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

Sparinvest SICAV
SPARINVEST - HIGH YIELD VALUE BONDS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
INDALEX HLD 11.5% 06-01.02.14 B 2,984,871.66 USD 1,897,877.58 66,936.29 0.02
ING CAP FDING III 8.439% PERP 11,816,940.57 USD 6,816,651.80 8,431,723.89 2.53
INTL COAL 9.125% 10-01.04.18 1,706,891.42 USD 1,296,299.35 1,396,416.17 0.42
KELLWOOD 7.625% 97-15.10.17 4,420,411.10 USD 2,849,357.04 1,977,163.41 0.59
LIBERTY M 7.8% 07-15.03.37 144A 8,381,274.52 USD 5,181,872.45 5,741,067.11 1.72
MCMORAN EXP 11.875% 07-15.11.14 3,720,147.96 USD 2,383,726.31 3,104,550.38 0.93
NORSKE SKOG.7.625% 01-11-144A 3,282,483.49 USD 2,064,499.05 2,569,695.00 0.77
OCEAN GRD 9.25% 05-10/DEFAULT 2,976,118.37 USD 166,049.23 118,675.51 0.04
OXFORD IND 11.375% 09-15.07.15 433,287.82 USD 316,518.03 389,545.65 0.12
PA RESOURCES 10% 06-20.06.11 13,392,532.65 USD 9,424,464.32 10,866,484.53 3.27
PETRO DEV 12% 08-15.02.18 5,689,638.05 USD 3,827,958.00 4,778,869.11 1.44
PETROL VENEZ 5.25% 07-12.04.17 2,625,986.79 USD 1,179,686.19 1,162,886.22 0.35
PETROPLUS FIN 9.375% 9-15.09.19 6,127,302.52 USD 3,929,060.77 4,297,056.32 1.29
PETROQUEST 10.375% 05-15.05.12 2,625,986.79 USD 1,797,471.59 2,170,834.31 0.65
P2021 RIG 13.5% 09-15.12.13 5,251,973.59 USD 3,999,729.09 4,325,608.19 1.30
P2021 13.5% 09-15.12.13 REGS 1,750,657.86 USD 1,183,330.28 1,477,559.24 0.44
SEVAN MARINE AS TV 07-14.05.13 5,514,572.27 USD 3,470,248.64 3,709,958.51 1.11
SEVAN 9.25% 06-20.12.11 11,816,940.57 USD 7,238,745.94 9,491,712.03 2.85
SKDP 1 LTD 12% 10-19.05.17 7,440,295.92 USD 5,844,005.75 6,097,608.58 1.83
STORA ENSO 7.25% 06-15.04.36 3,676,381.51 USD 2,186,266.05 2,398,357.02 0.72
STORA ENSO 7.25% 06-15.04.36 144A 7,462,179.14 USD 4,577,649.62 4,883,306.50 1.47
TEPPCO 7% (TV) 07-01.06.67 787,796.04 USD 496,688.34 565,327.02 0.17
TRISTAN OIL 10.5% 06-01.01.12 1,750,657.86 USD 913,195.94 876,835.43 0.26
ULTRAPETROL 9% 05-24.11.14 2,188,322.33 USD 1,416,668.34 1,731,046.30 0.52
UNIFI 11.5% 07-15.05.14 13,129,933.97 USD 8,545,154.70 10,927,355.06 3.29
UPM-KYMMENE 7.45% 97-27 144A 11,816,940.57 USD 7,768,116.90 8,190,817.49 2.46
121,343,204.48
139,590,387.28 41.94
Total - Bonds 266,954,575.18 277,027,064.12 83.21
Total - Transferable securities admitted to an official stock exchange listing 266,954,575.18 277,027,064.12 83.21
Transferable securities dealt in on another regulated market
Bonds
Face value
Currency
Cost Market Value % net assets
USD
BASIC ENER SERV 11.625% ...-01.08.14 5,908,470.29 USD 4,250,649.40 5,179,487.53 1.56
CEMEX 9.25% 10-12.05.20 19,957,499.64 USD 12,227,277.34 14,360,416.18 4.32
FAIRFAX FIN. 7.75% 97-15.07.37 5,886,587.06 USD 3,742,881.74 4,498,153.21 1.35
FAIRFAX FIN. 8.25% 95-01.10.15 4,725,025.57 USD 3,275,172.80 4,109,304.22 1.23
FAIRFAX FINANC. 8.3% 96-15.04.26 875,328.93 USD 577,508.23 706,658.76 0.21
H&E EQUIPMEN 8.375% 06-15.07.16 1,207,953.93 USD 885,425.37 925,937.12 0.28
LIBERTY MUT GP 10.75% (FRN) 08-15.06.58 3,501,315.73 USD 2,568,243.33 3,112,153.74 0.93
O CHARLEYS 9% 04-01.11.13 6,127,302.52 USD 3,946,701.29 5,018,593.63 1.51
OVS SHIPHOLD 7.5% 04-15.02.24 11,598,108.34 USD 7,037,790.03 8,027,313.43 2.41
RRI ENERGY 7.875% 07-15.6.17 1,750,657.86 USD 1,281,162.95 1,342,915.76 0.40
TESORO CORP 9.75% 09-01.06.19 1,312,993.40 USD 1,019,022.35 1,105,917.75 0.33
40,811,834.83 48,386,851.33 14.53
Total - Bonds 40,811,834.83 48,386,851.33 14.53
Total - Transferable securities dealt in on another regulated market 40,811,834.83 48,386,851.33 14.53
The accompanying notes form an integral part of these financial statements.
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