HUNTRESS

HUNTRESS | Investment Fund Offshore 

UNAUDITED CONDENSED HALF-YEARLY FINANCIAL STATEMENTS 

FOR THE PERIOD FROM 1 OCTOBER 2015 TO 31 MARCH 2016 

Guernsey: +44 (0)1481 729100 / Jersey: +44 (0)1534 722051 

www.ravenscroft.gg

CONTENTS 

Management and Administration 02 

Report of the Manager 03 

Investment Manager’s Report 05 

Unaudited Condensed Statement of Comprehensive Income 14 

Unaudited Condensed Statement of Financial Position 16 

Unaudited Condensed Statement of Changes in Net Assets Attributable to Unitholders 18 

Unaudited Condensed Statement of Cash Flows 20 

Notes to the Unaudited Condensed Financial Statements 22 

Portfolio Statements 32 

Ravenscroft Limited | Huntress Investment Fund Offshore | Unaudited Interim Report 2016 01

MANAGEMENT AND ADMINISTRATION 

MANAGER 

DIRECTORS OF THE MANAGER 

Ravenscroft Investment Management Limited 

Mark Bousfield 

Level 5, The Market Buildings 

Ben Byrom 

Fountain Street Charlie Roger (appointed 29 June 2015) 

St. Peter Port Robert Tannahill (appointed 4 April 2016) 

Guernsey GY1 4JG Simon Melling (resigned 29 June 2015) 

ADMINISTRATOR AND REGISTRAR 

TRUSTEE 

from 1 April 2016 

Kleinwort Benson (Guernsey) Limited 

Louvre Fund Services Ltd 

Dorey Court 

St. Peter's House 

Admiral Park 

Le Bordage 

St. Peter Port 


Guernsey GY1 2HT 

Guernsey GY1 1BR 

LEGAL ADVISOR 

until 1 April 2016 

Mourant Ozannes 

Orangefield Legis Fund Services Limited 

1 Le Marchant Street 

11 New Street St. Peter Port 


Guernsey GY1 4HP 

Guernsey GY1 2PF 

TAX ADVISOR 

LISTING SPONSOR 

Deloitte LLP 

from 1 April 2016 PO Box 137 

Mourant Ozanne Services Ltd 

Regency Court 

1 Le Marchant Street Glategny Esplanade 



Guernsey GY1 4HP 

Guernsey GY1 3HW 

until 1 April 2016 

AUDITOR 

Orangefield Legis Fund Services Limited 

Saffery Champness 

11 New Street La Tonnelle House 


Les Banques 

Guernsey GY1 2PF 

St. Sampson 

Guernsey GY2 4BF 

PRINCIPAL BANKER 

Kleinwort Benson (Channel Islands) Limited 

Dorey Court 

Admiral Park 


Guernsey GY1 2HT 

02 

Ravenscroft Limited | Huntress Investment Fund Offshore | Unaudited Interim Report 2016

REPORT OF THE MANAGER 

Ravenscroft Investment Management Limited (the “Manager”) has 

pleasure in submitting its report for the Huntress Investment Fund 

Offshore (the “Fund”) for the half-yearly period from 1 October 2015 

to 31 March 2016. 

STATEMENT OF MANAGER’S RESPONSIBILITIES 

The Manager is responsible for preparing financial statements for 

each half year in accordance with the Trust Instrument, the Listing 

Rules of the Channel Islands Securities Exchange, the Protection of 

Investors (Bailiwick of Guernsey) Law, 1987 (as amended) and the 

Authorised Collective Investment Schemes (Class B) Rules 2013. 

The Manager has chosen to prepare interim financial statements 

in accordance with Internanational Accounting Standard 34 

Interim Financial Reporting (“IAS 34”). In preparing these financial 

statements, the Manager is required to: 

• Select suitable accounting policies and then apply them 

consistently; 

• Make judgements and estimates that are reasonable and 

prudent; 

• State whether applicable accounting standards have been 

followed, subject to any material departures disclosed and 

explained in the financial statements; and 

• Prepare the financial statements on the going concern basis 

unless it is inappropriate to presume that the Fund will continue 

in business. 

The Manager confirms that they have complied with the above 

requirements in preparing the financial statements. 

The Manager is responsible for keeping proper accounting records 

that disclose with reasonable accuracy at any time the financial 

position of the Fund and enable them to ensure that the financial 

statements comply with the Trust Instrument and The Protection of 

Investors (Bailiwick of Guernsey) Law, 1987 (as amended). They are 

also responsible for safeguarding the assets of the Fund and hence 

for taking reasonable steps for the prevention and detection of 

fraud and other irregularities. 

ACTIVITIES AND STATUS 

A Trust Instrument dated 12 November 2008, between the Manager 

and the Trustee, established the Fund as an exempt unit trust under 

the laws of the Island of Guernsey. 

The Fund is authorised by the Guernsey Financial Services 

Commission as a Class B Scheme under the provisions of the 

Protection of Investors (Bailiwick of Guernsey) Law, 1987 (as amended). 

The Fund changed its administrator to Louvre Fund Services Ltd on 

1 April 2016. 

During the period, the Fund consisted of the following Sub Funds: 

• Huntress Global Balanced Fund (first units created 1 December 

2008) 

• Huntress Global Income Fund (first units created 1 October 

2009) 

• Huntress Global Growth Fund (first units created 7 April 2011) 

• Huntress Global Blue Chip Fund (first units created 1 July 2014). 

The Huntress Global Balanced Fund aims to generate long-term 

capital growth with a lower level of volatility than equity markets. 

The Huntress Global Balanced Fund seeks to attain its objective 

by diversifying investments in a number of collective investment 

schemes across different asset classes. 

The Huntress Global Income Fund aims to provide investors with 

a total return with a focus on delivering an income yield that 

competes with prevailing cash rates with some capital growth. 

The Huntress Global Income Fund will invest in a global portfolio 

comprising of a range of fixed, floating and inflation linked debt 

securities, properties and equities. 

The Huntress Global Growth Fund aims to generate long-term 

capital growth primarily through investment in global equity 

markets. The Huntress Global Growth Fund seeks to attain its 

objective by investing in a number of collective investment 

schemes that offer a range of geographic and sector exposures or 

whose investment strategy best fits the investment environment. 

The Huntress Global Blue Chip Fund aims to generate long-term 

capital growth from a focused portfolio of global equities of 

developed market, multi-national businesses (“Blue Chips”) with a 

market capitalization of $5 billion or greater. The stocks will be listed 

on recognised stock exchanges in developed countries and will be 

held for a long period. 


RESULTS 

As at 31 March 2016, the reported net asset value (“NAV”) and units in issue in respect of each Sub Fund was as follows: 

NAV of sub fund 

£’000s 

Units in issue 

NAV per unit* 

Huntress Global Balanced Fund £73,769 464,166 £158.93 

Huntress Global Income Fund £41,299 366,312 £112.74 

Huntress Global Growth Fund £23,101 171,383 £134.79 

Huntress Global Blue Chip Fund £30,924 284,619 £108.65 

*The NAV per unit reported on the CISEAL differs to the financial statements NAV per unit as a result of certain accounting adjustments that are 

required to comply with International Financial Reporting Standards. A reconciliation of the difference between the reported NAV per unit and 

the financial statements NAV per unit is included in note 7. 

The price history for the period from 1 October 2015 to 31 March 2016 is as follows: 

Highest NAV per unit 

Lowest NAV per unit 

Huntress Global Balanced Fund £159.32 £148.44 

Huntress Global Income Fund £113.48 £105.83 

Huntress Global Growth Fund £135.34 £123.87 

Huntress Global Blue Chip Fund £109.80 £97.00 

DISTRIBUTION POLICY 

The Huntress Global Income Fund will distribute the majority of the income available for income allocation on a quarterly basis. The Huntress 

Global Blue Chip Fund distribution units will distribute the majority of the income available for income allocation on a half-yearly basis. 

The accumulation unitholders of the Huntress Global Balanced Fund, Huntress Global Growth Fund, Huntress Global Income Fund or Huntress 

Global Blue Chip Fund will not receive a distribution payment. All income accruing to those Sub Funds will be added to the capital of the 

respective Sub Fund from which it is derived and reflected in the net asset value. 

SCHEME PARTICULARS 

Full details of the Fund can be found in its Scheme Particulars, copies of which can be obtained free of charge from the Manager. 

The information contained under Management and Administration on page 2 forms part of this report. 

Approved by the Board of Directors of the Manager and signed on its behalf by: 

Robert Tannahill 

Ben Byrom 

25th July 2016 

04 


INVESTMENT MANAGER’S REPORT 

INVESTMENT COMMENTARY 31st March 2016 

BY MARK BOUSFIELD 

Little darling, it’s been a long cold lonely winter 

Little darling, it feels like years since it’s been here 

Here comes the sun, here comes the sun 

And I say it’s all right 

The Beatles, 1969 

I don’t think any of us would mind getting a bit of sunshine, after all 

it’s not only the weather that has been miserable, markets have also 

felt pretty wintery for about a year now! Equity markets peaked in 

April last year and despite the occasional rally, the direction has 

generally been lower ever since. 

There are a number of reasons for this and whilst we have touched 

on them previously, it’s worth recapping if only to set the scene in 

terms of the world we are investing in today. We’ve broken this into 

three component parts: 

2. Market Cycles 

Investors are emotional animals and are always on the lookout 

for something to anchor to; for something they can believe in 

that might show them a glimpse of the future. The problem at the 

moment – as if politics and economics weren’t enough – is that 

the market isn’t providing a roadmap. This is summarized by the 

following two charts: 

The first chart indicates that markets are at the end of a cyclical 

bounce and that they are headed downwards. 

1. Uncertainty 

Markets dislike uncertainty, but when has the future been anything 

other than uncertain? All true enough. But, boy, I’ve never known 

things to be this unclear in my twenty years of investing. The UK 

is but a reflection of a broader political angst. The Tories, having 

convincingly won the general election a matter of months ago, 

must have watched with amazement as both Labour and the 

Liberal Democrats literally imploded. The political landscape was 

clear for the taking. And yet, it is now the Tories that appear to be 

on the verge of implosion as a huge division in opinion on Europe 

rips the party apart. And all of this pales in comparison to Brazilian 

politics – at least our politicians aren’t being impeached! This is what 

the markets are contending with: BREXIT, GREXIT, Donald Trump 

(wow!), growth or no growth, debt mountains, inflation v deflation 

and the constant threat of terrorism coming to a town near you. 


The second chart, which is much longer dated, suggests that we 

have finally broken out of a 15 year bear market that started with 

the collapse of the tech bubble in 2015. 

As we’ve said time and again, it is possible, by investing sensibly 

into irrefutable long-term themes, to build portfolios that will get 

you through thick and thin and be as relevant tomorrow as they 

are today. That isn’t to say that the momentum will always be 

upward, but sufficiently so that you can be pretty confident of the 

long-term trajectory. 

For instance, technology continues to take big strides forward – just 

look at Artificial Intelligence: in a mirror image of the 1997 Gary 

Kasparov v IBM’s Deep Blue chess game, Google’s AI recently beat 

the current Go 1 world champion Lee Sedol (much to his distress). 

Admittedly, Microsoft’s expletive-ridden chatbot 2 hasn’t been such a 

roaring success! 

Meanwhile Tesla has released a semi-autonomous software 

update to its cars and the Google Car is being road-tested with the 

goal of having its self-driving saloon car coming to market at the 

end of 2017. 

Which is it? Care to hazard a guess? By the way, that would be 

gambling, not investing! 

3. Valuations 

Even with this confused backdrop investors could remain bullish if 

valuations looked attractive; after all, buying good assets cheaply 

dramatically improves the likelihood of making a positive return 

in the future. 

MSCI World PE 

Current 

PE 

15 YR 

Av 

10 YR 

Av 

7 YR 

Av 

3 YR 

Av 

1 YR 

Av 

MAX 

PE 16.24 15.41 14.46 14.54 15.83 16.73 28.19 10.88 

MIN 

Sadly, and as you can see above, despite the recent sell off the 

MSCI’s PE is still above its long-term average – not excessively 

so, but also not cheap enough to reassure investors that they 

will be more than compensated for investing against such an 

uncertain backdrop. 

So…not a lot of sunshine thus far. Where’s it going to come from? 

1 The game originated in ancient China more than 2,500 years ago, and is one of the 

oldest board games played today. Despite its relatively simple rules, Go is considered 

more complex than chess, having both a larger board with more scope for play and 

longer games, and, on average, more alternatives to consider per move. 

2 A computer program which conducts a conversation via auditory or textual methods. 

Such programs are often designed to engage in small talk with the aim of passing the 

Turing Test by fooling the conversational partner into thinking that the program is a 

human. 

06 


In the healthcare arena, tests of a potentially revolutionary cancer 

therapy have had extraordinary results on terminally ill patients. 

The technique involves removing their own immune cells, or T-cells, 

from such patients, tagging them with “receptor” molecules that 

target the individual cancer, and then reinfusing the T-cells back 

into the body. At the same time, 3D printers continue to evolve 

and can be used to create custom surgical implants, from plates to 

replacement joints and scaffolds used to encourage cells to grow 

into new tissues. Extraordinary progress.… 

The point is that these themes continue to evolve – heedless of the 

everyday trials and tribulations of your Trumps and Corbyns. 

Of course, the nervy political backdrop and its jittery investors will 

mean there are always periods of volatility, which in turn provide the 

opportunity to buy themes at good prices – as has been the case 

with technology and healthcare this year. 

In sum, who knows whether we are at the start of a cyclical 

correction or the end of a bear market? All we know is that there 

are great stories out there – and as long as the market remains 

nervous the likelihood of being able to buy into them at good 

prices only increases. 


HUNTRESS GLOBAL GROWTH 

BY SAM CORBET 

2015 was certainly an interesting (and at times nervy) year for 

investors. The MSCI World Index ended virtually flat on the 

year despite recording a maximum, intra-year, drawdown of 

approximately 18 per cent – bumpy to say the least! The Growth 

fund fared slightly better, as we maintained our cautious stance 

throughout the fourth quarter with the split between bonds 

and equities remaining broadly in line with the 30/70 allocation 

identified at the end of Q3. 

Looking at the year as a whole, our allocation to emerging 

markets (EM) continued to be a drag on performance. 

Many emerging economies have substantial dollar-denominated 

debt, which always proves problematic in the face of a 

strengthening dollar because paying down debt in domestic 

currency becomes that much more expensive. Combine a strong 

dollar and the commodities rout and it is easy to see why 2015 has 

been such a tough year for these regions. 

Despite the negative sentiment, our EM holdings held up 

comparatively well. The only exception was Findlay Park Latin 

American, which had an exceptionally tough year as stories of 

widespread, high-profile corruption surfaced in Brazil, thereby casting 

doubt on the integrity of Government and, consequently, its ability to 

meet loan obligations. The exceptionally weak Real provided us with 

an opportunity to top up our position in Findlay Park. 

Elsewhere, our overweight allocation to global equities, healthcare 

and technology continued to assist performance. Equities recovered 

strongly during Q4, erasing the majority of losses sustained during 

Q3, with particularly strong performance coming from the likes of 

Fundsmith and Polar Capital’s Technology fund. 

Once again Findlay Park Latin American took the spotlight over the 

quarter, as it transitioned from our worst performing holding in 2015 

to our best so far in 2016. It has a significant geographical allocation 

to Brazil and has benefited from the uplift provided by the Bovespa, 

which rallied over 50% (in GBP) since its low on 21st January. On 4th 

March 2016, former president Luiz Lula da Silva was brought in for 

questioning by the Policia in connection with the Petrobras scandal. 

This sparked a positive reaction from investors who viewed this 

action as a sign of improving sentiment and the desire to rid the 

country of its endemic corruption. Whether this will be maintained 

in the face of potential impeachment proceedings against the 

current president remains to be seen. Since we initially topped up 

the position in Q4 2015 (as above), we continued to top up as prices 

continued to fall, throughout February’s lows and early into March. 

We believe the disparity between the quality of the underlying 

companies and their current valuations presented an opportunity to 

add long-term value for investors. 

So far in 2016, the Growth fund has maintained its bond-to-equity 

allocation. This defensive stance helped to dampen volatility 

relative to the market and it was pleasing to see the Fund behave 

as designed, serving to emphasize the quality of its assets while 

providing the kind of protection we would hope to see during times 

of market uncertainty. This positioning will continue to allow us to 

initiate holdings at attractive valuations as further opportunities 

present themselves. 

Now to more recent times and Q1 2016 started with a bang! 

The quarter can be divided into two distinct periods: a rapid 

sell-off until 11th February followed by a strong recovery, which 

continued steadily throughout the rest of the quarter. As a result, 

the first period saw the markets witness the routine flight to safety: 

government bonds rallied significantly, demand for gold soared and 

“racier” asset classes suffered significantly as investors’ appetite for 

risk waned. As you may have expected in this “risk-off” environment, 

the emerging markets, energy, tech and healthcare were among 

the most seriously affected casualties. Fast-forward to a little over a 

month later and the tables were completely reversed. 

08 


HUNTRESS GLOBAL BALANCED 

BY TIFFANY GERVAISE-BRAZIER 

As investors will know, we began reducing our equity exposure 

during the first quarter of 2015 – essentially, taking our foot off the 

accelerator based on rather expensive-looking valuations. Locking 

in some profit from our Global Blue Chip equities and adopting a 

more defensive position worked in our favour as markets began 

their rather steep decline from mid-April through to October. Simply 

put, during 2015 the Huntress Global Balanced Fund participated in 

the first quarter’s market gains and then protected investors against 

some of the downside that we saw in the summer. Following the 

summer sell-off, throughout Q3, we were then able to identify some 

small pockets of value and added, marginally, to our holding in 

Findlay Park Latin America. 

Now to focus on this year so far, January was one of the worst 

starts to a year on record, which meant that the first quarter of 

2016 remained fairly turbulent for financial markets. The causes of 

the sell-off were nothing new: tension in the Middle East, further 

weakness in oil and industrial metals prices fell on worries over 

lower demand, as well as a continuing excess of supply. In early 

February, these fears were the catalyst for highly regarded investors 

and commentators to warn of market vulnerability and even echoes 

of the Global Financial Crisis of 2008. 

This fuelled some drastic headlines, which led investors to flee 

towards the exit gates in a desperate attempt to seek safety in the 

face of increasing uncertainty. The latter half of February – 

as investor sentiment sank to its most bearish in years – offered 

some much needed respite from the extreme volatility previously 

witnessed. That said, it wasn’t quiet. We saw Japanese 10-year 

government bond yields turn negative for the first time ever, the 

gold price rose by 20% despite European inflation expectations 

hitting an all-time low and sterling weakened further – falling by 

2.3% against the dollar and 2.7% against the euro – as “Brexit” fears 

continued to weigh upon the pound. 

Every cloud has a silver lining and whilst such periods can 

be painful, they do provide us with opportunities to add to 

assets showing value. The sell-off provided us with an excellent 

opportunity to invest into great companies relatively cheaply; we 

topped up our equity holdings in the Polar Capital Healthcare & 

Technology funds, moving the Huntress Global Balanced Fund 

to an approximate equity weighting of 53%. We also believed that 

high-yield offered good value, especially compared to Government 

bonds, which became expensive as a result of the flight to safety. We 

took this opportunity to reduce the gilt exposure and increase our 

allocation to high-yield by increasing our holding in Oaktree Global 

High Yield Bond Fund. 

Findlay Park was the Fund’s best performer for the first quarter 

of 2016; it has significant exposure to Brazil and has benefited 

accordingly as the Bovespa rallied strongly following its low in 

January. Topping up our exposure during Q4 2015 as valuations 

became increasingly attractive proved to be very beneficial. 

We continue to be confident in the long-term outlook for increased 

consumption from Latin America to drive investment returns. 

Towards the end of Q1 2016, we saw the bears retreat and equity 

markets generally stabilise, with some of the more challenged 

sectors and stocks advancing substantially in response. The price of 

oil rose by over 50% from February’s lows, with oil trading at nearly 

$40 per barrel on the back of fewer rigs and lower inventory figures. 

Overall, it is pleasing to see that our defensive stance since Q2 2015 

has both allowed us to weather the storms and put us in a position 

to drip-feed into equities as and when high-quality opportunities 

present themselves. 


HUNTRESS GLOBAL INCOME 

BY BOB TANNAHILL 

Market outlooks change rapidly. 

At times this leaves investors 

having to modify plans even before 

they have managed to implement 

them. Every war college graduate 

has committed to memory the 

dictum of Prussian Field Marshal 

Helmuth von Moltke, generally 

translated as ‘no plan survives first 

contact with the enemy’, or, in our 

case, with an uncertain future. So 

it is a pleasant rarity to be able to 

report that the intent we outlined 

in our last quarterly – to increase 

our allocation to high-yield debt if valuations moved to extremes 

– has been executed as planned. It has also subsequently 

turned out to be a good example of how quickly the landscape 

can change. In this quarterly we will run through our thinking 

chronologically to provide a window into our process that we 

hope you will find interesting. 

December 2015 

At this point, high-yield was an unloved part of the bond market 

after a poor 2015. When we looked back at the history, the yield 

on offer in excess of government bonds (the spread) was near the 

peak levels seen during the 2011 European debt and 2003 dot-com 

crises. As in 2003, when a number of tech firms had borrowed in 

the high‐yield market and then faced difficulties, it seemed to us that 

in 2016 a number of energy firms would face the same problems. 

When we stripped these soon-to-be distressed firms from the 

numbers – since we would clearly be avoiding their bonds – the 

premium still looked attractive. In fact, it was getting towards a point 

that implied a recession was nearly certain. Moreover, given the 

compensation on offer, such a crisis would have to be markedly 

worse than the average recession in order to produce further losses 

in the asset class. This implied outlook seemed to us excessively 

negative, which in turn indicated that the asset classes might be 

attractively valued. Accordingly, we scheduled meetings with our 

high-yield fund managers in order to challenge our hypothesis and 

thereby confirm that our investment case was robust. 

February 2016 

We saw our managers in January and February and they 

substantiated our view that the market was attractively priced. 

We then reviewed proposed portfolio changes at our February 

investment meeting; an extract from our deliberations can be 

seen below: 

Sparing you all the detail of our discussions, what you can see 

above is that our key guide, valuation, was positioned to suggest 

an unusually positive outlook. The one question-mark was over 

how other investors were likely to behave, known in the jargon 

as “technicals”. This combination of attractive valuations offset 

by uncertain future events led us to conclude that adding to the 

asset class was prudent, although we needed to bear in mind that 

volatility might be higher than usual. As a result, the Investment 

Committee agreed to implement an incremental buy in cautious 

portfolios (and, where appropriate, for individual portfolios) – adding 

around 2.5% to our high-yield positions. 

10 


March 2016 

A month on, in our March investment meeting, we were reviewing 

the decision and were struck by how quickly the situation had 

changed. Even as we were talking 

in February the market was 

focusing on comments from Saudi 

Arabia as a possible sign that oil 

production may be cut – leading 

to higher prices and welcome 

relief for energy companies. That 

was followed in quick succession 

by comments from Mario Draghi, 

who promised once again that 

“the ECB is ready to do its part” 

hinting at further stimulus in Europe. These factors combined to 

produce a shot in the arm for markets and high-yield bonds rallied 

strongly. One of our funds rose almost 8% from its lows. The irony 

now was that, as value-driven investors, while this was good news 

for performance, it made us less comfortable with valuations! The 

spread, which at nearly 7% had 

provided us with so much comfort, 

had now dropped dramatically to 

just 5% in a matter of weeks. And 

while our starting position remains 

not to trade unless we have very 

good reason (turnover and fees 

being generally the enemy of good 

long-term performance) we will not 

hold an asset if we cannot justify 

the price. As such, the Investment Committee agreed to review the 

allocation if the spread fell below the long-term average – even if 

that meant having to reduce our high-yield weighting again so soon 

after we had increased it. We are not there yet, however, and we 

continue to keep a close eye on the position. 


HUNTRESS GLOBAL BLUE CHIP 

BY HOLLY WARBURTON 

Performance during the last quarter of 2015 was very much 

stock‐specific, resulting in a few changes to the Fund’s positioning. 

French Oil & Gas giant Total S.A. rallied at the start of October 

to pre-oil price collapse levels. We felt that this was a reasonable 

opportunity to exit the position and reduce our allocation to the 

sector given the persistent uncertainty. The proceeds from this sale 

were reinvested into US-based agribusiness Monsanto, the world’s 

largest producer of corn and soya bean seeds. A key draw for us is 

the focus on innovation and the significant growth opportunities 

on hand as population growth generates a greater need for more 

reliable sources of food. Based on the company’s future earnings 

expectations, we felt it was trading on very attractive valuations 

relative to the broader market and its peers. 

The Healthcare sector has been a steady contributor to 

performance over the past year, despite a wobble at the end 

of September when Hillary Clinton singled-out the practice of 

‘price-gouging’ (ramping up the cost of specialist drugs) in a tweet. 

Our stocks didn’t avoid the sell-off that followed and we used the 

opportunity to build up our positions. Our Healthcare exposure 

is generally through large pharmaceutical companies with broad, 

diversified drug portfolios covering major non‐communicable 

diseases areas such as oncology and diabetes. Most of these 

businesses manufacture and sell non-prescription drugs for 

everyday consumers and we also have some exposure to 

medical devices. While our coverage is broad we couldn’t resist 

the opportunity to increase our exposure to Biotech – a booming 

subsector of the pharmaceutical industry – through one of the 

World’s largest Biotech firms Amgen. 

We used the volatility to prune and improve the quality of the 

portfolio. Out went highly cyclical manufacturing giant Caterpillar, 

which serves industries that are dealing with considerable 

headwinds by cutting back capital expenditure and new equipment 

orders. While the Company is well practised in managing its costs 

during downturns, its cash-flow is inherently cyclical and we felt 

that the capital invested would be better utilised elsewhere. 

We used the proceeds to initiate a holding in consumer soft 

drinks and snacks company PepsiCo – a global brand with stable 

cash-flows, increasing revenues and plenty of opportunities for 

expansion into emerging markets. 

Towards the end of the period the Energy sector came under 

further scrutiny. Disruption from government policies and 

technological innovation within the energy sector has put into 

question how we gain our exposure to this long-term theme. 

Whilst we have been reducing our allocation to Oil & Gas 

companies for some time the consumption of energy remains 

a solid. As a result we have been looking at ways to build-up 

our exposure to innovative, value-added products, services and 

applications that help us monitor, generate and use our energy in 

more efficient, renewable and cleaner ways. A Company which fits 

perfectly within our new energy vision is General Electric. As such, 

it was introduced to the Fund in March and sits alongside existing 

industrial peers, Honeywell and 3M, both of which provide exposure 

to the sector through a variety of products and services. 

We entered 2016 with a solid portfolio of global blue chips which 

did the Fund well given the turmoil we endured during January and 

February. It was commented that it was possibly the worst start to 

a year for equity markets for quite some time. The quality of our 

consumer stocks enabled us to out-perform the broader market as 

investors flocked to their reliable cash flow generation and strong 

balance sheets. 

12 


HUNTRESS | Financial Statements 


UNAUDITED CONDENSED STATEMENT OF COMPREHENSIVE INCOME 

FOR THE PERIOD 1 OCTOBER 2015 TO 31 MARCH 2016 

Huntress 

Global 

Balanced Fund 

Huntress 

Global 

Income Fund 

Huntress 

Global 

Growth Fund 

Huntress 

Global 

Blue Chip Fund 

Total 

Income 

01/10/15 01/10/15 01/10/15 01/10/15 01/10/15 

to 31/03/16 to 31/03/16 to 31/03/16 to 31/03/16 to 31/03/16 

Notes £’000s £’000s £’000s £’000s £’000s 

Bond interest – 60 – – 60 

Dividend income 429 611 58 366 1,464 

Unrealised gain on revaluation of investments 3 4,291 1,718 1,724 2,989 10,722 

Realised gain/(loss) on disposal of investments 3 605 68 11 (149) 535 

Foreign exchange (loss)/gain (4) – (4) 31 23 

Total income 5,321 2,457 1,789 3,237 12,804 

Expenses 

Management fees 526 148 98 106 878 

Administration fees 88 49 25 34 196 

Audit fees 6 6 6 6 24 

Trustee fees 35 20 10 14 79 

Witholding tax 9 3 3 96 111 

Other operating expenses 3 1 2 3 9 

Total expenses 667 227 144 259 1,297 

Total comprehensive income 

attributable to unitholders 

4,654 2,230 1,645 2,978 11,507 

Weighted average units in existence during the period 343,370 354,013 93,668 170,637 

Earnings per unit £13.55 £6.30 £17.56 £17.45 

All items in the above statement are derived from continuing operations. There was no other comprehensive income in the period. 

The notes on pages 22-31 form part of these financial statements. These condensed half-yearly financial statements are not audited. 

14 


UNAUDITED CONDENSED STATEMENT OF COMPREHENSIVE INCOME 


Huntress 

Global 

Balanced Fund 

Huntress 

Global 

Income Fund 

Huntress 

Global 

Growth Fund 

Huntress 

Global 


Total 

Income 

01/10/14 01/10/14 01/10/14 01/10/14 01/10/14 

to 31/03/15 to 31/03/15 to 31/03/15 to 31/03/15 to 31/03/15 

£’000s £’000s £’000s £’000s £’000s 

Bond interest – 64 – – 64 

Dividend income 294 544 45 239 1,122 

Unrealised gain on revaluation of investments 4,171 983 1,006 1,159 7,319 

Realised gain on disposal of investments 306 622 143 48 1,119 

Foreign exchange (loss)/gain (20) (11) 16 (12) (27) 

Total income 4,751 2,202 1,210 1,434 9,597 

Expenses 

Management fees 392 148 60 67 667 

Administration fees 65 49 18 23 155 

Audit fees 5 5 5 5 20 

Trustee fees 26 20 8 9 63 

Witholding tax 1 2 1 71 75 

Other operating expenses 3 2 2 2 9 

Total expenses 492 226 94 177 989 

Total comprehensive income 

attributable to unitholders 

4,259 1,976 1,116 1,257 8,608 

Weighted average units in existence during the period 456,780 357,795 151,210 260,829 

Earnings per unit £9.32 £5.52 £7.38 £4.82 

All items in the above statement are derived from continuing operations. There was no other comprehensive income in the period. 



UNAUDITED CONDENSED STATEMENT OF FINANCIAL POSITION 

AS AT 31 MARCH 2016 

Huntress 

Global 

Balanced Fund 

Huntress 

Global 

Income Fund 

Huntress 

Global 

Growth Fund 

Huntress 

Global 


Total 

31/03/16 31/03/16 31/03/16 31/03/16 31/03/16 

Notes £’000s £’000s £’000s £’000s £’000s 

Assets 

Current assets 

Financial assets at fair value through profit or loss 3 70,280 39,350 22,322 29,646 161,598 

Other receivables and prepayments 4 1 89 1 40 131 

Issues receivable 256 101 2 13 372 

Cash and cash equivalents 3,530 1,859 848 1,303 7,540 

Total assets 74,067 41,399 23,173 31,002 169,641 

Equity and liabilities 

Units in issue 5 60,109 37,862 20,513 29,008 147,492 

Retained earnings 13,660 3,437 2,588 1,916 21,601 

Net assets attributable to unitholders 73,769 41,299 23,101 30,924 169,093 

Liabilities 

Current liabilities 

Other payables 6 298 100 72 78 548 

Total liabilities 298 100 72 78 548 

Total equity and liabilities 74,067 41,399 23,173 31,002 169,641 

Net asset value per unit 7 £158.93 £112.74 £134.79 £108.65 

These unaudited condensed half-yearly financial statements were approved by the Manager on 25th July 2016 and signed 

on its behalf by: 

Robert Tannahill 

Director, Ravenscroft Investment Management Limited 

Ben Byrom 

Director, Ravenscroft Investment Management Limited 


16 


UNAUDITED CONDENSED STATEMENT OF FINANCIAL POSITION 

AS AT 30 SEPTEMBER 2015 

Huntress 

Global 

Balanced Fund 

Huntress 

Global 

Income Fund 

Huntress 

Global 

Growth Fund 

Huntress 

Global 


Total 

30/09/15 30/09/15 30/09/15 30/09/15 30/09/15 

Notes £’000s £’000s £’000s £’000s £’000s 

Assets 

Current assets 

Financial assets at fair value through profit or loss 3 64,517 35,981 16,855 22,861 140,214 

Debtors and prepayments 4 1 98 1 38 138 

Issues receivable 7 – 2 6 15 

Cash and cash equivalents 3,033 1,215 623 1,099 5,970 

Total assets 67,558 37,294 17,481 24,004 146,337 

Equity and liabilities 

Units in issue 5 58,248 35,617 16,473 24,970 135,308 

Retained earnings/(deficit) 9,006 1,568 943 (1,036) 10,481 

Net assets attributable to unitholders 67,254 37,185 17,416 23,934 145,789 

Liabilities 

Current liabilities 

Other payables 6 295 107 65 70 537 

Due to brokers 9 2 – – 11 

Total liabilities 304 109 65 70 548 

Total equity and liabilities 67,558 37,294 17,481 24,004 146,337 

Net asset value per unit 7 £148.73 £107.59 £124.11 £97.22 



UNAUDITED CONDENSED STATEMENT OF CHANGES IN NET ASSETS 

ATTRIBUTABLE TO UNITHOLDERS 


Huntress 

Global 

Balanced Fund 

Huntress 

Global 

Income Fund 

Huntress 

Global 

Growth Fund 

Huntress 

Global 


Total 

Net assets attributable to unitholders at 

start of period 

Total comprehensive income attributable 

to unitholders 

01/10/15 

to 31/03/16 

01/10/15 

to 31/03/16 

01/10/15 

to 31/03/16 

01/10/15 

to 31/03/16 

01/10/15 

to 31/03/16 

Notes £’000s £’000s £’000s £’000s £’000s 

67,254 37,185 17,416 23,934 145,789 

4,654 2,230 1,645 2,978 11,507 

71,908 39,415 19,061 26,912 157,296 

Movement due to issue and redemption of units: 

Amounts receivable on issues 5 5,517 6,791 5,664 6,121 24,093 

Amounts payable on redemptions 5 (3,656) (4,546) (1,624) (2,083) (11,909) 

Equalisation on issues and redemptions – 14 – 13 27 

Dividends paid to unitholders 8 – (375) – (39) (414) 


end of period 

73,769 41,299 23,101 30,924 169,093 


18 


UNAUDITED CONDENSED STATEMENT OF CHANGES IN NET ASSETS 

ATTRIBUTABLE TO UNITHOLDERS 


Huntress 

Global 

Balanced Fund 

Huntress 

Global 

Income Fund 

Huntress 

Global 

Growth Fund 

Huntress 

Global 


Total 


start of period 

Total comprehensive income attributable 

to unitholders 

01/10/14 

to 31/03/15 

01/10/14 

to 31/03/15 

01/10/14 

to 31/03/15 

01/10/14 

to 31/03/15 

01/10/14 

to 31/03/15 

Notes £’000s £’000s £’000s £’000s £’000s 

47,929 36,043 10,458 13,845 108,275 

4,259 1,976 1,116 1,257 8,608 

52,188 38,019 11,574 15,102 116,883 

Movement due to issue and redemption of units: 

Amounts receivable on issues 9,351 6,530 2,805 6,004 24,690 

Amounts payable on redemptions (3,395) (727) (288) (177) (4,587) 

Equalisation on issues and redemptions – 83 – 9 92 

Dividends paid to unitholders 8 – (247) – (7) (254) 


end of period 

58,144 43,658 14,091 20,931 136,824 



UNAUDITED CONDENSED STATEMENT OF CASH FLOWS 


Huntress 

Global 

Balanced Fund 

Huntress 

Global 

Income Fund 

Huntress 

Global 

Growth Fund 

Huntress 

Global 


Total 

Cash flows from operating activities 

01/10/15 01/10/15 01/10/15 01/10/15 01/10/15 

to 31/03/16 to 31/03/16 to 31/03/16 to 31/03/16 to 31/03/16 

£’000s £’000s £’000s £’000s £’000s 

Total comprehensive income attributable to unitholders 4,654 2,230 1,645 2,978 11,507 

Adjusted for: 

(Increase)/decrease in receivables (256) 9 - (2) (249) 

Increase/(decrease) in payables 3 (7) 7 8 11 

Realised (profit)/loss on sale of investments (605) (68) (11) 149 (535) 

Unrealised profit on revaluation of investments (4,291) (1,718) (1,724) (2,989) (10,722) 

Purchase of investments at fair value through 

profit or loss 

Sale proceeds from disposal of investments at fair value 

through profit or loss 

(3,938) (5,307) (4,157) (9,184) (22,586) 

3,062 3,722 425 5,239 12,448 

Net cash used in by operating activities (1,371) (1,139) (3,815) (3,801) (10,126) 

Cash flows from financing activities 

Proceeds on issue of units 5,524 6,690 5,662 6,108 23,984 

Redemption of units (3,656) (4,546) (1,622) (2,077) (11,901) 

Equalisation - 14 - 13 27 

Dividends paid - (375) - (39) (414) 

Net cash flow from financing activities 1,868 1,783 4,040 4,005 11,696 

Net movement in cash and cash equivalents 497 644 225 204 1,570 

Opening cash and cash equivalents 3,033 1,215 623 1,099 5,970 

Closing cash and cash equivalents 3,530 1,859 848 1,303 7,540 


20 


UNAUDITED CONDENSED STATEMENT OF CASH FLOWS 


Huntress 

Global 

Balanced Fund 

Huntress 

Global 

Income Fund 

Huntress 

Global 

Growth Fund 

Huntress 

Global 


Total 

Cash flows from operating activities 

01/10/14 01/10/14 01/10/14 01/10/14 01/10/14 

to 31/03/15 to 31/03/15 to 31/03/15 to 31/03/15 to 31/03/15 

£’000s £’000s £’000s £’000s £’000s 

Total comprehensive income attributable to unitholders 4,259 1,976 1,116 1,257 8,608 

Adjusted for: 

(Increase)/decrease in receivables (8) 37 (5) (8) 16 

Increase in payables 26 11 2 18 57 

Realised profit on sale of investments (306) (622) (143) (48) (1,119) 

Unrealised profit on revaluation of investments (4,171) (983) (1,006) (1,159) (7,319) 

Purchase of investments at fair value through 

profit or loss 

Sale proceeds from disposal of investments at fair value 

through profit or loss 

(12,450) (17,073) (2,985) (6,979) (39,487) 

6,997 11,535 1,339 2,163 22,034 

Net cash used in by operating activities (5,653) (5,119) (1,682) (4,756) (17,210) 

Cash flows from financing activities 

Proceeds on issue of units 8,659 5,830 2,090 5,507 22,086 

Redemption of units (3,394) (697) (288) (177) (4,556) 

Equalisation – 83 – 9 92 

Dividends paid – (247) – (7) (254) 

Net cash flow from financing activities 5,265 4,969 1,802 5,332 17,368 

Net movement in cash and cash equivalents (388) (150) 120 576 158 

Opening cash and cash equivalents 3,278 2,711 656 341 6,986 

Closing cash and cash equivalents 2,890 2,561 776 917 7,144 



NOTES TO THE UNAUDITED CONDENSED HALF-YEARLY FINANCIAL STATEMENTS 

1. General Information 

Huntress Global Balanced Fund, Huntress Global Income Fund, 

Huntress Global Growth Fund and Huntress Global Blue Chip 

Fund (each a “Sub Fund” and together the “Funds”) are the Sub 

Funds of the Huntress Investment Fund Offshore, an open-ended 

unit trust constituted under the Trust Instrument made between 

Kleinwort Benson (Guernsey) Limited as Trustee and Ravenscroft 

Investment Management Limited as Manager, dated 12 November 

2008. The Trust is authorised by the GFSC under the Protection of 

Investors (Bailiwick of Guernsey) Law, 1987, as amended, as a Class B 

collective investment scheme. 

The Huntress Global Balanced Fund aims to generate long-term 

capital growth with a lower level of volatility than equity markets. 

The Huntress Global Balanced Fund seeks to attain its objective 

by diversifying investments in a number of collective investment 

schemes across different asset classes. 

The Huntress Global Income Fund aims to provide investors with 

a total return with a focus on delivering an income yield that 

competes with prevailing cash rates with some capital growth. 

The Huntress Global Income Fund will invest in a global portfolio 

comprising of a range of fixed, floating and inflation linked debt 

securities, property and equities. 

The Huntress Global Growth Fund aims to generate long-term 

capital growth primarily through investment in global equity 

markets. The Huntress Global Growth Fund seeks to attain its 

objective by investing in a number of collective investment 

schemes that offer a range of geographic and sector exposures or 

whose investment strategy best fit the investment environment. 

The Huntress Global Blue Chip Fund aims to generate long-term 

capital growth from a focused portfolio of global equities of 

developed market, multi-national businesses (“Blue Chips”) with a 

market capitalization of $5 billion or greater. The stocks will be listed 

on recognised stock exchanges in developed countries and will be 

held for a long period. 

2. Summary of Significant Accounting Policies 

STATEMENT OF COMPLIANCE AND BASIS 

OF PREPARATION 

These unaudited condensed half-yearly financial statements 

have been prepared in accordance with International Accounting 

Standard 34: Interim Financial Reporting (“IAS 34”), and applicable 

legal and regulatory requirements of Guernsey Law. They do 

not include all of the information required for full annual financial 

statements and should be read in conjunction with the financial 

statements for the year ended 30 September 2015 which were 

prepared in accordance with International Financial Reporting 

Standards (“IFRS”) as issued by the International Accounting 

Standards Board (“IASB”), interpretations issued by the International 

Financial Reporting Interpretations Committee (“IFRIC”) and 

applicable legal and regulatory requirements of Guernsey Law. 

The accounting policies adopted in the period are consistent with 

those of the annual financial statements with the exception of new 

standards that have become effective during the period. Although 

there were a number of new standards and interpretations that 

apply for the first time in this period, none of these impact the 

Funds’ Unaudited Condensed Interim Financial Statements. 

There have been no new IFRS or IFRIC interpretations that are 

effective for the first time for the financial year beginning 1 October 

2015, which have not previously been adopted by the Funds. 

STANDARDS AND INTERPRETATIONS IN ISSUE AND 

NOT YET EFFECTIVE 

At the date of authorisation of these Financial Statements, the 

following standards and interpretations, which will become relevant 

to the Company but have not been applied in these Financial 

Statements, were in issue but not yet effective: 

IFRS 9, “Financial Instruments - Classification and Measurement” 

(effective for periods commencing on or after 1 January 2018); 

IFRS 15, “Revenue from Contracts with Customers” (effective periods 

commencing on or after 1 January 2018); 

IAS 1, “Presentation of Financial Statements: Disclosure Initiative” 

(effective for periods commencing on or after 1 January 2016); and 

Annual Improvements 2012-2014 Cycle (effective for periods 

commencing on or after 1 January 2016). 

With the exception of IFRS 9, the adoption of the above standards 

and interpretations are not expected to have a material impact on 

the Funds’ financial statements. Management is considering the 

potential impact of this new standard, and will report on its findings 

once this is completed. 

The Fund has not early adopted any other standard, interpretation 

or amendment that has been issued but is not yet effective. 

22 


3. Financial Assets at Fair Value through Profit or Loss 

Huntress Global 

Balanced Fund 


Income Fund 


Growth Fund 



Total 

01/10/15 

to 31/03/16 

01/10/15 

to 31/03/16 

01/10/15 

to 31/03/16 

01/10/15 

to 31/03/16 

01/10/15 

to 31/03/16 

£’000s £’000s £’000s £’000s £’000s 

Book cost at start of period 56,528 36,511 15,720 24,151 132,910 

Purchases 3,929 5,305 4,157 9,184 22,575 

Sales (3,062) (3,722) (425) (5,239) (12,448) 

Realised gain/(loss) on disposals 605 68 11 (149) 535 

Book cost at end of period 58,000 38,162 19,463 27,947 143,572 

Unrealised gain/(loss) at start of the period 7,989 (530) 1,135 (1,290) 7,304 

Unrealised gain on revaluation of investments 4,291 1,718 1,724 2,989 10,722 

Closing fair value at end of period 70,280 39,350 22,322 29,646 161,598 


Balanced Fund 


Income Fund 


Growth Fund 



Total 

01/10/14 

to 30/09/15 

01/10/14 

to 30/09/15 

01/10/14 

to 30/09/15 

01/10/14 

to 30/09/15 

01/10/14 

to 30/09/15 

£’000s £’000s £’000s £’000s £’000s 

Book cost at start of period 38,188 32,002 8,447 13,073 91,710 

Purchases 30,225 27,515 8,752 14,427 80,919 

Sales (12,084) (24,126) (1,606) (3,474) (41,290) 

Realised gain on disposals 199 1,120 127 125 1,571 

Book cost at end of period 56,528 36,511 15,720 24,151 132,910 

Unrealised gain at start of the period 7,627 1,283 1,452 22 10,384 

Unrealised gain/(loss) on revaluation 

of investments 

362 (1,813) (317) (1,312) (3,080) 

Closing fair value at end of period 64,517 35,981 16,855 22,861 140,214 


4. Other Receivables and Prepayments 


Balanced Fund 


Income Fund 


Growth Fund 



Total 

31/03/16 31/03/16 31/03/16 31/03/16 31/03/16 

£’000s £’000s £’000s £’000s £’000s 

Debtors and prepayments 1 2 1 3 7 

Bond interest receivable – 87 – – 87 

Dividend income receivable – – – 37 37 

1 89 1 40 131 


Balanced Fund 


Income Fund 


Growth Fund 



Total 

30/09/15 30/09/15 30/09/15 30/09/15 30/09/15 

£’000s £’000s £’000s £’000s £’000s 

Debtors and prepayments 1 1 1 3 6 

Bond interest receivable – 59 – 35 94 

Dividends receivable – 38 – – 38 

1 98 1 38 138 

The Manager considers that the carrying amount of debtors and prepayments approximates fair value. 

5. Units in Issue 

As at 31 March 2016, the units in issue in respect of each Sub Fund were as follows: 

Accumulation Units 

31/03/16 30/09/15 

Huntress Global Balanced Fund No. £’000s No. £’000s 

At start of period 452,200.27 58,248 327,583.34 38,908 

Issued 35,776.73 5,517 161,860.99 25,029 

Redeemed (23,810.92) (3,656) (37,244.06) (5,689) 

At end of period 464,166.08 60,109 452,200.27 58,248 

24 


Distribution Units 

31/03/16 30/09/15 

Huntress Global Income Fund No. £’000s No. £’000s 


Issued 29,949.01 3,366 49,575.08 5,674 

Redeemed (23,637.71) (2,684) (17,555.88) (2,121) 



31/03/16 30/09/15 

Huntress Global Income Fund No. £’000s No. £’000s 


Issued 31,605.71 3,425 48,947.91 5,304 

Redeemed (17,227.50) (1,862) (68,026.40) (7,313) 



31/03/16 30/09/15 

Huntress Global Growth Fund No. £’000s No. £’000s 


Issued 43,459.32 5,664 61,586.69 8,103 

Redeemed (12,404.67) (1,624) (6,429.08) (838) 


I Accumulation Units 

31/03/16 30/09/15 

Huntress Global Blue Chip Fund No. £’000s No. £’000s 

At start of period 32,777.66 3,412 1,029.14 104 

Issued 1,072.15 111 31,860.74 3,320 

Redeemed (514.78) (54) (112.22) (12) 



5. Units in Issue (continued) 

I Distribution Units 

31/03/16 30/09/15 


At start of period 195.63 19 284.85 28 

Issued 23,848.38 2,520 – – 

Redeemed (5.97) (17) (89.22) (9) 

At end of period 24,038.04 2,522 195.63 19 

O Accumulation Units 

31/03/16 30/09/15 



Issued 32,641.18 3,412 75,173.20 7,746 

Redeemed (17,190.93) (1,788) (11,563.92) (1,178) 


O Distribution Units 

31/03/16 30/09/15 



Issued 715.59 78 18,943.20 1,785 

Redeemed (2,128.50) (224) (6,848.35) (534) 


The nature of the rights represented by Units is that of a beneficial interest under a trust. Unitholders have the right, subject to the 

Trust Instrument, to transfer or redeem their Units and to call, participate and vote in meetings of Unitholders. 

26 


6. Other Payables 


Balanced Fund 


Income Fund 


Growth Fund 



Total 

31/03/16 31/03/16 31/03/16 31/03/16 31/03/16 

£’000s £’000s £’000s £’000s £’000s 

Management fee 262 75 51 55 443 

Administration fee 16 9 5 6 36 

Trustee fee 6 3 2 3 14 

Audit fee 5 5 5 5 20 

Sundry creditors 9 8 9 9 35 

298 100 72 78 548 


Balanced Fund 


Income Fund 


Growth Fund 



Total 

30/09/15 30/09/15 30/09/15 30/09/15 30/09/15 

£’000s £’000s £’000s £’000s £’000s 

Management fee 258 78 44 45 425 

Administration fee 15 9 4 5 33 

Trustee fee 6 3 2 2 13 

Audit fee 10 10 10 11 41 

Sundry creditors 6 7 5 7 25 

295 107 65 70 537 

The Manager considers that the carrying amount of creditors approximates fair value. 


7. Net Asset Value per Unit 

The below table shows the NAV per share for each Sub Fund and reconciles the difference between the financial statements NAV per share 

and the dealing NAV per share reported to the CISEAL. 

Huntress Global Balanced Fund 

Huntress Global Income Fund 

31/03/16 30/09/15 31/03/16 30/09/15 

£ £ £ £ 

NAV 73,769,324 67,254,326 41,298,773 37,185,299 

No. of shares in issue 464,166.08 452,200.27 366,312.16 345,622.65 

Financial Statements NAV per Share 158.93 148.73 112.74 107.59 

Add back: Write off of establishment costs – – – – 

Dealing NAV per Share 158.93 148.73 112.74 107.59 

Huntress Global Growth Fund 

Huntress Global Blue Chip Fund 

31/03/16 30/09/15 31/03/16 30/09/15 

£ £ £ £ 

NAV 23,100,536 17,415,573 30,923,662 23,934,174 

No. of shares in issue 171,383.31 140,328.66 284,619.06 246,181.94 

Financial Statements NAV per Share 134.79 124.11 108.65 97.22 

Add back: Write off of establishment costs 108 2,931 20,439 20,439 

Dealing NAV per Share 134.79 124.13 108.72 97.30 

8. Dividends 

The accumulation unitholders of the Huntress Global Balanced Fund, Huntress Global Growth Fund, Huntress Global Income Fund or 

Huntress Global Blue Chip Fund will not receive a distribution payment. All income accruing to those Sub Funds will be added to the capital 

of the respective Sub Fund from which it is derived and reflected in the net asset value. 

The Huntress Global Income Fund distribution units will distribute the majority of the income available for income allocation on a quarterly basis. 

The Huntress Global Blue Chip Fund distribution units will distribute the majority of the income available for income allocation on a 

half‐yearly basis. The fund launched accumulation and distribution classes on the 1st August 2014. The first dividend was paid on the 

31st October 2014. 

28 


Dividends paid to unitholders during the period 1 October 2015 to 31 March 2016 were as follows: 


Dividend 

per unit 

01/10/15 

to 31/03/16 

Total Dividend 

Paid 

01/10/15 

to 31/03/16 

£ £’000s 

Interim dividend paid 30 October 2015 (Ex-dividend 1 October 2015) 1.12 216 

Interim dividend paid 29 January 2016 (Ex-dividend 4 January 2016) 0.77 159 

375 


Dividend 

per unit 

01/10/14 

to 31/03/15 


Paid 

01/10/14 

to 31/03/15 

£ £’000s 

Interim dividend paid 31 October 2014 (Ex-dividend 1 October 2014) 0.84 135 

Interim dividend paid 30 January 2015 (Ex-dividend 1 January 2015) 0.66 112 

247 

Huntress Global Blue Chip Fund Distribution unit holders 

Dividend 

per unit I Class 

Dividend 

per unit O Class 


Paid 

01/10/15 

to 31/03/16 

01/10/15 

to 31/03/16 

01/10/15 

to 31/03/16 

£ £ £ 

Interim dividend paid 30 October 2015 (Ex-dividend 1 October 2015) 0.99 1.00 39 

39 

Huntress Global Blue Chip Fund Distribution unit holders 

Dividend 

per unit I Class 

Dividend 

per unit O Class 


Paid 

01/10/15 

to 31/03/16 

01/10/15 

to 31/03/16 

01/10/15 

to 31/03/16 

£ £ £ 

Interim dividend paid 31 October 2014 (Ex-dividend 1 October 2014) 0.25 0.25 7 

7 


9. Segmental Information 

For management purposes, each Sub Fund is organised into one main operating segment. All of the Sub Fund’s activities are interrelated, 

and each activity is dependent on the others. Accordingly, all significant operating decisions are based upon analysis of each Sub Fund as 

one segment. The financial results from this segment are equivalent to the financial results of the Sub Fund as a whole. 

The following table analyses the key information used in decision making by the Manager: 


Balanced Fund 


Income Fund 


Growth Fund 



01/10/15 

to 31/03/16 

01/10/15 

to 31/03/16 

01/10/15 

to 31/03/16 

01/10/15 

to 31/03/16 

£’000s £’000s £’000s £’000s 

Bond interest – 60 – – 

Dividend income 429 611 58 366 



4,291 1,718 1,724 2,989 

Realised gain on disposal of investments 605 68 11 (149) 

Net expenses (671) (227) (148) (228) 

(Loss)/profit for the year 4,654 2,230 1,645 2,978 

Net asset value at 31 March 2016 73,769 41,299 23,101 30,924 


Balanced Fund 


Income Fund 


Growth Fund 



01/10/14 

to 31/03/15 

01/10/14 

to 31/03/15 

01/10/14 

to 31/03/15 

01/10/14 

to 31/03/15 

£’000s £’000s £’000s £’000s 

Bond interest – 64 – – 

Dividend income 294 544 58 239 



4,171 983 1,724 1,159 

Realised gain on disposal of investments 306 622 11 48 

Net expenses (512) (237) (148) (189) 

(Loss)/profit for the year 4,259 1,976 1,645 1,257 

Net asset value at 30 September 2015 67,254 37,185 17,416 23,934 

30 


10. Events After the Reporting Date 

On 1 April 2016, an interim dividend was declared for the Huntress Global Income Fund. The dividend per unit for the Distribuition units was 

£1.11, and for the Accumulation units was £1.10. 

On 1 April 2016, an interim dividend was declared for the Huntress Global Blue Chip Fund. The dividend per unit was £0.94 for the I Class 

Distribution units, £0.96 for the I Class Accumulation units, £0.95 for the O Class Distribution units and £0.97 for the O Class Accumulation units. 

Distributions for the accumulation units, and accretion to the NAV for the distribution units, occured on 29 April 2016. 

On 1 April 2016 Louvre Fund Services Ltd replaced Orangefield Legis Fund Services Limited as Administrator and registra. 

The Administration fee basis changed on this date to 0.1% of the NAV of each Sub Fund on this date. 

On the same date Mourant Ozanne Services Ltd replaced Orangefield Legis Fund Services Limited as Listing Sponsor. 

With effect from 1 April 2016 the Trustee fee was amended to 0.08% of NAV of each Sub Fund. 

On 1 April 2016 the following two new unit classes were launched: 

• Huntress Global Balanced Fund GBP Accumulation O class 

• Huntress Global Growth Fund GBP Accumulation O class. 


HUNTRESS | Portfolio Statements 

32 


PORTFOLIO STATEMENT - HUNTRESS GLOBAL BALANCED FUND 

ASSETS AND LIABILITIES AS AT 31 MARCH 2016 

Nominal Description 

Fair Value 

£’000s % of the Fund 

2,978,670.9700 Fundsmith Equity Fund I Acc GBP Fund 7,400 10.04% 

391,421.0080 PIMCO Global Investment Grade Credit Inc GBP HD Fund 7,214 9.78% 

6,315,228.7290 M&G Offshore Corporate Bond GBP Fund 7,100 9.62% 

7,085,655.7062 Smith & Williamson Short-Dated Corporate Bond GBP Fund 6,911 9.37% 

3,291,327.0710 Lindsell Train Global Equity B Inc GBP Fund 6,579 8.92% 

440,550.0000 iShares Core UK Gilt 5,636 7.64% 

463,317.2300 Fidelity Global Dividend Y USD Acc Fund 5,098 6.91% 

476,831.5000 Blackrock Global Equity Income D2 USD Fund 4,982 6.75% 

45,907.5490 Oaktree Lux Global High Yield Bond 4,350 5.90% 

256,721.6780 Polar Capital Global Technology I USD Fund 3,993 5.41% 

152,713.3580 Polar Capital Healthcare Opportunities I GBP Fund 3,577 4.85% 

516,407.5470 Steward Investors Asia Pacific Leaders B Acc Fund 2,769 3.75% 

208,283.0310 Findlay Park Latin American USD Inc Fund 1,855 2.51% 

203,367.0000 Arisaig Global Emerging Markets Consumer USD Fund 1,423 1.93% 

166,922.2030 Investec Global Energy Fund A Acc USD Fund 1,393 1.89% 

Investment total 70,280 95.27% 

Cash and cash equivalents 3,530 4.79% 

Other sundry net liabilities (41) (0.06)% 

73,769 100.00% 


PORTFOLIO STATEMENT - HUNTRESS GLOBAL INCOME FUND 



Fair Value 


36,587.5000 New Capital Wealthy Nations Bond C GBP Fund 4,179 10.12% 


286,573.3000 Guinness Global Equity Income Fund 4,084 9.89% 

3,260,084.7900 Fidelity Global Dividend W GBP Inc Fund 3,831 9.28% 

430,168.3600 Blackrock Global Equity Income D5G USD Fund 3,747 9.07% 

269,279.3950 PIMCO Global Investment Grade Credit Inc GBP HD Fund 3,654 8.85% 


3,130,135.7980 M&G Offshore Corporate Bond GBP Fund 3,519 8.52% 

28,666.6750 Muzinich Americayield Hedged GBP Inc Fund 2,709 6.56% 

28,525.9910 Oaktree Lux Global Bond 2,703 6.54% 

19,037.6800 Schroder Strategic Credit C Inc GBP Fund 1,843 4.46% 

400,000.0000 Qatar State of Qatar 6.4% 20/01/2040 371 0.90% 

300,000.0000 Fidelity International 7.125% snr nts 13/02/24 365 0.88% 

300,000.0000 A2D Funding II PLC 4.50% 30/09/2026 317 0.77% 

300,000.0000 BUPA Fin 5% 25/4/23 313 0.76% 

50,000.0000 Fidelity International 6.75% snr nts 19/10/20 58 0.14% 



Other sundry net assets 90 0.22% 

41,299 100.00% 

34 


PORTFOLIO STATEMENT - HUNTRESS GLOBAL GROWTH FUND 



Fair Value 


1,186,216.0500 Fundsmith Equity I Acc GBP Fund 2,947 12.77% 

1,449,461.6510 Lindsell Train Global Equity B Inc GBP Fund 2,897 12.54% 

160,216.2300 Fidelity Global Dividend Y USD Acc Fund 1,763 7.63% 

168,709.4000 Blackrock Global Equity Income D2 USD Fund 1,763 7.63% 

83,955.8180 Polar Capital Global Technology I USD Fund 1,306 5.65% 

52,771.9030 Polar Capital Healthcare Opportunities I GBP Fund 1,236 5.35% 

10,358.6000 New Capital Wealthy Nations Bond GBP Fund 1,183 5.12% 

64,004.0160 PIMCO Global Investment Grade IH Accumulation 1,180 5.11% 

219,060.0150 Stewart Investors Asia Pacific Leaders B Acc Fund 1,175 5.09% 

7,554.8670 Muzinich Americayield Fund HD Inc GBP Fund 1,171 5.07% 



114,159.0340 Findlay Park Latin American USD Fund 1,017 4.40% 

103,464.0000 Arisaig Global Emerging Markets Consumer USD Fund 724 3.13% 

73,279.9240 Investec Global Energy A Acc USD Fund 611 2.64% 

5,616.7620 Alquity SICAV Asia 537 2.32% 

3,896.4900 Julius Baer Luxury Brands C Acc GBP Fund 483 2.09% 


Cash and cash equivalents 848 3.67% 


23,101 100.00% 


PORTFOLIO STATEMENT - HUNTRESS GLOBAL BLUE CHIP FUND 



Fair Value 


20,588.0000 Johnson & Johnson 1,548 5.01% 

49,080.0000 Unilever Plc 1,546 5.00% 

80,620.0000 Diageo Plc 1,517 4.91% 

8,147.0000 Roche Hol Ag-Genussc 1,397 4.52% 

24,875.0000 Sanofi 1,394 4.51% 

26,449.0000 Medtronic Inc 1,378 4.46% 

27,202.0000 Novartis Ag-Reg 1,374 4.44% 

97,370.0000 Relx Plc 1,260 4.07% 

15,950.0000 Honeywell Int 1,242 4.02% 

10,710.0000 3M Co. 1,240 4.01% 

26,915.0000 Cie Financiere Riche 1,239 4.01% 

23,664.0000 Nestlé Sa-Reg 1,232 3.98% 

21,337.0000 Procter & Gamble 1,220 3.95% 

12,823.0000 Kimberly-Clark Corp 1,198 3.87% 

25,250.0000 Microsoft Corp 969 3.13% 

136,566.0000 Rolls Royce Holdings 931 3.01% 

41,438.0000 Intel Corporation 931 3.01% 

16,067.0000 Deere & Co 859 2.78% 

165,800.0000 BAE Systems Plc 844 2.73% 

46,490.0000 Royal Dutch Shell Pl 790 2.55% 

10,930.0000 Pepsico Inc 778 2.52% 

6,503.0000 Lvmh Moet Hennessy L 774 2.50% 

15,472.0000 Colgate - Palmolive 759 2.45% 

2,490.0000 Syngenta Ag-Reg 722 2.33% 

6,240.0000 Amgen Inc 650 2.10% 

8,370.0000 Apple Inc 634 2.05% 

27,930.0000 General Electric Co 617 2.00% 

9,890.0000 Monsanto Co 603 1.95% 




30,924 100.00% 

36

HUNTRESS

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