# - Euro Small Cap Equity
### Financial Statements as at 30 April 2018
Statement of net assets as at 30 April 2018
Expressed in EUR
| Assets |  | 243,231,944 |
| --- | --- | --- |
| Investments at market value | Note 2b | 236,195,813 |
| Acquisition cost |  | 207,407,839 |
| Cash at bank |  | 5,426,908 |
| Receivable on sale of investments |  | 942,856 |
| Other assets |  | 666,367 |
| Liabilities |  | 1,327,815 |
| Payable on purchase of investments |  | 1,083,365 |
| Investment management and administrative fees payable |  | 170,624 |
| Other liabilities |  | 73,826 |
| Net asset value |  | 241,904,129 |

Changes in number of shares outstanding from 1 November 2017 to 30 April 2018
|  | Shares outstanding as at 1 November 2017 | Shares subscribed | Shares redeemed | Shares outstanding as at 30 April 2018 |
| --- | --- | --- | --- | --- |
| I Shares EUR Distribution shares | 12,865,939.20 | 1,042,024.46 | 2,097,378.46 | 11,810,585.20 |
| R Shares EUR Capitalisation shares | 79,494.55 | 6,265.24 | 10.00 | 85,749.79 |

Statistics
Period ended as at:
30 April 2018
31 October 2017
31 October 2016
Total Net Assets
EUR
241,904,129	269,440,239	152,244,841
| I Shares EUR | EUR | EUR | EUR |
| --- | --- | --- | --- |
| Distribution shares |  |  |  |
| Number of shares | 11,810,585.20 | 12,865,939.20 | 9,015,552.20 |
| Net asset value per share | 20.36 | 20.84 | 16.86 |
| Dividend per share | 0.20 | 0.31 | 0.27 |

| R Shares EUR | EUR | EUR | EUR |
| --- | --- | --- | --- |
| Capitalisation shares |  |  |  |
| Number of shares | 85,749.79 | 79,494.55 | 20,554.87 |
| Net asset value per share | 16.69 | 17.01 | 13.65 |

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
207,407,839
236,195,813	97.64
| Shares |  | 207,407,839 | 236,195,813 | 97.64 |
| --- | --- | --- | --- | --- |
|  | Luxembourg | 3,333,657 | 3,714,625 | 1.54 |
| 36,629 APERAM REG | EUR | 1,288,221 | 1,478,713 | 0.61 |
| 144,813 SAF HOLLAND SA | EUR | 2,045,436 | 2,235,912 | 0.93 |
| France |  | 20,483,600 | 23,104,357 | 9.55 |
| 30,556 ALTEN SA | EUR | 2,362,753 | 2,514,759 | 1.05 |
| 20,373 AMUNDI SA | EUR | 1,378,955 | 1,435,889 | 0.59 |
| 212,487 COFACE SA | EUR | 1,680,221 | 2,235,363 | 0.92 |
| 63,475 EUROPCAR GROUPE SA | EUR | 637,920 | 613,803 | 0.25 |
| 42,644 IPSOS SA | EUR | 1,233,150 | 1,343,286 | 0.56 |
| 44,600 KORIAN SA | EUR | 1,203,759 | 1,293,400 | 0.53 |
| 31,054 MAISON DU MONDE SAS | EUR | 1,082,040 | 1,045,899 | 0.43 |
| 41,671 M6 METROPOLE TELEVISION SA | EUR | 714,598 | 850,088 | 0.35 |
| 29,890 NEXANS SA | EUR | 1,322,044 | 1,308,883 | 0.54 |
| 39,768 NEXITY SA -A- | EUR | 1,573,019 | 2,057,994 | 0.85 |
| 12,256 ORPEA SA | EUR | 962,054 | 1,303,426 | 0.54 |
| 20,681 PLASTIC OMNIUM SA | EUR | 639,814 | 823,931 | 0.34 |
| 143,171 PRODWAYS GROUP SA | EUR | 808,916 | 654,291 | 0.27 |
| 14,269 SOPRA STERIA GROUP | EUR | 1,628,381 | 2,524,186 | 1.05 |
| 77,190 SPIE SA | EUR | 1,708,697 | 1,445,769 | 0.60 |
| 330,678 VALLOUREC SA | EUR | 1,547,279 | 1,653,390 | 0.68 |
| United Kingdom |  | 2,706,966 | 1,538,760 | 0.64 |
| 86,764 DIALOG SEMICONDUCTOR | EUR | 2,706,966 | 1,538,760 | 0.64 |
| The Netherlands |  | 16,588,935 | 19,796,114 | 8.18 |
| 37,958 ADVANCED METALLURGICAL GROUP NV | EUR | 769,932 | 1,475,048 | 0.61 |
| 52,983 ALFEN NV | EUR | 530,179 | 556,851 | 0.23 |
| 56,728 ASM INTERNATIONAL NV | EUR | 2,454,625 | 2,819,382 | 1.17 |
| 23,058 ASR | EUR | 596,627 | 902,951 | 0.37 |
| 45,615 BE SEMICONDUCTOR INDUSTRIES NV | EUR | 1,726,693 | 2,616,020 | 1.08 |
| 47,025 CORBION | EUR | 1,251,048 | 1,247,103 | 0.52 |
| 51,581 EURONEXT NV | EUR | 2,334,009 | 3,063,911 | 1.26 |
| 19,701 FLOW TRADERS | EUR | 571,991 | 632,008 | 0.26 |
| 145,191 FUGRO NV -CERT OF SHS | EUR | 2,114,790 | 1,905,632 | 0.79 |
| 472,749 POST NL | EUR | 1,872,152 | 1,522,725 | 0.63 |
| 15,367 SLIGRO FOOD GROUP | EUR | 631,572 | 660,013 | 0.27 |
| 45,696 TKH GROUP N.V. | EUR | 1,735,317 | 2,394,470 | 0.99 |
| Germany	 50,623,588 | 57,066,972 | 23.58 |
| 50,311 AAREAL BANK AG | EUR | 1,633,097 | 2,086,900 | 0.86 |
| 57,308 AURUBIS | EUR | 3,502,450 | 4,247,670 | 1.75 |
| 51,770 BILFINGER SE | EUR | 1,804,243 | 2,050,092 | 0.85 |
| 38,841 CANCOM IT SYSTEME | EUR | 1,943,069 | 3,794,766 | 1.57 |
| 254,949 CECONOMY AG | EUR | 2,876,725 | 2,370,006 | 0.98 |
| 27,902 DUERR AG | EUR | 2,317,145 | 2,301,357 | 0.95 |
| 754 DWS GROUP GMBH-BEARER SHS | EUR | 24,514 | 22,888 | 0.01 |
| 65,400 ELRINGKLINGER -NAMEN AKT | EUR | 1,010,368 | 984,924 | 0.41 |
| 89,611 EVONIK INDUSTRIES AG | EUR | 2,736,104 | 2,641,732 | 1.09 |
| 169,166 EVOTEC | EUR | 2,307,608 | 2,277,820 | 0.94 |
| 72,607 FREENET AG REG SHS | EUR | 1,931,680 | 1,911,016 | 0.79 |
| 717,702 HEIDELBERGER DRUCKMASCHINEN | EUR | 1,837,931 | 2,216,264 | 0.92 |
| 45,904 HELLA KGAA HUECK AND CO | EUR | 2,586,625 | 2,352,580 | 0.97 |
| 66,049 JUNGHEINRICH VORZ.STIMMRECHTSLOS | EUR | 1,562,570 | 2,314,357 | 0.96 |
| 241,909 KLOECKNER AND CO SE | EUR | 2,441,428 | 2,443,281 | 1.01 |
| 39,077 LEONI AG | EUR | 2,031,058 | 2,034,349 | 0.84 |
| 35,955 MORPHOSYS | EUR | 2,281,296 | 3,092,130 | 1.28 |
| 34,577 NORMA GROUP - NAMEN AKT | EUR | 1,742,136 | 2,107,468 | 0.87 |
| 42,253 SALZGITTER AG | EUR | 1,451,064 | 1,925,469 | 0.80 |
| 150,111 SCHAEFFLER | EUR | 2,100,162 | 1,931,178 | 0.80 |
| 108,365 SGL CARBON SE | EUR | 1,020,888 | 1,210,437 | 0.50 |
| 31,013 SILTRONIC AG | EUR | 3,870,614 | 4,146,438 | 1.70 |
| 83,930 SOFTWARE | EUR | 3,319,450 | 3,429,380 | 1.42 |
| 181,502 TAG IMMOBILIEN | EUR | 2,291,363 | 3,174,470 | 1.31 |
| Italy |  | 31,970,054 | 40,015,627 | 16.54 |
| 193,735 AUTOGRILL SPA | EUR | 1,505,315 | 2,053,591 | 0.85 |

Quantity	Denomination	Quotation
currency
Acquisition cost
Market value
% of net assets
| 1,570,475 A2A SPA | EUR | 1,886,403 | 2,618,767 | 1.08 |
| --- | --- | --- | --- | --- |
| 61,729 BANCA IFIS SPA | EUR | 1,613,667 | 2,018,538 | 0.83 |
| 131,053 BREMBO SPA | EUR | 792,007 | 1,605,399 | 0.66 |
| 151,652 BUZZI UNICEM SPA | EUR | 2,837,169 | 3,178,626 | 1.31 |
| 347,266 CERVED GROUP S.P.A. | EUR | 3,801,218 | 3,493,496 | 1.45 |
| 167,316 CREDITO EMILIANO SPA | EUR | 936,659 | 1,218,060 | 0.50 |
| 142,234 ERG SPA | EUR | 1,452,861 | 2,830,457 | 1.17 |
| 1,371,482 IREN S.P.A. | EUR | 2,161,969 | 3,458,878 | 1.43 |
| 571,297 MAIRE TECNIMONT | EUR | 1,716,509 | 2,412,016 | 1.00 |
| 408,283 OVS | EUR | 2,411,914 | 1,441,239 | 0.60 |
| 57,932 REPLY SPA | EUR | 2,085,233 | 3,032,740 | 1.25 |
| 354,802 SAIPEM - REGISTERED | EUR | 1,215,339 | 1,126,142 | 0.47 |
| 172,492 SIAS SPA | EUR | 1,535,942 | 3,035,859 | 1.25 |
| 600,431 UBI BANCA SCPA | EUR | 2,263,646 | 2,566,843 | 1.06 |
| 580,000 UGF | EUR | 2,420,839 | 2,581,000 | 1.07 |
| 602,680 UNIPOLSAI AZ. POST RAGGRUPPAMENTO | EUR | 1,333,364 | 1,343,976 | 0.56 |
| Spain |  | 17,543,153 | 19,833,642 | 8.20 |
| 49,657 ANTENA 3 DE TELEVISION SA | EUR | 519,182 | 386,331 | 0.16 |
| 287,644 APPLUS SERVICES S.A. | EUR | 3,171,068 | 3,224,489 | 1.33 |
| 34,196 CONSTR AUXIL FERROC | EUR | 1,104,737 | 1,361,001 | 0.56 |
| 290,466 GESTAMP AUTOMOCION | EUR | 1,678,768 | 1,960,646 | 0.81 |
| 184,722 INDRA SISTEMAS SA | EUR | 2,408,900 | 2,120,609 | 0.88 |
| 197,996 MELIA HOTELS | EUR | 2,200,144 | 2,443,271 | 1.01 |
| 188,506 MERLIN PROPERTIES SOCIMI S.A. | EUR | 1,921,129 | 2,412,877 | 1.00 |
| 376,786 NH HOTELES SA | EUR | 1,505,903 | 2,411,430 | 1.00 |
| 632,971 TELEPIZZA GR S.A. | EUR | 3,033,322 | 3,512,988 | 1.45 |
| Austria |  | 10,830,710 | 13,345,318 | 5.52 |
| 17,667 AGRANA BETEILIGUNGS AG | EUR | 1,757,342 | 1,713,699 | 0.71 |
| 25,499 ANDRITZ AG | EUR | 1,244,171 | 1,136,235 | 0.47 |
| 158,868 CA-IMMOBILIEN-ANLAGEN AG | EUR | 2,774,033 | 4,565,867 | 1.89 |
| 75,120 RAIFFEISEN BANK INTERNATIONAL-HOLDING AG | EUR | 1,697,521 | 2,103,360 | 0.87 |
| 45,463 STRABAG SE | EUR | 1,393,857 | 1,548,015 | 0.64 |
| 109,002 WIENERBERGER AG | EUR | 1,963,786 | 2,278,142 | 0.94 |
| Portugal |  | 4,680,138 | 3,830,800 | 1.58 |
| 183,319 CTT-CORREIOS DE PORTUGAL S.A. | EUR | 1,190,515 | 560,590 | 0.23 |
| 344,132 NOS REG SHS | EUR | 2,042,364 | 1,695,194 | 0.70 |
| 1,396,291 SONAE SGPS - REG SHS | EUR | 1,447,259 | 1,575,016 | 0.65 |
| Belgium |  | 21,387,150 | 24,566,193 | 10.16 |
| 321,214 AGFA-GEVAERT NV | EUR | 1,275,796 | 952,078 | 0.39 |
| 19,332 BARCO NV | EUR | 1,324,615 | 2,072,390 | 0.86 |
| 95,589 BIOCARTIS GROUP 144/REG S | EUR | 1,054,355 | 1,223,539 | 0.51 |
| 9,361 CIE.ENTREPRISES CFE | EUR | 944,786 | 977,288 | 0.40 |
| 321,884 ECONOCOM GROUP - REGSITERED | EUR | 2,030,479 | 1,722,079 | 0.71 |
| 24,647 GALAPAGOS GENOMICS NV | EUR | 1,176,601 | 1,844,089 | 0.76 |
| 87,972 GREENYARD FOODS NV | EUR | 1,625,416 | 1,535,991 | 0.63 |
| 43,824 ION BEAM APPLICATIONS | EUR | 1,044,919 | 744,570 | 0.31 |
| 62,217 KBC ANCORA CVA | EUR | 2,138,103 | 3,126,404 | 1.30 |
| 36,516 MELEXIS NV | EUR | 2,098,129 | 2,886,590 | 1.19 |
| 279,881 NYRSTAR NV | EUR | 1,738,527 | 1,606,517 | 0.66 |
| 23,900 TELENET GROUP HOLDING NV | EUR | 1,242,575 | 1,160,584 | 0.48 |
| 45,101 TESSENDERLO CHEMIE NV | EUR | 1,440,084 | 1,569,515 | 0.65 |
| 30,829 WAREHOUSING DISTRIBUTION DE PAUW SICAFI | EUR | 2,252,765 | 3,144,559 | 1.31 |
| Ireland |  | 4,815,287 | 5,532,846 | 2.29 |
| 479,236 DALATA HOTEL GROUP PLC | EUR | 2,484,135 | 3,162,958 | 1.31 |
| 37,598 GLANBIA PLC | EUR | 601,110 | 526,372 | 0.22 |
| 781,151 TOTAL PRODUCE PLC | EUR | 1,730,042 | 1,843,516 | 0.76 |
| Finland |  | 22,444,601 | 23,850,559 | 9.86 |
| 87,897 AMER SPORTS OYJ | EUR | 1,770,481 | 2,232,583 | 0.92 |
| 33,273 CARGOTEC -B- | EUR | 1,442,809 | 1,408,113 | 0.58 |
| 52,872 CAVERION OYJ | EUR | 404,115 | 366,667 | 0.15 |
| 60,114 CRAMO - SHS | EUR | 1,143,273 | 1,171,021 | 0.48 |
| 48,803 HUHTAMAKI OYJ | EUR | 1,591,292 | 1,651,494 | 0.68 |
| 86,364 KEMIRA OY | EUR | 979,722 | 960,368 | 0.40 |
| 78,273 KONECRANES PLC | EUR | 2,676,100 | 2,659,716 | 1.11 |
| 169,187 METSA BOARD CORPORATION -B- | EUR | 1,038,079 | 1,575,131 | 0.65 |
| 392,486 OUTOKUMPU OYJ -A- | EUR | 2,473,112 | 2,111,575 | 0.87 |

| Quantity	Denomination | Quotation currency | Acquisition cost | Market value | % of net assets |
| --- | --- | --- | --- | --- |
| 140,383 OUTOTEC OYJ | EUR | 664,359 | 1,062,138 | 0.44 |
| 152,384 RAMIRENT OYJ | EUR | 1,078,308 | 1,101,736 | 0.46 |
| 54,766 ROVIO ENTERTAINMENT CORP | EUR | 508,535 | 269,723 | 0.11 |
| 39,831 TIETO CORP | EUR | 920,494 | 1,184,574 | 0.49 |
| 139,722 UPONOR OYJ | EUR | 2,108,304 | 2,024,572 | 0.84 |
| 165,951 VALMET CORPORATION | EUR | 2,065,321 | 2,615,387 | 1.08 |
| 260,889 YIT OYJ | EUR | 1,580,297 | 1,455,761 | 0.60 |

| Total Investments | 207,407,839 | 236,195,813 | 97.64 |
| --- | --- | --- | --- |
| Cash Net |  | 5,426,908 | 2.24 |
| Other Assets/(Liabilities) |  | 281,408 | 0.12 |
| Total Net Assets |  | 241,904,129 | 100.00 |

|  | Geographic allocation of portfolio |  |
| --- | --- | --- |
|  | % of portfolio |
| Germany |  | 24.17 |
| Italy |  | 16.94 |
| Belgium |  | 10.40 |
| Finland |  | 10.10 |
| France |  | 9.78 |
| Spain |  | 8.40 |
| The Netherlands |  | 8.38 |
| Austria |  | 5.65 |
| Ireland |  | 2.34 |
| Portugal |  | 1.62 |
| Luxembourg |  | 1.57 |
| United Kingdom |  | 0.65 |
|  |  | 100.00 |

Statement of Operations and Changes in Net Assets from 1 November 2017 to 30 April 2018
Expressed in EUR
| Income |  | 1,706,248 |
| --- | --- | --- |
| Dividends income, Net |  | 1,706,248 |
| Expenses |  | 1,312,003 |
| Investment management fees | Note 3 | 1,005,771 |
| Depositary fees | Note 5 | 6,032 |
| Taxe d'abonnement | Note 7a | 12,279 |
| Domiciliary, administrative and transfer agency fees | Note 5 | 50,676 |
| Professional fees |  | 8,906 |
| Bank charges |  | 10,553 |
| Transaction costs | Note 2g | 151,107 |
| Sundry expenses |  | 66,679 |
| Net income from investments |  | 394,245 |
| Net Realised gain / (loss) on: - Sales of investments | Note 2d | 18,921,661 |
| Net realised profit |  | 19,315,906 |
| Movement in net unrealised appreciation / (depreciation) on: - Investments |  | (22,896,197) |
| Decrease in net assets as a result of operations |  | (3,580,291) |
| Dividends paid | Note 6 | (2,637,444) |
| Subscription capitalisation shares |  | 105,203 |
| Subscription distribution shares |  | 20,943,001 |
| Redemption capitalisation shares |  | (165) |
| Redemption distribution shares |  | (42,366,414) |
| Decrease in net assets |  | (27,536,110) |
| Net assets at the beginning of the period |  | 269,440,239 |
| Net assets at the end of the period |  | 241,904,129 |

The accompanying notes form an integral part of these financial statements
SICAV ODDO BHF (formerly Oddo
Compass)

Translation (ENDE, 2018-04-30):
# - Euro Small Cap Equity
### Nettovermögensaufstellung zum 30.04.2018
Bilanz zum 30.04.2018
Ausgedrückt in EUR
| Aktiva |  | 243.231.944 |
| --- | --- | --- |
| Wertpapierbestand zum Marktwert | Erläut. 2b | 236.195.813 |
| Kosten für	Anschaffung |  | 207.407.839 |
| Bankguthaben |  | 5.426.908 |
| Forderungen aus dem Verkauf von Anlagen |  | 942.856 |
| Sonstige Aktiva |  | 666.367 |
| Passiva |  | 1.327.815 |
| Verbindlichkeiten aus dem Kauf von Anlagen |  | 1.083.365 |
| Verbindlichkeiten aus Verwaltungs- und Administrationsgebühren |  | 170.624 |
| Sonstige Verbindlichkeiten |  | 73.826 |
| Nettovermögen |  | 241.904.129 |

Veränderungen im Anteilumlauf vom 01.11.2017 bis zum 30.04.2018
Anteile im Umlauf am
01.11.2017
Ausgegebene Anteile
Zurückgekaufte Anteile
Anteile im Umlauf am
30.04.2018
| I Anteile EUR Anteile mit Ausschüttung | 12.865.939,20 | 1.042.024,46 | 2.097.378,46 | 11.810.585,20 |
| --- | --- | --- | --- | --- |
| R Anteile EUR Thesaurierende Anteile | 79.494,55 | 6.265,24 | 10,00 | 85.749,79 |

Statistische Angaben
|  | Ende der Periode am: | 30.04.2018 | 31.10.2017 | 31.10.2016 |
| --- | --- | --- | --- | --- |
| Gesamtvermögen | EUR | 241.904.129 | 269.440.239 | 152.244.841 |

I Anteile EUR
Anteile mit Ausschüttung
EUR	EUR	EUR
| Anzahl Anteile | 11.810.585,20 | 12.865.939,20 | 9.015.552,20 |
| --- | --- | --- | --- |
| Nettoinventarwert je Anteil | 20,36 | 20,84 | 16,86 |
| Dividende per Anteil | 0,20 | 0,31 | 0,27 |

R Anteile EUR
Thesaurierende Anteile
EUR	EUR	EUR
| Anzahl Anteile | 85.749,79 | 79.494,55 | 20.554,87 |
| --- | --- | --- | --- |
| Nettoinventarwert je Anteil | 16,69 | 17,01 | 13,65 |

| Menge/	Kosten für	Marktwert	% des Nennwert	Bezeichnung	Währung	Anschaffung	Nettoverm. |
| --- |
| An einer amtlichen Wertpapierbörse notierte und/oder an einem sonstigen gereg lten Markt gehandelte übertragbare Wertpapiere	 207.407.839	236.195.813	97,64 |
| Aktien |  | 207.407.839 | 236.195.813 | 97,64 |
| Luxemburg |  | 3.333.657 | 3.714.625 | 1,54 |
| 36.629 APERAM REG | EUR | 1.288.221 | 1.478.713 | 0,61 |
| 144.813 SAF HOLLAND SA | EUR | 2.045.436 | 2.235.912 | 0,93 |
| Frankreich |  | 20.483.600 | 23.104.357 | 9,55 |
| 30.556 ALTEN SA | EUR | 2.362.753 | 2.514.759 | 1,05 |
| 20.373 AMUNDI SA | EUR | 1.378.955 | 1.435.889 | 0,59 |
| 212.487 COFACE SA | EUR | 1.680.221 | 2.235.363 | 0,92 |
| 63.475 EUROPCAR GROUPE SA | EUR | 637.920 | 613.803 | 0,25 |
| 42.644 IPSOS SA | EUR | 1.233.150 | 1.343.286 | 0,56 |
| 44.600 KORIAN SA | EUR | 1.203.759 | 1.293.400 | 0,53 |
| 31.054 MAISON DU MONDE SAS | EUR | 1.082.040 | 1.045.899 | 0,43 |
| 41.671 M6 METROPOLE TELEVISION SA | EUR | 714.598 | 850.088 | 0,35 |
| 29.890 NEXANS SA | EUR | 1.322.044 | 1.308.883 | 0,54 |
| 39.768 NEXITY SA -A- | EUR | 1.573.019 | 2.057.994 | 0,85 |
| 12.256 ORPEA SA | EUR | 962.054 | 1.303.426 | 0,54 |
| 20.681 PLASTIC OMNIUM SA | EUR | 639.814 | 823.931 | 0,34 |
| 143.171 PRODWAYS GROUP SA | EUR | 808.916 | 654.291 | 0,27 |
| 14.269 SOPRA STERIA GROUP | EUR | 1.628.381 | 2.524.186 | 1,05 |
| 77.190 SPIE SA | EUR | 1.708.697 | 1.445.769 | 0,60 |
| 330.678 VALLOUREC SA | EUR | 1.547.279 | 1.653.390 | 0,68 |
| Großbritannien |  | 2.706.966 | 1.538.760 | 0,64 |
| 86.764 DIALOG SEMICONDUCTOR | EUR | 2.706.966 | 1.538.760 | 0,64 |
| Niederlande |  | 16.588.935 | 19.796.114 | 8,18 |
| 37.958 ADVANCED METALLURGICAL GROUP NV | EUR | 769.932 | 1.475.048 | 0,61 |
| 52.983 ALFEN NV | EUR | 530.179 | 556.851 | 0,23 |
| 56.728 ASM INTERNATIONAL NV | EUR | 2.454.625 | 2.819.382 | 1,17 |
| 23.058 ASR | EUR | 596.627 | 902.951 | 0,37 |
| 45.615 BE SEMICONDUCTOR INDUSTRIES NV | EUR | 1.726.693 | 2.616.020 | 1,08 |
| 47.025 CORBION | EUR | 1.251.048 | 1.247.103 | 0,52 |
| 51.581 EURONEXT NV | EUR | 2.334.009 | 3.063.911 | 1,26 |
| 19.701 FLOW TRADERS | EUR | 571.991 | 632.008 | 0,26 |
| 145.191 FUGRO NV -CERT OF SHS | EUR | 2.114.790 | 1.905.632 | 0,79 |
| 472.749 POST NL | EUR | 1.872.152 | 1.522.725 | 0,63 |
| 15.367 SLIGRO FOOD GROUP | EUR | 631.572 | 660.013 | 0,27 |
| 45.696 TKH GROUP N.V. | EUR | 1.735.317 | 2.394.470 | 0,99 |
| Deutschland |  | 50.623.588 | 57.066.972 | 23,58 |
| 50.311 AAREAL BANK AG | EUR | 1.633.097 | 2.086.900 | 0,86 |
| 57.308 AURUBIS | EUR | 3.502.450 | 4.247.670 | 1,75 |
| 51.770 BILFINGER SE | EUR | 1.804.243 | 2.050.092 | 0,85 |
| 38.841 CANCOM IT SYSTEME | EUR | 1.943.069 | 3.794.766 | 1,57 |
| 254.949 CECONOMY AG | EUR | 2.876.725 | 2.370.006 | 0,98 |
| 27.902 DUERR AG | EUR | 2.317.145 | 2.301.357 | 0,95 |
| 754 DWS GROUP GMBH-BEARER SHS | EUR | 24.514 | 22.888 | 0,01 |
| 65.400 ELRINGKLINGER -NAMEN AKT | EUR | 1.010.368 | 984.924 | 0,41 |
| 89.611 EVONIK INDUSTRIES AG | EUR | 2.736.104 | 2.641.732 | 1,09 |
| 169.166 EVOTEC | EUR | 2.307.608 | 2.277.820 | 0,94 |
| 72.607 FREENET AG REG SHS | EUR | 1.931.680 | 1.911.016 | 0,79 |
| 717.702 HEIDELBERGER DRUCKMASCHINEN | EUR | 1.837.931 | 2.216.264 | 0,92 |
| 45.904 HELLA KGAA HUECK AND CO | EUR | 2.586.625 | 2.352.580 | 0,97 |
| 66.049 JUNGHEINRICH VORZ.STIMMRECHTSLOS | EUR | 1.562.570 | 2.314.357 | 0,96 |
| 241.909 KLOECKNER AND CO SE | EUR | 2.441.428 | 2.443.281 | 1,01 |
| 39.077 LEONI AG | EUR | 2.031.058 | 2.034.349 | 0,84 |
| 35.955 MORPHOSYS | EUR | 2.281.296 | 3.092.130 | 1,28 |
| 34.577 NORMA GROUP - NAMEN AKT | EUR | 1.742.136 | 2.107.468 | 0,87 |
| 42.253 SALZGITTER AG | EUR | 1.451.064 | 1.925.469 | 0,80 |
| 150.111 SCHAEFFLER | EUR | 2.100.162 | 1.931.178 | 0,80 |
| 108.365 SGL CARBON SE | EUR | 1.020.888 | 1.210.437 | 0,50 |
| 31.013 SILTRONIC AG | EUR | 3.870.614 | 4.146.438 | 1,70 |
| 83.930 SOFTWARE | EUR | 3.319.450 | 3.429.380 | 1,42 |
| 181.502 TAG IMMOBILIEN | EUR | 2.291.363 | 3.174.470 | 1,31 |
| Italien |  | 31.970.054 | 40.015.627 | 16,54 |
| 193.735 AUTOGRILL SPA | EUR | 1.505.315 | 2.053.591 | 0,85 |

| 1.570.475 A2A SPA | EUR | 1.886.403 | 2.618.767 | 1,08 |
| --- | --- | --- | --- | --- |
| 61.729 BANCA IFIS SPA | EUR | 1.613.667 | 2.018.538 | 0,83 |
| 131.053 BREMBO SPA | EUR | 792.007 | 1.605.399 | 0,66 |
| 151.652 BUZZI UNICEM SPA | EUR | 2.837.169 | 3.178.626 | 1,31 |
| 347.266 CERVED GROUP S.P.A. | EUR | 3.801.218 | 3.493.496 | 1,45 |
| 167.316 CREDITO EMILIANO SPA | EUR | 936.659 | 1.218.060 | 0,50 |
| 142.234 ERG SPA | EUR | 1.452.861 | 2.830.457 | 1,17 |
| 1.371.482 IREN S.P.A. | EUR | 2.161.969 | 3.458.878 | 1,43 |
| 571.297 MAIRE TECNIMONT | EUR | 1.716.509 | 2.412.016 | 1,00 |
| 408.283 OVS | EUR | 2.411.914 | 1.441.239 | 0,60 |
| 57.932 REPLY SPA | EUR | 2.085.233 | 3.032.740 | 1,25 |
| 354.802 SAIPEM - REGISTERED | EUR | 1.215.339 | 1.126.142 | 0,47 |
| 172.492 SIAS SPA | EUR | 1.535.942 | 3.035.859 | 1,25 |
| 600.431 UBI BANCA SCPA | EUR | 2.263.646 | 2.566.843 | 1,06 |
| 580.000 UGF | EUR | 2.420.839 | 2.581.000 | 1,07 |
| 602.680 UNIPOLSAI AZ. POST RAGGRUPPAMENTO | EUR | 1.333.364 | 1.343.976 | 0,56 |
| Spanien |  | 17.543.153 | 19.833.642 | 8,20 |
| 49.657 ANTENA 3 DE TELEVISION SA | EUR | 519.182 | 386.331 | 0,16 |
| 287.644 APPLUS SERVICES S.A. | EUR | 3.171.068 | 3.224.489 | 1,33 |
| 34.196 CONSTR AUXIL FERROC | EUR | 1.104.737 | 1.361.001 | 0,56 |
| 290.466 GESTAMP AUTOMOCION | EUR | 1.678.768 | 1.960.646 | 0,81 |
| 184.722 INDRA SISTEMAS SA | EUR | 2.408.900 | 2.120.609 | 0,88 |
| 197.996 MELIA HOTELS | EUR | 2.200.144 | 2.443.271 | 1,01 |
| 188.506 MERLIN PROPERTIES SOCIMI S.A. | EUR | 1.921.129 | 2.412.877 | 1,00 |
| 376.786 NH HOTELES SA | EUR | 1.505.903 | 2.411.430 | 1,00 |
| 632.971 TELEPIZZA GR S.A. | EUR | 3.033.322 | 3.512.988 | 1,45 |
| Österreich |  | 10.830.710 | 13.345.318 | 5,52 |
| 17.667 AGRANA BETEILIGUNGS AG | EUR | 1.757.342 | 1.713.699 | 0,71 |
| 25.499 ANDRITZ AG | EUR | 1.244.171 | 1.136.235 | 0,47 |
| 158.868 CA-IMMOBILIEN-ANLAGEN AG | EUR | 2.774.033 | 4.565.867 | 1,89 |
| 75.120 RAIFFEISEN BANK INTERNATIONAL-HOLDING AG | EUR | 1.697.521 | 2.103.360 | 0,87 |
| 45.463 STRABAG SE | EUR | 1.393.857 | 1.548.015 | 0,64 |
| 109.002 WIENERBERGER AG | EUR | 1.963.786 | 2.278.142 | 0,94 |
| Portugal |  | 4.680.138 | 3.830.800 | 1,58 |
| 183.319 CTT-CORREIOS DE PORTUGAL S.A. | EUR | 1.190.515 | 560.590 | 0,23 |
| 344.132 NOS REG SHS | EUR | 2.042.364 | 1.695.194 | 0,70 |
| 1.396.291 SONAE SGPS - REG SHS | EUR | 1.447.259 | 1.575.016 | 0,65 |
| Belgien |  | 21.387.150 | 24.566.193 | 10,16 |
| 321.214 AGFA-GEVAERT NV | EUR | 1.275.796 | 952.078 | 0,39 |
| 19.332 BARCO NV | EUR | 1.324.615 | 2.072.390 | 0,86 |
| 95.589 BIOCARTIS GROUP 144/REG S | EUR | 1.054.355 | 1.223.539 | 0,51 |
| 9.361 CIE.ENTREPRISES CFE | EUR | 944.786 | 977.288 | 0,40 |
| 321.884 ECONOCOM GROUP - REGSITERED | EUR | 2.030.479 | 1.722.079 | 0,71 |
| 24.647 GALAPAGOS GENOMICS NV | EUR | 1.176.601 | 1.844.089 | 0,76 |
| 87.972 GREENYARD FOODS NV | EUR | 1.625.416 | 1.535.991 | 0,63 |
| 43.824 ION BEAM APPLICATIONS | EUR | 1.044.919 | 744.570 | 0,31 |
| 62.217 KBC ANCORA CVA | EUR | 2.138.103 | 3.126.404 | 1,30 |
| 36.516 MELEXIS NV | EUR | 2.098.129 | 2.886.590 | 1,19 |
| 279.881 NYRSTAR NV | EUR | 1.738.527 | 1.606.517 | 0,66 |
| 23.900 TELENET GROUP HOLDING NV | EUR | 1.242.575 | 1.160.584 | 0,48 |
| 45.101 TESSENDERLO CHEMIE NV | EUR | 1.440.084 | 1.569.515 | 0,65 |
| 30.829 WAREHOUSING DISTRIBUTION DE PAUW SICAFI | EUR | 2.252.765 | 3.144.559 | 1,31 |
| Irland |  | 4.815.287 | 5.532.846 | 2,29 |
| 479.236 DALATA HOTEL GROUP PLC | EUR | 2.484.135 | 3.162.958 | 1,31 |
| 37.598 GLANBIA PLC | EUR | 601.110 | 526.372 | 0,22 |
| 781.151 TOTAL PRODUCE PLC | EUR | 1.730.042 | 1.843.516 | 0,76 |
| Finnland |  | 22.444.601 | 23.850.559 | 9,86 |
| 87.897 AMER SPORTS OYJ | EUR | 1.770.481 | 2.232.583 | 0,92 |
| 33.273 CARGOTEC -B- | EUR | 1.442.809 | 1.408.113 | 0,58 |
| 52.872 CAVERION OYJ | EUR | 404.115 | 366.667 | 0,15 |
| 60.114 CRAMO - SHS | EUR | 1.143.273 | 1.171.021 | 0,48 |
| 48.803 HUHTAMAKI OYJ | EUR | 1.591.292 | 1.651.494 | 0,68 |
| 86.364 KEMIRA OY | EUR | 979.722 | 960.368 | 0,40 |
| 78.273 KONECRANES PLC | EUR | 2.676.100 | 2.659.716 | 1,11 |
| 169.187 METSA BOARD CORPORATION -B- | EUR | 1.038.079 | 1.575.131 | 0,65 |
| 392.486 OUTOKUMPU OYJ -A- | EUR | 2.473.112 | 2.111.575 | 0,87 |

Menge/
Nennwert	Bezeichnung	Währung
Kosten für Anschaffung
Marktwert		% des Nettoverm.
Menge/
| 140.383 OUTOTEC OYJ | EUR | 664.359 | 1.062.138 | 0,44 |
| --- | --- | --- | --- | --- |
| 152.384 RAMIRENT OYJ | EUR | 1.078.308 | 1.101.736 | 0,46 |
| 54.766 ROVIO ENTERTAINMENT CORP | EUR | 508.535 | 269.723 | 0,11 |
| 39.831 TIETO CORP | EUR | 920.494 | 1.184.574 | 0,49 |
| 139.722 UPONOR OYJ | EUR | 2.108.304 | 2.024.572 | 0,84 |
| 165.951 VALMET CORPORATION | EUR | 2.065.321 | 2.615.387 | 1,08 |
| 260.889 YIT OYJ | EUR | 1.580.297 | 1.455.761 | 0,60 |
| Summe Anlagen |  | 207.407.839 | 236.195.813 | 97,64 |
| Barmittel |  |  | 5.426.908 | 2,24 |
| Sonstige Vermögenswerte/-Verbindlichkeiten |  |  | 281.408 | 0,12 |
| Summe Nettovermögen |  |  | 241.904.129 | 100,00 |

Nennwert	Bezeichnung	Währung
Kosten für Anschaffung
Marktwert		% des Nettoverm.

### Geografische Allokation des Portfolios
| Deutschland | % des Nettovermögens 24,17 |
| --- | --- |
| Italien | 16,94 |
| Belgien | 10,40 |
| Finnland | 10,10 |
| Frankreich | 9,78 |
| Spanien | 8,40 |
| Niederlande | 8,38 |
| Österreich | 5,65 |
| Irland | 2,34 |
| Portugal | 1,62 |
| Luxemburg | 1,57 |
| Großbritannien | 0,65 |


###### 	100,00
Ertrags- und Aufwandsrechnung und Veränderung des Nettovermögens vom 01.11.2017 bis 30.04.2018
Ausgedrückt in EUR
| Erträge |  | 1.706.248 |
| --- | --- | --- |
| Dividendenertrag (netto) |  | 1.706.248 |
| Ausgaben |  | 1.312.003 |
| Verwaltungs- und Beratergebühren | Erläut. 3 | 1.005.771 |
| Verwahrstellengebühr | Erläut. 5 | 6.032 |
| Taxe d'abonnement | Erläut. 7a | 12.279 |
| Domizilstellen-, Verwaltungsstellen- und Transferstellengebühren | Erläut. 5 | 50.676 |
| Honorare |  | 8.906 |
| Bankgebühren |  | 10.553 |
| Transaktionskosten | Erläut. 2g | 151.107 |
| Sonstige Aufwendungen |  | 66.679 |
| Erträge aus Anlagen |  | 394.245 |
| Realisierter Nettogewinn / -verlust aus: - Verkauf von Anlagen | Erläut. 2d | 18.921.661 |
| Realisierter Nettogewinn |  | 19.315.906 |
| Veränderung des nicht realisierten Nettogewinns / -verlustes aus: - Anlagen |  | -22.896.197 |
| Nettovermögensabnahme durch Geschäftstätigkeit |  | -3.580.291 |
| Dividendenausschüttungen | Erläut. 6 | -2.637.444 |
| Zeichnungen kummulativer Anteile |  | 105.203 |
| Zeichnungen von Anteilen mit Ausschüttung |  | 20.943.001 |
| Rücknahmen kummulativer Anteile |  | -165 |
| Rücknahmen von Anteilen mit Ausschüttung |  | -42.366.414 |
| Verminderung des Nettovermögens |  | -27.536.110 |
| Nettovermögen zu Beginn der Periode |  | 269.440.239 |
| Nettovermögen am Ende der Periode |  | 241.904.129 |

Die beiliegenden Erläuterungen sind integraler Bestandteil dieses Berichtes
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