Audited Annual Report as at 31 December 2018 - Anavon International... · opportunities in higher...

TAGES INTERNATIONAL FUNDS Société d'Investissement à Capital Variable

Luxembourg (SICAV)

Audited Annual Report as at 31 December 2018

R.C.S. Luxembourg: B 203.325

TAGES INTERNATIONAL FUNDS

TAGES PSAM CREDIT FUND

ANAVON GLOBAL EQUITY LONG/SHORT UCITS FUND

TAGES CYGNUS EUROPA EVENT DRIVEN UCITS FUND

TAGES ROTELLA UCITS FUND*

No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus and the Key InvestorInformation Document, accompanied by the latest annual report and most recent semi-annual report, if published thereafter.

* Sub-Fund closed on 2 November 2018.


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Table of Contents

Management and Administration 2

Information to Shareholders 3

Directors' Report 4

Report of the Réviseur d'Entreprises agréé 11

Statistics 14

Combined Statement of Net Assets as at 31 December 2018 16

Combined Statement of Operations and Changes in Net Assets for the year ended 31 December 2018 16


Statement of Net Assets as at 31 December 2018 17

Statement of Operations and Changes in Net Assets for the year ended 31 December 2018 17

Statement of Changes in Number of Shares 17

Securities Portfolio as at 31 December 2018 19

Financial derivative instruments as at 31 December 2018 19

Portfolio Breakdowns 20

Top Ten Holdings 20








Top Ten Holdings 24








Top Ten Holdings 29


Statement of Net Assets as at 2 November 2018 30

Statement of Operations and Changes in Net Assets for the period ended 2 November 2018 30


Notes to the Financial Statements 31

Additional Information (unaudited) 37



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Registered office60, avenue J.F. KennedyL-1855 LuxembourgGrand Duchy of Luxembourg

Members of the Board of DirectorsSaul BenjaminBertrand GibeauPaul de Quant

Management CompanyMLC Management Limited 23 St. Stephen's Green,Dublin 2Ireland

Administrative AgentBNP Paribas Securities Services, Luxembourg Branch60, avenue J.F. KennedyL-1855 LuxembourgGrand Duchy of Luxembourg

AuditorKPMG Luxembourg, Société coopérative39, avenue J.F. KennedyL-1855 LuxembourgGrand Duchy of Luxembourg

Investment ManagerTages Capital LLP39 St James's Street,London, SW1A 1JDUnited Kingdom

Directors of the Management Company David HammondMatthew WilliamsonDavid TeaseCyril DelamareRichard DayConor Murphy

DepositaryBNP Paribas Securities Services, Luxembourg Branch60, avenue J.F. KennedyL-1855 LuxembourgGrand Duchy of Luxembourg

Legal advisersIn LuxembourgBonn Steichen & Partners2, rue PeternelchenL-2370 HowaldGrand Duchy of Luxembourg

In the United KingdomSidley Austin LLPWoolgate Exchange25 Basinghall StreetLondon, EC2V 5HAUnited Kingdom

Representative agent in SwitzerlandARM Swiss Representatives S.A.Route de Cité-Ouest, 2CH-1196, GlandSwitzerland

Paying agent in SwitzerlandBanque Cantonale de Genève (BCGE)Quai de l'Ile, 17CH-1204, GenevaSwitzerland

Management and Administration


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Current prospectus

A copy of the Prospectus, key investor information document(s), the most recent financial statements and the Articles may be obtained free ofcharge upon request at the registered office of the Company.

Reports

The Financial Year begins on 1 January and terminates on 31 December of each year.

Audited annual reports of the end of each fiscal year are established as at 31 December of each year. In addition, unaudited semi-annual reportsare established as per the last day of the month of June. Those financial reports will provide for information on each of the Sub-Funds' assets aswell as the consolidated accounts of the Company and be made available to the Shareholders free of charge at the registered office of theCompany and of the Administrative Agent.

The financial statements of each Sub-Fund are established in the Reference Currency of the Sub-Fund but the consolidated accounts areexpressed in Euro (EUR).

Audited annual reports are published within four months following the end of the financial year and unaudited semi-annual reports are publishedwithin two months following the end of period to which they refer.

General meetings

The annual general meeting of the Shareholders of the Company was held at the registered office of the Company or on the place specified in theconvening notice on 10 April 2019 at 11.00 a.m..

Notice of any general meeting of shareholders (including those considering amendments to the Articles or the dissolution and liquidation of theCompany or of any Sub-Fund) will be mailed to each registered Shareholder at least eight days prior to the meeting and will be published to theextent required by Luxembourg law in the Recueil Electronique des Sociétés et Associations and in any Luxembourg and other newspaper(s) thatthe Board may determine.

Such notices shall contain the agenda, the date and place of the meeting, the conditions of admission to the meeting and they shall refer to theapplicable quorum and majority requirements. The meetings of Shareholders of Shares of a particular Sub-Fund may decide on matters which arerelevant only for the Sub-Fund concerned.

Information to Shareholders


Directors’ Report TAGES PSAM CREDIT FUND Tages PSAM Credit Fund is a long/short global high yield bond and financial derivatives fund, investing in the U.S. and Europe. The fund seeks to generate attractive risk adjusted returns from a diversified investment portfolio, with a focus on catalyst-driven situations. PSAM assumed management of the fund in late June 2017. The fourth quarter of the year was a challenging one in which weak technicals and macro uncertainty dominated reasonable fundamentals. However, the selloff resulted in improved risk/reward profiles while many of the key supports of the high yield market are not showing alarming negative changes, including: default rates, forward interest rate outlook and economic growth. The new issue market should re-open as it takes some time for levels to re-set after a sharp correction. However, while we believe the broader HY market is in relatively good shape, investing in a market towards the latter stages of the credit cycle does warrant caution. Our focus remains on event-driven longs and alpha shorts and hedges to help mitigate market volatility. Admittedly, this did not work as expected in 4Q18 as the sell-off was broad based across asset classes. Given our conviction levels in the nature of the events surrounding some of these names, we decided to ride the volatility and stayed invested in these situations. In addition to these idiosyncratic investments, we do expect to find good total return opportunities in higher quality names which have unjustifiably suffered from broader market contagion as was the case with HCA and Virgin Media in 4Q18. First Energy Solutions (“FES”) notes were a leading contributor to performance in 2018. FES is the unregulated merchant power subsidiary of First Energy Corp. (“FE”). At the end of March, FES and other subsidiaries of FE filed for Chapter 11. Progress in the restructuring helped lift debt prices over the year. The company has also benefited from continued positive news flow including heightened expectations of regulatory support for its coal nuclear plants, thereby leading to capital appreciation in FE bonds. GenOn Energy Inc. (“GenOn”), a U.S. merchant power generator, also contributed to performance. GenOn continued to make progress towards filling a Chapter 11 plan of reorganization. During the third quarter, GenOn reached a settlement that will allow it to untangle its valuable assets in New Jersey from a legacy leveraged lease structure. The settlement involves paying ~$100mm of cash to holders of the bonds and equity of the lease structure. This will enable us to increase the amount of take-back paper we receive in the reorganization. In December, GenOn emerged from Chapter 11 and we have exited the position. Getty Images, Inc. (“Getty”) added to returns as well. Getty is a market leader in the imagery content space. The company serves as an intermediary between a diverse set of content creators and a broad set of customers, including advertising agencies, media companies and corporate clients. Content is mainly focused on still imagery, which allows the customer to purchase imagery in a timely and efficient manor without having to commission their own production of content. Getty stabilized operations and continued to use its top tier editorial content and its expansive library of creative stills to remain relevant to its customer base. We believe that the company’s financial performance has reached an inflection point, as evidenced by recent earnings reports. Our investment in Getty bonds appreciated on the news that the Getty family had bought out the equity stake held by the private equity sponsors and the company was considering a refinancing of the capital structure. The leading detractor for the year was Astaldi, an Italian engineering and construction company. Astaldi was forced to file for a restructuring after failing to complete sufficient assets sales to help the company meet its near-term liabilities. Exposure to Neiman Marcus also detracted from performance in 2018. Neiman Marcus is a luxury retailer operating 42 Neiman Marcus stores in major U.S. markets and two Bergdorf Goodman high-end luxury locations in New York. The company also has online offerings associated with these brands. In addition, the company’s MyTheresa brand is meant for younger, luxury conscious customers primarily in Europe. In recent quarters, Neiman’s operating performance appears to have bottomed amidst a challenging retail environment. However, our investment in Neiman Marcus bonds was impacted by the following factors:

The market reacted adversely to an earlier decision by the sponsors to move the MyTheresa subsidiary out of the restricted group. We note that the legality of this action has been publicly challenged as a fraudulent transfer on the basis indenture interpretation by at least one bondholder.

Dampened investor expectations, regarding the timing of any debt exchange offer.

We plan to weather the volatility and remain invested in Neiman Marcus bonds given our view that the company will address its capital structure within the next twelve months. Hexion Inc. (“Hexion”) also detracted from returns during the year. Hexion is a diversified chemical company whose products include thermoset resins, forest products and other specialty products used in a diverse range of applications and industries. Hexion is controlled by private equity firm Apollo Global Management, LLC. Over the past year, Hexion has been actively engaged in discussions to sell non-core assets, the proceeds of which are expected to pay down debt in conjunction with a refinancing of part or whole of the capital structure. While there is nothing to suggest that the company’s focus has shifted, the lack of a material update from the company has made investor nervous. Macro volatility driven by geopolitical concerns and weak earnings from unrelated chemical companies have also weighed on sentiment. A combination of the above factors hurt our investment in Hexion. We remain invested in the Hexion bonds given our thesis remains unchanged. From a portfolio perspective, we used the market strength in early January raise our cash balances by de-risking some of the more market sensitive positions and will consider adding to idiosyncratic shorts. We believe it is prudent to adopt a conservative stance until we get further clarity on Central Bank QE agendas, especially the US Federal Reserve, and the impact of geopolitical risks on economic growth.

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Directors’ Report (continued) ANAVON GLOBAL EQUITY LONG/SHORT UCITS FUND The Anavon Global Long/Short Strategy returned -4.45%, net of fees in 2018 in a particularly challenging market environment. All major global averages had their worst year since 2008 with most of them exhibiting double digit declines. While the strategy outperformed the major global indices, significantly protecting capital, our alpha generation, albeit positive, wasn’t strong enough to avoid the negative yearly performance. Keeping with our long-term investment strategy, we maintained a balanced market exposure throughout the year, exploiting opportunities to deploy capital into highly asymmetric risk-reward situations. While this may have cost us slightly in the short term, we are confident that we will be handsomely rewarded in time. Capturing market upside is a fundamental tenet of our investment philosophy. Protecting capital in tougher years, as we did in 2018, is paramount, but opportunities must be seized when they present themselves. The current volatile market environment offers great opportunities, particularly on the long side but also on the short side. We have taken advantage of the recent market turbulence by adding to some of our existing long investments that sold off materially, initiating several new long investments in Q4, covering numerous short positions at substantial profits and subsequently replacing them with fresh ones that didn’t fall as much in the recent rout. In Q4 alone we have initiated 6 new short investments. Every year in our annual review, we summarise the strategy’s key movers, main lessons learned and themes that affected our portfolio during the year. In 2018, a fairer review would require two separate letters: one to cover the first 3 quarters of the year and one entirely dedicated to the fourth quarter. The strategy performed strongly for the first 9 months, outperforming most markets and generating material alpha from the long side of the portfolio. In the last quarter though, the strategy lost nearly 7.5% on a net basis, better than all major averages but below our expectations. As we shall see below, the main disappointment in 2018 was the negative alpha generated in Q4 from the long book. While our shorts acted as great market hedges in Q4 and generated significant alpha during the market rout, our long book proved to be less resilient than we would have anticipated. The underperformance in the long book cost the strategy over 4% in negative alpha in Q4, exceeding our entire 2018 gross loss of -3.3%. In other words, the entire negative performance of 2018 is to be found in the weak alpha performance of our long book in Q4-18. Looking forward to 2019, it’s probably fair to say we have never been so excited by what we see in our portfolio as we are now. We’ve rarely seen such a collection of high-quality businesses trading at such large discounts to the market, especially considering their superior growth attributes, as the ones in our long portfolio. TAGES CYGNUS EUROPA EVENT DRIVEN UCITS FUND 2018 Highlights: We started the year with a positive view on equity markets, sustained by our expectations of a pickup in corporate activity. However, things quickly shifted.

Divergence between Credit and Equities remained near an all-time high and continues to this day. This divergence continues to drive our positioning. During 2018, practically all asset classes dropped, leaving nowhere to hide. We positioned ourselves cautiously for the turbulence that ensued, reducing our gross and net exposure over the course of the year. Our hedging book protected us during sharp market downturns and contributed to performance (+2.99%). A key distinguishing factor has been and continues to be the Funds low correlation to the Eurostoxx600 index.

Moving Forward: We continue to remain cautious about the market, given the uncertainties that remain in Europe, the way Brexit is panning out, and the conflicts within the US Government.

We would expect 2019 to be more volatile than 2018 and either reward, or punish, different stocks and sectors with respect to the last 2-3 years. The Tages Cygnus Europa Event Driven UCITS Fund was down -4.16% net for Class A shares in 2018. The Eurostoxx600 index ended 2018, down -10.77%. Overall, our short book contributed the most to performance (+3.15%), while the long side detracted (-4.11%) and overshadowed this gain. Our stock selection within Capital Structure (+0.21%) and our hedging book (+2.99%) proved to contribute the most to performance, M&A (-2.46%), and Special Situations (-2.40%) detracted.

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Directors’ Report (continued) TAGES CYGNUS EUROPA EVENT DRIVEN UCITS FUND (continued)

2018 Investment Environment 2018 started off well in January, with European indices pushing higher, to then suffer for the rest of the year due to a variety of factors. Sector dispersion continued to be high and single name volatility was noticeable, especially around earnings and even more around bad earnings. Indices were down substantially and were particularly hard hit in the 4th quarter with the European, along with the Asian and Japanese, Implied Equity Risk Premium very close to historical highs, which we think is indicative of the general global uncertainty (see Graph 1). The divergence between Credit and Equities remained throughout 2018 and continues for the time being. This view has given shape to our portfolio and the way we see opportunities going forward (see Graph 2).

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Directors’ Report (continued) TAGES CYGNUS EUROPA EVENT DRIVEN UCITS FUND (continued) Portfolio Summary The first quarter of 2018 started off well, with January seeming to promise a good year ahead, only to see the flash crash prove more indicative of the year that was to come. Due to the big divergence in pricing between credit and equities in Europe, which we still see, we were reasonably positive on the outlook for corporate activity at the onset of the year and saw a number of deals going through, although we maintained a solid hedging book, which kept the performance positive during the first quarter. While the positive performance came from our hedging book, our portfolio of names held up well during the peaks and valleys of the first quarter of the year, which ended flat compared to a -4.2% correction in the Eurostoxx600 index. At that point we felt that corporates would finally take advantage of low rates in order to optimize balance sheets.

The second quarter was primarily characterized by an initial recovery which faded out, largely on the back of well-funded worries about the new Italian government and a US-China trade war. Though global growth continued to be strong, there were signs of tension in some emerging markets. The oil price continued to rally and credit remained largely well bid. While we tended to have a number of interesting, long value ideas with catalysts in our portfolio, the market continued to remain biased towards growth trades. As a result, some of our positions stubbornly refused to go anywhere leading us to bring down our net exposure. We ended the quarter flat on a net basis. The third quarter was largely positive for markets, despite a flare-up in volatility in August, as the price of oil increased further, the S&P500 hit new highs in late September, credit spreads tightened, and European markets held up. Over this period, negative contributions mainly came from our hedging strategies both on the equity and credit sides, particularly our index options and our short credit positions. While interest rates in Europe remained generally low enough to make M&A possible, EU political tensions, an increase in wages, higher inflation, lower liquidity, and the end of EU QE, made CEOs resilient to pull the trigger. During this period, we started to see our equity portfolio significantly underperform, which together with our cloudier outlook, led us to reduce gross equity exposure from 109.8% at the end of the first quarter to 69.41% at the end of the third. The fourth quarter saw the biggest drop in December for the S&P500 since the Great Depression and oil dropped by a third. While Eurostoxx600 lost -11.57%, the Fund posted a moderate loss of -0.19% net Class A. A number of factors contributed to this. The Fed continued to increase interest rates and pursue quantitative tightening, the ECB was to stop quantitative easing in January, trade wars showed no signs of abating, the start of longest government shutdown in US history and Brexit was three months away. Although, our gross exposure remained low and our net ended the year negative, we were not able to benefit from this upheaval, as most of the dramatic moves occurred in US markets, whereas we were and still are, positioned negatively in Europe, especially in credit. The Tages Cygnus Europa Event Driven UCITS Fund continued to show low correlation to the market. Correlation with the Eurostoxx600 stood at -5% (as of end-December 2018).

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Directors’ Report (continued) TAGES CYGNUS EUROPA EVENT DRIVEN UCITS FUND (continued) 2018 Performance Attribution The portfolio was geared towards equities rather than credit. In terms of P&L, equities subtracted -4.65% YTD to the overall fund performance, while hedges added +2.99%, all in gross terms. (see Sub-Strategy Gross Attribution table on p.4) Our losses this year were concentrated in nature. All the companies involved continue to make reasonable profits, but have suffered from substantial re-rating downwards, which we feel is unwarranted. Our most successful themes were Financials and M&A related. The hedging book contributed, though not as much as we would have liked. Special Situations -2.40% gross This was again the largest equity bucket in terms of exposure, ending the year at 54.48%. The long side detracted -2.87%, while the short side produced a +1.43% gain. The recent big moves in the market have thrown up a lot of opportunities and we see a large number of names which could be coming into the book. M&A -2.46% gross Long positions produced a -1.24% loss, while shorts produced a +0.02% gain. There was a lot of M&A activity this year, although there were also quite a few names where buyers did not emerge as hoped. Utilities, telecoms and leisure were the most prominent gainers, while technology, media and consumer detracted. We continue to see scope for consolidation and we also see valuations which should be attractive to trade buyers and PE funds. We have a limited 14% gross exposure and are cautiously evaluating opportunities. Capital Structure +0.21% gross We closed out our remaining trades at a small profit and currently have no exposure in this bucket. Hedges +2.99% gross We were well hedged coming into 2018 and have seen a positive contribution, though not as much as we would have liked. Equity hedges produced a +2.12% gain and credit hedges a +0.87%. Managing the option hedging book throughout the year was challenging, as the Eurostoxx600 implied volatility remained within the 8%-16% range during most of the year with a spike towards 20% during December, with the 260-day historical volatility ending at just under 13% (see Graph 4). Credit also had a similar behaviour, with Xover remaining range bound until the last part of the year (see Graph 5).

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Directors’ Report (continued) TAGES CYGNUS EUROPA EVENT DRIVEN UCITS FUND (continued)

2019 Outlook We remain with a very cautious outlook, as we think uncertainty will remain high this year and the complacency we are currently seeing in the market isnt warranted given the high probability of seeing large market moves. The global economy is probably going to grow, though there may be countries which flirt with recession, especially in Europe. Government bond yields and interest rates may not increase, but it seems like central banks will continue to reduce the amount of liquidity in the system through quantitative tightening, which is likely to continue to remove a lot of froth. We would expect credit spreads to continue to widen and that equity markets continue to be volatile. At the company specific level, we see a large number of interesting opportunities in equities, and some, for the first time in years in corporate bonds, as the last quarter caused a dramatic drop in the price of many companies, which to our mind, appear reasonably healthy. We would expect some growth companies, which are reliant on capital markets to fund this growth, to run into trouble. We have reduced the gross and net exposure over the course of the year, and have continued to do so during January, as we feel that the equity portfolio has been underperforming significantly. We feel that giving liquidity to the market, buying “unloved” and selling “in favour” names, in a QT environment puts you at a big disadvantage, while having a lower gross, with less names, and a more opportunistic nature will allow us to take advantage of the opportunities we see. We have started the year on the wrong foot, not only due to the rally the markets are enjoying, but we also suspect due to the large unwinds taking place. Our best guess is from some of the large French banks closing their prop trading books. This is an experience weve suffered before in 2012, with JPMorgan unwinding their treasury book, given this scenario, we have brought our gross exposure down significantly to where it is currently, which is 50%.

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Directors’ Report (continued) TAGES ROTELLA UCITS FUND (closed on 2 November 2018) The Tages Rotella UCITS Fund (“Fund”) is traded pari-passu with the Rotella Polaris Program (“Polaris” or “Program”). The trading strategy employed in the Fund is a medium- to long- term trend following program with equal risk budget to equities, interest rates, currencies and commodities in a multitude of global markets. It seeks to be uncorrelated to global equity markets and to be a diversifier to traditional equity and fixed income portfolios. To begin 2018, trend followers, in general, were modestly optimistic. Equity markets, particularly in the US, looked strong and hope abounded that with the Federal Reserve (more aggressively) and the European Central Bank (modestly so) seeking to retreat from their quantative easing mechinations, there was the potential for a resurgence of what had essentially been dormant trading opportunities in the interest rate sector. To bet against predominating trends was to miss out on opportunities such as what occurred in January where the Program was up over 5% thanks in no small measure to the prevailing bullish equity run led by US equity markets. Fast forward only a few short days into February and all that had been gained and then some had vanished. The violence of the reversal and the aftershocks of the market dislocation combined with intensifying “trade war” rhetoric wreaked havoc and kept performance in the red until midyear. Performance began to improve in the third quarter. In fact, Polaris was one of the top performing CTA programs throughout Q3. In July, strong rallies in both Japanese and US equity markets overcame listless trading in European equites as well as the other sectors to notch very robust results. August heralded the Turkish lira crisis which added to the resurgence of trending conditions. The fallout from that move not only garnered positive results for Polaris’ currency positioning but also impacted the metals and agricultural markets which typically don’t make as substantial a contribution to the P&L. Q3 closed with September down slightly, but trends were remerging along with a renewed optimism because, Q4 had, historically, provided favorable trading opportunities. Unfortunately, this Q4 made its own history but not in a good way with the program sustaining another major setback on the year in October. The bottom fell out of the equity market without any apparent explanation. Trade war concerns, by this time, had been ongoing for months and the US economy had just notched the lowest unemployment numbers since the 1960s. The strong rally in oil prices also came to a screeching halt and reversed viciously although the largest loss was in the sector which had provided the greatest gains throughout the year, i.e., equites. In part, the volatility of October was blamed on the upcoming US mid-term elections in early November despite the lack of potential for surprises. When results went as planned equity markets surged albeit briefly. Only a week after US election day, Apple shares plunged when one of its key suppliers cut its long-term outlook. Contagion fears hammered all the technology stocks and the overall equity indices as well. Brexit negotiation squabbling within the British government served to strengthen the US dollar (USD) versus both the pound and the euro (and most other concerns). However, an early downturn in USD the first few days of the month had Polaris’ long dollar positioning unable to fully recoup the losses when USD did rally later. Three (equities, currencies and interest rates) of the four sectors were down in November. The Fund is currently dormant effective 2 November 2018. The Board of Directors Luxembourg, 2 April 2019 Note: The information stated in this report are historical and not necessarily indicative of future performance.

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The accompanying notes are an integral part of these financial statements.

Statistics


Net Asset Value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

53,255,021.09 65,947,851.83 59,450,284.65USD

Net asset value per share

Class A-EUR 96.793 104.123 101.432EURClass B-EUR 92.604 - -EURClass B-USD 94.470 - -USD−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Class A-EUR 476,253.79 527,451.06 555,688.02Class B-EUR 5,270.00 - -Class B-USD 1.00 - -−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net Asset Value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

118,249,371.40 105,411,077.32 87,845,896.01USD


Class E-CHF - 106.253 98.791CHFClass E-EUR 97.537 104.290 96.108EURClass I-EUR 96.256 103.587 95.925EURClass I-GBP 90.093 - -GBPClass I-USD 100.753 105.436 95.945USDClass I2-EUR 92.256 - -EURClass M-EUR 97.598 103.448 -EURClass M-GBP 93.232 - 96.618GBPClass R-EUR 88.873 - -EURClass S-EUR 97.695 104.713 96.908EUR−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Class E-CHF - 19,963.03 19,963.03Class E-EUR 273,804.09 329,474.41 396,690.15Class I-EUR 385,178.65 113,628.03 109,369.67Class I-GBP 30,134.56 - -Class I-USD 62,705.98 155,003.67 83,502.38Class I2-EUR 65,000.00 - -Class M-EUR 975.38 500.00 -Class M-GBP 150.00 - 250.00Class R-EUR 6,500.00 - -Class S-EUR 250,000.00 250,000.00 260,102.34−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net Asset Value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

36,108,258.08 40,690,006.37 -EUR


Class A-EUR 94.000 98.057 -EURClass B-EUR 91.733 95.694 -EURClass B-USD 95.624 97.243 -USDClass C-EUR 90.997 94.929 -EURClass G-EUR 98.243 - -EURClass M-EUR 93.342 97.173 -EUR−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

31 December 201631 December 2018 31 December 2017


15


Statistics


Number of shares

Class A-EUR 302,367.25 363,589.01 -Class B-EUR 3,655.47 11,220.25 -Class B-USD 4,200.00 4,200.00 -Class C-EUR 59,675.51 26,982.36 -Class G-EUR 1,604.90 - -Class M-EUR 15,119.25 10,933.90 -−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−


Net Asset Value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

- 31,299,056.86 -USD


Class A-EUR - 102.594 -EUR−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Class A-EUR - 254,061.99 -−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

31 December 201631 December 2018 31 December 2017

16



Combined Statement

EUR

AssetsInvestments in securities at cost 174,838,199.67Unrealised appreciation / (depreciation) on securities (12,230,360.97)

Investments in securities at market value 2b 162,607,838.70Investment in options at market value 13 735,581.00Cash at bank 26,272,805.17Receivable on withholding tax reclaim 79,601.27Receivable on Contracts for Difference 12 38,483.46Net unrealised appreciation on forward foreign exchangecontracts

10 126,967.45

Net unrealised appreciation on futures contracts 13 53,420.50Net unrealised appreciation on Contracts for Difference 12 3,887,308.76Dividends and interest receivable 663,516.22Formation expenses 8 343,174.84

Total assets 194,808,697.37

LiabilitiesCash collateral owed to trading counterparties 3,837,516.19Accrued expenses 932,945.52Payables for investments purchased 1,528,201.75Payable on fund shares repurchased 1,138,571.00Payable on Contracts for Difference 12 85,001.02Net unrealised depreciation on forward foreign exchangecontracts

10 96,839.09

Net unrealised depreciation on Credit Default Swaps 11 997,441.51Dividend distribution and other liabilities 56,031.07

Total liabilities 8,672,547.15

Net assets at the end of the year 186,136,150.22

Notes

Statement of Net Assets as at 31 December 2018

IncomeDividends (net of withholding taxes) 2,265,779.91Interest on bonds 2,648,110.29Bank interest 288,561.24Income on Contracts for Difference 565,287.47Other income 0.16

Total income 5,767,739.07

ExpensesInvestment Manager fees 4 2,736,603.11Depositary fees 6 100,508.56Performance fees 5 89,237.91Management Company fees 3 300,643.24Administration fees 6 434,027.71Professional fees 14 162,368.66Transaction costs 9 457,519.37Subscription tax 7 22,609.96Bank interest and charges 57,433.96Interests on Credit Default Swaps and Contracts forDifference

2,576,443.79

Printing & Publication fees 31,878.40Amortisation of formation expenses 8 128,869.56Domiciliary agent fees 6 6,228.36Other expenses 15 249,210.98Liquidation fees 52,634.12

Total expenses 7,406,217.69

Net investment income / (loss) (1,638,478.62)

Net realised gain / (loss) on: Investments 5,381,633.49Foreign currencies transactions (5,665,138.57)Futures contracts (243,043.52)Forward foreign exchange contracts (1,523,457.89)Options and swaps (1,395,762.33)Contracts for Difference 593,547.58

Net realised gain / (loss) for the year (4,490,699.86)

Net change in unrealised appreciation / (depreciation) on: Investments (22,556,721.67)Futures contracts (81,608.23)Forward foreign exchange contracts (1,546,389.98)Options and swaps 1,201,739.34Contracts for Difference 3,172,327.22

Increase / (Decrease) in net assets as a result ofoperations

(24,301,353.18)

Proceeds received on subscription of shares 62,920,038.62Net amount paid on redemption of shares (70,452,843.43)Net assets at the beginning of the year 209,459,138.91Translation difference 8,511,169.30


EURNotes

Statement of Operations and Changes in Net Assets forthe year ended 31 December 2018

17



TAGES PSAM CREDIT FUND (in USD)Statement of Operations and Changes in Net Assets for theyear ended 31 December 2018

USD


Investments in securities at market value 2b 43,727,884.90Cash at bank 8,811,204.04Receivable on Contracts for Difference 12 43,992.37Net unrealised appreciation on forward foreign exchangecontracts

10 145,142.85

Net unrealised appreciation on Contracts for Difference 12 1,525.32Dividends and interest receivable 600,633.48Formation expenses 8 256,499.30


LiabilitiesCash collateral owed to trading counterparties 41,041.10Accrued expenses 286,090.47Net unrealised depreciation on Credit Default Swaps 11 3,146.46Dividend distribution and other liabilities 1,583.14

Total liabilities 331,861.17


Notes


IncomeDividends (net of withholding taxes) 29,925.00Interest on bonds 3,027,187.42Bank interest 80,333.51Income on Contracts for Difference 76,906.52Other income 0.05


ExpensesInvestment Manager fees 4 719,729.47Depositary fees 6 39,783.54Performance fees 5 1,603.09Management Company fees 3 80,708.55Administration fees 6 128,558.89Professional fees 14 74,922.00Transaction costs 9 66,840.62Subscription tax 7 6,028.06Bank interest and charges 6,825.25Interests on Credit Default Swaps and Contracts forDifference

366,759.90

Printing & Publication fees 14,431.14Amortisation of formation expenses 8 55,881.04Domiciliary agent fees 6 1,779.11Other expenses 15 100,853.67


Net investment income / (loss) 1,549,648.17

Net realised gain / (loss) on: Investments (1,135,472.58)Foreign currencies transactions (3,442,715.50)Forward foreign exchange contracts (252,239.05)Options and swaps (197,943.83)Contracts for Difference (63,154.69)


Net change in unrealised appreciation / (depreciation) on: Investments (2,565,853.89)Forward foreign exchange contracts (1,064,274.66)Options and swaps 5,397.86Contracts for Difference (5,049.09)


(7,171,657.26)

Proceeds received on subscription of shares 862,184.95Net amount paid on redemption of shares (6,383,358.43)Net assets at the beginning of the year 65,947,851.83


USDNotes


Number of shares in issue atthe end of the year

Number of shares in issue atthe beginning of the year

Number of sharessubscribed

Number of sharesredeemed

Statement of Changes in Number of Shares

Class A-EUR 527,451.06 - (51,197.27) 476,253.79

18



TAGES PSAM CREDIT FUND (in USD)






Class B-EUR - 7,170.00 (1,900.00) 5,270.00

Class B-USD - 1.00 - 1.00


19



Securities Portfolio as at 31 December 2018

ABE INV HLDG/GET 10.5% 15-16/10/2020 USD 1,017,500.00 1.911,000,000.00

Transferable securities admitted to an official exchange listing

Bonds and other debt instrumentsUnited States

BANFF MERGER SUB 9.75% 18-01/09/2026 USD 2,752,500.00 5.163,000,000.00COMMSCOPE TECH F 6% 15-15/06/2025 USD 1,372,500.00 2.581,500,000.00CSC HOLDINGS LLC 7.5% 18-01/04/2028 USD 1,503,750.00 2.821,500,000.00DELL INC 5.4% 10-10/09/2040 USD 1,650,000.00 3.102,000,000.00FIRSTENERGY SOL 6.05% 09-15/08/2021DFLT

USD 730,000.00 1.371,000,000.00

FIRSTENERGY SOLU 6.8% 09-15/08/2039DFLT

USD 1,095,000.00 2.061,500,000.00

GETTY IMAGES INC 7% 12-15/10/2020 USD 947,500.00 1.781,000,000.00HCA INC 5.25% 16-15/06/2026 USD 1,492,500.00 2.801,500,000.00HEXION INC 10.375% 17-01/02/2022 USD 521,625.00 0.98650,000.00HEXION US FIN 6.625% 12-15/04/2020 USD 429,600.00 0.81537,000.00HEXION US/NOVA 9% 11-15/11/2020 USD 689,750.00 1.301,550,000.00NEIMAN MARCUS GR LTD 8% 13-15/10/2021

USD 1,461,250.00 2.743,500,000.00

OH AIR QUALI-REF 3.1% 09-01/03/2023DFLT

USD 1,390,000.00 2.612,000,000.00

SIMMONS FOODS 5.75% 17-01/11/2024 USD 715,000.00 1.341,000,000.00SOLARCITY CORP 1.625% 14-01/11/2019CV

USD 938,587.89 1.761,000,000.00

TENET HEALTHCARE 8.125% 13-01/04/2022

USD 2,515,625.00 4.722,500,000.00

TERRAFORM POWER 4.25% 17-31/01/2023 USD 468,750.00 0.88500,000.00TERRAFORM POWER 5% 17-31/01/2028 USD 441,875.00 0.83500,000.00

22,133,312.89 41.55

ALTICE FINCO SA 7.625% 15-15/02/2025 USD 833,750.00 1.571,000,000.00Luxembourg

ALTICE 7.75% 14-15/05/2022 USD 1,370,625.00 2.571,500,000.00INTELSAT CONNECT 9.5% 18-15/02/2023 USD 1,730,000.00 3.252,000,000.00INTELSAT JACKSON 8.5% 18-15/10/2024 USD 975,000.00 1.831,000,000.00PACIFIC DRILLING 8.375% 18-01/10/2023 USD 957,500.00 1.801,000,000.00

5,866,875.00 11.02

VIRGIN MEDIA FIN 5.75% 15-15/01/2025 USD 943,780.00 1.771,000,000.00United Kingdom

VIRGIN MEDIA SEC 5.25% 15-15/01/2026 USD 1,840,000.00 3.462,000,000.002,783,780.00 5.23

ASTALDI SPA 4.875% 17-21/06/2024 EUR 437,254.88 0.821,700,000.00Italy

UNICREDIT SPA 14-03/04/2049 FRN USD 891,500.00 1.681,000,000.001,328,754.88 2.50

VRX ESCROW CORP 6.125% 15-15/04/2025 USD 875,000.00 1.641,000,000.00Canada

875,000.00 1.64

32,987,722.77 61.94

TELECOM ITALIA-RSP EUR 953,387.10 1.792,000,000.00

SharesItaly

953,387.10 1.79

TERRAFORM POWER INC - A USD 841,500.00 1.5875,000.00United States

841,500.00 1.58

1,794,887.10 3.37

BRUCE MANSFIELD 6.85% 07-01/06/2034DFLT

USD 989,194.07 1.861,355,060.37

Mortgage backed securitiesUnited States

989,194.07 1.86

989,194.07 1.86

NameQuantity/Nominal

Market valuein USD

Currency %NAV

US TREASURY BILL 0% 18-28/03/2019 USD 7,956,080.96 14.948,000,000.00

Other transferable securities

Money market instrumentsUnited States

7,956,080.96 14.94

7,956,080.96 14.94

Total securities portfolio 43,727,884.90 82.11


Market valuein USD

Currency %NAV

1,634,690.26 16/01/191,867,929.62 (3,321.93)EURUSD 1,867,929.62Forward foreign exchange contracts

1,239,000.00 31/01/191,415,049.51 (5,066.43)EURUSD 1,415,049.5154,871,402.94 16/01/1948,068,633.75 153,531.21USDEUR 54,871,402.94

145,142.85

Total Forward foreign exchange contracts 145,142.85

SalePurchase Unrealisedappreciation /(depreciation)

in USD

MaturityDate

Commitmentin USD

Financial derivative instruments as at 31 December 2018

20/12/23ANHEUSER-BUSCH 2.25% 13-24/09/2020

1,500,000.00 (3,146.46)EURSell 1.000Credit default swaps

(3,146.46)

Sell /Buy

Underlying NotionalMaturityDate

Unrealisedappreciation /(depreciation)

in USD

CurrencyInterestrate

(%)

Total credit default swaps (3,146.46)

ALMAVIVA 7.25% 17-15/10/2022 EUR 230.26970,256.27(1,000,000.00)

Contracts for Difference

NameQuantity Unrealised appreciation / (depreciation)

in USD

Currency Commitmentin USD

CALUMET SPECIAL 6.5% 15-15/04/2021

USD 51.82243,635.10(287,000.00)

EXELA INTER 10% 17-15/07/2023 416.51(1,500,000.00)NOKIA OYJ 4.375% 17-12/06/2027 182.22(1,500,000.00)OLIN CORP 5.125% 17-15/09/2027 71.20(500,000.00)REGIONALCARE/LIF 9.75% 18-01/12/2016

406.31

USD 1,517,083.50 USD 1,387,863.90 USD 467,616.30 USD 1,447,437.45(1,500,000.00)

TREEHOUSE FOODS 6% 16-15/02/2024

167.00USD 1,014,083.00(1,000,000.00)

1,525.32

Total Contracts for Difference 1,525.32

Total financial derivative instruments 143,521.71

Summary of net assets

143,521.71 0.26Total financial derivative instruments

%NAV

43,727,884.90 82.11Total securities portfolio

8,770,162.94 16.47Cash at bank

613,451.54 1.16Other assets and liabilities

53,255,021.09 100.00Total net assets


20



Investment type allocation % of portfolio % of netassets

Bonds and other debt instruments 75.45 61.94

Money market instruments 18.19 14.94

Shares 4.10 3.37

Mortgage backed securities 2.26 1.86

100.00 82.11

Country allocation % of portfolio % of netassets

United States 72.99 59.93

Luxembourg 13.42 11.02

United Kingdom 6.37 5.23

Italy 5.22 4.29

Canada 2.00 1.64

100.00 82.11

Portfolio Breakdowns

Top Ten Holdings Market value % ofnet

assets

US TREASURY BILL 0% 18-28/03/2019 7,956,080.96 14.94Government

BANFF MERGER SUB 9.75% 18-01/09/2026 2,752,500.00 5.16Office & Businessequipment

TENET HEALTHCARE 8.125% 13-01/04/2022 2,515,625.00 4.72Cosmetics

VIRGIN MEDIA SEC 5.25% 15-15/01/2026 1,840,000.00 3.46Media

INTELSAT CONNECT 9.5% 18-15/02/2023 1,730,000.00 3.25Telecommunication

DELL INC 5.4% 10-10/09/2040 1,650,000.00 3.10Office & Businessequipment

CSC HOLDINGS LLC 7.5% 18-01/04/2028 1,503,750.00 2.82Media

HCA INC 5.25% 16-15/06/2026 1,492,500.00 2.80Cosmetics

NEIMAN MARCUS GR LTD 8% 13-15/10/2021 1,461,250.00 2.74Distribution &Wholesale

OH AIR QUALI-REF 3.1% 09-01/03/2023 DFLT 1,390,000.00 2.61Government

USD

Sector

Top Ten Holdings

21



ANAVON GLOBAL EQUITY LONG/SHORT UCITS FUND (in USD)Statement of Operations and Changes in Net Assets for theyear ended 31 December 2018

USD


Investments in securities at market value 2b 105,776,783.66Cash at bank 13,514,549.76Receivable on withholding tax reclaim 15,948.59Net unrealised appreciation on Contracts for Difference 12 4,442,251.89Dividends and interest receivable 143,869.70Formation expenses 8 99,009.57


LiabilitiesCash collateral owed to trading counterparties 3,963,434.81Accrued expenses 566,398.91Payables for investments purchased 1,087,191.84Net unrealised depreciation on forward foreign exchangecontracts

10 110,011.91

Dividend distribution and other liabilities 16,004.30



Notes


IncomeDividends (net of withholding taxes) 1,937,622.39Bank interest 180,819.02Income on Contracts for Difference 193,831.82Other income 0.13


ExpensesInvestment Manager fees 4 1,603,246.36Depositary fees 6 34,112.19Performance fees 5 100,332.65Management Company fees 3 118,519.96Administration fees 6 182,451.24Professional fees 14 35,934.40Transaction costs 9 278,617.68Subscription tax 7 12,613.70Bank interest and charges 17,273.13Interests on Credit Default Swaps and Contracts forDifference

1,055,965.77




Net realised gain / (loss) on: Investments 8,008,168.69Foreign currencies transactions (3,361,564.10)Forward foreign exchange contracts 566,217.80Contracts for Difference 671,149.20

Net realised gain / (loss) for the year 4,633,770.50

Net change in unrealised appreciation / (depreciation) on: Investments (21,634,118.52)Forward foreign exchange contracts (489,160.08)Contracts for Difference 3,631,495.11


(13,858,012.99)

Proceeds received on subscription of shares 63,963,711.94Net amount paid on redemption of shares (37,267,404.87)Net assets at the beginning of the year 105,411,077.32


USDNotes







Class E-CHF 19,963.03 - (19,963.03) -

Class E-EUR 329,474.41 5,146.15 (60,816.47) 273,804.09

Class I-EUR 113,628.03 279,069.61 (7,518.99) 385,178.65

22



ANAVON GLOBAL EQUITY LONG/SHORT UCITS FUND (in USD)






Class I-GBP - 33,631.41 (3,496.85) 30,134.56

Class I-USD 155,003.67 74,784.26 (167,081.95) 62,705.98

Class I2-EUR - 135,000.00 (70,000.00) 65,000.00

Class M-EUR 500.00 475.38 - 975.38

Class M-GBP - 150.00 - 150.00

Class R-EUR - 6,500.00 - 6,500.00

Class S-EUR 250,000.00 - - 250,000.00


23




ARCONIC INC USD 2,476,734.00 2.09146,900.00


SharesUnited States

CARS.COM INC USD 3,033,650.00 2.57141,100.00CONSTELLATION BRANDS INC-A USD 3,007,334.00 2.5418,700.00DISCOVERY INC - A USD 3,245,888.00 2.74131,200.00ELECTRONIC ARTS INC USD 2,943,343.00 2.4937,300.00INTERACTIVE BROKERS GRO-CL A USD 9,012,423.00 7.62165,700.00SHUTTERFLY INC USD 3,426,126.00 2.9085,100.00SPIRIT AEROSYSTEMS HOLD-CL A USD 4,916,538.00 4.1668,200.00TRIMBLE INC USD 1,151,850.00 0.9735,000.00UNIVAR INC USD 2,696,480.00 2.28152,000.00

35,910,366.00 30.36

BT GROUP PLC GBP 5,513,126.00 4.661,818,000.00United Kingdom

DOMINOS PIZZA GROUP PLC GBP 4,020,701.17 3.401,354,300.00JPJ GROUP PLC GBP 5,061,697.69 4.28622,918.00LONDON STOCK EXCHANGE GROUP GBP 3,600,756.91 3.0569,600.00RECKITT BENCKISER GROUP PLC GBP 8,845,407.23 7.47115,500.00

27,041,689.00 22.86

DANONE GROUPE EUR 5,871,315.57 4.9683,500.00France

VIVENDI EUR 5,332,310.05 4.51219,200.0011,203,625.62 9.47

ALLERGAN PLC USD 7,244,372.00 6.1354,200.00Ireland

7,244,372.00 6.13

KONINKLIJKE PHILIPS ELECTRONICS EUR 6,392,659.41 5.41180,800.00Netherlands

6,392,659.41 5.41

SAP SE EUR 5,694,131.89 4.8257,300.00Germany

5,694,131.89 4.82

SONY CORP-SPONSORED ADR USD 5,614,964.00 4.75116,300.00Japan

5,614,964.00 4.75

PLUS500 LTD GBP 2,863,345.75 2.42164,100.00Israel

2,863,345.75 2.42

PLAYTECH PLC GBP 1,983,300.25 1.68404,467.00Isle of Man

1,983,300.25 1.68

AMS AG CHF 1,828,329.74 1.5576,500.00Austria

1,828,329.74 1.55

105,776,783.66 89.45



Market valuein USD

Currency %NAV

1,905,615.00 31/01/191,929,923.58 (8,857.25)CHFUSD 1,929,923.58Forward foreign exchange contracts

25,145,610.38 31/01/1928,784,895.41 (36,654.24)EURUSD 28,784,895.4125,859,704.29 31/01/1932,789,702.75 (201,072.10)GBPUSD 32,789,702.75

2,490,000,000.00 31/01/192,209,325.13 (26,650.14)KRWUSD 2,209,325.13


in USD

MaturityDate

Commitmentin USD


105,264.71 31/01/19103,275.00 (190.87)USDCHF 105,264.71112,685,726.03 31/01/1998,429,032.98 132,647.27USDEUR 112,685,726.03

4,578,380.77 31/01/193,612,826.26 30,765.42USDGBP 4,578,380.77

(110,011.91)

Total Forward foreign exchange contracts (110,011.91)


in USD

MaturityDate

Commitmentin USD

ARCADIS NV 907,032.38EUR 1,913,198.35(157,000.00)



in USD

Currency Commitmentin USD

ARLO TECHNOLOGIES INC 771,832.96USD 1,117,760.00(112,000.00)AUTO TRADER GROUP PLC (60,046.96)GBP 1,274,347.10(220,000.00)BOOHOO.COM PLC 297,775.60GBP 1,456,298.44(708,000.00)CAMBREX CORP 768,342.03USD 1,736,960.00(46,000.00)CARMAX INC 214,254.67USD 2,208,096.00(35,200.00)COLOPLAST-B DKK 2,159,399.91 (201,839.68)(23,300.00)COTT CORPORATION 190,541.75USD 1,491,580.00(107,000.00)EATON VANCE CORP 381,662.05USD 1,231,300.00(35,000.00)EXTRA SPACE STORAGE INC 42,116.91USD 1,140,048.00(12,600.00)HYNIX SEMICONDUCTOR INC USD (751,912.53)1,881,475.1934,700.00INDUTRADE AB 40,438.11SEK 1,484,166.27(64,000.00)J2 GLOBAL INC 132,403.93USD 1,498,608.00(21,600.00)KONE CORP-B 52,318.12EUR 1,937,350.82(40,700.00)MASTEC INC 321,158.86USD 1,561,560.00(38,500.00)NATIONAL PRESTO INDS INC USD 2,186,404.00 (248,787.77)(18,700.00)NOVO NORDISK A/S-B 136,474.38DKK 2,372,988.48(52,000.00)PEARSON PLC 31/12/2053 GBP 3,090,730.37 (729,924.07)(258,600.00)PROSIEBENSAT.1 MEDIA AG 736,471.03EUR 1,112,776.30(62,600.00)PUBLIC STORAGE 36,527.85(5,900.00)RIB SOFTWARE SE 567,580.46(91,500.00)SLEEP NUMBER CORP (8,051.01)(59,000.00)SNAP-ON INC 143,829.11(12,670.00)SOLAREDGE TECHNOLOGIES INC 41,926.48(32,000.00)STEVEN MADDEN LTD 101,385.33(53,950.00)TUTOR PERINI CORP 260,144.83(76,000.00)VIASAT INC 233,306.25(30,100.00)VISCOFAN SA 44,489.87(32,700.00)WETHERSPOON (J.D.) PLC 20,800.95

USD 1,194,219.00 EUR 1,237,396.77 USD 1,872,070.00 USD 1,840,824.30 USD 1,123,200.00 USD 1,632,527.00 USD 1,213,720.00 USD 1,774,395.00 EUR 1,798,773.63 GBP 2,021,432.71(142,600.00)

4,442,251.89

Total Contracts for Difference 4,442,251.89

Total financial derivative instruments 4,332,239.98


4,332,239.98 3.67Total financial derivative instruments

%NAV


9,551,114.95 8.08Cash at bank

(1,410,767.19) (1.20)Other assets and liabilities

118,249,371.40 100.00Total net assets


24




Shares 100.00 89.45

100.00 89.45


United States 33.96 30.36

United Kingdom 25.56 22.86

France 10.59 9.47

Ireland 6.85 6.13

Netherlands 6.04 5.41

Germany 5.38 4.82

Japan 5.31 4.75

Israel 2.71 2.42

Other 3.60 3.23

100.00 89.45



assets

INTERACTIVE BROKERS GRO-CL A 9,012,423.00 7.62Financial services

RECKITT BENCKISER GROUP PLC 8,845,407.23 7.47Distribution &Wholesale

ALLERGAN PLC 7,244,372.00 6.13Cosmetics

KONINKLIJKE PHILIPS ELECTRONICS 6,392,659.41 5.41Electric & Electronic

DANONE GROUPE 5,871,315.57 4.96Food services

SAP SE 5,694,131.89 4.82Computer software

SONY CORP-SPONSORED ADR 5,614,964.00 4.75Distribution &Wholesale

BT GROUP PLC 5,513,126.00 4.66Telecommunication

VIVENDI 5,332,310.05 4.51Media

JPJ GROUP PLC 5,061,697.69 4.28Private Equity

USD

Sector

Top Ten Holdings

25



TAGES CYGNUS EUROPA EVENT DRIVEN UCITS FUND (in EUR)Statement of Operations and Changes in Net Assets for theyear ended 31 December 2018

EUR

AssetsInvestments in securities at cost 32,794,239.28Unrealised appreciation / (depreciation) on securities (969,466.63)

Investments in securities at market value 2b 31,824,772.65Investment in options at market value 13 735,581.00Cash at bank 6,742,776.03Receivable on withholding tax reclaim 65,649.83Net unrealised appreciation on futures contracts 13 53,420.50Dividends and interest receivable 12,242.86Formation expenses 8 32,184.28


LiabilitiesCash collateral owed to trading counterparties 334,497.57Accrued expenses 187,208.44Payables for investments purchased 577,152.65Payable on fund shares repurchased 1,138,571.00Payable on Contracts for Difference 12 85,001.02Net unrealised depreciation on forward foreign exchangecontracts

10 603.33

Net unrealised depreciation on Credit Default Swaps 11 994,689.06Dividend distribution and other liabilities 40,646.00



Notes


IncomeDividends (net of withholding taxes) 544,617.07Bank interest 3,009.53Income on Contracts for Difference 328,452.12

Total income 876,078.72

ExpensesInvestment Manager fees 4 502,714.39Depositary fees 6 21,367.65Management Company fees 3 61,825.60Administration fees 6 97,693.70Professional fees 14 32,778.52Transaction costs 9 125,132.63Subscription tax 7 4,561.73Bank interest and charges 30,973.36Interests on Credit Default Swaps and Contracts forDifference

1,331,877.80




Net realised gain / (loss) on:Investments 396,302.19Foreign currencies transactions 19,441.75Futures contracts 1,114,727.62Forward foreign exchange contracts 25,956.34Options and swaps (1,222,605.86)Contracts for Difference 61,688.70


Net change in unrealised appreciation / (depreciation) on:Investments (1,864,436.13)Futures contracts 86,651.42Forward foreign exchange contracts 447.13Options and swaps 1,197,017.42


(1,590,476.71)

Proceeds received on subscription of shares 6,211,912.81Net amount paid on redemption of shares (9,203,184.39)Net assets at the beginning of the year 40,690,006.37


EURNotes







Class A-EUR 363,589.01 4,514.58 (65,736.34) 302,367.25

Class B-EUR 11,220.25 - (7,564.78) 3,655.47

Class B-USD 4,200.00 - - 4,200.00

26



TAGES CYGNUS EUROPA EVENT DRIVEN UCITS FUND (in EUR)






Class C-EUR 26,982.36 52,693.15 (20,000.00) 59,675.51

Class G-EUR - 2,104.90 (500.00) 1,604.90

Class M-EUR 10,933.90 5,668.77 (1,483.42) 15,119.25


27




BAYERISCHE MOTOREN WERKE-PRF EUR 280,071.00 0.784,510.00


SharesGermany

CECONOMY AG EUR 130,559.00 0.3641,500.00DAIMLER AG EUR 996,247.00 2.7521,700.00DEUTSCHE LUFTHANSA-REG EUR 641,018.30 1.7832,539.00DEUTSCHE TELEKOM AG-REG EUR 1,353,066.00 3.7491,300.00RWE AG-NON VTG PREF EUR 439,574.88 1.2223,332.00

3,840,536.18 10.63

ALTICE EUROPE NV EUR 575,961.00 1.60339,000.00Netherlands

POSTNL NV EUR 778,830.00 2.15390,000.00TOMTOM EUR 95,037.00 0.2612,030.00

1,449,828.00 4.01

MAIRE TECNIMONT SPA EUR 119,042.85 0.3337,085.00Italy

MEDIASET SPA EUR 148,239.11 0.4154,023.00PRYSMIAN SPA EUR 195,101.55 0.5411,565.00SARAS SPA EUR 211,375.00 0.59125,000.00

673,758.51 1.87

PANDORA A/S DKK 426,615.92 1.1812,000.00Denmark

426,615.92 1.18

SIGNET JEWELERS LTD USD 383,524.47 1.0613,800.00Bermuda

383,524.47 1.06

NORWEGIAN AIR SHUTTLE AS NOK 350,448.29 0.9720,000.00Norway

350,448.29 0.97

INDUSTRIA DE DISENO TEXTIL EUR 74,693.70 0.213,342.00Spain

LIBERBANK SA EUR 21,682.32 0.0649,278.0096,376.02 0.27

GAM HOLDING AG CHF 92,387.97 0.2627,000.00Switzerland

92,387.97 0.26

7,313,475.36 20.25

LETRAS 0% 18-18/01/2019 EUR 9,502,474.56 26.339,500,000.00

Other transferable securities

Money market instrumentsSpain

9,502,474.56 26.33

DUTCH TSY CERT 0% 18-31/01/2019 EUR 9,006,542.73 24.949,000,000.00Netherlands

9,006,542.73 24.94

18,509,017.29 51.27

FRENCH BTF 0% 18-23/01/2019 EUR 6,002,280.00 16.626,000,000.00

Bonds and other debt instrumentsFrance

6,002,280.00 16.62

6,002,280.00 16.62



Market valuein EUR

Currency %NAV

BANCO BILBAO VIZCAYA ARGENTA18/12/2020

EUR 2,317,750.00(500.00) 7,250.00

Futures

CAC40 EURO FUT 18/01/2019 EUR 141,855.00(3.00) 1,695.00DAX INDEX - FUTURE 15/03/2019 EUR 11,353,612.5043.00 (7,762.50)EURO BUXL 30Y BONDS 07/03/2019 EUR 903,100.00(5.00) (22,300.00)FTSEMIB INDEX - FTSE / MIB IN15/03/2019

EUR 1,638,540.00(18.00) 62,460.00

IBEX35 EURO 18/01/2019 EUR 170,342.00(2.00) 4,578.00TELEFONICA SA 18/12/2020 EUR 16,879,700.00(2,300.00) 7,500.00

53,420.50

Total Futures 53,420.50

NameQuantity Commitmentin EUR

Currency Unrealisedappreciation /(depreciation)

in EUR


358,310.17 31/01/19410,000.00 (603.33)EURUSD 358,310.17Forward foreign exchange contracts

(603.33)

Total Forward foreign exchange contracts (603.33)


in EUR

MaturityDate

Commitmentin EUR

CALL DAIMLER AG-REGISTERED S15/03/19 60

EUR1,200.00 3,600,000.00 21,600.00

Options

CALL RENAULT SA 15/03/2019 76 EUR586.00 2,226,800.00 9,376.00PUT ADIDAS AG 15/03/2019 150 EUR405.00 786,989.00 66,825.00PUT DAX INDEX - OPTION 18/01/201910500

EUR400.00 10,500,000.00 392,800.00

PUT DAX INDEX - OPTION 18/01/20199800

EUR900.00 22,050,000.00 207,000.00

PUT UNILEVER NV-CVA 21/06/201940

EUR300.00 600,000.00 21,600.00

PUT WIRECARD AG 15/03/2019 80 EUR260.00 1,040,000.00 16,380.00

735,581.00

Total Options 735,581.00

NameQuantity Market valuein EUR

Currency Commitmentin EUR

20/12/23ITRX XOVER CDSIGEN 5Y CORP20/12/2023

8,879,940.00 (569,286.90)EURSell 5.000Credit default swaps

20/05/23ITRX XOVER CDSIS29 5Y CORP20/06/2023

8,879,940.00 (520,982.81)EURSell 5.000

20/06/23SUBFIN CDSI S295Y CORP20/06/2023

2,000,000.00 95,580.65EURSell 1.000

(994,689.06)

Sell /Buy

Underlying NotionalMaturityDate

Unrealisedappreciation /(depreciation)

in EUR

CurrencyInterestrate

(%)

Total credit default swaps (994,689.06)

ACCIONA SA EUR 0.00472,960.00(6,400.00)



in EUR


ADIDAS AG EUR 0.0027,360.00(150.00)AIR FRANCE - KLM EUR 0.00514,214.1654,242.00


28



ASSICURAZIONI GENERALI EUR 0.00292,000.00(20,000.00)


in EUR


AZIMUT HOLDING SPA EUR 0.00371,826.00(39,000.00)BANCA MEDIOLANUM SPA EUR 0.00422,470.00(83,000.00)BANCO DE SABADELL SA EUR 0.00164,582.25(164,500.00)BAYERISCHE MOTOREN WERKE AG EUR 0.00150,520.30(2,129.00)BCO BILBAO VIZCAYA ARGENTARIA EUR 0.00133,099.11(28,713.00)BERKELEY GRP HLDGS - UNITS CO GBP 0.00396,138.15(10,220.00)BOEING CO/THE USD 0.00132,876.26(471.00)COMMERZBANK AG EUR 0.00294,933.00(51,000.00)DAVIDE CAMPARI SPA EUR 0.00296,197.58(40,108.00)DEUTSCHE BANK AG-REGISTERED EUR 0.00507,504.15(72,844.00)EADS NV EUR 0.00179,506.48(2,138.00)EASYJET PLC GBP 0.00295,471.0024,000.00FIAT CHRYSLER AUTOMOBILES NV EUR 0.00568,153.60(44,800.00)FRANCE TELECOM EUR 0.001,347,556.0095,200.00HERMES INTERNATIONAL EUR 0.00305,424.00(630.00)INTL CONSOLIDATED AIRLINE-DI EUR 0.00139,092.00(20,100.00)ITV PLC GBP 0.001,023,114.83735,520.00KARDEX AG-REG CHF 0.00100,630.05(1,000.00)KERING EUR 0.00432,180.00(1,050.00)KRAFT HJ HEINZ CORP USD 0.00263,552.46(7,000.00)LIBERTY GLOBAL PLC USD 0.0074,670.87(4,000.00)LVMH MOET HENNESSY LOUIS VUI EUR 0.00296,930.00(1,150.00)NEXANS SA EUR 0.0097,320.004,000.00PUMA AG RUDOLF DASSLER SPORT EUR 0.00347,151.00(813.00)RED ELECTRICA CORPORACION SA EUR 0.00344,535.14(17,673.00)REMY COINTREAU EUR 0.00183,057.50(1,850.00)RENAULT -REGIE NAT DES USINES EUR 0.005,455.00100.00ROLLS ROYCE HOLDINGS PLC GBP 0.006,900.036,193,118.00ROLLS-ROYCE HOLDINGS PLC GBP 0.001,564,039.77169,133.00RWE A EUR 0.00379,300.00(20,000.00)RYANAIR HOLDINGS PLC EUR 0.00787,520.0073,600.00TECHNIPFMC PLC EUR 0.00202,975.0011,500.00TYMAN PLC GBP 0.0037,100.44(14,170.00)UNILEVER NV EUR 0.0094,840.00(2,000.00)VITEC GROUP PLC/THE GBP 0.00159,434.01(12,000.00)VODAFONE GROUP SHS GBP 0.00902,017.16529,500.00VOLKSWAGEN AG-PREF EUR 0.00508,447.20(3,660.00)WIRECARD AG EUR 0.00203,184.00(1,530.00)

0.00

Total Contracts for Difference 0.00


Total financial derivative instruments (206,290.89)


(206,290.89) (0.56)Total financial derivative instruments

%NAV


6,408,278.46 17.75Cash at bank

(1,918,502.14) (5.33)Other assets and liabilities

36,108,258.08 100.00Total net assets


29




Money market instruments 58.16 51.27

Shares 22.98 20.25

Bonds and other debt instruments 18.86 16.62

100.00 88.14


Netherlands 32.85 28.95

Spain 30.16 26.60

France 18.86 16.62

Germany 12.07 10.63

Italy 2.12 1.87

Other 3.94 3.47

100.00 88.14



assets

LETRAS 0% 18-18/01/2019 9,502,474.56 26.33Government

DUTCH TSY CERT 0% 18-31/01/2019 9,006,542.73 24.94Government

FRENCH BTF 0% 18-23/01/2019 6,002,280.00 16.62Government

DEUTSCHE TELEKOM AG-REG 1,353,066.00 3.74Telecommunication

DAIMLER AG 996,247.00 2.75Auto Parts &Equipment

POSTNL NV 778,830.00 2.15Transportation

DEUTSCHE LUFTHANSA-REG 641,018.30 1.78Transportation

ALTICE EUROPE NV 575,961.00 1.60Media

RWE AG-NON VTG PREF 439,574.88 1.22Energy

PANDORA A/S 426,615.92 1.18Distribution &Wholesale

EUR

Sector

Top Ten Holdings

30



TAGES ROTELLA UCITS FUND* (in USD)

IncomeBank interest 65,275.92

Total income 65,275.92

ExpensesInvestment Manager fees 4 230,694.19Depositary fees 6 16,574.20Performance fees 5 76.58Management Company fees 3 73,775.89Administration fees 6 73,470.11Professional fees 14 37,284.57Transaction costs 9 34,509.62Subscription tax 7 1,990.07Bank interest and charges 6,150.06Printing & Publication fees 5,563.52Amortisation of formation expenses 8 50,672.13Domiciliary agent fees 6 2,220.41Other expenses 15 37,711.23Liquidation fees 60,168.70

Total expenses 630,861.28

Net investment income / (loss) (565,585.36)

Net realised gain / (loss) on:Investments (1,173,714.38)Foreign currencies transactions 305,951.31Futures contracts (1,552,136.15)Forward foreign exchange contracts (2,085,191.70)

Net realised gain / (loss) for the period (5,070,676.28)

Net change in unrealised appreciation / (depreciation) on:Investments 545,585.16Futures contracts (192,346.03)Forward foreign exchange contracts (214,832.18)


(4,932,269.33)

Proceeds received on subscription of shares -Net amount paid on redemption of shares (26,366,787.53)Net assets at the beginning of the period 31,299,056.86

Net assets at the end of the period -

USDNotes

Statement of Operations and Changes in Net Assets forthe period ended 2 November 2018

Number of shares in issue atthe end of the period

Number of shares in issue atthe beginning of the period




Class A-EUR 254,061.99 - (254,061.99) -



Notes to the Financial Statements as at 31 December 2018 Note 1 – General information TAGES INTERNATIONAL FUNDS (hereafter the ‘‘Company’’) is an open-ended investment company organised under the laws of Luxembourg as a société d'investissement à capital variable (SICAV), incorporated under the form of a public limited liability company (société anonyme) on 21 December 2015 and authorised under Part I of the 2010 Act. The Company is registered with the Luxembourg trade and companies register under the number B 203.325. Its original Articles of Incorporation were published on 3 February 2016 in the Mémorial. The Company is subject to the provisions of the 2010 Act and of the 1915 Act insofar as the 2010 Act does not derogate therefrom. As at 31 December 2018, the following Share Classes are active: – TAGES PSAM CREDIT FUND denominated in USD offered: Class A-EUR Class B-EUR Class B-USD

– ANAVON GLOBAL EQUITY LONG/SHORT UCITS FUND denominated in USD offered: Class E-CHF Class E-EUR Class I-EUR Class I-GBP Class I-USD Class I2-EUR Class M-EUR Class M-GBP Class R-EUR Class S-EUR

– TAGES CYGNUS EUROPA EVENT DRIVEN UCITS FUND denominated in EUR offered: Class A-EUR Class B-EUR Class B-USD Class C-EUR Class G-EUR Class M-EUR

P. Schoenfeld Asset Management LP, a limited partnership organised under the laws of the State of Delaware, United States, is the appointed Sub-Investment Manager for TAGES PSAM CREDIT FUND. Anavon Capital LLP, a limited partnership incorporated under the laws of England and Wales, with registered offices in 12 Portman Close, London, W1H 6BR, United Kingdom, is the appointed Sub-Investment Manager for ANAVON GLOBAL EQUITY LONG/SHORT UCITS FUND. The investment management company is authorized by the Financial Conduct Authority and registered with number 530523. Cygnus Asset Management SGIIC S.A., a “sociedad anónima”, incorporated under the laws of Spain having its principal place of business at Suero de Quiñones 34-36, 28002 Madrid, Spain registered with the Spanish financial regulator, the CNMV - Comisión Nacional del Mercado de Valores, under number 213, is the appointed Sub-Investment Manager for TAGES CYGNUS EUROPA EVENT DRIVEN UCITS FUND. Rotella Capital Management, Inc., a company incorporated under the laws of Nevada, having its principal place of business at 800 Bellevue Way NE, Suite 200, Bellevue, WA 98004, USA, was the appointed Sub-Investment Manager for TAGES ROTELLA UCITS FUND (closed on 2 November 2018). Note 2 – Summary of significant accounting policies a) Presentation of financial statements The financial statements are prepared in accordance with Luxembourg legal and regulatory requirements relating to undertakings for collective investment in transferable securities. The financial statements have been prepared on a going concern basis, except for the sub-fund TAGES PSAM CREDIT FUND where a decision to close exists.

31


Notes to the Financial Statements as at 31 December 2018 (continued) Note 2 – Summary of significant accounting policies (continued) b) Valuation of assets The assets of the Company are valued as follows:

– Transferable Securities or Money Market Instruments quoted or traded on an official stock exchange or any other Regulated Market, are valued on the basis of the last known price, and, if the securities or money market instruments are listed on several stock exchanges or Regulated Markets, the last known price of the stock exchange which is the principal market for the security or Money Market Instrument in question, unless these prices are not representative.

– For Transferable Securities or Money Market Instruments not quoted or traded on an official stock exchange or any other Regulated Market, and for quoted Transferable Securities or Money Market Instruments, but for which the last known price is not representative, valuation is based on the probable sales price estimated prudently and in good faith by the Board.

– Units and shares issued by UCITS or other UCIs will be valued at their last available net asset value.

– The liquidating value of forward or options contracts that are not traded on exchanges or on other Regulated Markets will be determined pursuant to the policies established in good faith by the Board, on a basis consistently applied. The liquidating value of futures, forward or options contracts traded on exchanges or on other Regulated Markets will 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; provided that if a futures, forward or options contract could not be liquidated on such Business Day with respect to which a Net Asset Value is being determined, then the basis for determining the liquidating value of such contract will be such value as the Board may, in good faith and pursuant to verifiable valuation procedures, deem fair and reasonable.

– Liquid assets and Money Market Instruments with a maturity of less than 12 months may be valued at nominal value plus any accrued interest or using an amortised cost method (it being understood that the method which is more likely to represent the fair market value will be retained). This amortised cost method may result in periods during which the value deviates from the price the relevant Company would receive if it sold the investment. The Board may, from time to time, assess this method of valuation and recommend changes, where necessary, to ensure that such assets will be valued at their fair value as determined in good faith pursuant to procedures established by the Board. If the Board believes that a deviation from the amortised cost per Share may result in material dilution or other unfair results to Shareholders, the Board will take such corrective action, if any, as it deems appropriate, to eliminate or reduce, to the extent reasonably practicable, the dilution or unfair results.

– The Swap positions will be evaluated based on the net present value of the expected cash flows. Should Sub-Funds invest into OTC Derivatives which Investment policy is not covered in the General Section, the valuation method will be further detailed in the relevant Supplement.

– Accrued interest on securities will be included if it is not reflected in the Share price.

– Cash will be valued at nominal value, plus accrued interest.

– All assets denominated in a currency other than the Reference Currency of the respective Sub-Fund/Class will be converted at the mid-market conversion rate between the Reference Currency and the currency of denomination.

– All other securities and other permissible assets as well as any of the above mentioned assets for which the valuation in accordance with the above sub-paragraphs would not be possible or practicable, or would not be representative of their probable realisation value, will be valued at probable realisation value, as determined with care and in good faith pursuant to procedures established by the Company. c) Net realised profits or losses on sales of investments The net realised profit or loss on sales of investments is determined on the basis of the average cost of investments sold. d) Conversion of foreign currencies Bank accounts, other assets and the market value of investments in securities expressed in currencies other than the reference currency of the Sub-Fund are converted at the exchange rate prevailing at valuation date. Income and expenses expressed in currencies other than the reference currency of the Sub-Fund are converted at the exchange rate prevailing at payment date. Profit or loss on foreign exchange is included in the Statement of Operations and Changes in Net Assets. The cost of investments expressed in currencies other than the reference currency of the Sub-Fund is converted at the exchange rate prevailing at purchase date. Cash at bank, other net assets and the market value of investments expressed in currencies other than the reference currency of the Sub-Funds are translated into this currency at the exchange rate prevailing as at 31 December 2018. As at 31 December 2018, the following exchange rates were used: 1 EUR = 1.561301 CAD 1 EUR = 1,275.526800 KRW 1 EUR = 1.126900 CHF 1 EUR = 9.898750 NOK

1 EUR = 7.462450 DKK 1 EUR = 10.135000 SEK 1 EUR = 0.897550 GBP 1 EUR = 1.143150 USD 1 EUR = 125.420700 JPY

32


Notes to the Financial Statements as at 31 December 2018 (continued) Note 3 – Management Company fees Since 23 November 2017, MDO Management Company SA was replaced by MLC Management Limited, a UCITS management company authorised and regulated by the Central Bank of Ireland. MLC Management Limited will be entitled to an annual Management Company Fee of up to 0.10% per annum of the Net Asset Value of each Sub-Fund, subject to a minimum of up to EUR 5,000 per month per Sub-fund. Note 4 – Investment Management fees The Management Company has entrusted the management of the assets of the different investment Sub-Funds of the Company to the investment manager, Tages Capital LLP (the “Investment Manager”). The mandate is executed under the supervision and the responsibility of the Management Company. The Investment Manager receives an Investment Management Fee per annum of the Net Asset Value of the relevant Share Class, prior to reduction for any accrued Performance Fee. The Investment Management Fee is calculated and accrued daily as an expense of the relevant Share Class and is payable quarterly in arrears, as per detailed below: – TAGES PSAM CREDIT FUND: Class A-EUR 1.15% Class B-EUR 1.15% Class B-USD 1.15%

– ANAVON GLOBAL EQUITY LONG/SHORT UCITS FUND: Class E-CHF 1.00% Class E-EUR 1.00% Class I-EUR 1.50% Class I-GBP 1.50% Class I-USD 1.50% Class I2-EUR 1.50% Class M-EUR 0.00% Class M-GBP 0.00% Class R-EUR 2.00% Class S-EUR 1.25%

– TAGES CYGNUS EUROPA EVENT DRIVEN UCITS FUND: Class A-EUR 1.25% Class B-EUR 1.25% Class B-USD 1.25% Class C-EUR 1.25% Class G-EUR 2.00% Class M-EUR 1.00%

– TAGES ROTELLA UCITS FUND (closed on 2 November 2018): Class A-EUR 1.00%

The Sub-Investment Manager as well as any distributor will be paid by the Investment Manager out of the Investment Management Fee.

33


Notes to the Financial Statements as at 31 December 2018 (continued) Note 5 – Performance fees The Investment Manager receives a Performance Fee, as explained in the below table, per annum of the net appreciation of the Net Asset Value of the relevant Share Class above the High Water Mark, “High Water Mark” means the initial Net Asset Value per Share or, if higher, the Net Asset Value per Share as at the end of the last Calculation Period in which a Performance Fee was payable to the Investment Manager. The Performance Fee is calculated in respect of each period of twelve months beginning on 1st January and ending on the following 31 December. The Performance Fee is calculated and accrued daily as an expense of the relevant Share Class and is payable to the Investment Manager in arrears within thirty (30) calendar days of the end of each Calculation Period. A portion of the Performance Fee is paid to the Sub-Investment Manager by the Investment Manager. – TAGES PSAM CREDIT FUND: Class A-EUR 10% Class B-EUR 10% Class B-USD 10%

– ANAVON GLOBAL EQUITY LONG/SHORT UCITS FUND: Class E-CHF 20% Class E-EUR 20% Class I-EUR 20% Class I-GBP 20% Class I-USD 20% Class I2-EUR 20% Class M-EUR 0% Class M-GBP 0% Class R-EUR 20% Class S-EUR 20%

– TAGES CYGNUS EUROPA EVENT DRIVEN UCITS FUND: Class A-EUR 15% Class B-EUR 15% Class B-USD 15% Class C-EUR 15% Class G-EUR 20% Class M-EUR 10%

– TAGES ROTELLA UCITS FUND (closed on 2 November 2018): Class A-EUR 10%

Note 6 – Depositary and Administrative Agent

BNP Paribas Securities Services, Luxembourg Branch has also been appointed by the Management Company, with the approval of the Company, as Depositary of the Company (the “Depositary”) and as the central administration, registrar and transfer agent, domiciliary agent of the Company (the “Administrative Agent”).

The Depositary is entitled to receive, out of the assets of each Class within each Sub-Fund, a fee corresponding to a maximum of 0.01% p.a. of the Net Asset Value of each Sub-Fund subject to a minimum of EUR 500 per month, per Sub-Fund.

In addition, the Depositary is entitled to receive, out of the assets of each Class within each Sub-Fund, a cash monitoring fee corresponding to EUR 250 per quarter and per Sub-Fund in the case of internal fund administration model. The Administrative Agent is entitled to receive, out of the assets of each Class of Shares within each Sub-Fund, a fee corresponding to a maximum of:

– 0.0375% p.a. of the Net Asset Value of each Sub-Fund up to and including EUR 75,000,000;

– 0.0275% p.a. of the Net Asset Value of each Sub-Fund above EUR 75,000,000 and up to and including EUR 120,000,000; and

– 0.01% of the Net Asset Value of each Sub-Fund above EUR 120,000,000,

subject to a minimum of EUR 2,500 per Sub-Fund per month. Note 7 – Subscription tax The Company's assets are subject to tax (“taxe d'abonnement”) in Luxembourg at a rate of 0.05% p.a. on net assets (except for Sub-Funds or Classes which are reserved to Institutional Investors which are subject to a tax at a reduced rate of 0.01% p.a. on net assets), payable quarterly. In case some Sub-Funds are invested in other Luxembourg UCIs, which in turn are subject to the subscription tax provided for by the 2010 Act, no subscription tax is due from the Company on the portion of assets invested therein.

34


Notes to the Financial Statements as at 31 December 2018 (continued) Note 8 – Formation expenses Expenses incurred in connection with the creation of any additional Sub-Fund may be borne by the relevant Sub-Fund and be written off over a period not exceeding five years. Additional Sub-Funds will bear a pro rata proportion of the formation and launching expenses incurred on behalf of, or in connection with, the formation of the Company, excluding the expenses exclusively incurred in relation to the launching of the Initial Sub-Fund. As at 31 December 2018, EUR 128,869.56 of the formation expenses were amortised. The amortisation of formation expenses for the year 2018 are as follows: Sub-Funds Formation expenses Amortisation expenses

TAGES PSAM CREDIT FUND 47,324.00 EUR / Year 55,881.04 USD ANAVON GLOBAL EQUITY LONG/SHORT UCITS FUND 20,000.00 EUR / Year 23,615.83 USD TAGES CYGNUS EUROPA EVENT DRIVEN UCITS FUND 15,000.00 EUR / Year 15,000.87 EUR TAGES ROTELLA UCITS FUND (closed on 2 November 2018) 15,000.00 EUR / Year 50,672.13 USD Note 9 – Transaction costs For the year ended 31 December 2018, the Sub-Funds incurred transaction costs relating to the purchase or sale of transferable securities, derivative, or other eligible assets for a total amount of: Sub-Funds Transaction costs

TAGES PSAM CREDIT FUND USD 66,840.62 ANAVON GLOBAL EQUITY LONG/SHORT UCITS FUND USD 278,617.68 TAGES CYGNUS EUROPA EVENT DRIVEN UCITS FUND EUR 125,132.63 TAGES ROTELLA UCITS FUND (closed on 2 November 2018) USD 34,509.62 Note 10 – Forward foreign exchange contracts As at 31 December 2018, the following Sub-Funds have entered into forward foreign exchange contracts. For all the forward foreign exchange contracts, no margin is required and the counterparties are as follows:

Sub-Funds Counterparties

TAGES PSAM CREDIT FUND BNP Paribas Securities Services

ANAVON GLOBAL EQUITY LONG/SHORT UCITS FUND BNP Paribas Securities Services Morgan Stanley and Co. International

TAGES CYGNUS EUROPA EVENT DRIVEN UCITS FUND BNP Paribas Securities Services Note 11 – Credit Default Swap Contracts As at 31 December 2018, the Sub-Fund TAGES PSAM CREDIT FUND has entered into Credit Default Swaps and the counterparty for these positions is BNY/Bank of America Securities Ltd with a collateral amount of USD 552,544.72. TAGES CYGNUS EUROPA EVENT DRIVEN UCITS FUND has entered into Credit Default Swaps contracts and the counterparty for these positions is Morgan Stanley London with a collateral amount of EUR 1,020,304.81. Note 12 – Contracts for Difference (“CFD”) As at 31 December 2018, the following Sub-Funds have entered into CFD: Sub-Funds Counterparties Collateral

TAGES PSAM CREDIT FUND BNP Paribas Securities Services USD 5,060,000.00

ANAVON GLOBAL EQUITY LONG/SHORT UCITS FUND Goldman Sachs International Morgan Stanley and Co International

USD 1,225,934.67

TAGES CYGNUS EUROPA EVENT DRIVEN UCITS FUND Morgan Stanley and Co International EUR 1,111,232.51

35


Notes to the Financial Statements as at 31 December 2018 (continued) Note 13 – Option and Futures Contracts As at 31 December 2018, the Sub-Fund TAGES CYGNUS EUROPA EVENT DRIVEN UCITS FUND has entered into option and futures contracts and the futures broker for these positions is Morgan Stanley and Co. International with a collateral amount of EUR 128,873.00. Note 14 – Professional Fees “Professional fees” are composed as follows:

TAGES PSAM CREDIT FUND in USD

ANAVON GLOBAL EQUITY LONG/SHORT

UCITS FUND in USD

TAGES CYGNUS EUROPA EVENT DRIVEN

UCITS FUND in EUR

TAGES ROTELLA UCITS FUND (closed on 2 November 2018)

in USD

Professional fees 3,650.44 13,891.56 9,476.04 5,940.42 Lawyer fees / Advisory fees 10,736.38 8,948.26 7,696.45 8,948.25

Audit fees 13,199.29 11,565.58 14,100.88 13,233.20 Legal fees 47,335.89 1,529.00 1,505.15 9,162.70

Total “Professional fees” 74,922.00 35,934.40 32,778.52 37,284.57

Note 15 – Other expenses “Other expenses” are composed as follows:

TAGES PSAM CREDIT FUND in USD

ANAVON GLOBAL EQUITY LONG/SHORT

UCITS FUND in USD

TAGES CYGNUS EUROPA EVENT DRIVEN

UCITS FUND in EUR


in USD

CSSF 2,354.86 5,025.92 449.75 2,023.99

Directors' fees 13,847.39 25,715.16 11,255.64 10,112.13

Insurance fees 5,900.00 – –

Licence fees 4,821.89 7,978.05 2,838.57 –

Meeting/ Assembly fee 864.77 1,885.63 659.11 437.81

Operating fees 48,572.90 – – –

Paying agent fee 981.07 – 864.18 –

Regulatory 6,393.34 5,672.99 789.75 6,725.68

Risk monitoring fees 12,902.79 12,844.38 8,398.34 9,745.56

Transfer agent fees 5,380.23 16,057.20 14,392.60 (699.58)

TVA – – 9,772.68 –

VAT Fees 4,734.43 8,746.13 – 9,365.64

Total “Other expenses” 100,853.67 89,825.46 49,420.62 37,711.23 Operating fees relate to transaction and middle office services provided by Viteos. Note 16 – Subsequent Events As at 29 January 2019, MLC Management Company Limited has changed its name to Montlake Management Limited. By Circular Resolution dated 27 February 2019, the Board of Directors of the Company decided to put the Sub-Fund TAGES PSAM CREDIT FUND into liquidation and suspended subscriptions and redemptions in the Sub-Fund. The liquidation of the Sub-Fund has taken effect as of 18 March 2019. By Circular Resolution dated 2 April 2019, the Board of Directors of the Company decided to close the Sub-Fund TAGES CYGNUS EUROPA EVENT DRIVEN and suspended subscriptions and redemptions in the Sub-Fund. The Sub-Fund will liquidate all assets and then redeem all investors. The final NAV date is targeted to be 11 April 2019. The Sub-Fund will remain dormant in accordance with CSSF Circular 12/540 and may be left in a dormant state for up to 18 months.

36


Additional Information (unaudited) Remuneration policy Details of the remuneration policy of the management company, including the persons in charge of determining the fixed and variable remuneration of its staff, a description of the key remuneration elements and an overview of how remuneration is determined, available at www.mlcapital.com/mlc/remuneration-policy. The detail of the total fixed and variable remuneration paid by the management company to its staff is available upon request to the shareholders of the Fund at the registered office of the management company. The Manager has adopted a remuneration policy in accordance with the requirements of the European Securities and Markets Authority guidelines on sound remuneration policies under AIFMD (ESMA/2013/232) (the “Guidelines”). The Investment Manager has also adopted a remuneration policy commensurate with the requirements of the Guidelines for the proportion of the Investment Manager’s business represented by the Sub-Fund. The Manager’s policy complies with the remuneration principles in a way which is proportionate and to the extent that is appropriate to the overall size of the Manager’s business, taking into account the nature, scope, and complexities of the business. On this basis, the Directors of the Manager have decided to dis-apply the remuneration committee requirement of the Guidelines and they are satisfied that this dis-application is reconcilable with the risk profile of the Manager and the funds under its management. The Manager’s remuneration policy includes measures to avoid conflicts of interest. The remuneration details are disclosed below: The total remuneration of the entire staff of the Manager (35 persons) during the period was EUR 1,884,753, the entirety of which was fixed in nature. The aggregate amount of remuneration of senior management and members of staff of the Manager whose actions have a material impact on the risk profile of the Sub-Fund (13 persons) during the period was EUR 940,383. There have been no material changes to the remuneration policies of MLC Management Limited during the period under review. The outcome of the periodic mandatory reviews for both MLC Management Limited remuneration policies was that these policies continued to be fit for purpose. Risk measurement All sub-funds of TAGES INTERNATIONAL FUNDS use the absolute VaR approach to monitor the Global Risk Exposure, according to each sub-fund risk profile. In 2018, the total VaR including derivatives has never represented more than 20% of the total net assets VaR of the sub-fund using the absolute VaR. The following table provides for each sub-fund the information required as per CSSF circular 11/512: Absolute VaR

Leverage = Sum Of Notionals

31.12.2018 VaR %

Lowest VaR %

Highest VaR %

Average VaR %

31.12.2018 S.O.N.

Lowest S.O.N.

Highest S.O.N.

Average S.O.N.

TAGES PSAM CREDIT FUND 3.21% 2.14% 6.47% 4.79%

19.26% 5.42% 347.74% 136.66% ANAVON GLOBAL EQUITY LONG/SHORT UCITS FUND

6.85% 5.16% 7.29% 6.05%

94.04% 85.63% 411.00% 169.39%


4.97% 0.51% 5.97% 3.93%

379.36% 259.68% 997.31% 566.98%


9.41%* 6.07% 14.29% 8.65%

533.69%* 349.58% 1,717.14% 668.68%

* As at 31 October 2018. The different VaR figures (average, minimum and maximum) are related to the fixed VaR limits defined above. They are based on daily observations covering the period starting on 1 January 2018 to 31 December 2018 for all sub-funds, except for TAGES ROTELLA UCITS FUND (closed on 2 November 2018). The VaR Model used for global exposure calculation purposes reflects in an adequate manner the possibility of a given portfolio incurring into losses, taking into account unexpected changes in the price of securities or instruments (interest rate, exchange rate, share price, price of goods, other). The average leverage is the arithmetic average of daily leverage figures calculated as per ESMA guidance (CESR/10-788).

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