## 



## 

## 

|Settfor:|PenelopeDorothyRosenberg(deceased)|
|---|---|
|GoverningInstrument:|Willdated17September2002whichwasprovedon16June|
||2014|
|Registration:|RegistrationwiththeCharityCommissionwasapprovedon|
||21May2015|
|Trustees:|MrDavidAnthonyFurst|
||MrMatthewDerekPintus|
|CharityAddress:|MacfarlanesLLP|
||20CursitorStreet|
||London|
||EC4A1LT|
|CharityRegistration||
|Number:|1161777|
|Solicitors:|MacfarlanesLLP|
||20CursitorStreet|
||London|
||EC4A1LT|
|IndependentExaminer:|CPPotterFCA|
||Humphrey&Co|
||CharteredAccountantsandStatutoryAuditors|
||7-9TheAvenue|
||Eastbourne|
||EastSussexBN213YA|
|InvestmentManagers:|Rothschild(CI)Limited|
||StJulian'sCourt|
||StJulian'sAvenue|
||StPeterPort|
||GuernseyGY13BP|





## 

## 

## 

## 

## 



## 

## 

## 

## 



## 

## 




## 

## 

## 

## 


## 



## 

## 

||Note|2021|2020|
|---|---|---|---|
|IncomeandExpenditure||||
|Incomefrom:||||
|ResidueoftheEstateofPenelopeRosenberg|(deceased)||55.90|
|Investments|2|55,224.97|60,391.57|
|FinalliquidationpaymentreRubicon|||23.98|
|WellsFargolitigationproceeds($1,415.73)||1,034.05||
|||56,259.02|60,471.45|
|Expenditureon:||||
|Raisingfunds||||
|InvestmentManagementFees||51,500.63|50,618.52|
|LEIRegistrationFee||65.00|72.00|
|Charitableactivities||||
|RevisedFundingcommitment|11|7,337.74|73,268.27|
|Donations|12|100,000.00|150,000.00|
|OtherExpenditure||||
|MacfarlanesFees||13,262.40|13,264.80|
|Humphrey&CoFees||3,840.00|3,120.00|
|Totalresourcesexpended||176,005.77|290,343.59|
|Netgains(losses)oninvestments|6|1,690,169.96|(376,261.21)|
|Currencyadjustment|6|(10.73)||
|Netmovementinfunds||1,570,412.48|(606,133.35)|
|Fundbalancesat5April2020||4,860,761.79|5,466,895.14|
|Fundbalancesat5April2021||£6,431,174.27|£4,860,761.79|
|Allfundsareunrestricted||||





## 

## 





## 

## 

## 

## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 

## 



## 

## 



## 

## 

|2|IncomefromInvestments|2021|2020|
|---|---|---|---|
||IncomefromOverseasSecurities|42,468.35|37,539.59|
||Incomereceived-UKEquities|11,470.28|21,608.42|
||InterestonCashDeposits|131.52|762.45|
||ExcessReportableIncome|1,154.82|481.11|
|||£55,224.97|£22,851.98|



## 

|Theanalysisofindependentexaminer'sremunerationisasfollows:|||
|---|---|---|
|FeespayabletotheCharity'sindependentexaminerandassociates:|||
||2021|2020|
||£|£|
|IndependentExaminationoftheCharity'saccounts|3,840.00|3,120.00|
||3,840.00|3,120.00|



## 

## 

## 

|6|NetGains/(Losses)onInvestments|||
|---|---|---|---|
|||2021|2020|
|||£|£|
||RevaluationofInvestments|1,594,848.59|(429,049.05)|
||Gain/LossonSaleofInvestments|123,340.11|68,938.87|
||Gain/LossonExchangeRateMovements|(28,029.47)|(16,151.03)|
||Currencyadjustment|10.73||
|||1,690,169.96|(376,261.21)|
|7|Chattels|||
|||2021|2020|
|||£|£|
||FairValue|||
||At5April2021(seealso1.7onpage9)|60,000.00|60,000.00|





## 

## 

|8|FixedAssetInvestments|||
|---|---|---|---|
|||2021|2020|
|||£|£|
||ListedInvestments|6,010,717.67|4,466,832.65|



## 

## 

||Shares|Shares|
|---|---|---|
||2021|2020|
||r ,|£|
|CostorValuation|||
|At5April2020|4,466,832.65|4,947,556.08|
|Additions|4,724,111.41|2,957,027.85|
|ValuationChanges|1,690,169.96|(376,261.21)|
|Disposals|(4,870,396.35)|(3,061,490.07)|
|At5April2021|6,010,717.67|4,466,832.65|
|CarryingAmount|||
|At5April2021|6,010,717.67|4,466,832.65|





## 

## 

|9|FinancialInstruments|2021|2020|
|---|---|---|---|
|||£|£|
||CarryingAmountofFinancialAssets|||
||Debtinstrumentsmeasuredatamortisedcost|||
||Equityinstrumentsmeasuredatmarketvalue|6,010,717.67|4,466,832,65|
||CarryingAmountofFinancialLiabilities|||
||Measuredatamortisedcost|5,343.25|105,032.69|
||FinancialLiabilities:breakdown|||
||Dividendincomeafter5.4.21|1,743.25|1,912.69|
||Donations||100,000.00|
||Humphrey&CoFees|3,600.00|3,120.00|
||Fundingcommitmentsduewithinoneyear|65,532.89|62,412.27|
|||70,876.14|167,444.96|
||Fundingcommitmentsdueafteroneyear|18,809.52|84,342.40|
|||89,685.66|251,787.36|
|10|Cashatbankandinhand|||
|||2021|2020|
|||£|£|
||MacfarlanesLLP|303,162.56|333,597.44|
||Rothschild(CI)Limited|146,979.70|252,119.06|
|||450,142.26|585,716.50|





## 

## 

## 

|12|Donations|2021|2020|
|---|---|---|---|
|||£|£|
||RIBA-StudentSupportFund|25,000.00|25,000.00|
||Guys-AirSealUnit||25,000.00|
||Guys-NursesLeagueFund||50,000.00|
||Guys-Covid-19Appeal||50,000.00|
||Guys-ICUSurvivorshipProject|75,000.00||
|||100,000.00|150,000.00|



## 



## 

## 

## 

||||||Overseas||
|---|---|---|---|---|---|---|
||||||Tax&||
||Holding|Date|Gross|Tax|Expenses|Net|
||||£|£|£|£|
|OverseasDividends|||||||
|AmericanExpress|||||||
|CoRegShares|2,095|08/05/2020|727.94||109.20|618.74|
||2,622|10/08/2020|861.97||129.30|732.67|
||2,419|10/11/2020|787.88||118.19|669.69|
|||10/02/2021|751.59||112.75|638.84|
|CableOneInc|91|12/06/2020|162.32||24.35|137.97|
|||04/09/2020|171.36||25.71|145.65|
||79|11/12/2020|149.60||22.45|127.15|
|||05/03/2021|141.89||21.29|120.60|
|CFMInstitutional|||||||
|SystematicTrends|||||||
|FundLtd|107|24/06/2020|1,847.32|||1,847.32|
|Comcast|||||||
|CorporatrionClassA|4,556|22/04/2020|850.67||127.60|723.07|
|||22/07/2020|822.60||123.39|699.21|
|||28/10/2020|803.51||120.53|682.98|
|||27/01/2021|761.45||114.22|647.23|
|Constellation|||||||
|SoftwareIncReg|||||||
|Shares|64|11/01/2021|46.95||11.74|35.21|
|Deere&CoReg|||||||
|Shares|1,094|08/05/2020|671.63||100.75|570.88|
||1,261|10/08/2020|732.33||109.85|622.48|
||1,158|09/11/2020|664.71||99.71|565.00|
||994|08/02/2021|549.58||82.44|467.14|
|FoxCorp-A-Reg|||||||
|Shares|6,477|07/10/2020|1,154.63||173.20|981.43|





## 

## 

|Appendix|||||||
|---|---|---|---|---|---|---|
||||||Overseas||
||||||Tax&||
||Holding|Date|Gross|Tax|Expenses|Net|
||||£|£|£|£|
|Lansdowne|||||||
|DevelopedMarkets|||||||
|LongOnlyFund|||||||
|LimitedBGBP|||||||
|Shares|999|01/06/2020|2,087.66|||2,087.66|
|LindePlcReg|||||||
|Shares|1,019|17/06/2020|782.30|||782.30|
|||18/09/2020|762.54|||762.54|
||972|17/12/2020|691.76|||691.76|
||853|22/03/2021|654.50|||654.50|
|MastercardIncome|||||||
|ClassAShares|596|08/05/2020|192.44||28.87|163.57|
|||07/08/2020|181.37||27.21|154.16|
|||09/11/2020|180.68||27.11|153.57|
|||09/02/2021|190.13||28.53|161.60|
|MoodysCorporation|||||||
|CommonUS$0.01|||||||
|Shares|1,041|10/06/2020|455.95||68.39|387.56|
||936|10/09/2020|402.55||60.38|342.17|
||878|14/12/2020|368.24||55.24|313.00|
|||18/03/2021|389.54||58.43|331.11|
|PentarisQAIFPlc|||||||
|PhoenixUKFundsS|||||||
|Shares|618|09/09/2020|1,905.95|||1,905.95|
|PentarisQIAIFPlc-|||||||
|RPhoenixUKFund|||||||
|FShares|1,223|09/09/2020|3,040.63|||3,040.63|
|PentarisQIAIFPlcR|||||||
|AllardGrowthFund|||||||
|PartingVandaFund|||||||
|FUSDShares|1,118|09/09/2020|877.71|||877.71|
|PentarisUCITSPlc-|||||||
|RCFMTrendsFund|||||||
|SharesWDhedged|||||||
|GBPShares3|443|04/03/2021|403.53|||403.53|





## 

## 

|Appendix|||||||
|---|---|---|---|---|---|---|
||||||Overseas||
||||||Tax&||
||Holding|Date|Gross|Tax|Expenses|Net|
||||£|£|£|£|
|PentarisUCITSPlc|||||||
|RIntrinsicValue|||||||
|EuropeFundParting|||||||
|ClassFUnhedged|||||||
|GBPShares|1,040|09/09/2020|1,171.04|||1,171.04|
||659|25/02/2021|401.93|||401.93|
|RWealth|||||||
|ManagementSICAV|||||||
|SIFSelectFunds|||||||
|Opportunities|||||||
|Income1|||||||
|DistributionShares|20,830|07/07/2020|187.47|||187.47|
|S&PGlobalInc|||||||
|RegShares|853|10/06/2020|447.18||67.08|380.10|
||785|10/09/2020|403.74||60.56|343.18|
||717|10/12/2020|357.54||53.64|303.90|
|||10/03/2021|396.72||59.51|337.21|
|WellsFargo&Co|||||||
|RegShares|5,372|01/06/2020|2,207.47||331.13|1,876.34|
|||01/09/2020|400.11||60.02|340.09|
|||01/12/2020|401.55||60.24|341.31|
|||01/03/2021|383.75||57.57|326.18|
||||32,985.91||2,730.58|30,255.33|
|OverseasSecurityInterestGross|||||||
|MULyxorCoreUS|||||||
|TipsETF-D-M-h|||||||
|GBPDistribution|||||||
|Shares|3,007|10/07/2020|1,683.92|||1,683.92|
|RWealth|||||||
|ManagementSICAV-|||||||
|SIFInvestment|||||||
|GradeBondIncome|||||||
|1DistributionShares|64,994|29/06/2020|10,529.10|||10,529.10|
||||12,213.02|||12,213.02|





## 

## 

## 

|AdmiralGroupPlc||||
|---|---|---|---|
|Ord1pShares|6,50901/06/2020|3,664.57|3,664.57|
||02/10/2020|5,936.21|5,936.21|
|AshteadGroupPlc||||
|OrdlopShares|4,59911/09/2020|1,540.67|1,540.67|
||03/02/2021|328.83|328.83|
|||11,470.28|11,470.28|
|ExcessReportableIncome||||
|ACLAlternative||||
|FundSACLtd-A-||||
|AbbeyFocusFund||||
|SeriesBShares|850.664530/06/2020|681.55|681.55|
|PentarisUCITSPlc-||||
|RCFMTrendsFund||||
|SharesWDHedged||||
|GBPShares3|442.698030/06/2020|473.27|473.27|
|||1,154.82|1,154.82|
|InterestonCashDeposits||||
|Macfarlanes||131.52|131.52|
|||£131.52|£131.52|





## 

|2)|Investmentsheld|Investmentsheld|at||Investmentsheldat|Investmentsheldat|||
|---|---|---|---|---|---|---|---|---|
|||5thApril2020|||5thApril2021||||
|||||||Costor|||
|||||||2020||Unrealised|
||Holding|Book|MarketValue|Holding|Book|Adjusted|MarketValue|gain/(loss)|
|||Value|||Value|Value|||
|36SouthFundsPlc•|||||||||
|OkuraFundPtgC<br>Shares|215.4808|143,677.98|<br>194,271.02|136.0702|90,945.01|122,885.57|91,082.66|(31,802.91)|
|36SouthFundsPlc|||||||||
|EF-OkuraFundC|||||||||
|Shares|314.02|322.02|<br>314.02||||||
|ACLAlternative|||||||||
|FundSACLtd-A-|||||||||
|AbbeyFocusFund|||||||||
|SeriesAShares|1,230|94,957.16|<br>97,739.57||||||
|ACLAlternative|||||||||
|FundSACLtd-A-|||||||||
|AbbeyFocusFund<br>SeriesBShares||||1,690.4572|138,256.18|141,038.59|144,315.37|3,276.78|
|AdmiralGroupPlc|||||||||
|Ord1pShares|8,001|127,591.17|<br>176,022.00|5,735|91,455.48|126,170.00|175,318.95|49,148.95|
|AmericanExpress|||||||||
|CoRegShares|2,095|99,722.58|<br>126,216.18|2,419|124,796.81|149,239.23|255,454.52|106,215.29|
|AshteadGroupPlc|||||||||
|Ord10pShares|4,599|98,290.33|<br>73,836.95|4,599|98,290.33|73,836.95|205,713.27|131,876.32|
|BerkshireHathaway|||||||||
|IncomeRegistered|||||||||
|BShares|1,343|120,824.43|<br>196,055.02|1,124|101,121.86|164,084.77|213,455.17|49,370.40|
|BNPParibasIss|||||||||
|18.06.21S&P500|||||||||
|USD2700put||||62|7,889.52|7,889.52|178.41|(7,711.11)|
|BookingHoldings|||||||||
|IncCornUSD0.008||||41|54,400.20|54,400.20|71,416.66|17,016.46|
|CableOneInc|91|48,176.88|<br>114,444.06|79|41,823.88|99,352.54|106,662.28|7,309.74|
|CFMInstitutional|||||||||
|SystematicTrends|||||||||
|EquityCapped|||||||||
|FundRedPig|||||||||
|Shares||||91.5639|91,994.02|91,994.02|90,379.98|(1,614.04)|
|CFMInstitutional|||||||||
|SystematicTrends|||||||||
|FundLtd|107.4996|117,000.00|<br>120,290.98|74.184|80,740.10|83,010.71|90,326.44|7,315.73|
|Charter|||||||||
|Communications|||||||||
|IncClass'A'|||||||||
|CommonUS$1.00|||||||||
|Stock|227|54,080.34|<br>80,606.23|198|47,171.40|70,308.52|86,681.37|16,372.85|
|CitigroupWarrants|||||||||
|17.12.2021S&P|||||||||
|500USD3000put||||85|8,650.81|8,650.81|2,816.54|(5,834.27)|
|CitigroupWarrants|||||||||
|18.03.2022|||||||||
|ESTX50EurPEUR|||||||||
|3300put||||68|6,123.94|6,123.94|6,031.36|(92.58)|





## 

## 

|2)|Investmentsheld|Investmentsheld|at||Investmentsheldat|Investmentsheldat|||
|---|---|---|---|---|---|---|---|---|
|||5thApril2020|||5thApril2021||||
|||||||Costor|||
|||||||2020||Unrealised|
||Holding|Book|MarketValue|Holding|Book|Adjusted|MarketValue|gain/(loss)|
|||Value|||Value|Value|||
|CitigroupWarrants|||||||||
|18.12.2020|||||||||
|ESTX50EurP|||||||||
|3100|58|5,333.97|<br>28,658.39||||||
|CitigroupWarrants|||||||||
|18.12.2020S&P|||||||||
|500USD2800put|57|5,267.58|<br>21,377.39||||||
|CitigroupWarrants|||||||||
|19.03.2021|||||||||
|ESTX50EURP|||||||||
|EUR3250put|92|8,377.78|<br>57,782.25||||||
|CitigroupWarrants|||||||||
|19.06.2020S&P|||||||||
|500USD2500put|93|5,213.49|<br>12,381.22||||||
|Comcast|||||||||
|CorporationClassA|4,556|129,496.32|<br>126,612.53|4,556|129,496.32|126,612.53|180,513.92|53,901.39|
|Constellation|||||||||
|SoftwareIncReg|||||||||
|Shares||||64|55,527.07|55,527.07|65,799.05|10,271.98|
|Deere&CoReg|||||||||
|Shares|1,194|75,334.06|<br>132,452.73|790|51,808.62|87,592.70|214,084.23|126,491.53|
|EFofACL|||||||||
|AlternativeFund|||||||||
|SACLtd-Abbey|||||||||
|FocusFundSeries|||||||||
|BShares||||589.90|438.09|438.09|426.51|(11.58)|
|EurofinsScientific|||||||||
|SEEur0.01Shares||||890|53,982.20|53,982.20|63,153.40|9,171.20|
|FoxCorp-A-Reg|||||||||
|Shares|6,477|176,495.41|<br>118,231.16|4,588|125,020.99|83,749.35|120,745.57|36,996.22|
|JPMorganSP|||||||||
|18.09.20S&P500|||||||||
|2450put|75|5,165.18|<br>14,532.99||||||
|Lansdowne|||||||||
|DevelopedMarkets|||||||||
|LongOnlyFund|||||||||
|LimitedBGBP|||||||||
|Shares|999.497166|104,000.00|<br>88,892.60|999.497166|104,000.00|88,892.60|154,842.10|65,949.50|
|LibertyBroadband|||||||||
|CorpSeriesCReg|||||||||
|Shares|399|25,953.11|<br>35,404.25|399|25,953.11|35,404.25|42,980.99|7,576.74|
|LindePlcReg|||||||||
|Shares|957|80,279.95|<br>127,007.25|853|74,514.01|113,629.21|176,014.89|62,385.68|
|LloydsBanking|||||||||
|GroupPlcOrd10|||||||||
|Shares|343,802|227,108.80|<br>95,319.10|343,802|227,108.80|95,319.10|147,044.12|51,725.02|
|MastercardIncome|||||||||
|ClassAShares|596|96,564.36|<br>115,638.59|596|96,564.36|115,638.59|158,715.00|43,076.41|
|MiddlebyCorpReg|||||||||
|Shares|972|86,126.02|<br>38,755.88||||||





## 

|Appendix|||||||||
|---|---|---|---|---|---|---|---|---|
|2)|Investmentsheld||at||Investmentsheldat||||
|||5thApril2020|||5thApril2021||||
|||||||Costor|||
|||||||2020||Unrealised|
||Holding|Book|MarketValue|Holding|Book|Adjusted|MarketValue|gain/(loss)|
|||Value|||Value|Value|||
|MoodysCorporation|||||||||
|CommonUS$0.01|||||||||
|Shares|1,041|114,172.83|<br>177,915.43|878|96,295.63|150,057.40|197,354.80|47,297.40|
|PentarisQAIFPlc-|||||||||
|BaresUSEquity|||||||||
|FundSharesF|2,057.212|165,123.80|<br>184,273.79|1,278.550|102,623.86|114,525.51|245,114.13|130,588.62|
|PentarisQAIFPlc-|||||||||
|PhoenixUKFunds|||||||||
|SShares|617.611|61,761.10|<br>40,286.59|617.611|61,761.10|40,286.59|72,187.28|31,900.69|
|PentarisQAIFPlc-|||||||||
|RPhoenixUKFund|||||||||
|FShares|1,222.611|120,677.46|<br>85,134.93|1,222.611|120,677.46|85,134.93|152,903.42|67,768.49|
|PentarisQAIFPlc|||||||||
|ArtemisVolatility|||||||||
|TradingFundF|||||||||
|USDShares|599.214|44,957.99|<br>53,679.49|599.214|44,957.99|53,679.49|40,923.27|(12,756.22)|
|PentarisQAIFPlc|||||||||
|RAllardGrowth|||||||||
|FundPartingVanda|||||||||
|FUSDShares|1,461.434|103,672.36|<br>159,054.44|1,117.964|79,307.45|121,673.71|175,001.66|53,327.95|
|PentarisUCITSPlc•|||||||||
|RCFMTrends|||||||||
|FundSharesWD|||||||||
|HedgedGBP|||||||||
|Shares3|442.698|44,269.80|<br>45,881.22||||||
|PentarisUCITSPlc|||||||||
|RIntrinsicValue|||||||||
|EuropeFund|||||||||
|PartingClassF|||||||||
|UnhedgedGBP|||||||||
|Shares|1,040|112,608.49|<br>132,751.24||||||
|PetersThematic|||||||||
|SPCFundLtdOne|||||||||
|RiverDynamic|||||||||
|ConvesitySegPort|||||||||
|Shares||||61|61,000.00|61,000.00|61,000.00||
|RWealthMan|||||||||
|SICAV-SIF-|||||||||
|InflationFocus|||||||||
|FundIncXDist|||||||||
|Shares||||7,011.949|515,781.40|515,781.40|505,756.37|(10,025.03)|
|RWealth|||||||||
|Management|||||||||
|SICAVSIFSelect|||||||||
|FundsOpportunities|||||||||
|Income1|||||||||
|DistributionShares|20,830|231,416.76|<br>272,664.70|20,830|231,416.76|272,664.70|378,064.50|105,399.80|
|RWealth|||||||||
|Management|||||||||
|SICAV-SIF|||||||||
|InvestmentGrade|||||||||
|BondIncome1|||||||||
|DistributionShares|78,011.587|781,552.62|<br>782,456.21|63,718.413|637,400.42|638,127.70|633,361.03|(4,766.67)|





|Appendix||||||||||
|---|---|---|---|---|---|---|---|---|---|
|2)|Investmentsheldat|||||Investmentsheldat||||
|||5thApril2020||||5thApril2021||||
||||||||Costor|||
||||||||2020||Unrealised|
||Holding|Book|MarketValue|Holding||Book|Adjusted|MarketValue|gain/(loss)|
|||Value||||Value|Value|||
|RyanairHoldings||||||||||
|PlcOrdEur0.00635||||||||||
|Shares|18,632|<br>175,681.44|141,288.02|<br>15,204||<br>143,358.77|<br>115,293.21|218,437.51|103,144.30|
|S&PGlobalInc||||||||||
|RegShares|853|<br>116,167.37|166,738.75||717|<br>97,645.96|<br>140,157.37|190,341.18|50,183.81|
|Topicus.Com Inc||||||||||
|SubordVtgReg||||||||||
|Shares|||||576|<br>19,850.53|<br>19,850.53|27,662.06|7,811.53|
|WellsFargo&Co||||||||||
|RegShares|5,372|<br>186,954.60|115,342.00||5,372|<br>186,954.60|<br>115,342.00|153,341.45|37,999.45|
|||£4,194,375.54|£4,550,309.17|||£4,327,105.04|£4,499,345.60|£5,915,601.42|£1,416,255.82|
|Unrealisedgain/lossarisingfromunsettledForward|||CurrencyTransactions|||||||
|Contract||ForeignCurrency||||Contract|ForeignCurrency|||
|||UnitHolding|||||UnitHolding|||
|30/04/20-05/05/20|FWD:EURVS|||||||||
|GBP||(343,000)|(5,446.70)|||||||
|22/04/20-24/04/20|FWD:USDVS|||||||||
|GBP||(1,199,000)|(64,158.18)|||||||
|22/04/20-24/04/20|FWD:USDVS|||||||||
|GBP||(291,000)|(13,871.64)|||||||
||||(83,476.52)|||||||
||MarketValue||£4,466,832.65|||||||
|||||28/04/21|-30/04/21FWD:EUR|||||
|||||VSGBP|||(329,000)|18,488.72|18,488.72|
|||||28/04/21|-30/04/21FWD:EUR|||||
|||||VSGBP|||(77,000)|4,548.44|4,548.44|
|||||28/04/21|-30/04/21FWD:EUR|||||
|||||VSGBP|||77,000|(1,005.00)|(1,005.00)|
|Unrealisedgain/lossarisingfromunsettledForward|||CurrencyTransactions|||||||
|Contract||ForeignCurrency||||Contract|ForeignCurrency|||
|||UnitHolding|||||UnitHolding|||
|||||21/04/21|-23/04/21FWD:USD|||||
|||||VSGBP|||(1,623,000)|70,780.11|70,780.11|
|||||21/04/21|-23/04/21FWD:USD|||||
|||||VSGBP|||103,000|(2,862.66)|(2,862.66)|
|||||21/04/21|-23/04/21FWD:USD|||||
|||||VSGBP|||(297,000)|4,156.01|4,156.01|
|||||21/04/21|-23/04/21FWD:USD|||||
|||||VSGBP|||(170,000)|681.78|681.78|
|||||21/04/21|-23/04/21FWD:USD|||||
|||||VSGBP|||(277,000)|328.85|328.85|
|||||||||£95,116.25|£95,116.25|
|||||MarketValue||||£6,010,717.67|£1,511,372.07|





## 

## 

||||||
|---|---|---|---|---|
|Acquisitions|Holding|Date|Cost|Event|
|36SouthFunds|||||
|Plc-OkuraFund|||||
|PtgCShares||22/05/20|322.02|FromTransfer|
|ACLAlternative|||||
|FundSAC|||||
|LimitedAGBP|||||
|HedgedShares||30/06/20|681.55|Accumulation|
||187.317|04/11/20|14,518.53|Purchase|
||331.675|24/03/21|28,098.94|Purchase|
||1168.13|01/04/21|94,957.16|FromConversion|
||3.336|01/04/21||BonusIssue|
|American|||||
|ExpressCoReg|||||
|Shares|176|06/04/20|11,852.61|Purchase|
||351|15/04/20|23,694.44|Purchase|
|BNPParabasIss|||||
|18.06.21S&P|||||
|500USD2700|||||
|put|62|06/07/20|7,889.52|Purchase|
|BookingHoldings|||||
|IncCom|||||
|USD0.008|9|15/06/20|11,713.10|Purchase|
||27|16/06/20|36,141.01|Purchase|
||5|17/06/20|6,546.09|Purchase|
|CFMInstitutional|||||
|Systematic|||||
|TrendsEquity|||||
|CappedFund|||||
|RedPtgShares|60.528|12/03/21|60,528.08|Purchase|
||31.036|22/03/21|31,465.94|Purchase|
|Citigroup|||||
|Warrants|||||
|17.12.2021S&P|||||
|500USD3000|||||
|put|85|08/12/20|8,650.81|Purchase|





## 

|Appendix|||||
|---|---|---|---|---|
|Acquisitions|Holding|Date|Cost|Event|
|Citigroup|||||
|Warrants|||||
|18.03.22ESTX50|||||
|EurP3300put|68|31/03/21|6,123.94|Purchase|
|Citigroup|||||
|Warrants|||||
|18.12.20ESTX50|||||
|EurP2250put|108|24/04/20|10,890.31|Purchase|
|Citigroup|||||
|Warrants|||||
|18.12.20ESTX50|||||
|EURPEUR2600|||||
|put|111|24/04/20|23,040.04|Purchase|
|Constellation|||||
|SoftwareIncReg|||||
|Shares|3|18/11/20|2,676.06|Purchase|
||6|19/11/20|5,383.31|Purchase|
||2|20/11/20|1,802.35|Purchase|
||15|23/11/20|14,014.61|Purchase|
||33|24/11/20|30,961.92|Purchase|
||5|25/11/20|4,668.82|Purchase|
|Deere&CoReg|||||
|Shares|67|18/05/20|7,362.98|Purchase|
|EFofACL|||||
|AlternativeFund|||||
|SACLtd-Abbey|||||
|FocusFundSeries|||||
|BShares|197.450|04/11/20|152.46|Purchase|
||392.450|24/03/21|285.63|Purchase|
|EurofinsScientific|||||
|SEEur0.01|||||
|Shares|270|19/11/20|16,405.18|Purchase|
||126|23/11/20|7,760.72|Purchase|
||278|24/11/20|16,834.06|Purchase|
||108|25/11/20|6,488.44|Purchase|
||64|26/11/20|3,834.19|Purchase|
||44|27/11/20|2,659.61|Purchase|





## 

|Appendix|||||
|---|---|---|---|---|
|Acquisitions|Holding|Date|Cost|Event|
|EurofinsScientific|||||
|SEEur0.10|||||
|Shares|26|10/11/20|15,780.40|Purchase|
||1|16/11/20|624.78|Purchase|
|LindePlcReg|||||
|Shares|62|06/04/20|8,735.03|Purchase|
|muLyxor|||||
|CoreUSTip[s|||||
|ETF-D-M-h-GBP|||||
|Distribution|||||
|Shares|3,007|11/06/20|326,211.69|Purchase|
|PentarisUCITSPlc-|||||
|RCFMTrends|||||
|FundSharesWD|||||
|HedgedGBP|||||
|Shares3||30/06/20|473.27|Accumulation|
|PetersThematic|||||
|SPCFundLtdOne|||||
|RiverDynamic|||||
|ConvesitySegPort|||||
|Shares|61|26/02/21|61,000.00|Purchase|
|RWealthMan|||||
|SICAV-SIF-|||||
|InflationFocus|||||
|FundIncXDist|||||
|Shares|2,380.40|14/01/21|175,906.97|Purchase|
||2,390|19/01/21|175,090.30|Purchase|
||2,241.549|05/02/21|164,784.13|Purchase|
|RWealth|||||
|Management|||||
|SICAV-SIF|||||
|InvestmentGrade|||||
|BondIncome1|||||
|Distribution|||||
|Shares|18,286.63|21/09/20|181,951.98|Purchase|





## 

## 

|Topicus.Com Inc||||
|---|---|---|---|
|SubordVtgReg||||
|Shares|119|23/12/20|3,980.00|
||57|03/02/21|1,915.23|
||113|04/02/21|3,856.16|
||63|05/02/21|2,287.84|
||59|08/02/21|2,071.13|
||90|09/02/21|3,147.97|
||63|10/02/21|2,148.70|
||12|11/02/21|444.54|
||||£1,628,814.55|



||||MarketValue||||
|---|---|---|---|---|---|---|
||Holding|Date|atAcquisition|||Event|
|FWD:USDV'S|||||||
|GBP|1,490,000|22/04/20|1,193,539.19|||Purchase|
||143,000|21/10/20|112,273.98|||Purchase|
||1,541,000|21/10/20|1,185,110.22|||Purchase|
|FWD:EURV'S|||||||
|GBP|343,000|29/04/20|300,013.11|||Purchase|
||62,000|28/10/20|56,740.35|||Purchase|
||273,000|28/10/20|247,620.01|||Purchase|
||||£3,095,296.86||||
|Total|||£4,724,111.41||||
||Holding|Date|MarketValue/|Proceeds|Profit/|Event|
||||Conversion||(Loss)||
||||Cost||||
|Disposals|||||||
|36SouthFundsPlc•|||||||
|OkuraFundPtgC|||||||
|Shares|11.9570|22/05/20|10,798.45|9,632.62|(1,165.83)|Sale|
||33.0130|22/05/20|29,814.27|26,594.88|(3,219.39)|Sale|
||11.6610|22/05/20|10,531.13|9,394.07|(1,137.06)|Sale|
||4.1320|22/05/20|3,731.64|3,281.16|(450.48)|Sale|
||18.6290|22/05/20|16,823.98|15,007.32|(1,816.66)|Sale|
||0.0190|01/01/21||||Adjustment|





## 

## 

||Holding|Date|MarketValue!|Proceeds|Profit/|Event|
|---|---|---|---|---|---|---|
||||Conversion||(Loss)||
||||Cost||||
|Disposals|||||||
|36SouthFundsPlc|||||||
|EF-OkuraFundC|||||||
|Shares|314.0200|22/05/20|322.02|322.02||Transfer|
|ACLAlternative|||||||
|FundSACLtd-A-|||||||
|AbbeyFocusFund|||||||
|SeriesAShares|1,230.00|01/04/21|94,957.16|94,957.16||Conversion|
|AdmiralGroup|||||||
|PlcOrd1p|||||||
|Shares|155|06/04/20|3,410.00|3,411.72|1.72|Sale|
||283|07/04/20|6,226.00|6,228.30|2.30|Sale|
||33|08/04/20|726.00|726.94|0.94|Sale|
||123|08/04/20|2,706.00|2,709.56|3.56|Sale|
||64|09/04/20|1,408.00|1,413.99|5.99|Sale|
||213|14/04/20|4,686.00|4,697.29|11.29|Sale|
||61|15/04/20|1,342.00|1,347.32|5.32|Sale|
||410|17/04/20|9,020.00|9,019.94|(0.06)|Sale|
||150|20/04/20|3,300.00|3,301.97|1.97|Sale|
||124|07/12/20|2,728.00|3,479.98|751.98|Sale|
||416|08/12/20|9,152.00|11,737.37|2,585.37|Sale|
||234|09/12/20|5,148.00|6,551.81|1,403.81|Sale|
|AmericanExpress|||||||
|CoRegShares|99|15/09/20|6,107.76|8,149.72|2,041.96|Sale|
||104|16/09/20|6,416.24|8,519.49|2,103.25|Sale|
|BerkshireHathaway|||||||
|IncomeRegistered|||||||
|BShares|83|23/10/20|12,116.58|13,505.52|1,388.94|Sale|
||69|30/11/20|10,072.82|11,809.24|1,736.42|Sale|
||67|30/11/20|9,780.85|11,526.59|1,745.74|Sale|
|CableOneInc|12|23/10/20|15,091.52|17,592.63|2,501.11|Sale|
|CFMInstitutional|||||||
|SystematicTrends|||||||
|FundLtd|33.316|22/03/21|37,280.27|40,985.52|3,705.25|Sale|
|Charter|||||||
|Communications|||||||
|IncClass'A'|||||||
|CommonUS$1.00|||||||
|Stock|29|23/10/20|10,297.71|13,092.90|2,795.19|Sale|





## 

## 

||Holding|Date|MarketValue/|Proceeds|Profit/|Event|
|---|---|---|---|---|---|---|
||||Conversion||(Loss)||
||||Cost||||
|Disposals|||||||
|CitigroupWarrants|||||||
|18.12.2020|||||||
|ESTX50EurP2250|||||||
|put|108|04/01/21|10,890.31|0.00|(10,890.31)|WarrantsExpired|
|CitigroupWarrants|||||||
|18.12.2020|||||||
|ESTX50EurP3100|29|24/04/20|14,329.20|10,947.06|(3,382.14)|Sale|
||29|29/10/20|14,329.19|5,240.94|(9,088.25)|Sale|
|CitigroupWarrants|||||||
|18.12.2020S&P|||||||
|500USD2800put|57|04/01/21|21,377.39|0.00|(21,377.39)|WarrantsExpired|
|CitigroupWarrants|||||||
|18.12.2020|||||||
|ESTX50EurPEur|||||||
|2600put|111|19/03/21|23,040.04|0.00|(23,040.04)|WarrantsExpired|
|CitigroupWarrants|||||||
|19.03.2021|||||||
|ESTX50EURP|||||||
|EUR3250put|46|24/04/20|28,891.13|23,000.00|(5,891.13)|Sale|
||46|29/10/20|28,891.12|14,678.04|(14,213.08)|Sale|
|CitigroupWarrants|||||||
|19.06.2020S&P|||||||
|500USD2500put|93|09/07/20|12,381.22|0.00|(12,381.22)|WarrantsExpired|
|Constellation|||||||
|SoftwareIncReg|||||||
|Shares||23/12/20|3,980.00|3,980.00||Spinoff|
|Deere&CoReg|||||||
|Shares|52|15/09/20|5,765.60|8,625.90|2,860.30|Sale|
||51|16/09/20|5,654.72|8,512.89|2,858.17|Sale|
||46|23/10/20|5,100.34|8,407.37|3,307.03|Sale|
||118|23/11/20|13,083.47|23,107.47|10,024.00|Sale|
||141|23/03/21|15,633.64|37,217.87|21,584.23|Sale|
||63|24/03/21|6,985.24|16,730.68|9,745.44|Sale|
|EurofinsScientific|||||||
|SEEur0.10Shares|27|19/11/20|16,405.18|16,405.18||StockSplit|





## 

||Holding|Date|MarketValue/|Proceeds|Profit/|Event|
|---|---|---|---|---|---|---|
||||Conversion||(Loss)||
||||Cost||||
|Disposals|||||||
|FoxCorp-A-Reg|||||||
|Shares|417|19/01/21|7,611.92|9,268.27|1,656.35|Sale|
||1472|20/01/21|26,869.89|32,777.50|5,907.61|Sale|
|JPMorganSP|||||||
|18.09.20S&P500|||||||
|2450put|75|02/10/20|14,532.99|0.00|(14,532.99)|WarrantsExpired|
|LindePlcReg|||||||
|Shares|47|23/10/20|6,260.93|8,473.43|2,212.50|Sale|
||119|02/12/20|15,852.14|22,419.18|6,567.04|Sale|
|MiddlebyCorpReg|||||||
|Shares|84|07/04/20|3,349.27|3,785.44|436.17|Sale|
||111|08/04/20|4,425.83|5,013.14|587.31|Sale|
||173|09/04/20|6,897.91|8,041.27|1,143.36|Sale|
||2|13/04/20|79.74|88.74|9.00|Sale|
||5|14/04/20|199.36|219.66|20.30|Sale|
||55|28/04/20|2,192.98|2,448.39|255.41|Sale|
||542|29/04/20|21,610.79|25,405.57|3,794.78|Sale|
|MoodysCorporation|||||||
|CommonUS$0.01|||||||
|Shares|72|09/06/20|12,305.39|15,529.05|3,223.66|Sale|
||33|10/06/20|5,639.97|7,170.93|1,530.96|Sale|
||12|15/09/20|2,050.90|2,671.49|620.59|Sale|
||26|16/09/20|4,443.61|5,773.01|1,329.40|Sale|
||20|17/09/20|3,418.16|4,349.12|930.96|Sale|
|MULyxorCoreUS|||||||
|TipsETF-D-M-h-|||||||
|GBPDistribution|||||||
|Shares|122|23/10/20|13,235.06|13,523.04|287.98|Sale|
||1,328|14/01/21|144,066.89|149,029.89|4,963.00|Sale|
||1,557|19/01/21|168,909.74|175,123.11|6,213.37|Sale|
|PentarisQAIFPlc-|||||||
|BaresUSEquity|||||||
|FundSharesF|527.684|23/06/20|47,267.04|75,828.79|28,561.75|Sale|
||169.179|10/11/20|15,154.13|29,859.65|14,705.52|Sale|
||81.799|08/12/20|7,327.11|14,813.96|7,486.85|Sale|





## 

||Holding|Date|MarketValue/|Proceeds|Profit!|Event|
|---|---|---|---|---|---|---|
||||Conversion||(Loss)||
||||Cost||||
|Disposals|||||||
|PentarisQAIFPlcR|||||||
|AllardGrowthFund|||||||
|PartingVandaF|||||||
|USDShares|0.008|06/04/20|0.00|0.00||Adjustment|
||110.142|02/07/20|11,987.32|14,055.82|2,068.50|Sale|
||120.990|04/08/20|13,167.96|16,243.46|3,075.50|Sale|
||112.330|01/09/20|12,225.45|17,136.52|4,911.07|Sale|
|PentarisUCITSPlc-|||||||
|RCFMTrends|||||||
|FundSharesWD|||||||
|HedgedGBP|||||||
|Shares3|442.698|11/03/21|46,354.49|47,612.16|1,257.67|Sale|
|PentarisUCITSPlc|||||||
|RIntrinsicValue|||||||
|EuropeFund|||||||
|PartingClassF|||||||
|UnhedgedGBP|||||||
|Shares|381.102|21/09/20|48,645.93|61,243.73|12,597.80|Sale|
||658.898|04/03/21|84,105.31|112,183.91|28,078.60|Sale|
|RWealth|||||||
|Management|||||||
|SICAV-SIF|||||||
|InvestmentGrade|||||||
|BondIncome1|||||||
|DistributionShares|13,017.159|11/06/20|130,364.35|131,212.96|848.61|Sale|
||3,176.393|26/10/20|31,810.97|31,605.11|(205.86)|Sale|
||16,386.252|05/02/21|164,105.17|163,043.21|(1,061.96)|Sale|
|RyanairHoldings|||||||
|PlcOrdEur0.00635|||||||
|Shares|1,243|23/10/20|9,425.77|14,713.64|5,287.87|Sale|
||818|16/11/20|6,202.96|11,338.48|5,135.52|Sale|
||88|20/11/20|667.31|1,218.84|551.53|Sale|
||1,166|23/11/20|8,841.88|16,225.63|7,383.75|Sale|
||113|24/11/20|856.89|1,575.94|719.05|Sale|
|S&PGlobalInc|||||||
|RegShares|56|09/06/20|10,946.51|14,383.16|3,436.65|Sale|
||12|10/06/20|2,345.68|3,100.47|754.79|Sale|
||30|15/09/20|5,861.20|8,261.80|2,400.60|Sale|
||38|16/09/20|7,427.99|10,499.29|3,071.30|Sale|





## 

||Holding|Date|MarketValue/|Proceeds|Profit/|Event|
|---|---|---|---|---|---|---|
||||Conversion||(Loss)||
||||Cost||||
|Disposals|||||||
|Topicus.Com Inc|||||||
|SubordVtgReg|||||||
|Shares||23/12/20|1.04|1.04||CashFraction|
||||£1,679,778.12|£1,803,118.23|£123,340.11||



||Foreign||MarketValueat||||
|---|---|---|---|---|---|---|
||Currency|Dateof|Purchaseof|MarketValueat|RealisedProfit/||
|Contract|UnitHolding|Settlement|Forward|SaleofForward|Loss|Event|
|FWD:USDV'S|||||||
|GBP|1,199,000|<br>22/04/20|<br>960,438.58|<br>916,935.16|<br>(43,503.42)|Settlement|
||291,000|<br>22/04/20|<br>233,100.61|<br>224,242.20|(8,858.41)|Settlement|
||1,485,000|<br>21/10/20|<br>1,144,070.98|<br>1,185,643.89|41,572.91|Settlement|
||199,000|<br>21/10/20|<br>153,313.22|<br>149,552.54|(3,760.68)|Settlement|
|FWD:EURV'S|||||||
|GBP|343,000|<br>29/04/20|<br>300,013.11|<br>297,625.56|(2,387.55)|Settlement|
||335,000|<br>28/10/20|<br>304,360.36|<br>293,278.77|(11,081.59)|Settlement|
||||3,095,296.86|<br>3,067,278.12|(28,018.74)||
|Totals|||£4,775,074.98|£4,870,396.35|£95,321.37||