# Geographical classification
(by domicile of the issuer) (in percentage of net assets)
| United States of America | 20.28 % |
| --- | --- |
| Ireland | 13.08 % |
| Germany | 11.07 % |
| Switzerland | 8.14 % |
| France | 7.31 % |
| United Kingdom | 6.93 % |
| Japan | 6.12 % |
| Jersey | 2.70 % |
| Sweden | 2.52 % |
| Denmark | 2.20 % |
| Canada | 1.44 % |
| Taiwan | 1.43 % |
| South Korea | 1.28 % |
| Cayman Islands | 0.84 % |
| Thailand | 0.63 % |
| Spain | 0.57 % |
| Finland | 0.39 % |
| Mexico | 0.32 % |
| China | 0.25 % |
| Total | 87.50 % |

| Assets |  |
| --- | --- |
| Securities portfolio at market value | 317,725,882.79 |
| Deposits on futures contracts | 2,584,057.07 |
| Cash at banks | 47,900,607.72 |
| Receivable on issues of shares | 18,772.11 |
| Income receivable on portfolio | 254,809.02 |
| Other receivables | 2,754,534.33 |
| Prepaid expenses | 	400.61  |
| Total assets | 371,239,063.65 |
| Liabilities |  |
| Unrealised loss on futures contracts | 2,282,719.09 |
| Expenses payable | 	437,057.09  |
| Total liabilities | 2,719,776.18 |
| Net assets at the end of the period | 368,519,287.47 |

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 | 213,273.016 | EUR | 100.00 | 21,326,480.85 |
| AM | 68,989.874 | EUR | 102.67 | 7,083,249.47 |
| AR | 885.382 | EUR | 138.01 | 122,188.87 |
| B | 2,564,903.727 | EUR | 104.02 | 266,804,167.87 |
| BI | 10,144.939 | EUR | 1,072.36 | 10,879,048.53 |
| BM | 586,592.372 | EUR | 106.21 | 62,304,009.58 |
| BR | 1.000 | EUR | 142.30 | 	142.30  |
|  |  |  |  | 	368,519,287.47  |

| Income |  |
| --- | --- |
| Dividends, net | 1,382,930.36 |
| Interest on bonds and other debt securities, net | 87,371.58 |
| Bank interest | 13.95 |
| Other income | 	86,264.74  |
| Total income | 1,556,580.63 |
| Expenses |  |
| Management fees | 2,128,182.02 |
| Depositary fees | 79,338.43 |
| Banking charges and other fees | 60,504.93 |
| Transaction fees | 111,672.12 |
| Central administration costs | 63,038.71 |
| Professional fees | 2,483.62 |
| Other administration costs | 36,843.82 |
| Subscription duty ("taxe d'abonnement") | 90,928.98 |
| Other taxes | 64,995.54 |
| Bank interest paid | 76,072.53 |
| Other expenses | 	7,005.96  |
| Total expenses | 2,721,066.66 |
| Net investment loss | -1,164,486.03 |
| Net realised gain/(loss) |  |
| - on securities portfolio | 11,824,294.97 |
| - on futures contracts | 2,231,904.54 |
| - on foreign exchange | 	-499,678.75  |
| Realised result | 12,392,034.73 |
| Net variation of the unrealised gain/(loss) |  |
| - on securities portfolio | -743,556.41 |
| - on futures contracts | 	-2,282,719.09  |
| Result of operations | 9,365,759.23 |
| Dividends paid | - |
| Reinvestments | - |
| Subscriptions | 19,253,205.99 |
| Redemptions | -26,115,349.09 |
| Total changes in net assets | 2,503,616.13 |
| Total net assets at the beginning of the period | 366,015,671.34 |
| Total net assets at the end of the period | 368,519,287.47 |

| Total net assets | Currency | 30.09.2020 | 30.09.2021 | 31.03.2022 |
| --- | --- | --- | --- | --- |
|  | EUR | 392,534,491.14 | 366,015,671.34 | 368,519,287.47 |

| Net asset value per share class | Currency | 30.09.2020 | 30.09.2021 | 31.03.2022 |
| --- | --- | --- | --- | --- |
| A | EUR | 1,052.49 | 97.55 | 100.00 |
| AM | EUR | 1,074.96 | 100.02 | 102.67 |
| AR | EUR | 132.53 | 134.78 | 138.01 |
| B | EUR | 1,990.72 | 101.47 | 104.02 |
| BI | EUR | 145.06 | 1,042.38 | 1,072.36 |
| BM | EUR | 2,021.11 | 103.43 | 106.21 |
| BR | EUR | 137.97 | 139.38 | 142.30 |

| Number of shares | outstanding at the beginning of the period | issued | redeemed | outstanding at the end of the period |
| --- | --- | --- | --- | --- |
| A | 187,987.309 | 35,429.143 | -10,143.436 | 213,273.016 |
| AM | 74,018.206 | 1,949.401 | -6,977.733 | 68,989.874 |
| AR | 885.382 | - | - | 885.382 |
| B | 2,581,977.934 | 140,494.107 | -157,568.314 | 2,564,903.727 |
| BI | 11,930.666 | 433.891 | -2,219.618 | 10,144.939 |
| BM | 635,356.378 | 3,519.966 | -52,283.972 | 586,592.372 |
| BR | 1.000 | - | - | 1.000 |

| TER per share class as at 31.03.2022 | (in %) |
| --- | --- |
| A | 1.44 |
| AM | 1.10 |
| AR | 1.67 |
| B | 1.44 |
| BI | 0.74 |
| BM | 1.06 |
| BR | 2.25 |

| 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 |  |  |  |  |  |
| CAD | 66,000 | Agnico Eagle Mines Ltd | 3,420,214.11 | 3,632,959.77 | 0.99 |
| CHF | 2,100 | Geberit AG Reg | 829,690.69 | 1,173,522.45 | 0.32 |
| CHF | 50,000 | Nestlé SA Reg | 4,438,479.64 | 5,869,467.80 | 1.59 |
| CHF | 48,000 | Novartis AG Reg | 3,500,067.31 | 3,808,806.06 | 1.03 |
| CHF | 27,000 | Roche Holding Ltd Pref | 5,263,131.71 | 9,662,794.48 | 2.62 |
| CHF | 630 | SGS SA Reg | 1,272,197.46 | 1,584,932.10 | 0.43 |
| CHF | 10,000 | Sika Ltd | 	292,224.22  | 	3,002,120.47  | 	0.81  |
|  |  |  | 15,595,791.03 | 25,101,643.36 | 6.80 |
| DKK | 70,600 | Novo Nordisk AS B | 1,980,454.30 | 7,108,557.35 | 1.93 |
| DKK | 10,000 | Novozymes AS B | 	394,635.88  | 	622,492.22  | 	0.17  |
|  |  |  | 2,375,090.18 | 7,731,049.57 | 2.10 |
| EUR | 10,500 | Adidas AG Reg | 1,965,263.73 | 2,224,950.00 | 0.60 |
| EUR | 33,000 | Air Liquide SA | 2,072,944.25 | 5,244,360.00 | 1.42 |
| EUR | 40,692 | Danone | 2,568,821.15 | 2,035,820.76 | 0.55 |
| EUR | 67,800 | Fresenius SE & Co KGaA | 3,997,942.90 | 2,260,791.00 | 0.61 |
| EUR | 108,200 | Grifols SA A | 2,031,113.89 | 1,783,136.00 | 0.48 |
| EUR | 29,000 | Kone Oyj B | 1,348,269.06 | 1,380,110.00 | 0.37 |
| EUR | 40,000 | Legrand Holding SA | 1,901,260.95 | 3,455,200.00 | 0.94 |
| EUR | 9,000 | LVMH Moët Hennessy L Vuit SE | 1,265,258.06 | 5,844,600.00 | 1.59 |
| EUR | 20,000 | Pernod-Ricard SA | 1,951,659.52 | 3,986,000.00 | 1.08 |
| EUR | 56,000 | SAP SE | 3,133,099.19 | 5,662,720.00 | 1.54 |
| EUR | 5,000 | Teleperformance SE | 1,661,793.07 | 1,731,500.00 | 0.47 |
| EUR | 157,000 | Unilever Plc Reg | 	5,424,739.81  | 	6,428,365.00  | 	1.74  |
|  |  |  | 29,322,165.58 | 42,037,552.76 | 11.39 |
| GBP | 320,000 | GlaxoSmithKline Plc | 4,878,486.25 | 6,238,281.52 | 1.69 |
| GBP | 88,000 | Reckitt Benckiser Group Plc | 	4,743,610.40  | 	6,073,916.89  | 	1.65  |
|  |  |  | 9,622,096.65 | 12,312,198.41 | 3.34 |
| HKD | 155,000 | Alibaba Group Holding Ltd Reg | 3,608,961.95 | 1,993,783.57 | 0.54 |
| HKD | 1,571 | JD.com Inc Reg A | 	57,658.90  | 	42,182.54  | 	0.01  |
|  |  |  | 3,666,620.85 | 2,035,966.11 | 0.55 |
| INR | 2,000 | Tata Consultancy Services Ltd | 72,156.51 | 88,566.27 | 0.02 |
| JPY | 36,000 | Asahi Group Holdings Ltd | 1,211,503.68 | 1,189,507.79 | 0.32 |
| JPY | 25,000 | CALBEE Inc | 547,775.82 | 436,077.31 | 0.12 |
| JPY | 4,000 | Disco Corp | 548,234.29 | 1,019,180.25 | 0.28 |
| JPY | 7,000 | Hoya Corp | 118,358.40 | 727,425.09 | 0.20 |
| JPY | 32,000 | Kao Corp | 1,171,988.22 | 1,191,018.78 | 0.32 |
| JPY | 36,000 | Komatsu Ltd | 704,640.37 | 784,739.17 | 0.21 |
| JPY | 23,000 | Makita Corp | 330,675.63 | 670,355.44 | 0.18 |
| JPY | 11,000 | Murata Manufacturing Co Ltd | 153,748.10 | 661,333.92 | 0.18 |
| JPY | 2,300 | Nintendo Co Ltd | 769,257.91 | 1,050,592.63 | 0.29 |
| JPY | 6,000 | Nitori Hgs Co Ltd | 699,184.67 | 682,613.75 | 0.19 |
| JPY | 9,000 | Obic Co Ltd | 128,509.01 | 1,227,904.81 | 0.33 |
| JPY | 15,000 | Pigeon Corp | 333,392.04 | 239,203.68 | 0.07 |
| JPY | 15,000 | Recruit Holdings Co Ltd | 308,992.31 | 601,508.93 | 0.16 |
| JPY | 50,000 | Santen Pharmaceutical Co Ltd | 823,595.92 | 454,409.22 | 0.12 |
| JPY | 22,000 | Secom Co Ltd | 1,042,002.68 | 1,445,043.53 | 0.39 |
| JPY | 7,500 | Shimano Inc | 912,250.20 | 1,564,045.42 | 0.42 |
| JPY | 5,500 | Shin-Etsu Chemical Co Ltd | 440,313.61 | 765,459.18 | 0.21 |
| JPY | 10,000 | Sony Group Corp | 411,196.84 | 942,889.87 | 0.26 |
| JPY | 18,000 | Yakult Honsha Co Ltd | 	759,022.50  | 	869,265.95  | 	0.24  |
|  |  |  | 11,414,642.20 | 16,522,574.72 | 4.49 |

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

| KRW | 1,400 | LG Household & Health Care Ltd | 1,533,983.35 |  | 889,350.00 |  | 0.24 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| KRW | 15,000 | Orion Corp | 1,092,020.52 |  | 986,192.31 |  | 0.27 |
| KRW | 30,000 | Samsung Electronics Co Ltd | 	1,729,601.52  |  | 	1,545,923.08  |  | 	0.42  |
|  |  |  | 4,355,605.39 |  | 3,421,465.39 |  | 0.93 |
| SEK | 113,700 | Assa Abloy AB B | 1,223,992.51 |  | 2,795,205.75 |  | 0.76 |
| SEK | 252,000 | Essity AB B Reg | 	6,284,366.68  |  | 	5,400,426.70  |  | 	1.47  |
|  |  |  | 7,508,359.19 |  | 8,195,632.45 |  | 2.23 |
| SGD | 4,000,000 | Thai Beverage PLC | 1,930,807.29 |  | 1,899,200.78 |  | 0.52 |
| THB | 200,000 | CP All PCL Foreign | 325,354.22 |  | 351,187.22 |  | 0.10 |
| USD | 11,000 | Abbott Laboratories | 229,434.05 |  | 1,169,985.62 |  | 0.32 |
| USD | 1,350 | Alphabet Inc A | 1,254,130.35 |  | 3,374,211.45 |  | 0.92 |
| USD | 18,000 | Apple Inc Reg | 367,115.89 |  | 2,824,388.93 |  | 0.77 |
| USD | 5,500 | Becton Dickinson & Co | 687,083.45 |  | 1,314,701.65 |  | 0.36 |
| USD | 400 | Booking Holdings Inc Reg | 469,421.54 |  | 844,158.88 |  | 0.23 |
| USD | 7,500 | Brown-Forman Corp B Non voting | 324,152.71 |  | 451,698.42 |  | 0.12 |
| USD | 11,000 | Colgate-Palmolive Co | 709,344.07 |  | 749,577.64 |  | 0.20 |
| USD | 2,100 | Cummins Inc | 451,566.53 |  | 387,069.55 |  | 0.11 |
| USD | 8,000 | EBay Inc | 375,195.81 |  | 411,646.30 |  | 0.11 |
| USD | 2,000 | Ecolab Inc | 126,961.49 |  | 317,325.66 |  | 0.09 |
| USD | 3,500 | Estée Lauder Companies Inc A | 183,906.77 |  | 856,506.11 |  | 0.23 |
| USD | 11,000 | Fomento Econom Mexic SAB de CV ADR repr 10 Uts (10 B & 20 D) | 692,103.71 |  | 818,970.17 |  | 0.22 |
| USD | 8,000 | Gilead Sciences Inc | 666,399.05 |  | 427,390.37 |  | 0.12 |
| USD | 9,000 | Johnson & Johnson | 873,142.78 |  | 1,433,384.26 |  | 0.39 |
| USD | 9,000 | Kimberly-Clark Corp | 1,146,538.66 |  | 996,081.96 |  | 0.27 |
| USD | 9,000 | Lowe's Companies Inc | 460,060.33 |  | 1,635,253.41 |  | 0.44 |
| USD | 7,000 | Mastercard Inc A | 436,832.70 |  | 2,248,076.92 |  | 0.61 |
| USD | 15,000 | Microsoft Corp | 586,074.87 |  | 4,155,868.08 |  | 1.13 |
| USD | 36,000 | Mondelez Intl Inc | 1,239,551.09 |  | 2,030,984.90 |  | 0.55 |
| USD | 35,000 | Newmont Corp Reg | 1,775,599.77 |  | 2,498,876.71 |  | 0.68 |
| USD | 9,000 | Nike Inc B | 436,468.60 |  | 1,088,281.81 |  | 0.30 |
| USD | 12,000 | Oracle Corp | 460,445.38 |  | 892,127.97 |  | 0.24 |
| USD | 5,000 | PayPal Holdings Inc | 83,113.92 |  | 519,635.15 |  | 0.14 |
| USD | 18,000 | Pepsico Inc | 1,807,506.71 |  | 2,707,440.69 |  | 0.73 |
| USD | 2,300 | Stanley Black & Decker Inc | 373,860.89 |  | 288,926.13 |  | 0.08 |
| USD | 35,000 | Taiwan Semiconduct Mfg Co Ltd ADR repr 5 Shares | 228,857.98 |  | 3,279,205.61 |  | 0.89 |
| USD | 3,000 | Thermo Fisher Scientific Inc | 208,122.67 |  | 1,592,334.65 |  | 0.43 |
| USD | 20,000 | TJX Cos Inc | 666,269.19 |  | 1,088,785.05 |  | 0.30 |
| USD | 4,000 | Union Pacific Corp | 371,221.63 |  | 982,063.26 |  | 0.27 |
| USD | 1,300 | United Health Group Inc | 304,110.58 |  | 595,759.35 |  | 0.16 |
| USD | 6,000 | Verisk Analytics Inc | 675,799.87 |  | 1,157,242.99 |  | 0.31 |
| USD | 12,000 | Visa Inc A | 574,581.49 |  | 2,391,480.95 |  | 0.65 |
| USD | 20,000 | Yum China Holdings Inc | 1,011,442.80 |  | 746,585.19 |  | 0.20 |
| USD | 6,000 | Zoetis Inc A | 	303,655.53  |  | 	1,016,840.40  |  | 	0.28  |
|  |  |  | 20,560,072.86 |  | 47,292,866.19 |  | 12.85 |
| Total shares |  |  | 110,168,976.06 |  | 170,622,863.00 |  | 46.31 |
| Investment certificates |
| EUR | 400,000 | Dt Boerse Commodities GmbH Certif Gold Perpetual | 13,671,815.00 |  | 22,536,000.00 |  | 6.12 |
| EUR | 20,000 | Wisdom Tree Metal Sec Ltd Certif Phys Gold Perpetual | 2,229,744.94 |  | 3,304,400.00 |  | 0.90 |
| EUR | 320,000 | Wisdom Tree Metal Sec Ltd Certif Physical Silver Perpetual | 	4,415,464.00  |  | 	6,684,160.00  |  | 	1.81  |
|  |  |  | 20,317,023.94 |  | 32,524,560.00 |  | 8.83 |
| USD | 120,000 | Amundi Physical Metals PLC Certif Lk Gold Perpetual | 7,574,728.21 |  | 8,349,209.20 |  | 2.27 |
| USD | 155,000 | Invesco Physical Gold PLC Certif Gold 31.12.Perpetual | 16,240,500.85 |  | 26,180,625.45 |  | 7.10 |
| USD | 455,000 | iShares Physical Metals Plc Certif Gold Perpetual | 	10,818,222.46  |  | 	15,495,473.13  |  | 	4.20  |
|  |  |  | 34,633,451.52 |  | 50,025,307.78 |  | 13.57 |
| Total investment certificates | 54,950,475.46 |  | 82,549,867.78 |  | 22.40 |

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

| Bonds |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| CNY | 4,000,000 | People's Republic of China 2.84% 21/08.04.24 | 540,119.19 |  | 572,915.81 |  | 0.16 |
| EUR | 15,000,000 | Deutschland 0% Sen 16/15.08.26 | 15,599,100.00 |  | 14,813,025.00 |  | 4.02 |
| EUR | 12,000,000 | Deutschland 0% Ser 181 20/11.04.25 | 12,448,110.00 |  | 11,951,520.00 |  | 3.24 |
| EUR | 15,000,000 | Deutschland 0.25% Sen 17/15.02.27 | 15,848,100.00 |  | 14,945,325.00 |  | 4.06 |
| EUR | 5,000,000 | Deutschland 0.5% Sen 15/15.02.25 | 5,213,060.00 |  | 5,059,050.00 |  | 1.37 |
| EUR | 15,000,000 | Deutschland 0.5% Sen 16/15.02.26 | 16,130,700.00 |  | 15,147,375.00 |  | 4.11 |
| EUR | 300,000 | Deutschland ILB Sen 15/15.04.26 | 343,939.50 |  | 375,081.16 |  | 0.10 |
| EUR | 300,000 | Deutschland ILB Ser I/L 14/15.04.30 | 	376,868.40  |  | 	413,552.94  |  | 	0.11  |
|  |  |  | 65,959,877.90 |  | 62,704,929.10 |  | 17.01 |
| USD | 400,000 | US ILB D-2029 19/15.07.29 | 373,925.09 |  | 420,077.35 |  | 0.11 |
| USD | 400,000 | US ILB T-Notes Ser D-2027 Sen 17/15.07.27 | 394,876.23 |  | 438,316.85 |  | 0.12 |
| USD | 400,000 | US ILB T-Notes Ser D-2030 20/15.07.30 | 	368,485.06  |  | 	416,912.90  |  | 	0.11  |
|  |  |  | 1,137,286.38 |  | 1,275,307.10 |  | 0.34 |
| Total bonds |  |  | 67,637,283.47 |  | 64,553,152.01 |  | 17.51 |
| Total investments in securities | 232,756,734.99 |  | 317,725,882.79 |  | 86.22 |
| Cash at banks |  |  | 47,900,607.72 |  | 13.00 |
| Other net assets/(liabilities) |  |  | 2,892,796.96 |  | 0.78 |
| Total |  |  | 368,519,287.47 |  | 100.00 |

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.