# Geographical classification
(by domicile of the issuer) (in percentage of net assets)
| United States of America | 45.53 % |
| --- | --- |
| Japan | 11.01 % |
| France | 10.25 % |
| Switzerland | 8.45 % |
| Denmark | 6.09 % |
| United Kingdom | 5.69 % |
| Taiwan | 2.55 % |
| Thailand | 1.29 % |
| Germany | 1.14 % |
| Sweden | 1.06 % |
| Cayman Islands | 0.99 % |
| China | 0.68 % |
| Canada | 0.64 % |
| Total | 95.37 % |

| Assets |  |
| --- | --- |
| Securities portfolio at market value | 717,511,412.49 |
| Deposits on futures contracts | 5,168,114.14 |
| Cash at banks | 96,815,866.37 |
| Receivable cash collateral paid | 565,000.00 |
| Receivable on issues of shares | 7,999.91 |
| Income receivable on portfolio | 653,278.07 |
| Other receivables | 5,509,068.66 |
| Prepaid expenses | 	869.05  |
| Total assets | 826,231,608.69 |
| Liabilities |  |
| Unrealised loss on futures contracts | 4,565,438.17 |
| Unrealised loss on forward foreign exchange contracts | 683,370.85 |
| Expenses payable | 	931,074.85  |
| Total liabilities | 6,179,883.87 |
| Net assets at the end of the period | 820,051,724.82 |

Breakdown of net assets per share class
| Share class | Number of shares | Currency of share class | NAV per share in currency of share class | Net assets per share class (in EUR) |
| --- | --- | --- | --- | --- |
| A | 3,069,291.203 | EUR | 106.82 | 327,876,447.15 |
| AM | 158,080.848 | EUR | 104.36 | 16,496,823.26 |
| AR | 1.000 | EUR | 157.40 | 157.40 |
| B | 2,413,361.937 | EUR | 103.70 | 250,263,073.92 |
| B CHF HEDGED | 4,659.642 | CHF | 129.84 | 590,842.55 |
| BI | 38,220.332 | EUR | 1,098.66 | 41,990,986.63 |
| BM | 1,724,440.898 | EUR | 105.88 | 182,579,917.67 |
| BM CHF HEDGED | 1,551.000 | CHF | 122.86 | 186,100.85 |
| BR | 31.000 | EUR | 166.41 | 5,158.72 |
| BR CHF HEDGED | 500.000 | CHF | 127.41 | 	62,216.67  |
|  |  |  |  | 	820,051,724.82  |

| Income |  |
| --- | --- |
| Dividends, net | 4,021,307.30 |
| Interest on bonds and other debt securities, net | 19,945.20 |
| Bank interest | 232.21 |
| Other income | 	164,740.84  |
| Total income | 4,206,225.55 |
| Expenses |  |
| Management fees | 4,484,868.88 |
| Depositary fees | 168,735.65 |
| Banking charges and other fees | 108,848.84 |
| Transaction fees | 342,077.09 |
| Central administration costs | 102,070.81 |
| Professional fees | 5,324.07 |
| Other administration costs | 54,657.80 |
| Subscription duty ("taxe d'abonnement") | 197,114.96 |
| Other taxes | 172,674.67 |
| Bank interest paid | 183,746.22 |
| Other expenses | 	14,002.04  |
| Total expenses | 5,834,121.03 |
| Net investment loss | -1,627,895.48 |
| Net realised gain/(loss) |  |
| - on securities portfolio | 24,075,712.44 |
| - on futures contracts | 4,463,809.09 |
| - on forward foreign exchange contracts | -1,848,076.31 |
| - on foreign exchange | 	-1,554,518.80  |
| Realised result | 23,509,030.94 |
| Net variation of the unrealised gain/(loss) |  |
| - on securities portfolio | 6,689,532.38 |
| - on futures contracts | -4,565,438.17 |
| - on forward foreign exchange contracts | 	-178,486.99  |
| Result of operations | 25,454,638.16 |
| Dividends paid | - |
| Reinvestments | - |
| Subscriptions | 51,006,499.39 |
| Redemptions | -25,165,429.19 |
| Total changes in net assets | 51,295,708.36 |
| Total net assets at the beginning of the period | 768,756,016.46 |
| Total net assets at the end of the period | 820,051,724.82 |

| Total net assets | Currency | 30.09.2020 | 30.09.2021 | 31.03.2022 |
| --- | --- | --- | --- | --- |
|  | EUR | 706,467,168.98 | 768,756,016.46 | 820,051,724.82 |

| Net asset value per share class | Currency | 30.09.2020 | 30.09.2021 | 31.03.2022 |
| --- | --- | --- | --- | --- |
| A | EUR | 1,778.79 | 103.47 | 106.82 |
| AM | EUR | 1,824.33 | 100.94 | 104.36 |
| AR | EUR | 147.19 | 152.96 | 157.40 |
| B | EUR | 2,878.51 | 100.47 | 103.70 |
| B CHF HEDGED | CHF | 120.79 | 126.00 | 129.84 |
| BI | EUR | 167.65 | 1,060.51 | 1,098.66 |
| BM | EUR | 2,922.38 | 102.41 | 105.88 |
| BM CHF HEDGED | CHF | 114.25 | 119.48 | 122.86 |
| BR | EUR | 154.43 | 161.36 | 166.41 |
| BR CHF HEDGED | CHF | 118.98 | 123.81 | 127.41 |

| Number of shares | outstanding at the beginning of the period | issued | redeemed | outstanding at the end of the period |
| --- | --- | --- | --- | --- |
| A | 2,842,552.565 | 261,238.234 | -34,499.596 | 3,069,291.203 |
| AM | 132,901.283 | 34,510.518 | -9,330.953 | 158,080.848 |
| AR | 1.000 | - | - | 1.000 |
| B | 2,413,736.114 | 128,849.724 | -129,223.901 | 2,413,361.937 |
| B CHF HEDGED | 4,079.642 | 580.000 | - | 4,659.642 |
| BI | 35,217.435 | 4,282.977 | -1,280.080 | 38,220.332 |
| BM | 1,765,804.476 | 11,767.893 | -53,131.471 | 1,724,440.898 |
| BM CHF HEDGED | 1.000 | 1,550.000 | - | 1,551.000 |
| BR | 31.000 | - | - | 31.000 |
| BR CHF HEDGED | 500.000 | - | - | 500.000 |

| TER per share class as at 31.03.2022 | (in %) |
| --- | --- |
| A | 1.41 |
| AM | 1.07 |
| AR | 2.05 |
| B | 1.43 |
| B CHF HEDGED | 1.45 |
| BI | 0.72 |
| BM | 1.06 |
| BM CHF HEDGED | 1.08 |
| BR | 1.61 |
| BR CHF HEDGED | 1.70 |

| 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 |  |  |  |  |  |
| CAD | 214,000 | Agnico Eagle Mines Ltd | 10,816,575.29 | 11,779,596.81 | 1.44 |
| CHF | 5,000 | Geberit AG Reg | 1,975,454.03 | 2,794,101.06 | 0.34 |
| CHF | 120,000 | Nestlé SA Reg | 10,652,174.72 | 14,086,722.72 | 1.72 |
| CHF | 160,000 | Novartis AG Reg | 11,683,623.39 | 12,696,020.20 | 1.55 |
| CHF | 70,000 | Roche Holding Ltd Pref | 16,165,249.23 | 25,051,689.40 | 3.05 |
| CHF | 1,500 | SGS SA Reg | 3,029,041.59 | 3,773,647.85 | 0.46 |
| CHF | 28,000 | Sika Ltd | 	1,176,711.40  | 	8,405,937.32  | 	1.02  |
|  |  |  | 44,682,254.36 | 66,808,118.55 | 8.14 |
| DKK | 158,000 | Novo Nordisk AS B | 5,016,770.02 | 15,908,669.43 | 1.94 |
| DKK | 34,000 | Novozymes AS B | 	1,341,762.00  | 	2,116,473.56  | 	0.26  |
|  |  |  | 6,358,532.02 | 18,025,142.99 | 2.20 |
| EUR | 34,000 | Adidas AG Reg | 6,308,272.69 | 7,204,600.00 | 0.88 |
| EUR | 80,000 | Air Liquide SA | 5,361,826.68 | 12,713,600.00 | 1.55 |
| EUR | 109,759 | Danone | 6,722,670.51 | 5,491,242.77 | 0.67 |
| EUR | 190,470 | Fresenius SE & Co KGaA | 10,684,506.08 | 6,351,222.15 | 0.77 |
| EUR | 282,000 | Grifols SA A | 6,096,817.10 | 4,647,360.00 | 0.57 |
| EUR | 68,000 | Kone Oyj B | 3,161,458.48 | 3,236,120.00 | 0.39 |
| EUR | 120,000 | Legrand Holding SA | 6,011,018.49 | 10,365,600.00 | 1.26 |
| EUR | 24,000 | LVMH Moët Hennessy L Vuit SE | 3,811,923.58 | 15,585,600.00 | 1.90 |
| EUR | 50,000 | Pernod-Ricard SA | 4,943,638.91 | 9,965,000.00 | 1.21 |
| EUR | 149,000 | SAP SE | 9,907,456.65 | 15,066,880.00 | 1.84 |
| EUR | 17,000 | Teleperformance SE | 5,781,792.15 | 5,887,100.00 | 0.72 |
| EUR | 470,000 | Unilever Plc Reg | 	19,160,339.64  | 	19,244,150.00  | 	2.35  |
|  |  |  | 87,951,720.96 | 115,758,474.92 | 14.11 |
| GBP | 900,000 | GlaxoSmithKline Plc | 14,604,462.08 | 17,545,166.79 | 2.14 |
| GBP | 290,000 | Reckitt Benckiser Group Plc | 	17,823,293.01  | 	20,016,317.04  | 	2.44  |
|  |  |  | 32,427,755.09 | 37,561,483.83 | 4.58 |
| HKD | 525,000 | Alibaba Group Holding Ltd Reg | 11,424,219.88 | 6,753,137.90 | 0.82 |
| HKD | 4,761 | JD.com Inc Reg A | 	167,769.52  | 	127,836.46  | 	0.02  |
|  |  |  | 11,591,989.40 | 6,880,974.36 | 0.84 |
| JPY | 150,000 | Asahi Group Holdings Ltd | 5,022,229.20 | 4,956,282.45 | 0.60 |
| JPY | 50,000 | CALBEE Inc | 1,095,551.64 | 872,154.61 | 0.11 |
| JPY | 10,000 | Disco Corp | 1,687,796.55 | 2,547,950.63 | 0.31 |
| JPY | 20,000 | Hoya Corp | 338,282.22 | 2,078,357.40 | 0.25 |
| JPY | 130,000 | Kao Corp | 4,829,574.70 | 4,838,513.80 | 0.59 |
| JPY | 75,000 | Komatsu Ltd | 1,468,000.76 | 1,634,873.26 | 0.20 |
| JPY | 100,000 | Makita Corp | 2,324,600.10 | 2,914,588.87 | 0.36 |
| JPY | 35,000 | Murata Manufacturing Co Ltd | 1,314,485.13 | 2,104,244.28 | 0.26 |
| JPY | 10,000 | Nintendo Co Ltd | 4,024,716.80 | 4,567,794.04 | 0.56 |
| JPY | 10,000 | Nitori Hgs Co Ltd | 1,165,307.77 | 1,137,689.58 | 0.14 |
| JPY | 20,000 | Obic Co Ltd | 286,983.53 | 2,728,677.36 | 0.33 |
| JPY | 33,000 | Pigeon Corp | 733,462.49 | 526,248.09 | 0.06 |
| JPY | 35,000 | Recruit Holdings Co Ltd | 720,982.06 | 1,403,520.83 | 0.17 |
| JPY | 100,000 | Santen Pharmaceutical Co Ltd | 1,647,191.84 | 908,818.44 | 0.11 |
| JPY | 100,000 | Secom Co Ltd | 5,986,220.70 | 6,568,379.69 | 0.80 |
| JPY | 20,000 | Shimano Inc | 3,099,372.96 | 4,170,787.78 | 0.51 |
| JPY | 10,000 | Shin-Etsu Chemical Co Ltd | 800,570.21 | 1,391,743.96 | 0.17 |
| JPY | 30,000 | Sony Group Corp | 1,774,934.05 | 2,828,669.60 | 0.34 |
| JPY | 43,000 | Yakult Honsha Co Ltd | 	1,813,220.43  | 	2,076,579.76  | 	0.25  |
|  |  |  | 40,133,483.14 | 50,255,874.43 | 6.12 |

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

| KRW | 4,000 | LG Household & Health Care Ltd | 4,388,525.23 |  | 2,541,000.00 |  | 0.31 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| KRW | 35,000 | Orion Corp | 2,603,751.86 |  | 2,301,115.38 |  | 0.28 |
| KRW | 110,000 | Samsung Electronics Co Ltd | 	6,423,933.85  |  | 	5,668,384.62  |  | 	0.69  |
|  |  |  | 13,416,210.94 |  | 10,510,500.00 |  | 1.28 |
| SEK | 287,927 | Assa Abloy AB B | 3,971,544.06 |  | 7,078,409.90 |  | 0.86 |
| SEK | 634,176 | Essity AB B Reg | 	15,844,906.99  |  | 	13,590,559.55  |  | 	1.66  |
|  |  |  | 19,816,451.05 |  | 20,668,969.45 |  | 2.52 |
| SGD | 9,000,000 | Thai Beverage PLC | 4,325,904.15 |  | 4,273,201.76 |  | 0.52 |
| THB | 500,000 | CP All PCL Foreign | 813,385.55 |  | 877,968.05 |  | 0.11 |
| USD | 44,400 | Abbott Laboratories | 1,330,775.28 |  | 4,722,487.42 |  | 0.58 |
| USD | 4,800 | Alphabet Inc A | 4,346,807.40 |  | 11,997,196.26 |  | 1.46 |
| USD | 62,400 | Apple Inc Reg | 1,731,311.19 |  | 9,791,214.95 |  | 1.19 |
| USD | 21,600 | Becton Dickinson & Co | 3,076,255.21 |  | 5,163,191.95 |  | 0.63 |
| USD | 1,600 | Booking Holdings Inc Reg | 1,909,114.95 |  | 3,376,635.51 |  | 0.41 |
| USD | 27,600 | Brown-Forman Corp B Non voting | 1,242,636.99 |  | 1,662,250.18 |  | 0.20 |
| USD | 40,000 | Colgate-Palmolive Co | 2,579,433.01 |  | 2,725,736.88 |  | 0.33 |
| USD | 7,000 | Cummins Inc | 1,505,221.77 |  | 1,290,231.85 |  | 0.16 |
| USD | 30,000 | EBay Inc | 1,406,984.32 |  | 1,543,673.62 |  | 0.19 |
| USD | 6,600 | Ecolab Inc | 528,006.94 |  | 1,047,174.69 |  | 0.13 |
| USD | 12,000 | Estée Lauder Companies Inc A | 599,596.94 |  | 2,936,592.38 |  | 0.36 |
| USD | 35,000 | Fomento Econom Mexic SAB de CV ADR repr 10 Uts (10 B & 20 D) | 2,202,148.18 |  | 2,605,814.16 |  | 0.32 |
| USD | 28,800 | Gilead Sciences Inc | 2,385,633.57 |  | 1,538,605.32 |  | 0.19 |
| USD | 40,000 | Johnson & Johnson | 4,316,151.13 |  | 6,370,596.69 |  | 0.78 |
| USD | 40,000 | Kimberly-Clark Corp | 5,069,670.95 |  | 4,427,030.91 |  | 0.54 |
| USD | 30,000 | Lowe's Companies Inc | 1,515,729.27 |  | 5,450,844.72 |  | 0.66 |
| USD | 24,000 | Mastercard Inc A | 1,510,239.48 |  | 7,707,692.31 |  | 0.94 |
| USD | 65,500 | Microsoft Corp | 2,634,169.51 |  | 18,147,290.62 |  | 2.21 |
| USD | 139,000 | Mondelez Intl Inc | 5,291,739.10 |  | 7,841,858.38 |  | 0.96 |
| USD | 120,000 | Newmont Corp Reg | 6,110,781.01 |  | 8,567,577.28 |  | 1.04 |
| USD | 33,800 | Nike Inc B | 1,803,896.43 |  | 4,087,102.80 |  | 0.50 |
| USD | 50,000 | Oracle Corp | 2,045,551.07 |  | 3,717,199.86 |  | 0.45 |
| USD | 19,000 | PayPal Holdings Inc | 557,339.36 |  | 1,974,613.59 |  | 0.24 |
| USD | 74,000 | Pepsico Inc | 7,699,918.96 |  | 11,130,589.50 |  | 1.36 |
| USD | 9,000 | Stanley Black & Decker Inc | 1,462,933.92 |  | 1,130,580.52 |  | 0.14 |
| USD | 125,000 | Taiwan Semiconduct Mfg Co Ltd ADR repr 5 Shares | 817,343.40 |  | 11,711,448.60 |  | 1.43 |
| USD | 15,000 | Thermo Fisher Scientific Inc | 1,268,511.62 |  | 7,961,673.26 |  | 0.97 |
| USD | 73,200 | TJX Cos Inc | 2,529,167.56 |  | 3,984,953.27 |  | 0.49 |
| USD | 18,000 | Union Pacific Corp | 1,663,833.67 |  | 4,419,284.69 |  | 0.54 |
| USD | 4,600 | United Health Group Inc | 1,059,133.81 |  | 2,108,071.53 |  | 0.26 |
| USD | 28,800 | Verisk Analytics Inc | 3,431,043.81 |  | 5,554,766.36 |  | 0.68 |
| USD | 50,000 | Visa Inc A | 3,163,320.12 |  | 9,964,503.95 |  | 1.21 |
| USD | 54,000 | Yum China Holdings Inc | 2,735,501.83 |  | 2,015,780.01 |  | 0.25 |
| USD | 23,000 | Zoetis Inc A | 	1,401,433.44  |  | 	3,897,888.21  |  | 	0.48  |
|  |  |  | 82,931,335.20 |  | 182,572,152.23 |  | 22.28 |
| Total shares |  |  | 355,265,597.15 |  | 525,972,457.38 |  | 64.14 |
| Investment certificates |
| EUR | 730,000 | Dt Boerse Commodities GmbH Certif Gold Perpetual | 29,017,686.47 |  | 41,128,200.00 |  | 5.01 |
| EUR | 100,000 | Wisdom Tree Metal Sec Ltd Certif Phys Gold Perpetual | 10,396,794.67 |  | 16,522,000.00 |  | 2.01 |
| EUR | 270,000 | Wisdom Tree Metal Sec Ltd Certif Physical Silver Perpetual | 	5,484,906.00  |  | 	5,639,760.00  |  | 	0.69  |
|  |  |  | 44,899,387.14 |  | 63,289,960.00 |  | 7.71 |
| USD | 280,000 | Amundi Physical Metals PLC Certif Lk Gold Perpetual | 17,651,961.30 |  | 19,481,488.14 |  | 2.38 |
| USD | 265,000 | Invesco Physical Gold PLC Certif Gold 31.12.Perpetual | 27,517,822.03 |  | 44,760,424.16 |  | 5.46 |

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

| USD | 1,160,000 | iShares Physical Metals Plc Certif Gold Perpetual | 34,256,467.80 |  | 39,504,942.49 |  | 4.82 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| USD | 160,000 | iShares Physical Metals Plc Certif Silver Perpetual | 	3,062,529.29  |  | 	3,447,160.32  |  | 	0.42  |
|  |  |  | 82,488,780.42 |  | 107,194,015.11 |  | 13.08 |
| Total investment certificates | 127,388,167.56 |  | 170,483,975.11 |  | 20.79 |
| Bonds |  |  |  |  |  |  |  |
| EUR | 10,000,000 | Deutschland 0% Ser 179 Sen 19/05.04.24 | 10,163,500.00 |  | 10,017,800.00 |  | 1.22 |
| EUR | 6,000,000 | Deutschland 0.25% Sen 17/15.02.27 | 6,339,060.00 |  | 5,978,130.00 |  | 0.73 |
| EUR | 5,000,000 | Deutschland 0.5% Sen 15/15.02.25 | 	5,195,000.00  |  | 	5,059,050.00  |  | 	0.62  |
| Total bonds |  |  | 21,697,560.00 |  | 21,054,980.00 |  | 2.57 |
| Total investments in securities | 504,351,324.71 |  | 717,511,412.49 |  | 87.50 |
| Cash at banks |  |  | 96,815,866.37 |  | 11.81 |
| Other net assets/(liabilities) |  |  | 5,724,445.96 |  | 0.69 |
| Total |  |  | 820,051,724.82 |  | 100.00 |

Translation (ENFR, 2022-03-31):
# Répartition géographique
(par pays de résidence de l'émetteur) (en pourcentage de l'actif net)
| Etats-Unis d'Amérique | 95,60 % |
| --- | --- |
| Jersey | 1,47 % |
| Belgique | 0,61 % |
| Total | 97,68 % |

| Actif |  |
| --- | --- |
| Portefeuille-titres à la valeur d'évaluation | 660.379.657,00 |
| Avoirs bancaires | 9.253.883,09 |
| A recevoir sur garantie en espèces payée | 1.495.000,00 |
| A recevoir sur émissions d'actions | 17.704,41 |
| Revenus à recevoir sur portefeuille-titres | 47.628,00 |
| Charges payées d'avance | 	870,19  |
| Total de l'actif | 671.194.742,69 |
| Exigible |  |
| Moins-values non réalisées sur changes à terme | 1.660.492,06 |
| Frais à payer | 	641.459,31  |
| Total de l'exigible | 2.301.951,37 |
| Actif net à la fin de la période | 668.892.791,32 |

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 | 14.420,720 | USD | 216,04 | 3.115.460,45 |
| AM | 370.143,513 | USD | 220,42 | 81.585.236,55 |
| B | 403.157,836 | USD | 231,89 | 93.489.343,22 |
| B EUR HEDGED | 97.620,928 | EUR | 202,23 | 21.968.451,61 |
| BI | 22.560,841 | USD | 2.240,75 | 50.553.186,79 |
| BI EUR HEDGED | 7.548,137 | EUR | 1.351,88 | 11.355.193,98 |
| BM | 1.605.545,215 | USD | 236,72 | 380.065.063,51 |
| BM EUR HEDGED | 115.298,588 | EUR | 208,57 | 	26.760.855,21  |
|  |  |  |  | 	668.892.791,32  |

| Revenus |  |
| --- | --- |
| Dividendes, nets | 1.892.394,00 |
| Intérêts bancaires | 	5.917,94  |
| Total des revenus | 1.898.311,94 |
| Charges |  |
| Commission de gestion | 3.528.287,60 |
| Commission de dépositaire | 160.290,40 |
| Frais bancaires et autres commissions | 18.214,93 |
| Frais sur transactions | 179.782,86 |
| Frais d'administration centrale | 116.222,62 |
| Frais professionnels | 4.951,00 |
| Autres frais d'administration | 76.280,09 |
| Taxe d'abonnement | 176.312,24 |
| Autres impôts | 211.108,82 |
| Intérêts bancaires payés | 36,87 |
| Autres charges | 	11.781,73  |
| Total des charges | 4.483.269,16 |
| Pertes nettes des investissements | -2.584.957,22 |
| Bénéfice/(perte) net(te) réalisé(e) |  |
| - sur portefeuille-titres | 23.554.204,17 |
| - sur changes à terme | -7.245.589,86 |
| - sur devises | 	106.970,79  |
| Résultat réalisé | 13.830.627,88 |
| Variation nette de la plus-/(moins-) value non réalisée |  |
| - sur portefeuille-titres | -43.345.525,62 |
| - sur changes à terme | 	1.496.456,15  |
| Résultat des opérations | -28.018.441,59 |
| Dividendes payés | - |
| Réinvestissements | - |
| Emissions | 96.116.670,48 |
| Rachats | -150.531.594,15 |
| Total des variations de l'actif net | -82.433.365,26 |
| Total de l'actif net au début de la période | 751.326.156,58 |
| Total de l'actif net à la fin de la période | 668.892.791,32 |

| Total de l'actif net | Devise | 30.09.2020 | 30.09.2021 | 31.03.2022 |
| --- | --- | --- | --- | --- |
|  | USD | 396.855.144,81 | 751.326.156,58 | 668.892.791,32 |

| VNI par classe d'action | Devise | 30.09.2020 | 30.09.2021 | 31.03.2022 |
| --- | --- | --- | --- | --- |
| A | USD | 173,17 | 222,00 | 216,04 |
| AM | USD | 175,67 | 226,12 | 220,42 |
| B | USD | 185,76 | 238,15 | 231,89 |
| B EUR HEDGED | EUR | 165,42 | 209,33 | 202,23 |
| BI | USD | 1.776,32 | 2.293,13 | 2.240,75 |
| BI EUR HEDGED | EUR | 1.094,46 | 1.394,80 | 1.351,88 |
| BM | USD | 188,54 | 242,69 | 236,72 |
| BM EUR HEDGED | EUR | 169,61 | 215,50 | 208,57 |

| Nombre d'actions | en circulation au début de la période | émises | remboursées | en circulation en fin de la période |
| --- | --- | --- | --- | --- |
| A | 16.155,860 | 2.187,744 | -3.922,884 | 14.420,720 |
| AM | 351.006,866 | 31.801,017 | -12.664,370 | 370.143,513 |
| B | 415.726,286 | 60.535,667 | -73.104,117 | 403.157,836 |
| B EUR HEDGED | 399.093,728 | 47.643,389 | -349.116,189 | 97.620,928 |
| BI | 22.543,627 | 7.591,982 | -7.574,768 | 22.560,841 |
| BI EUR HEDGED | 8.335,549 | 144,734 | -932,146 | 7.548,137 |
| BM | 1.509.726,005 | 162.160,780 | -66.341,570 | 1.605.545,215 |
| BM EUR HEDGED | 164.041,988 | 17.933,513 | -66.676,913 | 115.298,588 |

| TER par classe d'action au 31.03.2022 | (en %) |
| --- | --- |
| A | 1,45 |
| AM | 1,09 |
| B | 1,40 |
| B EUR HEDGED | 1,43 |
| BI | 0,70 |
| BI EUR HEDGED | 0,74 |
| BM | 1,03 |
| BM EUR HEDGED | 1,03 |

| 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 |
| USD | 175.000 | A.O.Smith Corp | 9.562.869,36 | 11.180.750,00 |  | 1,67 |
| USD | 68.000 | Advance Auto Parts | 10.105.773,10 | 14.073.280,00 |  | 2,10 |
| USD | 140.000 | Albany Intl Corp A Reg | 9.347.405,61 | 11.804.800,00 |  | 1,77 |
| USD | 42.000 | ANSYS Inc | 11.007.298,87 | 13.341.300,00 |  | 1,99 |
| USD | 145.000 | AptarGroup Inc | 16.603.740,26 | 17.037.500,00 |  | 2,55 |
| USD | 86.000 | Aspen Technology Inc | 9.044.613,46 | 14.221.820,00 |  | 2,13 |
| USD | 179.000 | BlackLine Inc Reg | 19.101.126,47 | 13.106.380,00 |  | 1,96 |
| USD | 57.000 | Burlington Stores Inc | 9.631.403,66 | 10.383.690,00 |  | 1,55 |
| USD | 79.500 | CDW Corp | 9.127.393,65 | 14.221.755,00 |  | 2,13 |
| USD | 143.000 | Check Point Software Tec Ltd | 15.889.294,95 | 19.771.180,00 |  | 2,96 |
| USD | 32.500 | Chemed Corp | 13.011.985,40 | 16.462.875,00 |  | 2,46 |
| USD | 141.000 | Church & Dwight Co Inc | 9.388.729,50 | 14.012.580,00 |  | 2,10 |
| USD | 85.000 | Clorox Co | 14.361.658,87 | 11.817.550,00 |  | 1,77 |
| USD | 142.000 | Cognex Corp | 7.299.210,56 | 10.955.300,00 |  | 1,64 |
| USD | 20.000 | Cooper Companies Inc (The) | 5.368.415,58 | 8.351.800,00 |  | 1,25 |
| USD | 32.000 | Domino's Pizza Inc Reg | 9.557.161,27 | 13.024.320,00 |  | 1,95 |
| USD | 73.000 | Equifax Inc | 11.261.197,07 | 17.308.300,00 |  | 2,59 |
| USD | 163.000 | Globus Medical Inc | 8.135.939,25 | 12.026.140,00 |  | 1,80 |
| USD | 90.000 | Graco Inc | 4.109.901,68 | 6.274.800,00 |  | 0,94 |
| USD | 126.000 | Henry Jack & Associates Inc | 18.524.656,12 | 24.828.300,00 |  | 3,71 |
| USD | 13.000 | IDEXX Laboratories Inc | 3.522.209,01 | 7.111.780,00 |  | 1,06 |
| USD | 59.000 | Insulet Corp | 13.210.465,20 | 15.717.010,00 |  | 2,35 |
| USD | 75.000 | IPG Photonics Corp | 12.388.509,74 | 8.232.000,00 |  | 1,23 |
| USD | 333.000 | Lamb Weston Holdings Inc Reg S | 22.553.413,60 | 19.950.030,00 |  | 2,98 |
| USD | 42.000 | Lancaster Colony Corp | 6.129.818,17 | 6.264.300,00 |  | 0,94 |
| USD | 42.000 | Lennox Intl Inc | 10.548.333,11 | 10.830.120,00 |  | 1,62 |
| USD | 51.000 | Littelfuse Inc | 10.050.678,89 | 12.719.910,00 |  | 1,90 |
| USD | 283.000 | LKQ Corp | 8.806.700,31 | 12.851.030,00 |  | 1,92 |
| USD | 66.000 | Manhattan Associates Inc | 4.601.554,29 | 9.154.860,00 |  | 1,37 |
| USD | 72.000 | Masimo Corp | 13.265.132,02 | 10.478.880,00 |  | 1,57 |
| USD | 68.000 | McCormick & Co | 4.507.261,46 | 6.786.400,00 |  | 1,01 |
| USD | 7.300 | Mettler Toledo Intl Inc | 4.765.218,43 | 10.024.287,00 |  | 1,50 |
| USD | 64.000 | Middleby Corp | 7.017.304,41 | 10.492.160,00 |  | 1,57 |
| USD | 23.500 | MSCI Inc | 7.223.187,33 | 11.817.680,00 |  | 1,77 |
| USD | 59.000 | Nordson Corp | 9.666.762,59 | 13.397.720,00 |  | 2,00 |
| USD | 30.000 | Paycom Software Inc | 9.433.685,92 | 10.391.400,00 |  | 1,55 |
| USD | 35.500 | Pool Corp | 6.951.674,62 | 15.011.175,00 |  | 2,24 |
| USD | 140.500 | Qualys Inc | 14.569.312,30 | 20.008.605,00 |  | 2,99 |
| USD | 79.000 | Resmed Inc | 11.409.581,96 | 19.158.290,00 |  | 2,86 |
| USD | 568.000 | Rollins Inc | 16.412.419,35 | 19.908.400,00 |  | 2,98 |
| USD | 98.000 | SiteOne Landscape Supply Inc | 10.516.979,18 | 15.845.620,00 |  | 2,37 |
| USD | 61.000 | Tractor Supply Co | 5.540.911,08 | 14.235.570,00 |  | 2,13 |
| USD | 32.000 | Tyler Technologies Inc | 9.748.111,94 | 14.236.480,00 |  | 2,13 |
| USD | 34.000 | Ulta Beauty Inc Reg | 8.265.353,46 | 13.539.480,00 |  | 2,02 |
| USD | 62.000 | Verisign Inc | 12.389.476,83 | 13.792.520,00 |  | 2,06 |
| USD | 150.000 | Verisk Analytics Inc | 24.661.539,27 | 32.194.500,00 |  | 4,81 |
| USD | 38.000 | Waters Corp | 7.383.588,25 | 11.794.820,00 |  | 1,76 |
| USD | 44.000 | Watsco Inc | 8.134.894,95 | 13.404.160,00 |  | 2,00 |
| USD | 16.500 | Zebra Technologies Corp A | 	2.789.311,69  | 	6.826.050,00  |  | 	1,02  |
| Total portefeuille-titres |  | 506.903.164,05 | 660.379.657,00 |  | 98,73 |
| Avoirs bancaires |  |  | 9.253.883,09 |  | 1,38 |
| Autres actifs/(passifs) nets |  | -740.748,77 |  | -0,11 |
| Total |  |  |  | 668.892.791,32 |  | 100,00 |

* Des différences mineures peuvent apparaître résultant des arrondis lors du calcul des pourcentages.
Les notes annexées font partie intégrante de ces états financiers.