# ODDO BHF
## Algo Trend Eurozone

##### Financial Statements as at 31.10.2021
Statement of net assets as at 31.10.2021
Expressed in EUR
| Assets |  | 32,947,384 |
| --- | --- | --- |
| Investments at market value | Note 2b | 31,022,888 |
| Acquisition cost |  | 24,460,850 |
| Cash at bank |  | 193,024 |
| Receivable on sale of investments |  | 1,696,187 |
| Receivable on subscriptions |  | 35,285 |
| Liabilities |  | 1,789,299 |
| Payable on purchase of investments |  | 1,709,303 |
| Payable on redemptions |  | 42,933 |
| Investment management and domiciliary, administrative and transfer agency fees payable Other liabilities |  | 34,827 2,236 |
| Net asset value |  | 31,158,085 |

Changes in number of shares outstanding from 01.11.2020 to 31.10.2021
|  | Shares outstanding as at 01.11.2020 | Shares subscribed | Shares redeemed | Shares outstanding as at 31.10.2021 |
| --- | --- | --- | --- | --- |
| I Shares EUR - Capitalisation | 1,707.10 | 5.72 | 1,364.22 | 348.60 |
| R Shares EUR - Capitalisation | 236,909.75 | 27,146.60 | 80,371.02 | 183,685.33 |
| Rw Shares EUR - Distribution | 0.00 | 4.76 | 0.00 | 4.76 |
| N Shares EUR - Capitalisation | 16,499.39 | 11,841.92 | 6,237.26 | 22,104.05 |

| Year ended as at: | 31.10.2021 | 31.10.2020 | 31.10.2019 |
| --- | --- | --- | --- |
| EUR | 31,158,085 | 29,183,548 | 31,257,216 |

Statistics
Total Net Assets
| I Shares EUR - Capitalisation Number of shares |  | 348.60 | 1,707.10 | 8,299.76 |
| --- | --- | --- | --- | --- |
| Net asset value per share | EUR | 1,564.17 | 1,121.08 | 1,260.72 |
| R Shares EUR - Capitalisation Number of shares |  | 183,685.33 | 236,909.75 | 163,685.41 |
| Net asset value per share | EUR | 149.21 | 107.85 | 122.31 |
| Rw Shares EUR - Distribution Number of shares |  | 4.76 | - | - |
| Net asset value per share | EUR | 122.15 | - | - |
| N Shares EUR - Capitalisation Number of shares |  | 22,104.05 | 16,499.39 | 6,565.78 |
| Net asset value per share | EUR | 144.96 | 104.25 | 117.66 |

Quantity	Denomination	Quotation
currency
Transferable securities admitted to an official stock exchange listing and / or dealt in
Acquisition cost
Market value
% of net assets
on another regulated market
24,460,851
31,022,888	99.57
| Shares |  | 24,460,851 | 31,022,888 | 99.57 |
| --- | --- | --- | --- | --- |
|  | Luxembourg | 376,357 | 514,800 | 1.65 |
| 17,555 ARCELORMITTAL SA | EUR | 376,357 | 514,800 | 1.65 |
| France |  | 5,816,892 | 7,890,055 | 25.33 |
| 2,759 AIR LIQUIDE SA | EUR | 331,113 | 397,958 | 1.28 |
| 10,091 CIE DE SAINT-GOBAIN | EUR | 621,424 | 601,020 | 1.93 |
| 27,576 CREDIT AGRICOLE SA | EUR | 297,796 | 359,591 | 1.15 |
| 10,457 DASSAULT SYST. | EUR | 344,722 | 526,824 | 1.69 |
| 145 HERMES INTERNATIONAL SA | EUR | 79,650 | 198,723 | 0.64 |
| 1,026 KERING | EUR | 495,236 | 665,053 | 2.13 |
| 6,443 LA FRANCAISE DES JEUX SA | EUR | 227,073 | 289,291 | 0.93 |
| 1,606 LEGRAND SA | EUR | 102,931 | 151,349 | 0.49 |
| 3,004 L'OREAL SA | EUR | 788,584 | 1,186,430 | 3.81 |
| 1,776 LVMH MOET HENNESSY LOUIS VUITTON SE | EUR | 730,935 | 1,202,708 | 3.86 |
| 1,472 PERNOD RICARD SA | EUR | 215,959 | 292,486 | 0.94 |
| 8,028 SCHNEIDER ELECTRIC SE | EUR | 833,170 | 1,195,369 | 3.84 |
| 1,876 TELEPERFORMANCE SE | EUR | 575,256 | 677,424 | 2.17 |
| 3,001 VEOLIA ENVIRONNEMENT SA | EUR | 81,743 | 84,718 | 0.27 |
| 1,213 WORLDLINE SA | EUR | 91,300 | 61,111 | 0.20 |
| The Netherlands |  | 5,045,227 | 6,960,220 | 22.35 |
| 1,267 ARGENX SE | EUR | 319,956 | 328,026 | 1.05 |
| 2,176 ASM INTERNATIONAL NV | EUR | 576,072 | 851,686 | 2.73 |
| 1,776 ASML HOLDING NV | EUR | 664,815 | 1,244,087 | 4.00 |
| 2,785 BESI -REGISTERED SHS | EUR | 127,602 | 219,904 | 0.71 |
| 10,211 CNH INDUSTRIAL NV | EUR | 139,113 | 152,450 | 0.49 |
| 1,621 CORBION | EUR | 77,796 | 66,623 | 0.21 |
| 18,275 DAVIDE CAMPARI-MILANO N.V. | EUR | 177,030 | 224,417 | 0.72 |
| 5,596 DSM KONINKLIJKE | EUR | 776,801 | 1,057,924 | 3.41 |
| 2,704 EURONEXT NV | EUR | 266,639 | 263,370 | 0.85 |
| 1,154 EXOR REG | EUR | 67,611 | 94,051 | 0.30 |
| 306 FERRARI NV | EUR | 47,568 | 62,730 | 0.20 |
| 1,755 IMCD | EUR | 153,367 | 337,048 | 1.08 |
| 2,158 KONINKLIJKE AHOLD DELHAIZE NV | EUR | 60,217 | 60,705 | 0.19 |
| 2,716 SIGNIFY NV | EUR | 118,221 | 113,665 | 0.36 |
| 17,404 STELLANTIS N.V.-BEARER & REGISTERED SHS | EUR | 239,832 | 300,010 | 0.96 |
| 16,285 STMICROELECTRONICS | EUR | 403,812 | 665,975 | 2.14 |
| 10,123 WOLTERS KLUWER NV | EUR | 828,775 | 917,549 | 2.95 |
| Germany |  | 5,340,962 | 6,276,583 | 20.14 |
| 903 BRENNTAG - NAMEN AKT | EUR | 49,878 | 74,263 | 0.24 |
| 1,394 CARL ZEISS MEDITEC AG | EUR | 174,669 | 242,486 | 0.78 |
| 12,361 DAIMLER AG NAMEN-AKT | EUR | 741,402 | 1,059,831 | 3.39 |
| 2,403 DELIVERY HERO | EUR | 259,839 | 258,443 | 0.83 |
| 16,621 DEUTSCHE BANK AG REG SHS | EUR | 127,225 | 185,258 | 0.59 |
| 15,675 DEUTSCHE POST AG REG SHS | EUR | 821,773 | 838,925 | 2.69 |
| 2,916 HANNOVER RUECK SE | EUR | 383,107 | 460,728 | 1.48 |
| 2,909 MERCK KGAA | EUR | 425,186 | 594,018 | 1.91 |
| 604 MUENCHENER RUECKVERSICHERUNGS AG REG SHS | EUR | 135,344 | 154,745 | 0.50 |
| 4,953 PORSCHE AUTOMOBIL HLDG - VORZ.AKT-STIMMR | EUR | 455,159 | 444,878 | 1.43 |
| 3,106 PUMA AG | EUR | 219,757 | 333,274 | 1.07 |
| 399 SARTORIUS VORZ.OHNE STIMMRECHT. | EUR | 180,764 | 223,600 | 0.72 |
| 4,671 SIEMENS AG REG | EUR | 537,393 | 655,248 | 2.10 |
| 2,871 SIEMENS HEALTHINEERS | EUR | 172,260 | 164,968 | 0.53 |
| 3,023 VOLKSWAGEN AG VORZ.AKT | EUR | 657,206 | 585,918 | 1.88 |
| Italy |  | 1,806,104 | 2,135,009 | 6.85 |
| 4,857 AMPLIFON SPA | EUR | 148,873 | 213,465 | 0.69 |
| 106,677 ENEL SPA | EUR | 768,451 | 771,914 | 2.47 |
| 5,947 FINECOBANK | EUR | 70,925 | 98,215 | 0.32 |
| 2,229 INTERPUMP GROUP | EUR | 59,709 | 142,099 | 0.46 |
| 16,101 MEDIOBANCA | EUR | 145,276 | 166,082 | 0.53 |
| 1,312 MONCLER SPA | EUR | 46,205 | 81,501 | 0.26 |
| 53,625 POSTE ITALIANE SPA | EUR | 566,665 | 661,733 | 2.12 |
| Spain	 2,470,683 | 2,879,564 | 9.24 |
| 2,487 ACCIONA SA | EUR | 292,967 | 412,345 | 1.32 |

| Quantity	Denomination | Quotation currency | Acquisition cost | Market value | % of net assets |
| --- | --- | --- | --- | --- |
| 92,457 BANCO BILBAO VIZCAYA ARGENTARIA SA | EUR | 428,413 | 560,474 | 1.80 |
| 10,473 CELLNEX TELECOM SA | EUR | 504,562 | 556,954 | 1.79 |
| 10,779 FERROVIAL SA | EUR | 252,524 | 293,836 | 0.94 |
| 103,373 IBERDROLA SA | EUR | 992,217 | 1,055,955 | 3.39 |
| Austria |  | 493,705 | 656,938 | 2.11 |
| 5,079 BAWAG GROUP AG | EUR | 205,370 | 276,552 | 0.89 |
| 1,661 OMV AG | EUR | 77,664 | 87,036 | 0.28 |
| 1,960 VERBUND AG | EUR | 93,631 | 176,596 | 0.57 |
| 3,813 WIENERBERGER AG | EUR | 117,040 | 116,754 | 0.37 |
| Portugal |  | 369,322 | 372,086 | 1.19 |
| 18,984 JERONIMO MARTINS SGPS SA | EUR | 369,322 | 372,086 | 1.19 |
| Belgium |  | 200,783 | 246,648 | 0.79 |
| 645 SOFINA SA | EUR | 200,783 | 246,648 | 0.79 |
| Ireland |  | 1,680,575 | 1,933,618 | 6.21 |
| 39,027 BANK OF IRELAND - REGISTERED | EUR | 163,983 | 201,457 | 0.65 |
| 1,519 FLUTTER ENTERTAINMENT PLC | EUR | 201,599 | 248,508 | 0.80 |
| 4,609 LINDE PLC | EUR | 1,158,182 | 1,283,607 | 4.12 |
| 4,417 SMURFIT KAPPA PLC | EUR | 156,811 | 200,046 | 0.64 |
| Finland |  | 860,241 | 1,157,367 | 3.71 |
| 10,598 NESTE | EUR | 263,802 | 510,717 | 1.63 |
| 42,413 NORDEA BK | EUR | 448,301 | 448,475 | 1.44 |
| 5,646 VALMET CORPORATION | EUR | 148,138 | 198,175 | 0.64 |

| Total Investments | 24,460,851 | 31,022,888 | 99.57 |
| --- | --- | --- | --- |
| Cash Net |  | 193,024 | 0.62 |
| Other Assets/(Liabilities) |  | (57,828) | (0.19) |
| Total Net Assets |  | 31,158,085 | 100.00 |


##### Geographic allocation of portfolio
% of Net Assets
France	25.33
The Netherlands	22.35
Germany	20.14
Spain	9.24
Italy	6.85
Ireland	6.21
Finland	3.71
Austria	2.11
Luxembourg	1.65
Portugal	1.19
Belgium	0.79
Other assets
0.43
100.00
Statement of Operations and Changes in Net Assets from 01.11.2020 to 31.10.2021
Expressed in EUR
| Income |  | 514,223 |
| --- | --- | --- |
| Dividends income, Net | Note 2d | 512,347 |
| Bank interest |  | 1,876 |
| Expenses |  | 496,760 |
| Investment management fee | Note 3 | 412,924 |
| Depositary fees | Note 5 | 1,181 |
| Taxe d'abonnement | Note 7a | 14,848 |
| Domiciliary, administrative and transfer agency fees | Note 5 | 13,137 |
| Professional fees | Note 12 | 15,600 |
| Bank charges |  | 1,942 |
| Transaction costs | Note 2g | 35,449 |
| Sundry expenses |  | 1,679 |
| Net income from investments |  | 17,463 |
| Net Realised gain / (loss) on: - Sales of investments | Note 2d | 3,742,991 |
| Net realised profit |  | 3,760,454 |
| Movement in net unrealised appreciation / (depreciation) on: - Investments |  | 6,268,938 |
| Increase in net assets as a result of operations |  | 10,029,392 |
| Subscription capitalisation shares |  | 5,307,290 |
| Subscription distribution shares |  | 476 |
| Redemption capitalisation shares |  | (13,362,621) |
| Increase in net assets |  | 1,974,537 |
| Net assets at the beginning of the year |  | 29,183,548 |
| Net assets at the end of the year |  | 31,158,085 |

The accompanying notes form an integral part of these financial statements

Translation (ENIT, 2021-10-31):
# ODDO BHF
## Consolidato

### Prospetti finanziari al 31.10.2021
Stato patrimoniale al 31.10.2021
Valori espressi in EUR
| Attivo |  | 3,455,855,624 |
| --- | --- | --- |
| Portafoglio titoli a prezzo di mercato | Nota 2b | 3,200,193,431 |
| Prezzo d'acquisto |  | 3,132,117,423 |
| Depositi bancari a vista e liquidità |  | 151,788,468 |
| Altre liquidità |  | 3,900,692 |
| Depositi vincolati |  | 54,216,232 |
| Interessi maturati |  | 28,493,013 |
| Crediti verso broker per vendita titoli |  | 9,533,752 |
| Sottoscrizioni da regolare |  | 6,323,038 |
| Dividendi da incassare |  | 215,814 |
| Plusvalenze non realizzate su future su cambi | Nota 2e | 169,786 |
| Plusvalenze non realizzate su future | Nota 2e | 310,100 |
| Crediti su contratti a termine su valute |  | 711,298 |
| Passivo |  | 118,416,503 |
| Debiti bancari a vista |  | 3,073,753 |
| Debiti verso broker per acquisto titoli |  | 26,524,085 |
| Minusvalenze non realizzate su contratti a termine su valute | Nota 2f, 9 | 53,359,760 |
| Commissioni di performance | Nota 4 | 465,857 |
| Rimborsi chiesti e non regolati |  | 17,431,261 |
| Minusvalenze non realizzate su future su cambi | Nota 2e | 778,795 |
| Minusvalenze non realizzate su future | Nota 2e | 2,187,615 |
| Minusvalenze non realizzate su swaps | Nota 2e | 11,493,550 |
| Commissioni di gestione e consulenza |  | 1,671,213 |
| Importi dovuti su contratti a termine su valute |  | 709,351 |
| Altre voci del passivo |  | 721,263 |
| Valore netto d'inventario |  | 3,337,439,121 |

Conto economico e variazioni patrimoniali dal 01.11.2020 al 31.10.2021
Valori espressi in EUR
| Proventi |  | 84,944,726 |
| --- | --- | --- |
| Dividendi netti | Nota 2d | 2,990,398 |
| Cedole nette da obbligazzioni | Nota 2d | 80,832,892 |
| Interessi bancari su conti correnti |  | 19,766 |
| Interessi bancari su conti bancari |  | 254 |
| Altri proventi finanziari |  | 113,902 |
| Interessi su pronti contro termine | Nota 2f | 451,681 |
| Interessi su interessi tasso swaps |  | 535,833 |
| Spese |  | 24,417,521 |
| Commissioni di gestione e consulenza | Nota 3 | 17,050,963 |
| Commissioni della banca depositaria e sub-depositaria | Nota 5 | 93,517 |
| Tassa d'abbonamento | Nota 7a | 588,508 |
| Commissioni di performance | Nota 4 | 468,853 |
| Commissioni di domiciliazione | Nota 5 | 1,346,561 |
| Onorari | Nota 12 | 529,091 |
| Interessi bancari su conti correnti |  | 601,777 |
| Spese di transazioni | Nota 2g | 1,416,165 |
| Spese su reverse repos | Nota 2f | 4,856 |
| Interessi su interessi tasso swaps |  | 2,099,358 |
| Altre spese |  | 217,872 |
| Reddito netto da investimenti |  | 60,527,205 |
| Utile netto realizzato / perdita netta realizzata su: - negoziazione di titoli | Nota 2d | 92,099,396 |
| - opzioni | Nota 2e | (363,347) |
| - future su cambi | Nota 2e | (5,063,515) |
| - future | Nota 2e | 515,015 |
| - swaps | Nota 2e | 11,620,691 |
| - cambi | Nota 2c | (10,996,080) |
| Utile netto realizzato |  | 148,339,365 |
| Variazioni nette delle plusvalenze / minusvalenze latenti su: - investimenti | Nota 2e | 46,428,899 |
| - future su cambi | Nota 2e | 1,786,068 |
| - future | Nota 2e | (1,104,562) |
| - swaps | Nota 2e | (10,651,319) |
| Aumento del patrimonio netto da operazioni di mercato |  | 184,798,451 |
| Dividendi distribuiti | Nota 6 | (62,524,208) |
| Sottoscrizione di azioni a capitalizzazione |  | 1,212,025,557 |
| Sottoscrizione di azioni a distribuzione |  | 303,917,196 |
| Riscatto di azioni a capitalizzazione |  | (733,907,764) |
| Riscatto di azioni a distribuzione |  | (347,980,184) |
| Aumento del patrimonio netto | 556,329,048 |
| Rivalutazione del bilancio iniziale | 797,607 |
| Patrimonio netto all'inizio dell'anno | 2,780,312,466 |
| Patrimonio netto a fine dell'anno | 3,337,439,121 |