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Celsius Investment Funds SICAV An umbrella fund with segregated liability
between Sub-Funds
Unaudited Semi-Annual Report and Financial Statements for the six months ended 31 May 2018 R.C.S Luxembourg B 132.073
Celsius Investment Funds SICAV
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Contents Page
Management and Administration 2
General Information 3
Schedule of Investments 4
Statement of Net Assets 12
Statement of Operations 16
Statement of Changes in Net Assets 18
Statement of Changes in Shares Outstanding 20
Statistical Information 21
Notes to the Financial Statements 22
Securities Financing Transactions Regulation 35
Additional Information for Shareholders 37
No subscription can be accepted on the basis of the financial statements. Subscriptions are only valid if they are made on the basis
of the latest published Prospectus accompanied by the latest annual financial statements and the most recent semi-annual
financial statements, if published thereafter.
Celsius Investment Funds SICAV
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Management and Administration
Registered Office Depositary and Paying Agent
Celsius Investment Funds SICAV Northern Trust Global Services Plc
6, rue Lou Hemmer (Luxembourg Branch)
L-1748 Senningerberg 6, rue Lou Hemmer
Grand Duchy of Luxembourg L-1748 Senningerberg
Grand Duchy of Luxembourg
Board of Directors of the Company
Claude Kremer Administrator, Registrar, Domiciliary and Transfer
Partner Agent
Arendt & Medernach S.A. Northern Trust Luxembourg Management Company S.A.
41A, Av. J-F Kennedy 6, rue Lou Hemmer
L-2082 Luxembourg L-1748 Senningerberg
Grand Duchy of Luxembourg Grand Duchy of Luxembourg
Patrick Zurstrassen Investment Manager
Independent Director Barclays Bank Plc
Principal office at Lombard Odier Funds Europe S.A. 1 Churchill Place
5, Allée Scheffer Canary Wharf
L-2520 Luxembourg London E14 5HP
Grand Duchy of Luxembourg United Kingdom
Fabien Labouret Distributor
Managing Director - Global Head of Investment Strategies Barclays Bank Plc
Barclays Bank Plc 1 Churchill Place
5 North Colonnade Canary Wharf
Canary Wharf London E14 5HP
London E14 4BB United Kingdom
United Kingdom
Legal Adviser to the Company
Management Company Arendt & Medernach S.A.
FundRock Management Company S.A. 41A, Av. J-F Kennedy
33, rue de Gasperich L-2082 Luxembourg
L-5826 Hesperange Grand Duchy of Luxembourg
Grand Duchy of Luxembourg
Auditor
PricewaterhouseCoopers, Société coopérative
2, rue Gerhard Mercator
B.P. 1443
L-1014 Luxembourg
Grand Duchy of Luxembourg
Celsius Investment Funds SICAV
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General Information
Celsius Investment Funds SICAV (the “Company”) is an investment company organised under the laws of the Grand Duchy of
Luxembourg as a Société d’Investissement à Capital Variable (“SICAV”) with the capacity to divide its assets into several separate
investment portfolios (the “Sub-Funds”).
Its financial year ends on 30 November of each year.
The unaudited financial statements contained herein present the financial information of the 7 following Sub-Funds at 31 May
2018:
Sub-Fund Launch Date
Barclays Max Capital Stability Fund 2020
Barclays Capital ComBATS Fund
Sustainable Emerging Markets Fund
Pareto Balanse
Pareto Moderat
Pareto Offensiv
Barclays Managed Commodity Risk Premia Fund
10 January 2014
12 January 2018
03 February 2010
28 February 2011
13 October 2011
10 January 2014
10 January 2014
The annual general meeting of Shareholders of the Company is held on the last Tuesday of March of each year, at the registered
office of the Company.
The Company has appointed FundRock Management Company S.A. ("FundRock") to serve as its management company (the
"Management Company") pursuant to the Management Company Agreement. FundRock is responsible, subject to the overall
supervision of the Directors, for the provision of portfolio and risk management services, administrative services and marketing
services to the Company, and more generally for the day-to-day management of the affairs of the Company as further described
in the Management Company Agreement.
FundRock is organised under the laws of the Grand Duchy of Luxembourg and approved as Chapter 15 management company
by the CSSF, therefore it has to comply with Luxembourg laws and regulations. In accordance with the CSSF Rules and with the
prior approval of the Company, the Management Company may delegate all or part of its duties and powers to any person or
entity. The Management Company's liability to the Company for the performance of such functions shall not be affected by the
delegation. Please refer to the sections in the Prospectus for further information regarding the delegation by the Management
Company of the investment management, distribution and administration functions.
The Management Company has appointed Barclays Bank Plc, as its investment manager pursuant to an Investment Management
Agreement, as amended from time to time, between the Company and the Investment Manager.
The Sub-Funds are managed by Barclays Bank Plc (the “Investment Manager”). The registered office of the Investment Manager
is 1 Churchill Place, Canary Wharf, London E14 5HP, United Kingdom.
A detailed schedule of portfolio movements is available free of charge upon request at the registered office of the Company.
Each Sub-Fund is open to daily subscriptions and redemptions. Copies of the Prospectus and of the financial statements of the
Company are available by writing to the Company at the following address:
Northern Trust Luxembourg Management Company S.A.
6, rue Lou Hemmer
L-1748 Senningerberg
Grand Duchy of Luxembourg
Celsius Investment Funds SICAV
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Schedule of Investments
In this section, only the Schedule of Investments of the Sub-Funds investing in transferable securities are disclosed.
Derivatives for all Sub-Funds are detailed in the notes to the financial statements.
Barclays Max Capital Stability Fund 2020
Schedule of Investments as at 31 May 2018 (Expressed in CHF)
Market Value % of
Security description Currency Nominal CHF Net Assets
Bonds
France (52.39%)
Government of France 0% 25/04/2020 EUR 8,030,000 9,295,552 25.59
Government of France 0% 25/10/2020 EUR 2,000,000 2,318,586 6.39
Government of France 0% 25/04/2021 EUR 6,400,000 7,412,423 20.41
Germany (48.73%)
Federal Republic of Germany 0% 04/07/2020 EUR 2,000,000 2,325,375 6.40
Federal Republic of Germany 0% 04/07/2020 EUR 6,200,000 7,214,186 19.86
Federal Republic of Germany 0% 04/01/2021 EUR 7,000,000 8,160,195 22.47
Total Bonds 36,726,317 101.12
36,726,317 101.12
TOTAL INVESTMENTS (Cost CHF 30,010,408) 36,726,317 101.12
Other Net Liabilities (406,083) (1.12)
TOTAL NET ASSETS 36,320,234 100.00
Transferable securities admitted to an official exchange listing
or dealt on another regulated market
Total transferable securities admitted to an official exchange
listing or dealt on another regulated market
A nominal of GBP1,810,000 composed of Government bonds is deposited by the counterparty as OTC derivative collateral with
Barclays Bank PLC.
The accompanying notes on page 22 to 34 form an integral part of these financial statements.
Celsius Investment Funds SICAV
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Sustainable Emerging Markets Fund
Schedule of Investments as at 31 May 2018 (Expressed in EUR)
Market Value % of Net
Security description Currency Nominal EUR Assets
Common Stocks
Bermuda (4.39%)
Beijing Enterprises Water Group Ltd HKD 5,628,427 2,907,501 1.01
Credicorp Ltd USD 43,243 8,202,574 2.85
Li & Fung Ltd HKD 4,600,000 1,532,249 0.53
Brazil (7.51%)
Cia Brasileira de Distribuicao - ADR USD 51,208 926,508 0.32
Cia de Saneamento Basico do Estado de Sao Paulo - ADR USD 236,000 1,388,949 0.48
Cielo SA BRL 386,500 1,507,028 0.52
EDP - Energias do Brasil SA BRL 239,600 728,652 0.25
Fibria Celulose SA BRL 240,489 3,915,685 1.36
Itausa - Investimentos Itau SA - Pref BRL 1,389,262 3,588,938 1.24
Kroton Educacional SA BRL 1,701,814 4,231,943 1.47
Lojas Renner SA BRL 433,604 2,959,462 1.02
Natura Cosmeticos SA BRL 176,271 1,367,321 0.47
Qualicorp SA BRL 248,746 1,090,067 0.38
Cayman Islands (6.82%)
China High Speed Transmission Equipment Group Co Ltd HKD 1,088,016 1,366,485 0.47
JA Solar Holdings Co Ltd - ADR USD 75,400 467,657 0.16
Tencent Holdings Ltd HKD 409,871 17,869,374 6.19
Chile (0.13%)
Aguas Andinas SA CLP 776,423 385,862 0.13
China (11.43%)
BYD Co Ltd HKD 659,500 3,666,099 1.27
China Longyuan Power Group Corp Ltd HKD 2,281,456 1,803,941 0.62
China Merchants Bank Co Ltd HKD 1,842,000 6,497,762 2.25
China Pacific Insurance Group Co Ltd HKD 1,085,400 4,018,474 1.39
CRRC Corp Ltd HKD 3,159,000 2,418,462 0.84
Huaneng Renewables Corp Ltd HKD 4,306,871 1,585,125 0.55
Ping An Insurance Group Corp HKD 995,000 8,356,435 2.89
Xinjiang Goldwind Science & Technology Corp Ltd HKD 1,248,240 1,712,219 0.59
Zhuzhou CSR Times Electric Co Ltd HKD 689,362 2,973,829 1.03
Colombia (0.84%)
Bancolombia SA - ADR USD 61,400 2,439,589 0.84
Hong Kong (11.43%)
AIA Group Ltd HKD 802,000 6,306,356 2.18
BOC Hong Kong Holdings Ltd HKD 2,002,000 8,625,469 2.99
China Everbright International Ltd HKD 1,965,465 2,515,733 0.87
Guangdong Investment Ltd HKD 1,297,755 1,873,682 0.65
Hang Seng Bank Ltd HKD 200,800 4,304,826 1.49
Lenovo Ltd HKD 8,450,000 3,839,031 1.33
Link REIT HKD 731,500 5,544,283 1.92
India (3.65%)
Infosys Ltd - ADR USD 638,929 9,956,411 3.45
Wipro Ltd - ADR USD 149,052 587,372 0.20
Transferable securities admitted to an official exchange listing or
dealt on another regulated market
The accompanying notes on page 22 to 34 form an integral part of these financial statements.
Celsius Investment Funds SICAV
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Sustainable Emerging Markets Fund (continued)
Schedule of Investments as at 31 May 2018 (Expressed in EUR)
Market Value % of Net
Security description Currency Nominal EUR Assets
Common Stocks (continued)
Indonesia (2.57%)
Bank Rakyat Indonesia Persero Tbk PT IDR 18,329,200 3,480,611 1.21
Telekomunikasi Indonesia Persero Tbk PT IDR 14,955,478 3,245,669 1.13
Unilever Indonesia Tbk PT IDR 233,000 655,061 0.23
Malaysia (0.47%)
DiGi.Com Bhd MYR 1,418,874 1,349,897 0.47
Mexico (1.11%)
Cemex SAB de CV MXN 5,687,779 2,887,658 1.00
Gentera SAB de CV MXN 472,629 304,896 0.11
Qatar (0.15%)
Qatar Electricity & Water Co. QAR 9,354 418,165 0.15
South Korea (10.63%)
Coway Co Ltd KRW 25,371 1,760,236 0.61
Hankook Tire Co Ltd KRW 41,037 1,397,480 0.48
Hanon Systems Corp KRW 134,639 1,080,715 0.37
KT Corp KRW 120,819 2,592,496 0.90
LG Electronics Inc KRW 65,919 4,851,105 1.68
Shinhan Financial Group Co Ltd KRW 154,478 5,371,106 1.86
SK Hynix Inc KRW 184,200 13,672,740 4.73
Singapore (0.05%)
Sound Global Ltd HKD 412,939 134,392 0.05
South Africa (10.50%)
Barloworld Ltd ZAR 168,265 1,513,763 0.52
FirstRand Ltd ZAR 330,000 1,339,299 0.46
Foschini Ltd ZAR 236,867 2,951,894 1.02
Mondi Ltd ZAR 85,439 2,026,885 0.70
Mr Price Co ZAR 269,937 4,582,985 1.59
Nedbank Group Ltd ZAR 154,486 2,859,022 0.99
Netcare Ltd ZAR 1,274,000 2,551,644 0.88
Standard Bank Group Ltd ZAR 299,338 4,199,358 1.45
Truworths International Ltd ZAR 426,166 2,423,728 0.84
Vodacom Group Ltd ZAR 347,894 3,376,845 1.17
Woolworths Holdings Ltd ZAR 642,967 2,537,274 0.88
Taiwan (17.20%)
Advantech Co Ltd TWD 116,596 676,758 0.24
ASE Industrial Holding Co Ltd TWD 1,100,000 2,390,343 0.83
Asustek Computer Inc TWD 308,942 2,398,285 0.83
Cathay Financial Holding Co Ltd TWD 2,432,720 3,728,300 1.29
Chunghwa Telecom Co Ltd TWD 1,503,898 4,687,042 1.62
Everlight Electronics Co Ltd TWD 599,026 691,960 0.24
Far EasTone Telecommunications Co Ltd TWD 824,000 1,800,008 0.62
Fubon Financial Holding Co Ltd TWD 1,532,000 2,282,183 0.79
Fubon Financial Holding Co Ltd - Pref TWD 70,705 122,714 0.04
Transferable securities admitted to an official exchange listing or
dealt on another regulated market
Celsius Investment Funds SICAV
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Sustainable Emerging Markets Fund (continued)
Schedule of Investments as at 31 May 2018 (Expressed in EUR)
Market Value % of Net
Security description Currency Nominal EUR Assets
Common Stocks (continued)
Taiwan (17.20%)(continued)
Innolux Corp TWD 5,065,000 1,679,931 0.58
Lite-On Technology Corp TWD 883,000 987,169 0.35
MediaTek Inc TWD 931,000 8,292,046 2.87
Merida Industry Co Ltd TWD 143,050 523,542 0.18
Nanya Technology Corp TWD 2,403,000 6,843,324 2.37
Neo Solar Power Corp TWD 1,078,870 357,834 0.12
Taiwan Semiconductor Manufacturing Co Ltd TWD 1,906,637 12,211,527 4.23
Thailand (3.84%)
Central Pattana Co Ltd THB 1,341,800 2,739,876 0.95
Kasikornbank PCL - Alien Market THB 767,376 4,007,247 1.39
PTT Global Chemical PCL THB 1,815,091 4,338,203 1.50
Total Common Stocks 267,784,569 92.72
Total transferable securities admitted to an official exchange listing
or dealt on another regulated market 267,784,569 92.72
TOTAL INVESTMENTS (Cost EUR 234,391,797) 267,784,569 92.72
Other Net Assets 21,034,749 7.28
TOTAL NET ASSETS 288,819,318 100.00
Transferable securities admitted to an official exchange listing or
dealt on another regulated market
The accompanying notes on page 22 to 34 form an integral part of these financial statements.
Celsius Investment Funds SICAV
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Pareto Balanse
Schedule of Investments as at 31 May 2018 (Expressed in NOK)
Market Value % of
Security description Currency Nominal NOK Net Assets
Collective Investment Schemes
Mutual Funds
Ireland (71.50%)
GlobalAccess Europe (ex-UK) Alpha Fund M EUR Accumulation EUR 5,654,457 87,115,702 12.30
GlobalAccess Global Corporate Bond Fund M USD Accumulation USD 8,336,138 109,955,914 15.52
GlobalAccess Japan Fund M JPY Accumulation JPY 2,272,480 31,875,981 4.50
GlobalAccess Pacific Rim (ex-Japan) Fund M USD Accumulation USD 1,446,415 22,250,487 3.14
GlobalAccess US Small & Mid Cap Equity Fund M USD Accumulation USD 4,342,845 73,487,512 10.37
GlobalAccess US Value Fund M USD Accumulation USD 247,084 61,476,087 8.68
iShares Core S&P 500 UCITS ETF USD 56,136 120,382,635 16.99
Luxembourg (9.80%)
Boussard & Gavaudan SICAV - Absolute Return Class C EUR 3,216 33,891,643 4.79
JPMorgan Funds - Systematic Alpha Class C EUR 34,295 35,485,709 5.01
Norway (18.24%)
Pareto Hoyrente NOK 62,451 64,404,622 9.09
Pareto Investment Fund - B NOK 1,710 36,426,862 5.14
Pareto Likviditet NOK 28,507 28,391,073 4.01
Total Mutual Funds 705,144,227 99.54
Total Collective Investment Schemes 705,144,227 99.54
TOTAL INVESTMENTS (Cost NOK 568,478,049) 705,144,227 99.54
Other Net Assets 3,286,645 0.46
TOTAL NET ASSETS 708,430,872 100.00
The accompanying notes on page 22 to 34 form an integral part of these financial statements.
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Pareto Moderat
Schedule of Investments as at 31 May 2018 (Expressed in NOK)
Market Value % of
Security description Currency Nominal NOK Net Assets
Collective Investment Schemes
Mutual Funds
Ireland (51.24%)
GlobalAccess Europe (ex-UK) Alpha Fund M EUR Accumulation EUR 2,097,503 32,315,294 7.85
GlobalAccess Global Corporate Bond Fund M USD Accumulation USD 4,828,795 63,693,109 15.48
GlobalAccess Japan Fund M JPY Accumulation JPY 933,556 13,094,959 3.18
GlobalAccess Pacific Rim (ex-Japan) Fund M USD Accumulation USD 593,635 9,132,008 2.22
GlobalAccess US Small & Mid Cap Equity Fund M USD Accumulation USD 1,382,723 23,397,773 5.69
GlobalAccess US Value Fund M USD Accumulation USD 92,101 22,915,275 5.57
iShares Core S&P 500 UCITS ETF USD 21,590 46,299,364 11.25
Luxembourg (19.47%)
Boussard & Gavaudan SICAV - Absolute Return Class C EUR 3,749 39,508,635 9.60
JPMorgan Funds - Systematic Alpha Class C EUR 39,232 40,594,006 9.87
Norway (28.19%)
Pareto Hoyrente NOK 40,036 41,288,276 10.03
Pareto Investment Fund - B NOK 990 21,092,565 5.13
Pareto Likviditet NOK 53,841 53,621,842 13.03
Total Mutual Funds 406,953,106 98.90
Total Collective Investment Schemes 406,953,106 98.90
TOTAL INVESTMENTS (Cost NOK 351,816,969) 406,953,106 98.90
Other Net Assets 4,547,042 1.10
TOTAL NET ASSETS 411,500,148 100.00
The accompanying notes on page 22 to 34 form an integral part of these financial statements.
Celsius Investment Funds SICAV
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Pareto Offensiv
Schedule of Investments as at 31 May 2018 (Expressed in NOK)
Market Value % of
Security description Currency Nominal NOK Net Assets
Collective Investment Schemes
Mutual Funds
Ireland (83.50%)
GlobalAccess Europe (ex-UK) Alpha Fund M EUR Accumulation EUR 5,281,194 81,365,010 11.82
GlobalAccess Global Corporate Bond Fund M USD Accumulation USD 2,070,190 27,306,370 3.97
GlobalAccess Japan Fund M JPY Accumulation JPY 3,388,162 47,525,607 6.90
GlobalAccess Pacific Rim (ex-Japan) Fund M USD Accumulation USD 2,257,075 34,721,024 5.04
GlobalAccess US Small & Mid Cap Equity Fund M USD Accumulation USD 7,106,565 120,253,840 17.47
GlobalAccess US Value Fund M USD Accumulation USD 463,076 115,216,387 16.73
EUR 1,198,648 31,940,064 4.64
iShares Core S&P 500 UCITS ETF USD 54,339 116,529,001 16.93
Norway (14.95%)
Pareto Hoyrente NOK 25,287 26,078,101 3.79
Pareto Investment Fund - C NOK 3,538 76,872,850 11.16
Total Mutual Funds 677,808,254 98.45
Total Collective Investment Schemes 677,808,254 98.45
TOTAL INVESTMENTS (Cost: NOK 553,740,575) 677,808,254 98.45
Other Net Assets 10,686,940 1.55
TOTAL NET ASSETS 688,495,194 100.00
Hermes Investment Funds PLC - Hermes Sourcecap European Alpha
The accompanying notes on page 22 to 33 form an integral part of these financial statements.
Celsius Investment Funds SICAV
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Barclays Managed Commodity Risk Premia Fund
Schedule of Investments as at 31 May 2018 (Expressed in USD)
Market Value % of
Security description Currency Nominal USD Net Assets
Bonds
United States (89.87%)
United States Treasury Bill 0% 19/07/2018 USD 4,000,000 3,990,520 13.89
United States Treasury Bill 0% 16/08/2018 USD 4,000,000 3,984,334 13.87
United States Treasury Bill 0% 13/09/2018 USD 3,000,000 2,983,510 10.38
United States Treasury Bill 0% 11/10/2018 USD 3,000,000 2,978,744 10.37
United States Treasury Bill 0% 08/11/2018 USD 6,000,000 5,946,933 20.70
United States Treasury Bill 0% 06/12/2018 USD 6,000,000 5,936,796 20.66
Total Bonds 25,820,837 89.87
25,820,837 89.87
TOTAL INVESTMENTS (Cost USD 26,178,386) 25,820,837 89.87
Other Net Assets 2,909,863 10.13
TOTAL NET ASSETS 28,730,700 100.00
Transferable securities admitted to an official exchange listing
or dealt on another regulated market
Total transferable securities admitted to an official exchange
listing or dealt on another regulated market
The accompanying notes on page 22 to 34 form an integral part of these financial statements.
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Statement of Net Assets as at 31 May 2018
Barclays Max
Capital Stability
Fund 2020
Barclays Capital
ComBATS Fund
Sustainable
Emerging
Markets Fund
Pareto Balanse
Notes CHF USD EUR NOK
Assets
Market value of investments 36,726,317 - 267,784,569 705,144,227
Funded swaps at market value 2(k),5 - 7,056,841 - -
Unrealised appreciation on forward foreign exchange contracts 2(f),7 - - - 2,038,129
Unrealised appreciation on long-dated forward foreign exchange contracts 2(g),6 185,180 50,585 - -
Cash at bank 228,750 183,949 50,714,706 15,203,868
Interest receivable - 18 - -
Receivable for investments sold - - 2,225,556 1,142,453
Receivable for shares issued - - - -
Dividends receivable - - 371,806 -
Fixed fees receivable 107,998 178,110 33,732 626,021
Total Assets 37,248,245 7,469,503 321,130,369 724,154,698
Liabilities
Management fees payable 4(a) 396,261 6,254 225,949 1,571,309
Fixed fees payable 4(b) 6,483 29,431 341,363 1,107,762
Payable for shares redeemed - - 31,736,879 420,633
Unrealised depreciation on forward foreign exchange contracts 2(f),7 - - - 12,455,306
Unrealised depreciation on long-dated forward foreign exchange contracts 2(g),6 524,929 - - -
Other payables and accrued expenses 338 - 6,860 168,816
Total Liabilities 928,011 35,685 32,311,051 15,723,826
NET ASSETS 36,320,234 7,433,818 288,819,318 708,430,872
The accompanying notes on page 22 to 34 form an integral part of these financial statements.
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Statement of Net Assets as at 31 May 2018 (continued)
Barclays Max Capital
Stability Fund 2020
Barclays Capital
ComBATS Fund
Sustainable Emerging
Markets Fund Pareto Balanse
CHF USD EUR NOK
Number of shares outstanding
Class A - - 1,914,583 5,639,715
Class B 111,662 - - -
Class C 2,100 - - -
Class D - - - -
Class E - - - -
Class F - - - -
Class G - - - -
Class H - - - -
Class I - - - -
Class J - - - -
Class K - 91,877 - -
Class Q - - - -
Class S - - - -
Class T - - - -
Class U - - - -
Class Z
Net asset value per share
Class A - - EUR 150.85 NOK 125.61
Class B CHF 111.97 - - -
Class C CHF 11,341.51 - - -
Class D - - - -
Class E - - - -
Class F - - - -
Class G - - - -
Class H - - - -
Class I - - - -
Class J - - - -
Class K - JPY 8,790.57 - -
Class Q - - - -
Class S - - - -
Class T - - - -
Class U - - - -
Class Z - - - -
The accompanying notes on page 22 to 34 form an integral part of these financial statements.
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Statement of Net Assets as at 31 May 2018 (continued)
Pareto Moderat Pareto Offensiv Barclays Managed
Commodity Risk Premia
Fund*
Combined
Notes NOK NOK USD EUR
Assets
Market value of investments 406,953,106 677,808,254 25,820,837 509,304,101
Funded swaps at market value 2(k),5 - - 3,353,771 8,918,532
Unrealised appreciation on forward foreign exchange contracts 2(f),7 1,471,312 1,489,402 - 523,359
Unrealised appreciation on long-dated forward foreign exchange contracts 2(g),6 - - - 204,702
Cash at bank 8,913,465 22,622,839 2,623,332 58,212,482
Interest receivable - - 245 225
Receivable for investments sold 494,155 1,295,014 - 2,532,485
Receivable for shares issued - 594,178 - 62,208
Dividends receivable - - - 371,806
Fixed fees receivable 487,901 507,745 6,262 455,571
Total Assets 418,319,939 704,317,432 31,804,447 580,585,471
Liabilities
Management fees payable 4(a) 918,857 1,488,540 - 993,165
Fixed fees payable 4(b) 541,909 763,373 23,773 645,227
Payable for investments purchased - - 3,049,974 2,612,842
Payable for shares redeemed 32,431 - - 31,784,312
Unrealised depreciation on forward foreign exchange contracts 2(f),7 5,320,601 13,566,308 - 3,281,405
Unrealised depreciation on long-dated forward foreign exchange contracts 2(g),6 - - - 457,426
Other payables and accrued expenses 5,993 4,017 - 25,877
Total Liabilities 6,819,791 15,822,238 3,073,747 39,800,254
NET ASSETS 411,500,148 688,495,194 28,730,700 540,785,217
*Barclays Managed Commodity Risk Premia Fund launched on 12 January 2018.
The accompanying notes on page 22 to 34 form an integral part of these financial statements.
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Statement of Net Assets as at 31 May 2018 (continued)
Pareto Moderat Pareto Offensiv
Barclays Managed Commodity
Risk Premia Fund*NOK NOK USD
Number of shares outstanding
Class A 3,486,277 4,995,284 -
Class B - - -
Class C - - -
Class D - - -
Class E - - -
Class F - - -
Class G - - -
Class H - - -
Class I - - -
Class J - - -
Class K - - -
Class Q - - -
Class S - - -
Class T - - -
Class U - - 280,000
Class Z
Net asset value per share
Class A NOK 118.03 NOK 137.83 -
Class B - - -
Class C - - -
Class D - - -
Class E - - -
Class F - - -
Class G - - -
Class H - - -
Class I - - -
Class J - - -
Class K - - -
Class Q - - -
Class S - - -
Class T - - -
Class U - - USD 102.61
Class Z
*Barclays Managed Commodity Risk Premia Fund launched on 12 January 2018.
The accompanying notes on page 22 to 34 form an integral part of these financial statements.
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Statement of Operations for the period ended 31 May 2018
Barclays Max
Capital Stability
Fund 2020
Barclays Capital
ComBATS Fund
Sustainable
Emerging
Markets Fund
Pareto Balanse
Notes CHF USD EUR NOK
Income
Bank interest - - - 335,659
Net dividend income - - 2,509,275 -
Total Income - - 2,509,275 335,659
Investment management fees 4(a) 52,984 7,531 630,192 3,716,189
Fixed fees 4(b) 39,127 7,551 153,438 627,193
Taxe d’abonnement 3 - - 73,278 176,961
Other expenses 4 2,150 957 16,339 17,486
Total Expense 94,261 16,039 873,247 4,537,829
Net Investment (loss)/income (94,261) (16,039) 1,636,028 (4,202,170)
Net realised (loss)/gain on investments 2(d) - - (3,992,361) 10,809,726
Net realised loss on swaps 2(k) - (7,163,762) - -
Net realised (loss)/gain on forward foreign exchange contracts 2(f) (357) 366,076 (154) (1,502,069)
Net realised (loss)/gain on foreign currencies 2(b) (710) (191,476) (206,241) 3,360,534
Net change in unrealised (depreciation)/appreciation on investments (822,615) - 7,342,175 (8,722,315)
Net change in unrealised appreciation on swaps 2(k) - 7,068,477 - -
Net change in unrealised appreciation/(depreciation) on forward foreign exchange
contracts 2(f) 672,522 (44,229) 153,311 3,540,491
Net change in unrealised appreciation on long-dated forward foreign exchange contracts 2(g) 22,439 - - -
Net change in unrealised (depreciation)/appreciation on foreign currencies (338) (357) (16,187) 1,217,529
Net (decrease)/increase in net assets resulting from operations (223,320) 18,690 4,916,571 4,501,726
The accompanying notes on page 22 to 34 form an integral part of these financial statements.
Celsius Investment Funds SICAV
17
Statement of Operations for the period ended 31 May 2018 (continued)
Combined
Notes NOK NOK USD EUR
Income
Bank interest 658,746 - 1,001 103,824
Net dividend income - - - 2,509,275
Total Income 658,746 - 1,001 2,613,099
Investment management fees 4(a) 2,196,849 3,470,380 - 1,653,534
Fixed fees 4(b) 365,658 629,498 21,046 378,458
Taxe d’abonnement 3 104,612 165,256 5,329 123,956
Other expenses 4 15,422 29,174 309,344 280,599
Total Expense 2,682,541 4,294,308 335,719 2,436,547
Net Investment (loss)/income (2,023,795) (4,294,308) (334,718) 176,552
Net realised gain/(loss) on investments 2(d) 4,960,642 11,105,053 997,995 (385,323)
Net realised loss on swaps 2(k) - - - (5,910,032)
Net realised (loss)/gain on forward foreign exchange contracts 2(f) (1,087,003) (351,832) 330 (2,790)
Net realised gain/(loss) on foreign currencies 2(b) 1,442,951 3,735,400 (51) 519,586
Net change in unrealised (depreciation)/appreciation on investments (7,606,906) 4,466,116 20,348 5,428,243
Net change in unrealised (depreciation)/appreciation on swaps 2(k) - - (25,991) 5,809,981
Net change in unrealised appreciation/(depreciation) on forward foreign exchange contracts 2(f) 4,223,208 (504,913) - 1,442,556
Net change in unrealised appreciation on long-dated forward foreign exchange contracts 2(g) - - - 19,148
Net change in unrealised appreciation on foreign currencies 510,720 1,219,491 (13) 288,540
Net increase in net assets resulting from operations 419,817 15,375,007 657,900 7,386,461
Pareto Moderat Pareto Offensiv Barclays
Managed
Commodity Risk
The accompanying notes on page 22 to 34 form an integral part of these financial statements.
Celsius Investment Funds SICAV
18
Statement of Changes in Net Assets for the period ended 31 May 2018
Notes CHF USD EUR NOK
Net assets at beginning of the period 36,532,342 7,415,128 259,454,447 700,164,392
Reevaluation Difference 2(i) - - - -
Net investment (loss)/income (94,261) (16,039) 1,636,028 (4,202,170)
Net realised (loss)/gain on investments 2(d) - - (3,992,361) 10,809,726
Net realised loss on swaps 2(k) - (7,163,762) - -
Net realised (loss)/gain on forward foreign exchange contracts 2(f) (357) 366,076 (154) (1,502,069)
Net realised (loss)/gain on foreign currencies 2(b) (710) (191,476) (206,241) 3,360,534
Net realised (loss)/profit for the period (95,328) (7,005,201) (2,562,728) 8,466,021
Proceeds from subscription of shares 11,769 - 70,068,484 47,903,047
Payments for redemption of shares (557) - (45,620,184) (44,138,293)
Net proceeds from shares transactions 11,212 - 24,448,300 3,764,754
Net change in unrealised (depreciation)/appreciation on investments (822,615) - 7,342,175 (8,722,315)
Net change in unrealised appreciation on swaps 2(k) - 7,068,477 - -
Net change in unrealised appreciation on long-dated forward foreign exchange contracts 2(g) 22,439 - - -
Net change in unrealised (depreciation)/appreciation on forward foreign exchange
contracts 2(f) 672,522 (44,229) 153,311 3,540,491
Net change in unrealised appreciation/(depreciation) on foreign currencies (338) (357) (16,187) 1,217,529
Net assets at the end of the period 36,320,234 7,433,818 288,819,318 708,430,872
Pareto BalanseBarclays Max
Capital Stability
Fund 2020
Barclays Capital
ComBATS Fund
Sustainable
Emerging Markets
Fund
The accompanying notes on page 22 to 34 form an integral part of these financial statements.
Celsius Investment Funds SICAV
19
Statement of Changes in Net Assets for the period ended 31 May 2018 (continued)
Combined
Notes NOK NOK USD EUR
Net assets at beginning of the period 428,139,960 602,044,216 - 471,936,589
Reevaluation Difference 2(i) - - - 7,829,794
Net investment (loss)/income (2,023,795) (4,294,308) (334,718) 176,552
Net realised gain/(loss) on investments 2(d) 4,960,642 11,105,053 997,995 (385,323)
Net realised loss on swaps 2(k) - - - (5,910,032)
Net realised (loss)/gain on forward foreign exchange contracts 2(f) (1,087,003) (351,832) 330 (2,790)
Net realised gain/(loss) on foreign currencies 2(b) 1,442,951 3,735,400 (51) 519,586
Net realised profit/(loss) for the period 3,292,795 10,194,313 663,556 (5,602,007)
Proceeds from subscription of shares 37,361,934 117,486,544 28,072,800 114,238,904
Payments for redemption of shares (54,421,563) (46,410,573) - (60,636,406)
Net proceeds from shares transactions (17,059,629) 71,075,971 28,072,800 53,602,498
Net change in unrealised (depreciation)/appreciation on investments (7,606,906) 4,466,116 20,348 5,428,243
Net change in unrealised (depreciation)/appreciation on swaps 2(k) - - (25,991) 5,809,981
Net change in unrealised appreciation on long-dated forward foreign exchange contracts 2(g) - - - 19,148
Net change in unrealised appreciation/(depreciation) on forward foreign exchange
contracts 2(f) 4,223,208 (504,913) - 1,442,556
Net change in unrealised appreciation on foreign currencies 510,720 1,219,491 - 13 288,540
Net assets at the end of the period 411,500,148 688,495,194 28,730,700 540,755,342
Pareto Moderat Pareto Offensiv Barclays Managed
Commodity Risk
Premia Fund
The accompanying notes on page 22 to 34 form an integral part of these financial statements.
Celsius Investment Funds SICAV
20
Statement of Changes in Shares Outstanding
Number of
shares issued
Number of
shares
redeemed
Number of
shares
outstanding as
at 31 May 2018
Barclays Max Capital Stability Fund 2020
Class B 111,562 105 (5) 111,662
Class C 2,100 - - 2,100
Barclays Capital ComBATS Fund
Class K(1)
91,877 - - 91,877
Sustainable Emerging Markets Fund
Class A 1,755,814 456,778 (298,009) 1,914,583
Pareto Balanse
Class A 5,611,945 379,541 (351,771) 5,639,715
Pareto Moderat
Class A 3,629,792 311,537 (455,052) 3,486,277
Pareto Offensiv
Class A 4,472,879 864,224 (341,819) 4,995,284
Barclays Managed Commodity Risk Premia Fund*
Class Z - 280,000 - 280,000
Number of shares
outstanding as at
30 November
2017
(1) Hedged share classes
*Barclays Managed Commodity Risk Premia Fund launched on 12 January 2018.
The accompanying notes on page 22 to 34 form an integral part of these financial statements.
Celsius Investment Funds SICAV
21
Statistical Information
For the period ended 31 May 2018
For the period
ended 31 May
2018
For the year ended
30 November
2017
For the year ended
30 November
2016
Barclays Max Capital Stability Fund 2020
Class B Net assets CHF 12,503,066 CHF 12,574,473 CHF 13,012,819
Net asset value per share CHF 111.97 CHF 112.71 CHF 114.89
Class C Net assets CHF 23,817,168 CHF 23,957,869 CHF 24,400,423
Net asset value per share CHF 11,341.51 CHF 11,408.51 CHF 11,619.25
Diversified Fixed Income Opportunities Fund*
Class A Net assets - - EUR 36,373,719
Net asset value per share - - EUR 60.62
Barclays Capital ComBATS Fund
Class B(1) Net assets - - EUR 12,492
Net asset value per share - - EUR 89.23
Class D(1) Net assets - - CHF 2,267,670
Net asset value per share - - CHF 90.71
Class F(1) Net assets - - EUR 936
Net asset value per share - - EUR 85.10
Class K Net assets JPY 807,647,116 JPY 829,789,899 JPY 867,089,431
Net asset value per share JPY 8,790.56 JPY 9,031.52 JPY 9,285.90
Sustainable Emerging Markets Fund
Class A Net assets EUR 288,819,318 EUR 259,454,447 EUR 216,075,739
Net asset value per share EUR 150.85 EUR 147.77 EUR 131.53
Pareto Balanse
Class A Net assets NOK 708,430,872 NOK 700,164,392 NOK 600,192,133
Net asset value per share NOK 125.61 NOK 124.76 NOK 111.82
Pareto Moderat
Class A Net assets NOK 411,500,148 NOK 428,139,960 NOK 425,937,320
Net asset value per share NOK 118.03 NOK 117.95 NOK 109.49
Pareto Offensiv
Class A Net assets NOK 688,495,194 NOK 602,044,216 NOK 407,687,256
Net asset value per share NOK 137.82 NOK 134.60 NOK 116.31
Barclays Managed Commodity Risk Premia Fund**
Class Z Net assets USD 28,730,700 - -
Net asset value per share USD 102.61 - -
The accompanying notes on page 22 to 34 form an integral part of these financial statements.
Celsius Investment Funds SICAV
22
Notes to the Financial Statements for the period ended 31 May 2018
1. General information
a) The Company
Celsius Investment Funds SICAV (the “Company”) is an Investment Company with variable capital incorporated on 17
September 2007 and authorised in Luxembourg as an undertaking for collective investment pursuant to Part I of the law of
17 December 2010 relating to undertakings for collective investment, as amended (the “Law”).
The Company has appointed FundRock Management Company S.A. ("FundRock") to serve as its management company
(the "Management Company") pursuant to the Management Company Agreement. FundRock is responsible, subject to the
overall supervision of the Directors, for the provision of portfolio and risk management services, administrative services and
marketing services to the Company, and more generally for the day-to-day management of the affairs of the Company as
further described in the Management Company Agreement.
FundRock is organised under the laws of the Grand Duchy of Luxembourg and approved as Chapter 15 management
company by the CSSF, therefore it has to comply with Luxembourg laws and regulations. In accordance with the CSSF Rules
and with the prior approval of the Company, the Management Company may delegate all or part of its duties and powers to
any person or entity. The Management Company's liability to the Company for the performance of such functions shall not
be affected by the delegation. Please refer to the sections in the Prospectus for further information regarding the delegation
by the Management Company of the investment management, distribution and administration functions.
The Management Company has appointed Barclays Bank Plc as its investment manager pursuant to an Investment
Management Agreement, as amended from time to time, between the Company, Management Company and the
Investment Manager.
b) The Fund
As at 31 May 2018, the Company has seven active Sub-Funds:
Barclays Max Capital Stability Fund 2020, Barclays Capital ComBATS Fund, Sustainable Emerging Markets Fund, Pareto
Balanse, Pareto Moderat, Pareto Offensiv and Barclays Managed Commodity Risk Premia Fund (the ""Sub-Funds"").
The investment objective of Barclays Max Capital Stability Fund 2020 is to provide Shareholders with a return linked to the
performance of the Multi-Asset Protected Portfolio which is comprised of the Multi-Asset Basket and the Protection
Component.
The investment objective of Barclays Capital ComBATS Fund is to provide Shareholders with a return linked to the
performance of the Barclays Capital ComBATS 12 Total Return Index, a diversified long-short commodities index net of fees
and expenses.
The investment objective of Sustainable Emerging Markets Fund is to provide Shareholders with long-term capital
appreciation through exposure in local currencies to a portfolio of Emerging Market Equities meeting certain sustainable
investment criteria.
The investment objective of Pareto Balanse is to provide Shareholders with medium capital growth over the long term with
a medium level of risk.
The investment objective of Pareto Moderat is to provide Shareholders with moderate capital growth over the long term
with a medium level of risk.
The investment objective of Pareto Offensiv is to provide Shareholders with enhanced capital growth over the long term
with a medium to high level of risk.
The Investment objective of Barclays Managed Commodity Risk Premia Fund is to provide Shareholders with a return
linked to the performance of a portfolio of Eligible Indices which are either (i) Alternative Risk Premia Indices or (ii) Market
Risk Premia Indices, both being commodity-related indices.
In order to achieve their investment objective, the Sub-Funds intend to invest the net proceeds of any issue of Shares in
assets consisting of financial derivative instruments ("FDIs") (including Derivative Contracts in the form of swaps, futures,
options and forward foreign exchange contracts), transferable securities, money market instruments, other Undertakings
for Collective Investment in Transferable Securities ("UCITS"), assets and instruments used for the purpose of efficient
portfolio management.
Celsius Investment Funds SICAV
23
Notes to the Financial Statements for the period ended 31 May 2018 (continued)
1. General information
c) The Shares
The Directors may decide to create within each Sub-Fund different share classes. All share classes relating to the same Sub-
Fund are commonly invested in accordance with such Sub-Fund’s investment objective but may differ with regard to their
fee structure, minimum initial investment amount, minimal additional investment amount, minimum shareholding,
minimum repurchase amount, dividend policy (including the dates and payments of any dividends), investor eligibility
criteria or other particular feature(s). A separate Net Asset Value per Share is calculated for each issued share class in
relation to each Sub-Fund. The different features of each share class available relating to a Sub-Fund are described in detail
in the relevant Supplements to the Prospectus.
The Investment Manager has the ability to hedge the shares of such classes in relation to the Fund currency. Where hedging
of this kind is undertaken, the Investment Manager may engage, for the exclusive account of such share class, in currency
forwards, currency futures, currency option transactions and swaps in order to preserve the value of the reference currency
against the Fund currency. Where undertaken, the effects on this hedging will be reflected in the Net Asset Value ("NAV")
and, therefore, in the performance of such additional share class. Similarly, any expenses arising from such hedging
transactions will be borne by the class in relation to which they have been incurred.
As at 31 May 2018, the following classes are active:
Barclays Max Capital Stability Fund 2020 currently offers two share classes: Class B denominated in CHF and Class C
denominated in CHF.
Barclays Capital ComBATS Fund currently offers one share class: Class K (Hedge Share Class) denominated in JPY.
Sustainable Emerging Markets Fund currently offers one share class: Class A denominated in EUR.
Pareto Balanse currently offers one share class: Class A denominated in NOK.
Pareto Moderat currently offers one share class: Class A denominated in NOK.
Pareto Offensiv currently offers one share class: Class A denominated in NOK.
Barclays Managed Commodity Risk Premia Fund currently offers one share class: Class Z denominated in USD.
2. Accounting policies
The accounts of the Company have been prepared in accordance with the Luxembourg regulations relating to undertakings
for collective investments ("UCIs"). The significant accounting policies used in these financial statements are detailed as
follows:
a) Cash at bank and other liquid assets
Cash at bank and other liquid assets are valued at their face value with interest accrued, where applicable.
b) Base currency
Any value expressed otherwise than in the base currency of the relevant Sub-Fund (whether of an investment or cash) and
any non-base currency borrowings are converted into the base currency at the rate (whether official or otherwise) which
the Administrator deems appropriate in the circumstances.
The acquisition cost of securities expressed in a currency other than the reference currency of the respective Sub-Funds is
translated at the exchange rate prevailing on the date of purchase.
Income and expenses expressed in currencies other than the reference currency of the respective Sub-Funds are converted
at exchange rates ruling at the transaction date.
As at 31 May 2018, the base currency is the Euro (“EUR”) for Sustainable Emerging Markets Fund, the Swiss Franc (“CHF”)
for Barclays Max Capital Stability Fund 2020, the US Dollar (“USD”) for Barclays Capital ComBATS Fund and Barclays
Managed Commodity Risk Premia Fund and the Norwegian Krone (“NOK”) for Pareto Balanse, Pareto Moderat and Pareto
Offensiv.
Celsius Investment Funds SICAV
24
Notes to the Financial Statements for the period ended 31 May 2018 (continued)
2. Accounting policies (continued)
b) Base currency (continued)
The exchange rates on 31 May 2018 are (those exchange rates are taken at 5pm United Kingdom time) as follows:
Exchange rates on 31 May 2018
1 EUR 1.167301 USD
1 EUR 1.147573 CHF
1 EUR 1.139938 GBP
1 EUR 9.551463 NOK
1 EUR 126.821473 JPY
c) Assets listed or traded on a stock exchange
Assets listed or traded on a stock exchange or on an over-the-counter ('OTC') market for which market quotations are
readily available shall be valued at the last quoted official close of business price on the principal exchange or market for
such investment as at the Valuation Point for the relevant Dealing Day provided that the value of any investment listed on a
stock exchange but acquired or traded at a premium or at a discount outside the relevant stock exchange may be valued
taking into account the level of premium or discount as at the date of valuation of the investment. Such premiums or
discounts thereon above shall be provided by an independent broker or market maker or if such premiums/discounts are
unavailable, by the Investment Manager. However, the Administrator in agreement with the Investment Manager may
adjust the value of investments traded on an OTC market if it considers such adjustment is required to reflect the fair value
thereof in the context of currency, marketability, dealing costs and/or such other considerations as are deemed relevant.
If the assets are listed or traded on several stock exchanges or OTC markets, the official close of business prices on the
stock exchange or OTC market which, in the opinion of the Administrator, constitutes the main market for such assets, will
be used.
In the event that any of the investments as at the Valuation Point for the relevant Dealing Day are not listed or traded on any
stock exchange or OTC market, such securities shall be valued at their probable realisation value determined by the
Administrator (being approved by the Board of Directors) with care and in good faith in consultation with the Investment
Manager.
Investments in open-ended UCIs are valued on the basis of the last available NAV of the units or shares of such UCIs.
d) Investments in securities
Investments in securities are accounted for on a trade date basis. Realised gains and losses on sales of investments in
securities are determined on the average cost basis and include transaction costs.
e) Exchange traded derivative instruments
Exchange traded derivative instruments are valued at the settlement price for such instruments on such market as at the
Valuation Point for the relevant Dealing Day; if such price is not available such value is the probable realisation value
estimated with care and in good faith by the Administrator or the Investment Manager and approved for such purpose by
the Depositary. OTC derivative instruments are valued at the latest valuation for such instruments as at the Valuation Point
for the relevant Dealing Day as provided by the counterparty on a daily basis and verified on a weekly basis by a specialised
unit or department of Barclays Bank Plc (being independent from the counterparty).
If in any case a particular value is not ascertainable as provided above or if the Board of Directors considers that some other
method of valuation better reflects the fair value of the relevant investment on derivative instrument, then in such case the
method of valuation of the relevant investment on derivative investment is such as the Directors in their absolute discretion
determines, such method of valuation to be approved by the Depositary.
Celsius Investment Funds SICAV
25
Notes to the Financial Statements for the period ended 31 May 2018 (continued)
2. Accounting policies (continued)
f) Forward foreign exchange contracts
Forward foreign exchange contracts are valued at the prevailing forward exchange rate of the underlying currencies and
unrealised gain or loss is recorded daily under "Unrealised appreciation/(depreciation) on forward foreign exchange
contracts" in the Statement of Net Assets. The changes in such amounts are included in the Statement of Changes in Net
Assets under “Net change in unrealised appreciation/(depreciation) on forward foreign exchange contracts”. When a
contract is closed, the realised gain/loss is recorded under “Net realised gain/(loss) on forward foreign exchange contracts”
in the Statement of Operations and the Statement of Changes in Net Assets.
g) Long-dated forward foreign exchange contracts
Long-dated forward foreign exchange contracts are valued at the prevailing forward exchange rate of the underlying
currencies and unrealised gain or loss is recorded daily under "Unrealised appreciation/(depreciation) on long-dated
forward foreign exchange contracts" in the Statement of Net Assets. The changes in such amounts are included in the
Statement of Changes in Net Assets under “Net change in unrealised appreciation/(depreciation) on long-dated forward
foreign exchange contracts”. When the contracts close, the realised gain/loss will be recorded under “Net realised
gain/(loss) on long-dated forward foreign exchange contracts” in the Statement of Operations and the Statement of
Changes in Net Assets.
h) Futures contracts
The Company may enter into futures contracts for the delayed delivery of securities or currency, or contracts based on
financial indices at a fixed price on a future date. In entering such contracts, the Company is required to deposit with the
broker either in cash or securities an amount equal to a certain percentage of the contract amount. Subsequent payments
are made or received by the Company each day, depending on the daily fluctuations in the value of the contracts, and are
recorded for financial statements purposes as unrealised gains or losses by the Company. Upon entering into such
contracts, the Company bears the risk of interest or exchange rates or securities’ prices moving unexpectedly, in which case,
the Company may not achieve the anticipated benefits of the futures contracts and may realise a loss. The changes in such
amounts are included in the Statements of Operations and Statements of Changes in Net Assets under “Net change in
unrealised appreciation/(depreciation) on futures contracts”. Where the assets are listed or traded on a stock exchange, the
official close of business prices on the stock exchange, as selected by the Administrator, will be used.
i) Written options
The Fund may write call or put options in exchange for a premium. The premium is initially recorded as liability, which is
subsequently adjusted to the current value of the option contract. When a written option expires, the Company realises a
gain equal to the amount of the premium received. The difference between the premium and the amount paid at the closing
of a transaction is considered as a realised gain or loss. When a written call option is exercised, the premium received is
offset against the proceeds to determine the realised gain or loss. When a written put option is exercised, the premium
reduces the cost basis of the security purchased by the Company. The changes in such amounts are included in the
Statement of Operations and the Statement of Changes in Net Assets under “Net change in unrealised
appreciation/(depreciation) on options contracts".
The Company, as writer of an option, may have no control over whether the underlying securities may be sold (call) or
purchased (put) and, as a result, bears the market risk of an unfavourable change in the price of the securities underlying
the written option.
In general, written call options may serve as a partial hedge against decreases in value in the underlying securities to the
extent of the premium received.
Where the assets are listed or traded on a stock exchange, the official close of business prices on the stock exchange, as
selected by the Administrator, will be used. Where the asset is an OTC instrument, Barclays Bank Plc and the Administrator
will value the asset in an independent manner.
j) Purchased options
The Company may purchase call or put options for a premium. Purchasing call options may be a hedge against an
anticipated increase in the cost of securities to be acquired or to increase the Fund’s exposure to the underlying instrument.
Purchasing put options may hedge against a decline in the value of portfolio securities. The premium paid is included as an
investment in the Statements of Net Assets and is subsequently adjusted to the current value of the option. Premiums paid
for purchased options which have expired are treated as a "Net realised gain/(loss) from options" in the Statement of
Operations and the Statement of Changes in Net Assets.
Celsius Investment Funds SICAV
26
Notes to the Financial Statements for the period ended 31 May 2018 (continued)
2. Accounting policies (continued)
j) Purchased options(continued)
Premiums paid for purchased options which are exercised or closed are added to the amount paid or offset against the
proceeds on the underlying security or financial instrument to determine the realised gain or loss. The risk of loss associated
with purchased options is limited to the premium paid. The market value of the options is recorded under "Options at
market value" in the Statement of Net Assets.
Where the assets are listed or traded on a stock exchange, the official close of business prices on the stock exchange, as
selected by the Administrator, will be used. Where the asset is an OTC instrument, Barclays Bank Plc and the Administrator
will value the asset in an independent manner.
k) Swap agreements
In order to achieve their investment objective, the Sub-Funds intend to invest the net proceeds of any issue of shares in
derivative contracts in the form of funded or unfunded swaps (the “Swaps”), entered into with the Approved Counterparty.
The Fund may use funded swaps to gain exposure to the Money Market Component or the Diversified Component, and
where such funded swaps are used, the Fund will have no further payment obligations other than the initial amounts paid to
the Approved Counterparty.
Funded swap means a swap where the Fund pays to the Approved Counterparty the full swap notional equal to the net
proceeds of any issue of shares in exchange for the performance or the payout of all or part of the Underlying.
The Fund may also use unfunded swaps to gain exposure to the Diversified Component, and where such unfunded swaps
are used, the Fund may have further payment obligations to the Approved Counterparty reflecting the change in value of
such swaps in favour of the Approved Counterparty.
Funded and unfunded swaps are disclosed in section 5 of the notes to the financial statements.
In the Statement of Net Assets, the funded swaps are disclosed at their market value and the unfunded swaps are disclosed
at their unrealised value. In the Statement of Operations and the Statement of Changes in Net Assets, the funded and
unfunded swaps show their change in unrealised. Where the asset is an OTC instrument, Barclays Bank Plc and the
Administrator will value the asset in an independent manner.
l) Combined statements
The combined Statements of Net Assets, of Operations and of Changes in Net Assets are expressed in Euros at the
exchange rate prevailing at the period end for each Sub-Fund. The "Revaluation difference" in the statements relates to the
revaluation of the opening NAV at this exchange rate.
3. Taxation of the Company
Under current law and practice, the Company is not liable to any Luxembourg income tax. Dividends paid (if any) by the
Company to its Shareholders are not liable to any Luxembourg withholding tax.
The Company is, however, liable in Luxembourg to a tax (“Taxe d'Abonnement”) of 0.05 per cent per annum in respect of
share classes for Retail Investors and of 0.01 per cent per annum in respect of share classes for Institutional Investors.
Investments by a Sub-Fund in shares or units of another Luxembourg UCI are excluded from the Net Asset Value of the
Fund serving as basis for the calculation of the Taxe d'Abonnement payable by that Sub-Fund. The Taxe d'Abonnement is
payable quarterly on the basis of the NAV of the Sub-Fund at the end of the relevant calendar quarter.
The Taxe d'Abonnement is included in the fixed fees for the following Sub-Fund: Barclays Capital ComBATS Fund.
For Barclays Max Capital Stability Fund 2020, Sustainable Emerging Markets Fund, Pareto Balanse, Pareto Moderat,
Pareto Offensiv and Barclays Managed Commodity Risk Premia Fund the Taxe d'Abonnement is not included in the Fixed
Fees and is therefore disclosed separately, under "Taxe d'Abonnement", in the Statement of Operations.
No stamp duty or other taxes are payable in Luxembourg in connection with the issue of shares by the Company, except a
one-off tax payment of EUR 1,250 which was paid upon incorporation of the Company.
Celsius Investment Funds SICAV
27
Notes to the Financial Statements for the period ended 31 May 2018 (continued)
3. Taxation of the Company (continued)
Under current law and practice in Luxembourg, no capital gains tax is payable on the realised capital appreciation of the
assets of the Company and no tax is payable on the investment income received in respect of the assets. Investment income
for dividends and interest received by the Company may however be subject to withholding taxes in the country of origin at
varying rates; such withholding taxes may not be recoverable.
4. Significant agreements
a) Management fees
In accordance with and subject to the terms of the Management Company Agreement, the annual Management Fee will be
a percentage of the net assets of each Fund or Class of Shares or the Initial Issue Price, as indicated in the Supplement of the
Prospectus, subject to a minimum flat fee of EUR 1,250 per Sub-Fund. Management Fees are payable periodically at a rate
which is within a range specified in the relevant Supplement of each Fund. The Management Fee will be calculated upon
each Dealing Day.
The minimum fee is replaced by a basis point fee based on the individual Sub-Funds assets under management as
determined on the last net asset valuation day of the month provided the basis point fee is higher than the minimum fee.
The basis point fee applies once the respective Sub-Fund’s assets under management reach and exceed the following
bands:
Sub-Fund Assets up to EUR 100 Million 3.50bps per annum
Sub-Fund Assets over EUR 100 Million, up to EUR 250 million 3.00bps per annum
Sub-Fund Assets over EUR 250 Million, up to EUR 500 million 2.50bps per annum
Sub-Fund Assets over EUR 500 Million 1.75bps per annum
The Manager is entitled to a fee at the annual rates set out below. The fee will be accrued daily based on the daily Net Asset
Value of the relevant Fund. Such fee will be paid on a quarterly basis in arrears.
Sub-Fund Management Fees
Barclays Max Capital Stability Fund 2020
Class B and C Up to 1.90%
Barclays Capital ComBATS Fund
Class B, D and K Up to 0.50%
Class F Up to 1.20%
Sustainable Emerging Markets Fund
Class A Up to 0.43%
Pareto Balanse
Class A Up to 2.20%
Pareto Moderat
Class A Up to 2.20%
Pareto Offensiv
Class A Up to 2.20%
Barclays Managed Commodity Risk Premia Fund*
Class Z Nil
Maximum Management fee rates are set out in the Prospectus for each Sub-Fund.
*Barclays Managed Commodity Risk Premia Fund launched on 12 January 2018.
Celsius Investment Funds SICAV
28
Notes to the Financial Statements for the period ended 31 May 2018 (continued)
4. Significant agreements (continued)
b) Fixed fees
Fixed fees means the fees payable by the Company for each Sub-Fund, out of the Sub-Fund’s assets, in respect of the
ordinary fees, expenses and costs incurred by the Sub-Fund that include:
Administrator's fees,
Depositary's fees,
Directors fees,
Other Administrative expenses,
Setting Up Costs except Barclays Max Capital Stability Fund 2020,
Transaction fees.
The fixed fee will accrue on each day and be calculated on each Dealing Day and paid monthly.
In each Sub-Fund, the fixed fee amounts to 0.20% of the average daily NAV of the relevant Class of Shares, except for
Barclays Max Capital Stability Fund 2020 where it is up to 0.10% and Sustainable Emerging Markets Fund where the fixed
fee arrangement was terminated and from the 1 December 2015 effective fees incurred are now charged to the Fund.
The Taxe d'Abonnement is excluded from the fixed fees in Barclays Max Capital Stability Fund 2020, Sustainable Emerging
Markets Fund, Pareto Balanse, Pareto Moderat, Pareto Offensiv and Barclays Managed Commodity Risk Premia Fund.
The fixed fees as set out in the Prospectus where sufficient will cover Administrator’s, Legal, Depositary’s and Auditor’s fees.
Where the fixed fees are not sufficient to cover specific expenses of the Sub-Funds, the expenses will be either settled
outside the assets of the Sub-Fund or paid directly by Barclays Bank Plc.
The advisory fees “in respect of the Protection Strategy” charged in Barclays Max Capital Stability Fund 2020 are disclosed
under “General expenses” in the Statement of Operations.
Any fees other than fixed fees are payable by the Company.
c) Depositary
The Company has appointed Northern Trust Global Services Plc (Luxembourg Branch), (the “Depositary”) to act as
Custodian of the assets of each Sub-Fund and to provide depositary services to each Sub-Fund in accordance with the
Luxembourg Regulations. Under the terms of the Depositary Agreement, the Depositary may, however, appoint any person
or persons to be the Sub-Delegate of the assets of the Company. These fees are included in the fixed fees.
d) Administrator
The Company has appointed Northern Trust Management Company S.A., (the “Administrator”) to act as Administrator,
Registrar and Transfer Agent of each Sub-Fund with responsibility for performing the day to day administration of each
Sub-Fund including the calculation of the NAV and the NAV per Share of each Sub-Fund. These fees are included in the
fixed fees.
e) Promoter
The Promoter of the Company is Barclays Bank Plc. Barclays Bank Plc has its registered office at 1 Churchill Place, London
E14 5HP, United Kingdom ("UK"). Barclays is authorised by the UK Financial Conduct Authority.
f) Transaction costs
Transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset
or financial liability. An incremental cost is one that would not have been incurred if the entity had not acquired, issued or
disposed of the financial asset or financial liability. When a financial asset or financial liability is recognised initially, an entity
shall measure it at its fair value through profit or loss plus, transaction costs that are directly attributable to the acquisition
or issue of the financial asset or financial liability.
Transaction costs on the purchase and sale of money market instruments, bonds, forward foreign exchange currency
contracts and swaps are included in the purchase and sale price of the investment.
Celsius Investment Funds SICAV
29
Notes to the Financial Statements for the period ended 31 May 2018 (continued)
4. Significant agreements (continued)
g) Transaction costs (continued)
Transaction costs on purchases and sales of equities, collective investment schemes and futures contracts are included in
the Statement of Operations and the Statement of Changes in Net Assets for each Sub-Fund in the fixed fees.
Custody transactions costs are included in depositary fees as disclosed in Note 4 (c). These costs are separately identifiable
transaction costs. Custody transaction costs include transaction costs paid to custodians and sub-custodians. Purchases
and sales transaction costs include identifiable brokerage charges, commissions, transaction related taxes and other market
charges.
For the period ended 31 May 2018, the Sub-Funds incurred transaction costs as follows:
Sub-Fund Combined
Barclays Max Capital Stability Fund 2020 CHF 617 - 617
Barclays Capital ComBATS Fund USD 1,188 - 1,188
Sustainable Emerging Markets Fund EUR 495 88,685 89,180
Pareto Balanse NOK 29,214 18,409 47,624
Pareto Moderat NOK 30,916 10,781 41,697
Pareto Offensiv NOK 38,931 21,133 60,064
Barclays Managed Commodity Risk Premia Fund USD 7,159 - 7,159
Combined EUR 18,104 93,898 112,001
Fund currency Custody
transaction fees
Purchases and
sales transaction
fees
h) Preliminary charge
A preliminary charge may be levied as follows:
Sub-Fund Preliminary Charge Rate
Barclays Max Capital Stability Fund 2020
Class B and C No Charge
Barclays Capital ComBATS Fund
Class B, D and K Up to 4.00% of Investment Amount
Class F Up to 5.00% of Investment Amount
Sustainable Emerging Markets Fund
Class A Up to 4.00% of Investment Amount
Pareto Balanse
Class A Up to 2.00% of Investment Amount
Pareto Moderat
Class A Up to 2.00% of Investment Amount
Pareto Offensiv
Class A Up to 2.00% of Investment Amount
Barclays Managed Commodity Risk Premia Fund
Class Z No Charge
Celsius Investment Funds SICAV
30
Notes to the Financial Statements for the period ended 31 May 2018 (continued)
4. Significant agreements (continued)
i) Repurchase charge
A repurchase charge is payable by shareholders to the Distributor in the Barclays Max Capital Stability Fund 2020 (Class B
and C) of up to 4.00% of the Initial Issue Price per Share for the period from the 3 February 2010 ('the Launch Date') to (but
excluding) the first anniversary of the Launch Date; for up to 2.50% of the Initial Issue Price per Share for the period from
(and including) the first anniversary of the Launch Date to (but excluding) the second anniversary of the Launch Date; and
for up to 1.00% of the Initial Issue Price per Share for the period from (and including) the second anniversary of the Launch
Date to (but excluding) the third anniversary of the Launch Date. Subsequent to (and including) the third anniversary of the
Launch Date no more charge is levied.
5. Swaps
Funded Swaps
Barclays Capital ComBATS Fund
On 31 May 2018, the market value of swaps and the unrealised appreciation/depreciation) on funded swaps are the
following:
Unrealised
appreciation/
Termination Market Value (depreciation)
Underlying Date Counterparty Notional USD USD
Funded Total Return Swap on
Barclays Capital ComBATS 12 USD 12 March 2019 Barclays Bank Plc 7,201,373 7,056,841 (144,532)
Total Return Index
Total 7,056,841 (144,532)
Currency
The Barclays Capital ComBATS 12 Total Return Index is a long-short commodities index. Barclays Capital ComBATS Fund
has been fully collateralised by the counterparty with government bonds amounting to USD 5,247,655
Barclays Managed Commodity Risk Premia Fund
On 31 May 2018, the market value of swaps and the unrealised appreciation/(depreciation) on funded swaps are the
following:
Unrealised
appreciation/
Termination Market Value (depreciation)
Underlying Date Counterparty Notional USD USD
Funded Total Return Swap on
USD 29 June 2020 Barclays Bank Plc 800,600 35,482 30,028
USD 29 June 2018 Barclays Bank Plc 16,340,000 220,263 150,808
USD 29 June 2018 Barclays Bank Plc 18,538,006 716,494 544,087
USD 29 June 2018 Barclays Bank Plc 63,910,411 2,355,738 2,337,488
USD 29 June 2020 Barclays Bank Plc 19,689,754 25,794 13,553
Total 3,353,771 3,075,964
Currency
Bloomberg ex-Agriculture &
Livestock 6 Month Forward Index
Barclays Backwardation Alpha
Bloomberg CI Index Excess Return
Bloomberg Commodity Index 3
Month Forward
Bloomberg Commodity Index 6
Month Forward
Barclays Commodity Strategy
1627 Index Excess Return
Celsius Investment Funds SICAV
31
Notes to the Financial Statements for the period ended 31 May 2018 (continued)
6. Long-dated forward foreign exchange contracts
Barclays Max Capital Stability Fund 2020
On 31 May 2018, the unrealised appreciation/(depreciation) on long-dated forward foreign exchange contracts are the
following:
Unrealised
appreciation/
(depreciation)
To Deliver Settlement Date CHF
Swiss Franc 37,597,115 Euro 33,500,000 1 October 2020 (524,929)
Euro 1,870,000 Swiss Franc 1,938,414 1 October 2020 185,180
Net depreciation (339,749)
To Receive Counterparty
Northern Trust
Northern Trust
7. Forward foreign exchange contracts
Barclays Capital ComBATS Fund
On 31 May 2018, the Fund had entered into the following forward foreign exchange contracts:
Unrealised
appreciation/
(depreciation)
Counterparty USD
Japanese Yen 812,350,000 USD 7,430,322 UBS 50,585
Net appreciation 50,585
15 June 2018
To Receive To Deliver Settlement Date
Pareto Balanse
On 31 May 2018, the Fund had entered into the following forward foreign exchange contracts:
Unrealised
appreciation/
(depreciation)
Settlement Date Counterparty NOK
Norweigan Krone 163,458,321 EUR 16,900,000 4 June 2018 UBS 2,038,129
Norweigan Krone 31,437,859 JPY 430,000,000 4 June 2018 UBS (947,400)
Norweigan Krone 32,062,678 JPY 428,000,000 3 July 2018 UBS (197,016)
Norweigan Krone 393,005,930 USD 48,200,000 3 July 2018 (984,084)
Norweigan Krone 160,903,215 EUR 16,830,000 3 July 2018 UBS (8,418)
Norweigan Krone 385,512,469 USD 48,375,000 4 June 2018 UBS (10,318,388)
Net depreciation (10,417,177)
Barclays Bank Plc
To Receive To Deliver
Celsius Investment Funds SICAV
32
Notes to the Financial Statements for the period ended 31 May 2018 (continued)
7. Forward foreign exchange contracts
Pareto Moderat
On 31 May 2018, the Fund had entered into the following forward foreign exchange contracts:
Unrealised
appreciation/
(depreciation)
Settlement Date Counterparty NOK
Norweigan Krone 117,999,498 EUR 12,200,000 4 June 2018 UBS 1,471,312
Norweigan Krone 2,821,280 USD 350,000 4 June 2018 UBS (42,612)
Norweigan Krone 169,432,847 USD 20,780,000 3 July 2018 (424,259)
Norweigan Krone 116,638,100 EUR 12,200,000 3 July 2018 UBS (6,102)
Norweigan Krone 13,259,566 JPY 177,000,000 3 July 2018 UBS (81,476)
Norweigan Krone 13,057,678 JPY 178,600,000 4 June 2018 UBS (393,502)
Norweigan Krone 163,369,625 USD 20,500,000 4 June 2018 UBS (4,372,650)
Net depreciation (3,849,289)
Barclays Bank Plc
To Receive To Deliver
Pareto Offensiv
On 31 May 2018, the Fund had entered into the following forward foreign exchange contracts:
Unrealised
appreciation/
(depreciation)
Settlement Date Counterparty NOK
Norweigan Krone 119,450,312 EUR (12,350,000) 4 June 2018 UBS 1,489,402
Norweigan Krone 7,718,938 USD (950,000) 4 June 2018 UBS (54,485)
Norweigan Krone 48,318,756 JPY (645,000,000) 3 July 2018 (296,905)
Norweigan Krone 120,462,300 EUR (12,600,000) 3 July 2018 UBS (6,302)
Norweigan Krone 415,836,150 USD (51,000,000) 3 July 2018 UBS (1,041,251)
Norweigan Krone 401,251,738 USD (50,350,000) 4 June 2018 UBS (10,739,655)
Norweigan Krone 47,376,122 JPY (648,000,000) 4 June 2018 UBS (1,427,710)
Net depreciation (12,076,906)
To Receive To Deliver
Barclays Bank Plc
Celsius Investment Funds SICAV
33
Notes to the Financial Statements for the period ended 31 May 2018 (continued)
8. Management fees of the underlying Funds
Annual Management Fees
%
Boussard & Gavaudan SICAV - Absolute Return Class C 1.00%
GlobalAccess Europe (ex-UK) Alpha Fund M EUR Accumulation* 0.75%
GlobalAccess Global Corporate Bond Fund M USD Accumulation* 0.55%
GlobalAccess Japan Fund M JPY Accumulation* 0.80%
GlobalAccess Pacific Rim (ex-Japan) Fund M USD Accumulation* 0.75%
GlobalAccess US Small & Mid Cap Equity Fund USD Accumulation* 0.90%
GlobalAccess US Value Fund M USD Accumulation* 0.65%
Hermes Investment Funds PLC - Hermes Sourcecap European Alpha Fund S EUR Accumulation 0.60%
iShares Core S&P 500 UCITS ETF 0.07%
JPMorgan Funds - Systematic Alpha Class C 0.75%
Pareto Hoyrente 0.65%
Pareto Investment Fund - B 0.95%
Pareto Likviditet 0.25%
*related parties
9. Related parties
The Management Company has appointed Barclays Bank Plc to provide certain investment related services to the Company.
The principal activity is the provision of fund management services.
At period end, Barclays Bank Plc is the counterparty of all swaps and some forward foreign exchange contracts, as indicated
in Note 5 and Note 7. Barclays Bank Plc is regulated by the laws of England and Wales.
10. Changes in the composition of the investment portfolio
These changes are made available to the Shareholders by the Depositary and Administrative Agent at the Company’s
registered office. They will be sent free of charge to anyone who so requests.
11. Value of financial instruments and associated risks
Valuation of the underlying and the fund assets
Investors in the shares should be aware that such an investment involves assessing the risk of an investment linked to the
underlying and, where applicable, the fund assets and the techniques used to link the fund assets to the underlying.
Exchange rates
Investors in the shares should be aware that an investment in the shares may involve exchange rate risks except share
classes that are hedged against this risk.
Risk
An investment in the shares involves risks. These risks may include or relate to, among others, equity market, bond market,
foreign exchange, interest rate, credit, market volatility, risks associated with the use of derivatives and political risks and
any combination of these and other risks. Specific risk factors relevant to the Sub-Funds are detailed in the Prospectus.
12. Events during the period
A new Prospectus and Sub-Fund supplements were issued in December 2017.
A new Sub-Fund Barclays Managed Commodity Risk Premia Fund launched on 12 January 2018.
There have been no events during the period, which, in the opinion of the Directors, may have had an impact on the
Financial Statements.
Celsius Investment Funds SICAV
34
Notes to the Financial Statements for the period ended 31 May 2018 (continued)
13. Subsequent events
There have been no other events subsequent to the period end, which, in the opinion of the Directors, may have had an
impact on the Financial Statements for the period ended 31 May 2018.
Celsius Investment Funds SICAV
35
Securities Financing Transactions Regulations
The following information is presented with regard to Regulation (EU) 2015/2365 on transparency of securities financing and of
reuse (“SFTR”).
Assets engaged by SFT Type - Total Return Swaps % of AUM
Barclays Capital ComBATS Fund USD 7,056,841 94.93%
Concentration Data
Largest collateral issuers
Barclays Capital ComBATS Fund
Germany Government USD 857,500
Netherlands Government USD 1,345,762
UK Government USD 1,110,875
US Government USD 1,933,518
Collateral
Top Ten Counterparties - Total Return Swaps
Fund
Barclays Capital ComBATS Fund Barclays Bank Plc USD 5,247,655
Counterparty Collateral
Aggregate Transaction Data
Barclays Capital ComBATS Fund
Collateral type (USD '000)
* Moody's long-term credit rating
Maturity
<1 day 1 day-
1 week
1 week-
1 month
1 - 3
months
3 months -
1 year
>1 year Open Maturity
(USD'000)
Collateral - - - 819 - 4,429 -
Collateral Currency (USD '000):
Country of Counterparty: UK
Settlement and clearing type: Bilateral
Government bonds (5,247) (Aaa 4,137; Aa1 1,111)*
EUR (2,203); GBP (1,111); USD (1,934)
Reuse of Collateral
Barclays Capital ComBATS Fund
There is no reuse of collateral by the Fund as at 31 May 2018.
Safekeeping - Collateral Received
All collateral received is held by Barclays Bank Plc as at 31 May 2018.
Collateral held in: Segregated account - 100%
Celsius Investment Funds SICAV
36
Securities Financing Transactions Regulations (continued)
Return and Cost
Barclays Capital ComBATS Fund
SFT Type
% Amount
Return USD 100% 7,068,477
Cost USD 100% (7,163,762)
Barclays Bank Plc
Barclays Bank Plc
Total Return Swap
Currency Counterparty
The Returns line shows the realised and unrealised gain for the period and the Cost line shows the realised and unrealised losses
for the period under review.
Celsius Investment Funds SICAV
37
Additional Information for Shareholders
Performance v Index
Sub-Fund Start Date End Date
Fund
Return
Index
Return
Total differences
over and above
fees Comments
30/11/2017 31/05/2018 (2.67)% (0.34%) 0.42% Any total difference in
performance can be
attributed to the fees charged
at the fund level, the index
level, as well as the slippage
with allocating all assets to
the underlying assets at any
given time.
Barclays Capital
ComBATS Fund
Tracking Error v Index
Sub-Fund Start Date End Date
Fund
Return
Index
Return
Annualised
Tracking Comments
30/11/2017 31/05/2018 (2.67)% (0.34%) 0.07% 2.00% The tracking error limits is 2.00% as
defined in the Prospectus, where as the
actual realised annualised tracking error
is 0.07%. This means the Fund's
performance was within expectations of
the tracking error to the index and for
the period. Any tracking error can be
attributed to the fees charged at the
fund level, the index level, as well as the
slippage with allocating all assets to the
underlying assets at any given time.
Tracking
Error
Limit
Barclays Capital
ComBATS Fund
From 1 December 2017 to 31 May 2018, the Barclays Capital ComBATS Fund and the Barclays Managed Commodity Risk
Premia Fund have used the absolute Value-at-risk (“VaR”) approach in order to monitor and measure their global exposure.
The following sub-funds have used the commitment approach in order to monitor and measure their global exposure.
Barclays Max Capital Stability Fund 2020
Sustainable Emerging Markets Fund
Pareto Balanse
Pareto Moderat
Pareto Offensiv
Celsius Investment Funds SICAV
Celsius Investment Funds SICAV is an investment company incorporated under Luxembourg law in the form a société anonyme
qualifying as a société d'investissement à capital variable ('SICAV').
Barclays is the sponsor of the Celsius Investment Funds SICAV.
Barclays offers wealth and investment management products and services to its clients through Barclays Bank Plc and its subsidiary companies.
Barclays Bank Plc is registered in England and authorised by the Prudential Regulation Authority and regulated by the Financial Conduct
Authority and the Prudential Regulation Authority. Registered No.1026167. Registered Office: 1 Churchill Place, London E14 5HP.