Source - RNS
RNS Number : 4635I
Himalayan Fund N.V.
31 August 2016
 

 

HIMALAYAN FUND N.V - HALF YEARLY RESULTS

 

 

Directors' Report, First Half-year 2016

 

 

The Fund

 

The Net Asset Value (NAV) per share of your Fund was US$52.80 on June 30th  2016, 4.3% higher than the closing NAV of $50.64

 

on December 31st, 2015. Over the same period the Fund's performance benchmark, the re-named Nifty50 USD index gained  2.3%.

 

Thus, your Fund outperformed its benchmark by 2%. For comparison purposes, the Transaction Price on Euronext Amsterdam  for

 

the Fund's shares was US$52.99 at the end of the period compared to $50.45 at the beginning, a rise of 5%. Over the  comparable

 

period, the benchmark index rose by 3.1%, including Rupee depreciation of 1.9% against the US  dollar.

 

 

The number of Ordinary Shares held by third parties on December 31, 2015 was 207,748; by mid-year, this had fallen to 170,321.

 

The net turnover in the Fund's Ordinary Shares in the first half of this year was 22%. Investment in emerging markets demands  long-

 

term commitment and in the first half of 2016, India provided a modest reward which your Fund exceeded for shareholders who

 

stayed the course. We commend our long-standing shareholders for their commitment and thank them for their continuing  loyalty.

 

 

The Market

 

 

The first half of 2016 began with the worst opening month's performance in equity markets for many years. A collapse in oil  prices

 

and in Chinese GDP growth as well as mounting concern about an economic slowdown in the US undermined global equities.  This

 

background drove the MSCI All Countries World Index down more than 6% and the MSCI Pacific ex-Japan index down 7.9%.  The

 

MSCI India Index fell by 6.9% that month, closer to the World index than regional comparatives. This started a differentiation of  its

 

markets from others consistent with India's emergence as the fastest growing large economy in the world. It also prefaced  a

 

recovery in foreign portfolio investment in India which supported its markets through the later part of the  half-year.

 

 

By the end of the half-year, the MSCI World and Pacific ex-Japan indices had recovered to within half a percent either side of  their

 

starting points. The Chinese economy proved to be adjusting to a sub-7% GDP growth trajectory and the oil price recovered to  the

 

$40-50 range. The US economy disappointed doom-mongers but failed to support expectations of a rapid ratcheting up of  policy

 

rates. The pace of employment creation, in particular, was highly volatile, dampening prospects of supply-side inflation emerging  as

 

a basis for further rate increases. At the time of writing, some forecasts of the next Fed funds rate increase have disappeared  into

 

2017 while sustained dollar strength may create a headwind for US exporters and dampen the corporate earnings outlook.

 

 

Meanwhile, the Indian economy has seen GDP growth slowly rising towards 8% as the IMF has been progressively cutting global

 

growth forecasts below the 3% rate. The RBI cut the repo rate by 25 basis points in April, following a Union Budget which  affirmed

 

the government's commitment to fiscal consolidation.  The central bank's "accommodative" stance was confirmed at the  June

 

Monetary Policy review but emerging food price pressure discouraged it from cutting rates any further. The central bank has  also

 

improved liquidity conditions for banks following its stringent application of loan-loss provisioning requirements for the fiscal  year-

 

end on March 31st. Banks had only transmitted half of the recent 150 basis-point relaxation of policy  rates.

 

 

The return of 2.3% for the Nifty50 USD index distinguished Indian markets in the first half-year. A recovery in foreign  investor

 

sentiment was a key influence, supported by fiscal consolidation, consumer demand, especially in urban areas and public  sector

 

investment. Particularly notable has been the Modi government's attention to clearing long-delayed infrastructure projects which  had

 

been embroiled in obstructive administrative clearance procedures.

 

 

Your Fund's 200 basis points of outperformance was generated by pursuing our long-term approach of selecting stocks with  high

 

quality earnings prospects at reasonable valuations which demonstrate high standards of governance. During the course of  the

 

period under review, we held a total of twenty five stocks, with an average of twenty holdings. Fifteen of our holdings  outperformed

 

the benchmark and ten underperformed. From a top-down perspective, we have consistently held overweight positions in  Consumer

 

orientated and Healthcare stocks. We have been around level weight in IT stocks and close to an index weight in Financials. In  this

 

case, however, we have concentrated on private sector banks and progressively eliminated stocks with riskier loan  books,

 

concentrating eventually in just two of the highest quality banks.

 

 

The biggest contributions to performance came from Pidilite Industries (+25.5%), VIP Industries (+12%) and Nestle India  (+11.2%)

in the Consumer sector. Heidelberg Cement added 77.9%, Supreme Industries 31.8% and Indraprashtha Gas 18%. Our  two

remaining banks also contributed: HDFC Bank 13.3% and Kotak Mahindra Bank 5.1%. On the downside, our Healthcare  holdings

suffered from negative reports about USFDA inspections and approvals of generic patent applications. Lupin lost 16.6%  and

Torrent Pharma lost 5.2%. In Financials, ICICI Bank lost 8.8% and Magma Fincorp  18.9%.

 

By the end of the half-year, our portfolio was overweight in IT, Industrials, Construction, Consumer, Healthcare and Media  stocks.

Our significant underweight sectors were Energy and Financials while we held no stocks at all in the Telecom, Metals and  Transport

sectors. Prospects for future returns are now framed by the excellent sowing season nearing completion in, so far, above  average

monsoon rains. There has also been a further boost to sentiment generated by the recent passage of the government's GST  Bill,

paving the way for progress towards a single market in India as a multitude of inter-state duties and taxes are replaced by a  single

national indirect tax.

 

The Directors are convinced that the return prospects for foreign investors investing in India are excellent in the medium term.  We

also believe the Fund is in an excellent position to capture these returns while benefitting from the favourable tax position it enjoys  as

well as the liquidity provided by the stock exchange listings the Fund maintains.

 

Administration

 

The Fund's website provides access to all regulatory and statutory information on the Fund, the address is:

 

www.himalayanfund.nl

On June 16, the AGM of the Fund was held in Amsterdam; the Annual Report for 2015 was adopted by unanimous vote and  the

Directors were discharged from their responsibilities for the year.

 

After completing the routine Agenda for the AGM, the Chairman gave a description of the outlook for the Indian economy and  the

investment strategy of the Fund for the benefit of the audience and answered a number of their questions.

 

Conclusion

 

The Directors would like to thank shareholders for their continuing support for the Fund.  In compliance with regulatory  requirements,

the Directors review the Synthetic Risk and Reward Indicator (SRRI) on a regular basis. As at June 30th, the calculation puts  the

Fund in Category 5, one category lower than last year. Consistent positive monthly returns continue to drive the SRRI  percentage

down; we are now at the top of Category 5. The Directors consider it unlikely that the SRRI classification will drop to a lower  category

in due course. It would not be unusual for a fund investing in emerging market equities to have a higher risk rating and the  Directors

remind shareholders of the risk statements in the Fund's Prospectus which is available for download from the Fund's  website.

 

Amsterdam, August 30, 2016

Board of Directors

Ian McEvatt, Chairman

Dwight Makins

Robert Meijer

Karin van der Ploeg

 

Financial statements

Himalayan Fund N.V.

Semi Annual Report 2016

 

Balance sheet

 

 

 

(before profit appropriation)

 

 

 

 

 

30-06-2016

 

 

31-12-2015

 

USD

Notes

USD

 

Investments

 

 

 

Securities

8,928,185

4.1

10,108,751

Short term receivables

 

 

 

Receivable on security transactions

-

5.1

94,841

Due to subscriptions

-

5.2

-

Dividend receivable

3,800

5.3

-

Other receivables

                            -

5.4

                              -

 

 

3,800

 

 

94,841

 

Other assets

 

 

 

Cash at banks

147,208

6

465,306

 

Current liabilities (due within one year)

 

 

 

Payable on security transactions

-

7.1

77,498

Due to redemptions

-

7.2

-

Other liabilities, accruals and deferred income

                  71,812

7.3

                   56,570

 

Total current liabilities

 

71,812

 

 

134,068

 

Total of receivables and other assets

 

 

 

less current liabilities

                  79,196

 

                 426,079

Total assets less current liabilities

9,007,381

 

10,534,830

Shareholders' equity

 

 

 

Issued capital

17,412

8.1

17,752

Share premium

16,684,949

8.2

18,504,968

General reserve

-7,987,890

8.3

-7,942,782

Undistributed result current year

                292,910

8.4

                 -45,108

Total shareholders' equity

9,007,381

 

10,534,830

 

Net Asset Value per share

 

52.80

 

 

50.64

 

Profit & Loss account

 

 

 

 

 

01-01-2016

 

 

01-01-2015

 

30-06-2016

 

30-06-2015

 

USD

Notes

USD

 

Income from investments

 

 

 

Dividends

63,451

9.1

40,428

Other income

                            -

9.3

                           40

 

 

63,451

 

 

40,468

 

Capital gains/losses

 

 

 

Unrealised gains on investments

710,635

4

404,940

Unrealised losses on investments

-611,951

4

-1,112,815

Realised price gains on investments

673,631

4

1,605,299

Realised price losses on investments

-126,585

4

-

Realised currency gains on investments

-

4

-

Realised currency losses on investments

-193,761

4

-211,562

Other exchange differences

                -11,219

 

                    -7,857

 

 

440,750

 

 

678,005

 

Expenses

 

 

 

Investment research fees

85,512

10.1

90,847

Other expenses

                149,554

10.2

                151,091

 

 

                235,066

 

 

                241,938

 

Tax

 

23,775

 

 

16,508

Total investment result

292,910

 

493,043

 

Total investment result per ordinary share

 

1.72

 

 

2.26

 

Statement of Cash Flows

 

 

 

 

 

01-01-2016

 

 

01-01-2015

 

30-06-2016

 

30-06-2015

 

USD

Notes

USD

 

Cash flow from investing activities

 

 

 

Income from investments

63,451

9

40,468

Expenses

-235,066

10

-241,938

Tax

                  23,775

 

                   16,508

 

Result of operations

 

-147,840

 

 

-184,962

 

Purchases of investments

 

-114,757

 

4

 

-1,654,272

Sales of investments

            1,747,292

4

              2,967,641

 

 

1,632,535

 

 

1,313,369

 

Change in short term receivables

 

91,041

 

5

 

-7,656

Change in current liabilities

                -62,256

7

                 244,744

 

 

                  28,785

 

 

                 237,088

 

Cash flow from investing activities

 

1,513,480

 

 

1,365,495

Cash flow from financing activities

 

 

 

Received on shares issued

-

8

186,699

Paid on shares purchased

          -1,820,359

8

            -1,109,955

 

Cash flow from financing activities

 

-1,820,359

 

 

-923,256

 

Other exchange differences

 

                -11,219

 

 

                    -7,857

 

Change in cash and cash equivalents

 

-318,098

 

 

434,382

 

Cash and cash equivalents as at January 1

 

465,306

 

 

200,116

Cash and cash equivalents as at June 30

147,208

 

 

 

6

634,498

 

Notes

 

 

 

 

1 General

 

 

 

Himalayan Fund N.V. ('the Fund') is an open-end investment company (in Dutch: beleggingsmaatschappij met  veranderlijk

kapitaal) incorporated under Dutch law and has its statutory seat in Amsterdam. The Fund is listed both on NYSE  Euronext

Amsterdam and on The London Stock Exchange.

This semi annual report is prepared in accordance with Part 9 Book 2 of the Dutch Civil Code and the Act on the  Financial

Supervision (AFS) ("Wet op het financieel toezicht"). Since December 1991 the Fund is licensed to undertake  investment

activities according to the Act on the Financial Supervision.

2. Principles of valuation

 

 

 

2.1 Investments

 

 

 

The investments are valued based on the following principles:

-  listed securities are valued at the most recent stock market price as at the end of the accounting period which can  be

considered fair value;

 

 

 

-  non or low marketable securities are, according to the judgement of the Investment Committee, valued at the best  effort

estimated price, taking into account the standards which the Investment Committee thinks fit for the valuation of  such

investments.

 

 

 

Expenses related to the purchase of investments are included in the cost of  investments.

Sales charges, if any, are deducted from gross proceeds and will be expressed in the capital gains/losses.

 

2.2 Foreign currency translation

Assets and liabilities in foreign currencies are translated into US dollars at the rate of exchange as at the balance sheet  date.

All exchange differences are taken to the profit and loss account. Income and expenses in foreign currencies are  translated

at the exchange rate as per transaction date.

Rates of exchange as at June 30, 2016, equivalent of 1 US dollar:

Euro

0.90013

Srilanka Rupee

145.65003

Indian Rupee

67.49503

Bangladesh Taka

78.37499

2.3 Other assets and liabilities

 

 

 

Other assets and liabilities are stated at nominal value. If required, provisions have been taken for irrecoverable  receivables.

 

2.4 Income recognition principles

The result is determined by deducting expenses from the proceeds of dividend, interest and other income in the period  under

review. The realized revaluations of investments are determined by deducting the purchase price from the sale  proceeds.

The unrealized revaluations of investments are determined by deducting the purchase price or the balance sheet  value

at the start of the period under review from the balance sheet value at the end of the period under review.

Brokerage fees payable on the acquisition of investments, if any, are considered to be part of the investments  costs,

and as a result, are not taken to the profit and loss account.

2.5 Cash flow statement

 

 

 

The Cash Flow statement has been prepared according to the indirect method.

3. Risk Management

 

 

 

Investing in emerging and developing markets carries risks that are greater than those associated with investment  in

securities in developed markets. In particular, prospective investors should consider the  following:

 

3.1 Currency Fluctuations

 

 

 

The Fund invests primarily in securities denominated in local currencies whereas the Ordinary Shares are quoted in  US

dollars. The US dollar price at which the Ordinary Shares are valued is therefore subject to fluctuations in the US dollar/  local

currency exchange rate.

 

 

 

 

 

3.2 Counterparty Risk

The Fund deals principally in listed stocks traded on the BSE and the NSE in  India.

All transactions are book-entry and settlement is fully automated. In the event of non-delivery by either side,  the

transaction fails. In this case recovery can be achieved by delivery against payment or the transaction  abandoned.

 

3.3 Concentration Risk

The investment restrictions for the Fund in section IX INVESTMENT POLICIES of the Prospectus, limit the  possibility

for concentration of risk by stock and sector. Investors should note that the portfolio will be concentrated in the  Indian

sub-continent.

 

3.4 Market Volatility

Securities exchanges in emerging markets are smaller and subject to greater volatility than those in developed  markets.

The Indian market has in the past experienced significant volatility and there is no assurance that such volatility will  not

occur in the future.

 

3.5 Market Liquidity

A substantial proportion of market capitalization and trading value in emerging markets can be represented by a  relatively

small number of issuers. Also, there is a lower level of regulation and monitoring of the activities of investors, brokers  and

other market participants than in most developed markets. Disclosure requirements may be less stringent and there  may

be less public information available about corporate activity. As a result, liquidity may be impaired at times of high  volatility.

The Indian markets have withstood high volatility in the recent past and recovered momentum because of excellent  corporate

results. This has shown that the liquidity in the shares of the top companies is strong, as further emphasized by demand  for

those shares through Depository Receipts in overseas markets. Furthermore, standards of governance and transparency  are

improving dramatically under the impetus of the regulatory bodies. Other contiguous markets are not necessarily the  same

and the Fund only invests in them with the utmost care.

 

3.6 Fund Liquidity

The Fund's rules allow weekly purchases and sales of Ordinary Shares but in order to allow orderly management of the

portfolio in the interest of continuing shareholders, the value of purchases may be limited to 5% of the net asset value  of

the Fund on any one Execution Day.

 

3.7 Political Economy

The Fund's portfolio may be adversely affected by changes in exchange rates and controls, interest rates,  government

policies, inflation, taxation, social and religious instability and regional geo-political  developments.

 

3.8 Legal and Regulatory Compliance

The Fund is responsible for ensuring that no action taken by it or by any contracted service provider might cause a  breach

of any legal or regulatory requirement. The Fund and all of its service providers maintain adequate control procedures  to

guard against any such occurrence and these procedures are subject to regular review. Should such a breach  occur

inadvertently, control procedures should detect it and institute corrective action without delay.

 

3.9 Financial Crisis

Almost uniquely amongst financial markets, the Indian financial sector was insulated against any consequences of  the

recent financial crisis by the tight control exercised by the RBI. Bank balance sheets were free of toxic assets and  capital

ratios were maintained. Ratios of non-performing assets remained within historic norms.

 

3.10 Credit risk

The principal credit risk is counterparty default (i.e., failure by the counterparty to perform as specified in the contract) due  to

financial impairment or for other reasons. Credit risk is generally higher when a nonexchange-traded or foreign

exchange-traded financial instrument is involved. Credit risk is reduced by dealing with reputable counterparties. The  Fund

manages credit risk by monitoring its aggregate exposure to counterparties.

 

Notes to the Balance sheet

 

 

 

 

30-06-2016

 

31-12-2015

4. Investments

USD

 

USD

4.1 Statement of changes in securities

 

 

 

Position as at January 1

10,108,751

 

11,907,241

Purchases

114,757

 

2,827,529

Sales

-1,747,292

 

-5,008,125

Unrealised gains on investments

710,635

 

275,208

Unrealised losses on investments

-611,951

 

-2,224,393

Realised price gains on investments

673,631

 

2,843,600

Realised price losses on investments

-126,585

 

-74,221

Realised currency gains on investments

-

 

-

Realised currency losses on investments

           -193,761

 

               -438,088

Position as at June 30

8,928,185

 

10,108,751

Historical cost

5,241,413

 

6,520,663

The Fund's portfolio comprises shares of companies listed on The National Stock Exchange of India or the Bombay Stock  Exchange.

The Fund may also acquire depository receipts or participatory notes of Indian companies listed on overseas stock exchanges  as

well as other instruments as described in the Prospectus. The Fund held no unlisted shares on June 30th 2016 (December 31,  2015:

USD 123,163). The portfolio breakdown as at June 30th 2016 is provided on page 18 of this  report.

 

4.2 Transaction costs

 

 

 

The transaction costs for the purchase of investments are capitalized within the historical cost price and for sales the transaction  costs

are discounted from the sales price. Transaction costs for the first half year of 2016 are USD 5,313 (for the first half year of  2015:

USD 15,471).

 

 

 

 

5. Receivables

 

 

 

5.1 Receivable on security transactions

 

 

 

These include transactions still unsettled as at the balance sheet date.

 

 

 

 

5.2 Due to subscriptions

 

 

 

These include payments already done by new subscribers for entering the Fund against the next available NAV.

 

5.3 Dividend receivable

 

 

 

These include other transactions still unsettled as at the balance sheet date.

This includes the receivables from unsettled share subscriptions as per balance sheet  date.

 

5.4 Other receivables

 

 

 

 

 

 

 

6. Cash at banks

 

 

 

This includes immediately due demand deposits at banks.

 

 

 

 

7. Current liabilities (due within one year)

 

 

 

7.1 Payable on security transactions

 

 

 

These include transactions still unsettled as at the balance sheet date.

 

 

 

 

7.2 Due to redemptions

 

 

 

These include the debts in respect of the repurchase of shares Himalayan still unsettled as at the balance sheet  date.

 

 

 

 

 

 

 

30-06-2016

 

31-12-2015

 

 

 

 

 

USD

 

USD

7.3 Other liabilities, accruals and deferred income

Payable investment reseach fee

 

 

 

21,871

 

12,511

Payable administration fee

 

 

 

4,141

 

4,363

Payable auditors fee

 

 

 

13,548

 

19,954

Other expenses payable

 

               32,252

 

                   19,742

 

 

 

 

 

71,812

 

56,570

 

8. Shareholders' equity

The authorised share capital of the Fund is EUR 60,000 (December 31, 2015: EUR 60,000) and consists  of:

-

Ordinary shares of EUR 0.01 each

5,000,100

 

 

 

 

 

-

Priority shares of EUR 0.20 each

49,995

 

 

 

 

 

8.1 Issued capital

 

number

 

USD

 

USD

Ordinary shares:

Position as at January 1

 

207,748

 

3,522

 

4,258

Sold

 

 

-

 

-

 

44

Purchased

 

-37,427

 

-374

 

-321

Revaluation

 

                            -

 

                       34

 

                       -459

Position as at June 30

 

170,321

 

3,182

 

3,522

Priority shares:

Position as at January 1

 

49,995

 

14,230

 

14,230

Sold

 

 

-

 

-

 

-

Revaluation

 

                            -

 

                          -

 

                              -

Position as at June 30

 

49,995

 

14,230

 

14,230

Total issued capital

 

 

 

17,412

 

17,752

 

As at June 30, 2016 the issued and subscribed share capital amounts to:

 

 

 

EUR

 

 

EUR

Ordinary shares, par value EUR 0.01 (December 31, 2015: EUR 0.01)

4,450,005

 

44,500

 

44,500

Priority shares, par value EUR 0.20 (December 31, 2015: EUR 0.20)

49,995

 

                 9,999

 

                      9,999

 

 

 

 

 

54,499

 

54,499

The Fund became open-ended on April 7, 2000. As at June 30, 2016 a total of 4,279,684 Ordinary Shares have been  purchased,

meaning that 170,321 Ordinary Shares are still outstanding as at June 30, 2016. Ordinary Shares purchased by the Fund are  directly

charged against capital and share premium.

8.2 Share premium

 

 

 

USD

 

USD

Position as at January 1

 

 

 

18,504,968

 

19,947,953

Received on shares sold

 

 

 

-

 

236,334

Paid on shares purchased

 

 

 

-1,819,985

 

-1,679,778

Revaluation of outstanding capital

 

                      -34

 

                         459

Position as at June 30

 

 

 

16,684,949

 

18,504,968

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30-06-2016

 

31-12-2015

 

 

 

USD

 

USD

8.3 General reserve

 

 

 

 

 

Position as at January 1

 

 

-7,942,782

 

-11,914,402

Transferred from undistributed result

              -45,108

 

              3,971,620

Position as at June 30

 

 

-7,987,890

 

-7,942,782

 

8.4 Undistributed result

 

 

 

 

 

Position as at January 1

 

 

-45,108

 

3,971,620

Transferred to/from general reserve

 

 

45,108

 

-3,971,620

Total investment result

             292,910

 

                 -45,108

Position as at June 30

 

 

292,910

 

-45,108

Three years Himalayan Fund N.V.

 

 

 

 

 

 

 

30-06-2016

 

 

31-12-2015

 

 

31-12-2014

Net Asset Value (USD x 1,000)

 

 

 

 

 

Net Asset Value according to balance

 

 

 

 

 

sheet

9,007

 

10,535

 

12,024

Less: value priority shares

                         14

 

                       14

 

                           14

 

8,993

 

10,521

 

12,010

Number of Ordinary Shares

 

 

 

 

 

outstanding

170,321

 

207,748

 

235,416

 

Per Ordinary Share

 

 

 

 

 

Net Asset Value

 

 

 

 

 

share (USD)

52.80

 

50.64

 

51.01

 

Notes to the Profit & Loss account

 

 

 

 

 

9. Income from investments

 

 

 

 

9.1 Dividends

 

 

 

 

This refers to net cash dividends including withholding tax. Stock dividends are considered to be cost free  shares.

 

Therefore stock dividends are not presented as income.

 

 

 

 

 

9.2 Interest income

 

 

 

 

Most of this amount was received on outstanding cash balances.

 

 

 

 

 

9.3 Other income

 

 

 

 

From March 6, 2009 this refers to the charges of 0.35% received on shares issued and repurchased.

 

These costs are to cover transaction costs in relation with the purchase and sale of Ordinary Shares and are booked as an income  for

 

the Fund.

 

 

 

 

 

 

01-01-2016

 

 

01-01-2015

 

10. Expenses

30-06-2016

 

30-06-2015

 

 

USD

 

USD

 

10.1 Investment research fees

 

 

 

 

Research fee

81,000

 

85,771

 

Custody Fee and Charges

4,512

 

5,076

 

 

85,512

 

90,847

 

Expenses directly related to the management of investments, like custody fees and transfer charges as well as other paying agent  fees,

 

are deducted from the result. These expenses are included in other investment management fees with the exception of the  transfer

 

charges. Transfer charges are accounted for in the investment revaluation reserve.

 

 

10.2 Other expenses

 

 

 

 

Administration Fees and Charges

29,655

 

29,953

 

Company Secretarial and Domiciliation Fees

16,892

 

16,844

 

Bank Expenses

150

 

1,314

 

Regulatory Fees and Charges

6,308

 

17,205

 

Legal Expenses

-

 

-

 

Distribution fees

18,411

 

18,306

 

Listing Expenses

7,210

 

7,190

 

Audit Fees

9,997

 

9,940

 

Fiscal Advisory Fees

9,219

 

2,975

 

Advertising and Promotion

7,553

 

3,798

 

Directors Fees

31,700

 

31,700

 

Board Expenses

10,156

 

10,235

 

Miscellaneous

2,303

 

1,631

 

 

149,554

 

151,091

 

 

 

 

 

On-going charges ratio

 

 

 

The on-going charges ratio is calculated as follows: the total expenses of the Fund, excluding transaction fees and cost  of

 

interest, divided by the average NAV*.

 

 

 

The expense ratio of the Fund for the reporting period is equal to 2.55%; annualised 5.11% (annualised 2015:  4.04%).

 

 

Turnover ratio

 

 

 

The turnover ratio is calculated as follows: the total sum of purchases plus sales minus subscriptions minus  redemptions

 

divided by the average NAV *.

 

 

 

The turnover ratio of the Fund for the reporting period is equal to 0.45 %; annualised 0.91 % (annualised 2015:  55.61%).

 

 

* - The Fund has a weekly NAV. The average Net Asset Value of the Company for the reporting period is calculated as  the

 

sum of the weekly Net Asset Values divided by the number of observations.

 

 

Comparison of real cost with cost according to Prospectus*

 

 

According to Prospectus

Actual costs

 

 

USD

USD

 

Research fee (1)

81,000

81,000

 

Administration fee (2)

29,655

29,655

 

Secretarial and Domiciliation fees (3)

16,892

16,892

 

Costs for the Board (4)

100,000

41,856

 

 

*- As per the Prospectus of June 7, 2010.

 

 

 

 

1) Ian McEvatt receives an annual fee of USD 114,000 for investment research and IndAsia Fund Advisors Pvt Ltd  receives

 

an annual fee of USD 42,000.

 

 

 

2) CACEIS Bank Luxembourg Amsterdam Branch is paid a fixed fee of EUR 50,000 per year for administration  services.

 

3) Inviqta has been appointed to provide domicile and company secretarial services to the Fund for a fixed fee  of

 

EUR 25,000 (exclusive VAT) per year.

 

 

 

4) The Prospectus states that the remuneration of the Directors is subject to a limit of USD 100,000 in aggregate per  year.

 

In 2015 the remuneration of the Directors will be USD 62,895 (inclusive VAT). Directors fees per person in the first half  year

 

of 2015 are as follows: Ian McEvatt*: USD 5,000; Dwight Makins: USD 9,250; Robert Meijer: USD 11,400; Karin van  der

 

Ploeg*: USD 6,050. Board expenses (exclusive remuneration of the Directors) amount to USD 10,235 for the first half  year

 

of 2016.

 

 

 

 

* Karin van der Ploeg is a partner of Inviqta. It has been agreed that members of the Board who are also  directors/partners

 

of the service providers of the Fund receive a fixed annual management fee of USD 10,000 (exclusive  VAT).

 

 

Employees

 

 

 

The Fund has no employees.

 

 

 

Amsterdam, August 30, 2016

 

 

 

 

Board of Directors

 

 

 

Ian McEvatt, Chairman

 

 

 

Dwight Makins

 

 

 

Robert Meijer

 

 

 

Karin van der Ploeg

 

 

 

 

Portfolio breakdown

As per June 30, 2016

 

 

 

 

 

 

percentage

 

 

Market value

of total Net

India

 

USD

Asset Value

 

Auto Ancillary

 

 

518,102

 

5.8

13,000

Bajaj Auto

518,102

 

 

Construction

 

 

950,645

 

10.6

250,000

HeidelbergCement

437,810

 

135,369

Kalpataru Power Transmission

512,835

 

 

Consumer discretionary

 

709,386

 

7.9

240,000

Indian Hotels

454,256

 

150,000

VIP Industries

255,130

 

 

Consumer goods

 

1,620,558

 

18.0

28,000

Agro Tech Foods

217,296

 

3,500

Nestle India

336,665

 

100,000

Pidilite Industries

1,066,597

 

 

Energy

 

 

371,909

 

4.1

40,000

Indraprastha Gas

371,909

 

 

Financials

 

 

1,533,729

 

17.0

27,000

HDFC Bank

470,615

 

94,000

Kotak Mahindra Bank

1,063,114

 

 

Healthcare

 

 

1,239,049

 

13.8

24,000

Lupin

547,489

 

34,000

Torrent Pharmaceuticals

691,560

 

 

Industrials

 

 

338,303

 

3.8

25,000

Supreme Industries

338,303

 

 

Media

 

 

179,514

 

2.0

38,000

Shemaroo Entertainment

179,514

 

 

Technology

 

 

1,466,990

 

16.3

250,000

Firstsource Solutions

171,864

 

18,000

HCL Technologies

194,801

 

22,000

Infosys Technologies

381,622

 

19,000

Tata Consultancy

718,703

 

 

Total Equity

 

 

8,928,185

 

99.1

 

Cash

 

 

79,196

 

0.9

 

NAV

 

 

9,007,381

 

100.0

                     

 

 

 

 

HIMALAYAN FUND N.V

 

The semi-annual report of Himalayan Fund N.V. (the "Fund") for the period ending 30 June 2016 is now available. Copies may be obtained, free of charge, from the offices of the Fund. The report is published on the website of the Fund: www.himalayanfund.nl

 

Amstelveen, 31 August 2016

 

Himalayan Fund N.V.

Legmeerdijk 182        

1187 NJ Amstelveen

020-6411161

[email protected]

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IR WGUUCRUPQGAU

Related Charts

Himalayan Fund Nv (HYF)

0.00p (0.00%)
delayed 14:00PM