Statement of operations and changes in net assets

for the year ending December 31, 2016

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(amounts in EUR)

Note

Jan. 1, 2016 -
Dec. 31, 2016

Jan. 1, 2015 -
Dec. 31, 2015

Jan. 1, 2014 -
Dec. 31, 2014

 

 

 

 

 

Net assets at the beginning of the year

 

1,265,146,351

1,023,206,204

669,251,723

 

 

 

 

 

Income

 

 

 

 

Dividends, net

(2d)

10,395,220

8,300,186

6,496,546

Interest on bonds, net

(2d)

11,176,235

12,312,645

10,941,070

Other income

 

129,761

120,477

273,794

 

 

 

 

 

 

 

 

 

 

Total income

 

21,701,216

20,733,308

17,711,410

 

 

 

 

 

Expenses

 

 

 

 

Management fees

(4.1)

11,091,801

10,335,071

7,200,250

Service fees

(4.2)

907,636

755,201

918,433

Subscription tax

(6)

588,026

577,526

422,152

Bank charges and correspondent fees

 

324

Bank interest

 

107,592

47,197

6,202

Other charges

 

10

 

 

 

 

 

 

 

 

 

 

Total expenses

 

12,695,055

11,714,995

8,547,371

 

 

 

 

 

Net income from investments

 

9,006,161

9,018,313

9,164,039

 

 

 

 

 

Net realised gain on sale of investments

(2b)

4,606,820

55,386,262

22,240,073

Net realised gain/(loss) on foreign exchange

 

101,784

(752,770)

(521,944)

 

 

 

 

 

 

 

 

 

 

Net realised gain

 

13,714,765

63,651,805

30,882,168

 

 

 

 

 

Change in net unrealised appreciation/(depreciation) on investments

 

(27,725,462)

26,666,781

80,094,901

 

 

 

 

 

 

 

 

 

 

Net increase/(decrease) in net assets as a result of operations

 

(14,010,697)

90,318,586

110,977,069

 

 

 

 

 

Evolution of the capital

 

 

 

 

Subscription of shares

 

359,687,610

393,223,499

374,446,940

Redemption of shares

 

(278,749,890)

(231,253,112)

(127,254,913)

Dividend paid

 

(8,009,310)

(10,348,826)

(4,214,615)

 

 

 

 

 

 

 

 

 

 

Net assets at the end of the year

 

1,324,064,064

1,265,146,351

1,023,206,204

 

 

 

 

The (PDF:) accompanying notes form an integral part of these financial statements.

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