# SUMUS FUND
## – SUMUS - Hybrid Bonds Fund

#### Financial Statements as at 30/09/21
Statement of net assets as at 30/09/21
Expressed in EUR
| Assets |  | 23,610,937.65 |
| --- | --- | --- |
| Securities portfolio at market value | Note 1a | 19,571,850.61 |
| Cost price |  | 19,299,757.30 |
| Unrealised profit on the securities portfolio |  | 272,093.31 |
| Cash at banks and liquidities |  | 160,584.92 |
| Interest receivable |  | 293,308.45 |
| Receivable on spot exchange |  | 3,585,193.67 |
| Liabilities |  | 3,752,953.56 |
| Redemptions payable |  | 99,855.28 |
| Unrealised net depreciation on forward foreign exchange contracts | Note 1e | 10,335.98 |
| Payable on spot exchange |  | 3,587,339.61 |
| Taxes and expenses payable |  | 55,422.69 |
| Net asset value |  | 19,857,984.09 |

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 - Capitalisation | 743,327.739 | 262,083.763 | 18,958.000 | 986,453.502 |
| Premium CHF -H- Capitalisation | 39,534.537 | 251,513.779 | 4,125.398 | 286,922.918 |
| Premium USD -H- Capitalisation | 521,454.513 | 94,190.000 | 300,000.000 | 315,644.513 |
| All EUR - Capitalisation | 117,170.671 | 13,904.143 | 6,368.398 | 124,706.416 |
| Large EUR - Capitalisation | 282,661.653 | 5,000.000 | 28,895.278 | 258,766.375 |

| Year ending as at: | 30/09/21 | 30/09/20 | 30/09/19 |
| --- | --- | --- | --- |
| EUR | 19,857,984.09 | 16,104,914.08 | 7,441,275.51 |

Key figures
Total Net Assets
| Premium EUR - Capitalisation Number of shares |  | 986,453.502 | 743,327.739 | 489,150.300 |
| --- | --- | --- | --- | --- |
| Net asset value per share | EUR | 10.40 | 9.87 | 9.98 |
| Premium CHF -H- Capitalisation Number of shares |  | 286,922.918 | 39,534.537 | 42,000.000 |
| Net asset value per share | CHF | 10.33 | 9.83 | 9.97 |
| Premium USD -H- Capitalisation Number of shares |  | 315,644.513 | 521,454.513 | 9,000.000 |
| Net asset value per share | USD | 10.67 | 10.07 | 10.00 |
| All EUR - Capitalisation Number of shares |  | 124,706.416 | 117,170.671 | 4,000.000 |
| Net asset value per share | EUR | 10.23 | 9.78 | 9.97 |
| Large EUR - Capitalisation Number of shares |  | 258,766.375 | 282,661.653 | 205,860.060 |
| Net asset value per share | EUR | 10.35 | 9.84 | 9.97 |

Quantity	Denomination	Quotation
currency
Transferable securities admitted to an official stock exchange listing and/or dealt in
Market value
% of net assets
on another regulated market	
19,571,850.61	98.56
| Bonds |  | 3,812,104.51 | 19.20 |
| --- | --- | --- | --- |
|  | Euro | 2,966,393.50 | 14.94 |
| 300,000.00 ABERTIS FINANCE BV | 2.625 21-49 31/12A | EUR | 296,709.00 | 1.49 |
| 400,000.00 ABERTIS FINANCE BV | 3.248 20-XX 24/02A | EUR | 411,228.00 | 2.07 |
| 400,000.00 AT&T INC 2.875 20-XX 01/05A | EUR | 405,670.00 | 2.04 |
| 300,000.00 AUSNET SERVICES HOLD 1.625 21-81 11/03A | EUR | 302,868.00 | 1.53 |
| 400,000.00 BAYER AG 3.125 19-79 12/11A | EUR | 415,552.00 | 2.09 |
| 400,000.00 BP CAPITAL MARKETS 3.625 20-XX 22/06A | EUR | 433,946.00 | 2.20 |
| 200,000.00 POSTE ITALIANE 2.6250 21-49 31/12A | EUR | 198,739.00 | 1.00 |
| 200,000.00 REPSOL INTL FINANCE 2.5000 21-XX 22/03A | EUR | 201,011.00 | 1.01 |
| 300,000.00 SAMHALLSBYGGNAD FL.R 20-XX 14/003A | EUR | 300,670.50 | 1.51 |
| Swiss Franc |  | 123,156.97 | 0.62 |
| 500,000.00 KLM	5.25 85-XX 12/02A | CHF | 123,156.97 | 0.62 |
| Us Dollar |  | 722,554.04 | 3.64 |
| 400,000.00 DOMINION ENERGY INC 4.65 19-XX 15/06S | USD | 369,996.98 | 1.86 |
| 400,000.00 SSE PLC FL.R 17-77 16/09S | USD | 352,557.06 | 1.78 |
| Floating rate bonds |  | 15,759,746.10 | 79.36 |
| Euro |  | 12,073,238.60 | 60.80 |
| 100,000.00 ACCOR SA	FL.R 19-XX 31/12A | EUR | 96,589.00 | 0.49 |
| 300,000.00 ACCOR SA	FL.R 19-XX 31/01A | EUR | 310,524.00 | 1.56 |
| 300,000.00 AROUNDTOWN SA FL.R 18-XX 17/01A | EUR | 302,617.50 | 1.52 |
| 200,000.00 BANCO SANTANDER SA FL.R 17-XX XX/XXQ | EUR | 191,925.00 | 0.97 |
| 200,000.00 BAYER AG FL.R 14-74 01/07A | EUR | 210,386.00 | 1.06 |
| 200,000.00 BRITISH AMERICAN TOBAC FL.R 21-99 31/12A | EUR | 198,929.00 | 1.00 |
| 400,000.00 BRITISH TELECOMMUNICA FL.R 20-80 18/08 | EUR | 390,022.00 | 1.96 |
| 200,000.00 EDF FL.R 20-XX 15/09A | EUR | 210,716.00 | 1.06 |
| 500,000.00 EDF FL.R 18-99 04/10A | EUR | 534,665.00 | 2.69 |
| 500,000.00 ENEL SPA FL.R 18-81 24/11A | EUR | 553,767.50 | 2.80 |
| 200,000.00 ENEL SPA 1.875 21-99 31/12A | EUR | 197,940.00 | 1.00 |
| 400,000.00 ENERGIAS DE POR	FL.R 21-81 02/08A | EUR | 406,078.00 | 2.04 |
| 200,000.00 ENERGIAS DE PORTUGAL FL.R 19-79 30/04A | EUR | 217,350.00 | 1.09 |
| 500,000.00 ENI SPA FL.R 20-49 31/12A | EUR | 533,882.50 | 2.69 |
| 200,000.00 GAS NAT FENOSA FL.R 15-49 29/12A | EUR | 212,241.00 | 1.07 |
| 300,000.00 HEIMSTADEN AB	FL.R 20-XX XX/XXA | EUR | 308,103.00 | 1.55 |
| 500,000.00 INFINEON TECHNOLOGIES FL.R 19-XX 01/04A | EUR | 553,492.50 | 2.80 |
| 400,000.00 KPN NV  FL.R 19-XX 08/02A | EUR | 407,524.00 | 2.05 |
| 200,000.00 MERCK KGAA FL.R 19-79 25/06A | EUR | 219,379.00 | 1.10 |
| 200,000.00 NGG FINANCE PLC	FL.R 19-XX 09/05A | EUR | 203,872.00 | 1.03 |
| 400,000.00 OMV AG FL.R 20-49 31/12A | EUR | 419,388.00 | 2.11 |
| 100,000.00 ORANGE SA FL.R 14-XX 01/10A | EUR | 119,018.00 | 0.60 |
| 40,000.00 ORSTED	FL.R 13-XX 26/06A | EUR | 44,206.60 | 0.22 |
| 500,000.00 REPSOL INTL FINANCE FL.R 15-75 25/03A | EUR | 545,420.00 | 2.75 |
| 300,000.00 SOLVAY FINANCE FL.R 15-XX 03/06A | EUR | 337,102.50 | 1.70 |
| 400,000.00 SOLVAY SA	FL.R 18-XX 04/03A | EUR | 427,654.00 | 2.15 |
| 200,000.00 SUEZ FL.R 19-XX 12/09A | EUR | 203,397.00 | 1.02 |
| 300,000.00 TELEFONICA EUROPE BV FL.R 19-XX 14/03A | EUR | 325,770.00 | 1.64 |
| 400,000.00 TELEFONICA EUROPE BV FL.R 18-XX 22/09A | EUR | 413,796.00 | 2.08 |
| 300,000.00 TELEFONICA EUROPE BV FL.R 19-XX 24/09A | EUR | 309,252.00 | 1.56 |
| 200,000.00 TOTALENE FL.R 19-XX 04/04A | EUR | 205,002.00 | 1.03 |
| 200,000.00 TOTALENE FL.R 20-XX 04/09A | EUR | 200,741.00 | 1.01 |
| 300,000.00 VEOLIA ENVIRONNEMENT FL.R 20-XX 20/04A | EUR | 305,166.00 | 1.54 |
| 200,000.00 VODAFONE GROUP FL.R 18-78 03/10A | EUR | 226,448.00 | 1.14 |
| 400,000.00 VODAFONE GROUP 3.00 20-80 27/08A | EUR | 412,444.00 | 2.08 |
| 400,000.00 VOLKSWAGEN INTL FIN FL.R 8-XX 27/06A | EUR | 464,524.00 | 2.34 |
| 500,000.00 VOLKSWAGEN INTL FIN FL.R 18-XX 27/06A | EUR | 531,420.00 | 2.68 |
| 300,000.00 VOLKSWAGEN INTL FIN FL.R 20-XX 17/06A | EUR | 322,486.50 | 1.62 |
| Pound Sterling |  | 622,459.43 | 3.13 |
| 500,000.00 CENTRICA SUB	FL.R 15-75 10/04A | GBP | 622,459.43 | 3.13 |
| Us Dollar |  | 3,064,048.07 | 15.43 |
| 500,000.00 EDF FL.R 14-XX 22/01S | USD | 461,122.14 | 2.32 |
| 400,000.00 ENEL SPA FL.R 13-73 24/09S | USD | 394,979.94 | 1.99 |
| 400,000.00 NEXTERA ENERGY CAP  FL.R 17-77 01/12S | USD | 388,298.03 | 1.96 |
| 500,000.00 RWE AG	FL.R 15-75 30/07A | USD | 500,463.78 | 2.51 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 400,000.00 SEMPRA ENERGY CORP 4.875 20-99 31/12S | USD | 374,644.29 | 1.89 |
| --- | --- | --- | --- |
| 300,000.00 STANLEY BLACK DECKE FL.R 20-60 10/02S | USD | 277,781.19 | 1.40 |
| 200,000.00 TRANSCANADA TRUST  FL.R 19-79 15/09 | USD | 191,656.24 | 0.97 |
| 500,000.00 VODAFONE GROUP FL.R 18-78 03/10A | USD | 475,102.46 | 2.39 |

Total securities portfolio	
19,571,850.61	98.56
|  | Geographical breakdown |  |
| --- | --- | --- |
| Breakdown per country |  | % of net assets |
| The Netherlands |  | 22.98 |
| United Kingdom |  | 16.71 |
| France |  | 15.02 |
| Germany |  | 9.56 |
| Italy |  | 9.48 |
| United States of America |  | 9.15 |
| Portugal |  | 3.13 |
| Sweden |  | 3.06 |
| Belgium |  | 2.15 |
| Austria |  | 2.11 |
| Australia |  | 1.53 |
| Luxembourg |  | 1.52 |
| Canada |  | 0.97 |
| Spain |  | 0.97 |
| Denmark |  | 0.22 |
|  |  | 98.56 |

|  | Economical breakdown |  |
| --- | --- | --- |
| Breakdown per sector |  | % of net assets |
| Utilities |  | 31.87 |
| Holding and finance companies |  | 19.96 |
| Communications |  | 17.54 |
| Petroleum |  | 6.84 |
| Chemicals |  | 5.30 |
| Real estate companies |  | 4.58 |
| Electronics and semiconductors |  | 2.80 |
| Banks and credit institutions |  | 2.50 |
| Hotels and restaurants |  | 2.05 |
| Miscellaneous consumer goods |  | 1.40 |
| Pharmaceuticals and cosmetics |  | 1.10 |
| Tobacco and alcoholic drinks |  | 1.00 |
| Insurance |  | 1.00 |
| Transportation |  | 0.62 |
|  |  | 98.56 |

Statement of Operations and Changes in Net Assets from 01/10/20 to 30/09/21
Expressed in EUR
| Income |  | 659,763.54 |
| --- | --- | --- |
| Net dividends |  | 7,960.95 |
| Net interest on bonds |  | 651,802.59 |
| Expenses |  | 224,145.32 |
| Management fees | Note 4 | 48,795.96 |
| Taxe d'abonnement | Note 3 | 10,335.76 |
| Administrative fees |  | 30,498.15 |
| Performance fees | Note 5 | 71,201.96 |
| Hedging fees |  | 7,475.01 |
| Professional fees |  | 14,687.33 |
| Bank interest on overdrafts |  | 2,499.36 |
| Legal fees |  | 9,776.81 |
| Transaction fees | Note 7 | 4,396.22 |
| Other expenses | Note 8 | 24,478.76 |
| Net income from investments |  | 435,618.22 |
| Net realised profit / loss on: - sales of investment securities | Note 1b | 106,069.59 |
| - forward foreign exchange contracts | Note 1b | -11,790.07 |
| - foreign exchange | Note 1b | -75,327.46 |
| Net realised profit |  | 454,570.28 |
| Movement in net unrealised appreciation / depreciation on: - investment securities | Note 1e | 584,406.09 |
| - forward foreign exchange contracts | Note 1e | -33,259.91 |
| Increase in net assets as a result of operations |  | 1,005,716.46 |
| Subscription capitalisation shares |  | 6,053,342.61 |
| Redemption capitalisation shares |  | -3,305,989.06 |
| Increase in net assets |  | 3,753,070.01 |
| Net assets at the beginning of the year |  | 16,104,914.08 |
| Net assets at the end of the year |  | 19,857,984.09 |

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 |