# Geographical classification
(by domicile of the issuer) (in percentage of net assets)
| Germany | 31.63 % |
| --- | --- |
| United States of America | 11.23 % |
| Ireland | 8.95 % |
| Jersey | 6.08 % |
| United Kingdom | 6.03 % |
| Japan | 5.83 % |
| France | 5.80 % |
| Switzerland | 5.37 % |
| Sweden | 2.57 % |
| Denmark | 1.59 % |
| Cayman Islands | 1.50 % |
| Taiwan | 1.36 % |
| South Korea | 0.87 % |
| Spain | 0.65 % |
| Thailand | 0.60 % |
| Canada | 0.59 % |
| Finland | 0.54 % |
| Mexico | 0.44 % |
| Brazil | 0.44 % |
| Hong Kong | 0.40 % |
| Total | 92.47 % |

| Assets |  |
| --- | --- |
| Securities portfolio at market value | 146,914,958.76 |
| Cash at banks | 9,211,156.34 |
| Receivable on issues of shares | 303,496.77 |
| Income receivable on portfolio | 102,387.34 |
| Prepaid expenses | 	212.50  |
| Total assets | 156,532,211.71 |
| Liabilities |  |
| Expenses payable | 	186,175.83  |
| Total liabilities | 186,175.83 |
| Net assets at the end of the period | 156,346,035.88 |

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 | 26,571.385 | EUR | 703.30 | 18,687,594.47 |
| AM | 1,106.002 | EUR | 717.47 | 793,527.88 |
| AR | 765.000 | EUR | 119.47 | 91,396.14 |
| B | 63,480.450 | EUR | 1,492.35 | 94,735,214.10 |
| BI | 54,831.713 | EUR | 122.24 | 6,702,601.94 |
| BM | 23,190.876 | EUR | 1,518.11 | 35,206,345.52 |
| BR | 1,062.464 | EUR | 121.75 | 	129,355.83  |
|  |  |  |  | 	156,346,035.88  |

| Income |  |
| --- | --- |
| Dividends, net | 335,755.62 |
| Interest on bonds and other debt securities, net | 67,560.02 |
| Other income | 	48,966.03  |
| Total income | 452,281.67 |
| Expenses |  |
| Management fees | 925,957.57 |
| Depositary fees | 36,675.07 |
| Banking charges and other fees | 23,400.37 |
| Transaction fees | 46,131.87 |
| Central administration costs | 58,303.68 |
| Professional fees | 1,194.16 |
| Other administration costs | 25,866.51 |
| Subscription duty ("taxe d'abonnement") | 39,155.37 |
| Other taxes | 11,728.89 |
| Bank interest paid | 49,662.96 |
| Other expenses | 	5,378.97  |
| Total expenses | 1,223,455.42 |
| Net investment loss | -771,173.75 |
| Net realised gain/(loss) |  |
| - on securities portfolio | 2,159,581.42 |
| - on futures contracts | -60,495.71 |
| - on foreign exchange | 	-312,749.64  |
| Realised result | 1,015,162.32 |
| Net variation of the unrealised gain/(loss) |  |
| - on securities portfolio | -3,445,503.98 |
| - on futures contracts | 	-416,649.01  |
| Result of operations | -2,846,990.67 |
| Dividends paid | -111.22 |
| Reinvestments | - |
| Subscriptions | 15,979,302.19 |
| Redemptions | -26,596,219.34 |
| Total changes in net assets | -13,464,019.04 |
| Total net assets at the beginning of the period | 169,810,054.92 |
| Total net assets at the end of the period | 156,346,035.88 |

| Total net assets | Currency | 30.09.2019 | 30.09.2020 | 31.03.2021 |
| --- | --- | --- | --- | --- |
|  | EUR | 115,249,399.79 | 169,810,054.92 | 156,346,035.88 |

| Net asset value per share class | Currency | 30.09.2019 | 30.09.2020 | 31.03.2021 |
| --- | --- | --- | --- | --- |
| A | EUR | 699.72 | 715.79 | 703.30 |
| AM | EUR | 709.95 | 728.77 | 717.47 |
| AR | EUR | 117.95 | 121.86 | 119.47 |
| B | EUR | 1,476.70 | 1,518.84 | 1,492.35 |
| BI | EUR | 119.71 | 123.98 | 122.24 |
| BM | EUR | 1,493.21 | 1,541.98 | 1,518.11 |
| BR | EUR | 120.91 | 124.07 | 121.75 |

| Number of shares | outstanding at the beginning of the period | issued | redeemed | outstanding at the end of the period |
| --- | --- | --- | --- | --- |
| A | 25,385.090 | 4,888.281 | -3,701.986 | 26,571.385 |
| AM | 872.002 | 234.000 | - | 1,106.002 |
| AR | 1,153.421 | - | -388.421 | 765.000 |
| B | 69,524.780 | 6,528.574 | -12,572.904 | 63,480.450 |
| BI | 57,916.711 | 8,512.660 | -11,597.658 | 54,831.713 |
| BM | 24,611.938 | 957.869 | -2,378.931 | 23,190.876 |
| BR | 1,084.464 | - | -22.000 | 1,062.464 |

| TER per share class as at 31.03.2021 | (in %) |
| --- | --- |
| A | 1.49 |
| AM | 1.09 |
| AR | 1.72 |
| B | 1.49 |
| BI | 0.79 |
| BM | 1.09 |
| BR | 1.74 |

| Dividends paid | Currency | Dividend per share class | Ex-dividend date |
| --- | --- | --- | --- |
| AR | EUR | 0.12 | 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 |  |  |  |  |  |
| BRL | 231,300 | Ambev SA | 531,181.37 | 533,287.36 | 0.34 |
| CAD | 6,000 | Agnico Eagle Mines Ltd | 366,667.43 | 295,103.50 | 0.19 |
| CAD | 1,900 | Canadian National Railway Co | 	145,702.49  | 	187,593.48  | 	0.12  |
|  |  |  | 512,369.92 | 482,696.98 | 0.31 |
| CHF | 900 | Geberit AG Reg | 355,581.73 | 489,504.44 | 0.31 |
| CHF | 16,000 | Nestlé SA Reg | 1,454,027.26 | 1,523,770.62 | 0.97 |
| CHF | 5,600 | Roche Holding Ltd Pref | 1,196,375.88 | 1,546,444.92 | 0.99 |
| CHF | 180 | SGS SA Reg | 363,484.99 | 436,290.36 | 0.28 |
| CHF | 5,000 | Sika Ltd | 	112,005.01  | 	1,220,506.42  | 	0.78  |
|  |  |  | 3,481,474.87 | 5,216,516.76 | 3.33 |
| DKK | 14,000 | Novo Nordisk AS B | 358,172.22 | 808,942.46 | 0.52 |
| DKK | 9,800 | Novozymes AS B | 	386,743.16  | 	535,360.85  | 	0.34  |
|  |  |  | 744,915.38 | 1,344,303.31 | 0.86 |
| EUR | 2,000 | Adidas AG Reg | 380,827.16 | 532,400.00 | 0.34 |
| EUR | 7,000 | Air Liquide SA | 457,250.59 | 975,100.00 | 0.62 |
| EUR | 8,389 | Danone | 530,102.22 | 490,756.50 | 0.31 |
| EUR | 13,700 | Fresenius SE & Co KGaA | 836,060.00 | 520,326.00 | 0.33 |
| EUR | 32,400 | Grifols SA A | 609,431.11 | 723,492.00 | 0.46 |
| EUR | 8,300 | Kone Oyj B | 385,883.90 | 578,178.00 | 0.37 |
| EUR | 13,200 | Legrand Holding SA | 637,976.14 | 1,047,024.00 | 0.67 |
| EUR | 2,000 | LVMH Moët Hennessy L Vuit SE | 240,217.27 | 1,136,200.00 | 0.73 |
| EUR | 5,600 | Pernod-Ricard SA | 549,098.98 | 896,280.00 | 0.57 |
| EUR | 12,000 | SAP SE | 688,342.11 | 1,253,040.00 | 0.80 |
| EUR | 43,000 | Unilever Plc Reg | 	1,433,137.64  | 	2,045,940.00  | 	1.31  |
|  |  |  | 6,748,327.12 | 10,198,736.50 | 6.51 |
| GBP | 100,000 | GlaxoSmithKline Plc | 1,520,340.99 | 1,511,690.27 | 0.97 |
| GBP | 3,500 | Intertek Group Plc | 77,400.99 | 230,121.98 | 0.15 |
| GBP | 26,000 | Reckitt Benckiser Group Plc | 1,446,389.40 | 1,982,896.33 | 1.27 |
| GBP | 40,300 | Smith & Nephew Plc | 	613,662.94  | 	651,780.28  | 	0.42  |
|  |  |  | 3,657,794.32 | 4,376,488.86 | 2.81 |
| HKD | 50,000 | Guangdong Investment Ltd | 72,046.85 | 69,281.85 | 0.04 |
| HKD | 85,000 | Hengan Intl Group Co Ltd | 523,798.18 | 475,396.06 | 0.30 |
| HKD | 8,100 | Tencent Holdings Ltd | 507,556.80 | 540,792.43 | 0.35 |
| HKD | 850,000 | Want Want China Holdings Ltd | 	595,156.88  | 	542,379.45  | 	0.35  |
|  |  |  | 1,698,558.71 | 1,627,849.79 | 1.04 |
| JPY | 10,000 | Asahi Group Holdings Ltd | 336,528.81 | 359,234.14 | 0.23 |
| JPY | 20,000 | Astellas Pharma Inc | 254,045.83 | 262,129.26 | 0.17 |
| JPY | 5,000 | Bridgestone Corp | 142,330.75 | 172,301.47 | 0.11 |
| JPY | 7,000 | CALBEE Inc | 153,377.23 | 152,118.14 | 0.10 |
| JPY | 1,200 | Disco Corp | 164,470.29 | 321,116.04 | 0.21 |
| JPY | 4,000 | Hoya Corp | 67,385.98 | 400,586.49 | 0.26 |
| JPY | 8,000 | Kao Corp | 293,105.81 | 450,517.34 | 0.29 |
| JPY | 10,000 | Komatsu Ltd | 195,733.44 | 263,284.35 | 0.17 |
| JPY | 6,000 | Makita Corp | 89,992.37 | 219,236.78 | 0.14 |
| JPY | 3,000 | Meiji Holdings Co Ltd Reg | 186,121.71 | 164,485.34 | 0.11 |
| JPY | 3,000 | Murata Manufacturing Co Ltd | 42,463.97 | 204,266.77 | 0.13 |
| JPY | 500 | Nintendo Co Ltd | 167,229.99 | 237,987.80 | 0.15 |
| JPY | 1,300 | Nitori Hgs Co Ltd | 151,490.01 | 214,481.65 | 0.14 |
| JPY | 2,200 | Obic Co Ltd | 31,318.09 | 342,724.00 | 0.22 |
| JPY | 4,000 | Pigeon Corp | 88,904.55 | 129,370.49 | 0.08 |
| JPY | 4,000 | Recruit Holdings Co Ltd | 82,397.95 | 166,364.29 | 0.11 |
| JPY | 12,500 | Santen Pharmaceutical Co Ltd | 205,898.98 | 146,600.64 | 0.09 |
| JPY | 6,000 | Secom Co Ltd | 290,432.25 | 430,295.50 | 0.28 |

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

| JPY | 2,000 | Shimano Inc | 243,266.73 |  | 406,207.95 |  | 0.26 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| JPY | 1,500 | Shin-Etsu Chemical Co Ltd | 120,085.53 |  | 214,962.94 |  | 0.14 |
| JPY | 2,500 | Sony Group Corp | 102,799.21 |  | 223,221.85 |  | 0.14 |
| JPY | 6,000 | Yakult Honsha Co Ltd | 	253,007.50  |  | 	258,740.99  |  | 	0.17  |
|  |  |  | 3,662,386.98 |  | 5,740,234.22 |  | 3.70 |
| KRW | 300 | LG Household & Health Care Ltd | 338,421.10 |  | 355,414.23 |  | 0.23 |
| KRW | 4,500 | Orion Corp | 324,785.46 |  | 444,833.73 |  | 0.28 |
| KRW | 2,500 | Samsung Electronics Co Ltd | 	156,589.34  |  | 	153,560.07  |  | 	0.10  |
|  |  |  | 819,795.90 |  | 953,808.03 |  | 0.61 |
| SEK | 21,300 | Assa Abloy AB B | 144,631.11 |  | 521,866.66 |  | 0.33 |
| SEK | 55,200 | Essity AB B Reg | 	1,383,815.80  |  | 	1,486,609.83  |  | 	0.95  |
|  |  |  | 1,528,446.91 |  | 2,008,476.49 |  | 1.28 |
| SGD | 1,000,000 | Thai Beverage PLC | 482,701.83 |  | 468,581.67 |  | 0.30 |
| THB | 50,000 | CP All PCL Foreign | 82,289.50 |  | 94,312.00 |  | 0.06 |
| TWD | 64,000 | President Chain Store Corp | 494,524.81 |  | 520,404.65 |  | 0.33 |
| USD | 2,500 | Abbott Laboratories | 52,991.90 |  | 254,935.33 |  | 0.16 |
| USD | 2,294 | Alibaba Group Holding Ltd ADR repr 8 Share | 508,925.52 |  | 442,578.81 |  | 0.28 |
| USD | 250 | Alphabet Inc A | 227,284.36 |  | 438,759.36 |  | 0.28 |
| USD | 4,000 | Apple Inc Reg | 83,192.91 |  | 415,759.02 |  | 0.27 |
| USD | 1,300 | Becton Dickinson & Co | 156,178.33 |  | 268,971.24 |  | 0.17 |
| USD | 100 | Booking Holdings Inc Reg | 117,355.39 |  | 198,250.51 |  | 0.13 |
| USD | 1,500 | Brown-Forman Corp B Non voting | 64,830.54 |  | 88,031.82 |  | 0.06 |
| USD | 2,200 | Colgate-Palmolive Co | 141,868.82 |  | 147,571.48 |  | 0.09 |
| USD | 1,400 | Constellation Brands Inc A | 112,248.65 |  | 271,613.34 |  | 0.17 |
| USD | 2,000 | EBay Inc | 93,798.96 |  | 104,220.56 |  | 0.07 |
| USD | 450 | Ecolab Inc | 21,397.61 |  | 81,970.30 |  | 0.05 |
| USD | 750 | Estée Lauder Companies Inc A | 37,406.46 |  | 185,617.34 |  | 0.12 |
| USD | 3,000 | Fiserv Inc | 259,880.79 |  | 303,880.19 |  | 0.19 |
| USD | 8,359 | Fomento Econom Mexic SAB de CV ADR repr 10 Uts (10 B & 20 D) | 525,935.90 |  | 535,809.62 |  | 0.34 |
| USD | 2,000 | Gilead Sciences Inc | 169,012.85 |  | 109,989.79 |  | 0.07 |
| USD | 2,100 | Johnson & Johnson | 204,187.48 |  | 293,681.93 |  | 0.19 |
| USD | 4,500 | Kimberly-Clark Corp | 529,821.73 |  | 532,441.29 |  | 0.34 |
| USD | 2,000 | Lowe's Companies Inc | 69,041.19 |  | 323,655.55 |  | 0.21 |
| USD | 1,500 | Mastercard Inc A | 89,872.22 |  | 454,454.56 |  | 0.29 |
| USD | 1,300 | Medtronic Plc Reg | 38,798.65 |  | 130,674.78 |  | 0.08 |
| USD | 3,600 | Microsoft Corp | 102,021.99 |  | 722,236.22 |  | 0.46 |
| USD | 7,600 | Mondelez Intl Inc | 251,319.46 |  | 378,512.59 |  | 0.24 |
| USD | 7,000 | Newmont Corp Reg | 362,849.51 |  | 358,994.21 |  | 0.23 |
| USD | 1,900 | Nike Inc B | 92,447.02 |  | 214,849.39 |  | 0.14 |
| USD | 5,000 | Oracle Corp | 181,876.21 |  | 298,544.93 |  | 0.19 |
| USD | 1,000 | PayPal Holdings Inc | 16,186.61 |  | 206,637.17 |  | 0.13 |
| USD | 4,000 | Pepsico Inc | 412,706.05 |  | 481,449.97 |  | 0.31 |
| USD | 2,500 | Philip Morris Intl Inc | 194,082.41 |  | 188,776.38 |  | 0.12 |
| USD | 700 | Rockwell Automation | 64,511.14 |  | 158,107.56 |  | 0.10 |
| USD | 500 | Roper Technologies Inc | 47,954.51 |  | 171,604.83 |  | 0.11 |
| USD | 500 | Stanley Black & Decker Inc | 81,274.11 |  | 84,951.50 |  | 0.05 |
| USD | 5,100 | Taiwan Semiconduct Mfg Co Ltd ADR repr 5 Shares | 400,969.28 |  | 513,298.16 |  | 0.33 |
| USD | 750 | Thermo Fisher Scientific Inc | 48,555.94 |  | 291,256.81 |  | 0.19 |
| USD | 3,000 | TJX Cos Inc | 100,144.00 |  | 168,864.87 |  | 0.11 |
| USD | 1,000 | Union Pacific Corp | 100,768.06 |  | 187,551.06 |  | 0.12 |
| USD | 800 | United Health Group Inc | 199,401.17 |  | 253,281.14 |  | 0.16 |
| USD | 750 | Verisk Analytics Inc | 75,927.37 |  | 112,761.66 |  | 0.07 |
| USD | 2,500 | Visa Inc A | 36,810.99 |  | 450,412.70 |  | 0.29 |
| USD | 1,300 | Zoetis Inc A | 	65,792.03  |  | 	174,203.54  |  | 	0.11  |
|  |  |  | 6,339,628.12 |  | 10,999,161.51 |  | 7.02 |
| Total shares |  |  | 30,784,395.74 |  | 44,564,858.13 |  | 28.50 |

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

| Investment certificates |
| --- |
| EUR | 170,000 | Dt Boerse Commodities GmbH Certif Gold Perpetual | 5,812,132.76 |  | 7,937,980.00 |  | 5.08 |
| EUR | 25,000 | Wisdom Tree Metal Sec Ltd Certif Phys Gold Perpetual | 2,977,589.96 |  | 3,438,750.00 |  | 2.20 |
| EUR | 120,000 | Wisdom Tree Metal Sec Ltd Certif Physical Silver Perpetual | 	1,656,623.45  |  | 	2,316,720.00  |  | 	1.48  |
|  |  |  | 10,446,346.17 |  | 13,693,450.00 |  | 8.76 |
| USD | 55,000 | Invesco Physical Gold PLC Certif Gold 31.12.Perpetual | 6,032,566.33 |  | 7,720,685.84 |  | 4.94 |
| USD | 130,000 | iShares Physical Metals Plc Certif Gold Perpetual | 	2,741,152.13  |  | 	3,680,862.83  |  | 	2.35  |
|  |  |  | 8,773,718.46 |  | 11,401,548.67 |  | 7.29 |
| Total investment certificates | 19,220,064.63 |  | 25,094,998.67 |  | 16.05 |
| Bonds |  |  |  |  |  |  |  |
| EUR | 10,000,000 | Deutschland 0% Sen 16/15.08.26 | 10,428,290.00 |  | 10,341,850.00 |  | 6.61 |
| EUR | 4,000,000 | Deutschland 0% Ser 178 18/13.10.23 | 4,068,880.00 |  | 4,074,060.00 |  | 2.61 |
| EUR | 8,000,000 | Deutschland 0% Ser 179 Sen 19/05.04.24 | 8,130,800.00 |  | 8,175,040.00 |  | 5.23 |
| EUR | 8,000,000 | Deutschland 0% Ser 180 Sen 19/18.10.24 | 8,272,200.00 |  | 8,201,560.00 |  | 5.25 |
| EUR | 10,000,000 | Deutschland 0% Ser 181 20/11.04.25 | 10,332,796.00 |  | 10,279,900.00 |  | 6.58 |
| EUR | 12,000,000 | Deutschland 0.25% Sen 17/15.02.27 | 12,708,510.00 |  | 12,605,940.00 |  | 8.06 |
| EUR | 11,000,000 | Deutschland 0.5% Sen 15/15.02.25 | 11,521,350.00 |  | 11,519,640.00 |  | 7.37 |
| EUR | 10,000,000 | Deutschland 0.5% Sen 16/15.02.26 | 10,694,460.00 |  | 10,571,900.00 |  | 6.76 |
| EUR | 250,000 | Deutschland ILB Sen 15/15.04.26 | 286,831.70 |  | 291,113.79 |  | 0.19 |
| EUR | 250,000 | Deutschland ILB Ser I/L 14/15.04.30 | 	315,622.47  |  | 	321,570.02  |  | 	0.21  |
|  |  |  | 76,759,740.17 |  | 76,382,573.81 |  | 48.87 |
| USD | 300,000 | US ILB D-2029 19/15.07.29 | 280,895.78 |  | 287,189.91 |  | 0.18 |
| USD | 300,000 | US ILB T-Notes Ser D-2027 Sen 17/15.07.27 | 294,962.46 |  | 302,804.33 |  | 0.19 |
| USD | 300,000 | US ILB T-Notes Ser D-2030 20/15.07.30 | 	276,428.53  |  | 	282,533.91  |  | 	0.18  |
|  |  |  | 852,286.77 |  | 872,528.15 |  | 0.55 |
| Total bonds |  |  | 77,612,026.94 |  | 77,255,101.96 |  | 49.42 |
| Total investments in securities | 127,616,487.31 |  | 146,914,958.76 |  | 93.97 |
| Cash at banks |  |  | 9,211,156.34 |  | 5.89 |
| Other net assets/(liabilities) |  |  | 219,920.78 |  | 0.14 |
| Total |  |  | 156,346,035.88 |  | 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 |