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ADCB SICAV Société d'Investissement à Capital Variable
ANNUAL REPORT INCLUDING AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
Registered Office:
1, rue du Potager
L-2347 Luxembourg
Grand Duchy of Luxembourg
R.C.S. Luxembourg B186336
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue de Potager
L–2347 Luxembourg
R.C.S.: B 186336
Contents
No subscription can be received on the basis of this annual report including audited financial statements. Subscriptions
are only valid if made on the basis of the current prospectus supplemented by the latest annual report including audited
financial statements.
Page (s)
Management and Administration of the Company 1
Directors’ Report 2 – 7
Report of the Réviseur d’Entreprises Agréé 8 – 10
FINANCIAL STATEMENTS
Statement of Financial Position
11 – 14
Statement of Comprehensive Income 15 – 16
Statement of Changes in Net Assets Attributable to Holders of Redeemable Shares 17 – 18
Statement of Cash Flows 19 – 20
Notes to the financial statements 21 - 69
APPENDIX
Portfolio Statements
Other information (unaudited)
70 – 79
80 – 86
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Management and Administration of the Company
1
Registered Office
Board of Directors
1, rue du Potager
L-2347 Luxembourg
Simon Copleston
Mark Friedenthal
Deepak Khullar
Arup Mukhopadhyay
Management Company NOVACAP Asset Management S.A.
1, rue du Potager
L-2347 Luxembourg
Investment Manager Abu Dhabi Commercial Bank
Sheikh Zayed Street
Abu Dhabi
United Arab Emirates
Depositary Bank Deutsche Bank Luxembourg S.A.
2, rue Konard Adenauer
L-1115 Luxembourg
Administrative Agent, Paying Agent,
Registrar and Transfer Agent
Deutsche Bank Luxembourg S.A. (until 15 June 2018)
2, Boulevard Konrad Adenauer
L-1115 Luxembourg
Apex Fund Services (Malta) Limited,
Luxembourg Branch (as from 16 June 2018)
2, Boulevard de la Foire
L-1528 Luxembourg
Grand Duchy of Luxembourg
Auditor Deloitte Audit
Société à responsabilité limitée
Cabinet de Révision Agréé
560, rue de Neudorf
L-2220 Luxembourg
Luxembourg Legal
Counsel
Arendt & Medernach
41A, avenue John F. Kennedy
L-1855 Luxembourg
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Directors’ Report
2
The Board of Directors of ADCB SICAV (the “Company”), is pleased to present the audited financial statements
for the year ended 31 December 2018.
The Company has an umbrella structure as of 31 December 2018 with 6 active Sub-Funds and is authorised under
Part I of Law of 17 December 2010 on undertakings for collective investment, as amended in accordance with the
provisions of the UCITS Directive and listed on the official list of UCITS approved by the CSSF.
As of 31 December 2018, the following Sub-Funds are active:
- ADCB SICAV - ADCB MSCI UAE Index Fund
- ADCB SICAV - ADCB UAE Equity Fund
- ADCB SICAV - ADCB Arabian Index Fund
- ADCB SICAV - ADCB Islamic GCC Equity Fund
- ADCB SICAV - ADCB Target 2025 Fund
- ADCB SICAV - ADCB Target 2035 Fund
Principal Activity
ADCB SICAV - ADCB MSCI UAE Index Fund
The Sub-Fund's investment objective is to provide investors with investment returns which correspond closely to
the total return of the MSCI UAE Index before fees and expenses. The price of the MSCI UAE Index will be
calculated on an ongoing basis and published in the financial press (Bloomberg code at the date of the prospectus
MGCLAEN Index).
The Investment Manager will seek to achieve the Sub-Fund's investment objective by investing the Sub-Fund's
assets directly in UAE listed securities in each case as determined by the Index Provider and which are for the time
being constituent securities of the MSCI UAE Index ("Index Securities").
The MSCI UAE Index is intended to reflect the performance of a number of underlying securities which are
weighted to account for economic significance and is a sufficiently diversified index for the purposes of Article 53
of Directive 2009/65/EC. In any case the exposure of the Sub-Fund to any single security will not exceed 20% of
the index, except that one single component may represent up to 35% of the index where justified by exceptional
market conditions, as it may be the case for Emirates Telecom.
The Sub-Fund may also invest in certain securities other than Index Securities ("Non-Index Securities") in order
to minimise the Fund's tracking error relative to the performance of the MSCI UAE Index. Non-Index Securities
comprise equity securities listed on the Abu Dhabi Securities Exchange, the Dubai Financial Market or the Nasdaq
Dubai.
The Sub-Fund’s portfolio of securities will be rebalanced from time to time to reflect any changes to the
composition of, or the weighting of securities in, the MSCI UAE Index with a view to minimising tracking error
of the Sub-Fund's overall returns relative to the performance of the MSCI UAE Index. Such rebalancing may be
in the form of investments in Non-Index Securities.
The Sub-Fund will normally invest at least 80% of its assets in constituent securities of the MSCI UAE Index.
The Sub-Fund may also:
(a) hold Non-Index Securities not exceeding 20% of the Net Asset Value of the Sub-Fund;
(b) hold cash and deposits not exceeding 10% of the Net Asset Value of the Sub-Fund (except upon receipt of cash
subscriptions or in order to fund cash payments on redemption);
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Directors’ Report (continued)
3
Principal Activity (continued)
ADCB SICAV - ADCB MSCI UAE Index Fund (continued)
(c) not invest in equities or use derivatives solely for speculative purposes or for leveraging the Sub-Fund except
as otherwise permitted under the terms of the Prospectus; and
(d) not invest more than 10% of the Net Asset Value of the Sub-Fund in units of other UCITS and other UCI.
ADCB SICAV - ADCB UAE Equity Fund
The investment objective of ADCB SICAV - ADCB UAE Equity Fund is to achieve medium to long-term capital
growth and a reasonable level of income by investing primarily in equities of the United Arab Emirates listed on
the Abu Dhabi Securities Market, Dubai Financial Market and the Nasdaq Dubai.
In addition and where appropriate the Sub-Fund may invest in other securities including:
(a) equities issued by companies which are listed on recognised stock exchanges in Gulf Cooperation Council
(“GCC”) or other countries;
(b) other transferable securities including, without limitation, notes, bonds or other similar products issued by either
corporate or sovereign entities;
(c) units in collective investment schemes including units in schemes managed or operated by the Fund Manager
(provided there is no doubling of charges as a result); and
(d) cash or cash equivalent.
The Sub-Fund shall in addition, comply with the following general guidelines, whereby investments in equities
which are not listed on a stock exchange in the UAE shall not exceed 30% of the Net Asset Value of the Sub-Fund.
Also, investments in sovereign and other public securities issued by any one sovereign entity shall not exceed 10%
of the Net Asset Value of the Sub-Fund.
ADCB SICAV - ADCB Arabian Index Fund
The Sub-Fund's investment objective is to provide investors with investment returns which correspond closely to
the total return of the S&P Pan Arab Composite LargeMidCap Index before fees and expenses. The price of the
S&P Pan Arab Composite LargeMidCap Index will be calculated on an ongoing basis and published in the financial
press (Bloomberg code at the date of the prospectus SPACNUX Index).
The Investment Manager will seek to achieve the Sub-Fund's investment objective by investing the Sub-Fund's
assets directly in listed securities in the Arabian markets, in each case as determined by the Index Provider and
which are for the time being constituent securities of the S&P Pan Arab Composite LargeMidCap Index ("Index
Securities").
The Investment Manager may also invest in certain securities other than Index Securities ("Non-Index Securities")
in order to minimise the Sub-Fund's tracking error relative to the performance of the S&P Pan Arab Composite
LargeMidCap Index provided that the value of such securities does not exceed 20% of the Net Asset Value of the
Sub-Fund. Eligible Non-Index Securities will comprise equity securities listed on securities exchanges of the
Arabian markets.
The Sub-Fund will normally invest at least 80% of its assets in constituent securities of the S&P Pan Arab
Composite LargeMidCap Index.
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Directors’ Report (continued)
4
Principal Activity (continued)
ADCB SICAV - ADCB Arabian Index Fund (continued)
The Sub-Fund may also:
(a) hold Non-Index Securities not exceeding twenty per cent (20%) of the Net Asset Value of the Sub-Fund;
(b) hold cash and deposits not exceeding ten per cent (10%) of the Net Asset Value of the Sub-Fund (except upon receipt
of cash subscriptions or in order to fund cash payments on redemption); and
(c) not invest in equities or use derivatives solely for speculative purposes or for leveraging the Sub-Fund except as
otherwise permitted under the terms of the Prospectus.
ADCB SICAV - ADCB Islamic GCC Equity Fund
The Sub-Fund's investment objective is to achieve medium to long-term capital growth and a reasonable level of
income by investing primarily in equities listed on recognized Gulf Cooperation Council (“GCC”) stock exchanges.
In addition in line with the investment restrictions, where appropriate the Sub-Fund may invest in other securities
including:
(a) Shariah compliant equities issued by companies which are listed on exchanges outside the GCC, but that are
headquartered in the GCC or drive a large portion of their revenues from the GCC;
(b) other Shariah compliant transferable securities including, without limitation, notes, Sukuk or other similar
products issued by either corporate or sovereign entities;
(c) units in Shariah compliant collective investment schemes including units in schemes managed or operated by
the Fund Manager (provided there is no doubling of charges as a result); and
(d) Cash or Shariah compliant cash equivalent investments including non-interest bearing cash.
The Sub-Fund shall in addition, comply with the following general guidelines, whereby investments in equities
which are not listed on a stock exchange in the GCC shall not exceed 30% of the Net Asset Value of the Sub-
Fund. Also, investments in sovereign and other public securities issued by any one sovereign entity shall not exceed
10% of the Net Asset Value of the Sub-Fund.
ADCB SICAV - ADCB Target 2025 Fund
The Sub-Fund operates as a “target date fund” that invests according to an asset allocation strategy designed for
investors having a retirement investment goal close to the year in the Sub-Fund’s name. The Sub-Fund's asset
allocation will become more conservative over time as investment goals near (for example, retirement, which is
assumed to begin at age 65) and investors become more risk-averse. The Sub-Fund is a fund of funds and invests
in underlying funds and ETFs consisting of global and regional equity funds, fixed-income funds, real asset funds,
and other funds that aim to offer diversification beyond traditional equity and fixed-income securities.
The Sub-Fund is advised by Principal Global Investors, LLC (“PGI”), who will make recommendations which are
subject to approval by the Investment Manager.
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Directors’ Report (continued)
5
Principal Activity (continued)
ADCB SICAV - ADCB Target 2025 Fund (continued)
The Investment Manager, as advised by PGI, develops, implements and monitors the Sub-Fund's strategic or long-
term asset class targets and target ranges, and is also responsible for an active rebalancing strategy designed to
identify asset classes that appear attractive over the short term and sets the percentage of Sub-Fund assets to be
allocated to a particular asset class. The Investment Manager, as advised by PGI, selects the underlying funds for
each asset class and the target weights for each underlying fund. The Investment Manager, as advised by PGI, may
shift asset class targets in response to normal evaluative processes, the shortening time horizon of the Sub-Fund or
changes in market forces or Sub-Fund circumstances. The Investment Manager, as advised by PGI, may add,
remove, or substitute underlying funds at any time.
The Sub-Fund may not invest its assets in other UCITS and/or other UCIs where the management fee of such
UCITS and/or other UCIs exceeds 1.5% p.a.
ADCB SICAV - ADCB Target 2035 Fund
The Sub-Fund operates as a “target date fund” that invests according to an asset allocation strategy designed for
investors having a retirement investment goal close to the year in the Sub-Fund’s name. The Sub-Fund's asset
allocation will become more conservative over time as investment goals near (for example, retirement, which is
assumed to begin at age 65) and investors become more risk-averse. The Sub-Fund is a fund of funds and invests
in underlying funds and ETFs consisting of global and regional equity funds, fixed-income funds, real asset funds,
and other funds that aim to offer diversification beyond traditional equity and fixed-income securities.
The Sub-Fund is advised by Principal Global Investors, LLC (“PGI”), who will make recommendations which are
subject to approval by the Investment Manager.
The Investment Manager, as advised by PGI, develops, implements and monitors the Sub-Fund's strategic or long-
term asset class targets and target ranges, and is also responsible for an active rebalancing strategy designed to
identify asset classes that appear attractive over the short term and sets the percentage of Sub-Fund assets to be
allocated to a particular asset class. The Investment Manager, as advised by PGI, selects the underlying funds for
each asset class and the target weights for each underlying fund. The Investment Manager, as advised by PGI, may
shift asset class targets in response to normal evaluative processes, the shortening time horizon of the Sub-Fund or
changes in market forces or Sub-Fund circumstances. The Investment Manager, as advised by PGI, may add,
remove, or substitute underlying funds at any time.
The Sub-Fund may not invest its assets in other UCITS and/or other UCIs where the management fee of such
UCITS and/or other UCIs exceeds 1.5% p.a.
Risk Management Objectives and Policies
The Company may, acting for and on behalf of a given Sub-Fund, use derivative instruments, on a case by case
basis, in order to manage the currency exchange, credit and interest rate risk exposures of the relevant Sub-Fund.
This does not apply to the Sub-Fund ADCB SICAV- ADCB Islamic GCC Equity Fund where the Sub-Fund is
prohibited from holding or trading in derivative instruments.
While the Company may enter into certain hedging arrangements in order to manage and mitigate currency
exchange, credit and interest rate risks, there is no certainty that such arrangements will be entered into or
established, or, even if entered into or established, that they will be sufficient to cover those risks.
Results and dividends
The results of operations for the year are set out in the Statement of Comprehensive Income.
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Directors’ Report (continued)
6
Business review
ADCB SICAV- ADCB MSCI UAE Index Fund
ADCB SICAV- ADCB UAE Equity Fund
ADCB SICAV- ADCB Arabian Index Fund
ADCB SICAV - ADCB Islamic GCC Equity Fund 481,977
ADCB SICAV - ADCB Target 2025 Fund (930,542)
ADCB SICAV - ADCB Target 2035 Fund (599,446)
(2,571,110)
(6,826,126)
1,416,585
13,743,933
Comprehensive
income/(loss) for the year
attributable to holders of
redeemable shares
Net assets attributable to
holders of redeemable
shares
USD USD
24,980,168
12,369,276
4,684,844
60,199,214
9,993,424
Performance of the classes for the year
Class R Class I Class X
ADCB SICAV- ADCB MSCI UAE Index Fund (9)% (9)% -
ADCB SICAV- ADCB UAE Equity Fund (10)% (9)% -
ADCB SICAV- ADCB Arabian Index Fund 13% 14% -
ADCB SICAV - ADCB Islamic GCC Equity Fund 10% 10% 5%
ADCB SICAV - ADCB Target 2025 Fund (5)% - -
ADCB SICAV - ADCB Target 2035 Fund (7)% - -
Statement of Directors’ responsibilities in respect of the Financial Statements of the Company from
which these financial statements have been derived.
The Directors are responsible for the preparation and fair presentation of these financial statements in
accordance with International Financial Reporting Standards as adopted by the European Union, and for such
internal control as the Board of Directors of the Company determines is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Directors’ Report (continued)
7
Auditor
Deloitte Audit, Société à responsabilité limitée was appointed as auditor of the Company and has agreed to accept this
mandate.
For and on behalf of the Board of Directors
Mark Friedenthal Arup Mukhopadhyay
Director Director
Date: 30 April 2019
The information in this report represents historical data and is not an indication of future performance.
Deloitte.
To the Shareholders
of ADCB SICAV
1, rue du Potager
L-2347 Luxembourg
Grand Duchy of Luxembourg
REPORT OF THE REVISEUR D'ENTREPRISES AGREE
Report on the Audit of the Financial Statements
Opinion
Deloitte Audit Societe a responsabilite limitee
560, rue de Neudorf L-2220 Luxembourg BP. 1173 L-1011 Luxembourg
Tel: +352 451 451 www.deloitte.lu
We have audited the financial statements of ADCB SICAV (the "Company") and of each of its sub-funds, which
comprise the statement of financial position as at 31 December 2018, and the statement of comprehensive income,
the statement of changes in net assets attributable to holders or redeemable shares and the statement of cash flows
for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying financial statements give a true and fair view of the financial position of ADCB
SICAV and of each of its sub-funds as at 31 December 2018, and its financial performance and its cash flows for the
year then ended in accordance with International Financial Reporting Standards (IFRSs) as adopted by the
European Union and in accordance with Luxembourg legal and regulatory requirements relating to the preparation of
the financial statements.
Basis for Opinion
We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (Law of 23 July 2016)
and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the Commission de Surveillance
du Secteur Financier (CSSF). Our responsibilities under those Law and standards are further described in the
"Responsibilities of Reviseur d'Entreprises Agree for the Audit of the Financial Statements" section of our report. We
are also independent of the Company in accordance with the International Ethics Standards Board for Accountants'
Code of Ethics for Professional Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with
the ethical requirements that are relevant to our audit of the financial statements, and have fulfilled our other ethical
responsibilities under those ethical requirements. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion .
Societe a responsabilite lim1tee au capital de 35 000 € RCS Luxembourg B 67.895 Autonsarion d'etablissement: 10022179
8
Deloitte.
Other information
The Board of Directors of the Company is responsible for the other information. The other information comprises the
information included in the annual report but does not include the financial statements and our report of Reviseur
d'Entreprises Agree thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge
obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we
concluded that there is a material misstatement of this other information, we are required to report this fact. We have
nothing to report in this regards .
Responsibilities of the Board of Directors of the Company and Those Charged with Governance for the
Financial Statements
The Board of Directors of the Company is responsible for the preparation and fair presentation of the financial
statements in accordance with IFRS as adopted by the European Union and in accordance with Luxembourg legal
and regulatory requirements relating to the preparation of the financial statements, and for such internal control as
the Board of Directors of the Company determines is necessary to enable the preparation of financial statements that
are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors of the Company is responsible for assessing the
Company's ability to continue as a going concern , disclosing , as applicable, matters related to going concern and using
the going concern basis of accounting unless the Board of Directors of the Company either intends to liquidate the
Company or to cease operations, or has no realistic alternative but to do so.
Responsibilities of the Reviseur d'Entreprises Agree for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue a report of Reviseur d'Entreprises Agree that
includes our opinion . Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will
always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these financial statements.
As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF,
we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
9
Deloitte.
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks , and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Fund's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by the Board of Directors of the Company.
• Conclude on the appropriateness of Board of Directors of the Company's use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Fund's ability to continue as a going concern. If we conclude that
a material uncertainty exists, we are required to draw attention in our report of the Reviseur d'Entreprises Agree to
the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion . Our
conclusions are based on the audit evidence obtained up to the date of our report of the Reviseur d'Entreprises
Agree. However, future events or conditions may cause the Company to cease to continue as a going concern .
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.
We communicate with those charged with governance regarding , among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during
our audit.
For Deloitte Audit, Cabinet de Revision Agree
Rainer Mahnkopf, Reviseur d'Entreprises Agree
Director
Luxembourg, April 30, 2019
560, rue de Neudorf
L-2220 Luxembourg
10
Note
ADCB SICAV -
ADCB MSCI
UAE Index
Fund
ADCB SICAV -
ADCB UAE
Equity
Fund
ADCB SICAV -
ADCB Arabian
Index
Fund
ADCB SICAV -
ADCB Islamic
GCC Equity
Fund
ADCB SICAV -
ADCB Target
2025 Fund
ADCB SICAV -
ADCB Target
2035 Fund
ADCB SICAV
(Combined)
USD USD USD USD USD USD USD
Current assets
Cash and cash equivalents 3 337,561 2,033,970 192,217 541,821 50,151 74,220 3,229,940
Subscription receivable 4,662 29,108 1,402 15,150 - - 50,322
Other receivables 4 - - 1,067 3,903 75,195 68,900 149,065
6, 13, 14 24,747,468 58,336,754 9,909,732 13,314,328 12,321,039 4,615,652 105,627,851 *
Total assets 25,089,691 60,399,832 10,104,418 13,875,202 12,446,385 4,758,772 109,057,178 *
Current liabilities
Administration fee payable 9 (12,527) (29,400) (18,000) (11,998) (12,000) (12,000) (95,925)
Sub-Custodian fee payable 9 (1,978) (2,959) (1,125) (1,180) (1,487) (1,625) (10,354)
Depositary fee payable 9 (48,597) (40,000) (60,000) (60,000) (40,000) (40,000) (288,597)
Investment Management fee payable 9 (21,529) (67,963) (8,366) - - - (97,858)
Payable for unsettled trades - (12,216) - (5,858) - - (18,074)
Redemption payable - (3,975) - (28,534) - - (32,509)
Management Company fees payable 9 (511) (1,239) (205) (270) (266) (100) (2,591)
Other payables and accrued expenses 5 (24,381) (42,866) (23,298) (23,429) (23,356) (20,203) (157,533)
(109,523) (200,618) (110,994) (131,269) (77,109) (73,928) (703,441)
Net assets attributable to holders of redeemable shares 24,980,168 60,199,214 9,993,424 13,743,933 12,369,276 4,684,844 108,353,737 *
* The combined total is adjusted for cross Sub-Funds holdings (refer to note 2(j)).
Total liabilities
ADCB SICAVSociété d'Investissement à Capital Variable
Registered Office: 1, rue du Potager
L - 2347 Luxembourg
R.C.S.: B 186336
Statement of Financial Position
as at 31 December 2018
Financial assets at fair value through profit or loss
The notes are an integral part of these financial statements.
11
Note
ADCB SICAV -
ADCB MSCI UAE
Index Fund
ADCB SICAV -
ADCB UAE
Equity Fund
ADCB SICAV -
ADCB Arabian
Index Fund
ADCB SICAV -
ADCB Islamic
GCC Equity Fund
ADCB SICAV -
ADCB Target
2025 Fund
ADCB SICAV -
ADCB Target
2035 Fund
USD USD USD USD USD USDReceivable for unsettled trades - - -
Number of shares in circulation- Class R 12 3,441,089 7,003,665 880,619 498,755 1,298,300 505,494
Number of shares in circulation- Class I 12 100,000 100,000 100,000 450,000 - -
Number of shares in circulation- Class X 12 - - - 265,371 - -
Net Asset value per share- Class R 18 7.00 8.46 10.17 11.54 9.53 9.27
Net Asset value per share- Class I 18 8.91 9.63 10.40 11.64 - -
Net Asset value per share- Class X 18 - - - 10.36 - -
Mark Friedenthal
______________________
The financial statements were approved by the Board of Directors on 30 April 2019 and signed on its behalf by:
Arup Mukhopadhyay
_________________
Société d'Investissement à Capital Variable
Registered Office: 1, rue du Potager
L - 2347 Luxembourg
R.C.S.: B 186336
Statement of Financial Position
as at 31 December 2018
The notes are an integral part of these financial statements.
12
Note
ADCB SICAV -
ADCB MSCI
UAE Index
Fund
ADCB SICAV -
ADCB UAE
Equity
Fund
ADCB SICAV -
ADCB Arabian
Index
Fund
ADCB SICAV -
ADCB Islamic
GCC Equity
Fund
ADCB SICAV -
ADCB Target
2025 Fund**
ADCB SICAV -
ADCB Target
2035 Fund**
ADCB SICAV
(Combined)
USD USD USD USD USD USD USD
Current assets
Cash and cash equivalents 3 272,569 1,298,682 183,474 211,756 296,677 144,330 2,407,488
Subscription receivable - 27,703 - - 121 27,267 55,091
Other receivables 4 - - 24,032 3,014 25,178 19,015 71,239
6, 13, 14 29,056,923 69,557,516 10,857,729 5,626,664 12,779,158 2,490,861 111,182,390 *
Total assets 29,329,492 70,883,901 11,065,235 5,841,434 13,101,134 2,681,473 113,716,208 *
Current liabilities
Administration fee payable 9 (36,370) (100,877) (44,997) (29,998) (4,645) (4,000) (220,887)
Sub-Custodian fee payable 9 (2,106) (3,706) (1,470) (1,180) - - (8,462)
Depositary fee payable 9 (16,197) (22,081) (20,000) (20,000) (7,742) (6,667) (92,687)
Investment Management fee payable 9 (25,133) (79,809) (9,095) - - - (114,037)
Redemption payable - (71,780) - (993) (152,550) - (225,323)
Management Company fees payable 9 (620) (1,469) (241) (119) (273) (54) (2,776)
Other payables and accrued expenses 5 (54,192) (93,273) (44,541) (37,240) (22,520) (19,264) (271,030)
(134,618) (372,995) (120,344) (89,530) (187,730) (29,985) (935,202)
Net assets attributable to holders of redeemable shares 29,194,874 70,510,906 10,944,891 5,751,904 12,913,404 2,651,488 112,781,006 *
* The combined total is adjusted for cross Sub-Funds holdings (refer to note 2(j)).
** The sub-fund ADCB SICAV - ADCB Target 2025 Fund was launched on 20 October 2017 and the sub-fund ADCB SICAV - ADCB Target 2035 Fund was launched on 30 October 2017.
Total liabilities
ADCB SICAVSociété d'Investissement à Capital Variable
Registered Office: 1, rue du Potager
L - 2347 Luxembourg
R.C.S.: B 186336
Statement of Financial Position
as at 31 December 2017
Financial assets at fair value through profit or loss
The notes are an integral part of these financial statements.
13
Note
ADCB SICAV -
ADCB MSCI UAE
Index Fund
ADCB SICAV -
ADCB UAE
Equity Fund
ADCB SICAV -
ADCB Arabian
Index Fund
ADCB SICAV -
ADCB Islamic
GCC Equity Fund
ADCB SICAV -
ADCB Target
2025 Fund
ADCB SICAV -
ADCB Target
2035 Fund
USD USD USD USD USD USDReceivable for unsettled trades - - -
Number of shares in circulation- Class R 12 3,664,387 7,378,335 1,118,453 56,941 1,263,756 258,207
Number of shares in circulation- Class I 12 100,000 100,000 100,000 450,000 - -
Number of shares in circulation- Class X 12 - - - 40,669 - -
Net Asset value per share- Class R 18 7.70 9.41 8.97 10.48 10.22 10.27
Net Asset value per share- Class I 18 9.77 10.63 9.12 10.56 - -
Net Asset value per share- Class X 18 - - - 9.89 - -
ADCB SICAVSociété d'Investissement à Capital Variable
Registered Office: 1, rue du Potager
L - 2347 Luxembourg
R.C.S.: B 186336
Statement of Financial Position
as at 31 December 2017
The notes are an integral part of these financial statements.
14
Note
ADCB SICAV
- ADCB MSCI
UAE Index
Fund
ADCB SICAV
- ADCB UAE
Equity Fund
ADCB SICAV
- ADCB
Arabian Index
Fund
ADCB
SICAV -
ADCB Islamic
GCC Equity
Fund
ADCB
SICAV -
ADCB Target
2025 Fund
ADCB
SICAV -
ADCB Target
2035 Fund
ADCB SICAV
(Combined)
USD USD USD USD USD USD USD
Income
Dividend income 1,624,726 2,460,330 462,200 319,235 56,270 33,200 4,955,961
Other income 1,057 - 836 - 111,756 107,244 220,893
Interest income - - 119 - - - 119
7 (2,832,694) 1,270,948 78,560 (31,292) 49,266 19,744 (1,148,151) *
8 (940,931) (9,418,999) 1,133,437 351,780 (1,006,376) (634,698) (10,092,536) *
Total operating income (2,147,842) (5,687,721) 1,675,152 639,723 (789,084) (474,510) (6,063,595) *
Expenses
Investment Management fees 9 (274,676) (876,470) (101,596) - - - (1,252,742)
Audit fees (10,916) (11,254) (11,132) (11,098) (10,977) (10,964) (66,341)
Administration fees 9 (25,159) (61,116) (36,003) (24,000) (23,806) (24,000) (194,084)
Professional fees (7,200) (10,000) (10,000) (10,000) (10,000) (10,000) (57,200)
Sub-Custodian fees 9 (25,145) (40,293) (13,922) (17,840) (30,105) (30,122) (157,427)
Depository fees 9 (32,400) (34,537) (40,000) (40,000) (37,743) (37,121) (221,801)
Management Company fees 9 (6,988) (16,986) (2,665) (2,606) (3,431) (1,325) (34,001)
Interest expense - - (321) - - - (321)
Organisational fees - - - - (7,240) (1,507) (8,747)
Other operating expenses (26,615) (44,817) (25,725) (24,111) (12,128) (8,022) (141,418)
Net foreign exchange gains/(losses) (1,109) (21,288) (3,638) (14,008) 64 633 (39,346)
Total operating expenses (410,208) (1,116,761) (245,002) (143,663) (135,366) (122,428) (2,173,428)
Profit/(loss) before taxation (2,558,050) (6,804,482) 1,430,150 496,060 (924,450) (596,938) (8,237,023) *
Other taxes 11 (13,060) (21,644) (13,565) (14,083) (6,092) (2,509) (70,953)
(2,571,110) (6,826,126) 1,416,585 481,977 (930,542) (599,447) (8,307,976) *
Other comprehensive income - - - - - - -
(2,571,110) (6,826,126) 1,416,585 481,977 (930,542) (599,447) (8,307,976) *
The results of the Company arise from continuing operations.
* The combined total is adjusted for cross Sub-Funds holdings (refer to note 2(j)).
Net realised gains/(losses) on financial assets at fair value through profit or loss
ADCB SICAVSociété d'Investissement à Capital Variable
Registered Office: 1, rue du Potager
L - 2347 Luxembourg
R.C.S.: B 186336
Statement of Comprehensive Income
For the year ended 31 December 2018
Net change in unrealised gains/(losses) on financial assets at fair value through
profit or loss
Profit/(loss) for the year
Total comprehensive income/(loss) for the year attributable to holders of
redeemable shares from operations
The notes are an integral part of these financial statements.
15
Note
ADCB SICAV
- ADCB MSCI
UAE Index
Fund
ADCB SICAV
- ADCB UAE
Equity Fund
ADCB SICAV
- ADCB
Arabian Index
Fund
ADCB
SICAV -
ADCB Islamic
GCC Equity
Fund
ADCB
SICAV -
ADCB Target
2025 Fund**
ADCB
SICAV -
ADCB Target
2035 Fund***
ADCB SICAV
(Combined)
USD USD USD USD USD USD USD
Income
Dividend income 1,368,024 3,209,177 466,848 240,189 5,504 1,889 5,291,631
Interest income - - 581 - - - 581
Other income 835 5 1,149 - 19,637 17,117 38,743
7 (1,981,704) (3,883,975) (362,703) 59,811 2,751 - (5,724,452) *
8 1,739,642 6,322,717 383,848 (109,019) 285,640 74,182 7,912,993 *
Total operating income 1,126,797 5,647,924 489,723 190,981 313,532 93,188 7,519,496 *
Expenses
Investment Management fees 9 (318,330) (1,126,636) (110,977) (14,308) - - (1,570,251)
Audit fees (11,832) (9,805) (11,575) (11,669) (10,138) (9,339) (64,358)
Administration fees 9 (29,114) (78,446) (35,997) (23,998) (4,645) (4,000) (176,200)
Professional fees (10,385) (19,340) (10,910) (10,440) (5,000) (5,000) (61,075)
Sub-Custodian fees 9 (28,708) (60,786) (15,245) (18,648) - - (123,387)
Depository fees 9 (37,537) (44,487) (40,747) (37,080) (7,742) (6,667) (174,260)
Management Company fees 9 (8,083) (21,766) (2,896) (1,486) (656) (124) (35,011)
Other operating expenses (29,387) (59,404) (26,884) (23,134) (5,079) (4,254) (148,142)
Net foreign exchange gains/(losses) (3,486) (15,682) (4,955) (1,869) (171) (180) (26,343)
Total operating expenses (476,862) (1,436,352) (260,186) (142,632) (33,431) (29,564) (2,379,027)
Profit/(loss) before taxation 649,935 4,211,572 229,537 48,349 280,101 63,624 5,140,469 *
Other taxes 11 (15,773) (32,639) (14,374) (9,313) (2,165) (520) (74,784)
634,162 4,178,933 215,163 39,036 277,936 63,104 5,065,685 *
Other comprehensive income - - - - - - -
634,162 4,178,933 215,163 39,036 277,936 63,104 5,065,685 *
The results of the Company arise from continuing operations.
* The combined total is adjusted for cross Sub-Funds holdings (refer to note 2(j)).
Net realised gains/(losses) on financial assets at fair value through profit or loss
ADCB SICAVSociété d'Investissement à Capital Variable
Registered Office: 1, rue du Potager
L - 2347 Luxembourg
R.C.S.: B 186336
Statement of Comprehensive Income
For the year ended 31 December 2017
** The Sub-Fund ADCB SICAV - ADCB Target 2025 Fund was launched on 20 October 2017, therefore the Statement of Comprehensive Income for this Sub-Fund is covering the period from 20 October 2017 to 31
December 2017.
*** The Sub-Fund ADCB SICAV - ADCB Target 2035 Fund was launched on 30 October 2017, therefore the Statement of Comprehensive Income for this Sub-Fund is covering the period from 30 October 2017 to 31
December 2017.
Net change in unrealised gains/(losses) on financial assets at fair value through
profit or loss
Profit/(loss) for the year
Total comprehensive income/(loss) for the year attributable to holders of
redeemable shares from operations
The notes are an integral part of these financial statements.
16
USD USD USD USD USD USD USD
29,194,874 70,510,906 10,944,891 5,751,904 12,913,404 2,651,488 112,781,006 *
422,600 3,002,942 334,345 8,263,816 4,270,960 4,454,470 20,749,133
- - - (93,661) - - (93,661)
(2,066,196) (6,488,508) (2,702,397) (660,103) (3,884,546) (1,821,668) (16,774,648) *
(1,643,596) (3,485,566) (2,368,052) 7,510,052 386,414 2,632,802 3,880,824 *
(2,571,110) (6,826,126) 1,416,585 481,977 (930,542) (599,447) (8,307,976) *
(4,214,706) (10,311,692) (951,467) 7,992,029 (544,128) 2,033,355 (4,427,152) *
24,980,168 60,199,214 9,993,424 13,743,933 12,369,276 4,684,843 108,353,854 *
Total
Class R Class I Class R Class I Class R Class I Class R Class I Class X
Number of redeemable shares
- outstanding at the beginning of the year 3,664,387 100,000 7,378,335 100,000 1,118,453 100,000 56,941 450,000 40,669 11,684,049 *
- issued 55,888 - 318,467 - 33,706 - 473,718 - 253,646 1,980,069
- redeemed (279,186) - (693,137) - (271,540) - (31,904) - (28,944) (1,750,439) *
- outstanding as at 31 December 2018 3,441,089 100,000 7,003,665 100,000 880,619 100,000 498,755 450,000 265,371 11,913,679 *
Net asset value per redeemable share as at 31
December 2018 - Class R, Class I & Class X 7.00 8.91 8.46 9.63 10.17 10.40 11.54 11.64 10.36 9.53 9.27
* The combined total is adjusted for cross Sub-Funds holdings (refer to note 2(j)).
ADCB SICAVSociété d'Investissement à Capital Variable
Registered Office: 1, rue du Potager
L - 2347 Luxembourg
R.C.S.: B 186336
Statement of Changes in Net Assets Attributable to Holders of Redeemable Shares
For the year ended 31 December 2018
ADCB SICAV -
ADCB MSCI
UAE Index
Fund
ADCB SICAV -
ADCB UAE
Equity Fund
ADCB SICAV -
ADCB Arabian
Index Fund
ADCB SICAV -
ADCB Islamic
GCC Equity
Fund
ADCB SICAV - ADCB
MSCI UAE Index Fund
ADCB SICAV - ADCB UAE
Equity Fund
ADCB SICAV -
ADCB Target
2025 Fund
ADCB SICAV -
ADCB Target
2035 Fund Total
Net assets attributable to holders of redeemable shares at the beginning of the year
Proceeds from issue of redeemable shares
Distributions paid
Payments on redemption of redeemable shares
Net increase/(decrease) from share transactions
Total comprehensive income/(loss) for the year attributable to holders of redeemable
shares
Increase/(decrease) in net assets attributable to holders of redeemable shares
Net assets attributable to holders of redeemable shares at the end of the year
ADCB SICAV - ADCB Arabian
Index Fund ADCB SICAV - ADCB Islamic GCC Equity Fund
ADCB SICAV - ADCB Target 2025
Fund
ADCB SICAV - ADCB Target
2035 Fund
Class R Class R
1,298,300 505,494
1,263,756 258,207
417,604 427,040
(383,060) (179,753)
The notes are an integral part of the financial statements.
17
USD USD USD USD USD USD USD
32,495,857 101,940,835 12,346,574 5,847,966 - - 131,587,420 *
335,145 5,467,786 475,675 627,268 13,100,832 2,638,234 22,644,940
- - - (24,554) - - (24,554)
(4,270,290) (41,076,648) (2,092,521) (737,812) (465,364) (49,850) (46,051,117) *
(3,935,145) (35,608,862) (1,616,846) (135,098) 12,635,468 2,588,384 (23,430,731) *
634,162 4,178,933 215,163 39,036 277,936 63,104 5,065,685 *
(3,300,983) (31,429,929) (1,401,683) (96,062) 12,913,404 2,651,488 (18,806,414) *
29,194,874 70,510,906 10,944,891 5,751,904 12,913,404 2,651,488 112,781,006 *
Total
Class R Class I Class R Class I Class R Class I Class R Class I Class X
Number of redeemable shares
- outstanding at the beginning of the year 4,150,912 100,000 11,150,195 100,000 1,300,847 100,000 65,609 450,000 41,411 14,882,122 *
- issued 42,322 - 580,453 - 52,874 - 56,277 - 4,335 2,309,243
- redeemed (528,847) - (4,352,313) - (235,268) - (64,945) - (5,077) (5,507,316) *
- outstanding as at 31 December 2017 3,664,387 100,000 7,378,335 100,000 1,118,453 100,000 56,941 450,000 40,669 11,684,049 *
Net asset value per redeemable share as at 31
December 2017 - Class R, Class I & Class X 7.70 9.77 9.41 10.63 8.97 9.12 10.48 10.56 9.89 10.22 10.27
* The combined total is adjusted for cross Sub-Funds holdings (refer to note 2(j)).
** The Sub-Fund ADCB SICAV - ADCB Target 2025 Fund was launched on 20 October 2017, therefore the Statement of Changes in Net Assets Attributable to Holders of Redeemable Shares for this Sub-Fund is covering the period from 20 October 2017 to 31 December 2017.
*** The Sub-Fund ADCB SICAV - ADCB Target 2035 Fund was launched on 30 October 2017, therefore the Statement of Changes in Net Assets Attributable to Holders of Redeemable Shares for this Sub-Fund is covering the period from 30 October 2017 to 31 December 2017.
Total comprehensive income/(loss) for the year attributable to holders of redeemable
shares
Net assets attributable to holders of redeemable shares at the end of the year
Net assets attributable to holders of redeemable shares at the beginning of the year
Proceeds from issue of redeemable shares
Payments on redemption of redeemable shares
Net increase/(decrease) from share transactions
Distributions paid
ADCB SICAVSociété d'Investissement à Capital Variable
Registered Office: 1, rue du Potager
L - 2347 Luxembourg
R.C.S.: B 186336
Statement of Changes in Net Assets Attributable to Holders of Redeemable Shares
For the year ended 31 December 2017
ADCB SICAV -
ADCB MSCI
UAE Index
Fund
ADCB SICAV -
ADCB UAE
Equity Fund Total
ADCB SICAV - ADCB Arabian
Index Fund ADCB SICAV - ADCB Islamic GCC Equity Fund
ADCB SICAV -
ADCB Target
2035 Fund ***
ADCB SICAV -
ADCB Target
2025 Fund **
ADCB SICAV -
ADCB Arabian
Index Fund
ADCB SICAV -
ADCB Islamic
GCC Equity
Fund
ADCB SICAV - ADCB Target 2025
Fund**
ADCB SICAV - ADCB Target
2035 Fund***
Increase/(decrease) in net assets attributable to holders of redeemable shares
ADCB SICAV - ADCB
MSCI UAE Index Fund
ADCB SICAV - ADCB UAE
Equity Fund
263,207
(5,000)
258,207
Class R
1,263,756
-
Class R
-
1,309,775
(46,019)
The notes are an integral part of the financial statements.
18
ADCB SICAV -
ADCB MSCI UAE
Index Fund
ADCB SICAV -
ADCB UAE
Equity Fund
ADCB SICAV -
ADCB Arabian
Index Fund
ADCB SICAV -
ADCB Islamic
GCC Equity
Fund
ADCB SICAV -
ADCB Target
2025 Fund
ADCB SICAV -
ADCB Target
2035 Fund
ADCB SICAV
(Combined)
USD USD USD USD USDUSD USD USD
Profit/(loss) before taxation (2,558,050) (6,804,482) 1,430,150 496,060 (924,450) (596,938) (8,237,023) *
Adjustments for:
1,109 21,288 3,638 14,008 (64) (633) 39,346
2,832,694 (1,270,948) (78,560) 31,292 (49,266) (19,744) 1,148,151 *
940,931 9,418,999 (1,133,437) (351,780) 1,006,376 634,698 10,092,536 *
1,216,684 1,364,857 221,791 189,580 32,596 17,383 3,042,891 *
Decrease/(increase) in other receivables - - 22,965 (889) (50,018) (49,885) (77,827)
Increase in payable for unsettled trades - 12,216 - 5,858 - - 18,074
Increase/(decrease) in other payables (27,395) (160,494) (16,167) (15,869) 41,779 44,364 (133,782)
Other taxes paid (13,283) (23,504) (13,672) (12,889) (6,634) (2,314) (72,296)
Payments for purchase of investments (5,772,241) (10,011,163) (403,236) (8,273,264) (2,516,781) (4,254,628) (31,231,313)
Proceeds from disposal of investments 6,308,071 13,083,873 2,563,230 906,088 2,017,789 1,514,883 25,545,164 *
1,711,836 4,265,785 2,374,911 (7,201,385) (481,269) (2,730,197) (2,909,089) *
Cash flows from financing activities
Proceeds from issue of redeemable shares 422,600 3,002,942 334,345 8,263,816 4,270,960 4,454,470 20,749,133
Payments on redemption of redeemable shares (2,066,196) (6,488,508) (2,702,397) (660,103) (3,884,546) (1,821,668) (16,774,648) *
Increase/(decrease) in redemption payable - (67,805) - 27,541 (152,550) - (192,814)
- - - (93,661) - - (93,661)
Decrease/(increase) in subscription receivable (4,662) (1,405) (1,402) (15,150) 121 27,267 4,769
Net cash from/(used in) financing activities (1,648,258) (3,554,776) (2,369,454) 7,522,443 233,985 2,660,069 3,692,779 *
Net increase/(decrease) in cash and cash equivalents 63,578 711,009 5,457 321,058 (247,284) (70,128) 783,690
272,569 1,298,682 183,474 211,756 296,677 144,330 2,407,488
1,414 24,279 3,286 9,007 758 18 38,762
Cash and cash equivalents at end of the year 337,561 2,033,970 192,217 541,821 50,151 74,220 3,229,940
* The combined total is adjusted for cross Sub-Funds holdings (refer to note 2(j)).
Effect of exchange rate fluctuations
Net realised (gains)/losses on financial assets at fair value through
profit or loss
Net change in unrealised (gains)/losses on financial assets and
liabilities at fair value through profit or loss
Operating cash flow before movement in working capital
Net cash from/(used in) operating activities
Distributions paid
Cash and cash equivalents at beginning of the year
Net foreign exchange (gains)/losses
ADCB SICAVSociété d'Investissement à Capital Variable
Registered Office: 1, rue du Potager
L - 2347 Luxembourg
R.C.S.: B 186336
Statement of Cash Flows
For the year ended 31 December 2018
The notes are an integral part of these financial statements.
19
ADCB SICAV -
ADCB MSCI UAE
Index Fund
ADCB SICAV -
ADCB UAE
Equity Fund
ADCB SICAV -
ADCB Arabian
Index Fund
ADCB SICAV -
ADCB Islamic
GCC Equity
Fund
ADCB SICAV -
ADCB Target
2025 Fund **
ADCB SICAV -
ADCB Target
2035 Fund ***
ADCB SICAV
(Combined)
USD USD USD USD USDUSD USD USD
Profit/(loss) before taxation 649,935 4,211,572 229,537 48,349 280,101 63,624 5,140,469 *
Adjustments for:
3,486 15,682 4,955 1,869 171 180 26,343
1,981,704 3,883,975 362,703 (59,811) (2,751) - 5,724,452 *
(1,739,642) (6,322,717) (383,848) 109,019 (285,640) (74,182) (7,912,993) *
895,483 1,788,512 213,347 99,426 (8,119) (10,378) 2,536,903 *
Decrease/(increase) in other receivables - 173,418 (23,972) (3,014) (25,178) (19,015) 102,239
Increase/(decrease) in other payables 47,386 124,051 31,402 31,948 32,844 29,285 296,916
Other taxes paid (16,347) (35,717) (14,488) (9,367) - - (75,919)
Payments for purchase of investments (7,190,168) (19,031,727) (1,127,550) (1,137,885) (12,643,462) (2,416,679) (43,547,471)
Proceeds from disposal of investments 10,108,196 51,782,980 2,409,098 1,206,560 152,695 - 63,459,529 *
3,844,550 34,801,517 1,487,837 187,668 (12,491,220) (2,416,787) 22,772,197 *
Cash flows from financing activities
Proceeds from issue of redeemable shares 335,145 5,467,786 475,675 627,268 13,100,832 2,638,234 22,644,940
Payments on redemption of redeemable shares (4,270,290) (41,076,648) (2,092,521) (737,812) (465,364) (49,850) (46,051,117) *
Increase/(decrease) in redemption payable - 71,780 - 993 152,550 - 225,323
- - - (24,554) - - (24,554)
Decrease/(increase) in subscription receivable - (27,703) - - (121) (27,267) (55,091)
Net cash from/(used in) financing activities (3,935,145) (35,564,785) (1,616,846) (134,105) 12,787,897 2,561,117 (23,260,499) *
Net increase/(decrease) in cash and cash equivalents (90,595) (763,268) (129,009) 53,563 296,677 144,330 (488,302)
360,310 2,035,595 304,138 156,019 - - 2,856,062
2,854 26,355 8,345 2,174 - - 39,728
Cash and cash equivalents at end of the year 272,569 1,298,682 183,474 211,756 296,677 144,330 2,407,488
* The combined total is adjusted for cross Sub-Funds holdings (refer to note 2(j)).
Net foreign exchange losses
ADCB SICAVSociété d'Investissement à Capital Variable
Registered Office: 1, rue du Potager
L - 2347 Luxembourg
R.C.S.: B 186336
Statement of Cash Flows
For the year ended 31 December 2017
Net realised (gains)/losses on financial assets at fair value through
profit or loss
Net change in unrealised (gains)/losses on financial assets and
liabilities at fair value through profit or loss
Operating cash flow before movement in working capital
Net cash from/(used in) operating activities
Cash and cash equivalents at beginning of the year
Effect of exchange rate fluctuations
** The Sub-Fund ADCB SICAV - ADCB Target 2025 Fund was launched on 20 October 2017, therefore the Statement of Cash Flows for this Sub-Fund is covering the period from 20 October 2017 to 31
December 2017.
*** The Sub-Fund ADCB SICAV - ADCB Target 2035 Fund was launched on 30 October 2017, therefore the Statement of Cash Flows for this Sub-Fund is covering the period from 30 October 2017 to 31
December 2017.
Distributions paid
The notes are an integral part of these financial statements.
20
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements
For the year ended 31 December 2018
21
1. GENERAL INFORMATION
ADCB SICAV (the “Company”) is an investment company with variable capital (société d’investissement à capital
variable - SICAV) incorporated on 9 April 2014 and authorized under Part 1 of the Law of 17 December 2010, as amended
and in accordance with the provisions of the UCITS Directive and listed on the official list of UCITS approved by the
CSSF. It is registered in Luxembourg with registration number B 186336.
The Company has been incorporated for an unlimited duration with an initial share capital in the equivalent in USD of
EUR 31,000 divided into 31 Shares of no par value. It is an umbrella fund which may be composed of one or more sub-
funds each of which has its own investment, subscription and profit allocation and/or distribution policies. In its capacity
as nominee, Abu Dhabi Commercial Bank acts as custodian for feeder funds in the United Arab Emirates investing into
the Company. Abu Dhabi Commercial Bank, in its capacity as nominee for the ultimate beneficial investors in the United
Arab Emirates, is the main shareholder of the Company. Abu Dhabi Commercial Bank does not have any substantial
beneficial ownership of the Company.
The minimum capital of the Company is the equivalent in USD of EUR 1,250,000, as provided by Law, and this must be
achieved within 6 months after the date on which the Company has been authorised as UCITS under Luxembourg law.
As of 31 December 2018, 6 Sub-Funds were active:
ADCB SICAV - ADCB MSCI UAE Index Fund has the objective to provide investors with investment
returns which correspond closely to the total return of the MSCI UAE Index before fees and expenses.
ADCB SICAV - ADCB UAE Equity Fund has the objective to achieve medium to long-term capital growth
and a reasonable level of income by investing primarily in equities of the United Arab Emirates listed on
the Abu Dhabi Securities Market, Dubai Financial Market and the Nasdaq Dubai.
ADCB SICAV - ADCB Arabian Index Fund has the objective to provide investors with investment returns
which correspond closely to the total return of the S&P Pan Arab Composite LargeMidCap Index before
fees and expenses.
ADCB SICAV – ADCB Islamic GCC Equity Fund has the objective to achieve medium to long-term
capital growth and a reasonable level of income by investing primarily in equities listed on recognized
Gulf Cooperation Council (“GCC”) stock exchanges.
ADCB SICAV – ADCB Target 2025 Fund has the objective to achieve medium to long-term capital
growth and a reasonable level of income by investing primarily in underlying funds and Exchange Traded
Funds consisting of global and regional equity heads, fixed-income funds, real asset funds and other funds
that aim to offer diversification beyond traditional equity and fixed-income securities.
ADCB SICAV – ADCB Target 2035 Fund has the objective to achieve medium to long-term capital
growth and a reasonable level of income by investing primarily in underlying funds and Exchange Traded
Funds consisting of global and regional equity heads, fixed-income funds, real asset funds and other funds
that aim to offer diversification beyond traditional equity and fixed-income securities.
The Company's financial year begins on 1 January and ends on 31 December of each year. These financial statements
have been prepared for the year ended 31 December 2018.
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
22
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Basis of Preparation
The financial statements for the Company have been prepared in accordance with International Financial Reporting
Standards (“IFRS”), as adopted by the European Union, and for such internal control as the Board of Directors determines
is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to
fraud or error.
The financial statements provide a reasonable presentation of the financial position, comprehensive income and cash
flows of the Company, in accordance with the principle of going concern.
The preparation of financial statements in conformity with IFRS may require the use of accounting estimates. It also may
require management to exercise its judgement in the process of applying the Company’s accounting policies.
The functional and presentation currency of the Sub-Funds is United States Dollars (USD). USD is the currency in which
the Company measures its performance and reports its results, as well as the currency in which it receives subscriptions
from its investors.
Amounts presented in these financial statements were rounded to the nearest full unit.
New and amended standards and interpretations
The Company has adopted the following standard and amendments for the first time for its annual reporting period
commencing 1 January 2018:
IFRS 9, 'Financial instruments'
The complete version of IFRS 9 replaces most of the guidance in IAS 39. It includes requirements on the classification
and measurement of financial assets and liabilities as well as an expected credit losses model that replaces the current
incurred loss impairment model. IFRS 9 retains but simplifies the mixed measurement model and establishes three
primary measurement categories for financial assets: amortised cost, fair value through other comprehensive income
("OCI") and fair value through profit or loss. The basis of classification depends on the entity's business model and the
contractual cash flow characteristics of financial asset.
An assessment was performed on the effects of applying the new standard on the Company's financial statements. There
were no changes identified in classification following the analysis of business models and the cash flow characteristics of
financial instruments. An assessment was performed for financial assets measured at amortised cost and no expected
credit losses were identified given these balances are realised in a relatively short period of time. There was no impact
from the new hedging guidance given the Company does not apply hedge accounting.
Accordingly the new guidance did not affect the classification and measurement of the financial instruments.
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
23
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(a) Basis of Preparation (continued)
New and amended standards and interpretations (continued)
IFRS 15, ‘Revenue from Contracts with Customers’
IFRS 15 replaces IAS 18 which covers contracts for goods and services and IAS 11 which covers construction contracts.
The core principle of IFRS 15 is for companies to recognise revenue to depict the transfer of goods or services to
customers in amounts that reflect the considerations to which the company expects to be entitled in exchange for those
goods or services. IFRS 15 also results in enhanced disclosures about revenue, provide guidance for transactions that
were not previously addressed comprehensively and improve guidance for multiple-element arrangements.
The new revenue standard supersedes current revenue recognition requirements under IFRS. Either a full retrospective
application or a modified retrospective application is required for annual periods beginning on or after 1 January 2018.
All the revenue streams of the Company are derived from financial instruments held and are accounted under IFRS 9,
hence out of the scope of IFRS 15. Therefore, the new standard has no impact on the Company's financial statement.
There are no other standards, amendments to standards or interpretations that are effective for annual periods beginning
1 January 2018 that have a material effect on the financial statements of the Company.
Standards issued but not yet effective
Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2018
reporting periods and have not been early adopted by the Company. None of these is expected to have a significant effect
on the financial statements.
IFRS 16, 'Leases'
IFRS 16 will affect primarily the accounting by lessees and will result in the recognition of almost all leases on the
statement of financial position. The standard removes the current distinction between operating and financing leases and
requires recognition of an asset (the right to use the leased item) and a financial liability to pay rentals for virtually all
lease contracts. An optional exemption exists for short term and low value leases. IFRS 16 is effective for annual periods
starting on or after 1 January 2019.
An assessment has been performed on the effects of applying the new standard on the Company's financial statements
and given the Company does not transact in leases, no material impacts have been identified.
There are no other standards that are not yet effective and that would be expected to have a material impact on the
Company in the current or future reporting periods and on foreseeable future transactions.
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
24
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(b) Financial Assets and Financial Liabilities at Fair Value through Profit or Loss
Classification
The Company has classified its financial assets as financial assets at fair value through profit or loss within the definition
of IFRS 9 – “Financial Instruments: Recognition and Measurement”.
The category of financial assets and financial liabilities at fair value through profit or loss comprises:
Financial instruments held-for-trading. The held-for-trading securities are securities that are acquired or incurred
principally for the purpose of generating a profit from short-term fluctuation in market prices. The Company had
investments classified under this category as at 31 December 2018.
Financial instruments designated at fair value through profit or loss upon initial recognition. These include
financial assets and liabilities that are not held for trading purposes but are managed and their performance
evaluated on a fair value basis in accordance with the Company’s documented investment strategy. The
Company had no such financial instruments as at 31 December 2018.
Recognition
The Company recognises a financial asset or a financial liability when, and only when, it becomes a party to the
contractual provisions of the instrument. Purchases or sales of financial assets that require delivery of assets within the
time frame generally established by regulation or convention in the marketplace are recognized on the trade date, i.e. the
date that the Company commits to purchase or sell the asset.
Derecognition
A financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is
derecognised when:
- The rights to receive cash flows from the asset have expired; or
- The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the
received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and
- Either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither
transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
The Company derecognises a financial liability when the obligation under the liability is discharged, cancelled or expired.
Initial measurement
All financial instruments are recorded in the statement of financial position at fair value plus, in the case of financial
instruments not at fair value through profit or loss, the transaction costs that are directly attributable to the acquisition or
issue of the financial asset or financial liability.
Subsequent measurement
After initial measurement, the Company measures all financial instruments which are classified at fair value through
profit or loss at fair value.
Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing
parties in an arm’s length transaction.
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
25
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(b) Financial Assets and Financial Liabilities at Fair Value through Profit or Loss (continued)
Subsequent measurement (continued)
Subsequent changes in the fair value of those financial instruments are recorded in net change in unrealised gains/(losses)
on financial assets at fair value through profit or loss’ in the statement of comprehensive income until the investment is
derecognised, at which time the cumulative gain or loss is recognised as net realised gains/(losses) on financial assets at
fair value through profit or loss in the statement of comprehensive income, or determined to be impaired, at which time
the cumulative loss is recorded as impairment loss in the statement of comprehensive income. Interest earned and dividend
income elements of such instruments are recorded separately in the statement of comprehensive income in ‘Interest
income’ and ‘Dividend income’ respectively.
Financial assets and liabilities at fair value through profit or loss are disclosed in the statement of financial position at fair
value with gains or losses recognised in the statement of comprehensive income.
Valuation of investments
The fair value of financial instruments is based on their quoted market prices where available at the Statement of Financial
Position date. Quoted investments and investments traded on over the counter markets are valued at their last traded price.
Where prices are not available, investments are valued on the basis of the probable realisation value, estimated by the
Board of Directors of the Company in good faith.
Transaction costs
Transaction costs are costs incurred to acquire financial assets or liabilities at fair value through profit or loss. They
include fees and commissions paid to agents, advisers, brokers and dealers. Transaction costs, when incurred, are
immediately recognised in the statement of comprehensive income as an expense.
(c) Revenue recognition
Dividend income
Dividend income is recognised when the Company's right to receive the payment has been established, normally being
the ex-dividend date. Dividend income is recognised gross of withholding tax, if any.
(d) Expenses
Each Sub-Fund is responsible for all normal operating expenses including administration fees and expenses of the
Investment Manager and the Depositary, audit fees and charges incurred on the acquisition and realisation of investments.
Such costs are expensed in the period to which they relate.
(e) Foreign Exchange Translation
The functional currency of the Company is USD. Transactions in foreign currencies are translated at the foreign currency
exchange rate ruling at the date of the transaction. Assets and liabilities denominated in foreign currencies are translated
to USD at the foreign currency closing exchange rate ruling at the Statement of Financial Position date. Foreign currency
exchange differences arising on translation are recognised in the Statement of Comprehensive Income.
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
26
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(e) Foreign Exchange Translation (continued)
Foreign currency exchange differences relating to investments at fair value through profit or loss are included in net
realised gains/(losses) on financial assets and liabilities at fair value through profit or loss.
(f) Cash and Cash Equivalents
Cash and cash equivalents comprise cash in hand and deposits held at call with banks in an active market within original
maturities of three months or less.
(g) Taxation
Under legislation and regulations prevailing in Luxembourg, the Company is subject to the "subscription tax" at the rate
of 0.05% per annum, except for the sub-funds and share classes which benefit from a reduced tax rate of 0.01%, like
money market sub-funds and the classes of shares dedicated to institutional investors (per annum of its net assets, such
tax being payable quarterly on the basis of the value of the aggregate net assets of the Company at the end of the relevant
calendar quarter).
The value of assets represented by units held in Undertakings for Collective Investment is however exempt from the
subscription tax provided such units have already been subject to this tax. No stamp duty or other tax is payable in
Luxembourg on the issue of Shares. No Luxembourg tax is payable on the realised capital appreciation of the assets of
the Company.
(h) Significant accounting judgments and estimates
The preparation of the Company’s financial statements requires management to make judgments, estimates and
assumptions that affect the amounts recognised in the financial statements. However, uncertainty about these assumptions
and estimates could result in outcomes that could require a material adjustment to the carrying amount of the Company’s
assets or liabilities. Please refer to Note 15 for more details on accounting judgments and estimates.
(i) Redeemable shares
The redeemable shares are redeemable at the shareholders’ option. The liabilities arising from the redeemable shares are
carried at the redemption amount being the net asset value calculated in accordance with the prospectus.
Each Sub-Fund issues distinct no par value shares in accordance with the conditions and procedures provided for in the
relevant Sub-Fund specifications in the prospectus, without granting to existing Shareholders a preferential right to
subscribe for the shares to be issued. ADCB SICAV - ADCB MSCI UAE Index Fund, ADCB SICAV - ADCB UAE
Equity Fund and ADCB SICAV - ADCB Arabian Index Fund have two classes of shares in issue, namely Class R (Retail)
and Class I (Institutional). ADCB SICAV - ADCB Islamic GCC Equity Fund has three classes of shares in issue, namely
Class R (Retail), Class I (Institutional) and Class X (Income).
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
27
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(i) Redeemable shares (continued)
ADCB SICAV - ADCB Target 2025 Fund and ADCB SICAV - ADCB Target 2035 Fund have only one class of shares
in issue, namely Class R (Retail).
Shares are issued and redeemed based on the respective Sub-Fund's net asset value per share, calculated by dividing the
net assets of the respective Sub-Fund, in accordance with the prospectus, by the number of redeemable shares in issue.
The prospectus requires that investment positions are valued on the basis of the last traded market price for the purpose
of determining the trading net asset value per share for subscriptions and redemptions.
(j) Combined financial statements
The Company’s Statement of Financial Position, Statement of Comprehensive Income, Statement of Changes in Net
Assets Attributable to Holders of Redeemable Shares and Statement of Cash Flows are the sum of the Statement of
Financial Position, Statement of Comprehensive Income, Statement of Changes in Net Assets Attributable to Holders of
Redeemable Shares and Statement of Cash Flows of each sub-fund. All cross sub-fund investments (investments from
one sub-fund into another of the same umbrella) related amounts have been eliminated from the calculation of the
Company’s combined figures.
3. CASH AND CASH EQUIVALENTS
ADCB
SICAV -
ADCB MSCI
UAE Index
Fund
ADCB SICAV -
ADCB UAE
Equity Fund
ADCB
SICAV -
ADCB
Arabian
Index Fund
ADCB SICAV
- ADCB
Islamic GCC
Equity Fund
ADCB
SICAV -
ADCB
Target 2025
Fund
ADCB SICAV
- ADCB
Target 2035
Fund ADCB SICAV
USD USD USD USD USD USD USD
Deutsche Bank AG Dubai 296,321 2,012,296 102,119 455,466 - - 2,866,202
Deutsche Bank London - - - - 4,064 28,682 32,746
Deutsche Bank AG Luxembourg 41,240 21,674 62,444 82,647 46,087 45,538 299,630
Emirates NBD - - 27,654 - - - 27,654
Mubasher - - - 3,708 - - 3,708
337,561 2,033,970 192,217 541,821 50,151 74,220 3,229,940
31-Dec-18
ADCB
SICAV -
ADCB MSCI
UAE Index
Fund
ADCB SICAV
- ADCB UAE
Equity Fund
ADCB
SICAV -
ADCB
Arabian
Index Fund
ADCB SICAV
- ADCB
Islamic GCC
Equity Fund
ADCB SICAV
- ADCB
Target 2025
Fund
ADCB SICAV
- ADCB
Target 2035
Fund ADCB SICAV
USD USD USD USD USD USD USD
Deutsche Bank AG Dubai 231,438 1,170,399 122,550 5,243 - - 1,529,630
Deutsche Bank London - - - - 9,251 - 9,251
Deutsche Bank AG Luxembourg 41,131 128,283 34,920 102,629 287,426 144,330 738,719
Emirates NBD - - 26,004 - - - 26,004
Mubasher - - - 103,884 - - 103,884
272,569 1,298,682 183,474 211,756 296,677 144,330 2,407,488
31-Dec-17
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
28
4. OTHER RECEIVABLES
ADCB
SICAV -
ADCB MSCI
UAE Index
Fund
ADCB SICAV
- ADCB UAE
Equity Fund
ADCB SICAV -
ADCB Arabian
Index Fund
ADCB SICAV -
ADCB Islamic
GCC Equity
Fund
ADCB SICAV
- ADCB
Target 2025
Fund
ADCB SICAV
- ADCB
Target 2035
Fund ADCB SICAV
USD USD USD USD USD USD USD
Rebate receivable - - - - 69,565 64,384 133,949
Other receivables - - 431 - - - 431
Dividend receivable - - 636 3,903 5,630 4,516 14,685
- - 1,067 3,903 75,195 68,900 149,065
31-Dec-18
ADCB
SICAV -
ADCB
MSCI UAE
Index Fund
ADCB
SICAV -
ADCB UAE
Equity Fund
ADCB SICAV -
ADCB
Arabian Index
Fund
ADCB SICAV -
ADCB Islamic
GCC Equity
Fund
ADCB
SICAV -
ADCB Target
2025 Fund
ADCB
SICAV -
ADCB Target
2035 Fund ADCB SICAV
USD USD USD USD USD USD USD
Rebate receivable - - - - 19,637 17,117 36,754
Other receivables - - 21,562 - - - 21,562
Dividend receivable - - 2,410 3,014 5,541 1,898 12,863
Interest receivable - - 60 - - - 60
- - 24,032 3,014 25,178 19,015 71,239
31-Dec-17
The Rebate receivable is a receivable against the Investment Manager. As described in Note 9, the Investment Manager
has decided to bear the cost for the Administration fees, Sub-Custodian fees and Depositary fees on behalf of the Sub-
Funds ADCB Target 2025 Fund and ADCB Target 2035 Fund.
5. OTHER PAYABLES AND ACCRUED EXPENSES
ADCB SICAV
- ADCB MSCI
UAE Index
Fund
ADCB
SICAV -
ADCB UAE
Equity Fund
ADCB SICAV -
ADCB Arabian
Index Fund
ADCB SICAV -
ADCB Islamic
GCC Equity
Fund
ADCB SICAV
- ADCB
Target 2025
Fund
ADCB SICAV
- ADCB
Target 2035
Fund ADCB SICAV
USD USD USD USD USD USD USD
Transaction Fee Payable 5,700 13,750 5,350 5,200 4,750 2,600 37,350
Audit Fee Payable 10,782 10,781 10,782 10,783 10,778 10,796 64,702
Financial Preparation Fee Payable 3,600 5,000 5,000 5,000 5,001 5,000 28,601
Transfer Agency Fee Payable 1,100 1,000 1,000 1,050 400 300 4,850
Tax Fee Payable 3,199 5,487 1,166 1,201 1,625 716 13,394
Research Fee Payable - - - - 802 791 1,593
Withholding tax payable - - - 195 - - 195
Other payables - 6,848 - - - - 6,848
24,381 42,866 23,298 23,429 23,356 20,203 157,533
31-Dec-18
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
29
5. OTHER PAYABLES AND ACCRUED EXPENSES (CONTINUED)
ADCB SICAV
- ADCB MSCI
UAE Index
Fund
ADCB
SICAV -
ADCB UAE
Equity Fund
ADCB SICAV -
ADCB Arabian
Index Fund
ADCB SICAV -
ADCB Islamic
GCC Equity
Fund
ADCB SICAV
- ADCB
Target 2025
Fund
ADCB SICAV
- ADCB
Target 2035
Fund ADCB SICAV
USD USD USD USD USD USD USD
Transaction Fee Payable 15,200 52,800 14,250 7,750 2,100 1,300 93,400
Audit Fee Payable 12,386 15,377 10,685 9,938 10,285 9,478 68,149
Financial Preparation Fee Payable 10,800 15,000 15,000 15,000 5,000 5,000 65,800
Transfer Agency Fee Payable 4,400 2,750 3,332 4,350 150 150 15,132
Tax Fee Payable 3,421 7,346 1,274 202 1,615 330 14,188
Other payables 7,985 - - - 3,370 3,006 14,361
54,192 93,273 44,541 37,240 22,520 19,264 271,030
31-Dec-17
6. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
ADCB SICAV -
ADCB MSCI
UAE Index
Fund
ADCB SICAV -
ADCB UAE
Equity Fund
ADCB
SICAV -
ADCB
Arabian
Index Fund
ADCB SICAV -
ADCB Islamic
GCC Equity
Fund
ADCB SICAV -
ADCB Target
2025 Fund
ADCB
SICAV -
ADCB
Target 2035
Fund ADCB SICAV
USD USD USD USD USD USD USD
Financial assets held for trading
Equity instruments 24,747,468 40,719,633 9,909,732 13,314,328 - - 88,691,161
Exchange traded funds - - - - 7,724,981 2,728,733 10,453,714
Funds - 17,617,121 - - 4,596,058 1,886,919 6,482,976 *
24,747,468 58,336,754 9,909,732 13,314,328 12,321,039 4,615,652 105,627,851 *
31-Dec-18
ADCB
SICAV -
ADCB MSCI
UAE Index
Fund
ADCB
SICAV -
ADCB UAE
Equity Fund
ADCB
SICAV -
ADCB
Arabian
Index Fund
ADCB SICAV -
ADCB Islamic
GCC Equity
Fund
ADCB
SICAV -
ADCB
Target 2025
Fund
ADCB
SICAV -
ADCB
Target 2035
Fund
ADCB
SICAV
USD USD USD USD USD USD USD
Financial assets held for trading
Equity instruments 29,056,923 50,371,055 10,849,377 5,626,664 - - 95,904,019
Exchange traded funds - - - - 8,267,578 1,560,792 9,828,370
Funds - 19,186,461 - - 4,511,580 930,069 5,441,649 *
Debt instruments - - 8,352 - - - 8,352
29,056,923 69,557,516 10,857,729 5,626,664 12,779,158 2,490,861 111,182,390 *
31-Dec-17
*The combined total is adjusted for cross Sub-Fund holdings (refer to note 2(j)).
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
30
7. NET REALISED GAINS/(LOSSES) ON FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR
LOSS
Realised gains on financial assets at fair value through profit or loss
ADCB SICAV -
ADCB MSCI
UAE Index
Fund
ADCB SICAV
- ADCB UAE
Equity Fund
ADCB SICAV -
ADCB
Arabian Index
Fund
ADCB SICAV -
ADCB Islamic
GCC Equity
Fund
ADCB SICAV -
ADCB Target
2025 Fund
ADCB SICAV -
ADCB Target
2035 Fund ADCB SICAV
USD USD USD USD USD USD USD
Financial assets held for trading
Equity instruments - 1.568.276 106.644 11.196 - - 1.686.116
Fund - - - - - 84 84
Exchange traded funds - - - - 51.566 28.396 79.962 *
Debt instrument - - 7.877 - - - 7.877
- 1.568.276 114.521 11.196 51.566 28.480 1.774.039
Realised losses on financial assets at fair value through profit or loss
Financial assets held for trading
Equity instruments (2.832.694) (11) (28.685) (42.488) - - (2.903.878)
Funds - (297.317) - - - - - *
Exchange Traded Fund - - - - (2.300) (8.736) (11.036)
Debt instrument - - (7.276) - - - (7.276)
(2.832.694) (297.328) (35.961) (42.488) (2.300) (8.736) (2.922.190) *
(2.832.694) 1.270.948 78.560 (31.292) 49.266 19.744 (1.148.151)
31-Dec-18
Net realised (gains)/losses on
financial assets and liabilities at fair
value through profit or loss
*The combined total is adjusted for cross Sub-Funds holdings (refer to note 2(j)).
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
31
7. NET REALISED GAINS/(LOSSES) ON FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR
LOSS (CONTINUED)
Realised gains on financial assets at fair value through profit or loss
ADCB SICAV -
ADCB MSCI
UAE Index
Fund
ADCB SICAV
- ADCB UAE
Equity Fund
ADCB SICAV -
ADCB
Arabian Index
Fund
ADCB SICAV -
ADCB Islamic
GCC Equity
Fund
ADCB SICAV -
ADCB Target
2025 Fund
ADCB SICAV -
ADCB Target
2035 Fund ADCB SICAV
USD USD USD USD USD USD USD
Financial assets held for trading
Equity instruments 163 636,141 137,250 60,031 - - 833,585
Exchange traded funds - - - - 2,751 - 2,751
Debt instrument - - 2,860 - - - 2,860
163 636,141 140,110 60,031 2,751 - 839,196
Realised losses on financial assets at fair value through profit or loss
Financial assets held for trading
Equity instruments (1,981,867) (4,078,748) (502,813) (220) - - (6,563,648)
Funds - (441,368) - - - - -
(1,981,867) (4,520,116) (502,813) (220) - - (6,563,648)
(1,981,704) (3,883,975) (362,703) 59,811 2,751 - (5,724,452)
31-Dec-17
Net realised (gains)/losses on
financial assets and liabilities at fair
value through profit or loss
*The combined total is adjusted for cross Sub-Funds holdings (refer to note 2(j)).
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
32
8. NET CHANGE IN UNREALISED GAINS/(LOSSES) ON FINANCIAL ASSETS AT FAIR VALUE
THROUGH PROFIT OR LOSS
Net change in unrealised gains on financial assets at fair value through profit or loss
ADCB
SICAV -
ADCB MSCI
UAE Index
Fund
ADCB
SICAV -
ADCB UAE
Equity Fund
ADCB SICAV
- ADCB
Arabian Index
Fund
ADCB SICAV
- ADCB
Islamic GCC
Equity Fund
ADCB
SICAV -
ADCB Target
2025 Fund
ADCB
SICAV -
ADCB Target
2035 Fund ADCB SICAV
USD USD USD USD USD USD USD
Financial assets held for trading
Equity instruments 3.540 - 1.134.513 358.097 - - 1.496.150
3.540 - 1.134.513 358.097 - - 1.496.150
Net change in unrealised losses on financial assets at fair value through profit or loss
Financial assets held for trading
Equity instruments (944.471) (8.995.749) - (6.317) - - (9.946.537)
Fund - (423.250) - - (472.092) (290.444) (762.535) *
Exchange traded fund - - - - (534.284) (344.254) (878.538)
Debt instruments - - (1.076) - - - (1.076)
(944.471) (9.418.999) (1.076) (6.317) (1.006.376) (634.698) (11.588.686) *
(940.931) (9.418.999) 1.133.437 351.780 (1.006.376) (634.698) (10.092.536)
31-Dec-18
Net change in unrealised
gains/(losses) on financial assets
at fair value through profit or loss
*The combined total is adjusted for cross Sub-Fund holdings (refer to note 2(j)).
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
33
8. NET CHANGE IN UNREALISED GAINS/(LOSSES) ON FINANCIAL ASSETS AT FAIR VALUE
THROUGH PROFIT OR LOSS (CONTINUED)
Net change in unrealised gains on financial assets at fair value through profit or loss
ADCB
SICAV -
ADCB MSCI
UAE Index
Fund
ADCB
SICAV -
ADCB UAE
Equity Fund
ADCB SICAV
- ADCB
Arabian Index
Fund
ADCB SICAV
- ADCB
Islamic GCC
Equity Fund
ADCB
SICAV -
ADCB Target
2025 Fund
ADCB
SICAV -
ADCB Target
2035 Fund ADCB SICAV
USD USD USD USD USD USD USD
Financial assets held for trading
Equity instruments 1,741,385 5,538,699 387,868 5,588 - - 7,673,540
Funds - 784,018 - - 98,898 27,189 126,088 *
Exchange traded funds - - - - 186,742 46,993 233,735
1,741,385 6,322,717 387,868 5,588 285,640 74,182 8,033,363 *
Net change in unrealised losses on financial assets at fair value through profit or loss
Financial assets held for trading
Equity instruments (1,743) - (1,871) (114,607) - - (118,221)
Debt instruments - - (2,149) - - - (2,149)
(1,743) - (4,020) (114,607) - - (120,370) *
1,739,642 6,322,717 383,848 (109,019) 285,640 74,182 7,912,993
31-Dec-17
Net change in unrealised
gains/(losses) on financial assets
at fair value through profit or loss
*The combined total is adjusted for cross Sub-Fund holdings (refer to note 2(j)).
9. FEES
Investment Management fees
ADCB SICAV - ADCB MSCI UAE Index Fund
The Investment Manager is entitled to receive investment management fees of 1% p.a (Class R), respectively 0.5% p.a
(Class I) based on monthly average of the Net Asset Value of the Sub-Fund and are paid monthly in arrears.
The Investment Manager will be in charge of the payment of the fee to be paid to third parties to whom functions have
been delegated by it. In addition the Investment Manager shall remunerate out of its fee the Intermediaries appointed by
the Management Company.
During the year ended 31 December 2018, investment management fees amounted to USD 274,676 (2017: USD 318,330),
of which USD 21,529 (2017: USD 25,133) was outstanding at year end.
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
34
9. FEES (CONTINUED)
Investment Management fees (continued)
ADCB SICAV - ADCB UAE Equity Fund
The Investment Manager is entitled to receive investment management fees of 1.5% p.a (Class R), respectively 0.75%
p.a (Class I) based on monthly average of the Net Asset Value of the Sub-Fund and are paid monthly in arrears. For cross
investments, no investment management fee will be charged.
The Investment Manager will be in charge of the payment of the fee to be paid to third parties to whom functions have
been delegated by it. In addition the Investment Manager shall remunerate out of its fee the Intermediaries appointed by
the Management Company.
During the year ended 31 December 2018, investment management fees amounted to USD 876,470 (2017: USD
1,126,636), of which USD 67,693 (2017: USD 79,809) was outstanding at year end.
ADCB SICAV - ADCB Arabian Index Fund
The Investment Manager is entitled to receive investment management fees of 1% p.a (Class R), respectively 0.5% p.a
(Class I) based on monthly average of the Net Asset Value of the Sub-Fund and are paid monthly in arrears.
The Investment Manager will be in charge of the payment of the fee to be paid to third parties to whom functions have
been delegated by it. In addition the Investment Manager shall remunerate out of its fee the Intermediaries appointed by
the Management Company.
During the year ended 31 December 2018, investment management fees amounted to USD 101,596 (2017: USD 110,977),
of which USD 8,366 (2017: USD 9,095) was outstanding at year end.
ADCB SICAV - ADCB Islamic GCC Equity Fund
The Investment Manager is entitled to receive investment management fees of 1.5% p.a (Class R and X), respectively
0.75% p.a (Class I) based on monthly average of the Net Asset Value of the Sub-Fund and are paid monthly in arrears.
The Investment Manager will be in charge of the payment of the fee to be paid to third parties to whom functions have
been delegated by it. In addition the Investment Manager shall remunerate out of its fee the Intermediaries appointed by
the Management Company. The Investment Manager decided to waive the fees for this sub-fund as of 10 April 2017 until
further notice.
During the year ended 31 December 2018, investment management fees amounted to USD Nil (2017: USD 14,308), of
which USD Nil (2017: USD Nil) was outstanding at year end.
ADCB SICAV - ADCB Target 2025 Fund
The Investment Manager is entitled to receive investment management fees of 1.0% p.a (Class R), based on monthly
average of the Net Asset Value of the Sub-Fund and are paid monthly in arrears.
The Investment Manager will be in charge of the payment of the fee to be paid to third parties to whom functions have
been delegated by it. In addition the Investment Manager shall remunerate out of its fee the Intermediaries appointed by
the Management Company. The Investment Manager decided to waive the fees for this sub-fund from inception until
further notice.
The Sub-Fund was launched on 20 October 2017. During the year ended 31 December 2018 and period ended 31
December 2017, there were no investment management fees charged or outstanding at year end.
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
35
9. FEES (CONTINUED)
Investment Management fees (continued)
ADCB SICAV - ADCB Target 2035 Fund
The Investment Manager is entitled to receive investment management fees of 1.0% p.a (Class R), based on monthly
average of the Net Asset Value of the Sub-Fund and are paid monthly in arrears.
The Investment Manager will be in charge of the payment of the fee to be paid to third parties to whom functions have
been delegated by it. In addition the Investment Manager shall remunerate out of its fee the Intermediaries appointed by
the Management Company. The Investment Manager decided to waive the fees for this sub-fund from inception until
further notice.
The Sub-Fund was launched on 30 October 2017. During the year ended 31 December 2018 and period ended 31
December 2017, there were no investment management fees charged or outstanding at year end.
Management Company Fee
ADCB SICAV - ADCB MSCI UAE Index Fund
The Management Company is entitled to receive fees up to 0.025% p.a. These fees shall be calculated based on monthly
average of the Net Asset Value of the Sub-Fund and shall be paid monthly in arrears.
Third parties to whom functions have been delegated by the Management Company with the approval of the Company
will be remunerated directly by the Company (out of the assets of the relevant Sub-Fund), such remunerations are not
being included in the Management Company’s fee payable.
During the year ended 31 December 2018, Management Company fees amounted to USD 6,988 (2017: USD 8,083), of
which USD 511 (2017: USD 620) was outstanding at year end.
ADCB SICAV - ADCB UAE Equity Fund
The Management Company is entitled to receive fees up to 0.025% p.a. These fees shall be calculated based on monthly
average of the Net Asset Value of the Sub-Fund and shall be paid monthly in arrears.
Third parties to whom functions have been delegated by the Management Company with the approval of the Company
will be remunerated directly by the Company (out of the assets of the relevant Sub-Fund), such remunerations are not
being included in the Management Company’s fee payable.
During the year ended 31 December 2018, management company fees amounted to USD 16,986 (2017: USD 21,766), of
which USD 1,239 (2017: USD 1,469) was outstanding at year end.
ADCB SICAV - ADCB Arabian Index Fund
The Management Company is entitled to receive fees up to 0.025% p.a. These fees shall be calculated based on monthly
average of the Net Asset Value of the Sub-Fund and shall be paid monthly in arrears.
Third parties to whom functions have been delegated by the Management Company with the approval of the Company
will be remunerated directly by the Company (out of the assets of the relevant Sub-Fund), such remunerations are not
being included in the Management Company’s fee payable.
During the year ended 31 December 2018, management company fees amounted to USD 2,665 (2017: USD 2,896), of
which USD 205 (2017: USD 241) was outstanding at year end.
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
36
9. FEES (CONTINUED)
Management Company Fee (continued)
ADCB SICAV - ADCB Islamic GCC Equity Fund
The Management Company is entitled to receive fees up to 0.025% p.a. These fees shall be calculated based on monthly
average of the Net Asset Value of the Sub-Fund and shall be paid monthly in arrears.
Third parties to whom functions have been delegated by the Management Company with the approval of the Company
will be remunerated directly by the Company (out of the assets of the relevant Sub-Fund), such remunerations are not
being included in the Management Company’s fee payable.
During the year ended 31 December 2018, management company fees amounted to USD 2,606 (2017: USD 1,486), of
which USD 270 (2017: USD 119) was outstanding at year end.
ADCB SICAV - ADCB Target 2025 Fund
The Management Company is entitled to receive fees up to 0.025% p.a. These fees shall be calculated based on monthly
average of the Net Asset Value of the Sub-Fund and shall be paid monthly in arrears.
Third parties to whom functions have been delegated by the Management Company with the approval of the Company
will be remunerated directly by the Company (out of the assets of the relevant Sub-Fund), such remunerations are not
being included in the Management Company’s fee payable.
The Sub-Fund was launched on 20 October 2017. During the year ended 31 December 2018, management company fees
amounted to USD 3,431, (2017: USD 656), of which USD 266 (2017: USD 273) was outstanding at year end.
In addition to this, different kind of Administration Fees are charged by the respective Managers of the target funds
invested into at the level of those funds. Those are summarized as Management fee below.
Target Fund
DBXII Global Aggrgate Usd 2c 0.30%
DBX MSCI Japan 1c 0.20%
Ishares Core Msci Pacif X-JP 0.20%
Ishares Core S&P 500 0.07%
Ishares USD Tips 0.25%
Ishares Msci EM ACC 0.68%
Ishares Jpm EM Lcl Gov Bnd 0.50%
Ishares Us Agg Bnd USD ACC 0.25%
Vanguard Ftse Develop Europe 0.12%
Vanguard S&P 500 Ucits ETF 0.07%
Pgif Global Inc-I Acc Usd 0.75%
Principal Glb-H/y-po HY-i 0.70%
Principal Origin Gl Sm C-Iua 0.85%
Principal Global Investors Funds - Global Equity Fund On Xdub 0.75%
Principal Glb-Glb Pr-Usdiacc 0.80%
Management fee % per annum
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
37
9. FEES (CONTINUED)
Management Company Fee (continued)
ADCB SICAV - ADCB Target 2035 Fund
The Management Company is entitled to receive fees up to 0.025% p.a. These fees shall be calculated based on monthly
average of the Net Asset Value of the Sub-Fund and shall be paid monthly in arrears.
Third parties to whom functions have been delegated by the Management Company with the approval of the Company
will be remunerated directly by the Company (out of the assets of the relevant Sub-Fund), such remunerations are not
being included in the Management Company’s fee payable.
The Sub-Fund was launched on 30 October 2017. During the year ended 31 December 2018, management company fees
amounted to USD 1,325, (2017: USD 124), of which USD 100 (2017: USD 54) was outstanding at year end.
In addition to this, different kind of Administration Fees are charged by the respective Managers of the target funds
invested into at the level of those funds. Those are summarized as Management fee below.
Target Fund
DBXII Global Aggrgate Usd 2c 0.30%
DBX MSCI Japan 1C 0.20%
Ishares Core Msci Pacif X-JP 0.20%
Ishares Core S&P 500 0.07%
Ishares Msci EM ACC 0.68%
Ishares Jpm EM Lcl Gov Bnd 0.50%
Ishares Us Agg Bnd USD ACC 0.25%
Vanguard Ftse Develop Europe 0.12%
Vanguard S&P 500 Ucits ETF 0.07%
Pgif Global Inc-I Acc Usd 0.75%
Principal Origin Gl Sm C-Iua 0.85%
Principal Global Investors Funds - Global Equity Fund On Xdub 0.75%
Principal Glb-Glb Pr-Usdiacc 0.80%
Management fee % per annum
Administration fees
ADCB SICAV - ADCB MSCI UAE Index Fund
The Administration Agent is entitled to receive from the Sub-Fund an administration fee of up to 0.09% per annum of the
average monthly net assets value of the Sub-Fund, with a minimum of USD 18,000 p.a. In addition, the Administration
Agent is paid out of the assets of the Sub-Fund certain fixed fees for the preparation of financial statements and investor
services, account maintenance and investor transaction fees, in each case charged at normal commercial rates as set out
in the Central Administration Agreement.
During the year ended 31 December 2018, Administration fees amounted to USD 25,159 (2017: USD 29,114). As of 31
December 2018, USD 12,527 (2017: USD 36,370) was outstanding.
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
38
9. FEES (CONTINUED)
Administration fees (continued)
ADCB SICAV - ADCB UAE Equity Fund
The Administration Agent is entitled to receive from the Sub-Fund an administration fee of up to 0.09% per annum of the
average monthly net assets value of the Sub-Fund, with a minimum of USD 36,000 p.a. In addition, the Administration
Agent is paid out of the assets of the Sub-Fund certain fixed fees for the preparation of financial statements and investor
services, account maintenance and investor transaction fees, in each case charged at normal commercial rates as set out
in the Central Administration Agreement.
During the year ended 31 December 2018, Administration fees amounted to USD 61,116 (2017: USD 78,446). As of 31
December 2018, USD 29,400 (2017: USD 100,877) was outstanding.
ADCB SICAV - ADCB Arabian Index Fund
The Administration Agent is entitled to receive from the Sub-Fund an administration fee of up to 0.09% per annum of the
average monthly net assets value of the Sub-Fund, with a minimum of USD 36,000 p.a. In addition, the Administration
Agent is paid out of the assets of the Sub-Fund certain fixed fees for the preparation of financial statements and investor
services, account maintenance and investor transaction fees, in each case charged at normal commercial rates as set out
in the Central Administration Agreement.
During the year ended 31 December 2018, Administration fees amounted to USD 36,003 (2017: USD 35,997). As of 31
December 2018, USD 18,000 (2017: USD 44,997) was outstanding.
ADCB SICAV - ADCB Islamic GCC Equity Fund
The Administration Agent is entitled to receive from the Sub-Fund an administration fee of up to 0.09% per annum of the
average monthly net assets value of the Sub-Fund, with a minimum of USD 24,000 p.a. In addition, the Administration
Agent is paid out of the assets of the Sub-Fund certain fixed fees for the preparation of financial statements and investor
services, account maintenance and investor transaction fees, in each case charged at normal commercial rates as set out
in the Central Administration Agreement.
During the year ended 31 December 2018, Administration fees amounted to USD 24,000 (2017: USD 23,998). As of 31
December 2018, USD 11,998 (2017: USD 29,998) was outstanding.
ADCB SICAV - ADCB Target 2025 Fund
The Administration Agent is entitled to receive from the Sub-Fund an administration fee of up to 0.09% per annum of the
average monthly net assets value of the Sub-Fund, with a minimum of USD 24,000 p.a. In addition, the Administration
Agent is paid out of the assets of the Sub-Fund certain fixed fees for the preparation of financial statements and investor
services, account maintenance and investor transaction fees, in each case charged at normal commercial rates as set out
in the Central Administration Agreement.
The Investment Manager decided to bear the Administration fees for this Sub-Fund from inception until further notice.
The Sub-Fund will not be required to reimburse the Investment Manager for the period (refer to Note 4).
The Sub-Fund was launched on 20 October 2017. During the year ended 31 December 2018, Administration fees
amounted to USD 23,806, (2017: USD 4,645), of which USD 12,000 (2017: USD 4,645) was outstanding at year end.
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
39
9. FEES (CONTINUED)
Administration fees (continued)
ADCB SICAV - ADCB Target 2035 Fund
The Administration Agent is entitled to receive from the Sub-Fund an administration fee of up to 0.09% per annum of the
average monthly net assets value of the Sub-Fund, with a minimum of USD 24,000 p.a. In addition, the Administration
Agent is paid out of the assets of the Sub-Fund certain fixed fees for the preparation of financial statements and investor
services, account maintenance and investor transaction fees, in each case charged at normal commercial rates as set out
in the Central Administration Agreement.
The Investment Manager decided to bear the Administration fees for this sub-fund from inception until further notice.
The sub-fund will not be required to reimburse the Investment Manager for the period (refer to Note 4).
The Sub-Fund was launched on 30 October 2017. During the year ended 31 December 2018, Administration fees
amounted to USD 24,000, (2017: USD 4,000), of which USD 12,000 (2017: USD 4,000) was outstanding at year end.
Sub-Custodian Fee / Depositary Fee
ADCB SICAV - ADCB MSCI UAE Index Fund
The Depositary Bank is entitled to receive from the Sub-Fund a depositary fee of up to 0.05% per annum of the average
monthly net assets value of the Sub-Fund, with a minimum of USD 32,400 p.a. These fees do not include the transactions
fees and the sub-custodian fees, which are disclosed under the caption Sub-Custodian fees.
During the year ended 31 December 2018, depositary fees and sub-custodian fees amounted to USD 32,400 (2017: USD
37,537) and USD 25,145 (2017: USD 28,708), of which USD 48,597 (2017: USD 16,197) and USD 1,978 (2017: 2,106)
was outstanding at the year end respectively.
ADCB SICAV - ADCB UAE Equity Fund
The Depositary Bank is entitled to receive from the Sub-Fund a depositary fee of up to 0.05% per annum of the average
monthly net assets value of the Sub-Fund, with a minimum of USD 40,000 p.a. These fees do not include the transactions
fees and the sub-custodian fees, which are disclosed under the caption Sub-Custodian fees.
During the year ended 31 December 2018, depositary fees and sub-custodian fee amounted to USD 34,537 (2017: USD
44,487) and USD 40,293 (2017: USD 60,786), of which USD 40,000 (2017: USD 22,081) and USD 2,959 (2017: 3,706)
was outstanding at year end respectively.
ADCB SICAV - ADCB Arabian Index Fund
The Depositary Bank is entitled to receive from the Sub-Fund a depositary fee of up to 0.05% per annum of the average
monthly net assets value of the Sub-Fund, with a minimum of USD 40,000 p.a. These fees do not include the transactions
fees and the sub-custodian fees, which are disclosed under the caption Sub-Custodian fees.
During the year ended 31 December 2018, depositary fees and sub-custodian fees amounted to USD 40,000 (2017: USD
40,747) and USD 13,922 (2017: USD 15,245), of which USD 60,000 (2017: USD 20,000) and USD 1,125 (2017: USD
1,470) was outstanding at year end respectively.
ADCB SICAV - ADCB Islamic GCC Equity Fund
The Depositary Bank is entitled to receive from the Sub-Fund a depositary fee of up to 0.05% per annum of the average
monthly net assets value of the Sub-Fund, with a minimum of USD 40,000 p.a. These fees do not include the transactions
fees and the sub-custodian fees, which are disclosed under the caption Sub-Custodian fees.
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
40
9. FEES (CONTINUED)
Sub-Custodian Fee / Depositary Fee (continued)
ADCB SICAV - ADCB Islamic GCC Equity Fund (continued)
During the year ended 31 December 2018, depositary fees and sub-custodian fees amounted to USD 40,000 (2017: USD
37,080) and USD 17,840 (2017: USD 18,648), of which USD 60,000 (2017: USD 20,000) and USD 1,180 (2017: USD
1,180) was outstanding at year end respectively.
ADCB SICAV - ADCB Target 2025 Fund
The Depositary Bank is entitled to receive from the Sub-Fund a depositary fee of up to 0.05% per annum of the average
monthly net assets value of the Sub-Fund, with a minimum of USD 40,000 p.a. These fees do not include the transactions
fees and the Sub-Custodian fees, which are disclosed under the caption Sub-Custodian fees. The Investment Manager
decided to bear the Sub-Custodian and Depositary fees for this sub-fund from inception until further notice.
The Sub-Fund was launched on 20 October 2017. During the year ended 31 December 2018, depositary fees and sub-
custodian fees amounted to USD 37,743 (2017: USD 7,742) and USD 30,105, of which USD 40,000 (2017: USD 7,742)
and USD 1,487 was outstanding at the year end respectively.
ADCB SICAV - ADCB Target 2035 Fund
The Depositary Bank is entitled to receive from the Sub-Fund a depositary fee of up to 0.05% per annum of the average
monthly net assets value of the Sub-Fund, with a minimum of USD 40,000 p.a. These fees do not include the transactions
fees and the Sub-Custodian fees, which are disclosed under the caption Sub-Custodian fees. The Investment Manager
decided to bear the Sub-Custodian and Depositary fees for this sub-fund from inception until further notice.
The Sub-Fund was launched on 30 October 2017. During the year ended 31 December 2018, depositary fees and sub-
custodian fees amounted to USD 37,121 (2017: USD 6,667) and USD 30,122, of which USD 40,000 (2017: USD 6,667)
and USD 1,625 was outstanding at the year end respectively.
Transaction costs
For the year ended 31 December 2018, the Fund incurred transaction costs relating to purchase or sale of transferable
securities or other eligible assets as follows:
ADCB SICAV – ADCB MSCI UAE Index Fund: USD 26,739
ADCB SICAV – ADCB UAE Equity Fund: USD 48,694
ADCB SICAV – ADCB Arabian Index Fund: USD 5,603
ADCB SICAV - ADCB Islamic GCC Equity Fund: USD 20,202
ADCB SICAV - ADCB Target 2025 Fund: USD Nil
ADCB SICAV - ADCB Target 2035 Fund: USD Nil
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
41
10. RELATED PARTY DISCLOSURE
The Company's related parties include key management of the Investment Manager, as described below.
Related party Nature of relationship Transaction
Transactions
during the year
2018
Balance at
31-December-2018
USD USD
Abu Dhabi Commercial Bank Investment Manager Fees 1,252,742 97,858
Related party Nature of relationship Transaction
Transactions
during the year
2017
Balance at
31-December-2017
USD USD
Abu Dhabi Commercial Bank Investment Manager Fees 1,570,251 114,037
Abu Dhabi Commercial Bank, investor (as a nominee) of the Company, is also the Investment Manager of the Company
and holds the following redeemable shares in each of the Sub-Funds:
ADCB SICAV
- ADCB
MSCI UAE
Index Fund
ADCB SICAV
- ADCB UAE
Equity Fund
ADCB
SICAV -
ADCB
Arabian
Index Fund
ADCB SICAV
- ADCB
Islamic GCC
Equity Fund
ADCB
SICAV -
ADCB
Target 2025
Fund
ADCB
SICAV -
ADCB
Target 2035
Fund ADCB SICAV
Opening 1,955,352 7,168,234 1,013,069 47,610 - - 10,184,265
Subscriptions 53,070 254,984 26,379 373,481 - - 707,914
Redemptions (952,101) (6,377,219) (432,083) (421,091) - - (8,182,494)
Closing 1,056,321 1,045,999 607,365 - - - 2,709,685
31-Dec-18
ADCB SICAV
- ADCB
MSCI UAE
Index Fund
ADCB SICAV
- ADCB UAE
Equity Fund
ADCB
SICAV -
ADCB
Arabian
Index Fund
ADCB SICAV
- ADCB
Islamic GCC
Equity Fund
ADCB
SICAV -
ADCB
Target 2025
Fund
ADCB
SICAV -
ADCB
Target 2035
Fund ADCB SICAV
Opening 2,172,029 10,881,933 1,141,653 57,020 - - 14,252,635
Subscriptions 42,322 532,889 3,619 60,612 - - 639,442
Redemptions (258,999) (4,246,588) (132,203) (70,022) - - (4,707,812)
Closing 1,955,352 7,168,234 1,013,069 47,610 - - 10,184,265
31-Dec-17
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
42
10. RELATED PARTY DISCLOSURE (CONTINUED)
The Company has invested in Abu Dhabi Commercial Bank and the transactions are as follows:
ADCB
SICAV -
ADCB MSCI
UAE Index
Fund
ADCB
SICAV -
ADCB UAE
Equity Fund
ADCB
SICAV -
ADCB
Arabian
Index Fund
ADCB
SICAV -
ADCB
Islamic GCC
Equity Fund
ADCB
SICAV -
ADCB
Target 2025
Fund
ADCB
SICAV -
ADCB
Target 2035
Fund ADCB SICAV
USD USD USD USD USD USD USD
Opening Balance 3,203,023 4,500,853 131,903 - - - 7,835,779
Additions 95,639 - - - - - 95,639
Disposals (703,172) (2,921,917) - - - - (3,625,089)
Realised losses (116,043) (421,319) - - - - (537,362)
Change in unrealised
gains 732,105 646,061 26,400 - - - 1,404,566
Closing Balance 3,211,552 1,803,678 158,303 - - - 5,173,533
Dividends received 197,842 278,005 8,147 - - - 483,994
31-Dec-18
ADCB SICAV
- ADCB
MSCI UAE
Index Fund
ADCB
SICAV -
ADCB UAE
Equity Fund
ADCB SICAV
- ADCB
Arabian Index
Fund
ADCB
SICAV -
ADCB
Islamic GCC
Equity Fund
ADCB
SICAV -
ADCB Target
2025 Fund
ADCB
SICAV -
ADCB Target
2035 Fund ADCB SICAV
USD USD USD USD USD USD USD
Opening Balance 3,536,237 8,153,086 171,423 - - - 11,860,746
Additions 199,710 - - - - - 199,710
Disposals (495,344) (3,739,967) (39,122) - - - (4,274,433)
Realised losses (133,695) (229,035) (1,717) - - - (364,447)
Change in unrealised
gains 96,115 316,769 1,319 - - - 414,203
Closing Balance 3,203,023 4,500,853 131,903 - - - 7,835,779
Dividends received 205,002 405,630 9,938 - - - 620,570
31-Dec-17
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
43
11. TAXATION
Under current legislation, Shareholders are not subject to any capital gains, income, withholding, estate, inheritance or
other taxes in Luxembourg, except for (i) those Shareholders domiciled, resident or having a permanent establishment in
Luxembourg or (ii) non-residents of Luxembourg who hold 10% or more of the issued share capital of the Company and
who dispose of all or part of their holdings within six months from the date of acquisition or (iii) in some limited cases
some former residents of Luxembourg, who hold 10% or more of the issued share capital of the Company.
Investment income and capital gains are subject to withholding tax in certain foreign jurisdiction and are the only items
subject to taxation at an average applicable withholding tax rate of 15%.
12. SHARE CAPITAL
The Company has been incorporated on 9 April 2014 for an unlimited period of time as a société d’investissement à
capital variable under the form of a société anonyme.
The minimum capital of the Company, as provided by Law, which must be achieved within six months after the date on
which the Company has been authorized as a UCITS under Luxembourg Law, shall be the equivalent in USD of EUR
1,250,000. The initial capital of the Company is the equivalent in USD of thirty one thousand Euro (EUR 31,000) divided
into thirty-one (31) Shares of no par value. The capital of the Company is represented by fully paid up Shares of no par
value. The total share capital of the Company is at all times equal to the total net assets of all the Sub-Fund(s). The Share
Capital of the Company is composed only of redeemable shares.
The Company must maintain assets equivalent in net value to at least the equivalent in USD of EUR 1,250,000. There is
no requirement that the individual Sub-Fund(s) have a minimum amount of assets.
Redemption of shares
Shareholders may redeem all or part of their Shares in accordance with the terms contained in the relevant Sub-Fund
specifications of the prospectus.
The Investment Manager manages the capital of the Company in accordance with Company’s investment objectives,
policies and restrictions, as outlined in the Company’s Prospectus, while maintaining sufficient liquidity to meet
shareholder redemptions. The Company is in compliance with minimum capital requirements.
The Company may defer part or all redemption requests received if the aggregate value of redemptions requests received
by the Administration Agent on any day corresponds to more than 10% of the net assets of a Sub-Fund.
Movement in Shares: Class R
ADCB SICAV -
ADCB MSCI
UAE Index
Fund
ADCB SICAV -
ADCB UAE
Equity Fund
ADCB SICAV -
ADCB Arabian
Index Fund
ADCB SICAV
- ADCB
Islamic GCC
Equity Fund
ADCB
SICAV -
ADCB Target
2025 Fund
ADCB
SICAV -
ADCB Target
2035 Fund ADCB SICAV
Opening Balance 3,664,387 7,378,335 1,118,453 56,941 1,263,756 258,207 11,908,075 *
Issue of shares 55,888 318,467 33,706 473,718 417,604 427,040 1,726,423
Redemption of shares (279,186) (693,137) (271,540) (31,904) (383,060) (179,752) (1,721,494) *
Closing Balance 3,441,089 7,003,665 880,619 498,755 1,298,300 505,495 11,913,004 *
31-Dec-18
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
44
12. SHARE CAPITAL (CONTINUED)
Movement in Shares: Class I
ADCB SICAV -
ADCB MSCI
UAE Index
Fund
ADCB SICAV -
ADCB UAE
Equity Fund
ADCB SICAV -
ADCB Arabian
Index Fund
ADCB SICAV
- ADCB
Islamic GCC
Equity Fund
ADCB
SICAV -
ADCB Target
2025 Fund
ADCB
SICAV -
ADCB Target
2035 Fund ADCB SICAV
Opening Balance 100,000 100,000 100,000 450,000 - - 300,000 *
Issue of shares - - - - - - -
Redemption of shares - - - - - - -
Closing Balance 100,000 100,000 100,000 450,000 - - 300,000 *
31-Dec-18
*The combined total is adjusted for cross sub-funds holdings (refer to note 2 (j)).
Movement in Shares: Class X
ADCB SICAV -
ADCB Islamic GCC
Equity Fund ADCB SICAV
Opening Balance 40,669 15,669 *
Issue of shares 253,646 253,646
Redemption of shares (28,944) (28,944)
Closing Balance 265,371 240,371 *
31-Dec-18
Movement in Shares: Class R
ADCB SICAV -
ADCB MSCI
UAE Index
Fund
ADCB SICAV -
ADCB UAE
Equity Fund
ADCB SICAV -
ADCB Arabian
Index Fund
ADCB SICAV
- ADCB
Islamic GCC
Equity Fund
ADCB
SICAV -
ADCB Target
2025 Fund
ADCB
SICAV -
ADCB Target
2035 Fund ADCB SICAV
Opening Balance 4,150,912 11,150,195 1,300,847 65,609 - - 14,565,712 *
Issue of shares 42,322 580,453 52,874 56,277 1,309,775 263,207 2,304,908
Redemption of shares (528,847) (4,352,313) (235,268) (64,945) (46,019) (5,000) (4,962,545) *
Closing Balance 3,664,387 7,378,335 1,118,453 56,941 1,263,756 258,207 11,908,075 *
31-Dec-17
Movement in Shares: Class I
ADCB SICAV -
ADCB MSCI
UAE Index
Fund
ADCB SICAV -
ADCB UAE
Equity Fund
ADCB SICAV -
ADCB Arabian
Index Fund
ADCB SICAV
- ADCB
Islamic GCC
Equity Fund
ADCB
SICAV -
ADCB Target
2025 Fund
ADCB
SICAV -
ADCB Target
2035 Fund ADCB SICAV
Opening Balance 100,000 100,000 100,000 450,000 - - 300,000 *
Issue of shares - - - - - - -
Closing Balance 100,000 100,000 100,000 450,000 - - 300,000 *
31-Dec-17
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
45
12. SHARE CAPITAL (CONTINUED)
Movement in Shares: Class X
ADCB SICAV -
ADCB Islamic GCC
Equity Fund ADCB SICAV
Opening Balance 41,411 16,411 *
Issue of shares 4,335 4,335
Redemption of shares (5,077) (5,077)
Closing Balance 40,669 15,669 *
31-Dec-17
*The combined total is adjusted for cross sub-funds holdings (refer to note 2 (j)).
13. FINANCIAL RISKS
The Company’s risks are set out in the Prospectus and any consideration of risk here should be viewed in the context of
the Prospectus which is the primary document governing the operation of the Company. The Company’s investments
expose it to a variety of financial risks including currency risk, interest rate risk, credit risk and liquidity risk. The
Company’s overall risk management programme seeks to minimise potential adverse effects on the Company’s financial
performance. The Sharia supervisory board is responsible for monitoring the Company’s compliance with its investment
policy and investment restrictions as specified in the Prospectus. The Investment Manager’s dedicated in-house Risk
Management team monitors the Fund’s risk factors on a daily basis and produces reports detailing the sub-fund’s
exposures as well as cash and liquidity reports which are circulated to the relevant fund management teams and
compliance.
(a) Market Price Risk
Market price risk arises mainly from uncertainty about future prices of financial instruments held. It represents the
potential loss the sub-fund might suffer through holding market positions in the face of price movements. Some of the
recognised exchanges on which the sub-fund may invest may prove to be illiquid or highly volatile from time to time and
this may affect the price at which the sub-fund may liquidate positions to meet repurchase requests or other funding
requirements. If the sub-fund is deemed by the Investment Manager to be volatile, suitable additional risk disclosures
shall be set out in the Supplement for the sub-fund. Potential investors should also note that the securities of small
capitalisation companies are less liquid and this may result in fluctuations in the price of the Shares of the sub-fund. The
financial instruments are measured in accordance with the fair value measurement principles as discussed in Note 2 (b).
See Note 14 for the fair value of these investments.
The Investment Manager has implemented controls to monitor and manage market price risk on a regular basis.
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
46
13. FINANCIAL RISKS (CONTINUED)
(b) Foreign Currency and Exchange Rate Risk
The Sub-Funds invest in securities denominated in currencies other than the functional currency of the Sub-Funds, and
the Statement of Financial Position and Statement of Comprehensive Income may be significantly affected by movements
in the exchange rates against the USD, the functional currency of the Company.
The value of the Sub-Funds and their income, as measured in USD, may suffer significant declines due to currency
depreciation, disruptions in currency markets or delays and difficulties in currency conversions or be otherwise adversely
affected by exchange control regulations or by changes in the method of controlling exchange rates or limiting exchange
rate movements.
Currency depreciation may occur without warning and are beyond the control of the Investment Manager. There will be
instances in which currency exposure is not hedged and in such instances, currency risks will be absorbed by the
shareholders. The Investment Manager has implemented controls to monitor and manage foreign currency and exchange
rate on a regular basis.
The following tables set out the Sub-Fund’s total exposure to foreign currency risk as at 31 December 2018 and 31
December 2017:
ADCB SICAV - ADCB MSCI UAE Index Fund
31 December 2018
UAE Dirham EUR Total
Equity instruments 22,777,787 - 22,777,787
Cash and cash equivalents 141,871 - 141,871
Other net liabilities - (10,781) (10,781)
22,919,658 (10,781) 22,908,877
(Expressed in USD)
31 December 2017
UAE Dirham EUR Total
Equity instruments 25,604,773 - 25,604,773
Cash and cash equivalents 59,334 - 59,334
Other net liabilities - (12,386) (12,386)
25,664,107 (12,386) 25,651,721
(Expressed in USD)
As at 31 December 2018, had the USD strengthened or weakened by 1% against all other currencies, the net assets of the
sub-fund would have decreased or increased by USD 229,089 (2017: USD 256,517), respectively.
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
47
13. FINANCIAL RISKS (CONTINUED)
(b) Foreign Currency and Exchange Rate Risk (continued)
ADCB SICAV - ADCB UAE Equity Fund
31 December 2018
UAE Dirham EUR UK Pounds Total
Equity instruments 32,713,844 - 3,854,022 36,567,866
Cash and cash equivalents 2,005,448 - - 2,005,448
Other net liabilities (12,216) (10,781) - (22,997)
34,707,076 (10,781) 3,854,022 38,550,317
(Expressed in USD)
31 December 2017
UAE Dirham EUR UK Pounds Total
Equity instruments 40,752,855 - 4,978,204 45,731,059
Cash and cash equivalents 1,126,517 - - 1,126,517
Other net liabilities - (15,377) - (15,377)
41,879,372 (15,377) 4,978,204 46,842,199
(Expressed in USD)
As at 31 December 2018, had the USD strengthened or weakened by 1% against all other currencies, the net assets of the
sub-fund would have decreased or increased by USD 385,503 (2017: USD 468,422), respectively.
ADCB SICAV - ADCB Arabian Index Fund
31 December 2018
UAE Dirham Euro
Bahraini
Dinar
Egyptian
Pound
Jordanian
Dinar
Kuwaiti
Dinar Omani Rial Qatari Rial
Saudi
Arabian
Riyal Total
Equity instruments 1,198,757 - 127,913 251,645 240,221 1,032,408 267,590 1,406,148 5,168,341 9,693,023
Cash and cash
equivalents 8,146 - - - - - - - 27,655 35,801
Other net assets/
(liabilities)- (10,781) - - - - - - - (10,781)
1,206,903 (10,781) 127,913 251,645 240,221 1,032,408 267,590 1,406,148 5,195,996 9,718,043
(Expressed in USD)
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
48
13. FINANCIAL RISKS (CONTINUED)
(b) Foreign Currency and Exchange Rate Risk (continued)
ADCB SICAV - ADCB Arabian Index Fund (continued)
31 December 2017
UAE Dirham Euro
Bahraini
Dinar
Egyptian
Pound
Jordanian
Dinar
Kuwaiti
Dinar Omani Rial Qatari Rial
Saudi
Arabian
Riyal Total
Equity instruments 1,417,550 - 112,555 408,138 291,241 1,203,530 319,567 1,176,323 5,601,622 10,530,526
Debt instruments - - - - - - 8,352 - - 8,352
Cash and cash
equivalents 94,417 - - - - - - - 26,004 120,421
Other net assets/
(liabilities)- (10,685) - - - - 60 - 4,136 (6,489)
1,511,967 (10,685) 112,555 408,138 291,241 1,203,530 327,979 1,176,323 5,631,762 10,652,810
(Expressed in USD)
As at 31 December 2018, had the USD strengthened or weakened by 1% against all other currencies, the net assets of the
sub-fund would have decreased or increased by USD 97,180 (2017: USD 106,528), respectively.
ADCB SICAV- ADCB Islamic GCC Equity Fund
31 December 2018
UAE
Dirham Euro
Kuwaiti
Dinar
Omani
Rial Qatari Rial
Saudi
Arabian
Riyal Total
Equity instruments 1,450,214 - 1,402,636 125,403 1,324,855 9,011,221 13,314,329
Cash and cash
equivalents - - 5,860 - - 3,708 9,568
Other net assets/
(liabilities) - (5,486) (5,860) - - - (11,346)
1,450,214 (5,486) 1,402,636 125,403 1,324,855 9,014,929 13,312,551
(Expressed in USD)
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
49
13. FINANCIAL RISKS (CONTINUED)
(b) Foreign Currency and Exchange Rate Risk (continued)
ADCB SICAV- ADCB Islamic GCC Equity Fund (continued)
31 December 2017
UAE
Dirham Euro
Kuwaiti
Dinar
Omani
Rial
Qatari
Rial
Saudi
Arabian
Riyal Total
Equity instruments 598,948 - 615,454 96,780 506,892 3,808,590 5,626,664
Cash and cash
equivalents 1,557 - - - - 103,884 105,441
Other net assets/
(liabilities) - (9,938) - - - - (9,938)
600,505 (9,938) 615,454 96,780 506,892 3,912,474 5,722,167
(Expressed in USD)
As at 31 December 2018, had the USD strengthened or weakened by 1% against all other currencies, the net assets of the
sub-fund would have decreased or increased by USD 133,126 (2017: USD 57,222), respectively.
ADCB SICAV- ADCB Target 2025 Fund
31 December 2018
Euro Total
Other net assets/
(liabilities) (5,838) (5,838)
(5,838) (5,838)
(Expressed in USD)
31 December 2017
Euro Total
Other net assets/
(liabilities) (13,101) (13,101)
(13,101) (13,101)
(Expressed in USD)
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
50
13. FINANCIAL RISKS (CONTINUED)
(b) Foreign Currency and Exchange Rate Risk (continued)
ADCB SICAV- ADCB Target 2025 Fund (continued)
As at 31 December 2018, had the USD strengthened or weakened by 1% against all other currencies, the net assets of the
sub-fund would have increased or decreased by USD 58 (2017: USD 131).
ADCB SICAV- ADCB Target 2035 Fund
Monday, December 31, 2018
Euro Total
Other net assets/ (liabilities)
(10,383) (10,383)
(10,383) (10,383)
(Expressed in USD)
31 December 2017
Euro Total
Other net assets/
(liabilities) (12,293) (12,293)
(12,293) (12,293)
(Expressed in USD)
As at 31 December 2018, had the USD strengthened or weakened by 1% against all other currencies, the net assets of the
sub-fund would have increased or decreased by USD 104 (2017: USD 123).
(c) Interest Rate Risk
Interest rate risk is the risk borne by an interest-bearing asset, such as a bond, due to variability of interest rates. In general,
as rates rise, the price of a fixed rate bond will fall, and vice versa.
The value of these securities may fluctuate because of a change in interest rates. The Company is not exposed to significant
interest rate risk as at 31 December 2018 as no Sub-Funds invested significantly into interest bearing assets.
The Investment Manager has implemented controls to monitor and manage interest rate risk on a regular basis.
The interest rate exposure as at 31 December 2018 and 31 December 2017 is on the next page.
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
51
13. FINANCIAL RISKS (CONTINUED)
(c) Interest Rate Risk (continued)
ADCB SICAV - ADCB MSCI UAE Index Fund
31 December 2018 Floating Rate Fixed Rate
Non- Interest
bearing Total
USD USD USD USD
Equity instruments - - 24,747,468 24,747,468
Cash and cash equivalents - - 337,561 337,561
Other net liabilities - - (104,861) (104,861)
- - 24,980,168 24,980,168
31 December 2017 Floating Rate Fixed Rate
Non- Interest
bearing Total
USD USD USD USD
Equity instruments - - 29,056,923 29,056,923
Cash and cash equivalents - - 272,569 272,569
Other net liabilities - - (134,618) (134,618)
- - 29,194,874 29,194,874
ADCB SICAV - ADCB UAE Equity Fund
31 December 2018 Floating Rate Fixed Rate
Non- Interest
bearing Total
USD USD USD USD
Equity instruments - - 40,719,633 40,719,633
Fund - - 17,617,122 17,617,122
Cash and cash equivalents - - 2,033,970 2,033,970
Other net liabilities - - (171,511) (171,511)
- - 60,199,214 60,199,214
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
52
13. FINANCIAL RISKS (CONTINUED)
(c) Interest Rate Risk (continued)
ADCB SICAV - ADCB UAE Equity Fund (continued)
31 December 2017 Floating Rate Fixed Rate
Non- Interest
bearing Total
USD USD USD USD
Equity instruments - - 50,371,055 50,371,055
Fund - - 19,186,461 19,186,461
Cash and cash equivalents - - 1,298,682 1,298,682
Other net liabilities - - (345,292) (345,292)
- - 70,510,906 70,510,906
ADCB SICAV - ADCB Arabian Index Fund
31 December 2018 Floating Rate Fixed Rate
Non- Interest
bearing Total
USD USD USD USD
Debt instruments - - - -
Equity instruments - - 9,909,732 9,909,732
Cash and cash equivalents - - 192,217 192,217
Other net liabilities - - (108,525) (108,525)
- - 9,993,424 9,993,424
31 December 2017 Floating Rate Fixed Rate
Non- Interest
bearing Total
USD USD USD USD
Debt instruments - 8,352 - 8,352
Equity instruments - - 10,849,377 10,849,377
Cash and cash equivalents - - 183,474 183,474
Other net liabilities - - (96,312) (96,312)
- 8,352 10,936,539 10,944,891
ADCB SICAV- ADCB Islamic GCC Equity Fund
31 December 2018 Floating Rate Fixed Rate
Non- Interest
bearing Total
USD USD USD USD
Equity instruments - - 13,314,328 13,314,328
Cash and cash equivalents - - 541,821 541,821
Other net liabilities - - (112,216) (112,216)
- - 13,743,933 13,743,933
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
53
13. FINANCIAL RISKS (CONTINUED)
(b) Interest Rate Risk (continued)
ADCB SICAV- ADCB Islamic GCC Equity Fund (continued)
31 December 2017 Floating Rate Fixed Rate
Non- Interest
bearing Total
USD USD USD USD
Equity instruments - - 5,626,664 5,626,664
Cash and cash equivalents - - 211,756 211,756
Other net liabilities - - (86,516) (86,516)
- - 5,751,904 5,751,904
ADCB SICAV- ADCB Target 2025 Fund
31 December 2018 Floating Rate Fixed Rate
Non- Interest
bearing Total
USD USD USD USD
Equity instruments - - 7,724,981 7,724,981
Fund - - 4,596,058 4,596,058
Cash and cash equivalents - - 50,151 50,151
Other net liabilities - - (1,914) (1,914)
- - 12,369,276 12,369,276
31 December 2017 Floating Rate Fixed Rate
Non- Interest
bearing Total
USD USD USD USD
Equity instruments - - 8,267,578 8,267,578
Fund - - 4,511,580 4,511,580
Cash and cash equivalents - - 296,677 296,677
Other net liabilities - - (162,431) (162,431)
- - 12,913,404 12,913,404
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
54
13. FINANCIAL RISKS (CONTINUED)
(c) Interest Rate Risk (continued)
ADCB SICAV- ADCB Target 2035 Fund
31 December 2018 Floating Rate Fixed Rate
Non- Interest
bearing Total
USD USD USD USD
Equity instruments - - 2,728,733 2,728,733
Fund - - 1,886,919 1,886,919
Cash and cash equivalents - - 74,220 74,220
Other net liabilities - - (5,028) (5,028)
- - 4,684,844 4,684,844
31 December 2017 Floating Rate Fixed Rate
Non- Interest
bearing Total
USD USD USD USD
Equity instruments - - 1,560,792 1,560,792
Fund - - 930,069 930,069
Cash and cash equivalents - - 144,330 144,330
Other net assets - - 16,297 16,297
- - 2,651,488 2,651,488
At 31 December 2018 and 31 December 2017, the Sub-Funds have not invested significantly in interest bearing assets.
With all variable held constant, change in level of interest rates will not have a significant effect on the Sub-Funds’ net
asset.
(d) Liquidity Risk
Liquidity risk is the risk that an entity will encounter difficulties in realising assets or otherwise raising funds to meet
commitments associated with investment activities. If a derivative transaction is particularly large or if the relevant market
is illiquid as it is the case with many privately negotiated derivatives, it may not be possible to initiate a transaction or
liquidate a position at an advantageous price, or at all.
Large redemptions of shares in a Sub-Fund might result in a sub-fund being forced to sell assets at a time and price at
which it would normally prefer not to dispose of those assets.
The Investment Manager has implemented controls to monitor and manage liquidity risk on a regular basis.
The tables below give a split of the Company’s financial liabilities by relevant maturity groupings based on the remaining
period to the contractual maturity date at the reporting date. The amounts in the tables are the contractual undiscounted
cash flows. Balances due within twelve months equal their carrying balances, as the impact of discounting is not
significant.
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
55
13. FINANCIAL RISKS (CONTINUED)
(d) Liquidity Risk (continued)
The liquidity risk exposure of the Sub-Funds as at 31 December 2018 and 31 December 2017 is as follows:
ADCB SICAV - ADCB MSCI UAE Index Fund
31 December 2018
Less than
1 month 1-6 months
More than
6 months
No Stated
Maturity Total
USD USD USD USD USD
Liabilities
Administration fee payable - - 12,527 - 12,527
Sub-Custodian fee payable 1,978 - - - 1,978
Depositary fee payable - 48,597 - - 48,597
Investment Management fee payable 21,529 - - - 21,529
Management Company fees payable 511 - - - 511
Other payables and accrued expenses - 24,381 - - 24,381
Net assets attributable to holders of redeemable
shares 24,980,168 - - - 24,980,168
25,004,186 72,978 12,527 - 25,089,691
31 December 2017
Less than
1 month 1-6 months
More than
6 months
No Stated
Maturity Total
USD USD USD USD USD
Liabilities
Administration fee payable - - 36,370 - 36,370
Sub-Custodian fee payable 2,106 - - - 2,106
Depositary fee payable - 16,197 - - 16,197
Investment Management fee payable 25,133 - - - 25,133
Management Company fees payable 620 - - - 620
Other payables and accrued expenses - 54,192 - - 54,192
Net assets attributable to holders of redeemable
shares 29,194,874 - - - 29,194,874
29,222,733 70,389 36,370 - 29,329,492
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
56
13. FINANCIAL RISKS (CONTINUED)
(d) Liquidity Risk (continued)
ADCB SICAV - ADCB UAE Equity Fund
31 December 2018
Less than
1 month 1-6 months
More than
6 months
No Stated
Maturity Total
USD USD USD USD USD
Liabilities
Administration fee payable - 29,400 - - 29,400
Sub-Custodian fee payable 2,959 - - - 2,959
Depositary fee payable - 40,000 - - 40,000
Investment Management fee payable 67,963 - - - 67,963
Redemption payable 3,975 - - - 3,975
Payable for unsettled trades 12,216 - - - 12,216
Management Company fees payable 1,239 - - - 1,239
Other payables and accrued expenses - 42,866 - - 42,866
Net assets attributable to holders of redeemable
shares 60,199,214 - - - 60,199,214
60,287,566 112,266 - - 60,399,832
31 December 2017
Less than
1 month 1-6 months
More than
6 months
No Stated
Maturity Total
USD USD USD USD USD
Liabilities
Administration fee payable - - 100,877 - 100,877
Sub-Custodian fee payable 3,706 - - - 3,706
Depositary fee payable - 22,081 - - 22,081
Investment Management fee payable 79,809 - - - 79,809
Redemption payable 71,180 - - - 71,180
Management Company fees payable 1,469 - - - 1,469
Other payables and accrued expenses - 93,273 - - 93,273
Net assets attributable to holders of redeemable
shares 70,510,906 - - - 70,510,906
70,667,070 115,354 100,877 - 70,883,301
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
57
13. FINANCIAL RISKS (CONTINUED)
(d) Liquidity Risk (continued)
ADCB SICAV - ADCB Arabian Index Fund
31 December 2018
Less than
1 month 1-6 months
More than
6 months
No Stated
Maturity Total
USD USD USD USD USD
Liabilities
Administration fee payable - 18,000 - - 18,000
Sub-Custodian fee payable 1,125 - - - 1,125
Depositary fee payable - 60,000 - - 60,000
Investment Management fee payable 8,366 - - - 8,366
Management Company fees payable 205 - - - 205
Other payables and accrued expenses - 23,298 - - 23,298
Net assets attributable to holders of redeemable
shares 9,993,424 - - - 9,993,424
10,003,120 101,298 - - 10,104,418
31 December 2017
Less than
1 month 1-6 months
More than
6 months
No Stated
Maturity Total
USD USD USD USD USD
Liabilities
Administration fee payable - - 44,997 - 44,997
Sub-Custodian fee payable 1,470 - - - 1,470
Depositary fee payable - 20,000 - - 20,000
Investment Management fee payable 9,095 - - - 9,095
Management Company fees payable 241 - - 241
Other payables and accrued expenses - 44,541 - - 44,541
Net assets attributable to holders of redeemable
shares 10,944,891 - - - 10,944,891
10,955,697 64,541 44,997 - 11,065,235
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
58
13. FINANCIAL RISKS (CONTINUED)
(d) Liquidity Risk (continued)
ADCB SICAV- ADCB Islamic GCC Equity Fund
31 December 2018
Less than
1 month 1-6 months
More than
6 months
No Stated
Maturity Total
USD USD USD USD USD
Liabilities
Administration fee payable - 11,998 - - 11,998
Sub-Custodian fee payable 1,180 - - - 1,180
Depositary fee payable - 60,000 - - 60,000
Redemption payable - 28,534 - - 28,534
Management Company fees payable 270 - - - 270
Payable for unsettled trades 5,858 - - - 5,858
Other payables and accrued expenses - 23,429 - - 23,429
Net assets attributable to holders of redeemable
shares 13,743,933 - - - 13,743,933
13,751,241 123,961 - - 13,875,202
31 December 2017
Less than
1 month 1-6 months
More than
6 months
No Stated
Maturity Total
USD USD USD USD USD
Liabilities
Administration fee payable - - 29,998 - 29,998
Sub-Custodian fee payable 1,180 - - - 1,180
Depositary fee payable - 20,000 - - 20,000
Redemption payable 993 - - - 993
Management Company fees payable 119 - - - 119
Other payables and accrued expenses - 37,240 - - 37,240
Net assets attributable to holders of redeemable
shares 5,751,904 - - - 5,751,904
5,754,196 57,240 29,998 - 5,841,434
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
59
13. FINANCIAL RISKS (CONTINUED)
(d) Liquidity Risk (continued)
ADCB SICAV- ADCB Target 2025 Fund
31 December 2018
Less than
1 month 1-6 months
More than
6 months
No Stated
Maturity Total
USD USD USD USD USD
Liabilities
Administration fee payable - 12,000 - - 12,000
Custodian fee payable 1,487 - - - 1,487
Depositary fee payable - 40,000 - - 40,000
Redemption payable - - - -
Management Company fees payable 266 - - - 266
Other payables and accrued expenses - 23,356 - - 23,356
Net assets attributable to holders of redeemable
shares 12,369,276 - - - 12,369,276
12,371,029 75,356 - - 12,446,385
31 December 2017
Less than
1 month 1-6 months
More than
6 months
No Stated
Maturity Total
USD USD USD USD USD
Liabilities
Administration fee payable - 4,645 - - 4,645
Depositary fee payable - 7,742 - - 7,742
Redemption payable 152,550 - - - 152,550
Management Company fees payable 273 - - - 273
Other payables and accrued expenses - 22,520 - - 22,520
Net assets attributable to holders of redeemable
shares 12,913,404 - - - 12,913,404
13,066,227 34,907 - - 13,101,134
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
60
13. FINANCIAL RISKS (CONTINUED)
(d) Liquidity Risk (continued)
ADCB SICAV- ADCB Target 2035 Fund
31 December 2018
Less than
1 month 1-6 months
More than
6 months
No Stated
Maturity Total
USD USD USD USD USD
Liabilities
Administration fee payable - 12,000 - - 12,000
Custodian fee payable 1,625 - - - 1,625
Depositary fee payable - 40,000 - - 40,000
Management Company fees payable 100 - - - 100
Other payables and accrued expenses - 20,203 - - 20,203
Net assets attributable to holders of redeemable
shares 4,684,844 - - - 4,684,844
4,686,569 72,203 - - 4,758,772
31 December 2017
Less than
1 month 1-6 months
More than
6 months
No Stated
Maturity Total
USD USD USD USD USD
Liabilities
Administration fee payable - 4,000 - - 4,000
Depositary fee payable - 6,667 - - 6,667
Management Company fees payable 54 - - 54
Other payables and accrued expenses - 19,264 - - 19,264
Net assets attributable to holders of redeemable
shares 2,651,488 - - 2,651,488
2,651,542 29,931 - - 2,681,473
(e) Credit Risk and Counterparty risk
Credit risk is the risk that the Company's counterparty to a financial transaction will fail to discharge an obligation or
commitment that it has entered into with the Company. The financial assets and liabilities, which potentially expose the
Company to credit risk, consist principally of cash and equity securities.
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
61
13. FINANCIAL RISKS (CONTINUED)
(e) Credit Risk and Counterparty risk (continued)
Through its appointment of service providers and through its investments each Sub-Fund is exposed to a wide variety of
counterparties and a broad range of counterparty performance and credit risks. For the purposes of general description
these include but are not limited to risk of default by deposit taking institutions, risk of default by custodians and bankers,
risk of settlement delays and/or failure by brokers, risk of default by brokers and risk of default by exchanges. The
Company will not take out any form of insurance against such risks or losses.
An issuer of equity securities and/or a counterparty suffering an adverse change in its financial condition could lower the
credit quality of a security or instrument, leading to greater price volatility of such security or instrument. A lowering of
the credit rating of a security or instrument may also affect the security’s or instrument’s liquidity, making it more difficult
to sell.
The Investment Manager has a documented policy in place of spreading the aggregate value of transactions concluded
amongst approved counterparties with an appropriate credit quality. The Company's exposure and the credit ratings of its
counterparties are continuously monitored by management.
Credit Risk per counterparty
2018 2017
Deutsche Bank AG BBB+ A-
S&P Rating
14. FAIR VALUE OF FINANCIAL INSTRUMENTS
The following tables show financial instruments recognised at fair value analysed between those whose fair value is based
on:
Quoted prices in active markets for identical assets or liabilities (Level 1);
Those involving inputs other than quoted prices included in Level 1 that are observable for the asset or liability,
either directly (as prices) or indirectly (derived from prices) (Level 2); and
Those with inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level
3).
The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined
on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the
significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses
observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3
measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires
judgement, considering factors specific to the asset or liability.
The determination of what constitutes ‘observable’ requires significant judgement by the Board of Directors of the
Company. The Board of Directors of the Company consider observable data to be that market data that is readily available,
regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are
actively involved in the relevant market.
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
62
14. FAIR VALUE OF FINANCIAL INSTRUMENTS (CONTINUED)
At the reporting date, the carrying amounts of financial assets at fair value issued by the Company which fair values were
determined directly, in full or in part, by reference to published price quotations and determined using valuation
techniques are as follows:
31-Dec-18 Level 1 Level 2 Level 3 Total
USD USD USD USD
ADCB SICAV - ADCB MSCI UAE Index Fund
Financial assets at fair value through
profit or loss:
Financial assets held for trading
Equity instruments 24,747,468 - - 24,747,468
24,747,468 - - 24,747,468
ADCB SICAV - ADCB UAE Equity Fund
Financial assets at fair value through
profit or loss:
Financial assets held for trading
Equity instruments 40,719,634 - - 40,719,634
Funds - 17,617,120 - 17,617,120
40,719,634 17,617,120 - 58,336,754
ADCB SICAV - ADCB Arabian Index Fund
Financial assets at fair value through
profit or loss:
Financial assets held for trading
Equity instruments 9,909,732 - - 9,909,732
9,909,732 - - 9,909,732
ADCB SICAV- ADCB Islamic GCC Equity Fund
Financial assets at fair value through
profit or loss:
Financial assets held for trading
Equity instruments 13,314,328 - - 13,314,328
13,314,328 - - 13,314,328
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
63
14. FAIR VALUE OF FINANCIAL INSTRUMENTS (CONTINUED)
31-Dec-18 Level 1 Level 2 Level 3 Total
USD USD USD USD
ADCB SICAV - ADCB Target Fund 2025 Fund
Financial assets at fair value through
profit or loss:
Financial assets held for trading
Exchange Traded Funds 7,724,981 - - 7,724,981
Funds 4,596,058 - - 4,596,058
12,321,039 - - 12,321,039
ADCB SICAV - ADCB Target Fund 2035 Fund
Financial assets at fair value through
profit or loss:
Financial assets held for trading
Exchange Traded Funds 2,728,733 - - 2,728,733
Funds 1,886,919 - - 1,886,919
4,615,652 - - 4,615,652
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
64
14. FAIR VALUE OF FINANCIAL INSTRUMENTS (CONTINUED)
31-Dec-17 Level 1 Level 2 Level 3 Total
USD USD USD USD
ADCB SICAV - ADCB MSCI UAE Index Fund
Financial assets at fair value through
profit or loss:
Financial assets held for trading
Equity instruments 29,056,923 - - 29,056,923
29,056,923 - - 29,056,923
ADCB SICAV - ADCB UAE Equity Fund
Financial assets at fair value through
profit or loss:
Financial assets held for trading
Equity instruments 50,371,055 - - 50,371,055
Funds - 19,186,461 - 19,186,461
50,371,055 19,186,461 - 69,557,516
ADCB SICAV - ADCB Arabian Index Fund
Financial assets at fair value through
profit or loss:
Financial assets held for trading
Equity instruments 10,849,377 - - 10,849,377
Debt instrument 8,352 - - 8,352
10,857,729 - - 10,857,729
ADCB SICAV- ADCB Islamic GCC Equity Fund
Financial assets at fair value through
profit or loss:Financial assets held for trading
Equity instruments 5,626,664 - - 5,626,664
5,626,664 - - 5,626,664
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
65
14. FAIR VALUE OF FINANCIAL INSTRUMENTS (CONTINUED)
31-Dec-17 Level 1 Level 2 Level 3 Total
USD USD USD USD
ADCB SICAV - ADCB Target Fund 2025 Fund
Financial assets at fair value through
profit or loss:
Financial assets held for trading
Exchange Traded Funds 8,267,578 - - 8,267,578
Funds 4,511,580 - - 4,511,580
12,779,158 - - 12,779,158
ADCB SICAV - ADCB Target Fund 2035 Fund
Financial assets at fair value through
profit or loss:
Financial assets held for trading
Exchange Traded Funds 1,560,792 - - 1,560,792
Funds 930,069 - - 930,069
2,490,861 - - 2,490,861
15. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
(a) Critical accounting estimates and assumptions
The fair value of financial instruments is based on their quoted market prices where available at the Statement of Financial
Position date. Quoted investments and investments traded on over the counter markets are valued at their last traded price.
Where prices are not available, investments are valued on the basis of the probable realisation value, estimated by the
Board of Directors of the Company in good faith. As at 31 December 2018, all equity instruments were valued based on
their quoted market prices whilst investments in Funds were valued based on the net asset value per shares of the Fund.
(b) Critical judgements
Functional currency - The Board of Directors considers USD as the currency that most faithfully represents the economic
effect of the underlying transactions, events and conditions. USD is the currency in which the Company measures its
performance and reports its results, as well as the currency in which it receives subscriptions from its investors.
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
66
16. RECONCILIATION OF NET ASSET VALUE
The reconciliation of the net asset value calculated as per the prospectus rules and the net asset value as per audited
financial statements is as follows:
ADCB SICAV
- ADCB
MSCI UAE
Index Fund
ADCB
SICAV -
ADCB UAE
Equity Fund
ADCB SICAV -
ADCB Arabian
Index Fund
ADCB SICAV
- ADCB
Islamic GCC
Equity Fund
ADCB SICAV -
ADCB Target
2025 Fund
ADCB SICAV -
ADCB Target
2035 Fund
USD USD USD USD USD USD
NAV per financial statements 24,980,168 60,199,214 9,993,424 13,743,933 12,369,276 4,684,844
Organisational fees adjustment1 1,670 915 550 5,298 5,733 1,197
NAV per prospectus 24,981,838 60,200,129 9,993,974 13,749,231 12,375,009 4,686,041
31-Dec-18
ADCB
SICAV -
ADCB MSCI
UAE Index
Fund
ADCB
SICAV -
ADCB UAE
Equity Fund
ADCB SICAV -
ADCB
Arabian Index
Fund
ADCB
SICAV -
ADCB
Islamic GCC
Equity Fund
ADCB SICAV
- ADCB
Target 2025
Fund
ADCB SICAV
- ADCB
Target 2035
Fund
USD USD USD USD USD USD
NAV per financial statements 29,194,874 70,510,906 10,944,891 5,751,904 12,913,404 2,651,488
Organisational fees adjustment1 4,837 2,656 1,601 7,587 - -
NAV per prospectus 29,199,711 70,513,562 10,946,492 5,759,491 12,913,404 2,651,488
31-Dec-17
1 Under IFRS, organisational fees are expensed as incurred, whereas organisational fees for NAV valuation purposes are
amortised over the first 5 years of the Company's operation, in line with the Prospectus.
17. INCOME DISTRIBUTION
ADCB SICAV - ADCB Islamic GCC Equity Fund
On 7 June 2018, income distributions amounting to USD 93,661 were paid, representing USD 0.55 per share of ADCB
Islamic GCC Equity Fund – Income (X) share class.
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
67
18. STATISTICAL INFORMATION
ADCB SICAV - ADCB MSCI UAE Index Fund*
31-Dec-18 31-Dec-17 31-Dec-16
Class R Shares
Total net assets 24,088,891 28,222,621 31,544,952
Number of shares outstanding 3,441,089 3,664,387 4,150,912
NAV per share 7 7.70 7.60
Class I Shares
Total net assets 891,277 977,090 958,911
Number of shares outstanding 100,000 100,000 100,000
NAV per share 8.91 9.77 9.59
ADCB SICAV - ADCB UAE Equity Fund*
31-Dec-18 31-Dec-17 31-Dec-16
Class R Shares
Total net assets 59,236,420 69,450,336 100,930,709
Number of shares outstanding 7,003,665 7,378,335 11,150,195
NAV per share 8.46 9.41 9.05
Class I Shares
Total net assets 962,794 1,063,226 1,014,522
Number of shares outstanding 100,000 100,000 100,000
NAV per share 9.63 10.63 10.15
ADCB SICAV - ADCB Arabian Index*
31-Dec-18 31-Dec-17 31-Dec-16
Class R Shares
Total net assets 8,953,672 10,033,991 11,458,158
Number of shares outstanding 880,619 1,118,453 1,300,847
NAV per share 10.17 8.97 8.81
Class I Shares
Total net assets 1,039,752 912,501 891,064
Number of shares outstanding 100,000 100,000 100,000
NAV per share 10.40 9.13 8.91
*The statistical information provided above are figures calculated as per the prospectus rules and for reporting purposes
only, as 31 December is a NAV calculation date for the Company and the last trading NAV for subscription and
redemption purposes was 31 December 2018 for the year 2018, 28 December for 2017 (respectively 29 December 2017
for the Sub-Funds ADCB Target 2025 Fund and ADCB Target 2035 Fund) and 29 December for 2016.
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
68
18. STATISTICAL INFORMATION (CONTINUED)
ADCB SICAV - ADCB Islamic GCC Equity Fund*
31-Dec-18 31-Dec-17 31-Dec-16
Class R Shares
Total net assets 5,757,420 597,543 687,012
Number of shares outstanding 498,755 56,941 65,609
NAV per share 11.54 10.49 10.47
Class I Shares
Total net assets 5,237,187 4,759,173 4,737,219
Number of shares outstanding 450,000 450,000 450,000
NAV per share 11.64 10.58 10.53
Class X Shares
Total net assets 2,749,326 402,774 433,596
Number of shares outstanding 265,371 40,669 41,411
NAV per share 10.36 9.90 10.47
ADCB SICAV - ADCB Target 2025 Fund*
31-Dec-18 31-Dec-17 31-Dec-16
Class R Shares
Total net assets 12,369,276 12,913,404 -
Number of shares outstanding 1,298,300 1,263,756 -
NAV per share 9.53 10.22 -
ADCB SICAV - ADCB Target 2035 Fund*
31-Dec-18 31-Dec-17 31-Dec-16
Class R Shares
Total net assets 4,684,844 2,651,488 -
Number of shares outstanding 505,494 258,207 -
NAV per share 9.27 10.27 -
*The statistical information provided above are figures calculated as per the prospectus rules and for reporting purposes
only, as 31 December is a NAV calculation date for the Company and the last trading NAV for subscription and
redemption purposes was 31 December 2018 for the year 2018, 28 December for 2017 (respectively 29 December 2017
for the Sub-Funds ADCB Target 2025 Fund and ADCB Target 2035 Fund) and 29 December for 2016.
ADCB SICAV Société d'Investissement à Capital Variable
Registered Office:
1, rue du Potager
L-2347 Luxembourg
R.C.S.: B 186336
Notes to the financial statements (continued)
For the year ended 31 December 2018
69
19. EXCHANGE RATES
The exchange rates applied are as follows:
Exchange rate to USD Exchange rate to USD
Currency As at 31 December 2018 As at 31 December 2017
Euro 1.1445 1.1988
UAE Dirham 0.2723 0.2722
Pound Sterling 1.2789 1.3518
Bahraini Dinar 2.6529 2.6516
Egyptian Pound 0.0558 0.0563
Jordanian Dinar 1.4085 1.4081
Omani Rial 2.5974 2.5981
Qatari Rial 0.2737 0.2727
Kuwaiti Dinar 3.2948 3.3150
Saudi Arabian Riyal 0.2666 0.2666
20. INDEX-TRACKING SUB-FUNDS
In accordance with ESMA Guidelines on ETFs and other UCITS issues, the tracking errors of the two index-tracking
Sub-Funds are the following at the end of 2018:
Tracking Error (Ex-Ante) Anticipated Limit
MSCI UAE Index Fund 0.33% 0.50%
Arabian Index Fund 0.86% 1.00%
The Investment Manager deems the aforementioned tracking errors to be in line with the anticipated limits.
The resulting impact of tracking error and fees on performance during 2018 was as follows:
Fund Performance Index Performance
MSCI UAE Index Fund (10.22%) (8.82%)
Arabian Index Fund 13.17% 13.11%
21. SIGNIFICANT EVENTS SINCE THE YEAR END
Subsequent to 31 December 2018, the Company appointed ADCB Asset Management Ltd as Investment Manager on 1
January 2019.
22. APPROVAL OF FINANCIAL STATEMENTS
The financial statements were approved on 30 April 2019.
Financial assets at fair value through profit and loss
Currency Quantity
Equity instruments USD
United Arab Emirates
Abu Dhabi Commercial Bank AED 1,445,474 3,211,552 12.86%
Aldar Properties Pjsc AED 2,731,069 1,189,781 4.76%
Damac Properties Dubai Co AED 1,277,100 525,069 2.10%
Dp World Ltd USD 115,186 1,969,681 7.89%
Dubai Islamic Bank AED 1,171,686 1,595,129 6.39%
Emaar Development Pjsc AED 568,800 682,987 2.73%
Emaar Malls Group Pjsc AED 1,423,880 693,970 2.78%
Emaar Properties Pjsc AED 2,428,490 2,730,870 10.93%
Emirates Telecom Group Co AED 1,063,258 4,915,763 19.68%
First Abu Dhabi Bank Pjsc AED 1,883,930 7,232,666 28.95%
Total United Arab Emirates 24,747,468 99.07%
Total equity instruments 24,747,468 99.07%
Financial assets at fair value through profit or loss 24,747,468 99.07%
Analysis of Total Assets:
Percentage of
Total Assets
Current assets 1.36%
Total assets 100.00%
Fair Value
Percentage of
Net Assets
Financial assets at fair value through profit or loss 98.64%
ADCB SICAV
Société d'Investissement à Capital Variable
Registered Office: 1, rue du Potager
L - 2347 Luxembourg
R.C.S.: B 186336
Portfolio Statement - ADCB SICAV- MSCI UAE Index Fund
As at 31 December 2018
(Expressed in US Dollars)
70
Financial assets at fair value through profit and loss
Percentage
Currency Quantity of Net Assets
Equity instruments USD
United Arab Emirates
Abu Dhabi Commercial Bank AED 811,810 1,803,678 3.00%
Agthia Group Pjsc AED 1,595,775 2,146,412 3.57%
Air Arabia Pjsc AED 7,873,132 2,186,564 3.63%
Aldar Properties Pjsc AED 6,880,176 2,997,327 4.98%
Arabtex Holding Co Pjsc AED 2,023,462 1,046,799 1.74%
Aramex Pjsc AED 473,000 552,501 0.92%
Damac Properties Dubai Co AED 769,178 316,241 0.53%
Dp World Ltd USD 150,902 2,580,424 4.29%
Dubai Financial Market Pjsc AED 8,076,905 1,750,542 2.91%
Dubai Investments Pjsc AED 6,073,985 2,083,813 3.46%
Dubai Islamic Bank AED 1,891,045 2,574,462 4.28%
Dxb Entertainments Pjsc AED 14,619,763 927,493 1.54%
Emaar Development Pjsc AED 800,000 960,601 1.60%
Emaar Malls Pjsc AED 2,272,406 1,107,524 1.84%
Emaar Properties Pjsc AED 1,830,794 2,058,752 3.42%
Emirates Nbd Pjsc AED 200,000 484,113 0.80%
Emirates Telecom Group Co AED 290,000 1,340,757 2.23%
First Abu Dhabi bank Pjsc AED 697,143 2,676,428 4.45%
Lamprell Plc GBP 490,000 379,130 0.61%
Nmc Health Plc GBP 99,309 3,474,892 5.77%
Orascom Construction Ltd USD 241,745 1,571,343 2.61%
Ras Al khaima Ceramics AED 451,865 223,921 0.37%
Tabreed AED 3,225,500 1,519,350 2.52%
Union National Bank/Abu Dhab AED 2,203,369 2,813,680 4.67%
Waha Capital Pjsc AED 2,098,738 1,142,886 1.90%
Total United Arab Emirates 40,719,633 67.64%
Total equity instruments 40,719,633 67.64%
Fair Value
ADCB SICAV
Société d'Investissement à Capital Variable
Registered Office: 1, rue du Potager
L - 2347 Luxembourg
R.C.S.: B 186336
Portfolio Statement - ADCB SICAV- ADCB UAE Equity Fund
As at 31 December 2018
(Expressed in US Dollars)
71
Currency Quantity
Fund USD
Luxembourg
ADCB Islamic GCC Equity Fund - I (Institutional) USD 450,000 5,239,215 8.71%
ADCB Islamic GCC Equity Fund - R (Retail) USD 25,000 288,699 0.48%
ADCB Islamic GCC Equity Fund - X (Income) USD 25,000 259,108 0.43%
ADCB MSCI Index Fund USD 1,689,918 11,830,099 19.65%
Total Luxembourg 17,617,121 29.27%
Total Fund 17,617,121 29.27%
Financial assets at fair value through profit or loss 58,336,754 96.91%
Analysis of Total Assets:
Percentage of
Total Assets
96.58%
Net current assets 3.42%
Total assets 100.00%
Financial assets at fair value through profit or loss
ADCB SICAV
Société d'Investissement à Capital Variable
Registered Office: 1, rue du Potager
L - 2347 Luxembourg
R.C.S.: B 186336
Portfolio Statement - ADCB SICAV- ADCB UAE Equity Fund (continued)
As at 31 December 2018
(Expressed in US Dollars)
Fair ValuePercentage
of Net
Assets
72
Financial assets at fair value through profit and loss
Percentage
Currency Quantity of Net Assets
Equity instruments USD
Bahrain
Ahli United Bank B.s.c USD 179,639 123,053 1.23%
Bahrain Telecom Co BHD 59,880 44,479 0.45%
National Bank Of Bahrain BHD 51,558 83,434 0.84%
Total Bahrain 250,966 2.52%
Egypt
Commercial International Ban EGP 39,000 161,215 1.61%
Eastern Tobacco EGP 28,500 25,859 0.26%
Efg-hermes Holding Sae EGP 21,740 18,463 0.18%
T M G Holding EGP 83,550 46,109 0.46%
Total Egypt 251,646 2.51%
Jordan
Arab Bank Plc JOD 18,036 157,751 1.58%
Arab Potash/The JOD 3,655 82,469 0.83%
Total Jordan 240,220 2.41%
Kuwait
Al Ahli Bank Of Kuwait KWD 24,084 23,409 0.23%
Agility KWD 31,900 84,293 0.84%
Commercial Bank Of Kuwait KWD 30,107 49,598 0.50%
Gulf Bank KWD 83,344 69,199 0.69%
Kuwait Finance House KWD 112,155 225,781 2.26%
Mabanee Co Sakc KWD 30,923 61,742 0.62%
Mobile Telecommunicatio Co KWD 111,950 165,614 1.66%
National Bank Of Kuwait KWD 128,381 352,772 3.53%
National Gulf Holding* KWD 15,148 - 0.00%
Total Kuwait 1,032,408 10.33%
Oman
Bank Dhofar Saog OMR 152,577 65,786 0.66%
Bankmuscat Saog OMR 119,041 126,771 1.27%
National Bank Of Oman Saog OMR 86,851 41,057 0.41%
Oman Telecommunicatio Co OMR 16,600 33,976 0.34%
Total Oman 267,590 2.68%
*Fairly valued at Zero
Fair Value
ADCB SICAV
Société d'Investissement à Capital Variable
Registered Office: 1, rue du Potager
L - 2347 Luxembourg
R.C.S.: B 186336
Portfolio Statement - ADCB SICAV- ADCB Arabian Index Fund
As at 31 December 2018
(Expressed in US Dollars)
73
Financial assets at fair value through profit and loss (continued)
Percentage
Currency Quantity of Net Assets
Equity instruments (continued) USD
Qatar
Commercial Bank Qsc QAR 10,418 112,298 1.12%
Industries Qatar QAR 5,050 184,643 1.85%
Masraf Al Rayan QAR 16,230 185,118 1.85%
Ooredoo Qsc QAR 4,740 97,284 0.97%
Qatar Electricity & Water Co QAR 540 27,338 0.27%
Qatar Insurance Co QAR 7,454 73,229 0.73%
Qatar Islamic Bank QAR 3,807 158,354 1.58%
Qatar National Bank QAR 10,642 567,884 5.68%
Total Qatar 1,406,148 14.05%
Saudi Arabia
Advanced Petrochemicals Co SAR 9,112 122,662 1.23%
Al Hammadi Development And I SAR 6,730 45,029 0.45%
Al Rahji Bank SAR 42,495 991,180 9.92%
Alinma Bank SAR 45,930 281,354 2.82%
Almarai Co SAR 8,500 108,759 1.09%
Arab National Bank SAR 15,256 129,729 1.30%
Arabian Cement SAR 1,130 6,747 0.07%
Banque Saudi Fransi SAR 20,366 170,468 1.71%
Bupa Arabia For Cooperative SAR 3,225 69,634 0.70%
Co For Cooperative Insurance SAR 3,237 52,032 0.52%
Emaar Economic City SAR 20,230 42,656 0.43%
Etihad Etisalat Co SAR 17,000 75,135 0.75%
Fawaz Abdulaziz Alhokair & Co SAR 3,080 18,063 0.18%
Jarir Marketing Co SAR 1,618 65,558 0.66%
Kingdom Holding Co SAR 16,100 33,476 0.33%
National Commercial Bank SAR 25,485 325,067 3.25%
National Industrialization Co SAR 13,000 52,396 0.52%
Riyad Bank SAR 40,110 211,916 2.12%
Samba Financial Group SAR 34,065 285,131 2.85%
Saudi Arabian Fertilizer Co SAR 7,026 144,401 1.44%
Saudi Arabian Mining Co SAR 14,000 183,985 1.84%
Saudi Basic Industries Corp SAR 23,460 726,676 7.27%
Saudi British Bank SAR 9,140 79,549 0.80%
Saudi Cement SAR 5,495 71,115 0.71%
Saudi Electricity Co SAR 28,400 114,617 1.15%
Saudi Ground Services Co SAR 5,900 48,598 0.49%
Saudi Ind Investment Group SAR 14,944 91,144 0.91%
Saudi Kayan Petrochemical Co SAR 37,300 131,247 1.31%
Saudi Telecom Co SAR 11,032 269,963 2.70%
Savola SAR 11,050 78,941 0.79%
Yanbu Cement Co SAR 5,150 32,948 0.33%
Yanbu National Petrochemical SAR 6,360 108,164 1.08%
Total Saudi Arabia 5,168,340 51.72%
Fair Value
ADCB SICAVSociété d'Investissement à Capital Variable
Registered Office: 1, rue du Potager
L - 2347 Luxembourg
R.C.S.: B 186336
Portfolio Statement - ADCB SICAV- ADCB Arabian Index Fund (continued)
As at 31 December 2018
(Expressed in US Dollars)
74
Financial assets at fair value through profit and loss (continued)
Percentage
Currency Quantity of Net Assets
Equity instruments (continued) USD
United Arab Emirates
Abu Dhabi Commercial Bank AED 71,250 158,303 1.58%
Aldar Properties Pjsc AED 91,580 39,897 0.40%
Dubai Investments Pjsc AED 45,102 15,473 0.15%
Dubai Islamic Bank AED 73,236 99,703 1.00%
Dp World Ltd USD 5,477 93,657 0.90%
Emaar Malls Pjsc AED 119,000 57,998 0.58%
Emaar Properties Pjsc AED 132,850 149,392 1.50%
Emirates Telecom Group Co AED 62,488 288,901 2.89%
First Abu Dhabi Bank Pjsc AED 93,698 359,719 3.60%
Union National Bank/Abu Dhab AED 23,000 29,371 0.29%
Total United Arab Emirates 1,292,414 12.89%
Total equity instruments 9,909,732 99.16%
Financial assets at fair value through profit or loss 9,909,732 99.16%
Analysis of Total Assets:
Percentage of
Total Assets
Current assets 1.93%
Total assets 100.00%
Financial assets at fair value through profit or loss 98.07%
ADCB SICAV
Société d'Investissement à Capital Variable
Registered Office: 1, rue du Potager
L - 2347 Luxembourg
R.C.S.: B 186336
Portfolio Statement - ADCB SICAV- ADCB Arabian Index Fund (continued)
As at 31 December 2018
(Expressed in US Dollars)
Fair value
75
Financial assets at fair value through profit and loss
Currency Quantity
Equity instruments USD
Kuwait
Agility KWD 124,170 328,109 2.39%
Human Soft Holding Co Ksc KWD 18,701 202,100 1.47%
Kuwait Finance House KWD 300,200 604,337 4.40%
Kuwait International Bank KWD 185,000 160,917 1.17%
Qurain Petrochemical Industry KWD 90,356 107,173 0.78%
Total Kuwait 1,402,636 10.21%
Oman
Ooredoo OMR 85,000 125,403 0.91%
Total Oman 125,403 0.91%
Qatar
Barwa Real Estate Co QAR 3,500 38,225 0.28%
Industries Qatar QAR 15,400 563,069 4.10%
Masraf al Rayan QAR 17,500 199,603 1.45%
Qatar Electricity & Water Co QAR 5,760 291,606 2.12%
Qatar Islamic Bank QAR 5,586 232,352 1.69%
Total Qatar 1,324,855 9.64%
Saudi Arabia
Advanced Petrochemicals Co SAR 35,976 484,296 3.52%
Al Hammadi Development And I SAR 16,000 107,053 0.78%
Al Rahji Bank SAR 55,000 1,282,854 9.33%
Alinma Bank SAR 107,759 660,101 4.79%
Almarai Co SAR 31,025 396,972 2.89%
Arabian Cement SAR 6,077 36,286 0.26%
Bank Al-jazira SAR 125,500 477,726 3.48%
Bupa Arabia For Cooperative SAR 16,500 356,267 2.59%
Dallah Healthcare Co SAR 9,765 146,290 1.06%
Fawaz Abdulaziz Alhokair & Co SAR 25,000 146,612 1.07%
Jarir Marketing Co SAR 7,000 283,627 2.06%
National Industrialization C SAR 54,000 217,647 1.58%
Sahara Petrochemical Co SAR 46,000 185,403 1.35%
Saudi Arabian Fertilizer Co SAR 18,609 382,458 2.78%
Saudi Arabian Mining Co SAR 21,000 275,977 2.01%
Saudi Basic Industries Corp SAR 36,900 1,142,981 8.32%
Saudi Cement SAR 5,300 68,592 0.50%
Saudi Ground Services Co SAR 13,545 111,569 0.81%
Saudi International Petroche SAR 31,500 167,601 1.22%
Saudi Telecom Co SAR 32,100 785,515 5.72%
Fair Value
Percentage of
Net Assets
ADCB SICAV
Société d'Investissement à Capital Variable
Registered Office: 1, rue du Potager
L - 2347 Luxembourg
R.C.S.: B 186336
Portfolio Statement - ADCB SICAV- Islamic GCC Equity Fund
As at 31 December 2018
(Expressed in US Dollars)
76
Financial assets at fair value through profit and loss
Currency Quantity
Equity instruments USD
Saudi Arabia (continued)
Savola SAR 29,000 207,176 1.52%
United International Transpo SAR 42,512 298,606 2.17%
Walaa Cooperative Insurance SAR 11,330 65,236 0.47%
Yanbu Cement Co SAR 4,500 28,789 0.22%
Yanbu National Petrochemical SAR 40,900 695,586 5.06%
Total Saudi Arabia 9,011,220 65.56%
United Arab Emirates
Aldar Properties Pjsc AED 400,000 174,259 1.27%
Dubai Islamic Bank AED 361,666 492,371 3.57%
Emaar Malls Group PJsc AED 588,000 286,579 2.09%
Emirates Telecom Group Co AED 107,500 497,005 3.62%
Total United Arab Emirates 1,450,214 10.55%
Total equity instruments 13,314,328 96.87%
Financial assets at fair value through profit or loss 13,314,328 96.87%
Analysis of Total Assets:
Percentage of
Total Assets
Net current assets 4.04%
Total assets 100.00%
Fair Value
Percentage of
Net Assets
Financial assets at fair value through profit or loss 95.96%
ADCB SICAV
Société d'Investissement à Capital Variable
Registered Office: 1, rue du Potager
L - 2347 Luxembourg
R.C.S.: B 186336
Portfolio Statement - ADCB SICAV- Islamic GCC Equity Fund
As at 31 December 2018
(Expressed in US Dollars)
77
Financial assets at fair value through profit and loss
Currency Quantity
Exchange Traded Funds USD
Luxembourg
DBXII Global Aggrgate Usd 2c USD 30,087 1,552,188 12.55%
DBX MSCI Japan 1C USD 6,300 338,279 2.73%
Total Luxembourg 1,890,467 15.28%
Ireland
Ishares Core Msci Pacif X-JP USD 2,248 297,770 2.43%
Ishares Core S&P 500 USD 7,080 1,737,007 14.04%
Ishares Jpm EM Lcl Gov Bnd USD 3,877 227,909 1.84%
Ishares Msci EM ACC USD 11,873 368,538 2.98%
Ishares Us Agg Bnd USD ACC USD 276,766 1,405,418 11.36%
Ishares USD Tips USD 2,521 509,973 4.12%
Vanguard Ftse Develop Europe USD 26,957 824,682 6.67%
Vanguard S&P 500 USD USD 9,734 463,217 3.74%
Total Ireland 5,834,514 47.18%
Total exchange traded funds 7,724,981 62.46%
Fund
Ireland
Pgif Global Inc-I Acc Usd USD 139,345 1,412,960 11.42%
Principal Glb-Glb Pr-Usdiacc USD 23,235 629,429 5.08%
Principal Glb-H/y-po HY-i USD 54,513 713,016 5.76%
Principal Global Investors Funds - Global Equity Fund On Xdub USD 57,373 1,268,511 10.26%
Principal Origin Gl Sm C-Iua USD 40,520 572,142 4.63%
Total Ireland 4,596,058 37.15%
Total Fund 4,596,058 37.15%
Financial assets at fair value through profit or loss 12,321,039 99.61%
Analysis of Total Assets:
Percentage of
Total Assets
Net Current assets 1.01%
Total assets 100.00%
Fair Value
Percentage of
Net Assets
Financial assets at fair value through profit or loss 98.99%
ADCB SICAV
Société d'Investissement à Capital Variable
Registered Office: 1, rue du Potager
L - 2347 Luxembourg
R.C.S.: B 186336
Portfolio Statement - ADCB SICAV- ADCB Target 2025 Fund
As at 31 December 2018
(Expressed in US Dollars)
78
Financial assets at fair value through profit and loss
Currency Quantity
Exchange Traded Funds USD
Luxembourg
DBXII Global Aggrgate usd 2c USD 4,956 255,680 5.46%
DBX Msci Japan 1C USD 3,255 174,777 3.73%
Total Luxembourg 8,211 430,457 9.19%
Ireland
Ishares Core Msci Pacif X-JP USD 1,122 148,620 3.17%
Ishares Core S&P 500 USD 2,468 605,499 12.92%
Ishares Msci EM ACC USD 6,046 187,668 4.01%
Ishares Jpm EM lcl Gov Bnd USD 1,869 109,869 2.36%
Ishares Us Agg Bnd USD ACC USD 44,138 224,133 4.78%
Vanguard Ftse Develop Europe USD 14,800 452,769 9.66%
Vanguard S&P 500 USD USD 11,972 569,718 12.16%
Total Ireland 2,298,276 49.06%
Total exchange traded funds 2,728,733 58.25%
Fund
Ireland
Pgif Global Inc-I Acc Usd USD 45,565 462,031 9.86%
Principal Origin Gl Sm C-Iua USD 23,844 336,676 7.19%
Principal Global Investors Funds - Global Equity Fund On Xdub USD 33,872 748,905 15.99%
Principal Glb-Glb Pr-Usdiacc USD 12,525 339,307 7.24%
Total Ireland 1,886,919 40.28%
Total Fund 1,886,919 40.28%
Financial assets at fair value through profit or loss 4,615,652 98.53%
Analysis of Total Assets:
Percentage of
Total Assets
Net Current assets 3.01%
Total assets 100.00%
Fair Value
Percentage of
Net Assets
Financial assets at fair value through profit or loss 96.99%
ADCB SICAV
Société d'Investissement à Capital Variable
Registered Office: 1, rue du Potager
L - 2347 Luxembourg
R.C.S.: B 186336
Portfolio Statement - ADCB SICAV- ADCB Target 2035 Fund
As at 31 December 2018
(Expressed in US Dollars)
79
Description Quantity USD
Securities
Top Purchases
First Abu Dhabi Bank Pjsc 818,300 3,070,191
Emaar Development Pjsc 644,000 918,669
Dubai Islamic Bank 425,396 405,151
Emaar Properties Pjsc 210,000 390,697
Aldar Properties Pjsc 525,000 292,921
Dubai Investments Pjsc 400,000 228,112
Emirates Telecom Group Co 45,127 212,969
Abu Dhabi Commercial Bank 50,000 95,639
Dp World Ltd 4,000 88,801
Emaar Malls Pjsc 120,000 69,090
Dubai Islamic Bank - RTS 350,397 -
3,592,220 5,772,240
Top Sales
Emirates Telecom Group Co 421,826 1,933,349
Emaar Properties Pjsc 557,600 725,042
Abu Dhabi Commercial Bank 334,700 703,172
Dubai Investments Pjsc 1,650,000 582,023
Dp World Ltd 26,900 519,520
Dubai Islamic Bank 289,900 421,325
First Abu Dhabi Bank Pjsc 114,850 410,129
Dxb Entertainments Pjsc 2,732,000 304,777
Aldar Properties Pjsc 465,000 228,702
Emaar Malls Pjsc 370,800 206,379
Damac Properties Dubai Co 272,900 170,314
Emaar Development Pjsc 75,200 103,337
Dubai Islamic Bank - RTS 350,397 -
7,662,073 6,308,069
For the year ended 31 December 2018
ADCB SICAV
Société d'Investissement à Capital Variable
Registered Office: 1, rue du Potager
L - 2347 Luxembourg
R.C.S.: B 186336
Other information (unaudited)
Significant Portfolio Changes - ADCB SICAV - ADCB MSCI UAE Index Fund
80
Description Quantity USD
Securities
Top Purchases
Dp World Ltd 85,949 1,865,288
First Abu Dhabi Bank Pjsc 490,000 1,634,153
Arabtac Holding Co Pjsc 2,023,462 1,104,527
Emaar Malls Pjsc 1,746,111 971,089
Damac Properties Dubai Co 769,178 670,564
Aldar Properties Pjsc 1,154,704 612,277
Emirates Nbd Pjsc 200,000 567,628
Dubai Islamic Bank 594,011 552,551
NMC Health Plc 10,904 486,918
Tabreed 995,277 448,787
Dubai Investments Pjsc 1,000,000 351,994
Emaar Properties Pjsc 200,000 325,003
Agthia Group Pjsc 233,272 292,103
Emaar Development Pjsc 100,000 121,433
Orascom Construction Ltd 1,000 6,848
Dubai Islamic Bank - RTS 499,011 -
10,102,879 10,011,163
Top Sales
First Abu Dhabi Bank Pjsc 913,273 3,433,368
Abu Dhabi Commercial Bank 1,619,412 2,921,917
NMC Health Plc 26,000 1,247,993
Dp World Ltd 39,848 922,429
ADCB MSCI Index Fund 117,086 848,771
Tabreed 1,650,021 817,889
Dana Gas 2,759,217 696,950
Waha Capital Pjsc 1,311,898 662,027
Dubai Investments Pjsc 500,000 336,813
Dubai Islamic Bank 200,000 258,883
Air Arabia Pjsc 800,000 244,213
Amanat Holdings Pjsc 596,279 236,988
Aldar Properties Pjsc 300,000 175,212
Union National Bank/Abu Dhab 100,000 108,388
Emaar Properties Pjsc 50,000 99,015
Orascom Construction Ltd 4,100 31,865
Ras Al Khaimah Ceramics 50,000 30,694
Emirates Nbd Pjsc 4,401 10,457
Dubai Islamic Bank - RTS 499,011 -
11,540,546 13,083,872
ADCB SICAV
Société d'Investissement à Capital Variable
Registered Office: 1, rue du Potager
L - 2347 Luxembourg
R.C.S.: B 186336
Other information (unaudited)
Significant Portfolio Changes - ADCB SICAV - ADCB UAE Equity Fund
For the year ended 31 December 2018
81
Description Quantity USD
Securities
Top Purchases
Qatar National Bank 3,500 178,238
Alinma Bank 12,500 69,758
Saudi Basic Industries Corp 2,050 67,452
Saudi Ind Investment Group 4,480 32,245
Dubai Investments Pjsc 44,000 24,375
Dubai Islamic Bank 18,309 15,503
Bank muscat Saog 9,596 7,877
Bank Dhofar Saog 19,717 7,789
Dubai Islamic Bank - RTS 18,309 -
Bank Dhofar Saog- RTS 19,717 -
152,178 403,237
Top 20 Sales
National Commercial Bank 16,601 219,609
Saudi Basic Industries Corp 6,040 190,846
Al Rajhi Bank 6,700 138,312
Qatar National Bank 2,700 107,179
Almarai CO 6,500 104,169
Jarir Marketing CO 2,301 89,496
Saudi Kayan Petrochemical CO 21,400 88,668
Saudi British Bank 10,000 85,701
Commercial International Ban 18,000 82,988
Arab Bank PLC 7,902 81,947
Yanbu National Petrochemical 3,700 70,722
Saudi Telecom Co 3,200 70,195
Kuwait Finance House 40,271 69,748
Qatar Electricity & Water CO 1,260 67,475
Samba Financial Group 8,800 67,352
Eastern Co 7,000 66,870
Industries Qatar 2,200 65,526
Aldar properties Pjsc 100,000 62,750
Al Ahli Bank of Kuwait 58,000 61,461
Riyad Bank 15,000 55,189
337,575 1,846,203
ADCB SICAV
Société d'Investissement à Capital Variable
Registered Office: 1, rue du Potager
L - 2347 Luxembourg
R.C.S.: B 186336
Other information (unaudited)
Significant Portfolio Changes - ADCB SICAV - ADCB Arabian Index Fund
For the year ended 31 December 2018
82
Description Quantity USD
Securities
Top 20 Purchases
Al Rajhi Bank 28,700 649,865
Saudi Basic Industries Corp 19,450 629,668
Yanbu National Petrochemical 23,200 448,740
Dubai Islamic Bank 320,416 375,340
Saudi Telecom Co 16,600 374,601
Bank Al-Jazira 93,000 358,496
Emirates Telecom Group Co 70,000 326,648
Saudi Arabian Mining Co 21,000 316,960
Qatar Electricity & Water Co 5,760 306,009
Alinma Bank 52,100 289,558
Almarai Co 17,900 283,019
Advanced Petrochemicals Co 19,826 281,791
Industries Qatar 8,200 258,370
Emaar Malls Pjsc 460,000 249,823
Kuwait Finance House 130,000 241,568
Dallah Healthcare Co 9,765 217,897
Aldar Properties Pjsc 400,000 216,157
Saudi Arabian Fertilizer Co 12,500 208,104
United International Transpo 24,512 204,773
Saudi International Petroche 31,500 181,179
1,764,429 6,418,566
Top Sales
Aldar Properties Pjsc 280,000 171,901
Mouwasat Medical Services Co 6,200 157,903
Agthia Group Pjsc 107,500 139,298
Al Rajhi Bank 4,000 92,578
Jazeera Airways Co Ksc 29,999 74,179
Saudi Basic Industries Corp 2,050 67,406
Saudi Arabian Fertilizer Co 3,891 63,556
Oman Telecommunications Co 20,000 50,390
Saudia Dairy & Foodstuff Co 1,900 45,945
Dubai Islamic Bank 20,000 27,864
Bank Al-Jazira - Rights Issue 30,288 15,068
Dubai Islamic Bank -Rts 140,417 -
646,245 906,088
ADCB SICAV
Société d'Investissement à Capital Variable
Registered Office: 1, rue du Potager
L - 2347 Luxembourg
R.C.S.: B 186336
Other information (unaudited)
Significant Portfolio Changes - ADCB SICAV- Islamic GCC Equity Fund
For the year ended 31 December 2018
83
Description Quantity USD
Securities
Top Purchases
Dbx Msci Japan 1c 6,300 396,576
Ishares Us Agg Bnd Usd Acc 73,707 370,624
Ishares Core S&P 500 1,130 301,482
Dbxii Global Aggrgate Usd 2c 5,918 300,173
Pgif Global Inc-I Acc Usd 17,305 186,700
Vang Ftse Eur Eurd 4,248 157,472
5,914 152,192
Ishares Msci Em Acc 2,490 88,725
Vang S&P500 Usdd 1,647 85,445
Ishares Usd Tips 376 76,435
Ishares Msci Japan 4,882 74,628
Principal Glb-H/Y-Po Hy-I 5,654 73,725
Principal Origin Gl Sm C-Iua 3,966 72,354
Principal Glb-Glb Pr-Usdiacc 2,584 71,599
Ishares Jpm Em Lcl Gov Bnd 856 55,553
Ishares Core Msci Pacif X-Jp 355 53,098
137,332 2,516,781
Top Sales
Ishares Us Agg Bnd Usd Acc 98,542 490,223
Ishares Msci Japan 29,531 448,284
Ishares Core S&P 500 1,413 380,511
Dbxii Global Aggrgate Usd 2c 5,095 258,218
Vang S&P500 Usdd 2,765 147,242
Vang Ftse Eur Eurd 3,360 122,904
Ishares Usd Tips 315 64,013
Ishares Msci Em Acc 1,357 48,680
Ishares Core Msci Pacif X-Jp 297 44,473
Ishares Jpm Em Lcl Gov Bnd 212 13,240
142,887 2,017,788
Principal Global Investors Funds - Global Equity Fund On Xdub
ADCB SICAV
Société d'Investissement à Capital Variable
Registered Office: 1, rue du Potager
L - 2347 Luxembourg
R.C.S.: B 186336
Other information (unaudited)
Significant Portfolio Changes - ADCB SICAV- ADCB Target 2025 Fund
For the year ended 31 December 2018
84
Description Quantity USD
Securities
Top Purchases
Ishares Core S&P 500 2,643 713,451
Vang S&P500 Usdd 10,045 528,631
Principal Global Investors Funds - Global Equity Fund On Xdub 19,108 507,174
Vang Ftse Eur Eurd 12,527 468,858
Ishares Us Agg Bnd Usd Acc 60,096 301,983
Pgif Global Inc-I Acc Usd 25,893 284,530
Principal Origin Gl Sm C-Iua 13,356 253,302
Dbx Msci Japan 1c 3,985 243,892
Principal Glb-Glb Pr-Usdiacc 7,170 202,288
Dbxii Global Aggrgate Usd 2c 3,650 184,775
Ishares Msci Em Acc 4,320 163,236
Ishares Msci Japan 10,302 161,792
Ishares Core Msci Pacif X-Jp 1,009 150,189
Ishares Jpm Em Lcl Gov Bnd 1,281 85,452
Principal Glb-H/Y-Po Hy-I 389 5,076
175,774 4,254,629
Top Sales
Ishares Core S&P 500 1,838 492,738
Ishares Msci Japan 16,839 252,561
Ishares Us Agg Bnd Usd Acc 44,565 221,777
Vang Ftse Eur Eurd 4,804 164,691
Vang S&P500 Usdd 2,926 155,693
Ishares Core Msci Pacif X-Jp 489 68,111
Dbxii Global Aggrgate Usd 2c 1,193 60,391
Dbx Msci Japan 1c 730 43,002
Ishares Msci Em Acc 1,137 38,148
Ishares Jpm Em Lcl Gov Bnd 216 12,612
Principal Glb-H/Y-Po Hy-I 389 5,160
75,126 1,514,884
ADCB SICAV
Société d'Investissement à Capital Variable
Registered Office: 1, rue du Potager
L - 2347 Luxembourg
R.C.S.: B 186336
Other information (unaudited)
Significant Portfolio Changes - ADCB SICAV- ADCB Target 2035 Fund
For the year ended 31 December 2018
85
Risk Management
Securities and Financing Transaction Regulation
Remuneration Policy
125,970,859 9.26%
For the year ended 31 December 2018
The Management Company must employ a risk-management process which enables it to monitor and measure at any time the risk of the
positions in its portfolios and their contribution to the overall risk profile of its portfolios.
In accordance with the Law and the applicable regulations, in particular Circular CSSF 11/512, the Management Company uses for each
Sub-Fund a risk-management process which enables it to assess the exposure of each Sub-Fund to market, liquidity and counterparty risks,
and to all other risks, including operational risks, which are material to that Sub-Fund. As part of the risk management process, the
Management Company uses the commitment approach to monitor and measure the global exposure for all the Sub-Funds. This approach
measures the global exposure related to positions on financial derivative instruments (“FDIs”) and, where relevant, to other efficient
portfolio management techniques, under consideration of netting and hedging effects (if used) which may not exceed the total net value of
the portfolio of the relevant Sub-Fund.
During the year, the Fund has not entered into transactions within scope of the Securities and Financing Transaction Regulation.
A) Methodology
The below represents a proportion of the total fixed remuneration of the staff of the Management Company attributable to all the funds it
manages, taking into account UCITS and non-UCITS.
The below amount has been proportionated to the total net assets ("TNA") of the fund and the number of staff of the Management
Company (“MANCO”).
ADCB SICAV
Société d'Investissement à Capital Variable
Registered Office: 1, rue du Potager
L - 2347 Luxembourg
R.C.S.: B 186336
Other information (unaudited)
The Management Company has implemented a Remuneration Policy that is designed as not to encourage taking excessive risks and has the
same requirements towards its delegates. In that context, it integrates in its performance management system, risk criteria, specific to the
activities of the business units concerned. The Management Company has implemented a series of safeguards that refrain to staff taking
undue risk compared to the activity profile. The governance structure of the Remuneration Policy aims at preventing internal conflicts of
interest. The Policy is formulated by Executive Management and approved by the Board of Directors. The Policy follows a defined process
establishing the principles, the approval, communication, implementation, review and update of the Policy which involves the Board of
Directors, Executive Management, Human Resources, Internal Audit and other control functions. Individual staff assessments are based on a
weighting of financial and non-financial targets linked to the specific job scope and role. As such, the principle of individual performance
assessment is based on an assessment of objectives reached as well an appreciation of the employee’s long-term value creation. Furthermore,
the performance reflects an assessment of business and interpersonal skills and is linked to the achievement of the individual. The criteria
applied to establish fixed remuneration are job complexity, level of responsibility, performance and local market conditions.
Staff costs by
TNA for the Fund (EUR)*Fund TNA (USD)FundAverage headcount in
MANCO
% of total TNA of
MANCO
(*) Fixed remuneration including fixed salary, pension, etc.
Total (EUR)
127,92515
A) Senior Management
The below represents the aggregate amount of remuneration broken down by senior management and members of staff of the
Management Company whose actions have a material impact on the risk profile of the funds it manages, taking into account UCITS and
non-UCITS.
Identified staff 6
720,710.64
720,710.64
-
720,710.64
ADCB
SICAV
Remuneration to executives* (EUR)
Fixed compensation (EUR)
Pension costs
86