SEMI-ANNUAL REPORT OF THE G.H. KRIJGH GUARDIAN ......G.H. KRIJGH GUARDIAN FUND 2020 H1 1 CONTENTS...

SEMI-ANNUAL

REPORT OF THE

G.H. KRIJGH

GUARDIAN FUND

2020 H1

1

CONTENTS

Semi-annual report of the G.H. Krijgh Guardian Fund- 2020 H1

General information 3

Profile 4

Key figures overview 5

Managers report 6

Financial Statements 30 June 2020 8

Balance Sheet as at 30 June 2020 8

Income Sheet for the period 1 Januari 2020 - 30 June 2020 8

Notes to the financial Statements 10

Other information 17

Compilation Report 18

Notes to the Sub-Funds 19

2

General information

Fratres B.V. is based in Amsterdam, The Netherlands, and was founded on 10th of May 2010

Manager Depositary and Title Holder

Kaya Capital Funds B.V. Darwin Depositary Services B.V.

Concertgebouwplein 21 Barbara Strozzilaan 101

1071 LM Amsterdam 1083 HN

Legal Owner Administrator

Stichting Juridisch Eigendom Guardian Fund Kaya Fund Services B.V.

Concertgebouwplein 21 Concertgebouwplein 21

1071 LM Amsterdam 1071 LM Amsterdam

3

Profile

The base currency of the Fund is Euro.

The Fund is a contractual investment fund (“beleggingsfonds” or “fonds voor gemene

rekening”). It is not a legal entity but a contractual arrangement sui generis between the

Manager, the Trustee and the Unitholders. The Fund was established in 2010 and shall

continue to exist for an indefinite period of time. The Fund's office address is that of the

Manager.

The Fund has a semi open-ended structure, which means that the Fund will on request

issue and redeem Units, subject to certain restrictions as described herein. The Fund is

governed inter alia by the Terms and Conditions. By subscribing to the Fund, a Unitholder

represents and warrants to have reviewed the Terms and Conditions and agrees to be

bound thereby. A Unitholder is admitted to the Fund by the issuance of Units.

Unitholders have no proprietary rights with respect to the assets of the Fund but an

economic interest in the assets of the Fund. The Trustee is the legal owner of all assets of

the Fund. The Trustee will acquire and hold the assets on behalf and for the account of the

Unitholders. Such interest of the Unitholders is represented by the Units held by each of

them. Pursuant to the Terms and Conditions, the Trustee will grant a power of attorney to

the Manager to manage (beheren) the assets of the Fund in accordance with the Terms

and Conditions.

The Fund is a closed fund (“besloten fonds”) for tax purposes. This means that it is fiscally

transparent and not subject to company tax. Investments and any investment yield are

distributed to the Unitholders proportionately. As a consequence, Units cannot be freely

transferred but can only be sold to the Fund.

4

Key Figures overview

An overview of the key figures for the Fund and the Sub-Funds.

Guardian 2020 H1 2019 H2 2019 H1

Net Asset Value (€)

Net Asset Value according to the balance sheet 67.562.435 51.540.437 46.266.429

Numbers of units outstanding 228.648 208.174 206.560

Net Asset Value per Unit 295,49 247,58 223,99

Return 19,35% 10,54% 17,14%

Income statement (€)

Direct income from investments 21.411 151.960 111.089

Indirect income from investents and other assets 14.168.594 13.946.980 7.079.749

Expenses -3.359.462 -2.922.196 -742.289

Result 10.830.542 11.176.744 6.448.549

Average number of outstanding units 218.411 201.100 200.293

Result per avarage number of units 49,59 55,58 32,20

Guardian Fund 2020 H1 2019 H2 2019 H1

Net Asset Value (€)

Net Asset Value according to the balance sheet 10.321.542 3.795.610 1.643.043

Numbers of units outstanding 72.063 31.623 15.128

Net Asset Value per Unit 143,23 120,03 108,61

Return 19,33% 10,51% 8,61%

Income statement (€)

Direct income from investments 0 0 0

Indirect income from investents and other assets 1.593.086 0 23.638

Expenses -8.154 0 -709

Result 1.584.932 0 22.929

Average number of outstanding units 51.843 15.812 7.564

Result per avarage number of units 30,57 0,00 3,03

5

Manager's report

Asset Growth

Return on Investment

Outlook 2020 H2

Covid-19

Risk Management

- Risks of a general economic and political nature

- Disaster risks

- Price risks

- Liquidity Risk

- Track record risks

- Cash flow risks

- Foreign exchange risks

- Credit risks

- Counterparty risks

The above risks will be assessed constantly in order to ensure that they accord and continue

to accord with the situation prevailing when investment commenced. If the Manager is of the

opinion that these risks may prejudice the Unitholders’ interests, he will warn each of them

in writing.

The Guardian Fund was established in August 2010. The assets in the pools are totaling EUR

67.5 million on 30 June 2020. This is an increase of EUR 16.0 million compared to 31

December 2019.

Equity valuations remain relatively attractive to 10-year government bond yields. Our

portfolio consists of strong companies that should withstand those challenging times.

Over the first six months of 2020, the return of the fund was 19.3%, net of fees and expenses. Our

companies continued to grow well.

Investors are deemed to be acquainted with the risks of investing in the Fund. A careful

selection and diversification of investments held by the Fund are no guarantee of a positive

return.

Investing in the Fund involves the following main types of risks:

Due to the lockdown most of our companies are growing faster than before. The

digitalisation is a strong tailwind for our investments.

6

Remuneration Policy

Fratres has established a Remuneration Policy which it considers:

- consistent with and promotes sound and effective risk management;

- does not encourage excessive risk taking;

- includes measures to avoid conflicts of interest; and

- in line with the Manager’s business strategy objectives, values and long-term interests.

Components of the remuneration policy

There is a fixed monthly fee or salary.

Management Remuneration

Amsterdam, 8 August 2020

Georg H. Krijgh

Managing Director

The Board of Directors of Fratres B.V. is responsible for setting the Remuneration Policy.

Fratres is satisfied that the Remuneration Policy in place is appropriate to its size, internal

Dividend payments: during the year, management assesses periodically whether dividend

payments to the shareholders are possible. This serves only if a number of criteria are met.

These minimum criteria are: liquidity, solvency, working capital, minimum fixed costs

requirement and the legal and statutory minimum capital requirements. If these minimum

criteria are not met no dividend will be paid out.

7

G.H. Krijgh Guardian Fund

Balance sheet as per 30 June 2020

(Amount in EUR, before appropriation of result)

Balance sheet ref. 2020 H1 2019 H1

Investments Long

Equity securities 1. 71.058.753 47.529.618

Other assets

Cash and cash equivalents 38.856 221.977

Current liabilities

Other payables 2.1 3.535.174 1.485.166

Total of receivables, other assets minus -3.496.318 -1.263.189

current liabilities

Total assets minus current Liabilities 67.562.435 46.266.429

Fund capital 3

Paid in unit capital 3.1 47.682.662 41.945.393

Other reserve 3.2 9.049.231 -2.127.513

Unappropriated result for the period 3.3 10.830.542 6.448.549

Total fund capital 67.562.435 46.266.429

Net Asset Value per unit 295,49 223,99

Income statement for the period 1 January 2020 - 30 June 2020 (1 January 2019- 30 June 2019)

Income Statement ref. 2020 H1 2019 H1

Direct income from investments

Dividends 21.411 111.089

Coupon interest 0 0

21.411 111.089

Indirect income from investments 4.

Realized results on equity securities -1.264.099 537.195

Unrealized results on equity securities 16.206.523 6.408.543

Currency results cash and cash equivalents -773.830 134.012

14.168.594 7.079.749

Total Investment result 14.190.004 7.190.838

Expenses

Management fees -182.926 -146.765

Performence Fee -3.025.639 -482.644

Administration and audit fees -19.453 -10.000

Regulation fee -20.906 0

Interest expenses -47.138 -66.450

Other costs -63.401 -36.431

Total Expenses -3.359.462 -742.289

Result for the period 10.830.542 6.448.549

Result per average number of units 49,59 32,20

8

Cash flow statement (indirect Method) 2020 H1 2019 H1

Cash flows from investment activities


Purchase and sales of investments -4.648.459 -3.994.392

Sale of investments 0 0

Change in value of investments -15.067.209 -6.435.444

-8.885.126 -3.981.288

Changes in receivables and current liabilities

(Increase) / decrease receivables 0 0

Increase / (decrease) current liabilities 586.647 1.485.166

586.647 1.485.166

Net cash flows from investment activities -8.298.479 -2.496.122

Cash flows form financing activities

Redemption (purchase) of units 5.191.455 2.718.098

Net cash flows form financing activities 5.191.455 2.718.098

Net cash flows reporting period -3.107.023 221.976

Cash and cash equivalents beginning of the period 3.145.880 0

Cash and cash equivalents ending of period 38.857 221.976

9

Notes to the financial statements

1. General

1.1 General information

The Fund is an investment fund (beleggingsfonds) as referred to in Article 1:1 of the Wft. The Fund is not a legal

entity, but the aggregate of the assets less an amount equal to all accrued debts, liabilities and obligations of

the Fund, in which monies or other assets are called or received for the purpose of collective investment by the

Participants, as governed by the Prospectus. The Fund was established in May 2010, and shall continue to

exist for an indefinite period of time. The Fund's office address is that of the Manager.

1.2 Activities

The Fund comprises of various Sub-pools each relating to a separate investment portfolio of securities, cash

and cash equivalents and/or derivatives. The Manager of the Fund may add additional Sub-pools and/or create

Unit classes in the future. As of the date of this report, the following Sub-pools have issued Units:

Guardian

Guardian Fund

1.3 Net Asset Value

The Net Asset Value (and the Net Asset Value per Participation) will be expressed in euro (EUR) and determined

at the close every month by the Manager as stated in the relevant supplement to the prospectus.

1.4 Financial reporting period

The regular financial reporting period is 1 January 2020 until 30 June 2020 ( 1 January 2019

until 30 June 2019).

1.5 Significant Accounting Judgments, Estimates and Assumptions

The preparation of the aggregated financial statements in conformity with the relevant rules requires the use of

certain critical accounting estimates. It also requires management to exercise its judgment in the process of

applying the Fund’s accounting policies. If necessary for the purposes of providing the view required under

Section 362(1), Book 2, of the Netherlands Civil Code, the nature of these estimates and judgments, including

the related assumptions, is disclosed in the notes to the financial statement items in question.

1.6 Going Concern

The manager is convinced that the fund has enough equity and assets to continue. Moreover, the manager is not

aware of any material uncertainties that cast doubt on the Fund's ability to continue. Therefore, the financial

statements are prepared based on going concern.

1.7 Basis of Preparation

The aggregated financial statements of the Fund have been prepared in accordance with the statutory provisions

of Part 9, Book 2, of The Netherlands Civil Code, the Act on Financial Supervision and the firm pronouncements

in the Guidelines (615) for Annual Reporting in The Netherlands as issued by the Dutch Accounting Standards

Board.

10

1.8 Basis of aggregation

The Manager prepares and discloses aggregated financial statements for the Fund, which aggregates the

financial performance, the financial position and the cash flows of the Sub-pools. The individual statements per

Sub-Fund are part of the notes to the financial statements of the Fund.

1.9 Reporting currency

The Fund’s aggregated financial statements have been drawn up in euro (EUR). The liquidity of the Fund is

managed on a month-to-month basis in euro in order to handle the issue, subscription and redemption of the Fund’s

redeemable Units. The Fund’s performance is evaluated in euro. Therefore, the management considers the euro

as the functional currency that most faithfully represents the economic effects of the underlying transactions,

events and conditions.

2. Valuation principles for preparing the aggregated balance sheet

2.1 Initial recognition financial instruments

On initial recognition, financial instruments (assets and liabilities) are measured at fair value and directly

attributable transaction and transaction related expenses. The fair value upon initial recognition under normal

circumstances would be the transaction price of the financial instrument at the trade date.

If financial instruments are subsequently measured at fair value through profit and loss, then directly attributable

transaction and transaction related expenses are directly recognized in the income statement.

2.2 Valuation based on fair value and its hierarchy

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction

in the principal (or most advantageous) market at the measurement date under current market conditions (i.e.

an exit price) regardless of whether that price is directly observable or estimated using another valuation

technique. Fair value is determined by the Manager on an instrument-by-instrument basis.

- When financial instruments are traded in an active market, the quoted market price is the best indication

of fair value. The Fund uses the price of the most recent transaction (close price) as the quoted market

price.

- In circumstances whereby the close price is not a reliable indication of the fair value (i.e. the market is

not active, the market is not sufficiently developed or the volumes being transacted are limited),

valuation techniques can be used to determine a reliable fair value.

- Commonly used valuation techniques are comparison to fair value of instruments with similar

characteristics, discounted cash flow and option models. When using the discounted cash flow

technique, the reporting entity uses the discount rate applicable to comparable financial instruments

with regard to terms and characteristics, including credit standing of the counterparty, the agreed interest

rate period, the remaining maturity and the currency of the payment.

2.3 Investments in listed equity securities

Investments in listed equity securities are stated at fair value following their initial recognition. Changes in the

fair value are recognized in the income statement

2.4 Other assets and current liabilities

Other assets and current liabilities are stated at amortized cost

which due to their short-term nature equal nominal value.

2.5 Cash and cash equivalents

The cash is valued at face value. If cash equivalents are not freely disposable, then this has been taken into

account in the valuation.

11

2.6 Foreign Currency Translation

Transactions during the period, including purchases and sales of securities, income and expenses, are

translated at the rate of exchange prevailing on the date of the transaction. Monetary assets and liabilities

denominated in foreign currencies are retranslated at the functional currency rate of exchange ruling at the

reporting date. Foreign currency transaction gains and losses on financial instruments at fair value are included

in the income statement as part of the ‘Value adjustments of investments and other assets’. The foreign

exchange rates applied as at the balance sheet date were as follows (in equivalents of €):

2020 H1 2019 H1

USD 1,1233 1,1370

NZD 1,1233 1,6929

3. Principles for determining the result

Investment result consists of direct income from investments, realized and unrealised income from investments

and other assets less the related costs. In general, income en expenses are attributed to the period wo which they

belong.

3.1 Direct income from investments

3.1.1 Income form debt securities

Coupon interest income from debt securities is accounted for in the income statement on the basis of the accrual

method. Interest received comprises coupon interest to be received on government bonds, corporate debt or

loan notes with variable interest. Interest accrues on a monthly basis.

3.1.2 Income form equity securities (dividend)

Dividend income is recognized when the Fund’s right to receive has been established, normally being the

exdividend date. Dividend income is recognized net of withholding tax deducted at the source, if any.

3.2 Indirect income from investments and other assets

The indirect income from investments and other assets’ includes all realized gains and losses on disposal of

investments and all unrealized changes in the market value of investments and foreign exchange gains and

losses with respect cash and cash equivalents.

The realised results from financial instruments represents the difference between the sale price and the historical

cost price less recognised unrealised result previous years. The cost price is calculated on the basis of first-in first-out

(FIFO). The unrealised result represents the difference between the cost price, or market value of a

financial instrument at the beginning of the year, and its market value at the end of the year. These results are

divided by product and split in profits and losses in the notes of the income statement.

3.3 Expenses

Expenses are accounted for in the income statement on the basis of the accrual method. Exceptions to this are

transaction and transaction related expenses incurred when purchasing financial instruments. These expenses

are included in the cost price of the financial instrument. Expenses incurred in the sale of financial instruments

are deducted from the proceeds.

12

3.4 Taxes

The Fund and each Sub-Fund are structured as transparent for Dutch tax purposes. The Fund and each Sub Fund

are from corporate income tax perspective, “closed pools for joint account” (besloten fondsen voor gemene

rekening). This means that the pool is fiscally transparent and is therefore not subject to Dutch corporate income

tax or dividend withholding tax if applicable. However dividends and interest income on debt securities received

by the pool can be subject to withholding tax deducted at the source

4. Financial instruments risk management and other risks

The financial risks that could influence investments in financial instruments held by the Fund are described in

detail below:

4.1.1 Risks of a general economic and political nature

4.1.2 Disaster risks

4.1.3 Price risk

4.1.4 Liquidity Risk

4.1.5 Track record risks

4.1.6 Cash flow risks

The Fund offers a limited opportunity for withdrawal. Unitholders can sell some or all of their Units up to five business days

before the last day of a calendar month, subject to a deregistration period of one calendar month. The members of the client

Management team will notify all investors of this risk. In their conversations they will most of the times discuss the monthly

liquidity in relation to the clients cashflow needed.

The Net Asset Value (NAV) of the Fund is subject to change as a result of various factors, such as movements in interest and

foreign exchange rates, inflation and deflation, economic, political and business developments (or, in the business sector,

bankruptcies and other risks pertaining to trade debtors), the passage of time and sudden sharp changes in supply or demand

on the financial markets. These risks are not mitigated because they lead to a return in the longer term and that is where the

investors of the Fund are looking for. The amount of risk is controlled by the weightings of the asset classes.

The NAV can fluctuate as a result of general economic instability, political and geopolitical conflict and terrorism. These risks

are not mitigated because they cannot be foreseen. However, these risk will be dampened by the diversification over the

various asset classes of the investment fund.

Investing in Units involves financial risks. Investors need to realize that the listed price of any securities in which the Fund

acquires a position can fluctuate. Stock markets have generated favorable returns in the past. However, this is no indication

or guarantee of the future. Because of variations in prices the Fund’s NAV is also susceptible to fluctuation, which can mean

that Unitholders might not receive the full value of their investments when they withdraw from the Fund. These risks are not

mitigated because they lead to a return in the longer term and that is where the investors of the Fund are looking for. The

amount of risk is controlled by the weightings of the asset classes.

The Fund may invest in securities or investment pools which can be illiquid and can apply a lock-up for their investors. This

might have a pricing and liquidity effect on the Fund and might ultimately lead to a slower redemption process for investors

in the Fund. The Liquidity of the Fund is controlled by the portfolio managers of the Fund and monitored by the Risk Manager

on a monthly basis.

The Fund has an established a track record. However, this track record is no guarantee of future earnings. The Fund publishes

on a weekly basis the NAV which enables the investors to monitor the performance of the fund closely.

13

4.1.7 Foreign exchange risks

4.1.8 Credit risks

4.1.9 Counterparty risks

5. Cash flow Statements

The cash flow statement is prepared using the indirect method. The cash flow statement of the Fund exclusively

recognizes cash flows from investing activities and cash flows from financing activities Cash flows in foreign

currency are translated into euros using the exchange rates prevailing at the dates of the transactions. In the

cash flow statement the cash flows from investment activities are adjusted for the effects of non-cash

transactions and accruals.

The Fund will not always cover its foreign exchange positions. Investments in currencies other than the euro can therefore

cause fluctuations, both positive and negative. The Foreign Exchange Risk is controlled by the portfolio managers of the Fund

and monitored by the Risk Manager on a monthly basis. The amount of risk is a derivative of the asset allocation in the Fund.

The Manager will use the services of other brokers. Holding a non-segregated account with such brokers can lead to the loss

of all or part of any investments in the event of bankruptcy. The Credit Risks are controlled by the portfolio managers of the

Fund and monitored by the Risk Manager on a monthly basis.

Transactions entered into by the Fund will be settled with counterparties, whether or not they are subject to supervision. In

the event that insolvency or similar circumstances prevents one of these parties from executing or settling transactions within

the applicable period, this could have a negative impact on the Fund’s performance. The Counterparty Risks are controlled by

the portfolio managers of the Fund and monitored by the Risk Manager on a monthly basis.

The above risks will be assessed constantly in order to ensure that they accord and continue to accord with the situation

prevailing when investment commenced. If the Manager is of the opinion that these risks may prejudice the Unitholders’

interests, he will warn each of them in writing.

14

G.H. Krijght Guardian Fund

Notes to the specific items in the balance sheet

1. Investments

The following table shows a reconciliation of all movements related to investments in securities:

1.1 Movement schedule equity securities 2020 H1 2019 H1

Balance at beginning of period 51.343.085 37.099.781

Purchases and sales 4.648.459 3.994.392

Changes in value 15.067.209 6.435.444

Balance at end of period 71.058.753 47.529.617

2. Current liabilities

2.1 Other payables 2020 H1 2019 H1

Management fee 35.104 25.849

Trustee fee 1.667 1.667

Part Administration fee 1.667 1.667

NAV Calculation fee 1.667 1.667

Redemptions 457.353 964.488

Reserved Performence Fee 3.025.639 482.644

Reserved audit costs 1.702 7.184

Reserved regulation costs 10.376 0

Total 3.535.174 1.485.166

3. Fund Capital

3.1 Paid in unit capital (Movement schedule) 2020 H1 2019 H1

Units Value Units Value

Balance at beginning of the period 208.174 42.491.206 194.025 39.227.294

Issued 26.154 6.645.000 18.153 3.970.114

Redemption -5.680 -1.453.544 -56.919 -1.252.016

Total 228.648 47.682.662 228.648 41.945.393

3.2 Other reserves (Movement schedule) 2020 H1 2019 H1

Balance at beginning of the period -2.127.513 0

Addition of appropriated result previous period 11.176.744 -2.127.513

Total 9.049.231 -2.127.513

3.3 Result for the period (Movement schedule) 2020 H1 2019 H1

Balance at beginning of the period 11.176.744 -2.127.513

Subtraction of appropriated result previous period -11.176.744 2.127.513


Total 10.830.542 6.448.549

15

4. Indirect result from investments

Indirect result from investments 2020 H1 2019 H1

Realized result on equity securities -1.264.099 537.195

Unrealized result on equity securities 16.206.523 6.408.543


Total 14.168.594 7.079.749

5. Ongoing charges Ratio (OCR)

The ongoing charges reflect the total expenses (disregarding any costs of securities transactions, performence fees

and interest charges) charged to the result, divided by the average net asset value. For the calculation of the average

net asset value, each monthly calculated net asset value is taken into account.

The average net asset value of this pool is the sum of the net asset values divided by the number of

observations. In this calculation, every calculation and publication of the net asset value is taken into

consideration. The sum of the net asset values is based on the figures of the monthly published net asset value

during the reporting period. The number of observations concerns 6 (2019 H1 : 6).

Ongoing Charges Ratio 2020 H1 2019 H1

Total ongoing charges per period 239.881 167.296

Average monthly NAV 54.934.853 43.007.504

Ongoing charges ratio 0,44% 0,39%

The transaction related costs that are charged during the period to the sub-pool amounts to EUR 49.855

(2019 H1: EUR 36.430).

6. Portfolio Turnover Rate (PTR)

The PTR reflects the volume of trading within a Sub-Fund other than investing or disposing of securities due

to subscriptions of redemptions in the Sub-Fund. It is calculated using a prescribed formula: Purchases of

securities plus Sales of securities minus Subscriptions of units plus Redemptions of units

divided by the Average Net Asset Value.

Portfolio Turnover Rate 2020 H1 2019 H1

Purchases 65.483.691 26.401.740

Total 1 65.483.691 26.401.740

Subscriptions 6.645.000 3.970.114

Redemptions 1.453.544 1.252.016

Total 2 8.098.544 5.222.130

Total 1 - Total 2 57.385.146 21.179.610


Total 1,04 0,49

A PTR of one means that the Net Asset Value has been traded one time during the period under review.

Nihil means the amount of traded securities is completely due to purchases and sales of securities due to

subscriptions and redemptions.

7. Subsequent events

Covid-19

No other significant events have occurred since the balance sheet date that could affect the financial statements.

The outbreak of the COVID-19 virus and the restrictive measures taken by the government in both the Netherlands and abroad cause major

economic uncertainty in at least the short term and probably also the longer term. However, developments are currently very uncertain

and subject to change. As this situation could not have been foreseen on the balance sheet date, any impact on the assets under

management has not been included in the financial statements as at 30 June 2020.

Given the high degree of uncertainty about the (future) development of the Corona crisis, it is also not possible to give a reasonable

estimate of its impact on the assets under management. For G.H. Krijgh Guardian Fund, this impact will mainly focus on lower turnover as a

result of the negative market correction on the assets under management. On the basis of the worst-case scenarios drawn up by the

management, there is yet no basis for qualifying external aid. G.H. Krijgh Guardian Fund is sufficiently solvent and liquid to withstand this

crisis.

16

8. Personal interests of directors

In accordance with article 122 paragraph 2 Bgfo the Fund is required to list the total holdings in securities by the

directors of the Manager in investments, which are also held by the Fund as of 30 June 2020.

Pool 2020 H1 2019 H1

Guardian 500 500

Amsterdam, 8 August 2020

Georg H. Krijgh

Managing Director

17

Op al onze werkzaamheden zijn algemene voorwaarden van toepassing. Deze worden op aanvraag verstrekt en zijn te raadplegen via www.jansenschepers.nl

Jansen Schepers Fiscaal adviseurs BV

Tuindorpweg 56-A, 3951 BH Maarn

T 0343 – 44 37 99

KvK 55422330

[email protected]

www.jansenschepers.nl

IBAN NL72RABO0381043665

BTW 8517.02.624.B01

Other information

Compilation Report

To: the management

The financial statements of G.H. Krijgh Guardian Fund at Amsterdam have been compiled by us using

the information provided by you . The financial statements comprise the balance sheet as at 30 June

2020 and the profit and loss account for the year 2020 until 30 June with the accompanying

explanatory notes. These notes include a summary of the accounting policies which have been

applied.

This compilation engagement has been performed by us in accordance with Dutch law. We are

expected to assist you in the preparation and presentation of the financial statements in accordance

with Part 9 of Book 2 of the Dutch Civil Code. To this end we have applied our professional expertise

in accounting and financial reporting.

In a compilation engagement, you are responsible for ensuring that you provide us with all relevant

information and that this information is correct. Therefore, we have conducted our work, in

accordance with the applicable regulations, on the assumption that you have fulfilled your

responsibility. To conclude our work, we have read the financial statements as a whole to consider

whether the financial statements as presented correspond with our understanding of G.H. Krijgh

Guardian Fund. We have not performed any audit or review procedures which would enable us to

express an opinion or a conclusion as to the fair presentation of the financial statements.

You and other users of these financial statements may therefore assume that we have conducted the

engagement in a professional, competent and objective manner and with due care and integrity and

that we will treat all information provided to us as confidential.

Maarn, 8 augustus 2020

Jansen Schepers Fiscaal adviseurs B.V.

G.M. Verweij

Annexes

Guardian




Investments Long


Other assets

Cash and cash equivalents 38.856 221.977

Current liabilities

Other payables 2.1 3.535.174 1.485.166

Total of receivables, other assets minus -3.496.318 -1.263.189

current liabilities


Fund capital 3

Paid in unit capital 3.1 47.682.662 41.945.393

Other reserve 3.2 9.049.231 -2.127.513

Unappropriated result for the period 3.3 10.830.542 6.448.549





Direct income from investments 0

Dividends 21.411 111.089

Coupon interest 0 0

21.411 111.089

Indirect income from investments 4

Realized results on equity securities -1.264.099 537.195

Unrealized results on equity securities 16.206.523 6.408.543


14.168.594 7.079.749

Total Investment result 14.190.004 7.190.838

Expenses

Management fees -182.926 -146.765

Performence fees -3.025.639 -482.644

Administration and audit fees -19.453 -10.000

Regulation fee -20.906 0

Interest expenses -47.138 -66.450

Other costs -63.401 -36.431

Total Expenses -3.359.462 -742.289



20

Guardian




Purchase and salesof investments -4.648.459 -3.994.392

Change in value of investments -15.067.209 -6.435.444

-8.885.126 -3.981.288


(Increase) / decrease receivables - -

Increase / (decrease) current liabilities 586.647 1.485.166

586.647 1.485.166





Net cash flows reporting period -3.107.023 221.976

Cash and cash equivalents beginning of the period 3.145.880 0

Cash and cash equivalents ending of period 38.857 221.976

Accounting policies

The accounting policies are provides in the aggregated financial statements.

1. Investments



Balance at beginning of period 51.343.085 37.099.781


Changes in value 15.067.209 6.435.444


1.2 Breakdown equity securities Number Value

Elastic NV 64.000 5.246.093

Alphabet Inc. -A 5.000 6.311.207

StoneCo Ltd. 64.000 2.208.851

Roku Inc. 35.000 3.631.063

Tencent Holdings Ltd. -ADR- 54.000 3.076.553

Cardlytics Inc. 36.000 2.237.552

CrowdStrike Holdings Inc -A- 12.000 1.070.491

Grenkeleasing AG 69.000 4.733.400

Livongo Health Inc 27.000 1.807.475

Ryman Healthcare Ltd. 654.729 4.920.059

Sea Limited -ADR 80.000 7.641.532

Shopify Inc. -A- 6.800 5.747.041

Trupanion Inc. 15.000 569.910

Wix.com Ltd. 37.000 8.447.845

Alibaba Group Holding Ltd. -ADR- 17.000 3.264.601

Spotify Technology SA 15.000 3.449.171

Amazon.com Inc. 1.400 3.434.922

Microsoft Corporation 18.000 3.260.986

Total: 71.058.753

21

Guardian



Management fee 35.104 25.849

Trustee fee 1.667 1.667

Part Administration fee 1.667 1.667

NAV Calculation fee 1.667 1.667

Redemptions 457.353 964.488

Reserved Performence Fee 3.025.639 482.644

Reserved audit costs 1.702 7.184

Reserved regulation costs 10.376 0

Total 3.535.174 1.485.166

3. Fund Capital



Balance at beginning of the period 208.174 42.491.206 194.025 39.227.294

Issued 26.154 6.645.000 18.153 3.970.114

Redemption -5.680 -1.453.544 -5.619 -1.252.016

Total 228.648 47.682.662 206.560 41.945.393


Balance at beginning of the period -2.127.513 0

Addition of appropriated result previous period 11.176.744 -2.127.513

Total 9.049.231 -2.127.513


Balance at beginning of the period 11.176.744 -2.127.513

Subtraction of appropriated result previous period -11.176.744 2.127.513


Total 10.830.542 6.448.549



Realized result on equity securities -1.264.099 537.195

Unrealized result on equity securities 16.206.523 6.408.543


Total 14.168.594 7.079.749

22

Guardian










Total ongoing charges per period 239.881 167.296



The transaction related costs that are charged during the period to the sub-pool amounts to EUR 49.855

(2019 H1: EUR 36.430).








Total 1 65.483.691 26.401.740

Subscriptions 6.645.000 3.970.114

Redemptions 1.453.544 1.252.016

Total 2 8.098.544 5.222.130

Total 1 - Total 2 57.385.146 21.179.610


Total 1,04 0,49




23

Guardian Fund




Investments Long


Other assets

Cash and cash equivalents 0 0

Current liabilities

Other payables 2,1 2.012 332

Total of receivables, other assets minus -2.012 -332

current liabilities


Fund capital 3

Paid in unit capital 3,1 8.452.114 1.620.114

Other reserve 3,2 284.496 0

Unappropriated result for the period 3,3 1.584.932 22.929





Direct income from investments

Dividends 0 0

Coupon interest 0 0

0 0

Indirect income from investments 4

Realized results on equity securities 0 0

Unrealized results on equity securities 1.593.086 23.261

Currency results cash and cash equivalents 0 377

1.593.086 23.638

Total Investment result 1.593.086 23.638

Expenses

Management fees -8.154 -709

Administration and audit fees 0 0

Interest expenses 0 0

Other costs 0 0

Total Expenses -8.154 -709

Result for the period 1.584.932 22.929





Purchase of investments -4.934.080 -1.620.114

Sale of investments - -

Change in value of investments -1.593.086 -23.261

-4.942.234 -1.620.446


(Increase) / decrease receivables - -

Increase / (decrease) current liabilities 1.234 332

1.234 332





Net cash flows reporting period 0 0

Currency result cash and cash equivalents

Cash and cash equivalents beginning of the period 0 0

Cash and cash equivalents ending of period 0 0

Accounting policies

The accounting policies are provides in the aggregated financial statements.

1. Investments



Balance at beginning of period 3.796.388 0

Purchases 4.934.080 1.620.114

Sales 0 0

Changes in value 1.593.086 23.261




Management fee 2.012 332

Total 2.012 332

3. Fund Capital



Balance at beginning of the period 31.623 3.511.114 0 0

Issued 40.440 4.941.000 15.128 1.620.114

Redemption 0 0 0 0

Total 72.063 8.452.114 15.128 1.620.114


Balance at beginning of the period 0 0

Addition of appropriated result previous period 284.496 0

Total 284.496 0


Balance at beginning of the period 284.496 0

Subtraction of appropriated result previous period -284.496 0


Total 1.584.932 22.929



Realized result on equity securities 0 0

Unrealized result on equity securities 1.593.086 23.261

Currency results cash and cash equivalents 0 377

Total 1.593.086 23.638










Total ongoing charges per period 8.154 709

Average monthly NAV 6.523.375 746.700


The transaction related costs that are charged during the period to the sub-pool amounts to EUR 0

(2019 H1: EUR 0).







Purchases 4.934.080 1.620.114

Sales 0 0

Total 1 4.934.080 1.620.114

Subscriptions 4.941.000 1.620.114

Redemptions 0 0

Total 2 4.941.000 1.620.114

Total 1 - Total 2 -6.920 0

Average monthly NAV 6.523.375 746.700

Total 0,00 0,00




SEMI-ANNUAL REPORT OF THE G.H. KRIJGH GUARDIAN ......G.H. KRIJGH GUARDIAN FUND 2020 H1 1 CONTENTS...

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Transcript of SEMI-ANNUAL REPORT OF THE G.H. KRIJGH GUARDIAN ......G.H. KRIJGH GUARDIAN FUND 2020 H1 1 CONTENTS...