# Geographical classification
(by domicile of the issuer) (in percentage of net assets)
| Japan | 97.61 % |
| --- | --- |
| Total | 97.61 % |

| Assets |  |
| --- | --- |
| Securities portfolio at market value | 107,870,430.73 |
| Cash at banks | 1,613,755.30 |
| Formation expenses, net | 96.27 |
| Bank interest receivable | 	0.04  |
| Total assets | 109,484,282.34 |
| Liabilities |  |
| Unrealised loss on forward foreign exchange contracts | 276,985.03 |
| Expenses payable | 95,555.83 |
| Prepaid subscriptions | 	13,000.00  |
| Total liabilities | 385,540.86 |
| Net assets at the end of the period | 109,098,741.48 |

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) |
| --- | --- | --- | --- | --- |
| B | 27,108.113 | EUR | 141.27 | 3,829,604.41 |
| B USD | 3,814.937 | USD | 176.85 | 568,945.30 |
| BI | 664,169.708 | EUR | 145.41 | 96,578,885.90 |
| BI USD | 52,975.201 | USD | 181.79 | 	8,121,305.87  |
|  |  |  |  | 	109,098,741.48  |

| Income |  |
| --- | --- |
| Bank interest | 0.04 |
| Other income | 	12,004.86  |
| Total income | 12,004.90 |
| Expenses |  |
| Management fees | 435,962.73 |
| Depositary fees | 19,356.72 |
| Banking charges and other fees | 703.70 |
| Transaction fees | 400.00 |
| Central administration costs | 26,240.25 |
| Professional fees | 2,573.68 |
| Other administration costs | 32,834.87 |
| Subscription duty ("taxe d'abonnement") | 4,253.33 |
| Bank interest paid | 3,471.58 |
| Other expenses | 	295.22  |
| Total expenses | 526,092.08 |
| Net investment loss | -514,087.18 |
| Net realised gain/(loss) |  |
| - on securities portfolio | 798,186.98 |
| - on forward foreign exchange contracts | -209,554.78 |
| - on foreign exchange | 	152,924.10  |
| Realised result | 227,469.12 |
| Net variation of the unrealised gain/(loss) |  |
| - on securities portfolio | 9,823,164.28 |
| - on forward foreign exchange contracts | 	-678,833.44  |
| Result of operations | 9,371,799.96 |
| Subscriptions | 1,904,703.39 |
| Redemptions | -5,693,856.68 |
| Total changes in net assets | 5,582,646.67 |
| Total net assets at the beginning of the period | 103,516,094.81 |
| Total net assets at the end of the period | 109,098,741.48 |

| Total net assets | Currency | 31.12.2019 | 31.12.2020 | 30.06.2021 |
| --- | --- | --- | --- | --- |
|  | EUR | 91,363,473.32 | 103,516,094.81 | 109,098,741.48 |

| Net asset value per share class | Currency | 31.12.2019 | 31.12.2020 | 30.06.2021 |
| --- | --- | --- | --- | --- |
| B | EUR | 116.72 | 130.08 | 141.27 |
| B USD | USD | 142.72 | 162.25 | 176.85 |
| BI | EUR | 118.95 | 133.45 | 145.41 |
| BI USD | USD | 145.25 | 166.24 | 181.79 |

| Number of shares | outstanding at the beginning of the period | issued | redeemed | outstanding at the end of the period |
| --- | --- | --- | --- | --- |
| B | 27,389.268 | 189.175 | -470.330 | 27,108.113 |
| B USD | 3,814.937 | - | - | 3,814.937 |
| BI | 685,926.081 | 7,712.852 | -29,469.225 | 664,169.708 |
| BI USD | 58,224.223 | 5,507.278 | -10,756.300 | 52,975.201 |

| Synthetic TER per share class as at 30.06.2021 | (in %) |
| --- | --- |
| B | 3.02 |
| B USD | 3.03 |
| BI | 2.36 |
| BI USD | 2.36 |

| Currency | Number / nominal value | Description | Cost |  | Market value |  | % of total net assets * |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Investments in securities |
| Open-ended investment funds |
| Investment funds (UCITS) |
| EUR | 22,683.07492 | Adelphi Investment Fds Plc Eur Select Equity D EUR Cap | 4,228,008.49 |  | 5,966,713.67 |  | 5.47 |
| EUR | 93,331.4955 | AKO UCITS Fd ICAV Global B2 EUR Hedged Cap | 12,150,269.80 |  | 15,619,959.09 |  | 14.32 |
| EUR | 17,716.625 | Edgewood L Select US Growth ZHI EUR Cap | 3,899,484.07 |  | 6,462,316.14 |  | 5.92 |
| EUR | 79,675.73 | Egerton Capital Equity Fd Plc A EUR Rep (Hedged) Cap | 10,642,221.37 |  | 16,270,580.82 |  | 14.91 |
| EUR | 17,500 | Kepler Liquid Strategies ICAV Sloane Robins Em Mks Fd SI Cap | 1,750,000.00 |  | 1,982,610.00 |  | 1.82 |
| EUR | 21,535.49 | Schroder GAIA Egerton Europen Equity C Cap | 4,403,820.11 |  | 5,257,889.88 |  | 4.82 |
| EUR | 38,918.1 | Serviced Platform SICAV Select Equity Long/Short UCITS I Cap | 6,999,999.75 |  | 8,944,196.66 |  | 8.20 |
| EUR | 27,548.49 | Vitruvius Greater China Equity BI EUR Cap | 	5,374,466.57  |  | 	7,902,559.84  |  | 	7.24  |
|  |  |  | 49,448,270.16 |  | 68,406,826.10 |  | 62.70 |
| GBP | 330,714.8558 | Cantillon Fds Plc Global Equity P2 GBP Dist | 9,440,995.34 |  | 15,987,689.85 |  | 14.65 |
| JPY | 2,563,222.736 | Lindsell Train Global Fds Plc Japanese Equity B Istl Dist | 3,997,755.47 |  | 4,600,373.28 |  | 4.22 |
| USD | 121,688.044 | AB SICAV I SICAV Select US Equity Ptf I Cap | 3,404,382.38 |  | 5,744,726.51 |  | 5.26 |
| USD | 108,709.91 | BlackRock Fds I Global Unconstrained Equity Fd Z USD Cap | 	10,671,946.47  |  | 	13,130,814.99  |  | 	12.04  |
|  |  |  | 14,076,328.85 |  | 18,875,541.50 |  | 17.30 |
| Total investments in securities | 76,963,349.82 |  | 107,870,430.73 |  | 98.87 |
| Cash at banks |  |  | 1,613,755.30 |  | 1.48 |
| Other net assets/(liabilities) |  |  | -385,444.55 |  | -0.35 |
| Total |  |  | 109,098,741.48 |  | 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 (ENIT, 2021-06-30):
# Ripartizione geografica
(in base al domicilio dell'emittente) (in percentuale del patrimonio netto)
| Giappone | 24,81 % |
| --- | --- |
| Taiwan | 19,87 % |
| Cina | 14,56 % |
| Corea del Sud | 10,27 % |
| Isole Cayman | 9,35 % |
| India | 5,29 % |
| Stati Uniti d'America | 3,52 % |
| Isole Bermuda | 2,34 % |
| Hong Kong | 2,03 % |
| Singapore | 1,82 % |
| Lussemburgo | 1,64 % |
| Filippine | 1,56 % |
| Australia | 1,14 % |
| Totale | 98,20 % |

| Attività |  |
| --- | --- |
| Portafoglio titoli al valore di mercato | 61.218.626,25 |
| Depositi bancari | 966.779,94 |
| Liquidità a vista presso intermediari | 300.090,23 |
| Crediti dalla vendita di titoli | 262.086,48 |
| Crediti su transazioni di tesoreria | 2.172,37 |
| Crediti da proventi sul portafoglio titoli | 40.823,50 |
| Credito d'interessi su depositi bancari | 0,10 |
| Plusvalenza non realizzata su contratti a termine | 9.900,00 |
| Plusvalenza non realizzata su contratti a termine in divise | 	124.862,58  |
| Totale attività | 62.925.341,45 |
| Passività |  |
| Scoperti bancari | 18,24 |
| Debiti per rimborsi di azioni | 76.875,77 |
| Passività da interessi su scoperti bancari | 1,24 |
| Spese da pagare | 	94.408,76  |
| Totale passività | 171.304,01 |
| Patrimonio netto a fine periodo | 62.754.037,44 |

Ripartizione del patrimonio netto per azione di Classe
| Azione di Classe | Numero di azioni di Classe | Divisa azione | VPN per azione in divisa di azione di Classe | Patrimonio netto per azione di Classe (in EUR) |
| --- | --- | --- | --- | --- |
| B | 23.059,916 | EUR | 394,24 | 9.091.097,26 |
| B USD | 3.090,741 | USD | 532,18 | 1.387.113,15 |
| BI | 116.421,988 | EUR | 422,11 | 49.142.473,91 |
| BI USD | 6.696,138 | USD | 554,88 | 	3.133.353,12  |
|  |  |  |  | 	62.754.037,44  |

| Proventi |  |
| --- | --- |
| Proventi netti da dividendi | 566.263,45 |
| Interessi bancari | 0,10 |
| Altri proventi | 	976,19  |
| Proventi complessivi | 567.239,74 |
| Oneri |  |
| Commissioni di gestione | 416.722,14 |
| Commissioni del depositario | 12.242,23 |
| Spese bancarie e altre commissioni | 18.644,37 |
| Commissioni su transazioni | 110.205,14 |
| Spese di amministrazione centrale | 51.161,88 |
| Onorari professionali | 1.528,49 |
| Altre spese di amministrazione | 31.286,13 |
| Tassa di sottoscrizione ("taxe d'abonnement") | 5.022,08 |
| Interessi bancari pagati | 6.164,83 |
| Altri oneri | 	32,91  |
| Oneri complessivi | 653.010,20 |
| Perdite nette da investimenti | -85.770,46 |
| Utile/(perdita) netto(a) realizzato(a) |  |
| - sul portafoglio titoli | 5.453.712,20 |
| - su contratti a termine | 153.657,50 |
| - su contratti a termine in divise | 16.183,26 |
| - su operazioni in divise | 	-23.095,51  |
| Risultato realizzato | 5.514.686,99 |
| Variazione netta dell'utile/(perdita) non realizzato(a) |  |
| - sul portafoglio titoli | 2.529.788,46 |
| - su contratti a termine | 17.670,00 |
| - su contratti a termine in divise | 	150.387,10  |
| Risultato delle operazioni | 8.212.532,55 |
| Sottoscrizioni | 5.279.743,63 |
| Rimborsi | -2.646.052,90 |
| Variazione totale del patrimonio netto | 10.846.223,28 |
| Patrimonio netto a inizio periodo | 51.907.814,16 |
| Patrimonio netto a fine periodo | 62.754.037,44 |

| Totale patrimonio netto | Divisa | 31.12.2019 | 31.12.2020 | 30.06.2021 |
| --- | --- | --- | --- | --- |
|  | EUR | 59.560.662,27 | 51.907.814,16 | 62.754.037,44 |

| Valore patrimoniale netto della classe di azioni | Divisa | 31.12.2019 | 31.12.2020 | 30.06.2021 |
| --- | --- | --- | --- | --- |
| B | EUR | 326,90 | 342,47 | 394,24 |
| B USD | USD | 431,56 | 460,11 | 532,18 |
| BI | EUR | 347,19 | 365,70 | 422,11 |
| BI USD | USD | 446,37 | 478,44 | 554,88 |

| Numero di azioni | in circolazione a inizio periodo | emesse | rimborsate | in circolazione a fine periodo |
| --- | --- | --- | --- | --- |
| B | 22.763,343 | 1.665,088 | -1.368,515 | 23.059,916 |
| B USD | 2.796,768 | 293,973 | - | 3.090,741 |
| BI | 108.557,144 | 11.049,843 | -3.184,999 | 116.421,988 |
| BI USD | 8.596,660 | 123,860 | -2.024,382 | 6.696,138 |

| TER per classe di azioni al 30.06.2021 | (in %) |
| --- | --- |
| B | 2,37 |
| B USD | 2,37 |
| BI | 1,83 |
| BI USD | 1,83 |

(*) Valore patrimoniale netto utilizzato per il rimborso finale.
| Divisa | Quantità / valore nominale | Denominazione | Costo | Valore di mercato | % del patrimo- nio netto |
| --- | --- | --- | --- | --- | --- |
| Portafoglio titoli |
| Valori mobiliari ammessi alla quotazione ufficiale di borsa |
| Azioni |  |  |  |  |  |
| AUD | 210.000 | Paladin Energy Ltd Reg | 7.562,16 | 68.457,91 | 0,11 |
| CAD | 23.000 | MEG Energy Corp | 119.871,72 | 140.536,19 | 0,22 |
| CAD | 20.000 | NexGen Energy Ltd Reg | 27.532,16 | 69.481,32 | 0,11 |
| CAD | 62.000 | Uranium Participation Corp | 	191.208,32  | 	231.018,59  | 	0,37  |
|  |  |  | 338.612,20 | 441.036,10 | 0,70 |
| CHF | 15.734 | Alcon Inc Reg | 908.884,85 | 929.841,03 | 1,48 |
| CHF | 97 | Barry Callebaut AG Reg | 183.928,71 | 190.256,20 | 0,30 |
| CHF | 1.780 | Cembra Money Bank AG Reg | 119.119,88 | 168.394,30 | 0,27 |
| CHF | 4.700 | LafargeHolcim Ltd Reg | 180.009,75 | 237.968,49 | 0,38 |
| CHF | 2.300 | Nestlé SA Reg | 166.366,26 | 241.759,93 | 0,39 |
| CHF | 1.955 | Roche Holding Ltd Pref | 478.294,21 | 621.642,17 | 0,99 |
| CHF | 870 | Sika Ltd | 138.278,97 | 240.089,55 | 0,38 |
| CHF | 100 | Straumann Holding AG Reg | 28.996,50 | 134.561,44 | 0,21 |
| CHF | 2.042 | Swatch Group AG | 581.269,29 | 591.277,40 | 0,94 |
| CHF | 2.800 | Swiss Re AG | 179.415,17 | 213.240,20 | 0,34 |
| CHF | 225 | Tecan Group AG | 45.199,09 | 94.092,66 | 0,15 |
| CHF | 5.346 | Temenos AG Reg | 663.759,60 | 724.730,24 | 1,16 |
| CHF | 687 | Zur Rose Group AG Reg S | 224.040,82 | 222.178,27 | 0,35 |
| CHF | 990 | Zurich Insurance Group AG Reg | 	270.738,88  | 	335.252,31  | 	0,53  |
|  |  |  | 4.168.301,98 | 4.945.284,19 | 7,87 |
| DKK | 364 | AP Moeller Maersk AS B | 534.018,61 | 882.338,71 | 1,41 |
| DKK | 2.800 | Demant AS Reg | 75.038,17 | 132.920,33 | 0,21 |
| DKK | 6.150 | Novo Nordisk AS B | 281.987,33 | 434.534,10 | 0,69 |
| DKK | 19.641 | The Drilling Co of 1972 A/S Reg | 	512.184,69  | 	692.027,84  | 	1,10  |
|  |  |  | 1.403.228,80 | 2.141.820,98 | 3,41 |
| EUR | 8.245 | Accor SA | 269.902,20 | 259.635,05 | 0,41 |
| EUR | 1.017 | Adidas AG Reg | 292.091,41 | 319.236,30 | 0,51 |
| EUR | 250 | Adyen BV | 399.245,85 | 515.125,00 | 0,82 |
| EUR | 1.732 | Aena SME SA | 224.193,13 | 239.535,60 | 0,38 |
| EUR | 488 | Aeroport de Paris (ADP) | 47.710,52 | 53.606,80 | 0,09 |
| EUR | 4.200 | Ageas NV | 151.615,62 | 196.560,00 | 0,31 |
| EUR | 1.700 | Air Liquide SA | 240.443,07 | 251.022,00 | 0,40 |
| EUR | 1.080 | Allianz SE Reg | 184.213,78 | 227.124,00 | 0,36 |
| EUR | 4.550 | Amadeus IT Group SA A | 277.444,90 | 269.906,00 | 0,43 |
| EUR | 2.700 | Amplifon SpA Post Frazionamento | 52.688,09 | 112.428,00 | 0,18 |
| EUR | 11.208 | Anheuser-Busch InBev SA | 589.089,56 | 681.558,48 | 1,09 |
| EUR | 8.100 | Bayer AG Reg | 430.990,63 | 414.801,00 | 0,66 |
| EUR | 21.995 | BNP Paribas SA A | 673.602,64 | 1.162.875,65 | 1,85 |
| EUR | 1.430 | CapGemini SE | 151.194,09 | 231.660,00 | 0,37 |
| EUR | 145.438 | Commerzbank AG | 1.257.024,60 | 870.010,12 | 1,39 |
| EUR | 2.792 | CompuGroup Medical SE & KGaA | 164.621,70 | 184.411,60 | 0,29 |
| EUR | 11.500 | CRH Plc | 378.905,45 | 488.750,00 | 0,78 |
| EUR | 12.830 | Danone | 728.334,46 | 761.717,10 | 1,21 |
| EUR | 3.212 | Dassault Systèmes SA | 444.604,97 | 656.854,00 | 1,04 |
| EUR | 102.055 | Deutsche Bank AG Reg | 752.330,62 | 1.121.176,23 | 1,79 |
| EUR | 695 | Deutsche Boerse AG Reg | 80.875,07 | 102.304,00 | 0,16 |
| EUR | 3.883 | Eiffage SA | 309.833,58 | 333.161,40 | 0,53 |
| EUR | 11.770 | Elis SA | 182.621,50 | 187.025,30 | 0,30 |
| EUR | 36.097 | ENAV SpA | 139.482,42 | 137.168,60 | 0,22 |
| EUR | 5.825 | EssilorLuxottica SA | 591.987,96 | 906.603,00 | 1,45 |
| EUR | 11.329 | Eurofins Scientific SA | 305.231,02 | 1.092.115,60 | 1,74 |
| EUR | 1.900 | Euronext NV | 126.056,59 | 174.230,00 | 0,28 |
| EUR | 5.200 | Evonik Industries AG Reg | 120.269,24 | 147.056,00 | 0,23 |
| EUR | 1.700 | Evotec SE | 45.228,99 | 64.991,00 | 0,10 |
| EUR | 22.856 | Fabbrica Italian Lapis Aff SpA | 222.878,02 | 245.473,44 | 0,39 |

| Divisa | Quantità / valore nominale | Denominazione | Costo | Valore di mercato | % del patrimo- nio netto |
| --- | --- | --- | --- | --- | --- |

| EUR | 18.500 | Fagron SA | 282.156,56 | 348.355,00 | 0,56 |
| --- | --- | --- | --- | --- | --- |
| EUR | 18.861 | Ferrovial SA | 414.133,04 | 466.809,75 | 0,74 |
| EUR | 26.700 | FinecoBank SPA | 312.965,27 | 392.490,00 | 0,63 |
| EUR | 19.400 | Fortum Oyj | 384.521,48 | 451.244,00 | 0,72 |
| EUR | 3.300 | GEA Group AG | 100.161,93 | 112.728,00 | 0,18 |
| EUR | 900 | Hannover Rueck SE | 126.994,89 | 126.990,00 | 0,20 |
| EUR | 2.850 | HeidelbergCement AG Bearer | 137.521,33 | 206.169,00 | 0,33 |
| EUR | 1.605 | Heineken NV | 137.675,18 | 164.031,00 | 0,26 |
| EUR | 3.751 | Hochtief AG | 312.401,28 | 242.914,76 | 0,39 |
| EUR | 215 | Hypoport SE | 31.802,79 | 93.740,00 | 0,15 |
| EUR | 20.728 | Iberdrola SA | 226.527,18 | 213.083,84 | 0,34 |
| EUR | 11.055 | Infineon Technologies AG Reg | 282.455,94 | 373.880,10 | 0,60 |
| EUR | 371.559 | Intesa Sanpaolo SpA | 637.131,85 | 865.546,69 | 1,38 |
| EUR | 7.642 | JDE Peet's BV Bearer Reg | 249.165,75 | 233.845,20 | 0,37 |
| EUR | 12.400 | K+S Aktiengesellschaft Reg | 115.075,72 | 142.352,00 | 0,23 |
| EUR | 1.511 | Kering Reg | 570.301,52 | 1.113.607,00 | 1,77 |
| EUR | 5.100 | Kingspan Group | 226.338,00 | 406.164,00 | 0,65 |
| EUR | 4.068 | Koninklijke Philips NV | 171.669,60 | 170.001,72 | 0,27 |
| EUR | 12.999 | Korian SA | 396.181,85 | 404.788,86 | 0,65 |
| EUR | 10.387 | Legrand Holding SA | 358.032,87 | 927.143,62 | 1,48 |
| EUR | 1.000 | Linde PLC Reg | 239.609,40 | 243.350,00 | 0,39 |
| EUR | 23.000 | Metso Outotec Oyj | 140.543,96 | 225.308,00 | 0,36 |
| EUR | 2.200 | Moncler SpA | 81.076,65 | 125.532,00 | 0,20 |
| EUR | 1.995 | Nemetschek SE | 76.028,33 | 128.717,40 | 0,21 |
| EUR | 41.087 | Nexi SpA Reg | 589.327,75 | 760.520,37 | 1,22 |
| EUR | 27.300 | Nokia Corp | 136.412,23 | 123.273,15 | 0,20 |
| EUR | 6.000 | Oci NV Reg | 114.007,44 | 123.120,00 | 0,20 |
| EUR | 2.703 | Pernod-Ricard SA | 427.740,53 | 506.001,60 | 0,80 |
| EUR | 23.417 | Pirelli & C. SpA Reg | 85.366,89 | 114.649,63 | 0,18 |
| EUR | 1.930 | Prosus NV N Reg | 159.080,70 | 159.167,10 | 0,25 |
| EUR | 3.046 | Puma SE | 278.991,50 | 306.275,30 | 0,49 |
| EUR | 2.863 | Qiagen NV Reg | 114.897,98 | 116.695,88 | 0,19 |
| EUR | 8.300 | RWE AG A | 232.886,86 | 253.648,00 | 0,40 |
| EUR | 6.758 | SAP SE | 456.728,10 | 803.120,72 | 1,28 |
| EUR | 8.960 | SCOR SE | 227.181,39 | 240.307,20 | 0,38 |
| EUR | 1.835 | Shop Apotheke Europe NV | 265.743,42 | 290.664,00 | 0,46 |
| EUR | 4.800 | Siemens Energy AG | 126.280,85 | 122.016,00 | 0,19 |
| EUR | 2.600 | Siemens Gamesa Rene Energy SA | 78.563,89 | 73.216,00 | 0,12 |
| EUR | 6.572 | Soitec | 444.298,80 | 1.221.734,80 | 1,95 |
| EUR | 34.612 | STMicroelectronics NV | 515.172,17 | 1.059.300,26 | 1,69 |
| EUR | 11.000 | Technogym SpA | 99.955,15 | 118.360,00 | 0,19 |
| EUR | 24.231 | Totalenergies SE | 937.741,27 | 924.533,81 | 1,47 |
| EUR | 3.668 | Unibail-Rodamco-Westf +1 Sh WFD Unib R | 241.590,92 | 267.727,32 | 0,43 |
| EUR | 6.900 | Uniper SE Reg | 199.366,76 | 214.314,00 | 0,34 |
| EUR | 1.500 | Verbund AG A | 100.549,80 | 116.475,00 | 0,19 |
| EUR | 4.481 | Vinci SA | 394.641,76 | 403.245,19 | 0,64 |
| EUR | 4.525 | Volkswagen AG Pref | 673.693,54 | 955.680,00 | 1,52 |
| EUR | 10.546 | Worldline SA | 	662.935,54  | 	832.501,24  | 	1,32  |
|  |  |  | 23.408.339,29 | 30.693.459,78 | 48,92 |
| GBP | 7.500 | Anglo American Plc | 249.516,95 | 250.965,25 | 0,40 |
| GBP | 143.671 | Anglo Pacific Group Plc Reg | 238.665,17 | 232.635,61 | 0,37 |
| GBP | 45.894 | Antofagasta Plc | 995.871,09 | 767.452,30 | 1,22 |
| GBP | 6.370 | AstraZeneca Plc | 496.616,45 | 644.319,86 | 1,03 |
| GBP | 22.200 | Avast PLC Reg | 87.550,34 | 126.667,16 | 0,20 |
| GBP | 6.100 | Aveva Group Plc Reg | 280.993,42 | 263.488,61 | 0,42 |
| GBP | 39.614 | BHP Group Plc Reg | 1.042.432,06 | 982.925,47 | 1,57 |
| GBP | 7.929 | Blue Prism Group Plc Reg | 126.196,45 | 74.816,21 | 0,12 |
| GBP | 309.505 | BP Plc | 1.341.947,41 | 1.135.718,00 | 1,81 |
| GBP | 5.969 | Burberry Group Plc | 132.521,86 | 143.656,14 | 0,23 |
| GBP | 72.101 | Cap Counties Properties PLC | 140.280,90 | 135.477,74 | 0,22 |
| GBP | 285.000 | Capital Ltd Reg | 196.319,26 | 245.679,47 | 0,39 |
| GBP | 41.562 | Compass Group Plc Reg | 639.358,98 | 736.891,21 | 1,17 |
| GBP | 15.612 | Diageo Plc | 515.767,25 | 629.437,23 | 1,00 |

| Divisa | Quantità / valore nominale | Denominazione | Costo | Valore di mercato | % del patrimo- nio netto |
| --- | --- | --- | --- | --- | --- |

| GBP | 38.516 | EasyJet Plc | 395.952,63 | 401.475,86 | 0,64 |
| --- | --- | --- | --- | --- | --- |
| GBP | 39.914 | GlaxoSmithKline Plc | 647.196,29 | 659.967,19 | 1,05 |
| GBP | 115.000 | Hays Plc | 163.533,99 | 212.467,89 | 0,34 |
| GBP | 55.039 | Informa Plc | 347.478,38 | 321.603,19 | 0,51 |
| GBP | 223.219 | Intl Consolidated Air Gr SA | 482.339,22 | 453.024,25 | 0,72 |
| GBP | 1.635.813 | Lloyds Banking Group Plc | 974.367,64 | 889.712,75 | 1,42 |
| GBP | 2.670 | London Stock Exchange Gr Plc | 213.900,48 | 247.891,63 | 0,40 |
| GBP | 1.400 | Rio Tinto Plc | 65.111,21 | 97.020,67 | 0,15 |
| GBP | 31.927 | Smith & Nephew Plc | 548.735,83 | 581.126,17 | 0,93 |
| GBP | 155.000 | SolGold Plc Reg | 59.876,30 | 51.459,89 | 0,08 |
| GBP | 13.234 | THG Holdings Plc Reg | 94.215,85 | 94.040,14 | 0,15 |
| GBP | 10.600 | Weir Group Plc | 237.216,13 | 228.562,29 | 0,36 |
| GBP | 7.589 | Whitbread Plc | 265.130,81 | 276.000,42 | 0,44 |
| GBP | 160.000 | Yellow Cake PLC Reg | 	384.508,84  | 	506.036,80  | 	0,81  |
|  |  |  | 11.363.601,19 | 11.390.519,40 | 18,15 |
| NOK | 9.600 | Aker BP ASA | 203.019,58 | 258.141,42 | 0,41 |
| NOK | 35.000 | Aker Carbon Capture ASA Reg | 56.167,64 | 67.893,14 | 0,11 |
| NOK | 20.300 | Equinor ASA | 322.543,76 | 362.409,09 | 0,58 |
| NOK | 100.300 | Golden Ocean Group Ltd | 487.981,42 | 934.724,88 | 1,49 |
| NOK | 11.700 | Grieg Seafood ASA | 122.993,75 | 101.697,86 | 0,16 |
| NOK | 19.650 | Leroy Seafood Group ASA | 110.618,43 | 145.343,90 | 0,23 |
| NOK | 4.900 | Mowi ASA Reg | 104.028,87 | 105.158,06 | 0,17 |
| NOK | 15.932 | Yara Intl ASA | 	563.831,48  | 	707.558,82  | 	1,13  |
|  |  |  | 1.971.184,93 | 2.682.927,17 | 4,28 |
| SEK | 38.200 | AcadeMedia AB | 186.882,45 | 304.358,49 | 0,49 |
| SEK | 4.200 | Avanza Bank Holding AB Reg | 33.489,13 | 110.537,23 | 0,18 |
| SEK | 12.200 | Epiroc AB A | 131.929,44 | 234.587,65 | 0,37 |
| SEK | 8.700 | Lundin Energy AB | 217.748,96 | 259.768,11 | 0,41 |
| SEK | 10.500 | Lundin Mining Corp Reg | 46.408,38 | 80.138,45 | 0,13 |
| SEK | 9.200 | Sandvik AB | 145.517,84 | 198.311,86 | 0,32 |
| SEK | 18.000 | Svenska Cellulosa SCA AB B | 173.141,01 | 248.935,07 | 0,40 |
| SEK | 76.436 | Telefon AB LM Ericsson B | 	663.569,91  | 	810.698,65  | 	1,29  |
|  |  |  | 1.598.687,12 | 2.247.335,51 | 3,59 |
| USD | 597 | Autodesk Inc | 142.720,45 | 146.959,27 | 0,23 |
| USD | 6.491 | BellRing Brands Inc | 136.476,59 | 171.553,33 | 0,27 |
| USD | 15.700 | Cameco Corp | 159.850,98 | 253.943,33 | 0,40 |
| USD | 8.408 | Canada Goose Holdings Inc | 276.272,67 | 310.141,61 | 0,49 |
| USD | 11.200 | Devon Energy Corp Reg | 220.208,54 | 275.702,48 | 0,44 |
| USD | 11.000 | Energy Fuels Inc Reg | 15.368,92 | 56.122,45 | 0,09 |
| USD | 1.303 | Fidelity Natl Inform Serv Inc | 141.056,79 | 155.672,13 | 0,25 |
| USD | 2.447 | Fiserv Inc | 217.243,29 | 220.576,68 | 0,35 |
| USD | 21.000 | Gazprom PJSC spons ADR repr 2 Shares | 98.749,00 | 134.982,29 | 0,22 |
| USD | 3.098 | Las Vegas Sands Corp | 125.780,03 | 137.656,96 | 0,22 |
| USD | 465 | Mastercard Inc A | 128.534,33 | 143.166,51 | 0,23 |
| USD | 3.800 | MMC Norilsk Nickel PJSC spons ADR repr 1 Share | 87.501,58 | 109.180,30 | 0,17 |
| USD | 2.942 | Molson Coors Beverage Co B | 117.140,23 | 133.206,26 | 0,21 |
| USD | 23.400 | Natl Atomic Co Kazatomprom JSC spons GDR repr 1 Share | 286.795,83 | 572.271,88 | 0,91 |
| USD | 11.811 | Norwegian Cruise Line Hgs Ltd Reg | 286.921,66 | 292.934,31 | 0,47 |
| USD | 11.000 | Occidental Petroleum Corp | 231.533,70 | 290.074,21 | 0,46 |
| USD | 3.600 | Oil Co Lukoil PJSC spons ADR repr 1 Share | 240.652,15 | 281.187,38 | 0,45 |
| USD | 4.000 | Pan American Silver Corp Reg | 113.098,91 | 96.373,76 | 0,15 |
| USD | 1.200 | Qualcomm Inc | 139.446,80 | 144.641,59 | 0,23 |
| USD | 50.000 | Ramaco Resources Inc | 130.931,43 | 231.910,95 | 0,37 |
| USD | 883 | Splunk Inc | 125.612,85 | 107.660,77 | 0,17 |
| USD | 30.000 | Surgutneftegas PJSC ADR repr 10 Shares | 120.618,23 | 125.535,50 | 0,20 |
| USD | 503 | Teleflex Inc Reg | 171.941,44 | 170.433,77 | 0,27 |
| USD | 1.101 | Ulta Beauty Inc Reg | 301.229,34 | 321.042,98 | 0,51 |

| Divisa | Quantità / valore nominale | Denominazione | Costo | Valore di mercato | % del patrimo- nio netto |
| --- | --- | --- | --- | --- | --- |

| USD | 46.700 | Ur-Energy Inc Reg | 21.019,44 |  | 55.529,60 |  | 0,09 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| USD | 7.655 | Viacom CBS Inc B Reg | 275.671,55 |  | 291.791,20 |  | 0,47 |
| USD | 1.265 | Wynn Resorts Ltd | 	133.997,53  |  | 	130.468,46  |  | 	0,21  |
|  |  |  | 4.446.374,26 |  | 5.360.719,96 |  | 8,53 |
| Totale azioni |  |  | 48.705.891,93 |  | 59.971.561,00 |  | 95,56 |
| Fondi d'investimento di tipo chiuso |
| EUR | 6.248 | Klepierre Dist | 143.256,02 |  | 135.769,04 |  | 0,22 |
| GBP | 180.000 | Gresham House Energy Storage Fd Plc Dist | 252.023,11 |  | 253.193,14 |  | 0,40 |
| GBP | 34.204 | Shaftesbury Plc Reg Cap | 	223.007,50  |  | 	226.914,85  |  | 	0,36  |
|  |  |  | 475.030,61 |  | 480.107,99 |  | 0,76 |
| Totale fondi d'investimento di tipo chiuso | 618.286,63 |  | 615.877,03 |  | 0,98 |
| Altri valori mobiliari |
| Azioni |  |  |  |  |  |  |  |
| GBP | 49.000 | RFC 2012 Plc | 	43.761,66  |  | 	0,00  |  | 	0,00  |
| Totale azioni |  |  | 43.761,66 |  | 0,00 |  | 0,00 |
| Fondi d'investimento di tipo aperto |
| Tracker funds (OICVM) |
| USD | 10.500 | VanEck Vectors UCITS ETFs Plc Gold Miners A USD Cap | 349.213,05 |  | 317.709,56 |  | 0,51 |
| USD | 9.400 | VanEck Vectors UCITS ETFs Plc Junior Gold Miners A Cap | 	343.995,75  |  | 	313.478,66  |  | 	0,50  |
| Totale tracker funds (OICVM) | 693.208,80 |  | 631.188,22 |  | 1,01 |
| Totale portafoglio titoli |  | 50.061.149,02 |  | 61.218.626,25 |  | 97,55 |
| Depositi bancari |  |  |  | 966.779,94 |  | 1,54 |
| Scoperti bancari |  |  |  | -18,24 |  | 0,00 |
| Altre attività/(passività) nette |  |  | 568.649,49 |  | 0,91 |
| Totale |  |  |  |  | 62.754.037,44 |  | 100,00 |