# Geographical classification
(by domicile of the issuer) (in percentage of net assets)
| Mexico | 6.88 % |
| --- | --- |
| Cayman Islands | 6.51 % |
| Chile | 6.51 % |
| Indonesia | 5.78 % |
| Bulgaria | 4.93 % |
| Peru | 4.84 % |
| Poland | 3.98 % |
| China | 3.33 % |
| United Arab Emirates | 2.93 % |
| Latvia | 2.73 % |
| British Virgin Islands | 2.71 % |
| South Korea | 2.70 % |
| Romania | 2.46 % |
| Colombia | 2.34 % |
| Ireland | 1.95 % |
| Slovakia | 1.79 % |
| Mazedonia | 1.73 % |
| Philippines | 1.68 % |
| Hong Kong | 1.68 % |
| Serbia Republic | 1.66 % |
| Senegal | 1.58 % |
| Hungary | 1.52 % |
| Saudi Arabia | 1.51 % |
| Croatia | 1.42 % |
| Kazakhstan | 1.37 % |
| Australia | 1.29 % |
| Morocco | 1.17 % |
| Egypt | 1.16 % |
| Sweden | 1.09 % |
| Benin | 1.05 % |
| Lithuania | 0.91 % |
| Estonia | 0.87 % |
| Qatar | 0.84 % |
| Vietnam | 0.79 % |
| South Africa | 0.67 % |
| Czech Republic | 0.64 % |
| Guatemala | 0.57 % |
| Russia | 0.41 % |
| The Netherlands | 0.40 % |
| Azerbaijan | 0.19 % |
| Total | 88.57 % |

| Assets |  |
| --- | --- |
| Securities portfolio at market value | 47,043,779.75 |
| Cash at banks | 6,903,263.64 |
| Income receivable on portfolio | 471,986.15 |
| Prepaid expenses | 	66.47  |
| Total assets | 54,419,096.01 |
| Liabilities |  |
| Expenses payable | 	45,529.66  |
| Total liabilities | 45,529.66 |
| Net assets at the end of the period | 54,373,566.35 |

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) |
| --- | --- | --- | --- | --- |
| A | 69,597.243 | USD | 91.39 | 6,360,760.29 |
| B | 419,939.479 | USD | 114.33 | 48,011,671.84 |
| BI | 1.000 | USD | 1,134.22 | 	1,134.22  |
|  |  |  |  | 	54,373,566.35  |

| Income |  |
| --- | --- |
| Interest on bonds and other debt securities, net | 960,595.70 |
| Return on sukuk | 	43,119.94  |
| Total income | 1,003,715.64 |
| Expenses |  |
| Management fees | 160,598.36 |
| Depositary fees | 21,553.94 |
| Banking charges and other fees | 3,570.24 |
| Transaction fees | 1,695.90 |
| Central administration costs | 36,379.21 |
| Professional fees | 402.88 |
| Other administration costs | 17,609.30 |
| Subscription duty ("taxe d'abonnement") | 13,545.75 |
| Other taxes | 12,480.48 |
| Other expenses | 	759.42  |
| Total expenses | 268,595.48 |
| Net investment income | 735,120.16 |
| Net realised gain/(loss) |  |
| - on securities portfolio | 198,046.56 |
| - on foreign exchange | 	-40.46  |
| Realised result | 933,126.26 |
| Net variation of the unrealised gain/(loss) |  |
| - on securities portfolio | 	-1,576,657.81  |
| Result of operations | -643,531.55 |
| Dividends paid | -206,083.16 |
| Reinvestments | - |
| Subscriptions | 5,591,965.76 |
| Redemptions | -2,524,903.93 |
| Total changes in net assets | 2,217,447.12 |
| Total net assets at the beginning of the period | 52,156,119.23 |
| Total net assets at the end of the period | 54,373,566.35 |

| Total net assets | Currency | 30.09.2019 | 30.09.2020 | 31.03.2021 |
| --- | --- | --- | --- | --- |
|  | USD | 49,258,487.44 | 52,156,119.23 | 54,373,566.35 |

| Net asset value per share class | Currency | 30.09.2019 | 30.09.2020 | 31.03.2021 |
| --- | --- | --- | --- | --- |
| A | USD | 97.72 | 95.40 | 91.39 |
| B | USD | 110.76 | 115.62 | 114.33 |
| BI | USD | 1,093.84 | 1,145.35 | 1,134.22 |

| Number of shares | outstanding at the beginning of the period | issued | redeemed | outstanding at the end of the period |
| --- | --- | --- | --- | --- |
| A | 65,328.823 | 6,732.770 | -2,464.350 | 69,597.243 |
| B | 397,169.100 | 42,492.038 | -19,721.659 | 419,939.479 |
| BI | 1.000 | - | - | 1.000 |

| TER per share class as at 31.03.2021 | (in %) |
| --- | --- |
| A | 0.96 |
| B | 0.96 |
| BI | 0.49 |

| Dividends paid | Currency | Dividend per share class | Ex-dividend date |
| --- | --- | --- | --- |
| A | USD | 3.01 | 09.02.2021 |

| Currency | Number / nominal value | Description | Cost | Market value | % of total net assets * |
| --- | --- | --- | --- | --- | --- |
| Investments in securities |
| Transferable securities admitted to an official stock exchange listing |
| Bonds |  |  |  |  |  |
| USD | 1,000,000 | Abu Dhabi (Emirate of) 3.125% MTN Ser6 Sen Reg S 17/11.10.27 | 1,059,700.00 | 1,086,545.00 | 2.00 |
| USD | 500,000 | Azerbaijan 4.75% Sen Reg S 14/18.03.24 | 521,000.00 | 542,772.50 | 1.00 |
| USD | 750,000 | Brazil 4.25% Sen 13/07.01.25 | 751,350.00 | 803,985.00 | 1.48 |
| USD | 1,000,000 | Chile 3.125% Sen 14/27.03.25 | 1,003,500.00 | 1,076,910.00 | 1.98 |
| USD | 1,000,000 | Chile 3.5% Sen 19/25.01.50 | 1,134,400.00 | 1,019,650.00 | 1.88 |
| USD | 750,000 | Colombia 2.625% Sen 13/15.03.23 | 740,625.00 | 770,640.00 | 1.42 |
| USD | 1,000,000 | Colombia 3.125% Sen 20/15.04.31 | 1,031,050.00 | 980,650.00 | 1.80 |
| USD | 500,000 | Colombia 8.125% Sen 04/21.05.24 | 591,775.00 | 598,057.50 | 1.10 |
| USD | 500,000 | Croatia 5.5% Reg S Sen 13/04.04.23 | 553,606.25 | 548,200.00 | 1.01 |
| USD | 1,000,000 | Dominican Republic 5.5% Reg S Sen 15/27.01.25 | 1,036,375.00 | 1,098,880.00 | 2.02 |
| USD | 1,000,000 | ENN Energy Hgs Ltd 2.625% 20/17.09.30 | 1,004,610.00 | 958,975.00 | 1.76 |
| USD | 1,050,000 | First Abu Dhabi Bank PJSC 3% EMTN Ser74 Sen Reg S17/30.03.22 | 1,058,212.50 | 1,077,137.25 | 1.98 |
| USD | 750,000 | Ghana (Republic of) 7.875% Reg S Sen 13/07.08.23 | 772,500.00 | 828,753.75 | 1.52 |
| USD | 1,000,000 | Ghana (Republic of) 8.125% Ser 2019-2 19/26.03.32 | 1,065,150.00 | 969,685.00 | 1.78 |
| USD | 500,000 | Government of Jamaica 6.75% Sk Sen Reg S 15/28.04.28 | 603,000.00 | 588,540.00 | 1.08 |
| USD | 250,000 | Guatemala (Republic of) 4.5% Sen Reg S 16/03.05.26 | 255,562.50 | 270,461.25 | 0.50 |
| USD | 1,100,000 | Hungary 5.375% Sen 14/25.03.24 | 1,219,130.00 | 1,247,669.50 | 2.29 |
| USD | 1,000,000 | Indonesia 4.125% Reg S Ser 13 Tr 1 15/15.01.25 | 1,049,766.66 | 1,097,835.00 | 2.02 |
| USD | 750,000 | Kasachstan 5.125% EMTN Ser 3 Sen Reg S 15/21.07.25 | 818,437.50 | 872,651.25 | 1.60 |
| USD | 500,000 | Kasachstan 6.5% EMTN Ser 4 Sen Reg S 15/21.07.45 | 643,250.00 | 710,462.50 | 1.31 |
| USD | 750,000 | Kingdom of Saudi Arabia 4.375% Sen Reg S 19/16.04.29 | 853,925.00 | 856,106.25 | 1.57 |
| USD | 1,000,000 | Korea Electric Power Corp 1.125% EMTN Sen Reg S 20/15.06.25 | 1,021,430.00 | 993,570.00 | 1.83 |
| USD | 1,250,000 | Korea Hyd N P Co Ltd 3.75% Sen Reg S 18/25.07.23 | 1,337,057.50 | 1,341,493.75 | 2.47 |
| USD | 1,000,000 | Korea South East Power Co Ltd 2.125% 20/03.02.25 | 1,059,260.00 | 1,031,050.00 | 1.90 |
| USD | 200,000 | Kuwait (emirate of) 3.5% Ser 2 Sen Reg S 17/20.03.27 | 205,000.00 | 220,871.00 | 0.41 |
| USD | 500,000 | Mexico 3.6% MTN Ser A 14/30.01.25 | 515,950.00 | 545,115.00 | 1.00 |
| USD | 250,000 | Micro Sm Medium Enter Bds SA 6.25% EMTN Ser 173 19/15.06.22 | 250,000.00 | 250,000.00 | 0.46 |
| USD | 600,000 | Ministry Fin The Russian Fed 4.75% Reg S Sen 16/27.05.26 | 626,638.12 | 673,467.00 | 1.24 |
| USD | 400,000 | Ministry Fin The Russian Fed 4.875% Reg S Sen 13/16.09.23 | 431,480.00 | 436,620.00 | 0.80 |
| USD | 500,000 | Ministry of Finance China 4% Sen Reg S 18/19.10.48 | 530,000.00 | 606,995.00 | 1.12 |
| USD | 250,000 | Mongolia 8.75% EMTN Sen Reg S 17/09.03.24 | 276,875.00 | 288,915.00 | 0.53 |
| USD | 250,000 | Morocco 4.25% Reg S Sen 12/11.12.22 | 259,883.33 | 262,411.25 | 0.48 |
| USD | 1,250,000 | Morocco 5.5% Sen Reg S 12/11.12.42 | 1,574,487.50 | 1,379,218.75 | 2.54 |
| USD | 500,000 | Panama 3.875% Sen 16/17.03.28 | 568,800.00 | 547,307.50 | 1.01 |
| USD | 1,250,000 | Panama 9.375% Sen 99/01.04.29 | 1,826,550.00 | 1,832,087.50 | 3.37 |
| USD | 750,000 | Paraguay 4.625% Reg S Sen 13/25.01.23 | 787,620.00 | 793,057.50 | 1.46 |
| USD | 1,000,000 | Paraguay 4.7% Sen Reg S 17/27.03.27 | 1,109,400.00 | 1,119,215.00 | 2.06 |
| USD | 1,000,000 | Peru 6.55% Sk Sen 07/14.03.37 | 1,448,500.00 | 1,359,050.00 | 2.50 |
| USD | 750,000 | Peru 7.35% Sen 05/21.07.25 | 991,375.00 | 930,071.25 | 1.71 |
| USD | 750,000 | Perusaha Penerbit SBSN Ind III 3.75% Tr 9 Sen 18/01.03.23 | 792,712.50 | 791,550.00 | 1.46 |
| USD | 1,250,000 | Philippines 3.7% Sen 17/02.02.42 | 1,341,700.00 | 1,306,812.50 | 2.40 |
| USD | 1,000,000 | Philippines 4.2% Sen 14/21.01.24 | 1,096,083.33 | 1,096,835.00 | 2.02 |
| USD | 1,500,000 | Poland 3.25% Sen 16/06.04.26 | 1,590,385.00 | 1,661,032.50 | 3.05 |
| USD | 500,000 | Qatar (State of) 9.75% Sen Reg S 00/15.06.30 | 776,875.00 | 797,915.00 | 1.47 |
| USD | 500,000 | Republic of Namibia 5.25% Sen Reg S 15/29.10.25 | 504,650.00 | 524,050.00 | 0.96 |
| USD | 750,000 | Senegal 6.25% 14/30.07.24 | 776,937.50 | 809,913.75 | 1.49 |
| USD | 300,000 | SIMA Of G-So Fin Ac Se De Fd I 3.35% EMTN Sen 19/09.10.21 | 300,000.00 | 300,000.00 | 0.55 |
| USD | 500,000 | Trinite et Tobago Republic 4.5% Sen Reg S 16/04.08.26 | 492,250.00 | 528,072.50 | 0.97 |
| USD | 1,000,000 | Uruguay 4.5% Sen 13/14.08.24 | 1,093,500.00 | 1,087,375.00 | 2.00 |
| USD | 1,000,000 | Uruguay VAR PIK Sen 03/15.01.33 | 1,398,750.00 | 1,512,620.00 | 2.78 |
| USD | 1,000,000 | Vietnam 4.8% Reg S Sen 14/19.11.24 | 	1,032,532.50  | 	1,121,030.00  | 	2.06  |
| Total bonds |  | 43,783,607.69 | 44,152,288.50 | 81.20 |

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

| Sukuk |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| USD | 750,000 | Malaysia Sovereign Sukuk Bhd 3.043% Sen Reg S 15/22.04.25 | 756,105.00 |  | 803,321.25 |  | 1.48 |
| USD | 1,000,000 | Malaysia Sukuk Global Bhd 3.179% Reg S Ser 1 16/27.04.26 | 1,113,970.00 |  | 1,092,150.00 |  | 2.01 |
| USD | 1,000,000 | Saudi Electricity Global Sukuk Co 5 2.413% 20/17.09.30 | 	1,025,500.00  |  | 	996,020.00  |  | 	1.83  |
| Total sukuk |  |  | 2,895,575.00 |  | 2,891,491.25 |  | 5.32 |
| Total investments in securities | 46,679,182.69 |  | 47,043,779.75 |  | 86.52 |
| Cash at banks |  |  | 6,903,263.64 |  | 12.70 |
| Other net assets/(liabilities) |  |  | 426,522.96 |  | 0.78 |
| Total |  |  | 54,373,566.35 |  | 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 |