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SEMI-ANNUAL
REPORT OF THE
G.H. KRIJGH
GUARDIAN FUND
2020 H1
1
CONTENTS
Semi-annual report of the G.H. Krijgh Guardian Fund- 2020 H1
General information 3
Profile 4
Key figures overview 5
Managers report 6
Financial Statements 30 June 2020 8
Balance Sheet as at 30 June 2020 8
Income Sheet for the period 1 Januari 2020 - 30 June 2020 8
Notes to the financial Statements 10
Other information 17
Compilation Report 18
Notes to the Sub-Funds 19
2
General information
Fratres B.V. is based in Amsterdam, The Netherlands, and was founded on 10th of May 2010
Manager Depositary and Title Holder
Kaya Capital Funds B.V. Darwin Depositary Services B.V.
Concertgebouwplein 21 Barbara Strozzilaan 101
1071 LM Amsterdam 1083 HN
Legal Owner Administrator
Stichting Juridisch Eigendom Guardian Fund Kaya Fund Services B.V.
Concertgebouwplein 21 Concertgebouwplein 21
1071 LM Amsterdam 1071 LM Amsterdam
3
Profile
The base currency of the Fund is Euro.
The Fund is a contractual investment fund (“beleggingsfonds” or “fonds voor gemene
rekening”). It is not a legal entity but a contractual arrangement sui generis between the
Manager, the Trustee and the Unitholders. The Fund was established in 2010 and shall
continue to exist for an indefinite period of time. The Fund's office address is that of the
Manager.
The Fund has a semi open-ended structure, which means that the Fund will on request
issue and redeem Units, subject to certain restrictions as described herein. The Fund is
governed inter alia by the Terms and Conditions. By subscribing to the Fund, a Unitholder
represents and warrants to have reviewed the Terms and Conditions and agrees to be
bound thereby. A Unitholder is admitted to the Fund by the issuance of Units.
Unitholders have no proprietary rights with respect to the assets of the Fund but an
economic interest in the assets of the Fund. The Trustee is the legal owner of all assets of
the Fund. The Trustee will acquire and hold the assets on behalf and for the account of the
Unitholders. Such interest of the Unitholders is represented by the Units held by each of
them. Pursuant to the Terms and Conditions, the Trustee will grant a power of attorney to
the Manager to manage (beheren) the assets of the Fund in accordance with the Terms
and Conditions.
The Fund is a closed fund (“besloten fonds”) for tax purposes. This means that it is fiscally
transparent and not subject to company tax. Investments and any investment yield are
distributed to the Unitholders proportionately. As a consequence, Units cannot be freely
transferred but can only be sold to the Fund.
4
Key Figures overview
An overview of the key figures for the Fund and the Sub-Funds.
Guardian 2020 H1 2019 H2 2019 H1
Net Asset Value (€)
Net Asset Value according to the balance sheet 67.562.435 51.540.437 46.266.429
Numbers of units outstanding 228.648 208.174 206.560
Net Asset Value per Unit 295,49 247,58 223,99
Return 19,35% 10,54% 17,14%
Income statement (€)
Direct income from investments 21.411 151.960 111.089
Indirect income from investents and other assets 14.168.594 13.946.980 7.079.749
Expenses -3.359.462 -2.922.196 -742.289
Result 10.830.542 11.176.744 6.448.549
Average number of outstanding units 218.411 201.100 200.293
Result per avarage number of units 49,59 55,58 32,20
Guardian Fund 2020 H1 2019 H2 2019 H1
Net Asset Value (€)
Net Asset Value according to the balance sheet 10.321.542 3.795.610 1.643.043
Numbers of units outstanding 72.063 31.623 15.128
Net Asset Value per Unit 143,23 120,03 108,61
Return 19,33% 10,51% 8,61%
Income statement (€)
Direct income from investments 0 0 0
Indirect income from investents and other assets 1.593.086 0 23.638
Expenses -8.154 0 -709
Result 1.584.932 0 22.929
Average number of outstanding units 51.843 15.812 7.564
Result per avarage number of units 30,57 0,00 3,03
5
Manager's report
Asset Growth
Return on Investment
Outlook 2020 H2
Covid-19
Risk Management
- Risks of a general economic and political nature
- Disaster risks
- Price risks
- Liquidity Risk
- Track record risks
- Cash flow risks
- Foreign exchange risks
- Credit risks
- Counterparty risks
The above risks will be assessed constantly in order to ensure that they accord and continue
to accord with the situation prevailing when investment commenced. If the Manager is of the
opinion that these risks may prejudice the Unitholders’ interests, he will warn each of them
in writing.
The Guardian Fund was established in August 2010. The assets in the pools are totaling EUR
67.5 million on 30 June 2020. This is an increase of EUR 16.0 million compared to 31
December 2019.
Equity valuations remain relatively attractive to 10-year government bond yields. Our
portfolio consists of strong companies that should withstand those challenging times.
Over the first six months of 2020, the return of the fund was 19.3%, net of fees and expenses. Our
companies continued to grow well.
Investors are deemed to be acquainted with the risks of investing in the Fund. A careful
selection and diversification of investments held by the Fund are no guarantee of a positive
return.
Investing in the Fund involves the following main types of risks:
Due to the lockdown most of our companies are growing faster than before. The
digitalisation is a strong tailwind for our investments.
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Remuneration Policy
Fratres has established a Remuneration Policy which it considers:
- consistent with and promotes sound and effective risk management;
- does not encourage excessive risk taking;
- includes measures to avoid conflicts of interest; and
- in line with the Manager’s business strategy objectives, values and long-term interests.
Components of the remuneration policy
There is a fixed monthly fee or salary.
Management Remuneration
Amsterdam, 8 August 2020
Georg H. Krijgh
Managing Director
The Board of Directors of Fratres B.V. is responsible for setting the Remuneration Policy.
Fratres is satisfied that the Remuneration Policy in place is appropriate to its size, internal
Dividend payments: during the year, management assesses periodically whether dividend
payments to the shareholders are possible. This serves only if a number of criteria are met.
These minimum criteria are: liquidity, solvency, working capital, minimum fixed costs
requirement and the legal and statutory minimum capital requirements. If these minimum
criteria are not met no dividend will be paid out.
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G.H. Krijgh Guardian Fund
Balance sheet as per 30 June 2020
(Amount in EUR, before appropriation of result)
Balance sheet ref. 2020 H1 2019 H1
Investments Long
Equity securities 1. 71.058.753 47.529.618
Other assets
Cash and cash equivalents 38.856 221.977
Current liabilities
Other payables 2.1 3.535.174 1.485.166
Total of receivables, other assets minus -3.496.318 -1.263.189
current liabilities
Total assets minus current Liabilities 67.562.435 46.266.429
Fund capital 3
Paid in unit capital 3.1 47.682.662 41.945.393
Other reserve 3.2 9.049.231 -2.127.513
Unappropriated result for the period 3.3 10.830.542 6.448.549
Total fund capital 67.562.435 46.266.429
Net Asset Value per unit 295,49 223,99
Income statement for the period 1 January 2020 - 30 June 2020 (1 January 2019- 30 June 2019)
Income Statement ref. 2020 H1 2019 H1
Direct income from investments
Dividends 21.411 111.089
Coupon interest 0 0
21.411 111.089
Indirect income from investments 4.
Realized results on equity securities -1.264.099 537.195
Unrealized results on equity securities 16.206.523 6.408.543
Currency results cash and cash equivalents -773.830 134.012
14.168.594 7.079.749
Total Investment result 14.190.004 7.190.838
Expenses
Management fees -182.926 -146.765
Performence Fee -3.025.639 -482.644
Administration and audit fees -19.453 -10.000
Regulation fee -20.906 0
Interest expenses -47.138 -66.450
Other costs -63.401 -36.431
Total Expenses -3.359.462 -742.289
Result for the period 10.830.542 6.448.549
Result per average number of units 49,59 32,20
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Cash flow statement (indirect Method) 2020 H1 2019 H1
Cash flows from investment activities
Result for the period 10.830.542 6.448.549
Purchase and sales of investments -4.648.459 -3.994.392
Sale of investments 0 0
Change in value of investments -15.067.209 -6.435.444
-8.885.126 -3.981.288
Changes in receivables and current liabilities
(Increase) / decrease receivables 0 0
Increase / (decrease) current liabilities 586.647 1.485.166
586.647 1.485.166
Net cash flows from investment activities -8.298.479 -2.496.122
Cash flows form financing activities
Redemption (purchase) of units 5.191.455 2.718.098
Net cash flows form financing activities 5.191.455 2.718.098
Net cash flows reporting period -3.107.023 221.976
Cash and cash equivalents beginning of the period 3.145.880 0
Cash and cash equivalents ending of period 38.857 221.976
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Notes to the financial statements
1. General
1.1 General information
The Fund is an investment fund (beleggingsfonds) as referred to in Article 1:1 of the Wft. The Fund is not a legal
entity, but the aggregate of the assets less an amount equal to all accrued debts, liabilities and obligations of
the Fund, in which monies or other assets are called or received for the purpose of collective investment by the
Participants, as governed by the Prospectus. The Fund was established in May 2010, and shall continue to
exist for an indefinite period of time. The Fund's office address is that of the Manager.
1.2 Activities
The Fund comprises of various Sub-pools each relating to a separate investment portfolio of securities, cash
and cash equivalents and/or derivatives. The Manager of the Fund may add additional Sub-pools and/or create
Unit classes in the future. As of the date of this report, the following Sub-pools have issued Units:
Guardian
Guardian Fund
1.3 Net Asset Value
The Net Asset Value (and the Net Asset Value per Participation) will be expressed in euro (EUR) and determined
at the close every month by the Manager as stated in the relevant supplement to the prospectus.
1.4 Financial reporting period
The regular financial reporting period is 1 January 2020 until 30 June 2020 ( 1 January 2019
until 30 June 2019).
1.5 Significant Accounting Judgments, Estimates and Assumptions
The preparation of the aggregated financial statements in conformity with the relevant rules requires the use of
certain critical accounting estimates. It also requires management to exercise its judgment in the process of
applying the Fund’s accounting policies. If necessary for the purposes of providing the view required under
Section 362(1), Book 2, of the Netherlands Civil Code, the nature of these estimates and judgments, including
the related assumptions, is disclosed in the notes to the financial statement items in question.
1.6 Going Concern
The manager is convinced that the fund has enough equity and assets to continue. Moreover, the manager is not
aware of any material uncertainties that cast doubt on the Fund's ability to continue. Therefore, the financial
statements are prepared based on going concern.
1.7 Basis of Preparation
The aggregated financial statements of the Fund have been prepared in accordance with the statutory provisions
of Part 9, Book 2, of The Netherlands Civil Code, the Act on Financial Supervision and the firm pronouncements
in the Guidelines (615) for Annual Reporting in The Netherlands as issued by the Dutch Accounting Standards
Board.
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1.8 Basis of aggregation
The Manager prepares and discloses aggregated financial statements for the Fund, which aggregates the
financial performance, the financial position and the cash flows of the Sub-pools. The individual statements per
Sub-Fund are part of the notes to the financial statements of the Fund.
1.9 Reporting currency
The Fund’s aggregated financial statements have been drawn up in euro (EUR). The liquidity of the Fund is
managed on a month-to-month basis in euro in order to handle the issue, subscription and redemption of the Fund’s
redeemable Units. The Fund’s performance is evaluated in euro. Therefore, the management considers the euro
as the functional currency that most faithfully represents the economic effects of the underlying transactions,
events and conditions.
2. Valuation principles for preparing the aggregated balance sheet
2.1 Initial recognition financial instruments
On initial recognition, financial instruments (assets and liabilities) are measured at fair value and directly
attributable transaction and transaction related expenses. The fair value upon initial recognition under normal
circumstances would be the transaction price of the financial instrument at the trade date.
If financial instruments are subsequently measured at fair value through profit and loss, then directly attributable
transaction and transaction related expenses are directly recognized in the income statement.
2.2 Valuation based on fair value and its hierarchy
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
in the principal (or most advantageous) market at the measurement date under current market conditions (i.e.
an exit price) regardless of whether that price is directly observable or estimated using another valuation
technique. Fair value is determined by the Manager on an instrument-by-instrument basis.
- When financial instruments are traded in an active market, the quoted market price is the best indication
of fair value. The Fund uses the price of the most recent transaction (close price) as the quoted market
price.
- In circumstances whereby the close price is not a reliable indication of the fair value (i.e. the market is
not active, the market is not sufficiently developed or the volumes being transacted are limited),
valuation techniques can be used to determine a reliable fair value.
- Commonly used valuation techniques are comparison to fair value of instruments with similar
characteristics, discounted cash flow and option models. When using the discounted cash flow
technique, the reporting entity uses the discount rate applicable to comparable financial instruments
with regard to terms and characteristics, including credit standing of the counterparty, the agreed interest
rate period, the remaining maturity and the currency of the payment.
2.3 Investments in listed equity securities
Investments in listed equity securities are stated at fair value following their initial recognition. Changes in the
fair value are recognized in the income statement
2.4 Other assets and current liabilities
Other assets and current liabilities are stated at amortized cost
which due to their short-term nature equal nominal value.
2.5 Cash and cash equivalents
The cash is valued at face value. If cash equivalents are not freely disposable, then this has been taken into
account in the valuation.
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2.6 Foreign Currency Translation
Transactions during the period, including purchases and sales of securities, income and expenses, are
translated at the rate of exchange prevailing on the date of the transaction. Monetary assets and liabilities
denominated in foreign currencies are retranslated at the functional currency rate of exchange ruling at the
reporting date. Foreign currency transaction gains and losses on financial instruments at fair value are included
in the income statement as part of the ‘Value adjustments of investments and other assets’. The foreign
exchange rates applied as at the balance sheet date were as follows (in equivalents of €):
2020 H1 2019 H1
USD 1,1233 1,1370
NZD 1,1233 1,6929
3. Principles for determining the result
Investment result consists of direct income from investments, realized and unrealised income from investments
and other assets less the related costs. In general, income en expenses are attributed to the period wo which they
belong.
3.1 Direct income from investments
3.1.1 Income form debt securities
Coupon interest income from debt securities is accounted for in the income statement on the basis of the accrual
method. Interest received comprises coupon interest to be received on government bonds, corporate debt or
loan notes with variable interest. Interest accrues on a monthly basis.
3.1.2 Income form equity securities (dividend)
Dividend income is recognized when the Fund’s right to receive has been established, normally being the
exdividend date. Dividend income is recognized net of withholding tax deducted at the source, if any.
3.2 Indirect income from investments and other assets
The indirect income from investments and other assets’ includes all realized gains and losses on disposal of
investments and all unrealized changes in the market value of investments and foreign exchange gains and
losses with respect cash and cash equivalents.
The realised results from financial instruments represents the difference between the sale price and the historical
cost price less recognised unrealised result previous years. The cost price is calculated on the basis of first-in first-out
(FIFO). The unrealised result represents the difference between the cost price, or market value of a
financial instrument at the beginning of the year, and its market value at the end of the year. These results are
divided by product and split in profits and losses in the notes of the income statement.
3.3 Expenses
Expenses are accounted for in the income statement on the basis of the accrual method. Exceptions to this are
transaction and transaction related expenses incurred when purchasing financial instruments. These expenses
are included in the cost price of the financial instrument. Expenses incurred in the sale of financial instruments
are deducted from the proceeds.
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3.4 Taxes
The Fund and each Sub-Fund are structured as transparent for Dutch tax purposes. The Fund and each Sub Fund
are from corporate income tax perspective, “closed pools for joint account” (besloten fondsen voor gemene
rekening). This means that the pool is fiscally transparent and is therefore not subject to Dutch corporate income
tax or dividend withholding tax if applicable. However dividends and interest income on debt securities received
by the pool can be subject to withholding tax deducted at the source
4. Financial instruments risk management and other risks
The financial risks that could influence investments in financial instruments held by the Fund are described in
detail below:
4.1.1 Risks of a general economic and political nature
4.1.2 Disaster risks
4.1.3 Price risk
4.1.4 Liquidity Risk
4.1.5 Track record risks
4.1.6 Cash flow risks
The Fund offers a limited opportunity for withdrawal. Unitholders can sell some or all of their Units up to five business days
before the last day of a calendar month, subject to a deregistration period of one calendar month. The members of the client
Management team will notify all investors of this risk. In their conversations they will most of the times discuss the monthly
liquidity in relation to the clients cashflow needed.
The Net Asset Value (NAV) of the Fund is subject to change as a result of various factors, such as movements in interest and
foreign exchange rates, inflation and deflation, economic, political and business developments (or, in the business sector,
bankruptcies and other risks pertaining to trade debtors), the passage of time and sudden sharp changes in supply or demand
on the financial markets. These risks are not mitigated because they lead to a return in the longer term and that is where the
investors of the Fund are looking for. The amount of risk is controlled by the weightings of the asset classes.
The NAV can fluctuate as a result of general economic instability, political and geopolitical conflict and terrorism. These risks
are not mitigated because they cannot be foreseen. However, these risk will be dampened by the diversification over the
various asset classes of the investment fund.
Investing in Units involves financial risks. Investors need to realize that the listed price of any securities in which the Fund
acquires a position can fluctuate. Stock markets have generated favorable returns in the past. However, this is no indication
or guarantee of the future. Because of variations in prices the Fund’s NAV is also susceptible to fluctuation, which can mean
that Unitholders might not receive the full value of their investments when they withdraw from the Fund. These risks are not
mitigated because they lead to a return in the longer term and that is where the investors of the Fund are looking for. The
amount of risk is controlled by the weightings of the asset classes.
The Fund may invest in securities or investment pools which can be illiquid and can apply a lock-up for their investors. This
might have a pricing and liquidity effect on the Fund and might ultimately lead to a slower redemption process for investors
in the Fund. The Liquidity of the Fund is controlled by the portfolio managers of the Fund and monitored by the Risk Manager
on a monthly basis.
The Fund has an established a track record. However, this track record is no guarantee of future earnings. The Fund publishes
on a weekly basis the NAV which enables the investors to monitor the performance of the fund closely.
13
4.1.7 Foreign exchange risks
4.1.8 Credit risks
4.1.9 Counterparty risks
5. Cash flow Statements
The cash flow statement is prepared using the indirect method. The cash flow statement of the Fund exclusively
recognizes cash flows from investing activities and cash flows from financing activities Cash flows in foreign
currency are translated into euros using the exchange rates prevailing at the dates of the transactions. In the
cash flow statement the cash flows from investment activities are adjusted for the effects of non-cash
transactions and accruals.
The Fund will not always cover its foreign exchange positions. Investments in currencies other than the euro can therefore
cause fluctuations, both positive and negative. The Foreign Exchange Risk is controlled by the portfolio managers of the Fund
and monitored by the Risk Manager on a monthly basis. The amount of risk is a derivative of the asset allocation in the Fund.
The Manager will use the services of other brokers. Holding a non-segregated account with such brokers can lead to the loss
of all or part of any investments in the event of bankruptcy. The Credit Risks are controlled by the portfolio managers of the
Fund and monitored by the Risk Manager on a monthly basis.
Transactions entered into by the Fund will be settled with counterparties, whether or not they are subject to supervision. In
the event that insolvency or similar circumstances prevents one of these parties from executing or settling transactions within
the applicable period, this could have a negative impact on the Fund’s performance. The Counterparty Risks are controlled by
the portfolio managers of the Fund and monitored by the Risk Manager on a monthly basis.
The above risks will be assessed constantly in order to ensure that they accord and continue to accord with the situation
prevailing when investment commenced. If the Manager is of the opinion that these risks may prejudice the Unitholders’
interests, he will warn each of them in writing.
14
G.H. Krijght Guardian Fund
Notes to the specific items in the balance sheet
1. Investments
The following table shows a reconciliation of all movements related to investments in securities:
1.1 Movement schedule equity securities 2020 H1 2019 H1
Balance at beginning of period 51.343.085 37.099.781
Purchases and sales 4.648.459 3.994.392
Changes in value 15.067.209 6.435.444
Balance at end of period 71.058.753 47.529.617
2. Current liabilities
2.1 Other payables 2020 H1 2019 H1
Management fee 35.104 25.849
Trustee fee 1.667 1.667
Part Administration fee 1.667 1.667
NAV Calculation fee 1.667 1.667
Redemptions 457.353 964.488
Reserved Performence Fee 3.025.639 482.644
Reserved audit costs 1.702 7.184
Reserved regulation costs 10.376 0
Total 3.535.174 1.485.166
3. Fund Capital
3.1 Paid in unit capital (Movement schedule) 2020 H1 2019 H1
Units Value Units Value
Balance at beginning of the period 208.174 42.491.206 194.025 39.227.294
Issued 26.154 6.645.000 18.153 3.970.114
Redemption -5.680 -1.453.544 -56.919 -1.252.016
Total 228.648 47.682.662 228.648 41.945.393
3.2 Other reserves (Movement schedule) 2020 H1 2019 H1
Balance at beginning of the period -2.127.513 0
Addition of appropriated result previous period 11.176.744 -2.127.513
Total 9.049.231 -2.127.513
3.3 Result for the period (Movement schedule) 2020 H1 2019 H1
Balance at beginning of the period 11.176.744 -2.127.513
Subtraction of appropriated result previous period -11.176.744 2.127.513
Result for the period 10.830.542 6.448.549
Total 10.830.542 6.448.549
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4. Indirect result from investments
Indirect result from investments 2020 H1 2019 H1
Realized result on equity securities -1.264.099 537.195
Unrealized result on equity securities 16.206.523 6.408.543
Currency results cash and cash equivalents -773.830 134.012
Total 14.168.594 7.079.749
5. Ongoing charges Ratio (OCR)
The ongoing charges reflect the total expenses (disregarding any costs of securities transactions, performence fees
and interest charges) charged to the result, divided by the average net asset value. For the calculation of the average
net asset value, each monthly calculated net asset value is taken into account.
The average net asset value of this pool is the sum of the net asset values divided by the number of
observations. In this calculation, every calculation and publication of the net asset value is taken into
consideration. The sum of the net asset values is based on the figures of the monthly published net asset value
during the reporting period. The number of observations concerns 6 (2019 H1 : 6).
Ongoing Charges Ratio 2020 H1 2019 H1
Total ongoing charges per period 239.881 167.296
Average monthly NAV 54.934.853 43.007.504
Ongoing charges ratio 0,44% 0,39%
The transaction related costs that are charged during the period to the sub-pool amounts to EUR 49.855
(2019 H1: EUR 36.430).
6. Portfolio Turnover Rate (PTR)
The PTR reflects the volume of trading within a Sub-Fund other than investing or disposing of securities due
to subscriptions of redemptions in the Sub-Fund. It is calculated using a prescribed formula: Purchases of
securities plus Sales of securities minus Subscriptions of units plus Redemptions of units
divided by the Average Net Asset Value.
Portfolio Turnover Rate 2020 H1 2019 H1
Purchases 65.483.691 26.401.740
Total 1 65.483.691 26.401.740
Subscriptions 6.645.000 3.970.114
Redemptions 1.453.544 1.252.016
Total 2 8.098.544 5.222.130
Total 1 - Total 2 57.385.146 21.179.610
Average monthly NAV 54.934.853 43.007.504
Total 1,04 0,49
A PTR of one means that the Net Asset Value has been traded one time during the period under review.
Nihil means the amount of traded securities is completely due to purchases and sales of securities due to
subscriptions and redemptions.
7. Subsequent events
Covid-19
No other significant events have occurred since the balance sheet date that could affect the financial statements.
The outbreak of the COVID-19 virus and the restrictive measures taken by the government in both the Netherlands and abroad cause major
economic uncertainty in at least the short term and probably also the longer term. However, developments are currently very uncertain
and subject to change. As this situation could not have been foreseen on the balance sheet date, any impact on the assets under
management has not been included in the financial statements as at 30 June 2020.
Given the high degree of uncertainty about the (future) development of the Corona crisis, it is also not possible to give a reasonable
estimate of its impact on the assets under management. For G.H. Krijgh Guardian Fund, this impact will mainly focus on lower turnover as a
result of the negative market correction on the assets under management. On the basis of the worst-case scenarios drawn up by the
management, there is yet no basis for qualifying external aid. G.H. Krijgh Guardian Fund is sufficiently solvent and liquid to withstand this
crisis.
16
8. Personal interests of directors
In accordance with article 122 paragraph 2 Bgfo the Fund is required to list the total holdings in securities by the
directors of the Manager in investments, which are also held by the Fund as of 30 June 2020.
Pool 2020 H1 2019 H1
Guardian 500 500
Amsterdam, 8 August 2020
Georg H. Krijgh
Managing Director
17
Op al onze werkzaamheden zijn algemene voorwaarden van toepassing. Deze worden op aanvraag verstrekt en zijn te raadplegen via www.jansenschepers.nl
Jansen Schepers Fiscaal adviseurs BV
Tuindorpweg 56-A, 3951 BH Maarn
T 0343 – 44 37 99
KvK 55422330
info@jansenschepers.nl
www.jansenschepers.nl
IBAN NL72RABO0381043665
BTW 8517.02.624.B01
Other information
Compilation Report
To: the management
The financial statements of G.H. Krijgh Guardian Fund at Amsterdam have been compiled by us using
the information provided by you . The financial statements comprise the balance sheet as at 30 June
2020 and the profit and loss account for the year 2020 until 30 June with the accompanying
explanatory notes. These notes include a summary of the accounting policies which have been
applied.
This compilation engagement has been performed by us in accordance with Dutch law. We are
expected to assist you in the preparation and presentation of the financial statements in accordance
with Part 9 of Book 2 of the Dutch Civil Code. To this end we have applied our professional expertise
in accounting and financial reporting.
In a compilation engagement, you are responsible for ensuring that you provide us with all relevant
information and that this information is correct. Therefore, we have conducted our work, in
accordance with the applicable regulations, on the assumption that you have fulfilled your
responsibility. To conclude our work, we have read the financial statements as a whole to consider
whether the financial statements as presented correspond with our understanding of G.H. Krijgh
Guardian Fund. We have not performed any audit or review procedures which would enable us to
express an opinion or a conclusion as to the fair presentation of the financial statements.
You and other users of these financial statements may therefore assume that we have conducted the
engagement in a professional, competent and objective manner and with due care and integrity and
that we will treat all information provided to us as confidential.
Maarn, 8 augustus 2020
Jansen Schepers Fiscaal adviseurs B.V.
G.M. Verweij
Annexes
Guardian
Balance sheet as per 30 June 2020
(Amount in EUR, before appropriation of result)
Balance sheet ref. 2020 H1 2019 H1
Investments Long
Equity securities 1. 71.058.753 47.529.618
Other assets
Cash and cash equivalents 38.856 221.977
Current liabilities
Other payables 2.1 3.535.174 1.485.166
Total of receivables, other assets minus -3.496.318 -1.263.189
current liabilities
Total assets minus current Liabilities 67.562.435 46.266.429
Fund capital 3
Paid in unit capital 3.1 47.682.662 41.945.393
Other reserve 3.2 9.049.231 -2.127.513
Unappropriated result for the period 3.3 10.830.542 6.448.549
Total fund capital 67.562.435 46.266.429
Net Asset Value per unit 295,49 223,99
Income statement for the period 1 January 2020 - 30 June 2020 (1 January 2019- 30 June 2019)
Income Statement ref. 2020 H1 2019 H1
Direct income from investments 0
Dividends 21.411 111.089
Coupon interest 0 0
21.411 111.089
Indirect income from investments 4
Realized results on equity securities -1.264.099 537.195
Unrealized results on equity securities 16.206.523 6.408.543
Currency results cash and cash equivalents -773.830 134.012
14.168.594 7.079.749
Total Investment result 14.190.004 7.190.838
Expenses
Management fees -182.926 -146.765
Performence fees -3.025.639 -482.644
Administration and audit fees -19.453 -10.000
Regulation fee -20.906 0
Interest expenses -47.138 -66.450
Other costs -63.401 -36.431
Total Expenses -3.359.462 -742.289
Result for the period 10.830.542 6.448.549
Result per average number of units 49,59 32,20
20
Guardian
Cash flow statement (indirect Method) 2020 H1 2019 H1
Cash flows from investment activities
Result for the period 10.830.542 6.448.549
Purchase and salesof investments -4.648.459 -3.994.392
Change in value of investments -15.067.209 -6.435.444
-8.885.126 -3.981.288
Changes in receivables and current liabilities
(Increase) / decrease receivables - -
Increase / (decrease) current liabilities 586.647 1.485.166
586.647 1.485.166
Net cash flows from investment activities -8.298.479 -2.496.122
Cash flows form financing activities
Redemption (purchase) of units 5.191.455 2.718.098
Net cash flows form financing activities 5.191.455 2.718.098
Net cash flows reporting period -3.107.023 221.976
Cash and cash equivalents beginning of the period 3.145.880 0
Cash and cash equivalents ending of period 38.857 221.976
Accounting policies
The accounting policies are provides in the aggregated financial statements.
1. Investments
The following table shows a reconciliation of all movements related to investments in securities:
1.1 Movement schedule equity securities 2020 H1 2019 H1
Balance at beginning of period 51.343.085 37.099.781
Purchases and sales 4.648.459 3.994.392
Changes in value 15.067.209 6.435.444
Balance at end of period 71.058.753 47.529.617
1.2 Breakdown equity securities Number Value
Elastic NV 64.000 5.246.093
Alphabet Inc. -A 5.000 6.311.207
StoneCo Ltd. 64.000 2.208.851
Roku Inc. 35.000 3.631.063
Tencent Holdings Ltd. -ADR- 54.000 3.076.553
Cardlytics Inc. 36.000 2.237.552
CrowdStrike Holdings Inc -A- 12.000 1.070.491
Grenkeleasing AG 69.000 4.733.400
Livongo Health Inc 27.000 1.807.475
Ryman Healthcare Ltd. 654.729 4.920.059
Sea Limited -ADR 80.000 7.641.532
Shopify Inc. -A- 6.800 5.747.041
Trupanion Inc. 15.000 569.910
Wix.com Ltd. 37.000 8.447.845
Alibaba Group Holding Ltd. -ADR- 17.000 3.264.601
Spotify Technology SA 15.000 3.449.171
Amazon.com Inc. 1.400 3.434.922
Microsoft Corporation 18.000 3.260.986
Total: 71.058.753
21
Guardian
2. Current liabilities
2.1 Other payables 2020 H1 2019 H1
Management fee 35.104 25.849
Trustee fee 1.667 1.667
Part Administration fee 1.667 1.667
NAV Calculation fee 1.667 1.667
Redemptions 457.353 964.488
Reserved Performence Fee 3.025.639 482.644
Reserved audit costs 1.702 7.184
Reserved regulation costs 10.376 0
Total 3.535.174 1.485.166
3. Fund Capital
3.1 Paid in unit capital (Movement schedule) 2020 H1 2019 H1
Units Value Units Value
Balance at beginning of the period 208.174 42.491.206 194.025 39.227.294
Issued 26.154 6.645.000 18.153 3.970.114
Redemption -5.680 -1.453.544 -5.619 -1.252.016
Total 228.648 47.682.662 206.560 41.945.393
3.2 Other reserves (Movement schedule) 2020 H1 2019 H1
Balance at beginning of the period -2.127.513 0
Addition of appropriated result previous period 11.176.744 -2.127.513
Total 9.049.231 -2.127.513
3.3 Result for the period (Movement schedule) 2020 H1 2019 H1
Balance at beginning of the period 11.176.744 -2.127.513
Subtraction of appropriated result previous period -11.176.744 2.127.513
Result for the period 10.830.542 6.448.549
Total 10.830.542 6.448.549
4. Indirect result from investments
Indirect result from investments 2020 H1 2019 H1
Realized result on equity securities -1.264.099 537.195
Unrealized result on equity securities 16.206.523 6.408.543
Currency results cash and cash equivalents -773.830 134.012
Total 14.168.594 7.079.749
22
Guardian
5. Ongoing charges Ratio (OCR)
The ongoing charges reflect the total expenses (disregarding any costs of securities transactions, performence fees
and interest charges) charged to the result, divided by the average net asset value. For the calculation of the average
net asset value, each monthly calculated net asset value is taken into account.
The average net asset value of this pool is the sum of the net asset values divided by the number of
observations. In this calculation, every calculation and publication of the net asset value is taken into
consideration. The sum of the net asset values is based on the figures of the monthly published net asset value
during the reporting period. The number of observations concerns 6 (2019 H1 : 6).
Ongoing Charges Ratio 2020 H1 2019 H1
Total ongoing charges per period 239.881 167.296
Average monthly NAV 54.934.853 43.007.504
Ongoing charges ratio 0,44% 0,39%
The transaction related costs that are charged during the period to the sub-pool amounts to EUR 49.855
(2019 H1: EUR 36.430).
6. Portfolio Turnover Rate (PTR)
The PTR reflects the volume of trading within a Sub-Fund other than investing or disposing of securities due
to subscriptions of redemptions in the Sub-Fund. It is calculated using a prescribed formula: Purchases of
securities plus Sales of securities minus Subscriptions of units plus Redemptions of units
divided by the Average Net Asset Value.
Portfolio Turnover Rate 2020 H1 2019 H1
Purchases and sales 65.483.691 26.401.740
Total 1 65.483.691 26.401.740
Subscriptions 6.645.000 3.970.114
Redemptions 1.453.544 1.252.016
Total 2 8.098.544 5.222.130
Total 1 - Total 2 57.385.146 21.179.610
Average monthly NAV 54.934.853 43.007.504
Total 1,04 0,49
A PTR of one means that the Net Asset Value has been traded one time during the period under review.
Nihil means the amount of traded securities is completely due to purchases and sales of securities due to
subscriptions and redemptions.
23
Guardian Fund
Balance sheet as per 30 June 2020
(Amount in EUR, before appropriation of result)
Balance sheet ref. 2020 H1 2019 H1
Investments Long
Equity securities 1. 10.323.554 1.643.375
Other assets
Cash and cash equivalents 0 0
Current liabilities
Other payables 2,1 2.012 332
Total of receivables, other assets minus -2.012 -332
current liabilities
Total assets minus current Liabilities 10.321.542 1.643.043
Fund capital 3
Paid in unit capital 3,1 8.452.114 1.620.114
Other reserve 3,2 284.496 0
Unappropriated result for the period 3,3 1.584.932 22.929
Total fund capital 10.321.542 1.643.043
Net Asset Value per unit 143,23 108,61
Income statement for the period 1 January 2020 - 30 June 2020 (1 January 2019- 30 June 2019)
Income Statement ref. 2020 H1 2019 H1
Direct income from investments
Dividends 0 0
Coupon interest 0 0
0 0
Indirect income from investments 4
Realized results on equity securities 0 0
Unrealized results on equity securities 1.593.086 23.261
Currency results cash and cash equivalents 0 377
1.593.086 23.638
Total Investment result 1.593.086 23.638
Expenses
Management fees -8.154 -709
Administration and audit fees 0 0
Interest expenses 0 0
Other costs 0 0
Total Expenses -8.154 -709
Result for the period 1.584.932 22.929
Result per average number of units 30,57 3,03
Cash flow statement (indirect Method) 2020 H1 2019 H1
Cash flows from investment activities
Result for the period 1.584.932 22.929
Purchase of investments -4.934.080 -1.620.114
Sale of investments - -
Change in value of investments -1.593.086 -23.261
-4.942.234 -1.620.446
Changes in receivables and current liabilities
(Increase) / decrease receivables - -
Increase / (decrease) current liabilities 1.234 332
1.234 332
Net cash flows from investment activities -4.941.000 -1.620.114
Cash flows form financing activities
Redemption (purchase) of units 4.941.000 1.620.114
Net cash flows form financing activities 4.941.000 1.620.114
Net cash flows reporting period 0 0
Currency result cash and cash equivalents
Cash and cash equivalents beginning of the period 0 0
Cash and cash equivalents ending of period 0 0
Accounting policies
The accounting policies are provides in the aggregated financial statements.
1. Investments
The following table shows a reconciliation of all movements related to investments in securities:
1.1 Movement schedule equity securities 2020 H1 2019 H1
Balance at beginning of period 3.796.388 0
Purchases 4.934.080 1.620.114
Sales 0 0
Changes in value 1.593.086 23.261
Balance at end of period 10.323.554 1.643.375
2. Current liabilities
2.1 Other payables 2020 H1 2019 H1
Management fee 2.012 332
Total 2.012 332
3. Fund Capital
3.1 Paid in unit capital (Movement schedule) 2020 H1 2019 H1
Units Value Units Value
Balance at beginning of the period 31.623 3.511.114 0 0
Issued 40.440 4.941.000 15.128 1.620.114
Redemption 0 0 0 0
Total 72.063 8.452.114 15.128 1.620.114
3.2 Other reserves (Movement schedule) 2020 H1 2019 H1
Balance at beginning of the period 0 0
Addition of appropriated result previous period 284.496 0
Total 284.496 0
3.3 Result for the period (Movement schedule) 2020 H1 2019 H1
Balance at beginning of the period 284.496 0
Subtraction of appropriated result previous period -284.496 0
Result for the period 1.584.932 22.929
Total 1.584.932 22.929
4. Indirect result from investments
Indirect result from investments 2020 H1 2019 H1
Realized result on equity securities 0 0
Unrealized result on equity securities 1.593.086 23.261
Currency results cash and cash equivalents 0 377
Total 1.593.086 23.638
5. Ongoing charges Ratio (OCR)
The ongoing charges reflect the total expenses (disregarding any costs of securities transactions, performence fees
and interest charges) charged to the result, divided by the average net asset value. For the calculation of the average
net asset value, each monthly calculated net asset value is taken into account.
The average net asset value of this pool is the sum of the net asset values divided by the number of
observations. In this calculation, every calculation and publication of the net asset value is taken into
consideration. The sum of the net asset values is based on the figures of the monthly published net asset value
during the reporting period. The number of observations concerns 6 (2019 H1 : 6).
Ongoing Charges Ratio 2020 H1 2019 H1
Total ongoing charges per period 8.154 709
Average monthly NAV 6.523.375 746.700
Ongoing charges ratio 0,12% 0,09%
The transaction related costs that are charged during the period to the sub-pool amounts to EUR 0
(2019 H1: EUR 0).
6. Portfolio Turnover Rate (PTR)
The PTR reflects the volume of trading within a Sub-Fund other than investing or disposing of securities due
to subscriptions of redemptions in the Sub-Fund. It is calculated using a prescribed formula: Purchases of
securities plus Sales of securities minus Subscriptions of units plus Redemptions of units
divided by the Average Net Asset Value.
Portfolio Turnover Rate 2020 H1 2019 H1
Purchases 4.934.080 1.620.114
Sales 0 0
Total 1 4.934.080 1.620.114
Subscriptions 4.941.000 1.620.114
Redemptions 0 0
Total 2 4.941.000 1.620.114
Total 1 - Total 2 -6.920 0
Average monthly NAV 6.523.375 746.700
Total 0,00 0,00
A PTR of one means that the Net Asset Value has been traded one time during the period under review.
Nihil means the amount of traded securities is completely due to purchases and sales of securities due to
subscriptions and redemptions.