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									                   Equities
Raiffeisen Pacific E


Semi-annual fund report
2009-2010
Table of contents

General fund information ...................................................................................................................................... 3
Fund characteristics ............................................................................................................................................. 3
   Legal notice....................................................................................................................................................... 4
Fund details in EUR .............................................................................................................................................. 5
Units in circulation ................................................................................................................................................ 5
Fund investment policy report .............................................................................................................................. 6
Makeup of fund assets in EUR ............................................................................................................................. 7
Portfolio of investments in EUR ............................................................................................................................ 8




                                               February 2010
Semi-annual fund report: 1 September 2009 – 28 F                                                                                                                      2
Raiffeisen Pacific Equities
              nd
Semi-annual fun report
              ber               ry
from 1 Septemb 2009 to 28 Februar 2010
                                                                                                     aluations in the Pacific
Raiffeisen Pacific Equities invests in securities issued by companies with fundamentally attractive va
                                          he
and South-East Asia regions. The size of th developed Pacific markets means that the fund has an increased Japan
weighting and also holdings in countries considered emerging markets. Due to the smaller markets and the currency
                                           vestment an investment in this fund is associated with an iincreased level of
component, relative to a global equities inv
risk.



General fund information

Tranche                                                                 Launch date                 ISIN
ISIN income-distributing (A)                                            15/11/1999                     000764154
                                                                                                    AT00
ISIN income-retaining (T)                                               15/11/1999                     000764162
                                                                                                    AT00
ISIN full income-retaining (outside Austria) (V)                        6/12/1999                      000764170
                                                                                                    AT00
ISIN savings fund income-distributing (A)                               15/11/1999                     000764188
                                                                                                    AT00
ISIN savings fund income-retaining (T)                                  15/11/1999                     000764196
                                                                                                    AT00




Fund characteristics

Fund currency:                                     EUR
Financial year:                                    1 September – 31 August
Distribution/payment/reinvestment date:            15 November
EU directive compliance:                           EU directive-compliant
                                                   (public fund investing pursuant to § 20 of the Austrian Investment Fund Act)
Fund type:                                         Target fund (up to 10 % subfunds)
Target group:                                      Public fund
Custodian bank:                                    Raiffeisen Zentralbank Österreich AG
Asset management company:                          Raiffeisen Kapitalanlage-Gesellschaft m. b. H.
                                                   Schwarzenbergplatz 3, A-1010 Vienna
                                                   Tel. +43 1 71170-0, Fax +43 1 71170-1092
                                                   www.rcm.at
                                                   Companies register number: 83517 w
Fund management:                                   INVESTEC Asset Management
Auditor:                                           KPMG Austria GmbH




                                               February 2010
Semi-annual fund report: 1 September 2009 – 28 F                                                                             3
Raiffeisen Pacific Equities
Legal notice
                                         pectus (excluding special funds) – plus any amendments s
The current version of the published prosp                                                      since its initial
                                             tors at www.rcm.at.
publication – is available to potential invest
                                        ed                                                        antee can be
All data and information has been compile and checked with the greatest care. No liability or guara
                                        and
assumed for the recentness, correctness a completeness of the information provided. We consider the sources used
                                         s                                                          not
to be reliable. The software used performs calculations with an accuracy of fifteen decimal places, n with the displayed
                                       t                                                          results.
two decimal places. Discrepancies cannot be ruled out due to further calculations using published r


                                            g                                                            come by the number
The value of a unit is calculated by dividing the entire value of the investment fund inclusive of its inc
                                                                                                       s
of units. The total value of the investment fund is calculated on the basis of the current market prices of the securities,
                                       on                                                           nvestments, cash
money market instruments and subscriptio rights in the fund plus the value of the fund’s financial in
                                                                                                       ted
holdings, credit balances, receivables and other rights net of its payables. That value will be calculat by the custodian
bank.


                                         ce
The net assets are calculated in accordanc with the following principles:
a)                                          d
     In principle, the value of assets quoted or traded on a stock market or on another regulated mar
                                                                                                    rket will be
                                          ecently available price.
     determined on the basis of the most re
                                                                                               e
b) Where an asset is not quoted or traded on a stock market or another regulated market or where the price for an
                                                                                                  eflect its actual
     asset quoted or traded on a stock market or another regulated market does not appropriately re
                                                                                                        quivalent securities
     market value, the prices provided by reliable data providers or, alternatively, market prices for eq
                                         s
     or other recognized valuation methods shall be used.




                                               February 2010
Semi-annual fund report: 1 September 2009 – 28 F                                                                               4
Raiffeisen Pacific Equities
Dear unit holder,


                                         b.                                                         Raiffeisen Pacific
Raiffeisen Kapitalanlage-Gesellschaft m. b H. is pleased to present its semi-annual fund report for R
                                         2009 to 28 February 2010.
Equities for the period from 1 September 2



Fund details in EUR

                                                                                  31/8/2009                    28/2/2010
Fund assets                                                                  118,115,758.47              123,759,077.89
Net asset value/unit (A)                                                               74.31                       79.75
Issue price/unit (A)                                                                   77.28                       82.94
Net asset value/unit (T)                                                               77.88                       84.57
Issue price/unit (T)                                                                   81.00                       87.95
Net asset value/unit (V)                                                               78.21                       85.09
Issue price/unit (V)                                                                   81.34                       88.49




Units in circulation

                                                                                  A                  T                   V
Units in circulation on 31/8/2009                                       72,150.769                 73
                                                                                        1,346,908.57         100,346.242
Sales                                                                   15,336.058                 50
                                                                                          152,799.65           4,093.558
Repurchases                                                            - 18,610.282                 07
                                                                                         - 193,958.10        - 12,325.351
Units in circulation                                                    68,876.545                 16
                                                                                        1,305,750.11          92,114.449
Total units in circulation on 28/2/2010                                                                   1,466,741.110




                                               February 2010
Semi-annual fund report: 1 September 2009 – 28 F                                                                             5
Raiffeisen Pacific Equities
                            t
Fund investment policy report

                                         e.                                                        pany-specific
The fund pursues a bottom-up strategy, i.e equities are selected on the basis of an individual, comp
                                    es                                                      what from the
assessment. Active management produce a broadly-diversified portfolio which may deviate somew
                                          a
reference index, the “MSCI All Country Asia Pacific”, in terms of its individual security, sub-sector and country
                                        sed                                                    ecurity universe in the
weightings. The investment process is bas on a clear and disciplined approach, and the entire se
                                         nd                                                    ss
Asia and Pacific region (both developed an emerging markets) undergoes a weekly filtering proces based on 4
factors. These 4 factors are used to select attractively-valued, good-quality companies, while a technical component and
                                           e.
the profit-adjustment trend also play a role The equities selected in this way undergo a further, fundamental analysis
which also reflects qualitative criteria. The process generally results in broad diversification in terms of the level of market
                                                                                                       ovided
capitalization of the securities invested in. Over the longer term, this equity selection system has pro
outperformance of the reference index.
                                          owth of 8.8 %. While markets in the Asia region realized sig
In the past half-year the fund achieved gro                                                          gnificant gains, Japan
                                                                                                    evelopment was
only recorded a positive performance due to its currency trend. Japan’s contribution to the fund’s de
                                        nerally reduced its holdings in Japanese equities. In contra stocks in India,
therefore below-average, and the fund gen                                                          ast,
                                        d
Australia, Malaysia, Korea, Hong Kong and Indonesia recorded favorable performances. The fund’s stock selection in
                                          lts;
the energy sector yielded very strong resul moreover, equities in the basic materials, IT, consumer and healthcare
                                            ormance contributions.
sectors in particular provided positive perfo


                                          ed
Securities lending transactions were entere into in order to generate additional income.




                                               February 2010
Semi-annual fund report: 1 September 2009 – 28 F                                                                               6
Raiffeisen Pacific Equities
                           R
Makeup of fund assets in EUR

Securities                                                       Market value        %


Equities:
JPY                                                             45,523,479.00     36.78
HKD                                                             22,422,290.38     18.12
AUD                                                             16,623,316.00     13.43
KRW                                                             14,044,802.71     11.35
TWD                                                              9,982,545.78      8.07
INR                                                              3,946,686.53      3.19
THB                                                              3,268,524.84      2.64
MYR                                                              2,002,957.58      1.62
USD                                                              1,933,749.61      1.56
IDR                                                              1,223,284.66      0.99
SGD                                                              1,030,649.85      0.83
PHP                                                                946,085.65      0.76
Total securities                                               122,948,372.59     99.34


Bank balances


Bank balances in fund currency                                     674,309.37      0.55
Bank balances in foreign currency                                  203,295.92      0.16
Total bank balances                                               877,605.29       0.71


Accruals and deferrals


Pro rata interest (on bank balances)                                   520.70      0.00
Debt interest                                                          - 56.03     0.00
Accrued dividend entitlements                                       85,523.24      0.07
Total accruals and deferrals                                        85,987.91      0.07


Other items


Various fees                                                      - 152,887.90    - 0.12


Fund assets                                                    123,759,077.89    100.00




                                               February 2010
Semi-annual fund report: 1 September 2009 – 28 F                                           7
Raiffeisen Pacific Equities
Portfolio of investments in EUR

 ISIN               SECURITY TITLE                       VOLUME     PURCHASES           SALES       PRICE       RKET VALUE
                                                                                                              MAR               % SHARE
                                                        26/2/2010    ADDITIONS      DISPOSALS                        IN EUR     OF FUND
                                                                      IN PERIOD UNDER REVIEW                                     ASSETS

 EQUITIES IN AUSTRALIAN DOLLARS
 AU000000BHP4       BHP BILLITON LTD.                     134,269        49,367         10,661     40.4500       3,547,357.08       2.87
 AU000000CBA7                                RALIA
                    COMMONWEALTH BANK OF AUSTR             67,701         7,458         11,263     53.1800       2,351,549.05       1.90
 AU000000FXJ5       FAIRFAX HOLDINGS LTD.                 665,407       703,597         38,190      1.6950         736,661.03       0.59
 AU000000FLT9       FLIGHT CENTRE LTD.                     56,733        60,990          4,257     18.5500         687,369.55       0.55
 AU000000FGL6       FOSTER'S GROUP                        244,186        57,404         15,592      5.4000         861,241.89       0.70
 AU000000GUD2       G.U.D. HLDGS LTD                       71,510        71,510              0      9.7700         456,322.59       0.37
 AU000000HVN7       HARVEY NORMAN HOLDINGS LTD.           253,796       269,058         15,262      3.7700         624,937.74       0.50
 AU000000NAB4       NATIONAL AUSTRALIA BANK                69,356         9,871          8,719     24.6900       1,118,447.89       0.90
 AU000000OST6       ONESTEEL LTD.                         361,533       382,286         20,753      3.4500         814,662.39       0.66
 AU000000ORI1       ORICA LTD. NAMEN                       50,537         2,770          3,792     24.7900         818,269.97       0.66
 AU000000RIO1       RIO TINTO LTD.                         14,361        14,979         17,903     69.4000         650,960.71       0.53
 AU000000SUN6       SUNCORP-METWAY LTD.                   146,088       146,088              0      8.4300         804,364.22       0.65
 AU000000WBC1       WESTPAC BANKING                       145,066        31,549         14,181     25.6900       2,434,110.93       1.97
 AU000000WTF6       WOTIF.COM HLDGS LTD                   148,761        29,379          9,844      7.3800         717,060.96       0.58

 EQUITIES IN HONG KONG DOLLARS
 CNE1000001Z5      BANK OF CHINA LTD H                  3,761,000      1,889,000     1,112,000      3.7300       1,336,095.01       1.08
 KYG090381032      BAWANG INTER.REG S                   1,706,000      1,706,000             0      4.4100         716,543.88       0.58
 HK2388011192      BK OF CHINA (HONGKONG)                 437,500        470,500        33,000     17.5800         732,524.42       0.59
 HK0293001514      CATHAY PACIFIC AIRWAYS LTD.            507,000        544,000        37,000     14.1200         681,817.01       0.55
 CNE1000002H1      CHINA CONSTR. BANK H                 2,508,000        142,000       302,000      5.7900       1,383,028.96       1.12
 HK0941009539       CHINA MOBILE (HONGKONG) LTD.          291,500        300,000       160,000     76.4500       2,122,468.37       1.72
 CNE1000002Q2       CHINA PETRO.+ CHEM. H               1,622,000        216,000       114,000      5.8500         903,715.84       0.73
 BMG211591018       CHINA YURUN FOOD G.                   336,000        181,000       509,000     22.9500         734,424.48       0.59
 HK0883013259       CNOOC LTD SUBDIV.                   1,234,000        224,000       119,000     12.1000       1,422,085.50       1.15
 HK2356013600       DAH SING BANKING GRP                  582,552        261,200        28,000     10.1000         560,378.22       0.45
 BMG2759B1072       DIGITAL CHINA HLDGS.                  680,000        903,000       223,000     12.5000         809,550.79       0.65
 HK0270001396       GUANGDONG INVESTMENT                1,586,000        282,000       106,000      3.9000         589,105.35       0.48
 HK0014000126       HYSAN DEVELOPMENT CO.LTD.             304,000         19,000        77,000     20.8500         603,677.27       0.49
 CNE1000003G1       IND.+COMM.BK CHINA H                1,512,000        755,000     1,515,000      5.4300         781,946.06       0.63
 KYG525621408       KINGB.CHEM.HLDGS                       32,000         32,500           500     33.5000         102,098.64       0.08
 CNE1000003W8       PETROCHINA CO. LTD H                2,282,000      1,828,000       684,000      8.5300       1,853,915.13       1.50
 HK0363006039       SHANGHAI IND. HLDGS                   210,659         62,000        13,000     33.4500         671,121.76       0.54
 HK0697002241       SHOUG.CONC.INTL.ENT.                4,980,000      5,058,000        78,000      1.7700         839,513.70       0.68
 CNE100000494       SICHUAN EXPRESSWAY H                1,544,000        126,000       114,000      4.3400         638,207.94       0.52
 BMG8181C1001       SKYWORTH DIGI.HLDGS                   994,000      1,010,000        16,000      7.5200         711,917.06       0.57
 KYG826001003       SOHO CHINA LTD                      1,680,500        293,000       113,500      3.6700         587,394.34       0.47
 HK0019000162       SWIRE PACIFIC                          96,000         10,500         7,000     85.2000         778,997.40       0.63
 BMG8770Z1068       TEXWINCA HLDGS LTD.                   826,293              0       526,000      7.3100         575,276.49       0.46
 BMG9400S1089       VTECH HLDGS LTD                        81,000          5,000        39,000     76.5000         590,162.53       0.48
 CNE1000004L9       WEICHAI POWER CO. H                   105,000         49,000        74,000     56.4000         564,018.80       0.46
 CNE1000004Q8       YANZHOU COAL MNG H                    339,237        505,237       166,000     16.0400         518,242.18       0.42
 BMG988031446       YUE YUEN INDUSTRIES HOLD.             273,197       174,500         69,000     23.6000        614,063.25        0.50

 EQUITIES IN INDONESIAN RUPEES
 ID1000096605       BK NEGARA IND.                      4,153,000      1,735,500       218,000   1,910.0000       628,359.03        0.51
 ID1000108103       JASA MARGA TBK                      4,219,200      3,813,500        65,500   1,780.0000       594,925.63        0.48

 EQUITIES IN INDIAN RUPEES
 INE089A01023        DR REDDYS LABS DEMAT.                 39,916        42,911          2,995   1,143.8000       727,544.39        0.59
 INE356A01018        MPHASIS LTD. DEMAT.                   56,835        15,341          9,200     674.7000       611,067.19        0.49
 INE660F01012        PATNI COMPUTER SYS                    87,361        91,596          4,235     479.9500       668,153.10        0.54
 INE205A01025        SESA GOA LTD                         116,292        36,276          6,872     380.8500       705,774.87        0.57
 INE268A01031        STERLITE IND.I.DEMAT.                 56,843        57,724            881     750.0000       679,361.06        0.55
 INE191B01025        WELSPUN GUJARA.DEMAT.                146,465       180,124         33,659     237.7000       554,785.92        0.45

 EQUITIES IN JAPANESE YEN
 JP3830000000       BROTHER INDUSTRIES                    128,700        15,600          7,000   1,023.0000      1,094,917.90       0.88
 JP3242800005       CANON INC.                             71,850         9,600          3,600   3,720.0000      2,222,783.11       1.80
 JP3486800000                                  O.LTD.
                    DAITO TRUST CONSTRUCTIONS CO           13,939           900          9,500   4,290.0000        497,297.51       0.40
 JP3499800005       DIAMOND LEASE                          46,840        16,800         15,400   3,030.0000      1,180,285.01       0.95
 JP3783600004       EAST JAPAN RAILWAY                     23,200         1,200          6,700   6,040.0000      1,165,339.05       0.94
 JP3802600001       FAMILYMART                             25,800        26,800         16,700   2,817.0000        604,413.18       0.49




                                               February 2010
Semi-annual fund report: 1 September 2009 – 28 F                                                                                           8
Raiffeisen Pacific Equities
 ISIN               SECURITY TITLE                       VOLUME     PURCHASES           SALES         PRICE       RKET VALUE
                                                                                                                MAR               % SHARE
                                                        26/2/2010    ADDITIONS     DISPOSALS                           IN EUR     OF FUND
                                                                      IN PERIOD UNDER REVIEW                                       ASSETS

 EQUITIES IN JAPANESE YEN
 JP3276400003       GUNMA BANK LTD.                       152,000       154,000          2,000       493.0000        623,186.28       0.50
 JP3854600008       HONDA MOTOR                            87,700         3,600          4,800     3,060.0000      2,231,764.65       1.80
 JP3705600009       JAPAN AVIATION EL. O.N.               170,000       173,000          3,000       628.0000        887,842.52       0.72
 JP3726800000       JAPAN TOBACCO NAMEN                       535            78             53   319,500.0000      1,421,516.88       1.15
 JP3667600005       JGC CORP.                              65,000         4,000         31,000     1,660.0000        897,323.04       0.72
 JP3496400007       KDDI CORP.                                244            57             13   474,500.0000        962,838.43       0.78
 JP3277230003       KEIHIN CORP. O.N.                      63,500         3,300         21,400     1,553.0000        820,110.85       0.66
 JP3301100008       KOBAYASHI PHARMACEUT.                  34,100         1,700         10,400     3,605.0000      1,022,320.39       0.83
 JP3300600008       KONICA CORP. NAMEN                     81,000         6,500         83,500       912.0000        614,337.79       0.50
 JP3977200009       LINTEC CORP. O.N.                      66,800         3,700         28,000     1,691.0000        939,393.27       0.76
 JP3866800000       MATSUSHITA ELECTRIC INDUSTR            58,000         2,000          3,000     1,250.0000        602,927.90       0.49
 JP3910660004       MILLEA HOLDINGS INC.                   24,000         6,300          1,300     2,518.0000        502,567.43       0.41
 JP3822000000       MIRACA HLDGS INC.                      35,000         2,300         23,600     2,675.0000        778,608.62       0.63
 JP3898400001       MITSUBISHI CORP.                       92,600        56,200          5,000     2,210.0000      1,701,886.67       1.37
 JP3902900004       MITSUBISHI TOKYO FINL GRP             328,300        15,400         64,500       451.0000      1,231,330.96       0.99
 JP3914400001       MURATA MANUFACTORING                   22,700        23,100            400     4,695.0000        886,316.49       0.72
 JP3742600004       NHK SPRING CO. LTD                     70,000         8,000        144,000       737.0000        429,035.18       0.35
 JP3735400008       NIPPON TELEG. & TELEPH. NAMEN          12,300           700          5,900     3,885.0000        397,396.02       0.32
 JP3670800006       NISSAN CHEM. INDUSTR. LTD.             88,000         4,000          4,000     1,203.0000        880,391.16       0.71
 JP3672400003       NISSAN MOTOR                          196,900        45,800         57,400       708.0000      1,159,328.06       0.94
 JP3684000007       NITTO ELECTRIC INDUSTRIAL              45,400        54,400          9,000     3,310.0000      1,249,715.69       1.01
 JP3165650007       NTT DOCOMO INC.                         1,101           261             59   138,700.0000      1,269,963.25       1.03
 JP3173400007       OBIC CO.LTD.                            6,700         6,800            100    15,890.0000        885,372.59       0.71
 JP3194700005       OKINAWA EL. PWR O.N.                   21,405           900          1,100     4,950.0000        881,145.86       0.71
 JP3197800000       OMRON CORP.                            58,138        59,038            900     1,943.0000        939,421.00       0.76
 JP3200450009       ORIX CORP.                             22,280         7,460          1,210     6,830.0000      1,265,503.25       1.02
 JP3336000009       SANTEN PHARAMCEUTICAL CO. LTD.         46,300        18,800          8,000     2,892.0000      1,113,542.13       0.90
 JP3359600008       SHARP                                 112,000       114,000          2,000     1,036.0000        964,950.76       0.78
 JP3331600001       SHINKO PLAN.O.N.                       92,200         3,800          5,000       867.0000        664,779.16       0.54
 JP3405400007       SUMITOMO HEAVY INDUSTRIES LTD D.      172,000       175,000          3,000       461.0000        659,411.85       0.53
 JP3890350006       SUMITOMO MITSUI FINL GRP O.N.          41,600         2,400         20,300     2,853.0000        987,012.10       0.80
 JP3538800008       TDK                                    17,100        17,100              0     5,480.0000        779,298.87       0.63
 JP3633400001       TOYOTA MOTOR                          112,500        31,800         21,700     3,270.0000      3,059,339.33       2.47
 JP3539230007       TS TECH CO. LTD O.N.                   40,600        69,600         29,000     1,506.0000        508,485.27       0.41
 JP3536150000       TSURUHA HLDGS INC.                     27,300        10,800          1,500     3,405.0000        773,049.21       0.62
 JP3045540006       UNITED URBAN INV. CORP. O.N.              163            14            195   471,500.0000        639,141.00       0.52
 JP3944130008       USS                                    20,850           860          1,120     5,690.0000        986,610.43       0.80
 JP3428800001       XEBIO CO. LTD                          58,600        37,600         38,200     1,669.0000        813,357.22       0.66
 JP3935300008       YAMAGUCHI FINL GRP INC. O.N.           99,000         4,000         37,000       966.0000        795,315.96       0.64
 JP3940000007       YAMATO HLDGS CO.LTD.                   54,000        17,000         59,000     1,186.0000        532,605.72       0.43

 EQUITIES IN KOREAN WON
 KR7035760008      CJ HOME SHOPPING                        12,361         6,357            576    67,600.0000        531,309.40       0.43
 KR7005270004      DAEGU BK LTD., THE                      62,770         9,780          4,310    14,850.0000        592,687.51       0.48
 KR7000210005      DAELIM INDL                             12,651        13,498            847    72,000.0000        579,167.99       0.47
 KR7035720002      DAUM COMMCTNS                            8,608         8,741            133    70,800.0000        387,509.82       0.31
 KR7018880005      HALLA CLIM.CONTR.                       71,970        73,090          1,120    12,650.0000        578,880.90       0.47
 KR7069960003      HYUN.DEP.ST.(NEW)                        9,083         1,341          6,356    98,900.0000        571,179.75       0.46
 KR7012330007      HYUNDAI MOB. REG. SHS.                  10,332           566            775   149,000.0000        978,853.87       0.79
 KR7035250000      KANGWON LAND INC.                       65,140         3,570          4,890    16,600.0000        687,548.02       0.56
 KR7002380004      KCC CORP.                                2,998         3,199            201   349,000.0000        665,279.67       0.54
 KR7004940003      KOREA EXCH. BK                          77,746        66,040         66,790    12,650.0000        625,339.38       0.50
 KR7003690005      KOREAN RE                               56,217         3,080          4,210    10,350.0000        369,960.38       0.30
 KR7002550002      LG INSURANCE                            65,051        15,240         14,780    20,500.0000        847,920.30       0.68
 KR7023530009      LOTTE SHOPPING                           3,879         3,939             60   315,500.0000        778,155.41       0.63
 KR7005490008      POSCO                                    3,950         2,232            533   530,000.0000      1,331,129.05       1.08
 KR7005930003      SAMSUNG ELECTRONICS CO. LTD.             4,927         1,556          1,219   736,000.0000      2,305,725.34       1.86
 KR7055550008      SHINHAN FINL GRP                        34,470         8,850          2,580    41,350.0000        906,283.33       0.73
 KR7095720009      WOONGJIN THINKBIG                       43,090         2,370          3,230    24,900.0000        682,217.78       0.55
 KR7053000006      WOORI FINANCE HLDGS                     75,691        80,041          4,350    13,000.0000        625,654.81       0.51

 EQUITIES IN MALAYSIAN RINGGIT
 MYL6888OO001       AXIATA GROUP BHD                      872,400       872,400              0        3.7300        706,596.17        0.57
 MYL4715OO008       RESORTS WORLD BERHAD NAMEN          1,103,345        66,100        192,100        2.7200        651,668.94        0.53
 GB0008722323       TANJONG PLC                           168,500        11,200         92,800       17.6200        644,692.47        0.52




                                               February 2010
Semi-annual fund report: 1 September 2009 – 28 F                                                                                             9
Raiffeisen Pacific Equities
 ISIN               SECURITY TITLE                           VOLUME      PURCHASES           SALES              PRICE      RKET VALUE
                                                                                                                         MAR               % SHARE
                                                            26/2/2010     ADDITIONS     DISPOSALS                               IN EUR     OF FUND
                                                                           IN PERIOD UNDER REVIEW                                           ASSETS

 EQUITIES IN FILIPINO PESOS
 PHY594811127         MEGAWORLD CORP. REGS                 28,190,000      23,797,637     1,677,000             1.2000        540,517.65       0.43
 PHY806761029         SM INVESTMENTS                           70,020          70,020             0           362.5000        405,568.00       0.33

 EQUITIES IN SINGAPOREAN DOLLARS
 SG1S04926220       OVERS.-CHINESE                            231,000         36,000         16,000             8.5100      1,030,649.85       0.83

 EQUITIES IN THAI BAHT
 TH0001010014        BANGKOK BANK                             291,615          48,500        19,700           117.0000        762,590.67       0.62
 TH0148010018        BANPU                                     57,600           3,100         4,300           540.0000        695,203.60       0.56
 TH0465010005        ELECTR.GEN.PCL -LOC-                     423,200               0       199,900            81.2500        768,537.03       0.62
 TH0150010Z11        KRUNG THAI -FGN-                       1,391,500       1,391,500             0             9.7500        303,237.98       0.24
 TH0355A10Z12        PTT EXPL.+PROD.-FGN.-                    244,900         111,600        12,300           135.0000        738,955.56       0.60

 EQUITIES IN TAIWANESE DOLLARS
 TW0003059002       ALTEK CORP.                               480,440        252,440         22,000            51.8000        573,213.76       0.46
 TW0002324001       COMPAL ELECTRONICS INC.                   770,211        270,941        289,000            46.0500        816,934.13       0.66
 TW0009921007       GIANT MFG CO. LTD                         311,600        145,600         17,000            89.5000        642,344.74       0.52
 TW0002317005                                     D.
                    HON HAI PRECIS INDUSTRY CO. LTD           470,245        118,000        130,000           128.0000      1,386,378.60       1.12
 TW0002536000       HUNG POO REAL ESTATE                      651,000        661,000         10,000            41.5000        622,267.01       0.50
 TW0002301009       LITE-ON TECHNOLOGY                        690,010        170,010        282,000            41.5000        659,555.24       0.53
 TW0002454006       MEDIATEK INC.                              88,000        100,000         12,000           507.0000      1,027,633.66       0.83
 TW0002886009       MEGA FINL HLDGS                         1,807,857        442,000        435,000            17.6500        734,947.77       0.60
 TW0002382009       QUANTA COMPUTER INC.                      487,170         59,170         35,000            64.0000        718,138.49       0.58
 TW0003311007       SILITECH TECH.CORP.                       271,000        275,000          4,000           104.0000        649,157.86       0.53
 TW0002330008       TAIWAN SEMICONDUCTOR MANUFA   AC.CO.LTD. 568,194          62,000        652,000            58.2000        761,670.82       0.62
 TW0002451002       TRANSCEND INFO.INC.                       281,989         96,989         16,000           107.0000        694,966.12       0.56
 TW0003231007       WISTRON CORP.                             548,890        153,000         33,000            55.0000        695,337.58       0.56

 EQUITIES IN US DOLLARS
 BMG4587L1090       HONGKONG LAND HOLDINGS LTD.               190,604         11,000         14,000             4.6000        648,360.87       0.52
 BMG507641022       JARDINE STRATEGIC HOLDINGS LTD.            49,500              0         16,000            16.5600        606,167.27       0.49
 US71372U1043       PERFECT WORLD ADR CL. B                    24,592          9,000          1,400            37.3500        679,221.47       0.55



 TOTAL SECURITIES PORTFOLIO                                                                           EUR                   2,948,372.59
                                                                                                                          122                 99.34



 BANK BALANCES
 EUR BALANCES                                    UR
                                                EU         674,309.37
 BALANCES IN OTHER EU CURRENCIES                 UR
                                                EU              96.88
 BALANCES IN NON-EU CURRENCIES
 AUD                                             UR
                                                EU         -207,684.28
 CHF                                             UR
                                                EU              542.91
 HKD                                             UR
                                                EU          255,920.12
 JPY                                             UR
                                                EU             -809.66
 SGD                                             UR
                                                EU            1,192.54
 TWD                                             UR
                                                EU          117,145.40
 USD                                             UR
                                                EU           36,892.01                                EUR                    877,605.29        0.71



 ACCRUALS AND DEFERRALS
 PRO RATA INTEREST                               UR
                                                EU             520.70
 DEBT INTEREST                                   UR
                                                EU             -56.03
 ACCRUED DIVIDEND ENTITLEMENTS                   UR
                                                EU          85,523.24                                 EUR                      85,987.91       0.07



 OTHER ITEMS
 VARIOUS FEES                                                                                         EUR                    -152,887.90      -0.12



 FUND ASSETS                                                                                          EUR                   3,759,077.89
                                                                                                                          123                100.00



 NET ASSET VALUE PER DISTRIBUTED UNIT                                                                 EUR                          79.75
 NET ASSET VALUE PER REINVESTED UNIT                                                                  EUR                          84.57
 NET ASSET VALUE PER FULLY REINVESTED UNIT                                                            EUR                          85.09

 DISTRIBUTED UNITS IN CIRCULATION                                                                     UNITS                   68,876.545
 REINVESTED UNITS IN CIRCULATION                                                                      UNITS                1,305,750.116
 FULLY REINVESTED UNITS IN CIRCULATION                                                                UNITS                   92,114.449




                                               February 2010
Semi-annual fund report: 1 September 2009 – 28 F                                                                                                 10
Raiffeisen Pacific Equities
                                             LIO
 FROZEN SECURITIES FORMING PART OF THE PORTFOL OF INVESTMENTS (SECURITIES LENDING TRANSACTIONS):

 AU000000FXJ5        FAIRFAX HOLDINGS LTD.    AUD        650,000



 EXCHANGE RATES

                                           O
 FOREIGN CURRENCY ASSETS WERE CONVERTED INTO EUR ON THE BASIS OF THE EXCHANGE RATES APPLICABLE ON 25/2/2010:

 CURRENCY                                               UNITS             PRICE
 AUSTRALIAN DOLLAR                                      1 EUR      =     1.53105   AUD
 SWISS FRANC                                            1 EUR      =     1.46265   CHF
 BRITISH POUND                                          1 EUR      =     0.88655   GBP
 HONG KONG DOLLAR                                       1 EUR      =    10.49965   HKD
 INDONESIAN RUPEE                                       1 EUR      =12,623.72250   IDR
 INDIAN RUPEE                                           1 EUR      =    62.75345   INR
 JAPANESE YEN                                           1 EUR      = 120.24655     JPY
 KOREAN WON                                             1 EUR      = 1,572.72505   KRW
 MALAYSIAN RINGGIT                                      1 EUR      =     4.60525   MYR
 FILIPINO PESO                                          1 EUR      =    62.58445   PHP
 SINGAPOREAN DOLLAR                                     1 EUR      =     1.90735   SGD
 THAI BAHT                                              1 EUR      =    44.74085   THB
 TAIWANESE DOLLAR                                       1 EUR      =    43.41625   TWD
 US DOLLAR                                              1 EUR      =     1.35230   USD



                                             RIOD UNDER REVIEW NOT LISTED UNDER THE PORTFOLIO OF ASSETS:
 SECURITIES PURCHASES AND SALES DURING THE PER

 ISIN                SECURITY TITLE                                                                            PURCHASES
                                                                                                               P               SALES
                                                                                                                 ADDITIONS   DISPOSALS

 EQUITIES IN AUSTRALIAN DOLLARS
 AU000000ANZ3       AUSTRALIA A.NEW Z.BANK                                                                           4,277       83,870
 AU000000BPT9       BEACH ENERGY LTD.                                                                              630,851      630,851
 AU000000CPU5       COMPUTERSHARE LTD.                                                                               5,097      118,457
 AU000000CSL8       CSL LTD.                                                                                         1,278       25,046
 AU000000MYR2       MYER HOLDINGS LTD                                                                              257,418      257,418
 AU000000SEK6       SEEK LTD O.N.                                                                                        0            0
 AU000000TLS2       TELSTRA CORP.                                                                                   20,939      486,659
 AU000000WPL2       WOODSIDE PETROLEUM                                                                              13,423       33,345
 AU000000WOW2       WOOLWORTHS                                                                                       2,385       46,778

 EQUITIES IN HONG KONG DOLLARS
 KYG2112Y1098      CHINA DONGXIANG GROUP CO.                                                                        30,000       594,540
 BMG2107G1050      CHINA GREEN HLDGS                                                                                     0       858,000
 CNE1000002L3      CHINA LIFE INS. H                                                                                 8,000       165,000
 HK0688002218      CHINA OV.LD                                                                                       8,000       153,200
 HK2380027329      CHINA POWER INTL DEV.                                                                            84,000     1,643,000
 CNE100000312      DONGFENG MOTOR GRP                                                                                    0       934,000
 HK0388045442      HONGKONG EXCH. (BL 100)                                                                           2,000        39,100
 HK0013000119      HUTCHISON WHAMPOA                                                                                 4,000        83,000
 HK0016000132      SUN HUNG KAI PROPERTIES                                                                           2,000        57,000
 HK0004000045      THE WHARF (HOLDINGS)                                                                             51,000       315,000
 BMG906241002      TRINITY LTD                                                                                      27,274        27,274
 KYG9828G1082        XINYI GLASS HOLDING                                                                            56,000     1,294,000

 EQUITIES IN INDONESIAN RUPEES
 ID1000057607                                    IGN)
                    ASTRA INTERNATIONAL TBK.(FOREI                                                                  11,500      226,000
 ID1000094006       TAMBANG BAT.BU.                                                                                 21,000      412,500

 EQUITIES IN INDIAN RUPEES
 INE084A01016        BANK OF INDIA                                                                                   6,372      124,953
 INE140A01024        NICHOLAS PIRAMAL I.                                                                               833      100,012
 INE213A01011        OIL+NATURAL GAS DEM.                                                                           43,558       43,558

 EQUITIES IN JAPANESE YEN
 JP3942400007       ASTELLAS PHARMA INC.                                                                             1,500       37,900
 JP3305530002       COMSYS HLDGS CORP. O.N.                                                                          4,700      119,870
 JP3220500007       CULTURE CONVENIENCE                                                                              4,400      111,800
 JP3678800008                                   RP.
                    HITACHI HIGH-TECHNOLOGIES COR                                                                    2,300       57,500
 JP3143900003       ITOCHU TECHNO-SIENCE CORP.                                                                       1,200       30,700




                                               February 2010
Semi-annual fund report: 1 September 2009 – 28 F                                                                                      11
Raiffeisen Pacific Equities
 ISIN               SECURITY TITLE                                                           PURCHASES
                                                                                             P                SALES
                                                                                               ADDITIONS    DISPOSALS

 EQUITIES IN JAPANESE YEN
 JP3305800009       KOMORI CORP.                                                                   3,800        96,600
 JP3247400009       KYOEI STEEL LTD O.N.                                                           2,400        61,400
 JP3920860008       MEGACHIPS CORP. O.N.                                                           2,100        53,700
 JP3907200004       MIMASU SEMICON.IND.O.N.                                                        1,700        45,632
 JP3885780001       MIZUHO FINL GROUP O.N.                                                         9,100       230,800
 JP3922200005       MOSHI MOSHI HOTLINE                                                            1,300        59,550
 JP3744600002       NIHON PARKERIZING O.N.                                                         3,000        72,000
 JP3756600007       NINTENDO                                                                           0         4,900
 JP3726200003       NIPPON SODA                                                                    7,000       167,000
 JP3762600009       NOMURA HOLDINGS INC                                                            2,700        69,000
 JP3045530007       NOMURA REAL EST. OFF.                                                              6           215
 JP3973400009       RICOH COMP.                                                                    4,000       111,000
 JP3326410002       SANKYO CO. LTD.                                                                9,200        22,500
 JP3371200001       SHIN ETSU CHEMICAL                                                             1,300        32,900
 JP3539350003       TAKE AND GIVE. NEEDS CO.O.N.                                                       0             0
 JP3463000004       TAKEDA                                                                         1,200        29,800

 EQUITIES IN KOREAN WON
 KR7005830005      DONGBU INSURANCE                                                                1,210        23,649
 KR7071050009      KOREA INVT HLDGS                                                                3,710        34,260
 KR7051910008      LG CHEMICAL LTD. NEW                                                              453         8,887
 KR7066570003      LG ELECTR. (NEW)                                                                4,167        12,439
 KR7093050003      LG FASHION CORP.                                                                    0        19,850
 KR7028050003      SAMSUNG ENGINEER.                                                                 535        10,496

 EQUITIES IN MALAYSIAN RINGGIT
 MYL1015OO006       AMMB HOLDINGS BERHAD NAMEN                                                     5.900       703,900

 EQUITIES IN FILIPINO PESOS
 PHY2292S1043         ENERGY DEVELOPM.CORP.PP 1                                                 2,797,540     9,947,701
 PH7182521093                                      PH.CO.
                      PHILIPPINE LONG DISTANCE TELEP                                                  690        13,549

 EQUITIES IN SINGAPOREAN DOLLARS
 SG1L01001701       DBS GROUP HOLDINGS LTD.                                                        4.000        67,000

 EQUITIES IN THAI BAHT
 TH0535010Z13        THOR.THAI AGEN.-FGN- BA 1                                                  1,168,500     1,168,500

 EQUITIES IN TAIWANESE DOLLARS
 TW0002498003       HIGH TECH COMPUTER TA 10                                                       2,773         2,773

 EQUITIES IN US DOLLARS
 US64110W1027       NETEASE.COM ADR/100                                                              700        14,300
 US6934831099       POSCO ADR'S                                                                    6,900         6,900
 US81941Q2030       SHANDA INTERACT.E. ADR/2                                                         571        11,206
 US83408W1036       SOHU.COM INC.                                                                    344         6,753




                                      m.                                                    ociation of Austrian
Raiffeisen Kapitalanlage-Gesellschaft m b. H. complies with the quality standards of the Asso
                                   sterreichischer Investmentgesellschaften, VÖIG).
Investment Companies (Vereinigung Ös




Vienna, 8 April 2010




                                               February 2010
Semi-annual fund report: 1 September 2009 – 28 F                                                                     12
Raiffeisen Pacific Equities

								
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