# - Trend Dynamics Europe
### Financial Statements as at 30 April 2018
Statement of net assets as at 30 April 2018
Expressed in EUR
| Assets |  | 35,892,352 |
| --- | --- | --- |
| Investments at market value | Note 2b | 35,543,054 |
| Acquisition cost |  | 32,485,982 |
| Cash at bank |  | 193,957 |
| Receivable on subscriptions |  | 194 |
| Dividend receivable |  | 155,147 |
| Liabilities |  | 65,911 |
| Payable on redemptions |  | 26,871 |
| Investment management and administrative fees payable |  | 32,850 |
| Other liabilities |  | 6,190 |
| Net asset value |  | 35,826,441 |

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 Capitalisation shares | 23,744.05 | 97.88 | 11,407.37 | 12,434.56 |
| Distribution shares | 0.00 | 0.00 | 0.00 | 0.00 |
| R Shares EUR Capitalisation shares | 217,279.43 | 21,225.58 | 44,758.16 | 193,746.85 |
| Distribution shares | 0.00 | 0.00 | 0.00 | 0.00 |

Statistics
Period ended as at:
30 April 2018
31 October 2017
31 October 2016
Total Net Assets
EUR
35,826,441	52,161,094	9,695,105
| I Shares EUR | EUR | EUR | EUR |
| --- | --- | --- | --- |
| Capitalisation shares |  |  |  |
| Number of shares | 12,434.56 | 23,744.05 | 9,700.00 |
| Net asset value per share | 1,138.97 | 1,154.92 | 969.64 |

Distribution shares
Number of shares
-	-	100.00
Net asset value per share Dividend per share
-	-
-	20.01
968.68
-
Statistics
Period ended as at:
30 April 2018
31 October 2017
31 October 2016
Total Net Assets
EUR
35,826,441	52,161,094	9,695,105
| R Shares EUR | EUR | EUR | EUR |
| --- | --- | --- | --- |
| Capitalisation shares |  |  |  |
| Number of shares | 193,746.85 | 217,279.43 | 1,000.00 |
| Net asset value per share | 111.82 | 113.86 | 96.41 |

Distribution shares
Number of shares
-	-	1,000.00
Net asset value per share Dividend per share
-	-
-	1.70
96.28
-
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
32,285,820
35,347,441	98.66
| Shares |  | 32,285,820 | 35,347,441 | 98.66 |
| --- | --- | --- | --- | --- |
|  | France | 5,667,216 | 6,777,680 | 18.92 |
| 857 AIR LIQUIDE SA | EUR | 87,086 | 92,599 | 0.26 |
| 17,406 AXA SA | EUR | 418,586 | 412,870 | 1.15 |
| 5,198 BOUYGUES | EUR | 221,821 | 219,616 | 0.61 |
| 4,207 CAPGEMINI SE | EUR | 330,089 | 479,598 | 1.34 |
| 6,854 CNP ASSURANCES | EUR | 118,996 | 145,579 | 0.41 |
| 7,310 DASSAULT SYSTEMES SA | EUR | 539,076 | 783,997 | 2.19 |
| 1,115 HERMES INTERNATIONAL SA | EUR | 435,911 | 597,417 | 1.67 |
| 2,051 ICADE SA | EUR | 153,626 | 168,900 | 0.47 |
| 2,930 L'OREAL SA | EUR | 490,524 | 582,631 | 1.63 |
| 4,614 MICHELIN SA REG SHS | EUR | 573,406 | 537,762 | 1.50 |
| 105,150 NATIXIS SA | EUR | 574,048 | 716,281 | 2.00 |
| 24,780 PEUGEOT SA | EUR | 427,425 | 506,008 | 1.41 |
| 4,574 RUBIS | EUR | 225,098 | 295,023 | 0.82 |
| 6,004 VALEO SA | EUR | 348,379 | 332,862 | 0.93 |
| 10,909 VINCI SA | EUR | 723,145 | 906,537 | 2.53 |
| United Kingdom |  | 7,483,262 | 8,040,979 | 22.44 |
| 68,461 COMPASS GROUP | GBP | 1,208,388 | 1,217,501 | 3.40 |
| 91,408 CYBG | GBP | 332,973 | 314,905 | 0.88 |
| 93,874 DS SMITH HOLDING | GBP | 498,919 | 559,049 | 1.56 |
| 8,439 LSE GROUP | GBP | 297,774 | 413,676 | 1.15 |
| 14,462 PRUDENTIAL PLC | GBP | 278,935 | 309,040 | 0.86 |
| 65,546 RELX PLC | GBP | 1,185,108 | 1,161,551 | 3.24 |
| 11,185 SAGE GROUP | GBP | 88,763 | 80,993 | 0.23 |
| 79,667 SEGRO (REIT) | GBP | 417,550 | 586,877 | 1.64 |
| 38,581 SHAFTESBURY | GBP | 404,308 | 444,658 | 1.24 |
| 52,350 SMITH AND NEPHEW PLC | GBP | 778,146 | 833,112 | 2.33 |
| 5,847 SPIRAX-SARCO ENGIN | GBP | 309,107 | 384,268 | 1.07 |
| 26,257 UNILEVER PLC | GBP | 1,212,227 | 1,220,509 | 3.40 |
| 23,148 WH SMITH | GBP | 471,064 | 514,840 | 1.44 |
| The Netherlands |  | 1,387,127 | 1,500,736 | 4.19 |
| 36,503 CNH INDUSTRIAL NV | EUR | 331,628 | 373,791 | 1.04 |
| 1,561 EXOR REG | EUR | 95,304 | 96,064 | 0.27 |
| 4,476 NN GROUP NV | EUR | 172,330 | 177,652 | 0.50 |
| 24,881 RELX NV | EUR | 388,725 | 438,279 | 1.22 |
| 11,785 ROYAL PHILIPS ELECTRONIC | EUR | 399,140 | 414,950 | 1.16 |
| Switzerland |  | 5,010,968 | 5,203,401 | 14.52 |
| 10,078 ABB LTD REG SHS | CHF | 203,265 | 195,822 | 0.55 |
| 7,690 CLARIANT NAMEN AKT | CHF | 154,868 | 147,943 | 0.41 |
| 32,541 COCA COLA HBC NAMEN | GBP | 823,916 | 906,637 | 2.53 |
| 2,398 FLUGHAFEN ZUERICH AB | CHF | 461,110 | 417,026 | 1.16 |
| 130 GEORG FISCHER REG. | CHF | 101,226 | 134,560 | 0.38 |
| 248 GIVAUDAN SA REG.SHS | CHF | 441,975 | 460,108 | 1.28 |
| 1,640 JULIUS BAER GROUP NAMEN AKT | CHF | 87,401 | 81,229 | 0.23 |
| 3,425 LOGITECH NAMEN AKT | CHF | 75,306 | 105,609 | 0.29 |
| 4,450 LONZA GROUP (CHF) | CHF | 930,637 | 908,566 | 2.54 |
| 2,305 SCHINDLER HOLDING SA | CHF | 381,899 | 396,228 | 1.11 |
| 549 STRAUMANN HOLDING REG | CHF | 266,437 | 310,980 | 0.87 |
| 3,186 SUNRISE COMMUNICATIONS NAM.AKT | CHF | 220,172 | 208,040 | 0.58 |
| 3,194 SWISS LIFE HOLDING N-NAMEN REGISTERED | CHF | 862,756 | 930,653 | 2.59 |
| Germany |  | 4,303,044 | 4,452,889 | 12.43 |
| 529 ADIDAS NAMEN AKT | EUR | 94,711 | 107,863 | 0.30 |
| 2,447 ALLIANZ SE REG SHS | EUR | 427,772 | 480,738 | 1.34 |
| 1,162 BEIERSDORF AG | EUR | 113,330 | 109,135 | 0.30 |
| 10,204 DEUTSCHE POST AG REG SHS | EUR | 322,916 | 368,364 | 1.03 |
| 5,969 FRESENIUS MEDICAL CARE AG & CO KGAA | EUR | 468,787 | 503,067 | 1.40 |
| 5,837 FRESENIUS SE & CO KGAA | EUR | 402,560 | 369,716 | 1.03 |
| 4,402 HANNOVER RUECKVERSICHERUNG AG REG SHS | EUR | 451,798 | 513,272 | 1.43 |
| 2,383 HEIDELBERGCEMENT AG | EUR | 214,185 | 193,643 | 0.54 |
| 771 HOCHTIEF AG | EUR | 113,863 | 116,884 | 0.33 |
| 670 MUENCHENER RUECKVERSICHERUNGS AG REG SHS | EUR | 119,645 | 127,267 | 0.36 |
| 3,973 SAP AG | EUR | 324,784 | 367,185 | 1.02 |
| 8,875 SIEMENS AG REG | EUR | 1,028,609 | 937,554 | 2.63 |

Quantity	Denomination	Quotation
currency
Acquisition cost
Market value
% of net assets
| 3,848 SYMRISE AG | EUR | 220,084 | 258,201 | 0.72 |
| --- | --- | --- | --- | --- |
| Italy |  | 1,520,545 | 1,672,595 | 4.67 |
| 110,431 ENEL SPA | EUR | 558,417 | 581,751 | 1.62 |
| 345,532 INTESA SANPAOLO SPA | EUR | 962,128 | 1,090,844 | 3.05 |
| Denmark |  | 147,005 | 129,087 | 0.36 |
| 3,296 NOVO NORDISK | DKK | 147,005 | 129,087 | 0.36 |
| Spain |  | 886,560 | 1,100,847 | 3.07 |
| 10,556 AMADEUS IT -A- | EUR | 452,035 | 640,749 | 1.79 |
| 20,075 IBERDROLA S A | EUR | 121,411 | 128,801 | 0.36 |
| 20,902 REPSOL SA | EUR | 313,114 | 331,297 | 0.92 |
| Sweden |  | 1,669,318 | 1,797,337 | 5.02 |
| 22,420 BOLIDEN AB | SEK | 532,561 | 646,924 | 1.81 |
| 28,236 INVESTOR -B- FREE | SEK | 994,351 | 1,024,042 | 2.86 |
| 8,947 VOLVO AB -B- | SEK | 142,406 | 126,371 | 0.35 |
| Norway |  | 1,076,108 | 1,117,139 | 3.12 |
| 40,320 DNB | NOK | 610,733 | 627,149 | 1.75 |
| 4,795 EQUINOR | NOK | 87,974 | 101,805 | 0.28 |
| 43,352 NORSK HYDRO ASA | NOK | 213,546 | 224,217 | 0.63 |
| 8,926 TELENOR ASA | NOK | 163,855 | 163,968 | 0.46 |
| Austria |  | 996,068 | 1,072,972 | 2.99 |
| 10,591 ERSTE GROUP BANK AG | EUR | 383,278 | 429,995 | 1.20 |
| 12,485 OMV AG | EUR | 612,790 | 642,977 | 1.79 |
| Belgium |  | 1,118,142 | 1,159,395 | 3.24 |
| 1,193 GROUPE BRUXELLES LAMBERT GBL | EUR | 113,471 | 113,287 | 0.32 |
| 14,449 KBC GROUPE SA | EUR | 1,004,671 | 1,046,108 | 2.92 |
| Ireland |  | 551,312 | 573,955 | 1.60 |
| 2,833 CRH PLC | EUR | 90,389 | 83,602 | 0.23 |
| 5,803 KERRY GROUP -A- | EUR | 460,923 | 490,353 | 1.37 |
| Finland |  | 469,145 | 748,429 | 2.09 |
| 6,088 NESTE | EUR | 211,121 | 425,552 | 1.19 |
| 6,143 STORA ENSO -R- | EUR | 88,142 | 100,960 | 0.28 |
| 7,477 UPM KYMMENE CORP | EUR | 169,882 | 221,917 | 0.62 |
| Shares/Units of UCITS/UCIS |  | 200,161 | 195,613 | 0.55 |
| Shares |  | 200,161 | 195,613 | 0.55 |
| Luxembourg |  | 200,161 | 195,613 | 0.55 |
| 42,337 B M EUROPEAN VALUE RETAIL | GBP | 200,161 | 195,613 | 0.55 |
| Total Investments |  | 32,485,982 | 35,543,054 | 99.21 |
| Cash Net |  |  | 193,957 | 0.54 |
| Other Assets/(Liabilities) |  |  | 89,430 | 0.25 |
| Total Net Assets |  |  | 35,826,441 | 100.00 |

|  | Geographic allocation of portfolio |  |
| --- | --- | --- |
|  | % of portfolio |
| United Kingdom |  | 22.62 |
| France |  | 19.07 |
| Switzerland |  | 14.64 |
| Germany |  | 12.53 |
| Sweden |  | 5.06 |
| Italy |  | 4.71 |
| The Netherlands |  | 4.22 |
| Belgium |  | 3.26 |
| Norway |  | 3.14 |
| Spain |  | 3.10 |
| Austria |  | 3.02 |
| Finland |  | 2.11 |
| Ireland |  | 1.61 |
| Luxembourg |  | 0.55 |
| Denmark |  | 0.36 |
|  |  | 100.00 |

Statement of Operations and Changes in Net Assets from 1 November 2017 to 30 April 2018
Expressed in EUR
| Income |  | 411,295 |
| --- | --- | --- |
| Dividends income, Net |  | 411,295 |
| Expenses |  | 256,094 |
| Investment management fees | Note 3 | 211,853 |
| Depositary fees | Note 5 | 892 |
| Taxe d'abonnement | Note 7a | 6,176 |
| Domiciliary, administrative and transfer agency fees | Note 5 | 10,195 |
| Professional fees |  | 4,009 |
| Bank charges |  | 488 |
| Transaction costs | Note 2g | 22,269 |
| Sundry expenses |  | 212 |
| Net income from investments |  | 155,201 |
| Net Realised gain / (loss) on: - Sales of investments | Note 2d | 1,292,431 |
| - Foreign exchange | Note 2c | (317,171) |
| Net realised profit |  | 1,130,461 |
| Movement in net unrealised appreciation / (depreciation) on: - Investments |  | (1,943,650) |
| Decrease in net assets as a result of operations |  | (813,189) |
| Subscription capitalisation shares |  | 2,452,341 |
| Redemption capitalisation shares |  | (17,973,805) |
| Decrease in net assets |  | (16,334,653) |
| Net assets at the beginning of the period |  | 52,161,094 |
| Net assets at the end of the period |  | 35,826,441 |

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

Translation (ENDE, 2018-04-30):
# - Trend Dynamics Europe
### Nettovermögensaufstellung zum 30.04.2018
Bilanz zum 30.04.2018
Ausgedrückt in EUR
| Aktiva |  | 35.892.352 |
| --- | --- | --- |
| Wertpapierbestand zum Marktwert | Erläut. 2b | 35.543.054 |
| Kosten für	Anschaffung |  | 32.485.982 |
| Bankguthaben |  | 193.957 |
| Forderungen aus Zeichnungen |  | 194 |
| Forderungen aus Dividenden |  | 155.147 |
| Passiva |  | 65.911 |
| Verbindlichkeiten aus Rücknahmen |  | 26.871 |
| Verbindlichkeiten aus Verwaltungs- und Administrationsgebühren |  | 32.850 |
| Sonstige Verbindlichkeiten |  | 6.190 |
| Nettovermögen |  | 35.826.441 |

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 Thesaurierende Anteile | 23.744,05 | 97,88 | 11.407,37 | 12.434,56 |
| --- | --- | --- | --- | --- |
| Anteile mit Ausschüttung | 0,00 | 0,00 | 0,00 | 0,00 |
| R Anteile EUR Thesaurierende Anteile | 217.279,43 | 21.225,58 | 44.758,16 | 193.746,85 |
| Anteile mit Ausschüttung | 0,00 | 0,00 | 0,00 | 0,00 |

Statistische Angaben
|  | Ende der Periode am: | 30.04.2018 | 31.10.2017 | 31.10.2016 |
| --- | --- | --- | --- | --- |
| Gesamtvermögen | EUR | 35.826.441 | 52.161.094 | 9.695.105 |

| I Anteile EUR | EUR | EUR | EUR |
| --- | --- | --- | --- |
| Thesaurierende Anteile Anzahl Anteile | 12.434,56 | 23.744,05 | 9.700,00 |
| Nettoinventarwert je Anteil | 1.138,97 | 1.154,92 | 969,64 |

Anteile mit Ausschüttung
Anzahl Anteile	-	-	100,00
Nettoinventarwert je Anteil Dividende per Anteil
-	-
-	20,01
968,68
-
Statistische Angaben
|  | Ende der Periode am: | 30.04.2018 | 31.10.2017 | 31.10.2016 |
| --- | --- | --- | --- | --- |
| Gesamtvermögen | EUR | 35.826.441 | 52.161.094 | 9.695.105 |

| R Anteile EUR | EUR | EUR | EUR |
| --- | --- | --- | --- |
| Thesaurierende Anteile Anzahl Anteile | 193.746,85 | 217.279,43 | 1.000,00 |
| Nettoinventarwert je Anteil | 111,82 | 113,86 | 96,41 |

Anteile mit Ausschüttung
Anzahl Anteile	-	-	1.000,00
Nettoinventarwert je Anteil Dividende per Anteil
-	-
-	1,70
96,28
-
| 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	 32.285.820	35.347.441	98,66 |
| Aktien |  | 32.285.820 | 35.347.441 | 98,66 |
| Frankreich |  | 5.667.216 | 6.777.680 | 18,92 |
| 857 AIR LIQUIDE SA | EUR | 87.086 | 92.599 | 0,26 |
| 17.406 AXA SA | EUR | 418.586 | 412.870 | 1,15 |
| 5.198 BOUYGUES | EUR | 221.821 | 219.616 | 0,61 |
| 4.207 CAPGEMINI SE | EUR | 330.089 | 479.598 | 1,34 |
| 6.854 CNP ASSURANCES | EUR | 118.996 | 145.579 | 0,41 |
| 7.310 DASSAULT SYSTEMES SA | EUR | 539.076 | 783.997 | 2,19 |
| 1.115 HERMES INTERNATIONAL SA | EUR | 435.911 | 597.417 | 1,67 |
| 2.051 ICADE SA | EUR | 153.626 | 168.900 | 0,47 |
| 2.930 L'OREAL SA | EUR | 490.524 | 582.631 | 1,63 |
| 4.614 MICHELIN SA REG SHS | EUR | 573.406 | 537.762 | 1,50 |
| 105.150 NATIXIS SA | EUR | 574.048 | 716.281 | 2,00 |
| 24.780 PEUGEOT SA | EUR | 427.425 | 506.008 | 1,41 |
| 4.574 RUBIS | EUR | 225.098 | 295.023 | 0,82 |
| 6.004 VALEO SA | EUR | 348.379 | 332.862 | 0,93 |
| 10.909 VINCI SA | EUR | 723.145 | 906.537 | 2,53 |
| Großbritannien |  | 7.483.262 | 8.040.979 | 22,44 |
| 68.461 COMPASS GROUP | GBP | 1.208.388 | 1.217.501 | 3,40 |
| 91.408 CYBG | GBP | 332.973 | 314.905 | 0,88 |
| 93.874 DS SMITH HOLDING | GBP | 498.919 | 559.049 | 1,56 |
| 8.439 LSE GROUP | GBP | 297.774 | 413.676 | 1,15 |
| 14.462 PRUDENTIAL PLC | GBP | 278.935 | 309.040 | 0,86 |
| 65.546 RELX PLC | GBP | 1.185.108 | 1.161.551 | 3,24 |
| 11.185 SAGE GROUP | GBP | 88.763 | 80.993 | 0,23 |
| 79.667 SEGRO (REIT) | GBP | 417.550 | 586.877 | 1,64 |
| 38.581 SHAFTESBURY | GBP | 404.308 | 444.658 | 1,24 |
| 52.350 SMITH AND NEPHEW PLC | GBP | 778.146 | 833.112 | 2,33 |
| 5.847 SPIRAX-SARCO ENGIN | GBP | 309.107 | 384.268 | 1,07 |
| 26.257 UNILEVER PLC | GBP | 1.212.227 | 1.220.509 | 3,40 |
| 23.148 WH SMITH | GBP | 471.064 | 514.840 | 1,44 |
| Niederlande |  | 1.387.127 | 1.500.736 | 4,19 |
| 36.503 CNH INDUSTRIAL NV | EUR | 331.628 | 373.791 | 1,04 |
| 1.561 EXOR REG | EUR | 95.304 | 96.064 | 0,27 |
| 4.476 NN GROUP NV | EUR | 172.330 | 177.652 | 0,50 |
| 24.881 RELX NV | EUR | 388.725 | 438.279 | 1,22 |
| 11.785 ROYAL PHILIPS ELECTRONIC | EUR | 399.140 | 414.950 | 1,16 |
| Schweiz |  | 5.010.968 | 5.203.401 | 14,52 |
| 10.078 ABB LTD REG SHS | CHF | 203.265 | 195.822 | 0,55 |
| 7.690 CLARIANT NAMEN AKT | CHF | 154.868 | 147.943 | 0,41 |
| 32.541 COCA COLA HBC NAMEN | GBP | 823.916 | 906.637 | 2,53 |
| 2.398 FLUGHAFEN ZUERICH AB | CHF | 461.110 | 417.026 | 1,16 |
| 130 GEORG FISCHER REG. | CHF | 101.226 | 134.560 | 0,38 |
| 248 GIVAUDAN SA REG.SHS | CHF | 441.975 | 460.108 | 1,28 |
| 1.640 JULIUS BAER GROUP NAMEN AKT | CHF | 87.401 | 81.229 | 0,23 |
| 3.425 LOGITECH NAMEN AKT | CHF | 75.306 | 105.609 | 0,29 |
| 4.450 LONZA GROUP (CHF) | CHF | 930.637 | 908.566 | 2,54 |
| 2.305 SCHINDLER HOLDING SA | CHF | 381.899 | 396.228 | 1,11 |
| 549 STRAUMANN HOLDING REG | CHF | 266.437 | 310.980 | 0,87 |
| 3.186 SUNRISE COMMUNICATIONS NAM.AKT | CHF | 220.172 | 208.040 | 0,58 |
| 3.194 SWISS LIFE HOLDING N-NAMEN REGISTERED | CHF | 862.756 | 930.653 | 2,59 |
| Deutschland |  | 4.303.044 | 4.452.889 | 12,43 |
| 529 ADIDAS NAMEN AKT | EUR | 94.711 | 107.863 | 0,30 |
| 2.447 ALLIANZ SE REG SHS | EUR | 427.772 | 480.738 | 1,34 |
| 1.162 BEIERSDORF AG | EUR | 113.330 | 109.135 | 0,30 |
| 10.204 DEUTSCHE POST AG REG SHS | EUR | 322.916 | 368.364 | 1,03 |
| 5.969 FRESENIUS MEDICAL CARE AG & CO KGAA | EUR | 468.787 | 503.067 | 1,40 |
| 5.837 FRESENIUS SE & CO KGAA | EUR | 402.560 | 369.716 | 1,03 |
| 4.402 HANNOVER RUECKVERSICHERUNG AG REG SHS | EUR | 451.798 | 513.272 | 1,43 |
| 2.383 HEIDELBERGCEMENT AG | EUR | 214.185 | 193.643 | 0,54 |
| 771 HOCHTIEF AG | EUR | 113.863 | 116.884 | 0,33 |
| 670 MUENCHENER RUECKVERSICHERUNGS AG REG SHS | EUR | 119.645 | 127.267 | 0,36 |
| 3.973 SAP AG | EUR | 324.784 | 367.185 | 1,02 |
| 8.875 SIEMENS AG REG | EUR | 1.028.609 | 937.554 | 2,63 |

Menge/
| 3.848 SYMRISE AG | EUR | 220.084 | 258.201 | 0,72 |
| --- | --- | --- | --- | --- |
| Italien |  | 1.520.545 | 1.672.595 | 4,67 |
| 110.431 ENEL SPA | EUR | 558.417 | 581.751 | 1,62 |
| 345.532 INTESA SANPAOLO SPA | EUR | 962.128 | 1.090.844 | 3,05 |
| Dänemark |  | 147.005 | 129.087 | 0,36 |
| 3.296 NOVO NORDISK | DKK | 147.005 | 129.087 | 0,36 |
| Spanien |  | 886.560 | 1.100.847 | 3,07 |
| 10.556 AMADEUS IT -A- | EUR | 452.035 | 640.749 | 1,79 |
| 20.075 IBERDROLA S A | EUR | 121.411 | 128.801 | 0,36 |
| 20.902 REPSOL SA | EUR | 313.114 | 331.297 | 0,92 |
| Schweden |  | 1.669.318 | 1.797.337 | 5,02 |
| 22.420 BOLIDEN AB | SEK | 532.561 | 646.924 | 1,81 |
| 28.236 INVESTOR -B- FREE | SEK | 994.351 | 1.024.042 | 2,86 |
| 8.947 VOLVO AB -B- | SEK | 142.406 | 126.371 | 0,35 |
| Norwegen |  | 1.076.108 | 1.117.139 | 3,12 |
| 40.320 DNB | NOK | 610.733 | 627.149 | 1,75 |
| 4.795 EQUINOR | NOK | 87.974 | 101.805 | 0,28 |
| 43.352 NORSK HYDRO ASA | NOK | 213.546 | 224.217 | 0,63 |
| 8.926 TELENOR ASA | NOK | 163.855 | 163.968 | 0,46 |
| Österreich |  | 996.068 | 1.072.972 | 2,99 |
| 10.591 ERSTE GROUP BANK AG | EUR | 383.278 | 429.995 | 1,20 |
| 12.485 OMV AG | EUR | 612.790 | 642.977 | 1,79 |
| Belgien |  | 1.118.142 | 1.159.395 | 3,24 |
| 1.193 GROUPE BRUXELLES LAMBERT GBL | EUR | 113.471 | 113.287 | 0,32 |
| 14.449 KBC GROUPE SA | EUR | 1.004.671 | 1.046.108 | 2,92 |
| Irland |  | 551.312 | 573.955 | 1,60 |
| 2.833 CRH PLC | EUR | 90.389 | 83.602 | 0,23 |
| 5.803 KERRY GROUP -A- | EUR | 460.923 | 490.353 | 1,37 |
| Finnland |  | 469.145 | 748.429 | 2,09 |
| 6.088 NESTE | EUR | 211.121 | 425.552 | 1,19 |
| 6.143 STORA ENSO -R- | EUR | 88.142 | 100.960 | 0,28 |
| 7.477 UPM KYMMENE CORP | EUR | 169.882 | 221.917 | 0,62 |
| Aktien/Anteile aus OGAW/OGA |  | 200.161 | 195.613 | 0,55 |
| Aktien |  | 200.161 | 195.613 | 0,55 |
| Luxemburg |  | 200.161 | 195.613 | 0,55 |
| 42.337 B M EUROPEAN VALUE RETAIL | GBP | 200.161 | 195.613 | 0,55 |
| Summe Anlagen |  | 32.485.982 | 35.543.054 | 99,21 |
| Barmittel |  |  | 193.957 | 0,54 |
| Sonstige Vermögenswerte/-Verbindlichkeiten |  |  | 89.430 | 0,25 |
| Summe Nettovermögen |  |  | 35.826.441 | 100,00 |

Nennwert	Bezeichnung	Währung
Kosten für Anschaffung
Marktwert		% des Nettoverm.

### Geografische Allokation des Portfolios
| Großbritannien | % des Nettovermögens 22,62 |
| --- | --- |
| Frankreich | 19,07 |
| Schweiz | 14,64 |
| Deutschland | 12,53 |
| Schweden | 5,06 |
| Italien | 4,71 |
| Niederlande | 4,22 |
| Belgien | 3,26 |
| Norwegen | 3,14 |
| Spanien | 3,10 |
| Österreich | 3,02 |
| Finnland | 2,11 |
| Irland | 1,61 |
| Luxemburg | 0,55 |
| Dänemark | 0,36 |


###### 	100,00
Ertrags- und Aufwandsrechnung und Veränderung des Nettovermögens vom 01.11.2017 bis 30.04.2018
Ausgedrückt in EUR
| Erträge |  | 411.295 |
| --- | --- | --- |
| Dividendenertrag (netto) |  | 411.295 |
| Ausgaben |  | 256.094 |
| Verwaltungs- und Beratergebühren | Erläut. 3 | 211.853 |
| Verwahrstellengebühr | Erläut. 5 | 892 |
| Taxe d'abonnement | Erläut. 7a | 6.176 |
| Domizilstellen-, Verwaltungsstellen- und Transferstellengebühren | Erläut. 5 | 10.195 |
| Honorare |  | 4.009 |
| Bankgebühren |  | 488 |
| Transaktionskosten | Erläut. 2g | 22.269 |
| Sonstige Aufwendungen |  | 212 |
| Erträge aus Anlagen |  | 155.201 |
| Realisierter Nettogewinn / -verlust aus: - Verkauf von Anlagen | Erläut. 2d | 1.292.431 |
| - Devisengeschäften | Erläut. 2c | -317.171 |
| Realisierter Nettogewinn |  | 1.130.461 |
| Veränderung des nicht realisierten Nettogewinns / -verlustes aus: - Anlagen |  | -1.943.650 |
| Nettovermögensabnahme durch Geschäftstätigkeit |  | -813.189 |
| Zeichnungen kummulativer Anteile |  | 2.452.341 |
| Rücknahmen kummulativer Anteile |  | -17.973.805 |
| Verminderung des Nettovermögens |  | -16.334.653 |
| Nettovermögen zu Beginn der Periode |  | 52.161.094 |
| Nettovermögen am Ende der Periode |  | 35.826.441 |

Die beiliegenden Erläuterungen sind integraler Bestandteil dieses Berichtes
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