# OYSTER
## - Global Convertibles

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

#### Statement of net assets as at 31/12/2021
Expressed in EUR
| Assets |  | 69,180,176.50 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 67,505,655.28 |
| Unrealised profit on the securities portfolio |  | 467,652.05 |
| Cash at banks and liquidities |  | 1,413,940.14 |
| Interest receivable | Note 2 | 68,388.79 |
| Dividends receivable | Note 2 | 14,793.91 |
| Unrealised profit on forward foreign exchange contracts | Note 2 | 177,398.38 |
| Liabilities |  | 165,940.95 |
| Brokers payable |  | 79,869.99 |
| Management fees payable | Note 3 | 58,821.35 |
| Other liabilities |  | 27,249.61 |
| Net asset value |  | 69,014,235.55 |


#### Statement of operations and changes in net assets from 01/01/2021 to 31/12/2021
Expressed in EUR
| Income |  | 389,195.62 |
| --- | --- | --- |
| Net dividends | Note 2 | 123,943.30 |
| Net interest on bonds |  | 263,901.12 |
| Bank interest on cash account |  | 436.03 |
| Other income |  | 915.17 |
| Expenses |  | 967,640.65 |
| Management fees and Management Company fees | Note 3 | 667,182.51 |
| Depositary fees | Note 6 | 8,113.71 |
| Taxe d'abonnement | Note 5 | 10,965.08 |
| Administrative expenses | Note 3 | 137,804.66 |
| Bank interest |  | 9,585.28 |
| Legal fees |  | 19,897.69 |
| Transaction fees | Note 8 | 1,998.32 |
| Other expenses | Note 10 | 112,093.40 |
| Net loss from investments |  | (578,445.03) |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 3,442,278.05 |
| - forward foreign exchange contracts | Note 2 | (3,360,906.67) |
| - foreign exchange | Note 2 | 817,766.38 |
| Net realised profit |  | 320,692.73 |
| Movement in net unrealised appreciation / depreciation on: - investments |  | (1,542,857.96) |
| - forward foreign exchange contracts |  | (493,500.33) |
| Decrease in net assets as a result of operations |  | (1,715,665.56) |
| Subscription capitalisation shares |  | 12,033,663.95 |
| Redemption capitalisation shares |  | (4,531,927.34) |
| Increase in net assets |  | 5,786,071.05 |
| Net assets at the beginning of the year |  | 63,228,164.50 |
| Net assets at the end of the year |  | 69,014,235.55 |


#### Statistics
|  | Year ending as at: | 31/12/2021 | 31/12/2020 | 31/12/2019 |
| --- | --- | --- | --- | --- |
| Total Net Assets | EUR | 69,014,235.55 | 63,228,164.50 | 59,322,596.43 |
| C - CHF - HP - Capitalisation Number of shares |  | 21,700.000 | 1,367.054 | 4,910.054 |
| Net asset value per share | CHF | 184.92 | 191.71 | 168.38 |
| C - EUR - Capitalisation Number of shares |  | 18,324.642 | 9,477.739 | 15,397.057 |
| Net asset value per share | EUR | 247.76 | 256.21 | 224.30 |
| C - USD - HP - Capitalisation Number of shares |  | 12,946.210 | 6,077.081 | 10,092.042 |
| Net asset value per share | USD | 267.99 | 275.26 | 237.02 |
| I M - EUR - Capitalisation Number of shares |  | 40,000.000 | 40,000.000 | 40,000.000 |
| Net asset value per share | EUR | 1,423.24 | 1,463.07 | 1,273.22 |
| N - EUR - Capitalisation Number of shares |  | 1,044.337 | 1,010.314 | 7,047.302 |
| Net asset value per share | EUR | 197.98 | 205.86 | 181.21 |
| R - EUR - Capitalisation Number of shares |  | 280.010 | 302.010 | 582.293 |
| Net asset value per share | EUR | 1,479.80 | 1,521.80 | 1,324.95 |

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 |
| --- | --- | --- | --- | --- |
| C - CHF - HP - Capitalisation | 1,367.054 | 21,250.000 | 917.054 | 21,700.000 |
| C - EUR - Capitalisation | 9,477.739 | 16,891.005 | 8,044.102 | 18,324.642 |
| C - USD - HP - Capitalisation | 6,077.081 | 9,255.732 | 2,386.603 | 12,946.210 |
| I M - EUR - Capitalisation | 40,000.000 | 0.000 | 0.000 | 40,000.000 |
| N - EUR - Capitalisation | 1,010.314 | 8,403.023 | 8,369.000 | 1,044.337 |
| R - EUR - Capitalisation | 302.010 | 0.000 | 22.000 | 280.010 |

| Quantity	Denomination	Quotation	Cost price currency | Market value | % of net assets |
| --- | --- | --- |
| Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market	 67,038,003.23 | 67,505,655.28 | 97.81 |
| Convertible bonds	 67,038,003.23 | 67,505,655.28 | 97.81 |
| Bermuda	 1,697,791.30 | 1,652,269.56 | 2.39 |

| USD | 742,085.91 | 746,727.70 | 1.08 |
| --- | --- | --- | --- |
| USD | 955,705.39 | 905,541.86 | 1.31 |
|  | 2,568,467.12 | 2,686,534.31 | 3.89 |
| USD | 895,050.61 | 908,151.60 | 1.32 |
| HKD | 1,084,442.87 | 1,182,614.38 | 1.71 |
| USD | 588,973.64 | 595,768.33 | 0.86 |
|  | 674,598.25 | 714,048.24 | 1.03 |
| USD | 674,598.25 | 714,048.24 | 1.03 |
|  | 4,736,093.26 | 4,640,860.58 | 6.72 |
| USD | 808,482.44 | 688,744.28 | 1.00 |
| HKD | 570,846.03 | 660,391.72 | 0.96 |
| USD | 463,372.82 | 470,757.29 | 0.68 |
| USD | 1,189,381.92 | 1,150,765.04 | 1.66 |
| USD | 699,170.62 | 727,268.73 | 1.05 |
| USD | 1,004,839.43 | 942,933.52 | 1.37 |
|  | 5,854,212.43 | 6,056,514.59 | 8.78 |
| EUR | 669,996.62 | 647,852.30 | 0.94 |
| EUR | 1,009,050.00 | 963,423.00 | 1.40 |
| USD | 525,849.32 | 547,935.44 | 0.79 |
| EUR | 618,803.65 | 668,363.08 | 0.97 |
| EUR | 747,132.75 | 860,767.43 | 1.25 |
| EUR | 1,003,063.89 | 959,234.43 | 1.39 |
| USD | 683,384.32 | 718,782.13 | 1.04 |
| EUR | 596,931.88 | 690,156.78 | 1.00 |
|  | 2,006,775.00 | 2,036,327.53 | 2.95 |
| EUR | 756,000.00 | 776,065.32 | 1.12 |
| EUR | 522,350.00 | 529,246.40 | 0.77 |
| EUR | 728,425.00 | 731,015.81 | 1.06 |
|  | 550,594.31 | 509,409.07 | 0.74 |
| USD | 550,594.31 | 509,409.07 | 0.74 |
|  | 1,716,273.00 | 1,759,849.13 | 2.55 |
| EUR | 988,525.00 | 944,196.46 | 1.37 |
| EUR | 727,748.00 | 815,652.67 | 1.18 |
|  | 7,267,858.71 | 7,156,032.73 | 10.37 |
| JPY | 1,029,924.90 | 1,055,829.80 | 1.53 |
| JPY | 1,045,147.31 | 1,017,530.93 | 1.47 |
| JPY | 953,585.95 | 941,550.20 | 1.36 |
| JPY | 715,920.73 | 714,409.80 | 1.04 |
| JPY | 478,481.07 | 467,567.87 | 0.68 |
| JPY | 894,710.43 | 825,498.22 | 1.20 |
| JPY | 863,104.78 | 902,987.11 | 1.31 |
| JPY | 636,732.79 | 606,929.52 | 0.88 |
| JPY | 650,250.75 | 623,729.28 | 0.90 |
|  | 611,361.59 | 609,391.49 | 0.88 |
| USD | 611,361.59 | 609,391.49 | 0.88 |
|  | 1,918,000.00 | 1,887,657.95 | 2.74 |
| EUR | 1,135,000.00 | 1,148,290.00 | 1.67 |
| EUR | 783,000.00 | 739,367.95 | 1.07 |
|  | 589,002.49 | 628,935.10 | 0.91 |
| USD | 589,002.49 | 628,935.10 | 0.91 |
|  | 3,795,114.16 | 3,727,013.81 | 5.40 |
| EUR | 946,820.77 | 928,598.40 | 1.35 |
| CHF | 736,277.88 | 734,731.10 | 1.06 |
| EUR | 767,100.00 | 658,677.31 | 0.95 |
| USD | 864,290.51 | 942,207.00 | 1.37 |
| EUR | 480,625.00 | 462,800.00 | 0.67 |
|  | 1,494,157.42 | 1,490,586.34 | 2.16 |
| GBP | 581,652.23 | 587,089.08 | 0.85 |
| GBP | 912,505.19 | 903,497.26 | 1.31 |

749,000 JAZZ INVESTMENTS I L 2 20-26 11/06S
1,094,000 NCL CORP LTD	1.125 21-27 15/02S
British Virgin Islands
1,000,000 ADM AG	CV 0.00 20-23 26/08U
9,000,000 CHINA CONCH CV	0.0 18-23 05/09U
677,000 FINE PERFECTION INVESTMENT 21-22 17/04U
Canada
840,000 IMAX CORP CV	0.50 21-26 01/04S
Cayman Islands
915,000 BILIBILI INC	0.5 21-26 01/12S
5,000,000 CIMC ENRIC HOLDINGS 0.00 21-26 30/11U
533,000 HERBALIFE NUTRI CV & 2.625 18-24 15/03S
1,400,000 MEITUAN CV	0.00 21-28 27/04U
973,000 NIO INC 0.5 21-27 15/01S
1,160,000 SEA LTD	0.25 21-26 15/09S
France
12,380 ACCOR SA 0.7 20-27 07/12A
900,000 ATOS SE	0.0 19-24 06/11U
600,000 CARREFOUR SA 0.00 18-24 27/03U
48,105 EDF 0.00 20-24 14/09U
9,225 ENGIE SA 0.00 21-24 02/06U
6,802 ORPEA SA 0.375 19-27 17/05A
800,000 TOTALENERGIES 0.50 15-22 02/12S
18,291 VEOLIA ENVIRONNEMENT 0.00 19-25 01/01U
Germany
800,000 DELIVERY HERO SE 0.875 20-25 15/07S
500,000 DEUTSCHE LUFTHANSA CV 2.00 20-25 17/11S
700,000 LEG IMMOBILIEN SE 0.4 20-28 30/06S
Hong Kong
600,000 XIAOMI BEST TIME INT 0.00 20-27 17/12U
Italy
1,000,000 NEXI SPA CV 0.00 21-28 24/02U
700,000 PIRELLI & C SPA CV 0.00 20-25 22/12U
Japan
130,000,000 DMG MORI CO LTD CV  0.000 21-24 16/07U
130,000,000 MITSUBISHI CHEMICAL 0.00 17-24 29/03U
120,000,000 NIPPON STEEL  CV 0.00  21-24 04/10U
90,000,000 NIPPON STEEL CV 0.00	21-26 05/10U
60,000,000 NIPRO CORP	0.00 21-26 25/09U
110,000,000 RELO HOLDINGS INC	20-27 17/12U
100,000,000 SBI HOLDINGS INC 0 20-25 27/07S
80,000,000 SEINO HOLDINGS  CV 0.00 21-26 31/03U
80,000,000 SENKO CO LTD  CV  0.00 21-25 18/03U
New Zealand
700,000 XERO INVESTMENTS LTD 0.00 20-25 02/12U
Spain
1,100,000 CRITERIA CAIXAHOLDI CV 0.00 21-25 22/06U
800,000 INTL CONSOLIDATED 1.125 21-28 18/05S
Taiwan
700,000 HON HAI PRECISION INDUSTRY 21-26 05/08U
The Netherlands
900,000 AMERICA MOVIL CV 0.00 21-24 02/03U
800,000 DUFRY ONE B.V. 0.75 21-26 30/03S
800,000 JUST EAT TAKEAWAY.CO 0.625 21-28 09/02S
1,000,000 QIAGEN NV CV 0.00 20-27 17/12U
500,000 SHOP APOTHEKE EUROPE 0.00 21-28 21/01U
United Kingdom
500,000 JET2 PLC 1.625 21-26 10/06S
800,000 WH SMITH PLC	1.625 21-26 07/05S
Quantity	Denomination	Quotation
currency
Cost price
Market value
% of net assets
| United States of America |  | 30,376,412.89 | 30,738,175.95 | 44.54 |
| --- | --- | --- | --- | --- |
| 842,000 AFFIRM HOLDINGS INC	21-26 15/11U | USD | 747,838.32 | 669,335.21 | 0.97 |
| 800,000 AIRBNB INC CV 0.00 21-26 15/03U | USD | 753,941.06 | 690,116.07 | 1.00 |
| 621,000 ALTERYX INC 1.00 19-26 01/08S | USD | 511,926.10 | 490,787.68 | 0.71 |
| 12,932 AMG CAP TRUST II	5.15 07-37 15/10Q | USD | 606,389.94 | 662,747.94 | 0.96 |
| 550,000 AVALARA INC	0.25 21-26 01/08S | USD | 467,214.44 | 448,821.67 | 0.65 |
| 1,326 BANK OF AMERICA CORP 7.25 08-XX 31/12Q | USD | 1,521,433.37 | 1,685,367.92 | 2.44 |
| 390,000 BENTLEY SYSTEMS INC 0.125 21-26 15/01S | USD | 360,116.35 | 354,539.22 | 0.51 |
| 656,000 BENTLEY SYSTEMS INC 0.375 21-27 28/06S | USD | 576,360.59 | 533,591.28 | 0.77 |
| 509,000 BIGCOMMERCE HOLD CV 0.25 21/26 01/10S | USD | 437,931.36 | 399,743.14 | 0.58 |
| 586,000 BIOMARIN PHARMACEUT 0.599 17-24 01/08S | USD | 518,339.12 | 540,086.71 | 0.78 |
| 705,000 BIOMARIN PHARMACEUT 1.250 20-27 15/05S | USD | 573,774.16 | 649,763.01 | 0.94 |
| 665,000 BLACKLINE 0.00 21-26 15/03U | USD | 517,453.48 | 546,174.82 | 0.79 |
| 576,000 BLOCK INC	0.00 20-26 01/05U | USD | 550,750.99 | 522,009.88 | 0.76 |
| 555,000 CHEESECAKE FACTORY CV 0.375 21-26 15/06S | USD | 454,008.16 | 439,541.75 | 0.64 |
| 761,000 COUPA SOFTWARE INC 0.375 21-26 15/06S | USD | 682,381.23 | 635,728.11 | 0.92 |
| 828,000 DISH NETWORK CORP CV 3.375 16-26 15/08S | USD | 688,440.98 | 691,009.39 | 1.00 |
| 512,000 ENPHASE ENERGY CV  0.00 21-28 01/03U | USD | 393,931.44 | 466,661.98 | 0.68 |
| 1,114,000 EXACT SCIENCES CORP 0.375 20-28 01/03S | USD | 1,023,286.32 | 950,798.80 | 1.38 |
| 465,000 EXPEDIA GROUP 0.0 21-26 15/02U | USD | 408,135.92 | 472,482.85 | 0.68 |
| 1,305,000 FORD MOTOR CREDIT CO 0.00 21-26 15/03U | USD | 1,129,420.85 | 1,584,343.68 | 2.30 |
| 550,000 GUARDANT HEALTH INC 0.0 20-27 15/11U | USD | 494,358.30 | 491,672.53 | 0.71 |
| 694,000 JAMF HOLDING CORP  0.125 21-26 01/09S | USD | 614,328.47 | 635,825.93 | 0.92 |
| 869,000 JETBLUE AIRWAYS CV 0.50 21-26 01/04S | USD | 729,990.64 | 716,181.96 | 1.04 |
| 500,000 JP MORGAN CHASE CV  0.00 21-24 10/06U | EUR | 562,049.00 | 580,837.60 | 0.84 |
| 625,000 JPMORGAN CHASE & CO 0.25 18-23 01/05S | USD | 578,520.77 | 609,020.51 | 0.88 |
| 767,000 LIVEPERSON INC	0.00 20-26 15/12U | USD | 649,133.45 | 572,012.57 | 0.83 |
| 560,000 MGP INGREDIENTS INC CV  21-41 16/11S | USD | 488,187.61 | 564,136.48 | 0.82 |
| 890,000 NUTANIX INC CV	0.25 21-27 01/10S | USD | 696,668.75 | 716,100.94 | 1.04 |
| 708,000 NUVASIVE INC 0.375 21-25 15/03S | USD | 545,426.72 | 600,013.19 | 0.87 |
| 660,000 REDFIN CORPORATION  0.00 20-25 15/10U | USD | 601,745.43 | 519,796.43 | 0.75 |
| 697,000 REPAY HOLDINGS	0.0 21-26 01/02U | USD | 563,824.83 | 532,863.00 | 0.77 |
| 1,295,000 RINGCENTRAL	0.0 20-25 01/03U | USD | 1,188,490.07 | 1,075,515.07 | 1.56 |
| 683,000 RINGCENTRAL INC  RCV  20-26 15/03U | USD | 614,728.57 | 534,813.78 | 0.77 |
| 393,000 SHIFT4 PAYMENTS INC 0.00 20-25 15/12U | USD | 362,261.21 | 366,113.44 | 0.53 |
| 469,000 SHIFT4 PAYMENTS INC 0.5 21-27 26/07S | USD | 395,348.61 | 364,204.98 | 0.53 |
| 1,255,000 SNAP INC	0.0 21-27 01/0 | USD | 1,099,121.40 | 1,072,732.22 | 1.55 |
| 955,000 SPIRIT AIRLINES CV 1.0000 21-26 15/05S | USD | 750,056.75 | 728,125.01 | 1.06 |
| 1,129,000 SPLUNK INC 0.500 18-23 15/09S | USD | 1,033,800.10 | 1,064,109.10 | 1.54 |
| 561,000 SPLUNK INC CV 1.125 20-27 15/12S | USD | 481,107.14 | 462,484.61 | 0.67 |
| 1,079,000 UBER TECHNOLOGIES INC CV -25 15/12U | USD | 927,177.35 | 936,012.57 | 1.36 |
| 642,000 UPWORK INC 0.25 21-26 10/08S | USD | 579,210.94 | 519,944.17 | 0.75 |
| 614,000 VISHAY INTERTECHN CV 2.25 19-25 15/06S | USD | 543,501.69 | 559,521.81 | 0.81 |
| 649,000 WAYFAIR CV	0.625 20-25 01/10S | USD | 538,801.54 | 521,748.02 | 0.76 |
| 1,141 WELLS FARGO 7.50 11-XX 15/06Q | USD | 1,323,294.86 | 1,495,510.67 | 2.17 |
| 877,000 ZYNGA INC CV	20-26 15/12U | USD | 727,130.05 | 707,639.44 | 1.03 |
| 375,000 ZYNGA INC CV 0.25 19-24 01/06S | USD | 365,074.46 | 357,588.81 | 0.52 |
| Vietnam |  | 1,181,291.30 | 1,212,048.90 | 1.76 |
| 600,000 VINGROUP JOINT STOCK 3 21-26 20/04S | USD | 504,415.08 | 544,774.89 | 0.79 |
| 800,000 VINPEARL JOINT CV  3.250 21-26 21/09S | USD | 676,876.22 | 667,274.01 | 0.97 |
| Total securities portfolio |  | 67,038,003.23 | 67,505,655.28 | 97.81 |
| Cash at bank/(bank liabilities) |  |  | 1,413,940.14 | 2.05 |
| Other net assets/(liabilities) |  |  | 94,640.13 | 0.14 |
| Total net assets |  |  | 69,014,235.55 | 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 |