# OYSTER
## - Italian Opportunities

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

#### Statement of net assets as at 31/12/2021
Expressed in EUR
| Assets |  | 30,869,147.51 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 30,732,931.42 |
| Unrealised profit on the securities portfolio |  | 7,367,490.17 |
| Cash at banks and liquidities |  | 107,844.52 |
| Subscriptions receivable |  | 26,471.94 |
| Other assets |  | 1,899.63 |
| Liabilities |  | 69,863.97 |
| Redemptions payable | Note 2 | 135.00 |
| Management fees payable | Note 3 | 32,986.10 |
| Other liabilities |  | 36,742.87 |
| Net asset value |  | 30,799,283.54 |


#### Statement of operations and changes in net assets from 01/01/2021 to 31/12/2021
Expressed in EUR
| Income |  | 975,599.79 |
| --- | --- | --- |
| Net dividends | Note 2 | 972,583.34 |
| Bank interest on cash account |  | 820.15 |
| Securities lending income | Note 7 | 2,149.08 |
| Other income |  | 47.22 |
| Expenses |  | 589,637.56 |
| Management fees and Management Company fees | Note 3 | 376,728.52 |
| Depositary fees | Note 6 | 3,621.40 |
| Taxe d'abonnement | Note 5 | 7,980.12 |
| Administrative expenses | Note 3 | 58,355.64 |
| Bank interest |  | 1,362.65 |
| Legal fees |  | 9,874.33 |
| Transaction fees | Note 8 | 70,977.78 |
| Other expenses | Note 10 | 60,737.12 |
| Net income from investments |  | 385,962.23 |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 4,478,673.84 |
| - foreign exchange | Note 2 | (4,461.75) |
| Net realised profit |  | 4,860,174.32 |
| Movement in net unrealised appreciation / depreciation on: - investments |  | 2,821,780.48 |
| Increase in net assets as a result of operations |  | 7,681,954.80 |
| Subscription capitalisation shares |  | 10,217,733.59 |
| Redemption capitalisation shares |  | (10,548,034.04) |
| Increase in net assets |  | 7,351,654.35 |
| Net assets at the beginning of the year |  | 23,447,629.19 |
| Net assets at the end of the year |  | 30,799,283.54 |


#### Statistics
|  | Year ending as at: | 31/12/2021 | 31/12/2020 | 31/12/2019 |
| --- | --- | --- | --- | --- |
| Total Net Assets | EUR | 30,799,283.54 | 23,447,629.19 | 26,418,060.43 |
| C - EUR - Capitalisation Number of shares |  | 162,352.640 | 196,832.517 | 238,856.193 |
| Net asset value per share | EUR | 53.69 | 41.47 | 41.87 |
| I - EUR - Capitalisation Number of shares |  | 8,098.427 | 8,011.438 | 8,189.900 |
| Net asset value per share | EUR | 2,196.34 | 1,683.31 | 1,686.14 |
| I M - EUR - Capitalisation Number of shares |  | 409.468 | 481.168 | 491.461 |
| Net asset value per share | EUR | 130.31 | 99.87 | 100.04 |
| N - EUR - Capitalisation Number of shares |  | 6,434.476 | 7,193.248 | 9,195.707 |
| Net asset value per share | EUR | 259.20 | 201.23 | 204.21 |
| R - EUR - Capitalisation Number of shares |  | 8,962.000 | 1,373.943 | 3,065.505 |
| Net asset value per share | EUR | 287.35 | 220.78 | 221.71 |

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 - EUR - Capitalisation | 196,832.517 | 30,776.863 | 65,256.740 | 162,352.640 |
| I - EUR - Capitalisation | 8,011.438 | 3,506.699 | 3,419.710 | 8,098.427 |
| I M - EUR - Capitalisation | 481.168 | 0.000 | 71.700 | 409.468 |
| N - EUR - Capitalisation | 7,193.248 | 674.094 | 1,432.866 | 6,434.476 |
| R - EUR - Capitalisation | 1,373.943 | 9,448.644 | 1,860.587 | 8,962.000 |

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
23,365,441.25
30,732,931.42	99.78
| Shares |  | 23,365,441.25 | 30,726,944.46 | 99.76 |
| --- | --- | --- | --- | --- |
|  | France | 350,900.49 | 508,543.84 | 1.65 |
| 2,716 ESSILORLUXOTTICA SA | EUR | 350,900.49 | 508,543.84 | 1.65 |
| Italy |  | 18,495,256.91 | 24,308,745.74 | 78.92 |
| 6,000 ALERION CLEANPOWER - REGROUPEMENT | EUR | 24,884.80 | 177,300.00 | 0.58 |
| 13,632 AMPLIFON SPA | EUR | 375,740.99 | 646,838.40 | 2.10 |
| 70,000 AQUAFIL | EUR | 389,865.55 | 536,200.00 | 1.74 |
| 33,305 ASSICURAZIONI GENERALI SPA | EUR | 525,687.05 | 620,472.15 | 2.01 |
| 61,742 AUTOGRILL SPA | EUR | 362,643.54 | 385,640.53 | 1.25 |
| 9,761 BANCA GENERALI SPA | EUR | 314,848.14 | 378,238.75 | 1.23 |
| 27,250 BANCA MEDIOLANUM | EUR | 225,976.08 | 236,530.00 | 0.77 |
| 97,050 BANCA POPOLARE DI SONDRIO | EUR | 382,976.11 | 358,890.90 | 1.17 |
| 70,000 BE STF - AZ NOMINATIVA | EUR | 188,055.00 | 193,900.00 | 0.63 |
| 9,000 BIESSE | EUR | 192,354.70 | 219,780.00 | 0.71 |
| 11,000 BRUNELLO CUCINELLI | EUR | 478,770.96 | 667,700.00 | 2.17 |
| 53,701 CREDITO EMILIANO SPA | EUR | 254,800.03 | 312,539.82 | 1.01 |
| 30,000 CY4GATE SPA | EUR | 280,246.25 | 369,600.00 | 1.20 |
| 17,111 DANIELI AND CO SPA NON CONV | EUR | 225,206.42 | 294,309.20 | 0.96 |
| 21,383 DANIELI (ORD) | EUR | 399,693.13 | 578,410.15 | 1.88 |
| 10,000 DE LONGHI SPA | EUR | 228,545.07 | 315,200.00 | 1.02 |
| 23,000 DEFENCE TECH H --- REGISTERED SHS | EUR | 145,930.40 | 134,435.00 | 0.44 |
| 1,367 DIASORIN | EUR | 128,934.84 | 228,904.15 | 0.74 |
| 1,800 DIGITAL VALUE SPA | EUR | 148,815.18 | 205,200.00 | 0.67 |
| 28,030 EL.EN | EUR | 234,581.35 | 436,707.40 | 1.42 |
| 110,000 EMAK SPA | EUR | 180,904.53 | 232,650.00 | 0.76 |
| 65,218 ENEL SPA | EUR | 373,196.72 | 459,526.03 | 1.49 |
| 80,000 ENI SPA | EUR | 723,029.31 | 977,600.00 | 3.17 |
| 60,000 EQUITA GROUP - BEARER REGISTERED | EUR | 203,802.85 | 229,200.00 | 0.74 |
| 13,000 ERG SPA | EUR | 265,972.55 | 369,720.00 | 1.20 |
| 25,760 FILA SPA | EUR | 278,732.39 | 250,387.20 | 0.81 |
| 32,822 FINECOBANK | EUR | 351,840.78 | 506,607.57 | 1.64 |
| 2,700 GRUPPO MUTUIONLINE -AZ. | EUR | 60,424.56 | 119,610.00 | 0.39 |
| 13,235 ILLIMITY BANK SPA - BEARER SHS | EUR | 121,777.49 | 174,304.95 | 0.57 |
| 12,615 INTERPUMP GROUP | EUR | 500,825.30 | 813,036.75 | 2.64 |
| 770,000 INTESA SANPAOLO | EUR | 1,640,528.16 | 1,750,980.00 | 5.68 |
| 85,000 MAIRE TECNIMONT | EUR | 336,412.50 | 353,600.00 | 1.15 |
| 15,000 MARR SPA | EUR | 264,251.36 | 283,500.00 | 0.92 |
| 87,364 MEDIOBANCA | EUR | 612,944.72 | 883,250.04 | 2.87 |
| 14,693 MONCLER SPA | EUR | 577,743.10 | 940,645.86 | 3.05 |
| 22,000 NEXI SPA | EUR | 253,192.47 | 307,780.00 | 1.00 |
| 4,460 PHARMANUTRA SPA | EUR | 303,318.80 | 336,284.00 | 1.09 |
| 72,000 PIAGGIO AND C SPA | EUR | 186,466.41 | 206,928.00 | 0.67 |
| 53,600 PIOVAN S.P.A. | EUR | 428,800.00 | 560,120.00 | 1.82 |
| 55,085 PIRELLI & C.SPA | EUR | 227,247.75 | 336,459.18 | 1.09 |
| 40,617 POSTE ITALIANE SPA | EUR | 384,631.17 | 468,720.18 | 1.52 |
| 16,047 PRYSMIAN SPA | EUR | 318,240.34 | 531,316.17 | 1.73 |
| 50,000 RACING FORCE --- REGISTERED SHS | EUR | 274,663.00 | 299,500.00 | 0.97 |
| 5,500 RECORDATI SPA | EUR | 303,831.55 | 310,750.00 | 1.01 |
| 5,000 REPLY SPA | EUR | 627,334.53 | 893,500.00 | 2.90 |
| 10,000 REVO SPA | EUR | 100,000.00 | 101,500.00 | 0.33 |
| 9,000 SANLORENZO SPA | EUR | 203,787.77 | 341,100.00 | 1.11 |
| 1,490 SESA | EUR | 87,822.85 | 258,366.00 | 0.84 |
| 11,020 SOL | EUR | 114,886.64 | 233,073.00 | 0.76 |
| 35,000 TECHNOGYM SPA (ITA) | EUR | 279,929.21 | 295,925.00 | 0.96 |
| 7,661 TINEXTA SPA | EUR | 124,154.16 | 292,343.76 | 0.95 |
| 6,245 TOD'S SPA | EUR | 295,490.08 | 307,753.60 | 1.00 |
| 103,000 UNICREDIT SPA REGS | EUR | 1,013,509.77 | 1,395,032.00 | 4.53 |
| 12,000 UNIEURO SPA REGISTERED | EUR | 183,299.32 | 252,000.00 | 0.82 |
| 7,000 WIIT | EUR | 216,725.86 | 250,880.00 | 0.81 |
| 40,000 ZIGNAGO VETRO SPA | EUR | 566,983.32 | 688,000.00 | 2.23 |
| Luxembourg |  | 799,183.75 | 764,430.00 | 2.48 |
| 83,000 TENARIS SA - REG.SHS | EUR | 799,183.75 | 764,430.00 | 2.48 |
| The Netherlands |  | 3,720,100.10 | 5,145,224.88 | 16.71 |
| 70,000 ARISTON HOLDING N.V. | EUR | 717,500.00 | 709,800.00 | 2.30 |

| Quantity	Denomination | Quotation currency | Cost price | Market value | % of net assets |
| --- | --- | --- | --- | --- |
| 38,389 CNH INDUSTRIAL NV | EUR | 384,692.81 | 655,300.23 | 2.13 |
| 58,330 DAVIDE CAMPARI-MILANO N.V. | EUR | 548,574.62 | 749,832.15 | 2.43 |
| 3,155 FERRARI NV | EUR | 452,397.76 | 717,762.50 | 2.33 |
| 110,000 STELLANTIS N.V.-BEARER & REGISTERED SHS | EUR | 1,335,087.33 | 1,835,460.00 | 5.97 |
| 11,000 STMICROELECTRONICS NV | EUR | 281,847.58 | 477,070.00 | 1.55 |
| Warrants, Rights |  | 0.00 | 5,986.96 | 0.02 |
| Italy |  | 0.00 | 5,986.96 | 0.02 |
| 16,789 ICF	15.05.23 WAR | EUR | 0.00 | 5,986.96 | 0.02 |

| Total securities portfolio | 23,365,441.25 | 30,732,931.42 | 99.78 |
| --- | --- | --- | --- |
| Cash at bank/(bank liabilities) |  | 107,844.52 | 0.35 |
| Other net assets/(liabilities) |  | (41,492.40) | (0.13) |
| Total net assets |  | 30,799,283.54 | 100.00 |

Translation (ENDE, 2021-12-31):
# OYSTER
## Konsolidiert
OYSTER
Konsolidiert

###### Nettovermögensaufstellung zum 31/12/2021
Zusammensetzung des Nettofondsvermögens zum 31/12/2021
Ausgedrückt in USD
| Aktiva |  | 2.050.741.605,53 |
| --- | --- | --- |
| Wertpapierbestand zum Marktwert | Erläut. 2 | 1.958.135.042,67 |
| Nicht realisierter Gewinn auf das Anlagevermögen |  | 81.393.966,12 |
| Gekaufte Optionen zum Marktwert | Erläut. 2 | 131.521,00 |
| Bareinlagen bei Banken und Barmittel |  | 73.437.184,67 |
| Festgelder |  | 4.100.000,00 |
| Zinsguthaben | Erläut. 2 | 5.067.813,26 |
| Forderungen aus Verkauf von Wertpapieren |  | 188.818,30 |
| Forderungen aus Zeichnungen |  | 2.706.660,28 |
| Guthaben aus Dividenden | Erläut. 2 | 545.924,57 |
| Nicht realisierter Nettogewinn aus Devisentermingeschäften | Erläut. 2 | 3.881.755,54 |
| Nicht realisierter Nettogewinn aus Termingeschäften | Erläut. 2 | 846.885,49 |
| Forderungen aus Spot Austausch |  | 12.931,12 |
| Sonstige Aktiva |  | 1.687.068,63 |
| Passiva |  | 9.477.276,52 |
| Verbindlichkeiten aus Kauf von Wertpapieren |  | 5.017.942,77 |
| Leistungsabhängige Gebühren | Erläut. 4 | 1.524,46 |
| Verbindlichkeiten aus Rücknahmen | Erläut. 2 | 1.750.857,62 |
| Anfallende Verwaltungsgebühr | Erläut. 3 | 1.677.572,56 |
| Verbindlichkeiten aus Spot Austausch |  | 12.947,65 |
| Sonstige Passiva |  | 1.016.431,46 |
| Nettovermögen |  | 2.041.264.329,01 |

Die beiliegenden Erläuterungen sind integraler Bestandteil dieses Berichtes
OYSTER
Konsolidiert
Ertrags- und Aufwandsrechnung sowie Entwicklung des Nettofondsvermögens vom 01/01/2021 bis 31/12/2021
Ausgedrückt in USD
| Erträge |  | 36.213.306,16 |
| --- | --- | --- |
| Nettodividenden | Erläut. 2 | 18.676.019,10 |
| Nettozinsen auf Renten |  | 17.395.174,76 |
| Bankzinsen bei Sicht |  | 35.441,15 |
| Zinsen aus Termineinlagen |  | 4.281,01 |
| Sonstige Erträge aus Finanzgeschäften | Erläut. 7 | 52.044,78 |
| Sonstige Erträge |  | 50.345,36 |
| Ausgaben |  | 29.879.061,57 |
| Verwaltungsgebühr | Erläut. 3 | 19.018.802,28 |
| Depotbankgebühren | Erläut. 6 | 262.413,91 |
| Taxe d'abonnement | Erläut. 5 | 583.375,17 |
| Verwaltungsaufwendungen | Erläut. 3 | 3.843.138,75 |
| Erfolgsabhängige Prämie | Erläut. 4 | 1.524,46 |
| Bankzinsen |  | 414.709,41 |
| Rechtskosten |  | 472.111,27 |
| Transaktionskosten | Erläut. 8 | 1.603.310,53 |
| Sonstige Ausgaben | Erläut. 10 | 3.679.675,79 |
| Erträge aus Anlagen |  | 6.334.244,59 |
| Realisierter Nettogewinn / -verlust aus: - Verkäufen von Wertpapieranlagen | Erläut. 2 | 109.941.905,35 |
| - Optionen | Erläut. 2 | (3.706.655,77) |
| - Devisentermingeschäften | Erläut. 2 | (18.156.636,93) |
| - Termingeschäften | Erläut. 2 | 8.994.051,18 |
| - Devisengeschäften | Erläut. 2 | (1.151.702,20) |
| Realisierter Nettogewinn |  | 102.255.206,22 |
| Veränderung des nicht realisierten Nettogewinns / -verlustes aus: - Wertpapieranlagen |  | 15.589.203,08 |
| - Optionen |  | (371.743,37) |
| - Devisentermingeschäften |  | 853.641,16 |
| - Termingeschäften |  | 47.867,31 |
| Nettovermögenszunahme durch Geschäftstätigkeit |  | 118.374.174,40 |
| Dividendenausschüttungen | Erläut. 9 | (222.465,43) |
| Zeichnung von thesaurierenden Aktien |  | 714.388.798,14 |
| Zeichnungen von Anteilen mit Ausschüttung |  | 15.219.191,90 |
| Rücknahme von thesaurierenden Aktien |  | (530.275.979,33) |
| Rücknahmen von Anteilen mit Ausschüttung |  | (18.860.525,19) |
| Erhöhung des Nettovermögens | 298.623.194,49 |
| Neubewertung der Eröffnungsbilanz | (106.911.213,48) |
| Nettovermögen zu Beginn des Jahres | 1.849.552.348,00 |
| Nettovermögen am Ende des Jahres | 2.041.264.329,01 |