# Geographical classification
(by domicile of the issuer) (in percentage of net assets)
| United States of America | 97.18 % |
| --- | --- |
| Total | 97.18 % |

| Assets |  |
| --- | --- |
| Securities portfolio at market value | 214,863,110.19 |
| Cash at banks | 25,760,255.46 |
| Receivable cash collateral paid | 145,000.00 |
| Income receivable on portfolio | 2,089,291.34 |
| Prepaid expenses | 	308.82  |
| Total assets | 242,857,965.81 |
| Liabilities |  |
| Unrealised loss on forward foreign exchange contracts | 103,812.45 |
| Expenses payable | 	175,166.67  |
| Total liabilities | 278,979.12 |
| Net assets at the end of the period | 242,578,986.69 |

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 | 396,524.601 | EUR | 92.79 | 36,791,552.87 |
| B | 1,830,470.054 | EUR | 112.19 | 205,359,151.61 |
| BC | 1,300.010 | USD | 95.73 | 105,899.68 |
| BI | 317.124 | EUR | 1,016.58 | 	322,382.53  |
|  |  |  |  | 	242,578,986.69  |

| Income |  |
| --- | --- |
| Interest on bonds and other debt securities, net | 2,546,146.84 |
| Bank interest | 	337.93  |
| Total income | 2,546,484.77 |
| Expenses |  |
| Management fees | 719,661.55 |
| Depositary fees | 52,522.06 |
| Banking charges and other fees | 8,950.39 |
| Transaction fees | 1,950.20 |
| Central administration costs | 52,892.93 |
| Professional fees | 1,797.20 |
| Other administration costs | 23,169.22 |
| Subscription duty ("taxe d'abonnement") | 60,562.34 |
| Other taxes | 70,070.28 |
| Bank interest paid | 62,299.78 |
| Other expenses | 	1,509.03  |
| Total expenses | 1,055,384.98 |
| Net investment income | 1,491,099.79 |
| Net realised gain/(loss) |  |
| - on securities portfolio | -882,422.10 |
| - on foreign exchange | 	-31,128.74  |
| Realised result | 577,548.95 |
| Net variation of the unrealised gain/(loss) |  |
| - on securities portfolio | 1,597,279.46 |
| - on forward foreign exchange contracts | 	-25,313.28  |
| Result of operations | 2,149,515.13 |
| Dividends paid | -514,142.59 |
| Reinvestments | - |
| Subscriptions | 19,490,309.65 |
| Redemptions | -13,562,126.02 |
| Total changes in net assets | 7,563,556.17 |
| Total net assets at the beginning of the period | 235,015,430.52 |
| Total net assets at the end of the period | 242,578,986.69 |

| Total net assets | Currency | 30.09.2019 | 30.09.2020 | 31.03.2021 |
| --- | --- | --- | --- | --- |
|  | EUR | 239,355,083.20 | 235,015,430.52 | 242,578,986.69 |

| Net asset value per share class | Currency | 30.09.2019 | 30.09.2020 | 31.03.2021 |
| --- | --- | --- | --- | --- |
| A | EUR | 98.33 | 93.21 | 92.79 |
| B | EUR | 114.31 | 111.16 | 112.19 |
| BC | USD | 90.48 | 94.64 | 95.73 |
| BI | EUR | 1,030.42 | 1,005.43 | 1,016.58 |

| Number of shares | outstanding at the beginning of the period | issued | redeemed | outstanding at the end of the period |
| --- | --- | --- | --- | --- |
| A | 374,051.439 | 40,757.727 | -18,284.565 | 396,524.601 |
| B | 1,787,211.466 | 137,514.640 | -94,256.052 | 1,830,470.054 |
| BC | 2,640.625 | - | -1,340.615 | 1,300.010 |
| BI | 1,272.000 | 120.124 | -1,075.000 | 317.124 |

| TER per share class as at 31.03.2021 | (in %) |
| --- | --- |
| A | 0.79 |
| B | 0.79 |
| BC | 0.77 |
| BI | 0.43 |

| Dividends paid | Currency | Dividend per share class | Ex-dividend date |
| --- | --- | --- | --- |
| A | EUR | 1.31 | 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 |  |  |  |  |  |
| EUR | 3,000,000 | America Movil SAB de CV 1.5% Sen 16/10.03.24 | 3,075,828.00 | 3,133,845.00 | 1.29 |
| EUR | 3,000,000 | America Movil SAB de CV 2.125% Sen 16/10.03.28 | 3,305,850.00 | 3,354,615.00 | 1.38 |
| EUR | 2,000,000 | Bank Gospodarstwa Krajowego 1.625% Ser 3 Sen 17/30.04.28 | 2,162,040.00 | 2,197,240.00 | 0.91 |
| EUR | 3,000,000 | Bulgaria 2.95% 14/03.09.24 | 3,331,500.00 | 3,321,825.00 | 1.37 |
| EUR | 4,000,000 | Bulgaria 3% EMTN Ser 5 Sen Reg S 16/21.03.28 | 4,930,000.00 | 4,788,680.00 | 1.97 |
| EUR | 3,000,000 | Bulgaria 3.125% EMTN Reg S 15/26.03.35 | 3,654,150.00 | 3,867,315.00 | 1.59 |
| EUR | 2,000,000 | CGNPC International Ltd 1.625% EMTN Sen 17/11.12.24 | 2,104,000.00 | 2,084,720.00 | 0.86 |
| EUR | 2,000,000 | Chile 1.44% Sen Reg S 18/01.02.29 | 2,150,000.00 | 2,174,880.00 | 0.90 |
| EUR | 4,000,000 | Chile 1.875% Sen Reg S 15/27.05.30 | 4,527,100.00 | 4,523,120.00 | 1.86 |
| EUR | 3,000,000 | CK Hutchison Europe Fin 18 Ltd 2% Ser B Sen RegS 18/13.04.30 | 3,363,940.00 | 3,409,395.00 | 1.41 |
| EUR | 2,500,000 | CK Hutchison Fin (16) (II) Ltd 0.875% Reg S Sen 16/03.10.24 | 2,454,285.00 | 2,575,800.00 | 1.06 |
| EUR | 4,000,000 | CK Hutchison Fin 16 1.25% Reg S Ser 7Y 16/06.04.23 | 4,105,760.00 | 4,104,140.00 | 1.69 |
| EUR | 2,000,000 | CNAC (HK) Finbridge Co Ltd 1.125% 20/22.09.24 | 1,979,200.00 | 1,988,590.00 | 0.82 |
| EUR | 5,000,000 | Colombia 3.875% EMTN Sen 16/22.03.26 | 5,836,000.00 | 5,682,900.00 | 2.34 |
| EUR | 5,000,000 | Corp Nacl Del Cobre De Chile 2.25% Reg S 14/09.07.24 | 5,257,870.00 | 5,350,125.00 | 2.21 |
| EUR | 3,000,000 | Croatia 2.7% Sen Reg S 18/15.06.28 | 3,520,200.00 | 3,455,880.00 | 1.42 |
| EUR | 3,500,000 | DP World Ltd 2.375% Ser 2-2018 Sen Reg S 18/25.09.26 | 3,502,196.67 | 3,714,217.50 | 1.53 |
| EUR | 2,000,000 | Eesti Energia As 2.384% Reg S Sen 15/22.09.23 | 2,129,277.50 | 2,108,340.00 | 0.87 |
| EUR | 2,000,000 | Egypt 4.75% EMTN Sen Reg S 18/16.04.26 | 2,107,150.00 | 2,070,590.00 | 0.85 |
| EUR | 750,000 | Egypt 5.625% EMTN Ser 9 Sen Reg S 18/16.04.30 | 786,975.00 | 748,631.25 | 0.31 |
| EUR | 3,000,000 | Emirates Telecom Gr Co PJSC 2.75% EMTN Sen 14/18.06.26 | 3,345,076.67 | 3,398,400.00 | 1.40 |
| EUR | 2,500,000 | Energa Finance AB 2.125% EMTN Sen Reg S 17/07.03.27 | 2,524,500.00 | 2,645,400.00 | 1.09 |
| EUR | 1,500,000 | EP Infrastructure AS 1.698% Sen Reg S 19/30.07.26 | 1,515,100.00 | 1,560,120.00 | 0.64 |
| EUR | 2,000,000 | Eustream as 1.625% 20/25.06.27 | 2,092,700.00 | 2,124,980.00 | 0.88 |
| EUR | 3,000,000 | Export Import Bank Korea (The) 0.5% EMTN Sen 17/30.05.22 | 3,014,090.00 | 3,028,410.00 | 1.25 |
| EUR | 4,000,000 | Export Import Bk Of China 0.75% EMTN Sen Reg S 17/28.05.23 | 3,987,960.00 | 4,060,560.00 | 1.67 |
| EUR | 4,000,000 | Export Import Bk Of China 0.75% EMTN Ser 1 Sen 17/08.06.22 | 4,014,040.00 | 4,036,920.00 | 1.66 |
| EUR | 3,000,000 | Fomento Econom Mexic SAB de CV 1.75% Reg S Sen 16/20.03.23 | 3,131,625.00 | 3,095,610.00 | 1.28 |
| EUR | 4,000,000 | Hutchison Whampoa Eu Fin Ltd 3.625% Sen 12/06.06.22 | 4,623,385.00 | 4,174,680.00 | 1.72 |
| EUR | 2,000,000 | Ignitis Grupe AB 2% EMTN Ser 1 Sen Reg S 17/14.07.27 | 2,224,095.00 | 2,216,200.00 | 0.91 |
| EUR | 4,000,000 | Indonesia 0.9% Sen 20/14.02.27 | 3,753,180.00 | 4,032,300.00 | 1.66 |
| EUR | 1,500,000 | Indonesia 1.45% Sen 19/18.09.26 | 1,555,050.00 | 1,551,487.50 | 0.64 |
| EUR | 1,727,000 | Indonesia 1.75% 18/24.04.25 | 1,833,814.95 | 1,804,507.76 | 0.74 |
| EUR | 4,000,000 | Indonesia 3.75% Ser 19 Sen Reg S 16/14.06.28 | 4,764,484.45 | 4,758,940.00 | 1.96 |
| EUR | 3,000,000 | Kasachstan 2.375% EMTN Ser 6 Sen Reg S 18/09.11.28 | 3,302,000.00 | 3,330,900.00 | 1.37 |
| EUR | 3,500,000 | Kingdom of Saudi Arabia 2% Sen Reg S 19/09.07.39 | 3,697,200.00 | 3,659,197.50 | 1.51 |
| EUR | 2,000,000 | Lettonie 1.375% Reg S Sen 16/16.05.36 | 2,157,900.00 | 2,337,940.00 | 0.96 |
| EUR | 3,000,000 | Lettonie 2.25% Ser 7 Sen Reg S 17/15.02.47 | 3,765,000.00 | 4,293,960.00 | 1.77 |
| EUR | 4,000,000 | Macedonia 2.75% Sen Reg S 18/18.01.25 | 4,177,620.00 | 4,192,980.00 | 1.73 |
| EUR | 3,000,000 | Mexico 2.875% Sen 19/08.04.39 | 3,031,450.00 | 3,069,975.00 | 1.27 |
| EUR | 3,500,000 | Mexico 3.375% Sen Reg S 16/23.02.31 | 4,019,400.00 | 4,036,882.50 | 1.66 |
| EUR | 3,500,000 | MOL Hungarian Oil and Gas Plc 2.625% Reg S Sen 16/28.04.23 | 3,764,250.00 | 3,686,567.50 | 1.52 |
| EUR | 2,000,000 | Morocco 1.5% Sen 19/27.11.31 | 1,995,000.00 | 1,888,940.00 | 0.78 |
| EUR | 3,000,000 | Optus Finance Pty Ltd 1% Sen Reg S 19/20.06.29 | 3,146,250.00 | 3,124,620.00 | 1.29 |
| EUR | 5,000,000 | Peru 2.75% Sen 15/30.01.26 | 5,501,237.50 | 5,578,125.00 | 2.30 |
| EUR | 5,000,000 | Peru 3.75% Sen 16/01.03.30 | 6,053,953.33 | 6,164,375.00 | 2.54 |
| EUR | 4,000,000 | Philippines 0.875% EMTN Sen 19/17.05.27 | 4,020,650.00 | 4,072,960.00 | 1.68 |
| EUR | 1,500,000 | Poland 1% EMTN Sen Reg S 19/07.03.29 | 1,623,300.00 | 1,619,130.00 | 0.67 |
| EUR | 2,000,000 | Poland 2% EMTN Ser 44 Sen Reg S 16/25.10.46 | 2,348,600.00 | 2,590,160.00 | 1.07 |
| EUR | 3,000,000 | Poland 3.75% EMTN Ser 32 Sen Reg S 12/19.01.23 | 3,477,780.00 | 3,229,515.00 | 1.33 |
| EUR | 3,500,000 | Posco 0.5% Sen Reg S 20/17.01.24 | 3,427,250.00 | 3,523,712.50 | 1.45 |
| EUR | 1,750,000 | PT Perusahaan Listrik Negara 2.875% Sen Reg S 18/25.10.25 | 1,904,845.92 | 1,885,397.50 | 0.78 |
| EUR | 1,000,000 | Republique du Benin 4.875% Sk 21/19.01.32 | 998,000.00 | 952,725.00 | 0.39 |
| EUR | 1,500,000 | Republique du Benin 5.75% Sk Sen Reg S 19/26.03.26 | 1,574,905.00 | 1,608,930.00 | 0.66 |

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

| EUR | 2,500,000 | Romania 2% EMTN Sen Reg S 19/08.12.26 | 2,678,750.00 |  | 2,672,550.00 |  | 1.10 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| EUR | 3,000,000 | Romania 2.875% EMTN 14/28.10.24 | 3,292,220.00 |  | 3,292,470.00 |  | 1.36 |
| EUR | 3,000,000 | RZD Capital Plc 2.2% Sen Reg S 19/23.05.27 | 3,110,153.00 |  | 3,113,370.00 |  | 1.28 |
| EUR | 1,500,000 | RZD Capital Plc 4.6% 14/06.03.23 | 1,679,250.00 |  | 1,613,925.00 |  | 0.67 |
| EUR | 2,500,000 | Senegal 4.75% Sk Sen Reg S 18/13.03.28 | 2,468,416.67 |  | 2,544,700.00 |  | 1.05 |
| EUR | 4,000,000 | Serbia 1.5% Sen Reg S 19/26.06.29 | 4,031,400.00 |  | 4,014,380.00 |  | 1.66 |
| EUR | 5,000,000 | Sinopec Gr Over Dev (2015) Ltd 1% Reg S Sen 15/28.04.22 | 5,082,415.00 |  | 5,054,950.00 |  | 2.08 |
| EUR | 1,500,000 | South Africa 3.75% 14/24.07.26 | 1,577,383.50 |  | 1,614,712.50 |  | 0.67 |
| EUR | 1,500,000 | Talent Yield (EUR) Ltd 1% 20/24.09.25 | 1,540,400.00 |  | 1,535,415.00 |  | 0.63 |
| EUR | 1,500,000 | Three Gorges Fin II (KY) Ltd 1.3% Sen 17/21.06.24 | 1,552,710.00 |  | 1,537,507.50 |  | 0.63 |
| EUR | 2,000,000 | Zapadoslovenska Energetika AS 1.75% Sen Reg S 18/02.03.28 | 	2,262,200.00  |  | 	2,195,290.00  |  | 	0.91  |
|  |  |  | 199,924,313.16 |  | 201,179,626.51 |  | 82.91 |
| USD | 500,000 | Azerbaijan 4.75% Sen Reg S 14/18.03.24 | 465,976.33 |  | 461,855.43 |  | 0.19 |
| USD | 1,500,000 | Colbun SA 3.95% Sen Reg S 17/11.10.27 | 1,417,994.21 |  | 1,400,736.05 |  | 0.58 |
| USD | 1,500,000 | Engie Energia Chile SA 4.5% Sen Reg S 14/29.01.25 | 1,399,119.15 |  | 1,394,066.96 |  | 0.58 |
| USD | 1,500,000 | Guatemala (Republic of) 4.5% Sen Reg S 16/03.05.26 | 1,394,568.89 |  | 1,380,843.69 |  | 0.57 |
| USD | 1,000,000 | Ministry Fin The Russian Fed 5.1% Sen Reg S 19/28.03.35 | 1,067,853.64 |  | 982,462.56 |  | 0.41 |
| USD | 1,000,000 | Morocco 5.5% Sen Reg S 12/11.12.42 | 1,078,914.92 |  | 938,882.75 |  | 0.39 |
| USD | 1,500,000 | Qatar (State of) 9.75% Sen Reg S 00/15.06.30 | 2,180,055.46 |  | 2,036,883.09 |  | 0.84 |
| USD | 1,000,000 | SABIC Capital II BV 4.5% Sen Reg S 18/10.10.28 | 996,099.15 |  | 975,519.06 |  | 0.40 |
| USD | 1,500,000 | Senegal 6.25% Sk 17/23.05.33 | 1,383,659.59 |  | 1,275,887.08 |  | 0.53 |
| USD | 1,000,000 | Transelec SA 4.25% Sen Reg S 14/14.01.25 | 914,391.17 |  | 928,535.57 |  | 0.38 |
| USD | 2,000,000 | Vietnam 4.8% Reg S Sen 14/19.11.24 | 	1,915,455.87  |  | 	1,907,811.44  |  | 	0.79  |
|  |  |  | 14,214,088.38 |  | 13,683,483.68 |  | 5.66 |
| Total investments in securities | 214,138,401.54 |  | 214,863,110.19 |  | 88.57 |
| Cash at banks |  |  | 25,760,255.46 |  | 10.62 |
| Other net assets/(liabilities) |  |  | 1,955,621.04 |  | 0.81 |
| Total |  |  | 242,578,986.69 |  | 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 |