Report on the activities of the financial year
Article 105
1. The report on activities of the financial year shall include at least: (a) an overview of investment activities during the year or period, and an overview of the AIF’s portfolio at year-end or period end; (b) an overview of AIF performance over the year or period; (c) material changes as defined below in the information listed in Article 23 of Directive 2011/61/EU not already present in the financial statements. 2. The report shall include a fair and balanced review of the activities and performance of the AIF, containing also a description of the principal risks and investment or economic uncertainties that the AIF might face. 3. To the extent necessary for an understanding of the AIF’s investment activities or its performance, the analysis shall include both financial and non-financial key performance indicators relevant to that AIF. The information provided in the report shall be consistent with national rules where the AIF is established. 4. The information in the report on the activities of the financial year shall form part of the directors or investment managers report in so far as this is usually presented alongside the financial statements of the AIF.