Unaudited semi-annual report
as at 30th June 2014
ESPÍRITO SANTO GLOBAL SICAV
(formerly ESPÍRITO SANTO
ROCKEFELLER GLOBAL - SICAV)
Société d'Investissement à Capital Variable a Luxembourg domiciled open-ended investment company
R.C.S. Luxembourg B 141 601
No subscription can be received on the basis of this financial report. Subscriptions are only valid if made on the basis of the
current prospectus and the Key Investor Information Document ("KIID") supplemented by the latest annual report and the
most recent semi-annual report, if published thereafter.
ESPÍRITO SANTO GLOBAL SICAV
(formerly ESPÍRITO SANTO ROCKEFELLER GLOBAL - SICAV)
Contents
Organisation ..................................................................................................................................................... 2
General information ......................................................................................................................................... 5
Report on activities of the Board of Directors............................................................................................... 6
Combined statement of net assets ................................................................................................................. 7
ESPÍRITO SANTO GLOBAL SICAV - ENERGY FUND ................................................................................... 8
Statement of net assets .................................................................................................................................. 8
Statement of investments and other net assets ............................................................................................. 9
Industrial and geographical classification of investments .............................................................................11
Notes to the financial statements ................................................................................................................. 12
1
ESPÍRITO SANTO GLOBAL SICAV
(formerly ESPÍRITO SANTO ROCKEFELLER GLOBAL - SICAV)
Organisation
Registered office
11, rue Aldringen
L-1118 LUXEMBOURG
Board of Directors
Chairman
Pedro Luis FARIA ARAUJO DE ALMEIDA E COSTA
Managing Director
ESAF - SGPS, S.A.
Av. Alvares Cabral 41
P-1250-015 LISBON
(since 10th February 2014)
Fernando FONSECA CRISTINO COELHO
Chief Executive Officer
ESAF - SGPS, S.A.
Av. Alvares Cabral 41
P-1250-015 LISBON
(until 10th February 2014)
Directors
Pedro ARBUÉS
Head of investments-equity
ESAF - SGPS, S.A.
Av. Alvares Cabral 41
P-1250-015 LISBON
Susana Maria LUIZ FIGUEIREDO VICENTE
Head of Investments Department
ESAF - SGPS, S.A.
Av. Alvares Cabral 41
P-1250-015 LISBON
(since 10th February 2014)
Pedro Luis FARIA ARAUJO DE ALMEIDA E COSTA
Managing Director
ESAF - SGPS, S.A.
Av. Alvares Cabral 41
P-1250-015 LISBON
(until 10th February 2014)
Rameschandra KAKOO
Member of Technical and International
Development Office
ESAF - SGPS, S.A.
Av. Alvares Cabral 41
P-1250-015 LISBON
(until 10th February 2014)
Management Company
ESAF INTERNATIONAL MANAGEMENT S.A.
412F, route d’Esch
L-2086 LUXEMBOURG
2
ESPÍRITO SANTO GLOBAL SICAV
(formerly ESPÍRITO SANTO ROCKEFELLER GLOBAL - SICAV)
Organisation (continued)
Board of Directors of the Management Company
Chairman
Fernando FONSECA CRISTINO COELHO
Chief Executive Officer
ESAF - SGPS, S.A.
Av. Alvares Cabral 41
P-1250-015 LISBON
Directors
João Pedro CORREA DE AZEVEDO GUIMARÃES
Member of the Executive Board of Directors
ESAF - SGPS, S.A.
Av. Alvares Cabral 41
P-1250-015 LISBON
Pedro Luis FARIA ARAÚJO DE ALMEIDA E COSTA
Managing Director
ESAF - SGPS, S.A.
Av. Alvares Cabral 41
P-1250-015 LISBON
Rafik FISCHER
Head of Global Investor Services
KBL EUROPEAN PRIVATE BANKERS S.A.
43, boulevard Royal
L-2955 LUXEMBOURG
Conducting Officers of the Management Company
Pedro ARBÚES
Ricardo Gomes BALAN
Claude BLOCRY (since 6th January 2014)
André SCHMIT (until 6th January 2014)
Investment Manager
ESAF - ESPÍRITO SANTO GESTÃO DE PATRIMÓNIOS, S.A.
Av. Alvares Cabral 41
P-1250-015 LISBON
Sub-Investment Manager for the Sub-Fund ESPIRITO SANTO GLOBAL SICAV - ENERGY FUND
(formerly: ESPÍRITO SANTO ROCKEFELLER GLOBAL - SICAV - ENERGY FUND)
ROCKEFELLER & CO., INC.
10 Rockefeller Plaza, 3rd Floor,
US-10112 NEW YORK
(until 11th May 2014)
3
ESPÍRITO SANTO GLOBAL SICAV
(formerly ESPÍRITO SANTO ROCKEFELLER GLOBAL - SICAV)
Organisation (continued)
Global Distributor
ESAF INTERNATIONAL MANAGEMENT S.A.
412F, route d’Esch,
L-2086 LUXEMBOURG
(since 7th March 2014)
ESAF INTERNATIONAL DISTRIBUTORS ASSOCIATES LIMITED
PO Box 3175 ROAD TOWN, TORTOLA
BRITISH VIRGIN ISLANDS
(until 7th March 2014)
Custodian and principal paying agent
KBL EUROPEAN PRIVATE BANKERS S.A.
43, boulevard Royal
L-2955 LUXEMBOURG
Domiciliary, registrar, transfer and administrative agent
KREDIETRUST LUXEMBOURG S.A.
11, rue Aldringen
L-2960 LUXEMBOURG
Cabinet de révision agréé
KPMG Luxembourg S.à r.l.
9, allée Scheffer
L-2520 LUXEMBOURG
4
ESPÍRITO SANTO GLOBAL SICAV
(formerly ESPÍRITO SANTO ROCKEFELLER GLOBAL - SICAV)
General information
ESPÍRITO SANTO GLOBAL SICAV (formerly ESPÍRITO SANTO ROCKEFELLER GLOBAL - SICAV)
(hereafter the “SICAV”) is an investment company incorporated in Luxembourg on
11th September 2008 for an unlimited period. The SICAV is organized as a public limited company
("société anonyme") under the Luxembourg laws and is qualified as a "Société d'Investissement à
Capital Variable".
The SICAV qualifies as an Undertaking for Collective Investment in Transferable Securities (UCITS)
under the Council Directive 2009/65/EC as amended and governed by Part I of the amended Law of
17th December 2010 relating to “Undertakings for Collective Investment”.
The Articles of Incorporation of the SICAV were published in the "Memorial, Recueil des Sociétés et
Associations" on 3rd October 2008.
As of 12th May 2014, an extraordinary general meeting decided to change the name of the SICAV
from ESPIRITO SANTO ROCKEFELLER GLOBAL - SICAV to ESPIRITO SANTO GLOBAL SICAV
following the completion of the authorization process with the Commission de Surveillance du Secteur
Financier (“CSSF”) as of 19th June 2014.
Each Sub-Fund, with its own investment objective, constitutes a separate portfolio of assets. In this
respect the SICAV is an "umbrella" structure company enabling investors to choose between one or
more investment objectives by investing in one or more Sub-Funds within the same investment
company.
At the date of the report, the following Sub-Fund is offered:
ESPÍRITO SANTO GLOBAL SICAV - ENERGY FUND
(formerly ESPÍRITO SANTO ROCKEFELLER GLOBAL - SICAV - ENERGY FUND)
in EUR
At the date of the report, the following class is offered:
- a class of capitalisation shares denominated in EUR:
"EUR shares".
The Board of Directors may at any time decide to add further Sub-Funds or different classes of shares
within each Sub-Fund, in accordance with the Articles of Incorporation.
The financial year of the SICAV ends on 31st December of each year.
The full prospectus, the KIID, a copy of the Articles of Incorporation, the most recent audited annual
and semi-annual reports are available, free of charge, at the registered office of the SICAV.
Copies of the service providers’ agreements may be inspected during usual business hours on any
Luxembourg Bank Business Day at the registered office of the SICAV.
5
ESPÍRITO SANTO GLOBAL SICAV
(formerly ESPÍRITO SANTO ROCKEFELLER GLOBAL - SICAV)
Report on activities of the Board of Directors
To the Shareholders,
As at 30th June 2014, the Total Assets under management were 23,727,381.78 EUR.
The global economy development was on the positive side, in line with the consensus expectations.
Even so, there were significant regional differences.
In the United States, after a weak first quarter there were signs that pointed to a second quarter
recovery. The main reason for the 1Q disappointment was the harsh weather that affected several
economic segments. The unemployment rate fell below the 6.5% threshold without causing a
substantial change in the Federal Reserve statements. The main message is that a future change on
their policy will depend on improving economic data.
The Eurozone is still failing to disclose economic data that can diminish the uncertainties about the
recovery. France is the greatest cloud on the horizon, with data that points to stagnation. On the
positive side Spain, Portugal, and to some extent Italy, are giving signs that the harsh reforms
implemented during the last years are starting to payoff. And the ECB gave clear signals that they will
continue to implement loose policies for as long as it’s needed.
The economic environment in Japan continues to improve slightly even with the negative impact of the
sales tax hike back in April. Further economic stimulus by the Bank of Japan is still on the cards.
On the emerging world, China is still the focus of most investors. The data disclosed towards the end
of the semester points to a stabilizing economic growth. The success of the government policies to
control some of the bubbles inflated during the last decade will also be key going forward.
All in all, the economic data disclosed during the first half of 2014 points to a global recovery that
should gain pace during the rest of the year.
The MSCI World Energy in euro currency had gain 12.11% in the period, where the best segments in
Oil&Gas sector had been the one’s related with Equipment&Services and Exploration&Production.
The Brent had gain 1.4% in the first half of the year, with a pickup in the volatility as some turmoil in
the Middle East, Venezuela and Libya arrived. The geopolitical tension between Russia and Ukraine
had also bring uncertain and volatility to the financial markets, with more impact in the natural gas
prices.
In the US the shaleoil and shalegas are having a huge contribution to balanced the energy trade
balance deficit, in 2008 the crude oil production from tight oil and shale formations account for only
12% of total US crude production, in 2012 this contribution reached 35%. The US Energy Information
Administration had increase the potential for shalegas and shaleoil in the annual energy outlook 2014,
where they expect that in 2019 50% of total US crude production will come from tight oil and shale
formations.
The fund will continue to seek companies with earnings growth potential namely in the
Exploration&Production and oilfiled services sub-industries and we continue to expect high oil prices
for the remain of 2014 and high volatility. We continue to see attractive valuation in the sector and a
pickup in mergers and acquisitions that normally gives us some confidence for the times that are
arising.
Luxembourg, 18th August 2014
The Board of Directors
Note: The information in this report represents historical data and is not an indication of future results.
6
ESPÍRITO SANTO GLOBAL SICAV
(formerly ESPÍRITO SANTO ROCKEFELLER GLOBAL - SICAV)
Combined statement of net assets (in EUR)
as at 30th June 2014
Assets
Securities portfolio at market value
Cash at banks
Receivable on sales of securities
Receivable on treasury transactions
Income receivable on portfolio
Interest receivable on bank accounts
Prepaid expenses
22,004,772.35
1,653,514.11
400,115.80
59,406.54
25,137.20
3.96
755.94
Total assets
24,143,705.90
Liabilities
Bank overdrafts
Interest payable on bank overdrafts
Expenses payable
337,880.81
1,361.56
77,081.75
Total liabilities
416,324.12
Net assets at the end of the period
23,727,381.78
The accompanying notes are an integral part of these financial statements.
7
ESPÍRITO SANTO GLOBAL SICAV - ENERGY FUND
Statement of net assets (in EUR)
as at 30th June 2014
Assets
Securities portfolio at market value
Cash at banks
Receivable on sales of securities
Receivable on treasury transactions
Income receivable on portfolio
Interest receivable on bank accounts
Prepaid expenses
22,004,772.35
1,653,514.11
400,115.80
59,406.54
25,137.20
3.96
755.94
Total assets
24,143,705.90
Liabilities
Bank overdrafts
Interest payable on bank overdrafts
Expenses payable
337,880.81
1,361.56
77,081.75
Total liabilities
416,324.12
Net assets at the end of the period
23,727,381.78
Number of EUR shares outstanding
Net Asset Value per EUR share
143,474.879
165.38
The accompanying notes are an integral part of these financial statements.
8
ESPÍRITO SANTO GLOBAL SICAV - ENERGY FUND
Statement of investments and other net assets (in EUR)
as at 30th June 2014
Currency
Number /
nominal value
Description
Cost
Market value
% of
total net
assets
Investments in securities
Transferable securities admitted to an official stock exchange listing
Shares
AUD
AUD
35,107
2,625
Oil Search Ltd
Woodside Petroleum Ltd
173,666.38
74,785.03
248,451.41
233,931.98
74,288.81
308,220.79
0.99
0.31
1.30
CAD
65,400
Africa Oil Corp
118,061.83
327,267.55
1.38
EUR
EUR
EUR
7,845
45,370
3,910
Boskalis Westminster NV
Galp Energia SGPS SA B
Umicore SA
236,156.36
395,217.92
98,155.31
729,529.59
328,587.83
607,050.60
132,666.30
1,068,304.73
1.38
2.56
0.56
4.50
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
173,810
38,340
152,460
11,132
4,595
61,416
59,905
38,300
256,842.87
538,319.56
447,434.03
123,544.85
69,780.88
188,059.10
1,357,369.32
481,761.27
3,463,111.88
314,837.33
591,510.58
595,371.91
141,150.59
177,947.00
169,020.54
1,809,891.83
408,362.41
4,208,092.19
1.33
2.49
2.51
0.60
0.75
0.71
7.63
1.72
17.74
KRW
17,200
Korea Electric Power Corp
315,844.02
463,076.98
1.95
NOK
NOK
NOK
NOK
8,615
24,240
22,703
35,248
Aker Solutions ASA
Petroleum Geo-Services ASA
Statoil ASA
Subsea 7 SA
114,261.03
261,582.59
322,896.51
531,164.31
1,229,904.44
109,356.35
187,619.30
509,325.81
480,166.71
1,286,468.17
0.46
0.79
2.15
2.02
5.42
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
9,662
9,120
21,730
14,495
12,881
16,350
12,420
15,982
22,181
1,142
4,440
8,703
10,700
4,856
8,470
15,412
3,280
5,660
7,030
9,660
1,757
7,110
12,200
Anadarko Petroleum Corp
Apache Corp
Baker Hughes Inc
BP Plc ADR repr 6 Shares
Cameron Intl Corp
Canadian Natural Resources Ltd
Cheniere Energy Inc
Chevron Corp
Cobalt Intl Energy Inc
Concho Resources Inc
Continental Resources Inc
Devon Energy Corp
Dresser Rand Group Inc
EOG Resources Inc
Halliburton Co (Hg Co)
Helix Energy Solutions Gr Inc
Helmerich and Payne Inc
Hess Corp
National Oilwell Varco Inc
Noble Energy Inc
NOW Inc
Occidental Petroleum Corp
Oceaneering Intl Inc
409,723.30
538,385.27
752,976.93
341,631.52
445,670.30
545,471.08
134,675.98
895,885.64
205,399.68
103,061.67
106,023.19
434,337.89
255,439.97
191,242.06
168,227.62
191,645.67
134,749.37
217,866.10
210,386.69
200,844.79
25,168.89
357,326.15
311,352.34
772,607.11
670,310.01
1,181,737.40
558,518.08
637,087.30
548,304.24
650,485.03
1,524,068.74
297,312.89
120,539.81
512,562.16
504,761.29
498,108.84
414,515.82
439,338.71
296,194.10
278,189.04
408,851.28
422,878.38
546,576.77
46,472.59
533,016.29
696,264.43
3.26
2.83
4.98
2.35
2.69
2.31
2.74
6.42
1.25
0.51
2.16
2.13
2.10
1.75
1.85
1.25
1.17
1.72
1.78
2.30
0.20
2.25
2.93
Afren Plc
BG Group Plc
Centrica Plc
Genel Energy PLC
Johnson Matthey Plc
Ophir Energy Plc
Royal Dutch Shell Plc A
Tullow Oil Plc
The accompanying notes are an integral part of these financial statements.
9
ESPÍRITO SANTO GLOBAL SICAV - ENERGY FUND
Statement of investments and other net assets (in EUR) (continued)
as at 30th June 2014
Currency
USD
USD
Number /
nominal value
21,294
15,560
Description
Cost
Total SA ADR repr 1 Share B
Williams Companies Inc
Total investments in securities
Cash at banks
Bank overdrafts
Other net assets/(liabilities)
% of
total net
assets
745,730.38
165,940.75
8,089,163.23
1,123,029.07
661,612.56
14,343,341.94
4.73
2.79
60.45
14,194,066.40
22,004,772.35
92.74
Total
The accompanying notes are an integral part of these financial statements.
10
Market value
1,653,514.11
6.97
-337,880.81
-1.42
406,976.13
1.71
23,727,381.78
100.00
ESPÍRITO SANTO GLOBAL SICAV - ENERGY FUND
Industrial and geographical classification of investments
as at 30th June 2014
Industrial classification
(in percentage of net assets)
Energy
85.13 %
Utilities
4.46 %
Capital goods
1.84 %
Materials
1.31 %
Total
92.74 %
Geographical classification
(by domicile of the issuer)
(in percentage of net assets)
United States of America
51.06 %
United Kingdom
19.49 %
France
4.73 %
Canada
3.69 %
Norway
3.40 %
Portugal
2.56 %
Luxembourg
2.02 %
South Korea
1.95 %
The Netherlands
1.38 %
Papua New Guinea
0.99 %
Jersey
0.60 %
Belgium
0.56 %
Australia
0.31 %
Total
92.74 %
The accompanying notes are an integral part of these financial statements.
11
ESPÍRITO SANTO GLOBAL SICAV
(formerly ESPÍRITO SANTO ROCKEFELLER GLOBAL - SICAV)
Notes to the financial statements
as at 30th June 2014
Note 1 - Significant accounting policies
a) Presentation of the financial statements
The financial statements of the SICAV are established in accordance with the Luxembourg legal and
regulatory requirements concerning undertakings for collective investment.
b) Valuation of assets
1) the value of securities which are quoted or dealt in on any stock exchange is based on the last
closing price on such Stock Exchange at the relevant Valuation Date ;
2) the value of securities dealt in on another regulated market which operates regularly and is
recognized and open to the public ("the regulated market") is based on the last closing price at
the relevant Valuation Date;
3) in the event that any of the securities held in the Sub-Fund of the SICAV are not quoted or
dealt in on any stock exchange or dealt in on another regulated market, or if the price as
determined pursuant to sub-paragraphs (1) or (2) is not representative of the fair market value
of the relevant securities, the value of such securities will be determined based on the
reasonably foreseeable sales price determined prudently and in good faith;
4) all investments, cash balances and other assets of the SICAV expressed in currencies other
than the currency of the Sub-Fund are valued after taking into account the market rate or rates
of exchange in force at the date and time for determination of the Net Asset Value of shares;
5) the value of units or shares issued by open-ended funds is valued at their last official net asset
value, as reported or provided by such open-ended funds or their agents or, should the Board
consider it better reflects the fair value, at their latest unofficial or estimated net asset values
(i.e. estimates of net asset values may be provided by a pricing source - including the
investment manager of the target open-ended fund - other than the administrative agent of the
target fund if more recent than their official net asset values). The Net Asset Value calculated
on the basis of unofficial net asset values of target open-ended funds may differ from the Net
Asset Value which would have been calculated, on the relevant Valuation Day, on the basis of
the official net asset values determined by the administrative agents of the target open-ended
funds. Subject to the right of the Board provided by the Articles, such Net Asset Value is final
and binding notwithstanding any different later determination;
6) the value of any security or unit/share of a closed-ended fund which is listed on any securities
exchange or similar electronic system and regularly traded thereon is valued based on the
current market value or if no market value is available at its last closing price on the relevant
Valuation Day or at the last available closing price under the condition that this valuation
reflects the most adequate price or, should the Board consider it better reflects the fair value,
at their latest unofficial or estimated net asset values (i.e. estimates of net asset values may
be provided by a pricing source - including the investment manager of the target
closed-ended fund - other than the administrative agent of the target fund if more recent than
their official net asset values).
c) Acquisition cost of securities in the portfolio
The acquisition cost of the securities held by the Sub-Fund that are denominated in currencies other
than the reference currency of the Sub-Fund is converted into this currency at the exchange rate
prevailing on the date of purchase.
12
ESPÍRITO SANTO GLOBAL SICAV
(formerly ESPÍRITO SANTO ROCKEFELLER GLOBAL - SICAV)
Notes to the financial statements (continued)
as at 30th June 2014
d) Net realised gain / (loss) on sales of securities
The realised gains and losses on sales of securities are calculated on the basis of the average
acquisition cost.
e) Investment income
Dividend income is recorded at the ex-date, net of any withholding tax.
f) Formation expenses
Formation expenses were amortised on a straight line basis over a period of five years.
g) Conversion of foreign currencies
Cash at banks, other net assets and liabilities and the market value of the securities in portfolio
expressed in currencies other than the currency of the Sub-Fund are converted into this currency at
the exchange rate prevailing on the date of the report. Income and expenses expressed in currencies
other than the currency of the Sub-Fund are converted into this currency at the exchange rate
prevailing on the date of the transaction.
h) Combined financial statements
The combined financial statements of the SICAV are expressed in EUR and are equal to the
corresponding captions in the financial statements of the Sub-Fund.
i) Receivable / Payable on treasury transactions
The caption "Receivable on treasury transactions" comprises maturities of time deposits, new loans or
foreign exchange transactions not yet recorded under the caption "Cash at banks".
The caption "Payable on treasury transactions" comprises new time deposits, maturities of loans or
foreign exchange transactions not yet recorded under the caption "Cash at banks".
At Sub-Fund level, "Receivable and payable on treasury transactions" are disclosed net in the
statement of net assets.
Note 2 - Management fees
The Board of Directors has appointed ESAF - ESPÍRITO SANTO GESTÃO DE PATRIMÓNIOS S.A.
(Lisbon) as Investment Manager of the Sub-Fund ESPÍRITO SANTO GLOBAL SICAV - ENERGY
FUND (formerly ESPÍRITO SANTO ROCKEFELLER GLOBAL -SICAV - ENERGY FUND) pursuant to
an Investment Management Agreement dated 11th September 2008.
Until 11th May 2014, the Investment Manager delegated his duties to ROCKEFELLER & CO., INC., as
Sub-Investment Manager of the Sub-Fund ESPÍRITO SANTO GLOBAL SICAV - ENERGY FUND
(formerly ESPÍRITO SANTO ROCKEFELLER GLOBAL - SICAV - ENERGY FUND) pursuant to a subInvestment Management Agreement dated 11th September 2008. From 12th May 2014, the
management of the Sub-Fund ESPÍRITO SANTO GLOBAL -SICAV - ENERGY FUND (formerly
ESPÍRITO SANTO ROCKEFELLER GLOBAL SICAV - ENERGY FUND) is assumed by the
Investment Manager.
13
ESPÍRITO SANTO GLOBAL SICAV
(formerly ESPÍRITO SANTO ROCKEFELLER GLOBAL - SICAV)
Notes to the financial statements (continued)
as at 30th June 2014
The Sub-Fund ESPÍRITO SANTO GLOBAL SICAV - ENERGY FUND (formerly ESPÍRITO SANTO
ROCKEFELLER GLOBAL - SICAV - ENERGY FUND) pays in aggregate to the Investment Manager
(and the Sub-Investment Manager until 11th May 2014) an annual fee which is payable at the end of
each quarter and calculated on the average total net assets of the Sub-Fund during the relevant
quarter.
At the date of the report, the effective rate of the management fee is 2.00 %.
Note 3 - Subscription duty ("Taxe d’abonnement")
The SICAV is governed by Luxembourg law.
Pursuant to the legislation and regulations in force, the SICAV is subject to an annual subscription
duty (‘taxe d’abonnement’) of 0.05% which is payable quarterly and calculated on the basis of the net
assets of each Sub-Fund on the last day of each quarter.
Pursuant to Article 175 (a) of the amended Law of 17th December 2010, the net assets invested in
undertakings for collective investments already subject to the "taxe d’abonnement" are exempt from
this tax.
Note 4 - Statement of changes in investments
The statement of changes in the investment portfolio during the period is available, free of charge, at the
registered office of the Management Company and at the Custodian.
Note 5 - Event
As of 12th May 2014, an extraordinary general meeting decided to change the name of the SICAV
from ESPIRITO SANTO ROCKEFELLER GLOBAL - SICAV to ESPIRITO SANTO GLOBAL SICAV.
The Commission de Surveillance du Secteur Financier (“CSSF”) certified the denomination of the
SICAV as of 19th June 2014.
14