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MACQUARIE UNIT TRUST SERIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2013 3 Net assets attributable to unitholders In accordance with the provisions in the Explanatory Memorandum of each of the Sub-Funds, listed investments are stated at the last traded price on the valuation day for the purpose of determining net asset value per unit for subscriptions and redemptions and for various fee calculations. However, as stated in note 2(c), the accounting policy of each of the Sub-Funds for the purpose of compliance with IAS 39 and for reporting purposes is to value its listed investments at the relevant bid/ask market prices on the year end date. As at 30 June 2013, the difference between the valuation of listed investments stated in the financial statements and the valuation methodology indicated in the Explanatory Memorandum of each of the Sub- Funds, is as follows: Macquarie IPO China Concentrated Core Fund 2013 2012 USD USD Net assets attributable to unitholders (calculated in accordance with the Explanatory 31,323,817 32,975,371 Memorandum) Adjustment from last traded prices to bid/ask market prices (116,219) (62,067) Net assets attributable to unitholders (calculated in accordance with IFRS) 31,207,598 32,913,304 Macquarie IPO China Gateway Fund 2013 2012 USD USD Net assets attributable to unitholders (calculated in accordance with the Explanatory 59,458,933 56,759,112 Memorandum) Adjustment from last traded prices to bid/ask market prices (205,764) (140,397) Net assets attributable to unitholders (calculated in accordance with IFRS) 59,253,169 56,618,715 Macquarie Asia New Stars Fund 2013 2012 USD USD Net assets attributable to unitholders (calculated in accordance with the Explanatory 58,615,706 41,294,786 Memorandum) Adjustment from last traded prices to bid/ask market prices (350,038) (162,271) Net assets attributable to unitholders (calculated in accordance with IFRS) 58,265,668 41,132,515 Net assets attributable to unitholders at last traded market prices represent a liability in the statements of financial position, carried at the redemption amount that would be payable at the year end date if the unitholders exercised their right to redeem the units in the respective Sub-Funds. 4 Financial risk management a) Strategies in using financial instruments Each of the Sub-Funds’ activities expose them to a variety of financial risks: market risk (including price risk, currency risk, and interest rate risk), credit risk and liquidity risk. The overall risk management programme of each of the Sub-Funds focuses on ensuring compliance with the respective Sub-Fund’s investment objective and seeks to maximise the returns derived for the level of risk to which the respective Sub-Fund is exposed. The Sub-Funds use derivatives and other instruments for trading purposes and in connection with its risk management activities. The Sub-Funds may use derivative financial instruments for currency hedging. Derivatives are not used to gear (leverage) the portfolio. Gearing a portfolio would occur if the level of exposure to the markets exceed the underlying value of the Trust. Financial risk management is carried out by the risk management department of the Manager under policies approved by senior managers or by the board of the Manager. Macquarie IPO China Concentrated Core Fund Investment objective The Sub-Fund invests in listed equities with a focus on People’s Republic of China (“PRC”) related IPO Securities principally those listed in Hong Kong, US and Singapore. 19
MACQUARIE UNIT TRUST SERIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2013 4 Financial risk management (continued) a) Strategies in using financial instruments (continued) Policies and processes The Manager constructs an investment portfolio consisting of newly listed stocks that meet the Sub-Fund’s quantitative and qualitative criteria based on independent research and investment techniques. When the Manager determines that new IPO Securities are suitable for the investment portfolio, the Manager may remove an IPO Security and re-balance the portfolio. In circumstances where the Manager makes an application for a security that will be listed and the Manager’s allocation through the primary market is scaled back, secondary market purchases may be made. The Manager will determine the weightings it considers appropriate from time to time in its discretion. Cash and money market instruments will also be held to manage the liquidity within the Sub-Fund’s portfolio. The number of IPO Securities to be held within the investment portfolio will be determined by the Manager from time to time. Macquarie IPO China Gateway Fund Investment objective The Macquarie IPO China Gateway Fund’s investment objective is to provide unitholders exposure to returns from initial public offerings and secondary market trading of equity securities of companies which have been recently listed. This is achieved by: • directly by investing in equity securities or other related financial instruments which are or will be listed predominantly on stock exchanges in Hong Kong, Singapore, Taiwan or the United States of America (the “Direct Portfolio”); and • indirectly by investing in the Macquarie IPO China Concentrated Core Fund (the “Indirect Portfolio”). The exposure of the Sub-Fund is maintained by investing 70% to 100% in the Direct Portfolio and 0% to 30% in the Indirect Portfolio. Policies and processes In pursuit of the investment objective the Sub-Fund’s Direct Portfolio will acquire a portfolio of recent IPO Securities. The IPO Securities to be included in the Direct Portfolio will be chosen by the Manager in accordance with the Manager’s quantitative and qualitative investment criteria (this is described further below). The Manager will generally seek to acquire new IPO Securities for the Direct Portfolio through the initial public offering of the relevant IPO Securities or on the market after listing. The eligible universe of the Direct Portfolio includes listed equities with a focus on IPO Securities listed in Hong Kong, Singapore, Taiwan and the United States. In the case of IPO Securities not listed in Hong Kong, Singapore or Taiwan, the IPO Securities must relate to companies which derive or are expected to derive a significant portion of their revenues from Greater China or Singapore. The Sub-Fund intends to invest no more than 30 per cent of its Net Asset Value in IPO Securities which are listed in markets other than Hong Kong or Taiwan and which are not expected to derive a significant portion of their revenues from the PRC. Equity exposure in the secondary market may be achieved through investment in shares, depositary receipts, participation rights and potentially through other instruments which are linked to the performance of eligible IPO securities such as participation notes, equity swaps and equity linked notes, provided that exposure via investments in such instruments (excluding ADRs and GDRs) shall not exceed 15% of the net assets of the Sub-Fund. The Manager will determine the investment portfolio by applying a variety of quantitative and qualitative criteria. The Manager will determine an appropriate number of positions to best serve the investment objectives of the Sub-Fund having regard to the relative size of allocations that the Sub-Fund would need to make to individual positions compared to the available liquidity and likely market impact and transaction costs of trading those positions. The number and relative size of the positions may be adjusted from time to time. The Direct Portfolio may also comprise cash. 20
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