# ODDO BHF
## Euro Credit Short Duration

##### Financial Statements as at 31.10.2021
Statement of net assets as at 31.10.2021
Expressed in EUR
| Assets |  | 1,371,523,012 |
| --- | --- | --- |
| Investments at market value | Note 2b | 1,274,592,567 |
| Acquisition cost |  | 1,277,300,621 |
| Cash at bank |  | 48,943,393 |
| Margin deposits |  | 460,750 |
| Time deposits |  | 31,897,259 |
| Interest receivable |  | 14,302,750 |
| Receivable on sale of investments |  | 440,241 |
| Receivable on subscriptions |  | 886,052 |
| Liabilities |  | 45,893,402 |
| Bank overdrafts |  | 876,663 |
| Interest payable on swap contracts |  | 145,330 |
| Payable on purchase of investments |  | 7,623,000 |
| Repurchase agreements | Note 2f, 9 | 31,580,793 |
| Payable on redemptions |  | 1,772,362 |
| Net unrealised loss on forward currency exchange contracts | Note 2e | 419,434 |
| Unrealised loss on swaps contracts | Note 2e | 2,901,600 |
| Investment management and domiciliary, administrative and transfer agency fees payable Other liabilities |  | 523,483 50,737 |
| Net asset value |  | 1,325,629,610 |

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 | 19,043,457.96 | 3,855,649.10 | 6,861,252.67 | 16,037,854.39 |
| I Shares EUR - Distribution | 26,845.18 | 33.31 | 18,146.96 | 8,731.53 |
| R Shares EUR - Capitalisation | 356,284.80 | 94,329.76 | 198,384.89 | 252,229.67 |
| R Shares EUR - Distribution | 2,311,421.75 | 290,304.72 | 658,016.44 | 1,943,710.03 |
| R Shares CHF [H] - Capitalisation | 515.01 | 114.00 | 215.00 | 414.01 |
| R Shares USD [H] - Capitalisation | 7,899.71 | 3,635.50 | 5,246.44 | 6,288.77 |
| N Shares EUR - Capitalisation | 21,173.99 | 143,212.39 | 13,118.56 | 151,267.82 |
| N Shares CHF [H] - Capitalisation | 18,015.00 | 3,918.00 | 13,251.00 | 8,682.00 |

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 |
| --- | --- | --- | --- | --- |
| P Shares EUR - Capitalisation | 43,126,336.18 | 34,729,237.88 | 14,890,918.62 | 62,964,655.44 |
| P Shares EUR - Distribution | 52,481,941.91 | 6,733,807.00 | 17,496,328.76 | 41,719,420.15 |
| P Shares CHF [H] - Capitalisation | 3,324.27 | 489.00 | 1,225.87 | 2,587.40 |
| P Shares USD [H] - Capitalisation | 2,032.00 | 845.00 | 553.00 | 2,324.00 |
| GC Shares EUR - Capitalisation | 57,045.55 | 49,576.02 | 77,669.10 | 28,952.47 |

| Year ended as at: | 31.10.2021 | 31.10.2020 | 31.10.2019 |
| --- | --- | --- | --- |
| EUR | 1,325,629,610 | 1,223,085,082 | 1,700,404,951 |

Statistics
Total Net Assets
| I Shares EUR - Capitalisation Number of shares |  | 16,037,854.39 | 19,043,457.96 | 28,088,012.51 |
| --- | --- | --- | --- | --- |
| Net asset value per share | EUR | 12.51 | 12.12 | 12.31 |
| I Shares EUR - Distribution Number of shares |  | 8,731.53 | 26,845.18 | 39,185.69 |
| Net asset value per share | EUR | 910.29 | 907.68 | 954.29 |
| Dividend per share |  | 25.8160 | 32.4065 | 36.1621 |
| R Shares EUR - Capitalisation Number of shares |  | 252,229.67 | 356,284.80 | 293,275.40 |
| Net asset value per share | EUR | 102.52 | 99.70 | 101.61 |
| R Shares EUR - Distribution Number of shares |  | 1,943,710.03 | 2,311,421.75 | 2,516,570.98 |
| Net asset value per share | EUR | 8.40 | 8.32 | 8.75 |
| Dividend per share |  | 0.1675 | 0.2249 | 0.2571 |
| R Shares CHF [H] - Capitalisation Number of shares |  | 414.01 | 515.01 | 659.88 |
| Net asset value per share | CHF | 98.79 | 96.31 | 98.74 |
| R Shares USD [H] - Capitalisation Number of shares |  | 6,288.77 | 7,899.71 | 17,224.43 |
| Net asset value per share | USD | 112.38 | 108.42 | 108.59 |
| N Shares EUR - Capitalisation Number of shares |  | 151,267.82 | 21,173.99 | 208,515.55 |
| Net asset value per share | EUR | 102.13 | 99.14 | 100.81 |
| N Shares CHF [H] - Capitalisation Number of shares |  | 8,682.00 | 18,015.00 | 32,707.00 |
| Net asset value per share | CHF | 100.00 | 97.29 | 99.54 |
| N Shares GBP [H] - Distribution Number of shares |  | - | - | 698.77 |
| Net asset value per share | GBP | - | - | 97.45 |
| Dividend per share |  | - | 3.1431 | 3.6105 |
| P Shares EUR - Capitalisation Number of shares |  | 62,964,655.44 | 43,126,336.18 | 51,187,102.87 |
| Net asset value per share | EUR | 11.27 | 10.91 | 11.07 |
| P Shares EUR - Distribution Number of shares |  | 41,719,420.15 | 52,481,941.91 | 75,616,124.67 |
| Net asset value per share | EUR | 8.17 | 8.14 | 8.56 |
| Dividend per share |  | 0.2397 | 0.2992 | 0.3333 |
| P Shares CHF [H] - Capitalisation Number of shares |  | 2,587.40 | 3,324.27 | 15,168.05 |
| Net asset value per share | CHF | 1,008.51 | 979.80 | 1,000.51 |
| P Shares GBP [H] - Distribution Number of shares |  | - | - | 1.00 |
| Net asset value per share | GBP | - | - | 975.66 |
| Dividend per share |  | - | 33.4514 | 37.4621 |
| P Shares USD [H] - Capitalisation Number of shares |  | 2,324.00 | 2,032.00 | 5,256.97 |
| Net asset value per share | USD | 1,139.25 | 1,094.41 | 1,093.77 |
| GC Shares EUR - Capitalisation Number of shares |  | 28,952.47 | 57,045.55 | 64,678.08 |
| Net asset value per share | EUR | 102.47 | 99.35 | 100.94 |

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
1,277,300,621
1,274,592,567	96.15
| Bonds |  | 1,259,931,327 | 1,257,150,974 | 94.83 |
| --- | --- | --- | --- | --- |
|  | Luxembourg | 99,062,774 | 98,904,558 | 7.46 |
| 3,830,000 ALTICE FINANCING S.A 2.25 20-25 22/01S | EUR | 3,790,479 | 3,701,638 | 0.28 |
| 2,060,000 ARAMARK INTL FINANCE 3.125 17-25 01/04S | EUR | 1,969,266 | 2,075,625 | 0.16 |
| 7,100,000 ARCELORMITTAL	1.0000 19-23 19/05A | EUR | 7,059,951 | 7,195,779 | 0.54 |
| 1,000,000 ARCELORMITTAL SA 1.75 19-25 19/11A | EUR | 1,028,500 | 1,046,335 | 0.08 |
| 1,920,000 CIRSA FINANCE INT  4.7500 19-25 22/05S | EUR | 1,953,600 | 1,919,386 | 0.14 |
| 5,161,258 CIRSA FINANCE INT  6.2500 18-23 20/12S | EUR | 5,243,118 | 5,238,574 | 0.40 |
| 12,000,000 CONTOURGLOBAL POWER 4.125 18-25 26/07S | EUR | 12,315,550 | 12,195,900 | 0.92 |
| 14,600,000 CRYSTAL ALMOND	4.2500 19-24 15/10S | EUR | 14,574,623 | 14,921,856 | 1.12 |
| 700,000 CULLINAN HOLDCO SCSP 4.625 21-26 15/10S | EUR | 700,000 | 705,131 | 0.05 |
| 2,000,000 FIAT FINANCE TR  4.75 14-22 15/07A | EUR | 2,209,649 | 2,070,590 | 0.16 |
| 7,300,000 HANESBRANDS	3.50 16-24 15/06S | EUR | 7,683,631 | 7,710,078 | 0.58 |
| 2,000,000 HSE FINANCE S.A R.L. 5.625 21-26 06/05S | EUR | 2,054,000 | 2,057,720 | 0.16 |
| 1,615,000 IDEAL STANDARD INTER 6.375 21-26 30/07S | EUR | 1,598,043 | 1,515,136 | 0.11 |
| 13,080,000 INEOS GROUP HOLDIN 5.375 16-24 01/08S | EUR | 13,188,218 | 13,099,554 | 0.99 |
| 4,890,000 MATTERHORN TELECOM 2.625 19-24 15/09S | EUR | 4,810,288 | 4,915,428 | 0.37 |
| 2,300,000 MYTILINEOS FINANCIAL 2.5 19-24 01/12S | EUR | 2,370,644 | 2,362,342 | 0.18 |
| 7,000,000 PLT VII FINANCE S.A 4.625 20-26 16/07S | EUR | 7,278,480 | 7,158,480 | 0.54 |
| 2,000,000 ROSSINI SARL	6.75 18-25 30/10S | EUR | 2,133,010 | 2,072,060 | 0.16 |
| 3,400,000 SIG COMBIBLOC PURCHA 2.125 20-25 18/06S | EUR | 3,607,700 | 3,562,996 | 0.27 |
| 3,500,000 VIVION INVESTS 3.00 19-24 08/08A | EUR | 3,494,024 | 3,379,950 | 0.25 |
| France |  | 245,495,919 | 246,393,995 | 18.59 |
| 7,018,000 AFFLELOU SAS 4.25 21-26 19/05S | EUR | 7,018,000 | 7,135,481 | 0.54 |
| 12,400,000 ALTICE FRANCE SA	2.5 19-25 15/01S | EUR | 12,098,600 | 12,174,320 | 0.92 |
| 1,000,000 ALTICE FRANCE SA 2.125 20-25 06/02S | EUR | 976,000 | 971,920 | 0.07 |
| 2,000,000 AUCHAN HOLDING SA  2.625 19-24 30/01A | EUR | 2,139,080 | 2,098,780 | 0.16 |
| 2,410,000 BANIJAY ENTERTAINMEN 3.5 20-25 11/02S | EUR | 2,405,143 | 2,412,229 | 0.18 |
| 2,450,000 CONSTELLIUM SE 4.25 17-26 15/02S | EUR | 2,496,550 | 2,479,180 | 0.19 |
| 10,040,000 CROWN EURO HOLDINGS 0.75 19-23 15/02S | EUR | 9,980,787 | 10,063,594 | 0.76 |
| 12,150,000 CROWN EURO HOLDINGS 2.25 18-23 01/02S | EUR | 12,583,383 | 12,360,680 | 0.93 |
| 4,000,000 CROWN EURO HOLDINGS 3.375 15-25 15/05S | EUR | 4,311,160 | 4,265,420 | 0.32 |
| 3,185,000 ELIOR GROUP SA 3.75 21-26 08/07S | EUR | 3,198,000 | 3,264,896 | 0.25 |
| 1,000,000 ELIS SA 1.75 19-24 11/04A | EUR | 1,026,300 | 1,025,685 | 0.08 |
| 10,900,000 ELIS SA 1.875 18-23 15/02A | EUR | 11,093,997 | 11,054,399 | 0.83 |
| 3,477,000 FAURECIA	2.625 18-25 15/06S | EUR | 3,450,075 | 3,520,915 | 0.27 |
| 9,900,000 FNAC DARTY SA 1.875 19-24 30/05S | EUR | 9,913,646 | 9,971,676 | 0.75 |
| 6,220,000 GOLDSTORY SAS 5.375 21-26 04/02S | EUR | 6,254,500 | 6,400,784 | 0.48 |
| 13,480,000 ILIAD HOLDING	5.125 21-26 15/10S | EUR | 13,479,999 | 13,879,007 | 1.05 |
| 11,050,000 LOXAM SAS 3.50 16-23 03/05S | EUR | 11,089,891 | 11,053,481 | 0.83 |
| 6,474,000 LOXAM SAS 3.50 17-22 15/04S | EUR | 6,486,005 | 6,479,309 | 0.49 |
| 7,450,000 LOXAM SAS 4.25 17-24 15/04S | EUR | 7,548,225 | 7,507,291 | 0.57 |
| 5,000,000 NEXANS SA	3.75 18-23 08/08A | EUR | 5,214,893 | 5,247,950 | 0.40 |
| 17,400,000 ORANO SA	3.125 14-23 20/03A | EUR | 18,252,993 | 17,996,645 | 1.37 |
| 4,900,000 ORANO SA 4.875 09-24 23/09A | EUR | 5,535,921 | 5,480,626 | 0.41 |
| 10,222,000 PAPREC	4.0 18-25 29/03S | EUR | 9,997,440 | 10,368,737 | 0.78 |
| 14,120,000 PARTS EUROPE SA 6.5 20-25 17/07S | EUR | 14,885,777 | 14,717,063 | 1.11 |
| 8,742,000 PICARD GROUPE 3.875 21-26 07/07S | EUR | 8,747,900 | 8,784,705 | 0.66 |
| 2,400,000 QUATRIM	5.8750 19-24 31/01A | EUR | 2,514,910 | 2,471,100 | 0.19 |
| 11,900,000 RCI BANQUE SA 1.00 16-23 17/05S | EUR | 12,101,965 | 12,050,595 | 0.91 |
| 1,000,000 RENAULT SA 1.00 17-23 08/03A | EUR | 1,006,050 | 1,009,700 | 0.08 |
| 1,500,000 RENAULT SA 1.0000 18-24 18/04A | EUR | 1,509,750 | 1,505,888 | 0.11 |
| 8,690,000 RUBIS TERMINAL INFRA 5.625 20-25 19/05S | EUR | 9,180,920 | 9,037,426 | 0.68 |
| 10,300,000 SPIE SA 3.125 17-24 22/03A | EUR | 10,707,335 | 10,780,341 | 0.81 |
| 7,600,000 TEREOS FINANCE	4.125 16-23 16/06A | EUR | 7,497,120 | 7,746,566 | 0.58 |
| 2,266,000 TEREOS FINANCE GROUP 7.5 20-25 23/10S | EUR | 2,339,075 | 2,443,722 | 0.18 |
| 8,600,000 VALEO SA	0.375 17-22 12/09A | EUR | 8,454,529 | 8,633,884 | 0.65 |
| United Kingdom |  | 73,620,266 | 74,049,478 | 5.59 |
| 2,400,000 FCE BANK PLC 1.615 16-23 11/05A | EUR | 2,460,200 | 2,447,568 | 0.18 |
| 1,684,000 INEOS QUATTRO FINANC 2.5 21-26 29/01S | EUR | 1,684,000 | 1,682,644 | 0.13 |
| 3,707,000 INTL GAME TECHNOLOGY 3.5 18-24 15/07S | EUR | 3,875,974 | 3,898,467 | 0.29 |
| 15,500,000 JAGUAR LAND ROVER  5.00 14-22 15/02S | GBP | 18,499,975 | 18,502,512 | 1.41 |
| 3,000,000 JAGUAR LAND ROVER 5.8750 19-24 15/11S | EUR | 2,973,268 | 3,214,665 | 0.24 |
| 10,890,000 MODULAIRE GLOBAL FIN 6.50 18-23 15/02S | EUR | 11,097,687 | 11,075,783 | 0.84 |

Quantity	Denomination	Quotation
currency
Acquisition cost
Market value
% of net assets
| 11,050,000 OTE PLC | 2.375 18-22 18/07A | EUR | 11,420,299 | 11,250,005 | 0.85 |
| --- | --- | --- | --- | --- | --- |
| 1,339,000 PUNCH FINANCE PLC 6.125 21-26 24/06S | GBP | 1,559,152 | 1,592,803 | 0.12 |
| 5,076,000 SYNTHOMER PLC 3.875 20-25 25/06S | EUR | 5,165,350 | 5,223,585 | 0.39 |
| 4,666,000 TECHNIPFMC PLC 6.5 21-26 29/01S | USD | 4,078,978 | 4,315,464 | 0.33 |
| 2,638,000 VIRIDIAN GROUP/VIR 4.75 17-24 15/09S | GBP | 3,112,732 | 3,110,106 | 0.23 |
| 4,800,000 VIRIDIAN GRP FINANCEO 4.00 17-25 15/09S | EUR | 4,842,100 | 4,778,880 | 0.36 |
| 2,400,000 WILLIAM HILL	4.875 16-23 07/09S | GBP | 2,850,551 | 2,956,996 | 0.22 |
| The Netherlands |  | 111,769,960 | 112,259,073 | 8.47 |
| 2,000,000 AXALTA COATING	3.75 16-25 15/01S | EUR | 2,035,490 | 2,025,390 | 0.15 |
| 706,000 DAIMLER INTL FI	0.2500 19-23 06/11A | EUR | 695,106 | 711,066 | 0.05 |
| 4,300,000 DARLING GLOBAL FIN  3.625 18-26 15/05S | EUR | 4,377,400 | 4,375,594 | 0.33 |
| 10,000,000 INTERTRUST GROUP BV 3.375 18-25 15/11S | EUR | 10,232,250 | 10,092,600 | 0.76 |
| 1,000,000 KPN	4.25 12-22 01/03A | EUR | 1,125,620 | 1,014,790 | 0.08 |
| 4,000,000 NOBIAN FINANCE B.V. 3.625 21-26 01/07S | EUR | 3,998,050 | 3,886,040 | 0.29 |
| 8,700,000 OCI NV	3.1250 19-24 01/11S | EUR | 8,858,750 | 8,829,848 | 0.67 |
| 2,000,000 OCI NV	5.250 19-21 01/11S | USD | 1,694,568 | 1,773,601 | 0.13 |
| 1,000,000 OI EUROPEAN GROUP  2.8750 19-25 15/02S | EUR | 992,500 | 1,005,700 | 0.08 |
| 11,400,000 OI EUROPEAN GROUP  3.125 16-24 15/11S | EUR | 11,572,571 | 11,675,538 | 0.88 |
| 3,300,000 PHOENIX PIB DUTCH FI 2.375 20-25 05/08A | EUR | 3,372,652 | 3,393,423 | 0.26 |
| 4,000,000 PPF TELECOM GR 2.125 19-25 31/01A | EUR | 3,861,500 | 4,112,920 | 0.31 |
| 22,370,000 PPF TELECOM GROUP B. 3.5 20-24 20/05A | EUR | 23,039,411 | 23,773,605 | 1.80 |
| 4,128,000 Q-PARK HOLDING I B.V 1.5 20-25 13/02S | EUR | 4,128,000 | 3,965,687 | 0.30 |
| 1,000,000 STELLANTIS	2.375 16-23 14/04A | EUR | 1,053,976 | 1,036,045 | 0.08 |
| 4,189,000 STELLANTIS N.V. 3.375 20-23 07/07A | EUR | 4,279,528 | 4,396,041 | 0.33 |
| 15,500,000 UNITED GROUP BV 4.875 17-24 01/07S | EUR | 15,966,900 | 15,693,208 | 1.18 |
| 6,410,000 UPJOHN FINANCE B.V. 0.816 20-22 23/06A | EUR | 6,410,000 | 6,457,017 | 0.49 |
| 4,000,000 ZF EUROPE FINANCE  1.250 16-23 23/10A | EUR | 4,075,688 | 4,040,960 | 0.30 |
| Germany |  | 118,348,348 | 118,473,122 | 8.94 |
| 7,030,000 CT INVESTMENT GMBH 5.5 21-26 29/04S | EUR | 7,030,000 | 7,158,825 | 0.54 |
| 1,960,000 DAIMLER AG 1.625 20-23 22/05A | EUR | 1,980,056 | 2,024,847 | 0.15 |
| 17,200,000 IHO VERWALTUNGS	3.625 19-25 15/05S | EUR | 17,528,309 | 17,477,436 | 1.32 |
| 1,000,000 K S 3.00 12-22 20/06A | EUR | 1,024,600 | 1,015,200 | 0.08 |
| 5,358,000 K S REGS	4.125 13-21 06/12A | EUR | 5,546,338 | 5,375,976 | 0.41 |
| 6,281,000 NIDDA HEALTHCAR	3.50 17-24 30/09S | EUR | 6,403,057 | 6,197,400 | 0.47 |
| 4,567,000 PCF GMBH 4.75 21-26 22/04S | EUR | 4,632,740 | 4,655,554 | 0.35 |
| 7,840,000 PLATIN 1426 GMBH	5.375 17-23 15/06S | EUR | 7,929,645 | 7,868,381 | 0.59 |
| 4,000,000 PRESTIGEBIDCO GMBH 6.25 16-23 15/12S | EUR | 4,199,389 | 4,021,060 | 0.30 |
| 1,000,000 SANTANDER CONS BK 0.75 17-22 17/10A | EUR | 1,017,720 | 1,009,835 | 0.08 |
| 11,847,000 SCHAEFFLER AG	1.1250 19-22 26/03A | EUR | 11,644,691 | 11,884,673 | 0.90 |
| 3,100,000 SCHAEFFLER AG 2.75 20-25 12/10A | EUR | 3,151,000 | 3,285,582 | 0.25 |
| 22,030,000 TECHEM VERWALTUNGSGE 2 20-25 29/01S | EUR | 21,699,904 | 21,671,681 | 1.64 |
| 15,088,000 TELE COLOMBUS	3.875 18-25 04/05S | EUR | 14,923,724 | 15,027,422 | 1.13 |
| 3,500,000 THYSSENKRUPP AG 1.375 17-22 03/03A | EUR | 3,502,350 | 3,502,730 | 0.26 |
| 6,000,000 ZF FINANCE GMBH 3 20-25 21/09A | EUR | 6,134,825 | 6,296,520 | 0.47 |
| Italy |  | 110,675,042 | 109,891,212 | 8.29 |
| 3,990,000 ALMAVIVA - THE ITALIA 4.875 21-26 30/10S | EUR | 3,990,000 | 3,982,918 | 0.30 |
| 2,196,000 ALMAVIVA THE ITALIAN 7.25 17-21 03/11S | EUR | 2,207,867 | 2,198,339 | 0.17 |
| 13,326,000 ATLANTIA SPA	6.25 04-22 09/06A | GBP | 16,212,509 | 16,261,193 | 1.23 |
| 3,700,000 AUTOSTRADE ITALIA SPA 5.875 04-24 09/06A | EUR | 4,315,600 | 4,212,117 | 0.32 |
| 2,379,000 GAMMA BIDCO S.P.A. 6.25 20-25 23/07S | EUR | 2,431,250 | 2,459,969 | 0.19 |
| 4,200,000 INTERNATIONAL DESIGN GR 6.5 18-25 15/11S | EUR | 4,348,570 | 4,335,282 | 0.33 |
| 17,600,000 LKQ	3.875 16-24 01/04S | EUR | 18,838,679 | 18,865,703 | 1.41 |
| 1,244,000 NEXI S.P.A. 1.625 21-26 29/04S | EUR | 1,244,000 | 1,239,167 | 0.09 |
| 7,420,000 NEXI SPA 1.7500 19-24 31/10S | EUR | 7,451,460 | 7,552,670 | 0.57 |
| 3,722,000 REKEEP S.P.A. 7.25 21-26 28/01S | EUR | 3,858,915 | 3,983,936 | 0.30 |
| 2,079,688 SISAL	7.00 16-23 31/07S | EUR | 2,159,291 | 2,100,796 | 0.16 |
| 1,000,000 TELECOM ITALIA SPA  3.625 16-24 19/01A | EUR | 1,071,250 | 1,061,465 | 0.08 |
| 14,000,000 TELECOM ITALIA 2.50 17-23 19/07A | EUR | 14,675,118 | 14,482,370 | 1.09 |
| 12,300,000 TELECOM ITALIA 3.75 15-23 16/01A | EUR | 13,195,075 | 12,728,102 | 0.96 |
| 9,400,000 TELECOM ITALIA 4.00 19-24 11/04A | EUR | 10,232,108 | 9,981,061 | 0.75 |
| 3,000,000 TERNA SPA 0.875 15-22 02/02A | EUR | 3,028,350 | 3,010,140 | 0.23 |
| 1,415,000 VERDE BIDCO SPA ITALY 4.625 21-26 01/10A | EUR | 1,415,000 | 1,435,984 | 0.11 |
| Spain |  | 21,634,523 | 21,135,556 | 1.59 |
| 970,000 ALMIRALL SA	2.1250 21-26 30/09S | EUR | 970,000 | 977,207 | 0.07 |
| 3,400,000 CELLNEX TELECOM SA 2.375 16-24 16/01A | EUR | 3,634,270 | 3,543,480 | 0.27 |
| 4,500,000 CELLNEX TELECOM SA 3.125 15-22 27/07A | EUR | 4,812,693 | 4,606,515 | 0.35 |

Quantity	Denomination	Quotation
currency
Acquisition cost
Market value
% of net assets
| 5,350,000 EL CORTE INGLES SA 3 | 18-24 15/03S | EUR | 5,577,960 | 5,391,650 | 0.40 |
| --- | --- | --- | --- | --- | --- |
| 1,450,000 EL CORTE INGLES SA 3.625 20-24 15/03S | EUR | 1,471,690 | 1,493,877 | 0.11 |
| 1,000,000 GESTAMP AUTOMOCION 3.25 18-26 30/04S | EUR | 1,016,860 | 1,009,625 | 0.08 |
| 4,100,000 GRIFOLS SA 3.20 17-25 01/05S | EUR | 4,151,050 | 4,113,202 | 0.31 |
| United States of America |  | 299,466,965 | 295,189,033 | 22.26 |
| 3,000,000 ADT CORP	4.125 13-23 15/06S | USD | 2,738,240 | 2,698,989 | 0.20 |
| 6,200,000 AVANTOR FUNDING INC 2.625 20-25 06/11S | EUR | 6,360,150 | 6,353,729 | 0.48 |
| 14,947,000 BALL CORP	0.875 19-24 15/03S | EUR | 14,932,800 | 14,994,008 | 1.13 |
| 23,500,000 BALL CORP	4.375 15-23 15/12S | EUR | 26,341,440 | 25,439,690 | 1.92 |
| 8,000,000 BERRY GLOBAL INC 1 20-25 02/01S | EUR | 7,979,730 | 8,105,400 | 0.61 |
| 2,000,000 CABLEVISION SYSTEMS 5.875 12-22 15/09S | USD | 1,789,488 | 1,777,568 | 0.13 |
| 2,000,000 CHARTER COM OPERATING 4.464 16-22 27/03S | USD | 1,930,499 | 1,764,666 | 0.13 |
| 7,073,000 COLFAX CORP	3.25 17-25 15/05S | EUR | 7,143,310 | 7,126,472 | 0.54 |
| 10,000,000 CSC HOLDINGS	6.75 11-21 15/11S | USD | 9,306,268 | 8,651,804 | 0.65 |
| 2,000,000 ELANCO ANIMAL HEALTH 4.272 19-23 28/08S | USD | 1,837,477 | 1,841,365 | 0.14 |
| 1,570,000 FORD MOTOR CREDIT CO 2.7 21-26 10/08S | USD | 1,326,182 | 1,354,847 | 0.10 |
| 28,250,000 FORD MOTOR CREDIT CO 1.514 19-23 17/02A | EUR | 28,433,214 | 28,573,744 | 2.15 |
| 5,000,000 FORD MOTOR CREDIT CO 1.744 20-24 19/07A | EUR | 5,114,050 | 5,087,675 | 0.38 |
| 3,000,000 FORD MOTOR CREDIT CO 3.021 19-24 06/03A | EUR | 3,151,300 | 3,137,040 | 0.24 |
| 2,918,000 FORD MOTOR CREDIT CO 3.25 20-25 15/09A | EUR | 2,962,500 | 3,119,809 | 0.24 |
| 2,000,000 GOODYEAR TIRE & RUBB 9.50 20-25 31/05S | USD | 1,879,235 | 1,885,323 | 0.14 |
| 4,000,000 HANESBRANDS INC 5.375 20-25 04/05S | USD | 3,558,124 | 3,605,064 | 0.27 |
| 1,000,000 HCA INC	4.75 12-23 01/05S | USD | 989,988 | 913,761 | 0.07 |
| 17,000,000 HCA INC	5.875 12-23 01/05S | USD | 16,501,839 | 15,724,321 | 1.19 |
| 2,000,000 HCA INC 5.375 15-25 01/02S | USD | 1,932,946 | 1,923,344 | 0.15 |
| 6,900,000 HJ HEINZ CO	2.00 15-23 30/06A | EUR | 7,011,235 | 7,091,544 | 0.53 |
| 1,473,000 IQVIA INC 1.75 21-26 03/03S | EUR | 1,473,000 | 1,480,733 | 0.11 |
| 6,252,000 KRONOS INTL	3.75 17-25 15/09S | EUR | 6,375,005 | 6,298,827 | 0.48 |
| 1,000,000 LENNAR CORP	4.75 13-22 15/11S | USD | 965,496 | 893,485 | 0.07 |
| 2,000,000 LUMEN TECH	5.80 12-22 15/03S | USD | 1,767,842 | 1,754,582 | 0.13 |
| 7,700,000 LUMEN TECH	6.75 13-23 01/12S | USD | 7,695,156 | 7,310,470 | 0.55 |
| 10,500,000 NETFLIX INC 3 20-25 28/04S | EUR | 11,303,558 | 11,428,043 | 0.86 |
| 7,500,000 NETFLIX INC 5.50 15-22 15/02S | USD | 7,210,553 | 6,568,633 | 0.50 |
| 5,000,000 NORTONLIFELOCK INC 3.95 12-22 15/06S | USD | 4,555,630 | 4,364,247 | 0.33 |
| 8,000,000 PRIME SECURITY SERVIC 5.25 19-24 15/04S | USD | 7,238,275 | 7,364,044 | 0.56 |
| 2,000,000 PRIME SECURITY SERVIC 5.75 19-26 15/04S | USD | 1,858,561 | 1,848,287 | 0.14 |
| 5,100,000 QWEST CORP	6.75 11-01 01/12S | USD | 4,964,827 | 4,427,558 | 0.33 |
| 3,633,000 SCIL IV LLC / SCIL US 4.375 21-26 01/11S | EUR | 3,633,000 | 3,656,996 | 0.28 |
| 1,000,000 SEALED AIR CORP	5.50 15-25 15/09S | USD | 949,742 | 955,446 | 0.07 |
| 10,600,000 SEALED AIR CORP RE 4.50 15-23 15/09S | EUR | 11,288,070 | 11,272,040 | 0.85 |
| 11,600,000 SILGAN HOLDINGS INC 3.25 17-25 15/03S | EUR | 11,723,150 | 11,684,100 | 0.88 |
| 4,200,000 SPRINT CORP 7.125 14-24 15/06S | USD | 4,028,028 | 4,105,076 | 0.31 |
| 26,500,000 SPRINT CORP 7.875 14-23 15/09S | USD | 26,216,545 | 25,464,044 | 1.92 |
| 11,378,000 TENET HEALTHCARE COR 7.5 20-25 07/04S | USD | 10,482,461 | 10,428,629 | 0.79 |
| 5,000,000 TENET HEALTHCARE CORP 4.625 19-24 01/09S | USD | 4,537,993 | 4,420,069 | 0.33 |
| 1,318,000 T-MOBILE USA INC 3.5 21-25 15/04S | USD | 1,212,958 | 1,215,037 | 0.09 |
| 3,000,000 UGI INTERNATION	3.2500 18-25 01/11S | EUR | 3,093,200 | 3,046,860 | 0.23 |
| 13,600,000 ZF NA CAPITAL	2.75 15-23 27/04A | EUR | 13,673,900 | 14,031,664 | 1.06 |
| Sweden |  | 41,715,881 | 41,394,271 | 3.12 |
| 7,200,000 DOMETIC GROUP AB 3.00 18-23 13/09A | EUR | 7,554,362 | 7,526,700 | 0.57 |
| 984,000 HEIMSTADEN BOST	2.1250 19-23 05/09A | EUR | 1,040,841 | 1,020,201 | 0.08 |
| 1,000,000 TELEFON ERICSSON	1.875 17-24 01/03A | EUR | 1,055,480 | 1,040,600 | 0.08 |
| 2,000,000 TELEFON ERICSSON	4.125 12-22 15/05S | USD | 1,775,302 | 1,759,266 | 0.13 |
| 24,719,000 VERISURE HOLDING AB 3.5 18-23 16/11S | EUR | 25,167,496 | 24,927,999 | 1.87 |
| 4,000,000 VERISURE HOLDING AB 3.875 20-26 15/07S | EUR | 4,112,500 | 4,085,460 | 0.31 |
| 1,000,000 VOLVO CAR AB 2.125 19-24 02/04A | EUR | 1,009,900 | 1,034,045 | 0.08 |
| Norway |  | 1,027,500 | 1,019,780 | 0.08 |
| 1,000,000 ADEVINTA ASA 2.625 20-25 05/11S | EUR | 1,027,500 | 1,019,780 | 0.08 |
| Austria |  | 6,917,450 | 6,807,440 | 0.51 |
| 5,000,000 AMS AG 6 20-25 06/07S | EUR | 5,345,950 | 5,295,375 | 0.39 |
| 1,000,000 SAPPI PAPIER HOLDING 3.125 19-26 15/04S | EUR | 1,027,000 | 1,010,525 | 0.08 |
| 500,000 TELEKOM FINANZ	3.125 13-21 03/12A | EUR | 544,500 | 501,540 | 0.04 |
| Canada |  | 12,884,314 | 13,027,818 | 0.98 |
| 6,524,000 BAUSCH HEALTH 144A 6.125 15-25 15/04S | USD | 5,651,334 | 5,757,271 | 0.43 |
| 8,000,000 BAUSCH HEALTH 9.00 17-25 15/12S | USD | 7,232,980 | 7,270,547 | 0.55 |

Quantity	Denomination	Quotation
currency
Acquisition cost
Market value
% of net assets
| Poland | 800,034 | 815,891 | 0.06 |
| --- | --- | --- | --- |
| 936,000 CANPACK SA/EASTERN P 3.125 20-25 26/10S | USD | 800,034 | 815,891 | 0.06 |
| Belgium |  | 3,584,750 | 3,563,455 | 0.27 |
| 3,500,000 HOUSE OF FIN 4.375	19-26 15/07S | EUR | 3,584,750 | 3,563,455 | 0.27 |
| Ireland |  | 22,070,722 | 22,038,246 | 1.66 |
| 6,000,000 ARDAGH PACKAGING FIN 5.25 20-25 08/04S | USD | 5,520,628 | 5,394,686 | 0.41 |
| 14,070,000 EIRCOM FINANCE 1.75 19-24 01/11S | EUR | 14,012,849 | 14,111,787 | 1.06 |
| 1,000,000 EIRCOM FINANCE 3.50 19-26 15/05U | EUR | 1,027,000 | 1,017,140 | 0.08 |
| 1,500,000 FCA BANK SPA 0.50 19-24 13/09A | EUR | 1,510,245 | 1,514,633 | 0.11 |
| Finland |  | 14,758,796 | 14,561,886 | 1.10 |
| 3,000,000 NOKIA	3.375 17-22 12/06S | USD | 2,773,359 | 2,634,141 | 0.20 |
| 3,524,000 NOKIA CORP 2.375 20-25 15/05A | EUR | 3,663,681 | 3,716,587 | 0.28 |
| 7,930,000 NOKIA OYJ 2.00 17-24 15/03A | EUR | 8,321,756 | 8,211,158 | 0.62 |
| Jersey Island |  | 7,007,503 | 6,968,778 | 0.53 |
| 6,200,000 AVIS BUDGET CAR 4.125 16-24 15/11S | EUR | 6,320,460 | 6,276,105 | 0.48 |
| 810,000 ORIFLAME INVESTMENT 5.125 21-26 04/05S | USD | 687,043 | 692,673 | 0.05 |
| Hungary |  | 4,171,050 | 4,049,663 | 0.31 |
| 3,900,000 MOL HUNGARIAN OIL  2.625 16-23 28/04A | EUR | 4,171,050 | 4,049,663 | 0.31 |
| The Netherlands Antilles |  | 43,199,155 | 44,837,243 | 3.38 |
| 15,840,000 TEVA PHARMA	1.25 15-23 31/03A | EUR | 15,072,605 | 15,802,063 | 1.19 |
| 10,000,000 TEVA PHARMA 1.125 16-24 15/10A | EUR | 8,637,320 | 9,663,500 | 0.73 |
| 14,000,000 TEVA PHARMA 3.25 18-22 14/03S | EUR | 14,195,903 | 14,078,260 | 1.06 |
| 2,000,000 TEVA PHARMA 4.5 18-25 01/03U | EUR | 2,020,000 | 2,062,840 | 0.16 |
| 3,000,000 TEVA PHARMACEUTICAL 6 20-25 31/07S | EUR | 3,273,327 | 3,230,580 | 0.24 |
| Isle of Man |  | 13,289,125 | 13,237,427 | 1.00 |
| 13,070,000 PLAYTECH PLC	3.75 18-23 12/10S | EUR | 13,289,125 | 13,237,427 | 1.00 |
| Romania |  | 8,431,250 | 8,533,049 | 0.64 |
| 8,600,000 RCS RDS SA 2.5 20-25 05/02S | EUR | 8,431,250 | 8,533,049 | 0.64 |
| Floating rate bonds |  | 17,369,294 | 17,441,593 | 1.32 |
| Luxembourg |  | 4,974,900 | 4,961,479 | 0.37 |
| 3,947,000 LION/POLARIS LUX 4 S FL.R 21-26 07/07Q | EUR | 3,972,400 | 3,959,354 | 0.29 |
| 1,000,000 ROSSINI SARL	FL.R 19-25 30/10Q | EUR | 1,002,500 | 1,002,125 | 0.08 |
| France |  | 1,750,000 | 1,772,531 | 0.13 |
| 1,750,000 GOLDSTORY SAS FL.R 21-26 04/02Q | EUR | 1,750,000 | 1,772,531 | 0.13 |
| The Netherlands |  | 994,300 | 1,002,855 | 0.08 |
| 1,000,000 UNITED GROUP BV FL.R 19-25 15/05Q | EUR | 994,300 | 1,002,855 | 0.08 |
| Italy |  | 9,650,094 | 9,704,728 | 0.74 |
| 3,690,207 FABRIC BC SPA	FL.R 18-24 30/11Q | EUR | 3,692,094 | 3,693,380 | 0.28 |
| 1,300,000 GAMMA BIDCO S.P.A. FL.R 20-25 23/07Q | EUR | 1,274,000 | 1,311,141 | 0.10 |
| 4,684,000 INTERNATIONAL DESIGN FL.R 21-26 19/05Q | EUR | 4,684,000 | 4,700,207 | 0.36 |
| Total Investments |  | 1,277,300,621 | 1,274,592,567 | 96.15 |
| Cash Net |  |  | 79,963,989 | 6.03 |
| Other Assets/(Liabilities) |  |  | (28,926,946) | (2.18) |
| Total Net Assets |  |  | 1,325,629,610 | 100.00 |


##### Geographic allocation of portfolio
% of Net Assets
United States of America	22.26
France	18.72
Italy	9.03
Germany	8.94
The Netherlands	8.55
Luxembourg	7.83
United Kingdom	5.59
The Netherlands Antilles	3.38
Sweden	3.12
Ireland	1.66
Spain	1.59
Finland	1.10
Isle of Man	1.00
Canada	0.98
Romania	0.64
Jersey Island	0.53
Austria	0.51
Hungary	0.31
Belgium	0.27
Norway	0.08
Poland	0.06
Other assets
3.85
100.00
Statement of Operations and Changes in Net Assets from 01.11.2020 to 31.10.2021
Expressed in EUR
| Income |  | 41,052,674 |
| --- | --- | --- |
| Interest on bonds, Net | Note 2d | 40,327,655 |
| Bank interest |  | 3,567 |
| Other financial income |  | 103,542 |
| Interest on repurchase agreements | Note 2f | 246,243 |
| Interest on swaps contracts |  | 371,667 |
| Expenses |  | 6,944,795 |
| Investment management fee | Note 3 | 5,339,138 |
| Depositary fees | Note 5 | 40,856 |
| Taxe d'abonnement | Note 7a | 148,281 |
| Domiciliary, administrative and transfer agency fees | Note 5 | 545,014 |
| Professional fees | Note 12 | 197,517 |
| Bank charges |  | 263,087 |
| Transaction costs | Note 2g | 508 |
| Expenses on repurchase agreements | Note 2f | 2,647 |
| Interest on swaps contracts |  | 320,272 |
| Sundry expenses |  | 87,475 |
| Net income from investments |  | 34,107,879 |
| Net Realised gain / (loss) on: - Sales of investments | Note 2d | (7,936,504) |
| - Forward currency exchange contracts | Note 2e | (3,099,293) |
| - Swaps contracts | Note 2e | 2,710,967 |
| - Foreign exchange | Note 2c | (4,410,348) |
| Net realised profit |  | 21,372,701 |
| Movement in net unrealised appreciation / (depreciation) on: - Investments |  | 19,808,110 |
| - Forward currency exchange contracts | Note 2e | 673,114 |
| - Swaps contracts | Note 2e | (2,901,600) |
| Increase in net assets as a result of operations |  | 38,952,325 |
| Dividends paid | Note 6 | (12,502,833) |
| Subscription capitalisation shares |  | 467,871,785 |
| Subscription distribution shares |  | 56,946,757 |
| Redemption capitalisation shares |  | (284,882,996) |
| Redemption distribution shares |  | (163,840,510) |
| Increase in net assets |  | 102,544,528 |
| Net assets at the beginning of the year |  | 1,223,085,082 |
| Net assets at the end of the year |  | 1,325,629,610 |

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 |