# OYSTER
## - Growth Strategy Portfolio USD

### Financial Statements as at 31/12/2021

#### Statement of net assets as at 31/12/2021
Expressed in USD
| Assets |  | 63,727,276.48 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 59,386,017.45 |
| Unrealised profit on the securities portfolio |  | 12,499,518.30 |
| Options purchased at market value | Note 2 | 66,832.00 |
| Cash at banks and liquidities |  | 4,273,633.23 |
| Dividends receivable | Note 2 | 793.80 |
| Liabilities |  | 87,093.52 |
| Management fees payable | Note 3 | 52,915.58 |
| Other liabilities |  | 34,177.94 |
| Net asset value |  | 63,640,182.96 |


#### Statement of operations and changes in net assets from 01/01/2021 to 31/12/2021
Expressed in USD
| Income |  | 142,914.01 |
| --- | --- | --- |
| Net dividends | Note 2 | 138,584.58 |
| Bank interest on cash account |  | 10.38 |
| Other income |  | 4,319.05 |
| Expenses |  | 874,681.65 |
| Management fees and Management Company fees | Note 3 | 590,014.85 |
| Depositary fees | Note 6 | 8,127.89 |
| Taxe d'abonnement | Note 5 | 17,486.77 |
| Administrative expenses | Note 3 | 122,337.64 |
| Bank interest |  | 464.77 |
| Legal fees |  | 28,039.26 |
| Transaction fees | Note 8 | 16,549.83 |
| Other expenses | Note 10 | 91,660.64 |
| Net loss from investments |  | (731,767.64) |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 4,093,349.01 |
| - options | Note 2 | (354,066.00) |
| - foreign exchange | Note 2 | (94,344.38) |
| Net realised profit |  | 2,913,170.99 |
| Movement in net unrealised appreciation / depreciation on: - investments |  | 2,899,004.01 |
| - options |  | (61,328.00) |
| Increase in net assets as a result of operations |  | 5,750,847.00 |
| Subscription capitalisation shares |  | 8,088,096.31 |
| Redemption capitalisation shares |  | (4,532,449.45) |
| Increase in net assets |  | 9,306,493.86 |
| Net assets at the beginning of the year |  | 54,333,689.10 |
| Net assets at the end of the year |  | 63,640,182.96 |

| Year ending as at: | 31/12/2021 | 31/12/2020 | 31/12/2019 |
| --- | --- | --- | --- |
| USD | 63,640,182.96 | 54,333,689.10 | 34,000,363.20 |


#### Statistics
Total Net Assets
R - USD - Capitalisation
| Number of shares |  | 293,806.131 | 276,464.131 | 200,291.131 |
| --- | --- | --- | --- | --- |
| Net asset value per share | USD | 216.61 | 196.53 | 169.75 |


#### Changes in number of shares outstanding from 01/01/2021 to 31/12/2021
Shares outstanding as at 01/01/2021
Shares issued	Shares redeemed
Shares outstanding as at 31/12/2021
R - USD - Capitalisation	276,464.131	38,643.178	21,301.178	293,806.131

#### Securities portfolio as at 31/12/2021
Expressed in USD
Quantity	Denomination	Quotation
currency
Transferable securities admitted to an official stock exchange listing and/or dealt in
Cost price
Market value
% of net assets
on another regulated market
5,737,266.57
8,602,671.20	13.52
| Shares |  | 5,737,266.57 | 8,602,671.20 | 13.52 |
| --- | --- | --- | --- | --- |
|  | Ireland | 1,564,464.40 | 1,870,722.00 | 2.94 |

| 5,400 LINDE PLC | USD | 1,564,464.40 | 1,870,722.00 | 2.94 |
| --- | --- | --- | --- | --- |
| United States of America |  | 4,172,802.17 | 6,731,949.20 | 10.58 |
| 660 ALPHABET INC -A- | USD | 960,972.13 | 1,912,046.40 | 3.00 |
| 320 AMAZON.COM INC | USD | 679,613.27 | 1,066,988.80 | 1.68 |
| 5,400 DANAHER CORP | USD | 905,072.15 | 1,776,654.00 | 2.79 |
| 5,500 MASTERCARD INC -A- | USD | 1,627,144.62 | 1,976,260.00 | 3.11 |
| nits of UCITS/UCIS |  | 41,149,232.58 | 50,783,346.25 | 79.80 |
| Shares/Units in investment funds |  | 41,149,232.58 | 50,783,346.25 | 79.80 |

Shares/U
| Germany |  | 2,272,026.53 | 2,553,006.61 | 4.01 |
| --- | --- | --- | --- | --- |
| 107,000 ISHESB30-15(DE) | EUR | 1,272,271.26 | 1,217,777.44 | 1.91 |
| 2,000 ISHS STOXX EUR600 | EUR | 110,388.67 | 109,728.43 | 0.17 |
| 22,300 ISHS STOXX EUR600 (DE) | EUR | 889,366.60 | 1,225,500.74 | 1.93 |
| Ireland	 16,896,953.09 | 21,740,087.75 | 34.16 |
| 125,000 GUARDCAP GLOBAL EQTY FD I USD | USD | 2,573,829.00 | 3,526,375.00 | 5.54 |
| 345,000 HEM GLB EM MKT ACC CL.-F- USD | USD | 1,055,972.68 | 1,314,657.00 | 2.07 |
| 3,950 INV US SLCT SEC | USD | 901,786.90 | 1,709,026.75 | 2.69 |
| 47,000 INVESCO BLOOMBERG COMMO | USD | 904,829.90 | 981,830.00 | 1.54 |
| 14,100 ISHARES CORE S&P 500 UCITS ETF | USD | 4,822,878.39 | 6,871,353.00 | 10.79 |
| 12,000 ISHARES II BARCLAYS K US TREASURY BD7-10 | USD | 2,544,466.01 | 2,521,320.00 | 3.96 |
| 8,800 LEGG MASON WESTERN AS MACRO OPP BD FUND | USD | 1,267,165.00 | 1,410,376.00 | 2.22 |
| 100,000 NB SHT DU EM - ACC -I- USD | USD | 1,257,480.00 | 1,269,000.00 | 1.99 |
| 30,000 SPDR SP US DI ETF USD | USD | 1,568,545.21 | 2,136,150.00 | 3.36 |
| Jersey Island |  | 1,159,559.98 | 1,260,720.00 | 1.98 |
| 7,200 WISDOMTREE META(SPOT GOLD LMBA SPEC IDX) | USD | 1,159,559.98 | 1,260,720.00 | 1.98 |
| Luxembourg |  | 19,563,576.88 | 23,842,427.89 | 37.47 |
| 54,200 AIF AMUNDI INDEX MSCI EUROPE SRIDR A | EUR | 3,542,247.69 | 4,789,690.57 | 7.54 |
| 265,000 AMUNDI IS AM MSCI EM MKTS - UEUC | USD | 1,311,349.37 | 1,519,828.00 | 2.39 |
| 2,600,000 ARTEMIS US EXTENDED ALPHA B USD ACC | USD | 3,117,520.00 | 4,590,560.00 | 7.21 |
| 10,500 AWF GL SD BD -I- CAP | USD | 1,126,550.50 | 1,255,170.00 | 1.97 |
| 80,000 BLACKROCK ASIAN HIGH YIELD BON | USD | 957,080.00 | 816,000.00 | 1.28 |
| 11,200 OYSTER - STABLE RETURN R USD | USD | 1,913,820.00 | 2,070,768.00 | 3.25 |
| 6,700 OYSTER - US CORE PLUS R USD CAP | USD | 1,167,624.35 | 1,241,912.00 | 1.95 |
| 760 OYSTER - US SMALL AND MID COMPANY GROWTH R USD | USD | 1,748,847.14 | 2,474,636.00 | 3.89 |
| 2,800 UBAM SWISS EQUITY -I- CAP | CHF | 1,186,974.12 | 1,705,245.75 | 2.68 |
| 155,000 UBS ETF-MSCI JAPAN UCITS ETF-A ACC | JPY | 3,491,563.71 | 3,378,617.57 | 5.31 |
| Switzerland |  | 1,257,116.10 | 1,387,104.00 | 2.18 |
| 9,600 TYNDARIS GLOBAL CONVERTIBLE SI USD H CAP | USD | 1,257,116.10 | 1,387,104.00 | 2.18 |
| Total securities portfolio |  | 46,886,499.15 | 59,386,017.45 | 93.32 |
| Cash at bank/(bank liabilities) |  |  | 4,273,633.23 | 6.72 |
| Other net assets/(liabilities) |  |  | (19,467.72) | (0.04) |
| Total net assets |  |  | 63,640,182.96 | 100.00 |

Translation (ENFR, 2021-12-31):
# OYSTER
## Consolidé

##### Etats Financiers au 31/12/2021

###### Etat du Patrimoine au 31/12/2021
Exprimé en USD
| Actifs |  | 2.050.741.605,53 |
| --- | --- | --- |
| Portefeuille-titres à la valeur d'évaluation | Note 2 | 1.958.135.042,67 |
| Plus-value non réalisée sur le portefeuille-titres |  | 81.393.966,12 |
| Options achetées à la valeur de marché | Note 2 | 131.521,00 |
| Avoirs en banque et liquidités |  | 73.437.184,67 |
| Dépôts à terme |  | 4.100.000,00 |
| Intérêts à recevoir | Note 2 | 5.067.813,26 |
| Brokers à recevoir |  | 188.818,30 |
| Souscriptions à recevoir |  | 2.706.660,28 |
| Dividendes à recevoir | Note 2 | 545.924,57 |
| Plus-value non réalisée sur contrats de change à terme | Note 2 | 3.881.755,54 |
| Plus-value non réalisée sur "futures" | Note 2 | 846.885,49 |
| A recevoir sur change spot |  | 12.931,12 |
| Autres actifs |  | 1.687.068,63 |
| Passifs |  | 9.477.276,52 |
| Brokers à payer |  | 5.017.942,77 |
| Commission de performance | Note 4 | 1.524,46 |
| Rachats à payer | Note 2 | 1.750.857,62 |
| Commission de gestion et conseil à payer | Note 3 | 1.677.572,56 |
| A payer sur change spot |  | 12.947,65 |
| Autres passifs |  | 1.016.431,46 |
| Valeur nette d'inventaire |  | 2.041.264.329,01 |


###### Etat des Opérations et des Variations des Actifs Nets du 01/01/2021 au 31/12/2021
Exprimé en USD
| Revenus |  | 36.213.306,16 |
| --- | --- | --- |
| Dividendes nets | Note 2 | 18.676.019,10 |
| Intérêts nets sur obligations |  | 17.395.174,76 |
| Intérêts bancaires à vue |  | 35.441,15 |
| Intérêts bancaires à terme |  | 4.281,01 |
| Autres revenus financiers | Note 7 | 52.044,78 |
| Autres revenus |  | 50.345,36 |
| Dépenses |  | 29.879.061,57 |
| Commissions de gestion et de conseil | Note 3 | 19.018.802,28 |
| Commissions de banque dépositaire et sous-dépositaire | Note 6 | 262.413,91 |
| Taxe d'abonnement | Note 5 | 583.375,17 |
| Frais administratifs | Note 3 | 3.843.138,75 |
| Commission de performance | Note 4 | 1.524,46 |
| Intérêts bancaires sur découvert |  | 414.709,41 |
| Frais légaux |  | 472.111,27 |
| Frais de transaction | Note 8 | 1.603.310,53 |
| Autres dépenses | Note 10 | 3.679.675,79 |
| Revenus nets des investissements |  | 6.334.244,59 |
| Bénéfice net / Perte nette réalisé(e) sur : - vente de titres | Note 2 | 109.941.905,35 |
| - options | Note 2 | (3.706.655,77) |
| - contrats de change à terme | Note 2 | (18.156.636,93) |
| - futures | Note 2 | 8.994.051,18 |
| - change | Note 2 | (1.151.702,20) |
| Bénéfice net réalisé |  | 102.255.206,22 |
| Variation de la plus- ou moins-value nette non réalisée sur : - portefeuille-titres |  | 15.589.203,08 |
| - options |  | (371.743,37) |
| - contrats de change à terme |  | 853.641,16 |
| - futures |  | 47.867,31 |
| Augmentation des actifs nets résultant des opérations |  | 118.374.174,40 |
| Dividendes payés | Note 9 | (222.465,43) |
| Souscriptions actions de capitalisation |  | 714.388.798,14 |
| Souscriptions actions de distribution |  | 15.219.191,90 |
| Rachats actions de capitalisation |  | (530.275.979,33) |
| Rachats actions de distribution |  | (18.860.525,19) |
| Augmentation des actifs nets | 298.623.194,49 |
| Réévaluation de la balance d'ouverture | (106.911.213,48) |
| Actifs nets au début de l'année | 1.849.552.348,00 |
| Actifs nets à la fin de l'année | 2.041.264.329,01 |