nextam partners
TRANSCRIPT
Unaudited semi-annual report
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Page Management and Administration 3 Board of Directors 4 Combined 5 NEXTAM PARTNERS – INTERNATIONAL EQUITY (merged into LUX IM – World Equities as at January 29, 2021) 7 NEXTAM PARTNERS – LIQUIDITY (merged into BG SELECTION SICAV – Short Term Debt Fund as at January 29, 2021) 9 NEXTAM PARTNERS – FLEX AM (liquidated on April 26, 2021) 11 NEXTAM PARTNERS – VER CAPITAL CREDIT FUND 13 NEXTAM PARTNERS – VER CAPITAL CEDOLA 2022 18 NEXTAM PARTNERS – RISK ALLOCATION FUND 22 NEXTAM PARTNERS – BONDS (merged into BG SELECTION SICAV – Short Term Debt Fund as at January 29, 2021) 26 NEXTAM PARTNERS – VER CAPITAL HIGH YIELD ITALIAN SELECTION 28 NEXTAM PARTNERS – VER CAPITAL SHORT TERM 31 General information 36 Subscriptions can only be received on the basis of the latest prospectus accompanied by the latest annual report as well as by the latest semi-annual report, if published thereafter.
NEXTAM PARTNERS
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MANAGEMENT COMPANY BG FUND MANAGEMENT LUXEMBOURG S.A. 14, allée Marconi L - 2120 Luxembourg REGISTERED OFFICE 5, allée Scheffer L - 2520 Luxembourg DEPOSITARY, CENTRAL ADMINISTRATION, REGISTRAR AND TRANSFER AGENT CACEIS Bank, Luxembourg Branch 5, allée Scheffer L - 2520 Luxembourg
PAYING AGENT AND DOMICILIATION AGENT CACEIS Bank, Luxembourg Branch 5, allée Scheffer L - 2520 Luxembourg LEGAL ADVISOR NautaDutilh Avocats Luxembourg S.à r.l. 2, rue Jean Bertholet L - 1233 Luxembourg AUDITOR Ernst & Young S.A. 35E, avenue J.F. Kennedy L - 1855 Luxembourg
INVESTMENT MANAGERS For NEXTAM PARTNERS – VER CAPITAL CREDIT FUND, NEXTAM PARTNERS – VER CAPITAL CEDOLA 2022, NEXTAM PARTNERS – VER CAPITAL HIGH YIELD ITALIAN SELECTION and NEXTAM PARTNERS – VER CAPITAL SHORT TERM VER CAPITAL SGR S.P.A Via della Chiusa 15 20123 Milano Italy
For NEXTAM PARTNERS – RISK ALLOCATION FUND BANCA PROFILO S.P.A Via Cerva 28 20122 Milano Italy
NEXTAM PARTNERS
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Chairman Mrs Claudia Vacanti, Head of Products Department, Banca Generali S.p.A., via Machiavelli, 4, I - 34132 Trieste, Italy Directors Mr Fabio Pavone, Conducting Officer, BG FUND MANAGEMENT LUXEMBOURG S.A., 14, allée Marconi, L - 2120 Luxembourg, Grand Duchy of Luxembourg Mr Luc Courtois, Attorney-at-law, NautaDutilh Avocats Luxembourg S.à r.l., 2, rue Jean Bertholet, L - 1233 Luxembourg, Grand Duchy of Luxembourg
5Page
1,607,646.02Unrealised profit on the securities portfolio 86,124.31Options purchased at market value
108,495.49Options purchased at cost 9,882,182.81Cash at banks 1,485,134.11Interests receivable
500,562.50Brokers receivable 187,066.03Subscriptions receivable 12,648.38Dividends receivable
1,215,358.52Brokers payable 137,838.40Accrued performance fees
1,197,879.06Redemptions payable 104,530.23Unrealised loss on forward foreign exchange contracts 48,197.60Unrealised depreciation on financial futures
250,407.59Accrued management fees 6,609.93Accrued depositary fees
57,868.02Accrued administrative expenses 144,040.57Other liabilities
133,129,105.46Net asset value
Expressed in EUR
Combined
7Page
Changes in number of shares outstanding from 01/01/21 to 29/01/21
Shares issued Shares redeemed Shares
outstanding as at 29/01/21
Shares outstanding as at
Key figures
31/12/1931/12/2029/01/21Period/Year ending as at:
EUR A - EUR - Capitalisation
10.85 Number of shares Net asset value per share EUR
I - EUR - Capitalisation
0.00 0.000 455,744.870
10.92 Number of shares Net asset value per share EUR
9Page
Changes in number of shares outstanding from 01/01/21 to 29/01/21
Shares issued Shares redeemed Shares
outstanding as at 29/01/21
Shares outstanding as at
Key figures
31/12/1931/12/2029/01/21Period/Year ending as at:
EUR A - EUR - Capitalisation
5.42 Number of shares Net asset value per share EUR
I - EUR - Capitalisation
0.00 0.000 273,025.118
5.48 Number of shares Net asset value per share EUR
11Page
Changes in number of shares outstanding from 01/01/21 to 26/04/21
Shares issued Shares redeemed Shares
outstanding as at 26/04/21
Shares outstanding as at
Key figures
31/12/1931/12/2026/04/21Period/Year ending as at:
EUR I - EUR - Capitalisation
5.81 Number of shares Net asset value per share EUR
13Page
14Page
913,811.91Unrealised profit on the securities portfolio 1,717,119.39Cash at banks
553,255.83Interests receivable 500,562.50Brokers receivable 21,138.79Subscriptions receivable
2,302.58Accrued depositary fees 20,159.03Accrued administrative expenses 58,016.49Other liabilities
43,830,147.89Net asset value
Expressed in EUR
NEXTAM PARTNERS – VER CAPITAL CREDIT FUND
Changes in number of shares outstanding from 01/01/21 to 30/06/21
Shares issued Shares redeemed Shares
outstanding as at 30/06/21
Shares outstanding as at
15Page
31/12/1931/12/2030/06/21Period/Year ending as at:
EUR A - EUR - Capitalisation
6.29 Number of shares Net asset value per share EUR
D - EUR - Distribution
693,799.072 4.83 0.20
Number of shares Net asset value per share Dividend per share
EUR
I - EUR - Distribution
723,453.985 5.59 0.20
Number of shares Net asset value per share Dividend per share
EUR
5.72 Number of shares Net asset value per share EUR
L - EUR - Distribution
4,526,488.762 5.13 0.20
Number of shares Net asset value per share Dividend per share
EUR
1,800.000 5.28 0.00
Number of shares Net asset value per share Dividend per share
EUR
16Page
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market 41,622,728.71 94.96
Bonds 31,759,083.06 72.45
Luxembourg 7,551,432.93 17.22
AGGREGATE HOLDINGS SA 6.875 20-25 09/11A700,000 705,743.50 1.61EUR ALTICE FINCO SA 4.75 17-28 15/01S900,000 882,409.50 2.01EUR ALTICE FRANCE HOLDING 8.0 19-27 15/05S500,000 540,570.00 1.23EUR ARD FINANCE SA 5.00 19-27 30/06S1,000,000 1,029,245.00 2.34EUR BK LC LUX FINCO1 5.25 21-29 30/04S500,000 512,850.00 1.17EUR CIDRON AIDA FINCO SARL 5.0 21-28 01/04S500,000 508,200.00 1.16EUR CONTOURGLOBAL POWER 4.125 18-25 26/07S1,000,000 1,023,505.00 2.34EUR FLAMINGO LUX II SCA 5.0 21-29 31/03S250,000 248,956.25 0.57EUR LSF9 BALTA ISSUER 7.75 21-24 31/12S364,500 368,959.66 0.84EUR PICARD BONDCO 5.50 17-24 30/11S250,000 256,518.75 0.59EUR PLT VII FINANCE S.A 4.625 20-26 05/01S200,000 206,977.00 0.47EUR SUMMER (BC) HOLDCO 5.7500 19-26 31/10S485,000 508,258.17 1.16EUR VIVION INVESTMENTS 3.00 19-24 08/08A300,000 299,454.00 0.68EUR
BANIJAY GROUP SAS 6.5 20-26 01/03S500,000 517,600.00 1.18EUR France 6,253,343.50 14.26
CASINO GUICHARD 1.865 17-22 13/06A500,000 499,890.00 1.14EUR CHROME HOLDCO SAS 5.0 21-29 31/05S200,000 205,506.00 0.47EUR LA FINANCIE 5.125 18-25 31/12A1,000,000 1,010,260.00 2.29EUR LABORATOIRE EIM 5.0000 21-29 01/02S600,000 613,116.00 1.40EUR LOXAM SAS 4.5 19-27 15/04S500,000 505,335.00 1.15EUR LOXAM SAS 6.00 17-25 15/04S500,000 510,740.00 1.17EUR MOBILUX FINANCE 4.2500 21-28 15/07S400,000 401,454.00 0.92EUR PARTS EUROPE SA 6.5000 20-25 16/07S900,000 945,787.50 2.16EUR TEREOS FINANCE 7.5 20-25 30/10500,000 536,440.00 1.22EUR TEREOS FINANCE GROUPE 4.125 16-23 16/06A500,000 507,215.00 1.16EUR
ACCENTRO REAL E 3.6250 20-23 13/02S550,000 529,883.75 1.21EUR Germany 5,941,908.75 13.56
BLITZ F 6.00 18-26 30/07S750,000 775,852.50 1.77EUR CHEPLAPHARM 3.5 20-27 11/02S500,000 506,415.00 1.16EUR CT INVESTMENT 5.50 21-26 15/04S300,000 308,187.00 0.70EUR GRUENENTHAL GMBH 4.125 21-28 15/05S300,000 310,162.50 0.71EUR GRUENENTHAL GMBH 3.625 21-26 15/11A200,000 206,120.00 0.47EUR HP PELZER HOLDING 4.125 17-24 01/04S1,000,000 978,695.00 2.23EUR IHO VERWALTUNGS 3.625 19-25 15/05S500,000 508,722.50 1.16EUR IKB DEUTSCHE INDUSTRIEBANK AG 4.50 17-22 23/07A50,000 52,028.50 0.12EUR KS AKTUELL AG 3.00 12-22 20/06A500,000 505,000.00 1.15EUR PFLEIDERER AG 4.75 21-26 15/04S200,000 204,442.00 0.47EUR TELE COLOMBUS 3.875 18/25 04/05S500,000 507,720.00 1.16EUR ZF FINANCE GMBH 3.75 20-28 21/09A500,000 548,680.00 1.25EUR
CASSA DI RISPARMIO 9.25 20-99 31/12S200,000 197,097.00 0.45EUR Italy 3,394,843.50 7.75
CENTURION BIDCO SPA 5.875 20-26 30/09S600,000 628,797.00 1.43EUR KEDRION GROUP SPA 3.375 21-26 15/05S300,000 299,310.00 0.68EUR MARCOLIN SPA 6.125 21-26 15/11S200,000 204,408.00 0.47EUR REKEEP SPA 7.2500 21-26 01/02S700,000 756,294.00 1.73EUR SOFIMA HOLDING SPA 3.75 20-28 15/01S500,000 503,285.00 1.15EUR SPACE4 GUALA CLOSURES 3.25 21-28 15/06S250,000 251,132.50 0.57EUR WEBUILD 5.8750 20-25 15/12A500,000 554,520.00 1.27EUR
IPD 3 B.V. 5.5000 20-25 01/12S200,000 208,669.00 0.48EUR The Netherlands 1,980,159.00 4.52
KONGSBERG ACTUATION 5 18-25 15/07500,000 509,545.00 1.16EUR MAXEDA DIY HOLDING 5.875 20-26 01/10A750,000 774,585.00 1.77EUR UNITED GROUP BV 3.625 20-28 15/02S500,000 487,360.00 1.11EUR
AMS AG 6.00 20-25 31/07S1,000,000 1,074,005.00 2.45EUR Austria 1,324,746.25 3.02
SAPPI PAPIER HOLDING 3.625 21-28 15/03S250,000 250,741.25 0.57EUR
GRUPO ANTOLIN IRAUSA SA 3.5 21-28 30/04S600,000 599,400.00 1.36EUR Spain 1,110,095.00 2.53
LORCA TELECOM BONDCO 4.00 20-27 18/09S500,000 510,695.00 1.17EUR
Securities portfolio as at 30/06/21 EURExpressed in
NEXTAM PARTNERS – VER CAPITAL CREDIT FUND
Quantity Denomination Quotation currency
% of net assetsMarket value
INTRUM AB 3.00 19-27 15/09A500,000 495,660.00 1.13EUR Sweden 981,354.63 2.24
INTRUM AB 3.5000 19-26 15/07S475,000 485,694.63 1.11EUR
DKT FINANCE APS 7.00 18-23 17/06S500,000 509,520.00 1.16EUR Denmark 806,395.50 1.84
NORICAN GROUP APS 4.50 17-23 15/05S300,000 296,875.50 0.68EUR
HOUSE OF FIN 4.375 19-26 15/07S500,000 509,945.00 1.17EUR Belgium 716,703.00 1.64
SOLVAY SA 2.5 20-49 31/12A200,000 206,758.00 0.47EUR
RAKUTEN GROUP INC 4.25 21-XX XX/XXA600,000 619,755.00 1.41EUR Japan 619,755.00 1.41
INEOS QUATTRO FINANCE 3.75 21-26 15/07S250,000 257,707.50 0.59EUR United Kingdom 564,343.50 1.29
TI AUTOMOTIVE F 3.7500 21-29 15/04S300,000 306,636.00 0.70EUR
CHEMOURS CO 4.00 18-26 15/05S500,000 514,002.50 1.17EUR United States of America 514,002.50 1.17
BANCO BPM SPA CV FL.R 20-XX XX/XXS800,000 852,572.00 1.95EUR
Convertible bonds 2,002,532.00 4.57
Floating rate bonds 7,861,113.65 17.94
Italy 3,270,298.63 7.47
BANCO BPM SPA FL.R 19-99 18/04S400,000 457,628.00 1.04EUR BRUNELLO BIDCO FL.R 21-28 15/02Q1,000,000 1,001,520.00 2.29EUR CEDACRI MERGECO SPA FL.R 21-28 15/05Q300,000 302,667.00 0.69EUR DIOCLE SPA FL.R 19-26 30/06Q225,000 225,923.63 0.52EUR GUALA CLOSURES FL.R 18-24 03/10Q500,000 500,692.50 1.14EUR INTERNATIONAL DESIGN GR FL.R 21-26 15/05100,000 101,051.50 0.23EUR INTESA SANPAOLO SPA FL.R 20-XX 31/12S350,000 349,174.00 0.80EUR
ANACAP FIN EU FL.R 17-24 30/07Q500,000 476,230.00 1.09EUR Luxembourg 1,980,292.50 4.52
LINCOLN FINANCING SARL FL.R 19-24 01/04Q1,000,000 1,002,865.00 2.29EUR ROSSINI SARL FL.R 19-25 30/10Q500,000 501,197.50 1.14EUR
AUTODIS FL.R 16-22 01/05S324,660 324,941.02 0.74EUR France 825,088.52 1.88
PICARD GROUPE FL.R 17-23 30/11Q500,000 500,147.50 1.14EUR
TRIVIUM PACKAGING FL.R 19-26 15/08Q500,000 500,620.00 1.14EUR The Netherlands 500,620.00 1.14
COMMERZBANK AG FL.R 20-99 31/12A400,000 442,018.00 1.01EUR Germany 442,018.00 1.01
ERSTE GROUP BANK AG FL.R 20-XX XX/XXS400,000 428,962.00 0.98EUR Austria 428,962.00 0.98
BANCO SANTANDER SA FL.R 20-XX 14/01A400,000 413,834.00 0.94EUR Spain 413,834.00 0.94
NEXTAM PARTNERS VER CAPITAL HY ITALIAN SELECTION -I- EUR CAP135,538 771,754.56 1.76EUR
Shares/Units of UCITS/UCIS 771,754.56 1.76
Shares/Units in investment funds 771,754.56 1.76
Other funds 771,754.56 1.76
Securities portfolio as at 30/06/21 EURExpressed in
NEXTAM PARTNERS – VER CAPITAL CREDIT FUND
Quantity Denomination Quotation currency
% of net assetsMarket value
19Page
172,584.25Unrealised profit on the securities portfolio 905,869.14Cash at banks 181,487.76Interests receivable
46,302.16Liabilities 22,505.56Accrued management fees
16,810.56Other liabilities
Expressed in EUR
NEXTAM PARTNERS – VER CAPITAL CEDOLA 2022
Changes in number of shares outstanding from 01/01/21 to 30/06/21
Shares issued Shares redeemed Shares
outstanding as at 30/06/21
Shares outstanding as at
20Page
31/12/1931/12/2030/06/21Period/Year ending as at:
EUR A - EUR - Distribution
215,151.000 4.88 0.10
Number of shares Net asset value per share Dividend per share
EUR
2,997.000 4.94 0.00
Number of shares Net asset value per share Dividend per share
EUR
5.30 Number of shares Net asset value per share EUR
I - EUR - Distribution
2,006,864.547 5.01 0.00
Number of shares Net asset value per share Dividend per share
EUR
21Page
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market 12,383,412.15 88.93
Bonds 10,980,846.97 78.86
France 2,310,772.00 16.60
CASINO GUICHARD 1.865 17-22 13/06A500,000 499,890.00 3.59EUR LA FINAC ATALIAN SA 4.00 17-24 15/05S500,000 498,170.00 3.58EUR LA FINANCIE 5.125 18-25 31/12A100,000 101,026.00 0.73EUR LOXAM SAS 3.50 16-23 03/05S500,000 500,665.00 3.60EUR TEREOS FINANCE GROUPE 4.125 16-23 16/06A600,000 608,658.00 4.36EUR
ACCENTRO REAL E 3.6250 20-23 13/02S300,000 289,027.50 2.08EUR Germany 2,298,020.00 16.50
HP PELZER HOLDING 4.125 17-24 01/04S500,000 489,347.50 3.51EUR IKB DEUTSCHE INDUSTRIEBANK AG 4.50 17-22 23/07A500,000 520,285.00 3.74EUR NIDDA HEALTHCARE HOLDING 3.5 20-24 30/09S500,000 497,520.00 3.57EUR THYSSENKRUPP AG 1.875 19-23 06/03A500,000 501,840.00 3.60EUR
ALMAVIVA THE ITALIAN 7.25 17-22 15/10S500,000 509,345.00 3.66EUR Italy 2,001,856.28 14.38
BANCA MONTE DEI PASCHI SPA 4.0000 19-22 10/07A500,000 510,750.00 3.67EUR KEDRION SPA 3 17-22 12/07A192,000 195,521.28 1.40EUR PRO-GEST REG SHS 3.25 17-24 15/12S250,000 239,526.25 1.72EUR WEBUILD SPA 1.75 17-24 26/10A550,000 546,713.75 3.93EUR
AGGREGATE HOLDINGS SA 5.00 16-21 10/08A527,000 526,754.94 3.78EUR Luxembourg 1,080,677.69 7.76
AGGREGATE HOLDINGS SA 6.875 20-25 09/11A300,000 302,461.50 2.17EUR INEOS GROUP HOLDIN 5.375 16-24 01/08S250,000 251,461.25 1.81EUR
SOFTBANK GROUP 4.0000 18-23 20/04S500,000 522,395.00 3.75EUR Japan 522,395.00 3.75
PEMEX 1.875 15-22 21/04A100,000 100,438.50 0.72EUR Mexico 522,196.50 3.75
PEMEX 5.125 16-23 15/03A400,000 421,758.00 3.03EUR
FORTUNE STAR BVI LTD 4.3500 19-23 06/05S500,000 509,535.00 3.66EUR British Virgin Islands 509,535.00 3.66
VERISURE HOLDING AB 3.5 18-23 16/11S500,000 504,887.50 3.63EUR Sweden 504,887.50 3.63
KONGSBERG ACTUATION 5 18-25 15/07200,000 203,818.00 1.46EUR The Netherlands 412,576.00 2.96
SAIPEM FIN INTL BV 3.3750 20-26 15/07A200,000 208,758.00 1.50EUR
NORICAN GROUP APS 4.50 17-23 15/05S350,000 346,354.75 2.49EUR Denmark 346,354.75 2.49
PLAYTECH PLC 3.75 18-23 12/10S250,000 254,003.75 1.82EUR Isle of Man 254,003.75 1.82
JAGUAR LAND ROVER 5.8750 19-24 15/11S100,000 110,172.00 0.79EUR United Kingdom 110,172.00 0.79
AMS AG 6.00 20-25 31/07S100,000 107,400.50 0.77EUR Austria 107,400.50 0.77
AUTODIS FL.R 16-22 01/05S295,146 295,400.93 2.12EUR
Floating rate bonds 1,402,565.18 10.07
France 745,533.68 5.35
ANACAP FIN EU FL.R 17-24 30/07Q200,000 190,492.00 1.37EUR Luxembourg 491,210.50 3.53
ROSSINI SARL FL.R 19-25 30/10Q300,000 300,718.50 2.16EUR
BANCA MONTE DEI FL.R 18-28 18/01A200,000 165,821.00 1.19EUR Italy 165,821.00 1.19
NEXTAM PARTNERS VER CAPITAL SHORT TERM -K- EUR CAP98,971 499,703.08 3.59EUR
Shares/Units of UCITS/UCIS 499,703.08 3.59
Shares/Units in investment funds 499,703.08 3.59
Other funds 499,703.08 3.59
Securities portfolio as at 30/06/21 EURExpressed in
NEXTAM PARTNERS – VER CAPITAL CEDOLA 2022
Quantity Denomination Quotation currency
% of net assetsMarket value
23Page
442,437.01Unrealised profit on the securities portfolio 86,124.31Options purchased at market value
108,495.49Options purchased at cost 6,212,599.24Cash at banks
114,840.02Interests receivable 29,984.91Subscriptions receivable 12,648.38Dividends receivable
11,404.59Accrued administrative expenses 33,726.23Other liabilities
25,429,341.55Net asset value
Expressed in EUR
NEXTAM PARTNERS – RISK ALLOCATION FUND
Changes in number of shares outstanding from 01/01/21 to 30/06/21
Shares issued Shares redeemed Shares
outstanding as at 30/06/21
Shares outstanding as at
Key figures
31/12/1931/12/2030/06/21Period/Year ending as at:
EUR I - EUR - Capitalisation
103.86 Number of shares Net asset value per share EUR
R - EUR - Capitalisation
105.92 43,804.878 28,632.615
101.63 Number of shares Net asset value per share EUR
24Page
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market 16,923,926.99 66.56
Shares 394,075.00 1.55
Switzerland 238,200.00 0.94
ESSELUNGA SPA 0.875 17-23 25/10A100,000 101,713.00 0.40EUR
Bonds 11,210,277.38 44.09
Italy 4,238,225.62 16.67
AMERICAN EXPRESS CO 2.500 17-22 01/08S250,000 214,567.41 0.84USD United States of America 2,607,675.67 10.25
CITIGROUP INC 7.00 17/27 20/10A300,000 235,673.75 0.93USD FORD MOTOR COMPANY 8.5000 20-23 21/04S200,000 187,578.33 0.74USD MORGAN STANLEY 2.75 17-22 19/05S200,000 171,695.92 0.68USD UNITED STATES INDEX 0.375 17-27 15/01S1,750,000 1,798,160.26 7.06USD
FRANCE 3.40 99-29 25/07A500,000 930,985.35 3.66EUR France 930,985.35 3.66
KFW 2.05 06-26 16/02S100,000,000 839,996.96 3.30JPY Germany 839,996.96 3.30
BEI 2.75 16-26 25/08A2,350,000 554,462.47 2.18PLN Luxembourg 748,536.05 2.94
BEI 8.50 14-24 17/09A3,100,000 194,073.58 0.76ZAR
DB ETC (GOLD)6,312 721,209.12 2.84EUR Jersey Island 721,209.12 2.84
DENMARK 0.5 19-29 15/11A3,890,000 548,297.46 2.16DKK Denmark 548,297.46 2.16
BANCO SANTANDER SA 2.50 15-25 18/03A200,000 216,447.00 0.85EUR Spain 216,447.00 0.85
HYUNDAI CAPITAL SERV 3.00 17-22 29/08S200,000 172,110.88 0.68USD South Korea 172,110.88 0.68
FCA BANK SPA 0.5000 19-24 13/09A100,000 101,380.00 0.40EUR Ireland 101,380.00 0.40
SYNGENTA FINANCE 3.125 12-22 28/03A100,000 85,413.27 0.34USD The Netherlands 85,413.27 0.34
RABOBANK CV FL.R 20-XX 29/06S200,000 222,063.00 0.87EUR
Convertible bonds 222,063.00 0.87
The Netherlands 222,063.00 0.87
Floating rate bonds 5,097,511.61 20.05
Italy 1,690,015.50 6.66
ENI SPA FL.R 20-49 31/12A400,000 425,764.00 1.68EUR INTESA SANPAOLO SPA FL.R 17-XX 16/05S400,000 439,416.00 1.74EUR MEDIOBANCA FL.R 17-22 18/05Q300,000 301,531.50 1.19EUR UNICREDIT SPA FL.R 17-XX 03/06S200,000 212,255.00 0.83EUR
DEUTSCHE BANK AG FL.R 14-21 10/09Q300,000 300,276.00 1.18EUR Germany 900,321.00 3.54
VOLKSWAGEN LEASING FL.R 17-21 06/07Q600,000 600,045.00 2.36EUR
AXA SA SUB FL.R 03-XX 29/01Q700,000 631,260.00 2.48EUR France 838,556.00 3.30
EDF SA FL.R 19-XX XX/XXA200,000 207,296.00 0.82EUR
HSBC HLDGS FL.R 14-XX 16/09S200,000 209,660.00 0.82EUR United Kingdom 513,680.00 2.02
LLOYDS BANKING GROUP PLC FL.R 17-24 21/06Q300,000 304,020.00 1.20EUR
BANCO SANTANDER SA FL.R 18-XX XX/XXQ200,000 208,668.00 0.82EUR Spain 437,532.00 1.72
BBVA FL.R 20-XX XX/XXQ200,000 228,864.00 0.90EUR
Securities portfolio as at 30/06/21 EURExpressed in
NEXTAM PARTNERS – RISK ALLOCATION FUND
Quantity Denomination Quotation currency
% of net assetsMarket value
GOLDMAN SACHS GROUP INC FL.R 18-23 23/02Q400,000 338,998.74 1.33USD United States of America 338,998.74 1.33
TELEFONICA EUROPE BV FL.R 18-XX 22/09A200,000 207,014.00 0.81EUR The Netherlands 207,014.00 0.81
UBS GROUP AG FL.R 18-XX XX/XXA200,000 171,394.37 0.67USD Switzerland 171,394.37 0.67
ISHARES III PLC JP MORGAN EM LOC GOVT BD UCITS USD DIS9,484 452,386.80 1.78EUR
Shares/Units of UCITS/UCIS 2,248,704.44 8.84
Shares/Units in investment funds 2,248,704.44 8.84
Bond funds 1,166,914.96 4.59
XTRACKERS II HARVEST CCH SB DR -1D- USD DIS37,101 714,528.16 2.81EUR
ISHARES II PLC GLOBAL INFRASTRUCTURE UCITS ETF USD DIS10,000 268,500.00 1.06EUR Equity funds 1,081,789.48 4.25
ISHARES PLC ASIA PACIFIC DIVIDEND UCITS ETF USD DIS27,000 569,160.00 2.23EUR ISHARES V PLC MSCI JAPAN EUR HDG UCITS ETF EUR CAP4,142 244,129.48 0.96EUR
Total securities portfolio 19,172,631.43 75.40
Securities portfolio as at 30/06/21 EURExpressed in
NEXTAM PARTNERS – RISK ALLOCATION FUND
Quantity Denomination Quotation currency
% of net assetsMarket value
Changes in number of shares outstanding from 01/01/21 to 29/01/21
Shares issued Shares redeemed Shares
outstanding as at 29/01/21
Shares outstanding as at
Key figures
31/12/1931/12/2029/01/21Period/Year ending as at:
EUR A - EUR - Capitalisation
5.01 Number of shares Net asset value per share EUR
I - EUR - Capitalisation
0.00 0.000 2,352,786.260
4.94 Number of shares Net asset value per share EUR
28Page
SELECTION
29Page
32,150.27Unrealised profit on the securities portfolio 53,111.19Cash at banks 72,274.78Interests receivable
15,639.99Liabilities 76.27Redemptions payable
2,533.42Accrued administrative expenses 6,265.77Other liabilities
5,712,727.89Net asset value
Expressed in EUR
NEXTAM PARTNERS – VER CAPITAL HIGH YIELD ITALIAN SELECTION
Changes in number of shares outstanding from 01/01/21 to 30/06/21
Shares issued Shares redeemed Shares
outstanding as at 30/06/21
Shares outstanding as at
Key figures
31/12/1931/12/2030/06/21Period/Year ending as at:
EUR I - EUR - Capitalisation
5.21 Number of shares Net asset value per share EUR
PIR - EUR - Capitalisation
5.51 12,474.582 2,303.986
5.12 Number of shares Net asset value per share EUR
30Page
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market 5,602,981.91 98.08
Bonds 2,482,639.51 43.46
Italy 2,386,162.42 41.77
CASSA DI RISPARMIO 9.25 20-99 31/12S200,000 197,097.00 3.45EUR CENTURION BIDCO SPA 5.875 20-26 30/09S200,000 209,599.00 3.67EUR ITALIAN WINE BRANDS 2.5 21-27 13/05A160,000 162,148.80 2.84EUR JUVENTUS FOOTBALL 3.375 19-24 19/02A100,000 100,692.00 1.76EUR KEDRION GROUP SPA 3.375 21-26 15/05S200,000 199,540.00 3.49EUR MARCOLIN SPA 6.125 21-26 15/11S100,000 102,204.00 1.79EUR NEWLAT FOOD SPA 2.625 21-27 19/02S100,000 102,051.00 1.79EUR PRO-GEST REG SHS 3.25 17-24 15/12S200,000 191,621.00 3.35EUR REKEEP SPA 7.2500 21-26 01/02S200,000 216,084.00 3.78EUR SCHUMANN SPA 7.00 16-23 31/07S68,750 69,870.62 1.22EUR VERITAS SPA 3.2500 20-27 09/12A200,000 196,936.00 3.45EUR WEBUILD 5.8750 20-25 15/12A300,000 332,712.00 5.83EUR
ASR MEDIA AND SPONSO 5.125 19-24 31/08S98,982 96,477.09 1.69EUR Luxembourg 96,477.09 1.69
BANCO BPM SPA CV FL.R 20-XX XX/XXS200,000 213,143.00 3.74EUR
Convertible bonds 404,803.00 7.09
Floating rate bonds 2,715,539.40 47.53
Italy 2,522,386.40 44.15
BANCA MONTE DEI FL.R 18-28 18/01A200,000 165,821.00 2.90EUR BANCO BPM SPA FL.R 19-99 18/04S200,000 228,814.00 4.00EUR BORMIOLI PHARMA BIDCO FL.R 17-24 15/11Q200,000 199,555.00 3.49EUR BPER BANCA SPA FL.R 17-27 31/05A100,000 104,584.50 1.83EUR CEDACRI MERGECO SPA FL.R 21-28 15/05Q100,000 100,889.00 1.77EUR DIOCLE SPA FL.R 19-26 30/06Q180,000 180,738.90 3.16EUR EVOCA SPA FL.R 19-26 01/11Q200,000 189,445.00 3.32EUR FABRIC BC SPA FL.R 18-24 30/11Q100,000 100,262.50 1.76EUR GOLDEN GOOSE SP FL.R 21-27 14/05Q100,000 98,372.50 1.72EUR INTERNATIONAL DESIGN GR FL.R 21-26 15/05100,000 101,051.50 1.77EUR INTESA SANPAOLO FL.R 14-XX 17/12A200,000 220,487.00 3.86EUR LIMACORPORATE SPA FL.R 17-23 15/08S100,000 100,120.50 1.75EUR SACE FL.R 15-XX 10/02A100,000 103,766.00 1.82EUR UNICREDIT SPA FL.R 20-32 15/01A200,000 204,746.00 3.58EUR UNIPOLSAI SPA FL.R 14-XX 18/06A200,000 220,620.00 3.86EUR
FIRE BC FL.R 18-24 28/09Q200,000 193,153.00 3.38EUR Luxembourg 193,153.00 3.38
Total securities portfolio 5,602,981.91 98.08
Securities portfolio as at 30/06/21 EURExpressed in
NEXTAM PARTNERS – VER CAPITAL HIGH YIELD ITALIAN SELECTION
Quantity Denomination Quotation currency
% of net assetsMarket value
32Page
46,662.58Unrealised profit on the securities portfolio 993,483.85Cash at banks 563,275.72Interests receivable 135,942.33Subscriptions receivable
1.17Other assets
17,501.22Accrued administrative expenses 29,221.52Other liabilities
44,232,718.16Net asset value
Expressed in EUR
NEXTAM PARTNERS – VER CAPITAL SHORT TERM
Changes in number of shares outstanding from 01/01/21 to 30/06/21
Shares issued Shares redeemed Shares
outstanding as at 30/06/21
Shares outstanding as at
33Page
Total Net Assets 44,232,718.16 18,576,802.39
31/12/2030/06/21Period ending as at:
EUR D - EUR - Capitalisation
5.01 Number of shares Net asset value per share EUR
I - EUR - Distribution
5.04 1,397,614.314 1,000,000.000
5.00 Number of shares Net asset value per share EUR
K - EUR - Capitalisation
5.05 1,512,046.927 444,044.044
5.01 Number of shares Net asset value per share EUR
34Page
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market 44,133,776.58 99.78
Bonds 41,862,385.85 94.64
Germany 7,555,860.89 17.09
ADLER REAL ESTATE AG 1.50 19-22 17/04A900,000 897,943.50 2.03EUR ADLER REAL ESTATE AG 1.875 18-23 27/04A600,000 603,051.00 1.36EUR COMMERZBANK AG 8.125 13-23 19/09S500,000 477,939.94 1.08USD HP PELZER HOLDING 4.125 17-24 01/04S100,000 97,869.50 0.22EUR IKB DEUTSCHE INDUSTRIEBANK AG 4.50 17-22 23/07A250,000 260,142.50 0.59EUR K S 2.625 17-23 06/04A300,000 308,590.50 0.70EUR K S REG SHS 4.125 13-21 06/12A100,000 101,775.00 0.23EUR KS AKTUELL AG 3.00 12-22 20/06A500,000 507,432.00 1.15EUR KS AKTUELL AG 3.25 18-24 18/07A200,000 208,270.00 0.47EUR METRO AG 4.0000 12-22 11/07A1,200,000 1,249,764.00 2.82EUR NORDDEUTSCHE LANDESBK 4.75 13-23 02/10A100,000 106,839.50 0.24EUR PEACH PROPERTY FIN 3.5 19-23 15/02S600,000 617,067.00 1.40EUR PLATIN 1426 GMBH 5.375 17-23 15/06S100,000 100,954.00 0.23EUR THYSSENKRUPP AG 1.375 17-22 03/03A649,000 650,375.88 1.47EUR THYSSENKRUPP AG 1.875 19-23 06/03A928,000 931,415.04 2.11EUR
ALMAVIVA THE ITALIAN 7.25 17-22 15/10S698,000 711,045.62 1.61EUR Italy 6,910,386.72 15.63
ATLANTIA SPA 6.25 04-22 09/06A100,000 121,823.14 0.28GBP AUTOSTRADE 1.125 15-21 04/11A850,000 853,757.00 1.93EUR BANCA IFIS SPA 2.0000 18-23 24/04A1,200,000 1,220,598.00 2.75EUR BANCA MONTE DEI PASCHI SPA 4.0000 19-22 10/07A1,100,000 1,123,650.00 2.54EUR BP SONDRIO 2.5 15-22 30/03A350,000 352,418.33 0.80EUR IMMOB GRANDE DIST 2.65 15-22 21/04A400,000 396,016.00 0.90EUR INTER MEDIA COMM 4.875 17-22 31/12S189,200 189,402.44 0.43EUR KEDRION SPA 3 17-22 12/07A641,000 652,755.94 1.48EUR UNICREDIT SPA REG SHS 5.05 10-22 25/04A1,050,000 1,090,115.25 2.46EUR WEBUILD SPA 1.75 17-24 26/10A200,000 198,805.00 0.45EUR
DISH DBS CORPORATION 5.00 12-23 15/03S100,000 87,913.48 0.20USD United States of America 3,765,679.41 8.51
FLUOR CORP 1.75 16-23 21/03A600,000 612,402.00 1.38EUR FORD MOTOR CREDIT CO 1.514 19-23 17/02A200,000 203,311.00 0.46EUR FORD MOTOR CREDIT CO 3.219 15-22 09/01S800,000 679,341.46 1.54USD LUMEN TECH 5.80 12-22 15/03S700,000 606,753.89 1.37USD MACY S RETAIL HOLDING INC 2.875 12-23 15/02S200,000 169,860.57 0.38USD NAVIENT CORP 7.25 12-21 12/07S500,000 435,741.28 0.99USD PITNEY BOWES INC 3.875 17-22 15/05S300,000 263,649.73 0.60USD SILGAN HOLDINGS INC 3.25 17-25 15/03S700,000 706,706.00 1.59EUR
AIR FRANCE - KLM 3.0 21-24 01/07A200,000 198,586.00 0.45EUR France 3,465,396.00 7.83
CASINO GUICHARD 1.865 17-22 13/06A1,300,000 1,299,714.00 2.94EUR CASINO GUICHARD-PERRACHON SA 4.561 13-23 25/01A100,000 104,031.50 0.24EUR LOXAM SAS 3.50 17-22 15/04S200,000 200,390.00 0.45EUR LOXAM SAS 3.50 16-23 03/05S850,000 851,130.50 1.92EUR TEREOS FINANCE GROUPE 4.125 16-23 16/06A800,000 811,544.00 1.83EUR
HOIST FINANCE AB 2.75 18-23 03/04A400,000 412,894.00 0.93EUR Sweden 3,028,006.50 6.85
INTRUM AB 2.75 17-21 15/07S1,300,000 1,302,405.00 2.94EUR VERISURE HOLDING AB 3.5 18-23 16/11S1,300,000 1,312,707.50 2.98EUR
ANGLIAN WATER SVS FIN 5.00 15-23 30/04S250,000 308,780.21 0.70GBP United Kingdom 2,674,043.83 6.05
FCE BANK PLC 0.869 17-21 13/09A200,000 200,335.00 0.45EUR FCE BANK PLC 1.134 15-22 10/02A700,000 704,305.00 1.60EUR INVESTEC BANK SUB 9.625 11-22 17/02A100,000 122,479.67 0.28GBP JAGUAR LAND ROVER 5.00 14-22 15/02S200,000 237,745.76 0.54GBP RAC BOND CO 4.565 16-23 06/05S300,000 364,162.21 0.82GBP RENEWI PLC 3.6500 15-22 16/06A75,000 76,684.88 0.17EUR ROLLS ROYCE PLC 0.875 18-24 09/05A300,000 296,229.00 0.67EUR THAMES WATER KE 5.8750 15-22 15/07S300,000 363,322.10 0.82GBP
PEMEX 1.875 15-22 21/04A1,050,000 1,054,604.25 2.38EUR Mexico 1,907,574.00 4.31
Securities portfolio as at 30/06/21 EURExpressed in
NEXTAM PARTNERS – VER CAPITAL SHORT TERM
Quantity Denomination Quotation currency
% of net assetsMarket value
AGGREGATE HOLDINGS SA 5.00 16-21 10/08A1,110,000 1,109,483.85 2.52EUR Luxembourg 1,900,161.96 4.30
CONTOURGLOBAL POWER 4.125 18-25 26/07S200,000 204,701.00 0.46EUR INEOS GROUP HOLDIN 5.375 16-24 01/08S200,000 201,169.00 0.45EUR KERNEL HOLDING SA 8.75 17-22 31/01S200,000 174,666.11 0.39USD ROSSINI SARL 6.75 18-25 30/10S200,000 210,142.00 0.48EUR
FORTUNE STAR BVI LTD 4.3500 19-23 06/05S700,000 713,349.00 1.61EUR British Virgin Islands 1,390,802.17 3.14
PROVEN GLORY 3.25 17-22 21/02S800,000 677,453.17 1.53USD
ANADOULU EFES BIRACI 3.375 12-22 01/11S600,000 516,002.52 1.16USD Turkey 1,355,427.19 3.06
ARCELIK AS 3.875 14-21 16/09A400,000 402,856.00 0.91EUR ARCELIK AS 5.00 13-23 03/04S500,000 436,568.67 0.99USD
CNAC (HK) 1.75 18-22 14/03A800,000 809,960.00 1.83EUR Hong Kong 1,112,010.50 2.51
CNRC CAPITAL 1.871 16-21 07/12A300,000 302,050.50 0.68EUR
TEVA PHARMA FIN II BV 3.25 18-22 14/03S1,100,000 1,111,874.50 2.51EUR The Netherlands Antilles 1,111,874.50 2.51
DKT FINANCE APS 7.00 18-23 17/06S700,000 713,328.00 1.62EUR Denmark 1,109,162.00 2.51
NORICAN GROUP APS 4.50 17-23 15/05S400,000 395,834.00 0.89EUR
SOFTBANK GROUP CORP 4.00 15-27 30/01S500,000 515,435.00 1.17EUR Japan 1,090,069.50 2.46
SOFTBANK GROUP 4.0000 18-23 20/04S550,000 574,634.50 1.29EUR
INTERTRUST GROUP BV 3.375 18-25 15/11S200,000 204,603.00 0.46EUR The Netherlands 894,597.68 2.02
SAIPEM FIN INTL BV 3.75 16-23 08/09A600,000 637,494.00 1.45EUR SAMVARDHANA MOTHERSON 4.875 16-21 16/12S12,500 10,525.88 0.02USD TEVA PHARMA FIN III BV 2.20 16-21 21/07S50,000 41,974.80 0.09USD
AA BOND CO LIMITED 2.875 16-43 31/07S500,000 583,738.09 1.32GBP Jersey Island 583,738.09 1.32
AMP GROUP FINAN 6.8750 99-22 23/08A180,000 221,033.34 0.50GBP Australia 567,526.41 1.28
CIMIC FINANCE (USA) 5.95 12-22 13/11S400,000 346,493.07 0.78USD
PLAYTECH PLC 3.75 18-23 12/10S500,000 508,007.50 1.15EUR Isle of Man 508,007.50 1.15
ALFA HOLD ISSUANCE PLC 2.70 20-23 11/06A400,000 410,522.00 0.93EUR Ireland 410,522.00 0.93
ENERGO PRO AS 4.00 17-22 07/12A300,000 298,644.00 0.68EUR Czech Republic 298,644.00 0.68
RAIFFEISEN LB NIEDER 5.875 13-23 27/11A200,000 222,895.00 0.50EUR Austria 222,895.00 0.50
AUTODIS FL.R 16-22 01/05S885,437 886,202.79 2.00EUR
Floating rate bonds 2,271,390.73 5.14
France 1,886,497.79 4.27
PICARD GROUPE FL.R 17-23 30/11Q1,000,000 1,000,295.00 2.27EUR
FORD MOTOR CREDIT CO FL.R 17-22 28/03Q300,000 251,650.61 0.57USD United States of America 384,892.94 0.87
PITNEY BOWES INC FL.R 17-23 15/09S150,000 133,242.33 0.30USD
Total securities portfolio 44,133,776.58 99.78
Securities portfolio as at 30/06/21 EURExpressed in
NEXTAM PARTNERS – VER CAPITAL SHORT TERM
Quantity Denomination Quotation currency
% of net assetsMarket value
General Information
Page 36
Page 2
Page Management and Administration 3 Board of Directors 4 Combined 5 NEXTAM PARTNERS – INTERNATIONAL EQUITY (merged into LUX IM – World Equities as at January 29, 2021) 7 NEXTAM PARTNERS – LIQUIDITY (merged into BG SELECTION SICAV – Short Term Debt Fund as at January 29, 2021) 9 NEXTAM PARTNERS – FLEX AM (liquidated on April 26, 2021) 11 NEXTAM PARTNERS – VER CAPITAL CREDIT FUND 13 NEXTAM PARTNERS – VER CAPITAL CEDOLA 2022 18 NEXTAM PARTNERS – RISK ALLOCATION FUND 22 NEXTAM PARTNERS – BONDS (merged into BG SELECTION SICAV – Short Term Debt Fund as at January 29, 2021) 26 NEXTAM PARTNERS – VER CAPITAL HIGH YIELD ITALIAN SELECTION 28 NEXTAM PARTNERS – VER CAPITAL SHORT TERM 31 General information 36 Subscriptions can only be received on the basis of the latest prospectus accompanied by the latest annual report as well as by the latest semi-annual report, if published thereafter.
NEXTAM PARTNERS
Page 3
MANAGEMENT COMPANY BG FUND MANAGEMENT LUXEMBOURG S.A. 14, allée Marconi L - 2120 Luxembourg REGISTERED OFFICE 5, allée Scheffer L - 2520 Luxembourg DEPOSITARY, CENTRAL ADMINISTRATION, REGISTRAR AND TRANSFER AGENT CACEIS Bank, Luxembourg Branch 5, allée Scheffer L - 2520 Luxembourg
PAYING AGENT AND DOMICILIATION AGENT CACEIS Bank, Luxembourg Branch 5, allée Scheffer L - 2520 Luxembourg LEGAL ADVISOR NautaDutilh Avocats Luxembourg S.à r.l. 2, rue Jean Bertholet L - 1233 Luxembourg AUDITOR Ernst & Young S.A. 35E, avenue J.F. Kennedy L - 1855 Luxembourg
INVESTMENT MANAGERS For NEXTAM PARTNERS – VER CAPITAL CREDIT FUND, NEXTAM PARTNERS – VER CAPITAL CEDOLA 2022, NEXTAM PARTNERS – VER CAPITAL HIGH YIELD ITALIAN SELECTION and NEXTAM PARTNERS – VER CAPITAL SHORT TERM VER CAPITAL SGR S.P.A Via della Chiusa 15 20123 Milano Italy
For NEXTAM PARTNERS – RISK ALLOCATION FUND BANCA PROFILO S.P.A Via Cerva 28 20122 Milano Italy
NEXTAM PARTNERS
Page 4
Chairman Mrs Claudia Vacanti, Head of Products Department, Banca Generali S.p.A., via Machiavelli, 4, I - 34132 Trieste, Italy Directors Mr Fabio Pavone, Conducting Officer, BG FUND MANAGEMENT LUXEMBOURG S.A., 14, allée Marconi, L - 2120 Luxembourg, Grand Duchy of Luxembourg Mr Luc Courtois, Attorney-at-law, NautaDutilh Avocats Luxembourg S.à r.l., 2, rue Jean Bertholet, L - 1233 Luxembourg, Grand Duchy of Luxembourg
5Page
1,607,646.02Unrealised profit on the securities portfolio 86,124.31Options purchased at market value
108,495.49Options purchased at cost 9,882,182.81Cash at banks 1,485,134.11Interests receivable
500,562.50Brokers receivable 187,066.03Subscriptions receivable 12,648.38Dividends receivable
1,215,358.52Brokers payable 137,838.40Accrued performance fees
1,197,879.06Redemptions payable 104,530.23Unrealised loss on forward foreign exchange contracts 48,197.60Unrealised depreciation on financial futures
250,407.59Accrued management fees 6,609.93Accrued depositary fees
57,868.02Accrued administrative expenses 144,040.57Other liabilities
133,129,105.46Net asset value
Expressed in EUR
Combined
7Page
Changes in number of shares outstanding from 01/01/21 to 29/01/21
Shares issued Shares redeemed Shares
outstanding as at 29/01/21
Shares outstanding as at
Key figures
31/12/1931/12/2029/01/21Period/Year ending as at:
EUR A - EUR - Capitalisation
10.85 Number of shares Net asset value per share EUR
I - EUR - Capitalisation
0.00 0.000 455,744.870
10.92 Number of shares Net asset value per share EUR
9Page
Changes in number of shares outstanding from 01/01/21 to 29/01/21
Shares issued Shares redeemed Shares
outstanding as at 29/01/21
Shares outstanding as at
Key figures
31/12/1931/12/2029/01/21Period/Year ending as at:
EUR A - EUR - Capitalisation
5.42 Number of shares Net asset value per share EUR
I - EUR - Capitalisation
0.00 0.000 273,025.118
5.48 Number of shares Net asset value per share EUR
11Page
Changes in number of shares outstanding from 01/01/21 to 26/04/21
Shares issued Shares redeemed Shares
outstanding as at 26/04/21
Shares outstanding as at
Key figures
31/12/1931/12/2026/04/21Period/Year ending as at:
EUR I - EUR - Capitalisation
5.81 Number of shares Net asset value per share EUR
13Page
14Page
913,811.91Unrealised profit on the securities portfolio 1,717,119.39Cash at banks
553,255.83Interests receivable 500,562.50Brokers receivable 21,138.79Subscriptions receivable
2,302.58Accrued depositary fees 20,159.03Accrued administrative expenses 58,016.49Other liabilities
43,830,147.89Net asset value
Expressed in EUR
NEXTAM PARTNERS – VER CAPITAL CREDIT FUND
Changes in number of shares outstanding from 01/01/21 to 30/06/21
Shares issued Shares redeemed Shares
outstanding as at 30/06/21
Shares outstanding as at
15Page
31/12/1931/12/2030/06/21Period/Year ending as at:
EUR A - EUR - Capitalisation
6.29 Number of shares Net asset value per share EUR
D - EUR - Distribution
693,799.072 4.83 0.20
Number of shares Net asset value per share Dividend per share
EUR
I - EUR - Distribution
723,453.985 5.59 0.20
Number of shares Net asset value per share Dividend per share
EUR
5.72 Number of shares Net asset value per share EUR
L - EUR - Distribution
4,526,488.762 5.13 0.20
Number of shares Net asset value per share Dividend per share
EUR
1,800.000 5.28 0.00
Number of shares Net asset value per share Dividend per share
EUR
16Page
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market 41,622,728.71 94.96
Bonds 31,759,083.06 72.45
Luxembourg 7,551,432.93 17.22
AGGREGATE HOLDINGS SA 6.875 20-25 09/11A700,000 705,743.50 1.61EUR ALTICE FINCO SA 4.75 17-28 15/01S900,000 882,409.50 2.01EUR ALTICE FRANCE HOLDING 8.0 19-27 15/05S500,000 540,570.00 1.23EUR ARD FINANCE SA 5.00 19-27 30/06S1,000,000 1,029,245.00 2.34EUR BK LC LUX FINCO1 5.25 21-29 30/04S500,000 512,850.00 1.17EUR CIDRON AIDA FINCO SARL 5.0 21-28 01/04S500,000 508,200.00 1.16EUR CONTOURGLOBAL POWER 4.125 18-25 26/07S1,000,000 1,023,505.00 2.34EUR FLAMINGO LUX II SCA 5.0 21-29 31/03S250,000 248,956.25 0.57EUR LSF9 BALTA ISSUER 7.75 21-24 31/12S364,500 368,959.66 0.84EUR PICARD BONDCO 5.50 17-24 30/11S250,000 256,518.75 0.59EUR PLT VII FINANCE S.A 4.625 20-26 05/01S200,000 206,977.00 0.47EUR SUMMER (BC) HOLDCO 5.7500 19-26 31/10S485,000 508,258.17 1.16EUR VIVION INVESTMENTS 3.00 19-24 08/08A300,000 299,454.00 0.68EUR
BANIJAY GROUP SAS 6.5 20-26 01/03S500,000 517,600.00 1.18EUR France 6,253,343.50 14.26
CASINO GUICHARD 1.865 17-22 13/06A500,000 499,890.00 1.14EUR CHROME HOLDCO SAS 5.0 21-29 31/05S200,000 205,506.00 0.47EUR LA FINANCIE 5.125 18-25 31/12A1,000,000 1,010,260.00 2.29EUR LABORATOIRE EIM 5.0000 21-29 01/02S600,000 613,116.00 1.40EUR LOXAM SAS 4.5 19-27 15/04S500,000 505,335.00 1.15EUR LOXAM SAS 6.00 17-25 15/04S500,000 510,740.00 1.17EUR MOBILUX FINANCE 4.2500 21-28 15/07S400,000 401,454.00 0.92EUR PARTS EUROPE SA 6.5000 20-25 16/07S900,000 945,787.50 2.16EUR TEREOS FINANCE 7.5 20-25 30/10500,000 536,440.00 1.22EUR TEREOS FINANCE GROUPE 4.125 16-23 16/06A500,000 507,215.00 1.16EUR
ACCENTRO REAL E 3.6250 20-23 13/02S550,000 529,883.75 1.21EUR Germany 5,941,908.75 13.56
BLITZ F 6.00 18-26 30/07S750,000 775,852.50 1.77EUR CHEPLAPHARM 3.5 20-27 11/02S500,000 506,415.00 1.16EUR CT INVESTMENT 5.50 21-26 15/04S300,000 308,187.00 0.70EUR GRUENENTHAL GMBH 4.125 21-28 15/05S300,000 310,162.50 0.71EUR GRUENENTHAL GMBH 3.625 21-26 15/11A200,000 206,120.00 0.47EUR HP PELZER HOLDING 4.125 17-24 01/04S1,000,000 978,695.00 2.23EUR IHO VERWALTUNGS 3.625 19-25 15/05S500,000 508,722.50 1.16EUR IKB DEUTSCHE INDUSTRIEBANK AG 4.50 17-22 23/07A50,000 52,028.50 0.12EUR KS AKTUELL AG 3.00 12-22 20/06A500,000 505,000.00 1.15EUR PFLEIDERER AG 4.75 21-26 15/04S200,000 204,442.00 0.47EUR TELE COLOMBUS 3.875 18/25 04/05S500,000 507,720.00 1.16EUR ZF FINANCE GMBH 3.75 20-28 21/09A500,000 548,680.00 1.25EUR
CASSA DI RISPARMIO 9.25 20-99 31/12S200,000 197,097.00 0.45EUR Italy 3,394,843.50 7.75
CENTURION BIDCO SPA 5.875 20-26 30/09S600,000 628,797.00 1.43EUR KEDRION GROUP SPA 3.375 21-26 15/05S300,000 299,310.00 0.68EUR MARCOLIN SPA 6.125 21-26 15/11S200,000 204,408.00 0.47EUR REKEEP SPA 7.2500 21-26 01/02S700,000 756,294.00 1.73EUR SOFIMA HOLDING SPA 3.75 20-28 15/01S500,000 503,285.00 1.15EUR SPACE4 GUALA CLOSURES 3.25 21-28 15/06S250,000 251,132.50 0.57EUR WEBUILD 5.8750 20-25 15/12A500,000 554,520.00 1.27EUR
IPD 3 B.V. 5.5000 20-25 01/12S200,000 208,669.00 0.48EUR The Netherlands 1,980,159.00 4.52
KONGSBERG ACTUATION 5 18-25 15/07500,000 509,545.00 1.16EUR MAXEDA DIY HOLDING 5.875 20-26 01/10A750,000 774,585.00 1.77EUR UNITED GROUP BV 3.625 20-28 15/02S500,000 487,360.00 1.11EUR
AMS AG 6.00 20-25 31/07S1,000,000 1,074,005.00 2.45EUR Austria 1,324,746.25 3.02
SAPPI PAPIER HOLDING 3.625 21-28 15/03S250,000 250,741.25 0.57EUR
GRUPO ANTOLIN IRAUSA SA 3.5 21-28 30/04S600,000 599,400.00 1.36EUR Spain 1,110,095.00 2.53
LORCA TELECOM BONDCO 4.00 20-27 18/09S500,000 510,695.00 1.17EUR
Securities portfolio as at 30/06/21 EURExpressed in
NEXTAM PARTNERS – VER CAPITAL CREDIT FUND
Quantity Denomination Quotation currency
% of net assetsMarket value
INTRUM AB 3.00 19-27 15/09A500,000 495,660.00 1.13EUR Sweden 981,354.63 2.24
INTRUM AB 3.5000 19-26 15/07S475,000 485,694.63 1.11EUR
DKT FINANCE APS 7.00 18-23 17/06S500,000 509,520.00 1.16EUR Denmark 806,395.50 1.84
NORICAN GROUP APS 4.50 17-23 15/05S300,000 296,875.50 0.68EUR
HOUSE OF FIN 4.375 19-26 15/07S500,000 509,945.00 1.17EUR Belgium 716,703.00 1.64
SOLVAY SA 2.5 20-49 31/12A200,000 206,758.00 0.47EUR
RAKUTEN GROUP INC 4.25 21-XX XX/XXA600,000 619,755.00 1.41EUR Japan 619,755.00 1.41
INEOS QUATTRO FINANCE 3.75 21-26 15/07S250,000 257,707.50 0.59EUR United Kingdom 564,343.50 1.29
TI AUTOMOTIVE F 3.7500 21-29 15/04S300,000 306,636.00 0.70EUR
CHEMOURS CO 4.00 18-26 15/05S500,000 514,002.50 1.17EUR United States of America 514,002.50 1.17
BANCO BPM SPA CV FL.R 20-XX XX/XXS800,000 852,572.00 1.95EUR
Convertible bonds 2,002,532.00 4.57
Floating rate bonds 7,861,113.65 17.94
Italy 3,270,298.63 7.47
BANCO BPM SPA FL.R 19-99 18/04S400,000 457,628.00 1.04EUR BRUNELLO BIDCO FL.R 21-28 15/02Q1,000,000 1,001,520.00 2.29EUR CEDACRI MERGECO SPA FL.R 21-28 15/05Q300,000 302,667.00 0.69EUR DIOCLE SPA FL.R 19-26 30/06Q225,000 225,923.63 0.52EUR GUALA CLOSURES FL.R 18-24 03/10Q500,000 500,692.50 1.14EUR INTERNATIONAL DESIGN GR FL.R 21-26 15/05100,000 101,051.50 0.23EUR INTESA SANPAOLO SPA FL.R 20-XX 31/12S350,000 349,174.00 0.80EUR
ANACAP FIN EU FL.R 17-24 30/07Q500,000 476,230.00 1.09EUR Luxembourg 1,980,292.50 4.52
LINCOLN FINANCING SARL FL.R 19-24 01/04Q1,000,000 1,002,865.00 2.29EUR ROSSINI SARL FL.R 19-25 30/10Q500,000 501,197.50 1.14EUR
AUTODIS FL.R 16-22 01/05S324,660 324,941.02 0.74EUR France 825,088.52 1.88
PICARD GROUPE FL.R 17-23 30/11Q500,000 500,147.50 1.14EUR
TRIVIUM PACKAGING FL.R 19-26 15/08Q500,000 500,620.00 1.14EUR The Netherlands 500,620.00 1.14
COMMERZBANK AG FL.R 20-99 31/12A400,000 442,018.00 1.01EUR Germany 442,018.00 1.01
ERSTE GROUP BANK AG FL.R 20-XX XX/XXS400,000 428,962.00 0.98EUR Austria 428,962.00 0.98
BANCO SANTANDER SA FL.R 20-XX 14/01A400,000 413,834.00 0.94EUR Spain 413,834.00 0.94
NEXTAM PARTNERS VER CAPITAL HY ITALIAN SELECTION -I- EUR CAP135,538 771,754.56 1.76EUR
Shares/Units of UCITS/UCIS 771,754.56 1.76
Shares/Units in investment funds 771,754.56 1.76
Other funds 771,754.56 1.76
Securities portfolio as at 30/06/21 EURExpressed in
NEXTAM PARTNERS – VER CAPITAL CREDIT FUND
Quantity Denomination Quotation currency
% of net assetsMarket value
19Page
172,584.25Unrealised profit on the securities portfolio 905,869.14Cash at banks 181,487.76Interests receivable
46,302.16Liabilities 22,505.56Accrued management fees
16,810.56Other liabilities
Expressed in EUR
NEXTAM PARTNERS – VER CAPITAL CEDOLA 2022
Changes in number of shares outstanding from 01/01/21 to 30/06/21
Shares issued Shares redeemed Shares
outstanding as at 30/06/21
Shares outstanding as at
20Page
31/12/1931/12/2030/06/21Period/Year ending as at:
EUR A - EUR - Distribution
215,151.000 4.88 0.10
Number of shares Net asset value per share Dividend per share
EUR
2,997.000 4.94 0.00
Number of shares Net asset value per share Dividend per share
EUR
5.30 Number of shares Net asset value per share EUR
I - EUR - Distribution
2,006,864.547 5.01 0.00
Number of shares Net asset value per share Dividend per share
EUR
21Page
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market 12,383,412.15 88.93
Bonds 10,980,846.97 78.86
France 2,310,772.00 16.60
CASINO GUICHARD 1.865 17-22 13/06A500,000 499,890.00 3.59EUR LA FINAC ATALIAN SA 4.00 17-24 15/05S500,000 498,170.00 3.58EUR LA FINANCIE 5.125 18-25 31/12A100,000 101,026.00 0.73EUR LOXAM SAS 3.50 16-23 03/05S500,000 500,665.00 3.60EUR TEREOS FINANCE GROUPE 4.125 16-23 16/06A600,000 608,658.00 4.36EUR
ACCENTRO REAL E 3.6250 20-23 13/02S300,000 289,027.50 2.08EUR Germany 2,298,020.00 16.50
HP PELZER HOLDING 4.125 17-24 01/04S500,000 489,347.50 3.51EUR IKB DEUTSCHE INDUSTRIEBANK AG 4.50 17-22 23/07A500,000 520,285.00 3.74EUR NIDDA HEALTHCARE HOLDING 3.5 20-24 30/09S500,000 497,520.00 3.57EUR THYSSENKRUPP AG 1.875 19-23 06/03A500,000 501,840.00 3.60EUR
ALMAVIVA THE ITALIAN 7.25 17-22 15/10S500,000 509,345.00 3.66EUR Italy 2,001,856.28 14.38
BANCA MONTE DEI PASCHI SPA 4.0000 19-22 10/07A500,000 510,750.00 3.67EUR KEDRION SPA 3 17-22 12/07A192,000 195,521.28 1.40EUR PRO-GEST REG SHS 3.25 17-24 15/12S250,000 239,526.25 1.72EUR WEBUILD SPA 1.75 17-24 26/10A550,000 546,713.75 3.93EUR
AGGREGATE HOLDINGS SA 5.00 16-21 10/08A527,000 526,754.94 3.78EUR Luxembourg 1,080,677.69 7.76
AGGREGATE HOLDINGS SA 6.875 20-25 09/11A300,000 302,461.50 2.17EUR INEOS GROUP HOLDIN 5.375 16-24 01/08S250,000 251,461.25 1.81EUR
SOFTBANK GROUP 4.0000 18-23 20/04S500,000 522,395.00 3.75EUR Japan 522,395.00 3.75
PEMEX 1.875 15-22 21/04A100,000 100,438.50 0.72EUR Mexico 522,196.50 3.75
PEMEX 5.125 16-23 15/03A400,000 421,758.00 3.03EUR
FORTUNE STAR BVI LTD 4.3500 19-23 06/05S500,000 509,535.00 3.66EUR British Virgin Islands 509,535.00 3.66
VERISURE HOLDING AB 3.5 18-23 16/11S500,000 504,887.50 3.63EUR Sweden 504,887.50 3.63
KONGSBERG ACTUATION 5 18-25 15/07200,000 203,818.00 1.46EUR The Netherlands 412,576.00 2.96
SAIPEM FIN INTL BV 3.3750 20-26 15/07A200,000 208,758.00 1.50EUR
NORICAN GROUP APS 4.50 17-23 15/05S350,000 346,354.75 2.49EUR Denmark 346,354.75 2.49
PLAYTECH PLC 3.75 18-23 12/10S250,000 254,003.75 1.82EUR Isle of Man 254,003.75 1.82
JAGUAR LAND ROVER 5.8750 19-24 15/11S100,000 110,172.00 0.79EUR United Kingdom 110,172.00 0.79
AMS AG 6.00 20-25 31/07S100,000 107,400.50 0.77EUR Austria 107,400.50 0.77
AUTODIS FL.R 16-22 01/05S295,146 295,400.93 2.12EUR
Floating rate bonds 1,402,565.18 10.07
France 745,533.68 5.35
ANACAP FIN EU FL.R 17-24 30/07Q200,000 190,492.00 1.37EUR Luxembourg 491,210.50 3.53
ROSSINI SARL FL.R 19-25 30/10Q300,000 300,718.50 2.16EUR
BANCA MONTE DEI FL.R 18-28 18/01A200,000 165,821.00 1.19EUR Italy 165,821.00 1.19
NEXTAM PARTNERS VER CAPITAL SHORT TERM -K- EUR CAP98,971 499,703.08 3.59EUR
Shares/Units of UCITS/UCIS 499,703.08 3.59
Shares/Units in investment funds 499,703.08 3.59
Other funds 499,703.08 3.59
Securities portfolio as at 30/06/21 EURExpressed in
NEXTAM PARTNERS – VER CAPITAL CEDOLA 2022
Quantity Denomination Quotation currency
% of net assetsMarket value
23Page
442,437.01Unrealised profit on the securities portfolio 86,124.31Options purchased at market value
108,495.49Options purchased at cost 6,212,599.24Cash at banks
114,840.02Interests receivable 29,984.91Subscriptions receivable 12,648.38Dividends receivable
11,404.59Accrued administrative expenses 33,726.23Other liabilities
25,429,341.55Net asset value
Expressed in EUR
NEXTAM PARTNERS – RISK ALLOCATION FUND
Changes in number of shares outstanding from 01/01/21 to 30/06/21
Shares issued Shares redeemed Shares
outstanding as at 30/06/21
Shares outstanding as at
Key figures
31/12/1931/12/2030/06/21Period/Year ending as at:
EUR I - EUR - Capitalisation
103.86 Number of shares Net asset value per share EUR
R - EUR - Capitalisation
105.92 43,804.878 28,632.615
101.63 Number of shares Net asset value per share EUR
24Page
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market 16,923,926.99 66.56
Shares 394,075.00 1.55
Switzerland 238,200.00 0.94
ESSELUNGA SPA 0.875 17-23 25/10A100,000 101,713.00 0.40EUR
Bonds 11,210,277.38 44.09
Italy 4,238,225.62 16.67
AMERICAN EXPRESS CO 2.500 17-22 01/08S250,000 214,567.41 0.84USD United States of America 2,607,675.67 10.25
CITIGROUP INC 7.00 17/27 20/10A300,000 235,673.75 0.93USD FORD MOTOR COMPANY 8.5000 20-23 21/04S200,000 187,578.33 0.74USD MORGAN STANLEY 2.75 17-22 19/05S200,000 171,695.92 0.68USD UNITED STATES INDEX 0.375 17-27 15/01S1,750,000 1,798,160.26 7.06USD
FRANCE 3.40 99-29 25/07A500,000 930,985.35 3.66EUR France 930,985.35 3.66
KFW 2.05 06-26 16/02S100,000,000 839,996.96 3.30JPY Germany 839,996.96 3.30
BEI 2.75 16-26 25/08A2,350,000 554,462.47 2.18PLN Luxembourg 748,536.05 2.94
BEI 8.50 14-24 17/09A3,100,000 194,073.58 0.76ZAR
DB ETC (GOLD)6,312 721,209.12 2.84EUR Jersey Island 721,209.12 2.84
DENMARK 0.5 19-29 15/11A3,890,000 548,297.46 2.16DKK Denmark 548,297.46 2.16
BANCO SANTANDER SA 2.50 15-25 18/03A200,000 216,447.00 0.85EUR Spain 216,447.00 0.85
HYUNDAI CAPITAL SERV 3.00 17-22 29/08S200,000 172,110.88 0.68USD South Korea 172,110.88 0.68
FCA BANK SPA 0.5000 19-24 13/09A100,000 101,380.00 0.40EUR Ireland 101,380.00 0.40
SYNGENTA FINANCE 3.125 12-22 28/03A100,000 85,413.27 0.34USD The Netherlands 85,413.27 0.34
RABOBANK CV FL.R 20-XX 29/06S200,000 222,063.00 0.87EUR
Convertible bonds 222,063.00 0.87
The Netherlands 222,063.00 0.87
Floating rate bonds 5,097,511.61 20.05
Italy 1,690,015.50 6.66
ENI SPA FL.R 20-49 31/12A400,000 425,764.00 1.68EUR INTESA SANPAOLO SPA FL.R 17-XX 16/05S400,000 439,416.00 1.74EUR MEDIOBANCA FL.R 17-22 18/05Q300,000 301,531.50 1.19EUR UNICREDIT SPA FL.R 17-XX 03/06S200,000 212,255.00 0.83EUR
DEUTSCHE BANK AG FL.R 14-21 10/09Q300,000 300,276.00 1.18EUR Germany 900,321.00 3.54
VOLKSWAGEN LEASING FL.R 17-21 06/07Q600,000 600,045.00 2.36EUR
AXA SA SUB FL.R 03-XX 29/01Q700,000 631,260.00 2.48EUR France 838,556.00 3.30
EDF SA FL.R 19-XX XX/XXA200,000 207,296.00 0.82EUR
HSBC HLDGS FL.R 14-XX 16/09S200,000 209,660.00 0.82EUR United Kingdom 513,680.00 2.02
LLOYDS BANKING GROUP PLC FL.R 17-24 21/06Q300,000 304,020.00 1.20EUR
BANCO SANTANDER SA FL.R 18-XX XX/XXQ200,000 208,668.00 0.82EUR Spain 437,532.00 1.72
BBVA FL.R 20-XX XX/XXQ200,000 228,864.00 0.90EUR
Securities portfolio as at 30/06/21 EURExpressed in
NEXTAM PARTNERS – RISK ALLOCATION FUND
Quantity Denomination Quotation currency
% of net assetsMarket value
GOLDMAN SACHS GROUP INC FL.R 18-23 23/02Q400,000 338,998.74 1.33USD United States of America 338,998.74 1.33
TELEFONICA EUROPE BV FL.R 18-XX 22/09A200,000 207,014.00 0.81EUR The Netherlands 207,014.00 0.81
UBS GROUP AG FL.R 18-XX XX/XXA200,000 171,394.37 0.67USD Switzerland 171,394.37 0.67
ISHARES III PLC JP MORGAN EM LOC GOVT BD UCITS USD DIS9,484 452,386.80 1.78EUR
Shares/Units of UCITS/UCIS 2,248,704.44 8.84
Shares/Units in investment funds 2,248,704.44 8.84
Bond funds 1,166,914.96 4.59
XTRACKERS II HARVEST CCH SB DR -1D- USD DIS37,101 714,528.16 2.81EUR
ISHARES II PLC GLOBAL INFRASTRUCTURE UCITS ETF USD DIS10,000 268,500.00 1.06EUR Equity funds 1,081,789.48 4.25
ISHARES PLC ASIA PACIFIC DIVIDEND UCITS ETF USD DIS27,000 569,160.00 2.23EUR ISHARES V PLC MSCI JAPAN EUR HDG UCITS ETF EUR CAP4,142 244,129.48 0.96EUR
Total securities portfolio 19,172,631.43 75.40
Securities portfolio as at 30/06/21 EURExpressed in
NEXTAM PARTNERS – RISK ALLOCATION FUND
Quantity Denomination Quotation currency
% of net assetsMarket value
Changes in number of shares outstanding from 01/01/21 to 29/01/21
Shares issued Shares redeemed Shares
outstanding as at 29/01/21
Shares outstanding as at
Key figures
31/12/1931/12/2029/01/21Period/Year ending as at:
EUR A - EUR - Capitalisation
5.01 Number of shares Net asset value per share EUR
I - EUR - Capitalisation
0.00 0.000 2,352,786.260
4.94 Number of shares Net asset value per share EUR
28Page
SELECTION
29Page
32,150.27Unrealised profit on the securities portfolio 53,111.19Cash at banks 72,274.78Interests receivable
15,639.99Liabilities 76.27Redemptions payable
2,533.42Accrued administrative expenses 6,265.77Other liabilities
5,712,727.89Net asset value
Expressed in EUR
NEXTAM PARTNERS – VER CAPITAL HIGH YIELD ITALIAN SELECTION
Changes in number of shares outstanding from 01/01/21 to 30/06/21
Shares issued Shares redeemed Shares
outstanding as at 30/06/21
Shares outstanding as at
Key figures
31/12/1931/12/2030/06/21Period/Year ending as at:
EUR I - EUR - Capitalisation
5.21 Number of shares Net asset value per share EUR
PIR - EUR - Capitalisation
5.51 12,474.582 2,303.986
5.12 Number of shares Net asset value per share EUR
30Page
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market 5,602,981.91 98.08
Bonds 2,482,639.51 43.46
Italy 2,386,162.42 41.77
CASSA DI RISPARMIO 9.25 20-99 31/12S200,000 197,097.00 3.45EUR CENTURION BIDCO SPA 5.875 20-26 30/09S200,000 209,599.00 3.67EUR ITALIAN WINE BRANDS 2.5 21-27 13/05A160,000 162,148.80 2.84EUR JUVENTUS FOOTBALL 3.375 19-24 19/02A100,000 100,692.00 1.76EUR KEDRION GROUP SPA 3.375 21-26 15/05S200,000 199,540.00 3.49EUR MARCOLIN SPA 6.125 21-26 15/11S100,000 102,204.00 1.79EUR NEWLAT FOOD SPA 2.625 21-27 19/02S100,000 102,051.00 1.79EUR PRO-GEST REG SHS 3.25 17-24 15/12S200,000 191,621.00 3.35EUR REKEEP SPA 7.2500 21-26 01/02S200,000 216,084.00 3.78EUR SCHUMANN SPA 7.00 16-23 31/07S68,750 69,870.62 1.22EUR VERITAS SPA 3.2500 20-27 09/12A200,000 196,936.00 3.45EUR WEBUILD 5.8750 20-25 15/12A300,000 332,712.00 5.83EUR
ASR MEDIA AND SPONSO 5.125 19-24 31/08S98,982 96,477.09 1.69EUR Luxembourg 96,477.09 1.69
BANCO BPM SPA CV FL.R 20-XX XX/XXS200,000 213,143.00 3.74EUR
Convertible bonds 404,803.00 7.09
Floating rate bonds 2,715,539.40 47.53
Italy 2,522,386.40 44.15
BANCA MONTE DEI FL.R 18-28 18/01A200,000 165,821.00 2.90EUR BANCO BPM SPA FL.R 19-99 18/04S200,000 228,814.00 4.00EUR BORMIOLI PHARMA BIDCO FL.R 17-24 15/11Q200,000 199,555.00 3.49EUR BPER BANCA SPA FL.R 17-27 31/05A100,000 104,584.50 1.83EUR CEDACRI MERGECO SPA FL.R 21-28 15/05Q100,000 100,889.00 1.77EUR DIOCLE SPA FL.R 19-26 30/06Q180,000 180,738.90 3.16EUR EVOCA SPA FL.R 19-26 01/11Q200,000 189,445.00 3.32EUR FABRIC BC SPA FL.R 18-24 30/11Q100,000 100,262.50 1.76EUR GOLDEN GOOSE SP FL.R 21-27 14/05Q100,000 98,372.50 1.72EUR INTERNATIONAL DESIGN GR FL.R 21-26 15/05100,000 101,051.50 1.77EUR INTESA SANPAOLO FL.R 14-XX 17/12A200,000 220,487.00 3.86EUR LIMACORPORATE SPA FL.R 17-23 15/08S100,000 100,120.50 1.75EUR SACE FL.R 15-XX 10/02A100,000 103,766.00 1.82EUR UNICREDIT SPA FL.R 20-32 15/01A200,000 204,746.00 3.58EUR UNIPOLSAI SPA FL.R 14-XX 18/06A200,000 220,620.00 3.86EUR
FIRE BC FL.R 18-24 28/09Q200,000 193,153.00 3.38EUR Luxembourg 193,153.00 3.38
Total securities portfolio 5,602,981.91 98.08
Securities portfolio as at 30/06/21 EURExpressed in
NEXTAM PARTNERS – VER CAPITAL HIGH YIELD ITALIAN SELECTION
Quantity Denomination Quotation currency
% of net assetsMarket value
32Page
46,662.58Unrealised profit on the securities portfolio 993,483.85Cash at banks 563,275.72Interests receivable 135,942.33Subscriptions receivable
1.17Other assets
17,501.22Accrued administrative expenses 29,221.52Other liabilities
44,232,718.16Net asset value
Expressed in EUR
NEXTAM PARTNERS – VER CAPITAL SHORT TERM
Changes in number of shares outstanding from 01/01/21 to 30/06/21
Shares issued Shares redeemed Shares
outstanding as at 30/06/21
Shares outstanding as at
33Page
Total Net Assets 44,232,718.16 18,576,802.39
31/12/2030/06/21Period ending as at:
EUR D - EUR - Capitalisation
5.01 Number of shares Net asset value per share EUR
I - EUR - Distribution
5.04 1,397,614.314 1,000,000.000
5.00 Number of shares Net asset value per share EUR
K - EUR - Capitalisation
5.05 1,512,046.927 444,044.044
5.01 Number of shares Net asset value per share EUR
34Page
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market 44,133,776.58 99.78
Bonds 41,862,385.85 94.64
Germany 7,555,860.89 17.09
ADLER REAL ESTATE AG 1.50 19-22 17/04A900,000 897,943.50 2.03EUR ADLER REAL ESTATE AG 1.875 18-23 27/04A600,000 603,051.00 1.36EUR COMMERZBANK AG 8.125 13-23 19/09S500,000 477,939.94 1.08USD HP PELZER HOLDING 4.125 17-24 01/04S100,000 97,869.50 0.22EUR IKB DEUTSCHE INDUSTRIEBANK AG 4.50 17-22 23/07A250,000 260,142.50 0.59EUR K S 2.625 17-23 06/04A300,000 308,590.50 0.70EUR K S REG SHS 4.125 13-21 06/12A100,000 101,775.00 0.23EUR KS AKTUELL AG 3.00 12-22 20/06A500,000 507,432.00 1.15EUR KS AKTUELL AG 3.25 18-24 18/07A200,000 208,270.00 0.47EUR METRO AG 4.0000 12-22 11/07A1,200,000 1,249,764.00 2.82EUR NORDDEUTSCHE LANDESBK 4.75 13-23 02/10A100,000 106,839.50 0.24EUR PEACH PROPERTY FIN 3.5 19-23 15/02S600,000 617,067.00 1.40EUR PLATIN 1426 GMBH 5.375 17-23 15/06S100,000 100,954.00 0.23EUR THYSSENKRUPP AG 1.375 17-22 03/03A649,000 650,375.88 1.47EUR THYSSENKRUPP AG 1.875 19-23 06/03A928,000 931,415.04 2.11EUR
ALMAVIVA THE ITALIAN 7.25 17-22 15/10S698,000 711,045.62 1.61EUR Italy 6,910,386.72 15.63
ATLANTIA SPA 6.25 04-22 09/06A100,000 121,823.14 0.28GBP AUTOSTRADE 1.125 15-21 04/11A850,000 853,757.00 1.93EUR BANCA IFIS SPA 2.0000 18-23 24/04A1,200,000 1,220,598.00 2.75EUR BANCA MONTE DEI PASCHI SPA 4.0000 19-22 10/07A1,100,000 1,123,650.00 2.54EUR BP SONDRIO 2.5 15-22 30/03A350,000 352,418.33 0.80EUR IMMOB GRANDE DIST 2.65 15-22 21/04A400,000 396,016.00 0.90EUR INTER MEDIA COMM 4.875 17-22 31/12S189,200 189,402.44 0.43EUR KEDRION SPA 3 17-22 12/07A641,000 652,755.94 1.48EUR UNICREDIT SPA REG SHS 5.05 10-22 25/04A1,050,000 1,090,115.25 2.46EUR WEBUILD SPA 1.75 17-24 26/10A200,000 198,805.00 0.45EUR
DISH DBS CORPORATION 5.00 12-23 15/03S100,000 87,913.48 0.20USD United States of America 3,765,679.41 8.51
FLUOR CORP 1.75 16-23 21/03A600,000 612,402.00 1.38EUR FORD MOTOR CREDIT CO 1.514 19-23 17/02A200,000 203,311.00 0.46EUR FORD MOTOR CREDIT CO 3.219 15-22 09/01S800,000 679,341.46 1.54USD LUMEN TECH 5.80 12-22 15/03S700,000 606,753.89 1.37USD MACY S RETAIL HOLDING INC 2.875 12-23 15/02S200,000 169,860.57 0.38USD NAVIENT CORP 7.25 12-21 12/07S500,000 435,741.28 0.99USD PITNEY BOWES INC 3.875 17-22 15/05S300,000 263,649.73 0.60USD SILGAN HOLDINGS INC 3.25 17-25 15/03S700,000 706,706.00 1.59EUR
AIR FRANCE - KLM 3.0 21-24 01/07A200,000 198,586.00 0.45EUR France 3,465,396.00 7.83
CASINO GUICHARD 1.865 17-22 13/06A1,300,000 1,299,714.00 2.94EUR CASINO GUICHARD-PERRACHON SA 4.561 13-23 25/01A100,000 104,031.50 0.24EUR LOXAM SAS 3.50 17-22 15/04S200,000 200,390.00 0.45EUR LOXAM SAS 3.50 16-23 03/05S850,000 851,130.50 1.92EUR TEREOS FINANCE GROUPE 4.125 16-23 16/06A800,000 811,544.00 1.83EUR
HOIST FINANCE AB 2.75 18-23 03/04A400,000 412,894.00 0.93EUR Sweden 3,028,006.50 6.85
INTRUM AB 2.75 17-21 15/07S1,300,000 1,302,405.00 2.94EUR VERISURE HOLDING AB 3.5 18-23 16/11S1,300,000 1,312,707.50 2.98EUR
ANGLIAN WATER SVS FIN 5.00 15-23 30/04S250,000 308,780.21 0.70GBP United Kingdom 2,674,043.83 6.05
FCE BANK PLC 0.869 17-21 13/09A200,000 200,335.00 0.45EUR FCE BANK PLC 1.134 15-22 10/02A700,000 704,305.00 1.60EUR INVESTEC BANK SUB 9.625 11-22 17/02A100,000 122,479.67 0.28GBP JAGUAR LAND ROVER 5.00 14-22 15/02S200,000 237,745.76 0.54GBP RAC BOND CO 4.565 16-23 06/05S300,000 364,162.21 0.82GBP RENEWI PLC 3.6500 15-22 16/06A75,000 76,684.88 0.17EUR ROLLS ROYCE PLC 0.875 18-24 09/05A300,000 296,229.00 0.67EUR THAMES WATER KE 5.8750 15-22 15/07S300,000 363,322.10 0.82GBP
PEMEX 1.875 15-22 21/04A1,050,000 1,054,604.25 2.38EUR Mexico 1,907,574.00 4.31
Securities portfolio as at 30/06/21 EURExpressed in
NEXTAM PARTNERS – VER CAPITAL SHORT TERM
Quantity Denomination Quotation currency
% of net assetsMarket value
AGGREGATE HOLDINGS SA 5.00 16-21 10/08A1,110,000 1,109,483.85 2.52EUR Luxembourg 1,900,161.96 4.30
CONTOURGLOBAL POWER 4.125 18-25 26/07S200,000 204,701.00 0.46EUR INEOS GROUP HOLDIN 5.375 16-24 01/08S200,000 201,169.00 0.45EUR KERNEL HOLDING SA 8.75 17-22 31/01S200,000 174,666.11 0.39USD ROSSINI SARL 6.75 18-25 30/10S200,000 210,142.00 0.48EUR
FORTUNE STAR BVI LTD 4.3500 19-23 06/05S700,000 713,349.00 1.61EUR British Virgin Islands 1,390,802.17 3.14
PROVEN GLORY 3.25 17-22 21/02S800,000 677,453.17 1.53USD
ANADOULU EFES BIRACI 3.375 12-22 01/11S600,000 516,002.52 1.16USD Turkey 1,355,427.19 3.06
ARCELIK AS 3.875 14-21 16/09A400,000 402,856.00 0.91EUR ARCELIK AS 5.00 13-23 03/04S500,000 436,568.67 0.99USD
CNAC (HK) 1.75 18-22 14/03A800,000 809,960.00 1.83EUR Hong Kong 1,112,010.50 2.51
CNRC CAPITAL 1.871 16-21 07/12A300,000 302,050.50 0.68EUR
TEVA PHARMA FIN II BV 3.25 18-22 14/03S1,100,000 1,111,874.50 2.51EUR The Netherlands Antilles 1,111,874.50 2.51
DKT FINANCE APS 7.00 18-23 17/06S700,000 713,328.00 1.62EUR Denmark 1,109,162.00 2.51
NORICAN GROUP APS 4.50 17-23 15/05S400,000 395,834.00 0.89EUR
SOFTBANK GROUP CORP 4.00 15-27 30/01S500,000 515,435.00 1.17EUR Japan 1,090,069.50 2.46
SOFTBANK GROUP 4.0000 18-23 20/04S550,000 574,634.50 1.29EUR
INTERTRUST GROUP BV 3.375 18-25 15/11S200,000 204,603.00 0.46EUR The Netherlands 894,597.68 2.02
SAIPEM FIN INTL BV 3.75 16-23 08/09A600,000 637,494.00 1.45EUR SAMVARDHANA MOTHERSON 4.875 16-21 16/12S12,500 10,525.88 0.02USD TEVA PHARMA FIN III BV 2.20 16-21 21/07S50,000 41,974.80 0.09USD
AA BOND CO LIMITED 2.875 16-43 31/07S500,000 583,738.09 1.32GBP Jersey Island 583,738.09 1.32
AMP GROUP FINAN 6.8750 99-22 23/08A180,000 221,033.34 0.50GBP Australia 567,526.41 1.28
CIMIC FINANCE (USA) 5.95 12-22 13/11S400,000 346,493.07 0.78USD
PLAYTECH PLC 3.75 18-23 12/10S500,000 508,007.50 1.15EUR Isle of Man 508,007.50 1.15
ALFA HOLD ISSUANCE PLC 2.70 20-23 11/06A400,000 410,522.00 0.93EUR Ireland 410,522.00 0.93
ENERGO PRO AS 4.00 17-22 07/12A300,000 298,644.00 0.68EUR Czech Republic 298,644.00 0.68
RAIFFEISEN LB NIEDER 5.875 13-23 27/11A200,000 222,895.00 0.50EUR Austria 222,895.00 0.50
AUTODIS FL.R 16-22 01/05S885,437 886,202.79 2.00EUR
Floating rate bonds 2,271,390.73 5.14
France 1,886,497.79 4.27
PICARD GROUPE FL.R 17-23 30/11Q1,000,000 1,000,295.00 2.27EUR
FORD MOTOR CREDIT CO FL.R 17-22 28/03Q300,000 251,650.61 0.57USD United States of America 384,892.94 0.87
PITNEY BOWES INC FL.R 17-23 15/09S150,000 133,242.33 0.30USD
Total securities portfolio 44,133,776.58 99.78
Securities portfolio as at 30/06/21 EURExpressed in
NEXTAM PARTNERS – VER CAPITAL SHORT TERM
Quantity Denomination Quotation currency
% of net assetsMarket value
General Information
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