be a good year for fixed income.

The year 2019 was an interesting one for fixed income, whose indexes reached double digit returns in almost every asset class. Short term interest rates are anchored both in Europe and United States due to monetary policies imposed by the Central Banks, but if macroeconomic data improves, a raise in mid-long term interest rates could be a possibility, which is why short duration positions should be maintained.

In the credit market, high yield and investment grade bond spreads are at historic average levels and could continue to compress, although the path is limited. Corporate bonds offer coupons, which is still attractive for investors in a low interest rate environment.

In terms of valuation, we still observe the best investment opportunities in equity markets. Although we do consider that the United States stock market is listed at less attractive levels in relative terms, we do see interesting opportunities in European, Japanese and Emerging markets, specially in the Asia-Pacific region.

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2019 Market Indices

EQUITY INDICES 2019

AMERICA

S&P 500 28.88%Dow Jones Industrial 22.34%Nasdaq Composite 35.23%Russell 2000 Index 23.72%Brazil Bovespa 31.58%Mexican Stock Exchange 4.56%

EUROPE

Euro Stoxx 50 24.78%Dax Xetra 25.48%IBEX-35 11.82%CAC 40 26.37%FTSE 12.10%FTSE MIB Index 28.28%PSI 20 Index 10.20%FTSE Athens Stock Exchange 42.88%

ASIA

Nikkei 225 18.20%Hang Seng 22.30%Hong Kong 10.30%

GOVERNMENT INDICES

Barclays Spain Govt 10 Yr 21.04%Barclays Germany Govt 10 Yr 9.23%Barclays US Govt 10 Yr 8.53%Barclays EM Local Currency 13.008%

CORPORATE

Barclays European Corporate 6.24%Barclays European High Yield 12.29%Barclays US Corporate 14.54%Barclays US High Yield 14.32%

MAIN CURRENCIES

Euro/Dolar (spot) 2.27%Euro/Yen (cross rate) 3.33%Euro/Pound (cross rate) 6.27%

COMMODITIES

Brent Crude Oil ($) 24.92%

Gold ($) 18.87%

SPANISH OPPORTUNITIES

The market behavior in 2019 has had two different periods. The first part in which the more expensive sectors that had been doing well continued to do well; while the cheaper ones that had been doing badly continued to do badly. And from the summer onwards this behavior began to revert: a progressive normalization of the perception of macro risk which continued to be transferred to the interest yield curve and to equities. ABANTE GLOBAL FUNDS - SPANISH OPPORTUNITIES Class A EUR, ended 2019 with a positive result of +2.72%. It is worth noting that since August 2019, when the market turned around, the fund has risen by more than 20%, practically doubling the performance of the Spanish index.

If we ask ourselves what the stock market will do in the upcoming years, the answer is still interest rates. If the normalization path of recent months continues, the stock market will continue the sectoral reversion we have seen and vice versa. And to analyze the possible evolution of the interest rate curve, there are two factors to watch out for: economic developments and monetary policy.

Regarding macroeconomics, everything seems to point to the worst being behind. The trade war has moved on to a different screen and regardless of how quickly negotiations advance, it seems safe to say that things won´t shift too much from the current situation, specially in an electoral year for Unites States. Both sides have enough incentives to move forward with the deal.

Regarding the macroeconomic slowdown we had last year due to the trade war, the reasonable scenario would be for the economy to gain traction as the year advances, as the confidence indicators point out. On the other hand, the European Central Bank is not going to let the window of opportunity pass to get out of the corner that the market has put it in. The indications from the heads of the European monetary authorities are moving in this direction: the disadvantages of negative rates are becoming increasingly clear.

The portfolio´s valuation starting point makes its potential for revaluation enormous if it continues with the movement of the last part of the year. During the year we sold the positions in Mapfre, Ferrovial, Gamesa, ACS and Colonial and we bought Prosegur Cash, Sacyr, Melia and Ence.

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ABANTE EQUITY MANAGERS FUND

2019 ended with excellent performance for risky assets. It was a year filled with fears that were never realized: global economic slowdown, disruptive trade wars and potential missteps from Federal Reserve policy. Much of stock market’s gains in 2019 can be attributed to a radical policy shift at the Federal Reserve. After raising rates four times in 2018, story was different in 2019, when Fed lowered rates three times, adopting a more data dependant mood. The other big uncertainty was trade negotiations between US and China and how could this affect to economic growth. Even if trade war headlines dominated the financial news throughout most of the year, trade war had only transient effects on the stock market and a “phase 1” deal drove US markets to new all-time highs.

Our sub-Fund ABANTE GLOBAL FUNDS – ABANTE EQUITY MANAGERS is a long only equity fund of funds, whose Class A EUR ended 2019 with a positive return of 25.36% versus 28.93% for the MSCI ACWI Index. The sub-Fund maintained an underweight in US markets while we remained overweighted in European and emerging markets. The top contributors to the fund were FundSmith Equity Fund, Vulcan Value Equity and Seilern America, who have exposure mainly to the US markets.

For the coming year, we have slightly decreased our exposure to US markets where we have seen valuation becoming more expensive during the year. On the other hand, we have increased our exposure to European markets, where we find some sectors trading at attractive valuation as industrial or financial companies.

ABANTE GLOBAL SELECTION

We ended a good year overall for all asset class globally. In equities, the last quarter of the year was very positive as the macro situation improved and there was more optimism about both Brexit and trade war between China and the US, the two main geopolitical conflicts that worried the market during 2019. During the year, we have seen a good performance of the equity assets overall, especially in the United States led by the technology sector.

Our Sub-Fund ABANTE GLOBAL FUNDS - ABANTE GLOBAL SELECTION ended 2019 with a positive return of 12.05% with an average of 51.7% of equity exposure. We started the year assuming a lot of risk after the markets fell in late December 2018, and we have been reducing this risk gradually whilst markets started to rise. We maintained a global exposure in equities including some exposure to emerging markets. During the year we change the position in Jupiter European Growth Fund, due to the exit of the fund manager, for the MFS European Value Fund.

Throughout the year we have been underweight in fixed income assuming low risk with a bias towards credit bonds. We favoured some positions in subordinated financials and global flexible bond strategies. This positioning along with being overweight in European equities has been key for the good results the fund obtained in both absolute and relative terms.

ABANTE PANGEA FUND

ABANTE GLOBAL FUNDS - ABANTE PANGEA FUND Class A EUR closed the year 2019 on a negative note, falling 2.51% against the 24.8% rise of the Eurostoxx 50. The average weighting of equities was 34% and the return of the equity portfolio was 5.9%. On the other hand, the hedging through derivatives degenerate a negative return of 7.6% due to the increased in Nasdaq by 38% and the SP500 by 29%.

Despite being a year in which corporate earnings growth was very weak, there was a significant rise in all markets due to a strong expansion of the P/E in all geographical areas, largely as a result of lower corporate interest rates, the return to unconventional monetary measures, the confirmation that there was no economic recession and, above all, the fact that there was a favorable media environment that the trade war between China and the United States would come to an end. 2019 is largely confirmed as the year in which it became clear that all economies need to continue with central bank assisted support in the face of high debt stock and low growth prospects due to low productivity and a strongly ageing population.

2020 will be marked in large part by the U.S. presidential election, which will make the Fed rather lax and the messages that politicians will send us will be very optimistic, although it remains to be seen if there is any conflict with the recently presented "impeachment" against Trump. Europe will continue with low economic growth and with an ECB that will have to redouble its efforts to inject money due to the political changes towards radical governments that are generating more debt. A new currency war scenario could become a reality as the world's major economies are trapped in low growth and debt environments.

The main risk in the market is probably corporate fixed income, with high-yields corporates trading at 5% yield in the US and Moody's BAA at 3.9%. The lack of liquidity in the US repo market and the necessary intervention by the Fed is another problem that could mark the first part of the year. The equity markets are mostly at maximum valuation levels with little margin for P/E expansion and without a substantial improvement in profits, which could lead to episodes of volatility much higher than those seen in 2019. A strong polarization of sector returns and investment styles means that, for the time being, I only see

ABANTE GLOBAL FUNDS

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opportunities in value versus growth, and in sectors with high dividend returns. The big increase in passive investments are generating a certain overvaluation in the big technology companies in the United States and this sector, which is in a scenario of little regulation, low taxes and quasi-monopoly positions, may be the negative surprise after having risen by 22% a year in the last 10 years.

Abante Pangea sub fund strategy for next year is to stay in a low net risk zone, given that the possibility of the “three Ds” scenario (demography, deflation and debt) could result in a market downturn of 15%-20%. The equity portfolio will be concentrated on the main investment ideas with very relevant undervaluation from the point of view of fundamental analysis and until the SP 500 falls to 2,850 the fund will continue with its hedging positions, hoping to generate sufficient alpha to give positive returns in adverse market scenarios.

ABANTE EUROPEAN QUALITY EQUITY FUND

In 2019, major stock indices recorded revaluations of more than 20%, which offset the previous year's losses. The evolution of 2019 business results were not very different from what we had seen in 2018. In both years, the sales and profits of large global companies had increased moderately, in line with the growth of the economy. The market gain of the last year is therefore not attributable to different business performance, but to an improvement in the perception of risk. The main political uncertainties (Brexit and the trade war between the United States and China) that affected the stock exchange prices in 2018 have been clarified in 2019. Global trade has not been disrupted, nor will the UK's exit from the European Union cause major economic distortions. Interest rates remain historically low, in line with inflation, in the United States, and this undoubtedly favors equity markets. In Europe, negative rates continue to weigh on the price of bank shares. But, in the other side, contributes positively to an increase in the multiples that the market is willing to pay for the profits of the global big players in other sectors, specially in luxury goods, engineering and information technology. Our Sub-Fund, ABANTE GLOBAL FUNDS – ABANTE EUROPEAN QUALITY EQUITY FUND Class A EUR, ended 2019 with a positive result of +33.88%, while the Euro Stoxx 50 ended +24.78% with an equally weighted portfolio of 24 large-cap stocks of the Eurozone. The main contribution came from our holdings in companies like SAP, Airbus, Safran and LVMH, global leaders in high growth markets. One third of the fund’s portfolio has remained invested in the banking sector, a poor performer

in the last two years. Nevertheless, we will keep a clear overweight in banks hoping that a normalisation of interest rates in the Eurozone will happen sooner rather than later.

ABANTE BIOTECH FUND

ABANTE GLOBAL FUNDS - ABANTE BIOTECH FUND Class A EUR ended 2019 with a positive net performance of 47.72%, versus 24.9% for the NASDAQ Biotechnology Index (NBI) and ranked 1st in the healthcare sector across Europe.

The fund is invested in c.40 companies, most of them small and mid-companies in the biotechnology sector in the US. After sell-off at the end of 2018, we enjoyed a strong start of the year following by some weaknesses during the summer. Views on a possible recession affecting small & mid-caps and the uncertainty on drug pricing fueled by rhetoric coming from democrat candidates on health care reform as we approach 2020 US elections were the main causes.

However that weaknesses was surpassed by strong scientific results on the companies in our portfolio and an increase in M&A activity, leading to an extraordinary Q4 where we saw a 27% increase only in November. More specifically, during 2019 a total of 48 new medicines were approved by the FDA and big pharma drove M&A value in the life-sciences field to a record high in 2019 with deal values reaching more than $350 billion. As in 2019, the science behind the biotechnology sector remains robust while access to fresh capital is also active.

We believe the biotechnology sector is poised for success during 2020 as there is plenty of firepower left and exciting technologies being developed in three core sectors of the fund, namely, cell therapy, gene therapy and gene editing, all three recently validated successfully in clinical trials.

Luxembourg, March 2020 * Indications and comparisons are historical and are not necessarily an indication of future results.

PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 LuxembourgT : +352 494848 1, F : +352 494848 2900, www.pwc.lu Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°10028256)R.C.S. Luxembourg B 65 477 - TVA LU25482518

Audit report

To the Shareholders ofABANTE GLOBAL FUNDS

Our opinion

In our opinion, the accompanying financial statements give a true and fair view of the financial position of ABANTE GLOBAL FUNDS (the “Fund”) and of each of its sub-funds as at 31 December 2019, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements.

What we have audited

The Fund’s financial statements comprise:

the combined statement of net assets for the Fund and the statement of net assets for each of the sub-funds as at 31 December 2019;

the statement of investments in securities and other net assets as at 31 December 2019; the combined statement of operations and changes in net assets for the Fund and the statement of

operations and changes in net assets for each of the sub-funds for the year then ended; and the notes to the financial statements, which include a summary of significant accounting policies.

Basis for opinion

We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (Law of 23 July 2016) and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier” (CSSF). Our responsibilities under the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the “Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the financial statements” section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

We are independent of the Fund in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the financial statements. We have fulfilled our other ethical responsibilities under those ethical requirements.

Other information

The Board of Directors of the Fund is responsible for the other information. The other information comprises the information stated in the annual report but does not include the financial statements and our audit report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

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In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Board of Directors of the Fund for the financial statements

The Board of Directors of the Fund is responsible for the preparation and fair presentation of the financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of Directors of the Fund determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors of the Fund is responsible for assessing the Fund’s and each of its sub-funds' ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors of the Fund either intends to liquidate the Fund or close any of its sub-funds or to cease operations, or has no realistic alternative but to do so.

Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the financial statements

The objectives of our audit are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an audit report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;

obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control;

evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors of the Fund;

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conclude on the appropriateness of the Board of Directors of the Fund’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund’s or any of its sub-funds' ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our audit report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our audit report. However, future events or conditions may cause the Fund or any of its sub-funds to cease to continue as a going concern;

evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

PricewaterhouseCoopers, Société coopérativeRepresented by

Fanny Sergent

Luxembourg, 13 March 2020

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ABANTE GLOBAL FUNDS

COMBINED STATEMENT OF NET ASSETSDecember 31, 2019

ASSETS

Portfolio: (see notes)329,201,941.41- Cost

1,298,440.17- Net unrealised result330,500,381.58

Cash:20,000,469.67- Cash at sight

6,572,577.58- Cash at sight by the broker (see notes)

Other assets:2,072,063.07- Receivable on subscriptions

2,546.40- Interest receivable32,233.47- Dividend receivable

4,520.87- Formation/reorganisation expenses, net3,999,133.90- Receivable for investments sold

19,083.79- Unrealised gain on futures (see notes)5,446.62- Unrealised gain on forward foreign exchange contracts

on currencies(see notes)

363,208,456.95

LIABILITIES

Bank overdraft:424.49- Cash at sight

Other liabilities:1,031,754.26- Payable on redemptions1,420,539.94- Taxes and expenses payable

972,549.73- Performance fees payable5,459,563.58- Payable for investments purchased

362,410.39- Unrealised loss on futures (see notes)6,574.14- Unrealised loss on forward foreign exchange contracts

on currencies(see notes)

9,551.83- Interest payable9,263,368.36

NET ASSETS 353,945,088.59

(in EUR)

The notes are an integral part of these financial statements.

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ABANTE GLOBAL FUNDS

COMBINED STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear ended December 31, 2019

NET ASSETS AT THE BEGINNING OF THE YEAR 301,571,207.10

INCOME

Income from investments:- Dividends, net 8,278,186.62- Bond interest, net 30,627.25Bank interest, net 13,517.39Other income 28,198.57

8,350,529.83

EXPENSES

Bank interest, net 75,218.22

Fees:- Management fee (see notes) 4,399,269.91- Performance fee (see notes) 972,672.32- Custodian fee and safekeeping charges (see notes) 528,455.69

Other expenses:- Annual tax (see notes) 147,847.02- Amortisation of formation/reorganisation expenses (see notes) 1,142.38- Audit and legal fees 63,157.81- Printing and publishing fees 25,638.65- Transaction fees (see notes) 535,252.76- Administration and other expenses (see notes) 684,723.85

7,433,378.61

NET OPERATING RESULT 917,151.22

Net realised result on:- Sales of investments (see notes) 18,652,615.46- Foreign exchange and forward foreign exchange contracts oncurrencies

(see notes) 266,418.27

NET REALISED RESULT 19,836,184.95

Change in net unrealised appreciation/(depreciation) on:- Investments (see notes) 39,063,437.93- Forward foreign exchange contracts on currencies 2,599.86- Futures 2,063,164.69

NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS

60,965,387.43

MOVEMENTS IN CAPITAL

Subscriptions of shares 112,562,367.13Redemptions of shares (121,289,794.04)

(8,727,426.91)

EXCHANGE DIFFERENCE FROM SUB-FUNDS 135,920.97

NET ASSETS AT THE END OF THE YEAR 353,945,088.59

(in EUR)


16

ABANTE GLOBAL FUNDS SPANISH OPPORTUNITIES

STATEMENT OF NET ASSETSDecember 31, 2019

ASSETS

Portfolio: (see notes)- Cost 37,681,474.85- Net unrealised result (6,398,933.55)

31,282,541.30

Cash:- Cash at sight 896,759.45- Cash at sight by the broker (see notes) 1,312,719.66

Other assets:- Receivable on subscriptions 10,979.99- Dividend receivable 20,983.47

33,523,983.87

LIABILITIES

Other liabilities:- Payable on redemptions 578,574.81- Taxes and expenses payable 162,992.32- Unrealised loss on futures (see notes) 61,490.00

803,057.13

NET ASSETS 32,720,926.74

(in EUR)


14.261,219,671.229

13.74556,583.413

8.71882,159.591

Net asset value per shareShares outstanding

A EUR


B EUR


C EUR

17


STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSYear ended December 31, 2019


INCOME

Income from investments:- Dividends, net 1,237,363.62Other income 3,645.12

1,241,008.74

EXPENSES


Fees:- Management fee (see notes) 589,351.31- Custodian fee and safekeeping charges (see notes) 64,971.90

Other expenses:- Annual tax (see notes) 18,485.42- Audit and legal fees 7,802.71- Printing and publishing fees 5,052.08- Transaction fees (see notes) 33,600.79- Administration and other expenses (see notes) 168,126.64

897,923.76

NET OPERATING RESULT 343,084.98

Net realised result on:- Sales of investments (see notes) 186,605.94

NET REALISED RESULT 529,690.92

Change in net unrealised appreciation/(depreciation) on:- Investments (see notes) 378,730.15- Futures 121,410.00


1,029,831.07



(15,177,638.68)


(in EUR)


18


STATISTICAL INFORMATIONYear ended December 31, 2019

A EUR

Shares outstanding at the beginning of the year 1,871,201.230

Subscriptions of shares 67,288.993

Redemptions of shares (718,818.994)

Shares outstanding at the end of the year 1,219,671.229

NET ASSET VALUE PER SHARE EUR

Highest 14.8103.19.19

Lowest 11.9108.14.19

At the end of the year 14.26

B EUR

1,281,155.450

71,096.848

(795,668.885)

556,583.413

EUR

14.3403.19.19

11.5108.14.19

13.74

C EUR

430,799.980

724,485.207

(273,125.596)

882,159.591

EUR

9.0503.19.19

7.2808.14.19

8.71

SHARES

19


CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS AND

IN NET ASSET VALUE PER SHARE

Date ShareClass

Number of shares

outstanding

NetAssets

Ccy Net assetvalue

per share

1,423,173.688 15.7622,432,075.89A EUR EUR12.31.171,416,857.796 15.3921,804,694.12B EUR EUR

306,504.202 9.632,952,338.82C EUR EUR

1,871,201.230 13.8825,968,122.10A EUR12.31.18 EUR1,281,155.450 13.4617,247,128.72B EUR EUR

430,799.980 8.483,653,483.53C EUR EUR

1,219,671.229 14.2617,386,863.49A EUR12.31.19 EUR556,583.413 13.747,648,196.29B EUR EUR882,159.591 8.717,685,866.96C EUR EUR

20


STATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETS

December 31, 2019(in EUR)


Quantity Description Cost Valueper

security

Marketvalue (see

notes)

% ofnet

assets

132,951.00 ACERINOX REG SHS EUR 10.05 1,335,492.80 4.081,148,523.01

SPAIN

EQUITIES

TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET

68,638.00 AEDAS HOMES SAU EUR 21.45 1,472,285.10 4.502,067,041.27301,847.00 BANCO BILBAO VIZCAYA ARGENT SA REG EUR 4.98 1,504,103.60 4.601,900,511.54

1,314,841.00 BANCO SABADELL REG.SHS EUR 1.04 1,367,434.64 4.182,071,299.93380,662.00 BANCO SANTANDER SA REG SHS EUR 3.73 1,419,869.26 4.341,752,958.15493,004.00 BANKIA BEARER SHS EUR 1.90 937,940.11 2.871,846,115.31160,813.00 BANKINTER REG.SHS EUR 6.53 1,050,430.52 3.211,218,841.64453,053.00 CAIXABANK EUR 2.80 1,267,642.29 3.871,779,596.48

95,111.00 FLUIDRA SA EUR 12.20 1,160,354.20 3.551,221,738.91228,108.00 GESTAMP AUTOMOCION EUR 4.29 977,670.89 2.991,310,382.54297,334.00 GRUPO EMPRESARIAL ENCE SA EUR 3.67 1,091,215.78 3.331,083,371.13150,177.00 INDRA SISTEMAS SA EUR 10.18 1,528,801.86 4.671,297,004.41256,673.00 LAR ESPANA EUR 7.10 1,822,378.30 5.571,959,621.49

3,958,761.00 LIBERBANK EUR 0.34 1,326,184.94 4.051,853,129.16129,654.00 MELIA HOTELS EUR 7.86 1,019,080.44 3.111,104,087.17106,312.00 MERLIN PROPERTIES SOCIMI S.A. EUR 12.79 1,359,730.48 4.161,131,626.57186,727.00 METROVACESA SA EUR 8.75 1,633,861.25 4.992,713,308.27123,130.00 NEINOR HOMES BEARER SHS EUR 11.00 1,354,430.00 4.142,076,778.29

2,175,706.00 PRISA EUR 1.44 3,133,016.64 9.583,231,483.65702,330.00 PROSEGUR CASH SA EUR 1.36 953,764.14 2.911,378,061.78463,893.00 SACYR SA EUR 2.60 1,206,121.80 3.691,039,407.73

2,438,773.00 UNICAJA BANCO EUR 0.97 2,360,732.26 7.212,496,586.4295.6031,282,541.3037,681,474.85TOTAL SPAIN

TOTAL EQUITIES 95.6031,282,541.3037,681,474.85

TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET

95.6031,282,541.3037,681,474.85

TOTAL INVESTMENTS IN SECURITIES 95.6031,282,541.3037,681,474.85

Cash/(bank overdraft) 6.752,209,479.11Other assets and liabilities (2.35)(771,093.67)

TOTAL NET ASSETS 100.0032,720,926.74

Ccy

21


GEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIES

December 31, 2019(in %)

Spain 95.60

TOTAL INVESTMENTS IN SECURITIES

Other assets/(liabilities) and liquid assets 4.40NET ASSETS 100.00

95.60

% ofnet

assets

COUNTRIES

22


ECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIES


Banks and other credit institutions 34.33Real estate 18.86Graphic industry and publishing houses 9.58Building and building materials 8.19Internet and software services 4.67Mining industry 4.08Mechanical engineering and industrial equipment 3.55Paper and timber 3.33Hotels, restaurants and leisure 3.11Road vehicles 2.99Transportation 2.91

ECONOMIC SECTORS % ofnet

assets



95.60

23

ABANTE GLOBAL FUNDS ABANTE EQUITY MANAGERS


ASSETS

Portfolio: (see notes)- Cost 56,512,318.76- Net unrealised result 4,496,991.26

61,009,310.02

Cash:- Cash at sight 4,269,314.78- Cash at sight by the broker (see notes) 549,580.95

Other assets:- Receivable on subscriptions 1,088,598.16- Receivable for investments sold 3,999,133.89

70,915,937.80

LIABILITIES

Other liabilities:- Payable on redemptions 90,348.14- Taxes and expenses payable 178,908.12- Performance fees payable 303,514.02- Payable for investments purchased 5,296,160.39- Unrealised loss on forward foreign exchange contracts on currencies

(see notes) 1,053.59

5,869,984.26

NET ASSETS 65,045,953.54

(in EUR)


10.3397,609.922

11.2220,000.000

9.7830,609.190

10.865,848,338.041


A EUR


A USD - Hedged


B EUR


C EUR

24




INCOME

Other income 23.7923.79

EXPENSES


Fees:- Management fee (see notes) 384,749.63- Performance fee (see notes) 303,513.94- Custodian fee and safekeeping charges (see notes) 58,550.13


840,348.71

NET OPERATING RESULT (840,324.92)


(see notes) (136,071.23)


Change in net unrealised appreciation/(depreciation) on:- Investments (see notes) 4,868,260.83- Forward foreign exchange contracts on currencies (1,053.59)- Futures 257.69


6,262,791.24



48,931,281.74


(in EUR)


25



A EUR

Shares outstanding at the beginning of the year 83,607.831



Shares outstanding at the end of the year 97,609.922


Highest 10.3912.27.19

Lowest 8.1901.03.19


A USD - Hedged

0.000

20,000.000

(0.000)

20,000.000

USD

11.3012.27.19

9.9003.08.19

11.22

B EUR

3,995.175

36,920.276

(10,306.261)

30,609.190

EUR

9.8512.27.19

7.9801.03.19

9.78

C EUR

1,050,336.983

5,256,059.405

(458,058.347)

5,848,338.041

EUR

10.9312.27.19

8.6401.03.19

10.86

SHARES

26




Date ShareClass

Number of shares

outstanding

NetAssets

Ccy Net assetvalue

per share

*First valorisation

752,443.495 9.317,003,700.45A EUR EUR12.31.1722,054.934 9.14201,568.49B EUR EUR

148,736.438 9.821,460,144.99C EUR EUR

20,000.000 9.99199,733.72A USD - Hedged03.05.19* USD

83,607.831 8.24689,161.65A EUR12.31.18 EUR3,995.175 8.0332,090.61B EUR EUR

1,050,336.983 8.699,130,628.30C EUR EUR

97,609.922 10.331,008,146.91A EUR12.31.19 EUR20,000.000 11.22224,440.10A USD - Hedged USD30,609.190 9.78299,410.77B EUR EUR

5,848,338.041 10.8663,538,449.22C EUR EUR

27






security

Marketvalue (see

notes)

% ofnet

assets

(80.00) SP 500 E MINI SEP 2550.0 18.09.20 PUT USD 31.25 (111,358.57) (0.17)(168,635.58)

UNITED STATES OF AMERICA

OPTIONS

DERIVATIVE INSTRUMENTS

80.00 SP 500 E MINI SEP 3050.0 18.09.20 PUT USD 107.25 382,182.63 0.59524,844.44(40.00) SP 500 E MINI SEP 3400.0 18.09.20 CALL USD 68.50 (122,049.00) (0.19)(80,259.72)

0.23148,775.06275,949.14TOTAL UNITED STATES OF AMERICA

TOTAL OPTIONS 0.23148,775.06275,949.14

TOTAL DERIVATIVE INSTRUMENTS 0.23148,775.06275,949.14

226,932.00 BAILLIE GIFFORD WW LT GLB GR B EUR ACC EUR 18.91 4,291,352.20 6.604,240,561.82

IRELAND

OPEN-ENDED INVESTMENT FUNDS

INVESTMENT FUNDS

1,710,416.00 J O HAM GLB OPP A EUR EUR 2.38 4,070,790.08 6.264,093,114.195,362,153.00 LINDSELL TRAIN GLOBAL EQUITY FUND E EUR EUR 1.37 7,324,164.78 11.256,565,042.14

207,531.00 MA NEW FRONT - ACC -G- EUR EUR 15.40 3,195,354.81 4.913,003,667.6134,493.00 SEILERN AMERICA EUR U I EUR 147.84 5,099,445.12 7.844,300,255.1734,671.00 VULCAN VALUE EQUITY EUR EUR 187.17 6,489,197.72 9.985,237,404.5213,493.00 YUKI JAPAN REBO UNITS JPY JPY 29,664.00 3,281,120.57 5.043,196,664.69

51.8833,751,425.2830,636,710.14TOTAL IRELAND

173,946.00 FUNDSMITH EQ FEED-I-FD EUR 42.63 7,415,457.14 11.407,216,006.96

LUXEMBOURG

2,459.00 MAINFIRST GL EQ -C- CAP EUR 240.63 591,709.17 0.91530,520.6058,049.00 MAINFIRST TOP EUROPEAN IDEAS -C- CAP EUR 67.86 3,939,205.14 6.063,822,317.6434,366.00 MELCH SEL EURO OPPOR I1 EUR EUR 297.68 10,230,058.51 15.729,099,069.77

3,389.00 MIMOSA AZVALOR INTL -I- CAP EUR 1,137.43 3,854,746.20 5.933,893,162.593,934.00 VITRUV G CHI EQ BIC USD 307.57 1,077,933.52 1.661,038,581.92

41.6827,109,109.6825,599,659.48TOTAL LUXEMBOURG

TOTAL OPEN-ENDED INVESTMENT FUNDS 93.5660,860,534.9656,236,369.62

TOTAL INVESTMENT FUNDS 93.5660,860,534.9656,236,369.62



TOTAL NET ASSETS 100.0065,045,953.54

Ccy

28




Ireland 51.88Luxembourg 41.68United States of America 0.23



93.79

% ofnet

assets

COUNTRIES

29




Investment funds 93.56Holding and finance companies 0.23


assets



93.79

30

ABANTE GLOBAL FUNDS ABANTE GLOBAL SELECTION


ASSETS


44,171,782.98

Cash:- Cash at sight 4,513,755.88- Cash at sight by the broker (see notes) 487,190.33

Other assets:- Receivable on subscriptions 465,476.96- Unrealised gain on futures (see notes) 19,083.79

49,657,289.94

LIABILITIES

Other liabilities:- Payable on redemptions 12.21- Taxes and expenses payable 149,230.86- Performance fees payable 260,370.51- Unrealised loss on futures (see notes) 31,201.78

440,815.36

NET ASSETS 49,216,474.58

(in EUR)


12.274,010,271.589


31




INCOME

Other income 5,033.135,033.13

EXPENSES




907,931.68


Net realised result on:- Sales of investments (see notes) 514,658.17- Foreign exchange and forward foreign exchange contracts oncurrencies

(see notes) 139,692.44

NET REALISED RESULT (248,547.94)

Change in net unrealised appreciation/(depreciation) on:- Investments (see notes) 5,302,489.25- Futures 33,561.23


5,087,502.54



3,518,892.46


(in EUR)


32


STATISTICAL INFORMATION

Year ended December 31, 2019



Date ShareClass

Number of shares

outstanding

NetAssets

Ccy Net assetvalue

per share

3,694,060.941 11.5442,611,320.24 EUR12.31.17

3,708,755.683 10.9540,610,079.58 EUR12.31.18

4,010,271.589 12.2749,216,474.58 EUR12.31.19


Subscriptions of shares 1,271,513.217




Highest 12.3312.20.19

Lowest 10.9001.03.19


SHARES

33






security

Marketvalue (see

notes)

% ofnet

assets

(68.00) SP 500 E MINI SEP 2550.0 18.09.20 PUT USD 31.25 (94,654.79) (0.19)(144,106.77)


OPTIONS

DERIVATIVE INSTRUMENTS

68.00 SP 500 E MINI SEP 3050.0 18.09.20 PUT USD 107.25 324,855.23 0.66444,584.72(34.00) SP 500 E MINI SEP 3400.0 18.09.20 CALL USD 68.50 (103,741.65) (0.21)(68,604.02)

0.26126,458.79231,873.93TOTAL UNITED STATES OF AMERICA

TOTAL OPTIONS 0.26126,458.79231,873.93

TOTAL DERIVATIVE INSTRUMENTS 0.26126,458.79231,873.93

1,491.00 EDR SICAV - START ACTION N EUR EUR 1,080.42 1,610,906.22 3.271,596,648.04

FRANCE


INVESTMENT FUNDS

989.28 GROUPAMA AXIOM LEGACY 21 P EUR 1,047.98 1,036,747.75 2.11996,078.37398.00 GROUPAMA ULTRA SHORT TERM BOND IC C EUR 10,012.79 3,985,090.42 8.103,994,549.16101.00 NATIXIS EURO SHORT TERM CREDIT I/A EUR EUR 10,779.73 1,088,752.73 2.211,064,914.20

15.697,721,497.127,652,189.77TOTAL FRANCE

80,722.00 AEGON EUROPEAN ABS FUND B EUR ACC EUR 10.58 853,949.97 1.74849,453.75

IRELAND

12,908.00 HEP YACK US EQ -I- USD USD 224.84 2,585,533.92 5.251,507,600.8472,619.00 ISHARES III PLC MSCI WORLD EUR 56.11 4,074,652.09 8.273,251,580.97

4,374.00 MUZINICH FD ENHANCEDYIELD SHORT-TERM FD EUR 166.18 726,871.32 1.48696,150.8816.748,241,007.306,304,786.44TOTAL IRELAND

15,675.92 ALKEN FUND- EUROP OPP-I EUR EUR 100.55 1,576,213.44 3.201,485,289.45

LUXEMBOURG

1,459.00 ALLIANZ CREDIT OPPORT-IT13 EUR EUR 1,037.27 1,513,376.93 3.071,500,100.038,176.00 BLACKROCK STR FD VAR FIXED INM STR -D2- EUR 125.74 1,028,050.24 2.09993,241.83

25,144.00 DEUTSCHE FLOATING RATE NOTES FCP-TFC CAP EUR 99.65 2,505,599.60 5.092,500,211.442,188.00 ELEVA EURO SELECTION -I (EUR) CAP EUR 1,441.48 3,153,958.24 6.412,774,053.987,469.00 FLOSSBACH STORCH BD OP-ITEUR EUR 114.37 854,229.53 1.74770,352.66

20,379.00 INVESCO FD VAR JAPANESE EQ AVT -C- CAP JPY 5,673.00 947,719.05 1.93869,919.4492,803.00 JUPITER GL DYN BD-I-EUR-FD EUR 13.52 1,254,696.56 2.551,152,875.85

5,229.00 MFS MERIDIAN EUROPEAN VALUE -I1- CAP EUR 356.29 1,863,040.41 3.791,734,929.919,749.00 MFS MERIDIAN GLOBAL EQUITY -I1- EUR EUR 350.91 3,421,021.59 6.942,153,690.027,229.00 N1 GL FIX IN -BI-BASE CURRENCY- CAP EUR 113.52 820,636.08 1.67782,033.224,827.00 PARETURN SICAV CARTESIO INCOME -I- CAP EUR 130.77 631,226.79 1.28612,662.86

11,628.00 PICTET FD LUX SICAV USA INDEX -I- CAP USD 299.49 3,102,422.91 6.301,926,211.629,899.00 R CAP BP US LCE IC SHS -I EUR- EUR 208.74 2,066,317.26 4.201,495,010.99

59,007.00 T.R PR US LC EQ -I- CAP USD 40.79 2,144,227.64 4.361,724,405.48

Ccy

34




security

Marketvalue (see

notes)

% ofnet

assets

9,394.00 VONTOBEL MTX SUST EMERG MKT LD I EUR EUR 127.75 1,200,083.50 2.44985,957.9957.0628,082,819.7723,460,946.77TOTAL LUXEMBOURG




Cash/(bank overdraft) 10.165,000,946.21Other assets and liabilities 0.0943,745.39

TOTAL NET ASSETS 100.0049,216,474.58

Ccy

35




Luxembourg 57.06Ireland 16.74France 15.69United States of America 0.26



89.75

% ofnet

assets

COUNTRIES

36




Investment funds 89.49Holding and finance companies 0.26


assets



89.75

37

ABANTE GLOBAL FUNDS ABANTE PANGEA FUND


ASSETS


31,993,692.21

Cash:- Cash at sight 4,223,163.96- Cash at sight by the broker (see notes) 1,798,933.22

Other assets:- Dividend receivable 11,250.00

38,027,039.39

LIABILITIES

Bank overdraft:- Cash at sight 424.49

Other liabilities:- Payable on redemptions 116,258.40- Taxes and expenses payable 223,596.91- Payable for investments purchased 163,403.19- Unrealised loss on futures (see notes) 219,118.61- Unrealised loss on forward foreign exchange contracts on currencies


- Interest payable 9,551.83737,873.98

NET ASSETS 37,289,165.41

(in EUR)


9.312,558,275.512

9.0899,772.673

9.01676,989.091

9.20686,494.906

9.6227,754.918


A EUR


A USD - Hedged


B EUR


C EUR


C USD - Hedged

38




INCOME

Income from investments:- Dividends, net 999,321.37- Bond interest, net 18,137.62Bank interest, net 8,720.43Other income 15,888.36

1,042,067.78

EXPENSES

Fees:- Management fee (see notes) 682,820.35- Custodian fee and safekeeping charges (see notes) 74,492.98


1,095,675.64


Net realised result on:- Sales of investments (see notes) (4,372,478.51)- Foreign exchange and forward foreign exchange contracts oncurrencies

(see notes) 308,638.13

NET REALISED RESULT (4,117,448.24)

Change in net unrealised appreciation/(depreciation) on:- Investments (see notes) 3,260,456.57- Forward foreign exchange contracts on currencies (1,793.17)- Futures (65,464.23)


(924,249.07)



(16,383,830.35)


(in EUR)


39



A EUR



Redemptions of shares (1,964,521.575)



Highest 9.8703.07.19

Lowest 9.3112.31.19


A USD - Hedged

127,637.137

0.000

(27,864.464)

99,772.673

USD

9.4803.07.19

9.0808.20.19

9.08

B EUR

891,138.711

506,628.402

(720,778.022)

676,989.091

EUR

9.6103.07.19

9.0112.31.19

9.01

C EUR

819,164.802

263,317.350

(395,987.246)

686,494.906

EUR

9.7603.07.19

9.2012.31.19

9.20

C USD - Hedged

63,250.470

0.000

(35,495.552)

27,754.918

USD

10.0503.07.19

9.6108.20.19

9.62

SHARES

40




Date ShareClass

Number of shares

outstanding

NetAssets

Ccy Net assetvalue

per share

5,868,254.955 9.6456,551,854.33A EUR EUR12.31.1793,096.033 9.03840,958.77A USD - Hedged USD

1,510,890.807 9.4514,273,546.38B EUR EUR2,044,589.530 9.5219,471,639.57C EUR EUR

67,913.716 9.57649,856.45C USD - Hedged USD

3,880,006.922 9.5537,033,959.19A EUR12.31.18 EUR127,637.137 9.121,163,540.18A USD - Hedged USD891,138.711 9.308,284,216.58B EUR EUR819,164.802 9.437,726,926.89C EUR EUR

63,250.470 9.66610,791.14C USD - Hedged USD

2,558,275.512 9.3123,824,949.82A EUR12.31.19 EUR99,772.673 9.08906,362.77A USD - Hedged USD

676,989.091 9.016,100,764.73B EUR EUR686,494.906 9.206,318,056.55C EUR EUR

27,754.918 9.62267,092.34C USD - Hedged USD

41






security

Marketvalue (see

notes)

% ofnet

assets

3,800,000.00 OI BRL 0.86 723,729.38 1.94765,777.61

BRAZIL

EQUITIES


1.94723,729.38765,777.61TOTAL BRAZIL

65,000.00 CAMECO CORP USD 8.90 515,367.48 1.39493,524.65

CANADA

100,000.00 IVANHOE MINES LTD CAD 4.25 291,975.82 0.78190,344.652.17807,343.30683,869.30TOTAL CANADA

37,000.00 ORANGE EUR 13.12 485,440.00 1.31503,702.17

FRANCE

150,000.00 SOLOCAL GROUP (PROVIENT REGROUPEMENT) EUR 0.55 82,800.00 0.22106,368.33600,000.00 TECHNICOLOR ACT PROV.DE REGROUPEMENT EUR 0.68 410,700.00 1.10991,918.69

2.63978,940.001,601,989.19TOTAL FRANCE

120,000.00 TELEFONICA NAMEN AKT EUR 2.58 310,080.00 0.83301,198.45

GERMANY

40,000.00 THYSSENKRUPP AG EUR 12.04 481,600.00 1.29454,984.862.12791,680.00756,183.31TOTAL GERMANY

1,500,000.00 CIR (ORDINARY SHARES) EUR 1.09 1,632,000.00 4.381,549,802.29

ITALY

1,300,000.00 TELECOM ITALIA SPA EUR 0.56 723,320.00 1.94703,041.476.322,355,320.002,252,843.76TOTAL ITALY

44,000.00 BUENAVENTURE SP ADR-SHS- USD 15.10 591,893.10 1.59578,377.51

PERU

1.59591,893.10578,377.51TOTAL PERU

23,135,001.00 PHAROL REGS EUR 0.10 2,304,246.10 6.184,022,684.06

PORTUGAL

6.182,304,246.104,022,684.06TOTAL PORTUGAL

64,471.00 PANGAEA ONCOLOGY SA EUR 1.70 109,600.70 0.29172,053.24

SPAIN

0.29109,600.70172,053.24TOTAL SPAIN

180,000.00 KONINKLIJKE KPN NV EUR 2.63 473,580.00 1.27462,846.04

THE NETHERLANDS

1.27473,580.00462,846.04TOTAL THE NETHERLANDS

12,000.00 ROLLS ROYCE HOLDINGS GBP 6.83 96,753.41 0.26101,777.79

UNITED KINGDOM

Ccy

42




security

Marketvalue (see

notes)

% ofnet

assets

250,000.00 VODAFONE GROUP GBP 1.47 432,996.99 1.16383,089.091.42529,750.40484,866.88TOTAL UNITED KINGDOM

124,000.00 CONSOL ENERGY - REGISTERED SHS USD 14.51 1,602,886.41 4.301,907,232.19


70,000.00 FREEPORT MCMORAN COPPER AND GOLD INC USD 13.12 818,173.72 2.19604,920.6114,000.00 MOSAIC USD 21.64 269,897.55 0.72269,539.96

7.212,690,957.682,781,692.76TOTAL UNITED STATES OF AMERICA

TOTAL EQUITIES 33.1412,357,040.6614,563,183.66

2,500,000.00 ITALY BOT ZCP 14-05-20 EUR 100.11 2,504,171.91 6.722,503,532.56

ITALY

BONDS

100,000.00 ITALY BOT ZCP 131120 EUR 100.19 100,196.87 0.27100,174.843,000,000.00 ITALY BOT ZCP 14-08-20 EUR 100.14 3,005,257.07 8.063,004,781.867,000,000.00 ITALY BOT ZCP 14-09-20 EUR 100.16 7,015,121.39 18.817,014,252.573,000,000.00 ITALY BOT ZCP 14-10-20 EUR 100.18 3,006,369.16 8.063,005,973.963,000,000.00 ITALY BOT ZCP 28-02-20 EUR 100.07 3,004,335.43 8.063,003,630.39

49.9818,635,451.8318,632,346.18TOTAL ITALY

TOTAL BONDS 49.9818,635,451.8318,632,346.18


83.1230,992,492.4933,195,529.84

9,998.00 ISHS EUR ULT BD EUR EUR 100.14 1,001,199.72 2.681,000,897.78

IRELAND


INVESTMENT FUNDS

2.681,001,199.721,000,897.78TOTAL IRELAND





TOTAL NET ASSETS 100.0037,289,165.41

Ccy

43




Italy 56.30United States of America 7.21Portugal 6.18Ireland 2.68France 2.63Canada 2.17Germany 2.12Brazil 1.94Peru 1.59United Kingdom 1.42The Netherlands 1.27Spain 0.29



85.80

% ofnet

assets

COUNTRIES

44




Countries and central governments 49.98Data transmission 14.63Mining industry 6.98Precious stones and metals 4.56Holding and finance companies 4.38Investment funds 2.68Electronics and semiconductors 1.10Chemicals 0.72Biotechnology 0.29Aeronautical and astronomical industry 0.26Internet and software services 0.22


assets



85.80

45

ABANTE GLOBAL FUNDS ABANTE EUROPEAN QUALITY EQUITY FUND


ASSETS


143,395,838.87

Cash:- Cash at sight 3,433,367.58- Cash at sight by the broker (see notes) 2,424,153.42

Other assets:- Receivable on subscriptions 210,725.79

149,464,085.66

LIABILITIES

Other liabilities:- Payable on redemptions 89,543.85- Taxes and expenses payable 637,269.85- Performance fees payable 331.05- Unrealised loss on futures (see notes) 50,600.00

777,744.75

NET ASSETS 148,686,340.91

(in EUR)


15.496,262,950.071

15.56367,945.054

11.723,922,180.641


A EUR


B EUR


C EUR

46




INCOME

Income from investments:- Dividends, net 6,000,008.08

6,000,008.08

EXPENSES


Fees:- Management fee (see notes) 2,090,920.23- Performance fee (see notes) 331.05- Custodian fee and safekeeping charges (see notes) 237,216.75


2,963,624.73

NET OPERATING RESULT 3,036,383.35

Net realised result on:- Sales of investments (see notes) 15,824,732.46


Change in net unrealised appreciation/(depreciation) on:- Investments (see notes) 23,472,733.68- Futures 1,973,400.00


44,307,249.49



(37,875,755.73)


(in EUR)


47



A EUR



Redemptions of shares (1,753,678.721)



Highest 15.7012.20.19

Lowest 11.3801.03.19


B EUR

699,567.894

95,023.865

(426,646.705)

367,945.054

EUR

15.7812.20.19

11.5001.03.19

15.56

C EUR

5,013,886.278

664,912.013

(1,756,617.650)

3,922,180.641

EUR

11.8712.20.19

8.6101.03.19

11.72

SHARES

48




Date ShareClass

Number of shares

outstanding

NetAssets

Ccy Net assetvalue

per share

6,813,710.878 15.16103,302,480.18A EUR EUR12.31.17843,365.581 15.4313,010,911.32B EUR EUR

2,743,788.268 11.4731,465,901.36C EUR EUR

7,792,868.629 11.5790,187,289.25A EUR12.31.18 EUR699,567.894 11.708,182,735.97B EUR EUR

5,013,886.278 8.7543,884,821.93C EUR EUR

6,262,950.071 15.4997,014,098.84A EUR12.31.19 EUR367,945.054 15.565,723,280.07B EUR EUR

3,922,180.641 11.7245,948,962.00C EUR EUR

49






security

Marketvalue (see

notes)

% ofnet

assets

51,331.00 AIR LIQUIDE SA EUR 126.20 6,477,972.20 4.364,338,917.83

FRANCE

EQUITIES


227,487.00 AXA SA EUR 25.11 5,712,198.57 3.844,878,438.86115,862.00 BNP PARIBAS SA EUR 52.83 6,120,989.46 4.126,506,476.76463,459.00 CREDIT AGRICOLE SA EUR 12.93 5,990,207.58 4.035,870,029.38

13,460.00 LVMH EUR 414.20 5,575,132.00 3.752,997,164.78415,656.00 ORANGE EUR 13.12 5,453,406.72 3.676,018,782.01

69,129.00 SANOFI EUR 89.62 6,195,340.98 4.175,342,314.94231,436.00 SOCIETE GENERALE SA EUR 31.02 7,177,987.54 4.838,326,648.46136,307.00 TOTAL SA EUR 49.20 6,706,304.40 4.516,697,921.52

42,606.00 UNIBAIL RODAMCO EUR 140.65 5,992,533.90 4.036,106,709.4641.3161,402,073.3557,083,404.00TOTAL FRANCE

27,300.00 ALLIANZ SE REG SHS EUR 218.40 5,962,320.00 4.014,934,743.49

GERMANY

80,000.00 BASF SE REG SHS EUR 67.35 5,388,000.00 3.626,615,760.0076,218.00 BMW AG EUR 73.14 5,574,584.52 3.756,590,692.09

1,032,000.00 COMMERZBK EUR 5.52 5,693,544.00 3.839,235,532.74105,547.00 DAIMLER NAMEN-AKT EUR 49.37 5,210,855.39 3.506,945,562.64

49,257.00 SAP AG EUR 120.32 5,926,602.24 3.994,239,105.5552,192.00 SIEMENS AG REG EUR 116.54 6,082,455.68 4.095,413,497.05

26.7939,838,361.8343,974,893.56TOTAL GERMANY

375,835.00 ENI SPA EUR 13.85 5,203,811.41 3.505,257,703.42

ITALY

2,584,332.00 INTESA SANPAOLO SPA EUR 2.35 6,069,303.70 4.086,909,383.94526,670.00 UNICREDIT -REGISTERD SHARE EUR 13.02 6,857,243.40 4.617,207,799.00

12.1918,130,358.5119,374,886.36TOTAL ITALY

1,236,063.00 BANCO BILBAO VIZCAYA ARGENT SA REG EUR 4.98 6,159,301.93 4.146,453,484.92

SPAIN

204,167.00 INDITEX SHARE FROM SPLIT EUR 31.45 6,421,052.15 4.326,006,542.83836,529.00 TELEFONICA SA EUR 6.23 5,209,066.08 3.505,706,549.88

11.9617,789,420.1618,166,577.63TOTAL SPAIN

Ccy

50




security

Marketvalue (see

notes)

% ofnet

assets

583,423.00 ING GROEP EUR 10.69 6,235,625.02 4.196,823,591.06

THE NETHERLANDS

4.196,235,625.026,823,591.06TOTAL THE NETHERLANDS

TOTAL EQUITIES 96.44143,395,838.87145,423,352.61


96.44143,395,838.87145,423,352.61



TOTAL NET ASSETS 100.00148,686,340.91

Ccy

51




France 41.31Germany 26.79Italy 12.19Spain 11.96The Netherlands 4.19



96.44

% ofnet

assets

COUNTRIES

52




Banks and other credit institutions 33.83Oil 8.01Chemicals 7.98Insurance 7.85Road vehicles 7.25Data transmission 7.17Retail trade 4.32Pharmaceutical and cosmetics industry 4.17Electrotechnical and electronic industry 4.09Real estate 4.03Internet and software services 3.99Textiles and clothing industry 3.75


assets



96.44

53

ABANTE GLOBAL FUNDS ABANTE BIOTECH FUND


ASSETS


20,931,500.11

Cash:- Cash at sight 2,990,461.24

Other assets:- Receivable on subscriptions 332,576.74- Interest receivable 2,858.33- Formation/reorganisation expenses, net 5,074.68- Unrealised gain on forward foreign exchange contracts on currencies


24,268,584.93

LIABILITIES

Other liabilities:- Payable on redemptions 176,251.41- Taxes and expenses payable 76,938.26- Performance fees payable 458,355.08

711,544.75

NET ASSETS 23,557,040.18

(in USD)


11.8710,000.000

15.20116,487.711

11.43100,000.000

12.1944,064.707

11.905,934.564

12.881,348,083.402


A USD


A EUR


A EUR - Hedged


B EUR


C USD


C EUR

54




INCOME

Income from investments:- Dividends, net 46,576.50- Bond interest, net 14,019.61Bank interest, net 5,384.59Other income 4,050.17

70,030.87

EXPENSES


Other expenses:- Annual tax (see notes) 8,675.65- Amortisation of formation/reorganisation expenses (see notes) 1,282.32- Audit and legal fees 2,611.39- Printing and publishing fees 483.03- Transaction fees (see notes) 59,120.18- Administration and other expenses (see notes) 51,471.75

817,038.66



(see notes) (51,456.60)


Change in net unrealised appreciation/(depreciation) on:- Investments (see notes) 1,998,911.45- Forward foreign exchange contracts on currencies 6,113.83


5,839,539.24



9,271,427.52


(in USD)


55



A USD

Shares outstanding at the beginning of the year 0.000


Redemptions of shares (0.000)

Shares outstanding at the end of the year 10,000.000

NET ASSET VALUE PER SHARE USD

Highest 11.9012.27.19

Lowest 7.9010.09.19


A EUR

15,000.000

108,911.474

(7,423.763)

116,487.711

EUR

15.3712.10.19

10.4210.09.19

15.20

A EUR - Hedged

0.000

100,000.000

(0.000)

100,000.000

EUR

11.4812.27.19

7.6410.09.19

11.43

B EUR

0.000

59,516.963

(15,452.256)

44,064.707

EUR

12.3312.10.19

8.3310.09.19

12.19

C USD

0.000

8,828.726

(2,894.162)

5,934.564

USD

11.9412.27.19

7.9210.09.19

11.90

SHARES

56



C EUR

Shares outstanding at the beginning of the year 839,665.885





Highest 13.0212.10.19

Lowest 8.7401.03.19


SHARES

57




Date ShareClass

Number of shares

outstanding

NetAssets

Ccy Net assetvalue

per share

*First valorisation

248,677.451 10.002,486,774.51C EUR11.30.18* EUR15,000.000 10.00150,000.00A EUR12.27.18* EUR

10,000.000 10.00100,043.56A USD03.05.19* USD995.582 10.0910,040.23C USD03.26.19* USD

100,000.000 10.041,003,810.54A EUR - Hedged04.16.19* EUR3,000.000 10.0630,167.48B EUR05.14.19* EUR

15,000.000 10.29154,411.47A EUR12.31.18 EUR839,665.885 8.627,234,009.49C EUR EUR

10,000.000 11.87118,668.73A USD12.31.19 USD116,487.711 15.201,770,498.02A EUR EUR100,000.000 11.431,142,726.92A EUR - Hedged EUR

44,064.707 12.19537,236.82B EUR EUR5,934.564 11.9070,633.83C USD USD

1,348,083.402 12.8817,367,121.86C EUR EUR

58



December 31, 2019(in USD)



security

Marketvalue (see

notes)

% ofnet

assets

150,000.00 ITERUM THERAPEUTICS PLC USD 4.50 675,000.00 2.86636,690.08

IRELAND

EQUITIES


2.86675,000.00636,690.08TOTAL IRELAND

20,000.00 TAKEDA PHARMA ADR REP 1/2 SHS USD 19.73 394,600.00 1.68397,442.00

JAPAN

1.68394,600.00397,442.00TOTAL JAPAN

7,000.00 CRISPR THERAPEUTICS SA USD 60.91 426,335.00 1.81215,726.35

SWITZERLAND

1.81426,335.00215,726.35TOTAL SWITZERLAND

25,000.00 MYLAN NV. USD 20.10 502,500.00 2.13598,573.10

THE NETHERLANDS

2.13502,500.00598,573.10TOTAL THE NETHERLANDS

348,000.00 ACHILLION PHARMACEUTICALS INC USD 6.03 2,098,440.00 8.912,156,138.10


108,500.00 ARQULE INC USD 19.96 2,165,660.00 9.192,170,655.4036,500.00 AUDENTES THERAPEUTICS INC USD 59.84 2,184,160.00 9.272,171,392.0015,000.00 EDITAS MEDICINE INC USD 29.61 444,150.00 1.89345,310.3112,500.00 GILEAD SCIENCES INC USD 64.98 812,250.00 3.45829,606.0012,205.00 IDEAYA BIOSCIENCES INC USD 7.50 91,537.50 0.3969,266.2530,000.00 INTELLIA THERAPEUTICS INC USD 14.67 440,100.00 1.87424,941.1012,007.00 MEDICINES CO USD 84.94 1,019,874.58 4.331,011,837.5622,700.00 PFIZER INC USD 39.18 889,386.00 3.78893,996.9135,000.00 PRECISION BIOSCIENCES INC USD 13.89 486,150.00 2.06303,020.90

300,000.00 PROTEOSTSIS THR - REGISTERED SHS USD 2.28 684,000.00 2.90432,216.7623,000.00 RA PHARMACEUTICALS REGISTERED USD 46.93 1,079,390.00 4.581,089,190.00

150,000.00 SCPHARMACEUTICALS IN USD 5.66 849,000.00 3.60540,996.1832,000.00 SYNTHORX - REGISTERED SHS USD 69.89 2,236,480.00 9.492,171,709.00


TOTAL EQUITIES 74.1917,479,013.0816,458,708.00

Ccy

59




security

Marketvalue (see

notes)

% ofnet

assets

3,500,000.00 UNIT STAT TREA BIL ZCP 05-11-20 USD 98.72 3,452,487.03 14.663,452,837.50


BONDS


TOTAL BONDS 14.663,452,487.033,452,837.50


88.8520,931,500.1119,911,545.50



TOTAL NET ASSETS 100.0023,557,040.18

Ccy

60




United States of America 80.37Ireland 2.86The Netherlands 2.13Switzerland 1.81Japan 1.68



88.85

% ofnet

assets

COUNTRIES

61




Pharmaceutical and cosmetics industry 43.17Biotechnology 31.02Countries and central governments 14.66


assets



88.85

ABANTE GLOBAL FUNDS

62

NOTES TO THE FINANCIAL STATEMENTS December 31, 2019

GENERAL ABANTE GLOBAL FUNDS (the «SICAV») was incorporated on February 7, 2013 as an investment company with variable capital (Société d'Investissement à Capital Variable) in accordance with part I of the law of December 17, 2010 on undertakings for collective investment as amended. The articles of incorporation of the SICAV were published on February 19, 2013 in the Mémorial, Recueil des Sociétés et Associations du Luxembourg (Official Journal, Section of Companies and Association of Luxembourg) and were deposited with the Office of the District Court of Luxembourg where copies can be obtained. Any interested person may inspect this document on the Luxembourg Business Registers website : www.lbr.lu. The capital of the SICAV is at any time equal to the total net assets of the various Sub-Funds (the “Sub-Funds”). As at December 31, 2019 the following Sub-Funds are available to investors :

- SPANISH OPPORTUNITIES - ABANTE EQUITY MANAGERS - ABANTE GLOBAL SELECTION - ABANTE PANGEA FUND - ABANTE EUROPEAN QUALITY EQUITY FUND - ABANTE BIOTECH FUND The SICAV may issue Shares of different Classes or Categories reflecting the various Sub-Funds which the Board of Directors may decide to open. As at December 31, 2019 the following Shares are available to investors: - Class A denominated in EUR and/or in USD and

intended for investors with an initial minimum subscription amount of EUR 500,000.-;

- Class B denominated in EUR and/or in USD and intended for investors with no minimum subscription amount required.

- Class C denominated in EUR and/or in USD which may be available for subscription to customers of distributors and intermediaries appointed to distribute Class C shares. No minimum subscription amount is required.

The Sub-Fund ABANTE GLOBAL SELECTION does not offer particular share classes.

The objective of the SICAV is to offer its shareholders investments in a selection of negotiable securities and other eligible financial assets combining high growth potential and a high degree of liquidity.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a) Basis of preparation The SICAV prepares its combined financial statements and those of each Sub-Fund in conformity with legal and regulatory requirements in Luxembourg. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities during the reporting year or period. Actual results could differ from those estimates. b) Valuation of the investments The value of any cash in hand or on deposit, notes and bills payable on demand and accounts receivable, prepaid expenses and cash dividends declared and interest accrued but not yet collected, is deemed the nominal value of these assets unless it is improbable that it can be paid and collected in full; in which case, the value will be defined after deducting such amounts as the Board of Directors may consider appropriate. The value of any securities listed or dealt in on a stock exchange or regulated market is calculated on the basis of the last available price. The value of securities dealt in on the over the counter market or on any other regulated market is based on the last available price.

In the event that the securities held in the portfolio on the relevant valuation date are not listed or dealt in on a stock exchange or another regulated market or if the price as determined pursuant to paragraph above is not representative of the fair market value of the relevant securities, the value of such securities is determined based on the reasonably foreseeable sales price determined prudently and in good faith by the Board of Directors of the SICAV. There is no minimum investment amount for the Sub-Fund ABANTE GLOBAL SELECTION.

ABANTE GLOBAL FUNDS

63

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

c) Valuation of Investment Funds Units or shares of undertakings for collective investment are valued at their last determined and available net asset value or, if such price is not, in the opinion of the Board of Directors, representative of the fair market value of such assets, then the price shall be determined by the Board of Directors on a fair and equitable basis. d) Net realised gain or loss on sales of investments

Net realised gain or loss on sales of investments are calculated on the basis of the average cost of the investments sold. Net realised gain or loss on options are included under the caption “ Net realised result on sales of investments” in the Statement of Operations and Changes in Net Assets. e) Valuation of forward foreign exchange contracts,

futures and options

Forward foreign exchange contracts, Futures and options are valued by reference to the last available price on the relevant market. The market prices used are the futures/options exchange settlement prices. f) Conversion of foreign currencies

Assets and liabilities expressed in currencies other than the Sub-Fund’s reporting currency are converted into the reporting currency at the exchange rates prevailing on the valuation date. Income and expenses in currencies other than the Sub-Fund’s reporting currency are converted at the rate of exchange prevailing at payment date. g) Acquisition costs of the securities held in the portfolio

For securities expressed in a currency other than the reporting currency of the Sub-Funds, the acquisition cost is calculated on the basis of the exchange rate at the day of such acquisition. Expenses incurred on the acquisition and/or sale of an investment are included under Transaction fees in the Statement of Operations and Changes in Net Assets. h) Formation/reorganisation expenses

Formation expenses are amortised on a straight line basis over a period of 5 years. If a new Sub-Fund is created in the future, the upfront costs for the Sub-Fund will be borne by the Sub-Fund exclusively and will be amortized over a period of 5 years with effect from the launch date of the said Sub-Fund.

i) Income and expense recognition

Dividends are taken into account on the date upon which the relevant investments are first listed as ex-dividend. Interest income is accrued on a daily basis. Income is recorded net of withholding tax, if any.

j) Exchange rates as at December 31, 2019

1 EUR = 4.51550 BRL 1 EUR = 1.45560 CAD 1 EUR = 1.08700 CHF 1 EUR = 7.47250 DKK 1 EUR = 0.84735 GBP 1 EUR = 121.98770 JPY 1 EUR = 21.19730 MXN 1 EUR = 9.86375 NOK 1 EUR = 10.50775 SEK 1 EUR = 1.1225 USD

PRESENTATION BASIS OF COMBINED

FINANCIAL STATEMENTS The combined financial statements of the SICAV are expressed in EUR.

ISSUE, CONVERSION AND REDEMPTION OF SHARES

The Board of Directors is authorised to issue Shares of each Sub-Fund and of each Class/Category at any time and without limitation. After the Initial Subscription Period, the Subscription Price corresponds to the Net Asset Value per Share for the relevant Valuation Day. The Redemption Price corresponds to the Net Asset Value per Share on the relevant Valuation Day. The Shares of a Class of the Sub-Fund may be converted into Shares of the same Class of another Sub-Fund of the SICAV.

ANNUAL TAX

The SICAV is governed by the Luxembourg taxation laws. Under the currently applicable legislation and regulation, the SICAV is liable in Luxembourg to a tax of 0.05% per annum of its net assets, such tax being payable quarterly and calculated on the basis of the net assets at the end of the relevant quarter. However such rate is decreased to 0.01% per annum of their Net Asset Value for specific classes of shares reserved to institutional investors in a Sub-Fund.

ABANTE GLOBAL FUNDS

64

ANNUAL TAX (continued)

In accordance with article 175 of the amended law of December 17, 2010, the value of assets represented by shares held in other undertakings for collective investment already subject to the subscription fee is free from such taxation. Under current law and practice, the SICAV is not liable to Luxembourg taxes on income or capital gains, nor are dividends paid by the SICAV liable to any Luxembourg withholding tax. Interests, dividends and capital gains on securities may be subject to withholding or capital gains taxes in certain countries.

TRANSACTION FEES

The total amount of transaction fees is included in the statement of operations and changes in net assets and includes Custodian and Sub-Custodian fees, Correspondent’s expenses and Brokerage fees in relation to transactions. For fixed income securities, transaction fees are generally included in the spread of the investments, hence not reflected in the total amount of transaction fees in the statements of operations and changes in net assets.

COLLATERAL HELD AT BROKERS The total amount of cash collateral of each Sub-Fund as at June 30, 2019 is disclosed in the Statement of net assets of each Sub-Fund under: • “Margin deposits” for the collateral relating to the

outstanding Forward foreign exchange contracts. • “Cash at sight by the broker” for the collateral relating

to the outstanding Future contracts.

MANAGEMENT COMPANY AND INVESTMENT MANAGER

The Board of Directors has appointed, under its responsibility and its supervision, Abante Asesores Gestion SGIIC, S.A. with effective date November 1, 2016, as the Management Company of the SICAV. The Management Company is responsible for the management of the Sub-Funds. In order to carry out the investment policy of any Sub-Fund, the Management Company may, if and when it deems it opportune, appoint one or several investment managers for each Sub-Fund (individually the “Investment Manager” and collectively the “Investment Managers”) who may, subject to the prior approval of the Management Company.

When appointed, investment managers are entitled to receive from the Management Company, out of its own assets, an investment management fee. Pursuant to the investment management agreement entered into by and between the Investment Manager and the Management Company, the Management Company pay, out of its own assets, an investment management fee (the “Investment Management Fee”) to the Investment Manager in remuneration for its services. The Investment Management Fee is based on the average net assets of the Sub-Fund during the relevant quarter. Management company fees are included in the statements of operations and changes in the net assets of the relevant Sub-Fund under the caption “Management fees”. Those fees are covering Management Company Fees. Such fee is accrued on each Valuation Day and payable quarterly in arrears: For the sub-funds - SPANISH OPPORTUNITIES - ABANTE PANGEA FUND - ABANTE EUROPEAN QUALITY EQUITY FUND

Class A EUR: 1.35% Class B EUR: 2.00% Class C EUR: 1.35% Class A USD (hedged): 1.35% Class B USD (hedged): 2.00% Class C USD (hedged): 1.35% ABANTE EQUITY MANAGERS Class A EUR: 1.00% Class B EUR: 2.00% Class C EUR: 1.00% Class A USD (hedged): 1.00% Class B USD (hedged): 2.00% Class C USD (hedged): 1.00% ABANTE GLOBAL SELECTION

Class : 1.00%

- ABANTE BIOTECH FUND

Class A USD: 1.35% Class B USD: 2.00% Class C USD: 1.35% Class A EUR: 1.35% Class B EUR: 2.00% Class C EUR: 1.35% Class A EUR (hedged): 1.35% Class B EUR (hedged): 2.00% Class C EUR (hedged): 1.35%

ABANTE GLOBAL FUNDS

65

MANAGEMENT COMPANY AND

INVESTMENT MANAGER (continued) The Distribution fees are included in the fees paid to the Management Company. In addition, the Management Company receives a performance fee paid annualy. The performance fee computation method and rate are detailed in the prospectus dated November 2018 of the SICAV. The amount of performance fee per Sub-Fund is detailed in the statement of operations and changes of each Sub-Fund concerned.

PRINCIPAL DISTRIBUTOR On October 31, 2016, the Management Company and Abante Asesores Distribucion AV, S.A. signed a Distribution Agreement for an unlimited duration.

CUSTODY, ADMINISTRATION AND DOMICILIATION FEES

The Domiciliary agent is Edmond de Rothschild (Europe), S.A. since November 1, 2016. By an agreement dated 31 October 2016 (the "Central Administration Agreement") entered into by and between the Fund, the Management Company and Edmond de Rothschild Asset Management (Luxembourg), Edmond de Rothschild Asset Management (Luxembourg) (the “Administrative, Paying and Registrar and Transfer Agent”) has been appointed by the Management Company as the administrative agent (in this capacity, the “Administrative Agent”), paying agent (in this capacity, the “Paying Agent”) and registrar and transfer agent (in this capacity, the “Registrar and Transfer Agent”) for the Fund whereby the Management Company has delegated, under its control and responsibility, its central administration functions consisting of administrative, paying and registrar and transfer agency functions.

DELEGATION

Edmond de Rothschild Asset Management (Luxembourg) and Edmond de Rothschild (Europe) may delegate all or part of their functions and duties to a sub-contractor which, having regard to the nature of the functions and duties to be delegated, must be qualified and capable of undertaking the duties in question.

OTHER EXPENSES

Balances for other expenses in the Statement of Operations and Changes in Net Assets mainly include Transfer Agency Fees, Banking Services and Risk Management fees.

CHANGES IN THE INVESTMENT PORTFOLIO

A copy of the changes in the investment portfolio for the year ended December 31, 2019 is available free of charge at the registered office of the SICAV.

SUBSEQUENT EVENTS No subsequent events are scheduled at the date of this report.

ABANTE GLOBAL FUNDS

66

INFORMATION CONCERNING THE

REMUNERATION POLICY (UNAUDITED) European Directive 2014/91/EU amending Directive 2009/65/EC on undertakings for collective investment in transferable securities, which is applicable to the fund, came into force on 18 March 2016. It is implemented in national law under the Luxembourg Act of 10 May 2016 implementing Directive 2014/91/EU. Due to these new regulations, the fund is required to publish information relating to the remuneration of identified employees within the meaning of the Act in the annual report. Total amount of remuneration paid by the ABANTE ASESORES GESTIÓN SGIIC, S.A. to its staff during the year ending December 31, 2019 is as follows: Fixed Remuneration EUR 2.637.643,98* Variable Remuneration EUR 229.627,55 Total EUR 2.867.271,53 # of beneficiaries 41 *Fixed remuneration consists of salaries paid, and non-monetary benefits. Variable remuneration consists of periodic bonuses paid in accordance with remuneration policies. Total remuneration of staff involved in ABANTE GLOBAL FUNDS activities is as follows: Total AUM ABANTE GLOBAL FUNDS EUR 353.945.088,59 Total AUM ABANTE ASESORES GESTION SGIIC, S.A. EUR 2.036.602.845,16 Total remuneration of ABANTE GLOBAL FUNDS 17,38% of the total remuneration EUR 498.331,79

For the purpose of this disclosure, the total remuneration has been allocated based on the assets under management of ABANTE GLOBAL FUNDS in comparison with total assets under management of the funds managed by ABANTE ASESORES GESTION SGIIC, S.A. In addition, the aggregate amount of remuneration is further broken down as follows: Senior management EUR 290.749,72 Other members having a material impact on risk profile of UCITS EUR 1.355.179,19

Total EUR 1.645.928,91 # of beneficiaries 7 The fixed remuneration is established taking into consideration the level of responsibility and the professional career of the employee within the Group, setting a salary reference for each function that reflects its value within the Organization. The purpose of variable remuneration is to give priority to the Group's creation of value and reward the individual contribution of individuals, teams and the aggregation of all of them. The variable remuneration is based on the establishment of value creation objectives whose compliance determines the variable compensation to be distributed among its members, which is distributed among them based on individual performance, distinguishing between the different categories of employees. In the case of the members of Senior Management, the employees involved in the professional career and the employees that may affect the risk profile of the entity, the variable remuneration is linked to the results of the Group, the amount of which is subject to the attainment of specific, quantifiable objectives that are directly aligned with the interests of the shareholders insofar as they contribute to generating value for the Group. For the other employees, the variable remuneration is linked to objectives related to their functions and / or subjective. The remuneration indicated has consisted in all cases in monetary remuneration, has not existed non-monetary benefits.

67

ABANTE GLOBAL FUNDS

IBEX 35 INDEX 01/20 10 9,528.30 (61,490.00)Purchase 80 EUR 7,639,360.00 Banco SantanderFUTURES ON INDEX

(61,490.00)

The unrealised gain/(loss) result on the outstanding futures contract(s) as at December 31, 2019 for ABANTE GLOBAL FUNDS -SPANISH OPPORTUNITIES is included in the statement of net assets of the Sub-Fund.

ABANTE GLOBAL FUNDS - SPANISH OPPORTUNITIES

Sale /Purchase

Contract(s) UnrealisedresultEUR

Quantity Size Price as at12.31.19

CommitmentEUR

Brokers

EUR/USD (CME) 03/20 125,000 1.13 16,703.79Purchase 12 USD 1,336,302.90 Banco SantanderFUTURES ON EXCHANGE RATES

16,703.79

ABANTE GLOBAL FUNDS - ABANTE GLOBAL SELECTION

Sale /Purchase



CommitmentEUR

Brokers

DJ EURO STOXX 50 03/20 10 3,729.00 2,380.00Sale 14 EUR 524,321.00 Banco SantanderFUTURES ON INDEX

NASDAQ 100 E-MINI 03/20 20 8,752.25 (7,838.75)Sale 3 USD 466,801.23 Banco SantanderNIKKEI 225 (CME) 03/20 5 23,455.00 (1,380.85)Purchase 2 USD 208,953.23 Banco SantanderS&P 500 EMINI INDEX 03/20 50 3,231.10 (21,982.18)Sale 15 USD 2,158,650.33 Banco Santander

Cent(28,821.78)

The unrealised gain/(loss) result on the outstanding futures contract(s) as at December 31, 2019 for ABANTE GLOBAL FUNDS -ABANTE GLOBAL SELECTION is included in the statement of net assets of the Sub-Fund.

DJ.STOXX600.TLC(EUX) 03/20 50 245.40 (8,495.00)Purchase 100 EUR 1,225,200.00 Banco SantanderFUTURES ON INDEX

NASDAQ 100 E-MINI 03/20 20 8,752.25 (195,968.82)Sale 75 USD 11,670,030.73 Banco SantanderS&P 500 EMINI INDEX 03/20 50 3,231.10 (14,654.79)Sale 10 USD 1,439,100.22 Banco Santander

(219,118.61)

The unrealised gain/(loss) result on the outstanding futures contract(s) as at December 31, 2019 for ABANTE GLOBAL FUNDS -ABANTE PANGEA FUND is included in the statement of net assets of the Sub-Fund.

ABANTE GLOBAL FUNDS - ABANTE PANGEA FUND

Sale /Purchase



CommitmentEUR

Brokers

FUTURES

As at December 31, 2019, the following futures contract(s) was (were) outstanding :

68

ABANTE GLOBAL FUNDS

EURO STOX BANK IDX 03/20 50 96.90 (50,600.00)Purchase 2,300 EUR 11,121,650.00 Banco SantanderFUTURES ON INDEX

(50,600.00)

The unrealised gain/(loss) result on the outstanding futures contract(s) as at December 31, 2019 for ABANTE GLOBAL FUNDS -ABANTE EUROPEAN QUALITY EQUITY FUND is included in the statement of net assets of the Sub-Fund.

ABANTE GLOBAL FUNDS - ABANTE EUROPEAN QUALITY EQUITY FUND

Sale /Purchase



CommitmentEUR

Brokers

(Continued)

FUTURES

As at December 31, 2019, the following futures contract(s) was (were) outstanding :

69

ABANTE GLOBAL FUNDS

80 SP 500 E MINI SEP 3050.0 18.09.20 PUT USD 3,655,737.19

Purchase of Listed options

Listed options


Sale of Listed options

40 SP 500 E MINI SEP 3400.0 18.09.20 CALL USD 1,885,530.07

ABANTE GLOBAL FUNDS - ABANTE EQUITY MANAGERS

Quantity Description Currency Commitment


Purchase of Listed options

Listed options

68 SP 500 E MINI SEP 2550.0 18.09.20 PUT USD 941,035.19

Sale of Listed options

34 SP 500 E MINI SEP 3400.0 18.09.20 CALL USD 1,602,700.56

ABANTE GLOBAL FUNDS - ABANTE GLOBAL SELECTION

Quantity Description Currency Commitment

OPTIONS

As at December 31, 2019, the following option contract(s) was (were) outstanding:

70

ABANTE GLOBAL FUNDS

FORWARD FOREIGN EXCHANGE CONTRACTS ON CURRENCIES

ABANTE GLOBAL FUNDS - ABANTE EQUITY MANAGERS

Sale Purchase Maturity

EUR 200,229.62 USD 224,832.83 03.31.20 (1,052.52) * EDMOND DE ROTHSCHILD(EUROPE)

Unrealised inEUR

Counterparties

EUR 1,089.70 USD 1,228.83 03.31.20 (1.07) * EDMOND DE ROTHSCHILD(EUROPE)

The unrealised gain/(loss) result on the outstanding forward foreign exchange contract(s) on currencies as at December 31, 2019 forABANTE GLOBAL FUNDS - ABANTE EQUITY MANAGERS is included in the statement of net assets of the Sub-Fund.

(1,053.59)

As at December 31, 2019, the following forward foreign exchange contract(s) on currencies was (were) outstanding:

ABANTE GLOBAL FUNDS - ABANTE PANGEA FUND


EUR 1,050,223.20 USD 1,179,269.38 03.31.20 (5,520.55) * EDMOND DE ROTHSCHILD(EUROPE)

The unrealised gain/(loss) result on the outstanding forward foreign exchange contract(s) on currencies as at December 31, 2019 forABANTE GLOBAL FUNDS - ABANTE PANGEA FUND is included in the statement of net assets of the Sub-Fund.

Unrealised inEUR

(5,520.55)

Counterparties

ABANTE GLOBAL FUNDS - ABANTE BIOTECH FUND


USD 1,235,186.95 EUR 1,099,664.32 03.31.20 6,053.04 * EDMOND DE ROTHSCHILD(EUROPE)

Unrealised inUSD

Counterparties

USD 54,829.15 EUR 48,628.18 03.31.20 60.79 * EDMOND DE ROTHSCHILD(EUROPE)

The unrealised gain/(loss) result on the outstanding forward foreign exchange contract(s) on currencies as at December 31, 2019 forABANTE GLOBAL FUNDS - ABANTE BIOTECH FUND is included in the statement of net assets of the Sub-Fund.

6,113.83

The contracts market with a * are those specifically related to Share Class Hedging.

Documents

ABANTE GLOBAL FUNDS