dominion global t rends sicav p.l.c. annual report...

Dominion Global Trends SICAV p.l.c. Annual Report 2015

Company Registration Number: SV 144

www.dominion-funds.comwww.dominion-funds.com

Contents

Management and Administration 3

Report of the Directors 4

Report of the Investment Manager 6

Report of the Custodian 9

Independent Auditor’s Report 10

Financial Statements

Statement of Financial Position 12

Statement of Comprehensive Income 14

Statement of Changes in Net Assets Attributable to Holders of Redeemable Shares 16

Statement of Cash Flows 17

Notes to the Financial Statements 19

Portfolio Statement 52

www.dominion-funds.comwww.dominion-funds.compage 2/62

Management and AdministrationYear ended 31 December 2015

Registered office of the Company TG Complex, Suite 2, Level 3, Brewery Street, Mriehel, BKR 3000, Malta (up to 24 February 2016)

171, Old Bakery Street, Valletta, VLT 1455, Malta (as from 25 February 2016)

Directors of the Company Robin Fuller (Chairman) Jason Le Roux Karen A Trotter Timothy Nelson Vincent E Rizzo Toby Birch (appointed on 26 March 2015) Richard Rogers (appointed on 26 June 2015)

Company Secretary Valletta Fund Services Limited TG Complex, Suite 2, Level 3, Brewery Street, Mriehel, BKR 3000, Malta (up to 24 February 2016)

Louvre Fund Services Limited St Peters House, Le Bordage, St Peter Port, Guernsey, GY1 1BR Channel Islands (appointed 25 February 2016)

Investment Manager Dominion Fund Management Limited Third Floor, Dixcart House, Sir William Place, St Peter Port, Guernsey GY1 4EZ

Investment Advisor to the Investment Manager

Dominion Asset Management Limited 20, Little Britain, London EC1A 7DH, United Kingdom

Overlay Manager Edmond de Rothschild Asset Management (UK) Limited 4 Carlton Gardens, London SW1Y 5AA, United Kingdom (appointed 30 October 2015)

Administrator and Registrar Valletta Fund Services Limited TG Complex, Suite 2, Level 3, Brewery Street, Mriehel, BKR 3000, Malta (up to 24 February 2016)

Louvre Fund Services Limited St Peters House, Le Bordage, St Peter Port, Guernsey, GY11BR Channel Islands (appointed 25 February 2016)

Custodian Bank of Valletta p.l.c. 58, Zachary Street, Valletta, VLT 1130, Malta

Legal advisors Ganado Advocates 171, Old Bakery Street, Valletta, VLT 1455, Malta

Auditors PricewaterhouseCoopers 78, Mill Street, Qormi, QRM 3101, Malta


Report of the Directors

The directors of Dominion Global Trends SICAV p.l.c. (the “Company”) are pleased to present the Annual Report and Audited Financial Statements for the year ended 31 December 2015.

Principal ActivitiesThe investment objective of the Company is to achieve medium to long-term capital appreciation. The Company will seek to achieve this investment objective primarily through investment in a diversified portfolio of securities.

The Company will primarily invest in a diversified portfolio of core companies which have a minimum market capitalisation of over €1 billion at the point of investment and are listed on an Approved Regulated Market. Up to 20% of the portfolio may be invested in companies which are capitalised at less than €1 billion including via initial public offerings and up to one half of this amount may be invested in securities which intend to list within 12 months of purchase.

Review of business and future developmentsThe significant strengthening of the US Dollar relative to the Euro has, during the course of the year, exacerbated difficult investment market conditions for investors in US Dollar Share Classes. It is the view of the Investment Manager that this strengthening is likely to continue in the medium term and, consequently, a range of currency hedged Share Classes were launched on 2 November 2015. Investors looking to hedge the currency can transfer their holdings to these new classes at no cost.

To enable the currency hedging to be operated effectively and efficiently Edmond de Rothschild Asset Management (UK) Limited was appointed as Overlay Manager on 7 July 2015.

On 3 June 2015 and 18 August 2015, the Company received consent from FIN-FSA (the Finnish Financial Services Regulator) to enable the I and B share classes of all three of the Company’s sub-funds, together with Dominion Global Trends- Luxury Consumer Fund Class C, to be marketed to investors in the country.

On 30 April 2015, Acolin Fund Services AG was appointed as the Company’s Representative in Switzerland to comply with Swiss Regulation to allow all 3 of the company’s sub-funds to be marketed to Qualified Investors in the country under the FINMA (the Swiss Financial Services Regulator) Regulations.

The Manager established a Representative Office in the Dubai International Financial Centre on 14 October 2015, and received a license from the Dubai Financial Services Authority to enable the Company’s sub-funds to be marketed to professional investors in Dubai. This office will considerably enhance the Company’s profile across the MENA region and will assist in attracting new investors.

Additional global fund platforms were added during the year and ratings with a number of recognised ratings agencies continue to assist in attracting new investors.

Results and dividendsThe results for the year are set out in the Statement of Comprehensive Income on page 14. The Directors do not recommend the payment of a dividend for the period (31 December 2014: Nil).

Standard license conditionsThe Directors confirm that during the year, the Company and its sub-funds have been managed in accordance with the limitations imposed in the investment and borrowing powers of each sub fund by the Constitutional Documents and by the Malta Financial Services Authority (“MFSA”). There were no breaches or errors during the period.

Changes to the Company documentsThe Prospectus of the Company was amended to reflect the addition of Mr Richard Rogers as a director and other updates including changes in the Company’s service providers. These include the launch of the currency hedged share classes referred to above and the Registration in Switzerland. The revised Offering Documents were issued on 25 February 2016.

DirectorsThe Directors who held office during the year under review are listed on page 3.

The number of shares held by the directors in the respective sub-funds is disclosed in note 13.


Report of the Directors (continued)

Statement of directors’ responsibilities for the financial statements

The directors are required by the Companies Act, 1995 to prepare financial statements that give a true and fair view of the state of affairs of the company as at the end of each reporting period and of the profit or loss for that period.

In preparing the financial statements, the directors are responsible for:

• ensuring that the financial statements have been drawn up in accordance with International Financial Reporting Standards as adopted by the EU;

• selecting and applying appropriate accounting policies;• making accounting estimates that are reasonable in the circumstances;• ensuring that the financial statements are prepared on the going concern basis unless it is inappropriate to presume that

the Company will continue in business as a going concern.

The directors are also responsible for designing, implementing and maintaining internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and that comply with the Companies Act, 1995. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The financial statements of Dominion Global Trends SICAV p.l.c. for the year ended 31 December 2015 are included in the Annual Report 2015, which are published on the Investment Manager’s website or may be obtained free of charge from the Registered Office of the Company or the Investment Manager. The directors are responsible for the maintenance and integrity of the Annual Report on the Investment Manager’s website in view of their responsibility for the controls over, and the security of, the website. Access to information published on the website is available in other countries and jurisdictions, where legislation governing the preparation and dissemination of financial statements may differ from requirements or practice in Malta.

AuditorsPricewaterhouseCoopers have indicated their willingness to continue in office and a resolution for their re-appointment will be proposed and passed at the Annual General Meeting.

Approved by the Board of Directors on 27 April 2016 and signed on its behalf by:

Robin Fuller Timothy Nelson Director Director


Report of the Investment Manager

OverviewDominion Global Trends – Luxury Consumer Fund’s (GT Luxury Consumer) NAV per share denominated in Euro (IC share class) finished the reviewing period up 2.8% with the MSCI World Index in Euro down 2.7%. GT Luxury Consumer’s annualized volatility during the reviewing period was 14.4%.

Dominion Global Trends – Managed Fund’s (GT Managed) NAV per share denominated in Euro (A share class) finished the reviewing period up 9.4%. GT Managed’s annualized volatility during the reviewing period was 12.9%.

Dominion Global Trends – Ecommerce Fund’s (GT Ecommerce) NAV per share denominated in Euro (B share class) finished the reviewing period up 23.8%. GT Ecommerce’s annualized volatility during the reviewing period was 21.1%.

The first half of 2015 was characterized, on balance, by a challenging market environment. Global equity markets experienced occasionally elevated levels of volatility. The European Central Bank and the Chinese Central Bank’s continuing policies to pre-empt any threat of deflation and avoid premature monetary tightening have created a favourable equity backdrop of low interest rates, and supported economic growth. European economic growth data released in May, for instance, recorded the fastest rate in almost two years, overtaking US GDP growth in the first quarter of the year.

Greece missed a payment to the IMF and the ongoing negotiations with Greece led to renewed market volatility. A referendum on the 5th July by the Greek government rejected austerity. In spite of this, Greece and its creditors did finally agree on new bail-out terms. Equity markets proceeded to trade within a range during the month of July. This changed in August when the People’s Bank Of China suddenly decided to devalue the Yuan which triggered a further drop in the Chinese market and affected global markets. Equity markets entered into a correction phase and the uncertainty surrounding the FED’s official interest rate policy, kept the volatility at a relatively high level with strong swings in equity markets’ performances for the remainder of the third quarter.

The markets continued to focus on Chinese growth data. Growth trends confirmed the country’s aim to bolster consumption and service industries at the expense of traditional growth drivers (exports and investments). Chinese retail sales numbers consistently showed growth at 10 to 11% (year-on-year) and had been gradually accelerating in the course of the year. The debate regarding the reliability of Chinese statistics continued but the view had been gaining ground that the transition of the economy is becoming tangible.

Starting in December, equity markets started to show a close correlation with oil prices. In spite of the fact that over-supply projections seem to drive oil markets, the falling oil price has become an indicator of “Growth Angst”. Short-term equity market moves have increasingly exhibited knee-jerk reactions reflecting this fear with, for instance, equities in the transport sector (where energy is a major cost) declining when oil prices dropped. As a result, the year ended with heightened volatility and foreboding a significant correction.

Equity market sell-offs that are caused by short term anxieties (rather than structural trends) are frustrating for long-term investors but, on the other hand, tend to create opportunities to invest at a reasonable price (“The time to buy is when there is blood in the streets.”). Earnings reports have been confirming key structural themes irrespective of the short-term economic outlook and do not indicate that growth strategies of the GT Funds require amendments.

The best performing stocks during 2015 for GT Luxury Consumer were: Pandora, Starbucks and Lindt.

The leading sectors for GT Managed were: Healthcare, Industrials and Technology.

The best performing stocks for GT Ecommerce were: Activision Blizzard, Netflix and Global Payments.


Report of the Investment Manager (continued)

Portfolio Composition and ReviewDuring the reporting period, the Funds’ invested level changed following signals provided by Risk Management Systems. In addition, portfolio constituents were reviewed on a regular basis with respect to their compliance with the Funds’ investment criteria.

Positions in Estee Lauder, Hermes, Michael Kors, Moncler, Polaris Industries, Ralph Lauren, Sotheby’s, Tod’s and Under Armour were closed in GT Luxury Consumer. On the other hand, completion of on-going due diligence and monitoring opportune valuation “windows” have led to the following additions to GT Luxury Consumer’s portfolio: Accor, Amer Sports, Carnival, FF Group, Las Vegas Sands, Luxottica, Norwegian Cruise Line, Prada, Royal Caribbean Cruises, Shimano, Tripadvisor, Walt Disney and Yoox Net-A-Porter.

At the GT Managed Fund, the on-going process of due diligence and sector review has led to the removal of the Energy sector.

Positions in Macy’s, Jungheinrich, Deutsche Post, Burberry, American Express, ARM and Tencent were closed in GT Ecommerce. On the other hand, completion of on-going due diligence and monitoring opportune valuation “windows” have led to the following additions to GT Ecommerce’s portfolio: Alibaba, Facebook, Kardex, Monster, Netflix, Paypal, Starbucks, Visa, Worldpay and Yoox Net-A-Porter.

GT Luxury Consumer Fund’s NAV decreased by 21.6% mainly as a consequence of redemptions received during the year. The Fund NAV declined from Euro 66.968mn on 31st December 2014 to Euro 52.492mn on 31st December 2015.

GT Managed Fund’s NAV decreased by 17.0% mainly as a consequence of redemptions received during the year. The Fund NAV moved from Euro 16.272mn, at the beginning of the year, to Euro 13.511mn on 31st December 2015.

GT Ecommerce Fund’s NAV increased by 1.4% mainly as a consequence of performance of underlying assets during the year. The Fund NAV moved from Euro 12.751mn, at the beginning of the year, to Euro 12.931mn on 31st December 2015.


Report of the Investment Manager (continued)

OutlookThe start of 2016 saw a continuation of the recent high volatility: continued weakness in oil prices depresses inflationary projections and feeds Great Deflation anxiety. Uncertainty amongst investors has, to some extent, been fed by commentators’ predictions of an imminent global recession. Economic statistics such as the deceleration of Chinese GDP growth and retail trends in the USA are often seen as proof of slower global growth.

In its January update of the World Economic Outlook, the IMF projects world output (GDP) to accelerate to +3.4% from +3.1% in 2015. What grabbed the media’s attention, however, was the IMF’s downgrade of 2016 growth projections by 0.2% (from +3.6%). Closer examination, however, reveals trends that are less dramatic than the headline suggests and support the view that global economic growth will be in line with the long term average. The reduction in growth projections can almost completely be attributed to the regions with “self-inflicted” weakness: Brazil (expected to have a second major recession year at -3.5%), Russia and Saudi Arabia.

Fear for a major global slowdown seem overblown and bear markets normally do not endure in the absence of a recession. Incoming economic statistics are mixed but, on balance, continue to support a gradual acceleration of global growth in the course of the year. Although there is no convincing evidence of an imminent global recession but it is difficult to predict when the correlation between oil prices and equity markets will de-couple and equity investors’ attention returns to fundamental profit drivers.

Equity valuation calculations vary: there are valuation measures which are backward looking and adjust for the economic cycle: on that basis US equities seems close to being fully valued. Compared to bonds, however, equities are cheap: the risk premium stands close to 5% which is at least 2% above the long term average (the equity risk premium or ERP is the inverse of the P/E ratio minus long term government bond yields; a high premium indicates undervaluation of equities relative to bonds).


Registered Office: 58, Triq San Żakkarija, II-Belt Valletta VLT 1130 – Malta Registration Number: C 2833 Bank of Valletta p.l.c. is authorised to act as a trustee by the Malta Financial Services Authority. Bank of Valletta p.l.c. is a public limited company licensed to conduct Investment Services business by the Malta Financial Services Authority. Bank of Valletta p.l.c. is an enrolled tied insurance intermediary of MSV Life p.l.c. MSV Life is authorised by the Malta Financial Services Authority to carry on long term business of insurance under the Insurance Business Act 1998.

ADM

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Finance BOV Centre, Triq il-Kanun, Santa Venera SVR 9030 – Malta T: (356) 2131 2020 F: (356) 2275 3729 E: [email protected] bov.com

27th April 2016

Dominion Global Trends SICAV p.l.c.

Report of the Custodian

We, Bank of Valletta p.l.c. as Custodian to the Dominion Global Trends SICAV p.l.c. (“the Company”). hereby confirm that having enquired into the conduct of the Manger during the year ended 31st December 2015, it is our opinion that during this year, the company and its Funds have been managed:

(i) in accordance with the limitations imposed on the investment and borrowing powers of each Fund by the Constitutional Documents and by the Malta Financial Services Authority (“MFSA”); and

(ii) Otherwise in accordance with the provisions of the constitutional documents and the Fund’s license conditions.

Kevin Portelli Bank of Valletta p.l.c.

Annabelle Muscat Bank of Valletta p.l.c.

Report of the Custodian


Independent Auditor’s Report

To the Shareholders of Dominion Global Trends SICAV p.l.c.

Report on the Financial Statements for the year ended 31 December 2015We have audited the financial statements of Dominion Global Trends SICAV p.l.c. on pages 12 to 51, which comprise the statement of financial position as at 31 December 2015, and the statements of income, comprehensive income, changes in net assets attributable to holders of redeemable shares and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information.

Directors’ Responsibility for the Financial StatementsAs explained more comprehensively in the Statement of directors’ responsibilities for the financial statements on page 5, the directors are responsible for the preparation of financial statements that give a true and fair view in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU and the requirements of the Maltese Companies Act, 1995, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s ResponsibilityOur responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OpinionIn our opinion the financial statements

• give a true and fair view of the financial position of the company as at 31 December 2015, and of its financial performance and its cash flows for the year then ended in accordance with IFRSs as adopted by the EU; and

• have been properly prepared in accordance with the requirements of the Maltese Companies Act, 1995.


Independent Auditor’s Report (continued)

To the Shareholders of Dominion Global Trends SICAV p.l.c.

Report on Other Legal and Regulatory Requirements for the year ended 31 December 2015We also have responsibilities under the Maltese Companies Act, 1995 to report to you if, in our opinion:

• The information given in the directors’ report is not consistent with the financial statements.• Adequate accounting records have not been kept, or that returns adequate for our audit have not been received from branches

not visited by us.• The financial statements are not in agreement with the accounting records and returns.• We have not received all the information and explanations we require for our audit.• Certain disclosures of directors’ remuneration specified by law are not made in the financial statements, giving the required

particulars in our report.

We have nothing to report to you in respect of these responsibilities.

PricewaterhouseCoopers78 Mill Street Qormi Malta

Lucienne Pace Ross Partner

27 April 2016


Statement of Financial PositionAs at 31 December 2015

Assets

Notes GT Luxury Consumer Fund

GT Managed Fund*

GT Ecommerce Fund

Dominion Global Trends SICAV p.l.c

€ € € €

2015

Financial assets at fair value through profit or loss 6a 49,053,775 13,663,899 12,261,652 74,979,326

Subscriptions receivable 270 - - 270

Trade and other receivables 7 90,852 17,080 36,974 144,906

Margin accounts 8.1 422,604 - - 422,604

Cash and cash equivalents 8.2 3,287,008 110,682 699,248 4,096,938

Total assets 52,854,509 13,791,661 12,997,874 79,644,044

Liabilities

2015

Financial liabilities at fair value through profit or loss 6b 22,950 - 98 23,048

Redemptions payable 130,654 245,682 - 376,336

Trade and other payables 9 209,198 35,413 67,089 311,700

Bank overdraft 8 - - - -

Liabilities (excluding net assets attributable to holders of redeemable shares)

362,802 281,095 67,187 711,084

Net assets attributable to holders of redeemable shares 10,12 52,491,707 13,510,566 12,930,687 78,932,960

*Previously known as Dominion Global Trends – Strategic Fund

The notes on pages 19 to 51 are an integral part of these financial statements. The financial statements on pages 12 to 51 were approved and authorised for issue by the Board of Directors on 27 April 2016 and signed on its behalf by:

Robin Fuller Timothy Nelson Director Director


Statement of Financial Position (continued)

As at 31 December 2015 (continued)

Assets


GT Managed Fund*

GT Ecommerce Fund


€ € € €

2014

Financial assets at fair value through profit or loss 6a 66,214,730 16,210,851 12,685,903 95,111,484

Subscriptions receivable - - - -

Trade and other receivables 7 151,317 262,448 326,188 739,953

Margin accounts 8.1 376,993 58,980 49,520 485,493

Cash and cash equivalents 8.2 570,096 368,252 113,776 1,052,124

Total assets 67,313,136 16,900,531 13,175,387 97,389,054

Liabilities

2014

Financial liabilities at fair value through profit or loss 6b 25,964 - - 25,964

Redemptions payable 64,511 - - 64,511

Trade and other payables 9 255,018 380,051 423,938 1,123,518

Bank overdraft 8 - 248,680 - 248,680

Liabilities (excluding net assets attributable to holders of redeemable shares)

345,493 628,731 423,938 1,398,162

Net assets attributable to holders of redeemable shares 10,12 66,967,643 16,271,800 12,751,449 95,990,892


The notes on pages 19 to 51 are an integral part of these financial statements.


Statement of Comprehensive IncomeFor the year ended 31 December 2015

Income


GT Managed Fund*

GT Ecommerce Fund


€ € € €

2015

Date 31.12.2015 31.12.2015 31.12.2015 31.12.2015

Bank interest 161 53 322 536

Dividend income 800,519 158,565 145,794 1,104,878

Other net gains from financial assets at fair value through profit or loss

4,333,763 1,565,044 3,114,045 9,012,852

Net investment income 5,134,443 1,723,662 3,260,161 10,118,266

Expenses

2015

Investment manager fees 13.1 1,110,966 119,926 111,824 1,342,716

Administration fees 14.1 108,995 41,680 29,179 179,854

Custodian fees 14.2 19,248 25,771 22,925 67,944

Directors’ fees 13.5 85,286 19,734 19,918 124,938

Marketing expenses 13.2 308,275 20,822 23,322 352,419

Regulatory, legal and professional fees 23,071 4,331 3,285 30,687

Formation expenses 3.9 - - - -

Transaction costs 117,090 40,972 27,270 185,332

Other expenses 953,090 217,867 185,609 1,356,566

Total operating expenses 2,726,021 491,103 423,332 3,640,456

Operating profit before tax expense 2,408,422 1,232,559 2,836,829 6,477,810

Withholding tax expense 11 (108,040) (22,216) (23,350) (153,606)

Increase in net assets attributable to holders of redeemable shares

2,300,382 1,210,343 2,813,479 6,324,204




Statement of Comprehensive Income (continued)

For the year ended 31 December 2015

Income


GT Managed Fund*

GT Ecommerce Fund


€ € € €

2014

Date 31.12.2014 31.12.2014 09.06.2014 - 31.12.2014 31.12.2014

Bank interest 2,091 - 382 2,473

Dividend income 1,455,526 201,676 46,140 1,703,342

Other net gains from financial assets at fair value through profit or loss

3,592,600 2,093,231 1,536,142 7,221,973

Net investment income 5,050,217 2,294,907 1,582,664 8,927,788

Expenses

2014

Investment manager fees 13.1 1,203,023 94,703 38,997 1,336,723

Administration fees 14.1 105,967 41,000 14,367 161,334

Custodian fees 14.2 22,762 22,206 7,823 52,791

Directors’ fees 13.5 72,840 14,199 5,684 92,723

Marketing expenses 13.2 343,671 5,556 5,166 354,393

Regulatory, legal and professional fees 31,906 6,509 4,252 42,667

Formation expenses 3.9 - - 5,000 5,000

Transaction costs 369,657 85,762 24,132 479,551

Other expenses 663,431 80,039 57,737 801,207

Total operating expenses 2,813,257 349,974 163,158 3,326,389

Operating profit before tax expense 2,236,960 1,944,933 1,419,506 5,601,399

Withholding tax expense 11 (148,105) (23,533) (5,555) (177,193)


2,088,855 1,921,400 1,413,951 5,424,206




Statement of Changes in Net Assets Attributable to Holders of Redeemable SharesFor the year ended 31 December 2015


GT Managed Fund*

GT Ecommerce Fund


€ € € €

2015

Date 31.12.2015 31.12.2015 31.12.2015 31.12.2015

Net assets attributable to holders of redeemable shares at beginning of year

66,967,643 16,271,800 12,751,449 95,990,892

Transactions with holders of redeemable shares:Issue of redeemable shares during the year 10 18,519,634 8,079,414 6,003,571 32,602,619

Redemption of redeemable shares during the year 10 (35,295,952) (12,050,991) (8,637,812) (55,984,755)

Total transactions with holders of redeemable shares (16,776,318) (3,971,577) (2,634,241) (11,405,219)


2,300,382 1,210,343 2,813,479 6,324,204

Net assets attributable to holders of redeemable shares at end of year

52,491,707 13,510,566 12,930,687 78,932,960

2014

Date 31.12.2014 31.12.2014 09.06.2014 - 31.12.2014 31.12.2014

Net assets attributable to holders of redeemable shares at beginning of year

76,284,007 12,814,321 - 89,098,328

Transactions with holders of redeemable shares:Issue of redeemable shares during the year 10 22,842,241 5,014,130 11,337,498 39,193,869

Redemption of redeemable shares during the year 10 (34,247,460) (3,478,051) - (37,725,511)

Total transactions with holders of redeemable shares (11,405,219) 1,536,079 11,337,498 1,468,358


2,088,855 1,921,400 1,413,951 5,424,206

Net assets attributable to holders of redeemable shares at end of year

66,967,643 16,271,800 12,751,449 95,990,892




Statement of Cash FlowsFor the year ended 31 December 2015


GT Managed Fund*

GT Ecommerce Fund


€ € € €

2015

Date 31.12.2015 31.12.2015 31.12.2015 31.12.2015

Cash flows from operating activities

Dividends received, net of withholding tax 785,438 142,380 128,412 1,056,230

Interest received 136 53 325 514

Expenses paid (2,694,395) (490,210) (407,307) (3,591,918)

Purchase of investments (84,204,736) (24,634,445) (22,535,634) (131,374,815)

Sale proceeds from investments 105,180,788 28,638,926 25,983,178 159,802,892

(Decrease)/increase in margin accounts (45,611) 58,980 49,839 63,208

Net cash from/(used in) operating activities 19,021,620 3,715,684 3,218,813 25,956,117

Cash flows from financing activities

Proceeds on issue of redeemable shares 18,519,364 8,079,414 6,003,571 32,602,349

Payments on redemption of redeemable shares (35,229,809) (11,805,309) (8,637,812) (55,672,930)

Net cash (used in)/ from financing activities (16,710,445) (3,725,895) (2,634,241) (23,070,581)

Net cash from financing activities

Net increase/(decrease) in cash and cash equivalents 2,311,175 (10,211) 584,572 2,885,536

Cash and cash equivalents at beginning of year 570,096 119,572 113,776 803,444

Effect of exchange rate fluctuations on cash and cash equivalents

405,737 1,321 900 407,958

Cash and cash equivalents at end of year 8 3,287,008 110,682 699,248 4,096,938




Statement of Cash Flows (continued)



GT Managed Fund*

GT Ecommerce Fund


€ € € €

2014

Date 31.12.2014 31.12.2014 09.06.2014 - 31.12.2014 31.12.2014

Cash flows from operating activities

Dividends received, net of withholding tax 1,185,170 172,905 33,758 1,391,833

Interest received 2,105 - 375 2,480

Expenses paid (2,447,696) (255,524) (97,431) (2,800,651)

Purchase of investments (242,711,744) (53,256,225) (25,434,908) (321,402,877)

Sale proceeds from investments 253,898,269 52,640,202 14,323,546 320,862,017

(Decrease)/increase in margin accounts (376,993) (58,980) (49,520) (485,493)

Net cash from/(used in) operating activities 9,549,111 (757,622) (11,224,180) (2,432,691)

Cash flows from financing activities

Proceeds on issue of redeemable shares 23,049,077 5,014,130 11,337,498 39,400,705

Payments on redemption of redeemable shares (34,791,491) (4,174,275) - (38,965,766)

Net cash (used in)/ from financing activities (11,742,414) 839,855 11,337,498 434,939

Net cash from financing activities

Net increase/(decrease) in cash and cash equivalents (2,193,303) 82,233 113,318 (1,997,752)

Cash and cash equivalents at beginning of year 2,029,020 39,100 - 2,068,120

Effect of exchange rate fluctuations on cash and cash equivalents

734,379 (1,761) 458 733,076

Cash and cash equivalents at end of year 8 570,096 119,572 113,776 803,444




Notes to the Financial StatementsFor the year ended 31 December 2015

01. Reporting entity 20

02. Basis of preparation 21

03. Significant accounting policies 22

04. Financial risk management 25

05. Valuation of financial instruments 32

06. Financial assets at fair value through profit or loss 32

07. Trade and other receivables 33

08. Margin accounts, cash and cash equivalents 34

09. Trade and other payables 35

10. Share capital 36

11. Taxation 39

12. Net Asset Value (“NAV”) per redeemable share 40

13. Related party transactions 46

14. Other fees 50


Notes to the Financial Statements (continued)

For the year ended 31 December 20151. Reporting entity

Dominion Global Trends SICAV p.l.c. (the “Company”) is a company domiciled in Malta.

The Company was incorporated as an open-ended investment company with limited liability in Guernsey on 23 February 2007 and was authorised by the Guernsey Financial Services Commission under The Protection of Investors (Bailiwick of Guernsey) Law, 1987 as a Class ‘A’ Scheme on 12 December 2007. Pursuant to a special resolution of the members of the Company taken on 24 June 2010, the Company was registered as continuing in Malta under the ‘former’ name Dominion Capital Strategies SICAV p.l.c. as a multi-fund investment company with variable share capital under the Maltese Companies Act, 1995 (Chapter 386, Laws of Malta) (the “Act”) on 20 August 2010. The Company is regulated as a Collective Investment Scheme under the Act and its sub-funds are licensed by the Malta Financial Services Authority. The Company and its sub-funds were granted the status of a UCITS Scheme pursuant to the Undertaking for Collective Investment in Transferable Securities and Management Companies Regulations, 2004 (Legal Notice 207 of 2004, as amended).

As at 31 December 2015, the Company was comprised of three sub-funds, namely Dominion Global Trends – Luxury Consumer Fund “GT Luxury Consumer”, Dominion Global Trends – Managed Fund “GT Managed” (previously known as Dominion Global Trends – Strategic Fund) and Dominion Global Trends – Ecommerce Fund “GT Ecommerce”.

GT Luxury Consumer is comprised of twenty classes of accumulation shares as at 31 December 2015 as disclosed in note 10.2. On 3 February 2015, two new accumulation share classes were introduced to the seventeen classes in GT Luxury Consumer, namely the EUR C and USD C. Whilst on 30 October 2015, the USD BH was launched to the same sub-fund.

GT Managed (previously known as Dominion Global Trends – Strategic Fund) is comprised of nine classes of accumulation shares as at 31 December 2015 as disclosed in note 10.2. On 30 October 2015, one new accumulation share class was introduced to the eight classes in GT Managed, namely the USD BH. On 30 January 2015, GT Strategic changed its name to GT Managed Fund.

GT Ecommerce is comprised of five classes of accumulation shares as at 31 December 2015 as disclosed in note 10.2. On 30 October 2015, one new accumulation share class was introduced to the four in GT Ecommerce, namely the USD BH.

The Company maintains a separate account for each sub-fund, to which the proceeds are credited, and against which expenses are charged. Upon redemption, shareholders are entitled only to their proportion of the net assets held in the account relating to the sub-fund in which their participating shares are designated. Separate statements of financial position, statements of changes in net assets attributable to holders of redeemable shares, statements of comprehensive income and statements of cash flow have accordingly been prepared for each sub-fund. All references to net assets throughout this document refer to net assets attributable to holders of redeemable shares of the respective sub-fund.

The statement of financial position presents assets and liabilities in increasing order of liquidity and does not distinguish between current and non-current items. Financial assets at fair value through profit or loss are intended to be held for an indefinite period of time and may be sold in response to needs for liquidity or in accordance to the Investment Manager’s recommendations. All other assets and liabilities are expected to be realised within one year.



2. Basis of preparation

2.1 Statement of compliance

(a) Standards and amendments to existing standards effective 1 January 2015

There are no standards, interpretations or amendments to existing standards that are effective for the first time for the financial year beginning 1 January 2015 that would be expected to have a material impact on the Company.

(b) New standards, amendments and interpretations effective after 1 January 2015 and have not been early adopted

A number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 1 January 2015, and have not been applied in preparing these financial statements. None of these are expected to have a material effect on the financial statements of the Company.

2.2 Basis of measurement

The financial statements have been prepared on the historical cost basis except for financial instruments at fair value through profit and loss, which are measured at fair value.

2.3 Use of estimates and judgements

The preparation of the financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.

In the opinion of the Directors, the accounting estimates and judgements made in the course of preparing these financial statements are not difficult, subjective or complex to a degree which would warrant their description as critical in terms of the requirements of IAS 1 (revised).

2.4 Functional and presentation currency

The financial statements are presented in Euro, which is the Company’s functional and presentation currency.

Transactions in foreign currencies are translated into Euro at the exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the reporting date into Euro at the exchange rate at that date.

Foreign currency differences arising on translation are recognised in the statement of comprehensive income as net foreign exchange gain or loss, except for those arising on financial instruments at fair value through profit or loss, which are recognised as net gain/(loss) from financial instruments at fair value through profit or loss.



3. Significant accounting policies

The accounting policies set out below have been applied consistently to all periods presented in these financial statements.

3.1 Financial assets and financial liabilities

3.1.1 Recognition and initial measurement

Financial assets and financial liabilities at fair value through profit or loss are recognised initially on the trade date at which the Company becomes a party to the contractual provisions of the instrument. Other financial assets and liabilities are recognised on the date they are originated.

Financial assets and financial liabilities at fair value through profit or loss are measured initially at fair value, with transaction costs recognised in the statement of comprehensive income.

Financial assets or liabilities not at fair value through profit or loss are recognised initially at fair value plus transaction costs that are directly attributable to their acquisition or issue.

3.1.2 Classification

The Company has classified financial assets and financial liabilities into the following categories:

Financial assets and financial liabilities at fair value through profit or loss:• Held for trading – debt securities, equity investments and derivative financial instruments

Financial assets at amortised cost:• Loans and receivables – cash and cash equivalents and trade and other receivables

Financial liabilities at amortised cost:• Other liabilities – trade and other payables and redeemable shares

3.1.3 Fair value measurement

Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction on the measurement date.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of financial assets and liabilities traded in active markets (such as publicly traded securities) are based on quoted market prices where the last traded price falls within the bid-ask spread at the measurement date.

The best evidence of the fair value of a financial instrument at initial recognition is the transaction price, i.e. the fair value of the consideration given or received.

All changes in fair value other than interest and dividend income, are recognised in the statement of comprehensive income as net gain/(loss) from financial instruments at fair value through profit and loss.

3.1.4 Amortised cost measurement

Financial assets and liabilities not at fair value through profit and loss are measured at amortised cost using effective interest rate. Financial liabilities arising from the puttable feature of shares issued by the Company are carried at the amount representing the shareholder’s right to a residual interest in the Company’s net assets.



3.1 Financial assets and financial liabilities (continued)

3.1.5 Derecognition

The Company derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Company is recognised as a separate asset or liability.

On derecognition of a financial asset, the difference between the carrying amount of the asset and the consideration received is recognised in the statement of comprehensive income.

The Company derecognises a financial liability when its contractual obligations are discharged or cancelled or expire.

3.1.6 Offsetting

Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Company has a legal right to set off the recognised amounts and it intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

Income and expenses are presented on a net basis only when permitted under IFRSs as adopted by the EU.

3.2 Margin accounts

Cash collateral provided by the Company is identified in the statement of financial position as margin cash and is not included as a component of cash and cash equivalents. For collateral other than cash, if the party to whom the collateral is provided has the right by contract or custom to sell or re-pledge the collateral, the Company classifies that asset in its statement of financial position separately from other assets and identifies the asset as pledged collateral. Where the party to whom the collateral is provided does not have the right to sell or re-pledge, a disclosure of the collateral provided is made in the notes to the financial statements.

3.3 Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term investments in an active market with original maturities of three months or less.

3.4 Other receivables and payables

Other receivables and payables represent amounts receivable and payable respectively, for transactions contracted for but not yet delivered by the end of the year. These amounts are initially recognised at fair value and subsequently measured at amortised cost less any provision for impairment for other receivables. A provision for impairment of amounts due is established when there is objective evidence that the Company will not be able to collect all amounts due.

3.5 Redeemable shares

The Company issues redeemable shares which are redeemable at the option of the holder and are classified as financial liability. Redeemable shares can be put back to the Company at any time for cash equal to a proportionate share of that Company’s net asset value. Shares are redeemed on a daily basis.

The redeemable shares are carried at the redemption amount that is payable at the statement of financial position date if the holder exercises the right to put the share back to the sub-fund.

Redeemable shares are issued and redeemed at the holder’s option at prices based on the sub-fund’s net asset value per share at the time of issue or redemption. The sub-fund’s net asset value per share is calculated by dividing the net assets attributable to the holders of each class of redeemable shares with the total number of outstanding redeemable shares for each respective class.



3.6 Accrued expenses

Accrued expenses are recognised initially at fair value and subsequently stated at amortised cost using the effective interest method.

3.7 Interest income and dividend income

Interest income is recognised on a time-proportionate basis using the effective interest method. It includes interest income from cash and cash equivalents.

Dividend income is recognised when the right to receive payment is established.

3.8 Transaction costs

Transaction costs are costs incurred to acquire financial assets or liabilities at fair value through profit or loss. They include fees and commissions paid to agents, advisers, brokers and dealers. Transaction costs, when incurred, are immediately recognised in profit or loss as an expense.

3.9 Preliminary expense

The fees and expenses incurred in connection with the establishment of the Company were €460,525 for GT Luxury Consumer, €17,867 for GT Managed and €5,000 for GT Ecommerce. For the purpose of establishing the Net Asset Value of the Company for issue, redemption and conversion of shares these establishment costs are amortised on a straight line basis over 5 years. For the purpose of the Company’s financial statements these establishments costs were written off as incurred to the statement of comprehensive income in accordance with IFRS.



4. Financial risk management

The Company has exposure to the following risks from its use of financial instruments:

• market risk;• credit risk;• liquidity risk; and• operational risk.

This note presents information about the Company’s exposure to each of the above risks, the Company’s objectives, policies and processes for measuring and managing risk, and the Company’s management of capital.

The investment objective of the Company is to achieve medium to long-term capital appreciation. The Company will seek to achieve this investment objective primarily through investment in diversified portfolios of securities.

The Company’s risk management policies, approved by the Directors, seek to minimise the potential adverse effects of these risks on the Company’s financial performance. These policies may include the use of certain financial derivative instruments.

4.1 Market risk

Market risk is the risk that changes in market prices, such as interest rates, equity prices and credit spreads will affect the Company’s income or fair value of its holdings of financial instruments. The Company’s activities expose it primarily to equity prices, interest rates and foreign currency exchange rates.

4.1.1 Price risk

Price risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of the changes in market prices (other than those arising from interest rate risk or foreign currency risk), whether those changes are caused by factors specific to the individual instrument or its issuer, or factors affecting financial instruments traded in the market. All securities present a risk of loss of capital. The Company’s investments are susceptible to market price risk arising from uncertainties about future prices of securities.

The Investment Manager manages the sub-fund’s market risk by monitoring the investment portfolio on a daily basis in accordance with the Company’s investment objectives and policies as set out in the Prospectus. The Company’s overall market positions are monitored on a quarterly basis by the Investment Committee.

The Company’s exposure to price risk arises from the listed securities, CISs and CFD’s as disclosed in note 6.

The Company measures Value at Risk (“VaR”) as part of the investment management process.

The table below provides this analysis for the sub-funds as at 31 December 2015 and 2014. VaR represents an estimate of the potential loss which might arise from unfavourable market movements if the current positions were to be held unchanged for one month, measured to a confidence level of 99%.

Sub-Fund

NAV VaR (% of NAV) VaR

31st December 2015

GT Luxury Consumer € 52,491,707 11.31% 5,936,812

GT Managed € 13,510,566 12.27% 1,657,746

GT Ecommerce €12,930,687 13.25% 1,713,316

31st December 2014

GT Luxury Consumer € 66,967,643 8.55% 5,725,733

GT Managed € 16,271,800 8.19% 1,332,600

GT Ecommerce € 12,751,449 9.62% 1,226,689



4.1.1 Price risk (continued)

Limitations of the VaR analysis:

The VaR calculation is a representation of the maximum expected loss, under normal market conditions to a given confidence level. Some limitations of this analysis include:

• The models are based on historical data and cannot take account of the fact that the future market price movements, correlation between markets and levels of market liquidity in conditions of market stress may bear no relation to historical patterns;

• The market price information is a relative estimate of risk rather than a precise and accurate number;• The market price information represent a hypothetical outcome and is not intended to be predictive

(in the case of the probability-based methods, such as VaR, profits and losses are almost certain to exceed the reported amount with a frequency depending on the confidence interval chosen); and

• Future market conditions could vary significantly from those experienced in the past.

There are no significant concentrations of risk at 31 December 2015 or 31 December 2014. The table below shows exposure to any individual issuer exceeding 5% of the net assets of GT Luxury Consumer Fund, GT Managed Fund and GT Ecommerce Fund.

Quoted market value 2015

% of net assets 2015


% of net assets 2014

€ €

GT Luxury Consumer

Burberry Group PLC - - 3,478,716 5.19

Estee Lauder Cos Inc - - 3,625,558 5.41

Macy's Inc - - 3,586,616 5.36

VF Corp 3,525,205 5.26

Chocoladefabriken Lindt-Reg 3,431,090 6.54 - -

Christian Dior Se 2,965,867 5.65 - -

GT Managed

Polar Cap-Healthcare Opp-IE 1,553,049 11.50 - -

GT Ecommerce

Mastercard Inc-Class A 676,665 5.23 - -

4.1.2 Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

The Company is exposed to interest rate risk through directly holding interest-bearing financial assets. Assets earning interest at variable rates expose the Company to cash flow interest rate risk, whereas assets earning interest at fixed rates expose the Company to fair value interest rate risk.

During the financial periods 31 December 2015 and 31 December 2014 interest rate risk was not considered significant for the Company. Any excess cash and cash equivalents are held at call as disclosed in note 8.

Based on the above and the structure of the Company’s financial assets and liabilities, in the opinion of the directors, he Company’s sensitivity to interest rates is considered to be minimal.



4.1.3 Foreign currency risk

Foreign currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in exchange rates.

The currency of the denomination of investments held by the sub-funds may be denominated in currencies other than Euro. The carrying amount of the Company’s foreign currency denominated financial assets as at the reporting date are as follows:

As at 31 December 2015

% of net assets

As at 31 December 2014

% of net assets

€ €

GT Luxury Consumer Fund

British Pound 1,855,706 3.54 7,248,997 10.82

Danish Krone 1,971,235 3.76 2,234,371 3.34

Hong Kong Dollar 240,096 0.46 - -

Swiss Franc 6,703,505 12.77 6,091,995 9.10

Japanese Yen 1,913,446 3.65 - -

US Dollar 22,452,624 42.77 39,681,360 59.25

35,136,612 66.95 55,256,723 82.51

GT Managed Fund

British Pound 1,049,994 7.77 2,883,208 17.72

Danish Krone - - 302,340 1.86

Canadian Dollar - - 537 -

Swiss Franc 663,838 4.91 489,840 3.01

US Dollar 7,373,047 54.57 8,651,256 53.17

Swedish Krona 712,140 5.27 - -

9,799,019 72.52 12,327,181 75.76

GT Ecommerce Fund

British Pound 1,050,909 8.13 1,423,774 11.17

Hong Kong Dollar - - 189,418 1.49

US Dollar 9,668,383 74.77 8,630,914 67.69

Swiss Franc 226,882 1.75 - -

10,946,174 84.65 10,244,106 80.35



4.1.3 Foreign currency risk (continued)

The shares in the US Dollars and Sterling denominated share classes are issued and redeemed in US Dollars and Sterling respectively. Accordingly, the value of the Company’s assets, as well as the value of an investment in shares of the relevant Class may be affected favourably or unfavourably by fluctuations in exchange rates.

The exposure to foreign exchange fluctuations with respect to the USD BH.

Class of shares in each of the sub-funds is hedged through class specific forward foreign exchange contracts.

The contract amounts and the fair value reduce movements as at 31 December 2015 are disclosed below:

Derivatives-Forward Forex Contracts

Fair Value € Notional Amount € % of net assets


Sale of Euro against United States Dollar

Maturity on 29 January 2016 31,363 3,262,332 0.06

GT Managed Fund



GT Ecommerce Fund

Sale of United States Dollar against Euro

Maturity on 4 January 2016 (98) 24,938 0.00



The exposure to foreign exchange fluctuations with respect to the USD BH Class of shares in each of the sub-funds is hedged through class specific forward foreign exchange contracts.

The Directors are under no obligation (although they may do so at their discretion) to hedge currency risks. There is no current intention to hedge currency risk although the directors of the Company will continue to monitor the foreign currency risk.



4.2 Credit risk

Credit risk is the risk that an issuer or counterparty will default on its contractual obligations resulting in financial loss to the Company. Financial assets, which potentially subject the Company to credit risk, consist principally of debt securities, cash and cash equivalents and derivative instruments classified at fair value through profit or loss, and trade and other receivables.

2015 € 2014 €


Derivatives 328,257 8,544

Subscriptions receivable 27 -

Trade and other receivables 58,383 151,317

Margin accounts 422,604 376,993

Cash and cash equivalents 3,287,008 570,096

4,096,279 1,106,950

GT Managed Fund



Margin accounts - 58,980

Cash and cash equivalents 110,682 368,252

150,545 696,315

GT Ecommerce Fund



Margin accounts - 49,520

Cash and cash equivalents 699,248 113,776

768,293 492,714

The risk of default is considered minimal as delivery of securities sold is only made once the clearing house has received payment. Payment is made on a purchase once the securities have been received by the clearing house. The trade will fail if either party fails to meet its obligation.

The credit risk on cash transactions is managed by transacting with counterparties that are regulated entities subject to prudential supervision or with high credit ratings assigned by international credit-rating agencies. The Company has policies that limit the amount of credit exposure to any single issuer. Accordingly, the Investment Manager monitors the Company’s credit position on a regular basis.

The Company has no investment in debt securities (2014: Nil). The Company does not hold any collateral as security. Bank balances (note 8) are held with Bank of Valletta p.l.c., which at year end held a credit rating of ‘BBB+’ by Fitch.



4.3 Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations arising from its financial liabilities that are settled by delivering cash or another financial asset, or that such obligations will have to be settled in a manner disadvantageous to the Company.

The Company is exposed to regular cash redemptions of redeemable shares. The Company has the ability to borrow in the short-term to ensure settlement and has an overdraft facility in place with Bank of Valletta p.l.c which as at 31 December 2015 amounted to €2,850,000.

The Company’s policy and Investment Manager’s approach to manage liquidity is to have sufficient liquidity to meet its liabilities, including estimated redemptions of shares, as and when due, without incurring undue losses or risking damage to the Company’s reputation.

The Investment Manager monitors the Company’s liquidity position on a regular basis in accordance with the policies and procedures set out in the Company’s prospectus. Redeemable shares are redeemed on demand at the option of the holder. All other liabilities are due within less than one year.

The Company’s quoted securities are considered to be readily realisable as the majority are quoted in active markets.

4.4 Offsetting and amounts subject to master netting arrangements and similar agreements

All of the Contract for Difference of the sub-funds are held with Cantor Fitzgerald Europe and the margin balances maintained are for the purpose of providing collateral on derivative positions.

The following tables present the sub-funds’ financial assets and liabilities subject to offsetting. The tables are presented by type of financial instrument.

Financial assets subject to offsetting:

CFD’s A

Gross amounts of recognised financial assets

B

Gross amounts of recognised financial liabilities set-off in the statement of financial position

C = A-B

Net amounts of financial assets presented in the statement of financial position

D

Related amounts not set-off in the statement of financial position

E = C-D Net amount

D(i) and D(ii) Financial Instruments

D(ii) Cash collateral

2015

GT Luxury Consumer 296,894 - 296,894 (22,950) - 273,944

2014

GT Luxury Consumer 8,544 - 8,544 (8,544) - -

GT Managed 7,338 - 7,338 - - 7,338

GT Ecommerce 3,511 - 3,511 - - 3,511



4.4 Offsetting and amounts subject to master netting arrangements and similar agreements (continued)

Financial liabilities subject to offsetting:

CFD’s A

Gross amounts of recognised financial liabilities

B

Gross amounts of recognised financial assets set-off in the statement of financial position

C = A-B

Net amounts of financial liabilities presented in the statement of financial position

D

Related amounts not set-off in the statement of financial position

E = C-D Net amount

D(i) and D(ii) Financial Instruments

D(ii) Cash collateral

2015

GT Luxury Consumer 22,950 - 22,950 (22,950) - -

2014

GT Luxury Consumer 25,964 - 25,964 (8,544) (17,420) -

Amounts in D(i) and D(ii) above relate to amounts subject to set-off that do not qualify for offsetting under (B) above. This includes (i) amounts which are subject to set-off against the asset (or liability) disclosed in ‘A’ which have not been offset in the statement of financial position, and (ii) any financial collateral (including cash collateral), both received and pledged.

The Fund and its counterparty have elected to settle all transactions on a gross basis, however, each party has the option to settle all open contracts on a net basis in the event of default of the other party.

4.5 Capital management

The Company has no equity. The redeemable shares issued by the Company provide an investor with the right to require redemption for cash at a value proportionate to the investor’s share in the sub-fund’s net assets at each redemption date and are classified as liabilities. Note 10 describes the terms of the redeemable shares issued by the Company.

The sub-funds’ objectives in managing the redeemable shares are to ensure a stable base to maximise returns to all investors, and to manage liquidity risk arising from redemptions.



5. Valuation of financial instruments

The Company’s accounting policy on fair value measurements is disclosed in note 3.1.3.

The Company measures fair values using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements:

• Level 1: Quoted price (unadjusted) in an active market for an identical instrument.• Level 2: Valuation techniques based on observable inputs, either directly (i.e. as prices) or indirectly (i.e. derived

from prices). This category includes instruments valued using: quoted prices in active markets for similar instruments; quoted prices for identical or similar instruments in markets that are considered less than active; or other valuation techniques for which all significant inputs are directly or indirectly observable from market data.

• Level 3: Valuation techniques using significant unobservable inputs. This category includes all instruments for which the valuation technique includes inputs not based on observable data and the unobservable inputs have a significant effect on the instrument’s valuation. This category includes instruments that are value based on quoted prices for similar instruments for which significant unobservable adjustments or assumptions are required to reflect differences between the instruments.

All of the Company’s financial assets have been classified as Level 1 as at 31 December 2015 (2014: Level 1), as the fair value of financial assets is based on quoted market prices in active markets. The Company does not adjust the quoted price for these instruments.

6. a. Financial assets at fair value through profit or loss

Fair value 31 December 2015

% of net assets Fair value 31 December 2014

% of net assets

€ €


Held for trading

Listed equity securities 48,725,518 92.83 66,206,186 98.86

CFD’s 296,894 0.57 8,544 0.01

Forward contracts 31,363 0.06 - -

49,053,775 93.46 66,214,730 98.87

GT Managed Fund

Held for trading


Collective Investment Schemes 1,553,049 11.50 - -

CFD’s - - 7,338 0.05


13,663,899 101.14 16,210,851 99.63

GT Ecommerce Fund

Held for trading


CFD’s - - 3,511 0.03


12,261,652 94.82 12,685,903 99.49



6. b. Financial liabilities at fair value through profit or loss

Fair value 31 December 2015

% of net assets Fair value 31 December 2014

% of net assets

€ €


Held for trading

CFD’s 22,950 0.04 25,964 0.04

GT Ecommerce Fund

Held for trading

Forward contracts 98 - - -

7. Trade and other receivables

2015 € 2014 €


Bank interest receivable 28 3

Dividend receivable 58,355 151,314

Prepaid expenses 32,469 -

90,852 151,317

GT Managed Fund

Dividend receivable 6,495 12,526

Prepaid expenses 10,585 703

Spot purchases awaiting settlement - 249,219

17,080 262,448

GT Ecommerce Fund

Bank interest receivable 4 7

Dividend receivable 859 6,827

Prepaid expenses 10,347 281

Sales of financial assets awaiting settlement 826 128,197

Spot purchases awaiting settlement 24,938 190,876

36,974 326,188



8. Margin accounts, cash and cash equivalents

8.1 Margin accounts

Margin accounts represent cash deposits with brokers transferred as cash collateral in relation to the contracts for difference (CFD’s).

8.2 Cash and cash equivalents

For the purposes of the statement of cash flows, cash and cash equivalents comprise the following bank balances:

31.12.2015 % of net assets 31.12.2014 % of net assets

€ €


Cash and cash equivalents 3,287,008 6.26 570,096 0.85

GT Managed Fund

Cash and cash equivalents 110,682 0.82 368,252 2.26

Bank overdraft - - (248,680) (1.53)

110,682 0.82 119,572 0.73

GT Ecommerce Fund

Cash and cash equivalents 699,248 5.41 113,776 0.89



9. Trade and other payables

2015 2014


Management fees 77,118 111,006

Administration fees 8,676 9,549

Safe custody fees 552 588

Directors’ fees 21, 239 18,741

Marketing fees 17, 799 25,098

Promotional fees 33,721 12,873

Other accrued expenses 50,093 77,163

Total 209,198 255,018

GT Managed Fund



Safe custody fees 1,019 1,085

Directors’ fees 5,766 4,011

Marketing fees 1,768 925

Promotional fees - 19,889


Purchases of financial assets awaiting settlement - 78,461

Spot sales awaiting settlement - 247,200

Total 35,413 380,051

GT Ecommerce Fund



Safe custody fees 1,019 904

Directors’ fees 5,222 3,275

Marketing fees 1,132 1,104

Promotional fees 6,862 91


Purchases of financial assets awaiting settlement - 190,876

Spot sales awaiting settlement 24,928 191,186

Total 67,089 423,938



10. Share capital

The authorised share capital of the Company is 5,000,000,002 (2014: 5,000,000,002) shares with no nominal value. The paid up share capital of the company shall at all times be equal to the net asset value of the Company. All shares issued may be redeemed at prices based on the value of the Company’s net assets in accordance with its Articles of Association.

10.1 Founder shares

Founder shares are voting shares and are subscribed to by the Investment Manager. Dominion Group Limited, a company incorporated in Guernsey is the immediate parent company of the Investment Manager and is owned by one ultimate beneficial owner, Mr. Alexander Bell. Holders of founder shares shall not be entitled to participate in any dividends or other distribution of the Company or in the assets of the Company on a winding-up.

The founder shares do not form part of the net asset value of the Company and are thus disclosed in the financial statements by way of this note only. In the opinion of the Directors, this disclosure reflects the nature of the Company’s business as an investment company.

10.2 Redeemable shares

In accordance with IAS 32 Financial Instruments: Presentation and Disclosure, redeemable shares are classified as liabilities and are shown as such on the statement of financial position.

The non-voting shares participate in the assets of the Company, in any dividend distributions, if applicable, and any distributions of the Company in the event of liquidation.



10.2 Redeemable shares (continued)

Year ended 31 December 2015:

Brought forward Issued Redeemed Carried forward


Redeemable shares No. No. No. No.

GBP IC Class 153,998.2033 12,277.7828 (69,879.9627) 96,396.0234

GBP DC Class 3,352.0046 - (950.4792) 2,401.5254

GBP A Class 1,720.6571 - (767.1830) 953.4741

GBP I Class 5,850.8000 511.6349 (1,239.5001) 5,122.9348

GBP B Class 100.0000 328,074.8298 (16,976.9314) 311,197.8984

GBP R Class 8,295.5360 8.2910 (1,559.8816) 6,743.9454

USD IC Class 1,193,089.7208 3,684.5240 (699,455.5122) 497,318.7326

USD DC Class 83,293.0814 - (589.5268) 82,703.5546

USD A Class 3,806.6865 - (2,156.3136) 1,650.3729

USD I Class 30,185.2510 999.9490 (7,267.1750) 23,918.0250

USD B Class 35,025,544.2000 4,965,348.9840 (17,710,429.6440) 22,280,463.540

USD C Class - 2,471,794.1069 (28,010.6933) 2,443,783.4136

USD BH Class - 3,741,707.9840 - 3,741,707.9840

EUR IC Class 608,370.2434 20,453.7935 (127,468.8332) 501,355.2037

EUR DC Class 10,769.5774 - (694.3431) 10,075.2343

EUR A Class 1.0000 - - 1.0000

EUR I Class 4,134.1412 398.5813 (3,757.4011) 775.3214

EUR B Class 1,347,205.5774 4,024,606.9386 (2,276,833.8061) 3,094,978.7099

EUR R Class 1.0000 - - 1.0000

EUR C Class - 836,780.3377 (497.6610) 836,282.6767




GBP IC Class 115,399.0644 64,149.5970 (25,550.4581) 153,998.2033

GBP DC Class 5,544.0744 - (2,192.0698) 3,352.0046

GBP A Class 1,016.6201 704.0370 - 1,720.6571

GBP I Class 8,552.9700 752.8800 (3,455.0500) 5,850.8000

GBP B Class - 100.0000 - 100.0000

GBP R Class 9,276.4671 1,852.3059 (2,833.2370) 8,295.5360

USD IC Class 1,424,066.9419 158,497.5034 (389,474.7245) 1,193,089.7208

USD DC Class 147,200.1888 2,817.3596 (66,724.4670) 83,293.0814

USD A Class 1,638.5257 2,362.1939 (194.0331) 3,806.6865

USD I Class 143,652.8550 24,114.3950 (137,581.9990) 30,185.2510

USD B Class 29,775,511.2820 16,251,184.8270 (11,001,151.9090) 35,025,544.2000

EUR IC Class 808,058.3613 8,408.8818 (208,096.9997) 608,370.2434

EUR DC Class 17,795.9943 6,590.6762 (13,617.0931) 10,769.5774

EUR A Class 1.0000 488.0459 (488.0459) 1.0000

EUR I Class 1.0000 4,133.1412 - 4,134.1412

EUR B Class 2,028,599.3270 1,121,335.1467 (1,802,728.8963) 1,347,205.5774

EUR R Class - 1.0000 - 1.0000



10.2 Redeemable shares (continued)


Brought forward Issued Redeemed Carried forward

GT Managed Fund


GBP I Class 61,901.5231 18.6981 (330.3541) 61,589.8671GBP R Class 8,988.8942 21,740.9730 (1,292.3959) 29,437.4713USD A Class 4,952,926.2249 - (4,952,925.2249) 1.0000USD I Class 1.0000 - - 1.0000USD B Class 699,667.8620 844,412.2550 (813,348.1400) 730,731.9770USD BH Class - 3,762,150.6200 - 3,762,150.6200EUR A Class 6,849,423.6863 4,003.6783 (2,340,051.3121) 4,513,376.0525EUR I Class 526,715.1088 - (481,275.1331) 45,439.9757

EUR B Class 864,292.1848 2,780,919.1774 (1,648,831.5518) 1,996,379.8104


GT Managed Fund


GBP I Class 3,580.8565 286,216.7412 (227,896.0746) 61,901.5231GBP R Class 62,148.2971 9,182.4031 (62,341.8060) 8,988.8942USD A Class 8,297,919.8221 - (3,344,993.5972) 4,952,926.2249USD I Class 1.0000 - - 1.0000USD B Class 256,609.1620 472,254.6490 (29,195.9490) 699,667.8620EUR A Class 4,718,498.7241 2,229,686.4436 (98,761.4814) 6,849,423.6863EUR I Class 1.0000 526,714.1088 - 526,715.1088

EUR B Class 1.0000 864,291.1848 - 864,292.1848


GT Ecommerce Fund


USD I Class 1.0000 - - 1.0000USD B Class 4,839,123.1620 1,145,434.8830 (4,803,536.893) 1,181,021.1520USD BH Class - 3,780,015.3480 - 3,780,015.3480EUR I Class 21,204.6082 760.6696 (20,120.5016) 1,844.7762

EUR B Class 5,706,285.9733 1,024,024.0004 (945,296.8247) 5,785,013.1490


GT Ecommerce Fund


USD I Class - 1.0000 - 1.0000

USD B Class - 4,839,123.1620 - 4,839,123.1620EUR I Class - 21,204.6082 - 21,204.6082

EUR B Class - 5,706,285.9733 - 5,706,285.9733



11. Taxation

The Maltese tax regime for collective investment schemes is based on the classification of sub-funds into prescribed or non-prescribed funds in terms of the conditions set out in the Collective Investment Schemes (Investment Income) Regulations, 2001 (as amended). In general, a prescribed fund is defined as a resident fund, which has declared that the value of its assets situated in Malta amount to at least 85% of the value of the total assets of the sub-fund.

On the basis that the sub-fund qualifies as a non-prescribed fund for Maltese income tax purposes, then the sub-fund should not be subject to Maltese income tax on its income or gains (other than income (if any) from Maltese immovable property).

Maltese resident investors therein may be subject to a 15% final withholding tax on capital gains realised on any redemption, liquidation or cancellation of shares in the Company. However the Maltese resident investor may request the sub-fund not to effect the deduction of the said 15% final withholding tax in which case the investor would be required to declare the gains in his income tax return and will be subject to tax at the normal rates of tax.

Any gains or profits accruing to the investors who are not resident in Malta should not be chargeable to Maltese income tax, subject to the satisfaction of certain statutory conditions.

No distributions were made by the Company during this financial year and therefore no Maltese tax considerations should arise in this respect.

In the case of the sub-fund’s foreign investments, any capital gains, dividends, interest and other gains or profits may be subject to tax imposed by the country of origin concerned and such taxes may not be recoverable by the sub-fund or by its Shareholders under Maltese domestic tax law.

The redemption or transfer of shares and any distribution on a winding-up of the Company may result in a tax liability for the shareholders according to the tax regime applicable in their respective countries of incorporation, establishment, residence, citizenship, nationality, domicile or other relevant jurisdiction.

The Company currently incurs withholding taxes imposed by certain countries on investment income and capital gains. Such income or gains are recorded gross of withholding taxes in the statement of comprehensive income. Withholding taxes are shown as a separate item in the statement of comprehensive income.



12. Net Asset Value (“NAV”) per redeemable share

The NAV per Redeemable Share Class is based on the net assets attributable to holders of each Class at the balance sheet date and on the year end number of shares in issue for each Class.

The Net Asset Value (“NAV”) per Redeemable share as disclosed in these financial statements is different to the published NAV per such share. This difference, which is not material, relates to the treatment of preliminary expenses. For valuation purposes this is amortised on a straight-line basis over 5 years. For accounting purposes these expenses are written off in full in the first period of the Company’s financial statements in accordance with IFRS.

The following table details the NAV per Redeemable Share Class and shows the difference between the respective NAVs:


Net assets attributable

to redeemable shares by class

Number of shares in issue

Net asset value per redeemable shares by class

Published NAV attributable per share

€ No. Currency


GBP IC Class 1,819,094 96,396.0234 £13.9084 £13.9084

GBP DC Class 45,214 2,401.5254 £13.8761 £13.8761

GBP A Class 135,002 953.4741 £104.3555 £104.3553

GBP I Class 887,782 5,122.9348 £127.7237 £127.7237

GBP B Class 429,528 311,197.8984 £1.0172 £1.0172

GBP R Class 1,117,491 6,743.9454 £122.1276 £122.1277

USD IC Class 4,839,311 497,318.7326 $10.5706 $10.5706

USD DC Class 782,991 82,703.5546 $10.2845 $10.2845

USD A Class 146,555 1,650.3729 $96.4653 $96.4652

USD I Class 2,627,398 23,918.0250 $119.3309 $119.3309

USD B Class 22,675,024 22,280,463.5400 $1.1055 $1.1055

USD C Class 1,958,422 2,443,783.4136 $0.8705 $0.9266

USD BH Class 3,267,708 3,741,707.9840 $0.9486 $0.9486

EUR IC Class 6,775,843 501,355.2037 €13.5150 €13.5150

EUR DC Class 128,503 10,075.2343 €12.7543 €12.7543

EUR A Class 116 1.0000 €116.0000 €116.4483

EUR I Class 114,015 775.3214 €147.0551 €147.0553

EUR B Class 3,982,090 3,094,978.7099 €1.2866 €1.2866

EUR R Class 110 1.0000 €110.0000 €110.2515

EUR C Class 759,510 836,282.6767 €0.9081 €0.9681

Total 52,491,707



12. Net Asset Value (“NAV”) per redeemable share (continued)







€ No. Currency


GBP IC Class 2,874,925 153,998.2033 £14.4881 £14.4880

GBP DC Class 62,434 3,352.0046 £14.4549 £14.4549

GBP A Class 240,810 1,720.6571 £108.6127 £108.6122

GBP I Class 987,197 5,850.8000 £130.9451 £130.9444

GBP B Class 137 100.0000 £1.0596 £1.0596

GBP R Class 1,351,699 8,295.5360 £126.4551 £126.4545

USD IC Class 11,422,459 1,193,089.7208 $11.5851 $11.5851

USD DC Class 780,085 83,293.0814 $11.3330 $11.3330

USD A Class 334,137 3,806.6865 $106.2164 $106.2166

USD I Class 3,244,376 30,185.2510 $130.0620 $130.0622

USD B Class 35,230,185 35,025,544.2000 $1.2171 $1.2171

EUR IC Class 7,994,960 608,370.2434 €13.1416 €13.1416

EUR DC Class 135,892 10,769.5774 €12.6180 €12.6180

EUR A Class 115 1.0000 €115.0000 €115.2807

EUR I Class 595,064 4,134.1412 €143.9389 €143.9389

EUR B Class 1,713,061 1,347,205.5774 €1.2715 €1.2715

EUR R Class 107 1.0000 €107.0000 €107.2317

Total 66,967,643










€ No. Currency


GBP IC Class 2,085,123 115,399.0644 £15.0322 £15.0322

GBP DC Class 99,962 5,544.0744 £15.0003 £15.0003

GBP A Class 137,612 1,016.6201 £112.6141 £112.6142

GBP I Class 1,374,641 8,552.9700 £133.7112 £133.7112

GBP R Class 1,454,310 9,276.4671 £130.4277 £130.4277

USD IC Class 13,095,377 1,424,066.9419 $12.6708 $12.6708

USD DC Class 1,334,539 147,200.1888 $12.4922 $12.4922

USD A Class 139,105 1,638.5257 $116.9791 $116.9787

USD I Class 14,782,790 143,652.8550 $141.7950 $141.7950

USD B Class 28,966,820 29,775,511.2820 $1.3404 $1.3404

EUR IC Class 10,101,101 808,058.3613 €12.5004 €12.5004

EUR DC Class 217,397 17,795.9943 €12.2160 €12.2160

EUR A Class 112 1.0000 €112.0000 €111.7718

EUR I Class 137 1.0000 €137.0000 €137.2595

EUR B Class 2,494,981 2,028,599.3270 €1.2299 €1.2299

Total 76,284,007










€ No. Currency

GT Managed Fund

GBP I Class 97,552 61,589.8671 £1.1673 £1.1678

GBP R Class 47,507 29,437.4713 £1.1894 £1.1899

USD A Class 1 1.0000 $1.1863 $1.1885

USD I Class 1 1.0000 $1.1863 $1.2141

USD B Class 761,324 730,731.9770 $1.1317 $1.1322

USD BH Class 3,483,938 3,762,150.6200 $1.0059 $1.0063

EUR A Class 6,332,726 4,513,376.0525 €1.4031 €1.4036

EUR I Class 63,700 45,439.9757 €1.4018 €1.4024

EUR B Class 2,723,817 1,996,379.8104 €1.3643 €1.3649

Total 13,510,566


GT Managed Fund

GBP I Class 90,590 61,901.5231 £1.1357 £1.1363

GBP R Class 13,276 8,988.8942 £1.1462 £1.1468

USD A Class 4,920,147 4,952,926.2249 $1.2020 $1.2027

USD I Class 1 1.0000 $1.2336 $1.2293

USD B Class 679,893 699,667.8620 $1.1758 $1.1765

EUR A Class 8,786,801 6,849,423.6863 €1.2828 €1.2835

EUR I Class 681,144 526,715.1088 €1.2931 €1.2939

EUR B Class 1,099,948 864,292.1848 €1.2726 €1.2733

Total 16,271,800










€ No. Currency

GT Managed Fund

GBP I Class 4,748 3,580.8565 £1.1031 £1.1042

GBP R Class 83,995 62,148.2971 £1.1243 £1.1254

USD A Class 7,209,260 8,297,919.8221 $1.1971 $1.1983

USD I Class 1 1.0000 $1.3779 $1.2171

USD B Class 222,430 256,609.1620 $1.1943 $1.1955

EUR A Class 5,293,885 4,718,498.7241 €1.1219 €1.1230

EUR I Class 1 1.0000 €1.0000 €1.1328

EUR B Class 1 1.0000 €1.0000 €1.1328

Total 12,814,321










€ No. Currency

GT Ecommerce Fund

USD I Class 102 1 $110.8033 $110.3855

USD B Class 1,193,791 1,181,021.1520 $1.0980 $1.0983

USD BH Class 3,440,527 3,780,015.3480 $0.9887 $0.9890

EUR I Class 253,395 1,844.7762 €137.3581 €137.3951

EUR B Class 8,042,872 5,785,013.1490 €1.3902 €1.3906

Total 12,930,687


GT Ecommerce Fund

USD I Class 82 1.0000 $99.2275 $99.2599

USD B Class 3,969,356 4,839,123.1620 $0.9925 $0.9929

EUR I Class 2,372,280 21,204.6082 €111.8756 €111.9155

EUR B Class 6,409,731 5,706,285.9733 €1.1232 €1.1236

Total 12,751,449



13. Related party transactions

13.1 Investment Manager

The Investment Manager, Dominion Fund Management Limited (“DFML”), receives a management fee which varies according to the respective sub-fund and the respective classes within the sub-funds as detailed below. This is payable pro-rata monthly in arrears.

For GT Luxury Consumer, the Investment Manager is paid pro-rata monthly in arrears as follows:

a) 2.1% of NAV for the following Classes:• EUR DC / IC / A / B / C• USD DC / IC / A / B / BH / C• GBP DC / IC / A / B

b) 1% of NAV for the following Classes:• EUR I• USD I• GBP I

c) 1.5% of NAV for the following Classes:• GBP R• EUR R

For GT Managed, the Investment Manager is paid pro-rata monthly in arrears as follows:

a) 2.1% of NAV for the following Classes:• EUR A / B• USD A / B / BH

b) 1% of NAV for the following Classes:• EUR I• USD I• GBP I

c) 1.5% of NAV for the GBP R Class

For GT Ecommerce, the Investment Manager is paid pro-rata monthly in arrears as follows:

a) 2.1% of NAV for the following Classes:• EUR B• USD B / BH

b) 1% of NAV for the following Classes:• EUR I• USD I

The fees incurred for the reporting year are disclosed in the statement of comprehensive income and the outstanding management fees are detailed in note 9.



13.1 Investment Manager (continued)

During the current period, DX Evolution PCC Limited, a sub-fund registered in Guernsey managed by the Investment Manager, held and subscribed for shares in GT Luxury Consumer, GT Managed and GT Ecommerce. In order to avoid double charging, the directors of the Investment Manager resolved to reduce the annual management fee to 0.6% and waive the initial charges for these investments.

As at the reporting date, the Investment Manager held the following redeemable shares in the respective sub-funds.

No. of shares

2015 2014


GBP A Class 1.0000 1.0000

GBP I Class 1.0000 1.0000

GBP B Class 100.0000 100.0000

GBP R Class 1.0000 1.0000

USD A Class 1.0000 1.0000

USD I Class 1.0000 1.0000

USD B Class 1.0000 1.0000

USD C Class 100.0000 -

EUR A Class 1.0000 1.0000

EUR I Class 1.0000 1.0000

EUR B Class 1.0000 1.0000

EUR R Class 1.0000 1.0000

EUR C Class 100.0000 -

GT Managed Fund

GBP I Class 1.0000 1.0000

GBP R Class 1.0000 1.0000

USD A Class 1.0000 1.0000

USD I Class 1.0000 1.0000

USD B Class 1.0000 1.0000

EUR A Class 1.0000 1.0000

EUR I Class 1.0000 1.0000

EUR B Class 1.0000 1.0000

GT Ecommerce Fund

USD I Class 1.0000 1.0000

EUR I Class 1.0000 1.0000



13.1 Investment Manager (continued)

As at reporting date, DX Evolution PCC Limited held the following redeemable shares in the respective sub-funds.

No. of shares

2015 2014


EUR IC Class 438,737.1790 522,675.3492

USD IC Class - 408,641.2441

USD BH Class 3,735,884.3400 -

GT Managed Fund

EUR A Class 4,513,375.0525 6,849,422.6863

USD A Class - 4,952,925.2249

USD BH Class 3,762,150.6200 -

GT Ecommerce Fund

EUR B Class 4,764,537.6372 5,690,000.0000

USD B Class - 4,726,655.4790

USD BH Class 3,754,425.8100 -

Mr. Alexander Bell, who is the ultimate controlling party, held 10,000 shares in GT Luxury Consumer EUR IC Class as at 31 December 2015 (2014: 10,000 shares), 3,757.4011 shares in GT Luxury Consumer EUR I Class (2014: 3,757.4011), 481,275.1331 in GT Managed EUR I Class (2014: 481,275.1331) and 20,120.5016 in GT Ecommerce EUR I Class (2014: 20,120.5016).

13.2 Marketing fees

Under the terms of an agreement dated 15 July 2014, Simple Steps Limited (which changed its name from Dominion Marketing Limited (“DML”) on 5 February 2014) acts as marketing consultant at the request of the Investment Manager on behalf of Dominion Global Trends SICAV p.l.c. and is entitled to receive a fee of 0.50% per annum of the Net Asset Value of each class with the exception of GBP I class for GT Luxury Consumer and GT Managed. This is payable pro rata monthly in arrears. The fees incurred for the reporting year are disclosed in the statement of comprehensive income and the outstanding marketing fees are detailed in note 9.

During the current period, DX Evolution PCC Limited a fund registered in Guernsey managed by the Investment Manager, held and subscribed to shares in GT Luxury Consumer, GT Managed and GT Ecommerce. In order to avoid double charging, the directors of Simple Steps Limited resolved to waive the marketing fees for these investments.



13.3 Reimbursement of fees

During the reporting year ended 31 December 2015, the Investment Manager has been reimbursed for sundry expenses paid on behalf of the Company amounting to €461,819 (2014: €217,413). These are included within ‘other expenses’ in the statement of comprehensive income.

13.4 Promotional fees

Promotional fees are charged by Dominion Fund Management Limited (“DFML”) based on a charge of up to 1.5% of new subscriptions in GT Luxury Consumer, GT Managed and GT Ecommerce. DFML is also part of the Dominion Group. These expenses are included within ‘other expenses’ in the statement of comprehensive income and amount to €488,701 (2014: €416,516). DFML is also the company that receives the initial commissions on new business.

During the current period, DX Evolution PCC Limited, a sub-fund registered in Guernsey managed by the Investment Manager, held and subscribed to shares in GT Luxury Consumer, GT Managed and GT Ecommerce. The directors of DFML resolved to waive the promotional fees for these investments.

13.5 Deferred Charge expense

A deferred charge is applied for the C Share and DC Share Classes of the GT Luxury Consumer Fund. A deferred charge is a staggered form of initial charge. Instead of bearing an initial charge which reduces the amount of investor shares issued when first subscribing, share classes with a deferred charge spread out the initial charge over the course of a number of years. The deferred charge is payable to the Investment Manager. In order to ensure that the deferred charge is borne equitably by investors in these share classes, investors that redeem their investor shares before the end of the deferral period (5 years) will incur a redemption charge proportionate to the number of years remaining until the end of the deferral period. The deferred charge for the C and DC share classes amounts to 6.5% and 8% respectively, of the subscription amount attributable to each subscription and for pricing purposes this charge is either:

a) Amortised over 5 years; orb) Levied as a redemption charge (in the case of investor redeems before the five year period)

For the purposes of preparing financial statements in accordance with IFRS as adopted by the EU these deferred charges have been expensed in full. Deferred charges for the year ended 31 December 2015 amounted to €201,411 and are included in ‘other expenses’ account in the statement of comprehensive income.

13.6 Directors’ fees

The directors of the Company receive for their service such remuneration as may be determined by the Company in the Annual General Meeting, subject to a maximum of £100,000 per annum in aggregate.

Mr Jason Le Roux is a director of each of the Company and until 29 January 2016, a director of the Investment Manager and Dominion Group Limited (100% owner of the Investment Manager). Mrs Karen A Trotter is a director of the Company and until 31 December 2015, the Company Secretary to the Investment Manager. Mr Robin Fuller is a non-executive director of the Company. He is also a director of Valletta Fund Services Limited (the Administrator).



13.6 Directors’ fees (continued)

Mr Timothy Nelson, is a director of Dominion Group Limited and a director of the Investment Manager.

The fees incurred for the reporting year are disclosed in the statement of comprehensive income and the outstanding directors’ fees are detailed in note 9.

The Directors held the following shares at year end:

Sub-Fund Class of shares Number of units 2015

Number of units 2014

Timothy Nelson GT Luxury Consumer USD IC 517.4234 517.4234

Timothy Nelson GT Luxury Consumer GBP I 228.4400 228.4400

Karen Trotter GT Luxury Consumer GBP I 1.4392 1.4392

Karen Trotter GT Managed GBP I 155.8280 155.8280

Richard Rogers GT Luxury Consumer GBP R 455.2402 -

14. Other fees

14.1 Administration fees

Under the terms of an agreement dated 20 August 2010, Valletta Fund Services Limited was appointed as Administrator of the Company. Valletta Fund Services Limited receives an administration fee which varies between 0.08% and 0.120% per annum of the Net Asset Value of each sub-fund, with a minimum payable pro rata monthly in arrears as follows.

Sub-Fund Minimum Fee €

GT Luxury Consumer 34,000

GT Managed 41,000

GT Ecommerce 28,500

The fees incurred for the reporting year are disclosed in the statement of comprehensive income and the outstanding administration fees are detailed in note 9.

On 8 October 2015, the Board of Directors resolved to change the Administrator from Valletta Fund Services Limited to Louvre Fund Services Limited. This change was approved by the Malta Financial Service Authority on 22 February 2016.



14.2 Custodian fees

Bank of Valletta p.l.c. and Royal Bank of Canada Investor & Treasury Services (RBC) act as Custodian and global custodian under a Global Custody Agreement for GT Luxury Consumer, GT Managed and GT Ecommerce respectively. With respect to GT Luxury Consumer, Bank of Valletta p.l.c. is entitled to receive a fee which varies between €6,500 and €15,500 per annum and is payable monthly in arrears. The fees are calculated by reference to the Net Asset Value on each Dealing Day. With respect to GT Managed, the Custodian is entitled to a fixed fee of €12,000 per annum which is paid monthly in arrears. With respect to GT Ecommerce the Custodian is entitled to a fixed fee of €12,000 per annum which is paid monthly in arrears. Bank of Valletta p.l.c. is also entitled to receive reasonable out-of-pocket expenses, including trustee disbursements and transaction costs.

The global custody fees payable to RBC are charged on a monthly basis in accordance with the total market value of the portfolio of each sub-fund and are based on the respective place of settlement for each underlying asset.

The fees incurred for the reporting year are disclosed in the statement of comprehensive income and the outstanding custody fees are detailed in note 9.

14.3 Auditor’s fees

Fees charged by the auditor for services rendered during the financial period ended 31 December relate to the following (excluding VAT):

2015 € 2014 €

Annual statutory audit services 26, 250 25,000

Tax compliance services 4,970 9,660

Total 31,220 34,660

14.4 Overlay Manager’s fees

Edmond de Rothschild Asset Management (UK) Limited were appointed as Overlay Managers for the three sub-funds during 2015. The hedging strategy employed by the Overlay Manager is to hedge the Net Asset Value (NAV) of the hedged share classes.

For the provision of such service, the Company will pay the Overlay Manager a Currency Overlay Management Fee of 0.02% per annum of the average month-end amount under management by the Overlay Manager. The Currency Overlay Management Fee will be allocated to and borne by the relevant hedged share classes. Overlay Manager’s fees for the year ended 31 December 2015 amounted to €337 and are included in the ‘other expenses’ account in the statement of comprehensive income.


Portfolio StatementFor the year ended 31 December 2015



Percentage of net assets 2015

€ %

Quoted Equities

British Pound

Burberry Group PLC 486,412 0.93

InterContinental Hotels Group 1,019,952 1.94

Jimmy Choo PLC 349,342 0.67

Total 1,855,706 3.54

Danish Krone

Pandora A/S 1,971,235 3.76

Euro

Amer Sports Oyj 940,579 1.79

Bayerische Motoren Werke AG 977,667 1.86

Brunello Cucinelli SpA 530,433 1.01

Christian Dior SA 2,965,867 5.65

Inditex SA 1,920,541 3.66

Ff Group 239,121 0.46

Luxottica Group Spa 2,599,374 4.95

Remy Cointreau SA 1,486,875 2.83

Salvatore Ferragamo SpA 1,346,608 2.57

Yoox Net-A-Porter Group 937,756 1.79

Total 13,944,821 26.57

Japanese Yen

Shimano Inc 1,913,446 3.65

Swiss Franc

Chocoladefabriken Lindt-Reg 3,431,090 6.54

Cie Financiere Richemont-Reg 1,012,732 1.93

Dufry Ag-Reg 2,202,886 4.20

Total 6,646,708 12.67


Portfolio Statement (continued)


GT Luxury Consumer Fund (continued)



€ %

Quoted Equities (continued)

US Dollar

Apple Inc 1,824,083 3.47

Brown-Forman Corp-Class B 1,496,726 2.85

Carnival Corp 1,965,033 3.74

Las Vegas Sands Corp 1,421,811 2.71

Macy's Inc 373,046 0.71

Mandarin Oriental International 133,767 0.25

Mandarin Oriental Intl Ltd 1,050,672 2.00

Nike Inc -Cl B 2,007,139 3.82

Norwegian Cruise Line Holdings 917,103 1.75

PVH Corp 568,218 1.08

Royal Caribbean Cruises Ltd 1,068,830 2.04

Starbucks Corp 2,518,385 4.80

Starwood Hotels & Resorts 1,627,552 3.10

Tiffany & Co 1,099,147 2.09

Tripadvisor Inc 1,184,605 2.26

VF Corp 874,460 1.67

Walt Disney Co/The 2,263,025 4.31

Total 22,393,602 42.65

Contracts for difference

Euro

Accor Sa (22,950) (0.04)

Hong Kong Dollar

Prada S.P.A. 240,096 0.46

Swiss Franc

Swatch Group Ag/The-Br 56,798 0.11




GT Luxury Consumer Fund (continued)

Fair Value Notional Amount Percentage of net assets 2015

%


Sale of Euro against United States Dollar Maturity on 29 January 2016 31,363 3,262,332 0.06

Total investments 49,030,825 93.41




GT Managed Fund



€ %

Quoted Equities

British Pound

Ashtead Group PLC 254,004 1.88

Compass Group PLC 228,486 1.69

Halma PLC 482,092 3.57

Total 964,582 7.14

Euro

Aalberts Industries NV 420,900 3.12

Amadeus IT Holding SA 386,304 2.86

Dassault Systemes 419,382 3.10

Eurofins Scientific 204,053 1.51

Polar Capital Healthcare 1,553,049 11.50

Prosegur Cia de Seguridad SA 241,727 1.79

Vopak 302,960 2.24

Wolters Kluwer NV 409,264 3.03

Total 2,384,590 17.65

Swedish Krona

Assa Abloy Ab-B 375,933 2.78

Hexagon Ab-B Shs 336,207 2.49

Total 712,140 5.27

Swiss Franc

Dufry Ag-Reg 148,205 1.10

Givaudan-Reg 316,851 2.35

Syngenta Ag-Reg 198,782 1.47

Total 663,838 4.92




GT Managed Fund (continued)



€ %

Quoted Equities (continued)

US Dollar

Activision Blizzard Inc 280,193 2.07

Alphabet Inc-Cl A 272,870 2.02

Apple Inc 218,309 1.62

B/E Aerospace Inc 315,929 2.34

Citrix Systems Inc 140,115 1.04

Delphi Automotive Plc 280,003 2.07

Domino's Pizza Inc 243,328 1.80

Ebay Inc 264,148 1.96

Fedex Corp 316,136 2.34

Global Payments Inc 231,421 1.71

Ingredion Inc 298,466 2.21

Interactive Brokers Gro-Cl A 255,786 1.89

Mastercard Inc-Class A 375,885 2.78

Mobileye Nv 116,607 0.86

Monsanto Co 310,349 2.30

Mueller Water Products Inc-A 324,743 2.40

Netflix Inc 124,561 0.92

Norwegian Cruise Line Holdings 262,977 1.95

Paypal Holdings Inc 243,964 1.81

Starbucks Corp 335,376 2.48

Starwood Hotels & Resorts 234,248 1.73

Tetra Tech Inc 460,897 3.41

Tyson Foods Inc-Cl A 206,926 1.53

Verint Systems Inc 140,613 1.04

Walt Disney Co/The 351,618 2.60

Waters Corp 277,136 2.05

Xylem Inc 469,728 3.48

Total 7,352,332 54.41




GT Managed Fund (continued)

Quoted Market value 2015


€ %

Quoted Collective Investment Schemes

Euro

Polar Capital Healthcare 1,553,049 11.50


%







GT Ecommerce Fund



€ %

Quoted Equities

British Pound

Worldpay Group Plc 600,552 4.64

Wpp Plc 246,062 1.90

Total 846,614 6.54

Euro

Amadeus It Holding Sa-A Shs 268,928 2.08

Kion Group Ag 505,023 3.91

Wolters Kluwer 641,130 4.96

Yoox Net-A-Porter Group 207,749 1.61

Total 1,622,830 12.56

Swiss Franc

Kardex Ag-Reg 226,882 1.75




GT Ecommerce Fund (continued)



€ %

Quoted Equities

US Dollar

Activision Blizzard Inc 459,434 3.55

Alibaba Group Holding-Sp Adr 190,773 1.48

Alphabet Inc-Cl A 565,794 4.38

Amazon.com Inc 243,276 1.88

Apple Inc 477,314 3.69

Baidu Inc – Spon Adr 253,200 1.96

Ebay Inc 439,605 3.40

Electronic Arts Inc 209,834 1.62

Expedia Inc 402,658 3.11

Facebook Inc-A 236,333 1.83

Fedex Corp 601,962 4.66

Global Payments Inc 436,179 3.37

Interactive Brokers Gro-Cl A 422,671 3.27

Mastercard Inc-Class A 676,665 5.23

Monster Worldwide Inc 124,188 0.96

Netflix Inc 286,290 2.21

Nielsen Holdings Plc 580,618 4.49

Paypal Holdings Inc 384,424 2.97

Priceline Group Inc/The 397,868 3.08

Starbucks Corp 600,350 4.64

Tripadvisor Inc 303,391 2.35

Verint Systems Inc 238,847 1.85

Visa Inc-Class A Shares 622,079 4.81

Yahoo 378,676 2.93

Total 9,532,429 73.72


%


Sale of Euro against United States Dollar Maturity on 4 January 2016 (98) 24,938 0.00




Statement of Changes in PortfolioFor the year ended 31 December 2015



€ %


British Pound 3.54 10.81

Danish Krone 3.76 3.34

Euro 26.57 16.89

Swiss Franc 12.67 9.03

US Dollar 42.65 58.80

Japanese Yen 3.65 -

Hong Kong Dollar 0.45 -

GT Managed Fund


Danish Krone - 1.86

Euro 29.15 23.81

Swiss Franc 4.92 3.01

US Dollar 53.41 53.17

Swedish Krona 5.27 -

GT Ecommerce Fund


Euro 12.56 19.00

Hong Kong Dollar - 1.49

US Dollar 73.72 67.86

Swiss Franc 1.75 -


Information about the scheme

1. Authorisation

The Company consists of three sub-funds, i.e. GT Luxury Consumer, GT Managed and GT Ecommerce, and is authorised by the Malta Financial Services Authority as a Collective Investment Scheme pursuant to Section 6 of the Investment Services Act, 1994, qualifying as a UCITS Scheme.

2. Income

GT Luxury Consumer, GT Managed and GT Ecommerce are accumulator funds and do not make any distributions. Instead, all income is accumulated within the price of their shares. In this case, no equalisation is required.

3. Charges and other fees

• An initial charge of up to 6.50% of the subscription amount may be charged to investments into the IC share classes

• An initial charge of up to 5.00% of the subscription amount may be charged to investments into the A and R share classes

• An initial charge of up to 6.50% may be incorporated in the subscription price for investments into the B share classes

• An exit charge of up to 7.50% of the subscription amount may be charged to the DC share classes

• An exit charge of up to 1.00% of the redemption amount may be charged to the A share classes

• An exit charge of up to 6.50% of the subscription amount may be charged to the C share classes

• An annual management fee of a maximum of: - 2.10% per annum of the net asset value of GT Luxury Consumer; - 2.10% per annum of the net asset value of GT Managed; and - 2.10% per annum of the net asset value of GT Ecommerce;

• A maximum administration fee of 0.12% per annum of the net asset value of the respective sub-fund; subject to a minimum fee of:

- €34,000 per annum for GT Luxury Consumer; - €41,000 per annum for GT Managed; and - €28,500 per annum for GT Ecommerce;

• An annual custody fee of a maximum of: - €15,500 per annum with respect to GT Luxury Consumer (excluding fees payable to RBC); - €12,000 per annum with respect to GT Managed (excluding fees payable to RBC); and - €12,000 per annum with respect to GT Ecommerce (excluding fees payable to RBC).

4. Risk warnings

Market fluctuations

Investment in the respective sub-funds should be regarded as a long-term investment. The sub-funds’ investments are subject to normal market fluctuations and risks inherent in all investments and there are no assurances that capital appreciation will occur.

The price of shares and the income derived from them (if any) can, from time to time, go down as well as up and investors may not realise the amount of their initial investment.

Past performance is no guarantee of future performance.

The value of the underlying sub-funds may fall as well as rise.


Information about the scheme

4. Risk warnings (continued)

Erosion of capital

Deduction of the initial charge (if any) means that if an investor withdraws from the investment in the short term he/she may not get back the amount he/she invested.

Currency fluctuations

Currency fluctuations between the base currency of the sub-fund, and,

(i) the investor’s currency of reference, and,(ii) the currency of the underlying investments of the sub-funds, may adversely affect the value

of investments and the income (if any) derived therefrom.

5. Scheme particulars

The above details are extracted from Prospectus dated 25 February 2016, which is available upon request from the Investment Manager, and was current at the date of this Annual Report and Audited Financial Statements. Persons wishing to invest in any of the three sub-funds of the Scheme should do so on the basis of the full information contained in the Prospectus and the Offering Supplements.

6. Changes to company documents

The Offering Documents of the Scheme were updated during the current reporting period as follows:

On 30 January, 2015 the Scheme issued an updated Prospectus and Offering Supplement for each of the Sub-Funds. The main changes to the Offering Documents were made to reflect the appointment of Mr. Toby Birch as a director, the change in Global Custodian from JP Morgan to RBC, a change in name of GT Managed Fund (previously GT Strategic Fund) and the offering of two new classes in GT Luxury Consumer (EUR C and USD C).

On 26 October 2015, the Scheme issued a further updated Prospectus and Offering Supplement for each of the Sub-Funds. The main changes to the Offering Documents were made to reflect the appointment of Mr. Richard Rogers as a director, the appointment of Edmond de Rothschild Asset Management (UK) Limited as overlay manager for the hedged share classes (designated with “H”), the offering of 6 new hedged classes in GT Luxury Consumer (EUR BH, EUR CH, EUR IH, USD BH, USD CH and USD IH), the offering of 4 new hedged classes in GT Managed (EUR BH, EUR IH, USD BH and USD IH), the offering of 4 new hedged classes in GT Ecommerce (EUR BH, EUR IH, USD BH and USD IH) and the addition of wording required for distribution in Switzerland.

On 2 December 2015, the Scheme commenced the process to obtain approval to, among other things, amend the Prospectus and Offering Supplement for each of the Sub-Funds. The main changes proposed involved reflecting proposed changes to the Administrator, registered office, risk manager and compliance officer as well as aligning the minimum subscription amount for the I Share classes across all Sub-Funds by reducing same from EUR/GBP/ USD 5,000,000 to EUR/GBP/USD 500,000. The changes were approved and updated Offering Documents issued on 25 February 2016.

7. Switzerland

This document may only be distributed in or from Switzerland to qualified investors within the meaning of Art. 10 Para. 3, 3bis and 3ter CISA. The Representative in Switzerland is ACOLIN Fund Services AG, Affolternstrasse 56, CH-8050 Zürich, whilst the Paying Agent is Banque Cantonale Vaudoise, Place St-François, CH-1003 Lausanne. In respect of the units distributed in or from Switzerland, the place of performance and jurisdiction is at the registered office of the Swiss representative. The basic documents of the Sub-Fund as well as the annual and, if applicable, semi-annual report may be obtained free of charge at the registered office of the Swiss Representative.

8. Directors’ statement

In the opinion of the directors, this Annual Report and Audited Financial Statements, contains all the information required to enable the investors to make an informed judgement of the results and activities of the Company for the year ended 31 December 2015, and does not omit any matter or development of significance.
