# Geographical classification
(by domicile of the issuer) (in percentage of net assets)
| France | 30.30 % |
| --- | --- |
| Italy | 17.24 % |
| Switzerland | 14.35 % |
| Germany | 11.81 % |
| Spain | 6.24 % |
| Belgium | 4.19 % |
| Luxembourg | 3.13 % |
| Finland | 2.69 % |
| United Kingdom | 2.13 % |
| Denmark | 2.11 % |
| Sweden | 2.05 % |
| Total | 96.24 % |

| Assets |  |
| --- | --- |
| Securities portfolio at market value | 88,385,546,100 |
| Cash at banks | 1,787,601,211 |
| Receivable on issues of shares | 14,905,642 |
| Income receivable on portfolio | 328,038,362 |
| Unrealised gain on forward foreign exchange contracts | 385,444,091 |
| Prepaid expenses | 	109,197  |
| Total assets | 90,901,644,603 |
| Liabilities |  |
| Bank overdrafts | 231,704,181 |
| Redeemable cash collateral received | 314,400,000 |
| Bank interest payable | 152,941 |
| Expenses payable | 	82,228,661  |
| Total liabilities | 628,485,783 |
| Net assets at the end of the period | 90,273,158,820 |

Breakdown of net assets per share class
| Share class | Number of shares | Currency of share class | NAV per share in currency of share class | Net assets per share class (in JPY) |
| --- | --- | --- | --- | --- |
| A | 9,740.719 | JPY | 28,190 | 274,591,479 |
| AM | 371,930.453 | JPY | 28,936 | 10,762,086,451 |
| AR | 1.000 | JPY | 17,695 | 17,695 |
| B | 369,474.806 | JPY | 24,952 | 9,219,309,558 |
| B CHF HEDGED | 19,324.632 | CHF | 150.46 | 341,409,361 |
| B EUR HEDGED | 73,923.287 | EUR | 259.17 | 2,486,931,303 |
| B USD HEDGED | 2,417.901 | USD | 230.38 | 61,662,662 |
| BI | 588,238.139 | JPY | 19,175 | 11,279,302,425 |
| BI CHF HEDGED | 981.000 | CHF | 1,499.82 | 172,766,211 |
| BI EUR HEDGED | 29,246.102 | EUR | 1,519.72 | 5,769,395,690 |
| BM | 1,750,395.111 | JPY | 25,384 | 44,431,749,771 |
| BM CHF HEDGED | 21,746.000 | CHF | 153.14 | 391,036,603 |
| BM EUR HEDGED | 54,631.337 | EUR | 263.88 | 1,871,326,786 |
| BM USD HEDGED | 121,510.598 | USD | 234.35 | 3,152,237,823 |
| BR | 2,794.000 | JPY | 18,126 | 50,644,708 |
| BR CHF HEDGED | 500.000 | CHF | 148.02 | 	8,690,294  |
|  |  |  |  | 	90,273,158,820  |

| Income |  |
| --- | --- |
| Dividends, net | 548,155,659 |
| Bank interest | 	22,586  |
| Total income | 548,178,245 |
| Expenses |  |
| Management fees | 352,869,631 |
| Depositary fees | 17,469,034 |
| Banking charges and other fees | 2,643,796 |
| Transaction fees | 81,725,104 |
| Central administration costs | 16,029,333 |
| Professional fees | 604,207 |
| Other administration costs | 9,310,952 |
| Subscription duty ("taxe d'abonnement") | 18,244,737 |
| Other taxes | 23,358,535 |
| Bank interest paid | 5,671,435 |
| Other expenses | 	502,659  |
| Total expenses | 528,429,423 |
| Net investment income | 19,748,822 |
| Net realised gain/(loss) |  |
| - on securities portfolio | 4,991,837,405 |
| - on forward foreign exchange contracts | 316,156,336 |
| - on foreign exchange | 	-6,876,449  |
| Realised result | 5,320,866,114 |
| Net variation of the unrealised gain/(loss) |  |
| - on securities portfolio | 5,528,686,817 |
| - on forward foreign exchange contracts | 	272,331,304  |
| Result of operations | 11,121,884,235 |
| Dividends paid | -2,912,371 |
| Reinvestments | - |
| Subscriptions | 12,607,067,246 |
| Redemptions | -8,207,065,725 |
| Total changes in net assets | 15,518,973,385 |
| Total net assets at the beginning of the period | 74,754,185,435 |
| Total net assets at the end of the period | 90,273,158,820 |

| Total net assets | Currency | 30.09.2019 | 30.09.2020 | 31.03.2021 |
| --- | --- | --- | --- | --- |
|  | JPY | 63,977,524,460 | 74,754,185,435 | 90,273,158,820 |

| Net asset value per share class | Currency | 30.09.2019 | 30.09.2020 | 31.03.2021 |
| --- | --- | --- | --- | --- |
| A | JPY | 22,371 | 24,815 | 28,190 |
| AM | JPY | 22,878 | 25,428 | 28,936 |
| AR | JPY | 14,170 | 15,615 | 17,695 |
| B | JPY | 19,802 | 21,965 | 24,952 |
| B CHF HEDGED | CHF | 121.32 | 133.11 | 150.46 |
| B EUR HEDGED | EUR | 208.18 | 228.97 | 259.17 |
| B USD HEDGED | USD | 180.91 | 202.64 | 230.38 |
| BI | JPY | 15,060 | 16,821 | 19,175 |
| BI CHF HEDGED | CHF | 1,196.87 | 1,322.34 | 1,499.82 |
| BI EUR HEDGED | EUR | 1,208.18 | 1,338.04 | 1,519.72 |
| BM | JPY | 20,024 | 22,300 | 25,384 |
| BM CHF HEDGED | CHF | 122.74 | 135.22 | 153.14 |
| BM EUR HEDGED | EUR | 210.70 | 232.67 | 263.88 |
| BM USD HEDGED | USD | 182.95 | 205.73 | 234.35 |
| BR | JPY | 14,439 | 15,976 | 18,126 |
| BR CHF HEDGED | CHF | 119.80 | 131.12 | 148.02 |

| Number of shares | outstanding at the beginning of the period | issued | redeemed | outstanding at the end of the period |
| --- | --- | --- | --- | --- |
| A | 9,993.027 | 350.800 | -603.108 | 9,740.719 |
| AM | 334,158.498 | 48,274.347 | -10,502.392 | 371,930.453 |
| AR | 1.000 | - | - | 1.000 |
| B | 369,860.260 | 35,023.170 | -35,408.624 | 369,474.806 |
| B CHF HEDGED | 23,127.432 | 1,262.638 | -5,065.438 | 19,324.632 |
| B EUR HEDGED | 71,513.294 | 14,737.207 | -12,327.214 | 73,923.287 |
| B USD HEDGED | 2,635.333 | 11.669 | -229.101 | 2,417.901 |
| BI | 631,908.301 | 147,974.929 | -191,645.091 | 588,238.139 |
| BI CHF HEDGED | 3,098.000 | - | -2,117.000 | 981.000 |
| BI EUR HEDGED | 30,352.514 | 1,567.630 | -2,674.042 | 29,246.102 |
| BM | 1,587,497.077 | 229,585.320 | -66,687.286 | 1,750,395.111 |
| BM CHF HEDGED | 21,661.000 | 1,315.000 | -1,230.000 | 21,746.000 |
| BM EUR HEDGED | 43,272.691 | 15,543.470 | -4,184.824 | 54,631.337 |
| BM USD HEDGED | 105,014.935 | 38,536.460 | -22,040.797 | 121,510.598 |
| BR | 2,664.000 | 142.000 | -12.000 | 2,794.000 |
| BR CHF HEDGED | 500.000 | - | - | 500.000 |

| TER per share class as at 31.03.2021 | (in %) |
| --- | --- |
| A | 1.43 |
| AM | 1.03 |
| AR | 2.00 |
| B | 1.43 |
| B CHF HEDGED | 1.46 |
| B EUR HEDGED | 1.47 |
| B USD HEDGED | 1.47 |
| BI | 0.74 |
| BI CHF HEDGED | 0.76 |
| BI EUR HEDGED | 0.78 |
| BM | 1.03 |
| BM CHF HEDGED | 1.07 |
| BM EUR HEDGED | 1.08 |
| BM USD HEDGED | 1.08 |

| TER per share class as at 31.03.2021 | (in %) |
| --- | --- |
| BR | 1.68 |
| BR CHF HEDGED | 1.72 |

| Dividends paid | Currency | Dividend per share class | Ex-dividend date |
| --- | --- | --- | --- |
| AM | JPY | 8 | 09.02.2021 |

| Currency | Number / nominal value | Description | Cost | Market value | % of total net assets * |
| --- | --- | --- | --- | --- | --- |
| Investments in securities |
| Transferable securities admitted to an official stock exchange listing |
| Shares |  |  |  |  |  |
| JPY | 130,000 | AIN HOLDINGS INC | 857,069,224 | 928,200,000 | 1.03 |
| JPY | 500,000 | Air Water Inc | 753,398,646 | 970,000,000 | 1.07 |
| JPY | 175,000 | Ariake Japan Co Ltd Reg | 1,166,363,009 | 1,174,250,000 | 1.30 |
| JPY | 400,000 | Asahi Group Holdings Ltd | 1,880,863,251 | 1,866,000,000 | 2.07 |
| JPY | 520,000 | Asahi Intecc Co Ltd | 1,173,043,301 | 1,586,000,000 | 1.76 |
| JPY | 750,000 | Astellas Pharma Inc | 1,226,799,229 | 1,276,500,000 | 1.41 |
| JPY | 400,000 | Bridgestone Corp | 1,603,816,558 | 1,790,000,000 | 1.98 |
| JPY | 650,000 | CALBEE Inc | 1,852,965,687 | 1,834,300,000 | 2.03 |
| JPY | 43,000 | Disco Corp | 885,941,239 | 1,494,250,000 | 1.66 |
| JPY | 40,000 | Fanuc Corp | 888,479,160 | 1,047,400,000 | 1.16 |
| JPY | 300,000 | Foods & Life Companies Ltd Reg | 492,540,871 | 1,467,000,000 | 1.63 |
| JPY | 500,000 | Fuji Seal Intl Inc | 1,184,023,504 | 1,237,000,000 | 1.37 |
| JPY | 270,000 | Fujifilm Holdings Corp | 1,309,646,596 | 1,774,170,000 | 1.97 |
| JPY | 350,000 | GMO Internet Inc Reg | 751,703,760 | 1,109,500,000 | 1.23 |
| JPY | 275,000 | Hitachi Ltd | 981,758,813 | 1,376,100,000 | 1.52 |
| JPY | 200,000 | Horiba Ltd | 1,192,334,080 | 1,396,000,000 | 1.55 |
| JPY | 110,000 | Hoshizaki Corp Ltd | 1,004,779,517 | 1,086,800,000 | 1.20 |
| JPY | 150,000 | Hoya Corp | 1,391,110,819 | 1,950,750,000 | 2.16 |
| JPY | 380,000 | Kao Corp | 2,751,169,452 | 2,778,940,000 | 3.08 |
| JPY | 35,000 | Keyence Corp | 973,123,191 | 1,759,450,000 | 1.95 |
| JPY | 400,000 | Kobe Bussan Co Ltd Reg | 1,153,872,800 | 1,186,000,000 | 1.31 |
| JPY | 125,000 | Koito Manufacturing Co Ltd | 571,001,197 | 927,500,000 | 1.03 |
| JPY | 500,000 | Komatsu Ltd | 1,188,015,901 | 1,709,500,000 | 1.89 |
| JPY | 550,000 | Kubota Corp | 951,836,482 | 1,385,725,000 | 1.54 |
| JPY | 350,000 | Makita Corp | 1,508,332,104 | 1,660,750,000 | 1.84 |
| JPY | 400,000 | Matsumotokiyoshi Hgs Co Ltd | 1,832,629,259 | 1,972,000,000 | 2.18 |
| JPY | 210,000 | Meiji Holdings Co Ltd Reg | 1,584,485,362 | 1,495,200,000 | 1.66 |
| JPY | 160,000 | Murata Manufacturing Co Ltd | 1,042,606,868 | 1,414,720,000 | 1.57 |
| JPY | 350,000 | Nabtesco Corp | 1,109,008,227 | 1,771,000,000 | 1.96 |
| JPY | 400,000 | Nakanishi Inc | 655,500,936 | 922,000,000 | 1.02 |
| JPY | 475,000 | Nichirei Corp Reg | 1,350,761,200 | 1,353,275,000 | 1.50 |
| JPY | 500,000 | Nihon Kohden Corp | 1,537,917,584 | 1,615,000,000 | 1.79 |
| JPY | 600,000 | Nihon M&A Center Inc | 1,072,357,450 | 1,795,800,000 | 1.99 |
| JPY | 37,000 | Nintendo Co Ltd | 1,588,523,906 | 2,286,970,000 | 2.53 |
| JPY | 60,000 | Nitori Hgs Co Ltd | 956,602,092 | 1,285,500,000 | 1.42 |
| JPY | 1,400,000 | NSK Ltd | 1,180,049,542 | 1,589,000,000 | 1.76 |
| JPY | 100,000 | Obic Co Ltd | 1,159,264,002 | 2,023,000,000 | 2.24 |
| JPY | 550,000 | OSG Corp | 1,039,758,619 | 1,084,050,000 | 1.20 |
| JPY | 310,000 | Otsuka Corp | 1,604,717,124 | 1,605,800,000 | 1.78 |
| JPY | 525,000 | Pigeon Corp | 2,017,157,329 | 2,205,000,000 | 2.44 |
| JPY | 260,000 | Recruit Holdings Co Ltd | 748,749,720 | 1,404,260,000 | 1.56 |
| JPY | 450,000 | Rohto Pharmaceutical Co Ltd | 1,395,147,505 | 1,328,850,000 | 1.47 |
| JPY | 175,000 | Sansan Inc Reg | 880,460,678 | 1,664,250,000 | 1.84 |
| JPY | 900,000 | Santen Pharmaceutical Co Ltd | 1,491,378,383 | 1,370,700,000 | 1.52 |
| JPY | 300,000 | Secom Co Ltd | 2,583,751,412 | 2,793,900,000 | 3.09 |
| JPY | 100,000 | Shimano Inc | 1,708,238,024 | 2,637,500,000 | 2.92 |
| JPY | 80,000 | Shin-Etsu Chemical Co Ltd | 875,612,382 | 1,488,800,000 | 1.65 |
| JPY | 450,000 | Ship Healthcare Hgs Inc | 912,550,961 | 1,399,500,000 | 1.55 |
| JPY | 175,000 | Sony Group Corp | 1,014,551,187 | 2,029,125,000 | 2.25 |
| JPY | 350,000 | Suntory Beverage & Food Ltd Reg | 1,273,047,500 | 1,440,250,000 | 1.60 |
| JPY | 100,000 | Sysmex Corp | 823,688,230 | 1,192,500,000 | 1.32 |
| JPY | 130,000 | TechnoPro Holdings Inc | 850,786,451 | 1,198,600,000 | 1.33 |
| JPY | 3,000,000 | Toray Industries Inc | 1,578,842,319 | 2,137,500,000 | 2.37 |
| JPY | 225,000 | Tsumura & Co Re | 614,950,266 | 889,875,000 | 0.99 |
| JPY | 90,000 | Tsuruha Holdings Inc | 973,637,456 | 1,285,200,000 | 1.42 |
| JPY | 300,180 | Unicharm Corp | 1,030,016,284 | 1,394,336,100 | 1.54 |
| JPY | 275,000 | Yakult Honsha Co Ltd | 	1,497,270,000  | 	1,540,000,000  | 	1.71  |
| Total investments in securities | 69,678,006,649 | 88,385,546,100 | 97.91 |

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

| Cash at banks | 1,787,601,211 |  | 1.98 |
| --- | --- | --- | --- |
| Bank overdrafts | -231,704,181 |  | -0.26 |
| Other net assets/(liabilities) | 331,715,690 |  | 0.37 |
| Total | 90,273,158,820 |  | 100.00 |

Translation (ENFR, 2021-03-31):
# Répartition géographique
(par pays de résidence de l'émetteur) (en pourcentage de l'actif net)
| Etats-Unis d'Amérique | 94,82 % |
| --- | --- |
| Irlande | 1,40 % |
| Jersey | 1,31 % |
| Chine | 0,70 % |
| Belgique | 0,52 % |
| Total | 98,75 % |

| Actif |  |
| --- | --- |
| Portefeuille-titres à la valeur d'évaluation | 584.297.998,18 |
| Avoirs bancaires | 18.535.173,92 |
| A recevoir sur garantie en espèces payée | 3.810.000,00 |
| A recevoir sur émissions d'actions | 99.704,74 |
| Revenus à recevoir sur portefeuille-titres | 48.882,50 |
| Charges payées d'avance | 	590,87  |
| Total de l'actif | 606.792.350,21 |
| Exigible |  |
| Dettes bancaires | 175.441,95 |
| Moins-values non réalisées sur changes à terme | 3.485.620,29 |
| Frais à payer | 	576.207,40  |
| Total de l'exigible | 4.237.269,64 |
| Actif net à la fin de la période | 602.555.080,57 |

Répartition des actifs nets par classe d'action
| Classe d'action | Nombre d'actions | Devise action | VNI par action en devise de la classe d'action | Actifs nets par classe d'action (en USD) |
| --- | --- | --- | --- | --- |
| A | 10.929,653 | USD | 207,04 | 2.262.854,62 |
| AM | 325.083,915 | USD | 210,46 | 68.415.906,15 |
| B | 321.061,823 | USD | 222,10 | 71.308.264,84 |
| B EUR HEDGED | 324.204,008 | EUR | 196,32 | 74.800.684,12 |
| BI | 21.873,428 | USD | 2.131,19 | 46.616.368,82 |
| BI EUR HEDGED | 9.551,320 | EUR | 1.303,65 | 14.633.092,40 |
| BM | 1.296.038,889 | USD | 225,88 | 292.744.701,82 |
| BM EUR HEDGED | 134.034,372 | EUR | 201,71 | 	31.773.207,80  |
|  |  |  |  | 	602.555.080,57  |

| Revenus |  |
| --- | --- |
| Dividendes, nets | 1.301.799,80 |
| Intérêts bancaires | 	8,64  |
| Total des revenus | 1.301.808,44 |
| Charges |  |
| Commission de gestion | 2.185.134,09 |
| Commission de dépositaire | 104.808,33 |
| Frais bancaires et autres commissions | 10.258,55 |
| Frais sur transactions | 307.167,37 |
| Frais d'administration centrale | 106.308,62 |
| Frais professionnels | 3.511,50 |
| Autres frais d'administration | 51.812,75 |
| Taxe d'abonnement | 124.872,49 |
| Autres impôts | 168.411,06 |
| Intérêts bancaires payés | 441,97 |
| Autres charges | 	3.868,74  |
| Total des charges | 3.066.595,47 |
| Pertes nettes des investissements | -1.764.787,03 |
| Bénéfice/(perte) net(te) réalisé(e) |  |
| - sur portefeuille-titres | 27.945.648,74 |
| - sur changes à terme | 492.471,68 |
| - sur devises | 	24.236,89  |
| Résultat réalisé | 26.697.570,28 |
| Variation nette de la plus-/(moins-) value non réalisée |  |
| - sur portefeuille-titres | 56.186.062,67 |
| - sur changes à terme | 	-3.637.704,50  |
| Résultat des opérations | 79.245.928,45 |
| Dividendes payés | - |
| Réinvestissements | - |
| Emissions | 219.278.122,10 |
| Rachats | -92.824.114,79 |
| Total des variations de l'actif net | 205.699.935,76 |
| Total de l'actif net au début de la période | 396.855.144,81 |
| Total de l'actif net à la fin de la période | 602.555.080,57 |

| Total de l'actif net | Devise | 30.09.2019 | 30.09.2020 | 31.03.2021 |
| --- | --- | --- | --- | --- |
|  | USD | 270.416.395,45 | 396.855.144,81 | 602.555.080,57 |

| VNI par classe d'action | Devise | 30.09.2019 | 30.09.2020 | 31.03.2021 |
| --- | --- | --- | --- | --- |
| A | USD | 147,60 | 173,17 | 207,04 |
| AM | USD | 149,14 | 175,67 | 210,46 |
| B | USD | 158,34 | 185,76 | 222,10 |
| B EUR HEDGED | EUR | 144,68 | 165,42 | 196,32 |
| BI | USD | 1.503,74 | 1.776,32 | 2.131,19 |
| BI EUR HEDGED | EUR | - | 1.094,46 | 1.303,65 |
| BM | USD | 160,07 | 188,54 | 225,88 |
| BM EUR HEDGED | EUR | 147,74 | 169,61 | 201,71 |

| Nombre d'actions | en circulation au début de la période | émises | remboursées | en circulation en fin de la période |
| --- | --- | --- | --- | --- |
| A | 5.301,274 | 6.039,318 | -410,939 | 10.929,653 |
| AM | 347.015,852 | 44.459,640 | -66.391,577 | 325.083,915 |
| B | 264.786,702 | 96.471,443 | -40.196,322 | 321.061,823 |
| B EUR HEDGED | 4.677,917 | 322.198,657 | -2.672,566 | 324.204,008 |
| BI | 17.799,280 | 6.240,889 | -2.166,741 | 21.873,428 |
| BI EUR HEDGED | 2.610,000 | 17.460,110 | -10.518,790 | 9.551,320 |
| BM | 1.322.439,676 | 201.328,698 | -227.729,485 | 1.296.038,889 |
| BM EUR HEDGED | 2.940,580 | 134.362,398 | -3.268,606 | 134.034,372 |

| TER par classe d'action au 31.03.2021 |  | (en %) |
| --- | --- | --- |
| A |  | 1,47 |
| AM |  | 1,04 |
| B |  | 1,45 |
| B EUR HEDGED |  | 1,62 |
| BI |  | 0,76 |
| BI EUR HEDGED | * | 0,84 |
| BM |  | 1,04 |
| BM EUR HEDGED |  | 1,22 |
| * TER annualisé |  |  |

| Devise | Valeur nominale/ Quantité | Dénomination | Coût d'acquisition | Valeur d'évaluation | % de l'actif net * |
| --- | --- | --- | --- | --- | --- |
| Portefeuille-titres |
| Valeurs mobilières admises à la cote officielle d'une bourse devaleurs |
| Actions |
| CAD | 7.500 | Constellation Software Inc | 6.402.540,70 | 10.472.432,18 | 1,74 |
| USD | 172.000 | A.O.Smith Corp | 9.193.471,24 | 11.628.920,00 | 1,93 |
| USD | 60.000 | Advance Auto Parts | 8.110.199,88 | 11.009.400,00 | 1,83 |
| USD | 133.000 | Albany Intl Corp A Reg | 8.545.220,96 | 11.101.510,00 | 1,84 |
| USD | 36.500 | ANSYS Inc | 8.915.148,03 | 12.393.940,00 | 2,06 |
| USD | 97.000 | AptarGroup Inc | 10.174.770,56 | 13.741.990,00 | 2,28 |
| USD | 84.000 | Aspen Technology Inc | 7.933.587,27 | 12.123.720,00 | 2,01 |
| USD | 38.000 | Burlington Stores Inc | 5.349.600,74 | 11.354.400,00 | 1,88 |
| USD | 84.000 | CDW Corp | 9.085.465,57 | 13.923.000,00 | 2,31 |
| USD | 157.000 | Check Point Software Tec Ltd | 17.237.820,13 | 17.579.290,00 | 2,92 |
| USD | 29.000 | Chemed Corp | 10.934.140,32 | 13.334.780,00 | 2,21 |
| USD | 219.000 | Church & Dwight Co Inc | 14.185.391,81 | 19.129.650,00 | 3,17 |
| USD | 53.000 | Clorox Co | 8.395.977,73 | 10.222.640,00 | 1,70 |
| USD | 146.000 | Cognex Corp | 7.295.219,20 | 12.116.540,00 | 2,01 |
| USD | 18.000 | Cooper Companies Inc (The) | 4.239.082,01 | 6.913.620,00 | 1,15 |
| USD | 30.000 | Domino's Pizza Inc Reg | 8.406.608,91 | 11.033.700,00 | 1,83 |
| USD | 86.000 | Equifax Inc | 12.451.678,48 | 15.577.180,00 | 2,59 |
| USD | 119.000 | Globus Medical Inc | 4.932.733,68 | 7.338.730,00 | 1,22 |
| USD | 98.000 | Graco Inc | 4.475.226,27 | 7.018.760,00 | 1,16 |
| USD | 119.000 | Henry Jack & Associates Inc | 16.883.022,92 | 18.054.680,00 | 3,00 |
| USD | 14.000 | IDEXX Laboratories Inc | 2.319.141,68 | 6.850.340,00 | 1,14 |
| USD | 46.000 | Insulet Corp | 9.913.549,13 | 12.002.320,00 | 1,99 |
| USD | 51.900 | IPG Photonics Corp | 8.220.039,26 | 10.947.786,00 | 1,82 |
| USD | 172.000 | Lamb Weston Holdings Inc Reg S | 10.685.189,90 | 13.326.560,00 | 2,21 |
| USD | 40.000 | Lancaster Colony Corp | 5.695.125,06 | 7.014.400,00 | 1,16 |
| USD | 42.500 | Lennox Intl Inc | 9.681.656,32 | 13.242.575,00 | 2,20 |
| USD | 44.000 | Littelfuse Inc | 8.213.193,81 | 11.635.360,00 | 1,93 |
| USD | 303.000 | LKQ Corp | 9.429.081,96 | 12.825.990,00 | 2,13 |
| USD | 78.000 | Manhattan Associates Inc | 5.438.200,53 | 9.155.640,00 | 1,52 |
| USD | 50.000 | Masimo Corp | 8.061.927,95 | 11.483.000,00 | 1,91 |
| USD | 77.000 | McCormick & Co | 4.594.608,93 | 6.865.320,00 | 1,14 |
| USD | 8.000 | Mettler Toledo Intl Inc | 5.222.157,18 | 9.245.520,00 | 1,53 |
| USD | 75.000 | Middleby Corp | 8.223.403,61 | 12.431.250,00 | 2,06 |
| USD | 23.000 | MSCI Inc | 6.562.629,37 | 9.643.440,00 | 1,60 |
| USD | 330.000 | NIC Inc Reg | 7.522.731,81 | 11.196.900,00 | 1,86 |
| USD | 54.000 | Nordson Corp | 8.397.089,50 | 10.728.720,00 | 1,78 |
| USD | 39.000 | Pool Corp | 6.660.674,18 | 13.464.360,00 | 2,23 |
| USD | 75.000 | Resmed Inc | 8.487.357,18 | 14.551.500,00 | 2,42 |
| USD | 372.000 | Rollins Inc | 9.384.754,10 | 12.804.240,00 | 2,13 |
| USD | 127.000 | Sensient Technologies Corp | 8.359.114,97 | 9.906.000,00 | 1,64 |
| USD | 81.000 | SiteOne Landscape Supply Inc | 7.437.177,59 | 13.829.940,00 | 2,30 |
| USD | 81.000 | Tractor Supply Co | 7.357.603,24 | 14.343.480,00 | 2,38 |
| USD | 22.000 | Tyler Technologies Inc | 5.088.490,01 | 9.339.660,00 | 1,55 |
| USD | 48.000 | Ulta Beauty Inc Reg | 11.300.203,12 | 14.840.160,00 | 2,46 |
| USD | 57.500 | Verisign Inc | 11.305.781,24 | 11.428.700,00 | 1,90 |
| USD | 107.500 | Verisk Analytics Inc | 16.830.070,35 | 18.994.175,00 | 3,15 |

| Devise | Valeur nominale/ Quantité | Dénomination | Coût d'acquisition | Valeur d'évaluation | % de l'actif net * |
| --- | --- | --- | --- | --- | --- |

| USD | 42.000 | Waters Corp | 8.160.808,07 |  | 11.935.140,00 |  | 1,98 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| USD | 50.000 | Watsco Inc | 8.700.045,22 |  | 13.037.500,00 |  | 2,16 |
| USD | 23.000 | Zebra Technologies Corp A | 	3.888.131,45  |  | 	11.159.140,00  |  | 	1,85  |
|  |  |  | 407.884.302,43 |  | 573.825.566,00 |  | 95,23 |
| Total portefeuille-titres |  | 414.286.843,13 |  | 584.297.998,18 |  | 96,97 |
| Avoirs bancaires |  |  |  | 18.535.173,92 |  | 3,08 |
| Dettes bancaires |  |  |  | -175.441,95 |  | -0,03 |
| Autres actifs/(passifs) nets |  |  | -102.649,58 |  | -0,02 |
| Total |  |  |  |  | 602.555.080,57 |  | 100,00 |