ODEY INVESTMENT FUNDS PLC - Fondsvermittlung24.de · Odey Opportunity Fund Euro GBP F Class / CHF R...

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 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)

ANNUAL REPORT

AND

AUDITED FINANCIAL STATEMENTS

For the Financial Year Ended 31 December 2016

Odey Investment Funds plc

2

CONTENTS Page

General Information 4

Directors’ Report 5 - 9

Report of the Depositary to the Shareholders 10

Independent Auditor’s Report 11 Odey Pan European Fund 12 - 23 - Investment Manager’s Report 12 - 13 - Statement of Financial Position 14 - Statement of Comprehensive Income 15 - Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating

Shares 16 - Statement of Cash Flows 17 - Schedule of Investments 18 - 20 - Economic Division of Investments 21 - Significant Portfolio Changes (unaudited) 22 - 23 Odey Allegra European Fund 24 - 36 - Investment Manager’s Report 24 - 25 - Statement of Financial Position 26 - 27 - Statement of Comprehensive Income 28 - Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating

Shares 29 - Statement of Cash Flows 30 - Schedule of Investments 31 - 33 - Economic Division of Investments 34 - Significant Portfolio Changes (unaudited) 35 - 36

Odey Allegra International Fund 37 - 49 - Investment Manager’s Report 37 - 38 - Statement of Financial Position 39 - Statement of Comprehensive Income 40 - Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating


Odey Opportunity Fund 50 - 64 - Investment Manager’s Report 50 - 52 - Statement of Financial Position 53 - 54 - Statement of Comprehensive Income 55 - Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating



3

CONTENTS (continued) Page

Odey Allegra Developed Markets Fund 65 - 75 - Investment Manager’s Report 65 - 66 - Statement of Financial Position 67 - Statement of Comprehensive Income 68 - Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating


Odey European Focus Fund 76 - 87 - Investment Manager’s Report 76 - 77 - Statement of Financial Position 78 - 79 - Statement of Comprehensive Income 80 - Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating


Combined Statement of Financial Position 88

Combined Statement of Comprehensive Income 89

Combined Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares

90

Combined Statement of Cash Flows 91

Notes to the Financial Statements 92 - 131 Supplemental Information (unaudited) 132 - 134


4

GENERAL INFORMATION

Directors

Andrew Bates (Irish)*

Frank Ennis (Irish) (Independent)*

Tim Pearey (British)*

Tom Richards (British) (alternate Director to Tim Pearey)*

Company Secretary

Tudor Trust Limited, 33 Sir John Rogerson's Quay, Dublin 2, Ireland.

Registered Office

4th Floor,

One George’s Quay Plaza,

George’s Quay,

Dublin 2,

Ireland.

Investment Manager and Distributor

Odey Asset Management LLP,

12 Upper Grosvenor Street,

London,

W1K 2ND,

England.

Depositary

RBC Investor Services Bank S.A.,

Dublin Branch,

4th Floor,


George’s Quay,

Dublin 2,

Ireland. * All of the Directors are non executive

Independent Auditor

Deloitte,

Chartered Accountants and Statutory Audit Firm,

Deloitte & Touche House,

Earlsfort Terrace,

Dublin 2 DO2 AY28,

Ireland. Legal Advisers In Ireland

Dillon Eustace,

33 Sir John Rogerson’s Quay,

Dublin 2,

Ireland.

Legal Advisers In the United Kingdom

Simmons & Simmons,

City Point,

One Ropemaker Street,

London,

EC2Y 9SS,

England.

Administrator

RBC Investor Services Ireland Limited,

4th Floor,


George’s Quay,

Dublin 2,

Ireland.


5

DIRECTORS’ REPORT For the financial year ended 31 December 2016 The Directors present the Annual Report including the audited financial statements of Odey Investment Funds plc (the "Company") for the financial year ended 31 December 2016.

Statement of Directors’ Responsibilities

Irish company law requires the directors to prepare financial statements for each financial year. Under the law, the directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union (“relevant financial reporting framework”). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the assets, liabilities and financial position of the Company as at the financial year end date and of the profit or loss of the Company for the financial year and otherwise comply with the Companies Act 2014.

In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Company financial statements and then apply them consistently;

make judgements and estimates that are reasonable and prudent;

state whether the financial statements have been prepared in accordance with applicable accounting standards, identify those standards, and note the effect and the reasons for any material departure from those standards; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for ensuring that the Company keeps or causes to be kept adequate accounting records which correctly explain and record the transactions of the company, enable at any time the assets, liabilities, financial position and profit or loss of the company to be determined with reasonable accuracy, enable them to ensure that the financial statements and directors’ report comply with the Companies Act 2014 and European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (the “UCITS Regulations”) and Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations, 2015 and enable the financial statements to be audited.

The directors are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. To ensure that proper accounting records are kept in accordance with Section 281 to 285 of the Companies Act 2014 the Directors of the Company have employed a regulated fund administrator, RBC Investor Services Ireland Limited (“the Administrator”). The books of account are located at the offices of the Administrator at 4th Floor, One George’s Quay Plaza, George’s Quay, Dublin 2, Ireland. The Company is obliged to entrust the assets of the Company to a depositary for safekeeping and in that regard, the Company has engaged RBC Investor Services Bank S.A., Dublin Branch. The Depositary has the power to appoint sub-custodians.

Date of Incorporation

The Company was incorporated on 21 August 2002 and is authorised as an Undertaking for Collective Investment in Transferable Securities (“UCITS”) by the Central Bank of Ireland. The Company is organised as an investment company with variable capital pursuant to the UCITS Regulations.

The Company is an umbrella type investment company with segregated liability between Sub-Funds. As of the date of this report the Company has six active Sub-Funds.

The active classes of shares for investment for each Sub-Funds are as below:

Sub-Fund Name Base Currency Share Classes

Odey Pan European Fund Euro Euro R Class / GBP I Class / GBP R Class

Odey Allegra European Fund Euro Euro A Class / Euro I Class / Euro O Class / Euro A I Class / Euro B I Class / Euro B R Class / Euro C I Class* / USD B I Class / USD O Class / GBP D Class / GBP O Class

*This share class was fully redeemed on 20 September 2016.


6

DIRECTORS’ REPORT For the financial year ended 31 December 2016 (continued) Date of Incorporation (continued)


Odey Allegra International Fund Euro Euro I Class / Euro O Class / USD O Class / GBP O Class / GBP D Class / GBP A D Class / AUD$ Class

Odey Opportunity Fund Euro Euro I Class / Euro R Class / Euro I P Class / Euro R P Class / USD R Class / USD I Class / USD I P Class / USD R P Class / GBP R Class / GBP I Class / GBP I P Class / GBP R P Class / GBP W M Class / GBP M W Class / CHF R Class / CHF I Class / CHF I P Class / NOK R Class / NOK I Class*

Odey Allegra Developed Markets Fund US Dollars Euro I Class / USD R Class / USD I Class / GBP R Class / GBP I Class / GBP M Class

Odey European Focus Fund Euro A Euro Class / A Euro ACC Class / B Euro Class / Euro I Class / Euro R Class / A GBP Class / GBP I Class / GBP M Class / GBP R Class / USD I Class / USD R Class**

*This share class was fully redeemed on 17 June 2016. **This share class was closed on 19 December 2016.

The inactive classes of shares for investment for each Sub-Funds are as below:


Odey Pan European Fund Euro Euro R G Class

Odey Allegra European Fund Euro GBP I Class / USD I Class / USD B R Class

Odey Opportunity Fund Euro GBP F Class / CHF R P Class

Odey Allegra Developed Markets Fund US Dollars EUR R Class / EUR M Class

Odey European Focus Fund Euro EUR M Class

Principal Activities The sole object for which the Company is established is the collective investment of capital raised from the public in transferable securities and other liquid assets of any kind which operates on the principle of risk spreading in accordance with the UCITS Regulations. The specific investment objective and policy to be pursued by a particular Sub-Fund is summarised below and should be read in conjunction with the corresponding disclosure in the prospectus. The investment objective of Odey Pan European Fund is long term capital appreciation through investing in equities issued by companies which derive a significant proportion of their income from or whose principal offices are in Europe, including Eastern Europe. The investment objective of Odey Allegra European Fund is to achieve long term capital appreciation through investing predominantly in European equity and European equity related securities. The investment objective of Odey Allegra International Fund is to achieve long term capital appreciation through investing predominantly in equity and equity-related securities on a worldwide basis.

The investment objective of Odey Opportunity Fund is to achieve capital appreciation through investment, on a global basis (including in emerging markets), in a diversified portfolio of investments. The investment objective of Odey Allegra Developed Markets Fund is to achieve long term capital appreciation through investing predominantly in equity and equity-related securities (such as convertible bonds and warrants) which are listed or traded on one or more Recognised Exchanges worldwide. The investment objective of Odey European Focus Fund is to generate long term capital growth through investing in equities of European companies in developed European equity markets.


7

DIRECTORS’ REPORT For the financial year ended 31 December 2016 (continued) Review of the Investment Performance A comprehensive overview of investment performance is detailed in the Investment Manager’s Report for each Sub-Fund. Risk Management Objectives and Processes Each Sub-Fund invests in accordance with its own investment objective and investment policies as set out in the Prospectus. Investments by a Sub-Fund are subject to a variety of risks. A non-exhaustive list of such risks are set out in the Prospectus under the heading “Risk Factors”. A non-exhaustive description as required by accounting standards of specific risks and the processes for managing these risks are included in Note 9 to the financial statements. Results and Dividends The financial position and results for the financial year are set out on pages 89 to 90. There were no distributions paid during the financial year. Significant Events since Financial Year End The Custodian is now termed Depositary. The revised UCITS V Depositary agreement, effective from 9 February 2017, was approved by the Central Bank of Ireland on 6 February 2017.

On 31 March 2017 the Directors decided to close the Odey Allegra European Fund as it is no longer economic to run this Sub-Fund. The Directors issued compulsory redemption notices accordingly and all investor will be compulsory redeemed on 3 May 2017. The Odey Allegra European Fund represents only 1.8% of the Net Assets attributable to holders of redeemable participating shares of the Company as at 31 December 2016 therefore the Directors consider the going concern assumption for the Company remains appropriate. The Directors have reviewed the proposed wind down costs of the Odey Allegra European Fund and do not consider any adjustments are required on the grounds of materiality. By 19 April 2017 redemptions for the Odey Allegra Developed Markets Fund amounted to €114,451,207 representing 47% of the Sub-Fund’s Net Asset Value as at 31 December 2016. By 19 April 2017 redemptions for the Odey European Focus Fund amounted to €642,865,956 representing 60% of the Sub-Fund’s Net Asset Value as at 31 December 2016. Odey Pan European Fund has launched Euro I Share Class on 15 March 2017. There were no other significant events since the financial year end which would require adjustment to or disclosure in the financial statements. Audit Committee The Company has not established a separate audit committee as the Directors operate as a unitary Board whilst considering such related matters. The Directors believe that the Company’s straightforward structure, together with the delegation of responsibilities to the Administrator does not warrant such a function. This is reviewed by the Board

annually.


8

DIRECTORS’ REPORT For the financial year ended 31 December 2016 (continued) Directors The names of the persons who were Directors at any time during the financial year are set out on page 4. All the Directors serve in a non-executive capacity. Directors' and Secretary's Interests Tim Pearey is Managing Director of Odey Asset Management LLP, the Investment Manager of the Company. For the financial years ended 31 December 2016 and 31 December 2015 Tim Pearey holds the following shares:

31 December 2016 31 December 2015

Odey European Focus Fund - GBP M Class 85.42 85.42

Tom Richards is Finance Director of Odey Asset Management LLP, the Investment Manager of the Company. For the financial years ended 31 December 2016 and 31 December 2015 Tom Richards holds the following shares:


Odey Opportunity Fund – GBP M Class 20.16 20.16

Odey Allegra Developed Markets Fund – GBP M Class 81.88 81.88

Andrew Bates is a partner in Dillon Eustace, the legal advisors to the Company and a Director of the Secretary.

Other than described above, neither the secretary nor any of the Directors (including family interest) had any shareholdings in the Company as at 31 December 2016 and did not have any such shareholdings as at 31 December 2015.

Transactions Involving Connected Persons

The Central Bank of Ireland UCITS Regulations, 41(1) – Dealings by the management company or Depositary to a UCITS; and the delegates or sub-delegates of such a management company or depositary (excluding any non-group company sub-custodians appointed by a depositary); and any associated or group company of such a management company, depositary, delegate or sub-delegate ("Connected Persons") states in paragraph one that any transaction carried out with a UCITS by these Connected Persons must be conducted at arm's length and in the best interests of the unit-holders of the UCITS. The Board of Directors are satisfied that there are arrangements (evidenced by written procedures) in place, to ensure that the obligations set out in Regulation 41(1) of the UCITS Regulations are applied to all transactions with connected persons; and the Board of Directors are satisfied that transactions with connected persons entered into during the financial year complied with the obligations set out in this paragraph. Directors Compliance Statement The Directors confirm that the three assurance measures have been implemented during the financial year end 31 December 2016 as following:

Drawing up a compliance policy statement that sets out the Company’s policies respecting compliance by the Company with its relevant obligations;

Putting in place appropriate arrangements or structures that are designed to secure material compliance with the Company’s relevant obligations; and

Conducting an annual review during the financial year of any arrangements or structures referred to in point 2 above that have been put into place.


12

INVESTMENT MANAGER’S REPORT

Odey Pan European Fund Report for the financial year ended 31 December 2016

Share Class NAV per share

31 December 2015 NAV per share

31 December 2016 % Returns** % Index

Movement* % Relative

Performance

Euro R 343.30 295.74 -13.85 2.61 -16.46

GBP R 203.15 202.69 -0.23 18.78 -19.01

GBP I 111.16 111.46 0.27 18.78 -18.51 *MSCI Daily TR Net Europe **Performance figures are presented net of fees Summary of the Fund Performance

From 31 December 2015 to 31 December 2016 (“the period”), the fund returned -13.85% (based on the principal share class – Euro R class) against the MSCI Daily TR Net Europe return of +2.61%. Notable positive returns over the period came from the Energy (+0.43%) sector and Commodities (+0.39%) and from a country perspective, Germany (+0.48%) and Japan (+0.35%). These were however offset by negative returns primarily from the Consumer Discretionary (-8.91%) and Financials (-3.67%) sectors, with the UK (-15.79%) and Finland (-2.18%) being the largest detractors by country. Notable positive performance returns came from our holdings including Borussia Dortmund (+0.81%), Aker (+0.49%) and Oxford Nanopore (+0.43%). Negative returns came from holdings including Man Group (-3.62%), Sky (-2.60%) and Nokia (-2.18%).


13


Odey Pan European Fund Report for the financial year ended 31 December 2016 (continued)

Asset Allocation by Sector as at 30 December 2016

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 February 2017

http://www.odey.com/


14

STATEMENT OF FINANCIAL POSITION As at 31 December 2016

Odey Pan European Fund

EUR EUR

Notes 31 December 2016 31 December 2015

ASSETS

Financial Assets at Fair Value through Profit or Loss 3 56,312,543 206,797,120

Cash and Cash Equivalents 10 6,249,381 34,605,697

Receivable from Subscriptions 65,727 916,412

Interest and Dividends Receivable 92,985 236,440

Receivable on Sale of Investments 1,729,842 181,465

Other Receivables - 268

TOTAL ASSETS 64,450,478 242,737,402

LIABILITIES

Financial Liabilities at Fair Value through Profit or Loss 3 11,357 92,882

Payable on Redemptions 797,403 1,273,891

Administration and Transfer Agency Fees Payable 7 3,886 11,008

Depositary and Depositary Oversight Fees Payable 7 3,924 7,786

Investment Management Fees Payable 7 82,306 277,298

Bank Overdrafts 10 202 4,043

Other Accrued Expenses 54,427 50,686

LIABILITIES (excluding Net Assets attributable to holders of redeemable participating shares)

953,505 1,717,594

NET ASSETS attributable to holders of redeemable participating shares 63,496,973 241,019,808

Redeemable Participating Shares

Shares In Issue Euro R Class 171,375.78 479,002.07

Net Asset Value Per Share Euro R Class €295.74 €343.30

Shares In Issue GBP I Class 70,517.74 476,347.12

Net Asset Value Per Share GBP I Class £111.46 £111.16

Shares In Issue GBP R Class 15,188.63 17,184.87

Net Asset Value Per Share GBP R Class £202.69 £203.15 The accompanying notes form an integral part of the Financial Statements.


15

STATEMENT OF COMPREHENSIVE INCOME For the financial year ended 31 December 2016


EUR EUR


INCOME

Net (Loss)/Gain on Investment Income 13 (32,679,563) 19,731,284

Dividends 1,877,911 4,050,544

Bank Interest 34,695 31,683

Other Income 73,610 9,759

Dividend Withholding Tax Expense* (25,153) (82,067)

Finance Cost (37,075) (14,143)

Transaction Costs* (233,391) (237,273)

Investment (Loss)/Income (30,988,966) 23,489,787

EXPENSES

Administration, Registrar and Transfer Agent Fees 7 57,882 103,191

Depositary and Depositary Oversight Fees 7 59,676 80,708

Investment Management Fees 7 1,986,767 4,083,771

Audit Fees 7 17,041 17,041

Director Fees 7 3,034 8,207

Other Expenses* 55,503 85,532

Operating Expenses 2,179,903 4,378,445

(Decrease)/Increase in Net Assets Attributable to Holders of Redeemable Participating Shares from Operations

(33,168,869) 19,111,342

* The 2015 figures contained in the financial statements have been reclassified to conform to current year presentation. These reclassifications do not have any effect on previously reported Net Asset Values. 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.


16

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES For the financial year ended 31 December 2016 Odey Pan European Fund

EUR EUR


Net Assets attributable to holders of redeemable participating shares at beginning of the financial year

241,019,808 310,513,783

(Decrease)/Increase in Net Assets attributable to holders of redeemable participating shares from operations

(33,168,869) 19,111,342

Capital Transactions

Issuance of shares 10,730,248 77,016,901

Redemptions of shares (155,084,214) (165,622,218)

Net Assets attributable to holders of redeemable participating shares at the end of the financial year

63,496,973 241,019,808

Shares issued during the financial year

Euro R Class 23,696.05 126,061.45

GBP I Class 25,368.34 205,769.97

GBP R Class 388.96 5,852.07

Shares redeemed during the financial year

Euro R Class (331,322.34) (358,734.43)

GBP I Class (431,197.73) (77,580.88)

GBP R Class (2,385.20) (98,501.24) The accompanying notes form an integral part of the Financial Statements.


17

STATEMENT OF CASH FLOWS For the financial year ended 31 December 2016 Odey Pan European Fund

EUR EUR


Cash flows From Operating activities

(Decrease)/Increase in net assets attributable to holders of redeemable participating shares from operations

(33,168,869) 19,111,342

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

Dividend income (1,877,911) (4,050,544)

Bank interest income (34,695) (31,683)

Tax expense 25,153 82,067

Operating (loss)/profit before working capital changes (35,056,322) 15,111,182

Changes in operating assets and liabilities

Decrease in financial Assets at Fair Value through Profit or Loss 150,403,052 50,673,227

(Increase)/Decrease in Receivable on Sales of Investments (1,548,377) 7,947

Decrease/(Increase) in Other Receivables 268 (268)

Decrease in Other Accrued Expenses (202,235) (85,006)

Cash provided by operating activities 113,596,386 65,707,082

Dividend received 2,022,819 4,037,449

Interest received 33,242 30,745

Taxation paid (25,153) (82,067)

Net cash provided by operating activities 115,627,294 69,693,209

Financing activities

Payments of redemptions of shares (155,560,702) (165,686,583)

Proceeds from issue of shares 11,580,933 78,096,802

Net Cash flows used in financing activities (143,979,769) (87,589,781)

Net decrease in cash and cash equivalents (28,352,475) (17,896,572)

Net Cash at the Beginning of the Financial Year 34,601,654 52,498,226

Net Cash at the End of the Financial Year 6,249,179 34,601,654

Analysis of Cash

Cash at Bank at the Beginning of the Financial Year 34,605,697 52,736,192

Overdraft at the Beginning of the Financial Year (4,043) (237,966)


Cash at Bank at the End of the Financial Year 6,249,381 34,605,697

Overdraft at the End of the Financial Year (202) (4,043)


The accompanying notes form an integral part of the Financial Statements.


18

ODEY PAN EUROPEAN FUND SCHEDULE OF INVESTMENTS as at 31 December 2016

(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 EXCHANGE LISTING*

LISTED SECURITIES : SHARES

BERMUDA ISLANDS

Hiscox Ltd

92,462 GBP 705,124 1,101,616 1.74

705,124 1,101,616 1.74

BRAZIL

SLC Agricola SA 85,591 USD 327,832 361,859 0.57

SLC Agricola SA 110,100 BRL 422,416 464,083 0.73

750,248 825,942 1.30

CANADA

Franco-Nevada Corp

13,900 CAD 820,345 788,910 1.24

Kinross Gold Corp

335,000 USD 1,558,397 987,770 1.56

2,378,742 1,776,680 2.80

FINLAND Nokia OYJ 141,719 EUR 814,199 650,207 1.02

814,199 650,207 1.02

FRANCE AXA SA 64,855 EUR 879,018 1,555,547 2.45

Orange SA 122,555 EUR 1,790,159 1,769,081 2.79

Savencia SA 10,123 EUR 695,188 677,228 1.07

Vivendi SA

25,700 EUR 472,941 464,014 0.73

3,837,306 4,465,870 7.04

GERMANY

Borussia Dortmund GmbH & Co KGaA

180,620 EUR 749,217 950,242 1.50

Merck KGaA

4,300 EUR 418,645 426,345 0.67

Siemens AG

7,800 EUR 855,719 911,040 1.44

2,023,581 2,287,627 3.61

GREAT BRITAIN

BAE Systems Plc

331,053 GBP 2,099,192 2,294,026 3.61

Barclays Plc 944,756 GBP 2,193,743 2,473,124 3.89

Daily Mail & General Trust Plc

271,198 GBP 2,518,768 2,468,616 3.89

Devro Plc

179,300 GBP 429,731 398,573 0.63

Howden Joinery Group Plc

149,500 GBP 545,910 672,190 1.06

Hummingbird Resources Plc

1,528,755 GBP 436,208 326,849 0.51

Man Group Plc

4,532,000 GBP 5,009,269 6,280,882 9.89

Pendragon Plc

7,998,780 GBP 1,438,688 2,928,328 4.61

Rockhopper Exploration Plc

447,058 GBP 982,231 119,149 0.19

Sky Plc

543,600 GBP 5,342,895 6,311,013 9.94

Sports Direct International Plc

406,800 GBP 2,138,168 1,327,725 2.09

Tungsten Corp Plc 604,323 GBP 1,327,969 375,224 0.59

Vodafone Group Plc

659,517 GBP 1,723,169 1,544,103 2.43

26,185,941 27,519,802 43.33


19


Description


EUR EUR

FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (continued)

LISTED SECURITIES : SHARES (continued)

GREECE

Alpha Bank AE

46,886 EUR 77,682 89,083 0.14

77,682 89,083 0.14

IRELAND

Greencore Group Plc

470,894 GBP 1,191,922 1,359,835 2.14

1,191,922 1,359,835 2.14

JAPAN

Dai-ichi Life Insurance Co Ltd

18,257 JPY 191,130 288,798 0.45

ORIX Corp

12,461 JPY 189,563 184,756 0.29

Rohm Co Ltd

5,766 JPY 198,504 315,436 0.50

Sumitomo Mitsui Financial Group Inc

12,315 JPY 341,115 446,469 0.70

920,312 1,235,459 1.94

JERSEY

Randgold Resources Ltd

74,034 GBP 5,634,161 5,563,829 8.76

5,634,161 5,563,829 8.76

NORWAY

Aker BP ASA

89,373 NOK 1,120,238 1,520,891 2.40

1,120,238 1,520,891 2.40

SOUTH AFRICA

Sibanye Gold Ltd

2,900 ZAR 9,743 5,105 0.01

9,743 5,105 0.01

SOUTH KOREA

Samsung Electronics Co Ltd

480 USD 304,056 339,948 0.54

304,056 339,948 0.54

UNITED STATES

Goldman Sachs Group Inc

7,400 USD 1,572,201 1,679,953 2.65

1,572,201 1,679,953 2.65

TOTAL LISTED SECURITIES : SHARES

47,525,456 50,421,847 79.42

LISTED SECURITIES : EXCHANGE TRADED COMMODITY

JERSEY

Gold Bullion Securities Ltd

22,350 USD 2,267,642 2,331,838 3.67

2,267,642 2,331,838 3.67

TOTAL LISTED SECURITIES : EXCHANGE TRADED COMMODITY

2,267,642 2,331,838 3.67

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 49,793,098 52,753,685 83.09


20


Description


EUR EUR


OTHER TRANSFERABLE SECURITIES : UNLISTED SHARES

GREAT BRITAIN

Oxford Nanopore Technologies

65,213 GBP 1,725,815 3,552,492 5.59

1,725,815 3,552,492 5.59

TOTAL OTHER TRANSFERABLE SECURITIES : UNLISTED SHARES 1,725,815 3,552,492 5.59

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

Date Amount Amount Gain/(Loss) Assets

EUR EUR EUR

26/01/2017 RBC IS Bank Luxembourg EUR 1,668,672 JPY 1,662,306 6,366 0.01

26/01/2017 RBC IS Bank Luxembourg EUR 427,081 BRL 436,949 (9,868) (0.02)

26/01/2017 RBC IS Bank Luxembourg JPY 267,797 EUR 269,286 (1,489) -

(4,991) (0.01)

TOTAL FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS

56,301,186 88.67

CASH AND OTHER ASSETS AND LIABILITIES 7,195,787 11.33

NET ASSETS 63,496,973 100.00

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

(expressed in EUR) Fair %

Description

Value Total

EUR Assets

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING

52,753,685 81.85

OTHER TRANSFERABLE SECURITIES

3,552,492 5.51

OPEN FOREIGN EXCHANGE FORWARD CONTRACTS

6,366 0.01

CASH AND OTHER ASSETS

8,137,935 12.63

TOTAL 64,450,478 100.00


21

ODEY PAN EUROPEAN FUND ECONOMIC DIVISION OF INVESTMENTS as at 31 December 2016

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

% Net Assets % Net Assets 31 December 31 December 2016 2015

Holding and Finance Companies 16.59 9.00

News Transmission 16.18 27.92

Precious Metals 8.77 -

Banks and Financial Institutions 6.97 1.66

Miscellaneous 5.59 2.09

Graphic Art and Publishing 4.62 1.46

Transportation 4.61 4.31

Food and Distilleries 3.84 2.45

Aerospace Technology 3.61 0.77

Insurance 2.90 1.21

Petrol 2.59 0.09

Retail 2.09 6.32

Mines and Heavy Industries 1.75 -

Non-Ferrous Metals 1.56 -

Leisure 1.50 2.24

Electronics and Electrical Equipment 1.44 -

Agriculture and Fishing 1.30 -

Various Capital Goods 1.06 2.80

Electronic Semiconductor 1.04 1.57

Pharmaceuticals and Cosmetics 0.67 2.13

States, Provinces and Municipalities - 12.14

Construction and Building Material - 1.83

Chemicals - 1.62

Internet Software - 1.34

Automobile Industry - 0.92

Public Services - 0.37

Mechanics and Machinery - 1.56

Total Investments 88.68 85.80

Open Foreign Exchange Forward Contracts (0.01) (0.04)

Total Financial Assets and Liabilities at Fair Value through Profit or Loss 88.67 85.76

Cash and Other Assets and Liabilities 11.33 14.24

Net Assets Attributable to Holders of Redeemable Participating Shares 100.00 100.00


22

ODEY PAN EUROPEAN FUND SIGNIFICANT PORTFOLIO CHANGES for the financial year ended 31 December 2016 (unaudited)

PURCHASES

SECURITY NAME QUANTITY COST % AGGREGATE

EUR PURCHASES

Gold Bullion Securities Ltd 193,000 19,581,874 18.34

Bank of America Corp 1,248,300 15,195,936 14.23

Goldman Sachs Group Inc 68,100 10,165,342 9.52

Wells Fargo & Co 201,000 8,767,600 8.21

Randgold Resources Ltd 91,193 6,999,023 6.55

Vodafone Group Plc 1,751,066 4,913,854 4.60

Alphabet Inc - A 6,160 4,302,439 4.03

Kinross Gold Corp 677,300 3,246,913 3.04

Nokia OYJ 614,509 3,100,297 2.90

Sky Plc 260,663 2,753,443 2.58

Barclays Plc 1,295,829 2,546,886 2.39

BAE Systems Plc 364,950 2,318,516 2.17

Delta Air Lines Inc 52,700 2,241,604 2.10

Franco-Nevada Corp 34,768 2,052,593 1.92

DR Horton Inc 54,300 1,689,203 1.58

Dai-ichi Life Insurance Co Ltd 153,500 1,532,518 1.44

FANUC Corp 9,300 1,360,359 1.27

Aker BP ASA 101,600 1,273,496 1.19

TDC A/S 277,468 1,261,227 1.18

Inmarsat Plc 76,043 1,055,204 1.00


23

ODEY PAN EUROPEAN FUND SIGNIFICANT PORTFOLIO CHANGES for the financial year ended 31 December 2016 (unaudited) (continued)

SALES

SECURITY NAME QUANTITY PROCEEDS % AGGREGATE

EUR SALES


Nokia OYJ 3,152,903 16,392,512 8.77


Sky Plc 1,272,461 14,021,414 7.50

Wells Fargo & Co 207,361 8,711,026 4.66



Man Group Plc 4,258,392 6,826,748 3.65

Alphabet Inc - A 7,974 5,416,836 2.90

Koninklijke KPN NV 1,795,973 5,255,551 2.81

Ocado Group Plc 1,474,488 4,567,825 2.44

Howden Joinery Group Plc 808,686 4,240,156 2.27

Orange SA 275,042 3,781,518 2.02

Sports Direct International Plc 742,978 3,512,744 1.88

Dixons Carphone Plc 832,839 3,392,190 1.81

Telefonaktiebolaget LM Ericsson 399,106 3,389,299 1.81

Barclays Plc 1,517,465 2,985,056 1.60

Borussia Dortmund GmbH & Co KGaA 575,753 2,935,408 1.57

Tomra Systems ASA 331,836 2,750,363 1.47

Lonza Group AG 18,416 2,716,407 1.45

DR Horton Inc 90,429 2,345,847 1.25

Dai-ichi Life Insurance Co Ltd 194,350 2,301,610 1.23


Shiseido Co Ltd 124,000 2,108,623 1.13

Circassia Pharmaceuticals Plc 631,453 2,043,199 1.09

Pendragon Plc 5,082,309 1,863,712 1.00

Panasonic Corp 224,674 1,862,878 1.00


24


Odey Allegra European Fund Report for the financial year ended 31 December 2016





Performance

Euro O 264.55 251.53 -4.92 2.61 -7.53

Euro I 251.67 238.45 -5.25 2.61 -7.86

Euro A 159.12 151.29 -4.92 2.61 -7.53

Euro A I 161.34 152.94 -5.21 2.61 -7.82

Euro B I 114.45 108.81 -4.93 2.61 -7.54

Euro B R 112.01 105.98 -5.38 2.61 -7.99

Euro C I 106.80 100.99*** -5.44 2.61 -8.05

USD O 220.98 204.00 -7.68 -0.4 -7.28

USD BI 87.91 81.16 -7.68 -0.4 -7.28

GBP O 279.56 307.84 10.12 18.78 -8.66

GBP D 168.35 185.38 10.12 18.78 -8.66 * MSCI Daily TR Net Europe **Performance figures are presented net of fees ***This share class was fully redeemed on 20 September 2016 and this is the NAV per share at that date

Summary of Fund Performance From 31 December 2015 to 31 December 2016 (“the period”), the Odey Allegra European Fund returned -4.92% (based on the principal share class – Euro O class) against the MSCI Daily TR Net Europe return of +2.61%. Positive returns over the period came from sectors including Materials (+2.28%) and Financials (+1.26%). From a country perspective, the largest positive contributions came from Germany (+2.54%) and Spain (+0.36%). Negative returns came primarily from the Consumer Discretionary (-5.92%) and Telecommunication Services (-1.58%) sectors, with the UK (-5.79%) and Luxembourg (-1.22%) being the largest detractors by country. Notable positive returns came from holdings including Fresnillo (+0.91%), Wolseley (+0.79%) and Deutsche Wohnen (+0.77%). Negative returns came from holdings including Dixons Carphone (-1.68%), Taylor Wimpey (-1.14%) and Ryanair (-1.11%). On 31 March 2017 the Directors have decided to close the Odey Allegra European Fund as it is no longer economic to run this Sub-Fund. The Directors have reviewed the proposed wind down costs of the Odey Allegra European Fund and do not consider any adjustments are required to these financial statements on the grounds of materiality.


25


Odey Allegra European Fund Report for the financial year ended 31 December 2016 (continued)


The Fund Manager’s latest market views and commentary is available from the monthly report available at www.odey.com. Oliver Kelton Odey Asset Management LLP February 2017



26


Odey Allegra European Fund

EUR EUR


ASSETS


Cash and Cash Equivalents 10 187,245 20,620,427


Receivable on Sale of Investments 2,901,330 -

Other Receivables - 190

TOTAL ASSETS 50,411,447 174,712,241

LIABILITIES

Financial Liabilities at Fair Value through Profit or Loss 3 36,373 132,125

Payable on Redemptions 614,511 655,776




Performance Fees Payable 7 - 137



724,199 964,776



Shares In Issue Euro A Class 15,816.76 19,464.24

Net Asset Value Per Share Euro A Class €151.29 €159.12

Shares In Issue Euro I Class 2,121.00 238,842.17

Net Asset Value Per Share Euro I Class €238.45 €251.67

Shares In Issue Euro O Class 62,893.40 72,449.65

Net Asset Value Per Share Euro O Class €251.53 €264.55

Shares In Issue Euro A I Class 18,745.57 28,693.97

Net Asset Value Per Share Euro A I Class €152.94 €161.34

Shares In Issue Euro B I Class 160,596.88 194,314.70

Net Asset Value Per Share Euro B I Class €108.81 €114.45

Shares In Issue Euro B R Class 3,160.00 11,945.00

Net Asset Value Per Share Euro B R Class €105.98 €112.01

Shares In Issue Euro C I Class* - 308,321.17

Net Asset Value Per Share Euro C I Class - €106.80

Shares In Issue GBP D Class 39,416.66 115,297.91

Net Asset Value Per Share GBP D Class £185.38 £168.35

Shares In Issue GBP O Class 3,294.98 6,230.93

Net Asset Value Per Share GBP O Class £307.84 £279.56 *This share class was fully redeemed on 20 September 2016. The accompanying notes form an integral part of the Financial Statements.


27

STATEMENT OF FINANCIAL POSITION As at 31 December 2016 (continued)


EUR EUR


Shares In Issue USD O Class 2,709.57 7,266.59

Net Asset Value Per Share USD O Class $204.00 $220.98

Shares In Issue USD BI Class 259.11 766.40

Net Asset Value Per Share USD BI Class $81.16 $87.91 The accompanying notes form an integral part of the Financial Statements.


28



EUR EUR


INCOME


Dividends 1,681,261 6,219,094

Bank Interest 767 -

Bond Interest 15,925 -



Finance Cost (33,678) (56,148)



EXPENSES



Investment Management Fees 7 645,193 1,832,982

Performance Fees 7 427 1,397

Audit Fees 7 17,041 17,041



Operating Expenses 775,191 2,055,022


(7,811,075) 11,795,937



29

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES For the financial year ended 31 December 2016 Odey Allegra European Fund

EUR EUR



173,747,465 219,455,647


(7,811,075) 11,795,937





49,687,248 173,747,465


Euro A Class - 486.00

Euro O Class - 4,280.00

Euro I Class - 48,610.51

Euro A I Class - 10,385.24

Euro B I Class 12,863.46 59,870.51

Euro B R Class - 16,500.00

Euro C I Class* - 57,434.17

USD O Class - 840.00

USD BI Class - 1,651.51

GBP O Class - 190.00

GBP D Class 8,111.05 47,977.15


Euro A Class (3,647.49) (12,926.33)

Euro O Class (9,556.25) (4,158.18)

Euro I Class (236,721.17) (70,349.50)

Euro A I Class (9,948.40) (39,717.43)

Euro B I Class (46,581.28) (455,173.77)

Euro B R Class (8,785.00) (14,033.10)

Euro C I Class* (308,321.17) -

USD O Class (4,557.02) (18,917.09)

USD BI Class (507.29) (1,102.00)

GBP O Class (2,935.95) (410.43)

GBP D Class (83,992.30) (56,705.85) *This share class was fully redeemed on 20 September 2016. The accompanying notes form an integral part of the Financial Statements.


30

STATEMENT OF CASH FLOWS For the financial year ended 31 December 2016 Odey Allegra European Fund

EUR EUR


Cash flows From Operating activities (Decrease)/Increase in net assets attributable to holders of redeemable participating shares from operations

(7,811,075) 11,795,937


Dividend income (1,681,261) (6,219,094) Bank interest income (767) - Bond interest income (15,925) - Tax expense 130,658 550,473


Changes in operating assets and liabilities Decrease in financial Assets at Fair Value through Profit or Loss 106,467,221 42,528,336 Increase in Receivable on Sales of Investments (2,901,330) - Decrease/(Increase) in Other Receivables 190 (190) Decrease in Other Accrued Expenses (103,560) (640,211)


Dividend received 1,887,054 6,251,521 Interest received 753 4 Bond interest 15,925 - Taxation paid (130,658) (550,473)


Financing activities Payments of redemptions of shares (119,355,616) (100,112,567) Proceeds from issue of shares 3,065,209 43,487,515


Net decrease in cash and cash equivalents (20,433,182) (2,908,749) Net Cash at the Beginning of the Financial Year 20,620,427 23,529,176

Net Cash at the End of the Financial Year 187,245 20,620,427

Analysis of Cash



Cash at Bank at the End of the Financial Year 187,245 20,620,427

Net Cash at the End of the Financial Year 187,245 20,620,427



31

ODEY ALLEGRA EUROPEAN FUND SCHEDULE OF INVESTMENTS as at 31 December 2016


Description


EUR EUR




DENMARK

DSV A/S

19,302 DKK 778,343 815,638 1.64

TDC A/S

130,852 DKK 617,022 638,112 1.28

1,395,365 1,453,750 2.92

FRANCE

Arkema SA

5,500 EUR 498,490 511,170 1.03

AXA SA

106,547 EUR 2,306,873 2,555,530 5.14

Maisons du Monde SA

20,255 EUR 509,633 507,286 1.02

Natixis SA

124,992 EUR 598,988 669,957 1.35

Remy Cointreau SA

24,079 EUR 1,837,582 1,950,881 3.93

Schneider Electric SE

11,870 EUR 745,755 784,726 1.58

Vivendi SA

41,376 EUR 747,355 747,044 1.50

7,244,676 7,726,594 15.55

GERMANY

BASF SE

21,623 EUR 1,743,529 1,909,527 3.84

Bayer AG

5,737 EUR 520,657 568,709 1.14

Covestro AG

20,800 EUR 1,073,833 1,355,744 2.73

Deutsche Telekom AG

50,930 EUR 749,532 832,960 1.68

Merck KGaA

28,975 EUR 2,601,714 2,872,871 5.78

SAP SE

44,202 EUR 3,572,213 3,660,368 7.37

Sartorius AG

11,278 EUR 817,218 795,099 1.60

Siemens AG

4,554 EUR 500,713 531,907 1.07

Uniper SE

103,267 EUR 1,308,849 1,354,347 2.73

Wacker Chemie AG

655 EUR 55,214 64,747 0.13

12,943,472 13,946,279 28.07

GREAT BRITAIN

Barclays Plc

310,850 GBP 758,504 813,724 1.64

Man Group Plc

146,192 GBP 298,641 202,607 0.41

1,057,145 1,016,331 2.05

IRELAND

CRH Plc

64,757 GBP 2,039,629 2,146,936 4.32

Kingspan Group Plc

26,943 EUR 660,336 695,129 1.40

2,699,965 2,842,065 5.72

ITALY

Davide Campari-Milano SpA

82,058 EUR 745,875 762,319 1.53

Prysmian SpA

81,138 EUR 1,864,234 1,979,767 3.98

2,610,109 2,742,086 5.51


32

(expressed in EUR)

Acquisition Fair % Net

Description


EUR EUR


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


JERSEY

Wolseley Plc

45,269 GBP 2,250,233 2,631,503 5.30

2,250,233 2,631,503 5.30

NETHERLANDS

Koninklijke Philips NV

41,820 EUR 1,119,174 1,212,780 2.44

1,119,174 1,212,780 2.44

NORWAY

Orkla ASA

91,555 NOK 822,251 788,591 1.59

822,251 788,591 1.59

PORTUGAL

Jeronimo Martins SGPS SA

31,906 EUR 486,365 470,294 0.95

486,365 470,294 0.95

SPAIN

Industria de Diseno Textil SA

35,643 EUR 1,075,492 1,155,902 2.33

1,075,492 1,155,902 2.33

SWEDEN

Atlas Copco AB

51,563 SEK 1,385,286 1,493,290 3.00

1,385,286 1,493,290 3.00

SWITZERLAND

ABB Ltd

90,236 CHF 1,734,718 1,808,095 3.64

Cie Financiere Richemont SA

24,304 CHF 1,492,385 1,529,209 3.08

dorma+kaba Holding AG

430 CHF 258,552 303,649 0.61

Lonza Group AG

6,372 CHF 1,088,004 1,047,937 2.11

4,573,659 4,688,890 9.44

UNITED STATES

Bank of America Corp

59,600 USD 1,127,836 1,248,789 2.51

Charles Schwab Corp

31,000 USD 1,099,375 1,160,057 2.33


5,654 USD 1,121,408 1,283,575 2.58

Lam Research Corp

14,410 USD 1,214,293 1,444,484 2.91

4,562,912 5,136,905 10.33


44,226,104 47,305,260 95.20



33



03/01/2017 RBC IS Bank Luxembourg GBP 96,057 EUR 95,566 491 -

26/01/2017 RBC IS Bank Luxembourg GBP 1,821,577 EUR 1,848,786 (27,209) (0.05)

26/01/2017 RBC IS Bank Luxembourg CHF 2,385,036 EUR 2,394,200 (9,164) (0.02)

26/01/2017 RBC IS Bank Luxembourg SEK 866,406 EUR 853,631 12,775 0.03

26/01/2017 RBC IS Bank Luxembourg EUR 250,840 DKK 250,811 29 -

PORTFOLIO HEDGING

(23,078) (0.04)

TOTAL FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS 47,282,182 95.16


NET ASSETS 49,687,248 100.00



Description Value Total

EUR Assets

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING

47,305,260 93.84


13,295 0.03


3,092,892 6.13

TOTAL

50,411,447 100.00


34

ODEY ALLEGRA EUROPEAN FUND ECONOMIC DIVISION OF INVESTMENTS as at 31 December 2016 (expressed as a percentage of net assets, per Bloomberg classification)


Construction and Building Material 11.02 4.32

Chemicals 10.98 2.04

Banks and Financial Institutions 8.08 -

Internet Software 7.37 6.68





Pharmaceuticals And Cosmetics 5.78 1.22

Tobacco and Spirits 5.46 10.37

Insurance 5.14 -

Mechanics and Machinery 4.60 -

Retail 4.30 1.56

Public Services 2.73 0.54




Consumer Goods - 4.33

Real Estate Companies - 4.14

Aerospace Technology - 3.07

Various Capital Goods - 2.46


Open Foreign Exchange Forward Contracts (0.04) 0.13





35

ODEY ALLEGRA EUROPEAN FUND SIGNIFICANT PORTFOLIO CHANGES for the financial year ended 31 December 2016 (unaudited)

PURCHASES


EUR PURCHASES


Snam SpA 1,819,150 9,436,370 3.80

Merck KGaA 74,756 6,658,714 2.68

ARM Holdings Plc 362,690 6,331,866 2.55

British American Tobacco Plc 108,710 5,675,605 2.29

Alphabet Inc - A 8,029 5,470,504 2.20

Koninklijke Ahold NV 271,337 5,344,698 2.15

United States Treasury Note/Bond 3% 15/11/2045 5,400,000 5,268,901 2.12

Industria de Diseno Textil SA 172,805 5,219,585 2.10

Orange SA 307,604 4,801,023 1.93

TDC A/S 1,012,300 4,731,345 1.91

Fresnillo Plc 318,233 4,358,916 1.76

Facebook Inc 38,937 4,351,398 1.75

Heineken NV 53,840 4,282,170 1.73

DSV A/S 104,987 4,208,889 1.70

Deutsche Wohnen AG 147,688 4,065,203 1.64


Syngenta AG 10,081 3,716,443 1.50

SAP SE 45,275 3,659,514 1.47

SABMiller Plc 65,502 3,554,670 1.43

Taylor Wimpey Plc 1,693,922 3,493,114 1.41

Anheuser-Busch InBev NV 29,238 3,185,922 1.28

Bayer AG 32,469 3,010,238 1.21

Source Physical Gold P-ETC 25,003 2,941,940 1.19

GVC Holdings Plc 350,204 2,779,384 1.12

Kraft Heinz Co 34,300 2,739,646 1.10

ABB Ltd 141,692 2,723,920 1.10

Koninklijke Philips NV 101,698 2,720,073 1.10

Lam Research Corp 30,580 2,563,615 1.03

Jeronimo Martins SGPS SA 165,539 2,506,374 1.01

Tesco Plc 1,041,001 2,472,995 1.00


36

ODEY ALLEGRA EUROPEAN FUND SIGNIFICANT PORTFOLIO CHANGES for the financial year ended 31 December 2016 (unaudited) (continued)

SALES


EUR SALES


Alphabet Inc - A 24,227 16,281,325 4.72

Ryanair Holdings Plc 814,439 11,137,933 3.23

SABMiller Plc 207,248 10,859,604 3.15

Orange SA 630,027 9,663,276 2.80

BT Group Plc 1,687,921 9,649,801 2.80

Reckitt Benckiser Group Plc 111,645 9,530,389 2.76

Snam SpA 1,819,150 9,091,356 2.64

Heineken NV 106,311 8,171,582 2.37

Imperial Tobacco Group Plc 164,670 7,727,762 2.24

Dixons Carphone Plc 1,435,468 7,688,554 2.23

Inmarsat Plc 570,122 7,552,800 2.19

Sky Plc 527,655 6,949,713 2.01

Koninklijke Ahold NV 348,831 6,759,680 1.96

ARM Holdings Plc 362,690 6,309,651 1.83

British American Tobacco Plc 108,710 6,152,489 1.78

Grand City Properties SA 336,286 6,125,549 1.78

International Consolidated Airlines Group SA 809,276 5,841,769 1.69


TDC A/S 1,056,008 5,289,190 1.53

Taylor Wimpey Plc 2,712,811 5,200,271 1.51

Howden Joinery Group Plc 876,639 5,169,733 1.50

Fresnillo Plc 318,233 5,145,225 1.49

Kerry Group Plc 66,141 5,053,353 1.47

Nestle SA 69,253 4,794,236 1.39

Deutsche Wohnen AG 147,688 4,725,891 1.37

Reynolds American Inc 101,632 4,552,773 1.32

Merck KGaA 45,781 4,385,839 1.27


Industria de Diseno Textil SA 137,162 4,280,131 1.24

Facebook Inc 38,937 4,279,803 1.24

Vivendi SA 234,487 4,155,538 1.20

Lonza Group AG 28,098 4,127,068 1.20

Crest Nicholson Holdings Plc 694,646 4,103,165 1.19

Fresenius Medical Care AG & Co KGaA 51,069 3,993,652 1.16


DSV A/S 85,685 3,552,327 1.03

Syngenta AG 10,081 3,537,977 1.03


37


Odey Allegra International Fund Report for the financial year ended 31 December 2016





Performance

Euro O 176.49 164.13 -7.00 10.76 -17.76

Euro I 161.05 149.33 -7.28 10.76 -18.04

GBP O 203.24 218.91 7.71 28.22 -20.51

GBP D 184.13 198.32 7.71 28.22 -20.51

GBP A D 135.44 145.43 7.38 28.22 -20.84

USD O 150.83 136.20 -9.70 7.51 -17.21

AUD$ 131.26 118.73 -9.55 8.00 -17.55 *MSCI Daily TR Net World **Performance figures are presented net of fees

Summary of Fund Performance From 31 December 2015 to 31 December 2016 (“the period”), the Odey Allegra International Fund returned -7.00% (based on the principal share class – Euro O class) against the MSCI Daily TR Net World return of +10.76%. Positive returns over the period came from the Consumer Staples (+0.63%) and Energy (+0.51%) sectors. From a country perspective, the largest positive contribution came from Japan (+2.05%). Negative returns came primarily from the Consumer Discretionary (-8.13%) and Telecommunication Services (-1.55%) sectors, with the UK (-9.64%) and Finland (-1.94%) being the largest detractors by country. Notable positive returns came from holdings including Rohm (+0.77%) Sumitomo Mitsui Financial Group (+0.75%), Mitsubishi UFJ Financial Group (+0.61%). Negative returns came from holdings including Sky (-2.70%), Nokia (-1.94%) and Man Group (-1.69%).


38


Odey Allegra International Fund Report for the financial year ended 31 December 2016 (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 February 2017



39


Odey Allegra International Fund

EUR EUR


ASSETS

Financial Assets at Fair Value through Profit or Loss 3 615,728,282 1,204,450,395




Receivable on Sale of Investments 3,220 637,911

Other Receivables 14,129 18,575

TOTAL ASSETS 1,108,062,055 1,528,202,528

LIABILITIES

Financial Liabilities at Fair Value through Profit or Loss 3 658,364 2,473,703

Payable on Redemptions 2,405 2,329,923




Bank Overdrafts 10 - 350



1,410,774 5,882,938

NET ASSETS attributable to holders of redeemable participating shares 1,106,651,281 1,522,319,590




Shares In Issue Euro O Class 467,812.25 556,874.09

Net Asset Value Per Share Euro O Class €164.13 €176.49

Shares In Issue USD O Class 2,485,936.02 2,711,963.57

Net Asset Value Per Share USD O Class $136.20 $150.83

Shares In Issue GBP O Class 1,376,353.43 2,114,825.83

Net Asset Value Per Share GBP O Class £218.91 £203.24

Shares In Issue GBP D Class 1,128,830.77 1,248,903.86

Net Asset Value Per Share GBP D Class £198.32 £184.13

Shares In Issue GBP A D Class 72,371.37 85,878.49

Net Asset Value Per Share GBP A D Class £145.43 £135.44

Shares In Issues AUD$ Class 973,557.51 1,512,136.87

Net Asset Value Per Share AUD$ Class $118.73 $131.26 The accompanying notes form an integral part of the Financial Statements.


40



EUR EUR


INCOME


Dividends 12,236,763 19,605,774




Finance Cost (235,823) (94,040)

Transaction Costs* (1,757,741) (1,805,382)


EXPENSES




Audit Fees 7 17,041 17,041





(118,059,156) 128,547,182



41

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES For the financial year ended 31 December 2016


EUR EUR



1,522,319,590 1,943,839,479


(118,059,156) 128,547,182





1,106,651,281 1,522,319,590


Euro A Class 2,477.18 -

Euro O Class 25,851.41 125,493.83

Euro I Class - 44,151.18

USD O Class 2,294.22 64,175.76

GBP O Class 127,929.13 25,634.25

GBP D Class - 150,523.93

GBP A D Class - 3,361.80

AUD$ Class 177,069.49 164,158.68


Euro A Class (15,984.30) -

Euro O Class (114,913.25) (78,377.75)

Euro I Class (9,049.20) (180,183.98)

USD O Class (228,321.77) (119,458.16)

GBP R Class (738,472.40) -

GBP I Class (248,002.21) -

GBP O Class - (1,720,700.13)

GBP D Class - (430,189.11)

GBP A D Class - (51,606.65)

AUD$ Class (715,648.85) - The accompanying notes form an integral part of the Financial Statements.


42

STATEMENT OF CASH FLOWS For the financial year ended 31 December 2016 Odey Allegra International Fund

EUR EUR




(118,059,156) 128,547,182


Dividend income (12,236,763) (19,605,774)


Tax expense 478,374 953,440




Decrease in Receivable on Sales of Investments 634,691 626,523

Decrease/(Increase) in Other Receivables 4,446 (11,811)

Increase in Other Accrued Expenses (328,957) (309,017)




Taxation paid (478,374) (953,440)






Net increase in cash and cash equivalents 169,623,202 64,337,954



Analysis of Cash


Overdraft at the Beginning of the Financial Year (350) (15,692,425)



Overdraft at the End of the Financial Year - (350)




43

ODEY ALLEGRA INTERNATIONAL FUND SCHEDULE OF INVESTMENTS as at 31 December 2016


Description


EUR EUR




BERMUDA ISLANDS

Hiscox Ltd

456,429 GBP 2,843,883 5,438,012 0.49

Sylvania Platinum Ltd

2,483,208 GBP 1,815,078 236,365 0.02

4,658,961 5,674,377 0.51

BRAZIL

SLC Agricola SA

1,453,100 BRL 5,575,016 6,124,964 0.55

SLC Agricola SA 978,600 USD 3,748,394 4,137,290 0.37

9,323,410 10,262,254 0.92

CANADA

Franco-Nevada Corp

125,072 CAD 7,381,993 7,098,601 0.64

Kinross Gold Corp

4,462,185 USD 20,618,098 13,157,047 1.19

28,000,091 20,255,648 1.83

FINLAND Nokia OYJ 1,281,652 EUR 7,153,357 5,880,219 0.53

7,153,357 5,880,219 0.53

FRANCE Orange SA 1,102,170 EUR 16,109,055 15,909,824 1.44

Savencia SA 50,191 EUR 2,899,689 3,357,778 0.30

Vivendi SA

354,900 EUR 6,530,937 6,407,720 0.58

25,539,681 25,675,322 2.32

GERMANY

Borussia Dortmund GmbH & Co KGaA

5,700 EUR 22,865 29,988 -

Merck KGaA

58,942 EUR 5,738,494 5,844,099 0.53

Siemens AG

101,300 EUR 11,113,133 11,831,840 1.07

16,874,492 17,705,927 1.60

GREAT BRITAIN

BAE Systems Plc

4,520,890 GBP 29,269,354 31,327,424 2.83

Barclays Plc 8,443,340 GBP 18,278,866 22,102,461 2.00

Daily Mail & General Trust Plc

559,308 GBP 3,506,234 5,091,175 0.46

Howden Joinery Group Plc

782,018 GBP 2,481,480 3,516,153 0.32

Man Group Plc

16,952,439 GBP 20,769,913 23,494,323 2.12

Pendragon Plc

67,383,641 GBP 12,477,395 24,668,940 2.23

Rockhopper Exploration Plc

1,990,004 GBP 4,811,041 530,373 0.05

Sky Plc

8,317,088 GBP 82,539,890 96,558,598 8.73

Sports Direct International Plc

2,547,422 GBP 9,751,530 8,314,344 0.75

Tungsten Corp Plc

4,708,487 GBP 9,425,746 2,923,501 0.26

Vodafone Group Plc

6,226,172 GBP 16,396,847 14,577,104 1.32

209,708,296 233,104,396 21.07


44


Description


EUR EUR




GREECE

Alpha Bank AE

448,057 EUR 742,361 851,308 0.08

742,361 851,308 0.08

IRELAND

Greencore Group Plc

1,130,244 GBP 3,233,415 3,263,887 0.29

3,233,415 3,263,887 0.29

JAPAN

Dai-ichi Life Insurance Co Ltd

197,513 JPY 2,067,508 3,124,355 0.28

DMG Mori Co Ltd

993,384 JPY 9,030,513 11,450,256 1.04

Mitsubishi UFJ Financial Group Inc

5,255,300 JPY 23,982,775 30,766,098 2.78

ORIX Corp

274,234 JPY 3,951,734 4,066,005 0.37

Rohm Co Ltd

201,000 JPY 7,963,112 10,995,954 0.99

Shiseido Co Ltd

865,410 JPY 18,400,096 20,812,070 1.88

Sohgo Security Services Co Ltd

113,427 JPY 2,061,423 4,144,460 0.37

Sumitomo Mitsui Financial Group Inc

839,000 JPY 23,089,674 30,417,156 2.75

Tadano Ltd

101,667 JPY 1,239,635 1,216,493 0.11

91,786,470 116,992,847 10.57

JERSEY

Randgold Resources Ltd

868,100 GBP 64,222,645 65,239,769 5.90

64,222,645 65,239,769 5.90

NORWAY

Aker BP ASA

888,700 NOK 11,139,529 15,123,309 1.37

11,139,529 15,123,309 1.37

SOUTH AFRICA

Sibanye Gold Ltd

25,000 ZAR 83,811 44,007 -

83,811 44,007 -

SOUTH KOREA

Samsung Electronics Co Ltd

6,450 USD 4,086,226 4,568,049 0.41

4,086,226 4,568,049 0.41

UNITED STATES

EOG Resources Inc

55,686 USD 4,078,879 5,337,620 0.48


101,400 USD 21,543,073 23,019,892 2.08

25,621,952 28,357,512 2.56


502,174,697 552,998,831 49.96


45


Description


EUR EUR



LISTED SECURITIES : EXCHANGE TRADE COMMODITY

JERSEY


313,600 USD 31,815,668 32,718,760 2.96

31,815,668 32,718,760 2.96

TOTAL LISTED SECURITIES : EXCHANGE TRADE COMMODITY

31,815,668 32,718,760 2.96



OTHER TRANSFERABLE SECURITIES : UNLISTED SHARES

GREAT BRITAIN

Oxford Nanopore Technologies

543,922 GBP 14,394,471 29,630,268 2.68

14,394,471 29,630,268 2.68

TOTAL OTHER TRANSFERABLE SECURITIES : UNLISTED SHARES 14,394,471 29,630,268 2.68

TOTAL OTHER TRANSFERABLE SECURITIES

14,394,471 29,630,268 2.68



EUR EUR EUR

26/01/2017 RBC IS Bank Luxembourg EUR 85,157,353 JPY 84,839,709 317,644 0.03

26/01/2017 RBC IS Bank Luxembourg USD 46,271,592 JPY 46,791,478 (519,886) (0.05)

26/01/2017 RBC IS Bank Luxembourg EUR 5,993,035 BRL 6,131,513 (138,478) (0.01)

26/01/2017 RBC IS Bank Luxembourg JPY 14,629,143 USD 14,566,364 62,779 0.01

(277,941) (0.02)

TOTAL FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS 615,069,918 55.58


NET ASSETS 1,106,651,281 100.00



46


Description

Value Total

EUR Assets

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 585,717,591 52.86


29,630,268 2.67


380,423 0.04


492,333,773 44.43

TOTAL 1,108,062,055 100.00


47

ODEY ALLEGRA INTERNATIONAL FUND ECONOMIC DIVISION OF INVESTMENTS as at 31 December 2016 (expressed as a percentage of net assets, per Bloomberg classification)




Precious Metals 5.92 0.04


Aerospace Technology 2.83 -




Petrol 1.90 0.30



Mechanics and Machinery 1.15 1.27

Electronics and Electrical Equipment 1.07 0.34


Agriculture and Fishing 0.92 -

Retail 0.75 3.57

Mines and Heavy Industries 0.64 -


Other Services 0.37 -

Various Capital Goods 0.32 1.14

Insurance 0.28 0.98

Leisure - 0.19


Construction and Building Material - 4.14

Automobile Industry - 2.56

Internet Software - 1.29

Chemicals - 1.13

Public Services - 0.37







48

ODEY ALLEGRA INTERNATIONAL FUND SIGNIFICANT PORTFOLIO CHANGES for the financial year ended 31 December 2016 (unaudited)

PURCHASES


EUR PURCHASES

Gold Bullion Securities Ltd 1,274,000 129,251,153 13.11


Wells Fargo & Co 1,943,100 85,807,693 8.70



Alphabet Inc - A 71,350 50,647,269 5.14

Kinross Gold Corp 7,969,702 37,836,790 3.84


Sky Plc 3,101,683 31,851,506 3.23

BAE Systems Plc 4,520,890 29,269,354 2.97

Dai-ichi Life Insurance Co Ltd 2,576,537 25,892,339 2.63

Nokia OYJ 4,971,236 25,141,984 2.55

Mitsubishi UFJ Financial Group Inc 5,255,300 23,982,775 2.43

Sumitomo Mitsui Financial Group Inc 839,000 23,089,674 2.34

Rohm Co Ltd 581,000 23,017,751 2.33

Barclays Plc 11,148,706 21,632,858 2.19


DR Horton Inc 454,900 14,151,428 1.43

Franco-Nevada Corp 234,178 13,822,654 1.40

FANUC Corp 81,100 11,862,919 1.20

Amazon.com Inc 16,500 11,361,849 1.15

Aker BP ASA 888,700 11,139,529 1.13

Siemens AG 101,300 11,113,133 1.13

Merck KGaA 113,542 11,054,257 1.12

DMG Mori Co Ltd 1,323,600 10,930,554 1.11


49

ODEY ALLEGRA INTERNATIONAL FUND SIGNIFICANT PORTFOLIO CHANGES for the financial year ended 31 December 2016 (unaudited) (continued)

SALES


EUR SALES

Nokia OYJ 20,934,311 107,693,478 9.55



Wells Fargo & Co 2,076,295 88,424,780 7.84


Alphabet Inc - A 82,960 57,211,781 5.07

Sky Plc 4,965,474 53,801,340 4.77

DR Horton Inc 1,948,856 48,490,775 4.30


Dai-ichi Life Insurance Co Ltd 3,341,324 37,570,715 3.33


Telefonaktiebolaget LM Ericsson 2,516,379 21,368,242 1.89

Orange SA 1,581,686 21,076,876 1.87

Shiseido Co Ltd 924,290 20,526,697 1.82

Rohm Co Ltd 380,000 19,930,224 1.77

Toyota Industries Corp 512,887 17,978,229 1.59

Lonza Group AG 117,077 17,297,942 1.53

Barclays Plc 8,077,348 15,656,741 1.39


FANUC Corp 81,100 13,639,746 1.21

Ocado Group Plc 4,148,718 13,353,635 1.18

Man Group Plc 8,964,313 13,132,602 1.16

DMG Mori Co Ltd 1,458,122 12,721,921 1.13

Toyota Motor Corp 236,558 11,918,121 1.06

Amazon.com Inc 16,500 11,830,010 1.05

Panasonic Corp 1,560,520 11,508,399 1.02

Sports Direct International Plc 2,627,228 11,473,894 1.02


50

INVESTMENT MANAGER’S REPORT Odey Opportunity Fund Report for the financial year ended 31 December 2016





Performance

Euro I 221.69 226.46 2.15 3.84 -1.69

Euro R 145.78 148.17 1.64 3.84 -2.20

Euro I P 106.75 108.73 1.85 3.84 -1.99

Euro R P 99.71 101.41 1.70 3.84 -2.14

GBP I 245.35 252.21 2.80 5.45 -2.65

GBP R 155.48 158.69 2.06 5.45 -3.39

GBP I P 104.78 107.73 2.82 5.45 -2.63

GBP R P 95.71 97.44 1.81 5.45 -3.64

GBP WM 99.78 105.21 5.44 5.45 -0.01

GBP MW 107.94 114.31 5.90 5.45 0.45

USD I 231.85 239.31 3.22 4.39 -1.17

USD R 153.44 157.62 2.72 4.39 -1.67

USD I P 98.57 101.76 3.24 4.39 -1.15

USD R P 97.12 99.77 2.73 4.39 -1.66

CHF I 124.24 126.00 1.42 2.48 -1.06

CHF R 122.02 123.13 0.91 2.48 -1.57

CHF I P 98.34 99.98 1.67 2.48 -0.81

NOK I 141.92 135.78*** -4.33*** N/a 0.00

NOK R 136.54 140.45 2.86 N/a 0.00 *Index is 50% MSCI World EUR Hedged, 50% Citigroup 3-7 Year GBI **Performance figures are presented net of fees *** for the period 1 January 2016 to 17 June 2016

Summary of Fund Performance The fund finished the year +2.15% (based on the principal share class Euro I class) compared with the ARC EUR Balanced PCI index of +2.28%. In a difficult year for hedge funds and active managers generally, the fund has managed a steady recovery after a poor start. In the second half of the year, the fund made +6.73% compared with the ARC index of +4.43%. Looking forward into 2017, the ‘strong economy, weak politics’ theme continues to dominate the outlook. Looking purely at the economic situation, the recession fears of February/March appear to have faded away. Our proprietary based measure of economic growth continues to tick higher. In December, real global GDP growth was running at annualised rate of 3.6-3.7%. This represents an acceleration from the low of 2.5% recorded in Q2 2016 to 3.5% in December. According to Gavyn Davies in his FT blog, the most encouraging aspect of the recent pick-up in growth has been its synchronised nature. The recent acceleration has been the broadest since 2010 when improvements were more narrowly based or held back by falling growth in one important region. This time round, growth is broad based, even the Japan PMIs have finally turned higher. Of particular interest is the observation made by Davies that consensus GDP forecasts might in fact need to be upgraded in 2017 for the first time in many years. The emerging countries have ceased to be a drag on global activity thanks to stabilisation in Russia and Brazil and above trend growth in China. The overall impression is that the global industrial production cycle is no longer in recession and this could drive several quarters of above trend growth.


51

INVESTMENT MANAGER’S REPORT Odey Opportunity Fund Report for the financial year ended 31 December 2016 (continued) Trump’s impact on confidence since the election has been little short of dramatic. The Conference Board index surged to the highest since 2001, while the University of Michigan index rose to a 12-year high. While the liberal establishment seems to be fretting about the consequences of the Trump presidency and Republican Controlled Congress, the man in the street doesn't seem to care anything like as much. This improvement in confidence has not been restricted to the consumer. US business capex prospects have firmed noticeably during the last three months, in part reflecting the global cyclical improvement and in part boosted by Trump. The point is that rising overall confidence may have a greater impact on the economy than the detail of the proposed package may suggest. This Keynes’ effect is difficult to measure but recall the velocity of money has been heading down for several years, so any increase in inflationary expectations could be quite long lasting. So far in his timing, Trump appears to have the hallmarks of a ‘Lucky General’. The main risks to this short-term rosy economic scenario are 1) political and 2) structural. On the political front, if Trump plays the protectionist card too hard, this could undermine the global recovery. Where possible the new administration will seek to re-negotiate existing arrangements consistent with the stated ‘America First’ policy. This might not be as disruptive to global trade as some fear. While the overall US share of the global trade cake is likely to increase, as the overall cake is likely to continue rising, this should avert the risk of a messy slide into a trade war. However as with the coming Brexit negotiations, it remains a risk that political dogma prevents reasonable compromises from being reached. Finally, there remains significant political uncertainty with the forthcoming French and German elections later this year. The world still faces the same long-term structural challenges as before. It is not clear that pursuing a ‘debt on debt’ policy is going to lead to permanent escape velocity in either the United States or China. We acknowledge that the current cyclical picture has improved and the election of Trump has acted as a positive catalyst. Looking further ahead, we expect inflation to start rising across the developed and developing worlds and this will present fresh investment challenges. This should suit our nimble and tactical approach. Investment Conclusions: Interest Rates and Bonds: The bond portfolio remains positioned for 1) rising inflation 2) rising interest rates and 3) steepening yield curves. Therefore a robust economy with interest rates rising but not sufficiently strongly to put into reverse any of the three factors above. Supportive of this view would be 1) a Fed that is tolerant of continued negative real interest rates to support the recovery and 2) a broad global recovery that prevents the US Dollar from appreciating too quickly. The bond portfolio remains 75% invested in US and German index-linked bonds and 25% in corporate bonds. We are using short bond futures to hedge the interest rate risk and profit from the outperformance of inflation linked bonds on both an absolute and relative basis to conventional bonds. A strong economy will keep default rates low and therefore corporate bond spreads can continue to tighten.


52

INVESTMENT MANAGER’S REPORT Odey Opportunity Fund Report for the financial year ended 31 December 2016 (continued) Equities: There has been a step change in the performance of the equity market since the US election. For the last seven years, the market has been largely driven by the direction of interest rates. This has pushed up the PE multiple of the market and led to a sustained outperformance of steady, income generating stocks. Since the improvement in the global economy, the market is now much more sensitive to changes in earnings per share. This has led to a marked outperformance of value (purple line in chart below) versus growth (green line) stocks. The catalyst for this move has been the Trump victory but as the graph shows the move had already begun ahead of the election. The equity market has moved a long way in a short time and is probably overdue a correction. Once this has run its course we would expect the trend for value to outperform growth to continue. So far we have benefitted from this with our tilt towards financials and smaller companies. Currencies/Gold: If the US economy were growing in isolation to the rest of the world, then the US Dollar would strengthen at a rate that could undermine the recovery. However due to the broad based nature of the global recovery, this should keep a lid on US Dollar strength. While the Eurozone continues to recover, this will also increase the chances of an early taper which would support the Euro on a relative basis. So we are only modestly positive on the US Dollar at current exchange rates. Gold has corrected a long way and would benefit from any reversal in the strong US Dollar trend. Clearly this would be offset by the trend towards higher interest rates. The Fund Manager’s latest market views and commentary is available from the monthly report available at www.odey.com. Geoff Marsden Odey Asset Management LLP February 2017



53


Odey Opportunity Fund

EUR EUR


ASSETS





Receivable Management Fee Rebate - 24,859


TOTAL ASSETS 233,730,765 268,017,096

LIABILITIES

Financial Liabilities at Fair Value through Profit or Loss 3 1,302,267 474,710

Payable on Redemptions 1,150,575 160,628




Performance Fees Payable 7 442,813 65,106

Bank Overdrafts 10 - 328,687



3,151,101 1,328,969







Shares In Issue Euro I P Class 17,907.32 8,842.68

Net Asset Value Per Share Euro I P Class €108.73 €106.75

Shares In Issue Euro R P Class 2,286.18 978.18

Net Asset Value Per Share Euro R P Class €101.41 €99.71

Shares In Issue USD R Class 96,349.80 110,097.00

Net Asset Value Per Share USD R Class $157.62 $153.44

Shares In Issue USD I Class 62,522.16 85,682.47

Net Asset Value Per Share USD I Class $239.31 $231.85

Shares In Issue USD I P Class 80.00 681.99

Net Asset Value Per Share USD I P Class $101.76 $98.57

Shares In Issue USD R P Class 10,835.33 7,412.74

Net Asset Value Per Share USD R P Class $99.77 $97.12


Net Asset Value Per Share GBP R Class £158.69 £155.48 The accompanying notes form an integral part of the Financial Statements.


54


*This share class was fully redeemed on 17 June 2016. The accompanying notes form an integral part of the Financial Statements.


EUR EUR


Shares In Issue GBP R P Class 14,050.97 3,172.79

Net Asset Value Per Share GBP R P Class £97.44 £95.71



Shares In Issue GBP I P Class 2,823.42 2,822.47

Net Asset Value Per Share GBP I P Class £107.73 £104.78

Shares In Issues GBP M W Class 269,578.62 158,280.73

Net Asset Value Per Share GBP M W Class £114.31 £107.94

Shares In Issues GBP W M Class 154,126.12 51,113.85

Net Asset Value Per Share GBP M W Class £105.21 £99.78

Shares In Issue CHF R Class 46,381.48 64,384.86

Net Asset Value Per Share CHF R Class ₣123.13 ₣122.02

Shares In Issue CHF I Class 292,008.88 320,939.79

Net Asset Value Per Share CHF I Class ₣126.00 ₣124.24

Shares In Issue CHF I P Class 6,050.00 6,208.08

Net Asset Value Per Share CHF I P Class ₣ 99.98 ₣98.34

Shares In Issue NOK R Class 77,557.61 77,557.61

Net Asset Value Per Share NOK R Class kr140.45 kr136.54

Shares In Issue NOK I Class* - 54,763.06

Net Asset Value Per Share NOK I Class - kr141.92


55



EUR EUR


INCOME

Net (Loss)/Gain on on Investment Income 13 (11,257,575) 25,225,915

Dividends 1,650,790 1,363,854


Bond Interest 979,486 579,161



Finance Cost (121,790) (77,364)



EXPENSES




Performance Fees 7 459,043 86,810

Audit Fees 7 17,041 17,041





(12,847,737) 22,883,417



56



EUR EUR



266,688,127 248,713,928


(12,847,737) 22,883,417





230,579,664 266,688,127


Euro R Class 2,864.43 35,660.97

Euro I Class 7,649.00 7,230.17

Euro I P Class 17,053.27 7,115.38

Euro R P Class 1,544.04 978.18

USD R Class 12,181.03 16,629.35

USD I Class 67.24 8,485.05

USD I P Class - 681.99

USD R P Class 3,561.07 7,412.74

GBP R Class 14,596.95 27,000.02

GBP I Class 15,056.60 47,323.45

GBP M W Class 149,574.16 74,174.54

GBP R P Class 10,976.85 3,172.79

GBP W M Class 117,254.22 51,630.29

GBP I P Class 5.31 4,614.32

CHF R Class 3,000.00 5,600.00

CHF I Class 4,061.83 75,074.09

CHF I P Class 60.00 6,208.08


Euro R Class (59,640.96) (24,228.61)

Euro I Class (73,776.71) (36,428.81)

Euro I P Class (7,988.63) (1,602.14)

Euro R P Class (236.04) -

USD R Class (25,928.23) (17,113.26)

USD I Class (23,227.55) (18,339.39)

USD I P Class (601.99) -

USD R P Class (138.48) -

GBP R Class (15,860.41) (17,502.18)

GBP I Class (77,918.08) (63,505.06)

GBP I P Class (4.36) (15,451.25)

GBP M W Class (38,276.27) (36,257.53)

GBP R P Class (98.67) -

GBP W M Class (14,241.95) (516.44)

CHF R Class (21,003.38) (9,240.92)

CHF I Class (32,992.74) (148,892.46)

CHF IP Class (218.08) -

NOK I Class* (54,763.06) -

NOK Class - (11,000.00) *This share class was fully redeemed on 17 June 2016. The accompanying notes form an integral part of the Financial Statements.


57

STATEMENT OF CASH FLOWS For the financial year ended 31 December 2016 Odey Opportunity Fund

EUR EUR




(12,847,737) 22,883,417


Dividend income (1,650,790) (1,363,854)


Bond interest income (979,486) (579,161)

Tax expense 218,457 349,320



Decrease/(Increase) in financial Assets at Fair Value through Profit or Loss 66,081,090 (2,700,811)

Decrease in Receivable Management Fee Rebate 24,859 -

Increase in Other Receivables (290) (1,788)

Decrease in Other Accrued Expenses 333,315 24,962




Bond interest 1,070,796 522,419

Taxation paid (218,457) (349,320)









Analysis of Cash


Overdraft at the Beginning of the Financial Year (328,687) -



Overdraft at the End of the Financial Year - (328,687)




58

ODEY OPPORTUNITY FUND SCHEDULE OF INVESTMENTS as at 31 December 2016


Description


EUR EUR




CANADA

Kinross Gold Corp

300,000 USD 1,175,254 884,570 0.38

Silver Wheaton Corp

50,000 USD 771,279 915,857 0.40

1,946,533 1,800,427 0.78

FRANCE

AXA SA

109,000 EUR 2,204,135 2,614,365 1.13

BNP Paribas SA

42,000 EUR 2,120,705 2,543,100 1.10

Orange SA

159,000 EUR 2,223,598 2,295,165 1.00

6,548,438 7,452,630 3.23

GERMANY

Bayer AG

25,000 EUR 2,238,039 2,478,250 1.07

2,238,039 2,478,250 1.07

GREAT BRITAIN

BT Group Plc

540,000 GBP 2,217,813 2,321,066 1.01

2,217,813 2,321,066 1.01

IRELAND Ryanair Holdings Plc 153,500 EUR 2,095,584 2,226,518 0.97

2,095,584 2,226,518 0.97

ITALY

Cerved Information Solutions SpA

351,207 EUR 2,464,701 2,771,023 1.20

2,464,701 2,771,023 1.20

JERSEY

Shire Plc

41,700 GBP 2,351,645 2,288,226 0.99

2,351,645 2,288,226 0.99

LIBERIA

Royal Caribbean Cruises Ltd

16,000 USD 1,023,808 1,244,503 0.54

1,023,808 1,244,503 0.54

SINGAPORE

Broadcom Ltd

14,100 USD 2,222,402 2,363,078 1.02

2,222,402 2,363,078 1.02

SWITZERLAND

Roche Holding AG

11,000 CHF 2,493,915 2,386,764 1.04

2,493,915 2,386,764 1.04


59


Description


EUR EUR




UNITED STATES

Activision Blizzard Inc

33,000 USD 1,171,428 1,129,775 0.49

Alphabet Inc - A

4,650 USD 3,092,361 3,493,617 1.52

Amazon.com Inc

3,200 USD 1,933,061 2,275,026 0.99

Apple Inc

44,500 USD 4,459,448 4,886,457 2.12

Bank of America Corp

250,000 USD 3,317,218 5,238,208 2.27

Biogen Inc

4,000 USD 1,141,108 1,075,440 0.47

Bristol-Myers Squibb Co

24,500 USD 1,131,149 1,357,459 0.59

Celgene Corp

25,000 USD 2,397,478 2,743,541 1.19

Cognizant Technology Solutions Corp

53,668 USD 2,989,985 2,850,930 1.24

Discover Financial Services

44,500 USD 2,164,657 3,041,484 1.32

Estee Lauder Cos Inc

16,000 USD 1,145,732 1,160,313 0.50

Facebook Inc

42,700 USD 4,365,975 4,657,630 2.02


16,300 USD 2,410,729 3,700,436 1.60

Lam Research Corp

25,500 USD 2,264,553 2,556,165 1.11

Microsoft Corp

20,000 USD 723,382 1,178,289 0.51

Priceline Group Inc

2,500 USD 2,876,724 3,474,899 1.51

Regeneron Pharmaceuticals Inc

3,200 USD 1,088,604 1,113,712 0.48

TripAdvisor Inc

11,500 USD 564,485 505,575 0.22

39,238,077 46,438,956 20.15

TOTAL LISTED SECURITIES : SHARES 64,840,955 73,771,441 32.00

LISTED SECURITIES : BONDS

GERMANY

Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond 0.75% 15/04/2018 17,300,000 EUR 18,823,285 18,922,186 8.21

Deutsche Bundesrepublik Inflation Linked Bond 0.5% 15/04/2030 5,500,000 EUR 6,309,995 6,660,929 2.89

25,133,280 25,583,115 11.10

UNITED STATES

United States Treasury Inflation Indexed Bonds 0.125% 15/04/2021 17,800,000 USD 16,319,806 17,321,115 7.51

16,319,806 17,321,115 7.51

TOTAL LISTED SECURITIES : BONDS

41,453,086 42,904,230 18.61

LISTED SECURITIES : EXCHANGE TRADED FUNDS

IRELAND

iShares Euro Corporate Bond Large Cap UCITS ETF 34,000 EUR 4,712,872 4,598,330 1.99

iShares Euro High Yield Corporate Bond UCITS ETF 57,000 EUR 6,107,722 6,064,800 2.63

iShares USD Corporate Bond UCITS ETF

39,000 USD 4,167,480 4,174,913 1.81

iShares USD High Yield Corporate Bond UCITS ETF 66,000 USD 6,138,141 6,507,078 2.82

21,126,215 21,345,121 9.25

TOTAL LISTED SECURITIES : EXCHANGE TRADED FUNDS

21,126,215 21,345,121 9.25


60


Description


EUR EUR



LISTED SECURITIES : EXCHANGE TRADED COMMODITY

JERSEY


41,670 USD 4,648,477 4,347,547 1.89

4,648,477 4,347,547 1.89

TOTAL LISTED SECURITIES : EXCHANGE TRADED COMMODITY 4,648,477 4,347,547 1.89


OTHER TRANSFERABLE SECURITIES DEALT ON ANOTHER REGULATED MARKET

OTHER ORGANISED MARKET : BONDS

UNITED STATES

United States Treasury Inflation Indexed Bonds 0.625% 15/01/2026 19,700,000 USD 18,249,330 19,165,101 8.31

18,249,330 19,165,101 8.31

TOTAL OTHER ORGANISED MARKET : BONDS

18,249,330 19,165,101 8.31

TOTAL OTHER TRANSFERABLE SECURITIES DEALT ON AN OTHER REGULATED MARKET 18,249,330 19,165,101 8.31

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


EUR EUR EUR

03/01/2017 RBC IS Bank Luxembourg EUR 5,262 GBP 5,181 81 -

04/01/2017 RBC IS Bank Luxembourg EUR 805 CHF 805 - -

04/01/2017 RBC IS Bank Luxembourg CHF 283,917 EUR 284,380 (463) -

05/01/2017 RBC IS Bank Luxembourg GBP 192,372 EUR 193,222 (850) -

05/01/2017 RBC IS Bank Luxembourg EUR 80 GBP 80 - -

09/01/2017 RBC IS Bank Luxembourg GBP 231,801 EUR 230,807 994 -

09/01/2017 RBC IS Bank Luxembourg USD 74,516 EUR 74,977 (461) -

09/01/2017 RBC IS Bank Luxembourg EUR 1,976 GBP 1,985 (9) -

09/01/2017 RBC IS Bank Luxembourg EUR - USD - - -

26/01/2017 RBC IS Bank Luxembourg EUR 56,541,880 USD 55,750,533 791,347 0.34

26/01/2017 RBC IS Bank Luxembourg EUR 4,669,975 GBP 4,602,663 67,312 0.03

PORTFOLIO HEDGING

857,951 0.37

31/01/2017 RBC IS Bank Luxembourg CHF 40,241,327 EUR 40,290,733 (49,406) (0.02)

31/01/2017 RBC IS Bank Luxembourg GBP 119,438,757 EUR 119,892,384 (453,627) (0.20)

31/01/2017 RBC IS Bank Luxembourg NOK 1,185,664 EUR 1,184,337 1,327 -

31/01/2017 RBC IS Bank Luxembourg USD 29,582,465 EUR 29,977,248 (394,783) (0.17)

SHARE CLASS HEDGING

(896,489) (0.39)


61

Future Contracts

Maturity Number of contracts Unrealised % Net

Date Description Currency purchase/(sold) gain/(loss) Assets

EUR

08/03/2017 EURO BUND 08/03/2017

EUR (60) (141,000) (0.06)

17/03/2017 DAX-INDEX 17/03/2017

EUR 20 143,643 0.06

17/03/2017 EURO STOXX 50 PR 17/03/2017

EUR 570 598,500 0.26

17/03/2017 RUSSELL 2000 INDEX 17/03/2017

USD 185 (156,980) (0.07)

17/03/2017 S&P 500 EMINI INDEX 17/03/2017

USD 60 (90,021) (0.04)

22/03/2017 10Y TREASURY NOTES USA 22/03/2017 USD (190) 112,586 0.05

22/03/2017 10Y TREASURY NOTES USA 22/03/2017 USD (110) (14,667) (0.01)

452,061 0.19


161,946,963 70.23


NET ASSETS 230,579,664 100.00

* Geographical analysis is based on country of registration

(expressed in EUR) Fair % Total

Description

Value Assets

EUR



19,165,101 8.20


861,061 0.37

FUTURE CONTRACTS

854,729 0.37


70,481,535 30.15

TOTAL 233,730,765 100.00


62

ODEY OPPORTUNITY FUND ECONOMIC DIVISION OF INVESTMENTS as at 31 December 2016 (expressed as a percentage of net assets, per Bloomberg classification)

% Net Assets % Net Assets 31 December 31 December

2016 2015

States, Provinces and Municipalities 26.92 29.41

Investment Funds 9.25 6.85

Internet Software 7.51 10.56


Office Equipment and Computers 3.14 0.89

Biotechnology 3.13 2.65




Insurance 1.13 0.50


Chemicals 1.07 -

Retail 0.99 5.65



Leisure 0.54 0.96

Non-Ferrous Metals 0.38 0.44

Mortgage and Funding Institutions - 3.26

Petrol - 2.40

Real Estate Companies - 1.09

Mines and Heavy Industries - 1.00

Graphic Art and Publishing - 0.93

Textile - 0.93



Futures Contracts 0.19 0.12





63

ODEY OPPORTUNITY FUND SIGNIFICANT PORTFOLIO CHANGES for the financial year ended 31 December 2016 (unaudited)

PURCHASES


EUR PURCHASES


United States Treasury Note/Bond 2.25% 15/11/2025 47,800,000 44,702,414 11.04


United States Treasury Inflation Indexed Bonds 0.625% 15/01/2026 19,700,000 18,272,696 4.51


iShares USD High Yield Corporate Bond UCITS ETF 122,500 11,159,332 2.76

iShares Euro High Yield Corporate Bond UCITS ETF 105,500 11,156,281 2.76


iShares Euro Corporate Bond Large Cap UCITS ETF 71,500 9,795,450 2.42

iShares USD Corporate Bond UCITS ETF 94,000 9,743,948 2.41

Lyxor ETN Gold USD 93,500 9,662,428 2.39

Deutsche Bundesrepublik Inflation Linked Bond 1.75% 15/04/2020 5,400,000 6,634,774 1.64




Apple Inc 63,000 6,158,263 1.52

Bank of America Corp 460,000 5,903,497 1.46

Societe Generale SA 206,196 5,868,857 1.45

Bristol-Myers Squibb Co 94,500 5,168,118 1.28

Alphabet Inc - A 6,000 4,075,403 1.01

Amazon.com Inc 6,673 4,071,139 1.01


64

ODEY OPPORTUNITY FUND SIGNIFICANT PORTFOLIO CHANGES for the financial year ended 31 December 2016 (unaudited) (continued)

SALES


EUR SALES




Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2024 22,000,000 25,641,881 5.57

Lyxor ETN Gold USD 187,622 19,388,214 4.21

LYXOR UCITS ETF JPX-Nikkei 400 105,000 12,161,739 2.64


Spain Government Inflation Linked Bond 1% 30/11/2030 9,500,000 9,108,890 1.98



Spain Government Inflation Linked Bond 1.8% 30/11/2024 6,000,000 6,551,386 1.42


Societe Generale SA 206,196 6,463,944 1.40


iShares USD Corporate Bond UCITS ETF 55,000 5,797,881 1.26

Amazon.com Inc 8,200 5,284,906 1.15

iShares Euro Corporate Bond Large Cap UCITS ETF 37,500 5,160,065 1.12

iShares Euro High Yield Corporate Bond UCITS ETF 48,500 5,127,452 1.11

iShares USD High Yield Corporate Bond UCITS ETF 56,500 5,123,137 1.11

Silver Wheaton Corp 280,000 5,026,695 1.09


iShares MSCI Emerging Markets UCITS ETF DIST 180,000 4,709,207 1.02

Bristol-Myers Squibb Co 70,000 4,677,474 1.02

Activision Blizzard Inc 123,305 4,631,984 1.01


65


Odey Allegra Developed Markets Fund Report for the financial year ended 31 December 2016





Performance

USD I 130.07 117.88 -9.37 7.51 -16.88

USD R 120.61 108.76 -9.83 7.51 -17.34

GBP I 136.91 147.99 8.09 28.22 -20.13

GBP R 118.98 127.98 7.56 28.22 -20.66

GBP M 140.24 151.60 8.10 28.22 -20.12

Euro I 150.57 140.55 -6.65 10.76 -17.41 *MSCI Daily TR Net Europe **Performance figures are presented net of fees

Summary of Fund Performance From 31 December 2015 to 31 December 2016 (“the period”), the Odey Allegra Developed Markets Fund returned -9.37% (based on the principal share class – USD I class) against the MSCI Daily TR Net World return of +7.51%. Positive returns over the period came from the Telecommunication Services (+0.75%) sector and from a country perspective, South Korea (+1.00%). Negative returns came primarily from the Information Technology (-5.43%) and Industrials (-2.57%) sectors, with the UK (-7.48%) and the US (-2.43%) being the largest detractors by country. Notable positive returns came from holdings including Goldman Sachs Group (+1.40%), Samsung (+1.00%) and Serco Group (+0.98%). Negative returns came from holdings including IWG (-3.67%), Sports Direct (-2.39%) and Fitbit (-1.98%).


66


Odey Allegra Developed Markets Fund Report for the financial year ended 31 December 2016 (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 February 2017



67


Odey Allegra Developed Markets Fund

USD USD


ASSETS





Receivable on Sale of Investments - -

Other Receivables 5,222 436

TOTAL ASSETS 244,841,468 386,634,313

LIABILITIES

Financial Liabilities at Fair Value through Profit or Loss 3 - 366,080

Payable on Redemptions 627,293 230,095




Performance Fees Payable 7 - 1,192,434

Payable on Purchases of Investments 279,292 974,838

Bank Overdraft 10 3,557 -



1,107,999 3,077,142





Shares In Issue USD R Class 4,109.47 4,339.47

Net Asset Value Per Share USD R Class $108.76 $120.61




Net Asset Value Per Share GBP R Class £127.98 £118.98

Shares In Issue GBP I Class 1,132,802.86 1,609,990.34


Shares In Issues GBP M Class 9,815.95 25,596.68

Net Asset Value Per Share GBP M Class £151.60 £140.24 The accompanying notes form an integral part of the Financial Statements.


68



USD USD


INCOME

Net Loss on on Investment Income 13 (36,281,553) (6,561)

Dividends 8,135,336 5,227,799


Other Income 184,098 174,829

Dividend Withholding Tax Expense* (1,361,357) (881,237)

Finance Cost (2,938) (16,807)



EXPENSES




Performance Fees 7 - 1,309,061

Audit Fees 7 15,721 15,721




Decrease in Net Assets Attributable to Holders of Redeemable Participating Shares from Operations

(32,313,992) (158,648)



69


Odey Allegra Developed Market Fund

USD USD



383,557,171 367,319,577

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

(32,313,992) (158,648)




Net Assets attributable to holders of redeemable participating shares at the end of the financial year 243,733,469 383,557,171


EUR I Class 80,360.76 112,474.61

USD I Class 15,395.96 127,557.16

GBP R Class 201.04 2,006.24

GBP I Class 96,250.74 259,627.02

GBP M Class 622.95 6,792.49


Euro I Class (145,016.63) (47,254.78)

USD I Class (49,342.13) (305,148.86)

USD R Class (230.00) (500.00)

GBP R Class (430.96) (463.09)

GBP I Class (573,438.22) (114,288.02)

GBP M Class (16,403.68) (20,983.61) The accompanying notes form an integral part of the Financial Statements.


70

STATEMENT OF CASH FLOWS For the financial year ended 31 December 2016 Odey Allegra Developed Markets

USD USD



(Decrease) in net assets attributable to holders of redeemable participating shares from operations

(32,313,992) (158,648)

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

Dividend income (8,135,336) (5,227,799)


Tax expense 1,361,357 881,237

Operating loss before working capital changes (39,120,962) (4,509,263)


Decrease/(Increase) in financial Assets at Fair Value through Profit or Loss 134,719,315 (25,742,854)

Decrease in Receivable on Sales of Investments - 112,892

Increase in Other Receivables (4,786) (436)

(Decrease)/Increase in Other Accrued Expenses (2,003,818) 1,972,913

Cash provided by/(used in) operating activities 93,589,749 (28,166,748)



Taxation paid (1,361,357) (881,237)

Net cash provided by/(used in) operating activities 100,357,875 (23,821,588)




Net Cash flows (used in)/provided by financing activities (107,196,969) 15,621,646

Net decrease in cash and cash equivalents (6,839,094) (8,199,942)



Analysis of Cash


Overdraft at the Beginning of the Financial Year - -



Overdraft at the End of the Financial Year (3,557) -




71

ODEY ALLEGRA DEVELOPED MARKETS FUND

SCHEDULE OF INVESTMENTS as at 31 December 2016


Description Quantity Currency Cost Value Asset

USD USD




CANADA

Amaya Inc 1,547,000 CAD 24,741,254 21,929,426 9.00

Kinross Gold Corp 1,826,700 USD 10,079,569 5,681,037 2.33

34,820,823 27,610,463 11.33

FINLAND

Nokia OYJ 1,743,000 EUR 9,752,613 8,434,713 3.46

9,752,613 8,434,713 3.46

FRANCE

Vivendi SA 900,000 EUR 17,454,848 17,139,160 7.03

17,454,848 17,139,160 7.03

GREAT BRITAIN

AO World Plc 5,100,000 GBP 18,631,249 11,431,492 4.69

BT Group Plc 568,800 GBP 2,643,403 2,578,712 1.06

Serco Group Plc 6,610,000 GBP 14,320,586 11,704,237 4.80

Sports Direct International Plc 2,606,600 GBP 15,947,408 8,973,275 3.68

Tesco Plc 2,015,000 GBP 4,853,360 5,150,223 2.11

56,396,006 39,837,939 16.34

GREECE

Alpha Bank AE 2,216,900 EUR 4,748,550 4,442,723 1.82

4,748,550 4,442,723 1.82

ISLE OF MAN GVC Holdings Plc 630,000 GBP 5,219,971 5,001,602 2.05

Playtech Plc 1,155,000 GBP 14,085,510 11,788,472 4.84

19,305,481 16,790,074 6.89

ISRAEL

Plus500 Ltd 3,580,000 GBP 24,382,697 17,008,846 6.98

24,382,697 17,008,846 6.98

JAPAN

ORIX Corp 159,000 JPY 2,526,963 2,486,528 1.02

Shinmaywa Industries Ltd 85,000 JPY 744,211 765,937 0.31

SoftBank Group Corp 196,000 JPY 10,986,806 13,048,748 5.35

14,257,980 16,301,213 6.68

JERSEY

IWG Plc 7,395,000 GBP 24,524,151 22,478,574 9.22

Randgold Resources Ltd 44,600 GBP 3,897,832 3,535,306 1.45

Shire Plc 44,000 GBP 2,764,684 2,546,625 1.05

31,186,667 28,560,505 11.72

LUXEMBOURG

Grand City Properties SA 66,400 EUR 1,449,387 1,210,912 0.50

1,449,387 1,210,912 0.50


72


Description Quantity Currency Cost Value Asset

USD USD




SOUTH KOREA

Samsung Electronics Co Ltd 10,984 USD 4,840,448 6,513,512 2.67

4,840,448 6,513,512 2.67

UNITED STATES

Amazon.com Inc 6,100 USD 2,164,584 4,574,207 1.88

BMC Stock Holdings Inc 372,000 USD 6,691,261 7,254,000 2.98

Control4 Corp 155,200 USD 2,228,550 1,583,040 0.65

Delta Air Lines Inc 124,200 USD 5,120,097 6,109,398 2.51

Goldman Sachs Group Inc 44,000 USD 7,528,022 10,535,800 4.32

Liberty Media Corp-Liberty Formula One 246,600 USD 7,191,206 7,727,058 3.17

Och-Ziff Capital Management Group LLC 892,600 USD 5,442,827 2,954,506 1.21

SolarEdge Technologies Inc 465,100 USD 10,298,793 5,767,240 2.37

Southwest Airlines Co 121,300 USD 4,746,485 6,045,592 2.48

Sprint Corp 600,000 USD 4,966,626 5,052,000 2.07

56,378,451 57,602,841 23.64


274,973,951 241,452,901 99.06



241,452,901 99.06


NET ASSETS 243,733,469 100.00

* Geographical analysis is based on country of registration


Description

Value Total

USD Assets



3,388,567 1.38

TOTAL 244,841,468 100.00


73

ODEY ALLEGRA DEVELOPED MARKETS FUND ECONOMIC DIVISION OF INVESTMENTS as at 31 December 2016 (expressed as a percentage of net assets, per Bloomberg classification)


2016 2015

Other Services 14.02 5.09

Retail 12.36 14.29

Graphic Art and Publishing 10.21 -

Office Equipment and Computers 9.00 2.66




Internet Software 5.35 -


Leisure 4.84 9.40

Electronics and Electrical Equipment 3.02 0.52




Miscellaneous 2.05 -

Precious Metals 1.45 -

Biotechnology 1.04 -

Real Estate Companies 0.50 9.45

Mechanics and Machinery 0.31 -

Mortgage and Funding Institutions - 3.61


Contracts for Difference - (0.03)





74

ODEY ALLEGRA DEVELOPED MARKETS FUND SIGNIFICANT PORTFOLIO CHANGES for the financial year ended 31 December 2016 (unaudited)

PURCHASES


USD PURCHASES

SABMiller Plc 413,000 25,075,858 8.74

Vivendi SA 1,092,641 21,151,307 7.37

SoftBank Group Corp 285,000 15,975,713 5.57


Fitbit Inc 1,000,500 14,913,611 5.20

Amaya Inc 1,134,600 14,345,327 5.00

SolarEdge Technologies Inc 642,000 14,310,110 4.99

Kinross Gold Corp 2,260,000 12,470,481 4.35


Tesco Plc 4,685,801 11,165,867 3.89

Shire Plc 173,000 10,870,236 3.79

Valeant Pharmaceuticals International Inc 370,000 10,228,740 3.57

Apple Inc 87,500 8,485,372 2.96


Southwest Airlines Co 190,000 7,399,339 2.58

GVC Holdings Plc 917,590 7,386,678 2.58



Liberty Media Corp-Liberty Formula One 236,000 6,735,422 2.35

Nokia OYJ 1,274,000 6,252,467 2.18

Sprint Corp 600,000 4,966,626 1.73

Plus500 Ltd 852,628 4,477,908 1.56

CMC Markets Plc 1,095,000 3,771,113 1.31

Alstom SA 134,000 3,601,211 1.26


Samsung Electronics Co Ltd 8,256 3,321,108 1.16

BT Group Plc 685,000 3,183,423 1.11

CalAtlantic Group Inc 90,000 2,981,810 1.04


75

ODEY ALLEGRA DEVELOPED MARKETS FUND SIGNIFICANT PORTFOLIO CHANGES for the financial year ended 31 December 2016 (unaudited) (continued)

SALES


USD SALES

Nokia OYJ 4,343,500 27,688,677 7.47

SABMiller Plc 413,000 24,498,667 6.61

Amazon.com Inc 25,200 18,855,325 5.09

Playtech Plc 1,550,000 17,172,162 4.63

Sberbank of Russia 2,370,000 16,555,549 4.47


Plus500 Ltd 1,522,628 11,633,048 3.14



Fitbit Inc 1,000,500 9,633,896 2.60


Serco Group Plc 5,780,000 9,047,351 2.44

Deutsche Bank AG 475,000 8,608,428 2.32

Apple Inc 87,500 8,523,928 2.30

ORIX Corp 634,000 8,393,516 2.26



Valeant Pharmaceuticals International Inc 370,000 7,460,054 2.01

American Airlines Group Inc 221,000 7,453,134 2.01

Shire Plc 129,000 7,444,151 2.01

CalAtlantic Group Inc 216,368 7,208,893 1.94

Southwest Airlines Co 168,700 6,989,024 1.88

Barclays Plc 2,680,000 6,896,682 1.86

Tesco Plc 2,670,801 6,392,441 1.72

SoftBank Group Corp 89,000 5,665,351 1.53

Amaya Inc 399,300 5,578,370 1.50


Quanex Building Products Corp 282,000 5,111,433 1.38

AO World Plc 2,407,794 5,083,230 1.37

Ladbrokes Plc 2,500,000 4,960,109 1.34

GVC Holdings Plc 526,399 4,866,090 1.31

Orange SA 295,000 4,626,588 1.25

Ocado Group Plc 1,165,000 4,588,516 1.24


Inmarsat Plc 250,000 4,101,037 1.11

Cirrus Logic Inc 134,200 4,006,134 1.08

Vivendi SA 192,641 3,828,820 1.03



76


Odey European Focus Fund Report for the financial year ended 31 December 2016





Performance

A Euro 17.68 17.70 0.11 2.61 -2.50

A Euro Acc 11.03 11.05 0.18 2.61 -2.43

B Euro 17.45 17.38 -0.40 2.61 -3.01

A GBP 18.75 21.75 16.00 18.78 -2.78

Euro I 96.47 96.49 0.02 18.78 -18.76

GBP I 100.26 116.37 16.07 18.78 -2.71

GBP R 101.50 117.04 15.31 18.78 -3.47

GBP M 100.77 117.22 16.32 18.78 -2.46

Euro R 101.74 101.53 -0.21 18.78 -18.99

USD I 93.74 91.12 -2.79 -0.4 -2.39

USD R N/A 99.86*** -0.14 4.73 -4.87 *MSCI Daily TR Net World **Performance figures are presented net of fees *** Inception on 16 June 2016 and has been closed on 19 December 2016 at this NAV per share

Summary of Fund Performance From 31 December 2015 to 31 December 2016 (“the period”), the Odey European Focus Fund returned +0.11% (based on the principal share class – A Euro class) against the MSCI Daily TR Net Europe return of +2.61%. Positive returns over the period came from the Industrials (+1.77%) and Utilities (+0.63%) sectors and from a country perspective, Denmark (+1.58%) and the Netherlands (+0.93%). Negative returns came primarily from the Information Technology (-1.87%) and Materials (-0.11%) sectors, with Finland (-1.67%) and Sweden (-0.38%) being the largest detractors by country. Notable positive returns came from holdings including Royal Philips (+1.37%), Tesco (+1.14%) and Alstom (+1.08%) Negative contributions came from holdings including Nokia (-1.67%), Carrefour (-0.60%) and Lloyds Bank Group (-0.53%).


77


Odey European Focus Fund Report for the financial year ended 31 December 2016 (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 February 2017


78


Odey European Focus Fund

EUR EUR


ASSETS

Financial Assets at Fair Value through Profit or Loss 3 784,452,751 1,126,694,193


Receivable from Subscriptions 52,908,714 2,419,583


TOTAL ASSETS 1,126,527,553 1,345,788,625

LIABILITIES

Financial Liabilities at Fair Value through Profit or Loss 3 - 2,499

Payable on Redemptions 19,799,999 1,660,047



Investment Management Fees Payable 7 852,581 1,129,987

Performance Fees Payable 7 13,874 19,692

Payable on Purchases of Investments 30,923,986 3,986,999

Bank Overdrafts 10 1,138 564



51,735,556 6,909,921

NET ASSETS attributable to holders of redeemable participating shares 1,074,791,997 1,338,878,704


Shares In Issue A Euro Class 28,860,278.15 32,316,631.85

Net Asset Value Per Share A Euro Class €17.70 €17.68

Shares In Issue A Euro Acc Class 6,775,766.72 8,120,253.61

Net Asset Value Per Share A Euro Acc Class €11.05 €11.03

Shares In Issue B Euro Class 743,375.29 1,301,089.28

Net Asset Value Per Share B Euro Class €17.38 €17.45







Shares In Issue A GBP Class 14,425,082.55 23,695,161.66

Net Asset Value Per Share A GBP Class £21.75 £18.75 The accompanying notes form an integral part of the Financial Statements.


79




EUR EUR



Net Asset Value Per Share GBP R Class £117.04 £101.50



Shares In Issues GBP M Class 3,125.40 1,156.39

Net Asset Value Per Share GBP M Class £117.22 £100.77


80


Odey European Focus Fund*

EUR EUR


INCOME

Net Loss on Investment Income 13 (18,324,703) (48,696,398)

Dividends 22,409,352 8,051,148


Other Income 105,010 241,575

Dividend Withholding Tax (Expense)/Reclaim** (747,944) 1,847,320

Finance Cost (741,268) (216,819)

Transaction Costs** (1,329,562) (1,350,152)

Investment Profit/(Loss) 1,372,208 (40,121,414)

EXPENSES




Performance Fees 7 199,022 20,198

Audit Fees 7 6,906 6,906


Other Expenses** 218,762 68,586


Decrease in Net Assets Attributable to Holders of Redeemable Participating Shares from Operations

(11,571,242) (47,806,659)

*This Sub-Fund was launched on 30 June 2015. ** The 2015 figures contained in the financial statements have been reclassified to conform to current year presentation. These reclassifications do not have any effect on previously reported Net Asset Values. 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.


81


Odey European Focus Fund*

EUR EUR



1,338,878,704 -

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

(11,571,242) (47,806,659)


Issuance of shares 152,255,870 1,598,099,934


Net Assets attributable to holders of redeemable participating shares at the end of the financial year 1,074,791,997 1,338,878,704


A Euro Class 1,971,927.20 37,789,017.70

A Euro Acc Class 2,460,870.35 8,821,835.94

B Euro Class 161,545.58 2,633,386.42

EUR I Class 301,524.61 130,043.57

EUR R Class 447,184.80 1,239.75

USD R Class** 80.20 -

USD I Class 10,344.18 2,145.45

A GBP Class 8,875.00 26,872,108.60

GBP R Class - 1,788.88

GBP O Class 4,789.90 -

GBP I Class 106,181.60 291,882.21

GBP M Class 6,499.83 1,156.39


A Euro Class (5,428,280.90) (5,472,385.85)

A Euro Acc Class (3,805,357.24) (701,582.33)

B Euro Class (719,259.57) (1,332,297.14)

Euro I Class (115,590.31) (1,527.95)

EUR R Class (1,481.14) -

USD I Class (2,423.30) -

USD R Class** (80.20) -

A GBP Class (9,278,954.11) (3,176,946.94)

GBP O Class (5,195.63) -

GBP I Class (165,235.55) (2,573.95)

GBP M Class (4,530.82) - *This Sub-Fund was launched on 30 June 2015 **This share class was launched on 16 June 2016 The accompanying notes form an integral part of the Financial Statements.


82

STATEMENT OF CASH FLOWS For the financial year ended 31 December 2016 Odey European Focus Fund*

EUR EUR



Decrease in net assets attributable to holders of redeemable participating shares from operations

(11,571,242) (47,806,659)

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

Dividend income (22,409,352) (8,051,148)


Tax expense 747,944 (1,847,320)

Operating loss before working capital changes (33,233,973) (57,707,039)



(Increase)/Decrease in Other Receivables (13,944) 2,027,805

Increase in Other Accrued Expenses 26,687,608 5,246,811




Taxation paid (747,944) 1,847,320







Net Cash at the Beginning of the Financial Year 216,669,382 -


Analysis of Cash

Cash at Bank at the Beginning of the Financial Year 216,669,946 -

Overdraft at the Beginning of the Financial Year (564) -

Net Cash at the Beginning of the Financial Year 216,669,382 -


Overdraft at the End of the Financial Year (1,138) (564)


*This Sub-Fund was launched on 30 June 2015 The accompanying notes form an integral part of the Financial Statements.


83

ODEY EUROPEAN FOCUS FUND

SCHEDULE OF INVESTMENTS as at 31 December 2016


Description


EUR EUR




DENMARK

Danske Bank A/S

1,421,155 DKK 37,656,456 40,940,195 3.81

Nets A/S

1,320,991 DKK 22,226,091 21,958,735 2.04

TDC A/S

8,835,242 DKK 36,821,002 43,085,907 4.01

96,703,549 105,984,837 9.86

FRANCE

Alstom SA

2,222,008 EUR 47,328,093 58,161,059 5.41

Bouygues SA

1,052,858 EUR 33,309,664 35,844,551 3.34

Carrefour SA 945,555 EUR 26,908,321 21,643,753 2.01

Orange SA 5,889,172 EUR 82,040,675 85,010,198 7.91

Vivendi SA 3,564,578 EUR 73,729,704 64,358,455 5.99

263,316,457 265,018,016 24.66

GERMANY

Bayer AG

571,249 EUR 50,406,094 56,627,913 5.27

Deutsche Telekom AG

1,875,228 EUR 28,594,422 30,669,354 2.86

Uniper SE

2,613,046 EUR 29,008,873 34,270,098 3.19

108,009,389 121,567,365 11.32

GREAT BRITAIN Centrica Plc 17,826,986 GBP 64,065,665 48,890,597 4.55

Fresnillo Plc

580,756 GBP 8,613,045 8,307,213 0.77

Tesco Plc

33,031,104 GBP 71,453,029 80,043,233 7.45

144,131,739 137,241,043 12.77

ISLE OF MAN

Playtech Plc

1,413,865 GBP 14,819,702 13,681,509 1.27

14,819,702 13,681,509 1.27

LUXEMBOURG

SES SA

1,241,478 EUR 24,154,418 25,977,927 2.42

24,154,418 25,977,927 2.42

NETHERLANDS Koninklijke KPN NV 14,667,713 EUR 45,443,536 41,274,944 3.84

Koninklijke Philips NV 1,968,202 EUR 45,135,675 57,077,859 5.31

90,579,211 98,352,803 9.15

SWEDEN

Hennes & Mauritz AB

627,571 SEK 18,177,034 16,596,350 1.54

18,177,034 16,596,350 1.54


759,891,499 784,419,850 72.99



84



EUR EUR EUR

03/01/2017 RBC IS Bank Luxembourg GBP 6,435,836 EUR 6,402,935 32,901 -

PORTFOLIO HEDGING

32,901 -


784,452,751 72.99


NET ASSETS 1,074,791,997 100.00



Description

Value Total

EUR Assets



32,901 -


342,074,802 30.37

TOTAL 1,126,527,553 100.00


85

ODEY EUROPEAN FOCUS FUND ECONOMIC DIVISION OF INVESTMENTS as at 31 December 2016 (expressed as a percentage of net assets, per Bloomberg classification)


2016 2015


Retail 11.00 6.27

Public Services 7.74 3.65




Chemicals 5.27 4.24



Holding and Finance Companies 2.04 -

Leisure 1.27 0.79



Other Services - 4.83

Forest Products and Paper Industry - 4.52

Tobacco And Spirits - 4.13

Food and Distilleries - 3.45

Pharmaceuticals and Cosmetics - 2.55

Aerospace Technology - 2.54

Transportation - 1.63


Open Foreign Exchange Forward Contracts - -





86

ODEY EUROPEAN FOCUS FUND SIGNIFICANT PORTFOLIO CHANGES for the financial year ended 31 December 2016 (unaudited)

PURCHASES


EUR PURCHASES

Bayer AG 700,321 61,717,061 8.51

Alstom SA 2,625,671 55,843,307 7.70

Hennes & Mauritz AB 1,890,291 55,770,591 7.69

Tesco Plc 20,886,962 45,545,898 6.28

TDC A/S 10,375,453 43,144,514 5.95

SES SA 2,091,721 40,637,111 5.60

Bouygues SA 1,239,473 39,225,670 5.41

ARM Holdings Plc 1,871,841 37,666,328 5.19

SABMiller Plc 649,156 33,981,402 4.69

Carrefour SA 1,421,944 33,159,745 4.57

Uniper SE 2,821,371 31,281,652 4.31

Deutsche Telekom AG 1,988,667 30,311,531 4.18

Syngenta AG 71,571 28,053,323 3.87

Nets A/S 1,350,429 22,723,558 3.13

Vivendi SA 1,257,568 22,215,256 3.06


Fresnillo Plc 1,546,472 21,049,568 2.90

USG People NV 1,169,654 20,059,838 2.77

Fomento de Construcciones y Contratas SA 2,585,925 19,574,982 2.70

Nokia OYJ 3,732,698 19,397,240 2.67

Centrica Plc 5,248,754 12,050,363 1.66

Roche Holding AG 37,488 8,624,647 1.19


87

ODEY EUROPEAN FOCUS FUND SIGNIFICANT PORTFOLIO CHANGES for the financial year ended 31 December 2016 (unaudited) (continued)

SALES


EUR SALES

SABMiller Plc 1,650,262 85,670,504 8.98

Nokia OYJ 15,427,970 76,387,778 8.00

Svenska Cellulosa AB SCA 2,389,169 64,083,334 6.71

Lonza Group AG 379,928 56,329,197 5.90

Carrefour SA 2,156,546 49,596,819 5.20

Suedzucker AG 2,515,576 42,890,888 4.49

Lloyds Banking Group Plc 47,672,611 40,575,687 4.25

Danske Bank A/S 1,446,036 38,046,262 3.99

ARM Holdings Plc 1,871,841 37,939,750 3.97

Securitas AB 2,641,288 36,016,878 3.77

Fresenius Medical Care AG & Co KGaA 441,390 33,586,555 3.52

Hennes & Mauritz AB 1,262,720 33,202,411 3.48

Cie de Saint-Gobain 830,586 28,997,188 3.04

International Consolidated Airlines Group SA 4,130,410 28,165,518 2.95

Syngenta AG 71,571 27,034,845 2.83

Adecco SA 435,017 24,629,439 2.58


TNT Express NV 2,830,971 22,110,838 2.32

USG People NV 1,169,654 20,466,568 2.14

Fomento de Construcciones y Contratas SA 2,585,925 19,651,441 2.06

SES SA 850,243 17,551,967 1.84

Deutsche Bank AG 878,350 17,434,128 1.83

Orange SA 1,107,082 15,724,793 1.65

Tesco Plc 7,214,505 15,716,921 1.65

Fresnillo Plc 965,716 12,728,347 1.33

Bayer AG 129,072 11,733,028 1.23

Vivendi SA 664,154 11,709,672 1.23

Centrica Plc 3,963,486 10,224,608 1.07


89

COMBINED STATEMENT OF COMPREHENSIVE INCOME For the financial year ended 31 December 2016

Total Total

EUR EUR


INCOME


Dividends 47,206,591 44,000,631


Bond Interest 995,411 579,161

Other Income 457,811 457,282

Dividend Withholding Tax Expense* (2,830,612) (881,969)

Finance Cost (1,172,289) (473,657)

Transaction Costs* (4,638,981) (4,850,183)


EXPENSES

Administration, Registrar and Transfer Agent Fees 7 958,305 1,066,619



Performance Fees 7 658,492 1,287,861

Audit Fees 7 89,274 89,235





(212,654,717) 134,305,098

* The 2015 figures contained in the financial statements have been reclassified to conform to current year presentation. These reclassifications do not have any effect on previously reported Net Asset Values. The Company has no recognised gains or losses other than those stated above. Excluding Odey Allegra European Fund which was closed on 31 March 2017, all gains and losses were generated by continuing operations. The accompanying notes form an integral part of the Financial Statements.


90

COMBINED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES For the financial year ended 31 December 2016

Total Total

EUR EUR



3,895,739,555 3,026,080,191


(212,654,717) 134,388,279

Translation Adjustment 2 4,330,691 34,898,527


Issuance of shares 291,224,299 1,963,548,258

Redemptions of shares (1,222,350,922) (1,263,175,700)

Net Assets attributable to holders of redeemable participating shares at the end of the financial year 2,756,288,906 3,895,739,555



91

COMBINED STATEMENT OF CASH FLOWS For the financial year ended 31 December 2016 Total Total

EUR EUR




(212,654,717) 134,388,279

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

Dividend income (47,206,591) (44,000,631)


Bond interest income (995,411) (579,161)

Tax expense 2,830,612 881,969



Decrease/(Increase) in financial Assets at Fair Value through Profit or Loss 1,369,465,122 (609,880,827)

(Increase)/Decrease in Receivable on Sales of Investments (3,815,016) 727,765

Decrease in Receivable Management Fee Rebate 24,859 -

Increase in Other Receivables (13,880) (19,361)

Increase in Other Accrued Expenses 24,554,684 6,101,546

Cash provided by/(used in) operating activities 1,131,507,006 (512,913,125)



Bond interest 1,086,721 522,419

Taxation paid (2,830,612) (881,969)

Net cash provided by/(used in) operating activities 1,178,115,202 (468,473,377)


Payments of redemptions of shares (1,205,683,378) (1,260,785,363)

Proceeds from issue of shares 241,716,088 1,966,625,733




Translation Adjustment 4,330,691 34,898,527


Analysis of Cash


Overdraft at the Beginning of the Financial Year (333,644) (15,930,391)



Overdraft at the End of the Financial Year (4,712) (333,644)




92

NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2016

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 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 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. 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 years affected.

The financial statements are prepared on a going concern basis. On 31 March 2017 the Directors decided to close the Odey Allegra European Fund as it is no longer economic to run this Sub-Fund. The Odey Allegra European Fund represents only 1.8% of the Net Assets attributable to holders of redeemable participating shares of the Company as at 31 December 2016 therefore the Directors consider the going concern assumption for the Company remains appropriate. The Directors have reviewed the proposed wind down costs of the Odey Allegra European Fund and do not consider any adjustments are required on the grounds of materiality.

Financial assets and liabilities at fair value through profit and loss IAS 39 - Financial Instruments: Recognition and Measurement (“IAS 39”), 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 The Company classifies its investment securities as financial assets and liabilities at fair value through profit or loss: held for trading, in accordance with IAS 39. Financial assets and liabilities held for trading include equities, bonds, exchange traded funds, exchange traded commodities and forwards which are acquired principally for the purpose of generating a profit from short term fluctuations in price.

Financial instruments categorised at fair value through profit or loss are measured initially at fair value, with transaction costs for such instruments being recognised directly in the Statement of Comprehensive Income.

(ii) Initial Measurement Purchases and sales of financial instruments are accounted for at trade date.

(iii) Subsequent measurement After initial measurement, the Company measures financial instruments which are classified as at fair value through profit or loss, at their fair value. 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. The fair value of financial instruments is based on their quoted market prices on a recognised exchange at the balance sheet date without any deduction for estimated future selling costs.

a) 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


93

NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2016 (continued) 2. Principal Accounting Policies (continued)

Financial assets and liabilities at fair value through profit and loss (continued) (iii) Subsequent measurement (continued) 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. The Directors or a competent person selected by the Directors and approved for such purpose by the Depositary, in consultation with the Investment Manager, may adjust or may instruct the Administrator to adjust the value of any such assets if, in relation to currency, marketability and such other considerations as they deem relevant, they consider that such adjustment is required to reflect the fair value thereof with the approval of the Depositary. 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, 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; b) if the assets are listed on several Recognised Exchanges, the closing price on the Recognised Exchange which, in the opinion of the Administrator, in consultation with the Investment Manager, constitutes the main market for such assets, will be used; c) in the event that any of the assets or liabilities on the relevant Valuation Day are not listed or dealt on any Recognised Exchange, such assets shall be valued by a 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. The approach taken to establish the probable realisation value for such assets is to use cost or last traded price. The competent person may be Odey Asset Management LLP (the “Investment Manager”); d) units or shares in collective investment schemes (other than those valued pursuant to paragraph (a), (b) or (c) above) will be valued at the latest available net asset value of the relevant collective investment scheme as obtained from the underlying fund administrator. The net asset values of the collective investment schemes may subsequently be adjusted when audited Financial Statements for those collective investment schemes become available; e) forward foreign exchange contracts will be valued by an independent price source by reference to the price at close of business on the Valuation Day at which a new forward contract of the same size and maturity could be undertaken. A forward currency contract involves an obligation to purchase or sell a specific currency at a future date at a price set at the time the contract is made. Forward currency contracts are valued by reference to the forward price at which a new forward contract of the same size and maturity could be undertaken at the valuation date. The unrealised gain or loss on open forward currency contracts is calculated as the difference between the contract rate and this forward price and is included in the Statement of Comprehensive Income. (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 IAS 39. 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 Results arising from trading activities include all gains and losses arising from changes in the fair value of financial instruments.


94


Financial assets and liabilities at fair value through profit and loss (continued) New Standards, amendments and interpretations issued but not effective and not yet adopted A number of new standards, amendments to standards and interpretations in issue are not yet effective, and have not been applied in preparing these financial statements. None of these are currently expected to have a material effect on the financial statements of the Company, noted below as follows:

IFRS 9, ‘Financial instruments’ – The IASB has published a final version of IFRS 9. The new standard replaces IAS 39 Financial Instruments: Recognition and Measurement and the earlier versions of IFRS 9. IFRS 9 includes a logical model for classification and measurement of financial instruments, a single, forward-looking “expected loss” impairment model and substantially-reformed approach to hedge accounting. IFRS 9 is effective for annual years beginning on or after 1 January 2018. The standard is not expected to have a significant impact on the Company’s measurement basis, financial position or performance, as it is expected that the Company will continue to classify its financial assets and financial liabilities as being at fair value through profit or loss.

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. The Net Asset Value per share of each share class in that Sub-Fund is calculated by dividing the Net Asset Value of such Sub-Fund by the number of Shares in issue in respect of each share class in that Sub-Fund. Where a Sub-Fund is made up of more than one class of Shares, the Net Asset Value of each share class in that class of Shares is calculated by determining that part of the Net Asset Value of each Sub-Fund attributable to each such class of Shares and dividing this value by the number of Shares of that class in issue. 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 transaction cost figures for the financial year ended 31 December 2015 have been restated to include transaction costs that were previously included in other expenses. 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. 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. 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 year. Bank Interest is charged on any overdrawn account as well as on positive Euro bank balances.


95


Interest Income and Interest Expense (continued) 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 year. 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 year 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 year. 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 year to which they relate. Dividend Income Income is shown gross of any non-recoverable withholding taxes, which is disclosed separately in the Statement of Comprehensive Income. Dividend withholding tax is shown net of any tax credits and reclaims. The table below presents the successful tax reclaim paid to each Sub-Fund during the financial year ended 31 December 2016 and 31 December 2015.


EUR EUR

Spanish tax reclaim

Odey Allegra European Fund - 4,039

Norwegian tax reclaim

Odey Pan European Fund - 33,140


Odey Allegra International Fund - 138,405

Swedish tax reclaim

Odey Pan European Fund - 216,689


Odey Allegra International Fund - 1,232,734

Odey Opportunity Fund - 13,163

German tax reclaim

Odey Pan European Fund 12,202 -

Odey Allegra European Fund 20,389 -

Odey Allegra International Fund 72,427 -

Odey European Focus Fund 323,998 -

France tax reclaim

Odey Pan European Fund 46,118 -

Odey Allegra European Fund 49,434 -

Odey Allegra International Fund 287,775 -

Odey European Focus Fund - 2,807,584


96


Functional and Presentation Currency The functional currency of Odey Pan European Fund, Odey Allegra 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 USD. 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 year 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 year balance sheet date are retranslated at the closing rate at the current financial year balance sheet date. The translation adjustment has no effect on the Net Asset Value of any Sub-Fund. For the financial year ended 31 December 2016, the translation adjustment was €4,330,692 (31 December 2015: €34,898,527).

Cash and Cash Equivalents Cash and cash equivalents comprises of deposits with banks and bank overdrafts held at RBC Investor Services Bank S.A., The Royal Bank of Scotland plc and Morgan Stanley&Co. (31 December 2015: RBC Investor Services Bank S.A. and The Royal Bank of Scotland plc and Morgan Stanley&Co. No collateral is held as at 31 December 2016 (31 December 2015: Deutsche Bank AG). See Note 10 for further details.

Bank Overdraft As at 31 December 2016 and 31 December 2015, the bank overdrafts held by the Sub-Funds are caused by timing differences relating to the settlement cycle of investments, 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.

3. Financial Instruments at Fair Value through Profit or Loss

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 Company does not designate any derivatives as hedges for hedge accounting purposes as described under IAS 39). The derivative contracts that the Company may hold or issue are forward foreign exchange currency contracts, options, swaps and contracts for difference.


97

NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2016 (continued) 3. Financial Instruments at Fair Value through Profit or Loss (continued)

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 31 December 2016 (accounting policies used to value all investments are detailed in Note 2):

Quoted Significant

Balance at prices in other Significant

31 active observable unobservable

December markets inputs inputs

Odey Pan European Fund 2016 (Level 1) (Level 2) (Level 3)

EUR EUR EUR EUR

Financial assets at fair value

through profit or loss

Investments in transferable

securities, at fair value:

Shares 53,974,339 50,421,847 - 3,552,492

Exchange Traded Commodities 2,331,838 2,331,838 - -

FX Contracts 6,366 - 6,366 -

56,312,543 52,753,685 6,366 3,552,492

Financial liabilities at fair value


FX Contracts (11,357) - (11,357) -

(11,357) - (11,357) -


98


Fair Value Hierarchy (continued)

Quoted Significant Balance at prices in other Significant


December markets inputs inputs

Odey Pan European Fund 2015 (Level 1) (Level 2) (Level 3)

EUR EUR EUR EUR Financial assets at fair value



securities, at fair value

Shares 177,518,458 172,473,737 - 5,044,721

Treasury bills 29,271,860 29,271,860 - -

FX Contracts 6,802 - 6,802 -

206,797,120 201,745,597 6,802 5,044,721 Financial liabilities at fair value


FX Contracts (92,882) - (92,882) -

(92,882) - (92,882) -

Quoted Significant Balance at prices in other Significant 31 active observable unobservable December markets inputs inputs

Odey Allegra European Fund 2016 (Level 1) (Level 2) (Level 3)

EUR EUR EUR EUR

Financial assets at fair value through profit or loss


securities, at fair value Shares 47,305,260 47,305,260 - -

FX Contracts 13,295 - 13,295 -

47,318,555 47,305,260 13,295 -

Financial liabilities at fair value through profit or loss

FX Contracts (36,373) - (36,373)

(36,373) - (36,373) -



December markets inputs inputs Odey Allegra European Fund 2015 (Level 1) (Level 2) (Level 3)

EUR EUR EUR EUR Financial assets at fair value through profit or loss Investments in transferable securities, at fair value Shares 153,523,509 153,523,509 - - FX Contracts 358,019 - 358,019 -

153,881,528 153,523,509 358,019 -

Financial liabilities at fair value through profit or loss FX Contracts (132,125) - (132,135) -

(132,135) - (132,135) -


99





December markets inputs inputs Odey Allegra International Fund 2016 (Level 1) (Level 2) (Level 3)

EUR EUR EUR EUR Financial assets at fair value through profit or loss Investments in transferable securities, at fair value Shares 582,629,099 552,998,831 - 29,630,268 Exchange Traded Commodities 32,718,760 32,718,760 - - FX Contracts 380,423 - 380,423 -

615,728,282 585,717,591 380,423 29,630,268


FX Contracts (658,364) - (658,364) -

(658,364) - (658,364) -



December markets inputs inputs Odey Allegra International Fund 2015 (Level 1) (Level 2) (Level 3)

EUR EUR EUR EUR Financial assets at fair value through profit or loss Investments in transferable securities, at fair value Shares 936,422,301 900,559,517 - 35,862,784 Treasury bills 266,943,042 266,943,042 - - FX Contracts 1,085,052 - 1,085,052 -

1,204,450,395 1,167,502,559 1,085,052 35,862,784


FX Contracts (2,473,703) - (2,473,703) -

(2,473,703) - (2,473,703) -


100





December markets inputs inputs Odey Opportunity Fund 2016 (Level 1) (Level 2) (Level 3)

EUR EUR EUR EUR Financial assets at fair value through profit or loss Investments in transferable securities, at fair value:

Shares 73,771,441 73,771,441 - - Bonds 62,069,331 62,069,331 - - Exchange Traded Funds 21,345,121 21,345,121 - - Exchange Traded Commodities 4,347,547 4,347,547 - - Future Contracts 854,729 854,729 - - FX Contracts 861,061 - 861,061 -

163,249,230 162,388,169 861,061 -

Financial liabilities at fair value through profit or loss FX Contracts (899,599) - (899,599) - Future Contracts (402,668) (402,668) -

(1,302,267) (402,668) (899,599) -



December markets inputs inputs Odey Opportunity Fund 2015 (Level 1) (Level 2) (Level 3)

EUR EUR EUR EUR Financial assets at fair value through profit or loss Investments in transferable securities, at fair value:

Shares 122,420,849 122,420,849 - - Bonds 60,421,868 60,421,868 - - Exchange Traded Funds 18,266,881 18,266,881 - - Treasury bills 18,003,365 18,003,365 - - Options 89,754 89,754 - - Warrants 8,684,386 8,684,386 - - Future Contracts 304,606 304,606 - - FX Contracts 311,054 - 311,054 -

228,502,763 228,191,709 311,054 -

Financial liabilities at fair value through profit or loss FX Contracts (474,710) - (474,710) -

(474,710) - (474,710) -


101



Quoted Significant

Balance at prices in other Significant


December markets inputs inputs Odey Allegra Developed Markets Fund 2016 (Level 1) (Level 2) (Level 3)

USD USD USD USD Financial assets at fair value through profit or loss


securities, at fair value Shares 241,452,901 241,452,901 - -

241,452,901 241,452,901 - -



December markets inputs inputs Odey Allegra Developed Markets Fund 2015 (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 376,261,006 376,261,006 - - Contracts for Difference 277,290 - 277,290 -

376,538,296 376,261,006 277,290 -


Contracts for Difference (366,080) - (366,080) -

(366,080) - (366,080) -


102



Quoted Significant Balance at prices in other Significant 31 active observable unobservable December markets inputs inputs Odey European Focus Fund 2016 (Level 1) (Level 2) (Level 3)

EUR EUR EUR EUR Financial assets at fair value through profit or loss

Investments in transferable securities, at fair value:

Shares 784,419,850 784,419,850 - - FX Contracts 32,901 - 32,901 -

784,452,751 784,419,850 32,901 -

Quoted Significant Balance at prices in other Significant 31 active observable unobservable December markets inputs inputs Odey European Focus Fund 2015 (Level 1) (Level 2) (Level 3)

EUR EUR EUR EUR Financial assets at fair value through profit or loss

Investments in transferable securities, at fair value: Shares 1,036,626,051 1,036,626,051 - - Treasury bills 90,068,142 90,068,142 - -

1,126,694,193 1,126,694,193 - -


FX Contracts (2,499) - (2,499) -

(2,499) - (2,499) -

Details of assets categorised as Level 3 held at the reporting date are as follows:


Fair Value EUR % Net Assets Fair Value EUR % Net Assets


Oxford Nanopore Technologies 3,552,492 5.59 5,044,721 2.09


Oxford Nanopore Technologies 29,630,268 2.68 35,862,389 2.36

Imagelinx Plc - - 395 -

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 31 December 2016 Oxford Nanopore Technologies was valued at the most recent valuation by Odey Asset Management LLP (the “Investment Manager”) being the last traded 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 year.


103



The following table presents the movement in Level 3 instruments for the financial year ended 31 December 2016 by class of financial instrument.

Odey Pan European Fund Unquoted securities at fair

value through profit or loss

EUR

Opening balance 5,044,721 Total realised gain 322,795 Total movement in unrealised (loss)/gain (758,136) Purchases - Sales (1,056,888) Transfers into or out of Level 3 -

Closing balance 3,552,492

Odey Allegra International Fund Unquoted securities at fair


EUR

Opening balance 35,862,784 Total realised gain 1,356,535 Total movement in unrealised (loss)/gain (3,136,220) Purchases - Sales (4,452,831) Transfers into or out of Level 3 -


The following table presents the movement in Level 3 instruments for the financial year ended 31 December 2015 by class of financial instrument.

Odey Pan European Fund Unquoted securities at fair


EUR

Opening balance 3,170,425 Total realised gain 1,467,863 Purchases 406,433 Sales - Transfers into or out of Level 3 -


Odey Allegra International Fund Unquoted securities at fair


EUR

Opening balance 22,538,439 Total realised gain 10,434,933 Purchases 2,889,412 Sales - Transfers into or out of Level 3 -



104

NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2016 (continued) 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.

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 year ended 31 December 2007. 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 European Fund ₤1 million (or its equivalent in USD or Euro)

Odey Allegra International Fund ₤1 million (or its equivalent in USD, Euro or AUD)


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


₤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


₤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.


105

NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2016 (continued)

6. Foreign Currency Translation

The rates of exchange at 31 December 2016 for EUR were:

AUD 1.456636 DKK 7.435514 NZD 1.512620

BRL 3.432895 GBP 0.853599 SEK 9.582016

CAD 1.414473 JPY 123.020705 USD 1.054750

CHF 1.071995 NOK 9.078976 ZAR 14.423734

The rates of exchange at 31 December 2016 for USD were:

CAD 1.341051 GBP 0.809291 SEK 9.084632

CHF 1.016350 JPY 116.634942

EUR 0.948092 NOK 8.607704

The rates of exchange at 31 December 2015 for EUR were:

AUD 1.493093 DKK 7.462646 NZD 1.586766

BRL 4.297668 GBP 0.737024 SGD 1.541081

CAD 1.508978 JPY 130.676419 SEK 9.158124

CHF 1.087386 NOK 9.615231 USD 1.086300

The rates of exchange at 31 December 2015 for USD were:

CAD 1.389099 EUR 0.920556 JPY 120.294963

CHF 1.001000 GBP 0.678472 SEK 8.430566

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 year ended 31 December 2016 were €1,986,767 (financial year ended 31 December 2015: €4,083,771). Fees of €82,306 were outstanding at 31 December 2016 (31 December 2015: €277,298).


106

NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2016 (continued) 7. Fees (continued)

Investment Management Fees (continued) Odey Allegra 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 1.2% 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:


Euro A 0.70% 20%

Euro A I 1.00% 20%

Euro O 0.70% 20%

Euro I 1.00% 20%

Euro B I 0.70% 20%

Euro B R 1.20% 20%

Euro C I 0.85% 20%

USD O 0.70% 20%

USD I 1.00% 20%

USD B R 1.20% 20%

USD B I 0.70% 20%

GBP I 1.00% 20%

GBP O 0.70% 20%

GBP D 0.70% 20%

For Odey Allegra European Fund, the management fees charged for the financial year ended 31 December 2016 were €645,193 (financial year ended 31 December 2015: €1,832,982). Fees of €29,783 were outstanding at 31 December 2016 (31 December 2015: €124,188). 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:


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% -

For Odey Allegra International Fund, the management fees charged for the financial year ended 31 December 2016 were €8,847,216 (financial year ended 31 December 2015: €13,291,448). Fees of €652,799 were outstanding at 31 December 2016 (31 December 2015: €944,286).


107


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%

CHF R 1.50% - CHF I 1.00% -

CHF I P 0.75% 10%

CHF R P 1.25% 10%

NOK R 1.50% - NOK I* 1.00% -

*This share class was fully redeemed on 17 June 2016

For Odey Opportunity Fund, the management fees charged for the financial year ended 31 December 2016 were €2,659,636 (financial year ended 31 December 2015: €3,044,377). Fees of €212,121 were outstanding at 31 December 2016 (31 December 2015: €254,143). 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:


Euro I 0.70% 20%

Euro R 1.20% 20%

Euro M 0.70% -

USD I 0.70% 20% USD R 1.20% 20%

GBP I 0.70% 20%

GBP M 0.70% -

GBP R 1.20% 20%


108


Investment Management Fees (continued) Odey Allegra Developed Markets Fund (continued) For Odey Allegra Developed Markets Fund, the management fees charged for the financial year ended 31 December 2016 were $2,324,646 (financial year ended 31 December 2015: $2,661,756). Fees of $141,006 were outstanding at 31 December 2016 (31 December 2015: $231,694). 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:


A Euro 1.00% -

A Euro Acc 1.00% -

B Euro 1.50% -

Euro M 0.70% -

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 year ended 31 December 2016 were €11,845,839 (31 December 2015: €7,217,195). Fees of €852,581 were outstanding at 31 December 2016 (31 December 2015: €1,129,987). *This share class was launched on 16 June 2016.

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) and Odey Allegra European Fund (excluding the Euro B I Class, Euro B R Class, Euro C I Class, USD B I Class and USD B R 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 year (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.


109


Performance Fee (continued) 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 Odey Allegra International Fund GBP AD Class and AUD$ Class of Shares.

b) Performance Fee for Odey Allegra Developed Markets Fund (excluding M classes of shares), Odey Allegra European Fund (Euro B I Class, Euro B R Class, Euro C I Class, USD B I Class and USD B R Class), 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, CHF I P Class and CHF R 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 and Odey Allegra European 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.


110


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 European Fund, the performance fees charged for the financial year ended 31 December 2016 were €427 (financial year ended 31 December 2015: €1,397). Fees of €nil were outstanding at 31 December 2016 (31 December 2015: €137). For Odey Opportunity Fund, the performance fees charged for the financial year ended 31 December 2016 were €459,043 (financial year ended 31 December 2015: €86,810). Fees of €442,813 were outstanding at 31 December 2016 (31 December 2015: €65,106). For Odey Allegra Developed Markets Fund, the performance fees charged for the financial year ended 31 December 2016 were $nil (financial year ended 31 December 2015: $1,309,061). Fees of $nil were outstanding at 31 December 2016 (31 December 2015: $1,192,434). For Odey European Focus Fund, the performance fees charged for the financial year ended 31 December 2016 were €199,022 (financial year ended 31 December 2015: €20,198). Fees of €13,874 were outstanding at 31 December 2016 (31 December 2015: €19,692). 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 year ended 31 December 2016 and 31 December 2015 for each Sub-Fund are as follows:

Sub-Fund Name 31 December 2016 31 December 2015

EUR EUR

Odey Pan European Fund 57,882 103,191

Odey Allegra European Fund 27,556 66,861

Odey Allegra International Fund 331,269 485,627

Odey Opportunity Fund 79,610 90,737

Odey European Focus Fund* 357,859 201,010 Sub-Fund Name 31 December 2016 31 December 2015

USD USD

Odey Allegra Developed Markets Fund 115,247 132,290

*This Sub-Fund was launched on 30 June 2015.


111


Administration, Registrar and Transfer Agent Fees (continued) The fees outstanding for the financial year ended 31 December 2016 and financial year ended 31 December 2015 for each Sub-Fund are as follows:


EUR EUR





Odey European Focus Fund 49,057 58,419 Sub-Fund Name 31 December 2016 31 December 2015

USD USD

Odey Allegra Developed Markets Fund 11,825 16,859 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 year ended 31 December 2016 and 31 December 2015 for each Sub-Fund are as follows:


EUR EUR





Odey European Focus Fund* 298,759 157,639

*This Sub-Fund was launched on 31 December 2015.

Sub-Fund Name 31 December 2016 31 December 2015 USD USD Odey Allegra Developed Markets Fund 97,084

103,147


112


7. Fees (continued)

Depositary and Depositary Oversight Fees (continued)

The fees outstanding for the financial year ended 31 December 2016 and year ended 31 December 2015 for each Sub-Fund are as follows:

Sub-Fund Name 31 December 2016 31 December 2015 EUR EUR Odey Pan European Fund 3,924 7,786 Odey Allegra European Fund 3,243 6,275 Odey Allegra International Fund 29,932 37,773 Odey Opportunity Fund 6,478 8,184 Odey European Focus Fund 28,377 33,472


11,162

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 years ended 31 December 2016 and 31 December 2015 for each Sub-Fund are as follows:

Sub-Fund Name 31 December 2016 31 December 2015 EUR EUR Odey Pan European Fund 2,773 3,087 Odey Allegra European Fund 2,003 2,211 Odey Allegra International Fund 17,537 19,443 Odey Opportunity Fund 3,113 2,450 Odey European Focus Fund* 15,484 14,921


3,136


The fees outstanding for the financial years ended 31 December 2016 and year ended 31 December 2015 for each Sub-Fund are as follows:

Sub-Fund Name 31 December 2016 31 December 2015 EUR EUR Odey Pan European Fund 1,259 - Odey Allegra European Fund 994 - Odey Allegra International Fund 853 - Odey Opportunity Fund - 284 Odey European Focus Fund 7 1,912

Sub-Fund Name 31 December 2016 31 December 2015 USD USD Odey Allegra Developed Markets Fund - 101


113


Auditor's Remuneration 31 December 2016 31 December 2015 EUR EUR Statutory Audit Fee 68,000 68,000 Tax Advisory Fee Nil 4,250 During both financial years there were no other types of fees charged by the Independent Auditors.

8. Related 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 year. The distributor does not receive a fee in its capacity as distributor to the Company. The following fees were charged during the financial year:

Odey Pan European Fund Odey Allegra European Fund

EUR EUR EUR EUR

31 December 31 December 31 December 31 December

2016 2015 2016 2015

Related Parties

Investment Management Fees 1,986,767 4,083,771 645,193 1,832,982

Performance Fees - - 427 1,397

Legal Fees 3,789 4,219 2,738 3,022

Company Secretary Fees 1,134 - 818 -

Odey Allegra International Fund Odey Opportunity Fund

EUR EUR EUR EUR


2016 2015 2016 2015

Related Parties

Investment Management Fees 8,847,216 13,291,448 2,659,636 3,044,377

Performance Fees - - 459,043 86,810

Legal Fees 23,968 26,574 4,255 3,348

Company Secretary Fees 7,170 - 1,273 -


114

NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2016 (continued) 8. Related Parties (continued)

Odey Allegra Developed Markets Fund Odey European Focus Fund*

USD USD EUR EUR


2016 2015 2016 2015

Related Parties

Investment Management Fees 2,324,646 2,661,756 11,845,839 7,217,195

Performance fees - 1,309,061 199,022 20,198

Legal Fees 6,185 4,378 21,162 20,392

Company Secretary Fees 1,849 - 6,332 -

Total Total

EUR EUR

31 December 31 December

2016 2015

Related Parties

Investment Management Fees 28,085,037 31,868,000

Performance fees 658,492 1,287,861

Legal Fees 61,500 61,500

Company Secretary Fees 18,398 -


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, 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.


115

NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2016 (continued) 9. Financial Risk Management (continued)

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.

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 31 December 2016, 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 2015: 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.


EUR EUR

% Movement 20% 20%

Odey Pan European Fund 10,084,369 35,503,692

Odey Allegra European Fund 9,461,052 30,704,702

Odey Allegra International Fund 116,525,820 187,284,460

Odey Opportunity Fund 14,754,288 24,484,170

Odey European Focus Fund 156,883,970 207,325,210


USD USD

% Movement 20% 20%

Odey Allegra Developed Markets Fund 48,290,580 75,252,201

A decrease by 20% (31 December 2015: 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 21, 34, 47, 62, 73 and 85.


116


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. 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 Amounts Currency Exposure

Dec 2016 Dec 2015 Dec 2016 Dec 2015 Dec 2016 Dec 2015 Dec 2016 Dec 2015

AUD - - 470 453 - - 470 453

BRL 464,083 - - - (436,949) - 27,134 -

CAD 788,910 - 2,550 133 - - 791,460 133

CHF - 2,720,118 44 97,986 - - 44 2,818,104

DKK - - 32 7 - - 32 7

GBP 39,097,574 113,925,727 1,639,862 1,597,287 - (1,179,066) 40,737,436 114,343,948

JPY 1,235,459 8,342,181 (6) 11,534 (1,394,509) (5,313,889) (159,056) 3,039,826

NOK 1,520,891 3,931,918 71 448,883 - - 1,520,962 4,380,801

NZD - - 171 160 - - 171 160

SEK - 5,120,945 81 393,175 - - 81 5,514,120

USD 5,701,368 33,268,694 5,714,906 32,356,416 - 1,185,868 11,416,274 66,810,978

ZAR 5,105 - 44 - - - 5,149 -

48,813,390 167,309,583 7,358,225 34,906,034 (1,831,458) (5,307,087) 54,340,157 196,908,530

Odey Allegra European Fund:

(expressed in EUR) Total Foreign



CAD - - 523 489 - - 523 489

CHF 4,688,890 8,402,469 881 269 2,385,036 15,630,035 7,074,807 24,032,773

DKK 1,453,750 804,422 119 3,874,878 (250,811) - 1,203,058 4,679,300

GBP 5,794,770 79,006,746 (95,929) (392,698) 1,917,634 (25,377,024) 7,616,475 53,237,024

NOK 788,591 - 84 21 - - 788,675 21

SEK 1,493,290 - 1 8,165,380 866,406 - 2,359,697 8,165,380

USD 5,136,905 15,918,736 8,610 (51,032) - (15,993,824) 5,145,515 (126,120)

19,356,196 104,132,373 (85,711) 11,597,307 4,918,265 (25,740,813) 24,188,750 89,988,867


117


Currency Risk (continued) Odey Allegra International Fund:




AUD - - 404 866 - - 404 866

BRL 6,124,964 - - - (6,131,513) - (6,549) -

CAD 7,098,601 - 19,916 32 - - 7,118,517 32

CHF - 17,204,162 882 256 - - 882 17,204,418

DKK - - 127 - - - 127 -

GBP 336,912,697 479,208,946 243,191 1,146,372 - (90,967,835) 337,155,888 389,387,483

JPY 116,992,847 127,909,348 148,896 193,795 (117,002,044) (128,390,731) 139,699 (287,588)

NOK 15,123,309 9,812,576 105 415 - - 15,123,414 9,812,991

NZD - - 185 174 - - 185 174

SEK - 22,613,583 18 2,500,202 - - 18 25,113,785

USD 82,938,658 356,471,153 491,236,670 317,556,974 31,705,228 217,956,915 605,880,556 891,985,042

ZAR 44,007 - 55 - - - 44,062 -

565,235,083 1,013,219,768 491,650,449 321,399,086 (91,428,329) (1,401,651) 965,457,203 1,333,217,203

Odey Opportunity Fund:




CHF 2,386,764 2,856,305 (282,836) (12,058) 40,524,440 44,685,017 42,628,368 47,529,264

DKK - - 85 - - - 85 -

GBP 4,609,292 16,620,754 (290,444) 50,650 115,253,021 117,653,915 119,571,869 134,325,319

JPY - 1,339,262 4 1 - (14,961,539) 4 (13,622,276)

NOK - - 57 94 1,185,663 1,913,068 1,185,720 1,913,162

SEK - - 100 77 - - 100 77

USD 103,213,636 103,353,633 3,682,475 483,349 (26,093,552) 6,072,836 80,802,559 109,909,818

110,209,692 124,169,954 3,109,441 522,113 130,869,572 155,363,297 244,188,705 280,055,364

Odey Allegra Developed Markets Fund:

(expressed in USD) Total Foreign



CAD 21,929,426 10,184,968 613 143 - - 21,930,039 10,185,111

CHF - - 162 375 - - 162 375

EUR 31,227,508 63,733,373 (6,843) 58,894 - - 31,220,665 63,792,267

GBP 102,197,364 165,616,085 (49,143) 765,999 - - 102,148,221 166,382,084

JPY 16,301,213 9,041,334 3 85,683 - - 16,301,216 9,127,017

NOK - - 43 - - - 43 -

SEK - - 69 44 - - 69 44

171,655,511 248,575,760 (55,096) 911,138 - - 171,600,415 249,486,898


118


Currency Risk (continued)

Odey European Focus Fund: (expressed in EUR) Total Foreign



CHF - 84,233,748 895 1,374 - - 895 84,235,122

DKK 105,984,837 69,048,261 (3,802,489) (462) - - 102,182,348 69,047,799

GBP 150,922,552 235,290,922 (8,199,637) (3,682,068) 6,435,836 1,040,581 149,158,751 232,649,435

NOK - - 43 - - - 43 -

SEK 16,596,350 97,729,260 53 (103) - - 16,596,403 97,729,157

USD - - 494 13,110 - - 494 13,110

273,503,739 486,302,191 (12,000,641) (3,668,149) 6,435,836 1,040,581 267,938,934 483,674,623

At 31 December 2016, if the functional currency of the Sub-Fund exchange rate saw a 10% (31 December 2015: 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 2015: 10%) would result in an equal and opposite effect to the figures shown below, on the basis that other variables remain constant.


EUR EUR

% Movement 10% 10%

Odey Pan European Fund 5,434,016

19,690,853

Odey Allegra European Fund 2,418,875

8,998,887

Odey Allegra International Fund 96,545,720

133,321,720

Odey Opportunity Fund 24,418,871

28,005,536


26,793,893

48,367,462

31 December 2016 31 December 2015 USD USD

% Movement 10% 10%

Odey Allegra Developed Markets Fund 17,160,042

24,948,690

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.


119


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 Opportunity Fund holds 26.92% (31 December 2015: 29.41%) of total investments in debt securities, 26.92% (31 December 2015: 22.66%) of which are interest bearing bonds and nil% (31 December 2015: 6.75%) of which are zero coupon bonds.


Sub-Fund exposure to interest rate risk at 31 December 2016:

Fixed Interest

Rate

Floating Interest

Rate

Non-interest bearing Total

EUR EUR EUR EUR

Assets Financial Assets at Fair Value through Profit or Loss 62,069,331 - 101,179,899 163,249,230 Cash and Cash Equivalents 69,802,588 - - 69,802,588 Receivable from Subscriptions - - 453,493 453,493 Interest and Dividends Receivable - - 222,429 222,429 Other Receivables - - 3,025 3,025

Total Assets 131,871,919 - 101,858,846 233,730,765

Liabilities Financial Liabilities at Fair Value through Profit or Loss - - 1,302,267 1,302,267 Payable on Redemptions - - 1,150,575 1,150,575 Administration and Transfer Agency Fees Payable - - 10,801 10,801 Depositary and Depositary Oversight Fees Payable - - 6,478 6,478 Investment Management Fees Payable - - 212,121 212,121 Performance Fees Payable - - 442,813 442,813 Other Accrued Expenses - - 26,046 26,046

Total Liabilities - - 3,151,101 3,151,101


120


Interest Rate Risk (continued) Odey Opportunity Fund (continued) Sub-Fund exposure to interest rate risk at 31 December 2015:

Fixed Interest

Rate

Floating Interest

Rate

Non-interest bearing Total

EUR EUR EUR EUR

Assets Financial Assets at Fair Value through Profit or Loss 60,421,868 - 168,080,895 228,502,763 Cash and Cash Equivalents 38,753,189 - - 38,753,189 Receivable from Subscriptions - - 423,648 423,648 Interest and Dividends Receivable - 309,902 309,902 Receivable Management Fee Rebate - - 24,859 24,859 Other Receivables - - 2,735 2,735

Total Assets 99,175,057 - 168,842,039 268,017,096

Liabilities Financial Liabilities at Fair Value through Profit or Loss - - 474,710 474,710 Payable on Redemptions - - 160,628 160,628 Administration and Transfer Agency Fees Payable - - 11,635 11,635 Depositary and Depositary Oversight Fees Payable - - 8,184 8,184 Investment Management Fees Payable - - 254,143 254,143 Performance Fees Payable - - 65,106 65,106 Bank Overdrafts 328,687 - - 328,687 Other Accrued Expenses - - 25,876 25,876

Total Liabilities 328,687 - 1,000,282 1,328,969

At 31 December 2016 and 31 December 2015, 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: 31 December 2016 31 December 2015 Sub-Fund 0.25% Movements 0.25% Movements Odey Opportunity Fund 329,680 247,116 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.


121


Liquidity Risk (continued) 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 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 would like to sell when conditions permit, so as to improve the overall portfolio liquidity; or he 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. 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 31 December 2016 and 31 December 2015, 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 and Brokers’ which consistently fall short may be reviewed.


122


Credit Risk (continued) Settlement risk (continued) 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 31 December 2016 and 31 December 2015, the credit rating of the Depositary, RBC Investor Services Bank S.A., Dublin Branch, is AA- according to S&P.

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. Also, during contract negotiations, when a Sub-Fund is initiated, documentation is carefully reviewed. 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 31 December 2016 which is no change from 31 December 2015.


123

NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2016 (continued) 10. Cash and Cash Equivalents

Cash and cash equivalents comprises of cash held on current account, with brokers and cash held as collateral. Cash is held with RBC Investor Services Bank S.A., Dublin Branch and The Royal Bank of Scotland plc. Margin cash is held with Morgan Stanley&Co. and The Royal Bank of Scotland plc. A total cash balance of €709,881,571 (financial year ended 31 December 2015: €540,335,903) and bank overdraft balance of €4,712 (financial year ended 31 December 2015: €5,551) are held with RBC Investor Services Bank S.A., Dublin Branch. A total cash balance of €104,485,078 (financial year ended 31 December 2015: €99,096,235) and bank overdraft balance of €Nil (financial year ended 31 December 2015: €328,093) are held with The Royal Bank of Scotland plc. There is total cash held as collateral of €11,451 ($12,078) with Deutsche Bank (financial year ended 31 December 2015: €2,310,913 ($2,127,325)). A total cash balance of €45,342,485 (financial year ended 31 December 2015: €Nil) is held with Morgan Stanley&Co. The below table shows the cash amounts held by the Company at the reporting date.

31 December 2016 31 December 2015 EUR EUR Currency equivalent balance equivalent balance

Odey Pan European Fund Cash at Bank RBC Investor Services Bank S.A.* AUD 470 453 RBC Investor Services Bank S.A.* CAD 2,549 133 RBC Investor Services Bank S.A.* CHF 44 97,997 RBC Investor Services Bank S.A.* DKK 32 7 RBC Investor Services Bank S.A.* EUR 416,201 - RBC Investor Services Bank S.A.* GBP 12,993 916,269 RBC Investor Services Bank S.A.* JPY 5 4 RBC Investor Services Bank S.A.* NOK 71 448,865 RBC Investor Services Bank S.A.* NZD 171 160 RBC Investor Services Bank S.A.* SEK 81 393,190 RBC Investor Services Bank S.A.* USD 5,816,720 32,748,619 RBC Investor Services Bank S.A.* ZAR 44 -

6,249,381 34,605,697

Bank Overdraft RBC Investor Services Bank S.A.* EUR 104,000 389,016 RBC Investor Services Bank S.A.* GBP - (393,059) RBC Investor Services Bank S.A.* USD (104,202) -

(202) (4,043)


Odey Allegra European Fund Cash at Bank RBC Investor Services Bank S.A.* CAD 523 489 RBC Investor Services Bank S.A.* CHF 881 269 RBC Investor Services Bank S.A.* DKK 119 3,875,416 RBC Investor Services Bank S.A.* EUR 96,913 8,577,701 RBC Investor Services Bank S.A.* GBP 84,427 360 RBC Investor Services Bank S.A.* NOK 84 21 RBC Investor Services Bank S.A.* SEK 1 8,165,698 RBC Investor Services Bank S.A.* USD 4,297 473

187,245 20,620,427


124

NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2016 (continued) 10. Cash and Cash Equivalents (continued)


Odey Allegra International Fund Cash at Bank RBC Investor Services Bank S.A.* AUD 403 865 RBC Investor Services Bank S.A.* CAD 19,915 32 RBC Investor Services Bank S.A.* CHF 882 256 RBC Investor Services Bank S.A.* DKK 128 - RBC Investor Services Bank S.A.* EUR 176,774 39,447 RBC Investor Services Bank S.A.* GBP 113,488 1,914,930 RBC Investor Services Bank S.A.* JPY 2 - RBC Investor Services Bank S.A.* NOK 103 415 RBC Investor Services Bank S.A.* NZD 185 174 RBC Investor Services Bank S.A.* SEK 18 2,500,300 RBC Investor Services Bank S.A.* USD 386,766,737 225,311,840 RBC Investor Services Bank S.A.* ZAR 48 - The Royal Bank of Scotland Plc** USD 104,416,599 92,104,171

491,495,282 321,872,430

Bank Overdraft RBC Investor Services Bank S.A.* EUR - 56,000 RBC Investor Services Bank S.A.* JPY - (60) RBC Investor Services Bank S.A.* USD - (56,290)

- (350)


Odey Opportunity Fund Cash at Bank RBC Investor Services Bank S.A.* CHF 241 - RBC Investor Services Bank S.A.* DKK 85 - RBC Investor Services Bank S.A.* EUR 24,385,435 31,197,414 RBC Investor Services Bank S.A.* GBP 5,802 177,783 RBC Investor Services Bank S.A.* JPY 4 1 RBC Investor Services Bank S.A.* NOK 57 94 RBC Investor Services Bank S.A.* SEK - 77 RBC Investor Services Bank S.A.* USD - 385,756 The Royal Bank of Scotland Plc** EUR - 6,883,352 The Royal Bank of Scotland Plc** GBP - 108,518 The Royal Bank of Scotland Plc** USD 68,379 194 The Royal Bank of Scotland Plc** SEK 100 - Morgan Stanley&Co.**** EUR 41,668,303 - Morgan Stanley&Co.**** GBP 373 - Morgan Stanley&Co.**** USD 3,673,809 -

69,802,588 38,753,189

Bank Overdraft

RBC Investor Services Bank S.A.* CHF - (594)

The Royal Bank of Scotland Plc** GBP - (328,093)

The Royal Bank of Scotland Plc** USD - (594)

- (328,687)


125

NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2016 (continued) 10. Cash and Cash Equivalents (continued)


Odey European Focus Fund Cash at Bank RBC Investor Services Bank S.A.* CHF 896 1,374 RBC Investor Services Bank S.A.* DKK 69 - RBC Investor Services Bank S.A.* EUR 289,143,215 216,651,587 RBC Investor Services Bank S.A.* GBP 2,512 3,875 RBC Investor Services Bank S.A.* NOK 43 - RBC Investor Services Bank S.A.* SEK 12 - RBC Investor Services Bank S.A.* USD 494 13,110

289,147,241 216,669,946

Bank Overdraft RBC Investor Services Bank S.A.* DKK - (461) RBC Investor Services Bank S.A.* SEK 598,934 (103) RBC Investor Services Bank S.A.* EUR (600,072) -

(1,138) (564) *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. **The credit rating of The Royal Bank of Scotland Plc 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. ***The credit rating of Deutsche Bank is A- as per S&P’s rating agency. Represents collateral held against Contracts for Difference. S&P’s rating agency is an agency that exists to assess the creditworthiness of companies and countries. **** The credit rating of Morgan Stanley&Co. is A+ 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 the Royal Bank of Scotland plc, the terms of which state margin cash may be provided in the form of cash except where it is agreed to provide securities or other assets or guarantees or letters of credit acceptable as alternatives to cash payments. Netting arrangements are in place between the Company and Deutsche Bank. As at 31 December 2016 there were no netted financial instrument positions. As at 31 December 2016 and 31 December 2015 there were cash balances netted per the previous tables in this note.

31 December 2016 31 December 2015 USD USD Currency equivalent balance equivalent balance

Odey Allegra Developed Markets Fund Cash at Bank Deutsche Bank*** USD 12,078 2,310,913 RBC Investor Services Bank S.A.* CAD 613 974,981 RBC Investor Services Bank S.A.* CHF 162 375 RBC Investor Services Bank S.A.* EUR - 60,696 RBC Investor Services Bank S.A.* GBP 42,872 709,137 RBC Investor Services Bank S.A.* JPY 7 85,685 RBC Investor Services Bank S.A.* NOK 43 - RBC Investor Services Bank S.A.* SEK 69 44 RBC Investor Services Bank S.A.* USD 2,926,353 5,675,903

2,982,197 9,817,734

Bank Overdraft

RBC Investor Services Bank S.A.* EUR 3,557 -

3,557 -


126


11. Commission Sharing Arrangements

During the financial year, there were Commission Sharing Arrangements (“CSA”) transactions in the Sub-Funds. CSA transactions occur when the Investment Manager uses certain investment research or execution services, which assist in the management of the Sub-Funds' portfolio investments, which are paid for by certain brokers from a proportion of dealing commission that are retained for this purpose. These services may include, for example, research and analysis of the relative merits of individual shares or markets and meet the following criteria: a) is capable of adding value to the investment or trading decisions by providing new insights that inform the Investment Manager when making such decisions about its customers' portfolios; b) whatever form its output takes, represents original thought, in the critical and careful consideration and assessment of new and existing facts, and does not merely repeat or repackage what has been presented before; c) has intellectual rigour and does not merely state what is commonplace or self-evident; and d) involves analysis or manipulation of data to reach meaningful conclusions. The Investment Manager has satisfied itself that it obtains best execution on behalf of the Sub-Fund’s and that these arrangements are to the benefit of the Sub-Fund’s and are not exclusive to one broker. During the financial year Odey Asset Management LLP has had a CSA 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&Co., Goldmans London, Jefferies International Ltd, Citigroup Global Markets Ltd, Barclays Capital Securities Ltd, Mirabaud Securities LLP, Knight Capital Europe Ltd, HSBC Bank Plc, Redburn Partners LLP, Aviate Global LLP, Stifel Nicolaus Europe Ltd, Davy Capital Markets, Exane Ltd, Oppenheimer EU Ltd, Societe Generale London, Liberum Capital Ltd, Canaccord Genuity Ltd, Investec Bank Plc.

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 2015: forward foreign exchange contracts, future, options and contract for difference), 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.


127

NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2016 (continued) 13. Net Gains/(Losses) on Investment Income

Odey Pan European Fund Odey Allegra European Fund

EUR EUR EUR EUR

31 December 2016

31 December 2015

31 December 2016

31 December 2015

Net realised (losses)/gains on sale of investments (441,616) 30,107,109 (5,164,582) 17,641,911

Net realised gains/(losses) on forwards 9,298,321 (7,407,377) 1,691,726 (804,856)

Net realised (losses)/gains on currency (1,538,117) 1,691,865 (570,019) 111,929

Net change in unrealised losses on sale of investments (40,079,239) (6,665,316) (3,905,285) (8,140,328)

Net unrealised gains/(losses) on forwards 81,088 2,005,003 (248,972) 225,894

Net (losses)/gains on investment income (32,679,563) 19,731,284 (8,197,132) 9,034,550

Odey Allegra International

Fund Odey Opportunity Fund

EUR EUR EUR EUR

31 December 2016

31 December 2015

31 December 2016

31 December 2015

Net realised (losses)/gains on sale of investments (18,811,110) 223,936,870 3,082,772 30,254,167

Net realised losses on sales of options - - (2,075,384) (318,052)

Net realised gains/(losses) on forwards 53,918,439 3,176,676 (13,834,985) 5,721,221

Net realised losses on futures - - (231,982) (2,161,472)

Net realised (losses)/gains on currency (1,897,120) 12,860,363 (2,651,494) (41,539)

Net change in unrealised (losses)/gains on sale of investments (153,060,551) (106,774,292) 4,107,021 (9,175,914)

Net unrealised gains/(losses) on forwards 1,110,710 (7,419,169) 113,992 554,362

Net unrealised gains on futures - - 147,456 304,606

Net unrealised gains on options - - 85,029 88,536

Net (losses)/gains on investment income (118,739,632) 125,780,448 (11,257,575) 25,225,915

Odey Allegra Developed

Markets Fund Odey European Focus Fund*

USD USD EUR EUR

31 December 2016

31 December 2015

31 December 2016

31 December 2015

Net realised (losses)/gains on sale of investments (33,967,493) 20,520,651 (29,566,109) (62,528,960)

Net realised gains/(losses) on forwards 9,644,830 (172,742) (1,361,636) 296,840

Net realised gains/(losses) on currency 2,097,922 (2,175,084) 564,376 (113,372)

Net change in unrealised (losses)/gains on sale of investments (14,056,812) (17,939,201) 12,003,265 13,651,593

Net unrealised (losses)/gains on forwards - (240,185) 35,401 (2,499)

Net losses on investment income (36,281,553) (6,561) (18,324,703) (48,696,398)


128

NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2016 (continued) 13. Net Gains/(Losses) on Investment Income (continued)

Total Total

EUR EUR

31 December 2016

31 December 2015

Net realised (losses)/gains on sale of investments (81,591,269) 257,900,085

Net realised losses on sales of options (2,075,384) (318,052)

Net realised gains on forwards 58,426,251 826,864

Net realised losses on futures (231,982) (2,161,472)

Net realised (losses)/gains on currency (4,196,840) 12,549,509

Net change in unrealised losses on sale of investments (193,635,530) (133,267,374)

Net unrealised gains/(losses) on forwards 1,092,219 (4,852,814)

Net unrealised gains on futures 147,456 304,606

Net unrealised gains on options 85,029 88,536

Net (losses)/gains on investment income (221,980,050) 131,069,888


14. Statement of Net Assets for Current and Prior Financial Years

31 December 2016 31 December 2015 31 December 2014


Net Assets €63,496,973 €241,019,808 €310,513,783

Net Asset Value Per Share Euro R Class €295.74 €343.30 €326.15

Net Asset Value Per Share GBP I Class £111.46 £111.16 £110.64

Net Asset Value Per Share GBP R Class £202.69 £203.15 £203.22


Net Assets €49,687,248 €173,747,465 €219,455,647

Net Asset Value Per Share Euro A Class €151.29 €159.12 €151.36

Net Asset Value Per Share Euro I Class €238.45 €251.67 €240.11

Net Asset Value Per Share Euro O Class €251.53 €264.55 €251.64

Net Asset Value Per Share Euro A I Class €152.94 €161.34 €153.93

Net Asset Value Per Share Euro B I Class €108.81 €114.45 €108.86

Net Asset Value Per Share Euro B R Class €105.98 €112.01 €107.07

Net Asset Value Per Share Euro C I Class* - €106.80 €101.74

Net Asset Value Per Share GBP D Class £185.38 £168.35 £168.62

Net Asset Value Per Share GBP O Class £307.84 £279.56 £280.01

Net Asset Value Per Share USD O Class $204.00 $220.98 $234.13

Net Asset Value Per Share USD BI Class $81.16 $87.91 $93.34


Net Assets €1,106,651,281 €1,522,319,590 €1,943,839,479


Net Asset Value Per Share Euro O Class €164.13 €176.49 €165.27

Net Asset Value Per Share USD O Class $136.20 $150.83 $157.33

Net Asset Value Per Share GBP O Class £218.91 £203.24 £200.40

Net Asset Value Per Share GBP D Class £198.32 £184.13 £181.55

Net Asset Value Per Share GBP A D Class £145.43 £135.44 £133.94

Net Asset Value Per Share AUD$ Class $118.73 $131.26 $122.08



129


14. Statement of Net Assets for Current and Prior Financial Years (continued)

31 December 2016 31 December 2015 31 December 2014


Net Assets €230,579,664 €266,688,127 €248,713,928


Net Asset Value Per Share Euro R Class €148.17 €145.78 €140.72

Net Asset Value Per Share Euro I P Class €108.73 €106.75 €102.69

Net Asset Value Per Share Euro R P Class €101.41 €99.71 -

Net Asset Value Per Share USD R Class $157.62 $153.44 $148.67

Net Asset Value Per Share USD I Class $239.31 $231.85 $223.61

Net Asset Value Per Share USD I P Class $101.76 $98.57 -

Net Asset Value Per Share USD R P Class $99.77 $97.12 -


Net Asset Value Per Share GBP R P Class £97.44 £95.71 -


Net Asset Value Per Share GBP I P Class £107.73 £104.78 £101.84

Net Asset Value Per Share GBP M W Class £114.31 £107.94 £103.85

Net Asset Value Per Share GBP M W Class £105.21 £99.78 -

Net Asset Value Per Share CHF R Class ₣123.13 ₣122.02 ₣119.46

Net Asset Value Per Share CHF I Class ₣126.00 ₣124.24 ₣121.10

Net Asset Value Per Share CHF I P Class ₣ 99.98 ₣98.34 -

Net Asset Value Per Share NOK R Class kr140.45 kr136.54 kr130.73

Net Asset Value Per Share NOK I Class* - kr141.92 kr135.36


Net Assets $243,733,469 $383,557,171 $367,319,577


Net Asset Value Per Share USD R Class $108.76 $120.61 $120.12

Net Asset Value Per Share USD I Class $117.88 $130.07 $129.35



Net Asset Value Per Share GBP M Class £151.60 £140.24 £131.43

Odey European Focus Fund**

Net Assets €1,074,791,997 €1,338,878,704 -

Net Asset Value Per Share A Euro Class €17.70 €17.68 -

Net Asset Value Per Share A Euro Acc Class €11.05 €11.03 -

Net Asset Value Per Share B Euro Class €17.38 €17.45 -

Net Asset Value Per Share Euro I Class €96.49 €96.47 -

Net Asset Value Per Share Euro R Class €101.53 €101.74 -

Net Asset Value Per Share USD I Class $91.12 $93.74 -

Net Asset Value Per Share A GBP Class £21.75 £18.75 -

Net Asset Value Per Share GBP R Class £117.04 £101.50 -

Net Asset Value Per Share GBP I Class £116.37 £100.26 -

Net Asset Value Per Share GBP M Class £117.22 £100.77 -

*This share class was fully redeemed on 17 June 2016. **This Sub-Fund was launched on 30 June 2015.


130

NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2016 (continued) 15. Changes to the Prospectus

A material Prospectus update was completed dated 9 August 2016 for various legal/regulatory/general changes, as follows: 1. relevant updates to reflect the requirements of Directive 2014/91/EU (“UCITS V”) as implemented into Ireland by

the European Union (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations, 2016;

2. relevant updates to reflect the requirements of the Central Bank UCITS Regulations 2015 (to include certain disclosures clarifying the basis for selection of investments by the relevant Sub-Funds, where deemed appropriate);

3. relevant updates to the valuation provisions in line with Central Bank UCITS Regulations 2015 and EMIR; 4. disclosures in relation to the Investor Money Regulations (“IMR”), noting that IMR will apply to the Company’s

collection accounts, not the fund asset model; 5. disclosures in relation to Securities Financing Transactions (“SFTs”) Regulations as this relates to SFTs

(including stock lending and repurchase agreements) 6. Common Reporting Standards (“CRS”) related disclosures; and 7. minor miscellaneous updates/changes, including but not limited to, introduction of active currency management

for investment purposes in the investment policy of relevant Sub-Funds consistent with Odey Opportunity Fund, updating the registered address of the Company and any Companies Act 2014 updates.

16. Distributions

There were no distributions paid during the financial year (financial year ended 31 December 2015: €Nil). 17. Subsequent Events

The Custodian is now termed Depositary. The revised UCITS V Depositary agreement, effective from 9 February 2017, was approved by the Central Bank of Ireland on 6 February 2017. On 31 March 2017 the Directors decided to close the Odey Allegra European Fund as it is no longer economic to run this Sub-Fund. The Directors issued compulsory redemption notices accordingly and all investor will be compulsory redeemed on 3 May 2017. The Odey Allegra European Fund represents only 1.8% of the Net Assets attributable to holders of redeemable participating shares of the Company as at 31 December 2016 therefore the Directors consider the going concern assumption for the Company remains appropriate. The Directors have reviewed the proposed wind down costs of the Odey Allegra European Fund and do not consider any adjustments are required on the grounds of materiality.

By 19 April 2017 redemptions for the Odey Allegra Developed Markets Fund amounted to €114,451,207 representing 47% of the Sub-Fund’s Net Asset Value as at 31 December 2016. By 19 April 2017 redemptions for the Odey European Focus Fund amounted to €642,865,956 representing 60% of the Sub-Fund’s Net Asset Value as at 31 December 2016. Odey Pan European Fund has launched Euro I Share Class on 15 March 2017. There were no other significant events since the financial year end which would require adjustment to or disclosure in the financial statements.

18. Reclassification of prior year figures

The 2015 figures contained in the financial statements have been reclassified to conform to current year presentation. These reclassifications do not have any effect on previously reported Net Asset Values.


131

NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2016 (continued) 19. Significant events during the financial year

During January to March 2016 redemptions for the Odey Allegra European Fund amounted to €74,007,765 representing 43% of the Sub-Fund’s Net Asset Value as at 31 December 2015. A significant proportion of these redemptions, (€57,000,000 - 33% of the Sub-Fund’s Net Asset Value at 31 December 2015) related to a transfer by an investor into a long/short fund strategy in the Odey Fund Range. As disclosed in Note 17, on 31 March 2017 the Directors have decided to close the Odey Allegra European Fund as it is no longer economic to run this Sub-Fund. See Note 15 for changes to the prospectus. New UCITS V depositary liability provisions came into effect from 18 March 2016.

20. Date of Approval The financial statements were authorised for issue by the Board of Directors on 19 April 2017.


132

SUPPLEMENTAL INFORMATION (unaudited) Ongoing Charges Excluding Performance Fee The annualised ongoing charges ratios for the financial year 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 year ended For financial year ended



Euro R 1.64% 1.60% GBP R 1.64% 1.60% GBP I 1.13% 1.10% Odey Allegra European Fund

Euro A 0.87% 0.79% Euro O 0.87% 0.79%

Euro I 1.12% 1.09%

Euro C I* - 0.94%

Euro A I 1.17% 1.09% Euro B I 0.87% 0.79% Euro B R 1.36% 1.29% USD O 0.87% 0.79%

USD B I 0.86% 0.78%

GBP D 0.87% 0.79% GBP O 0.87% 0.79% Odey Allegra International Fund

Euro O 0.77% 0.77%

Euro I 1.07% 1.06%

USD O 0.77% 0.77%

GBP O 0.77% 0.77%

GBP D 0.77% 0.77%

GBP A D 1.07% 1.07%

AUD$ 1.07% 1.07%


Euro R 1.60% 1.60% Euro I 1.10% 1.10% Euro I P 0.85% 0.86% Euro R P 1.34% 1.36% USD R 1.60% 1.60%

USD I 1.10% 1.10%

USD I P 0.84% 0.88%

USD R P 1.35% 1.36%

GBP R 1.60% 1.60%

GBP I 1.10% 1.10% GBP I P 0.85% 0.75%

GBP M W 0.85% 0.85%

GBP W M 1.35% 1.36%

GBP R P 1.35% 1.36%



133

SUPPLEMENTAL INFORMATION (continued) (unaudited) Ongoing Charges Excluding Performance Fee (continued)

Sub-Fund Ongoing Charges Ratio Ongoing Charges Ratio

Share Class Excluding Excluding

performance fee performance fee

For financial year ended For financial year ended


Odey Opportunity Fund (continued)

CHF R 1.60% 1.60%

CHF I 1.10% 1.10%

CHF I P 0.85% 0.88%

NOK R 1.60% 1.60%

NOK I* - 1.10%

*This share class was fully redeemed on 17 June 2016.


Euro I 0.79% 0.77%

GBP R 1.29% 1.26%

GBP I 0.79% 0.77%

GBP M 0.80% 0.76%

USD R 1.29% 1.27%

USD I 0.79% 0.77%


A Euro 1.07% 1.06% A Euro Acc 1.07% 1.06% B Euro 1.57% 1.56% Euro I 0.77% 0.77% Euro R 1.25% 1.28% A GBP 1.07% 1.06%

GBP I 0.77% 0.77% GBP M 0.77% 0.76% GBP R 1.27% 1.28% USD I 0.78% 0.77%

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.


134

SUPPLEMENTAL INFORMATION (continued) (unaudited) Remuneration Policy The Company has in place a remuneration policy (“Remuneration Policy”) which applies to those categories of staff, including senior management, controlled functions (as defined by the Central Bank) and any employee receiving total remuneration who fall within the remuneration bracket of senior management in addition to any persons who are considered risk takers whose professional activities have a material impact on the risk profile of the Company (“Identified Staff”). The Company does not offer performance-related remuneration to its Identified Staff. Some categories of Identified Staff are paid directly by separate entities and do not receive a fee directly from the Company; however, the entities themselves are paid fixed fees and/or are paid on a time-spend basis by the Company for such services. The Company pays the independent directors a fixed fee per annum. This fee is not related to the performance of the Company. No pension payments are made. A number of factors are included in determining the fee paid including the size and risk profile of the funds under management and the current market rate for directorships of this nature. The Remuneration Policy was prepared to address the requirements of Directive 2014/91/EU (“UCITS V”) and ensures compliance by the Company with UCITS V. The policy will be reviewed annually by the Directors in light of applicable law and in conjunction with any related guidance issued by ESMA or the Central Bank which is applicable during the relevant financial reporting period. As this report is made before the completion of the first full calendar year after the UCITS V requirements became effective, the Company does not consider that the quantitative remuneration data available to it is sufficiently relevant or that it provides a proper basis for comparison and it has therefore elected not to make any quantitative disclosures in accordance with UCITS V.

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 (stocklending arrangements and repurchase/ reverse repurchase agreements, “SFTs”), as described above under the heading “Efficient Portfolio Management” in the prospectus. None of the Company’s Sub-Funds currently 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.

ODEY INVESTMENT FUNDS PLC - Fondsvermittlung24.de · Odey Opportunity Fund Euro GBP F Class / CHF R...

Documents

Transcript of ODEY INVESTMENT FUNDS PLC - Fondsvermittlung24.de · Odey Opportunity Fund Euro GBP F Class / CHF R...