1
Content
Sanlam G
lobal Funds plc
3
Content
1 1 1 1 Company Information 4
2 2 2 2 Investment Manager’s Report 5
3333 Portfolio of Investments (Unaudited)
3.1 Sanlam Global Equity Fund 18
3.2 Sanlam Global Best Ideas Feeder Fund 19
3.3 Sanlam Global Balanced Fund 20
3.4 Sanlam Global Bond Fund 21
3.5 Sanlam Global Liquidity Fund 22
3.6 Sanlam Euro Liquidity Fund 23
3.7 Sanlam Sterling Liquidity Fund 24
3.8 Sanlam US Dollar Liquidity Fund 25
4444 Balance Sheet (Unaudited) 26
5555 Income Statement (Unaudited) 30
6666
Statement of Changes in Net Assets Attributable to Holders of
Redeemable Participating Shares (Unaudited) 33
7777 Cash Flow Statement (Unaudited) 40
8888 Notes to the Unaudited Financial Statements 41
4
1111 C
ompa
ny In
form
atio
n
DIRECTORSDIRECTORSDIRECTORSDIRECTORS REGISTERED OFFICEREGISTERED OFFICEREGISTERED OFFICEREGISTERED OFFICE Christiaan Gerhardus Swanepoel – South African 2A Parkview House Peter Murray – Irish
Beech Hill Road
Paul Dobbyn – Irish Dublin 4 All Directors act in a Non Executive capacity Ireland MANAGER MANAGER MANAGER MANAGER INVESTMENT MANAGERINVESTMENT MANAGERINVESTMENT MANAGERINVESTMENT MANAGER Sanlam Asset Management (Ireland) Limited Sanlam Investment Management (Pty) 2A Parkview House Limited Beech Hill Road
Willie van Schoor Avenue Dublin 4 Bellville 7530 Ireland South Africa ADMINISTRATOR & REGISTRARADMINISTRATOR & REGISTRARADMINISTRATOR & REGISTRARADMINISTRATOR & REGISTRAR CUSTODIANCUSTODIANCUSTODIANCUSTODIAN J.P. Morgan Administration Services Governor & Company of the Bank of (Ireland) Limited Ireland JPMorgan House
Lower Baggot Street
International Financial Services Centre Dublin 2 Dublin 1 Ireland Ireland INDEPENDENT AUDITORSINDEPENDENT AUDITORSINDEPENDENT AUDITORSINDEPENDENT AUDITORS BROKERSBROKERSBROKERSBROKERS Ernst & Young NCB Stockbrokers Limited Harcourt Centre 3 George’s Dock Harcourt Street International Financial Services Centre Dublin 2 Dublin 1 Ireland Ireland DISTRIBUTORSDISTRIBUTORSDISTRIBUTORSDISTRIBUTORS SECRETARYSECRETARYSECRETARYSECRETARY Sanlam Collective Investments Limited Sanlam Asset Management (Ireland) 2 Strand Road
Limited
Bellville 7530 2A Parkview House South Africa Beech Hill Road Dublin 4 Ireland Sanlam Investment Management (Pty) IRISH LEGALIRISH LEGALIRISH LEGALIRISH LEGAL ADVISORSADVISORSADVISORSADVISORS Limited
A & L Goodbody
Willie van Schoor Avenue North Wall Quay Bellville 7530 International Financial Services Centre South Africa Dublin 1 Ireland PSigma Investments Limited 126 Jermyn Street London SW1Y 4UJ United Kingdom Registered Number: 307841
2222
5
Investment M
anager’s Report
ECONOMIC & MARKET REVIEW ECONOMIC & MARKET REVIEW ECONOMIC & MARKET REVIEW ECONOMIC & MARKET REVIEW –––– SIX MONTHS ENDED JUNE SIX MONTHS ENDED JUNE SIX MONTHS ENDED JUNE SIX MONTHS ENDED JUNE 2009200920092009
Business surveys and real economic data indicate the world economy is stabilising following precipitous falls in gross domestic product (GDP) in the final quarter of 2008 and first half of 2009. Admittedly, there are still many weak points, including the US housing market, where house prices continue to decline against the backdrop of a still elevated inventory level. However, the increase in new orders relative to inventories recorded in the JP Morgan global Purchasing Managers’ Index (PMI) series in recent months suggests production should record a relative improvement in the latter half of 2009. Certainly, a sustained increase in final demand is imperative in order to cement a continued recovery. On this score, the apparent stabilisation of global consumer spending, including increases in vehicle sales, in recent months is, nonetheless, encouraging. Developed countries have lagged a relative improvement in economic activity that has been led by emerging markets, as reflected in better exports and industrial production data in bellwether Asian economies. At least some growth should also be seen in developed economies in the latter half of 2009 as, for example, fiscal stimulation in the US kicks in. Meanwhile, headline consumer prices in the US and other developed economies are declining. Deflation remains a key risk in a number of developed economies. In addition to weak demand and surplus capacity, wage growth can be expected to weaken materially in response to higher unemployment rates. In turn, this can be expected to maintain downward pressure on prices in the near term. Quantitative easing also holds no threat as yet on the inflation front. Although base money has been sharply boosted by the Fed, the monetary transmission mechanism remains impaired and credit extension constrained. A surge in broadly defined M2 US money supply in the early months of 2009 has also dissipated of late. Overall, the absence of inflationary pressures suggests the Fed funds target rate is likely to remain close to zero and quantitative easing is likely to be maintained for an extended period. However, we should note the marked increases in budget deficits, especially in countries such as the US and UK, suggest rapid expansion in the level of government debt in the years ahead. This could create an incentive for these governments to boost nominal GDP growth and allow higher inflation in order to eventually ease their way out of a likely debt problem. Also of concern is that the Fed has no experience in unwinding a balance sheet of this size. So the US could well end up with inflation that is a couple of percentage points higher over the longer term than the trend over the last decade. Global equity markets rose for the first six months of 2009 but had a bumpy ride in what ended up to be a 6.8% rise in the MSCI World Index. During the second quarter the MSCI World (Developed Markets) Index rose by 20.75%, marking it one of the best quarters in the history of the Index. Even more astonishing was the three-month period to the end of May, which saw the MSCI World Index rise by more than 30%. During April and May stock markets delivered a monthly return of over 11% and 9% respectively. However, there was a period of reflection in June, as equity markets fell by less than 0.5%. This ‘pause for breath’ was probably necessary given the strength of the rally based on what many have viewed as fairly flimsy support. During June, the ongoing debate continued about whether or not the global economy and markets were in the midst of a stabilisation and prospective recovery. All regional markets participated in the stock market rally over the past 6 months. In dollar terms, the markets were led from the East, with the Pacific excluding Japan region rising by nearly 32%, Japan advancing by over 23% and Europe up 25%. The US posted a relatively modest return of just under 17%.
2222
6
In
vest
men
t Man
ager
’s R
epor
t - c
ontin
ued
Inve
stm
ent M
anag
er’s
Rep
ort -
con
tinue
d
Inv
estm
ent M
anag
er’s
Rep
ort -
con
tinue
d In
vest
men
tMan
ager
’sR
epor
tco
ntin
ued
Inve
stm
entM
anag
er’s
Rep
ort
cont
inue
d
Inv
estm
ent M
anag
er’s
Rep
ort -
con
tinue
d
ECONOMIC & MARKET REVIEWECONOMIC & MARKET REVIEWECONOMIC & MARKET REVIEWECONOMIC & MARKET REVIEW ---- SIX MONTHS ENDED JUNE 2009SIX MONTHS ENDED JUNE 2009SIX MONTHS ENDED JUNE 2009SIX MONTHS ENDED JUNE 2009
However, it was the emerging markets that delivered the highest returns, with the MSCI Emerging Markets Index rising by more than 35% during the first half of the year- delivering 21% in the second quarter alone. At an emerging-market country level, Singapore was the strongest performer rising by just under 46% during the second quarter. China and Brazil experienced gains of almost 36% and 41% respectively, while India and Hungary outshone these emerging-market stalwarts, delivering returns of about 60% and 70% respectively. Turning to currencies, dollar weakness against most currencies, barring a few minor currencies, was a notable theme during the first half of the year. This depreciation in the US dollar was closely linked to the increased risk appetite as markets rebounded off their March lows and signs of economic stabilisation began appearing in the second quarter. The rand gained most ground against the greenback, gaining 19% and outpacing the likes of the Hungarian forint, which rose more than 16%, and the Brazilian real’s gain of nearly 15% during the second quarter. In more widely traded currencies, the Australian dollar appreciated over 14% and the British pound climbed nearly 13%. Meanwhile, the euro gained more than 5%, while the Japanese yen rose a more modest 2%. At the sector level, all sectors produced positive absolute returns for the period. The major mover was the financial sector, which rose by over 38%, although the magnitude of the rally is disguised somewhat, with financials falling slightly in June. During three months to the end of May, the sector rose by nearly 60%. With this performance, it seems likely that the sector has passed its nadir. Elsewhere, materials rose more than 25% and industrials by nearly 24%. The energy sector also benefited from renewed investor interest. The laggards during the quarter were the telecommunication services sector, which did not quite achieve a double-digit return, while healthcare also delivered returns of less than 10%. Utilities pipped these two sectors to the post, rising by more than 13%. Risk aversion in the fixed income markets continued to subside during the first half of the year, as “less bad” data suggested the contraction of economic activity had slowed. Treasuries moved out of favour, with the US 10-year yield rising 136 basis points during the six month period and resulting in the worst six-month total return decline of 8.6% in over a decade. In contrast, the demand for spread assets gathered additional momentum, leading to impressive returns in the Barclays Capital High Yield, collateralised mortgage backed securities (CMBS), Emerging Markets, and Corporate indices.
2222
7
Investment M
anager’s Report - continued
Investment M
anager’s Report - continued
Investment M
anager’s Report - continued
Investment M
anager’s Report - continued
MARKET OUTLOOK MARKET OUTLOOK MARKET OUTLOOK MARKET OUTLOOK –––– SECOND HALF SECOND HALF SECOND HALF SECOND HALF 2009200920092009 On balance, positive interpretations of weak data have become more common as investors have regained confidence in the overall functioning of the credit markets. As a consequence, markets have begun to speculate on the end of quantitative easing and the withdrawal of monetary stimulus by the Federal Reserve. In fact, from May 14 to June 8, the yield on the five-year Treasury note rose nearly a full percentage point as investors reduced duration exposure. In its June 24th statement the Federal Open Market Committee (FOMC) has discouraged such speculation by underscoring its commitment to support liquidity both through a low Fed Funds rate and its non-traditional programs. While acknowledging the improvement in economic conditions at the margin, the Fed reiterated its belief that the risk of deflation outweighs the risk of inflation. Despite this unambiguous message, the growing sense is that a policy shift may be on the horizon. Investors are divided on what the next major movement in the equity market will be after the strength of the market rally seen since February. While very few are willing to call the start of a new bull market, there are those that believe the rally has been justified by the increasing stability of corporate earnings albeit at a low level. They point to the stabilisation in economies and bottoming in corporate earnings, with the increasing potential for more upside surprises and a rising equity market later in 2009, although at a much more moderate pace. In sharp contrast, there are those whose view is that the market rally has been largely, if not totally, unjustified, given that economic conditions have yet to truly stabilise. Hence they believe that the market will retrace its steps until such time that the economic climate has become much more positive. With this debate likely to continue, and the quieter summer conditions in the northern hemisphere, the market is likely to remain in a trading range for the foreseeable future, although one that will probably be quite large. This situation is expected to prevail until there is firm evidence that the worst is behind us and future prospects are more positive.
2222
8
In
vest
men
t Man
ager
’s R
epor
t - c
ontin
ued
Inve
stm
ent M
anag
er’s
Rep
ort -
con
tinue
d
Inv
estm
ent M
anag
er’s
Rep
ort -
con
tinue
d In
vest
men
tMan
ager
’sR
epor
tco
ntin
ued
Inve
stm
entM
anag
er’s
Rep
ort
cont
inue
d
Inv
estm
ent M
anag
er’s
Rep
ort -
con
tinue
d
SANLAM GLOBAL EQUITY FUND SANLAM GLOBAL EQUITY FUND SANLAM GLOBAL EQUITY FUND SANLAM GLOBAL EQUITY FUND
INVESTMENT OBJECTIVE INVESTMENT OBJECTIVE INVESTMENT OBJECTIVE INVESTMENT OBJECTIVE
The Sanlam Global Equity Fund aims to provide above average long-term capital growth.
FUND PERFORMANCE FUND PERFORMANCE FUND PERFORMANCE FUND PERFORMANCE
Following the difficult year of 2008, 2009 started off in much the same fashion, with the first quarter of the year seeing markets continue to decline substantially. However, the second quarter saw equity markets rally and recover, leaving markets up for 2009 so far. In this environment, given the Fund's defensive positioning, the Fund was able to out-perform during the first quarter of 2009, but failed to keep pace with the market during the second quarter. The net impact is that the Fund finds itself slightly behind for the first half of 2009.
FUND OUTLOOKFUND OUTLOOKFUND OUTLOOKFUND OUTLOOK
Global equity markets have recovered for 2009, but still find themselves considerably lower than before the outbreak of the credit crisis. The market debate has now turned to the strength of the recent rally. Some market participants believe this rally has been unjustified, as the economic downturn is clearly not over yet. Consequently, they believe that equity markets will retrace much of their recent gains. Meanwhile other investors think the rally has been justified, given signs of economic recovery, and that equity markets will make further progress from here. The Fund has been defensively biased, but is increasingly shifting to a more positive stance, and so should be able to deliver out-performance in the future.
INVESTMENT MANAGERSINVESTMENT MANAGERSINVESTMENT MANAGERSINVESTMENT MANAGERS
Sanlam Investment Management (PTY) Limited
-40%
-35%
-30%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
Fund USD-terms -11.03% 18.84% 5.73% -35.44% 2.01%
Benchmark -11.92% 20.75% 6.35% -29.50% 1.69%
Excess return 0.89% -1.91% -0.62% -5.94% 0.32%
1st Qtr 2009 2nd Qtr 2009 Year to date 12 Months Since Inception
2222
9
Investment M
anager’s Report - continued
Investment M
anager’s Report - continued
Investment M
anager’s Report - continued
Investment M
anager’s Report - continued
SANLAM GLOBAL BEST IDEAS FEEDER FUNDSANLAM GLOBAL BEST IDEAS FEEDER FUNDSANLAM GLOBAL BEST IDEAS FEEDER FUNDSANLAM GLOBAL BEST IDEAS FEEDER FUND
INVESTMENT OBJECTIVEINVESTMENT OBJECTIVEINVESTMENT OBJECTIVEINVESTMENT OBJECTIVE
The investment objective of the fund is to provide above average long-term capital growth by investing in global equities which the Investment Manager has identified as being under valued and as offering above average growth potential.
FUND PERFORMANCEFUND PERFORMANCEFUND PERFORMANCEFUND PERFORMANCE
The first half 2009 was a six month period of extreme movements (very poor Jan to March and then strong April and May) which reflected the huge swings in both uncertainty and moods about the global economy. The net effect after 6 months was miniscule - the indices being almost flat (JSE and S&P +3%, but the Dow Jones -3%).However, the indices hide the investment returns that could have been made, or lost. The Rand, Brazilian Real and the Pound gained 14% - 17% against the US$ whilst the Euro was about flat.
Emerging markets generally showed very strong returns but stock picking was the name of the game in both developed and emerging markets: Barclays gained 88% and Lloyds TSB lost 43%. Great Wall Motors is but one of many examples of companies our portfolio was invested in that generated returns of around 120% over the six months. However, most investors held positions in Citigroup (-56%), Deutsche Post (– 23%) etc. Funds focusing on stockpicking did remarkably well, all gaining about 34% in US$. We don’t expect the remainder of 2009 or 2010 to be much different. The macro environment remain very uncertain, but many individual companies offer tremendous upside.
FUND OUTLOOKFUND OUTLOOKFUND OUTLOOKFUND OUTLOOK
It is amazing how many good solid companies with good and long track records the team is uncovering. Whilst it seems that markets have run hard, we are excited about the valuation and growth of these recent investments. It is impossible to predict where markets will go over the next 6 -12 months. We are convinced however that the portfolio we have built up will prove to be an excellent investment over the next few years.
INVESTMENT MANAGERSINVESTMENT MANAGERSINVESTMENT MANAGERSINVESTMENT MANAGERS
Sanlam Investment Management (PTY) Limited
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
Fund USD- terms -3.50% 39.85% 34.95% -28.36% 5.85%
Benchmark -11.92% 20.75% 6.35% -29.50% 0.25%
Excess return 8.42% 19.10% 28.60% 1.14% 5.60%
1st Qtr 2009 2nd Qtr 2009 Year to date 12 Months Since Inception
2222
10
In
vest
men
t Man
ager
’s R
epor
t - c
ontin
ued
Inve
stm
ent M
anag
er’s
Rep
ort -
con
tinue
d
Inv
estm
ent M
anag
er’s
Rep
ort -
con
tinue
d In
vest
men
tMan
ager
’sR
epor
tco
ntin
ued
Inve
stm
entM
anag
er’s
Rep
ort
cont
inue
d
Inv
estm
ent M
anag
er’s
Rep
ort -
con
tinue
d
SANLAM GLOBAL BALANCED FUNDSANLAM GLOBAL BALANCED FUNDSANLAM GLOBAL BALANCED FUNDSANLAM GLOBAL BALANCED FUND
INVESTMENT OBJECTIVEINVESTMENT OBJECTIVEINVESTMENT OBJECTIVEINVESTMENT OBJECTIVE
The Sanlam Global Balanced Fund aims to provide above average long-term capital growth.
FUND PERFORMANCEFUND PERFORMANCEFUND PERFORMANCEFUND PERFORMANCE
The Sanlam Global Balanced Fund managed to outperform its benchmark (65% MSCI World / 35% Barclays Global Aggregate) for the first half of the year, albeit it by a modest 0.03%. The fund was roughly 2% overweight in equities during this period which paid dividends towards the second quarter.
The majority of the out-performance was driven by a small allocation in the Sanlam Global Best Ideas Fund, a high alpha fund, which managed to outperform the MSCI World Index by 28.6%. Investments in the core equity funds, the Sanlam World Tracker and Sanlam Universal Equity fund, underperformed the MSCI World Index by -0.3% and -0.48% respectively. The investment in the Bond Fund produced the largest underperformance for the reporting period with a return of -1.32% vs 1.52% for the Barclays Global Aggregate index.
FUND OUTLOOKFUND OUTLOOKFUND OUTLOOKFUND OUTLOOK
The Fund will continue to maintain its slight bias towards equities. The third quarter’s equity earnings season will be closely watched as it should provide some direction for the global markets.
INVESTMENT MANAGERSINVESTMENT MANAGERSINVESTMENT MANAGERSINVESTMENT MANAGERS
Sanlam Investment Management (Pty) Limited
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Fund USD- terms -8.69% 14.96% 4.97% -24.42% 1.49%
Benchmark -8.84% 15.12% 4.94% -18.85% 1.82%
Excess return 0.15% -0.16% 0.03% -5.57% -0.33%
1st Qtr 2009 2nd Qtr 2009 Year to date 12 Months Since Inception
2222
11
Investment M
anager’s Report - continued
Investment M
anager’s Report - continued
Investment M
anager’s Report - continued
Investment M
anager’s Report - continued
SANLASANLASANLASANLAM M M M GLOBAL BOND FUND GLOBAL BOND FUND GLOBAL BOND FUND GLOBAL BOND FUND
INVESTMENT OBJECTIVEINVESTMENT OBJECTIVEINVESTMENT OBJECTIVEINVESTMENT OBJECTIVE
The Sanlam Global Bond Fund aims to provide above average long-term capital growth by investing principally in the fixed income funds of the Sanlam Universal Fund plc.
FUND PERFORMANCEFUND PERFORMANCEFUND PERFORMANCEFUND PERFORMANCE
The Sanlam Global Bond Fund invests, other than cash, in the Sanlam Universal Bond Fund. The Fund returned -1.27% in $US terms in the first half of 2009 underperforming the Barclays Global Index by –2.79%. Despite a good start to the year in January for the Sanlam Universal Bond Fund (outperforming the Index by 1.1%), four out of the six months ended up being down months, with the other positive month being June. The Universal Bond Fund was subjected to a comprehensive review and in March the manager line up was changed for the first time since inception of the portfolio. All three of the Funds underlying investment managers were terminated mid way through March and BlackRock Investment Management was appointed as the sole manager of the Fund. BlackRock follows a diversified strategy with taking active positions in all major areas of the global bond market including duration, curve, currency and credit. The transition management process has been carefully managed to ensure the efficient transition of depressed assets. All three of the Funds former underlying investment managers were unable to outperform in the index throughout the first quarter (PIMCO outperformed in January only).
FUND OUTLOOKFUND OUTLOOKFUND OUTLOOKFUND OUTLOOK
The Fund will continue its bias to be long US dollar duration, and will continue to be overweight in the 10-year sector. Some duration may be moved to the front end, as the market is potentially prematurely pricing in Fed funds hikes. There will be a continued trimming of portfolio credit risk as the expectation that sentiment could deteriorate increases and poor fundamentals could reassert themselves.
INVESTMENT MANAGERSINVESTMENT MANAGERSINVESTMENT MANAGERSINVESTMENT MANAGERS
Sanlam Investment Management (PTY) Limited
-10%
-8%
-6%
-4%
-2%
0%2%
4%
6%
8%
10%
Fund USD- terms -5.38% 4.34% -1.27% -3.70% 6.42%
Benchmark -3.25% 4.93% 1.52% 2.76% 7.04%
Excess return -2.13% -0.59% -2.79% -6.46% -0.62%
1st Qtr 2009 2nd Qtr 2009 Year to date 12 Months Since Inception
2222
12
In
vest
men
t Man
ager
’s R
epor
t - c
ontin
ued
Inve
stm
ent M
anag
er’s
Rep
ort -
con
tinue
d
Inv
estm
ent M
anag
er’s
Rep
ort -
con
tinue
d In
vest
men
tMan
ager
’sR
epor
tco
ntin
ued
Inve
stm
entM
anag
er’s
Rep
ort
cont
inue
d
Inv
estm
ent M
anag
er’s
Rep
ort -
con
tinue
d
SANLAM GLOBAL LIQUIDITY FUND SANLAM GLOBAL LIQUIDITY FUND SANLAM GLOBAL LIQUIDITY FUND SANLAM GLOBAL LIQUIDITY FUND
ININININVESTMENT OBJECTIVEVESTMENT OBJECTIVEVESTMENT OBJECTIVEVESTMENT OBJECTIVE
The Sanlam Global Liquidity Fund aims to provide a return consistent with investment in a combination of highly liquid Euro, Sterling and US Dollar investments.
FUND PERFORMANCEFUND PERFORMANCEFUND PERFORMANCEFUND PERFORMANCE
During the second quarter the Fund maintained its structural underweight to the US Dollar in favour of an overweight position to the Euro. Reason for this being the relative interest rate differentials between the Dollar and Euro short term interest rates. With the US moving to a zero interest rate base as well as a policy of Quantitative easing, the risk is also that inflation will raise its head sooner in the US than in Euroland. At the end of the quarter we locked in some profits by allocating some funds from the Sanlam Euro Liquidity fund to the Sanlam Dollar Liquidity fund. At the end of the quarter the Global Liquidity was 5.5% underweight dollars, 2% underweight Sterling and 7.5% overweight the Euro.
FUND OUTLOOKFUND OUTLOOKFUND OUTLOOKFUND OUTLOOK
Our fundamental outlook is still negative towards the Dollar and we perceive the value territory to be above $1.45 against the Euro. At these levels we will allocate funds back to the Sanlam Dollar Liquidity fund from the Sanlam Euro Liquidity. Sterling has shown tentative signs of resurgence and we will also look to remove our underweight to a neutral position. The Sterling has been especially weak in the latter parts of 2008 and if the UK economy experience stronger economic growth than anticipated it may lead to outperformance against other currencies.
INVESTMENT MANAGERSINVESTMENT MANAGERSINVESTMENT MANAGERSINVESTMENT MANAGERS
Sanlam Investment Management (Pty) Limited
-6%
-4%
-2%
0%
2%
4%
6%
Fund USD- terms -1.68% 4.95% 3.92% -4.31% 4.63%
Benchmark -1.61% 4.54% 3.46% -3.61% 4.94%
Excess return -0.07% 0.41% 0.46% -0.70% -0.31%
1st Qtr 2009 2nd Qtr 2009 Year to date 12 Months Since Inception
2222
13
Investment M
anager’s Report - continued
Investment M
anager’s Report - continued
Investment M
anager’s Report - continued
Investment M
anager’s Report - continued
SANLAM EURO LIQUIDITY FUND SANLAM EURO LIQUIDITY FUND SANLAM EURO LIQUIDITY FUND SANLAM EURO LIQUIDITY FUND
INVESTMENT OBJECTIVEINVESTMENT OBJECTIVEINVESTMENT OBJECTIVEINVESTMENT OBJECTIVE
The investment objective of the Fund is to provide a high degree of safety of principal together with an investment return exceeding that available from cash deposits in Euro. The Fund intends to pursue its investment objective primarily by investing all of its assets in some or all of the classes of shares of the Institutional Euro Liquidity Fund a sub-fund of Institutional Cash Series plc (an Irish UCITS open-ended umbrella investment company with variable capital) which in the opinion of the Investment Manager will enable the Fund to achieve its investment objective. FUND PERFORMANCEFUND PERFORMANCEFUND PERFORMANCEFUND PERFORMANCE
During the first quarter 2009, the European Central Bank lowered their target rates by 100 basis points to 1.50%. With the economic recession deepening throughout the quarter, the realisation that traditional monetary policy alone was not enough to stimulate the economy became more evident. As a result, non-conventional monetary policies had to be put in place in addition to bring back confidence levels in the banking sector. The ECB lowered the rate twice during the quarter, bringing official rates to 1.00%. While most recent rhetoric has had a modestly dovish tone, it was implied that the existing level of rates was “appropriate” for current conditions. Although somewhat dwarfed by its lending operation, the ECB also announced a planned purchase of €60bn in Euro denominated covered bonds which it later emerged would be in the 3 to 10 year maturities. Questions over the sustainability of economic recovery and the timing of any policy reversal were the main market drivers. A more positive sentiment towards risk assets generally, early signs of improvement in Eurozone forward-looking indicators and the tone of ECB and political rhetoric prompted concerns in the market that the ECB may be on the early side in tightening rates. This fuelled a meaningful sell-off in yields early in the quarter, which was partly reversed by June’s rally, leaving 10 year yields 40 basis points higher for the period as a whole. The curve steepened marginally as short dated bonds remained well anchored, while longer-dated maturities were slower to enjoy the rally towards the end of the quarter as inflation remained a lingering concern. The differential between peripheral and core spreads continued to narrow during the second quarter.
-2%
-1%
0%
1%
2%
Fund EUR- terms 0.52% 0.21% 0.78% 1.07%
Benchmark 0.32% 0.17% 0.51% 0.72%
Excess return 0.20% 0.04% 0.27% 0.35%
!st Qtr 2009 2nd Qtr 2009% Year to Date Since Inception
2222
14
In
vest
men
t Man
ager
’s R
epor
t - c
ontin
ued
Inve
stm
ent M
anag
er’s
Rep
ort -
con
tinue
d
Inv
estm
ent M
anag
er’s
Rep
ort -
con
tinue
d In
vest
men
tMan
ager
’sR
epor
tco
ntin
ued
Inve
stm
entM
anag
er’s
Rep
ort
cont
inue
d
Inv
estm
ent M
anag
er’s
Rep
ort -
con
tinue
d
SANLAM EURO LIQUIDITY FUND (Continued) SANLAM EURO LIQUIDITY FUND (Continued) SANLAM EURO LIQUIDITY FUND (Continued) SANLAM EURO LIQUIDITY FUND (Continued)
FUND PERFORMANCE (Continued) FUND PERFORMANCE (Continued) FUND PERFORMANCE (Continued) FUND PERFORMANCE (Continued)
Economic data released during the second half of the period revealed a notable discrepancy between the real and forward-looking data. The official release of first quarter GDP data showed a fall of 2.5% quarter on quarter, falling short of even the most pessimistic of expectations. Industrial Production data released during the period showed further signs of contraction and the employment picture remained bleak, with unemployment rising to 9.50% in May. That said, PMI data and business sentiment survey data generally painted a more positive picture for future expectations. The absence of inflation was another key theme with the quarter witnessing some of the lowest data releases on record. The June estimate registered at -0.1% year over year after a flat reading in May. There was some country divergence within the data with Spanish inflation in particular falling sharply, while inflation in Italy proved stickier. Money market yields have been driven markedly lower over the first half of the year as the central banks continue their efforts in trying to disintermediate a large part of the bank funding markets. This has helped to remove a large part of the liquidity premium that had been reflected in Libor post the collapse of Lehman and AIG such that we are now close to levels pre-Lehman bankruptcy. Between April and June yields in three month Libor came down by approximately 40 basis points over the ending at 1.09%. While some dispersion remains across issuers, in general fewer and fewer issuers have been posting generous levels in the money markets as their funding needs have been fulfilled near term. The underlying fund has continued to maintain a high level of liquidity and have made selective use of asset backed commercial paper in short maturities (typically in the one to three month part of the curve) at levels comfortably above Libor. The managers of this fund has been selectively allocating to the government guaranteed/agency and supranational floating rate note area as a way to add value at Libor plus levels to the portfolio as well as simultaneously migrating the credit quality of the portfolio upwards. They have also been using the recent rally in credit spreads as an opportunity to reduce risk in names we do not like in favour of those that we do.
FUND OUTLOOKFUND OUTLOOKFUND OUTLOOKFUND OUTLOOK
The credit and capital markets have enjoyed a positive tone and return for the second quarter and continue to be well supported by investor flows into the asset class. The fund will continue its defensive stance, trying to add some value by making selective use of the asset backed commercial paper within the portfolio in 1-3 month maturities.
INVESTMENT MANAGERINVESTMENT MANAGERINVESTMENT MANAGERINVESTMENT MANAGER
Sanlam Investment Management (Pty) Limited
2222
15
Investment M
anager’s Report - continued
Investment M
anager’s Report - continued
Investment M
anager’s Report - continued
Investment M
anager’s Report - continued
SANLAM STERLING LIQUIDITY FUND SANLAM STERLING LIQUIDITY FUND SANLAM STERLING LIQUIDITY FUND SANLAM STERLING LIQUIDITY FUND
INVESTMENT OBJECTIVEINVESTMENT OBJECTIVEINVESTMENT OBJECTIVEINVESTMENT OBJECTIVE
The investment objective of the Fund is to provide a high degree of safety of principal together with an investment return exceeding that available from cash deposits in Sterling. The Fund intends to pursue its investment objective primarily by investing all of its assets in some or all of the classes of shares of the Institutional Sterling Liquidity Fund a sub-fund of Institutional Cash Series plc (an Irish UCITS open-ended umbrella investment company with variable capital) which in the opinion of the Investment Manager will enable the Fund to achieve its investment objective.
FUND PERFORMANCEFUND PERFORMANCEFUND PERFORMANCEFUND PERFORMANCE
During the first quarter the year the MPC gradually reduced base rates down from 2.00% to 0.50%, they then maintained this rate for the second quarter. Confirmation of the extent of the slowdown in the first quarter arrived with the fact that GDP was in fact worse than the market had expected at -4.9% year over year in the first quarter and reflected a synchronised, global contraction characterised by a retrenchment in business investment and an aggressive destocking in the manufacturing and industrial side of the economy. The Central Bank added a further £50bn to the stimulative quantitative easing package bringing the total to £125bn. As the quarter progressed the market chose to refocus its attention on the better leading economic data that emerged, particularly in the form of the Purchasing Manager Indices. Notably, the services PMI actually ended the quarter in positive territory featuring above 50 at 51.7 for May from a low of 40.1 and seemed to suggest that UK was likely to experience a recovery. Housing data generally pointed to a slowing in the pace of house price declines as well as a healthy demand side hampered only by supply. At its May Inflation Report the MPC chose to dampen investor optimism and err on the side of caution by remaining stimulative. It maintained its negative quarterly forecasts for growth into the second quarter of 2010 and instead chose to raise its expectations of CPI relative to the February Inflation Report, despite remaining below the 2% target at the two year horizon. In the minutes of the May MPC meeting the committee seemed to decide that the upside risks associated with too much quantitative easing (inflation) were at this stage in the cycle preferable to those associated with too little (deflation). Indeed their expectations continue to be that near term we will see inflation fall further, despite the near term stickiness which has been attributed to import price inflation rather than domestic demand strength, as such central bank exit strategies seem premature.
-1.0%
-0.5%
0.0%
0.5%
1.0%
Fund GBP- terms 0.31% 0.15% 0.50% 0.68%
Benchmark 0.27% 0.12% 0.43% 0.61%
Excess return 0.04% 0.03% 0.07% 0.07%
1st Qtr 2009% 2nd Qtr 2009% Year to date Since Inception
2222
16
In
vest
men
t Man
ager
’s R
epor
t - c
ontin
ued
Inve
stm
ent M
anag
er’s
Rep
ort -
con
tinue
d
Inv
estm
ent M
anag
er’s
Rep
ort -
con
tinue
d In
vest
men
tMan
ager
’sR
epor
tco
ntin
ued
Inve
stm
entM
anag
er’s
Rep
ort
cont
inue
d
Inv
estm
ent M
anag
er’s
Rep
ort -
con
tinue
d SANLAM STERLING LIQUIDITY FUND (Continued)SANLAM STERLING LIQUIDITY FUND (Continued)SANLAM STERLING LIQUIDITY FUND (Continued)SANLAM STERLING LIQUIDITY FUND (Continued)
FUND PERFORMANCE (contained) FUND PERFORMANCE (contained) FUND PERFORMANCE (contained) FUND PERFORMANCE (contained)
Money market yields have been driven markedly lower over the quarter as the central banks continue their efforts in trying to disintermediate a large part of the bank funding markets. This has helped to remove a large part of the liquidity premium that had been reflected in Libor post the collapse of Lehman and AIG such that we are now close to levels pre-Lehman bankruptcy. The credit and capital markets have enjoyed a positive tone and return for the second quarter and continue to be well supported by investor flows into the asset class.
The fund continued to maintain high levels of liquidity. The managers of the underlying fund has continued to make selective use of asset backed commercial paper in short maturities (typically in the one to three month part of the curve) at levels comfortably above Libor. Where they have added positions longer than three months for the money funds as an interest rate view they have chosen to select high quality agency like names. They also continue to favour government guaranteed floating rate securities at levels above libor as a way of adding value to the portfolios as well as migrating the credit quality of our fund upwards in order to navigate the default cycle.
FUND OUTLOOKFUND OUTLOOKFUND OUTLOOKFUND OUTLOOK
The possibility exists that interest rates will stay low for longer than the market has priced given the as yet only very marginal improvements in net lending and as such very low prospects for growth looking forward. We are yet to see the full extent to which job losses will hurt consumer confidence and threaten growth and the fund will therefore remain cautiously positioned.
INVESTMENT MANAGERINVESTMENT MANAGERINVESTMENT MANAGERINVESTMENT MANAGER
Sanlam Investment Management (Pty) Limited
2222
17
Investment M
anager’s Report - continued
Investment M
anager’s Report - continued
Investment M
anager’s Report - continued
Investment M
anager’s Report - continued
SANLAM US DOLLAR LIQUIDITY FUND SANLAM US DOLLAR LIQUIDITY FUND SANLAM US DOLLAR LIQUIDITY FUND SANLAM US DOLLAR LIQUIDITY FUND
INVESTMENT OBJECTIVEINVESTMENT OBJECTIVEINVESTMENT OBJECTIVEINVESTMENT OBJECTIVE
The investment objective of the Fund is to provide a high degree of safety of principal together with an investment return exceeding that available from cash deposits in Dollar. The Fund intends to pursue its investment objective primarily by investing all of its assets in some or all of the classes of shares of the Institutional Dollar Liquidity Fund a sub-fund of Institutional Cash Series plc (an Irish UCITS open-ended umbrella investment company with variable capital) which in the opinion of the Investment Manager will enable the Fund to achieve its investment objective.
FUND PERFORMANCEFUND PERFORMANCEFUND PERFORMANCEFUND PERFORMANCE
During the first half of 2009, the Federal Open Market Committee (FOMC) maintained an unchanged monetary policy stance with the Federal Funds target rate at 0.00% to 0.25%. The Committee stated that the pace of economic contraction is slowing, but also noted that economic conditions were likely to necessitate an “exceptionally low” level of rates for an “extended period” of time. The FOMC also declared that it is monitoring the size and composition of its balance sheet and would adjust the timing and amounts of its purchases of securities as conditions warrant.
The slope of the Libor curve, when measured from one-month to one-year, stood at a positive 130 bps at the end of June and individual settings fell as much as 63 bps in certain tenors over the quarter. More notably, 3-month LIBOR breached its all-time low of 1.00% in early May, then dropped to 0.60% basis points the following month. At the same time, the 3-month LIBOR-OIS spread, which is a gauge of banks reluctance to lend, declined to 38 bps at the end of June. This is down a total of 59 bps from the end of March when it stood at 97 basis points and down 86bps since 1 January 2009 when it stood at 124basis points. Recent readings for this measure are near levels not observed since February 2008.
The fund primarily invests in the Institutional Dollar Liquidity Fund, which was invested as follows: Investments were primarily concentrated in commercial paper and Yankee certificates of deposits due in approximately one to three months. In an effort to add incremental yield and maintain the Fund’s weighted average maturity, additional monies were invested in CD’s due in approximately six months. As credit remains under pressure and the yield curve continues to tighten, investments purchased during the quarter traded in a wide range, yielding 0.32% to 1.25% basis points. Additions were made to the bank floating rate exposure, purchasing obligations based on the 1-month and 3-month Libor indices. These instruments also possessed one and three month put features. Additionally, purchases also included municipal variable rate demand notes, all of which possess a weekly put feature. Overall, investments in Treasury bills, overnight Repos and Time Deposits, and instruments maturing within 30 days totalled an estimated 45% of assets. The underlying Fund closed the first half of the year with an average weighted maturity of 50 days.
FUND OUTLOOKFUND OUTLOOKFUND OUTLOOKFUND OUTLOOK The market continues to trade richer on a daily basis. Commercial paper issuance across the board is down an estimated 20 to 25% as issuers outstanding have decreased or are being funding directly through the Commercial Paper Funding Facility (CPFF). While economic conditions remain difficult, the financial system has benefited from a significant degree of government support.
INVESTMEINVESTMEINVESTMEINVESTMENTNTNTNT MANAGER MANAGER MANAGER MANAGER
Sanlam Investment Management (Pty) Limited
-0.50%
-0.25%
0.00%
0.25%
0.50%
Fund USD-terms 0.22% 0.10% 0.33% 0.40%
Benchmark 0.06% 0.05% 0.12% 0.15%
Excess return 0.16% 0.05% 0.21% 0.25%
1st Qtr 2009% 2nd Qtr 2009% Year to date Since Inception
3333
Por
tfolio
of I
nves
tmen
ts a
s at
30
June
200
9 (U
naud
ited)
18
PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS –––– SANLAM GLOBAL EQUITY FUND SANLAM GLOBAL EQUITY FUND SANLAM GLOBAL EQUITY FUND SANLAM GLOBAL EQUITY FUND (UNAUDITED)(UNAUDITED)(UNAUDITED)(UNAUDITED)
30/06/2009 31/12/2008 30/06/2008
Net Asset Value USD 2,311,968 USD 2,185,604 USD 3,866,340 Class A Shares Number of Shares in Issue 3,358,697 3,336,263 3,573,507 Net Asset Value per Share USD 0.6884 USD 0.6551 USD 1.0819
Net Asset Value USD 47,084,561 USD 110,372,709 USD 241,231,196 Class B Shares Number of Shares in Issue 64,456,170 159,401,250 211,654,487 Net Asset Value per Share USD 0.7305 USD 0.6924 USD 1.1397
Net Asset Value USD 878,824,056 USD 640,464,668 USD 958,890,895 Class C Shares Number of Shares in Issue 1,190,779,013 915,416,996 833,342,055 Net Asset Value per Share USD 0.7380 USD 0.6996 USD 1.1507
Net Asset Value - USD 2,479 USD 2,708 Class D Shares Number of Shares in Issue - 2,945 1,959 Net Asset Value per Share - USD 0.8418 USD 1.3824
NominalNominalNominalNominal SecuritySecuritySecuritySecurity ClassClassClassClass Fair ValueFair ValueFair ValueFair ValueUSDUSDUSDUSD
% Net% Net% Net% NetAssetsAssetsAssetsAssets
Financial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or loss
Collective investment schemes – 99.19% (2008: 98.15%)
Sanlam Universal Funds Plc – 99.19% (2008: 98.15%) 829,452,157 Sanlam Universal Equity Fund E 826,963,800 89.09%93,717,370 Sanlam Universal World Equity Tracker Fund E 93,773,601 10.10%
10 Sanlam Emerging Markets Fund E 89 0.00%10 Sanlam Global Financial Fund E 46 0.00%
Total Total Total Total ffffinancial assets at fair value through profit or lossinancial assets at fair value through profit or lossinancial assets at fair value through profit or lossinancial assets at fair value through profit or loss 920,737,536920,737,536920,737,536920,737,536 99.19%99.19%99.19%99.19%
Other assets and liabilities 7,483,049 0.81%
Net assets attributable to holderNet assets attributable to holderNet assets attributable to holderNet assets attributable to holders of redeemable participatings of redeemable participatings of redeemable participatings of redeemable participating shares as at 30/06/2009shares as at 30/06/2009shares as at 30/06/2009shares as at 30/06/2009 928,220,585928,220,585928,220,585928,220,585 100.00%100.00%100.00%100.00%
19
Portfolio of Investm
ents as at 30 June 2009(U
naudited)-
continued3333
PORTFOLIO OF INVESTMENTSPORTFOLIO OF INVESTMENTSPORTFOLIO OF INVESTMENTSPORTFOLIO OF INVESTMENTS –––– SANLAM GLOBAL BEST IDEAS FEEDER FUND SANLAM GLOBAL BEST IDEAS FEEDER FUND SANLAM GLOBAL BEST IDEAS FEEDER FUND SANLAM GLOBAL BEST IDEAS FEEDER FUND (UNAUDITED)(UNAUDITED)(UNAUDITED)(UNAUDITED)
NominalNominalNominalNominal SecuritySecuritySecuritySecurity ClassClassClassClass Fair ValueFair ValueFair ValueFair Value
USDUSDUSDUSD % Net% Net% Net% Net
AssetsAssetsAssetsAssets
Financial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or loss
Collective investment schemes – 100.02% (2008: 100.03%)
Sanlam Universal Funds Plc – 100.02% (2008: 100.03%) 199,164,841Sanlam Global Beat Ideas Fund E 148,337,973 100.02%
Total Total Total Total ffffinancial assets at fair value through profit or lossinancial assets at fair value through profit or lossinancial assets at fair value through profit or lossinancial assets at fair value through profit or loss 148,337,973148,337,973148,337,973148,337,973 100.02%100.02%100.02%100.02%
Other assets and liabilities (36,612) (0.02)%
Net assets attributable to holders of redeemable participatingNet assets attributable to holders of redeemable participatingNet assets attributable to holders of redeemable participatingNet assets attributable to holders of redeemable participating shares as at 30/06/2009shares as at 30/06/2009shares as at 30/06/2009shares as at 30/06/2009 148,301,361148,301,361148,301,361148,301,361 100.00%100.00%100.00%100.00%
30/06/2009 31/12/2008 30/06/2008 Net Asset Value USD 7,964,607 USD 6,500,684 USD 13,665,398 Class A
Shares Number of Shares in Issue 6,392,996 7,017,116 7,755,286 Net Asset Value per Share USD 1.2458 USD 0.9264 USD 1.7621
Net Asset Value USD 14,123,128 USD 10,471,088 USD 19,913,505 Class B Shares Number of Shares in Issue 11,169,212 11,169,212 11,203,292 Net Asset Value per Share USD 1.2645 USD 0.9375 USD 1.7775
Net Asset Value USD 126,213,626 USD 93,910,311 USD 177,930,278 Class C Shares Number of Shares in Issue 98,679,357 99,095,441 99,095,442 Net Asset Value per Share USD 1.2790 USD 0.9477 USD 1.7955
20
3333 P
ortfo
lio o
f Inv
estm
ents
as
at 3
0 Ju
ne 2
009
(Una
udite
d) –
con
tinue
d
PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS –––– SANLAM GLOBAL BALANCED FUNDSANLAM GLOBAL BALANCED FUNDSANLAM GLOBAL BALANCED FUNDSANLAM GLOBAL BALANCED FUND (UNAUDITED)(UNAUDITED)(UNAUDITED)(UNAUDITED)
30/06/2009 31/12/2008 30/06/2008 Net Asset Value USD 5,574,296 USD 5,497,313 USD 9,142,062 Class A
Shares Number of Shares in Issue 6,090,872 6,209,502 7,375,694 Net Asset Value per Share USD 0.9152 USD 0.8853 USD 1.2395
Net Asset Value USD 160,949 USD 155,295 USD 216,895 Class B Shares Number of Shares in Issue 150,687 150,687 150,687 Net Asset Value per Share USD 1.0681 USD 1.0306 USD 1.4394
Net Asset Value USD 132,203,357 USD 129,011,423 USD 182,467,749 Class C Shares Number of Shares in Issue 124,082,441 125,572,693 127,288,156 Net Asset Value per Share USD 1.0654 USD 1.0274 USD 1.4335
Net Asset Value - USD 2,651 USD 2,541 Class D Shares Number of Shares in Issue - 2,450 1,686 Net Asset Value per Share - USD 1.0820 USD 1.5071
NominalNominalNominalNominal SecuritySecuritySecuritySecurity ClassClassClassClass Fair ValueFair ValueFair ValueFair ValueUSDUSDUSDUSD
% Net% Net% Net% NetAssetsAssetsAssetsAssets
FinaFinaFinaFinancial assets at fair value through profit or lossncial assets at fair value through profit or lossncial assets at fair value through profit or lossncial assets at fair value through profit or loss
Collective investment schemes – 99.03% (2008: 98.04%)
Sanlam Universal Funds Plc – 99.03% (2008: 98.04%) 62,421,227 Sanlam Universal Equity Fund E 62,233,963 45.11%37,525,594 Sanlam Universal Bond Fund E 44,167,625 32.02%25,757,812 Sanlam World Equity Tracker Fund E 25,773,266 18.69%7,872,016 Sanlam Global Best Ideas Fund E 4,432,024 3.21%
Total Total Total Total ffffinancial assets at fair value through profit or lossinancial assets at fair value through profit or lossinancial assets at fair value through profit or lossinancial assets at fair value through profit or loss 136,606,878136,606,878136,606,878136,606,878 99.03%99.03%99.03%99.03%
Other assets and liabilities 1,331,724 0.97%
Net assets attributable to holders of redeemable participatNet assets attributable to holders of redeemable participatNet assets attributable to holders of redeemable participatNet assets attributable to holders of redeemable participatinginginging shares as at 30/06/2009shares as at 30/06/2009shares as at 30/06/2009shares as at 30/06/2009 137,938,602137,938,602137,938,602137,938,602 100.00%100.00%100.00%100.00%
21
Portfolio of Investm
ents as at 30 June 2009(U
naudited)-
continued3333
PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS –––– SANLAM GLOBAL BOND FUNDSANLAM GLOBAL BOND FUNDSANLAM GLOBAL BOND FUNDSANLAM GLOBAL BOND FUND (UNAUDITED)(UNAUDITED)(UNAUDITED)(UNAUDITED)
NoNoNoNominalminalminalminal SecuritySecuritySecuritySecurity ClassClassClassClass Fair ValueFair ValueFair ValueFair Value
USDUSDUSDUSD % Net% Net% Net% Net
AssetsAssetsAssetsAssets
Financial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or loss
Collective investment schemes – 99.14% (2008: 99.46%)
Sanlam Universal Funds Plc – 99.14% (2008: 99.46%) 233,539,176 Sanlam Universal Bond Fund E 274,875,611 99.14% Total Total Total Total ffffinancial assets at fair value through profit or lossinancial assets at fair value through profit or lossinancial assets at fair value through profit or lossinancial assets at fair value through profit or loss 274,875,611274,875,611274,875,611274,875,611 99.14%99.14%99.14%99.14%
Other assets and liabilities 2,391,637 0.86%
Net assets attributable to holders of redeemable participatingNet assets attributable to holders of redeemable participatingNet assets attributable to holders of redeemable participatingNet assets attributable to holders of redeemable participating shares as at 30/06/2009shares as at 30/06/2009shares as at 30/06/2009shares as at 30/06/2009 277,267,248277,267,248277,267,248277,267,248 100.00%100.00%100.00%100.00%
30/06/2009 31/12/2008 30/06/2008
Net Asset Value USD 463,006 USD 349,403 USD 368,548 Class A Shares Number of Shares in Issue 318,308 236,644 241,810 Net Asset Value per Share USD 1.4546 USD 1.4765 USD 1.5241
Net Asset Value USD 27,258,246 USD 39,778,051 USD 52,681,490 Class B Shares Number of Shares in Issue 18,577,535 26,730,710 34,324,899 Net Asset Value per Share USD 1.4673 USD 1.4881 USD 1.5348
Net Asset Value USD 249,545,996 USD 380,296,902 USD 264,460,953 Class C Shares Number of Shares in Issue 168,845,470 253,797,817 171,166,314 Net Asset Value per Share USD 1.4780 USD 1.4984 USD 1.5451
Net Asset Value - USD 2,972 USD 2,218 Class D Shares Number of Shares in Issue - 1,924 1,395 Net Asset Value per Share - USD 1.5444 USD 1.5892
22
3333 P
ortfo
lio o
f Inv
estm
ents
as
at 3
0 Ju
ne 2
009
(Una
udite
d) –
con
tinue
d
PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS –––– SANLAM GLOBAL LIQUIDITY FUNDSANLAM GLOBAL LIQUIDITY FUNDSANLAM GLOBAL LIQUIDITY FUNDSANLAM GLOBAL LIQUIDITY FUND (UNAUDITED)(UNAUDITED)(UNAUDITED)(UNAUDITED)
30/06/2009 31/12/2008 30/06/2008
Net Asset Value USD 41,628 USD 23,766 USD 32,484 Class A Shares Number of Shares in Issue 33,955 19,964 25,045 Net Asset Value per Share USD 1.2260 USD 1.1904 USD 1.2970
Net Asset Value USD 156,657,226 USD 121,874,234 USD 503,159,787 Class B Shares Number of Shares in Issue 131,362,009 105,123,544 398,141,985 Net Asset Value per Share USD 1.1926 USD 1.1593 USD 1.2638
Net Asset Value USD 488,879 USD 474,704 USD 670,122 Class C Shares Number of Shares in Issue 401,472 401,653 521,125 Net Asset Value per Share USD 1.2177 USD 1.1819 USD 1.2859
NominalNominalNominalNominal SecuritySecuritySecuritySecurity ClassClassClassClass Fair ValueFair ValueFair ValueFair ValueUSDUSDUSDUSD
% Net% Net% Net% NetAssetsAssetsAssetsAssets
Financial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or loss
Collective investment schemes – 95.15% (2008: 99.77%)
Institutional Cash Series – 95.15% (2008: 99.77%) 390,744 Institutional Euro Liquidity Fund A 75,076,106 47.76%376,502 Institutional US Dollar liquidity Fund A 53,846,958 34.26%77,494 Institutional Sterling Liquidity Fund A 20,645,707 13.13%
Total Total Total Total ffffinancial assets at fair value through profit or lossinancial assets at fair value through profit or lossinancial assets at fair value through profit or lossinancial assets at fair value through profit or loss 149,568,771149,568,771149,568,771149,568,771 95.15%95.15%95.15%95.15%
Other assets and liabilities 7,618,962 4.85%
Net assets attributable to holders of redeemable participatingNet assets attributable to holders of redeemable participatingNet assets attributable to holders of redeemable participatingNet assets attributable to holders of redeemable participating shares as at 30/06/2009shares as at 30/06/2009shares as at 30/06/2009shares as at 30/06/2009 157,187,733157,187,733157,187,733157,187,733 100.00%100.00%100.00%100.00%
23
Portfolio of Investm
ents as at 30 June 2009(U
naudited)-
continued3333
PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS –––– SANLAM EURO LIQUIDITY FUND SANLAM EURO LIQUIDITY FUND SANLAM EURO LIQUIDITY FUND SANLAM EURO LIQUIDITY FUND (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
NominalNominalNominalNominal SecuritySecuritySecuritySecurity ClassClassClassClass Fair ValueFair ValueFair ValueFair Value
EUREUREUREUR % Net% Net% Net% Net
AssetsAssetsAssetsAssets
Financial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or loss
Collective investment schemes – 94.53% (2008: 90.72%)
Institutional Cash Series – 94.53% (2008: 90.72%) 63,187 Institutional Euro Liquidity Fund A 8,654,952 94.53% Total Total Total Total ffffinancial assets at fair value through profit or lossinancial assets at fair value through profit or lossinancial assets at fair value through profit or lossinancial assets at fair value through profit or loss 8,654,9528,654,9528,654,9528,654,952 94.53%94.53%94.53%94.53%
Other assets and liabilities 500,388 5.47%
Net assets attributable to holders of redeemablNet assets attributable to holders of redeemablNet assets attributable to holders of redeemablNet assets attributable to holders of redeemable participatinge participatinge participatinge participating shares as at 30/06/2009shares as at 30/06/2009shares as at 30/06/2009shares as at 30/06/2009 9,155,3409,155,3409,155,3409,155,340 100.00%100.00%100.00%100.00%
30/06/2009 31/12/2008 30/06/2008
Net Asset Value EUR 73 EUR 72 - Class A Shares Number of Shares in Issue 72 72 - Net Asset Value per Share EUR 1.0117 EUR 1.0049 -
Net Asset Value EUR 73 EUR 72 - Class B Shares Number of Shares in Issue 72 72 - Net Asset Value per Share EUR 1.0117 EUR 1.0049 -
Net Asset Value EUR 9,155,194 EUR 8,842,815 - Class C Shares Number of Shares in Issue 9,055,090 8,801,604 - Net Asset Value per Share EUR 1.0111 EUR 1.0047 -
24
3333 P
ortfo
lio o
f Inv
estm
ents
as
at 3
0 Ju
ne 2
009
(Una
udite
d) –
con
tinue
d
PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS –––– SANLAM STERLING LIQUIDITY FUND SANLAM STERLING LIQUIDITY FUND SANLAM STERLING LIQUIDITY FUND SANLAM STERLING LIQUIDITY FUND (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
30/06/2009 31/12/2008 30/06/2008 Class A Net Asset Value GBP 57 GBP 57 - Shares Number of Shares in Issue 56 56 - Net Asset Value per Share GBP 1.0082 GBP 1.0043 - Class B Net Asset Value GBP 57 GBP 57 - Shares Number of Shares in Issue 56 56 - Net Asset Value per Share GBP 1.0082 GBP 1.0043 - Class C Net Asset Value GBP 2,745,782 GBP 2,649,981 - Shares Number of Shares in Issue 2,724,687 2,639,342 - Net Asset Value per Share GBP 1.0077 GBP 1.0040 -
NominalNominalNominalNominal SecuritySecuritySecuritySecurity ClassClassClassClass Fair ValueFair ValueFair ValueFair ValueGBPGBPGBPGBP
% Net% Net% Net% NetAssetsAssetsAssetsAssets
Financial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or loss
Collective investment schemes – 90.75% (2008: 75.68%)
Institutional Cash Series – 90.75% (2008: 75.68%) 15,401 Institutional Sterling Liquidity Fund A 2,491,850 90.75%
Total Total Total Total ffffinancial assets at fair value through profit or lossinancial assets at fair value through profit or lossinancial assets at fair value through profit or lossinancial assets at fair value through profit or loss 2,491,8502,491,8502,491,8502,491,850 90.75%90.75%90.75%90.75%
Other assets and liabilities 254,046 9.25%
Net assets attributable to holders of redeNet assets attributable to holders of redeNet assets attributable to holders of redeNet assets attributable to holders of redeemable participatingemable participatingemable participatingemable participating shares as at 30/06/2009shares as at 30/06/2009shares as at 30/06/2009shares as at 30/06/2009 2,745,8962,745,8962,745,8962,745,896 100.00%100.00%100.00%100.00%
25
Portfolio of Investm
ents as at 30 June 2009(U
naudited)-
continued3333
PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS –––– SANLAM US DOLLAR LIQUIDITY FUND SANLAM US DOLLAR LIQUIDITY FUND SANLAM US DOLLAR LIQUIDITY FUND SANLAM US DOLLAR LIQUIDITY FUND (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
NominalNominalNominalNominal SecuritySecuritySecuritySecurity ClassClassClassClass Fair ValueFair ValueFair ValueFair Value
USDUSDUSDUSD % Net% Net% Net% Net
AssetsAssetsAssetsAssets
Financial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or loss
Collective investment schemes – 94.00% (2008: 94.72%)
Institutional Cash Series – 94.00% (2008: 94.72%) 66,086 Institutional US Dollar Liquidity Fund A 9,451,583 94.00% Total Total Total Total ffffinancial assets at fair value through profit or lossinancial assets at fair value through profit or lossinancial assets at fair value through profit or lossinancial assets at fair value through profit or loss 9,451,5839,451,5839,451,5839,451,583 94.00%94.00%94.00%94.00%
Other assets and liabilities 603,397 6.00%
Net assets attributable to hNet assets attributable to hNet assets attributable to hNet assets attributable to holders of redeemable participatingolders of redeemable participatingolders of redeemable participatingolders of redeemable participating shares as at 30/06/2009shares as at 30/06/2009shares as at 30/06/2009shares as at 30/06/2009 10,054,98010,054,98010,054,98010,054,980 100.00%100.00%100.00%100.00%
30/06/2009 31/12/2008 30/06/2008
Net Asset Value 100 USD 100 - Class A Shares Number of Shares in Issue 100 100 - Net Asset Value per Share 1.0044 USD 1.0014 -
Net Asset Value 3,861,317 USD 3,856,307 - Class B Shares Number of Shares in Issue 3,851,959 3,851,959 - Net Asset Value per Share 1.0024 USD 1.0011 -
Net Asset Value 6,193,563 USD 6,076,429 - Class C Shares Number of Shares in Issue 6,171,747 6,068,332 - Net Asset Value per Share 1.0035 USD 1.0013 -
The accompanying notes form an integral part of these financial statements.
4444 B
alan
ce S
heet
(U
naud
ited)
26
Note
Sanlam Global EquityFund
30/06/2009USD
SanlamGlobal
Best Ideas Feeder
Fund30/06/2009
USD
Sanlam Global
Balanced Fund
30/06/2009 USD
AssetsAssetsAssetsAssets Cash and cash equivalents 5 6,974,258 95,599 1,508,970 Debtors 6 53,371,465 14,929 1,871,987 Financial assets at fair value through profit or loss 7 920,737,536 148,337,973 136,606,878
TTTTotal assetsotal assetsotal assetsotal assets 981,083,259 148,448,501 139,987,835
LiabilitiesLiabilitiesLiabilitiesLiabilities Creditors 8 (52,862,674) (147,140) (2,049,233)
Liabilities (excluding net assets Liabilities (excluding net assets Liabilities (excluding net assets Liabilities (excluding net assets attributable to holders of attributable to holders of attributable to holders of attributable to holders of redeemable participating shares) redeemable participating shares) redeemable participating shares) redeemable participating shares)
(52,862,674) (147,140) (2,049,233)
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of redeemable participating shares redeemable participating shares redeemable participating shares redeemable participating shares
(928,220,585) (148,301,361)
(137,938,602)
Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities (981,083,259) (148,448,501)
(139,987,835)
Note
Sanlam Global BondFund
30/06/2009USD
Sanlam Global
LiquidityFund
30/06/2009USD
Sanlam Euro
Liquidity Fund
30/06/2009EUR
AssetsAssetsAssetsAssets Cash and cash equivalents 5 2,810,941 13,495,106 497,050 Debtors 6 27,810 44,835,668 14,873Financial assets at fair value through profit or loss 7 274,875,611 149,568,771 8,654,952
TTTTotal assetsotal assetsotal assetsotal assets 277,714,362 207,899,545 9,166,875
LiabilitiesLiabilitiesLiabilitiesLiabilities Creditors 8 (447,114) (50,711,812) (11,535)
Liabilities (excluding net assets Liabilities (excluding net assets Liabilities (excluding net assets Liabilities (excluding net assets attributable to holders of attributable to holders of attributable to holders of attributable to holders of redeemable participating shares) redeemable participating shares) redeemable participating shares) redeemable participating shares)
(447,114) (50,711,812) (11,535)
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of redeemable participating shares redeemable participating shares redeemable participating shares redeemable participating shares
(277,267,248) (157,187,733) (9,155,340)
Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities (277,714,362) (207,899,545) (9,165,875)
The accompanying notes form an integral part of these financial statements. 27
Balance Sheet (U
naudited) - continued 4444
Note
SanlamSterling
LiquidityFund
30/06/2009GBP
Sanlam US Dollar Liquidity
Fund30/06/2009
USD
Total30/06/2009
USDAssetsAssetsAssetsAssets Cash and cash equivalents 5 248,801 599,553 26,591,315 Debtors 6 12,682 19,047 100,182,651Financial assets at fair value through profit or loss 7 2,491,850 9,451,583 1,655,821,733
TTTTotal assetsotal assetsotal assetsotal assets 2,753,333 10,070,183 1,782,595,699
LiabilitiesLiabilitiesLiabilitiesLiabilities Creditors 8 (7,437) (15,203) (106,261,602)
LiabilitiesLiabilitiesLiabilitiesLiabilities (excluding net assets (excluding net assets (excluding net assets (excluding net assets attributable to holders of attributable to holders of attributable to holders of attributable to holders of redeemable participating shares) redeemable participating shares) redeemable participating shares) redeemable participating shares)
(7,437) (15,203) (106,261,602)
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of redeemable participating shares redeemable participating shares redeemable participating shares redeemable participating shares
(2,745,896) (10,054,980) (1,676,334,097)
Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities (2,753,333) (10,070,183) (1,782,595,699)
The accompanying notes form an integral part of these financial statements. 28
4444
Bal
ance
Shee
tB
alan
ceSh
eet
Bal
ance
Shee
tB
alan
ceSh
eet
Bal
ance
Shee
tB
alan
ceSh
eet
Bal
ance
Shee
tB
alan
ceSh
eet
Bal
ance
Shee
t
B
alan
ce S
heet
(U
naud
ited)
- co
ntin
ued
Note
Sanlam Global EquityFund
31/12/2008USD
Sanlam Global
Best Ideas Feeder
Fund31/12/2008
USD
Sanlam Global
Balanced Fund
31/12/2008 USD
AssetsAssetsAssetsAssets Cash and cash equivalents 5 14,501,266 74,868 2,764,996 Debtors 6 461,825 282,133 2,876 Financial assets at fair value through profit or loss 7 739,056,894 110,911,500 132,033,650
TTTTotalotalotalotal assets assets assets assets 754,019,985 111,268,501 134,801,522
LiabilitiesLiabilitiesLiabilitiesLiabilities Creditors 8 (994,525) (386,418) (134,840)
Liabilities (excluding net assets Liabilities (excluding net assets Liabilities (excluding net assets Liabilities (excluding net assets attributable to holders of redeemable attributable to holders of redeemable attributable to holders of redeemable attributable to holders of redeemable participating shares) participating shares) participating shares) participating shares) (994,525) (386,418) (134,840)
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of redeemable participating shares redeemable participating shares redeemable participating shares redeemable participating shares
(753,025,460) (110,882,083) (134,666,682)
Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities (754,019,985) (111,268,501) (134,801,522)
Note
Sanlam Global Bond Fund
31/12/2008USD
Sanlam Global
LiquidityFund
31/12/2008USD
Sanlam Euro
Liquidity Fund
31/12/2008EUR
AssetsAssetsAssetsAssets Cash and cash equivalents 5 3,194,813 4,751,909 825,612 Debtors 6 4,430 3,529 -Financial assets at fair value through profit or loss
7 418,152,688 117,768,610 8,022,566
TTTTotal assetsotal assetsotal assetsotal assets 421,351,931 122,524,048 8,848,178
LiabilitiesLiabilitiesLiabilitiesLiabilities Creditors 8 (924,603) (151,344) (5,219)
LiabilitiLiabilitiLiabilitiLiabilities (excluding net assets es (excluding net assets es (excluding net assets es (excluding net assets attributable to holders of redeemable attributable to holders of redeemable attributable to holders of redeemable attributable to holders of redeemable participating shares) participating shares) participating shares) participating shares)
(924,603) (151,344) (5,219)
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of redeemable participating shares redeemable participating shares redeemable participating shares redeemable participating shares
(420,427,328) (122,372,704) (8,842,959)
Total liabilities Total liabilities Total liabilities Total liabilities (421,351,931) (122,524,048) (8,848,178)
The accompanying notes form an integral part of these financial statements.
4444
29
Balance Sheet (U
naudited) -continued
Note
Sanlam Sterling
Liquidity Fund
31/12/2008GBP
Sanlam US Dollar Liquidity
Fund31/12/2008
USD
Total31/12/2008
USDAssetsAssetsAssetsAssets Cash and cash equivalents 5 661,747 531,028 27,922,638 Debtors 6 - - 754,793 Financial assets at fair value through profit or loss 7 2,005,523 9,408,749 1,541,383,444
TTTTotal assetsotal assetsotal assetsotal assets 2,667,270 9,939,777 1,570,060,875
LiabilitiesLiabilitiesLiabilitiesLiabilities Creditors 8 (17,175) (6,941) (2,630,735)
Liabilities (excluding net assets Liabilities (excluding net assets Liabilities (excluding net assets Liabilities (excluding net assets attributable to holders of attributable to holders of attributable to holders of attributable to holders of redeemable participating sharedeemable participating sharedeemable participating sharedeemable participating shares) res) res) res) (17,175) (6,941) (2,630,735)
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of redeemable participating shares redeemable participating shares redeemable participating shares redeemable participating shares
(2,650,095) (9,932,836) (1,567,430,140)
Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities (2,667,270) (9,939,777) (1,570,060,875)
The accompanying notes form an integral part of these financial statements. 30
5555
Inco
me
Stat
emen
t (U
naud
ited)
Note
Sanlam Global EquityFund
30/06/2009USD
SanlamGlobal
Best IdeasFeeder
Fund30/06/2009
USD
Sanlam Global
Balanced Fund
30/06/2009 USD
Revenue:Revenue:Revenue:Revenue: Net gains on financial assets and liabilities at fair value through profit or loss – held for trading 47,224,895 38,840,277 5,580,228 Gross income 3 31,581 561 17,886 Expenses 4 (2,888,001) (507,756) (522,681) ProfitProfitProfitProfit/(Loss)/(Loss)/(Loss)/(Loss) before tax before tax before tax before tax 44,368,475 38,333,082 5,075,433 Withholding tax - - - Net increase Net increase Net increase Net increase in assets attributable to in assets attributable to in assets attributable to in assets attributable to holders of redeemable participating holders of redeemable participating holders of redeemable participating holders of redeemable participating shares shares shares shares
44,368,475 38,333,082
5,075,433
Note
Sanlam GlobalBond Fund
30/06/2009USD
Sanlam Global
LiquidityFund
30/06/2009USD
Sanlam Euro
Liquidity Fund*
30/06/2009EUR
Revenue:Revenue:Revenue:Revenue: Net (losses)/gains on financial assets and liabilities at fair value through profit or loss – held for trading (6,080,577) 4,391,722 64,748 Gross income 3 8,696 121,544 12,691 Expenses 4 (1,463,541) (450,563) (20,238)ProfitProfitProfitProfit/(Loss)/(Loss)/(Loss)/(Loss) before tax before tax before tax before tax (7,535,422) 4,062,703 57,201 Withholding tax - - - Net (decrease)/increase in assets Net (decrease)/increase in assets Net (decrease)/increase in assets Net (decrease)/increase in assets attributable to holders of redeeattributable to holders of redeeattributable to holders of redeeattributable to holders of redeemable mable mable mable participating shares participating shares participating shares participating shares
(7,535,422) 4,062,703 57,201
Gains and losses arise solely from continuing operations. There were no gains or losses other than those reflected above.
*The Sanlam Euro Liquidity Fund, Sanlam Sterling Liquidity Fund and Sanlam US Dollar Liquidity Fund were launched on 29 September 2008, therefore no comparatives are available.
The accompanying notes form an integral part of these financial statements.
5555
31
Income Statem
ent (Unaudited) – continued
Note
Sanlam Sterling
Liquidity Fund*
30/06/2009GBP
SanlamUS Dollar Liquidity
Fund*30/06/2009
USD
Total30/06/2009
USDRevenRevenRevenRevenue:ue:ue:ue: Net gains on financial assets and liabilities at fair value through profit or loss – held for trading 15,756 38,325 90,108,939 Gross income 3 4,906 8,549 213,992 Expenses 4 (10,722) (28,480) (5,905,658)Profit/(loss) before taxProfit/(loss) before taxProfit/(loss) before taxProfit/(loss) before tax 9,940 18,394 84,417,273 Withholding tax - - - Net increase in assets attributable Net increase in assets attributable Net increase in assets attributable Net increase in assets attributable to holders to holders to holders to holders of redeemable of redeemable of redeemable of redeemable participating shares participating shares participating shares participating shares
9,940 18,394 84,417,273
Gains and losses arise solely from continuing operations. There were no gains or losses other than those reflected above.
*The Sanlam Euro Liquidity Fund, Sanlam Sterling Liquidity Fund and Sanlam US Dollar Liquidity Fund were launched on 29 September 2008, therefore no comparatives are available.
The accompanying notes form an integral part of these financial statements. 32
5555
Inco
me
Stat
emen
t (U
naud
ited)
– co
ntin
ued
Note
Sanlam Global Equity Fund
30/06/2008USD
SanlamGlobal
Best IdeasFeeder
Fund30/06/2008
USD
Sanlam Global
BalancedFund
30/06/2008USD
Revenue:Revenue:Revenue:Revenue: Net losses on financial assets and liabilities at fair value through profit or loss – held for trading (184,329,434) (59,521,515) (16,551,531)Gross income 3 3,655,025 3,226 28,478Expenses 4 (5,312,354) (1,168,293) (832,630)Loss/profit before taxLoss/profit before taxLoss/profit before taxLoss/profit before tax (185,986,763) (60,686,582) (17,355,683)Withholding tax - - - Net decrease in assets attributable to Net decrease in assets attributable to Net decrease in assets attributable to Net decrease in assets attributable to holders of redeemable participating holders of redeemable participating holders of redeemable participating holders of redeemable participating shshshshares ares ares ares
(185,986,763) (60,686,582) (17,355,683)
Note
Sanlam GlobalBond Fund
30/06/2008USD
Sanlam Global
LiquidityFund
30/06/2008USD
Total 30/06/2008
USD Revenue:Revenue:Revenue:Revenue: Net gains/(losses) on financial assets and liabilities at fair value through profit or loss – held for trading 14,030,492 11,191,012 (235,180,976) Gross income 3 83,867 112,885 3,883,481 Expenses 4 (1,907,849) (1,435,984) (10,657,110) Loss/profit before taxLoss/profit before taxLoss/profit before taxLoss/profit before tax 12,206,510 9,867,913 (241,954,605) Withholding tax - - - Net Net Net Net iiiincrease/ncrease/ncrease/ncrease/(decrease(decrease(decrease(decrease)))) in assets in assets in assets in assets attributable to holders of redeemable attributable to holders of redeemable attributable to holders of redeemable attributable to holders of redeemable participating shares participating shares participating shares participating shares
12,206,510 9,867,913 (241,954,605)
Gains and losses arise solely from continuing operations. There were no gains or losses other than those reflected above.
The accompanying notes form an integral part of these financial statements.
Statement of C
hanges in Net A
ssets Attributable to H
olders of Redeem
able Participating Shares (U
naudited)6666
33
*The Sanlam Euro Liquidity Fund, the Sanlam Sterling Liquidity Fund and the Sanlam US Dollar Liquidity Fund were launched on 29 September 2008, therefore no comparatives are available.
Sanlam Global EquityFund
30/06/2009USD
Sanlam Global
Best IdeasFeeder Fund 30/06/2009
USD
SanlamGlobal
BalancedFund
30/06/2009USD
NNNNet assets attributable to holders of et assets attributable to holders of et assets attributable to holders of et assets attributable to holders of redeemable participating shares at the start redeemable participating shares at the start redeemable participating shares at the start redeemable participating shares at the start of of of of the periodthe periodthe periodthe period 753,025,460 110,882,083 134,666,682 Proceeds from redeemable participating shares issued 235,167,795 125 2,182,688 Redemption of redeemable participating shares (104,341,145) (913,929) (3,986,201)Net increase/(decrease) from share transactions 130,826,650 (913,804) (1,803,513)Net increase in assets attributable to holders of redeemable participating shares from operations 44,368,475 38,333,082 5,075,433 Exchange differences due to presentation of these financial statements in USD - - - Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of redeemable participating shares at the end redeemable participating shares at the end redeemable participating shares at the end redeemable participating shares at the end of the periodof the periodof the periodof the period 928,220,585 148,301,361 137,938,602
Sanlam Global BondFund
30/06/2009USD
Sanlam Global
LiquidityFund
30/06/2009USD
Sanlam Euro
Liquidity Fund*
30/06/2009EUR
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of redeemable participating shares aredeemable participating shares aredeemable participating shares aredeemable participating shares at the start t the start t the start t the start of the periodof the periodof the periodof the period 420,427,328 122,372,704 8,842,959 Proceeds from redeemable participating shares issued 48,288,278 116,143,880 286,700 Redemption of redeemable participating shares (183,912,936) (85,391,554) (31,520)Net (decrease)/increase from share transactions (135,624,658) 30,752,326 255,180 Net (decrease)/increase in assets attributable to holders of redeemable participating shares from operations (7,535,422) 4,062,703 57,201 Exchange differences due to presentation of these financial statements in USD - - - Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of redeemable participating shares at the end redeemable participating shares at the end redeemable participating shares at the end redeemable participating shares at the end of the periodof the periodof the periodof the period 277,267,248 157,187,733 9,155,340
The accompanying notes form an integral part of these financial statements. 34
St
atem
ent o
f Cha
nges
in N
et A
sset
s A
ttrib
utab
le to
Hol
ders
of R
edee
mab
le P
artic
ipat
ing
Shar
es (
Una
udite
d)-
cont
inue
d 6666
*The Sanlam Euro Liquidity Fund, Sanlam Sterling Liquidity Fund and Sanlam US Dollar Liquidity Fund were
launched on 29 September 2008, therefore no comparatives are available.
Sanlam Sterling
Liquidity Fund*
30/06/2009GBP
Sanlam US DollarLiquidity
Fund*30/06/2009
USD
Total 30/06/2009
USD Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of redeemable participating shares at the start redeemable participating shares at the start redeemable participating shares at the start redeemable participating shares at the start of the periodof the periodof the periodof the period 2,650,095 9,932,836 1,567,430,140 Proceeds from redeemable participating shares issued 97,221 210,180
402,540,574
Redemption of redeemable participating shares (11,360) (106,430)
(378,713,442)
Net increasefrom share transactions 85,861 103,750
23,827,132 Net increase in assets attributable to holders of redeemable participating shares from operations 9,940 18,394
84,417,273
Exchange differences due to presentation of these financial statements in USD - - 659,552 Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of redeemable participating shares at the end redeemable participating shares at the end redeemable participating shares at the end redeemable participating shares at the end of the periodof the periodof the periodof the period 2,745,896 10,054,980
1,676,334,097
The accompanying notes form an integral part of these financial statements.
6666
35
Statement of C
hanges in Net A
ssets Attributable to H
olders of Redeem
able Participating Shares (U
naudited) - continued
Sanlam Global Equity Fund
30/06/2008USD
Sanlam Global
Best Ideas
Feeder Fund 30/06/2008
USD
Sanlam Global
BalancedFund
30/06/2008USD
Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of redeemable participating shares at the start redeemable participating shares at the start redeemable participating shares at the start redeemable participating shares at the start of of of of the periodthe periodthe periodthe period 1,558,865,386 314,818,617 216,379,128 Proceeds from redeemable participating shares issued 176,368,796 1,331,508 61,280Redemption of redeemable participating shares (345,256,280) (43,954,362) (7,255,478)Net decrease from share transactions (168,887,484) (42,622,854) (7,194,198)Net (decrease)/increase in assets attributable to holders of redeemable participating shares from operations (185,986,763) (60,686,582) (17,355,683) Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of redeemable participating shares at the end redeemable participating shares at the end redeemable participating shares at the end redeemable participating shares at the end of of of of the periodthe periodthe periodthe period 1,203,991,139 211,509,181 191,829,247
Sanlam Global Bond Fund
30/06/2008USD
Sanlam Global
Liquidity Fund
30/06/2008 USD
Total 30/06/2008
USDNet assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of redeemable participating shares at the start redeemable participating shares at the start redeemable participating shares at the start redeemable participating shares at the start of of of of the periodthe periodthe periodthe period 583,805,212 237,494,857 2,911,363,200 Proceeds from redeemable participating shares issued 30,957,450 359,980,749 568,699,783Redemption of redeemable participating shares (309,455,963) (103,481,126) (809,403,209)Net (decrease)/increase from share transactions (278,498,513) 256,499,623 (240,703,426)Net increase/(decrease) in assets attributable to holders of redeemable participating shares from operations 12,206,510 9,867,913 (241,954,605) Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of redeemablredeemablredeemablredeemable participating shares at the end e participating shares at the end e participating shares at the end e participating shares at the end of of of of the periodthe periodthe periodthe period 317,513,209 503,862,393 2,428,705,169
The accompanying notes form an integral part of these financial statements. 36
7777 C
ash
Flow
Sta
tem
ent (
Una
udite
d)
Sanlam Global EquityFund
30/06/2009USD
Sanlam Global
Best Ideas Feeder
Fund30/06/2009
USD
Sanlam Global
Balanced Fund
30/06/2009 USD
Cash flows from operating activitiesCash flows from operating activitiesCash flows from operating activitiesCash flows from operating activities Purchase of financial assets and settlement of financial liabilities (87,092,000) - (11,163,000)
Proceeds from sale of investments (including realised gains) - 1,680,535 11,967,000
Dividends received - - -Interest received 31,581 561 6,212 Other income - - 11,674 Operating expenses paid (2,819,852) (479,830) (538,301)
Net cash Net cash Net cash Net cash (outflow)/(outflow)/(outflow)/(outflow)/inflowinflowinflowinflow from from from from operating activitiesoperating activitiesoperating activitiesoperating activities (89,880,271) 1,201,266 283,585
Cash flows from financing activitiesCash flows from financing activitiesCash flows from financing activitiesCash flows from financing activities Proceeds from redeemable participating shares issued 185,033,535 - 2,182,688
Redemption of redeemable participating shares (102,684,525) (1,180,535) (3,722,299)Net cash Net cash Net cash Net cash inflow/inflow/inflow/inflow/(outflow) from (outflow) from (outflow) from (outflow) from financing activitiesfinancing activitiesfinancing activitiesfinancing activities 82,349,010 (1,180,535) (1,539,611) Net Net Net Net (decrease) /(decrease) /(decrease) /(decrease) /increase in cash and increase in cash and increase in cash and increase in cash and cash equivalentscash equivalentscash equivalentscash equivalents (7,531,261) 20,731 (1,256,026)Cash and cash equivalents at the start of the period 14,501,266 74,868 2,764,996 Exchange gain on cash and cash equivalents 4,253 - - Cash and cash equivalents atCash and cash equivalents atCash and cash equivalents atCash and cash equivalents at the end the end the end the end of the of the of the of the periodperiodperiodperiod 6,974,258 95,599 1,508,970
The accompanying notes form an integral part of these financial statements.
7777
37
Cash Flow
Statement (U
naudited) - continued
Sanlam Global Bond Fund
30/06/2009 USD
Sanlam Global
Liquidity Fund
30/06/2009USD
SanlamEuro
Liquidity Fund*
30/06/2009EUR
Cash flows from operating activitiesCash flows from operating activitiesCash flows from operating activitiesCash flows from operating activities
Purchase of financial assets and settlement of financial liabilities
(4,614,000) (103,793,180) (567,638)
Proceeds from sale of investments (including realised gains)
141,810,500 32,056,408 -
Dividends received - 31,592 7,281 Interest received 8,696 18,843 2,478 Other income - 71,109 2,747 Operating expenses paid (1,583,160) (485,896) (28,610)
Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from operating activitiesoperating activitiesoperating activitiesoperating activities
135,622,036 (72,101,124) (583,742)
Cash flows from finaCash flows from finaCash flows from finaCash flows from financing activitiesncing activitiesncing activitiesncing activities
Proceeds from redeemable participating shares issued
48,288,278 116,039,919 286,700
Redemption of redeemable participating shares
(184,294,186) (34,807,154) (31,520)
Net cash (outflow)/inflow from Net cash (outflow)/inflow from Net cash (outflow)/inflow from Net cash (outflow)/inflow from financing activitiesfinancing activitiesfinancing activitiesfinancing activities
(136,005,908) 81,232,765 255,180
Net Net Net Net (decrease)/(decrease)/(decrease)/(decrease)/increase in cash and increase in cash and increase in cash and increase in cash and cash equivalentscash equivalentscash equivalentscash equivalents
(383,872) 9,131,641 (328,562)
Cash and cash equivalents at the start of the period
3,194,813 4,751,909 825,612
Exchange loss on cash and cash equivalents
- (388,444) -
Cash and cash equivalents atCash and cash equivalents atCash and cash equivalents atCash and cash equivalents at the end the end the end the end of the of the of the of the periodperiodperiodperiod
2,810,941 13,495,106 497,050
*The Sanlam Euro Liquidity Fund, Sanlam Sterling Liquidity Fund and Sanlam US Dollar Liquidity Fund were launched on 29 September 2008, therefore no comparatives are available.
The accompanying notes form an integral part of these financial statements. 38
7777 C
ash
Flow
Sta
tem
ent (
Una
udite
d) -
con
tinue
d Sanlam
Sterling Liquidity
Fund* 30/06/2009
GBP
Sanlam US Dollar
Liquidity Fund*
30/06/2009USD
Total 30/06/2009
USD Cash flows from operating activitiesCash flows from operating activitiesCash flows from operating activitiesCash flows from operating activities
Purchase of financial assets and settlement of financial liabilities
(470,571) (4,508)
(208,237,756)
Proceeds from sale of investments (including realised gains) - - 187,514,443
Dividends received 495 2,129 44,749 Interest received 3,619 3,233 78,561 Other income 714 3,156 90,968 Operating expenses paid (19,064) (39,235) (6,017,796) Net cash outflow from operating Net cash outflow from operating Net cash outflow from operating Net cash outflow from operating activities activities activities activities
(484,807) (35,225)
(26,526,831)
Cash flows from financing activitiesCash flows from financing activitiesCash flows from financing activitiesCash flows from financing activities
Proceeds from redeemable participating shares issued
97,221 210,180
352,316,838
Redemption of redeemable participating shares
(25,360) (106,430)
(326,881,100)
Net cash inflow from financing Net cash inflow from financing Net cash inflow from financing Net cash inflow from financing activitiesactivitiesactivitiesactivities
71,861 103,750 25,435,738
Net Net Net Net ((((decrease)decrease)decrease)decrease)/increase/increase/increase/increase in cash in cash in cash in cash and cash equivalentsand cash equivalentsand cash equivalentsand cash equivalents
(412,946) 68,525
(1,091,093)
Cash and cash equivalents at the start of the period
661,747 531,028 27,922,638
Exchange loss on cash and cash equivalents
- -
(240,230)
Cash and cash equivalents atCash and cash equivalents atCash and cash equivalents atCash and cash equivalents at the the the the end of the end of the end of the end of the periodperiodperiodperiod
248,801 599,553
26,591,315
*The Sanlam Euro Liquidity Fund, Sanlam Sterling Liquidity Fund and Sanlam US Dollar Liquidity Fund were launched on 29 September 2008, therefore no comparatives are available.
The accompanying notes form an integral part of these financial statements.
7777
39
Cash Flow
Statement (U
naudited) - continued
Sanlam
Global Equity Fund
30/06/2008 USD
Sanlam Global
Best Ideas Feeder
Fund30/06/2008
USD
Sanlam Global
Balanced Fund
30/06/2008USD
Cash flows froCash flows froCash flows froCash flows from operating activitiesm operating activitiesm operating activitiesm operating activities Purchase of financial assets and settlement of financial liabilities (23,828,119) - (14,965,000)
Proceeds from sale of investments (including realised gains) 126,880,742 26,920,385 22,861,000
Dividends received 3,564,144 4 -Interest received 90,881 3,226 28,478Operating expenses paid (5,510,481) (1,199,105) (835,015)Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from operating activities operating activities operating activities operating activities 101,197,167 25,724,510 7,089,463
Cash flows from financing activitiesCash flows from financing activitiesCash flows from financing activitiesCash flows from financing activities Proceeds from redeemable participating shares issued 176,368,797 1,331,508 61,280
Redemption of redeemable participating shares (276,812,523) (26,455,263) (9,529,717)Net cash (outflow)Net cash (outflow)Net cash (outflow)Net cash (outflow)/inflow/inflow/inflow/inflow from from from from financing activitiesfinancing activitiesfinancing activitiesfinancing activities (100,443,726) (25,123,755) (9,468,437) Net increase/(decrease) in cash Net increase/(decrease) in cash Net increase/(decrease) in cash Net increase/(decrease) in cash and cash equivalentsand cash equivalentsand cash equivalentsand cash equivalents 753,441 600,755 (2,378,974)Cash and cash equivalents at the start of the period 6,530,901 12,249 2,041,396Exchange (loss)/gain on cash and cash equivalents (98,568) 122 - Cash and casCash and casCash and casCash and cash equivalents ath equivalents ath equivalents ath equivalents at the end the end the end the end of the of the of the of the periodperiodperiodperiod 7,185,774 613,126 (337,578)
The accompanying notes form an integral part of these financial statements. 40
7777 C
ash
Flow
Sta
tem
ent (
Una
udite
d) -
con
tinue
d Sanlam
Global Bond Fund
30/06/2008 USD
Sanlam Global
Liquidity Fund
30/06/2008USD
Total 30/06/2008 USD
Cash flows from operatingCash flows from operatingCash flows from operatingCash flows from operating activities activities activities activities Purchase of financial assets and settlement of financial liabilities - (270,868,009) (309,661,128)
Proceeds from sale of investments (including realised gains) 275,591,999 17,339,622 469,593,748
Dividends received 83,868 - 3,648,016 Interest received - 112,885 235,470 Operating expenses paid (2,089,675) (1,255,748) (10,890,024) Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from operating activities operating activities operating activities operating activities 273,586,192 (254,671,250) 152,926,082 Cash flows from financing activitiesCash flows from financing activitiesCash flows from financing activitiesCash flows from financing activities Proceeds from redeemable participating shares issued 30,957,450 359,960,749 568,679,784
Redemption of redeemable participating shares (309,455,963) (103,008,326) (725,261,792) Net cash Net cash Net cash Net cash ((((outflow)outflow)outflow)outflow)/inflow/inflow/inflow/inflow from from from from financing activitiesfinancing activitiesfinancing activitiesfinancing activities (278,498,513) 256,952,423 (156,582,008) Net Net Net Net ((((decrease)decrease)decrease)decrease)/increase/increase/increase/increase in cash in cash in cash in cash and cash equivalentsand cash equivalentsand cash equivalentsand cash equivalents (4,912,321) 2,281,173 (3,655,926) Cash and cash equivalents at the start of the period 5,835,581 737,529 15,157,656 Exchange losses on cash and cash equivalents (1,813) (1,008,360) (1,108,619) Cash and cash equivalents atCash and cash equivalents atCash and cash equivalents atCash and cash equivalents at the the the the end of the periodend of the periodend of the periodend of the period 921,447 2,010,342 10,393,111
41
8888 N
otes to the Unaudited Financial Statem
ents
1.1.1.1. GENERAL AND BACKGROUND INFORMGENERAL AND BACKGROUND INFORMGENERAL AND BACKGROUND INFORMGENERAL AND BACKGROUND INFORMAAAATIONTIONTIONTION
The Company is an investment company with variable capital and was incorporated on 11 June 1999 with registration number 307841 under the laws of Ireland and authorised under Part XIII of the Companies Act, 1990 as a designated open-ended investment company pursuant to Section 256 of that Act. The Company is domiciled in Ireland.
At 30 June 2009, the Company comprised eight separate investment sub-funds (“fund(s)”). The Articles of Association of the Company provides segregated liability between the various funds. These funds are Sanlam Global Equity Fund, Sanlam Global Best Ideas Feeder Fund, Sanlam Global Balanced Fund, Sanlam Global Bond Fund, Sanlam Global Liquidity Fund, Sanlam Euro Liquidity Fund, Sanlam Sterling Liquidity Fund and Sanlam US Dollar Liquidity Fund. Sanlam Euro Liquidity Fund, Sanlam Sterling Liquidity Fund and Sanlam US Dollar Liquidity Fund were launched on 29 September 2008, therefore no comparatives are available with the exception of the balance sheet. Prices There is a single price for buying, selling and switching Share classes in each fund. This is represented by the Net Asset Value per Share class of the relevant fund. In the case of subscriptions, a preliminary charge of up to 5% may be added to the Net Asset Value per Share class of all funds. A conversion fee of up to 2% may be charged on applications to convert Shares of any class to Shares of another class. A repurchase fee of up to 3% may be deducted from the Net Asset Value per Share class of all funds.
Dealing The Dealing Day is, except where otherwise clarified in the prospectus, any day other than Saturday or Sunday on which banks are open for business in Dublin or London. The valuation point is, except where otherwise clarified in the prospectus, the close of business in each relevant market on the Business Day immediately preceding a Dealing Day. Shares Applications for Shares must be sent so as to arrive at the Administrator’s office, as detailed below, no later than 4.00pm (Irish time) on the Business Day preceding the relevant Dealing Day, or such later time as the Directors may from time to time permit. Applications which are received late, or funds which are not cleared by the relevant time, will be held over and invested at the next Dealing Day. Requests for repurchases should be sent so as to arrive at the Administrator’s office by post, by facsimile or telex by not later than 4.00pm on the Business Day preceding the relevant Dealing Day. As at 30 June 2009, the following Share Classes were admitted to the official list of the Irish Stock Exchange. FundFundFundFund Share ClassShare ClassShare ClassShare Class Launch DateLaunch DateLaunch DateLaunch Date Sanlam Global Equity Fund A 16 August 1999
B 17 November 2000
C 20 July 2000
D 18 May 2001
Sanlam Global Best Ideas Feeder Fund A 16 August 2004
B 16 August 2004
C 16 August 2004
42
8888 N
otes
to th
e U
naud
ited
Fina
ncia
l Sta
tem
ents
- c
ontin
ued
1.1.1.1. GENERAL AND BACKGROUND INFORMGENERAL AND BACKGROUND INFORMGENERAL AND BACKGROUND INFORMGENERAL AND BACKGROUND INFORMAAAATION (continued)TION (continued)TION (continued)TION (continued)
FundFundFundFund Share ClassShare ClassShare ClassShare Class Launch DateLaunch DateLaunch DateLaunch Date Sanlam Global Balanced Fund A 05 May 2001
B 30 July 1999 C 30 July 1999
D 18 May 2001
Sanlam Global Bond Fund A 21 June 2002
B 21 June 2002
C 21 June 2002
D 21 June 2002
Sanlam Global Liquidity Fund A 16 August 2004
B 16 August 2004
C 16 August 2004
Sanlam Euro Liquidity Fund A 29 September 2008
B 29 September 2008
C 29 September 2008
Sanlam Sterling Liquidity Fund A 29 September 2008
B 29 September 2008
C 29 September 2008
Sanlam US Dollar Liquidity Fund A 29 September 2008
B 29 September 2008
C 29 September 2008
Minimum Subscription
The minimum initial investment for each of the Funds is as follows:
FundFundFundFund Class A Class B Class C Class D
Shares Shares Shares Shares
Sanlam Global Equity Fund USD 1,000 USD 350,000 USD 400,000 USD 1,500,000
Sanlam Global Best Ideas Feeder Fund None None None None
Sanlam Global Balanced Fund USD 1,000 USD 350,000 USD 400,000 USD 1,500,000
Sanlam Global Bond Fund USD 1,000 USD 350,000 USD 400,000 USD 1,500,000
Sanlam Global Liquidity Fund None None None N/A
Sanlam Euro Liquidity Fund None None None N/A
Sanlam Sterling Liquidity Fund None None None N/A
Sanlam US Dollar Liquidity Fund None None None N/A
The minimum additional investment amount for the Class A Shares of the funds is USD300 except for the Sanlam Global Liquidity Fund, Sanlam Euro Liquidity Fund, Sanlam Sterling Liquidity Fund, US Dollar Liquidity Fund and the Sanlam Global Best Ideas Feeder Fund for which there are no minimum additional investment requirements. There is no minimum additional investment amount requirement for any of the other Share classes of the funds.
8888
43
Notes to the U
naudited Financial Statements
-continued
2. SIGNIFICANT ACCOUNTING POLICIES 2. SIGNIFICANT ACCOUNTING POLICIES 2. SIGNIFICANT ACCOUNTING POLICIES 2. SIGNIFICANT ACCOUNTING POLICIES The financial statements are prepared in accordance with the Non-UCITS Notices, and IAS 34 (Interim Financial Reporting). There have been no changes to the significant accounting policies since the last audited financial statements to 31 December 2008. 3. GROSS INCOME3. GROSS INCOME3. GROSS INCOME3. GROSS INCOME
SanlamGlobal EquityFund
6 Months Ended
30/06/2009USD
SanlamGlobal
Best Ideas Feeder Fund
6 Months Ended
30/06/2009USD
SanlamGlobal
Balanced Fund
6 Months Ended
30/06/2009USD
SanlamGlobal BondFund
6 Months Ended
30/06/2009USD
SanlamGlobal
Liquidity Fund
6 Months Ended
30/06/2009USD
Income from financial assets at fair value through profit or loss - - - - 31,592
Bank interest 31,581 561 6,212 8,696 18,843
Other Income - - 11,674 - 71,109
31,581 561 17,886 8,696 121,544
SanlamEuro
LiquidityFund
6 Months Ended
30/06/2009EUR
Sanlam Sterling
Liquidity Fund
6 Months Ended
30/06/2009GBP
Sanlam US Dollar Liquidity
Fund 6 Months
Ended30/06/2009
USD
Total6 Months
Ended30/06/2009
USDIncome from financial assets at fair value through profit or loss 2,663 495 2,129 38,175
Bank interest 7,281 3,697 3,264 84,968
Other Income 2,747 714 3,156 90,849
12,691 4,906 8,549 213,992
SanlamGlobal Equity Fund
6 Months Ended
30/06/2008USD
SanlamGlobal
BestIdeas
Feeder Fund6 Months
Ended30/06/2008
USD
SanlamGlobal
Balanced Fund
6 Months Ended
30/06/2008USD
SanlamGlobal Bond Fund
6 Months Ended
30/06/2008USD
SanlamGlobal
Liquidity Fund
6 Months Ended
30/06/2008USD
Total 6 Months
Ended 30/06/2008
USD Income from financial assets at fair value through profit or loss 3,564,144 - - - - 3,564,144
Bank interest 90,881 3,226 28,478 83,867 112,885 319,337
3,655,025 3,226 28,478 83,867 112,885 3,883,481
44
Not
es to
the
Una
udite
d Fi
nanc
ial S
tate
men
ts -
con
tinue
d 8888
4444. EXPENSE. EXPENSE. EXPENSE. EXPENSESSSS
Note
SanlamGlobal EquityFund
6 Months Ended
30/06/2009USD
Sanlam Global
Best Ideas Feeder
Fund 6 Months
Ended 30/06/2009
USD
SanlamGlobal
Balanced Fund
6 Months Ended
30/06/2009USD
SanlamGlobal BondFund
6 Months Ended
30/06/2009USD
Sanlam Global
Liquidity Fund
6 Months Ended
30/06/2009 USD
Earned by the Manager Earned by the Manager Earned by the Manager Earned by the Manager
Management Fee Class A 10 (15,488) (50,506) (38,574) (1,989) (86)
Management Fee Class B 10 (318,165) (49,076) (635) (136,000) (435,443)
Management Fee Class C 10 (2,500,955) (387,358) (466,047) (1,297,583) (582)
Management Fee Class D 10 (3) - (3) (2) -
(2,834,611) (486,940) (505,259) (1,435,574) (436,111)
Other expensesOther expensesOther expensesOther expenses
Audit fees (22,315) (5,213) - (6,599) -
Director’s fees (2,493) (2,493) (2,493) (2,493) (2,493)
Custody fees 10 (16,373) (3,326) (4,291) (8,471) (4,078)
Other (12,209) (9,784) (10,638) (10,404) (7,881)
(53,390) (20,816) (17,422) (27,967) (14,452)
Total expensesTotal expensesTotal expensesTotal expenses (2,888,001) (507,756) (522,681) (1,463,541) (450,563)
Note
SanlamEuro
LiquidityFund
6 Months Ended
30/06/2009EUR
Sanlam Sterling
Liquidity Fund
6 Months Ended
30/06/2009 GBP
Sanlam US Dollar Liquidity
Fund 6 Months
Ended30/06/2009
USD
Total 6 Months
Ended30/06/2009
USD Earned by the ManagerEarned by the ManagerEarned by the ManagerEarned by the Manager
Management Fee Class A 10 - - - (106,643)
Management Fee Class B 10 - - (7,658) (946,977)
Management Fee Class C 10 (9,027) (2,698) (6,087) (4,675,292)
Management Fee Class D 10 - - - (8)
(9,027) (2,698) (13,745) (5,728,920)
Other expensesOther expensesOther expensesOther expenses
Audit fees (1,614) (627) (2,024) (39,357)
Director’s fees (1,527) (1,015) (1,913) (18,065)
Custody fees 10 (1,370) (562) (1,388) (40,695)
Other (6,700) (5,820) (9,410) (78,621)
(11,211) (8,024) (14,735) (176,738)
Total expensesTotal expensesTotal expensesTotal expenses (20,238) (10,722) (28,480) (5,905,658)
The Directors fees and Audit fees for the period amounted to USD 19,000 (30 June 2008: USD 18,107) and USD 48,578 (30 June 2008: USD 46,676) respectively. The difference between the amount disclosed and the amount charged is due to the underaccruals/write back of overaccruals from previous period.
8888
45
Notes to the U
naudited Financial Statements -
continued
4444. EXPENSES (continued). EXPENSES (continued). EXPENSES (continued). EXPENSES (continued)
Note
SanlamGlobal EquityFund
6 Months Ended30/06/2008
USD
SanlamGlobal
Best Ideas Feeder
Fund6 Months Ended
30/06/2008USD
SanlamGlobal
Balanced Fund
6 Months Ended30/06/2008
USDEarned by the ManagerEarned by the ManagerEarned by the ManagerEarned by the Manager
Management Fee Class A 10 (31,084) (126,785) (74,799)
Management Fee Class B 10 (1,053,907) (91,568) (954)
Management Fee Class C 10 (4,127,442) (903,435) (718,088)
Management Fee Class D 10 (7) - (7)
Performance Fee - - -
(5,212,440) (1,121,788) (793,848)
Other expensesOther expensesOther expensesOther expenses
Audit fees (22,377) (8,539) (6,617)
Director’s fees (19,921) (7,870) (6,717)
Custody fees 10 (28,575) (6,488) (5,741)
Other (29,041) (23,608) (19,707)
(99,914) (46,505) (38,782)
Total expensesTotal expensesTotal expensesTotal expenses (5,312,354) (1,168,293) (832,630)
Note
SanlamGlobal Bond Fund
6 Months Ended30/06/2008
USD
SanlamGlobal
Liquidity Fund
6 Months Ended30/06/2008
USD
Total6 Months Ended
30/06/2008USD
Earned by the ManagerEarned by the ManagerEarned by the ManagerEarned by the Manager
Management Fee Class A 10 (1,903) (17) (234,588)
Management Fee Class B 10 (480,023) (1,396,353) (3,022,805)
Management Fee Class C 10 (1,376,777) (1,205) (7,126,947)
Management Fee Class D 10 (4) - (18)
Performance Fee - - -
(1,858,707) (1,397,575) (10,384,358)
Other expensesOther expensesOther expensesOther expenses
Audit fees (6,617) (6,617) (50,767)
Director’s fees (11,099) (7,425) (53,032)
Custody fees 10 (10,521) (8,857) (60,182)
Other (20,905) (15,510) (108,771)
(49,142) (38,409) (272,752)
Total expensesTotal expensesTotal expensesTotal expenses (1,907,849) (1,435,984) (10,657,110)
46
Not
es to
the
Una
udite
d Fi
nanc
ial S
tate
men
ts -
con
tinue
d 8888
5555. CASH AND CASH EQUIVALENTS. CASH AND CASH EQUIVALENTS. CASH AND CASH EQUIVALENTS. CASH AND CASH EQUIVALENTS
Sanlam Global Equity Fund
30/06/2009USD
Sanlam Global
Best ideas Feeder
Fund 30/06/2009
USD
Sanlam Global
Balanced Fund
30/06/2009USD
SanlamGlobal Bond Fund
30/06/2009USD
Sanlam Global
Liquidity Fund
30/06/2009 USD
Cash and bank balances 6,974,258 95,599 1,508,970 2,810,941 13,495,106 6,974,258 95,599 1,508,970 2,810,941 13,495,106
Sanlam
Euro Liquidity
Fund 30/06/2009
EUR
Sanlam Sterling
Liquidity Fund
30/06/2009 GBP
Sanlam US Dollar Liquidity
Fund 30/06/2009
USD
Total30/06/2009
USD Cash and bank balances 497,050 248,801 599,553 26,591,315 497,050 248,801 599,553 26,591,315
Sanlam Global Equity Fund
31/12/2008USD
Sanlam Global
Best ideas Feeder
Fund 31/12/2008
USD
Sanlam Global
Balanced Fund
31/12/2008USD
SanlamGlobal Bond Fund
31/12/2008USD
Sanlam Global
Liquidity Fund
31/12/2008 USD
Cash and bank balances 14,501,266 74,868 2,764,996 3,194,813 4,751,909 14,501,266 74,868 2,764,996 3,194,813 4,751,909
Sanlam
Euro Liquidity
Fund 31/12/2008
EUR
Sanlam Sterling
Liquidity Fund
31/12/2008 GBP
Sanlam US Dollar Liquidity
Fund 31/12/2008
USD
Total31/12/2008
USD Cash and bank balances 825,612 661,747 531,028 27,922,638 825,612 661,747 531,028 27,922,638
Cash and bank Balances are managed by J.P. Morgan Bank (Ireland) plc, on an agency basis within a pooled time deposit execution service (Cash Trade Execution - CTE). The Funds have undivided interests in such investments held in common with other customers of J.P. Morgan Bank (Ireland) plc. Additionally, residual cash balances may reside in cash accounts held with J.P. Morgan (Ireland) plc by the Custodian, the Governor & Co of Bank of Ireland, on behalf of the funds.
8888
47
Notes to the U
naudited Financial Statements -
continued
6666. . . . DEBTORSDEBTORSDEBTORSDEBTORS
Sanlam Global Equity Fund
30/06/2009USD
Sanlam Global
Best ideas Feeder
Fund 30/06/2009
USD
Sanlam Global
Balanced Fund
30/06/2009USD
SanlamGlobal Bond Fund
30/06/2009USD
SanlamGlobal
Liquidity Fund
30/06/2009USD
Accrued income - - - - -Amounts receivable on sale of securities 2,774,000 12,212 1,870,000 - 44,716,777 Amounts receivable on issue of shares 50,584,400 125 - - 103,961
Other debtors 13,065 2,592 1,987 27,810 14,930 53,371,465 14,929 1,871,987 27,810 44,835,668
Sanlam
EuroLiquidity
Fund 30/06/2009
EUR
SanlamSterling
LiquidityFund
30/06/2009GBP
Sanlam US Dollar
Liquidity Fund
30/06/2009USD
Total30/06/2009
USDAccrued income 185 78 31 419 Amounts receivable on sale of securities - - - 49,372,989 Amounts receivable on issue of shares - - - 50,688,486
Other debtors 14,688 12,604 19,016 120,757 14,873 12,682 19,047 100,182,651
Sanlam Global Equity Fund
31/12/2008USD
Sanlam Global
Best ideas Feeder
Fund 31/12/2008
USD
Sanlam Global
Balanced Fund
31/12/2008USD
SanlamGlobal Bond Fund
31/12/2008USD
SanlamGlobal
Liquidity Fund
31/12/2008USD
Accrued income - - - - -Amounts receivable on sale of securities - 278,818 - - -Amounts receivable on issue of shares 450,140 - - - -Other debtors 11,685 3,315 2,876 4,430 3,529 461,825 282,133 2,876 4,430 3,529
Sanlam
EuroLiquidity
Fund 31/12/2008
EUR
Sanlam Sterling
LiquidityFund
31/12/2008GBP
SanlamUS Dollar Liquidity
Fund 31/12/2008
USD
Total31/12/2008
USDAccrued income - - - -Amounts receivable on sale of securities - - - 278,818 Amounts receivable on issue of shares - - - 450,140
Other debtors - - - 25,835 - - - 754,793
48
8888 N
otes
to th
e U
naud
ited
Fina
ncia
l Sta
tem
ents
- c
ontin
ued
7777.... FINANCIAL ASSEFINANCIAL ASSEFINANCIAL ASSEFINANCIAL ASSETTTTS AT FAIR VALS AT FAIR VALS AT FAIR VALS AT FAIR VALUUUUE THROUGH PROFIT OR LOSSE THROUGH PROFIT OR LOSSE THROUGH PROFIT OR LOSSE THROUGH PROFIT OR LOSS
Sanlam Global Equity Fund
30/06/2009USD
Sanlam Global
Best ideas Feeder
Fund 30/06/2009
USD
Sanlam Global
Balanced Fund
30/06/2009USD
SanlamGlobal Bond Fund
30/06/2009USD
Sanlam Global
Liquidity Fund
30/06/2009 USD
Held for trading:
Collective Investment scheme 920,737,536 148,337,973 136,606,878 274,875,611 149,568,771 Total financial assets at faTotal financial assets at faTotal financial assets at faTotal financial assets at faiiiir r r r value through profit or lossvalue through profit or lossvalue through profit or lossvalue through profit or loss 920,737,536 148,337,973 136,606,878 274,875,611 149,568,771
Sanlam Euro
LiquidityFund
30/06/2009EUR
Sanlam Sterling
Liquidity Fund
30/06/2009 GBP
SanlamUS Dollar Liquidity
Fund 30/06/2009
USD
Total30/06/2009
USD
Held for trading:
Collective Investment scheme 8,654,952 2,491,850 9,451,583 1,655,821,733 Total financial assets at faTotal financial assets at faTotal financial assets at faTotal financial assets at faiiiir r r r value through profit or lossvalue through profit or lossvalue through profit or lossvalue through profit or loss 8,654,952 2,491,850 9,451,583 1,655,821,733
Sanlam Global Equity Fund
31/12/2008USD
Sanlam Global
Best ideas Feeder
Fund 31/12/2008
USD
Sanlam Global
Balanced Fund
31/12/2008USD
SanlamGlobal Bond Fund
31/12/2008USD
Sanlam Global
Liquidity Fund
31/12/2008 USD
Held for trading:
Collective Investment scheme 739,056,894 110,911,500 132,033,650 418,152,688 117,768,610 Total financial assets at faTotal financial assets at faTotal financial assets at faTotal financial assets at faiiiir r r r value through profit or lossvalue through profit or lossvalue through profit or lossvalue through profit or loss 739,056,894 110,911,500 132,033,650 418,152,688 117,768,610
Sanlam Euro
LiquidityFund
31/12/2008EUR
Sanlam Sterling
Liquidity Fund
31/12/2008 GBP
SanlamUS Dollar Liquidity
Fund 31/12/2008
USD
Total31/12/2008
USD
Held for trading:
Collective Investment scheme 8,022,566 2,005,523 9,408,749 1,541,383,444 Total financial assets at faTotal financial assets at faTotal financial assets at faTotal financial assets at faiiiir r r r value through profit or lossvalue through profit or lossvalue through profit or lossvalue through profit or loss 8,022,566 2,005,523 9,408,749 1,541,383,444
8888
49
Notes to the U
naudited Financial Statements
-continued
8888. CREDITORS. CREDITORS. CREDITORS. CREDITORS
Sanlam Global Equity Fund
30/06/2009USD
Sanlam Global
Best ideas Feeder
Fund 30/06/2009
USD
Sanlam Global
Balanced Fund
30/06/2009USD
SanlamGlobal Bond Fund
30/06/2009USD
Sanlam Global
LiquidityFund
30/06/2009USD
Accrued expenses (608,874) (134,803) (116,296) (228,674) (127,412)
Amounts payable on repurchases
of Shares (2,111,800) (12,212) (265,937) (218,440) (50,584,400)
Amounts payable for purchase of
securities (50,142,000) (125) (1,667,000) - - (52,862,674) (147,140) (2,049,233) (447,114) (50,711,812)
Sanlam Euro
LiquidityFund
30/06/2009EUR
Sanlam Sterling
Liquidity Fund
30/06/2009GBP
Sanlam US Dollar
Liquidity Fund
30/06/2009USD
Total30/06/2009
USD
Accrued expenses (11,535) (7,437) (15,203) (1,259,688)
Amounts payable on repurchases
of Shares - - - (53,192,789)
Amounts payable for purchase of
securities - - - (51,809,125)
(11,535) (7,437) (15,203) (106,261,602)
Sanlam Global Equity Fund
31/12/2008USD
Sanlam Global
Best ideas Feeder
Fund 31/12/2008
USD
Sanlam Global
Balanced Fund
31/12/2008USD
SanlamGlobal Bond Fund
31/12/2008USD
Sanlam Global
Liquidity Fund
31/12/2008USD
Accrued expenses (539,345) (107,600) (132,805) (324,913) (151,344)
Amounts payable on repurchases
of Shares (455,180) (278,818) (2,035) (599,690) - (994,525) (386,418) (134,840) (924,603) (151,344)
Sanlam Euro
LiquidityFund
31/12/2008EUR
Sanlam Sterling
Liquidity Fund
31/12/2008GBP
Sanlam US Dollar
Liquidity Fund
31/12/2008USD
Total31/12/2008
USD
Accrued expenses (5,219) (3,175) (6,941) (1,274,790)
Amounts payable on repurchases
of Shares - (14,000) - (1,355,945)
(5,219) (17,175) (6,941) (2,630,735)
50
8888 N
otes
to th
e U
naud
ited
Fina
ncia
l Sta
tem
ents
- c
ontin
ued
9999. EXCHANGE RATES. EXCHANGE RATES. EXCHANGE RATES. EXCHANGE RATES
The following period ended USD exchange rates have been used in this report.
USD = 30/06/2009 31/12/2008 30/06/2008
EUR 0.7129 0.7192 0.6348
GBP 0.6073 0.6923 0.5025
The following average USD exchange rates have been used in this report.
USD = 30/06/2009 31/12/2008 30/06/2008
EUR 0.7222 0.6797 0.6540
GBP 0.6454 0.5456 0.5065
11110000. RELATED PARTY TRANSACTIONS AND SIGNIFI. RELATED PARTY TRANSACTIONS AND SIGNIFI. RELATED PARTY TRANSACTIONS AND SIGNIFI. RELATED PARTY TRANSACTIONS AND SIGNIFICANT AGREEMENTS CANT AGREEMENTS CANT AGREEMENTS CANT AGREEMENTS
Significant Agreements Significant Agreements Significant Agreements Significant Agreements
ManagerManagerManagerManager
Pursuant to the Management Agreement dated 29 July 1999, Sanlam Asset Management (Ireland) Limited acts as Manager to the Company. The Manager is entitled to receive an annual fee of the percentages listed below of the net assets per Share Class. These fees are payable monthly in arrears and accrued by reference to the net assets of the Share Class on a daily basis.
Fund Class A Class B Class C Class D Sanlam Global Equity Fund 1.50% 0.85% 0.75% 0.50%
Sanlam Global Best Ideas Feeder Fund 1.50% 0.85% 0.75% N/A
Sanlam Global Balanced Fund 1.50% 0.85% 0.75% 0.50%
Sanlam Global Bond Fund 1.00% 0.85% 0.75% 0.30%
Sanlam Global Liquidity Fund 0.65% 0.75% 0.35% N/A
Sanlam Euro Liquidity Fund 0.55% 0.40% 0.20% N/A
Sanlam Sterling Liquidity Fund 0.55% 0.40% 0.20% N/A
Sanlam US Dollar Liquidity Fund 0.55% 0.40% 0.20% N/A
CustodianCustodianCustodianCustodian
The Custodian is not a related party to the Company. The Custodian will be entitled to receive out of the assets of the Fund an annual fee which will not exceed 0.05% of the net assets of the Fund (plus VAT, if any) together with reasonable costs and expenses incurred by the Custodian in the performance of its duties as Custodian of the Fund. These fees shall accrue and be calculated on each Dealing Day and shall be payable monthly in arrears. The Custodian shall also be entitled to be reimbursed out of the assets of the Fund all agreed sub-custodian fees, expenses and transaction charges (which will be charged at normal commercial rates). Significant shareholders at period end:
Shareholder
Fund% held at
30/06/2009% held at
31/12/2008Sanlam Life Insurance Ltd Sanlam Global Equity Fund 93.73 94.19
Sanlam Life Insurance Ltd Sanlam Global Best Ideas Feeder Fund 90.22 89.42
Sanlam Life Insurance Ltd Sanlam Global Balanced Fund 95.21 95.18
Sanlam Life Insurance Ltd Sanlam Global Bond Fund 89.57 95.10
Sanlam Life Insurance Ltd Sanlam Global Liquidity Fund 91.34 88.20
Sanlam Life Insurance Ltd Sanlam Euro Liquidity Fund 100.00 100.00
Sanlam Life Insurance Ltd Sanlam Sterling Liquidity Fund 100.00 100.00
Sanlam Life Insurance Ltd Sanlam US Dollar Liquidity Fund 100.00 100.00
51
8888 N
otes to the Unaudited Financial Statem
ents-
continued
11110000. RELATED PARTY TRANSACTIONS AND SIGNIFICANT AGREEMENTS (con. RELATED PARTY TRANSACTIONS AND SIGNIFICANT AGREEMENTS (con. RELATED PARTY TRANSACTIONS AND SIGNIFICANT AGREEMENTS (con. RELATED PARTY TRANSACTIONS AND SIGNIFICANT AGREEMENTS (continued)tinued)tinued)tinued)
A summary of fees earned by the Manager during the period and outstanding accrued fees as at 30 June 2009 follows:
SanlamGlobal Equity Fund
6 Months Ended
30/06/2009USD
Sanlam Global
Best Ideas Feeder
Fund6 Months
Ended30/06/2009
USD
SanlamGlobal
Balanced Fund
6 Months Ended
30/06/2009USD
SanlamGlobal BondFund
6 Months Ended
30/06/2009USD
Sanlam Global
Liquidity Fund
6 Months Ended
30/06/2009USD
Fees incurred during the Fees incurred during the Fees incurred during the Fees incurred during the periodperiodperiodperiod
Class A Management Fees 15,488 50,506 38,574 1,989 86
Class B Management Fees 318,165 49,076 635 136,000 435,443
Class C Management Fees 2,500,955 387,358 466,047 1,297,583 582
Class D Management Fees 3 - 3 2 -
2,834,611 486,940 505,259 1,435,574 436,111
FeeFeeFeeFees accrued at s accrued at s accrued at s accrued at 30/06/200930/06/200930/06/200930/06/2009
Class A Management Fees 2,848 10,092 6,926 374 19
Class B Management Fees 33,783 10,111 114 18,664 107,434
Class C Management Fees 518,063 79,728 82,936 154,159 100
Class D Management Fees - - - - - 554,694 99,931 89,976 173,197 107,553
SanlamEuro
LiquidityFund
6 Months Ended
30/06/2009EUR
Sanlam Sterling
Liquidity Fund
6 Months Ended
30/06/2009GBP
SanlamUS Dollar Liquidity
Fund 6 Months
Ended30/06/2009
USD
Total 6 Months
Ended30/06/2009
USD
Fees incurred during the periodFees incurred during the periodFees incurred during the periodFees incurred during the period
Class A Management Fees - - - 106,643
Class B Management Fees - - 7,658 946,977
Class C Management Fees 9,027 2,698 6,087 4,675,292
Class D Management Fees - - - 8
9,027 2,698 13,745 5,728,920 Fees accrued at Fees accrued at Fees accrued at Fees accrued at 30/06/200930/06/200930/06/200930/06/2009
Class A Management Fees - - - 20,259
Class B Management Fees - - 1,270 171,376
Class C Management Fees 1,505 451 1,018 836,004
Class D Management Fees - - - -
1,505 451 2,288 1,027,639
52
8888 N
otes
to th
e U
naud
ited
Fina
ncia
l Sta
tem
ents
- c
ontin
ued
11110000. RELATED PARTY TRANSACTIONS AND SIGNIFICANT AGREEMENTS (continued). RELATED PARTY TRANSACTIONS AND SIGNIFICANT AGREEMENTS (continued). RELATED PARTY TRANSACTIONS AND SIGNIFICANT AGREEMENTS (continued). RELATED PARTY TRANSACTIONS AND SIGNIFICANT AGREEMENTS (continued)
A summary of fees earned by the Manager during the period and outstanding accrued fees as at 30 June 2008 follows:
SanlamGlobal Equity Fund
6 MonthsEnded
30/06/2008USD
Sanlam Global
Best Ideas Feeder
Fund6 Months
Ended30/06/2008
USD
SanlamGlobal
Balanced Fund
6 Months Ended
30/06/2008USD
SanlamGlobal BondFund
6 Months Ended
30/06/2008USD
Fees incurred during the Fees incurred during the Fees incurred during the Fees incurred during the periodperiodperiodperiod
Class A Management Fees (31,084) (126,785) (74,799) (1,903)
Class B Management Fees (1,053,907) (91,568) (954) (480,023)
Class C Management Fees (4,127,442) (903,435) (718,088) (1,376,777)
Class D Management Fees (7) - (7) (4)
(5,212,440) (1,121,788) (793,848) (1,858,707)
Fees accrued at Fees accrued at Fees accrued at Fees accrued at 30/06/200830/06/200830/06/200830/06/2008
Class A Management Fees (4,960) (18,135) (11,707) (302)
Class B Management Fees (174,593) (14,754) (156) (36,355)
Class C Management Fees (652,670) (137,309) (115,627) (162,980)
Class D Management Fees (1) - (1) (1) (832,224) (170,198) (127,491) (199,638)
SanlamGlobal
Liquidity Fund
6 Months Ended
30/06/2008USD
Total 6 Months
Ended30/06/2008
USD
Fees incurred during the periodFees incurred during the periodFees incurred during the periodFees incurred during the period
Class A Management Fees (17) (234,588)
Class B Management Fees (1,396,353) (3,022,805)
Class C Management Fees (1,205) (7,126,947)
Class D Management Fees - (18)
(1,397,575) (10,384,358) Fees accrued at Fees accrued at Fees accrued at Fees accrued at 30/06/200830/06/200830/06/200830/06/2008
Class A Management Fees (9) (35,113)
Class B Management Fees (314,734) (540,592)
Class C Management Fees (192) (1,068,778)
Class D Management Fees - (3)
(314,935) (1,644,486)
53
8888 N
otes to the Unaudited Financial Statem
ents-
continued 10. RELATED PARTY TRANSACTIONS AND SIGNIFICANT AGREEMENTS (continued)10. RELATED PARTY TRANSACTIONS AND SIGNIFICANT AGREEMENTS (continued)10. RELATED PARTY TRANSACTIONS AND SIGNIFICANT AGREEMENTS (continued)10. RELATED PARTY TRANSACTIONS AND SIGNIFICANT AGREEMENTS (continued)
The following transactions occurred within Sanlam Limited (the “group”) during the period ended 30 June 2009:
.
SanlamGlobal Equity
Fund 6 Months
Ended30/06/2009
USD
Sanlam Global Best
Ideas Feeder Fund
6 Months Ended
30/06/2009 USD
SanlamGlobal
BalancedFund
6 Months Ended
30/06/2009USD
SanlamGlobal Bond Fund
6 Months Ended
30/06/2009USD
Purchases:Purchases:Purchases:Purchases:
Sanlam Universal Equity Fund 122,643,000 - 4,519,000 -
Sanlam World Equity Tracker Fund 14,591,000 - 2,844,000 -
Sanlam Global Financial Fund - - - -
Sanlam Universal Bond Fund - - 5,042,000 4,614,000
Sanlam Sterling Liquidity Fund - - - -
Sanlam US Dollar Liquidity Fund - - - -
Sanlam Euro Liquidity Fund - - - -
Sanlam Global Best Ideas Fund - 125 425,000 -
Total purchases Total purchases Total purchases Total purchases 137,234,000 125 12,830,000 4,614,000
SanlamGlobal Equity
Fund 6 Months
Ended30/06/2009
USD
Sanlam Global Best
Ideas Feeder Fund
6 Months Ended
30/06/2009 USD
SanlamGlobal
BalancedFund
6 Months Ended
30/06/2009USD
SanlamGlobal BondFund
6 Months Ended
30/06/2009USD
Sales:Sales:Sales:Sales:
Sanlam Universal Equity Fund 1,807,000 - 4,014,000 -
Sanlam World Equity Tracker Fund 967,000 - 1,705,000 -
Sanlam Universal Bond Fund - - 6,192,000 141,810,500
Sanlam Sterling Liquidity Fund - - - -
Sanlam US Dollar Liquidity Fund - - - -
Sanlam Euro Liquidity Fund - - - -
Sanlam Global Best Ideas Fund - 1,413,929 1,926,000 -
Total salesTotal salesTotal salesTotal sales 2,774,000 1,413,929 13,837,000 141,810,500
54
8888 N
otes
to th
e U
naud
ited
Fina
ncia
l Sta
tem
ents
- c
ontin
ued
10. RELATED PARTY TRANSACTIONS AND SIGNIFICANT AGREEMENTS (continued)10. RELATED PARTY TRANSACTIONS AND SIGNIFICANT AGREEMENTS (continued)10. RELATED PARTY TRANSACTIONS AND SIGNIFICANT AGREEMENTS (continued)10. RELATED PARTY TRANSACTIONS AND SIGNIFICANT AGREEMENTS (continued)
The following transactions occurred within the Sanlam Limited, (“the group”), during the period ended 30 June 2008.
SanlamGlobal Equity Fund
6 Months Ended
30/06/2008USD
Sanlam Global Best
Ideas Feeder Fund
6 Months Ended
30/06/2008 USD
SanlamGlobal
BalancedFund
6 Months Ended
30/06/2008USD
SanlamGlobal BondFund
6 Months Ended
30/06/2008USD
SanlamGlobal
Liquidity Fund
6 Months Ended
30/06/2008USD
Purchases:Purchases:Purchases:Purchases:
Sanlam Universal Equity Fund 6000 - 1,452,000 - -
Sanlam World Equity Tracker Fund 20,292,000 - 3,797,000 - -
Sanlam UK Equity Fund 3,555,337 - - - -
Sanlam Universal Bond Fund - - 5,703,000 - -
Sanlam Sterling Liquidity Fund - - - - 31,255,863
Sanlam US Dollar Liquidity Fund - - - - 108,366,000
Sanlam Euro Liquidity Fund - - - - 131,246,146
Sanlam Global Best Ideas Fund - 296,629 4,013,000 - -
Total purchasesTotal purchasesTotal purchasesTotal purchases 23,853,337 296,629 14,965,000 - 270,868,009
SanlamGlobal Equity Fund
6 Months Ended
30/06/2008USD
Sanlam Global Best
Ideas Feeder Fund
6 Months Ended
30/06/2008 USD
SanlamGlobal
BalancedFund
6 MonthsEnded
30/06/2008USD
SanlamGlobal Bond Fund
6 Months Ended
30/06/2008USD
SanlamGlobal
Liquidity Fund
6 Months Ended
30/06/2008USD
Sales:Sales:Sales:Sales:
Sanlam Universal Equity Fund 187,035,000 - 8,984,000 - -
Sanlam World Equity Tracker Fund 117,000 - 101,000 - -
Sanlam UK Equity Fund 13,595,333 - - - -
Sanlam Universal Bond Fund - - 16,002,000 275,592,000 -
Sanlam Sterling Liquidity Fund - - - - 2,995,708
Sanlam US Dollar Liquidity Fund - - - - 5,091,912
Sanlam Euro Liquidity Fund - - - - 9,252,000
Sanlam Global Best Ideas Fund - 44,419,484 49,000 - -
Total Total Total Total ssssalesalesalesales 200,747,333 44,419,484 25,136,000 275,592,000 17,339,620
Income form investmentsIncome form investmentsIncome form investmentsIncome form investments
Sanlam UK Equity Fund 3,564,144 - - - -
Total Total Total Total ssssalesalesalesales 3,564,144 - - - -
55
8888 N
otes to the Unaudited Financial Statem
ents -continued
55
11111111. EFFICIENT PORTFOLIO MANAGEMENT . EFFICIENT PORTFOLIO MANAGEMENT . EFFICIENT PORTFOLIO MANAGEMENT . EFFICIENT PORTFOLIO MANAGEMENT The funds may enter into forward foreign currency contracts for efficient portfolio management. Forward foreign currency exchange contracts are used to hedge against anticipated future changes in exchange rates which otherwise might either adversely affect the value of the funds’ portfolio securities or adversely affect the price of securities which the funds intend to purchase at a later date. The funds may use forward currency contracts to alter the currency characteristics of the underlying assets of the funds.
The funds may also enter into futures contracts for efficient portfolio management. The primary purposes for which the funds use futures contracts are cash equalisation, hedging and return enhancement. The purpose of cash equalisation is to expose uninvested cash within the funds to equity market-like returns and ensure that the funds’ liquid assets are utilised as though invested in the markets. Hedging is used by the funds to limit or control risks, such as adverse movements in exchange rates and interest returns. Return enhancement can be accomplished through the use of futures in the funds. By purchasing certain instruments, the funds may more effectively achieve the desired portfolio characteristics that assist the funds in meeting their investment objectives. There were no open forward contracts or futures held at period end (2008: Nil). 11112222. SOFT COMMISSIONS. SOFT COMMISSIONS. SOFT COMMISSIONS. SOFT COMMISSIONS
The funds did not enter into any soft commission arrangements during the period. 11113333. PORTFO. PORTFO. PORTFO. PORTFOLIO CHANGES LIO CHANGES LIO CHANGES LIO CHANGES
A list of portfolio changes during the period is available, free of charge, from the Administrator. 11114444. CROSS LIABILITY OF FUNDS . CROSS LIABILITY OF FUNDS . CROSS LIABILITY OF FUNDS . CROSS LIABILITY OF FUNDS
The Directors are not aware of any such existing or contingent liability at 30 June 2009. The Company’s amended Articles provide for segregated liability between the various funds.
11115555. FEES OF UNDERLYING INVESTMENTS . FEES OF UNDERLYING INVESTMENTS . FEES OF UNDERLYING INVESTMENTS . FEES OF UNDERLYING INVESTMENTS Apart from investments by the various funds into Class E of the Sanlam Emerging Markets Financial Fund, Sanlam Global Financial Fund and the Sanlam Global Best Ideas Fund, each being a sub-fund of Sanlam Universal Funds plc (carrying only performance fees in the specific classes invested in), the share classes of funds in which the Sanlam Global Equity, Sanlam Global Balanced, Sanlam Global Bond, Sanlam Global Liquidity and Sanlam Global Best Ideas Feeder Funds held investments during the period ended 30 June 2009 were all classes subject to neither investment management fees nor performance incentive fees.
11116666. SIGNIFICANT EVENTS DURING THE . SIGNIFICANT EVENTS DURING THE . SIGNIFICANT EVENTS DURING THE . SIGNIFICANT EVENTS DURING THE PERIODPERIODPERIODPERIOD
There were no significant events during the period.
56
8888 N
otes
to th
e U
naud
ited
Fina
ncia
l Sta
tem
ents
- c
ontin
ued
17171717. NET ASSET VALUE PER SHARE . NET ASSET VALUE PER SHARE . NET ASSET VALUE PER SHARE . NET ASSET VALUE PER SHARE
Sanlam Global Equity Fund
Sanlam Global Best Ideas Feeder Fund
30/06/2009 USD
31/12/2008 USD
30/06/2009 USD
31/12/2008 USD
Share class AShare class AShare class AShare class A
Net asset value per share for financial statement purposes 0.6884 0.6551 1.2458 0.9264
Add: IAS 39 valuation adjustment 0.0004 0.0014 0.0047 0.0069
Net asset value per share for shareholder dealing/prospectus 0.6888 0.6565 1.2505 0.9333
Share class BShare class BShare class BShare class B
Net asset value per share for financial statement purposes 0.7305 0.6924 1.2645 0.9375
Add: IAS 39 valuation adjustment 0.0005 0.0015 0.0047 0.0070
Net asset value per share for shareholder dealing/prospectus 0.7310 0.6939 1.2692 0.9445
Share class CShare class CShare class CShare class C
Net asset value per share for financial statement purposes 0.7380 0.6996 1.2790 0.9477
Add: IAS 39 valuation adjustment 0.0005 0.0015 0.0048 0.0070
Net asset value per share for shareholder dealing/prospectus 0.7385 0.7011 1.2838 0.9547
Share class DShare class DShare class DShare class D
Net asset value per share for financial statement purposes - 0.8418 - -
Add: IAS 39 valuation adjustment - 0.0018 - -
Net asset value per share for shareholder dealing/prospectus - 0.8436 - -
8888
57
Notes to the U
naudited Financial Statements -
continued
17171717. NET ASSET VALUE PER SHARE (continued). NET ASSET VALUE PER SHARE (continued). NET ASSET VALUE PER SHARE (continued). NET ASSET VALUE PER SHARE (continued)
Sanlam Global Balanced Fund
Sanlam Global Bond Fund
30/06/2009 USD
31/12/2008 USD
30/06/2009 USD
31/12/2008 USD
Share class AShare class AShare class AShare class A
Net asset value per share for financial statement purposes 0.9152 0.8853 1.4546 1.4765
Add: IAS 39 valuation adjustment 0.0104 0.0025 0.0016 0.0055
Net asset value per share for shareholder dealing/prospectus 0.9256 0.8878 1.4562 1.4820
Share class BShare class BShare class BShare class B
Net asset value per share for financial statement purposes 1.0681 1.0306 1.4673 1.4881
Add: IAS 39 valuation adjustment 0.0121 0.0029 0.0016 0.0056
Net asset value per share for shareholder dealing/prospectus 1.0802 1.0335 1.4689 1.4937
Share class CShare class CShare class CShare class C
Net asset value per share for financial statement purposes 1.0654 1.0274 1.4780 1.4984
Add: IAS 39 valuation adjustment 0.0121 0.0029 0.0016 0.0057
Net asset value per share for shareholder dealing/prospectus 1.0775
1.0303 1.4796 1.5041
Share class DShare class DShare class DShare class D
Net asset value per share for financial statement purposes - 1.0820 - 1.5444
Add: IAS 39 valuation adjustment - 0.0031 - 0.0058
Net asset value per share for shareholder dealing/prospectus - 1.0851 - 1.5502
58
8888 N
otes
to th
e U
naud
ited
Fina
ncia
l Sta
tem
ents
- c
ontin
ued
17171717. NET ASSET VALUE PER SHARE (continued). NET ASSET VALUE PER SHARE (continued). NET ASSET VALUE PER SHARE (continued). NET ASSET VALUE PER SHARE (continued)
Sanlam Global
Liquidity Fund Sanlam Euro
Liquidity Fund
30/06/2009 USD
31/12/2008 USD
30/06/2009 EUR
31/12/2008 EUR
Share class AShare class AShare class AShare class A
Net asset value per share for financial statement purposes 1.2260
1.1904 1.0117 1.0049
Add: IAS 39 valuation adjustment -
- - -
Net asset value per share for shareholder dealing/prospectus 1.2260
1.1904 1.0117 1.0049
Share class BShare class BShare class BShare class B
Net asset value per share for financial statement purposes 1.1926
1.1593 1.0117 1.0049
Add: IAS 39 valuation adjustment -
- - -
Net asset value per share for shareholder dealing/prospectus 1.1926
1.1593 1.0117 1.0049
Share class CShare class CShare class CShare class C
Net asset value per share for financial statement purposes 1.2177
1.1819 1.0111 1.0047
Add: IAS 39 valuation adjustment -
- - -
Net asset value per share for shareholder dealing/prospectus 1.2177
1.1819 1.0111 1.0047
59
8888 N
otes to the Unaudited Financial Statem
ents -continued
17171717. NET ASSET VALUE PER SHARE (continued). NET ASSET VALUE PER SHARE (continued). NET ASSET VALUE PER SHARE (continued). NET ASSET VALUE PER SHARE (continued)
Sanlam Sterling
Liquidity Fund Sanlam US Dollar Liquidity Fund
30/06/2009 GBP
31/12/2008 GBP
30/06/2009 USD
31/12/2008 USD
Share class AShare class AShare class AShare class A
Net asset value per share for financial statement purposes 1.0082 1.0043 1.0044 1.0014
Add: IAS 39 valuation adjustment - - - -
Net asset value per share for shareholder dealing/prospectus 1.0082 1.0043 1.0044 1.0014
Share class BShare class BShare class BShare class B
Net asset value per share for financial statement purposes 1.0082 1.0043 1.0024 1.0011
Add: IAS 39 valuation adjustment - - - -
Net asset value per share for shareholder dealing/prospectus 1.0082 1.0043 1.0024 1.0011
Share class CShare class CShare class CShare class C
Net asset value per share for financial statement purposes 1.0077 1.0040 1.0035 1.0013
Add: IAS 39 valuation adjustment - - - -
Net asset value per share for shareholder dealing/prospectus 1.0077 1.0040 1.0035 1.0013
18. CONTINGENT LIABILITY18. CONTINGENT LIABILITY18. CONTINGENT LIABILITY18. CONTINGENT LIABILITY There were no contingent liabilities as at 30 June 2009.
19191919. SIGNIFICANT EVENTS SINCE THE END OF THE . SIGNIFICANT EVENTS SINCE THE END OF THE . SIGNIFICANT EVENTS SINCE THE END OF THE . SIGNIFICANT EVENTS SINCE THE END OF THE PERIODPERIODPERIODPERIOD There were no significant events since the end of the period. 20202020. APPROVAL OF FINANCIAL STATEMENTS. APPROVAL OF FINANCIAL STATEMENTS. APPROVAL OF FINANCIAL STATEMENTS. APPROVAL OF FINANCIAL STATEMENTS The Financial Statements were approved by the Board of Directors on 31 August 2009.
Top Related