Raiffeisen-Dollar-ShortTerm-Bonds
(Original German name: Raiffeisen-Dollar-ShortTerm-Rent)
Semi-annual fund report
2015-2016
Table of contents
General fund information ..................................................................................................................................... 3 Fund characteristics............................................................................................................................................. 3 Legal notice ...................................................................................................................................................... 4 Fund details.......................................................................................................................................................... 5 Units in circulation ................................................................................................................................................ 5 Fund investment policy report ............................................................................................................................. 6 Makeup of fund assets in USD ............................................................................................................................ 7 Portfolio of investments in USD ........................................................................................................................... 8 Appendix ............................................................................................................................................................ 11 Financial year: 1 November 2015 – 30 April 2016
Raiffeisen-Dollar-ShortTerm-Bonds
2
Semi-annual fund report
from 1 November 2015 to 30 April 2016
Raiffeisen-Dollar-ShortTerm-Bonds is a bond fund. It pursues an investment goal of regular income and mainly invests
(at least 51 % of its fund assets) in dollar-denominated bonds and money-market instruments (US dollar, Canadian
dollar, New Zealand dollar, Australian dollar) with a (residual) maturity not exceeding 5 years. The portfolio’s average
residual maturity (not including any fund investments) may not exceed three years. The fund may acquire bonds and
money market instruments issued by sovereigns, supranational issuers and/or companies etc. The fund may invest more
than 35 % of its assets in securities/money market instruments issued or guaranteed by the USA. The fund is actively
managed and is not limited by means of a benchmark.
General fund information
Tranche
Fund currency
Tranche currency
Launch date
ISIN
ISIN income-distributing (A)
USD
USD
25/3/1997
AT0000843503
ISIN income-retaining (T)
USD
USD
26/3/1999
AT0000805247
ISIN full income-retaining (outside Austria) (VTA)
USD
USD
21/10/1999
AT0000785456
Fund characteristics
Financial year:
1 November – 31 October
Distribution/payment/reinvestment date:
15 January
Type of fund:
Investment fund pursuant to § 2 of the Austrian Investment Fund Act,
InvFG (UCITS)
Max. management fee for the fund:
1.50 %
Custodian bank:
Raiffeisen Bank International AG
Management company:
Raiffeisen Kapitalanlage-Gesellschaft m.b.H.
Mooslackengasse 12, A-1190 Vienna
Tel. +43 1 71170-0
Fax +43 1 71170-761092
www.rcm.at
Companies register number: 83517 w
Fund management:
Raiffeisen Kapitalanlage-Gesellschaft m.b.H.
Auditor:
KPMG Austria GmbH
Financial year: 1 November 2015 – 30 April 2016
Raiffeisen-Dollar-ShortTerm-Bonds
3
Legal notice
The software used performs calculations on the basis of more than the two decimal places displayed. Minor discrepancies cannot be ruled out due to further calculations using published results.
The value of a unit is calculated by dividing the entire value of the investment fund inclusive of its income by the number
of units. The total value of the investment fund is calculated on the basis of the current market prices of the securities,
money market instruments and subscription rights in the fund plus the value of the fund’s financial investments, cash
holdings, credit balances, receivables and other rights net of its payables. That value will be calculated by the custodian
bank.
The net assets are calculated in accordance with the following principles:
a)
The value of assets quoted or traded on a stock exchange or other regulated market shall be determined, in principle, on the basis of the most recently available price.
b) Where an asset is not quoted or traded on a stock market or another regulated market or where the price for an
asset quoted or traded on a stock market or another regulated market does not appropriately reflect its actual market value, the prices provided by reliable data providers or, alternatively, market prices for equivalent securities or
other recognized market valuation methods shall be used.
Raiffeisen KAG uses the method developed by OeKB (Österreichische Kontrollbank AG) to calculate the fund’s performance, on the basis of data provided by the custodian bank (where payment of the redemption price is suspended,
using indicative values). Some costs – the subscription fee (not exceeding 1.00 % of the invested amount) and any redemption fee (not exceeding 0.00 % of the sold amount) – are not included in the performance calculation. Depending
on their concrete value, they will reduce a performance accordingly. Past results do not permit any reliable inferences as
to the future performance of the fund.
Financial year: 1 November 2015 – 30 April 2016
Raiffeisen-Dollar-ShortTerm-Bonds
4
Dear unitholder,
Raiffeisen Kapitalanlage-Gesellschaft m.b.H. is pleased to present its semi-annual fund report for Raiffeisen-DollarShortTerm-Bonds for the period from 1 November 2015 to 30 April 2016.
Fund details
31/10/2015
30/4/2016
50,706,394.56
43,219,737.38
Net asset value/unit (A) USD
98.42
98.23
Issue price/unit (A) USD
99.40
99.21
Net asset value/unit (T) USD
138.52
138.78
Issue price/unit (T) USD
139.91
140.17
Net asset value/unit (VTA) USD
153.56
153.94
Issue price/unit (VTA) USD
155.10
155.48
Fund assets in USD
Units in circulation
Units in circulation on 31/10/2015
Sales
Repurchases
Units in circulation
Total units in circulation on 30/4/2016
Financial year: 1 November 2015 – 30 April 2016
Raiffeisen-Dollar-ShortTerm-Bonds
AT0000843503
AT0000805247
AT0000785456
A
T
VTA
81,517.329
276,949.744
28,124.850
2,027.066
24,514.646
5,433.635
- 11,440.310
- 67,256.972
- 9,958.646
72,104.085
234,207.418
23,599.839
329,911.342
5
Fund investment policy report
Raiffeisen-Dollar-ShortTerm-Bonds generally maintained a very low level of interest-rate risk exposure during the period
under review, which was shaped by speculation over interest-rate hikes in the USA – December 2015 saw the first interest-rate rise in almost 10 years – and a further fall in the price of oil combined with global growth fears. This was due both
to fundamental assessments and model-based signals. The fund’s interest-rate fluctuation risk was generally slightly less
than one year. Overall, yields on 2-year US government bonds fluctuated between 0.65 % and 1.10 %. Non-US government bonds initially accounted for almost 35 % of the fund’s assets but subsequently declined over the period under
review – generally due to repayments – to slightly less than 30 %. The focus was on products with premium credit worthiness (BBB to AAA ratings). The fund cut back on all of its dollar LIBOR-tied variable-interest bonds. In overall terms, the
fund clearly benefited from these positions due to the interest rate premium, but the trend was not linear in nature. A brief
positive trend at the start of the reporting period gave way to a bout of pronounced weakness in early 2016 due to the
decline in commodities prices. This was subsequently halted after the European Central Bank launched a new purchasing program, and a huge price rally ensued. The fund slightly increased its level of US dollar currency exposure during
the period. On the whole, the fund’s currency strategy provided a marginally negative performance contribution. Overall,
the US dollar lost ground slightly against the euro in the reporting period.
Securities lending transactions were entered into in order to generate additional income.
Financial year: 1 November 2015 – 30 April 2016
Raiffeisen-Dollar-ShortTerm-Bonds
6
Makeup of fund assets in USD
Securities
Market value
%
40,074,279.73
92.73
Bonds:
USD
Derivative products
Valuation of financial futures
Valuation of forward exchange transactions
Total derivative products
8,953.11
0.02
- 7,685.31
- 0.02
1,267.80
0.00
Bank balances
Bank balances in fund currency
Bank balances in foreign currency
Total bank balances
2,880,844.58
6.67
124,083.80
0.28
3,004,928.38
6.95
168,396.56
0.39
- 29,135.09
- 0.07
43,219,737.38
100.00
Accruals and deferrals
Interest claims (on securities and bank balances)
Other items
Various fees
Total fund assets
Financial year: 1 November 2015 – 30 April 2016
Raiffeisen-Dollar-ShortTerm-Bonds
7
Portfolio of investments in USD
Dates indicated for securities refer to the issue and redemption dates. An issuer’s right of premature redemption (where
applicable) is not specified. The securities marked with a "Y" have an open-ended maturity.
ISIN
SECURITY TITLE
BONDS IN US DOLLARS
US912828WA40
0.6250
US912828WF37
0.6250
US912828SY71
0.6250
US912828TM25
0.6250
US912828TS94
0.6250
US912828C327
0.7500
US912828TB69
0.7500
US912828P535
0.7500
US912828G203
0.8750
US912828WT31
0.8750
US912828G799
1.0000
US912828K825
1.0000
US459200HZ73
1.1250
US912828XF28
1.1250
XS1220883596
1.2500
US24422EST72
1.3500
US25152RWY51
1.3500
US92343VCE20
1.3500
DE000LB01RW6
1.3750
US40428HPL05
1.5000
US24422ESX84
1.6000
XS0818951989
1.6250
US05578DAQ51
1.6250
USG46747AA27
1.6250
US00206RBF82
1.7000
US00254EMJ81
1.7500
XS1204620915
1.8750
US06416CAC29
1.8750
USU2339CBC11
1.8750
US25215DAP42
1.8750
US035242AG14
1.9000
US40428HPU04
2.0000
US44987DAJ54
2.0000
XS1231116481
2.0000
US96122XAH17
2.0000
US00182FAY25
2.2500
USN27915AA03
2.2500
US46625HKA76
2.2500
US21688AAD46
2.2500
USC8888LBA73
2.2500
US63859VBC46
2.3500
XS0763676557
2.3750
US06738EAD76
2.7500
USF7061BAM21
2.9500
USG91703AH44
3.0000
XS1028955760
3.1250
US65557HAB87
3.1250
US46115HAL15
3.8750
XS0741962681
4.2500
US345397VX89
4.2500
US465410BS63
5.3750
FR0010485185
5.6250
US92857WAP59
5.6250
XS0264823567
5.7500
USN3033QAT96
5.8000
US TREASURY 2016
US TREASURY 2016
US TREASURY 2017
US TREASURY 2017
US TREASURY 2017
US TREASURY 2017
US TREASURY 2017
US TREASURY 2019
US TREASURY 2017
US TREASURY 2017
US TREASURY 2017
US TREASURY 2018
INTL BUS. MACH. 2018
US TREASURY 2018
BAY.LDSBK OMH 15/18 DL
DEERE -JOHN- CAP. 2018
DT.BK.LOND.NTS.14/17
VERIZON COMM 14/17
LBBW MTN.HYP.15/18
HSBC USA 2017
DEERE -JOHN- CAP. 2018
BP CAPITAL MARK. 12/17MTN
BPCE S.A. 15/18 MTN
HUTCH.W.I.(14) 14/17 REGS
AT + T 12/17
SWED.EXP.CRED. 16/21 MTN
AAREAL BANK MTN.HPF.S.210
BK NOVA SCOTIA 16/21
DAIMLER FIN.N.A.13/18REGS
DEXIA CL(N.Y.) 15/20 MTN
ANHEUSER-BUSCH IN. 16/19
HSBC USA 15/18
ING BK NV 15/18 REGS
SWEDBK HYPO. 15/20 MTN
WESTPAC BKG 15/20 REGS
ANZ NZ(ITL)(LD) 16/19 MTN
DT.TELEK.INTL F. 12/17
JPMORGAN CHASE 15/20
RABOBK NED.NY 2020
TORONTO-DOM. BK14/19 REGS
NATIONW. BLDG 15/20 REGS
VOLKSWAGEN INTL 12/17
BARC 2019
PERNOD-RICARD 12/17 REGS
UBS GR. FDG JE. 16/21REGS
GLENCORE FDG 14/19 REGS
NORDEA BK 12/17 MTN REGS
INTESA SANPAOLO 2019 144A
ABN AMRO BANK 12/17 MTN
FORD MOTOR CRED. 2017
ITALY (REP.OF) 07/17
CIE F.FONCIER 07/17 MTN
VODAFONE GRP 07/17
SIEMENS FINANC.06/16REGS
E.ON INTL FIN. 08/18 REGS
CURRENCY
VOLUME
29/4/2016
PURCHASES
SALES
ADDITIONS
DISPOSALS
IN PERIOD UNDER REVIEW
PRICE
MARKET
VALUE
IN USD
% SHARE
OF FUND
ASSETS
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
2,000,000
4,000,000
3,000,000
1,000,000
2,000,000
3,000,000
2,000,000
1,000,000
2,000,000
1,000,000
1,000,000
3,000,000
160,000
2,500,000
650,000
80,000
200,000
400,000
320,000
240,000
70,000
200,000
360,000
500,000
320,000
440,000
450,000
110,000
300,000
450,000
70,000
140,000
320,000
600,000
200,000
280,000
300,000
240,000
250,000
320,000
200,000
200,000
450,000
300,000
270,000
100,000
200,000
200,000
200,000
200,000
560,000
330,000
250,000
550,000
410,000
1,000,000
100.089844
100.097656
99.998045
99.951170
99.919920
100.160156
100.117185
99.561470
100.255855
100.281250
100.433595
100.365510
100.201000
100.668505
99.674000
100.552000
99.389000
100.218000
99.861000
99.803000
100.886000
100.090000
99.993000
100.049000
100.458000
100.406000
100.798000
99.605000
100.522000
99.987000
101.310000
100.019000
100.394000
100.568000
100.606000
100.793000
100.826000
100.541000
100.758000
101.854000
100.402000
100.645000
99.913000
101.010000
100.474000
95.143000
101.663000
103.225000
102.090000
101.873000
104.266000
104.897000
104.292000
102.227000
107.115000
2,001,796.88
4,003,906.24
2,999,941.35
999,511.70
1,998,398.40
3,004,804.68
2,002,343.70
995,614.70
2,005,117.10
1,002,812.50
1,004,335.95
3,010,965.30
160,321.60
2,516,712.63
647,881.00
80,441.60
198,778.00
400,872.00
319,555.20
239,527.20
70,620.20
200,180.00
359,974.80
500,245.00
321,465.60
441,786.40
453,591.00
109,565.50
301,566.00
449,941.50
70,917.00
140,026.60
321,260.80
603,408.00
201,212.00
282,220.40
302,478.00
241,298.40
251,895.00
325,932.80
200,804.00
201,290.00
449,608.50
303,030.00
271,279.80
95,143.00
203,326.00
206,450.00
204,180.00
203,746.00
583,889.60
346,160.10
260,730.00
562,248.50
439,171.50
4.63
9.26
6.95
2.31
4.62
6.95
4.63
2.30
4.65
2.32
2.32
6.97
0.37
5.82
1.50
0.19
0.46
0.93
0.74
0.55
0.16
0.46
0.83
1.16
0.74
1.02
1.06
0.25
0.70
1.05
0.16
0.32
0.74
1.40
0.47
0.65
0.70
0.56
0.58
0.75
0.46
0.47
1.05
0.70
0.63
0.22
0.47
0.48
0.47
0.47
1.36
0.80
0.60
1.30
1.02
40,074,279.73
92.73
TOTAL SECURITIES PORTFOLIO
1,000,000
1,000,000
800,000
360,000
110,000
70,000
650,000
330,000
280,000
240,000
200,000
150,000
270,000
560,000
330,000
Any discrepancies in terms of % shares of the fund assets result from rounding-off.
Financial year: 1 November 2015 – 30 April 2016
Raiffeisen-Dollar-ShortTerm-Bonds
8
ISIN
SECURITY TITLE
VOLUME
29/4/2016
PURCHASES
SALES
ADDITIONS
DISPOSALS
IN PERIOD UNDER REVIEW
PRICE
MARKET
VALUE
IN USD
% SHARE
OF FUND
ASSETS
-16
-21
-3
16
21
10
109.281250
120.820313
129.953125
3,750.00
5,249.99
-46.88
0.01
0.01
0.00
8,953.11
0.02
-7,685.31
-0.02
-7,685.31
-0.02
2,880,844.58
114,094.92
6.67
0.26
5,529.48
3,221.37
1,238.03
0.01
0.01
0.00
3,004,928.38
6.95
ACCRUALS AND DEFERRALS
INTEREST CLAIMS
168,396.56
0.39
OTHER ITEMS
VARIOUS FEES
-29,135.09
-0.07
43,219,737.38
100.00
FINANCIAL FUTURES
FTN220160630
2YR TREASURY NOTE FUTURE20160630
FTN520160630
5YR TREASURY NOTE FUTURE20160630
FTN120160621
10YR TREASURY NOTE FUTUR20160621
TOTAL FINANCIAL FUTURES
CURRENCY
USD
USD
USD
7
1
FORWARD EXCHANGE TRANSACTIONS IN EURO
DTG052921
DTG EUR USD 13.05.16
EUR
-483,854
1.131924
TOTAL FORWARD EXCHANGE TRANSACTIONS 1
BANK BALANCES
USD BALANCES
EUR BALANCES
BALANCES IN NON-EU CURRENCIES
AUD
CAD
NZD
TOTAL BANK BALANCES
TOTAL FUND ASSETS
NET ASSET VALUE PER DISTRIBUTED UNIT
NET ASSET VALUE PER REINVESTED UNIT
NET ASSET VALUE PER FULLY REINVESTED UNIT
USD
USD
USD
DISTRIBUTED UNITS IN CIRCULATION
REINVESTED UNITS IN CIRCULATION
FULLY REINVESTED UNITS IN CIRCULATION
UNITS
UNITS
UNITS
98.23
138.78
153.94
72,104.085
234,207.418
23,599.839
EXCHANGE RATES
FOREIGN CURRENCY ASSETS WERE CONVERTED INTO USD ON THE BASIS OF THE EXCHANGE RATES APPLICABLE ON 28/4/2016:
CURRENCY
AUSTRALIAN DOLLAR
CANADIAN DOLLAR
EURO
NEW ZEALAND DOLLAR
AUD
CAD
EUR
NZD
UNIT
1 USD =
1 USD =
1 USD =
1 USD =
PRICE
1.311312
1.254176
0.883783
1.435528
FUTURES EXCHANGE KEY:
CODE
CBT
STOCK EXCHANGE
CHICAGO BOARD OF TRADE
1 Price gains and losses as of cut-off date.
Any discrepancies in terms of % shares of the fund assets result from rounding-off.
Financial year: 1 November 2015 – 30 April 2016
Raiffeisen-Dollar-ShortTerm-Bonds
9
SECURITIES PURCHASES AND SALES DURING THE PERIOD UNDER REVIEW NOT LISTED UNDER THE PORTFOLIO OF ASSETS:
ISIN
SECURITY TITLE
BONDS IN US DOLLARS
US912828UW87
0.2500
US912828US75
0.3750
US912828VR83
0.6250
US92976GAF81
0.8420
US36164PFE51
0.9640
US532457BK39
1.2500
US05253JAH41
1.5000
US037833BQ20
1.7000
US594918AY03
1.8500
US44987DAE67
2.0500
XS1066895399
2.1250
US459058BB88
2.1250
US822582BP60
2.2500
XS0579811489
2.3750
US00828EAK55
2.5000
US05565QCT31
2.5210
USK0479SAD01
2.8750
USG91703AA90
2.9500
XS1382378690
3.1610
USG0446NAH73
3.6250
US TREASURY 2016
US TREASURY 2016
US TREASURY 2016
WELLS FARGO 2016 FLR MTN
GE CAP.INTL FDG 15/16 MTN
LILLY (ELI) 15/18
A.N.Z. BKG GRP (NY) 2018
APPLE 16/19
MICROSOFT 15/20
ING BK NV 15/18 REGS
NESTLE HLDGS 14/20 MTN
WORLD BK 11/16
SHELL INTL FIN. 15/20
KOMMUNALBK 11/16 MTN REGS
AFR. DEV. BK 11/16 MTN
BP CAP.MKTS 2020
A.P. MOEL-MAER. 15/20REGS
UBS GR. FDG JE. 15/20REGS
BP CAPITAL MKTS 16/21 MTN
ANGLO AM. CAP. 15/20 REGS
CURRENCY
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
PURCHASES
ADDITIONS
70,000
140,000
470,000
SALES
DISPOSALS
2,000,000
500,000
2,000,000
200,000
227,000
40,000
500,000
70,000
80,000
550,000
150,000
1,500,000
140,000
250,000
1,000,000
100,000
250,000
230,000
470,000
200,000
Raiffeisen Kapitalanlage-Gesellschaft m.b.H. complies with the code of conduct for the Austrian investment fund
industry 2012.
Vienna, 7 June 2016
Financial year: 1 November 2015 – 30 April 2016
Raiffeisen-Dollar-ShortTerm-Bonds
10
Appendix
Imprint
Publisher:
Raiffeisen Kapitalanlage-Gesellschaft m.b.H.
Mooslackengasse 12
A-1190 Vienna
Responsible for contents:
Raiffeisen Kapitalanlage-Gesellschaft m.b.H.
Mooslackengasse 12
A-1190 Vienna
Copyright by publisher, dispatch location: Vienna
Raiffeisen Capital Management is the brand of:
Raiffeisen Kapitalanlage-Gesellschaft m.b.H.
Raiffeisen Immobilien Kapitalanlage-Gesellschaft m.b.H.
Raiffeisen Salzburg Invest Kapitalanlage GmbH
Financial year: 1 November 2015 – 30 April 2016
Raiffeisen-Dollar-ShortTerm-Bonds
11