Kleinwort Benson Investors Institutional Fund Plc
ANNUAL REPORT &
AUDITED FINANCIAL STATEMENTS
For the financial year ended 31 August 2015
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
Contents Page
Organisation 1
Background to the Company 2
Investment Manager's Reports 11
Directors' Report 29
Annual Custodian Report to the Shareholders 33
Independent Auditor's Report 34
Statement of Comprehensive Income 35
Statement of Financial Position 39
Statement of Changes in Net Assets Attributable
to Holders of Redeemable Participating Shares 43
Statement of Cash Flows 47
Notes to the Financial Statements 51
Performance Data (Unaudited) 125
Portfolio Turnover Rates (Unaudited) 127
Schedule of Total Expense Ratios (Unaudited) 128
Schedule of Investments (Unaudited) 130
Schedule of Material Portfolio Changes (Unaudited) 257
Other notes to the Financial Statements (Unaudited) 270
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
1
Organisation
Directors of the Company Registered Office
Frank Joseph Close (Independent) 3rd
Floor
Fiona Mulcahy (Independent) appointed 7 October 2014 2 Harbourmaster Place
Padraig Sheehy International Financial Services Centre
Gerard Solan Dublin 1
Derval Murray Ireland
Patrick Cassells
Investment Manager and Distributor Custodian
Kleinwort Benson Investors Dublin Limited Northern Trust Fiduciary Services (Ireland) Limited
3rd
Floor George's Court
2 Harbourmaster Place 54-62 Townsend Street
International Financial Services Centre Dublin 2
Dublin 1 Ireland
Ireland
Administrator, Registrar and Transfer Agent Legal Advisers
Northern Trust International Fund Administration Dillon Eustace
Services (Ireland) Limited 33 Sir John Rogerson's Quay
George’s Court Dublin 2
54-62 Townsend Street Ireland
Dublin 2
Ireland
Secretary Independent Auditors
Andrea Oman Deloitte
3rd
Floor Chartered Accountants and Statutory Audit Firm
2 Harbourmaster Place Earlsfort Terrace
International Financial Services Centre Dublin 2
Dublin 1 Ireland
Ireland
Sub-Investment Manager
(KBI Institutional Long Bond Fund)
KBC Asset Management SA
5 Place de la Gare
L - 1616
Luxembourg (Lëtzebuerg)
Luxembourg
Registered No: 387058
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
2
Background to the Company
Description
Kleinwort Benson Investors Institutional Fund Plc (the "Company") is an open-ended umbrella investment company
with variable capital, incorporated with limited liability in Ireland on 9 June 2004 with registration number 387058,
under the Companies Act, 2014, and established as an Undertaking for Collective Investment in Transferable
Securities pursuant to the European Communities (Undertakings for Collective Investment in Transferable
Securities) Regulations, 2011 (as amended).
The Company is structured as an umbrella Fund consisting of different Funds comprising one or more Classes. The
Shares of each Class of a Fund will rank pari passu with each other in all respects provided that they may differ as to
certain matters including currency of denomination, hedging strategies, if any, applied to the currency of a particular
Class or against interest rate risk applying to a particular Class, dividend policy, the level of fees and expenses to be
charged, subscription or redemption procedures or the Minimum Subscription and Minimum Holding applicable. The
assets of each Fund will be separate from one another and will be invested separately in accordance with the
investment objective and policies of each Fund. A separate portfolio of assets is not maintained for each Class.
At the financial year end, there are thirteen Funds in existence:
Launch Date Base Currency
KBI Institutional Long Bond Fund 14 October 2004 EUR
KBI Institutional Agri Fund 22 April 2008 EUR
KBI Institutional Energy Solutions Fund* 10 April 2008 EUR
KBI Institutional Water Fund 10 April 2008 USD
KBI Institutional GESS Fund 3 July 2009 EUR
KBI Institutional Emerging Markets Equity Fund* 30 July 2010 EUR
KBI Institutional Developed Equity Fund* 8 December 2010 EUR
KBI Institutional Global Equity Fund* 14 March 2011 EUR
KBI Institutional 50/50 Global/Eurozone Equity Fund* 23 March 2011 EUR
KBI Institutional Eurozone Equity Fund* 21 March 2011 EUR
KBI Institutional North America Equity Fund* 23 October 2013 USD
KBI Institutional ACWI Equity Fund 17 April 2015 EUR
KBI Institutional Pan European Equity Fund 8 May 2015 EUR *These Sub-Funds changed their name during the financial year. See note 21 for further details.
Investment Objective and Policy
KBI Institutional Long Bond Fund
The investment objective of the Fund is to passively manage the portfolio and minimise the tracking error. The Fund
accommodates investors who wish to reduce interest rate risk of long bond assets when yields/interest rates rise. The
reduction in downside risk is achieved through the rise of interest rate derivatives.
From 2 July 2015, the performance of the Fund’s portfolio of investments was measured against the J.P. Morgan
Economic and Monetary Union (EMU) Government Bond Investment Grade over 10 years Maturity Index.
KBI Institutional Agri Fund
The investment objective of the Fund is to generate the highest possible return for its shareholders by investing
primarily in equity and equity-related securities of international companies involved in the agricultural sector. This is
reflected in its pursuit of capital gains and income.
KBI Institutional Energy Solutions Fund
The investment objective of the Fund is to generate the highest possible return for its shareholders by investing
primarily in equity and equity-related securities of international companies involved in the alternative energy sector.
This is reflected in its pursuit of capital gains and income.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
3
Background to the Company (Continued)
Investment Objective and Policy (Continued)
KBI Institutional Water Fund
The investment objective of the Fund is to generate the highest possible return for its shareholders by investing
primarily in equity and equity-related securities of international companies involved in the water sector. This is
reflected in its pursuit of capital gains and income.
KBI Institutional GESS Fund
The investment objective of the Fund is to generate the highest possible return for its shareholders by investing
primarily in equity and equity-related securities of international companies involved in environmental sectors. This is
reflected in its pursuit of capital gains and income.
KBI Institutional Emerging Markets Equity Fund
The investment objective of the Fund is to achieve long-term growth by investing in a portfolio of global emerging
market equity and equity-related securities with above average dividend yields within the Emerging Markets. This is
reflected in its pursuit of capital gains and income.
KBI Institutional Developed Equity Fund
The investment objective of the Fund is to generate the highest possible return for its shareholders by investing
primarily in equity and equity-related securities of companies in the developed world which, in the opinion of the
Investment Manager, offer a high dividend yield. This is reflected in its pursuit of capital gains and income.
KBI Institutional Global Equity Fund
The investment objective of the Fund is to achieve long term capital growth by investing directly and indirectly in a
portfolio of equity and equity-related securities with above average dividend yields. The Fund will invest directly and
indirectly in equity and equity-related securities of companies listed or traded on a Recognised Exchange worldwide
and primarily covered by the MSCI World Index.
KBI Institutional 50/50 Global/Eurozone Equity Fund The investment objective of the Fund is to achieve long term capital growth by investing in a portfolio of equity and
equity-related securities with above average dividend yields. The Fund will invest in equity and equity-related
securities of companies listed or traded on a Recognised Exchange worldwide and primarily covered by the MSCI EMU
Index and MSCI World ex Eurozone Index. The performance of the Fund’s portfolio of investments will be measured
against a combined index of 50% MSCI EMU Index and 50% MSCI World ex Eurozone Index.
KBI Institutional Eurozone Equity Fund The investment objective of the Fund is to achieve long term capital growth by investing in a portfolio of equity and
equity-related securities with above average dividend yields. The Fund will invest in equity and equity-related
securities of companies listed or traded on a Recognised Exchange in Europe and primarily covered by the MSCI
EMU Index.
KBI Institutional North America Equity Fund
The investment objective of the Fund is to generate the highest possible return for its Shareholders over the long term
by investing primarily in equity and equity-related securities of companies which, in the opinion of the Investment
Manager, offer a high dividend yield. This is reflected in its pursuit of capital gains and income.
KBI Institutional ACWI Equity Fund
The investment objective of the Fund is to generate the highest possible return for its Shareholders by investing
primarily in equity and equity-related securities of companies which are part of the MSCI ACWI Index and which, in
the opinion of the Investment Manager, offer a high dividend yield. This is reflected in its pursuit of capital gains and
income.
KBI Institutional Pan European Equity Fund
The investment objective of the Fund is to generate the highest possible return for its Shareholders by investing
primarily in European equity and equity-related securities of companies which, in the opinion of the Investment
Manager, offer a high dividend yield. This is reflected in its pursuit of capital gains and income.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
4
Background to the Company (Continued)
Investment Objective and Policy (Continued)
Net Asset Value
The Net Asset Value of each Fund or, if there are different Classes within a Fund, each Class will be calculated by the
Administrator as at the Valuation Point on or with respect to each Dealing Day in accordance with the Articles of
Association. The Net Asset Value of a Fund shall be determined as at the Valuation Point for the relevant Dealing Day
by valuing the assets of the relevant Fund (including income accrued but not collected) and deducting the liabilities of
the relevant Fund (including a provision for duties and charges, accrued expenses and fees and other liabilities). The
Net Asset Value of a Fund will be expressed in the Base Currency of the Fund, or in such other currency as the
Directors may determine either generally or in relation to a particular Class or in a specific case.
With the exception of KBI Institutional Long Bond Fund, Dealing Day means every Business Day or such other day
or days as may be determined by the Directors and notified in advance to Shareholders provided that there shall be at
least two Dealing Days in each month. For KBI Institutional Long Bond Fund, Dealing Day means every Friday (or
subsequent Business Day, where Friday is not a Business Day) or such other day or days as may be determined by the
Directors and notified in advance to Shareholders provided that there shall be at least two Dealing Days in each
month.
For KBI Institutional Agri Fund, KBI Institutional Energy Solutions Fund, KBI Institutional Water Fund, KBI
Institutional GESS Fund, KBI Institutional Emerging Markets Equity Fund, KBI Institutional Developed Equity Fund,
KBI Institutional Global Equity Fund, KBI Institutional Eurozone Equity Fund, KBI Institutional 50/50
Global/Eurozone Equity Fund, KBI Institutional North America Equity Fund, KBI Institutional ACWI Equity Fund
and KBI Institutional Pan European Equity Fund, Business Day means every day, other than a Saturday or Sunday,
which are bank business days in Ireland and in such other market or markets to which the Fund has, in the reasonable
opinion of the Investment Manager, a substantial exposure or such other day or days as the Directors may determine
and notify in advance to Shareholders.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
5
Background to the Company (Continued)
Dividend Policy
The KBI Institutional Long Bond Fund, KBI Institutional Energy Solutions Fund, KBI Institutional Water Fund, KBI
Institutional GESS Fund and KBI Institutional 50/50 Global/Eurozone Equity Fund are accumulating Funds and
therefore, it is not currently intended to distribute dividends to the Shareholders. The income, earnings and gains of
each Fund will be accumulated and reinvested on behalf of Shareholders.
KBI Institutional Agri Fund
With the exception of the Euro Class B Shares, all Share Classes are accumulating shares. The income and earnings
and gains of the Fund, attributable to each Share Class (other than Euro Class B Shares) will be accumulated and
reinvested on behalf of the relevant Shareholders. The Directors may declare a dividend once a year (or more
frequently at their discretion) out of the income available for distribution in relation to the Euro Class B Shares
(whether in the form of dividends, interest or otherwise) less accrued expenses, subject to certain adjustments. The
Directors may also declare interim dividends on the same basis. Dividends will normally be paid on or before the date
falling four months after the previous financial year end in respect of the amount available for distribution as at that
previous financial year.
If declared, dividends would normally be paid by electronic or telegraphic transfer. All dividends unclaimed after a
period of six years would be forfeited and would revert to the Company and be attributed to the relevant Shares.
Unclaimed dividends would not accrue interest against the Fund.
KBI Institutional Emerging Markets Equity Fund
With the exception of Sterling Class A (Distributing), Sterling Class B (Distributing), Sterling Class C (Distributing),
Sterling Class D (Distributing), Sterling Class E (Distributing), Euro Class G (Distributing), Euro Class I (Distributing),
Euro Class J (Distributing) and US Dollar Class C (Distributing) Shares, all Share Classes are accumulating shares.
The income and earnings and gains of the Fund, attributable to the accumulating Share Classes will be accumulated
and reinvested on behalf of the relevant Shareholders. The Directors may declare a dividend once a year (or more
frequently at their discretion) out of the income available for distribution in relation to the Sterling Class A
(Distributing), Sterling Class B (Distributing), Sterling Class C (Distributing), Sterling Class D (Distributing), Sterling
Class D (Distributing), Sterling Class E (Distributing), Euro Class G (Distributing), Euro Class H (Distributing), Euro
Class I (Distributing), Euro Class J (Distributing) and US Dollar Class C (Distributing) Shares (whether in the form
of dividends, interest or otherwise), subject to certain adjustments.
Dividends will normally be paid by electronic or telegraphic transfer. All dividends unclaimed after a period of six
years shall be forfeited and shall revert to the Fund and be attributed to the relevant Share Class. Dividends shall not
bear interest against the Fund.
KBI Institutional Developed Equity Fund
With the exception of Sterling Class A (Distributing), Sterling Class B (Distributing), Sterling Class C (Distributing),
Sterling Class D (Distributing), Euro Class D (Distributing), Euro Class G (Distributing), Euro Class H (Distributing),
Euro Class I (Distributing), Euro Class J (Distributing) Shares and US Dollar Class B (Distributing), all Share Classes
are accumulating shares. The income and earnings and gains of the Fund, attributable to the accumulating Share
Classes will be accumulated and reinvested on behalf of the relevant Shareholders. The Directors may declare a
dividend once a year (or more frequently at their discretion) out of the income available for distribution in relation to
the Sterling Class A (Distributing), Sterling Class B (Distributing), Sterling Class C (Distributing), Sterling Class D
(Distributing), Euro Class D (Distributing) Euro Class G (Distributing), Euro Class H (Distributing), Euro Class I
(Distributing), Euro Class J (Distributing) and US Dollar Class B (Distributing) Shares, (whether in the form of
dividends, interest or otherwise), subject to certain adjustments. The Directors may also declare interim dividends on
the same basis.
Dividends will normally be paid on or before the date falling four months after the previous financial year end in
respect of the amount available for distribution as at that previous financial year end.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
6
Background to the Company (Continued)
Dividend Policy (Continued)
KBI Institutional Global Equity Fund
With the exception of Sterling Class A (Distributing), Sterling Class B (Distributing), Sterling Class C (Distributing),
Sterling Class D (Distributing), Euro Class G (Distributing), Euro Class H (Distributing), Euro Class I (Distributing)
and Euro Class J (Distributing) Shares, all Share Classes are accumulating shares. The income and earnings and gains
of the Fund, attributable to the accumulating Share Classes will be accumulated and reinvested on behalf of the
relevant Shareholders. The Directors may declare a dividend once a year (or more frequently at their discretion) out of
the income available for distribution in relation to the Sterling Class A (Distributing), Sterling Class B (Distributing),
Sterling Class C (Distributing), Sterling Class D (Distributing), Euro Class G (Distributing), Euro Class H
(Distributing), Euro Class I (Distributing) and Euro Class J (Distributing) Shares (whether in the form of dividends,
interest or otherwise), subject to certain adjustments. The Directors may also declare interim dividends on the same
basis.
Dividends will normally be paid on or before the date falling four months after the previous financial year end in
respect of the amount available for distribution as at that previous financial year end.
KBI Institutional Eurozone Equity Fund
With the exception of Sterling Class A (Distributing), Sterling Class B (Distributing), Sterling Class C (Distributing),
Sterling Class D (Distributing), Euro Class G (Distributing), Euro Class H (Distributing), Euro Class I (Distributing)
and Euro Class J (Distributing) Shares, all Share Classes are accumulating Shares. The income and earnings and gains
of the Fund, attributable to the accumulating Share Classes will be accumulated and reinvested on behalf of the
relevant Shareholders. The Directors may declare a dividend once a year (or more frequently at their discretion) out of
income available for distribution in relation to the Sterling Class A (Distributing), Sterling Class B (Distributing),
Sterling Class C (Distributing), Sterling Class D (Distributing), Euro Class G (Distributing), Euro Class H
(Distributing), Euro Class I (Distributing) and Euro Class J (Distributing) Shares (whether in the form of dividends,
interest or otherwise), subject to certain adjustments.
Dividends will normally be paid on or before the date falling four months after the previous financial year end in
respect of the amount available for distribution as at that previous financial year end.
KBI Institutional North America Equity Fund
With the exception of US Dollar Class A (Distributing), US Dollar Class B (Distributing), US Dollar Class C
(Distributing), US Dollar Class D (Distributing), US Dollar Class E (Distributing), Sterling Class A (Distributing),
Sterling Class B (Distributing), Sterling Class C (Distributing), Sterling Class D (Distributing), Sterling Class E
(Distributing), Euro Class C (Distributing), Euro Class D (Distributing), Euro Class E (Distributing), Euro Class F
(Distributing), Euro Class G (Distributing), Euro Class H (Distributing), Euro Class I (Distributing), Euro Class J
(Distributing), Canadian Dollar Class A (Distributing), Canadian Dollar Class B (Distributing), Canadian Dollar Class C
(Distributing) and Canadian Dollar Class D (Distributing) Shares, all Share Classes are accumulating shares. The income
and earnings and gains of the Fund, attributable to the accumulating Share Classes will be accumulated and reinvested on
behalf of the relevant Shareholders. The Directors may declare a dividend once a year (or more frequently at their
discretion) out of the income available for distribution in relation to the US Dollar Class A (Distributing), US Dollar
Class B (Distributing), US Dollar Class C (Distributing), US Dollar Class D (Distributing), US Dollar Class E
(Distributing), Sterling Class A (Distributing), Sterling Class B (Distributing), Sterling Class C (Distributing), Sterling
Class D (Distributing), Sterling Class E (Distributing), Euro Class C (Distributing), Euro Class D (Distributing), Euro
Class E (Distributing), Euro Class F (Distributing), Euro Class G (Distributing), Euro Class H (Distributing), Euro Class I
(Distributing), Euro Class J (Distributing), Canadian Dollar Class A (Distributing), Canadian Dollar Class B
(Distributing), Canadian Dollar Class C (Distributing) and Canadian Dollar Class D (Distributing) Shares (whether in the
form of dividends, interest or otherwise), subject to certain adjustments.
Dividends will normally be paid on or before the date falling four months after the previous financial year end in respect
of the amount available for distribution as at that previous financial year end.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
7
Background to the Company (Continued)
Dividend Policy (Continued)
KBI Institutional ACWI Equity Fund
With the exception of US Dollar Class A (Distributing), US Dollar Class B (Distributing), US Dollar Class C
(Distributing), US Dollar Class D (Distributing), Sterling Class A (Distributing), Sterling Class B (Distributing)
Sterling Class C (Distributing), Sterling Class D (Distributing), Euro Class A (Distributing), Euro Class B
(Distributing), Euro Class C (Distributing), Euro Class D (Distributing), Euro Class E (Distributing), Canadian
Dollar Class A (Distributing), Canadian Dollar Class B (Distributing), Canadian Dollar Class C (Distributing),
Canadian Dollar Class D (Distributing), Swiss Franc Class A (Distributing), Swiss Franc Class B (Distributing),
Swiss Franc Class C (Distributing) and Swiss Franc Class D (Distributing) Shares, all Share Classes are
accumulating shares. The income and earnings and gains of the Fund, attributable to the accumulating Share Classes
will be accumulated and reinvested on behalf of the relevant Shareholders. The Directors may declare a dividend
once a year (or more frequently at their discretion) out of the income available for distribution in relation to the US
Dollar Class A (Distributing), US Dollar Class B (Distributing), US Dollar Class C (Distributing), US Dollar Class D
(Distributing), Sterling Class A (Distributing), Sterling Class B (Distributing) Sterling Class C (Distributing),
Sterling Class D (Distributing), Euro Class A (Distributing), Euro Class B (Distributing), Euro Class C
(Distributing), Euro Class D (Distributing), Euro Class E (Distributing), Canadian Dollar Class A (Distributing),
Canadian Dollar Class B (Distributing), Canadian Dollar Class C (Distributing), Canadian Dollar Class D
(Distributing), Swiss Franc Class A (Distributing), Swiss Franc Class B (Distributing), Swiss Franc Class C
(Distributing) and Swiss Franc Class D (Distributing) Shares (whether in the form of dividends, interest or
otherwise), subject to certain adjustments. The Directors may also declare interim dividends on the same basis.
Dividends will normally be paid on or before the date falling four months after the previous financial year end in
respect of the amount available for distribution as at that previous financial year end. All distributing Share Classes
shall rank for dividends as and from the beginning of the accounting period in which they were issued. If declared,
dividends will be paid to holders of the relevant Share Class.
Dividends will normally be paid by electronic or telegraphic transfer. All dividends unclaimed after a period of six
years shall be forfeited and shall revert to the Fund and be attributed to the relevant Share Class. Dividends shall not
bear interest against the Fund.
KBI Institutional Pan European Equity Fund
With the exception of US Dollar Class A (Distributing), US Dollar Class B (Distributing), US Dollar Class C
(Distributing), US Dollar Class D (Distributing), Sterling Class A (Distributing), Sterling Class B (Distributing) Sterling
Class C (Distributing), Sterling Class D (Distributing), Euro Class A (Distributing), Euro Class B (Distributing), Euro
Class C (Distributing), Euro Class D (Distributing), Euro Class E (Distributing), Canadian Dollar Class A
(Distributing), Canadian Dollar Class B (Distributing), Canadian Dollar Class C (Distributing), Canadian Dollar Class
D (Distributing), Swiss Franc Class A (Distributing), Swiss Franc Class B (Distributing), Swiss Franc Class C
(Distributing) and Swiss Franc Class D (Distributing) Shares, all Share Classes are accumulating shares. The income
and earnings and gains of the Fund, attributable to the accumulating Share Classes will be accumulated and reinvested
on behalf of the relevant Shareholders. The Directors may declare a dividend once a year (or more frequently at their
discretion) out of the income available for distribution in relation to the US Dollar Class A (Distributing), US Dollar
Class B (Distributing), US Dollar Class C (Distributing), US Dollar Class D (Distributing), Sterling Class A
(Distributing), Sterling Class B (Distributing) Sterling Class C (Distributing), Sterling Class D (Distributing), Euro
Class A (Distributing), Euro Class B (Distributing), Euro Class C (Distributing), Euro Class D (Distributing), Euro
Class E (Distributing), Canadian Dollar Class A (Distributing), Canadian Dollar Class B (Distributing), Canadian
Dollar Class C (Distributing), Canadian Dollar Class D (Distributing), Swiss Franc Class A (Distributing), Swiss Franc
Class B (Distributing), Swiss Franc Class C (Distributing) and Swiss Franc Class D (Distributing) Shares (whether in
the form of dividends, interest or otherwise), subject to certain adjustments. The Directors may also declare interim
dividends on the same basis. Dividends will normally be paid on or before the date falling four months after the
previous financial year end in respect of the amount available for distribution as at that previous financial year end. All
distributing Share Classes shall rank for dividends as and from the beginning of the accounting period in which they
were issued. If declared, dividends will be paid to holders of the relevant Share Class.
Dividends will normally be paid by electronic or telegraphic transfer. All dividends unclaimed after a period of six
years shall be forfeited and shall revert to the Fund and be attributed to the relevant Share Class. Dividends shall not
bear interest against the Fund.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
8
Background to the Company (Continued)
Subscriptions
KBI Institutional Long Bond Fund
There is no minimum subscription or minimum subsequent subscription per investor applicable to shares in the Fund.
As at 31 August 2015, there was only Class A Shares in issue.
KBI Institutional Agri Fund
There is no minimum subscription or minimum subsequent subscription in the case of US Dollar Class A, US Dollar
Class B, US Dollar Class C, US Dollar Class D, Sterling Class A, Sterling Class B, Sterling Class C, Sterling Class D,
Euro Class A, Euro Class B, Euro Class C, Euro Class D, Euro Class E, Euro Class F, Euro Class G, Euro Class H,
Euro Class I, Euro Class J, Canadian Dollar Class A, Canadian Dollar Class B, Canadian Dollar Class C, Canadian
Dollar Class D in the Fund. As at 31 August 2015, there were Euro Class A, Euro Class B, Euro Class C, Euro Class
D, Euro Class F, Euro Class H and Euro Class I.
KBI Institutional Energy Solutions Fund
There is no minimum subscription or minimum subsequent subscription in the case of US Dollar Class A, US Dollar
Class B, US Dollar Class C, US Dollar Class D, Sterling Class A, Sterling Class B, Sterling Class C, Sterling Class D,
Euro Class A, Euro Class B, Euro Class C, Euro Class D, Euro Class E, Euro Class F, Euro Class G, Euro Class H,
Euro Class I or Euro Class J in the Fund. As at 31 August 2015, there were Euro Class A, Euro Class B, Euro Class C,
Euro Class D, Euro Class F, Euro Class I, Sterling Class A Shares and US Dollar Class C Shares in issue.
KBI Institutional Water Fund
There is no Minimum subscription or minimum subsequent subscription in the case of US Dollar Class A, US Dollar
Class B, US Dollar Class C, US Dollar Class D, Sterling Class A, Sterling Class B, Sterling Class C, Sterling Class D,
Euro Class A, Euro Class B, Euro Class C, Euro Class D, Euro Class E, Euro Class F, Euro Class G, Euro Class H,
Euro Class I, Euro Class J in the Fund. As at 31 August 2015, there were Euro Class A, Euro Class C, Euro Class D,
Euro Class F, Euro Class G, Euro Class H, Euro Class I, Sterling Class A, Sterling Class E, US Dollar Class A, US
Dollar Class C Swiss Franc Class A, Australian Dollar Class A, Australian Dollar Class B, Australian Dollar Class C
and Australian Dollar Class D Shares in issue.
KBI Institutional GESS Fund
There is no minimum subscription or minimum subsequent subscription in the case of US Dollar Class A, US Dollar
Class B, US Dollar Class C, US Dollar Class D, Sterling Class A, Sterling Class B, Sterling Class C, Sterling Class D,
Euro Class A, Euro Class B, Euro Class C, Euro Class D, Euro Class E, Euro Class F, Euro Class G, Euro Class H,
Euro Class I, Euro Class J, Canadian Dollar Class A, Canadian Dollar Class B, Canadian Dollar Class C, Canadian
Dollar Class D in the Fund. As at 31 August 2015, there were Euro Class A, Euro Class D and Euro Class I Shares in
issue.
KBI Institutional Emerging Markets Equity Fund
There is no minimum subscription or minimum subsequent subscription in the case of Euro Class A, Euro Class B,
Euro Class C, Euro Class D, Euro Class E, Euro Class F, Euro Class G, Euro Class G (Distributing), Euro Class H,
Euro Class H (Distributing), Euro Class I, Euro Class I (Distributing), Euro Class J, Euro Class J (Distributing), US
Dollar Class A, US Dollar Class B, US Dollar Class C, US Dollar Class C (Distributing), US Dollar Class D, Sterling
Class A, Sterling Class A (Distributing), Sterling Class B, Sterling Class B (Distributing), Sterling Class C, Sterling
Class C (Distributing), Sterling Class D, Sterling Class D (Distributing), Canadian Dollar Class A, Canadian Dollar
Class B, Canadian Dollar Class C and Canadian Dollar Class D in the Fund. As at 31 August 2015, there were Euro
Class A, Euro Class B, Euro Class H, Euro Class I, Sterling Class B (Distributing), Sterling Class D, Sterling Class D
(Distributing), Sterling Class E, Sterling Class E (Distributing), US Dollar Class A, US Dollar Class B, US Dollar
Class D, and Canadian Dollar Class A Shares in issue.
KBI Institutional Developed Equity Fund
There is no minimum subscription or minimum subsequent subscription in the case of US Dollar Class A, US Dollar
Class B, US Dollar Class C, US Dollar Class D, Sterling Class A, Sterling Class A (Distributing), Sterling Class B,
Sterling Class B (Distributing), Sterling Class C, Sterling Class C (Distributing), Sterling Class D, Sterling Class D
(Distributing), Euro Class A, Euro Class B, Euro Class C, Euro Class D, Euro Class E, Euro Class F, Euro Class G,
Euro Class G (Distributing), Euro Class H, Euro Class I, Euro Class I (Distributing), Euro Class J, Euro Class J
(Distributing), Canadian Dollar Class A, Canadian Dollar Class B, Canadian Dollar Class C and Canadian Dollar Class D
in the Fund. As at 31 August 2015, there were Euro Class A, Euro Class B, Euro Class C, Euro Class D (Distributing),
Euro Class H, Euro Class H (Distributing), Euro Class I, Sterling Class A, Sterling Class A (Distributing), Sterling Class C,
Sterling Class C (Distributing), Sterling Class D, Sterling Class D (Distributing), US Dollar Class B, US Dollar Class B
(Distributing) and Canadian Dollar Class A Shares in issue.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
9
Background to the Company (Continued)
Subscriptions (Continued)
KBI Institutional Global Equity Fund
There is no minimum subscription or minimum subsequent subscription in the case of Euro Class A, Euro Class B,
Euro Class C, Euro Class D, Euro Class E, Euro Class F, Euro Class G, Euro Class G (Distributing), Euro Class H,
Euro Class H (Distributing), Euro Class I, Euro Class I (Distributing), Euro Class J, Euro Class J (Distributing), US
Dollar Class A, US Dollar Class B, US Dollar Class C, US Dollar Class D, Sterling Class A, Sterling Class A
(Distributing), Sterling Class B, Sterling Class B (Distributing), Sterling Class C, Sterling Class C (Distributing),
Sterling Class D, Sterling Class D (Distributing), Canadian Dollar Class A, Canadian Dollar Class B, Canadian Dollar
Class C and Canadian Dollar Class D in the Fund. As at 31 August 2015, there were Euro Class A, Euro Class B, Euro
Class C, Euro Class E, Euro Class F, Euro Class H, Euro Class I and US Dollar Class A Shares in issue.
KBI Institutional 50/50 Global/Eurozone Equity Fund
There is no minimum subscription or minimum subsequent subscription in the case of US Dollar Class A, US Dollar
Class B, US Dollar Class C, Sterling Class A, Sterling Class B, Sterling Class C, Euro Class A, Euro Class B, Euro
Class C, Euro Class D, Euro Class E, Euro Class F, Euro Class G, Euro Class H, Euro Class I and Euro Class J in the
Fund. As at 31 August 2015, there were Euro Class C Shares in issue.
KBI Institutional Eurozone Equity Fund
There is no minimum subscription or minimum subsequent subscription in the case of Euro Class A, Euro Class B,
Euro Class C, Euro Class D, Euro Class E, Euro Class F, Euro Class G, Euro Class G (Distributing), Euro Class H,
Euro Class H (Distributing), Euro Class I, Euro Class I (Distributing), Euro Class J, Euro Class J (Distributing), US
Dollar Class A, US Dollar Class B, US Dollar Class C, US Dollar Class D, Sterling Class A, Sterling Class A
(Distributing), Sterling Class B, Sterling Class B (Distributing), Sterling Class C, Sterling Class C (Distributing),
Sterling Class D and Sterling Class D (Distributing) in the Fund. As at 31 August 2015, there were Euro Class A, Euro
Class B, Euro Class C and Euro Class E Shares in issue.
KBI Institutional North America Equity Fund
There is no minimum subscription or minimum subsequent subscription in the case of US Dollar Class A, US Dollar
Class A (Distributing), US Dollar Class B, US Dollar Class B (Distributing), US Dollar Class C, US Dollar Class C
(Distributing), US Dollar Class D, US Dollar Class D (Distributing), US Dollar Class E, US Dollar Class E
(Distributing), Sterling Class A, Sterling Class A (Distributing), Sterling Class B, Sterling Class B (Distributing),
Sterling Class C, Sterling Class C (Distributing), Sterling Class D, Sterling Class D (Distributing), Sterling Class E,
Sterling Class E (Distributing), Euro Class A, Euro Class B, Euro Class C, Euro Class C (Distributing), Euro Class D,
Euro Class D (Distributing), Euro Class E, Euro Class E (Distributing), Euro Class F, Euro Class F (Distributing),
Euro Class G, Euro Class G (Distributing), Euro Class H, Euro Class H (Distributing), Euro Class I, Euro Class I
(Distributing), Euro Class J, Euro Class J (Distributing), Canadian Dollar Class A, Canadian Dollar Class A
(Distributing), Canadian Dollar Class B, Canadian Dollar Class B (Distributing), Canadian Dollar Class C, Canadian
Dollar Class C (Distributing), Canadian Dollar Class D and Canadian Dollar Class D (Distributing). As at 31 August
2015, there were Euro Class D (Distributing), Sterling Class A, Sterling Class A (Distributing), US Dollar Class B, US
Dollar Class B (Distributing) and US Dollar Class D Shares in issue.
KBI Institutional ACWI Equity Fund There is no Minimum Subscription or minimum subsequent subscription in the case of US Dollar Class A, US Dollar
Class A (Distributing), US Dollar Class B, US Dollar Class B (Distributing), US Dollar Class C, US Dollar Class C
(Distributing), US Dollar Class D, US Dollar Class D (Distributing), Sterling Class A, Sterling Class A (Distributing),
Sterling Class B, Sterling Class B (Distributing), Sterling Class C, Sterling Class C (Distributing), Sterling Class D,
Sterling Class D (Distributing), Euro Class A, Euro Class A (Distributing), Euro Class B, Euro Class B (Distributing),
Euro Class C, Euro Class C (Distributing), Euro Class D, Euro Class D (Distributing), Euro Class E, Euro Class E
(Distributing), Canadian Dollar Class A, Canadian Dollar Class A (Distributing), Canadian Dollar Class B, Canadian
Dollar Class B (Distributing), Canadian Dollar Class C, Canadian Dollar Class C (Distributing), Canadian Dollar Class
D, Canadian Dollar Class D (Distributing), Swiss Franc Class A, Swiss Franc Class A (Distributing), Swiss Franc Class
B, Swiss Franc Class B (Distributing), Swiss Franc Class C, Swiss Franc Class C (Distributing), Swiss Franc Class D
and Swiss Franc Class D (Distributing) Shares in issue.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
10
Background to the Company (Continued)
Subscriptions (Continued)
KBI Institutional Pan European Equity Fund
There is no Minimum Subscription or minimum subsequent subscription in the case of US Dollar Class A, US Dollar
Class A (Distributing), US Dollar Class B, US Dollar Class B (Distributing), US Dollar Class C, US Dollar Class C
(Distributing), US Dollar Class D, US Dollar Class D (Distributing), Sterling Class A, Sterling Class A (Distributing),
Sterling Class B, Sterling Class B (Distributing), Sterling Class C, Sterling Class C (Distributing), Sterling Class D,
Sterling Class D (Distributing), Euro Class A, Euro Class A (Distributing), Euro Class B, Euro Class B (Distributing),
Euro Class C, Euro Class C (Distributing), Euro Class D, Euro Class D (Distributing), Euro Class E, Euro Class E
(Distributing), Canadian Dollar Class A, Canadian Dollar Class A (Distributing), Canadian Dollar Class B, Canadian
Dollar Class B (Distributing), Canadian Dollar Class C, Canadian Dollar Class C (Distributing), Canadian Dollar
Class D, Canadian Dollar Class D (Distributing), Swiss Franc Class A, Swiss Franc Class A (Distributing), Swiss
Franc Class B, Swiss Franc Class B (Distributing), Swiss Franc Class C, Swiss Franc Class C (Distributing), Swiss
Franc Class D and Swiss Franc Class D (Distributing) Shares in issue.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
11
Investment Manager’s Report
KBI Institutional Long Bond Fund
The final quarter of 2014 was, for the Eurozone economy in terms of growth, not great but better than previous quarters.
Despite a strong rebound in producers’ confidence as shown by the German IFO indicator, only Ireland and Spain
showed brighter figures. For the German economy, the indicators were mixed, being unconvincing on the consumption
side but with a strong performance relating to the low unemployment rate of 6.5 %. France and Italy continued to
perform poorly with high unemployment rates and with no growth in France and shrinking economic activity in Italy.
The European Central Bank (‘the ECB’) continued its efforts to improve the bank lending mechanism via cheap funding
to the commercial banks, the so-called targeted long term repo operations (TLTRO). The other policy tool used by the
ECB in 2014 was the ongoing purchases of covered bonds and asset backed securities. But the ECB of ‘super Mario’
Draghi was able to surprise once again with the announcement of a full blown quantitative easing i.e. a massive
purchase programme of government bonds. Both in size and length the ECB surprised even the more optimistic
analysts. The total size of the purchase programme, if fully executed, will surpass 1,000 billion Euro, equal to two years
of net supply of Eurozone government bonds.
By the second quarter of 2015, more green shoots were appearing. The ongoing weakness of the energy prices, oil and
gas, gave another boost to the purchasing power of the European consumer, already supported by nominal wage
increases above inflation and the slow but steady decline in unemployment rates. Domestic consumption is in Europe,
just like in the US, the main driver of growth. Exports to the emerging markets are suffering while investments both by
corporations and the public sector remain disappointingly low. The public sector is pressured by ongoing budget cuts
while companies face huge slack and uncertain prospects.
The bond market was buoyed by the announced ECB quantitative easing in January 2015 and the German 10 year yield
dropped below 10 basis points but quickly changed course as the economic outlook brightened, pushing yields back to
almost 1%. The initial flattening of the yield curve was reversed as the idea of perennial stagnation and deflation gave
way to a much brighter outlook. With unemployment now also declining and the euro weakening quite rapidly, the
outlook for economic activity improved a lot compared to six months ago. The weakness of the euro is clearly helping
and many analysts now forecast parity between the US Dollar and the Euro as early as by the end of 2015.
The intra EMU spreads were quite volatile as well with Italy performing well due to its rather unusual political stability
and ongoing reforms while Spain struggled. The anti-establishment parties Podemos and Ciudadanos did well in the
opinion polls for the regional and national elections, which will be held in autumn 2015.
Investment Policy
The Fund remained invested in long dated European government bonds during the reporting period. The portfolio
characteristics are similar to those of its benchmark using a stratified sampling approach. No change in the investment
policy is expected.
Kleinwort Benson Investors Dublin Limited
31 August 2015
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
12
Investment Manager’s Report (Continued)
KBI Institutional Agri Fund
The KBI Institutional Agri Fund was down 11.8% over the one year period to end August 2015. The Fund
underperformed the broader market, which returned 12.7% for the same period.
The Agri theme has been out of favour for the last year for a variety of reasons. Off peak agri commodity prices leading
to lower farmer income negatively impacted farmer decision making and this was felt across the value chain of the Agri
theme, particularly within the Inputs and Farmers & Producers sectors. The main underperformance came in the months
of July 2015, May 2015, Nov 2014 and Sept 2014 with the common theme across these months being weak
performance from emerging markets and weak energy prices impacting ethanol and biodiesel names. Currencies also
played a role in some of the emerging market names. Within sectors, Farmers & Producers were worst hit followed by
Infrastructure & Processors. Inputs were the best performing sector in the theme although it underperformed the broader
equity markets.
The main underperformers were Brazilian names Cosan, SLC Agricola and Rumo Logistica; SLC Agricola and Rumo
Logistica on emerging market worries and Brazilian macro issues, and Cosan on sugar and ethanol issues. However,
amongst other holdings, there were a few company specific issues like Aryzta where Management issued a very
disappointing trading update with a marked decline in expectations for this financial year. Palm oil names like Golden
agri and Indofood Agri were also weak on the back of high palm oil inventories, lower demand, emerging market and
energy price worries. Commodity exposed Noble Group also faced difficulty in the face of heavy short positions on the
back of corporate governance concerns.
The best performances came from some of the low cost inputs names being Agrium and Phosagro, nitrogen and
phosphate fertilisers, respectively. Genus with its differentiated technology performed strongly. Tomra Systems and
GEA performed well on the back of good order levels supported by continued food processing capital expenditure.
Despite being a Brazilian name, JBS, the protein processor, had a very strong run as demand and pricing for proteins
held up globally.
The sector continued to see M&A news flow in various names in several agri related sectors like the fertilisers, seeds,
food ingredients and agri infrastructure names. Although not all the news materialised to actual transactions, this
highlighted attractive value and cash generation potential in the sector.
During the last year, overall at sector level, we made some marginal changes by reducing exposure to the Farmers &
Producers sector and increasing exposure to Infrastructure & Processing sector, given our positive outlook towards the
latter, which is based on an increasing global supply of agri produce helping their operating leverage, the drive for food
processing efficiencies and lower commodity prices translating into lower input costs for these players. We also
selectively increased some Inputs names as they move towards being more cash flow and shareholder return focus. Also
as the northern hemisphere harvest progressed we became incrementally positive in some of the low cost producers as
we feel downside is limited. At stock level, there were quite a few complete sales and new names introduced to the
portfolio. We sold out of SGS, Ingredion, Titan International, Graincorp, DuPont, Rentech, Illovo Sugar, Tereos
International, Japfa and Chaoda Modern. VicWest was taken over. We bought new positions in Rumo Logistica, United
Natural Foods, Jain Irrigation, Ag Growth International, FMC Corporation, Minerva, PureCircle, Greencore, Marine
Harvest, Potash Corp, SPX and Archer Daniel Midlands.
Investment Outlook
As per the latest United States Department of Agriculture’s (USDA) World Agriculture Supply and Demand Estimates
(WASDE), we expect another robust supply of agriculture commodities this year, albeit at slightly lower levels vs. last
year’s bumper crop. However, there is a lot of ‘noise’ around the whole sector, macro worries impacting commodity
prices like oil and significant moves in currencies. The high volumes of supply this year are expected to keep the
commodity prices at moderate levels leading to lower farmer income. This will put pressure on input pricing,
particularly affecting the big ticket farm machineries and any other discretionary spending. Within the Inputs sector, on
the fertiliser side, phosphates have the best fundamentals while potash is the weakest. We got some comfort with
regards to the floor on prices for nitrogen fertilisers. Buyers are expected to begin securing autumn requirements under
the fill programs, but may not step in for full volume requirements given the sense of oversupply in the market. There
are indications of El Nino weather patterns so we keep focussed on stock pickings within Farmers & Producers sector.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
13
Investment Manager’s Report (Continued)
KBI Institutional Agri Fund (Continued)
Investment Outlook (Continued)
We remain positive on Latin American farmers in general as they benefit from weak local currencies, strong production
and possible favourable government policies. However, we might have to wait longer for a bottoming out of the sugar
price. Low oil prices hit the ethanol space as well as biodiesel margins significantly and are having an impact on
government policies and regulations for the sector. This impacts the Infrastructure & Processing sector and some
companies in the Farmers & Producers sector. There have also been some concerns with regards to Chinese consumer
confidence which may impact demand for the likes of the meat and dairy in China. Meat prices in China are still
holding up but dairy prices are already at a low due to oversupply concerns and these may get further affected if
Chinese consumer confidence falters affecting the food processors. But given the higher supply of agri commodities,
the Infrastructure & Processing sector should benefit from higher asset utilisation and lower input cost. This should help
the supply chain services and processors of grains. The theme is rife with M&A news flow where companies are using
cash to buy existing capacities to expand rather than building new costly Greenfield projects. We are also seeing
increasing interest in healthy living and value added processing businesses. There is a significant focus to return cash to
shareholders as companies move from growth to cashflow generation.
Given the above outlook, we remain most exposed to the Infrastructure & Processing sector which should benefit from
the large supply at hand. However, the uncertainty of ethanol made us incrementally cautious on the back of macro and
general energy space volatility. We continue to like the healthy living, convenience food processors offering value
added speciality products and services particularly in developed markets. We continued to add to that space by
introducing more new names like United Natural Foods, PureCircle and Greencore. We also position ourselves
favourably in the food and beverage processing equipment names. We selectively increased our Inputs sector position,
which is now higher vs. beginning of the year. Within producers, we acknowledge the emerging market risks as they are
primarily Latin American and Asian names, but we see valuation support along with favourable currency and policies to
boost performance of these names in coming months. Overall, we continue to see exciting opportunities in the
agribusiness space, aided by the strong secular tailwinds. There are a lot of stock specific stories while playing the
exciting themes of technology, healthy living, food safety, security, efficiency and infrastructure. Valuation remains
attractive within the strategy with the potential for higher earnings growth compared to the broader equity market.
Kleinwort Benson Investors Dublin Limited
31 August 2015
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
14
Investment Manager’s Report (Continued)
KBI Institutional Energy Solutions Fund
The KB Institutional Energy Solutions Fund invests in companies involved in developing technologies that reduce our
reliance on traditional fossil fuels such as coal, oil and natural gas. With governments now committed to developing
their own extensive alternative energy generation capabilities worldwide, opportunities exist for companies involved in
wind, solar, tidal, biomass and fuel cell energy production.
The KBI Institutional Energy Solutions Fund declined 3.9% over the one year period to the end of August;
underperforming the MSCI World Equity Index which gained 12.7%. The period from September 2014 to August 2015
was generally characterised by volatility in the equity markets and it was a difficult period for an energy strategy due to
the dramatic fall in the oil price.
Shares in all Energy related stocks sold off sharply as the oil price hit five year lows in the latter half of 2014 and into
January. Renewable energy stocks were particularly affected during the rout of energy related names. Wind and solar
companies were out of favour despite a lower oil price not having any impact on the fundamentals of these companies
as renewable power is typically sold through multi-year long-term contracts. The month of February saw the first
monthly gain in the oil price in seven months, which led to a more positive sentiment towards renewable energy sector.
We had strategically increased our renewable holdings post the sell-off which led to a positive contribution. The solar
sector rallied the most, following several months of disappointing performance. The volatility continued for equity
markets in calendar Q2 and most ended in negative territory as headlines were dominated by concerns surrounding
Greece’s potential exit from the Euro and a sell-off in mainland China’s A shares. In this risk-off background, the
higher beta renewable energy sector underperformed the market as investors took some profits.
Energy Efficiency stocks were less affected by the sharp declining oil price and the sector was the top contributor to
performance in the 1 year period. Companies generally reported better Building Efficiency order activity in North
America and more positive data points on improving momentum in institutional markets reassured investors. The LED
lighting stocks were also relatively strong led by the European professional lighting player Zumtobel as the pace of
adoption continues to grow. European industrial and construction related names generally fared well aided by strong
earnings results coupled with better than improving macro data points. Energy Efficiency did weaken off in June/July
led by the more cyclical industrials as worries over industrial capex spending returned to the market.
August was the worst month for the performance of equity markets in over three years with fears of a slowdown in
global growth causing a broad sell-off. The sell-off was led by financial and energy stocks as weak Chinese
manufacturing data renewed fears of slowing growth, causing oil prices to slump. In this risk-off environment the
Energy Solutions Fund underperformed the market and the declining oil price weighed on performance once more.
Despite strong results from solar companies which beat earnings expectations and in some cases raised their full year
guidance, the sector sold off because of perceived higher risk. The uncertainty in the equity markets also caused a sell-
off in renewable yieldco companies as investors questioned these companies’ ability to continue to tap capital markets
to fund their high growth.
During the year, the defensive Utilities sector was a positive contributor to performance amid continued pressure on
bond yields. The strategy gradually decreased exposure to the utilities through taking profit on the top performing
stocks.
Investment Outlook
Renewable Energy remains the largest weight in the Fund with the bulk of it made up of Solar and Wind stocks. Despite
the recent sell off back Solar remains our favourite renewable energy end market. We remain constructive on solar end
markets with demand set to strengthen across key end markets. We are encouraged by recent quarterly reports which
indicate solar demand is robust and pricing for key inputs modules and wafers remains stable. We expect strong growth
from the 3 largest markets, Japan, US and China while pockets of unsubsidised demand continue to emerge
from emerging markets. The Utilities sector remains a defensive pillar within the strategy. We prefer the electricity
generators with strong cash flows supported by long-term power contracts which are immune from the volatility in
commodity prices.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
15
Investment Manager’s Report (Continued)
KBI Institutional Energy Solutions Fund (Continued)
Investment Outlook (Continued)
We estimate that lower oil/gas prices should have only a muted effect on the energy efficiency sector as the move
towards more efficient technologies, building systems, lighting and HVAC systems should continue despite the near
term noise. The outlook for Industrial end markets is mixed with oil/gas, mining remaining weak but more positive for
construction related names where the portfolio is more heavily skewed. The sustained recovery in US residential and
non-residential construction markets as well as bottoming out of European construction markets should be a positive
catalyst for our energy efficiency companies. Recent macro data shows growing momentum in US non residential
markets which if continues will be a positive driver of performance for our strategy.
Kleinwort Benson Investors Dublin Limited
31 August 2015
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
16
Investment Manager’s Report (Continued)
KBI Institutional Water Fund
The KBI Institutional Water Fund (the “Fund”) decreased by 0.90% between September 2014 and August 2015,
underperforming the broader equity market, which increased 12.70% (in Euro terms). The Fund increased by 28.3%
between September 2013 and August 2014, outperforming the broader equity market, which increased by 21.1% (in
Euro terms).
The period under review was an exceptionally volatile one with the significant decrease in the price of oil, FX volatility,
sluggish global capex spending, narrowness of sector performance and fears around the Chinese economy all making
the headlines at various points over the year. All of these issues weighed on the performance of equities in general with
some impacting the performance of the Fund more than others. Some of the positive trends impacting the Fund were
strength in US & UK Construction, an uptick in US Municipal Water spending and continued focus on water scarcity
and water quality measures in certain regions.
In the twelve month period under review, the Infrastructure segment was the best performing with a decrease of
15.19%, Technology decreased 17.84% and Utilities decreased 20.54%. While Infrastructure and Technology were the
segments impacted most by stocks linked to the energy industry, fears around China and sluggish global capex spending
they were helped by the strong performance of US and UK Construction markets. The Utilities segment was negatively
impacted by some stock specific issues and FX volatility, especially in a number of EM currencies including the
Brazilian Real and Mexican Peso.
Top 3 Contributors:
The top three contributors to the Fund were HD Supply, Advanced Drainage Systems and Wolseley. HD Supply is a
North American distributor. The company continued to benefit from robust US construction markets and contributed
1.2% to the Fund in the period. Advanced Drainage Systems manufactures polymeric pipes and allied products for use
in the construction and infrastructure marketplace. We participated in their IPO in mid 2014, which priced at the low
end of the expected range. The strong performance of the stock in the period was due to additional investors getting up
to speed on the company as well as supportive data on non-residential construction spending, to which the company has
significant exposure. Wolseley is a specialist trade distributor for plumbing and heating products to professional
contractors in North America, UK and Europe. Wolseley benefited from strong US market performance and the
tailwind the company experienced due to currency translations and improving end markets. The Fund sold out of both
Advanced Drainage and Wolseley as the stocks reached our fair value price targets.
Top 3 Detractors:
The top three detractors from the Fund were SPX, Empresas ICA and Sabesp. SPX is a global, multi-industry supplier
of engineered solutions. They manufacture fluid management and industrial products in the areas of power generation,
transformers, food processing equipment, industrial pumps and thermal equipment and services. As our largest global
Industrial holding SPX suffered declines during the year as the market chased certainty of earnings and SPX suffered
from difficult end markets. The company will split in two this month and this remains a near term catalyst. Empresas
ICA is the leading construction company in Mexico and they own a collection of operating assets including water
treatment plants, toll roads and airports. The company has a large proportion of US dollar debt and the weakening
Mexican Peso resulted in negative sentiment towards the stock. There are also worries about the outlook for
construction activity levels in Mexico as the continued low oil price impacts government finances. Sabesp is a large
water utility in the Brazilian state of Sao Paolo. The company continued to remain under pressure as the drought in
Brazil intensified and the declining value of the Brazilian Real also weighed on the stock.
With the strong performance of Infrastructure stocks in February and early March of 2015 and weak performance of
Utilities, we made a gradual shift of exposure from Infrastructure stocks into Utilities. This was the biggest segment
move over the course of the year. The sector levels after this move are relatively consistent with current levels with
Infrastructure remaining the largest weight at 47%, Technology at 23% and Utilities at 29%.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
17
Investment Manager’s Report (Continued)
KBI Institutional Water Fund (Continued)
Outlook and Strategy
As discussed above there were a lot of headwinds in late 2014 and so far in 2015. These have resulted in earnings
expectation reductions, and our portfolio now sees lower 2015 EPS growth (local currency) of versus the growth we
expected a year ago. As we enter late 2015 and 2016, these headwinds turn into tailwinds (or at least no longer such
severe headwinds). Further, our companies are not just waiting around for a better environment.
The current water portfolio, in our view, represents a highly attractive collection of stocks, and we are optimistic about
its return potential over the coming year. It is also a very balanced portfolio, more so than it has been in quite some
time. We like the whole portfolio and in fact reduced our cash position in the last month in order to increase our
holdings in a number of stocks that had sold off.
From a valuation perspective, the last time the Fund was this cheap on a relative basis was over a decade ago. With
investor sentiment/expectations low, attractive valuations, strongly positive asymmetry in risk-reward, and increasing
conviction around a better 2016, we are optimistic going forward.
Kleinwort Benson Investors Dublin Limited
31 August 2015
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
18
Investment Manager’s Report (Continued)
KBI Institutional GESS Fund
Overall, it has been a disappointing 12 months for the fund in absolute terms. The KBI Institutional GESS Fund
returned a negative performance of 6.9% over the year. This is in contrast to the MSCI World Index which rose 12.7%
over the same period.
The past year has been characterised by a number of headwinds that have affected each of the individual strategies with
the broader portfolio. The earnings stability of defensive sectors continued to drive sector rotation during the year with
Consumer Staples, Health Care, Utilities and Telecom all strongly outperforming the broader market. The portfolio is
heavily underweight these market segments. In contrast, falling commodity prices, in particular the dramatic slump in
oil prices (along with increased volatility), weighed on the performance of the Energy and Materials sectors where
portfolio exposure is significantly higher. This impacted a number of areas across the portfolio, including industrials
and energy related shares in Water, Energy Efficiency and Renewables (and hence the Pioneer segment) and
Agribusiness (via ethanol exposure and grain prices). Furthermore, our larger exposure in Emerging Markets would also
have posed a headwind to performance given the fallout in China A shares and neighbouring equity markets as
investors fretted over the possibility of an economic hard landing in China. From KBI’s perspective many of these
headwinds dramatically reflected confidence issues rather than reflecting underlying fundamentals for the stocks and
sectors the portfolio is invested across.
The Water theme fell 0.90% in the one year to end August 2015. Performance was impacted by the factors outlined
above with some impacting the performance of the Water Fund more than others. Some of the positive trends impacting
the Water Fund were strength in US & UK Construction, an uptick in US Municipal Water spending and continued
focus on water scarcity and water quality measures in certain regions.
The Infrastructure sector was the best performing sector followed by Technology and Utilities lagged. While
Infrastructure and Technology were impacted most by stocks linked to the energy industry, fears around China and
sluggish global capex they were helped by the strong performance of US and UK Construction markets. Utilities were
hit by some stock specific issues and FX volatility, especially in a number of EM currencies including the Brazilian
Real and Mexican Peso. With the strong performance of Infrastructure stocks in February and early March of 2015 and
weak performance of Utilities, we made a gradual shift of exposure from Infrastructure stocks into Utilities. This was
the biggest segment move over the course of the year. The sector levels after this move are relatively consistent with
current levels with Infrastructure remaining the largest weight at 47%, Technology at 23% and Utilities at 29%.
The Energy Solutions theme fell 4.6% over the 1 year period to end August. Shares in Energy related stocks sold off
sharply as the oil price hit 5 year lows in H2 2014 and into January. Renewable energy stocks were particularly affected
during the rout. Wind and solar companies were out of favour despite a lower oil price not impacting their fundamentals
as renewable power is typically sold through multi-year long-term contracts. February saw the first monthly gain in the
oil price in seven months, leading to a more positive sentiment towards renewable energy. We strategically raised our
renewable holdings post the sell-off which led to a positive contribution in the month. The solar sector had a stand-out
month, following several months of disappointing performance.
Volatility continued for equity markets in Q2 2015 as headlines were dominated by concerns surrounding Greece’s
potential exit from the Euro and a sell-off in mainland China’s A shares. As a result, the higher beta renewable energy
sector underperformed the market as investors took some profits. Utilities performed poorly in Q2 as sharp increases in
government bond yields were taken poorly by the market. Energy Efficiency fared relatively better, slightly
outperforming the market.
Energy Efficiency stocks were less affected by slumping oil prices and initially outperformed broader equity market as
construction and auto end markets continued to post positive macro data. Companies generally reported better Building
Efficiency order activity in North America and more positive data points on improving momentum in institutional
markets reassured investors. The LED lighting stocks were relatively strong led by the European professional lighting
player Zumtobel. European industrial and construction related names posted strong earnings results coupled and were
further helped by improving macro data points. Energy Efficiency weakened off in June/July led by the more cyclical
industrials as worries over industrial capex spending returned.
August was the worst month for the performance of equity markets in over three years with fears of a slowdown in
global growth causing a broad sell-off, led by financial and energy stocks as weak Chinese manufacturing data renewed
fears of slowing growth, causing oil prices to slump. The Energy Solutions fund underperformed the market and falling
oil prices weighed on performance again. Despite strong results from solar companies the sector sold off on perceived
higher risk. Uncertainty in equity markets also caused a sell-off in yieldco companies as investors questioned these
companies’ ability to continue to tap capital markets to fund their high growth.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
19
Investment Manager’s Report (Continued)
KBI Institutional GESS Fund (Continued)
During the year, the defensive Utilities sector was a positive contributor to performance amid continued pressure on
bond yields. The strategy gradually decreased exposure to the utilities through taking profit on the top performing
stocks.
The Agri strategy has been out of favour for the last year for variety of reasons. Off peak agri commodity prices leading
to lower farmer income negatively impacted farmer decision making and this was felt across the value chain,
particularly within the Inputs and Farmers & Producers sectors. The main underperformance came within July 2015,
May 2015, Nov 2014 and Sept 2014 with the common theme being weak performance from Emerging Markets and
weak energy prices impacting ethanol and biodiesel names. Currencies also played a role in some Emerging Market
names. Farmers & Producers was the worst hit sector followed by Infrastructure & Processors. Inputs were the best
performing sector in the theme although it underperformed the broader equity markets.
The theme continued to see M&A news flow in various names in areas like the fertilisers, seeds, food ingredients and
agri infrastructure names. Although not all the news materialised to actual transactions, this highlighted attractive value
and cash generation potential in the sector.
Investment Outlook
China is likely to remain a focus of financial markets. The volatility of its equity market, and a small devaluation of its
currency, have received most media attention but economic growth there is in fact more important to markets. We
expect to see continued weak economic growth (by Chinese standards) for some time, but the efforts of the authorities
to support growth via interest rate cuts, reduced bank reserve requirements, expanded fiscal policy and support for the
housing markets are likely to impact later in the year, at which time growth should stabilise. Elsewhere, growth in the
US and Europe remains reasonably solid (especially in the US), which we expect will lead the US Federal Reserve to
raise its key interest rate before year end, in the absence of a major shock to the economy. Meanwhile the corporate
sector is in good health, with plenty of cash on its balance sheet and relatively little debt. A key driver for markets will
be continued positive earnings growth over the next few quarters. We expect an increase in Merger and Acquisition
activity, but also a focus on dividend growth and other ways of returning cash to shareholders. Against this background
we expect equity markets to consolidate around or above current levels, but the pace of gains will be slow. We believe
that US and European government bond prices are very overvalued, underpinning the relative attractiveness of equities.
Energy Solutions - At the start of the year we made a strategic shift – trimming Energy Efficiency in favour of
Renewable Energy which became the largest sector in the strategy. We maintain this position and indeed have taken
advantage of recent weakness in stock prices to add to some of our preferred names. We believe the solar sector is
positioned for strong growth in the coming year as cost reductions have opened new markets even in countries with no
subsidy schemes and caused global demand to accelerate. We expect demand pull-in of utility-scale projects in the US
ahead of the Investment Tax Credit step down driving demand acceleration in 2015/16. We expect China will once
more be the largest solar market and have increased our exposure to module manufacturers who should benefit from
strong domestic demand. We also favour US solar developers such as Sunpower and First Solar who have solid global
development pipelines. The Utilities sector remains a defensive pillar within the strategy. We prefer the electricity
generators with strong cash flows supported by long-term power contracts which are immune from the volatility in
commodity prices.
Energy Efficiency is now the second largest sector. Within this we are most constructive on construction end markets
where we favour non residential US market. We are also positive on slowly improving European construction markets.
We have trimmed our position within LED lighting, reducing our exposure to the more commoditised chip
manufacturing in favour of high spec offerings with customer reach. Increased regulatory focus on fuel efficiency
standards is resulting in stronger demand for power train, dual transmission and AGM batteries – all technologies which
lead to better fuel economy. Johnson Controls, Delphi Automotive and Borgwarner are all exposed to this secular
growth market. We have trimmed our exposure to those most exposed to a potential slowdown in Chinese autos.
Water – While August was a strong month relative to the broader market, the Water holding has faced a lot of
headwinds in 2015, particularly for our US multi-national industrials: pension accounting, energy capex & its impact on
the broader industrial economy, severe weather, inventory destocking, and a rapid rise in the US Dollar. These have
resulted in earnings expectation reductions. As we enter 2016, these headwinds turn into tailwinds (or at least less
severe headwinds).
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
20
Investment Manager’s Report (Continued)
KBI Institutional GESS Fund (Continued)
The current water portfolio, in our view, represents a highly attractive collection of stocks, and we are optimistic about
its return potential over the coming year. It is also a very balanced portfolio, more so than it has been in quite some
time. As our Infrastructure stocks retreated over the last month or longer, we found it difficult to find stocks to sell to
free up the funds. In other words, we like the whole portfolio and in fact reduced our cash position in the month in order
to fund these purchases.
The last time the fund was this cheap on a relative valuation basis was over a decade ago. With investor
sentiment/expectations low, attractive valuations, strongly positive asymmetry in risk-reward, and increasing conviction
around a better 2016, we are optimistic going forward.
Agribusiness – We continue to believe that large global harvests this year will likely keep ag commodity prices at
moderate levels leading to lower farmer income. This will pressure input pricing, particularly affecting big ticket farm
machineries and any other discretionary spending. Within fertilisers, phosphates have the best fundamentals while
potash is the weakest. We got some comfort with regards to the floor on prices for nitrogen fertilisers as China is urging
its exporters not to export below cost price. Buyers are expected to begin securing autumn requirements under the fill
programs, but may not step in for full volume requirements given the sense of oversupply in the market. There are
indications of El Nino weather patterns developing so we keep focussed on our holdings in the Farmers & Producers
sector. We remain positive on Latin American farmers in general as they benefit from weak local currencies, strong
production and possible favourable government policies. However, we might have to wait longer for a bottoming out of
the sugar price. Low oil prices hit the ethanol space as well as biodiesel margins significantly and are having an impact
on government policies and regulations for the sector. This impacts the Infrastructure & Processing sector and some
companies in the Farmers & Producers sector. There have also been some concerns with regards to Chinese consumer
confidence which may impact demand for the likes of the meat and dairy in China. Meat prices in China are still
holding up but dairy prices are already at a low due to oversupply concerns and these may get further affected if
Chinese consumer confidence falters affecting the food processors. But given the higher supply of agri commodities,
the Infrastructure & Processing sector should benefit from higher asset utilisation and lower input costs. This should
help the supply chain services and processors of grains. The space is rife with M&A news flow where companies are
using cash to buy existing capacities to expand rather than building new costly greenfield projects. There is also a
significant focus to return cash to shareholders.
Kleinwort Benson Investors Dublin Limited
31 August 2015
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
21
Investment Manager’s Report (Continued)
KBI Institutional Emerging Markets Equity Fund
The KBI Institutional Emerging Markets Equity Fund registered a decline of 6.6% during the period under review.
Emerging markets had a difficult period as a strengthening dollar, expectations that the Federal Reserve would raise
interest rates sooner than expected and slowing global growth outside the US dampened investor enthusiasm for the
region. Commodity dependent countries such as Russia, Brazil and Colombia struggled due to further sharp declines in
commodity prices during the period under review. Poor market performance was exacerbated by currency losses with
the Mexican peso, South African rand, Brazilian real and Malaysia ringgit all posting sharp declines.
While China outperformed the region during the period under review it has come under considerable selling pressure in
recent months. China has been attempting to shift from an investment led model to one that is more similar to western
consumer driven economies. Meanwhile however Chinese growth is slowing and the consequences of restructuring and
deceleration are evident in many industries. The challenges facing the region have at least encouraged many countries
to adopt self help policies where possible. Monetary easing has consequently moved from the developed to the
emerging world with countries such as China, India, Turkey and Indonesia reducing interest rates in 2015. Fiscal
reforms have also been undertaken in Indonesia and India and investors continue to reward companies and countries
that adopt the necessary self help measures. Other countries have however disappointed on the reform front with both
Korea and Brazil failing to implement the necessary reforms.
The fund outperformed the benchmark by 2.8% during the period under review. Despite the sharp declines registered
by equity markets growth managed to outperform value by a considerable margin during the period under review while
high yield stocks performed broadly in line with the benchmark. The fund however benefited from strong stock
selection in Korea, China and Brazil. In Korea the main contributors were KT&G, SK Holdings and Kangwon Land
while the most significant contributors to performance in China were Evergrande Real Estate and Bank of China. The
underweight position in Brazilian energy stock Petrobras also benefited the fund as it declined sharply following a
corruption scandal and the failure to provide timely audited financial statements.
Investment Outlook
Investors have been concerned about the impact of rising US interest rates on emerging market economies. Fortunately
governments have been given a long time to prepare for this eventuality and have by and large implemented sensible
reforms. Export growth continues to disappoint as growth outside the US remains lacklustre increasing the need for
appropriate self help measures.
We have been concerned regarding corporate profitability and ongoing commodity price weakness has taken some of
the pressure off margins. Slower economic growth has dampened wage demands and this will enable companies to
generate superior returns. There are some signs of improving capital discipline as management teams finally focus on
earnings rather than sales.
The strategy will continue to invest in companies which consistently deliver higher ROE and ROIC than the market
given the prudent and efficient way in which the management teams finance their businesses. We believe it is these
companies (who have the financial capacity to both sustain and grow their dividends) which will outperform given the
need to improve overall profitability and capital management discipline across the region.
Kleinwort Benson Investors Dublin Limited
31 August 2015
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
22
Investment Manager’s Report (Continued)
KBI Institutional Developed Equity Fund
The KBI Institutional Developed Equity Fund generated a return of 8.6% during the period under review. Global equity
markets delivered further positive returns over the period buoyed by relatively robust economic activity in the US while
global central banks adopted a highly accommodative monetary stance as they endeavour to combat deflation and to
spur growth. Euro weakness was a key feature of the period under review as the ECB introduced a monthly bond
purchasing programme while protracted debt negotiations with Greece created additional downward pressure on the
currency.
The US economy appears to have established a self sustaining economic momentum with a significant improvement in
job creation and with solid support from a highly capitalised banking system. Interest rates are likely to rise gradually in
the coming months as the Federal Reserve seeks to normalise interest rate policy. European growth has been recovering
gradually as the region reaps the rewards of the weak Euro, sharp declines in commodity prices and the monthly bond
purchases from the ECB. Japanese equities continue to perform strongly as the trends of yen weakness and a more
shareholder friendly focus showed no signs of abating. The other feature of the period was the extremely sharp fall in
commodity prices and this had a significant impact on commodity dependent countries such as Norway, Australia and
Canada.
The fund underperformed the benchmark by 4.1% during the period under review. It was a difficult period for the
strategy as investors adopted a more cyclical stance with growth outperforming value by a significant margin.
Defensive high yield stocks struggled on a relative basis in each and every region. Stock selection was particularly
disappointing in insurance, diversified financials and in banks. Canadian financials underperformed as investors were
concerned about the impact of declining oil prices on the economy while currency weakness added to the woes. Stocks
such as Power Financial, IGM Financial and CIBC posted significant declines during the period under review.
Unsurprisingly energy stocks had a torrid time with National Oilwell Varco, Ensco and Cenovus Energy all registering
sharp declines. Stock selection contributed positively to performance in food beverage and tobacco following the
acquisition of Lorillard by Reynolds American.
Investment Outlook
As we move ever closer to the first rate hike in the US we believe that interest rate increases will be gradual and will not
derail the recovery. Corporate confidence continues to improve and further merger and acquisition activity is likely
while capital investment should continue to expand.
Outside the US growth will remain relatively muted in nominal terms and thus we believe that the search for yield and
income will prevail and we will focus on companies that are delivering high, growing and sustainable dividends. As
economic conditions normalise we will increasingly focus our attention on dividend growth.
We will maintain the quality bias within the portfolio by focusing on companies with strong balance sheets and high
cash flow as these companies will be best positioned to maintain or grow their dividend while continuing to invest in
future growth opportunities.
Kleinwort Benson Investors Dublin Limited
31 August 2015
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
23
Investment Manager’s Report (Continued)
KBI Institutional Global Equity Fund
The KBI Institutional Global Equity Fund generated a return of 7.2% during the period under review. Global equity
markets delivered further positive returns over the period buoyed by relatively robust economic activity in the US while
global central banks adopted a highly accommodative monetary stance as they endeavour to combat deflation and to
spur growth. Euro weakness was a key feature of the period under review as the ECB introduced a monthly bond
purchasing programme while protracted debt negotiations with Greece created additional downward pressure on the
currency. Emerging markets had a difficult period as a strengthening dollar, expectations that the Federal Reserve
would raise interest rates sooner than expected and slowing global growth outside the US dampened investor
enthusiasm for the region. Commodity dependent countries such as Russia, Brazil and Colombia struggled due to
further sharp declines in commodity prices.
The US economy appears to have established a self sustaining economic momentum with a significant improvement in
job creation and with solid support from a highly capitalised banking system. Interest rates are likely to rise gradually in
the coming months as the Federal Reserve seeks to normalise interest rate policy. European growth has been recovering
gradually as the region reaps the rewards of the weak Euro, sharp declines in commodity prices and the monthly bond
purchases from the ECB. Japanese equities continue to perform strongly as the trends of yen weakness and a more
shareholder friendly focus showed no signs of abating.
While China outperformed other emerging markets during the period under review it has come under considerable
selling pressure in recent months. China has been attempting to shift from an investment led model to one that is more
similar to western consumer driven economies. Meanwhile however Chinese growth is slowing and the consequences
of restructuring and deceleration are evident in many industries. The challenges facing the region have at least
encouraged many countries to adopt self help policies where possible.
The fund underperformed the benchmark by 5.5% during the period under review. It was a difficult period for the
strategy as investors adopted a more cyclical stance with growth outperforming value by a significant margin.
Defensive high yield stocks struggled on a relative basis in each and every region. Stock selection was particularly
disappointing in insurance, diversified financials and in banks. Canadian financials underperformed as investors were
concerned about the impact of declining oil prices on the economy while currency weakness added to the woes. Stocks
such as Power Financial, IGM Financial and CIBC posted significant declines over the period. The allocation to
emerging markets further detracted from performance during the period under review.
Investment Outlook
As we move ever closer to the first rate hike in the US however we believe that interest rate increases will be gradual
and will not derail the recovery. Corporate confidence continues to improve and further merger and acquisition activity
is likely while capital investment should continue to expand.
Outside the US growth will remain relatively muted in nominal terms and thus we believe that the search for yield and
income will prevail and we will focus on companies that are delivering high, growing and sustainable dividends. As
economic conditions normalise we will increasingly focus our attention on dividend growth.
Kleinwort Benson Investors Dublin Limited
31 August 2015
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
24
Investment Manager’s Report (Continued)
KBI Institutional 50/50 Global/Eurozone Equity Fund
The KBI Institutional 50/50 Global/Eurozone Equity Fund generated a return of 8.0% during the period under review.
Global equity markets delivered further positive returns over the period buoyed by relatively robust economic activity
in the US while global central banks adopted a highly accommodative monetary stance as they endeavour to combat
deflation and to spur growth.
The US economy appears to have established a self sustaining economic momentum with a significant improvement in
job creation and with solid support from a highly capitalised banking system. Interest rates are likely to rise gradually in
the coming months as the Federal Reserve seeks to normalise interest rate policy.
Although economic data was generally less reassuring in Europe the prospect of additional monetary stimulus measures
enabled investors to look through the short term weakness. The ECB outlined their much anticipated quantitative easing
programme in January and it exceeded market expectations at €60bn per month. The euro weakened further following
the announcement and investors also responded positively to the significant declines in commodity prices. The sharp
decline in commodity prices will give a boost to disposable income and to corporate profit margins. While Greece
finally reached agreement with creditors there is still considerable uncertainty as Syriza have called a general election
and opinion polls suggest that no party will be able to form a majority government.
The fund underperformed the benchmark by 3.1% during the period under review. It was a difficult period for the
strategy as investors adopted a more cyclical stance with growth outperforming value by a considerable margin.
Defensive high yield stocks struggled on a relative basis and underperformed in each and every region during the period
under review. Stock selection was disappointing in banks and capital goods. Banks such as Canadian Imperial Bank of
Commerce and Royal Bank of Canada were adversely impacted by energy related woes while Raiffeisen Bank declined
due to its significant exposure to Russia and Ukraine. In capital goods Rexel had a difficult time as the impact on the
business from the sharp decline in the oil price has been quicker and more severe than the market had anticipated.
Unsurprisingly energy stocks had a torrid time with National Oilwell Varco, Freeport McMoran, Fugro and Cenovus
Energy all posting sharp declines.
Investment Outlook
As we move ever closer to the first rate hike in the US however we believe that interest rate increases will be gradual
and will not derail the recovery. Corporate confidence continues to improve and further merger and acquisition activity
is likely while capital investment should continue to expand.
Outside the US growth will remain relatively muted in nominal terms and thus we believe that the search for yield and
income will prevail and we will focus on companies that are delivering high, growing and sustainable dividends. As
economic conditions normalise we will increasingly focus our attention on dividend growth.
Kleinwort Benson Investors Dublin Limited
31 August 2015
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
25
Investment Manager’s Report (Continued)
KBI Institutional Eurozone Equity Fund
The KBI Institutional Eurozone Equity Fund generated a return of 7.8% during the period under review. Global equity
markets delivered further positive returns over the period buoyed by relatively robust economic activity in the US while
global central banks continued to adopt a highly accommodative monetary stance as they endeavour to combat deflation
and to spur growth.
Although economic data was generally less reassuring in Europe the prospect of additional monetary stimulus measures
enabled investors to look through the short term weakness. The ECB outlined their much anticipated quantitative easing
programme in January and it exceeded market expectations at €60bn per month. The euro weakened further following
the announcement and investors also responded positively to the significant declines in commodity prices. The sharp
decline in commodity prices will give a boost to disposable income and to corporate profit margins.
It was certainly not all plain sailing however and the failure of the Greek parliament to elect a president forced the
government to call early elections. The victory for the anti austerity party Syriza heightened political uncertainty within
the Eurozone although a deal was eventually reached with creditors and this removed a potential source of downside
risk from the market. The outlook remains uncertain however as the Syriza party have called a further general election
and opinion polls suggest that no single party will be able to form a majority government.
The fund underperformed by 1.1% during the period under review. Despite the sluggish economic environment
investors adopted a more cyclical stance with growth outperforming value by almost 10%. Investors are assuming that
the combination of a weak currency and lower commodity prices will generate a significant rebound in corporate
earnings and are buying growth stocks in advance of the earnings recovery. Defensive high yield stocks struggled on a
relative basis as investors sought growth. Relative stock selection was disappointing in banks, capital goods and in
energy. Raiffeisen Bank was under pressure as it has a significant exposure to Russia and Ukraine and earnings will be
hurt by currency weakness and by lower economic activity across Eastern Europe. In capital goods Rexel had a difficult
time as the impact on the business from the sharp decline in the oil price has been quicker and more severe than the
market had anticipated. In energy, stocks such as Fugro were adversely impacted by the significant decline in
exploration activity following the sharp fall in oil prices.
Investment Outlook
The recovery in the US economy should continue to support Eurozone exporters however emerging market weakness
may limit the potential for export led recovery in capital expenditure related industries. The combination of euro
weakness and declining commodity prices should finally bring an end to earnings downgrades across the region.
Corporate balance sheets remain strong and we would expect to see companies distribute a significant portion of this
cash flow to shareholders in the form of dividends and share buybacks. The outlook for capital investment and merger
and acquisition activity is less certain however given excess capacity in a number of industries and the lacklustre
outlook for revenue growth. We will maintain the quality bias within the portfolio by focusing on companies with
strong balance sheets and high cash flow as these companies will be best positioned to maintain or grow their dividend
while continuing to invest in future growth opportunities.
Kleinwort Benson Investors Dublin Limited
31 August 2015
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
26
Investment Manager’s Report (Continued)
KBI Institutional North America Equity Fund
The KBI Institutional North America Equity Fund registered a decline of 6.2% during the period under review. The US
equity market was broadly unchanged over the period as it was supported by relatively robust domestic economic
performance while global central banks adopted a highly accommodative monetary stance as they endeavour to combat
deflation and to spur growth.
The US economy appears to have established a self sustaining economic momentum with a significant improvement in
job creation and with solid support from a highly capitalised banking system. The weather induced slowdown witnessed
in the first quarter of the year is now a dim and distant memory and the Federal Reserve have stated that interest rates
are likely to rise later this year although the pace of rate hikes will be gradual. The other feature of the period was the
extremely sharp fall in commodity prices and this had a significant impact on commodity dependent Canada. The
Canadian market underperformed the US market by almost 25% during the period under review as poor equity
performance was exacerbated by currency weakness.
The fund underperformed the benchmark by 4.3% during the period under review. It was a difficult period for the
strategy as investors adopted a more cyclical stance with growth outperforming value by over 10%. Given the scarcity
of global growth investors have focused their attention on a relatively narrow list of growth stocks including Google,
Amazon and Facebook. Defensive high yield stocks have consequently struggled on a relative basis while the
overweight position in Canada also detracted from the relative performance of the fund. Stock selection was particularly
disappointing in banks, diversified financials and insurance. Banks such as Canadian Imperial Bank of Commerce and
Royal Bank of Canada were adversely impacted by energy related woes while the unexpected interest rate cut from
Bank of Canada was not well received by investors. Other defensive issues such as IGM Financial and Baxter
International struggled as investors focused on more growth oriented names. Unsurprisingly energy stocks had a torrid
time with National Oilwell Varco, Ensco and Cenovus Energy all posting sharp declines.
Investment Outlook
As we move ever closer to the first rate hike in the US we believe that interest rate increases will be gradual and will not
derail the recovery. Corporate confidence continues to improve and further merger and acquisition activity is likely
while capital investment should continue to expand. As economic conditions have normalised we have increased our
emphasis on dividend growth and will continue to do so over the coming months.
In Canada lower oil prices will reduce investment and will weigh on consumption as aggregate income and wealth falls
due to the negative terms of trade shock. The recent decline in the currency and the rate cut in January should help to at
least partially offset the impact of the weak energy sector.
We will maintain the quality bias within the portfolio by focusing on companies with strong balance sheets and high
cash flow as these companies will be best positioned to maintain or grow their dividend while continuing to invest in
future growth opportunities.
Kleinwort Benson Investors Dublin Limited
31 August 2015
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
27
Investment Manager’s Report (Continued)
KBI Institutional ACWI Equity Fund
The KBI Institutional ACWI Fund was launched on 17th April 2015 and has registered a decline of 11.7% since
inception. August was a particularly difficult month for global equity markets as investors were unnerved by the
decision of the Chinese authorities to devalue the renminbi although the more general fear of faltering global activity
also played a leading role. The trends of falling commodity prices, lower bond yields and the safe haven attraction of
developed world currencies relative to their emerging market counterparts all resumed or accelerated.
Emerging markets had a particularly difficult time as the prospect of US rates rising faster than expected and a slowing
Chinese economy weighed on investors. China has been attempting to shift from an investment led model to one that is
more similar to western consumer driven economies. Meanwhile however Chinese growth is slowing and the
consequences of restructuring and deceleration are evident in many industries.
The US economy appears to have established a self sustaining economic momentum with a significant improvement in
job creation and with solid support from a highly capitalised banking system. Interest rates are likely to rise gradually in
the coming months as the Federal Reserve seeks to normalise interest rate policy. European growth has been recovering
gradually as the region reaps the rewards of the weak Euro, sharp declines in commodity prices and the monthly bond
purchases from the ECB.
The fund underperformed the benchmark by 0.3% since inception. Despite the sharp declines registered by global
equity markets it was another period in which growth outperformed value although the scale of the outperformance was
relatively modest. Defensive high yield stocks struggled on a relative basis as investors sought refuge in a narrow list of
global growth stocks including Google, Amazon and Facebook. In the developed world stock selection was particularly
disappointing in insurance, diversified financials and in retail with stocks such as Power Financial, IGM Financial and
Zurich Financial posting declines over the period. Stock selection contributed positively to performance in emerging
markets and was particularly strong in technology hardware, software and real estate.
Investment Outlook
As we move ever closer to the first rate hike in the US however we believe that interest rate increases will be gradual
and will not derail the recovery. Corporate confidence continues to improve and further merger and acquisition activity
is likely while capital investment should continue to expand.
Outside the US growth will remain relatively muted in nominal terms and thus we believe that the search for yield and
income will prevail and we will focus on companies that are delivering high, growing and sustainable dividends. As
economic conditions normalise we will increasingly focus our attention on dividend growth.
Kleinwort Benson Investors Dublin Limited
31 August 2015
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
28
Investment Manager’s Report (Continued)
KBI Institutional Pan European Equity Fund
The KBI Institutional Pan European Equity Fund was launched on 8th May 2015 and has registered a decline of 10.2%
since inception. August was a particularly difficult month for global equity markets as investors were unnerved by the
decision of the Chinese authorities to devalue the renminbi although the more general fear of faltering global activity
also played a leading role. The trends of falling commodity prices, lower bond yields and the safe haven attraction of
developed world currencies relative to their emerging market counterparts all resumed or accelerated.
The US economy appears to have established a self sustaining economic momentum with a significant improvement in
job creation and with solid support from a highly capitalised banking system. Interest rates are likely to rise gradually in
the coming months as the Federal Reserve seeks to normalise interest rate policy. European growth has been recovering
gradually as the region reaps the rewards of the weak Euro, sharp declines in commodity prices and the monthly bond
purchases from the ECB.
The fund underperformed the benchmark by 1.1% since inception. Despite the sharp declines registered by European
equity markets it was another period in which growth outperformed value although the scale of the outperformance was
relatively modest. Defensive high yield stocks performed broadly in line with the benchmark. Stock selection was
particularly disappointing in insurance and diversified financials. In insurance Delta Lloyd declined sharply following
the decision of the administrative court in Rotterdam to uphold a significant fine imposed by the Dutch Central Bank
while quarterly results disclosed a weakening of the company’s solvency position. In diversified financials Aberdeen
Asset Management was weak given its significant exposure to emerging market equities.
Investment Outlook
The recovery in the US economy should continue to support European exporters however emerging market weakness
may limit the potential for export led recovery in capital expenditure related industries. The combination of currency
weakness and declining commodity prices should bring an end to earnings downgrades across the region.
Corporate balance sheets remain strong and we would expect to see companies distribute a significant portion of this
cash flow to shareholders in the form of dividends and share buybacks. The outlook for capital investment and merger
and acquisition activity is less certain however given excess capacity in a number of industries and the lacklustre
outlook for revenue growth.
We will maintain the quality bias within the portfolio by focusing on companies with strong balance sheets and high
cash flow as these companies will be best positioned to maintain or grow their dividend while continuing to invest in
future growth opportunities.
Kleinwort Benson Investors Dublin Limited
31 August 2015
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
29
Directors' Report
The Directors present herewith the Annual Report and Audited Financial Statements of the Company for the
financial year ended 31 August 2015.
Statement of Directors' Responsibilities
The Directors’ are responsible for preparing the annual report and the financial statements in accordance with
applicable Irish law and regulations.
Irish company law requires the Directors to prepare financial statements for each financial year. Under the law,
the directors have elected to prepare the financial statements in accordance with International Financial Reporting
Standards (“IFRS”) as adopted by the EU.
Under company law, the directors must not approve the financial statements unless they are satisfied that they give a
true and fair view of the assets, liabilities and financial position of the company as at the financial year end date and of
the profit or loss of the company for the financial year and otherwise comply with the Companies Act 2014.
In preparing these financial statements, the Directors are required to:
select suitable accounting policies for the company financial statements and then apply them
consistently;
make judgements and estimates that are reasonable and prudent;
state whether the financial statements have been prepared in accordance with applicable accounting standards,
identify those standards, and note the effect and the reasons for any material departure from those standards; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company
will continue in business.
The Directors are responsible for ensuring that the Company keeps or causes to be kept adequate accounting records
which correctly explain and record the transactions of the Company, enable at any time the assets, liabilities, financial
position and profit or loss of the Company to be determined with reasonable accuracy, enable them to ensure that the
financial statements and directors’ report comply with the Companies Act 2014 and enable the financial statements to
be audited. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps
for the prevention and detection of fraud and other irregularities.
Principal Activities
The Company has been approved by the Central Bank of Ireland as an investment company pursuant to the Companies
Act, 2014.
The Investment Manager's Reports contain a review of the factors which contributed to the performance for the financial
year.
Review of Business and Future Developments
A review of business and future developments is included in the Background to the Company on pages 2 to 10 and the
Investment Manager's Reports on pages 11 to 28.
Results and Dividends
The results and dividends for the financial year are set out in the Statement of Comprehensive Income on pages 35 and
36.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
30
Directors' Report (Continued)
Risk Management objectives and policies
The main risks arising from the Company's financial instruments are market price, foreign currency, interest rate,
liquidity and counterparty credit risks as detailed in Note 2 to these financial statements.
Events during the financial year
Ms Fiona Mulcahy was appointed as Independent Director on 7 October 2014.
From 2 July 2015, the performance of the KBI Institutional Long Bond Fund’s portfolio of investments was measured
against the J.P. Morgan Economic and Monetary Union (EMU) Government Bond Investment Grade over 10 years
Maturity Index.
The KBI Institutional ACWI Equity Fund launched on 17 April 2015.
The KBI Institutional Pan European Equity Fund launched on 8 May 2015.
On 2 July 2015, the following Sub-Fund name changes were approved:
From KBI Institutional Alternative Energy Fund to KBI Institutional Energy Solutions Fund;
From KBI Institutional Dividend Plus Developed Equity Fund to KBI Institutional Developed Equity Fund;
From KBI Institutional Dividend Plus Emerging Markets Fund to KBI Institutional Emerging Markets Equity Fund;
From KBI Institutional Dividend Plus Eurozone Fund to KBI Institutional Eurozone Equity Fund;
From KBI Institutional Dividend Plus Global Fund to KBI Institutional Global Equity Fund;
From KBI Institutional Dividend Plus 50/50 Fund to KBI Institutional 50/50 Global/Eurozone Equity Fund; and KBI
Institutional Dividend Plus North America Fund to KBI Institutional North America Equity Fund.
The following Share Classes launched during the financial year:
KBI Institutional Water Fund Australian Dollar Class A Shares
KBI Institutional ACWI Equity Fund Sterling Class D (Distributing) Shares
KBI Institutional Pan European Equity Fund Euro Class A Shares
The following Share Classes closed during the financial year:
KBI Institutional Agri Fund Euro Class I Shares
KBI Institutional Agri Fund Euro Class H Shares
KBI Institutional Global Environmental Solutions Fund Euro Class I Shares
KBI Institutional Energy Solutions Fund Euro Class I Shares
KBI Institutional Emerging Markets Equity Fund Euro Class I Shares
KBI Institutional Emerging Markets Equity Fund Sterling Class D (Distributing) Shares
KBI Institutional Developed Equity Fund Sterling Class D (Distributing) Shares
KBI Institutional Developed Equity Fund USD Class B Shares
KBI Institutional Global Equity Fund Euro Class B Shares
KBI Institutional Global Equity Fund Euro Class F Shares
KBI Institutional Global Equity Fund Euro Class I Shares
KBI Institutional Global Equity Fund USD Class A Shares
Events since the financial year end
There have been no events subsequent to the financial year end, which, in the opinion of the Directors of the
Company, may have had an impact on the financial statements for the financial year ended 31 August 2015.
Directors
The Directors who held office during the financial year under review were:
Frank Joseph Close
Fiona Mulcahy
Padraig Sheehy Gerard Solan Derval Murray
Patrick Cassells
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
31
Directors' Report (Continued)
Directors (Continued)
The table below shows the Directors' and Secretary's interests in the Funds of the Company at 31 August 2015:
KBI
KBI Institutional KBI KBI
KBI Institutional KBI KBI Emerging Institutional Institutional
Institutional Energy Institutional Institutional Markets Global Eurozone
Agri Fund Solutions Fund Water Fund GESS Fund Equity Fund Equity Fund Equity Fund
Frank Joseph Close - - - - - - -
Fiona Mulcahy - - - - - - -
Padraig Sheehy 223 9,109 3,896 - 12,757 - 8,677
Gerard Solan 69 - 3,149 - 8,468 25,430 2,801
Derval Murray 48 594 387 - - 115 172
Patrick Cassells - - - 7 819 23,120 -
Andrea Oman - 1,287 176 - 65 467 585
The table below shows the Directors' and Secretary's interests in the Funds of the Company at 31 August 2014:
KBI
KBI Institutional KBI KBI
KBI Institutional KBI KBI Emerging Institutional Institutional
Institutional Energy Institutional Institutional Markets Global Eurozone
Agri Fund Solutions Fund Water Fund GESS Fund Equity Fund Equity Fund Equity Fund
Frank Joseph Close - - - - - 1,168 -
Fiona Mulcahy - - - - - - -
Padraig Sheehy 223 1,845 3,378 - 14,867 - 5,978
Gerard Solan 69 - 3,154 - 7,743 22,563 -
Derval Murray 48 594 388 - - 115 173
Patrick Cassells - - - 532 744 12,222 -
Andrea Oman - 1,043 154 - - 408 500
Each of Mr Padraig Sheehy, Mr Gerard Solan, Ms Derval Murray Mr Patrick Cassells and Ms Andrea Oman are
employees of Kleinwort Benson Investors Dublin Limited, the Investment Manager to the Company.
Transactions Involving Directors
Derval Murray and Gerard Solan are also Directors of the Investment Manager. There are no other contracts or
arrangements of any significance in relation to the business of the Company in which the Directors or Company
Secretary had any interest as defined in the Companies Act, 2014, at any time during the financial year.
Accounting Records
The Directors believe that they have complied with the requirements of Sections 281 to 285 of the Companies
Act, 2014, with regard to the books of account by employing accounting personnel with appropriate expertise and
by providing adequate resources to the financial function. The Directors have appointed Northern Trust International
Fund Administration Services (Ireland) Limited to maintain proper books of account. The address at which this
business is located is as follows:
George’s Court
54-62 Townsend Street
Dublin 2
Ireland
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
32
Directors' Report (Continued)
Transactions with connected parties
Any transaction carried out with a UCITS by a promoter, manager, trustee, investment adviser and/or associated or
group companies of these (“connected parties”) must be carried out as if negotiated at arm’s length. Transactions must
be in the best interests of the unitholders.
(i) the board of directors are satisfied that there are arrangements (evidenced by written procedures) in place, to
ensure that the obligations set out in paragraph 1 of UCITS Regulation 41.1 “the European Communities
(Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (“the UCITS
Regulations”) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings
for Collective Investment in Transferable Securities) Regulations 2015 (the "Central Bank UCITS
Regulations") are applied to all transactions with connected parties; and
(ii) the board of directors is satisfied that transactions with connected parties entered into during the period
complied with the obligations set out in paragraph 1 of UCITS Regulation 41.1 “the European Communities
(Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (“the UCITS
Regulations”) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings
for Collective Investment in Transferable Securities) Regulations 2015 (the "Central Bank UCITS
Regulations").
Independent Auditors
In accordance with Section 383 of the Companies Act, 2014, Deloitte, Chartered Accountants and Statutory Audit Firm,
will continue in office.
On Behalf of the Board of Directors
Gerard Solan Derval Murray
Director Director
9 December 2015
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
33
Annual Custodian Report to the Shareholders
We have enquired into the conduct of Kleinwort Benson Investors Institutional Fund Plc ("the Company") for the
financial year from 1 September 2014 to 31 August 2015, in our capacity as Custodian to the Company.
This report including the opinion, has been prepared for and solely for the Shareholders in the Company as a body, in
accordance with the Central Bank of Ireland UCITS Regulation 4, and for no other purpose. We do not, in giving
this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is
shown.
We, Northern Trust Fiduciary Services (Ireland) Limited, appointed Custodian to Kleinwort Benson Investors
Institutional Fund Plc ("the Company") provide this report solely in favour of the Shareholders of the Company for
the year ended 31 August 2015 (“Annual Accounting Period”). This report is provided in accordance with the
UCITS Regulations – European Communities (Undertakings for Collective Investment in Transferable Securities)
Regulations 2011 (SI No 352 of 2011) which implemented Directive 2009/65/EU into Irish Law (“the Regulations”).
We do not, in the provision of this report, accept nor assume responsibility for any other purpose or person to whom
this report is shown.
In accordance with our Custodian obligation as provided for under the Regulations, we have enquired into the
conduct of the Company for this Annual Accounting Period and we hereby report thereon to the Shareholders of the
Company as follows;
We are of the opinion that the Company has been managed during the year, in all material respects:
(i) in accordance with the limitations imposed on the investment and borrowing powers of the Company by the
constitutional documents and by the Regulations; and
(ii) otherwise in accordance with the provisions of the constitutional document and the Regulations.
For and on behalf of
Northern Trust Fiduciary Services (Ireland) Limited
9 December 2015
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
34
INDEPENDENT AUDITORS’ REPORT TO THE SHAREHOLDERS OF KLEINWORTH BENSON
INVESTORS INSTITUTIONAL FUND PLC
We have audited the financial statements of Kleinwort Benson Investors Institutional Fund Plc (the ‘‘Company’’) for
the financial year ended 31 August 2015 which comprise of the Statement of Comprehensive Income, the Statement of
Financial Position, the Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares,
the Statement of Cash Flows and the related notes 1 to 26. The relevant financial reporting framework that has been
applied in their preparation is the Companies Act 2014 and International Financial Reporting Standards (IFRSs) as
adopted by the European Union.
This report is made solely to the company's members, as a body, in accordance with Section 391 of the Companies Act
2014. Our audit work has been undertaken so that we might state to the company’s members those matters we are
required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do
not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our
audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
As explained more fully in the Statement of Directors’ Responsibilities the directors are responsible for the preparation
of the financial statements and for being satisfied that they give a true and fair view and otherwise comply with the
Companies Act 2014. Our responsibility is to audit and express an opinion on the financial statements in accordance
with the Companies Act 2014 and International Standards on Auditing (UK and Ireland). Those standards require us to
comply with the Auditing Practices Board’s Ethical Standards for Auditors
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give
reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error.
This includes an assessment of: whether the accounting policies are appropriate to the company’s circumstances and
have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made
by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-
financial information in the Annual Report and Audited Financial Statements to identify material inconsistencies with
the audited financial statements and to identify any information that is apparently materially incorrect based on, or
materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware
of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on financial statements
In our opinion the financial statements:
give a true and fair view of the assets, liabilities and financial position of the company as at 31 August 2015,
and of the profit for the financial year then ended; and
have been properly prepared in accordance with the relevant financial reporting framework and, in particular,
with the requirements of the Companies Act 2014 and the “the European Communities (Undertakings for
Collective Investment in Transferable Securities) Regulations 2011 (“the UCITS Regulations”) and the
Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective
Investment in Transferable Securities) Regulations 2015 (the "Central Bank UCITS Regulations").
Matters on which we are required to report by the Companies Act 2014
We have obtained all the information and explanations we considered necessary for the purpose of our audit.
In our opinion the accounting records of the company were sufficient to permit the financial statements to be
readily and properly audited.
The company’s Statement of Assets and Liabilities and its Statement of Operations are in agreement with the
accounting records.
In our opinion the information given in the Directors' Report is consistent with the financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the provisions in the Companies Act 2014 which requires us to report to you if,
in our opinion the disclosures of directors’ remuneration and transactions specified by law are not made.
Darren Griffin
For and on behalf of Deloitte
Chartered Accountants and Statutory Audit Firm
Dublin
9 December 2015
35
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
Statement of Comprehensive Income
For the financial year ended 31 August 2015
Cross KBI Institutional KBI Institutional KBI Institutional KBI Institutional KBI Institutional
Holdings Long Agri Energy Water GESS
Total Company Adjustment Bond Fund Fund Solutions Fund Fund Fund
(Note 24)
Year ended Year ended Year ended Year ended Year ended Year ended Year ended
Notes 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015
EUR EUR EUR EUR EUR USD EUR
Income
Operating income 3 55,778,173 - 1,806,124 628,919 1,375,103 3,776,640 928,864
Net gains/(losses) on financial assets and liabilities
at fair value through profit or loss 4 (30,613,466) 1,860,801 3,171,208 (2,555,889) (2,993,234) (35,591,890) (3,409,970)
Total investment income/(loss) 25,164,707 1,860,801 4,977,332 (1,926,970) (1,618,131) (31,815,250) (2,481,106)
Operating expenses 5 (8,794,602) - (122,064) (204,946) (693,982) (1,708,177) (99,881)
Net income/(expense) 16,370,105 1,860,801 4,855,268 (2,131,916) (2,312,113) (33,523,427) (2,580,987)
Finance costs
Distributions to holders of
redeemable participating shares 15 (9,061,532) - - - - - -
Interest expense on financial liabilities
not at fair value through profit or loss (28,783) - (118) (356) (755) (3,081) (757)
Profit/(loss) for the year before tax 7,279,790 1,860,801 4,855,150 (2,132,272) (2,312,868) (33,526,508) (2,581,744)
Non-reclaimable withholding tax (10,128,319) - - (88,151) (139,986) (547,554) (100,390)
(Loss)/Profit for the year after tax (2,848,529) 1,860,801 4,855,150 (2,220,423) (2,452,854) (34,074,062) (2,682,134)
(Decrease)/Increase in net assets
attributable to holders of redeemable
participating shares (2,848,529) 1,860,801 4,855,150 (2,220,423) (2,452,854) (34,074,062) (2,682,134)
There are no recognised gains or losses arising in the financial year other than the decrease in Net Assets Attributable to Holders of Redeemable Participating Shares of the Company. In arriving at the results of the financial year, all
amounts above relate to continuing operations.
The accompanying notes form an integral part of the financial statements
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
36
Statement of Comprehensive Income
For the financial year ended 31 August 2015 (Continued)
KBI Institutional KBI Institutional KBI Institutional KBI Institutional KBI Institutional KBI Institutional KBI Institutional KBI Institutional
Emerging Markets Developed Equity Global 50/50 Global/Eurozone Eurozone North America ACWI Pan European
Equity Fund Fund Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund* Equity Fund**
Year ended Year ended Year ended Year ended Year ended Year ended Period ended Period ended
Notes 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015
EUR EUR EUR EUR EUR USD EUR EUR
Income
Operating income 3 6,766,924 26,020,243 2,063,720 825,796 2,318,465 9,039,722 1,030,477 953,749
Net gains on financial assets and liabilities
at fair value through profit or loss 4 (14,213,338) 44,321,681 8,708,517 930,886 3,290,264 (24,567,889) (10,859,948) (6,949,989)
Total investment income/(loss) (7,446,414) 70,341,924 10,772,237 1,756,682 5,608,729 (15,528,167) (9,829,471) (5,996,240)
Operating expenses 5 (634,009) (2,989,980) (359,980) (157,237) (388,723) (1,822,711) (55,050) (41,795)
Net income/(expense) (8,080,423) 67,351,944 10,412,257 1,599,445 5,220,006 (17,350,878) (9,884,521) (6,038,035)
Finance costs
Distributions to holders of
redeemable participating shares 15 (966,657) (2,288,698) - - - (5,804,120) (797,553) -
Interest expense on financial liabilities
not at fair value through profit or loss (7,204) (11,693) (1,332) (258) (1,420) (1,695) (316) (453)
(Loss)/Profit for the year before tax (9,054,284) 65,051,553 10,410,925 1,599,187 5,218,586 (23,156,693) (10,682,390) (6,038,488)
Non-reclaimable withholding tax (807,377) (5,282,155) (432,200) (126,240) (230,374) (2,401,012) (225,708) (151,294)
(Loss)/Profit for the year after tax (9,861,661) 59,769,398 9,978,725 1,472,947 4,988,212 (25,557,705) (10,908,098) (6,189,782)
(Decrease)/Increase in net assets
attributable to holders of redeemable
participating shares (9,861,661) 59,769,398 9,978,725 1,472,947 4,988,212 (25,557,705) (10,908,098) (6,189,782)
There are no recognised gains or losses arising in the financial year other than the decrease in Net Assets Attributable to Holders of Redeemable Participating Shares of the Company. In arriving at the results of the financial year, all amounts above relate to continuing operations. The accompanying notes form an integral part of the financial statements.
*Fund launched on 17 April 2015.
**Fund launched on 8 May 2015.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
37
Statement of Comprehensive Income
For the financial year ended 31 August 2014
Cross KBI Institutional KBI Institutional KBI Institutional KBI Institutional KBI Institutional
Holdings Long Agri Energy Water GESS
Total Company Adjustment Bond Fund Fund Solutions Fund Fund Fund
(Note 24)
Year ended Year ended Year ended Year ended Year ended Year ended Year ended
Notes 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014
EUR EUR EUR EUR EUR USD EUR
Income
Operating income 3 39,981,002 - 2,291,683 758,886 1,143,877 3,770,192 1,118,794
Net gains/(losses) on financial assets and liabilities
at fair value through profit or loss 4 174,565,475 (1,158,730) 11,724,785 4,966,782 7,213,634 31,093,009 8,573,384
Total investment income/(loss) 214,546,477 (1,158,730) 14,016,468 5,725,668 8,357,511 34,863,201 9,692,178
Operating expenses 5 (5,543,872) - (114,794) (232,892) (641,456) (1,400,721) (100,502)
Net income/(expense) 209,002,605 (1,158,730) 13,901,674 5,492,776 7,716,055 33,462,480 9,591,676
Finance costs
Distributions to holders of
redeemable participating shares 15 (3,859,867) - - - - - -
Interest expense on financial liabilities
not at fair value through profit or loss (15,233) - - (422) (251) (1,030) (1,586)
Profit/(loss) for the period before tax 205,127,505 (1,158,730) 13,901,674 5,492,354 7,715,804 33,461,450 9,590,090
Taxation - - - - - -
Non-reclaimable withholding tax (7,165,351) - (12) (125,497) (151,536) (731,231) (191,775)
Profit/(loss) for the period after tax 197,962,154 (1,158,730) 13,901,662 5,366,857 7,564,268 32,730,219 9,398,315
Increase/(decrease) in net assets
attributable to holders of redeemable
participating shares 197,962,154 (1,158,730) 13,901,662 5,366,857 7,564,268 32,730,219 9,398,315
Movement in adjustment from bid to dealing prices1 b) (730,739) - - (77,343) (90,726) (88,901) (99,793)
Increase/(decrease) in net assets
attributable to holders of redeemable
participating shares 197,231,415 (1,158,730) 13,901,662 5,289,514 7,473,542 32,641,318 9,298,522
There are no recognised gains or losses arising in the financial year other than the increase in Net Assets Attributable to Holders of Redeemable Participating Shares of the Company. In arriving at the results of the financial year, all amounts above relate to continuing operations.
The accompanying notes form an integral part of the financial statements.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
38
Statement of Comprehensive Income
For the financial year ended 31 August 2014 (Continued)
KBI Institutional KBI Institutional KBI Institutional KBI Institutional 50/50 KBI Institutional KBI Institutional
Emerging Markets Developed Equity Global Global/Eurozone Eurozone North America
Equity Fund Fund Equity Fund Equity Fund Equity Fund Equity Fund
Year ended Year ended Year ended Year ended Year ended Period ended
Notes 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014
EUR EUR EUR EUR EUR USD
Income
Operating income 3 6,193,003 16,468,030 2,455,084 797,901 3,083,294 3,944,834
Net gains on financial assets and liabilities
at fair value through profit or loss 4 20,789,132 61,486,885 10,696,169 3,688,584 12,519,846 15,254,704
Total investment income 26,982,135 77,954,915 13,151,253 4,486,485 15,603,140 19,199,538
Operating expenses 5 (423,208) (1,663,703) (386,357) (142,859) (434,456) (509,032)
Net income 26,558,927 76,291,212 12,764,896 4,343,626 15,168,684 18,690,506
Finance costs
Distributions to holders of
redeemable participating shares 15 (797,184) (2,248,519) - - - (1,107,724)
Interest expense on financial liabilities
not at fair value through profit or loss (6,580) (3,798) (454) (44) (424) (1,248)
Profit for the period before tax 25,755,163 74,038,895 12,764,442 4,343,582 15,168,260 17,581,534
Taxation - - - - - -
Non-reclaimable withholding tax (725,348) (3,366,735) (507,668) (164,297) (665,407) (992,710)
Profit for the period after tax 25,029,815 70,672,160 12,256,774 4,179,285 14,502,853 16,588,824
Increase in net assets
attributable to holders of redeemable
participating shares 25,029,815 70,672,160 12,256,774 4,179,285 14,502,853 16,588,824
Movement in adjustment from bid to dealing prices1 b) (242,055) (105,177) (17,017) (11,306) (19,901) -
Increase/(decrease) in net assets
attributable to holders of redeemable
participating shares 24,787,760 70,566,983 12,239,757 4,167,979 14,482,952 16,588,824
There are no recognised gains or losses arising in the financial year other than the increase in Net Assets Attributable to Holders of Redeemable Participating Shares of the Company. In arriving at the results of the financial year, all amounts above relate to continuing operations.
The accompanying notes form an integral part of the financial statements.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
39
Statement of Financial Position
As at 31 August 2015
KBI
KBI KBI Institutional KBI KBI
Cross Holdings Institutional Institutional Energy Institutional Institutional
Total Company Adjustment Long Bond Fund Agri Fund Solutions Fund Water Fund GESS Fund
(Note 24)
As at As at As at As at As at As at As at
Notes 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015
EUR EUR EUR EUR EUR USD EUR
Assets
Financial assets at fair value through
profit or loss - held for trading
Transferable securities
Equity investments 2 1,522,012,951 - - 20,787,804 57,609,817 185,048,582 37,185,482
Bonds 2 45,865,490 - 45,865,490 - - - -
Collective Investment Schemes 2 2,320,882 (10,742,946) - - - - -
Loans and receivables
Cash and cash equivalents 6 4,732,057 - 8,139 18,490 857,047 939,600 320,490
Other receivables 7 6,879,573 - 1,008,687 149,871 515,295 738,114 256,699
Total assets 1,581,810,953 (10,742,946) 46,882,316 20,956,165 58,982,159 186,726,296 37,762,671
Liabilities (excluding net assets attributable to
holders of redeemable participating shares)
Financial liabilities measured at amortised cost
Distributions to Redeemable Participating Shareholders payable (4,985,352) - - - - - -
Bank overdraft 8 (3,964,693) - - - - - -
Other payables 9 (3,676,987) - (477,117) (239,452) (391,488) (949,091) (61,940)
Total liabilities (excluding net assets attributable to
holders of redeemable participating shares) (12,627,032) - (477,117) (239,452) (391,488) (949,091) (61,940)
Net assets attributable to holders of
redeemable participating shares at bid prices 1,569,183,921 (10,742,946) 46,405,199 20,716,713 58,590,671 185,777,205 37,700,731
Adjustment from bid to dealing prices
Net assets attributable to holders of
redeemable participating shares 1,569,183,921 (10,742,946) 46,405,199 20,716,713 58,590,671 185,777,205 37,700,731
The accompanying notes form an integral part of the financial statements.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
40
Statement of Financial Position
As at 31 August 2015 (Continued)
KBI Institutional KBI Institutional KBI Institutional KBI Institutional 50/50 KBI Institutional KBI Institutional KBI Institutional KBI Institutional
Emerging Markets Developed Equity Global Global/Eurozone Eurozone North America ACWI Pan European
Equity Fund Fund Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund* Equity Fund**
As at As at As at As at As at As at As at As at
Notes 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015
EUR EUR EUR EUR EUR USD EUR EUR
Assets
Financial assets at fair value through
profit or loss - held for trading
Transferable securities
Equity investments 2 129,037,008 653,819,703 23,885,003 20,489,478 51,348,303 266,629,377 72,181,366 52,564,927
Bonds 2 - - - - - - - -
Collective Investment Schemes 2 - 2,000,728 2,101,995 1,008,661 - - 7,952,444 -
Loans and receivables
Cash and cash equivalents 6 903,958 209,045 230,901 425,181 152,942 364,778 439,340 2,420
Other receivables 7 1,085,719 2,023,365 104,330 41,684 23,448 617,435 213,586 247,117
.
Total assets 131,026,685 658,052,841 26,322,229 21,965,004 51,524,693 267,611,590 80,786,736 52,814,464
Liabilities (excluding net assets attributable to
holders of redeemable participating shares)
Financial liabilities measured at amortised cost
Distributions to Redeemable Participating Shareholders payable (735,144) (1,043,997) - - - (2,698,901) (797,553) -
Bank overdraft 8 - (1,302,466) - - - (2,194,666) - (703,578)
Other payables 9 (194,377) (600,295) (53,444) (33,867) (67,562) (738,530) (28,549) (22,763)
Total liabilities (excluding net assets attributable to
holders of redeemable participating shares) (929,521) (2,946,758) (53,444) (33,867) (67,562) (5,632,097) (826,102) (726,341)
Net assets attributable to holders of
redeemable participating shares 130,097,164 655,106,083 26,268,785 21,931,137 51,457,131 261,979,493 79,960,634 52,088,123
The accompanying notes form an integral part of the financial statements.
*Fund launched on 17 April 2015.
**Fund launched on 8 May 2015.
On Behalf of the Board of Directors
Gerard Solan Derval Murray
Director Director 9 December 2015
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
41
Statement of Financial Position
As at 31 August 2014
KBI
KBI KBI Institutional KBI KBI
Cross Holdings Institutional Institutional Energy Institutional Institutional
Total Company Adjustment Long Bond Fund Agri Fund Solutions Fund Water Fund GESS Fund
(Note 24)
As at As at As at As at As at As at As at
Notes 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014
EUR EUR EUR EUR EUR USD EUR
Assets
Financial assets at fair value through
profit or loss - held for trading
Transferable securities
Equity investments 2 1,304,008,134 - - 40,667,064 55,069,127 185,698,084 54,125,331
Preference shares 2 8,468,373 - - - - - -
Bonds 2 66,207,794 - 66,207,794 - - - -
Collective Investment Schemes 2 - (7,375,804) - - - - -
Loans and receivables
Cash and cash equivalents 6 12,667,548 - 12,224 291,507 966,643 2,082,828 237,259
Other receivables 7 10,116,150 - 1,955,921 275,784 1,061,290 1,199,682 743,559
Total assets 1,401,467,999 (7,375,804) 68,175,939 41,234,355 57,097,060 188,980,594 55,106,149
Liabilities (excluding net assets attributable to
holders of redeemable participating shares)
Financial liabilities measured at amortised cost
Other payables 9 (4,609,018) - (1,141,146) (329,420) (596,609) (1,064,741) (1,047,004)
Total liabilities (excluding net assets attributable to
holders of redeemable participating shares) (4,609,018) - (1,141,146) (329,420) (596,609) (1,064,741) (1,047,004)
Net assets attributable to holders of
redeemable participating shares 1,396,858,981 (7,375,804) 67,034,793 40,904,935 56,500,451 187,915,853 54,059,145
The accompanying notes form an integral part of the financial statements.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
42
Statement of Financial Position
As at 31 August 2014 (Continued)
KBI Institutional KBI Institutional KBI Institutional KBI Institutional 50/50 KBI Institutional KBI Institutional
Emerging Markets Developed Equity Global Global/Eurozone Eurozone North America
Equity Fund Fund Equity Fund Equity Fund Equity Fund Equity Fund
As at As at As at As at As at As at
Notes 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014
EUR EUR EUR EUR EUR USD
Assets
Financial assets at fair value through
profit or loss - held for trading
Transferable securities
Equity investments 2 162,192,944 521,555,000 70,761,747 20,116,122 67,521,854 225,267,009
Preference shares 2 8,468,373 - - - - -
Bonds 2 - - - - - -
Collective Investment Schemes 2 - - 6,471,302 904,502 - -
Loans and receivables
Cash and cash equivalents 6 335,498 4,823,646 332,502 97,848 387,144 4,744,586
Other receivables 7 464,136 3,374,179 631,087 44,094 164,965 645,894
Total assets 171,460,951 529,752,825 78,196,638 21,162,566 68,073,963 230,657,489
Liabilities (excluding net assets attributable to
holders of redeemable participating shares)
Financial liabilities measured at amortised cost
Other payables 9 (87,951) (330,834) (61,530) (27,301) (59,142) (157,727)
Total liabilities (excluding net assets attributable to
holders of redeemable participating shares) (87,951) (330,834) (61,530) (27,301) (59,142) (157,727)
Net assets attributable to holders of
redeemable participating shares 171,373,000 529,421,991 78,135,108 21,135,265 68,014,821 230,499,762
The accompanying notes form an integral part of the financial statements.
43
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
Statement of Changes in Net Assets Attributable to Holders of Redeemable
Participating Shares
For the financial year ended 31 August 2015
KBI
KBI KBI Institutional KBI KBI
Cross Holdings Institutional Institutional Energy Institutional Institutional
Total Company Adjustment Long Bond Fund Agri Fund Solutions Fund Water Fund GESS Fund
(Note 24)
Year ended Year ended Year ended Year ended Year ended Year ended Year ended
31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015
EUR EUR EUR EUR EUR USD EUR
Net assets attributable to holders of redeemable
participating shares at beginning of year 1,396,858,981 (7,375,804) 67,034,793 40,904,935 56,500,451 187,915,853 54,059,145
Increase/(decrease) in net assets resulting from operations (2,848,529) 1,860,801 4,855,150 (2,220,423) (2,452,854) (34,074,062) (2,682,134)
Amounts received on issue of redeemable participating shares 703,775,420 (10,590,502) 5,773,636 562,762 18,917,878 103,038,832 2,457,991
Amounts paid on redemption of redeemable participating shares (585,231,491) 5,362,559 (31,258,380) (18,530,561) (14,374,804) (71,103,418) (16,134,271)
Increase/(decrease) in net assets
resulting from share transactions 118,543,929 (5,227,943) (25,484,744) (17,967,799) 4,543,074 31,935,414 (13,676,280)
Notional exchange adjustment†
56,629,540 - - - - - -
Net increase/(decrease) in shareholders' funds 172,324,940 (3,367,142) (20,629,594) (20,188,222) 2,090,220 (2,138,648) (16,358,414)
Net assets attributable to holders of redeemable
participating shares 1,569,183,921 (10,742,946) 46,405,199 20,716,713 58,590,671 185,777,205 37,700,731
†The Notional Exchange Adjustment arises from the retranslation of the KBI Institutional Water Fund and KBI Institutional North America Equity Fund’s Statement of Comprehensive Income, Net Assets at the start of the financial year
and Capital Transactions, to the presentation currency of the Company using the exchange rate as at 31 August 2015.
The accompanying notes form an integral part of the financial statements.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
44
Statement of Changes in Net Assets Attributable to Holders of Redeemable
Participating Shares
For the financial year ended 31 August 2015 (Continued)
KBI Institutional KBI Institutional KBI Institutional KBI Institutional 50/50 KBI Institutional KBI Institutional KBI Institutional KBI Institutional
Emerging Markets Developed Equity Global Global/Eurozone Eurozone North America ACWI Pan European
Equity Fund Fund Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund* Equity Fund**
Year ended Year ended Year ended Year ended Year ended Period ended Period ended Period ended
31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015
EUR EUR EUR EUR EUR USD EUR EUR
Net assets attributable to holders of redeemable
participating shares at beginning of year 171,373,000 529,421,991 78,135,108 21,135,265 68,014,821 230,499,762 - -
Increase in net assets resulting from operations (9,861,661) 59,769,398 9,978,725 1,472,947 4,988,212 (25,557,705) (10,908,098) (6,189,782)
Amounts received on issue of redeemable participating shares 39,760,947 268,921,615 5,568,084 1,237,065 6,204,787 140,735,656 90,868,732 63,728,960
Amounts paid on redemption of redeemable participating shares (71,175,122) (203,006,921) (67,413,132) (1,914,140) (27,750,689) (83,698,220) - (5,451,055)
Increase/(decrease) in net assets
resulting from share transactions (31,414,175) 65,914,694 (61,845,048) (677,075) (21,545,902) 57,037,436 90,868,732 58,277,905
Notional exchange adjustment†
- - - - - - - -
Net (decreases)/increase in shareholders' funds (41,275,836) 125,684,092 (51,866,323) 795,872 (16,557,690) 31,479,731 79,960,634 52,088,123
Net assets attributable to holders of redeemable
participating shares 130,097,164 655,106,083 26,268,785 21,931,137 51,457,131 261,979,493 79,960,634 52,088,123
†The Notional Exchange Adjustment arises from the retranslation of the KBI Institutional Water Fund and KBI Institutional North America Equity Fund’s Statement of Comprehensive Income, Net Assets at the start of the year and
Capital Transactions, to the presentation currency of the Company using the exchange rate as at 31 August 2015.
*Fund launched on 17 April 2015.
**Fund launched on 8 May 2015.
The accompanying notes form an integral part of the financial statements.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
45
Statement of Changes in Net Assets Attributable to Holders of Redeemable
Participating Shares
For the financial year ended 31 August 2014
KBI
KBI KBI Institutional KBI KBI
Cross Holdings Institutional Institutional Energy Institutional Institutional
Total Company Adjustment Long Bond Fund Agri Fund Solutions Fund Water Fund GESS Fund
(Note 24)
Year ended Year ended Year ended Year ended Year ended Year ended Year ended
31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014
EUR EUR EUR EUR EUR USD EUR
Net assets attributable to holders of redeemable
participating shares at beginning of year 834,247,719 (4,843,666) 69,232,865 33,135,977 40,768,503 101,284,431 47,088,044
Increase/(decrease) in net assets resulting from operations 197,231,415 (1,158,730) 13,901,662 5,289,514 7,473,542 32,641,318 9,298,522
Amounts received on issue of redeemable participating shares 581,165,711 (2,156,978) 3,052,296 9,244,262 17,080,974 134,133,726 10,997,301
Amounts paid on redemption of redeemable participating shares (223,543,579) 783,570 (19,152,030) (6,764,818) (8,822,568) (80,143,622) (13,324,722)
Increase/(decrease) in net assets
resulting from share transactions 357,622,132 (1,373,408) (16,099,734) 2,479,444 8,258,406 53,990,104 (2,327,421)
Notional exchange adjustment†
7,757,715 - - - - - -
Net increase/(decrease) in shareholders' funds 562,611,262 (2,532,138) (2,198,072) 7,768,958 15,731,948 86,631,422 6,971,101
Net assets attributable to holders of redeemable
participating shares 1,396,858,981 (7,375,804) 67,034,793 40,904,935 56,500,451 187,915,853 54,059,145
†The Notional Exchange Adjustment arises from the retranslation of the KBI Institutional Water Fund and KBI Institutional North America Equity Fund’s Statement of Comprehensive Income, Net Assets at the start of the financial year
and Capital Transactions, to the presentation currency of the Company using the exchange rate as at 31 August 2014.
The accompanying notes form an integral part of the financial statements.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
46
Statement of Changes in Net Assets Attributable to Holders of Redeemable
Participating Shares
For the financial year ended 31 August 2014 (Continued)
KBI Institutional KBI Institutional KBI Institutional KBI Institutional 50/50 KBI Institutional KBI Institutional
Emerging Markets Developed Equity Global Global/Eurozone Eurozone North America
Equity Fund Fund Equity Fund Equity Fund Equity Fund Equity Fund
Year ended Year ended Year ended Year ended Year ended Period ended
31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014
EUR EUR EUR EUR EUR USD
Net assets attributable to holders of redeemable
participating shares at beginning of year 123,048,382 286,320,155 51,338,259 36,553,662 74,793,452 -
Increase in net assets resulting from operations 24,787,760 70,566,983 12,239,757 4,167,979 14,482,952 16,588,824
Amounts received on issue of redeemable participating shares 44,654,212 207,793,144 18,199,284 872,170 3,811,770 229,977,448
Amounts paid on redemption of redeemable participating shares (21,117,354) (35,258,291) (3,642,192) (20,458,546) (25,073,353) (16,066,510)
Increase in net assets
resulting from share transactions 23,536,858 172,534,853 14,557,092 (19,586,376) (21,261,583) 213,910,938
Notional exchange adjustment†
- - - - - -
Net increase in shareholders' funds 48,324,618 243,101,836 26,796,849 (15,418,397) (6,778,631) 230,499,762
Net assets attributable to holders of redeemable
participating shares 171,373,000 529,421,991 78,135,108 21,135,265 68,014,821 230,499,762
†The Notional Exchange Adjustment arises from the retranslation of the KBI Institutional Water Fund and KBI Institutional North America Equity Fund’s Statement of Comprehensive Income, Net Assets at the start of the financial year
and Capital Transactions, to the presentation currency of the Company using the exchange rate as at 31 August 2014.
The accompanying notes form an integral part of the financial statements.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
47
Statement of Cash Flows
For the financial year ended 31 August 2015
KBI KBI KBI Institutional KBI KBI
Cross Holdings Institutional Institutional Energy Institutional Institutional
Total Company Adjustment Long Bond Fund Agri Fund Solutions Fund Water Fund GESS Fund
(Note 24)
Year ended Year ended Year ended Year ended Year ended Year ended Year ended
31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015
EUR EUR EUR EUR EUR USD EUR
Cash flows from operating activities
Proceeds from sale of investments 1,568,716,231 5,362,559 44,302,597 34,995,901 67,781,131 212,286,242 73,960,706
Purchase of investments (1,744,262,245) (10,590,502) (21,136,715) (17,627,221) (73,440,590) (246,529,128) (60,830,078)
Interest received 10,378,317 - - 529,148 - 29 3
Dividends received 31,542,285 - - 15 1,155,071 2,980,893 801,258
Other income 3,586,392 - 2,429,458 14,276 60,090 113,357 34,071
Operating expenses paid (8,366,179) - (117,804) (208,606) (595,135) (1,593,513) (90,862)
Net cash (outflow)/inflow from operating activities (138,405,199) (5,227,943) 25,477,536 17,703,513 (5,039,433) (32,742,120) 13,875,098
Cash flows from financing activities
Distributions paid (3,635,998) - - - - - -
Interest paid (27,669) - (118) (353) (755) (3,032) (700)
Share transactions
Amounts received on issue of redeemable participating shares 726,603,702 10,590,502 5,773,553 560,662 19,245,328 102,948,105 2,457,074
Amounts paid on redemption of redeemable participating shares (595,533,596) (5,362,559) (31,258,380) (18,533,076) (14,310,183) (71,066,766) (16,134,271)
Net cash inflow/(outflow) from financing activities 127,406,439 5,227,943 (25,484,945) (17,972,767) 4,934,390 31,878,307 (13,677,897)
Net (decrease)/increase in cash and cash equivalents (10,998,760) - (7,409) (269,254) (105,043) (863,813) 197,201
Cash and cash equivalents at beginning of year* 12,667,548 - 12,224 291,507 966,643 2,082,828 237,259
Exchange from cash and cash equivalents (901,423) - 3,324 (3,763) (4,553) (279,415) (113,970)
Cash and cash equivalents at end of year 767,365 - 8,139 18,490 857,047 939,600 320,490
*Cash and Cash Equivalents includes cash at bank, cash held and bank overdraft
The accompanying notes form an integral part of the financial statements.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
48
Statement of Cash Flows
For the financial year ended 31 August 2015 (Continued)
KBI Institutional KBI Institutional KBI Institutional KBI Institutional 50/50 KBI Institutional KBI Institutional KBI Institutional KBI Institutional
Emerging Markets Developed Equity Global Global/Eurozone Eurozone North America ACWI Pan European
Equity Fund Fund Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund* Equity Fund**
Year ended Year ended Year ended Year ended Year ended Year ended Period ended Period ended
31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015
EUR EUR EUR EUR EUR USD EUR EUR
Cash flows from operating activities
Proceeds from sale of investments 139,809,651 611,293,531 104,701,883 16,572,653 66,506,575 215,625,874 18,118,017 16,047,302
Purchase of investments (112,128,637) (700,555,617) (44,794,535) (16,119,782) (47,043,971) (281,307,652) (108,976,154) (75,525,439)
Interest received 1,402 190 1,723,778 652,096 1,889,586 6,468,665 - -
Dividends received 6,019,789 19,861,006 14 - - 19 579,753 553,022
Other income 47,441 603,436 56,088 18,194 39,465 199,423 11,538 2,424
Operating expenses paid (607,669) (2,702,601) (373,855) (118,854) (215,467) (2,218,247) (26,636) (19,359)
Net cash (outflow)/inflow from operating activities 33,141,977 (71,500,055) 61,313,373 1,004,307 21,176,188 (61,231,918) (90,293,482) (58,942,050)
Cash flows from financing activities
Distributions paid (231,513) (1,244,701) - - - (2,502,812) - -
Interest paid (7,472) (11,368) (1,243) (258) (1,420) (976) (289) (234)
Share transactions
Amounts received on issue of redeemable participating shares 39,043,343 270,528,224 5,944,719 1,236,924 6,340,508 140,735,656 90,868,732 63,728,960
Amounts paid on redemption of redeemable participating shares (71,175,122) (203,006,921) (67,405,670) (1,914,140) (27,750,689) (83,325,291) - (5,451,055)
Net cash inflow/(outflow) from financing activities (32,370,764) 66,265,234 (61,462,194) (677,474) (21,411,601) 54,906,577 90,868,443 58,277,671
Net (decrease)/increase in cash and cash equivalents 771,213 (5,234,821) (148,821) 326,833 (235,413) (6,325,341) 574,961 (664,379)
Cash and cash equivalents at beginning of year* 335,498 4,823,646 332,502 97,848 387,144 4,744,586 - -
Exchange from cash and cash equivalents (202,753) (682,246) 47,220 500 1,211 (249,133) (135,621) (36,779)
Cash and cash equivalents at end of year 903,958 (1,093,421) 230,901 425,181 152,942 (1,829,888) 439,340 (701,158)
* Cash and Cash Equivalents includes cash at bank, cash held and bank overdraft.
**Fund launched on 17 April 2015.
***Fund launched on 8 May 2015.
The accompanying notes form an integral part of the financial statements.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
49
Statement of Cash Flows
For the financial year ended 31 August 2014
KBI KBI KBI Institutional KBI KBI
Cross Holdings Institutional Institutional Energy Institutional Institutional
Total Company Adjustment Long Bond Fund Agri Fund Solutions Fund Water Fund GESS Fund
(Note 24)
Year ended Year ended Year ended Year ended Year ended Year ended Year ended
31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014
EUR EUR EUR EUR EUR USD EUR
Cash flows from operating activities
Proceeds from sale of investments 752,429,761 783,570 50,601,483 16,384,849 39,907,734 163,194,965 64,477,109
Purchase of investments (1,132,478,030) (2,156,978) (37,266,813) (19,668,388) (47,355,452) (218,990,002) (64,269,352)
Interest received 1,604 - - 18 431 93 -
Dividends received 28,209,931 - - 657,719 876,659 2,949,261 865,685
Other income 3,891,173 - 2,879,696 17,803 72,732 61,067 32,717
Operating expenses paid (5,060,503) - (112,233) (232,223) (622,294) (1,308,334) (93,013)
Net cash (outflow)/inflow from operating activities (353,006,064) (1,373,408) 16,102,133 (2,840,222) (7,120,190) (54,092,950) 1,013,146
Cash flows from financing activities
Distributions paid (4,959,302) - - - - - -
Interest paid (14,800) - (12) (413) (251) (1,030) (1,601)
Share transactions
Amounts received on issue of redeemable participating shares 586,203,026 2,156,978 3,052,296 9,397,215 16,748,673 134,081,451 12,586,353
Amounts paid on redemption of redeemable participating shares (225,233,972) (783,570) (19,152,030) (6,762,821) (8,785,925) (80,135,219) (13,324,722)
Net cash inflow/(outflow) from financing activities 355,994,952 1,373,408 (16,099,746) 2,633,981 7,962,497 53,945,202 (739,970)
Net increase/(decrease) in cash and cash equivalents 2,988,888 - 2,387 (206,241) 842,307 (147,748) 273,176
Cash and cash equivalents at beginning of year* 9,901,836 - 9,723 492,483 151,938 2,313,892 (41,087)
Exchange from cash and cash equivalents (223,176) - 114 5,265 (27,602) (83,316) 5,170
Cash and cash equivalents at end of year 12,667,548 - 12,224 291,507 966,643 2,082,828 237,259
*Cash and Cash Equivalents includes cash at bank, cash held and bank overdraft
The accompanying notes form an integral part of the financial statements.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
50
Statement of Cash Flows
For the financial year ended 31 August 2014 (Continued)
KBI Institutional KBI Institutional KBI Institutional KBI Institutional 50/50 KBI Institutional KBI Institutional
Emerging Markets Developed Equity Global Global/Eurozone Eurozone North America
Equity Fund Fund Equity Fund Equity Fund Equity Fund Equity Fund
Year ended Year ended Year ended Year ended Year ended Period ended
31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014
EUR EUR EUR EUR EUR USD
Cash flows from operating activities
Proceeds from sale of investments 87,432,832 218,491,104 29,944,735 30,502,512 60,421,668 45,627,770
Purchase of investments (117,113,326) (394,597,988) (47,136,614) (11,697,572) (42,390,532) (255,609,724)
Interest received 962 113 5 2 - 7
Dividends received 5,447,372 11,806,592 1,805,488 639,406 2,296,332 2,240,863
Other income 37,575 540,439 63,698 25,422 128,169 65,360
Operating expenses paid (394,028) (1,465,865) (356,725) (147,451) (416,857) (351,305)
Net cash (outflow)/inflow from operating activities (24,588,613) (165,225,605) (15,679,413) 19,322,319 20,038,780 (208,027,029)
Cash flows from financing activities
Distributions paid (1,135,452) (3,009,687) - - - (1,107,724)
Interest paid (6,166) (3,762) (453) (44) (424) (1,248)
Share transactions
Amounts received on issue of redeemable participating shares 44,868,863 206,225,146 17,904,446 877,797 4,806,405 229,977,448
Amounts paid on redemption of redeemable participating shares (21,285,423) (35,258,291) (3,642,192) (20,458,546) (25,073,353) (16,066,510)
Net cash inflow/(outflow) from financing activities 22,441,822 167,953,406 14,261,801 (19,580,793) (20,267,372) 212,801,966
Net (decrease)/increase in cash and cash equivalents (2,146,791) 2,727,801 (1,417,612) (258,474) (228,592) 4,774,937
Cash and cash equivalents at beginning of year* 2,512,513 2,334,056 1,711,667 360,096 615,638 -
Exchange from cash and cash equivalents (30,224) (238,211) 38,447 (3,774) 98 (30,351)
Cash and cash equivalents at end of year 335,498 4,823,646 332,502 97,848 387,144 4,744,586
*Cash and Cash Equivalents includes cash at bank, cash held and bank overdraft
The accompanying notes form an integral part of the financial statements.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
51
Notes to the Financial Statements
For the financial year ended 31 August 2015
1. Significant Accounting Policies
a) Basis of preparation
The Company is an open ended investment company with variable capital and with segregated liability
between Funds, incorporated in Ireland and authorised by the Central Bank of Ireland as a UCITS pursuant to
the UCITS Regulations. The Company is structured as an umbrella fund consisting of different Funds
comprising one or more Classes. The assets of each Fund will be separate from one another and will be
invested separately in accordance with the investment objective and policies of each Fund.
These financial statements have been prepared in accordance with IFRS as adopted by the European Union
(EU) and in accordance with the provisions of the Companies Act, 2014 the European Communities
(Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (“the UCITS
Regulations”) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings
for Collective Investment in Transferable Securities) Regulations 2015 (the "Central Bank UCITS
Regulations")
The preparation of financial statements in conformity with IFRS requires the use of certain critical estimates
and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the reporting period. Although these estimates are
based on management's best knowledge of the amount, event or actions, actual results ultimately may differ
from those estimates.
In preparing the Statement of Cash Flow under IFRS, cash and cash equivalents include cash at bank and in
hand, highly liquid interest bearing securities with original maturities of three months or less and bank
overdrafts.
The financial statements have been prepared on a going concern basis.
International Financial Reporting Standards
Standards and amendments to existing standards effective 1 January 2014
The following accounting standards became effective for the Company for the first time this financial year:
Amendments to IAS 32: ‘Offsetting financial assets and financial liabilities’ is effective for annual periods
beginning on or after 1 January 2014. The amendment clarifies the offsetting criteria in IAS 32 and address
inconsistencies in their application. This includes clarifying the meaning of ‘currently has a legally
enforceable right of set-off’ and that some gross settlement systems may be considered equivalent to net
settlement.
The amendments to IFRS 10 for Investment Entities define an investment entity and introduce an exemption
to consolidate particular subsidiaries for investment entities. These amendments require an investment entity
to measure those subsidiaries at fair value through profit or loss in its financial statements. The amendments
also introduce new disclosure requirements for investment entities in IFRS 12, ‘Disclosure of Interests in
Other Entities”, and IAS 27, “Consolidated and Separate Financial Statements’.
The amendments do not to have any impact on the Company’s financial position or performance.
New standards, amendments and interpretations effective for annual periods beginning on or after 1 January
2015 and have not been early adopted
The following new standards, amendments and interpretations are not yet effective but will be applied, where
relevant, from their EU endorsed effective date. Where the EU effective date differs from the IASB effective
date, these are explained below:
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
52
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
1. Significant Accounting Policies (Continued)
a) Basis of preparation (Continued)
International Financial Reporting Standards (Continued)
New standards, amendments and interpretations effective for annual periods beginning on or after 1 January
2015 and have not been early adopted (continued)
IFRS 9 'Financial Instruments' is effective 1 January 2018 and amends IAS 39. IFRS 9 specifies how an
entity should classify and measure financial assets, including some hybrid contracts. They require all
financial assets to be classified on the basis of the entity’s business model for managing the financial assets
and the contractual cash flow characteristics of the financial asset; this classification includes financial
assets initially measured at fair value plus, in the case of a financial asset not at fair value through profit or
loss, particular transaction costs; subsequently measured at amortised costs or fair value. These requirements
improve and simplify the approach for classification and measurement of financial assets compared with the
requirements of IAS 39. They apply a consistent approach to classifying financial assets and replace the 4
categories of financial assets in IAS 39, each of which had its own classification criteria. They also result in
one impairment method, replacing the numerous impairment methods in IAS 39 that arise from the different
classification.
b) Investments
(i) Classification, Recognition and Derecognition
IAS 39 (Revised) sets out the requirements for recognition and measurement of all financial assets and financial
liabilities including derivative instruments. The Company has classified all financial instruments as financial
assets or financial liabilities at fair value through profit or loss on adoption of IAS39.
The category of financial assets and financial liabilities at fair value through profit or loss comprises:
Financial instruments held for trading. All derivatives are reported as financial assets/(liabilities) held
for trading.
Financial instruments designated at fair value through profit or loss upon initial recognition. These
include equities, preference shares, REITs, rights issues, American Depositary Receipts (“ADRs”),
warrants and bonds.
Financial assets that are classified as held to maturity include time deposits. Loans and receivables include
balances due from brokers, deposits and accounts receivable.
Financial liabilities carried at amortised cost include bank overdraft, accounts and other payables.
Financial liabilities arising from Redeemable Shares issued by a Fund are carried at the redemption amount,
representing the Investor's right to a residual interest in that Fund`s assets.
The Company recognises financial assets and financial liabilities on the date it becomes a party to the
contractual provisions of the instrument, and all significant rights and access to the benefits from the assets, and
the exposure to the risks inherent in those benefits, are transferred to the Company. The Company derecognises
financial assets and financial liabilities when all such benefits and risks are transferred from the Company.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
53
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
1. Significant Accounting Policies (Continued)
b) Investments (Continued)
(i) Classification, Recognition and Derecognition (Continued)
A regular way purchase of financial assets is recognised using trade date accounting. From this date, any gains
and losses, arising from changes in fair value of the financial assets or financial liabilities, are recorded on an
average cost basis.
(ii) Measurement
Financial instruments are measured initially at fair value (transaction price) plus, in the case of a financial asset
or financial liability not at fair value through profit or loss, transaction costs that are directly attributable to the
acquisition or issue of the financial asset or financial liability. Transaction costs on financial assets and financial
liabilities at fair value through profit or loss are expensed immediately, while on other financial instruments
they are amortised.
Subsequent to initial recognition, all instruments classified at fair value through profit or loss are measured at
fair value with changes in their fair value recognised in the Statement of Comprehensive Income.
Financial assets and financial liabilities, other than those at fair value through profit or loss, are measured at
amortised cost using the effective interest rate method, less impairment loss, if any.
Financial liabilities arising from the redeemable participating shares issued by a Fund, are carried at the
redemption amount, representing the Investors' right to a residual interest in that Fund's assets.
(iii) Fair value measurement principles
The fair value of financial instruments is based on their quoted market prices at the statement of financial
position date without any deduction for estimated future selling costs. Financial assets and financial liabilities
are priced at current mid prices. The Fund uses the last traded market price for both financial assets and
financial liabilities where the last traded price falls within the bid-ask spread. In circumstances where the last
traded price is not within the bid-ask spread, management will determine the point within the bid-ask spread
that is most representative of fair value.
If a quoted market price is not available on a recognised stock exchange or from a broker/dealer for non-
exchange-traded financial instruments, the fair value of the instrument is estimated using valuation techniques,
including use of recent arm's length market transactions, reference to the current fair value of another
instrument that is substantially the same, discounted cash flow techniques, option pricing models or any other
valuation technique that provides a reliable estimate of prices obtained in actual market transactions.
Prior to 1 January 2013, the quoted market price used for financial assets held by a Fund was the current bid
price, in accordance with the requirements of accounting standards at that time. This differed from the valuation
methodology in the prospectus. The reversal of this adjustment in the comparative year is shown in the
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares as a movement
in adjustment from bid to dealing prices.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
54
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
1. Significant Accounting Policies (Continued)
b) Investments (Continued)
(iv) Impairment
Financial assets that are stated at cost or amortised cost are reviewed at each statement of financial position date
to determine whether there is objective evidence of impairment. If any such indication exists, an impairment
loss is recognised in the Statement of Comprehensive Income as the difference between the asset’s carrying
amount and the present value of estimated future cash flows discounted at the financial asset’s original effective
interest rate.
If in a subsequent period the amount of an impairment loss recognised on a financial asset carried at amortised
cost decreases and the decrease can be linked objectively to an event occurring after the write-down, the write-
down is reversed through the Statement of Comprehensive Income.
(v) Offsetting Financial Instruments
Financial assets and financial liabilities are offset and the net amount reported in the Statement of Financial
Position where there is a legally enforceable right to offset the recognised amounts and there is an intention to
settle on a net basis, or realise the assets and settle the liability simultaneously.
(vi) Cash and Cash Equivalents
Cash comprises of current deposits with banks. Cash equivalents are short-term highly liquid investments that
are readily convertible to known amounts of cash, are subject to an insignificant risk of changes in value, and
are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes.
c) Income
Dividends, gross of foreign withholding taxes, where applicable, are included as income when the security is
declared to be ex-dividend. Bank interest income is accounted for on an effective interest rate. Interest income
on fixed and floating rate securities is accounted for on an effective yield basis. Income received arising on
fixed interest securities is recognised as a component of operating income. Further analysis of this operating
income is shown in Note 3.
d) Fees and charges
Investment management fees, administration fees, custody fees, sub-custody fees and other operating expenses
are charged to the Statement of Comprehensive Income on an accruals basis.
e) Valuation Point
The valuation point used to value the securities for the purpose of the financial statements is that of 31
August 2015, the last business day of the financial year.
f) Collective Investment Schemes
Collective investment schemes which are traded in active markets are valued using quoted market prices at the
statement of financial position date. Collective Investment Schemes which are not publicly traded are normally
valued at the underlying audited net asset value as advised by the managers or administrators of these
Collective Investment Schemes, unless the Investment Manager is aware of good reasons why such a valuation
would not be the most appropriate indicator of fair value.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
55
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
1. Significant Accounting Policies (Continued)
g) Redeemable Participating Shares
Redeemable Participating Shares are redeemable at the Shareholder’s option and are classified as financial
liabilities. Any distributions on these redeemable participating shares are recognised in the Statement of
Comprehensive Income as finance costs.
h) Gains and Losses on Investments
Realised gains or losses on disposal of investments and financial derivative instruments during the year and
unrealised gains and losses on valuation of investments and financial derivative instruments held at the year
end are dealt with in the Statement of Comprehensive Income.
i ) Taxation
Dividend and interest income received by the Company may be subject to withholding tax imposed in the
country of origin. Investment income is recorded gross of such taxes.
j) Securities Lending
The Company has a securities lending agreement with the Northern Trust Company who act as agent. The agent
in turn has entered into a securities lending agreement with each borrower on terms that the borrower shall deliver
to the Escrow agent, concurrently with or prior to the delivery of the loaned securities, collateral having a market
value at the time of delivery at least such value as determined by the lender or, in the absence of such
determination, at least equal to or in excess of 105% of the market value of the loaned Securities unless the
borrowed securities and collateral are denominated in the same currency then a collateral level of 102% will
apply. The Company uses J.P. Morgan Chase Bank, The Bank of New York Mellon and Euroclear Bank S.A. as
Escrow agents.
During the year ended 31 August 2015, all Funds were engaged in this programme. Details of their lending are
summarised in Note 12 to the financial statements.
The legal title of the securities on loan remains with the Funds of the Company and therefore these securities
form part of the financial assets at fair value through profit or loss on the Statement of Financial Position.
k ) Distributions
As outlined in the "Background to the Company", KBI Institutional Agri Fund, KBI Institutional Emerging
Markets Equity Fund, KBI Institutional Developed Equity Fund, KBI Institutional Global Equity Fund, KBI
Institutional Eurozone Equity Fund, KBI Institutional North America Equity Fund, KBI Institutional ACWI
Equity Fund and KBI Institutional Pan European Equity Fund may distribute. Where applicable, distributions are
classified as Finance Costs in the Statement of Comprehensive Income. See Note 15 for details of distributions.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
56
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
1. Significant Accounting Policies (Continued)
l) Foreign Exchange
The functional and presentational currency of the Company is Euro. The Directors have determined that this
reflects the Company's primary economic environment, as the majority of the Company's Net Assets
Attributable to Holders of Redeemable Participating Shares are in Euro.
Foreign exchange gains and losses on financial assets and financial liabilities at fair value through profit and
loss are recognised together with other changes in the fair value. Net currency gains/(losses) as set out in
Note 4, are net foreign exchange gains and losses on monetary financial assets and financial liabilities other
than those classified at fair value through profit or loss.
Assets and liabilities denominated in foreign currencies, other than the functional currency of the Company,
have been translated at the rate of exchange ruling at 31 August 2015. Transactions in foreign currencies are
translated into Euro at the exchange rate ruling at the date of the transaction. Gains and losses on foreign
exchange transactions are recognised in the Statement of Comprehensive Income in determining the result for
the financial year.
For the purposes of aggregating the financial statements of the KBI Institutional Water Fund and the KBI
Institutional North America Equity Fund, the Funds’ Statement of Comprehensive Income and Statement of
Changes in Net Assets Attributable to Holders of Redeemable Participating Shares have been retranslated into
Euro at the average US Dollar exchange rate. The Statement of Financial Position has been retranslated into the
Euro value at the financial year end US Dollar exchange rate. This method of translation has no effect on the
Net Asset Value of the individual Funds.
The following EUR exchange rates were used to convert investments, assets and liabilities to the functional
currency of the Company:
As at As at
31 August 2015 31 August 2014
EUR 1=
Australian Dollar 1.5805 1.4083
Brazilian Real 4.0811 2.9473
Canadian Dollar 1.4908 1.4288
Chilean Peso 776.1480 778.9920
Colombian Peso 3,466.2668 2,526.9822
Czech Koruna 27.0405 27.7525
Danish Krone 7.4637 7.4500
Hong Kong Dollar 8.6839 10.2085
Indonesian Rupiah 15,743.0254 15,407.9460
Israeli Shekel 4.4083 4.7003
Japanese Yen 135.7878 136.8373
Korean Won 1,325.2714 1,335.5749
Malaysian Ringgit 4.7061 4.1518
Mexican Peso 18.8020 17.2230
New Zealand Dollar 1.7694 1.5735
Norwegian Krone 9.3959 8.1366
Philippine Peso 53.3722 57.4299
Polish Zloty 4.2273 4.2115
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
57
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
1. Significant Accounting Policies (Continued)
l) Foreign Exchange (Continued)
As at As at
31 August 2015 31 August 2014
EUR 1=
Pound Sterling 0.7285 0.7931
Singapore Dollar 1.5802 1.6438
South African Rand 14.8626 14.0089
Swedish Krona 9.5077 9.1826
Swiss Franc 1.0836 1.2064
Taiwan Dollar 36.4566 39.3718
Thailand Bhat 40.1643 42.0714
Turkish Lira 3.2618 2.8285
US Dollar 1.1205 1.3180 The following USD exchange rates were used to convert investments, assets and liabilities to the functional
currency of the Company:
As at As at
31 August 2015 31 August 2014
USD 1=
Australian Dollar 1.4105 1.0692
Brazilian Real 3.6423 2.2376
Canadian Dollar 1.3305 1.0848
Euro 0.8925 0.7592
Hong Kong Dollar 7.7501 7.7502
Japanese Yen 121.1850 103.8850
Korean Won 1,182.7500 1,013.9500
Malaysian Ringgit 4.2000 3.1520
Norwegian Krone 8.3855 6.1772
Philippine Peso 46.7400 43.6000
Pound Sterling 0.6502 0.6021
Singapore Dollar 1.4103 1.2480
Swedish Krona 8.4853 6.9713
Swiss Franc 0.9671 0.9159 The year average exchange rates used to convert income, gains/(losses) and expenses to the functional currency
of the Company were:
Year ended Year ended
USD 1 = 31 August 2015 31 August 2014
Australian Dollar 1.2498 1.0849
Brazilian Real 2.8745 2.2819
Canadian Dollar 1.2088 1.0771
Euro 0.8629 0.7350
Hong Kong Dollar 7.7541 7.7543
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
58
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
1. Significant Accounting Policies (Continued)
l) Foreign Exchange (Continued)
The year average exchange rates used to convert income, gains/(losses) and expenses to the functional currency
of the Company were: (Continued)
Year ended Year ended
USD 1 = 31 August 2015 31 August 2014
Japanese Yen 118.1747 101.6229
Korean Won 1,100.3887 1,051.1114
Malaysian Ringgit 3.5806 3.2367
Norwegian Krone 7.4834 6.0670
Philippine Peso 44.7763 44.0637
Pound Sterling 0.6442 0.6054
Singapore Dollar 1.3334 1.2557
Swedish Krona 8.0576 6.5802
Swiss Franc 0.9527 0.8989
m) Transaction costs
Transaction costs are costs incurred to acquire financial assets or liabilities at fair value through profit or loss.
They include fees and commissions paid to agents, advisors, brokers and dealers, and local taxes and levies.
Transaction costs, when incurred, are included as part of the cost of such purchases.
Transaction costs are included in realised and unrealised gain/loss on investments and the amounts are
disclosed in note 22.
2. Financial Risk Management
Strategy in using Financial Instruments
The Company consists of thirteen Funds (2014: eleven). The investment objectives of the Funds are
summarised in the "Background to the Company" on pages 2 to 10.
Day-to-day risk management is undertaken by the Investment Manager, as detailed in the sections below. The
Administrator and Custodian report separately to the Directors on a quarterly basis.
The Funds are subject to a number of investment restrictions imposed by external regulators or self-imposed by the
Prospectus and Memorandum and Articles of Association. These restrictions are intended to reduce the risks
associated with the Funds' financial instruments. The Investment Manager also reports monthly to the Designated
Directors on whether the Funds have been operated in accordance with the investment guidelines as defined in the
Prospectus as well as any self-imposed limitations.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
59
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
2. Financial Risk Management (Continued)
Strategy in using Financial Instruments (Continued)
In pursuing its investment objective, the Company is exposed to a variety of financial risks: market risk
(including market price risk, interest rate risk and currency risk), credit risk and liquidity risk that could result
in a reduction in the Company's net assets. The Investment Manager's overall risk management programme
focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the
Funds' financial performance.
These policies for managing risk have been applied throughout the year.
Market Risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in market prices. Market risk comprises three types of risk: foreign currency risk, interest rate risk
and market price risk.
The Investment Manager moderates market risk through a careful selection of securities and other financial
instruments within specified limits. The maximum risk resulting from financial instruments is determined by
the fair value of the financial instruments. The Funds' overall market positions are monitored on a daily basis
by the Company's Investment Manager and are reviewed on a regular basis by the Board of Directors.
At 31 August 2015, the Company's market risk is affected by three main components:
(a) changes in actual market prices ("market price risk"),
(b) foreign currency movements ("foreign currency risk"), and,
(c) interest rate movements ("interest rate risk").
(a) Market Price Risk
Market price risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate
because of changes in market prices.
The Company’s equities, debt securities and collective investment schemes are susceptible to market price
risk arising from uncertainties about future prices of the instruments.
The Directors of the Company manage the market price risks inherent in the investment portfolio by ensuring
full and timely access to relevant information from the Investment Manager. The Board meets regularly and at
each meeting reviews investment performance and overall market positions. The Directors monitor the
Investment Managers' compliance with the Company's objectives. There were no material changes to the
Company's policies and processes for managing market risk and the methods and assumptions used to
measure risk during the year. The Sub-Funds do not currently invest in derivative instruments and are not
involved in netting or hedging arrangements. The KBI Institutional Long Bond Fund is a long-only bond
fund. The remaining Sub-Funds of the Company are long-only equity funds. The global exposure is calculated
weekly for the KBI Institutional Long Bond Fund and daily for the remaining Sub-Funds by the Funds’
administrator in the calculation of the net asset value. In the event that a Sub-Fund is exposed to derivative
instruments or netting or hedging activity, global exposure will be calculated based on the Commitment
Approach as outlined in the Company’s Risk Management Procedure (‘RMP’) document.
Details of the nature of the Funds' investment portfolios at the statement of financial position date are
disclosed in the Schedule of Investments on pages 130 to 256.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
60
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
2. Financial Risk Management (Continued)
Market Risk (Continued)
Market price risk - Sensitivity analysis
If equity, warrant and collective investment scheme prices had increased by 25% and bond prices had increased by 15%, at the Statement of Financial Position date, with all other variables held constant, this would have increased net assets attributable to holders of redeemable participating shares of the Funds as follows:
KBI KBI Institutional KBI Institutional
KBI Institutional KBI Institutional Institutional Energy KBI Institutional KBI Institutional Emerging Markets Developed
Long Bond Fund Agri Fund Solutions Fund Water Fund GESS Fund Equity Fund Equity Fund
As at 31 August 2015 EUR EUR EUR USD EUR EUR EUR
Investment assets
Equities - 5,196,951 14,402,454 46,262,146 9,296,371 32,259,252 163,454,926
Bonds 6,879,824 - - - - - -
Collective Investment Schemes - - - - - - 500,182
Total investment assets 6,879,824 5,196,951 14,402,454 46,262,146 9,296,371 32,259,252 163,955,108
KBI KBI Institutional KBI Institutional KBI Institutional KBI KBI Institutional
Institutional Global 50/50 Global/Eurozone Eurozone North America Institutional ACWI Pan European
Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund* Equity Fund**
As at 31 August 2015 EUR EUR EUR USD EUR EUR
Investment assets
Equities 5,971,251 1,445,873 12,837,076 66,657,344 18,045,342 13,141,232
Bonds - - - - - -
Collective Investment Schemes 525,499 252,165 - - 1,988,111 -
Total investment assets 6,496,750 1,698,038 12,837,076 66,657,344 20,033,453 13,141,232
Conversely, if equity and collective investment scheme prices had decreased by 25% and bond prices had decreased by 15%, at the statement of financial position date, with all other variables held constant, this would have
decreased net assets attributable to holders of redeemable participating shares of the Funds by an equal amount. Actual trading results could differ from the above sensitivity analysis and these differences may be material.
(NB: the above sensitivity analysis is based on the assumption that only equities, collective investment schemes and bonds are exposed to market price risk).
*Fund launched on 17 April 2015. **Fund launched on 8 May 2015.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
61
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
2. Financial Risk Management (Continued)
Market Risk (Continued)
Market price risk - Sensitivity analysis
If equity, warrant and collective investment scheme prices had increased by 25% and bond prices had increased by 15%, at the Statement of Financial Position date, with all other variables held constant, this would have increased net assets attributable to holders of redeemable participating shares of the Funds as follows:
KBI KBI Institutional KBI Institutional
KBI KBI Institutional KBI KBI Dividend Plus Dividend Plus
Institutional Institutional Alternative Institutional Institutional Emerging Developed Equity
Long Bond Fund Agri Fund Energy Fund Water Fund GESS Fund Markets Fund Fund
As at 31 August 2014 EUR EUR EUR USD EUR EUR EUR
Investment assets
Equities - 10,166,766 13,767,282 46,424,521 13,531,333 42,665,329 130,388,750
Bonds 9,931,169 - - - - - -
Collective Investment Schemes - - - - - - -
Total investment assets 9,931,169 10,166,766 13,767,282 46,424,521 13,531,333 42,665,329 130,388,750
KBI KBI Institutional KBI Institutional KBI Institutional
Institutional Global 50/50 Global/Eurozone Eurozone North America
Equity Fund Equity Fund Equity Fund Equity Fund
As at 31 August 2014 EUR EUR EUR USD
Investment assets
Equities 17,690,437 5,029,031 16,880,464 56,316,752
Bonds - - - -
Collective Investment Schemes 1,617,826 226,126 - -
Total investment assets 19,308,263 5,255,157 16,880,464 56,316,752
Conversely, if equity and collective investment scheme prices had decreased by 25% and bond prices had decreased by 15%, at the statement of financial position date, with all other variables held constant, this would have
decreased net assets attributable to holders of redeemable participating shares of the Funds by an equal amount. Actual trading results could differ from the above sensitivity analysis and these differences may be material.
(NB: the above sensitivity analysis is based on the assumption that only equities, collective investment schemes and bonds are exposed to market price risk).
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
62
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
2. Financial Risk Management (Continued)
(b) Currency Risk
Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. Certain of the Funds' assets, liabilities and income are denominated in currencies other
than Euro with the exception of the KBI Institutional Water Fund and the KBI Institutional North America Equity Fund whose assets, liabilities and income are denominated in currencies other than US Dollars. They are, therefore, exposed
to currency risk as the value of the securities denominated in other currencies will fluctuate due to changes in exchange rates. Income denominated in foreign currencies is converted to the base currency of the Fund on recognition (accruals
basis).
In accordance with Company policy, the Investment Manager monitors the Funds' currency position on a daily basis and the Board of Directors reviews it on a regular basis.
There were no material changes to the Company’s policies and processes for managing currency risk and the methods used to measure risk during the financial year.
The tables below document the Funds' exposure to currency risks as at 31 August 2015 and 31 August 2014. All figures are stated in the base currency of the Fund (noted in parentheses).
As at 31 August 2015 GBP USD Total
Monetary assets 3 4 7
Non-monetary assets - - -
Monetary liabilities - - -
Spot Contracts - - -
Net exposure 3 4 7
KBI Institutional Agri Fund (EUR'000) BRL CAD CHF GBP ILS INR NOK SGD USD ZAR Total
Monetary assets - 3 47 - 2 - - - 60 - 112
Non-monetary assets 1,407 634 1,278 1,352 287 254 880 921 11,053 - 18,066
Monetary liabilities - - - - - - - - (205) - (205)
Spot Contracts - - - - - - - - - - -
Net exposure 1,407 637 1,325 1,352 289 254 880 921 10,908 - 17,973
CAD CHF GBP HKD PHP TWD USD Total
Monetary assets 95 - 94 - - 8 249 446
Non-monetary assets 4,893 - 9,023 3,296 1,007 313 30,442 48,974
Monetary liabilities - - - - - - (125) (125)
Spot Contracts - - - - - - - -
Net exposure 4,988 - 9,117 3,296 1,007 321 30,566 49,295
KBI Institutional Water Fund (USD'000) AUD BRL CAD CHF EUR GBP HKD INR JPY MXN MYR PHP SGD Total
Monetary assets - 3 131 - 48 19 2 - - - 183 141 67 594
Non-monetary assets - 956 25,496 4,919 20,729 9,018 4,423 2,659 3,109 2,128 78 3,773 3,723 81,011
Monetary liabilities - - (187) - - - - - - (16) - - (173) (376)
Spot Contracts - - - - (127) - - - - 16 - (111) 112 (110)
Net exposure - 959 25,440 4,919 20,650 9,037 4,425 2,659 3,109 2,128 261 3,803 3,729 81,119
KBI Institutional Long Bond Fund (EUR'000)
KBI Institutional Energy Solutions Fund (EUR'000)
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
63
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
2. Financial Risk Management (Continued)
Market Risk (Continued)
(b) Currency Risk (Continued)
As at 31 August 2015 (Continued) KBI Institutional GESS Fund
(EUR'000) BRL CAD CHF GBP HKD ILS INR JPY MXN MYR NOK PHP SGD TWD USD Total
Monetary assets - 57 27 24 - 1 - - - 13 - 13 3 2 87 227
Non-monetary assets 895 3,135 1,110 3,294 1,021 170 334 242 147 6 517 469 798 69 20,106 32,313
Monetary liabilities - (12) - - - - - - (1) - - - (5) - (23) (41)
Spot Contracts - - - - - - - - 1 - - (11) 5 - (5) (10)
Net exposure 895 3,180 1,137 3,318 1,021 171 334 242 147 19 517 471 801 71 20,165 32,489
KBI Institutional Emerging Markets Equity Fund
(EUR'000) BRL CLP COP CZK GBP HKD HUF IDR INR KRW MXN MYR PHP
Monetary assets 85 - - - 22 55 - - 9 2 - 18 -
Non-monetary assets 9,356 2,460 529 1,147 - 32,082 1,103 3,411 10,519 14,999 5,140 2,582 498
Monetary liabilities - - - - - - - (80) - - - - -
Spot Contracts - - - - - - - 63 - - - - -
Net exposure 9,441 2,460 529 1,147 22 32,137 1,103 3,394 10,528 15,001 5,140 2,600 498
KBI Institutional Emerging Markets Equity Fund
(EUR'000) (Continued) PLN QAR THB TRL TWD UAD USD ZAR Total
Monetary assets - 64 15 - 294 - 651 38 1,253
Non-monetary assets 554 1,643 3,039 1,190 21,523 1,024 4,372 11,866 129,037
Monetary liabilities - - - - - - - - (80)
Spot Contracts - - - - - - - - 63
Net exposure 554 1,707 3,054 1,190 21,817 1,024 5,023 11,904 130,273
(EUR'000) AUD CAD CHF GBP HKD ILS JPY NOK SEK SGD USD Total
Monetary assets 257 137 - 701 - 3 151 - - 10 880 2,139
Non-monetary assets 21,898 39,347 24,569 60,721 2,873 826 57,649 4,008 16,209 2,609 361,381 592,090
Monetary liabilities - - - (17) - - - - - - - (17)
Spot Contracts - - - - - - - - - - - -
Net exposure 22,155 39,484 24,569 61,405 2,873 829 57,800 4,008 16,209 2,619 362,261 594,212
AUD CAD CHF GBP HKD ILS JPY NOK SEK SGD USD Total
Monetary assets 10 4 - 31 30 - 7 - - - 46 128
Non-monetary assets 799 1,433 898 2,223 99 34 2,123 147 590 96 13,190 21,632
Monetary liabilities - - - - - - - - - - - -
Spot Contracts - - - - - - - - - - - -
Net exposure 809 1,437 898 2,254 129 34 2,130 147 590 96 13,236 21,760
KBI Institutional Developed Equity Fund
KBI Institutional Global Equity Fund (EUR'000)
64
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
2. Financial Risk Management (Continued)
Market Risk (Continued)
(b) Currency Risk (Continued)
As at 31 August 2015 (Continued) AUD CAD CHF GBP HKD ILS JPY NOK SEK SGD USD Total
Monetary assets 4 2 - 12 - - 3 - - - 55 76
Non-monetary assets 365 662 414 1,016 48 15 982 67 272 42 6,097 9,980
Monetary liabilities - - - - - - - - - - - -
Spot Contracts - - - - - - - - - - - -
Net exposure 369 664 414 1,028 48 15 985 67 272 42 6,152 10,056
USD Total
Monetary assets 17 17
Non-monetary assets - -
Monetary liabilities - -
Spot Contracts - -
Net exposure 17 17
CAD EUR GBP Total
Monetary assets 85 - 309 394
Non-monetary assets 26,217 - - 26,217
Monetary liabilities - - - -
Spot Contracts - - (268) (268)
Net exposure 26,302 - 41 26,343
KBI Institutional ACWI Equity Fund* (EUR'000) AUD CAD CHF GBP HKD ILS JPY NOK SEK SGD USD Total
Monetary assets 28 15 - 121 - - 16 - - 1 343 524
Non-monetary assets 2,405 4,360 2,713 6,701 305 93 6,335 437 1,781 281 39,985 65,396
Monetary liabilities - - - - - - - - - - - -
Spot Contracts - - - - - - - - - - - -
Net exposure 2,433 4,375 2,713 6,822 305 93 6,351 437 1,781 282 40,328 65,920
CHF GBP NOK SEK USD Total
Monetary assets - 231 - - 2 233
Non-monetary assets 7,701 19,096 1,282 5,095 - 33,174
Monetary liabilities - - - - - -
Spot Contracts - - - - - -
Net exposure 7,701 19,327 1,282 5,095 2 33,407
KBI Institutional Eurozone Equity Fund (EUR'000)
KBI Institutional North America Equity Fund (USD'000)
KBI Institutional 50/50 Global/Eurozone Equity Fund (EUR'000)
KBI Institutional Pan European Equity Fund** (EUR'000)
65
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
2. Financial Risk Management (Continued)
Market Risk (Continued)
(b) Currency Risk (Continued)
As at 31 August 2014 USD Total
Monetary assets 12 12
Non-monetary assets - -
Monetary liabilities - -
Forwards - -
Net exposure 12 12
KBI Institutional Agri Fund (EUR'000) AUD BRL CAD CHF GBP HKD ILS NOK SGD USD ZAR Total
Monetary assets - 125 - - - - - - 2 169 - 296
Non-monetary assets 720 3,773 1,463 2,629 1,302 41 565 1,266 3,249 19,493 622 35,123
Monetary liabilities - - - - (81) - - - - - - (81)
Spot Contracts - - - - 2 - - - (2) - - -
Net exposure 720 3,898 1,463 2,629 1,223 41 565 1,266 3,249 19,662 622 35,338
CAD CHF GBP HKD TWD USD Total
Monetary assets 41 - 318 - - 920 1,279
Non-monetary assets 2,498 1,190 6,813 3,329 766 26,931 41,527
Monetary liabilities - - - - - (459) (459)
Spot Contracts - - - - - - -
Net exposure 2,539 1,190 7,131 3,329 766 27,392 42,347
KBI Institutional Water Fund (USD'000) AUD CAD CHF EUR GBP INR JPY MXN Total
Monetary assets - 54 - 289 739 - 35 - 1,117
Non-monetary assets 1,785 16,845 8,782 16,455 26,904 693 9,049 1,869 82,382
Monetary liabilities - (151) - - (119) - - - (270)
Forwards - - - - - - - - -
Net exposure 1,785 16,748 8,782 16,744 27,524 693 9,084 1,869 83,229
KBI Institutional GESS Fund
(EUR'000) BRL CAD CHF GBP HKD JPY SGD USD Total
Monetary assets 189 19 - 108 - - - 456 772
Non-monetary assets 2,316 4,370 2,187 4,955 879 824 1,484 27,762 44,777
Monetary liabilities (91) (43) - - - - - (309) (443)
Forwards - - - - - - - - -
Net exposure 2,414 4,346 2,187 5,063 879 824 1,484 27,909 45,106
KBI Institutional Long Bond Fund (EUR'000)
KBI Institutional Energy Solutions Fund (EUR'000)
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
66
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
2. Financial Risk Management (Continued)
Market Risk (Continued)
(b) Currency Risk (Continued)
As at 31 August 2014 (Continued) BRL CLP COP CZK GBP HKD IDR INR KRW MXN MYR PHP
Monetary assets 108 - - - - 117 4 - - 2 18 -
Non-monetary assets 16,160 4,666 4,666 3,650 - 34,678 4,612 11,069 23,564 6,943 4,312 754
Monetary liabilities (5) - - - (601) - - - - - - -
Forwards - - - - - - - - - - - -
Net exposure 16,263 4,666 4,666 3,650 (601) 34,795 4,616 11,069 23,564 6,945 4,330 754
PLN THB TRL TWD USD ZAR Total
Monetary assets - 53 - 229 100 36 667
Non-monetary assets 1,801 4,515 3,378 24,318 7,133 14,443 170,662
Monetary liabilities - - - - - - (606)
Forwards - - - - - - -
Net exposure 1,801 4,568 3,378 24,547 7,233 14,479 170,723
AUD CAD CHF GBP HKD JPY NOK SEK SGD USD Total
Monetary assets 409 193 - 575 - 56 9 - 296 1,028 2,566
Non-monetary assets 19,709 54,145 12,527 56,004 1,477 42,339 6,000 13,281 1,080 261,945 468,507
Monetary liabilities - - - (1,290) - - - - - - (1,290)
Forwards - - - - - - - - - - -
Net exposure 20,118 54,338 12,527 55,289 1,477 42,395 6,009 13,281 1,376 262,973 469,783
AUD CAD CHF GBP HKD JPY NOK SEK SGD USD Total
Monetary assets 35 25 - 90 - 9 1 - 43 148 351
Non-monetary assets 2,654 7,413 1,704 7,618 196 5,731 786 1,802 139 35,566 63,609
Monetary liabilities - - - - - - - - - - -
Forwards - - - - - - - - - - -
Net exposure 2,689 7,438 1,704 7,708 196 5,740 787 1,802 182 35,714 63,960
AUD CAD CHF GBP HKD JPY NOK SEK SGD USD Total
Monetary assets 9 4 - 14 - 25 - - 14 25 91
Non-monetary assets 408 1,129 267 1,180 31 848 125 281 23 5,392 9,684
Monetary liabilities - - - - - - - - - - -
Forwards - - - - - - - - - - -
Net exposure 417 1,133 267 1,194 31 873 125 281 37 5,417 9,775
KBI Institutional Emerging Markets Equity Fund (EUR'000)
KBI Institutional Developed Equity Fund (EUR'000)
KBI Institutional Global Equity Fund (EUR'000)
KBI Institutional 50/50 Global/Eurozone Equity Fund (EUR'000)
67
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
2. Financial Risk Management (Continued)
Market Risk (Continued)
(b) Currency Risk (Continued)
As at 31 August 2014 (Continued)
USD Total
Monetary assets 4 4
Non-monetary assets - -
Monetary liabilities - -
Forwards - -
Net exposure 4 4
CAD EUR GBP Total
Monetary assets 819 316 - 1,135
Non-monetary assets 38,655 - - 38,655
Monetary liabilities - - (114) (114)
Forwards - - - -
Net exposure 39,474 316 (114) 39,676
KBI Institutional North America Equity Fund (USD'000)
KBI Institutional Eurozone Equity Fund (EUR'000)
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
68
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
2. Financial Risk Management (Continued)
Market Risk (Continued)
(b) Currency Risk (Continued)
Currency risk - Sensitivity analysis
At the statement of financial position date, had the Euro and the US Dollar changed by 15% in relation to all currencies, with all other variables held constant, net assets attributable to holders of redeemable participating shares and the
change in net assets attributable to holders of redeemable participating shares, would have changed by the amounts shown below: KBI Institutional Long Bond Fund (EUR'000) GBP USD Total
As at 31 August 2015 - 1 1
As at 31 August 2014 - 2 2
KBI Institutional Agri Fund (EUR'000) AUD BRL CAD CHF GBP HKD ILS INR MYR NOK SEK SGD USD ZAR Total
As at 31 August 2015 - 211 96 199 203 - 43 38 - 132 - 138 1,636 - 2,696
As at 31 August 2014 108 585 220 394 184 6 85 - - 190 - 487 2,949 93 5,301
KBI Institutional Energy Solutions Fund (EUR'000) AUD CAD CHF DKK GBP HKD PHP TWD USD Total
As at 31 August 2015 - 748 - - 1,368 494 151 48 4,585 7,394
As at 31 August 2014 - 381 178 - 1,070 499 - 115 4,109 6,352
KBI Institutional Water Fund (USD'000) AUD BRL CAD CHF EUR GBP HKD INR JPY MXN MYR PHP SGD Total
As at 31 August 2015 - 144 3,816 738 3,098 1,356 664 399 466 319 39 570 559 12,168
As at 31 August 2014 268 - 2,512 1,317 2,511 4,129 - 104 1,363 280 - - - 12,484
KBI Institutional GESS Fund (EUR'000) BRL CAD CHF GBP HKD ILS INR JPY MXN MYR NOK PHP SGD TWD USD Total
As at 31 August 2015 134 477 171 498 153 26 50 36 22 3 78 71 120 11 3,025 4,875
As at 31 August 2014 362 652 328 759 132 - - 124 - - - - 223 - 4,186 6,766
Actual trading results could differ from the above sensitivity analysis and these differences may be material.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
69
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
2. Financial Risk Management (Continued)
Market Risk (Continued)
(b) Currency Risk (Continued)
Currency risk - Sensitivity analysis (Continued)
At the statement of financial position date, had the Euro and the US Dollar changed by 15% in relation to all currencies, with all other variables held constant, net assets attributable to holders of redeemable participating shares and the
change in net assets attributable to holders of redeemable participating shares, would have changed by the amounts shown below: KBI Institutional Emerging Markets Equity Fund (EUR'000) BRL CLP COP CZK GBP HKD HUF IDR INR KRW MXN MYR PHP
As at 31 August 2015 1,416 369 79 172 3 4,821 165 509 1,579 2,250 771 390 75
As at 31 August 2014 2,439 700 700 548 (90) 5,219 - 692 1,660 3,535 1,042 649 113
KBI Institutional Emerging Markets Equity Fund (EUR'000)
(Continued) PLN QAR THB TRL TWD UAD USD ZAR Total
As at 31 August 2015 83 256 458 179 3,273 154 753 1,786 19,541
As at 31 August 2014 270 - 685 507 3,682 - 1,085 2,172 25,608
AUD CAD CHF GBP HKD ILS JPY NOK SEK SGD USD Total
As at 31 August 2015 3,323 5,923 3,685 9,211 431 124 8,670 601 2,431 393 54,339 89,131
As at 31 August 2014 3,018 8,151 1,879 8,293 222 - 6,359 901 1,992 206 39,446 70,467
AUD CAD CHF GBP HKD ILS JPY NOK SEK SGD USD Total
As at 31 August 2015 121 216 135 338 20 6 320 22 89 14 1,985 3,266
As at 31 August 2014 403 1,116 256 1,156 30 - 861 118 270 27 5,357 9,594
AUD CAD CHF GBP HKD ILS JPY NOK SEK SGD USD Total
As at 31 August 2015 55 100 62 154 7 2 148 10 41 6 923 1,508
As at 31 August 2014 62 170 40 179 5 - 131 19 42 5 813 1,466
KBI Institutional Developed Equity Fund (EUR'000)
KBI Institutional Global Equity Fund (EUR'000)
KBI Institutional 50/50 Global/Eurozone Equity Fund (EUR'000)
Actual trading results could differ from the above sensitivity analysis and these differences may be material.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
70
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
2. Financial Risk Management (Continued)
Market Risk (Continued)
(b) Currency Risk (Continued)
Currency risk - Sensitivity analysis (Continued)
At the statement of financial position date, had the Euro and the US Dollar changed by 15% in relation to all currencies, with all other variables held constant, net assets attributable to holders of redeemable participating shares and the
change in net assets attributable to holders of redeemable participating shares, would have changed by the amounts shown below:
USD Total
As at 31 August 2015 3 3
As at 31 August 2014 1 1
CAD EUR GBP Total
As at 31 August 2015 3,945 - 6 3,951
As at 31 August 2014 5,921 47 (17) 5,951
AUD CAD CHF GBP HKD ILS JPY NOK SEK SGD USD Total
As at 31 August 2015 365 656 407 1,023 46 14 953 66 267 42 6,049 9,888
As at 31 August 2014 - - - - - - - - - - - -
CHF GBP NOK SEK USD Total
As at 31 August 2015 1,155 2,899 192 764 - 5,010
As at 31 August 2014 - - - - - -
KBI Institutional ACWI Equity Fund* (EUR'000)
KBI Institutional Pan European Equity Fund** (EUR'000)
KBI Institutional North America Equity Fund (USD'000)
KBI Institutional Eurozone Equity Fund (EUR'000)
(c) Interest Rate Risk
The Funds' interest bearing financial assets and financial liabilities expose them to risks associated with the effects of fluctuations in the prevailing levels of market interest rates on their financial position and cash flows.
Interest rate risk is managed, in part, by the security selection process of the Investment Manager which includes predictions of future events and their impact on interest rates, diversification and duration. In accordance with Company
policy, the Investment Manager monitors the Funds' overall interest sensitivity on a daily basis and the Board of Directors review it on a regular basis. There were no material changes to the Company's policies and processes for managing interest rate risk and the methods used to measure risk since the prior year end.
As at the Statement of Financial Position date, only the KBI Institutional Long Bond Fund had significant exposure to interest rate risk. The tables overleaf summarise the KBI Institutional Long Bond Fund's exposure to interest rate risk. It includes the Fund's assets and trading liabilities at fair values, categorised by the earlier of contractual re-pricing or maturity dates.
71
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
2. Financial Risk Management (Continued)
Market Risk (Continued)
(c) Interest Rate Risk (Continued) KBI Institutional Long Bond Fund Non-interest
< 1 year 1 - 5 years > 5 years bearing Total
As at 31 August 2015 EUR EUR EUR EUR EUR
Assets
Financial assets at fair value through profit or loss
Bonds - - 45,865,490 - 45,865,490
Loans and receivables
Securities Sold Receivable - - - 370,031 370,031
Other Receivables - - - 638,656 638,656
Cash and cash equivalents 8,139 - - - 8,139
Total assets 8,139 - 45,865,490 1,008,687 46,882,316
Liabilities
Financial liabilities measured at amortised cost
Other Payables - - - (24,889) (24,889)
Purchase of securities awaiting settlement - - - (452,228) (452,228)
Total liabilities (excluding net assets attributable to redeemable participating shares) - - - (477,117) (477,117)
Total interest sensitivity gap 8,139 - 45,865,490 531,570 46,405,199
KBI Institutional Long Bond Fund Non-interest
< 1 year 1 - 5 years > 5 years bearing Total
As at 31 August 2014 EUR EUR EUR EUR EUR
Assets
Financial assets at fair value through profit or loss
Bonds - - 66,207,794 - 66,207,794
Loans and receivables
Securities Sold Receivable - - - 1,067,123 1,067,123
Other Receivables - - - 888,798 888,798
Cash and cash equivalents 12,224 - - - 12,224
Total assets 12,224 - 66,207,794 1,955,921 68,175,939
Liabilities
Financial liabilities measured at amortised cost
Other Payables - - - (20,521) (20,521)
Redeemable participating shares - - - - -
Purchase of securities awaiting settlement - - - (1,120,625) (1,120,625)
Total liabilities (excluding net assets attributable to redeemable participating shares) - - - (1,141,146) (1,141,146)
Total interest sensitivity gap 12,224 - 66,207,794 814,775 67,034,793
The sensitivity analysis of the Interest Rate Risk was performed as part of the Sensitivity Analysis of the Market Price Risk.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
72
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
2. Financial Risk Management (Continued)
Credit Risk
The Company takes on exposure to credit risk, which is the risk that a counterparty or an issuer will be unable to pay amounts in full when due.
The carrying amounts of financial assets best represent the maximum credit risk exposure at the Statement of Financial Position date. In accordance with Company policy, the Investment Manager monitors the Funds' overall credit risk on a daily basis and the Board of Directors review it on a regular basis. There were no material changes to the Company's policies and processes for managing credit risk and the methods used to measure risk since the prior year end.
As at the Statement of Financial Position date, the Funds' financial assets exposed to credit risk amounted to the following:
KBI KBI KBI
Institutional KBI KBI Institutional KBI KBI Institutional Institutional
Long Bond Institutional Energy Solutions Institutional Institutional Emerging Markets Developed
Fund Agri Fund Fund Water Fund GESS Fund Equity Fund Equity Fund
EUR EUR EUR USD EUR EUR EUR
As at 31 August 2015
Investments in debt instruments 45,865,490 - - - - - -
Cash and cash equivalents 8,139 18,490 857,047 939,600 320,490 903,958 209,045
Interest and other receivables 1,008,687 149,871 515,295 738,114 256,699 1,085,719 2,023,365
46,882,316 168,361 1,372,342 1,677,714 577,189 1,989,677 2,232,410
KBI KBI KBI KBI
KBI Institutional Institutional Institutional KBI Institutional Pan
Institutional Global 50/50 Global/Eurozone Eurozone North America Institutional ACWI European
Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund* Equity Fund**
EUR EUR EUR USD EUR EUR
As at 31 August 2015
Investments in debt instruments - - - - - -
Cash and cash equivalents 230,901 425,181 152,942 364,778 439,340 2,420
Interest and other receivables 104,330 41,684 23,448 617,435 213,586 247,117
335,231 466,865 176,390 982,213 652,926 249,537
73
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
2. Financial Risk Management (Continued)
Credit Risk (Continued)
KBI KBI KBI
Institutional KBI KBI Institutional KBI KBI Institutional Institutional
Long Bond Institutional Energy Solutions Institutional Institutional Emerging Markets Developed
Fund Agri Fund Fund Water Fund GESS Fund Equity Fund Equity Fund
EUR EUR EUR USD EUR EUR EUR
As at 31 August 2014
Investments in debt instruments 66,207,794 - - - - - -
Cash and cash equivalents 12,224 291,507 966,643 2,082,828 237,259 335,498 4,823,646
Interest and other receivables 1,955,921 275,784 1,061,290 1,199,682 743,559 464,136 3,374,179
68,175,939 567,291 2,027,933 3,282,510 980,818 799,634 8,197,825
KBI KBI KBI
KBI Institutional Institutional Institutional
Institutional Global 50/50 Global/Eurozone Eurozone North America
Equity Fund Equity Fund Equity Fund Equity Fund
As at 31 August 2014 EUR EUR EUR USD
Investments in debt instruments
Cash and cash equivalents - - - -
Interest and other receivables 332,502 97,848 387,144 4,744,586
631,087 44,094 164,965 645,894
963,589 141,942 552,109 5,390,480
The amounts in the above tables are based on the carrying value of all accounts.
All transactions in listed securities are settled/paid for upon delivery using approved brokers. The risk of default is considered minimal, as delivery of securities sold is only made once the broker has received payment. Payment is made
on a purchase once the securities have been received by the broker. The trade will fail if either party fails to meet its obligation.
Each Fund's Investment Manager analyses credit concentration based on the counterparty of the financial assets that the Fund holds. Details of counterparties, where applicable, are disclosed in the Schedules of Investments.
Substantially all of the cash assets are held with the Northern Trust Company, London Branch (NTC). Cash deposited with NTC is deposited as banker and is held on its Balance Sheet. Accordingly, in accordance with usual banking practice, NTC liability to the Fund in respect of such cash deposits shall be that of debtor and the Fund will rank as a general creditor of NTC. The financial assets are held with the Custodian, Northern Trust Fiduciary Services (Ireland)
Limited. These assets are held distinct and separately from the proprietary assets of the Custodian. Securities are clearly recorded to ensure they are held on behalf of the Fund. Bankruptcy or insolvency of the Custodian and or one of its
agents or affiliates may cause the Fund’s rights with respect to the securities held by the Custodian to be delayed.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
74
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
2. Financial Risk Management (Continued)
Credit Risk (Continued)
Both Northern Trust Fiduciary Services (Ireland) Limited and the Northern Trust Company, London Branch are wholly owned subsidiaries of Northern Trust Corporation. As at 31 August 2015 Northern Trust Corporation had a long
term rating from Standard & Poor’s of A+.
Risk is managed by monitoring the credit quality and financial positions of the Custodian the Company uses.
Northern Trust acts as its own sub-custodian in the U.S., the U.K., Ireland and Canada. In all other markets Northern Trust appoints a local sub - custodian. Northern Trust continually reviews its sub-custodian network to ensure clients
have access to the most efficient, creditworthy and cost-effective provider in each market.
The Company has a securities lending agreement with The Northern Trust Co. who act as agent. The agent in turn has entered into a securities lending agreement on behalf of the Company, with each borrower on terms that the
borrower shall deliver to the Escrow agent, concurrently with or prior to the delivery of the loaned securities, collateral having a market value at the time of delivery of at least equal to or in excess of 102%, where the collateral currency equals the security currency or 105% of the market value of the loaned securities in all other cases. Note 12 contains details of the securities lending agreement.
The Funds invest in debt securities, which have an investment grade as rated by a well-known rating agency. For unrated assets a rating is assigned using an approach that is consistent with rating agencies.
KBI Institutional Long Bond Fund - Portfolio by rating category 31 August 2015 31 August 2014
Rating EUR EUR
AAA - 19,117,780
AA+ 12,658,595 2,837,117
AA 11,980,715 16,079,998
AA- - -
A+ 2,950,286 463,410
A - -
A- - 913,845
BBB+ - -
BBB 5,361,586 7,640,355
BBB- 11,521,304 -
BB - 17,273,182
Not rated 1,393,004 1,882,107
45,865,490 66,207,794
Liquidity Risk
The main liability of the Funds is the redemption of any shares that investors wish to sell. The Funds’ constitution provides for the daily creation and cancellation of shares and they are, therefore, exposed to the liquidity risk of meeting shareholder redemptions at any time.
The Funds’ financial instruments include bonds which may not be easily liquidated at an amount close to fair value in order to meet liquidity requirements, or to respond to specific events such as deterioration in the credit worthiness of
any particular issuer. The Funds’ listed securities are considered to be readily realisable as they are all listed on major worldwide stock exchanges.
The Funds may, from time to time, invest in derivative contracts traded over the counter, which are not traded in an organised market and may be illiquid. As a result, the Funds may not be able to liquidate quickly its investments in
these instruments at an amount close to their fair value to meet its liquidity requirements or to respond to specific events such as deterioration in the creditworthiness of any particular issuer.
In accordance with Company policy, the Investment Manager monitors the Fund's liquidity position on a daily basis and the Board of Directors review it on a regular basis.
There were no material changes to the Company's policies and processes for managing liquidity risk and the methods used to measure risk since the prior year end.
75
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
2. Financial Risk Management (Continued)
Liquidity Risk (Continued)
The tables below analyse the Funds' financial liabilities into relevant maturity groupings based on the remaining period at the statement of financial position date to the contractual maturity date. The amounts in the table are the
contractual undiscounted cash flows. Balances due within twelve months equal their carrying balances as the impact of discounting is not significant. All amounts are stated in the base currency of the Funds.
Less than From one Less than From one
one month to three months Total one month to three months Total
KBI Institutional Long Bond Fund EUR EUR EUR EUR EUR EUR
Accrued expenses - 24,889 24,889 - 20,521 20,521
Purchase of securities awaiting settlement 452,228 - 452,228 1,120,625 - 1,120,625
Redemptions of shares awaiting settlement - - - - - -
Net assets attributable to holders of redeemable participating shares 46,405,199 - 46,405,199 67,034,793 - 67,034,793
Total financial liabilities 46,857,427 24,889 46,882,316 68,155,418 20,521 68,175,939
Less than From one Less than From one
one month to three months Total one month to three months Total
KBI Institutional Agri Fund EUR EUR EUR EUR EUR EUR
Accrued expenses - 34,165 34,165 - 38,559 38,559
Redemption of shares awaiting settlement - - - - - -
Purchase of securities awaiting settlement 205,287 - 205,287 290,861 - 290,861
Net assets attributable to holders of redeemable participating shares 20,716,713 - 20,716,713 40,904,935 - 40,904,935
Total financial liabilities 20,922,000 34,165 20,956,165 41,195,796 38,559 41,234,355
Less than From one Less than From one
one month to three months Total one month to three months Total
KBI Institutional Energy Solutions Fund EUR EUR EUR EUR EUR EUR
Accrued expenses - 266,330 266,330 - 137,451 137,451
Bank overdraft - - - -
Redemption of shares awaiting settlement - - - - - -
Purchase of securities awaiting settlement 125,158 - 125,158 459,158 - 459,158
Net assets attributable to holders of redeemable participating shares 58,590,671 - 58,590,671 56,500,451 - 56,500,451
Total financial liabilities 58,715,829 266,330 58,982,159 56,959,609 137,451 57,097,060
Less than From one Less than From one
one month to three months Total one month to three months Total
KBI Institutional Water Fund USD USD USD USD USD USD
Accrued expenses - 369,225 369,225 - 212,558 212,558
Bank overdraft - - - -
Purchase of securities awaiting settlement 579,866 - 579,866 852,183 - 852,183
Redemptions of shares awaiting settlement - - - - - -
Net assets attributable to holders of redeemable participating shares 185,777,205 - 185,777,205 187,915,853 - 187,915,853
Total financial liabilities 186,357,071 369,225 186,726,296 188,768,036 212,558 188,980,594
As at 31 August 2015 As at 31 August 2014
76
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
2. Financial Risk Management (Continued)
Liquidity Risk (Continued)
Less than From one Less than From one
one month to three months Total one month to three months Total
KBI Institutional GESS Fund EUR EUR EUR EUR EUR EUR
Accrued expenses - 20,870 20,870 - 27,104 27,104
Bank overdraft - - - - - -
Purchase of securities awaiting settlement 41,070 - 41,070 1,019,900 - 1,019,900
Net assets attributable to holders of redeemable participating shares 37,700,731 - 37,700,731 54,059,145 - 54,059,145
Total financial liabilities 37,741,801 20,870 37,762,671 55,079,045 27,104 55,106,149
Less than From one Less than From one
one month to three months Total one month to three months Total
KBI Institutional Emerging Markets Equity Fund EUR EUR EUR EUR EUR EUR
Accrued expenses - 194,377 194,377 - 87,951 87,951
Distribution payable - 735,144 735,144 - - -
Purchase of securities awaiting settlement - - - - - -
Redemption of shares awaiting settlement - - - - - -
Net assets attributable to holders of redeemable participating shares 130,097,164 - 130,097,164 171,373,000 - 171,373,000
Total financial liabilities 130,097,164 929,521 131,026,685 171,373,000 87,951 171,460,951
Less than From one Less than From one
one month to three months Total one month to three months Total
KBI Institutional Developed Equity Fund EUR EUR EUR EUR EUR EUR
Accrued expenses - 600,295 600,295 - 330,834 330,834
Bank overdraft - 1,093,421 1,093,421 - - -
Distribution payable - 1,043,997 1,043,997 - - -
Purchase of securities awaiting settlement - - - - - -
Redemption of shares awaiting settlement - - - - - -
Net assets attributable to holders of redeemable participating shares 655,315,128 - 655,315,128 529,421,991 - 529,421,991
Total financial liabilities 655,315,128 2,737,713 658,052,841 529,421,991 330,834 529,752,825
Less than From one Less than From one
one month to three months Total one month to three months Total
KBI Institutional Global Equity Fund EUR EUR EUR EUR EUR EUR
Accrued expenses - 53,444 53,444 - 61,530 61,530
Bank overdraft - - - - - -
Purchase of securities awaiting settlement - - - - - -
Redemption of shares awaiting settlement - - - - - -
Net assets attributable to holders of redeemable participating shares 26,268,785 - 26,268,785 78,135,108 - 78,135,108
Total financial liabilities 26,268,785 53,444 26,322,229 78,135,108 61,530 78,196,638
As at 31 August 2015 As at 31 August 2014
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
77
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
2. Financial Risk Management (Continued)
Liquidity Risk (Continued)
Less than From one Less than From one
one month to three months Total one month to three months Total
KBI Institutional 50/50 Global/Eurozone Equity Fund EUR EUR EUR EUR EUR EUR
Accrued expenses - 33,867 33,867 - 27,301 27,301
Bank overdraft - - - - - -
Purchase of securities awaiting settlement - - - - - -
Redemption of shares awaiting settlement - - - - - -
Net assets attributable to holders of redeemable participating shares 21,931,137 - 21,931,137 21,135,265 - 21,135,265
Total financial liabilities 21,931,137 33,867 21,965,004 21,135,265 27,301 21,162,566
Less than From one Less than From one
one month to three months Total one month to three months Total
KBI Institutional Eurozone Equity Fund EUR EUR EUR EUR EUR EUR
Accrued expenses - 67,562 67,562 - 59,142 59,142
Bank overdraft - - - - - -
Purchase of securities awaiting settlement - - - - - -
Net assets attributable to holders of redeemable participating shares 51,457,131 - 51,457,131 68,014,821 - 68,014,821
Total financial liabilities 51,457,131 67,562 51,524,693 68,014,821 59,142 68,073,963
Less than From one Less than From one
one month to three months Total one month to three months Total
KBI Institutional North America Equity Fund USD USD USD USD USD USD
Accrued expenses - 3,437,431 3,437,431 - 157,727 157,727
Bank overdraft - 2,194,666 2,194,666 - - -
Redemptions of shares awaiting settlement - - - - - -
Net assets attributable to holders of redeemable participating shares 261,979,493 261,979,493 230,499,762 - 230,499,762
Total financial liabilities 261,979,493 5,632,097 267,611,590 230,499,762 157,727 230,657,489
Less than From one
one month to three months Total
KBI Institutional ACWI Equity Fund* EUR EUR EUR
Accrued expenses - 826,102 826,102
Bank overdraft - - -
Purchase of securities awaiting settlement - - -
Net assets attributable to holders of redeemable participating shares 79,960,634 - 79,960,634
Total financial liabilities 79,960,634 826,102 80,786,736
Less than From one
one month to three months Total
KBI Institutional Pan European Equity Fund** EUR EUR EUR
Accrued expenses - 22,763 22,763
Bank overdraft - 703,578 703,578
Purchase of securities awaiting settlement - - -
Net assets attributable to holders of redeemable participating shares 52,088,123 - 52,088,123
Total financial liabilities 52,088,123 726,341 52,814,464
As at 31 August 2015 As at 31 August 2014
Redeemable participating shares are redeemed on demand at the holder's option.
*Fund launched on 17 April 2015. **Fund launched on 8 May 2015.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
78
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
2. Financial Risk Management (Continued)
Fair Value of Financial Assets and Liabilities
Most of the Funds' financial instruments are carried at fair value on the Statement of Financial Position. Usually the fair value of the financial instruments can be reliably determined within a reasonable range of estimates. For certain
other financial instruments, including amounts due from/to brokers, accounts payable and accrued expenses, the carrying amounts approximate fair value due to the immediate or short-term nature of these financial instruments. The
carrying value of all of the Funds' financial assets and liabilities at the Statement of Financial Position date approximated their fair values.
Fair Value Disclosure
IFRS 13 requires disclosure relating to the fair value hierarchy in which fair value measurements are categorised for assets and liabilities in the Statement of Financial Position.
The disclosures are based on a three-level fair value hierarchy for the inputs used in valuation techniques to measure fair value.
The fair value of financial assets and financial liabilities traded in an active market (such as traded securities) are based on latest available quoted mid-market prices for Funds priced at midday and at the closing mid prices for other
Funds.
A financial instrument is regarded as quoted in an active market if the quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent
actual and regularly occurring market transactions on an arm's length basis. The fair value of financial assets and financial liabilities that are not traded in an active market is determined by using valuation techniques. The Funds use a variety of methods and make assumptions that are based on market conditions existing at the financial year end date.
The Funds classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:
- Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).
- Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2). - Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).
KBI Institutional Long Bond Fund Quoted Prices Significant Other Significant
in Active Market Observable Inputs Unobservable Inputs
Level 1 Level 2 Level 3 Total
Assets EUR EUR EUR EUR
Financial assets designated at fair value through profit or loss - held for trading
Bonds - 45,865,490 - 45,865,490
Total assets - 45,865,490 - 45,865,490
KBI Institutional Agri Fund Quoted Prices Significant Other Significant
in Active Market Observable Inputs Unobservable Inputs
Level 1 Level 2 Level 3 Total
Assets EUR EUR EUR EUR
Financial assets designated at fair value through profit or loss - held for trading
Equities 20,787,804 - - 20,787,804
Total assets 20,787,804 - - 20,787,804
79
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
2. Financial Risk Management (Continued)
Fair Value Disclosure (Continued)
The following is a summary of the fair valuations according to the inputs as at 31 August 2015 in valuing the Funds' assets and liabilities:
KBI Institutional Energy Solutions Fund Quoted Prices Significant Other Significant
in Active Market Observable Inputs Unobservable Inputs
Level 1 Level 2 Level 3 Total
Assets EUR EUR EUR EUR
Financial assets designated at fair value through profit or loss - held for trading
Equities 57,609,817 - - 57,609,817
Total assets 57,609,817 - - 57,609,817
KBI Institutional Water Fund Quoted Prices Significant Other Significant
in Active Market Observable Inputs Unobservable Inputs
Level 1 Level 2 Level 3 Total
Assets USD USD USD USD
Financial assets designated at fair value through profit or loss - held for trading
Equities 184,066,973 - 981,609 185,048,582
Total assets 184,066,973 - 981,609 185,048,582
KBI Institutional GESS Fund Quoted Prices Significant Other Significant
in Active Market Observable Inputs Unobservable Inputs
Level 1 Level 2 Level 3 Total
Assets EUR EUR EUR EUR
Financial assets designated at fair value through profit or loss - held for trading
Equities 37,118,824 - 66,658 37,185,482
Total assets 37,118,824 - 66,658 37,185,482
KBI Institutional Emerging Markets Equity Fund Quoted Prices Significant Other Significant
in Active Market Observable Inputs Unobservable Inputs
Level 1 Level 2 Level 3 Total
Assets EUR EUR EUR EUR
Financial assets designated at fair value through profit or loss - held for trading
Equities 129,037,008 - - 129,037,008
Total assets 129,037,008 - - 129,037,008
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
80
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
2. Financial Risk Management (Continued)
Fair Value Disclosure (Continued)
The following is a summary of the fair valuations according to the inputs as at 31 August 2015 in valuing the Funds' assets and liabilities: (Continued)
KBI Institutional Developed Equity Fund Quoted Prices Significant Other Significant
in Active Market Observable Inputs Unobservable Inputs
Level 1 Level 2 Level 3 Total
Assets EUR EUR EUR EUR
Financial assets designated at fair value through profit or loss - held for trading
Equities 653,721,826 - 97,877 653,819,703
Collective Investment Schemes - 2,000,728 - 2,000,728
Total assets 653,721,826 2,000,728 97,877 655,820,431
KBI Institutional Global Equity Fund Quoted Prices Significant Other Significant
in Active Market Observable Inputs Unobservable Inputs
Level 1 Level 2 Level 3 Total
Assets EUR EUR EUR EUR
Financial assets designated at fair value through profit or loss - held for trading
Equities 23,875,012 - 9,991 23,885,003
Collective Investment Schemes - 2,101,995 - 2,101,995
Total assets 23,875,012 2,101,995 9,991 25,986,998
KBI Institutional 50/50 Global/Eurozone Equity Fund Quoted Prices Significant Other Significant
in Active Market Observable Inputs Unobservable Inputs
Level 1 Level 2 Level 3 Total
Assets EUR EUR EUR EUR
Financial assets designated at fair value through profit or loss - held for trading
Equities 20,487,987 - 1,491 20,489,478
Collective Investment Schemes - 1,008,661 - 1,008,661
Total assets 20,487,987 1,008,661 1,491 21,498,139
KBI Institutional Eurozone Equity Fund Quoted Prices Significant Other Significant
in Active Market Observable Inputs Unobservable Inputs
Level 1 Level 2 Level 3 Total
Assets EUR EUR EUR EUR
Financial assets designated at fair value through profit or loss - held for trading
Equities 51,348,303 - - 51,348,303
Total assets 51,348,303 - - 51,348,303
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
81
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
2. Financial Risk Management (Continued)
Fair Value Disclosure (Continued)
The following is a summary of the fair valuations according to the inputs as at 31 August 2015 in valuing the Funds' assets and liabilities: (Continued)
KBI Institutional North America Equity Fund Quoted Prices Significant Other Significant
in Active Market Observable Inputs Unobservable Inputs
Level 1 Level 2 Level 3 Total
Assets USD USD USD USD
Financial assets designated at fair value through profit or loss - held for trading
Equities 266,566,247 - 63,130 266,629,377
Total assets 266,566,247 - 63,130 266,629,377
KBI Institutional ACWI Equity Fund* Quoted Prices Significant Other Significant
in Active Market Observable Inputs Unobservable Inputs
Level 1 Level 2 Level 3 Total
Assets EUR EUR EUR EUR
Financial assets designated at fair value through profit or loss - held for trading
Equities 72,181,366 - - 72,181,366
Collective Investment Schemes - 7,952,444 7,952,444
Total assets 72,181,366 7,952,444 - 80,133,810
KBI Institutional Pan European Equity Fund** Quoted Prices Significant Other Significant
in Active Market Observable Inputs Unobservable Inputs
Level 1 Level 2 Level 3 Total
Assets EUR EUR EUR USD
Financial assets designated at fair value through profit or loss - held for trading
Equities 52,564,927 - - 52,564,927
Total assets 52,564,927 - - 52,564,927
The following is a summary of the fair valuations according to the inputs as at 31 August 2014 in valuing the Funds' assets and liabilities:
KBI Institutional Long Bond Fund Quoted Prices Significant Other Significant
in Active Market Observable Inputs Unobservable Inputs
Level 1 Level 2 Level 3 Total
Assets EUR EUR EUR EUR
Financial assets designated at fair value through profit or loss - held for trading
Bonds - 66,207,794 - 66,207,794
Total assets - 66,207,794 - 66,207,794
KBI Institutional Agri Fund Quoted Prices Significant Other Significant
in Active Market Observable Inputs Unobservable Inputs
Level 1 Level 2 Level 3 Total
Assets EUR EUR EUR EUR
Financial assets designated at fair value through profit or loss - held for trading
Equities 40,625,788 - 41,276 40,667,064
Total assets 40,625,788 - 41,276 40,667,064
82
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
2. Financial Risk Management (Continued)
Fair Value Disclosure (Continued)
The following is a summary of the fair valuations according to the inputs as at 31 August 2014 in valuing the Funds' assets and liabilities: (Continued)
KBI Institutional Energy Solutions Fund Quoted Prices Significant Other Significant
in Active Market Observable Inputs Unobservable Inputs
Level 1 Level 2 Level 3 Total
Assets EUR EUR EUR EUR
Financial assets designated at fair value through profit or loss - held for trading
Equities 55,069,127 - - 55,069,127
Total assets 55,069,127 - - 55,069,127
KBI Institutional Water Fund Quoted Prices Significant Other Significant
in Active Market Observable Inputs Unobservable Inputs
Level 1 Level 2 Level 3 Total
Assets USD USD USD USD
Financial assets designated at fair value through profit or loss - held for trading
Equities 184,517,795 - 1,180,289 185,698,084
Total assets 184,517,795 - 1,180,289 185,698,084
KBI Institutional GESS Fund Quoted Prices Significant Other Significant
in Active Market Observable Inputs Unobservable Inputs
Level 1 Level 2 Level 3 Total
Assets EUR EUR EUR EUR
Financial assets designated at fair value through profit or loss - held for trading
Equities 54,100,936 - 24,395 54,125,331
Total assets 54,100,936 - 24,395 54,125,331
KBI Institutional Emerging Markets Equity Fund Quoted Prices Significant Other Significant
in Active Market Observable Inputs Unobservable Inputs
Level 1 Level 2 Level 3 Total
Assets EUR EUR EUR EUR
Financial assets designated at fair value through profit or loss - held for trading
Equities 170,661,317 - - 170,661,317
Total assets 170,661,317 - - 170,661,317
KBI Institutional Developed Equity Fund Quoted Prices Significant Other Significant
in Active Market Observable Inputs Unobservable Inputs
Level 1 Level 2 Level 3 Total
Assets EUR EUR EUR EUR
Financial assets designated at fair value through profit or loss - held for trading
Equities 521,555,000 - - 521,555,000
Total assets 521,555,000 - - 521,555,000
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
83
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
2. Financial Risk Management (Continued)
Fair Value Disclosure (Continued)
The following is a summary of the fair valuations according to the inputs as at 31 August 2014 in valuing the Funds' assets and liabilities: (Continued)
KBI Institutional Global Equity Fund Quoted Prices Significant Other Significant
in Active Market Observable Inputs Unobservable Inputs
Level 1 Level 2 Level 3 Total
Assets EUR EUR EUR EUR
Financial assets designated at fair value through profit or loss - held for trading
Equities 70,761,747 - - 70,761,747
Collective Investment Schemes - 6,471,302 - 6,471,302
Total assets 70,761,747 6,471,302 - 77,233,049
KBI Institutional 50/50 Global/Eurozone Equity Fund Quoted Prices Significant Other Significant
in Active Market Observable Inputs Unobservable Inputs
Level 1 Level 2 Level 3 Total
Assets EUR EUR EUR EUR
Financial assets designated at fair value through profit or loss - held for trading
Equities 20,116,122 - - 20,116,122
Collective Investment Schemes - 904,502 - 904,502
Total assets 20,116,122 904,502 - 21,020,624
KBI Institutional Eurozone Equity Fund Quoted Prices Significant Other Significant
in Active Market Observable Inputs Unobservable Inputs
Level 1 Level 2 Level 3 Total
Assets EUR EUR EUR EUR
Financial assets designated at fair value through profit or loss - held for trading
Equities 67,521,854 - - 67,521,854
Total assets 67,521,854 - - 67,521,854
KBI Institutional North America Equity Fund Quoted Prices Significant Other Significant
in Active Market Observable Inputs Unobservable Inputs
Level 1 Level 2 Level 3 Total
Assets USD USD USD USD
Financial assets designated at fair value through profit or loss - held for trading
Equities 225,267,009 - - 225,267,009
Total assets 225,267,009 - - 225,267,009
Investments, whose values are based on quoted market prices in active markets and, therefore, classified within Level 1, include active listed equities. Level 2 includes collective investment schemes. The Company does not adjust the quoted price for these instruments.
Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2.
The Level 2 amounts above represent bonds, collective investment schemes and equities.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
84
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
2. Financial Risk Management (Continued)
Fair Value Disclosure (Continued)
There were no significant transfers between Level 1 and Level 2 during the financial year.
The following table represents the movement in Level 3 instruments for the financial year ended 31 August 2015.
KBI Institutional KBI Institutional KBI Institutional
KBI Institutional KBI Institutional KBI Institutional Developed Equity KBI Institutional 50/50 Global/Eurozone North America
Agri Fund Water Fund GESS Fund Fund Global Equity Fund Equity Fund Equity Fund
EUR USD EUR EUR EUR EUR USD
Opening Value 1 September 2014 41,276 1,180,289 24,395 - - - -
Purchases - 408,396 65,693 - - - -
Sales (1,030,091) - (656,561) - - - -
Realised gain 988,816 - 632,165 - - - -
Unrealised (loss)/gain - (607,076) 965 - - - -
Transfer from Level 1 - - - 97,877 9,991 1,491 63,130
Closing Value 31 August 2015 - 981,609 66,658 97,877 9,991 1,491 63,130
Total (losses)/gains for the year included in the statement of
comprehensive income for assets held at the end of the year - (583,486) 965 97,877 9,991 1,491 63,130
Holdings in Chaoda Modern Agriculture (a Level 3 investment) were sold during the year to 31 August 2015. Chaoda Modern Agriculture was held by the KBI Institutional Agri Fund and the KBI Institutional GESS Fund.
Amiad Water Systems Ltd, (a Level 3 investment) was held by KBI Institutional Water Fund and KBI Institutional GESS Fund at 31 August 2015. The stock is relatively illiquid.
Holdings in Safeway Casa Ley CVR and Safeway PDC CVR are classified as Level 3 investments at 31 August 2015. During the financial year, Safeway issued two non-tradable, non-transferable contingent value rights (“CVRs”)
following a merger with Albertsons Holdings LLC. The positions have been valued at the issue price of the CVRs at the time of the corporate action for PDC and Casa Ley which were $0.0488 and $1.0149, respectively, per share. Due
to the illiquid nature of the CVRs, which will be redeemed for cash at a future date, the amount that will ultimately be received is uncertain. The CVRs are held by KBI Institutional Developed Equity Fund, KBI Institutional Global
Equity Fund, KBI Institutional 50/50 Global/Eurozone Equity Fund and KBI Institutional North America Equity Fund at 31 August 2015.
85
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
2. Financial Risk Management (Continued)
Fair Value Disclosure (Continued)
The following table represents the movement in Level 3 instruments for the financial year ended 31 August 2014.
31.8.2014
KBI Institutional Agri KBI Institutional Water KBI Institutional GESS
Fund Fund Fund
EUR USD EUR
Opening Value 1 September 2013 144,232 - 85,246
Purchases - 1,486,410 -
Sales - (355,744) -
Realised gain - 26,034 -
Unrealised (loss)/gain (102,956) 23,589 (60,851)
Closing Value 31 August 2014 41,276 1,180,289 24,395
Total (losses)/gains for the year included in the statement of comprehensive
income for assets held at the end of the year (988,816) 23,589 (632,165)
Chaoda Modern Agriculture is a Level 3 investment held at 31 August 2014 by KBI Institutional Agri Fund and KBI Institutional GESS Fund. Chaoda Modern Agriculture shares were suspended from trading on 26 September 2011 due
to reports of a long running fraud. In May 2012 an announcement was made stating that in order for trading of the shares to resume, the company must a) address the allegations made against the company in the Anonymous report, b)
publish all outstanding financial results and reports and c) demonstrate adequate financial reporting procedure and internal control systems. On 18 August the Company announced that new auditors had been appointed and that it would
“keep its shareholders informed of the progress of the Resumption by way of announcement(s) as and when appropriate”.
Chaoda Modern Agriculture was priced at HK0.77 on 31 August 2014. Following a Pricing Committee meeting of Kleinwort Benson Investors Dublin Limited (the “Investment Manager”) on 6 November 2013, it was decided to further
write down the price of this stock by 30% of the price on suspension (HKD 1.10) thus bringing it to HK0.44.Given the lack of progress and taking into account the recommendation of the Chief Information Officer (CIO) of the
Investment Manager, it was agreed to write down the price by a further 20% of the price at suspension thus reducing the current price by 50% from HKD0.44 to HKD0.22.
Amiad Water Systems Ltd transferred into Level 3 during the period. It is held by the KBI Institutional Water Fund. The price had been static for a number of days prior to the period end. There was no dealing on the stock at 29 August
2014 and the stock is relatively illiquid.
Financial assets and liabilities not measured at fair value consist of cash, debtors and creditors per the Balance Sheet and are classified as level 2.
86
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
3. Operating Income
Total KBI Institutional KBI Institutional Institutional Energy Institutional Institutional Emerging Markets
Company Long Bond Fund Agri Fund Solutions Fund Water Fund GESS Fund Equity Fund
Year ended Year ended Year ended Year ended Year ended Year ended Year ended
31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015
EUR EUR EUR EUR USD EUR EUR
Investment income from financial assets
at fair value through profit or loss
Bond income 1,801,992 1,801,989 - - - 3 -
Dividend income 52,513,005 - 614,628 1,279,843 3,657,515 878,954 6,718,106
Income from financial assets that are not
at fair value through profit or loss
Deposit interest 1,620 - 15 - 29 - 1,377
Rebate of tax 295,534 - - 35,170 - 15,836 -
Rebate from Manager 4,952 - - - 5,739 - -
Securities lending income 1,146,247 4,135 12,013 59,951 112,461 34,071 44,518
Sundry income 14,823 - 2,263 139 896 - 2,923
55,778,173 1,806,124 628,919 1,375,103 3,776,640 928,864 6,766,924
KBI Institutional KBI KBI Institutional KBI KBI Institutional
KBI Developed KBI Institutional 50/50 Global/Eurozone Institutional Eurozone North America Institutional ACWI Pan European
Equity Fund Global Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund* Equity Fund**
Year ended Year ended Year ended Year ended Year ended Period ended Period ended
31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015
EUR EUR EUR EUR USD EUR EUR
Investment income from financial assets
at fair value through profit or loss
Bond income - - - - - - -
Dividend income 25,368,894 2,007,619 775,757 2,114,056 8,840,280 1,018,939 951,325
Income from financial assets that are not
at fair value through profit or loss
Deposit interest 174 13 - - 19 - -
Rebate of tax 47,739 - 31,845 164,944
Rebate from Manager - - - - - - -
Securities lending income 600,608 54,206 17,799 39,465 197,040 9,975 2,424
Sundry income 2,828 1,882 395 - 2,383 1,563 -
26,020,243 2,063,720 825,796 2,318,465 9,039,722 1,030,477 953,749
*Fund launched on 17 April 2015 **Fund launched on 8 May 2015
87
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
3. Operating Income (Continued)
KBI KBI KBI KBI Institutional
Total KBI Institutional KBI Institutional Institutional Energy Institutional Institutional Emerging Markets
Company Long Bond Fund Agri Fund Solutions Fund Water Fund GESS Fund Equity Fund
Year ended Year ended Year ended Year ended Year ended Year ended Year ended
31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014
EUR EUR EUR EUR USD EUR EUR
Investment income from financial assets
at fair value through profit or loss
Bond income 2,287,896 2,287,896 - - - - -
Dividend income 36,676,220 - 741,065 1,070,714 3,709,032 1,086,077 6,154,464
Income from financial assets that are
not at fair value through profit or loss
Deposit interest 1,621 - 18 431 93 - 964
Securities lending income 843,283 3,787 14,670 70,938 54,213 31,080 31,582
Sundry income 171,982 - 3,133 1,794 6,854 1,637 5,993
39,981,002 2,291,683 758,886 1,143,877 3,770,192 1,118,794 6,193,003
KBI Institutional KBI Institutional KBI KBI Institutional
Developed KBI Institutional 50/50 Global/Eurozone Institutional Eurozone North America
Equity Fund Global Equity Fund Equity Fund Equity Fund Equity Fund
Year ended Year ended Year ended Year ended Year ended
31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014
EUR EUR EUR EUR USD
Investment income from financial assets
at fair value through profit or loss
Bond income - - - - -
Dividend income 15,927,462 2,391,382 772,477 2,955,125 3,879,467
Income from financial assets that are
not at fair value through profit or loss
Deposit interest 129 4 2 - 7
Securities lending income 391,281 61,945 24,919 128,169 61,315
Sundry income 149,158 1,753 503 - 4,045
16,468,030 2,455,084 797,901 3,083,294 3,944,834
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
88
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
4. Net Gains/(Losses) on Financial Assets and Liabilities at Fair Value Through Profit or Loss
KBI KBI Institutional
Total Cross Holdings KBI Institutional KBI Institutional Institutional Energy KBI Institutional KBI Institutional Emerging Markets
Company Adjustment Long Bond Fund Agri Fund Solutions Fund Water Fund GESS Fund Equity Fund
Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended
31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015
EUR EUR EUR EUR EUR USD EUR EUR
Realised gains/(losses) on investments 131,294,780 (951,301) 8,065,649 2,148,783 7,145,532 4,446,674 3,193,894 5,512,991
Net currency (losses)/gains (1,583,036) - 3,324 (3,763) (4,697) (279,049) (114,127) (202,831)
Net change in unrealised appreciation/
(depreciation) on investments (160,325,210) 2,812,102 (4,897,765) (4,700,909) (10,134,069) (39,759,515) (6,489,737) (19,523,498)
(30,613,466) 1,860,801 3,171,208 (2,555,889) (2,993,234) (35,591,890) (3,409,970) (14,213,338)
KBI Institutional KBI KBI Institutional KBI Institutional KBI Institutional KBI KBI Institutional
Developed Institutional Global 50/50 Global/Eurozone Eurozone North America Institutional ACWI Pan European
Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund* Equity Fund**
Year ended Year ended Year ended Year ended Year ended Period ended Period ended
31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015
EUR EUR EUR EUR USD EUR EUR
Realised gains/(losses) on investments 75,992,361 17,381,827 2,317,469 9,156,702 (1,031,635) (876,972) (739,139)
Net currency (losses)/gains (682,246) 47,220 500 1,211 (248,479) (135,621) (36,779)
Net change in unrealised appreciation/
(depreciation) on investments (30,988,434) (8,720,530) (1,387,083) (5,867,649) (23,287,775) (9,847,355) (6,174,071)
44,321,681 8,708,517 930,886 3,290,264 (24,567,889) (10,859,948) (6,949,989)
*Fund launched on 17 April 2015.
**Fund launched on 8 May 2015.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
89
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
4. Net Gains/(Losses) on Financial Assets and Liabilities at Fair Value Through Profit or Loss (Continued)
KBI KBI Institutional
Total Cross Holdings KBI Institutional KBI Institutional Institutional Energy KBI Institutional KBI Institutional Emerging Markets
Company Adjustment Long Bond Fund Agri Fund Solutions Fund Water Fund GESS Fund Equity Fund
Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended
31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014
EUR EUR EUR EUR EUR USD EUR EUR
Realised gains/(losses) on investments 73,535,591 (1,881) 3,875,969 1,266,652 3,885,165 18,147,542 4,593,570 (106,884)
Net currency (losses)/gains (334,673) - 114 5,265 (27,612) (83,440) 4,793 (30,157)
Net change in unrealised appreciation/
(depreciation) on investments 101,364,557 (1,156,849) 7,848,702 3,694,865 3,356,081 13,028,907 3,975,021 20,926,173
174,565,475 (1,158,730) 11,724,785 4,966,782 7,213,634 31,093,009 8,573,384 20,789,132
KBI Institutional KBI KBI Institutional KBI Institutional KBI Institutional
Developed Institutional Global 50/50 Global/Eurozone Eurozone North America
Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund*
Year ended Year ended Year ended Year ended Year ended
31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014
EUR EUR EUR EUR EUR
Realised gains/(losses) on investments 26,537,072 3,991,936 4,183,632 10,708,606 1,719,119
Net currency (losses)/gains (238,211) 38,447 (3,774) 98 (30,351)
Net change in unrealised appreciation/
(depreciation) on investments 35,188,024 6,665,786 (491,274) 1,811,142 13,565,936
61,486,885 10,696,169 3,688,584 12,519,846 15,254,704
*Fund launched on 23 October 2013.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
90
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
5. Operating Expenses KBI KBI Institutional
Total KBI Institutional KBI Institutional Institutional Energy KBI Institutional KBI Institutional Emerging Markets
Company Long Bond Fund Agri Fund Solutions Fund Water Fund GESS Fund Equity Fund
Year ended Year ended Year ended Year ended Year ended Year ended Year ended
31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015
EUR EUR EUR EUR USD EUR EUR
Administration fees 571,846 20,086 12,016 21,578 69,601 16,848 56,450
Auditor's fees 66,710 5,590 5,670 5,628 6,365 5,613 5,552
Custodian fees 1,033,373 - 22,277 39,931 129,258 31,290 119,713
Directors' fees 37,071 3,305 3,342 3,305 3,669 3,305 3,305
Investment management fees 6,097,450 80,344 115,860 416,154 1,197,098 4,801 313,379
Legal fees 67,898 1,599 6,103 8,033 21,993 5,623 7,139
Regulatory fees 30,684 411 4,070 2,121 6,699 2,120 3,690
Professional fees (Tax services) 88,736 1,248 4,971 6,807 18,644 4,398 13,997
Trustee fees 157,646 - 3,433 6,165 19,886 4,814 16,129
UK distributor status fee 277,244 - - 118,574 153,588 - 9,968
Other fees 101,019 4,753 17,620 8,184 3,742 12,661 17,149
Professional VAT fees 21,389 3,625 1,283 1,535 2,210 1,682 1,283
Printing/publishing fees 8,210 - 2,842 (38) 3,039 (38) 2,842
Vat paid to Revenue 1,308 - - - - - -
Preliminary expenses 19,578 - - - - - -
Registration fee 43,668 - 4,284 5,624 11,515 5,624 6,161
Transaction costs 57,116 - 75 143 - 40 56,152
Secretarial fees 13,109 1,103 1,100 1,101 1,295 1,100 1,100
Taiwan charges 49,137 - - 49,137 - - -
Taiwan distribution fee 51,410 - - - 59,575 - -
- - - - - - -
8,794,602 122,064 204,946 693,982 1,708,177 99,881 634,009
KBI Institutional KBI KBI Institutional KBI KBI Institutional KBI KBI Institutional
Developed Institutional Global 50/50 Global/Eurozone Institutional Eurozone North America Institutional ACWI Pan European
Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund* Equity Fund**
Year ended Year ended Year ended Year ended Year ended Period ended Period ended
31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015
EUR EUR EUR EUR USD EUR EUR
Administration fees 234,551 20,931 7,770 21,912 94,538 11,379 6,682
Auditor's fees 5,495 5,516 5,570 5,569 5,637 3,075 3,075
Custodian fees 435,572 35,710 13,818 40,693 175,571 18,909 12,410
Directors' fees 3,109 3,305 3,305 3,305 3,668 577 577
Investment management fees 2,191,063 261,314 110,996 282,310 1,492,801 - -
Legal fees 7,106 4,005 1,600 2,594 3,160 1,195 1,195
Regulatory fees 7,834 2,120 425 411 1,033 405 405
Professional fees (Tax services) 18,872 6,175 2,874 9,226 1,591 1,476 1,230
Trustee fees 67,015 5,980 2,220 6,261 27,011 3,251 1,909
UK distributor status fee 8,180 39 - - 9,207 - -
Other fees 537 8,188 5,688 11,250 4,619 3,983 3,791
Professional VAT fees 1,655 1,622 1,847 2,780 1,697 492 213
Printing/publishing fees 18 (38) - - - - -
Vat paid to Revenue - - - 1,308 - - -
Preliminary expenses - - - - - 9,789 9,789
Registration fee 7,287 3,906 - - 979 - -
Transaction costs 582 103 21 - - - -
Secretarial fees 1,104 1,104 1,103 1,104 1,199 519 519
Taiwan charges - - - - - - -
Taiwan distribution fee - - - - - - -
- - - - - - -
2,989,980 359,980 157,237 388,723 1,822,711 55,050 41,795
Transaction costs comprise fees and agent charges charged by the custodian to any sub-custodian.
*Fund launched on 17 April 2015. **Fund launched on 8 May 2015.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
91
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
5. Operating Expenses (Continued) KBI Institutional
Total KBI Institutional KBI Institutional KBI Institutional Energy KBI Institutional KBI Institutional Emerging Markets
Company Long Bond Fund Agri Fund Solutions Fund Water Fund GESS Fund Equity Fund
Year ended Year ended Year ended Year ended Year ended Year ended Year ended
31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014
EUR EUR EUR EUR USD EUR EUR
Administration fees 380,994 19,731 13,495 18,247 57,782 18,712 48,486
Auditor's fees 49,013 4,514 4,514 4,514 2,910 4,514 4,905
Custodian fees 679,834 - 25,062 33,887 107,310 34,752 102,737
Directors' fees 15,024 1,364 1,364 1,364 1,870 1,364 1,364
Investment management fees 3,488,211 78,923 137,681 395,082 902,207 4,326 161,749
Legal fees 46,014 1,700 2,584 8,599 17,973 2,584 2,328
Regulatory fees 35,826 713 4,754 3,482 9,171 3,482 5,824
Professional fees (Tax services) 30,285 - 2,703 2,561 6,304 2,608 7,527
Trustee fees 103,217 - 3,856 5,213 16,509 5,346 13,853
UK distributor status fee 55,420 - 9,490 5,885 33,686 - 6,345
Other fees 278,185 4,964 19,822 17,741 64,608 15,548 23,953
Professional VAT fees 21,368 1,722 2,107 2,107 3,093 1,806 2,107
Printing/publishing fees 3,685 - 402 402 1,122 402 401
Vat paid to Revenue 768 59 - - - - -
Preliminary expenses 9,965 - - - - - -
Registration fee 45,632 - 3,954 3,954 12,965 3,954 8,448
Transaction costs 32,077 - - - - - 32,077
Secretarial fees 12,199 1,104 1,104 1,104 1,520 1,104 1,104
Taiwan charges 84,645 - - 41,173 59,146 - -
Taiwan distribution fee 171,510 - - 96,141 102,545 - -
5,543,872 114,794 232,892 641,456 1,400,721 100,502 423,208
KBI Institutional KBI KBI Institutional KBI KBI Institutional
Developed Institutional Global 50/50 Global/Eurozone Institutional Eurozone North America
Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund
Year ended Year ended Year ended Year ended Year ended
31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014
EUR EUR EUR EUR USD
Administration fees 137,289 22,235 6,991 25,621 37,712
Auditor's fees 4,905 4,905 4,905 4,612 6,240
Custodian fees 254,966 38,017 12,484 47,582 70,036
Directors' fees 1,364 1,364 1,364 1,364 1,869
Investment management fees 1,109,423 274,121 99,897 314,002 340,000
Legal fees 6,832 2,328 1,699 1,699 3,335
Regulatory fees 7,169 2,070 419 713 625
Professional fees (Tax services) 4,651 2,561 484 2,077 652
Trustee fees 39,225 6,353 1,998 7,320 10,775
UK distributor status fee 8,480 - - - 628
Other fees 75,659 24,830 9,708 25,847 17,180
Professional VAT fees 2,107 1,806 1,806 1,806 2,341
Printing/publishing fees 851 402 - - -
Vat paid to Revenue - - - 709 -
Preliminary expenses - - - - 13,558
Registration fee 9,678 4,261 - - 2,522
Secretarial fees 1,104 1,104 1,104 1,104 1,559
1,663,703 386,357 142,859 434,456 509,032
Transaction costs comprise fees and agent charges charged by the custodian to any sub-custodian.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
92
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
6. Cash and Cash Equivalents
All cash is held with Northern Trust Fiduciary Services (Ireland) Limited.
7. Other Receivables KBI KBI Institutional
Total KBI Institutional KBI Institutional Institutional Energy KBI Institutional KBI Institutional Emerging Markets
Company Long Bond Fund Agri Fund Solutions Fund Water Fund GESS Fund Equity Fund
As at As at As at As at As at As at As at
31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015
EUR EUR EUR EUR USD EUR EUR
Bond income receivable 638,465 638,465 - - - - -
Currency receivable 972 - - - 423 11 -
Deposit interest receivable 18 - - - - - 17
Dividend income receivable 3,733,551 - 15,746 86,602 221,964 44,841 298,348
Prepaid expenses 43,898 108 1,778 438 10,983 438 108
Sale of securities awaiting settlement 1,453,297 370,031 130,247 411,366 361,742 205,857 12,956
Subscriptions of Shares awaiting settlement 908,593 83 2,100 11,753 143,002 917 717,604
Reclaims receivable 100,779 - - 5,136 - 4,635 56,686
6,879,573 1,008,687 149,871 515,295 738,114 256,699 1,085,719
KBI Institutional KBI KBI Institutional KBI Institutional KBI Institutional KBI KBI Institutional
Developed Institutional Global 50/50 Global/Eurozone Eurozone North America Institutional ACWI Pan European
Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund* Equity Fund**
As at As at As at As at As at As at As at
31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015
EUR EUR EUR EUR USD EUR EUR
Bond income receivable - - - - - - -
Currency receivable - - - - 654 - -
Deposit interest receivable 1 - - - - - -
Dividend income receivable 1,929,409 92,784 36,387 20,654 616,497 213,478 247,009
Prepaid expenses 30,078 463 108 108 284 108 108
Sale of securities awaiting settlement - - - - - - -
Subscriptions of Shares awaiting settlement 33,391 11,083 1,353 2,686 - - -
Reclaims receivable 30,486 - 3,836 - - - -
2,023,365 104,330 41,684 23,448 617,435 213,586 247,117
*Fund launched on 17 April 2015. **Fund launched on 8 May 2015.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
93
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
7. Other Receivables (Continued)
KBI
Total KBI Institutional KBI Institutional Institutional Energy KBI Institutional KBI Institutional
Company Long Bond Fund Agri Fund Solutions Fund Water Fund GESS Fund
As at As at As at As at As at As at
31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014
EUR EUR EUR EUR USD EUR
Bond income receivable 888,798 888,798 - - - -
Deposit interest receivable 61 - - - - 1
Dividend income receivable 3,186,782 - 18,417 102,587 92,896 68,227
Prepaid expenses 2,305 - - - - -
Sale of securities awaiting settlement 3,411,583 1,067,123 257,367 615,135 1,054,511 671,388
Subscriptions of Shares awaiting settlement 2,546,226 - - 339,203 52,275 -
Reclaims receivable 80,395 - - 4,365 - 3,943
10,116,150 1,955,921 275,784 1,061,290 1,199,682 743,559
KBI Institutional KBI Institutional KBI KBI Institutional KBI Institutional KBI Institutional
Emerging Markets Developed Institutional Global 50/50 Global/Eurozone Eurozone North America
Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund
As at As at As at As at As at As at
31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014
EUR EUR EUR EUR EUR USD
Bond income receivable - - - - - -
Deposit interest receivable 42 17 1 - - -
Dividend income receivable 421,177 1,708,252 241,143 39,542 26,558 645,894
Prepaid expenses - - 2,225 80 - -
Sale of securities awaiting settlement - - - - - -
Subscriptions of Shares awaiting settlement - 1,640,000 387,718 1,212 138,407 -
Reclaims receivable 42,917 25,910 - 3,260 - -
464,136 3,374,179 631,087 44,094 164,965 645,894
8. Bank Overdraft
There were bank overdrafts held at 31 August 2015 in the amounts of EUR 1,302,466, USD 2,194,666 and EUR 703,578 on KBI Institutional Developed Equity Fund, KBI Institutional North America Equity Fund and KBI Institutional Pan
European Equity Fund respectively. (31 August 2014: Nil).
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
94
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
9. Other Payables KBI KBI Institutional
Total KBI Institutional KBI Institutional Institutional Energy KBI Institutional KBI Institutional Emerging Markets
Company Long Bond Fund Agri Fund Solutions Fund Water Fund GESS Fund Equity Fund
As at As at As at As at As at As at As at
31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015
EUR EUR EUR EUR USD EUR EUR
Administration fees 155,298 4,619 2,282 5,772 18,162 3,782 13,316
Auditor's fees 67,231 5,535 5,535 5,535 6,312 5,535 5,535
Custodian fees 281,047 - 4,238 10,715 33,730 6,914 28,216
Regulatory fees 5,250 405 382 405 462 405 405
Investment management fees 1,064,306 12,241 15,548 67,633 212,651 797 49,657
Other fees 62,189 1,597 5,024 20,441 25,332 1,804 1,884
Overdraft interest 2,280 - 12 80 49 - 146
Printing/publishing fees 150 - - - - 60 -
Professional VAT fees 10,163 492 492 492 561 492 492
Purchase of securities awaiting settlement 1,421,496 452,228 205,287 125,158 579,866 41,070 80,246
Redemptions of Shares awaiting settlement 500,434 - - 119,577 45,056 - -
Transaction charges 10,675 - - - - - 10,675
Trustee fees 43,052 - 652 1,649 5,189 1,081 3,805
Taiwan charges 53,416 - - 34,031 21,721 - -
3,676,987 477,117 239,452 391,488 949,091 61,940 194,377
KBI Institutional KBI KBI Institutional KBI Institutional KBI Institutional KBI KBI Institutional
Developed Institutional Global 50/50 Global/Eurozone Eurozone North America
Institutional
ACWI Pan European
Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund* Equity Fund**
As at As at As at As at As at As at As at
31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015
EUR EUR EUR EUR USD EUR EUR
Administration fees 63,009 3,355 2,071 5,058 25,379 7,774 5,401
Auditor's fees 5,535 5,535 5,535 5,535 6,312 3,075 3,075
Custodian fees 117,017 5,727 3,672 9,393 47,132 12,958 10,031
Regulatory fees 405 382 420 405 463 405 405
Investment management fees 391,530 27,822 19,466 43,576 275,927 - -
Other fees 193 593 1,596 1,597 1,857 1,597 1,597
Overdraft interest - 1,027 23 61 719 27 219
Printing/publishing fees - 90 - - - - -
Professional VAT fees 4,242 492 492 492 561 492 492
Purchase of securities awaiting settlement - - - - - - -
Redemptions of Shares awaiting settlement 361 7,462 - - 372,929 - -
Transaction charges - - - - - - -
Trustee fees 18,003 959 592 1,445 7,251 2,221 1,543
Taiwan charges - - - - - - -
600,295 53,444 33,867 67,562 738,530 28,549 22,763
*Fund launched on 17 April 2015.
**Fund launched on 8 May 2015.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
95
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
9. Other Payables (Continued)
KBI
Total KBI Institutional KBI Institutional Institutional Energy KBI Institutional KBI Institutional
Company Long Bond Fund Agri Fund Solutions Fund Water Fund GESS Fund
As at As at As at As at As at As at
31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014
EUR EUR EUR EUR USD EUR
Administration fees 113,570 4,756 3,490 4,762 16,422 4,629
Auditor's fees 53,319 4,921 4,841 4,883 5,513 4,898
Custodian fees 204,366 - 6,481 8,844 30,497 8,358
Regulatory fees 4,406 400 400 400 531 400
Investment management fees 390,582 6,211 10,243 29,920 82,703 358
Other fees 148,729 4,051 8,314 10,705 30,182 6,168
Overdraft interest 520 - 9 - - 3
Payment fee 24,203 - - 11,298 16,999 -
Printing/publishing fees 3,552 - 402 402 1,016 402
Professional VAT fees 4,943 - 685 685 1,164 384
Purchase of securities awaiting settlement 3,537,509 1,120,625 290,861 459,158 852,183 1,019,900
Redemptions of Shares awaiting settlement 63,850 - 2,515 54,956 8,403 -
Secretarial fees 1,999 182 182 182 190 182
Transaction charges 6,513 - - - - -
Trustee fees 31,089 - 997 1,361 4,692 1,322
Taiwan charges 19,868 - - 9,053 14,246 -
4,609,018 1,141,146 329,420 596,609 1,064,741 1,047,004
KBI Institutional KBI Institutional
Emerging Markets Developed KBI KBI Institutional KBI Institutional KBI Institutional
Equity Fund Equity Fund Institutional Global 50/50 Global/Eurozone Eurozone North America
As at As at Equity Fund Equity Fund Equity Fund Equity Fund
31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014
EUR EUR EUR EUR EUR USD
Administration fees 14,004 41,137 6,539 1,823 6,047 18,330
Auditor's fees 4,959 5,016 4,995 4,941 4,942 6,240
Custodian fees 29,673 76,397 11,141 3,245 11,230 34,042
Regulatory fees 400 400 400 400 400 531
Investment management fees 22,445 140,724 26,382 8,174 22,646 79,943
Other fees 4,273 53,979 9,236 7,851 11,798 12,431
Overdraft interest 414 36 1 26 31 -
Printing/publishing fees 402 771 402 - - -
Professional VAT fees 685 439 384 138 138 687
Secretarial fees 182 182 182 182 182 286
Transaction charges 6,513 - - - -
Trustee fees 4,001 11,753 1,868 521 1,728 5,237
87,951 330,834 61,530 27,301 59,142 157,727
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
96
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
10. Share Capital
Participating Shares
The authorised share capital of the Company is 500,000,000,000 Shares of no par value and 300,000 redeemable non-participating shares of EUR 1 each. Non-participating shares do not entitle the holders thereof to any dividend and on a winding up entitle the holders thereof to receive the amount paid up thereon but do not otherwise entitle them to participate in the assets of the Company. The Directors have the power to allot shares up to the authorised share capital of the
Company. There are 300,000 non-participating shares of EUR1 each currently in issue which were taken by the subscribers to the Company and are held by the Investment Manager and its nominees. The Investment Manager may redeem these
Shares shortly after the Company is launched provided that the Company maintains a minimum capital amount of EUR300,000 at all times.
Variation of rights
The rights attached to any class may be varied or abrogated with the consent in writing of the holders of three-fourths in number of the issued shares of that class, or with the sanction of a special resolution passed at a separate general meeting of the holders of the shares of the class, and may be so varied or abrogated either whilst the Company is a going concern or during or in contemplation of a winding-up.
Voting rights Subject to disenfranchisement in the event of non-compliance with any notice requiring disclosure of the beneficial ownership of shares and subject to any rights or restrictions for the time being attached to any class or classes of shares, on a
show of hands at a general meeting or class meeting of the Company, every Shareholder holding shares who is present in person or by proxy shall have one vote and on a poll every Shareholder present in person or by proxy shall have one
vote for every share of which he/she is the holder.
Distribution on winding up
Subject to the provisions of the Companies Act, if the Company shall be wound up the liquidator shall apply the assets of each Sub-Fund in such manner and order as he thinks fit in satisfaction of creditors' claims relating to that Sub-Fund.
The assets available for distribution amongst the holders shall be applied as follows:
(i) firstly, in the payment to the Shareholders of each Class or Fund of a sum in the Functional Currency (or in any other currency selected and at such rate of exchange as determined by the liquidator) as nearly as possible equal to the Net
Asset Value of the Shares of the relevant Class or Fund held by such Shareholders respectively as at the date of commencement of winding up;
(ii) secondly, in the payment to the holders of non-participating shares of sums up to the nominal amount paid up thereon out of the assets of the Company not comprised within any Fund provided that if there are insufficient assets to enable such payment in full to be made, no recourse shall be had to the assets comprised within any of the Funds;
(iii) thirdly, in the payment to the Shareholders of each Class or Fund of any balance then remaining in the relevant Fund, in proportion to the number of Shares held in the relevant Class or Fund; and,
(iv) fourthly, any balance then remaining and not attributable to any Fund or Class shall be apportioned between the Funds and Classes pro-rata to the Net Asset Value of each Fund or attributable to each Class immediately prior to any distribution to Shareholders and the amounts so apportioned shall be paid to Shareholders pro-rata to the number of Shares in that Fund or Class held by them.
KBI Institutional Long Bond Fund
Year ended Year ended
Number of Shares 31 August 2015 31 August 2014
Issued and Fully Paid
Balance at beginning of year 356,177 455,370
Issued during year 28,696 19,530
Redeemed during year (152,132) (118,723)
Total number of Shares
in issue at end of year 232,741 356,177
KBI Institutional Agri Fund
Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended
Number of Shares 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014
Issued and Fully Paid
Balance at beginning of year 212,296 160,803 2,595 5,881 SC7 17,954 18,345 sc10 4,146 6,449 14,524 14,524
Issued during year 1,658 76,369 - - SC8 - - sc11 62 9 - -
Redeemed during year (96,643) (24,876) (462) (3,286) SC9 - (391) sc12 (806) (2,312) - -
Total number of Shares
in issue at end of year 117,311 212,296 2,133 2,595 TS3 17,954 17,954 3,402 4,146 14,524 14,524
Class A Shares
Euro Class A Shares Euro Class B Shares Euro Class F SharesEuro Class C Shares Euro Class D Shares
97
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
10. Share Capital (Continued)
KBI Institutional Agri Fund (Continued)
Year ended Year ended Year ended Year ended Year ended Year ended
Number of Shares 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014
Issued and Fully Paid
Balance at beginning of year 30,003 30,003 3,026 5,788 - 3,072
Issued during year 2,562 - - 300 - -
Redeemed during year (32,565) - (3,026) (3,062) - (3,072)
Total number of Shares
in issue at end of year - 30,003 - 3,026 - -
KBI Institutional Energy Solutions Fund
Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended
Number of Shares 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014
Issued and Fully Paid
Balance at beginning of year 3,100,713 703,404 SC4 145,243 145,243 SC7 896,138 814,989 SC10 431,932 578,775 SC19 93,434 111,190
Issued during year 638,788 2,434,955 SC5 - - SC8 - 100,637 SC11 1,180,402 151,835 SC20 6,222 6,528
Redeemed during year (131,641) (37,646) SC6 - - SC9 (56,980) (19,488) SC12 (616,220) (298,678) SC21 (16,571) (24,284)
Total number of Shares
in issue at end of year 3,607,860 3,100,713 TS2 145,243 145,243 TS3 839,158 896,138 996,114 431,932 83,085 93,434
Year ended Year ended Year ended Year ended Year ended Year ended
Number of Shares 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014
Issued and Fully Paid
Balance at beginning of year/period 9,070 6,860 SC4 106,195 112,715 4,571 -
Issued during year/period 587 3,624 SC5 20,745 2,105 19,607 4,604
Redeemed during year/period (9,657) (1,414) SC6 (2,495) (8,625) (13,123) (33)
Total number of Shares
in issue at end of year/period - 9,070 TS2 124,445 106,195 11,055 4,571
KBI Institutional Water Fund
Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended
Number of Shares 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014
Issued and Fully Paid
Balance at beginning of year SC7 2,331,644 1,366,118 SC13 701,107 613,800 SC19 215,043 316,056 SC22 19,612 25,471 SC22 134,255 121,158
Issued during year SC8 273,141 1,421,939 SC14 18,331 108,659 SC20 421,531 155,999 SC23 4,387 8,582 SC23 120,751 127,555
Redeemed during year SC9 (329,462) (456,413) SC15 (51,340) (21,352) SC21 (109,991) (257,012) SC24 (7,656) (14,441) SC24 (63,629) (114,458)
Total number of Shares
in issue at end of year TS2 2,275,323 2,331,644 668,098 701,107 526,583 215,043 16,343 19,612 191,377 134,255
Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended
Number of Shares 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014
Issued and Fully Paid
Balance at beginning of year SC4 913,720 1,114,214 SC16 17,756 1,660 407,260 343,604 SC10 170,434 - SC10 2,734,067 -
Issued during year SC5 586,053 1,218,803 SC17 184,807 16,096 363,456 91,614 SC11 1,444,506 172,434 SC11 1,291,839 3,593,110
Redeemed during year SC6 (671,582) (1,419,297) SC18 (168,456) - (245,541) (27,958) SC12 (154,966) (2,000) SC12 (1,400,130) (859,043)
Total number of Shares
in issue at end of year TS3 828,191 913,720 34,107 17,756 525,175 407,260 TS4 1,459,974 170,434 TS4 2,625,776 2,734,067
Euro Class C Shares Euro Class D Shares Euro Class F Shares
Sterling Class E Shares Euro Class H Shares
Euro Class A Shares Euro Class C Shares Euro Class D Shares
Euro Class H Shares ^
Sterling Class A Shares
Euro Class A Shares Euro Class B Shares
Sterling Class A SharesEuro Class I Shares ^
Euro Class G Shares Euro Class F Shares
USD Class C Shares
USD Class A Shares
Sterling Class C SharesEuro Class I Shares ^
Euro Class I Shares
^ Please see Note 21 Events during the financial year
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
98
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
10. Share Capital (Continued)
KBI Institutional Water Fund (Continued) AUD Class A Shares ^
Year ended Year ended Year ended Year ended Year ended Year ended
Number of Shares 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014
Issued and Fully Paid
Balance at beginning of period SC4 1,004,841 - SC13 160,024 - - -
Issued during period SC5 197,552 1,392,018 SC14 - 241,904 1,997,004 -
Redeemed during period SC6 (854,020) (387,177) SC15 (146,500) (81,880) -
Total number of Shares
in issue at end of period TS3 348,373 1,004,841 13,524 160,024 1,997,004 -
KBI Institutional GESS Fund
Year ended Year ended Year ended Year ended Year ended Year ended
Number of Shares 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014
Issued and Fully Paid
Balance at beginning of year 362,919 378,228 sc7 5,359 5,359 SC19 3 3
Issued during year 17,106 83,896 SC8 28 - SC20 - -
Redeemed during year (109,126) (99,205) SC9 - - SC21 (3) -
Total number of Shares
in issue at end of year 270,899 362,919 5,387 5,359 TS3 - 3
Sterling Class B (Distributing) Shares
Year ended Year ended Period ended Period ended Year ended Year ended Year ended Year ended Year ended Year ended
Number of Shares 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014
Issued and Fully Paid
Balance at beginning of year/period 7,288,686 7,368,830 SC25 39,800 - 294,620 484,148 29 25 1,333,965 778,657
Issued during year/period 821,199 1,486,876 SC26 765,695 39,800 1,053 472 54 4 1,097,289 650,531
Redeemed during year/period (2,695,847) (1,567,020) SC28 (275,017) - (58,676) (190,000) (83) - (532,302) (95,223)
Total number of Shares
in issue at end of year/period 5,414,038 7,288,686 530,478 39,800 236,997 294,620 - 29 1,898,952 1,333,965
Sterling Class D (Distributing) Shares ^ Sterling Class E (Distributing) Shares
Year ended Year ended Year ended Period ended Year ended Year ended Year ended Year ended Year ended Year ended
Number of Shares 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014
Issued and Fully Paid
Balance at beginning of year/period 1,297,578 477,944 SC25 529,717 496,058 100 - 100 - 1,852,115 498,753
Issued during year/period - 1,297,577 SC26 - 33,659 - 100 - 100 189,573 1,353,362
Redeemed during year/period - (477,943) SC28 (529,717) - - - - - (1,082,916) -
Total number of Shares
in issue at end of year/period 1,297,578 1,297,578 - 529,717 100 100 100 100 958,772 1,852,115
Year ended Period ended Year ended Year ended Year ended Year ended
Number of Shares 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014
Issued and Fully Paid
Balance at beginning of period/year 782,304 - SC25 1,138,723 959,328 240,000 -
Issued during period/year 148,561 820,906 SC26 - 179,395 - 240,000
Redeemed during period/year (275,196) (38,602) SC28 (485,126) - - -
Total number of Shares
in issue at end of period/year 655,669 782,304 653,597 1,138,723 240,000 240,000
Sterling Class E Shares USD Class A Shares
USD Class D Shares
Euro Class B SharesKBI Institutional Emerging Markets Equity
Fund
USD Class C Shares
(Distributing) Shares
Euro Class I Shares ^Euro Class D Shares
Sterling Class D Shares
Euro Class A Shares
Swiss Franc Class A Shares
USD Class B Shares CAD Class M Shares
(Distributing) Shares
Euro Class I Shares ^Euro Class A Shares Euro Class H Shares
^ Please see Note 21 Events during the financial year
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
99
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
10. Share Capital (Continued)
Euro Class D (Distributing) Shares
Year ended Year ended Year ended Period ended Year ended Year ended Year ended Year ended Year ended Year ended
Number of Shares 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014
Issued and Fully Paid
Balance at beginning of year SC7 601,651 620,316 390,853 - 6,107,603 6,875,943 539,477 - 12,288,654 368,084
Issued during year SC8 - 101,521 4,720,756 390,853 1,443,376 58,514 - 539,477 4,269,736 11,920,570
Redeemed during year SC9 (583,208) (120,186) (142,808) - (1,100,521) (826,854) - - (6,289,705) -
Total number of Shares
in issue at end of year 18,443 601,651 4,968,801 390,853 6,450,457 6,107,603 539,477 539,477 10,268,685 12,288,654
Sterling Class A (Distributing) Shares
Year ended Period ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended
Number of Shares 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014
Issued and Fully Paid
Balance at beginning of year/period - 374,439 166,084 204 100 - 100 - 173,756 18,080
Issued during year/period - 513,553 173,091 166,059 - 100 - 100 59,877 157,077
Redeemed during year/period - (887,992) (339,175) (179) - - - - (28,210) (1,401)
Total number of Shares
in issue at end of year/period - - - 166,084 100 100 100 100 205,423 173,756
Sterling Class D (Distributing) Shares ^ US Dollar Class B (Distributing) Shares ^
Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended
Number of Shares 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014
Issued and Fully Paid
Balance at beginning of period 1,399,374 848,493 7,915,031 7,915,031 3,697,446 3,725,589 32,346 330,899 209,369 -
Issued during period 1,582,325 991,556 4,542,594 - - - - 18,985 9,400 458,995
Redeemed during period (296,113) (440,675) - - (3,697,446) (28,143) (32,346) (317,538) (9,400) (249,626)
Total number of Shares
in issue at end of period 2,685,586 1,399,374 12,457,625 7,915,031 - 3,697,446 - 32,346 209,369 209,369
Year ended Period ended
Number of Shares 31 August 2015 31 August 2014
Issued and Fully Paid
Balance at beginning of year 2,760,000 - sc13 SC10
Issued during year - 2,760,000 sc14 SC11
Redeemed during year - - sc15 SC12
Total number of Shares
in issue at end of year 2,760,000 2,760,000
Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended
Number of Shares 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014
Issued and Fully Paid
Balance at beginning of year 140,713 138,296 2,201,977 1,857,371 1,739,521 1,597,096 17,724 26,249
Issued during year 70,207 18,474 168,738 475,468 36,672 243,887 - 8
Redeemed during year (12,002) (16,057) (2,370,715) (130,862) (551,293) (101,462) - (8,533)
Total number of Shares
in issue at end of year 198,918 140,713 - 2,201,977 1,224,900 1,739,521 17,724 17,724
Euro Class B Shares
Euro Class C SharesKBI Institutional Global Equity Fund Euro Class A Shares Euro Class B Shares ^
Sterling Class C (Distributing) Shares
Euro Class I Shares ^ Sterling Class A Shares
Euro Class A Shares
Euro Class E Shares
KBI Institutional Developed Equity Fund
Sterling Class C Shares
CAD Class A Shares
US Dollar Class B Shares ^
Euro Class H Shares
Euro Class H (Distributing) Shares
Euro Class C Shares
Sterling Class D Shares
^ Please see Note 21 Events during the financial year
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
100
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
10. Share Capital (Continued)
Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended
Number of Shares 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014
Issued and Fully Paid
Balance at beginning of year/period 3,129 4,884 652,877 20 25 195 494,748 494,748
Issued during year/period - - 65,774 652,857 - - - -
Redeemed during year/period (3,129) (1,755) (595,770) - (25) (170) (494,748) -
Total number of Shares
in issue at end of year/period - 3,129 122,881 652,877 - 25 - 494,748
Year ended Year ended
Number of Shares 31 August 2015 31 August 2014
Issued and Fully Paid
Balance at beginning of year 1,415,731 2,955,331
Issued during year 76,071 62,991
Redeemed during year (128,373) (1,602,591)
Total number of Shares
in issue at end of year 1,363,429 1,415,731 T5
Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended
Number of Shares 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014
Issued and Fully Paid
Balance at beginning of year 466,990 585,439 SC4 794,330 700,045 SC7 3,702,094 5,315,972 SC10 27,663 34,386
Issued during year 92,471 82,981 SC5 109,496 198,733 SC8 167,346 9,327 SC11 60,000 6
Redeemed during year (429,363) (201,430) SC6 (296,366) (104,448) SC9 (1,166,056) (1,623,205) SC12 (1,291) (6,729)
Total number of Shares
in issue at end of year 130,098 466,990 T2 607,460 794,330 T3 2,703,384 3,702,094 T4 86,372 27,663
Sterling Class A (Distributing) Shares US Dollar Class B (Distributing) Shares
Year ended Period ended Year ended Period ended Year ended Year ended Year ended Year ended Year ended Year ended
Number of Shares 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014
Issued and Fully Paid
Balance at beginning of period 112,025 - SC4 7,574,564 - SC7 126,688 - 5,000 - 255,335 -
Issued during period 6,615 112,025 SC5 6,558,142 7,733,577 SC8 159,487 133,603 15,168 5,000 SC5 442,089 273,010
Redeemed during period (20,660) - SC6 (1,919,674) (159,013) SC9 (33,677) (6,915) (102) - SC6 (60,017) (17,675)
Total number of Shares
in issue at end of period 97,980 112,025 T2 12,213,032 7,574,564 T3 252,498 126,688 20,066 5,000 T2 637,407 255,335
Year ended Year ended
Number of Shares 31 August 2015 31 August 2014
Issued and Fully Paid
Balance at beginning of period 8,072,083 -
Issued during period 1,747,309 9,335,920
Redeemed during period (4,470,404) (1,263,837)
Total number of Shares
in issue at end of period 5,348,988 8,072,083
Euro Class C Shares Euro Class E Shares
US Dollar Class A Shares ^
KBI Institutional 50/50 Global/Eurozone Equity
Fund
Euro Class C Shares
KBI Institutional Eurozone Equity Fund Euro Class A Shares Euro Class B Shares
KBI Institutional North America Equity Fund Sterling Class A Shares
Euro Class H Shares Euro Class I Shares ^KBI Institutional Global Equity Fund
(continued)
Euro Class F Shares ^
Euro Class D (Distributing) Shares US Dollar Class B Shares
US Dollar Class D Shares
^ Please see Note 21 Events during the financial year
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
101
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
10. Share Capital (Continued)
Period ended
Number of Shares 31 August 2015
Issued and Fully Paid
Balance at beginning of period -
Issued during period 6,542,851
Redeemed during period -
Total number of Shares
in issue at end of period 6,542,851
Period ended
Number of Shares 31 August 2015
Issued and Fully Paid
Balance at beginning of period -
Issued during period 6,372,921
Redeemed during period (577,983)
Total number of Shares
in issue at end of period 5,794,938
Sterling Class D Shares ^
EUR Class A Shares ^
KBI Institutional ACWI Equity Fund*
KBI Institutional Pan European Equity Fund**
*Fund launched on 17 April 2015. **Fund launched on 8 May 2015.
^ Please see Note 21 Events during the financial year
11. Net Asset Value
Net Asset Value Net Asset Value Net Asset Value
Net Asset Value per Share Net Asset Value per Share Net Asset Value per Share
KBI Institutional Long Bond Fund
Class A Shares €46,405,199 €199.39 €67,034,793 €188.21 €69,232,865 €152.04
KBI Institutional Agri Fund 0 0 0 0
Euro Class A Shares €13,724,375 €116.99 €28,164,878 €132.67 €18,395,323 €114.40
Euro Class B Shares €1,096,359 €513.94 €1,536,580 €592.07 €3,045,857 €517.89
Euro Class C Shares €2,229,108 €124.16 €2,543,128 €141.66 €2,254,227 €122.88
Euro Class D Shares €1,863,182 €547.67 €2,615,608 €630.88 €3,559,657 €551.97
Euro Class F Shares €1,812,234 €124.77 €2,086,343 €143.65 €1,826,189 €125.73
Euro Class H Shares - - €3,630,348 €121.00 €3,149,289 €104.96
Euro Class I Shares - - €341,302 €112.81 €573,245 €99.05
Sterling Class C Shares - - - - £298,444 £97.14
As at 31 August 2015 As at 31 August 2014 As at 31 August 2013
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
102
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
11. Net Asset Value (Continued)
Net Asset Value Net Asset Value Net Asset Value
Net Asset Value per Share Net Asset Value per Share Net Asset Value per Share
KBI Institutional Energy Solutions Fund
Euro Class A Shares €20,449,544 €5.67 €18,287,854 €5.90 €3,519,716 €5.00
Euro Class B Shares €1,319,993 €9.09 €1,393,840 €9.60 €1,200,341 €8.26
Euro Class C Shares €7,201,336 €8.58 €8,029,229 €8.96 €6,218,322 €7.63
Euro Class D Shares €8,450,964 €8.48 €3,834,456 €8.88 €4,385,217 €7.58
Euro Class F Shares €19,833,800 €238.72 €23,673,970 €253.38 €24,352,227 €219.01
Euro Class I Shares - - €128,441 €14.16 €83,908 €12.23
Sterling Class A Shares £920,031 £7.39 £899,517 £8.47 £875,175 £7.76
USD Class C Shares $87,611 $7.93 $45,157 $9.88 - -
KBI Institutional Water Fund
Euro Class A Shares €40,911,779 €17.98 €42,304,559 €18.14 €19,479,737 €14.20
Euro Class C Shares €13,982,858 €20.93 €14,862,729 €21.20 €10,265,212 €16.66
Euro Class D Shares €10,738,118 €20.39 €4,451,664 €20.70 €5,173,012 €16.30
Euro Class F Shares €16,051,666 €982.18 €19,848,369 €1,012.07 €20,652,455 €810.84
Euro Class G Shares €3,202,391 €16.73 €2,303,740 €17.16 €1,660,095 €13.65
Euro Class H Shares €12,517,000 €15.11 €14,019,225 €15.34 €13,515,868 €12.08
Euro Class I Shares €479,737 €14.07 €256,727 €14.46 €19,202 €11.52
Sterling Class A Shares £8,408,178 £16.01 £7,247,345 £17.80 £5,192,080 £15.11
Sterling Class E Shares £14,006,590 £9.59 £1,821,853 £10.69 - -
USD Class A Shares $24,731,619 $9.42 $30,759,018 $11.25 - -
USD Class C Shares $3,134,275 $9.00 $10,930,477 $10.88 - -
AUD Class A Shares AUD 18,972,320 AUD 9.50 - - - -
CHF Class A Shares CHF 130,941 CHF 9.68 CHF 1,754,139 CHF 10.96 - -
KBI Institutional GESS Fund
Euro Class A Shares €37,136,926 €137.09 €53,458,054 €147.30 €46,595,606 €123.19
Euro Class D Shares €577,450 €107.21 €621,957 €116.07 €524,109 €97.81
Euro Class I Shares - - €328 €131.08 €279 €111.49
€ 0.00
KBI Institutional Emerging Markets Equity Fund
Euro Class A Shares €63,416,345 €11.71 €91,201,001 €12.51 €78,033,472 €10.59
Euro Class B Shares €5,717,098 €10.78 €459,919 €11.56 - -
Euro Class H Shares €2,408,913 €10.16 €3,218,372 €10.92 €4,502,828 €9.30
Euro Class I Shares - - €306 €10.56 €226 €9.06
Sterling Class B Distributing Shares £16,006,166 £8.43 £13,763,876 £10.32 £7,596,380 £9.76
Sterling Class D Shares £11,670,147 £8.99 £13,629,135 £10.50 £12,369,621 £9.53
Sterling Class D Distributing Shares - - £5,070,448 £9.57 £4,459,947 £8.99
Sterling Class E Shares £915 £9.15 £1,080 £10.80 - -
As at 31 August 2013As at 31 August 2015 As at 31 August 2014
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
103
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
11. Net Asset Value (Continued)
Net Asset Value (Continued)
Net Asset Value Net Asset Value Net Asset Value
Net Asset Value per Share Net Asset Value per Share Net Asset Value per Share
KBI Institutional Emerging Markets Equity Fund (Continued)
Sterling Class E Distributing Shares £908 £9.08 £1,080 £10.80 - -
USD Class A Shares $8,616,805 $8.99 $21,082,025 $11.38 $4,839,543 $9.70
USD Class B Shares $5,655,511 $8.63 $8,532,796 $10.91 - -
USD Class D Shares $6,933,361 $10.61 $15,182,869 $13.33 $10,823,007 $11.28
CAD Class A Shares £2,339,211 £9.75 CAD $2,425,788 CAD $10.11 - -
KBI Institutional Developed Equity Fund
Euro Class A Shares €324,383 €17.59 €9,670,368 €16.07 €8,210,941 €13.24
Euro Class B Shares €61,197,061 €12.32 €4,415,632 €11.30 - -
Euro Class C Shares €112,676,954 €17.47 €97,990,666 €16.04 €91,304,718 €13.28
Euro Class D (Distributing) Shares €6,294,164 €11.67 €5,964,119 €11.06 - -
Euro Class H Shares €149,448,446 €14.55 €164,434,052 €13.38 €4,080,110 €11.09
Euro Class H (Distributing) Shares - - - - €3,781,887 €10.10
Euro Class I Shares - - €2,320,754 €13.97 €2,379 €11.66
Sterling Class A Shares £1,054 £10.54 £1,061 £10.61 - -
Sterling Class A (Distributing) Shares £1,042 £10.42 £1,061 £10.61 - -
Sterling Class C Shares £2,984,392 £14.53 £2,534,722 £14.59 £234,076 £12.97
Sterling Class C (Distributing) Shares £33,840,622 £12.59 £18,238,451 £13.03 £10,068,203 £11.87
Sterling Class D Shares £183,018,198 £14.69 £116,175,165 £14.68 £102,601,790 £12.96
Sterling Class D (Distributing) Shares - - £40,532,235 £10.96 £37,180,755 £9.98
US Dollar Class B Shares - - $453,724 $14.03 $3,851,064 $11.64
US Dollar Class B (Distributing) Shares $2,011,831 $9.61 $2,242,991 $10.71 - -
CAD Class A Shares $31,161,565 $11.29 $27,644,625 $10.02 - -
KBI Institutional Global Equity Fund
Euro Class A Shares €3,454,068 €17.36 €2,261,988 €16.08 €1,833,239 €13.26
Euro Class B Shares - - €34,951,537 €15.87 €24,395,038 €13.13
Euro Class C Shares €20,801,541 €16.98 €27,488,222 €15.80 €20,915,694 €13.10
Euro Class E Shares €294,158 €16.60 €275,093 €15.52 €339,282 €12.93
Euro Class F Shares - - €47,737 €15.26 €62,355 €12.77
Euro Class H Shares €1,723,990 €14.03 €8,534,829 €13.07 €219 €10.82
Euro Class I Shares - - €343 €13.72 €2,236 €11.47
US Dollar Class A Shares - - $6,045,521 $12.22 $5,013,920 $10.13
KBI Institutional 50/50 Global/Eurozone Equity Fund
Euro Class C Shares €21,931,137 €16.09 €21,136,287 €14.93 €36,555,718 €12.37
As at 31 August 2013As at 31 August 2015 As at 31 August 2014
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
104
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
11. Net Asset Value (Continued)
Net Asset Value Net Asset Value Net Asset Value
Net Asset Value per Share Net Asset Value per Share Net Asset Value per Share
KBI Institutional Eurozone Equity Fund
Euro Class A Shares €1,935,701 €14.88 €6,453,240 €13.82 €6,663,885 €11.38
Euro Class B Shares €8,902,701 €14.66 €10,848,945 €13.66 €7,903,574 €11.29
Euro Class C Shares €39,388,789 €14.57 €50,344,148 €13.60 €59,845,899 €11.26
Euro Class E Shares €1,229,940 €14.24 €369,520 €13.36 €382,153 €11.11
KBI Institutional North America Equity Fund
Euro Class D (Distributing) Shares €1,166,578 €11.91 €1,255,661 €11.21 - -
Sterling Class A Shares £2,699,629 £10.69 £1,347,779 £10.64 - -
Sterling Class A (Distributing) Shares £125,811,312 £10.30 £79,875,367 £10.55 - -
US Dollar Class B Shares $194,733 $9.71 $52,135 $10.43 - -
US Dollar Class B (Distributing) Shares $6,176,919 $9.69 $2,733,058 $10.70 - -
US Dollar Class D Shares $56,659,704 $10.59 $91,180,830 $11.30 - -
KBI Institutional ACWI Equity Fund*
Sterling Class D Shares^ €58,142,254 €8.89 - - - -
KBI Institutional Pan European Fund**
Euro Class A Shares^ €52,097,025 €8.99 - - - -
As at 31 August 2013As at 31 August 2015 As at 31 August 2014
*Fund launched on 17 April 2015.
**Fund launched on 8 May 2015.
^ Please see Note 21 Events during the financial year
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
105
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
12. Securities Lending Income
Securities lending is the market practice whereby securities are temporarily transferred by one party (the
lender) to another (the borrower). The Sub-Funds were engaged in securities lending activities during the
financial year ended 31 August 2015. Securities used in securities lending activities were held at fair value and
were recorded on the Global Securities System of Northern Trust Fiduciary Services (Ireland) Limited.
The income generated from securities lending is divided between the Fund (60%), the securities lending agent,
i.e. Northern Trust (30%) and the Company (10%). Details of the income generated from securities lending and
the value of securities out on loan at the year end is as follows:
The following table shows the securities lending position of the Company at 31 August 2015:
Year ended Year ended
31 August 2015 31 August 2014
EUR EUR
KBI Institutional Long Bond Fund
Income earned during the year:
Fund 4,198 2,545
Kleinwort Benson Investors Dublin Limited 700 424
Northern Trust 2,099 1,273
Value of securities on loan at year end 3,956,928 4,882,842
Value of collateral held in respect of these loans at year end 4,071,957 5,030,269
Year ended Year ended
31 August 2015 31 August 2014
EUR EUR
KBI Institutional Agri Fund
Income earned during the year:
Fund 11,763 13,645
Kleinwort Benson Investors Dublin Limited 1,960 2,274
Northern Trust 5,881 6,822
Value of securities on loan at year end 3,150,733 3,029,231
Value of collateral held in respect of these loans at year end 3,286,647 3,130,317
Year ended Year ended
31 August 2015 31 August 2014
EUR EUR
KBI Institutional Energy Solutions Fund
Income earned during the year:
Fund 60,654 60,340
Kleinwort Benson Investors Dublin Limited 10,109 10,057
Northern Trust 30,327 30,170
Value of securities on loan at year end 14,182,277 6,485,961
Value of collateral held in respect of these loans at year end 14,680,479 6,731,966
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
Annual Report and Audited
106
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
12. Securities Lending Income (Continued)
Year ended Year ended
31 August 2015 31 August 2014
USD USD
KBI Institutional Water Fund
Income earned during the year:
Fund 99,076 54,101
Kleinwort Benson Investors Dublin Limited 16,513 9,017
Northern Trust 49,538 27,050
Value of securities on loan at year end 12,672,800 13,604,680
Value of collateral held in respect of these loans at year end 14,257,197 17,121,892
Year ended Year ended
31 August 2015 31 August 2014
EUR EUR
KBI Institutional GESS Fund
Income earned during the year:
Fund 35,023 30,301
Kleinwort Benson Investors Dublin Limited 5,837 5,050
Northern Trust 17,511 15,151
Value of securities on loan at year end 6,165,703 3,557,510
Value of collateral held in respect of these loans at year end 6,483,917 3,655,613
Year ended Year ended
31 August 2015 31 August 2014
EUR EUR
KBI Institutional Emerging Markets Equity Fund
Income earned during the year:
Fund 54,061 27,716
Kleinwort Benson Investors Dublin Limited 9,010 4,619
Northern Trust 27,030 13,858
Value of securities on loan at year end 1,754,385 4,230,062
Value of collateral held in respect of these loans at year end 1,871,486 4,527,519
Year ended Year ended
31 August 2015 31 August 2014
EUR EUR
KBI Institutional Developed Equity Fund
Income earned during the year:
Fund 496,820 381,321
Kleinwort Benson Investors Dublin Limited 82,803 63,554
Northern Trust 248,410 190,661
Value of securities on loan at year end 67,137,991 53,864,518
Value of collateral held in respect of these loans at year end 70,840,646 56,814,660
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
Annual Report and Audited
107
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
12. Securities Lending Income (Continued)
Year ended Year ended
31 August 2015 31 August 2014
EUR EUR
KBI Institutional Global Equity Fund
Income earned during the year:
Fund 37,541 59,648
Kleinwort Benson Investors Dublin Limited 6,257 9,941
Northern Trust 18,771 29,824
Value of securities on loan at year end 2,694,639 7,877,024
Value of collateral held in respect of these loans at year end 2,855,832 8,284,694
Year ended Year ended
31 August 2015 31 August 2014
EUR EUR
KBI Institutional 50/50 Global/Eurozone Equity Fund
Income earned during the year:
Fund 14,492 22,951
Kleinwort Benson Investors Dublin Limited 2,415 3,825
Northern Trust 7,246 11,475
Value of securities on loan at year end 1,852,754 2,238,051
Value of collateral held in respect of these loans at year end 1,957,257 8,284,694
Year ended Year ended
31 August 2015 31 August 2014
EUR EUR
KBI Institutional Eurozone Equity Fund
Income earned during the year:
Fund 40,681 124,913
Kleinwort Benson Investors Dublin Limited 6,780 20,819
Northern Trust 20,341 62,456
Value of securities on loan at year end 2,986,673 3,781,981
Value of collateral held in respect of these loans at year end 3,159,750 3,951,915
Year ended Year ended
31 August 2015 31 August 2014
USD USD
KBI Institutional North America Equity Fund
Income earned during the year:
Fund 166,797 61,309
Kleinwort Benson Investors Dublin Limited 27,799 10,218
Northern Trust 83,398 30,655
Value of securities on loan at year end 34,996,820 18,861,095
Value of collateral held in respect of these loans at year end 36,269,645 19,769,573
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
Annual Report and Audited
108
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
12. Securities Lending Income (Continued)
Year ended Year ended
31 August 2015 31 August 2014
EUR EUR
KBI Institutional ACWI Equity Fund*
Income earned during the year:
Fund 12,037 -
Kleinwort Benson Investors Dublin Limited 2,006 -
Northern Trust 6,019 -
Value of securities on loan at year end 6,350,903 -
Value of collateral held in respect of these loans at year end 6,687,225 -
Year ended Year ended
31 August 2015 31 August 2014
EUR EUR
KBI Institutional Pan European Equity Fund**
Income earned during the year:
Fund 3,380 -
Kleinwort Benson Investors Dublin Limited 563 -
Northern Trust 1,690 -
Value of securities on loan at year end 828,577 -
Value of collateral held in respect of these loans at year end 875,045 -
The Direct Costs disclosed below relate to the Agent’s (Northern Trust Company) fee.
Gross Earnings Direct Costs
31 August 2015 31 August 2015
EUR EUR
KBI Institutional Long Bond Fund 6,996 2,099
KBI Institutional Agri Fund 19,605 5,881
KBI Institutional Energy Solutions Fund 101,091 30,327
KBI Institutional GESS Fund 58,371 17,511
KBI Institutional Emerging Markets Equity Fund 90,101 27,030
KBI Institutional Developed Equity Fund 828,033 248,410
KBI Institutional Global Equity Fund 62,569 18,771
KBI Institutional 50/50 Global/Eurozone Equity Fund 24,154 7,246
KBI Institutional Eurozone Equity Fund 67,802 20,341
KBI Institutional ACWI Equity Fund* 20,062 6,019
KBI Institutional Pan European Equity Fund** 5,633 1,690
USD USD
KBI Institutional Water Fund 165,127 49,538
KBI Institutional North America Equity Fund 277,995 83,398
1,727,539 518,262
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
Annual Report and Audited
109
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
12. Securities Lending Income (Continued)
Gross Earnings Direct Costs
31 August 2014 31 August 2014
EUR EUR
KBI Institutional Long Bond Fund 4,242 1,273
KBI Institutional Agri Fund 22,741 6,822
KBI Institutional Energy Solutions Fund 100,567 30,170
KBI Institutional GESS Fund 50,502 15,151
KBI Institutional Emerging Markets Equity Fund 46,193 13,858
KBI Institutional Developed Equity Fund 635,535 190,661
KBI Institutional Global Equity Fund 99,414 29,824
KBI Institutional 50/50 Global/Eurozone Equity Fund 38,251 11,475
KBI Institutional Eurozone Equity Fund 208,188 62,456
KBI Institutional ACWI Equity Fund* - -
KBI Institutional Pan European Equity Fund** - -
USD USD
KBI Institutional Water Fund 90,168 27,050
KBI Institutional North America Equity Fund 102,182 30,655
1,397,984 419,395
*Fund launched on 17 April 2015. **Fund launched on 8 May 2015.
The following borrowers were used in the securities lending programme at 31 August 2015:
Borrower Name Borrower Name
ABN Amro Bank N.V. HSBC Bank Plc
ABN Amro Securities (USA) LLC ING Bank NV, London Branch
Barclays Capital Inc. ING Financial Markets LLC
Barclays Capital Securities Ltd. J.P. Morgan Clearing Corp.
BMO Capital Markets Corp. Merrill Lynch International
Citigroup Global Markets Inc. Morgan Stanley & Co. International Plc
Citigroup Global Markets Limited
Credit Suisse Securities (Europe) Limited
Credit Suisse Securities (USA) LLC
Deutsche Bank AG, London Branch
Deutsche Bank Securities Inc.
Goldman Sachs International
110
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
13. Fees
Investment Management Fee
Under the provisions of the discretionary investment management agreement, the Company will pay the
Investment Manager a fee of up to 2.50% per annum of the Net Asset Value (plus VAT, if any) of KBI
Institutional Long Bond, the KBI Institutional North America Equity Fund, the KBI Institutional ACWI
Equity Fund, the KBI Institutional Pan European Equity Fund, the KBI Institutional Agri Fund, the KBI
Institutional Water Fund, the KBI Institutional GESS Fund, the KBI Institutional Emerging Markets Equity
Fund, the KBI Institutional Global Equity Fund, the KBI Institutional Developed Equity Fund, the KBI
Institutional Eurozone Equity Fund and the KBI Institutional 50/50 Global/Eurozone Equity Fund. Within
these maximum permitted limits, the Investment Manager's fee may differ between Sub-Funds and between
classes of the same Sub-Fund. This fee shall be accrued weekly on each dealing day and payable monthly in
arrears.
The Company will pay the Investment Manager a fee of up to 1.5% per annum of the Net Asset Value of the
KBI Institutional Energy Solutions Fund (plus VAT, if any) in respect of Sterling Class A, Euro Class A, Euro
Class B, Euro Class C, Euro Class D and Euro Class F Shares and an annual fee of up to 2.5% per annum of
the Net Asset Value of the this Fund (plus VAT, if any) in respect of US Dollar Class A, US Dollar Class B,
US Dollar Class C, US Dollar Class D, Sterling Class B, Sterling Class C, Sterling Class D, Euro Class E,
Euro Class G and Euro Class H.
Investment Management fees of EUR 6,617,291 (31 August 2014: EUR 3,488,211) were charged during the
financial year, EUR 1,036,474 of which were outstanding at the financial year end (31 August 2014: EUR
390,582).
Administration Fee
Under the provisions of the administration agreement, the Company shall pay to the Administrator out of the
assets of each Sub-Fund attributable to each Class an annual fee which shall be accrued weekly on each
Dealing Day and payable monthly in arrears, at a rate which will not exceed 0.03% of the Net Asset Value of
KBI Institutional Long Bond Fund (plus VAT, if any), 0.035% of the Net Asset Value of KBI Institutional
Agri Fund, KBI Institutional Water Fund, KBI Institutional Energy Solutions Fund, KBI Institutional GESS
Fund, KBI Institutional Emerging Markets Equity Fund, KBI Institutional Global Equity Fund, KBI
Institutional Developed Equity Fund, KBI Dividend Plus 50/50 Fund, KBI Institutional Eurozone Equity Fund
and KBI Institutional North America Equity Fund (plus VAT, if any) and 0.10% of the Net Asset Value of
KBI Institutional ACWI Equity Fund and KBI Institutional Pan European Equity Fund (plus VAT, if any).
The Administrator shall also be entitled to be repaid out of the assets of the Sub-Fund all of its reasonable out-
of-pocket expenses incurred on behalf of the Sub-Fund, which shall include legal fees, couriers' fees and
telecommunication costs and expenses.
Administration fees of EUR 571,846 (31 August 2014: EUR 380,994) were charged during the financial year,
EUR 155,298 of which were outstanding at the financial year end (31 August 2014: EUR 113,570).
Custodian Fee
Under the provisions of the custodian agreement, the Company shall pay to the Custodian out of the assets of
each Sub-Fund attributable to each Class an annual fee which shall be accrued weekly on each Dealing Day
and payable monthly in arrears, at a rate which will not exceed 0.03% of the Net Asset Value of KBI
Institutional Long Bond Fund (plus VAT, if any), and 0.065% of the Net Asset Value of KBI Institutional
Agri Fund, KBI Institutional Water Fund, KBI Institutional Energy Solutions Fund, KBI Institutional Global
Equity Fund, KBI Institutional 50/50 Global/Eurozone Equity Fund, KBI Institutional Developed Equity
Fund, KBI Institutional Eurozone Equity Fund, KBI Institutional GESS Fund and KBI Institutional North
America Equity Fund (plus VAT, if any), 0.074% of the Net Asset Value of KBI Institutional Emerging
Markets Equity Fund (plus VAT, if any) and 0.10% of the Net Asset Value of KBI Institutional North
America Equity Fund, KBI Institutional ACWI Equity Fund and KBI Institutional Pan European Equity Fund
(plus VAT if any).
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
111
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
13. Fees (Continued)
Custodian Fee (Continued)
The Custodian shall also be entitled to be repaid out of the assets of each Sub-Fund all of its reasonable out-of-
pocket expenses incurred on behalf of the Sub-Fund which shall include couriers' fees and telecommunication
costs and other expenses incurred on behalf of the Sub-Fund by the Custodian in the proper performance of its
duties (plus VAT, if any).
Custodian fees of EUR 1,033,373 (31 August 2014: EUR 679,834) were charged during the financial year,
EUR 274,261 of which were outstanding at the financial year end (31 August 2014: EUR 204,366).
14. Efficient Portfolio Management
The Investment Manager may utilise derivatives and other techniques and instruments (including, but not
limited to, options, swaps, futures and forwards) whether the intention of providing protection against risks of
gaining exposure to certain markets, sectors or securities, or otherwise of increasing the return on the Assets of
each Fund. Such derivatives and other techniques and instruments will only be used for efficient portfolio
management purposes in accordance with the conditions and limits laid down by the Central Bank of Ireland.
The Investment Manager may also, when facilities become available in the relevant markets, lend the Portfolio
securities and/or purchase securities subject to repurchase agreements. Securities lending is dealt with
separately in Note 12. No securities were purchased subject to repurchase agreements during the financial
year.
There are no open derivative contracts held at the Statement of Financial Position date.
15. Distributions
Details of distributions made during the financial year ended 31 August 2015 are as follows:
KBI Institutional Emerging Markets Equity Share Class B GBP
Date Date Rate per
Declared Paid Share No. of Shares Amount £ Relevant Period
27.02.2015 13.03.2015 0.08400 1,582,401 132,920 01.09.2014 - 28.02.2015
31.08.2015 14.09.2015 0.28146 1,898,953 534,479 01.03.2015 - 31.08.2015
KBI Institutional Emerging Markets Equity Share Class D GBP
Date Date Rate per
Declared Paid Share No. of Shares Amount £ Relevant Period
27.02.2015 13.03.2015 0.07803 529,717 41,332 01.09.2014 - 28.02.2015
KBI Institutional Emerging Markets Equity Share Class E GBP
Date Date Rate per
Declared Paid Share No. of Shares Amount £ Relevant Period
27.02.2015 13.03.2015 0.08610 100 9 01.09.2014 - 28.02.2015
KBI Institutional Developed Equity Share Class A GBP
Date Date Rate per
Declared Paid Share No. of Shares Amount £ Relevant Period
27.02.2015 13.03.2015 0.12850 100 13 01.09.2014 - 28.02.2015
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
112
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
15. Distributions (Continued)
Details of distributions made during the financial year ended 31 August 2015 are as follows: (Continued)
KBI Institutional Developed Equity Share Class C GBP
Date Date Rate per
Declared Paid Share No. of Shares Amount £ Relevant Period
27.02.2015 13.03.2015 0.15445 2,282,702 352,559 01.09.2014 - 28.02.2015
31.08.2015 14.09.2015 0.24065 2,686,988 646,624 01.03.2015 - 31.08.2015
KBI Institutional Developed Equity Share Class D GBP
Date Date Rate per
Declared Paid Share No. of Shares Amount £ Relevant Period
27.02.2015 13.03.2015 0.13002 3,697,446 480,731 01.09.2014 - 28.02.2015
31.08.2015 14.09.2015 0.18366 209,369 38,453 01.03.2015 - 31.08.2015
KBI Institutional Developed Equity Share Class B USD
Date Date Rate per
Declared Paid Share No. of Shares Amount $ Relevant Period
27.02.2015 13.03.2015 0.11796 218,769 25,807 01.09.2014 - 28.02.2015
KBI Institutional Developed Equity Share Class D EUR
Date Date Rate per
Declared Paid Share No. of Shares Amount € Relevant Period
27.02.2015 13.03.2015 0.14304 539,477 77,166 01.09.2014 - 28.02.2015
31.08.2015 14.09.2015 0.22300 539,477 120,303 01.03.2015 - 31.08.2015
KBI Institutional North America Equity Share Class A GBP
Date Date Rate per
Declared Paid Share No. of Shares Amount £ Relevant Period
28.11.2014 05.12.2014 0.03523 9,555,661 336,598 01.03.2014 - 31.08.2014
27.02.2015 13.03.2015 0.13271 12,018,102 1,594,911 01.09.2014 - 28.02.2015
31.08.2015 14.09.2015 0.13833 12,213,032 1,689,429 01.03.2015 - 31.08.2015
KBI Institutional North America Equity Share Class D EUR
Date Date Rate per
Declared Paid Share No. of Shares Amount € Relevant Period
28.11.2014 05.12.2014 0.05129 111,895 5,739 01.03.2014 - 31.08.2014
27.02.2015 13.03.2015 0.15405 114,185 17,590 01.09.2014 - 28.02.2015
31.08.2015 14.09.2015 0.15988 97,980 15,665 01.03.2015 - 31.08.2015
KBI Institutional North America Equity Share Class B USD
Date Date Rate per
Declared Paid Share No. of Shares Amount $ Relevant Period
28.11.2014 05.12.2014 0.02560 339,170 8,683 01.03.2014 - 31.08.2014
27.02.2015 13.03.2015 0.12540 620,100 77,758 01.09.2014 - 28.02.2015
31.08.2015 14.09.2015 0.13013 637,406 82,946 01.03.2015 - 31.08.2015
KBI Institutional ACWI Equity Share Class D GBP
Date Date Rate per
Declared Paid Share No. of Shares Amount £ Relevant Period
31.08.2015 14.09.2015 0.08862 6,542,851 579,827 01.03.2015 - 31.08.2015
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
113
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
15. Distributions (Continued)
Details of distributions made during the financial year ended 31 August 2014 are as follows:
KBI Institutional Emerging Markets Equity Share Class B GBP
Date Date Rate per
Declared Paid Share No. of Shares Amount £ Relevant Period
27.02.2014 14.03.2014 0.04508 1,364,823 61,529 01.09.2013 - 28.02.2014
25.04.2014 06.05.2014 0.04317 1,369,910 59,142 01.11.2013 - 28.02.2014
28.08.2014 12.09.2014 0.26423 1,333,965 352,470 01.03.2014 - 31.08.2014
KBI Institutional Emerging Markets Equity Share Class D GBP
Date Date Rate per
Declared Paid Share No. of Shares Amount £ Relevant Period
27.02.2014 14.03.2014 0.08264 496,058 40,995 01.09.2013 - 28.02.2014
28.08.2014 12.09.2014 0.23688 529,717 125,480 01.03.2014 - 31.08.2014
KBI Institutional Developed Equity Share Class C GBP
Date Date Rate per
Declared Paid Share No. of Shares Amount £ Relevant Period
27.02.2014 14.03.2014 0.10458 1,396,138 146,015 01.09.2013 - 28.02.2014
28.08.2014 12.09.2014 0.22103 1,399,374 309,298 01.03.2014 - 31.08.2014
KBI Institutional Developed Equity Share Class D GBP
Date Date Rate per
Declared Paid Share No. of Shares Amount £ Relevant Period
27.02.2014 14.03.2014 0.13227 3,725,589 492,765 01.09.2013 - 28.02.2014
28.08.2014 12.09.2014 0.19360 3,697,446 715,814 01.03.2014 - 31.08.2014
KBI Institutional Developed Equity Share Class B USD
Date Date Rate per
Declared Paid Share No. of Shares Amount $ Relevant Period
27.02.2014 14.03.2014 0.05896 307,364 18,121 01.09.2013 - 28.02.2014
25.04.2014 06.05.2014 0.01931 209,369 4,043 01.11.2013 - 28.02.2014
28.08.2014 12.09.2014 0.14743 209,369 30,866 01.03.2014 - 31.08.2014
KBI Institutional Developed Equity Share Class D EUR
Date Date Rate per
Declared Paid Share No. of Shares Amount € Relevant Period
28.08.2014 12.09.2014 0.11276 539,477 60,831 01.03.2014 - 31.08.2014
KBI Institutional Developed Equity Share Class H EUR
Date Date Rate per
Declared Paid Share No. of Shares Amount € Relevant Period
27.02.2014 14.03.2014 0.09655 887,991 85,738 01.09.2013 - 28.02.2014
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
114
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
15. Distributions (Continued)
Details of distributions made during the financial year ended 31 August 2014 are as follows:
KBI Institutional North America Equity Share Class A GBP
Date Date Rate per
Declared Paid Share No. of Shares Amount £ Relevant Period
27.02.2014 14.03.2014 0.00834 2,029,314 16,924 01.09.2013 - 28.02.2014
25.04.2014 06.05.2014 0.00096 3,799,896 3,644 01.11.2013 - 28.02.2014
28.08.2014 12.09.2014 0.08279 7,574,564 627,128 01.03.2014 - 31.08.2014
KBI Institutional North America Equity Share Class D EUR
Date Date Rate per
Declared Paid Share No. of Shares Amount € Relevant Period
28.08.2014 12.09.2014 0.07308 112,025 8,187 01.03.2014 - 31.08.2014
KBI Institutional North America Equity Share Class B USD
Date Date Rate per
Declared Paid Share No. of Shares Amount $ Relevant Period
28.08.2014 12.09.2014 0.08201 255,335 20,939 01.03.2014 - 31.08.2014
KBI Institutional Emerging Markets Equity share Class B GBP
Date Date Rate per
Declared Paid Share No. of Shares Amount £ Relevant Period
28.02.2013 14/03/2013 0.0487 332,775 16,221 01.09.2012 - 28.02.2013
30.08.2013 13/09/2013 0.2472 778,657 192,461 01.03.2013 - 31.08.2013
KBI InstitutionalEmerging Markets Equity share Class D GBP
Date Date Rate per
Declared Paid Share No. of Shares Amount £ Relevant Period
30.08.2013 13/09/2013 0.1944 496,058 96,437 01.03.2013 - 31.08.2013
KBI Institutional Developed Equity Share Class C GBP
Date Date Rate per
Declared Paid Share No. of Shares Amount £ Relevant Period
31.08.2012 14.09.2012 0.2122 282,978 60,054 01.03.2012 - 31.08.2012
28.02.2013 14.03.2013 0.1263 437,810 55,310 01.09.2012 - 28.02.2013
30.08.2013 13.09.2013 0.194437 848,493 164,978 01.03.2013 - 31.08.2013
KBI Institutional Developed Equity Share Class D GBP
Date Date Rate per
Declared Paid Share No. of Shares Amount £ Relevant Period
30.08.2013 13.09.2013 0.1227 3,725,589 457,030 01.03.2012 - 31.08.2012
KBI Institutional Developed Equity Share Class H EUR
Date Date Rate per
Declared Paid Share No. of Shares Amount € Relevant Period
30.08.2013 13.09.2013 0.087769 374,439 32,864 01.03.2012 - 31.08.2012
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
115
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
16. Related Party Transactions
IAS 24 "Related Party Transactions" requires the disclosure of information relating to material transactions
with parties who are deemed to be related to the reporting entity.
Investment Manager
Related parties include the Investment Manager, Kleinwort Benson Investors Dublin Limited. Amounts
earned by the Investment Manager and due to the Investment Manager at financial year end, are disclosed in
Notes 5 and 9, respectively.
Directors
The following Directors of Kleinwort Benson Investors Institutional Fund Plc are also employees of the
Investment Manager, Kleinwort Benson Investors Dublin Limited:
Derval Murray, Padraig Sheehy Gerard Solan and Patrick Cassells.
Frank Joseph Close and Fiona Mulcahy, as Directors, each earn fees of EUR 20,000 per annum. All other
directors have waived their fee for the financial year ended 31 August 2015 (31 August 2014: Frank Joseph
Close earned EUR 15,000 as a Director, all other Directors waived their fee for the financial year).
The table below shows a reconciliation of the Directors' and Secretary's interests in the Funds of the Company
for the financial year ended 31 August 2015:
Frank Joseph Close KBI
Institutional
Global
Equity
Fund
Opening Balance 31 August 2014 1,168
Purchases -
Sales (1,168)
Closing Balance 31 August 2015 -
KBI KBI
Padraig Sheehy KBI Institutional Institutional
KBI Institutional KBI Emerging Eurozone
Institutional Energy Institutional Markets Equity
Agri Fund Solutions Fund Water Fund Equity Fund Fund
Opening Balance 31 August 2014 223 1,845 3,378 14,867 5,978
Purchases - 7,278 524 5,810 2,712
Sales - (14) (6) (7,920) (13)
Closing Balance 31 August 2015 223 9,109 3,896 12,757 8,677
Gerard Solan
KBI KBI
Institutional KBI Institutional
KBI KBI Emerging Institutional Eurozone
Institutional Institutional Markets Global Equity Equity
Agri Fund Water Fund Equity Fund Fund Fund
Opening Balance 31 August 2014 69 3,154 7,743 22,563 -
Purchases - - 738 2,904 2,805
Sales - (5) (13) (37) (4)
Closing Balance 31 August 2015 69 3,149 8,468 25,430 2,801
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
116
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
16. Related Party Transactions (Continued)
Derval Murray KBI KBI KBI
KBI Institutional KBI Institutional Institutional
Institutional Energy Institutional Global Equity Eurozone
Agri Fund Solutions Fund Water Fund Fund Equity Fund
Opening Balance 31 August 2014 48 594 388 115 173
Purchases - - - - -
Sales - (1) (1)
Closing Balance 31 August 2015 48 594 387 115 172
KBI
KBI Institutional
Patrick Cassells KBI Institutional Emerging
Institutional Global Equity Markets
GESS Fund Fund Equity Fund
Opening Balance 31 August 2014 546 12,571 955
Purchases 14 10,582 168
Sales (553) (34) (303)
Closing Balance 31 August 2015 7 23,120 819
KBI
Andrea Oman KBI KBI KBI Institutional
Institutional KBI Institutional Institutional Emerging
Energy Institutional Global Equity Eurozone Markets
Solutions Fund Water Fund Fund Equity Fund Equity Fund
Opening Balance 31 August 2014 1,043 154 408 500 -
Purchases 246 23 60 85 66
Sales (2) - (1) (1) (1)
Closing Balance 31 August 2015 1,287 176 467 585 65
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
117
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
16. Related Party Transactions (Continued)
Shareholdings
The following Funds held shares in KBI Institutional Agri Fund at 31 August 2015:
KBI Innovator Fund held 78,870 shares (31 August 2014: 119,513 shares).
KBI Diversified Growth Fund held 1,686 shares (31 August 2014: 33,470 shares).
The following Funds held shares in KBI Institutional Energy Solutions Fund at 31 August 2015:
KBI Innovator Fund held 1,621,225 shares (31 August 2014: 1,150,004 shares).
The following Funds held shares in KBI Institutional Water Fund at 31 August 2015:
KBI Ethical Managed Fund held 113,101 shares (31 August 2014: nil shares).
KBI Innovator Fund held 541,763 shares (31 August 2014: 867,927 shares).
The following Funds held shares in KBI Institutional GESS Fund at 31 August 2015:
KBI Diversified Growth Fund held 5,132 shares (31 August 2014: 63,461 shares).
KBI Innovator Fund held 210,280 shares (31 August 2014: 224,403 shares).
The following Funds held shares in KBI Institutional Emerging Markets Equity Fund at 31 August 2015:
KBI Diversified Growth Fund held 37,713 shares (31 August 2014: 420,073 shares).
KBI Innovator Fund held 1,733,705 shares (31 August 2014: 1,871,977 shares).
KBI Institutional Global Equity Fund held 179,458 shares (31 August 2014: 517,166 shares).
KBI Institutional 50/50 Global/Eurozone Equity Fund held 75,867 shares (31 August 2014: 72,285 shares).
KBI International Equity Fund held 112,183 shares (31 August 2014: 148,169 shares).
KBI Managed Fund held 969,077 shares (31 August 2014: 1,445,697 shares).
KBI ACWI Equity Fund held 661,856 shares (31 August 2014: Nil).
The following Fund held shares in KBI Institutional Developed Equity Fund at 31 August 2015:
KBI Diversified Growth Fund held 18,443 shares (31 August 2014: 601,651 shares).
The following Fund held shares in KBI Institutional Eurozone Equity Fund at 31 August 2015:
KBI Diversified Growth Fund held 27,491 shares (31 August 2014: 422,792 shares).
KBI International Equity Fund held 58,103 shares (31 August 2014: Nil).
The following Funds held shares in KBI Institutional North America Equity Fund at 31 August 2015:
KBI International Equity Fund held 407,758 shares (31 August 2014: 458,392 shares).
KBI Managed Fund held 4,226,682 shares (31 August 2014: 4,467,754 shares).
The following Funds held shares in KBI Institutional Pan European Equity Fund at 31 August 2015:
KBI Managed Fund held 4,609,703 shares (31 August 2014: Nil).
KBI International Equity Fund held 422,298 shares (31 August 2014: Nil).
The KBI Institutional Global Equity Fund, KBI Institutional 50/50 Global/Eurozone Equity Fund and KBI
Institutional ACWI Equity Fund had holdings in the KBI Institutional Emerging Markets Equity Fund at 31
August 2015.
The KBI Institutional Developed Equity Fund held 626,033 shares in the KBI Global Investment Fund plc –
KBI Cash Fund at 31 August 2015.
The KBI Institutional ACWI Equity Fund held 62,620 shares in the KBI Global Investment Fund plc – KBI
Cash Fund at 31 August 2015.
The KBI Institutional Developed Equity Fund held 37,557 shares in the KBI Global Investment Fund plc – KBI
Cash Fund at 31 August 2015.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
118
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
17. Auditor Remuneration
The remuneration for all work carried out by the statutory audit firm in respect of the financial year is as
follows:
Year ended Year ended
31 August 2015 31 August 2014
EUR EUR
Other assurance services -
Tax advisory services -
40,500
-
3,875
-
44,375
Other non-audit services -
52,500
Statutory audit of the Company accounts 52,500
18. Taxation
The Company will not be liable for tax in respect of its income and gains, other than on the occurrence of
a chargeable event. A chargeable event includes any distribution or any redemption or transfer of Shares.
A chargeable event does not include:
i) Any transactions in relation to Redeemable Participating Shares held in a recognised clearing
system as designated by order of the Revenue Commissioners of Ireland; or,
ii) An exchange of Redeemable Participating Shares representing one Fund for another Fund of the
Company; or,
iii) An exchange of Redeemable Participating Shares arising on a qualifying amalgamation or
reconstruction of the Company with another Fund.
A chargeable event will not occur in respect of Redeemable Participating Shareholders who are neither
resident nor ordinarily resident in Ireland and who have provided the Company with a relevant declaration
to that effect. There were no chargeable events during the financial year.
In the absence of an appropriate declaration, the Company will be liable for Irish tax on the occurrence of
a chargeable event and the Company reserves its right to withhold such taxes from payments to
relevant shareholders.
Capital gains, dividends and interest received may be subject to withholding taxes imposed by the
country of origin and such taxes may not be recoverable by the Company or its Shareholders. A
chargeable event includes any distribution payment to shareholders or any encashment, redemption or
transfer of shares or an ending of a Relevant Period.
19. Soft Commission Arrangements
There were no soft commission arrangements affecting the Company during the current or prior financial
years.
20. Comparative Figures
The comparative information is supplied for the Statement of Financial Position as at 31 August 2014. The
comparative information supplied for the Statement of Comprehensive Income, the Statement of
Changes in Net Assets and the Statement of Cash Flows is for the financial year from 1 September 2013
to 31 August 2014.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
119
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
21. Events During the Financial year
Ms Fiona Mulcahy was appointed as Independent Director on 7 October 2014.
From 2 July 2015, the performance of the KBI Institutional Long Bond Fund’s portfolio of investments is
measured against the J.P. Morgan Economic and Monetary Union (EMU) Government Bond Investment
Grade over 10 years Maturity Index.
The KBI Institutional ACWI Equity Fund launched on 17 April 2015.
The KBI Institutional Pan European Equity Fund launched on 8 May 2015.
On 2 July 2015, the following Sub-Fund name changes were approved:
From KBI Institutional Alternative Energy Fund to KBI Institutional Energy Solutions Fund;
From KBI Institutional Dividend Plus Developed Equity Fund to KBI Institutional Developed Equity Fund;
From KBI Institutional Dividend Plus Emerging Markets Fund to KBI Institutional Emerging Markets Equity
Fund;
From KBI Institutional Dividend Plus Eurozone Fund to KBI Institutional Eurozone Equity Fund;
From KBI Institutional Dividend Plus Global Fund to KBI Institutional Global Equity Fund;
From KBI Institutional Dividend Plus 50/50 Fund to KBI Institutional 50/50 Global/Eurozone Equity Fund;
and KBI Institutional Dividend Plus North America Fund to KBI Institutional North America Equity Fund.
The following Share Classes launched during the financial year:
KBI Institutional Water Fund Australian Dollar Class A Shares
KBI Institutional ACWI Equity Fund Sterling Class D (Distributing) Shares
KBI Institutional Pan European Equity Fund Euro Class A Shares
The following Share Classes closed during the financial year:
KBI Institutional Agri Fund Euro Class I Shares
KBI Institutional Agri Fund Euro Class H Shares
KBI Institutional Global Environmental Solutions Fund Euro Class I Shares
KBI Institutional Energy Solutions Fund Euro Class I Shares
KBI Institutional Emerging Markets Equity Fund Euro Class I Shares
KBI Institutional Emerging Markets Equity Fund Sterling Class D (Distributing) Shares
KBI Institutional Developed Equity Fund Sterling Class D (Distributing) Shares
KBI Institutional Developed Equity Fund USD Class B Shares
KBI Institutional Developed Equity Fund Euro Class I Shares
KBI Institutional Global Equity Fund Euro Class B Shares
KBI Institutional Global Equity Fund Euro Class F Shares
KBI Institutional Global Equity Fund Euro Class I Shares
KBI Institutional Global Equity Fund USD Class A Shares
5leinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
120
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
22. Transaction Costs
The following amounts are included in realised and unrealised gain/loss on investments in relation to transaction costs. Transaction costs are made up of broker charges, local
taxes and levies and stamp duty.
KBI KBI Institutional
Total Company KBI Institutional KBI Institutional Institutional Energy KBI Institutional KBI Institutional Emerging Markets
Long Bond Fund Agri Fund Solutions Fund Water Fund GESS Fund Equity Fund
Year ended Year ended Year ended Year ended Year ended Year ended Year ended
31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015
EUR EUR EUR EUR USD EUR EUR
2,285,865 - 45,871 155,181 458,619 127,739 357,954
KBI
KBI Institutional KBI KBI Institutional KBI KBI Institutional KBI KBI Institutional
Developed Equity Institutional Global 50/50 Global/Eurozone Institutional Eurozone North America Institutional ACWI Pan European
Fund Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund* Equity Fund*
Year ended Year ended Year ended Year ended Year ended Period ended Period ended
31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015
EUR EUR EUR EUR USD EUR EUR
707,713 54,311 16,533 63,454 148,795 66,864 166,082
*Fund launched on 17 April 2015 **Fund launched on 8 May 2015
KBI KBI Institutional
Total Company KBI Institutional KBI Institutional Institutional Energy KBI Institutional KBI Institutional Emerging Markets
Long Bond Fund Agri Fund Solutions Fund Water Fund GESS Fund Equity Fund
Year ended Year ended Year ended Year ended Year ended Year ended Year ended
31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014
EUR EUR EUR EUR USD EUR EUR
1,453,862 - 44,079 94,938 485,337 132,695 258,437
KBI Institutional KBI
Developed Equity KBI KBI Institutional KBI KBI Institutional
Fund Institutional Global 50/50 Global/Eurozone Institutional Eurozone North America
Year ended Equity Fund Equity Fund Equity Fund Equity Fund
31 August 2014 Year ended Year ended Year ended Year ended
EUR 31 August 2014 31 August 2014 31 August 2014 31 August 2014
EUR EUR EUR USD
438,453 51,629 13,936 62,980 92,087
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
121
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
23. Reconciliation of Net Asset Value in accordance with IFRS
At 31 August 2015, an adjustment was required to the financial statements. This was required in order to bring the financial statements in line with IFRS. This adjustment was for
the purposes of the year-end financial statements only and did not affect the monthly reported dealing net asset value. The Net Asset Value of the Funds has been adjusted by the
formation expenses written off in accordance with IFRS. Note 11 shows the dealing NAV’s per Share by Share Class prior to the adjustment described below. The following is the
reconciliation detail as at 31 August 2015 and 31 August 2014: KBI KBI Institutional
Total Company KBI Institutional KBI Institutional Institutional Energy KBI Institutional KBI Institutional Emerging Markets
Long Bond Fund Agri Fund Solutions Fund Water Fund GESS Fund Equity Fund
As at As at As at As at As at As at As at
31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015
EUR EUR EUR EUR USD EUR EUR
Net asset value originally reported 459,376,729 46,405,199 20,725,246 58,599,217 185,809,133 37,714,376 130,105,709
Formation expenses written off 67,763 - 8,533 8,546 31,928 13,645 8,546
Net assets per the financial statements 459,308,966 46,405,199 20,716,713 58,590,671 185,777,205 37,700,731 130,097,164
KBI Institutional KBI KBI Institutional KBI Institutional KBI Institutional KBI KBI Institutional
Developed Institutional Global 50/50 Global/Eurozone Eurozone North America Institutional ACWI Pan European
Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund* Equity Fund*
As at As at As at As at As at As at As at
31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015
EUR EUR EUR EUR USD EUR EUR
Net asset value originally reported 655,106,082 26,273,646 21,931,137 51,457,131 261,988,323 79,969,590 52,097,025
Formation expenses written off - 4,862 - - 8,830 8,956 8,902
Net assets per the financial statements 655,106,083 26,268,785 21,931,137 51,457,131 261,979,493 79,960,634 52,088,123
*Fund launched on 17 April 2015. **Fund launched on 8 May 2015.
KBI KBI Institutional
Total Company KBI Institutional KBI Institutional Institutional Energy KBI Institutional KBI Institutional Emerging Markets
Long Bond Fund Agri Fund Solutions Fund Water Fund GESS Fund Equity Fund
As at As at As at As at As at As at As at
31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014
EUR EUR EUR EUR USD EUR EUR
Net asset value originally reported 1,404,203,960 67,034,793 40,918,188 56,513,716 187,965,426 54,080,339 171,388,113
Formation expenses written off 159,511 - 13,252 13,265 49,573 21,194 15,113
Net assets per the financial statements 1,404,044,448 67,034,793 40,904,935 56,500,451 187,915,853 54,059,145 171,373,000
KBI Institutional KBI KBI Institutional KBI Institutional KBI Institutional
Developed Institutional Global 50/50 Global/Eurozone Eurozone North America
Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund
As at As at As at As at As at
31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014
EUR EUR EUR EUR USD
Net asset value originally reported 529,461,670 78,143,682 21,136,287 68,015,854 230,511,315
Formation expenses written off 39,679 8,574 1,022 1,033 11,553
Net assets per the financial statements 529,421,991 78,135,108 21,135,265 68,014,821 230,499,762
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
122
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
24. Cross Investment
As at 31 August 2015, the KBI Institutional Global Equity Fund, KBI Institutional 50/50 Global/Eurozone
Equity Fund and KBI Institutional ACWI Equity Fund held the following number of shares in the KBI
Institutional Emerging Markets Equity Fund:
Holding
KBI
Institutional
ACWI Equity
Fund
KBI Institutional
Global Equity Fund
KBI Institutional 50/50
Global/Eurozone Equity
Fund
KBI Institutional Emerging Markets Equity Fund Class A 661,856 179,458 75,867
KBI Institutional ACWI Equity Fund Total
KBI Institutional
Emerging Markets
Equity Fund Class A
Opening Cost -
Issue of shares 9,775,204 9,775,204
Closing Cost 9,775,204 9,775,204
Fair Value 7,752,318 7,752,318
Unrealised loss (2,022,886) (2,022,886)
KBI Institutional Global Equity Fund Total
KBI Institutional
Emerging Markets
Equity Fund Class A
Opening Cost 5,633,792 5,633,792
Issue of shares 660,079 660,079
Redemptions of shares (5,257,442) (5,257,442)
942,118 942,118
Closing Cost 1,978,547 1,978,547
Fair Value 2,101,995 2,101,995
Unrealised loss (714,062) (714,062)
KBI Institutional 50/50 Global/Eurozone Equity Fund Total
KBI Institutional
Emerging Markets
Equity Fund Class A
Opening Cost 796,520 796,520
Issue of Shares 155,219 155,219
Redemptions of shares (105,117) (105,117)
9,183 9,183
Closing Cost 855,805 855,805
Fair Value 888,633 888,633
Unrealised loss (75,154) (75,154)
Cross Investment
KBI Institutional ACWI Equity Fund 7,752,318
KBI Institutional Global Equity Fund 2,101,995
KBI Institutional 50/50 Global/Eurozone Equity Fund 888,633
Total Fair Value 10,742,946
Realised gains 951,301
Net change in unrealised (2,812,102)
Total Losses (1,860,801)
Realised gain on sale of investments
Realised gains on sale of investments
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
123
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
24. Cross Investment (Continued)
As at 31 August 2015, the KBI Institutional Global Equity Fund and KBI Institutional 50/50 Global/Eurozone
Equity Fund held the following number of shares in the KBI Institutional Emerging Markets Equity Fund:
Weighted Average Holding
KBI
Institutional
ACWI Equity
Fund
KBI Institutional
Global Equity Fund
KBI Institutional 50/50
Global/Eurozone Equity
Fund
KBI Institutional Emerging Markets Equity Fund Class A 661,856 349,804 67,164
Average fair value of shares held
KBI
Institutional
ACWI Equity
Fund
KBI Institutional
Global Equity Fund
KBI Institutional 50/50
Global/Eurozone Equity
Fund
KBI Institutional Emerging Markets Equity Fund Class A 8,841,468 4,552,336 878,822
As at 31 August 2014, the KBI Institutional Global Equity Fund and KBI Institutional 50/50 Global/Eurozone
Equity Fund held the following number of shares in the KBI Institutional Emerging Markets Equity Fund:
Holding
KBI Institutional
Global Equity Fund
KBI Institutional 50/50
Global/Eurozone Equity
Fund
KBI Institutional Emerging Markets Equity Fund Class A 517,166 72,285
KBI Institutional Dividend Plus Global Fund Total
KBI Institutional
Emerging Markets
Equity Fund Class A
Opening Cost 3,591,807 3,591,807
Issue of shares 2,041,985 2,041,985
Closing Cost 5,633,792 5,633,792
Fair Value 6,471,302 6,471,302
Unrealised gain 976,852 976,852
KBI Institutional 50/50 Global/Eurozone Equity Fund Total
KBI Institutional
Emerging Markets
Equity Fund Class A
Opening Cost 1,463,217 1,463,217
Issue of Shares 114,993 114,993
Redemptions of shares (783,571) (783,571)
1,881 1,881
Closing Cost 796,520 796,520
Fair Value 904,502 904,502
Unrealised gain 179,997 179,997
Realised gains on sale of investments
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
124
Notes to the Financial Statements (Continued)
For the financial year ended 31 August 2015
24. Cross Investment (Continued)
Cross Investment
KBI Institutional Global Equity Fund 6,471,302
KBI Institutional 50/50 Global/Eurozone Equity Fund 904,502
Total Fair Value 7,375,804
Realised gains 1,881
Net change in unrealised 1,156,849
Total Gains 1,158,730
Weighted Average Holding
KBI Institutional
Global Equity Fund
KBI Institutional 50/50
Global/Eurozone Equity
Fund
KBI Institutional Emerging Markets Equity Fund Class A 461,545 68,586
Average fair value of shares held
KBI Institutional
Global Equity Fund
KBI Institutional 50/50
Global/Eurozone Equity
Fund
KBI Institutional Emerging Markets Equity Fund Class A 5,195,334 770,129
25. Post Balance Sheet Events
KBI Institutional Water Fund Australian Dollar Class B Shares was launched on 3 September 2015.
There have been no other events subsequent to the financial year end, which, in the opinion of the Directors of
the Company, may have had an impact on the financial statements for the financial year ended 31 August
2015.
26. Approval of Financial Statements
The financial statements were approved by the Board on 9 December 2015.
125
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
Performance Data (Unaudited)
For the financial year ended 31 August 2015
Funds Inception Date Inception Price Price 29/08/2014 Price 31/08/2015 1 Year Since Inception Since Inception pa*
KBI Institutional Long Bond Fund Series 1 14/10/2004 100.00 188.21 199.39 5.94% 99.39% 6.54%
KBI Institutional Agri Fund Euro Class A 22/10/2010 100.00 132.67 116.99 -11.82% 16.99% 3.28%
KBI Institutional Agri Fund Euro Class B 11/06/2008 500.00 592.07 513.94 -13.20% 2.79% 0.38%
KBI Institutional Agri Fund Euro Class C 19/04/2010 100.00 141.66 124.16 -12.35% 24.16% 4.11%
KBI Institutional Agri Fund Euro Class D 11/06/2008 500.00 630.88 547.67 -13.19% 9.53% 1.27%
KBI Institutional Agri Fund Euro Class F 24/02/2010 100.00 143.65 124.77 -13.14% 24.77% 4.09%
KBI Institutional Agri Fund Euro Class H ** 08/03/2012 100.00 121.00 - - - -
KBI Institutional Agri Fund Euro Class I ** 16/03/2012 100.00 112.81 - - - -
KBI Institutional Energy Solutions Euro Class A 08/04/2008 10.00 5.90 5.67 -3.90% -43.32% -7.38%
KBI Institutional Energy Solutions Euro Class B 24/02/2008 10.00 9.60 9.09 -5.30% -9.12% -1.26%
KBI Institutional Energy Solutions Euro Class C 21/09/2009 10.00 8.96 8.58 -4.22% -14.18% -2.54%
KBI Institutional Energy Solutions Euro Class D 23/09/2009 10.00 8.88 8.48 -4.43% -15.16% -2.73%
KBI Institutional Energy Solutions Euro Class F 08/10/2010 254.70 253.38 238.72 -5.79% -6.28% -1.31%
KBI Institutional Energy Solutions Euro Class I ** 08/05/2012 10.00 14.16 - - - -
KBI Institutional Energy Solutions Sterling Class A 10/11/2009 10.00 8.47 7.39 -12.72% -26.07% -5.07%
KBI Institutional Energy Solutions USD Class C 23/01/2014 10.00 9.88 7.93 -19.77% -20.75% -13.49%
KBI Institutional Water Fund AUD Class A 02/06/2015 10.00 - 9.50 - -5.00% -
KBI Institutional Water Fund CHF Class A 19/11/2013 10.00 10.96 9.68 -11.68% -3.18% -1.80%
KBI Institutional Water Fund Euro Class A 08/04/2008 10.00 18.14 17.98 -0.90% 79.81% 8.25%
KBI Institutional Water Fund Euro Class C 21/09/2009 10.00 21.20 20.93 -1.27% 109.29% 13.22%
KBI Institutional Water Fund Euro Class D 23/09/2009 10.00 20.70 20.39 -1.49% 103.92% 12.74%
KBI Institutional Water Fund Euro Class F 08/10/2010 568.10 1012.07 982.18 -2.95% 72.89% 11.82%
KBI Institutional Water Fund Euro Class G 12/12/2011 10.00 17.16 16.73 -2.48% 67.33% 14.83%
KBI Institutional Water Fund Euro Class H 09/03/2012 10.00 15.34 15.11 -1.49% 51.14% 12.59%
KBI Institutional Water Fund Euro Class I 16/03/2012 10.00 14.46 14.07 -2.71% 40.66% 10.35%
KBI Institutional Water Fund Sterling Class A 24/06/2008 10.00 17.80 16.01 -10.03% 60.10% 6.76%
KBI Institutional Water Fund Sterling Class E 13/11/2013 10.00 10.69 9.59 -10.25% -4.06% -2.28%
KBI Institutional Water Fund USD Class A 25/10/2013 10.00 11.25 9.42 -16.28% -5.81% -3.18%
KBI Institutional Water Fund USD Class C 25/10/2013 10.00 10.88 9.00 -17.29% -10.03% -5.55%
KBI Institutional GESS Fund Euro Class A 26/08/2009 100.00 147.30 137.09 -6.93% 37.09% 5.38%
KBI Institutional GESS Fund Euro Class D 16/02/2011 100.00 116.07 107.21 -7.63% 7.21% 1.54%
KBI Institutional GESS Fund Euro Class I ** 16/03/2012 100.00 131.08 - - - -
KBI Institutional Emerging Markets Equity Fund Euro Class A 29/07/2010 10.00 12.51 11.71 -6.39% 17.13% 3.15%
KBI Institutional Emerging Markets Equity Fund Euro Class B 24/12/2013 10.00 11.57 10.78 -6.82% 7.77% 4.53%
KBI Institutional Emerging Markets Equity Fund Euro Class H 09/03/2012 10.00 10.92 10.16 -6.96% 1.64% 0.47%
KBI Institutional Emerging Markets Equity Fund Euro Class I ** 16/03/2012 10.00 10.56 - - - -
KBI Institutional Emerging Markets Equity Fund GBP Class B Distributing 16/11/2012 10.00 10.32 8.43 -18.31% -15.71% -5.94%
KBI Institutional Emerging Markets Equity Fund GBP Class D 27/07/2011 10.00 10.50 8.99 -14.38% -10.06% -2.55%
KBI Institutional Emerging Markets Equity Fund GBP Class D Distributing ** 03/05/2012 10.00 9.57 - - - -
KBI Institutional Emerging Markets Equity Fund GBP Class E 14/11/2013 10.00 10.08 9.15 -9.22% -8.47% -4.81%
KBI Institutional Emerging Markets Equity Fund GBP Class E Distributing 14/11/2013 10.00 10.80 9.02 -16.52% -9.82% -5.59%
KBI Institutional Emerging Markets Equity Fund USD Class A 19/07/2013 10.00 11.38 8.90 -21.84% -11.03% -5.36% * Annualised if more than one financial year
^ Please see Note 21 Events during the financial year.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
126
Performance Data (Unaudited)
For the financial year ended 31 August 2015
Funds Inception Date Inception Price Price 29/08/2014 Price 31/08/2015 1 Year Since Inception Since Inception pa*
KBI Institutional Emerging Markets Equity Fund USD Class B 07/05/2014 10.00 10.91 8.63 -20.91% -13.74% -10.59%
KBI Institutional Emerging Markets Equity Fund USD Class D 19/12/2011 10.00 13.33 10.61 -20.44% 6.08% 1.61%
KBI Institutional Emerging Markets Equity Fund CAD Class A 23/07/2014 10.00 10.11 9.75 -3.56% -2.53% -2.28%
KBI Institutional Developed Equity Fund Euro Class A 30/03/2011 10.00 16.07 17.59 9.43% 75.88% 13.60%
KBI Institutional Developed Equity Fund Euro Class B 24/12/2013 10.00 11.30 12.32 9.02% 23.16% 13.14%
KBI Institutional Developed Equity Fund Euro Class C 08/12/2010 10.00 16.04 17.47 8.88% 74.68% 12.50%
KBI Institutional Developed Equity Fund Euro Class D Dist 11/04/2014 10.00 11.06 11.67 5.54% 16.67% 11.71%
KBI Institutional Developed Equity Fund Euro Class H 18/01/2013 10.00 13.38 14.55 8.77% 45.54% 15.41%
KBI Institutional Developed Equity Fund Euro Class I ** 16/03/2012 10.00 13.97 - - - -
KBI Institutional Developed Equity Fund Sterling Class A 13/11/2013 10.00 10.61 10.54 -0.67% 5.38% 2.95%
KBI Institutional Developed Equity Fund Sterling Class A Distributing 13/11/2013 10.00 10.61 10.42 -1.75% 4.24% 2.33%
KBI Institutional Developed Equity Fund Sterling Class C 04/02/2011 10.00 14.59 14.53 -0.41% 45.28% 8.51%
KBI Institutional Developed Equity Fund Sterling Class C Distributing 20/07/2011 10.00 13.03 12.59 -3.37% 25.94% 5.76%
KBI Institutional Developed Equity Fund Sterling Class D 27/07/2011 10.00 14.68 14.69 0.09% 46.91% 9.83%
KBI Institutional Developed Equity Fund Sterling Class D Distributing ** 03/05/2013 10.00 10.96 - - - -
KBI Institutional Developed Equity Fund USD Class B 12/09/2012 10.00 14.03 9.61 -31.50% -3.91% -1.33%
KBI Institutional Developed Equity Fund USD Class B Distributing ** 14/11/2013 10.00 10.71 - - - -
KBI Institutional Developed Equity Fund CAD Class A 23/07/2014 10.00 10.02 11.29 12.72% 12.90% 11.56%
KBI Institutional Global Equity Fund Euro Class A 14/03/2011 10.00 16.08 17.36 8.02% 73.64% 13.14%
KBI Institutional Global Equity Fund Euro Class B ** 14/03/2011 10.00 15.87 - - - -
KBI Institutional Global Equity Fund Euro Class C 14/03/2011 10.00 15.80 16.98 7.47% 69.82% 12.57%
KBI Institutional Global Equity Fund Euro Class E 14/03/2011 10.00 15.52 16.60 6.93% 65.96% 12.00%
KBI Institutional Global Equity Fund Euro Class F ** 14/03/2011 10.00 15.26 - - - -
KBI Institutional Global Equity Fund Euro Class H 08/01/2013 10.00 13.07 14.03 7.32% 40.30% 13.65%
KBI Institutional Global Equity Fund Euro Class I ** 16/03/2012 10.00 13.72 - - - -
KBI Institutional Global Equity Fund USD Class A ** 24/04/2013 10.00 12.22 - - - -
KBI Institutional 50/50 Global/Eurozone Equity Fund Euro Class C 23/03/2011 10.00 14.93 16.09 7.74% 60.85% 11.28%
KBI Institutional Eurozone Equity Fund Euro Class A 21/03/2011 10.00 13.82 14.88 7.67% 48.79% 9.34%
KBI Institutional Eurozone Equity Fund Euro Class B 21/03/2011 10.00 13.66 14.66 7.31% 46.56% 8.97%
KBI Institutional Eurozone Equity Fund Euro Class C 21/03/2011 10.00 13.60 14.57 7.14% 45.70% 8.82%
KBI Institutional Eurozone Equity Fund Euro Class E 21/03/2011 10.00 13.36 14.24 6.60% 42.40% 8.26%
KBI Institutional North America Equity Fund EUR Class D Dist 25/03/2014 10.00 11.21 11.91 6.22% 19.06% 12.90%
KBI Institutional North America Equity Fund GBP Class A 13/11/2013 10.00 10.64 10.69 0.50% 6.92% 3.79%
KBI Institutional North America Equity Fund GBP Class A Dist 13/11/2013 10.00 10.55 10.30 -2.31% 3.01% 1.66%
KBI Institutional North America Equity Fund USD Class B 12/05/2014 10.00 10.43 9.71 -6.92% -2.95% -2.27%
KBI Institutional North America Equity Fund USD Class B Dist 25/03/2014 10.00 10.70 9.69 -9.46% -3.09% -2.16%
KBI Institutional North America Equity Fund USD Class D 23/10/2013 10.00 11.30 10.59 -6.22% 5.93% 3.15%
KBI Institutional ACWI Equity Fund GBP Class D Dist 17/04/2015 10.00 - 8.89 - -11.14% -
KBI Institutional Pan European Equity Fund EUR Class A 08/05/2015 10.00 - 8.99 - -10.10% - * Annualised if more than one year ^ Please see Note 21 Events during the financial year.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
127
Portfolio Turnover Rates ("PTR") for the financial year ended 31 August 2015 (Unaudited)
Annualised
PTR
KBI Institutional Long Bond Fund 40.82%
KBI Institutional Agri Fund 97.80%
KBI Institutional Energy Solutions Fund 175.32%
KBI Institutional Water Fund 143.51%
KBI Institutional GESS Fund 240.39%
88.07%
126.27%
KBI Institutional Global Equity Fund 128.80%
KBI Institutional 50/50 Global/Eurozone Equity Fund 133.84%
128.07%
101.61%
41.57%
57.86%
KBI Institutional Emerging Markets Equity Fund
KBI Institutional Developed Equity Fund
KBI Institutional Eurozone Equity Fund
KBI Institutional North America Equity Fund
KBI Institutional ACWI Equity Fund*
KBI Institutional Pan European Equity Fund**
The PTR for the Funds have been calculated using the international standard method which includes calculating the turnover
percentage using both sales and purchases of securities into the Funds.
*Fund launched on 17 April 2015
**Fund launched on 8 May 2015
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
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128
Schedule of Total Expense Ratios for the financial year ended 31 August 2015 (Unaudited)
Total Expense Ratio
KBI Institutional Long Bond Fund Class A Shares 0.18%
KBI Institutional Agri Fund Euro Class A Shares 0.25%
Euro Class B Shares 1.83%
Euro Class C Shares 0.86%
Euro Class D Shares 1.82%
Euro Class F Shares 1.77%
Euro Class I Shares^ 2.07%
KBI Institutional Energy Solutions Fund Euro Class A Shares 0.24%
Euro Class B Shares 1.70%
Euro Class C Shares 0.57%
Euro Class D Shares 0.79%
Euro Class F Shares 2.22%
Sterling Class A Shares 0.95%
USD Class C Shares 2.00%
KBI Institutional Water Fund Euro Class A Shares 0.17%
Euro Class C Shares 0.54%
Euro Class D Shares 0.77%
Euro Class F Shares 2.25%
Euro Class G Shares 1.77%
Euro Class H Shares 0.77%
Euro Class I Shares 1.98%
Sterling Class A Shares 0.92%
Sterling Class E Shares 1.17%
USD Class A Shares 0.77%
USD Class C Shares 1.98%
CHF Class A Shares 0.78%
KBI Institutional GESS Fund Euro Class A Shares 0.21%
Euro Class D Shares 0.97%
KBI Institutional Emerging Markets Equity Fund Euro Class A Shares 0.20%
Euro Class B Shares 0.60%
Euro Class H Shares 0.81%
Sterling Class B (Dist ) Shares 0.85%
Sterling Class D Shares 0.20%
Sterling Class E Shares 1.20%
Sterling Class E (Dist ) Shares 1.20%
USD Class A Shares 0.95%
USD Class B Shares 0.81%
USD Class D Shares 0.20%
CAD Class A Shares 0.96% ^ Please see Note 21 Events during the financial year. NB: the total expense ratios above have been calculated in accordance with UCITS Regulations.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
129
Schedule of Total Expense Ratios for the financial year ended 31 August 2015 (Unaudited) (Continued)
KBI Institutional Developed Equity Fund Euro Class A Shares 0.12%
Euro Class B Shares 0.50%
Euro Class C Shares 0.62%
Euro Class D (Distributing) Shares 0.73%
Euro Class H Shares 0.73%
Sterling Class A Shares 0.88%
Sterling Class A (Distributing) Shares 0.89%
Sterling Class C Shares 0.62%
Sterling Class C (Distributing) Shares 0.63%
Sterling Class D Shares 0.12%
Sterling Class D (Distributing) Shares^ 0.12%
USD Class B (Distributing) Shares 0.73%
CAD Class A Shares 0.88%
KBI Institutional Global Equity Fund Euro Class A Shares 0.19%
Euro Class B Shares^ 0.53%
Euro Class C Shares 0.69%
Euro Class E Shares 1.20%
Euro Class F Shares 1.67%
Euro Class H Shares 0.79%
Euro Class I Shares^ 1.69%
USD Class A Shares^ 0.79%
KBI Institutional 50/50 Global/Eurozone Equity Fund Euro Class C Shares 0.70%
KBI Institutional Eurozone Equity Fund Euro Class A Shares 0.16%
Euro Class B Shares 0.48%
Euro Class C Shares 0.63%
Euro Class E Shares 1.10%
KBI Institutional North America Equity Fund Euro Class D (Distributing) Shares 0.88%
Sterling Class A Shares 0.88%
Sterling Class A (Distributing) Shares 0.88%
USD Class B Shares 0.88%
USD B (Distributing) Shares 0.88%
USD Class D Shares 0.12%
KBI Institutional ACWI Equity Fund* Sterling Class D (Distributing) Shares^ 0.14%
KBI Institutional Pan European Equity Fund**
Euro Class A Shares^ 0.17% *Fund launched on 17 April 2015
**Fund launched on 8 May 2015
^ Please see Note 21 Events during the financial year.
NB: the total expense ratios above have been calculated in accordance with UCITS Regulations.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
130
KBI Institutional Long Bond Fund
Schedule of Investments
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Bonds: 98.83% (2014: 98.76% )
Austria: 4.19% (2014: 4.23% )
Government Bonds: 4.19% (2014: 4.23% )
50,000 Austria Government Bond 2.4% 23/05/2034 56,647 0.12
190,000 Austria Government Bond 3.15% 20/06/2044 248,766 0.54
105,000 Austria Government Bond 3.8% 26/01/2062 167,891 0.36
431,000 Austria Government Bond 4.15% 15/03/2037 626,163 1.35
260,000 Austria Government Bond 4.85% 15/03/2026 356,798 0.77
312,000 Austria Government Bond 6.25% 15/07/2027 486,024 1.05
Total Austria 1,942,289 4.19
Belgium: 7.93% (2014: 7.42% )
Government Bonds: 7.93% (2014: 7.42% )
105,000 Belgium Government Bond 3% 22/06/2034 125,119 0.27
215,000 Belgium Government Bond 3.75% 22/06/2045 295,874 0.63
330,000 Belgium Government Bond 4% 28/03/2032 439,464 0.95
483,000 Belgium Government Bond 4.25% 28/03/2041 706,769 1.52
145,000 Belgium Government Bond 4.5% 28/03/2026 192,906 0.42
630,000 Belgium Government Bond 5% 28/03/2035 959,979 2.07
650,000 Belgium Government Bond 5.5% 28/03/2028 958,324 2.07
Total Belgium 3,678,435 7.93
Finland: 1.03% (2014: 1.14% )
Government Bonds: 1.03% (2014: 1.14% )
95,000 Finland Government Bond 0.75% 15/04/2031 86,223 0.19
93,000 Finland Government Bond 2.625% 04/07/2042 114,647 0.24
235,000 Finland Government Bond 2.75% 04/07/2028 276,962 0.60
Total Finland 477,832 1.03
France: 25.82% (2014: 23.99% )
Government Bonds: 25.82% (2014: 23.99% )
1,480,000 France Government Bond OAT 2.75% 25/10/2027 1,700,032 3.66
465,000 France Government Bond OAT 3.25% 25/05/2045 585,435 1.26
1,796,000 France Government Bond OAT 3.5% 25/04/2026 2,289,432 4.94
1,480,000 France Government Bond OAT 4% 25/04/2055 2,215,468 4.78
230,000 France Government Bond OAT 4% 25/04/2060 343,257 0.74
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
131
KBI Institutional Long Bond Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Bonds (Continued): 98.83% (2014: 98.76% )
France (Continued): 25.82% (2014: 23.99% )
Government Bonds (Continued): 25.82% (2014: 23.99% )
710,000 France Government Bond OAT 4.75% 25/04/2035 1,051,768 2.27
650,000 France Government Bond OAT 5.5% 25/04/2029 969,930 2.09
1,418,000 France Government Bond OAT 5.75% 25/10/2032 2,268,428 4.88
380,000 France Government Bond OAT 6% 25/10/2025 556,965 1.20
Total France 11,980,715 25.82
Germany: 17.31% (2014: 17.46% )
380,000 Bundesrepublik Deutschland 2.5% 04/07/2044 472,063 1.02
425,000 Bundesrepublik Deutschland 2.5% 15/08/2046 529,890 1.14
297,000 Bundesrepublik Deutschland 3.25% 04/07/2042 414,790 0.89
690,000 Bundesrepublik Deutschland 4% 04/01/2037 1,023,084 2.20
400,000 Bundesrepublik Deutschland 4.25% 04/07/2039 629,128 1.36
510,000 Bundesrepublik Deutschland 4.75% 04/07/2028 742,478 1.60
595,000 Bundesrepublik Deutschland 4.75% 04/07/2034 938,125 2.02
617,000 Bundesrepublik Deutschland 4.75% 04/07/2040 1,044,933 2.25
538,000 Bundesrepublik Deutschland 5.5% 04/01/2031 864,157 1.86
620,000 Bundesrepublik Deutschland 5.625% 04/01/2028 958,303 2.07
248,000 Bundesrepublik Deutschland 6.25% 04/01/2030 419,083 0.90
Total Germany 8,036,034 17.31
Ireland: 0.70% (2014: 1.07% )
152,000 Ireland Government Bond 2% 18/02/2045 139,623 0.30
175,000 Ireland Government Bond 2.4% 15/05/2030 185,591 0.40
Total Ireland 325,214 0.70
Italy: 24.83% (2014: 25.77% )
230,000 Italy Buoni Poliennali Del Tesoro 3.25% 01/09/2046 244,535 0.52
800,000 Italy Buoni Poliennali Del Tesoro 4% 01/02/2037 954,640 2.06
1,000,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2028 1,268,012 2.73
540,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2044 726,602 1.57
635,000 Italy Buoni Poliennali Del Tesoro 5% 01/08/2034 851,746 1.84
570,000 Italy Buoni Poliennali Del Tesoro 5% 01/08/2039 779,883 1.68
635,000 Italy Buoni Poliennali Del Tesoro 5% 01/09/2040 867,918 1.87
950,000 Italy Buoni Poliennali Del Tesoro 5.25% 01/11/2029 1,271,982 2.74
629,000 Italy Buoni Poliennali Del Tesoro 5.75% 01/02/2033 904,317 1.95
1,267,000 Italy Buoni Poliennali Del Tesoro 6% 01/05/2031 1,837,961 3.96
1,258,000 Italy Buoni Poliennali Del Tesoro 6.5% 01/11/2027 1,813,709 3.91
Total Italy 11,521,305 24.83
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
132
KBI Institutional Long Bond Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Bonds (Continued): 98.83% (2014: 98.76% )
Netherlands: 5.47% (2014: 5.30% )
300,000 Netherlands Government Bond 2.5% 15/01/2033 350,553 0.75
270,000 Netherlands Government Bond 2.75% 15/01/2047 339,641 0.73
460,000 Netherlands Government Bond 3.75% 15/01/2042 675,556 1.46
405,000 Netherlands Government Bond 4% 15/01/2037 591,621 1.27
390,000 Netherlands Government Bond 5.5% 15/01/2028 584,708 1.26
Total Netherlands 2,542,079 5.47
Slovakia: 0.00% (2014: 0.69% )
Slovenia: 0.00% (2014: 0.29% )
Spain: 11.55% (2014: 11.40% )
500,000 Spain Government Bond 4.2% 31/01/2037 598,360 1.29
400,000 Spain Government Bond 4.7% 30/07/2041 512,697 1.10
415,000 Spain Government Bond 4.9% 30/07/2040 545,397 1.18
410,000 Spain Government Bond 5.15% 31/10/2028 530,524 1.14
290,000 Spain Government Bond 5.15% 31/10/2044 400,067 0.86
705,000 Spain Government Bond 5.75% 30/07/2032 994,191 2.14
409,000 Spain Government Bond 5.9% 30/07/2026 552,927 1.19
880,000 Spain Government Bond 6% 31/01/2029 1,227,424 2.65
Total Spain 5,361,587 11.55
Total Government Bonds 45,865,490 98.83
Total Value of Investments 45,865,490 98.83
Cash* 8,139 0.02
Other Net Assets 531,570 1.15
Net Assets Attributable to Holders of Redeemable
Participating Shares 46,405,199 100.00
*All cash holdings are held with Northern Trust Fiduciary Services (Ireland) Limited.
% of
Total Assets
Transferable securities and money market instruments admitted to an official stock exchange listing or
traded on a regulated market. 97.83
Other assets 2.17
100.00
Analysis of Total Assets
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
133
KBI Institutional Agri Fund
Schedule of Investments
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities: 100.34% (2014: 99.42% )
Australia: 0.00% (2014: 1.76% )
Agriculture: 0.00% (2014: 1.76% ) - -
Total Australia - -
Bermuda: 11.07% (2014: 10.89% )
Agriculture: 5.38% (2014: 5.17% )
17,226 Bunge 1,113,733 5.38
Food: 4.70% (2014: 4.58% )
181,285 Cosan 602,665 2.91
67,553 PureCircle 370,893 1.79
Holding Companies-Diversified: 0.99% (2014: 1.14% )
598,000 Noble 205,295 0.99
Total Bermuda 2,292,586 11.07
Brazil: 6.79% (2014: 9.22% )
Agriculture: 3.25% (2014: 5.44% )
171,256 SLC Agricola 673,922 3.25
Food: 2.64% (2014: 3.78% )
65,400 JBS 226,593 1.09
112,800 Minerva 320,616 1.55
Transportation: 0.90% (2014: 0.00% )
96,707 Rumo Logistica Operadora Multimodal 186,014 0.90
Total Brazil 1,407,145 6.79
Canada: 12.25% (2014: 9.62% )
Building Materials: 0.00% (2014: 2.34% ) - -
Chemicals: 6.92% (2014: 4.06% )
9,316 Agrium 863,424 4.17
24,566 Potash Corp of Saskatchewan 570,137 2.75
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
134
KBI Institutional Agri Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 100.34% (2014: 99.42% )
Canada (Continued): 12.25% (2014: 9.62% )
Food: 2.27% (2014: 1.98% )
59,545 SunOpta 471,099 2.27
Machinery-Diversified: 1.38% (2014: 0.00% )
11,247 Ag Growth International 285,546 1.38
Transportation: 1.68% (2014: 1.24% )
7,102 Canadian National Railway 348,258 1.68
Total Canada 2,538,464 12.25
Cayman Islands: 0.00% (2014: 0.10% )
Agriculture: 0.00% (2014: 0.10% ) - -
Total Cayman Islands - -
Germany: 9.40% (2014: 10.68% )
Agriculture: 3.92% (2014: 2.23% )
27,037 BayWa 811,515 3.92
Chemicals: 1.74% (2014: 0.00% )
1,245 KWS Saat 361,361 1.74
Holding Companies-Diversified: 0.00% (2014: 5.03% ) - -
Machinery-Diversified: 3.74% (2014: 0.00% )
22,276 GEA 774,147 3.74
Retail: 0.00% (2014: 3.42% ) - -
Total Germany 1,947,023 9.40
India: 1.23% (2014: 0.00% )
Miscellaneous Manufacturing: 1.23% (2014: 0.00% )
324,340 Jain Irrigation Systems 254,189 1.23
Total India 254,189 1.23
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
135
KBI Institutional Agri Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 100.34% (2014: 99.42% )
Ireland: 6.53% (2014: 4.66% )
Agriculture: 3.74% (2014: 2.87% )
99,082 Origin Enterprises 774,177 3.74
Food: 1.79% (2014: 0.00% )
91,112 Greencore 371,680 1.79
Miscellaneous Manufacturing: 1.00% (2014: 1.79% )
4,199 Pentair 207,064 1.00
Total Ireland 1,352,921 6.53
Israel: 1.39% (2014: 1.38% )
Chemicals: 1.39% (2014: 1.38% )
57,232 Israel Chemicals 287,242 1.39
Total Israel 287,242 1.39
Luxembourg: 3.64% (2014: 2.87% )
Agriculture: 3.64% (2014: 2.87% )
105,676 Adecoagro 753,549 3.64
Total Luxembourg 753,549 3.64
Maritius: 2.10% (2014: 3.67% )
Agriculture: 2.10% (2014: 3.67% )
2,200,753 Golden Agri-Resources 435,209 2.10
Total Maritius 435,209 2.10
Norway: 4.24% (2014: 3.10% )
Chemicals: 2.33% (2014: 3.10% )
12,307 Yara International 483,588 2.33
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
136
KBI Institutional Agri Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 100.34% (2014: 99.42% )
Norway (Continued): 4.24% (2014: 3.10% )
Food: 1.91% (2014: 0.00% )
37,334 Marine Harvest 396,251 1.91
Total Norway 879,839 4.24
Russian Federation: 3.01% (2014: 2.84% )
Chemicals: 3.01% (2014: 2.84% )
49,514 PhosAgro GDR 623,068 3.01
Total Russian Federation 623,068 3.01
Singapore: 1.35% (2014: 3.13% )
Agriculture: 1.35% (2014: 3.13% )
929,000 Indofood Agri Resources 280,715 1.35
Total Singapore 280,715 1.35
South Africa: 0.00% (2014: 1.52% )
Food: 0.00% (2014: 1.52% ) - -
Total South Africa - -
Switzerland: 6.17% (2014: 6.42% )
Chemicals: 4.41% (2014: 1.61% )
2,956 Syngenta 913,742 4.41
Commercial Services: 0.00% (2014: 2.56% ) - -
Food: 1.76% (2014: 2.25% )
7,965 Aryzta 364,224 1.76
Total Switzerland 1,277,966 6.17
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
137
KBI Institutional Agri Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 100.34% (2014: 99.42% )
United Kingdom: 2.94% (2014: 3.19% )
Agriculture: 1.79% (2014: 2.24% )
19,653 Genus 370,377 1.79
Chemicals: 1.15% (2014: 0.95% )
172,363 Plant Health Care 238,952 1.15
Total United Kingdom 609,329 2.94
United States: 28.23% (2014: 24.37% )
Agriculture: 5.88% (2014: 1.55% )
11,981 Andersons 378,195 1.82
20,955 Archer-Daniels-Midland 841,286 4.06
Auto Parts & Equipment: 0.00% (2014: 1.99% ) - -
Chemicals: 8.40% (2014: 8.19% )
7,853 FMC 296,494 1.43
7,751 Monsanto 675,212 3.26
21,084 Mosaic 768,000 3.71
Electronics: 2.12% (2014: 3.13% )
26,092 Trimble Navigation 439,990 2.12
Food: 0.98% (2014: 2.07% )
4,750 United Natural Foods 204,074 0.98
Machinery-Diversified: 3.46% (2014: 3.93% )
9,600 AGCO 420,112 2.03
4,054 Deere 295,900 1.43
Miscellaneous Manufacturing: 3.53% (2014: 0.00% )
13,934 SPX 730,525 3.53
Real Estate: 1.47% (2014: 1.66% )
37,407 Gladstone Land Reits 304,130 1.47
Transportation: 2.39% (2014: 1.85% )
20,239 CSX 494,641 2.39
Total United States 5,848,559 28.23
Total Equities 20,787,804 100.34
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
138
KBI Institutional Agri Fund
Schedule of Investments (Continued)
As at 31 August 2015
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Total Value of Investments 20,787,804 100.34
Cash* 18,490 0.09
Other Net Liabilities (89,581) (0.43)
Net Assets Attributable to Holders of Redeemable
Participating Shares 20,716,713 100.00
*All cash holdings are held with Northern Trust Fiduciary Services (Ireland) Limited.
% of
Analysis of Total Assets Total Assets
Transferable securities and money market instruments admitted to an official stock exchange listing or
traded on a regulated market. 99.20
Other assets 0.80
100.00
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
139
KBI Institutional Energy Solutions Fund
Schedule of Investments
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities: 98.33% (2014: 97.47% )
Australia: 0.00% (2014: 0.19% )
Energy-Alternate Sources: 0.00% (2014: 0.19% ) - -
Total Australia - -
Austria: 2.70% (2014: 2.27% )
Electrical Components & Equipment: 2.70% (2014: 2.27% )
61,844 Zumtobel 1,584,598 2.70
Total Austria 1,584,598 2.70
Bermuda: 2.49% (2014: 4.56% )
Food: 2.49% (2014: 4.56% )
431,700 Cosan 1,457,743 2.49
Total Bermuda 1,457,743 2.49
Canada: 11.65% (2014: 6.61% )
Electric: 2.01% (2014: 0.00% )
105,816 Northland Power 1,176,559 2.01
Electrical Components & Equipment: 0.77% (2014: 2.19% )
46,341 Lumenpulse 450,015 0.77
Energy-Alternate Sources: 8.39% (2014: 4.42% )
114,983 Canadian Solar 1,932,625 3.30
490,147 Capstone Infrastructure 1,071,489 1.83
157,174 Innergex Renewable Energy 1,144,069 1.95
103,146 TransAlta Renewables 771,298 1.31
Miscellaneous Manufacturing: 0.48% (2014: 0.00% )
73,471 DIRTT Environmental Solutions 279,153 0.48
Total Canada 6,825,208 11.65
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
140
KBI Institutional Energy Solutions Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 98.33% (2014: 97.47% )
Cayman Islands: 8.29% (2014: 3.02% )
Chemicals: 0.37% (2014: 0.00% )
17,013 Daqo New Energy ADR 214,617 0.37
Energy-Alternate Sources: 7.92% (2014: 3.02% )
4,594,000 GCL-Poly Energy 655,725 1.12
111,398 JinkoSolar ADR 1,983,678 3.38
252,538 Trina Solar ADR 2,004,037 3.42
Total Cayman Islands 4,858,057 8.29
France: 0.00% (2014: 3.53% )
Building Materials: 0.00% (2014: 2.54% ) - -
Energy-Alternate Sources: 0.00% (2014: 0.99% ) - -
Total France - -
Germany: 5.49% (2014: 6.26% )
Energy-Alternate Sources: 4.55% (2014: 4.76% )
216,386 Capital Stage 1,812,341 3.10
410,036 PNE Wind 850,620 1.45
Software: 0.94% (2014: 1.50% )
47,844 PSI AG 550,924 0.94
Total Germany 3,213,885 5.49
Guernsey: 3.21% (2014: 2.53% )
Investment Companies: 3.21% (2014: 2.53% )
1,364,527 Renewables Infrastructure Group 1,879,134 3.21
Total Guernsey 1,879,134 3.21
Ireland: 3.72% (2014: 3.42% )
Miscellaneous Manufacturing: 3.72% (2014: 3.42% )
42,828 Eaton 2,179,035 3.72
Total Ireland 2,179,035 3.72
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
141
KBI Institutional Energy Solutions Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 98.33% (2014: 97.47% )
Isle of Man: 1.03% (2014: 0.49% )
Energy-Alternate Sources: 1.03% (2014: 0.49% )
560,877 Greenko 605,578 1.03
Total Isle of Man 605,578 1.03
Italy: 1.27% (2014: 5.08% )
Electrical Components & Equipment: 1.27% (2014: 3.09% )
38,421 Prysmian 742,294 1.27
Energy-Alternate Sources: 0.00% (2014: 1.99% ) - -
Total Italy 742,294 1.27
Jersey: 3.25% (2014: 1.07% )
Auto Parts & Equipment: 2.39% (2014: 0.00% )
20,848 Delphi Automotive 1,401,181 2.39
Closed-end Funds: 0.86% (2014: 1.07% )
356,356 Foresight Solar Fund 503,003 0.86
Total Jersey 1,904,184 3.25
Netherlands: 0.00% (2014: 2.55% )
Electronics: 0.00% (2014: 2.55% ) - -
Total Netherlands - -
People's Republic of China: 4.51% (2014: 3.68% )
Electric: 2.58% (2014: 0.00% )
4,674,000 Huaneng Renewables 1,511,834 2.58
Energy-Alternate Sources: 1.93% (2014: 3.68% )
4,365,197 Beijing Jingneng Clean Energy 1,128,052 1.93
Total People's Republic of China 2,639,886 4.51
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
142
KBI Institutional Energy Solutions Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 98.33% (2014: 97.47% )
Philippines: 1.72% (2014: 0.00% )
Electric: 1.72% (2014: 0.00% )
8,787,200 Energy Development 1,007,182 1.72
Total Philippines 1,007,182 1.72
Spain: 5.28% (2014: 4.28% )
Electric: 1.91% (2014: 0.00% )
186,219 EDP Renovaveis 1,122,063 1.91
Electrical Components & Equipment: 1.46% (2014: 0.00% )
63,491 GamesaTecnologica 856,335 1.46
Energy-Alternate Sources: 0.00% (2014: 2.94% ) - -
Engineering & Construction: 0.00% (2014: 1.34% ) - -
Investment Companies: 1.91% (2014: 0.00% )
139,080 Saeta Yield 1,117,508 1.91
Total Spain 3,095,906 5.28
Switzerland: 0.00% (2014: 2.11% )
Engineering & Construction: 0.00% (2014: 2.11% ) - -
Total Switzerland - -
Taiwan: 0.53% (2014: 1.36% )
Semiconductors: 0.53% (2014: 1.36% )
435,000 Epistar 313,103 0.53
Total Taiwan 313,103 0.53
United Kingdom: 10.30% (2014: 7.79% )
Chemicals: 2.68% (2014: 1.58% )
42,217 Johnson Matthey 1,569,809 2.68
Closed-end Funds: 1.05% (2014: 1.88% )
399,720 Greencoat UK Wind Plc/Funds 617,128 1.05
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
143
KBI Institutional Energy Solutions Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 98.33% (2014: 97.47% )
United Kingdom (Continued): 10.30% (2014: 7.79% )
Distribution/Wholesale: 2.72% (2014: 2.10% )
616,304 SIG 1,590,657 2.72
Electronics: 0.61% (2014: 1.04% )
41,098 Dialight 357,107 0.61
Energy-Alternate Sources: 1.39% (2014: 0.00% )
463,086 Infinis Energy 816,868 1.39
Environmental Control: 0.00% (2014: 1.19% ) - -
Gas: 1.85% (2014: 0.00% )
91,589 National Grid 1,083,554 1.85
Total United Kingdom 6,035,123 10.30
United States: 32.89% (2014: 36.67% )
Auto Parts & Equipment: 5.53% (2014: 4.12% )
27,046 BorgWarner 1,069,028 1.82
58,811 Johnson Controls 2,176,096 3.71
Building Materials: 0.00% (2014: 3.30% ) - -
Commercial Services: 1.24% (2014: 3.38% )
34,224 Quanta Services 725,607 1.24
Diversified Financial Services: 1.41% (2014: 0.00% )
48,841 Hannon Armstrong Sustainable Infrastructure Capital Reits 827,887 1.41
Electric: 3.15% (2014: 6.08% )
172,523 Ameresco 881,931 1.51
10,588 NextEra Energy 961,695 1.64
Electrical Components & Equipment: 5.10% (2014: 4.22% )
137,593 SunPower 2,985,949 5.10
Electronics: 2.67% (2014: 1.51% )
58,305 Itron 1,562,828 2.67
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
144
KBI Institutional Energy Solutions Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 98.33% (2014: 97.47% )
United States (Continued): 32.89% (2014: 36.67% )
Energy-Alternate Sources: 6.24% (2014: 1.99% )
51,549 First Solar 2,197,811 3.75
412,885 FuelCell Energy 294,294 0.50
28,382 SolarEdge Technologies 643,653 1.10
56,708 SunEdison 521,345 0.89
Engineering & Construction: 0.67% (2014: 0.00% )
27,817 MasTec 393,716 0.67
Environmental Control: 3.89% (2014: 3.07% )
129,114 Covanta 2,277,839 3.89
Hand/Machine Tools: 1.48% (2014: 2.49% )
14,658 Regal Beloit 865,501 1.48
Semiconductors: 0.00% (2014: 4.81% ) - -
Transportation: 1.51% (2014: 1.71% )
35,651 CSX 883,721 1.51
Total United States 19,268,901 32.89
Total Equities 57,609,817 98.33
Total Value of Investments 57,609,817 98.33
Cash* 857,047 1.46
Other Net Assets 123,807 0.21
Net Assets Attributable to Holders of Redeemable
Participating Shares 58,590,671 100.00
*All cash holdings are held with Northern Trust Fiduciary Services (Ireland) Limited.
% of
Total Assets
Transferable securities and money market instruments admitted to an official stock exchange listing or
traded on a regulated market. 97.67
Other assets 2.33
100.00
Analysis of Total Assets
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
145
KBI Institutional Water Fund
Schedule of Investments
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss USD Net Assets
Equities: 99.61% (2014: 98.82% )
Australia: 0.00% (2014: 0.93% )
Miscellaneous Manufacturing: 0.00% (2014: 0.93% ) - -
Total Australia - -
Bermuda: 1.64% (2014: 0.00% )
Environmental Control: 0.59% (2014: 0.00% )
2,164,100 China Everbright Water 1,099,442 0.59
Water: 1.05% (2014: 0.00% )
2,716,000 Beijing Enterprises Water 1,943,154 1.05
Total Bermuda 3,042,596 1.64
Brazil: 1.59% (2014: 3.13% )
Water: 1.59% (2014: 3.13% )
453,194 Cia de Saneamento Basico do Estado de Sao Paulo 1,996,320 1.08
365,900 Cia de Saneamento de Minas Gerais-COPASA 955,619 0.51
Total Brazil 2,951,939 1.59
Canada: 13.72% (2014: 8.96% )
Commercial Services: 5.96% (2014: 4.19% )
1,053,296 EnerCare 11,071,419 5.96
Energy-Alternate Sources: 2.38% (2014: 2.42% )
1,804,445 Capstone Infrastructure 4,421,524 2.38
Environmental Control: 3.28% (2014: 0.20% )
200,455 Chemtrade Logistics Income Fund 2,859,318 1.54
343,991 Newalta 3,228,731 1.74
Miscellaneous Manufacturing: 2.10% (2014: 2.15% )
832,172 Pure Technologies 3,914,847 2.10
Total Canada 25,495,839 13.72
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
146
KBI Institutional Water Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss USD Net Assets
Equities (Continued): 99.61% (2014: 98.82% )
Cayman Islands: 0.61% (2014: 0.00% )
Environmental Control: 0.61% (2014: 0.00% )
3,448,000 CT Environmental 1,129,996 0.61
Total Cayman Islands 1,129,996 0.61
Finland: 0.00% (2014: 0.88% )
Chemicals: 0.00% (2014: 0.88% ) - -
Total Finland
France: 5.88% (2014: 6.18% )
Water: 5.88% (2014: 6.18% )
495,649 Suez Environnement 9,080,840 4.89
83,795 Veolia Environnement 1,849,869 0.99
Total France 10,930,709 5.88
Hong Kong: 0.73% (2014: 0.00% )
Environmental Control: 0.73% (2014: 0.00% )
1,030,000 China Everbright International 1,350,227 0.73
Total Hong Kong 1,350,227 0.73
India: 1.43% (2014: 0.37% )
Miscellaneous Manufacturing: 1.43% (2014: 0.37% )
3,027,848 Jain Irrigation Systems 2,658,904 1.43
Total India 2,658,904 1.43
Ireland: 2.33% (2014: 3.91% )
Miscellaneous Manufacturing: 2.33% (2014: 3.91% )
77,173 Pentair 4,319,759 2.33
Total Ireland 4,319,759 2.33
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
147
KBI Institutional Water Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss USD Net Assets
Equities (Continued): 99.61% (2014: 98.82% )
Israel: 0.53% (2014: 0.63% )
Miscellaneous Manufacturing: 0.53% (2014: 0.63% )
410,778 Amiad Water Systems 981,609 0.53
Total Israel 981,609 0.53
Italy: 0.56% (2014: 0.00% )
Electric: 0.56% (2014: 0.00% )
76,170 ACEA 1,036,927 0.56
Total Italy 1,036,927 0.56
Japan: 1.67% (2014: 4.81% )
Machinery-Diversified: 1.67% (2014: 4.81% )
779,000 Ebara 3,109,447 1.67
Total Japan 3,109,447 1.67
Jersey: 0.00% (2014: 4.94% )
Distribution/Wholesale: 0.00% (2014: 4.94% ) - -
Total Jersey - -
Malaysia: 0.04% (2014: 0.00% )
Electric: 0.04% (2014: 0.00% )
211,300 YTL Power International 78,483 0.04
Total Malaysia 78,483 0.04
Mexico: 1.15% (2014: 1.00% )
Engineering & Construction: 1.15% (2014: 1.00% )
5,496,400 Empresas ICA 2,127,618 1.15
Total Mexico 2,127,618 1.15
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
148
KBI Institutional Water Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss USD Net Assets
Equities (Continued): 99.61% (2014: 98.82% )
Netherlands: 4.71% (2014: 1.69% )
Engineering & Construction: 4.24% (2014: 1.69% )
314,317 Arcadis 7,884,875 4.24
Miscellaneous Manufacturing: 0.47% (2014: 0.00% )
28,241 Aalberts Industries 876,061 0.47
Total Netherlands 8,760,936 4.71
Philippines: 2.03% (2014: 0.00% )
Water: 2.03% (2014: 0.00% )
3,145,600 Manila Water 1,512,567 0.81
21,234,000 Metro Pacific Investments 2,260,144 1.22
Total Philippines 3,772,711 2.03
Singapore: 1.41% (2014: 0.00% )
Shipbuilding: 1.41% (2014: 0.00% )
1,084,800 Sembcorp Industries 2,623,091 1.41
Total Singapore 2,623,091 1.41
Switzerland: 2.65% (2014: 4.67% )
Auto Parts & Equipment: 2.65% (2014: 0.79% )
8,156 Georg Fischer 4,919,391 2.65
Miscellaneous Manufacturing: 0.00% (2014: 3.88% ) - -
Total Switzerland 4,919,391 2.65
United Kingdom: 4.33% (2014: 8.75% )
Electronics: 1.11% (2014: 1.00% )
639,436 Rotork 2,060,854 1.11
Retail: 0.00% (2014: 4.33% ) - -
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
149
KBI Institutional Water Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss USD Net Assets
Equities (Continued): 99.61% (2014: 98.82% )
United Kingdom (Continued): 4.33% (2014: 8.75% )
Water: 3.22% (2014: 3.42% )
74,399 Severn Trent 2,381,765 1.28
272,567 United Utilities 3,593,902 1.94
Total United Kingdom 8,036,521 4.33
United States: 52.60% (2014: 47.95% )
Chemicals: 4.32% (2014: 0.00% )
432,597 Calgon Carbon 6,984,279 3.76
9,440 Ecolab 1,042,506 0.56
Distribution/Wholesale: 4.19% (2014: 5.82% )
234,122 HD Supply 7,790,410 4.19
Electronics: 2.57% (2014: 0.72% )
158,854 Itron 4,772,768 2.57
Engineering & Construction: 1.98% (2014: 4.40% )
200,883 Aegion 3,674,150 1.98
Environmental Control: 2.81% (2014: 9.20% )
201,281 Tetra Tech 5,227,268 2.81
Hand/Machine Tools: 1.20% (2014: 1.07% )
76,217 Franklin Electric 2,227,442 1.20
Healthcare-Products: 2.97% (2014: 0.00% )
62,608 Danaher 5,512,008 2.97
Housewares: 2.40% (2014: 0.00% )
62,937 Toro 4,454,996 2.40
Machinery-Diversified: 5.18% (2014: 5.29% )
79,942 Flowserve 3,592,993 1.93
184,739 Xylem 6,040,042 3.25
Metal Fabricate/Hardware: 8.49% (2014: 9.49% )
709,348 Mueller Water Products 6,394,772 3.44
472,259 Rexnord 9,376,702 5.05
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
150
KBI Institutional Water Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss USD Net Assets
Equities (Continued): 99.61% (2014: 98.82% )
United States (Continued): 52.60% (2014: 47.95% )
Miscellaneous Manufacturing: 5.92% (2014: 5.68% )
186,852 SPX 10,989,700 5.92
Water: 10.57% (2014: 6.29% )
107,326 American Water Works 5,688,278 3.06
102,939 Aqua America 2,639,871 1.42
232,930 California Water Service 4,834,462 2.60
430,320 PICO 5,564,038 3.00
31,717 SJW 915,194 0.49
Total United States 97,721,879 52.60
Total Equities 185,048,582 99.61
Total Value of Investments 185,048,582 99.61
Cash* 939,600 0.50
Other Net Liabilities (210,977) (0.11)
Net Assets Attributable to Holders of Redeemable
Participating Shares 185,777,205 100.00
*All cash holdings are held with Northern Trust Fiduciary Services (Ireland) Limited.
% of
Total Assets
Transferable securities and money market instruments admitted to an official stock exchange listing or
traded on a regular market 99.10
Other assets 0.90
100.00
Analysis of Total Assets
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
151
KBI Institutional GESS Fund
Schedule of Investments
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities: 98.63% (2014: 100.12% )
Australia: 0.00% (2014: 0.22% )
Energy-Alternate Sources: 0.00% (2014: 0.22% ) - -
Total Australia - -
Austria: 0.89% (2014: 1.23% )
Electrical Components & Equipment: 0.89% (2014: 1.23% )
13,070 Zumtobel 334,363 0.89
Total Austria 334,363 0.89
Bermuda: 4.96% (2014: 4.80% )
Agriculture: 1.75% (2014: 2.75% )
10,205 Bunge 659,796 1.75
Environmental Control: 0.20% (2014: 0.00% )
164,100 China Everbright Water 74,509 0.20
Food: 2.34% (2014: 2.05% )
205,900 Cosan 684,496 1.82
35,469 PureCircle 194,739 0.52
Holding Companies-Diversified: 0.32% (2014: 0.00% )
355,000 Noble Group 121,872 0.32
Water: 0.35% (2014: 0.00% )
208,000 Beijing Enterprises Water Group 132,815 0.35
Total Bermuda 1,868,227 4.96
Brazil: 2.71% (2014: 6.21% )
Agriculture: 1.06% (2014: 2.80% )
101,944 SLC Agricola 401,167 1.06
Food: 0.84% (2014: 1.48% )
39,000 JBS 135,124 0.36
63,900 Minerva SA/Brazil 181,626 0.48
Transportation: 0.29% (2014: 0.00% )
57,491 Rumo Logistica Operadora Multimodal 110,584 0.29
Water: 0.52% (2014: 1.93% )
33,276 Cia de Saneamento Basico do Estado de Sao Paulo ADR 128,738 0.34
28,600 Cia de Saneamento de Minas Gerais-COPASA 66,855 0.18
Total Brazil 1,024,094 2.71
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
152
KBI Institutional GESS Fund
Schedule of Investments (Continued)
As at 31 August 2015
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 98.63% (2014: 100.12% )
Canada: 12.44% (2014: 11.66% )
Building Materials: 0.00% (2014: 1.83% ) - -
Chemicals: 2.27% (2014: 1.22% )
5,553 Agrium 514,662 1.37
14,640 Potash Corp of Saskatchewan 339,771 0.90
Commercial Services: 1.97% (2014: 2.03% )
79,203 EnerCare 742,449 1.97
Electric: 0.67% (2014: 0.00% )
22,800 Northland Power 250,585 0.67
Electrical Components & Equipment: 0.26% (2014: 1.13% )
10,024 Lumenpulse 99,378 0.26
Energy-Alternate Sources: 3.62% (2014: 1.81% )
24,906 Canadian Solar 416,322 1.10
248,752 Capstone Infrastructure 539,777 1.43
34,000 Innergex Renewable Energy 240,263 0.64
23,210 TransAlta Renewables 171,098 0.45
Environmental Control: 1.10% (2014: 0.00% )
14,180 Chemtrade Logistics Income Fund 181,004 0.48
26,046 Newalta 231,926 0.62
Food: 0.74% (2014: 1.22% )
35,459 SunOpta 280,539 0.74
Machinery-Diversified: 0.45% (2014: 0.00% )
6,643 Ag Growth International 168,657 0.45
Miscellaneous Manufacturing: 0.81% (2014: 2.42% )
13,450 DIRTT Environmental Solutions 50,703 0.14
63,175 Pure Technologies 253,619 0.67
Transportation: 0.55% (2014: 0.00% )
4,198 Canadian National Railway Co 205,856 0.55
Total Canada 4,686,609 12.44
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
153
KBI Institutional GESS Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 98.63% (2014: 100.12% )
Cayman Islands: 2.96% (2014: 0.05% )
Agriculture: 0.00% (2014: 0.05% ) - -
Chemicals: 0.12% (2014: 0.00% )
3,652 Daqo New Energy 45,923 0.12
Energy-Alternate Sources: 2.63% (2014: 0.00% )
1,004,000 GCL-Poly Energy Holdings 143,364 0.38
23,688 JinkoSolar Holding Co Ltd ADR 427,356 1.13
53,414 Trina Solar Ltd ADR 424,023 1.12
Environmental Control: 0.21% (2014: 0.00% )
264,000 CT Environmental Group 77,218 0.21
Total Cayman Islands 1,117,884 2.96
France: 2.04% (2014: 3.15% )
Building Materials: 0.00% (2014: 1.58% ) - -
Water: 2.04% (2014: 1.57% )
39,706 Suez Environnement 639,068 1.70
6,580 Veolia Environnement 128,622 0.34
Total France 767,690 2.04
Germany: 4.84% (2014: 7.97% )
Agriculture: 1.28% (2014: 0.00% )
16,029 BayWa AG 481,110 1.28
Chemicals: 0.58% (2014: 0.00% )
752 KWS Saat SE 218,268 0.58
Energy-Alternate Sources: 1.44% (2014: 3.07% )
43,228 Capital Stage AG 361,602 0.96
87,117 PNE Wind AG 182,336 0.48
Holding Companies-Diversified: 0.00% (2014: 2.58% ) - -
Machinery-Diversified: 1.23% (2014: 0.00% )
13,361 GEA Group AG 464,328 1.23
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
154
KBI Institutional GESS Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 98.63% (2014: 100.12% )
Germany (Continued): 4.84% (2014: 7.97% )
Retail: 0.00% (2014: 2.32% ) - -
Software: 0.31% (2014: 0.00% )
10,260 PSI AG 117,990 0.31
Total Germany 1,825,634 4.84
Guernsey: 1.08% (2014: 1.87% )
Investment Companies: 1.08% (2014: 1.87% )
295,233 Renewables Infrastructure Group 405,744 1.08
Total Guernsey 405,744 1.08
Hong Kong: 0.24% (2014: 0.00% )
Environmental Control: 0.24% (2014: 0.00% )
78,000 China Everbright International 91,258 0.24
Total Hong Kong 91,258 0.24
India: 0.88% (2014: 0.00% )
Miscellaneous Manufacturing: 0.88% (2014: 0.00% )
425,641 Jain Irrigation Systems 333,580 0.88
Total India 333,580 0.88
Ireland: 4.17% (2014: 3.15% )
Agriculture: 1.25% (2014: 0.00% )
60,286 Origin Enterprises 471,045 1.25
Food: 0.58% (2014: 0.00% )
53,996 Greencore Group 220,270 0.58
Miscellaneous Manufacturing: 2.34% (2014: 3.15% )
9,066 Eaton Corp 461,634 1.23
8,510 Pentair 419,652 1.11
Total Ireland 1,572,601 4.17
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
155
KBI Institutional GESS Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 98.63% (2014: 100.12% )
Isle of Man (Continued): 0.37% (2014: 0.00% )
Energy-Alternate Sources: 0.37% (2014: 0.00% )
127,760 Greenko Group 137,660 0.37
Total Isle of Man 137,660 0.37
Israel: 0.63% (2014: 0.00% )
Chemicals: 0.45% (2014: 0.00% )
33,809 Israel Chemicals 169,684 0.45
Miscellaneous Manufacturing: 0.18% (2014: 0.00% )
31,331 Amiad Water Systems 66,658 0.18
Total Israel 236,342 0.63
Italy: 0.57% (2014: 1.77% )
Electric: 0.16% (2014: 0.00% )
4,940 ACEA 60,342 0.16
Electrical Components & Equipment: 0.41% (2014: 1.77% )
8,043 Prysmian 153,460 0.41
Total Italy 213,802 0.57
Japan: 0.64% (2014: 1.52% )
Machinery-Diversified: 0.64% (2014: 1.52% )
68,000 Ebara 242,378 0.64
Total Japan 242,378 0.64
Jersey: 1.10% (2014: 2.03% )
Auto Parts & Equipment: 0.80% (2014: 0.00% )
4,472 Delphi Automotive 301,366 0.80
Closed-end Funds: 0.30% (2014: 0.00% )
79,136 Foresight Solar Fund 111,474 0.30
Distribution/Wholesale: 0.00% (2014: 2.03% ) - -
Total Jersey 412,840 1.10
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
156
KBI Institutional GESS Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 98.63% (2014: 100.12% )
Luxembourg: 1.19% (2014: 0.00% )
Agriculture: 1.19% (2014: 0.00% )
62,811 Adecoagro 447,889 1.19
Total Luxembourg 447,889 1.19
Malaysia: 0.02% (2014: 0.00% )
Electric: 0.02% (2014: 0.00% )
17,200 YTL Power International 5,702 0.02
Total Malaysia 5,702 0.02
Maritius: 0.68% (2014: 2.74% )
Agriculture: 0.68% (2014: 2.74% )
1,304,000 Golden Agri-Resources 257,872 0.68
Total Maritius 257,872 0.68
Mexico: 0.39% (2014: 0.00% )
Engineering & Construction: 0.39% (2014: 0.00% )
417,200 Empresas 147,003 0.39
Total Mexico 147,003 0.39
Netherlands: 1.57% (2014: 1.58% )
Electronics: 0.00% (2014: 1.58% )
Engineering & Construction: 1.41% (2014: 0.00% )
23,744 Arcadis 531,035 1.41
Miscellaneous Manufacturing: 0.16% (2014: 0.00% )
2,194 Aalberts Industries 60,779 0.16
Total Netherlands 591,814 1.57
Norway: 1.37% (2014: 0.00% )
Chemicals: 0.76% (2014: 0.00% )
7,274 Yara International 285,823 0.76
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
157
KBI Institutional GESS Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 98.63% (2014: 100.12% )
Norway (Continued): 1.37% (2014: 0.00% )
Food: 0.61% (2014: 0.00% )
21,754 Marine Harvest 230,890 0.61
Total Norway 516,713 1.37
People's Republic of China: 1.53% (2014: 1.58% )
Electric: 0.85% (2014: 0.00% )
994,000 Huaneng Renewables 321,645 0.85
Energy-Alternate Sources: 0.68% (2014: 1.58% )
986,000 Beijing Jingneng Clean Energy 254,904 0.68
Total People's Republic of China 576,549 1.53
Philippines: 1.25% (2014: 0.00% )
Electric: 0.57% (2014: 0.00% )
1,860,900 Energy Development 213,371 0.57
Water: 0.68% (2014: 0.00% )
239,700 Manila Water 102,865 0.27
1,612,000 Metro Pacific Investments 153,129 0.41
Total Philippines 469,365 1.25
Russian Federation: 1.00% (2014: 2.38% )
Chemicals: 1.00% (2014: 2.38% )
29,976 PhosAgro 377,208 1.00
Total Russian Federation 377,208 1.00
Singapore: 0.91% (2014: 0.00% )
Agriculture: 0.43% (2014: 0.00% )
533,000 Indofood Agri ResourceS 161,056 0.43
Shipbuilding: 0.48% (2014: 0.00% )
84,600 Sembcorp Industries 182,826 0.48
Total Singapore 343,882 0.91
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
158
KBI Institutional GESS Fund
Schedule of Investments (Continued)
As at 31 August 2015
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 98.63% (2014: 100.12% )
Spain: 1.77% (2014: 1.59% )
Electric: 0.63% (2014: 0.00% )
38,896 EDP Renovaveis 236,371 0.63
Electrical Components & Equipment: 0.49% (2014: 0.00% )
13,803 Gamesa Corp Tecnologica 185,305 0.49
Energy-Alternate Sources: 0.00% (2014: 1.59% ) - -
Investment Companies: 0.65% (2014: 0.00% )
30,217 Saeta Yield 246,510 0.65
Total Spain 668,186 1.77
Switzerland: 2.94% (2014: 4.05% )
Auto Parts & Equipment: 0.91% (2014: 0.00% )
638 Georg Fischer 342,381 0.91
Chemicals: 1.45% (2014: 1.13% )
1,772 Syngenta 547,751 1.45
Engineering & Construction: 0.00% (2014: 1.23% ) - -
Food: 0.58% (2014: 0.00% )
4,805 Aryzta 219,723 0.58
Miscellaneous Manufacturing: 0.00% (2014: 1.69% ) - -
Total Switzerland 1,109,855 2.94
Taiwan: 0.18% (2014: 0.00% )
Semiconductors: 0.18% (2014: 0.00% )
96,000 Epistar 69,123 0.18
Total Taiwan 69,123 0.18
United Kingdom: 5.72% (2014: 5.05% )
Agriculture: 0.57% (2014: 1.40% )
11,451 Genus 215,803 0.57
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
159
KBI Institutional GESS Fund
Schedule of Investments (Continued)
As at 31 August 2015
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 98.63% (2014: 100.12% )
United Kingdom (Continued): 5.72% (2014: 5.05% )
Chemicals: 1.21% (2014: 0.63% )
8,906 Johnson Matthey 330,486 0.88
89,686 Plant Health Care 124,334 0.33
Closed-end Funds: 0.37% (2014: 0.00% )
89,983 Greencoat UK Wind PLC/Funds 138,641 0.37
Distribution/Wholesale: 0.82% (2014: 0.00% )
120,095 SIG 309,327 0.82
Electronics: 0.55% (2014: 0.00% )
9,003 Dialight 78,069 0.21
44,796 Rotork 128,539 0.34
Energy-Alternate Sources: 0.48% (2014: 0.00% )
102,155 Infinis Energy 179,830 0.48
Environmental Control: 0.00% (2014: 1.01% ) - -
Gas: 0.63% (2014: 0.00% )
20,029 National Grid 236,471 0.63
Retail: 0.00% (2014: 2.01% ) - -
Water: 1.09% (2014: 0.00% )
6,118 Severn Trent 174,376 0.46
20,540 United Utilities Group 241,123 0.63
Total United Kingdom 2,156,999 5.72
United States: 37.59% (2014: 35.52% )
Agriculture: 1.95% (2014: 1.24% )
7,244 Andersons 228,666 0.61
12,565 Archer-Daniels-Midland 504,450 1.34
Auto Parts & Equipment: 1.77% (2014: 2.29% )
5,690 BorgWarner 221,633 0.59
12,102 Johnson Controls 444,280 1.18
Building Materials: 0.00% (2014: 1.77% ) - -
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
160
KBI Institutional GESS Fund
Schedule of Investments (Continued)
As at 31 August 2015
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 98.63% (2014: 100.12% )
United States (Continued): 37.59% (2014: 35.52% )
Chemicals: 4.20% (2014: 0.00% )
33,120 Calgon Carbon 480,765 1.28
729 Ecolab 70,994 0.19
4,697 FMC 177,337 0.47
4,528 Monsanto 394,447 1.04
12,612 Mosaic 459,401 1.22
Commercial Services: 0.41% (2014: 1.95% )
7,208 Quanta Services 155,964 0.41
Distribution/Wholesale: 1.43% (2014: 2.45% )
18,373 HD Supply Holdings 540,942 1.43
Diversified Financial Services: 0.47% (2014: 0.00% )
10,328 Hannon Armstrong Sustainable Infrastructure Capital 175,175 0.47
Electric: 1.03% (2014: 1.93% )
37,388 Ameresco 189,025 0.50
2,280 NextEra Energy 200,306 0.53
Electrical Components & Equipment: 1.67% (2014: 0.00% )
29,097 SunPower 629,851 1.67
Electronics: 2.46% (2014: 1.91% )
24,777 Itron 663,263 1.76
15,787 Trimble Navigation 266,216 0.70
Energy-Alternate Sources: 2.02% (2014: 1.02% )
10,901 First Solar 465,372 1.23
74,148 FuelCell Energy 54,352 0.14
6,057 SolarEdge Technologies 135,870 0.36
11,959 SunEdison 110,838 0.29
Engineering & Construction: 0.92% (2014: 1.36% )
15,562 Aegion 255,478 0.68
6,086 MasTec 89,919 0.24
Environmental Control: 2.28% (2014: 5.49% )
27,897 Covanta Holding 492,835 1.31
15,702 Tetra Tech 363,998 0.97
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
161
KBI Institutional GESS Fund
Schedule of Investments (Continued)
As at 31 August 2015
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 98.63% (2014: 100.12% )
United States (Continued): 37.59% (2014: 35.52% )
Hand/Machine Tools: 0.91% (2014: 1.20% )
5,911 Franklin Electric 154,488 0.41
3,144 Regal Beloit 186,999 0.50
Healthcare-Products: 1.01% (2014: 0.00% )
4,908 Danaher 381,273 1.01
Housewares: 0.81% (2014: 0.00% )
4,793 Toro 304,797 0.81
Machinery-Diversified: 2.90% (2014: 3.56% )
5,800 AGCO 253,818 0.67
2,408 Deere & Co 175,759 0.47
6,382 Flowserve 257,017 0.68
14,023 Xylem Inc/NY 406,173 1.08
Metal Fabricate/Hardware: 2.85% (2014: 2.63% )
54,309 Mueller Water Products 434,036 1.15
35,935 Rexnord 642,212 1.70
Miscellaneous Manufacturing: 3.19% (2014: 1.32% )
22,972 SPX 1,204,364 3.19
Real Estate: 0.49% (2014: 1.18% )
22,615 Gladstone Land 183,867 0.49
Semiconductors: 0.00% (2014: 2.56% ) - -
Transportation: 1.28% (2014: 0.00% )
19,769 CSX 483,154 1.28
Water: 3.54% (2014: 1.66% )
8,148 American Water Works 377,804 1.00
7,956 Aqua America 180,102 0.48
17,125 California Water Service Group 315,372 0.84
34,706 PICO Holdings 400,954 1.06
2,459 SJW 63,050 0.16
Total United States 14,176,616 37.59
Total Equities 37,185,482 98.63
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
162
KBI Institutional GESS Fund
Schedule of Investments (Continued)
As at 31 August 2015
Fair Value % of
EUR Net Assets
Total Value of Investments 37,185,482 98.63
Cash 320,490 0.85
Other Net Assets 194,759 0.52
Net Assets Attributable to Holders of Redeemable
Participating Shares 37,700,731 100.00
% of
Analysis of Total Assets Total Assets
Transferable securities and money market instruments admitted to an official stock exchange listing or
traded on a regulated market 98.47
Other Assets 1.53
100.00
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
163
KBI Institutional Emerging Markets Equity Fund
Schedule of Investments
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities: 99.18% (2014: 99.58% )
Brazil: 7.19% (2014: 9.42% )
Agriculture: 0.00% (2014: 0.18% ) - -
Banks: 1.70% (2014: 0.63% )
196,200 Banco Bradesco 1,176,111 0.90
81,200 Banco do Brasil 379,707 0.29
127,700 Banco do Estado do Rio Grande do Sul 252,671 0.20
59,290 Itau Unibanco 406,458 0.31
Beverages: 1.57% (2014: 1.23% )
428,200 Ambev 2,046,630 1.57
Chemicals: 0.55% (2014: 0.00% )
45,200 Ultrapar Participacoes 719,753 0.55
Commercial Services: 0.52% (2014: 1.75% )
29,709 Cielo 290,103 0.22
120,900 Estacio Participacoes 389,404 0.30
Electric: 0.30% (2014: 1.11% )
50,800 Cia Paranaense de Energia 395,221 0.30
Forest Products & Paper: 0.00% (2014: 0.53% ) - -
Insurance: 0.56% (2014: 0.37% )
97,200 BB Seguridade Participacoes 721,453 0.56
Iron/Steel: 0.51% (2014: 2.01% )
195,400 Vale 667,341 0.51
Oil & Gas: 0.24% (2014: 0.00% )
64,200 CosanIndustria e Comercio 305,491 0.24
Real Estate: 0.34% (2014: 0.92% )
211,400 Cyrela Brazil RealtyEmpreendimentos e Participacoes 440,935 0.34
Retail: 0.90% (2014: 0.42% )
103,200 Lojas Americanas 323,137 0.25
9,700 Lojas Renner 244,006 0.19
60,200 Raia Drogasil 597,443 0.46
Telecommunications: 0.00% (2014: 0.27% ) - -
Total Brazil 9,355,864 7.19
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
164
KBI Institutional Emerging Markets Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 99.17% (2014: 99.58% )
Cayman Islands: 1.60% (2014: 0.94% )
Real Estate: 1.20% (2014: 0.94% )
1,835,000 Evergrande Real Estate 1,095,201 0.84
950,000 Sunac China 458,191 0.36
Retail: 0.40% (2014: 0.00% )
640,000 Belle International 521,950 0.40
Total Cayman Islands 2,075,342 1.60
Chile: 1.89% (2014: 2.72% )
Banks: 1.45% (2014: 2.72% )
10,907,503 Banco de Chile 1,006,427 0.77
20,506,975 Banco Santander Chile 882,807 0.68
Electric: 0.17% (2014: 0.00% )
907,348 Enersis 217,799 0.17
Holding Companies-Diversified: 0.27% (2014: 0.00% )
40,672 Empresas COPEC 352,694 0.27
Total Chile 2,459,727 1.89
Colombia: 0.41% (2014: 2.72% )
Banks: 0.23% (2014: 0.97% )
43,855 Banco Davivienda 291,114 0.23
Building Materials: 0.18% (2014: 0.00% )
85,560 Cementos Argos 237,683 0.18
Oil & Gas: 0.00% (2014: 1.75% ) - -
Total Colombia 528,797 0.41
Czech Republic: 0.88% (2014: 2.13% )
Banks: 0.88% (2014: 1.13% )
5,707 Komercni banka 1,147,376 0.88
Electric: 0.00% (2014: 1.00% ) - -
Total Czech Republic 1,147,376 0.88
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
165
KBI Institutional Emerging Markets Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 99.17% (2014: 99.58% )
Hong Kong: 4.57% (2014: 3.49% )
Diversified Financial Services: 0.74% (2014: 0.29% )
218,000 China Everbright 405,264 0.31
796,000 Far East Horizon 564,420 0.43
Oil & Gas: 0.96% (2014: 1.34% )
1,129,000 CNOOC 1,252,795 0.96
Telecommunications: 2.87% (2014: 1.86% )
340,000 China Mobile 3,735,630 2.87
Total Hong Kong 5,958,109 4.57
Hungary: 0.85% (2014: 0.00% )
Pharmaceuticals: 0.85% (2014: 0.00% )
81,365 Richter Gedeon Nyrt 1,103,252 0.85
Total Hungary 1,103,252 0.85
India: 8.08% (2014: 6.45% )
Coal: 0.38% (2014: 0.57% )
100,582 Coal India 491,997 0.38
Computers: 4.19% (2014: 2.58% )
200,795 Infosys 2,958,022 2.27
48,236 Tata Consultancy Services 1,665,690 1.28
109,081 Wipro 835,508 0.64
Diversified Financial Services: 1.34% (2014: 1.04% )
250,939 Power Finance 752,361 0.58
291,869 Rural Electrification 991,316 0.76
Household Products/Wares: 0.76% (2014: 0.47% )
85,259 Hindustan Unilever 988,361 0.76
Leisure Time: 0.58% (2014: 0.61% )
25,152 Bajaj Auto 754,947 0.58
Oil & Gas: 0.00% (2014: 0.46% ) - -
Pharmaceuticals: 0.83% (2014: 0.25% )
33,768 Divi's Laboratories 1,080,892 0.83
Software: 0.00% (2014: 0.47% ) - -
Total India 10,519,094 8.08
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
166
KBI Institutional Emerging Markets Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 99.17% (2014: 99.58% )
Indonesia: 2.63% (2014: 2.68% )
Building Materials: 0.00% (2014: 0.68% ) - -
Coal: 0.42% (2014: 0.26% )
1,466,300 Tambang Batubara Bukit Asam Persero 543,513 0.42
Gas: 0.46% (2014: 0.78% )
3,382,300 Perusahaan Gas Negara Persero 594,911 0.46
Media: 0.00% (2014: 0.24% ) - -
Pharmaceuticals: 0.57% (2014: 0.00% )
6,897,800 Kalbe Farma 735,834 0.57
Retail: 0.39% (2014: 0.00% )
1,350,800 Astra International 507,133 0.39
Telecommunications: 0.79% (2014: 0.72% )
5,643,200 Telekomunikasi Indonesia Persero 1,029,308 0.79
Total Indonesia 3,410,699 2.63
Malaysia: 1.98% (2014: 2.51% )
Auto Manufacturers: 0.34% (2014: 1.01% )
244,600 UMW 442,930 0.34
Banks: 1.11% (2014: 1.27% )
548,600 AMMB 545,945 0.42
482,700 Malayan Banking 897,671 0.69
Holding Companies-Diversified: 0.21% (2014: 0.00% )
173,700 Sime Darby 274,509 0.21
Telecommunications: 0.32% (2014: 0.23% )
323,400 Axiata 421,443 0.32
Total Malaysia 2,582,498 1.98
Mexico: 3.95% (2014: 4.04% )
Banks: 0.79% (2014: 1.07% )
729,015 Gentera 1,031,225 0.79
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
167
KBI Institutional Emerging Markets Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 99.17% (2014: 99.58% )
Mexico (Continued): 3.95% (2014: 4.04% )
Beverages: 0.81% (2014: 0.43% )
135,500 Fomento Economico Mexicano 1,056,797 0.81
Holding Companies-Diversified: 0.28% (2014: 0.57% )
212,073 Alfa 368,946 0.28
Household Products/Wares: 0.00% (2014: 0.24% ) - -
Media: 0.22% (2014: 0.00% )
52,700 Grupo Televisa SAB 283,456 0.22
Mining: 0.64% (2014: 0.86% )
370,965 Grupo Mexico 824,883 0.64
Retail: 0.00% (2014: 0.27% ) - -
Telecommunications: 1.21% (2014: 0.60% )
1,921,500 America Movil 1,574,520 1.21
Total Mexico 5,139,827 3.95
People's Republic of China: 18.48% (2014: 15.82% )
Auto Manufacturers: 0.32% (2014: 0.48% )
174,000 Great Wall Motor 415,100 0.32
Banks: 9.33% (2014: 8.79% )
3,381,000 Agricultural Bank of China 1,220,090 0.94
7,493,000 Bank of China 3,066,227 2.36
6,153,000 China Construction Bank 3,860,046 2.97
849,000 China Everbright Bank 347,910 0.27
484,700 China Minsheng Banking 419,287 0.32
6,084,000 Industrial & Commercial Bank of China 3,210,980 2.47
Chemicals: 0.00% (2014: 0.28% ) - -
Coal: 0.73% (2014: 0.87% )
613,000 China Shenhua Energy 946,939 0.73
Commercial Services: 1.00% (2014: 1.43% )
1,240,000 Jiangsu Expressway 1,304,599 1.00
Electric: 1.59% (2014: 0.79% )
2,014,000 Huaneng Power International 2,071,396 1.59
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
168
KBI Institutional Emerging Markets Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 99.17% (2014: 99.58% )
People's Republic of China (Continued): 18.48% (2014: 15.82% )
Insurance: 1.31% (2014: 0.99% )
554,000 China Life Insurance 1,707,451 1.31
Mining: 0.77% (2014: 0.91% )
894,000 Jiangxi Copper 1,008,492 0.77
Oil & Gas: 0.66% (2014: 0.77% )
1,444,600 China Petroleum & Chemical 858,869 0.66
Oil & Gas Services: 1.29% (2014: 0.00% )
2,223,500 Sinopec Engineering 1,687,955 1.29
Pharmaceuticals: 0.58% (2014: 0.00% )
222,800 Sinopharm 753,359 0.58
Real Estate: 0.44% (2014: 0.51% )
282,300 China Vanke 572,891 0.44
Telecommunications: 0.46% (2014: 0.00% )
1,810,000 China Communications Services 596,915 0.46
Total People's Republic of China 24,048,506 18.48
Philippines: 0.38% (2014: 0.44% )
Holding Companies-Diversified: 0.38% (2014: 0.44% )
477,850 Aboitiz Equity Ventures 497,543 0.38
Total Philippines 497,543 0.38
Poland: 0.43% (2014: 1.05% )
Insurance: 0.43% (2014: 1.05% )
5,468 Powszechny Zaklad Ubezpieczen 554,426 0.43
Total Poland 554,426 0.43
Qatar: 1.26% (2014: 0.00% )
Banks: 0.82% (2014: 0.00% )
25,289 Commercial Bank of Quatar 353,145 0.27
36,518 Doha Bank 471,481 0.36
5,664 Qatar National Bank 249,078 0.19
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
169
KBI Institutional Emerging Markets Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 99.17% (2014: 99.58% )
Qatar (Continued): 1.26% (2014: 0.00% )
Chemicals: 0.44% (2014: 0.00% )
17,512 Industries Qatar 569,316 0.44
Total Qatar 1,643,020 1.26
Republic of South Korea: 11.53% (2014: 13.76% )
Agriculture: 2.29% (2014: 1.46% )
35,753 KT&G 2,973,248 2.29
Auto Manufacturers: 0.33% (2014: 0.00% )
11,755 Kia Motors 431,366 0.33
Auto Parts & Equipment: 0.48% (2014: 0.89% )
22,782 Hanon Systems 625,079 0.48
Banks: 0.00% (2014: 0.70% ) - -
Beverages: 0.00% (2014: 0.50% ) - -
Commercial Services: 0.62% (2014: 0.41% )
11,453 S-1 812,490 0.62
Computers: 0.78% (2014: 0.87% )
4,960 SK 1,012,020 0.78
Distribution/Wholesale: 1.45% (2014: 0.00% )
57,315 Daewoo International 940,303 0.72
21,725 LG 952,905 0.73
Diversified Financial Services: 0.00% (2014: 0.19% ) - -
Electrical Components & Equipment: 0.35% (2014: 0.66% )
13,846 LS Industrial Systems 451,439 0.35
Environmental Control: 0.00% (2014: 0.89% ) - -
Home Furnishings: 0.40% (2014: 1.07% )
8,127 Coway 517,690 0.40
Insurance: 2.54% (2014: 2.06% )
20,421 Dongbu Insurance 820,232 0.63
138,693 Hanwha Life Insurance 832,214 0.64
54,876 Hyundai Marine & Fire Insurance 1,157,958 0.89
6,694 Samsung Life Insurance 494,825 0.38
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
170
KBI Institutional Emerging Markets Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 99.17% (2014: 99.58% )
Republic of South Korea (Continued): 11.53% (2014: 13.76% )
Internet: 0.39% (2014: 0.00% )
3,078 NCSoft 506,714 0.39
Lodging: 1.10% (2014: 1.00% )
44,553 Kangwon Land 1,430,776 1.10
Machinery-Diversified: 0.00% (2014: 0.80% ) - -
Oil & Gas: 0.00% (2014: 0.35% ) - -
Shipbuilding: 0.00% (2014: 0.66% ) - -
Telecommunications: 0.80% (2014: 1.25% )
5,641 SK Telecom 1,039,276 0.80
Total Republic of South Korea 14,998,535 11.53
Russian Federation: 3.36% (2014: 4.17% )
Banks: 0.00% (2014: 0.60% ) - -
Mining: 0.50% (2014: 0.92% )
46,359 MMC Norilsk Nickel ADR 655,949 0.50
Oil & Gas: 2.86% (2014: 2.65% )
420,698 Gazprom ADR 1,653,292 1.27
19,900 Lukoil ADR 669,577 0.52
90,344 Rosneft GDR 303,094 0.23
42,998 Tatneft ADR 1,090,198 0.84
Total Russian Federation 4,372,110 3.36
South Africa: 9.12% (2014: 8.43% )
Banks: 2.57% (2014: 2.65% )
107,839 Barclays Africa 1,238,000 0.95
373,055 FirstRand 1,306,592 1.00
82,606 Standard Bank 799,505 0.62
Chemicals: 0.00% (2014: 1.48% ) - -
Food: 0.84% (2014: 0.88% )
86,431 SPAR Group 1,085,654 0.84
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
171
KBI Institutional Emerging Markets Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 99.17% (2014: 99.58% )
South Africa (Continued): 9.12% (2014: 8.43% )
Holding Companies-Diversfied: 0.00% (2014: 0.32% ) - -
Home Furnishings: 0.19% (2014: 0.00% )
47,516 Steinhoff International 250,259 0.19
Insurance: 0.36% (2014: 0.00% )
249,002 MMI 468,488 0.36
Iron/Steel: 0.00% (2014: 0.59% ) - -
Lodging: 0.45% (2014: 0.00% )
371,178 Tsogo Sun 585,399 0.45
Media: 0.00% (2014: 0.30% ) - -
Mining: 0.51% (2014: 0.00% )
234,563 Gold Fields 657,198 0.51
Oil & Gas: 0.97% (2014: 0.00% )
44,979 Sasol 1,267,214 0.97
Real Estate: 1.04% (2014: 0.36% )
1,792,879 Redefine Properties Reits 1,356,250 1.04
Retail: 0.93% (2014: 0.58% )
65,312 Foschini Group 648,812 0.50
95,929 Truworths International 562,827 0.43
Telecommunications: 1.26% (2014: 1.27% )
140,692 MTN 1,639,950 1.26
Total South Africa 11,866,148 9.12
Taiwan: 16.54% (2014: 14.19% )
Apparel: 0.00% (2014: 0.33% ) - -
Auto Manufacturers: 0.25% (2014: 0.47% )
542,000 China Motor 327,700 0.25
Auto Parts & Equipment: 0.18% (2014: 0.00% )
160,000 Cheng Shin Rubber Industry 229,232 0.18
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
172
KBI Institutional Emerging Markets Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 99.17% (2014: 99.58% )
Taiwan (Continued): 16.54% (2014: 14.19% )
Building Materials: 1.29% (2014: 0.90% )
1,763,000 Taiwan Cement 1,683,497 1.29
Computers: 3.22% (2014: 2.40% )
197,000 Asustek Computer 1,586,767 1.22
269,340 Chicony Electronics 594,150 0.46
945,000 Compal Electronics 491,680 0.38
466,152 Lite-On Technology 380,582 0.29
694,000 Quanta Computer 1,132,258 0.87
Diversified Financial Services: 1.20% (2014: 0.00% )
2,324,150 CTBC Financial 1,245,891 0.96
203,000 Fubon Financial 311,433 0.24
Electrical Components & Equipment: 0.00% (2014: 0.88% ) - -
Electronics: 6.93% (2014: 2.20% )
1,465,000 Hon Hai Precision Industry 3,713,757 2.85
726,000 Pegatron 1,675,173 1.29
1,016,670 Radiant Opto-Electronics 2,641,364 2.03
1,172,000 WPG 986,586 0.76
Engineering & Construction: 0.42% (2014: 0.51% )
475,000 CTCI 547,357 0.42
Real Estate: 0.00% (2014: 0.51% ) - -
Semiconductors: 3.05% (2014: 5.99% )
285,000 Realtek Semiconductor 455,989 0.35
745,000 Taiwan Semiconductor Manufacturing 2,630,101 2.02
177,000 Transcend Information 421,757 0.32
462,000 Vanguard International Semiconductor 468,086 0.36
Total Taiwan 21,523,360 16.54
Thailand: 2.34% (2014: 2.64% )
Banks: 0.33% (2014: 0.69% )
121,900 Siam Commercial Bank 430,062 0.33
Chemicals: 1.11% (2014: 0.87% )
969,200 PTT Global Chemical 1,444,320 1.11
Oil & Gas: 0.56% (2014: 0.63% )
109,000 PTT 725,696 0.56
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
173
KBI Institutional Emerging Markets Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 99.17% (2014: 99.58% )
Thailand (Continued): 2.34% (2014: 2.64% )
Telecommunications: 0.34% (2014: 0.45% )
74,200 Advanced Info Service 438,603 0.34
Total Thailand 3,038,681 2.34
Turkey: 0.92% (2014: 1.98% )
Auto Manufacturers: 0.57% (2014: 0.43% )
134,767 Tofas Turk Otomobil Fabrikasi 735,163 0.57
Engineering & Construction: 0.00% (2014: 0.36% ) - -
Home Furnishings: 0.00% (2014: 0.30% ) - -
Iron/Steel: 0.35% (2014: 0.33% )
381,459 Eregli Demir ve Celik Fabrikalari 455,230 0.35
Telecommunications: 0.00% (2014: 0.56% ) - -
Total Turkey 1,190,393 0.92
United Arab Emirates: 0.79% (2014: 0.00% )
Banks: 0.79% (2014: 0.00% )
219,064 Abu Dhabi Commercial Bank 424,074 0.33
172,939 First Gulf Bank 599,627 0.46
Total United Arab Emirates 1,023,701 0.79
Total Equities 129,037,008 99.18
Total Value of Investments 129,037,008 99.18
Cash* 903,958 0.69
Other Net Assets 156,198 0.12
Net Assets Attributable to Holders of Redeemable
Participating Shares 130,097,164 99.99
*All cash holdings are held with Northern Trust Fiduciary Services (Ireland) Limited.
% of
Analysis of Total Assets Total Assets
Transferable securities and money market instruments admitted to an official stock exchange listing or 98.48
traded on a regulated market. 1.52
Other assets 100.00
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
174
KBI Institutional Developed Equity Fund
Schedule of Investments
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities: 99.80% (2014: 98.52% )
Australia: 3.35% (2014: 3.73% )
Banks: 0.59% (2014: 1.71% )
80,366 Commonwealth Bank of Australia 3,839,486 0.59
Beverages: 0.15% (2014: 0.00% )
260,400 Treasury Wine Estates 988,455 0.15
Building Materials: 0.15% (2014: 0.00% )
272,677 Boral 977,795 0.15
Computers: 0.11% (2014: 0.00% )
115,369 Computershare 727,192 0.11
Diversified Financial Services: 0.38% (2014: 0.00% )
33,948 ASX 852,141 0.13
34,081 Macquarie 1,646,763 0.25
Electric: 0.25% (2014: 0.00% )
155,107 AGL Energy 1,667,612 0.25
Engineering & Construction: 0.00% (2014: 0.17% )
Food: 0.23% (2014: 0.39% )
89,850 Woolworths 1,509,194 0.23
Healthcare-Services: 0.21% (2014: 0.15% )
102,026 Sonic Healthcare 1,345,584 0.21
Insurance: 0.27% (2014: 0.52% )
538,547 Insurance Australia 1,739,262 0.27
Mining: 0.34% (2014: 0.28% )
139,218 BHP Billiton 2,230,336 0.34
Packaging & Containers: 0.00% (2014: 0.16% )
Real Estate Investment Trusts: 0.40% (2014: 0.35% )
415,103 Goodman Reits 1,612,675 0.25
901,232 Mirvac Reits 1,002,211 0.15
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
175
KBI Institutional Developed Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 99.81% (2014: 98.52% )
Australia (Continued): 3.35% (2014: 3.73% )
Telecommunications: 0.14% (2014: 0.00% )
249,062 Telstra 913,718 0.14
Transportation: 0.13% (2014: 0.00% )
267,403 Aurizon 844,872 0.13
Total Australia 21,897,296 3.35
Belgium: 0.12% (2014: 0.23% )
Beverages: 0.12% (2014: 0.00% )
8,366 Anheuser-Busch InBev 813,468 0.12
Telecommunications: 0.00% (2014: 0.23% )
Total Belgium 813,468 0.12
Bermuda: 0.18% (2014: 0.17% )
Apparel: 0.18% (2014: 0.00% )
373,000 Yue Yuen Industrial 1,193,611 0.18
Oil & Gas: 0.00% (2014: 0.17% )
Total Bermuda 1,193,611 0.18
Canada: 6.01% (2014: 10.23% )
Auto Parts & Equipment: 0.67% (2014: 0.00% )
100,762 Magna International 4,419,684 0.67
Banks: 2.28% (2014: 3.03% )
52,967 Bank of Montreal 2,538,613 0.39
100,576 Canadian Imperial Bank of Commerce/Canada 6,528,529 1.00
117,242 Royal Bank of Canada 5,820,603 0.89
Chemicals: 0.00% (2014: 0.51% )
Diversified Financial Services: 0.41% (2014: 1.29% )
108,154 IGM Financial 2,713,672 0.41
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
176
KBI Institutional Developed Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 99.81% (2014: 98.52% )
Canada (Continued): 6.01% (2014: 10.23% )
Insurance: 1.22% (2014: 2.45% )
201,321 Power Financial 4,367,764 0.67
127,249 Sun Life Financial 3,598,254 0.55
Media: 1.01% (2014: 1.25% )
369,414 Shaw Communications 6,603,576 1.01
Oil & Gas: 0.42% (2014: 1.05% )
218,960 Cenovus Energy 2,756,162 0.42
Real Estate Investment Trusts: 0.00% (2014: 0.65% )
Total Canada 39,346,857 6.01
Cayman Islands: 0.00% (2014: 0.14% )
Lodging: 0.00% (2014: 0.14% ) - -
Total Cayman Islands - -
Finland: 0.58% (2014: 1.83% )
Auto Parts & Equipment: 0.00% (2014: 0.76% ) - -
Forest Products & Paper: 0.34% (2014: 0.46% )
149,492 UPM-Kymmene 2,225,936 0.34
Machinery-Diversified: 0.24% (2014: 0.61% )
72,428 Metso 1,593,416 0.24
Total Finland 3,819,352 0.58
France: 2.06% (2014: 2.52% )
Commercial Services: 0.29% (2014: 0.00% )
102,400 Edenred 1,919,744 0.29
Computers: 0.21% (2014: 0.00% )
17,304 Cap Gemini 1,384,320 0.21
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
177
KBI Institutional Developed Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 99.81% (2014: 98.52% )
France (Continued): 2.06% (2014: 2.52% )
Distribution/Wholesale: 0.57% (2014: 0.00% )
275,089 Rexel 3,763,905 0.57
Engineering & Construction: 0.00% (2014: 0.45% ) - -
Insurance: 0.24% (2014: 0.28% )
116,049 CNP Assurances 1,595,384 0.24
Oil & Gas: 0.00% (2014: 0.76% ) - -
Pharmaceuticals: 0.60% (2014: 0.38% )
44,913 Sanofi 3,962,899 0.60
Real Estate Investment Trusts: 0.15% (2014: 0.65% )
12,431 Fonciere Des Regions Reits 922,070 0.15
Total France 13,548,322 2.06
Germany: 2.13% (2014: 2.51% )
Auto Manufacturers: 0.90% (2014: 0.42% )
48,494 Daimler 3,476,050 0.53
14,406 Volkswagen 2,403,281 0.37
Chemicals: 0.18% (2014: 0.97% )
16,658 BASF 1,190,797 0.18
Media: 0.00% (2014: 0.50% )
Miscellaneous Manufacturing: 0.74% (2014: 0.62% )
54,921 Siemens 4,848,426 0.74
Retail: 0.18% (2014: 0.00% )
11,390 HUGO BOSS 1,153,238 0.18
Software: 0.13% (2014: 0.00% )
13,977 SAP 834,427 0.13
Total Germany 13,906,219 2.13
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
178
KBI Institutional Developed Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 99.81% (2014: 98.52% )
Hong Kong: 0.25% (2014: 0.14% )
Holding Companies-Diversified: 0.13% (2014: 0.00% )
88,500 Swire Pacific 867,180 0.13
Lodging: 0.00% (2014: 0.14% )
Real Estate Investment Trusts: 0.12% (2014: 0.00% )
171,500 Link Reits 811,856 0.12
Total Hong Kong 1,679,036 0.25
Ireland: 1.87% (2014: 0.66% )
Computers: 1.87% (2014: 0.66% )
94,552 Accenture 8,081,501 1.23
92,710 Seagate Technology 4,191,759 0.64
Total Ireland 12,273,260 1.87
Israel: 0.13% (2014: 0.00% )
Pharmaceuticals: 0.13% (2014: 0.00% )
14,288 Teva Pharmaceutical Industries 825,524 0.13
Total Israel 825,524 0.13
Italy: 1.17% (2014: 1.22% )
Auto Parts & Equipment: 0.16% (2014: 0.00% )
70,522 Pirelli & C. 1,052,541 0.16
Banks: 0.62% (2014: 0.00% )
1,394,401 Intesa Sanpaolo 4,074,440 0.62
Commercial Services: 0.39% (2014: 0.25% )
107,596 Atlantia 2,574,772 0.39
Oil & Gas: 0.00% (2014: 0.97% )
Total Italy 7,701,753 1.17
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
179
KBI Institutional Developed Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 99.81% (2014: 98.52% )
Japan: 8.80% (2014: 7.99% )
Advertising: 0.13% (2014: 0.16% )
98,600 Hakuhodo DY 881,065 0.13
Agriculture: 0.36% (2014: 0.21% )
73,200 Japan Tobacco 2,330,001 0.36
Auto Manufacturers: 1.03% (2014: 1.00% )
82,400 Daihatsu Motor 899,087 0.14
129,800 Isuzu Motors 1,319,108 0.20
85,900 Toyota Motor 4,544,496 0.69
Auto Parts & Equipment: 0.27% (2014: 0.26% )
66,600 Sumitomo Electric Industries 816,117 0.12
21,600 Toyota Industries 959,101 0.15
Banks: 0.93% (2014: 0.90% )
526,600 Mitsubishi UFJ Financial 3,101,915 0.47
241,700 Resona 1,090,555 0.17
52,200 Sumitomo Mitsui Financial 1,906,399 0.29
Chemicals: 0.36% (2014: 0.35% )
335,000 Asahi Kasei 2,385,292 0.36
Commercial Services: 0.13% (2014: 0.14% )
91,000 Dai Nippon Printing 835,750 0.13
Computers: 0.15% (2014: 0.00% )
27,700 Nomura Research Institute 1,003,736 0.15
Cosmetics/Personal Care: 0.21% (2014: 0.00% )
34,000 Kao 1,388,746 0.21
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
180
KBI Institutional Developed Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 99.81% (2014: 98.52% )
Japan (Continued): 8.80% (2014: 7.99% )
Distribution/Wholesale: 0.96% (2014: 0.94% )
88,000 ITOCHU 942,547 0.14
113,000 Mitsubishi 1,875,023 0.29
141,400 Mitsui 1,642,205 0.25
191,500 Sumitomo 1,812,642 0.28
Diversified Financial Services: 0.24% (2014: 0.23% )
251,000 Daiwa Securities 1,557,176 0.24
Electrical Components & Equipment: 0.12% (2014: 0.18% )
65,100 Brother Industries 793,425 0.12
Gas: 0.22% (2014: 0.29% )
395,000 Osaka Gas 1,431,756 0.22
Hand/Machine Tools: 0.20% (2014: 0.00% )
83,300 THK 1,291,347 0.20
Home Builders: 0.31% (2014: 0.00% )
154,500 Sekisui House 2,061,198 0.31
Insurance: 0.36% (2014: 0.29% )
65,600 Tokio Marine 2,354,032 0.36
Mining: 0.19% (2014: 0.25% )
107,000 Sumitomo Metal Mining 1,213,756 0.19
Office/Business Equipment: 0.59% (2014: 0.49% )
141,500 Canon 3,858,554 0.59
Oil & Gas: 0.00% (2014: 0.14% )
Pharmaceuticals: 0.41% (2014: 0.31% )
87,000 Daiichi Sankyo 1,494,970 0.23
39,800 Otsuka 1,211,148 0.18
Real Estate: 0.34% (2014: 0.46% )
22,700 Daito Trust Construction 2,213,804 0.34
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
181
KBI Institutional Developed Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 99.81% (2014: 98.52% )
Japan (Continued): 8.80% (2014: 7.99% )
Retail: 0.34% (2014: 0.37% )
23,000 ABC-Mart 1,245,487 0.19
15,300 Lawson 975,987 0.15
Telecommunications: 0.59% (2014: 0.58% )
47,200 Nippon Telegraph & Telephone 1,608,759 0.25
118,276 NTT DOCOMO 2,210,146 0.34
Toys/Games/Hobbies: 0.00% (2014: 0.14% )
Transportation: 0.36% (2014: 0.30% )
13,800 East Japan Railway 1,138,199 0.17
290,000 Nippon Express 1,255,677 0.19
Total Japan 57,649,206 8.80
Jersey: 0.19% (2014: 0.00% )
Oil & Gas Services: 0.19% (2014: 0.00% )
100,200 Petrofac 1,228,977 0.19
Total Jersey 1,228,977 0.19
Luxembourg: 0.13% (2014: 0.00% )
Telecommunications: 0.13% (2014: 0.00% )
32,625 SES Receipt 861,463 0.13
Total Luxembourg 861,463 0.13
Netherlands: 2.82% (2014: 0.24% )
Chemicals: 0.97% (2014: 0.00% )
83,034 LyondellBasell Industries 6,326,629 0.97
Engineering & Construction: 0.72% (2014: 0.24% )
101,737 Boskalis Westminster 4,730,008 0.72
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
182
KBI Institutional Developed Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 99.81% (2014: 98.52% )
Netherlands (Continued): 2.82% (2014: 0.24% )
Food: 0.56% (2014: 0.00% )
208,991 Koninklijke Ahold 3,673,539 0.56
Insurance: 0.19% (2014: 0.00% )
130,715 Delta Lloyd 1,231,531 0.19
Semiconductors: 0.38% (2014: 0.00% )
380,301 STMicroelectronics 2,459,597 0.38
Total Netherlands 18,421,304 2.82
Norway: 0.61% (2014: 0.97% )
Chemicals: 0.00% (2014: 0.58% )
Insurance: 0.00% (2014: 0.17% )
Mining: 0.36% (2014: 0.00% )
760,565 Norsk Hydro 2,353,905 0.36
Oil & Gas: 0.00% (2014: 0.22% )
Telecommunications: 0.25% (2014: 0.00% )
93,920 Telenor 1,653,826 0.25
Total Norway 4,007,731 0.61
Portugal: 0.22% (2014: 0.21% )
Electric: 0.22% (2014: 0.21% )
458,035 EDP - Energias de Portugal 1,433,650 0.22
Total Portugal 1,433,650 0.22
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
183
KBI Institutional Developed Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 99.81% (2014: 98.52% )
Singapore: 0.40% (2014: 0.20% )
Real Estate Investment Trusts: 0.13% (2014: 0.00% )
682,000 CapitaLand Mall Trust Reits 828,241 0.13
Shipbuilding: 0.27% (2014: 0.20% )
2,568,000 Yangzijiang Shipbuilding 1,780,351 0.27
Total Singapore 2,608,592 0.40
Spain: 1.15% (2014: 1.28% )
Banks: 0.60% (2014: 0.41% )
719,948 Banco Santander 3,940,635 0.60
Gas: 0.38% (2014: 0.53% )
102,232 Enagas 2,514,652 0.38
Oil & Gas: 0.17% (2014: 0.34% )
85,032 Repsol 1,097,551 0.17
Total Spain 7,552,838 1.15
Sweden: 2.48% (2014: 2.50% )
Banks: 0.82% (2014: 0.64% )
263,080 Swedbank 5,369,024 0.82
Cosmetics/Personal Care: 0.24% (2014: 0.00% )
61,554 Svenska Cellulosa 1,566,863 0.24
Home Furnishings: 0.43% (2014: 0.20% )
110,242 Electrolux 2,788,799 0.43
Investment Companies: 0.00% (2014: 0.31% )
Telecommunications: 0.99% (2014: 1.35% )
127,883 Telefonaktiebolaget LM Ericsson 1,111,927 0.17
1,066,638 TeliaSonera 5,372,399 0.82
Total Sweden 16,209,012 2.48
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
184
KBI Institutional Developed Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 99.81% (2014: 98.52% )
Switzerland: 3.75% (2014: 2.37% )
Banks: 0.39% (2014: 0.00% )
136,410 UBS 2,527,938 0.39
Food: 0.84% (2014: 0.80% )
83,387 Nestle 5,501,372 0.84
Healthcare-Products: 0.30% (2014: 0.00% )
17,211 Sonova 1,989,972 0.30
Insurance: 1.26% (2014: 1.35% )
33,679 Zurich Insurance 8,270,935 1.26
Pharmaceuticals: 0.96% (2014: 0.22% )
33,447 Novartis 2,933,668 0.45
13,703 Roche 3,345,555 0.51
Total Switzerland 24,569,440 3.75
United Kingdom: 9.08% (2014: 10.57% )
Aerospace/Defense: 0.17% (2014: 0.00% )
287,807 Cobham 1,114,525 0.17
Agriculture: 1.51% (2014: 1.87% )
131,378 British American Tobacco 6,283,355 0.96
83,471 Imperial Tobacco 3,626,181 0.55
Banks: 0.87% (2014: 2.34% )
801,253 HSBC 5,716,902 0.87
Diversified Financial Services: 0.70% (2014: 1.05% )
490,446 Aberdeen Asset Management 2,151,527 0.33
384,532 ICAP 2,401,955 0.37
Electric: 0.65% (2014: 0.63% )
209,059 SSE 4,231,186 0.65
Entertainment: 0.12% (2014: 0.00% )
156,640 William Hill 775,493 0.12
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
185
KBI Institutional Developed Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 99.81% (2014: 98.52% )
United Kingdom (Continued): 9.08% (2014: 10.57% )
Food: 0.23% (2014: 0.31% )
42,408 Unilever 1,529,373 0.23
Gas: 0.00% (2014: 0.17% )
Household Products/Wares: 0.24% (2014: 0.00% )
20,059 Reckitt Benckiser 1,587,218 0.24
Insurance: 0.00% (2014: 0.15% )
Media: 0.31% (2014: 0.00% )
130,486 Pearson 2,032,521 0.31
Mining: 1.03% (2014: 0.21% )
261,075 BHP Billiton 4,063,954 0.62
82,053 Rio Tinto 2,694,454 0.41
Oil & Gas Services: 0.68% (2014: 0.00% )
403,688 Amec Foster Wheeler 4,479,379 0.68
Oil & Gas: 0.47% (2014: 0.49% )
617,156 BP 3,059,871 0.47
Pharmaceuticals: 1.46% (2014: 2.67% )
101,509 AstraZeneca 5,749,069 0.88
207,190 GlaxoSmithKline 3,819,334 0.58
Retail: 0.16% (2014: 0.38% )
9,415 Next 1,029,486 0.16
Software: 0.16% (2014: 0.00% )
146,543 Sage Group 1,038,523 0.16
Telecommunications: 0.32% (2014: 0.30% )
675,934 Vodafone 2,107,371 0.32
Total United Kingdom 59,491,677 9.08
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
186
KBI Institutional Developed Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 99.81% (2014: 98.52% )
United States: 52.33% (2014: 48.81% )
Aerospace/Defense: 0.87% (2014: 0.00% )
82,777 Harris 5,724,381 0.87
Agriculture: 3.06% (2014: 3.36% )
151,577 Altria 7,321,917 1.12
168,396 Reynolds American 12,717,962 1.94
Auto Manufacturers: 0.48% (2014: 0.43% )
257,677 Ford Motor 3,155,158 0.48
Banks: 2.43% (2014: 1.25% )
93,344 Bank of New York Mellon 3,386,416 0.52
29,075 Capital One Financial 2,004,694 0.31
58,266 JPMorgan Chase 3,332,530 0.51
149,475 Wells Fargo 7,137,701 1.09
Biotechnology: 0.91% (2014: 0.00% )
42,764 Amgen 5,949,343 0.91
Chemicals: 0.67% (2014: 0.59% )
112,070 Dow Chemical 4,398,715 0.67
Commercial Services: 1.24% (2014: 0.52% )
90,052 Total System Services 3,723,312 0.57
264,191 Western Union 4,373,329 0.67
Computers: 2.46% (2014: 2.24% )
117,221 Apple 11,847,070 1.81
32,432 International Business Machines 4,280,625 0.65
Cosmetics/Personal Care: 0.63% (2014: 0.70% )
64,878 Procter & Gamble 4,120,786 0.63
Distribution/Wholesale: 0.00% (2014: 0.99% )
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
187
KBI Institutional Developed Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 99.84% (2014: 98.52% )
United States (Continued): 52.35% (2014: 48.81% )
Diversified Financial Services: 2.08% (2014: 0.63% )
18,698 BlackRock 5,188,449 0.79
99,812 CME Inc/IL 8,424,225 1.29
Electric: 1.24% (2014: 2.31% )
36,950 Duke Energy 2,386,141 0.36
54,928 Pinnacle West Capital 2,963,485 0.45
99,643 PPL 2,787,319 0.43
Electrical Components & Equipment: 0.85% (2014: 0.88% )
130,165 Emerson Electric 5,578,085 0.85
Electronics: 0.38% (2014: 0.00% )
76,334 Agilent Technologies 2,485,333 0.38
Food: 1.00% (2014: 0.76% )
103,141 Safeway Casa Ley CVR 93,387 0.01
103,141 Safeway PDC CVR 4,490 -
182,902 Sysco 6,513,100 0.99
Forest Products & Paper: 0.31% (2014: 0.26% )
52,806 International Paper 2,060,371 0.31
Healthcare-Products: 1.19% (2014: 1.18% )
117,243 Baxter International 4,054,710 0.62
39,887 Zimmer Biomet 3,713,629 0.57
Healthcare-Services: 0.65% (2014: 0.47% )
40,890 Aetna 4,262,643 0.65
Household Products/Wares: 0.99% (2014: 0.98% )
67,532 Kimberly-Clark 6,460,395 0.99
Insurance: 0.37% (2014: 0.00% )
46,535 Aflac 2,435,521 0.37
Machinery-Diversified: 0.57% (2014: 0.44% )
50,586 Deere 3,721,404 0.57
Media: 0.88% (2014: 0.33% )
42,467 Comcast 2,150,628 0.33
75,896 Scripps Networks Interactive 3,601,827 0.55
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
188
KBI Institutional Developed Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 99.81% (2014: 98.52% )
United States (Continued): 52.33% (2014: 48.81% )
Mining: 0.00% (2014: 0.78% )
Miscellaneous Manufacturing: 2.01% (2014: 1.94% )
587,307 General Electric 13,174,979 2.01
Oil & Gas Services: 0.60% (2014: 0.00% )
105,696 National Oilwell Varco 3,925,057 0.60
Oil & Gas: 3.57% (2014: 5.81% )
171,797 Exxon Mobil 11,497,325 1.76
69,581 Helmerich & Payne 3,579,613 0.55
156,774 Valero Energy 8,252,699 1.26
Pharmaceuticals: 6.72% (2014: 5.45% )
144,167 Abbott Laboratories 5,918,320 0.90
147,545 AbbVie 8,419,766 1.29
39,212 AmerisourceBergen 3,529,045 0.54
103,759 Eli Lilly 7,699,771 1.18
67,160 Johnson & Johnson 5,701,919 0.87
106,495 Merck 5,259,194 0.80
257,198 Pfizer 7,492,908 1.14
Real Estate Investment Trusts: 1.26% (2014: 1.43% )
110,158 Digital Realty Trust Reits 6,390,913 0.98
55,489 HCP Reits 1,866,547 0.28
Retail: 4.48% (2014: 1.84% )
30,859 Darden Restaurants 1,900,847 0.29
122,043 GameStop 4,626,289 0.70
36,143 Home Depot 3,788,260 0.58
62,980 Lowe's Cos 3,845,719 0.59
47,981 McDonald's 4,118,772 0.63
172,312 Staples 2,112,970 0.32
70,702 TJX Cos 4,459,796 0.68
34,955 Walgreens Boots Alliance 2,725,860 0.42
30,013 Wal-Mart Stores 1,738,687 0.27
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
189
KBI Institutional Developed Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 99.81% (2014: 98.52% )
United States (Continued): 52.33% (2014: 48.81% )
Savings & Loans: 0.00% (2014: 0.72% )
Semiconductors: 1.65% (2014: 1.99% )
322,645 Intel 8,181,982 1.25
85,210 Maxim Integrated Products 2,591,877 0.40
Software: 4.55% (2014: 5.31% )
299,376 CA 7,282,083 1.11
40,248 Dun & Bradstreet Corp 3,844,368 0.58
478,689 Microsoft 18,758,510 2.86
Telecommunications: 2.48% (2014: 3.25% )
159,489 AT&T 4,736,008 0.72
226,726 Cisco Systems 5,262,090 0.80
153,868 Verizon Communications 6,320,682 0.96
Toys/Games/Hobbies: 0.63% (2014: 1.25% )
60,845 Hasbro 4,098,312 0.63
Transportation: 1.12% (2014: 0.72% )
33,447 Norfolk Southern 2,363,132 0.36
56,346 United Parcel Service 4,957,734 0.76
Total United States 342,781,115 52.33
Total Equities 653,819,703 99.81
Collective Investment Schemes: 0.30% (2014: 0.00% )
Ireland: 0.30% (2014: 0.00% )
626,033 KBI Gif Cash Fund 2,000,728 0.30
Total Ireland 2,000,728 0.30
Total Collective Investment Schemes 2,000,728 0.30
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
190
KBI Institutional Developed Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
EUR Net Assets
Total Value of Investments 655,820,431 100.11
Bank Overdraft (1,093,421) (0.17)
Other Net Assets 379,073 0.06
Net Assets Attributable to Holders of Redeemable
Participating Shares 655,106,083 100.00
*All cash holdings are held with Northen Trust Fiduciary Services (Ireland) Limited
% of
Analysis of Total Assets Total Assets
Transferable securities and money market instruments admitted to an official stock exchange listing or
traded on a regular market. 99.70
Other assets 0.30
100.00
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
191
KBI Institutional Global Equity Fund
Schedule of Investments
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities: 90.93% (2014: 90.56% )
Australia: 3.04% (2014: 3.38% )
Banks: 0.53% (2014: 1.55% )
2,918 Commonwealth Bank of Australia 139,407 0.53
Beverages: 0.14% (2014: 0.00% )
9,612 Treasury Wine Estates 36,486 0.14
Building Materials: 0.14% (2014: 0.00% )
10,149 Boral 36,393 0.14
Computers: 0.10% (2014: 0.00% )
4,212 Computershare 26,549 0.10
Diversified Financial Services: 0.35% (2014: 0.00% )
1,217 ASX 30,548 0.12
1,225 Macquarie 59,191 0.23
Electric: 0.23% (2014: 0.00% )
5,714 AGL Energy 61,433 0.23
Engineering & Construction: 0.00% (2014: 0.15% )
Food: 0.21% (2014: 0.36% )
3,252 Woolworths 54,623 0.21
Healthcare-Services: 0.19% (2014: 0.14% )
3,713 Sonic Healthcare 48,969 0.19
Insurance: 0.24% (2014: 0.48% )
19,755 Insurance Australia 63,800 0.24
Mining: 0.30% (2014: 0.24% )
4,963 BHP Billiton 79,509 0.30
Packaging & Containers: 0.00% (2014: 0.15% )
Real Estate Investment Trusts: 0.36% (2014: 0.31% )
15,039 Goodman Reits 58,426 0.22
33,716 Mirvac Reits 37,494 0.14
Telecommunications: 0.13% (2014: 0.00% )
9,333 Telstra 34,239 0.13
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
192
KBI Institutional Global Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 90.93% (2014: 90.56% )
Australia (Continued): 3.04% (2014: 3.38% )
Transportation: 0.12% (2014: 0.00% )
10,056 Aurizon 31,772 0.12
Total Australia 798,839 3.04
Belgium: 0.12% (2014: 0.21% )
Beverages: 0.12% (2014: 0.00% )
320 Anheuser-Busch InBev 31,115 0.12
Telecommunications: 0.00% (2014: 0.21% )
Total Belgium 31,115 0.12
Bermuda: 0.16% (2014: 0.15% )
Apparel: 0.16% (2014: 0.00% )
13,000 Yue Yuen Industrial 41,600 0.16
Oil & Gas: 0.00% (2014: 0.15% )
Total Bermuda 41,600 0.16
Canada: 5.45% (2014: 9.49% )
Auto Parts & Equipment: 0.61% (2014: 0.00% )
3,640 Magna International 159,660 0.61
Banks: 2.07% (2014: 2.81% )
1,962 Bank of Montreal 94,035 0.36
3,674 Canadian Imperial Bank of Commerce/Canada 238,485 0.91
4,255 Royal Bank of Canada 211,244 0.80
Chemicals: 0.00% (2014: 0.47% )
Diversified Financial Services: 0.38% (2014: 1.20% )
3,960 IGM Financial 99,360 0.38
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
193
KBI Institutional Global Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 90.93% (2014: 90.56% )
Canada (Continued): 5.45% (2014: 9.49% )
Insurance: 1.10% (2014: 2.26% )
7,278 Power Financial 157,900 0.60
4,642 Sun Life Financial 131,263 0.50
Media: 0.91% (2014: 1.17% )
13,468 Shaw Communications 240,751 0.91
Oil & Gas: 0.38% (2014: 0.99% )
7,944 Cenovus Energy 99,995 0.38
Real Estate Investment Trusts: 0.00% (2014: 0.59% )
Total Canada 1,432,693 5.45
Cayman Islands: 0.00% (2014: 0.12% )
Lodging: 0.00% (2014: 0.12% ) - -
Total Cayman Islands - -
Finland: 0.53% (2014: 1.66% )
Auto Parts & Equipment: 0.00% (2014: 0.70% ) - -
Forest Products & Paper: 0.31% (2014: 0.42% )
5,457 UPM-Kymmene 81,255 0.31
Machinery-Diversified: 0.22% (2014: 0.54% )
2,700 Metso 59,400 0.22
Total Finland 140,655 0.53
France: 1.90% (2014: 2.29% )
Commercial Services: 0.26% (2014: 0.00% )
3,664 Edenred 68,691 0.26
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
194
KBI Institutional Global Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 90.93% (2014: 90.56% )
France (Continued): 1.90% (2014: 2.29% )
Computers: 0.19% (2014: 0.00% )
636 Cap Gemini 50,880 0.19
Distribution/Wholesale: 0.53% (2014: 0.00% )
10,130 Rexel 138,604 0.53
Engineering & Construction: 0.00% (2014: 0.41% )
Insurance: 0.23% (2014: 0.26% )
4,354 CNP Assurances 59,857 0.23
Oil & Gas: 0.00% (2014: 0.68% )
Pharmaceuticals: 0.56% (2014: 0.35% )
1,658 Sanofi 146,294 0.56
Real Estate Investment Trusts: 0.13% (2014: 0.59% )
472 Fonciere Des Regions Reits 35,011 0.13
Total France 499,337 1.90
Germany: 1.92% (2014: 2.29% )
Auto Manufacturers: 0.82% (2014: 0.38% )
1,785 Daimler 127,949 0.49
523 Volkswagen 87,249 0.33
Chemicals: 0.16% (2014: 0.89% )
590 BASF 42,176 0.16
Media: 0.00% (2014: 0.46% )
Miscellaneous Manufacturing: 0.67% (2014: 0.56% )
2,005 Siemens 177,001 0.67
Retail: 0.15% (2014: 0.00% )
399 HUGO BOSS 40,399 0.15
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
195
KBI Institutional Global Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 90.93% (2014: 90.56% )
Germany (Continued): 1.92% (2014: 2.29% )
Software: 0.12% (2014: 0.00% )
513 SAP 30,626 0.12
Total Germany 505,400 1.92
Hong Kong: 0.22% (2014: 0.13% )
Holding Companies-Diversfied: 0.11% (2014: 0.00% )
3,000 Swire Pacific 29,396 0.11
Lodging: 0.00% (2014: 0.13% )
Real Estate Investment Trusts: 0.11% (2014: 0.00% )
6,000 Link Reits 28,403 0.11
Total Hong Kong 57,799 0.22
Ireland: 1.71% (2014: 0.61% )
Computers: 1.71% (2014: 0.61% )
3,436 Accenture 293,680 1.12
3,432 Seagate Technology 155,173 0.59
Total Ireland 448,853 1.71
Israel: 0.13% (2014: 0.00% )
Pharmaceuticals: 0.13% (2014: 0.00% )
587 Teva Pharmaceutical Industries 33,915 0.13
Total Israel 33,915 0.13
Italy: 1.07% (2014: 1.13% )
Auto Parts & Equipment: 0.15% (2014: 0.00% )
2,617 Pirelli & C. 39,059 0.15
Banks: 0.56% (2014: 0.00% )
50,697 Intesa Sanpaolo 148,137 0.56
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
196
KBI Institutional Global Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 90.93% (2014: 90.56% )
Italy (Continued): 1.07% (2014: 1.13% )
Commercial Services: 0.36% (2014: 0.23% )
3,925 Atlantia 93,925 0.36
Oil & Gas: 0.00% (2014: 0.90% )
Total Italy 281,121 1.07
Japan: 8.08% (2014: 7.34% )
Advertising: 0.13% (2014: 0.15% )
3,700 Hakuhodo DY 33,062 0.13
Agriculture: 0.33% (2014: 0.20% )
2,700 Japan Tobacco 85,943 0.33
Auto Manufacturers: 0.95% (2014: 0.92% )
3,100 Daihatsu Motor 33,825 0.13
4,700 Isuzu Motors 47,764 0.18
3,200 Toyota Motor 169,294 0.64
Auto Parts & Equipment: 0.25% (2014: 0.25% )
2,400 Sumitomo Electric Industries 29,410 0.11
800 Toyota Industries 35,522 0.14
Banks: 0.85% (2014: 0.83% )
19,200 Mitsubishi UFJ Financial 113,097 0.43
9,300 Resona 41,962 0.16
1,900 Sumitomo Mitsui Financial 69,390 0.26
Chemicals: 0.33% (2014: 0.33% )
12,000 Asahi Kasei 85,443 0.33
Commercial Services: 0.10% (2014: 0.13% )
3,000 Dai Nippon Printing 27,552 0.10
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
197
KBI Institutional Global Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 90.93% (2014: 90.56% )
Japan (Continued): 8.08% (2014: 7.34% )
Computers: 0.14% (2014: 0.00% )
1,000 Nomura Research Institute 36,236 0.14
Cosmetics/Personal Care: 0.19% (2014: 0.00% )
1,200 Kao 49,015 0.19
Distribution/Wholesale: 0.89% (2014: 0.85% )
3,400 ITOCHU 36,417 0.14
4,100 Mitsubishi 68,032 0.26
5,300 Mitsui 61,554 0.23
7,200 Sumitomo 68,152 0.26
Diversified Financial Services: 0.21% (2014: 0.21% )
9,000 Daiwa Securities 55,835 0.21
Electrical Components & Equipment: 0.13% (2014: 0.17% )
2,800 Brother Industries 34,126 0.13
Gas: 0.19% (2014: 0.25% )
14,000 Osaka Gas 50,746 0.19
Hand/Machine Tools: 0.18% (2014: 0.00% )
3,100 THK 48,057 0.18
Home Builders: 0.29% (2014: 0.00% )
5,700 Sekisui House 76,044 0.29
Insurance: 0.33% (2014: 0.26% )
2,400 Tokio Marine 86,123 0.33
Mining: 0.17% (2014: 0.24% )
4,000 Sumitomo Metal Mining 45,374 0.17
Office/Business Equipment: 0.54% (2014: 0.45% )
5,200 Canon 141,798 0.54
Oil & Gas: 0.00% (2014: 0.12% )
Pharmaceuticals: 0.37% (2014: 0.28% )
3,200 Daiichi Sankyo 54,987 0.21
1,400 Otsuka 42,603 0.16
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
198
KBI Institutional Global Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 90.93% (2014: 90.56% )
Japan (Continued): 8.08% (2014: 7.34% )
Real Estate: 0.30% (2014: 0.42% )
800 Daito Trust Construction 78,020 0.30
Retail: 0.34% (2014: 0.35% )
900 ABC-Mart 48,736 0.19
600 Lawson 38,274 0.15
Telecommunications: 0.53% (2014: 0.53% )
1,800 Nippon Telegraph & Telephone 61,351 0.23
4,279 NTT DOCOMO 79,959 0.30
Toys/Games/Hobbies: 0.00% (2014: 0.13% )
Transportation: 0.34% (2014: 0.27% )
500 East Japan Railway 41,239 0.16
11,000 Nippon Express 47,629 0.18
Total Japan 2,122,571 8.08
Jersey: 0.17% (2014: 0.00% )
Oil & Gas Services: 0.17% (2014: 0.00% )
3,673 Petrofac 45,050 0.17
Total Jersey 45,050 0.17
Luxembourg: 0.12% (2014: 0.00% )
Telecommunications: 0.12% (2014: 0.00% )
1,215 SES Receipt 32,082 0.12
Total Luxembourg 32,082 0.12
Netherlands: 2.55% (2014: 0.21% )
Chemicals: 0.88% (2014: 0.00% )
3,027 LyondellBasell Industries 230,637 0.88
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
199
KBI Institutional Global Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 90.93% (2014: 90.56% )
Netherlands (Continued): 2.55% (2014: 0.21% )
Engineering & Construction: 0.66% (2014: 0.21% )
3,717 Boskalis Westminster 172,813 0.66
Food: 0.50% (2014: 0.00% )
7,543 Koninklijke Ahold 132,587 0.50
Insurance: 0.17% (2014: 0.00% )
4,627 Delta Lloyd 43,593 0.17
Semiconductors: 0.34% (2014: 0.00% )
13,766 STMicroelectronics 89,032 0.34
Total Netherlands 668,662 2.55
Norway: 0.56% (2014: 0.86% )
Chemicals: 0.00% (2014: 0.52% )
Insurance: 0.00% (2014: 0.15% )
Mining: 0.33% (2014: 0.00% )
27,901 Norsk Hydro 86,352 0.33
Oil & Gas: 0.00% (2014: 0.19% )
Telecommunications: 0.23% (2014: 0.00% )
3,432 Telenor 60,434 0.23
Total Norway 146,786 0.56
Portugal: 0.19% (2014: 0.18% )
Electric: 0.19% (2014: 0.18% )
16,346 EDP - Energias de Portugal 51,163 0.19
Total Portugal 51,163 0.19
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
200
KBI Institutional Global Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 90.93% (2014: 90.56% )
Singapore: 0.37% (2014: 0.18% )
Real Estate Investment Trusts: 0.12% (2014: 0.00% )
25,000 CapitaLand Mall Trust Reits 30,361 0.12
Shipbuilding: 0.25% (2014: 0.18% )
94,000 Yangzijiang Shipbuilding 65,169 0.25
Total Singapore 95,530 0.37
Spain: 1.06% (2014: 1.18% )
Banks: 0.55% (2014: 0.38% )
26,178 Banco Santander 143,285 0.55
Gas: 0.35% (2014: 0.49% )
3,733 Enagas 91,822 0.35
Oil & Gas: 0.16% (2014: 0.31% )
3,174 Repsol 40,968 0.16
Total Spain 276,075 1.06
Sweden: 2.25% (2014: 2.30% )
Banks: 0.74% (2014: 0.59% )
9,579 Swedbank 195,491 0.74
Cosmetics/Personal Care: 0.22% (2014: 0.00% )
2,244 Svenska Cellulosa 57,121 0.22
Home Furnishings: 0.38% (2014: 0.18% )
3,939 Electrolux 99,645 0.38
Investment Companies: 0.00% (2014: 0.28% )
Telecommunications: 0.91% (2014: 1.25% )
4,735 Telefonaktiebolaget LM Ericsson 41,170 0.16
39,029 TeliaSonera 196,580 0.75
Total Sweden 590,007 2.25
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
201
KBI Institutional Global Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 90.93% (2014: 90.56% )
Switzerland: 3.41% (2014: 2.19% )
Banks: 0.36% (2014: 0.00% )
5,062 UBS 93,809 0.36
Food: 0.77% (2014: 0.73% )
3,048 Nestle 201,089 0.77
Healthcare-Products: 0.27% (2014: 0.00% )
624 Sonova 72,148 0.27
Insurance: 1.14% (2014: 1.26% )
1,223 Zurich Insurance 300,346 1.14
Pharmaceuticals: 0.87% (2014: 0.20% )
1,207 Novartis 105,867 0.40
509 Roche 124,271 0.47
Total Switzerland 897,530 3.41
United Kingdom: 8.29% (2014: 9.75% )
Aerospace/Defense: 0.16% (2014: 0.00% )
10,644 Cobham 41,219 0.16
Agriculture: 1.37% (2014: 1.71% )
4,803 British American Tobacco 229,711 0.87
3,053 Imperial Tobacco 132,630 0.50
Banks: 0.80% (2014: 2.16% )
29,371 HSBC 209,561 0.80
Diversified Financial Services: 0.64% (2014: 0.97% )
17,872 Aberdeen Asset Management 78,402 0.30
14,307 ICAP 89,368 0.34
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
202
KBI Institutional Global Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 90.93% (2014: 90.56% )
United Kingdom (Continued): 8.29% (2014: 9.75% )
Electric: 0.58% (2014: 0.58% )
7,544 SSE 152,685 0.58
Entertainment: 0.11% (2014: 0.00% )
5,988 William Hill 29,645 0.11
Food: 0.21% (2014: 0.27% )
1,561 Unilever 56,295 0.21
Gas: 0.00% (2014: 0.16% )
Household Products/Wares: 0.23% (2014: 0.00% )
747 Reckitt Benckiser 59,108 0.23
Insurance: 0.00% (2014: 0.14% )
Media: 0.28% (2014: 0.00% )
4,667 Pearson 72,696 0.28
Mining: 0.93% (2014: 0.19% )
9,439 BHP Billiton 146,930 0.56
2,992 Rio Tinto 98,251 0.37
Oil & Gas Services: 0.63% (2014: 0.00% )
14,896 Amec Foster Wheeler 165,288 0.63
Oil & Gas: 0.43% (2014: 0.46% )
22,718 BP 112,636 0.43
Pharmaceuticals: 1.33% (2014: 2.49% )
3,716 AstraZeneca 210,460 0.80
7,542 GlaxoSmithKline 139,029 0.53
Retail: 0.15% (2014: 0.35% )
359 Next 39,255 0.15
Software: 0.15% (2014: 0.00% )
5,486 Sage Group 38,878 0.15
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
203
KBI Institutional Global Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 90.93% (2014: 90.56% )
United Kingdom (Continued): 8.29% (2014: 9.75% )
Telecommunications: 0.29% (2014: 0.27% )
24,203 Vodafone 75,458 0.29
Total United Kingdom 2,177,505 8.29
United States: 47.63% (2014: 44.91% )
Aerospace/Defense: 0.80% (2014: 0.00% )
3,035 Harris 209,883 0.80
Agriculture: 2.78% (2014: 3.09% )
5,506 Altria 265,967 1.01
6,172 Reynolds American 466,135 1.77
Auto Manufacturers: 0.44% (2014: 0.38% )
9,404 Ford Motor 115,148 0.44
Banks: 2.20% (2014: 1.15% )
3,427 Bank of New York Mellon Corp 124,328 0.47
1,035 Capital One Financial 71,362 0.27
2,151 JPMorgan Chase 123,027 0.47
5,444 Wells Fargo 259,961 0.99
Biotechnology: 0.82% (2014: 0.00% )
1,545 Amgen 214,941 0.82
Chemicals: 0.62% (2014: 0.54% )
4,121 Dow Chemical 161,748 0.62
Commercial Services: 1.12% (2014: 0.48% )
3,248 Total System Services 134,293 0.51
9,665 Western Union 159,991 0.61
Computers: 2.22% (2014: 2.08% )
4,235 Apple 428,015 1.63
1,178 International Business Machines 155,482 0.59
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
204
KBI Institutional Global Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 90.93% (2014: 90.56% )
United States (Continued): 47.63% (2014: 44.91% )
Cosmetics/Personal Care: 0.58% (2014: 0.63% )
2,404 Procter & Gamble 152,692 0.58
Distribution/Wholesale: 0.00% (2014: 0.90% )
Diversified Financial Services: 1.88% (2014: 0.58% )
678 BlackRock 188,136 0.72
3,620 CME Inc/IL 305,531 1.16
Electric: 1.12% (2014: 2.12% )
1,361 Duke Energy 87,890 0.33
2,010 Pinnacle West Capital 108,444 0.41
3,593 PPL 100,507 0.38
Electrical Components & Equipment: 0.77% (2014: 0.82% )
4,741 Emerson Electric 203,171 0.77
Electronics: 0.34% (2014: 0.00% )
2,762 Agilent Technologies 89,927 0.34
Food: 0.94% (2014: 0.70% )
10,529 Safeway Casa Ley CVR 9,533 0.04
10,529 Safeway PDC CVR 458 -
6,671 Sysco 237,553 0.90
Forest Products & Paper: 0.28% (2014: 0.24% )
1,877 International Paper 73,236 0.28
Healthcare-Products: 1.08% (2014: 1.11% )
4,330 Baxter International 149,748 0.57
1,443 Zimmer Biomet 134,349 0.51
Healthcare-Services: 0.60% (2014: 0.42% )
1,505 Aetna 156,891 0.60
Household Products/Wares: 0.90% (2014: 0.90% )
2,463 Kimberly-Clark 235,621 0.90
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
205
KBI Institutional Global Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 90.93% (2014: 90.56% )
United States (Continued): 47.63% (2014: 44.91% )
Insurance: 0.34% (2014: 0.00% )
1,702 Aflac 89,078 0.34
Machinery-Diversified: 0.52% (2014: 0.40% )
1,848 Deere 135,950 0.52
Media: 0.80% (2014: 0.30% )
1,554 Comcast 78,698 0.30
2,780 Scripps Networks Interactive 131,932 0.50
Mining: 0.00% (2014: 0.72% )
Miscellaneous Manufacturing: 1.83% (2014: 1.79% )
21,372 General Electric 479,435 1.83
Oil & Gas Services: 0.55% (2014: 0.00% )
3,863 National Oilwell Varco 143,454 0.55
Oil & Gas: 3.23% (2014: 5.37% )
6,234 Exxon Mobil 417,204 1.59
2,578 Helmerich & Payne 132,626 0.50
5,682 Valero Energy 299,105 1.14
Pharmaceuticals: 6.13% (2014: 5.00% )
5,222 Abbott Laboratories 214,373 0.82
5,373 AbbVie 306,614 1.17
1,430 AmerisourceBergen 128,699 0.49
3,804 Eli Lilly 282,288 1.08
2,457 Johnson & Johnson 208,601 0.79
3,906 Merck 192,896 0.74
9,371 Pfizer 273,004 1.04
Real Estate Investment Trusts: 1.14% (2014: 1.32% )
4,033 Digital Realty Trust Reits 233,978 0.89
1,982 HCP Reits 66,671 0.25
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
206
KBI Institutional Global Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 90.93% (2014: 90.56% )
United States (Continued): 47.63% (2014: 44.91% )
Retail: 4.09% (2014: 1.67% )
1,139 Darden Restaurants 70,160 0.27
4,459 GameStop 169,027 0.64
1,326 Home Depot 138,982 0.53
2,310 Lowe's Cos 141,054 0.54
1,760 McDonald's 151,081 0.58
6,274 Staples 76,935 0.29
2,557 TJX Cos 161,292 0.61
1,301 Walgreens Boots Alliance 101,455 0.39
1,102 Wal-Mart Stores 63,840 0.24
Savings & Loans: 0.00% (2014: 0.67% )
Semiconductors: 1.50% (2014: 1.84% )
11,804 Intel 299,339 1.14
3,116 Maxim Integrated Products 94,781 0.36
Software: 4.15% (2014: 4.89% )
10,856 CA 264,064 1.01
1,461 Dun & Bradstreet Corp 139,550 0.53
17,506 Microsoft 686,012 2.61
Telecommunications: 2.28% (2014: 3.00% )
5,835 AT&T 173,270 0.66
8,286 Cisco Systems 192,310 0.73
5,664 Verizon Communications 232,669 0.89
Toys/Games/Hobbies: 0.57% (2014: 1.14% )
2,217 Hasbro 149,330 0.57
Transportation: 1.01% (2014: 0.66% )
1,206 Norfolk Southern 85,208 0.32
2,066 United Parcel Service 181,782 0.69
Total United States 12,510,715 47.63
Total Equities 23,885,003 90.93
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
207
KBI Institutional Global Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Collective Investment Schemes: 8.00% (2014: 8.28% )
Ireland: 8.00% (2014: 8.28% )
179,458 KBI Dividend Plus Emerging Markets Fund 2,101,995 8.00
Total Ireland 2,101,995 8.00
Total Collective Investment Schemes 2,101,995 8.00
Total Value of Investments 25,986,998 98.93
Cash * 230,901 0.88
Other Net Assets 50,886 0.19
Net Assets Attributable to Holders of Redeemable
Participating Shares 26,268,785 100.00
*All cash holdings are held with Northern Trust Fiduciary Services (Ireland) Limited.
% of
Analysis of Total Assets Total Assets
Transferable securities and money market instruments admitted to an official stock exchange listing or
traded on a regular market. 98.73
Other assets 1.27
100.00
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
208
KBI Institutional 50/50 Global/Eurozone Equity Fund
Schedule of Investments
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities: 93.42% (2014: 95.27% )
Australia: 1.67% (2014: 1.93% )
Banks: 0.30% (2014: 0.89% )
1,367 Commonwealth Bank of Australia 65,309 0.30
Beverages: 0.07% (2014: 0.00% )
4,296 Treasury Wine Estates 16,307 0.07
Building Materials: 0.08% (2014: 0.00% )
4,763 Boral 17,080 0.08
Computers: 0.06% (2014: 0.00% )
2,050 Computershare 12,922 0.06
Diversified Financial Services: 0.19% (2014: 0.00% )
618 ASX 15,513 0.07
553 Macquarie 26,721 0.12
Electric: 0.13% (2014: 0.00% )
2,609 AGL Energy 28,050 0.13
Engineering & Construction: 0.00% (2014: 0.08% ) - -
Food: 0.11% (2014: 0.20% )
1,459 Woolworths 24,507 0.11
Healthcare-Services: 0.10% (2014: 0.07% )
1,625 Sonic Healthcare 21,432 0.10
Insurance: 0.12% (2014: 0.26% )
8,407 Insurance Australia 27,151 0.12
Mining: 0.17% (2014: 0.13% )
2,313 BHP Billiton 37,055 0.17
Packaging & Container: 0.00% (2014: 0.09% )
Real Estate Investment Trusts: 0.21% (2014: 0.21% )
7,122 Goodman Reits 27,669 0.13
14,793 Mirvac Reits 16,450 0.08
Telecommunications: 0.06% (2014: 0.00% )
3,834 Telstra 14,066 0.06
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
209
KBI Institutional 50/50 Global/Eurozone Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 93.42% (2014: 95.27% )
Australia (Continued): 1.67% (2014: 1.93% )
Transportation: 0.07% (2014: 0.00% )
4,752 Aurizon 15,014 0.07
Total Australia 365,246 1.67
Austria: 0.00% (2014: 0.85% )
Banks: 0.00% (2014: 0.85% ) - -
Total Austria - -
Belgium: 3.48% (2014: 2.11% )
Banks: 0.99% (2014: 0.00% )
3,695 KBC Groep 217,525 0.99
Beverages: 1.20% (2014: 0.31% )
2,705 Anheuser-Busch InBev SA/NV 263,021 1.20
Chemicals: 0.58% (2014: 0.00% )
3,588 Umicore 128,289 0.58
Insurance: 0.11% (2014: 0.00% )
658 Ageas 23,987 0.11
Investment Companies: 0.43% (2014: 0.35% )
1,355 Groupe Bruxelles Lambert 93,576 0.43
Telecommunications: 0.17% (2014: 1.45% )
1,161 Proximus 37,225 0.17
Total Belgium 763,623 3.48
Bermuda: 0.09% (2014: 0.09% )
Apparel: 0.09% (2014: 0.00% )
6,000 Yue Yuen Industrial 19,200 0.09
Oil & Gas: 0.00% (2014: 0.09% )
Total Bermuda 19,200 0.09
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
210
KBI Institutional 50/50 Global/Eurozone Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in bracket show the equivalent sector holding at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 93.42% (2014: 95.27% )
Canada: 3.02% (2014: 5.34% )
Auto Parts & Equipment: 0.34% (2014: 0.00% )
1,710 Magna International 75,005 0.34
Banks: 1.14% (2014: 1.58% )
867 Bank of Montreal 41,554 0.19
1,699 Canadian Imperial Bank of Commerce/Canada 110,284 0.50
1,978 Royal Bank of Canada 98,200 0.45
Chemicals: 0.00% (2014: 0.27% ) - -
Diversified Financial Services: 0.20% (2014: 0.67% )
1,779 IGM Financial 44,637 0.20
Insurance: 0.62% (2014: 1.27% )
3,422 Power Financial 74,242 0.34
2,174 Sun Life Financial 61,475 0.28
Media: 0.51% (2014: 0.65% )
6,219 Shaw Communications 111,170 0.51
Oil & Gas: 0.21% (2014: 0.57% )
3,612 Cenovus Energy 45,466 0.21
Real Estate Investment Trusts: 0.00% (2014: 0.33% )
Total Canada 662,033 3.02
Cayman Islands: 0.00% (2014: 0.07% )
Lodging: 0.00% (2014: 0.07% ) - -
Total Cayman Islands - -
Finland: 3.48% (2014: 4.20% )
Auto Parts & Equipment: 0.40% (2014: 1.62% )
3,701 Nokian Renkaat 88,621 0.40
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
211
KBI Institutional 50/50 Global/Eurozone Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in bracket show the equivalent sector holding at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 93.42% (2014: 95.27% )
Finland (Continued): 3.48% (2014: 4.20% )
Machinery-Diversified: 0.57% (2014: 0.31% )
1,960 Kone 68,433 0.31
2,581 Metso 56,782 0.26
Telecommunications: 1.10% (2014: 0.00% )
8,089 Elisa 240,284 1.10
Total Finland 764,234 3.48
France: 11.49% (2014: 15.71% )
Apparel: 0.95% (2014: 0.00% )
1,392 LVMH Moet Hennessy Louis Vuitton 208,348 0.95
Banks: 0.00% (2014: 2.65% ) - -
Building Materials: 0.00% (2014: 0.29% ) - -
Commercial Services: 0.23% (2014: 0.00% )
2,730 Edenred 51,181 0.23
Computers: 0.11% (2014: 0.41% )
299 Cap Gemini 23,920 0.11
Cosmetics/Personal: 0.00% (2014: 0.44% )
Distribution/Wholesale: 1.52% (2014: 0.00% )
24,290 Rexel 332,348 1.52
Electrical Components & Equipment: 0.26% (2014: 0.00% )
1,023 Schneider Electric 57,094 0.26
Electronics: 0.00% (2014: 1.03% ) - -
Engineering & Construction: 1.37% (2014: 1.92% )
5,245 Vinci 299,988 1.37
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
212
KBI Institutional 50/50 Global/Eurozone Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in bracket show the equivalent sector holding at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 93.42% (2014: 95.27% )
France (Continued): 11.49% (2014: 15.71% )
Insurance: 1.33% (2014: 1.24% )
5,040 AXA 112,329 0.51
9,650 CNP Assurances 132,663 0.60
1,515 SCOR 47,749 0.22
Media: 0.00% (2014: 0.89% ) - -
Oil & Gas: 1.01% (2014: 2.15% )
5,495 TOTAL 222,369 1.01
Oil & Gas Services: 0.19% (2014: 0.00% )
853 Technip 41,172 0.19
Pharmaceuticals: 3.42% (2014: 2.93% )
8,492 Sanofi 749,292 3.42
Real Estate Investment Trusts: 0.74% (2014: 1.32% )
203 Fonciere Des Regions Reits 15,058 0.07
634 Unibail-Rodamco Reits 146,311 0.67
Retail: 0.00% (2014: 0.07% ) - -
Telecommunications: 0.24% (2014: 0.00% )
1,951 Eutelsat Communications 52,511 0.24
Total France 2,519,112 11.49
Germany: 11.21% (2014: 11.78% )
Apparel: 0.13% (2014: 0.62% )
417 Adidas 27,797 0.13
Auto Manufacturers: 2.90% (2014: 2.34% )
8,337 Daimler 597,596 2.72
235 Volkswagen 39,204 0.18
Banks: 0.57% (2014: 0.00% )
4,782 Deutsche Bank 125,277 0.57
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
213
KBI Institutional 50/50 Global/Eurozone Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in bracket show the equivalent sector holding at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 93.42% (2014: 95.27% )
Germany (Continued): 11.21% (2014: 11.78% )
Diversified Financial Services: 0.00% (2014: 0.93% ) - -
Healthcare-Services: 0.00% (2014: 0.17% ) - -
Insurance: 1.92% (2014: 2.08% )
670 Allianz 94,788 0.43
1,996 Muenchener Rueckversicherungs-Gesellschaftin Muenchen 326,296 1.49
Media: 0.72% (2014: 0.63% )
544 Axel Springer 29,368 0.13
2,983 ProSiebenSat.1 Media 129,022 0.59
Miscellaneous Manufacturers: 2.00% (2014: 2.22% )
4,966 Siemens 438,398 2.00
Retail: 0.79% (2014: 0.00% )
1,706 HUGO BOSS 172,733 0.79
Software: 0.74% (2014: 0.31% )
2,732 SAP 163,100 0.74
Transportation: 0.09% (2014: 0.00% )
779 Deutsche Post 19,136 0.09
Total Germany 2,458,449 11.21
Hong Kong: 0.13% (2014: 0.07% )
Holding Companies-Divers: 0.07% (2014: 0.00% )
1,500 Swire Pacific 'A' 14,698 0.07
Lodging: 0.00% (2014: 0.07% ) - -
Real Estate Investment Trusts: 0.06% (2014: 0.00% )
3,000 Link REIT Reits 14,202 0.06
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
214
KBI Institutional 50/50 Global/Eurozone Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in bracket show the equivalent sector holding at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 93.42% (2014: 95.27% )
Ireland: 0.95% (2014: 0.33% )
Computers: 0.95% (2014: 0.33% )
1,617 Accenture 138,207 0.63
1,555 Seagate Technology 70,307 0.32
Total Ireland 208,514 0.95
Israel: 0.07% (2014: 0.00% )
Pharmaceuticals: 0.07% (2014: 0.00% )
254 Teva Pharmaceutical Industries 14,675 0.07
Total Israel 14,675 0.07
Italy: 2.87% (2014: 3.48% )
Auto Parts & Equipment: 0.08% (2014: 0.00% )
1,241 Pirelli & C. 18,522 0.08
Banks: 0.40% (2014: 0.00% )
29,906 Intesa Sanpaolo 87,385 0.40
Commercial Services: 1.19% (2014: 1.50% )
10,920 Atlantia 261,316 1.19
Gas: 0.31% (2014: 0.00% )
15,687 Snam 68,427 0.31
Oil & Gas: 0.89% (2014: 1.98% )
13,264 Eni 195,180 0.89
Total Italy 630,830 2.87
Japan: 4.48% (2014: 4.01% )
Advertising: 0.07% (2014: 0.09% )
1,600 Hakuhodo DY 14,297 0.07
Agriculture: 0.17% (2014: 0.10% )
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
215
KBI Institutional 50/50 Global/Eurozone Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in bracket show the equivalent sector holding at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 93.42% (2014: 95.27% )
Japan (Continued): 4.48% (2014: 4.01% )
Auto Manufacturers: 0.52% (2014: 0.50% )
1,400 Daihatsu Motor 15,276 0.07
2,399 Isuzu Motors 24,380 0.11
1,400 Toyota Motor 74,066 0.34
Auto Parts & Equipment: 0.15% (2014: 0.16% )
1,200 Sumitomo Electric Industries 14,705 0.07
400 Toyota Industries 17,761 0.08
Banks: 0.46% (2014: 0.43% )
8,700 Mitsubishi UFJ Financial 51,247 0.23
3,900 Resona 17,597 0.08
900 Sumitomo Mitsui Financial 32,869 0.15
Chemicals: 0.19% (2014: 0.17% )
6,000 Asahi Kasei 42,722 0.19
Commercial Services: 0.08% (2014: 0.08% )
2,000 Dai Nippon Printing 18,368 0.08
Computers: 0.08% (2014: 0.00% )
500 Nomura Research Institute 18,118 0.08
Cosmetics/Personal Care: 0.11% (2014: 0.00% )
600 Kao 24,507 0.11
Distribution/Wholesale: 0.48% (2014: 0.49% )
1,600 ITOCHU 17,137 0.08
1,700 Mitsubishi 28,208 0.13
2,400 Mitsui 27,873 0.13
3,200 Sumitomo 30,290 0.14
Diversified Financial Services: 0.11% (2014: 0.12% )
4,000 Daiwa Securities 24,816 0.11
Electrical Components &Equipment: 0.06% (2014: 0.08% )
1,100 Brother Industries 13,407 0.06
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
216
KBI Institutional 50/50 Global/Eurozone Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in bracket show the equivalent sector holding at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 93.42% (2014: 95.27% )
Japan (Continued): 4.48% (2014: 4.01% )
Hand/Machine Tools: 0.10% (2014: 0.00% )
1,400 THK 21,703 0.10
Home Builders: 0.15% (2014: 0.00% )
2,500 Sekisui House 33,353 0.15
Insurance: 0.18% (2014: 0.14% )
1,100 Tokio Marine 39,473 0.18
Mining: 0.10% (2014: 0.11% )
2,000 Sumitomo Metal Mining 22,687 0.10
Office/Business Equipment: 0.29% (2014: 0.25% )
2,300 Canon 62,719 0.29
Oil & Gas: 0.00% (2014: 0.07% ) - -
Pharmaceuticals: 0.22% (2014: 0.16% )
1,500 Daiichi Sankyo 25,775 0.12
700 Otsuka 21,302 0.10
Real Estate: 0.18% (2014: 0.22% )
400 Daito Trust Construction 39,010 0.18
Retail: 0.19% (2014: 0.17% )
400 ABC-Mart 21,661 0.10
300 Lawson 19,137 0.09
Telecommunications: 0.30% (2014: 0.30% )
800 Nippon Telegraph & Telephone 27,267 0.12
2,055 NTT DOCOMO 38,400 0.18
Toy/Games/Hobbies: 0.00% (2014: 0.07% ) - -
Transportation: 0.17% (2014: 0.15% )
200 East Japan Railway 16,496 0.07
5,000 Nippon Express 21,650 0.10
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
217
KBI Institutional 50/50 Global/Eurozone Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in bracket show the equivalent sector holding at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 93.42% (2014: 95.27% )
Jersey: 0.10% (2014: 0.00% )
Oil & Gas Services: 0.10% (2014: 0.00% )
1,750 Petrofac 21,464 0.10
Total Jersey 21,464 0.10
Luxembourg: 0.64% (2014: 0.08% )
Telecommunications: 0.06% (2014: 0.08% )
4,781 SES 126,242 0.58
519 SES FDR 13,922 0.06
Total Luxembourg 140,164 0.64
Netherlands: 6.27% (2014: 4.53% )
Chemicals: 0.48% (2014: 0.00% )
1,381 LyondellBasell Industries 105,223 0.48
Commercial Services: 0.43% (2014: 0.00% )
6,934 RELX 95,169 0.43
Cosmetics/Personal Care: 2.23% (2014: 0.00% )
13,660 Unilever 489,267 2.23
Electronics: 0.00% (2014: 0.13% ) - -
Engineering & Construction: 0.37% (2014: 0.12% )
1,731 Boskalis Westminster 80,479 0.37
Food: 1.47% (2014: 3.32% )
18,313 Koninklijke Ahold 321,897 1.47
Insurance: 0.09% (2014: 0.00% )
2,131 Delta Lloyd 20,077 0.09
Oil & Gas: 0.00% (2014: 0.15% ) - -
Semiconductors: 1.20% (2014: 0.00% )
40,762 STMicroelectronics 263,628 1.20
Telecommunications: 0.00% (2014: 0.81% ) - -
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
218
KBI Institutional 50/50 Global/Eurozone Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in bracket show the equivalent sector holding at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 93.42% (2014: 95.27% )
Norway: 0.31% (2014: 0.49% )
Chemicals: 0.00% (2014: 0.30% ) - -
Insurance: 0.00% (2014: 0.08% ) - -
Mining: 0.18% (2014: 0.00% )
12,797 Norsk Hydro 39,606 0.18
Oil & Gas: 0.00% (2014: 0.11% ) - -
Telecommunications: 0.13% (2014: 0.00% )
1,560 Telenor 27,470 0.13
Total Norway 67,076 0.31
Portugal: 0.96% (2014: 0.99% )
Electric: 0.96% (2014: 0.99% )
67,356 EDP - Energias de Portugal 210,824 0.96
Total Portugal 210,824 0.96
Singapore: 0.19% (2014: 0.11% )
Real Estate Investment Trusts: 0.07% (2014: 0.00% )
12,000 CapitaLand Mall Trust Reits 14,573 0.07
Shipbuilding: 0.12% (2014: 0.11% )
39,000 Yangzijiang Shipbuilding 27,038 0.12
Total Singapore 41,611 0.19
Spain: 7.99% (2014: 5.65% )
Banks: 5.28% (2014: 2.43% )
39,434 Banco Bilbao Vizcaya Argentaria 327,026 1.49
108,220 Banco Santander 592,342 2.70
61,480 CaixaBank 238,143 1.09
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
219
KBI Institutional 50/50 Global/Eurozone Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in bracket show the equivalent sector holding at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 93.42% (2014: 95.27% )
Spain (Continued): 7.99% (2014: 5.65% )
Gas: 2.11% (2014: 2.85% )
18,143 Enagas 446,272 2.03
967 Gas Natural 17,527 0.08
Oil & Gas: 0.08% (2014: 0.17% )
1,339 Repsol 17,283 0.08
Software: 0.29% (2014: 0.20% )
1,699 Amadeus IT 63,317 0.29
Total Spain 1,751,657 7.99
Sweden: 1.24% (2014: 1.33% )
Banks: 0.42% (2014: 0.34% )
4,463 Swedbank 91,082 0.42
Cosmetics/Personal Care: 0.12% (2014: 0.00% )
1,000 Svenska Cellulosa AB 25,455 0.12
Home Furnishings: 0.21% (2014: 0.11% )
1,863 Electrolux 47,128 0.21
Investment Companies: 0.00% (2014: 0.18% ) - -
Telecommunications: 0.49% (2014: 0.70% )
2,039 Telefonaktiebolaget LM Ericsson 17,729 0.08
18,027 TeliaSonera 90,798 0.41
Total Sweden 272,192 1.24
Switzerland: 1.88% (2014: 1.26% )
Banks: 0.19% (2014: 0.00% )
2,216 UBS 41,067 0.19
Food: 0.42% (2014: 0.43% )
1,410 Nestle 93,023 0.42
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
220
KBI Institutional 50/50 Global/Eurozone Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in bracket show the equivalent sector holding at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 93.42% (2014: 95.27% )
Switzerland (Continued): 1.88% (2014: 1.26% )
Insurance: 0.65% (2014: 0.72% )
578 Zurich Insurance 141,946 0.65
Pharmaceuticals: 0.47% (2014: 0.11% )
552 Novartis 48,416 0.22
226 Roche 55,177 0.25
Total Switzerland 413,622 1.88
United Kingdom: 4.53% (2014: 5.58% )
Aerospace/Defense: 0.09% (2014: 0.00% )
4,847 Cobham 18,770 0.09
Agriculture: 0.76% (2014: 0.98% )
2,211 British American Tobacco 105,744 0.48
1,426 Imperial Tobacco 61,949 0.28
Banks: 0.44% (2014: 1.21% )
13,500 HSBC 96,322 0.44
Diversified Financial Services: 0.34% (2014: 0.55% )
8,091 Aberdeen Asset Management 35,494 0.16
6,377 ICAP 39,834 0.18
Electric: 0.33% (2014: 0.33% )
3,557 SSE 71,991 0.33
Entertainment: 0.06% (2014: 0.00% )
2,786 William Hill 13,793 0.06
Food: 0.11% (2014: 0.16% )
689 Unilever 24,848 0.11
Gas: 0.00% (2014: 0.10% ) - -
Household Products/Wares: 0.12% (2014: 0.00% )
339 Reckitt Benckiser 26,824 0.12
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
221
KBI Institutional 50/50 Global/Eurozone Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in bracket show the equivalent sector holding at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 93.42% (2014: 95.27% )
United Kingdom (Continued): 4.53% (2014: 5.58% )
Media: 0.15% (2014: 0.00% )
2,119 Pearson 33,007 0.15
Mining: 0.51% (2014: 0.11% )
4,265 BHP Billiton 66,390 0.30
1,418 Rio Tinto 46,564 0.21
Oil & Gas Services: 0.34% (2014: 0.00% )
6,763 Amec Foster Wheeler 75,043 0.34
Oil & Gas: 0.24% (2014: 0.26% )
10,399 BP 51,558 0.24
Pharmaceuticals: 0.74% (2014: 1.43% )
1,708 AstraZeneca 96,734 0.44
3,532 GlaxoSmithKline 65,109 0.30
Retail: 0.07% (2014: 0.20% )
141 Next 15,418 0.07
Software: 0.07% (2014: 0.00% )
2,219 Sage Group 15,726 0.07
Telecommunications: 0.16% (2014: 0.16% )
10,859 Vodafone 33,855 0.16
Total United Kingdom 994,973 4.53
United States: 26.37% (2014: 25.19% )
Aerospace/Defense: 0.44% (2014: 0.00% )
1,388 Harris 95,986 0.44
Agriculture: 1.56% (2014: 1.77% )
2,593 Altria 125,255 0.57
2,867 Reynolds American 216,528 0.99
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
222
KBI Institutional 50/50 Global/Eurozone Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in bracket show the equivalent sector holding at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 93.42% (2014: 95.27% )
United States (Continued): 26.37% (2014: 25.19% )
Banks: 1.19% (2014: 0.64% )
1,570 Bank of New York Mellon Corp 56,958 0.26
486 Capital One Financial 33,509 0.15
936 JPMorgan Chase 53,535 0.24
2,494 Wells Fargo 119,093 0.54
Biotechnology: 0.46% (2014: 0.00% )
728 Amgen 101,280 0.46
Chemicals: 0.33% (2014: 0.30% )
1,839 Dow Chemical 72,180 0.33
Commercial Services: 0.61% (2014: 0.27% )
1,489 Total System Services 61,565 0.28
4,422 Western Union 73,200 0.33
Computers: 1.24% (2014: 1.15% )
1,990 Apple 201,122 0.92
538 International Business Machines 71,009 0.32
Cosmetics/Personal Care: 0.32% (2014: 0.36% )
1,106 Procter & Gamble 70,249 0.32
Distribution/Wholesale: 0.00% (2014: 0.50% ) - -
Diversified Financial Services: 1.05% (2014: 0.32% )
317 BlackRock 87,963 0.40
1,697 CME Inc/IL 143,228 0.65
Electric: 0.62% (2014: 1.16% )
599 Duke Energy 38,682 0.18
929 Pinnacle West Capital 50,122 0.23
1,684 PPL 47,107 0.21
Electrical Components & Equipment: 0.43% (2014: 0.46% )
2,226 Emerson Electric 95,393 0.43
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
223
KBI Institutional 50/50 Global/Eurozone Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in bracket show the equivalent sector holding at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 93.42% (2014: 95.27% )
United States (Continued): 26.37% (2014: 25.19% )
Food: 0.51% (2014: 0.40% )
1,572 Safeway Casa Ley CVR 1,423 0.01
1,572 Safeway PDC CVR 68 -
3,100 Sysco 110,390 0.50
Forest Products & Paper: 0.14% (2014: 0.13% )
808 International Paper 31,526 0.14
Healthcare-Products: 0.60% (2014: 0.62% )
2,010 Baxter International 69,513 0.32
654 Zimmer Biomet 60,890 0.28
Healthcare-Services: 0.33% (2014: 0.24% )
686 Aetna 71,513 0.33
Household Products/Wares: 0.50% (2014: 0.53% )
1,138 Kimberly-Clark 108,866 0.50
Insurance: 0.18% (2014: 0.00% )
768 Aflac 40,195 0.18
Machinery-Diversified: 0.29% (2014: 0.22% )
869 Deere 63,929 0.29
Media: 0.44% (2014: 0.17% )
701 Comcast 35,500 0.16
1,274 Scripps Networks Interactive 60,461 0.28
Mining: 0.00% (2014: 0.40% ) - -
Miscellaneous Manufacturers: 1.02% (2014: 1.01% )
9,986 General Electric 224,015 1.02
Oil & Gas Services: 0.30% (2014: 0.00% )
1,775 National Oilwell Varco 65,915 0.30
Oil & Gas: 1.82% (2014: 3.06% )
2,939 Exxon Mobil 196,689 0.90
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
224
KBI Institutional 50/50 Global/Eurozone Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in bracket show the equivalent sector holding at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 93.42% (2014: 95.27% )
United States (Continued): 26.37% (2014: 25.19% )
Pharmaceuticals: 3.41% (2014: 2.80% )
2,455 Abbott Laboratories 100,782 0.46
2,527 AbbVie 144,205 0.66
636 AmerisourceBergen 57,239 0.26
1,774 Eli Lilly 131,645 0.60
1,143 Johnson & Johnson 97,041 0.44
1,806 Merck 89,188 0.41
4,390 Pfizer 127,893 0.58
Real Estate Investment Trusts: 0.64% (2014: 0.73% )
1,839 Digital Realty Trust Reits 106,691 0.49
949 HCP Reits 31,923 0.15
Retail: 2.23% (2014: 0.91% )
505 Darden Restaurants 31,107 0.14
2,042 GameStop 77,406 0.35
581 Home Depot 60,896 0.28
1,077 Lowe's Cos 65,764 0.30
807 McDonald's 69,274 0.32
2,966 Staples 36,370 0.17
1,185 TJX Cos 74,748 0.34
561 Walgreens Boots Alliance 43,748 0.20
507 Wal-Mart Stores 29,371 0.13
Savings & Loans: 0.00% (2014: 0.37% ) - -
Semiconductors: 0.84% (2014: 1.03% )
5,500 Intel 139,475 0.64
1,444 Maxim Integrated Products 43,923 0.20
Software: 2.32% (2014: 2.76% )
5,153 CA 125,343 0.57
687 Dun & Bradstreet Corp 65,620 0.30
8,118 Microsoft 318,122 1.45
Telecommunications: 1.23% (2014: 1.69% )
2,617 AT&T 77,712 0.35
3,796 Cisco Systems 88,101 0.40
2,559 Verizon Communications 105,120 0.48
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
225
KBI Institutional 50/50 Global/Eurozone Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 93.42% (2014: 95.27% )
United States (Continued): 26.37% (2014: 25.19% )
Transportation: 0.57% (2014: 0.35% )
568 Norfolk Southern 40,131 0.19
955 United Parcel Service 84,028 0.38
Total United States 5,783,492 26.37
Total Equities 20,489,478 93.42
Collective Investment Schemes: 4.60% (2014: 4.28% )
Ireland: 4.60% (2014: 4.28% )
75,867 KBI Institutional Emerging Markets Equity Fund 888,633 4.05
37,557 KBI GIF Cash Fund 120,028 0.55
Total Ireland 1,008,661 4.60
Total Collective Investment Schemes 1,008,661 4.60
Total Value of Investments 21,498,139 98.02
Cash* 425,181 1.94
Other Net Assets 7,817 0.04
Net Assets Attributable to Holders of Redeemable
Participating Shares 21,931,137 100.00
*All cash holdings are held with Northern Trust Fiduciary Services (Ireland) Limited.
% of
Analysis of Total Assets Total Assets
Transferable securities and money market instruments admitted to an official stock exchange listing or
traded on a regulated market 97.87
Other assets 2.13
100.00
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
226
KBI Institutional Eurozone Equity Fund
Schedule of Investments
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities: 99.79% (2014: 99.27% )
Austria: 0.00% (2014: 1.90% )
Banks: 0.00% (2014: 1.90% ) - -
Total Austria - -
Belgium: 7.88% (2014: 4.45% )
Banks: 2.29% (2014: 0.00% )
20,022 KBC Groep 1,178,695 2.29
Beverages: 2.64% (2014: 0.69% )
13,953 Anheuser-Busch InBev 1,356,720 2.64
Chemicals: 1.34% (2014: 0.00% )
19,306 Umicore 690,286 1.34
Insurance: 0.23% (2014: 0.00% )
3,296 Ageas 120,156 0.23
Investment Companies: 1.00% (2014: 0.80% )
7,480 Groupe Bruxelles Lambert 516,569 1.00
Telecommunications: 0.38% (2014: 2.96% )
6,055 Proximus 194,138 0.38
Total Belgium 4,056,564 7.88
Finland: 7.39% (2014: 7.28% )
Auto Parts & Equipment: 0.94% (2014: 2.72% )
20,217 Nokian Renkaat 484,096 0.94
Forest Products & Paper: 2.89% (2014: 4.56% )
99,848 UPM-Kymmene 1,486,737 2.89
Machinery-Diversified: 1.03% (2014: 0.00% )
10,725 Kone 374,463 0.73
7,101 Metso 156,222 0.30
Telecommunications: 2.53% (2014: 0.00% )
43,864 Elisa 1,302,980 2.53
Total Finland 3,804,498 7.39
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
227
KBI Institutional Eurozone Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 99.79% (2014: 99.27% )
France: 24.12% (2014: 32.33% )
Apparel: 2.19% (2014: 0.00% )
7,534 LVMH Moet Hennessy Louis Vuitton 1,127,651 2.19
Banks: 0.00% (2014: 5.91% ) - -
Building Materials: 0.00% (2014: 0.65% ) - -
Commercial Services: 0.18% (2014: 0.00% )
4,953 Edenred 92,856 0.18
Computers: 0.00% (2014: 0.91% ) - -
Cosmetics/Personal Care: 0.00% (2014: 0.96% ) - -
Distribution/Wholesale: 2.88% (2014: 0.00% )
108,209 Rexel 1,480,570 2.88
Electrical Components & Equipment: 0.60% (2014: 0.00% )
5,500 Schneider Electric 306,955 0.60
Electronics: 0.00% (2014: 2.34% ) - -
Engineering & Construction: 3.14% (2014: 3.78% )
28,229 Vinci 1,614,558 3.14
Food: 0.28% (2014: 0.86% )
2,625 Danone 144,939 0.28
Insurance: 2.79% (2014: 2.48% )
26,709 AXA 595,277 1.16
42,372 CNP Assurances 582,509 1.13
8,259 SCOR 260,303 0.50
Media: 0.00% (2014: 2.01% ) - -
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
228
KBI Institutional Eurozone Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 99.79% (2014: 99.27% )
France (Continued): 24.12% (2014: 32.33% )
Oil & Gas: 2.36% (2014: 3.96% )
29,965 TOTAL 1,212,609 2.36
Oil & Gas Services: 0.44% (2014: 0.00% )
4,682 Technip 225,988 0.44
Pharmaceuticals: 7.19% (2014: 6.08% )
41,915 Sanofi 3,698,370 7.19
Real Estate Investment Trusts: 1.53% (2014: 2.24% )
3,404 Unibail-Rodamco Reits 785,558 1.53
Retail: 0.00% (2014: 0.15% ) - -
Telecommunications: 0.54% (2014: 0.00% )
10,439 Eutelsat Communications 280,966 0.54
Total France 12,409,109 24.12
Germany: 23.46% (2014: 23.64% )
Apparel: 0.30% (2014: 1.41% )
2,338 adidas 155,851 0.30
Auto Manufacturers: 5.70% (2014: 4.81% )
40,889 Daimler 2,930,923 5.70
Banks: 1.33% (2014: 0.00% )
26,135 Deutsche Bank 684,672 1.33
Chemicals: 2.91% (2014: 4.48% )
20,929 BASF 1,496,110 2.91
Diversified Financial Services: 0.00% (2014: 2.10% ) - -
Healthcare-Services: 0.00% (2014: 0.34% ) - -
Insurance: 4.43% (2014: 4.63% )
3,639 Allianz 514,828 1.00
10,778 Muenchener Rueckversicherungs-Gesellschaftin Muenchen 1,761,934 3.43
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
229
KBI Institutional Eurozone Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 99.79% (2014: 99.27% )
Germany (Continued): 23.46% (2014: 23.64% )
Media: 1.66% (2014: 0.88% )
2,956 Axel Springer 159,580 0.31
16,050 ProSiebenSat.1 Media 694,203 1.35
Miscellaneous Manufacturer: 3.78% (2014: 4.31% )
22,055 Siemens 1,947,015 3.78
Retail: 1.60% (2014: 0.00% )
8,147 HUGO BOSS 824,884 1.60
Software: 1.56% (2014: 0.68% )
13,480 SAP 804,756 1.56
Transportation: 0.19% (2014: 0.00% )
3,950 Deutsche Post 97,032 0.19
Total Germany 12,071,788 23.46
Italy: 5.27% (2014: 6.39% )
Banks: 0.19% (2014: 0.00% )
32,506 Intesa Sanpaolo 94,983 0.19
Commercial Services: 2.30% (2014: 3.08% )
49,530 Atlantia 1,185,253 2.30
Gas: 0.73% (2014: 0.00% )
86,319 Snam 376,523 0.73
Oil & Gas: 2.05% (2014: 3.31% )
71,555 Eni 1,052,932 2.05
Total Italy 2,709,691 5.27
Luxembourg: 1.31% (2014: 0.20% )
Telecommunications: 1.31% (2014: 0.20% )
25,530 SES Receipt 674,120 1.31
Total Luxembourg 674,120 1.31
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
230
KBI Institutional Eurozone Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 99.79% (2014: 99.27% )
Netherlands: 11.28% (2014: 9.91% )
Commercial Services: 1.00% (2014: 0.00% )
37,493 RELX 514,591 1.00
Cosmetics/Personal Care: 5.17% (2014: 0.00% )
74,175 Unilever 2,656,763 5.17
Electronics: 0.00% (2014: 0.32% ) - -
Food: 2.75% (2014: 7.44% )
80,579 Koninklijke Ahold 1,416,377 2.75
Oil & Gas Services: 0.00% (2014: 0.34% )
Semiconductors: 2.36% (2014: 0.00% )
187,718 STMicroelectronics 1,214,066 2.36
Telecommunications: 0.00% (2014: 1.81% ) - -
Total Netherlands 5,801,797 11.28
Portugal: 1.96% (2014: 1.95% )
Electric: 1.96% (2014: 1.95% )
322,983 EDP - Energias de Portugal 1,010,937 1.96
Total Portugal 1,010,937 1.96
Spain: 17.12% (2014: 11.22% )
Banks: 11.51% (2014: 4.97% )
214,988 Banco Bilbao Vizcaya Argentaria 1,782,895 3.47
520,857 Banco Santander 2,850,911 5.54
332,614 CaixaBank 1,288,380 2.50
Commercial Services: 0.51% (2014: 0.00% )
17,962 Abertis Infraestructuras 264,131 0.51
Gas: 4.44% (2014: 5.79% )
89,194 Enagas 2,193,949 4.26
5,078 Gas Natural 92,039 0.18
Software: 0.66% (2014: 0.46% )
9,056 Amadeus IT 337,494 0.66
Total Spain 8,809,799 17.12
Total Equities 51,348,303 99.79
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
231
KBI Institutional Eurozone Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
EUR Net Assets
Total Value of Investments 51,348,303 99.79
Cash* 152,942 0.30
Other Net Liabilities (44,114) (0.09)
Net Assets Attributable to Holders of Redeemable
Participating Shares 51,457,131 100.00
*All cash holdings are held with Northern Trust Fiduciary Services (Ireland) Limited.
% of
Analysis of Total Assets Total Assets
Transferable securities and money market instruments admitted to an official stock exchange listing or
traded on a regulated market. 99.66
Other assets 0.34
100.00
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
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232
KBI Institutional North America Equity Fund
Schedule of Investments
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss USD Net Assets
Equities: 101.78% (2014: 97.73% )
Canada: 10.00% (2014: 16.77% )
Auto Parts & Equipment: 1.11% (2014: 0.00% )
59,600 Magna International 2,904,744 1.11
Banks: 3.78% (2014: 4.99% )
31,610 Bank of Montreal 1,685,986 0.64
60,333 Canadian Imperial Bank of Commerce/Canada 4,379,301 1.67
70,164 Royal Bank of Canada 3,861,261 1.47
Chemicals: 0.00% (2014: 0.82% ) - -
Diversified Financial Services: 0.70% (2014: 2.14% )
64,815 IGM Financial 1,831,919 0.70
Insurance: 2.01% (2014: 3.96% )
118,543 Power Financial 2,877,374 1.10
75,928 Sun Life Financial 2,389,977 0.91
Media: 1.68% (2014: 2.07% )
221,793 Shaw Communications 4,410,022 1.68
Oil & Gas: 0.72% (2014: 1.73% )
131,218 Cenovus Energy 1,876,304 0.72
Real Estate Investment Trusts: 0.00% (2014: 1.06% ) - -
Total Canada 26,216,888 10.00
Ireland: 3.14% (2014: 1.08% )
Computers: 3.14% (2014: 1.08% )
57,144 Accenture 5,387,251 2.06
55,200 Seagate Technology 2,837,004 1.08
Total Ireland 8,224,255 3.14
Netherlands: 1.62% (2014: 0.00% )
Chemicals: 1.62% (2014: 0.00% )
49,635 LyondellBasell Industries 4,237,588 1.62
Total Netherlands 4,237,588 1.62
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
233
KBI Institutional North America Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss USD Net Assets
Equities (Continued): 101.78% (2014: 97.73% )
United States: 87.02% (2014: 79.88% )
Aerospace/Defense: 1.45% (2014: 0.00% )
49,539 Harris 3,806,081 1.45
Agriculture: 5.09% (2014: 5.49% )
91,755 Altria 4,916,692 1.88
100,526 Reynolds American 8,420,058 3.21
Auto Manufacturers: 0.81% (2014: 0.69% )
152,797 Ford Motor 2,118,530 0.81
Banks: 4.04% (2014: 2.02% )
55,707 Bank of New York Mellon 2,217,417 0.85
17,106 Capital One Financial 1,329,735 0.51
34,855 JPMorgan Chase 2,234,728 0.85
90,107 Wells Fargo 4,804,956 1.83
Biotechnology: 1.48% (2014: 0.00% )
25,553 Amgen 3,878,051 1.48
Chemicals: 1.11% (2014: 0.96% )
66,254 Dow Chemical 2,899,606 1.11
Commercial Services: 2.04% (2014: 0.84% )
53,786 Total System Services 2,465,281 0.94
155,752 Western Union 2,872,846 1.10
Computers: 4.10% (2014: 3.67% )
70,137 Apple 7,906,895 3.02
19,157 International Business Machines 2,833,033 1.08
Cosmetics/Personal Care: 1.03% (2014: 1.13% )
38,151 Procter & Gamble 2,696,703 1.03
Distribution/Wholesale: 0.00% (2014: 1.61% ) - -
Diversified Financial Services: 3.44% (2014: 1.02% )
11,042 BlackRock 3,337,445 1.27
60,046 CME Inc/IL 5,671,945 2.17
Electric: 2.03% (2014: 3.79% )
21,868 Duke Energy 1,550,769 0.59
32,709 Pinnacle West Capital 1,947,003 0.74
59,140 PPL 1,833,636 0.70
1 Talen Energy 14 -
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
234
KBI Institutional North America Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss USD Net Assets
Equities (Continued): 101.78% (2014: 97.73% )
United States (Continued): 87.02% (2014: 79.88% )
Electrical Components & Equipment: 1.42% (2014: 1.43% )
78,034 Emerson Electric 3,724,173 1.42
Electronics: 0.62% (2014: 0.00% )
44,891 Agilent Technologies 1,629,768 0.62
Food: 1.68% (2014: 1.23% )
59,350 Safeway Casa Ley CVR 60,234 0.02
59,350 Safeway PDC CVR 2,896 -
109,414 Sysco 4,361,789 1.66
Forest Products & Paper: 0.53% (2014: 0.44% )
32,029 International Paper 1,381,891 0.53
Healthcare-Products: 1.95% (2014: 1.94% )
68,943 Baxter International 2,651,203 1.01
23,680 Zimmer Biomet 2,453,248 0.94
Healthcare-Services: 1.06% (2014: 0.77% )
24,346 Aetna 2,788,713 1.06
Household Products/Wares: 1.66% (2014: 1.60% )
40,799 Kimberly-Clark 4,346,929 1.66
Insurance: 0.62% (2014: 0.00% )
27,576 Aflac 1,615,540 0.62
Machinery-Diversified: 0.93% (2014: 0.71% )
29,930 Deere 2,447,825 0.93
Media: 1.47% (2014: 0.54% )
25,546 Comcast 1,438,878 0.55
45,459 Scripps Networks Interactive 2,412,282 0.92
Mining: 0.00% (2014: 1.27% ) - -
Miscellaneous Manufacturing: 3.32% (2014: 3.16% )
350,438 General Electric 8,696,119 3.32
Oil & Gas Services: 1.01% (2014: 0.00% )
62,818 National Oilwell Varco 2,658,772 1.01
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
235
KBI Institutional North America Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss USD Net Assets
Equities (Continued): 101.78% (2014: 97.73% )
United States (Continued): 87.02% (2014: 79.88% )
Oil & Gas: 6.04% (2014: 9.57% )
103,390 Exxon Mobil 7,782,166 2.97
41,354 Helmerich & Payne 2,440,506 0.93
94,469 Valero Energy 5,603,429 2.14
Pharmaceuticals: 11.13% (2014: 8.91% )
86,143 Abbott Laboratories 3,900,986 1.49
88,768 AbbVie 5,544,449 2.12
23,526 AmerisourceBergen 2,353,659 0.90
62,695 Eli Lilly 5,163,247 1.97
40,038 Johnson & Johnson 3,762,371 1.44
63,024 Merck 3,393,527 1.30
155,422 Pfizer 5,006,143 1.91
Real Estate Investment Trusts: 2.05% (2014: 2.32% )
65,850 Digital Realty Trust Reits 4,169,951 1.59
32,843 HCP Reits 1,217,326 0.46
Retail: 7.44% (2014: 3.00% )
18,413 Darden Restaurants 1,252,544 0.48
72,420 GameStop 3,076,040 1.17
21,636 Home Depot 2,520,269 0.96
37,543 Lowe's Cos 2,596,286 0.99
28,518 McDonald's 2,710,208 1.03
102,960 Staples 1,462,547 0.56
41,575 TJX Cos 2,923,970 1.12
20,857 Walgreens Boots Alliance 1,805,069 0.69
17,908 Wal-Mart Stores 1,159,274 0.44
Savings & Loans: 0.00% (2014: 1.18% ) - -
Semiconductors: 2.78% (2014: 3.27% )
194,332 Intel 5,547,207 2.12
51,023 Maxim Integrated Products 1,718,200 0.66
Software: 7.65% (2014: 8.76% )
181,222 CA 4,946,454 1.89
24,115 Dun & Bradstreet 2,555,949 0.98
287,538 Microsoft 12,510,778 4.78
Telecommunications: 4.16% (2014: 5.34% )
94,337 AT&T 3,131,517 1.20
135,571 Cisco Systems 3,507,900 1.34
92,332 Verizon Communications 4,247,734 1.62
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
236
KBI Institutional North America Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
The percentages in brackets show the equivalent sector holdings at 31 August 2014.
Fair Value % of
Holdings Financial assets at fair value through profit or loss USD Net Assets
Equities (Continued): 101.78% (2014: 97.73% )
United States (Continued): 87.02% (2014: 79.88% )
Toys/Games/Hobbies: 1.04% (2014: 2.04% )
36,463 Hasbro 2,719,957 1.04
Transportation: 1.84% (2014: 1.18% )
19,784 Norfolk Southern 1,541,470 0.59
33,463 United Parcel Service 3,267,829 1.25
Total United States 227,950,646 87.02
Total Equities 266,629,377 101.78
Total Value of Investments 266,629,377 101.78
Bank Overdraft (1,829,888) (0.70)
Other Net Liabilities (2,819,996) (1.08)
Net Assets Attributable to Holders of Redeemable
Participating Shares 261,979,493 100.00
% of
Total Assets
Transferable securities and money market instruments admitted to an official stock exchange listing or
traded on a regulated market. 99.63
Other assets 0.37
100.00
Analysis of Total Assets
The KBI Institutional North America Equity Fund launched on 23 October 2013.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
237
KBI Institutional ACWI Equity Fund
Schedule of Investments
As at 31 August 2015
The KBI Institutional ACWI Equity Fund launched on 17 April 2015, therefore there are no comparatives.
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities: 90.27%
Australia: 3.00%
Banks: 0.53%
8,908 Commonwealth Bank of Australia 425,580 0.53
Beverages: 0.14%
29,584 Treasury Wine Estates 112,298 0.14
Building Materials: 0.13%
29,429 Boral 105,530 0.13
Computers: 0.10%
13,026 Computershare 82,105 0.10
Diversified Financial Services: 0.35%
4,100 ASX 102,916 0.13
3,683 Macquarie 177,959 0.22
Electric: 0.22%
16,381 AGL Energy 176,118 0.22
Food: 0.22%
10,159 Woolworths 170,639 0.22
Healthcare-Services: 0.19%
11,713 Sonic Healthcare 154,479 0.19
Insurance: 0.23%
57,456 Insurance Australia 185,557 0.23
Mining: 0.30%
15,082 BHP Billiton 241,620 0.30
Real Estate Investment Trusts: 0.35%
43,328 Goodman Reits 168,329 0.21
98,955 Mirvac Reits 110,042 0.14
Telecommunications: 0.12%
26,402 Telstra 96,859 0.12
Transportation: 0.12%
30,153 Aurizon 95,270 0.12
Total Australia 2,405,301 3.00
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
238
KBI Institutional ACWI Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 90.27%
Belgium: 0.12%
Beverages: 0.12%
961 Anheuser-Busch InBev 93,443 0.12
Total Belgium 93,443 0.12
Bermuda: 0.16%
Apparel: 0.16%
39,000 Yue Yuen Industrial 124,801 0.16
Total Bermuda 124,801 0.16
Canada: 5.45%
Auto Parts & Equipment: 0.61%
11,205 Magna International 491,481 0.61
Banks: 2.08%
5,948 Bank of Montreal 285,077 0.36
11,243 Canadian Imperial Bank of Commerce/Canada 729,799 0.91
13,037 Royal Bank of Canada 647,236 0.81
Diversified Financial Services: 0.37%
11,906 IGM Financial 298,731 0.37
Insurance: 1.09%
22,013 Power Financial 477,583 0.60
13,897 Sun Life Financial 392,969 0.49
Media: 0.92%
41,036 Shaw Communications 733,552 0.92
Oil & Gas: 0.38%
24,104 Cenovus Energy 303,410 0.38
Total Canada 4,359,838 5.45
Finland: 0.51%
Forest Products & Paper: 0.30%
16,196 UPM-Kymmene 241,159 0.30
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
239
KBI Institutional ACWI Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 90.27%
Finland (Continued): 0.51%
Machinery-Diversified: 0.21%
7,486 Metso 164,692 0.21
Total Finland 405,851 0.51
France: 1.87%
Commercial Services: 0.28%
11,812 Edenred 221,445 0.28
Computers: 0.19%
1,915 Cap Gemini 153,200 0.19
Distribution/Wholesale: 0.51%
30,043 Rexel 411,064 0.51
Insurance: 0.22%
12,491 CNP Assurances 171,720 0.22
Pharmaceuticals: 0.55%
4,970 Sanofi 438,528 0.55
Real Estate Investment Trusts: 0.12%
1,326 Fonciere Des Regions Reits 98,356 0.12
Total France 1,494,313 1.87
Germany: 1.92%
Auto Manufacturers: 0.82%
5,449 Daimler 390,584 0.49
1,573 Volkswagen 262,416 0.33
Chemicals: 0.16%
1,864 BASF 133,248 0.16
Miscellaneous Manufacturing: 0.67%
6,113 Siemens 539,656 0.67
Retail: 0.15%
1,163 HUGO BOSS 117,754 0.15
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
240
KBI Institutional ACWI Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 90.27%
Germany (Continued): 1.92%
Software: 0.12%
1,570 SAP 93,729 0.12
Total Germany 1,537,387 1.92
Hong Kong: 0.23%
Holding Companies-Diversified: 0.11%
9,000 Swire Pacific 88,188 0.11
Real Estate Investment Trusts: 0.12%
19,500 Link Reits 92,310 0.12
Total Hong Kong 180,498 0.23
Ireland: 1.71%
Computers: 1.71%
10,566 Accenture 903,092 1.13
10,224 Seagate Technology 462,265 0.58
Total Ireland 1,365,357 1.71
Israel: 0.12%
Pharmaceuticals: 0.12%
1,613 Teva Pharmaceutical Industries 93,195 0.12
Total Israel 93,195 0.12
Italy: 1.04%
Auto Parts & Equipment: 0.13%
7,221 Pirelli & C. 107,774 0.13
Banks: 0.56%
153,334 Intesa Sanpaolo 448,042 0.56
Commercial Services: 0.35%
11,718 Atlantia 280,412 0.35
Total Italy 836,228 1.04
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
241
KBI Institutional ACWI Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 90.27%
Japan: 7.92%
Advertising: 0.12%
11,100 Hakuhodo DY 99,187 0.12
Agriculture: 0.30%
7,600 Japan Tobacco 241,913 0.30
Auto Manufacturers: 0.94%
8,800 Daihatsu Motor 96,019 0.12
14,800 Isuzu Motors 150,407 0.19
9,500 Toyota Motor 502,593 0.63
Auto Parts & Equipment: 0.23%
7,500 Sumitomo Electric Industries 91,905 0.11
2,100 Toyota Industries 93,246 0.12
Banks: 0.84%
57,800 Mitsubishi UFJ Financial 340,468 0.43
25,700 Resona 115,959 0.15
5,800 Sumitomo Mitsui Financial 211,822 0.26
Chemicals: 0.32%
36,000 Asahi Kasei 256,330 0.32
Commercial Services: 0.11%
10,000 Dai Nippon Printing 91,841 0.11
Computers: 0.14%
3,000 Nomura Research Institute 108,708 0.14
Cosmetics/Personal Care: 0.19%
3,800 Kao 155,213 0.19
Distribution/Wholesale: 0.88%
11,000 ITOCHU 117,818 0.15
12,300 Mitsubishi 204,095 0.26
15,500 Mitsui 180,016 0.22
20,900 Sumitomo 197,829 0.25
Diversified Financial Services: 0.22%
28,000 Daiwa Securities 173,709 0.22
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
242
KBI Institutional ACWI Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 90.27%
Japan (Continued): 7.92%
Electrical Components & Equipment: 0.11%
7,300 Brother Industries 88,971 0.11
Gas: 0.20%
44,000 Osaka Gas 159,487 0.20
Hand/Machine Tools: 0.18%
9,300 THK 144,172 0.18
Home Builders: 0.28%
16,900 Sekisui House 225,464 0.28
Insurance: 0.32%
7,200 Tokio Marine 258,369 0.32
Mining: 0.17%
12,000 Sumitomo Metal Mining 136,122 0.17
Office/Business Equipment: 0.53%
15,400 Canon 419,942 0.53
Pharmaceuticals: 0.38%
9,800 Daiichi Sankyo 168,399 0.21
4,400 Otsuka 133,896 0.17
Real Estate: 0.30%
2,500 Daito Trust Construction 243,811 0.30
Retail: 0.30%
2,500 ABC-Mart 135,379 0.17
1,600 Lawson 102,064 0.13
Telecommunications: 0.54%
5,300 Nippon Telegraph & Telephone 180,645 0.23
13,200 NTT DOCOMO 246,660 0.31
Transportation: 0.32%
1,500 East Japan Railway 123,717 0.15
32,000 Nippon Express 138,557 0.17
Total Japan 6,334,733 7.92
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
243
KBI Institutional ACWI Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 90.27%
Jersey: 0.17%
Oil & Gas Services: 0.17%
10,814 Petrofac 132,636 0.17
Total Jersey 132,636 0.17
Luxembourg: 0.12%
Telecommunications: 0.12%
3,684 SES Receipt 97,276 0.12
Total Luxembourg 97,276 0.12
Netherlands: 2.55%
Chemicals: 0.88%
9,208 LyondellBasell Industries 701,587 0.88
Engineering & Construction: 0.64%
11,047 Boskalis Westminster 513,603 0.64
Food: 0.51%
23,208 Koninklijke Ahold 407,939 0.51
Insurance: 0.17%
14,406 Delta Lloyd 135,726 0.17
Semiconductors: 0.35%
42,776 STMicroelectronics 276,654 0.35
Total Netherlands 2,035,509 2.55
Norway: 0.54%
Mining: 0.33%
86,252 Norsk Hydro 266,945 0.33
Telecommunications: 0.21%
9,649 Telenor 169,908 0.21
Total Norway 436,853 0.54
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
244
KBI Institutional ACWI Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 90.27%
Portugal: 0.20%
Electric: 0.20%
50,081 EDP - Energias de Portugal 156,754 0.20
Total Portugal 156,754 0.20
Singapore: 0.35%
Real Estate Investment Trusts: 0.11%
73,000 CapitaLand Mall Trust Reits 88,653 0.11
Shipbuilding: 0.24%
277,000 Yangzijiang Shipbuilding 192,039 0.24
Total Singapore 280,692 0.35
Spain: 1.04%
Banks: 0.55%
80,208 Banco Santander 439,018 0.55
Gas: 0.34%
11,153 Enagas 274,336 0.34
Oil & Gas: 0.15%
9,078 Repsol 117,174 0.15
Total Spain 830,528 1.04
Sweden: 2.23%
Banks: 0.74%
29,088 Swedbank 593,638 0.74
Cosmetics/Personal Care: 0.22%
6,835 Svenska Cellulosa 173,986 0.22
Home Furnishings: 0.38%
11,993 Electrolux 303,388 0.38
Telecommunications: 0.89%
13,462 Telefonaktiebolaget LM Ericsson 117,050 0.15
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
245
KBI Institutional ACWI Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 90.27%
Sweden (Continued): 2.23%
Telecommunications (Continued): 0.89%
117,738 TeliaSonera 593,018 0.74
Total Sweden 1,781,080 2.23
Switzerland: 3.39%
Banks: 0.34%
14,587 UBS 270,325 0.34
Food: 0.76%
9,180 Nestle 605,641 0.76
Healthcare-Products: 0.27%
1,905 Sonova 220,260 0.27
Insurance: 1.15%
3,757 Zurich Insurance 922,649 1.15
Pharmaceuticals: 0.87%
3,719 Novartis 326,197 0.41
1,508 Roche 368,175 0.46
Total Switzerland 2,713,247 3.39
United Kingdom: 8.21%
Aerospace/Defense: 0.16%
32,581 Cobham 126,169 0.16
Agriculture: 1.36%
14,623 British American Tobacco 699,367 0.87
8,961 Imperial Tobacco 389,287 0.49
Banks: 0.79%
88,622 HSBC 632,314 0.79
Diversified Financial Services: 0.63%
54,696 Aberdeen Asset Management 239,945 0.30
42,526 ICAP 265,636 0.33
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
246
KBI Institutional ACWI Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 90.27%
United Kingdom: 8.21%
Electric: 0.59%
23,174 SSE 469,023 0.59
Entertainment: 0.11%
17,993 William Hill 89,080 0.11
Food: 0.20%
4,420 Unilever 159,400 0.20
Household Products/Wares: 0.22%
2,198 Reckitt Benckiser 173,922 0.22
Media: 0.27%
14,133 Pearson 220,143 0.27
Mining: 0.94%
29,252 BHP Billiton 455,343 0.57
9,081 Rio Tinto 298,202 0.37
Oil & Gas Services: 0.61%
44,060 Amec Foster Wheeler 488,896 0.61
Oil & Gas: 0.42%
67,457 BP 334,453 0.42
Pharmaceuticals: 1.34%
11,410 AstraZeneca 646,217 0.81
22,808 GlaxoSmithKline 420,442 0.53
Retail: 0.14%
1,031 Next 112,735 0.14
Software: 0.14%
15,956 Sage Group 113,077 0.14
Telecommunications: 0.29%
75,161 Vodafone 234,331 0.29
Total United Kingdom 6,567,982 8.21
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
247
KBI Institutional ACWI Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 90.27%
United States: 47.42%
Aerospace/Defense: 0.80%
9,271 Harris 641,129 0.80
Agriculture: 2.79%
16,995 Altria 820,942 1.03
18,625 Reynolds American 1,406,637 1.76
Auto Manufacturers: 0.43%
28,302 Ford Motor 346,547 0.43
Banks: 2.19%
10,210 Bank of New York Mellon Corp 370,407 0.46
3,153 Capital One Financial 217,396 0.27
6,428 JPMorgan Chase 367,650 0.46
16,751 Wells Fargo 799,891 1.00
Biotechnology: 0.82%
4,725 Amgen 657,344 0.82
Chemicals: 0.60%
12,123 Dow Chemical 475,824 0.60
Commercial Services: 1.13%
10,072 Total System Services 416,439 0.52
29,318 Western Union 485,320 0.61
Computers: 2.21%
12,929 Apple 1,306,684 1.63
3,536 International Business Machines 466,708 0.58
Cosmetics/Personal Care: 0.57%
7,180 Procter & Gamble 456,044 0.57
Diversified Financial Services: 1.89%
2,057 BlackRock 570,790 0.71
11,196 CME Inc/IL 944,953 1.18
Electric: 1.13%
4,073 Duke Energy 263,024 0.33
6,168 Pinnacle West Capital 332,777 0.42
10,999 PPL 307,676 0.38
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
248
KBI Institutional ACWI Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 90.27%
United States (Continued): 47.42%
Electrical Components & Equipment: 0.77%
14,387 Emerson Electric 616,540 0.77
Electronics: 0.34%
8,313 Agilent Technologies 270,660 0.34
Food: 0.89%
19,988 Sysco 711,768 0.89
Forest Products & Paper: 0.29%
5,854 International Paper 228,410 0.29
Healthcare-Products: 1.07%
12,975 Baxter International 448,725 0.56
4,347 Zimmer Biomet 404,722 0.51
Healthcare-Services: 0.59%
4,510 Aetna 470,152 0.59
Household Products/Wares: 0.91%
7,628 Kimberly-Clark 729,727 0.91
Insurance: 0.33%
5,093 Aflac 266,554 0.33
Machinery-Diversified: 0.51%
5,589 Deere 411,160 0.51
Media: 0.79%
4,707 Comcast 238,374 0.30
8,306 Scripps Networks Interactive 394,181 0.49
Miscellaneous Manufacturing: 1.82%
64,873 General Electric 1,455,287 1.82
Oil & Gas Services: 0.53%
11,518 National Oilwell Varco 427,725 0.53
Oil & Gas: 3.24%
19,059 Exxon Mobil 1,275,503 1.60
7,561 Helmerich & Payne 388,978 0.49
17,433 Valero Energy 917,686 1.15
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
249
KBI Institutional ACWI Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 90.27%
United States (Continued): 47.42%
Pharmaceuticals: 6.13%
15,927 Abbott Laboratories 653,833 0.82
16,394 AbbVie 935,536 1.17
4,371 AmerisourceBergen 393,386 0.49
11,653 Eli Lilly & Co 864,748 1.08
7,416 Johnson & Johnson 629,622 0.79
11,755 Merck 580,514 0.73
28,747 Pfizer 837,482 1.05
Real Estate Investment Trusts: 1.15%
12,352 Digital Realty Trust Reits 716,612 0.90
6,033 HCP Reits 202,939 0.25
Retail: 4.06%
3,200 Darden Restaurants 197,113 0.25
13,456 GameStop 510,077 0.64
4,012 Home Depot 420,510 0.53
6,882 Lowe's Cos 420,232 0.53
5,350 McDonald's 459,253 0.57
19,374 Staples 237,573 0.30
7,824 TJX Cos 493,528 0.62
3,773 Walgreens Boots Alliance 294,226 0.37
3,429 Wal-Mart Stores 198,646 0.25
Semiconductors: 1.50%
36,176 Intel 917,390 1.15
9,296 Maxim Integrated Products 282,761 0.35
Software: 4.14%
33,649 CA 818,485 1.02
4,450 Dun & Bradstreet Corp 425,051 0.53
52,819 Microsoft 2,069,832 2.59
Telecommunications: 2.27%
17,734 AT&T 526,609 0.66
25,201 Cisco Systems 584,891 0.73
17,218 Verizon Communications 707,291 0.88
Toys/Games/Hobbies: 0.56%
6,698 Hasbro 451,154 0.56
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
250
KBI Institutional ACWI Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 90.27%
United States (Continued): 47.42%
Transportation: 0.97%
3,498 Norfolk Southern 247,144 0.31
6,036 United Parcel Service 531,092 0.66
Total United States 37,917,864 47.42
Total Equities 72,181,366 90.27
Collective Investment Schemes: 9.95%
Ireland: 9.95%
661,856 KBI Institutional Emerging Markets Equity Fund 7,752,318 9.70
62,620 KBI Gif Cash Fund 200,126 0.25
Total Ireland 7,952,444 9.95
Total Collective Investment Schemes 7,952,444 9.95
Total Value of Investments 80,133,810 100.22
Cash* 439,340 0.55
Other Net Liabilities (612,516) (0.77)
Net Assets Attributable to Holders of Redeemable
Participating Shares 79,960,634 100.00
*All cash holdings are held with Northern Trust Fiduciary Services (Ireland) Limited.
% of
Analysis of Total Assets Total Assets
Transferable securities and money market instruments admitted to an official stock exchange listing or
traded on a regulated market 99.19
Other assets 0.81
100.00
The KBI Institutional ACWI Equity Fund launched on 17 April 2015, therefore there are no comparatives.
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
251
KBI Institutional Pan European Equity Fund
Schedule of Investments
As at 31 August 2015
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities: 100.91%
Belgium: 0.46%
Beverages: 0.46%
2,477 Anheuser-Busch InBev SA/NV 241,359 0.46
Total Belgium 241,359 0.46
Finland: 2.34%
Forest Products & Paper: 1.35%
47,356 UPM-Kymmene 704,421 1.35
Machinery-Diversified: 0.99%
23,390 Metso 514,463 0.99
Total Finland 1,218,884 2.34
France: 8.11%
Commercial Services: 1.15%
31,708 Edenred 599,361 1.15
Computers: 0.85%
5,522 Cap Gemini 442,395 0.85
Distribution/Wholesale: 2.25%
85,906 Rexel 1,173,691 2.25
Insurance: 0.95%
35,993 CNP Assurances 493,824 0.95
Pharmaceuticals: 2.37%
14,026 Sanofi 1,236,322 2.37
REITS: 0.54%
3,812 Fonciere Des Regions Reits 283,174 0.54
Total France 4,228,767 8.11
Germany: 8.51%
Auto Manufacturers: 3.59%
15,250 Daimler 1,094,111 2.10
4,644 Volkswagen 773,690 1.49
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
252
KBI Institutional Pan European Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 100.91%
Germany (Continued): 8.51%
Chemicals: 0.77%
5,577 BASF 400,150 0.77
Miscellaneous Manufacturing: 2.97%
17,506 Siemens 1,547,705 2.97
Retail: 0.68%
3,458 HUGO BOSS 352,024 0.68
Software: 0.50%
4,358 SAP 261,654 0.50
Total Germany 4,429,334 8.51
Italy: 4.61%
Auto Parts & Equipment: 0.62%
21,507 Pirelli & C. 321,207 0.62
Banks: 2.44%
433,254 Intesa Sanpaolo 1,272,900 2.44
Commercial Services: 1.55%
33,852 Atlantia 807,878 1.55
Total Italy 2,401,985 4.61
Jersey: 0.81%
Oil & Gas Services: 0.81%
34,452 Petrofac 421,698 0.81
Total Jersey 421,698 0.81
Luxembourg: 0.53%
Telecommunications: 0.53%
10,355 SES Receipt 274,382 0.53
Total Luxembourg 274,382 0.53
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
253
KBI Institutional Pan European Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 100.91%
Netherlands: 7.28%
Engineering & Construction: 2.86%
32,110 Boskalis Westminster 1,491,670 2.86
Food: 2.17%
64,092 Koninklijke Ahold 1,128,660 2.17
Insurance: 0.77%
42,131 Delta Lloyd 398,644 0.77
Semiconductors: 1.48%
119,379 STMicroelectronics 773,039 1.48
Total Netherlands 3,792,013 7.28
Norway: 2.46%
Mining: 1.45%
248,185 Norsk Hydro 756,899 1.45
Telecommunications: 1.01%
29,928 Telenor 525,084 1.01
Total Norway 1,281,983 2.46
Portugal: 0.87%
Electric: 0.87%
144,678 EDP - Energias de Portugal 452,697 0.87
Total Portugal 452,697 0.87
Spain: 4.51%
Banks: 2.38%
227,458 Banco Santander 1,242,262 2.38
Gas: 1.47%
31,352 Enagas 765,851 1.47
Oil & Gas: 0.66%
26,933 Repsol 343,463 0.66
Total Spain 2,351,576 4.51
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
254
KBI Institutional Pan European Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 100.91%
Sweden: 9.78%
Banks: 3.25%
83,065 Swedbank 1,689,218 3.25
Cosmetics/Personal Care: 0.98%
20,170 Svenska Cellulosa AB 512,220 0.98
Home Furnishings: 1.64%
34,026 Electrolux 855,506 1.64
Telecommunications: 3.91%
39,037 Telefonaktiebolaget LM Ericsson 338,833 0.65
338,221 TeliaSonera 1,699,158 3.26
Total Sweden 5,094,935 9.78
Switzerland: 14.79%
Banks: 1.50%
42,162 UBS 779,171 1.50
Food: 3.33%
26,357 Nestle 1,733,694 3.33
Healthcare-Products: 1.20%
5,381 Sonova 625,461 1.20
Insurance: 4.98%
10,586 Zurich Insurance 2,596,237 4.98
Pharmaceuticals: 3.78%
10,371 Novartis 906,140 1.74
4,353 Roche 1,059,949 2.04
Total Switzerland 7,700,652 14.79
United Kingdom: 35.85%
Aerospace/Defense: 0.70%
94,318 Cobham 364,498 0.70
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
255
KBI Institutional Pan European Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 100.91%
United Kingdom (Continued): 35.85%
Agriculture: 5.99%
41,292 British American Tobacco 1,970,817 3.78
26,514 Imperial Tobacco 1,149,478 2.21
Banks: 3.42%
250,503 HSBC 1,783,674 3.42
Diversified Financial Services: 2.76%
156,937 Aberdeen Asset Management 687,056 1.32
120,455 ICAP 750,877 1.44
Electric: 2.56%
66,035 SSE 1,333,764 2.56
Entertainment: 0.46%
48,605 William Hill 240,142 0.46
Food: 0.92%
13,239 Unilever 476,466 0.92
Household Products/Wares: 0.96%
6,306 Reckitt Benckiser 497,958 0.96
Media: 1.20%
40,213 Pearson 625,099 1.20
Mining: 4.10%
82,526 BHP Billiton 1,281,993 2.46
26,087 Rio Tinto 854,893 1.64
Oil & Gas Services: 2.69%
126,624 Amec Foster Wheeler 1,402,166 2.69
Oil & Gas: 1.84%
193,782 BP 958,811 1.84
Pharmaceuticals: 5.76%
32,044 AstraZeneca 1,811,136 3.48
64,595 GlaxoSmithKline 1,188,308 2.28
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
256
KBI Institutional Pan European Equity Fund
Schedule of Investments (Continued)
As at 31 August 2015
Fair Value % of
Holdings Financial assets at fair value through profit or loss EUR Net Assets
Equities (Continued): 100.91%
United Kingdom (Continued): 35.85%
Retail: 0.58%
2,773 Next 302,595 0.58
Software: 0.63%
46,189 Sage Group 326,664 0.63
Telecommunications: 1.28%
214,784 Vodafone 668,267 1.28
Total United Kingdom 18,674,662 35.85
Total Equities 52,564,927 100.91
Total Value of Investments 52,564,927 100.91
Bank Overdraft (701,158) (1.34)
Other Net Assets 224,354 0.43
Net Assets Attributable to Holders of Redeemable
Participating Shares 52,088,123 100.00
*All cash holdings are held with Northern Trust Fiduciary Services (Ireland) Limited.
% of
Analysis of Total Assets Total Assets
Transferable securities and money market instruments admitted to an official stock exchange listing or
traded on a regulated market. 99.53
Other assets 0.47
100.00
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
257
KBI Institutional Long Bond Fund
Schedule of Material Portfolio Changes for the financial year ended 31 August 2015 (Unaudited)
Largest Purchases Cost
EUR
907,000 Spain Government Bond 5.9% 30/07/2026 1,253,717
895,000 Italy Buoni Poliennali Del Tesoro 5% 01/08/2034 1,227,015
672,000 France Government Bond OAT 5.75% 25/10/2032 1,115,789
695,000 Italy Buoni Poliennali Del Tesoro 5.25% 01/11/2029 919,953
478,000 Spain Government Bond 5.75% 30/07/2032 746,075
530,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2044 739,161
630,000 France Government Bond OAT 2.75% 25/10/2027 719,364
425,000 France Government Bond OAT 6% 25/10/2025 637,880
410,000 Spain Government Bond 5.15% 31/10/2028 544,167
385,000 France Government Bond OAT 3.5% 25/04/2026 532,434
290,000 Bundesrepublik Deutschland 4.75% 04/07/2028 426,716
290,000 Italy Buoni Poliennali Del Tesoro 5.75% 01/02/2033 404,697
280,000 Belgium Government Bond 4.5% 28/03/2026 389,455
263,000 Spain Government Bond 5.15% 31/10/2044 377,890
245,000 France Government Bond OAT 4.75% 25/04/2035 374,960
290,000 Italy Buoni Poliennali Del Tesoro 3.25% 01/09/2046 355,588
220,000 France Government Bond OAT 4.5% 25/04/2041 338,802
235,000 Belgium Government Bond 4% 28/03/2032 337,786
248,000 France Government Bond OAT 3.5% 25/04/2026 318,133
200,000 Netherlands Government Bond 4% 15/01/2037 313,367
Largest Sales Proceeds
EUR
2,158,000 Spain Government Bond 5.9% 30/07/2026 2,963,256
1,471,000 Italy Buoni Poliennali Del Tesoro 7.25% 01/11/2026 2,274,820
1,411,000 Italy Buoni Poliennali Del Tesoro 6.5% 01/11/2027 2,063,679
1,505,000 Italy Buoni Poliennali Del Tesoro 5.25% 01/11/2029 2,046,989
1,265,000 Italy Buoni Poliennali Del Tesoro 5.75% 01/02/2033 1,879,346
1,140,000 France Government Bond OAT 4.5% 25/04/2041 1,809,035
1,078,000 France Government Bond OAT 6% 25/10/2025 1,618,695
960,000 Bundesrepublik Deutschland 4.75% 04/07/2034 1,596,878
998,000 France Government Bond OAT 5.5% 25/04/2029 1,595,118
1,155,000 France Government Bond OAT 3.5% 25/04/2026 1,442,750
546,000 Bundesrepublik Deutschland 5.625% 04/01/2028 870,538
605,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2044 856,824
507,000 Bundesrepublik Deutschland 5.5% 04/01/2031 851,044
540,000 Bundesrepublik Deutschland 3.25% 04/07/2042 846,477
580,000 Spain Government Bond 6% 31/01/2029 842,619
500,000 France Government Bond OAT 4% 25/04/2060 836,095
680,000 Italy Buoni Poliennali Del Tesoro 4% 01/02/2037 815,844
560,000 Ireland Government Bond 5.4% 13/03/2025 804,292
505,000 France Government Bond OAT 4.75% 25/04/2035 786,715
565,000 Italy Buoni Poliennali Del Tesoro 5% 01/08/2039 772,856
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
258
KBI Institutional Agri Fund
Schedule of Material Portfolio Changes for the financial year ended 31 August 2015 (Unaudited)
Largest Purchases Cost
EUR
32,301 Archer-Daniels-Midland 1,365,720
15,661 SPX 1,050,158
19,994 FMC 990,871
86,750 Marine Harvest 925,294
126,585 Cosan 880,317
31,309 Potash Corp of Saskatchewan 876,482
147,916 Tomra Systems 863,758
490,800 All America Latina Logistica 847,659
2,083 Syngenta 813,289
10,232 Bunge 754,011
11,690 Aryzta 752,903
71,776 SunOpta 669,148
12,680 Andersons 533,193
192,400 Minerva 520,220
156,699 KBI GIF - Cash Fund 500,000
8,833 Canadian National Railway 480,708
12,322 Ag Growth International 462,296
69,831 PureCircle 458,391
13,852 BayWa 445,361
472,645 Jain Irrigation Systems 436,259
Largest Sales Proceeds
EUR
25,899 Bunge 1,960,815
42,444 GEA 1,718,781
401,900 JBS 1,573,199
13,809 Agrium 1,257,595
136,325 Vicwest 1,206,328
147,916 Tomra Systems 1,084,302
621 SGS 1,076,598
23,000 AGCO 1,009,988
13,972 Ingredion 973,910
20,802 Yara International 940,018
85,970 PhosAgro GDR 936,120
16,970 Aryzta 934,653
92,467 SunOpta 902,489
25,929 BayWa 893,643
48,405 Genus 874,146
95,831 Origin Enterprises 793,268
115,600 Cosan 780,788
112,148 GrainCorp 754,973
2,613,000 Golden Agri-Resources 733,400
147,744 SLC Agricola 718,494
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
259
KBI Institutional Energy Solutions Fund
Schedule of Material Portfolio Changes for the financial year ended 31 August 2015 (Unaudited)
Largest Purchases Cost
EUR
166,196 SunPower 4,082,164
141,255 Canadian Solar 3,436,542
123,386 JinkoSolar ADR 3,017,351
68,444 First Solar 2,919,810
299,793 Trina Solar ADR 2,858,080
7,802,000 Huaneng Renewables 2,607,349
47,748 Delphi Automotive 2,448,535
60,839 Johnson Controls 2,443,581
50,220 BorgWarner 2,378,047
6,291,197 Beijing Jingneng Clean Energy 2,322,565
123,598 Covanta 2,280,867
34,061 Eaton 1,898,941
759,548 SIG 1,774,251
54,915 Itron 1,672,635
58,424 CSX 1,637,167
92,970 SunEdison 1,566,677
580,536 Infinis Energy 1,537,301
8,787,200 Energy Development 1,489,626
183,243 Innergex Renewable Energy 1,436,107
141,337 Saeta Yield 1,404,558
Largest Sales Proceeds
EUR
65,265 Johnson Controls 2,883,639
75,694 Owens Corning 2,340,473
72,633 Canadian Solar 2,234,814
309,987 Capital Stage 2,196,661
73,331 SunPower 2,047,675
80,530 Quanta Services 2,039,464
64,185 CSX 2,038,077
96,686 SunEdison 1,987,009
104,048 Covanta 1,979,546
74,350 Koninklijke Philips 1,908,212
29,486 Regal Beloit 1,782,649
26,900 Delphi Automotive 1,766,359
64,735 Pattern Energy 1,668,110
27,896 Eaton 1,642,133
98,719 Prysmian 1,598,973
1,044,910 Greencoat UK Wind Plc/Funds 1,590,241
646,583 SIG 1,565,813
63,933 Zumtobel 1,524,166
7,296,000 China Suntien Green Energy 1,436,822
25,092 Canadian National Railway 1,410,761
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
260
KBI Institutional Water Fund
Schedule of Material Portfolio Changes for the financial year ended 31 August 2015
(Unaudited)
Largest Purchases Cost
USD
218,518 SPX 17,193,770
15,617 Georg Fischer 10,105,274
372,977 Rexnord 9,221,627
472,546 Suez Environnement 8,984,459
288,584 Arcadis 8,299,161
672,305 EnerCare 8,032,847
219,772 Xylem 7,674,951
121,259 Flowserve 7,399,053
71,784 Ecolab 7,370,062
113,514 Pentair 7,216,678
129,345 American Water Works 6,833,813
726,471 Mueller Water Products 6,498,758
219,982 HD Supply 6,294,615
424,163 Newalta 6,240,816
1,185,000 Ebara 6,026,405
167,089 Itron 5,914,957
83,598 Toro 5,522,623
65,903 Danaher 5,511,175
270,164 Calgon Carbon 5,321,502
1,680,900 Sembcorp Industries 5,228,203
Largest Sales Proceeds
USD
379,379 HD Supply 12,413,263
392,763 Travis Perkins 12,006,086
197,751 Wolseley 11,513,840
92,418 Sulzer 10,679,509
409,380 Advanced Drainage Systems 10,306,380
143,456 Pentair 9,251,788
147,341 Flowserve 8,934,170
104,122 Danaher 8,610,049
1,747,000 Ebara 8,144,125
62,344 Ecolab 7,130,810
371,944 Suez Environnement 6,649,120
9,693 Georg Fischer 6,469,693
245,956 Tetra Tech 6,347,428
297,920 Veolia Environnement 5,624,205
98,002 American Water Works 5,071,605
342,038 United Utilities 4,977,661
233,215 Calgon Carbon 4,833,590
116,143 AECOM Technology 4,057,504
403,704 Mueller Water Products 3,928,315
142,031 Rexnord 3,777,561
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
261
KBI Institutional GESS Fund
Schedule of Material Portfolio Changes for the financial year ended 31 August 2015
(Unaudited)
Largest Purchases Cost
EUR
70,760 SunPower 1,815,747
23,506 SPX 1,607,298
145,709 Trina Solar Ltd ADR 1,410,591
199,800 Cosan 1,299,608
35,039 CSX 1,059,173
496,895 SIG 1,031,498
680,000 Epistar 1,020,760
247,000 Ebara 979,824
19,299 Delphi Automotive 925,135
16,674 Pentair 860,706
27,164 Itron 845,961
9,450 Ecolab 810,651
32,872 Canadian Solar 787,413
63,949 Newalta 783,492
15,420 Flowserve 773,028
27,159 Franklin Electric 755,800
72,166 EnerCare 728,710
8,779 Danaher 677,968
1,100 Georg Fischer 670,141
30,830 Rexnord 656,706
Largest Sales Proceeds
EUR
63,642 Travis Perkins 1,658,810
75,641 Tetra Tech 1,525,758
27,965 Flowserve 1,494,062
28,010 Wolseley 1,492,053
53,950 HD Supply Holdings 1,477,593
263,711 Capital Stage AG 1,458,755
13,915 Sulzer AG 1,439,675
35,950 GEA Group AG 1,389,950
371,000 Ebara 1,387,033
952,524 Renewables Infrastructure Group 1,306,067
42,990 Ownes Corning 1,285,697
22,125 Pentair 1,264,428
28,634 Johnson Controls 1,238,519
326,900 JBS 1,231,697
56,799 Zumtobel 1,219,331
4,117,000 Golden Agri-Resources 1,201,229
120,597 PhosAgro 1,177,518
229,364 Pure Technologies 1,166,727
16,100 Bunge 1,146,864
240,356 SLC Agricola 1,124,201
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
262
KBI Institutional Emerging Markets Equity Fund
Schedule of Material Portfolio Changes for the financial year ended 31 August 2015
(Unaudited)
Largest Purchases Cost
EUR
1,505,000 Hon Hai Precision Industry 4,157,247
293,000 MediaTek 3,443,713
1,185,000 Radiant Opto-Electronics 3,007,021
462,729 Gazprom ADR 2,202,539
658,472 KBI Cash Fund - Series 10A Euro 2,100,000
812,300 Sime Darby 1,884,949
1,623,000 Lite-On Technology 1,834,941
150,500 China Mobile 1,803,088
2,379,500 Sinopec Engineering 1,767,714
1,010,000 Pegatron 1,707,194
2,158,114 Redefine Properties Reits 1,659,775
11,830 Hyundai Motor 1,651,772
14,020,400 Kalbe Farma 1,620,234
115,787 Richter Gedeon Nyrt 1,556,309
47,724 Infosys 1,542,664
1,410,000 Huaneng Power International 1,536,993
198,200 Banco Bradesco 1,514,841
2,172,000 CTBC Financial 1,505,590
634,700 Malayan Banking 1,422,419
283,000 Delta Electronics 1,420,795
Largest Sales Proceeds
EUR
1065000 Taiwan Semiconductor Manufacturing 4,055,435
382,000 MediaTek 3,574,018
565,000 Delta Electronics 2,753,451
5,021,000 Bank of China 2,573,752
3,489,000 China Construction Bank 2,503,433
56,175,579 Banco Santander Chile 2,377,455
3,588,000 Evergrande Real Estate 2,142,800
658,472 KBI Cash Fund - Series 10A Euro 2,100,500
634,000 Radiant Opto-Electronics 1,945,721
1,636,000 Zhejiang Expressway 1,945,545
84,779 CEZ 1,834,242
2,859,236 Ecopetrol 1,817,261
2,795,000 Industrial & Commercial Bank of China 1,747,514
1,634,000 Lite-On Technology 1,685,845
16,604,669 Banco de Chile 1,616,892
150,000 China Mobile 1,616,299
285,900 Vale 1,488,067
1,374,800 Guangzhou R&F Properties 1,473,426
558,439 Turk Telekomunikasyon 1,430,062
37,100 Lukoil ADR 1,420,544
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
263
KBI Institutional Developed Equity Fund
Schedule of Material Portfolio Changes for the financial year ended 31 August 2015
(Unaudited)
Largest Purchases Cost
EUR
321,987 National Oilwell Varco 17,130,621
3,350,446 KBI Gif Cash Fund 10,700,000
451,518 Swedbank 10,105,259
184,440 AbbVie 9,903,159
196,381 Las Vegas Sands 9,794,320
109,453 Accenture 9,372,896
165,839 Valero Energy 9,088,863
84,738 Apple 8,932,748
99,812 CME Inc/IL 8,545,355
452,477 Cenovus Energy 8,294,230
138,707 Helmerich & Payne 8,079,058
210,378 Microsoft 8,069,409
151,121 Wells Fargo 7,690,404
221,722 IGM Financial 7,173,478
106,531 LyondellBasell Industries 7,099,508
51,298 Amgen 7,032,407
195,025 Abbott Laboratories 6,816,125
329,551 BHP Billiton 6,797,793
1,552,422 Caixabank 6,340,803
136,579 Ingersoll-Rand 6,316,445
Largest Sales Proceeds
EUR
433,233 CA 12,579,732
788,388 Peoples United Financial 11,153,128
175,464 Eli Lilly 10,939,451
108,530 Chevron 10,047,405
175,039 ConocoPhillips 9,781,877
301,800 IGM Financial 9,593,773
196,381 Las Vegas Sands 9,588,946
1,169,167 HSBC 9,530,805
216,291 National Oilwell Varco 8,965,665
2,724,413 KBI Gif Cash Fund 8,700,683
546,589 Staples 7,933,418
331,141 Mattel 7,863,099
78,366 Apple 7,774,391
150,024 Bristol-Myers Squibb 7,766,673
192,524 Microsoft 7,481,063
98,555 Philip Morris International 7,124,359
119,751 Lorillard 7,107,079
84,564 BASF 7,071,454
123,977 JPMorgan Chase 6,946,119
136,579 Ingersoll-Rand 6,739,458
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
264
KBI Institutional Global Equity Fund
Schedule of Material Portfolio Changes for the financial year ended 31 August 2015 (Unaudited)
Largest Purchases Cost
EUR
29,639 National Oilwell Varco 1,619,854
501,442 KBI Gif Cash Fund 1,600,000
16,603 AbbVie 890,461
17,724 Las Vegas Sands 877,122
39,107 Swedbank 875,682
18,709 Ingersoll-Rand 866,501
41,148 Cenovus Energy 803,131
12,576 Helmerich & Payne 742,736
54,613 KBI Dividend Plus Emerging Markets Fund 660,079
19,031 Abbott Laboratories 653,059
9,669 LyondellBasell Industries 638,526
4,532 Amgen 613,856
7,046 Accenture 591,017
28,226 BHP Billiton 584,950
16,776 IGM Financial 552,304
133,294 Caixabank 542,040
8,999 Valero Energy 492,439
38,930 Amec Foster Wheeler 487,781
5,655 CME Inc/IL 484,146
11,857 Dow Chemical 465,073
Largest Sales Proceeds
EUR
392,321 KBI Dividend Plus Emerging Markets Fund 5,257,442
51,532 Microsoft 1,999,758
64,000 CA 1,820,980
28,410 Eli Lilly 1,768,600
501,442 KBI Gif Cash Fund 1,600,408
15,298 Apple 1,541,706
60,299 General Electric 1,392,514
172,682 HSBC 1,390,044
14,577 Chevron 1,357,430
23,551 ConocoPhillips 1,328,572
38,728 IGM Financial 1,248,634
15,905 Exxon Mobil 1,213,869
81,656 People's United Financial 1,134,827
25,776 National Oilwell Varco 1,097,844
36,862 Intel 1,027,843
16,635 AstraZeneca 1,010,881
68,015 Staples 940,203
3,314 Zurich Insurance 939,489
16,026 AbbVie 924,306
18,709 Ingersoll-Rand 916,865
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
265
KBI Institutional 50/50 Global/Eurozone Equity Fund
Schedule of Material Portfolio Changes for the financial year ended 31 August 2015
(Unaudited)
Largest Purchases Cost
EUR
721,680 Banco Santander 721,680
440,579 CaixaBank 440,579
350,000 KBI Gif Cash Fund 350,000
347,620 STMicroelectronics 347,620
314,061 Sanofi 314,061
310,598 Rexel 310,598
278,242 Delta Lloyd 278,242
252,735 BASF 252,735
246,935 National Oilwell Varco 246,935
236,295 Elisa 236,295
230,328 L'Oreal 230,328
228,296 Anheuser-Busch InBev SA/NV 228,296
218,843 LVMH Moet Hennessy Louis Vuitton 218,843
203,079 KBC Groep 203,079
193,524 Daimler 193,524
188,603 Muenchener Rueckversicherungs-Gesellschaftin Muenchen 188,603
188,840 Umicore 188,840
179,310 Vinci 179,310
174,704 Societe Generale 174,704
170,051 Deutsche Bank 170,051
Largest Sales Proceeds
EUR
5,647 BASF 457,685
68,387 Natixis 429,067
11,997 Bouyges 375,792
11,147 Proximus 368,775
2,077 L'Oreal 366,123
7,449 Societe Generale 303,519
4,200 Deutsche Boerse 288,289
11,276 Nokian Renkaat 280,904
2,939 Sanofi 241,665
17,453 UPM-Kymmene 234,805
9,765 Lagardere 233,253
72,052 KBI Gif Cash Fund 230,080
14,106 Delta Lloyd 223,116
8,392 Enagas 218,280
2,234 Chevron 206,243
47,422 CaixaBank 203,564
3,601 ConocoPhillips 201,202
22,848 Banco Bilbao Vizcaya Argentaria 197,518
4,171 TOTAL 195,787
3,209 Eli Lilly 190,555
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
266
KBI Institutional Eurozone Equity Fund
Schedule of Material Portfolio Changes for the financial year ended 31 August 2015
(Unaudited)
Largest Purchases Cost
EUR
574,284 Banco Santander 3,822,504
536,693 CaixaBank 2,176,312
26,928 Sanofi 2,085,011
125,065 Rexel 1,839,971
219,827 STMicroelectronics 1,760,912
96,224 Delta Lloyd 1,656,289
31,820 Vinci 1,438,990
8,516 L'Oreal 1,436,880
17,056 BASF 1,394,459
9,260 LVMH Moet Hennessy Louis Vuitton 1,385,012
13,221 Anheuser-Busch InBev 1,329,004
45,129 Elisa 1,318,931
17,583 Daimler 1,212,773
21,509 KBC Groep 1,186,778
31,526 Societe Generale 1,177,991
6,211 Muenchener Rueckversicherungs-Gesellschaftin Muenchen 1,053,996
23,950 Umicore 1,038,735
10,999 Siemens 998,434
4,509 Unibail-Rodamco Reits 965,342
33,457 Deutsche Bank 932,409
Largest Sales Proceeds
EUR
35,067 BASF 2,804,988
34,724 Sanofi 2,796,509
449,370 Natixis 2,779,216
72,189 Proximus 2,396,027
13,634 L'Oreal 2,353,813
159,941 UPM-Kymmene 2,225,524
84,350 Enagas 2,221,634
72,372 Bouygues 2,202,569
50,879 Societe Generale 2,051,067
29,598 Deutsche Boerse 2,030,117
22,961 Daimler 1,825,423
49,094 Unilever 1,824,997
19,698 Siemens 1,802,191
122,194 Rexel 1,743,408
72,257 Lagardere 1,715,563
193,094 Banco Bilbao Vizcaya Argentaria 1,634,500
70,841 Atlantia 1,532,735
96,224 Delta Lloyd 1,532,475
62,464 Nokian Renkaat 1,491,440
30,682 TOTAL 1,428,861
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Financial Statements 2015
267
KBI Institutional North America Equity Fund
Schedule of Material Portfolio Changes for the financial year ended 31 August 2015
(Unaudited)
Largest Purchases Cost
USD
179,904 National Oilwell Varco 11,682,155
111,273 Las Vegas Sands 6,630,059
101,650 AbbVie 6,555,060
140,470 Microsoft 6,429,540
100,664 Valero Energy 6,100,451
50,847 Apple 6,097,420
262,358 Cenovus Energy 5,995,986
62,424 CME Inc/IL 5,975,292
61,382 Accenture 5,713,992
78,427 Helmerich & Payne 5,596,944
131,426 IGM Financial 5,279,034
62,605 LyondellBasell Industries 5,150,350
91,030 Wells Fargo 5,119,158
116,354 Abbott Laboratories 5,055,893
77,695 Ingersoll-Rand 4,676,448
49,874 Exxon Mobil - New York 4,536,773
28,304 Amgen 4,464,175
171,543 General Electric 4,389,792
266,642 People's United Financial 3,945,175
117,324 CA 3,550,168
Largest Sales Proceeds
USD
63,037 Chevron 7,292,431
102,245 ConocoPhillips 7,139,591
411,777 People's United Financial 6,501,448
85,939 Eli Lilly 6,282,388
103,418 Las Vegas Sands 5,738,516
181,850 CA 5,660,837
86,362 Bristol-Myers Squibb 5,269,636
149,850 IGM Financial 5,254,756
77,695 Ingersoll-Rand 4,797,915
168,861 Mattel 4,559,778
104,483 National Oilwell Varco 4,532,762
277,175 Staples 4,505,617
36,597 Apple 4,134,203
50,073 Philip Morris International 4,051,249
59,006 Lorillard 4,005,047
40,410 Genuine Parts 3,947,679
50,552 Entergy 3,899,745
185,159 Canadian Oil Sands 3,724,271
78,284 Microsoft 3,721,355
60,497 JPMorgan Chase 3,706,111
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
268
KBI Institutional ACWI Equity Fund
Schedule of Material Portfolio Changes for the financial year ended 31 August 2015
(Unaudited)
Largest Purchases Cost
EUR
661,856 KBI Institutional Emerging Markets Equity Fund 9,775,204
52,819 Microsoft 2,044,789
73,883 General Electric 1,865,672
19,679 Exxon Mobil 1,583,815
13,322 Apple 1,520,256
29,311 National Oilwell Varco 1,485,206
39,802 Intel 1,192,541
40,696 CA 1,188,322
4,028 Zurich Insurance 1,180,662
136,802 HSBC 1,142,934
15,873 Reynolds American 1,134,836
19,501 AbbVie 1,122,050
16,148 Eli Lilly & Co 1,090,568
30,533 IGM Financial 1,054,727
313,017 KBI Gif Cash Fund 1,000,000
18,234 Valero Energy 991,378
69,810 People's United Financial 982,767
11,196 CME Inc/IL 958,537
14,834 Baxter International 956,391
29,070 Pfizer 938,249
Largest Sales Proceeds
EUR
69,810 People's United Financial 997,581
250,398 KBI Gif Cash Fund 800,000
30,676 Mattel 730,047
17,793 National Oilwell Varco 691,944
7,393 BASF 608,339
8,220 Philip Morris International 589,949
18,627 IGM Financial 577,268
6,862 Lorillard 437,770
12,905 HCP Reits 435,791
48,180 HSBC 402,652
8,844 ProSiebenSat.1 Media 396,989
13,516 Baxalta 383,505
16,365 Cablevision Systems 379,131
13,435 Potash Corp of Saskatchewan 367,204
11,573 AT&T 365,946
11,349 PPL 335,832
4,495 Eli Lilly & Co 332,264
7,042 Paychex 305,164
14,596 Swedbank 298,895
4,007 Swiss Prime Site 278,535
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
269
KBI Institutional Pan European Equity Fund
Schedule of Material Portfolio Changes for the financial year ended 31 August 2015 (Unaudited)
Largest Purchases Cost
EUR
406,312 HSBC 3,584,954
11,888 Zurich Insurance 3,371,245
133,528 Swedbank 2,745,925
51,992 British American Tobacco 2,614,500
28,834 BASF 2,547,611
36,620 AstraZeneca 2,292,462
384,356 TeliaSonera 2,133,407
45,877 Imperial Tobacco 2,091,610
102,577 GlaxoSmithKline 2,091,139
28,959 Nestle 2,021,951
93,640 BHP Billiton 1,999,066
311,740 BP 1,984,180
19,376 Siemens 1,879,801
258,091 Banco Santander 1,725,667
73,896 SSE 1,679,519
139,266 Amec Foster Wheeler 1,672,719
35,019 Boskalis Westminster 1,588,951
16,747 Sanofi 1,537,463
94,324 Rexel 1,534,984
16,917 Daimler 1,483,599
Largest Sales Proceeds
EUR
23,257 BASF 1,916,899
155,809 HSBC 1,288,844
50,463 Swedbank 1,036,899
12,544 Swiss Prime Site 872,357
19,363 Imperial Tobacco 849,504
37,982 GlaxoSmithKline 745,247
117,958 BP 665,615
13,678 ProSiebenSat.1 615,777
10,700 British American Tobacco 565,108
3,973 Renault 365,911
1,302 Zurich Insurance 352,851
16,535 Koninklijke Ahold 302,423
4,576 AstraZeneca 275,181
2,721 Sanofi 255,141
17,362 Abertis Infraestructuras 252,617
46,135 TeliaSonera 244,836
58,245 Caixabank 232,400
1,507 Allianz 231,959
13,439 Repsol 226,961
5,688 Amadeus 223,392
Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited
Financial Statements 2015
270
Other notes to the Financial Statements (Unaudited)
Information in respect of underlying investments:
The KBI Institutional Global Equity Fund, the KBI Institutional 50/50 Global/Eurozone Equity Fund and the KBI
Institutional ACWI Equity Fund invest in the following underlying fund:
Underlying Fund Domiciled Investment Management Fee %
KBI Institutional Emerging Markets Equity Fund Euro Class A
Ireland
0% per annum of Net Asset Value
attributable to Euro Class
The KBI Institutional Global Equity Fund and the KBI Institutional 50/50 Global/Eurozone Equity Fund invest in the
following underlying fund.
Underlying Fund Domiciled Investment Management Fee %
KBI Cash Fund Euro Series 10A
Ireland
0% per annum of Net Asset Value
attributable to Euro Class