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

Sparinvest SICAV
SPARINVEST - 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 5,251,973.59 EUR 2,213,269.20 3,900,643.31 1.17
BCM IRELAND FRN 06-15.02.17/PIK 4,009,463.07 EUR 3,005,456.59 827,935.16 0.25
BOATS INV.11% 07-31.03.17/PIK 14,005,262.90 EUR 14,226,980.43 15,163,474.34 4.56
EDCON HLDGS FRN 07-15.06.15 REGS 16,499,950.36 EUR 10,359,357.55 10,456,843.54 3.14
EDCON PROP.TV 07-15.06.14 REGS 2,625,986.79 EUR 2,289,048.13 1,867,733.11 0.56
EUREKO BV 6% 06-PERP 11,379,276.11 EUR 9,678,949.66 8,664,522.21 2.60
GROUPAMA SA 6.298% 07-PERP 12,035,772.81 EUR 9,810,249.00 7,732,984.03 2.32
HVB FDG TR 7.055% 02-PERP 7,877,960.38 EUR 6,541,372.50 6,410,690.26 1.93
HYBRID RAISING 6.625% 04-PERP 3,370,016.39 EUR 1,954,609.50 471,802.29 0.14
INTESA FRN 09-PERP 5,076,907.80 EUR 4,763,540.04 4,663,139.82 1.40
LBG CAP2 15% 09-21.12.19 12,245,851.75 EUR 15,222,998.63 14,159,266.09 4.25
NORSKE SKOGIND 7% 07-26.06.17 10,197,582.05 EUR 6,290,630.60 6,665,045.00 2.00
ROY.BK SCOT. 7.0916% (TV) 07-PERP 7,877,960.38 EUR 4,413,846.14 4,300,874.00 1.29
SL MACS 5.314% 04-PERP 5,996,003.18 EUR 4,612,983.47 4,485,609.98 1.35
SNS 11.25% 09-PERP 7,584,725.19 EUR 7,659,576.76 6,816,771.77 2.05
THOMSON 5.75% (TV) 05-PERP 12,539,086.94 EUR 6,078,457.24 564,258.91 0.17
109,121,325.44 97,151,593.82 29.18
GBP
AVIVA 5.9021% (TV) 04-PERP 437,664.47 GBP 379,033.33 396,308.96 0.12
LBG CAP2 15% 09-21.12.19/SUB 7,002,631.45 GBP 9,411,369.63 9,894,781.31 2.97
9,790,402.96 10,291,090.27 3.09
NOK
DDI HOLDING 10% 06-15.03.12 5,251,973.59 NOK 628,229.18 634,058.44 0.19
NORECO 12.9% 09-20.11.14 112,917,432.16 NOK 13,503,321.16 14,377,770.51 4.31
ROCKSOURCE ASA FRN 07-04.05.12 16,193,585.23 NOK 2,026,826.06 1,761,548.64 0.53
SEVAN MARINE FRN 07-24.10.12 73,527,630.24 NOK 6,742,990.61 9,212,010.53 2.77
22,901,367.01 25,985,388.12 7.80
SEK
SAS 13.5% 10-14.05.12 36,763,815.12 SEK 3,798,275.29 4,008,604.63 1.20
3,798,275.29 4,008,604.63 1.20
USD
ALLIS CHALMERS 8.5% 07-01.03.17 6,346,134.75 USD 3,087,410.62 4,465,851.05 1.34
ALLIS-CHALMERS EN. 9% 06-15.01.14 1,528,324.31 USD 899,661.82 1,155,065.03 0.35
BERTIN 10.25% 06-05.10.16 REGS 109,416.12 USD 78,109.28 94,983.70 0.03
DDI HOLDING AS 9.3% 06-19.01.12 16,088,022.31 USD 8,300,647.84 12,594,390.79 3.79
DDI HOLDING 9.3% 06-26.04.12 286,403.25 USD 166,596.13 227,711.95 0.07
DIDON TUNISIA FRN 07-13.03.12 4,464,177.55 USD 2,841,027.00 3,294,528.81 0.99
DNO INTL 6.445% 08-12.10.12 8,753,289.31 USD 5,140,676.80 6,566,929.93 1.97
DYCOM INVESTMENTS 8.125% 05-15.10.15 437,664.47 USD 312,721.10 351,544.89 0.11
FUERST CAP FRN 09-PERP 10,941,611.64 USD 7,769,318.61 7,191,502.07 2.16
HERO 10.5% 09-15.10.17 2,625,986.79 USD 1,975,743.98 1,900,483.79 0.57
The accompanying notes form an integral part of these financial statements.
Page
74
Face value
Currency
Cost Market Value % net assets