Het Orange European Largecap Fund N.V. (OELF) behaalde over de eerste helft van het boekjaar 2005/2006, die de periode omvat van 1 oktober 2005 tot en met 31 maart 2006, een totaal beleggingsresultaat van 9,9% op basis van de intrinsieke waarde. Zowel absoluut als ten opzichte van haar benchmark, de DJ Europe Stoxx 50 index, die met 8,8% steeg, is dit een uitstekend resultaat.

Het OELF profiteerde vanaf oktober 2005 van een positieve stemming op de Europese aandelenmarkten, gedreven door sterke bedrijfsresultaten en een golf van fusies en overnames. Jorik van den Bos (senior portfoliomanager OELF): “We hebben in de afgelopen periode de weging in grondstoffen behoorlijk verhoogd. Gezien de aanbod- en vraagverhoudingen op lange termijn, verwachten wij hogere prijzen voor olie, gas, kolen en grondstoffen voor de komende periode”. De aandelenselectie binnen de olie- en gassector had ook een belangrijke bijdrage aan de goede (relatieve) performance.

Het OELF richt zich met haar beleggingen op beursgenoteerde grote Europese ondernemingen. Het fonds wordt beheerd door een team bestaande uit Jorik van den Bos, Joris Franssen en Joost de Graaf.

Het halfjaarbericht per 31 maart 2006 is naar verwachting eind mei 2006 beschikbaar.

De kerngegevens per 31 maart 2006 zijn als volgt.

Fondsvermogen: EUR 107,6 mln

Aantal uitstaande aandelen: 12.246.312

Intrinsieke waarde per aandeel: EUR 8,79

Beurskoers: EUR 8,72

Totaal beleggingsresultaat op basis van de intrinsieke waarde: 9,9%
Bron : Orange European

Orange European Smallcap Fund,
The results of Orange European Smallcap Fund N.V. (OESF) and Orange European Midcap Fund N.V. (OEMF) over the first half of the financial year 2005/2006, which comprises the period from 1 October 2005 to 31 March 2006 inclusive, were as follows.

Taking into account the dividend paid of €0.24 in January 2006, OESF realised a total investment return of 17.0% based on the net asset value. OESF focuses on investments in listed small and medium-sized European companies. Taking into account the dividend paid of €0.44 in January 2006, OEMF realised a total investment return of 16.8% based on the net asset value. OEMF focuses on investments in listed medium-sized European companies.

“The first half of the financial year 2005/2006 has had excellent investment returns thanks to positive macro-economic news, positive earnings surprises and continued M&A activity throughout the region. We expect a continuation of these trends, although share prices may not respond with the same fervor”, says David Simons, Managing Director, Kempen Capital Management UK.

The semi-annual reports as at 31 March 2006 are expected to be available from the end of May 2006.

The key figures of OESF as at 31 March 2006 were as follows.
Net assets: EUR262.6m
Number of outstanding shares: 9,946,241
Net asset value per share: EUR26.40
Market price per share: EUR26.30
Dividend paid per share: EUR0.24 (January 2006)
Total investment return 1): 17.0%
The key figures of OEMF as at 31 March 2006 were as follows.
Net assets: EUR259.9m
Number of outstanding shares: 11,109,752
Net asset value per share: EUR23.39
Market price per share: EUR23.15
Dividend paid per share: EUR0.44 (January 2006)
Total investment return 1): 16.8%

1) Over the first half of the financial year 2005/2006, based on net asset value per share and inclusive of dividend paid.


Result Orange SeNSe Fund N.V. over 1st half financial year 2005/2006
Over the first half of the financial year 2005/2006, which comprises the period from 1 October 2005 to 31 March 2006 inclusive, Orange SeNSe Fund N.V. realised a total investment return of 26.3% based on the net asset value. Orange SeNSe Fund N.V. focuses on investments in listed small and medium-sized European companies which adhere to sustainability criteria.

“Companies in our SRI portfolio have achieved very strong results as a consequence of strong reported earnings and M&A activity. We continue to see solid prospects for socially responsible companies that can benefit from a further rebound in economic growth in Europe”, says David Simons, Managing Director, Kempen Capital Management UK.

The semi-annual report as at 31 March 2006 is expected to be available from the end of May 2006.

The key figures as at 31 March 2006 were as follows.
Net assets: EUR60.1m
Number of outstanding shares: 2,315,177
Net asset value per share: EUR25.96
Market price per share: EUR26.35
Total investment return based on net asset value per share: 26.3%
Bron : Orange SeNSe Fund N.V