# Geographical classification
(by domicile of the issuer) (in percentage of net assets)
| Cayman Islands | 17.02 % |
| --- | --- |
| South Korea | 11.97 % |
| Brazil | 11.73 % |
| Taiwan | 11.54 % |
| China | 6.82 % |
| Mexico | 6.77 % |
| India | 5.48 % |
| Thailand | 4.95 % |
| South Africa | 4.90 % |
| Hong Kong | 3.51 % |
| Philippines | 2.94 % |
| Indonesia | 2.69 % |
| Malaysia | 2.02 % |
| Chile | 1.86 % |
| Singapore | 1.40 % |
| Bermuda | 0.75 % |
| Total | 96.35 % |

| Assets |  |
| --- | --- |
| Securities portfolio at market value | 518,663,149.75 |
| Cash at banks | 33,609,076.73 |
| Receivable on issues of shares | 658,891.50 |
| Income receivable on portfolio | 333,915.69 |
| Unrealised gain on forward foreign exchange contracts | 393,578.22 |
| Prepaid expenses | 	593.99  |
| Total assets | 553,659,205.88 |
| Liabilities |  |
| Redeemable cash collateral received | 340,000.00 |
| Payable on redemptions of shares | 1,233,479.16 |
| Expenses payable | 	610,547.41  |
| Total liabilities | 2,184,026.57 |
| Net assets at the end of the period | 551,475,179.31 |

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 | 453,397.111 | EUR | 170.85 | 77,460,694.92 |
| AI | 15,693.268 | EUR | 1,094.16 | 17,170,996.03 |
| AM | 110,002.804 | EUR | 175.78 | 19,336,744.43 |
| AR | 6,792.429 | EUR | 183.44 | 1,245,979.58 |
| B | 1,181,042.367 | EUR | 237.94 | 281,021,803.47 |
| B CHF HEDGED | 2,860.382 | CHF | 145.15 | 405,489.94 |
| B USD HEDGED | 77,034.583 | USD | 221.24 | 15,315,678.17 |
| BI | 45,937.971 | EUR | 1,092.48 | 50,186,437.67 |
| BI USD HEDGED | 0.143 | USD | 1,115.03 | 143.29 |
| BM | 348,956.603 | EUR | 243.00 | 84,795,079.12 |
| BM CHF HEDGED | 1.000 | CHF | 151.76 | 148.21 |
| BM USD HEDGED | 20,894.532 | USD | 229.01 | 4,299,985.33 |
| BR | 759.385 | EUR | 218.86 | 166,199.96 |
| BR CHF HEDGED | 500.000 | CHF | 142.94 | 	69,799.19  |
|  |  |  |  | 	551,475,179.31  |

| Income |  |
| --- | --- |
| Dividends, net | 5,095,914.82 |
| Bank interest | 621.20 |
| Other income | 	58,154.71  |
| Total income | 5,154,690.73 |
| Expenses |  |
| Management fees | 2,925,725.28 |
| Depositary fees | 114,676.90 |
| Banking charges and other fees | 40,256.88 |
| Transaction fees | 222,047.10 |
| Central administration costs | 119,983.77 |
| Professional fees | 3,587.44 |
| Other administration costs | 60,438.60 |
| Subscription duty ("taxe d'abonnement") | 125,238.71 |
| Other taxes | 107,273.56 |
| Bank interest paid | 69,241.17 |
| Other expenses | 	10,603.13  |
| Total expenses | 3,799,072.54 |
| Net investment income | 1,355,618.19 |
| Net realised gain/(loss) |  |
| - on securities portfolio | 15,133,611.52 |
| - on forward foreign exchange contracts | 869,008.38 |
| - on foreign exchange | 	214,895.45  |
| Realised result | 17,573,133.54 |
| Net variation of the unrealised gain/(loss) |  |
| - on securities portfolio | 15,131,577.98 |
| - on forward foreign exchange contracts | 	24,114.67  |
| Result of operations | 32,728,826.19 |
| Dividends paid | -1,187,127.88 |
| Reinvestments | 4,508.25 |
| Subscriptions | 49,253,265.27 |
| Redemptions | -49,030,799.63 |
| Total changes in net assets | 31,768,672.20 |
| Total net assets at the beginning of the period | 519,706,507.11 |
| Total net assets at the end of the period | 551,475,179.31 |

| Total net assets | Currency | 30.09.2020 | 30.09.2021 | 31.03.2022 |
| --- | --- | --- | --- | --- |
|  | EUR | 485,041,796.46 | 519,706,507.11 | 551,475,179.31 |

| Net asset value per share class | Currency | 30.09.2020 | 30.09.2021 | 31.03.2022 |
| --- | --- | --- | --- | --- |
| A | EUR | 150.08 | 162.77 | 170.85 |
| AI | EUR | 160.62 | 1,045.42 | 1,094.16 |
| AM | EUR | 154.74 | 167.85 | 175.78 |
| AR | EUR | 161.39 | 174.74 | 183.44 |
| B | EUR | 205.06 | 224.56 | 237.94 |
| B CHF HEDGED | CHF | 125.92 | 137.36 | 145.15 |
| B USD HEDGED | USD | 188.86 | 208.06 | 221.24 |
| BI | EUR | 186.32 | 1,027.26 | 1,092.48 |
| BI USD HEDGED | USD | 133.79 | 1,042.80 | 1,115.03 |
| BM | EUR | 208.19 | 228.90 | 243.00 |
| BM CHF HEDGED | CHF | 129.85 | 142.92 | 151.76 |
| BM USD HEDGED | USD | 194.32 | 214.93 | 229.01 |
| BR | EUR | 189.28 | 206.76 | 218.86 |
| BR CHF HEDGED | CHF | 124.47 | 135.43 | 142.94 |

| Number of shares | outstanding at the beginning of the period | issued | reinvested | redeemed | outstanding at the end of the period |
| --- | --- | --- | --- | --- | --- |
| A | 372,520.687 | 97,511.383 | 26.663 | -16,661.622 | 453,397.111 |
| AI | 15,718.229 | - | - | -24.961 | 15,693.268 |
| AM | 106,670.097 | 4,226.000 | - | -893.293 | 110,002.804 |
| AR | 6,582.745 | 209.684 | - | - | 6,792.429 |
| B | 1,142,309.123 | 103,189.600 | - | -64,456.356 | 1,181,042.367 |
| B CHF HEDGED | 2,860.382 | - | - | - | 2,860.382 |
| B USD HEDGED | 81,206.422 | 4,660.087 | - | -8,831.926 | 77,034.583 |
| BI | 64,098.778 | 3,685.681 | - | -21,846.488 | 45,937.971 |
| BI USD HEDGED | 0.143 | - | - | - | 0.143 |
| BM | 358,982.092 | 10,004.946 | - | -20,030.435 | 348,956.603 |
| BM CHF HEDGED | 1.000 | - | - | - | 1.000 |
| BM USD HEDGED | 20,894.532 | - | - | - | 20,894.532 |
| BR | 835.740 | 10.165 | - | -86.520 | 759.385 |
| BR CHF HEDGED | 500.000 | - | - | - | 500.000 |

| TER per share class as at 31.03.2022 | (in %) |
| --- | --- |
| A | 1.42 |
| AI | 0.73 |
| AM | 1.08 |
| AR | 1.77 |
| B | 1.44 |
| B CHF HEDGED | 1.46 |
| B USD HEDGED | 1.48 |
| BI | 0.73 |
| BI USD HEDGED | 0.38 |
| BM | 1.05 |
| BM CHF HEDGED | 0.46 |
| BM USD HEDGED | 1.08 |
| BR | 1.67 |
| BR CHF HEDGED | 1.71 |

| Dividends paid | Currency | Dividend per share class | Ex-dividend date |
| --- | --- | --- | --- |
| A | EUR | 1.64 | 08.02.2022 |
| AI | EUR | 17.43 | 08.02.2022 |
| AM | EUR | 2.33 | 08.02.2022 |
| AR | EUR | 1.34 | 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 exchange listing |
| Shares |  |  |  |  |  |  |  |
| AUD | 126,524 | Domino's Pizza Enterprises Ltd Reg | 3,402,623.22 |  | 7,504,313.19 |  | 1.36 |
| CAD | 184,130 | Canadian National Railway Co | 12,528,924.61 |  | 22,218,402.66 |  | 4.03 |
| CHF | 6,624 | Givaudan SA Reg | 14,427,866.71 |  | 24,757,286.28 |  | 4.49 |
| CHF | 241,736 | Nestlé SA Reg | 18,548,862.29 |  | 28,377,233.37 |  | 5.15 |
| CHF | 8,017 | SGS SA Reg | 	15,880,746.90  |  | 	20,168,889.88  |  | 	3.66  |
|  |  |  | 48,857,475.90 |  | 73,303,409.53 |  | 13.30 |
| DKK | 87,269 | Coloplast A/S B | 9,363,804.20 |  | 12,020,565.58 |  | 2.18 |
| EUR | 4,275 | Hermes Intl SA | 4,998,357.75 |  | 5,521,162.50 |  | 1.00 |
| EUR | 265,397 | Kone Oyj B | 14,877,003.25 |  | 12,630,243.23 |  | 2.29 |
| EUR | 63,631 | L'Oréal SA | 19,345,420.30 |  | 23,152,139.35 |  | 4.20 |
| EUR | 28,789 | LVMH Moët Hennessy L Vuit SE | 14,594,901.85 |  | 18,695,576.60 |  | 3.39 |
| EUR | 671,831 | Unilever Plc Reg | 	25,422,294.60  |  | 	27,508,120.30  |  | 	4.99  |
|  |  |  | 79,237,977.75 |  | 87,507,241.98 |  | 15.87 |
| GBP | 490,817 | GlaxoSmithKline Plc | 9,251,205.16 |  | 9,568,295.69 |  | 1.73 |
| GBP | 330,000 | Intertek Group Plc | 18,338,551.26 |  | 20,402,611.79 |  | 3.70 |
| GBP | 1,537,408 | National Grid Plc Reg | 18,557,437.64 |  | 21,332,099.68 |  | 3.87 |
| GBP | 311,352 | Reckitt Benckiser Group Plc | 20,163,349.38 |  | 21,490,070.15 |  | 3.90 |
| GBP | 919,744 | United Utilities Plc | 	10,005,512.07  |  | 	12,240,385.09  |  | 	2.22  |
|  |  |  | 76,316,055.51 |  | 85,033,462.40 |  | 15.42 |
| HKD | 7,628,000 | Guangdong Investment Ltd | 10,364,846.04 |  | 9,383,096.26 |  | 1.70 |
| SEK | 2,907,467 | Swedish Match AB | 13,171,732.77 |  | 19,875,679.44 |  | 3.60 |
| TWD | 494,000 | Taiwan Semiconduct Mfg Co Ltd | 3,605,938.11 |  | 9,259,266.78 |  | 1.68 |
| USD | 53,600 | Accenture Plc A | 6,212,429.63 |  | 16,243,285.41 |  | 2.95 |
| USD | 341,800 | Colgate-Palmolive Co | 20,332,619.95 |  | 23,291,421.64 |  | 4.22 |
| USD | 29,600 | Hershey Co (The) | 3,475,966.57 |  | 5,762,264.56 |  | 1.04 |
| USD | 109,100 | Kimberly-Clark Corp | 12,593,310.48 |  | 12,074,726.82 |  | 2.19 |
| USD | 82,500 | Microsoft Corp | 6,245,759.89 |  | 22,857,274.44 |  | 4.14 |
| USD | 46,500 | Paychex Inc | 3,040,983.17 |  | 5,702,601.55 |  | 1.03 |
| USD | 173,500 | Pepsico Inc | 17,641,217.91 |  | 26,096,719.99 |  | 4.73 |
| USD | 211,900 | Philip Morris Intl Inc | 16,759,935.08 |  | 17,888,107.48 |  | 3.24 |
| USD | 22,400 | S&P Global Inc | 8,272,635.01 |  | 8,256,678.65 |  | 1.50 |
| USD | 92,750 | Union Pacific Corp | 11,963,713.23 |  | 22,771,591.93 |  | 4.13 |
| USD | 73,200 | Visa Inc A | 	12,531,013.55  |  | 	14,588,033.79  |  | 	2.65  |
|  |  |  | 119,069,584.47 |  | 175,532,706.26 |  | 31.82 |
| VND | 2,560,980 | Vietnam Dairy Product Corp | 9,990,098.37 |  | 8,151,418.45 |  | 1.48 |
| ZAR | 2,001,612 | AVI Ltd | 11,455,134.73 |  | 8,873,587.22 |  | 1.61 |
| Total investments in securities | 397,364,195.68 |  | 518,663,149.75 |  | 94.05 |
| Cash at banks |  |  | 33,609,076.73 |  | 6.09 |
| Other net assets/(liabilities) |  |  | -797,047.17 |  | -0.14 |
| Total |  |  | 551,475,179.31 |  | 100.00 |

* Minor differences may arise due to rounding in the calculation of percentages.
The accompanying notes are an integral part of these financial statements.

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.