# from 1 January 2022 to the 30 June 2022
|  |  |  |
| --- | --- | --- |
|  | Notes | Combined (in EUR) |
|  |
| Income |  |  |
| Dividends, net of taxes | 1g | 1,042,106.00 |
| Interest on cash accounts |  | 103.70 |
| Tax claim |  | 509.15 |
| Total Income |  | 1,042,718.85 |
| Expenses |  |  |
| Management Fee | 4 | 565,547.90 |
| Hedging fee | 8 | 94.95 |
| Depositary fees | 5 | 20,330.88 |
| Subscription tax | 7 | 27,904.36 |
| Administration fees | 9 | 105,753.02 |
| Miscellaneous fees |  | 63,957.41 |
| Transaction fees |  | 108,623.13 |
| Overdraft interest |  | 14,219.79 |
| Taxes paid to foreign authorities |  | 10,793.19 |
| Total Expenses |  | 917,224.63 |
| Net Profit / (Loss) |  | 125,494.23 |
| Net Realised Profit / (Loss) |  |  |
| - on investments | 1b | 2,031,660.98 |
| - on currencies |  | -83,515.80 |
| - on forward exchange contracts |  | 292,563.31 |
| Total Net Realised Profit / (Loss) |  | 2,366,202.72 |
| Change in Net Unrealised Appreciation or Depreciation |  |  |
| - on investments | 1e | -21,072,859.82 |
| - on currencies |  | 5,169.94 |
| - on forward exchange contracts |  | 86,242.38 |
| Result of operations |  | -18,615,244.78 |
| - Subscriptions |  | 3,839,671.48 |
| - Redemptions |  | -11,991,424.62 |
| Net changes in Net Assets |  | -26,766,997.92 |
| Net assets at the beginning of the period |  | 105,232,088.96 |
| Currency difference of the net assets of the 01.01.22 to the 30.06.22 |  | 3,599,679.07 |
| Net assets at the end of the period |  | 82,064,770.11 |

|  |
| --- |
| EUROPE SELECTION |
|  |
|  | Notes | Value (in EUR) |
|  |
| Assets |  |  |
| Investments in securities | 1a | 20,062,532.52 |
| Cash at banks |  | 453,541.42 |
| Dividends receivable on shares |  | 6,000.00 |
| Amounts receivable on subscriptions |  | 0.00 |
| Amounts receivable on investment sold |  | 101,833.85 |
| Unrealised gain on forward exchange contracts | 10 | 0.00 |
| Total Assets |  | 20,623,907.79 |
| Liabilities |  |  |
| Taxes and Expenses payable | 3 | 83,447.00 |
| Overdraft at banks |  | 0.00 |
| Overdraft interest |  | 270.65 |
| Amounts payable on redemptions |  | 3,493.79 |
| Amounts payable on purchases of investments |  | 0.00 |
| Unrealised Loss on Forward Exchange Contracts | 10 | 0.00 |
| Total Liabilities |  | 87,211.44 |
| Net assets at the end of the period |  | 20,536,696.35 |
| Number of Shares Outstanding (at the end of the period) |  |  |
| - EUR |  | 5,907.935 |
| Net Asset Value per Share (at the end of the period) |  |  |
| - EUR |  | 3,476.12 |

|  |
| --- |
| GOLD |
|  |
|  | Notes | Value (in USD) |
|  |
| Assets |  |  |
| Investments in securities | 1a | 11,034,521.71 |
| Cash at banks |  | 1,179.82 |
| Dividends receivable on shares |  | 8,641.41 |
| Amounts receivable on subscriptions |  | 0.00 |
| Amounts receivable on investment sold |  | 3,300,751.36 |
| Unrealised gain on forward exchange contracts | 10 | 0.00 |
| Total Assets |  | 14,345,094.30 |
| Liabilities |  |  |
| Taxes and Expenses payable | 3 | 54,465.19 |
| Overdraft at banks |  | 102,182.61 |
| Overdraft interest |  | 31.33 |
| Amounts payable on redemptions |  | 49,399.15 |
| Amounts payable on purchases of investments |  | 1,498,907.75 |
| Unrealised Loss on Forward Exchange Contracts | 10 | 20,890.37 |
| Total Liabilities |  | 1,725,876.40 |
| Net assets at the end of the period |  | 12,619,217.90 |
| Number of Shares Outstanding (at the end of the period) |  |  |
| - EUR |  | 72,810.805 |
| - USD |  | 240,179.011 |
| Net Asset Value per Share (at the end of the period) |  |  |
| - EUR |  | 32.31 |
| - USD |  | 42.30 |

|  |
| --- |
| Best Selection in Food Industry |
|  |
|  | Notes | Value (in CHF) |
|  |
| Assets |  |  |
| Investments in securities | 1a | 47,089,944.62 |
| Cash at banks |  | 2,674,886.78 |
| Dividends receivable on shares |  | 69,029.87 |
| Amounts receivable on subscriptions |  | 7,225.85 |
| Amounts receivable on investment sold |  | 0.00 |
| Unrealised gain on forward exchange contracts | 10 | 2,271.58 |
| Total Assets |  | 49,843,358.70 |
| Liabilities |  |  |
| Taxes and Expenses payable | 3 | 145,231.35 |
| Overdraft at banks |  | 0.00 |
| Overdraft interest |  | 1,646.26 |
| Amounts payable on redemptions |  | 103,368.41 |
| Amounts payable on purchases of investments |  | 91,135.50 |
| Unrealised Loss on Forward Exchange Contracts | 10 | 0.00 |
| Total Liabilities |  | 341,381.52 |
| Net assets at the end of the period |  | 49,501,977.18 |
| Number of Shares Outstanding (at the end of the period) |  |  |
| - A CHF |  | 73,486.292 |
| - A EUR |  | 47,907.388 |
| - B CHF |  | 98,637.002 |
| - B USD |  | 6,570.000 |
| - CH |  | 3,017.435 |
| - S46060 CHF |  | 66,985.000 |
| - S46060 EUR |  | 83,121.000 |
| - S46060 USD |  | 149,670.926 |
| Net Asset Value per Share (at the end of the period) |  |  |
| - A CHF |  | 84.96 |
| - A EUR |  | 102.40 |
| - B CHF |  | 87.71 |
| - B USD |  | 82.23 |
| - CH |  | 88.66 |
| - S46060 CHF |  | 97.11 |
| - S46060 EUR |  | 103.81 |
| - S46060 USD |  | 96.10 |

|  |
| --- |
| EUROPE SELECTION |
|  |
|  | Notes | Value (in EUR) |
|  |
| Income |  |  |
| Dividends, net of taxes | 1g | 184,729.82 |
| Interest on cash accounts |  | 10.18 |
| Tax claim |  | 468.85 |
| Total Income |  | 185,208.85 |
| Expenses |  |  |
| Management Fee | 4 | 187,332.09 |
| Hedging fee | 8 | 0.00 |
| Depositary fees | 5 | 5,108.34 |
| Subscription tax | 7 | 6,994.45 |
| Administration fees | 9 | 32,398.52 |
| Miscellaneous fees |  | 18,685.40 |
| Transaction fees |  | 13,313.49 |
| Overdraft interest |  | 950.59 |
| Taxes paid to foreign authorities |  | 3,730.10 |
| Total Expenses |  | 268,512.98 |
| Net Profit / (Loss) |  | -83,304.13 |
| Net Realised Profit / (Loss) |  |  |
| - on investments | 1b | 814,293.84 |
| - on currencies |  | 3,604.19 |
| - on forward exchange contracts |  | 0.00 |
| Total Net Realised Profit / (Loss) |  | 734,593.90 |
| Change in Net Unrealised Appreciation or Depreciation |  |  |
| - on investments | 1e | -7,467,082.54 |
| - on currencies |  | 0.00 |
| - on forward exchange contracts |  | 0.00 |
| Result of operations |  | -6,732,488.64 |
| - Subscriptions |  | 382,283.50 |
| - Redemptions |  | -2,485,464.64 |
| Net changes in Net Assets |  | -8,835,669.78 |
| Net assets at the beginning of the period |  | 29,372,366.13 |
| Net assets at the end of the period |  | 20,536,696.35 |

|  |
| --- |
| GOLD |
|  |
|  | Notes | Value (in USD) |
|  |
| Income |  |  |
| Dividends, net of taxes | 1g | 150,464.98 |
| Interest on cash accounts |  | 75.85 |
| Tax claim |  | 0.00 |
| Total Income |  | 150,540.83 |
| Expenses |  |  |
| Management Fee | 4 | 134,831.00 |
| Hedging fee | 8 | 0.00 |
| Depositary fees | 5 | 5,295.15 |
| Subscription tax | 7 | 4,833.85 |
| Administration fees | 9 | 28,488.15 |
| Miscellaneous fees |  | 12,384.58 |
| Transaction fees |  | 47,752.91 |
| Overdraft interest |  | 886.59 |
| Taxes paid to foreign authorities |  | 1,471.88 |
| Total Expenses |  | 235,944.11 |
| Net Profit / (Loss) |  | -85,403.28 |
| Net Realised Profit / (Loss) |  |  |
| - on investments | 1b | 374,589.50 |
| - on currencies |  | -46,234.95 |
| - on forward exchange contracts |  | -319,664.09 |
| Total Net Realised Profit / (Loss) |  | -76,712.82 |
| Change in Net Unrealised Appreciation or Depreciation |  |  |
| - on investments | 1e | -2,867,370.92 |
| - on currencies |  | 5,516.93 |
| - on forward exchange contracts |  | -29,086.13 |
| Result of operations |  | -2,967,652.94 |
| - Subscriptions |  | 1,655,597.79 |
| - Redemptions |  | -6,154,246.92 |
| Net changes in Net Assets |  | -7,466,302.07 |
| Net assets at the beginning of the period |  | 20,085,519.97 |
| Net assets at the end of the period |  | 12,619,217.90 |

|  |
| --- |
| Best Selection in Food Industry |
|  |
|  | Notes | Value (in CHF) |
|  |
| Income |  |  |
| Dividends, net of taxes | 1g | 714,094.64 |
| Interest on cash accounts |  | 20.99 |
| Tax claim |  | 40.34 |
| Total Income |  | 714,155.97 |
| Expenses |  |  |
| Management Fee | 4 | 249,470.79 |
| Hedging fee | 8 | 95.04 |
| Depositary fees | 5 | 10,166.73 |
| Subscription tax | 7 | 16,300.87 |
| Administration fees | 9 | 46,146.34 |
| Miscellaneous fees |  | 33,455.92 |
| Transaction fees |  | 49,677.41 |
| Overdraft interest |  | 12,432.33 |
| Taxes paid to foreign authorities |  | 5,660.29 |
| Total Expenses |  | 423,405.72 |
| Net Profit / (Loss) |  | 290,750.25 |
| Net Realised Profit / (Loss) |  |  |
| - on investments | 1b | 859,835.75 |
| - on currencies |  | -42,933.67 |
| - on forward exchange contracts |  | 598,868.79 |
| Total Net Realised Profit / (Loss) |  | 1,706,521.12 |
| Change in Net Unrealised Appreciation or Depreciation |  |  |
| - on investments | 1e | -10,872,839.59 |
| - on currencies |  | -107.24 |
| - on forward exchange contracts |  | 114,166.68 |
| Result of operations |  | -9,052,259.03 |
| - Subscriptions |  | 1,875,452.22 |
| - Redemptions |  | -3,622,520.78 |
| Net changes in Net Assets |  | -10,799,327.59 |
| Net assets at the beginning of the period |  | 60,301,304.77 |
| Net assets at the end of the period |  | 49,501,977.18 |

|  |
| --- |
| EUROPE SELECTION |
|  |
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
|  |
| Transferable securities admitted to an official stock exchange or dealt in on another regulated market |  |  |  |  |  |
| Shares & Related Securities |  |  |  |  |  |
| ALCON S.A. | 10,743 | CHF | 696,375.96 | 715,699.11 | 3.48% |
| LINDT & SPRUENGLI | 26 | CHF | 122,407.96 | 252,232.99 | 1.23% |
| LONZA GROUP A.G. -REG- | 612 | CHF | 157,783.22 | 311,227.89 | 1.52% |
| ROCHE HLDG A.G. -PARTICIPATION CERTIFICATE- | 1,126 | CHF | 290,017.77 | 358,364.77 | 1.74% |
| SIKA AG-REG | 1,511 | CHF | 171,191.83 | 332,121.09 | 1.62% |
| STRAUMANN HLDG | 5,709 | CHF | 513,815.70 | 653,948.30 | 3.18% |
| Total SWISS FRANC |  |  | 1,951,592.44 | 2,623,594.15 | 12.78% |
| COLOPLAST A/S -B- | 2,270 | DKK | 201,362.22 | 246,760.03 | 1.20% |
| NOVO NORDISK -B- | 16,656 | DKK | 829,540.99 | 1,763,106.13 | 8.59% |
| SIMCORP AS | 1,634 | DKK | 130,878.61 | 113,201.08 | 0.55% |
| Total DANISH KRONE |  |  | 1,161,781.82 | 2,123,067.24 | 10.34% |
| ADIDAS A.G. | 2,323 | EUR | 706,859.40 | 392,029.48 | 1.91% |
| ADYEN | 268 | EUR | 363,442.14 | 371,984.00 | 1.81% |
| AMADEUS IT GROUP S.A. | 8,642 | EUR | 403,239.13 | 459,408.72 | 2.24% |
| AMPLIFON Spa | 6,979 | EUR | 157,388.26 | 204,135.75 | 0.99% |
| ASML HOLDING NV | 3,052 | EUR | 683,685.39 | 1,391,254.20 | 6.77% |
| DASSAULT SYSTEMES SE | 17,222 | EUR | 365,532.76 | 604,750.53 | 2.94% |
| DAVIDE CAMPARI-MILANO N.V. | 33,769 | EUR | 262,520.72 | 338,871.92 | 1.65% |
| ESSILOR LUXOTTICA S.A. | 7,984 | EUR | 838,914.25 | 1,140,913.60 | 5.56% |
| FERRARI N.V. | 2,147 | EUR | 278,914.58 | 376,154.40 | 1.83% |
| HEINEKEN N.V. -CF VORM- | 6,283 | EUR | 504,915.89 | 546,621.00 | 2.66% |
| HERMES INTERNATIONAL S.A. | 315 | EUR | 202,589.66 | 336,105.00 | 1.64% |
| INDUSTRIA DE DISENO TEXTIL S.A. | 20,075 | EUR | 502,777.95 | 433,419.25 | 2.11% |
| JERONIMO MARTINS SGPS S.A. | 32,229 | EUR | 486,574.25 | 668,429.46 | 3.25% |
| KINGSPAN GROUP PLC | 6,036 | EUR | 459,946.87 | 346,466.40 | 1.69% |
| L'OREAL | 1,179 | EUR | 265,032.38 | 388,244.70 | 1.89% |
| L'OREAL S.A. PRIME DE FIDELITE | 692 | EUR | 126,047.80 | 227,875.60 | 1.11% |
| LINDE PLC | 3,036 | EUR | 670,151.12 | 831,712.20 | 4.05% |
| LVMH MOET HENNESSY.LOUIS VUITTON SE | 1,723 | EUR | 547,662.00 | 1,002,269.10 | 4.88% |
| MTU AERO ENGINES A.G. | 1,637 | EUR | 225,998.54 | 284,346.90 | 1.38% |
| NEMETSCHEK A.G. | 2,670 | EUR | 158,988.08 | 154,219.20 | 0.75% |
| PROSUS N.V. | 9,339 | EUR | 820,955.98 | 583,500.72 | 2.84% |
| RYANAIR HLDG PLC | 27,228 | EUR | 357,583.67 | 306,995.70 | 1.49% |
| SARTORIUS STEDIM BIOTECH | 1,477 | EUR | 500,608.03 | 442,066.10 | 2.15% |
| TELEPERFORMANCE | 2,220 | EUR | 559,023.35 | 651,126.00 | 3.17% |
| Total EURO |  |  | 10,449,352.20 | 12,482,899.93 | 60.78% |
| EXPERIAN PLC | 17,546 | GBP | 381,092.32 | 490,423.75 | 2.39% |
| HALMA PLC | 6,396 | GBP | 98,022.40 | 149,274.67 | 0.73% |
| Total BRITISH POUND |  |  | 479,114.72 | 639,698.42 | 3.11% |

|  |
| --- |
| EUROPE SELECTION |
|  |
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
|  |
| ASSA ABLOY AB -B- | 23,862 | SEK | 436,165.51 | 484,004.48 | 2.36% |
| Total SWEDISH KRONA |  |  | 436,165.51 | 484,004.48 | 2.36% |
| ACCENTURE PLC -A- | 3,997 | USD | 678,471.98 | 1,061,520.92 | 5.17% |
| ICON PLC | 3,125 | USD | 453,099.51 | 647,747.38 | 3.15% |
| Total U.S. DOLLAR |  |  | 1,131,571.49 | 1,709,268.30 | 8.32% |
| Total Shares & Related Securities |  |  | 15,609,578.18 | 20,062,532.52 | 97.69% |
| Total Transferable securities admitted to an official stock exchange or dealt in on another regulated market |  |  | 15,609,578.18 | 20,062,532.52 | 97.69% |
| Total Portfolio |  |  | 15,609,578.18 | 20,062,532.52 | 97.69% |

|  |
| --- |
| GOLD |
|  |
| Investment | Quantity | CCY | Cost (in USD) | Evaluation value (in USD) | % Total Net Assets |
|  |
| Transferable securities admitted to an official stock exchange or dealt in on another regulated market |  |  |  |  |  |
| Shares & Related Securities |  |  |  |  |  |
| EVOLUTION MINING LTD | 146,771 | AUD | 420,367.15 | 240,202.15 | 1.90% |
| NEWCREST MINING LTD | 53,574 | AUD | 956,175.69 | 769,577.22 | 6.10% |
| NORTHERN STAR RESOURCES LTD | 114,702 | AUD | 808,006.29 | 539,494.20 | 4.28% |
| PERSEUS MINING LTD | 366,348 | AUD | 476,173.74 | 399,284.80 | 3.16% |
| REGIS RESOURCES LTD | 90,945 | AUD | 118,890.46 | 81,298.38 | 0.64% |
| Total AUSTRALIAN DOLLAR |  |  | 2,779,613.33 | 2,029,856.75 | 16.09% |
| AGNICO EAGLE MINES LTD | 15,137 | CAD | 739,554.01 | 691,414.95 | 5.48% |
| ALAMOS GOLD -A- INC. | 51,401 | CAD | 338,002.66 | 359,828.48 | 2.85% |
| B2GOLD CORP. | 181,380 | CAD | 651,897.58 | 613,072.87 | 4.86% |
| CENTERRA GOLD INC. | 74,798 | CAD | 616,420.54 | 506,221.33 | 4.01% |
| DUNDEE PRECIOUS METALS INC. | 73,486 | CAD | 452,215.34 | 365,173.16 | 2.89% |
| ELDORADO GOLD CORP. | 19,452 | CAD | 192,285.70 | 123,806.55 | 0.98% |
| ENDEAVOUR MINING PLC | 34,374 | CAD | 756,744.33 | 709,638.96 | 5.62% |
| ENDEAVOUR SILVER CORP. | 39,962 | CAD | 126,718.08 | 125,159.78 | 0.99% |
| EQUINOX GOLD CORP. | 20,652 | CAD | 17,352.71 | 91,898.88 | 0.73% |
| FORTUNA SILVER MINES INC. | 33,129 | CAD | 178,208.95 | 93,999.52 | 0.74% |
| FRANCO-NEVADA CORP. | 4,634 | CAD | 645,089.29 | 608,275.75 | 4.82% |
| IAMGOLD CORP. | 57,305 | CAD | 180,970.72 | 91,960.02 | 0.73% |
| K92 MINING INC. | 20,169 | CAD | 108,431.32 | 121,490.30 | 0.96% |
| KINROSS GOLD CORP. | 99,916 | CAD | 608,627.96 | 354,761.70 | 2.81% |
| OCEANAGOLD CORP. | 50,483 | CAD | 108,093.54 | 96,667.02 | 0.77% |
| PAN AMERICAN SILVER CORP. | 30,984 | CAD | 724,420.72 | 607,466.77 | 4.81% |
| SANDSTORM GOLD LTD | 21,256 | CAD | 128,670.84 | 125,895.76 | 1.00% |
| SSR MINING INC. | 7,654 | CAD | 102,729.46 | 127,574.28 | 1.01% |
| VICTORIA GOLD | 12,219 | CAD | 95,105.68 | 94,631.86 | 0.75% |
| WESDOME GOLD MINES LTD | 23,070 | CAD | 217,153.29 | 199,415.39 | 1.58% |
| WHEATON PRECIOUS METALS CORP. | 9,934 | CAD | 418,771.47 | 357,183.27 | 2.83% |
| Total CANADIAN DOLLAR |  |  | 7,407,464.19 | 6,465,536.60 | 51.24% |
| RIO TINTO PLC | 11,845 | GBP | 739,778.28 | 707,281.21 | 5.60% |
| Total BRITISH POUND |  |  | 739,778.28 | 707,281.21 | 5.60% |
| ANGLOGOLD ASHANTI LTD -ADR- | 8,499 | USD | 178,862.17 | 125,700.21 | 1.00% |
| DRDGOLD-ADR-10SHS | 4,052 | USD | 24,495.07 | 23,785.24 | 0.19% |
| FIRST MAJESTIC SILVER CORP. | 13,088 | USD | 131,201.52 | 93,971.84 | 0.74% |
| GOLD FIELDS LTD -ADR- | 53,694 | USD | 486,058.21 | 489,689.28 | 3.88% |
| HARMONY GOLD MINING | 30,414 | USD | 125,187.68 | 95,195.82 | 0.75% |
| NEWMONT CORP. | 2,120 | USD | 102,170.81 | 126,500.40 | 1.00% |
| OSISKO GOLD ROYALTIES LTD | 9,334 | USD | 95,397.00 | 94,273.40 | 0.75% |

|  |
| --- |
| GOLD |
|  |
| Investment | Quantity | CCY | Cost (in USD) | Evaluation value (in USD) | % Total Net Assets |
|  |
| ROYAL GOLD INC. | 3,392 | USD | 382,269.79 | 362,197.76 | 2.87% |
| SILVERCORP METALS INC. | 16,710 | USD | 41,968.70 | 41,440.80 | 0.33% |
| Total U.S. DOLLAR |  |  | 1,567,610.95 | 1,452,754.75 | 11.51% |
| Total Shares & Related Securities |  |  | 12,494,466.75 | 10,655,429.31 | 84.44% |
| Total Transferable securities admitted to an official stock exchange or dealt in on another regulated market |  |  | 12,494,466.75 | 10,655,429.31 | 84.44% |
| Other Transferable Securities |  |  |  |  |  |
| AYA GOLD & SILVER WARRANT 20-030923 | 150,000 | CAD | 0.00 | 379,092.40 | 3.00% |
| REVIVAL GOLD INC. WARRANT 20-060222 | 162,500 | CAD | 0.00 | 0.00 | 0.00% |
| TRISTAR GOLD INC. WARRANT 20-140722 | 600,000 | CAD | 0.00 | 0.00 | 0.00% |
| Total CANADIAN DOLLAR |  |  | 0.00 | 379,092.40 | 3.00% |
| Total Other Transferable Securities |  |  | 0.00 | 379,092.40 | 3.00% |
| Total Portfolio |  |  | 12,494,466.75 | 11,034,521.71 | 87.44% |

|  |
| --- |
| Best Selection in Food Industry |
|  |
| Investment | Quantity | CCY | Cost (in CHF) | Evaluation value (in CHF) | % Total Net Assets |
|  |
| Transferable securities admitted to an official stock exchange or dealt in on another regulated market |  |  |  |  |  |
| Shares & Related Securities |  |  |  |  |  |
| JAMIESON WELLNES INC. | 38,000 | CAD | 1,001,866.46 | 1,009,977.16 | 2.04% |
| NUTRIEN LTD | 11,500 | CAD | 624,488.05 | 874,959.01 | 1.77% |
| Total CANADIAN DOLLAR |  |  | 1,626,354.51 | 1,884,936.17 | 3.81% |
| GIVAUDAN A.G. | 150 | CHF | 519,636.13 | 503,550.00 | 1.02% |
| SIG GROUP A.G. | 73,900 | CHF | 1,270,573.71 | 1,553,378.00 | 3.14% |
| Total SWISS FRANC |  |  | 1,790,209.84 | 2,056,928.00 | 4.16% |
| NOVOZYMES -B- | 18,000 | DKK | 961,850.74 | 1,032,037.44 | 2.08% |
| Total DANISH KRONE |  |  | 961,850.74 | 1,032,037.44 | 2.08% |
| EDENRED S.A. | 20,000 | EUR | 942,187.92 | 900,209.46 | 1.82% |
| GEA GROUP | 55,000 | EUR | 1,849,472.73 | 1,810,578.05 | 3.66% |
| HELLOFRESH | 12,000 | EUR | 631,241.30 | 370,533.18 | 0.75% |
| KERRY GROUP PLC | 17,000 | EUR | 2,035,887.81 | 1,554,177.50 | 3.14% |
| KONINKLIJKE DSM N.V. | 15,487 | EUR | 1,960,803.71 | 2,125,178.64 | 4.29% |
| Total EURO |  |  | 7,419,593.47 | 6,760,676.83 | 13.66% |
| COMPASS GROUP PLC | 75,000 | GBP | 1,605,195.39 | 1,465,072.03 | 2.96% |
| TATE AND LYLE PLC | 171,429 | GBP | 1,819,847.62 | 1,493,779.22 | 3.02% |
| Total BRITISH POUND |  |  | 3,425,043.01 | 2,958,851.25 | 5.98% |
| CHINA MENGNIU DAIRY | 155,000 | HKD | 869,865.15 | 740,371.47 | 1.50% |
| DALI FOODS GROUP CO LTD | 1,100,000 | HKD | 589,694.79 | 559,648.00 | 1.13% |
| Total HONG KONG DOLLAR |  |  | 1,459,559.94 | 1,300,019.47 | 2.63% |
| KUBOTA CORP. | 45,000 | JPY | 908,539.45 | 642,803.06 | 1.30% |
| Total JAPANESE YEN |  |  | 908,539.45 | 642,803.06 | 1.30% |
| BAKKAFROST P-F | 14,700 | NOK | 887,541.38 | 897,430.46 | 1.81% |
| SALMAR ASA | 30,000 | NOK | 1,927,066.53 | 2,013,186.25 | 4.07% |
| Total NORWEGIAN KRONE |  |  | 2,814,607.91 | 2,910,616.71 | 5.88% |
| AGCO CORP. | 11,200 | USD | 1,360,664.56 | 1,058,333.63 | 2.14% |
| ARCHER-DANIELS MIDLAND COMPANY | 29,000 | USD | 1,255,764.03 | 2,154,503.19 | 4.35% |
| AVERY DENNISON CORP. | 6,900 | USD | 1,340,043.42 | 1,069,308.16 | 2.16% |
| CROWN HOLDINGS | 10,000 | USD | 1,043,530.03 | 882,423.39 | 1.78% |
| DARLING INGREDIENTS INC. | 15,000 | USD | 1,111,835.25 | 858,775.93 | 1.73% |
| DEERE & CY | 3,120 | USD | 959,657.86 | 894,530.88 | 1.81% |
| DOLLAR GENERAL CORP. | 2,600 | USD | 612,877.00 | 610,950.62 | 1.23% |
| EVOQUA WATER TECHNOLOGIES | 34,000 | USD | 1,032,381.27 | 1,058,237.89 | 2.14% |

|  |
| --- |
| Best Selection in Food Industry |
|  |
| Investment | Quantity | CCY | Cost (in CHF) | Evaluation value (in CHF) | % Total Net Assets |
|  |
| GRAPHIC PACKAGING HLDG CO | 106,500 | USD | 1,940,323.76 | 2,090,214.67 | 4.22% |
| HAIN CELESTIAL GROUP | 50,000 | USD | 1,511,256.71 | 1,136,418.10 | 2.30% |
| HOSTESS BRANDS INC. | 65,000 | USD | 1,373,044.91 | 1,319,901.27 | 2.67% |
| JOHN BEAN TECHNOLOGIES CORP. | 13,000 | USD | 1,246,434.75 | 1,374,290.41 | 2.78% |
| LINDSAY CORP. | 8,400 | USD | 1,248,542.23 | 1,068,144.93 | 2.16% |
| SEALED AIR CORP. | 23,400 | USD | 1,366,651.30 | 1,293,092.53 | 2.61% |
| SENSIENT TECHNOLOGIES CORP. | 18,200 | USD | 1,602,320.25 | 1,403,712.82 | 2.84% |
| SYSCO CORP. | 18,700 | USD | 1,439,140.23 | 1,516,574.36 | 3.06% |
| THE HERSHEY CO | 6,200 | USD | 1,297,122.21 | 1,277,146.29 | 2.58% |
| THE SIMPLY GOOD FOODS CO | 51,500 | USD | 1,335,306.48 | 1,862,265.66 | 3.76% |
| TRIMBLE | 14,600 | USD | 1,124,469.88 | 813,930.02 | 1.64% |
| VALMONT INDUSTRIES INC. | 4,500 | USD | 1,031,238.37 | 967,760.06 | 1.95% |
| WASTE MANAGEMENT INC. | 7,100 | USD | 1,108,370.34 | 1,039,873.30 | 2.10% |
| WESTROCK CO | 47,000 | USD | 1,528,301.75 | 1,792,687.58 | 3.62% |
| Total U.S. DOLLAR |  |  | 27,869,276.59 | 27,543,075.69 | 55.64% |
| Total Shares & Related Securities |  |  | 48,275,035.46 | 47,089,944.62 | 95.13% |
| Total Transferable securities admitted to an official stock exchange or dealt in on another regulated market |  |  | 48,275,035.46 | 47,089,944.62 | 95.13% |
| Total Portfolio |  |  | 48,275,035.46 | 47,089,944.62 | 95.13% |

(Content)
| EUROPE SELECTION | % Total Net Assets |
| --- | --- |
|  |
| FRANCE | 23.34 % |
| NETHERLANDS | 17.57 % |
| SWITZERLAND | 12.78 % |
| IRELAND | 11.50 % |
| DENMARK | 10.34 % |
| UNITED KINGDOM | 4.78 % |
| SPAIN | 4.35 % |
| GERMANY | 4.04 % |
| PORTUGAL | 3.25 % |
| JERSEY | 2.39 % |
| SWEDEN | 2.36 % |
| ITALY | 0.99 % |
| Total Portfolio | 97.69 % |

(Content)
| GOLD | % Total Net Assets |
| --- | --- |
|  |
| CANADA | 50.43 % |
| AUSTRALIA | 16.09 % |
| UNITED KINGDOM | 11.23 % |
| SOUTH AFRICA | 5.82 % |
| UNITED STATES OF AMERICA | 3.87 % |
| Total Portfolio | 87.44 % |

(Content)
| Best Selection in Food Industry | % Total Net Assets |
| --- | --- |
|  |
| UNITED STATES OF AMERICA | 55.63 % |
| UNITED KINGDOM | 5.98 % |
| GERMANY | 4.41 % |
| NETHERLANDS | 4.29 % |
| SWITZERLAND | 4.16 % |
| NORWAY | 4.07 % |
| CANADA | 3.81 % |
| IRELAND | 3.14 % |
| CAYMAN ISLANDS | 2.63 % |
| DENMARK | 2.08 % |
| FRANCE | 1.82 % |
| FAROE ISLANDS | 1.81 % |
| JAPAN | 1.30 % |
| Total Portfolio | 95.13 % |

| EUROPE SELECTION | % Total Net Assets |
| --- | --- |
|  |
| PHARMACOLOGY & PERSONAL CARE | 29.57 % |
| TEXTILE & GARMENTS | 8.43 % |
| IT & INTERNET | 8.30 % |
| ELECTRIC & ELECTRONIC COMPONENTS | 7.50 % |
| FINANCIAL SERVICES - HOLDINGS | 6.44 % |
| DISTRIBUTION | 5.37 % |
| MISCELLANEOUS CONSUMER GOODS | 5.17 % |
| TOBACCO & SPIRITS | 4.31 % |
| HEALTH CARE & SERVICES | 3.48 % |
| TELECOMMUNICATIONS | 3.17 % |
| CHEMICAL PRODUCTS | 3.13 % |
| PUBLISHING & BROADCASTING | 2.84 % |
| MECHANICAL CONSTRUCTION | 2.36 % |
| ROAD VEHICLES | 1.83 % |
| BUILDING MATERIALS | 1.69 % |
| AIR TRANSPORT | 1.49 % |
| AEROSPACE INDUSTRY & DEFENCE | 1.38 % |
| FOOD & CLEANING MATERIALS | 1.23 % |
| Total Portfolio | 97.69 % |

| GOLD | % Total Net Assets |
| --- | --- |
|  |
| PRECIOUS METALS & STONES | 53.86 % |
| INTERMEDIARY INDUSTRIAL PRODUCTIONS | 19.82 % |
| NONFERROUS METALS | 8.42 % |
| BUILDING MATERIALS | 2.87 % |
| OIL & DERIVED | 0.99 % |
| MISCELLANEOUS | 0.75 % |
| OTHER SERVICES | 0.73 % |
| Total Portfolio | 87.44 % |

|  |  |
| --- | --- |
| Best Selection in Food Industry | % Total Net Assets |
|  |
| FOOD & CLEANING MATERIALS | 24.62 % |
| MECHANICAL CONSTRUCTION | 13.01 % |
| PACKAGING INDUSTRY | 9.61 % |
| AGRICULTURE & FISHING | 7.65 % |
| FINANCIAL SERVICES - HOLDINGS | 7.59 % |
| CHEMICAL PRODUCTS | 7.40 % |
| ENERGY SOURCES | 3.87 % |
| FOREST PRODUCTS & PAPER INDUSTRY | 3.62 % |
| DIVERSIFIED COMPANIES | 3.06 % |
| LEISURES & TOURISM | 2.96 % |
| INFORMATION, TECHNOLOGY & COPIERS | 2.16 % |
| UTILITIES | 2.10 % |
| PHARMACOLOGY & PERSONAL CARE | 2.04 % |
| MISCELLANEOUS | 1.82 % |
| ELECTRIC & ELECTRONIC COMPONENTS | 1.64 % |
| DISTRIBUTION | 1.23 % |
| PHOTOGRAPHY & OPTICAL | 0.75 % |
| Total Portfolio | 95.13 % |

| EUROPE SELECTION | % Total Net Assets |
| --- | --- |
|  |
| EURO | 60.78 % |
| SWISS FRANC | 12.78 % |
| DANISH KRONE | 10.34 % |
| U.S. DOLLAR | 8.32 % |
| BRITISH POUND | 3.11 % |
| SWEDISH KRONA | 2.36 % |
| Total Portfolio | 97.69 % |

| GOLD | % Total Net Assets |
| --- | --- |
|  |
| CANADIAN DOLLAR | 54.24 % |
| AUSTRALIAN DOLLAR | 16.09 % |
| U.S. DOLLAR | 11.51 % |
| BRITISH POUND | 5.60 % |
| Total Portfolio | 87.44 % |

| Best Selection in Food Industry | % Total Net Assets |
| --- | --- |
|  |
| U.S. DOLLAR | 55.63 % |
| EURO | 13.66 % |
| BRITISH POUND | 5.98 % |
| NORWEGIAN KRONE | 5.88 % |
| SWISS FRANC | 4.16 % |
| CANADIAN DOLLAR | 3.81 % |
| HONG KONG DOLLAR | 2.63 % |
| DANISH KRONE | 2.08 % |
| JAPANESE YEN | 1.30 % |
| Total Portfolio | 95.13 % |

These allocations of assets were established on basis of data (gross) used by the administrative agent and do not reflect inevitably the currency analysis which directed the assets selection
|  |
| --- |
| EUROPE SELECTION |
|  |
| Shares outstanding at the beginning of the financial period | - EUR | 6,462.245 100.566 654.876 |
| Shares issued during the financial period | - EUR |
| Shares redeemed during the financial period | - EUR |
| Shares outstanding at the end of the financial period | - EUR | 5,907.935 |

GOLD
| Shares outstanding at the beginning of the financial period	- EUR | 63,989.683 |
| --- | --- |
| - USD | 336,456.032 |
| Shares issued during the financial period	- EUR | 23,810.847 |
| - USD | 11,450.552 |
| Shares redeemed during the financial period	- EUR | 14,989.725 |
| - USD | 107,727.573 |
| Shares outstanding at the end of the financial period	- EUR | 72,810.805 |
| - USD | 240,179.011 |

Best Selection in Food Industry
| Shares outstanding at the beginning of the financial period	- A CHF | 86,007.376 |
| --- | --- |
| - A EUR | 50,811.703 |
| - B CHF | 101,220.002 |
| - B USD | 6,770.000 |
| - CH | 100.000 |
| - S46060 CHF | 67,910.000 |
| - S46060 EUR | 81,237.000 |
| - S46060 USD | 153,464.000 |
| Shares issued during the financial period	- A CHF | 6,838.216 |
| - A EUR | 508.032 |
| - B CHF | 75.000 |
| - B USD | 0.000 |
| - CH | 3,100.247 |
| - S46060 CHF | 50.000 |
| - S46060 EUR | 3,300.000 |
| - S46060 USD | 5,211.926 |
| Shares redeemed during the financial period	- A CHF | 19,359.300 |
| - A EUR | 3,412.347 |
| - B CHF | 2,658.000 |
| - B USD | 200.000 |
| - CH | 182.812 |
| - S46060 CHF | 975.000 |
| - S46060 EUR | 1,416.000 |
| - S46060 USD | 9,005.000 |
| Shares outstanding at the end of the financial period	- A CHF | 73,486.292 |
| - A EUR | 47,907.388 |
| - B CHF | 98,637.002 |
| - B USD | 6,570.000 |
| - CH | 3,017.435 |
| - S46060 CHF | 66,985.000 |
| - S46060 EUR | 83,121.000 |
| - S46060 USD | 149,670.926 |

| Sub-Fund | Valuation date | Total Net Assets | Share Class | Shares Outstanding | SHARE VALUE | CCY |
| --- | --- | --- | --- | --- | --- | --- |

| EUROPE SELECTION (EUR) | 31.12.2019 31.12.2020 31.12.2021 30.06.2022 | 28,298,346.85 26,775,751.45 29,372,366.13 20,536,696.35 | - EUR | 9,187.820 | 3,079.98 | EUR |
| --- | --- | --- | --- | --- | --- | --- |
| - EUR | 7,897.793 | 3,390.28 | EUR |
| - EUR | 6,462.245 | 4,545.23 | EUR |
| - EUR | 5,907.935 | 3,476.12 | EUR |

| GOLD (USD) | 31.12.2019 31.12.2020 31.12.2021 30.06.2022 | 40,335,793.65 31,008,453.72 20,085,519.97 12,619,217.90 | - EUR | 138,431.223 | 33.38 | EUR |
| --- | --- | --- | --- | --- | --- | --- |
| - USD | 856,855.565 | 41.02 | USD |
| - EUR | 84,363.427 | 44.59 | EUR |
| - USD | 468,756.782 | 56.33 | USD |
| - EUR | 63,989.683 | 39.65 | EUR |
| - USD | 336,456.032 | 51.12 | USD |
| - EUR | 72,810.805 | 32.31 | EUR |
| - USD | 240,179.011 | 42.30 | USD |

| Best Selection in Food Industry (CHF) | 31.12.2019 31.12.2020 31.12.2021 30.06.2022 | 68,465,566.11 65,478,795.23 60,301,304.77 49,501,977.18 | - A CHF | 127,899.470 | 92.14 | CHF |
| --- | --- | --- | --- | --- | --- | --- |
| - A EUR | 55,758.285 | 102.27 | EUR |
| - B CHF | 139,230.794 | 93.25 | CHF |
| - S46060 CHF | 299,581.826 | 102.46 | CHF |
| - S46060 EUR | 14,810.000 | 100.86 | EUR |
| - S46060 USD | 53,350.000 | 100.26 | USD |
| - A CHF | 99,751.030 | 90.68 | CHF |
| - A EUR | 53,039.175 | 101.16 | EUR |
| - B CHF | 106,715.002 | 92.51 | CHF |
| - S46060 CHF | 276,235.000 | 101.95 | CHF |
| - S46060 EUR | 19,380.000 | 100.86 | EUR |
| - S46060 USD | 108,507.000 | 109.29 | USD |
| - A CHF | 86,007.376 | 100.66 | CHF |
| - A EUR | 50,811.703 | 117.20 | EUR |
| - B CHF | 101,220.002 | 103.51 | CHF |
| - B USD | 6,770.000 | 101.97 | USD |
| - CH | 100.000 | 101.33 | EUR |
| - S46060 CHF | 67,910.000 | 114.44 | CHF |
| - S46060 EUR | 81,237.000 | 118.16 | EUR |
| - S46060 USD | 153,464.000 | 118.99 | USD |
| - A CHF | 73,486.292 | 84.96 | CHF |
| - A EUR | 47,907.388 | 102.40 | EUR |
| - B CHF | 98,637.002 | 87.71 | CHF |
| - B USD | 6,570.000 | 82.23 | USD |
| - CH | 3,017.435 | 88.66 | EUR |
| - S46060 CHF | 66,985.000 | 97.11 | CHF |
| - S46060 EUR | 83,121.000 | 103.81 | EUR |
| - S46060 USD | 149,670.926 | 96.10 | USD |


### NOTE 1 - ACCOUNTING PRINCIPLES AND METHODS
The financial statements of the SICAV are prepared on the going on concern basis in accordance with the relevant regulations governing UCITS in Luxembourg, on basis of the net asset values calculated on 30 June 2022.
- Securities portfolio valuationSecurities and derivative products listed on an official stock exchange are valued on the basis of the last closing prices available at 30 June 2022 and, if there is more than one market, at the price of the relevant security's main market.

Securities listed on other markets that are regulated, operate regularly, and are recognised and open to the public are valued on the basis of the last closing prices available at 30 June 2022 and, if there is more than one market, at the price of the relevant security's main market.
Unlisted securities or securities whose price is not representative are valued at their last known trading value or, in the absence of a trading value, at the probable realisable value in accordance with the valuation criteria deemed relevant by the Board of Directors.
The value of shares or units in UCIs will be based on their last available net asset value on 30 June 2022. The value of all other assets will be based on their probable realisation value, estimated prudently and in good faith.
- Net realised profit or loss on investmentsThe net realised profit or loss on sales of securities is calculated on the average cost of the securities sold.

The amounts of net realised profit or loss attributable to changes in exchange rates are recognised in
«Net realised exchange profit or loss» at the time of the sale.
- Conversion of foreign currenciesAll assets not given in the currency of the relevant Sub-Fund are converted into the currency of the Sub- Fund at the exchange rate in force in Luxembourg on the closing date.

The value of the net assets of the SICAV is equal to the total net values of the various Sub-Funds converted into EUR at the exchange rate in force in Luxembourg on the payment date.
- Acquisition cost of the securities in the portfolioFor securities denominated in currencies other than the currency of the SICAV, the acquisition cost is calculated based on the exchange rate valid on the day of purchase.
- Change in the net unrealised appreciation or depreciationNet unrealised appreciation or depreciation at the end of the periof appear in the “Statement of Operations and Changes”.
- Change in the securities portfolioThe table of changes in the securities portfolio is available free of charge from the registered office of the SICAV.
- Income, expenditure and related provisionsInterest is recognised daily and dividends are recorded on the ex-date. The interest and income are recognised net of non-recoverable withholding taxes.

When the SICAV pays expenses concerning one Sub-Fund in particular, these are allocated to that Sub- Fund. Expenses not attributable to one Sub-Fund in particular are split between the different sub-funds at pro rata of the net asset value of each Sub-Fund.
- Forward exchange contractsForward exchange contracts are valued on the basis of the last forward closing prices available on 30 June 2022.
- Combined financial statementsThe net assets of the different Sub-Funds of the SICAV are expressed in their based currency.

The combined financial statements of the Fund are prepared in EUR and are equal to the sum of the corresponding items in the financial statements of each sub-fund converted into this currency at the exchange rates prevailing on the date of the financial statements (Note 2).
- Difference from Foreign ExchangeThe exchange rate difference at the level of the net assets of the SICAV is due to differences in the exchange rates of the currencies in which the net assets of the various Sub-Funds are denominated, during the period between 31 December 2021 and 30 June 2022.


### NOTE 2 - EXCHANGE RATE
| 1  EUR	= | 1.00090 | CHF |
| --- | --- | --- |
| 1  EUR	= | 1.04545 | USD |

NOTE 3 - TAXES AND EXPENSES PAYABLE
| Management fee | 267,070.66 | EUR |
| --- | --- | --- |
| Hedging fee | 78.03 | EUR |
| Depositary fees | 9,709.30 | EUR |
| Subscription tax | 10,258.54 | EUR |
| Miscellaneous fees | -6,471.41 | EUR |
| Total | 280,645.12 | EUR |

| NOTE 4 - MANAGEMENT FEE |
| --- |
| The SICAV paid to the Management Company, on behalf of the Sub-Funds a management fee at the annual rate of : - 1,50% for the Sub-Funds Gold and Europe Selection;
- 1,60% for the classes A USD, A CHF and A EUR for the Sub-Fund Best Selection in Food Industry;
- 0,80% for the classes B USD, B CHF and B EUR for the Sub-Fund Best Selection in Food Industry;
- 0,50% for the classes S46060 USD, S46060 CHF et S46060 EUR pour le compartiment Best Selection in Food Industry;
- 1.05% for the class CNw-EUR [H] for the Sub-Fund Best Selection in Food Industry.
 These fees are paid quarterly and calculated on the average net assets of each Sub-Fund or classes during the quarter under review: In addition, the Sub-Fund will pay the Management Company an annual fee at the rate of 0.10% with an annual minimum of EUR 15,000. The fee is payable quarterly and is calculated on the basis of the sub-fund's average net assets during the past quarter. |
| The Management Company pays part of this fee to the investment managers and advisors of the various Sub-Funds. |
| NOTE 5 - DEPOSITARY FEES |
| The fees due to the Custodian Bank and the Transfer Agent shall be calculated on the basis of the SICAV’s net assets and are payable quarterly on the basis of a percentage applied individually to the average net assets of each Sub-Fund during the quarter under review; the calculation shall be performed on the basis of the periodical valuations of the net assets of each Sub-Fund: - 0.040% on the portion of average net assets between EUR 0 and EUR 35 million;
- 0.030% on the portion of average net assets between EUR 35 and EUR 125 million;
- 0.020% on net assets in excess of 125 million euros; with a minimum of EUR 10,000.00 per Sub-Fund.
 |
| NOTE 6 - FEES ON SUBSCRIPTIONS AND REDEMPTIONS |
| For the EUROPE SELECTION and GOLD Sub-Funds, subscriptions are processed on the basis of the net asset value plus a maximum entry fee of 2%, which may be paid in whole or in part to approved intermediaries. For the Best Selection in Food Industry Sub-Fund, subscriptions are processed on the basis of the net asset value. For the EUROPE SELECTION, GOLD and Best Selection in Food Industry Sub-Funds, redemptions are processed on the basis of the net asset value. |
| NOTE 7 - SUBSCRIPTION TAX |
| The SICAV is governed by Luxembourg tax laws. Under current legislation and regulations, the SICAV is subject to the subscription tax in Luxembourg at an annual rate of 0,05%. This tax is payable quarterly and calculated on the net assets of the SICAV at the end of each quarter. |

The subscription tax is not payable on portions of assets invested in undertakings for collective investment that are already subject to this tax.
As the SICAV is registered in Belgium, it is subject to a further tax at the annual rate of 0.0925% calculated for 2022 on the basis of the value of the shares distributed in Belgium as recorded at 31 December 2021.

### NOTE 8 - HEDGING FEES
For its class CNw-EUR [H], the Sub-Fund Best Selection in Food Industry pays a hedging fee to the Management Company in remuneration for its services in connection with its currency hedging activity. This fee totals a maximum of 0.01% per month and per share class, on the average net assets of each share class during the month in question. This commission is payable quarterly.

### NOTE 9 - ADMINISTRATION FEES
The Management Company pays to Degroof Petercam Asset Services S.A. a compensation which is charged to the SICAV.
Domiciliation Agent: a commission of a flat amount of EUR 2,500 per annum per sub-fund, plus EUR 1,000 per annum per sub-fund for each foreign country where the sub-fund is authorised to be sold.
Administrative Agent: an annual commission, payable quarterly, according to a degressive scale by portions of average net assets of :
- 0.135% on the portion of net assets between EUR 0 and EUR 125 million;
- 0.105% on net assets in excess of EUR 125 million; with a minimum of EUR 33,750.00 per Sub-Fund.


### NOTE 10 - FORWARD FOREIGN EXCHANGE CONTRACTS
As at 30 June 2022, all forward foreign exchange contracts were dealt with Banque Degroof Petercam Luxembourg S.A. :
GOLD :
| Maturity | Currency Purchase | Nominal Purchased | Currency Sold | Nominal Sold | +/- Unrealised Value ( IN  USD) | Commitments ( IN  USD) |
| --- | --- | --- | --- | --- | --- | --- |
|  |
| 29/07/2022 | EUR | 2,605,894.06 | USD | 2,750,000.00 | -20,890.37 | 2,724,331.94 |
| Total | -20,890.37 | 2,724,331.94 |

Under these OTC derivative contracts, there is no collateral held with the counterparty Banque Degroof Petercam Luxembourg S.A..
Best Selection in Food Industry :
| Maturity | Currency Purchase | Nominal Purchased | Currency Sold | Nominal Sold | +/- Unrealised Value ( IN  CHF) | Commitments ( IN  CHF) |
| --- | --- | --- | --- | --- | --- | --- |
|  |
| 15/07/2022 | EUR | 284,878.00 | CHF | 295,936.96 | -10,795.17 | 285,134.39 |
| 15/07/2022 | USD | 4,198,760.00 | EUR | 4,000,000.00 | 12,817.14 | 8,023,437.36 |
| 15/07/2022 | CHF | 21,959.03 | EUR | 21,689.00 | 249.61 | 21,708.52 |
|  |  |  |  | Total | 2,271.58 | 8,330,280.28 |

Under these OTC derivative contracts, there is no collateral held with the counterparty Banque Degroof Petercam Luxembourg S.A..
| NOTE 11 - EVENTS DURING THE YEAR |
| --- |
| The COVID-19 (coronavirus) pandemic is still going strong and has been disrupting people's daily lives for almost two years now. This is obviously having an impact on the global economy, although finance in its specific sector is not the most disadvantaged sector. Authorities around the world have taken and continue to take strong and necessary measures to contain the spread of the virus, and to support individuals and businesses in these difficult times. Impact of the Russian invasion of Ukraine. The invasion of Ukraine by the Russian army is a development that is likely to disrupt global financial markets, through various channels, for some time to come. Rising commodity prices constitute one of the primary channels of risk transmission in the global economy, especially for countries that are more dependent on imports from Russia (energy, wheat, various metals). Russia is the world’s 6th largest commodities producer. The current increase in prices underscores the fact that the inflation experienced in most developed countries is non-transitory. A scenario involving stagflation, which is a combination of lower growth and high inflation, has become more likely in the coming months. Central banks, which were anticipating the exit from the monetary support put in place during the Covid crisis, will need to reassess their approach to exiting the crisis as any increase in rates to counter inflation is likely to have a significant impact on economic activity. Achieving the right balance will continue to be a challenge. Russia has become severely isolated from the rest of the world, with China as its only significant trading partner. Potential repercussions from the sanctions imposed on Russia could also have a significant impact on the European economy if Moscow decides to retaliate by cutting off the flow of gas that Germany and Italy are heavily dependent on. The ruble is no longer traded on foreign exchange markets and the Russian central bank has also been targeted by sanctions. This increases the risk of volatility for currencies, potentially not just in the short term. Equity and bond indices will drop Russian securities as these positions are no longer listed. The Russian positions that cannot be sold will consequently remain in portfolios as long as the market is closed and until it is possible to convert the ruble into another currency, which will take a long time. Corporate risks are increased and corporate profits will be affected by their dependence on commodities, among other factors. This means that the markets are likely to experience greater volatility in the coming months. Inevitably, geopolitical de-escalation will also be a lengthy process that will leave its mark for a prolonged period. |

| OVERALL RISK ASSESSMENT |
| --- |
| Each Sub-Fund shall ensure that the global exposure relating to financial derivative instruments does not exceed the total net value of its portfolio. Global exposure is a measure designed to limit the leverage generated by each Sub-Fund through the use of financial derivative instruments. In order to calculate global exposure, each Sub-Fund will use the commitment approach. This method consists of converting derivative financial instrument positions into equivalent positions in the underlying assets and then aggregating the market value of these equivalent positions. |


### TRANSPARENCY OF SECURITIES FINANCING TRANSACTIONS AND REUSE
In accordance with Article 13 and Section A of the Annex to Regulation EU 2015/2365 (hereinafter the "Regulation"), the SICAV must inform investors of its use of securities financing transactions and total return swaps in the annual and semi-annual reports.
The portfolio does not contain any assets on loan as of the date of this report

Translation (ENFR, 2022-06-30):
# du 1 janvier 2022 au 30 juin 2022
|  |
| --- |
| ASIA PACIFIC PERFORMANCE |
|  |
|  | Notes | Valeur (en USD) |
|  |
| Revenus |  |  |
| Dividendes sur actions | 1f | 55.511,51 |
| Intérêts créditeurs |  | 125,00 |
| Récupérations de taxes |  | 18,96 |
| Total Revenus |  | 55.655,47 |
| Charges |  |  |
| Commission de gestion | 4 | 50.438,85 |
| Commission de distribution | 7 | 29.099,21 |
| Commission de banque dépositaire |  | 23.228,46 |
| Taxe d'abonnement | 6 | 3.314,92 |
| Frais d'administration |  | 50.394,49 |
| Frais et commissions divers |  | 24.325,79 |
| Frais de transactions |  | 22.376,72 |
| Intérêts débiteurs |  | 77,25 |
| Redevance aux autorités étrangères |  | 1.040,43 |
| Total Charges |  | 204.296,12 |
| Revenus / Pertes Net(te)s |  | -148.640,65 |
| Plus ou moins-value nette réalisée |  |  |
| - sur investissements | 1b | -168.360,67 |
| - sur devises |  | -4.961,35 |
| - sur changes à terme |  | -203.918,29 |
| Bénéfice / (Perte) Net(te) réalisé(e) |  | -525.880,96 |
| Variation de la plus ou moins-value nette non réalisée |  |  |
| - sur investissements | 1e | -1.544.092,10 |
| - sur devises |  | 3.217,84 |
| - sur changes à terme |  | -17.764,55 |
| Résultat net des opérations |  | -2.084.519,77 |
| - Souscriptions |  | 15.629,61 |
| - Rachats |  | -1.046.677,44 |
| Variations de l'actif net |  | -3.115.567,60 |
| Actif net au début de la période |  | 9.654.805,56 |
| Actif net à la fin de la période |  | 6.539.237,96 |

|  |
| --- |
| ASIA PACIFIC PERFORMANCE |
|  |
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
|  |
| Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  |  |  |  |
| Actions Cotées ou Négociées |  |  |  |  |  |
| AAC TECHNOLOGIES HLDG INC. | 18.000 | HKD | 88.636,07 | 42.714,35 | 0,65% |
| ALIBABA GROUP HLDG LTD | 4.800 | HKD | 90.121,00 | 70.043,59 | 1,07% |
| BAIDU INC. -REG -A- | 4.800 | HKD | 88.255,73 | 91.760,16 | 1,40% |
| BEIJING CAPITAL INTERNATIONAL AIRPORT CO LTD | 288.000 | HKD | 179.680,48 | 187.924,80 | 2,87% |
| BEIJING ENTERPRISES HLDG LTD | 48.000 | HKD | 225.130,25 | 169.756,29 | 2,60% |
| BRILLIANCE CHINA AUTOMOTIVE HLDG | 118.000 | HKD | 104.605,48 | 54.890,42 | 0,84% |
| CFD.PRADA SpA | 8.000 | HKD | 42.856,17 | 46.389,86 | 0,71% |
| CHINA COMMUNICATION -H- | 238.000 | HKD | 141.220,15 | 104.948,13 | 1,60% |
| CHINA EDUCATION GROUP HLDG | 97.000 | HKD | 154.446,69 | 99.267,92 | 1,52% |
| CHINA LIFE INSURANCE CO LTD-H | 98.000 | HKD | 221.141,24 | 169.608,45 | 2,59% |
| CHINA UNICOM HONG KONG LTD | 368.000 | HKD | 290.850,70 | 171.652,66 | 2,62% |
| EC HEALTHCARE | 89.514 | HKD | 44.517,73 | 89.781,60 | 1,37% |
| GRAND BAOXIN AUTO GROUP LTD | 438.000 | HKD | 55.610,64 | 32.376,04 | 0,50% |
| HONG KONG EXCHANGES & CLEARING | 3.800 | HKD | 114.933,99 | 186.257,82 | 2,85% |
| KINGDEE INTERNATIONAL SOFTWARE GROUP | 25.000 | HKD | 26.144,42 | 61.045,99 | 0,93% |
| LINKLOGIS INC. -REG -B- U | 34.000 | HKD | 74.159,80 | 33.365,01 | 0,51% |
| L OCCITANE INTERNATIONAL S.A. | 27.936 | HKD | 62.050,90 | 92.033,60 | 1,41% |
| MING YUAN CLOUD GROUP HLDG LTD | 17.000 | HKD | 85.407,19 | 26.432,02 | 0,40% |
| PETROCHINA CO LTD | 208.000 | HKD | 123.845,29 | 100.202,09 | 1,53% |
| SHENWAN HONGYUAN GROUP CO LTD -H- | 428.000 | HKD | 198.049,02 | 86.728,64 | 1,33% |
| TENCENT HLDG LTD | 1.800 | HKD | 117.265,52 | 83.731,14 | 1,28% |
| TIANJIN DEVELOPMENT HLDG LTD | 488.000 | HKD | 240.533,36 | 103.240,37 | 1,58% |
| TONGDA GROUP HLDG LTD | 3.880.000 | HKD | 268.812,55 | 76.645,22 | 1,17% |
| WEIMOB INC. | 49.000 | HKD | 81.681,03 | 34.970,81 | 0,53% |
| XINGDA INTERNATIONAL HLDG LTD | 400.172 | HKD | 182.492,91 | 74.969,68 | 1,15% |
| Total DOLLAR DE HONG-KONG |  |  | 3.302.448,31 | 2.290.736,66 | 35,03% |
| MATAHARI PUTRA PRIMA TBK PT | 2.800.000 | IDR | 151.583,27 | 39.974,39 | 0,61% |
| NIPPON INDOSARI CORPINDO TBK | 786.466 | IDR | 71.023,98 | 67.791,91 | 1,04% |
| PT BANK TABUNGAN PENSIUNAN NASIONAL | 358.700 | IDR | 104.998,19 | 70.293,04 | 1,07% |
| PT BUKALAPAK.COM TBK -REG- | 1.827.200 | IDR | 106.322,42 | 32.484,63 | 0,50% |
| PT CISARUA MOUNTAIN DAIRY TBK | 279.758 | IDR | 63.739,31 | 78.937,70 | 1,21% |
| PT ELECTRONIC CITY INDONESIA | 3.229.500 | IDR | 472.548,06 | 123.964,72 | 1,90% |
| PT INDUSTRI JAMU DAN FARMASI SIDO M | 1.745.149 | IDR | 83.512,83 | 116.934,74 | 1,79% |
| Total ROUPIE INDOÉSIENNE |  |  | 1.053.728,06 | 530.381,13 | 8,11% |
| ABB INDIA LTD | 2.741 | INR | 32.623,82 | 80.193,87 | 1,23% |
| AEGIS LOGISTICS LTD | 22.275 | INR | 76.264,79 | 58.859,78 | 0,90% |
| APL APOLLO TUBES LTD | 1.887 | INR | 21.400,16 | 20.983,30 | 0,32% |
| APOLLO HOSPITALS ENTERPRISE LTD | 1.855 | INR | 52.172,76 | 87.227,10 | 1,33% |
| ASTRAL LTD | 2.807 | INR | 29.899,87 | 59.307,84 | 0,91% |
| CROMPTON GREAVES CONSUMER ELECTRIC | 17.024 | INR | 59.849,23 | 74.553,69 | 1,14% |
| DIXON TECHNOLOGIES INDIA LTD | 1.550 | INR | 40.287,63 | 71.666,17 | 1,10% |
| DLF LTD | 18.000 | INR | 33.281,59 | 72.616,06 | 1,11% |

|  |
| --- |
| ASIA PACIFIC PERFORMANCE |
|  |
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
|  |
| GODREJ CONSUMER PRODUCTS LTD | 6.274 | INR | 69.723,91 | 60.934,86 | 0,93% |
| INDIAN ENERGY EXCHANGE LTD REGISTER | 49.380 | INR | 85.331,14 | 100.871,39 | 1,54% |
| JUBILANT FOOD | 12.175 | INR | 76.690,22 | 79.206,55 | 1,21% |
| KEI INDUSTRIES LTD | 2.417 | INR | 16.734,51 | 35.794,99 | 0,55% |
| MARICO LTD DEMATERIALSED | 14.269 | INR | 72.790,01 | 85.980,61 | 1,31% |
| MAX HEALTHCARE INSTITUTE LTD | 28.060 | INR | 81.581,37 | 131.021,74 | 2,00% |
| MINDA INDUSTRIES LTD | 11.049 | INR | 54.842,59 | 132.225,24 | 2,02% |
| NAZARA TECHNO BONU | 2.594 | INR | 0,00 | 22.373,38 | 0,34% |
| NAZARA TECHNOLOGIES LTD | 2.594 | INR | 64.204,71 | 22.373,38 | 0,34% |
| SCHAEFFLER INDIA LTD | 2.384 | INR | 25.409,10 | 67.753,39 | 1,04% |
| TIME TECHNOPLAST LTD | 52.817 | INR | 62.237,19 | 70.166,82 | 1,07% |
| VOLTAS LTD | 3.067 | INR | 29.593,38 | 37.773,39 | 0,58% |
| Total ROUPIE INDIENNE |  |  | 984.917,98 | 1.371.883,55 | 20,98% |
| DOOSAN FUEL CELL CO LTD | 1.306 | KRW | 67.095,61 | 31.514,08 | 0,48% |
| KAKAO CORP. | 888 | KRW | 13.577,03 | 48.391,62 | 0,74% |
| SAMSUNG -C- NT CORP. | 1.888 | KRW | 142.296,29 | 177.290,63 | 2,71% |
| SAMSUNG ELECTRONICS CO LTD | 887 | KRW | 40.058,89 | 39.598,21 | 0,61% |
| SEOUL SEMICONDUCTOR CO LTD | 13.888 | KRW | 242.808,10 | 115.448,27 | 1,77% |
| Total WON SUD CORÉEN |  |  | 505.835,92 | 412.242,81 | 6,30% |
| CTOS DIGITAL BERHAD | 198.300 | MYR | 92.188,78 | 57.239,57 | 0,88% |
| UEM SUNRISE BERHAD | 488.000 | MYR | 79.759,36 | 34.383,61 | 0,53% |
| Total RINGGIT DE MALAISIE |  |  | 171.948,14 | 91.623,18 | 1,40% |
| CEMEX HLDG PHILIPPINES INC. | 2.000.000 | PHP | 68.200,14 | 23.241,03 | 0,36% |
| PLDT INC. | 2.515 | PHP | 80.728,40 | 80.598,71 | 1,23% |
| WILCON DEPOT INC. | 169.850 | PHP | 55.743,25 | 74.786,41 | 1,14% |
| Total PESO PHILIPPIN |  |  | 204.671,79 | 178.626,15 | 2,73% |
| CITY DEVELOPMENTS LTD | 10.800 | SGD | 55.063,38 | 63.549,95 | 0,97% |
| KEPPEL CORP. LTD | 18.800 | SGD | 71.597,24 | 88.066,96 | 1,35% |
| SATS LTD | 12.700 | SGD | 41.541,91 | 35.676,98 | 0,55% |
| Total DOLLAR DE SINGAPOUR |  |  | 168.202,53 | 187.293,89 | 2,86% |
| OSOTSPA PUBLIC CO LTD | 59.000 | THB | 62.352,26 | 57.806,21 | 0,88% |
| R&B FOOD SUPPLY PUBLIC COMP-FOREIGN | 100.400 | THB | 65.782,50 | 44.194,55 | 0,68% |
| SCG PACKAGING PUBLIC - FOREIGN | 47.800 | THB | 79.216,06 | 75.000,39 | 1,15% |
| TOA PAINT PUBLIC CO -FOREIGN- | 56.000 | THB | 58.854,00 | 45.324,84 | 0,69% |
| Total BAHT THAÏLANDAIS |  |  | 266.204,82 | 222.325,99 | 3,40% |
| AIRTAC INTERNATIONAL GROUP | 2.092 | TWD | 63.692,78 | 71.908,26 | 1,10% |
| HIWIN TECHNOLOGIES CORP. | 4.682 | TWD | 48.058,04 | 39.602,45 | 0,61% |
| MEDIA TEK INCORPORATION | 5.000 | TWD | 61.179,05 | 111.375,18 | 1,70% |

|  |
| --- |
| ASIA PACIFIC PERFORMANCE |
|  |
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en USD) | Valeur d’évaluation (en USD) | % de l'actif net |
|  |
| TPK HLDG CO LTD | 68.000 | TWD | 313.299,62 | 79.859,88 | 1,22% |
| YAGEO CORP. | 6.000 | TWD | 65.322,19 | 65.713,04 | 1,00% |
| Total DOLLAR TAIWANAIS |  |  | 551.551,68 | 368.458,81 | 5,63% |
| Total Actions Cotées ou Négociées |  |  | 7.209.509,23 | 5.653.572,17 | 86,46% |
| Total Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  | 7.209.509,23 | 5.653.572,17 | 86,46% |
| Autres valeurs mobilières |  |  |  |  |  |
| BOSHIWA INTERNATIONAL HLDG LTD | 4.388.000 | HKD | 1.732.770,71 | 0,00 | 0,00% |
| Total DOLLAR DE HONG-KONG |  |  | 1.732.770,71 | 0,00 | 0,00% |
| PT BERLIAN LAJU DLST | 18.888.000 | IDR | 680.559,78 | 0,00 | 0,00% |
| Total ROUPIE INDOÉSIENNE |  |  | 680.559,78 | 0,00 | 0,00% |
| CHENNAI SUPER KINGS CRICKET LTD | 388.888 | INR | 0,00 | 0,00 | 0,00% |
| Total ROUPIE INDIENNE |  |  | 0,00 | 0,00 | 0,00% |
| EZION HLDG WARRANT 18-160423 | 466.920 | SGD | 0,00 | 0,00 | 0,00% |
| Total DOLLAR DE SINGAPOUR |  |  | 0,00 | 0,00 | 0,00% |
| ASIA PACIFIC FUND II LP3 CALL USD | 35.753 | USD | 0,00 | 0,00 | 0,00% |
| BEIJING SINOHYTEC-CLSA 21-200126 | 2.100 | USD | 57.898,78 | 30.922,50 | 0,47% |
| CENTRE TEST-CLSA 21-191026 | 13.300 | USD | 39.022,03 | 45.512,60 | 0,70% |
| DBPP SECURITY -UBS A.G. WARRANT 22-240323 | 1.520 | USD | 50.680,24 | 34.110,32 | 0,52% |
| ESTUN AUTOM-CLSA 20-021125 | 19.300 | USD | 68.641,75 | 73.320,70 | 1,12% |
| GLODON-UBS 22-23 | 6.200 | USD | 42.557,46 | 52.675,20 | 0,81% |
| LEAD HARMONY -UBS A.G. LONDON WARRANT 22-170223 | 2.742 | USD | 62.853,56 | 65.701,06 | 1,00% |
| QI AN XIN TECHNO-CLSA 21-210726 | 5.318 | USD | 80.729,04 | 43.947,95 | 0,67% |
| QINGDAO TGOOD-CLSA 21-140126 | 14.800 | USD | 81.177,57 | 38.154,40 | 0,58% |
| SHANGHAI WEAVER-CLSA 21-020226 | 6.800 | USD | 78.968,05 | 36.604,40 | 0,56% |
| SH FRIEN -UBS A.G. LONDON WARRANT 22-240223 | 1.498 | USD | 59.567,29 | 48.243,09 | 0,74% |
| THUNDER SOFT-CLSA 21-260326 | 3.200 | USD | 59.712,89 | 62.707,20 | 0,96% |
| VENUSTECH -UBS A.G. WARRANT 22-250323 | 16.000 | USD | 68.010,08 | 47.504,00 | 0,73% |
| ZWSOFT CO LTD -UBS WARRANT 21-290722 | 2.128 | USD | 114.455,35 | 68.364,13 | 1,05% |
| Total DOLLAR DES ETATS-UNIS |  |  | 864.274,09 | 647.767,55 | 9,91% |
| Total Autres valeurs mobilières |  |  | 3.277.604,58 | 647.767,55 | 9,91% |
| Total du Portefeuille-Titres |  |  | 10.487.113,81 | 6.301.339,72 | 96,36% |

(Content)
| ASIA PACIFIC PERFORMANCE | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| INDE | 20,98 % |
| ILES CAYMAN | 14,82 % |
| CHINE | 14,30 % |
| HONG KONG | 9,65 % |
| INDONÉSIE | 8,11 % |
| CORÉE DU SUD | 6,30 % |
| ROYAUME-UNI | 4,84 % |
| SINGAPOUR | 3,56 % |
| THAÏLANDE | 3,40 % |
| TAIWAN | 3,31 % |
| PHILIPPINES | 2,73 % |
| LUXEMBOURG | 1,41 % |
| MALAISIE | 1,40 % |
| BERMUDES | 0,84 % |
| ITALIE | 0,71 % |
| Total du Portefeuille-Titres | 96,36 % |

| ASIA PACIFIC PERFORMANCE | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| SERVICES FINANCIERS - HOLDINGS | 13,47 % |
| MATERIEL ELECTRIQUE - ELECTRONIQUE | 9,26 % |
| BANQUES | 8,76 % |
| TELECOMMUNICATIONS | 6,07 % |
| ALIMENTATION & PRODUITS D'ENTRETIEN | 6,05 % |
| IT & INTERNET | 4,84 % |
| PHARMACIE - COSMETIQUE | 4,53 % |
| LOISIRS & TOURISME | 3,92 % |
| SERVICES DIVERS | 3,77 % |
| VEHICULES ROUTIERS | 3,36 % |
| TRANSPORTS AERIENS | 2,87 % |
| COMPOSANTS & INSTRUMENTS ELECTRONIQUES | 2,75 % |
| CONSTRUCTION MECANIQUE | 2,74 % |
| IMMOBILIER | 2,61 % |
| COMPAGNIES D'ASSURANCE | 2,59 % |
| PETROLE & DERIVES | 2,43 % |
| INDUSTRIE D'EMBALLAGE | 2,22 % |
| DIFFUSION & EDITION | 2,14 % |
| SOINS & SERVICE DE SANTE | 2,00 % |
| SOURCES D'ENERGIE | 1,90 % |
| DISTRIBUTION | 1,75 % |
| MATERIAUX DE CONSTRUCTION | 1,26 % |
| PNEUS & CAOUTCHOUC | 1,15 % |
| PHOTO & OPTIQUE | 1,07 % |
| TEXTILE & HABILLEMENT | 0,71 % |
| PRODUITS CHIMIQUES | 0,69 % |
| SOCIETES DIVERSIFIEES | 0,58 % |
| TRANSPORT & CIRCULATION | 0,55 % |
| METAUX NON-FERREUX | 0,32 % |
| Total du Portefeuille-Titres | 96,36 % |

Ces répartitions d’actifs ont été établies sur base de données (brutes) utilisées par l’agent administratif et ne reflètent pas nécessairement l’analyse économique qui a orienté la sélection d’actif.
| ASIA PACIFIC PERFORMANCE | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| DOLLAR DE HONG-KONG | 35,04 % |
| ROUPIE INDIENNE | 20,98 % |
| DOLLAR DES ETATS-UNIS | 9,91 % |
| ROUPIE INDOÉSIENNE | 8,11 % |
| WON SUD CORÉEN | 6,30 % |
| DOLLAR TAIWANAIS | 5,63 % |
| BAHT THAÏLANDAIS | 3,40 % |
| DOLLAR DE SINGAPOUR | 2,86 % |
| PESO PHILIPPIN | 2,73 % |
| RINGGIT DE MALAISIE | 1,40 % |
| Total du Portefeuille-Titres | 96,36 % |

Ces répartitions d’actifs ont été établies sur base de données (brutes) utilisées par l’agent administratif et ne reflètent pas nécessairement l’analyse par devise qui a orienté la sélection d’actif.
ASIA PACIFIC PERFORMANCE
| Actions en circulation au début de la période	- C - EUR | 99.749,214 |
| --- | --- |
| - D - US$ | 154.938,852 |
| Actions émises au cours de la période	- C - EUR | 224,022 |
| - D - US$ | 300,000 |
| Actions remboursées au cours de la période	- C - EUR | 5.767,044 |
| - D - US$ | 25.107,513 |
| Actions en circulation à la fin de la période	- C - EUR | 94.206,192 |
| - D - US$ | 130.131,339 |

| Compartiment | Date d’Evaluation | Actif Net Total | Classe d'actions | Actions en Circulation | Valeur de l’Action | Devise |
| --- | --- | --- | --- | --- | --- | --- |

| ASIA PACIFIC PERFORMANCE (USD) | 31.12.2019 31.12.2020 31.12.2021 30.06.2022 | 15.405.874,11 14.181.490,33 9.654.805,56 6.539.237,96 | - A - EUR | 13.711,710 | 24,61 | EUR |
| --- | --- | --- | --- | --- | --- | --- |
| - B - US$ | 100,000 | 38,27 | USD |
| - C - EUR | 162.930,191 | 22,93 | EUR |
| - D - US$ | 304.834,173 | 35,53 | USD |
| - A - EUR | 11.298,580 | 26,72 | EUR |
| - B - US$ | 100,000 | 42,40 | USD |
| - C - EUR | 149.990,455 | 24,79 | EUR |
| - D - US$ | 236.468,413 | 39,15 | USD |
| - C - EUR | 99.749,214 | 26,75 | EUR |
| - D - US$ | 154.938,852 | 42,73 | USD |
| - C - EUR | 94.206,192 | 21,20 | EUR |
| - D - US$ | 130.131,339 | 34,17 | USD |


### NOTE 1 - PRINCIPES ET MÉTHODES COMPTABLES
Les états financiers de la SICAV ont été préparés selon le principe de continuité d’exploitation et conformément aux normes et principes comptables communément acceptés au Luxembourg. Ils sont établis sur la valeur nette d’inventaire officielle au 30 juin 2022.
Les comptes de la SICAV sont exprimés en USD. Étant donné que la SICAV n'a qu'un seul compartiment actif au 30 juin 2022 et que la devise de référence du compartiment unique est l'USD, les comptes de la SICAV sont les mêmes que les comptes du seul compartiment actif.
- Evaluation du portefeuille-titres et des instruments dérivés
	- L’évaluation de toutes les valeurs mobilières qui sont négociées ou cotées à une bourse de valeurs sera déterminée suivant leur dernier cours publié disponible au 30 juin 2022.
	- L’évaluation de toutes les valeurs mobilières qui sont négociées sur un autre marché réglementé, en fonctionnement régulier, reconnu et ouvert au public, fournissant des garanties comparables, est basée sur leur dernier cours publié disponible au 30 juin 2022.
	- Les actions ou parts des organismes de placement collectif seront évaluées sur base de leur dernière valeur nette d’inventaire disponible au 30 juin 2022.
	- Dans la mesure où des valeurs mobilières en portefeuille au 30 juin 2022 ne sont pas négociées ou cotées à une bourse de valeurs ou à un autre marché réglementé, en fonctionnement régulier, reconnu et ouvert au public ou, si pour des valeurs cotées ou négociées à une telle bourse ou à un tel autre marché, le prix déterminé conformément aux dispositions sub (1), (2) et (3) ci-dessus n'est pas représentatif de la valeur réelle de ces valeurs mobilières, celles-ci sont évaluées sur base de leur valeur probable de réalisation qui sera estimée avec prudence et bonne foi.
	- Les contrats de change à terme sont évalués sur la base des derniers taux «forward» disponibles au 30 juin 2022.

- Plus ou moins-values nettes réalisées sur investissementsLes plus ou moins-values nettes réalisées sur ventes de titres sont calculées sur base du coût moyen des titres vendus.

Le montant des plus ou moins-values nettes réalisées imputable à la variation des cours de change est enregistré dans le poste de «Plus ou moins-value nette réalisée sur devises» lors de l’opération de vente.
- Conversion des devises étrangèresLa comptabilité de la SICAV est tenue en USD. Les avoirs en banque, les autres actifs nets ainsi que la valeur boursière des titres en portefeuille en d'autres devises que le USD sont convertis en USD aux cours de change en vigueur à la date de clôture.

Les revenus et frais en devises autres que le USD sont convertis en USD aux cours de change en vigueur à la date de paiement.
- Coût d'acquisition des titres en portefeuillePour les titres libellés en devises autres que la devise de la SICAV, le coût d'acquisition est calculé sur base du cours de change en vigueur au jour de l'achat.
- Variation des plus ou moins-values nettes non réaliséesLa variation des plus ou moins-values nettes non réalisées à la fin de l’a période figure également dans le résultat des opérations.
- RevenusLes intérêts sont comptabilisés chaque jour et les dividendes sont enregistrés à l’«ex-date». Les intérêts et revenus sont comptabilisés nets des précomptes mobiliers non recouvrables.
- Variation du portefeuille-titresLe tableau des variations du portefeuille-titres est disponible sans frais au siège social de la SICAV et du représentant en Suisse.

NOTE 2 - TAUX DE CHANGE
| 1  USD	= | 0,95653 | EUR |
| --- | --- | --- |

NOTE 3 - TAXES ET FRAIS À PAYER
| Commission de gestion | 22.705,04 | USD |
| --- | --- | --- |
| Commission de banque dépositaire | 9.200,68 | USD |
| Taxe d'abonnement | 817,50 | USD |
| Frais et commissions divers | -5.824,05 | USD |
| Total | 26.899,17 | USD |

NOTE 4 - COMMISSION DE GESTION
La SICAV paie à Degroof Petercam Asset Services S.A. (la «Société de Gestion») une rémunération consistant en une commission au taux maximum de 1,30% par an, payable trimestriellement, et calculée sur la valeur de ses avoirs nets moyens des classes A, B, C et D de la SICAV au cours du trimestre concerné.
La Société de Gestion prend à sa charge toutes les rémunérations dues aux gestionnaires.

### NOTE 5 - COMMISSIONS SUR SOUSCRIPTIONS
Les actions de la SICAV Asia Pacific Performance sont émises à la valeur nette d'inventaire par action majorée d'une commission d'émission de 3% au maximum qui reviendra aux intermédiaires participant à la vente des actions de la SICAV.

### NOTE 6 - TAXE D'ABONNEMENT
En vertu de la législation et des règlements en vigueur actuellement, la SICAV est soumise à Luxembourg à la taxe d'abonnement au taux annuel de 0,05% payable trimestriellement et calculée à chaque fin de trimestre sur les actifs nets des classes C et D destinées aux investisseurs particuliers.
De plus, la SICAV étant enregistrée en Belgique, elle est soumise à une taxe au taux annuel de 0,0925% calculée, pour l’année 2022 sur base de la valeur des actions distribuées en Belgique telle qu’établie au 31 décembre 2021.

### NOTE 7 - COMMISSION DE DISTRIBUTION
Une tarification distincte par type d’investisseurs est en place pour la commission de distribution:
- 0,35% par an pour les classes A et B destinées aux investisseurs institutionnels ;
- 0,75% par an pour les classes C et D destinées aux investisseurs particuliers.

Cette commission est payable trimestriellement, et est calculée sur la valeur des avoirs nets moyens de la classe respective au cours du trimestre concerné et au prorata du nombre d’actions (encours) inscrit au nom du distributeur concerné.

### NOTE 8 - CHANGES À TERME
Tous les contrats de change à terme détaillés ci-dessous ont été conclus avec Banque Degroof Petercam Luxembourg S.A..
ASIA PACIFIC PERFORMANCE :
| Echéance | Devise Achetée | Montant Acheté | Devise Vendue | Montant Vendu | + / - Value Non Réalisée ( EN  USD) | Engagement (en USD) |
| --- | --- | --- | --- | --- | --- | --- |
|  |
| 15/07/2022 | USD | 88.121,41 | EUR | 83.694,00 | 347,73 | 87.497,89 |
| 15/07/2022 | EUR | 2.027.173,00 | USD | 2.124.375,95 | 1.575,15 | 2.119.308,01 |
|  |  |  |  | Total | 1.922,88 | 2.206.805,90 |

Au titre de ces contrats dérivés OTC, il n'y a pas de collatéral maintenu auprès de la contrepartie Banque Degroof Petercam Luxembourg S.A..

### NOTE 9 - EVÈNEMENT(S) SURVENU(S) PENDANT LA PÉRIODE
La pandémie de COVID-19 (coronavirus) tend à perdurer et menace encore fortement la vie des gens au quotidien depuis maintenant bientôt deux années. Cela a bien évidement une incidence sur l’économie mondiale bien que la finance dans son secteur spécifique ne soit pas le secteur le plus défavorisé. Partout dans le monde, les autorités ont pris et continuent à prendre des mesures énergiques et indispensables pour contenir la diffusion du virus, et pour soutenir les particuliers et les entreprises en ces temps difficiles.
Impact de l’invasion russe en Ukraine :
L’invasion de l’Ukraine par l’armée russe est un évènement qui perturbera les marchés financiers mondiaux, à travers divers canaux, pendant un certain temps.
La hausse des prix des matières premières est un des premiers canaux de transmission de risque dans l’économie mondiale, et plus particulièrement pour les pays qui sont plus dépendants d’un approvisionnement en Russie (énergie, blé, différents métaux). La Russie est le 6ème plus gros producteur mondial de matières premières.
L’augmentation actuelle des prix renforce le caractère non transitoire de l’inflation qui était constatée dans la plupart des pays développés. Le scénario de stagflation, combinaison d’une plus faible croissance liée à un niveau d’inflation élevé, est devenu plus probable pour les mois à venir.
Les banques centrales, qui planifiaient la sortie du support monétaire mis en place lors de la crise du Covid, doivent réévaluer leur sortie de crise car toute augmentation des taux pour contrer l’inflation risque d’avoir un impact significatif sur l’activité économique. L’équilibre restera difficile.
La Russie est fortement isolée à travers le monde, ne trouvant plus que la Chine comme partenaire commercial significatif. D’éventuelles répercussions suite aux sanctions imposées à la Russie risquent également d’impacter significativement l’économie européenne si Moscou décidait, en représailles, de stopper le flux de gaz dont sont fortement dépendants l’Allemagne ou l’Italie.
Le rouble n’est plus traitable sur les marchés de change et la banque centrale russe a été également mise au pilori des sanctions. Les devises ont dès lors un risque accru de volatilité, ce risque pourrait rester un certain temps. Les indices actions et obligataires vont retirer les titres russes étant donné que ces positions ne sont plus cotées. Les positions russes qui n’ont pu être vendues resteront en conséquence dans les portefeuilles aussi longtemps que la bourse sera fermée et tant qu’il ne sera pas possible de convertir le rouble dans une autre devise, ce qui prendra beaucoup de temps.
Les risques sur les sociétés sont accrus et leurs bénéfices seront influencés par leur dépendance, entre autres, aux matières premières. Les marchés sont par conséquents à risque de subir davantage de volatilité dans les mois à venir.
La désescalade géopolitique prendra également inévitablement beaucoup de temps et laissera des traces pour une longue période.
| Détermination du risque global |
| --- |
| Chaque compartiment de la SICAV devra veiller à ce que son exposition globale sur instruments financiers dérivés n’excède pas la valeur nette totale de son portefeuille. L’exposition globale est une mesure conçue pour limiter l’effet de levier généré au niveau de chaque compartiment par l’utilisation d’instruments financiers dérivés. La méthode utilisée pour calculer l’exposition globale de la SICAV est celle des engagements. Cette méthode des engagements consiste à convertir les positions sur instruments financiers dérivés en positions équivalentes sur les actifs sous- jacents puis à agréger la valeur de marché de ces positions équivalentes. |
| Transparence des opérations de financement sur titres et de la réutilisation : Conformément à l’article 13 et à la Section A de l’Annexe du Règlement EU 2015/2365 (ci-après le «Règlement»), la SICAV doit informer les investisseurs de l’utilisation qu’elle fait des opérations de financement sur titres et des contrats d’échange sur rendement global dans le rapport annuel et le rapport semestriel. Le portefeuille ne contient pas d'avoirs prêtés à la date du présent rapport. |