Schroder Alternative Solutions
Semi-Annual Report
31 March 2016
Luxembourg
R.C.S. Luxembourg B 111.315
Schroder Alternative Solutions
Société d’Investissement à Capital Variable (SICAV)
Semi-Annual Report
31 March 2016
No subscriptions can be received on the basis of periodical reports. Subscriptions are
valid only if made on the basis of the current prospectus and KIID, accompanied by the
last available annual report or semi-annual report if published thereafter.
Audited annual and unaudited semi-annual reports, the current prospectus, KIID and the
Articles of Incorporation of Schroder Alternative Solutions (the ‘Company’) are available,
free of charge, at the Company’s Management Company, 5, rue Höhenhof, L-1736
Senningerberg, Grand Duchy of Luxembourg.
Schroder Alternative Solutions Semi-Annual Report 31 March 2016
Page 5
Table of contents
Schroder Alternative Solutions . . . . . . . . . . . . . . . . . . . . . . . . . . . .7
Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8
Administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9
Directors’ Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10
Investment Manager’s Report . . . . . . . . . . . . . . . . . . . . . . . . . . . .11
Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . .12
Fund Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22
Statement of Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .24
Portfolio of Investments
Schroder AS Agriculture Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . .26
Schroder AS Asian Long Term Value Fund * . . . . . . . . . . . . . . . . . .26
Schroder AS Commodity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . .27
Schroder AS Gold and Precious Metals Fund . . . . . . . . . . . . . . . .27
Schroder AS UK Dynamic Absolute Return Fund . . . . . . . . . . . . . .28
Appendix I - TER
*
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30
Please refer to the Directors’ Report for the details of all corporate actions that occurred during the period under review.
Schroder Alternative Solutions Semi-Annual Report 31 March 2016
Page 7
Schroder Alternative Solutions
The Company
Schroder Alternative Solutions (the ‘Company’) is an open-ended investment company
organised as a ‘société anonyme’ under the laws of the Grand Duchy of Luxembourg.
The Company was incorporated on 6 October 2005 and exists for an indefinite period.
During the period under review five funds were available for investment within Schroder
Alternative Solutions (the “Funds”). The details of investment objectives and investment
restrictions for the Funds can be found in the Company’s current prospectus. The Company
constitutes a single legal entity, but the assets of the Funds are invested for the exclusive
benefit of the shareholders of the corresponding Funds and are solely accountable for the
liabilities, commitments and obligations of the Funds. The Directors may at any time resolve to
set up new Funds and/or create within each Fund one or more classes of shares. The
Directors may decide to make an application to list the shares on any other recognised stock
exchange.
This report covers the period from 1 October 2015 up to 31 March 2016. The last day on
which prices were calculated was 31 March 2016, the last working day of the period under
review. The financial statements are prepared in accordance with Luxembourg regulations
related to undertakings for collective investment.
Schroders is a FATCA compliant organisation. The FATCA classification of this entity and its
GIIN is as follows: FATCA entity classification: FFI; Sponsoring entity: Schroder Investment
Management (Luxembourg) S.A.; Sponsoring entity GIIN: 4RIMT7.00000.SP.442.
Hereafter, the names of the Funds will be preceded by Schroder AS, e.g., Schroder AS
Commodity Fund.
Corporate Governance
The Company is subject to corporate governance based on:
1.
Its obligations as defined by Part II of the Luxembourg law of 17 December 2010, as
amended, on undertakings for collective investment and the Alternative Investment Fund
Managers Directive 2011/61/EU, as implemented in Luxembourg law, which are available
for inspection at the registered office of the Company at 5, rue Hohenhof, L-1736
Senningerberg, Grand Duchy of Luxembourg.
2.
Its Articles of Incorporation which are available for inspection at the registered office of the
Company and at the Luxembourg corporate and trade register, Registre de Commerce et
des Sociétés (‘RCSL’).
3.
The obligations in respect of the management of the Company, for which the Company
has appointed Schroder Investment Management (Luxembourg) S.A., which is subject to
the requirements of the Management Company Directive 2010/43/EC and the Alternative
Investment Fund Managers Directive 2011/61/EU, as implemented in Luxembourg law.
4.
The Association of the Luxembourg Fund Industry (‘ALFI’) code of conduct, which the
Company has voluntarily adopted.
Internal Control and Risk Management Systems
The Board of Directors is responsible for establishing and maintaining adequate internal control
and risk management systems of the Company in relation to the financial reporting process.
Such systems are designed to manage rather than eliminate the risk of error or fraud in
achieving the Company's financial reporting objectives and can only provide reasonable and
not absolute assurance against material misstatement or loss.
The Board of Directors has contracted with the Management Company to put procedures in
place to ensure all relevant accounting records are properly maintained and are readily
available, including the production of annual and semi-annual reports. The annual and semiannual reports of the Company are required to be approved by the Board of Directors of the
Company and filed with the Commission de Surveillance du Secteur Financier (‘CSSF’) and, in
the case of annual reports, with the Registre de Commerce et des Sociétés (‘RCSL’). The
annual statutory financial statements are required to be audited by independent auditors who
report to the Board of Directors on their findings.
The Board meets at least four times a year and ensures that the Company maintains high
standards of integrity and control in its operations and that it possesses adequate governance
and means of control as law and regulation demand.
Schroder Alternative Solutions Semi-Annual Report 31 March 2016
Page 8
Board of Directors
Chairman
— Carlo Trabattoni
Head of Pan European Intermediary Distribution and GFIG
Schroder Investment Management Limited
31, Gresham Street
London EC2V 7QA, United Kingdom
Directors*
— Mike Champion
Head of Product Development
Schroder Investment Management Limited
31, Gresham Street
London EC2V 7QA, United Kingdom
— Marie-Jeanne Chevremont-Lorenzini
Independent Director
19, rue de Bitbourg
1273 Luxembourg, Grand Duchy of Luxembourg
— Jacques Elvinger
Avocat
Elvinger Hoss Prussen
2, place Winston Churchill
1340 Luxembourg, Grand Duchy of Luxembourg
— Daniel De Fernando Garcia
Independent Director
Serrano 1
28001 Madrid, Spain
— Achim Kuessner
Country Head Germany, Austria & CEE
Schroder Investment Management GmbH
Taunustor 1 (Taunus Turm)
60310 Frankfurt am Main, Germany
— Ketil Petersen
Country Head Nordic Region
Schroders Denmark Filial af Schroder Investment Management ( Luxembourg) S.A.
Store Strandstraede 21
1255 Copenhagen K, Denmark
— Neil Walton
Head of UK Institutional Business Development Group
Schroder Investment Management Limited
31, Gresham Street
London EC2V 7QA, United Kingdom
*Georges-Arnaud Saier resigned from the Board of Directors on 31 December 2015.
Schroder Alternative Solutions Semi-Annual Report 31 March 2016
Administration
Registered Office
5, rue Höhenhof, 1736 Senningerberg, Grand Duchy of Luxembourg
Alternative Investment Fund
Manager, Principal Paying Agent,
Domiciliary Agent, Registrar and
Transfer Agent
Schroder Investment Management (Luxembourg) S.A.
5, rue Höhenhof, 1736 Senningerberg, Grand Duchy of Luxembourg
Investment Manager
Schroder Investment Management Limited
31, Gresham Street, London EC2V 7QA, United Kingdom
Schroder Investment Management (Hong Kong) Limited
Level 33, Two Pacific Place, 88 Queensway, Hong Kong
Depositary bank and Fund
Administrator
J.P. Morgan Bank Luxembourg S.A.
European Bank & Business Centre, 6, route de Trèves, 2633 Senningerberg,
Grand Duchy of Luxembourg
Auditor
PricewaterhouseCoopers, Société coopérative
2, rue Gerhard Mercator, B.P. 1443, 1014 Luxembourg, Grand Duchy of Luxembourg
Legal Advisers
Elvinger Hoss Prussen
2, place Winston Churchill, B.P. 1340 Luxembourg, Grand Duchy of Luxembourg
Simmons & Simmons
CityPoint, One Ropemaker Street, London EC2Y 9SS, United Kingdom
Page 9
Page 10
Schroder Alternative Solutions Semi-Annual Report 31 March 2016
Directors’ Report
Introduction
The directors of the company submit their report and the financial statements for the period ended 31 March 2016.
Activities during the period
On 31 March 2016, the total net assets of the Company were USD 1,065,813,107 compared with USD 1,184,698,326 on 30 September 2015,
representing a decrease of 10.04%.
During the period under review, 1 new Fund was made available for investment within the Company:
5 October 2015
Schroder AS Asian Long Term Value Fund
In addition, the following share classes were liquidated:
17 December 2015
Schroder AS Gold and Precious Metals Fund I Acc CHF Hedged
Schroder AS Gold and Precious Metals Fund I Acc RMB Hedged
The Board of Directors
Schroder Alternative Solutions
31 March 2016
Schroder Alternative Solutions Semi-Annual Report 31 March 2016
Page 11
Investment Manager’s Report
Economic review
The early part of the period was dominated by speculation over the timing of the first rise in US interest rates since 2006. Having surprised markets
by not raising rates in September 2015, following a bout of stockmarket volatility, the Federal Reserve (Fed) lifted rates by 25 basis points (bps) in
December. However, following further significant stockmarket volatility around the turn of the year, the Fed emphasised that future increases would
be gradual. US employment data remained largely robust over the period but there were fears that parts of the economy were coming under
pressure. The ISM manufacturing index was in contraction for five consecutive months as a strong dollar, weak global growth and depressed
energy sector weighed on US manufacturers.
By contrast, monetary policy was eased further in Europe over the period. The European Central Bank (ECB) announced that it would expand its
monthly quantitative easing purchases to €80 billion from €60 billion and would include some corporate bonds in the purchases. The ECB also cut
its deposit rate further into negative territory (-0.4%) and announced a new series of targeted longer-term refinancing operations to support bank
lending. The ECB’s move came in response to still-lacklustre growth rates in Europe, as well as below-target inflation. Similarly, Japan introduced a
negative deposit of -0.1% in an effort to encourage lending as economic activity indicators remained weak. In emerging markets, China also saw
slowing growth, with GDP expanding by 6.8% in the fourth quarter of 2015. The central bank cut the reserve requirement ratio in response.
Political factors were also to the fore over the six-month period. Brazil was a particular focus as more business and political figures were implicated
in the ‘Lava Jato’ scandal while the economy experienced its worst recession in 30 years. Impeachment proceedings were launched against
President Dilma Rousseff. In Europe, the migrant crisis remained in the spotlight. Spain held elections which produced an inconclusive outcome.
The UK called a referendum on its membership of the European Union, precipitating a decline in sterling.
UK equity market review and outlook
The FTSE All-Share returned 3.52% 1 over the period with the large cap FTSE 100 outpacing the mid-cap FTSE 250 index. Equities drew support
from expectations that the first increase in UK base rates would be deferred. The resource sectors performed well as commodity prices rallied in
tandem with the weakening dollar over the period, and Royal Dutch Shell and BG completed their merger. Sterling depreciated as the risk of a
British exit from the European Union came into sharp relief after UK Prime Minister David Cameron called a referendum on the country’s
membership of the bloc. Weakness in the pound lent support to the miners, given their overseas earnings bases. However, concerns of a possible
Brexit weighed on sentiment towards the financials. The banking sector was specifically impacted by the prospect of reduced net interest margins,
were interest rates to remain lower for longer.
Profit margins for UK firms are expected to remain under pressure from higher labour costs for domestically-focused firms, given the pick-up in
wages and slowdown in productivity. The degree of fiscal tightening expected for 2016 will add downside risks to the UK economy, whilst the
ongoing debate over EU membership continues to create market uncertainty. On the other hand, a weaker sterling should provide tailwinds for
multinationals and some relief for UK corporate earnings.
Commodity market review and outlook
Commodity prices largely remained under pressure over the period and the Bloomberg Commodity Index returned -10.1% 2. The Brent crude oil
price began the period at around $48 per barrel and ended at around $39 per barrel, having dipped below $30 in mid-January as output remained
high even as demand waned 3. Hopes rose through the period of a deal between oil-producing nations to limit production. Certain agricultural
commodities fared well, with sugar prices gaining strongly. Gold saw a strong rally in the latter part of the period as investors sought perceived safe
havens amid the stockmarket volatility in early 2016. Industrial metals were pressured by expectations of reduced Chinese demand and oversupply
in some segments.
Within commodities, energy may gain support from signs that the pace of inventory growth has started to reverse. For industrial metals, there are
signs that the Chinese authorities are easing but supply remains ample across most base metals. For agriculture, major grains are in abundant
supply but prospects for adverse weather over the year are rising, which could be disruptive to future crop yields. Gold could find support as real
yields continue to fall and inflation base effects are turning positive.
The Investment Manager
Schroder Alternative Solutions
31 March 2016
1
Source: DataStream, total return in sterling.
2
Source: Bloomberg, Bloomberg Commodity Index total return, US dollar
3
Source: Bloomberg
Page 12
Schroder Alternative Solutions Semi-Annual Report 31 March 2016
Notes to the Financial Statements
as at 31 March 2016
The Company
The Company is an umbrella structured open-ended investment company with limited liability and qualifies as an undertaking for collective
investment (‘UCI’) regulated by the provisions of Part II of the Luxembourg law of 17 December 2010, as amended, regarding undertaking for
collective investment (the ‘2010 law’). The Company has been established for an undetermined period and may further issue several classes of
shares in each sub-fund. The financial statements are prepared in accordance with Luxembourg regulations relating to undertakings for collective
investments.
Classes of Shares
During the period under review, the following classes of shares were available for investment:
Fund
Classes of Shares
Schroder AS Agriculture Fund
A, C, D & I Acc share classes
A & C Dis share classes
A, C & I Acc CHF Hedged share classes
A, C & I Acc EUR Hedged share classes
A, C & I Acc GBP Hedged share classes
A & C Dis GBP Hedged share classes
A Acc SGD Hedged share class
Schroder AS Asian Long Term Value Fund *
C, I and IZ Acc share classes
Schroder AS Commodity Fund
A, C, D, I & X Acc share classes
A, C, I & J Dis share classes
A, C & I Acc CAD Hedged share classes
A, C & I Acc CHF Hedged share classes
A, C & I Acc EUR Hedged share classes
A, C & I Acc GBP Hedged share classes
A & C Dis GBP Hedged share classes
A Acc SGD Hedged share class
I Acc JPY Hedged share class
Schroder AS Gold and Precious Metals Fund *
A, C, D & I Acc share classes
A & C Dis share classes
A, C & I Acc CHF Hedged share classes
A, C & I Acc EUR Hedged share classes
A & C Dis GBP Hedged share classes
A, C & I Acc RMB Hedged share classes
A Acc PLN Hedged share class
A Acc SGD Hedged share class
Schroder AS UK Dynamic Absolute Return Fund
C & R Acc share classes
C & R Acc EUR Hedged share classes
C & R Acc USD Hedged share classes
Initial Charges
The Management Company and Distributors are entitled to an initial charge, which can be partly or fully waived at the discretion of the Management
Company or of the relevant Distributor. The initial charge attributed to each class of share is shown below:
Initial Charge
A Shares
C Shares **
D, I, IZ, J, R and X Shares *
Up to 5.26315% of the Net Asset Value per share
Up to 1.0101% of the Net Asset Value per share
None
Minimum Subscription Amount, Minimum Additional Subscription Amount and Minimum Holding Amount
The minimum subscription amount, minimum additional subscription amount and minimum holding amount for each class shown below are stated
in the relevant currency although near equivalent amounts in any other freely convertible currency are acceptable. These minima may be waived at
the Directors’ discretion from time to time.
*
**
Please refer to the Directors’ Report for the details of all corporate actions that occurred during the period under review
Except from Schroder AS Asian Long Term Value Fund C Shares for which there are no initial charges.
Schroder Alternative Solutions Semi-Annual Report 31 March 2016
Page 13
Notes to the Financial Statements
as at 31 March 2016 (cont)
Minimum Subscription Amount, Minimum Additional Subscription Amount and Minimum Holding Amount (cont)
Share Class
Minimum
Subscription Amount
Minimum Additional
Subscription Amount
Minimum
Holding Amount
A Shares
USD 10,000
USD 5,000
USD 10,000
C Shares
USD 250,000
USD 125,000
USD 250,000
D Shares
USD 10,000
USD 5,000
USD 10,000
I Shares
USD 5,000,000
USD 2,500,000
USD 5,000,000
IZ Shares *
USD 100,000,000
USD 20,000,000
USD 100,000,000
J Shares
USD 5,000,000
USD 2,500,000
USD 5,000,000
X Shares
USD 25,000,000
USD 12,500,000
USD 25,000,000
R Shares
none
none
none
Net Asset Value
Calculation of Net Asset Value per Share
The Net Asset Value per Share of each Class is calculated on each Dealing Day in the currency of the relevant class. It is calculated by dividing the
net asset value attributable to each class, being the proportionate value of its assets less its liabilities, by the number of shares of such class then in
issue. The resulting sum is rounded to the nearest two decimal places. Further details on rules that apply in valuing total assets can be found in the
current prospectus.
Valuation of the Assets of the Fund
The value of securities, assets (including shares or units in closed-ended undertakings for collective investment) and financial derivative instruments
is determined on the basis of the last available price on the stock exchange or any other Regulated Market on which these securities, assets or
derivative instruments are traded or admitted for trading. Where such securities, assets or derivative instruments are quoted or dealt in one or by
more than one stock exchange or any other Regulated Market, the Directors shall make regulations for the order of priority in which stock
exchanges or other Regulated Markets shall be used for the provision of prices of securities, assets or derivative instruments.
If a security or derivative instrument is not traded or admitted on any official stock exchange or any Regulated Market, or in the case of securities
and derivative instruments so traded or admitted the last available price of which does not reflect their true value, the Directors are required to
proceed on the basis of their expected sales price, which shall be valued with prudence and in good faith.
Swaps contracts are valued at the market value fixed in good faith by the Directors and according to generally accepted valuation rules. Asset
based swap contracts will be valued by reference to the market value of the underlying assets. Cash flow based swap contracts will be valued by
reference to the net present value of the underlying future cash flows.
Liquid assets and money market instruments held within the liquidity Funds are usually valued on an amortised cost basis.
Each share or unit in an open-ended undertaking for collective investment is valued at the last available Net Asset Value (or bid price for dual priced
undertakings for collective investment) whether estimated or final, which is computed for such units or shares on the same Dealing Day, failing
which, it is the last Net Asset Value (or bid price for dual priced undertakings for collective investment) computed prior to the Dealing Day on which
the Net Asset Value of the shares in the Company is determined.
The value of any cash in hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest
declared or accrued as aforesaid and not yet received are deemed to be the full amount thereof, unless in any case the same is unlikely to be paid
or received in full, in which case the value thereof is arrived at after making such discount as the Company may consider appropriate in such case
to reflect the true value thereof.
Any assets or liabilities in currencies other than the base currency of the Funds are converted using the relevant spot rate quoted by a bank or other
responsible financial institution.
Exchange Rate
The exchange rate used for the calculation of the combined total in USD of the financial Statement as at 31 March 2016 is:
1 US Dollar = 0.69574898 British Pound.
*
Please refer to the Directors’ Report for the details of all corporate actions that occurred during the period under review.
Schroder Alternative Solutions Semi-Annual Report 31 March 2016
Page 14
Notes to the Financial Statements
as at 31 March 2016 (cont)
Realised gains and losses on sales of Investments
Realised gains and losses on sales of investments in securities are determined on the average cost basis and include transaction costs.
Taxation
The Company is not subject to any taxes in Luxembourg on income or capital gains. The only tax to which the Company is subject in Luxembourg
is the ‘taxe d’abonnement’ at a rate of up to 0.05% per annum based on the net asset value of each Fund at the end of the relevant quarter,
calculated and paid quarterly. In respect of I, IZ*, J, R and X shares, which comprise only institutional investors, the tax levied is at 0.01% per
annum.
Changes in the Funds
A list, specifying the total purchases and sales for each Fund, which took place during the period under review may be obtained free of charge upon
request at the registered office of the Company.
Cash Collateral Reinvestment
For the purpose of counterparty risk mitigation, Funds with currency hedging transactions related to hedged share classes will pay or receive cash
collateral on a daily basis from the counterparty, thus reducing their exposure over the duration of the forward contract.
Investment Manager may reinvest the cash collateral received from the counterparty in connection with currency hedging, in line with the investment
objectives of the fund.
Collateral receivable or payable at the maturity date of the forward contracts are shown in the Statement of Net Assets as ‘Hedged Currency Class
Forward Contract Collateral Receivable/Payable’. Collateral calls receivable or payable are shown in the Statement of Net Assets as ‘Net Hedged
Currency Class Forward Contract Collateral Calls Receivable/Payable’.
Forward Foreign Exchange Contracts
Outstanding forward foreign exchange contracts were valued at the last available price at NAV calculation day by reference to the forward rate of
exchange applicable to the maturity of the contracts. The unrealised appreciations/(depreciations) are shown in the Statement of Net Assets under
‘Net unrealised appreciation/(depreciation) on forward foreign exchange contracts’.
On 31 March 2016, the following funds were committed to forward foreign exchange contracts:
Unrealised
Appreciation/
Currency Bought
Currency Sold
Maturity Date
(Depreciation)
Schroder AS Agriculture Fund
Share Class Hedging
CHF
27,500
USD
28,271
07-Apr-2016
390
EUR
62,400
USD
67,915
21-Apr-2016
3,189
EUR
171,300
USD
188,689
27-May-2016
6,729
EUR
9,053,300
USD
9,976,592
09-Jun-2016
355,813
EUR
254,400
USD
280,749
16-Jun-2016
9,660
EUR
110,000
USD
122,327
23-Jun-2016
3,271
4,319
EUR
233,700
USD
262,645
07-Jul-2016
GBP
39,900
USD
56,804
07-Apr-2016
611
GBP
2,444,600
USD
3,478,944
14-Apr-2016
38,682
( 372 )
GBP
40,200
USD
58,219
28-Apr-2016
GBP
28,600
USD
41,169
12-May-2016
( 12 )
SGD
2,381,600
USD
1,656,887
07-Apr-2016
116,226
136,749
SGD
2,955,600
USD
2,063,729
14-Apr-2016
SGD
75,100
USD
53,398
12-May-2016
2,504
SGD
67,700
USD
49,172
27-May-2016
1,213
SGD
56,000
USD
40,765
02-Jun-2016
910
SGD
104,800
USD
77,594
09-Jun-2016
394
USD
42,377
GBP
29,900
07-Apr-2016
( 648 )
USD
279,229
SGD
391,800
07-Apr-2016
( 12,468 )
USD
667,160
Schroder AS Commodity Fund
Share Class Hedging
CAD
315,600
USD
239,399
28-Apr-2016
5,275
Schroder Alternative Solutions Semi-Annual Report 31 March 2016
Page 15
Notes to the Financial Statements
as at 31 March 2016 (cont)
Forward Foreign Exchange Contracts (cont)
Unrealised
Appreciation/
Currency Bought
Currency Sold
Maturity Date
(Depreciation)
Schroder AS Commodity Fund (cont)
87,295,800
(cont)
USD
89,756,719
07-Apr-2016
1,225,487
EUR
15,649,000
USD
16,706,168
14-Apr-2016
1,121,882
2,626,298
CHF
EUR
43,581,600
USD
47,034,088
21-Apr-2016
EUR
1,063,700
USD
1,171,126
12-May-2016
41,729
EUR
1,532,400
USD
1,677,998
19-May-2016
69,690
257,908
EUR
6,571,900
USD
7,239,292
27-May-2016
EUR
2,203,400
USD
2,462,275
02-Jun-2016
51,861
EUR
4,484,600
USD
4,951,534
16-Jun-2016
167,840
EUR
1,385,300
USD
1,529,859
23-Jun-2016
51,883
EUR
1,271,100
USD
1,421,867
30-Jun-2016
29,809
57,735
EUR
3,124,000
USD
3,510,929
07-Jul-2016
EUR
965,000
USD
1,095,951
14-Jul-2016
6,682
GBP
563,300
USD
789,916
07-Apr-2016
20,655
670,458
GBP
42,387,200
USD
60,322,069
14-Apr-2016
GBP
2,883,500
USD
4,114,436
21-Apr-2016
34,823
GBP
879,600
USD
1,252,301
28-Apr-2016
13,439
( 360 )
GBP
878,400
USD
1,264,421
12-May-2016
JPY
729,600
USD
6,432
28-Apr-2016
70
SGD
756,800
USD
528,431
14-Apr-2016
35,015
SGD
509,900
USD
356,849
21-Apr-2016
22,762
SGD
8,562,400
USD
6,090,795
28-Apr-2016
283,501
SGD
3,505,800
USD
2,497,311
06-May-2016
112,443
SGD
8,935,900
USD
6,349,202
12-May-2016
302,339
SGD
2,327,300
USD
1,653,242
19-May-2016
78,979
SGD
1,563,100
USD
1,130,357
27-May-2016
32,965
19,478
SGD
962,500
USD
696,807
02-Jun-2016
SGD
852,400
USD
631,119
09-Jun-2016
3,203
SGD
486,400
USD
358,110
16-Jun-2016
3,835
SGD
339,300
USD
251,019
30-Jun-2016
1,445
USD
996,889
CHF
962,800
07-Apr-2016
( 6,569 )
( 446,493 )
USD
14,288,848
EUR
12,934,300
14-Apr-2016
USD
800,890
GBP
563,300
07-Apr-2016
( 9,681 )
USD
3,598,002
GBP
2,538,300
14-Apr-2016
( 54,453 )
USD
539,957
SGD
756,800
14-Apr-2016
( 23,489 )
USD
369,450
SGD
509,900
21-Apr-2016
( 10,161 )
USD
1,029,657
SGD
1,409,900
28-Apr-2016
( 19,945 )
USD
6,778,338
Schroder AS Gold and Precious Metals Fund
Share Class Hedging
CHF
1,782,000
USD
1,832,357
07-Apr-2016
24,895
CNH
88,300
USD
13,410
28-Apr-2016
245
CNH
2,700
USD
414
27-May-2016
3
EUR
119,800
USD
130,387
21-Apr-2016
6,122
EUR
151,900
USD
166,332
19-May-2016
6,908
EUR
73,900
USD
80,880
27-May-2016
3,425
141,816
EUR
3,787,400
USD
4,179,705
02-Jun-2016
EUR
267,300
USD
295,005
16-Jun-2016
10,130
EUR
449,700
USD
498,069
23-Jun-2016
15,401
EUR
293,800
USD
327,698
30-Jun-2016
7,841
EUR
217,200
USD
244,102
07-Jul-2016
4,014
1,608
EUR
215,500
USD
244,627
14-Jul-2016
GBP
15,200
USD
21,543
07-Apr-2016
329
GBP
1,115,100
USD
1,586,848
14-Apr-2016
17,712
10,002
GBP
1,031,500
USD
1,474,292
21-Apr-2016
GBP
47,200
USD
67,942
12-May-2016
( 19 )
PLN
19,146,500
USD
5,041,046
28-Apr-2016
84,219
SGD
1,138,500
USD
789,643
07-Apr-2016
57,976
SGD
3,578,300
USD
2,498,525
14-Apr-2016
165,560
SGD
8,615,900
USD
6,024,296
21-Apr-2016
390,083
SGD
4,817,900
USD
3,428,836
28-Apr-2016
157,858
Schroder Alternative Solutions Semi-Annual Report 31 March 2016
Page 16
Notes to the Financial Statements
as at 31 March 2016 (cont)
Forward Foreign Exchange Contracts (cont)
Unrealised
Appreciation/
Currency Bought
Currency Sold
Schroder AS Gold and Precious Metals Fund (cont)
9,504,800
SGD
Maturity Date
(Depreciation)
308,320
USD
6,767,151
06-May-2016
SGD
821,900
USD
583,799
12-May-2016
27,992
SGD
740,700
USD
526,082
19-May-2016
25,225
SGD
1,792,600
USD
1,290,805
27-May-2016
43,320
SGD
1,040,000
USD
754,054
02-Jun-2016
19,905
SGD
1,388,300
USD
1,027,900
09-Jun-2016
5,216
SGD
560,600
USD
414,740
30-Jun-2016
2,388
USD
24,436
CHF
23,600
07-Apr-2016
( 161 )
USD
133,629
EUR
119,800
21-Apr-2016
( 2,881 )
( 3,132 )
USD
170,108
EUR
151,900
19-May-2016
USD
34,724
EUR
31,000
27-May-2016
( 641 )
USD
21,449
GBP
15,200
07-Apr-2016
( 423 )
USD
67,453
GBP
47,800
14-Apr-2016
( 1,328 )
USD
819,043
SGD
1,138,500
07-Apr-2016
( 28,576 )
USD
2,323,150
SGD
3,185,300
14-Apr-2016
( 48,342 )
1,453,010
Portfolio Hedging
CAD
1,898,000
USD
1,354,191
07-Apr-2016
117,224
USD
3,640,124
CAD
5,090,600
07-Apr-2016
( 306,339 )
( 189,115 )
USD
1,263,895
Schroder AS UK Dynamic Absolute Return Fund
Share Class Hedging
EUR
12,884,200
GBP
10,114,773
28-Apr-2016
106,850
USD
13,284,100
GBP
9,314,001
28-Apr-2016
( 72,270 )
GBP
34,580
Futures Contracts
Futures contracts were valued at the last available price at NAV calculation day. The unrealised appreciation/(depreciation) is shown in the Statement
of Net Assets under ‘Net unrealised appreciation/(depreciation) on futures contracts’.
On 31 March 2016, the following funds held open futures contracts:
Maturity Date
Quantity
Schroder AS Agriculture Fund
101
Apr 2016
Contract
Currency
Long
Position
Market
Price
Unrealised
Appreciation/
(Depreciation)
( 71,330 )
Rapeseed Euro Future
EUR
1,913,456
366.5
Apr 2016
62
SGX Technically Specified Rubber 20 Future
USD
335,049
1.32
72,601
Apr 2016
38
SUGAR NO.11 (WORLD) Future
USD
601,472
0.16
69,699
White Sugar Future (ICE)
USD
2,086,108
452.8
313,732
Cocoa Future
USD
509,542
2,932
18,218
Cocoa Future (ICE)
GBP
2,218,320
2,142
136,763
Apr 2016
106
May 2016
18
May 2016
108
May 2016
19
Coffee 'C' Future
USD
845,119
1.26
49,069
May 2016
265
Coffee Robusta Future (10-Tonne)
USD
3,808,050
1,492
145,750
May 2016
795
Corn Future
USD
14,583,178
3.66
( 24,740 )
May 2016
40
Crude Palm Oil Future
MYR
2,538,066
2,709
43,835
May 2016
42
Hard Red Winter Wheat Future (KCB)
USD
956,550
4.66
21,000
May 2016
152
Lumber Future
USD
4,268,957
311.65
941,831
May 2016
313
Mill Wheat Euro Future
EUR
2,735,635
153.5
( 379,664 )
May 2016
145
Oat Future
USD
1,469,550
1.87
( 117,425 )
May 2016
94
Rough Rice Future (CBOT)
USD
2,105,600
10
( 225,600 )
May 2016
104
SGX Technically Specified Rubber 20 Future
USD
581,065
1.32
104,815
May 2016
109
Soybean Future
USD
4,720,955
9.09
233,095
May 2016
100
Soybean Meal Future
USD
2,664,000
271.8
54,000
Schroder Alternative Solutions Semi-Annual Report 31 March 2016
Page 17
Notes to the Financial Statements
as at 31 March 2016 (cont)
Futures Contracts (cont)
Maturity Date
Quantity
Schroder AS Agriculture Fund (cont)
269
May 2016
Contract
Currency
Long
Position
Market
Price
Unrealised
Appreciation/
(Depreciation)
(cont)
Soybean Oil Future
USD
5,017,320
0.34
454,140
Wheat Future (CBT)
USD
11,481,701
4.63
( 386,864 )
32,696
May 2016
479
Jun 2016
19
Crude Palm Oil Future
MYR
1,166,878
2,725
Jun 2016
47
Lean Hogs Future
USD
1,519,325
0.82
17,575
Jun 2016
68
Live Cattle Future
USD
3,613,473
1.23
( 280,793 )
151,919
Jun 2016
127
SUGAR NO.11 (WORLD) Future
USD
2,101,163
0.16
Jul 2016
29
Coffee 'C' Future
USD
1,319,898
1.28
67,752
Jul 2016
68
Coffee Robusta Future (10-Tonne)
USD
1,056,143
1,526
( 18,463 )
Jul 2016
58
Jul 2016
310
Corn Future
USD
1,079,563
3.71
( 4,388 )
Cotton No.2 Future
USD
9,502,972
0.57
( 601,322 )
Jul 2016
Jul 2016
21
Crude Palm Oil Future
MYR
1,417,819
2,708
995
21
Hard Red Winter Wheat Future (KCB)
USD
516,600
4.77
( 16,275 )
68,915
Jul 2016
136
Soybean Future
USD
6,161,585
9.16
Jul 2016
38
Soybean Meal Future
USD
1,029,930
274.4
12,790
Jul 2016
66
Wheat Future (CBT)
USD
1,557,600
4.71
( 4,125 )
White Sugar Future (ICE)
USD
2,463,963
447.4
( 25,633 )
Lean Hogs Future
USD
400,859
0.81
19,951
Rubber Future
JPY
564,740,821
174.9
134,082
Jul 2016
109
Aug 2016
13
Aug 2016
663
Sep 2016
18
Cocoa Future
USD
546,981
2,932
( 19,222 )
Sep 2016
50
SUGAR NO.11 (WORLD) Future
USD
910,166
0.16
( 16,406 )
972,973
USD
Schroder AS Commodity Fund
1,295
Apr 2016
Apr 2016
1,937
Brent Crude Future
USD
51,107,969
40.15
886,281
Crude Oil Future
USD
74,360,776
38.13
( 502,966 )
Apr 2016
39
Gasoline RBOB Future
USD
2,386,486
1.45
( 14,334 )
Apr 2016
191
LME ZINC Future
USD
7,577,966
1,774.25
894,078
Apr 2016
866
Natural Gas Future
USD
16,737,143
2.02
764,717
Apr 2016
460
NY Harb ULSD Future
USD
22,406,375
1.18
451,117
Apr 2016
163
SGX Technically Specified Rubber 20 Future
USD
884,411
1.32
187,314
Apr 2016
177
White Sugar Future (ICE)
USD
3,469,784
452.8
537,496
May 2016
382
Brent Crude Future
USD
16,376,800
40.6
( 867,600 )
May 2016
227
Cocoa Future
USD
6,697,327
2,932
( 41,687 )
May 2016
81
Cocoa Future (ICE)
GBP
1,663,740
2,142
102,572
May 2016
78
Coffee 'C' Future
USD
3,500,775
1.26
170,100
May 2016
2,033
Corn Future
USD
37,292,579
3.66
( 63,267 )
( 1,836,673 )
May 2016
650
Crude Oil Future
USD
27,602,673
39.64
May 2016
253
Crude Palm Oil Future
MYR
16,045,271
2,709
279,306
May 2016
171
LME PRI ALUM Future
USD
6,760,688
1,493.5
( 375,975 )
May 2016
48
LME ZINC Future
USD
2,140,800
1,791.5
9,000
May 2016
352
Low Sulphur Gas Oil Future (ICE)
USD
11,885,170
354.25
584,430
May 2016
185
Mill Wheat Euro Future
EUR
1,736,097
153.5
( 360,145 )
May 2016
355
Natural Gas Future
USD
7,253,165
2.13
297,685
May 2016
376
SGX Technically Specified Rubber 20 Future
USD
2,066,808
1.32
412,912
( 214,265 )
May 2016
372
Silver Future
USD
29,016,365
15.49
May 2016
293
Soybean Future
USD
12,717,085
9.09
599,765
May 2016
1,121
Soybean Oil Future
USD
21,208,510
0.34
1,592,630
( 242,324 )
May 2016
263
Wheat Future (CBT)
USD
6,334,062
4.63
Jun 2016
123
Crude Palm Oil Future
MYR
7,553,999
2,725
211,662
Jun 2016
301
Gasoline RBOB Future
USD
19,088,185
1.46
( 637,186 )
( 277,762 )
Jun 2016
115
Live Cattle Future
USD
5,913,912
1.23
Jun 2016
164
LME COPPER Future
USD
19,270,000
4,840
574,000
Jun 2016
53
LME LEAD Future
USD
2,322,063
1,720
( 43,062 )
( 418,242 )
Jun 2016
233
LME NICKEL Future
USD
12,140,472
8,385
Jun 2016
95
LME PRI ALUM Future
USD
3,596,938
1,499
( 36,812 )
Jun 2016
76
LME ZINC Future
USD
3,424,085
1,790.5
( 22,135 )
Jun 2016
533
Jun 2016
1,233
SGX Technically Specified Rubber 20 Future
USD
3,577,344
1.32
( 59,544 )
SUGAR NO.11 (WORLD) Future
USD
20,111,003
0.16
1,763,404
Jul 2016
183
Coffee 'C' Future
USD
8,732,704
1.28
23,846
Jul 2016
591
Coffee Robusta Future (10-Tonne)
USD
9,127,470
1,526
( 108,810 )
Schroder Alternative Solutions Semi-Annual Report 31 March 2016
Page 18
Notes to the Financial Statements
as at 31 March 2016 (cont)
Futures Contracts (cont)
Maturity Date
Quantity
Schroder AS Commodity Fund (cont)
392
Jul 2016
Contract
(cont)
Corn Future
Currency
Long
Position
Market
Price
Unrealised
Appreciation/
(Depreciation)
( 29,655 )
USD
7,296,355
3.71
Jul 2016
129
Crude Palm Oil Future
MYR
8,707,450
2,708
6,629
Jul 2016
234
Platinum Future
USD
11,550,751
979.6
( 89,431 )
Jul 2016
91
Jul 2016
160
Silver Future
USD
7,014,826
15.51
39,949
Soybean Future
USD
7,283,806
9.16
46,194
( 42,330 )
Jul 2016
180
White Sugar Future (ICE)
USD
4,068,930
447.4
Aug 2016
172
Lean Hogs Future
USD
5,303,668
0.81
263,972
Aug 2016
834
Natural Gas Future
USD
19,880,062
2.31
( 589,642 )
Aug 2016
118
Rubber Future
JPY
100,511,941
174.9
23,864
Sep 2016
228
Cocoa Future
USD
6,928,432
2,932
( 243,472 )
Sep 2016
280
Natural Gas Future
USD
6,497,182
2.37
130,418
Sep 2016
233
SUGAR NO.11 (WORLD) Future
USD
4,241,372
0.16
( 76,451 )
Dec 2016
34
LME COPPER Future
USD
4,970,800
4,827
( 867,850 )
Dec 2016
77
LME PRI ALUM Future
USD
3,597,825
1,536
( 641,025 )
Dec 2016
107
Dec 2017
26
Silver Future
USD
8,446,116
15.66
( 68,016 )
LME COPPER Future
USD
3,740,100
4,847.5
( 589,225 )
1,493,455
USD
Schroder AS Gold and Precious Metals Fund
36
Silver Future
May 2016
Jun 2016
355
Gold 100 OZ Future
USD
2,614,721
15.49
172,579
USD
44,500,500
1,239.2
( 508,900 )
Jul 2016
20
Platinum Future
USD
987,413
979.6
( 7,813 )
Dec 2016
40
Gold 100 OZ Future
USD
5,018,900
1,245.7
( 36,100 )
Jan 2017
45
Silver Future
USD
3,393,675
15.63
121,950
Mar 2017
15
Silver Future
USD
1,190,250
15.65
( 16,312 )
( 274,596 )
USD
Schroder AS UK Dynamic Absolute Return Fund
77
CBOE Volatility Index Future
Jun 2016
USD
1,564,933
18.43
GBP
( 101,724 )
( 101,724 )
Total Return Swaps
The Company may use total return swaps. A total return swap is a bilateral financial contract which allows the Company to enjoy all of the cash flow
benefits of an asset without actually owning this asset (the ’Reference Asset’). The Company will have to pay a periodic fee (fixed or floating
payment) in exchange of its right to receive the total return of the Reference Asset (coupons or capital gains or losses). The Reference Asset can be
almost any asset, index or basket of asset which constitutes an eligible investment for the Company. The Company may use such instruments to
seek exposure to an eligible market or for hedging purposes.
The Company will only enter into a total return swap transaction with highly rated financial institutions specialised in this type of transaction. In
addition, the use of total return swap must comply with the investment objectives and policies and risk profile of the relevant Fund. The total
commitments arising from the use of total return swaps together with the total commitments arising from the use of other derivative instruments may
not, at anytime, exceed the net assets of the relevant Fund.
The total return swaps were valued at the last available price on 31 March 2016. The unrealised gain or loss on total return swaps at period-end is
represented by the values of interests to be received (or paid), based on relevant swap agreements’ interest rates less (or plus, respectively), the
value of the performance to be paid (or received, respectively), based on the total return value of underlying assets, which is made of the current fair
value of equities plus the dividend distributed for such equities for the relevant swap period. The unrealised appreciation/(depreciation) is shown in
the Statement of Net Assets under ‘Net unrealised appreciation/(depreciation) on total return swaps’.
On 31 March 2016, the following Fund was committed to total return swaps:
Schroder Alternative Solutions Semi-Annual Report 31 March 2016
Page 19
Notes to the Financial Statements
as at 31 March 2016 (cont)
Total Return Swaps (cont)
Description
Counterparty
Nominal Amount
Currency
Maturity Date
Unrealised
Appreciation / (Depreciation)
Schroder AS UK Dynamic Absolute Return Fund
Pay Interest + spread = 0.8325%
Receive Performance of the underlying British
stocks (basket)
UBS
20,506,600
GBP
04-Jul-2017
338,964
Pay Performance of the underlying British stocks
(basket)
Receive Interest + spread = 0.4825%
UBS
22,979,443
GBP
04-Jul-2017
( 233,547 )
GBP
105,417
Options Contracts
Options contracts were valued at the last available price on 31 March 2016 and the net market value is shown in the Statement of Net Assets under
‘Net market value of options’. On 31 March 2016, the following Fund was committed to outstanding options contracts:
Par Value
Subject to
Call or Put
Contract
Counterparty
Currency
Premium Paid
GBP
357,500
Market
Value
Unrealised
(Depreciation)
Schroder AS UK Dynamic Absolute Return Fund
250
Put on FTSE 100 Index
Strike Price 5,800.00
Expiring on 17-Jun-16
UBS
233,750
GBP
233,750
(123,750)
GBP
(123,750)
Management Fees
The Investment Manager is entitled to receive management fees as remuneration for its services. Such fees are calculated and accrued daily by
reference to the Net Asset Value of the Funds and are paid monthly. The actual rates payable as at 31 March 2016, which vary from Fund to Fund
and from share class to share class, are set out in the following table.
Fund
Share Class
Management Fee
Schroder AS Agriculture Fund
Schroder AS Asian Long Term Value Fund
A Shares
1.75%
C Shares
1.25%
D Shares
1.75%
I Shares
None
C Shares
0.75%
*
I Shares
None
IZ Shares
0.75%
A Shares
1.50%
C Shares
1.00%
D Shares
1.50%
Schroder AS Commodity Fund
I, J & X Shares
None
Schroder AS Gold and Precious Metals Fund
A Shares
1.50%
C Shares
1.00%
D Shares
1.50%
I Shares
None
Schroder AS UK Dynamic Absolute Return Fund
C & R Shares
*
Please refer to the Directors’ Report for the details of all corporate actions that occurred during the period under review.
1.00%
Schroder Alternative Solutions Semi-Annual Report 31 March 2016
Page 20
Notes to the Financial Statements
as at 31 March 2016 (cont)
Distribution fees
Share Classes
Distribution charge
A, C, I, IZ, J, R and X Shares *
No distribution charge
D Shares
Distribution charge of 1.00% per annum of the net assets of Funds
Performance Fees
In accordance with the provisions of the current prospectus, the Investment Manager is entitled to receive performance fees in addition to
management fees. The performance fee is 10% of the increase in the Net Asset Value per share over the financial year (except for Schroder AS UK
Dynamic Absolute Return Fund, for which it is set at 20%) and is payable annually in October. The performance fee becomes due in the event of
outperformance, that is, if the Net Asset Value per Share at the end of the relevant performance period exceeds the High Water Mark, i.e. by
reference to the Net Asset Value per Share at the end of any previous performance period (the High Water Mark). In addition if a Shareholder
redeems or switches all or part of their Shares before the end of a performance period, any accrued performance fee with respect to such Shares
will crystallise on that Dealing Day and will then become payable to the Investment Manager. The High Water Mark is not reset on those Dealing
Days at which performance fees crystallise following the redemption or switch of Shares.
The Funds in relation to which performance fees were calculated during the period under review and the details of the relevant Investment Managers
are set out in the table below.
Fund
Schroder
Schroder
Schroder
Schroder
Investment Manager
AS Agriculture Fund
AS Asian Long Term Value Fund *
AS Commodity Fund
AS UK Dynamic Absolute Return Fund
Schroder
Schroder
Schroder
Schroder
Investment Management
Investment Management
Investment Management
Investment Management
Share Classes
Limited
(Hong Kong) Limited
Limited
Limited
All
All
All
All
share
share
share
share
classes except for the I and J classes
classes except for the I classes
classes except for the I and J classes
classes
Dividends
The Directors declared the following dividends during the period under review:
Record
Date
Ex-Dividend
Date
Payment
Date
24-Feb-2016
25-Feb-2016
04-Mar-2016
Fund
Currency
Dividend
per Share
USD
0.061575
Schroder AS Commodity Fund
J Distribution
Information for Residents of the Hong Kong SAR
Registration of Portfolios
On 31 March 2016, Schroder AS Agriculture Fund, Schroder AS Commodity Fund and Schroder AS Gold and Precious Metals Fund were
registered for sale in Hong Kong SAR.
Soft Commission Arrangements
Pursuant to the requirements of the Hong Kong Securities and Futures Commission regulations, the following statement is made:
Soft commission arrangements have been undertaken in respect of the Company. Services which are paid for through or by soft commission were
in majority limited to the following areas:
a) Research, analysis or price information including computer or other information facilities;
b) Portfolio valuations; or
c) Performance measurement.
*
Please refer to the Directors’ Report for the details of all corporate actions that occurred during the period under review.
Schroder Alternative Solutions Semi-Annual Report 31 March 2016
Page 21
Notes to the Financial Statements
as at 31 March 2016 (cont)
Information for Residents of the Hong Kong SAR (cont)
Transactions with Connected Persons
The Company has entered into agreements and arrangements with Schroder Investment Management Limited and its affiliates, under which a
management fee, performance fee, distribution fee and a transfer agency fee are payable. These agreements and arrangements have been entered
into in the ordinary course of business and on normal commercial terms.
Details on management fees, distribution fees and performance fees are set out in the respective sections above. In addition, the Management
Company is entitled to receive the customary charges for its services as administration agent, coordinator, domiciliary agent, global distributor,
principal paying agent and registrar and transfer agent. These fees are accrued daily at an annual rate of up to 0.4% by reference to the Net Asset
Value of the relevant portfolio and are paid monthly in arrears.
Further details on fees payable by the Company can be found in the current prospectus. No transactions of the Company were effected through a
broker who is a connected person of the Management Company, the Investment Adviser or the Directors of the Company.
Disclosure of Transaction Costs
The transaction costs are broker commission fees and taxes related to the purchase and sale of transferable securities.
The transactions costs for the period under review are as follows:
Fund
Schroder AS Agriculture Fund
Schroder AS Asian Long Term Value Fund *
Schroder AS Commodity Fund
Schroder AS Gold and Precious Metals Fund
Schroder AS UK Dynamic Absolute Return Fund
Currency
Commissions
Other expenses
Total
USD
USD
USD
USD
GBP
163,943.69
90,713.3
54,321.23
690.86
43,261.55
26,529.09
164,634.55
133,974.85
80,850.32
Subsequent Events
On 20 April 2016, Schroder AS Commodity Total Return Fund was launched.
*
Please refer to the Directors’ Report for the details of all corporate actions that occurred during the period under review.
Page 22
Schroder Alternative Solutions Semi-Annual Report 31 March 2016
Fund Performance as at
31 March 2016
Sub-Fund/Class *
Launch Date
1 Year %
2 Years %
3 Years %
Since Launch %
Schroder AS Agriculture Fund A Acc
27 October 2006
( 11.73 )
( 33.63 )
( 36.57 )
( 27.64 )
Schroder AS Agriculture Fund A Dis
20 April 2007
( 11.74 )
( 33.63 )
( 36.57 )
( 27.67 )
Schroder AS Agriculture Fund C Acc
27 October 2006
( 11.21 )
( 32.78 )
( 35.31 )
( 22.19 )
Schroder AS Agriculture Fund C Dis
20 April 2007
( 11.21 )
( 32.79 )
( 35.32 )
( 23.60 )
Schroder AS Agriculture Fund D Acc
31 October 2007
( 12.62 )
( 34.94 )
( 38.46 )
( 34.36 )
Schroder AS Agriculture Fund I Acc
Benchmark: Rogers International Agriculture Index
27 October 2006
( 9.84 )
( 30.74 )
( 32.37 )
( 9.67 )
( 7.39 )
( 29.39 )
( 28.43 )
( 23.64 )
Schroder AS Agriculture Fund A Acc CHF Hedged
16 January 2008
( 12.90 )
( 35.08 )
( 38.27 )
( 37.34 )
Schroder AS Agriculture Fund C Acc CHF Hedged
16 January 2008
( 12.38 )
( 34.24 )
( 37.05 )
( 33.11 )
Schroder AS Agriculture Fund I Acc CHF Hedged
Benchmark: Rogers International Agriculture Index (TR) CHF Hedged
16 January 2008
( 11.02 )
( 32.21 )
( 34.12 )
( 20.86 )
( 8.48 )
( 30.50 )
( 29.72 )
( 29.12 )
Schroder AS Agriculture Fund A Acc EUR Hedged
27 October 2006
( 12.37 )
( 34.33 )
( 37.34 )
( 32.65 )
Schroder AS Agriculture Fund C Acc EUR Hedged
27 October 2006
( 11.86 )
( 33.49 )
( 36.10 )
( 27.75 )
Schroder AS Agriculture Fund I Acc EUR Hedged
Benchmark: Rogers International Agriculture Index (TR) EUR Hedged
27 October 2006
( 10.50 )
( 31.45 )
( 33.15 )
( 16.34 )
( 7.84 )
( 29.82 )
( 28.91 )
( 23.22 )
Schroder AS Agriculture Fund A Acc GBP Hedged
27 October 2006
( 11.81 )
( 33.60 )
( 36.42 )
( 29.13 )
Schroder AS Agriculture Fund A Dis GBP Hedged
20 April 2007
( 11.82 )
( 33.61 )
( 36.42 )
( 29.18 )
Schroder AS Agriculture Fund C Acc GBP Hedged
27 October 2006
( 11.26 )
( 32.73 )
( 35.12 )
( 23.02 )
Schroder AS Agriculture Fund C Dis GBP Hedged
20 April 2007
( 11.29 )
( 32.76 )
( 35.15 )
( 24.13 )
Schroder AS Agriculture Fund I Acc GBP Hedged
Benchmark: Rogers International Agriculture Index (TR) GBP Hedged
27 October 2006
Schroder AS Agriculture Fund A Acc SGD Hedged
15 February 2008
Benchmark: Rogers International Agriculture Index (TR) SGD Hedged
( 9.91 )
( 30.69 )
( 32.16 )
( 11.63 )
( 7.23 )
( 29.04 )
( 27.89 )
( 21.29 )
( 11.24 )
( 33.33 )
( 36.29 )
( 34.62 )
( 6.49 )
( 27.95 )
( 26.24 )
( 23.63 )
Schroder AS Asian Long Term Value Fund C Acc **
5 October 2015
-
-
-
6.05
Schroder AS Asian Long Term Value Fund I Acc **
5 October 2015
-
-
-
6.99
Schroder AS Asian Long Term Value Fund IZ Acc **
Benchmark: MSCI AC Asia ex Japan (NDR)
5 October 2015
-
-
-
6.08
-
-
-
2.43
Schroder AS Commodity Fund A Acc
31 October 2005
( 20.56 )
( 48.82 )
( 50.66 )
( 37.83 )
Schroder AS Commodity Fund A Dis
20 April 2007
( 20.57 )
( 48.83 )
( 50.67 )
( 38.69 )
Schroder AS Commodity Fund C Acc
31 October 2005
( 20.08 )
( 48.16 )
( 49.68 )
( 33.20 )
Schroder AS Commodity Fund C Dis
20 April 2007
( 20.07 )
( 48.16 )
( 49.67 )
( 33.84 )
Schroder AS Commodity Fund D Acc
31 October 2007
( 21.35 )
( 49.84 )
( 52.13 )
( 44.16 )
Schroder AS Commodity Fund I Acc
31 October 2005
( 19.05 )
( 46.85 )
( 47.76 )
( 20.54 )
Schroder AS Commodity Fund I Dis
18 December 2009
( 19.06 )
( 46.85 )
( 47.77 )
( 26.71 )
Schroder AS Commodity Fund J Dis
7 March 2008
( 19.13 )
( 46.94 )
( 47.89 )
( 25.61 )
Schroder AS Commodity Fund X Acc
Benchmark: Composite Benchmark
26 February 2010
( 19.06 )
( 46.85 )
( 47.76 )
( 21.87 )
( 22.19 )
( 47.39 )
( 47.11 )
( 48.92 )
Schroder AS Commodity Fund A Acc CAD Hedged
05 May 2006
( 21.29 )
( 49.19 )
( 50.67 )
( 42.92 )
Schroder AS Commodity Fund I Acc CAD Hedged
05 May 2006
( 20.82 )
( 48.54 )
( 49.69 )
( 38.66 )
Schroder AS Commodity Fund C Acc CAD Hedged
Benchmark: Composite Benchmark CAD Hedged
05 May 2006
( 19.78 )
( 47.21 )
( 47.75 )
( 28.32 )
( 21.85 )
( 46.64 )
( 45.83 )
( 46.63 )
Schroder AS Commodity Fund A Acc CHF Hedged
16 January 2008
( 21.29 )
( 49.19 )
( 50.67 )
( 42.92 )
Schroder AS Commodity Fund C Acc CHF Hedged
16 January 2008
( 20.82 )
( 48.54 )
( 49.69 )
( 38.66 )
Schroder AS Commodity Fund I Acc CHF Hedged
Benchmark: Composite Benchmark CHF Hedged
16 January 2008
( 19.78 )
( 47.21 )
( 47.75 )
( 28.32 )
( 23.12 )
( 48.22 )
( 48.08 )
( 55.01 )
Schroder AS Commodity Fund A Acc EUR Hedged
31 October 2005
( 21.77 )
( 50.20 )
( 52.25 )
( 49.08 )
Schroder AS Commodity Fund C Acc EUR Hedged
31 October 2005
( 21.31 )
( 49.56 )
( 51.30 )
( 45.19 )
Schroder AS Commodity Fund I Acc EUR Hedged
Benchmark: Composite Benchmark EUR Hedged
31 October 2005
( 20.28 )
( 48.27 )
( 49.44 )
( 34.27 )
( 22.58 )
( 47.71 )
( 47.48 )
( 48.80 )
Schroder AS Commodity Fund A Acc GBP Hedged
09 June 2006
( 20.91 )
( 48.97 )
( 50.76 )
( 40.00 )
Schroder AS Commodity Fund A Dis GBP Hedged
20 April 2007
( 20.90 )
( 48.96 )
( 50.76 )
( 41.24 )
Schroder AS Commodity Fund C Acc GBP Hedged
09 June 2006
( 20.42 )
( 48.30 )
( 49.77 )
( 35.30 )
Schroder AS Commodity Fund C Dis GBP Hedged
20 April 2007
( 20.43 )
( 48.30 )
( 49.77 )
( 36.34 )
*
**
All fund performance data are on a NAV to NAV basis (Bid to Bid), adjusted for dividends, net of expenses and gross of taxes. Past performance is not a reliable indicator of future results, prices of shares and
the income from them may fall as well as rise and investors may not get back the amount originally invested.
Please refer to the Directors’ Report for the details of all corporate actions that occurred during the period under review.
Schroder Alternative Solutions Semi-Annual Report 31 March 2016
Page 23
Fund Performance as at
31 March 2016 (cont)
Sub-Fund/Class *
Launch Date
Schroder AS Commodity Fund I Acc GBP Hedged
Benchmark: Composite Benchmark GBP Hedged
09 June 2006
Schroder AS Commodity Fund I Acc JPY Hedged
14 May 2010
Benchmark: Composite Benchmark JPY Hedged
Schroder AS Commodity Fund A Acc SGD Hedged
21 September 2007
Benchmark: Composite Benchmark SGD Hedged
1 Year %
2 Years %
3 Years %
Since Launch %
( 19.40 )
( 46.99 )
( 47.85 )
( 24.40 )
( 22.07 )
( 47.14 )
( 46.73 )
( 46.87 )
( 19.43 )
( 47.36 )
( 48.36 )
( 31.29 )
( 22.46 )
( 47.63 )
( 47.42 )
( 54.84 )
( 20.23 )
( 48.66 )
( 50.59 )
( 46.42 )
( 21.44 )
( 46.33 )
( 45.51 )
( 49.74 )
Schroder AS Gold and Precious Metals Fund A Acc
07 July 2008
3.49
( 13.01 )
( 34.55 )
( 31.80 )
Schroder AS Gold and Precious Metals Fund A Dis
07 July 2008
3.48
( 13.10 )
( 34.58 )
( 31.70 )
Schroder AS Gold and Precious Metals Fund C Acc
07 July 2008
4.25
( 11.99 )
( 33.40 )
( 28.80 )
Schroder AS Gold and Precious Metals Fund C Dis
07 July 2008
4.09
( 12.08 )
( 33.43 )
( 28.68 )
Schroder AS Gold and Precious Metals Fund D Acc
07 July 2008
2.43
( 14.80 )
( 36.51 )
( 36.70 )
Schroder AS Gold and Precious Metals Fund I Acc
07 July 2008
5.51
( 9.76 )
( 30.81 )
( 19.60 )
7.92
( 5.30 )
( 27.67 )
( 5.27 )
Benchmark: 75% Spot Gold / 25% NYSE Arca Gold Bugs
Schroder AS Gold and Precious Metals Fund A Acc CHF Hedged
07 July 2008
1.51
( 15.64 )
( 37.08 )
( 39.54 )
Schroder AS Gold and Precious Metals Fund C Acc CHF Hedged
07 July 2008
2.10
( 14.61 )
( 35.94 )
( 36.84 )
6.72
( 6.73 )
( 28.94 )
( 9.67 )
Benchmark: 75% Spot Gold / 25% NYSE Arca Gold Bugs CHF Hedged
Schroder AS Gold and Precious Metals Fund A Acc EUR Hedged
07 July 2008
1.94
( 14.77 )
( 36.27 )
( 37.10 )
Schroder AS Gold and Precious Metals Fund C Acc EUR Hedged
07 July 2008
2.65
( 13.76 )
( 35.04 )
( 34.20 )
Schroder AS Gold and Precious Metals Fund I Acc EUR Hedged
07 July 2008
3.94
( 11.60 )
( 32.57 )
( 26.10 )
7.46
( 5.82 )
( 28.12 )
( 4.27 )
Benchmark: 75% Spot Gold / 25% NYSE Arca Gold Bugs EUR Hedged
Schroder AS Gold and Precious Metals Fund A Dis GBP Hedged
07 July 2008
3.98
( 12.98 )
( 34.79 )
( 35.32 )
Schroder AS Gold and Precious Metals Fund C Dis GBP Hedged
07 July 2008
3.63
( 12.40 )
( 33.82 )
( 31.50 )
8.17
( 4.78 )
( 27.09 )
( 2.70 )
3.98
( 12.98 )
( 34.79 )
( 35.32 )
9.04
( 3.31 )
( 25.41 )
( 0.55 )
( 39.05 )
Benchmark: 75% Spot Gold / 25% NYSE Arca Gold Bugs GBP Hedged
Schroder AS Gold and Precious Metals Fund A Acc SGD Hedged
29 August 2008
Benchmark: 75% Spot Gold / 25% NYSE Arca Gold Bugs SGD Hedged
Schroder AS Gold and Precious Metals Fund A Acc RMB Hedged
31 October 2012
7.66
( 7.03 )
( 29.00 )
Schroder AS Gold and Precious Metals Fund C Acc RMB Hedged
31 October 2012
8.29
( 5.93 )
( 27.72 )
( 37.80 )
11.93
1.09
( 21.54 )
( 31.43 )
3.44
( 11.69 )
( 32.30 )
( 15.77 )
9.27
( 2.23 )
( 23.51 )
17.47
Benchmark: 75% Spot Gold / 25% NYSE Arca Gold Bugs RMB Hedged
Schroder AS Gold and Precious Metals Fund A Acc PLN Hedged
03 April 2013
Benchmark:75% Spot Gold / 25% NYSE Arca Gold Bugs PLN Hedged
Schroder AS UK Dynamic Absolute Return Fund C Acc
11 February 2014
7.75
( 1.16 )
13.72
168.14
Schroder AS UK Dynamic Absolute Return Fund C Acc EUR Hedged
11 February 2014
7.09
( 2.02 )
12.31
150.77
Schroder AS UK Dynamic Absolute Return Fund C Acc USD Hedged
11 February 2014
7.66
( 0.77 )
13.83
154.99
Schroder AS UK Dynamic Absolute Return Fund R Acc
11 February 2014
7.72
( 1.18 )
13.85
173.88
Schroder AS UK Dynamic Absolute Return Fund R Acc EUR Hedged
11 February 2014
7.04
( 2.06 )
12.59
157.05
Schroder AS UK Dynamic Absolute Return Fund R Acc USD Hedged
11 February 2014
7.59
( 0.83 )
14.08
167.88
*
All fund performance data are on a NAV to NAV basis (Bid to Bid), adjusted for dividends, net of expenses and gross of taxes. Past performance is not a reliable indicator of future results, prices of shares and
the income from them may fall as well as rise and investors may not get back the amount originally invested.
Page 24
Schroder Alternative Solutions Semi-Annual Report 31 March 2016
Statement of Net Assets
as at 31 March 2016
Schroder AS
Agriculture
Fund
Schroder AS
Asian Long
Term Value
Fund *
Schroder AS
Commodity
Fund
Schroder AS
Gold and
Precious
Metals Fund
Schroder AS
UK Dynamic
Absolute
Return Fund
Total **
USD
USD
USD
USD
GBP
USD
83,782,777
7,677,918
588,861,037
123,933,203
72,687,806
908,729,118
-
544,171
(12,129,050)
(14,009,618)
(741,707)
(26,660,553)
83,782,777
8,222,089
576,731,987
109,923,585
71,946,099
882,068,565
on forward foreign exchange contracts
667,160
-
6,778,338
1,263,895
34,580
8,759,095
on futures contracts
972,973
-
1,493,455
(274,596)
(101,724)
2,045,624
-
-
-
-
105,417
151,516
85,422,910
8,222,089
585,003,780
110,912,884
71,984,372
893,024,800
21,878,192
3,452,840
122,362,183
17,168,893
7,933,531
176,264,972
-
-
-
-
713,983
1,026,208
Net hedged currency class forward contract collateral calls receivable
244,599
-
3,318,699
437,078
7,414
4,011,032
Receivables for subscriptions
355,845
-
916,533
2,104,069
-
3,376,447
117
58,623
3,497
53,325
68,723
214,338
Sundry receivables and prepayments
-
-
-
295
-
295
Net market value of options
-
-
-
-
233,750
335,969
107,901,663
11,733,552
711,604,692
130,676,544
80,941,773
1,078,254,061
ASSETS
Investments
Securities at cost *****
Unrealised appreciation/(depreciation) ***
Securities at Market Value
Net unrealised appreciation/(depreciation) ***
on total return swaps
Cash at banks
Receivables for securities sold
Dividends and interest receivable
TOTAL ASSETS
LIABILITIES
-
-
-
-
8,528
12,257
Hedged currency class forward contract collateral payable
570,135
-
5,782,999
1,217,878
7,414
7,581,668
Payables for redemptions
321,244
-
2,705,201
325,243
24,888
3,387,460
Management fees payable
140,995
641
363,340
153,608
68,429
756,937
86,023
10,672
417,699
104,498
58,262
702,632
1,118,397
11,313
9,269,239
1,801,227
167,521
12,440,954
106,783,266
11,722,239
702,335,453
128,875,317
80,774,252
1,065,813,107
Payables for securities purchased
Other payables and accruals
TOTAL LIABILITIES
TOTAL NET ASSETS
UNREALISED APPRECIATION/(DEPRECIATION) SPLIT
Unrealised appreciation on investments
-
714,750
8,110,791
4,017,320
5,403,073
20,608,698
Unrealised (depreciation) on investments
-
(170,579)
(20,239,841)
(18,026,938)
(6,144,780)
(47,269,251)
Unrealised (depreciation) on options contracts
Unrealised appreciation on forward foreign exchange contracts
-
-
-
-
(123,750)
(177,866)
680,661
-
7,349,489
1,655,737
106,850
9,839,463
(13,501)
-
(571,151)
(391,842)
(72,270)
(1,080,368)
Unrealised appreciation on futures contracts
3,165,223
-
10,853,341
294,529
-
14,313,093
Unrealised (depreciation) on futures contracts
(2,192,250)
-
(9,359,886)
(569,125)
(101,724)
(12,267,469)
Unrealised appreciation on total return swaps
-
-
-
-
105,417
151,516
Unrealised (depreciation) on forward foreign exchange contracts
*
**
Please refer to the Directors’ Report for the details of all corporate actions that occurred during the period under review.
For the total of the Statement of Net Assets, which has been presented in US Dollar, assets and liabilities stated in currencies other than US Dollar have been converted at the following exchange rate ruling as
at 31 March 2016: 1 US Dollar = 0.69574898 British Pound.
*****
***
Money Market instruments are valued on an amortised cost basis.
Please refer to the table Unrealised appreciation/(depreciation) for the calculation split.
The notes on pages 12 to 21 form an integral part of these financial statements.
Schroder Alternative Solutions Semi-Annual Report 31 March 2016
Page 25
Statement of Net Assets
as at 31 March 2016 (cont)
Schroder AS
Agriculture
Fund
Schroder AS
Asian Long
Term Value
Fund *
Schroder AS
Commodity
Fund
Schroder AS
Gold and
Precious
Metals Fund
Schroder AS
UK Dynamic
Absolute
Return Fund
USD
USD
USD
USD
GBP
Shares Outstanding **
as at 31 March 2016
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
A Acc
C Acc
D Acc
I Acc
IZ Acc
R Acc
X Acc
A Dis
C Dis
I Dis
J Dis
A Acc CAD Hedged
C Acc CAD Hedged
I Acc CAD Hedged
A Acc CHF Hedged
C Acc CHF Hedged
I Acc CHF Hedged
A Acc SGD Hedged
A Acc EUR Hedged
C Acc EUR Hedged
I Acc EUR Hedged
R Acc EUR Hedged
A Acc GBP Hedged
C Acc GBP Hedged
I Acc GBP Hedged
I Acc JPY Hedged
A Acc PLN Hedged
A Acc RMB Hedged
C Acc RMB Hedged
C Acc USD Hedged
R Acc USD Hedged
A Dis GBP Hedged
C Dis GBP Hedged
908,135
251,747
11,683
7,799
12,459
6,389
200
170
170
1,095,883
82,409
32,743
22,324
5,893
7,764
2,541
4,187
12,830
9,620
100,015
15
-
1,858,381
1,495,794
35,908
1,449,980
211,265
16,276
572,626
596,294
408,776
5,780
400
100
297,376
254,012
1,529,362
6,133,993
223,966
340,553
506,224
56,206
29,290
581,875
125
23,340
9,055
12,537,960
325,640
129,283
224,129
32,238
7,217
286,564
4,393
4,059,702
814,355
6,944
14,028
836,259
138
108
256,068
68,984
38,731
599,310
26,974
108,429
58,732
78,739
-
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
A Acc
C Acc
D Acc
IZ Acc
I Acc
R Acc
X Acc
A Dis
C Dis
I Dis
J Dis
A Acc CAD Hedged
C Acc CAD Hedged
I Acc CAD Hedged
A Acc CHF Hedged
C Acc CHF Hedged
I Acc CHF Hedged
A Acc SGD Hedged
A Acc EUR Hedged
C Acc EUR Hedged
I Acc EUR Hedged
R Acc EUR Hedged
A Acc GBP Hedged
C Acc GBP Hedged
I Acc GBP Hedged
I Acc JPY Hedged
A Acc PLN Hedged
A Acc RMB Hedged
C Acc RMB Hedged
C Acc USD Hedged
R Acc USD Hedged
A Dis GBP Hedged
C Dis GBP Hedged
72.36
77.81
66.26
90.33
71.95
76.03
46.80
49.49
55.87
4.74
67.35
72.25
83.66
70.87
76.98
88.37
70.36
74.48
106.05
106.99
106.08
-
62.17
66.80
57.01
79.46
77.84
61.39
66.37
79.37
41.57
49.39
52.95
60.74
36.11
38.26
42.56
4.22
55.19
59.59
70.36
52.77
56.69
64.86
5,784
51.92
55.34
6.82
7.12
6.33
8.04
6.83
7.13
6.04
6.31
7.31
6.29
6.58
7.39
22.88
365.71
373.21
6.53
6.85
96.09
96.13
95.18
95.19
96.40
96.40
-
Net Asset Value per Share ** ***
as at 31 March 2016
*
**
***
Please refer to the Directors’ Report for the details of all corporate actions that occurred during the period under review
Please refer to the ‘Classes of Shares’ section of the Notes to the Financial Statements for the naming convention used for the share classes.
The Net Asset Value per Share of each share class is stated in the currency of the share class.
The notes on pages 12 to 21 form an integral part of these financial statements.
Schroder Alternative Solutions Semi-Annual Report 31 March 2016
Page 26
Portfolio of Investments as at
31 March 2016
Schroder AS Agriculture Fund
Number of shares
or Principal
Amount
Transferable Securities and
Money Market Instruments dealt on
another Regulated Market
United States of America
Schroder AS Asian Long Term Value Fund*
Market
Value
USD
%
Net
Assets
83,782,777
78.46
USD
13,000,000
US Treasury Bill 0% 07/04/2016
12,999,522
12.18
USD
14,500,000
US Treasury Bill 0% 14/04/2016
14,498,508
13.58
USD
12,200,000
US Treasury Bill 0% 21/04/2016
12,198,152
11.42
USD
15,400,000
US Treasury Bill 0% 28/04/2016
15,397,175
14.42
USD
14,700,000
US Treasury Bill 0% 05/05/2016
14,696,392
13.76
USD
7,000,000
US Treasury Bill 0% 02/06/2016
6,996,805
6.55
USD
7,000,000
US Treasury Bill 0% 09/06/2016
6,996,223
6.55
83,782,777
78.46
Total Transferable Securities and Money Market Instruments
dealt on another Regulated Market
Total Investments
83,782,777
78.46
Other Net Assets
23,000,489
21.54
Net Asset Value
106,783,266
100.00
Number of shares
or Principal
Amount
Transferable Securities and Money
Market Instruments Admitted to an
Official Exchange Listing
Australia
738,825
6.30
AUD
29,214
BHP Billiton
379,321
3.23
AUD
10,935
Rio Tinto
359,504
3.07
4,736,940
40.41
HKD
50,700
ASM Pacific Technology
398,198
3.40
HKD
57,000
Cheung Kong Property
367,185
3.13
HKD
171,000
Chow Sang Sang International
258,022
2.20
HKD
369,000
Clear Media
318,842
2.72
HKD
228,000
Dah Sing Banking
400,485
3.42
HKD
87,000
Galaxy Entertainment
326,502
2.79
HKD
179,000
Haitian International
307,029
2.62
HKD
83,000
Hysan Development
353,772
3.02
USD
17,100
Jardine Strategic
510,435
4.35
HKD
93,000
Johnson Electric
287,252
2.45
HKD
140,500
Kerry Properties
385,949
3.29
HKD
151,500
SmarTone Telecommunications
252,044
2.15
Sun Hung Kai Properties
232,415
1.98
Swire Properties
338,810
2.89
Hong Kong SAR
HKD
19,000
HKD
125,400
USD
251,872
2.15
251,872
2.15
185,200
Mandarin Oriental International
1,413,582
12.06
TWD
138,000
Hon Hai Precision Industry
364,050
3.11
TWD
44,000
Merida Industry
195,054
1.66
TWD
100,000
Taiwan Semiconductor Manufacturing
503,966
4.30
TWD
224,000
Vanguard International Semiconductor
350,512
2.99
796,237
6.79
THB
389,600
Hana Microelectronics (Foreign)
396,419
3.38
THB
81,200
Kasikornbank (NVDR)
399,818
3.41
284,633
2.43
45,600
HSBC
284,633
2.43
Total Equities
8,222,089
70.14
Total Transferable Securities and Money Market Instruments
Admitted to an Official Exchange Listing
8,222,089
70.14
Total Investments
8,222,089
70.14
Other Net Assets
3,500,150
29.86
Net Asset Value
11,722,239
100.00
Taiwan
Thailand
United Kingdom
HKD
Please refer to the Directors’ Report for the details of all corporate actions that occurred during the period under review.
The notes on pages 12 to 21 form an integral part of these financial statements.
%
Net
Assets
Equities
Singapore
*
Market
Value
USD
Schroder Alternative Solutions Semi-Annual Report 31 March 2016
Page 27
Portfolio of Investments as at
31 March 2016 (cont)
Schroder AS Commodity Fund
Number of shares
or Principal
Amount
Transferable Securities and Money
Market Instruments Admitted to an
Official Exchange Listing
Schroder AS Gold and Precious Metals
Fund
Market
Value
USD
%
Net
Assets
Equities
Number of shares
or Principal
Amount
Transferable Securities and Money
Market Instruments Admitted to an
Official Exchange Listing
Market
Value
USD
%
Net
Assets
Equities
Gold Mining
15,015,434
2.14
Gold Mining
Agnico Eagle Mines
2,325,356
0.33
USD
44,226
358,500
Gold Fields ADR
1,412,490
0.20
USD
USD
362,050
Goldcorp
5,937,620
0.85
USD
USD
122,410
Newmont Mining
3,274,468
0.47
USD
264,488
USD
675,000
Yamana Gold
2,065,500
0.29
AUD
6,517,700
59,226,454
8.43
CAD
USD
USD
63,275
USD
Oil & Gas
USD
150,195
Anadarko Petroleum
6,967,546
0.99
USD
130,372
ConocoPhillips
5,225,310
0.74
USD
267,590
Devon Energy
7,010,858
1.00
GBP
3,606,579
EnQuest
1,242,714
0.18
USD
626,403
Marathon Oil
6,596,024
0.94
CAD
605,590
MEG Energy
3,014,053
0.43
USD
350,178
CAD
1,081,000
Northern Oil and Gas
1,428,726
0.20
Painted Pony Petroleum
3,687,361
0.53
USD
223,990
Range Resources
7,248,316
1.03
USD
264,280
Sanchez Energy
1,453,540
0.21
USD
1,024,113
Southwestern Energy
7,885,670
1.12
USD
1,117,715
WPX Energy
7,466,336
1.06
Total Equities
74,241,888
10.57
7,118,935
1.02
7,118,935
1.02
7,118,935
1.02
81,360,823
11.59
Structured Products
60,417
Gold Bullion Securities
Total Structured Products
Total Transferable Securities and Money Market Instruments
Admitted to an Official Exchange Listing
Number of shares
or Principal
Amount
27.49
1,625,305
1.26
327,112
Alamos Gold
1,710,796
1.33
157,714
AngloGold Ashanti ADR
2,168,567
1.68
Barrick Gold
3,634,065
2.82
Beadell Resources
1,405,435
1.09
399,399
Centerra Gold
1,910,422
1.48
323,520
Eldorado Gold
1,012,618
0.79
ZAR
548,415
Gold Fields
2,185,211
1.70
USD
351,340
Goldcorp
5,761,976
4.47
USD
262,795
Kinross Gold
USD
307,684
New Gold
USD
158,978
Newmont Mining
4,252,662
3.30
USD
17,715
Randgold Resources ADR
1,611,002
1.25
AUD
365,400
USD
25,056
CAD
294,950
USD
55,995
USD
707,592
Regis Resources
414,594
Transferable Securities and Money
Market Instruments dealt on another
Regulated Market
United States of America
Market
Value
USD
%
Net
Assets
468,910,698
66.76
0.70
1,193,814
0.93
686,620
0.53
1,302,411
1.01
SEMAFO
1,035,819
0.80
864,563
0.67
Sibanye Gold ADR
Yamana Gold
Precious Metals Mining
GBP
904,015
Royal Gold
Lonmin
Total Equities
Gold
USD
35,430,533
Agnico Eagle Mines
2,165,232
1.68
785,019
0.61
785,019
0.61
36,215,552
28.10
16,075,071
12.47
Structured Products
Gold
USD
14,016
ETFS Physical Gold
1,676,594
1.30
USD
59,237
Gold Bullion Securities
6,979,896
5.41
USD
61,164
Source Physical Gold P-ETC
7,418,581
5.76
Total Structured Products
16,075,071
12.47
Total Transferable Securities and Money Market Instruments
Admitted to an Official Exchange Listing
52,290,623
40.57
Market
Value
USD
%
Net
Assets
42,928,695
33.31
Number of shares
or Principal
Amount
Transferable Securities and Money
Market Instruments dealt on another
Regulated Market
USD
51,000,000
US Treasury Bill 0% 07/04/2016
50,998,126
7.26
USD
100,000,000
US Treasury Bill 0% 14/04/2016
99,989,559
14.24
USD
56,000,000
US Treasury Bill 0% 21/04/2016
55,991,385
7.97
USD
104,000,000
US Treasury Bill 0% 28/04/2016
103,981,025
14.80
United States of America
USD
108,000,000
US Treasury Bill 0% 05/05/2016
107,973,422
15.37
USD
500,000
US Treasury Bill 0% 07/04/2016
499,767
0.39
USD
50,000,000
US Treasury Bill 0% 02/06/2016
49,977,181
7.12
USD
1,200,000
US Treasury Bill 0% 14/04/2016
1,199,278
0.93
468,910,698
66.76
USD
16,250,000
US Treasury Bill 0% 21/04/2016
16,240,663
12.60
USD
15,200,000
US Treasury Bill 0% 28/04/2016
15,193,213
11.79
USD
9,800,000
US Treasury Bill 0% 05/05/2016
9,795,774
7.60
42,928,695
33.31
Market
Value
USD
%
Net
Assets
Total Transferable Securities and Money Market Instruments
dealt on another Regulated Market
Number of shares
or Principal
Amount
Units in Closed-Ended Collective
Investment Scheme
Market
Value
USD
%
Net
Assets
Investment Funds
Gold
26,460,466
3.77
26,460,466
3.77
Total Investment Funds
26,460,466
3.77
Total Units in Closed-Ended Collective Investment Scheme
26,460,466
3.77
Total Investments
576,731,987
82.12
Other Net Assets
125,603,466
17.88
Net Asset Value
702,335,453
100.00
USD
225,984
SPDR Gold Shares
The notes on pages 12 to 21 form an integral part of these financial statements.
Total Transferable Securities and Money Market Instruments
dealt on another Regulated Market
Number of shares
or Principal
Amount
Units in Open-Ended Collective
Investment Scheme
Investment Funds
Gold
6,932,652
5.38
6,932,652
5.38
Total Investment Funds
6,932,652
5.38
Total Units in Open-Ended Collective Investment Scheme
6,932,652
5.38
USD
586,023
iShares Gold Trust
Schroder Alternative Solutions Semi-Annual Report 31 March 2016
Page 28
Portfolio of Investments as at
31 March 2016 (cont)
Schroder AS Gold and Precious Metals
Fund (cont)
Number of shares
or Principal
Amount
Units in Closed-Ended Collective
Investment Scheme
Market
Value
USD
Schroder AS UK Dynamic Absolute Return
Fund
%
Net
Assets
Investment Funds
66,373
Transferable Securities and Money
Market Instruments Admitted to an
Official Exchange Listing
Market
Value
GBP
%
Net
Assets
Equities
Gold
USD
Number of shares
or Principal
Amount
SPDR Gold Shares
7,771,615
6.03
United Kingdom
31,259,413
38.70
7,771,615
6.03
GBP
120,937
Arrow Global
302,645
0.38
GBP
342,495
Ascential
787,739
0.98
GBP
712,270
Bango
306,276
0.38
GBP
743,428
Blue Prism
880,962
1.09
GBP
246,716
Clinigen
GBP
640,340
Eclectic Bar
GBP
771,403
Elegant Hotels
821,544
1.02
GBP
379,076
Fevertree Drinks
2,513,274
3.11
GBP
1,526,576
Gulf Marine Services
1,003,724
1.24
GBP
97,245
GBP
1,783,370
Total Investment Funds
7,771,615
6.03
Total Units in Closed-Ended Collective Investment Scheme
7,771,615
6.03
Total Investments
109,923,585
85.29
Other Net Assets
18,951,732
14.71
Net Asset Value
128,875,317
100.00
Hansteen
Johnson Service
1,440,821
1.78
368,196
0.46
103,469
0.13
1,622,867
2.01
GBP
98,824
Just Eat
372,863
0.46
GBP
3,181,260
Kromek
1,018,003
1.26
GBP
604,154
McBride
981,750
1.22
GBP
844,855
Michelmersh Brick
697,005
0.86
GBP
324,835
Mothercare
591,200
0.73
GBP
37,210
Nichols
474,427
0.59
GBP
521,603
On the Beach
1,357,472
1.68
GBP
364,612
Palace Capital
1,248,796
1.55
GBP
22,872
Quixant
49,861
0.06
GBP
3,146,855
Renold
1,054,196
1.31
GBP
587,852
Revolution Bars
875,899
1.08
GBP
487,670
Secure Income REIT
1,316,709
1.63
GBP
588,728
Smart Metering Systems
2,431,447
3.01
GBP
381,205
Spire Healthcare
1,368,526
1.69
GBP
55,107
GBP
297,997
Telford Homes
GBP
215,000
Virgin Money UK
GBP
649,498
Walker Greenbank
Staffline
0.89
1,009,465
1.25
793,135
0.98
1,318,481
1.63
GBP
344,545
GBP
1,102,000
GBP
90,854
Young & Co's Brewery
767,716
0.95
GBP
78,367
Young & Co's Brewery 'A'
908,274
1.12
Total Equities
31,259,413
38.70
Total Transferable Securities and Money Market Instruments
Admitted to an Official Exchange Listing
31,259,413
38.70
Market
Value
GBP
%
Net
Assets
32,915,267
40.75
Number of shares
or Principal
Amount
WANdisco
716,391
Watkin Jones
Transferable Securities and Money
Market Instruments dealt on another
Regulated Market
United Kingdom
632,240
0.78
1,124,040
1.39
GBP
1,000,000
UK Treasury Bill 0% 25/04/2016
998,805
1.24
GBP
8,000,000
UK Treasury Bill 0% 03/05/2016
7,978,399
9.88
GBP
11,000,000
UK Treasury Bill 0% 23/05/2016
10,970,461
13.58
GBP
5,000,000
UK Treasury Bill 0% 11/07/2016
4,987,069
6.17
GBP
1,000,000
UK Treasury Bill 0% 25/07/2016
997,513
1.23
GBP
7,000,000
UK Treasury Bill 0% 30/08/2016
6,983,020
8.65
32,915,267
40.75
Market
Value
GBP
%
Net
Assets
Total Transferable Securities and Money Market Instruments
dealt on another Regulated Market
Number of shares
or Principal
Amount
Other Transferable Securities not dealt
on another Regulated Market
Equities
United Kingdom
5,035
0.01
5,035
0.01
Total Equities
5,035
0.01
Total Other Transferable Securities not dealt on another
Regulated Market
5,035
0.01
GBP
The notes on pages 12 to 21 form an integral part of these financial statements.
5,239,820
McBride Preference
Schroder Alternative Solutions Semi-Annual Report 31 March 2016
Portfolio of Investments as at
31 March 2016 (cont)
Schroder AS UK Dynamic Absolute Return
Fund (cont)
Number of shares
or Principal
Amount
Units in Open-Ended Collective
Investment Scheme
Investment Funds
Luxembourg
GBP
65,600
Schroder Special Situations Fund Sterling
Liquidity Plus Class I Acc
Market
Value
GBP
%
Net
Assets
7,766,384
9.61
7,766,384
9.61
7,766,384
9.61
Total Investment Funds
7,766,384
9.61
Total Units in Open-Ended Collective Investment Scheme
7,766,384
9.61
Total Investments
71,946,099
89.07
Other Net Assets
8,828,153
10.93
Net Asset Value
80,774,252
100.00
The notes on pages 12 to 21 form an integral part of these financial statements.
Page 29
Page 30
Schroder Alternative Solutions Semi-Annual Report 31 March 2016
Appendix I - TER for the Period Ended
31 March 2016
A Class
C Class
D Class
I Class
2.24%
1.64%
3.24%
-
1.06%
-
Schroder AS Commodity Fund
1.98%
1.38%
Schroder AS Gold and Precious Metals Fund
2.00%
-
Schroder AS Agriculture Fund
Schroder AS Asian Long Term Value Fund *
Schroder AS UK Dynamic Absolute Return Fund
*
IZ Class
J Class
R Class
X Class
0.12%
-
-
-
-
0.19%
1.02%
-
-
-
2.98%
0.11%
-
0.19%
-
0.11%
1.40%
3.00%
0.13%
-
-
-
-
1.38%
-
-
-
-
1.38%
-
Please refer to the Directors’ Report for the details of all corporate actions that occurred during the period under review.
Schroder Investment Management (Luxembourg) S.A.
5, rue Höhenhof
L-1736 Senningerberg
Grand Duchy of Luxembourg
Tel: (+352) 341 342 212
Fax: (+352) 341 342 342
SAS SAR 31 March 2016 LUEN