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

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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
Sparinvest SICAV SPARINVEST - INSTITUTIONAL CORPORATE VALUE BONDS Statement of Investments (continued) as at June 30, 2010 (expressed in EUR) Description SEK SAS 13.5% 10-14.05.12 2,000,000.00 SEK 206,631.18 218,073.38 0.65 206,631.18 218,073.38 0.65 USD ALCOA INC. 6% 01-15.01.12 SR GL 880,000.00 USD 567,274.33 751,489.00 2.23 ALLEGHENY TECHN. 8.375% 01-15.12.11 750,000.00 USD 570,596.49 639,154.98 1.90 BIOGEN IDEC INC 6% 08-01.03.13 750,000.00 USD 549,444.83 673,226.37 2.00 CARDINAL HEALTH 5.65% 07-15.06.12 500,000.00 USD 365,016.06 437,234.36 1.30 DAIMLERCHRYSL. NA 7.3% 02-15.01.12 1,100,000.00 USD 779,308.96 967,031.23 2.87 DILLARD DS 9.125% 91-01.08.11 500,000.00 USD 310,605.24 408,725.43 1.21 FAIRFAX FIN.7.75% 04-26.04.12 872,000.00 USD 652,963.90 742,329.91 2.20 FOSTERS FIN. 6.875% 01-15.06.11 144A 300,000.00 USD 232,317.00 255,324.15 0.76 NORSKE SKOG.7.625% 01-11-144A 300,000.00 USD 181,061.39 234,855.26 0.70 PETROQUEST 10.375% 05-15.05.12 300,000.00 USD 246,981.34 247,696.32 0.74 PHI INC 7.125% 06-15.04.13 315,000.00 USD 211,294.78 242,742.40 0.72 SEVAN 9.25% 06-20.12.11 600,000.00 USD 271,374.38 481,937.54 1.43 TYCO ELECTRO GRP 6% 08-01.10.12 184,000.00 USD 128,956.28 161,095.35 0.48 WELLPOINT INC 6.375% 02-15.01.12 575,000.00 USD 434,396.34 500,036.66 1.49 5,501,591.32 6,742,878.96 20.03 Total - Bonds 24,499,414.63 27,432,128.45 81.48 Total - Transferable securities admitted to an official stock exchange listing 24,499,414.63 27,432,128.45 81.48 Transferable securities dealt in on another regulated market Bonds CAD SHERRITT 7.875% 05-26.11.12 S.A 400,000.00 CAD 249,863.72 322,101.98 0.96 249,863.72 322,101.98 0.96 USD AETNA 7.875% 01-01.03.11 800,000.00 USD 609,439.46 679,479.41 2.02 BUNGE LTD FIN. 5.875% 03-15.05.13 500,000.00 USD 357,348.70 437,086.36 1.30 HUSKY ENERGY 6.25% 02-15.06.12 500,000.00 USD 380,977.50 440,023.65 1.31 PALL 6% 02-01.08.12 1,000,000.00 USD 747,100.80 885,256.46 2.62 VALERO ENERGY 6.875% 02-15.04.12 500,000.00 USD 371,138.63 438,228.82 1.30 2,466,005.09 2,880,074.70 8.55 Total - Bonds 2,715,868.81 3,202,176.68 9.51 Total - Transferable securities dealt in on another regulated market 2,715,868.81 3,202,176.68 9.51 Other transferable securities Bonds Face value Currency Cost Market Value % net assets EUR ANGLO IRISH BK 3.625% 08-9.09.10 500,000.00 EUR 503,585.00 498,875.00 1.48 CENTRICA 7.125% 08-09.12.13 200,000.00 EUR 215,034.00 231,806.00 0.69 The accompanying notes form an integral part of these financial statements. Page 83
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Sparinvest SICAV Semi Annual Report
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Sparinvest SICAV Management and Adm
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Sparinvest SICAV Consolidated State
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Sparinvest SICAV SPARINVEST - EQUIT
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Sparinvest SICAV Notes to the Finan
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