# OYSTER
## - European Corporate Bonds

#### Financial Statements as at 30/06/2021

##### Statement of net assets as at 30/06/2021
Expressed in EUR
| Assets |  | 58,247,452.76 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 51,688,922.39 |
| Unrealised profit on the securities portfolio |  | 1,167,508.80 |
| Options purchased at market value |  | 92,750.00 |
| Cash at banks and liquidities |  | 5,967,751.18 |
| Interest receivable |  | 498,029.19 |
| Liabilities |  | 126,742.25 |
| Redemptions payable |  | 31,801.08 |
| Management fees payable | Note 3 | 45,403.73 |
| Other liabilities |  | 49,537.44 |
| Net asset value |  | 58,120,710.51 |


##### Statement of operations and changes in net assets from 01/01/2021 to 30/06/2021
Expressed in EUR
| Income |  | 577,136.66 |
| --- | --- | --- |
| Net interest on bonds |  | 577,136.66 |
| Expenses |  | 465,162.57 |
| Management fees | Note 3 | 282,371.43 |
| Depositary fees | Note 6 | 2,798.90 |
| Taxe d'abonnement | Note 5 | 14,027.62 |
| Administrative expenses | Note 3 | 60,683.71 |
| Audit fees |  | 10,897.37 |
| Bank interest |  | 15,620.55 |
| Legal fees |  | 11,690.98 |
| Transaction fees |  | 2,528.96 |
| Other expenses |  | 64,543.05 |
| Net income from investments |  | 111,974.09 |
| Net realised profit / loss on: - sales of investment securities | Note 2 | 861,065.20 |
| - options | Note 2 | (242,641.25) |
| - forward foreign exchange contracts | Note 2 | (14,048.58) |
| - foreign exchange |  | (21,099.78) |
| Net realised profit |  | 695,249.68 |
| Movement in net unrealised appreciation / depreciation on: - investments |  | (438,784.18) |
| - options |  | (53,500.00) |
| - forward foreign exchange contracts |  | (134,440.24) |
| Increase in net assets as a result of operations |  | 68,525.26 |
| Subscription capitalisation shares |  | 903,406.25 |
| Redemption capitalisation shares |  | (4,050,227.92) |
| Redemption distribution shares |  | (1,417,335.90) |
| Decrease in net assets |  | (4,495,632.31) |
| Net assets at the beginning of the period |  | 62,616,342.82 |
| Net assets at the end of the period |  | 58,120,710.51 |


##### Statistics
|  | Period / Year ending as at: | 30/06/2021 | 31/12/2020 | 31/12/2019 |
| --- | --- | --- | --- | --- |
| Total Net Assets | EUR | 58,120,710.51 | 62,616,342.82 | 86,985,873.48 |
| C - EUR - Capitalisation |
| Number of shares |  | 117,990.742 | 124,437.194 | 173,843.887 |
| Net asset value per share | EUR | 285.34 | 285.10 | 278.60 |
| C - EUR - Distribution Number of shares |  | 61,676.725 | 70,389.061 | 84,361.423 |
| Net asset value per share | EUR | 162.70 | 162.57 | 160.09 |
| I - EUR - Capitalisation Number of shares |  | 3,314.000 | 3,421.028 | 3,913.890 |
| Net asset value per share | EUR | 1,109.64 | 1,105.48 | 1,073.83 |
| N - EUR - Capitalisation Number of shares |  | 29,058.021 | 30,333.021 | 31,578.021 |
| Net asset value per share | EUR | 158.21 | 158.31 | 155.17 |
| R - EUR - Capitalisation Number of shares |  | 3,312.443 | 3,862.796 | 8,607.869 |
| Net asset value per share | EUR | 1,796.75 | 1,791.67 | 1,743.85 |
| R - EUR - Distribution Number of shares |  | 180.046 | 180.046 | 890.046 |
| Net asset value per share | EUR | 1,068.01 | 1,065.00 | 1,048.67 |

Changes in number of shares outstanding from 01/01/2021 to 30/06/2021
|  | Shares outstanding as at 01/01/2021 | Shares issued | Shares redeemed | Shares outstanding as at 30/06/2021 |
| --- | --- | --- | --- | --- |
| C - EUR - Capitalisation | 124,437.194 | 2,070.764 | 8,517.216 | 117,990.742 |
| C - EUR - Distribution | 70,389.061 | 0.000 | 8,712.336 | 61,676.725 |
| I - EUR - Capitalisation | 3,421.028 | 138.000 | 245.028 | 3,314.000 |
| N - EUR - Capitalisation | 30,333.021 | 0.000 | 1,275.000 | 29,058.021 |
| R - EUR - Capitalisation | 3,862.796 | 89.300 | 639.653 | 3,312.443 |
| R - EUR - Distribution | 180.046 | 0.000 | 0.000 | 180.046 |

| Quantity	Denomination	Quotation	Cost price currency | Market value | % of net assets |
| --- | --- | --- |
| Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market	 50,521,413.59 | 51,688,922.39 | 88.93 |
| Bonds	 36,944,580.45 | 37,736,935.04 | 64.92 |
| Belgium	 782,805.00 | 815,000.00 | 1.40 |

| 4.375 | 19-26 15/07S | EUR | 782,805.00 | 815,000.00 | 1.40 |
| --- | --- | --- | --- | --- | --- |
|  |  |  | 8,480,000.00 | 8,671,821.60 | 14.91 |

800,000 HOUSE OF FIN
France
| 500,000 ACCOR SA 1.75 19-26 04/02A	EUR | 504,995.00 | 533,189.50 | 0.92 |
| --- | --- | --- | --- |
| 1,000,000 AUCHAN HOLDING SA  3.2500 20-27 23/07A	EUR | 1,076,390.00 | 1,161,064.00 | 2.00 |
| 400,000 DERICHEBOURG	2.2500 21-28 15/07S	EUR | 400,000.00 | 406,450.00 | 0.70 |
| 600,000 FAURECIA	2.375 21-29 15/06S	EUR | 600,000.00 | 612,250.80 | 1.05 |
| 2,000,000 FRANCE 3.25 10-21 25/10A	EUR | 2,036,640.00 | 2,024,704.00 | 3.47 |
| 1,000,000 JC DECAUX	2.00 20-24 24/10A	EUR | 995,435.00 | 1,059,210.00 | 1.82 |
| 600,000 MUTUELLE ASSURA	0.6250 21-27 21/06A | EUR | 596,070.00 | 597,052.20 | 1.03 |
| 700,000 ORANO SA 3.375 19-26 23/04A | EUR | 758,800.00 | 759,596.60 | 1.31 |
| 1,500,000 SOCIETE GENERALE 0.7500 20-27 25/01A	EUR | 1,511,670.00 | 1,518,304.50 | 2.61 |
| Germany | 2,948,117.50 | 3,004,701.50 | 5.17 |
| 1,500,000 DEUTSCHE BANK AG 1.625 20-27 20/01A	EUR | 1,552,200.00 | 1,578,262.50 | 2.71 |
| 700,000 DEUTSCHE LUFTHA	3.0000 20-26 29/05A | EUR | 695,730.00 | 707,779.10 | 1.22 |
| 700,000 HAPAG LLOYD2.5 21-28 15/04S | EUR | 700,187.50 | 718,659.90 | 1.24 |
| Italy | 5,875,843.50 | 5,990,185.60 | 10.30 |
| 700,000 BANCA POP EMILIA ROMA 3.625 20-30 30/11A	EUR | 700,000.00 | 732,765.60 | 1.26 |
| 1,000,000 ERG SPA	0.5 20-27 11/09A	EUR | 992,473.50 | 999,837.30 | 1.72 |
| 600,000 GAMMA BIDCO SPA 5.125 21-25 15/07A | EUR | 601,200.00 | 620,670.00 | 1.07 |
| 1,500,000 INTESA SANPAOLO 0.7500 21-28 16/03A | EUR | 1,499,670.00 | 1,509,440.70 | 2.59 |
| 1,000,000 POSTE ITALIANE	2.6250 21-49 31/12A	EUR | 1,000,000.00 | 999,750.00 | 1.72 |
| 1,000,000 UNIPOL GRUPPO SPA  3.25 20-30 23/09A	EUR | 1,082,500.00 | 1,127,722.00 | 1.94 |
| Jersey Island | 849,337.00 | 863,756.40 | 1.49 |
| 850,000 GLENCORE FINANCE 0.6250 19-24 11/09A	EUR | 849,337.00 | 863,756.40 | 1.49 |
| Spain | 4,107,960.00 | 4,218,466.50 | 7.26 |
| 1,000,000 BANCO DE SABADELL SA 1.125 19-25 27/03A | EUR | 960,690.00 | 1,020,427.00 | 1.76 |
| 600,000 BANCO DE SABADELL SA 2.5 21-31 15/04A | EUR | 599,742.00 | 604,956.00 | 1.04 |
| 1,500,000 BANCO SANTANDER SA 1.3750 20-26 05/01A | EUR | 1,526,528.00 | 1,573,408.50 | 2.71 |
| 1,000,000 GRIFOLS SA 2.25 19-27 15/11S | EUR | 1,021,000.00 | 1,019,675.00 | 1.75 |
| Sweden |  | 4,344,973.00 | 4,415,386.50 | 7.60 |
| 1,000,000 ENERGA FINANCE	2.125 17-27 07/03A | EUR | 1,041,500.00 | 1,057,410.00 | 1.82 |
| 800,000 HEIMSTADEN BOST	1.1250 20-26 21/01A | EUR | 800,692.00 | 822,932.00 | 1.42 |
| 1,000,000 INTRUM AB	3.5000 19-26 15/07S	EUR | 1,004,500.00 | 1,021,942.00 | 1.76 |
| 1,500,000 SWEDISH MATCH AB  0.8750 20-27 26/02A	EUR | 1,498,281.00 | 1,513,102.50 | 2.60 |
| The Netherlands | 2,424,028.50 | 2,530,244.74 | 4.35 |
| 500,000 ABERTIS FINANCE BV  3.248 20-XX XX/XXA | EUR | 500,000.00 | 518,110.00 | 0.89 |
| 970,000 ATHORA NETHERLA	2.2500 21-31 15/07A | EUR | 977,588.50 | 984,784.74 | 1.69 |
| 1,000,000 WINTERSHALL DEA FINA 1.3320 19-28 25/09A | EUR | 946,440.00 | 1,027,350.00 | 1.77 |
| The Netherlands Antilles |  | 774,725.00 | 755,283.90 | 1.30 |
| 700,000 TEVA PHARMA 6.00 20-25 31/01A | EUR | 774,725.00 | 755,283.90 | 1.30 |
| United Kingdom	 5,344,815.95 | 5,398,438.30 | 9.29 |
| 1,000,000 BRITISH TELECOM	1.50 17-27 23/06A | EUR | 1,066,876.50 | 1,062,076.50 | 1.83 |
| 1,000,000 IMPERIAL TABACCO FIN 3.375 14-26 26/02A | EUR | 1,179,314.45 | 1,127,926.00 | 1.94 |
| 1,000,000 ITV PLC	1.375 19-20 26/09A	EUR | 995,210.00 | 1,047,072.00 | 1.80 |
| 1,100,000 NOMAD FOODS BON	2.5000 21-28 24/06S | EUR | 1,100,000.00 | 1,111,686.40 | 1.91 |
| 1,000,000 ROYAL MAIL PLC  1.2500 19-26 08/10A | EUR | 1,003,415.00 | 1,049,677.40 | 1.81 |
| United States of America | 1,011,975.00 | 1,073,650.00 | 1.85 |
| 1,000,000 FORD MOTOR CREDIT CO 3.25 20-25 15/09A	EUR | 1,011,975.00 | 1,073,650.00 | 1.85 |
| Floating rate bonds | 13,576,833.14 | 13,951,987.35 | 24.01 |
| Austria | 1,654,600.00 | 1,710,304.40 | 2.94 |
| 700,000 OMV AG FL.R 20-49 31/12A | EUR | 700,000.00 | 733,804.40 | 1.26 |
| 900,000 UNIQA INSURANCE GROUP FL.R 20-35 09/10A | EUR | 954,600.00 | 976,500.00 | 1.68 |
| Belgium | 596,464.00 | 620,025.00 | 1.07 |
| 600,000 SOLVAY SA	2.5 20-49 31/12A	EUR | 596,464.00 | 620,025.00 | 1.07 |
| Germany | 2,214,709.00 | 2,239,602.00 | 3.85 |
| 1,500,000 COMMERZBANK AG FL.R 20-26 24/03A | EUR | 1,516,459.00 | 1,528,452.00 | 2.63 |
| 600,000 DEUTSCHE BANK AG FL.R 20-31 19/05A | EUR | 698,250.00 | 711,150.00 | 1.22 |
| Italy	 2,879,947.50 | 2,894,248.75 | 4.98 |
| 500,000 BANCO BPM SPA FL.R 20-30 14/09A | EUR | 548,850.00 | 547,498.00 | 0.94 |
| 750,000 ENI SPA FL.R 21-99 31/12A | EUR | 747,562.50 | 750,450.75 | 1.29 |

Quantity	Denomination	Quotation
currency
Cost price
Market value
% of net assets
| 1,500,000 UNICREDIT SPA FL.R 20-27 22/07A | EUR | 1,583,535.00 | 1,596,300.00 | 2.75 |
| --- | --- | --- | --- | --- |
| Portugal |  | 300,630.14 | 310,815.00 | 0.53 |
| 300,000 BANCO COMERCIAL PORT FL.R 17-27 07/12A | EUR | 300,630.14 | 310,815.00 | 0.53 |
| Spain |  | 1,657,230.00 | 1,665,682.00 | 2.87 |
| 600,000 ABANCA CORP BAN	FL.R 19-29 18/01A | EUR | 661,500.00 | 658,656.00 | 1.13 |
| 1,000,000 CAIXABANK SA FL.R 21-31 18/06A | EUR | 995,730.00 | 1,007,026.00 | 1.74 |
| The Netherlands |  | 717,500.00 | 775,117.70 | 1.33 |
| 700,000 VOLKSWAGEN INTL FIN FL.R 17-XX 14/06A | EUR | 717,500.00 | 775,117.70 | 1.33 |
| United Kingdom |  | 3,555,752.50 | 3,736,192.50 | 6.44 |
| 1,500,000 BARCLAYS PLC FL.R 20-25 02/04A | EUR | 1,549,933.00 | 1,634,691.00 | 2.82 |
| 1,500,000 STANDARD CHARTERED FL.R 20-28 27/01A | EUR | 1,516,444.50 | 1,539,001.50 | 2.65 |
| 500,000 VODAFONE GROUP FL.R 18-78 03/10A | EUR | 489,375.00 | 562,500.00 | 0.97 |
| Total securities portfolio |  | 50,521,413.59 | 51,688,922.39 | 88.93 |
| Cash at bank/(bank liabilities) |  |  | 5,967,751.18 | 10.27 |
| Other net assets/(liabilities) |  |  | 464,036.94 | 0.80 |
| Total net assets |  |  | 58,120,710.51 | 100.00 |

Translation (ENFR, 2021-06-30):
# OYSTER
## - Absolute Return GBP

#### Etats Financiers au 30/06/2021

##### Etat du patrimoine au 30/06/2021
Exprimé en GBP
| Actifs |  | 26.622.337,67 |
| --- | --- | --- |
| Portefeuille-titres à la valeur d'évaluation | Note 2 | 24.666.710,34 |
| Plus-value non réalisée sur le portefeuille-titres |  | 489.528,57 |
| Avoirs en banque et liquidités |  | 1.602.789,41 |
| Intérêts à recevoir |  | 125.313,21 |
| Brokers à recevoir |  | 221.579,47 |
| Dividendes à recevoir |  | 587,34 |
| Autres actifs |  | 5.357,90 |
| Passifs |  | 177.869,66 |
| Moins-value non réalisée sur contrats de change à terme | Note 2 | 64.665,06 |
| Moins-value non réalisée sur "futures" | Note 2 | 64.645,64 |
| Commission de gestion et conseil à payer | Note 3 | 8.088,76 |
| Autres passifs |  | 40.470,20 |
| Valeur nette d'inventaire |  | 26.444.468,01 |


##### Etat des opérations et des variations des actifs nets du 01/01/2021 au 30/06/2021
Exprimé en GBP
| Revenus |  | 190.797,24 |
| --- | --- | --- |
| Dividendes nets |  | 9.709,07 |
| Intérêts nets sur obligations |  | 180.570,76 |
| Intérêts bancaires à vue |  | 517,41 |
| Dépenses |  | 126.963,76 |
| Commissions de gestion et de conseil | Note 3 | 46.980,25 |
| Commissions de banque dépositaire et sous-dépositaire | Note 6 | 5.272,58 |
| Taxe d'abonnement | Note 5 | 1.947,74 |
| Frais administratifs | Note 3 | 26.493,73 |
| Frais professionnels |  | 4.494,67 |
| Intérêts bancaires sur découvert |  | 2.149,44 |
| Frais légaux |  | 4.748,88 |
| Frais de transaction |  | 11.689,47 |
| Autres dépenses |  | 23.187,00 |
| Revenus nets des investissements |  | 63.833,48 |
| Bénéfice net / Perte nette réalisé(e) sur : - vente de titres | Note 2 | 442.198,56 |
| - options | Note 2 | (142.282,04) |
| - contrats de change à terme | Note 2 | 651.650,31 |
| - futures | Note 2 | 498.407,85 |
| - change |  | (441.940,03) |
| Bénéfice net réalisé |  | 1.071.868,13 |
| Variation de la plus- ou moins-value nette non réalisée sur : - portefeuille-titres |  | (190.775,36) |
| - contrats de change à terme |  | (263.901,06) |
| - futures |  | (96.258,44) |
| Augmentation des actifs nets résultant des opérations |  | 520.933,27 |
| Dividendes payés |  | (6.115,61) |
| Souscriptions actions de capitalisation |  | 1.885.911,54 |
| Souscriptions actions de distribution |  | 741.912,51 |
| Rachats actions de capitalisation |  | (1.588.259,77) |
| Rachats actions de distribution |  | (102.260,54) |
| Augmentation des actifs nets |  | 1.452.121,40 |
| Actifs nets au début de la période |  | 24.992.346,61 |
| Actifs nets à la fin de la période |  | 26.444.468,01 |


##### Chiffres Clés concernant les 3 derniers exercices
| Période terminant le: | 30/06/2021 | 31/12/2020 | 31/12/2019 |
| --- | --- | --- | --- |
| ts Totaux	 GBP	26.444.468,01	24.992.346,61	136.881.817,83 I M - GBP - Capitalisation |

Actifs Ne
| Nombre d'actions |  | 1.397,455 | 1.378,829 | 8.898,204 |
| --- | --- | --- | --- | --- |
| Valeur nette d'inventaire par action | GBP | 16.426,23 | 16.098,70 | 15.105,98 |
| R - GBP - Distribution Nombre d'actions |  | 315.514,857 | 257.143,655 | 240.133,975 |
| Valeur nette d'inventaire par action | GBP | 11,06 | 10,87 | 10,27 |


##### Changement dans le nombre d'actions en circulation du 01/01/2021 au 30/06/2021
Actions en circulation au 01/01/2021
Actions souscrites	Actions rachetées
Actions en circulation au 30/06/2021
I M - GBP - Capitalisation	1.378,829	116,156	97,530	1.397,455
R - GBP - Distribution	257.143,655	67.669,886	9.298,684	315.514,857
Quantité	Dénomination	Devise de
cotation
Prix d'acquisition
Valeur d'évaluation
% actifs
nets
| e d'une bourse de valeurs et/ou 23.043.764,49	23.472.710,87	88,76 |
| --- |
| 1.210.337,68 | 1.515.798,51 | 5,73 |
| 423.526,42 | 549.361,37 | 2,08 |

Valeurs mobilières admises à la cote officiell négociées sur un autre marché réglementé
Actions
Etats-Unis d'Amérique
| 39 ALPHABET INC -A- | USD | 45.152,46 | 68.935,01 | 0,26 |
| --- | --- | --- | --- | --- |
| 28 AMAZON.COM INC | USD | 59.757,66 | 69.727,42 | 0,26 |
| 750 APPLE INC | USD | 42.488,69 | 74.357,01 | 0,29 |
| 1.640 COCA-COLA CO | USD | 61.214,53 | 64.237,45 | 0,24 |
| 360 DANAHER CORP | USD | 52.454,73 | 69.933,81 | 0,26 |
| 540 JOHNSON & JOHNSON | USD | 58.183,03 | 64.396,13 | 0,24 |
| 249 MASTERCARD INC -A- | USD | 60.701,39 | 65.806,11 | 0,25 |
| 367 MICROSOFT CORP | USD | 43.573,93 | 71.968,43 | 0,28 |
| France |  | 160.262,71 | 203.114,85 | 0,77 |
| 405 DASSAULT SYSTEMES SA | EUR | 55.305,05 | 71.098,98 | 0,27 |
| 200 L'OREAL SA | EUR | 50.288,08 | 64.521,10 | 0,24 |
| 420 PERNOD RICARD SA | EUR | 54.669,58 | 67.494,77 | 0,26 |
| Iles Caïmans	 77.858,65 | 71.410,31 | 0,27 |
| 435 ALIBABA GROUP | USD | 77.858,65 | 71.410,31 | 0,27 |
| Italie |  | 50.605,84 | 73.474,74 | 0,28 |
| 1.500 MONCLER SPA | EUR | 50.605,84 | 73.474,74 | 0,28 |
| Pays-Bas |  | 46.233,89 | 69.634,03 | 0,26 |
| 140 ASML HOLDING NV | EUR | 46.233,89 | 69.634,03 | 0,26 |
| Royaume-Uni |  | 129.465,04 | 145.308,40 | 0,55 |
| 820 ASTRAZENECA PLC | GBP | 63.759,01 | 71.200,60 | 0,27 |
| 11.700 AUTO TRADER GROUP PLC | GBP | 65.706,03 | 74.107,80 | 0,28 |
| Suisse |  | 292.691,35 | 336.084,15 | 1,27 |
| 8.500 CREDIT SUISSE GROUP AG REG SHS | CHF | 66.520,85 | 64.514,53 | 0,24 |
| 755 NESTLE SA REG SHS | CHF | 64.357,63 | 68.123,98 | 0,26 |
| 259 ROCHE HOLDING LTD | CHF | 49.550,41 | 70.695,22 | 0,26 |
| 29 SGS SA REG SHS | CHF | 56.767,25 | 64.815,25 | 0,25 |
| 100 SIEGFRIED HOLDING | CHF | 55.495,21 | 67.935,17 | 0,26 |
| Taïwan	 29.693,78 | 67.410,66 | 0,25 |
| 775 TAIWAN SEMICONDUCTOR CO ADR (REPR 5 SHS) | USD | 29.693,78 | 67.410,66 | 0,25 |
| Obligations |  | 16.853.240,08 | 16.846.798,36 | 63,71 |
| Allemagne |  | 519.280,00 | 516.109,00 | 1,95 |
| 500.000 KFW	1.3750 19-24 09/12A | GBP | 519.280,00 | 516.109,00 | 1,95 |
| Arabie saoudite |  | 189.218,74 | 177.959,71 | 0,67 |
| 250.000 SAUDI ARABIAN OIL COM 2.25 20-30 24/11S | USD | 189.218,74 | 177.959,71 | 0,67 |
| Belgique |  | 172.371,06 | 171.389,54 | 0,65 |
| 200.000 BELFIUS BANQUE	0.375 21-27 08/06A | EUR | 172.371,06 | 171.389,54 | 0,65 |
| Canada |  | 598.988,95 | 607.238,82 | 2,30 |
| 300.000 BANK OF NOVA SC	1.375 19-23 05/12A | GBP | 299.927,95 | 305.799,75 | 1,16 |
| 300.000 PROVINCE DE L ONTARIO 0.50 20-23 15/12A | GBP | 299.061,00 | 301.439,07 | 1,14 |
| Chine |  | 232.590,97 | 210.279,23 | 0,80 |
| 300.000 CHINA 1.200 20-30 21/10S | USD | 232.590,97 | 210.279,23 | 0,80 |
| Corée du Sud |  | 210.632,20 | 187.322,57 | 0,71 |
| 270.000 KOREA NATIONAL OIL  1.625 20-2505/10S | USD | 210.632,20 | 187.322,57 | 0,71 |
| Espagne |  | 985.347,91 | 976.000,51 | 3,69 |
| 300.000 BANCO BILBAO VIZCAYA 0.5 20-27 14/01A | EUR | 262.726,00 | 259.311,22 | 0,98 |
| 400.000 BANCO SANTANDER	1.8490 21-26 25/03S | USD | 292.053,99 | 293.066,45 | 1,11 |
| 200.000 CELLNEX TELECOM SA 1.75 20-30 23/10A | EUR | 179.160,65 | 171.136,64 | 0,65 |
| 200.000 CEPSA FINANCE SA  0.75 20-28 12/02A | EUR | 166.651,46 | 167.197,74 | 0,63 |
| 100.000 RED ELECTRICA FINANCI 0.5 21-33 24/05A | EUR | 84.755,81 | 85.288,46 | 0,32 |
| Etats-Unis d'Amérique	 2.530.034,40 | 2.506.752,95 | 9,48 |
| 300.000 ALPHABET INC | 1.1000 20-30 15/08S | USD | 220.354,89 | 206.584,64 | 0,78 |
| 400.000 ATHENE GLOBAL FUNDING 1.75 20-27 24/11S | GBP | 401.269,00 | 403.834,56 | 1,52 |
| 300.000 CATERPILLAR FIN 0.8 20-25 13/11S | USD | 215.960,70 | 216.112,01 | 0,82 |
| 310.000 DEUTSCHE BANK AG NY 1.686 21-26 19/03S | USD | 224.552,93 | 226.667,62 | 0,86 |
| 200.000 GOLDMAN SACHS GROUP INC 1.5 21-27 07/12A | GBP | 198.990,00 | 200.211,00 | 0,76 |
| 200.000 METROPOLITAN LIFE GLO 0.625 21-27 08/12S | GBP | 199.918,96 | 193.133,12 | 0,73 |
| 250.000 PERSHING SQUARE HO  5.50 15-22 15/07U | USD | 198.181,73 | 188.122,27 | 0,71 |
| 300.000 TOYOTA MOTOR CREDIT 0.75 20-26 19/11A | GBP | 298.043,75 | 296.705,10 | 1,12 |
| 500.000 UNIT STAT TREA BIL ZCP 26-08-21 | USD | 358.938,61 | 361.907,40 | 1,37 |
| 300.000 7-ELEVEN INC	0.95 21-26 10/02S | USD | 213.823,83 | 213.475,23 | 0,81 |

Quantité	Dénomination	Devise de
cotation
Prix d'acquisition
Valeur d'évaluation
% actifs
nets
| France |  |  | 1.926.663,39 | 1.898.541,65 | 7,18 |
| --- | --- | --- | --- | --- | --- |
| 300.000 BPCE SA | 1.0 21-25 22/12A | GBP | 298.704,00 | 300.354,90 | 1,13 |
| 200.000 CARMILA SAS 1.625 20-27 30/05A | EUR | 178.005,20 | 175.902,41 | 0,67 |
| 200.000 CNP ASSURANCES 0.375 20-28 08/03A | EUR | 180.461,70 | 168.308,40 | 0,64 |
| 300.000 COUNCIL OF EUROPE 1.125 17-22 17/03A | GBP | 304.111,79 | 302.081,34 | 1,13 |
| 300.000 HOLDING D'INFRA	0.625 21-28 14/09A | EUR | 255.838,23 | 255.523,14 | 0,97 |
| 300.000 LA MONDIALE	0.7500 20-26 20/04A | EUR | 269.492,49 | 261.040,56 | 0,99 |
| 200.000 RENAULT SA 2.375 20-26 25/05S | EUR | 176.858,06 | 174.456,44 | 0,66 |
| 300.000 UNIBAIL RODAMCO 0.625 20-27 04/05A | EUR | 263.191,92 | 260.874,46 | 0,99 |
| Grèce |  | 25.680,74 | 25.716,13 | 0,10 |
| 30.000 GREECE	21-26 12/02A | EUR | 25.680,74 | 25.716,13 | 0,10 |
| Hong-Kong |  | 239.490,68 | 227.762,92 | 0,86 |
| 300.000 LENOVO GROUP LTD	3.421 20-30 02/11S | USD | 239.490,68 | 227.762,92 | 0,86 |
| Ile de Jersey |  | 400.078,17 | 426.288,30 | 1,61 |
| 200.000 GLENCORE FINANCE EURO 3.125 19-26 26/03A | GBP | 201.212,17 | 213.801,00 | 0,81 |
| 200.000 HASTINGS INSUR REGS 3.00 18-25 24/05S | GBP | 198.866,00 | 212.487,30 | 0,80 |
| Iles Caïmans |  | 446.276,07 | 439.804,03 | 1,66 |
| 200.000 SHIMAO GROUP	3.45 21-31 11/01S | USD | 148.304,87 | 135.258,28 | 0,51 |
| 300.000 TWUCFH	2.375 17-23 03/05A | GBP | 297.971,20 | 304.545,75 | 1,15 |
| Iles Vierges Britanniques |  | 209.612,91 | 184.895,95 | 0,70 |
| 270.000 TSMC GLOBAL LTD	1.3750 20-30 28/09S | USD | 209.612,91 | 184.895,95 | 0,70 |
| Irlande |  | 614.762,28 | 616.999,32 | 2,33 |
| 300.000 AIB GROUP PLC 0.50 21-27 17/11A | EUR | 257.747,65 | 258.346,86 | 0,97 |
| 200.000 FCA CAPITAL IRELAN  1.625 16-21 29/09 | GBP | 198.905,41 | 200.510,00 | 0,76 |
| 200.000 GRENKE FINANCE PLC  0.625 19-25 09/01A | EUR | 158.109,22 | 158.142,46 | 0,60 |
| Italie |  | 3.073.413,88 | 3.164.239,22 | 11,97 |
| 270.000 AMCO AM COMPANY SPA 0.75 21-28 20/04A | EUR | 232.873,98 | 231.129,06 | 0,87 |
| 138.000 ASSICURAZIONI G	1.7130 21-32 30/06A | EUR | 118.452,30 | 118.610,87 | 0,45 |
| 350.000 INTESA SANPAOLO	2.1000 20-30 13/11A | USD | 238.955,28 | 250.532,05 | 0,95 |
| 250.000 INTESA SANPAOLO 2.3750 20-30 22/12A | EUR | 215.998,62 | 216.555,55 | 0,82 |
| 600.000 ITALY EMTN	6.00 98-28 04/08A | GBP | 690.261,10 | 774.890,58 | 2,94 |
| 500.000 ITALY 0.5 21-28 15/07S | EUR | 424.194,29 | 430.519,11 | 1,63 |
| 1.000.000 ITALY 1.25 20-30 25/11A | USD | 712.282,71 | 714.748,85 | 2,70 |
| 200.000 SNAM SPA	0.625 21-31 30/06A | EUR | 169.479,49 | 170.149,43 | 0,64 |
| 350.000 UNICREDIT SPA 2.569 20-26 22/09S | USD | 270.916,11 | 257.103,72 | 0,97 |
| Luxembourg |  | 455.321,11 | 448.480,20 | 1,70 |
| 300.000 BANQUE EUROPEENNE D'IN 0.75 20-23 14/07A | GBP | 301.539,00 | 303.214,02 | 1,15 |
| 200.000 B2W DIGITAL LUX SARL 4.375 20-30 20/12S | USD | 153.782,11 | 145.266,18 | 0,55 |
| Norvège |  | 171.779,17 | 172.173,36 | 0,65 |
| 200.000 AKER ASA	1.125 21-29 12/05A | EUR | 171.779,17 | 172.173,36 | 0,65 |
| Pays-Bas |  | 778.209,30 | 775.515,72 | 2,93 |
| 143.000 EASYJET FINCO B	1.8750 21-28 03/03A | EUR | 121.963,82 | 123.054,20 | 0,47 |
| 100.000 ING GROEP NV	0.8750 21-32 09/06A | EUR | 85.764,81 | 85.906,13 | 0,32 |
| 200.000 PROSUS NV 1.539 20-28 03/08A | EUR | 185.636,82 | 177.917,89 | 0,67 |
| 300.000 SIEMENS FINANCI	0.8750 20-23 05/06A | GBP | 299.043,00 | 302.472,30 | 1,14 |
| 100.000 TENNET HOLDING BV 0.5 21-31 09/06A | EUR | 85.800,85 | 86.165,20 | 0,33 |
| Royaume-Uni |  | 2.248.113,15 | 2.288.424,85 | 8,65 |
| 300.000 BARCLAYS PLC	3 19-26 08/05A | GBP | 299.405,23 | 322.486,20 | 1,22 |
| 300.000 BK OF ENGLAND EURO 0.5000 20-23 28/04S | USD | 243.538,24 | 218.120,14 | 0,82 |
| 200.000 BURBERRY GROUP PLC  1.125 20-25 21/09S | GBP | 199.842,43 | 199.649,60 | 0,75 |
| 400.000 COVENTRY BUILDING SOC 1.0 20-25 21/09S | GBP | 398.955,65 | 400.509,52 | 1,52 |
| 300.000 LLOYDS BANKING GROUP 2.25 17-24 16/10A | GBP | 298.121,25 | 312.626,19 | 1,18 |
| 200.000 MARKS SPENCER	3.7500 20-26 19/05A | GBP | 200.060,00 | 208.308,00 | 0,79 |
| 300.000 PRINCIPALITY BUIL SOC 2.375 17-23 23/11S | GBP | 299.001,00 | 309.549,90 | 1,17 |
| 300.000 TESCO CORP TREASURY 2.5 19-25 02/05A | GBP | 309.189,35 | 317.175,30 | 1,20 |
| Serbie |  | 208.795,23 | 210.477,34 | 0,80 |
| 250.000 SERBIA 1.65 21-33 03/03A | EUR | 208.795,23 | 210.477,34 | 0,80 |
| Suède |  | 261.097,91 | 244.307,23 | 0,92 |
| 300.000 INVESTOR AB	0.375 20-35 29/10A | EUR | 261.097,91 | 244.307,23 | 0,92 |
| Turquie |  | 355.481,86 | 370.119,81 | 1,40 |
| 200.000 ANADOLU EFES BIRACILI 3.375 21-28 29/06S | USD | 142.602,99 | 145.268,36 | 0,55 |
| 100.000 ARCELIK AS 3.00 21-26 27/05A | EUR | 86.285,00 | 87.033,27 | 0,33 |
| 200.000 TURKEY 5.25 20-30 13/03S | USD | 126.593,87 | 137.818,18 | 0,52 |

Quantité	Dénomination	Devise de
cotation
Prix d'acquisition
Valeur d'évaluation
% actifs
nets
| Obligations à taux flottant |  | 4.980.186,73 | 5.110.114,00 | 19,32 |
| --- | --- | --- | --- | --- |
| Allemagne |  | 330.400,75 | 327.195,80 | 1,24 |
| 200.000 ALLIANZ SE FL.R 20-XX XX/XXA | USD | 152.196,60 | 150.024,25 | 0,57 |
| 200.000 MERCK KGAA	FL.R 20-80 09/09A | EUR | 178.204,15 | 177.171,55 | 0,67 |
| Australie |  | 800.000,00 | 809.077,20 | 3,06 |
| 400.000 COMMONWEALTH BA	FL.R 20-25 16/01Q | GBP | 400.000,00 | 404.857,20 | 1,53 |
| 400.000 NATIONAL AUSTRALIA BK FL.R 20-25 04/02Q | GBP | 400.000,00 | 404.220,00 | 1,53 |
| Canada |  | 403.747,20 | 402.691,00 | 1,52 |
| 400.000 ROYAL BANK OF CANADA FL.R 21-22 21/03Q | GBP | 403.747,20 | 402.691,00 | 1,52 |
| Danemark |  | 169.964,09 | 176.418,86 | 0,67 |
| 200.000 ORSTED	FL.R 19-XX 09/12A | EUR | 169.964,09 | 176.418,86 | 0,67 |
| Etats-Unis d'Amérique |  | 300.090,00 | 301.268,70 | 1,14 |
| 300.000 INTL BK RECON	FL.R 19-24 29/05Q | GBP | 300.090,00 | 301.268,70 | 1,14 |
| France |  | 133.460,53 | 129.066,24 | 0,49 |
| 150.000 TOTAL SE FL.R 21-XX XX/XXA | EUR | 133.460,53 | 129.066,24 | 0,49 |
| Irlande |  | 200.074,97 | 197.457,79 | 0,75 |
| 231.000 BANK OF IRELAND GRP FL.R 21-31 11/08A | EUR | 200.074,97 | 197.457,79 | 0,75 |
| Italie |  | 113.935,07 | 114.165,27 | 0,43 |
| 132.000 ENI SPA FL.R 21-XX XX/XX A | EUR | 113.935,07 | 114.165,27 | 0,43 |
| Luxembourg |  | 310.803,21 | 310.882,77 | 1,18 |
| 300.000 BANQUE EUROPEENNE  FL.R 20-25 08/09Q | GBP | 310.803,21 | 310.882,77 | 1,18 |
| Royaume-Uni |  | 1.967.710,91 | 2.090.015,37 | 7,89 |
| 300.000 BARCLAYS PLC	FL.R 17-23 06/10A | GBP | 298.612,78 | 306.631,98 | 1,16 |
| 200.000 LEEDS BUILDING	FL.R 18-29 25/04S | GBP | 194.121,13 | 215.379,80 | 0,81 |
| 200.000 LEGAL & GENERAL	FL.R 19-49 26/11S | GBP | 200.362,75 | 218.198,22 | 0,83 |
| 200.000 SOCIETY OF LLOYDS  FL.R 17-47 07/02A | GBP | 202.606,00 | 231.072,50 | 0,87 |
| 300.000 SSE PLC	FL.R 20-XX XX/XXA | GBP | 299.975,96 | 317.481,60 | 1,20 |
| 237.000 STANDARD CHARTERED PLC FL.R 21-32 29/06S | USD | 170.295,82 | 172.516,27 | 0,65 |
| 200.000 VIRGIN MONEY UK	FL.R 20-49 31/12S | GBP | 201.616,47 | 223.355,40 | 0,84 |
| 400.000 YORKSHIRE BUILDING SO FL.R 19-24 21/11Q | GBP | 400.120,00 | 405.379,60 | 1,53 |
| Suède |  | 250.000,00 | 251.875,00 | 0,95 |
| 250.000 VATTENFALL AB	FL.R 21-83 29/06A | GBP | 250.000,00 | 251.875,00 | 0,95 |
| Autres valeurs mobilières |  | 56.333,43 | 64.319,69 | 0,24 |
| Actions |  | 56.333,43 | 64.319,69 | 0,24 |
| Iles Caïmans |  | 56.333,43 | 64.319,69 | 0,24 |
| 1.180 TENCENT HOLDINGS LTD UNSPON ADR REP 1 SH | USD | 56.333,43 | 64.319,69 | 0,24 |
| Actions/Parts d'OPCVM/OPC |  | 1.077.083,85 | 1.129.679,78 | 4,27 |
| Actions/Parts de fonds d'investissements |  | 1.077.083,85 | 1.129.679,78 | 4,27 |
| Irlande |  | 335.640,65 | 376.799,39 | 1,42 |
| 11.000 ISHARES IV EDGE MSCI WORLD VAL ETF | USD | 257.554,15 | 292.071,34 | 1,10 |
| 2.800 KRANESHARES MSCI CHINA ESG LEADERS UCITS | USD | 78.086,50 | 84.728,05 | 0,32 |
| Luxembourg |  | 741.443,20 | 752.880,39 | 2,85 |
| 700 OYSTER - EUROPEAN SUBORDINATED BONDS -I EUR -S CAP | EUR | 741.443,20 | 752.880,39 | 2,85 |
| Total portefeuille-titres | 24.177.181,77 | 24.666.710,34 | 93,28 |
| Avoirs bancaires |  | 1.602.789,41 | 6,06 |
| Autres actifs/(passifs) nets |  | 174.968,26 | 0,66 |
| Total |  | 26.444.468,01 | 100,00 |