ODEY INVESTMENT FUNDS PLC

Transcription

1 ODEY INVESTMENT FUNDS PLC (An open-ended umbrella type investment company with variable capital and with segregated liability between Sub-Funds, incorporated with limited liability under the laws of Ireland, authorised as an Undertaking for Collective Investment in Transferable Securities (UCITS), registered number ) ODEY PAN OPEAN FUND ODEY ALLEGRA OPEAN FUND ODEY ALLEGRA INTERNATIONAL FUND ODEY OPPORTUNITY FUND ODEY ALLEGRA DEVELOPED MARKETS FUND ODEY OPEAN FOCUS FUND (Sub-Funds of Odey Investment Funds plc) ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS For the Financial Year Ended 31 December 2015

2 CONTENTS General Information 3 Directors Report 4-8 Report of the Custodian to the Shareholders 9 Independent Auditor s Report 10 Odey Pan European Fund Investment Manager s Report Schedule of Investments and Schedule of Portfolio Changes (unaudited) Odey Allegra European Fund Investment Manager s Report Schedule of Investments and Schedule of Portfolio Changes (unaudited) Odey Allegra International Fund Investment Manager s Report Schedule of Investments and Schedule of Portfolio Changes (unaudited) Odey Opportunity Fund Investment Manager s Report Schedule of Investments and Schedule of Portfolio Changes (unaudited) Odey Allegra Developed Markets Fund Investment Manager s Report Schedule of Investments and Schedule of Portfolio Changes (unaudited) Odey European Focus Fund Investment Manager s Report Schedule of Investments and Schedule of Portfolio Changes (unaudited) Statement of Financial Position Statement of Comprehensive Income Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares Statement of Cash Flows Notes to the Financial Statements Supplemental Information (unaudited) Page 2

3 GENERAL INFORMATION Directors Andrew Bates (Irish)* Frank Ennis (Irish) (Independent)* Tim Pearey (British)* Orlando Montagu (British) (alternate Director to Tim Pearey)* (resigned 2 November 2015) Tom Richards (British) (alternate Director to Tim Pearey)* (appointed 2 November 2015) Company Secretary Tudor Trust Limited, 33 Sir John Rogerson's Quay, Dublin 2, Ireland. Registered Office 4th Floor, One George s Quay Plaza, George s Quay, Dublin 2, Ireland. Investment Manager and Distributor Odey Asset Management LLP, 12 Upper Grosvenor Street, London, W1K 2ND, England. Custodian RBC Investor Services Bank S.A., Dublin Branch, 4th Floor, One George s Quay Plaza, George s Quay, Dublin 2, Ireland. Independent Auditor Deloitte, Chartered Accountants and Statutory Audit Firm, Deloitte & Touche House, Earlsfort Terrace, Dublin 2, Ireland. Legal Advisers In Ireland Dillon Eustace, 33 Sir John Rogerson s Quay, Dublin 2, Ireland. Legal Advisers In the United Kingdom Simmons & Simmons, City Point, One Ropemaker Street, London, EC2Y 9SS, England. Administrator RBC Investor Services Ireland Limited, 4th Floor, One George s Quay Plaza, George s Quay, Dublin 2, Ireland. * All of the Directors are non executive 3

4 DIRECTORS REPORT For the financial year ended 31 December 2015 The Directors present the Annual Report including the audited financial statements of Odey Investment Funds plc (the "Company") for the financial year ended 31 December Statement of Directors Responsibilities Irish company law requires the Directors to prepare financial statements and a directors report for each financial year, which give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that financial year. In preparing those financial statements, the Directors are required to: select suitable accounting policies for the Company Financial Statements and then apply them consistently; make judgements and estimates that are reasonable and prudent; state whether the financial statements have been prepared in accordance with the applicable accounting standards, identify those standards, and note the effect and the reasons for any material departure from those standards; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The Directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Company and which enable them to ensure that the financial statements are prepared in accordance with International Financial Reporting Standards ( IFRS ) as adopted by the European Union, Companies Act 2014 and European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (the UCITS Regulations ) and Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations, The Directors are responsible for taking reasonable steps for the prevention and detection of fraud and other irregularities. To ensure that proper accounting records are kept in accordance with Section 281 to 285 of the Companies Act 2014 the Directors of the Company have employed a regulated fund administrator, RBC Investor Services Ireland Limited ( the Administrator ). The books of account are located at the offices of the Administrator at 4 th Floor, One George s Quay Plaza, George s Quay, Dublin 2, Ireland. The Company is obliged to entrust the assets of the Company to a custodian for safekeeping and in that regard, the Company has engaged RBC Investor Services Bank S.A., Dublin Branch. The Custodian has the power to appoint sub-custodians. Date of incorporation The Company was incorporated on 21 August 2002 and is authorised as an Undertaking for Collective Investment in Transferable Securities ( UCITS ) by the Central Bank of Ireland. The Company is organised as an investment company with variable capital pursuant to the UCITS Regulations. The Company is an umbrella type investment company with segregated liability between Sub-Funds. As of the date of this report the Company has six active Sub-Funds. The active classes of shares for investment for each Sub-Funds are as below : Sub-Fund Name Base Currency Share Classes Odey Pan European Fund Euro Euro R Class / GBP I Class / GBP R Class Odey Allegra European Fund Euro Euro A Class / Euro I Class / Euro O Class / Euro A I Class / Euro B I Class / Euro B R Class / Euro C I Class / USD B I Class / USD O Class / GBP D Class / GBP O Class Odey Allegra International Fund Euro Euro I Class / Euro O Class / USD O Class / GBP O Class / GBP D Class / GBP A D Class / AUD$ Class 4

5 DIRECTORS REPORT For the financial year ended 31 December 2015 (continued) Date of incorporation (continued) Sub-Fund Name Base Currency Share Classes Odey Opportunity Fund Euro Euro I Class / Euro R Class / Euro I P Class / Euro R P Class */ USD R Class / USD I Class / USD I P Class** / USD R P Class*** / GBP R Class / GBP I Class / GBP I P Class / GBP R P Class**** / GBP W M Class***** / GBP M W Class / CHF R Class / CHF I Class / CHF I P Class****** / NOK R Class / NOK I Class Odey Allegra Developed Markets Fund US Dollars Euro I Class / USD R Class / USD I Class / GBP R Class / GBP I Class / GBP M Class Odey European Focus Fund Euro A Euro Class / A Euro ACC Class / B Euro Class / Euro I Class^ / Euro R Class^^^ / A GBP Class / GBP I Class^/ GBP M Class^ / GBP R Class^^^^ / USD I Class^^ *This share class was launched on 12 August 2015 ** This share class was launched on 8 December 2015 *** This share class was launched on 6 March 2015 **** This share class was launched on 23 March 2015 ***** This share class was launched on 6 May 2015 ****** This share class was launched on 7 December 2015 ^This share class was launched on 1 July 2015 ^^This share class was launched on 3 July 2015 ^^^This share class was launched on 14 September 2015 ^^^^This share class was launched on 2 November 2015 The inactive classes of shares for investment for each Sub-Funds are as below : Sub-Fund Name Base Currency Share Classes Odey Pan European Fund Euro Euro R G Class Odey Allegra European Fund Euro GBP I Class / USD I Class / USD B R Class Odey Opportunity Fund Euro GBP F Class / CHF R P Class Odey Allegra Developed Markets Fund US Dollars R Class / M Class Odey European Focus Fund Euro M Class / USD R Class Principal activities The sole object for which the Company is established is the collective investment of capital raised from the public in transferable securities and other liquid assets of any kind which operates on the principle of risk spreading in accordance with the UCITS Regulations. The specific investment objective and policy to be pursued by a particular Sub-Fund is summarised below and should be read in conjunction with the corresponding disclosure in the prospectus. The investment objective of Odey Pan European Fund is long term capital appreciation through investing in equities issued by companies which derive a significant proportion of their income from or whose principal offices are in Europe, including Eastern Europe. The investment objective of Odey Allegra European Fund is to achieve long term capital appreciation through investing predominantly in European equity and European equity related securities. The investment objective of Odey Allegra International Fund is to achieve long term capital appreciation through investing predominantly in equity and equity-related securities on a worldwide basis. The investment objective of Odey Opportunity Fund is to achieve capital appreciation through investment, on a global basis (including in emerging markets), in a diversified portfolio of investments. The investment objective of Odey Allegra Developed Markets Fund is to achieve long term capital appreciation through investing predominantly in equity and equity-related securities (such as convertible bonds and warrants) which are listed or traded on one or more Recognised Exchanges worldwide. 5

6 DIRECTORS REPORT For the financial year ended 31 December 2015 (continued) Principal activities (continued) On 30 June 2015 the Waverton European Fund, a sub-fund of Waverton Investment Funds plc merged into Odey Investment Funds plc as a newly established Sub-Fund. This new Sub-Fund, Odey European Focus Fund, launched on 30 June The investment objective of Odey European Focus Fund is to generate long term capital growth through investing in equities of European companies in developed European equity markets. Review of the Investment Performance A comprehensive overview of investment performance is detailed in the Investment Manager s Report for each Sub- Fund. The Directors are satisfied with the performance of each Sub-Fund. Risk Management Objectives and Processes Each Sub-Fund invests in accordance with its own investment objective and investment policies as set out in the Prospectus. Investments by a Sub-Fund are subject to a variety of risks. A non-exhaustive list of such risks are set out in the Prospectus under the heading Risk Factors. A non-exhaustive description as required by accounting standards of specific risks and the processes for managing these risks are included in Note 9 to the financial statements. Results and Dividends The financial position and results for the financial year are set out on pages 63 to 69. There were no distributions paid during the financial year. Changes to the Prospectus Revised supplements i), ii), iii) and v) for the Company were noted by the Central Bank on 6 May A revised supplement vi) to the Prospectus was noted by the Central Bank on 27 April Further revised supplements i), ii), iii) and v) were noted by the Central Bank on 6 November A revised supplement iv) to the Prospectus was noted by the Central Bank on 24 March 2015 and a further revised supplement iv) to the Prospectus was noted on 6 November 2015 with changes as per the below: RBC s administration and custody fees have been updated, as agreed and reflected in recent Supplemental Administration and Custodian Agreements filed with and noted by the Central Bank on 14 May 2015; disclosures in relation to Bloomberg tickers have been included; the definition of Business Day has been amended to remove reference to Luxembourg. the intention to replace Orlando Montagu with Tom Richards as an alternate Director for Tim Pearey, subject to Central Bank approval of Mr Richards; the Index disclosure has been amended across the Supplements for consistency; a general update of the Prospectus. Significant Events Since Financial Year End As at 18 March 2016 redemptions for the Odey Allegra European Fund amounted to 74,007,765 representing 43% of the Sub-Fund s Net Asset Value at 31 December A significant proportion of these redemptions, ( 57,000,000-33% of the Sub-Fund s Net Asset Value at 31 December 2015) related to a transfer by an investor into a long/short fund strategy in the Odey Fund Range also managed by Feras Al-Chalabi. There were no other significant events since the financial year end which would require adjustment to or disclosure in the financial statements. 6

7 DIRECTORS REPORT For the financial year ended 31 December 2015 (continued) Directors The names of the persons who were Directors at any time during the financial year are set out on page 3. Directors' and Secretary's Interests Tim Pearey is Managing Director of Odey Asset Management LLP, the Investment Manager of the Company. For the financial years ended 31 December 2015 and 31 December 2014 Tim Pearey holds the following shares: 31 December December 2014 Odey European Focus Fund - GBP M Class Tom Richards is Finance Director of Odey Asset Management LLP, the Investment Manager of the Company. For the financial years ended 31 December 2015 and 31 December 2014 Tom Richards holds the following shares: 31 December December 2014 Odey Opportunity Fund GBP M Class Odey Allegra Developed Markets Fund GBP M Class Andrew Bates is a partner in Dillon Eustace, the legal advisors to the Company and a Director of the Secretary. Other than described above, neither the secretary nor any of the Directors (including family interest) had any shareholdings in the Company as at 31 December 2015 and did not have any such shareholdings as at 31 December Transactions involving Connected Persons The Central Bank of Ireland UCITS Regulations, 41(1) Dealings by the management company or Depositary to a UCITS; and the delegates or sub-delegates of such a management company or depositary (excluding any non-group company sub-custodians appointed by a depositary); and any associated or group company of such a management company, depositary, delegate or sub-delegate ("Connected Persons") states in paragraph one that any transaction carried out with a UCITS by these Connected Persons must be conducted at arm's length and in the best interests of the unit-holders of the UCITS. The Board of Directors are satisfied that there are arrangements (evidenced by written procedures) in place, to ensure that the obligations set out in Regulation 41(1) of the UCITS Regulations are applied to all transactions with connected persons; and the Board of Directors are satisfied that transactions with connected persons entered into during the financial year complied with the obligations set out in this paragraph. Corporate governance statement A corporate governance code was issued by Irish Funds ( IF ), (previously the Irish Funds Industry Association) in December On 4 December 2012, the Board adopted the IF code having regard for certain other key pillars of governance within the collective investment fund governance structure, including: The unique role of the Distributor of a collective investment fund (the Investment Manager of the Company) as recognised in supporting the governance culture of the Company. The independent segregation of duties as between the Investment Manager, the Administrator (with responsibility for maintaining the books and records of the Company and for the calculation of the net asset value, amongst other duties) and the independent Custodian (with responsibility for safekeeping the assets of the Company and overseeing how the Company is managed), such segregation of duties being achieved through outsourcing of respective responsibilities to and appointment of suitably qualified and regulated entities. The role of the Company s shareholders in allocating their capital to the Company to have such capital managed in accordance with the investment objective and policies of the relevant Fund of the Company as promoted by the Distributor. The Board has reviewed the policies and procedures of the Company which are in their opinion compliant with the requirements of code. 7

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11 INVESTMENT MANAGER S REPORT Odey Pan European Fund Report for the financial year ended 31 December 2015 NAV per share NAV per share % Index % Relative Share Class 31 December December 2015 % Returns Movement* Performance Euro R GBP R GBP I *MSCI Daily TR Net Europe Summary of the Fund Performance In 2015 the Odey Pan European Fund (the Fund ) returned +5.26% (based on the principal share class Euro R Class) against the MSCI Daily TR Net Europe return of +8.18%. Positive performance came from holdings including Sky plc (+2.63%), Man Group plc (+1.38%) and Pendragon plc (+1.08%); whilst LM Ericsson Telefon AB Class B (-1.05%), Sports Direct International plc (-0.64%) and Ocado Group plc (-0.58%) disappointed. Performance Attribution by Sector over the year for the principal share class Performance Attribution by Geography over the year for the principal share class 11

12 INVESTMENT MANAGER S REPORT Odey Pan European Fund Report for the financial year ended 31 December 2015 (continued) Asset Allocation by Sector as at 31 December Fund MSCI Daily TR Net Europe % Utilities Telecommunication Services Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary The fund managers latest market views and commentary is available from the monthly manager s report available at Crispin Odey Odey Asset Management LLP February

13 ODEY PAN OPEAN FUND SCHEDULE OF INVESTMENTS as at 31 December 2015 (expressed in ) Acquisition Fair % Net Description Quantity Currency Cost Value Assets FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING* LISTED SECURITIES : SHARES BERMUDA ISLANDS Hiscox Ltd 122,407 GBP 923,413 1,750, ,413 1,750, FINLAND Nokia OYJ 1,108,883 6,955,815 7,313, ,955,815 7,313, FRANCE Alcatel-Lucent 2,856,782 9,454,059 10,427, AXA SA 79,647 1,057,830 2,009, Orange SA 348,551 5,094,773 5,397, Savencia SA 26,558 1,827,724 1,586, Technicolor SA 164,800 1,225,104 1,232, ,659,490 20,653, GERMANY Bayer AG 10, ,500 1,170, Borussia Dortmund GmbH & Co KGaA 756,373 3,137,459 3,035, Deutsche Post AG 26, , , Jenoptik AG 30, , , TUI AG 97,645 GBP 1,089,527 1,604, ,850,505 6,944, GREAT BRITAIN AO World Plc 304,220 GBP 788, , Barclays Plc 1,166,392 GBP 3,756,384 3,464, Circassia Pharmaceuticals Plc 631,453 GBP 2,343,584 2,735, Cobham Plc 483,859 GBP 1,659,718 1,859, Daily Mail & General Trust Plc 370,904 GBP 3,457,928 3,522, Devro Plc 383,844 GBP 919,966 1,510, Dixons Carphone Plc 819,809 GBP 2,512,604 5,561, Drax Group Plc 78,508 GBP 326, , Enterprise Inns Plc 496,473 GBP 866, , Howden Joinery Group Plc 944,551 GBP 3,423,616 6,747, Inmarsat Plc 28,980 GBP 446, , Kingfisher Plc 106,373 GBP 418, , Man Group Plc 8,204,388 GBP 9,142,610 19,536, Ocado Group Plc 1,474,488 GBP 5,863,388 6,083, Pendragon Plc 12,857,004 GBP 2,264,764 8,155,

14 (expressed in ) Acquisition Fair % Net Description Quantity Currency Cost Value Assets FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS (continued) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING* (continued) LISTED SECURITIES : SHARES (continued) GREAT BRITAIN (continued) Rockhopper Exploration Plc 561,340 GBP 1,252, , Sky Plc 1,555,398 GBP 15,079,652 23,467, Sophos Group Plc 10,730 GBP 34,094 38, Sports Direct International Plc 1,024,645 GBP 5,393,940 8,021, Travis Perkins Plc 92,849 GBP 1,780,243 2,485, Tungsten Corp Plc 784,281 GBP 1,716, , Vodafone Group Plc 1,643,379 GBP 4,855,305 4,927, ,304, ,299, IRELAND Greencore Group Plc 581,960 GBP 1,656,616 2,797, ,656,616 2,797, JAPAN Dai-ichi Life Insurance Co Ltd 59,107 JPY 1,060, , DMG Mori Co Ltd 40,972 JPY 439, , ORIX Corp 17,128 JPY 261, , Panasonic Corp 224,674 JPY 2,199,528 2,132, Shiseido Co Ltd 124,000 JPY 2,500,158 2,399, Toyota Industries Corp 30,897 JPY 1,088,660 1,543, Toyota Motor Corp 11,754 JPY 525, , ,075,560 8,342, JERSEY boohoo.com Plc 1,110,851 GBP 643, , Wolseley Plc 17,390 GBP 1,004, , ,648,022 1,428, NETHERLANDS Koninklijke KPN NV 1,768,277 5,268,043 6,174, ,268,043 6,174, NORWAY Norsk Hydro ASA 184,605 NOK 730, , Tomra Systems ASA 331,836 NOK 1,783,280 3,295, ,513,555 3,931, SWEDEN Loomis AB 53,126 SEK 933,243 1,534, Telefonaktiebolaget LM Ericsson 399,106 SEK 4,064,564 3,586, ,997,807 5,120,

15 (expressed in ) Acquisition Fair % Net Description Quantity Currency Cost Value Assets FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS (continued) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING* (continued) LISTED SECURITIES : SHARES (continued) SWITZERLAND Lonza Group AG 18,135 CHF 2,570,356 2,720, ,570,356 2,720, UNITED STATES Alphabet Inc - A 1,814 USD 1,208,641 1,299, Alphabet Inc - C 1,881 USD 1,214,901 1,314, DR Horton Inc 36,129 USD 583,657 1,065, Wells Fargo & Co 6,361 USD 323, , ,330,894 3,996, TOTAL LISTED SECURITIES : SHARES 130,754, ,473, FINANCIAL INSTRUMENTS UNITED STATES United States Treasury Bill 0% 04/02/2016 6,000,000 USD 5,582,905 5,522, United States Treasury Bill 0% 14/01/ ,000,000 USD 8,782,550 9,205, United States Treasury Bill 0% 28/01/ ,800,000 USD 14,241,646 14,543, ,607,101 29,271, TOTAL FINANCIAL INSTRUMENTS 28,607,101 29,271, TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 159,361, ,745, OTHER TRANSFERABLE SECURITIES OTHER TRANSFERABLE SECURITIES : UNLISTED SHARES GREAT BRITAIN Oxford Nanopore Technologies 92,952 GBP 2,459,908 5,044, ,459,908 5,044, TOTAL OTHER TRANSFERABLE SECURITIES : UNLISTED SHARES 2,459,908 5,044, OPEN FOREIGN EXCHANGE FORWARD CONTRACTS** Maturity Counterparty CCY Purchase CCY Sold Unrealised % Net Date Amount Amount Gain/(Loss) Assets 04/01/2016 RBC IS Bank Luxembourg USD 1,185,868 GBP 1,179,066 6,802-29/01/2016 RBC IS Bank Luxembourg 5,221,007 JPY 5,313,889 (92,882) (0.04) PORTFOLIO HEDGING (86,080) (0.04) TOTAL FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS 206,704, CASH AND OTHER ASSETS AND LIABILITIES 34,315, NET ASSETS 241,019, * Geographical analysis is based on country of registration ** The open foreign exchange forward contracts are categorised as portfolio hedging 15

16 (expressed in USD) Fair % Total Description Value assets TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 201,745, OTHER TRANSFERABLE SECURITIES 5,044, OPEN FOREIGN EXCHANGE FORWARD CONTRACTS (86,080) (0.04) CASH AND OTHER ASSETS AND LIABILITIES 34,315, TOTAL 241,019,

17 ODEY PAN OPEAN FUND ECONOMIC DIVISION OF INVESTMENTS as at 31 December 2015 (expressed as a percentage of net assets) % Net Assets % Net Assets 31 December 31 December News Transmission States, Provinces and Municipalities Holding and Finance Companies Retail Transportation Various Capital Goods Food and Distilleries Leisure Pharmaceuticals and Cosmetics Miscellaneous Construction and Building Material Banks and Financial Institutions Chemicals Electronic Semiconductor Mechanics and Machinery Graphic Art and Publishing Internet Software Insurance Automobile Industry Aerospace Technology Public Services Petrol Consumer Goods Tobacco and Spirits Healthcare Education and Social Services Total Investments Open Foreign Exchange Forward Contracts (0.04) (0.67) Total Financial Assets and liabilities at Fair Value through Profit or Loss Cash and Other Assets and Liabilities Net Assets Attributable to Holders of Redeemable Participating Shares

18 ODEY PAN OPEAN FUND SIGNIFICANT PORTFOLIO CHANGES for the financial year ended 31 December 2015 (unaudited) PURCHASES SECURITY NAME QUANTITY COST % NET ASSETS United States Treasury Bill 0% 09/07/ ,000,000 27,798, United States Treasury Bill 0% 09/04/ ,000,000 25,449, Telefonaktiebolaget LM Ericsson 1,442,184 16,298, United States Treasury Bill 0% 12/03/ ,000,000 15,922, United States Treasury Bill 0% 28/01/ ,800,000 14,241, Mitsubishi UFJ Financial Group Inc 1,555,100 9,522, United States Treasury Bill 0% 11/06/ ,000,000 9,412, Nokia OYJ 1,478,694 9,172, United States Treasury Bill 0% 14/01/ ,000,000 8,782, United States Treasury Bill 0% 26/03/ ,000,000 8,471, Alcatel-Lucent 2,164,512 7,938, Orange SA 509,800 7,362, United States Treasury Bill 0% 25/06/2015 8,000,000 7,280, Credit Agricole SA 485,217 6,893, United States Treasury Bill 0% 04/02/2016 6,000,000 5,582, Vodafone Group Plc 1,803,199 5,319, United Kingdom Treasury Bill 0% 04/01/2016 3,800,000 5,250, UniCredit SpA 754,800 4,747, Wolseley Plc 81,000 4,680, Sky Plc 391,463 4,483, Wells Fargo & Co 80,100 4,047, Barclays Plc 935,035 3,417, Lonza Group AG 18,800 2,664, Koninklijke KPN NV 752,467 2,620, Shiseido Co Ltd 124,000 2,500, Norsk Hydro ASA 622,430 2,462,

19 ODEY PAN OPEAN FUND SIGNIFICANT PORTFOLIO CHANGES for the financial year ended 31 December 2015 (unaudited) (continued) SALES SECURITY NAME QUANTITY PROCEEDS % NET ASSETS United States Treasury Bill 0% 09/04/ ,000,000 28,095, United States Treasury Bill 0% 09/07/ ,000,000 26,792, United States Treasury Bill 0% 15/01/ ,000,000 25,889, Telefonaktiebolaget LM Ericsson 2,274,469 20,621, United States Treasury Bill 0% 12/02/ ,000,000 15,827, United States Treasury Bill 0% 12/03/ ,000,000 15,785, Sky Plc 737,276 11,302, United States Treasury Bill 0% 11/06/ ,000,000 9,298, United States Treasury Bill 0% 26/03/ ,000,000 9,080, Mitsubishi UFJ Financial Group Inc 1,555,100 8,957, United States Treasury Bill 0% 25/06/2015 8,000,000 7,438, Wells Fargo & Co 156,916 7,230, Daily Mail & General Trust Plc 624,649 6,698, Credit Agricole SA 485,217 6,125, Man Group Plc 2,619,782 5,961, Howden Joinery Group Plc 825,501 5,612, ASML Holding NV 63,573 5,487, Travis Perkins Plc 207,706 5,454, United Kingdom Treasury Bill 0% 04/01/2016 3,800,000 5,339, Delta Air Lines Inc 127,675 5,031, Barclays Plc 1,545,271 4,863, UniCredit SpA 754,800 4,278, Ashtead Group Plc 259,748 4,064, Renault SA 58,607 4,024, Sports Direct International Plc 410,389 4,003, CF Industries Holdings Inc 38,968 3,989, Wolseley Plc 63,610 3,242,

20 INVESTMENT MANAGER S REPORT Odey Allegra European Fund Report for the financial year ended 31 December 2015 NAV per share NAV per share % Index % Relative Share Class 31 December December 2015 % Returns Movement^ Performance Euro O Euro I Euro A Euro A I Euro B I Euro B R Euro C I USD O USD BI GBP O GBP D ^ MSCI Daily TR Net Europe Summary of Fund Performance In 2015 the Odey Allegra European Fund (the Fund ) returned +5.13% (based on the principal share class Euro O Class) against the MSCI Daily TR Net Europe return of +8.18%. Positive performance came from our holdings including Ryanair Holdings plc (+1.54%), Novo Nordisk A/S Class B (+1.03%) and Anheuser-Busch InBev S.A. (+0.95%); whilst Vivendi S.A. (-0.65%), Wolseley plc (-0.64%) and Whitbred plc (-0.55%) disappointed. Performance Attribution by Sector over the year for the principal share class 20

21 INVESTMENT MANAGER S REPORT Odey Allegra European Fund Report for the financial year ended 31 December 2015 (continued) Performance Attribution by Geography over the year for the principal share class Asset Allocation by Sector as at 31 December Fund MSCI Daily TR Net Europe 15 % Utilities Telecommunication Services Information Technology Industrials Health Care Financials Consumer Staples Consumer Discretionary The fund managers latest market views and commentary is available from the monthly manager s report available at Feras Al-Chalabi Odey Asset Management LLP February

22 ODEY ALLEGRA OPEAN FUND SCHEDULE OF INVESTMENTS as at 31 December 2015 (expressed in ) Acquisition Fair % Net Description Quantity Currency Cost Value Assets FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING* LISTED SECURITIES : SHARES BELGIUM Ontex Group NV 53,100 1,732,543 1,739, ,732,543 1,739, DENMARK TDC A/S 174,560 DKK 897, , , , FRANCE Alcatel-Lucent 584,672 1,703,916 2,134, Orange SA 322,423 5,360,571 4,992, Technicolor SA 252,264 1,805,683 1,886, Vivendi SA 234,487 5,502,702 4,656, ,372,872 13,670, GERMANY Fresenius Medical Care AG & Co KgaA 27,296 2,040,498 2,121, ,040,498 2,121, GREAT BRITAIN BT Group Plc 1,298,350 GBP 8,448,675 8,309, Crest Nicholson Holdings plc 619,824 GBP 4,627,752 4,684, Dixons Carphone Plc 1,343,702 GBP 6,898,725 9,115, Howden Joinery Group Plc 597,539 GBP 3,084,988 4,268, Imperial Tobacco Group Plc 158,626 GBP 8,071,521 7,719, Inmarsat Plc 493,160 GBP 7,148,297 7,607, Man Group Plc 458,229 GBP 936,069 1,091, Pennon Group Plc 79,787 GBP 906, , Reckitt Benckiser Group Plc 88,317 GBP 7,773,509 7,526, RELX Plc 157,496 GBP 2,719,172 2,557, SABMiller Plc 141,746 GBP 7,983,407 7,826, Sky Plc 421,689 GBP 5,880,502 6,362, Sports Direct International Plc 83,667 GBP 708, , Taylor Wimpey Plc 1,018,889 GBP 2,769,065 2,807, Vodafone Group Plc 735,204 GBP 2,526,070 2,204, ,483,353 73,668, IRELAND Kerry Group Plc 34,900 2,664,887 2,663, Ryanair Holdings Plc 745,696 8,567,634 11,192, ,232,521 13,856, ITALY Davide Campari-Milano SpA 218,200 1,774,694 1,745, ,774,694 1,745,

23 (expressed in ) Acquisition Fair % Net Description Quantity Currency Cost Value Assets FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS (continued) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING* (continued) LISTED SECURITIES : SHARES (continued) LUXEMBOURG Grand City Properties SA 336,286 6,432,843 7,193, ,432,843 7,193, NETHERLANDS Heineken NV 52,471 4,475,443 4,133, Koninklijke Ahold NV 105,100 2,072,922 2,046, Koninklijke KPN NV 826,004 2,790,552 2,884, ,338,917 9,064, SPAIN International Consolidated Airlines Group SA 644,421 GBP 5,236,982 5,337, ,236,982 5,337, SWITZERLAND dorma+kaba Holding AG 2,941 CHF 1,768,378 1,848, Lonza Group AG 23,650 CHF 3,486,228 3,547, Nestle SA 43,853 CHF 3,013,599 3,006, ,268,205 8,402, UNITED STATES Alphabet Inc A 16,198 USD 10,618,847 11,601, Reynolds American Inc 101,632 USD 3,878,533 4,317, ,497,380 15,918, TOTAL LISTED SECURITIES : SHARES 146,308, ,523, TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 146,308, ,523, OPEN FOREIGN EXCHANGE FORWARD CONTRACTS** Maturity Counterparty CCY Purchase Amount CCY Sold Amount Unrealised % Net Date Gain/(Loss) Assets 04/01/2016 RBC IS Bank Luxembourg GBP 580, ,058 (1,395) - 04/01/2016 RBC IS Bank Luxembourg USD 40,502 40, /01/2016 RBC IS Bank Luxembourg 28,023,607 GBP 27,686, , /01/2016 RBC IS Bank Luxembourg CHF 15,630,035 15,760,765 (130,730) (0.07) 29/01/2016 RBC IS Bank Luxembourg 16,049,415 USD 16,034,326 15, /01/2016 RBC IS Bank Luxembourg GBP 1,728,793 1,723,129 5,664 - PORTFOLIO HEDGING 225, TOTAL FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS 153,749, CASH AND OTHER ASSETS AND LIABILITIES 19,998, NET ASSETS 173,747, * Geographical analysis is based on country of registration ** The open foreign exchange forward contracts are categorised as portfolio hedging 23

24 (expressed in USD) Fair % Total Description Value assets TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 153,523, OPEN FOREIGN EXCHANGE FORWARD CONTRACTS 225, CASH AND OTHER ASSETS AND LIABILITIES 19,998, TOTAL 173,747,

25 ODEY ALLEGRA OPEAN FUND ECONOMIC DIVISION OF INVESTMENTS as at 31 December 2015 (expressed as a percentage of net assets) % Net Assets % Net Assets 31 December 31 December News Transmission Tobacco and Spirits Internet Software Transportation Holding and Finance Companies Consumer Goods Construction and Building Material Graphic Art and Publishing Real Estate Companies Food and Distilleries Aerospace Technology Various Capital Goods Electronic Semiconductor Chemicals Retail Pharmaceuticals and Cosmetics Public Services Insurance Banks and Financial Institutions Leisure Mechanics and Machinery Total Investments Open Foreign Exchange Forward Contracts Total Financial Assets and Liabilities at Fair Value through Profit or Loss Cash and Other Assets and Liabilities Net Assets Attributable to Holders of Redeemable Participating Shares

26 ODEY ALLEGRA OPEAN FUND SIGNIFICANT PORTFOLIO CHANGES for the financial year ended 31 December 2015 (unaudited) PURCHASES SECURITY NAME QUANTITY COST % NET ASSETS International Consolidated Airlines Group SA 2,130,996 17,284, Imperial Tobacco Group Plc 342,514 16,575, Inmarsat Plc 1,206,644 16,024, Wolseley Plc 268,101 14,980, Travis Perkins Plc 497,990 14,287, Vivendi SA 586,288 13,758, Lonza Group AG 93,661 12,452, Reynolds American Inc 323,500 12,247, BT Group Plc 1,877,560 12,182, Whitbread Plc 169,394 12,149, Next Plc 109,130 11,354, Koninklijke KPN NV 3,247,992 10,972, InterContinental Hotels Group Plc 301,509 10,715, Sky Plc 745,638 10,395, Taylor Wimpey Plc 4,353,430 10,385, France Treasury Bill BTF 0% 13/01/ ,000,000 10,005, Ryanair Holdings Plc 879,837 9,853, Intesa Sanpaolo SpA 2,942,964 9,649, SABMiller Plc 160,000 9,011, Orange SA 530,503 8,731, Reckitt Benckiser Group Plc 98,900 8,705, Alphabet Inc A 12,728 8,541, Merlin Entertainments Plc 1,360,544 8,189, Walt Disney Co 71,945 7,672, Akzo Nobel NV 103,022 7,592, Cap Gemini SA 101,054 7,528, Smurfit Kappa Group Plc 264,677 7,156, Grand City Properties SA 364,430 6,971, Nestle SA 100,700 6,920, Dixons Carphone Plc 1,134,368 6,875, Google Inc 10,386 6,377, Telefonaktiebolaget LM Ericsson 587,421 6,367, Deutsche Wohnen AG 285,636 6,319, Vodafone Group Plc 1,795,527 6,169, Novo Nordisk A/S 144,200 6,052, France Treasury Bill BTF 0% 30/12/2015 6,000,000 6,002, Land Securities Group Plc 322,915 5,170,

27 ODEY ALLEGRA OPEAN FUND SIGNIFICANT PORTFOLIO CHANGES for the financial year ended 31 December 2015 (unaudited) (continued) SALES SECURITY NAME QUANTITY PROCEEDS % NET ASSETS Novartis AG 203,441 17,248, Taylor Wimpey Plc 7,550,472 16,234, ASML Holding NV 169,663 15,412, Travis Perkins Plc 585,724 15,252, InterContinental Hotels Group Plc 399,047 14,463, Wolseley Plc 268,101 13,760, Anheuser-Busch InBev NV 122,611 13,665, Swisscom AG 30,400 13,543, Vonovia SE 421,722 13,142, Roche Holding AG 55,071 12,944, Next Plc 109,130 11,870, AstraZeneca Plc 209,361 11,858, International Consolidated Airlines Group SA 1,486,575 11,586, Whitbread Plc 169,394 10,872, Novo Nordisk A/S 203,574 10,564, Land Securities Group Plc 615,510 10,296, France Treasury Bill BTF 0% 13/01/ ,000,000 10,003, British American Tobacco Plc 213,128 9,786, Intesa Sanpaolo SpA 2,942,964 9,613, Reynolds American Inc 221,868 9,381, Signet Jewelers Ltd 85,024 9,366, Inmarsat Plc 713,484 9,365, United Utilities Group Plc 688,881 8,722, Lonza Group AG 70,011 8,408, Imperial Tobacco Group Plc 183,888 8,211, Cap Gemini SA 101,054 7,932, Koninklijke KPN NV 2,421,988 7,568, Vivendi SA 351,801 7,471, Barratt Developments Plc 1,120,009 7,465, Nokia OYJ 1,108,691 7,372, National Grid Plc 606,862 7,339, Deutsche Wohnen AG 326,014 7,205, Alcatel-Lucent 2,216,787 7,168, Merlin Entertainments Plc 1,360,544 7,103, Akzo Nobel NV 103,022 7,063, Walt Disney Co 71,945 6,918, Smurfit Kappa Group Plc 264,677 6,700, Man Group Plc 3,136,245 6,631, France Treasury Bill BTF 0% 30/12/2015 6,000,000 6,001, Telefonaktiebolaget LM Ericsson 587,421 5,979, Iberdrola SA 955,578 5,875,

28 INVESTMENT MANAGER S REPORT Odey Allegra International Fund Report for the financial year ended 31 December 2015 NAV per share NAV per share % Index % Relative Share Class 31 December December 2015 % Returns Movement* Performance Euro O Euro I GBP O GBP D GBP A D USD O AUD$ *MSCI Daily TR Net World Summary of Fund Performance In 2015 the Odey Allegra International Fund (the Fund ) returned +6.79% (based on the principal share class Euro O Class) against the MSCI Daily TR Net World return of %. Positive performance came from holdings including Sky plc (+2.23%), Pendragon plc (+0.90%) and D.R. Horton, Inc. (+0.73%); whilst LM Ericsson Telefon AB Class B (-0.90%), Tungsten Corporation plc (-0.44%) and Sports Direct International plc (-0.39%) disappointed. Performance Attribution by Sector over the year for the principal share class 28

29 INVESTMENT MANAGER S REPORT Odey Allegra International Fund Report for the financial year ended 31 December 2015 (continued) Performance Attribution by Geography over the year for the principal share class Asset Allocation by Sector as at 31 December 2015 The fund managers latest market views and commentary is available from the monthly manager s report available at Crispin Odey Odey Asset Management LLP February

30 ODEY ALLEGRA INTERNATIONAL FUND SCHEDULE OF INVESTMENTS as at 31 December 2015 (expressed in ) Acquisition Fair % Net Description Quantity Currency Cost Value Assets FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING* LISTED SECURITIES : SHARES BERMUDA ISLANDS Hiscox Ltd 459,265 GBP 2,761,723 6,567, Sylvania Platinum Ltd 5,473,529 GBP 4,000, , ,762,549 7,134, FINLAND Nokia OYJ 6,997,961 44,072,348 46,151, ,072,348 46,151, FRANCE Alcatel-Lucent 18,630,485 61,446,975 68,001, Orange SA 2,208,879 32,287,386 34,204, Savencia SA 88,614 5,114,848 5,292, ,849, ,498, GERMANY TUI AG 153,044 GBP 1,387,823 2,514, ,387,823 2,514, GREAT BRITAIN AO World Plc 1,807,474 GBP 4,642,606 3,828, Barclays Plc 5,371,982 GBP 16,697,684 15,955, Circassia Pharmaceuticals Plc 2,515,800 GBP 9,338,335 10,899, Daily Mail & General Trust Plc 532,151 GBP 3,273,042 5,054, Dixons Carphone Plc 2,832,905 GBP 7,676,773 19,218, Drax Group Plc 495,448 GBP 2,064,831 1,642, Enterprise Inns Plc 224,523 GBP 378, , Howden Joinery Group Plc 2,429,854 GBP 7,454,942 17,357, Inmarsat Plc 183,026 GBP 2,822,375 2,823, Kingfisher Plc 468,087 GBP 1,762,565 2,092, Man Group Plc 23,566,491 GBP 29,364,475 56,116, Ocado Group Plc 4,148,718 GBP 7,055,074 17,117, Pendragon Plc 71,222,184 GBP 12,771,142 45,176, Rockhopper Exploration Plc 1,993,062 GBP 4,990, , Sky Plc 10,180,879 GBP 100,287, ,606, Sophos Group Plc 65,358 GBP 207, , Sports Direct International Plc 4,016,047 GBP 14,231,366 31,440, Travis Perkins Plc 320,183 GBP 5,337,038 8,571, Tungsten Corp Plc 4,750,365 GBP 9,557,080 2,392, Vodafone Group Plc 10,338,695 GBP 30,683,255 31,001, ,596, ,616,

31 (expressed in ) Acquisition Fair % Net Description Quantity Currency Cost Value Assets FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS (continued) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING* (continued) LISTED SECURITIES : SHARES (continued) JAPAN Dai-ichi Life Insurance Co Ltd 962,300 JPY 16,831,880 14,985, DMG Mori Co Ltd 1,127,906 JPY 12,523,813 12,299, Nomura Holdings Inc 1,422,457 JPY 8,052,023 7,392, ORIX Corp 284,711 JPY 4,107,817 3,737, Panasonic Corp 1,560,520 JPY 15,355,417 14,813, Shiseido Co Ltd 1,514,000 JPY 31,010,409 29,300, Sohgo Security Services Co Ltd 118,523 JPY 2,154,038 5,169, Tadano Ltd 106,235 JPY 1,295,333 1,199, Toyota Industries Corp 510,087 JPY 16,420,256 25,489, Toyota Motor Corp 235,950 JPY 10,877,347 13,520, ,628, ,909, JERSEY boohoo.com Plc 5,184,711 GBP 2,916,708 2,602, Wolseley Plc 109,382 GBP 6,307,323 5,477, ,224,031 8,080, NETHERLANDS Koninklijke KPN NV 10,451,130 31,268,744 36,495, ,268,744 36,495, NORWAY Norsk Hydro ASA 1,146,127 NOK 4,537,638 3,949, Tomra Systems ASA 590,356 NOK 2,451,982 5,863, ,989,620 9,812, SWEDEN Telefonaktiebolaget LM Ericsson 2,516,379 SEK 26,899,578 22,613, ,899,578 22,613, SWITZERLAND Lonza Group AG 114,700 CHF 16,256,761 17,204, ,256,761 17,204, UNITED STATES Alphabet Inc C 11,980 USD 7,737,650 8,369, Alphabet Inc A 11,610 USD 7,735,571 8,315, CIT Group Inc 60,454 USD 2,283,866 2,209, DR Horton Inc 1,493,956 USD 25,512,735 44,049, EOG Resources Inc 58,188 USD 4,262,145 3,791, Goldman Sachs Group Inc 66,516 USD 10,661,150 11,035, Lennar Corp 67,487 USD 2,600,466 3,038, PulteGroup Inc 125,157 USD 1,673,302 2,053, Wells Fargo & Co 133,195 USD 6,755,144 6,665, ,222,029 89,528, TOTAL LISTED SECURITIES : SHARES 700,157, ,559,

32 (expressed in ) Acquisition Fair % Net Description Quantity Currency Cost Value Assets FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS (continued) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING* (continued) FINANCIAL INSTRUMENTS UNITED STATES United States Treasury Bill 0% 04/02/ ,000,000 USD 50,246,148 49,706, United States Treasury Bill 0% 14/01/ ,000,000 USD 74,651,671 78,244, United States Treasury Bill 0% 18/02/ ,000,000 USD 56,336,096 55,226, United States Treasury Bill 0% 21/01/ ,000,000 USD 30,857,395 32,217, United States Treasury Bill 0% 28/01/ ,000,000 USD 50,448,602 51,546, ,539, ,943, TOTAL FINANCIAL INSTRUMENTS 262,539, ,943, TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 962,697,841 1,167,502, OTHER TRANSFERABLE SECURITIES OTHER TRANSFERABLE SECURITIES : UNLISTED SHARES GREAT BRITAIN Imagelinx Plc 129,365 GBP 3, Oxford Nanopore Technologies 660,786 GBP 17,487,186 35,862, ,490,768 35,862, TOTAL OTHER TRANSFERABLE SECURITIES : UNLISTED SHARES 17,490,768 35,862, OPEN FOREIGN EXCHANGE FORWARD CONTRACTS** Maturity Counterparty CCY Purchase CCY Sold Unrealised % Net Date Amount Amount Gain/(Loss) Assets 04/01/2016 RBC IS Bank Luxembourg 13,000 USD 13,047 (47) - 29/01/2016 RBC IS Bank Luxembourg USD 125,917,075 JPY 128,390,731 (2,473,656) (0.16) 29/01/2016 RBC IS Bank Luxembourg USD 92,052,887 GBP 90,967,835 1,085, PORTFOLIO HEDGING (1,388,651) (0.09) TOTAL FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS 1,201,976, CASH AND OTHER ASSETS AND LIABILITIES 320,342, NET ASSETS 1,522,319, * Geographical analysis is based on country of registration ** The open foreign exchange forward contracts are categorised as portfolio hedging 32

33 (expressed in USD) Fair % Total Description Value assets TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 1,167,502, OTHER TRANSFERABLE SECURITIES 35,862, OPEN FOREIGN EXCHANGE FORWARD CONTRACTS (1,388,651) (0.09) CASH AND CASH EQUIVALENTS 320,342, TOTAL 1,522,319,

34 ODEY ALLEGRA INTERNATIONAL FUND ECONOMIC DIVISION OF INVESTMENTS as at 31 December 2015 (expressed as a percentage of net assets) % Net Assets % Net Assets 31 December 31 December News Transmission States, Provinces and Municipalities Holding and Finance Companies Construction and Building Material Retail Transportation Pharmaceuticals and Cosmetics Automobile Industry Banks and Financial Institutions Miscellaneous Internet Software Mechanics and Machinery Various Capital Goods Chemicals Insurance Electronic Semiconductor Public Services Food and Distilleries Electronics and Electrical Equipment Graphic Art and Publishing Petrol Leisure Precious Metals Office Equipment and Computers Consumer Goods Healthcare Education & Social Services Total Investments Open Foreign Exchange Forward Contracts (0.09) 0.32 Total Financial Assets and Liabilities at Fair Value through Profit or Loss Cash and Other Assets and Liabilities Net Assets Attributable to Holders of Redeemable Participating Shares

35 ODEY ALLEGRA INTERNATIONAL FUND SIGNIFICANT PORTFOLIO CHANGES for the financial year ended 31 December 2015 (unaudited) PURCHASES SECURITY NAME QUANTITY COST % NET ASSETS United States Treasury Bill 0% 26/03/ ,000, ,711, France Treasury Bill BTF 0% 15/07/ ,000, ,051, United Kingdom Treasury Bill 0% 18/05/ ,000, ,184, Telefonaktiebolaget LM Ericsson 8,380,886 94,766, United States Treasury Bill 0% 25/06/ ,000,000 91,008, United States Treasury Bill 0% 14/01/ ,000,000 74,651, Wells Fargo & Co 1,328,700 67,143, Mitsubishi UFJ Financial Group Inc 10,310,200 62,771, Nokia OYJ 9,288,573 57,724, United States Treasury Bill 0% 11/06/ ,000,000 56,477, United States Treasury Bill 0% 18/02/ ,000,000 56,336, Shiseido Co Ltd 2,577,700 53,200, United Kingdom Treasury Bill 0% 25/01/ ,000,000 52,811, United Kingdom Treasury Bill 0% 26/10/ ,000,000 51,954, United States Treasury Bill 0% 19/11/ ,000,000 51,831, United States Treasury Bill 0% 28/01/ ,000,000 50,448, United States Treasury Bill 0% 04/02/ ,000,000 50,246, Orange SA 3,164,200 45,591, Alcatel-Lucent 12,336,242 45,247, Dai-ichi Life Insurance Co Ltd 2,320,200 40,583, Credit Agricole SA 2,838,161 40,322, United States Treasury Bill 0% 02/04/ ,000,000 39,748, Vodafone Group Plc 11,467,895 33,848, Sky Plc 2,712,465 32,641, United States Treasury Bill 0% 21/01/ ,000,000 30,857, Wolseley Plc 525,700 30,331, UniCredit SpA 4,602,300 28,946, ORIX Corp 1,564,500 23,879, Barclays Plc 5,476,300 20,023, CF Industries Holdings Inc 362,132 19,452, Goldman Sachs Group Inc 109,700 18,754,