Odey Investments plc. (an umbrella fund with segregated liability between sub-funds) Interim Report and Unaudited Financial Statements

Transcription

1 (an umbrella fund with segregated liability between sub-funds) Interim Report and Unaudited Financial Statements

2 Table of contents Page Company information 4 Odey Odyssey Fund - Investment Manager s report 5 - Unaudited statement of position 7 - Unaudited statement of comprehensive income 8 - Unaudited statement of changes in net assets attributable to holders of redeemable participating shares 9 - Unaudited statement of cash flows 10 - Schedule of investments 11 - Statement of significant portfolio changes 14 Odey Giano Fund - Investment Manager s report 15 - Unaudited statement of position 17 - Unaudited statement of comprehensive income 18 - Unaudited statement of changes in net assets attributable to holders of redeemable participating shares 19 - Unaudited statement of cash flows 20 - Schedule of investments 21 - Statement of significant portfolio changes 26 Odey Orion Fund - Investment Manager s report 27 - Unaudited statement of position 28 - Unaudited statement of comprehensive income 29 - Unaudited statement of changes in net assets attributable to holders of redeemable participating shares 30 - Unaudited statement of cash flows 31 - Statement of significant portfolio changes 32 Odey Naver Fund - Investment Manager s report 33 - Unaudited statement of position 35 - Unaudited statement of comprehensive income 36 - Unaudited statement of changes in net assets attributable to holders of redeemable participating shares 37 - Unaudited statement of cash flows 38 - Schedule of investments 39 - Statement of significant portfolio changes 44 Odey Swan Fund - Investment Manager s report 45 - Unaudited statement of position 47 - Unaudited statement of comprehensive income 48 - Unaudited statement of changes in net assets attributable to holders of redeemable participating shares 49 - Unaudited statement of cash flows 50 - Schedule of investments 51 - Statement of significant portfolio changes 61 Odey European Absolute Return Fund - Investment Manager s report 62 - Unaudited statement of position 64 - Unaudited statement of comprehensive income 65 - Unaudited statement of changes in net assets attributable to holders of redeemable participating shares 66 - Unaudited statement of cash flows 67 - Schedule of investments 68 - Statement of significant portfolio changes 73 Odey Atlas Fund - Investment Manager s report 74 - Unaudited statement of position 76 - Unaudited statement of comprehensive income 77 - Unaudited statement of changes in net assets attributable to holders of redeemable participating shares 78 - Unaudited statement of cash flows 79 - Schedule of investments 80 - Statement of significant portfolio changes 83 2

3 Table of contents (continued) Page Odey European Focus Absolute Return Fund - Investment Manager s report 85 - Unaudited statement of position 87 - Unaudited statement of comprehensive income 98 - Unaudited statement of changes in net assets attributable to holders of redeemable participating shares 89 - Unaudited statement of cash flows 90 - Schedule of investments 91 - Statement of significant portfolio changes 96 Odey Investments plc - Unaudited statement of position 97 - Unaudited statement of comprehensive income 98 - Unaudited statement of changes in net assets attributable to holders of redeemable participating shares 99 - Unaudited statement of cash flows 100 Notes to the unaudited statements 101 Supplemental information 145 3

4 The offering of the shares of the Odey Atlas Fund has not been notified to the German Financial Services Supervisory Authority in accordance with Section 310 of the Investment Code (Kapitalanlagegesetzbuch). Shares of the Odey Atlas Fund may not be offered to investors in the Federal Republic of Germany.

5 Company information Directors of the Company Andrew Bates (Irish) (Independent) Frank Ennis (Irish) (Independent) Tim Pearey (British) Tom Richards (British) (alternate to Tim Pearey) All Directors are non-executive Registered Office Investment Manager, Global Distributor Administrator and Registrar Independent Auditor Depositary Company Secretary Legal Advisors (In Ireland) Legal Advisors (In England) Company number 33 Sir John Rogerson s Quay Dublin 2 Ireland Odey Asset Management LLP 12 Upper Grosvenor Street London W1K 2ND England Quintillion Limited City Quay Dublin 2 Ireland Deloitte Chartered Accountants and Statutory Audit Firm Deloitte & Touche House Earlsfort Terrace Dublin 2 Ireland J.P. Morgan Bank (Ireland) plc J.P. Morgan House International Financial Services Centre Dublin 1 Ireland Tudor Trust Limited 33 Sir John Rogerson s Quay Dublin 2 Ireland Dillon Eustace 33 Sir John Rogerson s Quay Dublin 2 Ireland Simmons & Simmons City Point One Ropemaker Street London EC2Y 9SS England (Registered in Ireland) 4

6 Investment Manager s Report Odey Odyssey Fund For the period 31-Dec-15 to 30-Jun-16 Share Class Performance Share Class Launch Date 31-Dec Jun-16 Return % USD I Class 17-Oct USD R Class 24-Apr GBP I Class 17-Oct GBP R Class 14-Oct EUR I Class 16-Mar EUR R Class 08-May *Performance figures are presented net of fees Summary From 31st December 2015 to 30th June 2016 ( the period ), the Odey Odyssey Fund returned % (based on the principal share class - $ I class) against the HFRX Macro: Multi-Strategy Index return of +1.16%. Positive returns over the period from an asset class perspective came from Commodities (+0.46%) and Fixed Income (+0.29%). These were however outweighed by negative returns, predominantly from Equities including Equity Index Derivatives (-9.91%). Within the equity strategy the Financials (-0.88%) and Energy (-0.42%) sectors were the worst performers. From a country perspective, the most significant detractors were Hong Kong (-1.50%) and Luxembourg (- 1.08%). Performance Attribution over the period for the principal share class % Equity Index Derivatives Equity Interest Rate Futures Fixed Income Commodities 5

7 Investment Manager s Report Odey Odyssey Fund (continued) Performance Attribution by Geography over the period for the principal share class % Other Europe Hong Kong Luxembourg US Japan France Germany Greece UK Spain Switzerland Norway China Ireland South Korea Italy Other Asset Allocation as at 30-Jun-16 European Equities -32.1% Government Bonds 30.1% -60% -40% -20% 0% 20% 40% 60% The Fund Manager s latest market views and commentary is available from the monthly report available at 6

8 Odey Odyssey Fund Unaudited statement of position As at 30 June June December 2015 Notes USD USD Assets Financial assets at fair value through profit or loss 3 - Transferable securities 181,877, ,613,417 - Collective investment schemes ( CIS ) - 29,793,930 - Financial derivative instruments 322,375 4,273,844 Spot contracts 146,263 - Cash and cash equivalents 4 109,330,467 78,501,973 Dividends receivable - 9,549 Interest receivable - 397,993 Securities sold receivable 468,036 - Subscriptions receivable 6,574,932 2,774,210 Other assets 4,079 4,928 Total assets 298,723, ,369,844 Liabilities Financial liabilities at fair value through profit or loss 3 - Financial derivative instruments 25,129,148 7,144,323 Spot contracts 14,866 - Redemptions payable 1,076,240 8,533,708 Investment management fee 5 179, ,422 Audit fee 10 5,153 15,889 Depositary fee 8 17,095 18,074 Administration fee 7 15,622 18,402 Withholding tax due on US dividends 138, ,812 Directors fee Other expenses 54,213 58,723 Total liabilities (excluding net assets attributable to holders of redeemable participating shares) 26,631,161 16,143,353 Net assets attributable to holders of redeemable participating shares 272,092, ,226,491 Number of redeemable participating shares in issue 12 Euro I Class 445, , Euro R Class 2, , GBP I Class 1,146, , GBP M Class 20, , GBP R Class 10, , USD I Class 131, , USD R Class 22, , Net asset value per redeemable participating share 16 Euro I Class Euro R Class GBP I Class GBP M Class GBP R Class USD I Class $ $ USD R Class $96.36 $

9 Odey Odyssey Fund Unaudited statement of comprehensive income 30 June June 2015 Note USD USD Investment income Dividend income 9 1,678,402 Withholding tax on dividends - (287,739) Interest income 148, ,323 Other income 104,303 2,124 Interest expense (291,668) (171,653) Transaction costs (532,135) (407,690) Net (loss)/gain on assets and liabilities at fair value through profit or loss and foreign exchange 3 (49,655,269) 32,680,096 Total investment (loss)/income (50,226,232) 33,989,863 Operating Expenses Investment management fees 5 1,130,512 1,077,498 Performance fees 6-6,051,413 Administration fees 7 97, ,183 Depositary fees 8 44,746 35,177 Audit fees 10 7,922 2,602 Directors' fees 9 6,594 6,874 Other expenses 132,849 62,465 Total operating expenses 1,420,543 7,336,212 (Decrease)/increase in net assets attributable to holders of redeemable participating shares from continuing operations (51,646,775) 26,653,651 8

10 Odey Odyssey Fund Unaudited statement of changes in net assets attributable to holders of redeemable participating shares 30 June June 2015 USD USD Net assets attributable to holders of redeemable participating shares at the start of the period 316,226, ,341,468 (Decrease)/increase in net assets attributable to holders of redeemable participating shares from continuing operations (51,646,775) 26,653,651 Issue of redeemable participating shares 105,630, ,940,593 Redemption of redeemable participating shares (98,117,488) (24,651,229) Net assets attributable to holders of redeemable participating shares at the end of the period 272,092, ,284,483 9

11 Odey Odyssey Fund Unaudited statement of cash flows 30 June June 2015 USD USD Cash flow from operating activities (Decrease)/increase in net assets attributable to holders of redeemable participating shares from operations (51,646,775) 26,653,651 Net changes in operating assets and liabilities Decrease/(increase) in assets at fair value through profit or loss 68,481,270 (101,365,558) Increase in liabilities at fair value through profit or loss 17,984,825 1,560,847 Increase in other receivables (613,450) (8,036,115) (Decrease)/increase in other payables (39,549) 20,671,326 Decrease/(increase) in dividends receivable 9,549 (214,711) Increase in dividends payable on short sales - - Decrease/(increase) in interest receivable 397,993 (384,085) Net cash provided by/(used in) operating activities 34,573,863 (61,114,645) Cash flows from financing activities Issue of redeemable participating shares 101,829, ,312,049 Redemption of participating shares (105,574,956) (24,237,987) Net cash from financing activities (3,745,369) 96,074,062 Net increase in cash and cash equivalents 30,828,494 34,959,417 Cash and cash equivalents at the start of the period 78,501,973 47,737,949 Cash and cash equivalents at the end of the period 109,330,467 82,697,366 Net cash and cash equivalents is comprised of the following amounts from the statement of position: Cash and cash equivalents 135,296, ,190,624 Bank overdrafts (25,966,385) (25,493,258) 109,330,467 82,697,366 Supplementary information: Dividend received 9,558 1,175,952 Interest received 546, ,238 Interest paid (291,668) (170,746) 10

12 Odey Odyssey Fund Schedule of investments As at 30 June 2016 Nominal Acquisition Fair value Currency holdings /notional cost USD % NAV Financial assets at fair value through profit or loss Transferable securities Debt securities Treasury bills and treasury strips United States United States Treasury Bill 0.000% 21/07/16 USD 10,000,000 9,994,633 9,999, % United States Treasury Bill 0.000% 18/08/16 USD 25,000,000 24,980,568 24,992, % United States Treasury Bill 0.000% 14/07/16 USD 30,000,000 29,983,317 29,998, % United States Treasury Bill 0.000% 28/07/16 USD 30,000,000 29,981,990 29,996, % United States Treasury Bill 0.000% 04/08/16 USD 30,000,000 29,985,402 29,994, % United States Treasury Bill 0.000% 22/09/16 USD 12,000,000 11,991,962 11,993, % United States Treasury Bill 0.000% 29/09/16 USD 30,000,000 29,981,610 29,980, % United States Treasury Strip 0.000% 15/05/46 USD 30,800,000 14,236,992 14,922, % Total treasury bills and treasury strips 181,877, % Total debt securities 181,877, % Total transferable securities 181,877, % Derivatives Forward currency contracts Purchase Sale Settlement Fair value Counterparty currency Amount currency Amount date USD % NAV Fund Level J.P. Morgan Chase Bank N.A USD 122,527,642 GBP (91,496,578) 29-Jul , % Morgan Stanley NOK 36,791,000 USD (4,385,886) 29-Jul , % EUR I Class BNY Mellon EUR 2,207,733 USD (2,442,738) 29-Jul , % EUR R Class BNY Mellon EUR 12,178 USD (13,475) 29-Jul % GBP I Class BNY Mellon GBP 2,692,525 USD (3,493,212) 29-Jul , % GBP M Class BNY Mellon GBP 56,921 USD (74,229) 29-Jul , % GBP R Class BNY Mellon USD 42,072 GBP (30,128) 29-Jul , % Total forwards currency contracts 322, % Total derivatives 322, % Total assets at fair value through profit or loss 182,199, % 11

13 Odey Odyssey Fund Schedule of investments (continued) As at 30 June 2016 Nominal Acquisition Fair value Currency holdings /notional cost USD % NAV Financial liabilities at fair value through profit or loss Derivatives Contracts for difference (counterparty - J.P. Morgan Chase Bank N.A., London) Spain DJES Banks EUR (301,300) (27,732,786) (133,426) (0.05%) Switzerland UBS Group AG CHF (361,000) (4,561,184) (65,615) (0.02%) Total contracts for difference (counterparty - J.P. Morgan Chase Bank N.A., London) (199,041) (0.07%) Futures Euro Stoxx 50 Sep16 EUR (1,760) (55,460,510) (362,505) (0.13%) US Long Bond Sep16 USD ,315,116 (417,773) (0.16%) Total futures (780,278) (0.29%) Forward currency contracts Purchase Sale Settlement Fair value Counterparty currency Amount currency Amount date USD % NAV Fund Level J.P. Morgan Chase Bank N.A. USD 101,438,003 EUR (91,833,570) 29-Jul-2016 (694,577) (0.26%) J.P. Morgan Chase Bank N.A. USD 55,000,000 GBP (41,425,021) 29-Jul-2016 (388,981) (0.14%) J.P. Morgan Chase Bank N.A. USD 4,347,207 NOK (36,791,000) 29-Jul-2016 (49,307) (0.02%) Euro I Class BNY Mellon EUR 47,690,331 USD (54,280,447) 29-Jul-2016 (1,241,708) (0.44%) Euro R Class BNY Mellon EUR 259,955 USD (295, Jul-2016 (6,715) (0.00%) GBP I Class BNY Mellon GBP 143,056,180 USD (212,413,070) 29-Jul-2016 (21,134,084) (7.77%) GBP M Class BNY Mellon GBP 2,902,390 USD (4,310,578) 29-Jul-2016 (429,822) (0.16%) GBP R Class BNY Mellon GBP 1,381,790 USD (2,052,212) 29-Jul-2016 (204,635) (0.08%) Total forward currency contracts (24,149,829) (8.87%) Total derivatives (25,129,148) (9.23%) Total liabilities at fair value through profit or loss (25,129,148) (9.23%) Cash and cash equivalents and other net assets 115,021, % Net assets attributable to holders of redeemable participating shares 272,092, % % of Analysis of total assets total assets Transferable securities listed on an official stock exchange or dealt on another regulated market 60.88% OTC derivative instruments 0.11% Other assets 39.01% % 12

14 Odey Odyssey Fund Economic division of investments As at 30 June 2016 % of net assets Financial assets at fair value through profit or loss Currency Contracts 0.12% Government Debt 66.84% Total assets at fair value through profit or loss 66.96% Financial liabilities at fair value through profit or loss Currency Contracts (8.87%) Diversified Financial Services (0.02%) Index (0.05%) Other Derivatives (0.29%) Total liabilities at fair value through profit or loss (9.23%) Cash and cash equivalents and other net assets 42.27% Net assets attributable to holders of redeemable participating shares % 13

15 Odey Odyssey Fund Statement of significant portfolio changes Cost Purchases USD Gold Bullion Securities Ltd 73,180,506 United States Treasury Bill 0.000% 31/03/16 44,984,800 United States Treasury Bill 0.000% 23/06/16 30,977,275 United States Treasury Bill 0.000% 24/03/16 29,989,113 United States Treasury Bill 0.000% 21/04/16 29,986,268 United States Treasury Bill 0.000% 14/04/16 29,986,117 United States Treasury Bill 0.000% 30/06/16 29,985,592 United States Treasury Bill 0.000% 04/08/16 29,985,402 United States Treasury Bill 0.000% 14/07/16 29,983,317 United States Treasury Bill 0.000% 28/07/16 29,981,990 United States Treasury Bill 0.000% 29/09/16 29,981,610 United States Treasury Bill 0.000% 28/04/16 29,980,630 United States Treasury Bill 0.000% 05/05/16 26,977,989 United States Treasury Bill 0.000% 19/05/16 24,995,333 United States Treasury Bill 0.000% 07/04/16 24,988,236 United States Treasury Bill 0.000% 18/08/16 24,980,568 United States Treasury Bill 0.000% 16/06/16 17,992,106 ishares Emerging Markets Local Government Bond UCITS ETF 15,127,627 United States Treasury Strip 0.000% 15/05/46 14,236,992 United States Treasury Bill 0.000% 04/02/16 11,998,678 United States Treasury Bill 0.000% 22/09/16 11,991,962 United States Treasury Bill 0.000% 21/07/16 9,994,633 France Government Bond OAT 9,906,378 Technip SA 7,175,335 Proceeds Sales USD Gold Bullion Securities Ltd 74,268,429 Italy Buoni Poliennali Del Tesoro 39,921,703 Spain Government Inflation Linked Bond 27,210,463 db x-trackers Harvest CSI300 INDEX UCITS ETF DR 25,424,726 United States Treasury Bill 0.000% 23/06/16 19,998,917 United States Treasury Bill 0.000% 31/03/16 19,995,808 Italy Buoni Poliennali Del Tesoro 19,222,871 United States Treasury Bill 0.000% 16/06/16 17,999,430 ishares Emerging Markets Local Government Bond UCITS ETF 14,948,210 France Government Bond OAT 10,299,740 Bank of America Corp 10,233,102 FANUC Corp 8,414,353 Technip SA 6,644,144 Southwest Airlines Co 6,083,978 Dai-ichi Life Insurance Co Ltd 5,783,918 Alpha Bank AE 5,431,114 Spain Government Bond 5,100,674 Patterson-UTI Energy Inc 5,091,951 THK Co Ltd 5,022,419 DMG Mori Co Ltd 4,916,451 Yaskawa Electric Corp 4,734,996 Mitsubishi UFJ Financial Group Inc 4,251,307 Aker Solutions ASA 4,143,894 Japan Airport Terminal Co Ltd 3,822,754 Financial derivative instruments are excluded from the above due to no cost being attributed to purchases and sales of such instruments. Significant portfolio movements represent any movement over 1%. 14

16 Investment Manager s Report Odey Giano Fund For the period 31-Dec-15 to 30-Jun-16 Share Class Performance Share Class Launch Date 31-Dec Jun-16 Return % EUR R Class 23-Nov USD R Class 09-Mar GBP R Class 18-Nov *Performance figures are presented net of fees Summary From 31st December 2015 to 30th June 2016 ( the period ), the Odey Giano Fund returned -7.82% (based on the principal share class - R class) against the MSCI Daily TR Net Europe return of -7.27%. Positive returns over the period came from the Financials (+3.00%) sector and from a country perspective predominantly Italy (+1.56%) and Canada (+1.20%). These were however offset by negative returns primarily from the Consumer Discretionary (-3.53%) and the Materials (-1.66%) sectors, with the UK (-5.58%) and Luxembourg (-2.54%) being the largest detractors by country. Individual best performers for the period were Plus500 (+2.92%) and Deutsche Bank (+0.86%); the worst were Ocado Group (-1.36%) and Grand City Properties (-1.28%). Performance Attribution by Sector over the period for the principal share class 4 2 % Consumer Discretionary Materials Industrials Energy Information Technology Consumer Staples Telecommunication Services Health Care Financials 15

17 Investment Manager s Report Odey Giano Fund (continued) Performance Attribution by Geography over the period for the principal share class % UK Luxembourg Norway Australia Sweden Ireland US Spain Finland Belgium France Germany Switzerland Netherlands Denmark Canada Italy Other Allocation by Sector as at 30-Jun % Consumer Discretionary Consumer Staples Energy Financials Health Care Long % of NAV Short % of NAV Materials Information Technology Industrials Telecommunication Services The Fund Manager s latest market views and commentary is available from the monthly report available at 16

18 Odey Giano Fund Unaudited statement of position As at 30 June June December 2015 Notes EUR EUR Assets Financial assets at fair value through profit or loss 3 - Transferable securities 41,957,853 60,828,126 - Financial derivative instruments 2,301,870 2,250,618 Spot contracts 1,097 - Cash and cash equivalents 4 30,302,727 25,585,873 Dividends receivable 163,972 7,682 Securities sold receivable - 1,613,279 Subscriptions receivable 38, ,458 Other assets 13 10,134 Total assets 74,766,459 90,466,170 Liabilities Financial liabilities at fair value through profit or loss 3 - Financial derivative instruments 3,530,904 1,833,949 Spot contracts 15,436 - Redemptions payable 1,198, ,839 Crystallised performance fee payable on redemptions 6-61,287 Investment management fee 5 59,794 75,120 Audit fee 10 11,292 14,145 Depositary fee 8 6,307 5,369 Administration fee 7 7,937 8,907 Dividends payable on short sales - 77,305 Other expenses 44,216 32,931 Total liabilities (excluding net assets attributable to holders of redeemable participating shares) 4,874,607 2,303,852 Net assets attributable to holders of redeemable participating shares 69,891,852 88,162,318 Number of redeemable participating shares in issue 12 Euro M Class 125, , Euro M W Class 16, , Euro R Class 94, , GBP M Class 13, , GBP M W Class 146, , GBP R Class 87, , USD R Class 105, , Net asset value per redeemable participating share 16 Euro M Class Euro M W Class Euro R Class GBP M Class GBP M W Class GBP R Class USD R Class $ $

19 Odey Giano Fund Unaudited statement of comprehensive income 30 June June 2015 Note EUR EUR Investment income Dividend income 1,082, ,787 Withholding tax on dividends (98,887) (54,533) Interest income - 27,749 Other income 53, Interest expense (35,715) (7,680) Transaction costs (288,219) (199,163) Net (loss)/gain on assets and liabilities at fair value through profit or loss and foreign exchange 3 (10,675,958) 94,291 Total investment (loss)/income (9,963,278) 95,228 Expenses Investment management fees 5 385, ,712 Performance fees 6 11,067 3,049 Administration fees 7 27,263 42,010 Depositary fees 8 16,812 19,105 Audit fees 10 11,853 7,150 Directors' fees 9 1,704 1,957 Other expenses 44,749 61,283 Total operating expenses 499, ,266 Decrease in net assets attributable to holders of redeemable participating shares from continuing operations (10,462,309) (516,038) 18

20 Odey Giano Fund Unaudited statement of changes in net assets attributable to holders of redeemable participating shares 30 June June 2015 EUR EUR Net assets attributable to holders of redeemable participating shares at the start of the period 88,162,318 97,856,660 Decrease in net assets attributable to holders of redeemable participating shares from continuing operations (10,462,309) (516,038) Issue of redeemable participating shares 4,787,962 15,224,084 Redemption of redeemable participating shares (12,596,119) (23,279,508) Net assets attributable to holders of redeemable participating shares at the end of the period 69,891,852 89,285,198 19

21 Odey Giano Fund Unaudited statement of cash flows 30 June June 2015 EUR EUR Cash flow from operating activities Decrease in net assets attributable to holders of redeemable participating shares from operations (10,462,309) (516,038) Net changes in operating assets and liabilities Decrease/(increase) in assets at fair value through profit or loss 18,819,021 (14,502,995) Increase/(decrease) in liabilities at fair value through profit or loss 1,696,955 (1,234,275) Decrease/(increase) in other receivables 1,622,303 (967,712) Decrease in other payables (52,777) (1,141,594) Increase in dividends receivable (156,290) (51,857) Decrease in dividends payable on short sales (77,305) (50,482) Decrease in interest receivable - 1,295 Net cash provided by/(used in) operating activities 11,389,598 (18,463,658) Cash flows from financing activities Issue of redeemable participating shares 4,919,493 15,096,174 Redemption of participating shares (11,592,237) (23,235,917) Net cash from financing activities (6,672,744) (8,139,743) Net increase/(decrease) in cash and cash equivalents 4,716,854 (26,603,401) Cash and cash equivalents at the start of the period 25,585,873 48,716,265 Cash and cash equivalents at the end of the period 30,302,727 22,112,864 Net cash and cash equivalents is comprised of the following amounts from the statement of position: Cash and cash equivalents 30,750,771 22,265,380 Bank overdrafts (448,044) (152,516) 30,302,727 22,112,864 Supplementary information: Dividend received 827, ,430 Dividend paid on short sales (77,305) (50,482) Interest received - 29,044 Interest paid (35,715) (7,680) 20

22 Odey Giano Fund Schedule of investments As at 30 June 2016 Nominal Acquisition Fair value Currency holdings /notional cost EUR % NAV Financial assets at fair value through profit or loss Transferable securities Equities (listed) Australia Billabong International Ltd AUD 840,841 1,457, , % 681, % Canada Amaya Inc CAD 235,000 3,777,721 3,228, % Intertain Group Ltd CAD 341,000 2,897,698 2,469, % 5,698, % Cyprus Aroundtown Property Holdings Plc EUR 882,005 3,503,661 4,013, % Primecity Investment Plc EUR 944,707 3,224,429 3,287, % 7,300, % Denmark TDC AS DKK 754,433 3,147,053 3,310, % 3,310, % Finland BasWare OYJ EUR 139 5,077 4, % Nokia OYJ EUR 290,838 1,460,202 1,484, % 1,489, % France Orange SA EUR 29, , , % 427, % Germany Continental AG EUR ,474 79, % 79, % Israel Plus500 Ltd GBP 260,091 1,139,678 2,045, % 2,045, % Isle of Man GVC Holdings Plc GBP 373,193 2,605,243 2,528, % 2,528, % Luxembourg B&M European Value Retail SA GBP 416,285 1,400,143 1,277, % Grand City Properties SA EUR 220,111 1,670,082 4,064, % 5,342, % Sweden Eniro AB SEK 342, ,615 20, % 20, % United Kingdom AO World Plc GBP 370, , , % Arrow Global Group Plc GBP 124, , , % Inmarsat Plc GBP 188,176 2,349,314 1,821, % International Game Technology Plc USD 224,300 4,346,802 3,783, % Ocado Group Plc GBP 732,894 1,994,085 2,034, % Sports Direct International Plc GBP 246,970 2,582, , % Tungsten Corp Plc GBP 534,188 1,870, , % 9,802, % United States Alphabet Inc USD 3,800 2,382,232 2,406, % Micron Technology Inc USD 66, , , % 3,231, % Total equities (listed) 41,957, % Total transferable securities 41,957, % 21

23 Odey Giano Fund Schedule of investments (continued) As at 30 June 2016 Nominal Acquisition Fair value Currency holdings /notional cost EUR % NAV Financial assets at fair value through profit or loss (continued) Derivatives Contracts for difference (counterparty - J.P. Morgan Chase Bank N.A., London) Belgium Solvay SA EUR (8,765) (793,408) 62, % 62, % Denmark GN Store Nord AS DKK (41,969) (768,687) 89, % 89, % Finland Stora Enso OYJ EUR (215,629) (1,668,968) 120, % 120, % France LVMH Moet Hennessy Louis Vuitton SE EUR (2,716) (405,770) 36, % 36, % Germany Deutsche Bank AG EUR (5,160) (78,793) 15, % Freenet AG EUR (57,818) (1,469,155) 135, % 150, % Isreal Plus500 Ltd GBP 331,533 2,624, , % 143, % Italy Assicurazioni Generali SpA EUR (6,079) (77,264) 13, % Salvatore Ferragamo SpA EUR (26,785) (517,218) 28, % Tod's SpA EUR (6,267) (347,192) 44, % Yoox Net-A-Porter Group SpA EUR (159) (4,051) % 87, % Luxembourg ArcelorMittal SA EUR (130,191) (618,407) 85, % 85, % Netherlands Fiat Chrysler Automobiles NV EUR (37,188) (238,561) 34, % ST Microelectronics NV EUR (17,756) (98,279) 5, % 39, % Spain Banco Santander SA EUR (24,848) (102,920) 17, % CaixaBank SA EUR (33,309) (80,941) 15, % Distribuidora Internacional de Alimentacion SA EUR (418,844) (2,254,218) 75, % Indra Sistemas SA EUR (173,239) (1,739,320) 94, % Mapfre SA EUR (35,526) (79,259) 9, % Repsol SA EUR (6,617) (78,643) 3, % 215, % Sweden SKF AB SEK (4,767) (76,974) 7, % 7, % Switzerland Dufry AG CHF (4,090) (485,173) 52, % LafargeHolcim Ltd CHF (8,792) (357,661) 33, % Leonteq AG CHF (3,530) (190,397) 17, % Swatch Group AG CHF (3,379) (936,813) 66, % 170, % United Kingdom Berkeley Group Holdings Plc GBP (1,774) (73,388) 15, % EasyJet Plc GBP (3,782) (73,744) 19, % Inchcape Plc GBP (182,185) (1,605,681) 130, % Intu Properties Plc GBP (524,774) (2,006,106) 51, % ITV Plc GBP (27,062) (73,374) 10, % Legal & General Group Plc GBP (25,447) (76,107) 13, % Prudential Plc GBP (4,469) (75,738) 3, % WM Morrison Supermarkets Plc GBP (30,980) (74,664) % 243, % 22

24 Odey Giano Fund Schedule of investments (continued) As at 30 June 2016 Nominal Acquisition Fair value Currency holdings /notional cost EUR % NAV Financial assets at fair value through profit or loss (continued) Derivatives (continued) Contracts for difference (counterparty - J.P. Morgan Chase Bank N.A., London) (continued) United States Boeing Corp USD (16,200) (1,882,307) 30, % IPG Photonics Corp USD (3,286) (252,444) 21, % Milacron Holdings Corp USD (103,000) (1,555,727) 244, % Palo Alto Networks Inc USD (6,300) (761,582) 82, % Sotheby's USD (29,000) (811,678) 114, % 493, % Total contracts for difference (counterparty - J.P. Morgan Chase Bank N.A., London) 1,946, % Forward currency contracts Purchase Sale Settlement Fair value Counterparty currency Amount currency Amount date EUR % NAV Fund Level J.P. Morgan Chase Bank N.A. EUR 12,444,844 GBP (10,292,000) 29-Jul , % J.P. Morgan Chase Bank N.A. EUR 7,428,236 USD (8,229,000) 29-Jul , % J.P. Morgan Chase Bank N.A. CAD 395,000 EUR (272,688) 29-Jul % J.P. Morgan Chase Bank N.A. EUR 3,305,915 DKK (24,593,000) 29-Jul % GBP M Class BNY Mellon EUR 1,470 GBP (1,200) 29-Jul % GBP M W Class BNY Mellon EUR 1,192,384 GBP (979,065) 29-Jul , % GBP R Class BNY Mellon GBP 6,500 EUR (7,779) 29-Jul % USD R Class BNY Mellon USD 12,333,894 EUR (10,851,461) 29-Jul , % Total forward currency contracts 355, % Total derivatives 2,301, % Total assets at fair value through profit or loss 44,259, % Nominal Acquisition Fair value Currency holdings /notional cost EUR % NAV Financial liabilities at fair value through profit or loss Derivatives Contracts for difference (counterparty - J.P. Morgan Chase Bank N.A., London) Denmark Coloplast AS DKK (23,149) (1,525,670) (23,647) (0.03%) (23,647) (0.03%) Ireland Ryanair holdings Plc EUR 189,731 2,627,774 (461,046) (0.66%) (461,046) (0.66%) Italy Banco Popolare SC EUR (26,177) (56,019) (105) (0.00%) Rizzoli Corriere Della Sera Mediagroup SpA EUR (2,519) (1,894) (132) (0.00%) (237) (0.00%) Norway Statoil ASA NOK (697) - (10,804) (0.02%) (10,804) (0.02%) Spain Repsol SA Right EUR (112,447) - (32,947) (0.05%) (32,947) (0.05%) 23

25 Odey Giano Fund Schedule of investments (continued) As at 30 June 2016 Nominal Acquisition Fair value Currency holdings /notional cost EUR % NAV Financial liabilities at fair value through profit or loss (continued) Derivatives (continued) Contracts for difference (counterparty - J.P. Morgan Chase Bank N.A., London) (continued) United Kingdom Aberdeen Asset Management Plc GBP (541,368) (1,925,188) (13,029) (0.02%) Anglo American Plc GBP (59,405) (506,810) (43,890) (0.06%) AstraZeneca Plc GBP (13) (676) (65) (0.00%) J Sainsbury Plc GBP (23,542) (74,454) (16,725) (0.02%) Man Group Plc GBP 388, ,521 (59,888) (0.09%) Ocado Group Plc GBP 286, ,901 (99,063) (0.14%) Tesco Plc GBP (35,653) (71,666) (7,765) (0.01%) Tungsten Corp Plc GBP 91,910 64,804 (10,507) (0.02%) (250,932) (0.36%) Total contracts for difference (counterparty - J.P. Morgan Chase Bank N.A., London) (779,613) (1.12%) Futures Germany Short Euro-BTP Sep 16 EUR (532) (60,033,540) (50,540) (0.07%) (50,540) (0.07%) Total futures (50,540) (0.07%) Forward currency contracts Purchase Sale Settlement Fair value Counterparty currency Amount currency Amount date EUR % NAV Fund Level J.P. Morgan Chase Bank N.A. EUR 866,982 AUD (1,300,400) 29-Jul-2016 (2,705) (0.00%) J.P. Morgan Chase Bank N.A. EUR 5,802,175 CAD (8,382,300) 29-Jul-2016 (1,950) (0.00%) J.P. Morgan Chase Bank N.A. GBP 475,000 EUR (571,370) 29-Jul-2016 (297) (0.00%) GBP M Class BNY Mellon GBP 1,749,405 EUR (2,279,104) 29-Jul-2016 (175,867) (0.26%) GBP M W Class BNY Mellon GBP 14,890,519 EUR (19,399,192) 29-Jul-2016 (1,496,941) (2.14%) GBP R Class BNY Mellon GBP 10,173,414 EUR (13,253,789) 29-Jul-2016 (1,022,740) (1.46%) USD R Class BNY Mellon EUR 15,901 USD (17,963) 29-Jul-2016 (251) (0.00%) Total forward currency contracts (2,700,751) (3.86%) Total derivatives (3,530,904) (5.05%) Total liabilities at fair value through profit or loss (3,530,904) (5.05%) Cash and cash equivalents and other net assets 29,163, % Net assets attributable to holders of redeemable participating shares 69,891, % % of total Analysis of total assets assets Transferable securities listed on an official stock exchange or dealt on another regulated market 56.12% OTC derivative instruments 3.08% Other assets 40.80% % 24

26 Odey Giano Fund Economic division of investments As at 30 June 2016 % of net assets Financial assets at fair value through profit or loss Aerospace & Defense 0.04% Airlines 0.03% Auto Components 0.11% Automobiles 0.05% Banks 0.43% Capital Markets 0.05% Chemicals 0.09% Communications Equipment 0.12% Construction Materials 0.05% Currency Contracts 0.50% Distributors 0.19% Diversified Consumer Services 0.17% Diversified Financial Services 3.14% Diversified Telecommunication Services 7.96% Electronic Equipment, Instruments & Components 0.03% Financials 0.05% Food & Staples Retailing 0.11% Health Care Equipment & Supplies 0.13% Hotels, Restaurants & Leisure 17.18% Household Durables 0.02% Insurance 0.06% Internet & Catalog Retail 3.80% Internet Software & Services 3.44% IT Services 0.14% Machinery 0.36% Media 0.04% Metals & Mining 0.12% Multiline Retail 1.83% Paper & Forest Products 0.17% Real Estate Investment Trusts (REITs) 0.07% Real Estate Management & Development 16.26% Semiconductors & Semiconductor Equipment 1.19% Software 0.43% Specialty Retail 1.44% Technology Hardware, Storage & Peripherals 2.12% Textiles, Apparel & Luxury Goods 1.21% Wireless Telecommunication Services 0.18% Total assets at fair value through profit or loss 63.31% Financial liabilities at fair value through profit or loss Consumer Discretionary (0.14%) Consumer Staples (0.03%) Currency Contracts (3.86%) Energy (0.07%) Financials (0.11%) Health Care (0.03%) Industrials (0.66%) Information Technology (0.02%) Materials (0.06%) Other Derivatives (0.07%) Total liabilities at fair value through profit or loss (5.05%) Cash and cash equivalents and other net assets 41.74% Net assets attributable to holders of redeemable participating shares % 25

27 Odey Giano Fund Statement of significant portfolio changes Cost Purchases EUR Intesa Sanpaolo SpA 5,994,867 Aroundtown Property Holdings Plc 3,503,661 TDC A/S 3,147,053 Novartis AG 3,078,681 Continental AG 2,722,412 Inmarsat Plc 2,372,036 Yoox Net-A-Porter Group SpA 2,004,266 Burberry Group Plc 1,749,897 Apple Inc 1,732,958 Amazon.com Inc 1,727,688 Shire Plc 1,707,798 Alphabet Inc 1,696,785 Nokia OYJ 1,460,202 Ocado Group Plc 1,266,546 Micron Technology Inc 801,248 Amaya Inc 799,236 Intertain Group Ltd 755,736 Proceeds Sales EUR Intesa Sanpaolo SpA 6,018,171 Yoox Net-A-Porter Group SpA 5,611,552 Nokia OYJ 5,482,490 Continental AG 4,506,149 Grand City Properties SA 4,447,511 Inmarsat Plc 4,025,443 Primecity Investment Plc 3,504,011 Novartis AG 3,454,206 Alphabet Inc 2,348,408 Burberry Group Plc 1,777,592 Shire Plc 1,678,308 Apple Inc 1,638,881 Playtech Plc 1,591,294 Amazon.com Inc 1,559,100 Orange SA 1,158,939 GameLoft SE 863,645 Atalaya Mining Plc 49,030 Financial derivative instruments are excluded from the above due to no cost being attributed to purchases and sales of such instruments. Significant portfolio movements represent any movement over 1%. 26

28 Investment Manager s Report Odey Orion Fund For the period 31-Dec-15 to 30-Jun-16 Share class performance 1 Share class Launch date 31-Dec-15 Closing NAV % Return Close Date Euro I Class 18-Jan % 04-Apr-16 Euro M Class 18-Jan % 18-Feb-16 GBP I Class 16-Oct % 04-Apr-16 GBP M Class 18-Jan % 23-Feb-16 GBP R Class 16-Apr % 19-Feb-16 USD I Class 18-Jan-13 $ $ % 25-Feb-16 1 Performance figures are presented net of fees *closed (x) Further to the shareholder circular dated March 4th 2016, the Sub-Fund Odey Orion Fund closed on April 4th 2016 and all shareholders were compulsory redeemed. The reason for this decision is that despite three years of good performance in turbulent markets, the Sub-Fund has been unable to raise sufficient assets for it to remain commercially viable. 27

29 Odey Orion Fund Unaudited statement of position As at 30 June June December 2015 Notes EUR EUR Assets Financial assets at fair value through profit or loss 3 - Transferable securities - 12,249,991 - Financial derivative instruments - 409,914 Cash and cash equivalents 4 3,000 6,572,031 Dividends receivable - 6,854 Securities sold receivable - 16,086 Other assets - 14,342 Total assets 3,000 19,269,218 Liabilities Financial liabilities at fair value through profit or loss 3 - Financial derivative instruments - 178,795 Securities purchased payable - 219,947 Redemptions payable - 3,813 Investment management fee 5-12,108 Audit fee 10 3,000 14,145 Depositary fee 8-5,688 Administration fee 7-1,131 Other expenses - 8,684 Total liabilities (excluding net assets attributable to holders of redeemable participating shares) 3, ,311 Net assets attributable to holders of redeemable participating shares - 18,824,907 Number of redeemable participating shares in issue 12 Euro I Class - 18, Euro M Class - 11, GBP I Class - 42, GBP M Class - 38, GBP R Class USD I Class - 22, Net asset value per redeemable participating share 16 Euro I Class Euro M Class GBP I Class GBP M Class GBP R Class USD I Class - $

30 Odey Orion Fund Unaudited statement of comprehensive income 30 June June 2015 Note EUR EUR Investment income Dividend income 13, ,566 Withholding tax on dividends (3,167) (77,652) Interest income - 4,599 Other income 331 4,970 Interest expense (3,262) (8,709) Transaction costs (6,756) (37,246) Net (loss)/gain on assets and liabilities at fair value through profit or loss and foreign exchange 3 (1,322,818) 2,760,472 Total investment (loss)/income (1,321,690) 2,915,000 Expenses Investment management fees 5 16,490 80,764 Performance fees 6-159,563 Administration fees 7 1,552 21,441 Depositary fees 8 6,464 15,551 Audit fees 10 4, Directors' fees Other expenses 13,694 39,952 Fee cap reimbursement 5 (8,995) (20,243) Total operating expenses 34, ,707 (Decrease)/increase in net assets attributable to holders of redeemable participating shares from continuing operations (1,356,040) 2,617,293 29

31 Odey Orion Fund Unaudited statement of changes in net assets attributable to holders of redeemable participating shares 30 June June 2015 EUR EUR Net assets attributable to holders of redeemable participating shares at the start of the period 18,824,907 20,099,965 (Decrease)/increase in net assets attributable to holders of redeemable participating shares from continuing operations (1,356,040) 2,617,293 Issue of redeemable participating shares 12,010 1,314,872 Redemption of redeemable participating shares (17,480,877) (2,556,075) Net assets attributable to holders of redeemable participating shares at the end of the period - 21,476,055 30

32 Odey Orion Fund Unaudited statement of cash flows 30 June June 2015 EUR EUR Cash flow from operating activities (Decrease)/increase in net assets attributable to holders of redeemable participating shares from operations (1,356,040) 2,617,293 Net changes in operating assets and liabilities Decrease/(increase) in assets at fair value through profit or loss 12,659,905 (5,826,419) (Decrease)/increase in liabilities at fair value through profit or loss (178,795) 61,741 Decrease in other receivables 30, ,990 (Decrease)/increase in other payables (258,703) 99,690 Decrease in dividends receivable 6,854 3,421 Decrease in dividends payable on short sales - (16,305) Net cash provided by/(used in) operating activities 10,903,649 (2,840,589) Cash flows from financing activities Issue of redeemable participating shares 12,010 1,269,872 Redemption of participating shares (17,484,690) (2,080,187) Net cash from financing activities (17,472,680) (810,315) Net decrease in cash and cash equivalents (6,569,031) (3,650,904) Cash and cash equivalents at the start of the period 6,572,031 4,583,827 Cash and cash equivalents at the end of the period 3, ,923 Net cash and cash equivalents is comprised of the following amounts from the statement of position: Cash and cash equivalents 3,000 1,490,415 Bank overdrafts - (557,492) 3, ,923 Supplementary information: Dividend received 17, ,335 Dividend paid on short sales - (16,305) Interest received - 4,599 Interest paid (3,262) (8,709) 31

33 Odey Orion Fund Statement of significant portfolio changes Cost Purchases EUR adidas AG 368,064 SAP SE 364,115 Apple Inc 361,414 Bayerische Motoren Werke AG 342,933 Alphabet Inc 339,710 Schlumberger Ltd 259,992 Brenntag AG 259,955 Delta Air Lines Inc 172,620 MasterCard Inc 124,686 Proceeds Sales EUR Nokia OYJ 1,932,482 Fairway Energy LP 1,074,306 Alphabet Inc 960,374 SAP SE 785,627 Samsung Electronics Co Ltd 656,835 Sberbank of Russia PJSC 653,564 MasterCard Inc 615,296 Delta Air Lines Inc 592,022 Schlumberger Ltd 579,859 Cerved Information Solutions SpA 545,700 Technip SA 517,775 Allianz SE 437,493 Yoox Net-A-Porter Group SpA 367,974 adidas AG 365,998 Bayer AG 360,902 Apple Inc 352,437 Grand City Properties SA 347,656 Bayerische Motoren Werke AG 337,345 Microsoft Corp 329,292 Societe Generale SA 287,667 Brenntag AG 249,710 TCS Group Holding Plc 243,633 Dai-ichi Life Insurance Co Ltd 231,556 Chipotle Mexican Grill Inc 214,076 Immofinanz AG 187,853 Molson Coors Brewing Co 166,027 Alpha Bank AE 162,148 Continental AG 160,415 Financial derivative instruments are excluded from the above due to no cost being attributed to purchases and sales of such instruments. Significant portfolio movements represent any movement over 1%. 32

34 Investment Manager s Report Odey Naver Fund For the period 31-Dec-15 to 30-Jun-16 Share Class Performance Share Class Launch Date 31-Dec Jun-16 Return % EUR I Class 28-Jan EUR R Class 23-Oct USD I Class 30-Jan GBP I Class 28-Jan GBP R Class 16-Apr *Performance figures are presented net of fees Summary From 31st December 2015 to 30th June 2016 ( the period ), the Odey Naver Fund returned -8.92% (based on the principal share class - I class) against the MSCI Daily TR Net World return of -1.62%. Positive returns over the period predominantly came from Commodities (+0.28%) and the Energy (+0.10%) sector and from a country perspective Switzerland (+1.69%) and Italy (+0.84%). These were however offset by negative returns primarily from the Materials (-3.13%) and the Financials (-1.37%) sectors, with the US (-5.47%) and Luxembourg (-1.36%) being the largest detractors by country. Individual best performers for the period were Saipem (+1.05%) and Leonteq (+0.97%); the worst were ArcelorMittal (-1.31%) and Anglo American (-0.91%). Performance Attribution by Sector over the period for the principal share class % Materials Financials Industrials Consumer Discretionary Information Technology Consumer Staples Health Care Utilities Telecommunication Services Other Energy Commodities 33

35 Investment Manager s Report Odey Naver Fund (continued) Performance Attribution by Geography over the period for the principal share class % US Luxembourg Spain Germany France Finland Australia Brazil Norway UK Netherlands Greece Denmark Mexico Ireland China Russia Belgium South Korea South Africa Canada Other Sweden Commodities Japan Italy Switzerland Allocation by Sector as at 30-Jun Fund MSCI Daily TR Net World 10 % Industrials Consumer Discretionary Financials Materials Consumer Staples Health Care Telecommunication Services Commodities Energy Information Technology The Fund Manager s latest market views and commentary is available from the monthly report available at 34

36 Odey Naver Fund Unaudited statement of position As at 30 June June December 2015 Notes EUR EUR Assets Financial assets at fair value through profit or loss 3 - Transferable securities 65,251,674 99,454,091 - Collective investment schemes ( CIS ) 8,647, Financial derivative instruments 2,995,917 5,031,755 Spot contracts 2,173 - Cash and cash equivalents 4 54,083,776 43,308,976 Dividends receivable 211,697 81,294 Securities sold receivable 2,593,663 6,161,778 Subscriptions receivable 116, ,856 Other assets 1, Total assets 133,904, ,364,132 Liabilities Financial liabilities at fair value through profit or loss 3 - Financial derivative instruments 4,933,238 1,300,437 Spot contracts 3,043 - Securities purchased payable 4,473,670 2,286,609 Redemptions payable 105,339 12,589 Crystallised performance fee payable on redemptions 6-175,069 Investment management fee 5 76, ,207 Audit fee 10 5,707 14,144 Depositary fee 8 8,143 4,591 Administration fee 7 7,151 8,950 Dividends payable on short sales - 47,100 Directors fee 86 - Other expenses 79, ,490 Total liabilities (excluding net assets attributable to holders of redeemable participating shares) 9,692,228 4,053,186 Net assets attributable to holders of redeemable participating shares 124,212, ,310,946 Number of redeemable participating shares in issue 12 Euro I Class 191, , Euro M Class 490, , Euro R Class GBP I Class 241, , GBP M Class 40, , GBP R Class 1, , USD I Class 14, , Net asset value per redeemable participating share 16 Euro I Class Euro M Class Euro R Class GBP I Class GBP M Class GBP R Class USD I Class $96.03 $

37 Odey Naver Fund Unaudited statement of comprehensive income 30 June June 2015 Note EUR EUR Investment income Dividend income 1,149, ,791 Withholding tax on dividends (295,253) (373,394) Interest income ,535 Other income 15,352 59,480 Interest expense (51,861) (50,647) Transaction costs (572,236) (422,477) Net (loss)/gain on assets and liabilities at fair value through profit or loss and foreign exchange 3 (18,898,347) 4,080,012 Total investment (loss)/income (18,652,405) 4,316,300 Expenses Investment management fees 5 514, ,822 Performance fees 6 2,238 91,568 Administration fees 7 47,914 58,817 Depositary fees 8 (53) 27,411 Audit fees 10 7,053 7,041 Directors' fees 9 2,990 3,318 Other expenses 52,950 35,518 Total operating expenses 627, ,495 (Decrease)/increase in net assets attributable to holders of redeemable participating shares from continuing operations (19,279,896) 3,503,805 36

38 Odey Naver Fund Unaudited statement of changes in net assets attributable to holders of redeemable participating shares 30 June June 2015 EUR EUR Net assets attributable to holders of redeemable participating shares at the start of the period 150,310, ,995,687 (Decrease)/increase in net assets attributable to holders of redeemable participating shares from continuing operations (19,279,896) 3,503,805 Issue of redeemable participating shares 21,952,187 14,456,166 Redemption of redeemable participating shares (28,771,228) (18,532,618) Net assets attributable to holders of redeemable participating shares at the end of the period 124,212, ,423,040 37

39 Odey Naver Fund Unaudited statement of cash flows 30 June June 2015 EUR EUR Cash flow from operating activities (Decrease)/increase in net assets attributable to holders of redeemable participating shares from operations (19,279,896) 3,503,805 Net changes in operating assets and liabilities Decrease/(increase) in assets at fair value through profit or loss 27,590,818 (9,832,640) Increase/(decrease) in liabilities at fair value through profit or loss 3,632,801 (1,504,040) Decrease/(increase) in other receivables 3,564,873 (3,325,508) Increase in other payables 1,960,591 8,363,798 (Increase)/decrease in dividends receivable (130,403) 113,225 Decrease in dividends payable on short sales (47,100) (106,828) Decrease in interest receivable - 4,358 Net cash provided by/(used in) operating activities 17,291,684 (2,783,830) Cash flows from financing activities Issue of redeemable participating shares 22,161,594 14,470,505 Redemption of participating shares (28,678,478) (18,532,618) Net cash from financing activities (6,516,884) (4,062,113) Net increase/(decrease) in cash and cash equivalents 10,774,800 (6,845,943) Cash and cash equivalents at the start of the period 43,308,976 29,721,396 Cash and cash equivalents at the end of the period 54,083,776 22,875,453 Net cash and cash equivalents is comprised of the following amounts from the statement of position: Cash and cash equivalents 59,302,838 23,785,750 Bank overdrafts (5,219,062) (910,297) 54,083,776 22,875,453 Supplementary information: Dividend received 724, ,622 Dividend paid on short sales (47,100) (106,828) Interest received ,893 Interest paid (51,861) (50,647) 38