Best Choice Annual Report 311216

BEST CHOICE
SICAV with variable Capital under the Luxembourg

law
Annual report, including audited financial statements

as at December 31, 2016
R.C.S. Luxembourg B 174040
Database Publishing System: CO-Reporter by CO-Link, Belgium.

BEST CHOICE
Table of contents
Page
Organisation of the SICAV 3
Board of Directors of the SICAV 4
Board of Directors of the Management Company 4
Day to Day Managers of the Management Company 5
General information 6
Management report 7
Independent auditors report 9
Combined 11
BEST CHOICE - DYNAMIC 14
BEST CHOICE - BALANCED 19
BEST CHOICE - CONSERVATIVE 24
Notes to the financial statements 29
Supplementary information (unaudited) 34
No subscription can be received on the basis of this report. Subscriptions are only valid if made on the basis of the
current prospectus accompanied by the latest annual report and the most recent semi-annual report, if published
thereafter.
Page 2
BEST CHOICE
Organisation of the SICAV
REGISTERED OFFICE 1, rue du Potager, L-2347 Luxembourg,

Grand Duchy of Luxembourg
PROMOTOR Optima Bank NV/SA

Keizer Karelstraat 75,
B-9000 Gent, Belgium (until June 15, 2016)
MANAGEMENT COMPANY NOVACAP ASSET MANAGEMENT S.A.

1, rue du Potager, L-2347 Luxembourg,
DEPOSITARY BANK CACEIS Bank, Luxembourg Branch *

5, alle Scheffer, L-2520 Luxembourg,
PAYING AGENT, ADMINISTRATIVE AGENT, CACEIS Bank, Luxembourg Branch *

REGISTRAR AND TRANSFER AGENT 5, alle Scheffer, L-2520 Luxembourg,
AUDITOR Ernst & Young S.A.

35E, Avenue John F. Kennedy
L-1855 Luxembourg
DISTRIBUTOR Optima Bank NV/SA

Keizer Karelstraat 75,
B-9000 Gent, Belgium (until June 15, 2016)
NOVACAP ASSET MANAGEMENT S.A.

1, rue du Potager, L-2347 Luxembourg,
Grand Duchy of Luxembourg (since September 1, 2016)
INVESTMENT ADVISOR Expert Timing Systems International EAFI SL

2-4, Urbanizacion La Cabana,
Pozuelo de Alarcon
E-28223 Madrid, Spain
*CACEIS Bank Luxembourg until December 31, 2016
Page 3
BEST CHOICE
Board of Directors of the SICAV
CHAIRMAN
Mr. Philip DE HULSTERS, Independent Director
DIRECTORS
Mr. Jan DE PAEPE, Independent Director (since June 16, 2016)

Secretary General and Executive Director, Optima Bank NV/SA, Belgium (until June 15, 2016)
Mr. Ludwig CALUWE, Independent Director (since June 16, 2016)

Executive Director of Optima Bank NV/SA, Belgium (until June 15, 2016)
Board of Directors of the Management Company
CHAIRMAN
Mr. Marc MICHIELS, CEO NOVACAP ASSET MANAGEMENT SA
MEMBERS
Mr. Grard DJARDIN-VERKINDER, Independent Director
Mr. Hugo KOWALEWSKI FERREIRA , Independent Director
Mr. Jaime DE ORBEGOSO, Independent Director (until June 22, 2016)
Page 4
BEST CHOICE
Day to Day Managers of the Management Company
Mr. Bart VAN WAGENBERG, Conducting Officer
Mrs. Catherine GREYER, Conducting Officer
Mr. Marc MICHIELS, Conducting Officer
Mr. Herv LEITE-FARIA (since June 8, 2016)
Page 5
BEST CHOICE
General information
The financial year of BEST CHOICE (the "SICAV") ends on December 31 in each year.
Annual report, including audited financial statements, of the SICAV made up to December 31 in each year
are prepared in EUR, the SICAVs Reference Currency.
The SICAV publishes Annual reports, including Audited Financial Statements, within four months of the end
of the financial year and semi-annual reports, including unaudited financial statements within two months of
the end of the reference period.
The net asset value of each sub-fund, the issue and repurchase prices shall be made public after the
calculation of the net asset value at the registered office of the SICAV.
Copies of the articles of incorporation, the most recent Prospectus, the KIIDs and the latest financial reports
may be obtained free of charge, on request at the registered office of the SICAV.
Page 6
BEST CHOICE
Management report
The whole year 2016 was dominated worldwide by the activity of the central banks and their various policies for
buying back assets as well as important political events.
Volatility has been very variable during the last financial year of the Best Choice SICAV. The correlation between
the different types of financial assets also varied strongly during the year, making the fund management
complex.
More than just high volatility, 2016 was marked in fact by a combination of events: fears about the slowdown in
global economic growth, falling commodity prices and particularly oil, a possible devaluation of the currency
Chinese and a mistrust of the monetary policies of central banks have made operators nervous.
In January 2016, the Dow Jones had its worst first week since its creation, while Standard and Poor's had to go
back to 1929 to find a start of the year as bad. The statements of Mario Draghi in February and the cautious
statements of Janet Yellen have allowed the markets to confront their multiple fears and to recover themselves!
Then during the month of June, the operators began to focus on the bookmakers' forecast regarding the
referendum on a possible Brexit. Markets have experienced high volatility as bets evolve! On June 23, the
markets had bet against the Brexit. The outcome of the referendum had the effect of a cold shower: some
markets in continental Europe registered their biggest drop since autumn 2008! The Paris stock exchange lost
11% of its value in 2 days!
The Brexit is a violent political phenomenon whose consequences remain very uncertain for the future of Europe
and financial markets do not like the uncertainty. Of course the Brexit will have an economic impact on the world
economy and on the European economy in particular. Mr. Draghi spoke of a negative impact on the growth of
the euro area from 0.3% to 0.5% per year for 3 years.
The result of the British referendum is, of course, bad news but it seems that the markets have reacted
emotionally.
However, it soon became apparent that the implementation of the Brexit was extremely complex and that
although it is negative for the whole of Europe, it is indeed the United Kingdom which has the most to lose in this
negotiation. A temporization seems obvious as if the British understood the enormous mistake made. But the
financial markets very quickly integrated the results of the referendum and experienced a calmer and more
positive summer. Even September (which is statistically the least favorable month for or equity markets) was
very quiet!
Markets have after been preparing for US elections! The biggest fear of many investors of seeing Trump
th
becoming the 45 President of the United States became reality. This was positively appreciated by the markets
and an important rally in the US stocks followed his nomination.
Markets also know that the main central banks will have to pursue their extremely accommodative monetary
policies in order to stimulate final demand. In this context, the BOJ has innovated by setting a target rate for the
Japanese bond at 10 years (around 0%), irrespective of the amounts injected and therefore the amount of
money created. The BOJ already holds 34% of Japanese public debt outstanding and is the largest shareholder
of 55 listed Japanese companies. The Japanese monetary authority explores unknown territories...
Fortunately, the FED is not taking this route and the ECB, aware of the risk of a "Japanese-style" policy, is
cautious. In Europe, the policy of negative rates shows its limits. It is therefore expected that financial markets
will regularly test the determination of the monetary authorities: volatility will remain in the months to come. This
unstable context reinforces our long-term conviction.
The world economic situation is slowly improving, but the level of indebtedness of economic agents remains high
(mainly Western states): the work of the central banks is far from finished!
Page 7
BEST CHOICE
Management report (continued)

The prudent management of the Fund enabled to protect the capital especially through the progressive reduction
of the market exposure and a portfolio construction across the different eligible assets.
Best Choice Conservative
Best Choice Conservative is based on a conservative, multi-asset investment strategy.
The main objective of the investment strategy is to limit shortfalls in downtrend markets, while participating in
uptrend markets. Making use of a dynamic risk control, in the medium/long term, the investment strategy will
deliver stable growth and should protect the capital.
The environment for this low volatility strategy was very challenging during the year with the interventionism of
central banks and the low yields in fixed income. The dynamism of the investment strategy allows the portfolio to
adapt to market movements and, according to existing investment opportunities, the strategy will adapt its
exposure to seize such opportunities or to protect itself against market risk.
In the complex market of 2016, this did not deliver the expected returns, Best Choice Conservative maintained
defensive positions in several period, even when the exposure should have been increased such as the post
Trump rallye.
As a consequence, the Fund finished the year slightly negative, which is also due to the important redemption
the Fund faced.
Best Choice Balanced
Best Choice Balanced is based on a balanced, multi-asset investment strategy. The main objective of the
investment strategy is to limit shortfalls in downtrend markets, while participating in uptrend markets. Making use
of a dynamic risk control, in the medium/long term, the investment strategy will deliver stable growth.
As a response to market uncertainty, Best Choice Balanced kept a conservative positioning during complex
periods of the year. Making use of its dynamic risk control, the portfolio was able to limit shortfalls in downtrend
markets, delivering a slight positive return in 2016.
In terms of risk, both volatility and drawdown were controlled over the period. The strategys strict risk control
allowed the portfolio to significantly limit the impact of the important losses suffered by the international markets
throughout the year.
Best Choice Dynamic
Best Choice Dynamic is based on a dynamic, multi-asset investment strategy. The main objective of the
investment strategy is to limit shortfalls in downtrend markets, while participating in uptrend markets. Making use
of a dynamic risk control, in the medium/long term, the investment strategy will deliver stable growth and make
the invested capital increase.
The environment was favourble for equities over the year even with an important volatility. As per what is
described above, the equity exposure in the Fund was always high even though it was manage to try to absorb
shocks as much as possible. 2016 started quite violently and the Fund limited only a bit the drawdowns but all in
all over the year the performances came back and the Fund benefited from the post Trump rallye.
The performance of 2016 is positive and in line with expectations.
Page 8
Ernst & Young
Societe anonyme
35E, Avenue John F. Kennedy B.P.780

L-1855 Luxembourg L-2017 Luxembourg
Tel: + 35242 124 1 R.C.S. Luxembourg B 47 771

Building a better TVA LU 16063074
working world www.ey.com/luxembourg
Independent auditor's report
To the Shareholders of
BEST CHOICE
1, rue du Potager
L - 2347 Luxembourg
We have audited the accompanying financial statements of BEST CHOICE and of each of its sub-funds,
which comprise the statement of net assets and the securities portfoliO as at December 31, 2016, and
the statement of operations and changes in net assets for the year then ended, and a summary of
significant accounting policies and other explanatory notes to the financial statements.
Responsibility of the Board of Directors of the SICA V for the financial statements
The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these
financial statements in accordance with Luxembourg legal and regulatory requirements relating to the
preparation and presentation of the financial statements and for such internal control as the Board of
Directors of the SICAV determines is necessary to enable the preparation and presentation of financial
statements that are free from material misstatement, whether due to fraud or error.
Responsibility of the "reviseur d'entreprises agree"
Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg
by the "Commission de Surveillance du Secteur Financier". Those standards require that we comply
with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the judgement of the "reviseur
d'entreprises agree", including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the "reviseur d'entreprises
agree" considers internal control relevant to the entity's preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion.
Page 9
A fllf;lnhe: f'rrn of Ernst & ~OU!lg Global Limited

Building a better
working world
Opinion
In our opinion, the financial statements give a true and fair view of the financial position of BEST CHOICE
and of each of its sub-funds as of December 31,2016, and of the results of their operations and changes in
their net assets for the year then ended, in accordance with Luxembourg legal and regulatory requirements
relating to the preparation and presentation of the financial statements.
Other matter
Supplementary information included in the annual report has been reviewed in the context of our mandate
but has not been subject to specific audit procedures carried out in accordance with the standards described
above. Consequently, we express no opinion on such information. However, we have no observation to
make concerning such information in the context of the financial statements taken as a whole.
Ernst & Young

Societe anonyme
Cabinet de revision agree
~iCkS
Luxembourg, April 4, 2017
Only the English version of the present Annual Report has been reviewed by the independent auditor.
Consequently, the audit report only refers to the English version of the report; other versions result from a
conscientious translation made under the responsibility of the Board of Directors of the SICAV. In case of
difference between the English version and the translation, the English version should be retained.
Page 10
BEST CHOICE
Combined
Page 11
BEST CHOICE
Combined
Financial Statements as at December 31, 2016
Statement of net assets as at December 31, 2016
Expressed in EUR
Assets 5,246,760.73
Investments in securities at market value Note 2 4,610,873.04
Securities at acquisition cost 4,568,258.58
Net unrealised gain on investments 42,614.46
Cash at banks and liquidities Note 1 599,165.61
Formation expenses Note 2 36,722.08
Liabilities 86,176.90
Bank overdrafts 107.27
Taxe d'abonnement payable Note 3 168.45
Redemptions payable 34,727.00
Management and distribution fees payable Note 4 11,079.38
Other fees payable Note 8 40,094.80
Total net assets 5,160,583.83
The accompanying notes form an integral part of these financial statements

Page 12
BEST CHOICE
Combined
Statement of operations and changes in net assets from January 1, 2016 to December 31, 2016
Expressed in EUR
Fees and expenses 445,144.29

Amortisation of formation expenses Note 2 22,894.66
Management and distribution fees Note 4 214,109.47
Depositary fees Note 5 4,348.67
Taxe d'abonnement Note 3 1,352.96
Administrative expenses Note 6 41,250.00
Domiciliation fees 15,000.00
Professional fees 28,746.02
Bank interest on overdrafts 3,135.33
Legal fees 18,901.78
Transaction fees Note 2 68,160.31
Other expenses 27,245.09
Net investment loss -445,144.29
Net realised gain / loss on:
- sales of investments in securities 353,352.21
- foreign exchange 353.22
Net realised loss -91,438.86
Change in net unrealised appreciation / depreciation on:
- investments in securities -28,378.38
Decrease in net assets as a result of operations -119,817.24
Proceeds from subscriptions of shares 14,705.84
Cost of shares redeemed -15,237,946.91
Decrease in net assets -15,343,058.31
Net assets at the beginning of the year 20,503,642.14
Net assets at the end of the year 5,160,583.83

Page 13
BEST CHOICE
- DYNAMIC
Page 14
BEST CHOICE - DYNAMIC
Expressed in EUR
Assets 971,085.58
Investments in securities at market value Note 2 873,653.85
Securities at acquisition cost 841,791.69
Total net assets 959,091.24
Statistics
Year ending as at: December 31, 2016 December 31, 2015 December 31, 2014
Total Net Assets EUR 959,091.24 4,210,820.51 6,187,585.99
BEST CHOICE - DYNAMIC - Class A

EUR EUR EUR
Capitalisation shares
Number of shares 9,015.26 41,222.86 58,233.27
Net asset value per share 106.39 102.15 106.26

Page 15
Expressed in EUR

Depositary fees Note 5 925.64
Taxe d'abonnement Note 3 232.07
Bank interest on overdrafts 608.57
Legal fees 4,673.96
Net assets at the end of the year 959,091.24

Page 16
Statement of investments and other net assets as at December 31, 2016
Expressed in EUR
Quotation Securities at Market value % of net
Quantity Description
currency acquisition cost (note 2) assets
Shares/Units in investment funds 841,791.69 873,653.85 91.09

France 257,468.22 265,405.50 27.67
1,305 AMUNDI ACTIONS USA ISR FCP -P- 3 DEC CAP EUR 85,934.25 88,113.60 9.19
4,572 CPR ACTIVE US FCP -P- CAPITALISATION EUR 85,862.16 88,468.20 9.22
63 MONDE GAN SICAV-N- 3 DEC EUR 85,671.81 88,823.70 9.26
Luxembourg 584,323.47 608,248.35 63.42
7,283 BRGF GLB DYNAMIC EQ FD -A2- EUR HDG CAP EUR 85,648.08 86,522.04 9.02
1,530 BRGF US BASIC VALUE FD -A2- EUR HDG CAP EUR 83,599.20 85,817.70 8.95
4,539 BRGF US FLEXIBLE EQ FD -A2- EUR HDG CAP EUR 84,153.06 86,513.34 9.02
1,549 NN L EM EUR EQ PC -P- CAP EUR 83,986.78 89,330.83 9.31
1,576 ROBECO K GROWTH FD US LARGE CAP EQ -DH- EUR 85,040.96 86,569.68 9.03
7,289 UBAM SNAM JPN EQY VALUE IH EUR EUR 81,563.91 85,135.52 8.88
1,164 UBS L GL SU IN - UNITS -P-ACC- CAP EUR 80,331.48 88,359.24 9.21
Total investments 841,791.69 873,653.85 91.09
Cash at bank/(bank liabilities) 88,005.90 9.18
Other net assets/(liabilities) -2,568.51 -0.27
Total net assets 959,091.24 100.00

Page 17
Geographical classification of investments
( in % of net assets)
Luxembourg 63.42
France 27.67
91.09
Industrial classification of investments
Units of investment funds 91.09
91.09
Page 18
BEST CHOICE
- BALANCED
Page 19
BEST CHOICE - BALANCED
Expressed in EUR
Assets 3,812,672.80
Investments in securities at market value Note 2 3,402,863.90
Securities at acquisition cost 3,391,969.20
Redemptions payable 34,727.00
Total net assets 3,747,849.67
Statistics
Total Net Assets EUR 3,747,849.67 12,841,859.64 20,635,556.73
BEST CHOICE - BALANCED - Class A

EUR EUR EUR
Number of shares 37,861.39 131,699.62 200,916.64

Page 20
Expressed in EUR

Depositary fees Note 5 2,790.03
Bank interest on overdrafts 1,731.45
Legal fees 9,327.01
Proceeds from subscriptions of shares 14,705.84
Net assets at the end of the year 3,747,849.67

Page 21
Expressed in EUR
Shares/Units in investment funds 3,391,969.20 3,402,863.90 90.80

France 491,548.64 491,629.21 13.12
8 GROUPAMA CASH PARTS CAP 4 DEC EUR 323,561.39 323,548.00 8.64
27 MANDARINE VALEUR -4- DEC -S- EUR 167,987.25 168,081.21 4.48
Luxembourg 2,900,420.56 2,911,234.69 77.68
337 AMUNDI BOND EURO INFLATION -AE- CAP EUR 50,563.48 51,250.96 1.37
1,636 AXA FIIS EU SHY -F- CAP EUR 211,191.24 213,072.64 5.69
1,783 AXA WORLD FRAMLINGTON JUNIOR ENERGY -A- EUR 171,774.22 168,707.46 4.50
3,520 BRGF US BASIC VALUE FD -A2- EUR HDG CAP EUR 195,148.80 197,436.80 5.27
10,396 BRGF US FLEXIBLE EQ FD -A2- EUR HDG CAP EUR 194,925.00 198,147.76 5.29
36 DK-INS LIQUID G - UNITS -CF (T)- CAP EUR 207,708.41 207,709.20 5.54
3,011 NN L EM EUR EQ PC -P- CAP EUR 173,945.47 173,644.37 4.63
327 NN L GL BD OPP PC -P- CAP EUR 322,212.72 320,630.04 8.56
12,464 N1 CIM ENV EQ -BI- BASE CUR CAP EUR 195,061.60 201,044.32 5.36
1,178 R CAPITAL HIGH YIELD BD EUR -SHS D-CAP EUR 163,812.68 163,211.90 4.35
6,440 SCHRODER INT SEL EME EUROPE -A- CAP EUR 172,601.66 172,334.40 4.60
1,727 SCHRODER INT SEL JAPANESE EQ -A HDG- CAP EUR 173,400.47 169,176.92 4.51
17,135 UBAM SNAM JPN EQY VALUE IH EUR EUR 201,850.30 200,136.80 5.34
851 UBS L BD FD FCP EURO HY -P- CAP EUR 163,877.07 164,072.80 4.38
655 UBS L BOND FUND CO EUROPE-B-CAP EUR 108,094.65 108,585.90 2.90
2,662 UBS L GL SU IN - UNITS -P-ACC- CAP EUR 194,252.79 202,072.42 5.39
Total investments 3,391,969.20 3,402,863.90 90.80
Other net assets/(liabilities) -48,419.08 -1.29
Total net assets 3,747,849.67 100.00

Page 22
Luxembourg 77.68
France 13.12
90.80
90.80
Page 23
BEST CHOICE
- CONSERVATIVE
Page 24
BEST CHOICE - CONSERVATIVE
Expressed in EUR
Assets 463,002.35
Investments in securities at market value Note 2 334,355.29
Securities at acquisition cost 334,497.69
Net unrealised loss on investments -142.40
Bank overdrafts 107.27
Total net assets 453,642.92
Statistics
Total Net Assets EUR 453,642.92 3,450,961.99 7,626,936.44
BEST CHOICE - CONSERVATIVE - Class A

EUR EUR EUR
Number of shares 5,063.98 37,528.10 77,022.55

Page 25
Expressed in EUR

Depositary fees Note 5 633.00
Bank interest on overdrafts 795.31
Legal fees 4,900.81
- foreign exchange 353.22
- investments in securities 6,112.14
Net assets at the end of the year 453,642.92

Page 26
Expressed in EUR
Shares/Units in investment funds 334,497.69 334,355.29 73.70

France 40,305.60 40,667.40 8.96
180 AMUNDI OBLIG INTERNATIONALES -P- 3 DEC C EUR 40,305.60 40,667.40 8.96
Luxembourg 294,192.09 293,687.89 64.74
399 AXA WORLD FD SICAV US HY BD -A- CAP USD 59,914.20 59,466.98 13.11
325 GENERALI INV VAR EUE HY BD -B- CAP EUR 49,945.35 50,010.68 11.02
4,000 N1 US HY BD -BP- CAP USD 69,782.41 69,400.33 15.30
688 PARV EQ EUR GR -CLASSIC- CAP EUR 30,354.56 30,457.76 6.71
210 PETERCAM L FD BONDS HIGHER YIELD -F- CAP EUR 53,925.90 54,114.90 11.93
28,037 SCHRODER INT SEL JPN SMALLER CIE -C- CAP JPY 30,269.67 30,237.24 6.67
Total investments 334,497.69 334,355.29 73.70
Other net assets/(liabilities) 1,640.04 0.36
Total net assets 453,642.92 100.00

Page 27
Luxembourg 64.74
France 8.96
73.70
73.70
Page 28
BEST CHOICE
Notes to the financial statements
Page 29
BEST CHOICE
Notes to the financial statements as at December 31, 2016

NOTE 1 GENERAL
BEST CHOICE (the "SICAV") was incorporated in Luxembourg on December 19, 2012, for an unlimited duration
as an open-ended investment company with variable share capital (Socit dInvestissement Capital Variable)
organised as a multi-compartment investment fund in the form of a public limited liability company (socit
anonyme) and currently qualifies as an undertaking for a collective investment in transferable securities
("UCITS") governed by Part I of the amended Luxembourg Law of December 17, 2010 (the "Law").
The SICAV is registered with the register of commerce and companies of Luxembourg under the number
B 174040.
At all times, the SICAVs capital will be equal to the net asset value and will not fall below the minimum capital of
EUR 1,250,000.
As at December 31, 2016, the SICAV includes three sub-funds in activity, all of them denominated in Euro
(EUR):

Following the bankruptcy of Optima Bank N.V. on 15 June 2016, the Board of Directors has decided to appoint,
Novacap Asset Management S.A. with effect from September 1, 2016 as the global distributor in replacement of
Optima bank N.V. with which the distribution agreement was terminated on June 30, 2016.
A new Financial Services Agent is being appointed in Belgium. Any subscription, redemption or conversion
request shall be temporarily submitted directly to CACEIS Bank, Luxembourg branch, the SICAV's transfer
agent.
NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
a) Presentation of financial statements
The financial statements are prepared and presented in accordance with generally accepted accounting
principles and legal reporting requirements in Luxembourg.
The reference currency of the SICAV is the EUR.
b) Valuation of assets
The value of these assets shall be determined as follows:
1) The value of cash at hand and bank deposits, drafts and bills of exchange payable at sight and
receivables, prepaid expenses and dividends and interest notified or due for payment but not yet
received, shall be constituted by the nominal value of the said assets, unless it is unlikely that it would be
possible to realise that value; in the latter case, the value shall be determined by subtracting the amount
that the SICAV considers adequate in order to arrive at the real value of the assets in question.
2) The value of any security admitted to official listing on a stock exchange or any other regulated market
which operates regularly and is recognised and open to the public is based on the last known price in
Luxembourg on the Valuation Day and, if that security is dealt on several markets, on the basis of the
last known price on the principal market on which the security is dealt in; if the last known price is not
representative, the valuation shall be based on the probable sale value that the Board of Directors of the
SICAV shall determine in good faith in accordance with the principle of prudence.
3) Securities that are not listed or are not dealt in on a stock exchange or any other regulated market which
operates regularly and is recognised and open to the public shall be valued on the basis of the probable
sale value estimated in good faith in accordance with the principle of prudence.
Page 30
BEST CHOICE
Notes to the financial statements as at December 31, 2016 (continued)
4) Shares or units of UCITS (including shares issued by the SICAV sub-funds that may be held by another
sub-fund of the SICAV) and UCIs will be valued on the basis of the last available net asset value.
5) Securities denominated in a currency other than the currency in which the class concerned is
denominated shall be converted at the exchange rates prevailing on the days and at the time when the
net asset value of the shares is determined.
6) The Board of Directors of the SICAV may, at its sole discretion, authorise the use of another valuation
method if it considers that such a valuation reflects more accurately the market value of any asset
owned by a sub-fund.
c) Net realised gain/loss on sales of investments securities
Realised gains or losses on the sales of investments are calculated on the basis of the average cost of the
investments sold.
d) Cost of investment securities
The cost of investment securities in currencies other than the currency of the sub-fund is translated into the
currency of the sub-fund at the exchange rate applicable at purchase date.
e) Transaction fees
The transaction fees represent the costs incurred by each sub-fund in connection with purchases and sales of
investments.
They include brokerage fees as well as bank commissions, tax, depositary fees and other transaction fees, and
are included in the statement of operations and change in net assets.
f) Formation expenses
Formation expenses are amortised on a straight line basis over a period of 5 years.
NOTE 3 TAXATION
Taxation of the SICAV
The SICAV is subject in Luxembourg to an annual tax representing 0.05% of the net asset value. This tax is
payable quarterly on the basis of the SICAV net assets, calculated at the end of the quarter to which the tax
relates. The value of assets represented by units held in other UCIs which are already subject to the subscription
tax provided for in article 174 of the Law of 2010 is exempt from the subscription tax.
No duties or taxes are payable in Luxembourg when the SICAV shares are issued.
Certain income of the SICAV portfolio in the form of dividends and interest payments may be subject to variable
rate withholding tax in the country where they are generated.
NOTE 4 MANAGEMENT AND DISTRIBUTION FEES
The Management Company is entitled to receive for the services provided as management company including
the investment manager function, on a monthly basis, a global fee not exceeding 0.37% p.a. of the average Net
Asset Value of the relevant sub-fund as determined during the relevant month. The Management Company
applies a minimum fee per sub-fund of EUR 15,000.00 per year. The Distribution fees will not exceed 1.25% p.a.
of the average Net Asset Value of the relevant sub-fund. All amounts charged are shown in the SICAV's
statement of operations and changes in net assets.
Page 31
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NOTE 5 DEPOSITARY FEES
The appointed Depositary Bank is entitled to receive from the SICAV, on a monthly basis, an annual safekeeping
services fee not exceeding 0.03% p.a. of the average Net Asset Value of the relevant sub- fund, as determined
during the relevant month. The Depositary Bank reserves the right to apply a minimum fee per sub-fund of EUR
3,000.00 per year.
NOTE 6 ADMINISTRATIVE EXPENSES
The Administrative Agent is entitled to receive from the SICAV on a monthly basis, an annual services fee not
exceeding 0.04% p.a. of the average Net Asset Value of the relevant sub-fund, as determined during the
relevant month with a minimum of EUR 12,000.00 per sub-fund per year.
For its function as domiciliary agent of the SICAV, the Management Company is entitled to receive a fixed fee of
EUR 15,000.00 per year for the Fund.
NOTE 7 PERFORMANCE FEE
The Management Company is entitled to a performance fee in relation to each sub fund.
The performance fee is calculated in respect of each performance period. A performance period is the period
from January 1 to December 31 in any year.
A provision for the above mentioned performance fee is made each Valuation Day in the Net Asset Value of the
Class of Share. In case of redemption during the relevant quarter, the accrued performance fee at the relevant
Valuation Day on which the relevant shares are redeemed, corresponding to the net number of shares redeemed
is due to the Management Company in remuneration of its performance of the portfolio management function.
The performance fee in respect to each sub-fund will be paid if the difference between the performance of the
Net Asset Value per Share over the performance period and the performance of the benchmark in the case it is
an index or a composition of indices or the daily compounded accrued income of the benchmark in the case it is
a money market rate, is positive (positive spread).
The spread (cumulated and annual) will be reset every time a performance fee is charged. However, the spread
will be carried forward should it be negative. This will ensure a high water mark structure on the spread. The
cumulated spread will then be the basis for the performance fee. Performance fee is only then charged should
the cumulated spread be positive. The spread will then be reset again.
The performance fee will be 10% over the annual outperformance of the corresponding benchmark for the
following sub-funds:
- BEST CHOICE - DYNAMIC

- BEST CHOICE - BALANCED
- BEST CHOICE - CONSERVATIVE
As at December 31, 2016 no performance fee was paid accrued.
NOTE 8 OTHER FEES PAYABLE
As at December 31, 2016, the other fees payable include mainly administration, custody and other operating
fees.
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NOTE 9 CHANGES IN THE COMPOSITION OF THE PORTFOLIO
The report on the changes in the statement of investments is available upon request at the registered office of
the Management Company of the SICAV free of charge.
NOTE 10 SECURITIES FINANCING TRANSACTIONS AND OF REUSE REGULATION (SFTR)
The Fund does not use any instruments falling into the scope of SFTR.
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Additional information (unaudited)

INFORMATION ON RISK MEASUREMENT
All sub-funds global risk exposure is monitored by using the Commitment approach. In that respect, financial
derivatives instruments are converted into their equivalent position in the underlying asset. The global risk
exposure shall not exceed the sub-funds net asset value.
UCITS V
The Management Company has implemented a Remuneration Policy that is designed as not to encourage
taking excessive risks. In that context, it integrates in its performance management system, risk criteria,
specific to the activities of the business units concerned. The Management Company has implemented a
series of safeguards that refrain to staff taking undue risk compared to the activity profile. The governance
structure of the Remuneration Policy aims at preventing internal conflicts of interest. The Policy is formulated
by Executive Management and approved by the Board of Directors. The Policy follows a defined process
establishing the principles, the approval, communication, implementation, review and update of the Policy
which involves the Board of Directors, Executive Management, Human Resources, Internal Audit and other
control functions. Performance is assessed on Group and Management Company level. Individual staff
assessments are based on a weighting of financial and nonfinancial targets linked to the specific job scope
and role. As such, the principle of individual performance assessment is based on an assessment of
objectives reached as well an appreciation of the employees long-term value creation. Furthermore, the
performance reflects an assessment of business and interpersonal skills and is linked to the achievement of
the individual. The criteria applied to establish fixed remuneration are job complexity, level of responsibility,
performance and local market conditions. The Management Companys remuneration policy is available
upon simple request on: info@novacap-am.com.
Page 34

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BEST CHOICE

SICAV with variable Capital under the Luxembourg

Annual report, including audited financial statements

R.C.S. Luxembourg B 174040

Database Publishing System: CO-Reporter by CO-Link, Belgium.

Organisation of the SICAV 3

Board of Directors of the SICAV 4

Board of Directors of the Management Company 4

Day to Day Managers of the Management Company 5

Independent auditors report 9

BEST CHOICE - DYNAMIC 14

BEST CHOICE - BALANCED 19

BEST CHOICE - CONSERVATIVE 24

Notes to the financial statements 29

Supplementary information (unaudited) 34

REGISTERED OFFICE 1, rue du Potager, L-2347 Luxembourg,

PROMOTOR Optima Bank NV/SA

MANAGEMENT COMPANY NOVACAP ASSET MANAGEMENT S.A.

DEPOSITARY BANK CACEIS Bank, Luxembourg Branch *

PAYING AGENT, ADMINISTRATIVE AGENT, CACEIS Bank, Luxembourg Branch *

AUDITOR Ernst & Young S.A.

DISTRIBUTOR Optima Bank NV/SA

NOVACAP ASSET MANAGEMENT S.A.

INVESTMENT ADVISOR Expert Timing Systems International EAFI SL

*CACEIS Bank Luxembourg until December 31, 2016

Mr. Philip DE HULSTERS, Independent Director

Mr. Jan DE PAEPE, Independent Director (since June 16, 2016)

Mr. Ludwig CALUWE, Independent Director (since June 16, 2016)

Board of Directors of the Management Company

Mr. Marc MICHIELS, CEO NOVACAP ASSET MANAGEMENT SA

Mr. Grard DJARDIN-VERKINDER, Independent Director

Mr. Hugo KOWALEWSKI FERREIRA , Independent Director

Mr. Jaime DE ORBEGOSO, Independent Director (until June 22, 2016)

Mr. Bart VAN WAGENBERG, Conducting Officer

Mrs. Catherine GREYER, Conducting Officer

Mr. Marc MICHIELS, Conducting Officer

Mr. Herv LEITE-FARIA (since June 8, 2016)

Management report (continued)

Best Choice Conservative

Best Choice Conservative is based on a conservative, multi-asset investment strategy.

Best Choice Balanced

Best Choice Dynamic

The performance of 2016 is positive and in line with expectations.

35E, Avenue John F. Kennedy B.P.780

Tel: + 35242 124 1 R.C.S. Luxembourg B 47 771

Independent auditor's report

Responsibility of the "reviseur d'entreprises agree"

A fllf;lnhe: f'rrn of Ernst & ~OU!lg Global Limited

Ernst & Young

Luxembourg, April 4, 2017

The accompanying notes form an integral part of these financial statements

Fees and expenses 445,144.29

Net assets at the beginning of the year 20,503,642.14

Net assets at the end of the year 5,160,583.83

The accompanying notes form an integral part of these financial statements

Total Net Assets EUR 959,091.24 4,210,820.51 6,187,585.99

BEST CHOICE - DYNAMIC - Class A

The accompanying notes form an integral part of these financial statements

Fees and expenses 109,973.42

Net assets at the beginning of the year 4,210,820.51

Net assets at the end of the year 959,091.24

The accompanying notes form an integral part of these financial statements

Shares/Units in investment funds 841,791.69 873,653.85 91.09

Total investments 841,791.69 873,653.85 91.09