AMREGO I SICAV · 2020. 8. 4. · AMREGO I SICAV Organisation (continued) 4 Depositary and Paying Agent Skandinaviska Enskilda Banken AB (publ) - Luxembourg Branch (formerly Skandinaviska

Unaudited semi-annual report

as at 30th June 2020

AMREGO I SICAV Société d'Investissement à Capital Variable

with multiple compartments

Luxembourg

R.C.S. Luxembourg B165541

Notice

The sole legally binding basis for the purchase of shares

of the Company described in this report is the latest

valid sales prospectus with its terms of contract.

AMREGO I SICAV

Table of contents

1

Organisation ........................................................................................................................................................... 3

Combined statement of net assets ......................................................................................................................... 5

AMREGO I SICAV - Proaktiv 75 PM ................................................................................................................. 6 Statement of net assets .......................................................................................................................................... 6 Statement of investments and other net assets ...................................................................................................... 7 Industrial and geographical classification of investments .................................................................................... 8

AMREGO I SICAV - Proaktiv 80 PM ................................................................................................................. 9 Statement of net assets .......................................................................................................................................... 9 Statement of investments and other net assets .................................................................................................... 10 Industrial and geographical classification of investments .................................................................................. 11

AMREGO I SICAV - Proaktiv 85 S ................................................................................................................... 12 Statement of net assets ........................................................................................................................................ 12 Statement of investments and other net assets .................................................................................................... 13 Industrial and geographical classification of investments .................................................................................. 14

AMREGO I SICAV - Proaktiv 90 S ................................................................................................................... 15 Statement of net assets ........................................................................................................................................ 15 Statement of investments and other net assets .................................................................................................... 16 Industrial and geographical classification of investments .................................................................................. 17

AMREGO I SICAV - Tillväxt 75 ........................................................................................................................ 18 Statement of net assets ........................................................................................................................................ 18 Statement of investments and other net assets .................................................................................................... 19 Industrial and geographical classification of investments .................................................................................. 20

AMREGO I SICAV - Proaktiv 75 ...................................................................................................................... 21 Statement of net assets ........................................................................................................................................ 21 Statement of investments and other net assets .................................................................................................... 22 Industrial and geographical classification of investments .................................................................................. 23




AMREGO I SICAV - Contrarian 65 .................................................................................................................. 33 Statement of net assets ........................................................................................................................................ 33 Statement of investments and other net assets .................................................................................................... 34 Industrial and geographical classification of investments .................................................................................. 35

AMREGO I SICAV - Alternative R5 ................................................................................................................. 36 Statement of net assets ........................................................................................................................................ 36 Statement of investments and other net assets .................................................................................................... 37 Industrial and geographical classification of investments .................................................................................. 38

AMREGO I SICAV

Table of contents (continued)

2

AMREGO I SICAV - Alternative R2 ................................................................................................................. 39 Statement of net assets ........................................................................................................................................ 39 Statement of investments and other net assets .................................................................................................... 40 Industrial and geographical classification of investments .................................................................................. 41

AMREGO I SICAV - Aktiv Påverkan R5 ......................................................................................................... 42 Statement of net assets ........................................................................................................................................ 42 Statement of investments and other net assets .................................................................................................... 43 Industrial and geographical classification of investments .................................................................................. 44

AMREGO I SICAV - Aktiv Påverkan R2 ......................................................................................................... 45 Statement of net assets ........................................................................................................................................ 45 Statement of investments and other net assets .................................................................................................... 46 Industrial and geographical classification of investments .................................................................................. 47

Notes to the financial statements ........................................................................................................................ 48

Additional information ........................................................................................................................................ 55

AMREGO I SICAV

3

Organisation

Registered Office 1, rue Louvigny

L-1946 Luxembourg

Board of Directors Chairman

of the Company Carl-Adam HÖGBERG

Söderberg & Partners Asset Management S.A.

Luxembourg

Directors Niklas VESTERLUND

Söderberg & Partners Asset Management S.A.

Luxembourg

Henri STENGÅRD

Mergers and Acquisitions

PO Söderberg and Partner AB

Sweden

Management Company Söderberg & Partners Asset Management S.A.

1, rue Louvigny

L-1946 Luxembourg

Board of Directors of Chairman

the Management Company Claes-Johan GEIJER

Independent Management Consultant

Directors Gustaf RENTZHOG

Chief Executive Officer


Samuel KJELLBERG LINDFORS

Head of M&A


Fredrik WINGREN

Senior Analyst

Operational Excellence

Söderberg & Partners Securities AB

Day-to-day Managers Carl-Adam HÖGBERG, Conducting Officer

Niklas VESTERLUND, Conducting Officer

Investment Manager Söderberg & Partners Asset Management S.A.

1, rue Louvigny

L-1946 Luxembourg

AMREGO I SICAV

Organisation (continued)

4

Depositary and Paying Agent Skandinaviska Enskilda Banken AB (publ) - Luxembourg

Branch

(formerly Skandinaviska Enskilda Banken S.A.)

4, rue Peternelchen

L-2370 Howald

Central Administration Agent FundRock Management Company S.A.

H2O building

33, rue de Gasperich

L-5826 Hesperange

Sub-Administration Agent, Registrar European Fund Administration S.A.

and Transfer Agent 2, rue d'Alsace

L-1122 Luxembourg

Auditor PricewaterhouseCoopers, Société coopérative

2, rue Gerhard Mercator

L-2182 Luxembourg

Legal Advisors Arendt & Medernach

41A, avenue J.F. Kennedy

L-2082 Luxembourg

AMREGO I SICAV

Combined statement of net assets (in SEK) as at 30th June 2020

The accompanying notes are an integral part of these financial statements.

5

Assets Securities portfolio at market value 46,434,612,221.98

Cash at banks 4,410,938,679.75

Other liquid assets 1,214,887,815.06 Receivable on issues of shares 43,042,704.26

Bank interest receivable 1.78

Other income receivable 16,939,753.61 Unrealised gain on futures contracts 4,364,573.26

Other receivables 519,613.61

Total assets 52,125,305,363.31

Liabilities Bank overdrafts 28,045,199.85

Payable on purchases of securities 16,467,419.87

Payable on redemptions of shares 45,869,150.56 Bank interest payable 7,877.00

Unrealised loss on futures contracts 2,830,216.87

Expenses payable 69,528,475.28

Total liabilities 162,748,339.43

Net assets at the end of the period 51,962,557,023.88

AMREGO I SICAV - Proaktiv 75 PM

Statement of net assets (in SEK) as at 30th June 2020


6

Assets

Securities portfolio at market value 8,649,962,935.52 Cash at banks 524,873,412.68

Other liquid assets 155,255,178.21

Receivable on issues of shares 889,450.79 Other income receivable 3,116,661.61


Total assets 9,334,166,320.78

Liabilities

Payable on redemptions of shares 5,467,000.30

Unrealised loss on futures contracts 1,266,051.87 Expenses payable 13,113,543.86



Breakdown of net assets per share class

Share class Number

of

shares

Currency

of

share class

NAV per share

in currency of

share class

Net assets per

share class

(in SEK)

A 9,958,217.14 SEK 189.98 1,891,842,806.28 C 2,260,911.01 SEK 131.15 296,527,971.15

S 43,084,240.85 SEK 165.40 7,125,948,947.32

9,314,319,724.75


Statement of investments and other net assets (in SEK) as at 30th June 2020


7

Currency Number / nominal value

Description Cost Market value % of total net assets

Investments in securities

Open-ended investment funds

Investment funds (UCITS)

EUR 383,948.332 JPMorgan Fds Europe Sustainable Equity JPM X EUR Cap 391,752,541.86 411,387,800.30 4.42

EUR 59,710.05 Jupiter Global Fd (The) Pan European Smaller Co I Cap 58,558,919.76 62,075,766.99 0.67 EUR 103,847.902 Threadneedle (Lux) Pan Eur Small Cap Opp IE Cap 49,575,237.16 57,184,043.90 0.61

499,886,698.78 530,647,611.19 5.70

JPY 5,733,425.11 Schroder Intl Select Fd SICAV Japanese Smaller Cies A Cap 70,265,552.69 72,647,956.37 0.78

SEK 503,095.225 C WorldWide Sweden 1A Cap 127,051,468.39 145,002,105.75 1.56 SEK 999,064.73011 Carnegie Likviditetsfond B Dist 100,000,000.00 100,535,384.26 1.08

SEK 156,242.1018 Handelsbanken Asien Tema A1 SEK Cap 121,948,813.80 113,072,409.07 1.21

SEK 14,368,168.0242 Handelsbanken Kortranta SEK A1 Dist 1,497,778,711.94 1,501,042,513.49 16.12 SEK 232,616.982 Handelsbanken USA Index Criter A1 SEK Cap 74,494,699.97 100,681,282.15 1.08

SEK 777,408.5026 Nordea Swedish Istl Short Duration Bd Fd K Dist 937,724,396.07 941,596,711.90 10.11

SEK 296,794.6181 ODIN Small Cap A Cap 30,000,000.00 30,287,890.78 0.33 SEK 2,360,630.8079 ODIN Sverige A Cap 355,665,957.35 426,872,868.99 4.58

SEK 4,814,358.6698 Simplicity Likviditet Units A Dist 531,584,528.53 535,597,402.02 5.75

SEK 1,020,970.2109 Skandia Nordamerika Exponering Units Cap 262,441,448.91 299,593,498.69 3.22 SEK 53,174.5184 Skandia Sverige Exponering Units A Cap 8,970,541.25 10,629,054.48 0.11

SEK 922,506.9544 SPP Aktiefond Japan Units A Dist 81,058,287.61 85,828,571.03 0.92

SEK 134,223.1949 SPP Aktifond Europa Units A Cap 20,489,597.26 18,531,042.20 0.20 SEK 211,813.535 SPP Aktifond Sverige A Cap 67,762,239.11 70,611,875.72 0.76

SEK 3,312,377.2625 SPP Aktifond USA Units A Cap 789,981,019.09 932,658,778.57 10.01

SEK 6,874,686.8429 SPP Kortrantefond 809,999,999.99 811,039,805.35 8.71

SEK 3,843.8376 Swedbank Robur Access Asien Units A Cap 970,589.12 986,789.99 0.01

SEK 81,631.6544 Swedbank Robur Access Europa Cap 11,151,606.25 11,162,312.42 0.12

SEK 510,576.9757 Swedbank Robur Access Japan A Cap 67,016,187.50 72,547,882.48 0.78 SEK 437,911.7196 Swedbank Robur Access USA A SEK Cap 140,854,479.82 146,862,453.40 1.58

SEK 8,897,909.7956 Swedbk Robur Rantefond Kort Units A SEK Dist 898,000,000.00 899,133,784.85 9.65

6,934,944,571.96 7,254,274,417.59 77.89

USD 1,346,132.98 Fidelity Fds Asian Special Situations I Cap 159,329,760.99 155,918,108.17 1.67 USD 310,040.21 Fidelity Fds Latin America I Cap 32,644,725.03 24,039,162.82 0.26

USD 254,922.436 JPMorgan Fds Em Mkts Su Eq JPM X USD Cap 248,291,978.94 225,585,845.32 2.42

USD 359,026.507 JPMorgan Fds US Small Cap Growth I2 Cap 330,694,506.75 386,849,834.06 4.15

770,960,971.71 792,392,950.37 8.50

Total investments in securities 8,276,057,795.14 8,649,962,935.52 92.87

Cash at banks 524,873,412.68 5.64

Other net assets/(liabilities) 139,483,376.55 1.49

Total 9,314,319,724.75 100.00


Industrial and geographical classification of investments as at 30th June 2020

8

Industrial classification

(in percentage of net assets)

Investment funds 92.87 %

Total 92.87 %

Geographical classification

(by domicile of the issuer)


Sweden 61.64 %

Luxembourg 16.54 %

Finland 10.11 %

Norway 4.58 %

Total 92.87 %




9

Assets



Receivable on issues of shares 843,873.64 Other income receivable 2,768,227.18

Unrealised gain on futures contracts 3,283,151.35


Total assets 8,636,035,316.29

Liabilities






Share class Number

of

shares

Currency

of

share class

NAV per share

in currency of

share class

Net assets per

share class

(in SEK)

A 21,922,358.21 SEK 167.29 3,667,406,954.16

C 1,547,416.21 SEK 103.35 159,926,432.51 S 31,619,164.38 SEK 151.56 4,792,296,307.21

8,619,629,693.88




10








464,044,328.57 481,051,591.58 5.58


SEK 607,497.768 C WorldWide Sweden 1A Cap 152,395,559.03 175,093,006.69 2.03 SEK 3,490,547.33963 Carnegie Likviditetsfond B Dist 350,000,000.00 351,252,033.51 4.07


SEK 8,971,680.8559 Handelsbanken Kortranta SEK A1 Dist 935,620,149.73 937,271,499.02 10.87 SEK 162,057.1057 Handelsbanken USA Index Criter A1 SEK Cap 49,207,034.71 70,141,556.49 0.81


SEK 587,407.8119 ODIN Small Cap A Cap 60,000,000.00 59,944,967.20 0.70 SEK 1,700,897.5867 ODIN Sverige A Cap 248,731,210.64 307,573,310.60 3.57

SEK 1,206,575.8326 Ohman Kort Ranta Units A SEK Cap 116,844,654.41 115,312,452.32 1.34

SEK 3,448,442.7509 Simplicity Likviditet Units A Dist 381,664,284.64 383,639,256.04 4.45 SEK 480,593.8566 Skandia Nordamerika Exponering Units Cap 118,697,070.70 141,025,461.28 1.64

SEK 46,204.1251 Skandia Sverige Exponering Units A Cap 7,794,635.90 9,235,742.57 0.11

SEK 1,239,537.0658 SPP Aktiefond Japan Units A Dist 97,741,748.85 115,324,545.34 1.34 SEK 43,451.6893 SPP Aktifond Europa Units A Cap 6,858,961.92 5,999,001.06 0.07

SEK 25,186.6263 SPP Aktifond Sverige A Cap 8,448,180.28 8,396,417.76 0.10

SEK 3,661,372.7914 SPP Aktifond USA Units A Cap 821,876,263.76 1,030,924,681.85 11.96


SEK 272,530.6455 Swedbank Robur Access Asien Units A Cap 65,200,346.58 69,964,067.31 0.81

SEK 21,459.2163 Swedbank Robur Access Europa Cap 2,872,867.63 2,934,333.24 0.03 SEK 463,804.2308 Swedbank Robur Access Japan A Cap 60,813,023.53 65,901,943.15 0.76

SEK 420,927.5288 Swedbank Robur Access USA A SEK Cap 127,208,984.34 141,166,465.33 1.64


6,072,466,611.69 6,449,717,276.02 74.83

USD 1,041,065.41 Fidelity Fds Asian Special Situations I Cap 122,351,998.55 120,583,145.68 1.40

USD 638,254.24 Fidelity Fds Latin America I Cap 67,714,694.10 49,487,444.27 0.57

USD 227,746.401 JPMorgan Fds Em Mkts Su Eq JPM X USD Cap 221,535,518.27 201,537,240.90 2.34 USD 255,676.024 JPMorgan Fds US Small Cap Growth I2 Cap 234,492,744.31 275,490,041.92 3.20

646,094,955.23 647,097,872.77 7.51


Cash at banks 669,662,452.00 7.77


Total 8,619,629,693.88 100.00



11




Total 89.13 %




Sweden 60.84 %

Luxembourg 16.33 %

Finland 8.39 %

Norway 3.57 %

Total 89.13 %

AMREGO I SICAV - Proaktiv 85 S



12

Assets



Receivable on issues of shares 52,385.94 Other income receivable 559,738.11


Total assets 2,144,849,164.45

Liabilities Payable on redemptions of shares 1,010,899.59

Unrealised loss on futures contracts 157,929.81





Share class Number

of

shares

Currency

of

share class

NAV per share

in currency of

share class

Net assets per

share class

(in SEK)

A 15,197,622.15 SEK 134.92 2,050,474,001.33

C 754,958.61 SEK 119.58 90,279,003.85

2,140,753,005.18




13








82,597,854.19 83,931,506.14 3.92

JPY 675,332.58 Schroder Intl Select Fd SICAV Japanese Smaller Cies A Cap 8,555,770.14 8,557,106.90 0.40

SEK 19,349.371 C WorldWide Sweden 1A Cap 4,954,599.94 5,576,875.71 0.26 SEK 619,427.541949 Carnegie Likviditetsfond B Dist 62,000,000.00 62,332,683.83 2.91


SEK 3,715,447.4742 Handelsbanken Kortranta SEK A1 Dist 387,361,177.41 388,152,797.63 18.13 SEK 325,090.720927 Nordea Swedish Istl Short Duration Bd Fd K Dist 393,232,293.47 393,749,686.13 18.39

SEK 75,497.3619 ODIN Sverige A Cap 11,682,461.06 13,652,187.95 0.64

SEK 2,439,280.3176 Simplicity Likviditet Units A Dist 269,373,726.89 271,369,935.33 12.68 SEK 92,148.763 Skandia Nordamerika Exponering Units Cap 16,889,160.56 27,040,133.01 1.26

SEK 25,720.7628 Skandia Sverige Exponering Units A Cap 3,968,588.58 5,141,323.28 0.24

SEK 24,566.5494 SPP Aktiefond Japan Units A Dist 2,228,540.18 2,285,632.45 0.11 SEK 11,727.5234 SPP Aktifond Europa Units A Cap 1,827,860.01 1,619,118.30 0.07

SEK 27,995.0452 SPP Aktifond Sverige A Cap 9,701,411.93 9,332,655.03 0.44

SEK 134,012.7157 SPP Aktifond USA Units A Cap 32,993,466.96 37,733,665.53 1.76 SEK 1,995,612.0474 SPP Kortrantefond 235,000,000.01 235,431,932.17 11.00


SEK 1,210.6079 Swedbank Robur Access Europa Cap 165,831.22 165,538.52 0.01

SEK 18,061.8236 Swedbank Robur Access Japan A Cap 2,553,400.00 2,566,404.52 0.12


1,766,550,618.19 1,788,213,557.60 83.53

USD 47,479.79 Fidelity Fds Asian Special Situations I Cap 5,606,979.13 5,499,426.26 0.26

USD 62,374.81 Fidelity Fds Latin America I Cap 6,232,549.72 4,836,270.12 0.23 USD 39,979.38 JPMorgan Fds Em Mkts Su Eq JPM X USD Cap 38,793,205.12 35,378,534.64 1.65


110,937,833.85 118,524,486.11 5.54


Cash at banks 121,630,639.09 5.68


Total 2,140,753,005.18 100.00



14




Total 93.39 %




Sweden 64.24 %

Finland 18.39 %

Luxembourg 10.12 %

Norway 0.64 %

Total 93.39 %




15

Assets

Securities portfolio at market value 830,791,966.85 Cash at banks 52,277,340.37




Total assets 899,293,769.99

Liabilities Payable on redemptions of shares 36,362.25



Net assets at the end of the period 898,207,292.82


Share class Number

of

shares

Currency

of

share class

NAV per share

in currency of

share class

Net assets per

share class

(in SEK)

A 7,256,707.73 SEK 118.70 861,339,180.54

C 335,599.39 SEK 109.86 36,868,112.28

898,207,292.82




16






SEK 18,290.01 C WorldWide Sweden 1A Cap 4,683,339.96 5,271,546.68 0.59

SEK 647,968.096311 Carnegie Likviditetsfond B Dist 65,000,000.00 65,204,705.55 7.26 SEK 2,837.7945 Handelsbanken Asien Tema A1 SEK Cap 2,210,500.03 2,053,711.88 0.23

SEK 1,523,550.2038 Handelsbanken Kortranta SEK A1 Dist 158,926,294.79 159,165,289.79 17.72


SEK 621,610.4138 Simplicity Likviditet Units A Dist 68,200,328.96 69,154,158.54 7.70

SEK 5,219.6634 Skandia Nordamerika Exponering Units Cap 1,011,492.56 1,531,658.03 0.17

SEK 9,831.8489 SPP Aktiefond Japan Units A Dist 984,458.26 914,739.49 0.10 SEK 1,403,435.6767 SPP Kortrantefond 164,999,999.99 165,570,043.27 18.43


SEK 23,662.729 Swedbank Robur Access Japan A Cap 3,345,200.00 3,362,237.16 0.37 SEK 1,735,948.7681 Swedbk Robur Rantefond Kort Units A SEK Dist 175,000,000.00 175,417,623.02 19.53

820,614,137.70 824,284,514.96 91.77

USD 5,559.24 Fidelity Fds Asian Special Situations I Cap 650,748.50 643,908.26 0.07



7,018,759.69 6,507,451.89 0.72

Total investments in securities 827,632,897.39 830,791,966.85 92.49

Cash at banks 52,277,340.37 5.82


Total 898,207,292.82 100.00



17




Total 92.49 %




Sweden 71.74 %

Finland 19.44 %

Luxembourg 1.31 %

Total 92.49 %

AMREGO I SICAV - Tillväxt 75



18

Assets






Liabilities Payable on redemptions of shares 13,370.26

Unrealised loss on futures contracts 7,011.30

Expenses payable 906,515.32

Total liabilities 926,896.88



Share class Number

of

shares

Currency

of

share class

NAV per share

in currency of

share class

Net assets per

share class

(in SEK)

A 2,607,658.37 SEK 230.66 601,483,056.72

B 306,750.56 SEK 97.61 29,940,997.07 D 486.58 SEK 102.94 50,087.15

631,474,140.94




19






SEK 199,863.892689 Carnegie Likviditetsfond B Dist 20,000,000.00 20,112,203.59 3.18

SEK 202,067.6639 Handelsbanken Kina Tema A1 Cap 39,413,364.44 49,336,840.82 7.81 SEK 667,192.5533 Handelsbanken Kortranta SEK A1 Dist 69,625,652.24 69,701,606.04 11.04


SEK 233,833.819 SEB Fund 2 FCP Russia C Cap 26,998,731.84 22,403,384.36 3.55


SEK 424,628.4502 SPP Kortrantefond 50,000,000.01 50,095,456.49 7.93

SEK 938,770.7855 Swedbk Robur Rantefond Kort Units A SEK Dist 94,802,783.59 94,862,787.87 15.02

399,555,532.05 405,587,489.78 64.22

USD 365,050.84 Fidelity Fds Asian Special Situations I Cap 40,989,068.30 42,282,625.30 6.70 USD 159,886.81 Fidelity Fds Greater China I USD Cap 13,140,799.42 21,732,732.30 3.44

USD 153,653.04 Fidelity Fds India Focus I Cap 14,633,471.86 13,077,077.37 2.07


USD 12,683.522 UBS (Lux) Equity Fd China Opp IA1 USD Cap 15,938,765.21 30,784,494.46 4.88

147,276,000.54 164,156,511.02 26.01

Total investment funds (UCITS) 546,831,532.59 569,744,000.80 90.23

Exchange traded funds (UCITS)

USD 15,000 Vanguard Fds Plc FTSE Emerging Markets UCITS ETF Dist 7,351,548.19 7,586,226.58 1.20

Total exchange traded funds (UCITS) 7,351,548.19 7,586,226.58 1.20


Cash at banks 22,659,181.94 3.59


Total 631,474,140.94 100.00



20




Total 91.43 %




Sweden 49.52 %

Luxembourg 29.56 %

Finland 11.15 %

Ireland 1.20 %

Total 91.43 %

AMREGO I SICAV - Proaktiv 75



21

Assets

Securities portfolio at market value 10,496,603,960.53 Cash at banks 1,333,061,411.38


Receivable on issues of shares 5,353,378.71 Other income receivable 3,853,644.46

Unrealised gain on futures contracts 28,173.55


Total assets 12,027,135,456.02

Liabilities






Share class Number

of

shares

Currency

of

share class

NAV per share

in currency of

share class

Net assets per

share class

(in SEK)

A 47,379,588.04 SEK 177.54 8,411,781,998.27

B 34,459,080.40 SEK 102.15 3,520,113,072.27 C 622,853.93 SEK 112.31 69,951,042.74

D 498.76 SEK 99.78 49,765.57

12,001,895,878.85




22







EUR 59,710.05 Jupiter Global Fd (The) Pan European Smaller Co I Cap 58,558,919.76 62,075,766.99 0.52 EUR 105,975.99 Schroder Intl Sel Fd Emerging Europe A Cap 33,333,583.86 32,595,922.11 0.27

EUR 101,909.308 Threadneedle (Lux) Pan Eur Small Cap Opp IE Cap 34,648,763.21 56,116,553.43 0.47

535,518,231.91 593,077,566.08 4.94


SEK 1,547,305.592129 Carnegie Likviditetsfond B Dist 155,000,000.00 155,704,588.08 1.30


SEK 11,114,434.1409 Handelsbanken Kortranta SEK A1 Dist 1,159,174,664.96 1,161,124,934.70 9.67 SEK 971,055.8192 Handelsbanken USA Index Criter A1 SEK Cap 370,470,883.95 420,292,379.67 3.50

SEK 10,025.908 JPMorgan Fds Managed Reserves I SEK Cap 841,951,592.46 844,769,673.62 7.04

SEK 857,243.596842 Nordea Swedish Istl Short Duration Bd Fd K Dist 1,035,929,256.05 1,038,292,930.15 8.65 SEK 1,941,299.6063 ODIN Small Cap A Cap 203,999,999.98 198,109,624.82 1.65


SEK 3,404,398.063 SEB Fd 3 Sustainability Sweden ID Dist 435,347,828.16 466,378,703.84 3.89 SEK 1,673,692.536 Simplicity Likviditet Units A Dist 185,000,000.00 186,198,294.63 1.55

SEK 4,087,825.5945 SPP Aktifond USA Units A Cap 846,918,651.78 1,151,000,059.43 9.59

SEK 9,491,860.2334 SPP Kortrantefond 1,117,915,692.98 1,119,800,312.66 9.33 SEK 72,252.0974 SPP Sverige Plus A Cap 11,118,277.22 10,265,794.75 0.09

SEK 11,396,153.9563 Swedbk Robur Rantefond Kort Units A SEK Dist 1,150,000,000.00 1,151,581,357.28 9.59

7,590,241,344.94 7,999,626,238.95 66.65




USD 92,501.279 JPMorgan Fds US Smaller Co I Acc USD Cap 124,582,949.59 126,848,557.31 1.06 USD 2,846,500 Sel Inv Ser III SICAV T Rowe Price Sust US Lar Gh Eq I Cap 273,229,842.34 276,214,089.24 2.30

USD 1,755,385.16 T.Rowe Price Fds SICAV Japan Equity I Cap 194,488,379.75 226,294,487.41 1.89

1,815,737,790.11 1,838,810,096.61 15.33


Cash at banks 1,333,061,411.38 11.11


Total 12,001,895,878.85 100.00



23




Total 87.46 %




Sweden 46.32 %

Luxembourg 31.74 %

Finland 8.65 %

Norway 0.75 %

Total 87.46 %




24

Assets






Total assets 9,043,325,771.40

Liabilities






Share class Number

of

shares

Currency

of

share class

NAV per share

in currency of

share class

Net assets per

share class

(in SEK)

A 40,859,195.56 SEK 162.42 6,636,193,401.64

B 23,042,749.62 SEK 102.46 2,361,012,694.90 C 234,780.19 SEK 109.59 25,729,237.64

D 498.68 SEK 99.77 49,751.59

9,022,985,085.77




25









474,516,266.62 515,928,034.00 5.73


SEK 998,458.380261 Carnegie Likviditetsfond B Dist 100,000,000.00 100,474,367.58 1.11




SEK 1,001,424.353527 Nordea Swedish Istl Short Duration Bd Fd K Dist 1,209,958,667.67 1,212,924,576.14 13.44 SEK 1,600,283.6704 ODIN Small Cap A Cap 169,000,000.01 163,308,948.56 1.81


SEK 2,343,105.567 SEB Fd 3 Sustainability Sweden ID Dist 301,875,013.30 320,989,060.94 3.56 SEK 2,657,928.942 Simplicity Likviditet Units A Dist 295,000,000.00 295,694,594.80 3.28

SEK 3,058,207.3158 SPP Aktifond USA Units A Cap 635,112,091.28 861,092,705.85 9.54

SEK 8,733,990.4678 SPP Kortrantefond 1,031,982,664.80 1,030,390,778.64 11.42 SEK 8,488.7429 SPP Sverige Plus A Cap 1,308,132.89 1,206,106.06 0.01


5,762,268,966.71 6,121,906,834.82 67.83




USD 71,455.371 JPMorgan Fds US Smaller Co I Acc USD Cap 91,645,882.56 97,987,950.19 1.09 USD 3,046,500 Sel Inv Ser III SICAV T Rowe Price Sust US Lar Gh Eq I Cap 292,427,442.36 295,621,367.60 3.28

USD 674,023.26 T.Rowe Price Fds SICAV Japan Equity I Cap 75,055,593.46 86,891,328.27 0.96

1,171,914,223.31 1,203,523,217.11 13.35


Cash at banks 848,939,083.16 9.41


Total 9,022,985,085.77 100.00



26




Total 87.55 %




Sweden 42.71 %

Luxembourg 30.74 %

Finland 13.44 %

Norway 0.66 %

Total 87.55 %




27

Assets






Total assets 4,350,140,952.09

Liabilities






Share class Number

of

shares

Currency

of

share class

NAV per share

in currency of

share class

Net assets per

share class

(in SEK)

A 24,877,352.16 SEK 143.54 3,570,774,031.64

B 7,403,603.20 SEK 101.60 752,199,222.92 C 97,311.03 SEK 106.75 10,387,813.80

D 498.16 SEK 99.99 49,810.14

4,333,410,878.50




28









237,325,963.19 263,189,697.45 6.08


SEK 1,642,652.705606 Carnegie Likviditetsfond B Dist 165,000,000.00 165,299,320.44 3.82




SEK 475,948.940241 Nordea Swedish Istl Short Duration Bd Fd K Dist 575,000,000.08 576,469,070.85 13.30 SEK 408,999.1335 ODIN Small Cap A Cap 43,317,703.85 41,738,361.57 0.96


SEK 371,465.724 SEB Fd 3 Sustainability Sweden ID Dist 47,065,541.51 50,888,203.93 1.18 SEK 542,855.613 Simplicity Likviditet Units A Dist 60,000,000.00 60,392,686.95 1.39

SEK 815,149.6436 SPP Aktifond USA Units A Cap 169,689,589.34 229,519,891.82 5.30

SEK 3,571,341.1175 SPP Kortrantefond 422,608,351.24 421,328,254.07 9.72 SEK 357,185.17 SPP Sverige Plus A Cap 47,641,596.31 50,749,940.51 1.17


2,997,425,574.46 3,072,270,713.15 70.90




USD 21,298.692 JPMorgan Fds US Smaller Co I Acc USD Cap 27,207,868.22 29,207,254.01 0.67 USD 2,590,609.8 Sel Inv Ser III SICAV T Rowe Price Sust US Lar Gh Eq I Cap 248,667,453.79 251,383,427.50 5.80


483,498,552.63 493,627,649.86 11.38


Cash at banks 394,056,179.48 9.09


Total 4,333,410,878.50 100.00



29




Total 88.64 %




Sweden 44.98 %

Luxembourg 30.32 %

Finland 13.30 %

Norway 0.04 %

Total 88.64 %




30

Assets



Receivable on issues of shares 2,084,078.33 Other income receivable 582,056.10



Total assets 2,190,681,790.43

Liabilities






Share class Number

of

shares

Currency

of

share class

NAV per share

in currency of

share class

Net assets per

share class

(in SEK)

A 14,986,597.88 SEK 125.26 1,877,214,922.76

B 3,054,672.74 SEK 98.62 301,263,470.75 C 56,440.71 SEK 101.88 5,750,213.05

D 499.28 SEK 100.00 49,928.08

2,184,278,534.64




31








40,093,780.56 42,169,189.04 1.93


SEK 400,034.803028 Carnegie Likviditetsfond B Dist 40,000,000.00 40,255,302.21 1.84 SEK 960.7008 Handelsbanken Asien Tema A1 SEK Cap 760,020.01 695,259.17 0.03

SEK 3,526,415.8833 Handelsbanken Kortranta SEK A1 Dist 368,228,019.87 368,404,667.33 16.87

SEK 5,341.5614 Handelsbanken USA Index Criter A1 SEK Cap 1,675,450.48 2,311,934.61 0.11 SEK 2,285.115 JPMorgan Fds Managed Reserves I SEK Cap 192,674,084.37 192,540,750.70 8.81


SEK 29,145.2315 ODIN Small Cap A Cap 2,928,429.42 2,974,270.87 0.14 SEK 24,809.4291 ODIN Sverige A Cap 3,548,404.30 4,486,289.06 0.21

SEK 61,230.614 SEB Fd 3 Sustainability Sweden ID Dist 7,758,056.26 8,388,165.50 0.38

SEK 903,995.6608 Simplicity Likviditet Units A Dist 100,000,000.00 100,569,517.26 4.60 SEK 295,157.0787 SPP Aktifond USA Units A Cap 66,844,153.74 83,106,729.30 3.80


SEK 31,766.926 SPP Sverige Plus A Cap 5,014,609.14 4,513,540.15 0.21 SEK 1,584,683.1447 Swedbk Robur Rantefond Kort Units A SEK Dist 160,000,000.00 160,132,231.77 7.33

1,734,576,327.21 1,753,372,193.58 80.27



USD 13,479.224 JPMorgan Fds Em Mkts Su Eq JPM X USD Cap 12,923,175.40 11,928,028.69 0.55 USD 5,335.75 JPMorgan Fds US Small Cap Growth I2 Cap 5,373,712.49 5,749,252.43 0.26

USD 4,717.638 JPMorgan Fds US Smaller Co I Acc USD Cap 6,898,170.97 6,469,376.23 0.30

USD 230,143.14 Sel Inv Ser III SICAV T Rowe Price Sust US Lar Gh Eq I Cap 22,090,979.75 22,332,259.87 1.02 USD 59,485.46 T.Rowe Price Fds SICAV Japan Equity I Cap 6,655,459.31 7,668,534.48 0.35

70,043,204.27 68,883,343.84 3.16


Cash at banks 293,069,772.27 13.42


Total 2,184,278,534.64 100.00



32




Total 85.51 %




Sweden 53.21 %

Finland 17.66 %

Luxembourg 14.43 %

Norway 0.21 %

Total 85.51 %

AMREGO I SICAV - Contrarian 65



33

Assets



Receivable on issues of shares 7,731,905.87 Other income receivable 618,562.12


Total assets 1,737,943,849.15

Liabilities Bank overdrafts 28,045,199.85


Unrealised loss on futures contracts 1,399,223.89 Expenses payable 2,193,314.31




Share class Number

of

shares

Currency

of

share class

NAV per share

in currency of

share class

Net assets per

share class

(in SEK)

A 8,212,359.63 SEK 143.45 1,178,087,031.54 B 5,078,647.66 SEK 103.76 526,976,461.88

D 494.36 SEK 100.83 49,847.37

1,705,113,340.79




34







EUR 137,581.91 Schroder Intl Sel Fd Emerging Europe A Cap 42,862,739.35 42,317,219.35 2.48 EUR 36,659.535 Threadneedle (Lux) Pan Eur Small Cap Opp IE Cap 16,088,796.93 20,186,642.32 1.18

125,509,150.19 131,871,510.29 7.73


SEK 169,797.431664 Carnegie Likviditetsfond B Dist 17,000,000.00 17,086,630.65 1.00 SEK 61,853.69 Handelsbanken Asien Tema A1 SEK Cap 43,376,000.14 44,763,515.45 2.63

SEK 864,142.3472 Handelsbanken Kortranta SEK A1 Dist 89,999,999.99 90,276,951.01 5.29

SEK 104,684.1679 Handelsbanken USA Index Criter A1 SEK Cap 42,722,163.34 45,309,401.55 2.66 SEK 295,160.8745 ODIN Small Cap A Cap 28,800,000.01 30,121,167.24 1.77


SEK 678,193.041 SEB Fd 3 Sustainability Sweden ID Dist 88,557,793.49 92,907,699.27 5.45 SEK 180,962.7217 Simplicity Likviditet Units A Dist 20,000,000.00 20,132,102.79 1.18

SEK 457,669.3658 SPP Aktifond USA Units A Cap 117,747,401.16 128,864,956.46 7.56

SEK 969,794.8285 SPP Kortrantefond 114,110,724.14 114,411,350.93 6.71 SEK 448,613.3644 SPP Sverige Plus A Cap 59,299,927.21 63,740,332.65 3.74


771,952,349.32 804,945,248.49 47.22





USD 19,999.245 JPMorgan Fds US Smaller Co I Acc USD Cap 26,564,660.94 27,425,300.53 1.61 USD 1,054,652.57 Sel Inv Ser III SICAV T Rowe Price Sust US Lar Gh Eq I Cap 100,618,432.01 102,339,680.02 6.00


431,525,618.38 440,149,246.88 25.82

Total investment funds (UCITS) 1,342,971,832.12 1,391,478,906.59 81.62


EUR 10,000 Lyxor Index Fd Core Stoxx Europe 600 (DR) Ucits ETF Cap 14,948,628.15 15,603,729.45 0.91

SEK 197,000 XACT OMXS30 Cap 37,776,945.00 41,182,850.00 2.42

USD 11,000 Invesco Mks Plc S&P 500 ETF UCITS Cap 57,220,720.98 58,036,549.79 3.40

USD 42,000 iShares III Plc Core MSCI Japan IMI UCITS ETF Cap 16,188,705.83 16,286,408.51 0.95

73,409,426.81 74,322,958.30 4.35



Cash at banks 106,972,008.95 6.27

Bank overdrafts -28,045,199.85 -1.64


Total 1,705,113,340.79 100.00



35




Total 89.30 %




Sweden 42.00 %

Luxembourg 40.76 %

Ireland 4.35 %

Norway 2.19 %

Total 89.30 %

AMREGO I SICAV - Alternative R5



36

Assets


Receivable on issues of shares 554,124.76

Other income receivable 49,134.83 Other receivables 18,174.93


Liabilities

Payable on redemptions of shares 810,238.83 Bank interest payable 265.25





Share class Number

of

shares

Currency

of

share class

NAV per share

in currency of

share class

Net assets per

share class

(in SEK)

A 622,475.12 SEK 100.54 62,580,786.67

B 1,133,290.98 SEK 101.25 114,749,067.26

D 492.19 SEK 101.44 49,926.39

177,379,780.32




37







SEK 254,776.9041 Handelsbanken Ravarufond A1 Cap 23,065,500.17 19,531,197.47 11.01

SEK 68,603.4054 Nordea 1 SICAV Multi-Asset Fd HB SEK Cap 8,715,863.77 8,921,872.87 5.03

SEK 90,128.7821 ODIN Small Cap A Cap 8,130,000.00 9,197,642.21 5.18


SEK 53,820.7125 SPP Gron Obligationsfond A Cap 5,549,256.97 5,577,817.18 3.14

SEK 90,214.139 William Blair Scv Dynamic Diversified Allocation Fd JH Cap 9,399,999.84 9,160,343.67 5.16 SEK 34,139.2892 Öhman Obligationsfond Uts A Dist 4,574,731.43 4,589,686.04 2.59

74,148,324.83 73,737,428.49 41.56


USD 147,896.24 Sel Inv Ser III SICAV T Rowe Price Sust US Lar Gh Eq I Cap 14,170,681.59 14,351,317.48 8.09

41,507,437.88 40,423,550.60 22.79



EUR 124,846 iShares II Plc Listed Priv Eq UCITS ETF USD Dist 23,650,510.28 22,448,175.10 12.66

USD 106,250 SSGA SPDR ETFs Europe I Plc DJ Gl Real Estate UCITS USD

Dist

34,388,863.18 29,351,054.56 16.55



Cash at banks 4,088,144.60 2.30

Other net assets/(liabilities) -401,810.05 -0.22

Total 177,379,780.32 100.00



38




Total 97.92 %




Luxembourg 37.34 %

Ireland 29.21 %

Sweden 21.92 %

Norway 9.45 %

Total 97.92 %




39

Assets


Receivable on issues of shares 239,334.16

Bank interest receivable 1.78 Other income receivable 73,850.73



Liabilities Payable on purchases of securities 467,419.81

Payable on redemptions of shares 322,873.27


Total liabilities 903,074.39



Share class Number

of

shares

Currency

of

share class

NAV per share

in currency of

share class

Net assets per

share class

(in SEK)

A 412,065.88 SEK 96.57 39,791,191.65

B 732,486.62 SEK 96.91 70,981,772.19 D 495.92 SEK 100.64 49,908.85

110,822,872.69




40






EUR 725.301 JPMorgan Fds Europe Sustainable Equity JPM X EUR Cap 820,284.37 777,135.81 0.70

SEK 168,511.9308 Handelsbanken Ravarufond A1 Cap 15,843,892.61 12,918,124.62 11.66

SEK 100,007.323 Handelsbanken Realranta A1 Dist 12,127,456.97 11,719,858.18 10.58

SEK 103,494.1196 Nordea 1 SICAV Multi-Asset Fd HB SEK Cap 13,019,270.81 13,459,410.25 12.14

SEK 15,283.5173 ODIN Small Cap A Cap 1,500,000.00 1,559,682.94 1.41


SEK 98,853.3182 Ohman Realrantefond Uts A Dist 12,116,194.86 11,801,109.13 10.65 SEK 118,527.5982 SPP Gron Obligationsfond A Cap 12,233,454.74 12,283,844.69 11.08

SEK 129,323.099 William Blair Scv Dynamic Diversified Allocation Fd JH Cap 13,549,999.93 13,131,467.47 11.85

SEK 96,022.8957 Öhman Obligationsfond Uts A Dist 12,862,165.86 12,909,318.10 11.65

95,063,435.80 91,881,939.48 82.91

USD 3,769.723 JPMorgan Fds Em Mkts Su Eq JPM X USD Cap 3,498,573.95 3,335,901.56 3.01 USD 17,773.83 Sel Inv Ser III SICAV T Rowe Price Sust US Lar Gh Eq I Cap 1,681,214.72 1,724,708.37 1.56

5,179,788.67 5,060,609.93 4.57



EUR 18,931 iShares II Plc Listed Priv Eq UCITS ETF USD Dist 3,459,882.34 3,403,924.82 3.07

USD 18,733 SSGA SPDR ETFs Europe I Plc DJ Gl Real Estate UCITS USD

Dist

6,159,808.41 5,174,901.70 4.67



Cash at banks 5,107,142.94 4.61

Other net assets/(liabilities) -582,781.99 -0.53

Total 110,822,872.69 100.00



41




Total 95.92 %




Sweden 57.03 %

Luxembourg 29.26 %

Ireland 7.74 %

Norway 1.89 %

Total 95.92 %

AMREGO I SICAV - Aktiv Påverkan R5



42

Assets


Receivable on issues of shares 7,137,855.81



Liabilities

Payable on purchases of securities 6,500,000.06 Bank interest payable 7,611.75





Share class Number

of

shares

Currency

of

share class

NAV per share

in currency of

share class

Net assets per

share class

(in SEK)

A 2,222,067.00 SEK 109.36 243,004,149.01

B 2,452,930.14 SEK 110.14 270,168,565.90

D 491.92 SEK 100.84 49,604.12

513,222,319.03




43




Transferable securities admitted to an official stock exchange listing

Shares

SEK 123,000 Bergman & Beving AB B 7,439,422.60 8,548,500.00 1.67

SEK 127,500 Boozt AB Reg 5,901,667.50 11,844,750.00 2.31

Total shares 13,341,090.10 20,393,250.00 3.98



EUR 137,770.497 Threadneedle (Lux) Eur Select IE Cap 48,992,005.38 51,793,352.41 10.09 EUR 19,160.187 Threadneedle (Lux) Pan Eur Small Cap Opp IE Cap 9,856,687.29 10,550,593.30 2.06

58,848,692.67 62,343,945.71 12.15

SEK 40,263.8205 Handelsbanken Amerika Smab Te A1 SEK Cap 35,128,501.39 36,864,346.14 7.18


SEK 195,284.8974 ODIN Small Cap A Cap 17,400,000.00 19,928,823.78 3.88 SEK 36,213.5686 ODIN Sverige A Cap 5,939,499.92 6,548,499.61 1.28

SEK 400,047.6863 SPP Aktiefond Japan Units A Dist 37,396,500.02 37,219,796.66 7.25

SEK 250,448.2625 SPP Aktifond USA Units A Cap 69,924,499.99 70,518,166.29 13.74 SEK 294,302.81 SPP Sverige Plus A Cap 38,750,000.02 41,815,426.15 8.15

SEK 179,005.133 Swedbank Robur Access USA A SEK Cap 59,595,805.32 60,032,951.45 11.70

313,285,308.47 323,141,432.62 62.96



87,564,520.93 91,348,324.08 17.79



Cash at banks 15,662,920.64 3.05

Other net assets/(liabilities) 332,445.98 0.07

Total 513,222,319.03 100.00



44




Cyclical consumer goods 2.31 %

Industrials 1.67 %

Total 96.88 %




Sweden 65.66 %

Luxembourg 29.94 %

Norway 1.28 %

Total 96.88 %




45

Assets


Receivable on issues of shares 9,958,309.48



Liabilities

Payable on purchases of securities 9,500,000.00 Payable on redemptions of shares 1,528.54





Share class Number

of

shares

Currency

of

share class

NAV per share

in currency of

share class

Net assets per

share class

(in SEK)

A 1,547,319.85 SEK 102.91 159,239,266.84

B 1,450,205.50 SEK 103.28 149,775,205.37

D 494.04 SEK 101.21 50,003.51

309,064,475.72




46




Transferable securities admitted to an official stock exchange listing

Shares

SEK 17,500 Bergman & Beving AB B 1,125,572.01 1,216,250.00 0.39

SEK 17,000 Boozt AB Reg 900,027.90 1,579,300.00 0.51

Total shares 2,025,599.91 2,795,550.00 0.90



EUR 19,344.133 Threadneedle (Lux) Eur Select IE Cap 6,769,604.05 7,272,220.93 2.35 EUR 2,715.189 Threadneedle (Lux) Pan Eur Small Cap Opp IE Cap 1,444,399.52 1,495,124.00 0.48

8,214,003.57 8,767,344.93 2.83

SEK 5,616.4862 Handelsbanken Amerika Smab Te A1 SEK Cap 4,950,000.91 5,142,286.27 1.66


SEK 26,871.129 ODIN Small Cap A Cap 2,400,000.00 2,742,198.71 0.89 SEK 5,848.6092 ODIN Sverige A Cap 962,313.90 1,057,604.00 0.34

SEK 179,618.2442 Ohman Foretagsobligationsfond Hallbar Units A Cap 21,210,749.62 21,353,016.87 6.91

SEK 97,270.049 SEB Green Bond Fd C H SEK Cap 9,654,500.06 9,813,867.05 3.18 SEK 256,323.3024 Simplicity Global Corporate Bond A Cap 30,209,312.53 30,151,310.06 9.76


SEK 56,530.4919 SPP Aktiefond Japan Units A Dist 5,313,000.00 5,259,506.52 1.70 SEK 65,130.0995 SPP Aktifond USA Units A Cap 18,088,000.08 18,338,538.83 5.93

SEK 282,592.5507 SPP FRN Foretagsoblig A Cap 31,050,164.07 31,408,099.08 10.16

SEK 427,940.0403 SPP Gl Foretagsobligation Plus A SEK Cap 44,520,500.00 45,672,970.65 14.78 SEK 308,875.905 SPP Gron Obligationsfond A Cap 31,740,500.22 32,010,972.17 10.36

SEK 46,426.4254 SPP Sverige Plus A Cap 6,550,000.00 6,596,405.80 2.14

259,414,041.80 262,648,979.74 84.99



15,020,074.07 15,634,337.23 5.06



Cash at banks 18,878,990.25 6.11

Other net assets/(liabilities) 339,273.57 0.11

Total 309,064,475.72 100.00



47




Cyclical consumer goods 0.51 %

Industrials 0.39 %

Total 93.78 %




Sweden 82.37 %

Luxembourg 11.07 %

Norway 0.34 %

Total 93.78 %

AMREGO I SICAV

Notes to the financial statements as at 30th June 2020

48

Note 1- General information

AMREGO I SICAV (the "Company") is an open-ended collective investment company organised under

Luxembourg law as a "société anonyme" qualifying as a "société d'investissement à capital variable". The

Company is registered under Part I of the amended Luxembourg Law of 17th December 2010 (the "Law")

concerning Undertakings for Collective Investment which implements Directive 2009/65/EC into Luxembourg

law.

The Company is managed by SÖDERBERG & PARTNERS ASSET MANAGEMENT S.A. pursuant to chapter

15 of the Law. The Company has been initially incorporated on 24th November 2011 for an unlimited period of

time. The Articles of Incorporation have been published in the "Mémorial" on 4th February 2012. Publications

made after 1st June 2016 are available on the platform called "Recueil électronique des sociétés et

associations ("RESA")" accessible through the website of the RCS.

Copies of the Articles, the current Prospectus, the KIID for the Compartments and the latest financial reports may

be obtained free of charge during normal office hours at the registered office of the Company in Luxembourg, as

well as on www.soderbergpartners.lu.

Note 2- Significant accounting policies

a) Presentation of the financial statements

The financial statements of the Company are prepared in accordance with Luxembourg legal and regulatory

requirements concerning Undertakings for Collective Investment in Transferable Securities and with generally

accepted accounting principles in Luxembourg.

The financial statements of the Company have been prepared on a going concern basis.

b) Valuation

1. Investment funds are valued at their last known available net asset value or bid price, if bid and offer prices are quoted.

2. Liquid assets are valued at their nominal value plus accrued interest.

3. Fixed term deposits are valued at their nominal value plus accrued interest. Fixed term deposits with an original term of more than 30 days can be valued at their yield adjusted price if an arrangement between the

Company and the bank, with which the fixed term deposit is invested has been concluded including that the

fixed term deposits are terminable at any time and the yield adjusted price corresponds to the realisation

value.

4. Securities or financial instruments admitted for official listing on a Regulated Market are valued on the basis of the last available price at the time when the valuation is carried out. If the same security is quoted on a

Regulated Market, the quotation on the principal market for this security will be used. If there is no relevant

quotation or if the quotations are not representative of the fair value, the evaluation is made in good faith by

the Board of Directors or their delegate with a view to establishing the probable bid price for such securities.

5. Unlisted securities or financial instruments are valued on the basis of their probable bid price as determined by the Board of Directors or their delegate using valuation principles which can be examined by the auditor

of the Company, in order to reach a proper and fair valuation of the total assets of each compartment.

6. Any other assets are valued on the basis of their probable bid price as determined by the Board of Directors or their delegate using valuation principles which can be examined by the auditor of the Company, in order

to reach a proper and fair valuation of the total assets of each compartment.

AMREGO I SICAV

Notes to the financial statements (continued) as at 30th June 2020

49

c) Net realised gain/(loss) on securities portfolio

The net realised gain/(loss) on securities portfolio is determined on the basis of the average cost of securities sold.

d) Cost of securities

The acquisition cost of a security denominated in a currency other than that of the Compartment is converted to

the Compartment's currency at the exchange rate prevailing on the date of purchase.

e) Exchange translation

Bank balances, other assets and liabilities and the value of securities held that are denominated in other currencies

than the Compartment’s currency are converted at the prevailing exchange rate of the closing day. Income and

expenses incurred in currencies other than the Compartment’s currency are converted at the prevailing exchange

rate of the day of each transaction.

At the date of the financial statements, the prevailing exchange rates on the closing day were as follows:

1 DKK = 0.1341883 EUR Euro

1.4057322 SEK Swedish Krona

0.1503714 USD US Dollar

1 SEK = 0.0954579 EUR Euro

11.5228276 JPY Japanese Yen

0.1069702 USD US Dollar

f) Combined financial statements

The combined financial statements of the Company are expressed in SEK and are equal to the sum of the

corresponding items in the financial statements of each Compartment converted into this currency at the exchange

rate prevailing at the date of the financial statements.

At the date of the financial statements, the exchange rate used for the combined financial statements is the

following:

1 SEK = 0.7113731 DKK Danish Krona

g) Futures contracts

Futures contracts are posted off-balance sheet and are valued at the last available price applicable to the asset. Net

unrealised gain/(loss) is disclosed in the statement of net assets.

h) Investment income

Dividend income is recognised on an ex-dividend basis and is recorded net of withholding tax

i) Other liquid assets

The item "Other liquid assets" is mainly composed of cash accounts held at brokers.

Note 3- Management fees

For its services as Investment Manager and Management Company, the following remuneration is received from

the Company. Such remuneration is payable monthly out of the daily total net assets.

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Compartment Class A Class B Class C Class D* Class S

AMREGO I SICAV - Proaktiv 75 PM up to 1.50% p.a. up to 1.25% p.a. up to 1.00% p.a. up to 1.75% p.a

AMREGO I SICAV - Proaktiv 80 PM up to 1.50% p.a. up to 1.20% p.a. up to 1.00% p.a. up to 1.70% p.a

AMREGO I SICAV - Proaktiv 85 S up to 1.65% p.a. - up to 1.00% p.a. -

AMREGO I SICAV - Proaktiv 90 S up to 1.40% p.a. - up to 1.00% p.a. -

AMREGO I SICAV - Tillväxt 75 up to 1.75% p.a. up to 1.35% p.a. - up to 0.95% p.a -

AMREGO I SICAV - Proaktiv 75 up to 1.75% p.a. up to 1.35% p.a. up to 1.00% p.a. up to 0.95% p.a -




AMREGO I SICAV - Tryghed 75** up to 1.25% p.a. - - -

AMREGO I SICAV - Contrarian 65 up to 1.75% p.a. up to 1.35% p.a. - up to 0.95% p.a -

AMREGO I SICAV - Alternative R5 up to 1.75% p.a. up to 1.35% p.a. - up to 0.95% p.a -

AMREGO I SICAV - Alternative R2 up to 1.40% p.a. up to 1.20% p.a. - up to 0.80% p.a -

AMREGO I SICAV - Aktiv Påverkan R5 up to 1.75% p.a. up to 1.35% p.a. - up to 0.95% p.a -

AMREGO I SICAV - Aktiv Påverkan R2 up to 1.40% p.a. up to 1.20% p.a. - up to 0.80% p.a -

*(new share Class D launched on 2nd June 2020)

**(until liquidation date 14th January 2020)

The central administration costs and the depositary fees are deducted from the Management Company Fee.

Note 4- Management fee retrocession

Management fee retrocessions received by the Company and related to its investments in UCITS or other UCIs

are disclosed under the item "Other income receivable" in the statement of net assets.

Note 5- Performance fees

The Investment Manager is entitled to receive a performance fee in relation to the performance of certain Share

Classes. Such performance fee is accrued daily and payable annually out of the net assets of the relevant

compartment attributable to the relevant Share Classes after each Performance Period.

The performance fee rates for the concerned Share Classes are as follows:

AMREGO I SICAV - Proaktiv 75 PM (class C: 20%);

AMREGO I SICAV - Proaktiv 80 PM (class C: 20%);

AMREGO I SICAV - Proaktiv 85 S (class C: 20%);

AMREGO I SICAV - Proaktiv 90 S (class C: 20%);

AMREGO I SICAV - Proaktiv 75 (class C: 20%);




On a daily basis, the Performance Fee accrual for each Share will correspond to the Fee Rate times the difference

between the (i) daily Net Asset Value of the relevant Share Class and (ii) the Preferred Reference Net Asset Value.

In other words:

Daily Performance Fee accrual for each Share = [Fee Rate] x [Net Asset Value of the relevant Share Class - HWM

adjusted with the applicable Hurdle Rate]

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For the purpose of the calculation above:

- the Net Asset Value of the relevant Share Class shall not take into account any accrued Performance Fees; - the "Preferred Reference Net Asset Value" corresponds to the High Water Mark adjusted with the

applicable Hurdle Rate;

- the "Hurdle rate": a fixed percentage rate or relevant benchmark index specified in the relevant Appendix for each Compartment;

- the "High Water Mark" or "HWM" of a Share is the greater of: (a) the highest Net Asset Value per Share on the last Valuation Day of all the previous Performance Periods; or (b) the initial Net Asset Value per

Share of the relevant Share Class;

- the Performance Fee is payable annually in respect of each calendar year.

The Performance Fee is calculated and readjusted on a daily basis and taken into account in the calculation of the

Net Asset Value per Share as at each Valuation Day.

If the daily Performance Fee accrual for each Share of the relevant class is negative, the total negative Performance

Fee accrual will be limited to the positive balance of the cumulative Performance Fee accrual. In other words, the

total negative Performance Fee accrual will reduce the cumulative Performance Fee accrual until the accrual

reaches a level of zero, it being understood that Performance Fee will only be payable in circumstances where

positive excess performance has been accrued during the Performance Period.

Although calculation is on a daily basis, the Performance Fee payable will ultimately be based on the performance

at the end of the Performance Period.

In the event that a Shareholder redeems or converts his Shares prior to the end of a Performance Period, any

Performance Fee owing in respect of the positive performance of such Shares crystallises but will only be paid to

the Management Company at the end of the Performance Period.

The performance fee will generally be payable to the Investment Manager within 30 days after the end of each

per

Documents

AMREGO I SICAV · 2020. 8. 4. · AMREGO I SICAV Organisation (continued) 4 Depositary and Paying Agent Skandinaviska Enskilda Banken AB (publ) - Luxembourg Branch (formerly Skandinaviska