compagnie benjamin de rothschild opportunities - Banque Privée ...

COMPAGNIE BENJAMIN DE ROTHSCHILD OPPORTUNITIES
Société d'Investissement à Capital Variable - Fonds d'Investissement Spécialisé
Annual Report and Audited Financial
Statements for the period from
April 21, 2010 (date of incorporation)
to December 31, 2010
R.C.S. Luxembourg B 152845

COMPAGNIE BENJAMIN DE ROTHSCHILD OPPORTUNITIES
TABLE OF CONTENTS
DIRECTORS ....................................................................................................................................................................................................................
AND ADMINISTRATION INFORMATION ....................................................................................................................................................................................................................
TO THE SHAREHOLDERS AND NET ASSET VALUE PER SHARE REPORT ....................................................................................................................................................................................................................
ON THE ACTIVITIES AUDIT ....................................................................................................................................................................................................................
REPORT 4
5
6
7
.................................................................................................................................................................................................................... BONDS
8
...........................................................................................................................................................................................................................................................
STATEMENT OF NET ASSETS 8
...........................................................................................................................................................................................................................................................
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 9
...........................................................................................................................................................................................................................................................
STATISTICAL INFORMATION 10
...........................................................................................................................................................................................................................................................
CHANGES IN THE NUMBER OF SHARES, OF NET ASSETS AND OF NET ASSET VALUE PER SHARE 11
...........................................................................................................................................................................................................................................................
STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS 12
...........................................................................................................................................................................................................................................................
GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 16
...........................................................................................................................................................................................................................................................
ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES 17
NOTES ....................................................................................................................................................................................................................
TO THE FINANCIAL STATEMENTS 18
3

COMPAGNIE BENJAMIN DE ROTHSCHILD
OPPORTUNITIES
DIRECTORS AND ADMINISTRATION
December 31, 2010
BOARD OF DIRECTORS
Chairman of the Board of Directors
Hugo Ferreira
La Compagnie Benjamin de Rothschild S.A.
29, route de Pré-Bois
CH-1215 Genève
Switzerland
Directors
Geoffroy Linard de Guertechin
Banque Privée Edmond de Rothschild Europe
20, Boulevard Emmanuel Servais
L-2535 Luxembourg
Reginald Van Leer
Administrateur indépendant
REGISTERED OFFICE
Compagnie Benjamin de Rothschild Opportunities
20, Boulevard Emmanuel Servais
L-2535 Luxembourg
INVESTMENT ADVISER
PRIQUAM ADVISORY LTD (until August, 31 2010)
Clifton House
75 Fort street
P.O. Box 1350 GT
George Town, Grand Cayman
Cayman Islands
AUDITOR
PricewaterhouseCoopers S.à.r.l.
400, route d’Esch
L-1471 Luxembourg
LEGAL ADVISOR
ELVINGER HOSS & PRUSSEN
2, Place Winston Churchill
L-1340 Luxembourg
CUSTODIAN BANK, PAYING AGENT, CENTRAL
ADMINISTRATION
Banque Privée Edmond de Rothschild Europe
20, Boulevard Emmanuel Servais
L-2535 Luxembourg
INVESTMENT MANAGER
La Compagnie Benjamin de Rothschild S.A.
29, route de Pré-Bois
CH-1215 Genève
Switzerland
4

COMPAGNIE BENJAMIN DE ROTHSCHILD
OPPORTUNITIES
INFORMATION TO THE SHAREHOLDERS
Notices concerning the Fund are published in newspapers
designated by the Board of Directors and, if prescribed by
law, are published in the Mémorial, the official gazette of
Luxembourg, and are lodged with the Registrar of the
Luxembourg District Court.
The current Articles of Incorporation of the Fund are
lodged with the Registrar of the Luxembourg District
Court, from whom copies may be obtained.
The Net Asset Value, issue price and redemption price of
Shares in each Sub-Fund are available at the Custodian
Bank and other banks designated by the said Custodian
Bank, as well as at the Fund's registered office.
The Board of Directors decides case by case on whether
or not to publish the Net Asset Value of each Sub-Fund in
the press and the methods of such publication.
In the case of a suspension of the calculation of the Net
Asset Value per Shares, shareholders are informed, where
applicable, via the press.
NET ASSET VALUE PER SHARE
The Net Asset Value of the Shares of each Sub-Fund in
operation is calculated in Luxembourg by the
Administrative Agent, under the responsibility of the
Board of Directors.
The Net Asset Value is calculated on the last calendar day
of each month (or any other day as decided by the Board
of Directors), that is to say that the Net Asset Value is
calculated on the basis of the valuation of the Sub-Fund’s
assets as at that date. Actual calculation of the Net Asset
Value shall be carried out within 10 business days.
The Fund may, at its discretion, calculate an estimated net
asset value on days which are not Valuation Days. The
said estimated net asset value cannot be used for
subscription, redemption or conversion purposes and will
be calculated for information only. Furthermore,
exceptionally and upon the decision of the Board of
Directors, the Fund may decide to calculate an
exceptional Net Asset Value for the specific purposes of
subscription, redemption or conversion.
5

COMPAGNIE BENJAMIN DE ROTHSCHILD
OPPORTUNITIES
REPORT ON THE ACTIVITIES OF THE FUND *
Report on the activities of the SIF CBR Opportunities -
Income
The fund was launched on the 28 th of April 2010 with an
initial capital of EUR 22,331,424.10.
At year end 31/12/2010, the net asset value of the fund
increased to EUR 32,829,975.24.
This increase comprised EUR 10,025,000.00 in new net
subscriptions and EUR 473,551.38 in capital appreciation.
Over that period, the performance of the fund was 1.55%
and its estimated volatility was 1.96%. The benchmark
performance, Euribor 1M + 100bps, stood at 1.12% over
the same period.
On average, over the period considered, the allocation to
cash in the fund was 10.77%, and 87.54% in bonds. This
high proportion of cash was mainly due to an 18%
allocation in cash in the first three months after the launch
of the fund.
The allocation to bonds takes into consideration all types
of bonds (government, corporate, convertibles and other
bonds). There was no allocation to the other investments
(MLPs, REITs, etc.) in which the fund may invest in the
future.
On average, 1.69% of the fund consisted of derivatives,
made up of futures and cash forwards used to hedge
interest rate and FX risk.
At year end, the gross currency exposure of the fund was:
48% EUR; 37% USD; 15% CHF. The net currency
exposure of the fund was: 97% EUR; 2% USD; 1% CHF.
The geographical allocation was: 56% to Europe; 14%
Middle East; 13% North America; 13% Asia; 3% Africa;
1% South America.**
The sector allocation was: 66% to Financial; 12%
Government; 9% Energy; 5% Consumer cyclical; 3%
Basic Materials; 3% Communication; 1% Consumer noncyclical;
1% Diversified.**
The average rating of the fund was A-, with: 14% in AAA;
10% AA; 23% A; 18% BBB; 14% BB; 9% B; and 12%
not rated.
For 2011 we expect a challenging market environment,
with rising interest rates in developed markets. Credit
spreads are expected to remain stable, or even to widen
moderately.
However, the SIF structure of the fund allows CBR
Opportunities Income to take full advantage of hedging
strategies in order to reduce or fully hedge exposure to
interest rate risk and credit risk.
The fund expects specific opportunities to arise in the
credit markets and aims to profit from, among others,
regulatory and legal issues (eg. Basle III Accords); capital
structure opportunities (eg. Convertible bonds);
opportunities in under-covered credit markets due to
political issues (eg. Middle East); as well as specific credit
events (eg. IPO’s and M&A activity).
In reference to the foreseeable developments of the Fund,
we shall continue, as in the past, to ensure that the
Company's business grows in a satisfactory manner while
being aware of opportunities that may arise.
Since the close of the fiscal year, any significant
developments have been included in the documents
presented to the Shareholders.
Luxembourg, May 6, 2011
* Indications and comparisons are historical and are not necessarily an indication of future results.
** Geographical and sectorial allocations refer to Bloomberg classifications of the portfolio constituents.
6

jiy
pwc
Audit report
To the Shareholders of
COMPAGNIE BENJAN1IN DE ROTHSCHILD OPPORTUNITIES
We have audited the accompanying financial statements of the financial statements in order to design audit
COMPAGNIE BENJAMIN DE ROTHSCHILD procedures that are appropriate in the circumstances. but
OPPORTUNITIES, which comprise the statement of net not for the purpose of expressing an opinion on the
assets and the statement of investments in securities and effectiveness of the entity's internal control. An audit also
other net assets as at December 31, 2010 and the statement includes evaluating the appropriateness of accounting
of operations and changes in net assets for the period from policies used and the reasonableness of accounting
April 21, 2010 (date of incorporation) to December 31, estimates made by the Board of Directors of the SICAV-
2010, and a summary of significant accounting policies SIF, as well as evaluating the overall presentation of the
and other explanatory notes to the financial statements, financial statements.
Responsibility of the Board of Directors of the SICAV- We believe that the audit evidence we have obtained is
S1F for the financial statements sufficient and appropriate to provide a basis for our audit
opinion.
The Board of Directors of the SICAV-SIF is responsible
for the preparation and fair presentation of these financial Opinion
statements in accordance with Luxembourg legal and
regulatory requirements relating to the preparation of the In our opinion, these financial statements give a true and
financial statements and for such internal control as the fair view of the financial position of COMPAGNIE
Board of Directors of the SICAV-SIF determines is BENJAMIN DE ROTHSCHILD OPPORTUNITIES and
necessary to enable the preparation of financial statements of each of its Sub-Funds as of December 31, 2010, and of
that are free from material misstatement, whether due to the results of its operations and changes in its net assets
fraud or error,
for the period from April 21, 2010 (date of incorporation)
to December 31, 2010, in accordance with Luxembourg
Responsibility of the "Réviseur d'entreprises agréé" legal and regulatory requirements relating to the
preparation of the financial statements.
Our responsibility is to express an opinion on these
financial statements based on our audit. We conducted our Other matters
audit in accordance with International Standards on
Auditin g as adopted for Luxembourg by the "Commission Supplementary information included in the annual report
de Surveillance du Secteur Financier-. Those standards has been reviewed in the context of our mandate but has
require that we comply with ethical requirements and plan not been subject to specific audit procedures carried out in
illel perform ihe audi t )l-itain reasonable n , .su ranre accordance —it `, the ,. iallelard = described above.
t. Jiet her the imwicial are free &co; illaftri;11 Conseuuct i opinion on such
Litement. ,,,,Ation 1,,
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d',_1111',, 1 1 1'1 , 0,
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7

COMPAGNIE BENJAMIN DE ROTHSCHILD
OPPORTUNITIES
BONDS
STATEMENT OF NET ASSETS
December 31, 2010
(in EUR)
ASSETS
Portfolio:
(see notes)
- Cost 30,067,843.68
- Net unrealised result 277,766.01
30,345,609.69
Cash:
- Cash at sight 2,040,535.89
- Margin deposits 53,230.00
Other assets:
- Interest receivable 690,420.45
- Formation/reorganisation expenses, net (see notes) 27,711.00
- Unrealised gain on futures (see notes) 71,056.16
33,228,563.19
LIABILITIES
Bank overdraft:
- Margin call 41,905.73
Other liabilities:
- Taxes and expenses payable (see notes) 128,198.04
- Unrealised loss on futures 7,960.00
- Unrealised loss on forward foreign exchange contracts
(see notes) 220,524.18
on currencies
398,587.95
NET ASSETS 32,829,975.24
Represented by:
323,303.972 Shares of category Capitalisation, with a value of EUR 101.55 per share
The notes are an integral part of these financial statements
8

COMPAGNIE BENJAMIN DE ROTHSCHILD
OPPORTUNITIES
BONDS
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS
Period from April 28, 2010 to December 31, 2010
(in EUR)
NET ASSETS AT THE BEGINNING OF THE PERIOD 0.00
INCOME
Income from investments:
- Bond interest, net 863,681.03
863,681.03
EXPENSES
Bank interest, net 82.02
Fees:
- Management fee (see notes) 191,925.85
- Performance fee (see notes) 26,068.00
- Custodian fee and safekeeping charges (see notes) 42,410.71
Other expenses:
- Annual tax (see notes) 1,936.72
- Amortisation of formation/reorganisation expenses (see notes) 4,039.00
- Audit and legal fees 9,200.00
- Administration and other expenses 30,333.14
305,995.44
NET OPERATING RESULT 557,685.59
Net realised result on:
- Sales of investments (see notes) 11,489.52
- Foreign exchange (215,961.72)
NET REALISED RESULT 353,213.39
Change in net unrealised appreciation/(depreciation) on:
- Investments 277,766.01
- Forward foreign exchange contracts on currencies (220,524.18)
- Futures 63,096.16
NET INCREASE/(DECREASE) IN NET ASSETS AS A
RESULT OF OPERATIONS
473,551.38
MOVEMENTS IN CAPITAL
Subscriptions of shares 32,356,423.86
32,356,423.86
NET ASSETS AT THE END OF THE PERIOD 32,829,975.24
The notes are an integral part of these financial statements
9

COMPAGNIE BENJAMIN DE ROTHSCHILD
OPPORTUNITIES
BONDS
STATISTICAL INFORMATION
Period from April 28, 2010 to December 31, 2010
SHARES
Capitalisation
Shares outstanding at the beginning of the period 0.000
Subscriptions of shares 323,303.972
Redemptions of shares (0.000)
Shares outstanding at the end of the period 323,303.972
NET ASSET VALUE PER SHARE
EUR
Highest 101.73
10.31.10
Lowest 99.27
06.30.10
At the end of the period 101.55
10

COMPAGNIE BENJAMIN DE ROTHSCHILD
OPPORTUNITIES
BONDS
CHANGES IN THE NUMBER OF SHARES,
OF NET ASSETS AND
OF NET ASSET VALUE PER SHARE
Date
Share
Class
Number of
shares
outstanding
Net
Assets
Ccy
Net asset
value
per share
* 04.28.10 Capitalisation
223,314.241 22,331,424.10 EUR
100.00
12.31.10 Capitalisation
323,303.972 32,829,975.24 EUR
101.55
* first valuation
11

COMPAGNIE BENJAMIN DE ROTHSCHILD
OPPORTUNITIES
BONDS
STATEMENT OF INVESTMENTS IN SECURITIES
AND OTHER NET ASSETS
December 31, 2010
(in EUR)
Face
Value
Description Ccy
Cost Value
per
security
Market
value
(see notes)
% of
net
assets
TRANSFERABLE SECURITIES AND MONEY
MARKET INSTRUMENTS ADMITTED TO AN
OFFICIAL STOCK EXCHANGE OR DEALT IN ON
ANOTHER REGULATED MARKET
BONDS
BAHRAIN
1,800,000.00 BAHRAIN MUMTALAKAT HOLDING CO REG-S USD 1,337,284.80 101.000 1,360,471.21 4.14
5% 06.30.10 - 06.30.15
TOTAL BAHRAIN
1,337,284.80
1,360,471.21 4.14
100,000.00
BELGIUM
ANHEUSER-BUSCH INBEV NV EMTN EUR 113,330.00 110.670 110,670.00 0.34
7.375% 01.30.09 - 01.30.13
TOTAL BELGIUM
113,330.00
110,670.00 0.34
1,200,000.00
BERMUDA
ALROSA FINANCE SA USD 967,905.64 111.950 1,005,311.90 3.06
8.875% 11.16.04 - 11.17.14
TOTAL BERMUDA
967,905.64
1,005,311.90 3.06
FRANCE
1,000,000.00 AXA SA FRN EMTN - PERPETUAL EUR 764,729.50 69.979 699,794.00 2.13
7.176% 01.25.05
250,000.00 BANQUE PSA FINANCE FRNL EMTN EUR 276,425.00 107.680 269,200.00 0.82
8.5% 05.04.09 - 05.04.12
15,000.00 ETABLISSEMENTS MAUREL & PROM CONV EUR 277,350.00 16.648 249,720.00 0.76
7.125% 07.07.09 - 07.31.14
600,000.00 HSBC FRANCE EMTN EUR 649,920.00 107.085 642,510.00 1.96
4.875% 01.15.09 - 01.15.14
500,000.00 RENAULT SA EMTN EUR 513,350.00 102.920 514,600.00 1.57
4.375% 05.24.06 - 05.24.13
1,815,000.00 CREDIT AGRICOLE SA FRN - REG-S - PERPETUAL USD 1,448,276.05 104.280 1,416,362.37 4.31
8.375% 10.13.09
TOTAL FRANCE
GHANA
3,930,050.55
3,792,186.37
1,000,000.00 REPUBLIC OF GHANA - REG-S USD 843,896.05 113.095 846,328.34 2.58
8.5% 10.04.07 - 10.04.17
200,000.00 REPUBLIC OF GHANA -144A- USD 181,442.30 112.750 168,749.32 0.51
8.5% 10.04.07 - 10.04.17
TOTAL GHANA
GREECE
1,025,338.35
1,015,077.66
800,000.00 HELLENIC REPUBLIC EUR 594,680.00 74.745 597,960.00 1.82
4.5% 01.13.04 - 05.20.14
TOTAL GREECE
594,680.00
597,960.00
11.55
3.09
1.82
The notes are an integral part of these financial statements
12

COMPAGNIE BENJAMIN DE ROTHSCHILD
OPPORTUNITIES
BONDS
Face
Value
Description Ccy
Cost Value
per
security
Market
value
(see notes)
% of
net
assets
ICELAND
250,000.00 KAUPTHING BANK HF FRN EMTN - IN DEFAULT OF
PAYMENT *
5.792% 06.30.04 - 06.30.14
TOTAL ICELAND
EUR 1,100.00 0.000 0.00 0.00
1,100.00
0.00
0.00
INDIA
1,500,000.00 ICICI BANK LTD FRN - REG-S PERPETUAL USD 1,113,518.60 99.630 1,118,347.75 3.41
7.25% 08.24.06
TOTAL INDIA
IRELAND
The notes are an integral part of these financial statements
13
1,113,518.60
1,118,347.75
438,000.00 IRISH LIFE AND PERMANENT PLC EMTN EUR 396,926.83 78.850 345,363.00 1.05
4% 03.10.10 - 03.10.15
TOTAL IRELAND
KAZAKHSTAN
396,926.83
345,363.00
1,550,000.00 KAZKOMMERTSBANK JSC - REG-S USD 1,073,433.10 92.965 1,078,317.49 3.28
8% 11.03.05 - 11.03.15
TOTAL KAZAKHSTAN
KUWAIT
1,073,433.10
1,078,317.49
250,000.00 KUWAIT PROJECTS COMPANY EMTN USD 199,662.41 108.845 203,631.04 0.62
8.875% 10.15.09 - 10.17.16
TOTAL KUWAIT
LUXEMBOURG
199,662.41
203,631.04
500,000.00 KUDELSKI FINANCIAL SERVICES HOLDING SCA CHF 342,390.00 98.641 394,740.07 1.20
CONV
1.625% 10.05.05 - 10.05.12
250,000.00 VTB CAPITAL SA EMTN CHF 182,307.92 102.820 205,731.77 0.63
7.5% 08.10.09 - 08.10.11
TOTAL LUXEMBOURG
NETHERLANDS
524,697.92
600,471.84
635,000.00 PARGESA NETHERLANDS BV CONV CHF 417,654.58 98.021 498,170.42 1.52
1.75% 06.15.07 - 06.15.14
260,000.00 RABOBANK NEDERLAND NV - PERPETUAL CHF 189,146.66 109.500 227,861.64 0.69
5.5% 06.27.08
2,500,000.00 BNG BANK NEDERLANDSE GEMEENTEN NV EMTN EUR 2,615,419.35 102.160 2,554,000.00 7.79
2.875% 10.05.09 - 01.15.15
600,000.00 ING GROEP NV EMTN - PERPETUAL EUR 576,000.00 97.585 585,510.00 1.78
8% 04.18.08
1,050,000.00 TRAFIGURA BEHEER BV EUR 981,398.78 96.250 1,010,625.00 3.08
6.375% 04.08.10 - 04.08.15
200,000.00 RABOBANK NEDERLAND NV - PERPETUAL USD 158,305.63 102.156 152,893.99 0.47
7% 10.22.07
TOTAL NETHERLANDS
PORTUGAL
4,937,925.00
5,029,061.05
250,000.00 BRISA CONCESSAO RODOVIARIA SA EUR 262,359.50 100.260 250,650.00 0.76
4.797% 09.26.03 - 09.26.13
TOTAL PORTUGAL
QATAR
262,359.50
250,650.00
500,000.00 QTEL INTERNATIONAL FIN LTD - REG-S USD 412,341.47 109.735 410,592.16 1.25
6.5% 06.10.09 - 06.10.14
TOTAL QATAR
RUSSIA
412,341.47
410,592.16
1,200,000.00 GAZ CAPITAL SA (GAZPROM) EUR 1,242,240.00 104.725 1,256,700.00 3.83
5.364% 06.04.07 - 10.31.14
3.41
1.05
3.28
0.62
1.83
15.33
0.76
1.25

COMPAGNIE BENJAMIN DE ROTHSCHILD
OPPORTUNITIES
BONDS
Face
Value
Description Ccy
Cost Value
per
security
Market
value
(see notes)
% of
net
assets
600,000.00 VTB CAPITAL SA LOAN PARTICIPATION EUR 632,400.00 102.950 617,700.00 1.88
8.25% 06.25.08 - 06.30.11
TOTAL RUSSIA
1,874,640.00
1,874,400.00 5.71
250,000.00
SWEDEN
STENA AB - REG-S EUR 232,350.00 90.690 226,725.00 0.69
5.875% 02.14.07 - 02.01.19
TOTAL SWEDEN
232,350.00
226,725.00 0.69
SWITZERLAND
250,000.00 SWISS RE FINANCE LUXEMBOURG EMTN CHF 179,045.58 101.290 202,670.40 0.62
3.125% 06.28.07 - 06.28.11
500,000.00 GLENCORE FINANCE EUROPE SA EMTN EUR 550,677.25 110.485 552,425.00 1.68
7.125% 04.23.08 - 04.23.15
700,000.00 UBS CAPITAL SECURITIES PERPETUAL FRN EUR 717,500.00 103.565 724,955.00 2.21
8.836% 04.11.08
700,000.00 GLENCORE FINANCE EUROPE LUX - REG-S
USD 514,832.95 100.195 524,855.28 1.60
PERPETUAL
8% 02.06.06
TOTAL SWITZERLAND
UNITED ARAB EMIRATES
1,962,055.78
2,004,905.68
250,000.00 DUBAI HOLDINGS COMMERCIAL OPERATION LTD CHF 156,662.69 94.500 189,084.34 0.58
EMTN
5.25% 07.14.08 - 07.14.11
300,000.00 ATLANTIC FINANCE LTD - REG-S USD 243,611.58 108.125 242,740.84 0.74
9.75% 05.27.09 - 05.27.14
850,000.00 DUBAI DOF SUKUK LTD EMTN USD 632,654.02 100.145 637,006.22 1.94
6.396% 11.03.09 - 11.04.14
1,500,000.00 EMIRATE OF ABU DHABI - REG-S USD 1,347,208.65 116.510 1,307,825.92 3.98
6.75% 04.08.09 - 04.08.19
300,000.00 RAK CAPITAL EMTN USD 263,686.03 113.000 253,685.23 0.77
8% 07.22.09 - 07.22.14
TOTAL UNITED ARAB EMIRATES
UNITED KINGDOM
2,643,822.97
2,630,342.55
1,000,000.00 BRADFORD & BINGLEY PLC CHF 756,112.46 104.550 836,773.24 2.55
2.625% 10.16.06 - 10.16.13
1,000,000.00 ROYAL BK SCOTLAND PLC EMTN CHF 705,784.66 100.550 804,758.96 2.45
2.25% 04.20.06 - 04.20.11
270,000.00 LBG CAPITAL N°2 PLC S22 - REG-S EUR 313,560.07 130.065 351,175.50 1.07
15% 12.01.09 - 12.21.19
350,000.00 MAN GROUP PLC EUR 361,458.75 102.745 359,607.50 1.10
6% 02.18.10 - 02.18.15
750,000.00 ROTHSCHILD CONTINUATION FINANCE PLC FRN EUR 459,547.98 57.920 434,400.00 1.32
EMTN - PERPETUAL
3.19% 08.05.04
1,500,000.00 ROTHSCHILD CONTINUATION FINANCE FRN - USD 505,636.81 46.000 516,350.46 1.57
PERPETUAL
0.7125% 09.26.86
TOTAL UNITED KINGDOM
UNITED STATES OF AMERICA
3,102,100.73
3,303,065.66
1,200,000.00 AMERICAN INTERNATIONAL GROUP INC EMTN CHF 900,246.32 99.650 957,066.90 2.92
2.875% 06.20.06 - 06.20.11
100,000.00 AMERICAN INTERNATIONAL GROUP INC EMTN CHF 73,655.23 93.750 75,033.47 0.23
2.875% 04.16.07 - 04.16.15
300,000.00 AMERICAN INTERNATIONAL GROUP INC EMTN CHF 212,463.21 88.800 213,215.10 0.65
2.75% 12.21.06 - 12.21.16
450,000.00 AMERICAN INTERNATIONAL GROUP INC EMTN EUR 446,363.71 99.833 449,249.85 1.37
4% 09.20.06 - 09.20.11
238,000.00 ASIF III JERSEY LTD EMTN EUR 239,242.25 102.725 244,485.50 0.74
4.75% 09.11.03 - 09.11.13
6.11
8.01
10.06
The notes are an integral part of these financial statements
14

COMPAGNIE BENJAMIN DE ROTHSCHILD
OPPORTUNITIES
BONDS
Face
Value
Description Ccy
Cost Value
per
security
Market
value
(see notes)
% of
net
assets
1,050,000.00 MERRILL LYNCH & CO INC EMTN EUR 1,081,927.14 101.730 1,068,165.00 3.25
4.875% 05.30.07 - 05.30.14
TOTAL UNITED STATES OF AMERICA
2,953,897.86
3,007,215.82 9.16
900,000.00
VENEZUELA
PETROLEOS DE VENEZUELA SA USD 408,422.17 56.547 380,843.51 1.16
5% 10.28.09 - 10.28.15
TOTAL VENEZUELA
408,422.17
380,843.51 1.16
TOTAL BONDS 30,067,843.68
30,345,609.69 92.43
TOTAL TRANSFERABLE SECURITIES AND MONEY
MARKET INSTRUMENTS ADMITTED TO AN
OFFICIAL STOCK EXCHANGE OR DEALT IN ON
ANOTHER REGULATED MARKET
30,067,843.68
30,345,609.69
92.43
TOTAL INVESTMENTS IN SECURITIES 30,067,843.68
30,345,609.69 92.43
Cash/(bank overdraft) 2,051,860.16 6.25
Other assets and liabilities 432,505.39 1.32
TOTAL NET ASSETS 32,829,975.24 100.00
* This security is priced at zero upon decision of the Board of Directors.
The notes are an integral part of these financial statements
15

COMPAGNIE BENJAMIN DE ROTHSCHILD
OPPORTUNITIES
BONDS
GEOGRAPHICAL CLASSIFICATION
OF THE INVESTMENTS IN SECURITIES
December 31, 2010
(in %)
COUNTRIES
% of
net
assets
Netherlands 15.33
France 11.55
United Kingdom 10.06
United States of America 9.16
United Arab Emirates 8.01
Switzerland 6.11
Russia 5.71
Bahrain 4.14
India 3.41
Kazakhstan 3.28
Ghana 3.09
Bermuda 3.06
Luxembourg 1.83
Greece 1.82
Qatar 1.25
Venezuela 1.16
Ireland 1.05
Portugal 0.76
Sweden 0.69
Kuwait 0.62
Belgium 0.34
TOTAL INVESTMENTS IN SECURITIES
92.43
Other assets/liabilities and liquid assets 7.57
NET ASSETS 100.00
16

COMPAGNIE BENJAMIN DE ROTHSCHILD
OPPORTUNITIES
BONDS
ECONOMIC CLASSIFICATION
OF THE INVESTMENTS IN SECURITIES
December 31, 2010
(in %)
ECONOMIC SECTORS
% of
net
assets
Banks and other credit institutions 28.69
Holding and finance companies 21.76
Other 10.82
Insurance 9.71
Government bonds 8.89
Oil 5.00
Mortgage & funding institutions MBA 1.88
Road vehicles 1.57
Transportation 1.45
Data transmission 1.25
Miscellaneous services 1.07
Tobacco and alcohol 0.34
TOTAL INVESTMENTS IN SECURITIES
92.43
Other assets/liabilities and liquid assets 7.57
NET ASSETS 100.00
17

COMPAGNIE BENJAMIN DE ROTHSCHILD
OPPORTUNITIES
NOTES TO THE FINANCIAL STATEMENTS
December 31, 2010
GENERAL
COMPAGNIE BENJAMIN DE ROTHSCHILD
OPPORTUNITIES (the “Fund”) is an open-ended
investment company organized under the Luxembourg
law of 13 February 2007 on specialized investment
funds. The Fund is an investment company with
variable capital (“Société d’Investissement à Capital
Variable”) (“SICAV”). The Fund was incorporated in
Luxembourg on 21 April 2010 for an unlimited period
of time. The articles of incorporation of the Fund were
published in the Mémorial C Recueil des Sociétés et
Associations on 14 May 2010.
The registered office of the Fund is established at 20,
Boulevard Emmanuel Servais, L-2535 Luxembourg.
The Fund is registered with the “Registre de
Commerce et des Sociétés” of Luxembourg, under
number B 152845.
The Fund is an "umbrella fund" which means that it is
composed of several Sub-Funds, each of which
represents a separate pool of specific assets and
liabilities.
As at December 31, 2010, the following sub-fund is
available to investors ("the Sub-Fund"):
COMPAGNIE BENJAMIN DE ROTHSCHILD
OPPORTUNITIES - BONDS
The Sub-Fund is expressed in EUR.
With a view to obtaining optimum long-term growth
of the invested capital, the objective of each Sub-Fund
is primarily to seek to conserve the capital. The
Company intends to achieve this objective through
active management of the Sub-Funds. These Sub-
Funds are managed and administered separately. The
Board of Directors may or may not decide to link
them to one of the following three categories:
- Strategy Sub-Funds
- Real property-related Sub-Funds
- Private equity Sub-Funds
To ensure effective management, the Board of
Directors may, in accordance with the Articles of
Incorporation, decide to manage all or part of the
assets of one or more Sub-Funds with those of other
Sub-Funds in the Company (pooling technique) or,
where applicable, to co-manage all or part of the
assets, except for a reserve of liquid assets, if
necessary, of one or more Sub-Funds of the Company
with the assets of other Luxembourg UCIs or of one or
more sub-funds of other Luxembourg UCIs
(hereinafter referred to as the "Party(ies) to the comanaged
assets") for which the Company’s Custodian
Bank is the appointed custodian bank. These assets
will be managed in accordance with the respective
investment policies of the Parties to the co-managed
assets, each of which is pursuing identical or
comparable objectives. Parties to the co-managed
assets will only participate in co-managed assets in
accordance with the stipulations of their respective
prospectuses and investment restrictions.
Each Party to the co-managed assets will participate in
the co-managed assets in proportion to the assets it has
contributed to the co-management. Assets will be
allocated to each Party to the co-managed assets in
proportion to its contribution to the co-managed
assets.
The rights of each Party to the co-managed assets
apply to each line of investment in the said comanaged
assets.
The aforementioned co-managed assets will be formed
by the transfer of cash or, where applicable, other
assets from each of the Parties to the co-managed
assets. Thereafter, the Board of Directors may
regularly make subsequent transfers to the comanaged
assets. The co-managed assets can also be
transferred back to a Party to the co-managed assets
for an amount not exceeding the participation of the
said Party to the co-managed assets.
Dividends, interest and other distributions deriving
from income generated by the co-managed assets will
accrue to each Party to the co-managed assets in
proportion to its investment. Such income may be kept
by the Party to the co-managed assets or reinvested in
the co-managed assets.
All charges and expenses incurred in respect of the comanaged
assets will be paid out of these assets. Such
charges and expenses will be allocated to each Party to
the co-managed assets in proportion to its respective
entitlements to the co-managed assets.
18

COMPAGNIE BENJAMIN DE ROTHSCHILD
OPPORTUNITIES
GENERAL (continued)
In the case of an infringement of the investment
restrictions affecting a Sub-Fund of the Company,
when such a Sub-Fund takes part in co-management
and even if the manager has complied with the
investment restrictions applicable to the co-managed
assets in question, the Board of Directors shall ask the
manager to reduce the investment in question in
proportion to the participation of the Sub-Fund
concerned in the co-managed assets or, where
applicable, reduce its participation in the co-managed
assets to a level that respects the investment
restrictions of the Sub-Fund.
When the Company is liquidated or when the Board of
Directors decides, without prior notice, to withdraw
the participation of the Company or a Sub-Fund of the
Company from co-managed assets, the co-managed
assets will be allocated to the Parties to the comanaged
assets in proportion to their respective
participation in the co-managed assets.
SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES
a) Presentation basis of financial statements
The Fund prepares its financial statements in
conformity with legal and regulatory requirements in
Luxembourg.
b) Valuation of the investments
The value of securities listed or dealt in on a
Regulated Market, stock exchange or other regulated
markets will be valued at the last available closing
price on such markets. If a security is listed or traded
on several markets, the closing price at the market,
which constitutes the main market for such securities,
will be determining.
In the event that the securities are not listed or dealt in
on a Regulated Market, stock exchange or other
regulated markets or if, in the opinion of the Board of
Directors of the Fund, the latest available closing price
does not truly reflect the fair market value of the
relevant securities, the value of such securities will be
defined by the Board of Directors of the Fund based
on the reasonably foreseeable sales proceeds
determined prudently and in good faith.
c) Net realized gain or loss on sales of investments
Net realised gain or loss on sales of investments are
calculated on the basis of the average cost of the
investments sold.
d) Conversion of foreign currencies
The accounting records and the financial statements of
each Sub-Fund are expressed in EUR. Bank accounts,
other net assets and market value of the investments in
securities expressed in currencies other than EUR are
converted into EUR at the exchange rates prevailing
on the date of the balance sheet. Income and expenses
in currencies other than EUR are converted into EUR
at the rate of exchange prevailing at payment date.
e) Cost of investments in securities
Cost of investments in securities in currencies other
than EUR is converted into EUR at the exchange rate
applicable at purchase date.
f) Formation expenses
Formation expenses are amortised on a straight line
basis over a period of 5 years.
g) Income and expense recognition
Dividends are taken into account on the date upon
which the relevant investments are first listed as
exdividend. Interest income is accrued on a daily
basis.
Income is recorded net of withholding tax, if any.
h) Valuation of future contracts
Futures contracts and options are valued based on
their closing price the previous day on the market
concerned. The resulting unrealised profit or loss is
booked in the statement of operations and changes in
net assets.
i) Valuation of forward foreign exchange contracts
Unmatured forward foreign exchange contracts and
currency swaps are valued by reference to the forward
exchange rate prevailing on the remaining life of the
contract. The resulting unrealised profit or loss is
recorded in the statement of operations and changes in
net assets.
19

COMPAGNIE BENJAMIN DE ROTHSCHILD
OPPORTUNITIES
EXCHANGE RATE AT
DECEMBER 31, 2010
1 CHF = 0.800357 EUR
1 USD = 0.748334 EUR
MANAGEMENT, PERFORMANCE
AND ADVISORY FEE
The Board of Directors is responsible for the
management of the Company and for supervising its
operations as well as determining and implementing
the Company’s investment policy.
Investment Manager
From 21 April 2010 with effect on 28 April 2010, the
Board of Directors has designed LA COMPAGNIE
BENJAMIN DE ROTHSCHILD S.A. as investment
manager of the Fund (“the Investment Manager”).
The Investment Manager is a public limited liability
company (société anonyme), existing and organised
under the laws of Switzerland and having its
registered office at 29, route de Pré-Bois, CH-1215
Genève, Switzerland.
Investment Adviser
From 21 April 2010 with effect on 28 April 2010, the
Board of Directors has designed PRIQUAM
ADVISORY LTD as investment adviser of the Fund
(“the Investment Adviser”).
The Investment Adviser is a limited liability company,
organised and existing under the laws of the Cayman
Islands and having its registered office at Appleby
Corporate Services (Cayman) Limited, Clifton House,
75 Fort Street, P.O. Box 1350 GT, George Town,
Grand Cayman, Cayman Islands.
In consideration of its services, the Fund pay to the
Manager and the Adviser a fee. Their remuneration
shall be fixed at a maximum of 1% per year, paid
quarterly and calculated on the average net assets
allocated to each of them during the quarter in
consideration.
In addition, the Manager and the Adviser will share
the following outperformance fee:
For the Bonds Sub-Fund:
The outperformance fee, payable at the end of each
year, is set at 15% per year and is calculated on the
difference between the performance of the Sub-Fund
(increase in the Net Asset Value of the Sub-Fund
concerned) and that of its reference index during the
calculation period ie from 01 January to 31 December
of the year in question.
The reference index is the Euribor one month + 100
bp.
The outperformance fee, corresponding to 15% per
year of the positive excess of the NAV performance,
before the outperformance fee, compared to the Target
NAV (defined below).
The Target NAV is equal to the Reference NAV
adjusted by the return on the reference index and the
volume of subscriptions and redemptions.
The reference NAV corresponds as a maximum to the
following two elements:
- NAV High Water Mark (HWM): last NAV
for the end of the calculation period for which a
performance fee has been paid (adjusted by
subscriptions, redemptions, and dividends).
- The NAV after outperformance fee at the end
of the previous calculation period (adjusted by
subscriptions, redemptions, and dividends).
The redemptions are accounted for by reducing the
Target NAV in proportion to the number of Shares
redeemed.
The dividends are accounted for by deducting them
from the Target NAV.
If Shares are redeemed on a date other than the one
when the outperformance fee is paid, when the
outperformance fees are provisioned, the provisioned
outperformance fees attributable to redeemed Shares
shall be paid at the end of the period even if the
outperformance fees are no longer provisioned on that
date.
CUSTODIAN FEE
Banque Privée Edmond de Rothschild Europe,
(hereinafter referred to as the "Custodian Bank" or the
"Administrative Agent") has been appointed custodian
of the Company’s assets under the terms of an
agreement of unlimited duration signed on 21 April
2010. Banque Privée Edmond de Rothschild Europe is
a majority-held subsidiary of Banque Privée Edmond
de Rothschild S.A., Geneva.
The Custodian Bank’s fees and costs are charged to
the Company in conformity with standard practice in
Luxembourg. Fees will be calculated quarterly on the
basis of the Company’s average net assets over the
quarter in question.
20

COMPAGNIE BENJAMIN DE ROTHSCHILD
OPPORTUNITIES
ANNUAL TAX
The Fund is governed by the Luxembourg taxation
laws.
Under the currently applicable legislation and
regulation, the Fund is liable in Luxembourg to a tax
(the "subscription tax") of 0.01% per annum of its net
assets, such tax being payable quarterly and calculated
on the basis of the net assets at the end of the relevant
quarter.
In accordance with article 68 of the SIF law, the value
of assets represented by shares held in other
undertakings for collective investment already subject
to the subscription fee is free from such taxation.
Under current law and practice, the Fund is not liable
to Luxembourg taxes on income or capital gains, nor
are dividends paid by the Fund liable to any
Luxembourg withholding tax.
SUBSEQUENT EVENT
During the Board meeting dated November 11, 2010,
the Board decided to launch the Sub-Fund Compagnie
Benjamin de Rothschild Opportunities – Commodities
on February 3, 2011.
On January 3, 2011, the Board of directors of the Fund
has decided:
- to change the name of the Sub-Fund from
Compagnie Benjamin de Rothschild
Opportunities - Bonds to Compagnie
Benjamin de Rothschild Opportunities –
Income;
- to issue several classes and sub-classes of
shares within the Sub-Fund. As a result, the
shareholding in the Sub-Fund will be
converted into the Class A (EUR) of the Sub-
Fund.
Some dividend and interest income from the
Company’s portfolio may be subject to withholding
taxes at variable rates in the countries of origin.
CHANGES IN THE SECURITIES
PORTFOLIO
A copy of the changes in the securities portfolio for
the period from April 21, 2010 (date of incorporation)
to December 31, 2010, is available free of charge at
the Registered Office of the Fund.
21

COMPAGNIE BENJAMIN DE ROTHSCHILD OPPORTUNITIES
FUTURES
As at December 31, 2010, the following futures contract(s) was (were) outstanding :
Sale /
Purchase
COMPAGNIE BENJAMIN DE ROTHSCHILD OPPORTUNITIES - BONDS
Quantity Contract(s)
Size Price as at
12.31.10
FUTURES ON INTEREST RATES
Market value
as at
12.31.10
EUR
Unrealised
result
EUR
Sale 19 GERMANY BD 10Y MARCH 11 100,000 125.31 EUR (2,380,890.00) (7,960.00) (2,372,930.00)
Sale 10 GERMANY BOBL 5Y MARCH 100,000 118.78 EUR (1,187,800.00) 3,300.00 (1,191,100.00)
11
Sale 12 US SWAP 5Y MARCH 11 100,000 107.81 USD (968,157.11) 15,771.14 (983,928.25)
Sale 10 US T.BD 30Y MARCH 11 100,000 122.13 USD (913,902.90) 19,105.94 (933,008.84)
Sale 10 US T.NT 10Y MARCH 11 100,000 120.44 USD (901,274.76) 19,971.15 (921,245.91)
Sale 10 US T.NT 5Y MARCH 11 100,000 117.72 USD (880,929.43) 12,907.93 (893,837.36)
(7,232,954.20) 63,096.16 (7,296,050.36)
The net unrealised result on the outstanding futures contract(s) as at December 31, 2010 for COMPAGNIE BENJAMIN DE
ROTHSCHILD OPPORTUNITIES - BONDS is included in the statement of net assets of the Sub-Fund.
Commitment
EUR
22

COMPAGNIE BENJAMIN DE ROTHSCHILD OPPORTUNITIES
FORWARD FOREIGN EXCHANGE CONTRACTS ON CURRENCIES
As at December 31, 2010, the following forward foreign exchange contract(s) on currencies was (were) outstanding:
COMPAGNIE BENJAMIN DE ROTHSCHILD OPPORTUNITIES - BONDS
Sale Purchase Maturity
CHF 4,841,589.00 EUR 3,700,618.12 03.15.11
USD 15,346,108.00 EUR 11,481,872.37 03.15.11
CHF 424,813.29 EUR 330,000.00 03.15.11
CHF 908,143.60 EUR 700,000.00 03.15.11
The net unrealised result on the outstanding forward foreign exchange contract(s) on currencies as at December 31, 2010 for
COMPAGNIE BENJAMIN DE ROTHSCHILD OPPORTUNITIES - BONDS amounts to EUR -220,524.18 and is included in the
statement of net assets of the Sub-Fund.
23