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Asset management
UBS Funds
Semi-Annual Report 2014/2015
Investment Fund under Swiss Law
Unaudited semi-annual report as of 28 February 2015
UBS (CH) Equity Fund – Swiss High Dividend (CHF)
Unaudited semi-annual report as of 28 February 2015
Table of contents
Page
Organization
2
UBS (CH) Equity Fund – Swiss High Dividend (CHF)
3
ISIN
P/
I-X/
CH0127276381 I-A1/
CH0206574912
CH0205552091
Sales restrictions
Units of this investment fund may not be offered, sold or
distributed within the United States.
Units of this investment fund may not be offered, sold
or distributed to US citizens, individuals domiciled in the
US and/or other natural persons or legal entities whose
income and/or earnings are subject to US income tax,
regardless of source, as well as persons who are considered to be US persons pursuant to regulation S of the
US Securities Act of 1933 and/or the US Commodity
Exchange Act in its most recent version.
Internet address
http://www.ubs.com/funds
1
Organization
Fund Management
UBS Fund Management (Switzerland) AG,
Aeschenplatz 6, 4002 Basel*
*
until 11 January 2015: Brunngässlein 12, 4002 Basel
Board of Directors
Andreas Schlatter, Chairman
Group Managing Director, UBS AG, Basel and Zurich
Reto Ketterer, Vice-chairman
Managing Director, UBS AG, Basel and Zurich
André Valente, Delegate
Mark Porter
Managing Director, UBS AG, London
Thomas Rose
Managing Director, UBS AG, Basel and Zurich
Thomas Reiser
Head of Compliance
Beat Schmidlin
Head of Legal Services
Custodian bank
UBS AG, Basel and Zurich
Auditors
Ernst & Young Ltd, Basel
Delegation of investment decisions
UBS Global Asset Management,
a business group of UBS AG, Basel and Zurich
Christian Eibel
Executive Director, UBS AG, Basel and Zurich
Markus Lesmann
Executive Director, UBS AG, Basel and Zurich
Executive Board
André Valente
Managing Director and
Delegate of the Board of Directors
Karsten Illy
Deputy Managing Director and
Head of Operations Securities Funds
Daniel Brüllmann
Head Real Estate Funds
André Debrunner
Head of Fund Reporting & Information Management
Eugène Del Cioppo
Head of Business Development &
Client Relationship Management
Tony Guggenbühler
Head of Quality Monitoring &
Delegation Management
Delegation of other duties
UBS Fund Management (Switzerland) AG jointly operates
and utilises a fund administration platform with UBS
Fund Services (Luxembourg) S.A. UBS Fund Services
(Luxembourg) S.A. is responsible for the processing of
master data under this arrangement. The precise terms
of the work carried out are set out in an agreement
between the parties dated 16 October 2012. In addition, various IT services connected with the maintenance
and upkeep of the hardware and software components
of the fund administration platform (e.g. technical installations, configurations, system tests, archiving of data)
are also furnished by UBS Fund Services (Luxembourg)
S.A. in Luxembourg. The specific scope of these services
is governed by an agreement between the parties dated
8 May 2009. All other fund management duties and the
monitoring of other delegated duties are carried out in
Switzerland.
Paying agents
UBS AG, Basel and Zurich
and its branches in Switzerland
Sérgio Mestre
Head of Finance & Controlling
Semi-Annual Report as of 28 February 2015
2
UBS (CH) Equity Fund – Swiss High Dividend (CHF)
Category Other Funds for Traditional Investments
Most important figures
ISIN
Net fund assets in CHF
Class P
Net asset value per unit in CHF
Issue and redemption price per unit in CHF1
Number of units outstanding
Class I-A1
Net asset value per unit in CHF
Issue and redemption price per unit in CHF1
Number of units outstanding
Class I-X
Net asset value per unit in CHF
Issue and redemption price per unit in CHF1
Number of units outstanding
1
2
3
28.2.2015
401 936 262.79
31.8.2014
367 187 545.67
31.8.2013
321 218 669.76
134.34
134.69
2 791 092.8690
129.57
129.26
2 695 998.6370
112.36
112.02
2 811 752.2250
111.45
111.74
179 836.1730
108.12
107.86
124 170.6390
107.49
107.77
64 616.7060
104.33
104.08
42 531.7690
CH0127276381
2
CH0205552091
3
CH0206574912
106.33
106.01
49 835.5420
see Supplementary information
Initial subscription: 9.1.2014
In circulation until 29.1.2014; Relaunch 28.4.2014
Structure of the securities portfolio
The 10 largest issuers in % of total assets
Novartis AG
Roche Holding AG
Nestle SA
ABB Ltd
UBS Group AG
Givaudan SA
Zurich Insurance Group
Cembra Money Bank AG
Baloise-Holding AG
Syngenta AG
Others
Total
9.85
8.80
7.37
6.28
5.57
5.01
4.13
3.99
3.83
3.69
40.57
99.09
There may be differences in the way the percentages mentioned above are rounded off.
Breakdown by sectors in % of total assets
Pharmaceuticals, cosmetics & medical products
Chemicals
Insurance
Financial & investment companies
Banks & credit institutions
Food & soft drinks
Electrical devices & components
Electronics & semiconductors
Mechanical engineering & industrial equipment
Miscellaneous services
Others
Total
18.64
13.94
12.48
10.47
9.01
7.37
6.28
3.57
3.46
2.89
10.98
99.09
There may be differences in the way the percentages mentioned above are rounded off.
UBS (CH) Equity Fund – Swiss High Dividend (CHF)
Semi-Annual Report as of 28 February 2015
3
Statement of assets
28.2.2015
CHF
31.8.2014
CHF
3 680 748.16
1 757 046.82
400 684 218.20
23.50
404 364 989.86
365 804 090.61
857 128.47
368 418 265.90
-2 210 828.12
-217 898.95
401 936 262.79
-1 000 787.60
-229 932.63
367 187 545.67
1.9.2014-28.2.2015
CHF
67.57
1.9.2013-31.8.2014
CHF
273.33
0.00
0.00
28 177.61
-264 822.42
-236 577.24
7 067 052.70
644 370.60
33 587.26
247 542.01
7 992 825.90
-0.50
-15 336.00
0.00
0.00
-2 628 017.00
-5 134 331.37
-52 613.77
-12 740.11
0.00
-562.72
180 142.09
-2 516 387.90
0.00
0.00
-24 389.00
-5 171 460.48
Net income
-2 752 965.14
2 821 365.42
Realized capital gains and losses1
Realized result
13 361 515.57
10 608 550.43
16 885 333.69
19 706 699.11
Unrealized capital gains and losses
Total result
13 066 155.72
23 674 706.15
38 673 902.84
58 380 601.95
1.9.2014-28.2.2015
CHF
367 187 545.67
-9 369 815.42
20 443 826.39
23 674 706.15
401 936 262.79
1.9.2013-31.8.2014
CHF
321 218 669.76
-9 444 668.94
-2 967 057.10
58 380 601.95
367 187 545.67
Market values
Bank deposits
– at sight
Securities
– Shares and other equity instruments
Other assets
Total fund assets
Loans
Other liabilities
Net fund assets
Statement of income
Income
Income from bank assets
Income from securities
– from shares and other equity instruments
Offset payments from securities lending
Commission income from securities lending
Purchase of current net income on issue of units
Total income
Expenses
Interest payable
Audit Expenses
Commission remuneration of the Fund Management
in accordance with the fund contract Class P
Commission remuneration of the Fund Management
in accordance with the fund contract Class I-A1
Commission remuneration of the Fund Management
in accordance with the fund contract Class I-X
Other expenses
Payment of current net income on redemption of units
Total expenses
Changes in net fund assets
Net fund assets at the beginning of the financial year
Ord. annual distribution
Balance of unit movements
Total result
Net fund assets at the end of the reporting period
1
Realized capital gains and losses may include income and expenses which were received from Swinging Single Pricing.
UBS (CH) Equity Fund – Swiss High Dividend (CHF)
Semi-Annual Report as of 28 February 2015
4
Development of the outstanding units
1.9.2014-28.2.2015
Number
2 695 998.6370
454 468.4990
-359 374.2670
2 791 092.8690
1.9.2013-31.8.2014
Number
2 811 752.2250
564 658.8390
-680 412.4270
2 695 998.6370
95 094.2320
-115 753.5880
Number
124 170.6390
61 693.5340
-6 028.0000
179 836.1730
Number
0.0000
133 759.2050
-9 588.5660
124 170.6390
Difference between units issued and units redeemed
55 665.5340
124 170.6390
Class I-X
Situation at the beginning of the financial year
Units issued
Units redeemed
Situation at the end of the period
Number
42 531.7690
23 148.5890
-1 063.6520
64 616.7060
Number
49 835.5420
52 384.7690
-59 688.5420
42 531.7690
Difference between units issued and units redeemed
22 084.9370
-7 303.7730
Class P
Situation at the beginning of the financial year
Units issued
Units redeemed
Situation at the end of the period
Difference between units issued and units redeemed
Class I-A1
Situation at the beginning of the financial year
Units issued
Units redeemed
Situation at the end of the period
UBS (CH) Equity Fund – Swiss High Dividend (CHF)
Semi-Annual Report as of 28 February 2015
5
Inventory of Fund assets
28.2.2015
Quantity/
Nominal
Market value3
in CHF
in %3
43 143
6 668
3 224
161 107
5 392 875
5 304 394
10 858 432
14 121 029
35 676 730
1.33
1.31
2.69
3.49
8.82
35 676 730
8.82
35 577 754
35 577 754
8.80
8.80
35 577 754
8.80
1 241 135
124 960
39 493
24 530 4
16 772
50 523
24 627 4
32 520
12 708
11 073 4
8 670
25 381 211
15 495 040
4 537 746
13 393 380
4 209 772
5 213 974
10 318 713
11 043 792
8 698 626
20 274 663
4 152 930
6.28
3.83
1.12
3.31
1.04
1.29
2.55
2.73
2.15
5.01
1.03
23 340 4
57 285
8 863 4
400 522
408 622 4
77 222
63 427
6 066 4
16 504
44 422
7 591 335
7 951 158
6 842 236
29 798 837
39 820 214
7 644 978
4 547 716
11 701 314
9 019 436
14 916 908
1.88
1.97
1.69
7.37
9.85
1.89
1.12
2.89
2.23
3.69
1 586
1 344 568
59 404 4
176 450
54 734
22 521 514
4 642 423
6 881 550
16 682 923
313 282 387
5.57
1.15
1.70
4.13
77.48
16 821
271 384 4
16 147 348
16 147 348
3.99
3.99
Total Registered shares
329 429 735
81.47
Total Securities traded on an exchange
400 684 218
99.09
Security
31.8.2014
Quantity/
Nominal
Purchases1
Sales2
41 310
6 219
3 098
226 075
1 833
609
177
12 348
160
51
77 316
Securities traded on an exchange
Bearer shares
Switzerland
DAETWYLER HLDG CHF0.05 (POST SUBDIVISION)
SCHWEITER TECH CHF1
SIKA AG CHF0.60 (BR)
SWISS RE AG CHF0.10
Total Switzerland
CHF
CHF
CHF
CHF
Total Bearer shares
Other shares
Switzerland
ROCHE HLDGS AG GENUSSCHEINE NPV
Total Switzerland
CHF
136 607
12 709
11 844
137 472
Total Other shares
Registered shares
Switzerland
ABB LTD CHF1.03(REGD)
BALOISE-HLDGS CHF0.1(REGD)
BOSSARD HLDGS AG CHF5
BQE CANT VAUDOISE CHF10.00(REGD)
BUCHER INDUSTRIES CHF0.20 (REGD)
BURKHALTER HOLDING CHF0.04 (REG) POST CONS
EMS-CHEMIE HLDG AG CHF0.01(REGD)(POST RECON)
GEBERIT CHF0.10(REGD)
GEORG FISCHER AG CHF1.00 (REGD)
GIVAUDAN AG CHF10
HELVETIA HOLDING CHF0.10 (REGD)
IMPLENIA AG CHF1.90 (REGD)
INFICON HOLDING AG CHF5(REGD)
KUEHNE&NAGEL INTL CHF1(REGD)(POST-SUBD)
LEM HLDGS AG CHF0.50(REGD)(POST SUBD)
NESTLE SA CHF0.10(REGD)
NOVARTIS AG CHF0.50(REGD)
PSP SWISS PROPERTY CHF0.10 (REGD)
SFS GROUP AG CHF0.1
SGS LTD CHF1(REGD)
SWISSCOM AG CHF1(REGD)
SYNGENTA CHF0.1(REGD)
UBS AG CHF0.1
UBS GROUP CHF0.10 (REGD)
VALIANT HOLDING AG CHF3.30(REGD)
VONTOBEL HLDGS AG CHF1(REGD)
ZURICH INSURANCE GRP CHF0.10
Total Switzerland
CHF
CHF
CHF
CHF
CHF
CHF
CHF
CHF
CHF
CHF
CHF
CHF
CHF
CHF
CHF
CHF
CHF
CHF
CHF
CHF
CHF
CHF
CHF
CHF
CHF
CHF
CHF
1 191 682
150 331
30 554
33 133
169 797
52 582
1 017
2 901
385
28 901
40 850
3 137
11 176
319
1 926
32 934
194 413
1 352 137
59 404
6 653
3 738
CHF
238 530
49 675
55 156
33 422
49 034
10 636
8 121
100 806
22 459
55 116
8 530
425 907
444 941
82 175
53 476
5 830
25 848
12 600
618 925
85 968
10 183
9 239
1 974
16 772
3 017
1 446
7 930
12 781
724
549
36 515
35 554
300
10 577
7 650
10 241
24 444
73
287
100 806
136
732
52
54 286
77 169
8 090
1 225
83
11 270
1 112
813 338
7 569
United States
CEMBRA MONEY BANK CHF1.00 (REGD)
Total United States
Securities traded neither on an exchange nor on a regulated market
Bearer shares
Switzerland
UBS AG CHF0.10(TEND SHS)20/11/14
Total Switzerland
CHF
809 838
809 838
0.00
Total Bearer shares
0.00
Total Securities traded neither on an exchange nor on a regulated market
0.00
Total securities and similar instruments
(thereof in lending
400 684 218
32 396 394
99.09
8.01)
Bank deposits at sight
Other assets
Total fund assets
3 680 748
24
404 364 990
0.91
0.00
100.00
Short-term bank liabilities
Other liabilities
Net fund assets
-2 210 828
-217 899
401 936 263
1
Purchases include the following transactions: allotment from subscription / allotment from option rights / option rights / allotment of subscription rights from underlying stocks / bonus securities / change of corporate names /
conversions / purchases / share exchange between companies / stock splits / stock dividends / optional dividends / transfers / transfer due to redenomination in euro / subscriptions in kind
Sales include the following transactions: cancellation as a result of expiry / draws by lot / exercise of rights / options / repayments / reverse-splits / sales / share exchange between companies / transfers / transfer due to
redenomination in euro / redemptions in kind
3
Divergences in the totals may be attributed to rounding differences
4
Securities entirely or partly lent out (securities lending)
2
UBS (CH) Equity Fund – Swiss High Dividend (CHF)
Semi-Annual Report as of 28 February 2015
6
Supplementary information
Derivative financial instruments
Total Expense Ratio (TER)
(Risk assessment process: Commitment approach II
[Art. 38 CISO-FINMA])
This ratio was calculated in accordance with the SFAMA’s
”Guidelines on the calculation and disclosure of the TER
and PTR” in the current version and expresses the sum
of all costs and commissions charged on an ongoing
basis to the net assets (operating expenses) taken
retrospectively as a percentage of the net assets.
Repurchase agreements
No securities were used in repurchase agreements at
balance sheet date.
TER for the last 12 months:
Class P
Class I-A1
1.50%
0.65%
TER annualized:
Class I-X
0.01%
Remuneration of the Fund Management
Flat Fee
– Actual flat fee:
Class P
Class I-A1
Class I-X
1.50% p.a.;
0.64% p.a.;
0.00% p.a.;
– Maximum flat fee as specified in the fund contract:
Class P
2.20% p.a.;
Class I-A1
0.90% p.a.;
Class I-X
0.00% p.a.;
based on the average net fund assets.
Soft Commission Arrangements
The fund management company has not concluded
any arrangements in the form of ‘’soft commission
arrangements’’.
Portfolio Turnover Rate (PTR)
This ratio was calculated in accordance with the Swiss
Funds & Asset Management Association’s (SFAMA)
“Guidelines on the calculation and disclosure of the TER
and PTR” in the current version. The PTR is considered
an indicator of the relevance of the additional costs
incurred when buying and selling investments. It shows
how many security transactions occurred as a result of
voluntary investment shifts in relation to the average net
assets. Transactions that resulted from uncontrollable
subscriptions and redemptions are not included in this
rate.
PTR:
Issue and redemption price
If, on any one order day, the sum of subscriptions and
redemptions of units in the fund result in a net inflow
or outflow, the fund’s valuation net asset value will
be increased or reduced accordingly (swinging single
pricing). The maximum adjustment level amounts to 2%
of the valuation net asset value. Incorporated into this
are the incidental costs (bid/ask spread, brokerage at
standard market rates, commissions, duties, etc.) that
accrue to the fund on average from the investment of
a net inflow or from the sale of a portion of investments
corresponding to the net outflow. The adjustment
results in an increase of the valuation net asset value
if net movements lead to an increase in the number of
units in the fund. Conversely, the adjustment results
in a reduction of the valuation net asset value if net
movements lead to a reduction in the number of units.
The net asset value calculated on the basis of swinging
single pricing is thus a modified net asset value.
0.39%
UBS (CH) Equity Fund – Swiss High Dividend (CHF)
Semi-Annual Report as of 28 February 2015
7
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© UBS 2015. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved.
Also available in German. 80189E-1501
UBS Fund Management (Switzerland) AG
Aeschenplatz 6
4002 Basel