# from 1 January 2022 to the 30 June 2022
|  |  |  |
| --- | --- | --- |
|  | Notes | Combined (in EUR) |
|  |
| Income |  |  |
| Dividends, net of taxes | 1g | 3,743,987.12 |
| Interest on cash accounts |  | 18.63 |
| Tax claim |  | 59,687.20 |
| Total Income |  | 3,803,692.95 |
| Expenses |  |  |
| Management fees | 4 | 952,818.43 |
| Hedging fees | 4 | 3,988.97 |
| Depositary fees | 9 | 64,961.20 |
| Subscription tax | 8 | 19,160.68 |
| Administration fees |  | 265,957.11 |
| Miscellaneous fees |  | 57,262.91 |
| Transaction fees |  | 76,164.57 |
| Overdraft interest |  | 2,766.11 |
| Taxes paid to foreign authorities |  | 12,557.11 |
| Total Expenses |  | 1,455,637.08 |
| Net Profit / (Loss) |  | 2,348,055.87 |
| Net Realised Profit / (Loss) |  |  |
| - on investments | 1b | -1,630,068.32 |
| - on currencies |  | -20,794.75 |
| - on forward exchange contracts |  | 420,123.51 |
| Total Net Realised Profit / (Loss) |  | 1,117,316.32 |
| Change in Net Unrealised Appreciation or Depreciation |  |  |
| - on investments | 1e | -46,642,114.63 |
| - on currencies |  | -148.14 |
| - on forward exchange contracts |  | 65,826.97 |
| Result of operations |  | -45,459,119.49 |
| - Subscriptions |  | 5,655,929.21 |
| - Redemptions |  | -27,425,359.25 |
| Net changes in Net Assets |  | -67,228,549.52 |
| Net assets at the beginning of the period |  | 222,800,821.59 |
| Currency difference of the net assets of the 31.12.21 to the 30.06.22 |  | -263,648.36 |
| Net assets at the end of the period |  | 155,308,623.71 |

|  |
| --- |
| European General |
|  |
|  | Notes | Value (in EUR) |
|  |
| Assets |  |  |
| Investments in securities | 1a | 134,341,214.39 |
| Cash at banks |  | 308,610.59 |
| Dividends receivable on shares |  | 331,750.00 |
| Amounts receivable on subscriptions |  | 815.79 |
| Unrealised gain on forward exchange contracts | 7 | 66,103.87 |
| Total Assets |  | 135,048,494.64 |
| Liabilities |  |  |
| Taxes and Expenses payable | 3 | 532,491.07 |
| Overdraft interest |  | 254.45 |
| Amounts payable on redemptions |  | 81,579.00 |
| Amounts payable on purchases of investments |  | 69,871.87 |
| Total Liabilities |  | 684,196.39 |
| Net assets at the end of the period |  | 134,364,298.25 |
| Number of Shares Outstanding (at the end of the period) |  |  |
| - A EUR |  | 388,052.640 |
| - A-H CHF |  | 2,585.054 |
| - A-H USD |  | 3,540.000 |
| - B EUR |  | 44,166.824 |
| - C EUR |  | 37,626.488 |
| - C-H CHF |  | 4,819.242 |
| - C-H USD |  | 5,482.630 |
| - M EUR |  | 17,408.996 |
| Net Asset Value per Share (at the end of the period) |  |  |
| - A EUR |  | 266.68 |
| - A-H CHF |  | 271.51 |
| - A-H USD |  | 370.01 |
| - B EUR |  | 264.06 |
| - C EUR |  | 253.22 |
| - C-H CHF |  | 257.49 |
| - C-H USD |  | 350.68 |
| - M EUR |  | 267.49 |

|  |
| --- |
| Japanese General |
|  |
|  | Notes | Value (in JPY) |
|  |
| Assets |  |  |
| Investments in securities | 1a | 530,133,800 |
| Cash at banks |  | 5,886,343 |
| Dividends receivable on shares |  | 1,826,995 |
| Amounts receivable on subscriptions |  | 0 |
| Unrealised gain on forward exchange contracts | 7 | 3,008,079 |
| Total Assets |  | 540,855,217 |
| Liabilities |  |  |
| Taxes and Expenses payable | 3 | 1,887,267 |
| Overdraft interest |  | 0 |
| Amounts payable on redemptions |  | 0 |
| Amounts payable on purchases of investments |  | 0 |
| Total Liabilities |  | 1,887,267 |
| Net assets at the end of the period |  | 538,967,950 |
| Number of Shares Outstanding (at the end of the period) |  |  |
| - A-H EUR |  | 9,768.407 |
| - A JPY |  | 28,559.092 |
| Net Asset Value per Share (at the end of the period) |  |  |
| - A-H EUR |  | 123.87 |
| - A JPY |  | 12,855 |

|  |
| --- |
| Focus Mid-Caps Euro |
|  |
|  | Notes | Value (in EUR) |
|  |
| Assets |  |  |
| Investments in securities | 1a | 15,420,841.12 |
| Cash at banks |  | 74,118.02 |
| Dividends receivable on shares |  | 46,875.00 |
| Amounts receivable on subscriptions |  | 0.00 |
| Unrealised gain on forward exchange contracts | 7 | 5,320.34 |
| Total Assets |  | 15,547,154.48 |
| Liabilities |  |  |
| Taxes and Expenses payable | 3 | 53,500.20 |
| Overdraft interest |  | 31.54 |
| Amounts payable on redemptions |  | 0.00 |
| Amounts payable on purchases of investments |  | 0.00 |
| Total Liabilities |  | 53,531.74 |
| Net assets at the end of the period |  | 15,493,622.74 |
| Number of Shares Outstanding (at the end of the period) |  |  |
| - A EUR |  | 151,105.635 |
| - A-H CHF |  | 1,300.000 |
| - A-H USD |  | 1,000.000 |
| - C EUR |  | 211.095 |
| - M EUR |  | 110.139 |
| Net Asset Value per Share (at the end of the period) |  |  |
| - A EUR |  | 100.50 |
| - A-H CHF |  | 115.40 |
| - A-H USD |  | 131.99 |
| - C EUR |  | 98.80 |
| - M EUR |  | 100.59 |

|  |
| --- |
| Focus Mid-Caps Swiss |
|  |
|  | Notes | Value (in CHF) |
|  |
| Assets |  |  |
| Investments in securities | 1a | 1,660,586.42 |
| Cash at banks |  | 2,750.80 |
| Dividends receivable on shares |  | 156.00 |
| Amounts receivable on subscriptions |  | 0.00 |
| Unrealised gain on forward exchange contracts | 7 | 0.00 |
| Total Assets |  | 1,663,493.22 |
| Liabilities |  |  |
| Taxes and Expenses payable | 3 | 6,056.72 |
| Overdraft interest |  | 0.00 |
| Amounts payable on redemptions |  | 0.00 |
| Amounts payable on purchases of investments |  | 0.00 |
| Total Liabilities |  | 6,056.72 |
| Net assets at the end of the period |  | 1,657,436.50 |
| Number of Shares Outstanding (at the end of the period) |  |  |
| - A CHF |  | 17,095.483 |
| Net Asset Value per Share (at the end of the period) |  |  |
| - A CHF |  | 96.95 |

|  |
| --- |
| European General |
|  |
|  | Notes | Value (in EUR) |
|  |
| Income |  |  |
| Dividends, net of taxes | 1g | 3,274,628.34 |
| Interest on cash accounts |  | 15.48 |
| Tax claim |  | 53,685.94 |
| Total Income |  | 3,328,329.76 |
| Expenses |  |  |
| Management fees | 4 | 838,846.24 |
| Hedging fees | 4 | 3,145.94 |
| Depositary fees | 9 | 53,731.32 |
| Subscription tax | 8 | 13,530.46 |
| Administration fees |  | 226,949.93 |
| Miscellaneous fees |  | 43,580.89 |
| Transaction fees |  | 54,285.15 |
| Overdraft interest |  | 2,035.21 |
| Taxes paid to foreign authorities |  | 8,000.00 |
| Total Expenses |  | 1,244,105.14 |
| Net Profit / (Loss) |  | 2,084,224.62 |
| Net Realised Profit / (Loss) |  |  |
| - on investments | 1b | -2,635,142.82 |
| - on currencies |  | -21,059.85 |
| - on forward exchange contracts |  | 315,830.61 |
| Total Net Realised Profit / (Loss) |  | -256,147.44 |
| Change in Net Unrealised Appreciation or Depreciation |  |  |
| - on investments | 1e | -40,828,113.71 |
| - on currencies |  | -119.37 |
| - on forward exchange contracts |  | 66,517.94 |
| Result of operations |  | -41,017,862.58 |
| - Subscriptions |  | 3,610,562.70 |
| - Redemptions |  | -26,051,129.40 |
| Net changes in Net Assets |  | -63,458,429.28 |
| Net assets at the beginning of the period |  | 197,822,727.53 |
| Net assets at the end of the period |  | 134,364,298.25 |

|  |
| --- |
| Japanese General |
|  |
|  | Notes | Value (in JPY) |
|  |
| Income |  |  |
| Dividends, net of taxes | 1g | 5,971,985 |
| Interest on cash accounts |  | 84 |
| Tax claim |  | 0 |
| Total Income |  | 5,972,069 |
| Expenses |  |  |
| Management fees | 4 | 2,671,124 |
| Hedging fees | 4 | 98,598 |
| Depositary fees | 9 | 274,984 |
| Subscription tax | 8 | 137,606 |
| Administration fees |  | 994,470 |
| Miscellaneous fees |  | 708,511 |
| Transaction fees |  | 192,570 |
| Overdraft interest |  | 8,246 |
| Taxes paid to foreign authorities |  | 164,000 |
| Total Expenses |  | 5,250,109 |
| Net Profit / (Loss) |  | 721,960 |
| Net Realised Profit / (Loss) |  |  |
| - on investments | 1b | 6,880,298 |
| - on currencies |  | -4,310 |
| - on forward exchange contracts |  | 12,900,575 |
| Total Net Realised Profit / (Loss) |  | 20,498,523 |
| Change in Net Unrealised Appreciation or Depreciation |  |  |
| - on investments | 1e | -59,207,298 |
| - on currencies |  | -3,728 |
| - on forward exchange contracts |  | -715,742 |
| Result of operations |  | -39,428,245 |
| - Subscriptions |  | 5,478,280 |
| - Redemptions |  | -2,656,600 |
| Net changes in Net Assets |  | -36,606,565 |
| Net assets at the beginning of the period |  | 575,574,515 |
| Net assets at the end of the period |  | 538,967,950 |

|  |
| --- |
| Focus Mid-Caps Euro |
|  |
|  | Notes | Value (in EUR) |
|  |
| Income |  |  |
| Dividends, net of taxes | 1g | 390,368.85 |
| Interest on cash accounts |  | 0.00 |
| Tax claim |  | 6,001.26 |
| Total Income |  | 396,370.11 |
| Expenses |  |  |
| Management fees | 4 | 85,403.03 |
| Hedging fees | 4 | 148.82 |
| Depositary fees | 9 | 8,260.11 |
| Subscription tax | 8 | 4,193.05 |
| Administration fees |  | 28,350.88 |
| Miscellaneous fees |  | 6,253.22 |
| Transaction fees |  | 19,003.24 |
| Overdraft interest |  | 653.36 |
| Taxes paid to foreign authorities |  | 2,000.00 |
| Total Expenses |  | 154,265.71 |
| Net Profit / (Loss) |  | 242,104.40 |
| Net Realised Profit / (Loss) |  |  |
| - on investments | 1b | 902,096.33 |
| - on currencies |  | 271.48 |
| - on forward exchange contracts |  | 13,462.75 |
| Total Net Realised Profit / (Loss) |  | 1,157,934.96 |
| Change in Net Unrealised Appreciation or Depreciation |  |  |
| - on investments | 1e | -4,931,825.09 |
| - on currencies |  | -6.85 |
| - on forward exchange contracts |  | 4,348.41 |
| Result of operations |  | -3,769,548.57 |
| - Subscriptions |  | 2,006,795.13 |
| - Redemptions |  | -1,080,786.24 |
| Net changes in Net Assets |  | -2,843,539.68 |
| Net assets at the beginning of the period |  | 18,337,162.42 |
| Net assets at the end of the period |  | 15,493,622.74 |

|  |
| --- |
| Focus Mid-Caps Swiss |
|  |
|  | Notes | Value (in CHF) |
|  |
| Income |  |  |
| Dividends, net of taxes | 1g | 36,975.73 |
| Interest on cash accounts |  | 2.56 |
| Tax claim |  | 0.00 |
| Total Income |  | 36,978.29 |
| Expenses |  |  |
| Management fees | 4 | 9,771.14 |
| Hedging fees | 4 | 0.00 |
| Depositary fees | 9 | 1,034.60 |
| Subscription tax | 8 | 468.74 |
| Administration fees |  | 3,657.74 |
| Miscellaneous fees |  | 2,442.52 |
| Transaction fees |  | 1,521.70 |
| Overdraft interest |  | 19.50 |
| Taxes paid to foreign authorities |  | 1,403.68 |
| Total Expenses |  | 20,319.62 |
| Net Profit / (Loss) |  | 16,658.67 |
| Net Realised Profit / (Loss) |  |  |
| - on investments | 1b | 54,584.56 |
| - on currencies |  | 23.99 |
| - on forward exchange contracts |  | 0.00 |
| Total Net Realised Profit / (Loss) |  | 71,267.22 |
| Change in Net Unrealised Appreciation or Depreciation |  |  |
| - on investments | 1e | -465,728.85 |
| - on currencies |  | 4.33 |
| - on forward exchange contracts |  | 0.00 |
| Result of operations |  | -394,457.30 |
| - Subscriptions |  | 0.00 |
| - Redemptions |  | -274,986.33 |
| Net changes in Net Assets |  | -669,443.63 |
| Net assets at the beginning of the period |  | 2,326,880.13 |
| Net assets at the end of the period |  | 1,657,436.50 |

|  |
| --- |
| European General |
|  |
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
|  |
| Transferable securities admitted to an official stock exchange or dealt in on another regulated market |  |  |  |  |  |
| Shares & Related Securities |  |  |  |  |  |
| SWISS RE A.G. | 75,000 | CHF | 6,517,281.73 | 5,543,510.84 | 4.13% |
| THE SWATCH GROUP A.G. | 27,500 | CHF | 7,346,247.63 | 6,223,149.17 | 4.63% |
| Total SWISS FRANC |  |  | 13,863,529.36 | 11,766,660.01 | 8.76% |
| CARLSBERG -B- | 47,500 | DKK | 5,871,855.13 | 5,774,105.28 | 4.30% |
| PANDORA A/S | 45,000 | DKK | 3,784,465.72 | 2,701,821.38 | 2.01% |
| Total DANISH KRONE |  |  | 9,656,320.85 | 8,475,926.66 | 6.31% |
| AIR LIQUIDE FINANCE PRIME DE FIDELITE | 88,800 | EUR | 9,099,170.12 | 11,377,056.00 | 8.47% |
| APPLUS SERVICES S.A. | 450,000 | EUR | 5,505,603.45 | 2,970,000.00 | 2.21% |
| ARKEMA | 57,500 | EUR | 4,940,400.00 | 4,882,900.00 | 3.63% |
| BRENNTAG SE | 100,000 | EUR | 4,492,000.00 | 6,210,000.00 | 4.62% |
| DEUTSCHE POST A.G. -REG- | 160,000 | EUR | 8,235,855.23 | 5,718,400.00 | 4.26% |
| HUHTAMAEKI OY | 87,500 | EUR | 3,693,300.03 | 3,307,500.00 | 2.46% |
| IMERYS | 175,000 | EUR | 6,444,076.41 | 5,085,500.00 | 3.78% |
| KORIAN S.A. | 325,000 | EUR | 9,449,386.52 | 4,644,250.00 | 3.46% |
| LISI | 12,500 | EUR | 384,091.25 | 228,500.00 | 0.17% |
| LISI PRIME FIDELITE | 19,500 | EUR | 599,182.35 | 356,460.00 | 0.27% |
| LISI S.A. PRIME DE FIDELITE 2023 | 118,000 | EUR | 3,533,236.04 | 2,157,040.00 | 1.61% |
| RUBIS SCA | 137,500 | EUR | 6,194,869.79 | 3,063,500.00 | 2.28% |
| SARANTIS S.A. | 462,500 | EUR | 3,999,152.96 | 3,052,500.00 | 2.27% |
| SEB S.A. | 55,000 | EUR | 8,164,794.13 | 5,035,250.00 | 3.75% |
| STEF TFE | 67,500 | EUR | 5,392,232.35 | 5,589,000.00 | 4.16% |
| SYNERGIE S.A. | 275,000 | EUR | 8,012,474.74 | 7,301,250.00 | 5.43% |
| TELEPERFORMANCE | 17,500 | EUR | 3,409,000.00 | 5,132,750.00 | 3.82% |
| VALEO S.A. | 550,000 | EUR | 14,809,924.33 | 10,133,750.00 | 7.54% |
| Total EURO |  |  | 106,358,749.70 | 86,245,606.00 | 64.19% |
| COCA-COLA HBC A.G. | 387,500 | GBP | 11,518,831.96 | 8,201,963.29 | 6.10% |
| Total BRITISH POUND |  |  | 11,518,831.96 | 8,201,963.29 | 6.10% |
| AMREST HLDG SE | 1,950,000 | PLN | 14,720,151.97 | 7,501,037.20 | 5.58% |
| Total POLISH ZLOTY |  |  | 14,720,151.97 | 7,501,037.20 | 5.58% |
| ESSITY -B- | 250,000 | SEK | 6,527,113.88 | 6,232,994.03 | 4.64% |

|  |
| --- |
| European General |
|  |
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
|  |
| SAAB AB | 150,000 | SEK | 3,601,334.66 | 5,917,027.20 | 4.40% |
| Total SWEDISH KRONA | 10,128,448.54 | 12,150,021.23 | 9.04% |
| Total Shares & Related Securities | 166,246,032.38 | 134,341,214.39 | 99.98% |
| Total Transferable securities admitted to an official stock exchange or dealt in on another regulated market | 166,246,032.38 | 134,341,214.39 | 99.98% |
| Total Portfolio | 166,246,032.38 | 134,341,214.39 | 99.98% |

|  |
| --- |
| Japanese General |
|  |
| Investment | Quantity | CCY | Cost (in JPY) | Evaluation value (in JPY) | % Total Net Assets |
|  |
| Transferable securities admitted to an official stock exchange or dealt in on another regulated market |  |  |  |  |  |
| Shares & Related Securities |  |  |  |  |  |
| AEON DELIGHT CO LTD | 6,800 | JPY | 21,730,250 | 20,175,600 | 3.74% |
| BML INC. | 4,000 | JPY | 16,880,500 | 14,100,000 | 2.62% |
| DAIKIN INDUSTRIES | 1,000 | JPY | 13,696,666 | 21,750,000 | 4.04% |
| DENSO CORP. | 4,000 | JPY | 19,148,444 | 28,832,000 | 5.35% |
| FUJI OIL HLDG INC. | 10,000 | JPY | 28,705,500 | 21,420,000 | 3.97% |
| JAPAN LIFELINE CO LTD | 20,000 | JPY | 26,720,000 | 18,280,000 | 3.39% |
| KAO CORP. | 3,600 | JPY | 27,854,600 | 19,699,200 | 3.65% |
| KUBOTA CORP. | 15,000 | JPY | 26,978,500 | 30,405,000 | 5.64% |
| KURITA WATER INDUSTRIES LTD | 4,500 | JPY | 12,404,180 | 22,095,000 | 4.10% |
| MANDOM CORP. | 6,000 | JPY | 14,425,600 | 9,558,000 | 1.77% |
| MINEBEA MITSUMI INC. | 9,200 | JPY | 26,068,900 | 21,252,000 | 3.94% |
| MURATA MANUFACTURING CO LTD | 4,000 | JPY | 20,090,240 | 29,584,000 | 5.49% |
| NABTESCO CORP. | 4,000 | JPY | 12,328,846 | 12,680,000 | 2.35% |
| NAKANISHI INC. | 5,000 | JPY | 7,473,500 | 11,965,000 | 2.22% |
| NIPPON EXPRESS HLDG INC. | 4,500 | JPY | 27,872,614 | 33,165,000 | 6.15% |
| NIPPON SANSO HLDG CORP. | 10,000 | JPY | 21,666,666 | 21,630,000 | 4.01% |
| NISSIN FOOD PRODUCTS | 2,800 | JPY | 21,455,467 | 26,236,000 | 4.87% |
| PERSOL HLDG CO LTD | 7,500 | JPY | 16,071,167 | 18,495,000 | 3.43% |
| SAIZERIYA CO LTD | 7,500 | JPY | 18,138,450 | 20,160,000 | 3.74% |
| SANWA HLDG CORP. | 12,500 | JPY | 15,449,350 | 16,250,000 | 3.02% |
| SERIA CO LTD | 3,000 | JPY | 10,754,062 | 7,230,000 | 1.34% |
| SEVEN & -I- HLDG CO LTD | 6,000 | JPY | 26,862,917 | 31,602,000 | 5.86% |
| SUNTORY BEVERAGE & FOOD LTD | 5,000 | JPY | 21,151,155 | 25,650,000 | 4.76% |
| SUZUKI MOTOR CORP. | 7,500 | JPY | 30,600,600 | 31,980,000 | 5.93% |
| TAIYO KAGAKU CO LTD | 10,000 | JPY | 18,250,800 | 15,940,000 | 2.96% |
| Total JAPANESE YEN |  |  | 502,778,974 | 530,133,800 | 98.36% |
| Total Shares & Related Securities |  |  | 502,778,974 | 530,133,800 | 98.36% |
| Total Transferable securities admitted to an official stock exchange or dealt in on another regulated market |  |  | 502,778,974 | 530,133,800 | 98.36% |
| Total Portfolio |  |  | 502,778,974 | 530,133,800 | 98.36% |

|  |
| --- |
| Focus Mid-Caps Euro |
|  |
| Investment | Quantity | CCY | Cost (in EUR) | Evaluation value (in EUR) | % Total Net Assets |
|  |
| Transferable securities admitted to an official stock exchange or dealt in on another regulated market |  |  |  |  |  |
| Shares & Related Securities |  |  |  |  |  |
| AIR LIQUIDE | 2,447 | EUR | 268,826.15 | 313,509.64 | 2.02% |
| AIR LIQUIDE FINANCE PRIME DE FIDELITE | 3,079 | EUR | 315,625.00 | 394,481.48 | 2.55% |
| AMREST HLDG SE | 100,000 | EUR | 617,693.37 | 367,500.00 | 2.37% |
| APPLUS SERVICES S.A. | 50,000 | EUR | 535,943.87 | 330,000.00 | 2.13% |
| ARKEMA | 6,250 | EUR | 574,775.81 | 530,750.00 | 3.43% |
| BASTIDE LE CONFORT MEDICAL S.A. | 30,000 | EUR | 1,114,695.68 | 1,059,000.00 | 6.84% |
| BERENTZEN-GRUPPE A.G. | 210,000 | EUR | 1,279,643.69 | 1,335,600.00 | 8.62% |
| DELTA PLUS GROUP | 4,500 | EUR | 173,125.60 | 298,800.00 | 1.93% |
| DEUTSCHE POST A.G. -REG- | 25,000 | EUR | 1,240,261.93 | 893,500.00 | 5.77% |
| GLOBAL DOMINION ACCESS S.A. | 175,000 | EUR | 683,475.39 | 727,125.00 | 4.69% |
| HUHTAMAEKI OY | 20,000 | EUR | 745,595.32 | 756,000.00 | 4.88% |
| IMERYS | 20,000 | EUR | 747,033.24 | 581,200.00 | 3.75% |
| KORIAN S.A. | 42,500 | EUR | 1,170,136.48 | 607,325.00 | 3.92% |
| LISI | 5,000 | EUR | 102,727.50 | 91,400.00 | 0.59% |
| LISI PRIME FIDELITE | 20,000 | EUR | 511,459.20 | 365,600.00 | 2.36% |
| MARIMEKKO OY | 25,000 | EUR | 160,308.98 | 308,500.00 | 1.99% |
| MAYR-MELNHOF KARTON A.G. | 3,750 | EUR | 439,320.82 | 607,500.00 | 3.92% |
| NORMA GROUP SE | 17,500 | EUR | 559,143.26 | 372,750.00 | 2.41% |
| ROCHE BOBOIS S.A. | 20,000 | EUR | 380,000.00 | 590,000.00 | 3.81% |
| RUBIS SCA | 20,000 | EUR | 883,798.58 | 445,600.00 | 2.88% |
| SARANTIS S.A. | 42,500 | EUR | 376,342.22 | 280,500.00 | 1.81% |
| SCHNEIDER ELECTRIC SE | 2,750 | EUR | 268,962.05 | 310,475.00 | 2.00% |
| SEB S.A. | 2,500 | EUR | 297,378.25 | 228,875.00 | 1.48% |
| SEB S.A. PRIME FIDELITE | 6,250 | EUR | 820,454.55 | 572,187.50 | 3.69% |
| STEF TFE | 7,500 | EUR | 658,244.25 | 621,000.00 | 4.01% |
| SYNERGIE S.A. | 40,000 | EUR | 1,156,777.76 | 1,062,000.00 | 6.85% |
| TELEPERFORMANCE | 2,000 | EUR | 540,635.46 | 586,600.00 | 3.79% |
| VALEO S.A. | 42,500 | EUR | 1,086,314.21 | 783,062.50 | 5.05% |
| Total EURO |  |  | 17,708,698.62 | 15,420,841.12 | 99.53% |
| Total Shares & Related Securities |  |  | 17,708,698.62 | 15,420,841.12 | 99.53% |
| Total Transferable securities admitted to an official stock exchange or dealt in on another regulated market |  |  | 17,708,698.62 | 15,420,841.12 | 99.53% |
| Total Portfolio |  |  | 17,708,698.62 | 15,420,841.12 | 99.53% |

|  |
| --- |
| Focus Mid-Caps Swiss |
|  |
| Investment | Quantity | CCY | Cost (in CHF) | Evaluation value (in CHF) | % Total Net Assets |
|  |
| Transferable securities admitted to an official stock exchange or dealt in on another regulated market |  |  |  |  |  |
| Shares & Related Securities |  |  |  |  |  |
| ADECCO S.A. -REG- | 1,250 | CHF | 59,628.57 | 40,550.00 | 2.45% |
| ALSO HLDG A.G. | 500 | CHF | 81,427.50 | 94,100.00 | 5.68% |
| ALUFLEXPACK A.G. | 2,500 | CHF | 40,500.98 | 40,000.00 | 2.41% |
| AUTONEUM HLDG A.G. | 500 | CHF | 54,314.83 | 45,250.00 | 2.73% |
| BELL FOOD GROUP A.G. | 325 | CHF | 86,644.47 | 82,062.50 | 4.95% |
| BOSSARD HLDG A.G. | 150 | CHF | 21,171.80 | 27,720.00 | 1.67% |
| CALIDA HLDG A.G. | 1,250 | CHF | 34,500.00 | 50,937.50 | 3.07% |
| CLARIANT -REG- | 4,250 | CHF | 77,443.75 | 77,265.00 | 4.66% |
| COLTENE HLDG A.G. | 875 | CHF | 80,691.54 | 72,012.50 | 4.34% |
| DKSH HLDG S.A. | 1,500 | CHF | 91,567.78 | 118,200.00 | 7.13% |
| GEORG FISCHER | 1,000 | CHF | 43,000.00 | 46,960.00 | 2.83% |
| GURIT HOLDING AG | 250 | CHF | 27,250.00 | 25,350.00 | 1.53% |
| HELVETIA HLDG A.G. | 750 | CHF | 80,185.67 | 83,775.00 | 5.05% |
| IMPLENIA A.G. | 4,500 | CHF | 114,678.36 | 98,325.00 | 5.93% |
| KUEHNE + NAGEL INTERNATIONAL A.G. | 300 | CHF | 60,153.05 | 67,800.00 | 4.09% |
| MEDMIX A.G. NAMEN-AKT | 1,000 | CHF | 0.00 | 21,140.00 | 1.28% |
| SCHAFFNER HLDG A.G. | 250 | CHF | 51,000.00 | 72,500.00 | 4.37% |
| SIEGFRIED HLDG A.G. -REG | 75 | CHF | 27,825.00 | 45,750.00 | 2.76% |
| SIG GROUP A.G. | 2,250 | CHF | 36,727.55 | 47,295.00 | 2.85% |
| SULZER A.G. -NOM- | 875 | CHF | 82,675.91 | 51,887.50 | 3.13% |
| SWISS RE A.G. | 875 | CHF | 75,888.53 | 64,732.50 | 3.91% |
| THE SWATCH GROUP A.G. | 275 | CHF | 75,194.16 | 62,287.50 | 3.76% |
| VALIANT HLDG A.G. | 875 | CHF | 83,382.03 | 73,412.50 | 4.43% |
| VETROPACK HLDG S.A. | 1,750 | CHF | 78,627.16 | 69,125.00 | 4.17% |
| WALTER MEIER A.G. | 4,500 | CHF | 87,153.79 | 108,000.00 | 6.52% |
| Total SWISS FRANC |  |  | 1,551,632.43 | 1,586,437.50 | 95.72% |
| COCA-COLA HBC A.G. | 3,500 | GBP | 87,553.31 | 74,148.92 | 4.47% |
| Total BRITISH POUND |  |  | 87,553.31 | 74,148.92 | 4.47% |
| Total Shares & Related Securities |  |  | 1,639,185.74 | 1,660,586.42 | 100.19% |
| Total Transferable securities admitted to an official stock exchange or dealt in on another regulated market |  |  | 1,639,185.74 | 1,660,586.42 | 100.19% |
| Total Portfolio |  |  | 1,639,185.74 | 1,660,586.42 | 100.19% |

(Content)
| European General | % Total Net Assets |
| --- | --- |
|  |
| FRANCE | 48.37 % |
| SWITZERLAND | 14.86 % |
| SWEDEN | 9.04 % |
| GERMANY | 8.88 % |
| SPAIN | 7.79 % |
| DENMARK | 6.31 % |
| FINLAND | 2.46 % |
| GREECE | 2.27 % |
| Total Portfolio | 99.98 % |

(Content)
| Japanese General | % Total Net Assets |
| --- | --- |
|  |
| JAPAN | 98.36 % |
| Total Portfolio | 98.36 % |

(Content)
| Focus Mid-Caps Euro | % Total Net Assets |
| --- | --- |
|  |
| FRANCE | 60.95 % |
| GERMANY | 16.79 % |
| SPAIN | 9.19 % |
| FINLAND | 6.87 % |
| AUSTRIA | 3.92 % |
| GREECE | 1.81 % |
| Total Portfolio | 99.53 % |

(Content)
| Focus Mid-Caps Swiss | % Total Net Assets |
| --- | --- |
|  |
| SWITZERLAND | 100.19 % |
| Total Portfolio | 100.19 % |

| European General | % Total Net Assets |
| --- | --- |
|  |
| CHEMICAL PRODUCTS | 19.00 % |
| ROAD & RAILWAY TRANSPORTS | 8.42 % |
| MISCELLANEOUS CONSUMER GOODS | 8.22 % |
| ROAD VEHICLES | 7.54 % |
| OTHER SERVICES | 6.85 % |
| AEROSPACE INDUSTRY & DEFENCE | 6.44 % |
| FOOD & CLEANING MATERIALS | 6.10 % |
| FINANCIAL SERVICES - HOLDINGS | 5.74 % |
| LEISURES & TOURISM | 5.58 % |
| HEALTH CARE & SERVICES | 5.43 % |
| JEWELLERY & WATCHMAKING | 4.63 % |
| TOBACCO & SPIRITS | 4.30 % |
| INSURANCE COMPANIES | 4.13 % |
| TELECOMMUNICATIONS | 3.82 % |
| BUILDING MATERIALS | 3.78 % |
| Total Portfolio | 99.98 % |

| Japanese General | % Total Net Assets |
| --- | --- |
|  |
| FINANCIAL SERVICES - HOLDINGS | 23.34 % |
| MECHANICAL CONSTRUCTION | 15.97 % |
| PHARMACOLOGY & PERSONAL CARE | 13.66 % |
| ROAD VEHICLES | 11.28 % |
| FOOD & CLEANING MATERIALS | 8.73 % |
| CHEMICAL PRODUCTS | 6.97 % |
| INFORMATION, TECHNOLOGY & COPIERS | 5.49 % |
| BUILDING MATERIALS | 4.10 % |
| UTILITIES | 3.74 % |
| LEISURES & TOURISM | 3.74 % |
| DISTRIBUTION | 1.34 % |
| Total Portfolio | 98.36 % |

|  |  |
| --- | --- |
| Focus Mid-Caps Euro | % Total Net Assets |
|  |
| MISCELLANEOUS CONSUMER GOODS | 13.86 % |
| HEALTH CARE & SERVICES | 13.69 % |
| CHEMICAL PRODUCTS | 9.81 % |
| ROAD & RAILWAY TRANSPORTS | 9.77 % |
| TOBACCO & SPIRITS | 8.62 % |
| OTHER SERVICES | 6.82 % |
| FINANCIAL SERVICES - HOLDINGS | 6.80 % |
| ROAD VEHICLES | 5.05 % |
| PACKAGING INDUSTRY | 3.92 % |
| TELECOMMUNICATIONS | 3.79 % |
| BUILDING MATERIALS | 3.75 % |
| AEROSPACE INDUSTRY & DEFENCE | 2.95 % |
| MECHANICAL CONSTRUCTION | 2.41 % |
| LEISURES & TOURISM | 2.37 % |
| ELECTRIC & ELECTRONIC COMPONENTS | 2.00 % |
| JEWELLERY & WATCHMAKING | 1.99 % |
| INFORMATION, TECHNOLOGY & COPIERS | 1.93 % |
| Total Portfolio | 99.53 % |

| Focus Mid-Caps Swiss | % Total Net Assets |
| --- | --- |
|  |
| FINANCIAL SERVICES - HOLDINGS | 16.84 % |
| MECHANICAL CONSTRUCTION | 12.48 % |
| ELECTRIC & ELECTRONIC COMPONENTS | 10.05 % |
| FOOD & CLEANING MATERIALS | 9.42 % |
| INSURANCE COMPANIES | 8.96 % |
| CHEMICAL PRODUCTS | 8.95 % |
| BUILDING MATERIALS | 5.93 % |
| HEALTH CARE & SERVICES | 4.34 % |
| PACKAGING INDUSTRY | 4.17 % |
| ROAD & RAILWAY TRANSPORTS | 4.09 % |
| JEWELLERY & WATCHMAKING | 3.76 % |
| TEXTILE & GARMENTS | 3.07 % |
| AEROSPACE INDUSTRY & DEFENCE | 2.73 % |
| COMMERCIAL SERVICES - PUBLIC | 2.45 % |
| DIVERSIFIED COMPANIES | 1.67 % |
| PHARMACOLOGY & PERSONAL CARE | 1.28 % |
| Total Portfolio | 100.19 % |

| European General | % Total Net Assets |
| --- | --- |
|  |
| EURO | 64.19 % |
| SWEDISH KRONA | 9.04 % |
| SWISS FRANC | 8.76 % |
| DANISH KRONE | 6.31 % |
| BRITISH POUND | 6.10 % |
| POLISH ZLOTY | 5.58 % |
| Total Portfolio | 99.98 % |

| Japanese General | % Total Net Assets |
| --- | --- |
|  |
| JAPANESE YEN | 98.36 % |
| Total Portfolio | 98.36 % |

| Focus Mid-Caps Euro | % Total Net Assets |
| --- | --- |
|  |
| EURO | 99.53 % |
| Total Portfolio | 99.53 % |

| Focus Mid-Caps Swiss | % Total Net Assets |
| --- | --- |
|  |
| SWISS FRANC | 95.72 % |
| BRITISH POUND | 4.47 % |
| Total Portfolio | 100.19 % |

These allocation of assets were established on basis of date (gross) used by the Administrative Agent and do not reflect inevitably the currency analysis which directed the assets selection.
European General
| Shares outstanding at the beginning of the period | - A EUR | 408,235.158 |
| --- | --- | --- |
| - A-H CHF | 2,377.857 |
| - A-H USD | 3,542.000 |
| - B EUR | 44,290.721 |
| - C EUR | 42,945.459 |
| - C-H CHF | 5,303.242 |
| - C-H USD | 6,126.630 |
| - M EUR | 69,578.302 |
| Shares issued during the period | - A EUR | 10,233.899 |
| - A-H CHF | 267.197 |
| - A-H USD | 0.000 |
| - B EUR | 0.000 |
| - C EUR | 130.904 |
| - C-H CHF | 1.000 |
| - C-H USD | 0.000 |
| - M EUR | 1,534.355 |
| Shares redeemed during the period | - A EUR | 30,416.417 |
| - A-H CHF | 60.000 |
| - A-H USD | 2.000 |
| - B EUR | 123.897 |
| - C EUR | 5,449.875 |
| - C-H CHF | 485.000 |
| - C-H USD | 644.000 |
| - M EUR | 53,703.661 |
| Shares outstanding at the end of the period | - A EUR | 388,052.640 |
| - A-H CHF | 2,585.054 |
| - A-H USD | 3,540.000 |
| - B EUR | 44,166.824 |
| - C EUR | 37,626.488 |
| - C-H CHF | 4,819.242 |
| - C-H USD | 5,482.630 |
| - M EUR | 17,408.996 |

Japanese General
| Shares outstanding at the beginning of the period | - A-H EUR | 9,768.407 |
| --- | --- | --- |
| - A JPY | 28,349.092 |
| Shares issued during the period | - A-H EUR | 0.000 |
| - A JPY | 410.000 |
| Shares redeemed during the period | - A-H EUR | 0.000 |
| - A JPY | 200.000 |
| Shares outstanding at the end of the period | - A-H EUR | 9,768.407 |
| - A JPY | 28,559.092 |

Focus Mid-Caps Euro
| Shares outstanding at the beginning of the period | - A EUR | 142,868.397 |
| --- | --- | --- |
| - A-H CHF | 1,495.715 |
| - A-H USD | 1,000.000 |
| - C EUR | 211.095 |
| - M EUR | 567.344 |
| Shares issued during the period | - A EUR | 16,715.140 |
| - A-H CHF | 0.000 |
| - A-H USD | 0.000 |
| - C EUR | 0.000 |
| - M EUR | 0.000 |
| Shares redeemed during the period | - A EUR | 8,477.902 |
| - A-H CHF | 195.715 |
| - A-H USD | 0.000 |
| - C EUR | 0.000 |
| - M EUR | 457.205 |
| Shares outstanding at the end of the period | - A EUR | 151,105.635 |
| - A-H CHF | 1,300.000 |
| - A-H USD | 1,000.000 |
| - C EUR | 211.095 |
| - M EUR | 110.139 |

| Focus Mid-Caps Swiss |
| --- |
|  |
| Shares outstanding at the beginning of the period | - A CHF | 19,666.277 0.000 2,570.794 |
| Shares issued during the period | - A CHF |
| Shares redeemed during the period | - A CHF |
| Shares outstanding at the end of the period | - A CHF | 17,095.483 |

| Sub-Fund | Valuation date | Total Net Assets | Share Class | Shares Outstanding | SHARE VALUE | CCY |
| --- | --- | --- | --- | --- | --- | --- |

| European General (EUR) | 31.12.2019 31.12.2020 31.12.2021 30.06.2022 | 332,517,297.13 240,507,806.12 197,822,727.53 134,364,298.25 | - A EUR | 788,736.083 | 327.52 | EUR |
| --- | --- | --- | --- | --- | --- | --- |
| - A-H CHF | 6,823.405 | 334.72 | CHF |
| - A-H USD | 9,515.000 | 436.95 | USD |
| - B EUR | 36,627.959 | 324.62 | EUR |
| - C EUR | 89,086.402 | 315.19 | EUR |
| - C-H CHF | 6,114.242 | 321.72 | CHF |
| - C-H USD | 6,731.196 | 419.81 | USD |
| - M EUR | 73,448.084 | 327.98 | EUR |
| - A EUR | 572,098.505 | 310.59 | EUR |
| - A-H CHF | 2,682.376 | 316.99 | CHF |
| - A-H USD | 4,678.000 | 422.91 | USD |
| - B EUR | 44,672.099 | 307.73 | EUR |
| - C EUR | 62,444.731 | 297.30 | EUR |
| - C-H CHF | 6,748.242 | 303.02 | CHF |
| - C-H USD | 6,684.196 | 404.08 | USD |
| - M EUR | 77,129.202 | 311.22 | EUR |
| - A EUR | 408,235.158 | 340.30 | EUR |
| - A-H CHF | 2,377.857 | 345.94 | CHF |
| - A-H USD | 3,542.000 | 467.01 | USD |
| - B EUR | 44,290.721 | 337.02 | EUR |
| - C EUR | 42,945.459 | 323.98 | EUR |
| - C-H CHF | 5,303.242 | 328.92 | CHF |
| - C-H USD | 6,126.630 | 443.79 | USD |
| - M EUR | 69,578.302 | 341.19 | EUR |
| - A EUR | 388,052.640 | 266.68 | EUR |
| - A-H CHF | 2,585.054 | 271.51 | CHF |
| - A-H USD | 3,540.000 | 370.01 | USD |
| - B EUR | 44,166.824 | 264.06 | EUR |
| - C EUR | 37,626.488 | 253.22 | EUR |
| - C-H CHF | 4,819.242 | 257.49 | CHF |
| - C-H USD | 5,482.630 | 350.68 | USD |
| - M EUR | 17,408.996 | 267.49 | EUR |

| Japanese General (JPY) | 31.12.2019 31.12.2020 31.12.2021 30.06.2022 | 459,816,719 531,790,588 575,574,515 538,967,950 | - A-H EUR | 9,820.109 | 120.65 | EUR |
| --- | --- | --- | --- | --- | --- | --- |
| - A JPY | 25,730.888 | 12,253 | JPY |
| - A-H EUR | 9,620.394 | 123.91 | EUR |
| - A JPY | 30,035.063 | 12,692 | JPY |
| - A-H EUR | 9,768.407 | 137.07 | EUR |
| - A JPY | 28,349.092 | 14,118 | JPY |
| - A-H EUR | 9,768.407 | 123.87 | EUR |
| - A JPY | 28,559.092 | 12,855 | JPY |

| Sub-Fund | Valuation date | Total Net Assets | Share Class | Shares Outstanding | SHARE VALUE | CCY |
| --- | --- | --- | --- | --- | --- | --- |

| Focus Mid-Caps Euro (EUR) | 31.12.2019 31.12.2020 31.12.2021 30.06.2022 | 24,791,094.55 25,436,882.77 18,337,162.42 15,493,622.74 | - A EUR | 215,949.531 | 107.75 | EUR |
| --- | --- | --- | --- | --- | --- | --- |
| - A-H CHF | 2,248.658 | 124.43 | CHF |
| - A-H USD | 1,000.000 | 136.15 | USD |
| - C EUR | 1,560.876 | 106.42 | EUR |
| - M EUR | 9,077.832 | 107.75 | EUR |
| - A EUR | 206,868.051 | 116.68 | EUR |
| - A-H CHF | 1,707.524 | 134.47 | CHF |
| - A-H USD | 2,806.498 | 150.37 | USD |
| - C EUR | 1,560.876 | 114.67 | EUR |
| - M EUR | 4,825.294 | 116.77 | EUR |
| - A EUR | 142,868.397 | 125.22 | EUR |
| - A-H CHF | 1,495.715 | 143.80 | CHF |
| - A-H USD | 1,000.000 | 162.67 | USD |
| - C EUR | 211.095 | 123.41 | EUR |
| - M EUR | 567.344 | 125.21 | EUR |
| - A EUR | 151,105.635 | 100.50 | EUR |
| - A-H CHF | 1,300.000 | 115.40 | CHF |
| - A-H USD | 1,000.000 | 131.99 | USD |
| - C EUR | 211.095 | 98.80 | EUR |
| - M EUR | 110.139 | 100.59 | EUR |

| Focus Mid-Caps Swiss (CHF) | 31.12.2019 31.12.2020 31.12.2021 30.06.2022 | 8,280,659.00 8,631,503.15 2,326,880.13 1,657,436.50 | - A CHF | 84,293.305 | 98.24 | CHF |
| --- | --- | --- | --- | --- | --- | --- |
| - A CHF | 83,734.607 | 103.08 | CHF |
| - A CHF | 19,666.277 | 118.32 | CHF |
| - A CHF | 17,095.483 | 96.95 | CHF |


### NOTE 1 - ACCOUNTING PRINCIPLES AND METHODS
The financial statements of the SICAV are prepared on a going concern basis in accordance with the legal and regulatory requirements in force in Luxembourg relating to Undertakings for Collective Investment, on the basis of the official net asset value calculated at the end of the financial year.
- Securities portfolio valuationSecurities listed on an official stock exchange are valued on the basis of the last known closing price as at 30 June 2022 and, if there is more than one market, at the price of the relevant security's main market.

Securities and derivatives listed on other regulated markets are valued on the basis of the closing price known and, if there is more than one market, at the price of the relevant security's main market.
Securities not listed on a stock exchange or whose price is not representative are valued at their last known trading value or, in the absence of a trading value, at the probable realisation value in accordance with the valuation criteria deemed relevant by the Board of Directors.
Units in collective investment undertakings are valued at the last available net value.
Forward foreign exchange contracts are valued on the basis of the latest "forward" rates available on the valuation date.
- Realised profit and Realised loss on investmentsThe net realised profit or loss on sales of securities are calculated based on the average cost of the securities sold. The net realised profit or loss on variation of exchange rates is recorded in the caption "Net realised Profit/ (Loss) on currencies" during the sale transaction.
- Conversion of foreign currenciesThe bank deposits, other net assets and the stock market value of securities in the portfolio in currencies other than the sub-fund's currency are converted into the sub-fund's currency at the exchange rate valid in Luxembourg at the closing date.

The income and expenses in currencies other than the sub-fund's currency are converted into the sub- fund's currency at the exchange rate valid at the date of payment.
- Acquisition cost of the securities in the portfolioFor securities denominated in currencies other than the currency of the SICAV, the acquisition cost is calculated based on the exchange rate valid on the day of purchase.
- Change in the net unrealised gain and lossUnrealised appreciation or depreciation at the end of the financial year also appear in the "Result of operations".
- Change in the securities portfolioThe table of changes in the securities portfolio is freely available at the registered office of the SICAV.
- Income, expenditure and related provisionsProvision is made daily for interest and dividends are recorded on the ex-date. The interest and income are recognised net of non-recoverable withholding taxes.

When the SICAV pays expenses concerning one sub-fund in particular, they are allocated to that sub- fund. Expenses not attributable to one sub-fund in particular are split between the different sub-funds at pro rata of the net asset value of each sub-fund.
- Combined financial statementsThe financial statements of the SICAV are expressed in the reference’s currency.

The consolidated financial statements of the SICAV are drawn up in EUR and are equal to the sum of the corresponding headings in the financial statements of each sub-fund, converted in these currency at the exchange rate at the date of the financial statements (note 2).
- Difference from Foreign ExchangeThe exchange rate difference in the total net assets of the SICAV is due to the changes of the exchange rates of the currencies in which are denominated the net assets of the various sub-funds and this, between 31 December 2021 and 30 June 2022.

NOTE 2 - EXCHANGE RATE
| 1  EUR	= | 1.00090 | CHF |
| --- | --- | --- |
| 1  EUR	= | 142.02965 | JPY |
| 1  EUR	= | 1.04545 | USD |

NOTE 3 - TAXES AND EXPENSES PAYABLE
| Management fees | 436,073.12 | EUR |
| --- | --- | --- |
| Hedging fees | 2,197.30 | EUR |
| Depositary fees | 29,001.24 | EUR |
| Subscription tax | 8,842.48 | EUR |
| Miscellaneous fees | 129,216.23 | EUR |
| Total | 605,330.38 | EUR |

NOTE 4 - MANAGEMENT COMPANY FEES

#### Sub-fund European General
The Company pays the Management Company remuneration consisting of a management fee at the annual rate of:
- 0.90% for EUR M classes;
- 1% for classes A EUR, A-H USD, A-H CHF and B;
- 1.50% for classes C EUR, C-H USD and C-H CHF.

The management fee is payable quarterly and is calculated on the average net value of the sub-fund’s shares.
The Management Company is also in charge of managing the hedging policy that will apply to the sub- fund's classes denominated in USD and CHF. To this end, an agreement on hedging against exchange rate risk has been entered into between the Management Company and the Company for an unlimited period.
Under the terms of this agreement and in consideration for these services, the Management Company receives from the Company, at the expense of the sub-fund's A-H USD, C-H USD, A-H CHF and C-H CHF classes, a monthly fee of 0.01% per month, calculated on the average net asset value during the month under review of these classes. This commission is payable quarterly.

#### Sub-fund Japanese General
The Company will pay the Management Company a remuneration consisting of a management fee at an annual rate of 1% for the classes A JPY and A-H EUR.
The management fee is payable quarterly and is calculated on the average net value of the sub-fund’s shares.
The Management Company is also in charge of managing the hedging policy that will apply to the sub- fund's classes not denominated in JPY. To this end, an agreement on hedging against exchange rate risk has been entered into between the Management Company and the Company for an unlimited period. Under the terms of this agreement and in remuneration for these services, the Management Company receives from the Company, at the expense of class A-H EUR, a monthly fee of 0.01% per month, calculated on the average net asset value during the month under review of this class. This commission is payable quarterly.

#### Sub-fund Focus Mid-Caps Euro
The Company pays the Management Company remuneration consisting of a management fee at the annual rate of:
- 0.90% for the EUR M class;
- 1% for classes A EUR, A-H USD, A-H CHF;
- 1.50% for the C EUR class.

The management fee is payable quarterly and is calculated on the average net value of the sub-fund’s shares.
The Management Company is also in charge of managing the hedging policy that will apply to the sub- fund's classes denominated in USD and CHF. To this end, an agreement on hedging against exchange rate risk has been entered into between the Management Company and the Company for an unlimited period.
Under the terms of this agreement and in consideration for these services, the Management Company receives from the Company, at the expense of the sub-fund's A-H USD and A-H CHF classes, a monthly fee of 0.01% per month, calculated on the average net asset value during the month under review of these classes. This commission is payable quarterly.

#### Sub-fund Focus Mid-Caps Swiss
The Company pays the Management Company remuneration consisting of a management fee at the annual rate of 1%.
The management fee is payable quarterly and is calculated on the average net value of the sub-fund’s shares.
| NOTE 5 - MANAGEMENT FEES |
| --- |
| Sub-fund European General The Management Company pays the Manager a remuneration consisting of a management fee at the annual rate of: - 0.87% for EUR M classes;
- 0.97% for classes A EUR, A-H USD, A-H CHF and B;
- 1.47% for classes C EUR, C-H USD and C-H CHF.
 The management fee is payable quarterly and is calculated on the average net value of the sub-fund’s shares. This management fee may be used to pay for distribution or promotion services. Sub-fund Japanese General The Management Company will pay the Investment Manager a remuneration consisting of a management fee at an annual rate of 0.97% for the classes A JPY and A-H EUR. The management fee is payable quarterly and is calculated on the average net value of the sub-fund’s shares. This management fee may be used to pay for distribution or promotion services. Sub-fund Focus Mid-Caps Euro The Management Company pays the Manager a remuneration consisting of a management fee at the annual rate of: - 0.87% for the EUR M class;
- 0.97% for classes A EUR, A-H USD, A-H CHF;
- 1.47% for the C EUR class.
 The management fee is payable quarterly and is calculated on the average net value of the sub-fund’s shares. This management fee may be used to pay for distribution or promotion services. Sub-fund Focus Mid-Caps Swiss The Management Company pays the Manager a remuneration consisting of a management fee at the annual rate of 0.97%. The management fee is payable quarterly and is calculated on the average net value of the sub-fund’s shares. This management fee may be used to pay for distribution or promotion services. |
| NOTE 6 - PERFORMANCE FEES |
| Sub-fund European General The Management Company will also pay the Investment Manager, but at the expense of the sub-fund, on each anniversary date of the sub-fund, a performance fee equivalent to 20% of the sub-fund's outperformance in relation to the MSCI Europe Total Return Net benchmark index (Bloomberg code NDDLE.15). Sub-fund Japanese General The Management Company will also pay the Investment Manager, but at the expense of the sub-fund, on each anniversary date of the sub-fund, a performance fee equivalent to 20% of the sub-fund's outperformance in relation to the Topix Total Return index (Ticker Bloomberg TPXDDVD Index). Sub-fund Focus Mid-Caps Euro The Management Company will also pay the Investment Manager, but at the expense of the sub-fund, on each anniversary date of the sub-fund, a performance fee equivalent to 20% of the sub-fund's outperformance in relation to the MSCI EMU Mid Net Return benchmark index (Ticker Bloomberg: MMDLEMUN Index). |


#### Sub-fund Focus Mid-Caps Swiss
The Management Company will also pay the Investment Manager, but at the expense of the sub-fund, on each anniversary date of the sub-fund, a performance fee equivalent to 20% of the sub-fund's outperformance in relation to the Swiss Performance Index ® Extra Total Return benchmark index (Ticker Bloomberg: SPIEX).
In addition, the Investment Manager is entitled to receive a performance fee (the "Performance Fee") on the net assets of the relevant Class of Shares of the Sub-Fund, calculated on the difference between the positive performance of the Net Asset Value per Share (the "NAV") in relation to the High Water Mark ("HWM", as defined below) and the performance of the Benchmark (as defined below) over the same period of time.
The performance reference period ("Performance Reference Period" or "PRP") corresponds to the entire life of the Fund and cannot be reset (there will be no compensation for past underperformance (or negative performance)).
The Performance Fee is calculated and accrued for each Class of Shares within the sub-fund on each Valuation Day according to the methodology described below.
As at 30 June 2022, no performance fee was paid.

### NOTE 7 - FORWARD FOREIGN EXCHANGE CONTRACTS
As at 30 June 2022, the following forward foreign exchange contracts, traded with Banque Degroof Petercam Luxembourg S.A., are outstanding:
European General :
| Maturity | Currency Purchase | Nominal Purchased | Currency Sold | Nominal Sold | +/- Unrealised Value ( IN  EUR) | Commitments ( IN  EUR) |
| --- | --- | --- | --- | --- | --- | --- |
|  |
| 15/07/2022 | EUR | 31,801.62 | CHF | 33,088.00 | -1,255.80 | 33,058.25 |
| 15/07/2022 | EUR | 56,307.37 | CHF | 58,585.00 | -2,223.49 | 58,532.32 |
| 15/07/2022 | USD | 1,378,810.00 | EUR | 1,319,965.92 | -2,226.05 | 1,318,867.48 |
| 15/07/2022 | CHF | 740,106.00 | EUR | 712,517.33 | 26,893.48 | 739,440.50 |
| 15/07/2022 | CHF | 1,308,890.00 | EUR | 1,260,098.97 | 47,561.58 | 1,307,713.05 |
| 15/07/2022 | USD | 2,047,388.00 | EUR | 1,960,010.72 | -3,305.44 | 1,958,379.65 |
| 15/07/2022 | EUR | 107,968.87 | USD | 112,523.00 | 427.78 | 107,631.16 |
| 15/07/2022 | EUR | 58,506.21 | USD | 60,974.00 | 231.81 | 58,323.21 |
|  |  |  |  | Total | 66,103.87 | 5,581,945.61 |

Japanese General :
| Maturity | Currency Purchase | Nominal Purchased | Currency Sold | Nominal Sold | +/- Unrealised Value ( IN  JPY) | Commitments ( IN  JPY) |
| --- | --- | --- | --- | --- | --- | --- |
|  |
| 15/07/2022 | JPY | 7,052,594 | EUR | 50,857.00 | -170,623 | 7,223,202 |
| 15/07/2022 | EUR | 1,239,714.00 | JPY | 172,885,556 | 3,178,702 | 176,076,146 |
|  |  |  |  | Total | 3,008,079 | 183,299,347 |

Focus Mid-Caps Euro :
| Maturity | Currency Purchase | Nominal Purchased | Currency Sold | Nominal Sold | +/- Unrealised Value ( IN  EUR) | Commitments ( IN  EUR) |
| --- | --- | --- | --- | --- | --- | --- |
|  |
| 15/07/2022 | EUR | 7,211.30 | CHF | 7,503.00 | -284.77 | 7,496.25 |
| 15/07/2022 | CHF | 159,807.00 | EUR | 153,849.93 | 5,806.96 | 159,663.30 |
| 15/07/2022 | USD | 140,337.00 | EUR | 134,347.78 | -226.58 | 134,235.98 |
| 15/07/2022 | EUR | 6,239.81 | USD | 6,503.00 | 24.73 | 6,220.29 |
|  |  |  |  | Total | 5,320.34 | 307,615.82 |


### NOTE 8 - SUBSCRIPTION TAX
The SICAV is governed by Luxembourg tax laws.
In accordance with the legislation and regulations currently in force, the SICAV is subject in Luxembourg to subscription tax at an annual rate of 0.05%, payable quarterly and calculated on the net assets of the SICAV at the end of each quarter. This tax is reduced to 0.01 % a year net assets attributable to the classes of shares for institutional investors.
Tax is not payable on the round lot of net assets invested in UCIs already subject to this tax.
As the SICAV is registered in Belgium, it is subject to a further tax at the annual rate of 0.0925% calculated for 2022 on the basis of the value of the shares distributed in Belgium as recorded at 31 December 2021.

### NOTE 9 - DEPOSITARY FEES
The Company pays to Banque Degroof Petercam Luxembourg S.A., at the expense of the sub-fund, an overall commission payable at the end of each quarter and calculated on the average net assets of the sub-fund during the relevant quarter, at the following annual rate:
- on the first tranche of (for the sub-fund Focus Mid-Caps Swiss corresponding to equivalent in CHF of) EUR 12 million: 0.10%
- on assets between (for the sub-fund Focus Mid-Caps Swiss corresponding to equivalent in CHF of) EUR 12 and EUR 24 million: 0.08%
- on assets above (for the sub-fund Focus Mid-Caps Swiss corresponding to equivalent in CHF of) EUR 24 million: 0.06% with a minimum of EUR 10,000.-.


### NOTE 10 - EVENTS DURING THE PERIOD
The COVID-19 (coronavirus) pandemic is still going strong and has been disrupting people's daily lives for almost two years now. This is obviously having an impact on the global economy, although finance in its specific sector is not the most disadvantaged sector. Authorities around the world have taken and continue to take strong and necessary measures to contain the spread of the virus, and to support individuals and businesses in these difficult times.

#### Impact of the Russian invasion of Ukraine:
The invasion of Ukraine by the Russian army is a development that is likely to disrupt global financial markets, through various channels, for some time to come.
Rising commodity prices constitute one of the primary channels of risk transmission in the global economy, especially for countries that are more dependent on imports from Russia (energy, wheat, various metals). Russia is the world’s 6th largest commodities producer. The current increase in prices underscores the fact that the inflation experienced in most developed countries is non- transitory. A scenario involving stagflation, which is a combination of lower growth and high inflation, has become more likely in the coming months.
Central banks, which were anticipating the exit from the monetary support put in place during the Covid crisis, will need to reassess their approach to exiting the crisis as any increase in rates to counter inflation is likely to have a significant impact on economic activity. Achieving the right balance will continue to be a challenge.
Russia has become severely isolated from the rest of the world, with China as its only significant trading partner. Potential repercussions from the sanctions imposed on Russia could also have a significant impact on the European economy if Moscow decides to retaliate by cutting off the flow of gas that Germany and Italy are heavily dependent on.
The ruble is no longer traded on foreign exchange markets and the Russian central bank has also been targeted by sanctions. This increases the risk of volatility for currencies, potentially not just in the short term. Equity and bond indices will drop Russian securities as these positions are no longer listed. The Russian positions that cannot be sold will consequently remain in portfolios as long as the market is closed and until it is possible to convert the ruble into another currency, which will take a long time.
Corporate risks are increased and corporate profits will be affected by their dependence on commodities, among other factors. This means that the markets are likely to experience greater volatility in the coming months.
Inevitably, geopolitical de-escalation will also be a lengthy process that will leave its mark for a prolonged period.

#### Transparency of securities financing transactions and reuse ("SFTR")
In accordance with Article 13 and Section A of the Annex to Regulation EU 2015/2365 (hereinafter the "Regulation"), the SICAV must inform investors of its use of securities financing transactions and total return swaps in the annual and semi-annual reports.
The portfolio does not contain any assets on loan as of the date of this report.

Translation (ENFR, 2022-06-30):
# du 1 janvier 2022 au 30 juin 2022
|  |  |  |
| --- | --- | --- |
|  | Notes | Combiné (en EUR) |
|  |
| Revenus |  |  |
| Dividendes sur actions | 1g | 3.743.987,12 |
| Intérêts créditeurs |  | 18,63 |
| Récupérations de taxes |  | 59.687,20 |
| Total Revenus |  | 3.803.692,95 |
| Charges |  |  |
| Commission de gestion | 4 | 952.818,43 |
| Commission de couverture | 4 | 3.988,97 |
| Commission de banque dépositaire | 9 | 64.961,20 |
| Taxe d'abonnement | 8 | 19.160,68 |
| Frais d'administration |  | 265.957,11 |
| Frais et commissions divers |  | 57.262,91 |
| Frais de transactions |  | 76.164,57 |
| Intérêts débiteurs |  | 2.766,11 |
| Redevance aux autorités étrangères |  | 12.557,11 |
| Total Charges |  | 1.455.637,08 |
| Revenus / Pertes Net(te)s |  | 2.348.055,87 |
| Plus ou moins-value nette réalisée |  |  |
| - sur investissements | 1b | -1.630.068,32 |
| - sur devises |  | -20.794,83 |
| - sur changes à terme |  | 420.123,51 |
| Bénéfice / (Perte) Net(te) réalisé(e) |  | 1.117.316,24 |
| Variation de la plus ou moins-value nette non réalisée |  |  |
| - sur investissements | 1e | -46.642.114,63 |
| - sur devises |  | -148,06 |
| - sur changes à terme |  | 65.826,97 |
| Résultat net des opérations |  | -45.459.119,49 |
| - Souscriptions |  | 5.655.929,21 |
| - Rachats |  | -27.425.359,25 |
| Variations de l'actif net |  | -67.228.549,52 |
| Actif net au début de la période |  | 222.800.821,59 |
| Différence de change de l'actif net du 31.12.21 au 30.06.22 |  | -263.648,36 |
| Actif net à la fin de la période |  | 155.308.623,71 |

|  |
| --- |
| European General |
|  |
|  | Notes | Valeur (en EUR) |
|  |
| Actif |  |  |
| Portefeuille-titres à la valeur d'évaluation | 1a | 134.341.214,39 |
| Avoirs en banque |  | 308.610,59 |
| Dividendes à recevoir sur actions |  | 331.750,00 |
| Montants à recevoir sur souscriptions |  | 815,79 |
| Gains non réalisés sur changes à terme | 7 | 66.103,87 |
| Total Actif |  | 135.048.494,64 |
| Exigible |  |  |
| Taxes et frais à payer | 3 | 532.491,07 |
| Intérêts débiteurs à payer |  | 254,45 |
| Montants à payer sur rachats |  | 81.579,00 |
| Montants à payer sur achats de titres |  | 69.871,87 |
| Total Exigible |  | 684.196,39 |
| Actif net à la fin de la période |  | 134.364.298,25 |
| Nombre d'actions en circulation (à la fin de la période) |  |  |
| - A EUR |  | 388.052,640 |
| - A-H CHF |  | 2.585,054 |
| - A-H USD |  | 3.540,000 |
| - B EUR |  | 44.166,824 |
| - C EUR |  | 37.626,488 |
| - C-H CHF |  | 4.819,242 |
| - C-H USD |  | 5.482,630 |
| - M EUR |  | 17.408,996 |
| Valeur Nette d'inventaire par action (à la fin de la période) |  |  |
| - A EUR |  | 266,68 |
| - A-H CHF |  | 271,51 |
| - A-H USD |  | 370,01 |
| - B EUR |  | 264,06 |
| - C EUR |  | 253,22 |
| - C-H CHF |  | 257,49 |
| - C-H USD |  | 350,68 |
| - M EUR |  | 267,49 |

|  |
| --- |
| Japanese General |
|  |
|  | Notes | Valeur (en JPY) |
|  |
| Actif |  |  |
| Portefeuille-titres à la valeur d'évaluation | 1a | 530.133.800 |
| Avoirs en banque |  | 5.886.343 |
| Dividendes à recevoir sur actions |  | 1.826.995 |
| Montants à recevoir sur souscriptions |  | 0 |
| Gains non réalisés sur changes à terme | 7 | 3.008.079 |
| Total Actif |  | 540.855.217 |
| Exigible |  |  |
| Taxes et frais à payer | 3 | 1.887.267 |
| Intérêts débiteurs à payer |  | 0 |
| Montants à payer sur rachats |  | 0 |
| Montants à payer sur achats de titres |  | 0 |
| Total Exigible |  | 1.887.267 |
| Actif net à la fin de la période |  | 538.967.950 |
| Nombre d'actions en circulation (à la fin de la période) |  |  |
| - A-H EUR |  | 9.768,407 |
| - A JPY |  | 28.559,092 |
| Valeur Nette d'inventaire par action (à la fin de la période) |  |  |
| - A-H EUR |  | 123,87 |
| - A JPY |  | 12.855 |

|  |
| --- |
| Focus Mid-Caps Euro |
|  |
|  | Notes | Valeur (en EUR) |
|  |
| Actif |  |  |
| Portefeuille-titres à la valeur d'évaluation | 1a | 15.420.841,12 |
| Avoirs en banque |  | 74.118,02 |
| Dividendes à recevoir sur actions |  | 46.875,00 |
| Montants à recevoir sur souscriptions |  | 0,00 |
| Gains non réalisés sur changes à terme | 7 | 5.320,34 |
| Total Actif |  | 15.547.154,48 |
| Exigible |  |  |
| Taxes et frais à payer | 3 | 53.500,20 |
| Intérêts débiteurs à payer |  | 31,54 |
| Montants à payer sur rachats |  | 0,00 |
| Montants à payer sur achats de titres |  | 0,00 |
| Total Exigible |  | 53.531,74 |
| Actif net à la fin de la période |  | 15.493.622,74 |
| Nombre d'actions en circulation (à la fin de la période) |  |  |
| - A EUR |  | 151.105,635 |
| - A-H CHF |  | 1.300,000 |
| - A-H USD |  | 1.000,000 |
| - C EUR |  | 211,095 |
| - M EUR |  | 110,139 |
| Valeur Nette d'inventaire par action (à la fin de la période) |  |  |
| - A EUR |  | 100,50 |
| - A-H CHF |  | 115,40 |
| - A-H USD |  | 131,99 |
| - C EUR |  | 98,80 |
| - M EUR |  | 100,59 |

|  |
| --- |
| Focus Mid-Caps Swiss |
|  |
|  | Notes | Valeur (en CHF) |
|  |
| Actif |  |  |
| Portefeuille-titres à la valeur d'évaluation | 1a | 1.660.586,42 |
| Avoirs en banque |  | 2.750,80 |
| Dividendes à recevoir sur actions |  | 156,00 |
| Montants à recevoir sur souscriptions |  | 0,00 |
| Gains non réalisés sur changes à terme | 7 | 0,00 |
| Total Actif |  | 1.663.493,22 |
| Exigible |  |  |
| Taxes et frais à payer | 3 | 6.056,72 |
| Intérêts débiteurs à payer |  | 0,00 |
| Montants à payer sur rachats |  | 0,00 |
| Montants à payer sur achats de titres |  | 0,00 |
| Total Exigible |  | 6.056,72 |
| Actif net à la fin de la période |  | 1.657.436,50 |
| Nombre d'actions en circulation (à la fin de la période) |  |  |
| - A CHF |  | 17.095,483 |
| Valeur Nette d'inventaire par action (à la fin de la période) |  |  |
| - A CHF |  | 96,95 |

|  |
| --- |
| European General |
|  |
|  | Notes | Valeur (en EUR) |
|  |
| Revenus |  |  |
| Dividendes sur actions | 1g | 3.274.628,34 |
| Intérêts créditeurs |  | 15,48 |
| Récupérations de taxes |  | 53.685,94 |
| Total Revenus |  | 3.328.329,76 |
| Charges |  |  |
| Commission de gestion | 4 | 838.846,24 |
| Commission de couverture | 4 | 3.145,94 |
| Commission de banque dépositaire | 9 | 53.731,32 |
| Taxe d'abonnement | 8 | 13.530,46 |
| Frais d'administration |  | 226.949,93 |
| Frais et commissions divers |  | 43.580,89 |
| Frais de transactions |  | 54.285,15 |
| Intérêts débiteurs |  | 2.035,21 |
| Redevance aux autorités étrangères |  | 8.000,00 |
| Total Charges |  | 1.244.105,14 |
| Revenus / Pertes Net(te)s |  | 2.084.224,62 |
| Plus ou moins-value nette réalisée |  |  |
| - sur investissements | 1b | -2.635.142,82 |
| - sur devises |  | -21.059,93 |
| - sur changes à terme |  | 315.830,61 |
| Bénéfice / (Perte) Net(te) réalisé(e) |  | -256.147,52 |
| Variation de la plus ou moins-value nette non réalisée |  |  |
| - sur investissements | 1e | -40.828.113,71 |
| - sur devises |  | -119,29 |
| - sur changes à terme |  | 66.517,94 |
| Résultat net des opérations |  | -41.017.862,58 |
| - Souscriptions |  | 3.610.562,70 |
| - Rachats |  | -26.051.129,40 |
| Variations de l'actif net |  | -63.458.429,28 |
| Actif net au début de la période |  | 197.822.727,53 |
| Actif net à la fin de la période |  | 134.364.298,25 |

|  |
| --- |
| Japanese General |
|  |
|  | Notes | Valeur (en JPY) |
|  |
| Revenus |  |  |
| Dividendes sur actions | 1g | 5.971.985 |
| Intérêts créditeurs |  | 84 |
| Récupérations de taxes |  | 0 |
| Total Revenus |  | 5.972.069 |
| Charges |  |  |
| Commission de gestion | 4 | 2.671.124 |
| Commission de couverture | 4 | 98.598 |
| Commission de banque dépositaire | 9 | 274.984 |
| Taxe d'abonnement | 8 | 137.606 |
| Frais d'administration |  | 994.470 |
| Frais et commissions divers |  | 708.511 |
| Frais de transactions |  | 192.570 |
| Intérêts débiteurs |  | 8.246 |
| Redevance aux autorités étrangères |  | 164.000 |
| Total Charges |  | 5.250.109 |
| Revenus / Pertes Net(te)s |  | 721.960 |
| Plus ou moins-value nette réalisée |  |  |
| - sur investissements | 1b | 6.880.298 |
| - sur devises |  | -4.310 |
| - sur changes à terme |  | 12.900.575 |
| Bénéfice / (Perte) Net(te) réalisé(e) |  | 20.498.523 |
| Variation de la plus ou moins-value nette non réalisée |  |  |
| - sur investissements | 1e | -59.207.298 |
| - sur devises |  | -3.728 |
| - sur changes à terme |  | -715.742 |
| Résultat net des opérations |  | -39.428.245 |
| - Souscriptions |  | 5.478.280 |
| - Rachats |  | -2.656.600 |
| Variations de l'actif net |  | -36.606.565 |
| Actif net au début de la période |  | 575.574.515 |
| Actif net à la fin de la période |  | 538.967.950 |

|  |
| --- |
| Focus Mid-Caps Euro |
|  |
|  | Notes | Valeur (en EUR) |
|  |
| Revenus |  |  |
| Dividendes sur actions | 1g | 390.368,85 |
| Intérêts créditeurs |  | 0,00 |
| Récupérations de taxes |  | 6.001,26 |
| Total Revenus |  | 396.370,11 |
| Charges |  |  |
| Commission de gestion | 4 | 85.403,03 |
| Commission de couverture | 4 | 148,82 |
| Commission de banque dépositaire | 9 | 8.260,11 |
| Taxe d'abonnement | 8 | 4.193,05 |
| Frais d'administration |  | 28.350,88 |
| Frais et commissions divers |  | 6.253,22 |
| Frais de transactions |  | 19.003,24 |
| Intérêts débiteurs |  | 653,36 |
| Redevance aux autorités étrangères |  | 2.000,00 |
| Total Charges |  | 154.265,71 |
| Revenus / Pertes Net(te)s |  | 242.104,40 |
| Plus ou moins-value nette réalisée |  |  |
| - sur investissements | 1b | 902.096,33 |
| - sur devises |  | 271,48 |
| - sur changes à terme |  | 13.462,75 |
| Bénéfice / (Perte) Net(te) réalisé(e) |  | 1.157.934,96 |
| Variation de la plus ou moins-value nette non réalisée |  |  |
| - sur investissements | 1e | -4.931.825,09 |
| - sur devises |  | -6,85 |
| - sur changes à terme |  | 4.348,41 |
| Résultat net des opérations |  | -3.769.548,57 |
| - Souscriptions |  | 2.006.795,13 |
| - Rachats |  | -1.080.786,24 |
| Variations de l'actif net |  | -2.843.539,68 |
| Actif net au début de la période |  | 18.337.162,42 |
| Actif net à la fin de la période |  | 15.493.622,74 |

|  |
| --- |
| Focus Mid-Caps Swiss |
|  |
|  | Notes | Valeur (en CHF) |
|  |
| Revenus |  |  |
| Dividendes sur actions | 1g | 36.975,73 |
| Intérêts créditeurs |  | 2,56 |
| Récupérations de taxes |  | 0,00 |
| Total Revenus |  | 36.978,29 |
| Charges |  |  |
| Commission de gestion | 4 | 9.771,14 |
| Commission de couverture | 4 | 0,00 |
| Commission de banque dépositaire | 9 | 1.034,60 |
| Taxe d'abonnement | 8 | 468,74 |
| Frais d'administration |  | 3.657,74 |
| Frais et commissions divers |  | 2.442,52 |
| Frais de transactions |  | 1.521,70 |
| Intérêts débiteurs |  | 19,50 |
| Redevance aux autorités étrangères |  | 1.403,68 |
| Total Charges |  | 20.319,62 |
| Revenus / Pertes Net(te)s |  | 16.658,67 |
| Plus ou moins-value nette réalisée |  |  |
| - sur investissements | 1b | 54.584,56 |
| - sur devises |  | 23,99 |
| - sur changes à terme |  | 0,00 |
| Bénéfice / (Perte) Net(te) réalisé(e) |  | 71.267,22 |
| Variation de la plus ou moins-value nette non réalisée |  |  |
| - sur investissements | 1e | -465.728,85 |
| - sur devises |  | 4,33 |
| - sur changes à terme |  | 0,00 |
| Résultat net des opérations |  | -394.457,30 |
| - Souscriptions |  | 0,00 |
| - Rachats |  | -274.986,33 |
| Variations de l'actif net |  | -669.443,63 |
| Actif net au début de la période |  | 2.326.880,13 |
| Actif net à la fin de la période |  | 1.657.436,50 |

|  |
| --- |
| European General |
|  |
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % de l'actif net |
|  |
| Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  |  |  |  |
| Actions Cotées ou Négociées |  |  |  |  |  |
| SWISS RE A.G. | 75.000 | CHF | 6.517.281,73 | 5.543.510,84 | 4,13% |
| THE SWATCH GROUP A.G. | 27.500 | CHF | 7.346.247,63 | 6.223.149,17 | 4,63% |
| Total FRANC SUISSE |  |  | 13.863.529,36 | 11.766.660,01 | 8,76% |
| CARLSBERG -B- | 47.500 | DKK | 5.871.855,13 | 5.774.105,28 | 4,30% |
| PANDORA A/S | 45.000 | DKK | 3.784.465,72 | 2.701.821,38 | 2,01% |
| Total COURONNE DANOISE |  |  | 9.656.320,85 | 8.475.926,66 | 6,31% |
| AIR LIQUIDE FINANCE PRIME DE FIDELITE | 88.800 | EUR | 9.099.170,12 | 11.377.056,00 | 8,47% |
| APPLUS SERVICES S.A. | 450.000 | EUR | 5.505.603,45 | 2.970.000,00 | 2,21% |
| ARKEMA | 57.500 | EUR | 4.940.400,00 | 4.882.900,00 | 3,63% |
| BRENNTAG SE | 100.000 | EUR | 4.492.000,00 | 6.210.000,00 | 4,62% |
| DEUTSCHE POST A.G. -REG- | 160.000 | EUR | 8.235.855,23 | 5.718.400,00 | 4,26% |
| HUHTAMAEKI OY | 87.500 | EUR | 3.693.300,03 | 3.307.500,00 | 2,46% |
| IMERYS | 175.000 | EUR | 6.444.076,41 | 5.085.500,00 | 3,78% |
| KORIAN S.A. | 325.000 | EUR | 9.449.386,52 | 4.644.250,00 | 3,46% |
| LISI | 12.500 | EUR | 384.091,25 | 228.500,00 | 0,17% |
| LISI PRIME FIDELITE | 19.500 | EUR | 599.182,35 | 356.460,00 | 0,27% |
| LISI S.A. PRIME DE FIDELITE 2023 | 118.000 | EUR | 3.533.236,04 | 2.157.040,00 | 1,61% |
| RUBIS SCA | 137.500 | EUR | 6.194.869,79 | 3.063.500,00 | 2,28% |
| SARANTIS S.A. | 462.500 | EUR | 3.999.152,96 | 3.052.500,00 | 2,27% |
| SEB S.A. | 55.000 | EUR | 8.164.794,13 | 5.035.250,00 | 3,75% |
| STEF TFE | 67.500 | EUR | 5.392.232,35 | 5.589.000,00 | 4,16% |
| SYNERGIE S.A. | 275.000 | EUR | 8.012.474,74 | 7.301.250,00 | 5,43% |
| TELEPERFORMANCE | 17.500 | EUR | 3.409.000,00 | 5.132.750,00 | 3,82% |
| VALEO S.A. | 550.000 | EUR | 14.809.924,33 | 10.133.750,00 | 7,54% |
| Total EURO |  |  | 106.358.749,70 | 86.245.606,00 | 64,19% |
| COCA-COLA HBC A.G. | 387.500 | GBP | 11.518.831,96 | 8.201.963,29 | 6,10% |
| Total LIVRE STERLING |  |  | 11.518.831,96 | 8.201.963,29 | 6,10% |
| AMREST HLDG SE | 1.950.000 | PLN | 14.720.151,97 | 7.501.037,20 | 5,58% |
| Total ZLOTY POLONAIS |  |  | 14.720.151,97 | 7.501.037,20 | 5,58% |
| ESSITY -B- | 250.000 | SEK | 6.527.113,88 | 6.232.994,03 | 4,64% |

|  |
| --- |
| European General |
|  |
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % de l'actif net |
|  |
| SAAB AB | 150.000 | SEK | 3.601.334,66 | 5.917.027,20 | 4,40% |
| Total COURONNE SUÉDOISE | 10.128.448,54 | 12.150.021,23 | 9,04% |
| Total Actions Cotées ou Négociées | 166.246.032,38 | 134.341.214,39 | 99,98% |
| Total Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé | 166.246.032,38 | 134.341.214,39 | 99,98% |
| Total du Portefeuille-Titres | 166.246.032,38 | 134.341.214,39 | 99,98% |

|  |
| --- |
| Japanese General |
|  |
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en JPY) | Valeur d’évaluation (en JPY) | % de l'actif net |
|  |
| Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  |  |  |  |
| Actions Cotées ou Négociées |  |  |  |  |  |
| AEON DELIGHT CO LTD | 6.800 | JPY | 21.730.250 | 20.175.600 | 3,74% |
| BML INC. | 4.000 | JPY | 16.880.500 | 14.100.000 | 2,62% |
| DAIKIN INDUSTRIES | 1.000 | JPY | 13.696.666 | 21.750.000 | 4,04% |
| DENSO CORP. | 4.000 | JPY | 19.148.444 | 28.832.000 | 5,35% |
| FUJI OIL HLDG INC. | 10.000 | JPY | 28.705.500 | 21.420.000 | 3,97% |
| JAPAN LIFELINE CO LTD | 20.000 | JPY | 26.720.000 | 18.280.000 | 3,39% |
| KAO CORP. | 3.600 | JPY | 27.854.600 | 19.699.200 | 3,65% |
| KUBOTA CORP. | 15.000 | JPY | 26.978.500 | 30.405.000 | 5,64% |
| KURITA WATER INDUSTRIES LTD | 4.500 | JPY | 12.404.180 | 22.095.000 | 4,10% |
| MANDOM CORP. | 6.000 | JPY | 14.425.600 | 9.558.000 | 1,77% |
| MINEBEA MITSUMI INC. | 9.200 | JPY | 26.068.900 | 21.252.000 | 3,94% |
| MURATA MANUFACTURING CO LTD | 4.000 | JPY | 20.090.240 | 29.584.000 | 5,49% |
| NABTESCO CORP. | 4.000 | JPY | 12.328.846 | 12.680.000 | 2,35% |
| NAKANISHI INC. | 5.000 | JPY | 7.473.500 | 11.965.000 | 2,22% |
| NIPPON EXPRESS HLDG INC. | 4.500 | JPY | 27.872.614 | 33.165.000 | 6,15% |
| NIPPON SANSO HLDG CORP. | 10.000 | JPY | 21.666.666 | 21.630.000 | 4,01% |
| NISSIN FOOD PRODUCTS | 2.800 | JPY | 21.455.467 | 26.236.000 | 4,87% |
| PERSOL HLDG CO LTD | 7.500 | JPY | 16.071.167 | 18.495.000 | 3,43% |
| SAIZERIYA CO LTD | 7.500 | JPY | 18.138.450 | 20.160.000 | 3,74% |
| SANWA HLDG CORP. | 12.500 | JPY | 15.449.350 | 16.250.000 | 3,02% |
| SERIA CO LTD | 3.000 | JPY | 10.754.062 | 7.230.000 | 1,34% |
| SEVEN & -I- HLDG CO LTD | 6.000 | JPY | 26.862.917 | 31.602.000 | 5,86% |
| SUNTORY BEVERAGE & FOOD LTD | 5.000 | JPY | 21.151.155 | 25.650.000 | 4,76% |
| SUZUKI MOTOR CORP. | 7.500 | JPY | 30.600.600 | 31.980.000 | 5,93% |
| TAIYO KAGAKU CO LTD | 10.000 | JPY | 18.250.800 | 15.940.000 | 2,96% |
| Total YEN JAPONAIS |  |  | 502.778.974 | 530.133.800 | 98,36% |
| Total Actions Cotées ou Négociées |  |  | 502.778.974 | 530.133.800 | 98,36% |
| Total Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  | 502.778.974 | 530.133.800 | 98,36% |
| Total du Portefeuille-Titres |  |  | 502.778.974 | 530.133.800 | 98,36% |

|  |
| --- |
| Focus Mid-Caps Euro |
|  |
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en EUR) | Valeur d’évaluation (en EUR) | % de l'actif net |
|  |
| Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  |  |  |  |
| Actions Cotées ou Négociées |  |  |  |  |  |
| AIR LIQUIDE | 2.447 | EUR | 268.826,15 | 313.509,64 | 2,02% |
| AIR LIQUIDE FINANCE PRIME DE FIDELITE | 3.079 | EUR | 315.625,00 | 394.481,48 | 2,55% |
| AMREST HLDG SE | 100.000 | EUR | 617.693,37 | 367.500,00 | 2,37% |
| APPLUS SERVICES S.A. | 50.000 | EUR | 535.943,87 | 330.000,00 | 2,13% |
| ARKEMA | 6.250 | EUR | 574.775,81 | 530.750,00 | 3,43% |
| BASTIDE LE CONFORT MEDICAL S.A. | 30.000 | EUR | 1.114.695,68 | 1.059.000,00 | 6,84% |
| BERENTZEN-GRUPPE A.G. | 210.000 | EUR | 1.279.643,69 | 1.335.600,00 | 8,62% |
| DELTA PLUS GROUP | 4.500 | EUR | 173.125,60 | 298.800,00 | 1,93% |
| DEUTSCHE POST A.G. -REG- | 25.000 | EUR | 1.240.261,93 | 893.500,00 | 5,77% |
| GLOBAL DOMINION ACCESS S.A. | 175.000 | EUR | 683.475,39 | 727.125,00 | 4,69% |
| HUHTAMAEKI OY | 20.000 | EUR | 745.595,32 | 756.000,00 | 4,88% |
| IMERYS | 20.000 | EUR | 747.033,24 | 581.200,00 | 3,75% |
| KORIAN S.A. | 42.500 | EUR | 1.170.136,48 | 607.325,00 | 3,92% |
| LISI | 5.000 | EUR | 102.727,50 | 91.400,00 | 0,59% |
| LISI PRIME FIDELITE | 20.000 | EUR | 511.459,20 | 365.600,00 | 2,36% |
| MARIMEKKO OY | 25.000 | EUR | 160.308,98 | 308.500,00 | 1,99% |
| MAYR-MELNHOF KARTON A.G. | 3.750 | EUR | 439.320,82 | 607.500,00 | 3,92% |
| NORMA GROUP SE | 17.500 | EUR | 559.143,26 | 372.750,00 | 2,41% |
| ROCHE BOBOIS S.A. | 20.000 | EUR | 380.000,00 | 590.000,00 | 3,81% |
| RUBIS SCA | 20.000 | EUR | 883.798,58 | 445.600,00 | 2,88% |
| SARANTIS S.A. | 42.500 | EUR | 376.342,22 | 280.500,00 | 1,81% |
| SCHNEIDER ELECTRIC SE | 2.750 | EUR | 268.962,05 | 310.475,00 | 2,00% |
| SEB S.A. | 2.500 | EUR | 297.378,25 | 228.875,00 | 1,48% |
| SEB S.A. PRIME FIDELITE | 6.250 | EUR | 820.454,55 | 572.187,50 | 3,69% |
| STEF TFE | 7.500 | EUR | 658.244,25 | 621.000,00 | 4,01% |
| SYNERGIE S.A. | 40.000 | EUR | 1.156.777,76 | 1.062.000,00 | 6,85% |
| TELEPERFORMANCE | 2.000 | EUR | 540.635,46 | 586.600,00 | 3,79% |
| VALEO S.A. | 42.500 | EUR | 1.086.314,21 | 783.062,50 | 5,05% |
| Total EURO |  |  | 17.708.698,62 | 15.420.841,12 | 99,53% |
| Total Actions Cotées ou Négociées |  |  | 17.708.698,62 | 15.420.841,12 | 99,53% |
| Total Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  | 17.708.698,62 | 15.420.841,12 | 99,53% |
| Total du Portefeuille-Titres |  |  | 17.708.698,62 | 15.420.841,12 | 99,53% |

|  |
| --- |
| Focus Mid-Caps Swiss |
|  |
| Dénomination | Nominal / Quantité | Devise | Valeur d’acquisition (en CHF) | Valeur d’évaluation (en CHF) | % de l'actif net |
|  |
| Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  |  |  |  |
| Actions Cotées ou Négociées |  |  |  |  |  |
| ADECCO S.A. -REG- | 1.250 | CHF | 59.628,57 | 40.550,00 | 2,45% |
| ALSO HLDG A.G. | 500 | CHF | 81.427,50 | 94.100,00 | 5,68% |
| ALUFLEXPACK A.G. | 2.500 | CHF | 40.500,98 | 40.000,00 | 2,41% |
| AUTONEUM HLDG A.G. | 500 | CHF | 54.314,83 | 45.250,00 | 2,73% |
| BELL FOOD GROUP A.G. | 325 | CHF | 86.644,47 | 82.062,50 | 4,95% |
| BOSSARD HLDG A.G. | 150 | CHF | 21.171,80 | 27.720,00 | 1,67% |
| CALIDA HLDG A.G. | 1.250 | CHF | 34.500,00 | 50.937,50 | 3,07% |
| CLARIANT -REG- | 4.250 | CHF | 77.443,75 | 77.265,00 | 4,66% |
| COLTENE HLDG A.G. | 875 | CHF | 80.691,54 | 72.012,50 | 4,34% |
| DKSH HLDG S.A. | 1.500 | CHF | 91.567,78 | 118.200,00 | 7,13% |
| GEORG FISCHER | 1.000 | CHF | 43.000,00 | 46.960,00 | 2,83% |
| GURIT HOLDING AG | 250 | CHF | 27.250,00 | 25.350,00 | 1,53% |
| HELVETIA HLDG A.G. | 750 | CHF | 80.185,67 | 83.775,00 | 5,05% |
| IMPLENIA A.G. | 4.500 | CHF | 114.678,36 | 98.325,00 | 5,93% |
| KUEHNE + NAGEL INTERNATIONAL A.G. | 300 | CHF | 60.153,05 | 67.800,00 | 4,09% |
| MEDMIX A.G. NAMEN-AKT | 1.000 | CHF | 0,00 | 21.140,00 | 1,28% |
| SCHAFFNER HLDG A.G. | 250 | CHF | 51.000,00 | 72.500,00 | 4,37% |
| SIEGFRIED HLDG A.G. -REG | 75 | CHF | 27.825,00 | 45.750,00 | 2,76% |
| SIG GROUP A.G. | 2.250 | CHF | 36.727,55 | 47.295,00 | 2,85% |
| SULZER A.G. -NOM- | 875 | CHF | 82.675,91 | 51.887,50 | 3,13% |
| SWISS RE A.G. | 875 | CHF | 75.888,53 | 64.732,50 | 3,91% |
| THE SWATCH GROUP A.G. | 275 | CHF | 75.194,16 | 62.287,50 | 3,76% |
| VALIANT HLDG A.G. | 875 | CHF | 83.382,03 | 73.412,50 | 4,43% |
| VETROPACK HLDG S.A. | 1.750 | CHF | 78.627,16 | 69.125,00 | 4,17% |
| WALTER MEIER A.G. | 4.500 | CHF | 87.153,79 | 108.000,00 | 6,52% |
| Total FRANC SUISSE |  |  | 1.551.632,43 | 1.586.437,50 | 95,72% |
| COCA-COLA HBC A.G. | 3.500 | GBP | 87.553,31 | 74.148,92 | 4,47% |
| Total LIVRE STERLING |  |  | 87.553,31 | 74.148,92 | 4,47% |
| Total Actions Cotées ou Négociées |  |  | 1.639.185,74 | 1.660.586,42 | 100,19% |
| Total Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou négociées sur un autre marché réglementé |  |  | 1.639.185,74 | 1.660.586,42 | 100,19% |
| Total du Portefeuille-Titres |  |  | 1.639.185,74 | 1.660.586,42 | 100,19% |

(Content)
| European General | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| FRANCE | 48,37 % |
| SUISSE | 14,86 % |
| SUÈDE | 9,04 % |
| ALLEMAGNE | 8,88 % |
| ESPAGNE | 7,79 % |
| DANEMARK | 6,31 % |
| FINLANDE | 2,46 % |
| GRÈCE | 2,27 % |
| Total du Portefeuille-Titres | 99,98 % |

(Content)
| Japanese General | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| JAPON | 98,36 % |
| Total du Portefeuille-Titres | 98,36 % |

(Content)
| Focus Mid-Caps Euro | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| FRANCE | 60,95 % |
| ALLEMAGNE | 16,79 % |
| ESPAGNE | 9,19 % |
| FINLANDE | 6,87 % |
| AUTRICHE | 3,92 % |
| GRÈCE | 1,81 % |
| Total du Portefeuille-Titres | 99,53 % |

(Content)
| Focus Mid-Caps Swiss | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| SUISSE | 100,19 % |
| Total du Portefeuille-Titres | 100,19 % |

| European General | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| PRODUITS CHIMIQUES | 19,00 % |
| TRANSPORT & CIRCULATION | 8,42 % |
| BIENS DE CONSOMMATION DIVERS | 8,22 % |
| VEHICULES ROUTIERS | 7,54 % |
| SERVICES DIVERS | 6,85 % |
| AERONAUTIQUE & DEFENSE | 6,44 % |
| ALIMENTATION & PRODUITS D'ENTRETIEN | 6,10 % |
| SERVICES FINANCIERS - HOLDINGS | 5,74 % |
| LOISIRS & TOURISME | 5,58 % |
| SOINS & SERVICE DE SANTE | 5,43 % |
| BIJOUTERIE & HORLOGERIE | 4,63 % |
| BOISSONS & TABACS | 4,30 % |
| COMPAGNIES D'ASSURANCE | 4,13 % |
| TELECOMMUNICATIONS | 3,82 % |
| MATERIAUX DE CONSTRUCTION | 3,78 % |
| Total du Portefeuille-Titres | 99,98 % |

| Japanese General | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| SERVICES FINANCIERS - HOLDINGS | 23,34 % |
| CONSTRUCTION MECANIQUE | 15,97 % |
| PHARMACIE - COSMETIQUE | 13,66 % |
| VEHICULES ROUTIERS | 11,28 % |
| ALIMENTATION & PRODUITS D'ENTRETIEN | 8,73 % |
| PRODUITS CHIMIQUES | 6,97 % |
| INFORMATIQUE - REPRODUCTION | 5,49 % |
| MATERIAUX DE CONSTRUCTION | 4,10 % |
| EQUIPEMENTS & SERVICES PROD. ENERGIE | 3,74 % |
| LOISIRS & TOURISME | 3,74 % |
| DISTRIBUTION | 1,34 % |
| Total du Portefeuille-Titres | 98,36 % |

|  |  |
| --- | --- |
| Focus Mid-Caps Euro | %  DE L ' ACTIF NET |
|  |
| BIENS DE CONSOMMATION DIVERS | 13,86 % |
| SOINS & SERVICE DE SANTE | 13,69 % |
| PRODUITS CHIMIQUES | 9,81 % |
| TRANSPORT & CIRCULATION | 9,77 % |
| BOISSONS & TABACS | 8,62 % |
| SERVICES DIVERS | 6,82 % |
| SERVICES FINANCIERS - HOLDINGS | 6,80 % |
| VEHICULES ROUTIERS | 5,05 % |
| INDUSTRIE D'EMBALLAGE | 3,92 % |
| TELECOMMUNICATIONS | 3,79 % |
| MATERIAUX DE CONSTRUCTION | 3,75 % |
| AERONAUTIQUE & DEFENSE | 2,95 % |
| CONSTRUCTION MECANIQUE | 2,41 % |
| LOISIRS & TOURISME | 2,37 % |
| MATERIEL ELECTRIQUE - ELECTRONIQUE | 2,00 % |
| BIJOUTERIE & HORLOGERIE | 1,99 % |
| INFORMATIQUE - REPRODUCTION | 1,93 % |
| Total du Portefeuille-Titres | 99,53 % |

| Focus Mid-Caps Swiss | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| SERVICES FINANCIERS - HOLDINGS | 16,84 % |
| CONSTRUCTION MECANIQUE | 12,48 % |
| COMPOSANTS & INSTRUMENTS ELECTRONIQUES | 10,05 % |
| ALIMENTATION & PRODUITS D'ENTRETIEN | 9,42 % |
| COMPAGNIES D'ASSURANCE | 8,96 % |
| PRODUITS CHIMIQUES | 8,95 % |
| MATERIAUX DE CONSTRUCTION | 5,93 % |
| SOINS & SERVICE DE SANTE | 4,34 % |
| INDUSTRIE D'EMBALLAGE | 4,17 % |
| TRANSPORT & CIRCULATION | 4,09 % |
| BIJOUTERIE & HORLOGERIE | 3,76 % |
| TEXTILE & HABILLEMENT | 3,07 % |
| AERONAUTIQUE & DEFENSE | 2,73 % |
| SERVICES COMMERCIAUX - PUBLICS | 2,45 % |
| SOCIETES DIVERSIFIEES | 1,67 % |
| PHARMACIE - COSMETIQUE | 1,28 % |
| Total du Portefeuille-Titres | 100,19 % |

| European General | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| EURO | 64,19 % |
| COURONNE SUÉDOISE | 9,04 % |
| FRANC SUISSE | 8,76 % |
| COURONNE DANOISE | 6,31 % |
| LIVRE STERLING | 6,10 % |
| ZLOTY POLONAIS | 5,58 % |
| Total du Portefeuille-Titres | 99,98 % |

| Japanese General | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| YEN JAPONAIS | 98,36 % |
| Total du Portefeuille-Titres | 98,36 % |

| Focus Mid-Caps Euro | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| EURO | 99,53 % |
| Total du Portefeuille-Titres | 99,53 % |

| Focus Mid-Caps Swiss | %  DE L ' ACTIF NET |
| --- | --- |
|  |
| FRANC SUISSE | 95,72 % |
| LIVRE STERLING | 4,47 % |
| Total du Portefeuille-Titres | 100,19 % |

Ces répartitions d’actifs ont été établies sur base de données (brutes) utilisées par l’agent administratif et ne reflètent pas nécessairement l’analyse
par devise qui a orienté la sélection d’actif.
European General
| Actions en circulation au début de la période | - A EUR | 408.235,158 |
| --- | --- | --- |
| - A-H CHF | 2.377,857 |
| - A-H USD | 3.542,000 |
| - B EUR | 44.290,721 |
| - C EUR | 42.945,459 |
| - C-H CHF | 5.303,242 |
| - C-H USD | 6.126,630 |
| - M EUR | 69.578,302 |
| Actions émises au cours de la période | - A EUR | 10.233,899 |
| - A-H CHF | 267,197 |
| - A-H USD | 0,000 |
| - B EUR | 0,000 |
| - C EUR | 130,904 |
| - C-H CHF | 1,000 |
| - C-H USD | 0,000 |
| - M EUR | 1.534,355 |
| Actions remboursées au cours de la période | - A EUR | 30.416,417 |
| - A-H CHF | 60,000 |
| - A-H USD | 2,000 |
| - B EUR | 123,897 |
| - C EUR | 5.449,875 |
| - C-H CHF | 485,000 |
| - C-H USD | 644,000 |
| - M EUR | 53.703,661 |
| Actions en circulation à la fin de la période | - A EUR | 388.052,640 |
| - A-H CHF | 2.585,054 |
| - A-H USD | 3.540,000 |
| - B EUR | 44.166,824 |
| - C EUR | 37.626,488 |
| - C-H CHF | 4.819,242 |
| - C-H USD | 5.482,630 |
| - M EUR | 17.408,996 |

Japanese General
| Actions en circulation au début de la période | - A-H EUR | 9.768,407 |
| --- | --- | --- |
| - A JPY | 28.349,092 |
| Actions émises au cours de la période | - A-H EUR | 0,000 |
| - A JPY | 410,000 |
| Actions remboursées au cours de la période | - A-H EUR | 0,000 |
| - A JPY | 200,000 |
| Actions en circulation à la fin de la période | - A-H EUR | 9.768,407 |
| - A JPY | 28.559,092 |

Focus Mid-Caps Euro
| Actions en circulation au début de la période | - A EUR | 142.868,397 |
| --- | --- | --- |
| - A-H CHF | 1.495,715 |
| - A-H USD | 1.000,000 |
| - C EUR | 211,095 |
| - M EUR | 567,344 |
| Actions émises au cours de la période | - A EUR | 16.715,140 |
| - A-H CHF | 0,000 |
| - A-H USD | 0,000 |
| - C EUR | 0,000 |
| - M EUR | 0,000 |
| Actions remboursées au cours de la période | - A EUR | 8.477,902 |
| - A-H CHF | 195,715 |
| - A-H USD | 0,000 |
| - C EUR | 0,000 |
| - M EUR | 457,205 |
| Actions en circulation à la fin de la période | - A EUR | 151.105,635 |
| - A-H CHF | 1.300,000 |
| - A-H USD | 1.000,000 |
| - C EUR | 211,095 |
| - M EUR | 110,139 |

| Focus Mid-Caps Swiss |
| --- |
|  |
| Actions en circulation au début de la période | - A CHF | 19.666,277 0,000 2.570,794 |
| Actions émises au cours de la période | - A CHF |
| Actions remboursées au cours de la période | - A CHF |
| Actions en circulation à la fin de la période | - A CHF | 17.095,483 |

| Compartiment | Date d’Evaluation | Actif Net Total | Classe d'actions | Actions en Circulation | Valeur de l’Action | Devise |
| --- | --- | --- | --- | --- | --- | --- |

| European General (EUR) | 31.12.2019 31.12.2020 31.12.2021 30.06.2022 | 332.517.297,13 240.507.806,12 197.822.727,53 134.364.298,25 | - A EUR | 788.736,083 | 327,52 | EUR |
| --- | --- | --- | --- | --- | --- | --- |
| - A-H CHF | 6.823,405 | 334,72 | CHF |
| - A-H USD | 9.515,000 | 436,95 | USD |
| - B EUR | 36.627,959 | 324,62 | EUR |
| - C EUR | 89.086,402 | 315,19 | EUR |
| - C-H CHF | 6.114,242 | 321,72 | CHF |
| - C-H USD | 6.731,196 | 419,81 | USD |
| - M EUR | 73.448,084 | 327,98 | EUR |
| - A EUR | 572.098,505 | 310,59 | EUR |
| - A-H CHF | 2.682,376 | 316,99 | CHF |
| - A-H USD | 4.678,000 | 422,91 | USD |
| - B EUR | 44.672,099 | 307,73 | EUR |
| - C EUR | 62.444,731 | 297,30 | EUR |
| - C-H CHF | 6.748,242 | 303,02 | CHF |
| - C-H USD | 6.684,196 | 404,08 | USD |
| - M EUR | 77.129,202 | 311,22 | EUR |
| - A EUR | 408.235,158 | 340,30 | EUR |
| - A-H CHF | 2.377,857 | 345,94 | CHF |
| - A-H USD | 3.542,000 | 467,01 | USD |
| - B EUR | 44.290,721 | 337,02 | EUR |
| - C EUR | 42.945,459 | 323,98 | EUR |
| - C-H CHF | 5.303,242 | 328,92 | CHF |
| - C-H USD | 6.126,630 | 443,79 | USD |
| - M EUR | 69.578,302 | 341,19 | EUR |
| - A EUR | 388.052,640 | 266,68 | EUR |
| - A-H CHF | 2.585,054 | 271,51 | CHF |
| - A-H USD | 3.540,000 | 370,01 | USD |
| - B EUR | 44.166,824 | 264,06 | EUR |
| - C EUR | 37.626,488 | 253,22 | EUR |
| - C-H CHF | 4.819,242 | 257,49 | CHF |
| - C-H USD | 5.482,630 | 350,68 | USD |
| - M EUR | 17.408,996 | 267,49 | EUR |

| Japanese General (JPY) | 31.12.2019 31.12.2020 31.12.2021 30.06.2022 | 459.816.719 531.790.588 575.574.515 538.967.950 | - A-H EUR | 9.820,109 | 120,65 | EUR |
| --- | --- | --- | --- | --- | --- | --- |
| - A JPY | 25.730,888 | 12.253 | JPY |
| - A-H EUR | 9.620,394 | 123,91 | EUR |
| - A JPY | 30.035,063 | 12.692 | JPY |
| - A-H EUR | 9.768,407 | 137,07 | EUR |
| - A JPY | 28.349,092 | 14.118 | JPY |
| - A-H EUR | 9.768,407 | 123,87 | EUR |
| - A JPY | 28.559,092 | 12.855 | JPY |

| Compartiment | Date d’Evaluation | Actif Net Total | Classe d'actions | Actions en Circulation | Valeur de l’Action | Devise |
| --- | --- | --- | --- | --- | --- | --- |

| Focus Mid-Caps Euro (EUR) | 31.12.2019 31.12.2020 31.12.2021 30.06.2022 | 24.791.094,55 25.436.882,77 18.337.162,42 15.493.622,74 | - A EUR | 215.949,531 | 107,75 | EUR |
| --- | --- | --- | --- | --- | --- | --- |
| - A-H CHF | 2.248,658 | 124,43 | CHF |
| - A-H USD | 1.000,000 | 136,15 | USD |
| - C EUR | 1.560,876 | 106,42 | EUR |
| - M EUR | 9.077,832 | 107,75 | EUR |
| - A EUR | 206.868,051 | 116,68 | EUR |
| - A-H CHF | 1.707,524 | 134,47 | CHF |
| - A-H USD | 2.806,498 | 150,37 | USD |
| - C EUR | 1.560,876 | 114,67 | EUR |
| - M EUR | 4.825,294 | 116,77 | EUR |
| - A EUR | 142.868,397 | 125,22 | EUR |
| - A-H CHF | 1.495,715 | 143,80 | CHF |
| - A-H USD | 1.000,000 | 162,67 | USD |
| - C EUR | 211,095 | 123,41 | EUR |
| - M EUR | 567,344 | 125,21 | EUR |
| - A EUR | 151.105,635 | 100,50 | EUR |
| - A-H CHF | 1.300,000 | 115,40 | CHF |
| - A-H USD | 1.000,000 | 131,99 | USD |
| - C EUR | 211,095 | 98,80 | EUR |
| - M EUR | 110,139 | 100,59 | EUR |

| Focus Mid-Caps Swiss (CHF) | 31.12.2019 31.12.2020 31.12.2021 30.06.2022 | 8.280.659,00 8.631.503,15 2.326.880,13 1.657.436,50 | - A CHF | 84.293,305 | 98,24 | CHF |
| --- | --- | --- | --- | --- | --- | --- |
| - A CHF | 83.734,607 | 103,08 | CHF |
| - A CHF | 19.666,277 | 118,32 | CHF |
| - A CHF | 17.095,483 | 96,95 | CHF |

NOTE 1 - PRINCIPES ET MÉTHODES COMPTABLES
Les états financiers de la SICAV ont été préparés selon le principe de continuité d’exploitation, conformément aux normes et principes comptables communément acceptés au Luxembourg et sur base des valeurs nettes d’inventaires officielles calculées à la clôture de l’exercice pour chaque compartiment.
- Evaluation du portefeuille-titres et des instruments dérivésLes titres cotés à une bourse officielle sont évalués sur la base du dernier cours de clôture connu au 30 juin 2022 et, s’il y a plusieurs marchés, au cours du marché principal du titre en question.

Les titres et produits dérivés cotés sur d’autres marchés réglementés sont évalués sur la base du cours de clôture et, s’il y a plusieurs marchés, au cours du marché principal du titre en question.
Les titres non cotés en bourse ou dont le cours n’est pas représentatif sont évalués à leur dernière valeur marchande connue ou, en l’absence de valeur marchande, à la valeur marchande probable de réalisation selon les critères d’évaluation jugés prudents par le Conseil d’Administration.
Les parts des organismes de placement collectif sont évaluées à la dernière valeur nette disponible. Les contrats de change à terme sont évalués sur base des derniers taux "forward" disponibles à la date
d’évaluation.
- Plus-values et moins-values réalisées sur investissementsLes plus ou moins-values nettes réalisées sur ventes de titres sont calculées sur base du coût moyen des titres vendus. Le montant des plus ou moins-values nettes réalisées imputable à la variation des cours de change est enregistré dans le compte de "Plus ou moins-value nette réalisée sur devises" lors de l’opération de vente.
- Conversion des devises étrangèresLes avoirs en banque, les autres actifs nets ainsi que la valeur boursière des titres en portefeuille en autres devises que la devise du compartiment concerné sont convertis en la devise du compartiment au taux de change en vigueur à Luxembourg à la date de la clôture.

Les revenus et frais en devises autres que la devise du compartiment sont convertis dans la devise du compartiment aux cours de change en vigueur à la date du paiement.
- Coût d'acquisition des titres en portefeuillePour les titres libellés en devises autres que la devise la SICAV, le coût d'acquisition est calculé sur base du cours de change en vigueur au jour de l'achat.
- Variation des plus ou moins-values nettes non réaliséesLa variation de la plus ou moins-value nette non réalisée à la fin de l’exercice figure également dans les résultats des opérations.
- Variation du portefeuille-titresLe tableau des variations du portefeuille-titres des compartiments est disponible sans frais au siège social de la SICAV.
- Revenus, dépenses et provisions y relativesLes intérêts sont comptabilisés chaque jour et les dividendes sont enregistrés à l’ "ex-date". Les intérêts et revenus sont comptabilisés nets des précomptes mobiliers non recouvrables.

Lorsque la SICAV fait face à des frais concernant un compartiment en particulier, ces derniers sont alloués à ce compartiment. Les dépenses non attribuables à un compartiment en particulier sont réparties entre les différents compartiments au prorata de la valeur nette d’inventaire de chaque compartiment.
- Etats financiers combinésLes actifs nets des différents compartiments de la SICAV sont exprimés dans leur devise de référence.

Les états financiers combinés de la SICAV sont établis en EUR et sont égaux à la somme des rubriques correspondantes dans les états financiers de chaque compartiment, converties dans cette devise aux cours de change en vigueur à la date des états financiers (Note 2).
- Différence de changeLa différence de change au niveau de l’actif net total de la SICAV est due aux variations des cours de change des devises dans lesquelles sont libellés l’actif net des différents compartiments et ce, entre le 31 décembre 2021 et le 30 juin 2022.

NOTE 2 - TAUX DE CHANGE
| 1  EUR	= | 1,00090 | CHF |
| --- | --- | --- |
| 1  EUR	= | 142,02965 | JPY |
| 1  EUR	= | 1,04545 | USD |

NOTE 3 - TAXES ET FRAIS À PAYER
| Commission de gestion | 436.073,12 | EUR |
| --- | --- | --- |
| Commission de couverture | 2.197,30 | EUR |
| Commission de banque dépositaire | 29.001,24 | EUR |
| Taxe d'abonnement | 8.842,48 | EUR |
| Frais et commissions divers | 129.216,23 | EUR |
| Total | 605.330,38 | EUR |

NOTE 4 - COMMISSIONS DE LA SOCIÉTÉ DE GESTION

### Compartiment European General
La Société paie à la Société de Gestion une rémunération consistant en une commission de gestion au taux annuel de :
- 0,90% pour les classes M EUR;
- 1% pour les classes A EUR, A-H USD, A-H CHF et B;
- 1,50% pour la classe C EUR, C-H USD et C-H CHF.

La commission de gestion est payable trimestriellement et est calculée sur la valeur nette moyenne des actions du compartiment.
La Société de Gestion est par ailleurs en charge de la gestion de la politique de couverture qui s’appliquera aux classes du compartiment, libellées en USD et en CHF. A cet effet une convention de couverture contre le risque de change a été conclue entre la Société de Gestion et la Société pour une durée indéterminée.
Aux termes de cette convention et en rémunération de ces prestations, la Société de Gestion perçoit de la Société, à la charge des classes A-H USD, C-H USD, Classes A-H CHF et C-H CHF du compartiment, une commission mensuelle de 0,01% par mois, et calculée sur la valeur de l’actif net moyen au cours du mois sous revue de ces Classes. Cette commission est payable trimestriellement.

### Compartiment Japanese General
La Société paie à la Société de Gestion une rémunération consistant en une commission de gestion au taux annuel de 1% pour les classes A JPY et A-H EUR.
La commission de gestion est payable trimestriellement et est calculée sur la valeur nette moyenne des actions du compartiment.
La Société de Gestion est par ailleurs en charge de la gestion de la politique de couverture qui s’appliquera aux classes du compartiment, non libellées en JPY. A cet effet une convention de couverture contre le risque de change a été conclue entre la Société de Gestion et la Société pour une durée indéterminée.
Aux termes de cette convention et en rémunération de ces prestations, la Société de Gestion perçoit de la Société, à la charge de la classe A-H EUR, une commission mensuelle de 0,01% par mois, et calculée sur la valeur de l’actif net moyen au cours du mois sous revue de cette classe. Cette commission est payable trimestriellement.

### Compartiment Focus Mid-Caps Euro
La Société paie à la Société de Gestion une rémunération consistant en une commission de gestion au taux annuel de :
- 0,90% pour la classe M EUR;
- 1% pour les classes A EUR, A-H USD et A-H CHF;
- 1,50% pour la classe C EUR.

La commission de gestion est payable trimestriellement et est calculée sur la valeur nette moyenne des actions du compartiment.
La Société de Gestion est par ailleurs en charge de la gestion de la politique de couverture qui s’appliquera aux classes du compartiment, libellées en USD et en CHF. A cet effet une convention de couverture contre le risque de change a été conclue entre la Société de Gestion et la Société pour une durée indéterminée.
Aux termes de cette convention et en rémunération de ces prestations, la Société de Gestion perçoit de la Société, à la charge des classes A-H USD et A-H CHF du compartiment, une commission mensuelle de 0,01% par mois, et calculée sur la valeur de l’actif net moyen au cours du mois sous revue de ces Classes. Cette commission est payable trimestriellement.

### Compartiment Focus Mid-Caps Swiss
La Société paie à la Société de Gestion une rémunération consistant en une commission de gestion au taux annuel de 1%.
La commission de gestion est payable trimestriellement et est calculée sur la valeur nette moyenne des actions du compartiment.
| NOTE 5 - COMMISSIONS DU GESTIONNAIRE EN INVESTISSEMENTS |
| --- |
| Compartiment European General La Société de Gestion paie au Gestionnaire une rémunération consistant en une commission de gestion au taux annuel de : - 0,87% pour les classes M EUR;
- 0,97% pour les classes A EUR, A-H USD, A-H CHF et B;
- 1,47% pour la classe C EUR, C-H USD et C-H CHF.
 La commission de gestion est payable trimestriellement et est calculée sur la valeur nette moyenne des actions du compartiment. Cette commission de gestion peut être utilisée pour rémunérer des prestations de distribution ou de promotion. Compartiment Japanese General La Société de Gestion paie au Gestionnaire une rémunération consistant en une commission de gestion au taux annuel de 0,97% pour les classes A JPY et A-H EUR. La commission de gestion est payable trimestriellement et est calculée sur la valeur nette moyenne des actions du compartiment. Cette commission de gestion peut être utilisée pour rémunérer des prestations de distribution ou de promotion. Compartiment Focus Mid-Caps Euro La Société de Gestion paie au Gestionnaire une rémunération consistant en une commission de gestion au taux annuel de : - 0,87% pour la classe M EUR;
- 0,97% pour les classes A EUR, A-H USD et A-H CHF;
- 1,47% pour la classe C EUR.
 La commission de gestion est payable trimestriellement et est calculée sur la valeur nette moyenne des actions du compartiment. Cette commission de gestion peut être utilisée pour rémunérer des prestations de distribution ou de promotion. Compartiment Focus Mid-Caps Swiss La Société de Gestion paie au Gestionnaire une rémunération consistant en une commission de gestion au taux annuel de 0,97%. La commission de gestion est payable trimestriellement et est calculée sur la valeur nette moyenne des actions du compartiment. Cette commission de gestion peut être utilisée pour rémunérer des prestations de distribution ou de promotion. |

| NOTE 6 - COMMISSIONS DE PERFORMANCE |
| --- |
| Compartiment European General Pour toutes les classes, le taux de Commission de performance applicable est fixé à 20% et l'indice de référence utilisé pour calculer la Commission de performance est le MSCI Europe Total Return Net (code Bloomberg NDDLE.15). Compartiment Japanese General Pour toutes les classes, le taux de Commission de performance applicable est fixé à 20% et l'indice de référence utilisé pour calculer la Commission de performance est le Topix Total Return (Ticker Bloomberg TPXDDVD Index). Compartiment Focus Mid-Caps Euro Pour toutes les classes, le taux de Commission de performance applicable est fixé à 20% et l'indice de référence utilisé pour calculer la Commission de performance est le MSCI EMU Mid Net Return (Ticker Bloomberg : MMDLEMUN Index). Compartiment Focus Mid-Caps Swiss Pour toutes les classes, le taux de Commission de performance applicable est fixé à 20% et l'indice de référence utilisé pour calculer la Commission de performance est le Swiss Performance Index ® Extra Total Return (Ticker Bloomberg : SPIEX). En outre, le Gestionnaire est en droit de percevoir, sur les actifs nets de la Classe d'actions concernée du compartiment, une commission de performance (la « Commission de performance ») calculée sur la différence entre la performance positive de la Valeur Nette d'Inventaire par action (la « VNI ») par rapport au High Water Mark (« HWM », tel que défini ci-dessous) et la performance de l'Indice de référence (tel que défini ci-dessous) sur la même période de temps. La période de référence de la performance (« Période de Référence de la Performance » ou « PRP ») correspond à la totalité de la durée de vie du compartiment et ne peut pas être réinitialisée (il n’y aura aucune compensation possible de la sous-performance (ou performance négative) passée). La Commission de performance est calculée et comptabilisée pour chaque Classe d'actions au sein du compartiment, chaque Jour d'évaluation, selon la méthodologie décrite ci-dessous. Au 30 juin 2022, aucune commission de performance n'a été versée. |
| NOTE 7 - CHANGES À TERME |
| Au 30 juin 2022, les changes à terme suivants sont ouverts auprès de la contrepartie Banque Degroof Petercam Luxembourg S.A. : |

European General :
| Echéance | Devise Achetée | Montant Acheté | Devise Vendue | Montant Vendu | + / - Value Non Réalisée ( EN  EUR) | Engagement (en EUR) |
| --- | --- | --- | --- | --- | --- | --- |
|  |
| 15/07/2022 | EUR | 31.801,62 | CHF | 33.088,00 | -1.255,80 | 33.058,25 |
| 15/07/2022 | EUR | 56.307,37 | CHF | 58.585,00 | -2.223,49 | 58.532,32 |
| 15/07/2022 | USD | 1.378.810,00 | EUR | 1.319.965,92 | -2.226,05 | 1.318.867,48 |
| 15/07/2022 | CHF | 740.106,00 | EUR | 712.517,33 | 26.893,48 | 739.440,50 |
| 15/07/2022 | CHF | 1.308.890,00 | EUR | 1.260.098,97 | 47.561,58 | 1.307.713,05 |
| 15/07/2022 | USD | 2.047.388,00 | EUR | 1.960.010,72 | -3.305,44 | 1.958.379,65 |
| 15/07/2022 | EUR | 107.968,87 | USD | 112.523,00 | 427,78 | 107.631,16 |
| 15/07/2022 | EUR | 58.506,21 | USD | 60.974,00 | 231,81 | 58.323,21 |
|  |  |  |  | Total | 66.103,87 | 5.581.945,61 |

Japanese General :
| Echéance | Devise Achetée | Montant Acheté | Devise Vendue | Montant Vendu | + / - Value Non Réalisée ( EN  JPY) | Engagement (en JPY) |
| --- | --- | --- | --- | --- | --- | --- |
|  |
| 15/07/2022 | JPY | 7.052.594 | EUR | 50.857,00 | -170.623 | 7.223.202 |
| 15/07/2022 | EUR | 1.239.714,00 | JPY | 172.885.556 | 3.178.702 | 176.076.146 |
|  |  |  |  | Total | 3.008.079 | 183.299.347 |

Focus Mid-Caps Euro :
| Echéance | Devise Achetée | Montant Acheté | Devise Vendue | Montant Vendu | + / - Value Non Réalisée ( EN  EUR) | Engagement (en EUR) |
| --- | --- | --- | --- | --- | --- | --- |
|  |
| 15/07/2022 | EUR | 7.211,30 | CHF | 7.503,00 | -284,77 | 7.496,25 |
| 15/07/2022 | CHF | 159.807,00 | EUR | 153.849,93 | 5.806,96 | 159.663,30 |
| 15/07/2022 | USD | 140.337,00 | EUR | 134.347,78 | -226,58 | 134.235,98 |
| 15/07/2022 | EUR | 6.239,81 | USD | 6.503,00 | 24,73 | 6.220,29 |
|  |  |  |  | Total | 5.320,34 | 307.615,82 |

NOTE 8 - TAXE D'ABONNEMENT
La SICAV est régie par les lois fiscales luxembourgeoises.
En vertu de la législation et des règlements en vigueur actuellement, la SICAV est soumise à Luxembourg à la taxe d'abonnement au taux annuel de 0,05%, payable trimestriellement et calculée sur l'actif net de la SICAV à chaque fin de trimestre. Cette taxe est réduite à 0,01% par an des actifs nets attribuables aux classes d’actions destinées aux investisseurs institutionnels.
| La taxe d’abonnement n’est pas due sur les quotités d’actifs investis en OPC déjà soumis à l’application de cette taxe. En outre, la SICAV étant enregistrée en Belgique, elle est de plus soumise à une taxe au taux annuel de 0,0925% calculée pour l’année 2022 sur base de la valeur des actions distribuées en Belgique telle qu’établie au 31 décembre 2021. |
| --- |
| NOTE 9 - COMMISSION DE BANQUE DÉPOSITAIRE |
| La Société paie à la Banque Degroof Petercam Luxembourg S.A., à charge du compartiment, une commission globale payable à la fin de chaque trimestre et calculée sur les actifs nets moyens du compartiment durant le trimestre concerné, au taux annuel suivant : - sur la première tranche de (pour le compartiment Focus Mid-Caps Swiss correspondant à l’équivalenten CHF de) EUR 12 millions : 0,10%
- sur les actifs compris entre (pour le compartiment Focus Mid-Caps Swiss correspondant à l’équivalenten CHF de) EUR 12 et EUR 24 millions : 0,08%
- sur les actifs au-delà de (pour le compartiment Focus Mid-Caps Swiss correspondant à l’équivalent en CHF de) EUR 24 millions : 0,06% avec un minimum de EUR 10.000, pour le compartiment European General.
 |
| NOTE 10 - EVÈNEMENTS SURVENUS PENDANT LA PÉRIODE |
| La pandémie de COVID-19 (coronavirus) tend à perdurer et perturbe encore fortement la vie des gens au quotidien depuis maintenant bientôt deux années. Cela a bien évidement une incidence sur l’économie mondiale bien que la finance dans son secteur spécifique ne soit pas le secteur le plus défavorisé. Partout dans le monde, les autorités ont pris et continuent à prendre des mesures énergiques et indispensables pour contenir la diffusion du virus, et pour soutenir les particuliers et les entreprises en ces temps difficiles. Impact de l’invasion russe en Ukraine : L’invasion de l’Ukraine par l’armée russe est un évènement qui perturbera les marchés financiers mondiaux, à travers divers canaux, pendant un certain temps. La hausse des prix des matières premières est un des premiers canaux de transmission de risque dans l’économie mondiale, et plus particulièrement pour les pays qui sont plus dépendants d’un approvisionnement en Russie (énergie, blé, différents métaux). La Russie est le 6ème plus gros producteur mondial de matières premières. L’augmentation actuelle des prix renforce le caractère non transitoire de l’inflation qui était constatée dans la plupart des pays développés. Le scénario de stagflation, combinaison d’une plus faible croissance liée à un niveau d’inflation élevé, est devenu plus probable pour les mois à venir. Les banques centrales, qui planifiaient la sortie du support monétaire mis en place lors de la crise du Covid, doivent réévaluer leur sortie de crise car toute augmentation des taux pour contrer l’inflation risque d’avoir un impact significatif sur l’activité économique. L’équilibre restera difficile. La Russie est fortement isolée à travers le monde, ne trouvant plus que la Chine comme partenaire commercial significatif. D’éventuelles répercussions suite aux sanctions imposées à la Russie risquent également d’impacter significativement l’économie européenne si Moscou décidait, en représailles, de stopper le flux de gaz dont sont fortement dépendants l’Allemagne ou l’Italie. |

Le rouble n’est plus traitable sur les marchés de change et la banque centrale russe a été également mise au pilori des sanctions. Les devises ont dès lors un risque accru de volatilité, ce risque pourrait rester un certain temps. Les indices actions et obligataires vont retirer les titres russes étant donné que ces positions ne sont plus cotées. Les positions russes qui n’ont pu être vendues resteront en conséquence dans les portefeuilles aussi longtemps que la bourse sera fermée et tant qu’il ne sera pas possible de convertir le rouble dans une autre devise, ce qui prendra beaucoup de temps.
Les risques sur les sociétés sont accrus et leurs bénéfices seront influencés par leur dépendance, entre autres, aux matières premières. Les marchés sont par conséquents à risque de subir davantage de volatilité dans les mois à venir.
La désescalade géopolitique prendra également inévitablement beaucoup de temps et laissera des traces pour une longue période.

### Transparence des opérations de financement sur titres et de la réutilisation ("STFR")
Conformément à l’article 13 et à la Section A de l’Annexe du Règlement EU 2015/2365 (ci-après le "Règlement"), la SICAV doit informer les investisseurs de l’utilisation qu’elle fait des opérations de financement sur titres et des contrats d’échange sur rendement global dans le rapport annuel et le rapport semestriel.
Le portefeuille ne contient pas d'avoirs prêtés à la date du présent rapport.