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

Sparinvest SICAV
SPARINVEST - INSTITUTIONAL CORPORATE 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
ADECCO INTL FIN. 4.5% 06-25.04.13 300,000.00 EUR 270,375.00 309,498.00 0.92
ALLIANDER FIN 4% 09-20.04.12 500,000.00 EUR 504,230.00 520,855.00 1.55
AMERICAN INT.GRP FRN 06-26.04.11 400,000.00 EUR 320,000.00 341,000.00 1.01
ANGLO AMER 4.25% 09-30.09.13 200,000.00 EUR 199,524.00 209,230.00 0.62
BASF 3.75% 09-08.10.12 500,000.00 EUR 498,320.00 521,720.00 1.55
BHP BILLITON 4.75% 09-04.04.12 250,000.00 EUR 249,387.50 262,515.00 0.78
BMW FIN NV 6.125% 09-02.04.12 850,000.00 EUR 834,572.50 909,610.50 2.70
BOMBARDIER FRN 06-15.11.13 REGS 215,000.00 EUR 139,750.00 211,445.84 0.63
CARNIVAL PLC 4.25% 06-27.11.13 GTD 850,000.00 EUR 716,000.00 876,426.50 2.60
DANAHER EUR.FIN 4.5% 06-22.07.13 725,000.00 EUR 693,100.00 766,274.25 2.28
DANSK NATURGAS A/S 3.5% 05-29.06.12 830,000.00 EUR 800,115.00 855,995.60 2.54
DOW CHEMICAL 4.625% 04-27.05.11 770,000.00 EUR 736,890.00 785,969.80 2.33
ERICSSON LM 5% 09-24.06.13 200,000.00 EUR 199,332.00 214,526.00 0.64
FCE BANK 7.125% 07-16.01.12 200,000.00 EUR 193,000.00 202,805.60 0.60
LLOYDS FRN 10-25.03.13 500,000.00 EUR 498,525.00 492,045.00 1.46
MANPOWER 4.5% 05-01.06.12 REGS 825,000.00 EUR 664,125.00 833,373.75 2.48
METSO OYJ 5.125% 04-21.11.11 700,000.00 EUR 693,875.00 727,965.00 2.16
MICHELIN FIN. LUX. 6.5% 02-16.04.12 300,000.00 EUR 306,246.00 323,049.00 0.96
PACCAR FIN. 5.125% 08-19.05.11 800,000.00 EUR 724,000.00 820,376.00 2.44
PFIZER 3.625% 09-03.06.13 500,000.00 EUR 497,880.00 523,900.00 1.56
POLO RALPH LAUREN 4.5% 06-04.10.13 1,231,000.00 EUR 1,066,312.50 1,267,055.99 3.77
PSA FIN 3.625% 09-14.10.11 1,000,000.00 EUR 998,900.00 1,006,660.00 2.99
RCI BANQUE FRN 07-24.01.12 500,000.00 EUR 420,000.00 488,000.00 1.45
RCI BK 8.125% 09-15.05.12 200,000.00 EUR 199,358.00 215,926.00 0.64
ROBERT BOSCH 3.75% 09-12.06.13 100,000.00 EUR 99,810.00 105,706.00 0.31
SCA FINANS 3.875% 06-07.03.11 600,000.00 EUR 591,600.00 608,490.00 1.81
SKAND ENSK 4.375% 09-29.05.12 300,000.00 EUR 297,300.00 312,339.00 0.93
SKF AB 4.25% 06-13.12.13 212,000.00 EUR 197,796.00 224,683.96 0.67
SWISS RE TREAS 6% 09-18.05.12 300,000.00 EUR 299,616.00 317,856.00 0.94
TESCO PLC 5.625% 08-12.09.12 775,000.00 EUR 802,388.50 837,806.00 2.49
UBS LN 4.625% 09-06.07.12 800,000.00 EUR 810,736.50 832,512.00 2.47
VERIZON 7.625% 08-19.12.11 REGS 750,000.00 EUR 817,500.00 812,280.00 2.41
VIVENDI FRN 06-03.10.11 550,000.00 EUR 519,282.50 547,041.00 1.62
VOLVO TR 7.875% 09-01.10.12 375,000.00 EUR 383,406.25 413,613.75 1.23
VW INTL FIN 5.25% 09-01.04.11 250,000.00 EUR 249,040.00 256,240.00 0.76
XSTRATA FIN. 4.875% 07-14.06.12 1,100,000.00 EUR 943,981.60 1,142,570.00 3.39
18,436,274.85 20,097,360.54 59.69
NOK
NORECO FRN 09-20.11.12 2,000,000.00 NOK 236,328.98 249,000.78 0.74
PA RES NO FRN 09-09.03.11 1,000,000.00 NOK 118,588.30 124,814.79 0.37
354,917.28 373,815.57 1.11
Page
82
Face value
Currency
The accompanying notes form an integral part of these financial statements.
Cost Market Value % net assets