# ODDO BHF
## Artificial Intelligence

##### Financial Statements as at 31.10.2021
Statement of net assets as at 31.10.2021
Expressed in USD
| Assets |  | 298,612,879 |
| --- | --- | --- |
| Investments at market value | Note 2b | 273,216,285 |
| Acquisition cost |  | 256,036,203 |
| Cash at bank |  | 23,920,518 |
| Margin deposits |  | 280,742 |
| Receivable on subscriptions |  | 656,025 |
| Dividends receivable |  | 143,495 |
| Receivable on forward currency exchange contracts |  | 395,814 |
| Liabilities |  | 3,527,559 |
| Bank overdrafts |  | 280,211 |
| Payable on purchase of investments |  | 2,359,316 |
| Performance fee | Note 4 | 20,391 |
| Payable on redemptions |  | 195,059 |
| Net unrealised loss on forward currency exchange contracts | Note 2e | 11,775 |
| Investment management and domiciliary, administrative and transfer agency fees payable Payable on forward currency exchange contract |  | 252,073 394,174 |
| Other liabilities |  | 14,560 |
| Net asset value |  | 295,085,320 |

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 | 7,970.36 | 1,837.13 | 853.61 | 8,953.88 |
| I Shares EUR [H] - Capitalisation | 1,341.00 | 85.00 | 1,340.00 | 86.00 |
| I Shares USD - Capitalisation | 10,414.38 | 1,422.64 | 9,910.45 | 1,926.57 |
| Iw Shares EUR [H] - Capitalisation | 3,285.50 | 6,742.80 | 1,843.50 | 8,184.80 |
| Iw Shares USD - Capitalisation | 16,674.77 | 19,446.32 | 22,360.93 | 13,760.16 |
| I Shares USD - Distribution | 31.00 | 1,389.00 | 275.00 | 1,145.00 |
| N Shares EUR - Capitalisation | 147,978.10 | 193,630.97 | 70,447.97 | 271,161.10 |
| N Shares EUR [H] - Capitalisation | 5,112.67 | 3,821.84 | 1,221.16 | 7,713.35 |
| N Shares USD - Capitalisation | 25,420.42 | 5,840.19 | 8,135.99 | 23,124.62 |

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 |
| --- | --- | --- | --- | --- |
| Nw Shares USD - Capitalisation | 1,071.00 | 7,010.00 | 71.00 | 8,010.00 |
| R Shares EUR - Capitalisation | 282,503.46 | 300,241.19 | 117,353.81 | 465,390.84 |
| R Shares EUR [H] - Capitalisation | 4,181.55 | 4,623.53 | 2,263.82 | 6,541.26 |
| R Shares USD - Capitalisation | 3,451.15 | 1,807.78 | 1,095.74 | 4,163.19 |
| Rw Shares EUR [H] - Capitalisation | 1,568.14 | 333.76 | 678.25 | 1,223.65 |
| R Shares USD - Distribution | 188.34 | 654.94 | 491.29 | 351.99 |
| P Shares EUR - Distribution | 0.00 | 59,984.80 | 0.00 | 59,984.80 |
| P Shares EUR [H] - Capitalisation | 0.00 | 0.97 | 0.00 | 0.97 |

| Year ended as at: | 31.10.2021 | 31.10.2020 | 31.10.2019 |
| --- | --- | --- | --- |
| USD | 295,085,320 | 124,194,607 | 54,806,150 |

Total Net Assets
| I Shares EUR - Capitalisation Number of shares |  | 8,953.88 | 7,970.36 | 320.04 |
| --- | --- | --- | --- | --- |
| Net asset value per share | EUR | 1,674.56 | 1,281.12 | 1,186.12 |
| I Shares EUR [H] - Capitalisation Number of shares |  | 86.00 | 1,341.00 | 219.03 |
| Net asset value per share | EUR | 1,705.70 | 1,329.11 | 1,131.28 |
| I Shares USD - Capitalisation Number of shares |  | 1,926.57 | 10,414.38 | 15,790.15 |
| Net asset value per share | USD | 1,704.05 | 1,308.06 | 1,158.70 |
| Iw Shares EUR [H] - Capitalisation Number of shares |  | 8,184.80 | 3,285.50 | 190.00 |
| Net asset value per share | EUR | 1,464.70 | 1,142.76 | 1,021.31 |
| Iw Shares USD - Capitalisation Number of shares |  | 13,760.16 | 16,674.77 | 12,838.65 |
| Net asset value per share | USD | 1,799.84 | 1,388.07 | 1,211.70 |
| I Shares USD - Distribution Number of shares |  | 1,145.00 | 31.00 | - |
| Net asset value per share | USD | 173.75 | 139.42 | - |
| Dividend per share |  | 5.6600 | - | - |
| N Shares EUR - Capitalisation Number of shares |  | 271,161.10 | 147,978.10 | 46,678.51 |
| Net asset value per share | EUR | 167.04 | 128.12 | 118.14 |
| N Shares EUR [H] - Capitalisation Number of shares |  | 7,713.35 | 5,112.67 | 7,126.13 |
| Net asset value per share | EUR | 160.82 | 125.69 | 113.25 |
| N Shares USD - Capitalisation Number of shares |  | 23,124.62 | 25,420.42 | 40,792.70 |
| Net asset value per share | USD | 153.75 | 118.61 | 105.45 |
| Nw Shares EUR - Capitalisation |  |  |  |  |
| Number of shares |  | -	- | 1.00 |
| Net asset value per share | EUR | -	- | 109.08 |
| Nw Shares EUR [H] - Capitalisation Number of shares |  | -	- | 1.00 |
| Net asset value per share | EUR | -	- | 106.24 |
| Nw Shares USD - Capitalisation Number of shares |  | 8,010.00 | 1,071.00 | 1,436.00 |
| Net asset value per share | USD | 159.24 | 123.05 | 107.38 |
| R Shares EUR - Capitalisation Number of shares |  | 465,390.84 | 282,503.46 | 53,593.26 |
| Net asset value per share | EUR | 164.54 | 127.01 | 117.70 |
| R Shares EUR [H] - Capitalisation Number of shares |  | 6,541.26 | 4,181.55 | 4,609.18 |
| Net asset value per share | EUR | 157.48 | 123.90 | 112.70 |
| R Shares USD - Capitalisation Number of shares |  | 4,163.19 | 3,451.15 | 4,987.01 |
| Net asset value per share | USD | 165.94 | 128.96 | 115.23 |
| Rw Shares EUR - Capitalisation Number of shares |  | - | - | 1.00 |
| Net asset value per share | EUR | - | - | 108.13 |

| Year ended as at: | 31.10.2021 | 31.10.2020 | 31.10.2019 |
| --- | --- | --- | --- |
| t Assets	 USD Rw Shares EUR [H] - Capitalisation | 295,085,320 | 124,194,607 | 54,806,150 |

Total Ne
| Number of shares |  | 1,223.65 | 1,568.14 | 2,680.38 |
| --- | --- | --- | --- | --- |
| Net asset value per share | EUR | 158.23 | 124.68 | 112.44 |
| R Shares USD - Distribution Number of shares |  | 351.99 | 188.34 | - |
| Net asset value per share | USD | 169.01 | 136.44 | - |
| Dividend per share |  | 5.5400 | - | - |
| P Shares EUR - Distribution Number of shares |  | 59,984.80 | - | - |
| Net asset value per share | EUR | 1,238.46 | - | - |
| Dividend per share |  | - | - | - |
| P Shares EUR [H] - Capitalisation Number of shares |  | 0.97 | - | - |
| Net asset value per share | EUR | 1,013.04 | - | - |

Investments as at 31.10.2021
Expressed in USD
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
256,036,203
273,216,285	92.59
| Shares |  | 256,036,203 | 273,216,285 | 92.59 |
| --- | --- | --- | --- | --- |
|  | France | 5,759,155 | 5,925,934 | 2.01 |
| 113,844 ATOS SE | EUR | 5,759,155 | 5,925,934 | 2.01 |
| United Kingdom |  | 1,685,827 | 2,072,551 | 0.70 |
| 133,923 BLUE PRISM GRP | GBP | 1,685,827 | 2,072,551 | 0.70 |
| The Netherlands |  | 11,801,037 | 12,276,041 | 4.16 |
| 7,028 ASML HOLDING NV | EUR | 4,859,659 | 5,697,274 | 1.93 |
| 32,753 NXP SEMICONDUCTORS | USD | 6,941,378 | 6,578,767 | 2.23 |
| Switzerland |  | 2,004,047 | 1,613,253 | 0.55 |
| 17,664 CRISPR THERAPEUTICS SA | USD | 2,004,047 | 1,613,253 | 0.55 |
| United States of America |  | 176,143,488 | 193,086,300 | 65.44 |
| 12,928 ADOBE INC | USD | 6,808,722 | 8,407,854 | 2.85 |
| 61,282 ADVANCED MICRO DEVICES INC | USD | 5,601,678 | 7,367,935 | 2.50 |
| 2,943 ALPHABET INC -A- | USD | 5,795,673 | 8,713,988 | 2.95 |
| 92,268 ANAPLAN - REGISTERED SHS | USD | 5,362,197 | 6,016,796 | 2.04 |
| 105,100 COMMVAULT SYSTEMS | USD | 6,748,254 | 6,463,650 | 2.19 |
| 73,153 DYNATRACE INC | USD | 5,218,674 | 5,486,475 | 1.86 |
| 16,142 FORTINET | USD | 3,227,102 | 5,429,200 | 1.84 |
| 23,764 F5 NETWORKS | USD | 4,265,461 | 5,017,769 | 1.70 |
| 79,927 II VI INCORPORATED | USD | 5,704,886 | 4,836,383 | 1.64 |
| 23,566 INTELLIA THERAPEUTICS INC | USD | 3,400,441 | 3,133,807 | 1.06 |
| 43,956 MICROSOFT CORP | USD | 11,516,651 | 14,576,689 | 4.93 |
| 10,904 MIRATI THERAPEUTICS INC | USD | 1,880,886 | 2,061,074 | 0.70 |
| 12,071 MSCI INC -A- | USD | 7,848,252 | 8,025,766 | 2.72 |
| 22,143 NVIDIA CORP | USD | 4,073,481 | 5,661,301 | 1.92 |
| 114,804 ON SEMICONDUCTOR CORP | USD | 5,251,272 | 5,518,628 | 1.87 |
| 166,496 PROGRESS SOFTWARE CORP | USD | 7,462,640 | 8,559,559 | 2.90 |
| 62,629 PTC INC | USD | 8,056,883 | 7,975,803 | 2.70 |
| 60,229 QUALCOMM INC | USD | 8,200,000 | 8,012,866 | 2.72 |
| 8,921 REGENERON PHARMACEUTICALS INC	USD | 4,883,858 | 5,708,905 | 1.93 |
| 105,866 REGENXBIO INC	USD | 3,657,191 | 3,751,891 | 1.27 |
| 33,052 SALESFORCE.COM INC | USD | 8,804,104 | 9,905,354 | 3.36 |
| 13,491 SEAGEN INC | USD | 2,338,635 | 2,378,868 | 0.81 |
| 8,057 SERVICENOW INC | USD | 4,360,083 | 5,621,852 | 1.91 |
| 18,842 SYNOPSYS | USD | 4,301,424 | 6,277,778 | 2.13 |
| 4,978 TWILIO INC | USD | 1,469,447 | 1,450,390 | 0.49 |
| 191,511 UBER TECH/REGSH | USD | 9,937,310 | 8,392,012 | 2.84 |
| 25,036 VERTEX PHARMACEUTICALS INC | USD | 4,936,011 | 4,629,907 | 1.57 |
| 48,318 WALT DISNEY CO | USD | 8,559,888 | 8,169,124 | 2.77 |
| 28,586 WORKDAY INC -A- | USD | 6,715,118 | 8,289,368 | 2.81 |
| 981,749 ZYNGA INC | USD | 9,757,266 | 7,245,308 | 2.46 |
| Canada |  | 3,580,361 | 5,410,669 | 1.83 |
| 48,872 TFI INTERNATIONAL INC REGISTERED | CAD | 3,580,361 | 5,410,669 | 1.83 |
| Japan |  | 16,519,348 | 14,430,693 | 4.89 |
| 15,900 NINTENDO CO LTD | JPY | 7,946,511 | 7,000,043 | 2.37 |
| 119,000 NIPPON EXPRESS | JPY | 8,572,837 | 7,430,650 | 2.52 |
| Taiwan	 16,990,069 | 18,144,157 | 6.15 |
| 575,000 DELTA ELECTRONIC INCS | TWD | 5,131,988 | 5,065,895 | 1.72 |
| 209,000 MEDIA TEK INCORPORATION | TWD | 6,143,394 | 6,861,820 | 2.32 |
| 293,000 TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | TWD | 5,714,687 | 6,216,442 | 2.11 |
| Cayman Islands |  | 21,552,871 | 20,256,687 | 6.86 |
| 280,500 ALIBABA GROUP | HKD | 5,705,269 | 5,877,521 | 1.99 |
| 76,065 JD.COM INC SADR REPR 2 SHS -A- | USD | 6,397,920 | 5,954,368 | 2.01 |
| 86,800 MEITUAN - SHS 114A/REG S | HKD | 3,086,257 | 3,008,246 | 1.02 |
| 87,600 TENCENT HOLDINGS LTD | HKD | 6,363,425 | 5,416,552 | 1.84 |
| Total Investments |  | 256,036,203 | 273,216,285 | 92.59 |
| Cash Net |  |  | 23,640,308 | 8.01 |
| Other Assets/(Liabilities) |  |  | (1,771,273) | (0.60) |
| Total Net Assets |  |  | 295,085,320 | 100.00 |


##### Geographic allocation of portfolio
% of Net Assets
United States of America	65.44
Cayman Islands	6.86
Taiwan	6.15
Japan	4.89
The Netherlands	4.16
France	2.01
Canada	1.83
United Kingdom	0.70
Switzerland	0.55
Other assets
7.41
100.00
Statement of Operations and Changes in Net Assets from 01.11.2020 to 31.10.2021
Expressed in USD
| Income |  | 1,233,933 |
| --- | --- | --- |
| Dividends income, Net | Note 2d | 1,229,069 |
| Bank interest |  | 4,864 |
| Expenses |  | 3,754,966 |
| Investment management fee | Note 3 | 2,526,701 |
| Depositary fees | Note 5 | 12,570 |
| Taxe d'abonnement | Note 7a | 79,066 |
| Performance fee | Note 4 | 23,593 |
| Domiciliary, administrative and transfer agency fees | Note 5 | 105,954 |
| Professional fees | Note 12 | 42,287 |
| Bank charges |  | 9,150 |
| Transaction costs | Note 2g | 931,814 |
| Sundry expenses |  | 23,831 |
| Net loss from investments |  | (2,521,033) |
| Net Realised gain / (loss) on: - Sales of investments | Note 2d | 41,549,574 |
| - Forward currency exchange contracts | Note 2e | (530,761) |
| - Foreign exchange | Note 2c | 428,964 |
| Net realised profit |  | 38,926,744 |
| Movement in net unrealised appreciation / (depreciation) on: - Investments |  | 7,591,308 |
| - Forward currency exchange contracts | Note 2e | 61,232 |
| Increase in net assets as a result of operations |  | 46,579,284 |
| Dividends paid | Note 6 | (1,219) |
| Subscription capitalisation shares |  | 143,196,592 |
| Subscription distribution shares |  | 77,935,381 |
| Redemption capitalisation shares |  | (96,692,543) |
| Redemption distribution shares |  | (126,782) |
| Increase in net assets |  | 170,890,713 |
| Net assets at the beginning of the year |  | 124,194,607 |
| Net assets at the end of the year |  | 295,085,320 |

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 |