odey investment funds plc - fondsvermittlung24.de€¦ · unaudited semi-annual report for the six...

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 360460)

ODEY PAN EUROPEAN FUND

ODEY ALLEGRA INTERNATIONAL FUND ODEY OPPORTUNITY FUND

ODEY ALLEGRA DEVELOPED MARKETS FUND ODEY EUROPEAN FOCUS FUND

(Sub-Funds of Odey Investment Funds plc)

UNAUDITED SEMI-ANNUAL REPORT

For the Six Month Financial Period Ended 30 June 2019

Odey Investment Funds plc

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CONTENTS Page

General Information 4 Odey Pan European Fund 5 – 15 - Investment Manager’s Report 5 – 6 - Unaudited Statement of Financial 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 – 13 - Economic Division of Investments 14 - Significant Portfolio Changes 15 Odey Allegra International Fund 16 – 28 - Investment Manager’s Report 16 – 17 - Unaudited Statement of Financial Position 18 - Unaudited Statement of Comprehensive Income 19 - Unaudited Statement of Changes in Net Assets Attributable to Holders of Redeemable

Participating Shares 20 - Unaudited Statement of Cash Flows 21 - Schedule of Investments 22 – 25 - Economic Division of Investments 26 - Significant Portfolio Changes 27 – 28 Odey Opportunity Fund 29 – 42 - Investment Manager’s Report 29 – 31 - Unaudited Statement of Financial Position 32 – 33 - Unaudited Statement of Comprehensive Income 34 - Unaudited Statement of Changes in Net Assets Attributable to Holders of Redeemable

Participating Shares 35 - Unaudited Statement of Cash Flows 36 - Schedule of Investments 37 – 40 - Economic Division of Investments 41 - Significant Portfolio Changes 42


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CONTENTS (continued) Page Odey Allegra Developed Markets Fund 43 – 53 - Investment Manager’s Report 43 - 44 - Unaudited Statement of Financial Position 45 - Unaudited Statement of Comprehensive Income 46 - Unaudited Statement of Changes in Net Assets Attributable to Holders of Redeemable

Participating Shares 47 - Unaudited Statement of Cash Flows 48 - Schedule of Investments 49 – 51 - Economic Division of Investments 52 - Significant Portfolio Changes 53

Odey European Focus Fund 54 – 64 - Investment Manager’s Report 54 – 55 - Unaudited Statement of Financial Position 56 - Unaudited Statement of Comprehensive Income 57 - Unaudited Statement of Changes in Net Assets Attributable to Holders of Redeemable

Participating Shares 58 - Unaudited Statement of Cash Flows 59 - Schedule of Investments 60 – 61 - Economic Division of Investments 62 - Significant Portfolio Changes 63 – 64 Combined Unaudited Statement of Financial Position 65 Combined Unaudited Statement of Comprehensive Income 66 Combined Unaudited Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares

67

Combined Unaudited Statement of Cash Flows 68 Notes to the Financial Statements 69 – 106 Supplemental Information 107 – 110


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GENERAL INFORMATION Directors Independent Auditor Andrew Bates (Irish)* Deloitte Ireland LLP, Frank Ennis (Irish) (Independent)* Chartered Accountants and Statutory Audit Firm, Tim Pearey (British)* Deloitte & Touche House, Tom Richards (British) (alternate Director to Tim Pearey)* Earlsfort Terrace,

Dublin 2 DO2 AY28, Ireland.

Company Secretary Legal Advisers In Ireland Tudor Trust Limited, Dillon Eustace, 33 Sir John Rogerson's Quay, 33 Sir John Rogerson’s Quay, Dublin 2, Dublin 2, Ireland. Ireland.

Registered Office Legal Advisers In the United Kingdom 33, Sir John Rogerson's Quay, Simmons & Simmons, Dublin 2, City Point, Ireland. One Ropemaker Street, London, EC2Y 9SS,

England.

Investment Manager and Distributor Administrator** Odey Asset Management LLP, RBC Investor Services Ireland Limited, 12 Upper Grosvenor Street, 4th Floor, London, One George’s Quay Plaza, W1K 2ND, George’s Quay, England. Dublin 2,

Ireland.

Depositary RBC Investor Services Bank S.A., Dublin Branch, 4th Floor, One George’s Quay Plaza, George’s Quay, Dublin 2, Ireland. * All of the Directors are non executive ** From 30 Auguest 2019, the Administrator will be U.S. Bank Global Fund Services (Ireland) Limited.


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INVESTMENT MANAGER’S REPORT Odey Pan European Fund Report for the financial per iod ended 30 June 2019

Share Class NAV per share

31 December 2018 NAV per share

30 June 2019 % Returns** % Index

Movement* % Relative

Performance

Euro R Class 294.76 293.50 -0.43 16.27 -16.70

GBP R Class 212.42 210.85 -0.74 15.91 -16.65

GBP I Class 118.00 117.41 -0.50 15.91 -16.41

*MSCI Daily TR Net Europe **Performance figures are presented net of fees Summary of the Fund Performance From 1 January 2019 to 28 June 2019 (“the period”), the Fund returned -0.43% (based on the principal share class – Euro R class) against the MSCI Daily TR Net Europe return of +16.27%.

Positive returns over the period came from the Information Technology (+1.65%) and Financials (+1.11%) sectors. From a country perspective, the largest positive contributions came from Norway (+1.29%) and France (+0.78%). Negative returns primarily came from Consumer Discretionary (-2.10%) and Materials (-0.67%) sectors, with the UK (-1.12%) and Brazil (-0.64%) being the largest detractors by country.

Notable positive performance returns came from our holdings including Euromoney Institutional Investor (+0.93%), Aker BP (+0.81%) and Tungsten Corporation (+0.74%). Negative returns came from holdings including Pendragon (-1.90%), Seadrill (-1.18%) and SLC Agricola (-0.64%).


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INVESTMENT MANAGER’S REPORT Odey Pan European Fund Report for the financial per iod ended 30 June 2019 (continued)

The Fund Manager’s latest market views and commentary is available from the monthly report available at www.odey.com Crispin Odey Odey Asset Management LLP 30 July 2019


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UNAUDITED STATEMENT OF FINANCIAL POSITION As at 30 June 2019 Odey Pan European Fund EUR EUR Notes 30 June 2019 31 December 2018 ASSETS Financial Assets at Fair Value through Profit or Loss 3 10,703,070 13,109,086 Cash and Cash Equivalents 10 5,259,283 5,891,798 Receivable from Subscriptions 17 555 Interest and Dividends Receivable 26,627 84,629

TOTAL ASSETS 15,988,997 19,086,068 LIABILITIES Financial Liabilities at Fair Value through Profit or Loss 3 3,931 8,910 Payable on Redemptions 108,767 186,890 Administration, Registrar and Transfer Agency Fees Payable 7 2,265 4,155 Depositary and Depositary Oversight Fees Payable 7 25,613 23,217 Investment Management Fees Payable 7 18,355 25,653 Payable on Purchases of Investments 8,875 - Payable on Audit Fees 425 4,664 Bank Overdrafts 10 - 828 Unrealised Capital Gain Tax on Investments - 3,204 Other Accrued Expenses 147,160 118,625 LIABILITIES (excluding Net Assets attributable to h olders of redeemable participating shares) 315,391 376,146 NET ASSETS attributable to holders of redeemable pa rticipating shares 15,673,606 18,709,922

Redeemable Participating Shares Shares In Issue Euro R Class 50,590.62 60,436.88 Net Asset Value Per Share Euro R Class €293.50 €294.76

Shares In Issue GBP I Class 4,439.15 4,859.48 Net Asset Value Per Share GBP I Class £117.41 £118.00 Shares In Issue GBP R Class 1,029.62 1,084.17 Net Asset Value Per Share GBP R Class £210.85 £212.42 The accompanying notes form an integral part of the financial statements.


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UNAUDITED STATEMENT OF COMPREHENSIVE INCOME For the financial period ended 30 June 2019 Odey Pan European Fund EUR EUR Notes 30 June 2019 30 June 2018

INCOME

Net Gain from Investments 13 114,033 1,098,083 Dividends 196,417 564,562 Bank Interest 33,704 34,229 Other Income 1,965 5,798 Dividend Withholding Tax Reclaim 2 - 15,503 Dividend Withholding Tax Expense (2,991) (10,499) Finance Cost (461) (645) Transaction Costs (6,566) (26,707)

Investment Income 336,101 1,680,324 EXPENSES Administration, Registrar and Transfer Agent Fees 7 18,975 14,420 Depositary and Depositary Oversight Fees 7 16,244 15,780 Investment Management Fees 7 132,822 237,300 Audit Fees 7 4,953 4,987 Director Fees 7 1,031 979 Legal Fees 13,377 - Other Expenses 25,333 28,065

Operating Expenses 212,735 301,531 Increase in Net Assets Attributable to Holders of R edeemable Participating Shares from Operations

123,366 1,378,793

The Company has no recognised gains or losses other than those stated above. All gains and losses were generated by continuing operations. The accompanying notes form an integral part of the financial statements.


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UNAUDITED STATEMENT OF CHANGES IN NET ASSETS ATTRIB UTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES For the financial period ended 30 June 2019 Odey Pan European Fund EUR EUR 30 June 2019 30 June 2018 Net Assets attributable to holders of redeemable pa rticipating shares at the beginning of the financial period 18,709,922 37,513,652 Increase in Net Assets attributable to holders of redeemable participating shares from operations 123,366 1,378,793 Capital Transactions Issuance of shares 43,985 1,584,311 Redemptions of shares (3,203,667) (8,387,774)

Net Assets attributable to holders of redeemable pa rticipating shares at the end of the financial period 15,673,606 32,088,982 Shares issued during the financial period Euro R Class 94.66 4,305.99 GBP I Class - 427.00 GBP R Class 54.04 301.92 Shares redeemed during the financial period Euro R Class (9,940.92) (17,026.31) GBP I Class (420.33) (2,376.93) GBP R Class (108.59) (10,052.75) The accompanying notes form an integral part of the financial statements.


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UNAUDITED STATEMENT OF CASH FLOWS For the financial period ended 30 June 2019 Odey Pan European Fund EUR EUR 30 June 2019 30 June 2018 Cash flows From Operating activities Increase in net assets attributable to holders of r edeemable participating shares from operations

123,366 1,378,793

Adjustments to reconcile increase in net assets attributable to holders of redeemable participating shares to cash provided by operating activities

Dividend income (196,417) (564,562) Bank interest income (33,704) (34,229) Dividend Withholding Tax Expense 2,991 10,499 Dividend Withholding Tax Reclaim - (15,503) Operating (loss)/profit before working capital chan ges (103,764) 774,998 Changes in operating assets and liabilities Decrease in Financial Assets at Fair Value through Profit or Loss 2,401,037 10,257,540 Increase in Receivable on Sales of Investments - (150,105) Increase in Other Receivables - (563) Decrease in Payable on Audit Fees (4,239) - Decrease in Unrealised Capital Gain Tax on Investments (3,204) - Increase in Other Accrued Expenses and Payables 30,618 27,023 Cash provided by operating activities 2,320,448 10,908,893 Dividend received 259,082 577,136 Interest received 29,041 29,100 Taxation received (2,991) 5,004 Net cash provided by operating activities 2,605,580 11,520,133 Financing activities Payments of redemptions of shares (3,281,790) (8,454,843) Proceeds from issue of shares 44,523 1,512,541 Net cash used in financing activities (3,237,267) (6,942,302) Net (decrease)/increase in cash and cash equivalent s (631,687) 4,577,831 Net Cash at the Beginning of the Financial Period 5,890,970 1,310,873 Net Cash at the End of the Financial Period 5,259,283 5,888,704 Analysis of Cash Cash at Bank at the Beginning of the Financial Period 5,891,798 1,310,873 Overdraft at the Beginning of the Financial Period (828) - Net Cash at the Beginning of the Financial Period 5,890,970 1,310,873 Cash at Bank at the End of the Financial Period 5,259,283 5,934,676 Overdraft at the End of the Financial Period - (45,972) Net Cash at the End of the Financial Period 5,259,283 5,888,704 The accompanying notes form an integral part of the financial statements.


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ODEY PAN EUROPEAN FUND SCHEDULE OF INVESTMENTS as at 30 June 2019

(expressed in EUR) Acquisition Fair % Net

Description

Quantity Currency Cost Value Assets

EUR EUR

FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHA NGE LISTING*

LISTED SECURITIES : SHARES

BERMUDA ISLANDS Frontline Ltd 50,350 NOK 294,194 358,849 2.29 Hiscox Ltd 17,559 GBP 134,126 332,031 2.12 Northern Drilling Ltd 1,715 NOK 12,178 6,641 0.04 Seadrill Ltd 49,515 NOK 680,344 177,979 1.14

1,120,842 875,500 5.59

BRAZIL SLC Agricola SA 199,872 USD 553,951 809,174 5.16

553,951 809,174 5.16

CANADA Barrick Gold Corp 11,000 CAD 129,831 152,789 0.97

129,831 152,789 0.97

FEDERATION OF RUSSIA Sberbank of Russia PJSC 17,462 USD 197,224 237,434 1.51

197,224 237,434 1.51

FRANCE AXA SA 13,594 EUR 189,120 314,021 2.00 Savencia SA 866 EUR 59,598 57,156 0.36 Vivendi SA 3,299 EUR 73,347 79,869 0.51

322,065 451,046 2.87

GERMANY OSRAM Licht AG 11,017 EUR 308,586 319,052 2.04

SAP SE 1,352 EUR 161,386 163,268 1.04 469,972 482,320 3.08

GREAT BRITAIN Acacia Mining Plc 122,216 GBP 299,811 242,167 1.55 Associated British Foods Plc 16,588 GBP 429,534 456,601 2.91 BAE Systems Plc 20,016 GBP 122,643 110,818 0.71 Barclays Plc 298,359 GBP 573,849 499,493 3.19 Devro Plc 114,820 GBP 275,191 265,624 1.70 Dixons Carphone Plc 228,706 GBP 391,144 279,751 1.78 Ensco Rowan Plc 33,659 USD 518,674 252,117 1.61 Howden Joinery Group Plc 40,191 GBP 148,049 227,727 1.45

* Geographical analysis is based on country of registration.


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ODEY PAN EUROPEAN FUND SCHEDULE OF INVESTMENTS as at 30 June 2019 (continu ed)


Description


EUR EUR

FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (c ontinued)

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHA NGE LISTING* (continued)

LISTED SECURITIES : SHARES (continued)

GREAT BRITAIN (continued) Hummingbird Resources Plc 1,226,771 GBP 350,722 233,073 1.49 Pendragon Plc 5,680,580 GBP 1,185,495 1,033,537 6.59 Tri-Star Resources Plc 606,158 GBP 294,524 264,198 1.69 Tungsten Corp Plc 604,323 GBP 1,327,969 320,805 2.05 Vodafone Group Plc 69,192 GBP 132,911 100,000 0.64

6,050,516 4,285,911 27.36

IRELAND Greencore Group Plc 81,000 GBP 181,263 198,248 1.26

181,263 198,248 1.26

ITALY Saras SpA 36,559 EUR 64,355 48,404 0.31

64,355 48,404 0.31

JAPAN JXTG Holdings Inc 24,486 JPY 113,895 106,650 0.68 Leopalace21 Corp 134,661 JPY 734,461 306,211 1.95

848,356 412,861 2.63

JERSEY Man Group Plc 262,534 GBP 283,358 457,121 2.92

283,358 457,121 2.92

NORWAY Aker BP ASA 32,040 NOK 507,667 807,153 5.15

507,667 807,153 5.15

SWEDEN Lundin Petroleum AB 4,400 SEK 111,982 119,891 0.77 Telefonaktiebolaget LM Ericsson 150,665 SEK 1,113,915 1,256,258 8.02

1,225,897 1,376,149 8.79



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ODEY PAN EUROPEAN FUND SCHEDULE OF INVESTMENTS as at 30 June 2019 (continu ed)


Description


EUR EUR




UNITED STATES Comcast Corp 1,200 USD 46,894 44,552 0.28 Fox Corp - Shs A 2,000 USD 69,292 64,348 0.41

116,186 108,900 0.69

TOTAL LISTED SECURITIES : SHARES 12,071,483 10,703,010 68.29

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL ST OCK EXCHANGE LISTING 12,071,483 10,703,010 68.29

OPEN FOREIGN EXCHANGE FORWARD CONTRACTS** Maturity Counterparty Currency Purchase Currency Sold Unrealised % Net Date

Amount

Amount Gain/(Loss) Assets

EUR EUR EUR

01/07/2019 RBC IS Bank Luxembourg EUR 86,043 USD 86,023 20 - 01/07/2019 RBC IS Bank Luxembourg NOK 8,960 USD 8,965 (5) - 03/07/2019 RBC IS Bank Luxembourg EUR 14,005 USD 13,981 24 - 03/07/2019 RBC IS Bank Luxembourg GBP 8,941 USD 8,925 16 - 31/07/2019 RBC IS Bank Luxembourg EUR 5,041,944 GBP 5,045,870 (3,926) (0.03)

(3,871) (0.03)

TOTAL FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE TH ROUGH PROFIT OR LOSS 10,699,139 68.26

CASH AND OTHER ASSETS AND LIABILITIES 4,974,467 31.74

NET ASSETS 15,673,606 100.00

* Geographical analysis is based on country of registration. ** The open foreign exchange forward contracts are categorised as portfolio hedging.

(expressed in EUR) Fair % Total Description

Value assets

EUR

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHA NGE LISTING 10,703,010 66.94

OPEN FOREIGN EXCHANGE FORWARD CONTRACTS 60 -

CASH AND OTHER ASSETS 5,285,927 33.06

TOTAL 15,988,997 100.00


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ODEY PAN EUROPEAN FUND ECONOMIC DIVISION OF INVESTMENTS as at 30 June 2019

(expressed as a percentage of net assets, per Bloomberg classification)

% Net Assets % Net Assets 30 June 31 December

2019 2018

News Transmission 10.44 11.38 Petrol 8.98 10.27 Transportation 8.88 10.54 Holding and Finance Companies 7.81 6.67 Food and Distilleries 6.23 3.58 Agriculture and Fishing 5.16 5.06 Mines and Heavy Industries 4.73 3.61 Banks and Financial Institutions 3.19 2.75 Electronics and Electrical Equipment 2.04 - Insurance 2.00 1.37 Real Estate Companies 1.95 1.87 Mortgage and Funding Institutions 1.51 - Various Capital Goods 1.45 1.04 Graphic Art and Publishing 1.20 3.95 Internet Software 1.04 - Precious Metals 0.97 4.30 Aerospace Technology 0.71 0.55 Public Services - 1.46 Other Services - 1.07 Non-Ferrous Metals - 0.58

Total Investments 68.29 70.05

Open Foreign Exchange Forward Contracts (0.03) (0.03)

Total Financial Assets and Liabilities at Fair Valu e through Profit or Loss 68.26 70.02

Cash and Other Assets and Liabilities 31.74 29.98

Net Assets Attributable to Holders of Redeemable Pa rticipating Shares 100.00 100.00


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ODEY PAN EUROPEAN FUND SIGNIFICANT PORTFOLIO CHANGES for the financial per iod ended 30 June 2019

PURCHASES* SECURITY NAME QUANTITY COST % AGGREGATE EUR PURCHASES

United States Treasury Bill 0% 25/07/2019 1,000,000 887,310 11.66 United States Treasury Bill 0% 25/04/2019 1,000,000 881,862 11.59 United States Treasury Bill 0% 18/07/2019 1,000,000 879,643 11.56 United States Treasury Bill 0% 15/08/2019 600,000 532,230 7.00 United States Treasury Bill 0% 12/09/2019 500,000 443,134 5.83 Daily Mail & General Trust Plc 32,381 325,563 4.28 OSRAM Licht AG 11,017 308,586 4.06 Bayer AG 4,470 284,759 3.74 Euromoney Institutional Investor Plc 12,044 235,629 3.10 Telefonaktiebolaget LM Ericsson 29,596 235,319 3.09 Lundin Petroleum AB 8,608 221,416 2.91 Acacia Mining Plc 74,000 209,915 2.76 Sberbank of Russia PJSC 17,462 197,224 2.59 Admiral Group Plc 8,600 195,444 2.57 Greencore Group Plc 81,000 181,263 2.38 Vodafone Group Plc 111,049 181,156 2.38 Barclays Plc 107,021 171,920 2.26 SAP SE 1,352 161,386 2.12 Aker BP ASA 6,103 149,451 1.96 JXTG Holdings Inc 30,900 137,729 1.81 Vivendi SA 5,077 128,466 1.69 Dixons Carphone Plc 85,254 115,495 1.52 Seadrill Ltd 15,407 104,929 1.38 Frontline Ltd 16,524 95,794 1.26 Comcast Corp 2,400 93,788 1.23

*Represents all purchases above 1% of total purchases made during the financial period.

SALES** SECURITY NAME QUANTITY PROCEEDS % AGGREGATE EUR SALES

United States Treasury Bill 0% 21/03/2019 1,500,000 1,320,364 13.89 United States Treasury Bill 0% 25/04/2019 1,000,000 897,344 9.44 United States Treasury Bill 0% 14/02/2019 1,000,000 886,918 9.33 Barrick Gold Corp 60,673 699,852 7.36 Daily Mail & General Trust Plc 60,424 561,192 5.91 Aker BP ASA 17,248 462,343 4.87 Vivendi SA 18,324 448,083 4.72 Pendragon Plc 1,373,000 430,212 4.53 BT Group Plc 179,534 395,054 4.16 JXTG Holdings Inc 82,500 375,029 3.95 Orange SA 24,631 365,513 3.85 Ensco Rowan Plc 24,289 318,132 3.35 Uniper SE 12,096 299,276 3.15 Bayer AG 4,470 274,161 2.89 Daily Mail & General Trust Plc 32,381 259,136 2.73 Arrow Global Group Plc 101,355 224,234 2.36 Vodafone Group Plc 154,339 223,818 2.36 Barclays Plc 115,000 223,255 2.35 Admiral Group Plc 8,600 215,849 2.27 Kinross Gold Corp 58,335 176,270 1.85 Euromoney Institutional Investor Plc 12,044 175,657 1.85 Lundin Petroleum AB 4,208 107,677 1.13

**Represents all sales above 1% of total sales made during the financial period.


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INVESTMENT MANAGER’S REPORT Odey Allegra International Fund Report for the fina ncial period ended 30 June 2019





Performance

Euro O 164.80 181.28 10.00 17.45 -7.45

GBP O 231.12 253.43 9.65 17.09 -7.44

GBP D 209.39 229.60 9.65 17.09 -7.44

GBP AD 152.62 167.11 9.49 17.09 -7.60

USD O 148.22 162.42 9.58 16.98 -7.40

AUD$ 132.10 145.00 9.77 17.36 -7.59 *MSCI Daily TR Net World **Performance figures are presented net of fees

Summary of the Fund Performance From 1 January 2019 to 28 June 2019 (“the period”), the Odey Allegra International Fund returned +10.00% (based on the principal share class – Euro O class) against the MSCI Daily TR Net World return of +17.45%.

Positive returns over the period came from the Financials (+4.90%) and Consumer Staples (+2.04%) sectors. From a country perspective, the largest positive contributions came from Argentina (+3.91%) and the US (+1.27%). Negative returns came primarily from Real Estate (-1.53%) and Consumer Discretionary (-0.93%) sectors, with Brazil (-0.93%) and the UK (-0.66%) being the largest detractors by country.

Notable positive returns came from holdings including Banco Macro (+3.52%), Shiseido Company (+2.04%) and ViaSat (+0.90%). Negative returns came from holdings including Leopalace21 (-1.53%), Seadrill (-1.12%) and SLC Agricola (-0.93%).


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INVESTMENT MANAGER’S REPORT Odey Allegra International Fund Report for the fina ncial period ended 30 June 2019 (continued)

The Fund Manager’s latest market views and commentary is available from the monthly report available at www.odey.com Crispin Odey Odey Asset Management LLP 30 July 2019


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UNAUDITED STATEMENT OF FINANCIAL POSITION As at 30 June 2019 Odey Allegra International Fund EUR EUR Notes 30 June 2019 31 December 2018ASSETS Financial Assets at Fair Value through Profit or Loss 3 299,053,871 291,481,639 Cash and Cash Equivalents 10 33,266,788 61,079,360 Receivable from Subscriptions 133 1,438 Interest and Dividends Receivable 468,436 1,488,314 Other Receivables 61,169 47,608

TOTAL ASSETS 332,850,397 354,098,359 LIABILITIES Financial Liabilities at Fair Value through Profit or Loss 3 240,582 1,196,039 Payable on Redemptions 1,231,695 129,284 Administration, Registrar and Transfer Agency Fees Payable 7 23,181 40,487 Depositary and Depositary Oversight Fees Payable 7 19,248 38,854 Investment Management Fees Payable 7 190,835 239,198 Payable on Purchases of Investments 314,221 -Bank Overdrafts 10 - 13 Unrealised Capital Gain Tax on Investments 37,331 481,521 Other Accrued Expenses 167,266 33,184 LIABILITIES (excluding Net Assets attributable to h olders of redeemable participating shares)

2,224,359 2,158,580

NET ASSETS attributable to holders of redeemable pa rticipating shares 330,626,038 351,939,779

Redeemable Participating Shares Shares In Issue Euro O Class 2,582.25 18,156.36Net Asset Value Per Share Euro O Class €181.28 €164.80 Shares In Issue USD O Class 118,165.36 128,905.18Net Asset Value Per Share USD O Class $162.42 $148.22 Shares In Issue GBP O Class 201,028.31 200,926.76Net Asset Value Per Share GBP O Class £253.43 £231.12 Shares In Issue GBP D Class 841,862.35 823,215.07Net Asset Value Per Share GBP D Class £229.60 £209.39 Shares In Issue GBP A D Class 45,139.29 54,488.33Net Asset Value Per Share GBP A D Class £167.11 £152.62 Shares In Issues AUD$ Class 357,208.07 973,557.51Net Asset Value Per Share AUD$ Class AUD$145.00 AUD$132.10 The accompanying notes form an integral part of the financial statements.


19

UNAUDITED STATEMENT OF COMPREHENSIVE INCOME For the financial period ended 30 June 2019 Odey Allegra International Fund EUR EUR Notes 30 June 2019 30 June 2018INCOME Net Gain from Investments 13 20,228,765 33,420,253Dividends 16,088,737 6,082,979Bank Interest 205,953 213,660Bond Interest 31,025 81,291Other Income 87,599 420,159Dividend Withholding Tax Reclaim 2 - 32,197Dividend Withholding Tax Expense (128,772) (210,404)Finance Cost (7,376) (5,203)Transaction Costs (145,209) (372,417)

Investment Income 36,360,722 39,662,515 EXPENSES Administration, Registrar and Transfer Agent Fees 7 74,289 73,016Depositary and Depositary Oversight Fees 7 49,968 66,488Investment Management Fees 7 1,349,543 1,648,236Audit Fees 7 5,443 5,485Director Fees 7 13,865 17,135Legal Fees 44,340 -Other Expenses 259,575 80,355

Operating Expenses 1,797,023 1,890,715 Increase in Net Assets Attributable to Holders of R edeemable Participating Shares from Operations

34,563,699 37,771,800



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UNAUDITED STATEMENT OF CHANGES IN NET ASSETS ATTRIB UTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES For the financial period ended 30 June 2019 Odey Allegra International Fund EUR EUR 30 June 2019 30 June 2018 Net Assets attributable to holders of redeemable pa rticipating shares at beginning of the financial period

351,939,779 560,264,470

Increase in Net Assets attributable to holders of redeemable participating shares from operations

34,563,699 37,771,800

Capital Transactions Issuance of shares 9,429,199 7,674,214 Redemptions of shares (65,306,639) (185,785,949) Net Assets attributable to holders of redeemable pa rticipating shares at the end of the financial period

330,626,038 419,924,535

Shares issued during the financial period Euro O Class - 1,473.27 USD O Class - 13,000.00 GBP O Class 101.55 487.51 GBP D Class 37,015.20 23,305.61 GBP A D Class 179.54 - Shares redeemed during the financial period Euro O Class (15,574.11) (341,444.51) Euro I Class* - (299.98) USD O Class (10,739.82) (603.92) GBP O Class - (445,999.87) GBP D Class (18,367.92) (42,808.38) GBP A D Class (9,528.58) (5,739.24) AUD$ Class (616,349.44) - *This share class was fully redeemed on 30 May 2018. The accompanying notes form an integral part of the financial statements.


21

UNAUDITED STATEMENT OF CASH FLOWS For the financial period ended 30 June 2019 Odey Allegra International Fund EUR EUR 30 June 2019 30 June 2018 Cash flows From Operating activities Increase in net assets attributable to holders of r edeemable participating shares from operations

34,563,699 37,771,800


Dividend income (16,088,737) (6,082,979) Bank interest income (205,953) (213,660) Bond interest income (31,025) (81,291) Dividend Withholding Tax Expense 128,772 210,404 Dividend Withholding Tax Reclaim - (32,197) Operating profit before working capital changes 18,366,756 31,572,077 Changes in operating assets and liabilities (Increase)/Decrease in Financial Assets at Fair Value through Profit or Loss (8,527,689) 189,573,076 Decrease in Receivable on Sales of Investments - 4,630,211 (Increase)/Decrease in Other Receivables (13,561) 13,116 Decrease in Unrealized Capital Gain Tax on Investments (444,190) - Increase in Other Accrued Expenses and Payables 363,028 3,887,205 Cash provided by operating activities 9,744,344 229,675,685 Dividend received 17,132,875 6,220,198 Interest received 181,384 169,800 Bond interest 31,334 99,755 Taxation paid (128,772) (178,207) Net cash provided by operating activities 26,961,165 235,987,231 Financing activities Payments of redemptions of shares (64,204,228) (186,015,865) Proceeds from issue of shares 9,430,504 7,675,322 Net cash used in financing activities (54,773,724) (178,340,543) Net (decrease)/increase in cash and cash equivalent s (27,812,559) 57,646,688 Net Cash at the Beginning of the Financial Period 61,079,347 (5,081,649) Net Cash at the End of the Financial Period 33,266,788 52,565,039 Analysis of Cash Cash at Bank at the Beginning of the Financial Period 61,079,360 291,903 Overdraft at the Beginning of the Financial Period (13) (5,373,552) Net Cash at the Beginning of the Financial Period 61,079,347 (5,081,649) Cash at Bank at the End of the Financial Period 33,266,788 52,565,039 Overdraft at the End of the Financial Period - - Net Cash at the End of the Financial Period 33,266,788 52,565,039 The accompanying notes form an integral part of the financial statements.


22

ODEY ALLEGRA INTERNATIONAL FUND SCHEDULE OF INVESTMENTS as at 30 June 2019


Description


EUR EUR




ARGENTINA Banco Macro SA 415,052 USD 17,340,763 26,551,228 8.03 Grupo Financiero Galicia SA 170,133 USD 4,398,948 5,303,584 1.60

21,739,711 31,854,812 9.63

BERMUDA ISLANDS Frontline Ltd 961,162 NOK 5,684,338 6,850,288 2.07

Hiscox Ltd 72,020 GBP 448,737 1,361,859 0.41 Northern Drilling Ltd 24,449 NOK 173,607 94,679 0.03

Seadrill Ltd 938,561 NOK 12,037,291 3,373,604 1.02 Sylvania Platinum Ltd 1,277,351 GBP 933,668 431,831 0.13

19,277,641 12,112,261 3.66

BRAZIL SLC Agricola SA 3,955,860 USD 12,561,208 16,015,140 4.84 SLC Agricola SA 1,268,042 BRL 5,260,638 5,133,617 1.55

17,821,846 21,148,757 6.39

CANADA Barrick Gold Corp 1,375,016 CAD 16,433,634 19,098,888 5.78 Jadestone Energy Inc 10,327,763 GBP 4,074,001 6,694,419 2.02 Kinross Gold Corp 1,393,013 USD 4,288,221 4,746,128 1.44

24,795,856 30,539,435 9.24

CYPRUS TCS Group Holding Plc 49,497 USD 805,981 839,630 0.25

805,981 839,630 0.25

FEDERATION OF RUSSIA Sberbank of Russia PJSC 308,993 USD 3,490,392 4,201,434 1.27

3,490,392 4,201,434 1.27

FRANCE Savencia SA 15,264 EUR 883,293 1,007,424 0.30 Vivendi SA 70,156 EUR 1,576,722 1,698,477 0.51

2,460,015 2,705,901 0.81



23

ODEY ALLEGRA INTERNATIONAL FUND SCHEDULE OF INVESTMENTS as at 30 June 2019 (continu ed)


Description


EUR EUR




GERMANY OSRAM Licht AG 226,952 EUR 6,356,414 6,572,530 1.99

SAP SE 27,930 EUR 3,333,960 3,372,827 1.02 9,690,374 9,945,357 3.01

GREAT BRITAIN Acacia Mining Plc 690,143 GBP 1,287,740 1,367,497 0.41 Associated British Foods Plc 281,825 GBP 7,330,410 7,757,514 2.35 BAE Systems Plc 271,419 GBP 1,747,014 1,502,709 0.45 Barclays Plc 5,467,624 GBP 10,221,403 9,153,540 2.77 Dixons Carphone Plc 3,949,606 GBP 6,749,624 4,831,124 1.46 Ensco Rowan Plc 495,081 USD 7,435,473 3,708,325 1.12 Howden Joinery Group Plc 231,161 GBP 746,873 1,309,788 0.40 Pendragon Plc 42,912,256 GBP 8,027,612 7,807,543 2.36 Tri-Star Resources Plc 7,840,026 GBP 3,809,357 3,417,124 1.03 Tungsten Corp Plc 3,792,073 GBP 7,408,590 2,013,024 0.61 Vodafone Group Plc 1,406,327 GBP 2,572,406 2,032,500 0.61

57,336,502 44,900,688 13.57

IRELAND Greencore Group Plc 1,387,324 GBP 3,103,890 3,395,476 1.03

3,103,890 3,395,476 1.03

ITALY Saras SpA 615,968 EUR 1,084,287 815,542 0.25

1,084,287 815,542 0.25

JAPAN Idemitsu Kosan Co Ltd 35,992 JPY 1,143,392 950,444 0.29 JXTG Holdings Inc 1,865,390 JPY 9,338,910 8,124,778 2.46 Leopalace21 Corp 5,970,642 JPY 26,913,725 13,576,900 4.11 Shiseido Co Ltd 243,711 JPY 10,368,718 16,130,953 4.88 Sohgo Security Services Co Ltd 42,198 JPY 766,907 1,709,321 0.52

Sony Corp 41,400 JPY 1,815,609 1,905,770 0.58 Sony Corp 111,000 USD 5,078,382 5,106,507 1.54

55,425,643 47,504,673 14.38

JERSEY Man Group Plc 3,260,316 GBP 4,540,801 5,676,828 1.72

4,540,801 5,676,828 1.72



24



Description


EUR EUR




NORWAY Aker BP ASA 383,910 NOK 6,825,498 9,671,459 2.93

6,825,498 9,671,459 2.93

SOUTH AFRICA AngloGold Ashanti Ltd 216,445 ZAR 2,564,894 3,423,696 1.04 Sibanye Gold Ltd 5,438,383 ZAR 3,472,832 5,675,976 1.72

6,037,726 9,099,672 2.76

SWEDEN Lundin Petroleum AB 75,940 SEK 1,932,786 2,069,202 0.63 Telefonaktiebolaget LM Ericsson 2,484,781 SEK 18,423,733 20,718,330 6.27 Telefonaktiebolaget LM Ericsson 116,201 USD 941,635 969,361 0.29

21,298,154 23,756,893 7.19

UNITED STATES Avon Products Inc 1,157,012 USD 3,063,849 3,942,050 1.19 Comcast Corp 123,104 USD 4,278,634 4,570,458 1.38

Fox Corp - Shs A 117,562 USD 3,866,972 3,782,465 1.14 Fox Corp - B 31,745 USD 1,017,406 1,018,304 0.31

Microsoft Corp 29,472 USD 3,260,354 3,466,868 1.05 ViaSat Inc 178,189 USD 11,856,027 12,645,974 3.83

27,343,242 29,426,119 8.90



OTHER TRANSFERABLE SECURITIES DEALT ON ANOTHER REGULATED MA RKET

OTHER ORGANISED MARKET : BONDS

GREAT BRITAIN Hurricane Energy Plc 7.5% 24/07/2022 966,000 USD 830,968 1,256,419 0.38

830,968 1,256,419 0.38

TOTAL OTHER ORGANISED MARKET : BONDS 830,968 1,256,419 0.38

TOTAL OTHER TRANSFERABLE SECURITIES DEALT ON ANOTHER REGU LATED MARKET 830,968 1,256,419 0.38



25



Description


EUR EUR


OTHER TRANSFERABLE SECURITIES*

OTHER TRANSFERABLE SECURITIES : UNLISTED SHARES

GREAT BRITAIN Oxford Nanopore Technologies 176,408 GBP 4,668,500 10,202,515 3.09

4,668,500 10,202,515 3.09

TOTAL OTHER TRANSFERABLE SECURITIES : UNLISTED SHARES 4,668,500 10,202,515 3.09

TOTAL OTHER TRANSFERABLE SECURITIES 4,668,500 10,202,515 3.09

OPEN FOREIGN EXCHANGE FORWARD CONTRACTS** Maturity Counterparty Currency Purchase Currency Sold Unrealised % Net

Date

Amount

Amount Loss Assets EUR EUR EUR

01/07/2019 RBC IS Bank Luxembourg NOK 314,113 GBP 315,313 (1,200) - 31/07/2019 Morgan Stanley And Co. Intl Plc EUR 5,368,288 BRL 5,369,525 (1,237) - 31/07/2019 RBC IS Bank Luxembourg USD 34,531,838 EUR 34,588,611 (56,773) (0.02) 31/07/2019 RBC IS Bank Luxembourg EUR 27,871,659 GBP 27,893,360 (21,701) (0.01) 31/07/2019 RBC IS Bank Luxembourg USD 68,711,405 GBP 68,871,076 (159,671) (0.05)

(240,582) (0.08)

TOTAL FINANCIAL ASSETS AND LIABILITIE S AT FAIR VALUE THROUGH PROFIT OR LOSS 298,813,289 90.38


NET ASSETS 330,626,038 100.00


** The open foreign exchange forward contracts are categorised as portfolio hedging.

(expressed in EUR) Fair % Total

Description

Value assets

EUR


OTHER TRANSFERABLE SECURITIES 11,458,934 3.44


TOTAL 332,850,397 100.00


26

ODEY ALLEGRA INTERNATIONAL FUND ECONOMIC DIVISION OF INVESTMENTS as at 30 June 2019 (expressed as a percentage of net assets, per Bloomberg classification)

% Net Assets % Net Assets

30 June 31 December

2019 2018

News Transmission 12.46 12.45 Banks and Financial Institutions 12.40 8.70 Precious Metals 8.67 5.32 Petrol 8.64 10.36 Agriculture and Fishing 6.39 7.67 Holding and Finance Companies 5.48 4.91 Pharmaceuticals and Cosmetics 4.88 6.31 Transportation 4.43 4.34 Real Estate Companies 4.11 4.10 Food and Distilleries 3.68 2.46 Graphic Art and Publishing 3.34 7.18 Miscellaneous 3.09 2.89 Electronic Semiconductor 2.12 - Internet Software 2.07 - Electronics and Electrical Equipment 1.99 - Non-Ferrous Metals 1.44 0.74 Mines and Heavy Industries 1.44 1.47 Mortgage and Funding Institutions 1.27 - Consumer Goods 1.19 - Other Services 0.52 1.60 Aerospace Technology 0.45 0.43 Various Capital Goods 0.40 0.35 Public Services - 1.43


Open Foreign Exchange Forward Contracts (0.08) (0.23)





27

ODEY ALLEGRA INTERNATIONAL FUND SIGNIFICANT PORTFOLIO CHANGES for the financial per iod ended 30 June 2019


Kinross Gold Corp 2,977,500 9,203,527 6.38 Barrick Gold Corp 695,500 8,581,006 5.95 Comcast Corp 236,300 8,364,751 5.80 Shiseido Co Ltd 150,900 7,783,445 5.39 Microsoft Corp 60,800 6,715,754 4.65 OSRAM Licht AG 226,952 6,356,415 4.40 ViaSat Inc 82,200 6,077,801 4.21 Leopalace21 Corp 2,100,600 5,706,940 3.95 Bayer AG 83,180 5,298,984 3.67 Sony Corp 111,000 5,078,382 3.52 Telefonaktiebolaget LM Ericsson 612,376 4,815,723 3.34 JXTG Holdings Inc 1,028,700 4,522,941 3.13 Fox Corp - Shs A 128,466 4,225,637 2.93 Lundin Petroleum AB 162,115 4,169,960 2.89 Activision Blizzard Inc 94,200 3,842,978 2.66 Vodafone Group Plc 2,338,657 3,815,063 2.64 Sberbank of Russia PJSC 337,652 3,814,068 2.64 Admiral Group Plc 162,000 3,681,549 2.55 Greencore Group Plc 1,516,000 3,391,780 2.35 Barclays Plc 2,086,817 3,368,952 2.33 SAP SE 27,930 3,333,960 2.31 Avon Products Inc 1,250,144 3,298,497 2.29 AngloGold Ashanti Ltd 260,025 3,076,414 2.13 Aker BP ASA 125,034 3,062,272 2.12 Twenty-First Century Fox Inc 69,200 3,001,865 2.08 Vivendi SA 104,746 2,650,449 1.84 Frontline Ltd 419,151 2,501,365 1.73 Seadrill Ltd 385,619 2,477,665 1.72 Dixons Carphone Plc 1,584,709 2,150,147 1.49 Sony Corp 41,400 1,815,609 1.26 Daily Mail & General Trust Plc 213,527 1,682,847 1.17



28

ODEY ALLEGRA INTERNATIONAL FUND SIGNIFICANT PORTFOLIO CHANGES for the financial per iod ended 30 June 2019 (continued)

SALES* SECURITY NAME QUANTITY PROCEEDS % AGGREGATE EUR SALES

Shiseido Co Ltd 285,911 19,951,965 13.30 Vivendi SA 341,330 8,387,279 5.59 Comcast Corp 227,996 8,257,628 5.50 Aker BP ASA 295,017 8,002,313 5.33 Kinross Gold Corp 2,501,487 7,475,573 4.98 BT Group Plc 3,309,080 7,410,932 4.94 Barrick Gold Corp 619,816 7,315,334 4.88 Ensco Rowan Plc 429,219 5,592,971 3.73 Uniper SE 222,345 5,501,196 3.67 JXTG Holdings Inc 1,173,104 5,433,956 3.62 ViaSat Inc 69,482 5,366,531 3.58 Bayer AG 83,180 5,101,998 3.40 Vodafone Group Plc 2,999,176 4,423,042 2.95 Barclays Plc 2,187,335 4,240,966 2.83 Arrow Global Group Plc 1,890,061 4,187,665 2.79 Admiral Group Plc 162,000 4,066,052 2.71 Activision Blizzard Inc 94,200 3,761,155 2.51 Orange SA 243,912 3,619,544 2.41 Microsoft Corp 31,328 3,537,603 2.36 Daily Mail & General Trust Plc 398,441 2,900,875 1.93 Lundin Petroleum AB 86,175 2,228,351 1.49 Telefonaktiebolaget LM Ericsson 230,466 1,998,352 1.33 Associated British Foods Plc 65,261 1,801,829 1.20 Daily Mail & General Trust Plc 213,527 1,709,350 1.14 SLC Agricola SA 183,455 1,659,983 1.11 Occidental Petroleum Corp 29,400 1,653,903 1.10 Abcam Plc 117,091 1,581,881 1.05 Banco Macro SA 38,497 1,520,092 1.01

*Represents all sales above 1% of total sales made during the financial period.


29

INVESTMENT MANAGER’S REPORT Odey Opportunity Fund Report for the financial peri od ended 30 June 2019





Performance

Euro I 226.73 240.37 6.02 -0.16 6.18

CHF I 124.63 131.82 5.77 -1.59 7.36

CHF I P 98.94 104.70 5.82 -1.59 7.41

CHF R 120.46 127.09 5.50 -1.59 7.09

Euro I P 108.72 115.38 6.13 -0.16 6.29

EUR R 146.87 155.33 5.76 -0.16 5.92

EUR R P 100.42 106.33 5.89 -0.16 6.05

GBP F 99.07 105.66 6.65 0.42 6.23

GBP IH 96.57 102.67 6.32 0.42 5.90

GBP I P 109.32 116.29 6.38 0.42 5.96

GBP I 256.31 272.98 6.50 0.42 6.08

GBP M W 116.93 124.35 6.35 0.42 5.93

GBP R 159.65 169.68 6.28 0.42 5.86

GBP R P 97.93 104.02 6.22 0.42 5.80

GBP W M 106.65 113.16 6.10 0.42 5.68

NOK R 141.95 151.08 6.43 -2.09 8.52

USD I 249.90 268.88 7.60 1.30 6.30

USD I P 106.13 113.69 7.12 1.30 5.82

USD R 162.52 174.46 7.35 1.30 6.05

USD R P 102.80 110.04 7.04 1.30 5.74 *Index is 50% MSCI World EUR Hedged, 50% Citigroup 3-7 Year GBI **Performance figures are presented net of fees Summary of Fund Performance From 1 January 2019 to 28 June 2019 (“the period”), the Fund returned +6.02% (based on the principal share class – Euro I class) against the MSCI Daily TR Net Europe return of -0.16%. Positive returns over the period came from the Communication Services (+1.09%) and Financials (+0.91%) sectors. From a country perspective, the largest positive contributions came from the US (+2.59%) and the UK (+0.75%). Negative returns primarily came from the Utilities (-0.18%) and Real Estate (-0.15%) sectors, with Israel (-0.35%) and Tanzania (-0.34%) being the largest detractors by country. Notable positive performance returns came from our holdings including Rio Tinto (+0.53%), Nintendo Co. (+0.34%) and Visa (+0.33%). Negative returns came from holdings including Plus500 (-0.35%), Acacia Mining (-0.34%) and Electricite de France (-0.18%).


30

INVESTMENT MANAGER’S REPORT Odey Opportunity Fund Report for the financial peri od ended 30 June 2019 (continued)


31

INVESTMENT MANAGER’S REPORT Odey Opportunity Fund Report for the financial peri od ended 30 June 2019 (continued)

The Fund Manager’s latest market views and commentary is available from the monthly report available at www.odey.com Geoff Marson Odey Asset Management LLP 30 July 2019


32

UNAUDITED STATEMENT OF FINANCIAL POSITION As at 30 June 2019 Odey Opportunity Fund EUR EUR Notes 30 June 2019 31 December 2018 ASSETS Financial Assets at Fair Value through Profit or Loss 3 162,482,895 159,411,514 Cash and Cash Equivalents 10 24,372,777 16,734,042 Receivable from Subscriptions 603,093 4,326 Interest and Dividends Receivable 228,152 314,096 Other Receivables 33,912 22,304

TOTAL ASSETS 187,720,829 176,486,282 LIABILITIES Financial Liabilities at Fair Value through Profit or Loss 3 76,987 219,359 Payable on Redemptions 345,259 398,573 Administration, Registrar and Transfer Agency Fees Payable 7 12,467 19,337 Depositary and Depositary Oversight Fees Payable 7 10,463 17,368 Investment Management Fees Payable 7 152,213 161,559 Performance Fees Payable 7 100,669 - Payable on Audit Fees - 7,184 Bank Overdrafts 10 - 447,966 Other Accrued Expenses 132,391 36,234 LIABILITIES (excluding Net Assets attributable to h olders of redeemable participating shares)

830,449 1,307,580


Redeemable Participating Shares Shares In Issue Euro I Class 47,428.33 48,810.91 Net Asset Value Per Share Euro I Class €240.37 €226.73 Shares In Issue Euro R Class 35,713.69 37,194.50 Net Asset Value Per Share Euro R Class €155.33 €146.87 Shares In Issue Euro I P Class 480.00 480.00 Net Asset Value Per Share Euro I P Class €115.38 €108.72 Shares In Issue Euro R P Class 11,879.63 12,087.25 Net Asset Value Per Share Euro R P Class €106.33 €100.42 Shares In Issue USD R Class 67,130.15 68,353.84 Net Asset Value Per Share USD R Class $174.46 $162.52 Shares In Issue USD I Class 57,805.26 56,504.98 Net Asset Value Per Share USD I Class $268.88 $249.90 Shares In Issue USD I P Class 80.00 80.00 Net Asset Value Per Share USD I P Class $113.69 $106.13 Shares In Issue USD R P Class 25,890.36 22,289.84 Net Asset Value Per Share USD R P Class $110.04 $102.80 Shares In Issue GBP R Class 132,976.66 139,713.60 Net Asset Value Per Share GBP R Class £169.68 £159.65 The accompanying notes form an integral part of the financial statements.


33

UNAUDITED STATEMENT OF FINANCIAL POSITION As at 30 June 2019 (continued)

The accompanying notes form an integral part of the financial statements.

Odey Opportunity Fund EUR EUR 30 June 2019 31 December 2018 Shares In Issue GBP R P Class 26,819.37 22,136.86 Net Asset Value Per Share GBP R P Class £104.02 £97.93 Shares In Issue GBP I Class 67,300.29 71,585.04 Net Asset Value Per Share GBP I Class £272.98 £256.31 Shares In Issue GBP I P Class 3,810.42 3,591.09 Net Asset Value Per Share GBP I P Class £116.29 £109.32 Shares In Issues GBP M W Class 399,953.54 381,203.96 Net Asset Value Per Share GBP M W Class £124.35 £116.93 Shares In Issues GBP W M Class 64,351.14 63,941.99 Net Asset Value Per Share GBP W M Class £113.16 £106.65 Shares In Issues GBP IH Class 60,599.51 65,117.94 Net Asset Value Per Share GBP IH Class £102.67 £96.57 Shares In Issues GBP F Class 6,346.59 5,677.52 Net Asset Value Per Share GBP F Class £105.66 £99.07 Shares In Issue CHF R Class 24,694.08 25,007.00 Net Asset Value Per Share CHF R Class ₣127.09 ₣120.46 Shares In Issue CHF I Class 146,196.48 148,106.48 Net Asset Value Per Share CHF I Class ₣131.82 ₣124.63 Shares In Issue CHF I P Class 4,539.91 5,587.28 Net Asset Value Per Share CHF I P Class ₣104.70 ₣98.94 Shares In Issue NOK R Class 50,557.61 50,557.61 Net Asset Value Per Share NOK R Class kr151.08 kr141.95


34

UNAUDITED STATEMENT OF COMPREHENSIVE INCOME For the financial period ended 30 June 2019 Odey Opportunity Fund EUR EUR Notes 30 June 2019 30 June 2018 INCOME Net Gain from Investments 13 12,117,261 6,314,839 Dividends 930,264 1,046,162 Bank Interest 1,662 2,045 Bond Interest Income 398,255 51,074 Other Income - 581 Dividend Withholding Tax Expense (126,991) (116,037) Finance Cost (84,985) (48,795) Transaction Costs (37,132) (171,292)

Investment Income 13,198,334 7,078,577 EXPENSES Administration, Registrar and Transfer Agent Fees 7 49,688 39,556 Depositary and Depositary Oversight Fees 7 21,353 28,062 Investment Management Fees 7 969,330 1,095,098 Performance Fees 7 100,669 139,216 Audit Fees 7 5,934 5,984 Director Fees 7 6,090 3,632 Legal Fees 21,734 - Other Expenses 145,006 34,138


11,878,530 5,732,891



35

UNAUDITED STATEMENT OF CHANGES IN NET ASSETS ATTRIB UTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES For the financial period ended 30 June 2019 Odey Opportunity Fund EUR EUR 30 June 2019 30 June 2018 Net Assets attributable to holders of redeemable pa rticipating shares at beginning of the financial period

175,178,702 208,911,106


11,878,530 5,732,891

Capital Transactions Issuance of shares 6,637,015 10,075,024 Redemptions of shares (6,803,867) (28,870,635) Net Assets attributable to holders of redeemable pa rticipating shares at the end of the financial period

186,890,380 195,848,386

Shares issued during the financial period Euro R Class 959.00 500.00 Euro I Class - 2,126.60 Euro I P Class - 6,311.48 Euro R P Class 161.96 5,377.91 USD R Class 324.86 486.71 USD I Class 1,825.28 - USD R P Class 3,718.39 2,540.04 GBP R Class 3,081.39 2,076.24 GBP I Class 1,010.28 2,809.83 GBP M W Class 22,949.13 13,859.02 GBP R P Class 5,489.17 4,088.54 GBP W M Class 2,370.10 14,604.84 GBP I P Class 246.23 252.29 GBP IH Class 2,472.79 17,265.41 GBP F Class 835.64 1,473.34 CHF R Class 740.00 680.00 CHF I Class 390.00 600.00 CHF I P Class 50.00 - Shares redeemed during the financial period Euro R Class (2,439.81) (14,222.40) Euro I Class (1,382.58) (21,539.69) Euro R P Class (369.58) (724.02) USD R Class (1,548.55) (12,973.14) USD I Class (525.00) (16,923.53) USD R P Class (117.87) (3,602.53) GBP R Class (9,818.33) (6,266.63) GBP I Class (5,295.03) (34,115.00) GBP I P Class (26.90) (258.04) GBP M W Class (4,199.55) (4,024.66) GBP R P Class (806.66) (1,213.31) GBP W M Class (1,960.95) (17,203.31) GBP IH Class (6,991.22) (648.44) GBP F Class (166.57) (563.86) CHF R Class (1,052.92) (1,355.00) CHF I Class (2,300.00) (2,220.00) CHF IP Class (1,097.37) (402.72) NOK R Class - (23,200.00) The accompanying notes form an integral part of the financial statements.


36

UNAUDITED STATEMENT OF CASH FLOWS For the financial period ended 30 June 2019 Odey Opportunity Fund EUR EUR 30 June 2019 30 June 2018 Cash flows From Operating activities Increase in net assets attributable to holders of r edeemable participating shares from operations

11,878,530 5,732,891


Dividend income (930,264) (1,046,162) Bank interest income (1,662) (2,045) Bond interest income (398,255) (51,074) Dividend Withholding Tax Expense 126,991 116,037 Operating profit before working capital changes 10,675,340 4,749,647 Changes in operating assets and liabilities Increase in Financial Assets at Fair Value through Profit or Loss (3,213,753) (24,135,277) Increase in Other Receivables (11,608) (5,299) Decrease in Payable on Audit Fees (7,184) - Increase/(Decrease) in Other Accrued Expenses and Payables 173,705 (243,990) Cash provided by/(used in) operating activities 7,616,500 (19,634,919) Dividend received 981,650 1,038,730 Interest received 1,658 2,417 Bond interest 432,817 75,934 Taxation paid (126,991) (116,037) Net cash provided by/(used in) operating activities 8,905,634 (18,633,875) Financing activities Payments of redemptions of shares (6,857,181) (32,378,151) Proceeds from issue of shares 6,038,248 13,855,667 Net cash used in financing activities (818,933) (18,522,484) Net increase/(decrease) in cash and cash equivalent s 8,086,701 (37,156,359) Net Cash at the Beginning of the Financial Period 16,286,076 63,394,716 Net Cash at the End of the Financial Period 24,372,777 26,238,357 Analysis of Cash Cash at Bank at the Beginning of the Financial Period 16,734,042 63,476,259 Overdraft at the Beginning of the Financial Period (447,966) (81,543) Net Cash at the Beginning of the Financial Period 16,286,076 63,394,716 Cash at Bank at the End of the Financial Period 24,372,777 26,420,066 Overdraft at the End of the Financial Period - (181,709) Net Cash at the End of the Financial Period 24,372,777 26,238,357 The accompanying notes form an integral part of the financial statements.


37

ODEY OPPORTUNITY FUND SCHEDULE OF INVESTMENTS as at 30 June 2019


Description


EUR EUR




CANADA Barrick Gold Corp 183,000 CAD 2,284,283 2,541,859 1.36 Stars Group Inc 23,000 CAD 500,227 345,434 0.18

2,784,510 2,887,293 1.54

FRANCE Electricite de France SA 80,000 EUR 1,068,224 886,800 0.47 Orange SA 204,400 EUR 2,870,678 2,834,006 1.52 Vivendi SA 82,000 EUR 1,648,964 1,985,220 1.06

5,587,866 5,706,026 3.05

GREAT BRITAIN Acacia Mining Plc 628,000 GBP 1,860,020 1,244,363 0.67 Associated British Foods Plc 65,000 GBP 1,990,709 1,789,190 0.96 Rio Tinto Plc 35,654 GBP 1,463,296 1,944,694 1.04 Serco Group Plc 1,272,000 GBP 1,872,751 2,047,049 1.10 Tesco Plc 722,000 GBP 1,877,556 1,829,226 0.98

9,064,332 8,854,522 4.75

ISRAEL Plus500 Ltd 206,000 GBP 1,840,156 1,201,756 0.64

1,840,156 1,201,756 0.64

JAPAN Leopalace21 Corp 220,000 JPY 1,441,748 500,266 0.27 Nintendo Co Ltd 7,000 JPY 2,188,943 2,252,997 1.21 ORIX Corp 133,792 JPY 1,937,394 1,753,443 0.94 Shiseido Co Ltd 17,400 JPY 787,840 1,151,686 0.62 SoftBank Group Corp 44,000 JPY 1,642,521 1,852,245 0.99 Sumitomo Mitsui Financial Group Inc 56,000 JPY 2,011,625 1,737,130 0.93

10,010,071 9,247,767 4.96

LUXEMBOURG B&M European Value Retail SA 603,355 GBP 2,518,164 2,247,434 1.20

2,518,164 2,247,434 1.20

NETHERLANDS ASML Holding NV 5,600 EUR 828,089 1,028,944 0.55 Koninklijke KPN NV 1,000,000 EUR 2,748,507 2,700,000 1.44 Philips Lighting NV 73,000 EUR 2,079,646 1,898,000 1.02

5,656,242 5,626,944 3.01



38

ODEY OPPORTUNITY FUND SCHEDULE OF INVESTMENTS as at 30 June 2019 (continu ed)


Description


EUR EUR





1,546,445 1,435,944 0.77

SWEDEN Telefonaktiebolaget LM Ericsson 320,000 SEK 2,715,577 2,668,189 1.43

2,715,577 2,668,189 1.43

SWITZERLAND Roche Holding AG 10,000 CHF 2,096,306 2,473,589 1.32

2,096,306 2,473,589 1.32

UNITED STATES Alexion Pharmaceuticals Inc 18,898 USD 2,153,366 2,173,569 1.16 Alphabet Inc - A 3,194 USD 2,583,900 3,036,936 1.62 Amazon.com Inc 1,200 USD 1,105,631 1,995,395 1.07 Booking Holdings Inc 1,360 USD 1,667,831 2,238,853 1.20 Bristol-Myers Squibb Co 42,500 USD 1,783,921 1,692,461 0.91 Charles Schwab Corp 21,600 USD 897,229 762,296 0.41 Comcast Corp 64,360 USD 1,945,510 2,389,481 1.28 Discover Financial Services 29,000 USD 1,873,290 1,975,861 1.06 Fox Corp - Shs A 57,500 USD 1,898,576 1,850,018 0.99 Goldman Sachs Group Inc 5,100 USD 898,854 916,279 0.49 JPMorgan Chase & Co 19,440 USD 1,569,300 1,908,493 1.02 Microsoft Corp 19,600 USD 933,081 2,305,599 1.23 Regeneron Pharmaceuticals Inc 5,100 USD 1,716,969 1,401,739 0.75 ViaSat Inc 50,000 USD 3,611,104 3,548,472 1.90 Visa Inc 16,100 USD 1,904,776 2,453,596 1.31

26,543,338 30,649,048 16.40


LISTED SECURITIES : BONDS

GERMANY Deutsche Bundesrepublik Inflation Linked Bond 0.1% 15/04/2023 3,500,000 EUR 3,976,767 3,994,585 2.14 Deutsche Bundesrepublik Inflation Linked Bond 0.1% 15/04/2026 3,500,000 EUR 3,946,159 4,054,946 2.17 Deutsche Bundesrepublik Inflation Linked Bond 0.5% 15/04/2030 8,500,000 EUR 9,895,709 10,728,666 5.74 Deutsche Bundesrepublik Inflation Linked Bond 1.75% 15/04/2020 3,300,000 EUR 3,942,266 3,817,978 2.04

21,760,901 22,596,175 12.09 * Geographical analysis is based on country of registration.


39



Description


EUR EUR



LISTED SECURITIES : BONDS (continued)

NORWAY Norway Government Bond 1.5% 19/02/2026 55,290,000 NOK 5,621,911 5,755,393 3.08

5,621,911 5,755,393 3.08

UNITED STATES United States Treasury Inflation Indexed Bonds 0.125% 15/04/2021 16,600,000 USD 15,219,594 15,565,803 8.33 United States Treasury Note/Bond 2.75% 30/04/2023 9,000,000 USD 7,553,585 8,195,469 4.38 United States Treasury Note/Bond 3% 31/10/2025 15,900,000 USD 14,095,158 14,914,139 7.98

36,868,337 38,675,411 20.69

TOTAL LISTED SECURITIES : BONDS

64,251,149 67,026,979 35.86

LISTED SECURITIES : EXCHANGE TRADED COMMODITY

JERSEY Gold Bullion Securities Ltd 103,300 USD 11,101,090 12,034,432 6.44

11,101,090 12,034,432 6.44

TOTAL LISTED SECURITIES : EXCHANGE TRADED COMMODITY 11,101,090 12,034,432 6.44


OTHER TRANSFERABLE SECURITIES DEALT ON ANOTHER REGULATED MA RKET

OTHER ORGANISED MARKET : BONDS

UNITED STATES United States Treasury Inflation Indexed Bonds 0.625% 15/01/2026 10,300,000 USD 9,541,528 9,963,387 5.33

9,541,528 9,963,387 5.33

TOTAL OTHER ORGANISED MARKET : BONDS 9,541,528 9,963,387 5.33

TOTAL OTHER TRANSFERABLE SECURITIES DEALT ON AN OTHER REG ULATED MARKET 9,541,528 9,963,387 5.33



40


OPEN FOREIGN EXCHANGE FORWARD CONTRACTS Maturity Counterparty Currency Purchase Currency Sold Unrealised % Net Date

Amount


EUR EUR EUR

01/07/2019 RBC IS Bank Luxembourg EUR 18,790 GBP 18,734 56 - 01/07/2019 RBC IS Bank Luxembourg GBP 113,808 EUR 114,275 (467) -

02/07/2019 RBC IS Bank Luxembourg EUR 421,465 USD 421,527 (62) - 03/07/2019 RBC IS Bank Luxembourg EUR 117,957 GBP 117,989 (32) - 03/07/2019 RBC IS Bank Luxembourg GBP 20,232 EUR 20,245 (13) - 05/07/2019 RBC IS Bank Luxembourg CHF 17,707 EUR 17,697 10 - 05/07/2019 RBC IS Bank Luxembourg EUR 44,893 GBP 45,007 (114) -

31/07/2019 RBC IS Bank Luxembourg EUR 51,564,267 USD 51,479,631 84,636 0.05 31/07/2019 RBC IS Bank Luxembourg CHF 9,189,562 EUR 9,186,937 2,625 - 31/07/2019 RBC IS Bank Luxembourg EUR 12,294,988 GBP 12,304,561 (9,573) (0.01) 31/07/2019 RBC IS Bank Luxembourg NOK 3,526,468 EUR 3,542,552 (16,084) (0.01)

PORTFOLIO HEDGING 60,982 0.03

31/07/2019 RBC IS Bank Luxembourg GBP 102,067,306 EUR 101,783,709 283,597 0.15 31/07/2019 RBC IS Bank Luxembourg NOK 792,048 EUR 796,277 (4,229) - 31/07/2019 RBC IS Bank Luxembourg USD 26,488,692 EUR 26,512,331 (23,639) (0.01) 31/07/2019 RBC IS Bank Luxembourg CHF 20,643,720 EUR 20,660,343 (16,623) (0.01)

SHARE CLASS HEDGING 239,106 0.13

Future Contracts

Maturity Number of contracts Unrealised % Net

Date Description

Currency purchase/(sold) gain/(loss) Assets EUR

20/09/2019 EURO STOXX 50 PR 20/09/2019

EUR 137 36,990 0.02

20/09/2019 NASDAQ 100 E-MINI INDEX 20/09/2019

USD 34 (6,151) - 20/09/2019 S&P 500 EMINI INDEX 20/09/2019

USD 36 24,816 0.01

20/09/2019 UKX FTSE 100 INDEX 20/09/2019

GBP 58 26,855 0.01 TOTAL FUTURE CONTRACTS 82,510 0.04



NET ASSETS 186,890,380 100.00


Value assets

EUR


OTHER TRANSFERABLE SECURITIES 9,963,387 5.31

OPEN FOREIGN EXCHANGE FORWARD CONTRACTS 370,924 0.20

FUTURE CONTRACTS 88,661 0.05


TOTAL 187,720,829 100.00


41

ODEY OPPORTUNITY FUND ECONOMIC DIVISION OF INVESTMENTS as at 30 June 2019

(expressed as a percentage of net assets, per Bloomberg classification)


30 June 31 December

2019 2018

States, Provinces And Municipalities 41.19 39.26 Holding and Finance Companies 9.62 14.46 News Transmission 6.29 1.99 Internet Software 5.04 5.46 Banks and Financial Institutions 3.51 3.71 Graphic Art and Publishing 3.33 2.62 Pharmaceuticals and Cosmetics 2.85 2.39 Other Services 2.41 1.54 Retail 2.05 4.35 Biotechnology 1.91 3.59 Electronic Semiconductor 1.76 1.96 Precious Metals 1.36 0.43 Non-Ferrous Metals 1.04 1.55 Electronics and Electrical Equipment 1.02 0.85 Food and Distilleries 0.96 0.84 Petrol 0.77 0.72 Mines and Heavy Industries 0.67 - Public Services 0.47 1.15 Real Estate Companies 0.27 0.44 Office Equipment and Computers 0.18 1.02 Investment Funds - 2.39


Open Foreign Exchange Forward Contracts 0.16 0.22

Futures Contracts 0.04 (0.07)





42

ODEY OPPORTUNITY FUND SIGNIFICANT PORTFOLIO CHANGES for the financial per iod ended 30 June 2019


Norway Government Bond 1.5% 19/02/2026 55,290,000 5,639,557 13.87 iShares JP Morgan EM Local Government Bond UCITS ETF 86,300 4,474,792 11.00 Orange SA 204,400 2,870,678 7.05 Koninklijke KPN NV 1,000,000 2,748,507 6.75 Telefonaktiebolaget LM Ericsson 320,000 2,715,577 6.67 ViaSat Inc 33,414 2,621,469 6.44 Fox Corp - Shs A 57,500 1,898,576 4.67 Tesco Plc 722,000 1,877,556 4.61 Serco Group Plc 1,272,000 1,872,751 4.60 Acacia Mining Plc 628,000 1,860,020 4.57 Plus500 Ltd 206,000 1,840,156 4.52 Bristol-Myers Squibb Co 42,500 1,783,921 4.38 ASML Holding NV 12,000 1,774,476 4.36 Rio Tinto Plc 38,841 1,762,419 4.33 Barrick Gold Corp 119,882 1,442,749 3.55 Vivendi SA 43,200 1,019,960 2.51 Goldman Sachs Group Inc 5,100 898,854 2.21 Charles Schwab Corp 21,600 897,229 2.20 SoftBank Group Corp 30,000 695,945 1.71

*Represents total purchases made during the financial period.


iShares FTSE 250 UCITS ETF 225,000 4,617,073 9.55 iShares JP Morgan EM Local Government Bond UCITS ETF 86,300 4,500,779 9.31 Rio Tinto Plc 68,427 3,347,215 6.92 Deutsche Boerse AG 21,500 2,662,926 5.51 CME Group Inc 15,000 2,377,319 4.92 Bank of America Corp 76,000 1,958,222 4.05 Sprint Corp 350,000 1,830,048 3.78 Activision Blizzard Inc 44,736 1,821,252 3.77 Costco Wholesale Corp 9,800 1,798,755 3.72 Texas Instruments Inc 21,800 1,789,965 3.70 Home Depot Inc/The 11,400 1,789,889 3.70 Dollar Tree Inc 19,650 1,765,515 3.65 TripAdvisor Inc 34,000 1,668,454 3.45 BlackRock Inc 4,600 1,651,800 3.42 Mitsubishi UFJ Financial Group Inc 363,000 1,489,966 3.08 Apple Inc 10,555 1,349,709 2.79 Euronext NV 19,500 1,228,702 2.54 Vivendi SA 47,200 1,174,500 2.43 Takeda Pharmaceutical Co Ltd 32,987 1,167,870 2.42 Amazon.com Inc 769 1,110,060 2.30 ASML Holding NV 6,400 1,077,335 2.23 Regeneron Pharmaceuticals Inc 3,100 1,071,210 2.22 Shiseido Co Ltd 19,600 1,007,409 2.08 Tencent Holdings Ltd 24,250 901,086 1.86 Alibaba Group Holding Ltd 7,000 885,654 1.83 ViaSat Inc 16,300 881,265 1.82 Electricite de France SA 65,599 764,747 1.58 Microsoft Corp 7,400 664,860 1.37

*Represents total sales made during the financial period.


43

INVESTMENT MANAGER’S REPORT Odey Allegra Developed Markets Fund Report for the financial period ended 30 June 2019





Performance

USD I 138.58 144.06 3.95 16.98 -13.03

USD R 126.58 131.27 3.71 16.98 -13.27

GBP I 168.80 175.60 4.03 17.09 -13.06

GBP R 144.24 149.69 3.78 17.09 -13.31

GBP M 172.90 179.87 4.03 17.09 -13.06

Euro I 152.44 159.08 4.36 17.45 -13.09

Euro R 81.81 85.16 4.09 17.45 -13.36

*MSCI Daily TR Net World **Performance figures are presented net of fees Summary of Fund Performance From 1 January 2019 to 28 June 2019 (“the period”), the Odey Allegra Developed Markets Fund returned +3.95% (based on the principal share class – USD I class) against the MSCI Daily TR Net World return of +16.98%.

Positive returns over the period came from the Communication Services (+5.47%) and Industrials (+4.03%) sectors and from a country perspective, Japan (+2.56%) and the US (+2.18%). Negative returns came primarily from the Financials (-5.38%) and Energy (-3.21%) sectors and from a country perspective Israel (-6.70%) and Italy (-0.22%) were the largest detractors.

Notable positive returns came from holdings including ViaSat (+3.30%), Soft Bank (+2.95%) and Serco (+2.06%). Negative returns came from holdings including Plus500 (-6.70%), Ensco (-2.91%) and AO World (-2.18%).


44

INVESTMENT MANAGER’S REPORT Odey Allegra Developed Markets Fund Report for the financial period ended 30 June 2019 (continued)

The Fund Manager’s latest market views and commentary is available from the monthly report available at www.odey.com James Hanbury Odey Asset Management LLP 30 July 2019


45

UNAUDITED STATEMENT OF FINANCIAL POSITION As at 30 June 2019

Odey Allegra Developed Markets Fund USD USD Notes 30 June 20 19 31 December 2018

ASSETS Financial Assets at Fair Value through Profit or Loss 3 103,293,189 123,950,157 Cash and Cash Equivalents 10 8,550,162 1,058 Receivable from Subscriptions 113,006 38,185 Interest and Dividends Receivable 601,738 63,985 Receivable on Sale of Investments 183,631 47,843 Other Receivables 23,825 18,908

TOTAL ASSETS 112,765,551 124,120,136 LIABILITIES Financial Liabilities at Fair Value through Profit or Loss 3 - 276 Payable on Redemptions 818,563 384,061 Administration, Registrar and Transfer Agency Fees Payable 7 11,223 19,821 Depositary and Depositary Oversight Fees Payable 7 7,554 15,762 Investment Management Fees Payable 7 62,181 77,851 Payable on Purchases of Investments 821,476 -Payable on Audit Fees - 6,983 Bank Overdraft 10 7,812 1,002,891 Other Accrued Expenses 109,528 54,902 LIABILITIES (excluding Net Assets attributable to h olders of redeemable participating shares)

1,838,337 1,562,547


Redeemable Participating Shares Shares In Issue Euro I Class 36,898.89 47,705.33Net Asset Value Per Share Euro I Class €159.08 €152.44 Shares In Issue Euro R Class* 289.58 289.58Net Asset Value Per Share Euro R Class €85.16 €81.81 Shares In Issue USD R Class 2,588.34 2,988.34Net Asset Value Per Share USD R Class $131.27 $126.58 Shares In Issue USD I Class 15,161.54 18,104.20Net Asset Value Per Share USD I Class $144.06 $138.58 Shares In Issue GBP R Class 7,842.44 12,525.98Net Asset Value Per Share GBP R Class £149.69 £144.24 Shares In Issue GBP I Class 444,968.10 502,397.29Net Asset Value Per Share GBP I Class £175.60 £168.80 Shares In Issues GBP M Class 3,270.71 4,642.33Net Asset Value Per Share GBP M Class £179.87 £172.90 *This share class was launched on 3 August 2018. The accompanying notes form an integral part of the financial statements.


46

UNAUDITED STATEMENT OF COMPREHENSIVE INCOME For the financial period ended 30 June 2019 Odey Allegra Developed Markets Fund USD USD Notes 30 June 2019 30 June 2018 INCOME Net Income from Investments 13 4,525,185 9,774,467 Dividends 1,615,078 3,154,545 Bank Interest 53,514 14,596 Other Income 68,465 128,767 Dividend Withholding Tax Reclaim 219,733 - Dividend Withholding Tax Expense (275,018) (514,398) Finance Cost (1,853) (1,852) Transaction Costs (53,904) (139,075)

Investment Income 6,151,200 12,417,050 EXPENSES Administration, Registrar and Transfer Agent Fees 7 29,771 34,404 Depositary and Depositary Oversight Fees 7 20,088 28,398 Investment Management Fees 7 435,959 597,784 Performance Fees 7 - 345,380 Audit Fees 7 6,149 6,638 Director Fees 7 4,808 4,057 Legal Fees 22,727 - Other Expenses 99,984 48,503

Operating Expenses 619,486 1,065,164 Increase in Net Assets Attributable to Holders of R edeemable Participating Shares from Operations

5,531,714 11,351,886



47

UNAUDITED STATEMENT OF CHANGES IN NET ASSETS ATTRIB UTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES For the financial period ended 30 June 2019 Odey Alleg ra Developed Market Fund USD USD 30 June 2019 30 June 2018 Net Assets attributable to holders of redeemable pa rticipating shares at beginning of the financial period 122,557,589 158,580,794 Increase in Net Assets attributable to holders of redeemable participating shares from operations 5,531,714 11,351,886 Capital Transactions Issuance of shares 4,566,952 18,788,961 Redemptions of shares (21,729,041) (29,376,590)

Net Assets attributable to holders of redeemable pa rticipating shares at the end of the financial period 110,927,214 159,345,051 Shares issued during the financial period EUR I Class 1,400.00 11,252.15 USD I Class - 1,925.71 GBP R Class 802.41 1,258.45 GBP I Class 17,373.27 59,863.39 GBP M Class - 924.56 Shares redeemed during the financial period Euro I Class (12,206.44) (12,108.22) USD I Class (2,942.66) (5,368.24) USD R Class (400.00) - GBP R Class (5,485.95) (33.09) GBP I Class (74,802.46) (97,679.14) GBP M Class (1,371.62) (1,414.54) The accompanying notes form an integral part of the financial statements.


48

UNAUDITED STATEMENT OF CASH FLOWS For the financial period ended 31 December 2018 Odey Allegra Developed Markets USD USD 30 June 2019 30 June 2018 Cash flows From Operating activities Increase in net assets attributable to holders of r edeemable participating shares from operations

5,531,714 11,351,886


Dividend income (1,615,078) (3,154,545) Bank interest income (53,514) (14,596) Dividend Withholding Tax Expense 275,018 514,398 Dividend Withholding Tax Reclaim (219,733) - Operating profit before working capital changes 3,918,407 8,697,143 Changes in operating assets and liabilities Decrease/(Increase) in financial Assets at Fair Value through Profit or Loss 20,656,692 (4,817,573) Increase in Receivable on Sales of Investments (135,788) (250,249) Increase in Other Receivables (4,917) (2,586) Decrease in Payable on Audit Fees (6,983) - Increase in Other Accrued Expenses and Payables 843,626 907,313 Cash provided by operating activities 25,271,037 4,534,048 Dividend received 1,094,294 1,907,048 Interest received 36,545 10,373 Taxation paid (55,285) (514,398) Net cash provided by operating activities 26,346,591 5,937,071 Financing activities Payments of redemptions of shares (21,294,539) (28,769,275) Proceeds from issue of shares 4,492,131 19,478,861 Net cash used in financing activities (16,802,408) (9,290,414) Net increase/(decrease) in cash and cash equivalent s 9,544,183 (3,353,343) Net Cash at the Beginning of the Financial Period (1,001,833) (260,565) Net Cash at the End of the Financial Period 8,542,350 (3,613,908) Analysis of Cash Cash at Bank at the Beginning of the Financial Period 1,058 392,289 Overdraft at the Beginning of the Financial Period (1,002,891) (652,854) Net Cash at the Beginning of the Financial Period (1,001,833) (260,565) Cash at Bank at the End of the Financial Period 8,550,162 69,100 Overdraft at the End of the Financial Period (7,812) (3,683,008) Net Cash at the End of the Financial Period 8,542,350 (3,613,908) The accompanying notes form an integral part of the financial statements.


49

ODEY ALLEGRA DEVELOPED MARKETS FUND SCHEDULE OF INVESTMENTS as at 30 June 2019

(expressed in USD) Acquisition Fair % Net

Description


USD USD




BERMUDA ISLANDS Seadrill Ltd 65,000 NOK 992,652 266,068 0.24

992,652 266,068 0.24

CANADA Stars Group Inc 314,000 CAD 6,013,030 5,370,497 4.84

6,013,030 5,370,497 4.84

FEDERATION OF RUSSIA Sberbank of Russia PJSC 204,000 USD 2,513,049 3,158,832 2.85

2,513,049 3,158,832 2.85

FRANCE Vivendi SA 83,000 EUR 1,609,725 2,288,339 2.06

1,609,725 2,288,339 2.06

GREAT BRITAIN AO World Plc 3,880,000 GBP 12,229,859 3,594,919 3.24

BT Group Plc 905,000 GBP 2,267,655 2,262,814 2.04 Debenhams Plc 5,760,000 GBP 212,423 - - Ensco Rowan Plc 770,000 USD 12,234,291 6,568,100 5.92 Serco Group Plc 2,870,000 GBP 5,543,693 5,259,815 4.74 Sports Direct International Plc 1,490,000 GBP 7,923,863 5,237,644 4.72

40,411,784 22,923,292 20.66

GREECE Alpha Bank AE 1,550,000 EUR 3,277,435 3,106,646 2.80

3,277,435 3,106,646 2.80

IRELAND Flutter Entertainment Plc 933 GBP 70,546 70,391 0.06

70,546 70,391 0.06

ISRAEL Plus500 Ltd 1,425,000 GBP 15,267,144 9,466,979 8.54

15,267,144 9,466,979 8.54



50

ODEY ALLEGRA DEVELOPED MARKETS FUND SCHEDULE OF INVESTMENTS as at 30 June 2019 (continu ed)

(expressed in USD) Acquisition Fair % Net

Description


USD USD




ITALY Banca IFIS SpA 83,000 EUR 1,513,855 1,121,957 1.01

1,513,855 1,121,957 1.01

JAPAN Leopalace21 Corp 685,000 JPY 2,948,612 1,773,853 1.60 ORIX Corp 171,000 JPY 3,004,635 2,552,143 2.30 SoftBank Group Corp 223,000 JPY 6,441,112 10,690,500 9.64

12,394,359 15,016,496 13.54

JERSEY IWG Plc 1,250,000 GBP 4,920,969 5,416,929 4.88

4,920,969 5,416,929 4.88

LUXEMBOURG B&M European Value Retail SA 314,000 GBP 1,418,686 1,331,959 1.20

1,418,686 1,331,959 1.20

ISLE OF MAN GVC Holdings Plc 350,000 GBP 2,632,125 2,903,411 2.62 Playtech Plc 885,000 GBP 7,535,307 4,804,964 4.33

10,167,432 7,708,375 6.95

NETHERLANDS Philips Lighting NV 85,000 EUR 2,579,311 2,516,748 2.27

2,579,311 2,516,748 2.27

UNITED STATES Colony Capital Inc 470,000 USD 2,811,596 2,350,000 2.12 Delta Air Lines Inc 46,000 USD 2,542,696 2,610,500 2.35 Liberty Media Corp-Liberty Formula One 26,500 USD 794,166 991,365 0.90 Liberty Media Corp-Liberty Formula One - a - 56,000 USD 1,728,847 2,008,160 1.81

Plug Power Inc 1,010,000 USD 2,452,199 2,272,500 2.05 Sprint Corp 156,000 USD 1,194,069 1,024,920 0.93

Uber Technologies Inc 45,000 USD 1,836,974 2,087,100 1.88 ViaSat Inc 126,000 USD 8,417,822 10,183,321 9.18

21,778,369 23,527,866 21.22

TOTAL LISTED SECURITIES : SHARES

124,928,346 103,291,374 93.12




51

ODEY ALLEGRA DEVELOPED MARKETS FUND SCHEDULE OF INVESTMENTS as at 30 June 2019 (continu ed)

OPEN FOREIGN EXCHANGE FORWARD CONTRACTS* Maturity Counterparty Currencies Purchase Currencies Sold Unrealised % Net Date

Amount


USD USD USD

01/07/2019 RBC IS Bank Luxembourg GBP 336,039 USD 335,410 629 - 03/07/2019 RBC IS Bank Luxembourg GBP 71,288 USD 71,161 127 - 05/07/2019 RBC IS Bank Luxembourg GBP 346,287 USD 345,228 1,059 -

1,815 -

TOTAL FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE TH ROUGH PROFIT OR LOSS

103,293,189 93.12


NET ASSETS 110,927,214 100.00

* The open foreign exchange forward contracts are categorised as portfolio hedging

(expressed in USD) Fair % Total Description

Value assets

USD


OPEN FOREIGN EXCHANGE FORWARD CONTRACTS 1,815 -


TOTAL 112,765,551 100.00


52

ODEY ALLEGRA DEVELOPED MARKETS FUND ECONOMIC DIVISION OF INVESTMENTS as at 30 June 2019 (expressed as a percentage of net assets, per Bloomberg classification)


30 June 31 December

2019 2018

News Transmission 12.15 17.98

Holding and Finance Companies 11.86 16.23 Internet Software 11.52 8.57 Other Services 9.62 7.49 Retail 7.96 9.88 Petrol 6.16 4.95 Banks and Financial Institutions 6.11 7.57 Office Equipment and Computers 4.84 2.76 Graphic Art and Publishing 4.77 9.16 Leisure 4.39 4.36 Electronics and Electrical Equipment 4.32 3.36 Mortgage and Funding Institutions 2.85 0.99 Miscellaneous 2.62 - Transportation 2.35 1.06 Real Estate Companies 1.60 2.22 Biotechnology - 2.34 Public Services - 2.21


Open Foreign Exchange Forward Contracts - 0.01


Cash and Other Assets and Liabilities 6.88 (1.14)



53

ODEY ALLEGRA DEVELOPED MARKETS FUND SIGNIFICANT PORTFOLIO CHANGES for the financial per iod ended 30 June 2019

PURCHASES* SECURITY NAME QUANTITY COST % AGGREGATE USD PURCHASES

Plus500 Ltd 875,000 8,196,054 18.71 T-Mobile US Inc 89,000 6,040,396 13.78 Rowan Cos Plc 448,214 4,915,838 11.21 Stars Group Inc 165,000 2,840,036 6.48 Bayer AG 36,000 2,693,187 6.14 Ensco Rowan Plc 212,978 2,678,737 6.11 GVC Holdings Plc 350,000 2,632,125 6.00 IWG Plc 580,000 2,489,909 5.68 Plug Power Inc 1,010,000 2,452,200 5.59 BT Group Plc 905,000 2,267,655 5.17 Uber Technologies Inc 45,000 1,836,974 4.19 Sberbank of Russia PJSC 93,000 1,227,013 2.80 Sprint Corp 156,000 1,194,070 2.72 Delta Air Lines Inc 20,000 1,110,095 2.53 Seadrill Ltd 43,000 419,282 0.96 Playtech Plc 68,733 332,501 0.76 AO World Plc 235,000 230,337 0.53 Debenhams Plc 5,760,000 212,423 0.48 Flutter Entertainment Plc 933 70,546 0.16 SoftBank Group Corp 111,500 - -

*Represents total purchases made during the financial period.

SALES** SECURITY NAME QUANTITY PROCEEDS % AGGREGATE USD SALES

T-Mobile US Inc 93,000 6,792,473 10.07 Sprint Corp 1,100,000 6,747,816 10.00 ViaSat Inc 76,000 6,131,155 9.09 Vivendi SA 185,000 5,046,358 7.48 Koninklijke KPN NV 1,186,600 3,681,357 5.46 Ensco Rowan Plc 793,000 3,420,532 5.07 ORIX Corp 229,000 3,269,726 4.85 Serco Group Plc 1,930,000 3,096,141 4.59 Square Enix Holdings Co Ltd 92,000 2,832,418 4.20 Electricite de France SA 172,000 2,706,666 4.01 Philips Lighting NV 91,000 2,581,274 3.83 Bayer AG 36,000 2,553,290 3.79 Liberty Media Corp-Liberty Formula One 72,544 2,516,304 3.73 Plus500 Ltd 160,737 2,368,281 3.51 Alphabet Inc - A 1,900 2,150,755 3.19 Sports Direct International Plc 540,000 1,965,051 2.91 Greene King Plc 248,000 1,907,777 2.83 IWG Plc 582,944 1,754,703 2.60 SoftBank Group Corp 16,500 1,698,576 2.52 Takeda Pharmaceutical Co Ltd 83,061 1,665,206 2.47 Playtech Plc 273,733 1,543,046 2.29 Stars Group Inc 56,000 1,021,446 1.51

**Represents total sales made during the financial period.


54

INVESTMENT MANAGER’S REPORT Odey European Focus Fund Report for the financial p eriod ended 30 June 2019





Performance

A Euro 19.19 19.75 2.92 16.27 -13.35

A Euro Acc 11.97 12.32 2.92 16.27 -13.35

B Euro 18.66 19.16 2.68 16.27 -13.59

Euro I 103.30 106.48 3.08 16.27 -13.19

Euro R 107.77 110.82 2.83 16.27 -13.44

A GBP 24.79 25.44 2.62 15.91 -13.29

GBP I 131.49 135.11 2.75 15.91 -13.16

GBP R 130.68 133.93 2.49 15.91 -13.42

GBP M 134.45 138.16 2.76 15.91 -13.15

USD I 106.02 108.87 2.69 15.80 -13.11

USD R 92.41 94.66 2.43 15.80 -13.37 *MSCI Daily TR Net Europe **Performance figures are presented net of fees

Summary of Fund Performance From 1 January 2019 to 28 June 2019 (“the period”), the Odey European Focus Fund returned +2.92% (based on the principal share class – A Euro class) against the MSCI Daily TR Net Europe return of +16.27%.

Positive returns over the period came from the Communication Services (+1.91%) and Consumer Discretionary (+0.84%) sectors and from a country perspective, Sweden (+1.39%) and the UK (+1.02%). Negative returns came primarily from the Utilities (-0.68%) and Financials (-0.41%) sectors, with Israel (-0.41%) and Italy (-0.11%) being the largest detractors by country.

Notable positive returns came from holdings including H & M Hennes & Mauritz (+0.78%), Vivendi (+0.68%) and Koninklijke KPN (+0.63%). Negative contributions came from holdings including Electricite de France (-0.88%), Plus 500 (-0.41%) and Saras (-0.11%).


55

INVESTMENT MANAGER’S REPORT Odey European Focus Fund Report for the financial p eriod ended 30 June 2019 (continued)

The Fund managers’ latest market views and commentary is available from the monthly report available at www.odey.com Oliver Kelton Odey Asset Management LLP 30 July 2019


56

UNAUDITED STATEMENT OF FINANCIAL POSITION As at 30 June 2019

Odey European Focus Fund EUR EUR Notes 30 June 2019 31 December 2018

ASSETS Financial Assets at Fair Value through Profit or Loss 3 306,245,949 333,898,463 Cash and Cash Equivalents 10 254,022,658 182,032,496 Receivable from Subscriptions 732,108 355,230 Interest and Dividends Receivable 126,342 494,538 Receivable on Sales 2,752,513 - Other Receivables 62,661 8,352

TOTAL ASSETS 563,942,231 516,789,079 LIABILITIES Financial Liabilities at Fair Value through Profit or Loss 2,821 - Payable on Redemptions 2,308,280 599,989 Administration, Registrar and Transfer Agency Fees Payable 7 35,271 52,257 Depositary and Depositary Oversight Fees Payable 7 25,148 42,182 Investment Management Fees Payable 7 412,896 421,670 Performance Fees Payable 7 - 3,205,181 Payable on Purchases of Investments 7,586,085 - Payable on Audit Fees - 12,965 Bank Overdrafts 10 - 13,954 Other Accrued Expenses 298,262 47,182 LIABILITIES (excluding Net Assets attributable to h olders of redeemable participating shares)

10,668,763 4,395,380


Redeemable Participating Shares Shares In Issue A Euro Class 16,335,417.11 14,897,105.15 Net Asset Value Per Share A Euro Class €19.75 €19.19 Shares In Issue A Euro Acc Class 116,630.64 207,254.70 Net Asset Value Per Share A Euro Acc Class €12.32 €11.97 Shares In Issue B Euro Class 284,640.36 309,078.79 Net Asset Value Per Share B Euro Class €19.16 €18.66 Shares In Issue Euro I Class 806,165.89 913,741.76 Net Asset Value Per Share Euro I Class €106.48 €103.30 Shares In Issue Euro R Class 597,002.46 467,495.73 Net Asset Value Per Share Euro R Class €110.82 €107.77 Shares In Issue USD I Class 4,653.13 4,116.33 Net Asset Value Per Share USD I Class $108.87 $106.02 Shares In Issue USD R Class 2,980.00 2,980.00 Net Asset Value Per Share USD R Class $94.66 $92.41 Shares In Issue A GBP Class 1,465,203.46 1,605,810.45 Net Asset Value Per Share A GBP Class £25.44 £24.79 Shares In Issue GBP R Class 6,761.85 5,900.89 Net Asset Value Per Share GBP R Class £133.93 £130.68 Shares In Issue GBP I Class 180,341.97 181,837.78 Net Asset Value Per Share GBP I Class £135.11 £131.49 Shares In Issues GBP M Class 7,061.65 6,683.29 Net Asset Value Per Share GBP M Class £138.16 £134.45

The accompanying notes form an integral part of the financial statements.


57

UNAUDITED STATEMENT OF COMPREHENSIVE INCOME For the financial period ended 30 June 2019 Odey European Focus Fund EUR EUR Notes 30 June 2019 30 June 2018 INCOME Net gain from Investments 13 13,247,672 2,074,220 Dividends 6,390,859 7,671,625 Bank Interest 82 223 Other Income - 1,226 Dividend Withholding Tax Expense (304,669) (428,183) Finance Cost (280,418) (208,583) Transaction Costs (147,590) (592,484)

Investment Income 18,905,936 8,518,044 EXPENSES Administration, Registrar and Transfer Agent Fees 7 104,056 90,069 Depositary and Depositary Oversight Fees 7 77,110 74,561 Investment Management Fees 7 2,621,248 2,393,530 Performance Fees 7 - 422,013 Audit Fees 7 5,934 5,984 Director Fees 7 15,093 15,332 Legal Fees 40,896 - Other Expenses 389,109 77,130


15,652,490 5,439,425



58

UNAUDITED STATEMENT OF CHANGES IN NET ASSETS ATTRIB UTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES For the financial period ended 30 June 2019 Odey European Focus Fund EUR EUR 30 June 2019 30 June 2018 Net Assets attributable to holders of redeemable pa rticipating shares at beginning of the financial period

512,393,699 440,502,679


15,652,490 5,439,425

Capital Transactions Issuance of shares 59,683,813 96,173,693 Redemptions of shares (34,456,534) (25,478,892)

Net Assets attributable to holders of redeemable pa rticipating shares at the end of the financial period 553,273,468 516,636,905 Shares issued during the financial period A Euro Class 1,922,531.91 1,207,629.72 B Euro Class 446.00 1,868.00 EUR I Class 36,128.45 657,702.25 EUR R Class 141,318.32 1,164.29 USD I Class 1,636.00 790.00 A GBP Class 7,433.56 - GBP O Class 860.96 1,197.91 GBP I Class 12,536.04 11,611.84 GBP M Class 1,769.63 1,105.32 Shares redeemed during the financial period A Euro Class (484,219.95) (496,778.62) A Euro Acc Class (90,624.06) (61,506.19) B Euro Class (24,884.43) (103,688.54) Euro I Class (143,704.32) (57,629.09) EUR R Class (11,811.59) (1,346.38) USD I Class (1,099.20) (6,300.00) A GBP Class (148,040.55) (194,954.91) GBP I Class (14,031.85) (4,338.46) GBP M Class (1,391.27) (369.19) The accompanying notes form an integral part of the financial statements.


59

UNAUDITED STATEMENT OF CASH FLOWS For the financial period ended 30 June 2019 Odey European Focus Fund EUR EUR 30 June 2019 30 June 2018 Cash flows From Operating activities Increase in net assets attributable to holders of r edeemable participating shares from operations

15,652,490 5,439,425

Adjustments to reconcile increase in net assets attributable to holders of redeemable participating shares to cash provided by/(used in) operating activities

Dividend income (6,390,859) (7,671,625) Bank interest income (82) (223) Dividend Withholding Tax Expense 304,669 428,183 Operating profit/(loss) before working capital chan ges 9,566,218 (1,804,240)

Changes in operating assets and liabilities Decrease/(Increase) in Financial Assets at Fair Value through Profit or Loss 27,655,335 (47,765,624) Increase in Receivable on Sales of Investments (2,752,513) (2,589,954) (Increase)/Decrease in Other Receivables (54,309) 2,188 Decrease in Payable on Audit Fees (12,965) - Increase in Other Accrued Expenses and Payables 4,589,190 6,072,912 Cash provided by/(used in) operating activities 38,990,956 (46,084,718) Dividend received 6,759,056 7,636,531 Interest received 81 223 Taxation paid (304,669) (428,183) Net cash provided by/(used in) operating activities 45,445,424 (38,876,147) Financing activities Payments of redemptions of shares (32,748,243) (25,953,975) Proceeds from issue of shares 59,306,935 104,704,321 Net cash provided by financing activities 26,558,692 78,750,346 Net increase in cash and cash equivalents 72,004,116 39,874,199 Net Cash at the Beginning of the Financial Period 182,018,542 118,951,820 Net Cash at the End of the Financial Period 254,022,658 158,826,019 Analysis of Cash Cash at Bank at the Beginning of the Financial Period 182,032,496 119,418,268 Overdraft at the Beginning of the Financial Period (13,954) (466,448) Net Cash at the Beginning of the Financial Period 182,018,542 118,951,820 Cash at Bank at the End of the Financial Period 254,022,658 158,826,019 Overdraft at the End of the Financial Period - - Net Cash at the End of the Financial Period 254,022,658 158,826,019 The accompanying notes form an integral part of the financial statements.


60

ODEY EUROPEAN FOCUS FUND SCHEDULE OF INVESTMENTS as at 30 June 2019


Description


EUR EUR



LISTED SECURITIES : SHARES FRANCE

Bouygues SA 827,553 EUR 29,222,189 26,953,401 4.87 Electricite de France SA 265,945 EUR 2,921,253 2,948,000 0.53 Orange SA 3,852,135 EUR 54,134,626 53,409,852 9.65 Vivendi SA 885,846 EUR 19,914,766 21,446,332 3.87

106,192,834 104,757,585 18.92

GERMANY Deutsche Telekom AG 2,543,189 EUR 34,520,372 38,686,991 6.99 GEA Group AG 593,148 EUR 13,287,216 14,828,700 2.68

47,807,588 53,515,691 9.67

GREAT BRITAIN Serco Group Plc 5,494,692 GBP 8,138,801 8,842,691 1.60 Tesco Plc 10,278,140 GBP 24,155,955 26,040,221 4.71

32,294,756 34,882,912 6.31

IRELAND Flutter Entertainment Plc 21,527 EUR 1,419,440 1,423,796 0.26

1,419,440 1,423,796 0.26

NETHERLANDS Koninklijke KPN NV 15,097,437 EUR 42,742,246 40,763,080 7.37

42,742,246 40,763,080 7.37


1,295,094 1,216,748 0.22

SPAIN Industria de Diseno Textil SA 332,000 EUR 8,419,600 8,781,400 1.59

8,419,600 8,781,400 1.59

SWEDEN Hennes & Mauritz AB 1,665,782 SEK 23,731,081 26,069,899 4.71 Telefonaktiebolaget LM Ericsson 4,177,478 SEK 29,832,222 34,832,192 6.30

53,563,303 60,902,091 11.01



* Geographical analysis is based on country of registration


61

ODEY EUROPEAN FOCUS FUND SCHEDULE OF INVESTMENTS as at 30 June 2019

OPEN FOREIGN EXCHANGE FORWARD CONTRACTS* Maturity Counterparty Currencies Purchase Currencies Sold Unrealised % Net Date

Amount


EUR EUR EUR

01/07/2019 RBC IS Bank Luxembourg GBP 1,629,271 EUR 1,626,641 2,630 - 01/07/2019 RBC IS Bank Luxembourg SEK 2,798,759 EUR 2,801,580 (2,821) - 02/07/2019 RBC IS Bank Luxembourg GBP 23,466 EUR 23,450 16 -

(175) -



NET ASSETS 553,273,468 100.00


Value assets

EUR


OPEN FOREIGN EXCHANGE FORWARD CONTRACTS 2,646 -


TOTAL 563,942,231 100.00

* The open foreign exchange forward contracts are categorised as portfolio hedging.


62

ODEY EUROPEAN FOCUS FUND ECONOMIC DIVISION OF INVESTMENTS as at 30 June 2019 (expressed as a percentage of net assets, per Bloomberg classification)


30 June 31 December

2019 2018

News Transmission 30.31 30.02 Retail 11.01 7.16 Construction and Building Material 4.87 3.68 Graphic Art and Publishing 3.87 3.59 Mechanics and Machinery 2.68 - Other Services 1.60 0.73 Public Services 0.53 10.79 Leisure 0.26 - Petrol 0.22 3.17 Tobacco and Spirits - 4.15 Precious Metals - 1.00 Holding and Finance Companies - 0.87






63

ODEY EUROPEAN FOCUS FUND SIGNIFICANT PORTFOLIO CHANGES for the financial per iod ended 30 June 2019


France Treasury Bill BTF 0% 18/09/2019 50,000,000 50,066,589 12.19 France Treasury Bill BTF 0% 03/04/2019 45,000,000 45,062,035 10.97 France Treasury Bill BTF 0% 26/06/2019 45,000,000 45,055,719 10.97 France Treasury Bill BTF 0% 10/07/2019 38,000,000 38,050,496 9.27 France Treasury Bill BTF 0% 24/07/2019 25,000,000 25,032,609 6.10 France Treasury Bill BTF 0% 02/05/2019 25,000,000 25,030,396 6.10 France Treasury Bill BTF 0% 28/08/2019 20,000,000 20,036,818 4.88 France Treasury Bill BTF 0% 15/05/2019 20,000,000 20,023,156 4.88 Hennes & Mauritz AB 1,251,214 18,029,537 4.39 France Treasury Bill BTF 0% 07/08/2019 18,000,000 18,025,744 4.39 Vivendi SA 603,148 14,220,905 3.46 GEA Group AG 593,148 13,770,632 3.35 Tesco Plc 4,757,496 11,780,373 2.87 Telefonaktiebolaget LM Ericsson 1,207,189 9,764,213 2.38 Industria de Diseno Textil SA 332,000 8,419,600 2.05 Serco Group Plc 5,494,692 8,138,801 1.98 Bouygues SA 228,539 7,373,614 1.80 Orange SA 536,673 7,279,858 1.77 Koninklijke KPN NV 2,215,246 6,069,597 1.48 Deutsche Telekom AG 342,647 5,055,311 1.23 Imperial Brands Plc 160,877 4,363,461 1.06 Aker BP ASA 158,964 4,262,542 1.04



64

ODEY EUROPEAN FOCUS FUND SIGNIFICANT PORTFOLIO CHANGES for the financial per iod ended 30 June 2019 (continued)


France Treasury Bill BTF 0% 09/01/2019 45,000,000 45,000,000 11.35 France Treasury Bill BTF 0% 03/04/2019 45,000,000 45,000,000 11.35 France Treasury Bill BTF 0% 26/06/2019 45,000,000 45,000,000 11.35 Electricite de France SA 3,303,153 41,287,995 10.42 France Treasury Bill BTF 0% 10/04/2019 38,000,000 38,000,000 9.59 Imperial Brands Plc 976,574 26,242,130 6.62 France Treasury Bill BTF 0% 02/05/2019 25,000,000 25,000,000 6.31 France Treasury Bill BTF 0% 15/05/2019 20,000,000 20,000,000 5.05 Hennes & Mauritz AB 1,404,221 18,179,822 4.59 France Treasury Bill BTF 0% 06/02/2019 15,000,000 15,000,000 3.78 Vivendi SA 580,609 14,076,342 3.55 Telefonaktiebolaget LM Ericsson 1,041,555 8,743,931 2.21 Uniper SE 334,234 8,261,688 2.08 Fortum OYJ 433,772 8,210,766 2.07 Koninklijke KPN NV 2,655,188 7,396,859 1.87 Seadrill Ltd 605,798 5,435,107 1.37 Barrick Gold Corp 430,185 4,875,302 1.23 Saras SpA 3,171,678 4,805,134 1.21 TechnipFMC Plc 211,150 4,013,051 1.01 Orange SA 251,294 3,654,132 0.92

*Represents all sales above 1% of total sales made during the financial period.


65

COMBINED UNAUDITED STATEMENT OF FINANCIAL POSITION As at 30 June 2019

Total Total EUR EUR Notes 30 June 2019 31 December 2018

ASSETS Financial Assets at Fair Value through Profit or Loss 3 869,189,323 906,329,305 Cash and Cash Equivalents 10 324,429,551 265,738,622 Receivable from Subscriptions 1,434,584 394,952 Interest and Dividends Receivable 1,377,954 2,437,550 Receivable on Sale of Investments 2,913,763 41,852 Other Receivables 178,663 94,804

TOTAL ASSETS 1,199,523,838 1,175,037,085 LIABILITIES Financial Liabilities at Fair Value through Profit or Loss 3 324,321 1,424,549 Payable on Redemptions 4,712,795 1,650,703 Administration, Registrar and Transfer Agency Fees Payable 7 83,039 133,575 Depositary and Depositary Oversight Fees Payable 7 87,105 135,409 Investment Management Fees Payable 7 828,901 916,182 Performance Fees Payable 7 100,669 3,205,181 Payable on Purchases of Investments 8,630,533 -Payable on Audit Fees 425 30,922 Bank Overdrafts 10 6,860 1,340,066 Unrealised Capital Gain Tax on Investments 37,331 484,725 Other Accrued Expenses 841,257 283,252 LIABILITIES (excluding Net Assets attributable to h olders of redeemable participating shares) 15,653,236 9,604,564 NET ASSETS attributable to holders of redeemable pa rticipating shares 1,183,870,602 1,165,432,521 The accompanying notes form an integral part of the financial statements.


66

COMBINED UNAUDITED STATEMENT OF COMPREHENSIVE INCOM E For the financial period ended 30 June 2019 Total Total EUR EUR Notes 30 June 2019 30 June 2018 INCOME Net Gain from Investments 13 49,713,039 50,981,910 Dividends 25,035,806 17,971,242 Bank Interest 288,767 262,214 Bond Interest 429,280 132,365 Other Income 150,163 534,136 Dividend Withholding Tax Reclaim 2 197,587 47,700 Dividend Withholding Tax Expense (809,943) (1,190,057) Finance Cost (374,880) (264,756) Transaction Costs (384,208) (1,277,787)

Investment Income 74,245,611 67,196,966 EXPENSES Administration, Registrar and Transfer Agent Fees 7 273,359 245,482 Depositary and Depositary Oversight Fees 7 182,455 208,350 Investment Management Fees 7 5,458,817 5,867,983 Performance Fees 7 100,669 846,541 Audit Fees 7 27,707 27,924 Director Fees 7 40,335 40,429 Legal Fees 7 140,463 - Other Expenses 907,520 259,755


67,114,286 59,700,502


67

COMBINED UNAUDITED STATEMENT OF CHANGES IN NET ASSE TS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES For the financial period ended 30 June 2019 Total Total EUR EUR Notes 30 June 2019 30 June 2018 Net Assets attributable to holders of redeemable pa rticipating shares at beginning of the financial period

1,165,432,521 1,379,254,525


67,114,286 59,700,502

Translation Adjustment 2 490,908 3,784,065 Capital Transactions Issuance of shares 79,836,289 131,028,472 Redemptions of shares (129,003,402) (272,790,734)

Net Assets attributable to holders of redeemable pa rticipating shares at the end of the financial period 1,183,870,602 1,300,976,830 The accompanying notes form an integral part of the financial statements.


68

COMBINED UNAUDITED STATEMENT OF CASH FLOWS For the financial period ended 30 June 2019 Total Total EUR EUR 30 June 2019 30 June 2018 Cash flows From Operating activities Increase in net assets attributable to holders of r edeemable participating shares from operations

67,114,286 59,700,502


Dividend income (25,035,806) (17,971,242) Bank interest income (288,767) (262,214) Bond interest income (429,280) (132,365) Dividend Withholding Tax Expense 809,943 1,190,057 Dividend Withholding Tax Reclaim (197,587) (47,700) Operating profit before working capital changes 41,972,789 42,477,038 Changes in operating assets and liabilities Decrease in Financial Assets at Fair Value through Profit or Loss 36,039,754 120,021,690 (Increase)/Decrease in Receivable on Sales of Investments (2,871,911) 1,675,815 (Increase)/Decrease in Other Receivables (83,859) 7,044 Decrease in Payable on Audit Fees (30,497) - Decrease in Unrealized Capital Gain Tax on Investments (447,394) - Increase in Other Accrued Expenses and Payables 5,897,905 10,531,743 Cash provided by operating activities 80,476,787 174,713,331 Dividend received 26,104,669 17,010,036 Interest received 244,629 209,926 Bond interest 464,151 175,689 Taxation paid (612,356) (1,142,358) Net cash provided by operating activities 106,677,880 190,966,624 Financing activities Payments of redemptions of shares (125,941,310) (276,525,934) Proceeds from issue of shares 78,796,657 143,839,308 Net cash used in financing activities (47,144,653) (132,686,626) Net increase in cash and cash equivalents 59,533,227 58,279,998 Net Cash at the Beginning of the Financial Period 264,398,556 178,358,767 Translation Adjustment 490,908 3,784,065 Net Cash at the End of the Financial Period 324,422,691 240,422,830 Analysis of Cash Cash at Bank at the Beginning of the Financial Period 265,738,622 184,823,993 Overdraft at the Beginning of the Financial Period (1,340,066) (6,465,226) Net Cash at the Beginning of the Financial Period 264,398,556 178,358,767 Cash at Bank at the End of the Financial Period 324,429,551 243,804,984 Overdraft at the End of the Financial Period (6,860) (3,382,154) Net Cash at the End of the Financial Period 324,422,691 240,422,830 The accompanying notes form an integral part of the financial statements.


69

NOTES TO THE FINANCIAL STATEMENTS for the financial period ended 30 June 2019

1. Establishment and Organisation

Odey Investment Funds Plc (the ‘’Company’’) is an umbrella type open-ended investment company with variable capital and segregated liability between Sub-Funds, established under the laws of Ireland as a public limited company pursuant to the Companies Act 2014 and was authorised by the Central Bank of Ireland as a UCITS.

The Company is organised in the form of an umbrella fund. Each Sub-Fund has a distinct portfolio of investments.

The Company has obtained approval from the Central Bank of Ireland for the establishment of Odey Pan European Fund, Odey Allegra International Fund, Odey Opportunity Fund, Odey Allegra Developed Markets Fund and Odey European Focus Fund (the “Sub-Funds”).

2. Principal Accounting Policies

Basis of Preparation The financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union, the Companies Act 2014 and the UCITS Regulations.

The preparation of financial statements in conformity with IFRS as adopted by the European Union requires management to make judgements, estimates and assumptions which affect the application of policies and the reported amounts of assets and liabilities, income and expense and disclosure of contingent assets and liabilities during the period. The estimates and associated assumptions are based on historical experience and various other factors which are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities which are not readily apparent from other sources. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the financial period in which the estimates are revised and in any future financial periods affected.

The financial statements are prepared on a going concern basis and under the historical cost convention, except for the valuation of financial assets and liabilities at fair value for the five active Sub-Funds listed above. Financial assets and liabilities at fair value thro ugh profit and loss IFRS 9 - Financial Instruments (“IFRS 9”), requires the provision of additional information about the Company’s material financial instrument risks and how the Fund manages those risks. This information is provided in Note 9.

(i) Classification Under IFRS 9, a financial asset is classified as measured at: amortised cost, Fair value through other comprehensive income (“FVOCI”) or fair value through profit or loss (“FVTPL”). The classification of financial assets under IFRS 9 is based on the business model in which a financial asset is managed and on its contractual cash flow characteristics. In evaluating the classification of financial assets the Company has determined the following: Based on how performance is evaluated, how risks are managed and how compensation is paid, the business model for financial assets is to manage on a fair value basis. The contractual cash flows of the financial assets are not solely payments of principal and interest. Based on the above evaluation, the Company’s financial assets are classified at FVTPL. The Company’s financial liabilities are classified at FVTPL. (ii) Recognition and Initial Measurement Purchases and sales of financial instruments are recognised the day that the Company commits to purchase or sell the asset. Regular way purchases and sales of financial instruments are recognised using trade date accounting. Regular way purchases, or sales, are purchases and sales of financial assets that require delivery of the asset within a time frame generally established by regulation or convention in the market place.

At initial recognition financial assets and liabilities categorised at fair value through profit or loss are recognised at fair value, with identifiable transaction costs for such instruments being recognised directly in the statement of comprehensive income.


70

NOTES TO THE FINANCIAL STATEMENTS for the financial period ended 30 June 2019 (continued) 2. Principal Accounting Policies (continued)

Financial assets and liabilities at fair value thro ugh profit and loss (continued) (iii) Subsequent measurement Subsequent to initial recognition, all instruments classified at fair value through profit or loss, are measured at fair value with changes in their fair value recognised in the statement of comprehensive income.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When available, the Company measures the fair value of an instrument using the quoted price in an active market for that instrument. A market is regarded as active if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. The Company measures instruments quoted in an active market at a last traded price, because this price provides a reasonable approximation of the exit price.

Assets listed and regularly traded on a Recognised Exchange and for which market quotations are readily available or traded on over-the-counter (OTC) markets shall be valued at the closing price on the principal exchange in the market for such investment as at close of business in the relevant market on the relevant Valuation Day provided that the value of any investment listed on a Recognised Exchange but acquired or traded at a premium or at a discount outside or off the relevant stock exchange or on an OTC market may be valued taking into account the level of premium or discount as at the date of valuation of the investment.

If there is no quoted price on an active market, or if for specific assets the latest available prices do not in the opinion of the Directors or a competent person selected by the Directors and approved for such purpose by the Depositary, in consultation with the Investment Manager, reflect their fair value, then the value shall be calculated with care and in good faith by the Directors or a competent person selected by the Directors and approved for such purpose by the Depositary, in consultation with the Investment Manager, with a view to establishing the probable realisation value for such assets as at close of business in the relevant market on the relevant Valuation Day. The competent person may be Odey Asset Management LLP (the “Investment Manager”).

Pursuant to the above paragraphs, changes to an instrument’s fair value are recognised in the statement of comprehensive income in the following manner:

- Investments in long listed equities and debt securities are valued at their last traded price; - units or shares in collective investment schemes will be valued at the latest available net asset value of the

relevant collective investment scheme as obtained from the underlying fund Administrator; - Investments in listed futures are valued at the prices reported by the relevant exchange. - Investments in forward currency contracts are valued at the close-of-business rates as reported by the pricing

vendors utilised by the Administrator to the Sub-Fund. The unrealised gain or loss on open forward currency contracts is calculated as the difference between the contract rate and this forward price.

(iv) Derecognition The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire. It also derecognises a financial asset when it transfers the financial assets and the transfer qualifies for derecognition in accordance with IFRS 9. The Company derecognises a financial liability when the obligation specified in the contract is discharged, cancelled or expires. Realised gains and losses on disposals of financial instruments are calculated using the average cost method.

(v) Net trading Income Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is a legally enforceable right to set-off the recognised amounts and there is an intention to settle on a net basis, or realise the assets and settle the liability simultaneously.

New standards and interpretations adopted during th e year IFRS 9 “Financial Instruments” (“IFRS 9”) became effective for periods beginning on or after 1 January 2018. IFRS 9 replaces the provisions of IAS 39 that relate to the recognition, classification and measurement of financial instruments, including derecognition and impairment of such financial instruments. As outlined in note 2 the Company has classified financial assets at FVTPL. Therefore financial instrument classification remains consistent with the policies of the most recent annual audited financial statements.


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New standards and interpretations adopted during th e year (continued) For financial liabilities, the standard retains most of the IAS 39 requirements. The main change is that, in cases where the fair value option is taken for financial liabilities, the part of a fair value change due to an entity's own credit risk is recorded in other comprehensive income rather than the income statement, unless this creates an accounting mismatch.

New standards and amendments effective after 1 Janu ary 2018 which have not been early adopted A number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 1 January 2018, and have not been early adopted in preparing these financial statements. None of these are expected to have a material effect on the financial statements of the Company. Offsetting Financial Instruments Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is a legally enforceable right to set-off the recognised amounts and there is an intention to settle on a net basis, or realise the assets and settle the liability simultaneously.

Net Asset Value The Net Asset Value of a Sub-Fund and the Net Asset Value per Share of each share class in that Sub-Fund are calculated as at each Dealing Day by ascertaining the value of the assets of the Sub-Fund and deducting from such value the liabilities of the Sub-Fund as at close of business on the relevant Valuation Day. The Net Asset Value of the Company and of each Sub-Fund or of each class of Shares, as the case may be, is calculated by the Administrator.

Transaction Costs Transaction costs are incremental costs, which are separately identifiable and directly attributable to the acquisition, issue or disposal of a financial asset or financial liability. Separately identifiable brokerage charges and commissions are included in the transaction costs disclosure.

The following costs are not included in the transaction costs disclosure: - transaction related taxes and other market charges; - transaction costs related to derivatives as these costs are embedded in the price i.e. not separately identifiable. Interest Income and Interest Expense Interest income and interest expense, excluding interest bearing bonds interest, are recognised on an accruals basis in line with the contractual terms. Interest is accrued on a daily basis. The effective interest method is applied to all Sub-Funds which hold or have held interest bearing bonds during the financial period. Bank Interest is charged on any overdrawn account as well as on positive euro bank balances. The effective interest method is a method of calculating the amortised cost of a financial asset or financial liability and of allocating the interest income or interest expense over the relevant financial period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts throughout the expected life of financial statements, or a shorter financial period where appropriate, to the net carrying amount of the financial asset or liability. When calculating the effective interest rate, the Company estimates cash flows considering all contractual terms of the financial instruments but does not consider future credit losses. The calculation includes transaction costs and all other premiums or discounts that are an integral part of the effective interest rate. Other Income Other income consists of dilution levy and reporting charge refunds received during the financial period. Operating Expenses The Company pays out of the assets of each Sub-Fund all normal operating expenses including Depositary fees, Administration and Transfer Agency fees, Investment Manager fees, Directors’ fees, Performance fees, NAV publication and circulation fees, audit and other professional fees and stamp duties and charges incurred on the acquisition and realisation of investments. Such costs are expensed in the financial period to which they relate.


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Dividend Income Income is shown gross of any non-recoverable withholding taxes, which is disclosed separately in the Statement of Comprehensive Income. The table below presents the successful tax reclaim paid to each Sub-Fund during the financial period ended 30 June 2019 and 30 June 2018.

30 June 2019 30 June 2018 EUR EUR Israeli tax reclaim Odey Allegra International Fund 219,733 - USD USD Norwegian tax reclaim Odey Pan European Fund - 15,503 Odey Allegra International Fund - 32,197

Functional and Presentation Currency The functional currency of Odey Pan European Fund, Odey Allegra International Fund, Odey Opportunity Fund and Odey European Focus Fund is euro. The functional currency of Odey Allegra Developed Markets Fund is the US dollar. The functional currency choice is based on the active currency of each Sub-Fund. The presentational currency of the Company is euro. Foreign currency assets and liabilities are translated into euro at the exchange rate ruling at the financial period end. The cost of investment securities expressed in currencies other than the euro are translated into euro at the exchange rate prevailing at the purchase date.

Transactions in foreign currencies are translated into the functional currency of the Sub-Fund at the exchange rate at the date of the transaction. The portion of realised gains and losses on sale of investments that result from changes in the foreign exchange rates between the date of purchases and sales are included in net gain on financial assets at fair value through profit or loss in the Statement of Comprehensive Income.

The translation of the Odey Allegra Developed Markets Fund functional currency into the presentation currency of the Company is recognised separately through the Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating shares and Statement of Cash Flow. The translation adjustment occurs upon translation of the Sub-Fund into the presentation currency for the purposes of producing a combined company total. Monetary assets and liabilities are translated at the closing rate at each balance sheet date. Proceeds from subscriptions and amounts paid on the redemption of redeemable participating shares are translated at the exchange rates prevailing at the date of the transaction. Income and expenses are translated at the rates prevailing on the dates of the transactions. Opening assets in the Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares originally translated at the closing rate at the prior financial period balance sheet date are retranslated at the closing rate at the current financial period balance sheet date. The translation adjustment has no effect on the Net Asset Value of any Sub-Fund. For the financial period ended 30 June 2019, the translation adjustment was €490,908 (30 June 2018: €3,784,065).

Cash and Cash Equivalents Cash and cash equivalents comprises of deposits with banks and bank overdrafts held at RBC Investor Services Bank S.A. and Morgan Stanley & Co. (31 December 2018: RBC Investor Services Bank S.A. and Morgan Stanley & Co). No collateral is held as at 30 June 2019 (31 December 2018: Nil). See Note 10 for further details.

Bank Overdraft As at 30 June 2019 and 31 December 2018, the bank overdrafts held by the Sub-Funds are caused by timing differences relating to the settlement cycle of investments, the movement in non-functional currencies and subscriptions into and redemption out of the Sub-Funds. See Note 10 for further details.

Redeemable Participating Shares All redeemable shares issued by the Company provide the investors with the right to require redemption for cash at the value proportionate to the investors share in the Company’s net assets at the redemption date. In accordance with IAS 32 such instruments give rise to a financial liability for the present value of the redemption amount.


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NOTES TO THE FINANCIAL STATEMENTS for the financial period ended 30 June 2019 (continued) 3. Financial Instruments at Fair Value through Profit or Loss

Share Capital The Company’s Management shares are classified as equity in accordance with the Company’s Articles of Association. These shares do not participate in the profits of the Company and details of these shares are disclosed by way of Note 5 only. Derivative Contracts Typically, derivative contracts serve as components of the Company’s investment strategy and are utilised primarily to structure and economically hedge investments, to enhance performance and reduce risk to the Company. The derivative contracts that the Company may hold or issue are forward foreign exchange currency contracts, options, swaps and contracts for difference. Fair Value Hierarchy IFRS 13, Fair Value Measurement, requires a fair value hierarchy for inputs used in measuring fair value that classify investments according to how observable the inputs are. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s assumptions, made in good faith, about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorised into three levels based on the inputs as follows: Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities; Level 2 - Valuations based on quoted prices in markets that are not active or inputs other than quoted prices for which all significant inputs are observable, either directly (as prices) or indirectly (derived from prices); and Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Observable data is considered to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorisation of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Investment Manager’s perceived risk of that instrument. The following table presents information about the Sub-Funds’ assets and liabilities measured at fair value as of 30 June 2019 (accounting policies used to value all investments are detailed in Note 2): Quoted Significant Balance at prices in other Significant 30 active observable unobservable June markets inputs inputsOdey Pan European Fund 2019 (Level 1) (Level 2) (Level 3) EUR EUR EUR EURFinancial assets at fair value through profit or loss Investments in transferable securities, at fair value: Shares 10,703,010 10,703,010 - -Open Foreign Exchange Forward Contracts 60 - 60 - 10,703,070 10,703,010 60 -Financial liabilities at fair value through profit or loss Open Foreign Exchange Forward Contracts (3,931) - (3,931) - (3,931) - (3,931) -


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NOTES TO THE FINANCIAL STATEMENTS for the financial period ended 30 June 2019 (continued) 3. Financial Instruments at Fair Value through Prof it or Loss (continued)

Fair Value Hierarchy (continued) Quoted Significant Balance at prices in other Significant 31 active observable unobservable December markets inputs inputsOdey Pan European Fund 2018 (Level 1) (Level 2) (Level 3) EUR EUR EUR EURFinancial assets at fair value through profit or loss Investments in transferable securities, at fair value: Shares 13,106,076 13,106,076 - -Open Foreign Exchange Forward Contracts 3,010 - 3,010 - 13,109,086 13,106,076 3,010 -Financial liabilities at fair value through profit or loss Open Foreign Exchange Forward Contracts (8,910) - (8,910) - (8,910) - (8,910) -

Quoted Significant Balance at prices in other Significant 30 active observable unobservable June markets inputs inputsOdey Allegra International Fund 2019 (Level 1) (Level 2) (Level 3) EUR EUR EUR EURFinancial assets at fair value through profit or loss Investments in transferable securities, at fair value Shares 297,797,452 287,594,937 - 10,202,515Bonds 1,256,419 1,256,419 - - 299,053,871 288,851,356 - 10,202,515Financial liabilities at fair value through profit or loss Open Foreign Exchange Forward Contracts (240,582) - (240,582) - (240,582) - (240,582) -

Quoted Significant Balance at prices in other Significant 31 active observable unobservable December markets inputs inputsOdey Allegra International Fund 2018 (Level 1) (Level 2) (Level 3) EUR EUR EUR EURFinancial assets at fair value through profit or loss Investments in transferable securities, at fair value Shares 290,011,112 279,840,229 - 10,170,883Bonds 1,104,155 1,104,155 - -Open Foreign Exchange Forward Contracts 366,372 - 366,372 - 291,481,639 280,944,384 366,372 10,170,883Financial liabilities at fair value through profit or loss Open Foreign Exchange Forward Contracts (1,196,039) - (1,196,039) - (1,196,039) - (1,196,039) -


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NOTES TO THE FINANCIAL STATEMENTS for the financial period ended 30 June 2019 (continued) 3. Financial Instruments at Fair Value through Profit or Loss (continued)

Fair Value Hierarchy (continued)

Quoted Significant Balance at prices in other Significant 30 active observable unobservable June markets inputs inputsOdey Opportunity Fund 2019 (Level 1) (Level 2) (Level 3) EUR EUR EUR EURFinancial assets at fair value through profit or loss Investments in transferable securities, at fair value: Shares 72,998,512 72,998,512 - -Bonds 76,990,366 76,990,366 - -Exchange Traded Commodities 12,034,432 12,034,432 - -Future Contracts 88,661 88,661 - -Open Foreign Exchange Forward Contracts 370,924 - 370,924 - 162,482,895 162,111,971 370,924 -Financial liabilities at fair value through profit or loss Open Foreign Exchange Forward Contracts (70,836) - (70,836) -Future Contracts (6,151) (6,151) - - (76,987) (6,151) (70,836) -

Quoted Si gnificant Balance at prices in other Significant 31 active observable unobservable December markets inputs inputsOdey Opportunity Fund 2018 (Level 1) (Level 2) (Level 3) EUR EUR EUR EURFinancial assets at fair value through profit or loss Investments in transferable securities, at fair value: Shares 75,026,932 75,026,932 - -Bonds 68,798,108 68,798,108 - -Exchange Traded Funds 4,184,282 4,184,282 - -Exchange Traded Commodities 10,917,820 10,917,820 - -Open Foreign Exchange Forward Contracts 484,372 - 484,372 - 159,411,514 158,927,142 484,372 -Financial liabilities at fair value through profit or loss Open Foreign Exchange Forward Contracts (101,028) - (101,028) -Future Contracts (118,331) (118,331) - (219,359) (118,331) (101,028) -


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Quoted Significant Balance at prices in other Significant 30 active observable unobservable June markets inputs inputs Odey Allegra Developed Markets Fund 2019 (Level 1) (Level 2) (Level 3) USD USD USD USD Financial assets at fair value through profit or loss Investments in transferable securities, at fair value Shares 103,291,374 103,291,374 - - Open Foreign Exchange Forward Contracts 1,815 - 1,815 - 103,293,189 103,291,374 1,815 -

Quoted Significant Balance at prices in other Significant 31 active observable unobservable December markets inputs inputs Odey Allegra Developed Markets Fund 2018 (Level 1) (Level 2) (Level 3) USD USD USD USD Financial assets at fair value through profit or loss Investments in transferable securities, at fair value Shares 123,947,709 123,947,709 - - Open Foreign Exchange Forward Contracts 2,448 - 2,448 - 123,950,157 123,947,709 2,448 -

Financial liabilities at fair value through profit or loss Open Foreign Exchange Forward Contracts (276) - (276) - (276) - (276) -


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Quoted Significant Balance at prices in other Significant 30 active observable unobservable June markets inputs inputsOdey European Focus Fund 2019 (Level 1) (Level 2) (Level 3) EUR EUR EUR EURFinancial assets at fair value through profit or loss Investments in transferable securities, at fair value: Shares 306,243,303 306,243,303 - -Open Foreign Exchange Forward Contracts 2,646 - 2,646 - 306,245,949 306,243,303 2,646 -

Financial liabilities at fair value through profit or loss Open Foreign Exchange Forward Contracts (2,821) - (2,821) - (2,821) - (2,821) -

Quoted Significant Balance at prices in other Significant 31 active observable unobservable December markets inputs inputsOdey European Focus Fund 2018 (Level 1) (Level 2) (Level 3) EUR EUR EUR EURFinancial assets at fair value through profit or loss Investments in transferable securities, at fair value: Shares 333,896,282 333,896,282 - -Open Foreign Exchange Forward Contracts 2,181 - 2,181 - 333,898,463 333,896,282 2,181 -


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Fair Value Hierarchy (continued) Details of assets categorised as Level 3 held at the reporting date are as follows: 30 June 2019 31 December 201 8 Fair Value EUR % Net Assets Fair Value EUR % Net Assets Odey Allegra Internati onal Fund Oxford Nanopore Technologies 10,202,515 3.09 10,170,883 2.89

In November 2013 Odey Pan European Fund and Odey Allegra International Fund initially acquired holdings in Oxford Nanopore Technologies, issued via a private placement. On 30 June 2019 Oxford Nanopore Technologies was valued at the last traded price. On 31 December 2018 Oxford Nanopore Technologies was valued by Odey Asset Management LLP (the “Investment Manager”) being the competent person selected by the Directors and approved for such purpose by the Depositary with care and in good faith in accordance with the Company’s valuation policy. There were no transfers between Level 1, Level 2 and Level 3 during the financial period (2018: None). The following table presents the movement in Level 3 instruments for the financial period ended 30 June 2019 by class of financial instrument.

Odey Allegra International Fund Unquoted securities at fair

value through profit or loss EUR Opening balance 10,170,883 Total realised gain - Total movement in unrealised loss 31,632 Purchases - Sales - Transfers into or out of Level 3 - Closing balance 10,202,515 Closing balance total unrealised gain 5,534,015


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Fair Value Hierarchy (continued) The following table presents the movement in Level 3 instruments for the financial year ended 31 December 2018 by class of financial instrument.

Odey Pan European Fund Unquoted securities at fair

value through profit or loss EUR Opening balance 1,377,180 Total realised gain 829,604 Total movement in unrealised loss (681,434) Purchases - Sales (1,525,350) Transfers into or out of Level 3 - Closing balance - Closing balance total unrealised gain -

Odey Allegra International Fund Unquoted securities at fair

value through profit or loss EUR Opening balance 24,773,619 Total realised gain 9,531,071 Total movement in unrealised loss (6,755,725) Purchases - Sales (17,378,082) Transfers into or out of Level 3 - Closing balance 10,170,883 Closing balance total unrealised gain 5,502,383

4. Taxation

Under current Irish law and practice the Company qualifies as an investment undertaking under Section 739B of the Taxes Consolidation Act, 1997 and is not therefore chargeable to Irish tax on its relevant income or relevant gains. No stamp, transfer or registration tax is payable in Ireland on the issue, redemption or transfer of Shares in the Company. Distributions and interest on securities issued in countries other than Ireland may be subject to taxes including withholding taxes imposed by such countries. The Company may not be able to benefit from a reduction in the rate of withholding tax by virtue of the double taxation agreement in operation between Ireland and other countries. The Company may not, therefore, be able to reclaim withholding tax suffered by it in particular countries.

Following legislative changes in the Finance Act 2006, the holding of shares at the end of a Relevant Financial Period will, in respect of Irish Resident investors, also constitute a chargeable event. To the extent that any tax issues arise on such a chargeable event, such tax will be allowed as a credit against any tax payable on the subsequent encashment, redemption, cancellation or transfer of the relevant shares.

Relevant Financial Period is defined as a financial period of 8 years beginning with the acquisition of a share by a shareholder and each subsequent financial period of 8 years beginning immediately after the preceding relevant financial period.

Dividends, interest and capital gains (if any) on securities in which the Company invests may be subject to taxes including withholding taxes imposed by such countries. In addition, where the Company invests in securities that are not subject to local taxes, for example withholdings tax, at the time of acquisition, there can be no assurance that tax may not be charged or withheld in the future as a result of any change in applicable laws, treaties, rules or regulations or the interpretation thereof.


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NOTES TO THE FINANCIAL STATEMENTS for the financial period ended 30 June 2019 (continued)

5. Share Capital and Redeemable Participating Shares

The share capital of the Company shall at all times equal the Net Asset Value. The initial capital of the Company was €38,092 represented by 38,092 Management Shares of €1 each. All of the Management Shares, except two, were redeemed during the financial period ended 31 December 2017. The Directors are empowered to issue up to five hundred million Redeemable Participating Shares of no par value in the Company at the Net Asset Value per Share on such terms as they may think fit.

Each of the Redeemable Participating Shares (other than the Management Shares) entitles the shareholder to participate equally on a pro rata basis in the net assets of the Company. The minimum initial investment in Redeemable Participating Shares is as follows:

Sub-Fund name Minimum initial Odey Pan European Fund ₤5,000 per R class (or its equivalent in Euro) and ₤1 million per

GBP I class Odey Allegra International Fund ₤1 million (or its equivalent in USD, Euro or AUD) Odey Opportunity Fund ₤1 million per I share class (or its equivalent in USD or Euro)

₤5,000 per all other share classes (or its equivalent in USD, CHF, NOK or Euro) ₤1,000 per M share class

Odey Allegra Developed Markets Fund

₤1 million (or its equivalent in USD or Euro) per I share class, ₤5,000 (or its equivalent in USD or Euro) per R share class and ₤1,000 (or its equivalent in USD or Euro) per M share class

Odey European Focus Fund ₤1 million (or its equivalent in USD or Euro) per I share class, ₤5,000 (or its equivalent in USD or Euro) per R share class and ₤1,000 (or its equivalent in USD or Euro) per M share class

Each Sub-Fund may be sub-divided into classes of shares. All shares have the same voting rights.

The Management Shares entitlement shall be limited to the amount subscribed and any accrued income thereon. Each Management shareholder is entitled to one vote per share held. Regardless of the number of Management Shares held by an individual, they are entitled to one vote per person. As the Management Shares do not form part of the Net Asset Value of the Company, they are thus disclosed in the financial statements by way of this Note only.

6. Foreign Currency Translation

The rates of exchange at 30 June 2019 for per 1 EUR were:

AUD 1.622800 GBP 0.894791 SEK 10.565968 BRL 4.364623 HKD 8.896875 USD 1.138800 CAD 1.488128 JPY 122.694363 ZAR 16.058435 CHF 1.110330 NOK 9.709433 DKK 7.463675 NZD 1.695526

The rates of exchange at 30 June 2019 for per 1 USD were:

CAD 1.306751 GBP 0.785731 SEK 9.278159 CHF 0.975000 JPY 107.740045 EUR 0.878117 NOK 8.526021

The rates of exchange at 31 December 2018 for per 1 EUR were:

AUD 1.623793 GBP 0.897573 SEK 10.135027 BRL 4.430556 HKD 8.950088 USD 1.143150 CAD 1.561313 JPY 125.420757 ZAR 16.444179 CHF 1.126917 NOK 9.898688 DKK 7.462448 NZD 1.704795


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6. Foreign Currency Translation (continued)

The rates of exchange at 31 December 2018 for per 1 USD were:

CAD 1.365799 EUR 0.874776 NOK 8.659133 CHF 0.985800 GBP 0.785176 SEK 8.865877 DKK 6.527969 JPY 109.715048

7. Fees

Investment Management Fees

Odey Pan European Fund The Investment Manager is entitled to receive out of the assets of the Sub-Fund an annual fee, accrued daily and payable monthly in arrears, at an annual rate of up to 1.5% of the Net Asset Value of the Sub-Fund (plus VAT, if any). Within this permitted limit the Investment Manager’s fees may differ between Classes of Shares of the Sub-Fund. The rates below are:

Class of Shares Investment Manager’s Fee Performance Fee Euro R 1.50% -

GBP R 1.50% -

GBP I 1.00% -

The Investment Manager shall not be entitled to charge any out-of-pocket expenses to the Sub-Fund.

For Odey Pan European Fund, the management fees charged for the financial period ended 30 June 2019 were €132,822 (financial period ended 30 June 2018: €237,300). Fees of €18,355 were outstanding at 30 June 2019 (31 December 2018: €25,653).

Odey Allegra International Fund The Investment Manager is entitled to receive out of the assets of the Sub-Fund, an annual fee, accrued daily and payable monthly in arrears, at an annual rate of up to 1% of the Net Asset Value of the Sub-Fund (plus VAT, if any). Within this permitted limit the Investment Manager’s fees may differ between Classes of Shares of the Sub-Fund. The rates below are:

Class of Shares Investment Manager’s Fee Performance Fee Euro O 0.70% 20% Euro I* 1.00% 20% USD O 0.70% 20% GBP A D 1.00% - GBP O 0.70% 20%

GBP D 0.70% 20% AUD$ 1.00% -

*This share class was fully redeemed on 30 May 2018.

For Odey Allegra International Fund, the management fees charged for the financial period ended 30 June 2019 were €1,349,543 (financial period ended 30 June 2018: €1,648,236). Fees of €190,835 were outstanding at 30 June 2019 (31 December 2018: €239,198).


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NOTES TO THE FINANCIAL STATEMENTS for the financial period ended 30 June 2019 (continued) 7. Fees (continued)

Investment Management Fees (continued) Odey Opportunity Fund The Investment Manager is entitled to receive out of the assets of the Sub-Fund, an annual fee, accrued daily and payable monthly in arrears, at an annual rate of up to 1.5% of the Net Asset Value of the Sub-Fund (plus VAT, if any). Within this permitted limit the Investment Manager’s fees may differ between Classes of Shares of the Sub-Fund.

The rates below are: Class of Shares Investment Manager's Fee Performance Fee Euro R 1.50% - Euro I 1.00% - Euro I P 0.75% 10% Euro R P 1.25% 10% USD R 1.50% - USD I 1.00% - USD I P 0.75% 10%

USD R P 1.25% 10% GBP R 1.50% - GBP I 1.00% - GBP I P 0.75% 10% GBP MW 0.75% 10% GBP R P 1.25% 10% GBP WM 1.25% 10% GBP IH 1.00% - GBP F 0.75% - CHF R 1.50% - CHF I 1.00% - CHF I P 0.75% 10% NOK R 1.50% -

For Odey Opportunity Fund, the management fees charged for the financial period ended 30 June 2019 were €969,330 (financial period ended 30 June 2018: €1,095,098). Fees of €152,213 were outstanding at 30 June 2019 (31 December 2018: €161,559).


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Investment Management Fees (continued) Odey Allegra Developed Markets Fund The Investment Manager is entitled to receive out of the assets of the Sub-Fund, an annual fee, accrued daily and payable monthly in arrears, at an annual rate of up to 1.2% of the Net Asset Value of the Sub-Fund (plus VAT, if any). Within this permitted limit the Investment Manager’s fees may differ between Classes of Shares of the Sub-Fund. The rates below are: Class of Shares Investment Manager's Fee Performance Fee Euro I 0.70% 20% Euro R 1.20% 20% USD I 0.70% 20% USD R 1.20% 20% GBP I 0.70% 20% GBP M 0.70% - GBP R 1.20% 20%

For Odey Allegra Developed Markets Fund, the management fees charged for the financial period ended 30 June 2019 were $435,959 (financial period ended 30 June 2018: $597,784). Fees of $62,181 were outstanding at 31 December 2018 (31 December 2018: $77,851). Odey European Focus Fund The Investment Manager is entitled to receive out of the assets of the Sub-Fund, an annual fee, accrued daily and payable monthly in arrears, at an annual rate of up to 1.5% of the Net Asset Value of the Sub-Fund (plus VAT, if any). Within this permitted limit the Investment Manager’s fees may differ between Classes of Shares of the Sub-Fund. The rates below are: Class of Shares Investment Manager's Fee Performance Fee A Euro 1.00% - A Euro Acc 1.00% - B Euro 1.50% - Euro I 0.70% 20% Euro R 1.20% 20% A GBP 1.00% - GBP I 0.70% 20% GBP M 0.70% - GBP R 1.20% 20% USD I 0.70% 20% USD R 1.20% 20%

For Odey European Focus Fund, the management fees charged for the financial period ended 30 June 2019 were €2,621,248 (financial period ended 30 June 2018: €2,393,530). Fees of €412,896 were outstanding at 30 June 2019 (31 December 2018: €421,670).


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Performance Fee The Investment Manager, in addition to the aggregate annual fee, is entitled to receive a performance fee which may differ between Classes of Shares of the Sub-Fund, as described below. a) Performance Fee for all Classes of Shares for Odey Allegra International Fund (excluding GBP AD Class and AUD$ Class) The Investment Manager is entitled to receive a performance fee in aggregate equal to 20% of the amount by which performance of each Class of Shares exceeds the benchmark (as described below). The performance fee is payable on the last Valuation Day in each financial period (each a “Payment Date”). The performance fee will be equal to 20% of x where x equals the Net Asset Value per Share on the Payment Date less the benchmark value per Share on such Date multiplied by the weighted average number of Shares of the relevant class in issue on Dealing Days in the financial period since the preceding Payment Date. Such calculation of the performance fee shall be verified by the Depositary. The benchmark value per Share for the purposes of the performance fee calculation will be the higher of: (a) the benchmark value per Share on the previous Payment Date adjusted by the return in the MSCI Europe Total Return Net Index since the previous Payment Date and (b) the Net Asset Value per Share on the previous Payment Date adjusted by the return in the Relevant Benchmark since the previous Payment Date. For the purposes of the first calculation of the fee, the starting point for the benchmark value per Share is the Initial Issue Price. If the fee as calculated is less than zero, then no performance fee becomes payable until the under-performance has been made good (and future performance has exceeded the benchmark). The performance fee will accrue on a daily basis and for the purposes of calculating the performance fee, the Net Asset Value will be adjusted by adding back the accrual. Investors whose shares are redeemed on a day other than a Payment Date will accordingly receive redemption proceeds based on a Net Asset Value calculation reflecting the performance fee accrued on the redemption date. If subsequent performance means that no performance fee is payable on the Payment Date next succeeding the relevant redemption date, the sums representing the accrual will not be paid to the Investment Manager but will be retained by the Company. Where performance fees are payable by the Company these will be based on net realised and net unrealised gains and losses at the end of each performance financial period. As a result, performance fees may be paid on unrealised gains which may subsequently not be realised. There is no Performance Fee entitlement for the Odey Pan European Fund. b) Performance Fee for Odey Allegra Developed Markets Fund (excluding M classes of shares), Odey Opportunity Fund (Euro R P Class, Euro I P Class, GBP I P Class, GBP M W Class, GBP W M, GBP R P Class, USD I P Class, USD R P Class and CHF I P Class) and Odey European Focus Fund (excluding A Euro Class, A Euro Acc Class, A GBP Class, B Euro Class and GBP M Class). The Investment Manager is entitled to a Performance Fee in respect of the performance of each relevant Class of Shares if there is an Outperformance of the Reference Asset pool during a Performance Financial Period and, where Shares are redeemed during a Performance Financial Period, to a pro-rata portion of the performance fee accrual (if any) at the time of redemption. The Reference Asset is a notional pool of assets which replicates the performance of the Reference Index and which is increased by subscriptions, reduced by redemptions and reduced by dividends (if any) paid by the relevant Class of Shares. Entitlement to a Performance Fee will be calculated if the Outperformance of a Class of Shares on the last Business Day of a Performance Financial Period is positive. The Performance Fee will be equal to Outperformance multiplied by 20% for Odey Allegra Developed Markets Fund relevant Share Classes. The Performance Fee will be equal to Outperformance multiplied by 10% for Odey Opportunity Fund relevant Share Classes. The Performance Fee is payable on the last Valuation Day in each financial year.


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Performance Fee (continued) In the event of an Outperformance on the last Business Day of a Performance Financial Period, the value of the Reference Asset for the next Performance Financial Period will be reset on 1 January to the Net Asset Value of the relevant Class of Shares on the last Business Day of the preceding Performance Financial Period. If there is no Outperformance on the last Business Day of a Performance Financial Period, the value of the Reference Asset will not be reset for the next Performance Financial Period and the underperformance of the Class of Shares in the preceding Performance Financial Period by reference to the Reference Asset will be clawed back (i.e. until under performance is made good) before a performance fee becomes due in a subsequent Performance Financial Period. For Odey Allegra International Fund, the performance fees charged for the financial period ended 30 June 2019 was €nil (financial period ended 30 June 2018: €nil). Fees of €nil were outstanding at 30 June 2019 (31 December 2018: €nil). For Odey Opportunity Fund, the performance fees charged for the financial period ended 30 June 2019 were €100,669 (financial period ended 30 June 2018: €139,216). Fees of €100,669 were outstanding at 30 June 2019 (31 December 2018: €nil). For Odey Allegra Developed Markets, the performance fees charged for the financial period ended 30 June 2019 were $nil (financial period ended 30 June 2018: $345,380). Fees of $nil were outstanding at 30 June 2019 (31 December 2018: $nil). For Odey European Focus Fund, the performance fees charged for the financial period ended 30 June 2019 were €nil (financial period ended 30 June 2018: €422,013). Fees of €nil were outstanding at 30 June 2019 (31 December 2018: €3,205,181). There is no Performance Fee entitlement for the Odey Pan European Fund. Administration, Registrar and Transfer Agent Fees The Company pays to the Administrator, out of the assets of the Company, an annual fund accounting, registrar and transfer agency fee, accrued daily and payable monthly in arrears, at a rate which shall not exceed 0.05% per annum of the Net Asset Value of the Company, subject to a minimum fee of €25,000 per annum per Sub-Fund (plus VAT, if any). The Administrator shall also be entitled to be repaid out of the assets of the Company or relevant Sub-Fund all of its reasonable out-of-pocket expenses incurred on behalf of the Company which shall include legal fees, couriers' fees and telecommunication costs and expenses. The fees charged for the financial period ended 30 June 2019 and 30 June 2018 for each Sub-Fund are as follows:

Sub-Fund Name 30 June 2019 30 June 2018 EUR EUR Odey Pan European Fund 18,975 14,420 Odey Allegra International Fund 74,289 73,016 Odey Opportunity Fund 49,688 39,556 Odey European Focus Fund 104,056 90,069 Sub-Fund Name 30 June 2019 30 June 2018 USD USD Odey Allegra Developed Markets Fund 29,771 34,404


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Administration, Registrar and Transfer Agent Fees ( continued) The fees outstanding for the financial period ended 30 June 2019 and year ended 31 December 2018 for each Sub-Fund are as follows:

Sub-Fund Name 30 June 2019 31 December 2018 EUR EUR Odey Pan European Fund 2,265 4,155 Odey Allegra International Fund 23,181 40,487 Odey Opportunity Fund 12,467 19,337 Odey European Focus Fund 35,271 52,257 Sub-Fund Name 30 June 2019 31 December 2018 USD USD Odey Allegra Developed Markets Fund 11,223 19,821

Depositary and Depositary Oversight Fees The Company pays to the Depositary, out of the assets of the Company, an annual Depositary fee, accrued daily and payable monthly in arrears, at a rate which shall not exceed 0.03% per annum of the Net Asset Value of the Company, subject to a minimum fee of €17,000 per Sub-Fund per annum for the legal entity (plus VAT, if any). The Depositary shall also be entitled to receive out of the assets of the Company the payment of transaction charges (at normal commercial rates) based on transactions undertaken by the Company. The Company shall pay to the Depositary out of the assets of the Company, an annual Depositary Oversight fee, accrued daily and payable monthly in arrears, subject to a minimum fee of €12,000 per annum per Sub-Fund (plus VAT, if any). The Depositary shall be entitled to be repaid out of the assets of the Company or relevant Sub-Fund all of its reasonable disbursements and out-of-pocket expenses incurred by it on behalf of the relevant Sub-Fund together with any transaction charges at a rate agreed by the Company (at normal commercial rates). The fees (plus VAT, if any) of any sub-custodian appointed by the Depositary in respect of a Sub-Fund shall be payable out of the assets of the relevant Sub-Fund and charged at normal commercial rates. The fees charged for the financial period ended 30 June 2019 and 30 June 2018 for each Sub-Fund are as follows:

Sub-Fund Name 30 June 2019 30 June 2018 EUR EUR Odey Pan European Fund 16,244 15,780 Odey Allegra International Fund 49,968 66,488 Odey Opportunity Fund 21,353 28,062 Odey European Focus Fund 77,110 74,561

Sub-Fund Name 30 June 2019 30 June 2018 USD USD Odey Allegra Developed Markets Fund 20,088 28,398


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7. Fees (continued)

Depositary and Depositary Oversight Fees (continued )

The fees outstanding for the financial period ended 30 June 2019 and year ended 31 December 2018 for each Sub-Fund are as follows:

Sub-Fund Name 30 June 2019 31 December 2018 EUR EUR Odey Pan European Fund 25,613 23,217 Odey Allegra International Fund 19,248 38,854 Odey Opportunity Fund 10,463 17,368 Odey European Focus Fund 25,148 42,182

Sub-Fund Name 30 June 2019 31 December 2018 USD USD Odey Allegra Developed Markets Fund 7,554 15,762

Directors' Fees

The Company shall pay the Directors such annual remuneration for acting as Directors of the Company as the Directors may from time to time agree, provided, however, that the annual aggregate remuneration of the Directors shall not exceed €65,000. Such fees shall be payable semi-annually in arrears and shall be apportioned based on the Net Asset Value of the Sub-Funds. No other remuneration will be payable by the Company to the Directors except for the out-of pocket expenses reasonably incurred by them.

The fees charged for the financial period ended 30 June 2019 and 30 June 2018 for each Sub-Fund are as follows:

Sub-Fund Name 30 June 2019 30 June 2018 EUR EUR Odey Pan European Fund 1,031 979 Odey Allegra International Fund 13,865 17,135 Odey Opportunity Fund 6,090 3,632 Odey European Focus Fund 15,093 15,332

Sub-Fund Name 30 June 2019 30 June 2018 USD USD Odey Allegra Developed Markets Fund 4,808 4,057

The fees outstanding for the financial period ended 30 June 2019 and year ended 31 December 2018 for each Sub-Fund are as follows:

Sub-Fund Name 30 June 2019 31 December 2018 EUR EUR Odey Pan European Fund 2,456 1,838 Odey Allegra International Fund 28,511 21,587 Odey Opportunity Fund 6,719 629 Odey European Focus Fund 32,869 27,377

Sub-Fund Name 30 June 2019 31 December 2018 USD USD Odey Allegra Developed Markets Fund 5,982 3,669


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Auditor's Remuneration The audit fees charged for the financial periods ended 30 June 2019 and 30 June 2018 for each Sub-Fund is as below: Sub-Fund Name 30 June 201 9 30 June 201 8 EUR EUR Odey Pan European Fund 4,953 4,987 Odey Allegra International Fund 5,443 5,485 Odey Opportunity Fund 5,934 5,984 Odey European Focus Fund 5,934 5,984 Sub-Fund Name 30 June 201 9 30 June 201 8 USD USD Odey Allegra Developed Markets Fund 6,149 6,638

8. Related Parties and Connected Parties

IAS 24 ‘Related Party Transactions’ requires the disclosure of information relating to material transactions with parties, who are deemed to be related to the reporting entity. Odey Asset Management LLP and Dillon Eustace are considered to be related parties by virtue of the employment of Tim Pearey and Tom Richards by Odey Asset Management LLP and Andrew Bates by Dillon Eustace respectively. Tudor Trust Limited is a related party by virtue of Andrew Bates directorship. Odey Asset Management LLP acted as distributor to the Company during the financial period. The distributor does not receive a fee in its capacity as distributor to the Company. The following fees were charged during the financial period: Odey Pan European Fund Odey Allegra International Fund EUR EUR EUR EUR 30 June 30 June 30 June 30 June 2019 2018 2019 2018 Related Parties Investment Management Fees 132,822 237,300 1,349,543 1,648,236 Legal Fees 787 883 10,570 12,146 Odey Opportunity Fund Odey Allegra Developed Markets EUR EUR USD USD 30 June 30 June 30 June 30 June 2019 2018 2019 2018 Related Parties Investment Management Fees 969,330 1,095,098 435,959 597,784 Performance Fees 100,669 139,216 - 345,380 Legal Fees 4,643 2,649 4,330 3,238


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NOTES TO THE FINANCIAL STATEMENTS for the financial period ended 30 June 2019 (continued) 8. Related Parties and Connected Parties (continued ) Related Parties (continued)

Odey European Focus Fund Total Total EUR EUR EUR EUR 30 June 30 June 30 June 30 June 2019 2018 2019 2018 Related Parties Investment Management Fees 2,621,248 2,393,530 5,458,817 5,867,983 Performance fees - 422,013 100,669 846,541 Legal Fees 11,506 11,827 31,835 30,743

Tim Pearey is Managing Director of Odey Asset Management LLP, the Investment Manager of the Company. For the financial period ended 30 June 2019 and financial year ended 31 December 2018 Tim Pearey holds the following shares in the Fund:

30 June 2019 31 December 2018

Odey Opportunity Fund - GBP F Class 191.35 546.93 Odey European Focus Fund - GBP M Class 198.43 283.85 Tom Richards is the Chief Operating Officer of Odey Asset Management LLP, the Investment Manager of the Company. For the financial period ended 30 June 2019 and financial year ended 31 December 2018 Tom Richards holds the following shares in the Fund: 30 June 2019 31 December 2018

Odey Opportunity Fund – GBP F Class 47.98 52.27 Odey Allegra Developed Markets Fund – GBP M Class 139.65 139.65 Odey European Focus Fund – GBP M Class 129.15 175.24 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 30 June 2019 and did not have any such shareholdings as at 31 December 2018.


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NOTES TO THE FINANCIAL STATEMENTS for the financial period ended 30 June 2019 (continued) 8. Related Parties and Connected Parties (continued )

Transactions involving Connected Persons

The Central Bank of Ireland UCITS Regulations, 43(1) – Restrictions on transactions with Connected Persons which deals with transactions between a UCITS and 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 chapter 10 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 period complied with the obligations set out in this paragraph.

9. Financial Risk Management Investment in equities, bonds, forward foreign exchange contracts, investment funds, cash and derivatives expose a Sub-Fund to varying risks, including, but not limited to, market, currency, interest rate, liquidity and credit/counterparty risks. A non-exhaustive description of those specific risks and the process for managing these risks is included below. The Prospectus provides details of these and other types of risk some of which are additional to the information provided in these financial statements. Achievement of the investment objectives involves taking risks. The Investment Manager exercises judgement based on analysis, research and risk management techniques when making investment decisions. The risk management policies employed by the Investment Manager are detailed overleaf. The Investment Manager applies the commitment approach to measure the global exposure of all financial derivative instrument positions of the funds, including embedded financial derivative instruments. Market Risk Market risk is comprised of price risk, currency risk and interest rate risk. Market price risk arises from uncertainty about future prices of investments held by the Sub-Fund, whether those changes are caused by factors specific to individual investments, or other factors affecting a number of similar investments. It represents the potential loss a Sub-Fund might suffer through holding investments in the face of adverse price movements. Market risk can change substantially without a change in the Sub-Fund portfolio, due to a change in market conditions. Details of all investments held at the reporting date are listed in the Schedule of Investments. The market risk for the Sub-Fund is managed by the Investment Manager’s appointed Portfolio Manager through continuous monitoring and assessment of individual investments and the portfolio as a whole. As well as a number of available historic portfolio analyses, the Portfolio Manager can observe detailed portfolio performance in real time. A number of techniques are employed in monitoring and controlling market risk including: 1. Selection of individual positions for appropriate risk-reward characteristics; 2. Assessment of the character and size of the portfolio as a whole; 3. Diversification. Limiting concentration in individual investments, or possibly correlating groups of investments; 4. Hedging transactions. Where there is an inverse correlation between the price movements of two investments in

the portfolio; 5. Technical analysis: as an aid to assessing significant price levels; and 6. Changing the level of market risk through the purchase or sale of investments; possibly at specific target prices.


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9. Financial Risk Management (continued)

Market Risk (continued) Whilst market and liquidity risk management are the responsibilities of appointed Portfolio Managers, oversight and ultimate control is carried out by the Investment Manager’s Executive Committee. The Executive Committee may on occasion agree to overrule an individual Portfolio Manager – in a range between offering guidance and compulsory investment risk reduction. At 30 June 2019, if the official stock markets and other markets on which the shares held by the Sub-Funds are admitted had increased by 20% (31 December 2018: 20%) and the price of each equity investment had increased by 20%, whilst the foreign currency rates held constant, there would have been the following approximate increases in net assets attributable to holders of redeemable participating shares. 30 June 2019 31 December 201 8 EUR EUR % Movement 20% 20% Odey Pan European Fund 2,140,602 2,621,215 Odey Allegra International Fund 57,518,987 55,968,046 Odey Opportunity Fund 14,599,702 15,005,386 Odey European Focus Fund 61,248,661 66,779,256

30 June 2019 31 December 201 8 USD USD % Movement 20% 20% Odey Allegra Developed Markets Fund 20,658,275 24,789,542

A decrease by 20% (31 December 2018: 20%) would result in an equal but opposite effect on net assets attributable to holders of redeemable shares to the figures shown above, on the basis that all other variables remain constant. It is important to note that this form of sensitivity analysis is unrepresentative of the risks inherent in the financial instruments held by the Company as the measure is a point-in-time calculation, reflecting positions as recorded at that date, which do not necessarily reflect the risk position held at any other time. The economic division of a Sub-Fund's assets can be viewed in the economic division of investment tables on pages 14, 26, 41, 52, and 62.

Currency Risk As well as the nominal price movement, the potential impact of currency changes has to be taken into account when translating investment values into a Sub-Fund’s functional or presentation currency. Currency risk is the risk that as certain assets of the Sub-Fund may be invested in securities and other investments denominated in foreign currencies (i.e. non functional currency), the value of such assets may be affected favourably or unfavourably by fluctuations in currency rates. Many of the assets of a Sub-Fund may be invested in other currencies and any income received by the Sub-Fund from these investments will be received in those currencies, some of which may fall in value against the functional currency of the Sub-Fund. Accordingly, the value of the shares may be affected favourably or unfavourably by fluctuations in currency rates and the funds will therefore be subject to foreign exchange risks. The Investment Manager monitors the Sub-Funds' currency position on a daily basis and may enter into forward foreign currency exchange contracts to hedge the foreign exchange risk implicit in the value of portfolio securities denominated in a foreign currency.


92

NOTES TO THE FINANCIAL STATEMENTS for the financial period ended 30 June 2019 (continued) 9. Financial Risk Management (continued)

Currency Risk (continued) The table below shows the comparative numerical currency exposure of each Sub-Fund. Odey Pan European Fund: (expressed in EUR) Total Foreign Currency Investments Net Monetary Assets Hedged Amo unts Currency Exposure Jun 2019 Dec 2018 Jun 2019 Dec 2018 Jun 2019 Dec 2018 Jun 2019 Dec 2018

AUD - - 434 432 - - 434 432 BRL - 195,820 - - - (258,433) - (62,613)CAD 152,789 - 510 286 - - 153,299 286 CHF - - - 380 - - - 380 DKK - - 77 10 - - 77 10 GBP 5,021,194 7,007,711 298 (63,661) (5,036,929) 100,285 (15,437) 7,044,335 JPY 412,861 700,128 3,807 8,506 - (371,580) 416,668 337,054 NOK 1,350,622 1,453,605 (8,870) 79 8,960 - 1,350,712 1,453,684 NZD - - 158 156 - - 158 156 SEK 1,376,149 930,801 33 46 - - 1,376,182 930,847 USD 1,407,625 1,477,390 5,150,866 3,609,179 (117,894) (176,672) 6,440,597 4,909,897 ZAR - - 1 1 - - 1 1

9,721,240 11,765,455 5,147,314 3,555,414 (5,145,863) (706,400) 9,722,691 14,614,469 Odey Allegra International Fund: (expressed in EUR) Total Foreign Currency Investments Net Monetary Assets Hedged Amo unts Currency Exposure Jun 2019 Dec 2018 Jun 2019 Dec 2018 Jun 2019 Dec 2018 Jun 2019 Dec 2018

AUD - - 880 371 - - 880 371 BRL 5,133,617 16,321,177 - - (5,369,525) (17,379,308) (235,908) (1,058,131)CAD 19,098,888 - 625 578 - - 19,099,513 578 CHF - - - 550 - - - 550 DKK - - - 19 - - - 19 GBP 68,955,291 97,790,865 27,452,513 425,745 (97,079,749) (62,384,717) (671,945) 35,831,893 JPY 42,398,166 47,543,695 107,068 245,372 - (23,146,192) 42,505,234 24,642,875 NOK 19,990,030 21,376,366 (314,129) 21 314,113 - 19,990,014 21,376,387 NZD - - 171 169 - - 171 169 SEK 22,787,532 16,167,269 51 52 - - 22,787,583 16,167,321 USD 98,123,875 71,857,023 2,213,779 58,921,081 103,243,243 39,431,251 203,580,897 170,209,355 ZAR 9,099,672 3,018,677 59 13 - - 9,099,731 3,018,690

285,587,071 274,075,072 29,461,017 59,593,971 1,108,082 (63,478,966) 316,156,170 270,190,077


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Currency Risk (continued) Odey Opportunity Fund: (expressed in EUR) Total Foreign Currency Investments Net Monetary Assets Hedged Amo unts Currency Exposure Jun 2019 Dec 2018 Jun 2019 Dec 2018 Jun 2019 Dec 2018 Jun 2019 Dec 2018CAD 2,887,293 332,041 8 105 - - 2,887,301 332,146

CHF 2,473,589 2,159,876 (16,806) 464 29,850,990 19,146,009 32,307,773 21,306,349 DKK - - 134 6 - - 134 6 GBP 12,330,567 13,020,235 84,445 (260,300) 89,715,054 82,067,971 102,130,066 94,827,906 HKD - 850,774 - 150 - - - 850,924

JPY 9,247,767 10,144,810 99,170 19,913 - - 9,346,937 10,164,723 NOK 7,191,337 1,255,318 108 89 4,318,516 712,928 11,509,961 1,968,335 SEK 2,668,189 - 53 1 - - 2,668,242 1 USD 91,340,943 100,302,070 424,691 48,686 (25,412,466) (47,708,007) 66,353,168 52,642,749

128,139,685 128,065,124 591,803 (190,886) 98,472,094 54,218,901 227,203,582 182,093,139 Odey Allegra Developed Markets Fund: (expressed in USD) Total Foreign Currency Investments Net Monetary Assets Hedged Amo unts Currency Exposure Jun 2019 Dec 2018 Jun 2019 Dec 2018 Jun 2019 Dec 2018 Jun 2019 Dec 2018 CAD 5,370,497 3,383,147 167 42 - - 5,370,664 3,383,189 CHF - - 347 97 - - 347 97 DKK - - - 90 - - - 90 EUR 9,033,690 20,237,843 3,402 452 - - 9,037,092 20,238,295 GBP 40,349,825 41,827,469 (1,252,117) (317,384) 753,614 345,957 39,851,322 41,856,042 JPY 15,016,496 19,602,636 (10) (4) - - 15,016,486 19,602,632 NOK 266,068 203,355 - 69 - - 266,068 203,424 SEK - - 15 1 - - 15 1

70,036,576 85,254,450 (1,248,196) (316,637) 753,614 345,957 69,541,994 85,283,770

Odey European Focus Fund: (expressed in EUR) Total Foreign Currency Investments Net Monetary Assets Hedged Amo unts Currency Exposure Jun 2019 Dec 2018 Jun 2019 Dec 2018 Jun 2019 Dec 2018 Jun 2019 Dec 2018CAD - - 65 - - - 65 -DKK - - - 87 - - - 87 GBP 34,882,912 44,977,486 (1,540,846) (232,841) 1,652,737 561,478 34,994,803 45,306,123NOK 1,216,748 4,898,434 (264) 85 - - 1,216,484 4,898,519 SEK 60,902,091 53,458,828 (3,352,188) 72 2,798,759 - 60,348,662 53,458,900 USD - - 127,224 165,285 - - 127,224 165,285

97,001,751 103,334,748 (4,766,009) (67,312) 4,451,496 561,478 96,687,238 103,828,914


94


Currency Risk (continued) At 30 June 2019, if the functional currency of the Sub-Fund exchange rate saw a 10% (31 December 2018: 10%) appreciation against the net assets included in the Total Foreign Currency Exposure table and the price of each equity instrument remained constant then the below table illustrates the approximate increases in net assets attributable to the holders of redeemable participating shares. A depreciation of 10% (31 December 2018: 10%) would result in an equal and opposite effect to the figures shown below, on the basis that other variables remain constant.

30 June 2019 31 December 2018 EUR EUR

% Movement 10% 10% Odey Pan European Fund 972,269 1,461,447 Odey Allegra International Fund 31,615,617 27,019,008 Odey Opportunity Fund 22,720,358 18,209,314 Odey European Focus Fund

9,668,724 10,382,891

30 June 2019 31 December 2018 USD USD

% Movement 10% 10% Odey Allegra Developed Markets Fund 6,954,199 8,528,377 It is important to note that this form of sensitivity analysis is unrepresentative of the risks inherent in the financial instruments held by the Company as the measure is a point-in-time calculation, reflecting positions as recorded at that date, which do not necessarily reflect the risk position held at any other time. A class of shares of a Sub-Fund may be designated in a currency other than the functional currency of the Sub-Fund. Changes in the exchange rate between the functional currency and such designated currency may lead to a depreciation of the value of such shares as expressed in the designated currency. A Sub-Fund may enter into forward contracts to hedge against a change in such currency exchange rates. Although not the intention, over-hedged or under-hedged positions may arise due to factors outside the control of the Investment Manager. However, hedged positions will be kept under review to ensure that over-hedged positions will not exceed 105% of the net asset value of the class of shares and that positions in excess of 100% of the net asset value of the class of shares will not be carried forward from month to month. Interest Rate Risk If not reflected in the market price itself, the effect of interest rate movements on the present value of future payments represents an additional risk in the value of securities to be considered. Interest rate risk represents the potential losses that a Sub-Fund might suffer due to adverse movements in relevant interest rates. The value of fixed interest securities may be affected by changes in the interest rate environment and the amount of income receivable from floating rate securities and bank balances, or payable on overdrafts, will also be affected by fluctuations in interest rates. The Investment Manager monitors the Sub-Funds' securities and cash positions with respect to interest rate risk. The Company is not significantly exposed to interest rate risk as the majority of its investments are not in interest bearing securities, apart from Odey Opportunity Fund. Odey Allegra International Fund holds 0.38% (31 December 2018: 0.31%) of total investments in debt securities, 0.38% (31 December 2018: 0.31%) of which are interest bearing bonds. Odey Opportunity Fund holds 41.19% (31 December 2018: 39.26%) of total investments in debt securities, 41.19% (31 December 2017: 39.26%) of which are interest bearing bonds.


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Interest Rate Risk (continued) Odey Allegra International Fund Sub-Fund exposure to interest rate risk at 30 June 2019:

Fixed Interest

Rate

Floating Interest

Rate

Non-interest bearing Total

EUR EUR EUR EUR Assets Financial Assets at Fair Value through Profit or Loss 1,256,419 - 297,797,452 299,053,871 Cash at bank 33,266,788 - - 33,266,788 Receivable from Subscriptions - - 133 133 Interest and Dividends Receivable - - 468,436 468,436 Other Receivables - - 61,169 61,169 Total Assets 34,523,207 - 298,327,190 332,850,397 Liabilities Financial Liabilities at Fair Value through Profit or Loss - - 240,582 240,582 Payable on Redemptions - - 1,231,695 1,231,695 Administration, Registrar and Transfer Agency Fees Payable - - 23,181 23,181 Depositary and Depositary Oversight Fees Payable - - 19,248 19,248 Investment Management Fees Payable - - 190,835 190,835 Payable on Purchases of Investments - 314,221 314,221 Unrealised Capital Gain Tax on Investments - - 37,331 37,331 Other Accrued Expenses - - 167,266 167,266 Total Liabilities - - 2,224,359 2,224,359

Sub-Fund exposure to interest rate risk at 31 December 2018:

Fixed Interest

Rate

Floating Interest

Rate


EUR EUR EUR EUR Assets Financial Assets at Fair Value through Profit or Loss 1,104,155 - 290,377,484 291,481,639 Cash at bank 61,079,360 - - 61,079,360 Receivable from Subscriptions - - 1,438 1,438 Interest and Dividends Receivable - - 1,488,314 1,488,314 Other Receivables - - 47,608 47,608 Total Assets 62,183,515 - 291,914,844 354,098,359 Liabilities Financial Liabilities at Fair Value through Profit or Loss - - 1,196,039 1,196,039 Payable on Redemptions - - 129,284 129,284 Administration, Registrar and Transfer Agency Fees Payable - - 40,487 40,487 Depositary and Depositary Oversight Fees Payable - - 38,854 38,854 Investment Management Fees Payable - - 239,198 239,198 Bank Overdrafts - - 13 13 Other Accrued Expenses - - 514,705 514,705 Total Liabilities - - 2,158,580 2,158,580


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Interest Rate Risk (continued) Odey Opportunity Fund Sub-Fund exposure to interest rate risk at 30 June 2019:

Fixed Interest

Rate

Floating Interest

Rate


EUR EUR EUR EUR Assets Financial Assets at Fair Value through Profit or Loss 76,990,366 - 85,492,529 162,482,895 Cash and Cash Equivalents 24,372,777 - - 24,372,777 Receivable from Subscriptions - - 603,093 603,093 Interest and Dividends Receivable - - 228,152 228,152 Other Receivables - - 33,912 33,912 Total Assets 101,363,143 - 86,357,686 187,720,829 Liabilities Financial Liabilities at Fair Value through Profit or Loss - - 76,987 76,987 Payable on Redemptions - - 345,259 345,259 Administration, Registrar and Transfer Agency Fees Payable - - 12,467 12,467 Depositary and Depositary Oversight Fees Payable - - 10,463 10,463 Investment Management Fees Payable - - 152,213 152,213 Performance Fees Payable - - 100,669 100,669 Other Accrued Expenses - - 132,391 132,391 Total Liabilities - - 830,449 830,449 Sub-Fund exposure to interest rate risk at 31 December 2018:

Fixed Interest

Rate

Floating Interest

Rate


EUR EUR EUR EUR Assets Financial Assets at Fair Value through Profit or Loss 68,798,108 - 90,613,406 159,411,514 Cash and Cash Equivalents 16,734,042 - - 16,734,042 Receivable from Subscriptions - - 4,326 4,326 Interest and Dividends Receivable - - 314,096 314,096 Other Receivables - - 22,304 22,304 Total Assets 85,532,150 - 90,954,132 176,486,282 Liabilities Financial Liabilities at Fair Value through Profit or Loss - - 219,359 219,359 Payable on Redemptions - - 398,573 398,573 Administration, Registrar and Transfer Agency Fees Payable - - 19,337 19,337 Depositary and Depositary Oversight Fees Payable - - 17,368 17,368 Investment Management Fees Payable - - 161,559 161,559 Bank Overdrafts 447,966 - - 447,966 Other Accrued Expenses - - 43,418 43,418 Total Liabilities 447,966 - 859,614 1,307,580


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Interest Rate Risk (continued) At 30 June 2019 and 31 December 2018, if the interest rate on which the financial assets held by the Sub-Funds had increased by 0.25%, whilst all other variables held constant, there would have been the following approximate increases in net assets attributable to participating shareholders: 30 June 201 9 31 December 2018 Sub-Fund 0.25% Movements 0.25% Movements Odey Allegra International Fund 86,308 155,459 Odey Opportunity Fund 253,408 213,830 A decrease by 0.25% would result in an equal but opposite effect on net assets attributable to participating shareholders to the figures shown above, on the basis that all other variables remain constant. Liquidity Risk Liquidity Risk is the risk that a Sub-Fund will encounter difficulty in meeting financial obligations as they fall due. The Sub-Fund faces the possibility of an unpredictable short term liability to provide cash to meet investor withdrawals. Given the typical terms for investors in Collective Investment Schemes, 100% cash could be required at very short notice. However, this is in fact unlikely, and not a practical basis for running a Sub-Fund. Nonetheless, the Investment Manager does take into account the diversity of the investor base and the notice required for redemptions when assessing a Sub-Fund’s potential liabilities from this source. The Executive Committee reviews liquidity as part of its investment risk oversight. The Sub-Fund holds a range of investments, in order to balance these potential obligations. Often the majority of a Sub-Fund’s investments are in the permanent equity capital of companies. With no redemption date, liquidity is defined in terms of the marketability of these assets which are generally listed on major securities markets. The estimated ease with which the Sub-Funds' assets can be turned into cash, against the assessment of the possible timing of financial liabilities defines the Liquidity Risk. The Liquidity Risk for each Sub-Fund is managed by the appointed Portfolio Manager. Each Portfolio Manager continuously monitors and assesses the marketability of the investments in the Fund's portfolio. Even for a static portfolio, the liquidity of individual positions or the portfolio as a whole can move substantially with market conditions. The Portfolio Manager can refer to the daily Liquidity Analysis for his/her Sub-Fund which reports the liquidity of assets held in relation to market trading volumes. This gives a snapshot of approximately how long it would take a Sub-Fund to liquidate particular investments. There are a variety of ways in which a Portfolio Manager may manage a Sub-Fund's liquidity position. For example, the Portfolio Manager may identify less liquid investments that he/she would like to sell when conditions permit, so as to improve the overall portfolio liquidity; or he/she may sell some investments in advance of anticipated redemptions. Generally the vast majority of Sub-Funds’ assets are composed of actively traded, liquid securities, able to be turned into cash at short notice. The Investment Manager's marketing and account management activities help to inform the assessment of potential liabilities. Furthermore, contacts with (especially larger) investors mean the Portfolio Manager often has notice of significant redemptions beyond required minimums.


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Liquidity Risk (continued) As each Sub-Fund’s liabilities and net settled derivative financial liabilities mature in less than one month from the balance sheet date for both 30 June 2019 and 31 December 2018, this analysis is not required in this instance. In accordance with the Company’s policy, the Investment Manager monitors the Company’s overall liquidity risk on a continuous basis. Credit Risk Credit risk is the risk that a Sub-Fund counterparty or investment issuer will be unable or unwilling to meet a commitment that it has entered into and cause a Sub-Fund to incur a financial loss. A Sub-Fund will also be exposed to settlement risk on parties with whom it trades, and depositary risk on parties with whom the Sub-Fund has placed its assets in deposit. Settlement risk Most transactions in listed securities are settled on cash versus delivery basis (DVP) with settlement a few days after execution. Default by the Broker could expose the Sub-Fund to an adverse price movement in the security between execution and default. Because the Sub-Fund would only be exposed to a potentially adverse market move (rather than 100% of the principal sum) during a short financial period, this risk is limited. For foreign exchange forward contracts, the settlement financial period may be weeks or months and the contract amounts may be larger. This sizeably increases the potential market risk. Hence credit standards for FX counterparties tend to be higher. In some rare circumstances, such as new issues, the Sub-Fund may be required to make “free” payments to counterparties; thus exposing the Sub-Fund to 100% risk of loss. On the whole these transactions are relatively small and restricted to the more creditworthy settlement counterparties. The Investment Manager’s Prudential Committee, (which reports to the Executive Committee) reviews the Broker list at least annually. Brokers’ fundamental financial credit attributes are generally unsupportive and the Committee relies mainly on checking a Broker’s regulatory status as qualification for DVP dealing authorisation. Additional credit information including reputational factors may be taken into account. In the interim, new counterparties must be approved by the Managing Director of the Investment Manager. Doubts about a Broker’s credit standing would ultimately be reported to the Managing Director of the Investment Manager, who would make a decision on retaining or suspending that account. Each Broker’s Terms of Business are kept on file. The likelihood of settlement is a key factor in the Investment Manager's Best Execution policy. The Settlement and Valuations (SAV) team keep in contact with the Investment Manager’s Dealers’ and inform them of any errors or delays in settlement. This is formally reviewed at the monthly Prudential meeting. Brokers’ which consistently fall short may be reviewed. The Sub-Funds have traded with brokers whose credit rating ranges from AAA to not rated. The geographical and economic division of a Sub-Fund's assets can be viewed in the geographical and economic division of investment tables. At 30 June 2019 and 31 December 2018, the credit rating of the Depositary, RBC Investor Services Bank S.A., Dublin Branch, is AA- according to S&P.


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Credit Risk (continued) Depositary risk Depositary risk is the risk of loss of assets held in depositary due to default by the Depositary. This is not a “primary credit risk” as the unencumbered non-cash assets of the Sub-Fund should be segregated from the Depositary’s own assets and therefore not available to its creditors in case of the Depositary’s failure. However, if the segregation is ineffective, or there is fraud, insolvency of the Depositary could mean a loss of the Company’s assets. As well as counterparty risk with the Depositary, the sub-fund may incur risk with sub-custodians, appointed by the Depositary. The duties of the Depositary are to provide safekeeping, oversight and asset verification services in respect of the assets of the Company and each Sub-Fund in accordance with the provisions of the UCITS Regulations. The Depositary will also provide cash monitoring services in respect of each Sub-Funds cash flows and subscriptions.

The Depositary will be liable to the relevant Sub-Fund and its Shareholders for loss of a financial instrument held in depositary (i.e. those assets which are required to be held in depositary pursuant to the UCITS Regulations) or in the depositary of any sub-custodian appointed by the Depositary. However the Depositary shall not be liable for the loss of a financial instrument held in depositary by the Depositary or any sub-custodian if it can prove that loss has arisen as a result of an external event beyond its reasonable control, the consequences of which would have been unavoidable despite all reasonable efforts to the contrary. The Depositary shall also be liable to the relevant Sub-Fund and its Shareholders for all other losses suffered by them as a result of the Depositary’s negligent or intentional failure to properly fulfil its obligations under the UCITS Regulations. Accordingly, credit standards for Depositaries tend to be greater than Delivery Versus Payment settlement counterparties. In addition to normal assessment of financial creditworthiness, regulatory background, and market reputation, peer group usage or general size may be important in terms of establishing “too big to fail” credentials. The list of Major Counterparties, including Depositaries is tabled at monthly Prudential meetings. Direct credit risk The most significant credit risks arise when a Sub-Fund lends/deposits cash directly with a counterpart or purchases bonds from a bond issuer. As well as normal banking relationships, foreign exchange settlement can involve short term (daylight) risks exposing the Sub-Fund to 100% loss. As a result these counterparties are subject to greater credit standards. As for other financial counterparts, accounting creditworthiness may be insufficient support in many cases. So, as well as normal assessment of financial creditworthiness, regulatory background, and market reputation, peer group usage or general size considerations may be important in terms of establishing “too big/important to fail” credentials. The list of Major Counterparties, including Depositaries is tabled at monthly Prudential meetings at the Investment Manager. Under the UCITS Regulations, there is no minimum credit rating requirement for Depositaries, but it is noted that the S&P’s long term credit rating of the Depositary (RBC Investor Services Bank S.A., Dublin Branch) is AA- as at 30 June 2019 which is no change from 31 December 2018.


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NOTES TO THE FINANCIAL STATEMENTS for the financial period ended 30 June 2019 (continued) 10. Cash and Cash Equivalents

Cash and cash equivalents comprises cash held on current account, with brokers and cash held as collateral. Cash is held with RBC Investor Services Bank S.A., Dublin Branch. Margin cash is held with Morgan Stanley & Co. A total cash balance of €323,167,723 (financial year ended 31 December 2018: €261,062,986) and bank overdraft balance of €7,812 (financial year ended 31 December 2018: €892,112) are held with RBC Investor Services Bank S.A., Dublin Branch. A total cash balance of €1,261,828 (financial year ended 31 December 2018: €4,675,636) and bank overdraft balance of €nil (financial year ended 31 December 2018: €447,954) are held with Morgan Stanley & Co. The below table shows the cash amounts held by the Company at the reporting date. 30 June 2019 31 December 201 8 EUR EUR Currency equ ivalent balance equivalent balance Odey Pan European Fund Cash at Bank RBC Investor Services Bank S.A.* AUD 434 432 RBC Investor Services Bank S.A.* CAD 509 286 RBC Investor Services Bank S.A.* CHF - 380 RBC Investor Services Bank S.A.* DKK 77 10 RBC Investor Services Bank S.A.* EUR 120,690 2,307,630 RBC Investor Services Bank S.A.* GBP 291 - RBC Investor Services Bank S.A.* JPY 3,807 - RBC Investor Services Bank S.A.* NOK 5 79 RBC Investor Services Bank S.A.* NZD 158 156 RBC Investor Services Bank S.A.* SEK 33 46 RBC Investor Services Bank S.A.* USD 5,133,278 3,582,778 RBC Investor Services Bank S.A.* ZAR 1 1 5,259,283 5,891,798 Bank Overdraft RBC Investor Services Bank S.A.* GBP - (822) RBC Investor Services Bank S.A.* JPY - (6) - (828)

*The credit rating of RBC Investor Services Bank S.A. is AA- as per S&P’s rating agency. S&P’s rating agency is an agency that exists to assess the creditworthiness of companies and countries.


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NOTES TO THE FINANCIAL STATEMENTS for the financial period ended 30 June 2019 (continued) 10. Cash and Cash Equivalents (continued)

30 June 2019 31 December 201 8 EUR EUR Currency equivalent balance equivalent balance Odey Allegra International Fund Cash at Bank RBC Investor Services Bank S.A.* AUD 625 370 RBC Investor Services Bank S.A.* CAD 624 578 RBC Investor Services Bank S.A.* CHF - 550 RBC Investor Services Bank S.A.* DKK - 19 RBC Investor Services Bank S.A.* EUR 2,631,195 2,630,320 RBC Investor Services Bank S.A.* GBP 28,493,243 59,457 RBC Investor Services Bank S.A.* JPY 56,419 - RBC Investor Services Bank S.A.* NOK 92 21 RBC Investor Services Bank S.A.* NZD 171 169 RBC Investor Services Bank S.A.* SEK 51 52 RBC Investor Services Bank S.A.* USD 1,878,960 54,821,507 RBC Investor Services Bank S.A.* ZAR 59 13 Morgan Stanley & Co.** USD 205,349 3,566,304 33,266,788 61,079,360 Bank Overdraft RBC Investor Services Bank S.A.* JPY - (13) RBC Investor Services Bank S.A.* USD - - - (13)

30 June 2019 31 December 201 8 EUR EUR Currency equivalent balance equivalent balance Odey Opportunity Fund Cash at Bank RBC Investor Services Bank S.A.* CAD 7 105 RBC Investor Services Bank S.A.* CHF 899 464 RBC Investor Services Bank S.A.* DKK 134 6 RBC Investor Services Bank S.A.* EUR 23,216,171 15,622,252 RBC Investor Services Bank S.A.* JPY 95,557 - RBC Investor Services Bank S.A.* GBP - 295 RBC Investor Services Bank S.A.* HKD - 79 RBC Investor Services Bank S.A.* NOK 108 89 RBC Investor Services Bank S.A.* SEK 53 1 RBC Investor Services Bank S.A.* USD 3,369 1,419 Morgan Stanley & Co.** EUR 1,056,696 661,910 Morgan Stanley & Co.** GBP (39) - Morgan Stanley & Co.** USD (178) 447,422 24,372,777 16,734,042 Bank Overdraft RBC Investor Services Bank S.A.* JPY - (12) Morgan Stanley & Co.** USD - (447,954) - (447,966)

*The credit rating of RBC Investor Services Bank S.A. is AA- as per S&P’s rating agency. ** The credit rating of Morgan Stanley & Co. is BBB+ as per S&P’s rating agency. S&P’s rating agency is an agency that exists to assess the creditworthiness of companies and countries.


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NOTES TO THE FINANCIAL STATEMENTS for the financial period ended 30 June 2019 (continued) 10. Cash and Cash Equivalents (continued)

30 June 2019 31 December 201 8 EUR EUR Currency equivalent balance equivalent balance Odey European Focus Fund Cash at Bank RBC Investor Services Bank S.A.* CAD 65 - RBC Investor Services Bank S.A.* DKK - 87 RBC Investor Services Bank S.A.* EUR 253,902,670 182,032,158 RBC Investor Services Bank S.A.* GBP 118,941 - RBC Investor Services Bank S.A.* NOK 40 85 RBC Investor Services Bank S.A.* SEK 60 72 RBC Investor Services Bank S.A.* USD 882 94 254,022,658 182,032,496 Bank Overdraft RBC Investor Services Bank S.A.* GBP - (13,954) - (13,954) *The credit rating of RBC Investor Services Bank S.A. is AA- as per S&P’s rating agency. S&P’s rating agency is an agency that exists to assess the creditworthiness of companies and countries. Netting Arrangements Netting arrangements are in place between the Company and Deutsche Bank. As at 30 June 2019 there were no netted financial instrument positions. As at 30 June 2019 and 31 December 2018 there were cash balances netted on the statements of financial position per the previous tables in this note.

30 June 2019 31 December 201 8 USD USD Currency equivalent balance equivalent balance Odey Allegra Developed Markets Fund Cash at Bank RBC Investor Services Bank S.A.* CAD 166 42 RBC Investor Services Bank S.A.* CHF 347 97 RBC Investor Services Bank S.A.* DKK - 90 RBC Investor Services Bank S.A.* EUR 386 660 RBC Investor Services Bank S.A.* GBP - (47,123) RBC Investor Services Bank S.A.* JPY 3 - RBC Investor Services Bank S.A.* NOK - 69 RBC Investor Services Bank S.A.* SEK 15 1 RBC Investor Services Bank S.A.* USD 8,549,245 47,222 8,550,162 1,058 Bank Overdraft RBC Investor Services Bank S.A.* GBP (7,812) (652) RBC Investor Services Bank S.A.* JPY - (4) RBC Investor Services Bank S.A.* USD - (1,002,235) (7,812) (1,002,891)


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11. Research Payment Account

In accordance with the Prospectus a Sub-Fund may incur charges relating to investment research which is or may be used by the Investment Manager in managing the assets of the Sub-Fund. In this regard, the Investment Manager operates a research payment account (“RPA”) in compliance with MiFID II. The RPA operated by the Investment Manager shall be funded using Research Charge Collection Agreements (“RCCA’s”) by applying a research credit charge on investments in transferable securities held by the relevant Sub-Fund. The research charges shall be used to pay for investment research received by the Investment Manager from third parties and shall be operated in accordance with the requirements of MiFID II. The Investment Manager shall set and regularly assess a research budget for the relevant Sub-Fund and shall agree the frequency with which such charges will be deducted from the relevant Sub-Fund.

The maximum research budget in aggregate for the Investment Manager for 2018 for all the funds that it manages is £6,000,000 (2017: n/a)

The maximum research budget for each Sub-Funds is:

Sub-Fund GBP EUR/USD

Odey Pan European Fund £50,000 €56,527 Odey Allegra International Fund £860,000 €972,263 Odey Opportunity Fund £280,000 €316,551 Odey Allegra Developed Markets Fund £180,000 $240,369 Odey European Focus Fund £550,000 €621,796

During the period, there were RCCS’s in place with the following brokers: Bank of America Merrill Lynch International, Credit Suisse AG, Deutsche Bank AG, JP Morgan Securities Plc, UBS Limited, Morgan Stanley and Co Intl, Goldman Sachs London, Jefferies International Ltd, Citigroup Global Markets Ltd, Mirabaud Securities LLP, KCG Europe Ltd, HSBC Bank Plc, Redburn Partners LLP, Northern Trust Securities LLP, Stifel Nicolaus Europe Ltd, Davy Capital Markets, Exane Ltd, Investec Bank Plc, Fearlney Securities AS and SMBC Capital Markets Ltd.

The Investment Manager has satisfied itself that it obtains best execution on behalf of the sub-funds and that these arrangements are to the benefit of the sub-funds and are not exclusive to one broker.

12. Efficient Portfolio Management

Where considered appropriate, the Sub-Funds may utilise techniques and instruments, such as forward foreign exchange contracts, futures and options (31 December 2018: forward foreign exchange contracts, future, and options), for efficient portfolio management and/or to protect against exchanges risks subject to the conditions and limits set out in the Central Bank UCITS Regulations.

Efficient portfolio management transactions relating to the assets of a Sub-Fund may be entered into by the Investment Manager with one of the following aims a) a reduction of risk b) a reduction of cost with no increase or a minimal increase in risk c) generation of additional capital or income with no, or an acceptably low level of risk (relative to the expected return) and the diversification requirements in accordance with the Central Bank UCITS. In relation to efficient portfolio management operations the Investment Manager will look to ensure that the techniques and instruments used are economically appropriate in that they will be realised in a cost-effective way. Forward foreign exchange contracts may be used for hedging purposes or to alter the currency characteristics of transferable securities held by the Sub-Funds where the Investment Manager considers it economically appropriate or to reflect the Investment Manager’s views on the likely movement of currencies. Because currency positions held by the Sub-Fund may not correspond with the asset positions held performance may be strongly influenced by movements in foreign exchange rates.

A Sub-Fund may sell futures on securities, currencies or interest rates to provide an efficient, liquid and effective method for the management of risks by “locking in” gains and/or protecting against future declines in value. A Sub-Fund may also buy futures on securities, currencies or interest rates to provide a cost effective and efficient mechanism for taking position in securities.

A Sub-Fund may utilise options (including equity index options, options on futures and options on swaps) to increase its current return by writing covered call options and put options on securities it owns or in which it may invest and on currencies.


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13. Net Gains/(Losses) from Investments

Odey Pan European Fund Odey Allegra International

Fund EUR EUR EUR EUR 30 June 2019 30 June 2018 30 June 2019 30 June 2018 Net realised gains/(losses) on sale of investments 56,609 629,899 (1,417,702) 27,823,284 Net realised gains/(losses) on forwards 36,273 (41,780) 2,423,293 4,247,022 Net realised (losses)/gains on currency (11,460) 205,661 (1,257,253) (967,793) Net realised losses on capital gain tax - (10,159) (13,690) - Net change in unrealised gains on sale of investments 27,378 355,748 19,460,842 3,308,269 Net change in unrealised gains/(losses) on forwards 2,029 (28,553) 589,085 (49,219) Net change in unrealised gains/(losses) on capital gain tax 3,204 (12,733) 444,190 (1,024,477) Net gains from investments 114,033 1,098,083 20,228,765 33,337,086

Odey Opportunity Fund Odey Allegra Developed

Markets Fund EUR EUR USD USD 30 June 2019 30 June 2018 30 June 2019 30 June 2018 Net realised gains/(losses) on sale of investments 3,261,369 3,230,767 (1,197,653) 11,188,736 Net realised gains/(losses) on forwards 752,762 1,775,010 (33,708) (123,275) Net realised gains/(losses) on futures 324,764 (145,511) - - Net realised (losses)/gains on currency (953,070) 73,247 52,265 28,443 Net change in unrealised gains/(losses) on sale of investments 8,613,851 2,007,361 5,704,637 (1,323,424) Net change in unrealised (losses)/gains on forwards (83,256) (1,176,958) (356) 3,987 Net change in unrealised gains on futures 200,841 550,923 - - Net gains from investments 12,117,261 6,314,839 4,525,185 9,774,467

Odey European Focus Fund Total Total EUR EUR EUR EUR 30 June 2019 30 June 2018 30 June 2019 30 June 2018 Net realised (losses)/gains on sale of investments (4,634,399) 13,677,497 (3,794,183) 54,604,264 Net realised (losses)/gains on forwards (101,036) (156,248) 3,081,457 5,722,169 Net realised gains/(losses) on futures - - 324,764 (145,511) Net realised (losses)/gains on currency (49,198) 153,311 (2,224,721) (512,078) Net realised losses on capital gain tax - - (13,690) (10,159) Net change in unrealised gains/(losses) on sale of investments 18,034,660 (11,604,711) 51,185,989 (7,026,590) Net change in unrealised (losses)/gains on forwards (2,355) 4,371 505,188 (1,247,065) Net change in unrealised gains/(losses) on futures - - 200,841 550,923 Net change in unrealised gains/(losses) on capital gain tax - - 447,394 (1,037,210) Net gains from investments 13,247,672 2,074,220 49,713,039 50,898,743


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14. Statement of Net Assets for Current and Prior F inancial Period

30 June 2019 31 December 2018 31 December 2017 Odey Pan European Fund Net Assets € 15,673,606 €18,709,922 €37,513,652 Net Asset Value Per Share Euro R Class € 293.50 €294.76 €320.88 Net Asset Value Per Share GBP I Class £117.41 £118.00 £126.40 Net Asset Value Per Share GBP R Class £210.85 £212.42 £228.70 Odey Allegra International Fund Net Assets € 330,626,038 €351,939,779 €560,264,470 Net Asset Value Per Share Euro I Class - - €154.84 Net Asset Value Per Share Euro O Class € 181.28 € 164.80 €170.66 Net Asset Value Per Share USD O Class $162.42 $148.22 $161.23 Net Asset Value Per Share GBP O Class £253.43 £231.12 £236.71 Net Asset Value Per Share GBP D Class £229.60 £209.39 £214.44 Net Asset Value Per Share GBP A D Class £167.11 £152.62 £156.78 Net Asset Value Per Share AUD$ Class AUD$145.00 AUD$132.10 AUD$129.73 Odey Opportunity Fund Net Assets € 186,890,380 €175,178,702 €208,911,106 Net Asset Value Per Share Euro I Class € 240.37 €226.73 €237.84 Net Asset Value Per Share Euro R Class € 155.33 €146.87 €154.84 Net Asset Value Per Share Euro I P Class € 115.38 €108.72 €113.91 Net Asset Value Per Share Euro R P Class € 106.33 €100.42 €105.76 Net Asset Value Per Share USD R Class $174.46 $162.52 $167.28 Net Asset Value Per Share USD I Class $268.88 $249.90 $255.81 Net Asset Value Per Share USD I P Class $113.69 $106.13 $108.34 Net Asset Value Per Share USD R P Class $110.04 $102.80 $105.61 Net Asset Value Per Share GBP R Class £169.68 £159.65 £166.95 Net Asset Value Per Share GBP R P Class £104.02 £97.93 £102.19 Net Asset Value Per Share GBP I Class £272.98 £256.31 £266.52 Net Asset Value Per Share GBP I P Class £116.29 £109.32 £113.48 Net Asset Value Per Share GBP M W Class £124.35 £116.93 £121.40 Net Asset Value Per Share GBP W M Class £113.16 £106.65 £111.20 Net Asset Value Per Share GBP IH Class £102.67 £96.57 £100.33 Net Asset Value Per Share GBP F Class £105.66 £99.07 £102.83 Net Asset Value Per Share CHF R Class ₣127.09 ₣120.46 ₣127.77 Net Asset Value Per Share CHF I Class ₣131.82 ₣124.63 ₣131.48 Net Asset Value Per Share CHF I P Class ₣104.70 ₣98.94 ₣104.16 Net Asset Value Per Share NOK R Class kr151.08 kr141.95 kr148.31 Odey Allegra Developed Markets Fund Net Assets $110,927,214 $122,557,589 $158,580,794 Net Asset Value Per Share Euro I Class € 159.08 €152.44 €165.90 Net Asset Value Per Share Euro R Class € 85.16 €81.81 - Net Asset Value Per Share USD R Class $131.27 $126.58 $145.44 Net Asset Value Per Share USD I Class $144.06 $138.58 $158.41 Net Asset Value Per Share GBP R Class £149.69 £144.24 £156.33 Net Asset Value Per Share GBP I Class £175.60 £168.80 £181.67 Net Asset Value Per Share GBP M Class £179.87 £172.90 £186.10


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14. Statement of Net Assets for Current and Prior F inancial Period (continued)

30 June 2019 31 December 2018 31 December 2017 Odey European Focus Fund Net Assets € 553,273,468 € 512,393,699 €440,502,679 Net Asset Value Per Share A Euro Class € 19.75 €19.19 €19.44 Net Asset Value Per Share A Euro Acc Class € 12.32 €11.97 €12.13 Net Asset Value Per Share B Euro Class € 19.16 €18.66 €18.99 Net Asset Value Per Share Euro I Class € 106.48 €103.30 €106.26 Net Asset Value Per Share Euro R Class € 110.82 €107.77 €111.26 Net Asset Value Per Share USD R Class $94.66 $92.41 - Net Asset Value Per Share USD I Class $108.87 $106.02 $114.24 Net Asset Value Per Share A GBP Class £25.44 £24.79 £24.84 Net Asset Value Per Share GBP R Class £133.93 £130.68 £133.38 Net Asset Value Per Share GBP I Class £135.11 £131.49 £133.28 Net Asset Value Per Share GBP M Class £138.16 £134.45 £134.25

15. Changes to the Prospectus

There were no material changes to the Prospectus during the financial period. 16. Distributions

There were no distributions paid during the financial period (financial period ended 30 June 2018: €Nil).

17. Significant Events during Financial Period There were no other significant events during the financial period which would require adjustment to or disclosure in the financial statements.

18. Securities Lending

Effective 1 December 2017 the Sub-Fund detailed below provides securities on loan to third parties in exchange for a collateral payment. The gross income amount of securities lending for the period ended 30 June 2019 was €173,572 and the net amount of securities lending income was €121,137. Direct costs amounted to €363. As at 30 June 2019 the aggregate value of collateral to securities on loan to third parties was 105%. The below table contains the Aggregate Collateral Value of securities on loan with Commerzbank Aktiengesellschaft, Credit Suisse AG Dublin Branch, Goldman Sachs International, Merrill Lynch International, RBC Dominion Securities Inc TD Securities Inc. as at 30 June 2019 and 31 December 2018:

Name of Sub-Fund 30 June 2019 31 December 2018 € €

Odey Allegra Developed Markets Fund 21,667,634 9,692,147

Aggregate Value of Collateral 21,667,634 9,692,147 19. Significant events since the financial period

Effective 30 August 2019, RBC Investor Services Ireland Limited as Administrator will be replaced with U.S. Bank Global Fund Services (Ireland) Limited (formerly Quintillion Limited). There were no additional significant events since the financial period end which would require adjustment to or disclosure in the financial statements.

20. Date of Approval

The financial statements were authorised for issue by the Board of Directors on 15 August 2019.


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SUPPLEMENTAL INFORMATION Ongoing Charges Excluding Performance Fee The annualised ongoing charges ratios for the financial period excluding performance fees and transaction costs are calculated by the Administrator and are set out in the table below. Sub-Fund Ongoing Charges Ratio Ongoing Charges Ratio Share Class Excluding Excluding performance fee performance fee For financial peri od ended For financial year ended 30 June 2019 31 December 201 8 Odey Pan European Fund Euro R 2.10% 1.94% GBP R 2.09% 1.94% GBP I 1.50% 1.41% Odey Allegra International Fund Euro O 0.81% 0.85% USD O 0.81% 0.81% GBP O 0.81% 0.82% GBP D 0.81% 0.81% GBP A D 1.11% 1.12% AUD$ 1.11% 1.12% Odey Opportunity Fund Euro R 1.63% 1.63% Euro I 1.13% 1.13% Euro I P 0.88% 0.87% Euro R P 1.38% 1.38% USD R 1.63% 1.63% USD I 1.13% 1.13% USD I P 0.86% 0.84% USD R P 1.38% 1.38% GBP R 1.63% 1.63% GBP I 1.13% 1.13% GBP I P 0.88% 0.87% GBP M W 0.88% 0.88% GBP W M 1.39% 1.38% GBP R P 1.38% 1.38% GBP IH 1.13% 1.12% GBP F 0.88% 0.87% CHF R 1.63% 1.63% CHF I 1.13% 1.13% CHF I P 0.88% 0.87% NOK R 1.63% 1.63%


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SUPPLEMENTAL INFORMATION (continued) Ongoing Charges Excluding Performance Fee (continue d) Sub-Fund Ongoing Charges Ratio Ongoing Charges RatioShare Class Excluding Excluding performance fee performance fee For financial period ended For financial year en ded 30 June 2019 31 December 201 8

Odey Allegra Developed Markets Fund Euro I 0.86% 0.85%Euro R 1.36% 1.37%GBP R 1.36% 1.36%GBP I 0.86% 0.86%GBP M 0.86% 0.86%USD R 1.36% 1.36%USD I 0.86% 0.86%

Odey European Focus Fund A Euro 1.09% 1.11%A Euro Acc 1.10% 1.11%B Euro 1.60% 1.61%Euro I 0.80% 0.80%Euro R 1.29% 1.31%A GBP 1.10% 1.11%GBP I 0.80% 0.81%GBP M 0.80% 0.81%GBP R 1.30% 1.31%USD R 1.29% 1.29%USD I 0.80% 0.81% Publication of Company Information Copies of the following documents may be inspected during usual business hours on any business day (Saturdays excepted) at the registered office of the Company and at the offices of the Paying Agent(s):

• the Memorandum and Articles of Association of the Company; • the Administration Agreement, the Depositary Agreement, the Investment Management Agreement and the Global

Distribution Agreement; and • the UCITS Regulations.

Copies of the Articles of the Company may be obtained free of charge from the office of the Administrator where copies of the annual reports, the subsequent semi-annual reports (if published thereafter), the Prospectus, any Supplement thereto and the issue price and Redemption Price of Shares may also be obtained free of charge.


109

SUPPLEMENTAL INFORMATION (continued) Securities Financing Transactions Securities Financing Transactions Regulation (Regulation (EU) 2015/2365) (“SFTR”) came into force on 12 January 2016 and, amongst other requirements introduces new disclosure requirements in the Company’s annual reports published after 13 January 2017 detailing the Company’s use of securities financing transactions. The Company may engage in securities financing transactions (securities lending arrangements and repurchase/reverse repurchase agreements, “SFTs”), as described above under the heading “Efficient Portfolio Management” in the prospectus. During the financial period none of the Company’s Sub-Funds except Odey Allegra Developed Markets Fund engage in SFTs, however, where a Sub-Fund does engage in SFTs, unless otherwise specified in the Sub-Fund Supplement, the maximum exposure of a Sub-Fund in respect of SFTs shall be 60% of the Net Asset Value, with anticipated exposure to SFTs not exceeding 20% of the Net Asset Value. The collateral supporting SFTs will be valued daily at mark-to-market prices and daily variation margin used if the value of collateral falls below coverage requirements. As the Odey Allegra Developed Market Fund undertakes securities lending it is required to report on Securities Financing Transactions (as defined in Article 3 of Regulation (EU) 2015/2365, securities financing transactions include repurchase transactions, securities on commodities lending and securities on commodities borrowing and margin lending transactions). Please read this Appendix in conjunction with Note 18 Securities Lending. Sub-Fund Market Value € Collateral € Total net assets € Assets (%) Odey Pan European Fund 13,806,813 14,497,192 15,673,606 1.29 Odey Allegra International Fund 6,636,458 6,968,284 330,626,038 2.11 Odey Allegra Developed Markets Fund 20,635,801 21,667,634 110,927,214 13.07

Top 10 Largest Collateral Counterparties Rank Amount of Collateral Securities

Commodities Received € Goldman Sachs International 1 7,042,878 RBC Dominion Securities Inc 2 6,970,265 Deutsche Bank Ag 3 1,706,163 Citigroup Global Markets Limited 4 1,674,084 Barclays Capital Securities Ltd 5 1,540,701 Credit Suisse Ag Dublin Branch 6 1,506,591 TD Securities Inc. 7 896,856 Barclays Bank Plc 8 168,145 Nomura International Plc 9 145,003 UBS Ag 10 16,948

Top 10 Largest Collateral Issuers Rank Amount of Collateral Securities

Commodities Received € United Kingdom Gilt 1 2,868,603 United Kingdom Gilt Inflation Linked 2 2,866,629 Province of Ontario Canada 3 2,537,105 French Republic Government Bond OAT 4 1,116,458 Canadian Government Real Return Bond 5 1,069,442 Canadian Government Bond 6 1,022,869 United States Treasury Note/Bond 7 1,009,160 Canada Housing Trust No 1 8 771,596 Republic of Austria Government Bond 9 756,452 Netflix Inc 10 615,856

Type of Collateral Amount € Proportion (%) Equities and Equivalents 3,883,407 17.92 Bonds 17,784,227 82.08


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SUPPLEMENTAL INFORMATION (continued) Collateral Maturity Amount € Proportion (%) 1 day - - less than 1 week 18 - less than 1 month 5,707 0.03 less than 3 months 145,040 0.67 less than 1 year 675,526 3.12 more than 1 year 16,957,936 78.26 no maturity 3,883,407 17.92

Currencies of Collateral Amount € Proportion (%) AUD 623,477 2.88 CAD 9,847,820 45.45 CHF 77,271 0.36 EUR 2,220,790 10.25 GBP 5,735,232 26.47 JPY 379,519 1.75 USD 2,783,525 12.84

Countries of Counterparties Amount € Proportion (%) Canada 7,867,121 36.31 Germany 1,706,163 7.87 Ireland 1,506,591 6.95 Switzerland 16,948 0.08 United Kingdom 10,570,811 48.79

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