# Geographical classification
(by domicile of the issuer) (in percentage of net assets)
| Cayman Islands | 61.67 % |
| --- | --- |
| China | 20.70 % |
| British Virgin Islands | 4.63 % |
| Hong Kong | 4.18 % |
| Bermuda | 4.10 % |
| Total | 95.28 % |

| Assets |  |
| --- | --- |
| Securities portfolio at market value | 92,850,349.37 |
| Option contracts at market value | 1,876,800.00 |
| Cash at banks | 4,736,407.49 |
| Liquid assets at brokers | 40,792.57 |
| Income receivable on portfolio | 19,551.37 |
| Prepaid expenses | 	9,498.25  |
| Total assets | 99,533,399.05 |
| Liabilities |  |
| Short option contracts at market value | 580,720.00 |
| Payable on redemptions of shares | 8,514.31 |
| Unrealised loss on forward foreign exchange contracts | 311,877.98 |
| Expenses payable | 	135,969.08  |
| Total liabilities | 1,037,081.37 |
| Net assets at the end of the period | 98,496,317.68 |

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 USD) |
| --- | --- | --- | --- | --- |
| B | 24,891.971 | USD | 182.76 | 4,549,278.97 |
| B EUR | 26,532.073 | EUR | 173.00 | 4,801,157.00 |
| BI | 267,723.632 | USD | 195.54 | 52,351,917.46 |
| BI EUR | 189,152.646 | EUR | 185.97 | 	36,793,964.25  |
|  |  |  |  | 	98,496,317.68  |

| Income |  |
| --- | --- |
| Dividends, net | 308,278.89 |
| Bank interest | 	730.47  |
| Total income | 309,009.36 |
| Expenses |  |
| Management fees | 749,794.83 |
| Depositary fees | 22,780.99 |
| Banking charges and other fees | 13,297.14 |
| Transaction fees | 10,749.04 |
| Central administration costs | 83,362.86 |
| Professional fees | 8,772.72 |
| Other administration costs | 48,241.10 |
| Subscription duty ("taxe d'abonnement") | 8,193.84 |
| Bank interest paid | 830.62 |
| Other expenses | 	95.22  |
| Total expenses | 946,118.36 |
| Net investment loss | -637,109.00 |
| Net realised gain/(loss) |  |
| - on securities portfolio | 8,863,431.70 |
| - on option contracts | 825,813.16 |
| - on forward foreign exchange contracts | -3,797,945.90 |
| - on foreign exchange | 	-16,095.09  |
| Realised result | 5,238,094.87 |
| Net variation of the unrealised gain/(loss) |  |
| - on securities portfolio | -62,877,698.71 |
| - on option contracts | 430,780.00 |
| - on forward foreign exchange contracts | 	-1,341,005.10  |
| Result of operations | -58,549,828.94 |
| Subscriptions | 1,567,642.23 |
| Redemptions | -12,294,394.16 |
| Total changes in net assets | -69,276,580.87 |
| Total net assets at the beginning of the period | 167,772,898.55 |
| Total net assets at the end of the period | 98,496,317.68 |

| Total net assets | Currency | 31.12.2020 | 31.12.2021 | 30.06.2022 |
| --- | --- | --- | --- | --- |
|  | USD | 148,775,378.34 | 167,772,898.55 | 98,496,317.68 |

| Net asset value per share class | Currency | 31.12.2020 | 31.12.2021 | 30.06.2022 |
| --- | --- | --- | --- | --- |
| B | USD | 228.46 | 275.51 | 182.76 |
| B EUR | EUR | 221.69 | 264.53 | 173.00 |
| BI | USD | 242.48 | 294.00 | 195.54 |
| BI EUR | EUR | 236.40 | 283.60 | 185.97 |

| Number of shares | outstanding at the beginning of the period | issued | redeemed | outstanding at the end of the period |
| --- | --- | --- | --- | --- |
| B | 30,107.095 | - | -5,215.124 | 24,891.971 |
| B EUR | 28,795.136 | 2,197.532 | -4,460.595 | 26,532.073 |
| BI | 288,040.540 | 3,408.257 | -23,725.165 | 267,723.632 |
| BI EUR | 205,135.237 | 1,015.141 | -16,997.732 | 189,152.646 |

| TER per share class as at 30.06.2022 | (in %) |
| --- | --- |
| B | 1.93 |
| B EUR | 1.93 |
| BI | 1.40 |
| BI EUR | 1.40 |

| 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 |  |  |  |  |  |  |  |
| EUR | 800 | Adyen BV | 816,568.33 |  | 1,161,478.40 |  | 1.18 |
| EUR | 6,040 | ASML Holding NV | 1,785,508.76 |  | 2,879,987.36 |  | 2.92 |
| EUR | 70,000 | Infineon Technologies AG Reg | 1,256,964.17 |  | 1,690,649.80 |  | 1.72 |
| EUR | 12,500 | Just Eat Takeaway.com NV | 1,266,860.37 |  | 196,987.95 |  | 0.20 |
| EUR | 26,000 | Soitec | 	3,327,487.06  |  | 	3,685,058.00  |  | 	3.74  |
|  |  |  | 8,453,388.69 |  | 9,614,161.51 |  | 9.76 |
| KRW | 18,000 | SK Hynix Inc | 2,225,795.66 |  | 1,262,077.36 |  | 1.28 |
| USD | 3,950 | Alphabet Inc C | 4,727,558.36 |  | 8,640,427.50 |  | 8.77 |
| USD | 55,000 | Amazon.com Inc | 4,939,010.00 |  | 5,841,550.00 |  | 5.93 |
| USD | 22,000 | Analog Devices Inc | 2,710,991.71 |  | 3,213,980.00 |  | 3.26 |
| USD | 52,000 | Apple Inc Reg | 3,394,069.27 |  | 7,109,440.00 |  | 7.22 |
| USD | 17,000 | Applied Materials Inc | 2,462,407.30 |  | 1,546,660.00 |  | 1.57 |
| USD | 1,200 | Booking Holdings Inc Reg | 2,654,941.73 |  | 2,098,788.00 |  | 2.13 |
| USD | 7,500 | Broadcom Inc Reg | 2,042,235.34 |  | 3,643,575.00 |  | 3.70 |
| USD | 14,000 | Cloudflare Inc A Reg | 717,612.70 |  | 612,500.00 |  | 0.62 |
| USD | 11,500 | CrowdStrike Holdings Inc Reg | 1,194,467.40 |  | 1,938,440.00 |  | 1.97 |
| USD | 14,000 | Datadog Inc Reg A | 892,525.65 |  | 1,333,360.00 |  | 1.35 |
| USD | 13,800 | Expedia Group Inc | 2,535,869.44 |  | 1,308,654.00 |  | 1.33 |
| USD | 16,000 | Mastercard Inc A | 4,278,734.25 |  | 5,047,680.00 |  | 5.13 |
| USD | 16,500 | Meta Platforms Inc A | 3,091,524.00 |  | 2,660,625.00 |  | 2.70 |
| USD | 37,000 | Microsoft Corp | 4,910,493.01 |  | 9,502,710.00 |  | 9.65 |
| USD | 20,000 | Netease Inc ADR Repr 5 Shares | 1,861,412.20 |  | 1,867,200.00 |  | 1.90 |
| USD | 8,900 | NetFlix Inc | 3,345,636.95 |  | 1,556,343.00 |  | 1.58 |
| USD | 22,000 | NVIDIA Corp | 1,186,905.42 |  | 3,334,980.00 |  | 3.39 |
| USD | 13,000 | NXP Semiconductor NV | 1,757,107.93 |  | 1,924,390.00 |  | 1.95 |
| USD | 8,000 | Palo Alto Networks Inc | 1,721,767.88 |  | 3,951,520.00 |  | 4.01 |
| USD | 14,000 | PayPal Holdings Inc | 1,888,473.60 |  | 977,760.00 |  | 0.99 |
| USD | 7,000 | Salesforce Inc | 968,772.25 |  | 1,155,280.00 |  | 1.17 |
| USD | 1,000 | Samsung Electronics Co Ltd GDR | 1,495,187.00 |  | 1,091,000.00 |  | 1.11 |
| USD | 16,000 | Sea Ltd ADR spons repr 1 Share A | 3,573,751.75 |  | 1,069,760.00 |  | 1.09 |
| USD | 4,400 | ServiceNow Inc Reg | 880,956.55 |  | 2,092,288.00 |  | 2.12 |
| USD | 15,000 | Spotify Technology SA Reg | 2,968,482.62 |  | 1,407,450.00 |  | 1.43 |
| USD | 26,000 | Taiwan Semiconduct Mfg Co Ltd ADR repr 5 Shares | 1,654,999.28 |  | 2,125,500.00 |  | 2.16 |
| USD | 25,000 | Visa Inc A | 	4,140,190.20  |  | 	4,922,250.00  |  | 	5.00  |
|  |  |  | 67,996,083.79 |  | 81,974,110.50 |  | 83.23 |
| Total investments in securities | 78,675,268.14 |  | 92,850,349.37 |  | 94.27 |
| Option contracts |
| Listed financial instruments |
| Index options |
| USD | 17 | Nasdaq 100 Stock Index PUT 09/22 OPRA 12300 | 	1,379,210.00  |  | 	1,876,800.00  |  | 	1.91  |
| Total option contracts |  | 1,379,210.00 |  | 1,876,800.00 |  | 1.91 |

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

| Short option contracts |
| --- |
| Listed financial instruments |
| Index options |  |  |  |  |  |  |
| USD | -17 | Nasdaq 100 Stock Index PUT 09/22 OPRA 10500 | 	-513,910.00  | 	-580,720.00  |  | 	-0.59  |
| Total short option contracts | -513,910.00 | -580,720.00 |  | -0.59 |
| Cash at banks |  | 4,736,407.49 |  | 4.81 |
| Other net assets/(liabilities) |  | -386,519.18 |  | -0.40 |
| Total |  | 98,496,317.68 |  | 100.00 |

Translation (ENIT, 2022-06-30):
# Ripartizione geografica
(in base al domicilio dell'emittente) (in percentuale del patrimonio netto)
| Giappone | 34,19 % |
| --- | --- |
| Taiwan | 14,10 % |
| Hong Kong | 10,85 % |
| India | 8,73 % |
| Corea del Sud | 7,37 % |
| Isole Cayman | 4,66 % |
| Cina | 4,09 % |
| Stati Uniti d'America | 3,97 % |
| Isole Bermuda | 3,77 % |
| Indonesia | 1,82 % |
| Lussemburgo | 1,59 % |
| Singapore | 0,81 % |
| Totale | 95,95 % |

| Attività |  |
| --- | --- |
| Portafoglio titoli al valore di mercato | 52.226.354,94 |
| Depositi bancari | 1.387.368,20 |
| Liquidità a vista presso intermediari | 4.722,90 |
| Crediti da proventi sul portafoglio titoli | 31.990,77 |
| Plusvalenza non realizzata su contratti a termine in divise | 44.602,35 |
| Risconti attivi | 	2.419,77  |
| Totale attività | 53.697.458,93 |
| Passività |  |
| Passività da interessi su scoperti bancari | 1,00 |
| Spese da pagare | 	86.795,26  |
| Totale passività | 86.796,26 |
| Patrimonio netto a fine periodo | 53.610.662,67 |

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 | 20.478,998 | EUR | 358,21 | 7.335.712,59 |
| B USD | 2.843,193 | USD | 489,80 | 1.331.362,51 |
| BI | 108.006,360 | EUR | 385,60 | 41.647.468,80 |
| BI USD | 6.714,852 | USD | 513,45 | 	3.296.118,77  |
|  |  |  |  | 	53.610.662,67  |

| Proventi |  |
| --- | --- |
| Proventi netti da dividendi | 988.798,98 |
| Interessi bancari | 2.165,51 |
| Altri proventi | 	3.653,62  |
| Proventi complessivi | 994.618,11 |
| Oneri |  |
| Commissioni di gestione | 451.549,48 |
| Commissioni del depositario | 12.252,37 |
| Spese bancarie e altre commissioni | 17.381,99 |
| Commissioni su transazioni | 84.975,53 |
| Spese di amministrazione centrale | 56.220,88 |
| Onorari professionali | 4.271,59 |
| Altre spese di amministrazione | 28.714,27 |
| Tassa di sottoscrizione ("taxe d'abonnement") | 4.916,71 |
| Interessi bancari pagati | 11.106,67 |
| Altri oneri | 	8.575,07  |
| Oneri complessivi | 679.964,56 |
| Profitti netti da investimenti | 314.653,55 |
| Utile/(perdita) netto(a) realizzato(a) |  |
| - sul portafoglio titoli | 1.374.979,14 |
| - su contratti a termine | -161.112,50 |
| - su contratti a termine in divise | 379.671,44 |
| - su operazioni in divise | 	-31.927,92  |
| Risultato realizzato | 1.876.263,71 |
| Variazione netta dell'utile/(perdita) non realizzato(a) |  |
| - sul portafoglio titoli | -9.857.542,78 |
| - su contratti a termine | -57.590,00 |
| - su contratti a termine in divise | 	74.666,20  |
| Risultato delle operazioni | -7.964.202,87 |
| Sottoscrizioni | 2.448.584,12 |
| Rimborsi | -8.400.070,59 |
| Variazione totale del patrimonio netto | -13.915.689,34 |
| Patrimonio netto a inizio periodo | 67.526.352,01 |
| Patrimonio netto a fine periodo | 53.610.662,67 |

| Totale patrimonio netto | Divisa | 31.12.2020 | 31.12.2021 | 30.06.2022 |
| --- | --- | --- | --- | --- |
|  | EUR | 51.907.814,16 | 67.526.352,01 | 53.610.662,67 |

| Valore patrimoniale netto della classe di azioni | Divisa | 31.12.2020 | 31.12.2021 | 30.06.2022 |
| --- | --- | --- | --- | --- |
| B | EUR | 342,47 | 414,71 | 358,21 |
| B USD | USD | 460,11 | 562,17 | 489,80 |
| BI | EUR | 365,70 | 445,24 | 385,60 |
| BI USD | USD | 478,44 | 587,74 | 513,45 |

| Numero di azioni | in circolazione a inizio periodo | emesse | rimborsate | in circolazione a fine periodo |
| --- | --- | --- | --- | --- |
| B | 23.871,020 | 37,846 | -3.429,868 | 20.478,998 |
| B USD | 3.090,741 | 356,411 | -603,959 | 2.843,193 |
| BI | 118.178,567 | 5.106,353 | -15.278,560 | 108.006,360 |
| BI USD | 6.732,376 | 17,476 | -35,000 | 6.714,852 |

| TER per classe di azioni al 30.06.2022 | (in %) |
| --- | --- |
| B | 2,31 |
| B USD | 2,32 |
| BI | 1,78 |
| BI USD | 1,78 |

| 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 | 80.000 | Paladin Energy Ltd Reg | 43.144,17 | 30.497,13 | 0,06 |
| AUD | 6.908 | Woodside Energy Group Ltd | 	0,00  | 	144.566,08  | 	0,27  |
|  |  |  | 43.144,17 | 175.063,21 | 0,33 |
| CAD | 54.800 | Ivanhoe Mines Ltd A | 414.959,38 | 300.914,91 | 0,56 |
| CAD | 16.300 | MEG Energy Corp | 95.095,77 | 215.248,55 | 0,40 |
| CAD | 31.300 | NexGen Energy Ltd Reg | 	101.272,47  | 	107.159,64  | 	0,20  |
|  |  |  | 611.327,62 | 623.323,10 | 1,16 |
| CHF | 6.600 | ABB Ltd Reg | 197.699,11 | 167.917,08 | 0,31 |
| CHF | 11.970 | Alcon Inc Reg | 718.184,57 | 797.594,74 | 1,49 |
| CHF | 7.700 | Holcim Ltd Reg | 307.349,59 | 314.322,40 | 0,59 |
| CHF | 4.575 | Nestlé SA Reg | 423.149,64 | 509.477,19 | 0,95 |
| CHF | 5.576 | Roche Holding Ltd Pref | 1.842.756,73 | 1.774.977,76 | 3,31 |
| CHF | 400 | Sika Ltd | 82.161,93 | 87.937,72 | 0,16 |
| CHF | 1.000 | Straumann Holding AG | 29.009,02 | 114.568,86 | 0,21 |
| CHF | 1.930 | Swatch Group AG | 549.225,91 | 436.835,63 | 0,81 |
| CHF | 890 | Tecan Group AG | 243.204,99 | 246.533,41 | 0,46 |
| CHF | 23.000 | UBS Group Inc | 383.449,26 | 353.719,50 | 0,66 |
| CHF | 740 | Zurich Insurance Group AG Reg | 	201.171,26  | 	307.030,56  | 	0,57  |
|  |  |  | 4.977.362,01 | 5.110.914,85 | 9,52 |
| DKK | 193 | AP Moeller Maersk AS B | 284.915,37 | 429.584,46 | 0,80 |
| DKK | 8.860 | Novo Nordisk AS B | 570.882,61 | 937.736,61 | 1,75 |
| DKK | 18.557 | The Drilling Co of 1972 A/S Reg | 	485.450,46  | 	730.035,80  | 	1,36  |
|  |  |  | 1.341.248,44 | 2.097.356,87 | 3,91 |
| EUR | 236 | Adyen BV | 378.425,85 | 327.568,00 | 0,61 |
| EUR | 8.700 | Ageas NV | 367.165,62 | 365.226,00 | 0,68 |
| EUR | 3.157 | Air Liquide SA | 412.828,87 | 404.474,84 | 0,75 |
| EUR | 1.880 | Allianz SE Reg | 360.493,78 | 342.385,60 | 0,64 |
| EUR | 2.700 | Amplifon SpA Post Frazionamento | 52.688,09 | 78.975,00 | 0,15 |
| EUR | 5.200 | Anheuser-Busch InBev SA | 265.596,80 | 267.072,00 | 0,50 |
| EUR | 5.220 | Bayer AG Reg | 292.387,68 | 296.078,40 | 0,55 |
| EUR | 18.894 | BNP Paribas SA A | 583.720,70 | 857.126,31 | 1,60 |
| EUR | 1.430 | CapGemini SE | 151.194,09 | 233.733,50 | 0,44 |
| EUR | 52.405 | Carrefour SA | 946.726,08 | 884.858,43 | 1,65 |
| EUR | 137.409 | Commerzbank AG | 1.184.917,92 | 918.716,57 | 1,71 |
| EUR | 5.000 | CRH Plc | 164.741,50 | 165.000,00 | 0,31 |
| EUR | 12.123 | Danone | 688.221,03 | 645.670,98 | 1,20 |
| EUR | 9.400 | Dassault Systemes SA | 297.274,70 | 330.081,00 | 0,62 |
| EUR | 98.454 | Deutsche Bank AG Reg | 738.937,60 | 818.940,37 | 1,53 |
| EUR | 2.105 | Deutsche Boerse AG Reg | 301.078,32 | 335.958,00 | 0,63 |
| EUR | 2.367 | DiaSorin SpA | 292.427,54 | 296.348,40 | 0,55 |
| EUR | 10.325 | EDP Renovaveis SA | 224.672,00 | 232.519,00 | 0,43 |
| EUR | 44.165 | ENAV SpA | 156.344,10 | 176.041,69 | 0,33 |
| EUR | 5.506 | EssilorLuxottica SA | 564.451,23 | 786.807,40 | 1,47 |
| EUR | 10.419 | Fagron SA | 158.907,52 | 160.869,36 | 0,30 |
| EUR | 35.405 | FinecoBank SPA | 423.518,77 | 404.325,10 | 0,75 |
| EUR | 6.300 | Friedrich Vorwerk Group SE | 214.597,51 | 161.910,00 | 0,30 |
| EUR | 3.300 | GEA Group AG | 100.161,93 | 108.537,00 | 0,20 |
| EUR | 6.700 | Infineon Technologies AG Reg | 181.951,31 | 154.703,00 | 0,29 |
| EUR | 351.045 | Intesa Sanpaolo SpA | 604.054,51 | 624.860,10 | 1,17 |
| EUR | 6.430 | K+S Aktiengesellschaft Reg | 78.882,79 | 149.111,70 | 0,28 |
| EUR | 1.348 | Kering Reg | 513.158,83 | 660.654,80 | 1,23 |
| EUR | 1.300 | Kingspan Group | 57.694,00 | 74.620,00 | 0,14 |
| EUR | 1.005 | L'Oréal SA | 359.745,85 | 330.946,50 | 0,62 |
| EUR | 9.814 | Legrand Holding SA | 344.562,85 | 691.494,44 | 1,29 |
| EUR | 1.490 | Linde PLC Reg | 362.942,40 | 408.185,50 | 0,76 |

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

| EUR | 330 | LVMH Moët Hennessy L Vuit SE | 219.085,64 | 191.961,00 | 0,36 |
| --- | --- | --- | --- | --- | --- |
| EUR | 44.400 | Metso Outotec Oyj | 305.483,45 | 317.460,00 | 0,59 |
| EUR | 3.112 | Nemetschek SE | 180.835,81 | 179.749,12 | 0,34 |
| EUR | 7.800 | NN Group NV | 360.706,94 | 338.052,00 | 0,63 |
| EUR | 8.200 | Oci NV Reg | 216.260,72 | 258.136,00 | 0,48 |
| EUR | 1.950 | Pernod-Ricard SA | 306.756,66 | 341.835,00 | 0,64 |
| EUR | 5.200 | PSI Software AG | 206.157,34 | 148.460,00 | 0,28 |
| EUR | 7.740 | Qiagen NV Reg | 315.250,20 | 345.978,00 | 0,65 |
| EUR | 1.840 | Rheinmetall AG | 310.484,76 | 405.352,00 | 0,76 |
| EUR | 12.960 | RWE AG A | 393.656,86 | 454.636,80 | 0,85 |
| EUR | 3.756 | Sanofi SA | 331.342,73 | 361.853,04 | 0,67 |
| EUR | 6.387 | SAP SE | 434.961,94 | 555.221,91 | 1,04 |
| EUR | 6.150 | Schoeller Bleckmann Oil Equip | 250.830,27 | 330.255,00 | 0,62 |
| EUR | 11.000 | Siemens Energy AG | 258.909,91 | 153.835,00 | 0,29 |
| EUR | 5.939 | Soitec | 436.933,16 | 804.734,50 | 1,50 |
| EUR | 6.400 | STMicroelectronics NV | 174.571,92 | 192.000,00 | 0,36 |
| EUR | 5.100 | Thales SA | 609.294,24 | 596.955,00 | 1,11 |
| EUR | 22.894 | Totalenergies SE | 886.864,60 | 1.153.170,78 | 2,15 |
| EUR | 54.292 | Universal Music Group NV | 1.257.897,44 | 1.038.823,13 | 1,94 |
| EUR | 1.500 | Verbund AG A | 100.549,80 | 140.025,00 | 0,26 |
| EUR | 4.276 | Volkswagen AG Pref | 	637.801,46  | 	544.847,92  | 	1,02  |
|  |  |  | 20.019.107,62 | 21.547.140,19 | 40,22 |
| GBP | 559.000 | Advanced Oncotherapy Plc | 219.462,45 | 146.054,11 | 0,27 |
| GBP | 9.000 | Anglo American Plc | 337.619,22 | 306.948,79 | 0,57 |
| GBP | 257.095 | Anglo Pacific Group Plc Reg | 438.367,68 | 432.296,44 | 0,81 |
| GBP | 44.601 | Antofagasta Plc | 965.856,79 | 598.199,51 | 1,12 |
| GBP | 6.730 | AstraZeneca Plc | 580.014,77 | 844.030,79 | 1,57 |
| GBP | 92.850 | Atalaya Mining Plc Reg | 462.125,41 | 347.721,14 | 0,65 |
| GBP | 10.600 | Aveva Group Plc Reg | 414.137,28 | 277.077,23 | 0,52 |
| GBP | 75.500 | BAE Syst Plc | 674.067,16 | 727.862,17 | 1,36 |
| GBP | 120.000 | Bango PLC | 305.468,45 | 236.891,59 | 0,44 |
| GBP | 38.230 | BHP Group Ltd | 1.005.006,06 | 1.019.728,98 | 1,90 |
| GBP | 386.752 | BP Plc | 1.701.717,42 | 1.743.891,37 | 3,26 |
| GBP | 285.000 | Capital Ltd Reg | 196.319,26 | 277.999,24 | 0,52 |
| GBP | 88.000 | Chemring Group Plc | 356.642,88 | 321.893,86 | 0,60 |
| GBP | 40.216 | Compass Group Plc Reg | 619.740,60 | 784.562,64 | 1,46 |
| GBP | 4.770 | CRH Plc | 172.216,75 | 156.423,70 | 0,29 |
| GBP | 14.630 | Diageo Plc | 521.117,18 | 599.791,09 | 1,12 |
| GBP | 19.000 | Ergomed Plc | 315.081,21 | 221.516,86 | 0,41 |
| GBP | 42.502 | GSK Plc | 706.018,56 | 871.407,22 | 1,63 |
| GBP | 96.000 | Hunting Plc | 307.685,91 | 240.793,33 | 0,45 |
| GBP | 7.148 | InterContinental Hotels Gr Plc Reg | 405.406,73 | 361.071,55 | 0,67 |
| GBP | 1.150.000 | Jubilee Metals Group PLC | 214.484,07 | 189.629,39 | 0,35 |
| GBP | 1.515.862 | Lloyds Banking Group Plc | 902.882,06 | 744.769,97 | 1,39 |
| GBP | 4.270 | London Stock Exchange Gr Plc | 386.032,52 | 378.430,13 | 0,71 |
| GBP | 60.000 | Qinetiq Group Plc | 247.021,00 | 256.121,61 | 0,48 |
| GBP | 154.262 | Rentokil Initial Plc | 978.740,54 | 850.170,75 | 1,59 |
| GBP | 21.200 | Weir Group Plc | 436.507,37 | 335.545,32 | 0,63 |
| GBP | 148.000 | Yellow Cake PLC Reg | 	548.386,24  | 	558.553,20  | 	1,04  |
|  |  |  | 14.418.125,57 | 13.829.381,98 | 25,81 |
| NOK | 9.400 | Aker BP ASA | 213.411,16 | 311.213,37 | 0,58 |
| NOK | 22.000 | Aker Carbon Capture ASA Reg | 35.305,37 | 35.322,09 | 0,07 |
| NOK | 40.121 | Golden Ocean Group Ltd | 196.092,99 | 444.584,74 | 0,83 |
| NOK | 70.000 | Play Magnus AS | 	132.137,34  | 	60.970,23  | 	0,11  |
|  |  |  | 576.946,86 | 852.090,43 | 1,59 |
| SEK | 21.473 | Epiroc AB A | 292.491,73 | 316.555,06 | 0,59 |
| SEK | 7.815 | Holmen AB Reg B | 320.744,85 | 302.628,15 | 0,56 |
| SEK | 20.400 | Sandvik AB | 351.599,31 | 315.778,49 | 0,59 |
| SEK | 31.500 | Svenska Cellulosa SCA AB B | 	401.385,08  | 	449.232,13  | 	0,84  |
|  |  |  | 1.366.220,97 | 1.384.193,83 | 2,58 |

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

| USD | 12.155 | Atomera Inc | 174.598,02 |  | 108.999,90 |  | 0,20 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| USD | 968 | Autodesk Inc | 179.604,30 |  | 159.136,98 |  | 0,30 |
| USD | 6.100 | Baker Hughes Co Reg A | 160.793,58 |  | 168.420,65 |  | 0,31 |
| USD | 183 | Booking Holdings Inc Reg | 335.127,97 |  | 305.989,65 |  | 0,57 |
| USD | 23.800 | Cameco Corp | 457.432,62 |  | 478.275,33 |  | 0,89 |
| USD | 3.910 | Cognex Corp | 235.902,68 |  | 158.941,87 |  | 0,30 |
| USD | 3.900 | Devon Energy Corp Reg | 98.326,81 |  | 205.477,06 |  | 0,38 |
| USD | 12.300 | Energy Fuels Inc Reg | 37.019,03 |  | 57.737,09 |  | 0,11 |
| USD | 41.312 | Ermenegildo Zegna NV | 343.475,10 |  | 416.674,57 |  | 0,78 |
| USD | 2.346 | Expedia Group Inc | 385.723,97 |  | 212.687,55 |  | 0,40 |
| USD | 3.856 | Johnson & Johnson | 620.048,75 |  | 654.377,21 |  | 1,22 |
| USD | 18.200 | Liberty Energy Inc | 241.883,35 |  | 222.019,12 |  | 0,41 |
| USD | 7.413 | Livent Corp Reg | 135.401,62 |  | 160.803,99 |  | 0,30 |
| USD | 4.600 | MP Materials Corp A Reg | 134.056,53 |  | 141.078,39 |  | 0,26 |
| USD | 2.700 | Nabors Industries Ltd | 345.316,56 |  | 345.630,98 |  | 0,64 |
| USD | 9.400 | Natl Atomic Co Kazatomprom JSC spons GDR repr 1 Share | 215.523,85 |  | 233.112,81 |  | 0,43 |
| USD | 18.600 | Nextier Oilfield Solutions Inc | 123.678,61 |  | 169.107,07 |  | 0,32 |
| USD | 4.100 | Occidental Petroleum Corp | 108.764,71 |  | 230.791,59 |  | 0,43 |
| USD | 8.000 | Patterson UTI Energy Inc | 70.738,49 |  | 120.535,37 |  | 0,22 |
| USD | 59.700 | Ur-Energy Inc Reg | 	47.333,37  |  | 	58.786,81  |  | 	0,11  |
|  |  |  | 4.450.749,92 |  | 4.608.583,99 |  | 8,58 |
| Totale azioni |  |  | 47.804.233,18 |  | 50.228.048,45 |  | 93,70 |
| Fondi d'investimento di tipo chiuso |
| CAD | 26.000 | Sprott Physical Uranium Trust Dist | 200.437,54 |  | 267.235,87 |  | 0,50 |
| GBP | 180.000 | Gresham House Energy Storage Fd Plc Dist | 252.023,11 |  | 328.164,52 |  | 0,61 |
| Totale fondi d'investimento di tipo chiuso | 452.460,65 |  | 595.400,39 |  | 1,11 |
| 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 | 27.016 | VanEck UCITS ETFs Plc Gold Miners A USD Cap | 915.538,44 |  | 773.546,08 |  | 1,44 |
| USD | 23.465 | VanEck UCITS ETFs Plc Junior Gold Miners A Cap | 	831.995,50  |  | 	629.360,02  |  | 	1,17  |
| Totale tracker funds (OICVM) | 1.747.533,94 |  | 1.402.906,10 |  | 2,61 |
| Totale portafoglio titoli |  | 50.047.989,43 |  | 52.226.354,94 |  | 97,42 |
| Depositi bancari |  |  |  | 1.387.368,20 |  | 2,59 |
| Altre attività/(passività) nette |  |  | -3.060,47 |  | -0,01 |
| Totale |  |  |  |  | 53.610.662,67 |  | 100,00 |