# OYSTER
## - US Small and Mid Company Growth

### Financial Statements as at 31/12/2021

#### Statement of net assets as at 31/12/2021
Expressed in USD
| Assets |  | 62,464,164.41 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 59,277,660.81 |
| Unrealised profit on the securities portfolio |  | 12,309,090.55 |
| Cash at banks and liquidities |  | 3,081,744.01 |
| Unrealised profit on forward foreign exchange contracts | Note 2 | 104,759.59 |
| Liabilities |  | 94,109.18 |
| Redemptions payable | Note 2 | 3,252.41 |
| Management fees payable | Note 3 | 66,419.82 |
| Other liabilities |  | 24,436.95 |
| Net asset value |  | 62,370,055.23 |


#### Statement of operations and changes in net assets from 01/01/2021 to 31/12/2021
Expressed in USD
| Income |  | 75,085.27 |
| --- | --- | --- |
| Net dividends | Note 2 | 72,884.39 |
| Bank interest on cash account |  | 2,200.88 |
| Expenses |  | 1,033,290.24 |
| Management fees and Management Company fees | Note 3 | 711,273.85 |
| Depositary fees | Note 6 | 11,155.48 |
| Taxe d'abonnement | Note 5 | 26,454.17 |
| Administrative expenses | Note 3 | 117,138.42 |
| Bank interest |  | 13,169.35 |
| Legal fees |  | 17,047.13 |
| Transaction fees | Note 8 | 16,324.90 |
| Other expenses | Note 10 | 120,726.94 |
| Net loss from investments |  | (958,204.97) |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 10,313,118.98 |
| - forward foreign exchange contracts | Note 2 | (642,255.98) |
| - foreign exchange | Note 2 | (99,927.51) |
| Net realised profit |  | 8,612,730.52 |
| Movement in net unrealised appreciation / depreciation on: - investments |  | 1,024,260.55 |
| - forward foreign exchange contracts |  | 21,428.26 |
| Increase in net assets as a result of operations |  | 9,658,419.33 |
| Dividends paid | Note 9 | (11.59) |
| Subscription capitalisation shares |  | 22,303,385.64 |
| Subscription distribution shares |  | 19,112.06 |
| Redemption capitalisation shares |  | (24,101,590.46) |
| Redemption distribution shares |  | (217,479.46) |
| Increase in net assets |  | 7,661,835.52 |
| Net assets at the beginning of the year |  | 54,708,219.71 |
| Net assets at the end of the year |  | 62,370,055.23 |

Statistics
|  | Year ending as at: | 31/12/2021 | 31/12/2020 | 31/12/2019 |
| --- | --- | --- | --- | --- |
| Total Net Assets | USD | 62,370,055.23 | 54,708,219.71 | 71,341,888.78 |
| C - CHF - HP - Capitalisation Number of shares |  | 10,106.577 | 3,693.037 | 2,343.037 |
| Net asset value per share | CHF | 381.80 | 324.29 | 257.92 |
| C - EUR - HP - Capitalisation Number of shares |  | 19,376.668 | 10,231.436 | 10,020.508 |
| Net asset value per share | EUR | 313.42 | 266.23 | 211.29 |
| C - USD - Capitalisation Number of shares |  | 27,797.071 | 25,111.867 | 50,708.982 |
| Net asset value per share | USD | 463.04 | 388.15 | 300.72 |
| I - USD - Capitalisation Number of shares |  | 2,867.246 | 1,327.311 | 4,426.963 |
| Net asset value per share | USD | 2,791.70 | 2,320.21 | 1,783.29 |
| R - EUR - HP - Capitalisation Number of shares |  | 294.168 | 2,543.078 | 928.668 |
| Net asset value per share | EUR | 3,044.49 | 2,564.68 | 2,027.33 |
| R - GBP - Distribution Number of shares |  | 0.000 | 396.000 | 1,028.000 |
| Net asset value per share | GBP | 0.00 | 339.94 | 272.51 |
| R - USD - Capitalisation Number of shares |  | 9,039.839 | 10,742.581 | 20,504.199 |
| Net asset value per share | USD | 3,245.04 | 2,702.27 | 2,083.13 |

Changes in number of shares outstanding from 01/01/2021 to 31/12/2021
|  | Shares outstanding as at 01/01/2021 | Shares issued | Shares redeemed | Shares outstanding as at 31/12/2021 |
| --- | --- | --- | --- | --- |
| C - CHF - HP - Capitalisation | 3,693.037 | 8,466.511 | 2,052.971 | 10,106.577 |
| C - EUR - HP - Capitalisation | 10,231.436 | 15,762.752 | 6,617.520 | 19,376.668 |
| C - USD - Capitalisation | 25,111.867 | 11,678.778 | 8,993.574 | 27,797.071 |
| I - USD - Capitalisation | 1,327.311 | 2,121.532 | 581.597 | 2,867.246 |
| R - EUR - HP - Capitalisation | 2,543.078 | 26.000 | 2,274.910 | 294.168 |
| R - GBP - Distribution | 396.000 | 42.000 | 438.000 | 0.000 |
| R - USD - Capitalisation | 10,742.581 | 1,029.000 | 2,731.742 | 9,039.839 |

Securities portfolio as at 31/12/2021
Expressed in USD
Quantity	Denomination	Quotation
currency
Transferable securities admitted to an official stock exchange listing and/or dealt in
Cost price
Market value
% of net assets
on another regulated market
46,968,570.26
59,277,660.81	95.04
| Shares |  | 46,968,570.26 | 59,277,660.81 | 95.04 |
| --- | --- | --- | --- | --- |
|  | Bermuda | 1,113,028.98 | 1,404,235.68 | 2.25 |
| 5,744 HELEN OF TROY | USD | 1,113,028.98 | 1,404,235.68 | 2.25 |
| Cayman Islands |  | 2,406,313.35 | 1,712,318.03 | 2.75 |
| 51,221 FARFETCH-REGISTERED SHS -A- | USD | 2,406,313.35 | 1,712,318.03 | 2.75 |
| Luxembourg |  | 1,649,520.38 | 3,141,528.18 | 5.04 |
| 10,002 GLOBANT REG SHS | USD | 1,649,520.38 | 3,141,528.18 | 5.04 |
| United States of America |  | 41,799,707.55 | 53,019,578.92 | 85.00 |
| 19,213 ALARM COM HOLDINGS INC | USD | 1,289,986.17 | 1,629,454.53 | 2.61 |
| 10,101 APPFOLIO A | USD | 1,568,798.95 | 1,222,827.06 | 1.96 |
| 12,082 ASPEN TECHNOLOGY | USD | 1,630,723.78 | 1,838,880.40 | 2.95 |
| 10,993 CDW | USD | 1,373,663.15 | 2,251,146.54 | 3.61 |
| 12,478 COPART INC | USD | 1,120,834.58 | 1,891,914.36 | 3.03 |
| 50,309 DUCK CREEK TECHNOLOGIES INC | USD | 2,132,158.07 | 1,514,803.99 | 2.43 |
| 41,000 DYNATRACE INC | USD | 1,727,928.28 | 2,474,350.00 | 3.97 |
| 1,881 EPAM SYSTEMS | USD | 543,214.77 | 1,257,354.45 | 2.02 |
| 13,469 ETSY | USD | 1,714,576.48 | 2,948,902.86 | 4.72 |
| 14,162 EXPONENT INC | USD | 1,164,109.24 | 1,653,130.26 | 2.65 |
| 3,763 FAIR ISAAC CORP | USD | 1,580,608.72 | 1,631,900.21 | 2.62 |
| 14,558 FOX FACTORY HOLDING CORP | USD | 1,349,805.60 | 2,476,315.80 | 3.97 |
| 14,657 GOOSEHEAD INSURANCE INC | USD | 1,546,029.28 | 1,906,582.56 | 3.06 |
| 18,816 HOULIHAN LOKEY -A- | USD | 1,163,455.55 | 1,947,832.32 | 3.12 |
| 11,389 MEDPACE HOLDNGS | USD | 1,454,604.20 | 2,478,701.96 | 3.97 |
| 58,390 OLO INC | USD | 1,985,307.22 | 1,215,095.90 | 1.95 |
| 5,744 PAYCOM SOFTWARE INC | USD | 1,824,647.79 | 2,384,851.36 | 3.82 |
| 33,572 PROGYNY INC | USD | 1,697,237.52 | 1,690,350.20 | 2.71 |
| 22,219 REVOLVE GROUP INC | USD | 1,251,120.78 | 1,245,152.76 | 2.00 |
| 5,233 RH REGISTERED SHS | USD | 2,624,451.19 | 2,804,574.02 | 4.50 |
| 19,544 THE TRADE DESK -A- | USD | 1,217,054.64 | 1,791,012.16 | 2.87 |
| 19,807 TREX COMPANY INC | USD | 1,397,042.65 | 2,674,539.21 | 4.29 |
| 17,925 TRUPANION | USD | 1,594,201.81 | 2,366,637.75 | 3.79 |
| 4,655 TYLER TECHNOLOGIES INC | USD | 1,764,230.49 | 2,504,157.25 | 4.01 |
| 36,216 WARBY PARKER --- REGISTERED SHS | USD | 2,034,536.61 | 1,686,216.96 | 2.70 |
| 13,171 WINGSTOP INC | USD | 1,793,645.74 | 2,275,948.80 | 3.65 |
| 15,175 YETI HLDG | USD | 1,255,734.29 | 1,256,945.25 | 2.02 |
| Total securities portfolio |  | 46,968,570.26 | 59,277,660.81 | 95.04 |
| Cash at bank/(bank liabilities) |  |  | 3,081,744.01 | 4.94 |
| Other net assets/(liabilities) |  |  | 10,650.41 | 0.02 |
| Total net assets |  |  | 62,370,055.23 | 100.00 |

Translation (ENIT, 2021-12-31):
# OYSTER
## Consolidato

#### Prospetti finanziari al 31/12/2021

##### Stato patrimoniale al 31/12/2021
Valori espressi in USD
| Attivo |  | 2.050.741.605,53 |
| --- | --- | --- |
| Portafoglio-titoli al valore di mercato | Nota 2 | 1.958.135.042,67 |
| Plusvalenze (minusvalenza) non realizzata |  | 81.393.966,12 |
| Opzioni (posizione lunga) al valore di mercato | Nota 2 | 131.521,00 |
| Averi in banca e liquidità |  | 73.437.184,67 |
| Depositi vincolati |  | 4.100.000,00 |
| Interessi da ricevere | Nota 2 | 5.067.813,26 |
| Crediti verso broker per vendita titoli |  | 188.818,30 |
| Anticipo su titoli acquistati |  | 2.706.660,28 |
| dividendi da ricevere | Nota 2 | 545.924,57 |
| Plusvalenze non realizzate su contratti di cambio a termine | Nota 2 | 3.881.755,54 |
| Plusvalenze non realizzate su contratti a termine | Nota 2 | 846.885,49 |
| Crediti verso cambio corto termine |  | 12.931,12 |
| Altri attivi |  | 1.687.068,63 |
| Passivo |  | 9.477.276,52 |
| Debiti verso broker per acquisto titoli |  | 5.017.942,77 |
| Commissioni di performance da pagare | Nota 4 | 1.524,46 |
| Da pagare per investimenti acquistati | Nota 2 | 1.750.857,62 |
| Commissione di gestione da pagare | Nota 3 | 1.677.572,56 |
| Debiti verso cambio corto termine |  | 12.947,65 |
| Altre passivi |  | 1.016.431,46 |
| Valore netto d'inventario |  | 2.041.264.329,01 |


##### Conto economico e variazioni patrimoniali dal 01/01/2021 al 31/12/2021
Valori espressi in USD
| Proventi |  | 36.213.306,16 |
| --- | --- | --- |
| Dividendi, netti | Nota 2 | 18.676.019,10 |
| Interessi su obbligazioni, netti |  | 17.395.174,76 |
| Interessi bancari su conti correnti |  | 35.441,15 |
| Interessi bancari su conti bancari |  | 4.281,01 |
| Altri proventi finanziari | Nota 7 | 52.044,78 |
| Altri proventi |  | 50.345,36 |
| Spese |  | 29.879.061,57 |
| Commissione di gestione | Nota 3 | 19.018.802,28 |
| Commissione della banca depositaria | Nota 6 | 262.413,91 |
| Canone di abbonamento | Nota 5 | 583.375,17 |
| Spese amministrative | Nota 3 | 3.843.138,75 |
| Commissioni di performance | Nota 4 | 1.524,46 |
| Interessi bancari |  | 414.709,41 |
| Spese legali |  | 472.111,27 |
| Spese di transazioni | Nota 8 | 1.603.310,53 |
| Altre spese | Nota 10 | 3.679.675,79 |
| Profitti (Perdite) netti(e) da investimenti |  | 6.334.244,59 |
| Utile (Perdita) netto(a) realizzato(a) su: - vendite di investimenti | Nota 2 | 109.941.905,35 |
| - opzioni | Nota 2 | (3.706.655,77) |
| - contratti di cambio a termine | Nota 2 | (18.156.636,93) |
| - contratti a termine | Nota 2 | 8.994.051,18 |
| - cambi | Nota 2 | (1.151.702,20) |
| Utile (Perdita) netto(a) realizzato(a) |  | 102.255.206,22 |
| Variazione della plusvalenza/(minusvalenza) netta non realizzata su: - investimenti |  | 15.589.203,08 |
| - opzioni |  | (371.743,37) |
| - contratti di cambio a termine |  | 853.641,16 |
| - contratti a termine |  | 47.867,31 |
| Aumento del patrimonio netto da operazioni di mercato |  | 118.374.174,40 |
| Dividendi distribuiti | Nota 9 | (222.465,43) |
| Emissioni di azioni a capitalizzazione |  | 714.388.798,14 |
| Emissioni di azioni a distribuzione |  | 15.219.191,90 |
| Riacquisti di azioni a capitalizzazione |  | (530.275.979,33) |
| Riacquisti di azioni a distribuzione |  | (18.860.525,19) |
| Aumento del patrimonio netto | 298.623.194,49 |
| Rivalutazione del bilancio iniziale | (106.911.213,48) |
| Patrimonio netto all'inizio dell'anno | 1.849.552.348,00 |
| Patrimonio netto a fine dell'anno | 2.041.264.329,01 |