# G FUND – European Convertible Bonds
## Board of Directors’ Report
- 	Over the year from 28 February 2021 to 28 February 2022, the sub-fund posted a positive return while significantly outperforming its benchmark index.
- Absolute performance was disappointing in comparison with the recovery of equity markets. This is attributable to the inherent structural bias of the convertibles market, where most issuers are in the sectors that performed most weakly over the year, while the strongest performers (Energy, Banks, Commodities, etc.) are relatively absent. The disappointing returns of convertibles in 2021 "make up for" their exceptional performance in 2020.
- However, the fund clearly outperformed its index. This outperformance is mainly attributable to issuer selection rather than directional allocation, with the significant relative gains on St Gobain, Rémy Cointreau, Deutsche Post, Arcelor Mittal, BE Semi Driver, Zur Rose and Akka Technologie more than offsetting the relative underperformance of Sika, Neoen, GEA, Carrefour and AMS. In terms of sectors, overexposure to Industrials (Deutsche Post, St Gobain and Schneider) and underexposure to Consumer Discretionary were positive contributors, while overexposure to Utilities (Neoen and Iberdrola) detracted from performance.
- The replication bucket made a substantial positive contribution (about +180 bps) that is most notably attributable to St Gobain, STMicro, Deutsche Post and Stellantis.
- Portfolio protection (equity index options and interest rate futures) cost the fund about 30 bps over the year.

Uncertainty about the outcome of the war in Ukraine, commodity prices and inflation weighed heavily on financial markets in late February 2022 and explains the current relatively high level of volatility. Given these factors, we positioned our portfolios as follows;
- Equity exposure was slightly higher than that of our benchmark index, with hedges in place to increase the portfolio’s convexity and capacity to accommodate market shocks.
- We were relatively underexposed to interest rates given the uncertain outlook for inflation and central bank interest rates.

The performance of the G FUND - EUROPEAN CONVERTIBLE BONDS fund by share class for the year ended 28/02/2022: IC – -2.17% vs. -3.44% for the benchmark index (see note 4)
GD – -1.87% vs. -3.44% for the benchmark index (see note 4) ID – -2.18% vs. -3.44% for the benchmark index (see note 4) NC – -2.54% vs. -3.44% for the benchmark index (see note 4) R – -2.22% vs. -3.44% for the benchmark index (see note 4) NC USD – no returns recorded.
Past performance is not a reliable indicator of future performance.
| Combined statement of net assets at 28/02/22 |  |  |
| --- | --- | --- |
|  | Note | In EUR |
| Assets |  | 544,325,166.59 |
| Securities portfolio at market value | 2.2 | 526,862,605.18 |
| Cost |  | 526,054,656.17 |
| Options (long positions) at the market value | 2.6 | 7,692,237.00 |
| Options purchased at the cost price |  | 9,011,516.20 |
| Cash at bank |  | 6,123,679.06 |
| Receivables from sale of investments |  | 2,185,105.60 |
| Net unrealised gain on forward exchange contracts | 2.7 | 261,192.62 |
| Accrued interest on the securities portfolio |  | 1,200,347.13 |
| Liabilities |  | 7,617,709.46 |
| Options (short positions) at the market price | 2.6 | 2,098,900.00 |
| Options sold at the cost price |  | 1,234,225.00 |
| Bank overdraft |  | 160,013.95 |
| Payable on investments purchased |  | 2,859,827.40 |
| Accrued redemptions |  | 16,957.18 |
| Net unrealised loss on futures contracts | 2.8 | 321,982.50 |
| Net unrealised loss on swaps | 2 | 63,407.00 |
| Management fees payable | 3 | 189,703.54 |
| Depositary and sub-depositary fees payable | 5 | 30,457.25 |
| Administration fees payable | 6 | 16,646.28 |
| Performance fees payable | 4 | 1,792,055.96 |
| Subscription tax (taxe d’abonnement) payable | 8 | 11,376.11 |
| Interest payable on swaps |  | 9,861.11 |
| Other liabilities |  | 46,521.18 |
| Net asset value |  | 536,707,457.13 |

| Statement of operations and net changes in assets from 01/03/21 to 28/02/22 |
| --- |
|  | Note | In EUR |
| Income |  | 2,961,743.46 |
| Net dividends on the securities portfolio |  | 3,733.60 |
| Net interest on bonds |  | 2,914,795.58 |
| Interest received on swaps |  | 39,583.33 |
| Bank interest |  | 3,630.95 |
| Expenses |  | 5,804,180.39 |
| Management fees | 3 | 2,659,519.84 |
| Performance fees | 4 | 1,792,055.96 |
| Depositary and sub-depositary fees | 5 | 193,869.97 |
| Administration fees | 6 | 114,637.15 |
| Legal expenses |  | 51,662.85 |
| Transaction expenses | 2.17, 7 | 653,543.90 |
| Director remuneration |  | 4,356.74 |
| Subscription tax (taxe d’abonnement) | 8 | 72,694.53 |
| Interest paid on bank overdrafts |  | 46,699.89 |
| Interest paid on swaps |  | 73,194.44 |
| Bank charges |  | 7,722.31 |
| Other expenses |  | 134,222.81 |
| Net income / (loss) on investments |  | (2,842,436.93) |
| Net profit / (loss) on: |  |  |
| - sales of investments | 2.3 | 22,450,914.52 |
| - options | 2.6 | 5,753,419.13 |
| - forward exchange contracts | 2.7 | 2,848,558.25 |
| - futures | 2.8 | (470,077.93) |
| - swaps | 2 | 203,980.37 |
| - currency |  | (322,405.31) |
| Net profit / (loss) |  | 27,621,952.10 |
| Change in the net unrealised gain / (loss) on: - sales of investments | 2.2 | (38,798,031.40) |
| - options | 2.6 | (2,774,191.20) |
| - forward exchange contracts | 2.7 | 339,588.77 |
| - futures | 2.8 | 386,571.90 |
| - swaps | 2 | (61,649.50) |
| Net increase / (decrease) in net assets from operations |  | (13,285,759.33) |
| Dividends paid | 10 | (790,660.73) |
| Accumulation share subscriptions |  | 170,844,705.06 |
| Distribution share subscriptions |  | 4,999,998.73 |
| Accumulation share redemptions |  | (151,202,009.67) |
| Distribution share redemptions |  | (523,353.40) |
| Increase / (decrease) in net assets |  | 10,042,920.66 |
| Net assets at start of year |  | 526,664,536.47 |
| Net assets at end of year |  | 536,707,457.13 |

| Net assets by share class |  |  |  |  |
| --- | --- | --- | --- | --- |
|  |  | 28/02/22 | 28/02/21 | 29/02/20 |
| Total net assets | EUR | 536,707,457.13 | 526,664,536.47 | 454,941,401.47 |
| NC EUR shares - Accumulation |  |  |  |  |
| Number of shares |  | 252,377.304 | 49,682.020 | 52,165.969 |
| Net asset value per share | EUR | 153.39 | 157.39 | 148.36 |
| NC USD shares - Accumulation Number of shares |  | 10,000 | 0,000 | 0,000 |
| Net asset value per share | USD | 95.27 | - | - |
| IC EUR shares - Accumulation Number of shares |  | 221,496.677 | 229,443.409 | 195,608.953 |
| Net asset value per share | EUR | 1,609.26 | 1,644.98 | 1,543.88 |
| ID EUR shares - Distribution Number of shares |  | 10,160.283 | 10,201.283 | 20,112.909 |
| Net asset value per share | EUR | 1,065.26 | 1,088.96 | 1,021.12 |
| Dividend per share |  | - | - | 2.65 |
| RC EUR shares - Accumulation Number of shares |  | 26,805.781 | 31,977.538 | 29,137.258 |
| Net asset value per share | EUR | 107.86 | 110.31 | 103.59 |
| GD EUR shares - Distribution Number of shares |  | 90,846.159 | 87,851.193 | 87,851.193 |
| Net asset value per share | EUR | 1,407.13 | 1,443.10 | 1,384.70 |
| Dividend per share |  | 9.00 | 34.23 | 10.69 |

Change in the number of shares outstanding from 01/03/21 to 28/02/22
|  | Number of shares outstanding at | Number of shares | Number of shares | Number of shares outstanding at |
| --- | --- | --- | --- | --- |
|  | 01/03/21 | issued | redeemed | 28/02/22 |
| NC EUR shares - Accumulation | 49,682.020 | 241,504.937 | 38,809.653 | 252,377.304 |
| NC USD shares - Accumulation | 0,000 | 10,000 | 0,000 | 10,000 |
| IC EUR shares - Accumulation | 229,443.409 | 75,829.688 | 83,776.420 | 221,496.677 |
| ID EUR shares - Distribution | 10,201.283 | 0,000 | 41,000 | 10,160.283 |
| RC EUR shares - Accumulation | 31,977.538 | 25,000.791 | 30,172.548 | 26,805.781 |
| GD EUR shares - Distribution | 87,851.193 | 3,309.066 | 314.100 | 90,846.159 |

| Securities portfolio at 28/02/2022 |  |  |  |  |
| --- | --- | --- | --- | --- |
| Name | Curr. | Number of shares | Market value (in EUR) | % of net assets |
| Securities admitted for trading on a stock exchange or traded on another regulated market |  |  | 495,020,719.47 | 92.23 |
| Equities |  |  | 1,958,250.00 | 0.36 |
| France |  |  | 1,958,250.00 | 0.36 |
| CIE DE SAINT-GOBAIN | EUR | 35,000 | 1,958,250.00 | 0.36 |
| Bonds |  |  | 30,420,836.76 | 5.67 |
| France |  |  | 16,281,357.00 | 3.03 |
| FCA BANK SPA IRL	0,7500,21-24,11/02A | EUR | 2,500,000 | 2,394,225.00 | 0.45 |
| ORANO SA	3,375,19-26,23/04A | EUR | 2,400,000 | 2,450,040.00 | 0.46 |
| QUATRIM	5,8750,19-24,31/01A | EUR | 2,000,000 | 1,987,440.00 | 0.37 |
| SOITEC SA CV	0,0 20-25,01/10U | EUR | 25,000 | 5,031,300.00 | 0.94 |
| HOUSE OF FIN 4.375	2,625,19-26,18/06A | EUR | 1,100,000 | 1,096,304.00 | 0.20 |
| TEREOS FINANCE GROUP 7,5 20-25,23/10S | EUR | 3,200,000 | 3,322,048.00 | 0.62 |
| Denmark |  |  | 6,266,835.00 | 1.17 |
| GN GREAT NORDIC LTD 0,00,19-24,21/05U | EUR | 2,500,000 | 2,601,337.50 | 0.48 |
| GN GREAT NORDIC LTD A 0,875,21-24,25/11A | EUR | 3,700,000 | 3,665,497.50 | 0.68 |
| Luxembourg |  |  | 3,874,829.36 | 0.72 |
| ARCELORMITTAL SA 5,5 20-23,18/05Q | USD | 60,000 | 3,874,829.36 | 0.72 |
| Italy |  |  | 2,029,500.00 | 0.38 |
| INTESA SANPAOLO 2,855,15-25,23/04A | EUR | 2,000,000 | 2,029,500.00 | 0.38 |
| Ireland |  |  | 1,600,232.00 | 0.30 |
| ARYZTA-DY-	4,50,14-XX 21/11A | EUR | 1,600,000 | 1,600,232.00 | 0.30 |
| Austria |  |  | 368,083.40 | 0.07 |
| CA IMMO	1,875,18-36,26/09A | EUR | 370,000 | 368,083.40 | 0.07 |
| Floating-rate bonds |  |  | 2,081,740.00 | 0.39 |
| Spain |  |  | 2,081,740.00 | 0.39 |
| BANCO DE SABADELL SA FL.R 18-28,12/12A | EUR | 2,000,000 | 2,081,740.00 | 0.39 |
| Convertible bonds |  |  | 460,559,892.71 | 85.81 |
| France |  |  | 135,669,559.70 | 25.28 |
| AIR FRANCE KLM 0,125,19-26,25/03A | EUR | 150,000 | 2,462,495.14 | 0.46 |
| ARCHER OBLIG CV	0,00,17-23,31/03U | EUR | 5,000,000 | 7,856,350.00 | 1.46 |
| EDENRED SA CV 0,00	19-24,06/09U | EUR | 70,000 | 4,247,845.00 | 0.79 |
| EDENRED SA CV 0,00	21-28,14/06U | EUR | 50,000 | 3,124,175.00 | 0.58 |
| ELECTRICITE DE FRANCE 0,00,20-24,14/09U | EUR | 800,000 | 9,622,800.00 | 1.79 |
| KERING	CV 0,00,19-22,30/09U | EUR | 2,000,000 | 2,067,880.00 | 0.39 |
| KORIAN SA CV 0,875,20-27,06/03A | EUR | 61,281 | 3,054,398.24 | 0.57 |
| KORIAN SA	FL.R 21-99,31/12S | EUR | 191,060 | 7,036,938.82 | 1.31 |
| NEOEN SPA CV 1,8750,19-24,07/10S | EUR | 55,000 | 2,226,225.36 | 0.41 |
| NEOEN SPA CV 2,00,20-25,02/06S | EUR | 70,000 | 3,549,700.00 | 0.66 |
| NEXITY SA CV	0,25,18-25,02/03S | EUR | 135,230 | 8,671,120.25 | 1.62 |
| ORPAR CV 0,00,17-24,20/06U | EUR | 9,300,000 | 11,523,025.50 | 2.15 |
| SAFRAN SA	CV 0,00,21-28,01/04U | EUR | 45,000 | 7,929,472.50 | 1.48 |
| SAFRAN SA CV 0,875,20-27,15/05A | EUR | 80,000 | 11,026,653.89 | 2.05 |
| SELENA CV 0,00,20-25,25/06U | EUR | 135 | 15,085,777.50 | 2.81 |
| UBISOFT ENTERTAIN CV 0,0 19-24,24/09U | EUR | 75,000 | 8,419,350.00 | 1.57 |
| VEOLIA ENV CV 0,00,19-25,01/01U | EUR | 300,000 | 10,830,600.00 | 2.02 |
| VOLTALIA SA	CV 21-25,13/01A | EUR | 75,000 | 2,220,150.00 | 0.41 |
| WORLDLINE SA DIRTY CV 0,00,19-26,30/07U | EUR | 110,000 | 10,722,030.00 | 2.00 |
| WORLDLINE SA FRANCE CV 0,00,20-25,30/07U | EUR | 35,000 | 3,992,572.50 | 0.74 |
| Germany |  |  | 65,390,479.00 | 12.18 |
| DELIVERY HERO AG CV 0,875,20-25,15/07S | EUR | 6,500,000 | 5,499,552.50 | 1.02 |
| DELIVERY HERO AG CV 1,000,21-26,30/04S | EUR | 12,000,000 | 9,534,960.00 | 1.78 |
| DELIVERY HERO SE CV 0,25,20-24,23/01S | EUR | 4,000,000 | 3,705,600.00 | 0.69 |
| HELLOFRESH SE	CV 0,75,20-25,13/05S | EUR | 1,500,000 | 1,854,975.00 | 0.35 |
| LEG IMMOBILIEN AG CV 0,40,20-28,30/06S | EUR | 7,000,000 | 6,907,670.00 | 1.29 |
| MORPHOSYS AG 0,625,20-25,16/10S | EUR | 1,000,000 | 743,395.00 | 0.14 |

| Securities portfolio at 28/02/2022 |  |  |  |  |
| --- | --- | --- | --- | --- |
| Name | Curr. | Number of shares | Market value (in EUR) | % of net assets |
| MTU AERO ENGINES CV 0,05,19-27,18/03A | EUR | 10,000,000 | 9,780,400.00 | 1.82 |
| RAG-STIFTUNG CV 0,00,18-24,02/10U | EUR | 7,500,000 | 7,544,400.00 | 1.41 |
| TAG IMMOBILIEN AG CV 0,625,20-26,27/08S | EUR | 3,700,000 | 3,628,664.00 | 0.68 |
| TUI AG 5,21-28,16/04S | EUR | 5,000,000 | 5,105,025.00 | 0.95 |
| ZALANDO SE CV	0,05,20-25,06/08A | EUR | 8,500,000 | 8,552,487.50 | 1.59 |
| ZALANDO SE CV	0,625,20-27,06/08A | EUR | 2,500,000 | 2,533,350.00 | 0.47 |
| Netherlands |  |  | 61,006,751.68 | 11.37 |
| BASIC FIT NV CV	1,5 21-28,17/06S | EUR | 3,500,000 | 3,753,960.00 | 0.70 |
| BESI CV	0,50,17-24,06/12S | EUR | 1,000,000 | 1,583,390.00 | 0.30 |
| DUFRY ONE B.V. 0,75,21-26,30/03S | CHF | 2,000,000 | 1,825,348.15 | 0.34 |
| IBERDROLA INTL CV	0,00,15-22,11/11A | EUR | 11,000,000 | 13,673,550.00 | 2.55 |
| JUST EAT TAKEAWAY.CO 0,625,21-28,09/02S | EUR | 10,000,000 | 7,938,100.00 | 1.48 |
| JUST EAT TAKEAWAY 0,0 21-25,09/08U | EUR | 3,500,000 | 2,954,735.00 | 0.55 |
| MONDELEZ INTR CV	0,00,21-24,20/09U | EUR | 3,000,000 | 3,152,340.00 | 0.59 |
| QIAGEN NV CV 0,00,20-27,17/12U | USD | 10,400,000 | 9,102,407.41 | 1.70 |
| QIAGEN NV CV 1,18-24,13/11S | USD | 9,600,000 | 10,373,846.16 | 1.93 |
| STMICROELECTRONIC CV 0,0001,17-27,04/08S | USD | 6,200,000 | 6,649,074.96 | 1.24 |
| Spain |  |  | 46,977,105.50 | 8.75 |
| AMADEUS IT GROUP SA CV 1,50,20-25,09/04S | EUR | 7,300,000 | 9,645,417.00 | 1.80 |
| CELLNEX TELECOM CV 0,50,19-28,05/07A | EUR | 9,300,000 | 10,967,908.50 | 2.04 |
| CELLNEX TELECOM CV 0,75,20-31,20/11A | EUR | 8,000,000 | 6,933,320.00 | 1.29 |
| CELLNEX TELECOM SA 1,50,18-26,16/01A | EUR | 2,700,000 | 3,747,802.50 | 0.70 |
| INTL CONSOLIDATED CV 0,614,15-22,17/11S | EUR | 6,500,000 | 6,422,357.50 | 1.20 |
| INTL CONSOLIDATED CV 1,125,21-28,18/05S | EUR | 10,000,000 | 9,260,300.00 | 1.73 |
| Italy |  |  | 34,887,659.00 | 6.50 |
| DIASORIN SPA CV	0,00,21-28,05/05U | EUR | 5,500,000 | 5,231,215.00 | 0.97 |
| NEXI SPA CV 0,00,21-28,24/02U | EUR | 13,700,000 | 11,657,604.00 | 2.17 |
| NEXI SPA CV 1,75,20-27,24/04S | EUR | 3,500,000 | 3,589,425.00 | 0.67 |
| PIRELLI & C SPA CV 0,00,20-25,22/12U | EUR | 9,000,000 | 9,345,420.00 | 1.74 |
| PRYSMIAN SPA	CV 0,0 21-26,02/02U | EUR | 3,000,000 | 3,064,815.00 | 0.57 |
| TELECOM ITALIA CV 1,125,15-22,26/03S | EUR | 2,000,000 | 1,999,180.00 | 0.37 |
| Switzerland |  |  | 26,326,371.97 | 4.91 |
| IDORSIA CV	18-24,17/07A | CHF | 3,000,000 | 2,704,556.26 | 0.50 |
| SIKA CV 0,15,18-25,05/06A | CHF | 15,000,000 | 23,621,815.71 | 4.40 |
| United Kingdom |  |  | 22,239,393.35 | 4.14 |
| BARCLAYS BANK PLC	0,00,22-25,24/01A | EUR | 7,000,000 | 7,644,560.00 | 1.42 |
| CAPITAL AND COUNTIES CV 2,0 20-26,30/03S | GBP | 4,000,000 | 4,931,668.86 | 0.92 |
| OCADO GROUP PLC CV 0,875,19-25,09/12S | GBP | 5,200,000 | 6,174,495.28 | 1.15 |
| WH SMITH PLC	1,625,21-26,07/05S | GBP | 3,000,000 | 3,488,669.21 | 0.65 |
| Luxembourg |  |  | 20,808,942.07 | 3.88 |
| CITIGROUP GLOBAL MARKETS 0,50,16-23,04/08A | EUR | 5,000,000 | 5,466,925.00 | 1.02 |
| ELIOTT CAPITAL SARL CV 0,00,19-22,30/12U | EUR | 8,000,000 | 8,022,800.00 | 1.49 |
| IWG INTERNATIONAL CV 0,50,20-27,09/12S | GBP | 2,600,000 | 2,809,497.07 | 0.52 |
| LAGFIN S.C.A. 2,20-25,02/07A | EUR | 4,000,000 | 4,509,720.00 | 0.84 |
| Belgium |  |  | 15,039,868.75 | 2.80 |
| FORTIS BK SUB CV	FL.R 07-XX 19/12Q | EUR | 6,750,000 | 6,175,203.75 | 1.15 |
| SAGERPARCV	0,0 21-26,01/04U | EUR | 1,000,000 | 1,029,425.00 | 0.19 |
| UMICORE SA CV	0,00,20-25,23/06U | EUR | 8,000,000 | 7,835,240.00 | 1.46 |
| Jersey |  |  | 10,324,038.95 | 1.92 |
| CORNWALL JERSEY CV 0,75,21-26,16/04S | GBP | 7,000,000 | 6,926,663.48 | 1.29 |
| DERWENT LONDON CV 1,50	19-25,12/06S | GBP | 2,900,000 | 3,397,375.47 | 0.63 |
| United Arab Emirates |  |  | 8,439,325.15 | 1.57 |
| ABU DHABI NATIONAL O 0,7 21-24,04/06S | USD | 9,800,000 | 8,439,325.15 | 1.57 |
| Japan |  |  | 6,406,577.38 | 1.19 |
| ANA HOLDINGS INC	CV 21-31,10/12U | JPY | 800,000,000 | 6,406,577.38 | 1.19 |
| United States |  |  | 5,944,567.31 | 1.11 |
| BIOMARIN PHARM CV SUB 0,599,17-24,01/08S | USD | 1,400,000 | 1,251,013.18 | 0.23 |
| FORD MOTOR CREDIT CO 0,00,21-26,15/03U | USD | 1,000,000 | 1,087,651.35 | 0.20 |

| Securities portfolio at 28/02/2022 |  |  |  |  |
| --- | --- | --- | --- | --- |
| Name | Curr. | Number of shares | Market value (in EUR) | % of net assets |
| ON SEMICONDUCTOR 0,00,21-27,01/05U | USD | 1,000,000 | 1,217,548.08 | 0.23 |
| SOUTHWEST AIRLINES CV 1,25,20-25,01/05S | USD | 2,000,000 | 2,388,354.70 | 0.45 |
| Sweden |  |  | 1,099,252.90 | 0.20 |
| BICO AB CV	2.875 21-26 19/03S | SEK | 14,000,000 | 1,099,252.90 | 0.20 |
| Other securities |  |  | 3,781,456.00 | 0.70 |
| Convertible bonds |  |  | 3,781,456.00 | 0.70 |
| Ireland |  |  | 3,781,456.00 | 0.70 |
| GLANBIA CO-OPERATI CV 1 875 22-27.27/01S | EUR | 3,800,000 | 3,781,456.00 | 0.70 |
| Collective investment undertakings |  |  | 28,060,429.71 | 5.23 |
| Shares/units in investment funds |  |  | 28,060,429.71 | 5.23 |
| France |  |  | 21,103,974.71 | 3.93 |
| GROUPAMA MONETAIRE IC | EUR | 99 | 21,103,974.71 | 3.93 |
| Luxembourg |  |  | 6,956,455.00 | 1.30 |
| G FUND – GLOBAL CONVERTIBLE BONDS SC EUR | EUR | 500 | 467,440.00 | 0.09 |
| G FUND – SHORT TERM ABSOLUTE RETURN SI SC EUR | EUR | 6,500 | 6,489,015.00 | 1.21 |
| Total securities portfolio |  |  | 526,862,605.18 | 98.17 |

Translation (ENFR, 2022-02-28):
# G FUND – European Convertible Bonds
## Rapport du Conseil d'Administration
Du 28 février 2021 au 28 février 2022, le fonds a progressé tout en sur performant largement son indice.
- La performance absolue a été décevante au regard de la progression des marchés actions : ceci s’explique par les biais structurels du gisement convertible avec d’une part des secteurs peu présents en convertibles (Energie, Banques, Matières premières..) qui ont beaucoup performé et d’autre part des secteurs fortement représentés dans les convertibles (Consommation discrétionnaire dont commerce internet, Utilities, …) qui ont fortement déçu. L’année 2021 décevante « rattrape » l’année 2020 exceptionnelle.
- Le fonds sur performe nettement son indice : Cette sur performance vient davantage du « picking » que de l’allocation directionnelle avec des gains relatifs à l’indice de référence significatifs sur St Gobain, Rémy Cointreau, Deutsche post, Arcelor Mittal, BE semi- conducteur, Zur Rose, Akka technologie qui font bien plus que compenser des sous performances relatives sur Sika, Neoen, GEA, Carrefour et AMS. Vu par secteur, le picking a été favorable sur l’industrie (Deutsche Post, St Gobain, Schneider), sur la consommation discrétionnaire (sous exposition) et négative sur les Utilities (sur exposition Neoen et Iberdrola)
- Notons que la poche de réplication a grandement contribué (+180 pdb environ) avec notamment des expositions sur St Gobain, STMicro, Deutsche Post, Stellantis, …
- Les protections de portefeuilles (options sur indices actions et futures de taux) ont couté environ 30 pdb sur l’année.

À fin février 2022, l’incertitude domine (Guerre en Ukraine, prix des matières premières, inflation…) et explique le régime de volatilité plus élevé actuel. Dans ce cadre, le positionnement des portefeuilles se caractérise par
- Une sensibilité action légèrement supérieure à l’indice accompagnée de protections renforçant la convexité du portefeuille en cas de choc de marché.
- Une sensibilité taux inférieure à celle de l’indice dans un contexte d’incertitudes sur le niveau futur de l’inflation et des taux d’intérêts des banques centrales.

La performance de G FUND - EUROPEAN CONVERTIBLE BONDS au 28/02/2022 est de : Part IC -2.17% contre -3.44% pour l’indice de référence (voir note 4)
Part GD -1.87% contre -3.44% pour l’indice de référence (voir note 4) Part ID -2.18% contre -3.44% pour l’indice de référence (voir note 4) Part NC -2.54% contre -3.44% pour l’indice de référence (voir note 4) Part R -2.22% contre -3.44% pour l’indice de référence (voir note 4) Part NC USD pas de performances notées
Les performances passées ne préjugent pas des performances futures.
| Etat des actifs nets au 28/02/22 |  |
| --- | --- |
|  | Note | Exprimé en EUR |
| Actifs |  | 544.325.166,59 |
| Portefeuille-titres à la valeur d'évaluation | 2.2 | 526.862.605,18 |
| Prix de revient |  | 526.054.656,17 |
| Options (positions longues) à la valeur d'évaluation | 2.6 | 7.692.237,00 |
| Options achetées au prix de revient |  | 9.011.516,20 |
| Avoirs en banque |  | 6.123.679,06 |
| A recevoir pour investissements vendus |  | 2.185.105,60 |
| Plus-value nette non réalisée sur contrats de change à terme | 2.7 | 261.192,62 |
| Intérêts à recevoir sur portefeuille-titres |  | 1.200.347,13 |
| Passifs |  | 7.617.709,46 |
| Options (positions courtes) à la valeur d'évaluation | 2.6 | 2.098.900,00 |
| Options vendues au prix de revient |  | 1.234.225,00 |
| Découvert bancaire |  | 160.013,95 |
| A payer sur investissements achetés |  | 2.859.827,40 |
| A payer sur rachats |  | 16.957,18 |
| Moins-value nette non réalisée sur contrats futures | 2.8 | 321.982,50 |
| Moins-value nette non réalisée sur swaps | 2 | 63.407,00 |
| Commissions de gestion à payer | 3 | 189.703,54 |
| Commissions de dépositaire et de sous-dépositaire à payer | 5 | 30.457,25 |
| Commissions d'administration à payer | 6 | 16.646,28 |
| Commissions de performance à payer | 4 | 1.792.055,96 |
| Taxe d'abonnement à payer | 8 | 11.376,11 |
| Intérêts à payer sur swaps |  | 9.861,11 |
| Autres passifs |  | 46.521,18 |
| Valeur nette d'inventaire |  | 536.707.457,13 |

| Etat des opérations et des variations des actifs nets du 01/03/21 au 28/02/22 |  |
| --- | --- |
|  | Note | Exprimé en EUR |
| Revenus |  | 2.961.743,46 |
| Dividendes sur portefeuille-titres, nets |  | 3.733,60 |
| Intérêts sur obligations, net |  | 2.914.795,58 |
| Intérêts reçus sur swaps |  | 39.583,33 |
| Intérêts bancaires |  | 3.630,95 |
| Dépenses |  | 5.804.180,39 |
| Commissions de gestion | 3 | 2.659.519,84 |
| Commissions de performance | 4 | 1.792.055,96 |
| Commissions de dépositaire et de sous-dépositaire | 5 | 193.869,97 |
| Commissions d'administration | 6 | 114.637,15 |
| Frais légaux |  | 51.662,85 |
| Frais de transaction | 2.17, 7 | 653.543,90 |
| Rémunération administrateurs |  | 4.356,74 |
| Taxe d'abonnement | 8 | 72.694,53 |
| Intérêts payés sur découvert bancaire |  | 46.699,89 |
| Intérêts payés sur swaps |  | 73.194,44 |
| Frais bancaires |  | 7.722,31 |
| Autres dépenses |  | 134.222,81 |
| Revenus / (Pertes) net(te)s des investissements |  | (2.842.436,93) |
| Bénéfices / (Pertes) net(te)s réalisé(e)s sur: |  |  |
| - ventes d'investissements | 2.3 | 22.450.914,52 |
| - options | 2.6 | 5.753.419,13 |
| - contrats de change à terme | 2.7 | 2.848.558,25 |
| - contrats futures | 2.8 | (470.077,93) |
| - swaps | 2 | 203.980,37 |
| - change |  | (322.405,31) |
| Bénéfice / (Perte) net(te) réalisé(e) |  | 27.621.952,10 |
| Variation de la plus-value / (moins-value) nette non réalisée sur: - ventes d’investissements | 2.2 | (38.798.031,40) |
| - options | 2.6 | (2.774.191,20) |
| - contrats de change à terme | 2.7 | 339.588,77 |
| - contrats futures | 2.8 | 386.571,90 |
| - swaps | 2 | (61.649,50) |
| Augmentation / (diminution) nette des actifs nets provenant des opérations |  | (13.285.759,33) |
| Dividendes versés | 10 | (790.660,73) |
| Souscriptions d'actions de capitalisation |  | 170.844.705,06 |
| Souscriptions d'actions de distribution |  | 4.999.998,73 |
| Rachats d'actions de capitalisation |  | (151.202.009,67) |
| Rachats d'actions de distribution |  | (523.353,40) |
| Augmentation / (diminution) des actifs nets |  | 10.042.920,66 |
| Actifs nets début de l'exercice |  | 526.664.536,47 |
| Actifs nets à la fin de l'exercice |  | 536.707.457,13 |

| Statistiques |  |
| --- | --- |
|  |  | 28/02/22 | 28/02/21 | 29/02/20 |
| Total des actifs nets | EUR | 536.707.457,13 | 526.664.536,47 | 454.941.401,47 |
| Classe NC EUR - Capitalisation |  |  |  |  |
| Nombre d'actions |  | 252.377,304 | 49.682,020 | 52.165,969 |
| Valeur nette d'inventaire par action | EUR | 153,39 | 157,39 | 148,36 |
| Classe NC USD - Capitalisation Nombre d'actions |  | 10,000 | 0,000 | 0,000 |
| Valeur nette d'inventaire par action | USD | 95,27 | - | - |
| Classe IC EUR - Capitalisation Nombre d'actions |  | 221.496,677 | 229.443,409 | 195.608,953 |
| Valeur nette d'inventaire par action | EUR | 1.609,26 | 1.644,98 | 1.543,88 |
| Classe ID EUR - Distribution Nombre d'actions |  | 10.160,283 | 10.201,283 | 20.112,909 |
| Valeur nette d'inventaire par action | EUR | 1.065,26 | 1.088,96 | 1.021,12 |
| Dividende par action |  | - | - | 2,65 |
| Classe RC EUR - Capitalisation Nombre d'actions |  | 26.805,781 | 31.977,538 | 29.137,258 |
| Valeur nette d'inventaire par action | EUR | 107,86 | 110,31 | 103,59 |
| Classe GD EUR - Distribution Nombre d'actions |  | 90.846,159 | 87.851,193 | 87.851,193 |
| Valeur nette d'inventaire par action | EUR | 1.407,13 | 1.443,10 | 1.384,70 |
| Dividende par action |  | 9,00 | 34,23 | 10,69 |

Changement dans le nombre d'actions en circulation du 01/03/21 au 28/02/22
|  | Nombre d'actions en circulation au | Nombre d'actions | Nombre d'actions | Nombre d'actions en circulation au |
| --- | --- | --- | --- | --- |
| 01/03/21 | émises | rachetées | 28/02/22 |
| Classe NC EUR - Capitalisation | 49.682,020 | 241.504,937 | 38.809,653 | 252.377,304 |
| Classe NC USD - Capitalisation | 0,000 | 10,000 | 0,000 | 10,000 |
| Classe IC EUR - Capitalisation | 229.443,409 | 75.829,688 | 83.776,420 | 221.496,677 |
| Classe ID EUR - Distribution | 10.201,283 | 0,000 | 41,000 | 10.160,283 |
| Classe RC EUR - Capitalisation | 31.977,538 | 25.000,791 | 30.172,548 | 26.805,781 |
| Classe GD EUR - Distribution | 87.851,193 | 3.309,066 | 314,100 | 90.846,159 |

| Portefeuille-titres au 28/02/22 |  |
| --- | --- |
| Description | Devise | Quantité | Valeur d'évaluation (en EUR) | % actifs nets |
| Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou traitées sur un autre marché réglementé |  |  | 495.020.719,47 | 92,23 |
| Actions |  |  | 1.958.250,00 | 0,36 |
| France |  |  | 1.958.250,00 | 0,36 |
| CIE DE SAINT-GOBAIN | EUR | 35.000 | 1.958.250,00 | 0,36 |
| Obligations |  |  | 30.420.836,76 | 5,67 |
| France |  |  | 16.281.357,00 | 3,03 |
| ILIAD SA	0.7500 21-24 11/02A | EUR | 2.500.000 | 2.394.225,00 | 0,45 |
| ORANO SA	3.375 19-26 23/04A | EUR | 2.400.000 | 2.450.040,00 | 0,46 |
| QUATRIM	5.8750 19-24 31/01A | EUR | 2.000.000 | 1.987.440,00 | 0,37 |
| SOITEC SA CV	0.0 20-25 01/10U | EUR | 25.000 | 5.031.300,00 | 0,94 |
| SPIE SA	2.625 19-26 18/06A | EUR | 1.100.000 | 1.096.304,00 | 0,20 |
| TEREOS FINANCE GROUP 7.5 20-25 23/10S | EUR | 3.200.000 | 3.322.048,00 | 0,62 |
| Danemark |  |  | 6.266.835,00 | 1,17 |
| GN GREAT NORDIC LTD 0.00 19-24 21/05U | EUR | 2.500.000 | 2.601.337,50 | 0,48 |
| GN GREAT NORDIC LTD A 0.875 21-24 25/11A | EUR | 3.700.000 | 3.665.497,50 | 0,68 |
| Luxembourg |  |  | 3.874.829,36 | 0,72 |
| ARCELORMITTAL SA 5.5 20-23 18/05Q | USD | 60.000 | 3.874.829,36 | 0,72 |
| Italie |  |  | 2.029.500,00 | 0,38 |
| INTESA SANPAOLO 2.855 15-25 23/04A | EUR | 2.000.000 | 2.029.500,00 | 0,38 |
| Irlande |  |  | 1.600.232,00 | 0,30 |
| ARYZTA-DY-	4.50 14-XX 21/11A | EUR | 1.600.000 | 1.600.232,00 | 0,30 |
| Autriche |  |  | 368.083,40 | 0,07 |
| CA IMMO	1.875 18-36 26/09A | EUR | 370.000 | 368.083,40 | 0,07 |
| Obligations à taux variables |  |  | 2.081.740,00 | 0,39 |
| Espagne |  |  | 2.081.740,00 | 0,39 |
| BANCO DE SABADELL SA FL.R 18-28 12/12A | EUR | 2.000.000 | 2.081.740,00 | 0,39 |
| Obligations convertibles |  |  | 460.559.892,71 | 85,81 |
| France |  |  | 135.669.559,70 | 25,28 |
| AIR FRANCE KLM 0.125 19-26 25/03A | EUR | 150.000 | 2.462.495,14 | 0,46 |
| ARCHER OBLIG CV	0.00 17-23 31/03U | EUR | 5.000.000 | 7.856.350,00 | 1,46 |
| EDENRED SA CV 0.00	19-24 06/09U | EUR | 70.000 | 4.247.845,00 | 0,79 |
| EDENRED SA CV 0.00	21-28 14/06U | EUR | 50.000 | 3.124.175,00 | 0,58 |
| ELECTRICITE DE FRANCE 0.00 20-24 14/09U | EUR | 800.000 | 9.622.800,00 | 1,79 |
| KERING	CV 0.00 19-22 30/09U | EUR | 2.000.000 | 2.067.880,00 | 0,39 |
| KORIAN SA CV 0.875 20-27 06/03A | EUR | 61.281 | 3.054.398,24 | 0,57 |
| KORIAN SA	FL.R 21-99 31/12S | EUR | 191.060 | 7.036.938,82 | 1,31 |
| NEOEN SPA CV 1.8750 19-24 07/10S | EUR | 55.000 | 2.226.225,36 | 0,41 |
| NEOEN SPA CV 2.00 20-25 02/06S | EUR | 70.000 | 3.549.700,00 | 0,66 |
| NEXITY SA CV	0.25 18-25 02/03S | EUR | 135.230 | 8.671.120,25 | 1,62 |
| ORPAR CV 0.00 17-24 20/06U | EUR | 9.300.000 | 11.523.025,50 | 2,15 |
| SAFRAN SA	CV 0.00 21-28 01/04U | EUR | 45.000 | 7.929.472,50 | 1,48 |
| SAFRAN SA CV 0.875 20-27 15/05A | EUR | 80.000 | 11.026.653,89 | 2,05 |
| SELENA CV 0.00 20-25 25/06U | EUR | 135 | 15.085.777,50 | 2,81 |
| UBISOFT ENTERTAIN CV 0.0  19-24 24/09U | EUR | 75.000 | 8.419.350,00 | 1,57 |
| VEOLIA ENV CV 0.00 19-25 01/01U | EUR | 300.000 | 10.830.600,00 | 2,02 |
| VOLTALIA SA	CV  21-25 13/01A | EUR | 75.000 | 2.220.150,00 | 0,41 |
| WORLDLINE SA DIRTY CV 0.00 19-26 30/07U | EUR | 110.000 | 10.722.030,00 | 2,00 |
| WORLDLINE SA FRANCE CV 0.00 20-25 30/07U | EUR | 35.000 | 3.992.572,50 | 0,74 |
| Allemagne |  |  | 65.390.479,00 | 12,18 |
| DELIVERY HERO AG CV 0.875 20-25 15/07S | EUR | 6.500.000 | 5.499.552,50 | 1,02 |
| DELIVERY HERO AG CV 1.000 21-26 30/04S | EUR | 12.000.000 | 9.534.960,00 | 1,78 |
| DELIVERY HERO SE CV  0.25 20-24 23/01S | EUR | 4.000.000 | 3.705.600,00 | 0,69 |
| HELLOFRESH SE	CV 0.75 20-25 13/05S | EUR | 1.500.000 | 1.854.975,00 | 0,35 |
| LEG IMMOBILIEN AG CV 0.40 20-28 30/06S | EUR | 7.000.000 | 6.907.670,00 | 1,29 |
| MORPHOSYS AG 0.625 20-25 16/10S | EUR | 1.000.000 | 743.395,00 | 0,14 |

| Portefeuille-titres au 28/02/22 |  |
| --- | --- |
| Description | Devise | Quantité | Valeur d'évaluation (en EUR) | % actifs nets |
| MTU AERO ENGINES CV 0.05 19-27 18/03A | EUR | 10.000.000 | 9.780.400,00 | 1,82 |
| RAG-STIFTUNG CV 0.00 18-24 02/10U | EUR | 7.500.000 | 7.544.400,00 | 1,41 |
| TAG IMMOBILIEN AG CV 0.625 20-26 27/08S | EUR | 3.700.000 | 3.628.664,00 | 0,68 |
| TUI AG 5 21-28 16/04S | EUR | 5.000.000 | 5.105.025,00 | 0,95 |
| ZALANDO SE CV	0.05 20-25 06/08A | EUR | 8.500.000 | 8.552.487,50 | 1,59 |
| ZALANDO SE CV	0.625 20-27 06/08A | EUR | 2.500.000 | 2.533.350,00 | 0,47 |
| Pays-Bas |  |  | 61.006.751,68 | 11,37 |
| BASIC FIT NV CV	1.5 21-28 17/06S | EUR | 3.500.000 | 3.753.960,00 | 0,70 |
| BESI CV	0.50 17-24 06/12S | EUR | 1.000.000 | 1.583.390,00 | 0,30 |
| DUFRY ONE B.V. 0.75 21-26 30/03S | CHF | 2.000.000 | 1.825.348,15 | 0,34 |
| IBERDROLA INTL CV	0.00 15-22 11/11A | EUR | 11.000.000 | 13.673.550,00 | 2,55 |
| JUST EAT TAKEAWAY.CO 0.625 21-28 09/02S | EUR | 10.000.000 | 7.938.100,00 | 1,48 |
| JUST EAT TAKEAWAY 0.0 21-25 09/08U | EUR | 3.500.000 | 2.954.735,00 | 0,55 |
| MONDELEZ INTR CV	0.00 21-24 20/09U | EUR | 3.000.000 | 3.152.340,00 | 0,59 |
| QIAGEN NV CV 0.00 20-27 17/12U | USD | 10.400.000 | 9.102.407,41 | 1,70 |
| QIAGEN NV CV 1 18-24 13/11S | USD | 9.600.000 | 10.373.846,16 | 1,93 |
| STMICROELECTRONIC CV 0.0001 17-27 04/08S | USD | 6.200.000 | 6.649.074,96 | 1,24 |
| Espagne |  |  | 46.977.105,50 | 8,75 |
| AMADEUS IT GROUP SA CV 1.50 20-25 09/04S | EUR | 7.300.000 | 9.645.417,00 | 1,80 |
| CELLNEX TELECOM CV 0.50 19-28 05/07A | EUR | 9.300.000 | 10.967.908,50 | 2,04 |
| CELLNEX TELECOM CV 0.75 20-31 20/11A | EUR | 8.000.000 | 6.933.320,00 | 1,29 |
| CELLNEX TELECOM SA 1.50 18-26 16/01A | EUR | 2.700.000 | 3.747.802,50 | 0,70 |
| INTL CONSOLIDATED CV 0.614 15-22 17/11S | EUR | 6.500.000 | 6.422.357,50 | 1,20 |
| INTL CONSOLIDATED CV 1.125 21-28 18/05S | EUR | 10.000.000 | 9.260.300,00 | 1,73 |
| Italie |  |  | 34.887.659,00 | 6,50 |
| DIASORIN SPA CV	0.00 21-28 05/05U | EUR | 5.500.000 | 5.231.215,00 | 0,97 |
| NEXI SPA CV 0.00 21-28 24/02U | EUR | 13.700.000 | 11.657.604,00 | 2,17 |
| NEXI SPA CV 1.75 20-27 24/04S | EUR | 3.500.000 | 3.589.425,00 | 0,67 |
| PIRELLI & C SPA CV 0.00 20-25 22/12U | EUR | 9.000.000 | 9.345.420,00 | 1,74 |
| PRYSMIAN SPA	CV 0.0 21-26 02/02U | EUR | 3.000.000 | 3.064.815,00 | 0,57 |
| TELECOM ITALIA CV  1.125 15-22 26/03S | EUR | 2.000.000 | 1.999.180,00 | 0,37 |
| Suisse |  |  | 26.326.371,97 | 4,91 |
| IDORSIA CV	18-24 17/07A | CHF | 3.000.000 | 2.704.556,26 | 0,50 |
| SIKA CV 0.15 18-25 05/06A | CHF | 15.000.000 | 23.621.815,71 | 4,40 |
| Royaume-Uni |  |  | 22.239.393,35 | 4,14 |
| BARCLAYS BANK PLC	0.00 22-25 24/01A | EUR | 7.000.000 | 7.644.560,00 | 1,42 |
| CAPITAL AND COUNTIES CV 2.0 20-26 30/03S | GBP | 4.000.000 | 4.931.668,86 | 0,92 |
| OCADO GROUP PLC CV 0.875 19-25 09/12S | GBP | 5.200.000 | 6.174.495,28 | 1,15 |
| WH SMITH PLC	1.625 21-26 07/05S | GBP | 3.000.000 | 3.488.669,21 | 0,65 |
| Luxembourg |  |  | 20.808.942,07 | 3,88 |
| CITIGROUP GLOBAL MARKETS 0.50 16-23 04/08A | EUR | 5.000.000 | 5.466.925,00 | 1,02 |
| ELIOTT CAPITAL SARL CV 0.00 19-22 30/12U | EUR | 8.000.000 | 8.022.800,00 | 1,49 |
| IWG INTERNATIONAL CV 0.50 20-27 09/12S | GBP | 2.600.000 | 2.809.497,07 | 0,52 |
| LAGFIN S.C.A. 2 20-25 02/07A | EUR | 4.000.000 | 4.509.720,00 | 0,84 |
| Belgique |  |  | 15.039.868,75 | 2,80 |
| FORTIS BK SUB CV	FL.R 07-XX 19/12Q | EUR | 6.750.000 | 6.175.203,75 | 1,15 |
| SAGERPARCV	0.0 21-26 01/04U | EUR | 1.000.000 | 1.029.425,00 | 0,19 |
| UMICORE SA CV	0.00 20-25 23/06U | EUR | 8.000.000 | 7.835.240,00 | 1,46 |
| Jersey |  |  | 10.324.038,95 | 1,92 |
| CORNWALL JERSEY CV  0.75 21-26 16/04S | GBP | 7.000.000 | 6.926.663,48 | 1,29 |
| DERWENT LONDON CV 1.50	19-25 12/06S | GBP | 2.900.000 | 3.397.375,47 | 0,63 |
| Émirats Arabes Unis |  |  | 8.439.325,15 | 1,57 |
| ABU DHABI NATIONAL O 0.7 21-24 04/06S | USD | 9.800.000 | 8.439.325,15 | 1,57 |
| Japon |  |  | 6.406.577,38 | 1,19 |
| ANA HOLDINGS INC	CV  21-31 10/12U | JPY | 800.000.000 | 6.406.577,38 | 1,19 |
| États-Unis |  |  | 5.944.567,31 | 1,11 |
| BIOMARIN PHARM CV SUB 0.599 17-24 01/08S | USD | 1.400.000 | 1.251.013,18 | 0,23 |
| FORD MOTOR CREDIT CO 0.00 21-26 15/03U | USD | 1.000.000 | 1.087.651,35 | 0,20 |

| Portefeuille-titres au 28/02/22 |  |  |  |  |
| --- | --- | --- | --- | --- |
| Description | Devise | Quantité | Valeur d'évaluation (en EUR) | % actifs nets |
| ON SEMICONDUCTOR	0.00 21-27 01/05U | USD | 1.000.000 | 1.217.548,08 | 0,23 |
| SOUTHWEST AIRLINES CV 1.25 20-25 01/05S | USD | 2.000.000 | 2.388.354,70 | 0,45 |
| Suède |  |  | 1.099.252,90 | 0,20 |
| BICO AB CV	2.875 21-26 19/03S | SEK | 14.000.000 | 1.099.252,90 | 0,20 |
| Autres valeurs mobilières |  |  | 3.781.456,00 | 0,70 |
| Obligations convertibles |  |  | 3.781.456,00 | 0,70 |
| Irlande |  |  | 3.781.456,00 | 0,70 |
| GLANBIA CO-OPERATI CV 1.875 22-27 27/01S | EUR | 3.800.000 | 3.781.456,00 | 0,70 |
| Organismes de placement collectif |  |  | 28.060.429,71 | 5,23 |
| Actions/Parts de fonds d'investissements |  |  | 28.060.429,71 | 5,23 |
| France |  |  | 21.103.974,71 | 3,93 |
| GROUPAMA MONETAIRE IC | EUR | 99 | 21.103.974,71 | 3,93 |
| Luxembourg |  |  | 6.956.455,00 | 1,30 |
| G FUND – GLOBAL CONVERTIBLE BONDS SC EUR | EUR | 500 | 467.440,00 | 0,09 |
| G FUND – SHORT TERM ABSOLUTE RETURN SI SC EUR | EUR | 6.500 | 6.489.015,00 | 1,21 |
| Total du portefeuille-titres |  |  | 526.862.605,18 | 98,17 |