# Geographical classification
(by domicile of the issuer) (in percentage of net assets)
| Taiwan | 11.69 % |
| --- | --- |
| Cayman Islands | 11.21 % |
| South Korea | 9.07 % |
| Thailand | 7.25 % |
| Brazil | 6.51 % |
| China | 5.27 % |
| Indonesia | 4.30 % |
| South Africa | 4.12 % |
| Mexico | 3.95 % |
| Philippines | 3.73 % |
| India | 2.97 % |
| Vietnam | 2.39 % |
| Malaysia | 2.34 % |
| Chile | 2.01 % |
| Luxembourg | 1.72 % |
| Hong Kong | 1.70 % |
| Singapore | 1.66 % |
| Peru | 1.40 % |
| Romania | 0.73 % |
| Poland | 0.65 % |
| Bermuda | 0.53 % |
| Croatia | 0.44 % |
| Total | 85.64 % |

| Assets |  |
| --- | --- |
| Securities portfolio at market value | 1,683,814,480.35 |
| Deposits on futures contracts | 25,833,888.91 |
| Cash at banks | 148,231,405.43 |
| Receivable on issues of shares | 5,244,663.44 |
| Income receivable on portfolio | 3,045,730.14 |
| Unrealised gain on forward foreign exchange contracts | 539,788.72 |
| Other receivables | 23,743,649.68 |
| Prepaid expenses | 	1,949.57  |
| Total assets | 1,890,455,556.24 |
| Liabilities |  |
| Bank overdrafts | 7,299,114.80 |
| Redeemable cash collateral received | 1,270,000.00 |
| Payable on redemptions of shares | 3,454,525.74 |
| Unrealised loss on futures contracts | 19,411,856.00 |
| Expenses payable | 	1,924,139.72  |
| Total liabilities | 33,359,636.26 |
| Net assets at the end of the period | 1,857,095,919.98 |

Breakdown of net assets per share class
| Share class | Number of shares | Currency of share class | NAV per share in currency of share class | Net assets per share class (in EUR) |
| --- | --- | --- | --- | --- |
| A | 366,104.034 | EUR | 152.08 | 55,675,658.09 |
| AM | 361,074.616 | EUR | 156.35 | 56,454,345.12 |
| AR | 684.859 | EUR | 158.88 | 108,811.50 |
| B | 4,820,465.285 | EUR | 210.78 | 1,016,044,087.96 |
| B CHF HEDGED | 32,281.000 | CHF | 134.65 | 4,244,898.76 |
| BI | 323,557.110 | EUR | 1,136.17 | 367,617,287.79 |
| BM | 1,594,830.010 | EUR | 215.26 | 343,298,675.18 |
| BM CHF HEDGED | 3,082.229 | CHF | 138.95 | 418,273.29 |
| BR | 65,238.003 | EUR | 201.87 | 13,169,343.70 |
| BR CHF HEDGED | 500.000 | CHF | 132.17 | 	64,538.59  |
|  |  |  |  | 	1,857,095,919.98  |

| Income |  |
| --- | --- |
| Dividends, net | 13,191,354.92 |
| Interest on bonds and other debt securities, net | 636,852.47 |
| Bank interest | 3,434.94 |
| Other income | 	268,615.97  |
| Total income | 14,100,258.30 |
| Expenses |  |
| Management fees | 9,375,602.17 |
| Depositary fees | 376,646.29 |
| Banking charges and other fees | 121,127.64 |
| Transaction fees | 1,886,590.07 |
| Central administration costs | 145,949.88 |
| Professional fees | 12,000.41 |
| Other administration costs | 91,897.23 |
| Subscription duty ("taxe d'abonnement") | 390,352.35 |
| Other taxes | 227,035.95 |
| Bank interest paid | 640,151.29 |
| Other expenses | 	50,556.93  |
| Total expenses | 13,317,910.21 |
| Net investment income | 782,348.09 |
| Net realised gain/(loss) |  |
| - on securities portfolio | 56,336,534.48 |
| - on forward foreign exchange contracts | -15,819,483.88 |
| - on foreign exchange | 	4,103,639.77  |
| Realised result | 45,403,038.46 |
| Net variation of the unrealised gain/(loss) |  |
| - on securities portfolio | 21,967,121.57 |
| - on futures contracts | -19,411,856.00 |
| - on forward foreign exchange contracts | 	4,368,742.08  |
| Result of operations | 52,327,046.11 |
| Dividends paid | -93,344.10 |
| Reinvestments | - |
| Subscriptions | 175,177,978.55 |
| Redemptions | -95,607,299.93 |
| Total changes in net assets | 131,804,380.63 |
| Total net assets at the beginning of the period | 1,725,291,539.35 |
| Total net assets at the end of the period | 1,857,095,919.98 |

| Total net assets | Currency | 30.09.2020 | 30.09.2021 | 31.03.2022 |
| --- | --- | --- | --- | --- |
|  | EUR | 1,608,245,352.90 | 1,725,291,539.35 | 1,857,095,919.98 |

| Net asset value per share class | Currency | 30.09.2020 | 30.09.2021 | 31.03.2022 |
| --- | --- | --- | --- | --- |
| A | EUR | 138.45 | 147.80 | 152.08 |
| AM | EUR | 141.78 | 151.93 | 156.35 |
| AR | EUR | 145.14 | 154.56 | 158.88 |
| B | EUR | 191.85 | 204.81 | 210.78 |
| B CHF HEDGED | CHF | 123.45 | 131.23 | 134.65 |
| BI | EUR | 204.68 | 1,100.11 | 1,136.17 |
| BM | EUR | 194.78 | 208.78 | 215.26 |
| BM CHF HEDGED | CHF | 127.16 | 135.33 | 138.95 |
| BR | EUR | 184.43 | 196.41 | 201.87 |
| BR CHF HEDGED | CHF | 121.63 | 128.97 | 132.17 |

| Number of shares | outstanding at the beginning of the period | issued | redeemed | outstanding at the end of the period |
| --- | --- | --- | --- | --- |
| A | 343,272.710 | 39,817.065 | -16,985.741 | 366,104.034 |
| AM | 326,655.369 | 53,816.534 | -19,397.287 | 361,074.616 |
| AR | 711.859 | 30.000 | -57.000 | 684.859 |
| B | 4,586,611.554 | 468,568.619 | -234,714.888 | 4,820,465.285 |
| B CHF HEDGED | 24,917.000 | 7,500.000 | -136.000 | 32,281.000 |
| BI | 305,315.547 | 30,870.523 | -12,628.960 | 323,557.110 |
| BM | 1,600,320.891 | 112,912.929 | -118,403.810 | 1,594,830.010 |
| BM CHF HEDGED | 1.000 | 3,087.247 | -6.018 | 3,082.229 |
| BR | 62,855.753 | 4,941.526 | -2,559.276 | 65,238.003 |
| BR CHF HEDGED | 500.000 | - | - | 500.000 |

| TER per share class as at 31.03.2022 | (in %) |
| --- | --- |
| A | 1.41 |
| AM | 1.02 |
| AR | 1.63 |
| B | 1.39 |
| B CHF HEDGED | 1.42 |
| BI | 0.69 |
| BM | 1.01 |
| BM CHF HEDGED | 1.12 |
| BR | 1.65 |
| BR CHF HEDGED | 1.67 |

| Dividends paid | Currency | Dividend per share class | Ex-dividend date |
| --- | --- | --- | --- |
| AM | EUR | 0.28 | 08.02.2022 |

| Currency | Number / nominal value | Description | Cost | Market value | % of total net assets * |
| --- | --- | --- | --- | --- | --- |
| Investments in securities |
| Transferable securities admitted to an official stock exchangelisting |
| Shares |  |  |  |  |  |
| CAD | 670,000 | Agnico Eagle Mines Ltd | 26,268,362.77 | 36,880,046.10 | 1.99 |
| CAD | 540,000 | Enbridge Inc | 17,001,416.06 | 22,361,158.77 | 1.20 |
| CAD | 400,000 | Endeavour Mining PLC | 8,381,093.13 | 8,925,179.82 | 0.48 |
| CAD | 570,000 | Franco Nevada Corporation | 42,616,348.56 | 81,592,865.70 | 4.39 |
| CAD | 390,000 | TC Energy Corp Reg | 15,826,566.90 | 19,786,571.06 | 1.07 |
| CAD | 1,800,000 | Wesdome Gold Mines Ltd Reg | 10,183,816.80 | 20,321,261.57 | 1.09 |
| CAD | 900,000 | Wheaton Precious Metals Corp Reg | 	24,652,788.89  | 	38,499,012.13  | 	2.07  |
|  |  |  | 144,930,393.11 | 228,366,095.15 | 12.29 |
| CHF | 15,000 | Geberit AG Reg | 6,455,805.67 | 8,382,303.19 | 0.45 |
| CHF | 2,500 | Givaudan SA Reg | 6,192,420.01 | 9,343,782.56 | 0.50 |
| CHF | 135,000 | Logitech Intl SA Reg | 9,491,623.34 | 9,123,555.44 | 0.49 |
| CHF | 500,000 | Nestlé SA Reg | 39,652,633.60 | 58,694,678.02 | 3.16 |
| CHF | 135,000 | Novartis AG Reg | 10,416,023.05 | 10,712,267.05 | 0.58 |
| CHF | 270,000 | Roche Holding Ltd Pref | 67,387,676.87 | 96,627,944.85 | 5.20 |
| CHF | 9,000 | SGS SA Reg | 	19,914,043.09  | 	22,641,887.11  | 	1.22  |
|  |  |  | 159,510,225.63 | 215,526,418.22 | 11.60 |
| DKK | 135,000 | Chr. Hansen Holding A/S | 9,179,100.31 | 9,015,314.22 | 0.49 |
| DKK | 160,000 | Novo Nordisk AS B | 7,720,049.96 | 16,110,044.99 | 0.87 |
| DKK | 150,000 | Novozymes AS B | 	6,181,209.82  | 	9,337,383.37  | 	0.50  |
|  |  |  | 23,080,360.09 | 34,462,742.58 | 1.86 |
| EUR | 1,200,000 | Grifols SA A | 24,937,786.22 | 19,776,000.00 | 1.06 |
| EUR | 105,000 | Kerry Group Plc A | 11,260,742.33 | 10,615,500.00 | 0.57 |
| EUR | 406,000 | Kone Oyj B | 22,152,694.70 | 19,321,540.00 | 1.04 |
| EUR | 34,000 | L'Oréal SA | 8,165,098.75 | 12,370,900.00 | 0.67 |
| EUR | 21,000 | LVMH Moët Hennessy L Vuit SE | 7,199,299.65 | 13,637,400.00 | 0.73 |
| EUR | 47,000 | Pernod-Ricard SA | 7,284,823.64 | 9,367,100.00 | 0.50 |
| EUR | 240,000 | SAP SE | 22,453,299.02 | 24,268,800.00 | 1.31 |
| EUR | 750,000 | Unilever Plc Reg | 	35,098,861.76  | 	30,708,750.00  | 	1.65  |
|  |  |  | 138,552,606.07 | 140,065,990.00 | 7.53 |
| GBP | 2,100,000 | GlaxoSmithKline Plc | 34,476,294.99 | 40,938,722.50 | 2.20 |
| GBP | 535,000 | Reckitt Benckiser Group Plc | 	37,252,042.14  | 	36,926,653.85  | 	1.99  |
|  |  |  | 71,728,337.13 | 77,865,376.35 | 4.19 |
| HKD | 3,000,000 | Alibaba Group Holding Ltd Reg | 53,100,983.06 | 38,589,359.41 | 2.08 |
| HKD | 15,000,000 | China Feihe Ltd Unitary Share Reg | 19,710,218.29 | 13,356,531.18 | 0.72 |
| HKD | 200,000 | Hong Kong Sec Clearing Co Ltd | 7,997,206.51 | 8,523,394.64 | 0.46 |
| HKD | 810,000 | Netease Inc Reg | 11,852,189.97 | 13,365,481.43 | 0.72 |
| HKD | 10,000,000 | Travelsky Technology Ltd H | 16,454,706.24 | 12,966,391.95 | 0.70 |
| HKD | 510,000 | Yum China Holdings Inc | 	22,715,557.26  | 	20,341,859.29  | 	1.10  |
|  |  |  | 131,830,861.33 | 107,143,017.90 | 5.78 |
| JPY | 575,000 | Asahi Group Holdings Ltd | 19,634,160.38 | 18,999,082.71 | 1.02 |
| JPY | 1,200,000 | Asahi Intecc Co Ltd | 21,947,367.56 | 21,385,008.85 | 1.15 |
| JPY | 450,000 | CALBEE Inc | 10,624,375.34 | 7,849,391.50 | 0.42 |
| JPY | 37,000 | Disco Corp | 9,252,307.22 | 9,427,417.31 | 0.51 |
| JPY | 120,000 | Fanuc Corp | 21,273,362.34 | 19,238,508.59 | 1.04 |
| JPY | 715,000 | Kao Corp | 37,768,004.77 | 26,611,825.88 | 1.43 |
| JPY | 22,500 | Keyence Corp | 6,389,066.73 | 9,540,927.03 | 0.51 |
| JPY | 1,000,000 | Nabtesco Corp | 25,349,185.63 | 24,146,276.28 | 1.30 |
| JPY | 63,000 | Nintendo Co Ltd | 24,998,124.84 | 28,777,102.47 | 1.55 |
| JPY | 1,200,000 | Pigeon Corp | 27,204,494.31 | 19,136,294.29 | 1.03 |
| JPY | 450,000 | Secom Co Ltd | 29,614,100.69 | 29,557,708.62 | 1.59 |
| JPY | 50,000 | Shimano Inc | 7,043,491.15 | 10,426,969.46 | 0.56 |
| JPY | 250,000 | Shiseido Co Ltd | 10,530,067.54 | 11,513,922.23 | 0.62 |
| JPY | 213,000 | Sony Group Corp | 11,820,651.30 | 20,083,554.19 | 1.08 |

| Currency | Number / nominal value | Description | Cost | Market value | % of total net assets * |
| --- | --- | --- | --- | --- | --- |

| JPY | 450,000 | Terumo Corp | 14,454,822.06 |  | 12,412,371.10 |  | 0.67 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| JPY | 279,700 | Unicharm Corp | 	6,566,401.41  |  | 	9,030,502.16  |  | 	0.49  |
|  |  |  | 284,469,983.27 |  | 278,136,862.67 |  | 14.97 |
| KRW | 185,000 | Coway Co Ltd | 9,510,016.19 |  | 9,382,524.04 |  | 0.51 |
| KRW | 24,000 | LG Household & Health Care Ltd | 22,076,093.27 |  | 15,246,000.00 |  | 0.82 |
| KRW | 518,000 | Samsung Electronics Co Ltd | 	29,854,160.05  |  | 	26,692,938.46  |  | 	1.44  |
|  |  |  | 61,440,269.51 |  | 51,321,462.50 |  | 2.77 |
| MXN | 2,900,000 | Fomento Econom Mexic SAB de CV Units 1B & 4D Shares | 18,116,413.75 |  | 21,606,633.19 |  | 1.16 |
| SEK | 550,000 | Assa Abloy AB B | 10,552,361.33 |  | 13,521,223.94 |  | 0.73 |
| SGD | 52,000,000 | Thai Beverage PLC | 22,023,737.93 |  | 24,689,610.16 |  | 1.33 |
| TWD | 1,300,000 | Taiwan Semiconduct Mfg Co Ltd | 8,291,799.32 |  | 24,366,491.53 |  | 1.31 |
| USD | 63,000 | Accenture Plc A | 7,250,308.25 |  | 19,091,921.28 |  | 1.03 |
| USD | 30,000 | Adobe Inc Reg | 12,359,223.87 |  | 12,283,069.73 |  | 0.66 |
| USD | 8,500 | Alphabet Inc A | 8,787,534.80 |  | 21,245,035.05 |  | 1.14 |
| USD | 6,900 | Amazon.com Inc | 17,438,725.80 |  | 20,213,564.88 |  | 1.09 |
| USD | 168,000 | AptarGroup Inc | 17,872,210.91 |  | 17,739,036.66 |  | 0.95 |
| USD | 100,000 | Becton Dickinson & Co | 20,762,821.67 |  | 23,903,666.43 |  | 1.29 |
| USD | 246,000 | Check Point Software Tec Ltd | 24,180,647.60 |  | 30,564,306.25 |  | 1.65 |
| USD | 960,000 | Enterprise Products LP Units | 18,079,652.56 |  | 22,265,995.69 |  | 1.20 |
| USD | 500,000 | Gilead Sciences Inc | 33,648,766.26 |  | 26,711,897.92 |  | 1.44 |
| USD | 60,000 | Henry Jack & Associates Inc | 8,996,140.47 |  | 10,624,550.68 |  | 0.57 |
| USD | 168,000 | Johnson & Johnson | 22,122,301.44 |  | 26,756,506.11 |  | 1.44 |
| USD | 450,000 | Magellan Midstream Partners LP Uts | 17,233,442.99 |  | 19,843,188.35 |  | 1.07 |
| USD | 63,000 | Mastercard Inc A | 16,027,243.56 |  | 20,232,692.31 |  | 1.09 |
| USD | 81,000 | Microsoft Corp | 14,375,055.01 |  | 22,441,687.63 |  | 1.21 |
| USD | 690,000 | Osisko Gold Royalties Ltd | 8,448,338.64 |  | 8,178,558.59 |  | 0.44 |
| USD | 300,000 | Royal Gold Inc | 24,574,926.67 |  | 38,087,706.69 |  | 2.05 |
| USD | 500,000 | SSR Mining Inc Reg | 	7,836,824.51  |  | 	9,772,645.58  |  | 	0.53  |
|  |  |  | 279,994,165.01 |  | 349,956,029.83 |  | 18.85 |
| VND | 7,500,000 | Vietnam Dairy Product Corp | 27,065,673.57 |  | 23,871,970.26 |  | 1.29 |
| Total shares |  | 1,381,587,187.05 |  | 1,590,899,924.28 |  | 85.66 |
| Bonds |  |  |  |  |  |  |  |
| USD | 90,000,000 | US 1.25% T-Notes 20/15.05.50 | 64,066,062.13 |  | 60,493,522.64 |  | 3.26 |
| USD | 40,000,000 | US 2% Ser Bonds 21/15.08.51 | 	33,235,577.86  |  | 	32,421,033.43  |  | 	1.75  |
| Total bonds |  |  | 97,301,639.99 |  | 92,914,556.07 |  | 5.01 |
| Total investments in securities | 1,478,888,827.04 |  | 1,683,814,480.35 |  | 90.67 |
| Cash at banks |  |  | 148,231,405.43 |  | 7.98 |
| Bank overdrafts |  |  | -7,299,114.80 |  | -0.39 |
| Other net assets/(liabilities) |  |  | 32,349,149.00 |  | 1.74 |
| Total |  |  | 1,857,095,919.98 |  | 100.00 |

Translation (ENFR, 2022-03-31):
# Répartition géographique
(par pays de résidence de l'émetteur) (en pourcentage de l'actif net)
| Etats-Unis d'Amérique | 95,60 % |
| --- | --- |
| Jersey | 1,47 % |
| Belgique | 0,61 % |
| Total | 97,68 % |

| Actif |  |
| --- | --- |
| Portefeuille-titres à la valeur d'évaluation | 660.379.657,00 |
| Avoirs bancaires | 9.253.883,09 |
| A recevoir sur garantie en espèces payée | 1.495.000,00 |
| A recevoir sur émissions d'actions | 17.704,41 |
| Revenus à recevoir sur portefeuille-titres | 47.628,00 |
| Charges payées d'avance | 	870,19  |
| Total de l'actif | 671.194.742,69 |
| Exigible |  |
| Moins-values non réalisées sur changes à terme | 1.660.492,06 |
| Frais à payer | 	641.459,31  |
| Total de l'exigible | 2.301.951,37 |
| Actif net à la fin de la période | 668.892.791,32 |

Répartition des actifs nets par classe d'action
| Classe d'action | Nombre d'actions | Devise action | VNI par action en devise de la classe d'action | Actifs nets par classe d'action (en USD) |
| --- | --- | --- | --- | --- |
| A | 14.420,720 | USD | 216,04 | 3.115.460,45 |
| AM | 370.143,513 | USD | 220,42 | 81.585.236,55 |
| B | 403.157,836 | USD | 231,89 | 93.489.343,22 |
| B EUR HEDGED | 97.620,928 | EUR | 202,23 | 21.968.451,61 |
| BI | 22.560,841 | USD | 2.240,75 | 50.553.186,79 |
| BI EUR HEDGED | 7.548,137 | EUR | 1.351,88 | 11.355.193,98 |
| BM | 1.605.545,215 | USD | 236,72 | 380.065.063,51 |
| BM EUR HEDGED | 115.298,588 | EUR | 208,57 | 	26.760.855,21  |
|  |  |  |  | 	668.892.791,32  |

| Revenus |  |
| --- | --- |
| Dividendes, nets | 1.892.394,00 |
| Intérêts bancaires | 	5.917,94  |
| Total des revenus | 1.898.311,94 |
| Charges |  |
| Commission de gestion | 3.528.287,60 |
| Commission de dépositaire | 160.290,40 |
| Frais bancaires et autres commissions | 18.214,93 |
| Frais sur transactions | 179.782,86 |
| Frais d'administration centrale | 116.222,62 |
| Frais professionnels | 4.951,00 |
| Autres frais d'administration | 76.280,09 |
| Taxe d'abonnement | 176.312,24 |
| Autres impôts | 211.108,82 |
| Intérêts bancaires payés | 36,87 |
| Autres charges | 	11.781,73  |
| Total des charges | 4.483.269,16 |
| Pertes nettes des investissements | -2.584.957,22 |
| Bénéfice/(perte) net(te) réalisé(e) |  |
| - sur portefeuille-titres | 23.554.204,17 |
| - sur changes à terme | -7.245.589,86 |
| - sur devises | 	106.970,79  |
| Résultat réalisé | 13.830.627,88 |
| Variation nette de la plus-/(moins-) value non réalisée |  |
| - sur portefeuille-titres | -43.345.525,62 |
| - sur changes à terme | 	1.496.456,15  |
| Résultat des opérations | -28.018.441,59 |
| Dividendes payés | - |
| Réinvestissements | - |
| Emissions | 96.116.670,48 |
| Rachats | -150.531.594,15 |
| Total des variations de l'actif net | -82.433.365,26 |
| Total de l'actif net au début de la période | 751.326.156,58 |
| Total de l'actif net à la fin de la période | 668.892.791,32 |

| Total de l'actif net | Devise | 30.09.2020 | 30.09.2021 | 31.03.2022 |
| --- | --- | --- | --- | --- |
|  | USD | 396.855.144,81 | 751.326.156,58 | 668.892.791,32 |

| VNI par classe d'action | Devise | 30.09.2020 | 30.09.2021 | 31.03.2022 |
| --- | --- | --- | --- | --- |
| A | USD | 173,17 | 222,00 | 216,04 |
| AM | USD | 175,67 | 226,12 | 220,42 |
| B | USD | 185,76 | 238,15 | 231,89 |
| B EUR HEDGED | EUR | 165,42 | 209,33 | 202,23 |
| BI | USD | 1.776,32 | 2.293,13 | 2.240,75 |
| BI EUR HEDGED | EUR | 1.094,46 | 1.394,80 | 1.351,88 |
| BM | USD | 188,54 | 242,69 | 236,72 |
| BM EUR HEDGED | EUR | 169,61 | 215,50 | 208,57 |

| Nombre d'actions | en circulation au début de la période | émises | remboursées | en circulation en fin de la période |
| --- | --- | --- | --- | --- |
| A | 16.155,860 | 2.187,744 | -3.922,884 | 14.420,720 |
| AM | 351.006,866 | 31.801,017 | -12.664,370 | 370.143,513 |
| B | 415.726,286 | 60.535,667 | -73.104,117 | 403.157,836 |
| B EUR HEDGED | 399.093,728 | 47.643,389 | -349.116,189 | 97.620,928 |
| BI | 22.543,627 | 7.591,982 | -7.574,768 | 22.560,841 |
| BI EUR HEDGED | 8.335,549 | 144,734 | -932,146 | 7.548,137 |
| BM | 1.509.726,005 | 162.160,780 | -66.341,570 | 1.605.545,215 |
| BM EUR HEDGED | 164.041,988 | 17.933,513 | -66.676,913 | 115.298,588 |

| TER par classe d'action au 31.03.2022 | (en %) |
| --- | --- |
| A | 1,45 |
| AM | 1,09 |
| B | 1,40 |
| B EUR HEDGED | 1,43 |
| BI | 0,70 |
| BI EUR HEDGED | 0,74 |
| BM | 1,03 |
| BM EUR HEDGED | 1,03 |

| Devise | Valeur nominale/ Quantité | Dénomination | Coût d'acquisition | Valeur d'évaluation |  | % de l'actif net * |
| --- | --- | --- | --- | --- | --- | --- |
| Portefeuille-titres |
| Valeurs mobilières admises à la cote officielle d'une bourse devaleurs |
| Actions |
| USD | 175.000 | A.O.Smith Corp | 9.562.869,36 | 11.180.750,00 |  | 1,67 |
| USD | 68.000 | Advance Auto Parts | 10.105.773,10 | 14.073.280,00 |  | 2,10 |
| USD | 140.000 | Albany Intl Corp A Reg | 9.347.405,61 | 11.804.800,00 |  | 1,77 |
| USD | 42.000 | ANSYS Inc | 11.007.298,87 | 13.341.300,00 |  | 1,99 |
| USD | 145.000 | AptarGroup Inc | 16.603.740,26 | 17.037.500,00 |  | 2,55 |
| USD | 86.000 | Aspen Technology Inc | 9.044.613,46 | 14.221.820,00 |  | 2,13 |
| USD | 179.000 | BlackLine Inc Reg | 19.101.126,47 | 13.106.380,00 |  | 1,96 |
| USD | 57.000 | Burlington Stores Inc | 9.631.403,66 | 10.383.690,00 |  | 1,55 |
| USD | 79.500 | CDW Corp | 9.127.393,65 | 14.221.755,00 |  | 2,13 |
| USD | 143.000 | Check Point Software Tec Ltd | 15.889.294,95 | 19.771.180,00 |  | 2,96 |
| USD | 32.500 | Chemed Corp | 13.011.985,40 | 16.462.875,00 |  | 2,46 |
| USD | 141.000 | Church & Dwight Co Inc | 9.388.729,50 | 14.012.580,00 |  | 2,10 |
| USD | 85.000 | Clorox Co | 14.361.658,87 | 11.817.550,00 |  | 1,77 |
| USD | 142.000 | Cognex Corp | 7.299.210,56 | 10.955.300,00 |  | 1,64 |
| USD | 20.000 | Cooper Companies Inc (The) | 5.368.415,58 | 8.351.800,00 |  | 1,25 |
| USD | 32.000 | Domino's Pizza Inc Reg | 9.557.161,27 | 13.024.320,00 |  | 1,95 |
| USD | 73.000 | Equifax Inc | 11.261.197,07 | 17.308.300,00 |  | 2,59 |
| USD | 163.000 | Globus Medical Inc | 8.135.939,25 | 12.026.140,00 |  | 1,80 |
| USD | 90.000 | Graco Inc | 4.109.901,68 | 6.274.800,00 |  | 0,94 |
| USD | 126.000 | Henry Jack & Associates Inc | 18.524.656,12 | 24.828.300,00 |  | 3,71 |
| USD | 13.000 | IDEXX Laboratories Inc | 3.522.209,01 | 7.111.780,00 |  | 1,06 |
| USD | 59.000 | Insulet Corp | 13.210.465,20 | 15.717.010,00 |  | 2,35 |
| USD | 75.000 | IPG Photonics Corp | 12.388.509,74 | 8.232.000,00 |  | 1,23 |
| USD | 333.000 | Lamb Weston Holdings Inc Reg S | 22.553.413,60 | 19.950.030,00 |  | 2,98 |
| USD | 42.000 | Lancaster Colony Corp | 6.129.818,17 | 6.264.300,00 |  | 0,94 |
| USD | 42.000 | Lennox Intl Inc | 10.548.333,11 | 10.830.120,00 |  | 1,62 |
| USD | 51.000 | Littelfuse Inc | 10.050.678,89 | 12.719.910,00 |  | 1,90 |
| USD | 283.000 | LKQ Corp | 8.806.700,31 | 12.851.030,00 |  | 1,92 |
| USD | 66.000 | Manhattan Associates Inc | 4.601.554,29 | 9.154.860,00 |  | 1,37 |
| USD | 72.000 | Masimo Corp | 13.265.132,02 | 10.478.880,00 |  | 1,57 |
| USD | 68.000 | McCormick & Co | 4.507.261,46 | 6.786.400,00 |  | 1,01 |
| USD | 7.300 | Mettler Toledo Intl Inc | 4.765.218,43 | 10.024.287,00 |  | 1,50 |
| USD | 64.000 | Middleby Corp | 7.017.304,41 | 10.492.160,00 |  | 1,57 |
| USD | 23.500 | MSCI Inc | 7.223.187,33 | 11.817.680,00 |  | 1,77 |
| USD | 59.000 | Nordson Corp | 9.666.762,59 | 13.397.720,00 |  | 2,00 |
| USD | 30.000 | Paycom Software Inc | 9.433.685,92 | 10.391.400,00 |  | 1,55 |
| USD | 35.500 | Pool Corp | 6.951.674,62 | 15.011.175,00 |  | 2,24 |
| USD | 140.500 | Qualys Inc | 14.569.312,30 | 20.008.605,00 |  | 2,99 |
| USD | 79.000 | Resmed Inc | 11.409.581,96 | 19.158.290,00 |  | 2,86 |
| USD | 568.000 | Rollins Inc | 16.412.419,35 | 19.908.400,00 |  | 2,98 |
| USD | 98.000 | SiteOne Landscape Supply Inc | 10.516.979,18 | 15.845.620,00 |  | 2,37 |
| USD | 61.000 | Tractor Supply Co | 5.540.911,08 | 14.235.570,00 |  | 2,13 |
| USD | 32.000 | Tyler Technologies Inc | 9.748.111,94 | 14.236.480,00 |  | 2,13 |
| USD | 34.000 | Ulta Beauty Inc Reg | 8.265.353,46 | 13.539.480,00 |  | 2,02 |
| USD | 62.000 | Verisign Inc | 12.389.476,83 | 13.792.520,00 |  | 2,06 |
| USD | 150.000 | Verisk Analytics Inc | 24.661.539,27 | 32.194.500,00 |  | 4,81 |
| USD | 38.000 | Waters Corp | 7.383.588,25 | 11.794.820,00 |  | 1,76 |
| USD | 44.000 | Watsco Inc | 8.134.894,95 | 13.404.160,00 |  | 2,00 |
| USD | 16.500 | Zebra Technologies Corp A | 	2.789.311,69  | 	6.826.050,00  |  | 	1,02  |
| Total portefeuille-titres |  | 506.903.164,05 | 660.379.657,00 |  | 98,73 |
| Avoirs bancaires |  |  | 9.253.883,09 |  | 1,38 |
| Autres actifs/(passifs) nets |  | -740.748,77 |  | -0,11 |
| Total |  |  |  | 668.892.791,32 |  | 100,00 |

* Des différences mineures peuvent apparaître résultant des arrondis lors du calcul des pourcentages.
Les notes annexées font partie intégrante de ces états financiers.