# OYSTER
## - Europe

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

#### Statement of net assets as at 31/12/2021
Expressed in EUR
| Assets |  | 9,306,750.08 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 8,398,403.17 |
| Unrealised profit on the securities portfolio |  | 439,929.40 |
| Cash at banks and liquidities |  | 78,521.76 |
| Brokers receivable |  | 5,735.61 |
| Unrealised profit on forward foreign exchange contracts | Note 2 | 1,282.38 |
| Other assets |  | 822,807.16 |
| Liabilities |  | 22,351.20 |
| Brokers payable |  | 6,858.72 |
| Performance fees payable | Note 4 | 1,340.54 |
| Management fees payable | Note 3 | 9,483.29 |
| Other liabilities |  | 4,668.65 |
| Net asset value |  | 9,284,398.88 |


#### Statement of operations and changes in net assets from 01/01/2021 to 31/12/2021
Expressed in EUR
| Income |  | 151,718.24 |
| --- | --- | --- |
| Net dividends | Note 2 | 146,488.47 |
| Bank interest on cash account |  | 26.96 |
| Other income |  | 5,202.81 |
| Expenses |  | 226,411.52 |
| Management fees and Management Company fees | Note 3 | 97,094.76 |
| Depositary fees | Note 6 | 4,817.74 |
| Taxe d'abonnement | Note 5 | 2,312.29 |
| Administrative expenses | Note 3 | 18,313.34 |
| Performance fees | Note 4 | 1,340.54 |
| Bank interest |  | 428.46 |
| Legal fees |  | 13,524.16 |
| Transaction fees | Note 8 | 54,927.38 |
| Other expenses | Note 10 | 33,652.85 |
| Net loss from investments |  | (74,693.28) |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 1,503,376.40 |
| - forward foreign exchange contracts | Note 2 | 27,977.65 |
| - foreign exchange | Note 2 | 30,249.41 |
| Net realised profit |  | 1,486,910.18 |
| Movement in net unrealised appreciation / depreciation on: - investments |  | (241,146.55) |
| - forward foreign exchange contracts |  | 1,282.38 |
| Increase in net assets as a result of operations |  | 1,247,046.01 |
| Dividends paid | Note 9 | (458.86) |
| Subscription capitalisation shares |  | 9,686,162.62 |
| Redemption capitalisation shares |  | (10,617,701.10) |
| Redemption distribution shares |  | (617,990.05) |
| Decrease in net assets |  | (302,941.38) |
| Net assets at the beginning of the year |  | 9,587,340.26 |
| Net assets at the end of the year |  | 9,284,398.88 |


#### Statistics
| Year ending as at: | 31/12/2021 | 31/12/2020 | 31/12/2019 |
| --- | --- | --- | --- |
| Assets	 EUR C - EUR - Capitalisation | 9,284,398.88 | 9,587,340.26 | 11,608,377.00 |

Total Net
| Number of shares |  | 700.000 | 700.000 | 700.000 |
| --- | --- | --- | --- | --- |
| Net asset value per share | EUR | 160.40 | 137.91 | 133.27 |
| C - EUR - PR - Capitalisation Number of shares |  | 9,233.957 | 0.000 | 0.000 |
| Net asset value per share | EUR | 223.27 | 0.00 | 0.00 |
| I - EUR - Capitalisation Number of shares |  | 72.310 | 72.310 | 72.310 |
| Net asset value per share | EUR | 1,172.25 | 997.42 | 953.70 |
| I - EUR PR - Capitalisation Number of shares |  | 3,036.986 | 2,000.000 | 0.000 |
| Net asset value per share | EUR | 1,191.66 | 1,014.30 | 0.00 |
| I - GBP - Capitalisation Number of shares |  | 145.728 | 3,435.688 | 8,467.163 |
| Net asset value per share | GBP | 1,090.11 | 988.58 | 893.05 |
| I - GBP - Distribution |  |  |  |  |
| Number of shares |  | 0.000 | 0.000 | 1.000 |
| Net asset value per share | GBP | 0.00 | 0.00 | 1,037.60 |
| I S - GBP - Distribution Number of shares |  | 6.395 | 174.201 | 274.695 |
| Net asset value per share | GBP | 1,298.01 | 1,187.53 | 1,080.06 |
| N - EUR - PR - Capitalisation Number of shares |  | 1,355.400 | 0.000 | 0.000 |
| Net asset value per share | EUR | 188.72 | 0.00 | 0.00 |
| R - CHF - HP - PR - Capitalisation Number of shares |  | 117.583 | 0.000 | 0.000 |
| Net asset value per share | CHF | 2,625.99 | 0.00 | 0.00 |
| R - EUR - Capitalisation Number of shares |  | 0.000 | 380.000 | 380.000 |
| Net asset value per share | EUR | 0.00 | 216.49 | 207.22 |
| R - EUR - PR - Capitalisation Number of shares |  | 842.572 | 0.000 | 0.000 |
| Net asset value per share | EUR | 2,830.60 | 0.00 | 0.00 |
| R - GBP - Capitalisation Number of shares |  | 889.241 | 11,766.133 | 6,143.351 |
| Net asset value per share | GBP | 253.67 | 230.23 | 208.19 |
| R - GBP - Distribution Number of shares |  | 0.330 | 1,026.720 | 2,439.576 |
| Net asset value per share | GBP | 245.00 | 223.01 | 202.26 |

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 | 700.000 | 0.000 | 0.000 | 700.000 |
| C - EUR - PR - Capitalisation | 0.000 | 9,645.924 | 411.967 | 9,233.957 |

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 |
| --- | --- | --- | --- | --- |
| I - EUR - Capitalisation | 72.310 | 0.000 | 0.000 | 72.310 |
| I - EUR PR - Capitalisation | 2,000.000 | 1,037.987 | 1.001 | 3,036.986 |
| I - GBP - Capitalisation | 3,435.688 | 0.000 | 3,289.960 | 145.728 |
| I S - GBP - Distribution | 174.201 | 0.000 | 167.806 | 6.395 |
| N - EUR - PR - Capitalisation | 0.000 | 1,411.210 | 55.810 | 1,355.400 |
| R - CHF - HP - PR - Capitalisation | 0.000 | 238.339 | 120.756 | 117.583 |
| R - EUR - Capitalisation | 380.000 | 0.000 | 380.000 | 0.000 |
| R - EUR - PR - Capitalisation | 0.000 | 2,027.572 | 1,185.000 | 842.572 |
| R - GBP - Capitalisation | 11,766.133 | 1.936 | 10,878.828 | 889.241 |
| R - GBP - Distribution | 1,026.720 | 0.000 | 1,026.390 | 0.330 |

Securities portfolio as at 31/12/2021
Expressed in EUR
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
7,958,473.77
8,398,403.17	90.46
| Shares |  |  | 7,958,473.77 | 8,398,403.17 | 90.46 |
| --- | --- | --- | --- | --- | --- |
|  | Belgium |  | 252,566.08 | 286,599.60 | 3.09 |
| 2,856 UCB |  | EUR | 252,566.08 | 286,599.60 | 3.09 |
|  | Finland |  | 333,974.18 | 353,980.72 | 3.81 |
| 37,867 METSO OUTOTEC OYJ | EUR | 333,974.18 | 353,980.72 | 3.81 |
| France |  | 2,851,656.26 | 2,920,087.04 | 31.46 |
| 40,797 CARREFOUR SA | EUR | 665,118.79 | 657,035.69 | 7.09 |
| 4,771 CIE DE SAINT-GOBAIN | EUR | 284,206.81 | 295,181.77 | 3.18 |
| 5,645 DANONE SA | EUR | 329,296.02 | 308,160.55 | 3.32 |
| 103 DASSAULT AVIA. --- SHS | EUR | 9,784.01 | 9,785.00 | 0.11 |
| 695 KERING | EUR | 468,835.66 | 491,295.50 | 5.29 |
| 5,226 THALES | EUR | 415,054.97 | 390,904.80 | 4.21 |
| 12,533 VEOLIA ENVIRONNEMENT SA | EUR | 308,804.19 | 404,314.58 | 4.35 |
| 7,415 WORLDLINE SA | EUR | 370,555.81 | 363,409.15 | 3.91 |
| Germany	 1,215,621.71 | 1,380,646.90 | 14.87 |
| 3,994 DEUTSCHE BOERSE AG REG SHS | EUR | 575,266.05 | 587,517.40 | 6.33 |
| 1,714 MERCK KGAA | EUR | 255,069.49 | 389,078.00 | 4.19 |
| 3,235 SAP AG | EUR | 385,286.17 | 404,051.50 | 4.35 |
| Italy |  | 285,099.12 | 308,082.60 | 3.32 |
| 19,960 FINECOBANK | EUR | 285,099.12 | 308,082.60 | 3.32 |
| Sweden |  | 983,976.50 | 985,373.42 | 10.61 |
| 13,193 SAAB AB -SHS-B- | SEK | 297,779.82 | 295,099.83 | 3.18 |
| 15,471 SKF AB -B- | SEK | 314,045.72 | 322,312.50 | 3.47 |
| 37,965 TELEFON ERICSSON | SEK | 372,150.96 | 367,961.09 | 3.96 |
| Switzerland	 875,848.67 | 963,945.18 | 10.38 |
| 11,148 ABB LTD REG SHS | CHF | 302,149.63 | 375,491.19 | 4.04 |
| 7,595 NOVARTIS AG REG SHS | CHF | 573,699.04 | 588,453.99 | 6.34 |
| The Netherlands	 638,938.99 | 589,606.56 | 6.35 |
| 21,289 ARISTON HOLDING N.V. | EUR | 217,936.36 | 215,870.46 | 2.33 |
| 13,791 JDE PEET S BV | EUR | 421,002.63 | 373,736.10 | 4.02 |
| United Kingdom |  | 520,792.26 | 610,081.15 | 6.57 |
| 31,572 SHELL PLC | GBP | 520,792.26 | 610,081.15 | 6.57 |

| Other transferable securities | 0.00 | 0.00 | 0.00 |
| --- | --- | --- | --- |
| Warrants, Rights | 0.00 | 0.00 | 0.00 |
| United Kingdom | 0.00 | 0.00 | 0.00 |
| 31,639 ROYAL DUTCH SHELL | RIGHT | USD | 0.00 | 0.00 | 0.00 |
| Total securities portfolio |  |  | 7,958,473.77 | 8,398,403.17 | 90.46 |
| Cash at bank/(bank liabilities) |  |  |  | 78,521.76 | 0.85 |
| Other net assets/(liabilities) |  |  |  | 807,473.95 | 8.69 |
| Total net assets |  |  |  | 9,284,398.88 | 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 |