# COMPOSITION OF THE ASSETS
| Description | Quantity at 30 June 2022 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Transferable securities admitted to an official stock exchange listing |  |  |  | 16,916,862.96 |  | 3.29% | 3.28% |
| Shares |  |  |  |
| Austria |  |  |  |
| OMV | 377,946 | EUR | 44.76 |
| Belgium |  |  |  | 16,916,862.96 |  | 3.29% | 3.28% |
| AGEAS SA NV | 208,226 | EUR | 41.98 | 8,741,327.48 | 1.70% | 1.69% |
| KBC | 195,075 | EUR | 53.54 | 10,444,315.50 | 2.03% | 2.02% |
| KBC ANCORA | 181,088 | EUR | 35.02 | 6,341,701.76 | 1.24% | 1.23% |
| SOLVAY | 61,244 | EUR | 77.32 | 4,735,386.08 | 0.92% | 0.92% |
| UCB | 81,057 | EUR | 80.64 | 6,536,436.48 | 1.27% | 1.27% |
| Germany (Federal Republic) |  |  |  | 36,799,167.30 |  | 7.17% | 7.13% |
| COVESTRO | 117,332 | EUR | 32.98 | 3,869,609.36 | 0.75% | 0.75% |
| DEUTSCHE POST | 115,863 | EUR | 35.74 | 4,140,943.62 | 0.81% | 0.80% |
| FRESENIUS SE CO | 342,106 | EUR | 28.90 | 9,886,863.40 | 1.93% | 1.91% |
| VONOVIA SE | 210,187 | EUR | 29.40 | 6,179,497.80 | 1.20% | 1.20% |
| Denmark |  |  |  | 24,076,914.18 |  | 4.69% | 4.66% |
| H LUNDBECK | 2,101,750 | EUR | 4.67 | 9,810,969.00 | 1.91% | 1.90% |
| H LUNDBECK A-S A | 525,657 | DKK | 34.06 | 2,407,519.17 | 0.47% | 0.47% |
| Spain |  |  |  | 12,218,488.17 |  | 2.38% | 2.37% |
| AMADEUS IT GROUP SA | 36,376 | EUR | 53.16 | 1,933,748.16 | 0.38% | 0.37% |
| FERROVIAL S.A | 156,906 | EUR | 24.19 | 3,795,556.14 | 0.74% | 0.74% |
| GRIFOLS-B- | 1,195,372 | EUR | 11.28 | 13,483,796.16 | 2.63% | 2.61% |
| IBERDROLA SA | 607,099 | EUR | 9.90 | 6,007,851.70 | 1.17% | 1.16% |
| PROSEGUR CASH S.A. | 3,789,554 | EUR | 0.62 | 2,357,102.59 | 0.46% | 0.46% |
| SACYR VALLEHERMOSO | 7,445,102 | EUR | 2.29 | 17,079,063.99 | 3.33% | 3.31% |
| Finland |  |  |  | 44,657,118.74 |  | 8.70% | 8.65% |
| KONECRANES PLC | 422,310 | EUR | 22.22 | 9,383,728.20 | 1.83% | 1.82% |
| METSO OUTOTECT OYJ | 1,088,565 | EUR | 7.15 | 7,783,239.75 | 1.52% | 1.51% |
| TIETO EVRY | 163,907 | EUR | 23.56 | 3,861,648.92 | 0.75% | 0.75% |
| UPM-KYMMENE | 311,209 | EUR | 29.01 | 9,028,173.09 | 1.76% | 1.75% |
| France |  |  |  | 30,056,789.96 |  | 5.85% | 5.82% |
| ALD SA | 734,327 | EUR | 11.12 | 8,165,716.24 | 1.59% | 1.58% |
| AMUNDI | 151,210 | EUR | 52.20 | 7,893,162.00 | 1.54% | 1.53% |
| BNP | 382,540 | EUR | 45.37 | 17,353,927.10 | 3.38% | 3.36% |
| CARREFOUR SA | 662,157 | EUR | 16.89 | 11,180,520.95 | 2.18% | 2.17% |
| EIFFAGE | 85,923 | EUR | 85.88 | 7,379,067.24 | 1.44% | 1.43% |
| REXEL | 403,138 | EUR | 14.68 | 5,916,050.15 | 1.15% | 1.15% |
| RUBIS SCA | 418,045 | EUR | 22.28 | 9,314,042.60 | 1.81% | 1.80% |
| SANOFI | 195,269 | EUR | 96.34 | 18,812,215.46 | 3.66% | 3.64% |
| SODEXO | 205,501 | EUR | 67.06 | 13,780,897.06 | 2.68% | 2.67% |
| TECHNIP ENERGIES | 547,080 | EUR | 11.89 | 6,507,516.60 | 1.27% | 1.26% |
| TOTALENERGIES SE | 337,385 | EUR | 50.37 | 16,994,082.45 | 3.31% | 3.29% |
| VEOLIA ENVIRON. | 266,674 | EUR | 23.29 | 6,210,837.46 | 1.21% | 1.20% |
| VERALLIA | 355,423 | EUR | 22.78 | 8,096,535.94 | 1.58% | 1.57% |
| WORLDLINE SA | 339,348 | EUR | 35.38 | 12,006,132.24 | 2.34% | 2.33% |

| Description | Quantity at 30 June 2022 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| United Kingdom |  |  |  | 149,610,703.49 |  | 29.14% | 28.97% |
| 3I GROUP | 267,318 | GBP | 11.09 | 3,442,402.45 | 0.67% | 0.67% |
| ANGLO AMERICAN | 272,898 | GBP | 29.37 | 9,311,122.51 | 1.81% | 1.80% |
| ASTRAZENECA | 42,907 | GBP | 108.00 | 5,383,313.20 | 1.05% | 1.04% |
| DIRECT LINE INS | 4,529,235 | GBP | 2.52 | 13,243,592.59 | 2.58% | 2.56% |
| DUNELM GROUP PLC | 760,282 | GBP | 8.21 | 7,246,879.43 | 1.41% | 1.40% |
| FORTERRA | 1,833,487 | GBP | 2.67 | 5,697,697.18 | 1.11% | 1.10% |
| LEGAL | 1,851,777 | GBP | 2.40 | 5,152,190.89 | 1.00% | 1.00% |
| LLOYDS BK GROUP PLC | 13,884,037 | GBP | 0.42 | 6,824,275.15 | 1.33% | 1.32% |
| PHOENIX GRP | 1,573,240 | GBP | 5.90 | 10,790,437.92 | 2.10% | 2.09% |
| REDROW PLC | 1,714,140 | GBP | 4.90 | 9,753,552.18 | 1.90% | 1.89% |
| TAYLOR WIMPEY | 3,925,781 | GBP | 1.17 | 5,319,962.29 | 1.04% | 1.03% |
| VISTRY GROUP PLC | 680,251 | GBP | 8.36 | 6,606,526.91 | 1.29% | 1.28% |
| Italy |  |  |  | 88,771,952.70 |  | 17.29% | 17.19% |
| ENAV SPA | 472,068 | EUR | 3.99 | 1,881,663.05 | 0.37% | 0.36% |
| ENEL NEW | 2,119,082 | EUR | 5.22 | 11,061,608.04 | 2.15% | 2.14% |
| MEDIOBANCA | 355,677 | EUR | 8.26 | 2,937,180.67 | 0.57% | 0.57% |
| Luxembourg (Grand Duchy) |  |  |  | 15,880,451.76 |  | 3.09% | 3.08% |
| APERAM REG | 149,690 | EUR | 26.50 | 3,966,785.00 | 0.77% | 0.77% |
| Netherlands |  |  |  | 3,966,785.00 |  | 0.77% | 0.77% |
| NN GROUP NV | 155,707 | EUR | 43.34 | 6,748,341.38 | 1.31% | 1.31% |
| RHI MAGNESITA N.V. | 224,304 | GBP | 19.91 | 5,188,072.30 | 1.01% | 1.00% |
| STELLANTIS N.V. | 1,150,020 | EUR | 11.79 | 13,561,035.84 | 2.64% | 2.63% |
| Norway |  |  |  | 25,497,449.52 |  | 4.97% | 4.94% |
| GRIEG SEAFOOD | 308,524 | NOK | 139.90 | 4,178,870.40 | 0.81% | 0.81% |
| LEROY SEAFOOD GROUP | 1,592,828 | NOK | 69.95 | 10,787,202.58 | 2.10% | 2.09% |
| NORSK | 446,345 | NOK | 55.16 | 2,383,675.68 | 0.46% | 0.46% |
| ORKLA | 1,707,799 | NOK | 78.72 | 13,015,896.14 | 2.54% | 2.52% |
| TELENOR | 672,203 | NOK | 131.00 | 8,525,580.83 | 1.66% | 1.65% |
| YARA INTERNATIONAL | 96,732 | NOK | 411.60 | 3,854,763.76 | 0.75% | 0.75% |
| Portugal |  |  |  | 42,745,989.39 |  | 8.33% | 8.28% |
| EDP-ENERGIAS-REG | 1,641,012 | EUR | 4.45 | 7,305,785.42 | 1.42% | 1.41% |
| Sweden |  |  |  | 7,305,785.42 |  | 1.42% | 1.41% |
| COOR SERV MNGT | 622,084 | SEK | 80.25 | 4,659,903.11 | 0.91% | 0.90% |
| INTRUM AB | 276,914 | SEK | 195.15 | 5,044,246.29 | 0.98% | 0.98% |
| VOLVO-B | 353,237 | SEK | 158.38 | 5,222,149.98 | 1.02% | 1.01% |
|  |  |  |  | 14,926,299.38 |  | 2.91% | 2.89% |
| Total - Shares |  |  |  | 513,430,757.97 | 100.00% | 99.43% |
| Total - Transferable securities admitted to an official stock exchange listing |  |  |  | 513,430,757.97 | 100.00% | 99.43% |
| Total - portfolio |  |  |  | 513,430,757.97 | 100.00% | 99.43% |
| Collatéral |  |  |  | 0.00 |  | 0.00% |

| Description | Quantity at 30 June 2022 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Deposits and liquid assets |  | EUR |  |  |  |  |  |
| deposit and liquid assets |  |  |
| Banque Degroof Petercam | 2,528,645.78 | 0.49% |
| Total - deposit and liquid assets | 2,528,645.78 | 0.49% |
| Total - Deposits and liquid assets | 2,528,645.78 | 0.49% |
| Other receivables and other payables | 392,876.12 | 0.08% |
| Others | 0.00 | 0.00% |
| Total net assets | 516,352,279.87 | 100,00% |

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Translation (ENFR, 2022-06-30):
# COMPOSITION DES ACTIFS
| Dénomination | Quantité au 30 juin 2022 | Devise | Cours en devise | Evaluation EUR | % détenu par l'OPC | % porte- feuille | % actif net |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Valeurs mobilières admises à la cote officielle d'une bourse de valeurs |  |  |  | 5.981.640,00 |  | 2,57% | 2,53% |
| Obligations et autres titres de créances |  |  |  |
| Emis(es) par état |  |  |  |
| Allemagne |  |  |  |
| BUNDESREP 0,00 21-23 | 6.000.000 | EUR | 99,69 |
| Espagne |  |  |  | 5.981.640,00 |  | 2,57% | 2,53% |
| SPAIN 5,40 13-23 | 4.000.000 | EUR | 103,09 | 4.123.420,00 | 1,77% | 1,74% |
| Italie |  |  |  | 4.123.420,00 |  | 1,77% | 1,74% |
| BTPS 0,00 20-22 | 4.000.000 | EUR | 99,94 | 3.997.620,00 | 1,71% | 1,69% |
| ITALY 0,60 20-23 | 5.000.000 | EUR | 100,08 | 5.004.175,00 | 2,15% | 2,11% |
|  |  |  |  | 9.001.795,00 |  | 3,86% | 3,80% |
| Total - Emis(es) par état |  |  |  | 19.106.855,00 | 8,20% | 8,07% |
| Obligation du Secteur Public |  |  |  |  |  |  |
| Danemark |  |  |  |  |  |  |
| ORSTED 2,625 12-22 | 3.000.000 | EUR | 100,50 | 3.015.045,00 | 1,29% | 1,27% |
| France |  |  |  | 3.015.045,00 |  | 1,29% | 1,27% |
| APRR 0,00 20-23 | 3.000.000 | EUR | 99,70 | 2.990.925,00 | 1,28% | 1,26% |
|  |  |  |  | 2.990.925,00 |  | 1,28% | 1,26% |
| Total - Obligation du Secteur Public |  |  |  | 6.005.970,00 | 2,58% | 2,54% |
| Emis(es) par une entreprise privée |  |  |  |  |  |  |
| Australie |  |  |  |  |  |  |
| TELSTRA 3,50 12-22 | 3.000.000 | EUR | 100,71 | 3.021.375,00 | 1,30% | 1,28% |
| Belgique |  |  |  | 3.021.375,00 |  | 1,30% | 1,28% |
| SOLVAY 1,625 15-22 | 300.000 | EUR | 100,24 | 300.708,00 | 0,13% | 0,13% |
| Allemagne |  |  |  | 300.708,00 |  | 0,13% | 0,13% |
| MERCEDES 2,375 12-22 | 3.000.000 | EUR | 100,40 | 3.012.045,00 | 1,29% | 1,27% |
| TLG IMMO 0,375 19-22 | 1.000.000 | EUR | 100,03 | 1.000.280,00 | 0,43% | 0,42% |
| Espagne |  |  |  | 4.012.325,00 |  | 1,72% | 1,69% |
| CRITERIA 1,50 17-23 | 5.000.000 | EUR | 100,06 | 5.003.050,00 | 2,15% | 2,11% |
| MERLIN 2,225 16-23 | 2.000.000 | EUR | 100,34 | 2.006.810,00 | 0,86% | 0,85% |
| Finlande |  |  |  | 7.009.860,00 |  | 3,01% | 2,96% |
| FORTUM 2,25 12-22 | 1.000.000 | EUR | 99,97 | 999.695,00 | 0,43% | 0,42% |
|  |  |  |  | 999.695,00 |  | 0,43% | 0,42% |

| Dénomination | Quantité au 30 juin 2022 | Devise | Cours en devise | Evaluation EUR | % détenu par l'OPC | % porte- feuille | % actif net |
| --- | --- | --- | --- | --- | --- | --- | --- |
| France |  |  |  |  |  |  |  |
| AUTOROUT 2,875 13-23 | 5.000.000 | EUR | 101,27 | 5.063.325,00 | 2,17% | 2,14% |
| BFCM 0,75 19-23 | 8.000.000 | EUR | 99,50 | 7.960.240,00 | 3,41% | 3,36% |
| BFCM 3,25 12-22 | 3.000.000 | EUR | 100,42 | 3.012.690,00 | 1,29% | 1,27% |
| ENGIE 0,375 17-23 | 5.000.000 | EUR | 99,69 | 4.984.450,00 | 2,14% | 2,11% |
| ENGIE SA 3,00 12-23 | 4.000.000 | EUR | 101,26 | 4.050.220,00 | 1,74% | 1,71% |
| GDF SUEZ 3,50 10-22 | 2.500.000 | EUR | 100,95 | 2.523.637,50 | 1,08% | 1,07% |
| LVMH 0,125 19-23 | 3.000.000 | EUR | 99,87 | 2.995.965,00 | 1,29% | 1,27% |
| ORANGE 3,375 10-22 | 2.000.000 | EUR | 100,64 | 2.012.870,00 | 0,86% | 0,85% |
| RCI 0,75 19-23 | 6.000.000 | EUR | 99,07 | 5.944.290,00 | 2,55% | 2,51% |
| SOCGEN 0,50 17-23 | 7.000.000 | EUR | 99,96 | 6.997.340,00 | 3,00% | 2,96% |
| Irlande |  |  |  | 45.545.027,50 |  | 19,54% | 19,24% |
| CRH FIN 3,125 13-23 | 3.000.000 | EUR | 101,41 | 3.042.165,00 | 1,31% | 1,28% |
| Italie |  |  |  | 3.042.165,00 |  | 1,31% | 1,28% |
| MEDIOBCA 0,625 17-22 | 2.000.000 | EUR | 100,06 | 2.001.180,00 | 0,86% | 0,85% |
| UBI 0,75 17-22 | 3.100.000 | EUR | 100,08 | 3.102.526,50 | 1,33% | 1,31% |
| UBI BANCA 1,75 18-23 | 960.000 | EUR | 100,16 | 961.526,40 | 0,41% | 0,41% |
| Jersey |  |  |  | 6.065.232,90 |  | 2,60% | 2,56% |
| SWISS RE 1,375 16-23 | 5.000.000 | EUR | 100,12 | 5.005.850,00 | 2,15% | 2,11% |
| Caïmanes |  |  |  | 5.005.850,00 |  | 2,15% | 2,11% |
| CK HUTCH 1,25 16-23 | 7.000.000 | EUR | 100,31 | 7.021.455,00 | 3,01% | 2,97% |
| Luxembourg (Grand-Duché) |  |  |  | 7.021.455,00 |  | 3,01% | 2,97% |
| BECTON 0,632 19-23 | 7.000.000 | EUR | 99,20 | 6.944.000,00 | 2,98% | 2,93% |
| HOLCIM 1,375 16-23 | 3.000.000 | EUR | 100,09 | 3.002.655,00 | 1,29% | 1,27% |
| MEDTRON 0,375 19-23 | 6.000.000 | EUR | 99,80 | 5.987.970,00 | 2,57% | 2,53% |
| MEDTRONIC 0,00 19-22 | 4.500.000 | EUR | 99,93 | 4.496.782,50 | 1,93% | 1,90% |
| Pays-Bas |  |  |  | 20.431.407,50 |  | 8,76% | 8,63% |
| AKZO NOB 2,625 12-22 | 4.000.000 | EUR | 100,15 | 4.006.120,00 | 1,72% | 1,69% |
| ALLIANDER 2,25 12-22 | 3.000.000 | EUR | 100,80 | 3.023.925,00 | 1,30% | 1,28% |
| BMW FIN 2,375 13-23 | 4.000.000 | EUR | 101,09 | 4.043.560,00 | 1,73% | 1,71% |
| DEUTSCHE 0,625 18-22 | 4.500.000 | EUR | 100,12 | 4.505.400,00 | 1,93% | 1,90% |
| DEUTSCHE 4,25 10-22 | 3.000.000 | EUR | 100,12 | 3.003.555,00 | 1,29% | 1,27% |
| DEUT TEL 0,625 16-23 | 6.500.000 | EUR | 99,80 | 6.486.935,00 | 2,78% | 2,74% |
| ENEL 4,875 12-23 | 5.000.000 | EUR | 103,05 | 5.152.300,00 | 2,21% | 2,18% |
| IBERDROL 1,125 15-23 | 7.700.000 | EUR | 100,23 | 7.718.018,00 | 3,31% | 3,26% |
| MERCEDES 0,625 19-23 | 1.000.000 | EUR | 99,92 | 999.225,00 | 0,43% | 0,42% |
| STEDIN FRN 17-22 | 800.000 | EUR | 100,03 | 800.232,00 | 0,34% | 0,34% |
| TENNET 4,625 11-23 | 1.000.000 | EUR | 102,22 | 1.022.210,00 | 0,44% | 0,43% |
| VOLKSWAG 0,875 15-23 | 2.000.000 | EUR | 100,18 | 2.003.600,00 | 0,86% | 0,85% |
| WOLTERS 2,875 13-23 | 3.000.000 | EUR | 101,61 | 3.048.330,00 | 1,31% | 1,29% |
| Suède |  |  |  | 45.813.410,00 |  | 19,65% | 19,35% |
| NORDEA 1,00 16-23 | 1.000.000 | EUR | 100,17 | 1.001.655,00 | 0,43% | 0,42% |
| États-Unis d'Amérique |  |  |  | 1.001.655,00 |  | 0,43% | 0,42% |
| AMERICA 1,375 15-22 | 2.000.000 | EUR | 100,32 | 2.006.430,00 | 0,86% | 0,85% |
| AMERICAN 0,55 18-23 | 5.000.000 | EUR | 99,79 | 4.989.600,00 | 2,14% | 2,11% |

| Dénomination | Quantité au 30 juin 2022 | Devise | Cours en devise | Evaluation EUR | % détenu par l'OPC | % porte- feuille | % actif net |
| --- | --- | --- | --- | --- | --- | --- | --- |
| APPLE INC 1,00 14-22 | 1.000.000 | EUR | 100,28 | 1.002.835,00 |  | 0,43% | 0,42% |
| BECTON 1,00 16-22 | 4.500.000 | EUR | 100,14 | 4.506.300,00 | 1,93% | 1,90% |
| FIDELITY 0,125 19-22 | 3.000.000 | EUR | 99,95 | 2.998.365,00 | 1,29% | 1,27% |
| FIDELITY 0,75 19-23 | 3.000.000 | EUR | 99,36 | 2.980.800,00 | 1,28% | 1,26% |
| GE 1,25 15-23 | 2.000.000 | EUR | 99,98 | 1.999.650,00 | 0,86% | 0,84% |
| GM 0,20 19-22 | 5.000.000 | EUR | 99,85 | 4.992.425,00 | 2,14% | 2,11% |
| GOLDMAN S 3,25 13-23 | 9.000.000 | EUR | 101,37 | 9.123.255,00 | 3,91% | 3,85% |
| IBM 0,375 19-23 | 9.000.000 | EUR | 99,93 | 8.993.700,00 | 3,86% | 3,80% |
| JP MORGAN 2,75 13-23 | 8.000.000 | EUR | 101,16 | 8.092.880,00 | 3,47% | 3,42% |
| MORGAN S 1,875 14-23 | 700.000 | EUR | 100,62 | 704.333,00 | 0,30% | 0,30% |
| TOYOTA 2,375 13-23 | 1.350.000 | EUR | 101,05 | 1.364.154,75 | 0,59% | 0,58% |
|  |  |  |  | 53.754.727,75 |  | 23,06% | 22,70% |
| Total - Emis(es) par une entreprise privée |  |  |  | 203.024.893,65 | 87,09% | 85,74% |
| Total - Obligations et autres titres de créances |  |  |  | 228.137.718,65 | 97,87% | 96,35% |
| Instruments du marché monétaire |  |  |  |  |  |  |
| FRENCH 0,00 22-23 | 5.000.000 | EUR | 99,49 | 4.974.718,82 | 2,13% | 2,10% |
| Total - Instruments du marché monétaire |  |  |  | 4.974.718,82 | 2,13% | 2,10% |
| Total - Valeurs mobilières admises à la cote officielle d'une bourse de valeurs |  |  |  | 233.112.437,47 | 100,00% | 98,45% |
| Total - portefeuille |  |  |  | 233.112.437,47 | 100,00% | 98,45% |
| Collatéral |  |  |  | 0,00 |  | 0,00% |
| Dépôts et Liquidités |  |  |  |  |  |  |
| Avoirs bancaires à vue |  |  |  |  |  |  |
| Banque Degroof Petercam |  | EUR |  | 6.232.101,50 |  | 2,63% |
| Total - Avoirs bancaires à vue |  |  |  | 6.232.101,50 |  | 2,63% |
| Total - Dépôts et Liquidités |  |  |  | 6.232.101,50 |  | 2,63% |
| Créances et dettes diverses |  |  |  | -4.117.137,86 |  | -1,74% |
| Autres |  |  |  | 1.551.031,77 |  | 0,66% |
| Actif Net Total |  |  |  | 236.778.432,88 |  | 100,00% |

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