CHIRON FUNDS ICAV - Carne Group
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CHIRON FUNDS ICAV
(An Irish collective asset-management vehicle with variable capital constituted as an umbrella fund with
segregated liability between sub-funds pursuant to the European Communities (Undertakings for Collective
Investment in Transferable Securities) Regulations 2011 (as amended))
Registration Number C162244
CONDENSED INTERIM REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD ENDED
30 APRIL 2021CHIRON FUNDS ICAV
CONTENTS
General Information 3
Statement of Financial Position 4
Statement of Comprehensive Income 5
Statement of Changes In Net Assets Attributable To Holders of Redeemable Participating
Shares 6
Statement of Cash Flows 7
Notes to the Financial Statements 8 - 26
Schedule of Investments 27 - 32
Significant Portfolio Changes 33 - 34
Appendix 35 - 36
2CHIRON FUNDS ICAV
GENERAL INFORMATION
As at 30 April 2021
BOARD OF DIRECTORS ADMINISTRATOR, REGISTRAR AND TRANSFER
Mark Fitzgerald* (Irish) AGENT
Yvonne Connolly^ (Irish) RBC Investor Services Ireland Limited
th
Enrico Gaglioti (USA) (resigned on 30 April 2021) 4 Floor
Ryan Caldwell (USA) One George’s Quay Plaza
John Paul Armenio (USA) George’s Quay
Scott Wen^ (USA) (appointed on 30 April 2021) Dublin 2
13 March 2020) Ireland
REGISTERED OFFICE DEPOSITARY
nd
2 Floor RBC Investor Services Bank S.A., Dublin Branch
th
Block E, Iveagh Court 4 Floor
Harcourt Road One George’s Quay Plaza
Dublin 2 George’s Quay
Ireland Dublin 2
Ireland
ICAV SECRETARY LEGAL ADVISERS AS TO MATTERS OF IRISH LAW
Carne Global Financial Services Limited Dechert
nd nd
2 Floor 2 Floor
Block E, Iveagh Court 5 Earlsfort Terrace
Harcourt Road Dublin 2
Dublin 2 Ireland
Ireland
INDEPENDENT AUDITORS
MANAGER PricewaterhouseCoopers
Carne Global Fund Managers (Ireland) Limited One Spencer Dock
nd
2 Floor North Wall Quay
Block E, Iveagh Court Dublin 1
Harcourt Road Ireland
Dublin 2
Ireland
INVESTMENT MANAGER
Chiron Investment Management, LLC
rd th
10 East 53 Street, 20 Floor
New York, NY 10022
*Independent non-executive Director
^Non-executive Director
3CHIRON FUNDS ICAV
STATEMENT OF FINANCIAL POSITION
As at 30 April 2021
Chiron Global Chiron Global
Opportunities Fund Opportunities Fund
30 April 2021 31 October 2020
Notes USD USD
ASSETS
Financial assets at fair value through profit or loss:
Investments in transferable securities 8 336,231,398 279,143,367
Investments in financial derivative instruments 8 102,941 1,016,780
Cash at bank 10 28,767,907 6,597,686
Cash held as collateral 10 5,403,124 7,442,877
Receivable on subscriptions - 168,593
Receivable on sales of securities 4,496,416 8,404,343
Interest and dividends receivable 208,139 96,691
Other receivables 78,285 40,398
TOTAL ASSETS 375,288,210 302,910,735
LIABILITIES
Financial liabilities at fair value through profit or loss:
Investments in financial derivative instruments 8 1,357,324 1,024,119
Collateral cash due to broker 10 3,125,554 1,511,265
Payable on redemptions 75,511 97,559
Payable on investments purchased 3,136,963 2,752,704
Accrued expenses 5 3,663,228 514,707
TOTAL LIABILITIES (excluding Net Assets
attributable to holders of redeemable participating
shares) 11,358,580 5,900,354
NET ASSETS attributable to holders of redeemable
participating shares 12 363,929,630 297,010,381
The accompanying notes form an integral part of the Financial Statements.
4CHIRON FUNDS ICAV
STATEMENT OF COMPREHENSIVE INCOME
For the financial period ended 30 April 2021
Chiron Global Chiron Global
Opportunities Fund Opportunities Fund
30 April 2021 30 April 2020
Notes USD USD
INCOME
Bank interest income 9 149,050
Bond interest income 128,596 1,417,614
Swap interest income 42,361 7,740
CFD interest income - 62,815
Dividend income 2,167,041 3,847,365
Net realised and unrealised gain/(loss) on financial
assets and liabilities at fair value through profit or loss 9 104,923,589 (39,667,208)
Other income/(loss) - 16,835
Total investment income 107,261,596 (34,165,789)
EXPENSES
Investment management fees 5 1,506,329 1,993,881
Depositary and depositary oversight fees 5 87,291 103,943
Management fees 5 68,727 74,204
Administrative fees 5 43,923 48,217
Transfer agency fees 5 20,588 48,295
Audit fees 5 21,561 19,717
Director fees 5 26,379 24,123
Transaction costs 2 934,148 588,360
Registration fees 71,344 65,237
Performance fees 5 3,139,229 -
Other fees and expenses 5 268,439 241,796
Total expenses from operations 6,187,958 3,207,773
Finance costs
Bank interest 54,739 3,573
Total finance costs 54,739 3,573
Profit/(Loss) before tax 101,018,899 (37,377,135)
Withholding tax (431,418) (704,563)
Capital gains tax - (13)
Increase/(Decrease) in net assets attributable to
holders of redeemable participating shares after
tax 100,587,481 (38,081,711)
The accompanying notes form an integral part of the Financial Statements.
5CHIRON FUNDS ICAV
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF
REDEEMABLE PARTICIPATING SHARES
For the financial period ended 30 April 2021
Chiron Global Chiron Global
Opportunities Fund Opportunities Fund
30 April 2021 30 April 2020
Notes USD USD
Net assets attributable to holders of redeemable
participating shares at beginning of the financial
period 297,010,381 438,890,528
Increase/(Decrease) in net assets attributable to
holders of redeemable participating shares 100,587,481 (38,081,711)
Proceeds from issuance of redeemable participating
shares 4
Class A USD Non-distributing* 100 -
Class A USD Distributing* 100 -
Class A1 EUR Non-distributing 30,307 -
Class I USD Non-distributing - 341,230
Class I USD Distributing - 180,057
Class I GBP Non-distributing 12,728 8,576
Class I EUR Non-distributing - 825,735
Class I EUR Distributing - 341,230
Class I CHF Non-distributing 6,494 36,348
Class IP USD Non-distributing 416,511 318,264
466,240 1,710,210
Payments on redemption of redeemable participating
shares 4
Class A1 USD Non-distributing (12,256,353) (14,758,823)
Class A1 USD Distributing (1,156,975) (2,014,259)
Class A1 GBP Non-distributing (174,451) (1,259,523)
Class A1 EUR Non-distributing (1,679,128) (16,116,919)
Class A1 EUR Distributing - (1,093,054)
Class A1 CHF Non-distributing (105,457) (469,389)
Class I USD Non-distributing (944,836) (14,692,593)
Class I USD Distributing - (829,553)
Class I GBP Non-distributing (5,456) (2,368,922)
Class I EUR Non-distributing (13,598,910) (10,004,329)
Class I EUR Distributing (30,775) (526,898)
Class I CHF Non-distributing (990,368) (1,846,080)
Class X USD Non-distributing (2,099,160) (7,250,122)
Class X USD Distributing - (469,395)
Class X EUR Non-distributing (62,052) (2,830,665)
Class X CHF Non-distributing (6,494) (551,362)
Class Y USD Non-distributing (268,184) (3,164,488)
Class Y USD Distributing - (45,371)
Class Y EUR Non-distributing (534,432) (3,389,499)
Class Y CHF Non-distributing (221,441) (1,427,309)
(34,134,472) (85,108,553)
Net assets attributable to holders of redeemable
participating shares at end of the financial period 363,929,630 317,410,474
* The share class was launched on 16 April 2021.
The accompanying notes form an integral part of the Financial Statements.
6CHIRON FUNDS ICAV
STATEMENT OF CASH FLOWS
For the financial period ended 30 April 2021
Chiron Global Chiron Global
Opportunities Fund Opportunities Fund
30 April 2021 30 April 2020
USD USD
Cash flows from operating activities
Increase/(Decrease) in net assets attributable to
holders of redeemable participating shares from
operations 100,587,481 (38,081,711)
Adjustment for:
Interest income (170,966) (1,637,219)
Dividend income (2,167,041) (3,847,365)
Withholding tax 431,418 704,563
Operating profit/(loss) before working capital changes 98,680,892 (42,861,732)
Changes in operating activities
(Increase)/decrease in financial assets at fair value
through profit or loss, net (55,840,987) 151,432,222
Decrease in cash held as collateral/collateral cash due to
broker, net 3,654,042 1,051,325
Decrease in receivable on sales of securities 3,907,927 7,527,127
Increase in other receivables (37,887) (4,886)
Increase in payable on investments purchased 384,259 4,075,580
Increase/(decrease) in accrued expenses 3,148,521 (218,521)
Cash provided by operating activities 53,896,767 121,001,115
Interest received 181,819 2,836,761
Dividend received 2,044,740 3,226,757
Withholding tax (431,418) (704,563)
Net cash provided by operating activities 55,691,908 126,360,070
Cash flows from financing activities
Proceeds from redeemable participating shares 634,833 1,735,069
Redemption of redeemable participating shares (34,156,520) (92,594,117)
Net cash used in financing activities (33,521,687) (90,859,048)
Net increase in cash at bank 22,170,221 35,501,022
Cash at bank at the beginning of the financial period 6,597,686 6,623,734
Cash at bank at the end of the financial period 28,767,907 42,124,756
Non cash transactions:
Switches in included in Proceeds from redeemable
participating shares - 124,876
Switches out included in Redemption of redeemable
participating shares - (124,876)
The accompanying notes form an integral part of the Financial Statements.
7CHIRON FUNDS ICAV
NOTES TO THE FINANCIAL STATEMENTS
For the financial period ended 30 April 2021
1. Establishment and Organisation
Chiron Funds ICAV (the “ICAV”) is an Irish collective asset-management vehicle constituted as an umbrella
fund with segregated liability between sub-funds. The ICAV is authorised by the Central Bank as an
Undertakings for Collective Investment in Transferable Securities (“UCITS”). The ICAV was incorporated
on 18 October 2016.
The ICAV is authorised by the Central Bank of Ireland (the "Central Bank") pursuant to the European
Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as
amended).
The ICAV has established Chiron Global Opportunities Fund (the “Fund”).The ICAV launched on 27 March
2017. As at 30 April 2021 and 31 October 2020, this was the only sub-fund in existence. All figures
disclosed relate to the activities of Fund.
Investment Objective
The primary objective of the Fund is to seek to maximise total returns from its investments.
2. Principal Accounting Policies
Basis of Preparation
The ICAV’s financial statements have been prepared in accordance with International Accounting
Standards applicable to interim financial reporting under International Accounting Standard 34 (“IAS 34”),
as adopted by the European Union (“EU”), the interpretations adopted by the International Accounting
Standards Board (“IASB”) and the ICAV Act (the “ICAV Act”). The condensed interim financial statements
do not contain all of the information and disclosures required in the full annual financial statements and
should be read in conjunction with the most recent annual audited financial statements for the financial
period ended 31 October 2020, which have been prepared in accordance with International Financial
Reporting Standards (“IFRS”). The accounting policies applied in these condensed interim financial
statements are the same as those applied in the financial statements for the financial year ended 31
October 2020.
The financial statements are prepared on a going concern basis. Quantitative and qualitative information
has been evaluated about relevant conditions and events known and reasonably knowable at the date that
the financial statements are issued. There were no events or conditions identified that, in the opinion of the
Board when considered in the aggregate, indicate that there could be substantial doubt about the entity’s
ability to continue as a going concern for a period of at least twelve months from the date when the
financial statements are authorised for issue.
3. Taxation
Under current law and practice the ICAV qualifies as an investment undertaking as defined in Section 739B
of the Taxes Consolidation Act, 1997, as amended (the “TCA”). On that basis, it is not chargeable to Irish
tax on its income or gains.
However, Irish tax may arise on the occurrence of a “chargeable event”. A chargeable event includes any
distribution payments to Shareholders or any encashment, redemption, transfer or cancellation of shares
and any deemed disposal of shares for Irish tax purposes arising as a result of holding shares in the ICAV
for a period of eight years or more.
No Irish tax will arise in respect of chargeable events in respect of a Shareholder who is an Exempt Irish
Investor (as defined in Section 739D of the TCA) or who is neither Irish resident nor ordinarily resident in
Ireland for tax purposes at the time of the chargeable event, provided, in each case, that an appropriate
valid declaration in accordance with Schedule 2B of the TCA is held by the ICAV and the ICAV is not in
possession of any information which would reasonably suggest that the information contained therein is no
longer materially correct or where the ICAV has been authorised by Irish Revenue to make gross
payments in absence of appropriate declarations.
Distributions, interest and capital gains (if any) received on investments made by the ICAV may be subject
to withholding taxes imposed by the country of origin and such taxes may not be recoverable by the ICAV
or its Shareholders.
8CHIRON FUNDS ICAV
NOTES TO THE FINANCIAL STATEMENTS
For the financial period ended 30 April 2021 (continued)
4. Share Capital
Subscription of Shares
The Fund is offering twenty-one Classes of Shares (the "Classes of Shares") (31 October 2020: twenty-one
Classes of Shares) as set out in the table below:
Class Currency Distributing/ Minimum Minimum
Denomination Non-distributing Subscription Holding Amount
A1 CHF Non-distributing None None
A1 EUR Non-distributing None None
A1 EUR Distributing None None
A1 GBP Non-distributing None None
A1 USD Non-distributing None None
A1 USD Distributing None None
I CHF Non-distributing CHF1,000,000 CHF1,000,000
I EUR Non-distributing € 1,000,000 € 1,000,000
I EUR Distributing € 1,000,000 € 1,000,000
I GBP Non-distributing £1,000,000 £1,000,000
I USD Non-distributing US$1,000,000 US$1,000,000
I USD Distributing US$1,000,000 US$1,000,000
IP USD Non-distributing US$25,000,000 US$25,000,000
X* CHF Non-distributing CHF500,000 CHF500,000
X EUR Non-distributing € 500,000 € 500,000
X USD Non-distributing US$500,000 US$500,000
X** USD Distributing US$500,000 US$500,000
Y CHF Non-distributing CHF10,000,000 CHF10,000,000
Y EUR Non-distributing € 10,000,000 € 10,000,000
Y USD Non-distributing US$10,000,000 US$10,000,000
Y USD Distributing US$10,000,000 US$10,000,000
* The share class was fully redeemed on 24 March 2021.
** The share class was fully redeemed on 16 September 2020.
The initial offer periods for the Class A1 and Class I Shares other than the Launched Classes opened at
9.00am (Irish time) on 2 February 2017 and will continue until 5.00pm (Irish time) on 27 March 2020 or
such other dates as any one Director may determine in accordance with the requirements of the Central
Bank. The Class X and Class Y Shares are closed to further subscriptions.
The initial offer periods for the Class IP Shares will open at 9.00am (Irish time) on 20 December 2018 and
will continue until 5.00pm (Irish time) on 27 March 2020 or such other dates as any one Director may
determine in accordance with the requirements of the Central Bank.
The Directors have closed the Class IP, Class X and Class Y Shares to further subscriptions (except for
additional subscriptions into the Class IP Shares from existing investors in such Class and/or their
affiliates), provided that the Directors may determine to re-open Class IP, Class X and/or Class Y Shares
to further subscriptions at their sole discretion.
The Directors are given authorisation to affect the issue of Shares of any Class and to create new Share
Classes on such terms as they may from time to time determine in accordance with the Central Bank's
requirements. A Share exchange may be affected by way of redemption of Shares of one class and a
simultaneous subscription at the most recent NAV per Share for Shares of the other class. The general
provisions and procedures relating to redemptions and subscriptions for Shares as set out above will apply.
Redemption proceeds will be converted into the other currency at the rate of exchange available to the
Administrator and the cost of conversion will be deducted from the amount applied in subscribing for
Shares of the other class. No switching fee will apply.
9CHIRON FUNDS ICAV
NOTES TO THE FINANCIAL STATEMENTS
For the financial period ended 30 April 2021 (continued)
4. Share Capital (continued)
Subscription of Shares (continued)
It should be noted that the details for each Share Class set out in the preceding table include the minimum
initial subscription and minimum holding amounts. These amounts may be reduced or waived at the
discretion of the Directors or Chiron Investment Management, LLC (Investment Manager), provided that
Shareholders in the same Class shall be treated equally and fairly. No partial redemption requests may be
received for an amount of less than the minimum holding amounts set out above and any partial
redemption which does not satisfy this requirement shall be treated as a request by the Shareholder to
redeem all of its Shares in the relevant Class.
Subsequent Dealing
Following the close of the Initial Offer Period of each Class, Shares shall be issued at the Net Asset Value
per Share calculated at the Valuation Point and adding thereto such sum as the Directors in their absolute
discretion may from time to time determine as an appropriate provision for Duties and Charges (including
an Anti-Dilution Levy where there are overall net subscriptions or overall net redemptions as provided for in
"Subscriptions" and "Redemptions" in the Prospectus).
Subscriptions for each of the Shares must be made in the specified currency for that Share Class as
shown in the preceding table under the column heading "Currency Denomination". No credit interest will
accrue on subscription monies received prior to the deadline.
Subscriptions for the Classes of Shares should be made by electronic transfer to the account as specified
in the Application Form.
Redemption of Shares
Shareholders may request the Fund to redeem their Shares on and with effect from any Dealing Day at the
Net Asset Value per Share less any applicable Duties and Charges (including an Anti-Dilution Levy where
there are overall net redemptions as provided for in "Redemption and Transfers of Shares" in the
Prospectus), calculated at the Valuation Point immediately preceding the relevant Dealing Day subject to
such adjustments, if any, as may be specified including, without limitation, any adjustment required for
exchange fees as described under "Switching between Share Classes" below, provided that no redemption
charge will apply to a redemption of Shares unless it is part of a switch between Share Classes as detailed
below.
Redemption requests should be made on the Redemption Form (available from the Administrator) which
may initially be sent by fax to the fax number stated on the Redemption Form (with the original Redemption
Form to follow promptly by mail) to the Administrator no later than the Dealing Deadline. The
Administrator's contact details and further details in relation to the procedure for redemption requests are
set out in the Application Form. Subject to the foregoing, and to the receipt of the original Application Form
and all anti-money laundering documentation and completion of all anti-money laundering checks,
redemption proceeds will be paid by electronic transfer to the Shareholder’s account specified in the
Application Form within 3 Business Days of the Dealing Deadline.
The Administrator will not remit redemption proceeds if an investor has not submitted an originally signed
Redemption Form containing valid bank details or is not considered to be compliant with all the necessary
anti money laundering legislation and regulations. Nor will the Administrator remit any payment to a third
party bank account.
10CHIRON FUNDS ICAV
NOTES TO THE FINANCIAL STATEMENTS
For the financial period ended 30 April 2021 (continued)
4. Share Capital (continued)
Redemption Gate
If redemption applications on any given day exceed at least 10% of the Net Asset Value of the Fund, the
Directors may at their discretion limit the number of Shares of the Fund redeemed on any Dealing Day to
Shares representing 10% of the total Net Asset Value of the Fund on that Dealing Day. In this event, the
Directors shall reduce pro rata any request for redemption on that Dealing Day and shall treat the
redemption requests as if they were received on each subsequent Dealing Day until all the Shares to which
the original request related have been redeemed. If requests for redemptions are so carried forward, the
Administrator will inform the Shareholders affected.
Variation of Shareholder Rights
The rights attached to each Class (and for these purposes, reference to any Class shall include reference
to any Class) may, whether or not the ICAV is being wound up be varied with the consent in writing of the
holders of three-fourths of the issued Shares of that Class or with the sanction of a Special Resolution
passed at a separate general meeting of the holders of the Shares of that Class. The provisions of the
Instrument in relation to general meetings shall apply to every such separate general meeting except that
the necessary quorum at any such meeting shall be two persons holding or representing by proxy at least
one third of the issued Shares of the Class in question or, at an adjourned meeting, one person holding
Shares of the Class in question or his proxy. Any holder of Shares representing one tenth of the Shares in
issue of the Class in question present in person or by proxy may demand a poll. The rights attaching to any
Class shall not be deemed to be varied by the creation or issue of further Shares of that Class ranking pari
passu with Shares already in issue, unless otherwise expressly provided by the terms of issue of those
Shares.
Voting Rights
The Instrument provides that on a show of hands at a general meeting of the ICAV every Shareholder and
Subscriber Shareholder present in person or by proxy shall have one vote and on a poll at a general
meeting every Shareholder and Subscriber Shareholder shall have one vote in respect of each Share and
Subscriber Share as the case may be, held by him; provided, however, that, in relation to a resolution
which in the opinion of the Directors affects more than one Class or gives or may give rise to a conflict of
interest between the Shareholders of the respective Classes, such resolution shall be deemed to have
been duly passed, only if, in lieu of being passed at a single meeting of the Shareholders of all of those
Classes, such resolution shall have been passed at a separate meeting of the Shareholders of each such
Class.
Transactions with parties with significant influence
The following shareholders hold over 25% of the value of the Sub-Funds as at 30 April 2021:
30 April 2021 Sub-Fund Class % of NAV
Talbot Pte LTD Chiron Global Opportunities Fund Class IP USD Non-distributing 84%
The following shareholders hold over 25% of the value of the Sub-Funds as at 31 October 2020:
31 October 2020 Sub-Fund Class % of NAV
Talbot Pte LTD Chiron Global Opportunities Fund Class IP USD Non-distributing 76%
Capital Share transactions of Redeemable Shares
The following represents the changes in the number of Shares for the financial period ended 30 April 2021:
Class A USD Class A USD Class A1 USD
Non-distributing* Distributing* Non-distributing
Number of shares at the beginning of the financial period - - 201,859.033
Shares issued during the period 1.000 1.000 -
Shares redeemed during the period - - (97,074.644)
Number of shares at the end of the financial period 1.000 1.000 104,784.389
* The share class was launched on 16 April 2021.
11CHIRON FUNDS ICAV
NOTES TO THE FINANCIAL STATEMENTS
For the financial period ended 30 April 2021 (continued)
4. Share Capital (continued)
Capital Share transactions of Redeemable Shares (continued)
The following represents the changes in the number of Shares for the financial period ended 30 April 2021:
Class A1 CHF Class A1 GBP Class A1 USD
Non-distributing Non-distributing Distributing
Number of shares at the beginning of the financial period 5,518.638 2,153.955 37,689.042
Shares issued during the period - - -
Shares redeemed during the period (795.839) (1,083.403) (8,901.959)
Number of shares at the end of the financial period 4,722.799 1,070.552 28,787.083
Class A1 EUR Class A1 EUR Class I USD
Non-distributing Distributing Non-distributing
Number of shares at the beginning of the financial period 42,285.442 9,699.217 98,204.263
Shares issued during the period 201.626 - -
Shares redeemed during the period (12,798.857) - (7,071.000)
Number of shares at the end of the financial period 29,688.211 9,699.217 91,133.263
Class I USD Class I EUR Class I EUR
Distributing Non-distributing Distributing
Number of shares at the beginning of the financial period 6,000.000 105,034.226 632.000
Shares issued during the period - - -
Shares redeemed during the period - (94,506.143) (200.000)
Number of shares at the end of the financial period 6,000.000 10,528.083 432.000
Class I CHF Class I GBP Non- Class X USD
Non-distributing distributing Non-distributing
Number of shares at the beginning of the financial period 13,535.867 8,494.240 68,176.430
Shares issued during the period 48.843 73.909 -
Shares redeemed during the period (7,875.995) (32.400) (15,500.000)
Number of shares at the end of the financial period 5,708.715 8,535.749 52,676.430
Class Y USD Class Y USD Class X EUR
Non-distributing Distributing Non-distributing
Number of shares at the beginning of the financial period 10,491.853 1,938.663 16,813.791
Shares issued during the period - - -
Shares redeemed during the period (2,179.692) - (400.000)
Number of shares at the end of the financial period 8,312.161 1,938.663 16,413.791
Class X CHF Class Y EUR Class Y CHF
Non-distributing* Non-distributing Non-distributing
Number of shares at the beginning of the financial period 48.848 7,691.813 15,406.009
Shares issued during the period - - -
Shares redeemed during the period (48.848) (3,691.797) (1,659.081)
Number of shares at the end of the financial period - 4,000.016 13,746.928
* The share class was fully redeemed on 24 March 2021.
12CHIRON FUNDS ICAV
NOTES TO THE FINANCIAL STATEMENTS
For the financial period ended 30 April 2021 (continued)
4. Share Capital (continued)
Capital Share transactions of Redeemable Shares (continued)
Class IP USD
Non-distributing
Number of shares at the beginning of the financial period 1,962,513.647
Shares issued during the period 2,851.503
Shares redeemed during the period -
Number of shares at the end of the financial period 1,965,365.150
The following represents the changes in the number of Shares for the financial year ended 31 October
2020:
Class A1 USD Class A1 CHF Class A1 GBP
Non-distributing Non-distributing Non-distributing
Number of shares at the beginning of the financial year 519,101.314 12,822.458 20,777.937
Shares issued during the year - - -
Shares redeemed during the year (317,242.281) (7,303.820) (18,623.982)
Number of shares at the end of the financial year 201,859.033 5,518.638 2,153.955
Class A1 USD Class A1 EUR Class A1 EUR
Distributing Non-distributing Distributing
Number of shares at the beginning of the financial year 71,347.055 300,789.849 27,056.868
Shares issued during the year - 259.613 -
Shares redeemed during the year (33,658.013) (258,764.020) (17,357.651)
Number of shares at the end of the financial year 37,689.042 42,285.442 9,699.217
Class I USD Class I USD Class I EUR
Non-distributing Distributing Non-distributing
Number of shares at the beginning of the financial year 349,637.633 25,757.377 272,731.443
Shares issued during the year 3,320.000 1,820.000 8,222.759
Shares redeemed during the year (254,753.370) (21,577.377) (175,919.976)
Number of shares at the end of the financial year 98,204.263 6,000.000 105,034.226
Class I EUR Class I CHF Class I GBP
Distributing Non-distributing Non-distributing
Number of shares at the beginning of the financial year 20,932.530 73,829.199 53,489.105
Shares issued during the year - 1,815.995 65.000
Shares redeemed during the year (20,300.530) (62,109.327) (45,059.865)
Number of shares at the end of the financial year 632.000 13,535.867 8,494.240
Class X USD Class X USD Class Y USD
Non-distributing Distributing* Non-distributing
Number of shares at the beginning of the financial year 179,255.426 12,641.544 103,652.241
Shares issued during the year - - -
Shares redeemed during the year (111,078.996) (12,641.544) (93,160.388)
Number of shares at the end of the financial year 68,176.430 - 10,491.853
* The share class was fully redeemed on 16 September 2020.
13CHIRON FUNDS ICAV
NOTES TO THE FINANCIAL STATEMENTS
For the financial period ended 30 April 2021 (continued)
4. Share Capital (continued)
Capital Share transactions of Redeemable Shares (continued)
Class Y USD Class X EUR Class X CHF
Distributing Non-distributing Non-distributing*
Number of shares at the beginning of the financial year 22,194.159 51,929.078 6,705.800
Shares issued during the year - - -
Shares redeemed during the year (20,255.496) (35,115.287) (6,656.952)
Number of shares at the end of the financial year 1,938.663 16,813.791 48.848
Class Y EUR Class Y CHF Class IP USD
Non-distributing Non-distributing Non-distributing
Number of shares at the beginning of the financial year 48,674.486 59,603.315 1,956,682.242
Shares issued during the year - - 5,831.405
Shares redeemed during the year (40,982.673) (44,197.306) -
Number of shares at the end of the financial year 7,691.813 15,406.009 1,962,513.647
* The share class was fully redeemed on 24 March 2021.
5. Fees
Management Fee
The Manager will be entitled to a management fee payable out of the assets of the Fund calculated and
accruing at each Valuation Point and payable monthly in arrears at a maximum rate of 0.04% of the first
€300 million in Net Asset Value of the Fund, 0.03% of the next €300 million in Net Asset Value of the Fund,
0.02% of the next €400 million in Net Asset Value of the Fund and 0.01% of the Net Asset Value of the
Fund that exceeds €1 billion, subject to an annual minimum fee of €55,000.
The Manager will also be reimbursed out of the assets of the Fund for reasonable out-of-pocket expenses
incurred by the Manager including expenses relating to due diligence and monitoring of the Fund.
For the financial period ended 30 April 2021 fees charged by the Manager were US$68,727 (30 April 2020:
US$74,204). As at 30 April 2021 fees of US$11,938 (31 October 2020: US$4,486) were payable to the
Manager.
Investment Management Fee
The Investment Manager will be entitled to an investment management fee payable from the assets of the
Fund accruing at each Valuation Point and calculated by the Administrator as follows:
(i) in relation to the Class A Shares, an investment management fee at a rate not to exceed 1.80% per
annum of the Net Asset Value of the Fund which shall be payable monthly in arrears;
(ii) in relation to the Class A1 Shares, an investment management fee at a rate not to exceed 1.80% per
annum of the Net Asset Value of the Fund which shall be payable monthly in arrears;
(iii) in relation to the Class I Shares, an investment management fee at a rate not to exceed 0.95% per
annum of the Net Asset Value of the Fund which shall be payable monthly in arrears;
(iv) in relation to the Class IP Shares, an investment management fee at a rate not to exceed 0.75% per
annum of the Net Asset Value of the Fund which shall be payable monthly in arrears.
(v) in relation to the Class X Shares, an investment management fee at a rate not to exceed 1.60% per
annum of the Net Asset Value of the Fund which shall be payable monthly in arrears; and
(vi) in relation to the Class Y Shares, an investment management fee at a rate not to exceed 0.75% per
annum of the Net Asset Value of the Fund which shall be payable monthly in arrears.
14CHIRON FUNDS ICAV
NOTES TO THE FINANCIAL STATEMENTS
For the financial period ended 30 April 2021 (continued)
5. Fees (continued)
Investment Management Fee (continued)
The Investment Manager will also be reimbursed out of the assets of the Fund for reasonable out-of-pocket
costs or expenses incurred by the Investment Manager on behalf of (or attributable to) the Fund. For the
financial period ended 30 April 2021 fees charged by the Investment Manager were US$1,506,329 (30
April 2020: US$1,993,881). As at 30 April 2021 fees of US$257,114 (31 October 2020: US$231,148) were
payable to the Investment Manager.
Performance Fees
The Fund shall pay to the Investment Manager a performance fee (the "Performance Fee") in respect of
the Class IP Shares of the Fund.
The Performance Fee in respect of the Class IP Shares will be calculated in respect of each financial
period of the Fund ending on 31 October in each year (each a "Calculation Period"). The first Calculation
Period in respect of Class IP will commence on the close of the Initial Offer Period for Class IP Shares and
will end on 31 October. Subsequent Calculation Periods will commence on 1 November and end on 31
October of each calendar year. The Performance Fee will accrue on each Valuation Point and the accrual
will be reflected in the Net Asset Value per Share of the relevant Class. The Hurdle Rate Adjusted Net
Asset Value (as defined below) at the beginning of the first Calculation Period shall be the aggregate value
of the subscriptions which have been accepted for Class IP Shares during the Initial Offer Period.
If at the end of the relevant Calculation Period, the Net Asset Value attributable to the relevant Class
exceeds the Hurdle Rate Adjusted Net Asset Value of such Class, a Performance Fee of 10% shall be
chargeable on the amount by which such Net Asset Value of such Class exceeds the Hurdle Rate Adjusted
Net Asset Value of such Class.
The "Hurdle Rate Adjusted Net Asset Value" of a Class is the Net Asset Value of the Class as at the end of
the last Calculation Period after which a Performance Fee was paid, increased on each Dealing Day by the
value of any subscriptions and reduced by the value of any redemptions on each Dealing Day on a pro rata
basis, and increased or reduced by the Hurdle Rate (as defined below) over the course of such period. For
the avoidance of doubt, no Performance Fee will be paid for any increase in Net Asset Value relative to the
Hurdle Rate Adjusted Net Asset Value for a Calculation Period until any prior decrease in Net Asset Value
relative to the Hurdle Rate Adjusted Net Asset Value for a Calculation Period has been recovered.
For the avoidance of doubt, the Performance Fee will be payable on the relative return of the relevant
Class against the Hurdle Rate.
The "Hurdle Rate" means the return of a blended index, which is relevant in the context of the investment
policy of the Fund. The Hurdle Rate shall be a blended rate of the MSCI All Country World Daily Total
Return Net Index - USD (Ticker: NDUEACWF) and the FTSE World Broad Investment-Grade Bond Index
(Ticker: SBWAU), compounded daily and determined as follows:
Hurdle Rate = 0.6 X MSCI All Country World Daily Total Return Net Index - USD + 0.4 X FTSE World
Broad Investment-Grade Bond Index
The Performance Fee is payable on the last Dealing Day in each Calculation Period, or if the relevant
Class is terminated before the end of a Calculation Period, the Dealing Day on which the final redemption
of Shares takes place, or in the case of Shares redeemed during a Calculation Period, the accrued
Performance Fee in respect of those Shares will be payable within 14 calendar days of the date of
redemption (each a "Payment Date").
15CHIRON FUNDS ICAV
NOTES TO THE FINANCIAL STATEMENTS
For the financial period ended 30 April 2021 (continued)
5. Fees (continued)
Performance Fees (continued)
The use of a Hurdle Rate Adjusted Net Asset Value ensures that Shareholders of the relevant Class will
not be charged a Performance Fee until any previous shortfalls relative to the Hurdle Rate Adjusted Net
Asset Value are recovered. Any underperformance against the Hurdle Rate in preceding Calculation
Periods will be recovered before any Performance Fee becomes payable in a subsequent Calculation
Period. For the avoidance of doubt, any Performance Fee payable in relation to a given Calculation Period
will not be clawed back.
MSCI All Country World Daily Total Return Net Index - USD is a market capitalization weighted index
designed to provide a broad measure of equity-market performance throughout the world. The FTSE World
Broad Investment-Grade Bond Index is a multi-asset, multi-currency benchmark, which provides a broad-
based measure of the global fixed income markets. Any change to the indices relating to the Hurdle Rate
will be disclosed in the periodic reports of the Fund.
For the purposes of the Performance Fee calculation, the Net Asset Value shall be calculated before the
deduction of any accrual for Performance Fee for that Calculation Period, other than Performance Fee
accrued in relation to the Class in respect of redemptions during the Calculation Period but not yet paid.
The Depositary shall verify the calculation of each Performance Fee annually. Where Performance Fees
are payable in respect of the relevant Class, these will be based on net realised and net unrealised gains
and losses as at each Payment Date. As a result, Performance Fees may be paid on unrealised gains
which may subsequently never be realised.
Performance fees charged for the financial period ended 30 April 2021 amounted to US$3,139,229 (30
April 2020: US$Nil). Performance fees payable at 30 April 2021 amounted to US$3,139,229 (31 October
2020: US$Nil).
Administration and Transfer Agency Fees
The Administrator will be paid out of the assets of the Fund a monthly fee not to exceed 0.03% per annum,
exclusive of VAT, of the entire Net Asset Value of the Fund subject to a minimum annual fee of
US$39,000, exclusive of out-of-pocket costs or expenses. The Administrator will also be reimbursed out of
the assets of the Fund for reasonable out-of-pocket costs or expenses incurred by the Administrator on
behalf of (or attributable to) the Fund.
The fees and expenses of the Administrator will accrue at each Valuation Point and are payable monthly in
arrears. The Administrator has agreed to repay any fees not earned if the Administration Agreement is
terminated early.
Administration fees charged for the financial period ended 30 April 2021 amounted to US$43,923 (30 April
2020: US$48,217). Administration fees payable at 30 April 2021 amounted to US$15,267 (31 October
2020: US$13,939).
Transfer Agency fees charged for the financial period ended 30 April 2021 amounted to US$20,588 (30
April 2020: US$48,295). Transfer Agency fees payable at 30 April 2021 amounted to US$5,331 (31
October 2020: US$8,730).
Depositary Fees
The Depositary will be paid out of the assets of the Fund a fee not to exceed 0.03% per annum of the Net
Asset Value of the Fund (exclusive of VAT, if any, thereon), exclusive of any transaction charges (plus
VAT, if any), subject to minimum annual fees (exclusive of out-of-pocket expenses) of US$13,200 for
oversight services and US$6,960 for depositary cash flow monitoring and reconciliation services.
16CHIRON FUNDS ICAV
NOTES TO THE FINANCIAL STATEMENTS
For the financial period ended 30 April 2021 (continued)
5. Fees (continued)
Depositary Fees (continued)
In addition, the Depositary will be paid out of the assets of the Fund an annual safekeeping fee ranging
from 0.005% to 1.080% per annum of the Fund's Net Asset Value depending on the custody markets in
which the assets of the Fund is held, subject to a minimum annual fee of US$5,520 (exclusive of VAT, if
any, thereon).
The Depositary will also be paid out of the assets of the Fund for reasonable out-of-pocket expenses
incurred by them and for the reasonable fees and customary agent's charges paid by the Depositary to any
sub-custodian (which shall be charged at normal commercial rates) together with value added tax, if any,
thereon.
The fees and expenses of the Depositary shall accrue daily and be calculated monthly based on the Net
Asset Value of the Fund on the last Dealing Day of each calendar month and shall be payable monthly in
arrears.
Depositary fees charged for the financial period amounted to US$87,291 (30 April 2020: US$103,943).
Depositary fees payable at 30 April 2021 amounted to US$13,995 (31 October 2020: US$12,067).
Other Fees and Expenses
The ICAV will also reimburse the Investment Manager for its reasonable out-of-pocket expenses incurred
by the Investment Manager. Such out-of-pocket expenses may include the preparation of marketing
material and portfolio reports provided that they are charged at normal commercial rates and incurred by
the Investment Manager in the performance of its duties under the Investment Management Agreement.
The Investment Manager may from time to time and at its sole discretion and out of its own resources
decide to pay rebates/retrocessions out of the Investment Management Fees that it receives. All fees
payable to the Investment Manager will be paid in the Base Currency of the Fund. The ICAV shall bear the
cost of any Irish value added tax applicable to any amount payable to the Investment Manager.
Director’s Remuneration
The Directors are entitled to a fee in remuneration for their services to the Fund at a rate to be determined
from time to time by the Directors, but so that the aggregate amount of each Directors' remuneration in any
one year shall not exceed €50,000 or such other higher limit as the Directors may from time to time
determine and notify to Shareholders, with Shareholders being provided with a reasonable notification
period in advance of the change taking effect. The Directors and any alternate Directors may also be paid
all travelling, hotel and other expenses properly incurred by them in attending and returning from meetings
of the Directors or any other meetings in connection with the business of the ICAV.
Director’s fees charged for the financial period amounted to US$26,379 (30 April 2020: US$24,123).
Director’s fees payable at 30 April 2021 amounted to US$Nil (31 October 2020: US$Nil). Enrico Gaglioti,
Ryan Caldwell, John Paul Armenio and Scott Wen have waived their Directors fee. During the financial
period Director fees of €10,000 (30 April 2020: €10,000) and €12,000 (30 April 2020: €12,000) were paid to
Yvonne Connolly and Mark Fitzgerald, respectively.
Audit Fees
Audit fees relating to the service provided by PricewaterhouseCoopers for the financial period amounted to
US$21,561 (exclusive of VAT) (30 April 2020: US$19,717). Audit fees payable at 30 April 2021 amounted
to US$7,397 (exclusive of VAT) (31 October 2020: US$33,187).
17CHIRON FUNDS ICAV
NOTES TO THE FINANCIAL STATEMENTS
For the financial period ended 30 April 2021 (continued)
5. Fees (continued)
Other Payables
Below is the breakdown for other payables at 30 April 2021 and 31 October 2020.
30 April 2021 31 October 2020
USD USD
Legal fees payable 75,199 43,308
Additional reporting charge payable 57,586 42,801
Marketing expenses payable 37,192 -
FATCA fees payable 8,301 9,899
Travelling expenses payable 4,987 -
Annual maintenance fees payable 4,835 10,733
Investment compliance fees payable 4,560 4,473
CRS services fee payable 4,460 3,159
Registration fees payable 4,114 33,596
Regulatory fees payable 3,460 8,888
Interest payable on multi-equity swap 2,980 101
OTC pricing fees payable 1,755 1,721
Bank interest payable 1,425 67
Information service fee payable 1,163 588
Distribution fees payable 940 5,145
Swap interest payable - 42,361
Consulting fees payable - 1,241
212,957 208,081
Other Expenses
Below is the breakdown for other fees and expenses charged for the financial period.
30 April 2021 30 April 2020
USD USD
Legal fees 49,785 33,717
Tax reporting charges 40,661 37,637
Marketing expenses 37,192 -
Interest on CFD 34,619 17,524
Regulatory fees 19,198 12,585
Brokerage fees 15,389 11,291
Investment compliance fees 13,729 12,736
Director insurance fees 10,471 10,443
Secretarial fees 10,324 9,441
Consulting fees 8,937 8,173
Distribution fees 8,367 45,054
Travelling Expenses 4,987 4,972
Reporting fees - KIID 3,613 3,305
Annual maintenance fees 3,249 2,972
Information service fees 1,735 1,731
OTC pricing fees 1,696 21,567
FATCA fees 1,301 1,298
Rating fees 1,301 1,298
VAT control account 969 5,210
Payroll cost 737 674
Other taxes - fees 179 168
268,439 241,796
18CHIRON FUNDS ICAV
NOTES TO THE FINANCIAL STATEMENTS
For the financial period ended 30 April 2021 (continued)
6. Related Parties
IAS 24 ‘Related Party Transactions’ requires the disclosure of information relating to material transactions
with parties who are deemed to be related to the reporting entity. The Investment Manager is a related
party.
The fees charged by all service providers are disclosed in Note 5 to the financial statements.
Three of the Directors of the Fund are also employees of the Investment Manager as follows:
Enrico Gaglioti - Co-President, FS Investments; President, Chiron Investment Management
Ryan Caldwell - Chief Investment Officer, Chiron Investment Management
John Paul Armenio - Head of International Business, FS Investments
Scott Wen - Chief Risk Officer
By virtue of their roles within the Investment Manager, these persons are considered related parties. These
Directors have waived their Directors fee.
For the financial period ended 30 April 2021 fees charged by the Investment Manager were US$1,506,329
(30 April 2020: US$1,993,881).
Carne Global Fund Managers (Ireland) Limited, as Manager to the ICAV, earned a fee of US$68,727 (30
April 2020: US$74,204) during the financial period, of which US$11,938 (31 October 2020: US$4,486) was
payable at financial period end.
Carne Global Financial Services Limited earned fees during the financial period in respect of fund
governance services provided to the ICAV. The fees amounted to USD 46,667 (30 April 2020: USD
41,506) of which USD Nil (31 October 2020: USD Nil) was payable at financial period end.
Yvonne Connolly, a Director of the ICAV, is also Principal of Carne Global Financial Services Limited, the
parent Company of the Manager.
Connected Persons
The Central Bank of Ireland UCITS Regulations, 41(1) – Dealings by the management company or
Depositary to a UCITS; and the delegates or sub-delegates of such a management company or depositary
(excluding any non-group company sub-custodians appointed by a depositary); and any associated or
group company of such a management company, depositary, delegate or sub-delegate ("Connected
Persons") states in paragraph one that any transaction carried out with a UCITS by these Connected
Persons must be conducted at arm's length and in the best interests of the unit-holders of the UCITS.
The Board of Directors are satisfied that there are arrangements (evidenced by written procedures) in
place, to ensure that the obligations set out in Regulation 41(1) of the UCITS Regulations are applied to all
transactions with connected persons; and the Board of Directors are satisfied that transactions with
connected persons entered into during the financial period complied with the obligations set out in this
paragraph.
Director’s Remuneration
The listing of the members of the Board of Directors is shown on page 3. Directors’ fees are disclosed in
Note 5.
19CHIRON FUNDS ICAV
NOTES TO THE FINANCIAL STATEMENTS
For the financial period ended 30 April 2021 (continued)
7. Risk Associated with Financial Instruments
The Fund’s activities expose it to a variety of financial risks: market risk (including other price risk, interest
rate risk and currency risk), credit risk and liquidity risk.
The Fund is also exposed to operational risks such as settlement and custody risk. Custody risk is the risk
of loss of financial assets and liabilities held in custody occasioned by the insolvency or negligence of the
Depositary. Although an appropriate legal framework is in place that reduces the risk of loss of value of the
financial assets and liabilities held by the Depositary, in the event of failure, the ability of the Depositary to
transfer the financial assets and liabilities might be impaired.
The following exchange rates were used to translate assets and liabilities into US$:
Currency 30 April 2021 31 October 2020
CAD 0.813570 0.750582
CHF 1.094990 1.090572
CNY - 0.149249
EUR 1.202250 1.164650
GBP 1.381050 1.295500
HKD 0.128737 0.128991
JPY 0.009150 0.009552
KRW 0.000899 0.000881
MXN - 0.047144
SEK 0.118126 0.112380
A full description of the risks the Fund is subject to and how the risks are managed is disclosed within the
annual audited financial statements for the financial period ended 31 October 2020.
8. Fair Value Measurements
IFRS 13, Fair Value Measurement, requires a fair value hierarchy for inputs used in measuring fair value
that classify investments according to how observable the inputs are. Observable inputs are those that
market participants would use in pricing the asset or liability based on market data obtained from sources
independent of the Fund. Unobservable inputs reflect the Fund’s assumptions, made in good faith, about
the inputs market participants would use in pricing the asset or liability developed based on the best
information available in the circumstances. The fair value hierarchy is categorised into three levels based
on the inputs as follows:
Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities;
Level 2 - Valuations based on quoted prices in markets that are not active or inputs other than quoted
prices for which all significant inputs are observable, either directly (as prices) or indirectly (derived from
prices); and
Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value
measurement.
There were no transfers between Levels during the financial period ended 30 April 2021 and 31 October
2020.
20CHIRON FUNDS ICAV
NOTES TO THE FINANCIAL STATEMENTS
For the financial period ended 30 April 2021 (continued)
8. Fair Value Measurements (continued)
The following table summarises the inputs used to value the Fund’s assets and liabilities measured at fair
value on a recurring basis as of 30 April 2021 and 31 October 2020:
30 April 2021 Level 1 Level 2 Level 3
USD USD USD USD
Financial assets at fair value through profit and loss
Investments in transferrable securities at fair value
- Shares 311,425,442 311,425,442 - -
- Exchange traded commodity 16,460,250 16,460,250 - -
- Bonds 8,345,706 8,345,706 - -
Investments in financial derivative instruments
- Forward exchange contracts 12,603 - 12,603 -
- Multi equity swaps 90,338 - 90,338 -
336,334,339 336,231,398 102,941 -
Financial liabilities at fair value through profit or loss
Investments in financial derivative instruments
- Futures 1,149,729 1,149,729 - -
- Forward exchange contracts 80,487 - 80,487 -
- Multi-equity swaps 127,108 - 127,108 -
1,357,324 1,149,729 207,595 -
Total 334,977,015 335,081,669 (104,654) -
31 October 2020 Level 1 Level 2 Level 3
USD USD USD USD
Financial assets at fair value through profit and loss
Investments in transferrable securities at fair value
- Shares 260,587,190 260,587,190 - -
- Exchange traded commodity 12,523,168 12,523,168 - -
- Bonds 6,033,009 6,033,009 - -
Investments in financial derivative instruments
- Futures 984,057 984,057 - -
- Forward exchange contracts 5,301 - 5,301 -
- Options 27,422 - 27,422 -
280,160,147 280,127,424 32,723 -
Financial liabilities at fair value through profit or loss
Investments in financial derivative instruments
- Futures 550,981 550,981 - -
- Forward exchange contracts 353,710 - 353,710 -
- Options 2,094 - 2,094 -
- Multi-equity swaps 117,334 - 117,334 -
1,024,119 550,981 473,138 -
Total 279,136,028 279,576,443 (440,415) -
21CHIRON FUNDS ICAV
NOTES TO THE FINANCIAL STATEMENTS
For the financial period ended 30 April 2021 (continued)
8. Fair Value Measurements (continued)
Assets and liabilities not measured at Fair Value through Profit or Loss but for which fair value is
disclosed
Cash at bank is classified as Level 1 and all other assets and liabilities not measured at fair value but for
which fair value is disclosed are classified as Level 2, as this reflects a reasonable approximation of their
measured fair value on the Statement of Financial Position.
9. Net Gain/(Loss) on Financial Instruments at Fair Value Through Profit or Loss
30 April 2021 30 April 2020
USD USD
Realised gain on investment in transferable securities 121,801,416 25,469,823
Realised gain on investment in financial derivative instruments 6,348,653 16,320,927
Realised currency gain on foreign exchange 420,429 533,514
Realised loss on investment in transferable securities (15,481,025) (44,216,299)
Realised loss on investment in financial derivative instruments (14,583,309) (21,656,456)
Realised currency loss on foreign exchange (724,127) (1,077,639)
Unrealised gain on investments in transferable securities 7,806,094 343,338
Unrealised gain on investments in financial derivative instruments 1,447,924 1,981,493
Unrealised loss on investments in transferable securities - (14,914,554)
Unrealised loss on investments in financial derivative instruments (2,112,466) (2,451,355)
Net realised income/(loss) and unrealised gain/(loss) on financial assets and
liabilities at fair value through profit and loss 104,923,589 (39,667,208)
10. Cash
Counterparties 30 April 2021 31 October 2020
USD USD
Cash at bank
RBC Investor Services Bank S.A* 28,767,907 6,597,686
Cash held as collateral
Goldman Sachs*** 5,402,203 7,441,954
Morgan Stanley** 921 923
Collateral cash due to broker
Goldman Sachs*** (3,125,554) (1,511,265)
Total net cash 31,045,477 12,529,298
* The credit rating of RBC Investor Services Bank S.A. is AA- (31 October 2020: AA-) as per S&P’s rating agency. S&P’s rating
agency is an agency that exists to assess the creditworthiness of companies and countries.
** Cash held as collateral and collateral cash due to broker is held by RBC Investor Services Bank S.A. and received/owed from/to
Morgan Stanley.
The credit rating of Morgan Stanley is BBB+ (31 October 2020: BBB+) as per S&P’s rating agency. S&P’s rating agency is an
agency that exists to assess the creditworthiness of companies and countries.
*** The credit rating of Goldman Sachs is BBB+ (31 October 2020: BBB+) as per S&P’s rating agency. S&P’s rating agency is an
agency that exists to assess the creditworthiness of companies and countries.
22CHIRON FUNDS ICAV
NOTES TO THE FINANCIAL STATEMENTS
For the financial period ended 30 April 2021 (continued)
11. Net Assets, NAV per Share and Shares in Issue Information for Current and Prior Years
30 April 2021 31 October 2020 31 October 2019
Net Assets for shareholder dealing purposes 363,999,599 297,118,823 439,131,832
Class A USD Non-distributing* 98.53 - -
Class A USD Distributing* 98.53 - -
Class A1 USD Non-distributing 141.26 104.35 98.66
Class A1 CHF Non-distributing 125.94 93.88 91.22
Class A1 GBP Non-distributing 130.66 97.00 94.29
Class A1 USD Distributing 141.01 104.16 98.48
Class A1 EUR Non-distributing 127.33 94.81 92.03
Class A1 EUR Distributing 127.37 94.86 91.96
Class I USD Non-distributing 145.98 107.38 100.67
Class I USD Distributing 145.48 107.01 100.33
Class I EUR Non-distributing 131.42 97.55 93.83
Class I EUR Distributing 131.46 97.50 93.91
Class I CHF Non-distributing 129.85 96.45 93.05
Class I GBP Non-distributing 135.07 99.87 96.25
Class X USD Non-distributing 147.20 108.63 102.50
Class X USD Distributing** - - 100.97
Class Y USD Non-distributing 152.41 112.00 104.79
Class Y USD Distributing 150.13 110.32 103.22
Class X EUR Non-distributing 132.03 98.23 95.10
Class X CHF Non-distributing*** - 96.58 94.11
Class Y EUR Non-distributing 136.46 101.13 97.13
Class Y CHF Non-distributing 134.91 100.06 96.27
Class IP USD Non-distributing 155.36 115.43 108.00
Shares In Issue
Class A USD Non-distributing* 1.000 - -
Class A USD Distributing* 1.000 - -
Class A1 USD Non-distributing 104,784.389 201,859.033 519,101.314
Class A1 CHF Non-distributing 4,722.799 5,518.638 12,822.458
Class A1 GBP Non-distributing 1,070.552 2,153.955 20,777.937
Class A1 USD Distributing 28,787.083 37,689.042 71,347.055
Class A1 EUR Non-distributing 29,688.211 42,285.442 300,789.849
Class A1 EUR Distributing 9,699.217 9,699.217 27,056.868
Class I USD Non-distributing 91,133.263 98,204.263 349,637.633
Class I USD Distributing 6,000.000 6,000.000 25,757.377
Class I EUR Non-distributing 10,528.083 105,034.226 272,731.443
Class I EUR Distributing 432.000 632.000 20,932.530
Class I CHF Non-distributing 5,708.715 13,535.867 73,829.199
Class I GBP Non-distributing 8,535.749 8,494.240 53,489.105
Class X USD Non-distributing 52,676.430 68,176.430 179,255.426
Class X USD Distributing** - - 12,641.544
Class Y USD Non-distributing 8,312.161 10,491.853 103,652.241
Class Y USD Distributing 1,938.663 1,938.663 22,194.159
Class X EUR Non-distributing 16,413.791 16,813.791 51,929.078
Class X CHF Non-distributing*** - 48.848 6,705.800
Class Y EUR Non-distributing 4,000.016 7,691.813 48,674.486
Class Y CHF Non-distributing 13,746.928 15,406.009 59,603.315
Class IP USD Non-distributing 1,965,365.150 1,962,513.647 1,956,682.242
* The share class was launched on 16 April 2021.
** The share class was fully redeemed on 16 September 2020.
*** The share class was fully redeemed on 24 March 2021.
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