# Geographical classification
(by domicile of the issuer) (in percentage of net assets)
| South Korea | 6.20 % |
| --- | --- |
| Uruguay | 4.78 % |
| Philippines | 4.42 % |
| Panama | 4.38 % |
| Colombia | 4.32 % |
| Peru | 4.21 % |
| United Arab Emirates | 3.98 % |
| Chile | 3.86 % |
| Cayman Islands | 3.59 % |
| Paraguay | 3.52 % |
| Malaysia | 3.49 % |
| Indonesia | 3.48 % |
| Ghana | 3.30 % |
| Poland | 3.05 % |
| Morocco | 3.02 % |
| Kazakhstan | 2.91 % |
| Hungary | 2.29 % |
| Vietnam | 2.06 % |
| Russia | 2.04 % |
| Dominican Republic | 2.02 % |
| Saudi Arabia | 1.57 % |
| Senegal | 1.49 % |
| Brazil | 1.48 % |
| Qatar | 1.47 % |
| China | 1.12 % |
| Jamaica | 1.08 % |
| Croatia | 1.01 % |
| Mexico | 1.00 % |
| Azerbaijan | 1.00 % |
| Trinidad And Tobago | 0.97 % |
| Namibia | 0.96 % |
| The Netherlands | 0.55 % |
| Mongolia | 0.53 % |
| Guatemala | 0.50 % |
| Luxembourg | 0.46 % |
| Kuwait | 0.41 % |
| Total | 86.52 % |

| Assets |  |
| --- | --- |
| Securities portfolio at market value | 235,776,383.49 |
| Cash at banks | 13,446,503.69 |
| Income receivable on portfolio | 2,061,845.10 |
| Prepaid expenses | 	312.92  |
| Total assets | 251,285,045.20 |
| Liabilities |  |
| Expenses payable | 	178,173.12  |
| Total liabilities | 178,173.12 |
| Net assets at the end of the period | 251,106,872.08 |

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 | 156,164.252 | EUR | 225.96 | 35,286,696.42 |
| B | 373,538.201 | EUR | 577.77 | 	215,820,175.66  |
|  |  |  |  | 	251,106,872.08  |

| Income |  |
| --- | --- |
| Interest on bonds and other debt securities, net | 	1,881,973.26  |
| Total income | 1,881,973.26 |
| Expenses |  |
| Management fees | 739,680.46 |
| Depositary fees | 53,773.99 |
| Banking charges and other fees | 7,950.72 |
| Transaction fees | 2,900.00 |
| Central administration costs | 42,872.02 |
| Professional fees | 1,798.15 |
| Other administration costs | 19,931.72 |
| Subscription duty ("taxe d'abonnement") | 62,265.59 |
| Other taxes | 66,513.13 |
| Bank interest paid | 67,060.07 |
| Other expenses | 	1,555.21  |
| Total expenses | 1,066,301.06 |
| Net investment income | 815,672.20 |
| Net realised gain/(loss) |  |
| - on securities portfolio | 	334,512.27  |
| Realised result | 1,150,184.47 |
| Net variation of the unrealised gain/(loss) |  |
| - on securities portfolio | 	1,310,461.36  |
| Result of operations | 2,460,645.83 |
| Dividends paid | -247,162.52 |
| Reinvestments | - |
| Subscriptions | 17,776,968.87 |
| Redemptions | -11,886,895.40 |
| Total changes in net assets | 8,103,556.78 |
| Total net assets at the beginning of the period | 243,003,315.30 |
| Total net assets at the end of the period | 251,106,872.08 |

| Total net assets | Currency | 30.09.2019 | 30.09.2020 | 31.03.2021 |
| --- | --- | --- | --- | --- |
|  | EUR | 174,804,104.18 | 243,003,315.30 | 251,106,872.08 |

| Net asset value per share class | Currency | 30.09.2019 | 30.09.2020 | 31.03.2021 |
| --- | --- | --- | --- | --- |
| A | EUR | 236.63 | 225.25 | 225.96 |
| B | EUR | 581.22 | 571.91 | 577.77 |

| Number of shares | outstanding at the beginning of the period | issued | redeemed | outstanding at the end of the period |
| --- | --- | --- | --- | --- |
| A | 146,225.522 | 15,510.741 | -5,572.011 | 156,164.252 |
| B | 367,304.438 | 24,588.603 | -18,354.840 | 373,538.201 |

| TER per share class as at 31.03.2021 | (in %) |
| --- | --- |
| A | 0.78 |
| B | 0.78 |

| Dividends paid | Currency | Dividend per share class | Ex-dividend date |
| --- | --- | --- | --- |
| A | EUR | 1.61 | 09.02.2021 |

| Currency | Number / nominal value | Description | Cost | Market value | % of total net assets * |
| --- | --- | --- | --- | --- | --- |
| Investments in securities |
| Transferable securities admitted to an official stock exchange listing |
| Bonds |  |  |  |  |  |
| EUR | 407,000 | Albemarle New Holding GmbH 1.125% Sen Reg S 19/25.11.25 | 399,014.66 | 425,634.49 | 0.17 |
| EUR | 1,000,000 | Albemarle New Holding GmbH 1.625% 19/25.11.28 | 1,067,500.00 | 1,064,260.00 | 0.42 |
| EUR | 3,000,000 | Altria Group Inc 1.7% Sen 19/15.06.25 | 3,036,540.00 | 3,152,865.00 | 1.26 |
| EUR | 1,500,000 | Altria Group Inc 2.2% Sen 19/15.06.27 | 1,550,850.00 | 1,620,315.00 | 0.65 |
| EUR | 2,000,000 | America Movil SAB de CV 0.75% EMTN Sen 19/26.06.27 | 2,047,780.00 | 2,048,630.00 | 0.82 |
| EUR | 2,000,000 | Apple Inc 0% Sen 19/15.11.25 | 1,966,742.50 | 2,015,690.00 | 0.80 |
| EUR | 2,000,000 | Aptiv Plc 1.5% Sen 15/10.03.25 | 2,001,160.00 | 2,109,660.00 | 0.84 |
| EUR | 2,000,000 | ASTM SpA 1.625% EMTN 18/08.02.28 | 1,892,120.00 | 2,065,120.00 | 0.82 |
| EUR | 2,500,000 | Banco Bilbao Vizcaya Argent SA 3.5% Reg S Sen 17/10.02.27 | 2,802,525.00 | 2,886,612.50 | 1.15 |
| EUR | 2,500,000 | Banco de Sabadell SA 0.875% EMTN Ser 2 Tr1 Sen 19/22.07.25 | 2,430,775.00 | 2,543,525.00 | 1.01 |
| EUR | 4,000,000 | Barclays Plc 1.875% EMTN Reg S Sen 16/08.12.23 | 4,198,930.00 | 4,202,980.00 | 1.67 |
| EUR | 500,000 | BMW Finance NV 0.375% EMTN Sen Ser 1054 20/14.01.27 | 504,725.00 | 508,330.00 | 0.20 |
| EUR | 3,000,000 | BMW Finance NV 1% EMTN Sen 15/21.01.25 | 3,081,615.00 | 3,122,865.00 | 1.24 |
| EUR | 5,000,000 | BNP Paribas SA 1.125% EMTN Ser 18547 Sen Reg S 18/11.06.26 | 5,167,400.00 | 5,215,050.00 | 2.08 |
| EUR | 2,500,000 | BNP Paribas SA VAR Sen Ser 19195 19/04.06.26 | 2,517,970.00 | 2,539,412.50 | 1.01 |
| EUR | 2,000,000 | BPCE S.A. 0.5% 20/15.09.27 | 1,997,600.00 | 2,011,210.00 | 0.80 |
| EUR | 2,000,000 | BPCE SA 1.125% EMTN Sen 17/18.01.23 | 2,032,040.00 | 2,045,100.00 | 0.81 |
| EUR | 2,000,000 | Brisa Concessao Rodoviaria SA 1.875% EMTN Reg S 15/30.04.25 | 2,122,860.00 | 2,156,560.00 | 0.86 |
| EUR | 3,000,000 | Brisa Concessao Rodoviaria SA 2.375% EMTN 11 Sen 17/10.05.27 | 3,257,940.00 | 3,376,935.00 | 1.34 |
| EUR | 4,000,000 | British Telecommunications Plc 2.125% EMTN 20188 18/26.09.28 | 4,349,960.00 | 4,472,460.00 | 1.78 |
| EUR | 3,500,000 | CEZ AS 3% EMTN Ser 26 Sen Reg S 13/05.06.28 | 3,842,908.00 | 4,084,027.50 | 1.63 |
| EUR | 1,500,000 | CGNPC International Ltd 1.625% EMTN Sen 17/11.12.24 | 1,579,500.00 | 1,563,540.00 | 0.62 |
| EUR | 1,000,000 | CK Hutchison Europe Fin 18 Ltd 2% Ser B Sen RegS 18/13.04.30 | 1,122,350.00 | 1,136,465.00 | 0.45 |
| EUR | 3,000,000 | CK Hutchison Fin 16 2% Reg S Sen 16/06.04.28 | 3,261,360.00 | 3,355,395.00 | 1.34 |
| EUR | 2,000,000 | CNH Industrial Fin Europe SA 1.875% EMTN Sen 18/19.01.26 | 2,046,900.00 | 2,151,670.00 | 0.86 |
| EUR | 1,800,000 | Cooperatieve Rabobank UA 1.375% EMTN Reg S Sen 15/03.02.27 | 1,839,330.00 | 1,948,860.00 | 0.78 |
| EUR | 2,000,000 | CPI PROPERTY GROUP SA 2.75% EMTN Sen Reg S 20/12.05.26 | 2,069,895.00 | 2,174,030.00 | 0.87 |
| EUR | 1,000,000 | Cred Agricole SA London 2.375% EMTN Sen 14/20.05.24 | 1,080,150.00 | 1,082,175.00 | 0.43 |
| EUR | 5,000,000 | Cred Mutuel Arkea 3.5% EMTN Ser 154 Sen Reg S 17/09.02.29 | 5,865,370.00 | 5,982,175.00 | 2.38 |
| EUR | 2,000,000 | Diageo Finance Plc 2.375% EMTN 14/20.05.26 | 2,276,340.00 | 2,239,290.00 | 0.89 |
| EUR | 3,000,000 | DP World Ltd 2.375% Ser 2-2018 Sen Reg S 18/25.09.26 | 3,181,920.00 | 3,183,615.00 | 1.27 |
| EUR | 2,000,000 | Eesti Energia As 2.384% Reg S Sen 15/22.09.23 | 2,137,986.67 | 2,108,340.00 | 0.84 |
| EUR | 3,000,000 | Electricité de France SA 4.625% EMTN Sen Ser 4 10/26.04.30 | 4,156,230.00 | 4,100,835.00 | 1.63 |
| EUR | 3,500,000 | Emirates Telecom Gr Co PJSC 2.75% EMTN Sen 14/18.06.26 | 3,924,935.00 | 3,964,800.00 | 1.58 |
| EUR | 3,000,000 | Energa Finance AB 2.125% EMTN Sen Reg S 17/07.03.27 | 3,191,625.00 | 3,174,480.00 | 1.26 |
| EUR | 2,000,000 | Engie SA 1.375% EMTN Sen 17/28.02.29 | 2,070,960.00 | 2,160,860.00 | 0.86 |
| EUR | 2,000,000 | ENI SpA 1.625% EMTN Reg S Sen 16/17.05.28 | 2,016,880.00 | 2,195,590.00 | 0.87 |
| EUR | 1,500,000 | EP Infrastructure AS 1.698% Sen Reg S 19/30.07.26 | 1,515,150.00 | 1,560,120.00 | 0.62 |
| EUR | 2,000,000 | EP Infrastructure AS 2.045% Sen Reg S 19/09.10.28 | 1,936,920.00 | 2,102,340.00 | 0.84 |
| EUR | 2,000,000 | ERG SpA 1.875% EMTN Ser 1 19/11.04.25 | 2,089,810.00 | 2,135,970.00 | 0.85 |
| EUR | 1,500,000 | Export Import Bk Of China 0.75% EMTN Sen Reg S 17/28.05.23 | 1,523,811.00 | 1,522,710.00 | 0.61 |
| EUR | 2,000,000 | Ferrovial Emisiones SA 1.375% Sen 17/31.03.25 | 2,102,700.00 | 2,101,830.00 | 0.84 |
| EUR | 800,000 | Ferrovial Emisiones SA 1.382% Ser 6Y Sen 20/14.05.26 | 834,328.00 | 845,484.00 | 0.34 |
| EUR | 3,000,000 | General Electric Co 1.5% Sen 17/17.05.29 | 3,122,190.00 | 3,201,330.00 | 1.28 |
| EUR | 1,400,000 | Goldman Sachs Group Inc 2% EMTN Reg S Sen 15/27.07.23 | 1,473,374.00 | 1,468,201.00 | 0.58 |
| EUR | 3,000,000 | Hera SpA 0.875% EMTN Ser 9 Sen Reg S 19/05.07.27 | 3,073,350.00 | 3,135,000.00 | 1.25 |
| EUR | 2,300,000 | Huarong Universe Inv Hg Ltd 1.625% Sen Reg S 17/05.12.22 | 2,258,531.00 | 2,264,327.00 | 0.90 |
| EUR | 2,000,000 | Iberdrola Intl BV VAR 21/09.02.Perpetual | 2,007,110.00 | 2,012,910.00 | 0.80 |
| EUR | 4,000,000 | IBM Corp 1.125% Sen 16/06.09.24 | 4,078,116.00 | 4,175,700.00 | 1.66 |

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

| EUR | 1,500,000 | Ignitis Grupe AB 2% EMTN Ser 1 Sen Reg S 17/14.07.27 | 1,677,315.00 | 1,662,150.00 |  | 0.66 |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 5,000,000 | Intesa Sanpaolo SpA 1% EMTN Sen Reg S 19/19.11.26 | 4,983,750.00 | 5,124,800.00 |  | 2.04 |
| EUR | 3,500,000 | JPMorgan Chase & Co 3% EMTN Ser 76 Sen Reg S 14/19.02.26 | 3,935,302.00 | 4,009,040.00 |  | 1.60 |
| EUR | 2,000,000 | Kion Group AG 1.625% EMTN 20/24.09.25 | 2,082,320.00 | 2,084,160.00 |  | 0.83 |
| EUR | 3,000,000 | Leaseplan Corp NV 3.5% EMTN Sen 20/09.04.25 | 3,420,060.00 | 3,395,670.00 |  | 1.35 |
| EUR | 2,000,000 | Magna International Inc 1.5% Sen 17/25.09.27 | 2,174,580.00 | 2,163,060.00 |  | 0.86 |
| EUR | 2,000,000 | Mediobanca SpA 1% EMTN Sen Reg S 20/08.09.27 | 2,022,340.00 | 2,063,430.00 |  | 0.82 |
| EUR | 2,500,000 | Metsa Board Corp 2.75% 17/29.09.27 | 2,712,500.00 | 2,839,637.50 |  | 1.13 |
| EUR | 1,500,000 | Microsoft Corp 3.125% Sen 13/06.12.28 | 1,830,000.00 | 1,851,750.00 |  | 0.74 |
| EUR | 700,000 | Mohawk Capital Finance SA 1.75% 20/12.06.27 | 720,293.00 | 748,566.00 |  | 0.30 |
| EUR | 2,500,000 | MOL Hungarian Oil and Gas Plc 1.5% Sen 20/08.10.27 | 2,636,375.00 | 2,607,775.00 |  | 1.04 |
| EUR | 2,500,000 | Molnlycke Holding AB 0.875% EMTN Sen Reg S 19/05.09.29 | 2,474,775.00 | 2,530,025.00 |  | 1.01 |
| EUR | 2,000,000 | Molnlycke Holding AB 1.875% Reg S Sen 17/28.02.25 | 2,105,190.00 | 2,135,120.00 |  | 0.85 |
| EUR | 1,400,000 | NE Property BV 1.75% EMTN Sen 17/23.11.24 | 1,335,180.00 | 1,429,491.00 |  | 0.57 |
| EUR | 1,500,000 | Neste Corporation 0.75% 21/25.03.28 | 1,500,300.00 | 1,494,510.00 |  | 0.60 |
| EUR | 5,000,000 | NIBC Bank NV 0.875% EMTN Sen Reg S 19/08.07.25 | 4,905,000.00 | 5,152,150.00 |  | 2.05 |
| EUR | 2,000,000 | Nokia Corp 2% EMTN Sen Reg S 19/11.03.26 | 2,106,000.00 | 2,083,550.00 |  | 0.83 |
| EUR | 3,000,000 | Optus Finance Pty Ltd 1% Sen Reg S 19/20.06.29 | 2,997,155.00 | 3,124,620.00 |  | 1.24 |
| EUR | 2,500,000 | Orange SA 0.5% EMTN Sen 19/04.09.32 | 2,466,750.00 | 2,479,075.00 |  | 0.99 |
| EUR | 4,000,000 | Orsted VAR Reg S 19/Perpetual | 4,109,000.00 | 4,110,980.00 |  | 1.64 |
| EUR | 2,000,000 | Posco 0.5% Sen Reg S 20/17.01.24 | 1,957,102.00 | 2,013,550.00 |  | 0.80 |
| EUR | 1,500,000 | PPF Telecom Group BV 3.5% EMTN Sen Reg S 20/20.05.24 | 1,602,000.00 | 1,596,990.00 |  | 0.64 |
| EUR | 2,500,000 | Procter & Gamble Co 1.125% Sen 15/02.11.23 | 2,575,638.00 | 2,592,875.00 |  | 1.03 |
| EUR | 3,000,000 | RZD Capital Plc 2.2% Sen Reg S 19/23.05.27 | 3,202,325.00 | 3,113,370.00 |  | 1.24 |
| EUR | 3,000,000 | RZD Capital Plc 4.6% 14/06.03.23 | 3,273,000.00 | 3,227,850.00 |  | 1.29 |
| EUR | 1,500,000 | Santander Consumer Fin SA 0.5% EMTN Sen Reg S 19/14.11.26 | 1,489,815.00 | 1,525,545.00 |  | 0.61 |
| EUR | 1,500,000 | SES SA 1.625% EMTN Ser 11 Sen Reg S 18/22.03.26 | 1,495,095.00 | 1,600,897.50 |  | 0.64 |
| EUR | 3,000,000 | Signify NV 2.375% 20/11.05.27 | 3,360,060.00 | 3,333,765.00 |  | 1.33 |
| EUR | 2,500,000 | Smiths Group Plc 2% EMTN Ser 1 Sen Reg S 17/23.02.27 | 2,747,275.00 | 2,693,525.00 |  | 1.07 |
| EUR | 1,000,000 | Smurfit Kappa Acquisitions 2.875% Sen Reg S 18/15.01.26 | 1,110,900.00 | 1,111,405.00 |  | 0.44 |
| EUR | 1,500,000 | State Grid Over Inv (2016) Ltd 0.797% EMTN Sen 20/05.08.26 | 1,530,900.00 | 1,540,290.00 |  | 0.61 |
| EUR | 3,000,000 | Stellantis NV 2.75% Sen 20/15.05.26 | 3,359,520.00 | 3,321,390.00 |  | 1.32 |
| EUR | 1,500,000 | Stora Enso Oyj 2.125% EMTN Sen 16/16.06.23 | 1,588,400.00 | 1,566,847.50 |  | 0.62 |
| EUR | 2,000,000 | Stora Enso Oyj 2.5% EMTN Sen Reg S 17/07.06.27 | 2,163,865.00 | 2,258,870.00 |  | 0.90 |
| EUR | 1,500,000 | Talent Yield (EUR) Ltd 1% 20/24.09.25 | 1,531,350.00 | 1,535,415.00 |  | 0.61 |
| EUR | 1,000,000 | Telefonica Emisiones SA 1.46% EMTN Reg S Sen 16/13.04.26 | 1,038,740.00 | 1,069,345.00 |  | 0.43 |
| EUR | 3,000,000 | Telefonica Emisiones SA 1.528% EMTN Ser 54 Sen 17/17.01.25 | 3,092,565.00 | 3,183,735.00 |  | 1.27 |
| EUR | 1,500,000 | TeliaSonera AB 3.625% EMTN Ser 80 Sen Reg S 12/14.02.24 | 1,731,375.00 | 1,665,607.50 |  | 0.66 |
| EUR | 3,000,000 | TenneT Holding BV 2% EMTN Sen Reg S 18/05.06.34 | 3,278,420.00 | 3,552,900.00 |  | 1.42 |
| EUR | 1,000,000 | Three Gorges Fin II (KY) Ltd 1.3% Sen 17/21.06.24 | 1,035,140.00 | 1,025,005.00 |  | 0.41 |
| EUR | 4,000,000 | Unicredit SpA 0.5% EMTN Sen Reg S 19/09.04.25 | 3,993,960.00 | 4,027,420.00 |  | 1.60 |
| EUR | 1,500,000 | UPM-Kymmene Corp 0.125% EMTN 20/19.11.28 | 1,482,360.00 | 1,477,500.00 |  | 0.59 |
| EUR | 2,500,000 | Vodafone Group Plc 0.5% EMTN Reg S Ser 63 16/30.01.24 | 2,467,115.00 | 2,546,612.50 |  | 1.01 |
| EUR | 2,000,000 | Vodafone Group Plc 1.125% EMTN Sen Reg S 17/20.11.25 | 2,068,440.00 | 2,103,270.00 |  | 0.84 |
| EUR | 2,000,000 | Volkswagen Intl Finance NV 0.875% EMTN Sen 20/22.09.28 | 2,003,060.00 | 2,051,120.00 |  | 0.82 |
| EUR | 2,000,000 | Wintershall Dea Finance BV 0.84% Sen Reg S 19/25.09.25 | 2,045,170.00 | 2,041,150.00 |  | 0.81 |
| EUR | 2,000,000 | Zapadoslovenska Energetika AS 1.75% Sen Reg S 18/02.03.28 | 	2,105,585.20  | 	2,195,290.00  |  | 	0.87  |
| Total investments in securities | 231,629,437.03 | 235,776,383.49 |  | 93.89 |
| Cash at banks |  | 13,446,503.69 |  | 5.35 |
| Other net assets/(liabilities) |  | 1,883,984.90 |  | 0.76 |
| Total |  | 251,106,872.08 |  | 100.00 |

Translation (ENFR, 2021-03-31):
# Répartition géographique
(par pays de résidence de l'émetteur) (en pourcentage de l'actif net)
| Etats-Unis d'Amérique | 94,82 % |
| --- | --- |
| Irlande | 1,40 % |
| Jersey | 1,31 % |
| Chine | 0,70 % |
| Belgique | 0,52 % |
| Total | 98,75 % |

| Actif |  |
| --- | --- |
| Portefeuille-titres à la valeur d'évaluation | 584.297.998,18 |
| Avoirs bancaires | 18.535.173,92 |
| A recevoir sur garantie en espèces payée | 3.810.000,00 |
| A recevoir sur émissions d'actions | 99.704,74 |
| Revenus à recevoir sur portefeuille-titres | 48.882,50 |
| Charges payées d'avance | 	590,87  |
| Total de l'actif | 606.792.350,21 |
| Exigible |  |
| Dettes bancaires | 175.441,95 |
| Moins-values non réalisées sur changes à terme | 3.485.620,29 |
| Frais à payer | 	576.207,40  |
| Total de l'exigible | 4.237.269,64 |
| Actif net à la fin de la période | 602.555.080,57 |

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 | 10.929,653 | USD | 207,04 | 2.262.854,62 |
| AM | 325.083,915 | USD | 210,46 | 68.415.906,15 |
| B | 321.061,823 | USD | 222,10 | 71.308.264,84 |
| B EUR HEDGED | 324.204,008 | EUR | 196,32 | 74.800.684,12 |
| BI | 21.873,428 | USD | 2.131,19 | 46.616.368,82 |
| BI EUR HEDGED | 9.551,320 | EUR | 1.303,65 | 14.633.092,40 |
| BM | 1.296.038,889 | USD | 225,88 | 292.744.701,82 |
| BM EUR HEDGED | 134.034,372 | EUR | 201,71 | 	31.773.207,80  |
|  |  |  |  | 	602.555.080,57  |

| Revenus |  |
| --- | --- |
| Dividendes, nets | 1.301.799,80 |
| Intérêts bancaires | 	8,64  |
| Total des revenus | 1.301.808,44 |
| Charges |  |
| Commission de gestion | 2.185.134,09 |
| Commission de dépositaire | 104.808,33 |
| Frais bancaires et autres commissions | 10.258,55 |
| Frais sur transactions | 307.167,37 |
| Frais d'administration centrale | 106.308,62 |
| Frais professionnels | 3.511,50 |
| Autres frais d'administration | 51.812,75 |
| Taxe d'abonnement | 124.872,49 |
| Autres impôts | 168.411,06 |
| Intérêts bancaires payés | 441,97 |
| Autres charges | 	3.868,74  |
| Total des charges | 3.066.595,47 |
| Pertes nettes des investissements | -1.764.787,03 |
| Bénéfice/(perte) net(te) réalisé(e) |  |
| - sur portefeuille-titres | 27.945.648,74 |
| - sur changes à terme | 492.471,68 |
| - sur devises | 	24.236,89  |
| Résultat réalisé | 26.697.570,28 |
| Variation nette de la plus-/(moins-) value non réalisée |  |
| - sur portefeuille-titres | 56.186.062,67 |
| - sur changes à terme | 	-3.637.704,50  |
| Résultat des opérations | 79.245.928,45 |
| Dividendes payés | - |
| Réinvestissements | - |
| Emissions | 219.278.122,10 |
| Rachats | -92.824.114,79 |
| Total des variations de l'actif net | 205.699.935,76 |
| Total de l'actif net au début de la période | 396.855.144,81 |
| Total de l'actif net à la fin de la période | 602.555.080,57 |

| Total de l'actif net | Devise | 30.09.2019 | 30.09.2020 | 31.03.2021 |
| --- | --- | --- | --- | --- |
|  | USD | 270.416.395,45 | 396.855.144,81 | 602.555.080,57 |

| VNI par classe d'action | Devise | 30.09.2019 | 30.09.2020 | 31.03.2021 |
| --- | --- | --- | --- | --- |
| A | USD | 147,60 | 173,17 | 207,04 |
| AM | USD | 149,14 | 175,67 | 210,46 |
| B | USD | 158,34 | 185,76 | 222,10 |
| B EUR HEDGED | EUR | 144,68 | 165,42 | 196,32 |
| BI | USD | 1.503,74 | 1.776,32 | 2.131,19 |
| BI EUR HEDGED | EUR | - | 1.094,46 | 1.303,65 |
| BM | USD | 160,07 | 188,54 | 225,88 |
| BM EUR HEDGED | EUR | 147,74 | 169,61 | 201,71 |

| Nombre d'actions | en circulation au début de la période | émises | remboursées | en circulation en fin de la période |
| --- | --- | --- | --- | --- |
| A | 5.301,274 | 6.039,318 | -410,939 | 10.929,653 |
| AM | 347.015,852 | 44.459,640 | -66.391,577 | 325.083,915 |
| B | 264.786,702 | 96.471,443 | -40.196,322 | 321.061,823 |
| B EUR HEDGED | 4.677,917 | 322.198,657 | -2.672,566 | 324.204,008 |
| BI | 17.799,280 | 6.240,889 | -2.166,741 | 21.873,428 |
| BI EUR HEDGED | 2.610,000 | 17.460,110 | -10.518,790 | 9.551,320 |
| BM | 1.322.439,676 | 201.328,698 | -227.729,485 | 1.296.038,889 |
| BM EUR HEDGED | 2.940,580 | 134.362,398 | -3.268,606 | 134.034,372 |

| TER par classe d'action au 31.03.2021 |  | (en %) |
| --- | --- | --- |
| A |  | 1,47 |
| AM |  | 1,04 |
| B |  | 1,45 |
| B EUR HEDGED |  | 1,62 |
| BI |  | 0,76 |
| BI EUR HEDGED | * | 0,84 |
| BM |  | 1,04 |
| BM EUR HEDGED |  | 1,22 |
| * TER annualisé |  |  |

| 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 |
| CAD | 7.500 | Constellation Software Inc | 6.402.540,70 | 10.472.432,18 | 1,74 |
| USD | 172.000 | A.O.Smith Corp | 9.193.471,24 | 11.628.920,00 | 1,93 |
| USD | 60.000 | Advance Auto Parts | 8.110.199,88 | 11.009.400,00 | 1,83 |
| USD | 133.000 | Albany Intl Corp A Reg | 8.545.220,96 | 11.101.510,00 | 1,84 |
| USD | 36.500 | ANSYS Inc | 8.915.148,03 | 12.393.940,00 | 2,06 |
| USD | 97.000 | AptarGroup Inc | 10.174.770,56 | 13.741.990,00 | 2,28 |
| USD | 84.000 | Aspen Technology Inc | 7.933.587,27 | 12.123.720,00 | 2,01 |
| USD | 38.000 | Burlington Stores Inc | 5.349.600,74 | 11.354.400,00 | 1,88 |
| USD | 84.000 | CDW Corp | 9.085.465,57 | 13.923.000,00 | 2,31 |
| USD | 157.000 | Check Point Software Tec Ltd | 17.237.820,13 | 17.579.290,00 | 2,92 |
| USD | 29.000 | Chemed Corp | 10.934.140,32 | 13.334.780,00 | 2,21 |
| USD | 219.000 | Church & Dwight Co Inc | 14.185.391,81 | 19.129.650,00 | 3,17 |
| USD | 53.000 | Clorox Co | 8.395.977,73 | 10.222.640,00 | 1,70 |
| USD | 146.000 | Cognex Corp | 7.295.219,20 | 12.116.540,00 | 2,01 |
| USD | 18.000 | Cooper Companies Inc (The) | 4.239.082,01 | 6.913.620,00 | 1,15 |
| USD | 30.000 | Domino's Pizza Inc Reg | 8.406.608,91 | 11.033.700,00 | 1,83 |
| USD | 86.000 | Equifax Inc | 12.451.678,48 | 15.577.180,00 | 2,59 |
| USD | 119.000 | Globus Medical Inc | 4.932.733,68 | 7.338.730,00 | 1,22 |
| USD | 98.000 | Graco Inc | 4.475.226,27 | 7.018.760,00 | 1,16 |
| USD | 119.000 | Henry Jack & Associates Inc | 16.883.022,92 | 18.054.680,00 | 3,00 |
| USD | 14.000 | IDEXX Laboratories Inc | 2.319.141,68 | 6.850.340,00 | 1,14 |
| USD | 46.000 | Insulet Corp | 9.913.549,13 | 12.002.320,00 | 1,99 |
| USD | 51.900 | IPG Photonics Corp | 8.220.039,26 | 10.947.786,00 | 1,82 |
| USD | 172.000 | Lamb Weston Holdings Inc Reg S | 10.685.189,90 | 13.326.560,00 | 2,21 |
| USD | 40.000 | Lancaster Colony Corp | 5.695.125,06 | 7.014.400,00 | 1,16 |
| USD | 42.500 | Lennox Intl Inc | 9.681.656,32 | 13.242.575,00 | 2,20 |
| USD | 44.000 | Littelfuse Inc | 8.213.193,81 | 11.635.360,00 | 1,93 |
| USD | 303.000 | LKQ Corp | 9.429.081,96 | 12.825.990,00 | 2,13 |
| USD | 78.000 | Manhattan Associates Inc | 5.438.200,53 | 9.155.640,00 | 1,52 |
| USD | 50.000 | Masimo Corp | 8.061.927,95 | 11.483.000,00 | 1,91 |
| USD | 77.000 | McCormick & Co | 4.594.608,93 | 6.865.320,00 | 1,14 |
| USD | 8.000 | Mettler Toledo Intl Inc | 5.222.157,18 | 9.245.520,00 | 1,53 |
| USD | 75.000 | Middleby Corp | 8.223.403,61 | 12.431.250,00 | 2,06 |
| USD | 23.000 | MSCI Inc | 6.562.629,37 | 9.643.440,00 | 1,60 |
| USD | 330.000 | NIC Inc Reg | 7.522.731,81 | 11.196.900,00 | 1,86 |
| USD | 54.000 | Nordson Corp | 8.397.089,50 | 10.728.720,00 | 1,78 |
| USD | 39.000 | Pool Corp | 6.660.674,18 | 13.464.360,00 | 2,23 |
| USD | 75.000 | Resmed Inc | 8.487.357,18 | 14.551.500,00 | 2,42 |
| USD | 372.000 | Rollins Inc | 9.384.754,10 | 12.804.240,00 | 2,13 |
| USD | 127.000 | Sensient Technologies Corp | 8.359.114,97 | 9.906.000,00 | 1,64 |
| USD | 81.000 | SiteOne Landscape Supply Inc | 7.437.177,59 | 13.829.940,00 | 2,30 |
| USD | 81.000 | Tractor Supply Co | 7.357.603,24 | 14.343.480,00 | 2,38 |
| USD | 22.000 | Tyler Technologies Inc | 5.088.490,01 | 9.339.660,00 | 1,55 |
| USD | 48.000 | Ulta Beauty Inc Reg | 11.300.203,12 | 14.840.160,00 | 2,46 |
| USD | 57.500 | Verisign Inc | 11.305.781,24 | 11.428.700,00 | 1,90 |
| USD | 107.500 | Verisk Analytics Inc | 16.830.070,35 | 18.994.175,00 | 3,15 |

| Devise | Valeur nominale/ Quantité | Dénomination | Coût d'acquisition | Valeur d'évaluation | % de l'actif net * |
| --- | --- | --- | --- | --- | --- |

| USD | 42.000 | Waters Corp | 8.160.808,07 |  | 11.935.140,00 |  | 1,98 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| USD | 50.000 | Watsco Inc | 8.700.045,22 |  | 13.037.500,00 |  | 2,16 |
| USD | 23.000 | Zebra Technologies Corp A | 	3.888.131,45  |  | 	11.159.140,00  |  | 	1,85  |
|  |  |  | 407.884.302,43 |  | 573.825.566,00 |  | 95,23 |
| Total portefeuille-titres |  | 414.286.843,13 |  | 584.297.998,18 |  | 96,97 |
| Avoirs bancaires |  |  |  | 18.535.173,92 |  | 3,08 |
| Dettes bancaires |  |  |  | -175.441,95 |  | -0,03 |
| Autres actifs/(passifs) nets |  |  | -102.649,58 |  | -0,02 |
| Total |  |  |  |  | 602.555.080,57 |  | 100,00 |