# ODDO BHF
## Algo Trend US

##### Financial Statements as at 31.10.2021
Statement of net assets as at 31.10.2021
Expressed in EUR
| Assets |  | 88,843,288 |
| --- | --- | --- |
| Investments at market value | Note 2b | 84,224,351 |
| Acquisition cost |  | 59,664,212 |
| Cash at bank |  | 1,156,848 |
| Receivable on sale of investments |  | 3,338,399 |
| Receivable on subscriptions |  | 95,820 |
| Dividends receivable |  | 27,870 |
| Liabilities |  | 3,818,715 |
| Payable on purchase of investments |  | 3,690,573 |
| Performance fee | Note 4 | 12 |
| Payable on redemptions |  | 48,970 |
| Investment management and domiciliary, administrative and transfer agency fees payable Other liabilities |  | 73,244 5,916 |
| Net asset value |  | 85,024,573 |

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 | 17,737.02 | 1,126.00 | 15,795.84 | 3,067.18 |
| R Shares EUR - Capitalisation | 565,305.22 | 93,061.33 | 302,739.32 | 355,627.23 |
| N Shares EUR - Capitalisation | 159,556.75 | 59,300.44 | 95,221.99 | 123,635.20 |
| Iw Shares EUR - Capitalisation | 303.00 | 0.00 | 0.00 | 303.00 |
| R Shares EUR - Distribution | 0.04 | 0.00 | 0.00 | 0.04 |

| Year ended as at: | 31.10.2021 | 31.10.2020 | 31.10.2019 |
| --- | --- | --- | --- |
| EUR | 85,024,573 | 108,363,577 | 98,997,497 |

Statistics
Total Net Assets
| I Shares EUR - Capitalisation Number of shares |  | 3,067.18 | 17,737.02 | 15,201.00 |
| --- | --- | --- | --- | --- |
| Net asset value per share | EUR | 1,684.67 | 1,208.62 | 1,146.94 |
| R Shares EUR - Capitalisation Number of shares |  | 355,627.23 | 565,305.22 | 580,925.73 |
| Net asset value per share | EUR | 165.21 | 119.28 | 113.89 |
| N Shares EUR - Capitalisation Number of shares |  | 123,635.20 | 159,556.75 | 134,474.97 |
| Net asset value per share | EUR | 167.60 | 120.46 | 114.53 |
| P Shares EUR - Distribution Number of shares |  | -	-	- |
| Net asset value per share | EUR | -	-	- |
| Dividend per share |  | -	-	1.4035 |
| Iw Shares EUR - Capitalisation Number of shares |  | 303.00 | 303.00 | - |
| Net asset value per share | EUR | 1,270.63 | 912.47 | - |
| R Shares EUR - Distribution Number of shares |  | 0.04 | 0.04 | - |
| Net asset value per share | EUR | 146.57 | 103.14 | - |
| Dividend per share |  | - | - | - |

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
59,664,213
84,224,351	99.06
| Shares |  | 59,664,213 | 84,224,351 | 99.06 |
| --- | --- | --- | --- | --- |
|  | Switzerland | 1,758,582 | 2,124,374 | 2.50 |
| 17,120 GARMIN | USD | 1,758,582 | 2,124,374 | 2.50 |
| United States of America |  | 54,822,816 | 77,621,323 | 91.29 |
| 9,656 ABBOTT LABORATORIES | USD | 787,014 | 1,075,448 | 1.26 |
| 1,340 ADOBE INC | USD | 332,697 | 753,063 | 0.89 |
| 3,509 AGILENT TECHNOLOGIES | USD | 375,387 | 477,539 | 0.56 |
| 1,608 ALPHABET INC -A- | USD | 2,397,486 | 4,114,201 | 4.85 |
| 77 ALPHABET INC -C- | USD | 90,913 | 197,310 | 0.23 |
| 1,175 AMAZON.COM INC | USD | 2,505,201 | 3,424,157 | 4.03 |
| 2,426 AMETEK INC | USD | 223,808 | 277,557 | 0.33 |
| 1,317 ANTHEM INC | USD | 319,384 | 495,197 | 0.58 |
| 38,511 APPLE INC | USD | 2,880,049 | 4,985,049 | 5.87 |
| 7,711 APPLIED MATERIALS INC | USD | 513,456 | 910,528 | 1.07 |
| 6,286 ARTHUR J.GALLAGHER AN CO | USD | 479,488 | 910,757 | 1.07 |
| 306 AUTOZONE INC | USD | 281,848 | 471,947 | 0.56 |
| 2,709 BALL CORP | USD | 194,067 | 214,145 | 0.25 |
| 27,672 BANK OF AMERICA CORP | USD | 692,664 | 1,142,509 | 1.34 |
| 984 BIO RAD LABORATORIES -A- | USD | 518,753 | 675,710 | 0.79 |
| 1,403 BROADCOM INC - REGISTERED SHS | USD | 541,609 | 644,574 | 0.76 |
| 3,023 CAPITAL ONE FINANCIAL CORP | USD | 420,107 | 394,525 | 0.46 |
| 2,072 CATERPILLAR - REGISTERED | USD | 398,515 | 365,270 | 0.43 |
| 1,611 CHARTER COMM -A- | USD | 1,064,237 | 939,510 | 1.10 |
| 3,073 COSTCO WHOLESALE CORP | USD | 869,002 | 1,305,252 | 1.54 |
| 6,011 DANAHER CORP | USD | 1,094,874 | 1,619,399 | 1.90 |
| 2,432 DEERE & CO | USD | 545,001 | 719,376 | 0.85 |
| 922 DEXCOM INC | USD | 317,625 | 496,522 | 0.58 |
| 5,509 DISCOVER FINANCIAL SERVICES - SHS WI | USD | 431,562 | 539,451 | 0.63 |
| 2,202 DOLLAR GENERAL | USD | 284,063 | 421,505 | 0.50 |
| 2,463 DOVER CORP | USD | 207,635 | 359,857 | 0.42 |
| 3,172 DOW - REGISTERED SHS | USD | 157,769 | 153,413 | 0.18 |
| 9,879 ELI LILLY & CO | USD | 1,434,720 | 2,174,789 | 2.56 |
| 5,799 ESTEE LAUDER COMPANIES INC -A- | USD | 1,429,871 | 1,625,223 | 1.91 |
| 4,885 EXTRA SPACE STORAGE INC | USD | 785,859 | 833,141 | 0.98 |
| 13,569 FASTENAL CO | USD | 521,567 | 669,275 | 0.79 |
| 3,075 FIRST REPUBLIC BANK | USD | 488,387 | 574,824 | 0.68 |
| 15,544 FOX CORP -A- | USD | 499,407 | 533,781 | 0.63 |
| 6,922 GENERAL MOTORS CO | USD | 287,195 | 325,569 | 0.38 |
| 1,576 GOLDMAN SACHS GROUP INC | USD | 555,279 | 562,920 | 0.66 |
| 1,201 HCA INC | USD | 137,426 | 259,929 | 0.31 |
| 789 HOME DEPOT INC | USD | 169,304 | 253,448 | 0.30 |
| 38,302 INTERPUBLIC GROUP OF COMPANIES INC | USD | 1,054,731 | 1,210,373 | 1.42 |
| 2,226 INTUIT | USD | 497,542 | 1,204,108 | 1.42 |
| 197 INTUITIVE SURGICAL | USD | 41,651 | 61,476 | 0.07 |
| 17,731 IRON MOUNTAIN INC REIT | USD | 674,787 | 699,281 | 0.82 |
| 12,189 JPMORGAN CHASE CO | USD | 1,406,610 | 1,789,405 | 2.10 |
| 2,728 KANSAS CITY SOUTHERN INDUSTRIES INC | USD | 372,305 | 731,356 | 0.86 |
| 6,422 KEYSIGHT TECHNOLOGIES | USD | 702,180 | 998,996 | 1.17 |
| 2,353 KLA CORPORATION | USD | 420,817 | 757,921 | 0.89 |
| 3,737 LAM RESEARCH CORP | USD | 1,145,429 | 1,819,884 | 2.14 |
| 351 LINDE PLC | USD | 90,314 | 96,815 | 0.11 |
| 2,260 LOWE'S CO INC | USD | 314,806 | 456,628 | 0.54 |
| 6,671 MARSH MCLENNAN COS | USD | 965,875 | 961,523 | 1.13 |
| 521 MASTERCARD INC -A- | USD | 109,922 | 151,053 | 0.18 |
| 1,191 META PLATFOR -A- | USD | 226,092 | 333,007 | 0.39 |
| 18,112 MICROSOFT CORP | USD | 2,518,171 | 5,190,149 | 6.11 |
| 3,750 MID-AMER APARTMENT COMMUNITIES INC | USD | 613,995 | 661,730 | 0.78 |
| 1,404 MOODY S CORP | USD | 392,318 | 490,323 | 0.58 |
| 16,660 MORGAN STANLEY | USD | 1,477,937 | 1,479,641 | 1.74 |
| 332 MSCI INC -A- | USD | 147,019 | 190,745 | 0.22 |
| 10,896 NASDAQ INC | USD | 1,241,067 | 1,976,015 | 2.32 |
| 483 NETFLIX INC | USD | 201,059 | 288,114 | 0.34 |
| 6,734 NEWMONT CORPORATION | USD | 272,684 | 314,224 | 0.37 |
| 10,207 NEXTERA ENERGY | USD | 496,188 | 752,615 | 0.89 |

| Quantity	Denomination | Quotation currency | Acquisition cost | Market value | % of net assets |
| --- | --- | --- | --- | --- |
| 2,304 NORFOLK SOUTHERN | USD | 369,481 | 583,441 | 0.69 |
| 2,110 NUCOR CORP | USD | 203,738 | 203,570 | 0.24 |
| 1,132 NVIDIA CORP | USD | 80,160 | 250,092 | 0.29 |
| 721 OLD DOMINION FREIGHT LINES INC | USD | 157,909 | 212,671 | 0.25 |
| 10,595 ORACLE CORP | USD | 810,205 | 878,362 | 1.03 |
| 2,140 OTIS WORLDWIDE CORPORATION | USD | 164,920 | 148,510 | 0.17 |
| 2,711 PAYPAL HOLDINGS | USD | 333,997 | 544,871 | 0.64 |
| 3,903 PROLOGIS | USD | 313,319 | 488,899 | 0.58 |
| 4,511 QORVO INC | USD | 488,330 | 655,766 | 0.77 |
| 4,555 QUALCOMM INC | USD | 390,343 | 523,653 | 0.62 |
| 2,139 SEAGATE TECHNOLOGY HOLDINGS | USD | 149,413 | 164,632 | 0.19 |
| 672 SERVICENOW INC | USD | 206,704 | 405,180 | 0.48 |
| 685 SHERWIN WILLIAMS CO | USD | 96,117 | 187,408 | 0.22 |
| 1,374 S&P GLOBAL INC | USD | 355,089 | 562,969 | 0.66 |
| 11,244 STARBUCKS CORP | USD | 1,018,018 | 1,030,591 | 1.21 |
| 817 SVB FINANCIAL GROUP | USD | 307,768 | 506,473 | 0.60 |
| 9,721 T MOBILE USA INC | USD | 1,034,406 | 966,262 | 1.14 |
| 2,733 T ROWE PRICE GROUP INC | USD | 485,772 | 512,191 | 0.60 |
| 8,452 TARGET CORP | USD | 1,250,151 | 1,896,140 | 2.23 |
| 1,413 TESLA MOTORS INC | USD | 1,141,765 | 1,360,192 | 1.60 |
| 4,381 TEXAS INSTRUMENTS INC | USD | 454,473 | 709,743 | 0.83 |
| 2,753 THERMO FISHER SCIENT SHS | USD | 763,193 | 1,506,020 | 1.77 |
| 2,945 TRACTOR SUPPLY CO | USD | 459,153 | 552,660 | 0.65 |
| 6,129 UNITED PARCEL SERVICE INC | USD | 856,811 | 1,130,575 | 1.33 |
| 706 UNITED RENTALS INC | USD | 143,295 | 231,282 | 0.27 |
| 979 UNITEDHEALTH GROUP INC | USD | 244,963 | 389,544 | 0.46 |
| 1,662 VISA INC -A- | USD | 265,112 | 304,136 | 0.36 |
| 1,794 WATERS | USD | 553,034 | 569,786 | 0.67 |
| 1,151 WEST PHARMACEUTICAL SERVICES INC | USD | 333,716 | 427,558 | 0.50 |
| 517 ZEBRA TECHNOLOGIES -A- | USD | 124,706 | 238,542 | 0.28 |
| 5,179 ZOETIS INC -A- | USD | 650,027 | 967,552 | 1.14 |
| Ireland |  | 2,962,921 | 4,197,503 | 4.94 |
| 1,068 ACCENTURE - SHS CLASS A | USD | 210,800 | 331,119 | 0.39 |
| 22,038 JOHNSON CONTROLS INTL | USD | 1,162,769 | 1,397,216 | 1.64 |
| 5,601 LINDE PLC(US) | USD | 1,019,133 | 1,544,904 | 1.82 |
| 972 STERIS - REGISTERED SHS | USD | 154,360 | 196,323 | 0.23 |
| 4,656 TRANE TECH - REGISTERED SHS | USD | 415,859 | 727,941 | 0.86 |
| Bermuda |  | 119,894 | 281,151 | 0.33 |
| 2,489 IHS MARKIT LTD | USD | 119,894 | 281,151 | 0.33 |

| Total Investments | 59,664,213 | 84,224,351 | 99.06 |
| --- | --- | --- | --- |
| Cash Net |  | 1,156,848 | 1.36 |
| Other Assets/(Liabilities) |  | (356,626) | (0.42) |
| Total Net Assets |  | 85,024,573 | 100.00 |


##### Geographic allocation of portfolio
% of Net Assets
United States of America	91.29
Ireland	4.94
Switzerland	2.50
Bermuda	0.33
Other assets
0.94
100.00
Statement of Operations and Changes in Net Assets from 01.11.2020 to 31.10.2021
Expressed in EUR
| Income |  | 753,945 |
| --- | --- | --- |
| Dividends income, Net | Note 2d | 753,945 |
| Expenses |  | 1,011,835 |
| Investment management fee | Note 3 | 860,652 |
| Depositary fees | Note 5 | 1,816 |
| Taxe d'abonnement | Note 7a | 36,453 |
| Performance fee | Note 4 | 12 |
| Domiciliary, administrative and transfer agency fees | Note 5 | 35,532 |
| Professional fees | Note 12 | 15,367 |
| Bank charges |  | 1,951 |
| Transaction costs | Note 2g | 51,356 |
| Sundry expenses |  | 8,696 |
| Net loss from investments |  | (257,890) |
| Net Realised gain / (loss) on: - Sales of investments | Note 2d | 24,962,316 |
| - Foreign exchange | Note 2c | (3,857,556) |
| Net realised profit |  | 20,846,870 |
| Movement in net unrealised appreciation / (depreciation) on: - Investments |  | 7,193,832 |
| Increase in net assets as a result of operations |  | 28,040,702 |
| Subscription capitalisation shares |  | 23,179,436 |
| Redemption capitalisation shares |  | (74,559,142) |
| Decrease in net assets |  | (23,339,004) |
| Net assets at the beginning of the year |  | 108,363,577 |
| Net assets at the end of the year |  | 85,024,573 |

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 |