R INVESTMENTS

as at 31/12/18

Société d'Investissement à Capital Variable

Database Publishing System: CO-Reporter® by CO-Link, Belgium.

Audited annual report

R INVESTMENTS

R.C.S. Luxembourg B 135 265

R INVESTMENTS

Tables of Contents

Page 2

Page Management and Administration 3 Director’s Report 5 Audit Report 9 Combined 12 Sub-Funds :

R INVESTMENTS - OPAL GLOBAL TRADING 15

R INVESTMENTS - OPAL EUROVEST 20 (merged into R INVESTMENTS - OPAL XIPHIAS on 30 November 2018)

R INVESTMENTS - OPAL XIPHIAS 23

Notes to the financial statements - Schedule of derivative instruments 28

Other notes to the financial statements 30

No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus, accompanied by the latest annual report and semi-annual report if published thereafter.

R INVESTMENTS

Management and Administration

Page 3

Registered Office

5, allée Scheffer L-2520 Luxembourg, Grand Duchy of Luxembourg

Board of Directors

Etienne Rouzeau (Chairman) Head of Investment Solutions Rothschild Asset Management (until 30 November 2018) Rothschild & Co Asset Management Europe (from 1 December 2018) Paris, France Christophe Jaubert Independent Director Paris, France Angelo Luis Conducting Officer PO Participations S.A. (until 30 November 2018) Rothschild & Co Investment Managers. (from 1 December 2018) Luxembourg, Grand Duchy of Luxembourg Charles Lacroix Head of Business development, Rothschild Asset Management (until 30 November 2018) Rothschild & Co Asset Management Europe (from 1 December 2018) Paris, France Bertrand Granier CIO Hybrid & Alternative, Rothschild Asset Management (until 30 November 2018) Rothschild & Co Asset Management Europe (from 1 December 2018) Paris, France

Alternative Investment Fund Manager and Management Company

PO Participations S.A. (until 30 November 2018) 1, place d’Armes L-1136 Luxembourg, Grand Duchy of Luxembourg Rothschild & Co Investment Managers (from 1 December 2018) 33, rue Sainte-Zithe L-2763 Luxembourg, Grand Duchy of Luxembourg

Investment Manager

Rothschild Asset Management (until 30 November 2018) 29, avenue de Messine F-75008 Paris, France

R INVESTMENTS

Management and Administration

Page 4

Investment Manager (continued)

Rothschild & Co Asset Management Europe (from 1 December 2018) 29, avenue de Messine F-75008 Paris, France

Distributor

Rothschild Asset Management (until 30 November 2018) 29, avenue de Messine F-75008 Paris, France Rothschild & Co Asset Management Europe (from 1 December 2018) 29, avenue de Messine F-75008 Paris, France

Depositary, Central Administration Agent, Corporate Agent, Domiciliary, Registrar and Transfer Agent

CACEIS Bank, Luxembourg Branch 5, allée Scheffer L-2520 Luxembourg, Grand Duchy of Luxembourg

Auditor

PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator L-2182 Luxembourg, Grand Duchy of Luxembourg

Legal Adviser Elvinger Hoss & Prussen 2, place Winston Churchill L-1340 Luxembourg, Grand Duchy of Luxembourg

R INVESTMENTS

Director’s Report

Note: The figures stated in this report are historical and not necessarily indicative of futures results.

Page 5

R INVESTMENTS - OPAL GLOBAL TRADING 2018 was a highly volatile year for equity markets with a number of risks which materialized and created some major shifts in market regime. The year had however started really well with market sentiment being fueled by the fiscal stimulus package that was voted in the US as well as very optimistic forecasts for global growth in 2018 and 2019. Volatility increased afterwards and February was one of the worst months in the past 10 years. The VIX rose from 13% to 37% with a peak at 50% intra-month on expectations of higher inflation in the US and a more hawkish anticipation for the Fed. After this large correction markets started to bounce back slightly but still with heightened volatility due to nervousness of market participants on the Trade War between China and the US, the Italian elections, the Brexit conundrum and the US Mid Terms elections. For risky assets, overall the environment was quite benign up until the end of the summer when markets got hit by the second wave of the downside. Indeed, in October risk aversion picked up severely as investors worried about a global growth slow-down, the impact of a trade war between the US and China, interest rates going up in the US and an increase in oil price that could weigh on corporate margins and their valuation. After a pause in November, the year ended in a chaotic way, reacting to political decisions and declarations as well as sometimes surprising economic data. Despite a constructive attitude from China towards the US, poor China and Eurozone economic data as well as a lowered ECB growth forecast fueled fears of a global slowdown. In this quite difficult context, R INVESTMENTS - OPAL GLOBAL TRADING C USD ended the year with a positive performance of 2.66% for the share class C USD, with a 1 year annualised volatility of 4.27%. These performance figures compare really well with the MSCI World Local Currency and the HFRI Fund Weighted Composite USD which lost respectively 7.4% and 4.5% over the year. Once again, R INVESTMENTS - OPAL GLOBAL TRADING showed a great level of decorrelation to equity markets as it managed to end the year in positive territory in one of the toughest years of the past decade, helped by the stellar performance of its largest holding (Two Sigma Compass Enhanced, +26.9%). This really volatile year translated into a year of great dispersion among our underlying managers with performances ranging from -16.7% to +26.9%. Overall the portfolio protected well the capital in particular during Q4 when the MSCI World lost 13.1% while the portfolio was up a bit more than 3%. During the year, we continued to concentrate the portfolio on our largest convictions with the Top 5 now representing close to 55% of the portfolio. In the meantime we continued to improve the portfolio and closed a number of positions, both in the Systematic bucket (Clinton Equity Strategies, Dynamic) and in the Global Macro one (R Karya), topped up our existing holdings and diversified further the Systematic bucket with one additional position on Renaissance Institutional Diversified Alpha.

R INVESTMENTS

Director’s Report

Note: The figures stated in this report are historical and not necessarily indicative of futures results.

Page 6

R INVESTMENTS - OPAL XIPHIAS 2018 was a highly volatile year for equity markets with a number of risks which materialized and created some major shifts in market regime. The year had however started really well with market sentiment being fueled by the fiscal stimulus package that was voted in the US as well as very optimistic forecasts for global growth in 2018 and 2019. Volatility increased afterwards and February was one of the worst months in the past 10 years. The VIX rose from 13% to 37% with a peak at 50% intra-month on expectations of higher inflation in the US and a more hawkish anticipation for the Fed. After this large correction markets started to bounce back slightly but still with heightened volatility due to nervousness of market participants on the Trade War between China and the US, the Italian elections, the Brexit conundrum and the US Mid Terms elections. For risky assets, overall the environment was quite benign up until the end of the summer when markets got hit by the second wave of the downside. Indeed, in October risk aversion picked up severely as investors worried about a global growth slow-down, the impact of a trade war between the US and China, interest rates going up in the US and an increase in oil price that could weigh on corporate margins and their valuation. After a pause in November, the year ended in a chaotic way, reacting to political decisions and declarations as well as sometimes surprising economic data. Despite a constructive attitude from China towards the US, poor China and Eurozone economic data as well as a lowered ECB growth forecast fueled fears of a global slowdown. In this quite difficult context, R INVESTMENTS - OPAL XIPHIAS I EUR ended the year with a negative performance of -3.53% for the share class I EUR with a 1 year annualised volatility of 4.11%. These performance figures compares with the MSCI World Local Currency and the HFRI Fund Weighted Composite EUR which lost respectively 7.4% and 7.2% over the year. This really volatile year translated into a year of great dispersion among our underlying managers with performances going from -16.7% to +26.9%. Most of the largest detractors were the directional managers which suffered from this negative environment. Despite this poor contribution, overall the portfolio protected the capital in particular during Q4 when the MSCI World lost 13.1% and the portfolio lost less than 1%. During the year, we continued to concentrate the portfolio on our largest convictions, with the Top 5 now representing close to 50% of the portfolio. We tend to build the portfolio in order to mitigate downside risk as experienced in the latest part of the year, and we expect to continue on this path over the next few months, hence reducing our correlation to equity markets without mitigating the potential performance of the portfolio.

R INVESTMENTS

Director’s Report

Page 7

Remuneration Policy:

The fixed remuneration, variable remuneration, total remuneration and total headcount of Rothschild & Co Investment Managers as of 31 December 2018 is a follows:

Headcount

December 2018 Total

Remuneration Fixed

Remuneration Variable

Remuneration

Rothschild & Co Investment Managers

17 2,428.46k€ 1,482.71k€ 945.75k€

Including Senior Management and employees with a material impact on the risk profile

3 1,574k€ 674k€ 900k€

Material Changes:

- A new prospectus dated April 2018 was issued. - As of 1 December 2018 there was a change in the name of the Alternative Investment Fund Manager and

Management Company from PO Participations S.A. to Rothschild & Co Investment Managers, for all Sub-Funds (see note 1).

- On 30 November 2018, R INVESTMENTS - OPAL EUROVEST (the absorbed) merged into R INVESTMENTS - OPAL XIPHIAS (the absorber) (see note 1).

Information relating to risk profile of the SICAV and to risk management systems :

As part of its risk management policy, the Management Company establishes, implements and maintains effective, appropriate and documented risk management procedures that identify the risks associated with its activities, processes and systems. In particular it implements appropriate systems of risk management to identify, measure, manage and monitor the risks related to FIA’s investment strategies which it is exposed to or could be exposed to. For more information, please refer to the parts of the Fund’s prospectus that detail its "Risk Factors” and “Risk Profile", available on request from the Management Company Rothschild & Co Investment Managers, 33 rue Sainte-Zithe L-2763 Luxembourg or on the https://am.eu.rothschildandco.com/POP/ website.

R INVESTMENTS

Director’s Report

Page 8

Leverage Information for the year 2018:

Sub Fund Name Gross Method Leverage Commitment Method

Leverage

R INVESTMENTS - OPAL GLOBAL TRADING 183.16% 103.42%

R INVESTMENTS - OPAL EUROVEST* 115.01% 124.45%

R INVESTMENTS - OPAL XIPHIAS 167.03% 109.01%

* For the period from 1st January 2018 to 30 November 2018

Liquidity Management:

The Management Company has established a liquidity management policy for its funds which monitors liquidity and ensures an equitable treatment of investors by allowing the fund to honor all redemption requests as described in the prospectus. For more information, please consult the full prospectus of the Fund, available on request from the Management Company Rothschild & Co Investment Managers 33, rue Sainte-Zithe L-2763 Luxembourg or on the https://am.eu.rothschildandco.com/POP/ website. The share of assets of the AIF subject to special treatment due to their illiquid nature: 0%

New steps taken to manage liquidity: None to date.

Brexit Impact:

The Management Company has made an assessment of the impact of the Brexit on this Fund and does not currently see any major impact.

PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 LuxembourgT : +352 494848 1, F : +352 494848 2900, www.pwc.lu Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°10028256)R.C.S. Luxembourg B 65 477 - TVA LU25482518

Audit report

To the Shareholders ofR Investments

Our opinion

In our opinion, the accompanying financial statements give a true and fair view of the financial position of R Investments and of each of its sub-funds (the “Fund”) as at 31 December 2018, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements.

What we have audited

The Fund’s financial statements comprise:

the statement of net assets as at 31 December 2018; the securities portfolio as at 31 December 2018; the statement of operations and changes in net assets for the year then ended; and the notes to the financial statements - schedule of derivative instruments and the other notes to the

financial statements, which include a summary of significant accounting policies.

Basis for opinion

We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (Law of 23 July 2016) and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier” (CSSF). Our responsibilities under the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the “Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the financial statements” section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

We are independent of the Fund in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the financial statements. We have fulfilled our other ethical responsibilities under those ethical requirements.

Other information

The Board of Directors of the Fund is responsible for the other information. The other information comprises the information stated in the annual report but does not include the financial statements and our audit report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

10

In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Board of Directors of the Fund for the financial statements

The Board of Directors of the Fund is responsible for the preparation and fair presentation of the financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of Directors of the Fund determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors of the Fund is responsible for assessing the Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors of the Fund either intends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so.

Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the financial statements

The objectives of our audit are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an audit report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;

obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control;

evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors of the Fund;

pwc

• conclude on the appropriateness of the Board of Directors of the Fund's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our audit report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our audit report. However, future events or conditions may cause the Fund to cease to continue as a going concern;

• evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Pricewate' •useCoopers, Societe cooperative Luxembourg, 5 June 2019 Represe by

Sebastie Sadzot

11

12Page

R INVESTMENTSCombined

The accompanying notes form an integral part of these financial statements

13Page

103,648,971Assets99,346,744Securities portfolio at market value85,916,571Cost price 2Note13,430,173Unrealised profit on the securities portfolio

425,369Cash at banks and liquidities3,771,192Brokers receivable

89,530Unrealised net profit on forward foreign exchange contracts 2Note16,136Other assets

3,392,241Liabilities3,115,566Bank overdrafts

181,246Accrued management fees 3Note1,278Accrued professional fees

94,151Other liabilities

100,256,730Net asset value

R INVESTMENTS

Financial Statements as at 31/12/18

Expressed in EUR

Statement of net assets as at 31/12/18

Combined


14Page

61,777Income40,560Bank interest on cash account21,217Other income

876,214Expenses691,516Management fees 3Note22,545Custodian & sub-custodian fees 3Note20,801Taxe d'abonnement 4Note1,767Performance fees 3Note

36,490Professional fees28,157Bank interest on overdrafts27,925Legal fees7,836Transaction fees 2Note

39,177Other expenses

-814,437Net loss from investments

Realised profit / loss :13,440,115- Realised profit on sales of investment securities-4,994,316- Realised loss on sales of investment securities7,078,644- Realised profit on forward foreign exchange contracts

-8,713,020- Realised loss on forward foreign exchange contracts59,850- Realised profit on financial futures

-91,370- Realised loss on financial futures16,370,890- Realised profit on foreign exchange

-16,690,732- Realised loss on foreign exchange

5,645,624Net realised profit

Movement in unrealised appreciation / depreciation :-8,920,373- Movement in unrealised appreciation on investments2,703,399- Movement in unrealised depreciation on investments

-1,878,093- Movement in unrealised appreciation on forward foreign exchangecontracts

364,356- Movement in unrealised depreciation on forward foreign exchangecontracts

59,840- Movement in unrealised appreciation on financial futures

-2,025,247Decrease in net assets as a result of operations

5,461,452Subscription capitalisation shares-79,465,765Redemption capitalisation shares

-76,029,560Decrease in net assets

3,889,747Reevaluation of opening consolidated NAV

172,396,543Net assets at the beginning of the year

100,256,730Net assets at the end of the year

EUR

Statement of Operations and Changes in Net Assets from 01/01/18 to 31/12/18

R INVESTMENTSCombined

Expressed in

15Page

R INVESTMENTS- OPAL GLOBAL TRADING


16Page



45,808Unrealised net profit on forward foreign exchange contracts 2Note

923,878Liabilities830,527Bank overdrafts61,922Accrued management fees 3Note

629Accrued professional fees30,800Other liabilities



Expressed in USD


R INVESTMENTS - OPAL GLOBAL TRADING

Changes in number of shares outstanding from 01/01/18 to 31/12/18

Shares issued Shares redeemedShares

outstanding as at31/12/18

Sharesoutstanding as at

01/01/18

Class C USD Capitalisation shares 511 0 170 341

Class C EUR Capitalisation shares 9,378 1,280 3,413 7,245

Class G USD Capitalisation shares 8,124 0 1,530 6,594

Class G EUR Capitalisation shares 28,716 0 1,304 27,412

Class I CHF Capitalisation shares 1,101 0 1,101 0

Class I USD Capitalisation shares 29,882 0 29,882 0

Key figures

Total Net Assets 49,346,504 92,618,112 89,980,973

31/12/1631/12/1731/12/18Year ending as at:

USDClass C USD Capitalisation shares

1,029.51341 511

1,002.88310

983.02Number of sharesNet asset value per share USD

Class C EUR Capitalisation shares

1,070.457,245 9,378

1,072.317,303

1,070.04Number of sharesNet asset value per share EUR


17Page

Key figures


Total Net Assets 49,346,504 92,618,112 89,980,973

31/12/1631/12/1731/12/18Year ending as at:

USDClass G USD Capitalisation shares

1,115.756,594 8,124

1,068.7612,542

1,031.44Number of sharesNet asset value per share USD

Class G EUR Capitalisation shares

1,045.8327,412 28,716

1,031.2830,937


Class I CHF Capitalisation shares

0.000 1,101

975.141,101973.01

Number of sharesNet asset value per share CHF

Class I USD Capitalisation shares

0.000 29,882

1,160.7929,776


Class I EUR Capitalisation shares

0.000 0

0.00600

979.06Number of sharesNet asset value per share EUR


18Page

ALPHADYNE GB RAT II 1 A USD S11,594 3,174,314 6.43USD 2,121,551

Shares/Units of UCITS/UCIS 48,252,446 97.7839,986,083

Shares/Units in investment funds 48,252,446 97.7839,986,083

ALPSTONE GBL MACRO EHNCD FD-A-S 002 20182,335 2,688,808 5.45USD 2,334,520COMPLUS ASIA MACRO FD -E-S.USD8,566 1,311,248 2.66USD 1,176,673DISCUS FEEDER LTD -B- USD STD LEVERAGE1,208 1,941,236 3.93USD 1,585,461EDGESTREAM NIAS LTD A S1 1/162,075 2,151,856 4.36USD 1,860,389GEMSSTOCK FD CLASS D USD R S116,302 1,947,693 3.95USD 2,000,000GEMSSTOCK FD CLASS D USD R S177,000 661,527 1.34USD 700,000LIGHT SKY MAC OFF-F-0417-REST1,500 1,335,290 2.71USD 1,500,000LMR LTD D REST NON VOT USD S121,904 3,855,359 7.81USD 3,065,589LYNX 1.5 CL D USD MARCH 2016SER1,500 1,188,997 2.41USD 1,500,000MACQUARIE ASIAN ALPHA FD -A- PTG SHS CAP677 1,041,992 2.11USD 1,232,688MACQUARIE EUROPEAN ALPHA FUND CL.-A- N R11,767 1,508,571 3.06USD 1,519,972PHARO MACRO FUND LTD -A- S.01/05/05294 1,200,673 2.43USD 921,721PHARO TRADING FUND A S.01734 4,955,165 10.04USD 4,546,988RENAISSANCE INS DV ALPHA-A-USD2,024 2,023,896 4.10USD 2,000,000STRATUS FEEDER LTD CL.C 1.5 LEVERAGE USD2,046 3,352,758 6.79USD 2,958,979TWO SIGMA COMP ENH CYM LTD -A1-S.1B-20172,422 3,037,314 6.16USD 2,421,618TWO SIGMA COMPASS CYM -A1- S.B ENHANCED1,200 8,495,105 17.22USD 4,596,695WOODMONT INV LTD B UNR NR15 2,380,644 4.82USD 1,943,239

Total securities portfolio 48,252,446 97.7839,986,083

Cash at bank/(bank liabilities) -650,410 -1.32

Other net assets/(liabilities) 1,744,468 3.54

Total net assets 49,346,504 100.00

Securities portfolio as at 31/12/18USDExpressed in


Quantity Denomination Quotationcurrency

% of netassetsMarket valueCost price


19Page

Statement of Operations and Changes in Net Assets from 01/01/18 to 31/12/18Expressed in USD


36,277Income36,272Bank interest on cash account

5Other income

347,586Expenses268,906Management fees 3Note10,248Custodian & sub-custodian fees 3Note10,428Taxe d'abonnement 4Note

868Performance fees 3Note15,777Professional fees8,440Bank interest on overdrafts

14,792Legal fees4,422Transaction fees 2Note


-311,309Net loss from investmentsRealised profit / loss :

5,114,751- Realised profit on sales of investment securities-2,758,239- Realised loss on sales of investment securities3,183,971- Realised profit on forward foreign exchange contracts

-5,460,867- Realised loss on forward foreign exchange contracts8,617,317- Realised profit on foreign exchange


-125,558Net realised lossMovement in unrealised appreciation / depreciation :

-1,964,416- Movement in unrealised appreciation on investments1,787,266- Movement in unrealised depreciation on investments

-1,202,917- Movement in unrealised appreciation on forward foreign exchangecontracts

-51,752- Movement in unrealised depreciation on forward foreign exchangecontracts

-1,557,377Decrease in net assets as a result of operations1,638,174Subscription capitalisation shares

-43,352,405Redemption capitalisation shares




20Page

R INVESTMENTS- OPAL EUROVEST*


21Page

* (merged into R INVESTMENTS - OPAL XIPHIAS on 30 November 2018)





01/01/18

R INVESTMENTS - OPAL EUROVEST*

Class C EUR Capitalisation shares 1,951 0 1,951 0

Class F EUR Capitalisation shares 1,433 0 1,433 0

Class G EUR Capitalisation shares 120,297 0 120,297 0

Key figures

Total Net Assets 0 20,906,888 24,626,213

31/12/1631/12/1731/12/18Period ending as at:

EURClass C EUR Capitalisation shares

0.000 1,951

1,833.521,954


Class F EUR Capitalisation shares

0.000 1,433

183.254,524175.36

Number of sharesNet asset value per share EUR


0.000 120,297

141.87152,918133.19


Class M EUR Capitalisation shares

0.000 0

0.00191

233.47Number of sharesNet asset value per share EUR


22Page

* (merged into R INVESTMENTS - OPAL XIPHIAS on 30 November 2018)

Statement of Operations and Changes in Net Assets from 01/01/18 to 30/11/18Expressed in EUR

R INVESTMENTS - OPAL EUROVEST*

21Income21Bank interest on cash account


858Performance fees 3Note1,617Professional fees1,209Bank interest on overdrafts1,598Legal fees1,016Transaction fees 2Note



4,743,352- Realised profit on sales of investment securities-459,552- Realised loss on sales of investment securities

98,498- Realised profit on forward foreign exchange contracts-114,924- Realised loss on forward foreign exchange contracts

59,850- Realised profit on financial futures-91,370- Realised loss on financial futures388,568- Realised profit on foreign exchange

-211,145- Realised loss on foreign exchange

4,332,821Net realised profitMovement in unrealised appreciation / depreciation :

-4,580,785- Movement in unrealised appreciation on investments314,824- Movement in unrealised depreciation on investments-42,711- Movement in unrealised depreciation on forward foreign exchange

contracts59,840- Movement in unrealised appreciation on financial futures

83,989Increase in net assets as a result of operations-20,990,877Redemption capitalisation shares


20,906,888Net assets at the beginning of the period

0Net assets at the end of the period

23Page

R INVESTMENTS- OPAL XIPHIAS


24Page



49,458Unrealised net profit on forward foreign exchange contracts 2Note16,136Other assets

2,584,055Liabilities2,389,042Bank overdrafts

127,077Accrued management fees 3Note728Accrued professional fees

67,208Other liabilities



Expressed in EUR


R INVESTMENTS - OPAL XIPHIAS





01/01/18

Class C EUR Capitalisation shares 654 2,197 0 2,851

Class F EUR Capitalisation shares 10,183 1,287 3,193 8,277

Class G USD Capitalisation shares 16,555 0 5,477 11,078

Class G EUR Capitalisation shares 23,185 11 4,578 18,618

Class I USD Capitalisation shares 197 0 197 0

Class I EUR Capitalisation shares 1,990 0 1,837 153

Class M EUR Capitalisation shares 302 0 0 302

Class XA USD Capitalisation shares 723 0 0 723

Class XA EUR Capitalisation shares 673 0 361 312

Class XC EUR Capitalisation shares 25,140 0 10,935 14,205

Class XC CHF Capitalisation shares 4,494 0 0 4,494


25Page

Key figures


Total Net Assets 57,089,602 74,359,319 148,412,862

31/12/1631/12/1731/12/18Year ending as at:

EURClass C USD Capitalisation shares

0.000 0

0.0023


Class C EUR Capitalisation shares

1,161.632,851 654

1,210.711,065


Class F EUR Capitalisation shares

1,101.888,277 10,183

1,151.877,986


Class G USD Capitalisation shares

1,095.9911,078 16,555

1,095.4030,020



1,258.4218,618 23,185

1,291.4670,427


Class I USD Capitalisation shares

0.000 197

1,120.091,147


Class I EUR Capitalisation shares

1,040.46153 1,990

1,078.583,629


Class M EUR Capitalisation shares

1,295.68302 302

1,330.14302


Class XA USD Capitalisation shares

1,285.81723 723

1,293.26893


Class XA EUR Capitalisation shares

1,206.58312 673

1,249.53887


Class XC EUR Capitalisation shares

301.2014,205 25,140

311.9125,225296.34


Class XC CHF Capitalisation shares

1,150.674,494 4,494

1,197.896,244

1,135.32Number of sharesNet asset value per share CHF

Class XD EUR Capitalisation shares

0.000 0

0.008,929296.34



26Page

ALPSTONE GBL MACRO EHNCD FD-A-S 002 20182,112 2,128,122 3.73USD 1,693,767

Shares/Units of UCITS/UCIS 57,136,672 100.0850,937,714

Shares/Units in investment funds 57,136,672 100.0850,937,714

ALVENTO L/S EQUITY FD LTD B EURR-1257 288,435 0.51EUR 285,551ALVENTO L/S EQUITY FD LTD LFEURR-1679 847,923 1.49EUR 838,713BLACKROCK EUROPEAN HEDGE FUND LTD -I- EUR8,641 2,278,764 3.99EUR 2,232,714BLACKROCK EURP I EUR REST18,119 4,692,357 8.22EUR 4,118,565GEMSSTOCK FD CLASS D EUR R S119,479 1,880,339 3.29EUR 2,026,262GEMSSTOCK FUND CLASS D EURO R-S510,000 899,300 1.58EUR 1,000,000LMR FUND LTD -E- EUR RES S.233,082 5,719,857 10.01EUR 4,939,574LYNX 1.5 -B-240 374,842 0.66EUR 509,559LYNX 1.5 BERMUDA B EUR DEC2016426 371,784 0.65EUR 426,007LYNX 1.5 BERMUDA CLASS B JAN 2017750 673,142 1.18EUR 750,000MACQUARIE EUROPEAN ALPHA FUND CL.-A- N R6,639 799,644 1.40USD 767,942MAGA SM CIE FD -B- EUR CAP3,361 557,955 0.98EUR 580,090MAJEDIE AM TORTOISE-Z-HDG-EUR430,264 403,819 0.71EUR 414,084MAPLE LEAF OFFS.PRIV.INV CL-C- RES S.1133 0 0.00USD 35,937MARSHALL WACE FD MW EUREKA-A2-2,430 730,995 1.28EUR 744,909MLIS YORK A E-D -EUR B (ACC)- CAP22,487 2,707,893 4.74EUR 3,000,000PERDURANCE NEUTRAL FD LTD -A-EUR929 729,110 1.28EUR 754,666PHARO TRADING FUND-B-01.103,299 5,289,252 9.26EUR 5,039,090POLAR CAPITAL EUROPEAN RED PTG -AX- EURO2,643 872,677 1.53EUR 856,293R PARUS FUND I EUR HEDGED28,823 3,043,453 5.33EUR 3,236,717RENAISSANCE INS DV ALPHA-A-USD1,831 1,601,918 2.81USD 1,463,593SCHRODER GAIA CONTOUR TECH EQY E EUR19,755 1,813,908 3.18EUR 2,000,000STRATUS FEEDER LTD -E- 1.5 LEVERAGE1,906 2,946,606 5.16EUR 2,497,175TT MID CAP EUROPE LONG/SHORT PTG RED -A-4,403 2,168,839 3.80EUR 2,123,932TWO SIGMA COMPASS CYM -A1- S.B ENHANCED1,161 7,194,256 12.59USD 3,552,663VR GLB OFF A S0599 REGULAR51 2,383,915 4.18USD 1,538,778WOODMONT INV LTD B USD R18 2,894,607 5.07USD 2,647,717XPI HOLDING I LTD81 29,473 0.05USD 42,8811798 VOLANTIS FD LTD CLASS E EUR3,205 813,487 1.42EUR 820,535

Total securities portfolio 57,136,672 100.0850,937,714

Cash at bank/(bank liabilities) -2,121,235 -3.72

Other net assets/(liabilities) 2,074,165 3.64

Total net assets 57,089,602 100.00

Securities portfolio as at 31/12/18EURExpressed in


Quantity Denomination Quotationcurrency

% of netassetsMarket valueCost price


27Page

Statement of Operations and Changes in Net Assets from 01/01/18 to 31/12/18Expressed in EUR


30,022Income8,809Bank interest on cash account

21,213Other income


149Performance fees 3Note21,071Professional fees19,565Bank interest on overdrafts13,388Legal fees2,952Transaction fees 2Note



4,222,502- Realised profit on sales of investment securities-2,121,924- Realised loss on sales of investment securities4,194,885- Realised profit on forward foreign exchange contracts

-3,821,062- Realised loss on forward foreign exchange contracts8,444,101- Realised profit on foreign exchange


1,422,638Net realised profitMovement in unrealised appreciation / depreciation :

-2,621,164- Movement in unrealised appreciation on investments825,118- Movement in unrealised depreciation on investments

-825,811- Movement in unrealised appreciation on forward foreign exchangecontracts

452,339- Movement in unrealised depreciation on forward foreign exchangecontracts

-746,880Decrease in net assets as a result of operations4,028,417Subscription capitalisation shares

-20,551,254Redemption capitalisation shares




28Page

Notes to the financial statements - Schedule of derivativeinstruments

R INVESTMENTS

29Page

EUR 21,000.00 USD 23,950.50 31/01/19 112 * CACEIS Bank, Luxembourg Branch

The Fund has entered into forward foreign exchange contracts to hedge the Share Classes denominated in a currency other than the Sub-Fund'scurrency against fluctuations in foreign exchange rates and for portfolio hedging.


Currencypurchase

Maturitydate

UnrealisedAppreciation/Dep

reciation(in USD) Counterparty

Quantitypurchased

Currencysale

Quantity sold

EUR 366,000.00 USD 417,423.00 31/01/19 1,952 * CACEIS Bank, Luxembourg BranchEUR 7,630,000.00 USD 8,733,298.00 31/01/19 9,376 * CACEIS Bank, Luxembourg BranchEUR 27,874,000.00 USD 31,904,580.40 31/01/19 34,251 * CACEIS Bank, Luxembourg BranchUSD 115,847.00 EUR 101,000.00 31/01/19 118 * CACEIS Bank, Luxembourg Branch

45,809

EUR 16,214,398.04 USD 18,559,000.00 31/01/19 17,479 CACEIS Bank, Luxembourg Branch


Currencypurchase

Maturitydate

UnrealisedAppreciation/Dep

reciation(in EUR) Counterparty

Quantitypurchased

Currencysale

Quantity sold

EUR 296,361.25 USD 338,000.00 31/01/19 1,382 CACEIS Bank, Luxembourg BranchEUR 261,551.87 USD 300,000.00 31/01/19 -267 * CACEIS Bank, Luxembourg BranchEUR 871,243.00 USD 1,000,000.00 31/01/19 -1,489 CACEIS Bank, Luxembourg BranchEUR 188,952.21 USD 215,500.00 31/01/19 881 CACEIS Bank, Luxembourg BranchUSD 912,900.00 EUR 797,571.20 31/01/19 -857 * CACEIS Bank, Luxembourg BranchEUR 235,689.32 USD 269,770.00 31/01/19 254 CACEIS Bank, Luxembourg BranchUSD 215,500.00 EUR 188,275.38 31/01/19 -202 CACEIS Bank, Luxembourg BranchUSD 670,500.00 EUR 584,568.44 31/01/19 596 CACEIS Bank, Luxembourg BranchCHF 5,115,000.00 EUR 4,497,889.55 31/01/19 42,156 * CACEIS Bank, Luxembourg BranchEUR 219,552.83 USD 250,400.00 31/01/19 1,024 * CACEIS Bank, Luxembourg BranchUSD 12,244,900.00 EUR 10,697,973.09 31/01/19 -11,499 * CACEIS Bank, Luxembourg Branch

49,458

* open forward foreign exchange contracts for share class hedging purposes.

R INVESTMENTS

As at 31/12/18, the following forward contracts were outstanding :

FORWARD FOREIGN EXCHANGE CONTRACTS

30Page

R INVESTMENTSOther notes to the financial statements

R INVESTMENTS

Other notes to the Financial Statements

Page 31

Note 1 - General information R INVESTMENTS (the “Fund”) is an open-ended investment company organised as a Société Anonyme under Part II of the Law of 17 December 2010, as amended regarding undertakings for collective investment and is qualified as a Société d’Investissement à Capital Variable (SICAV). The Fund was initially incorporated in Bermuda on 25 July 1996 and was redomiciled in Luxembourg on 2 January 2008 with an undefined duration. The SICAV is recorded in the Luxembourg Registre de Commerce under the number R.C.S. Luxembourg B 135 265. The Fund further qualifies as an alternative investment fund (“AIF”) under the Luxembourg Law of 12 July 2013 on alternative investment fund managers (“AIFMs”), (the “AIFM Law”). As from 1st October 2014, PO Participations S.A. is appointed as Management Company and AIFM of the Fund. Moreover, as from 1st July 2015, the Management Company has delegated the investment management of the Fund to Rothschild HDF Investment Adviser Limited (until 3 August 2017) and Rothschild HDF Investment Solutions (since 3 August 2017). As from 1 December 2018, PO Participations S.A. has changed its denomination to Rothschild & Co Investment Managers. The Fund offers investors a choice between several Classes of Shares in several Sub-Funds. Each Sub-Fund's assets may be invested partially or wholly, dependent upon prevailing market conditions, in cash or short-term debt instruments denominated in US Dollars, Euros or other freely convertible currencies. The Sub-Funds are not restricted as to how much of their portfolio may be invested in cash or short-term debt instruments, as the Directors wish to retain the flexibility to be invested substantially in cash or short-term debt instruments in circumstances where the Directors consider it to be in the best interests of the Sub-Funds to do so. As at 31 December 2018, the following Sub-Funds are active :

- R INVESTMENTS - OPAL GLOBAL TRADING - R INVESTMENTS - OPAL XIPHIAS

As at 9 October 2018, it has been resolved, through an extraordinary general meeting of shareholders, that the assets of the absorbed Sub-Fund (R INVESTMENTS - OPAL EUROVEST) will be transferred into the absorbing Sub-Fund (R INVESTMENTS - OPAL XIPHIAS) on 30 November 2018. As described in the Merger plan, shares will be issued from the absorbing Sub-Fund to the shareholders of the absorbed Sub-Fund as at that date. The merger ratios are:

Absorbed Sub-Fund and share class Merger ratios Absorbing Sub-Fund and share classes R INVESTMENTS - OPAL EUROVEST Class C EUR

1.5556967074 R INVESTMENTS - OPAL XIPHIAS Class C EUR

R INVESTMENTS - OPAL EUROVEST Class F EUR

0.1634370800 R INVESTMENTS - OPAL XIPHIAS Class F EUR

R INVESTMENTS - OPAL EUROVEST Class G EUR

0.1128540413 R INVESTMENTS - OPAL XIPHIAS Class G EUR

Note 2 - Summary of significant accounting policies These financial statements have been prepared in accordance with Luxembourg legal and regulatory requirements applicable to undertakings for collective investment. All figures disclosed in the financial statements are reported without decimals. As a result, small rounding differences may occur. a) Investments In valuing the Sub-Funds’ holdings in underlying funds, the Fund will need to rely primarily on unaudited financial information provided or reported by the underlying funds, their agents and/or market-makers. If financial information used by any underlying fund to determine the value of its own securities is incomplete, inaccurate, or if such valuation does not adequately reflect the value of the underlying fund’s holding, the net asset value per share of each class of the relevant Sub-Funds within the Fund may be adversely affected.

R INVESTMENTS

Other notes to the Financial Statements (continued)

Page 32

Note 2 - Summary of significant accounting policies (continued) The Directors may establish reserves which will reduce the net asset value per share until such reserves are reversed. The Fund has no control over the valuation methods and accounting rules used by each underlying fund. For non-quoted securities or securities not traded or dealt in on any stock exchange or other regulated market, as well as quoted or non-quoted securities on such other market for which no valuation price is available, or securities for which the quoted prices are, in the opinion of the Directors, not representative of the fair market value, the value thereof shall be determined prudently and in good faith by the Directors on the basis of foreseeable sales prices. Securities issued by any open-ended underlying funds shall be valued at their last available price or net asset value, as reported or provided by the underlying funds, the Submanagers or their agents. In addition, the calculation of the Net Asset Value per Share of each Class may be made on the basis of the net asset values for Underlying Funds, which may be estimated in the event that no published net asset value is available for such Underlying Fund. Gains or losses arising on the disposal of investments are calculated by reference to the net sales proceeds and the average cost attributable to those investments. b) Forward foreign exchange contracts The Fund may enter into forward foreign exchange contracts, and call or put options on currencies to hedge against exposures to foreign currency fluctuations. The carrying value of these contracts is the gain or loss that would be realised if the positions were closed out on the valuation date, and is recorded as an unrealised appreciation and depreciation. Upon the maturity of the contract, the gain or loss is recorded in the net realised profit or loss on forward foreign exchange contracts. For the details of outstanding forward foreign exchange contracts, please refer to section “Notes to the financial statements - Schedule of derivative instruments”. c) Financial Futures The value of financial futures quoted, traded or dealt in on any stock exchange shall be based on the latest available market price. The gain or loss is recorded in the net realised profit or loss on financial futures. d) Foreign currency translation Financial statements are presented in the base currency of the Fund which is EUR for R INVESTMENTS - OPAL EUROVEST (merged into R INVESTMENTS - OPAL XIPHIAS on 30 November 2018) and R INVESTMENTS - OPAL XIPHIAS and USD for R INVESTMENTS - OPAL GLOBAL TRADING. Assets and liabilities in currencies other than the Sub-Funds base currency have been translated into that currency at exchange rates ruling at the date of these financial statements. Transactions occurring during the year in currencies other than the base currency are translated at rates of exchange ruling at the transaction dates. All assets and liabilities expressed in currencies other than in EUR are translated at the exchange rates applicable at the end of the year being: 1 EUR = 1.14315 USD 1 EUR = 0.89755 GBP 1 EUR = 1.1269 CHF e) Combined statements The combined financial statements of the Fund are expressed in EUR and are equal to the sum of the corresponding captions in the financial statements of each Sub-Fund. f) Income Dividends arising on the Fund’s equity investments are recorded when the security is quoted ex-dividend, net of withholding taxes where applicable. Interest income is recognised as the interest accrues (taking into account the effective yield on the asset) unless recoverability is in doubt.

R INVESTMENTS


Page 33

Note 2 - Summary of significant accounting policies (continued) g) Dividends payable The Fund will not distribute any dividends. h) Transaction fees Transaction fees represent the costs incurred by the Sub-Funds in connection with transactions on their portfolio securities and derivative instruments. Note 3 - TER (Total Expense Ratio) and performance fees TER: The total amount of charges and expenses paid annually by each Sub-Fund, other than expenses relating to the creation or liquidation of any Sub-Fund or Share Class ("Total Expense Ratio" or "TER") shall not exceed some percentage of each Sub-Fund’s Net Asset Value. TER (per annum) Maximum Investment Management fees included in the TER Class C 1.65% 1.50% Class F 1.95% 1.80% Class G 0.15% No Investment Management Fee shall be paid Class I 1.15% 1.00% Class M 0.15% No Investment Management Fee shall be paid Class XA 1.15% 1.00% Class XC 1.15% 1.00% Class XD 1.15% 1.00% The Total Expense Ratio, by Share Class, does include fees payable to: - The Management Company (including fees paid to the Investment Manager, the Distributors, the Central

Administration Agent, the Corporate Agent, the Domiciliary, Registrar and Transfer Agent); - The Depositary; - Independent Auditors; - Legal advisers.

The Total Expense Ratio does not include the performance fees, transaction fees, the subscription tax ("taxe d’abonnement"), the indirect fees, indirect performance fees or other costs of the Underlying Funds. Performance fees: The Investment Manager will receive a performance fee payable annually in arrears based on the performance of each Class of Shares other than Class I, Class M, Class G, Class XC and Class XD Shares. Such fee shall be equal to 5% of the increase in the Net Asset Value of the relevant Class (before deduction of any performance fee), accrued on a monthly basis and adjusting for any subscriptions and redemptions. If there is a reduction in the value of the Net Asset Value of the relevant Class in any calendar year, the performance fee will be paid only with respect to the appreciation over the Net Asset Value occurring after such a reduction has been recouped. The appreciation of Net Asset Value means net profits, realised and unrealised, at the end of each calendar month and decreased by all expenses (excluding any accrued performance fee), in each case from the end of the last calendar month in which the relevant Class had gains. If shares are redeemed prior to the end of a calendar year, the performance fee payable with respect to the redeemed shares will be determined and paid as of the redemption date for such shares. Performance fees incurred for the year-ended 31 December 2018 are disclosed in the statement of operations and changes in net assets and amounted to: R INVESTMENTS - OPAL GLOBAL TRADING : 868 USD R INVESTMENTS - OPAL EUROVEST (merged into R INVESTMENTS - OPAL XIPHIAS on 30 November 2018): 858 EUR R INVESTMENTS - OPAL XIPHIAS : 149 EUR

R INVESTMENTS


Page 34

Note 4 - Taxation Under current law and practice, the Fund is not liable to any Luxembourg income tax, nor are dividends paid by the Fund liable to any Luxembourg withholding tax. The Fund is not subject to the Luxembourg net wealth tax. The Fund is, however, liable in Luxembourg to a subscription tax (taxe d'abonnement) at a rate of 0.05% per annum of its net assets, such tax being payable quarterly and calculated on the basis of the total net assets of the Sub-Fund at the end of the relevant quarter. Where a Class only includes institutional investors as defined in the applicable legislation, the Fund may benefit from a reduced tax rate of 0.01% per annum for such Class. However, no guarantee can be given that the Fund will be able to benefit from such reduced tax rate. Note 5 - Overdraft facility The Fund contracted an uncommitted multicurrency overdraft facility agreement. Under that uncommitted agreement the Fund may borrow the lesser of USD 100 million or 10% of the net asset value of assets under custody. In addition the Fund has a foreign exchange facility amounting to 100% of the net asset value of assets under custody. No overdraft facility was charged to the Sub-Funds for the year under review. Note 6 - Statement of portfolio changes Statement of portfolio changes is available to shareholders, free of charge, upon request from the Fund’s registered office. Note 7 - Securities Financing Transactions and Reuse Regulation (“SFTR”) The Fund does not use any instruments falling into the scope of “SFTR”. Note 8 - Subsequent events R INVESTMENTS has been renamed into R-co Investments as of 29 April 2019.

The Sub-Funds R INVESTMENTS - OPAL GLOBAL TRADING and R INVESTMENTS - OPAL XIPHIAS have been renamed respectively R-co Opal Global Trading and R-co Opal Xiphias as of 13 May 2019.

R INVESTMENTS

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