# OYSTER
## - US Value

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

#### Statement of net assets as at 31/12/2021
Expressed in USD
| Assets |  | 75,759,898.89 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 74,604,362.04 |
| Unrealised profit on the securities portfolio |  | 14,171,121.96 |
| Cash at banks and liquidities |  | 835,768.15 |
| Subscriptions receivable |  | 5,787.97 |
| Dividends receivable | Note 2 | 27,794.38 |
| Unrealised profit on forward foreign exchange contracts | Note 2 | 248,184.01 |
| Other assets |  | 38,002.34 |
| Liabilities |  | 270,116.87 |
| Brokers payable |  | 143,074.88 |
| Redemptions payable | Note 2 | 216.83 |
| Management fees payable | Note 3 | 95,796.81 |
| Other liabilities |  | 31,028.35 |
| Net asset value |  | 75,489,782.02 |


#### Statement of operations and changes in net assets from 01/01/2021 to 31/12/2021
Expressed in USD
| Income |  | 935,903.34 |
| --- | --- | --- |
| Net dividends | Note 2 | 930,796.54 |
| Bank interest on cash account |  | 10.97 |
| Securities lending income | Note 7 | 5,095.83 |
| Expenses |  | 1,563,372.57 |
| Management fees and Management Company fees | Note 3 | 1,100,634.35 |
| Depositary fees | Note 6 | 16,613.61 |
| Taxe d'abonnement | Note 5 | 32,924.36 |
| Administrative expenses | Note 3 | 159,724.11 |
| Bank interest |  | 812.74 |
| Legal fees |  | 16,672.00 |
| Transaction fees | Note 8 | 26,230.74 |
| Other expenses | Note 10 | 209,760.66 |
| Net loss from investments |  | (627,469.23) |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 7,560,933.78 |
| - forward foreign exchange contracts | Note 2 | (2,285,489.47) |
| - foreign exchange | Note 2 | (349,193.81) |
| Net realised profit |  | 4,298,781.27 |
| Movement in net unrealised appreciation / depreciation on: - investments |  | 8,271,155.82 |
| - forward foreign exchange contracts |  | 26,467.06 |
| Increase in net assets as a result of operations |  | 12,596,404.15 |
| Dividends paid | Note 9 | (374.04) |
| Subscription capitalisation shares |  | 47,524,739.47 |
| Subscription distribution shares |  | 5,318.82 |
| Redemption capitalisation shares |  | (32,294,414.11) |
| Redemption distribution shares |  | (430,951.72) |
| Increase in net assets |  | 27,400,722.57 |
| Net assets at the beginning of the year |  | 48,089,059.45 |
| Net assets at the end of the year |  | 75,489,782.02 |

| Year ending as at: | 31/12/2021 | 31/12/2020 | 31/12/2019 |
| --- | --- | --- | --- |
| USD | 75,489,782.02 | 48,089,059.45 | 90,878,227.11 |


#### Statistics
Total Net Assets
| C - CHF - HP - Capitalisation Number of shares |  | 2,131.555 | 3,437.690 | 8,344.798 |
| --- | --- | --- | --- | --- |
| Net asset value per share | CHF | 251.94 | 211.44 | 214.59 |
| C - EUR - Capitalisation Number of shares |  | 3,438.403 | 6,897.300 | 3,000.000 |
| Net asset value per share | EUR | 182.57 | 140.90 | 151.87 |
| C - EUR - HP - Capitalisation Number of shares |  | 85,898.503 | 74,444.371 | 102,732.733 |
| Net asset value per share | EUR | 259.20 | 217.07 | 220.04 |
| C - USD - Capitalisation Number of shares |  | 72,981.360 | 38,855.599 | 75,286.401 |
| Net asset value per share | USD | 303.98 | 252.46 | 249.63 |
| C - USD - Distribution Number of shares |  | 1,863.796 | 3,976.015 | 5,211.205 |
| Net asset value per share | USD | 227.38 | 188.77 | 194.42 |
| I - EUR - Capitalisation Number of shares |  | 62.000 | 62.030 | 6,455.892 |
| Net asset value per share | EUR | 1,386.81 | 1,060.46 | 1,133.45 |
| I - USD - Distribution Number of shares |  | 50.000 | 50.000 | 6,234.474 |
| Net asset value per share | USD | 1,543.72 | 1,271.71 | 1,299.10 |
| I M - USD - Capitalisation Number of shares |  | 8,966.868 | 0.000 | 0.000 |
| Net asset value per share | USD | 1,226.76 | 0.00 | 0.00 |
| N - EUR - HP - Capitalisation Number of shares |  | 25,924.708 | 36,474.726 | 58,992.716 |
| Net asset value per share | EUR | 192.97 | 162.51 | 165.66 |
| R - EUR - Capitalisation Number of shares |  | 10,890.418 | 9,388.725 | 0.000 |
| Net asset value per share | EUR | 198.80 | 152.23 | 0.00 |
| R - EUR - HP - Capitalisation Number of shares |  | 791.944 | 1,531.560 | 4,050.916 |
| Net asset value per share | EUR | 1,848.14 | 1,534.94 | 1,546.72 |
| R - USD - Capitalisation Number of shares |  | 2,448.613 | 2,100.729 | 3,402.748 |
| Net asset value per share | USD | 2,151.45 | 1,772.60 | 1,740.44 |
| Z - USD - Capitalisation Number of shares |  | 0.000 | 0.000 | 1,665.457 |
| Net asset value per share | USD | 0.00 | 0.00 | 1,860.39 |


#### 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	3,437.690	2,233.116	3,539.251	2,131.555

#### 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 - EUR - Capitalisation | 6,897.300 | 2,425.068 | 5,883.965 | 3,438.403 |
| C - EUR - HP - Capitalisation | 74,444.371 | 20,723.210 | 9,269.078 | 85,898.503 |
| C - USD - Capitalisation | 38,855.599 | 49,624.971 | 15,499.210 | 72,981.360 |
| C - USD - Distribution | 3,976.015 | 26.386 | 2,138.605 | 1,863.796 |
| I - EUR - Capitalisation | 62.030 | 0.000 | 0.030 | 62.000 |
| I - USD - Distribution | 50.000 | 0.000 | 0.000 | 50.000 |
| I M - USD - Capitalisation | 0.000 | 25,138.878 | 16,172.010 | 8,966.868 |
| N - EUR - HP - Capitalisation | 36,474.726 | 330.000 | 10,880.018 | 25,924.708 |
| R - EUR - Capitalisation | 9,388.725 | 2,386.304 | 884.611 | 10,890.418 |
| R - EUR - HP - Capitalisation | 1,531.560 | 16.142 | 755.758 | 791.944 |
| R - USD - Capitalisation | 2,100.729 | 808.451 | 460.567 | 2,448.613 |

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
60,433,240.08
74,604,362.04	98.83
| Shares |  | 60,433,240.08 | 74,604,362.04 | 98.83 |
| --- | --- | --- | --- | --- |
|  | Canada | 1,510,493.52 | 1,637,786.04 | 2.17 |
| 22,766 CANADIAN PACIFIC RAILWAY | USD | 1,510,493.52 | 1,637,786.04 | 2.17 |
| Cayman Islands |  | 1,292,848.48 | 1,162,793.85 | 1.54 |
| 7,815 BAIDU INC -A- ADR REPR 8 SH -A- | USD | 1,292,848.48 | 1,162,793.85 | 1.54 |
| Switzerland |  | 2,415,890.24 | 2,439,800.71 | 3.23 |
| 27,893 NOVARTIS ADR.REP.1SH | USD | 2,415,890.24 | 2,439,800.71 | 3.23 |
| The Netherlands |  | 1,698,145.04 | 1,878,036.10 | 2.49 |
| 16,705 HEINEKEN NV | EUR | 1,698,145.04 | 1,878,036.10 | 2.49 |
| United Kingdom	 3,754,530.88 | 3,563,387.04 | 4.72 |
| 25,364 ASTRAZENECA PLC ADR REPR 1SHS | USD | 1,483,880.32 | 1,477,453.00 | 1.96 |
| 15,379 UNILEVER | EUR | 905,524.66 | 822,944.84 | 1.09 |
| 23,480 UNILEVER SPONS ADR REPR.1 SHS | USD | 1,365,125.90 | 1,262,989.20 | 1.67 |
| United States of America	 49,761,331.92 | 63,922,558.30 | 84.68 |
| 17,269 ADVANCE AUTO PARTS | USD | 2,682,817.04 | 4,142,487.72 | 5.49 |
| 15,988 BERKSHIRE HATHAWAY -B- | USD | 3,406,297.76 | 4,780,412.00 | 6.33 |
| 41,226 CENTENE CORP | USD | 2,573,313.97 | 3,397,022.40 | 4.50 |
| 29,795 COGNIZANT TECHNOLOGY SOLUTIONS -A- | USD | 2,170,637.86 | 2,643,412.40 | 3.50 |
| 65,933 COMCAST CORP | USD | 3,075,422.43 | 3,318,407.89 | 4.40 |
| 7,780 CONSTELLATION BRANDS INC -A- | USD | 1,722,726.59 | 1,952,546.60 | 2.59 |
| 40,024 CVS HEALTH | USD | 2,727,209.83 | 4,128,875.84 | 5.47 |
| 25,305 FISERV INC | USD | 2,855,139.68 | 2,626,405.95 | 3.48 |
| 15,652 JOHNSON & JOHNSON | USD | 2,288,704.60 | 2,677,587.64 | 3.55 |
| 16,892 LIBERTY BROADBAND CORP -C- | USD | 2,430,675.36 | 2,721,301.20 | 3.60 |
| 7,524 LOCKHEED MARTIN CORP | USD | 2,693,968.89 | 2,674,104.84 | 3.54 |
| 2,613 MARKEL CORP | USD | 2,642,419.04 | 3,224,442.00 | 4.27 |
| 48,377 MASCO CORP | USD | 2,893,502.55 | 3,397,032.94 | 4.50 |
| 17,304 MCKESSON CORP | USD | 2,809,989.55 | 4,301,255.28 | 5.70 |
| 18,919 MICROSOFT CORP | USD | 3,735,841.92 | 6,362,838.08 | 8.44 |
| 63,207 MILLERKNOLL INC | USD | 2,676,629.14 | 2,477,082.33 | 3.28 |
| 40,539 ORACLE CORP | USD | 2,386,865.86 | 3,535,406.19 | 4.68 |
| 20,766 PROGRESSIVE CORP | USD | 1,854,784.55 | 2,131,629.90 | 2.82 |
| 91,990 VALVOLINE INC | USD | 2,134,385.30 | 3,430,307.10 | 4.54 |
| Total securities portfolio |  | 60,433,240.08 | 74,604,362.04 | 98.83 |
| Cash at bank/(bank liabilities) |  |  | 835,768.15 | 1.11 |
| Other net assets/(liabilities) |  |  | 49,651.83 | 0.06 |
| Total net assets |  |  | 75,489,782.02 | 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 |