# ODDO BHF
## Global Credit Short Duration

##### Financial Statements as at 31.10.2021
Statement of net assets as at 31.10.2021
Expressed in EUR
| Assets |  | 160,638,369 |
| --- | --- | --- |
| Investments at market value | Note 2b | 151,041,310 |
| Acquisition cost |  | 150,785,921 |
| Cash at bank |  | 5,974,623 |
| Time deposits |  | 1,890,609 |
| Interest receivable |  | 1,731,827 |
| Liabilities |  | 3,808,794 |
| Interest payable on swap contracts |  | 17,917 |
| Payable on purchase of investments |  | 975,000 |
| Repurchase agreements | Note 2f, 9 | 1,830,924 |
| Performance fee | Note 4 | 159,032 |
| Payable on redemptions |  | 100,867 |
| Net unrealised loss on forward currency exchange contracts | Note 2e | 319,032 |
| Unrealised loss on swaps contracts | Note 2e | 333,550 |
| Investment management and domiciliary, administrative and transfer agency fees payable Other liabilities |  | 63,892 8,580 |
| Net asset value |  | 156,829,575 |

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 | 5,949.14 | 1,388.46 | 2,298.64 | 5,038.96 |
| R Shares EUR - Capitalisation | 73,628.71 | 33,625.43 | 79,911.87 | 27,342.27 |
| P Shares EUR - Capitalisation | 155.00 | 0.00 | 0.00 | 155.00 |
| Pw Shares EUR - Distribution | 88,477.00 | 10,743.00 | 6,400.00 | 92,820.00 |
| F Shares EUR - Capitalisation | 74,222.97 | 0.00 | 17,497.37 | 56,725.60 |

| Year ended as at: | 31.10.2021 | 31.10.2020 | 31.10.2019 |
| --- | --- | --- | --- |
| EUR | 156,829,575 | 174,787,285 | 162,122,822 |

Statistics
Total Net Assets
| I Shares EUR - Capitalisation Number of shares |  | 5,038.96 | 5,949.14 | 5,369.93 |
| --- | --- | --- | --- | --- |
| Net asset value per share | EUR | 1,039.30 | 1,014.29 | 1,024.54 |
| R Shares EUR - Capitalisation Number of shares |  | 27,342.27 | 73,628.71 | 67,020.07 |
| Net asset value per share | EUR | 102.03 | 99.96 | 101.38 |
| P Shares EUR - Capitalisation Number of shares |  | 155.00 | 155.00 | 4,530.00 |
| Net asset value per share | EUR | 1,021.80 | 996.37 | 1,005.83 |
| Pw Shares EUR - Distribution Number of shares |  | 92,820.00 | 88,477.00 | 49,460.14 |
| Net asset value per share | EUR | 965.81 | 972.86 | 1,018.64 |
| Dividend per share |  | 32.1231 | 35.7248 | 0.0189 |
| F Shares EUR - Capitalisation Number of shares |  | 56,725.60 | 74,222.97 | 92,986.50 |
| Net asset value per share | EUR | 1,040.06 | 1,012.66 | 1,020.45 |

| Quantity	Denomination	Quotation	Acquisition cost currency | Market value | % of net assets |
| --- | --- | --- |
| Transferable securities admitted to an official stock exchange listing and / or dealt in on another regulated market	 150,785,920 | 151,041,310 | 96.31 |
| Bonds	 146,722,408 | 147,001,903 | 93.73 |
| Luxembourg	 12,231,531 | 12,278,720 | 7.83 |

| 1,300,000 ARCELORMITTAL SA 3.6000 19-24 16/07S | USD | 1,156,384 | 1,184,991 | 0.76 |
| --- | --- | --- | --- | --- |
| 240,000 CIRSA FINANCE INT  4.7500 19-25 22/05S | EUR | 244,200 | 239,923 | 0.15 |
| 517,994 CIRSA FINANCE INT  6.2500 18-23 20/12S | EUR | 526,282 | 525,754 | 0.34 |
| 900,000 CONTOURGLOBAL POWER 4.125 18-25 26/07S | EUR | 926,550 | 914,693 | 0.58 |
| 1,960,000 CRYSTAL ALMOND	4.2500 19-24 15/10S | EUR | 1,953,547 | 2,003,207 | 1.27 |
| 110,000 CULLINAN HOLDCO SCSP 4.625 21-26 15/10S | EUR | 110,000 | 110,806 | 0.07 |
| 705,000 GAZ CAPITAL	2.25 17-24 22/11A | EUR | 737,046 | 733,838 | 0.47 |
| 1,000,000 HANESBRANDS	3.50 16-24 15/06S | EUR | 1,062,377 | 1,056,175 | 0.67 |
| 300,000 HSE FINANCE S.A R.L. 5.625 21-26 06/05S | EUR | 308,100 | 308,658 | 0.20 |
| 250,000 IDEAL STANDARD INTER 6.375 21-26 30/07S | EUR | 247,375 | 234,541 | 0.15 |
| 1,500,000 INEOS GROUP HOLDIN 5.375 16-24 01/08S | EUR | 1,519,263 | 1,502,243 | 0.95 |
| 954,000 MATTERHORN TELECOM 2.625 19-24 15/09S | EUR | 898,400 | 958,961 | 0.61 |
| 350,000 MYTILINEOS FINANCIAL 2.5 19-24 01/12S | EUR | 360,852 | 359,487 | 0.23 |
| 500,000 PLT VII FINANCE S.A 4.625 20-26 16/07S | EUR | 521,100 | 511,320 | 0.33 |
| 500,000 ROSSINI SARL	6.75 18-25 30/10S | EUR | 533,250 | 518,015 | 0.33 |
| 700,000 RUMO LUX SARL 5.875 18-25 18/01S | USD | 622,221 | 625,034 | 0.40 |
| 100,000 SIG COMBIBLOC PURCHA 2.125 20-25 18/06S | EUR | 106,090 | 104,794 | 0.07 |
| 400,000 VIVION INVESTS 3.00 19-24 08/08A | EUR | 398,494 | 386,280 | 0.25 |
| France |  | 15,113,615 | 15,237,580 | 9.72 |
| 1,000,000 AFFLELOU SAS 4.25 21-26 19/05S | EUR | 1,000,000 | 1,016,740 | 0.65 |
| 600,000 ALTICE FRANCE SA	2.5 19-25 15/01S | EUR | 594,000 | 589,080 | 0.38 |
| 300,000 BANIJAY ENTERTAINMEN 3.5 20-25 11/02S | EUR | 300,450 | 300,278 | 0.19 |
| 1,300,000 CROWN EURO HOLDINGS 2.25 18-23 01/02S | EUR | 1,330,897 | 1,322,542 | 0.84 |
| 500,000 CROWN EURO HOLDINGS 2.625 16-24 30/09S | EUR | 517,945 | 519,185 | 0.33 |
| 300,000 ELIOR GROUP SA 3.75 21-26 08/07S | EUR | 300,000 | 307,526 | 0.20 |
| 402,000 FAURECIA	2.625 18-25 15/06S | EUR | 397,410 | 407,077 | 0.26 |
| 200,000 FNAC DARTY SA 1.875 19-24 30/05S | EUR | 207,100 | 201,448 | 0.13 |
| 736,000 GOLDSTORY SAS 5.375 21-26 04/02S | EUR | 736,000 | 757,392 | 0.48 |
| 1,595,000 ILIAD HOLDING	5.125 21-26 15/10S | EUR | 1,594,999 | 1,642,211 | 1.04 |
| 1,300,000 LOXAM SAS 3.50 16-23 03/05S | EUR | 1,301,934 | 1,300,410 | 0.83 |
| 300,000 NEXANS SA	3.75 18-23 08/08A | EUR | 314,334 | 314,877 | 0.20 |
| 500,000 ORANO SA	3.125 14-23 20/03A | EUR | 517,141 | 517,145 | 0.33 |
| 400,000 ORANO SA 4.875 09-24 23/09A | EUR | 454,125 | 447,398 | 0.29 |
| 650,000 PAPREC	4.0 18-25 29/03S | EUR | 609,435 | 659,331 | 0.42 |
| 1,530,000 PARTS EUROPE SA 6.5 20-25 17/07S | EUR | 1,615,177 | 1,594,696 | 1.02 |
| 1,092,000 PICARD GROUPE 3.875 21-26 07/07S | EUR | 1,092,000 | 1,097,334 | 0.70 |
| 400,000 QUATRIM	5.8750 19-24 31/01A | EUR | 419,226 | 411,850 | 0.26 |
| 350,000 RUBIS TERMINAL INFRA 5.625 20-25 19/05S | EUR | 370,300 | 363,993 | 0.23 |
| 600,000 SPIE SA 3.125 17-24 22/03A | EUR | 647,670 | 627,981 | 0.40 |
| 400,000 TEREOS FINANCE	4.125 16-23 16/06A | EUR | 371,810 | 407,714 | 0.26 |
| 400,000 TEREOS FINANCE GROUP 7.5 20-25 23/10S | EUR | 421,662 | 431,372 | 0.28 |
| United Kingdom |  | 6,117,125 | 6,156,325 | 3.93 |
| 494,000 INEOS QUATTRO FINANC 2.5 21-26 29/01S | EUR | 494,900 | 493,602 | 0.31 |
| 524,000 INTL GAME TECHNOLOGY 3.5 18-24 15/07S | EUR | 547,860 | 551,065 | 0.35 |
| 500,000 JAGUAR LAND ROVER 5.8750 19-24 15/11S | EUR | 499,895 | 535,778 | 0.34 |
| 550,000 MODULAIRE GLOBAL FIN 6.50 18-23 15/02S | EUR | 568,879 | 559,383 | 0.36 |
| 191,000 PUNCH FINANCE PLC 6.125 21-26 24/06S | GBP | 222,403 | 227,203 | 0.14 |
| 1,400,000 STATE GRID -A-	1.50 15-22 26/01A | EUR | 1,439,359 | 1,405,291 | 0.90 |
| 850,000 SYNTHOMER PLC 3.875 20-25 25/06S | EUR | 873,770 | 874,714 | 0.56 |
| 600,000 TECHNIPFMC PLC 6.5 21-26 29/01S | USD | 533,311 | 554,810 | 0.35 |
| 162,000 TECHNIPFMC PLC 6.5 21-26 29/01S | USD | 133,087 | 149,941 | 0.10 |
| 200,000 VIRIDIAN GROUP/VIR 4.75 17-24 15/09S | GBP | 239,947 | 235,793 | 0.15 |
| 200,000 VIRIDIAN GRP FINANCEO 4.00 17-25 15/09S | EUR | 202,600 | 199,120 | 0.13 |
| 300,000 WILLIAM HILL	4.875 16-23 07/09S | GBP | 361,114 | 369,625 | 0.24 |
| The Netherlands |  | 10,513,512 | 10,596,743 | 6.76 |
| 1,300,000 BHARTI AIRTEL INTL NL 5.35 14-24 20/05S | USD | 1,196,805 | 1,219,972 | 0.78 |
| 320,000 DARLING GLOBAL FIN  3.625 18-26 15/05S | EUR | 325,760 | 325,626 | 0.21 |
| 1,000,000 INTERTRUST GROUP BV 3.375 18-25 15/11S | EUR | 1,022,220 | 1,009,260 | 0.64 |
| 1,000,000 OCI NV	3.1250 19-24 01/11S | EUR | 1,017,750 | 1,014,925 | 0.65 |
| 400,000 OCI NV	5.250 19-21 01/11S | USD | 342,136 | 354,720 | 0.23 |
| 550,000 OI EUROPEAN GROUP  2.8750 19-25 15/02S | EUR | 549,110 | 553,135 | 0.35 |
| 800,000 OI EUROPEAN GROUP  3.125 16-24 15/11S | EUR | 839,800 | 819,336 | 0.52 |

Quantity	Denomination	Quotation
currency
Acquisition cost
Market value
% of net assets
| 800,000 PHOENIX PIB DUTCH FI 2.375 20-25 05/08A | EUR | 812,934 | 822,648 | 0.52 |
| --- | --- | --- | --- | --- |
| 900,000 PPF TELECOM GR 2.125 19-25 31/01A | EUR | 881,095 | 925,407 | 0.59 |
| 1,355,000 PPF TELECOM GROUP B. 3.5 20-24 20/05A | EUR | 1,374,260 | 1,440,019 | 0.92 |
| 564,000 Q-PARK HOLDING I B.V 1.5 20-25 13/02S | EUR | 557,750 | 541,824 | 0.35 |
| 500,000 TEVA PHARM FIN NL III 6.00 18-24 14/03S | USD | 463,937 | 456,159 | 0.29 |
| 1,100,000 UNITED GROUP BV 4.875 17-24 01/07S	EUR | 1,129,955 | 1,113,712 | 0.71 |
| Germany | 8,566,000 | 8,640,664 | 5.51 |
| 999,000 CT INVESTMENT GMBH 5.5 21-26 29/04S	EUR | 999,000 | 1,017,307 | 0.65 |
| 600,000 IHO VERWALTUNGS	3.625 19-25 15/05S | EUR | 612,000 | 609,678 | 0.39 |
| 170,000 K S REGS	4.125 13-21 06/12A | EUR | 138,990 | 170,570 | 0.11 |
| 800,000 NIDDA HEALTHCAR	3.50 17-24 30/09S | EUR | 809,695 | 789,352 | 0.50 |
| 500,000 PCF GMBH 4.75 21-26 22/04S | EUR | 509,780 | 509,695 | 0.32 |
| 750,000 PLATIN 1426 GMBH	5.375 17-23 15/06S | EUR | 758,198 | 752,715 | 0.48 |
| 300,000 PRESTIGEBIDCO GMBH  6.25 16-23 15/12S | EUR | 316,350 | 301,580 | 0.19 |
| 159,000 RENK GMBH (DUPLICATE 5.75 20-25 13/07S | EUR | 163,770 | 165,120 | 0.11 |
| 300,000 SCHAEFFLER AG	1.1250 19-22 26/03A | EUR | 294,967 | 300,954 | 0.19 |
| 400,000 SCHAEFFLER AG 2.75 20-25 12/10A	EUR | 400,400 | 423,946 | 0.27 |
| 1,100,000 TECHEM VERWALTUNGSGE 2 20-25 29/01S	EUR | 1,068,900 | 1,082,109 | 0.69 |
| 1,800,000 TELE COLOMBUS | 3.875 18-25 04/05S | EUR | 1,796,700 | 1,792,772 | 1.15 |
| 200,000 THYSSENKRUPP AG 1.375 17-22 03/03A | EUR | 200,100 | 200,156 | 0.13 |
| 500,000 ZF FINANCE GMBH 3 20-25 21/09A | EUR | 497,150 | 524,710 | 0.33 |
| Italy |  | 8,218,648 | 8,190,902 | 5.22 |
| 500,000 ALMAVIVA - THE ITALIA 4.875 21-26 30/10S | EUR | 500,000 | 499,113 | 0.32 |
| 1,300,000 ATLANTIA SPA	6.25 04-22 09/06A | GBP | 1,580,110 | 1,586,338 | 1.01 |
| 300,000 AUTOSTRADE ITALIA SPA 5.875 04-24 09/06A | EUR | 351,330 | 341,523 | 0.22 |
| 415,000 GAMMA BIDCO S.P.A. 6.25 20-25 23/07S | EUR | 424,500 | 429,125 | 0.27 |
| 300,000 INTERNATIONAL DESIGN GR 6.5 18-25 15/11S | EUR | 305,250 | 309,663 | 0.20 |
| 1,100,000 LKQ	3.875 16-24 01/04S | EUR | 1,203,538 | 1,179,106 | 0.75 |
| 165,000 NEXI S.P.A. 1.625 21-26 29/04S | EUR | 165,000 | 164,359 | 0.10 |
| 740,000 NEXI SPA 1.7500 19-24 31/10S | EUR | 740,000 | 753,231 | 0.48 |
| 504,000 REKEEP S.P.A. 7.25 21-26 28/01S | EUR | 516,750 | 539,469 | 0.34 |
| 412,500 SISAL	7.00 16-23 31/07S | EUR | 423,077 | 416,687 | 0.27 |
| 700,000 TELECOM ITALIA SPA  3.625 16-24 19/01A	EUR | 750,318 | 743,026 | 0.47 |
| 1,000,000 TELECOM ITALIA 4.00 19-24 11/04A	EUR | 1,093,775 | 1,061,815 | 0.68 |
| 165,000 VERDE BIDCO SPA ITALY 4.625 21-26 01/10A	EUR | 165,000 | 167,447 | 0.11 |
| Spain | 1,611,409 | 1,597,820 | 1.02 |
| 130,000 ALMIRALL SA	2.1250 21-26 30/09S | EUR | 130,000 | 130,966 | 0.08 |
| 300,000 EL CORTE INGLES SA 3	18-24 15/03S | EUR | 313,140 | 302,336 | 0.19 |
| 400,000 EL CORTE INGLES SA 3.625 20-24 15/03S | EUR | 408,546 | 412,104 | 0.26 |
| 750,000 GRIFOLS SA 3.20 17-25 01/05S | EUR | 759,723 | 752,414 | 0.49 |
| United States of America |  | 34,229,690 | 33,970,435 | 21.65 |
| 1,300,000 ADT CORP	4.125 13-23 15/06S | USD | 1,179,912 | 1,169,562 | 0.75 |
| 400,000 ARAMARK SERVICES INC 6.375 20-25 27/04S | USD | 376,722 | 363,875 | 0.23 |
| 1,600,000 AVANTOR FUNDING INC 2.625 20-25 06/11S | EUR | 1,644,610 | 1,639,672 | 1.05 |
| 600,000 BALL	5.25 15-25 01/07S | USD | 577,764 | 578,530 | 0.37 |
| 1,341,000 BALL CORP	0.875 19-24 15/03S | EUR | 1,339,200 | 1,345,217 | 0.86 |
| 400,000 BALL CORP	4.375 15-23 15/12S | EUR | 444,660 | 433,016 | 0.28 |
| 750,000 BALL CORP	4.00 13-23 15/11S | USD | 659,274 | 682,006 | 0.43 |
| 600,000 BERRY GLOBAL INC 1 20-25 02/01S | EUR | 586,500 | 607,905 | 0.39 |
| 2,000,000 CABLEVISION SYSTEMS 5.875 12-22 15/09S | USD | 1,834,998 | 1,777,568 | 1.13 |
| 200,000 COLFAX CORP	3.25 17-25 15/05S | EUR | 201,680 | 201,512 | 0.13 |
| 650,000 ELANCO ANIMAL HEALTH 4.272 19-23 28/08S | USD | 597,016 | 598,444 | 0.38 |
| 210,000 FORD MOTOR CREDIT CO 2.7 21-26 10/08S | USD | 177,387 | 181,222 | 0.12 |
| 400,000 FORD MOTOR CREDIT CO 1.514 19-23 17/02A | EUR | 388,960 | 404,584 | 0.26 |
| 1,066,000 FORD MOTOR CREDIT CO 3.25 20-25 15/09A | EUR | 1,061,750 | 1,139,725 | 0.73 |
| 700,000 FORD MOTOR CREDIT CO 5.584 19-24 18/03S | USD | 619,959 | 652,807 | 0.42 |
| 500,000 GOODYEAR TIRE & RUBB 9.50 20-25 31/05S | USD | 469,809 | 471,331 | 0.30 |
| 200,000 HANESBRANDS INC 5.375 20-25 04/05S | USD | 177,785 | 180,253 | 0.11 |
| 1,300,000 HCA INC	5.875 12-23 01/05S | USD | 1,291,506 | 1,202,448 | 0.77 |
| 2,000,000 HCA INC 5.375 15-25 01/02S | USD | 1,956,619 | 1,923,344 | 1.22 |
| 291,000 IQVIA INC 1.75 21-26 03/03S | EUR | 291,000 | 292,528 | 0.19 |
| 400,000 KRONOS INTL	3.75 17-25 15/09S | EUR | 407,250 | 402,996 | 0.26 |
| 400,000 LENNAR CORP	4.75 13-22 15/11S | USD | 357,085 | 357,394 | 0.23 |
| 500,000 LUMEN TECH	5.80 12-22 15/03S | USD | 480,373 | 438,645 | 0.28 |
| 2,500,000 LUMEN TECH	6.75 13-23 01/12S | USD | 2,394,431 | 2,373,529 | 1.50 |
| 400,000 NBM US HOLDINGS INC 7.00 19-26 14/05S | USD | 361,498 | 366,420 | 0.23 |

| Quantity	Denomination | Quotation currency | Acquisition cost | Market value | % of net assets |
| --- | --- | --- | --- | --- |
| 850,000 NETFLIX INC 5.50 15-22 15/02S | USD | 801,320 | 744,445 | 0.47 |
| 200,000 NETFLIX INC 5.75 15-24 01/03S | USD | 191,266 | 190,763 | 0.12 |
| 400,000 NORTONLIFELOCK INC 3.95 12-22 15/06S | USD | 362,610 | 349,140 | 0.22 |

| 1,400,000 OWENS BROCKWAY	5.875 15-23 15/08S	USD | 1,322,272 | 1,279,326 | 0.82 |
| --- | --- | --- | --- |
| 2,050,000 PRIME SECURITY SERVIC 5.25 19-24 15/04S | USD | 1,849,017 | 1,887,036 | 1.19 |
| 300,000 PRIME SECURITY SERVIC 5.75 19-26 15/04S | USD | 277,922 | 277,243 | 0.18 |
| 500,000 QVC	4.375 13-23 15/03S | USD | 448,529 | 449,194 | 0.29 |
| 1,000,000 QVC INC	4.45 14-25 15/02S | USD | 890,444 | 924,338 | 0.59 |
| 250,000 QWEST CORP	6.75 11-01 01/12S	USD | 234,705 | 217,037 | 0.14 |
| 475,000 SCIL IV LLC / SCIL US 4.375 21-26 01/11S	EUR | 475,000 | 478,137 | 0.30 |
| 297,000 SEALED AIR CORP	5.50 15-25 15/09S	USD | 273,985 | 283,767 | 0.18 |
| 400,000 SILGAN HOLDINGS INC 3.25 17-25 15/03S	EUR | 404,180 | 402,900 | 0.26 |
| 600,000 SPRINT CORP 7.125 14-24 15/06S | USD | 564,021 | 586,439 | 0.37 |
| 3,600,000 SPRINT CORP 7.875 14-23 15/09S | USD | 3,602,943 | 3,459,267 | 2.20 |
| 700,000 TENET HEALTHCARE COR 7.5 20-25 07/04S | USD | 640,229 | 641,593 | 0.41 |
| 1,200,000 TENET HEALTHCARE CORP 4.625 19-24 01/09S | USD | 1,103,021 | 1,060,817 | 0.68 |
| 147,000 T-MOBILE USA INC 3.5 21-25 15/04S	USD | 135,284 | 135,516 | 0.09 |
| 400,000 UGI INTERNATION | 3.2500 18-25 01/11S | EUR | 409,000 | 406,248 | 0.26 |
| 400,000 ZF NA CAPITAL | 2.75 15-23 27/04A | EUR | 366,194 | 412,696 | 0.26 |
| Sweden | 3,674,087 | 3,645,060 | 2.32 |
| 700,000 DOMETIC GROUP AB 3.00 18-23 13/09A | EUR | 735,225 | 731,763 | 0.47 |
| 900,000 TELEFON ERICSSON	4.125 12-22 15/05S | USD | 799,967 | 791,669 | 0.50 |
| 1,800,000 VERISURE HOLDING AB 3.5 18-23 16/11S | EUR | 1,831,395 | 1,815,218 | 1.15 |
| 300,000 VERISURE HOLDING AB 3.875 20-26 15/07S | EUR | 307,500 | 306,410 | 0.20 |
| Austria |  | 479,750 | 476,584 | 0.30 |
| 450,000 AMS AG 6 20-25 06/07S | EUR | 479,750 | 476,584 | 0.30 |
| Canada |  | 2,921,504 | 2,891,649 | 1.84 |
| 2,037,000 BAUSCH HEALTH 144A 6.125 15-25 15/04S | USD | 1,833,106 | 1,797,603 | 1.14 |
| 1,000,000 BAUSCH HEALTH 9.00 17-25 15/12S | USD | 907,287 | 908,818 | 0.58 |
| 200,000 CNOOC FIN 2014	4.25 14-24 30/04S	USD | 181,111 | 185,228 | 0.12 |
| Saudi Arabia | 2,123,617 | 2,166,427 | 1.38 |
| 414,000 SAUDI ARABIAN OIL COM 1.25 20-23 24/11S | USD | 347,860 | 359,448 | 0.23 |
| 2,100,000 SAUDI ARABIAN OIL COM 1.625 20-25 24/11S | USD | 1,775,757 | 1,806,979 | 1.15 |
| India | 1,209,633 | 1,256,018 | 0.80 |
| 200,000 ADANI GREEN ENE | 6.2500 19-24 10/12S | USD | 182,265 | 186,517 | 0.12 |
| 1,200,000 POWER GRID INDIA | 3.875 13-23 17/01S | USD | 1,027,368 | 1,069,501 | 0.68 |
| Poland | 238,472 | 243,198 | 0.16 |
| 279,000 CANPACK SA/EASTERN P 3.125 20-25 26/10S	USD | 238,472 | 243,198 | 0.16 |
| Belgium | 306,750 | 305,439 | 0.19 |
| 300,000 HOUSE OF FIN 4.375 | 19-26 15/07S | EUR | 306,750 | 305,439 | 0.19 |
| Ireland |  |  | 2,286,045 | 2,255,958 | 1.44 |
| 1,000,000 ARDAGH PACKAGING FIN 5.25 20-25 08/04S | USD | 937,843 | 899,114 | 0.57 |
| 1,150,000 EIRCOM FINANCE 1.75 19-24 01/11S | EUR | 1,142,802 | 1,153,416 | 0.74 |
| 200,000 EIRCOM FINANCE 3.50 19-26 15/05U | EUR | 205,400 | 203,428 | 0.13 |
| Finland | 467,702 | 480,056 | 0.31 |
| 357,000 NOKIA CORP 2.375 20-25 15/05A | EUR | 362,052 | 376,510 | 0.24 |
| 100,000 NOKIA OYJ 2.00 17-24 15/03A | EUR | 105,650 | 103,546 | 0.07 |
| Jersey Island | 757,570 | 754,132 | 0.48 |
| 500,000 AVIS BUDGET CAR 4.125 16-24 15/11S | EUR | 509,375 | 506,138 | 0.32 |
| 290,000 ORIFLAME INVESTMENT 5.125 21-26 04/05S | USD | 248,195 | 247,994 | 0.16 |
| Singapore | 2,267,971 | 2,320,415 | 1.48 |
| 800,000 BRIGHT FOOD SIN | 1.3750 19-24 19/06A | EUR | 813,242 | 817,764 | 0.52 |
| 1,100,000 BRIGHT FOOD SIN | 1.7500 20-25 22/07A | EUR | 1,097,030 | 1,135,387 | 0.73 |
| 400,000 SINGTEL GROUP TREAS 3.25 15-25 30/06S	USD | 357,699 | 367,264 | 0.23 |
| Australia | 903,651 | 920,665 | 0.59 |
| 1,000,000 FMG RESOURCES 5.125 17-24 15/05S	USD | 903,651 | 920,665 | 0.59 |
| The Netherlands Antilles | 3,729,686 | 3,868,523 | 2.47 |
| 600,000 TEVA PHARMA	1.25 15-23 31/03A	EUR | 569,574 | 598,563 | 0.38 |
| 1,000,000 TEVA PHARMA 1.125 16-24 15/10A | EUR | 863,800 | 966,350 | 0.62 |
| 600,000 TEVA PHARMA 3.25 18-22 14/03S | EUR | 597,225 | 603,354 | 0.38 |
| 500,000 TEVA PHARMA 4.5 18-25 01/03U | EUR | 504,700 | 515,710 | 0.33 |
| 1,100,000 TEVA PHARMACEUTICAL 6 20-25 31/07S | EUR | 1,194,387 | 1,184,546 | 0.76 |
| Cayman Islands |  | 15,133,923 | 15,078,628 | 9.61 |
| 400,000 ALIBABA GROUP 3.60 15-24 28/11S	USD | 384,416 | 367,900 | 0.23 |
| 600,000 BAIDU	2.875 17-22 06/07S	USD | 549,674 | 525,037 | 0.33 |

| Quantity	Denomination |  | Quotation currency | Acquisition cost | Market value | % of net assets |
| --- | --- | --- | --- | --- | --- |
| 400,000 BAIDU INC | 3.875 18-23 29/09S | USD | 378,785 | 362,812 | 0.23 |

| 2,946,000 BAIDU INC 3.075 20-25 07/04S |  | USD | 2,679,748 | 2,650,535 | 1.68 |
| --- | --- | --- | --- | --- | --- |
| 300,000 BAIDU INC 3.50 12-22 28/11S |  | USD | 277,846 | 266,080 | 0.17 |
| 400,000 BAIDU INC 4.375 18-24 14/05S |  | USD | 380,683 | 371,422 | 0.24 |
| 1,100,000 DP WORLD CRESCENT  3.908 | 16-23 31/05S | USD | 996,076 | 987,400 | 0.63 |
| 1,663,000 FOXCONN FAR EAS	1.6250 20-25 28/10S | USD | 1,410,358 | 1,435,741 | 0.92 |
| 1,000,000 JD.COM INC 3.875 16-26 29/04S | USD | 902,423 | 928,049 | 0.59 |
| 200,000 MEITUAN	2.125 20-25 28/10S | USD | 169,338 | 166,917 | 0.11 |
| 1,250,000 MEITUAN DIANPING	2.125 20-25 28/10S | USD | 1,058,979 | 1,043,406 | 0.67 |
| 951,000 SA GLOBAL SUKUK	0.946 21-24 17/06S | USD | 780,436 | 814,191 | 0.52 |
| 654,000 SA GLOBAL SUKUK LTD 1.602 21-26 17/06S | USD | 536,703 | 559,035 | 0.36 |
| 400,000 SUNNY OPTICAL TECH  3.75 18-23 23/01S | USD | 352,854 | 355,037 | 0.23 |
| 200,000 TENCENT HOLDING LTD 2.985 18-23 19/01S | USD | 189,967 | 176,766 | 0.11 |
| 300,000 TENCENT HOLDINGS LTD 3.28 19-24 11/04S | USD | 261,163 | 271,891 | 0.17 |
| 1,700,000 TENCENT HOLDINGS LTD 3.80 15-25 11/02S | USD | 1,601,980 | 1,566,240 | 1.00 |
| 2,491,000 WEIBO CORP	3.50 19-24 05/07S | USD | 2,222,494 | 2,230,169 | 1.42 |
| Bermuda |  | 504,233 | 529,519 | 0.34 |
| 600,000 LI & FUNG LTD	4.3750 19-24 04/10S | USD | 504,233 | 529,519 | 0.34 |
| South Korea |  | 607,709 | 630,169 | 0.40 |
| 700,000 SK TELECOM CO LTD  3.75 18-23 16/04 | USD | 607,709 | 630,169 | 0.40 |
| Indonesia |  | 712,766 | 723,809 | 0.46 |
| 800,000 TOWER BERSAMA I	4.2500 20-25 21/01S | USD | 712,766 | 723,809 | 0.46 |
| Mexico |  | 1,804,649 | 1,823,343 | 1.16 |
| 119,000 GRUPO BIMBO SAB DE CV 4.50 12-22 25/01S | USD | 110,634 | 103,754 | 0.07 |
| 1,000,000 SIGMA ALIMENTOS 4.125 16-26 02/05S | USD | 919,133 | 930,823 | 0.59 |
| 877,000 TOTAL PLAY TELECOMUN 7.50 20-25 12/11S | USD | 774,882 | 788,766 | 0.50 |
| British Virgin Islands |  | 5,534,471 | 5,481,498 | 3.50 |
| 400,000 CNOOC FIN 2013	3.00 13-23 09/05S | USD | 373,165 | 355,565 | 0.23 |
| 1,300,000 CONTEMPRY RUIDNG DEV 1.875 20-25 17/09S | USD | 1,095,187 | 1,124,049 | 0.72 |
| 2,800,000 GOLD FIELDS 5.125 19-24 15/05S | USD | 2,661,525 | 2,598,659 | 1.66 |
| 215,000 SF HOLDING INVE	4.1250 18-23 26/07S | USD | 209,716 | 194,159 | 0.12 |
| 200,000 SINOPEC GR OVER REGS 1.00 15-22 28/04A | EUR | 204,088 | 201,180 | 0.13 |
| 1,200,000 TSMC GLOBAL LTD 0.75 20-25 28/09S | USD | 990,790 | 1,007,886 | 0.64 |
| Chile |  | 2,455,859 | 2,476,599 | 1.58 |
| 250,000 INVERSIONES CMPC	4.375 13-23 15/05S | USD | 231,242 | 223,898 | 0.14 |
| 1,000,000 INVERSIONES CMPC	4.75 14-24 15/09S | USD | 920,768 | 926,356 | 0.59 |
| 1,500,000 TELEFONICA CHILE REGS 3.875 12-22 12/10S | USD | 1,303,849 | 1,326,345 | 0.85 |
| Isle of Man |  | 1,016,680 | 1,012,810 | 0.65 |
| 1,000,000 PLAYTECH PLC	3.75 18-23 12/10S | EUR | 1,016,680 | 1,012,810 | 0.65 |
| Romania |  | 984,150 | 992,215 | 0.63 |
| 1,000,000 RCS RDS SA 2.5 20-25 05/02S | EUR | 984,150 | 992,215 | 0.63 |
| Floating rate bonds |  | 4,063,512 | 4,039,407 | 2.58 |
| Luxembourg |  | 266,000 | 266,833 | 0.17 |
| 266,000 LION/POLARIS LUX 4 S FL.R 21-26 07/07Q | EUR | 266,000 | 266,833 | 0.17 |
| France |  | 403,400 | 405,150 | 0.26 |
| 400,000 GOLDSTORY SAS FL.R 21-26 04/02Q | EUR | 403,400 | 405,150 | 0.26 |
| Italy |  | 1,345,964 | 1,352,971 | 0.86 |
| 268,966 FABRIC BC SPA	FL.R 18-24 30/11Q | EUR | 270,714 | 269,197 | 0.17 |
| 400,000 GAMMA BIDCO S.P.A. FL.R 20-25 23/07Q | EUR | 397,250 | 403,428 | 0.26 |
| 678,000 INTERNATIONAL DESIGN FL.R 21-26 19/05Q | EUR | 678,000 | 680,346 | 0.43 |
| Cayman Islands |  | 2,048,148 | 2,014,453 | 1.29 |
| 400,000 BAIDU INC FL.R 15-25 30/06S | USD | 372,354 | 373,427 | 0.24 |
| 1,900,000 TENCENT HOLDING LTD FL.R 18-23 19/01Q | USD | 1,675,794 | 1,641,026 | 1.05 |
| Total Investments |  | 150,785,920 | 151,041,310 | 96.31 |
| Cash Net |  |  | 7,865,233 | 5.02 |
| Other Assets/(Liabilities) |  |  | (2,076,967) | (1.33) |
| Total Net Assets |  |  | 156,829,575 | 100.00 |


##### Geographic allocation of portfolio
% of Net Assets
United States of America	21.65
Cayman Islands	10.90
France	9.98
Luxembourg	8.00
The Netherlands	6.76
Italy	6.08
Germany	5.51
United Kingdom	3.93
British Virgin Islands	3.50
The Netherlands Antilles	2.47
Sweden	2.32
Canada	1.84
Chile	1.58
Singapore	1.48
Ireland	1.44
Saudi Arabia	1.38
Mexico	1.16
Spain	1.02
India	0.80
Isle of Man	0.65
Romania	0.63
Australia	0.59
Jersey Island	0.48
Indonesia	0.46
South Korea	0.40
Bermuda	0.34
Finland	0.31
Austria	0.30
Belgium	0.19
Poland	0.16
Other assets
3.69
100.00
Statement of Operations and Changes in Net Assets from 01.11.2020 to 31.10.2021
Expressed in EUR
| Income |  | 6,376,965 |
| --- | --- | --- |
| Interest on bonds, Net | Note 2d | 6,328,883 |
| Bank interest |  | 1,852 |
| Bank interest on time deposits |  | 168 |
| Other financial income |  | 1,875 |
| Interest on repurchase agreements | Note 2f | 18,909 |
| Interest on swaps contracts |  | 25,278 |
| Expenses |  | 1,125,498 |
| Investment management fee | Note 3 | 754,541 |
| Depositary fees | Note 5 | 3,939 |
| Taxe d'abonnement | Note 7a | 45,280 |
| Performance fee | Note 4 | 159,032 |
| Domiciliary, administrative and transfer agency fees | Note 5 | 74,256 |
| Professional fees | Note 12 | 30,363 |
| Bank charges |  | 23,960 |
| Transaction costs | Note 2g | 100 |
| Expenses on repurchase agreements | Note 2f | 177 |
| Interest on swaps contracts |  | 24,167 |
| Sundry expenses |  | 9,683 |
| Net income from investments |  | 5,251,467 |
| Net Realised gain / (loss) on: - Sales of investments | Note 2d | (525,780) |
| - Forward currency exchange contracts | Note 2e | (1,098,597) |
| - Swaps contracts | Note 2e | 310,799 |
| - Foreign exchange | Note 2c | (2,865,401) |
| Net realised profit |  | 1,072,488 |
| Movement in net unrealised appreciation / (depreciation) on: - Investments |  | 3,262,704 |
| - Forward currency exchange contracts | Note 2e | 477,990 |
| - Swaps contracts | Note 2e | (333,550) |
| Increase in net assets as a result of operations |  | 4,479,632 |
| Dividends paid | Note 6 | (2,941,737) |
| Subscription capitalisation shares |  | 4,847,031 |
| Subscription distribution shares |  | 10,370,782 |
| Redemption capitalisation shares |  | (28,585,814) |
| Redemption distribution shares |  | (6,127,604) |
| Decrease in net assets |  | (17,957,710) |
| Net assets at the beginning of the year |  | 174,787,285 |
| Net assets at the end of the year |  | 156,829,575 |

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 |