# OYSTER
## - Sustainable Europe

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

#### Statement of net assets as at 31/12/2021
Expressed in EUR
| Assets |  | 214,232,925.57 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 212,297,735.80 |
| Unrealised profit on the securities portfolio |  | 10,658,936.37 |
| Cash at banks and liquidities |  | 1,078,403.99 |
| Brokers receivable |  | 160,302.29 |
| Subscriptions receivable |  | 5,238.51 |
| Dividends receivable | Note 2 | 160,084.42 |
| Unrealised profit on forward foreign exchange contracts | Note 2 | 12,410.33 |
| Other assets |  | 518,750.23 |
| Liabilities |  | 342,150.69 |
| Redemptions payable | Note 2 | 10,130.30 |
| Management fees payable | Note 3 | 245,550.15 |
| Other liabilities |  | 86,470.24 |
| Net asset value |  | 213,890,774.88 |


#### Statement of operations and changes in net assets from 01/01/2021 to 31/12/2021
Expressed in EUR
| Income |  | 3,924,669.25 |
| --- | --- | --- |
| Net dividends | Note 2 | 3,924,358.14 |
| Bank interest on cash account |  | 311.11 |
| Expenses |  | 4,503,202.41 |
| Management fees and Management Company fees | Note 3 | 2,736,719.78 |
| Depositary fees | Note 6 | 26,352.99 |
| Taxe d'abonnement | Note 5 | 81,768.93 |
| Administrative expenses | Note 3 | 387,332.27 |
| Bank interest |  | 39,538.01 |
| Legal fees |  | 46,833.10 |
| Transaction fees | Note 8 | 800,603.80 |
| Other expenses | Note 10 | 384,053.53 |
| Net loss from investments |  | (578,533.16) |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 37,051,318.16 |
| - forward foreign exchange contracts | Note 2 | 406,673.13 |
| - foreign exchange | Note 2 | 2,228,981.12 |
| Net realised profit |  | 39,108,439.25 |
| Movement in net unrealised appreciation / depreciation on: - investments |  | (5,374,074.28) |
| - forward foreign exchange contracts |  | 30,920.64 |
| Increase in net assets as a result of operations |  | 33,765,285.61 |
| Dividends paid | Note 9 | (34,717.34) |
| Subscription capitalisation shares |  | 56,714,000.33 |
| Subscription distribution shares |  | 63,063.78 |
| Redemption capitalisation shares |  | (27,609,770.04) |
| Redemption distribution shares |  | (6,801.72) |
| Increase in net assets |  | 62,891,060.62 |
| Net assets at the beginning of the year |  | 150,999,714.26 |
| Net assets at the end of the year |  | 213,890,774.88 |

| Year ending as at: | 31/12/2021 | 31/12/2020 | 31/12/2019 |
| --- | --- | --- | --- |
| EUR | 213,890,774.88 | 150,999,714.26 | 215,804,524.38 |


#### Statistics
Total Net Assets
| C - CHF - HP - Capitalisation Number of shares |  | 16,854.883 | 11,378.883 | 11,513.883 |
| --- | --- | --- | --- | --- |
| Net asset value per share | CHF | 337.31 | 283.89 | 260.34 |
| C - EUR - Capitalisation Number of shares |  | 42,202.362 | 42,879.057 | 75,960.862 |
| Net asset value per share | EUR | 349.97 | 293.41 | 268.62 |
| C - EUR 2 - Capitalisation Number of shares |  | 110,758.111 | 125,832.889 | 190,959.618 |
| Net asset value per share | EUR | 596.93 | 500.45 | 458.16 |
| C - USD - HP - Capitalisation Number of shares |  | 8,034.909 | 9,110.075 | 16,708.188 |
| Net asset value per share | USD | 280.52 | 233.54 | 209.91 |
| I - EUR - Capitalisation Number of shares |  | 26,040.638 | 3,350.626 | 1,519.751 |
| Net asset value per share | EUR | 1,927.91 | 1,601.42 | 1,451.52 |
| I - EUR - Distribution Number of shares |  | 3,139.000 | 3,103.000 | 32,875.390 |
| Net asset value per share | EUR | 1,765.18 | 1,475.76 | 1,347.40 |
| I - USD - HP - Capitalisation Number of shares |  | 0.000 | 0.000 | 45.143 |
| Net asset value per share | USD | 0.00 | 0.00 | 1,228.05 |
| N - EUR - Capitalisation Number of shares |  | 3,878.999 | 3,912.737 | 714.021 |
| Net asset value per share | EUR | 227.29 | 191.51 | 176.20 |
| N - EUR 2 - Capitalisation Number of shares |  | 37,865.026 | 41,233.439 | 45,036.166 |
| Net asset value per share | EUR | 423.93 | 357.19 | 328.65 |
| P - EUR - Capitalisation Number of shares |  | 500.000 | 500.000 | 0.000 |
| Net asset value per share | EUR | 1,315.21 | 1,099.48 | 0.00 |
| R - EUR - Capitalisation Number of shares |  | 19,679.089 | 20,332.839 | 19,868.833 |
| Net asset value per share | EUR | 2,610.85 | 2,172.51 | 1,974.07 |
| R - GBP - HP- Capitalisation Number of shares |  | 541.561 | 1,673.668 | 4,357.376 |
| Net asset value per share | GBP | 340.14 | 282.40 | 258.12 |
| Z - EUR - Capitalisation Number of shares |  | 476.637 | 44.637 | 0.000 |
| Net asset value per share | EUR | 1,265.14 | 1,041.86 | 0.00 |


#### 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 - CHF - HP - Capitalisation	11,378.883	13,217.000	7,741.000	16,854.883

#### 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 | 42,879.057 | 11,009.182 | 11,685.877 | 42,202.362 |
| C - EUR 2 - Capitalisation | 125,832.889 | 4,388.336 | 19,463.114 | 110,758.111 |
| C - USD - HP - Capitalisation | 9,110.075 | 924.834 | 2,000.000 | 8,034.909 |
| I - EUR - Capitalisation | 3,350.626 | 25,157.317 | 2,467.305 | 26,040.638 |
| I - EUR - Distribution | 3,103.000 | 40.000 | 4.000 | 3,139.000 |
| N - EUR - Capitalisation | 3,912.737 | 51.693 | 85.431 | 3,878.999 |
| N - EUR 2 - Capitalisation | 41,233.439 | 2,457.971 | 5,826.384 | 37,865.026 |
| P - EUR - Capitalisation | 500.000 | 0.000 | 0.000 | 500.000 |
| R - EUR - Capitalisation | 20,332.839 | 457.031 | 1,110.781 | 19,679.089 |
| R - GBP - HP- Capitalisation | 1,673.668 | 1.523 | 1,133.630 | 541.561 |
| Z - EUR - Capitalisation | 44.637 | 432.000 | 0.000 | 476.637 |

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
201,638,799.43
212,297,735.80	99.26
| Shares |  | 201,638,799.43 | 212,297,735.80 | 99.26 |
| --- | --- | --- | --- | --- |
|  | Canada | 12,985,611.38 | 13,137,530.78 | 6.14 |
| 1,500,000 LI-CYCLE HOLDINGS CORP. | USD | 12,985,611.38 | 13,137,530.78 | 6.14 |
| Chile |  | 7,994,760.16 | 8,869,152.30 | 4.15 |
| 200,000 SOQUIMICH SPONSORED ADR REPR 1 -B- PREF | USD | 7,994,760.16 | 8,869,152.30 | 4.15 |
| Finland |  | 8,929,805.72 | 9,528,103.74 | 4.45 |
| 590,341 STORA ENSO -R- | EUR | 8,929,805.72 | 9,528,103.74 | 4.45 |
| France	 70,752,336.11 | 72,830,685.00 | 34.05 |
| 270,000 ALSTOM SA | EUR | 9,878,246.70 | 8,429,400.00 | 3.94 |
| 330,000 BOUYGUES SA | EUR | 11,623,510.12 | 10,391,700.00 | 4.86 |
| 165,000 CIE DE SAINT-GOBAIN | EUR | 9,898,607.00 | 10,208,550.00 | 4.77 |
| 184,000 DANONE SA | EUR | 10,739,255.25 | 10,044,560.00 | 4.70 |
| 40,000 ESSILORLUXOTTICA SA | EUR | 5,495,124.09 | 7,489,600.00 | 3.50 |
| 1,365,000 EUTELSAT COMMUNICATIONS SA | EUR | 14,966,977.49 | 14,653,275.00 | 6.85 |
| 360,000 VEOLIA ENVIRONNEMENT SA | EUR | 8,150,615.46 | 11,613,600.00 | 5.43 |
| Germany |  | 4,541,055.61 | 8,399,000.00 | 3.93 |
| 37,000 MERCK KGAA | EUR | 4,541,055.61 | 8,399,000.00 | 3.93 |
| Italy |  | 11,595,995.09 | 10,216,700.00 | 4.78 |
| 1,450,000 ENEL SPA | EUR | 11,595,995.09 | 10,216,700.00 | 4.78 |
| Luxembourg |  | 18,289,543.95 | 14,996,170.00 | 7.01 |
| 1,415,000 INPOST SA | EUR | 18,289,543.95 | 14,996,170.00 | 7.01 |
| Norway |  | 10,239,485.46 | 10,260,396.98 | 4.80 |
| 3,840,000 ELOPAK ASA | NOK | 10,239,485.46 | 10,260,396.98 | 4.80 |
| Sweden |  | 5,533,603.49 | 6,397,265.93 | 2.99 |
| 575,000 ELEKTA INSTRUMENT -B- FREE | SEK | 5,533,603.49 | 6,397,265.93 | 2.99 |
| The Netherlands |  | 40,574,364.72 | 47,310,480.00 | 22.12 |
| 83,000 AALBERTS N.V. | EUR | 3,403,507.32 | 4,835,580.00 | 2.26 |
| 175,000 ACCELL GROUP NV | EUR | 6,834,384.51 | 8,400,000.00 | 3.93 |
| 1,350,000 ARISTON HOLDING N.V. | EUR | 13,837,500.00 | 13,689,000.00 | 6.40 |
| 510,000 CNH INDUSTRIAL NV | EUR | 5,970,741.15 | 8,705,700.00 | 4.07 |
| 700,000 STELLANTIS N.V.-BEARER & REGISTERED SHS | EUR | 10,528,231.74 | 11,680,200.00 | 5.46 |
| United Kingdom |  | 10,202,237.74 | 10,352,251.07 | 4.84 |
| 4,500,000 CONVATEC GROUP REGD | GBP | 10,202,237.74 | 10,352,251.07 | 4.84 |
| Total securities portfolio |  | 201,638,799.43 | 212,297,735.80 | 99.26 |
| Cash at bank/(bank liabilities) |  |  | 1,078,403.99 | 0.50 |
| Other net assets/(liabilities) |  |  | 514,635.09 | 0.24 |
| Total net assets |  |  | 213,890,774.88 | 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 |