# OYSTER
## - Japan Opportunities

#### Financial Statements as at 30/06/2021

##### Statement of net assets as at 30/06/2021
Expressed in JPY
| Assets |  | 53,361,035,644 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 52,259,755,000 |
| Unrealised profit on the securities portfolio |  | 459,212,871 |
| Cash at banks and liquidities |  | 563,508,660 |
| Brokers receivable |  | 225,227,409 |
| Subscriptions receivable |  | 23,863,791 |
| Dividends receivable |  | 288,680,581 |
| Other assets |  | 203 |
| Liabilities |  | 593,866,228 |
| Bank overdrafts |  | 14,246 |
| Brokers payable |  | 306,591,283 |
| Redemptions payable |  | 51,744,837 |
| Unrealised loss on forward foreign exchange contracts | Note 2 | 164,263,443 |
| Management fees payable | Note 3 | 36,530,151 |
| Payable on spot exchange |  | 72,941 |
| Other liabilities |  | 34,649,327 |
| Net asset value |  | 52,767,169,416 |


##### Statement of operations and changes in net assets from 01/01/2021 to 30/06/2021
Expressed in JPY
| Income |  | 695,733,129 |
| --- | --- | --- |
| Net dividends |  | 694,471,614 |
| Bank interest on cash account |  | 1,261,515 |
| Expenses |  | 333,721,807 |
| Management fees | Note 3 | 198,505,739 |
| Depositary fees | Note 6 | 4,339,071 |
| Taxe d'abonnement | Note 5 | 4,644,710 |
| Administrative expenses | Note 3 | 47,903,317 |
| Audit fees |  | 8,519,128 |
| Bank interest |  | 2,805,011 |
| Legal fees |  | 5,659,266 |
| Transaction fees |  | 11,300,837 |
| Other expenses |  | 50,044,728 |
| Net income from investments |  | 362,011,322 |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 30,480,215 |
| - forward foreign exchange contracts | Note 2 | 762,645,876 |
| - financial futures | Note 2 | 51,660,001 |
| - foreign exchange |  | (177,385,505) |
| Net realised profit |  | 1,029,411,909 |
| Movement in net unrealised appreciation / depreciation on: - investments |  | 3,302,258,549 |
| - forward foreign exchange contracts |  | (193,304,299) |
| Increase in net assets as a result of operations |  | 4,138,366,159 |
| Subscription capitalisation shares |  | 15,078,450,848 |
| Redemption capitalisation shares |  | (8,288,000,834) |
| Increase in net assets |  | 10,928,816,173 |
| Net assets at the beginning of the period |  | 41,838,353,243 |
| Net assets at the end of the period |  | 52,767,169,416 |

| Period / Year ending as at: | 30/06/2021 | 31/12/2020 | 31/12/2019 |
| --- | --- | --- | --- |
| JPY | 52,767,169,416 | 41,838,353,243 | 64,105,370,253 |

Total Net Assets
| C - CHF - HP - Capitalisation Number of shares |  | 0.000 | 0.000 | 870.000 |
| --- | --- | --- | --- | --- |
| Net asset value per share | CHF | 0.00 | 0.00 | 165.57 |
| C - EUR - HP - Capitalisation Number of shares |  | 75,486.052 | 81,425.450 | 304,611.578 |
| Net asset value per share | EUR | 257.50 | 235.96 | 253.41 |
| C - JPY - Capitalisation Number of shares |  | 83,148.474 | 85,131.024 | 102,707.627 |
| Net asset value per share | JPY | 27,781.00 | 25,357.45 | 26,899.42 |
| C - USD - HP - Capitalisation Number of shares |  | 1,375.000 | 930.000 | 6,205.204 |
| Net asset value per share | USD | 228.11 | 208.19 | 220.74 |
| I - EUR - Capitalisation Number of shares |  | 166,659.910 | 101,633.281 | 111,459.878 |
| Net asset value per share | EUR | 1,094.97 | 1,033.30 | 1,132.52 |
| I - EUR - HP - Capitalisation Number of shares |  | 55,429.906 | 49,513.665 | 45,032.367 |
| Net asset value per share | EUR | 1,224.80 | 1,117.87 | 1,190.89 |
| I - JPY - Capitalisation Number of shares |  | 75,233.102 | 100,557.624 | 154,557.213 |
| Net asset value per share | JPY | 131,497.00 | 119,553.35 | 125,814.26 |
| I - USD - HP - PR - Capitalisation Number of shares |  | 0.000 | 0.000 | 146.722 |
| Net asset value per share | USD | 0.00 | 0.00 | 1,228.91 |
| N - EUR - HP - Capitalisation Number of shares |  | 1,935.017 | 2,044.638 | 3,352.745 |
| Net asset value per share | EUR | 249.81 | 229.57 | 247.54 |
| R - CHF - HP - Capitalisation Number of shares |  | 267.815 | 267.815 | 267.815 |
| Net asset value per share | CHF | 147.95 | 135.33 | 144.54 |
| R - EUR - HP - Capitalisation Number of shares |  | 1,896.927 | 2,136.140 | 9,372.307 |
| Net asset value per share | EUR | 2,156.97 | 1,970.21 | 2,102.46 |
| R - JPY - Capitalisation Number of shares |  | 16,963.264 | 17,784.972 | 21,307.972 |
| Net asset value per share | JPY | 256,005.00 | 232,915.04 | 245,468.79 |
| R - USD - HP - Capitalisation Number of shares |  | 604.467 | 3,822.242 | 4,256.114 |
| Net asset value per share | USD | 224.48 | 204.22 | 214.58 |
| R S - CHF - HP - Capitalisation Number of shares |  | 0.000 | 0.000 | 16,415.723 |
| Net asset value per share | CHF | 0.00 | 0.00 | 216.89 |
| R S - GBP - HP - Capitalisation Number of shares |  | 0.000 | 0.000 | 258.000 |
| Net asset value per share | GBP | 0.00 | 0.00 | 221.18 |
| R S - EUR - HP - Capitalisation Number of shares |  | 0.184 | 0.184 | 84,929.256 |
| Net asset value per share | EUR | 210.76 | 191.92 | 204.10 |

|  | Period / Year ending as at: | 30/06/2021 | 31/12/2020 | 31/12/2019 |
| --- | --- | --- | --- | --- |
| Total Net Assets | JPY | 52,767,169,416 | 41,838,353,243 | 64,105,370,253 |
| R S - USD - HP - Capitalisation Number of shares |  | 2,131.780 | 2,131.780 | 2,708.914 |
| Net asset value per share | USD | 243.36 | 221.25 | 231.91 |


##### Changes in number of shares outstanding from 01/01/2021 to 30/06/2021
|  | Shares outstanding as at 01/01/2021 | Shares issued | Shares redeemed | Shares outstanding as at 30/06/2021 |
| --- | --- | --- | --- | --- |
| C - EUR - HP - Capitalisation | 81,425.450 | 4,401.311 | 10,340.709 | 75,486.052 |
| C - JPY - Capitalisation | 85,131.024 | 8,709.773 | 10,692.323 | 83,148.474 |
| C - USD - HP - Capitalisation | 930.000 | 530.000 | 85.000 | 1,375.000 |
| I - EUR - Capitalisation | 101,633.281 | 74,503.139 | 9,476.510 | 166,659.910 |
| I - EUR - HP - Capitalisation | 49,513.665 | 7,737.846 | 1,821.605 | 55,429.906 |
| I - JPY - Capitalisation | 100,557.624 | 19,614.301 | 44,938.823 | 75,233.102 |
| N - EUR - HP - Capitalisation | 2,044.638 | 143.244 | 252.865 | 1,935.017 |
| R - CHF - HP - Capitalisation | 267.815 | 0.000 | 0.000 | 267.815 |
| R - EUR - HP - Capitalisation | 2,136.140 | 0.025 | 239.238 | 1,896.927 |
| R - JPY - Capitalisation | 17,784.972 | 477.522 | 1,299.230 | 16,963.264 |
| R - USD - HP - Capitalisation | 3,822.242 | 56.900 | 3,274.675 | 604.467 |
| R S - EUR - HP - Capitalisation | 0.184 | 0.000 | 0.000 | 0.184 |
| R S - USD - HP - Capitalisation | 2,131.780 | 0.000 | 0.000 | 2,131.780 |

Securities portfolio as at 30/06/2021
Expressed in JPY
Quantity	Denomination	Quotation
currency
Transferable securities admitted to an official stock exchange listing and/or dealt in
Cost price
Market value
% of net assets
on another regulated market
51,800,542,129
52,259,755,000	99.04
| Shares |  | 51,800,542,129 | 52,259,755,000 | 99.04 |
| --- | --- | --- | --- | --- |
|  | Japan | 51,800,542,129 | 52,259,755,000 | 99.04 |
| 1,250 ADVANCE RESIDEN INVESTMENT CORP | JPY | 391,896,672 | 462,500,000 | 0.88 |
| 110,000 AICA KOGYO CO LTD | JPY | 377,967,327 | 429,550,000 | 0.81 |
| 595,000 AMANO CORP | JPY | 1,518,365,504 | 1,666,595,000 | 3.16 |
| 825 COMFORIA RESIDENTIAL REIT | JPY | 237,222,818 | 288,750,000 | 0.55 |
| 260,000 DAIICHIKOSHO CO LTD | JPY | 1,249,830,966 | 1,108,900,000 | 2.10 |
| 20,000 DIC | JPY | 67,378,479 | 56,100,000 | 0.11 |
| 520,000 FCC CO LTD | JPY | 1,288,570,074 | 841,360,000 | 1.59 |
| 50,000 FUJITSU GENERAL LTD | JPY | 110,691,443 | 147,350,000 | 0.28 |
| 55,000 FUKUSIMA GALILEI CO LTD | JPY | 210,230,933 | 245,575,000 | 0.47 |
| 1,950,000 HAZAMA | JPY | 1,432,808,664 | 1,595,100,000 | 3.02 |
| 850,000 HOSIDEN CORP | JPY | 982,669,752 | 845,750,000 | 1.60 |
| 750,000 JP POST INSRAN CO | JPY | 1,680,681,575 | 1,540,500,000 | 2.92 |
| 700,000 KAMIGUMI CO LTD | JPY | 1,376,696,424 | 1,577,100,000 | 2.99 |
| 375,000 KEISEI ELECTRIC RAILWAY CO LTD | JPY | 1,188,240,925 | 1,329,375,000 | 2.52 |
| 137,500 KOITO MANUFACTURING | JPY | 1,033,874,540 | 950,125,000 | 1.80 |
| 100,000 KUBOTA CORP | JPY | 184,273,790 | 224,700,000 | 0.43 |
| 425,000 KYOWA EXEO CORP | JPY | 1,149,502,411 | 1,162,375,000 | 2.20 |
| 2,000,000 MARUBENI CORP | JPY | 1,682,878,292 | 1,932,200,000 | 3.66 |
| 175,000 MATSUMOTO HOLDINGS | JPY | 806,279,815 | 858,375,000 | 1.63 |
| 150,000 MITSUBISHI ESTATE | JPY | 301,064,260 | 269,475,000 | 0.51 |
| 4,750,000 MITSUBISHI UFJ FINANCIAL GROUP INC | JPY | 2,436,931,952 | 2,850,475,000 | 5.40 |
| 850,000 MIZUHO FINANCIAL GROUP INC | JPY | 1,348,502,460 | 1,349,375,000 | 2.56 |
| 550,000 NICHIREI CORP | JPY | 1,452,035,537 | 1,605,450,000 | 3.04 |
| 22,500 NINTENDO CO LTD | JPY | 1,403,553,050 | 1,453,950,000 | 2.76 |
| 200,000 NIPPON TELEGRAPH AND TELEPHONE CORP | JPY | 485,844,005 | 578,900,000 | 1.10 |
| 950,000 NIPPON TELEVISION HOLDINGS | JPY | 1,664,232,657 | 1,222,650,000 | 2.32 |
| 150,000 NITTO DENKO CORP | JPY | 1,268,892,120 | 1,243,500,000 | 2.36 |
| 380,000 NS SOLUTIONS | JPY | 1,156,525,139 | 1,360,400,000 | 2.58 |
| 162,500 ORACLE CORP JAPAN | JPY | 1,668,942,756 | 1,381,250,000 | 2.62 |
| 175,000 OTSUKA CORP | JPY | 896,750,140 | 1,020,250,000 | 1.93 |
| 775,000 SANWA HOLDING CORP | JPY | 931,866,742 | 1,057,100,000 | 2.00 |
| 275,000 SECOM CO LTD | JPY | 2,572,264,283 | 2,322,100,000 | 4.40 |
| 975,000 SEKISUI CHEMICAL CO LTD | JPY | 1,744,352,400 | 1,851,525,000 | 3.51 |
| 95,000 SEKISUI JUSHI | JPY | 209,197,884 | 200,450,000 | 0.38 |
| 1,000,000 SUBARU CORPORATION | JPY | 2,722,750,080 | 2,191,500,000 | 4.15 |
| 425,000 SUMITOMO BAKELITE CO LTD | JPY | 1,734,085,428 | 2,086,750,000 | 3.95 |
| 325,000 TAISEI | JPY | 1,181,809,796 | 1,183,000,000 | 2.24 |
| 450,000 TAKEDA PHARMACEUTICAL | JPY | 1,736,642,755 | 1,673,550,000 | 3.17 |
| 400,000 TOKIO MARINE HOLDINGS INC | JPY | 2,000,252,320 | 2,043,200,000 | 3.87 |
| 375,000 TOPRE CORP | JPY | 984,137,029 | 596,625,000 | 1.13 |
| 250,000 TOYO SUISAN KAISHA | JPY | 1,147,064,168 | 1,068,750,000 | 2.03 |
| 237,500 TOYOTA MOTOR CORP | JPY | 1,890,315,399 | 2,306,125,000 | 4.37 |
| 175,000 YOKOGAWA ELECTRIC CORP | JPY | 290,271,761 | 290,500,000 | 0.55 |
| 375,000 ZENKOKU HOSHO | JPY | 1,602,197,604 | 1,790,625,000 | 3.39 |
| Total securities portfolio |  | 51,800,542,129 | 52,259,755,000 | 99.04 |
| Cash at bank/(bank liabilities) |  |  | 563,494,414 | 1.07 |
| Other net assets/(liabilities) |  |  | (56,079,998) | (0.11) |
| Total net assets |  |  | 52,767,169,416 | 100.00 |

Translation (ENFR, 2021-06-30):
# OYSTER
## - Absolute Return GBP

#### Etats Financiers au 30/06/2021

##### Etat du patrimoine au 30/06/2021
Exprimé en GBP
| Actifs |  | 26.622.337,67 |
| --- | --- | --- |
| Portefeuille-titres à la valeur d'évaluation | Note 2 | 24.666.710,34 |
| Plus-value non réalisée sur le portefeuille-titres |  | 489.528,57 |
| Avoirs en banque et liquidités |  | 1.602.789,41 |
| Intérêts à recevoir |  | 125.313,21 |
| Brokers à recevoir |  | 221.579,47 |
| Dividendes à recevoir |  | 587,34 |
| Autres actifs |  | 5.357,90 |
| Passifs |  | 177.869,66 |
| Moins-value non réalisée sur contrats de change à terme | Note 2 | 64.665,06 |
| Moins-value non réalisée sur "futures" | Note 2 | 64.645,64 |
| Commission de gestion et conseil à payer | Note 3 | 8.088,76 |
| Autres passifs |  | 40.470,20 |
| Valeur nette d'inventaire |  | 26.444.468,01 |


##### Etat des opérations et des variations des actifs nets du 01/01/2021 au 30/06/2021
Exprimé en GBP
| Revenus |  | 190.797,24 |
| --- | --- | --- |
| Dividendes nets |  | 9.709,07 |
| Intérêts nets sur obligations |  | 180.570,76 |
| Intérêts bancaires à vue |  | 517,41 |
| Dépenses |  | 126.963,76 |
| Commissions de gestion et de conseil | Note 3 | 46.980,25 |
| Commissions de banque dépositaire et sous-dépositaire | Note 6 | 5.272,58 |
| Taxe d'abonnement | Note 5 | 1.947,74 |
| Frais administratifs | Note 3 | 26.493,73 |
| Frais professionnels |  | 4.494,67 |
| Intérêts bancaires sur découvert |  | 2.149,44 |
| Frais légaux |  | 4.748,88 |
| Frais de transaction |  | 11.689,47 |
| Autres dépenses |  | 23.187,00 |
| Revenus nets des investissements |  | 63.833,48 |
| Bénéfice net / Perte nette réalisé(e) sur : - vente de titres | Note 2 | 442.198,56 |
| - options | Note 2 | (142.282,04) |
| - contrats de change à terme | Note 2 | 651.650,31 |
| - futures | Note 2 | 498.407,85 |
| - change |  | (441.940,03) |
| Bénéfice net réalisé |  | 1.071.868,13 |
| Variation de la plus- ou moins-value nette non réalisée sur : - portefeuille-titres |  | (190.775,36) |
| - contrats de change à terme |  | (263.901,06) |
| - futures |  | (96.258,44) |
| Augmentation des actifs nets résultant des opérations |  | 520.933,27 |
| Dividendes payés |  | (6.115,61) |
| Souscriptions actions de capitalisation |  | 1.885.911,54 |
| Souscriptions actions de distribution |  | 741.912,51 |
| Rachats actions de capitalisation |  | (1.588.259,77) |
| Rachats actions de distribution |  | (102.260,54) |
| Augmentation des actifs nets |  | 1.452.121,40 |
| Actifs nets au début de la période |  | 24.992.346,61 |
| Actifs nets à la fin de la période |  | 26.444.468,01 |


##### Chiffres Clés concernant les 3 derniers exercices
| Période terminant le: | 30/06/2021 | 31/12/2020 | 31/12/2019 |
| --- | --- | --- | --- |
| ts Totaux	 GBP	26.444.468,01	24.992.346,61	136.881.817,83 I M - GBP - Capitalisation |

Actifs Ne
| Nombre d'actions |  | 1.397,455 | 1.378,829 | 8.898,204 |
| --- | --- | --- | --- | --- |
| Valeur nette d'inventaire par action | GBP | 16.426,23 | 16.098,70 | 15.105,98 |
| R - GBP - Distribution Nombre d'actions |  | 315.514,857 | 257.143,655 | 240.133,975 |
| Valeur nette d'inventaire par action | GBP | 11,06 | 10,87 | 10,27 |


##### Changement dans le nombre d'actions en circulation du 01/01/2021 au 30/06/2021
Actions en circulation au 01/01/2021
Actions souscrites	Actions rachetées
Actions en circulation au 30/06/2021
I M - GBP - Capitalisation	1.378,829	116,156	97,530	1.397,455
R - GBP - Distribution	257.143,655	67.669,886	9.298,684	315.514,857
Quantité	Dénomination	Devise de
cotation
Prix d'acquisition
Valeur d'évaluation
% actifs
nets
| e d'une bourse de valeurs et/ou 23.043.764,49	23.472.710,87	88,76 |
| --- |
| 1.210.337,68 | 1.515.798,51 | 5,73 |
| 423.526,42 | 549.361,37 | 2,08 |

Valeurs mobilières admises à la cote officiell négociées sur un autre marché réglementé
Actions
Etats-Unis d'Amérique
| 39 ALPHABET INC -A- | USD | 45.152,46 | 68.935,01 | 0,26 |
| --- | --- | --- | --- | --- |
| 28 AMAZON.COM INC | USD | 59.757,66 | 69.727,42 | 0,26 |
| 750 APPLE INC | USD | 42.488,69 | 74.357,01 | 0,29 |
| 1.640 COCA-COLA CO | USD | 61.214,53 | 64.237,45 | 0,24 |
| 360 DANAHER CORP | USD | 52.454,73 | 69.933,81 | 0,26 |
| 540 JOHNSON & JOHNSON | USD | 58.183,03 | 64.396,13 | 0,24 |
| 249 MASTERCARD INC -A- | USD | 60.701,39 | 65.806,11 | 0,25 |
| 367 MICROSOFT CORP | USD | 43.573,93 | 71.968,43 | 0,28 |
| France |  | 160.262,71 | 203.114,85 | 0,77 |
| 405 DASSAULT SYSTEMES SA | EUR | 55.305,05 | 71.098,98 | 0,27 |
| 200 L'OREAL SA | EUR | 50.288,08 | 64.521,10 | 0,24 |
| 420 PERNOD RICARD SA | EUR | 54.669,58 | 67.494,77 | 0,26 |
| Iles Caïmans	 77.858,65 | 71.410,31 | 0,27 |
| 435 ALIBABA GROUP | USD | 77.858,65 | 71.410,31 | 0,27 |
| Italie |  | 50.605,84 | 73.474,74 | 0,28 |
| 1.500 MONCLER SPA | EUR | 50.605,84 | 73.474,74 | 0,28 |
| Pays-Bas |  | 46.233,89 | 69.634,03 | 0,26 |
| 140 ASML HOLDING NV | EUR | 46.233,89 | 69.634,03 | 0,26 |
| Royaume-Uni |  | 129.465,04 | 145.308,40 | 0,55 |
| 820 ASTRAZENECA PLC | GBP | 63.759,01 | 71.200,60 | 0,27 |
| 11.700 AUTO TRADER GROUP PLC | GBP | 65.706,03 | 74.107,80 | 0,28 |
| Suisse |  | 292.691,35 | 336.084,15 | 1,27 |
| 8.500 CREDIT SUISSE GROUP AG REG SHS | CHF | 66.520,85 | 64.514,53 | 0,24 |
| 755 NESTLE SA REG SHS | CHF | 64.357,63 | 68.123,98 | 0,26 |
| 259 ROCHE HOLDING LTD | CHF | 49.550,41 | 70.695,22 | 0,26 |
| 29 SGS SA REG SHS | CHF | 56.767,25 | 64.815,25 | 0,25 |
| 100 SIEGFRIED HOLDING | CHF | 55.495,21 | 67.935,17 | 0,26 |
| Taïwan	 29.693,78 | 67.410,66 | 0,25 |
| 775 TAIWAN SEMICONDUCTOR CO ADR (REPR 5 SHS) | USD | 29.693,78 | 67.410,66 | 0,25 |
| Obligations |  | 16.853.240,08 | 16.846.798,36 | 63,71 |
| Allemagne |  | 519.280,00 | 516.109,00 | 1,95 |
| 500.000 KFW	1.3750 19-24 09/12A | GBP | 519.280,00 | 516.109,00 | 1,95 |
| Arabie saoudite |  | 189.218,74 | 177.959,71 | 0,67 |
| 250.000 SAUDI ARABIAN OIL COM 2.25 20-30 24/11S | USD | 189.218,74 | 177.959,71 | 0,67 |
| Belgique |  | 172.371,06 | 171.389,54 | 0,65 |
| 200.000 BELFIUS BANQUE	0.375 21-27 08/06A | EUR | 172.371,06 | 171.389,54 | 0,65 |
| Canada |  | 598.988,95 | 607.238,82 | 2,30 |
| 300.000 BANK OF NOVA SC	1.375 19-23 05/12A | GBP | 299.927,95 | 305.799,75 | 1,16 |
| 300.000 PROVINCE DE L ONTARIO 0.50 20-23 15/12A | GBP | 299.061,00 | 301.439,07 | 1,14 |
| Chine |  | 232.590,97 | 210.279,23 | 0,80 |
| 300.000 CHINA 1.200 20-30 21/10S | USD | 232.590,97 | 210.279,23 | 0,80 |
| Corée du Sud |  | 210.632,20 | 187.322,57 | 0,71 |
| 270.000 KOREA NATIONAL OIL  1.625 20-2505/10S | USD | 210.632,20 | 187.322,57 | 0,71 |
| Espagne |  | 985.347,91 | 976.000,51 | 3,69 |
| 300.000 BANCO BILBAO VIZCAYA 0.5 20-27 14/01A | EUR | 262.726,00 | 259.311,22 | 0,98 |
| 400.000 BANCO SANTANDER	1.8490 21-26 25/03S | USD | 292.053,99 | 293.066,45 | 1,11 |
| 200.000 CELLNEX TELECOM SA 1.75 20-30 23/10A | EUR | 179.160,65 | 171.136,64 | 0,65 |
| 200.000 CEPSA FINANCE SA  0.75 20-28 12/02A | EUR | 166.651,46 | 167.197,74 | 0,63 |
| 100.000 RED ELECTRICA FINANCI 0.5 21-33 24/05A | EUR | 84.755,81 | 85.288,46 | 0,32 |
| Etats-Unis d'Amérique	 2.530.034,40 | 2.506.752,95 | 9,48 |
| 300.000 ALPHABET INC | 1.1000 20-30 15/08S | USD | 220.354,89 | 206.584,64 | 0,78 |
| 400.000 ATHENE GLOBAL FUNDING 1.75 20-27 24/11S | GBP | 401.269,00 | 403.834,56 | 1,52 |
| 300.000 CATERPILLAR FIN 0.8 20-25 13/11S | USD | 215.960,70 | 216.112,01 | 0,82 |
| 310.000 DEUTSCHE BANK AG NY 1.686 21-26 19/03S | USD | 224.552,93 | 226.667,62 | 0,86 |
| 200.000 GOLDMAN SACHS GROUP INC 1.5 21-27 07/12A | GBP | 198.990,00 | 200.211,00 | 0,76 |
| 200.000 METROPOLITAN LIFE GLO 0.625 21-27 08/12S | GBP | 199.918,96 | 193.133,12 | 0,73 |
| 250.000 PERSHING SQUARE HO  5.50 15-22 15/07U | USD | 198.181,73 | 188.122,27 | 0,71 |
| 300.000 TOYOTA MOTOR CREDIT 0.75 20-26 19/11A | GBP | 298.043,75 | 296.705,10 | 1,12 |
| 500.000 UNIT STAT TREA BIL ZCP 26-08-21 | USD | 358.938,61 | 361.907,40 | 1,37 |
| 300.000 7-ELEVEN INC	0.95 21-26 10/02S | USD | 213.823,83 | 213.475,23 | 0,81 |

Quantité	Dénomination	Devise de
cotation
Prix d'acquisition
Valeur d'évaluation
% actifs
nets
| France |  |  | 1.926.663,39 | 1.898.541,65 | 7,18 |
| --- | --- | --- | --- | --- | --- |
| 300.000 BPCE SA | 1.0 21-25 22/12A | GBP | 298.704,00 | 300.354,90 | 1,13 |
| 200.000 CARMILA SAS 1.625 20-27 30/05A | EUR | 178.005,20 | 175.902,41 | 0,67 |
| 200.000 CNP ASSURANCES 0.375 20-28 08/03A | EUR | 180.461,70 | 168.308,40 | 0,64 |
| 300.000 COUNCIL OF EUROPE 1.125 17-22 17/03A | GBP | 304.111,79 | 302.081,34 | 1,13 |
| 300.000 HOLDING D'INFRA	0.625 21-28 14/09A | EUR | 255.838,23 | 255.523,14 | 0,97 |
| 300.000 LA MONDIALE	0.7500 20-26 20/04A | EUR | 269.492,49 | 261.040,56 | 0,99 |
| 200.000 RENAULT SA 2.375 20-26 25/05S | EUR | 176.858,06 | 174.456,44 | 0,66 |
| 300.000 UNIBAIL RODAMCO 0.625 20-27 04/05A | EUR | 263.191,92 | 260.874,46 | 0,99 |
| Grèce |  | 25.680,74 | 25.716,13 | 0,10 |
| 30.000 GREECE	21-26 12/02A | EUR | 25.680,74 | 25.716,13 | 0,10 |
| Hong-Kong |  | 239.490,68 | 227.762,92 | 0,86 |
| 300.000 LENOVO GROUP LTD	3.421 20-30 02/11S | USD | 239.490,68 | 227.762,92 | 0,86 |
| Ile de Jersey |  | 400.078,17 | 426.288,30 | 1,61 |
| 200.000 GLENCORE FINANCE EURO 3.125 19-26 26/03A | GBP | 201.212,17 | 213.801,00 | 0,81 |
| 200.000 HASTINGS INSUR REGS 3.00 18-25 24/05S | GBP | 198.866,00 | 212.487,30 | 0,80 |
| Iles Caïmans |  | 446.276,07 | 439.804,03 | 1,66 |
| 200.000 SHIMAO GROUP	3.45 21-31 11/01S | USD | 148.304,87 | 135.258,28 | 0,51 |
| 300.000 TWUCFH	2.375 17-23 03/05A | GBP | 297.971,20 | 304.545,75 | 1,15 |
| Iles Vierges Britanniques |  | 209.612,91 | 184.895,95 | 0,70 |
| 270.000 TSMC GLOBAL LTD	1.3750 20-30 28/09S | USD | 209.612,91 | 184.895,95 | 0,70 |
| Irlande |  | 614.762,28 | 616.999,32 | 2,33 |
| 300.000 AIB GROUP PLC 0.50 21-27 17/11A | EUR | 257.747,65 | 258.346,86 | 0,97 |
| 200.000 FCA CAPITAL IRELAN  1.625 16-21 29/09 | GBP | 198.905,41 | 200.510,00 | 0,76 |
| 200.000 GRENKE FINANCE PLC  0.625 19-25 09/01A | EUR | 158.109,22 | 158.142,46 | 0,60 |
| Italie |  | 3.073.413,88 | 3.164.239,22 | 11,97 |
| 270.000 AMCO AM COMPANY SPA 0.75 21-28 20/04A | EUR | 232.873,98 | 231.129,06 | 0,87 |
| 138.000 ASSICURAZIONI G	1.7130 21-32 30/06A | EUR | 118.452,30 | 118.610,87 | 0,45 |
| 350.000 INTESA SANPAOLO	2.1000 20-30 13/11A | USD | 238.955,28 | 250.532,05 | 0,95 |
| 250.000 INTESA SANPAOLO 2.3750 20-30 22/12A | EUR | 215.998,62 | 216.555,55 | 0,82 |
| 600.000 ITALY EMTN	6.00 98-28 04/08A | GBP | 690.261,10 | 774.890,58 | 2,94 |
| 500.000 ITALY 0.5 21-28 15/07S | EUR | 424.194,29 | 430.519,11 | 1,63 |
| 1.000.000 ITALY 1.25 20-30 25/11A | USD | 712.282,71 | 714.748,85 | 2,70 |
| 200.000 SNAM SPA	0.625 21-31 30/06A | EUR | 169.479,49 | 170.149,43 | 0,64 |
| 350.000 UNICREDIT SPA 2.569 20-26 22/09S | USD | 270.916,11 | 257.103,72 | 0,97 |
| Luxembourg |  | 455.321,11 | 448.480,20 | 1,70 |
| 300.000 BANQUE EUROPEENNE D'IN 0.75 20-23 14/07A | GBP | 301.539,00 | 303.214,02 | 1,15 |
| 200.000 B2W DIGITAL LUX SARL 4.375 20-30 20/12S | USD | 153.782,11 | 145.266,18 | 0,55 |
| Norvège |  | 171.779,17 | 172.173,36 | 0,65 |
| 200.000 AKER ASA	1.125 21-29 12/05A | EUR | 171.779,17 | 172.173,36 | 0,65 |
| Pays-Bas |  | 778.209,30 | 775.515,72 | 2,93 |
| 143.000 EASYJET FINCO B	1.8750 21-28 03/03A | EUR | 121.963,82 | 123.054,20 | 0,47 |
| 100.000 ING GROEP NV	0.8750 21-32 09/06A | EUR | 85.764,81 | 85.906,13 | 0,32 |
| 200.000 PROSUS NV 1.539 20-28 03/08A | EUR | 185.636,82 | 177.917,89 | 0,67 |
| 300.000 SIEMENS FINANCI	0.8750 20-23 05/06A | GBP | 299.043,00 | 302.472,30 | 1,14 |
| 100.000 TENNET HOLDING BV 0.5 21-31 09/06A | EUR | 85.800,85 | 86.165,20 | 0,33 |
| Royaume-Uni |  | 2.248.113,15 | 2.288.424,85 | 8,65 |
| 300.000 BARCLAYS PLC	3 19-26 08/05A | GBP | 299.405,23 | 322.486,20 | 1,22 |
| 300.000 BK OF ENGLAND EURO 0.5000 20-23 28/04S | USD | 243.538,24 | 218.120,14 | 0,82 |
| 200.000 BURBERRY GROUP PLC  1.125 20-25 21/09S | GBP | 199.842,43 | 199.649,60 | 0,75 |
| 400.000 COVENTRY BUILDING SOC 1.0 20-25 21/09S | GBP | 398.955,65 | 400.509,52 | 1,52 |
| 300.000 LLOYDS BANKING GROUP 2.25 17-24 16/10A | GBP | 298.121,25 | 312.626,19 | 1,18 |
| 200.000 MARKS SPENCER	3.7500 20-26 19/05A | GBP | 200.060,00 | 208.308,00 | 0,79 |
| 300.000 PRINCIPALITY BUIL SOC 2.375 17-23 23/11S | GBP | 299.001,00 | 309.549,90 | 1,17 |
| 300.000 TESCO CORP TREASURY 2.5 19-25 02/05A | GBP | 309.189,35 | 317.175,30 | 1,20 |
| Serbie |  | 208.795,23 | 210.477,34 | 0,80 |
| 250.000 SERBIA 1.65 21-33 03/03A | EUR | 208.795,23 | 210.477,34 | 0,80 |
| Suède |  | 261.097,91 | 244.307,23 | 0,92 |
| 300.000 INVESTOR AB	0.375 20-35 29/10A | EUR | 261.097,91 | 244.307,23 | 0,92 |
| Turquie |  | 355.481,86 | 370.119,81 | 1,40 |
| 200.000 ANADOLU EFES BIRACILI 3.375 21-28 29/06S | USD | 142.602,99 | 145.268,36 | 0,55 |
| 100.000 ARCELIK AS 3.00 21-26 27/05A | EUR | 86.285,00 | 87.033,27 | 0,33 |
| 200.000 TURKEY 5.25 20-30 13/03S | USD | 126.593,87 | 137.818,18 | 0,52 |

Quantité	Dénomination	Devise de
cotation
Prix d'acquisition
Valeur d'évaluation
% actifs
nets
| Obligations à taux flottant |  | 4.980.186,73 | 5.110.114,00 | 19,32 |
| --- | --- | --- | --- | --- |
| Allemagne |  | 330.400,75 | 327.195,80 | 1,24 |
| 200.000 ALLIANZ SE FL.R 20-XX XX/XXA | USD | 152.196,60 | 150.024,25 | 0,57 |
| 200.000 MERCK KGAA	FL.R 20-80 09/09A | EUR | 178.204,15 | 177.171,55 | 0,67 |
| Australie |  | 800.000,00 | 809.077,20 | 3,06 |
| 400.000 COMMONWEALTH BA	FL.R 20-25 16/01Q | GBP | 400.000,00 | 404.857,20 | 1,53 |
| 400.000 NATIONAL AUSTRALIA BK FL.R 20-25 04/02Q | GBP | 400.000,00 | 404.220,00 | 1,53 |
| Canada |  | 403.747,20 | 402.691,00 | 1,52 |
| 400.000 ROYAL BANK OF CANADA FL.R 21-22 21/03Q | GBP | 403.747,20 | 402.691,00 | 1,52 |
| Danemark |  | 169.964,09 | 176.418,86 | 0,67 |
| 200.000 ORSTED	FL.R 19-XX 09/12A | EUR | 169.964,09 | 176.418,86 | 0,67 |
| Etats-Unis d'Amérique |  | 300.090,00 | 301.268,70 | 1,14 |
| 300.000 INTL BK RECON	FL.R 19-24 29/05Q | GBP | 300.090,00 | 301.268,70 | 1,14 |
| France |  | 133.460,53 | 129.066,24 | 0,49 |
| 150.000 TOTAL SE FL.R 21-XX XX/XXA | EUR | 133.460,53 | 129.066,24 | 0,49 |
| Irlande |  | 200.074,97 | 197.457,79 | 0,75 |
| 231.000 BANK OF IRELAND GRP FL.R 21-31 11/08A | EUR | 200.074,97 | 197.457,79 | 0,75 |
| Italie |  | 113.935,07 | 114.165,27 | 0,43 |
| 132.000 ENI SPA FL.R 21-XX XX/XX A | EUR | 113.935,07 | 114.165,27 | 0,43 |
| Luxembourg |  | 310.803,21 | 310.882,77 | 1,18 |
| 300.000 BANQUE EUROPEENNE  FL.R 20-25 08/09Q | GBP | 310.803,21 | 310.882,77 | 1,18 |
| Royaume-Uni |  | 1.967.710,91 | 2.090.015,37 | 7,89 |
| 300.000 BARCLAYS PLC	FL.R 17-23 06/10A | GBP | 298.612,78 | 306.631,98 | 1,16 |
| 200.000 LEEDS BUILDING	FL.R 18-29 25/04S | GBP | 194.121,13 | 215.379,80 | 0,81 |
| 200.000 LEGAL & GENERAL	FL.R 19-49 26/11S | GBP | 200.362,75 | 218.198,22 | 0,83 |
| 200.000 SOCIETY OF LLOYDS  FL.R 17-47 07/02A | GBP | 202.606,00 | 231.072,50 | 0,87 |
| 300.000 SSE PLC	FL.R 20-XX XX/XXA | GBP | 299.975,96 | 317.481,60 | 1,20 |
| 237.000 STANDARD CHARTERED PLC FL.R 21-32 29/06S | USD | 170.295,82 | 172.516,27 | 0,65 |
| 200.000 VIRGIN MONEY UK	FL.R 20-49 31/12S | GBP | 201.616,47 | 223.355,40 | 0,84 |
| 400.000 YORKSHIRE BUILDING SO FL.R 19-24 21/11Q | GBP | 400.120,00 | 405.379,60 | 1,53 |
| Suède |  | 250.000,00 | 251.875,00 | 0,95 |
| 250.000 VATTENFALL AB	FL.R 21-83 29/06A | GBP | 250.000,00 | 251.875,00 | 0,95 |
| Autres valeurs mobilières |  | 56.333,43 | 64.319,69 | 0,24 |
| Actions |  | 56.333,43 | 64.319,69 | 0,24 |
| Iles Caïmans |  | 56.333,43 | 64.319,69 | 0,24 |
| 1.180 TENCENT HOLDINGS LTD UNSPON ADR REP 1 SH | USD | 56.333,43 | 64.319,69 | 0,24 |
| Actions/Parts d'OPCVM/OPC |  | 1.077.083,85 | 1.129.679,78 | 4,27 |
| Actions/Parts de fonds d'investissements |  | 1.077.083,85 | 1.129.679,78 | 4,27 |
| Irlande |  | 335.640,65 | 376.799,39 | 1,42 |
| 11.000 ISHARES IV EDGE MSCI WORLD VAL ETF | USD | 257.554,15 | 292.071,34 | 1,10 |
| 2.800 KRANESHARES MSCI CHINA ESG LEADERS UCITS | USD | 78.086,50 | 84.728,05 | 0,32 |
| Luxembourg |  | 741.443,20 | 752.880,39 | 2,85 |
| 700 OYSTER - EUROPEAN SUBORDINATED BONDS -I EUR -S CAP | EUR | 741.443,20 | 752.880,39 | 2,85 |
| Total portefeuille-titres | 24.177.181,77 | 24.666.710,34 | 93,28 |
| Avoirs bancaires |  | 1.602.789,41 | 6,06 |
| Autres actifs/(passifs) nets |  | 174.968,26 | 0,66 |
| Total |  | 26.444.468,01 | 100,00 |