# Geographical classification
(by domicile of the issuer) (in percentage of net assets)
| United States of America | 21.88 % |
| --- | --- |
| Germany | 10.57 % |
| United Kingdom | 7.86 % |
| France | 7.29 % |
| Ireland | 7.25 % |
| Switzerland | 6.63 % |
| Japan | 5.92 % |
| Jersey | 5.16 % |
| Sweden | 3.29 % |
| Taiwan | 2.22 % |
| Cayman Islands | 1.91 % |
| Denmark | 1.85 % |
| South Korea | 1.20 % |
| Spain | 0.86 % |
| Canada | 0.86 % |
| Thailand | 0.71 % |
| Finland | 0.65 % |
| Brazil | 0.51 % |
| Mexico | 0.51 % |
| Hong Kong | 0.44 % |
| Total | 87.57 % |

| Assets |  |
| --- | --- |
| Securities portfolio at market value | 345,005,966.74 |
| Cash at banks | 28,041,573.66 |
| Receivable on issues of shares | 123,051.27 |
| Income receivable on portfolio | 347,290.70 |
| Prepaid expenses | 	494.03  |
| Total assets | 373,518,376.40 |
| Liabilities |  |
| Expenses payable | 	435,206.64  |
| Total liabilities | 435,206.64 |
| Net assets at the end of the period | 373,083,169.76 |

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 | 17,527.824 | EUR | 1,041.64 | 18,257,628.12 |
| AM | 6,812.897 | EUR | 1,065.96 | 7,262,256.37 |
| AR | 885.382 | EUR | 131.00 | 115,985.80 |
| B | 131,686.221 | EUR | 1,970.13 | 259,439,490.55 |
| BI | 112,746.045 | EUR | 144.06 | 16,242,026.59 |
| BM | 35,807.727 | EUR | 2,004.19 | 71,765,646.44 |
| BR | 1.000 | EUR | 135.89 | 	135.89  |
|  |  |  |  | 	373,083,169.76  |

| Income |  |
| --- | --- |
| Dividends, net | 1,402,890.45 |
| Interest on bonds and other debt securities, net | 81,296.12 |
| Other income | 	156,667.90  |
| Total income | 1,640,854.47 |
| Expenses |  |
| Management fees | 2,203,075.47 |
| Depositary fees | 82,343.76 |
| Banking charges and other fees | 53,673.83 |
| Transaction fees | 124,279.05 |
| Central administration costs | 70,986.52 |
| Professional fees | 2,854.50 |
| Other administration costs | 33,752.98 |
| Subscription duty ("taxe d'abonnement") | 92,575.95 |
| Other taxes | 68,087.96 |
| Bank interest paid | 107,053.44 |
| Other expenses | 	6,682.32  |
| Total expenses | 2,845,365.78 |
| Net investment loss | -1,204,511.31 |
| Net realised gain/(loss) |  |
| - on securities portfolio | 8,019,985.65 |
| - on futures contracts | -114,666.13 |
| - on foreign exchange | 	-1,070,742.38  |
| Realised result | 5,630,065.83 |
| Net variation of the unrealised gain/(loss) |  |
| - on securities portfolio | -8,640,489.12 |
| - on futures contracts | 	-995,761.95  |
| Result of operations | -4,006,185.24 |
| Dividends paid | - |
| Reinvestments | - |
| Subscriptions | 43,002,336.12 |
| Redemptions | -58,447,472.26 |
| Total changes in net assets | -19,451,321.38 |
| Total net assets at the beginning of the period | 392,534,491.14 |
| Total net assets at the end of the period | 373,083,169.76 |

| Total net assets | Currency | 30.09.2019 | 30.09.2020 | 31.03.2021 |
| --- | --- | --- | --- | --- |
|  | EUR | 336,120,381.55 | 392,534,491.14 | 373,083,169.76 |

| Net asset value per share class | Currency | 30.09.2019 | 30.09.2020 | 31.03.2021 |
| --- | --- | --- | --- | --- |
| A | EUR | 1,010.85 | 1,052.49 | 1,041.64 |
| AM | EUR | 1,028.63 | 1,074.96 | 1,065.96 |
| AR | EUR | 127.57 | 132.53 | 131.00 |
| B | EUR | 1,905.62 | 1,990.72 | 1,970.13 |
| BI | EUR | 137.91 | 145.06 | 144.06 |
| BM | EUR | 1,926.95 | 2,021.11 | 2,004.19 |
| BR | EUR | 133.29 | 137.97 | 135.89 |

| Number of shares | outstanding at the beginning of the period | issued | redeemed | outstanding at the end of the period |
| --- | --- | --- | --- | --- |
| A | 24,850.426 | 2,525.669 | -9,848.271 | 17,527.824 |
| AM | 5,849.225 | 1,022.000 | -58.328 | 6,812.897 |
| AR | 885.382 | - | - | 885.382 |
| B | 137,160.144 | 14,643.201 | -20,117.124 | 131,686.221 |
| BI | 62,108.690 | 62,133.982 | -11,496.627 | 112,746.045 |
| BM | 38,551.725 | 718.801 | -3,462.799 | 35,807.727 |
| BR | 1.000 | - | - | 1.000 |

| TER per share class as at 31.03.2021 | (in %) |
| --- | --- |
| A | 1.44 |
| AM | 1.05 |
| AR | 1.69 |
| B | 1.44 |
| BI | 0.77 |
| BM | 1.04 |
| BR | 2.35 |

| 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 |  |  |  |  |  |
| BRL | 704,800 | Ambev SA | 1,618,575.99 | 1,624,993.20 | 0.44 |
| CAD | 25,000 | Agnico Eagle Mines Ltd | 1,564,703.49 | 1,229,597.92 | 0.33 |
| CAD | 10,000 | Canadian National Railway Co | 	766,855.22  | 	987,334.12  | 	0.26  |
|  |  |  | 2,331,558.71 | 2,216,932.04 | 0.59 |
| CHF | 3,200 | Geberit AG Reg | 1,264,290.58 | 1,740,460.23 | 0.47 |
| CHF | 50,000 | Nestlé SA Reg | 4,438,479.64 | 4,761,783.18 | 1.28 |
| CHF | 29,200 | Roche Holding Ltd Pref | 5,691,979.48 | 8,063,605.63 | 2.16 |
| CHF | 630 | SGS SA Reg | 1,272,197.46 | 1,527,016.26 | 0.41 |
| CHF | 16,000 | Sika Ltd | 	467,558.76  | 	3,905,620.54  | 	1.05  |
|  |  |  | 13,134,505.92 | 19,998,485.84 | 5.37 |
| DKK | 70,600 | Novo Nordisk AS B | 1,980,454.30 | 4,079,381.25 | 1.09 |
| DKK | 34,000 | Novozymes AS B | 	1,341,761.99  | 	1,857,374.37  | 	0.50  |
|  |  |  | 3,322,216.29 | 5,936,755.62 | 1.59 |
| EUR | 6,800 | Adidas AG Reg | 1,294,812.34 | 1,810,160.00 | 0.48 |
| EUR | 33,000 | Air Liquide SA | 2,072,944.25 | 4,596,900.00 | 1.23 |
| EUR | 40,692 | Danone | 2,568,821.15 | 2,380,482.00 | 0.64 |
| EUR | 67,800 | Fresenius SE & Co KGaA | 3,997,942.90 | 2,575,044.00 | 0.69 |
| EUR | 108,200 | Grifols SA A | 2,031,113.89 | 2,416,106.00 | 0.65 |
| EUR | 29,000 | Kone Oyj B | 1,348,269.06 | 2,020,140.00 | 0.54 |
| EUR | 67,600 | Legrand Holding SA | 3,213,131.00 | 5,362,032.00 | 1.44 |
| EUR | 9,000 | LVMH Moët Hennessy L Vuit SE | 1,265,258.06 | 5,112,900.00 | 1.37 |
| EUR | 26,000 | Pernod-Ricard SA | 2,537,157.38 | 4,161,300.00 | 1.12 |
| EUR | 56,000 | SAP SE | 3,133,099.19 | 5,847,520.00 | 1.57 |
| EUR | 157,000 | Unilever Plc Reg | 	5,424,739.81  | 	7,470,060.00  | 	2.00  |
|  |  |  | 28,887,289.03 | 43,752,644.00 | 11.73 |
| GBP | 320,000 | GlaxoSmithKline Plc | 4,878,486.25 | 4,837,408.85 | 1.30 |
| GBP | 15,000 | Intertek Group Plc | 379,936.88 | 986,237.06 | 0.26 |
| GBP | 80,000 | Reckitt Benckiser Group Plc | 4,158,075.48 | 6,101,219.47 | 1.64 |
| GBP | 190,400 | Smith & Nephew Plc | 	2,851,115.33  | 	3,079,378.80  | 	0.83  |
|  |  |  | 12,267,613.94 | 15,004,244.18 | 4.03 |
| HKD | 150,000 | Guangdong Investment Ltd | 216,176.54 | 207,845.54 | 0.06 |
| HKD | 230,000 | Hengan Intl Group Co Ltd | 1,431,776.59 | 1,286,365.80 | 0.34 |
| HKD | 24,700 | Tencent Holdings Ltd | 1,547,734.95 | 1,649,083.09 | 0.44 |
| HKD | 2,400,000 | Want Want China Holdings Ltd | 	1,699,385.89  | 	1,531,424.34  | 	0.41  |
|  |  |  | 4,895,073.97 | 4,674,718.77 | 1.25 |
| JPY | 36,000 | Asahi Group Holdings Ltd | 1,211,503.68 | 1,293,242.89 | 0.35 |
| JPY | 80,000 | Astellas Pharma Inc | 1,016,183.33 | 1,048,517.04 | 0.28 |
| JPY | 20,000 | Bridgestone Corp | 569,322.99 | 689,205.90 | 0.18 |
| JPY | 25,000 | CALBEE Inc | 547,775.82 | 543,279.06 | 0.15 |
| JPY | 4,000 | Disco Corp | 548,234.29 | 1,070,386.82 | 0.29 |
| JPY | 15,000 | Hoya Corp | 253,625.15 | 1,502,199.34 | 0.40 |
| JPY | 32,000 | Kao Corp | 1,171,988.22 | 1,802,069.36 | 0.48 |
| JPY | 36,000 | Komatsu Ltd | 704,640.37 | 947,823.68 | 0.25 |
| JPY | 23,000 | Makita Corp | 330,675.63 | 840,407.66 | 0.22 |
| JPY | 10,000 | Meiji Holdings Co Ltd Reg | 620,405.69 | 548,284.47 | 0.15 |
| JPY | 11,000 | Murata Manufacturing Co Ltd | 153,748.10 | 748,978.15 | 0.20 |
| JPY | 2,300 | Nintendo Co Ltd | 769,257.91 | 1,094,743.89 | 0.29 |
| JPY | 6,000 | Nitori Hgs Co Ltd | 699,184.67 | 989,915.29 | 0.26 |
| JPY | 9,000 | Obic Co Ltd | 128,509.01 | 1,402,052.72 | 0.38 |
| JPY | 15,000 | Pigeon Corp | 333,392.04 | 485,139.35 | 0.13 |
| JPY | 15,000 | Recruit Holdings Co Ltd | 308,992.31 | 623,866.10 | 0.17 |
| JPY | 50,000 | Santen Pharmaceutical Co Ltd | 823,595.92 | 586,402.56 | 0.16 |
| JPY | 22,000 | Secom Co Ltd | 1,042,002.68 | 1,577,750.17 | 0.42 |

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

| JPY | 7,500 | Shimano Inc | 912,250.20 |  | 1,523,279.80 |  | 0.41 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| JPY | 5,500 | Shin-Etsu Chemical Co Ltd | 440,313.61 |  | 788,197.43 |  | 0.21 |
| JPY | 10,000 | Sony Group Corp | 411,196.84 |  | 892,887.42 |  | 0.24 |
| JPY | 18,000 | Yakult Honsha Co Ltd | 	759,022.50  |  | 	776,222.96  |  | 	0.21  |
|  |  |  | 13,755,820.96 |  | 21,774,852.06 |  | 5.83 |
| KRW | 1,000 | LG Household & Health Care Ltd | 1,107,171.82 |  | 1,184,714.09 |  | 0.32 |
| KRW | 15,000 | Orion Corp | 1,092,020.52 |  | 1,482,779.10 |  | 0.40 |
| KRW | 9,000 | Samsung Electronics Co Ltd | 	563,721.61  |  | 	552,816.27  |  | 	0.15  |
|  |  |  | 2,762,913.95 |  | 3,220,309.46 |  | 0.87 |
| SEK | 113,700 | Assa Abloy AB B | 1,223,992.51 |  | 2,785,738.91 |  | 0.75 |
| SEK | 252,000 | Essity AB B Reg | 	6,284,366.68  |  | 	6,786,697.07  |  | 	1.82  |
|  |  |  | 7,508,359.19 |  | 9,572,435.98 |  | 2.57 |
| SGD | 4,000,000 | Thai Beverage PLC | 1,930,807.29 |  | 1,874,326.70 |  | 0.50 |
| THB | 200,000 | CP All PCL Foreign | 325,354.22 |  | 377,248.01 |  | 0.10 |
| TWD | 195,000 | President Chain Store Corp | 1,506,723.32 |  | 1,585,607.92 |  | 0.42 |
| USD | 11,000 | Abbott Laboratories | 229,434.05 |  | 1,121,715.45 |  | 0.30 |
| USD | 12,500 | Alibaba Group Holding Ltd ADR repr 8 Share | 2,745,517.55 |  | 2,411,610.79 |  | 0.65 |
| USD | 1,250 | Alphabet Inc A | 1,012,220.95 |  | 2,193,796.80 |  | 0.59 |
| USD | 18,000 | Apple Inc Reg | 367,115.89 |  | 1,870,915.59 |  | 0.50 |
| USD | 5,500 | Becton Dickinson & Co | 687,083.45 |  | 1,137,955.24 |  | 0.30 |
| USD | 400 | Booking Holdings Inc Reg | 469,421.54 |  | 793,002.04 |  | 0.21 |
| USD | 7,500 | Brown-Forman Corp B Non voting | 324,152.71 |  | 440,159.12 |  | 0.12 |
| USD | 11,000 | Colgate-Palmolive Co | 709,344.07 |  | 737,857.39 |  | 0.20 |
| USD | 7,500 | Constellation Brands Inc A | 673,065.79 |  | 1,455,071.48 |  | 0.39 |
| USD | 8,000 | EBay Inc | 375,195.81 |  | 416,882.23 |  | 0.11 |
| USD | 2,000 | Ecolab Inc | 126,961.49 |  | 364,312.46 |  | 0.10 |
| USD | 3,500 | Estée Lauder Companies Inc A | 183,906.77 |  | 866,214.26 |  | 0.23 |
| USD | 10,500 | Fiserv Inc | 909,357.17 |  | 1,063,580.67 |  | 0.28 |
| USD | 25,470 | Fomento Econom Mexic SAB de CV ADR repr 10 Uts (10 B & 20 D) | 1,602,534.68 |  | 1,632,620.06 |  | 0.44 |
| USD | 8,000 | Gilead Sciences Inc | 666,399.05 |  | 439,959.16 |  | 0.12 |
| USD | 9,000 | Johnson & Johnson | 873,142.78 |  | 1,258,636.83 |  | 0.34 |
| USD | 9,000 | Kimberly-Clark Corp | 1,146,538.66 |  | 1,064,882.57 |  | 0.29 |
| USD | 12,000 | Lowe's Companies Inc | 613,413.78 |  | 1,941,933.29 |  | 0.52 |
| USD | 7,000 | Mastercard Inc A | 436,832.70 |  | 2,120,787.95 |  | 0.57 |
| USD | 6,000 | Medtronic Plc Reg | 185,074.82 |  | 603,114.36 |  | 0.16 |
| USD | 14,000 | Microsoft Corp | 312,204.58 |  | 2,808,696.39 |  | 0.75 |
| USD | 36,000 | Mondelez Intl Inc | 1,239,551.09 |  | 1,792,954.39 |  | 0.48 |
| USD | 27,500 | Newmont Corp Reg | 1,438,387.84 |  | 1,410,334.41 |  | 0.38 |
| USD | 9,000 | Nike Inc B | 436,468.60 |  | 1,017,707.62 |  | 0.27 |
| USD | 23,000 | Oracle Corp | 882,520.31 |  | 1,373,306.67 |  | 0.37 |
| USD | 5,000 | PayPal Holdings Inc | 83,113.92 |  | 1,033,185.84 |  | 0.28 |
| USD | 18,000 | Pepsico Inc | 1,807,506.71 |  | 2,166,524.85 |  | 0.58 |
| USD | 11,000 | Philip Morris Intl Inc | 813,633.99 |  | 830,616.07 |  | 0.22 |
| USD | 3,000 | Rockwell Automation | 276,539.11 |  | 677,603.81 |  | 0.18 |
| USD | 2,000 | Roper Technologies Inc | 191,818.05 |  | 686,419.33 |  | 0.18 |
| USD | 2,300 | Stanley Black & Decker Inc | 373,860.89 |  | 390,776.89 |  | 0.10 |
| USD | 35,000 | Taiwan Semiconduct Mfg Co Ltd ADR repr 5 Shares | 228,857.98 |  | 3,522,634.45 |  | 0.94 |
| USD | 3,000 | Thermo Fisher Scientific Inc | 208,122.67 |  | 1,165,027.23 |  | 0.31 |
| USD | 20,000 | TJX Cos Inc | 666,269.19 |  | 1,125,765.83 |  | 0.30 |
| USD | 4,000 | Union Pacific Corp | 371,221.63 |  | 750,204.22 |  | 0.20 |
| USD | 2,500 | United Health Group Inc | 584,828.03 |  | 791,503.57 |  | 0.21 |
| USD | 6,000 | Verisk Analytics Inc | 675,799.87 |  | 902,093.26 |  | 0.24 |
| USD | 10,000 | Visa Inc A | 196,719.90 |  | 1,801,650.78 |  | 0.48 |
| USD | 6,000 | Zoetis Inc A | 	303,655.53  |  | 	804,016.34  |  | 	0.22  |
|  |  |  | 25,427,793.60 |  | 48,986,029.69 |  | 13.11 |
| Total shares |  |  | 119,674,606.38 |  | 180,599,583.47 |  | 48.40 |

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

| Investment certificates |
| --- |
| EUR | 400,000 | Dt Boerse Commodities GmbH Certif Gold Perpetual | 13,671,815.00 |  | 18,677,600.00 |  | 5.01 |
| EUR | 120,000 | Wisdom Tree Metal Sec Ltd Certif Phys Gold Perpetual | 13,378,469.67 |  | 16,506,000.00 |  | 4.42 |
| EUR | 320,000 | Wisdom Tree Metal Sec Ltd Certif Physical Silver Perpetual | 	4,415,464.00  |  | 	6,177,920.00  |  | 	1.66  |
|  |  |  | 31,465,748.67 |  | 41,361,520.00 |  | 11.09 |
| USD | 170,000 | Invesco Physical Gold PLC Certif Gold 31.12.Perpetual | 17,812,162.22 |  | 23,863,938.05 |  | 6.40 |
| USD | 315,000 | iShares Physical Metals Plc Certif Gold Perpetual | 	6,644,813.25  |  | 	8,919,013.78  |  | 	2.39  |
|  |  |  | 24,456,975.47 |  | 32,782,951.83 |  | 8.79 |
| Total investment certificates | 55,922,724.14 |  | 74,144,471.83 |  | 19.88 |
| Bonds |  |  |  |  |  |  |  |
| EUR | 15,000,000 | Deutschland 0% Sen 16/15.08.26 | 15,599,100.00 |  | 15,512,775.00 |  | 4.16 |
| EUR | 8,000,000 | Deutschland 0% Ser 179 Sen 19/05.04.24 | 8,130,800.00 |  | 8,175,040.00 |  | 2.19 |
| EUR | 10,000,000 | Deutschland 0% Ser 180 Sen 19/18.10.24 | 10,353,900.00 |  | 10,251,950.00 |  | 2.75 |
| EUR | 12,000,000 | Deutschland 0% Ser 181 20/11.04.25 | 12,448,110.00 |  | 12,335,880.00 |  | 3.31 |
| EUR | 15,000,000 | Deutschland 0.25% Sen 17/15.02.27 | 15,848,100.00 |  | 15,757,425.00 |  | 4.22 |
| EUR | 10,000,000 | Deutschland 0.5% Sen 15/15.02.25 | 10,426,120.00 |  | 10,472,400.00 |  | 2.81 |
| EUR | 15,000,000 | Deutschland 0.5% Sen 16/15.02.26 | 16,130,700.00 |  | 15,857,850.00 |  | 4.25 |
| EUR | 300,000 | Deutschland ILB Sen 15/15.04.26 | 343,939.50 |  | 349,336.55 |  | 0.09 |
| EUR | 300,000 | Deutschland ILB Ser I/L 14/15.04.30 | 	376,868.40  |  | 	385,884.02  |  | 	0.10  |
|  |  |  | 89,657,637.90 |  | 89,098,540.57 |  | 23.88 |
| USD | 400,000 | US ILB D-2029 19/15.07.29 | 373,925.09 |  | 382,919.88 |  | 0.10 |
| USD | 400,000 | US ILB T-Notes Ser D-2027 Sen 17/15.07.27 | 394,876.23 |  | 403,739.11 |  | 0.11 |
| USD | 400,000 | US ILB T-Notes Ser D-2030 20/15.07.30 | 	368,485.06  |  | 	376,711.88  |  | 	0.10  |
|  |  |  | 1,137,286.38 |  | 1,163,370.87 |  | 0.31 |
| Total bonds |  |  | 90,794,924.28 |  | 90,261,911.44 |  | 24.19 |
| Total investments in securities | 266,392,254.80 |  | 345,005,966.74 |  | 92.47 |
| Cash at banks |  |  | 28,041,573.66 |  | 7.52 |
| Other net assets/(liabilities) |  |  | 35,629.36 |  | 0.01 |
| Total |  |  | 373,083,169.76 |  | 100.00 |

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

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

Répartition des actifs nets par classe d'action
| Classe d'action | Nombre d'actions | Devise action | VNI par action en devise de la classe d'action | Actifs nets par classe d'action (en USD) |
| --- | --- | --- | --- | --- |
| A | 10.929,653 | USD | 207,04 | 2.262.854,62 |
| AM | 325.083,915 | USD | 210,46 | 68.415.906,15 |
| B | 321.061,823 | USD | 222,10 | 71.308.264,84 |
| B EUR HEDGED | 324.204,008 | EUR | 196,32 | 74.800.684,12 |
| BI | 21.873,428 | USD | 2.131,19 | 46.616.368,82 |
| BI EUR HEDGED | 9.551,320 | EUR | 1.303,65 | 14.633.092,40 |
| BM | 1.296.038,889 | USD | 225,88 | 292.744.701,82 |
| BM EUR HEDGED | 134.034,372 | EUR | 201,71 | 	31.773.207,80  |
|  |  |  |  | 	602.555.080,57  |

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

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

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

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

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

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

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

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