# SUMUS FUND
## – SUMUS - Crossover Bonds Fund

#### Financial Statements as at 30/09/21
Statement of net assets as at 30/09/21
Expressed in USD
| Assets |  | 73,555,295.46 |
| --- | --- | --- |
| Securities portfolio at market value | Note 1a | 70,225,662.58 |
| Cost price |  | 67,934,827.73 |
| Unrealised profit on the securities portfolio |  | 2,290,834.85 |
| Cash at banks and liquidities |  | 2,415,811.15 |
| Interest receivable |  | 913,821.73 |
| Liabilities |  | 2,265,715.48 |
| Bank overdrafts |  | 457,995.04 |
| Payable on securities |  | 194,126.67 |
| Redemptions payable |  | 450,813.00 |
| Unrealised net depreciation on forward foreign exchange contracts | Note 1e | 937,164.03 |
| Taxes and expenses payable |  | 225,616.74 |
| Net asset value |  | 71,289,579.98 |

Changes in number of shares outstanding from 01/10/20 to 30/09/21
|  | Shares outstanding as at 01/10/20 | Shares issued | Shares redeemed | Shares outstanding as at 30/09/21 |
| --- | --- | --- | --- | --- |
| Premium EUR -H- Capitalisation | 12,629.723 | 3,906.504 | 387.274 | 16,148.953 |
| Premium CHF -H- Capitalisation | 5,375.007 | 1,036.808 | 5,328.299 | 1,083.516 |
| Premium USD - Capitalisation | 4,805.000 | 5,939.552 | 35.000 | 10,709.552 |
| All EUR -H- Capitalisation | 12,291.287 | 1,981.308 | 4,640.548 | 9,632.047 |
| All CHF -H- Capitalisation | 653.542 | 189.259 | 279.097 | 563.704 |
| All USD - Capitalisation | 1,008.210 | 517.246 | 307.166 | 1,218.290 |
| Large EUR -H- Capitalisation | 11,390.643 | 3,289.919 | 3,167.341 | 11,513.221 |
| Large CHF -H- Capitalisation | 2,117.459 | 346.617 | 262.225 | 2,201.851 |
| Large USD - Capitalisation | 4,770.796 | 704.559 | 1,130.043 | 4,345.312 |

| Year ending as at: | 30/09/21 | 30/09/20 | 30/09/19 |
| --- | --- | --- | --- |
| USD | 71,289,579.98 | 64,259,116.74 | 78,097,814.65 |

Key figures
Total Net Assets
Premium EUR -H- Capitalisation
| Number of shares |  | 16,148.953 | 12,629.723 | 14,084.327 |
| --- | --- | --- | --- | --- |
| Net asset value per share | EUR | 1,116.41 | 1,044.06 | 1,062.01 |
| Premium CHF -H- Capitalisation Number of shares |  | 1,083.516 | 5,375.007 | 1,364.078 |
| Net asset value per share | CHF | 1,100.14 | 1,030.40 | 1,051.07 |
| Premium USD - Capitalisation Number of shares |  | 10,709.552 | 4,805.000 | 26,048.774 |
| Net asset value per share | USD | 1,233.88 | 1,145.56 | 1,140.80 |
| All EUR -H- Capitalisation Number of shares |  | 9,632.047 | 12,291.287 | 11,178.555 |
| Net asset value per share | EUR | 1,081.08 | 1,017.87 | 1,043.65 |
| All CHF -H- Capitalisation Number of shares |  | 563.704 | 653.542 | 1,027.474 |
| Net asset value per share | CHF | 1,064.41 | 1,004.02 | 1,032.40 |
| All USD - Capitalisation Number of shares |  | 1,218.290 | 1,008.210 | 1,140.839 |
| Net asset value per share | USD | 1,192.63 | 1,115.21 | 1,119.75 |
| Large EUR -H- Capitalisation Number of shares |  | 11,513.221 | 11,390.643 | 7,916.386 |
| Net asset value per share | EUR | 1,066.10 | 998.77 | 1,018.34 |
| Large CHF -H- Capitalisation Number of shares |  | 2,201.851 | 2,117.459 | 2,187.331 |
| Net asset value per share | CHF | 1,054.20 | 989.45 | 1,011.59 |
| Large USD - Capitalisation Number of shares |  | 4,345.312 | 4,770.796 | 4,253.817 |
| Net asset value per share | USD | 1,156.41 | 1,075.86 | 1,074.06 |

| Quantity	Denomination	Quotation	Market value currency | % of net assets |
| --- | --- |
| Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market	 70,225,662.58 | 98.51 |
| Bonds	 54,800,409.73 | 76.87 |
| Euro	 709,061.84 | 0.99 |

| 100,000.00 ARCELIK AS 3 21-26 27/05A | EUR | 117,719.19 | 0.17 |
| --- | --- | --- | --- |
| 500,000.00 SAIPEM FINANCE INTER 3.125 21-28 31/03A | EUR | 591,342.65 | 0.82 |
| Us Dollar |  | 54,091,347.89 | 75.88 |
| 1,000,000.00 ALCOA NEDERLAND	4.125 21-29 31/03S | USD | 1,043,650.00 | 1.46 |
| 1,000,000.00 ALFA SAB 6.875 14-44 25/03S | USD | 1,334,245.00 | 1.88 |
| 1,000,000.00 ALLIANZ SE	FL.R 21-99 31/12A | USD | 970,600.00 | 1.36 |
| 1,000,000.00 APA CORPORATION 4.625 20-25 17/08S | USD | 1,077,895.00 | 1.51 |
| 1,000,000.00 ARCELIK AS 5.00 13-23 03/04S | USD | 1,033,850.00 | 1.45 |
| 300,000.00 ARDAGH METAL PACKAGING 3.25 21-28 01/09S | USD | 299,589.00 | 0.42 |
| 1,000,000.00 BANK OF IRELAND GRP FL.R 17-27 19/09S | USD | 1,021,895.00 | 1.43 |
| 500,000.00 BAT CAPITAL	4.70 20-27 02/04S | USD | 565,472.50 | 0.79 |
| 1,000,000.00 CEMEX SAB DE CV	5.2 20-30 17/09S | USD | 1,082,715.00 | 1.52 |
| 500,000.00 CEMEX SAB DE CV	5.45 19-29 19/11S | USD | 542,027.50 | 0.76 |
| 500,000.00 CENCOSUD SA	4.375 17-27 17/07S | USD | 545,145.00 | 0.76 |
| 1,000,000.00 CLEARWAY ENERGY	4.7500 19-28 15/03S | USD | 1,057,710.00 | 1.48 |
| 1,200,000.00 COLOMBIA 4.95 20-30 17/07S | USD | 1,264,596.00 | 1.78 |
| 900,000.00 COUNTRY GARDEN 4.8 20-30 06/08S | USD | 896,544.00 | 1.26 |
| 700,000.00 COUNTRY GARDEN 7.25 19-26 08/04S | USD | 739,725.00 | 1.04 |
| 1,000,000.00 DANA INC 5.625 20-28 19/06S | USD | 1,077,417.15 | 1.51 |
| 800,000.00 EL PASO NATURAL GAS 8.375 03-32 15/06S | USD | 1,173,188.40 | 1.65 |
| 833,300.00 EMIRAT AIRLINES	4.50 13-25 28/02S | USD | 855,219.95 | 1.20 |
| 1,700,000.00 FORD MOTOR CREDIT CO 9.00 20-25 22/04S | USD | 2,045,712.00 | 2.88 |
| 300,000.00 FREEPORT MCMORAN	4.625 20-30 01/08S | USD | 324,303.00 | 0.45 |
| 1,000,000.00 HOWNET AEROSPACE INC 5.125 14-24 01/10S | USD | 1,101,740.00 | 1.55 |
| 800,000.00 INTERNATIONAL GAME T 5.25 20-29 19/06S | USD | 857,828.00 | 1.20 |
| 600,000.00 IRON MOUNTAIN INC  4.5000 20-31 15/02S | USD | 609,153.00 | 0.85 |
| 1,000,000.00 IRON MOUNTAIN INC 5.25  17-28 15/03S | USD | 1,049,380.00 | 1.47 |
| 500,000.00 JBS USA LUX SA	5.50 19-30 15/01S | USD | 556,632.50 | 0.78 |
| 1,000,000.00 KLABIN AUSTRIA GMBH  5.75 19-29 03/04S | USD | 1,122,400.00 | 1.57 |
| 500,000.00 LOGAN GROUP CO LTD 4.85 20-26 14/12S | USD | 471,210.00 | 0.66 |
| 500,000.00 LUMEN TECH	7.995 06-36 01/06S | USD | 538,107.50 | 0.75 |
| 500,000.00 MACY'S RETAIL HLDGS 6.70 20-34 15/07S | USD | 577,164.60 | 0.81 |
| 500,000.00 MARB BONDCO PLC 3.95 21-31 29/01S | USD | 479,092.50 | 0.67 |
| 500,000.00 MEITUAN DIANPING	3.05 20-30 28/10S | USD | 466,297.50 | 0.65 |
| 1,000,000.00 MEXICO REMITTANCES FD 4.875 21-28 15/01Q | USD | 988,645.00 | 1.39 |
| 900,000.00 MILLICOM INTL CELL  6.25 19-29 25/03S | USD | 986,760.00 | 1.38 |
| 1,000,000.00 NBM US HOLDINGS INC 7.00 19-26 14/05S | USD | 1,065,365.00 | 1.49 |
| 500,000.00 NEMAK SAB DE CV 3.625 21-31 28/06S | USD | 496,810.00 | 0.70 |
| 1,000,000.00 NEXA RESOURCES S.A. 6.5 20-28 18/06S | USD | 1,104,865.00 | 1.55 |
| 1,200,000.00 NORDSTROM INC  4  17-27 15/03S | USD | 1,235,760.00 | 1.73 |
| 500,000.00 OCCIDENTAL PETROLEUM 5.50 20-25 01/12S | USD | 554,007.50 | 0.78 |
| 471,000.00 OCI NV	4.625 20-25 15/10S | USD | 495,653.73 | 0.70 |
| 189,000.00 OCI N.V.	5.25 19-24 01/11S | USD | 194,433.75 | 0.27 |
| 454,000.00 OCI NV	5.250 19-24 01/11S | USD | 466,989.43 | 0.66 |
| 500,000.00 OPERADORA DE SERVICIO 8.25 20-25 11/02S | USD | 504,637.50 | 0.71 |
| 700,000.00 PETROBRAS INTL FIN  6.75 11-41 27/01S | USD | 793,205.00 | 1.11 |
| 522,581.32 PRUMO PART INVEST	7.5 19-31 31/12S | USD | 583,213.82 | 0.82 |
| 500,000.00 RUMO LUX SARL 5.25 20-28 10/01S | USD | 526,625.00 | 0.74 |
| 500,000.00 SASOL FIN INTL 4.50 12-22 14/11S | USD | 512,230.00 | 0.72 |
| 500,000.00 SEAGATE HDD CAYMAN 4.091 20-29 01/06S | USD | 529,162.50 | 0.74 |
| 1,000,000.00 SEAGATE HDD CAYMAN 4.875 17-24 03/02S | USD | 1,075,595.00 | 1.51 |
| 800,000.00 STENA INTL REGS	5.75 14-24 01/03S | USD | 836,508.00 | 1.17 |
| 1,000,000.00 SUZANO AUSTRIA 7.00 17-47 16/03S | USD | 1,310,655.00 | 1.85 |
| 1,000,000.00 SYNGENTA FIN NV 5.182 18-28 24/04S | USD | 1,127,770.00 | 1.58 |
| 500,000.00 TARGA RESOURCES  5.875  18-26 15/04S | USD | 523,520.00 | 0.73 |
| 1,200,000.00 TEGNA INC 5 20-29 15/09S | USD | 1,236,912.00 | 1.75 |
| 1,300,000.00 TEVA PHARMA 3.15 16-26 01/10S | USD | 1,248,793.00 | 1.76 |
| 1,200,000.00 TI CAPITAL	7.721 08-38 04/06S | USD | 1,539,000.00 | 2.17 |
| 800,000.00 TURKIYE SISE VE CAM6.95 19-26 14/03S | USD | 879,084.00 | 1.23 |
| 1,000,000.00 ULTRAPAR INTL 5.25 19-29 06/06S | USD | 1,072,695.00 | 1.50 |
| 500,000.00 UNDER ARMOUR INC	3.25 16-26 15/06S | USD | 519,762.50 | 0.73 |
| 1,000,000.00 UNITED RENTALS NORTH 5.25 19-30 15/01S | USD | 1,095,445.00 | 1.54 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 800,000.00 UNITED RENTALS NORTH 5.5 16-27 15/05S | USD | 840,748.00 | 1.18 |
| --- | --- | --- | --- |
| 500,000.00 VEON HOLDINGS BV	3.375 20-27 25/11S | USD | 508,992.50 | 0.71 |
| 500,000.00 VIMPELCOM HLDGS REGS 4.95 17-24 16/06S | USD | 538,087.50 | 0.75 |
| 323,000.00 VOLCAN CIA MINERA  5.375 12-22 02/02S | USD | 323,899.56 | 0.45 |
| 500,000.00 VOLCAN COMPANIA MINER 4.375 21-26 11/02S | USD | 488,082.50 | 0.68 |
| 1,000,000.00 WESTERN DIGITAL CORP 4.75 18-26 15/02S | USD | 1,106,930.00 | 1.55 |
| Floating rate bonds |  | 15,425,252.85 | 21.64 |
| Euro |  | 2,342,816.85 | 3.29 |
| 1,000,000.00 TELEFONICA EUROPE BV FL.R 17-XX 07/06M | EUR | 1,184,238.29 | 1.66 |
| 900,000.00 VOLKSWAGEN INTL FIN FL.R 20-XX 17/06A | EUR | 1,158,578.56 | 1.63 |
| Us Dollar |  | 13,082,436.00 | 18.35 |
| 1,000,000.00 BP CAPITAL MARK	FL.R 20-XX 22/12S | USD | 1,100,620.00 | 1.54 |
| 1,000,000.00 CLOVERIE PLC SWISS RE FL.R 14-44 11/09A | USD | 1,086,480.00 | 1.52 |
| 1,500,000.00 EDF FL.R 14-XX 22/01S | USD | 1,603,252.50 | 2.25 |
| 1,500,000.00 ENEL SPA FL.R 13-73 24/09S | USD | 1,716,607.50 | 2.41 |
| 1,500,000.00 RWE AG	FL.R 15-75 30/07A | USD | 1,740,037.50 | 2.44 |
| 1,000,000.00 UNICREDIT SPA	FL.R 19-34 02/04S | USD | 1,209,275.00 | 1.70 |
| 500,000.00 UNICREDIT SPA FL.R 20-35 30/06S | USD | 551,380.00 | 0.77 |
| 1,300,000.00 UNICREDIT SPA FL.R 17-32 19/06S | USD | 1,440,465.00 | 2.02 |
| 500,000.00 VODAFONE GROUP FL.R 18-78 03/10A | USD | 550,620.00 | 0.77 |
| 1,700,000.00 VODAFONE GROUP FL.R 19-79 04/04S | USD | 2,083,698.50 | 2.93 |

Total securities portfolio	
70,225,662.58	98.51
|  | Geographical breakdown |  |
| --- | --- | --- |
| Breakdown per country |  | % of net assets |
| United States of America |  | 27.12 |
| The Netherlands |  | 13.11 |
| Luxembourg |  | 10.68 |
| United Kingdom |  | 7.17 |
| Italy |  | 6.90 |
| Mexico |  | 5.57 |
| Germany |  | 3.80 |
| Cayman Islands |  | 3.56 |
| Austria |  | 3.42 |
| Ireland |  | 3.37 |
| Turkey |  | 2.85 |
| Hong Kong |  | 2.30 |
| France |  | 2.25 |
| Colombia |  | 1.78 |
| United Arab Emirates |  | 1.20 |
| Peru |  | 1.13 |
| Brazil |  | 0.82 |
| Chile |  | 0.76 |
| Isle of Man |  | 0.72 |
|  |  | 98.51 |

|  | Economical breakdown |  |
| --- | --- | --- |
| Breakdown per sector |  | % of net assets |
| Holding and finance companies |  | 31.91 |
| Communications |  | 10.73 |
| Utilities |  | 10.23 |
| Banks and credit institutions |  | 6.65 |
| Office supplies and computing |  | 3.80 |
| Road vehicles |  | 3.58 |
| Retail trade, department stores |  | 3.22 |
| Miscellaneous services |  | 2.99 |
| Building materials and trade |  | 2.94 |
| Miscellaneous consumer goods |  | 2.85 |
| Non-ferrous metals |  | 2.68 |
| Transportation |  | 2.37 |
| Real estate companies |  | 2.30 |
| Petroleum |  | 1.89 |
| Internet and Internet services |  | 1.85 |
| Pharmaceuticals and cosmetics |  | 1.76 |
| Graphic art and publishing |  | 1.75 |
| Chemicals |  | 1.63 |
| Paper and forest products |  | 1.57 |
| Insurance |  | 1.36 |
| Precious metals and stones |  | 0.45 |
|  |  | 98.51 |

Statement of Operations and Changes in Net Assets from 01/10/20 to 30/09/21
Expressed in USD
| Income |  | 3,581,591.11 |
| --- | --- | --- |
| Net dividends |  | 32,747.22 |
| Net interest on bonds |  | 3,548,610.40 |
| Bank interest on cash account |  | 158.00 |
| Other financial income |  | 75.49 |
| Expenses |  | 872,973.89 |
| Management fees | Note 4 | 316,178.98 |
| Taxe d'abonnement | Note 3 | 36,285.08 |
| Administrative fees |  | 95,149.42 |
| Performance fees | Note 5 | 235,131.66 |
| Hedging fees |  | 36,664.44 |
| Professional fees |  | 15,741.16 |
| Bank interest on overdrafts |  | 321.76 |
| Legal fees |  | 22,315.73 |
| Transaction fees | Note 7 | 5,757.05 |
| Other expenses | Note 8 | 109,428.61 |
| Net income from investments |  | 2,708,617.22 |
| Net realised profit / loss on: - sales of investment securities | Note 1b | 2,318,717.38 |
| - forward foreign exchange contracts | Note 1b | -177,874.80 |
| - foreign exchange | Note 1b | -505,591.41 |
| Net realised profit |  | 4,343,868.39 |
| Movement in net unrealised appreciation / depreciation on: - investment securities | Note 1e | -96,388.57 |
| - forward foreign exchange contracts | Note 1e | -449,069.44 |
| Increase in net assets as a result of operations |  | 3,798,410.38 |
| Subscription capitalisation shares |  | 22,383,577.32 |
| Redemption capitalisation shares |  | -19,151,524.46 |
| Increase in net assets |  | 7,030,463.24 |
| Net assets at the beginning of the year |  | 64,259,116.74 |
| Net assets at the end of the year |  | 71,289,579.98 |

The accompanying notes form an integral part of these financial statements

Translation (ENIT, 2021-09-30):
# SUMUS FUND
## Combinato

#### Prospetti finanziari al 30/09/21
Stato patrimoniale al 30/09/21
Valori espressi in EUR
| Attivo |  | 171,371,212.57 |
| --- | --- | --- |
| Portafoglio titoli a prezzo di mercato | Nota 1a | 154,552,620.23 |
| Prezzo d'acquisto |  | 151,973,738.33 |
| Plusvalenze latenti sul portafoglio titoli |  | 2,578,881.90 |
| Depositi bancari a vista e liquidità |  | 11,616,610.55 |
| Interessi maturati |  | 1,314,479.01 |
| Crediti verso broker per vendita titoli |  | 20,093.97 |
| Sottoscrizioni da regolare |  | 30,020.88 |
| Dividendi da incassare |  | 2,598.20 |
| Plusvalenze non realizzate su future su cambi | Nota 1e | 249,596.05 |
| Crediti verso cambio corto termine |  | 3,585,193.67 |
| Passivo |  | 6,214,923.39 |
| Opzioni vendute a prezzo di mercato |  | 1,859.22 |
| Opzioni vendute a prezzo d'acquisto |  | 9,584.66 |
| Debiti bancari a vista |  | 395,181.02 |
| Debiti verso broker per acquisto titoli |  | 167,502.20 |
| Rimborsi chiesti e non regolati |  | 488,839.28 |
| Minusvalenze non realizzate su future su cambi | Nota 1e | 923,754.79 |
| Minusvalenze non realizzate su future | Nota 1e | 187,045.70 |
| Debiti verso cambio corto termine |  | 3,587,339.61 |
| Altre voci del passivo |  | 463,401.58 |
| Valore netto d'inventario |  | 165,156,289.18 |

Conto economico e variazioni patrimoniali dal 01/10/20 al 30/09/21
Valori espressi in EUR
| Proventi |  | 4,828,064.40 |
| --- | --- | --- |
| Dividendi netti |  | 414,102.00 |
| Cedole nette da obbligazzioni |  | 4,412,957.30 |
| Interessi bancari su conti correnti |  | 136.33 |
| Altri proventi finanziari |  | 868.77 |
| Spese |  | 3,107,766.08 |
| Commissioni di gestione | Nota 4 | 887,573.59 |
| Commissioni della banca depositaria |  | 715.70 |
| Tassa d'abbonamento | Nota 3 | 68,908.16 |
| Spese amministrative |  | 234,868.56 |
| Commissioni di performance | Nota 5 | 1,344,929.62 |
| Commissioni di copertura |  | 65,115.81 |
| Onorari professionali |  | 68,577.49 |
| Interessi bancari su conti correnti |  | 30,962.67 |
| Spese legali |  | 53,639.39 |
| Spese di transazioni | Nota 7 | 112,902.10 |
| Altre spese | Nota 8 | 239,572.99 |
| Reddito netto da investimenti |  | 1,720,298.32 |
| Utile netto realizzato / perdita netta realizzata su: - negoziazione di titoli | Nota 1b | 11,890,099.83 |
| - opzioni | Nota 1b | 14,290.00 |
| - future su cambi | Nota 1b | 33,460.76 |
| - future | Nota 1b | 297,448.18 |
| - cambi | Nota 1b | -1,106,565.43 |
| Utile netto realizzato |  | 12,849,031.66 |
| Variazioni nette delle plusvalenze / minusvalenze latenti su: - investimenti | Nota 1e | 1,637,944.72 |
| - opzioni | Nota 1e | 7,725.44 |
| - future su cambi | Nota 1e | -296,912.81 |
| - future | Nota 1e | -186,845.70 |
| Aumento del patrimonio netto da operazioni di mercato |  | 14,010,943.31 |
| Sottoscrizione di azioni a capitalizzazione |  | 59,846,495.63 |
| Riscatto di azioni a capitalizzazione |  | -71,973,422.09 |
| Aumento del patrimonio netto | 1,884,016.85 |
| Rivalutazione del bilancio iniziale | 738,126.52 |
| Patrimonio netto all'inizio dell'anno | 162,534,145.81 |
| Patrimonio netto a fine dell'anno | 165,156,289.18 |