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Standard Life Investments
Global SICAV II
Audited Annual Report and Accounts
For the year ended 31 December 2020
No subscription can be received on the basis of financial reports.
Subscriptions are only valid if made on the basis of the current
prospectus accompanied by the latest annual and the most recent
semi-annual report, if published thereafter. R.C.S. Luxembourg
B 204.798Standard Life Investments Global SICAV II
Société d'Investissement à Capital Variable
Registered Office Principal Distributor
2-4, rue Eugène Ruppert Standard Life Investments Limited
L-2453 Luxembourg 1 George Street
Grand Duchy of Luxembourg Edinburgh EH2 2LL
Scotland
Board of Directors
Administration and Advisors
Members
Mr Christopher Little Registrar, Transfer Agent, Corporate and Domiciliary Agent,
Chairman Central Administrator and Depositary Agent
Standard Life Investments Global SICAV II The Bank of New York Mellon SA/NV, Luxembourg Branch
35a, avenue John F. Kennedy 2-4, rue Eugène Ruppert
L-1855 Luxembourg L-2453 Luxembourg
Grand Duchy of Luxembourg Grand Duchy of Luxembourg
Ms Jennifer Richards (Until 28 February 2020)* Investment Manager
Distribution Director, Ireland Standard Life Investments Limited
Aberdeen Standard Investments 1 George Street
2-4 Merrion Row Edinburgh EH2 2LL
Dublin 2 Scotland
Ireland
Management Company
Ms Nadya Wells (from 8 July 2020)* Aberdeen Standard Investments Luxembourg S.A.
Standard Life Investments Global SICAV II 35a, avenue John F. Kennedy
35a, avenue John F. Kennedy L-1855 Luxembourg
L-1855 Luxembourg Grand Duchy of Luxembourg
Grand Duchy of Luxembourg
Auditor
Mr Ian Boyland KPMG Luxembourg, Société coopérative
Standard Life Investments Global SICAV II 39, Avenue John F. Kennedy
35a, avenue John F. Kennedy L-1855 Luxembourg
L-1855 Luxembourg Grand Duchy of Luxembourg
Grand Duchy of Luxembourg Legal Advisor (until 1 March 2020)*
Mr Hugh Young Clifford Chance
Aberdeen Standard Investments (Asia) Limited 10, Boulevard G.D. Charlotte
21 Church Street, #01–01 Capital Square Two L-1011 Luxembourg
Singapore 049480 Grand Duchy of Luxembourg
Mr Roger Barker (until 21 September 2020)* Legal Advisor (from 1 March 2020)*
Standard Life Investments Global SICAV II Elvinger Hoss Prussen, société anonyme
35a, avenue John F. Kennedy 2 Place Winston Churchill
L-1855 Luxembourg L-1340 Luxembourg
Grand Duchy of Luxembourg Grand Duchy of Luxembourg
Mr William Robert Hutcheson (until 21 September 2020)*
Standard Life Investments Global SICAV II
35a, avenue John F. Kennedy
L-1855 Luxembourg
Grand Duchy of Luxembourg
Ms Soraya Hashimzai (from 18 September 2020)*
Aberdeen Standard Investments Luxembourg S.A.
35a, avenue John F. Kennedy
L-1855 Luxembourg
Grand Duchy of Luxembourg
Mr Martin James Gilbert (from 21 September 2020)*
Standard Life Investments Global SICAV II
35a, avenue John F. Kennedy
L-1855 Luxembourg
Grand Duchy of Luxembourg
Mr Andrey Charles Berzins (from 22 September 2020)*
Standard Life Investments Global SICAV II
35a, avenue John F. Kennedy
L-1855 Luxembourg
Grand Duchy of Luxembourg
Mr Gary Robert Marshall (from 22 September 2020)*
Standard Life Aberdeen Plc
1 George Street,
Edinburgh EH2 2LL
Scotland
*Please refer to note 11 of the notes to the financial statements.Standard Life Investments Global SICAV II
Société d'Investissement à Capital Variable
Contents Page
Report of the Board of Directors ................................................................................................................................................................ 2
General Information ................................................................................................................................................................................. 3
Audit Report ............................................................................................................................................................................................ 4
Investment Markets Overview ................................................................................................................................................................... 6
Statement of Net Assets............................................................................................................................................................................ 7
Statement of Operations and Changes in Net Assets ................................................................................................................................. 10
Statistics ................................................................................................................................................................................................ 13
Notes to the Financial Statements............................................................................................................................................................ 16
Remuneration Policy (unaudited) ............................................................................................................................................................. 25
Appendix 1: Share classes issued in the subfunds .................................................................................................................................... 31
Appendix 2: SFTR Disclosure (unaudited) ................................................................................................................................................ 32
Subfund Objective and Investment Policy
Subfund Performance Review and Outlook
Schedule of Investments
Dynamic Multi Asset Growth Fund (formerly Enhanced-Diversification Multi Asset Fund)* ................................................. 34
Emerging Market Debt Sustainable and Responsible Investment Fund ............................................................................ 53
Global Equity Impact Fund .......................................................................................................................................... 58
Global Short Duration Corporate Bond Fund .................................................................................................................. 62
Global Smaller Companies Fund ................................................................................................................................... 73
MyFolio Multi-Manager subfunds – Investment Markets Overview ................................................................................... 76
MyFolio Multi-Manager I Fund ...................................................................................................................................... 78
MyFolio Multi-Manager II Fund..................................................................................................................................... 79
MyFolio Multi-Manager III Fund ................................................................................................................................... 80
MyFolio Multi-Manager IV Fund .................................................................................................................................... 81
MyFolio Multi-Manager V Fund ..................................................................................................................................... 82
*Please refer to note 11 of the notes to the financial statements.
1Standard Life Investments Global SICAV II
Société d'Investissement à Capital Variable
Report of the Board of Directors
As at 31 December 2020, the total net assets of Standard Life Investments Global SICAV II (the “Company”) stood at EUR 969,339,414.
The Company's objective is to provide the shareholder with a choice of professionally managed subfunds (the “subfunds”) investing in a wide range of
transferable securities in order to achieve an optimum return from capital invested, while reducing investment risk through diversification. There are 10 active
subfunds in total, each with its own specific investment objectives and individual portfolios, offering investors the opportunity of exposure to selected areas or
to conveniently build a diversified global stock and bond portfolio to meet specific investment goals. The overall strategy of the Company and the separate
subfunds is to seek diversification through investment primarily in transferable securities.
The Board of Directors adheres to the Association of the Luxembourg Fund Industry (“ALFI”) code of conduct for Luxembourg investment funds (revised June
2013). The code of conduct sets a framework of high-level principles and best practice recommendations for the governance of Luxembourg investment funds.
The Board considers that it has been in compliance with the Principles of the Code in all material respects for the year ended 31 December 2020.
The Board of Directors
Luxembourg, 15 March 2021
The figures stated in this report are historical and not necessarily indicative of future performance.
2Standard Life Investments Global SICAV II
Société d'Investissement à Capital Variable
General Information
Standard Life Investment Global SICAV II (the “Company”) was incorporated on 15 March 2016 under Luxembourg Law as a “Société d’Investissement à Capital
Variable” (SICAV).
The Company’s articles of incorporation have also been deposited with the Luxembourg Trade and Companies Register and have been published in the Registre
de Commerce et des Sociétés on 22 March 2016. The Company has been registered under number B 204798 with the Luxembourg Trade and Companies
Register.
The Company's articles of incorporation may be amended from time to time by a meeting of shareholders, subject to the quorum and majority requirements
provided by Luxembourg law. Any amendment to the terms and conditions of the Company, which has, as an effect, a decrease of the rights or guarantees of
the shareholders or which imposes on them additional costs, shall only come into force after a period of three months starting at the date the amendment is
approved at the general shareholders' meeting. Any amendment to the articles shall be published in the Registre de Commerce et des Sociétés and, if
necessary, in the official publications specified for the respective countries in which Company shares are sold. Any amendments affecting the rights of the
holders of shares of any class vis-à-vis those of any other class shall be subject further to the said quorum and majority requirements in respect of each
relevant class. The Company is a single legal entity. However, each subfund is regarded as being separate from the others and is liable for all of its own
obligations, unless other terms have been specifically agreed with its creditors. Annual general meetings will be held on the same day each year (unless such
date falls on a legal bank holiday, in which case on the next Luxembourg business day) at midday (Luxembourg time). Notices of all general meetings are sent
by mail to all registered shareholders at their registered address at least 8 days prior to each such meeting. Such notice will indicate the time and place of such
meeting and the conditions of admission thereto, will contain the agenda and will refer to the requirements of Luxembourg law with regard to the necessary
quorum and majorities at such meeting. To the extent required by Luxembourg law, further notices will be published in the Registre de Commerce et des
Sociétés and in one Luxembourg newspaper. Audited annual reports and unaudited semi-annual reports will be made available on the Aberdeen Standard
Investments Website (www.aberdeenstandard.com) and at the registered office of the Company. The Company’s financial year ends on 31 December of each
year. The net asset value per share and the issue and redemption price can be obtained from the registered office of the Company.
Statement of Changes in Portfolio
A statement giving the changes in the Schedule of Investments for the year ended 31 December 2020 can be obtained free of charge from the registered office
of the Company.
3Standard Life Investments Global SICAV II
Société d'Investissement à Capital Variable
Audit Report
To the Shareholders of
Standard Life Investments Global SICAV II
2-4, rue Eugène Ruppert
L-2453 Luxembourg
Grand Duchy of Luxembourg
REPORT OF THE REVISEUR D’ENTREPRISES AGREE
Report on the audit of the financial statements
Opinion
We have audited the financial statements of Standard Life Investments Global SICAV II and each of its sub-funds (“the Fund”), which comprise
the statement of net assets and the schedule of investments as at 31 December 2020 and the statement of operations and changes in net assets
for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying financial statements give a true and fair view of the financial position of Standard Life Investments Global SICAV
II and each of its sub-funds as at 31 December 2020, and of the results of their operations and changes in their net assets for the year then
ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements.
Basis for opinion
We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (“Law of 23 July 2016”) and with International
Standards on Auditing (“ISAs”) as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier (“CSSF”). Our responsibilities
under the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the « Responsibilities of “réviseur
d’entreprises agréé” for the Audit of the Financial Statements » section of our report. We are also independent of the Fund in accordance with the
International Code of Ethics for Professional Accountants, including International Independence Standards, issued by the International Ethics
Standards Board for Accountants (“IESBA Code”) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant
to our audit of the financial statements, and have fulfilled our other ethical responsibilities under those ethical requirements. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Emphasis of Matter
We draw attention to Note 2(a) of these financial statements, which indicates the decision of the Board of Directors of the Fund to close the sub-
funds MyFolio Multi-Manager I Fund, MyFolio Multi-Manager II Fund, MyFolio Multi-Manager III Fund, MyFolio Multi-Manager IV Fund and MyFolio
Multi-Manager V Fund effective 17 March 2021. The financial statements of the concerned sub-funds have therefore been prepared using a non-
going concern basis of accounting. Our opinion is not modified in respect of this matter.
Other information
The Board of Directors of the Fund is responsible for the other information. The other information comprises the information stated in the annual
report but does not include the financial statements and our report of the “réviseur d’entreprises agréé” thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the
other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be
materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we
are required to report this fact. We have nothing to report in this regard.
Responsibilities of Board of Directors of the Fund for the financial statements
The Board of Directors of the Fund is responsible for the preparation and fair presentation of these financial statements in accordance with
Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal
control as the Board of Directors of the Fund determines is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors of the Fund is responsible for assessing the Fund’s and each of its sub-funds’ ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless
the Board of Directors of the Fund either intends to liquidate the Fund or any of its sub-funds or to cease operations, or has no realistic alternative
but to do so.
Responsibilities of the “réviseur d’entreprises agréé” for the audit of the financial statements
The objectives of our audit are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue a report of the “réviseur d’entreprises agréé” that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law of 23 July 2016 and with ISAs
as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these financial statements.
As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional
judgment and maintain professional skepticism throughout the audit. We also:
4Standard Life Investments Global SICAV II
Société d'Investissement à Capital Variable
Audit Report (continued)
— Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
— Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control.
— Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by
the Board of Directors of the Fund.
— Conclude on the appropriateness of the Board of Directors of the Fund’s use of the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund’s
or any of its sub-funds’ ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our report of the “réviseur d’entreprises agréé” to the related disclosures in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our report of the “réviseur
d’entreprises agréé”. However, future events or conditions may cause the Fund or any of its sub-funds (except for the sub-funds MyFolio
Multi-Manager I Fund, MyFolio Multi-Manager II Fund, MyFolio Multi-Manager III Fund, MyFolio Multi-Manager IV Fund and MyFolio Multi-
Manager V where a decision to close exists) to cease to continue as a going concern.
— Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial
statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant
audit findings, including any significant deficiencies in internal control that we identify during our audit.
Luxembourg, 19 March 2021 KPMG Luxembourg
Société coopérative
Cabinet de révision agréé
39, Avenue John F. Kennedy
L-1855 Luxembourg
Grand Duchy of Luxembourg
Pascale Leroy
Partner
5Standard Life Investments Global SICAV II
Société d'Investissement à Capital Variable
Investment Markets Overview
Equities Overview
Globally, stock markets rose over the past 12 months, but with considerable divergence by country. While US and Chinese stocks performed well,
markets in many other countries recorded sharp falls. Shares in the UK and Latin America, in particular, fared badly. Covid-19 was the dominant
factor in 2020, negatively affecting markets in the first quarter. However, markets have broadly been recovering since April. Decisive action by
governments and central banks to limit economic damage supported investor sentiment and markets began to recover. Technology stocks have been
strong performers globally, especially in the US. The recovery stalled in September and October, reversing some recent gains. In November,
however, the relatively smooth US presidential election – coupled with news of three major Covid-19 vaccines – buoyed markets. This positive
sentiment persisted throughout December as vaccination programmes were launched, stimulus programmes were approved and a Brexit trade deal
was struck.
United Kingdom
The UK stock market was among the poorer developed markets, ending lower over the 12 months. During a period of considerable political upheaval,
investors grappled with Brexit-related uncertainty and the economic fallout from the coronavirus pandemic. Smaller domestic companies
outperformed larger London-listed companies, which includes many global commodity firms. UK stocks tumbled in the first quarter in line with their
global peers, as the economic fallout from the coronavirus pandemic became clear. However, stocks rallied thereafter as the economy began to
reopen after months of economic lockdown. Despite periods of volatility, UK stocks finished the year on a strong footing. News of a Biden presidency,
the rollout of vaccination programmes and the UK and the EU agreeing on a Brexit trade deal all supported sentiment.
United States
US shares registered positive returns over the past 12 months. Lockdowns implemented across the country to combat the coronavirus sparked
precipitous falls in late February and early March 2020. However, drastic government and central-bank responses then drove a dramatic market
recovery. This took equity markets to new all-time highs. Markets were initially supported by hopes of a V-shaped recovery amid easing lockdown
restrictions. However, bearish sentiment reared its head and major indices fell thereafter, driven by an uptick in Covid-19 cases. However, in
November, the US presidential election, coupled with three major vaccine announcements, was positive for equities – despite the likely prospect of a
divided government. This trend continued into the end of the year.
Europe
European shares (excluding the UK) finished higher over the period, although performance varied by country. European investor confidence
nosedived with market returns as Covid-19 spread around the world. In response, the European Central Bank (ECB) announced a massive €750
billion corporate and government bond-buying scheme to shore up markets. However, stocks dipped in September and October due to a dramatic
rise in Covid-19 cases. European equities posted one of their best months ever in November, as news of major vaccine breakthroughs and a Biden
presidency lifted stocks. In December, the rollout of vaccinations, a new Brexit trade deal, the new US stimulus package and the €500 billion
expansion of the ECB's monetary stimulus programme all combined for a near-universally positive month for equities.
Asia Pacific
Equity markets in the Asia Pacific (excluding Japan) region rose over the period, showing particular strength in the last few months. After a robust
2019, the coronavirus outbreak hit the region in early 2020, and markets saw a turbulent few months. Coronavirus disruption hit global economic
forecasts in March. However, stocks rebounded strongly in the summer months. Markets continued to perform well towards the end of the period, as
investors perceived the pandemic’s spread to be more under control. News of vaccine breakthroughs and the outcome of the US election helped
extend this trend into November. Equities maintained their strong performance in December as vaccination programmes were rolled out and the new
US stimulus bill was approved.
Emerging markets
Emerging-market equities rose over the year, with most of the positive performance coming in the second half of 2020. After a strong start to the
year, marked by the signing of a ‘phase one’ trade agreement between US and China, the coronavirus pandemic hit, and stocks turned sharply
downwards. Emerging markets rebounded in the second quarter, driven by an unprecedented accommodative policy backdrop, gradual easing of
social-distancing measures and the reopening of economies. The third quarter saw a continuation of the recovery, as accommodative monetary
policy and stimulus measures persisted, and economic activity gradually resumed. Again however, a second wave of infections dampened momentum
somewhat. Emerging markets equities were particularly strong in the fourth quarter, driven by the weakening US dollar, vaccine optimism and a
relatively calm US presidential election.
Bonds Overview
Government bonds mostly rose over the past 12 months, with yields falling in most major economies. At the beginning of the year, US 10-year
Treasury yields remained high on news that China and the US looked closer to resolving their trade dispute. However, that trend reversed abruptly
from mid-January 2020. Fears about the Covid-19 outbreak encouraged a ‘flight to safety’. Investors abandoned risky assets in favour of government
debt. As demand increased, government bond prices rose, and yields dropped. After a brief correction in August, investors sold global equities for
government bonds, seeking lower-risk investments in the face of growing economic uncertainty and pushing bond prices higher. However, this trend
generally reversed towards the end of the year, with yields generally rising due to improving risk sentiment.
.
6Standard Life Investments Global SICAV II
Société d'Investissement à Capital Variable
Statement of Net Assets
As at 31 December 2020
Emerging
Market Debt Global
Sustainable Short
Dynamic and Global Duration Global
Multi Asset Responsible Equity Corporate Smaller
Growth Investment Impact Bond Companies
Fund1 Fund Fund Fund Fund
(EUR) (USD) (USD) (USD) (USD)
Assets
Investments in securities at market value (note 2b) 215,982,309 11,318,825 35,189,928 701,992,045 90,817,021
Acquisition cost: 203,079,775 10,198,997 26,531,247 667,028,911 63,883,207
Cash and cash equivalents 22,217,363 80,313 1,170,834 2,774,742 3,091,259
Cash collateral (note 9) 810,000 – – 7,340,000 –
Margin account 15,529,825 – – – –
Interest and dividends receivable, net 664,983 175,816 25,658 4,971,371 15,418
Receivables resulting from sale of securities – – – – –
Receivables resulting from subscriptions – – 114,073 573,279 726,000
Other receivables 215,391 243,711 382,323 334,588 150,538
Unrealised appreciation on:
Open forward foreign exchange contracts (note 2f) 3,899,703 1,262 16 25,126,960 –
Open exchange traded futures contracts (note 2h) 176,015 – – 105,836 –
Swap contracts at market value (note 2g) 9,390,070 – – – –
Option/swaption contracts at market value (note 2i) 7,234,586 – – – –
Total assets 276,120,245 11,819,927 36,882,832 743,218,821 94,800,236
Liabilities
Bank overdraft – – – 9,208,552 –
Cash collateral (note 9) 4,721,130 – – 400,000 –
Margin account 7,681,749 – – – –
Payables resulting from purchases of securities 2,501,481 – – 3,141,829 –
Payables resulting from redemptions – – 4,579 – –
Fees payable 255,017 97,710 121,488 201,708 171,932
Unrealised depreciation on:
Open forward foreign exchange contracts (note 2f) 1,991,735 78,728 143 17,601,109 –
Open exchange traded futures contracts (note 2h) 11,085 – – 97,054 –
Swap contracts at market value (note 2g) 300,429 – – – –
Option/swaption contracts at market value (note 2i) 4,715,253 – – – –
Total liabilities 22,177,879 176,438 126,210 30,650,252 171,932
Total net assets prior to swing adjustment 253,942,366 11,643,489 36,756,622 712,568,569 94,628,304
Adjustment due to swing pricing (note 8) – – 40,432 – –
Total net assets after swing adjustment 253,942,366 11,643,489 36,797,054 712,568,569 94,628,304
1This subfund was renamed from Enhanced-Diversification Multi Asset Fund to Dynamic Multi Asset Growth Fund on 14 February 2020.
The accompanying notes form an integral part of these financial statements.
7Standard Life Investments Global SICAV II
Société d'Investissement à Capital Variable
Statement of Net Assets (continued)
As at 31 December 2020
MyFolio MyFolio MyFolio MyFolio MyFolio
Multi- Multi- Multi- Multi- Multi-
Manager I Manager II Manager III Manager IV Manager V
Fund2 Fund2 Fund2 Fund2 Fund2
(EUR) (EUR) (EUR) (EUR) (EUR)
Assets
Investments in securities at market value (note 2b) 2,516,782 5,205,054 3,923,940 3,288,842 3,068,743
Acquisition cost: 2,353,022 4,759,511 3,563,444 2,957,609 2,759,001
Cash and cash equivalents 1,037 – – 794 –
Cash collateral (note 9) – – – – –
Margin account – – – – –
Interest and dividends receivable, net – – – – –
Receivables resulting from sale of securities 4,596 – – – –
Receivables resulting from subscriptions – – 100 – –
Other receivables 185,476 177,259 184,610 186,943 202,433
Unrealised appreciation on:
Open forward foreign exchange contracts (note 2f) – – – – –
Open exchange traded futures contracts (note 2h) – – – – –
Swap contracts at market value (note 2g) – – – – –
Option/swaption contracts at market value (note 2i) – – – – –
Total assets 2,707,891 5,382,313 4,108,650 3,476,579 3,271,176
Liabilities
Bank overdraft – 1,265 7,904 – 4,524
Cash collateral (note 9) – – – – –
Margin account – – – – –
Payables resulting from purchases of securities – – – – –
Payables resulting from redemptions 1,040 257 502 – 7,702
Fees payable 32,805 30,391 32,343 31,953 32,349
Unrealised depreciation on:
Open forward foreign exchange contracts (note 2f) – – – – –
Open exchange traded futures contracts (note 2h) – – – – –
Swap contracts at market value (note 2g) – – – – –
Option/swaption contracts at market value (note 2i) – – – – –
Total liabilities 33,845 31,913 40,749 31,953 44,575
Total net assets prior to swing adjustment 2,674,046 5,350,400 4,067,901 3,444,626 3,226,601
Adjustment due to swing pricing (note 8) – – – – –
Total net assets after swing adjustment 2,674,046 5,350,400 4,067,901 3,444,626 3,226,601
2These subfunds will close on 17 March 2021 and, hence, the accounts of these subfunds are prepared on a non-going concern basis.
The accompanying notes form an integral part of these financial statements.
8Standard Life Investments Global SICAV II
Société d'Investissement à Capital Variable
Statement of Net Assets (continued)
As at 31 December 2020
Combined
(EUR)*
Assets
Investments in securities at market value (note 2b) 917,332,234
Acquisition cost: 844,462,989
Cash and cash equivalents 28,013,755
Cash collateral (note 9) 6,786,001
Margin account 15,529,825
Interest and dividends receivable, net 4,889,106
Receivables resulting from sale of securities 4,596
Receivables resulting from subscriptions 1,150,807
Other receivables 2,056,784
Unrealised appreciation on:
Open forward foreign exchange contracts (note 2f) 24,358,336
Open exchange traded futures contracts (note 2h) 262,183
Swap contracts at market value (note 2g) 9,390,070
Option/swaption contracts at market value (note 2i) 7,234,586
Total assets 1,017,008,283
Liabilities
Bank overdraft 7,511,011
Cash collateral (note 9) 5,046,798
Margin account 7,681,749
Payables resulting from purchases of securities 5,059,461
Payables resulting from redemptions 13,229
Fees payable 897,528
Unrealised depreciation on:
Open forward foreign exchange contracts (note 2f) 16,386,227
Open exchange traded futures contracts (note 2h) 90,103
Swap contracts at market value (note 2g) 300,429
Option/swaption contracts at market value (note 2i) 4,715,253
Total liabilities 47,701,788
Total net assets prior to swing adjustment 969,306,495
Adjustment due to swing pricing (note 8) 32,919
Total net assets after swing adjustment 969,339,414
*Refer to note 2c and 2j for details.
The accompanying notes form an integral part of these financial statements.
9Standard Life Investments Global SICAV II
Société d'Investissement à Capital Variable
Statement of Operations and Changes in Net Assets
For the year ended 31 December 2020
Emerging
Market Debt Global
Sustainable Short
Dynamic and Global Duration Global
Multi Asset Responsible Equity Corporate Smaller
Growth Investment Impact Bond Companies
Fund1 Fund Fund Fund Fund
(EUR) (USD) (USD) (USD) (USD)
Net assets at the beginning of the year after Swing Adjustment 282,145,358 10,832,640 15,980,973 612,695,347 95,360,185
Reversal of prior year swing adjustment – – (17,559) – –
Net assets at the beginning of the year prior to Swing Adjustment 282,145,358 10,832,640 15,963,414 612,695,347 95,360,185
Income
Dividend and investment income, net (note 2d) 778,744 – 295,528 – 448,626
Interest income, net (note 2d) 2,747,313 553,756 – 16,653,907 –
Bank interest (note 3g) 2,922 1,565 1,319 115,930 17,009
Interest income on swap contracts (note 2g) 3,696 – – 3 –
Total income 3,532,675 555,321 296,847 16,769,840 465,635
Expenses
Annual management charges (note 3a) 1,233,280 607 142,867 457,103 598,519
Management company fees (note 3e) 60,608 2,660 5,283 155,021 19,394
Central administration fees (note 3d) 22,474 48,211 18,124 36,435 18,713
Depositary fees (note 3b) 117,941 8,990 25,713 89,260 59,469
Professional fees 11,066 10,499 10,499 10,499 10,499
Transfer agency fees 9,460 16,301 21,754 8,749 19,124
Taxe d'abonnement (note 5a) 25,351 1,084 2,695 61,998 8,967
Bank interest (note 3g) 243,745 173 449 36,342 1,003
Interest expense on swap contracts (note 2g) 146,841 – – 669 –
Sundry expenses 66,762 70,062 76,882 69,353 75,698
Total expenses prior to reimbursement 1,937,528 158,587 304,266 925,429 811,386
Expense reimbursement (note 3f) 3,938 132,728 131,795 (19,473) 27,961
Total expenses after reimbursement 1,933,590 25,859 172,471 944,902 783,425
Net income/(deficit) 1,599,085 529,462 124,376 15,824,938 (317,790)
Net realised (depreciation)/appreciation on: (18,431,402) (157,028) (162,373) (8,061,655) 3,660,079
Investments (9,039,980) (125,712) (148,317) (819,130) 3,823,573
Forward foreign exchange contracts (note 2f) (8,519,239) (25,025) (7,767) (7,011,671) (127,955)
Swap contracts (note 2g) 8,600,039 – – – –
Exchange traded futures contracts (note 2h) 4,150,380 – – (846,533) –
Option/swaption contracts (note 2i) (9,013,199) – – – –
Foreign currencies (note 2c) (4,609,403) (6,291) (6,289) 615,679 (35,539)
Net realised (depreciation)/appreciation for the year (18,431,402) (157,028) (162,373) (8,061,655) 3,660,079
Net change in unrealised appreciation/(depreciation) on:
Investments 8,876,939 506,474 6,790,710 28,222,020 18,430,148
Forward foreign exchange contracts (note 2f) 2,330,612 (69,192) 158 14,135,047 (3,336)
Swap contracts (note 2g) 4,043,637 – – – –
Exchange traded futures contracts (note 2h) (1,085,101) – – (61,255) –
Option/swaption contracts (note 2i) 1,480,299 – – – –
Foreign currencies (note 2c) 70,037 1,687 (7,575) (84,222) 4,123
Net change in unrealised appreciation for the year 15,716,423 438,969 6,783,293 42,211,590 18,430,935
(Decrease)/increase in net assets as a result of operations (1,115,894) 811,403 6,745,296 49,974,873 21,773,224
Movements in share capital
Subscriptions 1,725,716 – 15,990,680 77,931,482 77,526,895
Redemptions (28,812,814) – (1,942,325) (28,020,890) (100,031,930)
(Decrease)/increase in net assets as a result of movements in share
capital (27,087,098) – 14,048,355 49,910,592 (22,505,035)
Dividend distribution (note 4) – (554) (443) (12,243) (70)
Foreign exchange adjustment – – – – –
Total net assets prior to Swing Adjustment at the end of the year 253,942,366 11,643,489 36,756,622 712,568,569 94,628,304
Adjustment due to swing pricing (note 8) – – 40,432 – –
Total net assets after Swing Adjustment at the end of the year 253,942,366 11,643,489 36,797,054 712,568,569 94,628,304
1This subfund was renamed from Enhanced-Diversification Multi Asset Fund to Dynamic Multi Asset Growth Fund on 14 February 2020.
The accompanying notes form an integral part of these financial statements.
10Standard Life Investments Global SICAV II
Société d'Investissement à Capital Variable
Statement of Operations and Changes in Net Assets (continued)
For the year ended 31 December 2020
MyFolio MyFolio MyFolio MyFolio MyFolio
Multi- Multi- Multi- Multi- Multi-
Manager I Manager II Manager III Manager IV Manager V
Fund2 Fund2 Fund2 Fund2 Fund2
(EUR) (EUR) (EUR) (EUR) (EUR)
Net assets at the beginning of the year after Swing Adjustment 3,197,664 5,214,247 4,361,825 3,738,136 2,876,982
Reversal of prior year swing adjustment – – – – –
Net assets at the beginning of the year prior to Swing Adjustment 3,197,664 5,214,247 4,361,825 3,738,136 2,876,982
Income
Dividend and investment income, net (note 2d) 3,858 10,775 10,928 10,439 9,517
Interest income, net (note 2d) – – – – –
Bank interest (note 3g) – 942 23 1,282 610
Interest income on swap contracts (note 2g) – – – – –
Total income 3,858 11,717 10,951 11,721 10,127
Expenses
Annual management charges (note 3a) 9,501 11,494 16,657 10,682 8,823
Management company fees (note 3e) 700 1,267 1,010 834 712
Central administration fees (note 3d) 15,046 15,049 15,047 15,046 15,045
Depositary fees (note 3b) 15,092 13,645 14,509 14,764 15,406
Professional fees 11,066 11,066 11,066 11,066 11,066
Transfer agency fees 5,312 5,462 6,500 5,564 5,603
Taxe d'abonnement (note 5a) 451 715 750 453 326
Bank interest (note 3g) 2 60 70 66 67
Interest expense on swap contracts (note 2g) – – – – –
Sundry expenses 48,763 48,763 48,762 48,763 48,763
Total expenses prior to reimbursement 105,933 107,521 114,371 107,238 105,811
Expense reimbursement (note 3f) 89,298 82,686 86,731 87,509 89,254
Total expenses after reimbursement 16,635 24,835 27,640 19,729 16,557
Net deficit (12,777) (13,118) (16,689) (8,008) (6,430)
Net realised (depreciation) on: (3,541) (32,706) (33,835) (47,975) (64,346)
Investments (3,541) (32,706) (33,835) (47,975) (64,346)
Forward foreign exchange contracts (note 2f) – – – – –
Swap contracts (note 2g) – – – – –
Exchange traded futures contracts (note 2h) – – – – –
Option/swaption contracts (note 2i) – – – – –
Foreign currencies (note 2c) – – – – –
Net realised (depreciation) for the year (3,541) (32,706) (33,835) (47,975) (64,346)
Net change in unrealised appreciation/(depreciation) on:
Investments 15,541 111,416 15,723 (9,627) 45,991
Forward foreign exchange contracts (note 2f) – – – – –
Swap contracts (note 2g) – – – – –
Exchange traded futures contracts (note 2h) – – – – –
Option/swaption contracts (note 2i) – – – – –
Foreign currencies (note 2c) – – – – –
Net change in unrealised appreciation/(depreciation) for the year 15,541 111,416 15,723 (9,627) 45,991
(Decrease)/increase in net assets as a result of operations (777) 65,592 (34,801) (65,610) (24,785)
Movements in share capital
Subscriptions 454,850 535,427 398,031 307,140 567,140
Redemptions (977,691) (464,866) (657,154) (535,040) (192,736)
(Decrease)/increase in net assets as a result of movements in share
capital (522,841) 70,561 (259,123) (227,900) 374,404
Dividend distribution (note 4) – – – – –
Foreign exchange adjustment – – – – –
Total net assets prior to Swing Adjustment at the end of the year 2,674,046 5,350,400 4,067,901 3,444,626 3,226,601
Adjustment due to swing pricing (note 8) – – – – –
Total net assets after Swing Adjustment at the end of the year 2,674,046 5,350,400 4,067,901 3,444,626 3,226,601
2These Subfunds will close on 17 March 2021 and, hence, the accounts of these subfunds are prepared on a non-going concern basis.
The accompanying notes form an integral part of these financial statements.
11Standard Life Investments Global SICAV II
Société d'Investissement à Capital Variable
Statement of Operations and Changes in Net Assets (continued)
For the year ended 31 December 2020
Combined
(EUR)*
Net assets at the beginning of the year after Swing Adjustment 955,409,266
Reversal of prior year swing adjustment (15,624)
Net assets at the beginning of the year prior to Swing Adjustment 955,393,642
Income
Dividend and investment income, net (note 2d) 1,476,145
Interest income, net (note 2d) 17,821,345
Bank interest (note 3g) 124,761
Interest income on swap contracts (note 2g) 3,699
Total income 19,425,950
Expenses
Annual management charges (note 3a) 2,340,853
Management company fees (note 3e) 224,878
Central administration fees (note 3d) 204,127
Depositary fees (note 3b) 352,045
Professional fees 103,185
Transfer agency fees 95,654
Taxe d'abonnement (note 5a) 93,522
Bank interest (note 3g) 277,269
Interest expense on swap contracts (note 2g) 147,427
Sundry expenses 566,366
Total expenses prior to reimbursement 4,405,326
Expense reimbursement (note 3f) 678,576
Total expenses after reimbursement 3,726,750
Net income 15,699,200
Net realised (depreciation)/appreciation on:
Investments (6,830,521)
Forward foreign exchange contracts (note 2f) (14,802,327)
Swap contracts (note 2g) 8,600,039
Exchange traded futures contracts (note 2h) 3,408,811
Option/swaption contracts (note 2i) (9,013,199)
Foreign currencies (note 2c) (4,112,217)
Net realised (depreciation) for the year (22,749,414)
Net change in unrealised appreciation/(depreciation) on:
Investments 56,315,988
Forward foreign exchange contracts (note 2f) 14,649,614
Swap contracts (note 2g) 4,043,637
Exchange traded futures contracts (note 2h) (1,138,761)
Option/swaption contracts (note 2i) 1,480,299
Foreign currencies (note 2c) (5,288)
Net change in unrealised appreciation for the year 75,345,489
Increase in net assets as a result of operations 68,295,275
Movements in share capital
Subscriptions 154,178,862
Redemptions (145,516,946)
Increase in net assets as a result of movements in share capital 8,661,916
Dividend distribution (note 4) (11,660)
Foreign exchange adjustment (63,032,678)*
Total net assets prior to Swing Adjustment at the end of the year 969,306,495
Adjustment due to swing pricing (note 8) 32,919
Total net assets after Swing Adjustment at the end of the year 969,339,414
*Refer to note 2c and 2j for details.
The accompanying notes form an integral part of these financial statements.
12Standard Life Investments Global SICAV II
Société d'Investissement à Capital Variable
Statistics
Shares
outstanding
at the end 31 December 31 December 31 December
Currency of the year 2020 2019 2018
Dynamic Multi Asset Growth Fund1
Total net assets EUR 253,942,366 282,145,358 18,455,260
Net asset value per share of:
A Accumulation Shares EUR 229,004.060 11.74 11.16 9.84
A Accumulation Hedged USD Shares USD 500.000 12.92 12.09 10.37
B Accumulation Shares EUR 100.000 12.16 11.45 10.02
D Accumulation Shares EUR 193,085.292 12.13 11.44 10.02
D Accumulation Hedged USD Shares USD 1,659.000 13.36 12.41 10.56
K Accumulation Shares EUR 100.000 12.34 11.59 10.11
S Accumulation Hedged GBP Shares GBP 19,040,269.192 11.68 10.97 –
Z Accumulation Shares EUR 146,664.263 12.52 11.72 10.20
Emerging Market Debt Sustainable and
Responsible Investment Fund
Total net assets USD 11,643,489 10,832,640 –
Net asset value per share of:
A Accumulation Shares USD 100.000 11.29 10.64 –
A Accumulation Hedged EUR Shares EUR 500.000 10.84 10.45 –
A Accumulation Hedged GBP Shares GBP 500.000 11.04 10.56 –
A Accumulation Unhedged EUR Shares EUR 100.000 10.42 10.76 –
A Distribution Shares USD 100.000 11.09 10.68 –
A Distribution Hedged GBP Shares GBP 500.000 10.82 10.56 –
B Accumulation Shares USD 100.000 11.47 10.73 –
B Accumulation Hedged EUR Shares EUR 500.000 11.01 10.51 –
B Accumulation Hedged GBP Shares GBP 500.000 11.18 10.61 –
B Accumulation Unhedged EUR Shares EUR 100.000 10.57 10.82 –
B Distribution Shares USD 100.000 11.17 10.73 –
B Distribution Hedged GBP Shares GBP 500.000 10.90 10.61 –
D Accumulation Shares USD 100.000 11.43 10.70 –
D Accumulation Hedged EUR Shares EUR 500.000 11.03 10.52 –
D Accumulation Hedged GBP Shares GBP 500.000 11.20 10.62 –
D Accumulation Unhedged EUR Shares EUR 100.000 10.58 10.83 –
D Distribution Hedged GBP Shares GBP 500.000 10.91 10.62 –
K Accumulation Shares* USD 0.100 11,005.40 10.26 –
K Distribution Shares* USD 0.100 10,956.20 10.26 –
Z Accumulation Shares USD 1,000,100.000 11.56 10.75 –
Z Accumulation Hedged EUR Shares EUR 500.000 11.15 10.57 –
1
This subfund was renamed from Enhanced-Diversification Multi Asset Fund to Dynamic Multi Asset Growth Fund on 14 February 2020.
*In February 2020, there was a stock split from 100 shares to 0.1 shares which increased the net asset value per share.
Total net assets for each subfund is before any adjustment due to swing pricing. The net asset value per share for each share class is after any adjustment due to swing pricing.
13Standard Life Investments Global SICAV II
Société d'Investissement à Capital Variable
Statistics (continued)
Shares
outstanding
at the end 31 December 31 December 31 December
Currency of the year 2020 2019 2018
Global Equity Impact Fund
Total net assets USD 36,756,622 15,963,414 7,996,250
Net asset value per share of:
A Accumulation Unhedged EUR Shares EUR 51,529.262 13.28 11.49 8.90
A Distribution Unhedged EUR Shares EUR 4,565.192 13.22 11.45 8.89
B Accumulation Unhedged EUR Shares EUR 100.000 13.59 11.67 8.98
B Accumulation Unhedged GBP Shares GBP 67,910.684 13.58 11.03 8.94
D Accumulation Shares USD 538,010.380 14.18 11.14 8.73
D Accumulation Unhedged EUR Shares EUR 1,131,955.401 13.57 11.64 8.97
D Accumulation Unhedged GBP Shares GBP 2,100.000 13.76 11.16 9.05
D Accumulation Unhedged NOK Shares NOK 100.000 157.22 126.10 97.33
D Distribution Unhedged EUR Shares EUR 17,721.000 13.27 11.51 8.98
K Accumulation Unhedged GBP Shares GBP 28,232.943 14.03 11.33 9.15
S Accumulation Shares USD 8,087.990 14.13 11.07 8.67
S Accumulation Hedged GBP Shares GBP 372,787.934 14.03 11.36 9.18
S Accumulation Unhedged EUR Shares EUR 100.000 13.51 11.57 8.90
Z Accumulation Shares USD 100.000 14.50 11.31 8.81
Global Short Duration Corporate Bond Fund
Total net assets USD 712,568,569 612,695,347 386,889,429
Net asset value per share of:
S Accumulation Shares USD 100.000 11.23 10.77 10.12
S Accumulation Hedged EUR Shares EUR 500.000 10.38 10.11 9.80
S Accumulation Hedged GBP Shares GBP 13,424,389.003 10.76 10.41 9.94
S Accumulation Hedged SEK Shares SEK 500.000 106.46 103.36 99.90
S Distribution Hedged GBP Shares GBP 500.000 10.09 9.95 9.75
Z Accumulation Shares USD 100.000 11.41 10.89 10.17
Z Accumulation Hedged EUR Shares EUR 5,050,966.876 10.52 10.20 9.84
Z Accumulation Hedged GBP Shares GBP 30,197,853.363 10.86 10.47 9.98
Z Distribution Hedged GBP Shares GBP 183,318.995 10.21 10.03 –
Global Smaller Companies Fund
Total net assets USD 94,628,304 95,360,185 65,968,183
Net asset value per share of:
A Accumulation Shares USD 60,466.948 13.97 10.45 8.68
A Accumulation Unhedged EUR Shares EUR 505,328.314 13.61 11.16 9.11
A Accumulation Unhedged NOK Shares NOK 100.000 140.11 107.87 –
A Accumulation Unhedged SEK Shares* SEK – – – 94.99
B Accumulation Shares USD 100.000 14.31 10.62 8.74
B Accumulation Unhedged EUR Shares EUR 100.000 14.00 11.34 9.17
D Accumulation Shares USD 2,230,572.319 14.36 10.64 8.76
D Accumulation Unhedged EUR Shares EUR 2,220,006.227 14.01 11.35 9.17
D Accumulation Unhedged GBP Shares GBP 6,739.770 14.25 10.91 9.27
D Accumulation Unhedged NOK Shares NOK 100.000 142.58 108.75 –
D Accumulation Unhedged SEK Shares* SEK – – – 95.89
S Accumulation Shares USD 69,031.010 13.77 10.19 8.37
S Accumulation Unhedged EUR Shares EUR 11,203.206 13.72 11.10 8.96
S Accumulation Unhedged GBP Shares GBP 65,497.119 14.03 10.73 9.11
S Accumulation Unhedged SEK Shares* SEK – – – 93.36
Z Accumulation Shares USD 380,397.077 14.75 10.83 8.83
Z Distribution Unhedged AUD Shares AUD 732,225.673 12.31 9.95 –
*Closed Share Class in previous year.
Total net assets for each subfund is before any adjustment due to swing pricing. The net asset value per share for each share class is after any adjustment due to swing pricing.
14Standard Life Investments Global SICAV II
Société d'Investissement à Capital Variable
Statistics (continued)
Shares
outstanding
at the end 31 December 31 December 31 December
Currency of the year 2020 2019 2018
MyFolio Multi-Manager I Fund*
Total net assets EUR 2,674,046 3,197,664 2,874,166
Net asset value per share of:
A Accumulation Shares EUR 149.000 10.55 10.44 9.78
A Distribution Shares EUR 30,124.079 10.52 10.42 9.76
B Accumulation Shares EUR 100.000 10.65 10.51 9.81
D Accumulation Shares EUR 100,349.309 10.75 10.60 9.87
Z Accumulation Shares EUR 116,227.971 10.97 10.76 9.97
*
MyFolio Multi-Manager II Fund
Total net assets EUR 5,350,400 5,214,247 4,050,443
Net asset value per share of:
A Accumulation Shares EUR 23,320.838 10.75 10.74 9.72
A Distribution Shares EUR 10,499.382 10.74 10.72 9.70
B Accumulation Shares EUR 100.000 10.90 10.83 9.76
D Accumulation Shares EUR 100,511.698 10.98 10.90 9.81
Z Accumulation Shares EUR 345,415.659 11.24 11.09 9.93
MyFolio Multi-Manager III Fund*
Total net assets EUR 4,067,901 4,361,825 3,363,594
Net asset value per share of:
A Accumulation Shares EUR 11,454.014 10.81 10.92 9.67
A Distribution Shares EUR 51,143.192 10.79 10.90 9.65
B Accumulation Shares EUR 100.000 11.01 11.06 9.75
D Accumulation Shares EUR 101,033.327 11.06 11.10 9.76
Z Accumulation Shares EUR 200,454.532 11.34 11.32 9.90
MyFolio Multi-Manager IV Fund*
Total net assets EUR 3,444,626 3,738,136 2,744,183
Net asset value per share of:
A Accumulation Shares EUR 1,788.783 10.87 11.11 9.63
A Distribution Shares EUR 19,736.618 10.89 11.13 9.64
B Accumulation Shares EUR 100.000 11.18 11.37 9.79
D Accumulation Shares EUR 100,415.022 11.20 11.37 9.78
Z Accumulation Shares EUR 181,428.211 11.49 11.59 9.91
MyFolio Multi-Manager V Fund*
Total net assets EUR 3,226,601 2,876,982 1,892,370
Net asset value per share of:
A Accumulation Shares EUR 770.780 10.97 11.27 9.66
A Distribution Shares EUR 6,803.864 10.98 11.28 9.67
B Accumulation Shares EUR 100.000 11.31 11.55 9.82
D Accumulation Shares EUR 100,420.684 11.31 11.54 9.82
Z Accumulation Shares EUR 172,526.419 11.63 11.78 9.95
*These Subfunds will close on 17 March 2021 and, hence, the accounts of these subfunds are prepared on a non-going concern basis.
Total net assets for each subfund is before any adjustment due to swing pricing. The net asset value per share for each share class is after any adjustment due to swing pricing.
15Standard Life Investments Global SICAV II
Société d'Investissement à Capital Variable
Notes to the Financial Statements as at 31 December 2020
1. Organisation
Standard Life Investments Global SICAV II (the "Company") was incorporated on 15 March 2016 under the laws of the Grand Duchy of
Luxembourg as a "Société d'Investissement à Capital Variable" ("SICAV") with multiple subfunds for an unlimited period. The Company has
received approval from the Luxembourg authorities for registration under Part I of the law of 17 December 2010, as amended, relating to
Undertakings for Collective Investment in Transferable Securities (the "UCITS Law") in conformity with Directive 2009/65/EC (the “UCITS
Directive”). The Company is not a self-managed SICAV. A management company was appointed on 1 June 2016.
The legal notice ("notice légale") required by Luxembourg laws in connection with the issue and sale of shares in the Company has been
deposited with the Registrar of the District Court of Luxembourg (the "Registrar"). The Company's articles of incorporation have also been
deposited with the Registrar and have been published in the Recueil des Sociétés et Associations (the "Mémorial") on 8 April 2016. The Company
has been registered under number B 204798 at the Luxembourg Trade and Companies Register.
During the year ended 31 December 2020, there were 10 subfunds available for investment and 17 classes of shares were offered to investors:
Class A, Class A Hedged, Class A Unhedged, Class B, Class B Hedged, Class B Unhedged, Class D, Class D Hedged, Class D Unhedged, Class K,
Class K Unhedged, Class S, Class S Hedged, Class S Unhedged, Class Z, Class Z Hedged and Class Z Unhedged which differ in the fee structure
applying to them.
Details of the classes of shares issued in the subfunds are noted in the Statistics and in Appendix 1 of the annual report. Further details of each
Share Class can also be found in the Prospectus.
2. Summary of Significant Accounting Policies
a) General
These financial statements are prepared in accordance with Luxembourg regulations applicable to Undertakings for Collective Investment Funds.
These financial statements have been prepared on a going concern basis apart from the MyFolio Multi-Manager I Fund, MyFolio Multi-Manager II
Fund, MyFolio Multi-Manager III Fund, MyFolio Multi-Manager IV Fund and MyFolio Multi-Manager V Fund which have been prepared on a non-
going concern basis of accounting. Following approval by the Board, the MyFolio Multi-Manager Funds will close on 17 March 2021 and such are a
non-going concern. The use of non-going concern basis of accounting implies that the financial statements of these Subfunds have been adjusted
to include the liquidation costs attributable to these Subfunds and that the valuation of investments reflect their net realisable value at the year-
end date. Refer to note 12 for details. To reflect the application of the non-going concern basis of accounting, the listed securities of the MyFolio
Multi-Manager Funds (to be liquidated) have been valued at their net realisable value, or at bid value, as at the balance sheet date. Liquidation
costs have been considered and no provisions are required in the year-end financial-statements of the Subfunds.
b) Investment valuation
In determining the value of the assets of the Company, securities and money market instruments listed on a recognised stock exchange or dealt
on any other regulated market that operates regularly, is recognised and is open to the public, will be valued at their latest available prices, or, in
the event that there should be several such markets, on the basis of their latest available prices on the main market for the relevant security.
Securities and money market instruments not listed or traded on a stock exchange or not dealt on another regulated market will be valued on the
basis of the probable sales proceeds determined prudently and in good faith by the Board of Directors of the Management Company. Suspended
or delisted securities held at 31 December 2020 have been valued at fair value as instructed by the Investment Manager; details of these
securities are included in Schedule of Investments.
All other securities and other assets will be valued at fair market value as determined in good faith pursuant to procedures established by the
Board of Directors of the Management Company.
In the event that the latest available price does not, in the opinion of the Board of Directors of the Management Company, truly reflect the fair
market value of the relevant securities and money market instruments, the value of such securities will be defined by the Board of Directors of the
Management Company based on the reasonably foreseeable sales proceeds determined prudently and in good faith.
The liquidating value of futures, forward or options contracts traded on exchanges or on other regulated markets shall be based upon the last
available settlement prices of these contracts on exchanges and regulated markets on which the particular futures, forward or options contracts
are traded by the Company; provided that if a futures, forward or options contract could not be liquidated on the day with respect to which net
assets are being determined, the basis for determining the liquidating value of such contract shall be such value as the Board of Directors of the
Management Company may deem fair and reasonable.
c) Conversion of foreign currencies
The books and records of each subfund are denominated in the base currency of the corresponding subfund. Amounts denominated in other
currencies are translated into the base currency on the following basis:
(i) investment valuations and other assets and liabilities initially expressed in other currencies are converted on each business day into the base
currency using exchange rates prevailing on each business day; and
(ii) purchases and sales of foreign investments, income and expenses are converted into the base currency using currency exchange rates
prevailing on the respective dates of such transactions.
Net realised gains and losses on foreign exchange represent:
(i) foreign exchange gains and losses from the sale and holding of foreign currencies;
(ii) gains and losses between trade date and settlement date on securities transactions; and
(iii) gains and losses arising from the difference between amounts of dividends and interest recorded and the amounts actually received.
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