# OYSTER
## - Japan Opportunities

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

#### Statement of net assets as at 31/12/2021
Expressed in JPY
| Assets |  | 45,261,442,409 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 44,816,795,000 |
| Unrealised loss on the securities portfolio |  | (1,154,250,186) |
| Cash at banks and liquidities |  | 220,413,539 |
| Subscriptions receivable |  | 10,661,759 |
| Dividends receivable | Note 2 | 35,939,467 |
| Unrealised profit on forward foreign exchange contracts | Note 2 | 173,264,499 |
| Unrealised profit on financial futures | Note 2 | 2,875,000 |
| Receivable on spot exchange |  | 1,489,074 |
| Other assets |  | 4,071 |
| Liabilities |  | 57,516,085 |
| Redemptions payable | Note 2 | 9,405,428 |
| Management fees payable | Note 3 | 31,815,988 |
| Payable on spot exchange |  | 1,490,978 |
| Other liabilities |  | 14,803,691 |
| Net asset value |  | 45,203,926,324 |


#### Statement of operations and changes in net assets from 01/01/2021 to 31/12/2021
Expressed in JPY
| Income |  | 1,297,508,907 |
| --- | --- | --- |
| Net dividends | Note 2 | 1,293,788,624 |
| Bank interest on cash account |  | 1,413,354 |
| Securities lending income | Note 7 | 2,306,929 |
| Expenses |  | 645,554,834 |
| Management fees and Management Company fees | Note 3 | 407,780,457 |
| Depositary fees | Note 6 | 5,520,628 |
| Taxe d'abonnement | Note 5 | 8,710,983 |
| Administrative expenses | Note 3 | 98,689,434 |
| Bank interest |  | 4,118,034 |
| Legal fees |  | 8,114,573 |
| Transaction fees | Note 8 | 17,856,870 |
| Other expenses | Note 10 | 94,763,855 |
| Net income from investments |  | 651,954,073 |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 1,537,540,190 |
| - forward foreign exchange contracts | Note 2 | 210,039,455 |
| - financial futures | Note 2 | 108,225,001 |
| - foreign exchange | Note 2 | (144,948,036) |
| Net realised profit |  | 2,362,810,683 |
| Movement in net unrealised appreciation / depreciation on: - investments |  | 1,688,795,492 |
| - forward foreign exchange contracts |  | 144,223,643 |
| - financial futures |  | 2,875,000 |
| Increase in net assets as a result of operations |  | 4,198,704,818 |
| Subscription capitalisation shares |  | 19,606,858,739 |
| Redemption capitalisation shares |  | (20,439,990,476) |
| Increase in net assets |  | 3,365,573,081 |
| Net assets at the beginning of the year |  | 41,838,353,243 |
| Net assets at the end of the year |  | 45,203,926,324 |

| Year ending as at: | 31/12/2021 | 31/12/2020 | 31/12/2019 |
| --- | --- | --- | --- |
| JPY | 45,203,926,324 | 41,838,353,243 | 64,105,370,253 |

Total Net Assets
| C - CHF - HP - Capitalisation Number of shares |  | 0.000 | 0.000 | 870.000 |
| --- | --- | --- | --- | --- |
| Net asset value per share | CHF | 0.00 | 0.00 | 165.57 |
| C - EUR - HP - Capitalisation Number of shares |  | 62,167.193 | 81,425.450 | 304,611.578 |
| Net asset value per share | EUR | 255.80 | 235.96 | 253.41 |
| C - JPY - Capitalisation Number of shares |  | 85,757.912 | 85,131.024 | 102,707.627 |
| Net asset value per share | JPY | 27,734.00 | 25,357.00 | 26,899.00 |
| C - USD - HP - Capitalisation Number of shares |  | 1,537.000 | 930.000 | 6,205.204 |
| Net asset value per share | USD | 227.62 | 208.19 | 220.74 |
| I - EUR - Capitalisation Number of shares |  | 170,461.351 | 101,633.281 | 111,459.878 |
| Net asset value per share | EUR | 1,109.28 | 1,033.30 | 1,132.52 |
| I - EUR - HP - Capitalisation Number of shares |  | 58,178.429 | 49,513.665 | 45,032.367 |
| Net asset value per share | EUR | 1,221.77 | 1,117.87 | 1,190.89 |
| I - JPY - Capitalisation Number of shares |  | 36,841.594 | 100,557.624 | 154,557.213 |
| Net asset value per share | JPY | 131,799.00 | 119,553.35 | 125,814.00 |
| I - USD - Capitalisation Number of shares |  | 0.000 | 0.000 | 146.722 |
| Net asset value per share | USD | 0.00 | 0.00 | 1,228.91 |
| N - EUR - HP - Capitalisation Number of shares |  | 1,716.116 | 2,044.638 | 3,352.745 |
| Net asset value per share | EUR | 247.58 | 229.57 | 247.54 |
| R - CHF - HP - Capitalisation Number of shares |  | 267.815 | 267.815 | 267.815 |
| Net asset value per share | CHF | 147.45 | 135.33 | 144.54 |
| R - EUR - HP - Capitalisation Number of shares |  | 1,573.130 | 2,136.140 | 9,372.307 |
| Net asset value per share | EUR | 2,150.16 | 1,970.21 | 2,102.46 |
| R - JPY - Capitalisation Number of shares |  | 5,701.473 | 17,784.972 | 21,307.972 |
| Net asset value per share | JPY | 256,438.00 | 232,915.00 | 245,469.00 |
| R - USD - HP - Capitalisation Number of shares |  | 604.467 | 3,822.242 | 4,256.114 |
| Net asset value per share | USD | 224.73 | 204.22 | 214.58 |
| R S - CHF - HP - Capitalisation Number of shares |  | 0.000 | 0.000 | 16,415.723 |
| Net asset value per share | CHF | 0.00 | 0.00 | 216.89 |
| R S - GBP - HP - Capitalisation Number of shares |  | 0.000 | 0.000 | 258.000 |
| Net asset value per share | GBP | 0.00 | 0.00 | 221.18 |
| R S - EUR - HP - Capitalisation Number of shares |  | 0.184 | 0.184 | 84,929.256 |
| Net asset value per share | EUR | 210.49 | 191.92 | 204.10 |

|  | Year ending as at: | 31/12/2021 | 31/12/2020 | 31/12/2019 |
| --- | --- | --- | --- | --- |
| Total Net Assets | JPY | 45,203,926,324 | 41,838,353,243 | 64,105,370,253 |
| R S - USD - HP - Capitalisation Number of shares |  | 231.780 | 2,131.780 | 2,708.914 |
| Net asset value per share | USD | 244.09 | 221.25 | 231.91 |


#### 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 - HP - Capitalisation | 81,425.450 | 7,368.433 | 26,626.690 | 62,167.193 |
| C - JPY - Capitalisation | 85,131.024 | 14,812.242 | 14,185.354 | 85,757.912 |
| C - USD - HP - Capitalisation | 930.000 | 692.000 | 85.000 | 1,537.000 |
| I - EUR - Capitalisation | 101,633.281 | 91,653.466 | 22,825.396 | 170,461.351 |
| I - EUR - HP - Capitalisation | 49,513.665 | 13,388.766 | 4,724.002 | 58,178.429 |
| I - JPY - Capitalisation | 100,557.624 | 20,873.489 | 84,589.519 | 36,841.594 |
| N - EUR - HP - Capitalisation | 2,044.638 | 239.789 | 568.311 | 1,716.116 |
| R - CHF - HP - Capitalisation | 267.815 | 0.000 | 0.000 | 267.815 |
| R - EUR - HP - Capitalisation | 2,136.140 | 192.533 | 755.543 | 1,573.130 |
| R - JPY - Capitalisation | 17,784.972 | 2,869.011 | 14,952.510 | 5,701.473 |
| R - USD - HP - Capitalisation | 3,822.242 | 56.900 | 3,274.675 | 604.467 |
| R S - EUR - HP - Capitalisation | 0.184 | 0.000 | 0.000 | 0.184 |
| R S - USD - HP - Capitalisation | 2,131.780 | 0.000 | 1,900.000 | 231.780 |

Securities portfolio as at 31/12/2021
Expressed in JPY
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
45,971,045,186
44,816,795,000	99.14
| Shares |  | 45,971,045,186 | 44,816,795,000 | 99.14 |
| --- | --- | --- | --- | --- |
|  | Japan | 45,971,045,186 | 44,816,795,000 | 99.14 |
| 125,000 AICA KOGYO CO LTD | JPY | 429,719,827 | 415,625,000 | 0.92 |
| 300,000 AMADA CO. LTD. | JPY | 330,599,259 | 341,700,000 | 0.76 |
| 470,000 AMANO CORP | JPY | 1,199,381,154 | 1,244,090,000 | 2.75 |
| 262,500 DAIICHIKOSHO CO LTD | JPY | 1,246,357,044 | 913,500,000 | 2.02 |
| 425,000 EXEO GROUP --- REGISTERED SHS | JPY | 1,149,502,411 | 1,030,200,000 | 2.28 |
| 15,000 FANUC CORP SHS | JPY | 349,664,860 | 365,700,000 | 0.81 |
| 520,000 FCC CO LTD | JPY | 1,288,570,074 | 778,440,000 | 1.72 |
| 45,000 FUKUSIMA GALILEI CO LTD | JPY | 172,007,127 | 214,650,000 | 0.47 |
| 1,175,000 HAZAMA | JPY | 863,359,062 | 1,016,375,000 | 2.25 |
| 700,000 HOSIDEN CORP | JPY | 809,257,441 | 807,100,000 | 1.79 |
| 800,000 JP POST INSRAN CO | JPY | 1,784,452,595 | 1,480,000,000 | 3.27 |
| 562,500 KAMIGUMI CO LTD | JPY | 1,106,273,912 | 1,225,125,000 | 2.71 |
| 100,000 KDDI CORP | JPY | 338,124,090 | 336,200,000 | 0.74 |
| 350,000 KEISEI ELECTRIC RAILWAY CO LTD | JPY | 1,109,024,863 | 1,088,500,000 | 2.41 |
| 162,500 KOITO MANUFACTURING | JPY | 1,190,832,129 | 989,625,000 | 2.19 |
| 500,000 KOMATSU LTD | JPY | 1,382,357,691 | 1,346,750,000 | 2.98 |
| 300,000 KUBOTA CORP | JPY | 642,260,405 | 766,050,000 | 1.69 |
| 750,000 MARUBENI CORP | JPY | 637,128,699 | 839,625,000 | 1.86 |
| 50,000 MATSUKIYOCOCO --- REGISTERED SHS | JPY | 216,575,639 | 213,000,000 | 0.47 |
| 3,250,000 MITSUBISHI UFJ FINANCIAL GROUP INC | JPY | 1,667,374,494 | 2,030,925,000 | 4.49 |
| 850,000 MIZUHO FINANCIAL GROUP INC | JPY | 1,348,502,460 | 1,243,550,000 | 2.75 |
| 525,000 NICHIREI CORP | JPY | 1,384,117,562 | 1,398,075,000 | 3.09 |
| 20,000 NINTENDO CO LTD | JPY | 1,219,385,521 | 1,073,000,000 | 2.37 |
| 925,000 NIPPON TELEVISION HOLDINGS | JPY | 1,594,999,860 | 1,080,400,000 | 2.39 |
| 137,500 NITTO DENKO CORP | JPY | 1,177,123,372 | 1,222,375,000 | 2.70 |
| 362,500 NS SOLUTIONS | JPY | 1,103,264,113 | 1,285,062,500 | 2.84 |
| 100,000 ORACLE CORP JAPAN | JPY | 1,010,766,574 | 874,000,000 | 1.93 |
| 150,000 OTSUKA CORP | JPY | 768,642,977 | 823,500,000 | 1.82 |
| 725,000 SANWA HOLDING CORP | JPY | 871,746,307 | 889,575,000 | 1.97 |
| 262,500 SECOM CO LTD | JPY | 2,433,020,631 | 2,096,325,000 | 4.64 |
| 1,000,000 SEKISUI CHEMICAL CO LTD | JPY | 1,791,947,200 | 1,922,000,000 | 4.25 |
| 77,500 SEKISUI JUSHI | JPY | 170,661,432 | 162,052,500 | 0.36 |
| 900,000 SUBARU CORPORATION | JPY | 2,450,475,072 | 1,851,300,000 | 4.10 |
| 365,000 SUMITOMO BAKELITE CO LTD | JPY | 1,489,273,367 | 2,127,950,000 | 4.72 |
| 175,000 TAISEI | JPY | 636,359,120 | 611,625,000 | 1.35 |
| 500,000 TAKEDA PHARMACEUTICAL | JPY | 1,918,026,600 | 1,568,500,000 | 3.47 |
| 137,500 TOKIO MARINE HOLDINGS INC | JPY | 687,586,735 | 878,900,000 | 1.94 |
| 137,500 TOKYO OHKA KOGYO CO LTD | JPY | 916,789,400 | 935,000,000 | 2.07 |
| 375,000 TOPRE CORP | JPY | 984,137,029 | 446,625,000 | 0.99 |
| 275,000 TOYO SUISAN KAISHA | JPY | 1,234,470,911 | 1,340,625,000 | 2.97 |
| 850,000 TOYOTA MOTOR CORP | JPY | 1,371,541,738 | 1,789,675,000 | 3.96 |
| 350,000 ZENKOKU HOSHO | JPY | 1,495,384,429 | 1,753,500,000 | 3.88 |
| Total securities portfolio |  | 45,971,045,186 | 44,816,795,000 | 99.14 |
| Cash at bank/(bank liabilities) |  |  | 220,413,539 | 0.49 |
| Other net assets/(liabilities) |  |  | 166,717,785 | 0.37 |
| Total net assets |  |  | 45,203,926,324 | 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 |