Odey Investment Funds 31.12.2017 Final · Odey Allegra European Fund Euro GBP I Class / USD I Class / USD B R Class Odey Opportunity Fund Euro CHF R P Class Odey Allegra Developed

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 2017

Odey Investment Funds plc

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CONTENTS Page

General Information 4 Directors’ Report 5 Report of the Depositary to the Shareholders 10 Independent Auditor’s Report 11 Odey Pan European Fund 14 - 25 - Investment Manager’s Report 14 - 15 - Statement of Financial Position 16 - Statement of Comprehensive Income 17 - Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating

Shares 18 - Statement of Cash Flows 19 - Schedule of Investments 20 - 23 - Economic Division of Investments 24 - Significant Portfolio Changes (unaudited) 25 Odey Allegra European Fund 26 - 33 - Investment Manager’s Report 26 - Statement of Financial Position 27 - Statement of Comprehensive Income 29 - Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating

Shares 30 - Statement of Cash Flows 31 - Significant Portfolio Changes (unaudited) 32 - 33 Odey Allegra International Fund 34 - 46 - Investment Manager’s Report 34 - 35 - Statement of Financial Position 36 - Statement of Comprehensive Income 37 - Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating

Shares 38 - Statement of Cash Flows 39 - Schedule of Investments 40 - 43 - Economic Division of Investments 44 - Significant Portfolio Changes (unaudited) 45 – 46


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CONTENTS (continued) Page Odey Opportunity Fund 47 - 60 - Investment Manager’s Report 47 - 48 - Statement of Financial Position 49 - 50 - Statement of Comprehensive Income 51 - Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating

Shares 52 - Statement of Cash Flows 53 - Schedule of Investments 54 - 57 - Economic Division of Investments 58 - Significant Portfolio Changes (unaudited) 59 - 60 Odey Allegra Developed Markets Fund 61 - 72 - Investment Manager’s Report 61 - 62 - Statement of Financial Position 63 - Statement of Comprehensive Income 64 - Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating

Shares 65 - Statement of Cash Flows 66 - Schedule of Investments 67 - 69 - Economic Division of Investments 70 - Significant Portfolio Changes (unaudited) 71 - 72

Odey European Focus Fund 73 - 82 - Investment Manager’s Report 73 - 74 - Statement of Financial Position 75 - Statement of Comprehensive Income 76 - Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating

Shares 77 - Statement of Cash Flows 78 - Schedule of Investments 79 – 80 - Economic Division of Investments 81 - Significant Portfolio Changes (unaudited) 82 Combined Statement of Financial Position 83 Combined Statement of Comprehensive Income 84 Combined Statement of Changes in Net Assets Attribu table to Holders of Redeemable Participating Shares

85

Combined Statement of Cash Flows 86 Notes to the Financial Statements 87 - 125 Supplemental Information (unaudited) 126 - 130


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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, One George’s Quay Plaza, 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, One George’s Quay Plaza, George’s Quay, Dublin 2, Ireland.


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DIRECTORS’ REPORT For the financial year ended 31 December 2017 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 2017. 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 five active Sub-Funds. Odey Allegra European Fund was terminated on 3 May 2017. 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 the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 as amended and with the 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. 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. Basis of Preparation The format and certain wordings of the financial statements have been adapted from those contained in the Companies Act 2014 so that, in the opinion of the Directors, they more appropriately reflect the nature of the Company’s business as an investment fund.


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DIRECTORS’ REPORT For the financial year ended 31 December 2017 (cont inued) Share Classes The active classes of shares for investment for each Sub-Fund are as below: Sub-Fund Name Base Currency Share Classes Odey Pan European Fund Euro Euro R Class / GBP I Class / GBP R Class

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

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

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 / GBP IH Class*** / GBP F Class**** / CHF R Class / CHF I Class / CHF I P Class / NOK R Class / NOK I Class*****

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

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

*This share class was fully redeemed on 20 September 2016. **This share class was fully redeemed on 7 March 2017. ***This share class was launched on 2 October 2017. ****This share class was launched on 3 July 2017. *****This share class was fully redeemed on 17 June 2016. ^ The remaining share classes in Odey Allegra European Fund were fully redeemed on 2 May 2017. The inactive classes of shares for investment for each Sub-Fund are as below: Sub-Fund Name Base Currency Share Classes Odey Pan European Fund Euro Euro I Class / Euro R G Class

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

Odey Opportunity Fund Euro 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 and 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 was 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.


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DIRECTORS’ REPORT For the financial year ended 31 December 2017 (cont inued) Principal Activities (continued) 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. 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 The Company operates on the principal of risk spreading in accordance with the UCITS regulations. 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 and involve the assumption of risk. 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 14 to 86. There were no distributions paid during the financial year. Significant Events during Financial Year 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 was no longer economic to run this Sub-Fund. The Directors issued compulsory redemption notices accordingly and all investors were compulsory redeemed on 3 May 2017. The Odey Allegra European Fund represented 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 deemed the going concern assumption for the Company appropriate. Separate audited termination financial statements were produced for the Odey Allegra European Fund as at 30 June 2017 and the Sub-Fund’s authorisation was revoked by the Central Bank of Ireland on 13 November 2017. Odey Pan European Fund has launched Euro I Share Class on 21 April 2017 and this share class was fully redeemed on 2 August 2017. Odey Opportunity Fund has launched GBP IH Share Class on 2 October 2017 and GBP F Share Class on 3 July 2017. There were no other significant events during the financial year which would require adjustment to or disclosure in the financial statements.


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DIRECTORS’ REPORT For the financial year ended 31 December 2017 (cont inued) 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. 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 and Transactio n involving Directors. See note 8 of the financial statements. Significant Events since Financial Year End There have been no events after the financial year end which impact on these financial statements other than those disclosed in note 17 to these financial statements. Transactions involving Connected Persons The Central Bank of Ireland UCITS Regulations, 41(1) – Restrictions on transactions with connected persons which deals with transactions between a UCITS and the management company or Depositary to a UCITS; and the delegates or sub-delegates of such a management company or depositary (excluding any non-group company sub-custodians appointed by a depositary); and any associated or group company of such a management company, depositary, delegate or sub-delegate ("Connected Persons") states in paragraph one that any transaction carried out with a UCITS by these Connected Persons must be conducted at arm's length and in the best interests of the unit-holders of the UCITS. The Board of Directors are satisfied that there are arrangements (evidenced by written procedures) in place, to ensure that the obligations set out in 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 2017 as follows: • 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.


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INVESTMENT MANAGER’S REPORT Odey Pan European Fund Report for the financial yea r ended 31 December 2017

Share Class NAV per share

31 December 2016 NAV per share

31 December 2017 % Returns** % Index

Movement* % Relative

Performance

Euro R 295.74 320.88 8.50 10.23 -1.73

GBP R 202.69 228.70 12.83 14.66 -1.83

GBP I 111.46 126.40 13.40 14.66 -1.26 *MSCI Daily TR Net Europe **Performance figures are presented net of fees Summary of the Fund Performance

From 1 January 2017 to 31 December 2017 (“the period”), the fund returned +8.50% (based on the principal share class – Euro R class) against the MSCI Daily TR Net Europe return of +10.23%.

Positive returns over the period came from the Financials (+5.44%) and Materials (+2.20%) sectors. From a country perspective, the largest positive contributions came from the UK (+5.41%) and Brazil (+1.46%). Negative returns primarily came from the Consumer Discretionary (-1.02%) and Industrials (-0.17%) sectors, with Sweden (-0.21%) and the Netherlands (-0.08%) being the largest detractors by country.

Notable positive performance returns came from our holdings including Man Group (+4.33%), SLC Agricola (+1.46%) and Randgold Resources (+1.03%). Negative returns came from holdings including Daily Mail and General Trust (-0.80%), Pendragon (-0.56%) and Barclays (-0.26%).


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INVESTMENT MANAGER’S REPORT Odey Pan European Fund Report for the financial yea r ended 31 December 2017 (continued)

Asset Allocation by Sector as at 31 December 2017

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 2018


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STATEMENT OF FINANCIAL POSITION As at 31 December 2017 Odey Pan European Fund EUR EUR Notes 31 December 2017 31 December 2016 ASSETS Financial Assets at Fair Value through Profit or Loss 3 36,404,205 56,312,543 Cash and Cash Equivalents 10 1,310,873 6,249,381 Receivable from Subscriptions 72,246 65,727 Interest and Dividends Receivable 63,441 92,985 Receivable on Sale of Investments 8,946 1,729,842

TOTAL ASSETS 37,859,711 64,450,478 LIABILITIES Financial Liabilities at Fair Value through Profit or Loss 3 - 11,357 Payable on Redemptions 202,300 797,403 Administration, Registrar and Transfer Agency Fees Payable 7 2,754 3,886 Depositary and Depositary Oversight Fees Payable 7 15,564 3,924 Investment Management Fees Payable 7 41,700 82,306 Bank Overdrafts 10 - 202 Other Accrued Expenses 83,741 54,427 LIABILITIES (excluding Net Assets attributable to h olders of redeemable participating shares)

346,059 953,505

NET ASSETS attributable to holders of redeemable pa rticipating shares 37,513,652 63,496,973

Redeemable Participating Shares Shares In Issue Euro R Class 88,109.05 171,375.78 Net Asset Value Per Share Euro R Class €320.88 €295.74

Shares In Issue GBP I Class 43,524.58 70,517.74 Net Asset Value Per Share GBP I Class £126.40 £111.46 Shares In Issue GBP R Class 11,812.72 15,188.63 Net Asset Value Per Share GBP R Class £228.70 £202.69 The accompanying notes form an integral part of the Financial Statements.


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STATEMENT OF COMPREHENSIVE INCOME For the financial year ended 31 December 2017 Odey Pan European Fund EUR EUR Notes 31 December 2017 31 December 2016

INCOME

Net Gain/(Loss) from Investments 13 3,836,432 (32,679,563) Dividends 980,604 1,877,911 Bank Interest 37,409 34,695 Other Income 7,307 73,610 Dividend Withholding Tax Income/(Expense) 128,512 (25,153) Finance Cost (1,492) (37,075) Transaction Costs (51,121) (233,391)

Investment Income/(Loss) 4,937,651 (30,988,966) EXPENSES Administration, Registrar and Transfer Agent Fees 7 29,069 57,882 Depositary and Depositary Oversight Fees 7 47,034 59,676 Investment Management Fees 7 731,475 1,986,767 Audit Fees 7 9,973 17,041 Director Fees 7 2,058 3,034 Other Expenses 57,535 55,503

Operating Expenses 877,144 2,179,903 Increase/(Decrease) in Net Assets Attributable to H olders of Redeemable Participating Shares from Operations

4,060,507 (33,168,869)

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


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STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES For the financial year ended 31 December 2017 Odey Pan European Fund EUR EUR 31 December 2017 31 December 2016 Net Assets attributable to holders of redeemable pa rticipating shares at the beginning of the financial year 63,496,973 241,019,808 Increase/(Decrease) in Net Assets attributable to holders of redeemable participating shares from operations 4,060,507 (33,168,869) Capital Transactions Issuance of shares 17,340,167 10,730,248 Redemptions of shares (47,383,995) (155,084,214)

Net Assets attributable to holders of redeemable pa rticipating shares at the end of the financial year 37,513,652 63,496,973 Shares issued during the financial year Euro R Class 16,419.39 23,696.05 EUR I Class* 79,845.33 - GBP I Class 30,290.91 25,368.34 GBP R Class 228.75 388.96 Shares redeemed during the financial year Euro R Class (99,686.12) (331,322.34) EUR I Class* (79,845.33) - GBP I Class (57,284.07) (431,197.73) GBP R Class (3,604.66) (2,385.20) * This share class was launched on 21 April 2017 and fully redeemed on 2 August 2017. The accompanying notes form an integral part of the Financial Statements.


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STATEMENT OF CASH FLOWS For the financial year ended 31 December 2017 Odey Pan European Fund EUR EUR 31 December 2017 31 December 2016 Cash flows From Operating activities Increase/(Decrease) in net assets attributable to h olders of redeemable participating shares from operations

4,060,507 (33,168,869)

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

Dividend income (980,604) (1,877,911) Bank interest income (37,409) (34,695) Tax expense (128,512) 25,153 Operating profit/(loss) before working capital chan ges 2,913,982 (35,056,322) Changes in operating assets and liabilities Decrease in Financial Assets at Fair Value through Profit or Loss 19,896,981 150,403,052 Decrease/(Increase) in Receivable on Sales of Investments 1,720,896 (1,548,377) Decrease in Other Receivables - 268 Decrease in Other Accrued Expenses and Payables (784) (202,235) Cash provided by operating activities 24,531,075 113,596,386 Dividend received 1,009,021 2,022,819 Interest received 38,536 33,242 Taxation paid 128,512 (25,153) Net cash provided by operating activities 25,707,144 115,627,294 Financing activities Payments of redemptions of shares (47,979,098) (155,560,702) Proceeds from issue of shares 17,333,648 11,580,933 Net cash used in financing activities (30,645,450) (143,979,769) Net decrease in cash and cash equivalents (4,938,306) (28,352,475) Net Cash at the Beginning of the Financial Year 6,249,179 34,601,654 Net Cash at the End of the Financial Year 1,310,873 6,249,179 Analysis of Cash Cash at Bank at the Beginning of the Financial Year 6,249,381 34,605,697 Overdraft at the Beginning of the Financial Year (202) (4,043) Net Cash at the Beginning of the Financial Year 6,249,179 34,601,654 Cash at Bank at the End of the Financial Year 1,310,873 6,249,381 Overdraft at the End of the Financial Year - (202) Net Cash at the End of the Financial Year 1,310,873 6,249,179 The accompanying notes form an integral part of the Financial Statements.


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ODEY PAN EUROPEAN FUND SCHEDULE OF INVESTMENTS as at 31 December 2017

(expressed in EUR) Acquisition Fair % Net

Description

Quantity Currency Cost Value Assets

EUR EUR

FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHA NGE LISTING*

LISTED SECURITIES : SHARES

BERMUDA ISLANDS Hiscox Ltd 92,689 GBP 708,012 1,528,679 4.07

708,012 1,528,679 4.07

BRAZIL

SLC Agricola SA 241,600 USD 999,584 1,609,594 4.29 999,584 1,609,594 4.29

CANADA Franco-Nevada Corp 13,950 CAD 823,387 931,457 2.48 Kinross Gold Corp 301,150 USD 1,392,415 1,083,418 2.89

2,215,802 2,014,875 5.37

FRANCE AXA SA 37,174 EUR 511,373 919,499 2.45 Orange SA 66,255 EUR 966,821 959,041 2.56 Savencia SA 10,013 EUR 688,994 808,249 2.15 Vivendi SA 49,100 EUR 974,607 1,100,822 2.93

3,141,795 3,787,611 10.09

GERMANY SAP SE 6,000 EUR 529,689 560,700 1.49 Uniper SE 26,041 EUR 452,612 677,066 1.81

982,301 1,237,766 3.30

GREAT BRITAIN Acacia Mining Plc 54,508 GBP 103,892 121,890 0.32 BAE Systems Plc 147,417 GBP 937,760 951,589 2.54 Barclays Plc 522,689 GBP 1,204,522 1,195,915 3.19 Daily Mail & General Trust Plc 125,561 GBP 1,166,156 843,747 2.25 Devro Plc 154,525 GBP 370,353 398,640 1.06 Howden Joinery Group Plc 54,100 GBP 199,285 284,495 0.76 Hummingbird Resources Plc 1,651,281 GBP 472,085 637,131 1.70 Man Group Plc 1,035,988 GBP 1,118,161 2,413,528 6.43 Pendragon Plc 8,656,300 GBP 1,806,506 2,779,228 7.41 Rockhopper Exploration Plc 347,679 GBP 763,886 83,231 0.22 Rowan Cos Plc 76,100 USD 860,149 992,443 2.65 Sky Plc 314,000 GBP 3,086,220 3,579,786 9.54 Tungsten Corp Plc 604,323 GBP 1,327,969 415,284 1.11 Vodafone Group Plc 666,000 GBP 1,739,305 1,763,149 4.70

15,156,249 16,460,056 43.88


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ODEY PAN EUROPEAN FUND SCHEDULE OF INVESTMENTS as at 31 December 2017 (con tinued)


Description


EUR EUR

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

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHA NGE LISTING* (continued) LISTED SECURITIES : SHARES (continued) IRELAND

Greencore Group Plc 249,000 GBP 633,220 644,329 1.72 633,220 644,329 1.72

ITALY Cerved Information Solutions SpA 63,000 EUR 536,571 667,800 1.78

536,571 667,800 1.78

JERSEY Randgold Resources Ltd 43,760 GBP 3,334,901 3,652,940 9.74

3,334,901 3,652,940 9.74

NETHERLANDS Philips Lighting NV 8,224 EUR 278,358 251,654 0.67

278,358 251,654 0.67

NORWAY Aker BP ASA 72,056 NOK 958,866 1,481,210 3.95

958,866 1,481,210 3.95

SWEDEN Telefonaktiebolaget LM Ericsson 28,300 SEK 184,006 155,006 0.41

184,006 155,006 0.41

SWITZERLAND Transocean Ltd 74,300 USD 597,607 660,829 1.76

597,607 660,829 1.76

UNITED STATES Monsanto Co 2,220 USD 224,434 215,899 0.58

224,434 215,899 0.58

TOTAL LISTED SECURITIES : SHARES

29,951,706 34,368,248 91.61


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Description


EUR EUR

FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (c ontinued) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHA NGE LISTING* (continued) LISTED SECURITIES : EXCHANGE TRADED COMMODITY

JERSEY Gold Bullion Securities Ltd 6,123 USD 629,735 625,481 1.67

629,735 625,481 1.67

TOTAL LISTED SECURITIES : EXCHANGE TRADED COMMODITY 629,73 5 625,481 1.67

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL ST OCK EXCHANGE LISTING 30,581,441 34,993,729 93.28

OTHER TRANSFERABLE SECURITIES

OTHER TRANSFERABLE SECURITIES : UNLISTED SHARES

GREAT BRITAIN Oxford Nanopore Technologies 26,290 GBP 695,746 1,377,180 3.67

695,746 1,377,180 3.67

TOTAL OTHER TRANSFERABLE SECURITIES : UNLISTED SHARES 695,74 6 1,377,180 3.67

TOTAL OTHER TRANSFERABLE SECURITIES 695,746 1,377,180 3.67

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

Amount

Amount Gain/(Loss) Assets

EUR EUR EUR

02/01/2018 RBC IS Bank Luxembourg EUR 42,008 USD 41,889 119 - 31/01/2018 RBC IS Bank Luxembourg EUR 5,895,367 GBP 5,862,190 33,177 0.09

33,296 0.09

TOTAL FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE TH ROUGH PROFIT OR LOSS 36,404,205 97.04

CASH AND OTHER ASSETS AND LIABILITIES 1,109,447 2.96

NET ASSETS 37,513,652 100.00

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


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(expressed in EUR) Fair % Description

Value Total

EUR assets

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHA NGE LISTING 34,993,729 92.43

OTHER TRANSFERABLE SECURITIES 1,377,180 3.64

OPEN FOREIGN EXCHANGE FORWARD CONTRACTS 33,296 0.09

CASH AND OTHER ASSETS 1,455,506 3.84 TOTAL 37,859,711 100.00


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ODEY PAN EUROPEAN FUND ECONOMIC DIVISION OF INVESTMENTS as at 31 December 2017

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

% Net Assets % Net Assets 31 December 31 December

2017 2016

News Transmission 17.21 16.18 Holding and Finance Companies 15.06 16.59 Precious Metals 9.74 8.77 Petrol 8.58 2.59 Transportation 7.41 4.61 Graphic Art and Publishing 5.18 4.62 Food and Distilleries 4.93 3.84 Mines and Heavy Industries 4.50 1.75 Agriculture and Fishing 4.29 1.30 Miscellaneous 3.67 5.59 Banks and Financial Institutions 3.19 6.97 Non-Ferrous Metals 2.89 1.56 Aerospace Technology 2.54 3.61 Insurance 2.45 2.90 Public Services 1.81 - Internet Software 1.49 - Various Capital Goods 0.76 1.06 Electronics and Electrical Equipment 0.67 1.44 Chemicals 0.58 - Retail - 2.09 Leisure - 1.50 Electronic Semiconductor - 1.04 Pharmaceuticals and Cosmetics - 0.67

Total Investments 96.95 88.68

Open Foreign Exchange Forward Contracts 0.09 (0.01)

Total Financial Assets and Liabilities at Fair Valu e through Profit or Loss 97.04 88.67

Cash and Other Assets and Liabilities 2.96 11.33

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


25

ODEY PAN EUROPEAN FUND SIGNIFICANT PORTFOLIO CHANGES for the financial yea r ended 31 December 2017 (unaudited)

PURCHASES SECURITY NAME QUANTITY COST % AGGREGATE EUR PURCHASES Rowan Cos Plc 120,000 1,365,021 12.04 SAP SE 13,700 1,209,456 10.67 Cerved Information Solutions SpA 126,000 1,073,142 9.47 Uniper SE 50,200 872,514 7.70 Transocean Ltd 74,300 597,607 5.27 Philips Lighting NV 16,449 556,750 4.91 Gold Bullion Securities Ltd 4,700 514,382 4.54 Vivendi SA 23,400 501,666 4.43 Charles Schwab Corp 12,400 486,793 4.29 Bank of America Corp 22,480 486,057 4.29 Telefonaktiebolaget LM Ericsson 72,200 469,444 4.14 Pendragon Plc 1,164,420 458,991 4.05 Aker BP ASA 26,683 390,142 3.44 BAE Systems Plc 51,164 359,841 3.17 Randgold Resources Ltd 3,850 300,945 2.66 Siemens AG 2,150 265,619 2.34 CF Industries Holdings Inc 8,600 233,934 2.06 Monsanto Co 2,220 224,434 1.98 Abcam Plc 17,328 196,573 1.73 SLC Agricola SA 32,909 187,761 1.66 Barclays Plc 69,833 153,783 1.36

SALES SECURITY NAME QUANTITY PROCEEDS % AGGREGATE EUR SALES

Man Group Plc 3,576,449 6,110,821 16.51 Randgold Resources Ltd 34,124 2,769,259 7.48 Sky Plc 229,600 2,525,062 6.82 United States Treasury Bill 0% 23/02/2017 2,500,000 2,360,160 6.38 Gold Bullion Securities Ltd 20,927 2,165,833 5.85 Goldman Sachs Group Inc 7,465 1,658,739 4.48 BAE Systems Plc 234,800 1,594,390 4.31 Sports Direct International Plc 406,800 1,404,324 3.79 Barclays Plc 491,900 1,238,719 3.35 Siemens AG 9,950 1,175,181 3.18 Daily Mail & General Trust Plc 145,637 1,123,402 3.04 Oxford Nanopore Technologies 19,000 1,040,505 2.81 Borussia Dortmund GmbH & Co KGaA 180,620 964,990 2.61 Orange SA 57,600 846,573 2.29 Aker BP ASA 44,000 742,997 2.01 Nokia OYJ 143,588 726,769 1.96 AXA SA 27,681 719,551 1.94 SAP SE 7,700 701,317 1.90 Cerved Information Solutions SpA 63,000 609,549 1.65 Greencore Group Plc 228,679 581,704 1.57 Uniper SE 24,159 572,052 1.55 Howden Joinery Group Plc 97,900 475,463 1.28 Bank of America Corp 22,480 474,447 1.28 Charles Schwab Corp 12,400 439,675 1.19 Samsung Electronics Co Ltd 480 434,698 1.17 Sumitomo Mitsui Financial Group Inc 12,315 420,093 1.14 Merck KGaA 4,300 406,462 1.10 Rowan Cos Plc 43,900 393,304 1.06


26

INVESTMENT MANAGER’S REPORT

Odey Allegra European Fund for the financial year e nded 31 December 2017 On 31 March 2017 the Directors decided to close the Odey Allegra European Fund as it is no longer viable to run this Fund. The Directors issued compulsory redemption notices accordingly and remaining investors were compulsory redeemed on 2 May 2017.

Summary of Fund Performance From 1 January 2017 to 2 May 2017 (“the period”), the Odey Allegra European Fund returned +1.10% (based on the principal share class - Euro O class) against the MSCI Daily TR Net Europe return of +8.45%. The most significant positive returns over the period came from the Industrials (+1.10%) and Health Care (+0.55%) sectors. From a country perspective, the largest positive contributions came from Germany (+1.02%) and Switzerland (+0.42%). Negative returns came primarily from the Telecommunication Services (-0.45%) and the Consumer Staples (-0.41%) sectors, with the UK (-0.35%) and Luxembourg (-0.18%) being the largest detractors by country. Positive returns from holdings including Uniper (+0.54%), Alstom (+0.52%) and Compagnie Financiere Richemont (+0.41%), were outweighed by a number of holdings including Orange (-0.37%), Tesco (-0.30%) and Centrica (-0.25%). Performance Attribution by Sector over the period for the principal share class

Performance Attribution by Geography over the period for the principal share class

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 July 2017


27

STATEMENT OF FINANCIAL POSITION As at 31 December 2017 Odey Allegra European Fund* EUR EUR Notes 31 December 201 7 31 December 2016ASSETS Financial Assets at Fair Value through Profit or Loss 3 - 47,318,555 Cash and Cash Equivalents 9 - 187,245 Interest and Dividends Receivable - 4,317 Receivable on Sale of Investments - 2,901,330

Other Receivables - -

TOTAL ASSETS - 50,411,447 LIABILITIES Financial Liabilities at Fair Value through Profit or Loss 3 - 36,373 Payable on Redemptions - 614,511 Administration and Transfer Agency Fees Payable 6 - 2,562 Depositary and Depositary Oversight Fees Payable 6 - 3,243 Investment Management Fees Payable 6 - 29,783 Bank Overdraft 9 - -Other Accrued Expenses - 37,727 LIABILITIES (excluding Net Assets attributable to h olders of redeemable participating shares)

- 724,199

NET ASSETS attributable to holders of redeemable pa rticipating shares - 49,687,248

Redeemable Participating Shares Shares In Issue Euro A Class - 15,816.76Net Asset Value Per Share Euro A Class - €151.29 Shares In Issue Euro I Class - 2,121.00Net Asset Value Per Share Euro I Class - €238.45 Shares In Issue Euro O Class - 62,893.40Net Asset Value Per Share Euro O Class - €251.53 Shares In Issue Euro A I Class - 18,745.57Net Asset Value Per Share Euro A I Class - €152.94 Shares In Issue Euro B I Class - 160,596.88Net Asset Value Per Share Euro B I Class - €108.81 Shares In Issue Euro B R Class - 3,160.00Net Asset Value Per Share Euro B R Class - €105.98 Shares In Issue GBP D Class - 39,416.66Net Asset Value Per Share GBP D Class - £185.38 Shares In Issue GBP O Class - 3,294.98Net Asset Value Per Share GBP O Class - £307.84 * This Fund was terminated on 2 May 2017. The accompanying notes form an integral part of the Financial Statements.


28

STATEMENT OF FINANCIAL POSITION As at 31 December 2017 (continued) Odey Allegra European Fund* EUR EUR 31 December 201 7 31 December 2016 Shares In Issue USD O Class - 2,709.57Net Asset Value Per Share USD O Class - $204.00 Shares In Issue USD BI Class - 259.11Net Asset Value Per Share USD BI Class - $81.16 * This Fund was terminated on 2 May 2017. The accompanying notes form an integral part of the Financial Statements.


29

STATEMENT OF COMPREHENSIVE INCOME For the financial year ended 31 December 2017 Odey Allegra European Fund* EUR EUR Notes 1 January 2017 to

2 May 2017

31 December 2016 INCOME Net Gain/(Loss) on Investment Income 13 431,986 (8,197,132) Dividends 17,403 1,681,261 Bank Interest 14 767 Bond Interest - 15,925 Other Income 54,635 97,084Dividend Withholding Tax Expense - (130,658) Finance Cost (7,237) (33,678) Transaction Costs (24,668) (469,453)

Investment Income/ (Loss) 472,133 (7,035,884) EXPENSES Administration, Registrar and Transfer Agent Fees 7 6,959 27,556 Depositary and Depositary Oversight Fees 7 18,492 44,796 Investment Management Fees 7 45,599 645,193 Performance Fees 7 - 427 Audit Fees 7 4,044 17,041 Director Fees 7 496 2,187 Other Expenses 16,722 37,991

Operating Expenses 92,312 775,191 Increase/(Decrease) in Net Assets Attributable to H olders of Redeemable Participating Shares from Operations

379,821 (7,811,075)

* This Sub-Fund was terminated on 2 May 2017. The Company has no recognised gains or losses other than those stated above. All gains and losses were generated by discontinued operations. The accompanying notes form an integral part of the Financial Statements.


30

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES For the financial year ended 31 December 2017 Odey Allegra European Fund* EUR EUR 1 January 2017 to 2 May 2017 31 December 2016Net Assets attributable to holders of redeemable pa rticipating shares at beginning of the financial year

49,687,248 173,747,465

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

379,821 (7,811,075)

Capital Transactions Issuance of shares 10,253 3,065,209 Redemptions of shares (50,077,322) (119,314,351)

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

- 49,687,248

Shares issued during the financial year Euro O Class 40.22 -Euro B I Class - 12,863.46GBP D Class - 8,111.05Shares redeemed during the financial year Euro A Class (15,816.76) (3,647.49)Euro O Class (62,933.62) (9,556.25)Euro I Class (2,121.00) (236,721.17)Euro A I Class (18,745.57) (9,948.40)Euro B I Class (160,596.88) (46,581.28)Euro B R Class (3,160.00) (8,785.00)Euro C I Class - (308,321.17)USD O Class (2,709.57) (4,557.02)USD BI Class (259.11) (507.29)GBP O Class (3,294.98) (2,935.95)GBP D Class (39,416.66) (83,992.30) * This Sub-Fund was terminated on 2 May 2017. The accompanying notes form an integral part of the Financial Statements.


31

STATEMENT OF CASH FLOWS For the financial year ended 31 December 2017 Odey Allegra European Fund* EUR EUR 1 January 2017 to 2 May 2017 31 December 2016 Cash flows From Operating activities Increase/(Decrease) in net assets attributable to h olders of redeemable participating shares from operations

379,821 (7,811,075)

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

Dividend income (17,403) (1,681,261) Bank interest income (14) (767) Bond interest income - (15,925) Tax expense - 130,658 Operating profit/(loss) before working capital chan ges 362,404 (9,378,370) Changes in operating assets and liabilities Decrease in Financial Assets at Fair Value through Profit or Loss 47,282,182 106,467,221 Decrease/(Increase) in Receivable on Sales of Investments 2,901,330 (2,901,330) (Increase)/Decrease in Other Receivables - 190 Decrease in Other Accrued Expenses (73,315) (103,560) Net Cash provided by operating activities 50,472,601 94,084,151 Dividend received 21,706 1,887,054 Interest received 28 753 Bond interest - 15,925 Taxation paid - (130,658) Net cash provided by operating activities 50,494,335 95,857,225 Financing activities Payments of redemptions of shares (50,691,833) (119,355,616) Proceeds from issue of shares 10,253 3,065,209 Net cash used in financing activities (50,681,580) (116,290,407) Net decrease in cash and cash equivalents (187,245) (20,433,182) Net Cash at the Beginning of the Financial Year 187,245 20,620,427 Net Cash at the End of the Financial Year - 187,245 Analysis of Cash Cash at Bank at the Beginning of the Financial Year 187,245 20,620,427 Net Cash at the Beginning of the Financial Year 187,245 20,620,427 Cash at Bank at the End of the Financial Year - 187,245 Bank Overdraft at the End of the Financial Year - - Net Cash at the End of the Financial Year - 187,245 * This Fund was terminated on 2 May 2017. The accompanying notes form an integral part of the Financial Statements.


32

ODEY ALLEGRA EUROPEAN FUND SIGNIFICANT PORTFOLIO CHANGES for the financial yea r ended 31 December 2017 (unaudited)

PURCHASES SECURITY NAME QUANTITY COST % AGGREGATE EUR PURCHASES

Orange SA 174,830 2,624,228 12.79 Tesco Plc 981,022 2,310,923 11.27 Alstom SA 65,968 1,728,075 8.42 Centrica Plc 529,537 1,414,538 6.90 Vivendi SA 78,461 1,388,731 6.77 Bayer AG 13,466 1,356,332 6.61 Koninklijke KPN NV 447,956 1,259,806 6.14 Danske Bank A/S 39,387 1,177,709 5.74 Fresnillo Plc 66,813 1,116,519 5.44 Bouygues SA 31,269 1,083,297 5.28 TDC A/S 175,587 870,640 4.24 SES SA 36,881 754,280 3.68 Nets A/S 42,110 699,239 3.41 Carrefour SA 24,392 556,878 2.71 Hennes & Mauritz AB 18,265 474,635 2.31 Deutsche Telekom AG 26,621 431,717 2.10 Playtech Plc 43,579 417,338 2.03 Koninklijke Philips NV 11,194 316,227 1.54 Uniper SE 12,474 176,533 0.86 TechnipFMC Plc 5,142 162,283 0.79

Odey Allegra European Fund was terminated on 2 May 2017.


33

ODEY ALLEGRA EUROPEAN FUND SIGNIFICANT PORTFOLIO CHANGES for the financial yea r ended 31 December 2017 (unaudited)


SAP SE 44,202 3,680,220 5.39 Merck KGaA 28,975 2,958,484 4.33 Wolseley Plc 45,269 2,566,675 3.76 Orange SA 174,830 2,542,450 3.72 AXA SA 106,547 2,516,553 3.69 Tesco Plc 981,022 2,237,465 3.28 CRH Plc 64,757 2,105,195 3.08 Vivendi SA 119,837 2,068,648 3.03 Bayer AG 19,203 2,032,447 2.98 Prysmian SpA 81,138 2,002,154 2.93 Remy Cointreau SA 24,079 1,953,020 2.86 BASF SE 21,623 1,912,992 2.80 ABB Ltd 90,236 1,884,252 2.76 Alstom SA 65,968 1,769,404 2.59 Cie Financiere Richemont SA 24,304 1,735,878 2.54 Uniper SE 115,741 1,581,535 2.32 TDC A/S 306,439 1,523,087 2.23 Atlas Copco AB 51,563 1,502,719 2.20 Koninklijke Philips NV 53,014 1,491,858 2.19 Lam Research Corp 14,410 1,475,434 2.16 Centrica Plc 529,537 1,428,996 2.09 Covestro AG 20,800 1,329,688 1.95 Goldman Sachs Group Inc 5,654 1,274,885 1.87 Danske Bank A/S 39,387 1,268,084 1.86 Bank of America Corp 59,600 1,254,531 1.84 Deutsche Telekom AG 77,551 1,246,345 1.83 Fresnillo Plc 66,813 1,194,334 1.75 Koninklijke KPN NV 447,956 1,191,124 1.74 Charles Schwab Corp 31,000 1,189,639 1.74 Industria de Diseno Textil SA 35,643 1,121,792 1.64 Bouygues SA 31,269 1,119,953 1.64 Lonza Group AG 6,372 1,072,273 1.57 DSV A/S 19,302 842,087 1.23 Barclays Plc 310,850 830,619 1.22 Schneider Electric SE 11,870 799,247 1.17 Sartorius AG 11,278 789,494 1.16 Orkla ASA 91,555 769,107 1.13 Davide Campari-Milano SpA 82,058 764,188 1.12 Kingspan Group Plc 26,943 723,452 1.06 SES SA 36,881 696,132 1.02 Natixis SA 124,992 689,494 1.01

Odey Allegra European Fund was terminated on 2 May 2017.


34

INVESTMENT MANAGER’S REPORT Odey Allegra International Fund Report for the fina ncial year ended 31 December 2017





Performance

Euro O 164.13 170.66 3.98 7.50 -3.52

Euro I 149.33 154.84 3.69 7.50 -3.81

GBP O 218.91 236.71 8.13 11.82 -3.69

GBP D 198.32 214.44 8.13 11.82 -3.69

GBP A D 145.43 156.78 7.80 11.82 -4.02

USD O 136.20 161.23 18.38 22.40 -4.02

AUD$ 118.73 129.73 9.26 13.33 -4.07 *MSCI Daily TR Net World **Performance figures are presented net of fees Summary of Fund Performance From 1 January 2017 to 31 December 2017 (“the period”), the Odey Allegra International Fund returned +3.98% (based on the principal share class – Euro O class) against the MSCI Daily TR Net World return of +7.50%.

Positive returns over the period came from the Consumer Staples (+3.14%) and Financials (+1.56%) sectors. From a country perspective, the largest positive contributions came from Japan (+2.48%) and the UK (+2.05%). Negative returns came primarily from Commodities (-0.44%) and the Consumer Discretionary (-0.37%) sector, with Sweden (-0.19%) and the Netherlands (-0.11%) being the largest detractors by country.

Notable positive returns came from holdings including Man Group (+2.10%) Shiseido Company (+1.72%) and SLC Agricola (+1.37%). Negative returns came from holdings including Gold Bullion Securities (-0.44%), Barclays (-0.35%) and BAE Systems (-0.34%).


35

INVESTMENT MANAGER’S REPORT Odey Allegra International Fund Report for the fina ncial year ended 31 December 2017 (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 2018


36

STATEMENT OF FINANCIAL POSITION As at 31 December 2017 Odey Allegra International Fund EUR EUR Notes 31 December 2017 31 December 2016ASSETS Financial Assets at Fair Value through Profit or Loss 3 555,743,383 615,728,282 Cash and Cash Equivalents 10 291,903 491,495,282 Receivable from Subscriptions 1,344 2,890 Interest and Dividends Receivable 656,019 818,252 Receivable on Sale of Investments 10,967,953 3,220 Other Receivables 89,912 14,129

TOTAL ASSETS 567,750,514 1,108,062,055 LIABILITIES Financial Liabilities at Fair Value through Profit or Loss 3 1,452,174 658,364 Payable on Redemptions 230,196 2,405 Administration, Registrar and Transfer Agency Fees Payable 7 33,689 52,130 Depositary and Depositary Oversight Fees Payable 7 43,105 29,932 Investment Management Fees Payable 7 352,252 652,799 Bank Overdrafts 10 5,373,552 -Other Accrued Expenses 1,076 15,144 LIABILITIES (excluding Net Assets attributable to h olders of redeemable participating shares)

7,486,044 1,410,774

NET ASSETS attributable to holders of redeemable pa rticipating shares 560,264,470 1,106,651,281

Redeemable Participating Shares Shares In Issue Euro I Class 299.98 13,048.01Net Asset Value Per Share Euro I Class €154.84 €149.33 Shares In Issue Euro O Class 376,632.44 467,812.25Net Asset Value Per Share Euro O Class €170.66 €164.13 Shares In Issue USD O Class 115,729.10 2,485,936.02Net Asset Value Per Share USD O Class $161.23 $136.20 Shares In Issue GBP O Class 673,334.48 1,376,353.43Net Asset Value Per Share GBP O Class £236.71 £218.91 Shares In Issue GBP D Class 861,809.41 1,128,830.77Net Asset Value Per Share GBP D Class £214.44 £198.32 Shares In Issue GBP A D Class 58,859.82 72,371.37Net Asset Value Per Share GBP A D Class £156.78 £145.43 Shares In Issues AUD$ Class 973,557.51 973,557.51Net Asset Value Per Share AUD$ Class AUD$129.73 $118.73 The accompanying notes form an integral part of the Financial Statements.


37

STATEMENT OF COMPREHENSIVE INCOME For the financial year ended 31 December 2017 Odey Allegra International Fund EUR EUR Notes 31 December 2017 31 December 2016INCOME Net Profit/(Loss) from Investments 13 21,684,696 (118,739,632)Dividends 11,052,010 12,236,763Bank Interest 1,414,192 614,115Bond Interest 425,554 -Other Income 1,063,125 13,828Dividend Withholding Tax Expense (298,838) (478,374)Finance Cost (7,320) (235,823)Transaction Costs (878,842) (1,757,741)

Investment Profit/(Loss) 34,454,577 (108,346,864) EXPENSES Administration, Registrar and Transfer Agent Fees 7 256,811 331,269Depositary and Depositary Oversight Fees 7 254,900 285,078Investment Management Fees 7 6,070,682 8,847,216Audit Fees 7 10,970 17,041Director Fees 7 32,196 19,180Other Expenses 168,285 212,508

Operating Expenses 6,793,844 9,712,292 Increase/(Decrease) in Net Assets Attributable to H olders of Redeemable Participating Shares from Operations

27,660,733 (118,059,156)

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


38

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES For the financial year ended 31 December 2017 Odey Allegra International Fund EUR EUR 31 December 2017 31 December 2016 Net Assets attributable to holders of redeemable pa rticipating shares at beginning of the financial year

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

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

27,660,733 (118,059,156)

Capital Transactions Issuance of shares 29,550,317 46,436,742 Redemptions of shares (603,597,861) (344,045,895) Net Assets attributable to holders of redeemable pa rticipating shares at the end of the financial year

560,264,470 1,106,651,281

Shares issued during the financial year Euro A Class - 2,477.18 Euro O Class 909.69 25,851.41 Euro I Class 839.00 - USD O Class 22,427.38 2,294.22 GBP O Class 198.02 127,929.13 GBP D Class 113,831.57 - GBP A D Class 103.50 - AUD$ Class - 177,069.49 Shares redeemed during the financial year Euro A Class - (15,984.30) Euro O Class (92,089.50) (114,913.25) Euro I Class (13,587.03) (9,049.20) USD O Class (2,392,634.30) (228,321.77) GBP R Class - (738,472.40) GBP I Class - (248,002.21) GBP O Class (703,216.97) - GBP D Class (380,852.93) - GBP A D Class (13,615.05) - AUD$ Class - (715,648.85) The accompanying notes form an integral part of the Financial Statements.


39

STATEMENT OF CASH FLOWS For the financial year ended 31 December 2017 Odey Allegra International Fund EUR EUR 31 December 2017 31 December 2016 Cash flows From Operating activities Increase/(Decrease) in net assets attributable to h olders of redeemable participating shares from operations

27,660,733 (118,059,156)


Dividend income (11,052,010) (12,236,763) Bank interest income (1,414,192) (614,115) Bond interest income (425,554) - Tax expense 298,838 478,374 Operating profit/(loss) before working capital chan ges 15,067,815 (130,431,660) Changes in operating assets and liabilities Decrease in Financial Assets at Fair Value through Profit or Loss 60,778,709 586,906,774 (Increase)/Decrease in Receivable on Sales of Investments (10,964,733) 634,691 (Increase)/Decrease in Other Receivables (75,783) 4,446 Decrease in Other Accrued Expenses and Payables (319,883) (328,957) Cash provided by operating activities 64,486,125 456,785,294 Dividend received 11,026,582 12,616,538 Interest received 1,631,521 388,761 Bond interest 395,886 - Taxation paid (298,838) (478,374) Net cash provided by operating activities 77,241,276 469,312,219 Financing activities Payments of redemptions of shares (603,370,070) (346,373,413) Proceeds from issue of shares 29,551,863 46,684,396 Net cash used in financing activities (573,818,207) (299,689,017) Net (decrease)/increase in cash and cash equivalent s (496,576,931) 169,623,202 Net Cash at the Beginning of the Financial Year 491,495,282 321,872,080 Net Cash at the End of the Financial Year (5,081,649) 491,495,282 Analysis of Cash Cash at Bank at the Beginning of the Financial Year 491,495,282 321,872,430 Overdraft at the Beginning of the Financial Year - (350) Net Cash at the Beginning of the Financial Year 491,495,282 321,872,080 Cash at Bank at the End of the Financial Year 291,903 491,495,282 Overdraft at the End of the Financial Year (5,373,552) - Net Cash at the End of the Financial Year (5,081,649) 491,495,282 The accompanying notes form an integral part of the Financial Statements.


40

ODEY ALLEGRA INTERNATIONAL FUND SCHEDULE OF INVESTMENTS as at 31 December 2017


Description


EUR EUR




BERMUDA ISLANDS Hiscox Ltd 398,109 GBP 2,480,507 6,565,837 1.17 Sylvania Platinum Ltd 2,010,528 GBP 1,469,577 300,105 0.05

3,950,084 6,865,942 1.22

BRAZIL SLC Agricola SA 3,964,000 USD 18,093,673 26,409,060 4.71

18,093,673 26,409,060 4.71

CANADA Franco-Nevada Corp 112,829 CAD 6,666,168 7,533,716 1.34 Kinross Gold Corp 4,996,995 USD 21,574,896 17,977,197 3.21

28,241,064 25,510,913 4.55

FRANCE Orange SA 701,921 EUR 10,258,579 10,160,306 1.81 Savencia SA 49,900 EUR 2,888,736 4,027,928 0.72

Vivendi SA 824,334 EUR 16,729,071 18,481,568 3.30 29,876,386 32,669,802 5.83

GERMANY SAP SE 76,363 EUR 6,723,862 7,136,122 1.27 Uniper SE 504,525 EUR 8,768,746 13,117,650 2.34

15,492,608 20,253,772 3.61

GREAT BRITAIN Abcam Plc 248,710 GBP 2,821,185 2,955,920 0.53 Acacia Mining Plc 811,415 GBP 1,546,629 1,814,473 0.32 BAE Systems Plc 2,243,937 GBP 14,995,678 14,484,793 2.59

Barclays Plc 6,834,932 GBP 15,203,923 15,638,357 2.79 Daily Mail & General Trust Plc 599,700 GBP 3,997,548 4,029,874 0.72 Howden Joinery Group Plc 363,844 GBP 1,175,568 1,913,344 0.34 Man Group Plc 15,727,722 GBP 21,904,764 36,640,666 6.54 Pendragon Plc 57,140,000 GBP 10,686,617 18,345,608 3.27 Rockhopper Exploration Plc 487,430 GBP 1,178,413 116,686 0.02 Rowan Cos Plc 1,281,778 USD 14,152,250 16,716,059 2.98 Sky Plc 4,850,000 GBP 48,221,123 55,292,885 9.87 Tungsten Corp Plc 4,788,513 GBP 9,355,339 3,290,618 0.59 Vodafone Group Plc 7,977,446 GBP 20,563,370 21,119,262 3.77

165,802,407 192,358,545 34.33


41

ODEY ALLEGRA INTERNATIONAL FUND SCHEDULE OF INVESTMENTS as at 31 December 2017 (con tinued)


Description


EUR EUR


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

LISTED SECURITIES : SHARES (continued)

IRELAND Greencore Group Plc 1,084,038 GBP 3,121,857 2,805,127 0.50

3,121,857 2,805,127 0.50

JAPAN Mitsubishi UFJ Financial Group Inc 757,678 JPY 3,625,192 4,628,849 0.83 ORIX Corp 337,738 JPY 5,071,664 4,755,092 0.85 Shiseido Co Ltd 786,122 JPY 18,457,121 31,649,407 5.65 Sohgo Security Services Co Ltd 66,275 JPY 1,204,482 3,003,366 0.54 Square Enix Holdings Co Ltd 345,700 JPY 10,222,108 13,698,158 2.44 Sumitomo Mitsui Financial Group Inc 98,853 JPY 2,894,691 3,557,447 0.63 Tadano Ltd 88,706 JPY 1,081,600 1,226,944 0.22

42,556,858 62,519,263 11.16

JERSEY Randgold Resources Ltd 667,000 GBP 50,465,822 55,678,951 9.94

50,465,822 55,678,951 9.94

NETHERLANDS Philips Lighting NV 215,474 EUR 7,292,556 6,593,504 1.18

7,292,556 6,593,504 1.18

NORWAY Aker BP ASA 995,095 NOK 13,739,414 20,455,544 3.65

13,739,414 20,455,544 3.65

SWEDEN Telefonaktiebolaget LM Ericsson 465,474 SEK 3,026,565 2,549,516 0.46

3,026,565 2,549,516 0.46

SWITZERLAND Transocean Ltd 1,386,598 USD 11,060,581 12,332,501 2.20

11,060,581 12,332,501 2.20

UNITED STATES EOG Resources Inc 48,570 USD 3,557,648 4,364,747 0.78 Monsanto Co 106,307 USD 10,833,148 10,338,551 1.85 Nutrisystem Inc 159,444 USD 7,193,748 6,984,306 1.25 ViaSat Inc 184,690 USD 11,671,350 11,512,364 2.05

33,255,894 33,199,968 5.93

TOTAL LISTED SECURITIES : SHARES 425,975,769 500,202,408 89.27


42



Description


EUR EUR



LISTED SECURITIES : EXCHANGE TRADE COMMODITY

JERSEY Gold Bullion Securities Ltd 261,201 USD 27,559,362 26,682,395 4.76

27,559,362 26,682,395 4.76

TOTAL LISTED SECURITIES : EXCHANGE TRADE COMMODITY 27,559, 362 26,682,395 4.76


OTHER TRANSFERABLE SECURITIES DEALT ON ANOTHER REGULATED MA RKET

OTHER ORGANISED MARKET : BONDS

GREAT BRITAIN Hurricane Energy Plc 7.5% 24/07/2022 2,640,000 USD 2,314,673 2,449,167 0.44

2,314,673 2,449,167 0.44

TOTAL OTHER ORGANISED MARKET : BONDS 2,314,673 2,449,167 0.44

TOTAL OTHER TRANSFERABLE SECURITIES DEALT ON ANOTHER REGU LATED MARKET 2,314,673 2,449,167 0.44

OTHER TRANSFERABLE SECURITIES

OTHER TRANSFERABLE SECURITIES : UNLISTED SHARES

GREAT BRITAIN Oxford Nanopore Technologies 472,922 GBP 12,515,512 24,773,619 4.42

12,515,512 24,773,619 4.42

TOTAL OTHER TRANSFERABLE SECURITIES : UNLISTED SHARES 12,515,512 24,773,619 4.42

TOTAL OTHER TRANSFERABLE SECURITIES 12,515,512 24,773,619 4.42


Amount


EUR EUR EUR

02/01/2018 RBC IS Bank Luxembourg EUR 103,021 USD 102,729 292 - 02/01/2018 RBC IS Bank Luxembourg USD 8,109,711 GBP 8,126,867 (17,156) - 31/01/2018 RBC IS Bank Luxembourg EUR 98,295,624 GBP 97,703,177 592,447 0.11 31/01/2018 RBC IS Bank Luxembourg EUR 11,142,140 USD 10,971,282 170,858 0.03 31/01/2018 RBC IS Bank Luxembourg EUR 47,816,880 JPY 46,944,683 872,197 0.16 31/01/2018 RBC IS Bank Luxembourg USD 148,079,792 GBP 149,514,810 (1,435,018) (0.26)

183,620 0.04


43


(expressed in EUR) Fair % Net

Description

Value Assets

EUR



NET ASSETS 560,264,470 100.00 * Geographical analysis is based on country of registration. ** The open foreign exchange forward contracts are categorised as portfolio hedging.

(expressed in EUR) Fair % Total Description

Value assets

EUR



OPEN FOREIGN EXCHANGE FORWARD CONTRACTS 1,635,794 0.29

CASH AND OTHER ASSETS 12,007,131 2.12

TOTAL 567,750,514 100.00


44

ODEY ALLEGRA INTERNATIONAL FUND ECONOMIC DIVISION OF INVESTMENTS as at 31 December 2017 (expressed as a percentage of net assets, per Bloomberg classification)

% Net Assets % Net Assets

31 December 31 December

2017 2016

News Transmission 17.96 12.02 Holding and Finance Companies 16.96 11.36 Petrol 10.07 1.90 Precious Metals 9.99 5.92 Pharmaceuticals and Cosmetics 6.18 2.41 Agriculture And Fishing 4.71 0.92 Miscellaneous 4.42 2.68 Graphic Art and Publishing 4.02 1.04 Banks and Financial Institutions 3.64 4.53 Transportation 3.27 2.23 Non-Ferrous Metals 3.21 1.19 Aerospace Technology 2.59 2.83 Internet Software 2.52 - Public Services 2.34 - Chemicals 1.85 - Mines and Heavy Industries 1.66 0.64 Food and Distilleries 1.22 0.59 Electronics And Electrical Equipment 1.18 1.07 Other Services 0.54 0.37 Various Capital Goods 0.34 0.32 Mechanics and Machinery 0.22 1.15 Electronic Semiconductor - 1.40 Retail - 0.75 Insurance - 0.28







45

ODEY ALLEGRA INTERNATIONAL FUND SIGNIFICANT PORTFOLIO CHANGES for the financial yea r ended 31 December 2017 (unaudited)


United States Treasury Bill 0% 06/07/2017 50,000,000 46,927,848 8.19 Gold Bullion Securities Ltd 370,637 40,364,101 7.04 United States Treasury Bill 0% 06/04/2017 30,000,000 28,264,469 4.93 United States Treasury Bill 0% 20/07/2017 30,000,000 27,984,702 4.88 United States Treasury Bill 0% 27/04/2017 27,000,000 25,103,852 4.38 Bank of America Corp 1,156,200 24,976,081 4.36 United States Treasury Bill 0% 27/07/2017 27,000,000 24,774,276 4.32 Rowan Cos Plc 2,014,405 22,477,434 3.92 United States Treasury Bill 0% 09/02/2017 23,000,000 21,407,496 3.73 SAP SE 220,000 19,371,288 3.38 Randgold Resources Ltd 201,125 16,615,315 2.90 ORIX Corp 1,052,107 15,721,983 2.74 Siemens AG 121,519 15,384,780 2.68 ViaSat Inc 239,900 15,160,306 2.64 Monsanto Co 140,500 14,317,564 2.50 Man Group Plc 8,065,094 14,073,223 2.45 BAE Systems Plc 1,771,772 13,009,681 2.27 Barclays Plc 4,554,285 12,141,480 2.12 CF Industries Holdings Inc 419,036 11,399,096 1.99 Uniper SE 655,700 11,396,198 1.99 Transocean Ltd 1,415,200 11,288,733 1.97 Vivendi SA 525,400 11,260,200 1.96 Samsung Electronics Co Ltd 14,230 11,229,500 1.96 Charles Schwab Corp 284,000 11,157,758 1.95 AGCO Corp 180,100 10,731,235 1.87 Square Enix Holdings Co Ltd 352,800 10,432,050 1.82 Shiseido Co Ltd 336,257 9,172,804 1.60 Kinross Gold Corp 2,346,415 8,813,882 1.54 Vodafone Group Plc 3,019,400 7,485,140 1.31 Philips Lighting NV 219,919 7,442,994 1.30 Nutrisystem Inc 162,733 7,342,140 1.28 Aker BP ASA 436,786 6,766,105 1.18 Sumitomo Mitsui Financial Group Inc 179,100 6,723,131 1.17 SLC Agricola SA 1,024,655 6,364,471 1.11 Telefonaktiebolaget LM Ericsson 976,200 6,347,364 1.11


46

ODEY ALLEGRA INTERNATIONAL FUND SIGNIFICANT PORTFOLIO CHANGES for the financial yea r ended 31 December 2017 (unaudited) (continued)


United States Treasury Bill 0% 23/03/2017 78,000,000 72,309,261 8.40 United States Treasury Bill 0% 09/02/2017 58,000,000 54,386,047 6.32 United States Treasury Bill 0% 26/01/2017 50,000,000 46,866,945 5.45 United States Treasury Bill 0% 06/07/2017 50,000,000 44,409,625 5.16 Gold Bullion Securities Ltd 423,036 43,672,680 5.08 Sky Plc 3,565,388 40,232,867 4.68 Randgold Resources Ltd 402,225 32,618,158 3.79 Sumitomo Mitsui Financial Group Inc 919,247 32,506,163 3.78 Mitsubishi UFJ Financial Group Inc 5,263,622 31,594,325 3.67 United States Treasury Bill 0% 06/04/2017 30,000,000 28,149,191 3.27 BAE Systems Plc 4,048,725 28,008,679 3.26 Siemens AG 222,819 26,299,261 3.06 United States Treasury Bill 0% 20/07/2017 30,000,000 25,786,488 3.00 United States Treasury Bill 0% 27/04/2017 27,000,000 24,847,007 2.89 Bank of America Corp 1,156,200 24,524,851 2.85 United States Treasury Bill 0% 27/07/2017 27,000,000 24,116,131 2.80 United States Treasury Bill 0% 23/02/2017 25,000,000 23,601,605 2.74 Goldman Sachs Group Inc 101,730 22,611,769 2.63 Samsung Electronics Co Ltd 20,680 18,714,929 2.17 Man Group Plc 9,289,811 16,693,040 1.94 Barclays Plc 6,162,693 15,275,299 1.78 DMG Mori Co Ltd 993,384 14,134,218 1.64 ORIX Corp 988,603 13,987,648 1.63 SAP SE 143,637 13,189,583 1.53 Rohm Co Ltd 201,000 12,186,115 1.42 CF Industries Holdings Inc 419,036 11,460,259 1.33 Shiseido Co Ltd 415,545 11,060,020 1.29 AGCO Corp 180,100 10,573,498 1.23 Charles Schwab Corp 284,000 10,074,809 1.17 Sports Direct International Plc 2,595,367 8,845,766 1.03


47

INVESTMENT MANAGER’S REPORT Odey Opportunity Fund Report for the financial year ended 31 December 2017





Performance

Euro I 226.46 237.84 5.03 7.21 -2.18

CHF I 126.00 131.48 4.35 2.60 1.75

CHF I P 99.98 104.16 4.18 2.60 1.58

CHF R 123.13 127.77 3.77 2.60 1.17

Euro I P 108.73 113.91 4.76 7.21 -2.45

EUR R 148.17 154.84 4.50 7.21 -2.71

EUR R P 101.41 105.76 4.29 7.21 -2.92

GBP F*** N/A 102.83 2.83 4.06 -1.23

GBP IH**** N/A 100.33 0.33 2.59 -2.26

GBP I P 107.73 113.48 5.34 7.58 -2.24

GBP I 252.21 266.52 5.67 7.58 -1.91

GBP M W 114.31 121.40 6.20 7.58 -1.38

GBP R 158.69 166.95 5.21 7.58 -2.37

GBP R P 97.44 102.19 4.87 7.58 -2.71

GBP W M 105.21 111.20 5.69 7.58 -1.89

NOK R 140.45 148.31 5.60 N/A -

USD I 239.31 255.81 6.89 8.85 -1.96

USD I P 101.76 108.34 6.47 8.85 -2.38

USD R 157.62 167.28 6.13 8.85 -2.72

USD R P 99.77 105.61 5.85 8.85 -3.00 *Index is 50% MSCI World EUR Hedged, 50% Citigroup 3-7 Year GBI **Performance figures are presented net of fees ***Share Class GBP F – inception on 3 July 2017 ****Share Class GBP IH – inception on 2 October 2017 Summary of Fund Performance From 1 January 2017 to 31 December 2017 (“the period”), Odey Opportunity Fund returned +5.03% (based on the principal share class - Euro I class) compared with the ARC EUR Balanced PCI index of +5.10%. The GBP class returned +5.67% and the USD class returned +6.89%. Global equities continued to perform well in December with the notable exception of European equities, which fell for the second consecutive month. The MSCI World index rose +0.84% in December but the European stock index fell -0.77%. Thus while the individual equities added +0.47% this was offset by the loss in the European index position of -0.24%. Time will tell whether European equities will mean revert and play catch up in the new year. Bond markets had a tricky December with the bond reference index falling -0.51% reflecting a rise in German 10 year yields from 0.37% to 0.43%. Despite this headwind, our bond portfolio made a positive contribution of +0.19%, as our short futures bond hedge protected us from the impact of the rise in yields and there were positive contributions from our US Treasury Inflation Protected securities and our Emerging Market bond local currency ETF of +0.08% each. In a month where Bitcoin has been snatching all the headlines, it was nice to see Gold make a positive contribution to the fund of +0.04%. We maintain a 3% exposure to Gold but would seek to increase this exposure if the bubble in cryptocurrencies shows signs of bursting. After all Gold has been around since the days of the Pharaohs and we would consider it to have a more appeal as an alternative currency in the long run due to its physical characteristics and time honoured appeal.


48

INVESTMENT MANAGER’S REPORT Odey Opportunity Fund Report for the financial year ended 31 December 2017 (continued) Summary of Fund Performance (continued) Looking at the year as a whole, our overall equity selection has again been very good with the individual equity and futures index positions contributing +8.44% in local currency terms compared with the MSCI World index EUR hedged return of +14.63%. Given that the average equity weighting was <50% during the year, this was a good result in risk adjusted terms. US tech led the way with strong individual contributions from stocks such as Facebook (+0.95%), Lam Research (+0.89%), Apple (+0.52%), Alphabet (+0.45%), Broadcom (+0.37%) and Activision Blizzard (+0.35%). Financial stocks such as Bank of America (+0.63%) and JP Morgan Chase (+0.24%) were also among the notable strong contributors. From a strategic point of view, being overweight secular winners in the tech space twinned with more cyclical, interest rate sensitive financial stocks has worked very well. Fixed income contributed +0.35% compared with the bond index return of +0.22%, again outperforming with only around 35% of the fund invested in the asset class. The main contributors were the US index-linked bonds, the EM local currency and US High Yield ETFs. Gold contributed just under 0.50% over the year with weightings varying from between 2% and 7%. The main negative detractor to fund returns last year was the currency component, contributing -3.30%. This reflected a combination of a strong Euro (EUR/USD +14.12%) and a weak US Dollar (DXY-9.87%). During the course of the year exposure to the US Dollar and other currencies has varied between 20-40% as we have the choice to hedge all or part of the exposure. In general, we will be around 75% invested in Euros and retain 25% in unhedged foreign currencies for diversification purposes. This has worked well over the lifetime of the fund but clearly last year in the face of such an unexpected and unusual currency headwind, this has proved hard to mitigate. Economic Summary Global economic growth exceeded expectations in 2017 and continues to accelerate. According to the Odey PMI-based nowcast for Global GDP, growth accelerated by 0.20% in December to 4.3%, the fastest rate of global growth since 2011. With global growth so strong, by now it would be normal to see inflation pick up from the current very low levels. So far during this recovery phase however, inflation has remained stubbornly below most central bank target threshold levels of 2.0%. Much has been written about the reasons for the absence of inflation with the most common explanation being the structural headwinds facing the economy in the form of technology, globalisation and demographics. While inflation has remained stubbornly low, our expectations are for US CPI to drift gently upwards towards 2.5 - 2.6% before ending the year around 2.2%. We would also expect to see a pick-up in Eurozone inflation albeit at a somewhat slower pace. This is primarily due to the fact that the output gap in Europe, unlike the US, has some way to go before being closed. This has allowed the ECB to run a more accommodative monetary policy than would normally be expected. According to ISI, ECB monetary policy has been even more accommodative than the US at the equivalent stage of the cycle. European real rates are as much as 0.50% more negative than in Japan, arguably an economy even further back in its recovery. Set against the strong growth backdrop and with an absence of significant inflationary pressures, this increases the chance that the global economy has finally reached escape velocity. Interest rates are on upward trajectory and QE programmes are being slowly withdrawn, a process that is likely to gather pace as 2018 progresses. The key factor is that monetary policy settings are still some way from moving from accommodative to restrictive as escape velocity is reached. This reduces the left tail risk that the global economy will sink back in to deflation any time soon. The right tail risk that we see inflation and interest rates rise more than is currently anticipated will become increasingly a factor as the recovery broaden. Right now, the likelihood is that such concerns are some way off. In summary, the global economic outlook continues to improve and this will further underpin risk assets, principally equities. 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 2018


49

STATEMENT OF FINANCIAL POSITION As at 31 December 2017 Odey Opportunity Fund EUR EUR Notes 31 December 2017 31 December 2016 ASSETS Financial Assets at Fair Value through Profit or Loss 3 146,855,790 163,249,230 Cash and Cash Equivalents 10 63,476,259 69,802,588 Receivable from Subscriptions 3,786,555 453,493 Interest and Dividends Receivable 195,096 222,429 Other Receivables 19,131 3,025

TOTAL ASSETS 214,332,831 233,730,765 LIABILITIES Financial Liabilities at Fair Value through Profit or Loss 3 1,138,191 1,302,267 Payable on Redemptions 3,598,195 1,150,575 Administration, Registrar and Transfer Agency Fees Payable 7 11,947 10,801 Depositary and Depositary Oversight Fees Payable 7 16,824 6,478 Investment Management Fees Payable 7 185,754 212,121 Performance Fees Payable 7 365,160 442,813 Bank Overdrafts 10 81,543 - Other Accrued Expenses 24,111 26,046 LIABILITIES (excluding Net Assets attributable to h olders of redeemable participating shares)

5,421,725 3,151,101


Redeemable Participating Shares Shares In Issue Euro I Class 69,721.45 72,943.44 Net Asset Value Per Share Euro I Class €237.84 €226.46 Shares In Issue Euro R Class 49,751.01 54,351.57 Net Asset Value Per Share Euro R Class €154.84 €148.17 Shares In Issue Euro I P Class 28,731.55 17,907.32 Net Asset Value Per Share Euro I P Class €113.91 €108.73 Shares In Issue Euro R P Class 5,917.03 2,286.18 Net Asset Value Per Share Euro R P Class €105.76 €101.41 Shares In Issue USD R Class 84,467.95 96,349.80 Net Asset Value Per Share USD R Class $167.28 $157.62 Shares In Issue USD I Class 73,004.11 62,522.16 Net Asset Value Per Share USD I Class $255.81 $239.31 Shares In Issue USD I P Class 80.00 80.00 Net Asset Value Per Share USD I P Class $108.34 $101.76 Shares In Issue USD R P Class 20,248.54 10,835.33 Net Asset Value Per Share USD R P Class $105.61 $99.77 Shares In Issue GBP R Class 154,043.96 165,739.63 Net Asset Value Per Share GBP R Class £166.95 £158.69 The accompanying notes form an integral part of the Financial Statements.


50

STATEMENT OF FINANCIAL POSITION As at 31 December 2017 (continued)

*This share class was launched on 2 October 2017. **This share class was launched on 3 July 2017. ***This share class was fully redeemed on 17 June 2016. The accompanying notes form an integral part of the Financial Statements.

Odey Opportunity Fund EUR EUR 31 December 2017 31 December 2016 Shares In Issue GBP R P Class 16,415.56 14,050.97 Net Asset Value Per Share GBP R P Class £102.19 £97.44 Shares In Issue GBP I Class 122,541.20 152,049.49 Net Asset Value Per Share GBP I Class £266.52 £252.21 Shares In Issue GBP I P Class 3,082.27 2,823.42 Net Asset Value Per Share GBP I P Class £113.48 £107.73 Shares In Issues GBP M W Class 254,256.95 269,578.62 Net Asset Value Per Share GBP M W Class £121.40 £114.31 Shares In Issues GBP W M Class 158,597.07 154,126.12 Net Asset Value Per Share GBP W M Class £111.20 £105.21 Shares In Issues GBP IH Class* 57,099.63 - Net Asset Value Per Share GBP IH Class £100.33 - Shares In Issues GBP F Class** 7,414.77 - Net Asset Value Per Share GBP F Class £102.83 - Shares In Issue CHF R Class 25,012.37 46,381.48 Net Asset Value Per Share CHF R Class ₣127.77 ₣123.13 Shares In Issue CHF I Class 153,403.90 292,008.88 Net Asset Value Per Share CHF I Class ₣131.48 ₣126.00 Shares In Issue CHF I P Class 6,010.00 6,050.00 Net Asset Value Per Share CHF I P Class ₣104.16 ₣ 99.98 Shares In Issue NOK R Class 73,757.61 77,557.61 Net Asset Value Per Share NOK R Class kr148.31 kr140.45 Shares In Issue NOK I Class*** - - Net Asset Value Per Share NOK I Class - -


51

STATEMENT OF COMPREHENSIVE INCOME For the financial year ended 31 December 2017 Odey Opportunity Fund EUR EUR Notes 31 December 2017 31 December 2016 INCOME Net Gain/(Loss) from Investments 13 1,725,640 (11,257,575) Dividends 1,723,701 1,650,790 Bank Interest 4,415 1,948 Bond Interest (Expense)/Income (1,580) 979,486 Other Income 48,106 1,941 Dividend Withholding Tax Expense (103,659) (218,457) Finance Cost (138,862) (121,790) Transaction Costs (181,012) (502,093)

Investment Income/(Loss) 3,076,749 (9,465,750) EXPENSES Administration, Registrar and Transfer Agent Fees 7 84,727 79,610 Depositary and Depositary Oversight Fees 7 89,382 73,095 Investment Management Fees 7 2,595,749 2,659,636 Performance Fees 7 422,861 459,043 Audit Fees 7 11,968 17,041 Director Fees 7 6,751 3,390 Other Expenses 73,284 90,172

Operating Expenses 3,284,722 3,381,987 Decrease in Net Assets Attributable to Holders of R edeemable Participating Shares from Operations

(207,973) (12,847,737)



52

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES For the financial year ended 31 December 2017 Odey Opportunity Fund EUR EUR 31 December 2017 31 December 2016 Net Assets attributable to holders of redeemable pa rticipating shares at beginning of the financial year

230,579,664 266,688,127

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

(207,973) (12,847,737)

Capital Transactions Issuance of shares 52,499,173 49,222,955 Redemptions of shares (73,959,758) (72,483,681) Net Assets attributable to holders of redeemable pa rticipating shares at the end of the financial year

208,911,106 230,579,664

Shares issued during the financial year Euro R Class 2,650.00 2,864.43 Euro I Class 2,170.03 7,649.00 Euro I P Class 18,013.78 17,053.27 Euro R P Class 3,977.30 1,544.04 USD R Class 4,291.04 12,181.03 USD I Class 34,303.86 67.24 USD R P Class 9,743.21 3,561.07 GBP R Class 6,500.98 14,596.95 GBP I Class 48,937.84 15,056.60 GBP M W Class 71,565.52 149,574.16 GBP R P Class 5,114.25 10,976.85 GBP W M Class 45,686.36 117,254.22 GBP I P Class 330.60 5.31 GBP IH Class** 57,099.63 - GBP F Class*** 7,414.77 - CHF R Class 1,600.00 3,000.00 CHF I Class 2,681.53 4,061.83 CHF I P Class - 60.00 Shares redeemed during the financial year Euro R Class (7,250.56) (59,640.96) Euro I Class (5,392.02) (73,776.71) Euro I P Class (7,189.55) (7,988.63) Euro R P Class (346.45) (236.04) USD R Class (16,172.89) (25,928.23) USD I Class (23,821.91) (23,227.55) USD I P Class - (601.99) USD R P Class (330.00) (138.48) GBP R Class (18,196.65) (15,860.41) GBP I Class (78,446.13) (77,918.08) GBP I P Class (71.75) (4.36) GBP M W Class (86,887.19) (38,276.27) GBP R P Class (2,749.66) (98.67) GBP W M Class (41,215.41) (14,241.95) CHF R Class (22,969.11) (21,003.38) CHF I Class (141,286.51) (32,992.74) CHF IP Class (40.00) (218.08) NOK I Class* - (54,763.06) NOK R Class (3,800.00) -

*This share class was fully redeemed on 17 June 2016. **This share class was launched on 2 October 2017. ***This share class was launched on 3 July 2017. The accompanying notes form an integral part of the Financial Statements.


53

STATEMENT OF CASH FLOWS For the financial year ended 31 December 2017 Odey Opportunity Fund EUR EUR 31 December 2017 31 December 2016 Cash flows From Operating activities Decrease in net assets attributable to holders of r edeemable participating shares from operations

(207,973) (12,847,737)

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

Dividend income (1,723,701) (1,650,790) Bank interest income (4,415) (1,948) Bond interest income 1,580 (979,486) Tax expense 103,659 218,457 Operating loss before working capital changes (1,830,850) (15,261,504) Changes in operating assets and liabilities Decrease in financial Assets at Fair Value through Profit or Loss 16,229,364 66,081,090 Decrease in Receivable Management Fee Rebate - 24,859 Increase in Other Receivables (16,106) (290) (Decrease)/Increase in Other Accrued Expenses and Payables (94,463) 333,315 Cash provided by operating activities 14,287,945 51,177,470 Dividend received 1,736,628 1,646,936 Interest received 3,869 1,965 Bond interest 13,372 1,070,796 Taxation paid (103,659) (218,457) Net cash provided by operating activities 15,938,155 53,678,710 Financing activities Payments of redemptions of shares (71,512,138) (71,493,734) Proceeds from issue of shares 49,166,111 49,193,110 Net cash used in financing activities (22,346,027) (22,300,624) Net (decrease)/increase in cash and cash equivalent s (6,407,872) 31,378,086 Net Cash at the Beginning of the Financial Year 69,802,588 38,424,502 Net Cash at the End of the Financial Year 63,394,716 69,802,588 Analysis of Cash Cash at Bank at the Beginning of the Financial Year 69,802,588 38,753,189 Overdraft at the Beginning of the Financial Year - (328,687) Net Cash at the Beginning of the Financial Year 69,802,588 38,424,502 Cash at Bank at the End of the Financial Year 63,476,259 69,802,588 Overdraft at the End of the Financial Year (81,543) - Net Cash at the End of the Financial Year 63,394,716 69,802,588 The accompanying notes form an integral part of the Financial Statements.


54

ODEY OPPORTUNITY FUND SCHEDULE OF INVESTMENTS as at 31 December 2017


Description


EUR EUR




CANADA Kinross Gold Corp 279,600 USD 1,095,337 1,005,889 0.48 Wheaton Precious Metals Corp 46,600 USD 718,832 858,809 0.41

1,814,169 1,864,698 0.89

FRANCE Vivendi SA 133,276 EUR 2,261,520 2,988,048 1.43

2,261,520 2,988,048 1.43

GREAT BRITAIN Rio Tinto Plc 65,240 GBP 2,409,798 2,897,194 1.39

2,409,798 2,897,194 1.39

LUXEMBOURG B&M European Value Retail SA 603,355 GBP 2,518,164 2,879,227 1.38

2,518,164 2,879,227 1.38

NETHERLANDS Koninklijke KPN NV 605,800 EUR 1,728,710 1,761,666 0.84 Philips Lighting NV 18,000 EUR 538,253 550,800 0.26

2,266,963 2,312,466 1.10

SINGAPORE Broadcom Ltd 15,844 USD 3,320,680 3,389,677 1.62

3,320,680 3,389,677 1.62

SWITZERLAND Roche Holding AG 5,100 CHF 1,047,715 1,074,322 0.51

1,047,715 1,074,322 0.51

UNITED STATES Activision Blizzard Inc 44,736 USD 1,792,376 2,358,997 1.13 Alexion Pharmaceuticals Inc 18,898 USD 2,153,366 1,882,088 0.90 Alphabet Inc - A 5,406 USD 3,795,833 4,742,405 2.27 Amazon.com Inc 1,398 USD 844,506 1,361,525 0.65 Apple Inc 15,844 USD 1,709,656 2,232,911 1.07 Bank of America Corp 211,564 USD 3,742,915 5,201,008 2.49 BMC Stock Holdings Inc 65,240 USD 1,166,876 1,374,560 0.66 Celgene Corp 13,048 USD 1,350,496 1,133,985 0.54 Charter Communications Inc 3,914 USD 1,090,329 1,095,059 0.52


55

ODEY OPPORTUNITY FUND SCHEDULE OF INVESTMENTS as at 31 December 2017 (con tinued)


Description


EUR EUR




UNITED STATES (continued) Comcast Corp 34,484 USD 1,081,818 1,150,137 0.55 Facebook Inc 43,338 USD 4,534,058 6,368,608 3.05 JPMorgan Chase & Co 41,940 USD 3,385,620 3,735,063 1.79 Lam Research Corp 32,806 USD 3,144,194 5,028,814 2.41 MGIC Investment Corp 125,820 USD 1,155,208 1,478,448 0.71 Microsoft Corp 18,640 USD 674,192 1,327,836 0.64 Priceline Group Inc 2,796 USD 3,428,865 4,046,237 1.94 Regeneron Pharmaceuticals Inc 6,027 USD 2,212,606 1,887,001 0.90 TripAdvisor Inc 54,056 USD 2,081,218 1,551,274 0.74 Vertex Pharmaceuticals Inc 11,430 USD 1,198,577 1,426,466 0.68

40,542,709 49,382,422 23.64


LISTED SECURITIES : BONDS

GERMANY Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond 0.75% 15/04/2018 16,100,000 EUR 17,517,624 17,430,907 8.34 Deutsche Bundesrepublik Inflation Linked Bond 0.5% 15/04/2030 5,126,000 EUR 5,880,915 6,135,263 2.94

23,398,539 23,566,170 11.28

SPAIN Spain Government Inflation Linked Bond 1% 30/11/2030 4,660,000 EUR 4,663,501 5,031,481 2.41

4,663,501 5,031,481 2.41

UNITED STATES United States Treasury Inflation Indexed Bonds 0.125% 15/04/2021 16,600,000 USD 15,219,594 14,332,637 6.86

15,219,594 14,332,637 6.86

TOTAL LISTED SECURITIES : BONDS 43,281,634 42,930,288 20.55

LISTED SECURITIES : EXCHANGE TRADED FUND

IRELAND iShares JP Morgan EM Local Government Bond UCITS ETF 139,800 USD 8,291,580 7,777,015 3.72 iShares USD High Yield Corporate Bond UCITS ETF 61,512 USD 5,720,747 5,313,145 2.54

14,012,327 13,090,160 6.26

TOTAL LISTED SECURITIES : EXCHANGE TRADED FUND 14,012,327 13,090,160 6.26


56



Description


EUR EUR



LISTED SECURITIES : EXCHANGE TRADED COMMODITY

JERSEY Gold Bullion Securities Ltd 60,300 USD 6,594,842 6,159,810 2.95

6,594,842 6,159,810 2.95

TOTAL LISTED SECURITIES : EXCHANGE TRADED COMMODITY 6,594,842 6,159,810 2.95


OTHER TRANSFERABLE SECURITIES DEALT ON ANOTHER REGULATED MA RKET

OTHER ORGANISED MARKET : BONDS

UNITED STATES United States Treasury Inflation Indexed Bonds 0.625% 15/01/2026 18,400,000 USD 17,045,060 16,170,079 7.74

17,045,060 16,170,079 7.74

TOTAL OTHER ORGANISED MARKET : BONDS 17,045,060 16,170,079 7.74

TOTAL OTHER TRANSFERABLE SECURITIES DEALT ON AN OTHER REG ULATED MARKET 17,045,060 16,170,079 7.74

OPEN FOREIGN EXCHANGE FORWARD CONTRACTS

Maturity Counterparty CCY Purchase CCY Sold Unrealised % Net Date

Amount


EUR EUR EUR

02/01/2018 RBC IS Bank Luxembourg EUR 693,530 GBP 691,466 2,064 -

02/01/2018 RBC IS Bank Luxembourg GBP 5,632 EUR 5,655 (23) - 03/01/2018 RBC IS Bank Luxembourg EUR 100,002 GBP 99,893 109 -

03/01/2018 RBC IS Bank Luxembourg GBP 7,617 EUR 7,633 (16) - 04/01/2018 RBC IS Bank Luxembourg CHF 27,483 EUR 27,424 59 - 04/01/2018 RBC IS Bank Luxembourg EUR - CHF - - - 05/01/2018 RBC IS Bank Luxembourg EUR 3,559 GBP 3,551 8 - 08/01/2018 RBC IS Bank Luxembourg EUR 378 USD 378 - - 08/01/2018 RBC IS Bank Luxembourg USD 371,728 EUR 374,238 (2,510) - 31/01/2018 RBC IS Bank Luxembourg EUR 77,970,006 USD 76,773,971 1,196,035 0.57 31/01/2018 RBC IS Bank Luxembourg JPY 10,402,894 EUR 10,602,020 (199,126) (0.10) 31/01/2018 RBC IS Bank Luxembourg MXN 3,088,411 USD 3,049,900 38,511 0.02 31/01/2018 RBC IS Bank Luxembourg NOK 10,599,942 EUR 10,547,009 52,933 0.03 31/01/2018 RBC IS Bank Luxembourg SEK 5,279,106 EUR 5,204,452 74,654 0.04 31/01/2018 RBC IS Bank Luxembourg USD 3,180,737 MXN 3,104,202 76,535 0.04 31/01/2018 RBC IS Bank Luxembourg USD 3,180,345 ZAR 3,309,034 (128,689) (0.06) 31/01/2018 RBC IS Bank Luxembourg ZAR 3,292,607 USD 3,284,117 8,490 -

PORTFOLIO HEDGING 1,119,034 0.54


57


OPEN FOREIGN EXCHANGE FORWARD CONTRACTS (continued) Maturity Counterparty CCY Purchase CCY Sold Unrealised % Net Date

Amount


EUR EUR EUR

31/01/2018 RBC IS Bank Luxembourg CHF 20,703,753 EUR 20,632,988 70,765 0.03 31/01/2018 RBC IS Bank Luxembourg EUR 2,940,049 GBP 2,943,106 (3,057) - 31/01/2018 RBC IS Bank Luxembourg EUR 374,289 USD 371,932 2,357 - 31/01/2018 RBC IS Bank Luxembourg GBP 118,127,793 EUR 118,158,001 (30,208) (0.01) 31/01/2018 RBC IS Bank Luxembourg NOK 1,118,294 EUR 1,115,051 3,243 - 31/01/2018 RBC IS Bank Luxembourg USD 29,277,902 EUR 29,529,643 (251,741) (0.12)

SHARE CLASS HEDGING (208,641) (0.10)

Future Contracts

Maturity Number of contracts Unrealised % Net

Date Description

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

08/03/2018 EURO BUND 08/03/2018 EUR (56) 75,600 0.04 16/03/2018 DAX-INDEX 16/03/2018 EUR 32 (121,262) (0.06)

16/03/2018 EURO STOXX 50 PR 16/03/2018 EUR 600 (401,559) (0.19) 20/03/2018 10Y TREASURY NOTES USA 20/03/2018 USD (205) 116,036 0.06

TOTAL FUTURE CONTRACTS (331,185) (0.15)



NET ASSETS 208,911,106 100.00

* Geographical analysis is based on country of registration.


Value assets

EUR



OPEN FOREIGN EXCHANGE FORWARD CONTRACTS 1,525,763 0.71

FUTURE CONTRACTS 191,636 0.09


TOTAL 214,332,831 100.00


58

ODEY OPPORTUNITY FUND ECONOMIC DIVISION OF INVESTMENTS as at 31 December 2017

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



2017 2016

States, Provinces and Municipalities 28.29 26.92 Internet Software 9.77 7.51 Investment Funds 6.26 9.25 Holding and Finance Companies 5.04 3.09 Banks and Financial Institutions 4.28 6.29 Biotechnology 3.02 3.13 Office Equipment and Computers 2.69 3.14 Electronic Semiconductor 2.41 1.11 Graphic Art and Publishing 1.98 - Non-Ferrous Metals 1.87 0.38 News Transmission 1.36 2.01 Construction and Building Material 0.66 - Retail 0.65 0.99 Pharmaceuticals and Cosmetics 0.51 2.13 Precious Metals 0.41 - Electronics and Electrical Equipment 0.26 - Insurance - 1.13 Chemicals - 1.07 Transportation - 0.97 Miscellaneous - 0.40 Leisure - 0.54



Futures Contracts (0.15) 0.19





59

ODEY OPPORTUNITY FUND SIGNIFICANT PORTFOLIO CHANGES for the financial yea r ended 31 December 2017 (unaudited)


France Treasury Bill BTF 0% 11/05/2017 20,000,000 20,034,303 9.16 France Treasury Bill BTF 0% 31/05/2017 17,000,000 17,028,011 7.78 France Treasury Bill BTF 0% 07/02/2018 17,000,000 17,027,514 7.78 France Treasury Bill BTF 0% 15/11/2017 17,000,000 17,025,330 7.78 France Treasury Bill BTF 0% 23/08/2017 17,000,000 17,024,480 7.78 Gold Bullion Securities Ltd 138,330 15,037,620 6.87 France Treasury Bill BTF 0% 27/09/2017 10,000,000 10,021,475 4.58 France Treasury Bill BTF 0% 13/12/2017 10,000,000 10,013,386 4.58 France Treasury Bill BTF 0% 08/02/2017 10,000,000 10,005,370 4.57 iShares JP Morgan EM Local Government Bond UCITS ETF 150,000 8,896,545 4.07 France Treasury Bill BTF 0% 07/03/2018 8,000,000 8,015,149 3.66 France Treasury Bill BTF 0% 14/06/2017 7,500,000 7,515,864 3.43 France Treasury Bill BTF 0% 28/12/2017 6,000,000 6,007,810 2.75 France Treasury Bill BTF 0% 11/10/2017 6,000,000 6,003,222 2.74 Spain Government Inflation Linked Bond 1% 30/11/2030 5,000,000 5,019,150 2.29 JPMorgan Chase & Co 45,000 3,632,639 1.66 Broadcom Ltd 17,000 3,562,961 1.63 B&M European Value Retail SA 647,377 2,701,895 1.23 Bank of America Corp 124,000 2,649,309 1.21 Rio Tinto Plc 70,000 2,585,620 1.18 Ocado Group Plc 793,000 2,454,596 1.12 Vivendi SA 143,000 2,426,524 1.11 Celgene Corp 22,725 2,352,087 1.07 Alexion Pharmaceuticals Inc 20,277 2,310,499 1.06


60

ODEY OPPORTUNITY FUND SIGNIFICANT PORTFOLIO CHANGES for the financial yea r ended 31 December 2017 (unaudited) (continued)


France Treasury Bill BTF 0% 08/02/2017 20,000,000 20,000,000 7.97 France Treasury Bill BTF 0% 11/05/2017 20,000,000 20,000,000 7.97 France Treasury Bill BTF 0% 08/03/2017 17,000,000 17,000,000 6.77 France Treasury Bill BTF 0% 31/05/2017 17,000,000 17,000,000 6.77 France Treasury Bill BTF 0% 23/08/2017 17,000,000 17,000,000 6.77 France Treasury Bill BTF 0% 15/11/2017 17,000,000 17,000,000 6.77 Gold Bullion Securities Ltd 119,700 12,499,837 4.98 France Treasury Bill BTF 0% 11/01/2017 10,000,000 10,000,000 3.98 France Treasury Bill BTF 0% 27/09/2017 10,000,000 10,000,000 3.98 France Treasury Bill BTF 0% 13/12/2017 10,000,000 10,000,000 3.98 France Treasury Bill BTF 0% 14/06/2017 7,500,000 7,500,000 2.99 iShares Euro High Yield Corporate Bond UCITS ETF 57,000 6,190,287 2.47 France Treasury Bill BTF 0% 11/10/2017 6,000,000 6,000,000 2.39 France Treasury Bill BTF 0% 28/12/2017 6,000,000 6,000,000 2.39 iShares Euro Corporate Bond Large Cap UCITS ETF 34,000 4,576,265 1.82 Apple Inc 36,156 4,488,483 1.79 iShares USD Corporate Bond UCITS ETF 39,000 4,074,496 1.62 Bank of America Corp 162,436 3,815,705 1.52 Celgene Corp 34,677 3,575,562 1.42 Goldman Sachs Group Inc 16,300 3,364,845 1.34 Cerved Information Solutions SpA 351,207 3,101,597 1.24 Broadcom Ltd 15,256 3,065,276 1.22 Ryanair Holdings Plc 153,500 2,776,715 1.11 BNP Paribas SA 42,000 2,753,445 1.10 AXA SA 109,000 2,708,120 1.08 Bayer AG 25,000 2,672,637 1.06 Ocado Group Plc 793,000 2,658,152 1.06 Cognizant Technology Solutions Corp 53,668 2,580,935 1.03


61

INVESTMENT MANAGER’S REPORT Odey Allegra Developed Markets Fund Report for the financial year ended 31 December 2017





Performance

USD I 117.88 158.41 34.38 22.40 11.98

USD R 108.76 145.44 33.73 22.40 11.33

GBP I 147.99 181.67 22.76 11.82 10.94

GBP R 127.98 156.33 22.15 11.82 10.33

GBP M 151.60 186.10 22.76 11.82 10.94

Euro I 140.55 165.90 18.04 7.50 10.54 *MSCI Daily TR Net World **Performance figures are presented net of fees Summary of Fund Performance From 1 January 2017 to 31 December 2017 (“the period”), the Odey Allegra Developed Markets Fund returned +34.38% (based on the principal share class – USD I class) against the MSCI Daily TR Net World return of +22.40%.

Positive returns over the period came from the Financials (+12.67%) and Consumer Discretionary (+10.20%) sectors and from a country perspective, the UK (+15.45%) and Canada (+6.16%). Negative returns came primarily from the Consumer Staples (-0.29%) sector.

Notable positive returns came from holdings including Plus500 (+11.60%), Stars Group (+4.84%) and Vivendi (+3.14%). Negative returns came from holdings including AO World (-2.07%), Serco Group (-1.18%) and Sprint (-0.79%).


62

INVESTMENT MANAGER’S REPORT Odey Allegra Developed Markets Fund Report for the financial year ended 31 December 2017 (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 2018


63

STATEMENT OF FINANCIAL POSITION As at 31 December 2017

Odey Allegra Developed Markets Fund USD USD Notes 31 December 2017 31 December 2016

ASSETS Financial Assets at Fair Value through Profit or Loss 3 159,467,895 241,452,901 Cash and Cash Equivalents 10 392,289 2,982,197 Receivable from Subscriptions 871,506 356,844 Interest and Dividends Receivable 2,259 44,304 Other Receivables 7,726 5,222

TOTAL ASSETS 160,741,675 244,841,468 LIABILITIES Financial Liabilities at Fair Value through Profit or Loss 3 2,305 -Payable on Redemptions 1,021,360 627,293 Administration, Registrar and Transfer Agency Fees Payable 7 9,246 11,825 Depositary and Depositary Oversight Fees Payable 7 16,391 8,415 Investment Management Fees Payable 7 88,538 141,006 Payable on Purchases of Investments 323,230 279,292 Bank Overdraft 10 652,854 3,557 Other Accrued Expenses 46,957 36,611 LIABILITIES (excluding Net Assets attributable to h olders of redeemable participating shares)

2,160,881 1,107,999


Redeemable Participating Shares Shares In Issue Euro I Class 66,726.65 186,064.44Net Asset Value Per Share Euro I Class €165.90 €140.55 Shares In Issue USD R Class 2,472.86 4,109.47Net Asset Value Per Share USD R Class $145.44 $108.76 Shares In Issue USD I Class 24,913.01 54,490.70Net Asset Value Per Share USD I Class $158.41 $117.88 Shares In Issue GBP R Class 9,087.66 1,797.32Net Asset Value Per Share GBP R Class £156.33 £127.98 Shares In Issue GBP I Class 559,353.54 1,132,802.86Net Asset Value Per Share GBP I Class £181.67 £147.99 Shares In Issues GBP M Class 6,336.09 9,815.95Net Asset Value Per Share GBP M Class £186.10 £151.60 The accompanying notes form an integral part of the Financial Statements.


64

STATEMENT OF COMPREHENSIVE INCOME For the financial year ended 31 December 2017 Odey Allegra Developed Markets Fund USD USD Notes 31 December 2017 31 December 2016 INCOME Net Income/(Loss) from Investments 13 46,648,532 (36,281,553) Dividends 3,645,473 8,135,336 Bank Interest 39,167 32,991 Other Income 252,963 184,098 Dividend Withholding Tax Expense (497,200) (1,361,357) Finance Cost (2,814) (2,938) Transaction Costs (270,217) (383,763)

Investment Income/(Loss) 49,815,904 (29,677,186) EXPENSES Administration, Registrar and Transfer Agent Fees 7 69,541 115,247 Depositary and Depositary Oversight Fees 7 85,756 97,084 Investment Management Fees 7 1,182,477 2,324,646 Audit Fees 7 12,394 15,721 Director Fees 7 7,229 5,134 Other Expenses 92,425 78,974


48,366,082 (32,313,992)



65

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES For the financial year ended 31 December 2017 Odey Allegra De veloped Market Fund USD USD 31 December 2017 31 December 2016 Net Assets attributable to holders of redeemable pa rticipating shares at beginning of the financial year 243,733,469 383,557,171 Increase/(Decrease) in Net Assets attributable to holders of redeemable participating shares from operations 48,366,082 (32,313,992) Capital Transactions Issuance of shares 23,229,985 32,664,437 Redemptions of shares (156,748,742) (140,174,147)

Net Assets attributable to holders of redeemable pa rticipating shares at the end of the financial year 158,580,794 243,733,469 Shares issued during the financial year EUR I Class 9,535.90 80,360.76 USD I Class 5,571.80 15,395.96 GBP R Class 7,559.18 201.04 GBP I Class 87,510.30 96,250.74 GBP M Class 1,032.74 622.95 Shares redeemed during the financial year Euro I Class (128,873.69) (145,016.63) USD I Class (35,149.49) (49,342.13) USD R Class (1,636.61) (230.00) GBP R Class (268.84) (430.96) GBP I Class (660,959.62) (573,438.22) GBP M Class (4,512.60) (16,403.68) The accompanying notes form an integral part of the Financial Statements.


66

STATEMENT OF CASH FLOWS For the financial year ended 31 December 2017 Odey Allegra Developed Markets USD USD 31 December 2017 31 December 2016 Cash flows From Operating activities Increase/(Decrease) in net assets attributable to h olders of redeemable participating shares from operations

48,366,082 (32,313,992)


Dividend income (3,645,473) (8,135,336) Bank interest income (39,167) (32,991) Tax expense 497,200 1,361,357 Operating profit/(loss) before working capital chan ges 45,178,642 (39,120,962) Changes in operating assets and liabilities Decrease in financial Assets at Fair Value through Profit or Loss 81,987,311 134,719,315 Increase in Other Receivables (2,504) (4,786) Increase/(Decrease) in Other Accrued Expenses and Payables 7,213 (2,003,818) Cash provided by operating activities 127,170,662 93,589,749 Dividend received 3,688,052 8,098,007 Interest received 38,633 31,476 Taxation paid (497,200) (1,361,357) Net cash provided by operating activities 130,400,147 100,357,875 Financing activities Payments of redemptions of shares (156,354,675) (139,776,949) Proceeds from issue of shares 22,715,323 32,579,980 Net cash used in financing activities (133,639,352) (107,196,969) Net decrease in cash and cash equivalents (3,239,205) (6,839,094) Net Cash at the Beginning of the Financial Year 2,978,640 9,817,734 Net Cash at the End of the Financial Year (260,565) 2,978,640 Analysis of Cash Cash at Bank at the Beginning of the Financial Year 2,982,197 9,817,734 Overdraft at the Beginning of the Financial Year (3,557) - Net Cash at the Beginning of the Financial Year 2,978,640 9,817,734 Cash at Bank at the End of the Financial Year 392,289 2,982,197 Overdraft at the End of the Financial Year (652,854) (3,557) Net Cash at the End of the Financial Year (260,565) 2,978,640 The accompanying notes form an integral part of the Financial Statements.


67

ODEY ALLEGRA DEVELOPED MARKETS FUND SCHEDULE OF INVESTMENTS as at 31 December 2017

(expressed in USD) Acquisition Fair % Net

Description


USD USD




CANADA Kinross Gold Corp 1,097,000 USD 5,830,550 4,739,040 2.99 Stars Group Inc 501,092 CAD 8,033,201 11,697,939 7.38

13,863,751 16,436,979 10.37

FEDERATION OF RUSSIA Sberbank of Russia PJSC 111,000 USD 1,286,037 1,879,230 1.19

1,286,037 1,879,230 1.19

FRANCE Electricite de France SA 251,000 EUR 3,128,521 3,140,596 1.98 Vivendi SA 460,000 EUR 8,921,367 12,384,091 7.81

12,049,888 15,524,687 9.79

GREAT BRITAIN AO World Plc 4,400,000 GBP 14,485,020 6,547,310 4.13 Rowan Cos Plc 477,000 USD 5,914,092 7,469,820 4.71 Serco Group Plc 4,800,000 GBP 9,271,681 6,421,775 4.05 Sports Direct International Plc 1,350,000 GBP 7,383,566 6,884,821 4.34

37,054,359 27,323,726 17.23

GREECE Alpha Bank AE 1,550,000 EUR 3,277,435 3,326,036 2.10

3,277,435 3,326,036 2.10

ISLE OF MAN Playtech Plc 650,000 GBP 7,589,340 7,566,269 4.77

7,589,340 7,566,269 4.77

ISRAEL Plus500 Ltd 1,258,000 GBP 8,886,292 15,460,485 9.75

8,886,292 15,460,485 9.75

JAPAN ORIX Corp 278,000 JPY 4,572,581 4,699,963 2.96 SoftBank Group Corp 128,000 JPY 7,394,281 10,135,461 6.39 Square Enix Holdings Co Ltd 45,000 JPY 1,589,123 2,141,144 1.35

13,555,985 16,976,568 10.70


68

ODEY ALLEGRA DEVELOPED MARKETS FUND SCHEDULE OF INVESTMENTS as at 31 December 2017 (con tinued)

(expressed in USD) Acquisition Fair % Net

Description


USD USD




JERSEY IWG Plc 1,093,900 GBP 3,643,128 3,808,936 2.40 Randgold Resources Ltd 34,500 GBP 3,006,558 3,458,238 2.18 Shire Plc 25,000 USD 3,790,232 3,878,000 2.44

10,439,918 11,145,174 7.02

LUXEMBOURG B&M European Value Retail SA 600,000 GBP 2,710,864 3,438,149 2.17

2,710,864 3,438,149 2.17

NETHERLANDS Koninklijke KPN NV 1,365,000 EUR 4,344,031 4,766,480 3.01 Philips Lighting NV 198,000 EUR 5,995,322 7,275,407 4.59

10,339,353 12,041,887 7.60

UNITED STATES Altaba Inc 42,000 USD 2,420,366 2,933,700 1.85 BMC Stock Holdings Inc 132,000 USD 2,428,395 3,339,600 2.11 Liberty Media Corp-Liberty Formula One 153,000 USD 4,585,187 5,226,480 3.30 Liberty Media Corp-Liberty Formula One - a - 56,000 USD 1,728,847 1,832,320 1.15 Och-Ziff Capital Management Group LLC 720,000 USD 3,734,085 1,800,000 1.13 Sprint Corp 973,000 USD 7,007,671 5,730,970 3.61 ViaSat Inc 100,000 USD 6,631,227 7,485,000 4.72

28,535,778 28,348,070 17.87

TOTAL LISTED SECURITIES : SHARES

149,589,000 159,467,260 100.56


OPEN FOREIGN EXCHANGE FORWARD CONTRACTS**

Maturity Counterparty CCY Purchase CCY Sold Unrealised % Net Date

Amount


USD USD USD

02/01/2018 RBC IS Bank Luxembourg USD 811,837 EUR 814,142 (2,305) - 02/01/2018 RBC IS Bank Luxembourg GBP 300,344 USD 299,710 634 - 02/01/2018 RBC IS Bank Luxembourg DKK 484 USD 483 1 -

PORTFOLIO HEDGING (1,670) -


69

ODEY ALLEGRA DEVELOPED MARKETS FUND SCHEDULE OF INVESTMENTS as at 31 December 2017 (con tinued)

(expressed in USD) Fair % Net

Description

Value Assets

USD

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

159,465,590 100.56

CASH AND OTHER ASSETS AND LIABILITIES (884,796) (0.56)

NET ASSETS 158,580,794 100.00

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

(expressed in USD) Fair % Total Description

Value assets

USD


OPEN FOREIGN EXCHANGE FORWARD CONTRACTS 635 -


TOTAL 160,741,675 100.00


70

ODEY ALLEGRA DEVELOPED MARKETS FUND ECONOMIC DIVISION OF INVESTMENTS as at 31 December 2017 (expressed as a percentage of net assets, per Bloomberg classification)


31-Dec 31-Dec

2017 2016

Holding and Finance Companies 14.40 8.19

Graphic Art and Publishing 12.26 10.21 News Transmission 11.34 6.59 Retail 8.47 12.36 Office Equipment and Computers 7.38 9.00 Other Services 6.45 14.02 Internet Software 6.39 5.35 Banks and Financial Institutions 5.06 7.16 Leisure 4.77 4.84 Petrol 4.71 - Electronics and Electrical Equipment 4.59 3.02 Non-Ferrous Metals 2.99 2.33 Biotechnology 2.44 1.04 Precious Metals 2.18 1.45 Construction and Building Material 2.11 2.98 Public Services 1.98 - Investment Funds 1.85 - Mortgage and Funding Institutions 1.19 - Transportation - 4.99 Electronic Semiconductor - 2.67 Miscellaneous - 2.05 Real Estate Companies - 0.50 Mechanics and Machinery - 0.31



Cash and Other Assets and Liabilities (0.56) 0.94



71

ODEY ALLEGRA DEVELOPED MARKETS FUND SIGNIFICANT PORTFOLIO CHANGES for the financial yea r ended 31 December 2017 (unaudited)

PURCHASES SECURITY NAME QUANTITY COST % AGGREGATE USD PURCHASES

ViaSat Inc 131,000 8,681,921 9.19 Philips Lighting NV 237,000 7,140,904 7.56 Rowan Cos Plc 477,000 5,914,092 6.26 BT Group Plc 1,170,000 4,525,164 4.79 Koninklijke KPN NV 1,365,000 4,344,031 4.60 Adient Plc 54,000 3,791,919 4.01 Shire Plc 25,000 3,790,232 4.01 Electricite de France SA 301,000 3,747,643 3.97 Serco Group Plc 2,445,501 3,706,219 3.92 Sprint Corp 558,000 3,572,422 3.78 Transocean Ltd 315,000 3,365,176 3.56 ORIX Corp 198,000 3,309,107 3.50 Stars Group Inc 204,100 3,288,427 3.48 B&M European Value Retail SA 710,000 3,207,856 3.39 Altaba Inc 54,104 3,117,892 3.30 Tesco Plc 1,321,000 3,037,453 3.21 Playtech Plc 268,000 2,900,312 3.07 Sports Direct International Plc 827,503 2,834,759 3.00 Liberty Media Corp-Liberty Formula One 73,977 2,366,338 2.50 Grand City Properties SA 129,000 2,343,383 2.48 Bank of America Corp 98,900 2,258,692 2.39 Square Enix Holdings Co Ltd 45,000 1,589,123 1.68 Sberbank of Russia PJSC 134,000 1,552,196 1.64 Uniper SE 81,642 1,495,298 1.58 AO World Plc 791,106 1,272,605 1.35 Plus500 Ltd 136,463 1,225,375 1.30 Goldman Sachs Group Inc 4,300 972,650 1.03


72

ODEY ALLEGRA DEVELOPED MARKETS FUND SIGNIFICANT PORTFOLIO CHANGES for the financial yea r ended 31 December 2017 (unaudited) (continued)

SALES SECURITY NAME QUANTITY PROCEEDS % AGGREGATE USD SALES

IWG Plc 6,550,000 22,593,696 10.12 Plus500 Ltd 2,458,463 18,654,338 8.36 Stars Group Inc 1,022,000 15,547,550 6.96 Goldman Sachs Group Inc 48,300 11,957,080 5.36 Nokia OYJ 1,743,000 8,792,880 3.94 Vivendi SA 440,000 8,516,306 3.81 Playtech Plc 773,000 8,510,378 3.81 Sports Direct International Plc 2,084,103 8,145,759 3.65 Tesco Plc 3,336,000 7,707,692 3.45 Samsung Electronics Co Ltd 10,984 7,378,997 3.31 BT Group Plc 1,738,800 7,190,455 3.22 Southwest Airlines Co 121,300 6,868,807 3.08 Serco Group Plc 4,255,501 6,806,039 3.05 SolarEdge Technologies Inc 465,100 5,984,298 2.68 Delta Air Lines Inc 124,200 5,825,698 2.61 SoftBank Group Corp 77,000 5,809,169 2.60 BMC Stock Holdings Inc 273,000 5,784,085 2.59 GVC Holdings Plc 630,000 5,643,323 2.53 Amazon.com Inc 6,100 5,303,043 2.38 Stars Group Inc 230,908 4,905,722 2.20 Grand City Properties SA 195,400 3,901,912 1.75 Liberty Media Corp-Liberty Formula One 113,577 3,737,100 1.67 Adient Plc 54,000 3,709,031 1.66 Transocean Ltd 315,000 3,153,968 1.41 Kinross Gold Corp 854,700 3,107,998 1.39 AO World Plc 1,491,106 2,827,783 1.27 Bank of America Corp 98,900 2,690,826 1.21 Shire Plc 44,000 2,429,161 1.09 Control4 Corp 155,200 2,406,143 1.08 Uniper SE 81,642 2,393,015 1.07


73

INVESTMENT MANAGER’S REPORT Odey European Focus Fund Report for the financial y ear ended 31 December 2017

Share Class NAV per sh are




Performance

A Euro 17.70 19.44 9.83 10.23 -0.40

A Euro Acc 11.05 12.13 9.77 10.23 -0.46

B Euro 17.38 18.99 9.26 10.23 -0.97

Euro I 96.49 106.26 10.13 10.23 -0.10

Euro R 101.53 111.26 9.58 10.23 -0.65

A GBP 21.75 24.84 14.21 14.66 -0.45

GBP I 116.37 133.28 14.53 14.66 -0.13

GBP R 117.04 133.38 13.96 14.66 -0.70

GBP M 117.22 134.25 14.53 14.66 -0.13

USD I 91.12 114.24 25.37 25.51 -0.14 *MSCI Daily TR Net Europe **Performance figures are presented net of fees Summary of Fund Performance From 1 January 2017 to 31 December 2017 (“the period”), the Odey European Focus Fund returned +9.83% (based on the principal share class – A Euro class) against the MSCI Daily TR Net Europe return of +10.23%.

Positive returns over the period came from the Utilities (+4.42%) and Industrials (+2.40%) sectors and from a country perspective, Germany (+5.50%) and France (+4.77%). Negative returns came primarily from the Consumer Staples (-0.60%) and Energy (-0.10%) sectors, with the UK (-1.34%) and Luxembourg (-0.26%) being the largest detractors by country.

Notable positive returns came from holdings including Uniper (+4.32%), Alstom (+1.81%) and Vivendi (+1.65%). Negative contributions came from holdings including Centrica (-0.70%), Tesco (-0.49%) and Serco Group (-0.28%).


74

INVESTMENT MANAGER’S REPORT Odey European Focus Fund Report for the financial y ear ended 31 December 2017 (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 2018


75

STATEMENT OF FINANCIAL POSITION As at 31 December 2017

Odey European Focus Fund EUR EUR Notes 31 December 2017 31 December 2016

ASSETS Financial Assets at Fair Value through Profit or Loss 3 316,260,238 784,452,751 Cash and Cash Equivalents 10 119,418,268 289,147,241 Receivable from Subscriptions 8,604,333 52,908,714 Other Receivables 11,859 18,847

TOTAL ASSETS 444,294,698 1,126,527,553 LIABILITIES Financial Liabilities at Fair Value through Profit or Loss 4,755 - Payable on Redemptions 692,947 19,799,999 Administration, Registrar and Transfer Agency Fees Payable 7 22,553 49,057 Depositary and Depositary Oversight Fees Payable 7 32,054 28,377 Investment Management Fees Payable 7 332,561 852,581 Performance Fees Payable 7 - 13,874 Payable on Purchases of Investments 2,202,534 30,923,986 Bank Overdrafts 10 466,448 1,138 Other Accrued Expenses 38,167 66,544 LIABILITIES (excluding Net Assets attributable to h olders of redeemable participating shares)

3,792,019 51,735,556

NET ASSETS attributable to holders of redeemable pa rticipating shares 440,502,679 1,074,791,997

Redeemable Participating Shares Shares In Issue A Euro Class 13,171,529.09 28,860,278.15 Net Asset Value Per Share A Euro Class €19.44 €17.70 Shares In Issue A Euro Acc Class 268,997.50 6,775,766.72 Net Asset Value Per Share A Euro Acc Class €12.13 €11.05 Shares In Issue B Euro Class 500,867.21 743,375.29 Net Asset Value Per Share B Euro Class €18.99 €17.38 Shares In Issue Euro I Class 397,066.00 314,449.92 Net Asset Value Per Share Euro I Class €106.26 €96.49 Shares In Issue Euro R Class 447,199.62 446,943.41 Net Asset Value Per Share Euro R Class €111.26 €101.53 Shares In Issue USD I Class 9,276.33 10,066.33 Net Asset Value Per Share USD I Class $114.24 $91.12 Shares In Issue A GBP Class 1,933,286.23 14,425,082.55 Net Asset Value Per Share A GBP Class £24.84 £21.75 Shares In Issue GBP R Class 5,096.06 1,383.15 Net Asset Value Per Share GBP R Class £133.38 £117.04 Shares In Issue GBP I Class 154,302.57 230,254.31 Net Asset Value Per Share GBP I Class £133.28 £116.37 Shares In Issues GBP M Class 5,781.46 3,125.40 Net Asset Value Per Share GBP M Class £134.25 £117.22 The accompanying notes form an integral part of the Financial Statements.


76

STATEMENT OF COMPREHENSIVE INCOME For the financial year ended 31 December 2017 Odey European Focus Fund EUR EUR Notes 31 December 2017 31 December 2016 INCOME Net Income/(Loss) from Investments 13 38,201,916 (18,324,703) Dividends 7,656,849 22,409,352 Bank Interest 39 1,323 Other Income 398,806 105,010 Dividend Withholding Tax Expense (882,158) (747,944) Finance Cost (368,229) (741,268) Transaction Costs (540,965) (1,329,562)

Investment Income 44,466,258 1,372,208 EXPENSES Administration, Registrar and Transfer Agent Fees 7 172,939 357,859 Depositary and Depositary Oversight Fees 7 209,376 298,759 Investment Management Fees 7 4,967,230 11,845,839 Performance Fees 7 - 199,022 Audit Fees 7 11,968 6,906 Director Fees 7 28,782 16,303 Other Expenses 150,300 218,762


38,925,663 (11,571,242)



77

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES For the financial year ended 31 December 2017 Odey European Focus Fund EUR EUR 31 December 2017 31 December 2016 Net Assets attributable to holders of redeemable pa rticipating shares at beginning of the financial year

1,074,791,997 1,338,878,704


38,925,663 (11,571,242)

Capital Transactions Issuance of shares 63,340,826 152,255,870 Redemptions of shares (736,555,807) (404,771,335)

Net Assets attributable to holders of redeemable pa rticipating shares at the end of the financial year 440,502,679 1,074,791,997 Shares issued during the financial year A Euro Class 2,276,889.43 1,971,927.20 A Euro Acc Class 3,679.85 2,460,870.35 B Euro Class 71,473.53 161,545.58 EUR I Class 135,988.49 301,524.61 EUR R Class 356.21 447,184.80 USD R Class* - 80.20 USD I Class 740.00 10,344.18 A GBP Class 2,327.99 8,875.00 GBP O Class 3,855.19 4,789.90 GBP I Class 20,217.48 106,181.60 GBP M Class 4,150.95 6,499.83 Shares redeemed during the financial year A Euro Class (17,965,638.49) (5,428,280.90) A Euro Acc Class (6,510,449.07) (3,805,357.24) B Euro Class (313,981.61) (719,259.57) Euro I Class (53,372.41) (115,590.31) EUR R Class (100.00) (1,481.14) USD I Class (1,530.00) (2,423.30) USD R Class* - (80.20) A GBP Class (12,494,124.31) (9,278,954.11) GBP O Class (142.28) (5,195.63) GBP I Class (96,169.22) (165,235.55) GBP M Class (1,494.89) (4,530.82) * The share class was fully redeemed on 23 December 2016. The accompanying notes form an integral part of the Financial Statements.


78

STATEMENT OF CASH FLOWS For the financial year ended 31 December 2017 Odey European Focus Fund EUR EUR 31 December 2017 31 December 2016 Cash flows From Operating activities Increase/(Decrease) in net assets attributable to h olders of redeemable participating shares from operations

38,925,663 (11,571,242)


Dividend income (7,656,849) (22,409,352) Bank interest income (39) (1,323) Tax expense 882,158 747,944 Operating profit/(loss) before working capital chan ges 32,150,933 (33,233,973)

Changes in operating assets and liabilities Decrease in Financial Assets at Fair Value through Profit or Loss 468,197,268 342,238,943 Decrease/(Increase) in Other Receivables 6,988 (13,944) (Decrease)/Increase in Other Accrued Expenses and Payables (29,306,550) 26,687,608 Cash provided by operating activities 471,048,639 335,678,634 Dividend received 7,656,849 22,409,352 Interest received 39 1,323 Taxation paid (882,158) (747,944) Net cash provided by operating activities 477,823,369 357,341,365 Financing activities Payments of redemptions of shares (755,662,859) (386,631,383) Proceeds from issue of shares 107,645,207 101,766,739 Net cash used in financing activities (648,017,652) (284,864,644) Net (decrease)/increase in cash and cash equivalent s (170,194,283) 72,476,721 Net Cash at the Beginning of the Financial Year 289,146,103 216,669,382 Net Cash at the End of the Financial Year 118,951,820 289,146,103 Analysis of Cash Cash at Bank at the Beginning of the Financial Year 289,147,241 216,669,946 Overdraft at the Beginning of the Financial Year (1,138) (564) Net Cash at the Beginning of the Financial Year 289,146,103 216,669,382 Cash at Bank at the End of the Financial Year 119,418,268 289,147,241 Overdraft at the End of the Financial Year (466,448) (1,138) Net Cash at the End of the Financial Year 118,951,820 289,146,103 The accompanying notes form an integral part of the Financial Statements.


79

ODEY EUROPEAN FOCUS FUND SCHEDULE OF INVESTMENTS as at 31 December 2017


Description


EUR EUR


TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHAN GE LISTING*


BERMUDA ISLANDS Borr Drilling Ltd 1,853,762 NOK 6,773,291 6,530,407 1.48

6,773,291 6,530,407 1.48

DENMARK TDC A/S 3,011,146 DKK 12,796,780 15,420,855 3.50

12,796,780 15,420,855 3.50

FINLAND Fortum OYJ 979,787 EUR 15,295,420 16,166,486 3.67

15,295,420 16,166,486 3.67

FRANCE Alstom SA 259,335 EUR 5,813,548 8,974,288 2.04 Bouygues SA 358,361 EUR 12,511,525 15,520,615 3.52 Electricite de France SA 2,735,311 EUR 28,409,227 28,501,941 6.47

Orange SA 2,158,139 EUR 30,278,490 31,239,061 7.09 Vivendi SA 1,429,899 EUR 30,592,166 32,058,336 7.28

107,604,956 116,294,241 26.40

GERMANY

Deutsche Telekom AG 1,006,973 EUR 15,123,494 14,898,166 3.38 E.ON SE 1,232,648 EUR 10,260,417 11,169,024 2.54 Uniper SE 1,304,692 EUR 18,096,764 33,921,992 7.70

43,480,675 59,989,182 13.62

GREAT BRITAIN Fresnillo Plc 1,234,398 GBP 18,901,095 19,871,673 4.51 Serco Group Plc 1,630,905 GBP 2,240,603 1,817,071 0.41 Sports Direct International Plc 1,497,913 GBP 6,442,445 6,361,726 1.44 Tesco Plc 9,003,654 GBP 19,351,318 21,224,197 4.82

46,935,461 49,274,667 11.18

NETHERLANDS Koninklijke KPN NV 10,548,205 EUR 31,533,716 30,674,179 6.96 Koninklijke Philips NV 278,654 EUR 6,560,247 8,788,747 2.00

38,093,963 39,462,926 8.96


80

ODEY EUROPEAN FOCUS FUND SCHEDULE OF INVESTMENTS as at 31 December 2017 (con tinued)


Description


EUR EUR




SWITZERLAND Roche Holding AG 62,290 CHF 13,181,670 13,121,474 2.98

13,181,670 13,121,474 2.98




Amount


EUR EUR EUR

02/01/2018 RBC IS Bank Luxembourg DKK 672 EUR 672 - - 02/01/2018 RBC IS Bank Luxembourg USD 1,665 EUR 1,670 (5) - 03/01/2018 RBC IS Bank Luxembourg CHF 2,203,225 EUR 2,207,975 (4,750) -

(4,755) -



NET ASSETS 440,502,679 100.00

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


Value assets

EUR



TOTAL 444,294,698 100.00


81

ODEY EUROPEAN FOCUS FUND ECONOMIC DIVISION OF INVESTMENTS as at 31 December 2017 (expressed as a percentage of net assets, per Bloomberg classification)



2017 2016

News Transmission 20.93 21.04 Public Services 16.71 7.74 Graphic Art and Publishing 7.28 5.99 Retail 6.26 11.00 Non-Ferrous Metals 4.51 0.77 Petrol 3.67 - Construction and Building Material 3.52 3.34 Pharmaceuticals and Cosmetics 2.98 - Electronics and Electrical Equipment 2.04 5.41 Electronic Semiconductor 2.00 5.31 Mechanics Machinery 1.48 - Other Services 0.41 - Chemicals - 5.27 Banks and Financial Institutions - 3.81 Holding and Finance Companies - 2.04 Leisure - 1.27






82

ODEY EUROPEAN FOCUS FUND SIGNIFICANT PORTFOLIO CHANGES for the financial yea r ended 31 December 2017 (unaudited)


France Treasury Bill BTF 0% 31/05/2017 59,000,000 59,097,215 15.24 France Treasury Bill BTF 0% 07/02/2018 40,000,000 40,064,738 10.33 France Treasury Bill BTF 0% 15/11/2017 37,000,000 37,055,130 9.55 France Treasury Bill BTF 0% 23/08/2017 37,000,000 37,053,280 9.55 Electricite de France SA 2,746,508 28,525,193 7.36 Fresnillo Plc 1,669,061 25,733,899 6.64 Koninklijke KPN NV 5,638,891 16,364,656 4.22 E.ON SE 1,904,992 15,782,164 4.07 Fortum OYJ 983,798 15,357,606 3.96 Roche Holding AG 62,290 13,181,670 3.40 Uniper SE 718,495 12,197,507 3.15 Deutsche Telekom AG 650,763 9,618,658 2.48 France Treasury Bill BTF 0% 18/10/2017 8,000,000 8,011,122 2.07 Orange SA 545,346 7,869,021 2.03 Borr Drilling Ltd 1,859,908 6,796,050 1.75 Sports Direct International Plc 1,504,045 6,468,823 1.67 Serco Group Plc 4,332,862 5,959,339 1.54 AP Moller - Maersk A/S 3,334 5,513,992 1.42 TechnipFMC Plc 150,253 4,749,992 1.22 Hennes & Mauritz AB 177,001 4,680,477 1.21 Tesco Plc 2,171,487 4,523,885 1.17 Bouygues SA 101,535 4,389,851 1.13


France Treasury Bill BTF 0% 08/03/2017 90,000,000 90,000,000 9.24 Bayer AG 598,976 64,619,116 6.63 Orange SA 4,276,379 61,901,881 6.36 France Treasury Bill BTF 0% 31/05/2017 59,000,000 59,000,000 6.06 Tesco Plc 26,198,937 58,883,803 6.05 Alstom SA 1,993,164 57,887,937 5.94 Koninklijke Philips NV 1,729,975 50,764,374 5.21 Danske Bank A/S 1,423,049 45,298,634 4.65 Centrica Plc 17,826,986 45,151,480 4.64 Vivendi SA 2,260,199 39,682,014 4.07 France Treasury Bill BTF 0% 23/08/2017 37,000,000 37,000,000 3.80 France Treasury Bill BTF 0% 15/11/2017 37,000,000 37,000,000 3.80 France Treasury Bill BTF 0% 08/02/2017 30,000,000 30,000,000 3.08 TDC A/S 6,092,803 29,912,930 3.07 Uniper SE 2,026,849 29,600,670 3.04 Bouygues SA 796,032 28,665,028 2.94 Nets A/S 1,525,470 27,255,601 2.80 Koninklijke KPN NV 9,758,399 26,364,830 2.71 Deutsche Telekom AG 1,519,018 24,118,577 2.48 SES SA 1,241,478 23,702,682 2.43 Carrefour SA 945,716 20,834,732 2.14 Hennes & Mauritz AB 804,572 20,199,484 2.07 Fresnillo Plc 1,015,419 18,253,960 1.87 Playtech Plc 1,557,146 16,248,026 1.67


84

COMBINED STATEMENT OF COMPREHENSIVE INCOME For the financial year ended 31 December 2017 Total Total EUR EUR Notes 31 December 2017 31 December 2016 INCOME Net Gain/(Loss) from Investments 13 107,166,868 (221,980,050) Dividends 24,656,986 47,206,591 Bank Interest 1,490,734 682,656 Bond Interest 423,974 995,411 Other Income 1,795,863 457,811 Dividend Withholding Tax Expense (1,596,188) (2,830,612) Finance Cost (525,631) (1,172,289) Transaction Costs (1,915,763) (4,638,981)

Investment Income/(Loss) 131,496,843 (181,279,463) EXPENSES Administration, Registrar and Transfer Agent Fees 7 612,052 958,305 Depositary and Depositary Oversight Fees 7 695,082 849,122 Investment Management Fees 7 15,457,284 28,085,037 Performance Fees 7 422,861 658,492 Audit Fees 7 59,892 89,274 Director Fees 7 76,681 48,733 Other Expenses 547,927 686,291


113,625,064 (212,654,717)

The Company has no recognised gains or losses other than those stated above. Excluding Odey Allegra European Fund which was closed on 3 May 2017, all gains and losses were generated by continuing operations. The accompanying notes form an integral part of the Financial Statements.


85

COMBINED STATEMENT OF CHANGES IN NET ASSETS ATTRIBU TABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES For the financial year ended 31 December 2017 Total Total EUR EUR Notes 31 December 2017 31 December 2016 Net Assets attributable to holders of redeemable pa rticipating shares at beginning of the financial year

2,756,288,906 3,895,739,555


113,625,064 (212,654,717)

Translation Adjustment 2 (23,654,906) 4,330,691 Capital Transactions Issuance of shares 183,300,392 291,224,299 Redemptions of shares (1,650,304,931) (1,222,350,922)

Net Assets attributable to holders of redeemable pa rticipating shares at the end of the financial year 1,379,254,525 2,756,288,906 The accompanying notes form an integral part of the Financial Statements.


86

COMBINED STATEMENT OF CASH FLOWS For the financial year ended 31 December 2017 Total Total EUR EUR 31 December 2017 31 December 2016 Cash flows From Operating activities Increase/(Decrease) in net assets attributable to h olders of redeemable participating shares from operations

113,625,064 (212,654,717)


Dividend income (24,656,986) (47,206,591) Bank interest income (1,490,734) (682,656) Bond interest income (423,974) (995,411) Tax expense 1,596,188 2,830,612 Operating profit/(loss) before working capital chan ges 88,649,558 (258,708,763) Changes in operating assets and liabilities Decrease in Financial Assets at Fair Value through Profit or Loss 708,504,601 1,369,465,122 Increase in Receivable on Sales of Investments (6,342,507) (3,815,016) Decrease in Receivable Management Fee Rebate - 24,859 Increase in Other Receivables (86,384) (13,880) (Decrease)/Increase in Other Accrued Expenses and Payables (29,844,010) 24,554,684 Cash provided by operating activities 760,881,258 1,131,507,006 Dividend received 24,717,574 47,897,677 Interest received 1,708,412 454,410 Bond interest 409,258 1,086,721 Taxation paid (1,596,188) (2,830,612) Net cash provided by operating activities 786,120,314 1,178,115,202 Financing activities Payments of redemptions of shares (1,667,690,351) (1,205,683,378) Proceeds from issue of shares 223,879,288 241,716,088 Net cash used in financing activities (1,443,811,063) (963,967,290) Net (decrease)/increase in cash and cash equivalent s (657,690,749) 214,147,912 Net Cash at the Beginning of the Financial Year 859,704,422 641,225,819 Translation Adjustment (23,654,906) 4,330,691 Net Cash at the End of the Financial Year 178,358,767 859,704,422 Analysis of Cash Cash at Bank at the Beginning of the Financial Year 859,709,134 641,559,463 Overdraft at the Beginning of the Financial Year (4,712) (333,644) Net Cash at the Beginning of the Financial Year 859,704,422 641,225,819 Cash at Bank at the End of the Financial Year 184,823,993 859,709,134 Overdraft at the End of the Financial Year (6,465,226) (4,712) Net Cash at the End of the Financial Year 178,358,767 859,704,422 The accompanying notes form an integral part of the Financial Statements.


87

NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2017

1. Establishment and Organisation

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

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

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

Odey Allegra European Fund has been terminated on 31 March 2017 and the details are in Note 2 of the financial statements.

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 for the five active Sub-Funds listed above. On 31 March 2017 the Directors decided to close the Odey Allegra European Fund as it was no longer economic to run this Sub-Fund. The Directors issued compulsory redemption notices accordingly and all investors were compulsory redeemed as of the dealing day falling on 3 May 2017. Separate audited termination financial statements were produced for the Odey Allegra European Fund as at 30 June 2017 and the Sub-Fund’s authorisation was revoked by the Central Bank of Ireland on 13 November 2017. As such the financial statements are prepared on a basis other than that of going concern for Odey Allegra European Fund. Financial assets and liabilities at fair value thro ugh 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.


88

NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2017 (continued) 2. Principal Accounting Policies (continued)

Financial assets and liabilities at fair value thro ugh profit and loss (continued) (iii) Subsequent measurement (continued) 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 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.


89


Financial assets and liabilities at fair value thro ugh profit and loss (continued) New standards and amendments effective after 1 Janu ary 2018 which have not been early adopted: A number of new standards, amendments to standards and interpretations 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 as follows: IFRS 9, 'Financial instruments', addresses the classification, measurement and recognition of financial assets and financial liabilities. An updated version of IFRS 9 was issued on 10 November 2013. It replaces the parts of IAS 39 that relate to the classification and measurement of financial instruments. IFRS 9 requires financial assets to be classified into two measurement categories: those measured at fair value and those measured at amortised cost. The determination is made at initial recognition. The classification depends on the entity's business model for managing its financial instruments and the contractual cash flow characteristics of the instrument. For financial liabilities, the standard retains most of the IAS 39 requirements. The effective mandatory date in place for IFRS 9 is 1 January 2018. IFRS 15, ‘Revenue from Contracts with Customers’ was issued in May 2014 and establishes a new five-step model that will apply to revenue arising from contracts with customers. Under IFRS 15, revenue is recognised at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. The principles in IFRS 15 provide a more structured approach to measuring and recognising revenue. The new revenue standard is applicable to all entities and will supersede all current revenue recognition requirements under IFRS. Either a full or modified retrospective application is required for annual periods beginning on or after 1 January 2018 with early adoption permitted.

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 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.


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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 2017 and 31 December 2016.

31 December 2017 31 December 2016 EUR EUR 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 Swedish tax reclaim Odey Pan European Fund 162,085 - Odey Allegra International Fund 271,715 - Odey Opportunity Fund 44,499 -

31 December 2017 31 December 2016 USD USD Swedish tax reclaim Odey Allegra Developed Markets Fund 164,875 -


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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 2017, the translation adjustment was (€23,654,906) (31 December 2016: €4,330,692).

Cash and Cash Equivalents Cash and cash equivalents comprises of deposits with banks and bank overdrafts held at RBC Investor Services Bank S.A. and Morgan Stanley & Co. (31 December 2016: RBC Investor Services Bank S.A., The Royal Bank of Scotland plc and Morgan Stanley & Co). No collateral is held as at 31 December 2017 (31 December 2016: Nil). See Note 10 for further details.

Bank Overdraft As at 31 December 2017 and 31 December 2016, 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.


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NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2017 (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 2017 (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 inputsOdey Pan European Fund 2017 (Level 1) (Level 2) (Level 3) EUR EUR EUR EURFinancial assets at fair value through profit or loss Investments in transferable securities, at fair value: Shares 35,745,428 34,368,248 - 1,377,180 Exchange Traded Commodities 625,481 625,481 - -FX Contracts 33,296 - 33,296 - 36,404,205 34,993,729 33,296 1,377,180


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NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2017 (continued) 3. Financial Instruments at Fair Value through Prof it or Loss (continued)

Fair Value Hierarchy (continued)

Quoted Significant Balance at prices in other Significant 31 active observable unobservable December markets inputs inputsOdey Allegra European Fund 2016 (Level 1) (Level 2) (Level 3) EUR EUR EUR EURFinancial assets at fair value through profit or loss Investments in transferable securities, at fair value Shares 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) -

Quoted Significant Balance at prices in other Significant 31 active observable unobservable December markets inputs inputsOdey Pan European Fund 2016 (Level 1) (Level 2) (Level 3) EUR EUR EUR EURFinancial assets at fair value through profit or loss Investments in transferable securities, at fair value: Shares 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 through profit or loss FX Contracts (11,357) - (11,357) - (11,357) - (11,357) -

Quoted Significant Balance at prices in other Significant 31 active observable unobservable December markets inputs inputsOdey Allegra International Fund 2017 (Level 1) (Level 2) (Level 3) EUR EUR EUR EURFinancial assets at fair value through profit or loss Investments in transferable securities, at fair value Shares 524,976,027 500,202,408 - 24,773,619Bonds 2,449,167 2,449,167 - -Exchange Traded Commodities 26,682,395 26,682,395 - -FX Contracts 1,635,794 - 1,635,794 - 555,743,383 529,333,970 1,635,794 24,773,619Financial liabilities at fair value through profit or loss FX Contracts (1,452,174) - (1,452,174) - (1,452,174) - (1,452,174) -


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Quoted Significant Balance at prices in other Significant 31 active observable unobservable December markets inputs inputsOdey Opportunity Fund 2017 (Level 1) (Level 2) (Level 3) EUR EUR EUR EURFinancial assets at fair value through profit or loss Investments in transferable securities, at fair value: Shares 66,788,054 66,788,054 - -Bonds 59,100,367 59,100,367 - -Exchange Traded Funds 13,090,160 13,090,160 - -Exchange Traded Commodities 6,159,810 6,159,810 - -Future Contracts 191,636 191,636 - -FX Contracts 1,525,763 - 1,525,763 - 146,855,790 145,330,027 1,525,763 -Financial liabilities at fair value through profit or loss FX Contracts (615,370) - (615,370) -Future Contracts (522,821) (522,821) - (1,138,191) (522,821) (615,370) -

Quoted Significant Balance at prices in other Significant 31 active observable unobservable December markets inputs inputsOdey Allegra International Fund 2016 (Level 1) (Level 2) (Level 3) EUR EUR EUR EURFinancial assets at fair value through profit or loss Investments in transferable securities, at fair value Shares 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 Financial liabilities at fair value through profit or loss FX Contracts (658,364) - (658,364) - (658,364) - (658,364) -


95



Quoted Significant Balance at prices in other Significant 31 active observable unobservable December markets inputs inputsOdey Opportunity Fund 2016 (Level 1) (Level 2) (Level 3) EUR EUR EUR EURFinancial assets at fair value through profit or loss Investments in transferable securities, at fair value: Shares 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) -

Quoted Significant Balance at prices in other Significant 31 active observable unobservable December markets inputs inputs Odey Allegra Developed Markets Fund 2017 (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 159,467,260 159,467,260 - - FX Contracts 635 - 635 - 159,467,895 159,467,260 635 -

Financial liabilities at fair value through profit or loss FX Contracts (2,305) - (2,305) - (2,305) - (2,305) -

Quoted Significant Balance at prices in other Significant 31 active observable unobservable 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 Investments in transferable securities, at fair value Shares 241,452,901 241,452,901 - - 241,452,901 241,452,901 - -


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Quoted Significant Balance at prices in other Signific ant 31 active observable unobservable December markets inputs inputsOdey European Focus Fund 2017 (Level 1) (Level 2) (Level 3) EUR EUR EUR EURFinancial assets at fair value through profit or loss Investments in transferable securities, at fair value: Shares 316,260,238 316,260,238 - - 316,260,238 316,260,238 - -

Financial liabilities at fair value through profit or loss FX Contracts (4,755) - (4,755) - (4,755) - (4,755) -

Quoted Significant Balance at prices in other Significant 31 active observable unobservable December markets inputs inputsOdey European Focus Fund 2016 (Level 1) (Level 2) (Level 3) EUR EUR EUR EURFinancial assets at fair value through profit or loss Investments in transferable securities, at fair value: Shares 784,419,850 784,419,850 - -FX Contracts 32,901 - 32,901 - 784,452,751 784,419,850 32,901 -


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Fair Value Hierarchy (continued) Details of assets categorised as Level 3 held at the reporting date are as follows: 31 December 2017 31 December 2016 Fair Value EUR % Net Assets Fair Value EUR % Net Assets Odey Pan European Fund Oxford Nanopore Technologies 1,377,180 3.67 3,552,492 5.59 Odey Allegra International Fund Oxford Nanopore Technologies 24,773,619 4.42 29,630,268 2.68

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 2017 Oxford Nanopore Technologies was valued by Odey Asset Management LLP (the “Investment Manager”) being the competent person selected by the Directors and approved for such purpose by the Depositary with care and in good faith in accordance with the Company’s valuation policy. There were no transfers between Level 1, Level 2 and Level 3 during the financial year. The following table presents the movement in Level 3 instruments for the financial year ended 31 December 2017 by class of financial instrument.

Odey Pan European Fund Unquoted securities at fair

value through profit or loss EUR Opening balance 3,552,492 Total realised gain 1,116,708 Total movement in unrealised loss (1,145,243) Purchases - Sales (2,146,777) Transfers into or out of Level 3 - Closing balance 1,377,180 Closing balance total unrealised gain 681,434

Odey Allegra International Fund Unquoted securities at fair

value through profit or loss EUR Opening balance 29,630,268 Total realised gain 2,009,244 Total movement in unrealised loss (2,977,690) Purchases - Sales (3,888,203) Transfers into or out of Level 3 - Closing balance 24,773,619 Closing balance total unrealised gain 12,258,107


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Fair Value Hierarchy (continued) The following table presents the movement in Level 3 instruments for the financial year ended 31 December 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 (758,136) Purchases - Sales (1,056,888) Transfers into or out of Level 3 - Closing balance 3,552,492 Closing balance total unrea lised gain 1,826,677

Odey Allegra International Fund Unquoted securities at fair

value through profit or loss EUR Opening balance 35,862,784 Total realised gain 1,356,535 Total movement in unrealised loss (3,136,220) Purchases - Sales (4,452,831) Transfers into or out of Level 3 - Closing balance 29,630,268 Closing balance total unrealised gain 15,235,797

4. Taxation

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

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

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

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


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NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2017 (continued)

5. Share Capital and Redeemable Participating Shares

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

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

Sub-Fund name Minimum initial

Odey Pan European Fund ₤5,000 per R class (or its equivalent in Euro) and ₤1 million per GBP I class

Odey Allegra International Fund ₤1 million (or its equivalent in USD, Euro or AUD)

Odey Opportunity Fund

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

Odey Allegra Developed Markets Fund

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

Odey European Focus Fund

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

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

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

6. Foreign Currency Translation

The rates of exchange at 31 December 2017 for EUR were:

AUD 1.535255 GBP 0.887673 SEK 9.831583 BRL 3.983176 JPY 135.270163 USD 1.200800 CAD 1.504543 MXN 23.494424 ZAR 14.865986 CHF 1.170180 NOK 9.821772 DKK 7.445437 NZD 1.688414

The rates of exchange at 31 December 2017 for USD were:

CAD 1.252951 EUR 0.832778 NOK 8.179357 CHF 0.974500 GBP 0.739235 SEK 8.187527 DKK 6.200397 JPY 112.650036

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


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6. Foreign Currency Translation (continued)

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

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 2017 were €731,475 (financial year ended 31 December 2016: €1,986,767). Fees of €41,700 were outstanding at 31 December 2017 (31 December 2016: €82,306).

Odey Allegra European Fund

The Investment Manager was entitled to receive out of the assets of the 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 Fund (plus VAT, if any). The Investment Manager waived all rights to Investment Management fees with effect from 01 May 2017. Within this permitted limit the Investment Manager’s fees may differ between Classes of Shares of the Fund. Class of Shares Investment Manager’s Fee Performance Fee 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 2017 were €45,599 (financial year ended 31 December 2016: €645,193). Fees of €Nil were outstanding at 31 December 2017 (31 December 2016: €29,783).


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NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2017 (continued) 7. Fees (continued)

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

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

GBP D 0.70% 20% AUD$ 1.00% -

For Odey Allegra International Fund, the management fees charged for the financial year ended 31 December 2017 were €6,070,682 (financial year ended 31 December 2016: €8,847,216). Fees of €352,252 were outstanding at 31 December 2017 (31 December 2016: €652,799). Odey Opportunity Fund The Investment Manager is entitled to receive out of the assets of the Sub-Fund, an annual fee, accrued daily and payable monthly in arrears, at an annual rate of up to 1.5% of the Net Asset Value of the Sub-Fund (plus VAT, if any). Within this permitted limit the Investment Manager’s fees may differ between Classes of Shares of the Sub-Fund.

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

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

*This share class was launched on 2 October 2017. **This share class was launched on 3 July 2017.


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Investment Management Fees (continued) For Odey Opportunity Fund, the management fees charged for the financial year ended 31 December 2017 were €2,595,749 (financial year ended 31 December 2016: €2,659,636). Fees of €185,754 were outstanding at 31 December 2017 (31 December 2016: €212,121). Odey Allegra Developed Markets Fund The Investment Manager is entitled to receive out of the assets of the Sub-Fund, an annual fee, accrued daily and payable monthly in arrears, at an annual rate of up to 1.2% of the Net Asset Value of the Sub-Fund (plus VAT, if any). Within this permitted limit the Investment Manager’s fees may differ between Classes of Shares of the Sub-Fund. The rates below are: Class of Shares Investment Manager's Fee Performance Fee Euro I 0.70% 20% USD I 0.70% 20% USD R 1.20% 20% GBP I 0.70% 20% GBP M 0.70% - GBP R 1.20% 20%

For Odey Allegra Developed Markets Fund, the management fees charged for the financial year ended 31 December 2017 were $1,182,477 (financial year ended 31 December 2016: $2,324,646). Fees of $88,538 were outstanding at 31 December 2017 (31 December 2016: $141,006). Odey European Focus Fund The Investment Manager is entitled to receive out of the assets of the Sub-Fund, an annual fee, accrued daily and payable monthly in arrears, at an annual rate of up to 1.5% of the Net Asset Value of the Sub-Fund (plus VAT, if any). Within this permitted limit the Investment Manager’s fees may differ between Classes of Shares of the Sub-Fund. The rates below are: Class of Shares Investment Manager's Fee Performance Fee A Euro 1.00% - A Euro Acc 1.00% - B Euro 1.50% - Euro I 0.70% 20% Euro R 1.20% 20% A GBP 1.00% - GBP I 0.70% 20% GBP M 0.70% - GBP R 1.20% 20% USD I 0.70% 20%

For Odey European Focus Fund, the management fees charged for the financial year ended 31 December 2017 were €4,967,230 (31 December 2016: €11,845,839). Fees of €332,561 were outstanding at 31 December 2017 (31 December 2016: €852,581).


103


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


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Performance Fee (continued) In the event of an Outperformance on the last Business Day of a Performance Financial Period, the value of the Reference Asset for the next Performance Financial Period will be reset on 1 January to the Net Asset Value of the relevant Class of Shares on the last Business Day of the preceding Performance Financial Period. If there is no Outperformance on the last Business Day of a Performance Financial Period, the value of the Reference Asset will not be reset for the next Performance Financial Period and the underperformance of the Class of Shares in the preceding Performance Financial Period by reference to the Reference Asset will be clawed back (i.e. until under performance is made good) before a performance fee becomes due in a subsequent Performance Financial Period. For Odey Allegra European Fund, the performance fees charged for the financial year ended 31 December 2017 was €nil (financial year ended 31 December 2016: €427). Fees of €nil were outstanding at 31 December 2017 (31 December 2016: €nil). For Odey Allegra International Fund, the performance fees charged for the financial year ended 31 December 2017 was €nil (financial year ended 31 December 2016: €nil). Fees of €nil were outstanding at 31 December 2017 (31 December 2016: €nil). For Odey Opportunity Fund, the performance fees charged for the financial year ended 31 December 2017 were €422,861 (financial year ended 31 December 2016: €459,043). Fees of €365,160 were outstanding at 31 December 2017 (31 December 2016: €442,813). For Odey European Focus Fund, the performance fees charged for the financial year ended 31 December 2017 were €nil (financial year ended 31 December 2016: €199,022). Fees of €nil were outstanding at 31 December 2017 (31 December 2016: €13,874). 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 2017 and 31 December 2016 for each Sub-Fund are as follows: Sub-Fund Name 31 December 2017 31 December 2016 EUR EUR Odey Pan European Fund 29,069 57,882 Odey Allegra European Fund 6,959 27,556 Odey Allegra International Fund 256,811 331,269 Odey Opportunity Fund 84,727 79,610 Odey European Focus Fund 172,939 357,859 Sub-Fund Name 31 December 2017 31 December 2016 USD USD Odey Allegra Developed Markets Fund 69,541 115,247


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Administration, Registrar and Transfer Agent Fees ( continued) The fees outstanding for the financial year ended 31 December 2017 and year ended 31 December 2016 for each Sub-Fund are as follows:

Sub-Fund Name 31 December 2017 31 December 2016 EUR EUR Odey Pan European Fund 2,754 3,886 Odey Allegra European Fund 1,842 2,562 Odey Allegra International Fund 33,689 52,130 Odey Opportunity Fund 11,947 10,801 Odey European Focus Fund 22,553 49,057 Sub-Fund Name 31 December 2017 31 December 2016 USD USD Odey Allegra Developed Markets Fund 9,246 11,825

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 2017 and 31 December 2016 for each Sub-Fund are as follows:

Sub-Fund Name 31 December 2017 31 December 2016 EUR EUR Odey Pan European Fund 47,034 59,676 Odey Allegra European Fund 18,492 44,796 Odey Allegra International Fund 254,900 285,078 Odey Opportunity Fund 89,382 73,095 Odey European Focus Fund* 209,376 298,759

Sub-Fund Name 31 December 2017 31 December 2016 USD USD Odey Allegra Developed Markets Fund 85,756 97,084


106


7. Fees (continued)

Depositary and Depositary Oversight Fees (continued )

The fees outstanding for the financial year ended 31 December 2017 and year ended 31 December 2016 for each Sub-Fund are as follows:

Sub-Fund Name 31 December 2017 31 December 2016 EUR EUR Odey Pan European Fund 15,564 3,924 Odey Allegra European Fund 3,372 3,243 Odey Allegra International Fund 43,105 29,932 Odey Opportunity Fund 16,824 6,478 Odey European Focus Fund 32,054 28,377


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 2017 and 31 December 2016 for each Sub-Fund are as follows:

Sub-Fund Name 31 December 2017 31 December 2016 EUR EUR Odey Pan European Fund 2,058 3,034 Odey Allegra European Fund 496 2,003 Odey Allegra International Fund 32,196 19,180 Odey Opportunity Fund 6,751 3,390 Odey European Focus Fund 28,782 16,303


The fees outstanding for the financial years ended 31 December 2017 and year ended 31 December 2016 for each Sub-Fund are as follows:

Sub-Fund Name 31 December 2017 31 December 2016 EUR EUR Odey Pan European Fund 469 1,259 Odey Allegra European Fund - 994 Odey Allegra International Fund 94 853 Odey Opportunity Fund - - Odey European Focus Fund 7,453 7

Sub-Fund Name 31 December 2017 31 December 2016 USD USD Odey Allegra Developed Markets Fund 22 -


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Auditor's Remuneration

31 December 2017 31 December 2016 EUR EUR Statutory Audit Fee 56,500 68,000 Tax Advisory Fee Nil Nil

During the financial year ended 31 December 2017 there were additional termination audit fees of €3,288 (31 December 2016: Nil) 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 2017 2016 2017 2016 Related Parties Investment Management Fees 731,475 1,986,767 45,599 645,193 Performance Fees - - - 427 Legal Fees 1,765 3,789 1,369 2,738 Company Secretary Fees - 1,134 - 818 Odey Allegra International Fund Odey Opportunity Fund Fund EUR EUR EUR EUR 31 December 31 December 31 December 31 December 2017 2016 2017 2016 Related Parties Investment Management Fees 6,070,682 8,847,216 2,595,749 2,659,636 Performance Fees - - 422,861 459,043 Legal Fees 24,292 23,968 5,298 4,255 Company Secretary Fees 104 7,170 152 1,273

Odey Allegra Developed Markets Odey European Focus Fund EUR EUR USD USD 31 December 31 December 31 December 31 December 2017 2016 2017 2016 Related Parties Investment Management Fees 1,182,477 2,324,646 4,967,230 11,845,839 Performance fees - - - 199,022 Legal Fees 5,349 6,185 23,654 21,162 Company Secretary Fees 342 1,849 665 6,332


108

NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2017 (continued) 8. Related Parties (continued)

Total Total EUR EUR 31 December 31 December 2017 2016 Related Parties Investment Management Fees 15,457,284 28,085,037 Performance fees 422,861 658,492 Legal Fees 61,500 62,097 Company Secretary Fees 1,224 18,398 Tim Pearey is Managing Director of Odey Asset Management LLP, the Investment Manager of the Company. For the financial years ended 31 December 2017 and 31 December 2016 Tim Pearey holds the following shares: 31 December 2017 31 December 2016

Odey Opportunity Fund - GBP F Class 362.46 - Odey Allegra Developed Markets Fund - GBP M Class 103.72 - 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 2017 and 31 December 2016 Tom Richards holds the following shares: 31 December 2017 31 December 2016

Odey Opportunity Fund – GBP M Class 52.27 20.16 Odey Allegra Developed Markets Fund – GBP M Class 254.74 81.88 Odey European Focus Fund – GBP M Class 175.24 - Andrew Bates is a partner in Dillon Eustace, the legal advisors to the Company and a Director of the Secretary. Other than described above, neither the secretary nor any of the Directors (including family interest) had any shareholdings in the Company as at 31 December 2017 and did not have any such shareholdings as at 31 December 2016.

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. 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.


109

NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2017 (continued) 9. Financial Risk Management (continued)

Market Risk (continued) 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 2017, 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 2016: 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. 31 December 2017 31 December 2016 EUR EUR % Movement 20% 20% Odey Pan European Fund 6,873,650 10,084,369 Odey Allegra European Fund - 9,461,052 Odey Allegra International Fund 100,040,482 116,525,820 Odey Opportunity Fund 13,357,611 14,754,288 Odey European Focus Fund 63,252,048 156,883,970

31 December 2017 31 December 201 6 USD USD % Movement 20% 20% Odey Allegra Developed Markets Fund 31,893,452 48,290,580 A decrease by 20% (31 December 2016: 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 24, 44, 58, 71, and 81.


110


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 Amo unts Currency Exposure Dec 2017 Dec 2016 Dec 2017 Dec 2016 Dec 2017 Dec 2016 Dec 2017 Dec 2016

AUD - - 451 470 - - 451 470 BRL - 464,083 - - - (436,949) - 27,134 CAD 931,457 788,910 412 2,550 - - 931,869 791,460 CHF - - 697 44 - - 697 44 DKK - - 10 32 - - 10 32 GBP 22,670,741 39,097,574 54,181 1,639,862 (5,862,190) - 16,862,732 40,737,436 JPY - 1,235,459 5 (6) - (1,394,509) 5 (159,056)NOK 1,481,210 1,520,891 98 71 - - 1,481,308 1,520,962 NZD - - 155 171 - - 155 171 SEK 155,006 - (14) 81 - - 154,992 81 USD 5,187,664 5,701,368 1,214,530 5,714,906 (41,889) - 6,360,305 11,416,274 ZAR - 5,105 1 44 - - 1 5,149

30,426,078 48,813,390 1,270,526 7,358,225 (5,904,079) (1,831,458) 25,792,525 54,340,157 Odey Allegra European Fund (expressed in EUR) Total Foreign Currency Investments Net Monetary Assets Hedged Amo unts Currency Exposure Dec 2017 Dec 2016 Dec 2017 Dec 2016 Dec 2017 Dec 2016 Dec 2017 Dec 2016

CAD - - - 523 - - - 523 CHF - 4,688,890 - 881 - 2,385,036 - 7,074,807 DKK - 1,453,750 - 119 - (250,811) - 1,203,058 GBP - 5,794,770 (58) (95,929) - 1,917,634 (58) 7,616,475 NOK - 788,591 - 84 - - - 788,675 SEK - 1,493,290 - 1 - 866,406 - 2,359,697 USD - 5,136,905 (68) 8,610 - - (68) 5,145,515

- 19,356,196 (126) (85,711) - 4,918,265 (126) 24,188,750


111


Currency Risk (continued) Odey Allegra International Fund: (expressed in EUR) Total Foreign Currency Investments Net Monetary Assets Hedged Amo unts Currency Exposure Dec 2017 Dec 2016 Dec 2017 Dec 2016 Dec 2017 Dec 2016 Dec 2017 Dec 2016

AUD - - 387 404 - - 387 404 BRL - 6,124,964 - - - (6,131,513) - (6,549)CAD 7,533,716 7,098,601 17,448 19,916 - - 7,551,164 7,118,517 CHF - - 3 882 - - 3 882 DKK - - 20 127 - - 20 127 GBP 265,766,125 336,912,697 10,953,410 243,191 (255,344,854) - 21,374,681 337,155,888 JPY 62,519,263 116,992,847 61,733 148,896 (46,944,683) (117,002,044) 15,636,313 139,699 NOK 20,455,544 15,123,309 21 105 - - 20,455,565 15,123,414 NZD - - 168 185 - - 168 185 SEK 2,549,516 - 27 18 - - 2,549,543 18 USD 135,766,347 82,938,658 (5,156,676) 491,236,670 145,115,492 31,705,228 275,725,163 605,880,556 ZAR - 44,007 69 55 - - 69 44,062

494,590,511 565,235,083 5,876,610 491,650,449 (157,174,045) (91,428,329) 343,293,076 965,457,203 Odey Opportunity Fund: (expressed in EUR) Total Foreign Currency Investments Net Monetary Assets Hedged Amo unts Currency Exposure Dec 2017 Dec 2016 Dec 2017 Dec 2016 Dec 2017 Dec 2016 Dec 2017 Dec 2016 CHF 1,074,322 2,386,764 (27,241) (282,836) 20,731,236 40,524,440 21,778,317 42,628,368 DKK - - (397) 85 - - (397) 85 GBP 5,776,421 4,609,292 795,498 (290,444) 114,403,026 115,253,021 120,974,945 119,571,869 JPY - - - 4 10,402,894 - 10,402,894 4 MXN - - - - (15,791) - (15,791) - NOK - - 12 57 11,718,236 1,185,663 11,718,248 1,185,720 SEK - - 45,112 100 5,279,106 - 5,324,218 100 USD 104,505,519 103,213,636 423,756 3,682,475 (47,469,586) (26,093,552) 57,459,689 80,802,559 ZAR - - (16,427) (16,427)

111,356,262 110,209,692 1,236,740 3,109,441 115,032,694 130,869,572 227,625,696 244,188,705 Odey Allegra Developed Markets Fund: (expressed in USD) Total Foreign Currency Investments Net Monetary Assets Hedged Amo unts Currency Exposure Dec 2017 Dec 2016 Dec 2017 Dec 2016 Dec 2017 Dec 2016 Dec 2017 Dec 2016 CAD 11,697,939 21,929,426 532 613 - - 11,698,471 21,930,039 CHF - - 322 162 - - 322 162 DKK - - (388) - 484 - 96 - EUR 30,892,610 31,227,508 (823,728) (6,843) (814,142) - 29,254,740 31,220,665 GBP 53,585,983 102,197,364 (300,330) (49,143) 300,344 - 53,585,997 102,148,221 JPY 16,976,568 16,301,213 - 3 - - 16,976,568 16,301,216 NOK - - 6 43 - - 6 43 SEK - - 24 69 - - 24 69

113,153,100 171,655,511 (1,123,562) (55,096) (513,314) - 111,516,224 171,600,415


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Currency Risk (continued) Odey European Focus Fund: (expressed in EUR) Total Foreign Currency Investments Net Monetary Assets Hedged Amo unts Currency Exposure Dec 2017 Dec 2016 Dec 2017 Dec 2016 Dec 2017 Dec 2016 Dec 2017 Dec 2016 CHF 13,121,474 - (2,202,403) 895 2,203,225 - 13,122,296 895 DKK 15,420,855 105,984,837 336 (3,802,489) 672 - 15,421,863 102,182,348 GBP 49,274,667 150,922,552 76,597 (8,199,637) - 6,435,836 49,351,264 149,158,751 NOK 6,530,407 - 25 43 - - 6,530,432 43 SEK - 16,596,350 10 53 - - 10 16,596,403 USD - - (135) 494 1,665 - 1,530 494

84,347,403 273,503,739 (2,125,570) (12,000,641) 2,205,562 6,435,836 84,427,395 267,938,934 At 31 December 2017, if the functional currency of the Sub-Fund exchange rate saw a 10% (31 December 2016: 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 2016: 10%) would result in an equal and opposite effect to the figures shown below, on the basis that other variables remain constant.

31 December 2017 31 December 2016 EUR EUR

% Movement 10% 10% Odey Pan European Fund 2,579,253 5,434,016

Odey Allegra European Fund (13) 2,418,875 Odey Allegra International Fund 34,329,308 96,545,720 Odey Opportunity Fund 22,762,570 24,418,871 Odey European Focus Fund

8,442,740 26,793,893

31 December 2017 31 December 2016 USD USD

% Movement 10% 10% Odey Allegra Developed Markets Fund 11,151,622 17,160,042

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.


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Interest Rate Risk If not reflected in the market price itself, the effect of interest rate movements on the present value of future payments represents an additional risk in the value of securities to be considered. Interest rate risk represents the potential losses that a Sub-Fund might suffer due to adverse movements in relevant interest rates. The value of fixed interest securities may be affected by changes in the interest rate environment and the amount of income receivable from floating rate securities and bank balances, or payable on overdrafts, will also be affected by fluctuations in interest rates. The Investment Manager monitors the Sub-Funds' securities and cash positions with respect to interest rate risk. The Company is not significantly exposed to interest rate risk as the majority of its investments are not in interest bearing securities, apart from Odey Opportunity Fund. Odey Allegra International Fund holds 0.44% (31 December 2016: Nil%) of total investments in debt securities, 0.44% (31 December 2016: Nil%) of which are interest bearing bonds. Odey Opportunity Fund holds 28.29% (31 December 2016: 26.92%) of total investments in debt securities, 28.29% (31 December 2016: 26.92%) of which are interest bearing bonds and Nil% (31 December 2016: Nil%) of which are zero coupon bonds. Odey Allegra International Fund Sub-Fund exposure to interest rate risk at 31 December 2017:

Fixed Interest

Rate

Floating Interest

Rate

Non-interest bearing Total

EUR EUR EUR EUR Assets Financial Assets at Fair Value through Profit or Loss 2,449,167 - 553,294,216 555,743,383 Cash at bank 291,903 - - 291,903 Receivable from Subscriptions - - 1,344 1,344 Interest and Dividends Receivable - - 656,019 656,019 Receivable on Sale of Investments - - 10,967,953 10,967,953 Other Receivables - - 89,912 89,912 Total Assets 2,741,070 - 565,009,444 567,750,514 Liabilities Financial Liabilities at Fair Value through Profit or Loss - - 1,452,174 1,452,174 Payable on Redemptions - - 230,196 230,196 Administration and Transfer Agency Fees Payable - - 33,689 33,689 Depositary and Depositary Oversight Fees Payable - - 43,105 43,105 Investment Management Fees Payable - - 352,252 352,252 Bank Overdrafts 5,373,552 - - 5,373,552 Other Accrued Expenses - - 1,076 1,076 Total Liabilities 5,373,552 - 2,112,492 7,486,044


114


Interest Rate Risk (continued) Odey Opportunity Fund Sub-Fund exposure to interest rate risk at 31 December 2017:

Fixed Interest

Rate

Floating Interest

Rate


EUR EUR EUR EUR Assets Financial Assets at Fair Value through Profit or Loss 59,100,367 - 87,755,423 146,855,790 Cash and Cash Equivalents 63,476,259 - - 63,476,259 Receivable from Subscriptions - - 3,786,555 3,786,555 Interest and Dividends Receivable - - 195,096 195,096 Other Receivables - - 19,131 19,131 Total Assets 122,576,626 - 91,756,205 214,332,831 Liabilities Financial Liabilities at Fair Value through Profit or Loss - - 1,138,191 1,138,191 Payable on Redemptions - - 3,598,195 3,598,195 Administration and Transfer Agency Fees Payable - - 11,947 11,947 Depositary and Depositary Oversight Fees Payable - - 16,824 16,824 Investment Management Fees Payable - - 185,754 185,754 Performance Fees Payable - - 365,160 365,160 Bank Overdrafts 81,543 - - 81,543 Other Accrued Expenses - - 24,111 24,111 Total Liabilities 81,543 - 5,340,182 5,421,725 Sub-Fund exposure to interest rate risk at 31 December 2016:

Fixed Interest

Rate

Floating Interest

Rate


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


115


Interest Rate Risk (continued) At 31 December 2017 and 31 December 2016, 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 2017 31 December 201 6 Sub-Fund 0.25% Movements 0.25% Movements Odey Opportunity Fund 306,442 329,680 Odey Allegra International Fund 6,825 - A decrease by 0.25% would result in an equal but opposite effect on net assets attributable to participating shareholders to the figures shown above, on the basis that all other variables remain constant. Liquidity Risk Liquidity Risk is the risk that a Sub-Fund will encounter difficulty in meeting financial obligations as they fall due. The Sub-Fund faces the possibility of an unpredictable short term liability to provide cash to meet investor withdrawals. Given the typical terms for investors in Collective Investment Schemes, 100% cash could be required at very short notice. However, this is in fact unlikely, and not a practical basis for running a Sub-Fund. Nonetheless, the Investment Manager does take into account the diversity of the investor base and the notice required for redemptions when assessing a Sub-Fund’s potential liabilities from this source. The Executive Committee reviews liquidity as part of its investment risk oversight. The Sub-Fund holds a range of investments, in order to balance these potential obligations. Often the majority of a Sub-Fund’s investments are in the permanent equity capital of companies. With no redemption date, liquidity is defined in terms of the marketability of these assets which are generally listed on major securities markets. The estimated ease with which the Sub-Funds' assets can be turned into cash, against the assessment of the possible timing of financial liabilities defines the Liquidity Risk. The Liquidity Risk for each Sub-Fund is managed by the appointed Portfolio Manager. Each Portfolio Manager continuously monitors and assesses the marketability of the investments in the Fund's portfolio. Even for a static portfolio, the liquidity of individual positions or the portfolio as a whole can move substantially with market conditions. The Portfolio Manager can refer to the daily Liquidity Analysis for his/her Sub-Fund which reports the liquidity of assets held in relation to market trading volumes. This gives a snapshot of approximately how long it would take a Sub-Fund to liquidate particular investments. There are a variety of ways in which a Portfolio Manager may manage a Sub-Fund's liquidity position. For example, the Portfolio Manager may identify less liquid investments that he/she would like to sell when conditions permit, so as to improve the overall portfolio liquidity; or he/she may sell some investments in advance of anticipated redemptions. Generally the vast majority of Sub-Funds’ assets are composed of actively traded, liquid securities, able to be turned into cash at short notice. The Investment Manager's marketing and account management activities help to inform the assessment of potential liabilities. Furthermore, contacts with (especially larger) investors mean the Portfolio Manager often has notice of significant redemptions beyond required minimums.


116


Liquidity Risk (continued) As each Sub-Fund’s liabilities and net settled derivative financial liabilities mature in less than one month from the balance sheet date for both 31 December 2017 and 31 December 2016, 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. 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 2017 and 31 December 2016, the credit rating of the Depositary, RBC Investor Services Bank S.A., Dublin Branch, is AA- according to S&P.


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

The Depositary will be liable to the relevant Sub-Fund and its Shareholders for loss of a financial instrument held in depositary (i.e. those assets which are required to be held in depositary pursuant to the UCITS Regulations) or in the depositary of any sub-custodian appointed by the Depositary. However the Depositary shall not be liable for the loss of a financial instrument held in depositary by the Depositary or any sub-custodian if it can prove that loss has arisen as a result of an external event beyond its reasonable control, the consequences of which would have been unavoidable despite all reasonable efforts to the contrary. The Depositary shall also be liable to the relevant Sub-Fund and its Shareholders for all other losses suffered by them as a result of the Depositary’s negligent or intentional failure to properly fulfil its obligations under the UCITS Regulations. Accordingly, credit standards for Depositaries tend to be greater than Delivery Versus Payment settlement counterparties. In addition to normal assessment of financial creditworthiness, regulatory background, and market reputation, peer group usage or general size may be important in terms of establishing “too big to fail” credentials. 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 2017 which is no change from 31 December 2016.


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NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2017 (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. Margin cash is held with Morgan Stanley & Co. A total cash balance of €177,633,716 (financial year ended 31 December 2016: €709,881,571) and bank overdraft balance of €6,384,080 (financial year ended 31 December 2016: €4,712) are held with RBC Investor Services Bank S.A., Dublin Branch. A total cash balance of €nil (financial year ended 31 December 2016: €104,485,078). There is total cash held as collateral of €nil ($nil) with Deutsche Bank (financial year ended 31 December 2016: €11,451 ($12,078)). A total cash balance of €7,190,277 (financial year ended 31 December 2016: €45,342,485) and bank overdraft balance of €81,146 (financial year ended 31 December 2016: € Nil) are held with Morgan Stanley & Co. The below table shows the cash amounts held by the Company at the reporting date. 31 December 2017 31 December 2016 EUR EUR Currency equivalent balance equivalent balance Odey Pan European Fund Cash at Bank RBC Investor Services Bank S.A.* AUD 451 470 RBC Investor Services Bank S.A.* CAD 411 2,549 RBC Investor Services Bank S.A.* CHF 697 44 RBC Investor Services Bank S.A.* DKK 10 32 RBC Investor Services Bank S.A.* EUR 78,619 416,201 RBC Investor Services Bank S.A.* GBP 17,172 12,993 RBC Investor Services Bank S.A.* JPY 5 5 RBC Investor Services Bank S.A.* NOK 98 71 RBC Investor Services Bank S.A.* NZD 155 171 RBC Investor Services Bank S.A.* SEK 18 81 RBC Investor Services Bank S.A.* USD 1,213,236 5,816,720 RBC Investor Services Bank S.A.* ZAR 1 44 1,310,873 6,249,381 Bank Overdraft RBC Investor Services Bank S.A.* EUR - 104,000 RBC Investor Services Bank S.A.* USD - (104,202) - (202)

. 31 December 2017 31 December 201 6 EUR EUR Currency equivalent balance equivalent balanceOdey Allegra European Fund Cash at Bank RBC Investor Services Bank S.A.* CAD - 523RBC Investor Services Bank S.A.* CHF - 881RBC Investor Services Bank S.A.* DKK - 119RBC Investor Services Bank S.A.* EUR - 96,913RBC Investor Services Bank S.A.* GBP - 84,427RBC Investor Services Bank S.A.* NOK - 84RBC Investor Services Bank S.A.* SEK - 1RBC Investor Services Bank S.A.* USD - 4,297 - 187,245


119

NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2017 (continued) 10. Cash and Cash Equivalents (continued)

31 December 2017 31 December 201 6 EUR EUR Currency equivalent balance equivalent balance Odey Allegra International Fund Cash at Bank RBC Investor Services Bank S.A.* AUD 387 403 RBC Investor Services Bank S.A.* CAD 17,445 19,915 RBC Investor Services Bank S.A.* CHF 3 882 RBC Investor Services Bank S.A.* DKK 20 128 RBC Investor Services Bank S.A.* EUR 13,065 176,774 RBC Investor Services Bank S.A.* GBP 260,655 113,488 RBC Investor Services Bank S.A.* JPY 4 2 RBC Investor Services Bank S.A.* NOK 21 103 RBC Investor Services Bank S.A.* NZD 168 185 RBC Investor Services Bank S.A.* SEK 66 18 RBC Investor Services Bank S.A.* USD - 386,766,737 RBC Investor Services Bank S.A.* ZAR 69 48 The Royal Bank of Scotland Plc** USD - 104,416,599 291,903 491,495,282 Bank Overdraft RBC Investor Services Bank S.A.* USD 5,373,552 - 5,373,552 -

31 December 2017 31 December 201 6 EUR EUR Currency equivalent balance equivalent balance Odey Opportunity Fund Cash at Bank RBC Investor Services Bank S.A.* CHF 236 241 RBC Investor Services Bank S.A.* DKK - 85 RBC Investor Services Bank S.A.* EUR 55,464,615 24,385,435 RBC Investor Services Bank S.A.* GBP 13,852 5,802 RBC Investor Services Bank S.A.* JPY - 4 RBC Investor Services Bank S.A.* NOK 12 57 RBC Investor Services Bank S.A.* SEK 45,132 - RBC Investor Services Bank S.A.* USD 762,135 - The Royal Bank of Scotland Plc** USD - 68,379 The Royal Bank of Scotland Plc** SEK - 100 Morgan Stanley & Co.**** EUR 7,109,131 41,668,303 Morgan Stanley & Co.**** USD 81,146 3,673,809 63,476,259 69,802,588 Bank Overdraft RBC Investor Services Bank S.A.* DKK 397 - Morgan Stanley & Co.**** USD 81,146 - 81,543 -


120

NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2017 (continued) 10. Cash and Cash Equivalents (continued)

31 December 2017 31 December 2016 EUR EUR Currency equivalent balance equivalent balance Odey European Focus Fund Cash at Bank RBC Investor Services Bank S.A.* CHF 131 896 RBC Investor Services Bank S.A.* DKK 336 69 RBC Investor Services Bank S.A.* EUR 119,417,766 289,143,215 RBC Investor Services Bank S.A.* GBP - 2,512 RBC Investor Services Bank S.A.* NOK 25 43 RBC Investor Services Bank S.A.* SEK 10 12 RBC Investor Services Bank S.A.* USD - 494 119,418,268 289,147,241 Bank Overdraft RBC Investor Services Bank S.A.* EUR - 600,072 RBC Investor Services Bank S.A.* GBP 466,312 - RBC Investor Services Bank S.A.* SEK - (598,934) RBC Investor Services Bank S.A.* USD 136 - 466,448 1,138 *The credit rating of RBC Investor Services Bank S.A. is AA- as per S&P’s rating agency. **The credit rating of The Royal Bank of Scotland Plc is BBB- as per S&P’s rating agency. ***The credit rating of Deutsche Bank is A- as per S&P’s rating agency. Represents collateral held against Contracts for Difference. **** 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 2017 there were no netted financial instrument positions. As at 31 December 2017 and 31 December 2016 there were cash balances netted per the previous tables in this note.

31 December 2017 31 December 201 6 USD USD Currency equivalent balance equivalent balance Odey Allegra Developed Markets Fund

Cash at Bank Deutsche Bank*** USD - 12,078 RBC Investor Services Bank S.A.* CAD 508 613 RBC Investor Services Bank S.A.* CHF 323 162 RBC Investor Services Bank S.A.* EUR 455 - RBC Investor Services Bank S.A.* GBP - 42,872 RBC Investor Services Bank S.A.* JPY 10 7 RBC Investor Services Bank S.A.* NOK 6 43 RBC Investor Services Bank S.A.* SEK 52 69 RBC Investor Services Bank S.A.* USD 390,935 2,926,353 392,289 2,982,197 Bank Overdraft RBC Investor Services Bank S.A.* DKK 388 - RBC Investor Services Bank S.A.* EUR - 3,557 RBC Investor Services Bank S.A.* GBP 652,466 - 652,854 3,557


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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 2016: forward foreign exchange contracts, future, and options), for efficient portfolio management and/or to protect against exchanges risks subject to the conditions and limits set out in the Central Bank UCITS Regulations. Efficient portfolio management transactions relating to the assets of a Sub-Fund may be entered into by the Investment Manager with one of the following aims a) a reduction of risk b) a reduction of cost with no increase or a minimal increase in risk c) generation of additional capital or income with no, or an acceptably low level of risk (relative to the expected return) and the diversification requirements in accordance with the Central Bank UCITS. In relation to efficient portfolio management operations the Investment Manager will look to ensure that the techniques and instruments used are economically appropriate in that they will be realised in a cost-effective way. Forward foreign exchange contracts may be used for hedging purposes or to alter the currency characteristics of transferable securities held by the Sub-Funds where the Investment Manager considers it economically appropriate or to reflect the Investment Manager’s views on the likely movement of currencies. Because currency positions held by the Sub-Fund may not correspond with the asset positions held performance may be strongly influenced by movements in foreign exchange rates.

A Sub-Fund may sell futures on securities, currencies or interest rates to provide an efficient, liquid and effective method for the management of risks by “locking in” gains and/or protecting against future declines in value. A Sub-Fund may also buy futures on securities, currencies or interest rates to provide a cost effective and efficient mechanism for taking position in securities. A Sub-Fund may utilise options (including equity index options, options on futures and options on swaps) to increase its current return by writing covered call options and put options on securities it owns or in which it may invest and on currencies.


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13. Net Gains/(Losses) from Investments

Odey Pan European Fund Odey Allegra European Fund EUR EUR EUR EUR

31 December

2017 31 December

2016 31 December

2017 31 December

2016 Net realised gains/(losses) on sale of investments 4,213,089 (441,616) 472,373 (5,164,582) Net realised gains/(losses) on forwards 35,484 9,298,321 (47,929) 1,691,726 Net realised (losses)/gains on currency (752,878) (1,538,117) 7,542 (570,019) Net change in unrealised gains/(losses) on sale of investments 302,449 (40,079,239) - (3,905,285) Net change in unrealised gains/(losses) on forwards 38,288 81,088 - (248,972) Net gains/(losses) from investments 3,836,432 (32,679,563) 431,986 (8,197,132)

Odey Allegra International

Fund Odey Opportunity Fund EUR EUR EUR EUR

31 December

2017 31 December

2016 31 December

2017 31 December

2016 Net realised gains/(losses) on sale of investments 31,775,021 (18,811,110) 7,015,430 3,082,772 Net realised gains/(losses) on sales of options - - 165,870 (2,075,384) Net realised (losses)/gains on forwards (20,849,358) 53,918,439 (5,258,837) (13,834,985) Net realised gains/(losses) on futures - - 3,465,690 (231,982) Net realised losses on currency (6,138,090) (1,897,120) (1,040,998) (2,651,494) Net change in unrealised gains/(losses) on sale of investments 16,435,562 (153,060,551) (2,787,200) 4,107,021 Net change in unrealised gains on forwards 461,561 1,110,710 948,932 113,992 Net change in unrealised (losses)/gains on futures - - (783,247) 147,456 Net unrealised gains on options - - - 85,029 Net gains/(losses) from investments 21,684,696 (118,739,632) 1,725,640 (11,257,575)

Odey Allegra Developed

Markets Fund Odey European Focus Fund USD USD EUR EUR

31 December

2017 31 December

2016 31 December

2017 31 December

2016 Net realised gains/(losses) on sale of investments 3,501,270 (33,967,493) 30,641,251 (29,566,109) Net realised (losses)/gains on forwards (198,448) 9,644,830 (322,053) (1,361,636) Net realised (losses)/gains on currency (147,106) 2,097,922 130,523 564,376 Net change in unrealised gains/(losses) on sale of investments 43,494,486 (14,056,812) 7,789,851 12,003,265 Net change in unrealised (losses)/gains on forwards (1,670) - (37,656) 35,401 Net gains/(losses) from investments 46,648,532 (36,281,553) 38,201,916 (18,324,703)

Total Total EUR EUR

31 December

2017 31 December

2016 Net realised gains/(losses) on sale of investments 77,215,957 (81,591,269) Net realised gains/(losses) on sales of options 165,870 (2,075,384) Net realised (losses)/gains on forwards (26,618,329) 58,426,251 Net realised gains/(losses) on futures 3,465,690 (231,982) Net realised losses on currency (7,924,097) (4,196,840) Net change in unrealised gains/(losses) on sale of investments 60,235,377 (193,635,530) Net change in unrealised gains on forwards 1,409,647 1,092,219 Net change in unrealised (losses)/gains on futures (783,247) 147,456 Net change in unrealised gains on options - 85,029 Net gains/(losses) from investments 107,166,868 (221,980,050)


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

31 December 2017 31 December 2016 31 December 2015 Odey Pan European Fund Net Assets €37,513,652 €63,496,973 €241,019,808 Net Asset Value Per Share Euro R Class €320.88 €295.74 €343.30 Net Asset Value Per Share Euro I Class* - - - Net Asset Value Per Share GBP I Class £126.40 £111.46 £111.16 Net Asset Value Per Share GBP R Class £228.70 £202.69 £203.15 Odey Allegra European Fund***** Net Assets - €49,687,248 €173,747,465 Net Asset Value Per Share Euro A Class - €151.29 €159.12 Net Asset Value Per Share Euro I Class - €238.45 €251.67 Net Asset Value Per Share Euro O Class - €251.53 €264.55 Net Asset Value Per Share Euro A I Class - €152.94 €161.34 Net Asset Value Per Share Euro B I Class - €108.81 €114.45 Net Asset Value Per Share Euro B R Class - €105.98 €112.01 Net Asset Value Per Share Euro C I Class* - - €106.80 Net Asset Value Per Share GBP D Class - £185.38 £168.35 Net Asset Value Per Share GBP O Class - £307.84 £279.56 Net Asset Value Per Share USD O Class - $204.00 $220.98 Net Asset Value Per Share USD BI Class - $81.16 $87.91 Odey Allegra International Fund Net Assets €560,264,470 €1,106,651,281 €1,522,319,590 Net Asset Value Per Share Euro I Class €154.84 €149.33 €161.05 Net Asset Value Per Share Euro O Class €170.66 €164.13 €176.49 Net Asset Value Per Share USD O Class $161.23 $136.20 $150.83 Net Asset Value Per Share GBP O Class £236.71 £218.91 £203.24 Net Asset Value Per Share GBP D Class £214.44 £198.32 £184.13 Net Asset Value Per Share GBP A D Class £156.78 £145.43 £135.44 Net Asset Value Per Share AUD$ Class AUD$129.73 AUD$118.73 AUD$131.26 Odey Opportunity Fund Net Assets €208,911,106 €230,579,664 €266,688,127 Net Asset Value Per Share Euro I Class €237.84 €226.46 €221.69 Net Asset Value Per Share Euro R Class €154.84 €148.17 €145.78 Net Asset Value Per Share Euro I P Class €113.91 €108.73 €106.75 Net Asset Value Per Share Euro R P Class €105.76 €101.41 €99.71 Net Asset Value Per Share USD R Class $167.28 $157.62 $153.44 Net Asset Value Per Share USD I Class $255.81 $239.31 $231.85 Net Asset Value Per Share USD I P Class $108.34 $101.76 $98.57 Net Asset Value Per Share USD R P Class $105.61 $99.77 $97.12 Net Asset Value Per Share GBP R Class £166.95 £158.69 £155.48 Net Asset Value Per Share GBP R P Class £102.19 £97.44 £95.71 Net Asset Value Per Share GBP I Class £266.52 £252.21 £245.35 Net Asset Value Per Share GBP I P Class £113.48 £107.73 £104.78 Net Asset Value Per Share GBP M W Class £121.40 £114.31 £107.94 Net Asset Value Per Share GBP W M Class £111.20 £105.21 £99.78 Net Asset Value Per Share GBP IH Class *** £100.33 - - Net Asset Value Per Share GBP F Class**** £102.83 - - Net Asset Value Per Share CHF R Class ₣127.77 ₣123.13 ₣122.02 Net Asset Value Per Share CHF I Class ₣131.48 ₣126.00 ₣124.24 Net Asset Value Per Share CHF I P Class ₣104.16 ₣ 99.98 ₣98.34 Net Asset Value Per Share NOK R Class kr148.31 kr140.45 kr136.54 Net Asset Value Per Share NOK I Class** - - kr141.92

* This share class was launched on 21 April 2017 and fully redeemed on 2 August 2017. **This share class was fully redeemed on 17 June 2016. ***This share class was launched on 2 October 2017. ****This share class was launched on 3 July 2017. ***** This Fund was terminated on 2 May 2017.


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

31 December 2017 31 December 2016 31 December 2015 Odey Allegra Developed Markets Fund Net Assets $158,580,794 $243,733,469 $383,557,171 Net Asset Value Per Share Euro I Class €165.90 €140.55 €150.57 Net Asset Value Per Share USD R Class $145.44 $108.76 $120.61 Net Asset Value Per Share USD I Class $158.41 $117.88 $130.07 Net Asset Value Per Share GBP R Class £156.33 £127.98 £118.98 Net Asset Value Per Share GBP I Class £181.67 £147.99 £136.91 Net Asset Value Per Share GBP M Class £186.10 £151.60 £140.24 Odey European Focus Fund Net Assets €440,502,679 €1,074,791,997 €1,338,878,704 Net Asset Value Per Share A Euro Class €19.44 €17.70 €17.68 Net Asset Value Per Share A Euro Acc Class €12.13 €11.05 €11.03 Net Asset Value Per Share B Euro Class €18.99 €17.38 €17.45 Net Asset Value Per Share Euro I Class €106.26 €96.49 €96.47 Net Asset Value Per Share Euro R Class €111.26 €101.53 €101.74 Net Asset Value Per Share USD I Class $114.24 $91.12 $93.74 Net Asset Value Per Share A GBP Class £24.84 £21.75 £18.75 Net Asset Value Per Share GBP R Class £133.38 £117.04 £101.50 Net Asset Value Per Share GBP I Class £133.28 £116.37 £100.26 Net Asset Value Per Share GBP M Class £134.25 £117.22 £100.77

15. Changes to the Prospectus

There were no amendments to the main body Prospectus during the financial year. The Supplement for the Odey Pan European Fund was updated on 14 March 2017 for the creation of the Euro I Share Class, which was subsequently fully redeemed on 2 August 2017. The Supplement for the Odey European Focus Fund was updated on 20 April 2017 for the creation of the GBP I H Share Class. Similarly, the Supplement for the Odey Opportunity Fund was updated on 8 September 2017 for the creation of the hedging GBP F Share Class.

16. Distributions There were no distributions paid during the financial year (financial year ended 31 December 2016: €Nil).

17. Significant Events since Financial Year End By 11 April 2018 redemptions for Odey Allegra International Fund amounted to €171,667,555 representing 31% of the Sub-Fund’s Net Asset Value as at 31 December 2017. The fund performance during this period was +0.72% (EUR O class) against the MSCI Daily TR Net World Return of -3.47, a relative outperformance of +4.19%. There were no additional significant events since the financial year end which would require adjustment to or disclosure in the financial statements.

18. Securities Lending

Effective 1 December 2017 the Sub-Fund detailed overleaf provides securities on loan to third parties in exchange for a collateral payment. The gross income amount of securities lending for the year ended 31 December 2017 was $nil and the net amount of securities lending income was $nil. Direct costs amounted to $nil. The below table contains the Aggregate Collateral Value of securities on loan with Citigroup Global Markets Inc, Credit Suisse Securities EUR Ltd, Deutsche Bank AG and RBC Dominion Securities Inc as at 31 December 2017:


125


18. Securities Lending (continued)

Name of Sub-Fund 31 December 2017 $

Odey Allegra Developed Markets Fund 12,175,220 Aggregate Value of Collateral 12,175,220

19. Significant events during the financial year

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 was no longer economic to run this Sub-Fund. The Directors issued compulsory redemption notices accordingly and all investors were compulsory redeemed as of the dealing day falling on 3 May 2017. The Odey Allegra European Fund represented 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 deemed the going concern assumption for the Company appropriate. Separate audited termination financial statements were produced for the Odey Allegra European Fund as at 30 June 2017 and the Sub-fund’s authorisation was revoked by the Central Bank of Ireland on 13 November 2017. Odey Pan European Fund has launched Euro I Share Class on 21 April 2017 and this share class was fully redeemed on 2 August 2017. Odey Opportunity Fund has launched GBP IH Share Class on 2 October 2017 and GBP F Share Class on 3 July 2017. There were no other significant events during the financial year which would require adjustment to or disclosure in the financial statements.

20. Date of Approval

The financial statements were authorised for issue by the Board of Directors on 19 April 2018.


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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 31 December 2017 31 December 201 6 Odey Pan European Fund Euro R 1.78% 1.64% Euro I*** - - GBP R 1.78% 1.64% GBP I 1.28% 1.13% Odey Allegra European Fund ** Euro A - 0.87% Euro O - 0.87% Euro I - 1.12% Euro C I* - - Euro A I - 1.17% Euro B I - 0.87% Euro B R - 1.36% USD O - 0.87% USD B I - 0.86% GBP D - 0.87% GBP O - 0.87% Odey Allegra International Fund Euro O 0.79% 0.77% Euro I 1.09% 1.07% USD O 0.79% 0.77% GBP O 0.79% 0.77% GBP D 0.79% 0.77% GBP A D 1.09% 1.07% AUD$ 1.08% 1.07% Odey Opportunity Fund Euro R 1.61% 1.60% Euro I 1.11% 1.10% Euro I P 0.86% 0.85% Euro R P 1.35% 1.34% USD R 1.61% 1.60% USD I 1.11% 1.10% USD I P 0.83% 0.84% USD R P 1.36% 1.35% GBP R 1.61% 1.60% GBP I 1.11% 1.10% GBP I P 0.86% 0.85% GBP M W 0.86% 0.85% GBP W M 1.36% 1.35% GBP R P 1.36% 1.35% *This share class was fully redeemed on 20 September 2016. ** This Fund was terminated on 2 May 2017. *** This share class was launched on 21 April 2017 and fully redeemed on 2 August 2017.


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SUPPLEMENTAL INFORMATION (unaudited) (continued) Ongoing Charges Excluding Performance Fee (continue d) Sub-Fund Ongoing Charges Ratio Ongoing Charges RatioShare Class Excluding Excluding performance fee performance fee For financial year ended For financial year ended 31 December 2017 31 December 201 6

Odey Opportunity Fund (continued) GBP IH* 1.10% - GBP F** 0.86% - CHF R 1.61% 1.60% CHF I 1.11% 1.10% CHF I P 0.86% 0.85% NOK R 1.61% 1.60%

Odey Allegra Developed Markets Fund Euro I 0.86% 0.79%GBP R 1.33% 1.29%GBP I 0.86% 0.79%GBP M 0.86% 0.80%USD R 1.36% 1.29%USD I 0.86% 0.79%

Odey European Focus Fund A Euro 1.12% 1.07%A Euro Acc 1.12% 1.07%B Euro 1.62% 1.57%Euro I 0.82% 0.77%Euro R 1.32% 1.25%A GBP 1.11% 1.07%GBP I 0.82% 0.77%GBP M 0.82% 0.77%GBP R 1.31% 1.27%USD I 0.82% 0.78% *This share class was launched on 2 October 2017. **This share class was launched on 3 July 2017. 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.


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SUPPLEMENTAL INFORMATION (unaudited) (continued) Remuneration Policy Odey Investments Funds Plc 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 non-Odey 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. Odey Asset Management LLP The financial and non-financial criteria of the remuneration policies and practices for the Investment Manager’s staff (partners and employees) are set out in the Investment Manager’s Remuneration Policy (a summary of which is included below) and are intended to be consistent with, and to promote, sound and effective risk management. In particular, as regards (i) the potential influence of the Investment Manager’s remuneration policies and practices on the risk profile of the relevant UCITS’, and (ii) the measures adopted to avoid or manage conflicts of interest, the Remuneration Policy provides that:

• The structure of staff remuneration should be consistent with and promote effective risk management and not encourage any level of risk-taking that is inconsistent with the risk profiles of the UCITS’ it manages.

• The remuneration structure should avoid incentivising staff on a short-term basis, and should promote the Investment Manager’s business strategy, objectives, values and long-term interests and those of the UCITS it manages and their investors.

• In any given year, the total variable remuneration paid to the Investment Manager's staff should not limit its ability to maintain its required regulatory capital base.

• The Investment Manager’s risk management function is required to provide input on the Investment Manager’s overall remuneration strategy, having regard to the effective promotion of risk management, and to have an active role in the design, ongoing oversight and review of the Remuneration Policy.

• Each member of staff’s remuneration is determined by the Investment Manager’s Remuneration Committee, a subcommittee of the Executive Committee. Consequently it is not possible for any single individual to determine the remuneration for his/her own business area.


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SUPPLEMENTAL INFORMATION (unaudited) (continued) Odey Asset Management LLP (continued) Summary of Odey Asset Management’s (“OAM’s”) Remuneration Policy:

• Valuable focus is achieved through clear profit allocation or bonus targets, but a 100% pay out on a particular date is bad for business continuity. In addition the development of participants and their associated business tends to take place over a period of years. Profit allocation or bonus deferral is intended to help offset the disadvantages of single date profit allocation/bonus awards.

• The Remuneration Committee determines performance related remuneration based on a number of factors. Generally, Fund Managers can expect to receive a proportion of any crystallised performance fees generated by the Fund they manage. All OAM Funds with performance fees have High Water Marks (HWM), thus performance fees are only generated once underlying Fund investors have achieved a positive absolute or relative return. Additionally the Remuneration Committee will take into account a number of factors including the overall profitability of the firm and various financial and non-financial performance factors, such as the development of the business and long term sustainability. There are currently two forms of deferral:

Cash Deferral Deferred cash awards are required to be invested in Funds managed by OAM. This strengthens the alignment of interests between partners, employees and Fund investors, especially for Odey participants responsible for performance. Requiring people to “eat what you cook” further encourages a responsible attitude to risk taking. Cash is deferred over a two period, with two equal payments on the 1st and 2nd anniversaries, but is lost if the individual is no longer a partner or employee at the transfer date. Share Deferral The award of Bonus Shares in Odey Holdings AG, allows for increased ownership in the business by participants. In determining the award of shares, the Remuneration Committee takes into account a participant’s contribution to the overall development of the business and creation of a long term franchise. To this end, whilst the initial vesting of bonus shares is over a three year period, the Company may require the shares to be surrendered (at cost), should the partner leave within the three year period. The Bonus Shares become Ordinary Shares with inalienable rights, after the third year, i.e. the partner keeps the shares should he leave. All forms of deferral help to manage key man risk as the retained element acts as a disincentive to leave at short notice and encourages behaviour focused on creating a sustainable business. The profit, for the financial year ending 05 April 2017, available for members’ remuneration and profit share was £18,655,000 (2016: £44,352,000). 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. During the financial year none of the Company’s Sub-Funds except Odey Allegra Developed Markets Fund engage in SFTs, however, where a Sub-Fund does engage in SFTs, unless otherwise specified in the Sub-Fund Supplement, the maximum exposure of a Sub-Fund in respect of SFTs shall be 60% of the Net Asset Value, with anticipated exposure to SFTs not exceeding 20% of the Net Asset Value. The collateral supporting SFTs will be valued daily at mark-to-market prices and daily variation margin used if the value of collateral falls below coverage requirements.


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SUPPLEMENTAL INFORMATION (unaudited) (continued) As the Odey Allegra Developed Market Fund undertakes securities lending it is required to report on Securities Financing Transactions (as defined in Article 3 of Regulation (EU) 2015/2365, securities financing transactions include repurchase transactions, securities on commodities lending and securities on commodities borrowing and margin lending transactions). Please read this Appendix in conjunction with Note 18 Securities Lending. Sub-Fund Market Value $ Collateral $ Total net assets $ Assets (%) Odey Allegra Developed Markets Fund 11,595,433 12,175,220 158,580,794 7.68

Top 10 Largest Collateral Counterparties Rank Amount of Collateral Securities

Commodities Received $ Citigroup Global Markets Inc 1 5,584,951 Deutsche Bank AG 2 4,648,238 Credit Suisse Securities EUR Ltd 3 1,549,409 RBC Dominion Securities Inc 4 392,622

Top 10 Largest Collateral Issuers Rank Amount of Collateral Securities

Commodities Received $ United States Treasury Note/Bond 1 4,633,015 United States Treasury Inflation Indexed Bonds 2 838,613 HSBC Holdings Plc 3 512,578 Barrick Gold Corp 4 402,420 Canadian Government Real Return Bond 5 364,873 JPMorgan Chase & Co 6 330,161 European Investment Bank 7 286,792 CRH Plc 8 268,287 Teck Resources Ltd 9 252,177 Allergan Plc 10 220,591

Type of Collateral Amount $ Proportion (%) Equities and Equivalents 5,094,931 41.85 Bonds 7,080,289 58.15

Collateral Maturity Amount $ Proportion (%) 1 day - - less than 1 week 3,162 0.03 less than 1 month 1,151 0.01 less than 3 months 221,811 1.82 less than 1 year 385,896 3.17 more than 1 year 6,468,269 53.12 no maturity 5,094,931 41.85

Currencies of Collateral Amount $ Proportion (%) CAD 3,039,551 24.97 EUR 496,659 4.08 GBP 1,257,734 10.33 USD 7,381,276 60.62

Countries of Counterparties Amount $ Proportion (%) Canada 392,622 3.22 Germany 4,648,238 38.18 United Kingdom 1,549,409 12.73 United States of America 5,584,951 45.87

Documents

Odey Investment Funds 31.12.2017 Final · Odey Allegra European Fund Euro GBP I Class / USD I Class / USD B R Class Odey Opportunity Fund Euro CHF R P Class Odey Allegra Developed