Sparinvest SICAV Semi Annual Report 2010 R.C.S. Luxembourg B ...

Sparinvest SICAV
SPARINVEST - ETHICAL HIGH YIELD VALUE BONDS
Statement of Investments as at June 30, 2010
(expressed in EUR)
Description
Transferable securities admitted to an official stock exchange listing
Bonds
EUR
AMERIC INTL 8% (TV) 08-22.05.38 REGS 591,319.52 EUR 249,191.90 439,173.29 1.17
BCM IRELAND FRN 06-15.02.17/PIK 451,425.30 EUR 338,384.25 93,217.19 0.25
BOATS INV.11% 07-31.03.17/PIK 1,576,852.05 EUR 1,601,815.22 1,707,255.04 4.55
EDCON HLDGS FRN 07-15.06.15 REGS 1,857,728.82 EUR 1,166,359.70 1,177,335.64 3.14
EDCON PROP.TV 07-15.06.14 REGS 295,659.76 EUR 257,723.85 210,288.00 0.56
EUREKO BV 6% 06-PERP 1,281,192.29 EUR 1,089,752.60 975,538.25 2.60
GROUPAMA SA 6.298% 07-PERP 1,355,107.23 EUR 1,104,535.59 870,656.40 2.32
HVB FDG TR 7.055% 02-PERP 886,979.28 EUR 736,492.90 721,779.39 1.92
HYBRID RAISING 6.625% 04-PERP 379,430.03 EUR 220,069.41 53,120.20 0.14
INTESA FRN 09-PERP 571,608.87 EUR 536,326.80 525,022.75 1.40
LBG CAP2 15% 09-21.12.19 1,378,760.01 EUR 1,713,956.87 1,594,191.27 4.25
NORSKE SKOGIND 7% 07-26.06.17 1,148,145.40 EUR 708,261.88 750,417.18 2.00
ROY.BK SCOT. 7.0916% (TV) 07-PERP 886,979.28 EUR 496,954.78 484,235.25 1.29
SL MACS 5.314% 04-PERP 675,089.79 EUR 519,375.64 505,034.67 1.35
SNS 11.25% 09-PERP 853,963.94 EUR 862,391.47 767,500.09 2.05
THOMSON 5.75% (TV) 05-PERP 1,411,775.35 EUR 684,373.28 63,529.89 0.17
12,285,966.14 10,938,294.50 29.16
GBP
AVIVA 5.9021% (TV) 04-PERP 49,276.63 GBP 42,675.35 44,620.41 0.12
LBG CAP2 15% 09-21.12.19/SUB 788,426.03 GBP 1,059,625.77 1,114,053.08 2.97
1,102,301.12 1,158,673.49 3.09
NOK
DDI HOLDING 10% 06-15.03.12 591,319.52 NOK 70,732.30 71,388.62 0.19
NORECO 12.9% 09-20.11.14 12,713,369.68 NOK 1,520,338.45 1,618,792.67 4.31
ROCKSOURCE ASA FRN 07-04.05.12 1,823,235.19 NOK 228,200.27 198,332.70 0.53
SEVAN MARINE FRN 07-24.10.12 8,278,473.28 NOK 759,193.07 1,037,179.94 2.77
2,578,464.09 2,925,693.93 7.80
SEK
SAS 13.5% 10-14.05.12 4,139,236.64 SEK 427,647.68 451,328.65 1.20
427,647.68 451,328.65 1.20
USD
ALLIS CHALMERS 8.5% 07-01.03.17 714,511.09 USD 347,611.45 502,810.01 1.34
ALLIS-CHALMERS EN. 9% 06-15.01.14 172,073.98 USD 101,292.89 130,048.73 0.35
BERTIN 10.25% 06-05.10.16 REGS 12,319.16 USD 8,794.32 10,694.21 0.03
DDI HOLDING AS 9.3% 06-19.01.12 1,811,349.86 USD 934,569.65 1,418,002.01 3.79
DDI HOLDING 9.3% 06-26.04.12 32,246.13 USD 18,757.05 25,638.08 0.07
DIDON TUNISIA FRN 07-13.03.12 502,621.59 USD 319,871.13 370,930.89 0.99
DNO INTL 6.445% 08-12.10.12 985,532.53 USD 578,788.62 739,370.41 1.97
DYCOM INVESTMENTS 8.125% 05-15.10.15 49,276.63 USD 35,209.26 39,580.43 0.11
FUERST CAP FRN 09-PERP 1,231,915.67 USD 874,747.31 809,690.96 2.16
HERO 10.5% 09-15.10.17 295,659.76 USD 222,448.94 213,975.40 0.57
The accompanying notes form an integral part of these financial statements.
Page
66
Face value
Currency
Cost Market Value % net assets