# Select Emerging Markets Bond Fund
## For the year ended 30 September 2020
Performance
For the year ended 30 September 2020, the value of Select Emerging Markets Bond - A Accumulation Shares decreased by 2.13% compared to an increase of 1.29% in the benchmark, the JP Morgan EMBI Global Diversified TR Index.
Fund return: Source: Lipper, Basis: total return, published NAV to NAV, net of annual charges, gross income reinvested, USD.
Benchmark return: Source: Lipper, Basis: close of business return, income reinvested, gross of expenses, USD.
Please remember that past performance is not a guide to future returns. The price of shares and the revenue from them may fall as well as rise. Investors may not get back the amount originally invested.
Market review
Emerging market debt rose over the period, but with considerable divergence by country. On a global basis, hard currency bonds outperformed local currency issues mostly driven by currency weakness in certain countries.
Early in the period, the US-China trade war was a dominant factor. A trade deal was agreed in late 2019, some tariffs were reversed and the prospect of rising global trade buoyed emerging-market assets globally. This optimism ended in early 2020 as the novel coronavirus became a global pandemic. On top of this, declining oil prices were a key contributor to losses in energy-rich states.
Brent crude fell dramatically in February as the rise of Covid-19 fuelled fears of a global economic slowdown, coupled with an oil-price war between Russia and Saudi Arabia. The emerging-
market debt to US Treasury yield spread widened considerably in March as economic impacts became visible. In the last six months, markets have begun to recover. Bonds have reacted positively to rate cuts – both from the US Federal Reserve and at a local level – to support struggling economies. However, Covid-19 cases are believed to be rising once more, with India and Latin America particularly vulnerable to rising infections.
Mexico, the largest component of the hard-currency index, fell slightly over the period. The country was hit with a slew of
downgrades, including to state-owned oil company Pemex. Also in Latin America, the Brazilian real slumped over 30% – a combination of central-bank easing and deteriorating external conditions wiped out any local-currency bond appreciation. By contrast, Asia has been a strong region – Indonesia and Malaysia posted positive returns for both hard and local currency bonds.
Portfolio review
The Fund returned -2.1% over the period, compared with the benchmark return of 1.3%
Currency exposure was the biggest factor in underperformance, with credit and country allocations also detracting. Conversely, security and local-currency allocation contributed to performance.
Currency was a particularly sore point for Mexico, Brazil and Uruguay. Regionally, Latin America was the worst-performing region. Credit exposure in Chile, an off-benchmark position in Venezuela and an overweight in Ecuador were the main laggards. However, security selection in Ecuador offset this to an extent.
Eastern Europe was another weaker region, particular exposure to the Russian rouble. Further detractors included positioning in Angola and credit allocation in Mexico. In terms of contributors, the lack of exposure to Lebanon and Sri Lanka drove returns.
The overweight positions in Indonesia and Qatar were strong performers. Moreover, strong selection in Argentina added to returns, as did local-currency allocation in Serbia, Indonesia and Argentina.
We have added to hard-currency sovereign holdings in Angola, whose outlook has recently improved as oil prices have recovered. The International Monetary Fund assessed Angola’s debt as sustainable, albeit with high risks. We added to our holding in Argentina, which has been in debt restructuring talks throughout the period. We used sell-offs to buy into Ecuador. We have recently topped up holdings in the Bahamas, Ghana, Honduras, Hungary, the Ivory Coast, Tunisia and Uzbekistan, on attractive valuations. We bought new issues from Ukraine, Bermuda and Sharjah (one of the United Arab Emirates), which were attractively priced.
We have switched out of shorter-dated bonds in El Salvador in favour of their new 30-year bonds. Over the summer, we reduced our exposure to Sri Lankan bonds, following a recovery. We have shrunk our position in Bahrain, due to restructuring risk,
to Senegal and Costa Rica.
In the local-currency space, we reduced our Indonesian rates position to add to Brazilian rates duration, given the central bank’s dovish bias not being reflected in market prices. We have increased positions in Colombia and Uruguay, while reducing exposure to Mexico and Russia, based on valuations.
In corporates, we sold our holding of Indian bank SBI, reduced our holding in in Ukrainian mining company MetInvest and we added holdings in Huarong Asset Management in China. We reduced the Fund’s oil risk by selling positions in Saudi Aramco and Thai Oil, and sold holdings in Latam Airlines due to potential restructuring risk.
Outlook
The resurgence of Covid-19 cases in some countries has increased the probability of renewed containment measures. We expect governments around the world to be better prepared this time and potentially avoid the full lockdown restrictions seen in March.
As we move into the last quarter of the year, we expect economic activity to continue to normalise. However, cautiousness in consumer and investor sentiment is likely to persist as the world learns to live with Covid-19 for a while longer. Policy easing should continue to provide support as global central banks keep liquidity conditions flush and governments partially roll out fiscal measures.
The upcoming US presidential election is a key risk to
emerging-market debt. It will be central in establishing the course of the US foreign policy agenda with respect to China and Russia. Moreover, it will be important for the continued debate around private sector involvement in the G20 Debt Service Suspension Initiative. It calls upon bilateral and private sector creditors to provide debt service relief to select emerging market borrowers.
Global Emerging Market Debt Team
October 2020
Statement of Net Assets
As at 30 September 2020
| Notes | US$’000 |
| --- | --- |
| Assets |  |  |
| Investments in securities at market value | 2.2 | 1,136,639 |
| Cash at bank |  | 6,035 |
| Interest receivable |  | 16,186 |
| Subscriptions receivable |  | 794 |
| Receivable for investments sold |  | 25,757 |
| Total assets |  | 1,185,411 |
| Liabilities |  |  |
| Payable for investments purchased |  | 5,865 |
| Taxes and expenses payable |  | 1,187 |
| Redemptions payable |  | 21,326 |
| Unrealised losses on forward currency |  |  |
| exchange contracts | 2.6 | 8,033 |
| Other liabilities |  | 1,563 |
| Total liabilities |  | 37,974 |
| Net assets at the end of the year |  | 1,147,437 |

Statement of Changes in Net Assets
For the year from 1 October 2019 to 30 September 2020
Statement of Operations
| Notes | US$’000 |
| --- | --- |
| Income |  |  |
| Investment income | 2.3 | 71,629 |
| Stocklending income | 16 | 542 |
| Bank interest |  | 68 |
| Total income |  | 72,239 |
| Expenses |  |  |
| Management fees | 4.2 | 13,716 |
| Operating, administrative and |  |  |
| servicing fees | 4.3 | 2,603 |
| Distribution fees | 4.1 | 11 |
| Other operational expenses |  | 37 |
| Total expenses |  | 16,367 |
| Net gains from investments |  | 55,872 |
| Realised losses on investments |  | (30,035) |
| Realised gains on forward currency |  |  |
| exchange contracts |  | 20,801 |
| Realised currency exchange losses |  | (680) |
| Net realised losses |  | (9,914) |
| Increase in unrealised depreciation |  |  |
| on investments |  | (66,797) |
| Increase in unrealised depreciation on |  |  |
| forward currency exchange contracts |  | (7,222) |
| Unrealised currency exchange losses |  | (10) |
| Net unrealised losses |  | (74,029) |
| Net decrease in assets as a result of operations |  | (28,071) |

For the year from 1 October 2019 to 30 September 2020
| Notes | US$’000 |
| --- | --- |
| Net assets at the beginning of the year |  | 1,614,184 |
| Net gains from investments |  | 55,872 |
| Net realised losses |  | (9,914) |
| Net unrealised losses |  | (74,029) |
| Proceeds from shares issued |  | 616,152 |
| Payments for shares redeemed |  | (1,030,348) |
| Net equalisation paid | 10 | (6,715) |
| Dividends paid | 5 | (17,765) |
| Net assets at the end of the year |  | 1,147,437 |

Share Transactions
For the year from 1 October 2019 to 30 September 2020
| A Acc Hedged CHF | A Acc Hedged CZK | A Acc Hedged EUR | A Acc Hedged HUF | A Acc USD |
| --- | --- | --- | --- | --- |
| Shares outstanding at the beginning of the year | 62,757 | 31,200 | 490,935 | 268,846 | 8,439,479 |
| Shares issued during the year | 3,809 | 9,658 | 311,980 | 228 | 2,439,727 |
| Shares redeemed during the year | (8,453) | (1,598) | (590,025) | (6,311) | (5,414,287) |
| Shares outstanding at the end of the year | 58,113 | 39,260 | 212,890 | 262,763 | 5,464,919 |
| Net asset value per share | 129.8886 | 102.5132 | 134.6139 | 981.7313 | 46.1203 |

| A MInc Hedged EUR | A MInc Hedged GBP | A MInc Hedged SGD | A MInc USD | A MIncA USD |
| --- | --- | --- | --- | --- |
| Shares outstanding at the beginning of the year | 4,606,391 | 2,110,597 | 90,040 | 10,476,524 | 1,197,615 |
| Shares issued during the year | 588,516 | 180,131 | 77,374 | 1,526,967 | 216,431 |
| Shares redeemed during the year | (1,758,960) | (301,740) | (92,921) | (3,806,416) | (613,445) |
| Shares outstanding at the end of the year | 3,435,947 | 1,988,988 | 74,493 | 8,197,075 | 800,601 |
| Net asset value per share | 7.2573 | 11.2721 | 9.0597 | 16.2930 | 9.6895 |

| I Acc Hedged CNH | I Acc Hedged EUR | I Acc USD | I MInc Hedged CHF | I MInc Hedged EUR |
| --- | --- | --- | --- | --- |
| Shares outstanding at the beginning of the year | 450 | 567 | 14,835,240 | 8,297,924 | 16,961,955 |
| Shares issued during the year | - | 1,471,033 | 12,473,621 | - | 774,567 |
| Shares redeemed during the year | - | - | (15,079,053) | (8,287,340) | (6,002,404) |
| Shares outstanding at the end of the year | 450 | 1,471,600 | 12,229,808 | 10,584 | 11,734,118 |
| Net asset value per share | 100.7956 | 9.8891 | 19.8776 | 7.7834 | 7.3513 |

| I MInc Hedged GBP | I MInc USD | W Acc USD | W MInc USD | X Acc EUR |
| --- | --- | --- | --- | --- |
| Shares outstanding at the beginning of the year | 4,150,326 | 555,470 | 45,680 | 81,936 | 1,388,132 |
| Shares issued during the year | 955,226 | 5,141,986 | 2,203 | 3,240 | 343,577 |
| Shares redeemed during the year | (4,665,894) | (3,323,031) | (15,368) | (22,765) | (647,002) |
| Shares outstanding at the end of the year | 439,658 | 2,374,425 | 32,515 | 62,411 | 1,084,707 |
| Net asset value per share | 8.4235 | 16.4794 | 11.6909 | 9.6646 | 13.5808 |

| X Acc GBP | X Acc Hedged EUR | X Acc USD | X MInc EUR | X MInc Hedged EUR |
| --- | --- | --- | --- | --- |
| Shares outstanding at the beginning of the year | 830,357 | 1,652,285 | 3,736,012 | 1,032,860 | 210,768 |
| Shares issued during the year | 398,536 | 122,358 | 598,919 | 366,309 | 447,013 |
| Shares redeemed during the year | (140,936) | (1,081,418) | (2,097,861) | (274,203) | (36,333) |
| Shares outstanding at the end of the year | 1,087,957 | 693,225 | 2,237,070 | 1,124,966 | 621,448 |
| Net asset value per share | 14.9532 | 11.3039 | 12.2221 | 9.0544 | 9.2049 |

| X MInc USD | Z Acc Hedged EUR | Z Acc USD | Z MInc Hedged AUD | Z MInc USD |
| --- | --- | --- | --- | --- |
| Shares outstanding at the beginning of the year | 5,559,896 | 7,400,000 | 360,374 | 895 | 761,608 |
| Shares issued during the year | 2,303,970 | - | 38,945 | - | 1,158,736 |
| Shares redeemed during the year | (4,808,752) | - | (115,799) | - | (1,085,706) |
| Shares outstanding at the end of the year | 3,055,114 | 7,400,000 | 283,520 | 895 | 834,638 |
| Net asset value per share | 8.1497 | 12.1002 | 53.4886 | 9.2007 | 9.1705 |

The accompanying notes form an integral part of these financial statements.
Portfolio Statement
As at 30 September 2020
| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Transferable securities and money market instruments admitted to an official exchange listing or dealt on another regulated |
| market 94.71% |
| Bonds 94.71% |
| Corporate Bonds 24.42% |
| Bahrain 0.31% |
| Oil and Gas Holding Company | 7.6250 | 07/11/24 | 3,291,000 | 3,522 | 0.31 |
| Brazil 0.56% Suzano Austria | 7.0000 | 16/03/47 | 5,500,000 | 6,482 | 0.56 |
| Cayman Islands 0.90% Bioceanico Sovereign Certificate Sparc EM SPC Panama Metro Line 2 | - - | 05/06/34 05/12/22 | 8,864,330 3,804,726 | 6,626 3,695 | 0.58 0.32 |
|  |  |  |  | 10,321 | 0.90 |
| China 2.05% |
| Country Garden | 8.0000 | 27/01/24 | 6,200,000 | 6,711 | 0.58 |
| Huarong Finance 2019 (EMTN) | 2.1250 | 30/09/23 | 5,900,000 | 5,867 | 0.51 |
| Longfor Group | 3.9500 | 16/09/29 | 4,950,000 | 5,294 | 0.46 |
| Shimao Property | 6.1250 | 21/02/24 | 5,335,000 | 5,691 | 0.50 |
|  |  |  |  | 23,563 | 2.05 |
| Colombia 0.90% Bancolombia Ecopetrol ∞ | VAR 6.8750 | 18/10/27 29/04/30 | 5,970,000 3,665,000 | 5,882 4,402 | 0.52 0.38 |
|  |  |  |  | 10,284 | 0.90 |
| Ecuador 0.09% Petroamazonas | 4.6250 | 06/11/20 | 1,166,707 | 1,079 | 0.09 |
| Georgia 1.93% Georgian Oil and Gas Georgian Railway | 6.7500 7.7500 | 26/04/21 11/07/22 | 11,350,000 10,160,000 | 11,449 10,668 | 1.00 0.93 |
|  |  |  |  | 22,117 | 1.93 |
| Indonesia 2.41% |
| Pertamina Persero | 6.5000 | 27/05/41 | 13,800,000 | 17,828 | 1.56 |
| Pertamina Persero (EMTN) | 6.5000 | 07/11/48 | 1,900,000 | 2,568 | 0.22 |
| Perusahaan Listrik Negara | 6.2500 | 25/01/49 | 5,530,000 | 7,267 | 0.63 |
|  |  |  |  | 27,663 | 2.41 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Kazakhstan 0.47% Tengizchevroil Finance International | 4.0000 | 15/08/26 | 5,100,000 | 5,420 | 0.47 |
| Mauritius 0.27% Liquid Telecommunications Financing | 8.5000 | 13/07/22 | 3,100,000 | 3,154 | 0.27 |
| Mexico 4.09% |  |  |  |  |  |
| BBVA Bancomer ∞ | VAR | 13/09/34 | 2,485,000 | 2,531 | 0.22 |
| BBVA Bancomer Texas ∞ | VAR | 18/01/33 | 3,395,000 | 3,272 | 0.29 |
| Petroleos Mexicanos | 6.5000 | 02/06/41 | 14,650,000 | 11,324 | 0.98 |
| Petroleos Mexicanos | FRN | 11/03/22 | 7,200,000 | 7,061 | 0.62 |
| Petroleos Mexicanos | 6.9500 | 28/01/60 | 7,450,000 | 5,791 | 0.50 |
| Petroleos Mexicanos | 5.9500 | 28/01/31 | 5,000,000 | 4,200 | 0.37 |
| Petroleos Mexicanos | 6.6250 | 15/06/38 | 3,300,000 | 2,600 | 0.23 |
| Petroleos Mexicanos | 6.8400 | 23/01/30 | 2,450,000 | 2,196 | 0.19 |
| Trust F/1401 | 6.3900 | 15/01/50 | 7,900,000 | 7,914 | 0.69 |
|  |  |  |  | 46,889 | 4.09 |
| Morocco 0.61% OCP | 6.8750 | 25/04/44 | 5,500,000 | 7,006 | 0.61 |
| Pakistan 0.44% Third Pakistan International Sukuk | 5.5000 | 13/10/21 | 5,000,000 | 5,000 | 0.44 |
| Panama 0.34% Global Bank | VAR | 16/04/29 | 3,650,000 | 3,851 | 0.34 |
| Peru 0.51% Nexa Resources ∞ | 5.3750 | 04/05/27 | 5,550,000 | 5,803 | 0.51 |
| Russian Federation 1.02% Gazprom GTLK Europe Capital | 4.3750 4.6500 | 19/09/22 10/03/27 | 4,150,000 7,460,000 | 4,346 7,413 | 0.38 0.64 |
|  |  |  |  | 11,759 | 1.02 |
| Saudi Arabia 1.07% Saudi Arabian Oil (EMTN) Saudi Arabian Oil (EMTN) | 4.2500 2.8750 | 16/04/39 16/04/24 | 7,000,000 4,000,000 | 8,052 4,204 | 0.70 0.37 |
|  |  |  |  | 12,256 | 1.07 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| South Africa 1.65% Eskom MTN Mauritius Investments ∞ | 7.1250 6.5000 | 11/02/25 13/10/26 | 13,860,000 5,600,000 | 12,703 6,239 | 1.11 0.54 |
|  |  |  |  | 18,942 | 1.65 |
| Ukraine 0.83% Metinvest  Ukraine Railways ∞ | 8.5000 8.2500 | 23/04/26 09/07/24 | 2,990,000 6,443,000 | 3,020 6,505 | 0.26 0.57 |
|  |  |  |  | 9,525 | 0.83 |
| United Arab Emirates 3.97% |  |  |  |  |  |
| Abu Dhabi Crude Oil Pipeline (SINK) | 4.6000 | 02/11/47 | 4,040,000 | 4,967 | 0.43 |
| Abu Dhabi National Energy | 4.3750 | 23/04/25 | 1,000,000 | 1,130 | 0.10 |
| Abu Dhabi National Energy ∞ | 4.8750 | 23/04/30 | 3,900,000 | 4,854 | 0.42 |
| ICD Sukuk (EMTN) | 5.0000 | 01/02/27 | 14,100,000 | 14,975 | 1.31 |
| MAF Global Securities | VAR | PERP | 8,000,000 | 7,961 | 0.69 |
| Sharjah Sukuk Program | 2.9420 | 10/06/27 | 3,800,000 | 3,931 | 0.34 |
| Sharjah Sukuk Program (EMTN) | 3.8540 | 03/04/26 | 4,070,000 | 4,438 | 0.39 |
| Zahidi ∞ | 4.5000 | 22/03/28 | 3,296,952 | 3,285 | 0.29 |
|  |  |  |  | 45,541 | 3.97 |
| Total Corporate Bonds |  |  |  | 280,177 | 24.42 |
| Government Bonds 70.29% Albania 0.51% Albania (Republic of) | 3.5000 | 16/06/27 | 4,820,000 | 5,806 | 0.51 |
| Angola 1.35% Angola (Republic of) Angola (Republic of) | 9.5000 8.2500 | 12/11/25 09/05/28 | 12,530,000 5,650,000 | 10,960 4,511 | 0.96 0.39 |
|  |  |  |  | 15,471 | 1.35 |
| Argentina 3.16% |  |  |  |  |  |
| Argentina (Republic of) | VAR | 09/07/35 | 46,650,808 | 17,541 | 1.53 |
| Argentina (Republic of) | VAR | 09/01/38 | 20,841,167 | 8,936 | 0.78 |
| Argentina (Republic of) | VAR | 09/07/30 | 18,130,157 | 7,569 | 0.66 |
| Argentina (Republic of) | 1.0000 | 09/07/29 | 4,399,058 | 2,006 | 0.17 |
| Argentina (Republic of) | VAR | 15/12/35 | 40,555,665 | 172 | 0.02 |
|  |  |  |  | 36,224 | 3.16 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Armenia 1.13% Armenia (Republic of) | 3.9500 | 26/09/29 | 13,300,000 | 12,959 | 1.13 |
| Bahamas 2.02% Bahamas (Commonwealth of) | 6.0000 | 21/11/28 | 25,468,000 | 23,205 | 2.02 |
| Bahrain 1.17% Bahrain (Kingdom of) | 5.4500 | 16/09/32 | 13,925,000 | 13,368 | 1.17 |
| Barbados 0.12% Barbados (Government of) ∞ | 6.5000 | 01/10/29 | 1,418,300 | 1,376 | 0.12 |
| Belarus 1.40% |  |  |  |  |  |
| Belarus (Republic of) | 6.3780 | 24/02/31 | 6,845,000 | 6,441 | 0.57 |
| Belarus (Republic of) | 5.8750 | 24/02/26 | 5,555,000 | 5,186 | 0.45 |
| Belarus (Republic of) | 6.2000 | 28/02/30 | 4,700,000 | 4,406 | 0.38 |
|  |  |  |  | 16,033 | 1.40 |
| Belize 0.52% Belize (Government of) | VAR | 20/02/34 | 13,618,097 | 5,986 | 0.52 |
| Benin 1.00% Benin (Republic of) | 5.7500 | 26/03/26 | 10,255,000 | 11,479 | 1.00 |
| Brazil 2.93% |  |  |  |  |  |
| Brazil (Federal Republic of) | 10.0000 | 01/01/31 | 101,100,000 | 20,788 | 1.81 |
| Brazil (Federal Republic of) | 6.0000 | 15/08/24 | 14,800,000 | 10,085 | 0.88 |
| Brazil (Federal Republic of) | 6.0000 | 15/08/50 | 3,600,000 | 2,728 | 0.24 |
|  |  |  |  | 33,601 | 2.93 |
| Colombia 1.05% Colombia (Republic of) | 7.0000 | 30/06/32 | 43,000,000,000 | 12,017 | 1.05 |
| Dominican Republic 2.50% |  |  |  |  |  |
| Dominican (Republic of) | 6.8500 | 27/01/45 | 13,000,000 | 13,758 | 1.20 |
| Dominican (Republic of) | 7.4500 | 30/04/44 | 10,850,000 | 12,237 | 1.07 |
| Dominican (Republic of) | 5.8750 | 18/04/24 | 2,520,000 | 2,676 | 0.23 |
|  |  |  |  | 28,671 | 2.50 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Ecuador 3.08% |  |  |  |  |  |
| Ecuador (Republic of) | VAR | 31/07/35 | 32,255,421 | 18,144 | 1.59 |
| Ecuador (Republic of) | VAR | 31/07/30 | 14,637,247 | 9,990 | 0.87 |
| Ecuador (Republic of) | VAR | 31/07/40 | 10,203,921 | 5,178 | 0.45 |
| Ecuador (Republic of) | - | 31/07/30 | 4,244,666 | 1,995 | 0.17 |
|  |  |  |  | 35,307 | 3.08 |
| Egypt 4.46% |  |  |  |  |  |
| Egypt (Republic of) | 8.7002 | 01/03/49 | 11,790,000 | 11,538 | 1.00 |
| Egypt (Republic of) | 8.5000 | 31/01/47 | 9,470,000 | 9,190 | 0.80 |
| Egypt (Republic of) | 7.9030 | 21/02/48 | 6,650,000 | 6,157 | 0.54 |
| Egypt (Republic of) (EMTN) | 5.6250 | 16/04/30 | 11,780,000 | 12,580 | 1.09 |
| Egypt (Republic of) (EMTN) | 7.6003 | 01/03/29 | 7,000,000 | 7,190 | 0.63 |
| Egypt (Republic of) (EMTN) | 6.2004 | 01/03/24 | 4,380,000 | 4,563 | 0.40 |
|  |  |  |  | 51,218 | 4.46 |
| El Salvador 2.80% |  |  |  |  |  |
| El Salvador (Republic of) | 5.8750 | 30/01/25 | 14,674,000 | 12,910 | 1.12 |
| El Salvador (Republic of) | 6.3750 | 18/01/27 | 9,450,000 | 8,551 | 0.75 |
| El Salvador (Republic of) | 9.5000 | 15/07/52 | 5,685,000 | 5,418 | 0.47 |
| El Salvador (Republic of) | 8.2500 | 10/04/32 | 3,052,000 | 2,774 | 0.24 |
| El Salvador (Republic of) | 8.6250 | 28/02/29 | 2,649,000 | 2,523 | 0.22 |
|  |  |  |  | 32,176 | 2.80 |
| Ghana 1.58% |  |  |  |  |  |
| Ghana (Republic of) | 7.8750 | 11/02/35 | 7,674,000 | 6,521 | 0.56 |
| Ghana (Republic of) | 8.7500 | 11/03/61 | 4,518,000 | 3,836 | 0.33 |
| Ghana (Republic of) ∞ | 10.7500 | 14/10/30 | 2,540,000 | 3,092 | 0.27 |
| Ghana (Republic of) | 7.8750 | 26/03/27 | 2,600,000 | 2,482 | 0.22 |
| Ghana (Republic of) | 8.9500 | 26/03/51 | 2,599,000 | 2,255 | 0.20 |
|  |  |  |  | 18,186 | 1.58 |
| Honduras 0.21% Honduras (Republic of) | 5.6250 | 24/06/30 | 2,289,000 | 2,461 | 0.21 |
| India 0.50% National Highways Authority of India | 7.3000 | 18/05/22 | 420,000,000 | 5,779 | 0.50 |
| Indonesia 3.78% Indonesia (Republic of) Indonesia (Republic of) | 8.3750 4.1000 | 15/04/39 24/04/28 | 132,600,000,000 3,550,000 | 9,537 4,045 | 0.83 0.35 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Indonesia (Republic of) | 7.5000 | 15/05/38 | 23,663,000,000 | 1,584 | 0.14 |
| Indonesia (Republic of) (EMTN) | 5.8750 | 15/01/24 | 6,750,000 | 7,786 | 0.68 |
| Lembaga Pembiayaan Ekspor Indonesia (EMTN) | 3.8750 | 06/04/24 | 7,640,000 | 8,146 | 0.71 |
| Perusahaan Penerbit SBSN Indonesia III | 4.3500 | 10/09/24 | 10,980,000 | 12,297 | 1.07 |
|  |  |  |  | 43,395 | 3.78 |
| Ivory Coast 1.88% |  |  |  |  |  |
| Ivory Coast (Government of) | 5.2500 | 22/03/30 | 12,710,000 | 13,533 | 1.18 |
| Ivory Coast (Government of) | 5.8750 | 17/10/31 | 5,150,000 | 5,481 | 0.48 |
| Ivory Coast (Government of) | 6.8750 | 17/10/40 | 1,600,000 | 1,692 | 0.15 |
| Ivory Coast (Government of) | 6.1250 | 15/06/33 | 860,000 | 809 | 0.07 |
|  |  |  |  | 21,515 | 1.88 |
| Kenya 0.88% Kenya (Republic of) Kenya (Republic of) | 7.0000 8.0000 | 22/05/27 22/05/32 | 9,200,000 1,066,000 | 9,073 1,058 | 0.79 0.09 |
|  |  |  |  | 10,131 | 0.88 |
| Mexico 2.07% |  |  |  |  |  |
| Mexico (Government of) | 5.7500 | 05/03/26 | 271,500,000 | 12,589 | 1.09 |
| Mexico (Government of) | 8.5000 | 18/11/38 | 141,700,000 | 7,523 | 0.66 |
| Mexico (Government of) | 6.0500 | 11/01/40 | 2,900,000 | 3,652 | 0.32 |
|  |  |  |  | 23,764 | 2.07 |
| Montenegro 0.46% Montenegro (Republic of) ∞ | 2.5500 | 03/10/29 | 4,980,000 | 5,271 | 0.46 |
| Morocco 0.75% Morocco (Government of) | 1.5000 | 27/11/31 | 7,810,000 | 8,639 | 0.75 |
| Mozambique 0.63% Mozambique (Government of) ∞ | 5.0000 | 15/09/31 | 8,710,000 | 7,236 | 0.63 |
| Nigeria 1.87% |  |  |  |  |  |
| Nigeria (Federal Republic of) | 7.1430 | 23/02/30 | 7,769,000 | 7,400 | 0.64 |
| Nigeria (Federal Republic of) ∞ | 7.6250 | 21/11/25 | 4,355,000 | 4,552 | 0.40 |
| Nigeria (Federal Republic of) | 7.8750 | 16/02/32 | 4,280,000 | 4,101 | 0.36 |
| Nigeria (Federal Republic of) ∞ | 8.7470 | 21/01/31 | 975,000 | 998 | 0.09 |
| Nigeria (Federal Republic of) (EMTN) | 6.5000 | 28/11/27 | 4,600,000 | 4,400 | 0.38 |
|  |  |  |  | 21,451 | 1.87 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Panama 0.32% Panama (Republic of) | 4.5000 | 01/04/56 | 2,909,000 | 3,648 | 0.32 |
| Paraguay 0.86% Paraguay (Republic of) Paraguay (Republic of) | 6.1000 5.4000 | 11/08/44 30/03/50 | 4,560,000 3,263,000 | 5,918 3,972 | 0.51 0.35 |
|  |  |  |  | 9,890 | 0.86 |
| Qatar 6.43% |  |  |  |  |  |
| Qatar (State of) | 4.8170 | 14/03/49 | 24,800,000 | 33,464 | 2.91 |
| Qatar (State of) | 5.1030 | 23/04/48 | 12,535,000 | 17,448 | 1.52 |
| Qatar (State of) | 4.0000 | 14/03/29 | 13,000,000 | 15,243 | 1.33 |
| Qatar (State of) | 3.8750 | 23/04/23 | 7,100,000 | 7,643 | 0.67 |
|  |  |  |  | 73,798 | 6.43 |
| Romania 1.10% |  |  |  |  |  |
| Romania (Republic of) | 3.6240 | 26/05/30 | 1,600,000 | 2,127 | 0.19 |
| Romania (Republic of) (EMTN) | 3.5000 | 03/04/34 | 6,000,000 | 7,778 | 0.67 |
| Romania (Republic of) (EMTN) | 2.0000 | 28/01/32 | 2,350,000 | 2,726 | 0.24 |
|  |  |  |  | 12,631 | 1.10 |
| Russian Federation 1.99% Russia (Federation of) Russia (Federation of) | 7.6500 7.7000 | 10/04/30 23/03/33 | 1,260,890,000 340,000,000 | 17,973 4,898 | 1.56 0.43 |
|  |  |  |  | 22,871 | 1.99 |
| Rwanda 0.99% Rwanda (Republic of) | 6.6250 | 02/05/23 | 10,900,000 | 11,309 | 0.99 |
| Saudi Arabia 2.39% Saudi Arabia (Government of) Saudi Arabia (Government of) (EMTN) ∞ | 4.3750 5.0000 | 16/04/29 17/04/49 | 1,740,000 19,600,000 | 2,044 25,394 | 0.18 2.21 |
|  |  |  |  | 27,438 | 2.39 |
| Senegal 0.30% Senegal (Republic of) | 4.7500 | 13/03/28 | 3,060,000 | 3,479 | 0.30 |
| Serbia 1.29% Serbia (Republic of) | 3.1250 | 15/05/27 | 11,800,000 | 14,832 | 1.29 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| South Africa 1.42% |  |  |  |  |  |
| South Africa (Republic of) | 9.0000 | 31/01/40 | 217,400,000 | 10,479 | 0.91 |
| South Africa (Republic of) | 6.2500 | 08/03/41 | 6,020,000 | 5,798 | 0.51 |
|  |  |  |  | 16,277 | 1.42 |
| Tunisia 2.06% |  |  |  |  |  |
| Central Bank of Tunisia | 6.3750 | 15/07/26 | 9,600,000 | 10,181 | 0.89 |
| Central Bank of Tunisia | 6.7500 | 31/10/23 | 7,077,000 | 7,849 | 0.68 |
| Central Bank of Tunisia | 5.6250 | 17/02/24 | 5,296,000 | 5,646 | 0.49 |
|  |  |  |  | 23,676 | 2.06 |
| Ukraine 4.00% |  |  |  |  |  |
| Ukraine (Republic of) | 7.2530 | 15/03/33 | 12,282,000 | 11,349 | 0.99 |
| Ukraine (Republic of) | 9.7500 | 01/11/28 | 1,009,000 | 1,093 | 0.10 |
| Ukraine (Republic of) | 7.7500 | 01/09/24 | 11,590,000 | 11,683 | 1.02 |
| Ukraine (Republic of) | 6.7500 | 20/06/26 | 7,210,000 | 8,249 | 0.72 |
| Ukraine (Republic of) | 7.7500 | 01/09/26 | 7,250,000 | 7,248 | 0.63 |
| Ukraine (Republic of) | VAR | 31/05/40 | 6,850,000 | 6,238 | 0.54 |
|  |  |  |  | 45,860 | 4.00 |
| United Arab Emirates 1.08% |  |  |  |  |  |
| Emirate of Abu Dhabi (EMTN) | 3.1250 | 16/04/30 | 5,822,000 | 6,513 | 0.57 |
| Finance Department Government of Sharjah | 4.0000 | 28/07/50 | 5,746,000 | 5,890 | 0.51 |
|  |  |  |  | 12,403 | 1.08 |
| Uruguay 1.59% |  |  |  |  |  |
| Uruguay (Republic of) ∞ | 5.1000 | 18/06/50 | 6,600,000 | 8,880 | 0.78 |
| Uruguay (Republic of) ∞ | 4.3750 | 23/01/31 | 4,049,514 | 4,828 | 0.42 |
| Uruguay (Republic of) | 4.3750 | 15/12/28 | 82,757,762 | 4,494 | 0.39 |
|  |  |  |  | 18,202 | 1.59 |
| Uzbekistan 0.66% |  |  |  |  |  |
| Uzbekistan (Republic of) (EMTN) | 4.7500 | 20/02/24 | 5,424,000 | 5,724 | 0.50 |
| Uzbekistan (Republic of) (EMTN) | 5.3750 | 20/02/29 | 1,653,000 | 1,849 | 0.16 |
|  |  |  |  | 7,573 | 0.66 |
| Total Government Bonds |  |  |  | 806,612 | 70.29 |
| Total Bonds |  |  |  | 1,086,789 | 94.71 |
| Total Transferable securities and money market instruments admitted to an official exchange listing or dealt on another regulated market |  | 1,086,789 | 94.71 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Other transferable securities and money market instruments 0.37% |  |  |  |  |
| Equities nil |  |  |  |  |
| Brazil nil |  |  |  |  |
| OAS (Warrants) |  | 2,091,534 | - | - |
| Total Equities |  |  | - | - |
| Bonds 0.37% |  |  |  |  |
| Corporate Bonds 0.30% |  |  |  |  |
| Brazil nil |  |  |  |  |
| OAS | 5.0000 | 31/03/35 | 5,658,829 | - | - |
| Venezuela 0.30% Petroleos de Venezuela Petroleos de Venezuela | 6.0000 6.0000 | 16/05/24 15/11/26 | 84,183,665 20,908,603 | 2,735 680 | 0.24 0.06 |
|  |  |  | 3,415 | 0.30 |
| Total Corporate Bonds |  |  | 3,415 | 0.30 |
| Government Bonds 0.07% Venezuela 0.07% Venezuela (Republic of) | 9.2500 | 07/05/28 | 9,500,000 | 808 | 0.07 |
| Total Government Bonds |  |  | 808 | 0.07 |
| Total Bonds |  |  | 4,223 | 0.37 |
| Total Other transferable securities and money market instruments |  |  | 4,223 | 0.37 |
| Open Ended Investment Funds 3.98% |  |  |  |  |
| Aberdeen Standard Liquidity Fund (Lux) - US Dollar Fund Z-1 † |  | 21,538 | 21,537 | 1.88 |
| Aberdeen Standard SICAV I - China Onshore Bond Fund Z Acc USD † |  | 1,150,000 | 11,963 | 1.04 |
| Aberdeen Standard SICAV I - Indian Bond Fund Z Acc USD † |  | 898,688 | 12,127 | 1.06 |
|  |  |  | 45,627 | 3.98 |
| Total Open Ended Investment Funds |  |  | 45,627 | 3.98 |

Derivatives (0.70%)
Forward currency exchange contracts (0.70%)
| Counterparty | Buy | Sell | Settlement | Buy Amount | Sell Amount | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Barclays Capital | USD | BRL | 25/11/20 | 19,800,286 | 110,644,000 | 199 | 0.02 |
| Barclays Capital | USD | INR | 25/11/20 | 7,587,823 | 574,163,000 | (168) | (0.01) |
| BNP Paribas | AUD | USD | 16/12/20 | 8,541 | 6,185 | - | - |
| BNP Paribas | CHF | USD | 16/12/20 | 7,875,153 | 8,609,764 | (17) | - |
| BNP Paribas | CHF | USD | 16/12/20 | 85,443 | 93,413 | - | - |
| BNP Paribas | CHF | USD | 16/12/20 | 2,190 | 2,403 | - | - |
| BNP Paribas | CHF | USD | 16/12/20 | 1,065 | 1,167 | - | - |
| BNP Paribas | CHF | USD | 16/12/20 | 838 | 911 | - | - |
| BNP Paribas | CHF | USD | 16/12/20 | 795 | 876 | - | - |
| BNP Paribas | CHF | USD | 16/12/20 | 792 | 877 | - | - |
| BNP Paribas | CHF | USD | 16/12/20 | 515 | 557 | - | - |
| BNP Paribas | CNH | USD | 16/12/20 | 46,837 | 6,799 | - | - |
| BNP Paribas | COP | USD | 25/11/20 | 43,338,668,000 | 11,729,004 | (518) | (0.05) |
| BNP Paribas | CZK | USD | 16/12/20 | 4,146,843 | 184,395 | (5) | - |
| BNP Paribas | CZK | USD | 16/12/20 | 1,048 | 46 | - | - |
| BNP Paribas | EUR | USD | 01/10/20 | 11,858 | 13,828 | - | - |
| BNP Paribas | EUR | USD | 01/10/20 | 7,550 | 8,804 | - | - |
| BNP Paribas | EUR | USD | 02/10/20 | 402,274 | 470,609 | 1 | - |
| BNP Paribas | EUR | USD | 02/10/20 | 43,227 | 50,570 | - | - |
| BNP Paribas | EUR | USD | 02/10/20 | 7,823 | 9,152 | - | - |
| BNP Paribas | EUR | USD | 05/10/20 | 291,594 | 341,491 | - | - |
| BNP Paribas | EUR | USD | 05/10/20 | 20,644 | 24,176 | - | - |
| BNP Paribas | EUR | USD | 05/10/20 | 20,018 | 23,443 | - | - |
| BNP Paribas | EUR | USD | 16/10/20 | 92,213,740 | 108,671,218 | (504) | (0.04) |
| BNP Paribas | EUR | USD | 16/10/20 | 89,215,182 | 105,137,505 | (487) | (0.04) |
| BNP Paribas | EUR | USD | 16/12/20 | 35,346,029 | 41,711,142 | (190) | (0.02) |
| BNP Paribas | EUR | USD | 16/12/20 | 26,047,300 | 30,737,898 | (140) | (0.01) |
| BNP Paribas | EUR | USD | 16/12/20 | 8,205,767 | 9,683,462 | (44) | - |
| BNP Paribas | EUR | USD | 16/12/20 | 8,005,734 | 9,447,407 | (43) | - |
| BNP Paribas | EUR | USD | 16/12/20 | 7,000,000 | 8,318,611 | (96) | (0.01) |
| BNP Paribas | EUR | USD | 16/12/20 | 5,964,730 | 7,038,858 | (32) | - |
| BNP Paribas | EUR | USD | 16/12/20 | 1,795,163 | 2,105,561 | 3 | - |
| BNP Paribas | EUR | USD | 16/12/20 | 224,572 | 267,208 | (3) | - |
| BNP Paribas | EUR | USD | 16/12/20 | 99,662 | 118,240 | (1) | - |
| BNP Paribas | EUR | USD | 16/12/20 | 99,411 | 118,523 | (2) | - |
| BNP Paribas | EUR | USD | 16/12/20 | 60,395 | 70,607 | - | - |
| BNP Paribas | EUR | USD | 16/12/20 | 29,259 | 34,258 | - | - |
| BNP Paribas | EUR | USD | 16/12/20 | 18,523 | 21,895 | - | - |
| BNP Paribas | EUR | USD | 16/12/20 | 18,390 | 21,667 | - | - |
| BNP Paribas | EUR | USD | 16/12/20 | 5,661 | 6,612 | - | - |

| Counterparty | Buy | Sell | Settlement | Buy Amount | Sell Amount | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| BNP Paribas | EUR | USD | 16/12/20 | 5,375 | 6,392 | - | - |
| BNP Paribas | EUR | USD | 16/12/20 | 4,064 | 4,750 | - | - |
| BNP Paribas | EUR | USD | 16/12/20 | 3,600 | 4,283 | - | - |
| BNP Paribas | EUR | USD | 16/12/20 | 2,819 | 3,288 | - | - |
| BNP Paribas | EUR | USD | 16/12/20 | 2,549 | 2,990 | - | - |
| BNP Paribas | EUR | USD | 16/12/20 | 1,420 | 1,688 | - | - |
| BNP Paribas | EUR | USD | 16/12/20 | 1,416 | 1,664 | - | - |
| BNP Paribas | EUR | USD | 16/12/20 | 980 | 1,145 | - | - |
| BNP Paribas | EUR | USD | 16/12/20 | 590 | 699 | - | - |
| BNP Paribas | EUR | USD | 16/12/20 | 454 | 536 | - | - |
| BNP Paribas | EUR | USD | 16/12/20 | 330 | 386 | - | - |
| BNP Paribas | EUR | USD | 16/12/20 | 208 | 247 | - | - |
| BNP Paribas | EUR | USD | 16/12/20 | 169 | 200 | - | - |
| BNP Paribas | EUR | USD | 16/12/20 | 154 | 183 | - | - |
| BNP Paribas | EUR | USD | 16/12/20 | 139 | 164 | - | - |
| BNP Paribas | EUR | USD | 16/12/20 | 103 | 122 | - | - |
| BNP Paribas | EUR | USD | 16/12/20 | 39 | 46 | - | - |
| BNP Paribas | EUR | USD | 16/12/20 | 25 | 30 | - | - |
| BNP Paribas | EUR | USD | 16/12/20 | 21 | 25 | - | - |
| BNP Paribas | GBP | USD | 05/10/20 | 7,092 | 9,101 | - | - |
| BNP Paribas | GBP | USD | 16/12/20 | 23,305,779 | 30,195,806 | (51) | - |
| BNP Paribas | GBP | USD | 16/12/20 | 4,613,631 | 5,977,586 | (10) | - |
| BNP Paribas | GBP | USD | 16/12/20 | 23,754 | 30,571 | - | - |
| BNP Paribas | GBP | USD | 16/12/20 | 15,711 | 20,349 | - | - |
| BNP Paribas | GBP | USD | 16/12/20 | 13,153 | 16,712 | - | - |
| BNP Paribas | GBP | USD | 16/12/20 | 11,855 | 15,335 | - | - |
| BNP Paribas | GBP | USD | 16/12/20 | 4,739 | 6,155 | - | - |
| BNP Paribas | GBP | USD | 16/12/20 | 4,115 | 5,312 | - | - |
| BNP Paribas | GBP | USD | 16/12/20 | 3,187 | 4,117 | - | - |
| BNP Paribas | GBP | USD | 16/12/20 | 1,854 | 2,385 | - | - |
| BNP Paribas | GBP | USD | 16/12/20 | 223 | 285 | - | - |
| BNP Paribas | GBP | USD | 16/12/20 | 61 | 78 | - | - |
| BNP Paribas | GBP | USD | 16/12/20 | 28 | 36 | - | - |
| BNP Paribas | HUF | USD | 16/12/20 | 265,957,164 | 874,291 | (17) | - |
| BNP Paribas | SGD | USD | 05/10/20 | 47,080 | 34,379 | - | - |
| BNP Paribas | SGD | USD | 16/12/20 | 741,471 | 541,474 | 2 | - |
| BNP Paribas | SGD | USD | 16/12/20 | 4,200 | 3,067 | - | - |
| BNP Paribas | SGD | USD | 16/12/20 | 4,155 | 3,056 | - | - |
| BNP Paribas | SGD | USD | 16/12/20 | 1,761 | 1,293 | - | - |
| BNP Paribas | SGD | USD | 16/12/20 | 946 | 695 | - | - |
| BNP Paribas | USD | AUD | 16/12/20 | 89 | 123 | - | - |
| BNP Paribas | USD | AUD | 16/12/20 | 76 | 108 | - | - |

| Counterparty | Buy | Sell | Settlement | Buy Amount | Sell Amount | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| BNP Paribas | USD | AUD | 16/12/20 | 36 | 49 | - | - |
| BNP Paribas | USD | CHF | 01/10/20 | 556 | 515 | - | - |
| BNP Paribas | USD | CHF | 05/10/20 | 909 | 838 | - | - |
| BNP Paribas | USD | CHF | 16/12/20 | 107,604 | 99,605 | (1) | - |
| BNP Paribas | USD | CHF | 16/12/20 | 81,793 | 74,930 | - | - |
| BNP Paribas | USD | CHF | 16/12/20 | 79,939 | 74,001 | (1) | - |
| BNP Paribas | USD | CHF | 16/12/20 | 48,458 | 43,945 | 1 | - |
| BNP Paribas | USD | CHF | 16/12/20 | 45,482 | 41,602 | - | - |
| BNP Paribas | USD | CHF | 16/12/20 | 20,115 | 18,232 | - | - |
| BNP Paribas | USD | CHF | 16/12/20 | 2,618 | 2,379 | - | - |
| BNP Paribas | USD | CHF | 16/12/20 | 2,274 | 2,089 | - | - |
| BNP Paribas | USD | CHF | 16/12/20 | 1,163 | 1,077 | - | - |
| BNP Paribas | USD | CHF | 16/12/20 | 885 | 811 | - | - |
| BNP Paribas | USD | CHF | 16/12/20 | 633 | 574 | - | - |
| BNP Paribas | USD | CHF | 16/12/20 | 618 | 565 | - | - |
| BNP Paribas | USD | CHF | 16/12/20 | 596 | 552 | - | - |
| BNP Paribas | USD | CNH | 16/12/20 | 86 | 594 | - | - |
| BNP Paribas | USD | CNH | 16/12/20 | 65 | 446 | - | - |
| BNP Paribas | USD | CNH | 16/12/20 | 35 | 237 | - | - |
| BNP Paribas | USD | CZK | 16/12/20 | 2,272 | 52,927 | - | - |
| BNP Paribas | USD | CZK | 16/12/20 | 1,724 | 39,661 | - | - |
| BNP Paribas | USD | CZK | 16/12/20 | 1,610 | 37,306 | - | - |
| BNP Paribas | USD | EUR | 01/10/20 | 6,601 | 5,661 | - | - |
| BNP Paribas | USD | EUR | 01/10/20 | 1,143 | 980 | - | - |
| BNP Paribas | USD | EUR | 16/10/20 | 1,352,599 | 1,160,623 | (9) | - |
| BNP Paribas | USD | EUR | 16/10/20 | 1,312,289 | 1,126,034 | (9) | - |
| BNP Paribas | USD | EUR | 16/10/20 | 1,029,719 | 877,794 | - | - |
| BNP Paribas | USD | EUR | 16/10/20 | 998,004 | 850,758 | - | - |
| BNP Paribas | USD | EUR | 16/10/20 | 896,700 | 763,922 | 1 | - |
| BNP Paribas | USD | EUR | 16/10/20 | 886,829 | 755,513 | 1 | - |
| BNP Paribas | USD | EUR | 16/12/20 | 4,801,468 | 4,117,113 | (35) | - |
| BNP Paribas | USD | EUR | 16/12/20 | 2,279,768 | 1,935,311 | 6 | - |
| BNP Paribas | USD | EUR | 16/12/20 | 532,974 | 457,052 | (4) | - |
| BNP Paribas | USD | EUR | 16/12/20 | 517,052 | 443,108 | (3) | - |
| BNP Paribas | USD | EUR | 16/12/20 | 471,319 | 402,274 | (1) | - |
| BNP Paribas | USD | EUR | 16/12/20 | 423,335 | 360,184 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 389,027 | 331,214 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 381,282 | 326,754 | (3) | - |
| BNP Paribas | USD | EUR | 16/12/20 | 344,534 | 292,447 | 1 | - |
| BNP Paribas | USD | EUR | 16/12/20 | 341,981 | 291,594 | (1) | - |
| BNP Paribas | USD | EUR | 16/12/20 | 301,627 | 255,426 | 2 | - |
| BNP Paribas | USD | EUR | 16/12/20 | 289,711 | 246,658 | - | - |

| Counterparty | Buy | Sell | Settlement | Buy Amount | Sell Amount | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| BNP Paribas | USD | EUR | 16/12/20 | 220,533 | 188,995 | (1) | - |
| BNP Paribas | USD | EUR | 16/12/20 | 209,467 | 178,220 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 191,665 | 161,762 | 2 | - |
| BNP Paribas | USD | EUR | 16/12/20 | 176,305 | 148,365 | 2 | - |
| BNP Paribas | USD | EUR | 16/12/20 | 167,718 | 142,793 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 120,416 | 102,453 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 119,339 | 102,272 | (1) | - |
| BNP Paribas | USD | EUR | 16/12/20 | 90,754 | 77,267 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 87,584 | 75,058 | (1) | - |
| BNP Paribas | USD | EUR | 16/12/20 | 82,869 | 69,863 | 1 | - |
| BNP Paribas | USD | EUR | 16/12/20 | 68,573 | 57,875 | 1 | - |
| BNP Paribas | USD | EUR | 16/12/20 | 66,605 | 56,707 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 63,343 | 53,894 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 59,361 | 50,100 | 1 | - |
| BNP Paribas | USD | EUR | 16/12/20 | 53,534 | 45,125 | 1 | - |
| BNP Paribas | USD | EUR | 16/12/20 | 50,646 | 43,227 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 46,677 | 39,714 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 43,090 | 36,367 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 40,272 | 33,780 | 1 | - |
| BNP Paribas | USD | EUR | 16/12/20 | 38,997 | 33,024 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 27,614 | 23,442 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 24,211 | 20,644 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 23,477 | 20,018 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 20,845 | 17,875 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 17,165 | 14,522 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 16,215 | 13,905 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 15,289 | 12,947 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 14,483 | 12,210 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 13,850 | 11,858 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 9,166 | 7,823 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 8,818 | 7,550 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 8,082 | 6,837 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 5,595 | 4,716 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 4,774 | 4,012 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 4,424 | 3,723 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 3,971 | 3,409 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 1,188 | 1,001 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 757 | 636 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 156 | 134 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 109 | 94 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 102 | 87 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 70 | 59 | - | - |

| Counterparty | Buy | Sell | Settlement | Buy Amount | Sell Amount | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| BNP Paribas | USD | EUR | 16/12/20 | 51 | 43 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 26 | 22 | - | - |
| BNP Paribas | USD | GBP | 01/10/20 | 5,310 | 4,115 | - | - |
| BNP Paribas | USD | GBP | 02/10/20 | 30,559 | 23,754 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 952,925 | 750,000 | (17) | - |
| BNP Paribas | USD | GBP | 16/12/20 | 371,614 | 291,866 | (6) | - |
| BNP Paribas | USD | GBP | 16/12/20 | 283,056 | 221,843 | (4) | - |
| BNP Paribas | USD | GBP | 16/12/20 | 189,548 | 148,210 | (2) | - |
| BNP Paribas | USD | GBP | 16/12/20 | 160,240 | 124,978 | (1) | - |
| BNP Paribas | USD | GBP | 16/12/20 | 73,651 | 57,846 | (1) | - |
| BNP Paribas | USD | GBP | 16/12/20 | 61,977 | 48,170 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 56,149 | 44,006 | (1) | - |
| BNP Paribas | USD | GBP | 16/12/20 | 36,501 | 28,139 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 36,264 | 28,356 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 30,919 | 24,115 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 23,929 | 18,456 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 14,982 | 11,500 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 9,297 | 7,304 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 9,104 | 7,092 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 8,530 | 6,646 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 7,106 | 5,455 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 4,884 | 3,776 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 2,353 | 1,826 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 1,525 | 1,196 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 33 | 26 | - | - |
| BNP Paribas | USD | HUF | 16/12/20 | 10,801 | 3,371,683 | - | - |
| BNP Paribas | USD | HUF | 16/12/20 | 8,215 | 2,540,473 | - | - |
| BNP Paribas | USD | HUF | 16/12/20 | 6,324 | 1,956,924 | - | - |
| BNP Paribas | USD | SGD | 16/12/20 | 34,382 | 47,080 | - | - |
| BNP Paribas | USD | SGD | 16/12/20 | 6,877 | 9,471 | - | - |
| BNP Paribas | USD | SGD | 16/12/20 | 5,209 | 7,107 | - | - |
| BNP Paribas | USD | SGD | 16/12/20 | 4,574 | 6,240 | - | - |
| BNP Paribas | USD | SGD | 16/12/20 | 4,147 | 5,626 | - | - |
| BNP Paribas | USD | SGD | 16/12/20 | 520 | 707 | - | - |
| Credit Agricole | USD | EUR | 07/10/20 | 696,311 | 587,000 | 8 | - |
| Deutsche Bank | EUR | USD | 07/10/20 | 580,000 | 684,652 | (4) | - |
| Deutsche Bank | USD | MXN | 07/10/20 | 31,153,742 | 718,114,000 | (1,356) | (0.13) |
| Deutsche Bank | ZAR | USD | 07/10/20 | 20,650,000 | 1,202,309 | 35 | - |
| Goldman Sachs | EUR | USD | 07/10/20 | 2,647,000 | 3,136,652 | (32) | - |
| HSBC | USD | BRL | 25/11/20 | 15,322,910 | 82,615,000 | 687 | 0.05 |
| JPM Chase | USD | CNH | 12/01/21 | 11,346,270 | 77,660,000 | (16) | - |
| JPM Chase | USD | EUR | 07/10/20 | 135,444,938 | 120,072,000 | (5,373) | (0.48) |

| Counterparty | Buy | Sell | Settlement | Buy Amount | Sell Amount | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Merrill Lynch | EUR | USD | 07/10/20 | 5,000,000 | 5,821,440 | 42 | - |
| Morgan Stanley | MXN | USD | 07/10/20 | 256,621,000 | 11,387,158 | 230 | 0.02 |
| Morgan Stanley | ZAR | USD | 07/10/20 | 19,266,000 | 1,137,826 | 16 | - |
| Societe Generale | EUR | USD | 07/10/20 | 1,352,000 | 1,590,173 | (5) | - |
| State Street | EUR | USD | 07/10/20 | 2,000,000 | 2,341,002 | 5 | - |
| State Street | MXN | USD | 07/10/20 | 271,481,000 | 11,973,557 | 317 | 0.03 |
| State Street | USD | EUR | 07/10/20 | 1,235,819 | 1,047,000 | 8 | - |
| UBS | USD | COP | 25/11/20 | 11,410,618 | 43,338,668,000 | 199 | 0.02 |
| UBS | USD | EUR | 07/10/20 | 5,192,437 | 4,610,000 | (214) | (0.02) |
| UBS | USD | ZAR | 07/10/20 | 11,742,720 | 202,266,000 | (376) | (0.03) |
| Unrealised losses on forward currency exchange contracts |  |  | (8,033) | (0.70) |
| Unrealised losses on derivatives |  |  | (8,033) | (0.70) |
| Total investments Other net assets |  |  | 1,128,606 18,831 | 98.36 1.64 |
| Total net assets |  |  | 1,147,437 | 100.00 |

† 
Managed by subsidiaries of Standard Life Aberdeen plc.
∞ 
A portion of this security is on loan at the year end.
Currently forward positions are not collateralised.

Translation (ENFR, 2020-09-30):
# Select Emerging Markets Bond Fund
Pour l’exercice clos le 30 septembre 2020
Performances
Pour l’exercice clos le 30 septembre 2020, la valeur des Actions de capitalisation de Classe A du Fonds Select Emerging Markets Bond a diminué de 2,13 % par rapport à une hausse de 1,29 % de l’indice de référence, le JP Morgan EMBI Global Diversified TR.
Rendement du Fonds : Source : Lipper, Base : rendement total, variation de la Valeur Nette d’Inventaire publiée, net de frais annuels, bénéfice brut réinvesti, en USD.
Rendement de l’indice de référence : Source : Lipper, Base : rendement à la clôture des bureaux, bénéfice réinvesti, brut de frais, en USD.
Veuillez garder à l’esprit que les performances passées ne préjugent pas des résultats futurs. Le cours des actions et les revenus qui en découlent peuvent évoluer à la hausse comme à la baisse et les investisseurs sont susceptibles de ne pas récupérer le montant initialement investi.
Commentaires sur le marché
La dette des marchés émergents a augmenté au cours de la période, mais avec des divergences considérables par pays.
À l’échelle mondiale, les obligations en devises fortes ont
surperformé les émissions en devises locales, principalement en raison de la faiblesse des devises dans certains pays.
Au début de la période, la guerre commerciale entre les États-Unis et la Chine a été un facteur dominant. Un accord commercial a été conclu fin 2019, certains droits de douane ontété annulés et la perspective d’un accroissement du commerce mondial a stimulé les actifs des marchés émergents dans le monde entier. Cet optimisme a pris fin début 2020, car le nouveau coronavirus s’est transformé en pandémie mondiale. De plus, la baisse des prix du pétrole a été un facteur clé des pertes dans les États disposant d’importantes ressources énergétiques. Le brut de Brent a dégringolé en février, la hausse des cas de Covid-19 alimentantles craintes d’un ralentissement économique mondial, en parallèle d’une guerre des prix du pétrole entre la Russie et l’Arabie saoudite. Le spread de la dette des marchés émergents par rapport au rendement des bons du Trésor américain s’est considérablement creusé en mars, lorsque les impacts économiques se sont fait ressentir. Au cours des six derniers mois, les marchés ont commencé à se redresser. Les obligations ont réagi positivement à la baisse des taux, tant de la part de la Réserve fédérale américaine qu’au niveau local, pour soutenir les économies en difficulté. Cependant, il semble que les cas de Covid-19 ont commencé à augmenter une fois de plus, l’Inde et l’Amérique latine étant particulièrementvulnérables à la hausse des contaminations.
Le Mexique, la composante la plus importante de l’indice des devises fortes, a légèrement reculé au cours de la période. Le pays a été touché par une foule de révisions à la baisse des notations, notamment pour la compagnie pétrolière publique Pemex. En Amérique latine également, le réal brésilien a chuté de plus de 30 % – une combinaison d’assouplissement des banques centrales et de détérioration des conditions extérieures a effacé toute appréciation des obligations en devise locale. En revanche, l’Asie a été une région solide : l’Indonésie et la Malaisie ont affiché des rendements positifs pour les obligations en devises fortes comme locales.
Commentaires sur le portefeuille
Le Fonds a dégagé un rendement de -2,1 % sur la période contre un rendement de 1,3 % pour l’indice de référence.
L’exposition de change a été le principal facteur de la
sous-performance, les allocations de crédit et géographiques nuisant également à la performance. À l’inverse, l’allocation des titres et des devises locales a contribué à la performance.
La monnaie a été un point particulièrement sensible pour le Mexique, le Brésil et l’Uruguay. Au niveau régional, l’Amérique latine a été la moins performante. L’exposition de crédit au Chili, une position hors indice au Venezuela et une surpondération de l’Équateur ont été les principales lanternes rouges. Toutefois, la sélection des titres en Équateur a compensé dans une certaine mesure cette situation.
L’Europe de l’Est a également été un mauvais élève, notamment l’exposition au roublerusse. Les autres contre-performances sont venues du positionnement en Angola et de l’allocation de crédit au Mexique. En termes de contributions, l’absence d’exposition au Liban et au Sri Lanka a stimulé les rendements. Les surpondérations de l’Indonésie et du Qatar ontété très performantes. Par ailleurs, une sélection rigoureuse en Argentine a accru les rendements, tout comme l’allocation des devises locales en Serbie, en Indonésie et en Argentine.
Nous avons renforcé nos participations souveraines en devises fortes en Angola, dont les perspectives se sont récemment améliorées à mesure du redressement des cours du pétrole. Le Fonds monétaire international a estimé que la dette de l’Angola était soutenable, mais avec des risques élevés. Nous avons renforcé notre participation en Argentine, en discussions sur la restructuration de sa dette tout au long de la période. Nous nous sommes servis des ventes massives pour miser sur l’Équateur.
Nous avons récemment étoffé nos participations aux Bahamas, au Ghana, au Honduras, en Hongrie, en Côte d’Ivoire, en Tunisie et en Ouzbékistan sur la base de valorisations attrayantes. Nous avons acquis de nouvelles émissions de l’Ukraine, des Bermudes et du Charjah (l’un des Émirats arabes unis), dont le cours était attrayant.
Nous avons remplacé les obligations à échéance plus courte au Salvador par les nouvelles obligations à 30 ans. Au cours de l’été, nous avons réduit notre exposition aux obligations sri-lankaises suite à une reprise. Nous avons diminué notre position sur Bahreïn, en raison du risque de restructuration, au Sénégal et au Costa Rica.
Dans la sphère des devises locales, nous avons réduitnotre position sur les taux indonésiens pour augmenter la duration des taux brésiliens, étant donné que la position conciliante de la banque centrale ne se reflète pas dans les cours du marché. Nous avons renforcé nos positions en Colombie et en Uruguay, tout en réduisant notre exposition au Mexique et à la Russie, sur la base des valorisations.
Au niveau des entreprises, nous avons vendu notre participation dans la banque indienne SBI, réduit notre position dans la société minière ukrainienne MetInvest et ajouté des participations dans Huarong Asset Management en Chine. Nous avons diminué le risque pétrolier du Fonds en vendant des positions dans Saudi Aramco et Thai Oil et avons cédé des participations dans Latam Airlines en raison du risque potentiel de restructuration.
Perspectives
La recrudescence des cas de Covid-19 dans certains pays a accru la probabilité de nouvelles mesures de confinement. Nous nous attendons à ce que les gouvernements du monde entier soient mieux préparés cette fois-ci et qu’ils évitent potentiellement les restrictions de confinement total observées en mars. Au cours du dernier trimestre de l’année, nous prévoyons que l’activité
économique continuera de se normaliser. Cependant, la prudence
dans la confiance des consommateurs et des investisseurs devrait persister alors que le monde apprend à vivre avec la Covid-19 pendant un certain temps. L’assouplissementde la politique monétaire devrait continuer à apporter son soutien, les banques centrales mondiales continuant à maintenir des liquidités abondantes et les gouvernements ayant partiellementdéployé des mesures budgétaires. Les prochaines élections présidentielles
américaines constituent un risque majeur pour la dette des marchés
émergents. Elles occuperont un rôle central dans la définition du calendrier de politique étrangère américaine en ce qui concerne la Chine et la Russie. En outre, elles seront importantes pour la
poursuite du débat sur la participation du secteur privé à l’Initiative de suspension du service de la dette du G20. Cette initiative appelle les créanciers bilatéraux et privés à fournir un allégement du service de la dette à certains emprunteurs des marchés émergents.
Équipe Global Emerging Market Debt
Octobre 2020
| État de l’actif net Au 30 septembre 2020 |
| --- |
|  | Notes | en milliers d’USD |
| Actif |  |  |
| Placements en valeurs mobilières à la valeur de marché | 2.2 | 1 136 639 |
| Avoirs bancaires |  | 6 035 |
| Intérêts à recevoir |  | 16 186 |
| Souscriptions à recevoir |  | 794 |
| Ventes de placements à recevoir |  | 25 757 |
| Total de l’actif |  | 1 185 411 |
| Passif |  |  |
| Achats de placements à payer |  | 5 865 |
| Impôts et charges à payer |  | 1 187 |
| Rachats d’actions à payer |  | 21 326 |
| Moins-values latentes sur contrats de change à terme | 2.6 | 8 033 |
| Autres passifs |  | 1 563 |
| Total du passif |  | 37 974 |
| Actif net en fin d’exercice |  | 1 147 437 |
| État des variations de l’actif net Pour l’exercice allant du 1er octobre 2019 au 30 septembre 2020 |
|  | Notes | en milliers d’USD |
| Actif net en début d’exercice |  | 1 614 184 |
| Plus-values nettes sur investissements |  | 55 872 |
| Moins-values nettes réalisées |  | (9 914) |
| Moins-values nettes latentes |  | (74 029) |
| Produits des émissions d’actions |  | 616 152 |
| Paiements des actions rachetées |  | (1 030 348) |
| Régularisation nette versée | 10 | (6 715) |
| Dividendes distribués | 5 | (17 765) |
| Actif net en fin d’exercice |  | 1 147 437 |

État des opérations
Pour l’exercice allant du 1er octobre 2019 au 30 septembre 2020
| Notes | en milliers d’USD |
| --- | --- |
| Revenus |  |  |
| Revenus d’investissement | 2.3 | 71 629 |
| Revenus des prêts de titres | 16 | 542 |
| Intérêts bancaires |  | 68 |
| Total des revenus |  | 72 239 |
| Charges |  |  |
| Commissions de gestion | 4.2 | 13 716 |
| Frais d’exploitation, d’administration et de service | 4.3 | 2 603 |
| Commissions de distribution | 4.1 | 11 |
| Autres frais de fonctionnement |  | 37 |
| Total des charges |  | 16 367 |
| Plus-values nettes sur investissements |  | 55 872 |
| Moins-values réalisées sur investissements |  | (30 035) |
| Plus-values réalisées sur contrats de change à terme |  | 20 801 |
| Moins-values de change réalisées |  | (680) |
| Moins-values nettes réalisées |  | (9 914) |
| Augmentation de la moins-value latente sur investissements |  | (66 797) |
| Augmentation de la moins-value latente sur contrats de change à terme |  | (7 222) |
| Moins-values de change latentes |  | (10) |
| Moins-values nettes latentes |  | (74 029) |
| Diminution nette de l’actif résultant des opérations |  | (28 071) |

Transactions d’Actions
Pour l’exercice allant du 1er octobre 2019 au 30 septembre 2020
|  | A Acc Hedged CHF | A Acc Hedged CZK | A Acc Hedged EUR | A Acc Hedged HUF | A Acc USD |
| --- | --- | --- | --- | --- | --- |
| Actions en circulation en début d’exercice | 62 757 | 31 200 | 490 935 | 268 846 | 8 439 479 |
| Actions émises durant l’exercice | 3 809 | 9 658 | 311 980 | 228 | 2 439 727 |
| Actions rachetées durant l’exercice | (8 453) | (1 598) | (590 025) | (6 311) | (5 414 287) |
| Actions en circulation en fin d’exercice | 58 113 | 39 260 | 212 890 | 262 763 | 5 464 919 |
| Valeur nette d’inventaire par action | 129,8886 | 102,5132 | 134,6139 | 981,7313 | 46,1203 |
|  |
|  | A MInc Hedged EUR | A MInc Hedged GBP | A MInc Hedged SGD | A MInc USD | A MIncA USD |
| Actions en circulation en début d’exercice | 4 606 391 | 2 110 597 | 90 040 | 10 476 524 | 1 197 615 |
| Actions émises durant l’exercice | 588 516 | 180 131 | 77 374 | 1 526 967 | 216 431 |
| Actions rachetées durant l’exercice | (1 758 960) | (301 740) | (92 921) | (3 806 416) | (613 445) |
| Actions en circulation en fin d’exercice | 3 435 947 | 1 988 988 | 74 493 | 8 197 075 | 800 601 |
| Valeur nette d’inventaire par action | 7,2573 | 11,2721 | 9,0597 | 16,2930 | 9,6895 |
|  |
|  | I Acc Hedged CNH | I Acc Hedged EUR | I Acc USD | I MInc Hedged CHF | I MInc Hedged EUR |
| Actions en circulation en début d’exercice | 450 | 567 | 14 835 240 | 8 297 924 | 16 961 955 |
| Actions émises durant l’exercice | - | 1 471 033 | 12 473 621 | - | 774 567 |
| Actions rachetées durant l’exercice | - | - | (15 079 053) | (8 287 340) | (6 002 404) |
| Actions en circulation en fin d’exercice | 450 | 1 471 600 | 12 229 808 | 10 584 | 11 734 118 |
| Valeur nette d’inventaire par action | 100,7956 | 9,8891 | 19,8776 | 7,7834 | 7,3513 |
|  |
|  | I MInc Hedged GBP | I MInc USD | W Acc USD | W MInc USD | X Acc EUR |
| Actions en circulation en début d’exercice | 4 150 326 | 555 470 | 45 680 | 81 936 | 1 388 132 |
| Actions émises durant l’exercice | 955 226 | 5 141 986 | 2 203 | 3 240 | 343 577 |
| Actions rachetées durant l’exercice | (4 665 894) | (3 323 031) | (15 368) | (22 765) | (647 002) |
| Actions en circulation en fin d’exercice | 439 658 | 2 374 425 | 32 515 | 62 411 | 1 084 707 |
| Valeur nette d’inventaire par action | 8,4235 | 16,4794 | 11,6909 | 9,6646 | 13,5808 |

|  | X Acc GBP | X Acc Hedged EUR | X Acc USD | X MInc EUR | X MInc Hedged EUR |
| --- | --- | --- | --- | --- | --- |
| Actions en circulation en début d’exercice | 830 357 | 1 652 285 | 3 736 012 | 1 032 860 | 210 768 |
| Actions émises durant l’exercice | 398 536 | 122 358 | 598 919 | 366 309 | 447 013 |
| Actions rachetées durant l’exercice | (140 936) | (1 081 418) | (2 097 861) | (274 203) | (36 333) |
| Actions en circulation en fin d’exercice | 1 087 957 | 693 225 | 2 237 070 | 1 124 966 | 621 448 |
| Valeur nette d’inventaire par action | 14,9532 | 11,3039 | 12,2221 | 9,0544 | 9,2049 |
|  |
|  | X MInc USD | Z Acc Hedged EUR | Z Acc USD | Z MInc Hedged AUD | Z MInc USD |
| Actions en circulation en début d’exercice | 5 559 896 | 7 400 000 | 360 374 | 895 | 761 608 |
| Actions émises durant l’exercice | 2 303 970 | - | 38 945 | - | 1 158 736 |
| Actions rachetées durant l’exercice | (4 808 752) | - | (115 799) | - | (1 085 706) |
| Actions en circulation en fin d’exercice | 3 055 114 | 7 400 000 | 283 520 | 895 | 834 638 |
| Valeur nette d’inventaire par action | 8,1497 | 12,1002 | 53,4886 | 9,2007 | 9,1705 |

Les notes annexes font partie intégrante des présents états financiers.
État du portefeuille-titres
Au 30 septembre 2020
| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Valeurs mobilières et instruments du marché monétaire admis à la cote officielle d’une Bourse ou négociés sur un autre marché réglementé 94,71 % |
| Obligations 94,71 % |  |  |  |  |  |
| Obligations d’entreprises 24,42 % |  |  |  |  |  |
| Bahreïn 0,31 % |  |  |  |  |  |
| Oil and Gas Holding Company | 7,6250 | 07/11/2024 | 3 291 000 | 3 522 | 0,31 |
| Brésil 0,56 % |  |  |  |  |  |
| Suzano Austria | 7,0000 | 16/03/2047 | 5 500 000 | 6 482 | 0,56 |
| Îles Caïman 0,90 % |  |  |  |  |  |
| Bioceanico Sovereign Certificate | - | 05/06/2034 | 8 864 330 | 6 626 | 0,58 |
| Sparc EM SPC Panama Metro Line 2 | - | 05/12/2022 | 3 804 726 | 3 695 | 0,32 |
|  |  |  |  | 10 321 | 0,90 |
| Chine 2,05 % |  |  |  |  |  |
| Country Garden | 8,0000 | 27/01/2024 | 6 200 000 | 6 711 | 0,58 |
| Huarong Finance 2019 (EMTN) | 2,1250 | 30/09/2023 | 5 900 000 | 5 867 | 0,51 |
| Longfor Group | 3,9500 | 16/09/2029 | 4 950 000 | 5 294 | 0,46 |
| Shimao Property | 6,1250 | 21/02/2024 | 5 335 000 | 5 691 | 0,50 |
|  |  |  |  | 23 563 | 2,05 |
| Colombie 0,90 % |  |  |  |  |  |
| Bancolombia | VAR | 18/10/2027 | 5 970 000 | 5 882 | 0,52 |
| Ecopetrol∞ | 6,8750 | 29/04/2030 | 3 665 000 | 4 402 | 0,38 |
|  |  |  |  | 10 284 | 0,90 |
| Équateur 0,09 % |  |  |  |  |  |
| Petroamazonas | 4,6250 | 06/11/2020 | 1 166 707 | 1 079 | 0,09 |
| Géorgie 1,93 % |  |  |  |  |  |
| Georgian Oil and Gas | 6,7500 | 26/04/2021 | 11 350 000 | 11 449 | 1,00 |
| Georgian Railway | 7,7500 | 11/07/2022 | 10 160 000 | 10 668 | 0,93 |
|  |  |  |  | 22 117 | 1,93 |
| Indonésie 2,41 % |  |  |  |  |  |
| Pertamina Persero | 6,5000 | 27/05/2041 | 13 800 000 | 17 828 | 1,56 |
| Pertamina Persero (EMTN) | 6,5000 | 07/11/2048 | 1 900 000 | 2 568 | 0,22 |
| Perusahaan Listrik Negara | 6,2500 | 25/01/2049 | 5 530 000 | 7 267 | 0,63 |
|  |  |  |  | 27 663 | 2,41 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Kazakhstan 0,47 % |  |  |  |  |  |
| Tengizchevroil Finance International | 4,0000 | 15/08/2026 | 5 100 000 | 5 420 | 0,47 |
| Maurice 0,27 % |  |  |  |  |  |
| Liquid Telecommunications Financing | 8,5000 | 13/07/2022 | 3 100 000 | 3 154 | 0,27 |
| Mexique 4,09 % |  |  |  |  |  |
| BBVA Bancomer∞ | VAR | 13/09/2034 | 2 485 000 | 2 531 | 0,22 |
| BBVA Bancomer Texas∞ | VAR | 18/01/2033 | 3 395 000 | 3 272 | 0,29 |
| Petroleos Mexicanos | 6,5000 | 02/06/2041 | 14 650 000 | 11 324 | 0,98 |
| Petroleos Mexicanos | FRN | 11/03/2022 | 7 200 000 | 7 061 | 0,62 |
| Petroleos Mexicanos | 6,9500 | 28/01/2060 | 7 450 000 | 5 791 | 0,50 |
| Petroleos Mexicanos | 5,9500 | 28/01/2031 | 5 000 000 | 4 200 | 0,37 |
| Petroleos Mexicanos | 6,6250 | 15/06/2038 | 3 300 000 | 2 600 | 0,23 |
| Petroleos Mexicanos | 6,8400 | 23/01/2030 | 2 450 000 | 2 196 | 0,19 |
| Trust F/1401 | 6,3900 | 15/01/2050 | 7 900 000 | 7 914 | 0,69 |
|  |  |  |  | 46 889 | 4,09 |
| Maroc 0,61 % |  |  |  |  |  |
| OCP | 6,8750 | 25/04/2044 | 5 500 000 | 7 006 | 0,61 |
| Pakistan 0,44 % |  |  |  |  |  |
| Third Pakistan International Sukuk | 5,5000 | 13/10/2021 | 5 000 000 | 5 000 | 0,44 |
| Panama 0,34 % |  |  |  |  |  |
| Global Bank | VAR | 16/04/2029 | 3 650 000 | 3 851 | 0,34 |
| Pérou 0,51 % |  |  |  |  |  |
| Nexa Resources∞ | 5,3750 | 04/05/2027 | 5 550 000 | 5 803 | 0,51 |
| Fédération de Russie 1,02 % |  |  |  |  |  |
| Gazprom | 4,3750 | 19/09/2022 | 4 150 000 | 4 346 | 0,38 |
| GTLK Europe Capital | 4,6500 | 10/03/2027 | 7 460 000 | 7 413 | 0,64 |
|  |  |  |  | 11 759 | 1,02 |
| Arabie saoudite 1,07 % |  |  |  |  |  |
| Saudi Arabian Oil (EMTN) | 4,2500 | 16/04/2039 | 7 000 000 | 8 052 | 0,70 |
| Saudi Arabian Oil (EMTN) | 2,8750 | 16/04/2024 | 4 000 000 | 4 204 | 0,37 |
|  |  |  |  | 12 256 | 1,07 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Afrique du Sud 1,65 % |  |  |  |  |  |
| Eskom | 7,1250 | 11/02/2025 | 13 860 000 | 12 703 | 1,11 |
| MTN Mauritius Investments∞ | 6,5000 | 13/10/2026 | 5 600 000 | 6 239 | 0,54 |
|  |  |  |  | 18 942 | 1,65 |
| Ukraine 0,83 % |  |  |  |  |  |
| Metinvest | 8,5000 | 23/04/2026 | 2 990 000 | 3 020 | 0,26 |
| Ukraine Railways∞ | 8,2500 | 09/07/2024 | 6 443 000 | 6 505 | 0,57 |
|  |  |  |  | 9 525 | 0,83 |
| Émirats arabes unis 3,97 % |  |  |  |  |  |
| Abu Dhabi Crude Oil Pipeline (SINK) | 4,6000 | 02/11/2047 | 4 040 000 | 4 967 | 0,43 |
| Abu Dhabi National Energy | 4,3750 | 23/04/2025 | 1 000 000 | 1 130 | 0,10 |
| Abu Dhabi National Energy∞ | 4,8750 | 23/04/2030 | 3 900 000 | 4 854 | 0,42 |
| ICD Sukuk (EMTN) | 5,0000 | 01/02/2027 | 14 100 000 | 14 975 | 1,31 |
| MAF Global Securities | VAR | PERP | 8 000 000 | 7 961 | 0,69 |
| Sharjah Sukuk Program | 2,9420 | 10/06/2027 | 3 800 000 | 3 931 | 0,34 |
| Sharjah Sukuk Program (EMTN) | 3,8540 | 03/04/2026 | 4 070 000 | 4 438 | 0,39 |
| Zahidi∞ | 4,5000 | 22/03/2028 | 3 296 952 | 3 285 | 0,29 |
|  |  |  |  | 45 541 | 3,97 |
| Total Obligations d’entreprises |  |  |  | 280 177 | 24,42 |
| Obligations d’État 70,29 % |  |  |  |  |  |
| Albanie 0,51 % |  |  |  |  |  |
| République d’Albanie | 3,5000 | 16/06/2027 | 4 820 000 | 5 806 | 0,51 |
| Angola 1,35 % |  |  |  |  |  |
| République d’Angola | 9,5000 | 12/11/2025 | 12 530 000 | 10 960 | 0,96 |
| République d’Angola | 8,2500 | 09/05/2028 | 5 650 000 | 4 511 | 0,39 |
|  |  |  |  | 15 471 | 1,35 |
| Argentine 3,16 % |  |  |  |  |  |
| République argentine | VAR | 09/07/2035 | 46 650 808 | 17 541 | 1,53 |
| République argentine | VAR | 09/01/2038 | 20 841 167 | 8 936 | 0,78 |
| République argentine | VAR | 09/07/2030 | 18 130 157 | 7 569 | 0,66 |
| République argentine | 1,0000 | 09/07/2029 | 4 399 058 | 2 006 | 0,17 |
| République argentine | VAR | 15/12/2035 | 40 555 665 | 172 | 0,02 |
|  |  |  |  | 36 224 | 3,16 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Arménie 1,13 % |  |  |  |  |  |
| République d’Arménie | 3,9500 | 26/09/2029 | 13 300 000 | 12 959 | 1,13 |
| Bahamas 2,02 % |  |  |  |  |  |
| Commonwealth des Bahamas | 6,0000 | 21/11/2028 | 25 468 000 | 23 205 | 2,02 |
| Bahreïn 1,17 % |  |  |  |  |  |
| Royaume de Bahreïn | 5,4500 | 16/09/2032 | 13 925 000 | 13 368 | 1,17 |
| La Barbade 0,12 % |  |  |  |  |  |
| Gouvernement de la Barbade∞ | 6,5000 | 01/10/2029 | 1 418 300 | 1 376 | 0,12 |
| Bélarus 1,40 % |  |  |  |  |  |
| République du Bélarus | 6,3780 | 24/02/2031 | 6 845 000 | 6 441 | 0,57 |
| République du Bélarus | 5,8750 | 24/02/2026 | 5 555 000 | 5 186 | 0,45 |
| République du Bélarus | 6,2000 | 28/02/2030 | 4 700 000 | 4 406 | 0,38 |
|  |  |  |  | 16 033 | 1,40 |
| Belize 0,52 % |  |  |  |  |  |
| Gouvernement du Belize | VAR | 20/02/2034 | 13 618 097 | 5 986 | 0,52 |
| Bénin 1,00 % |  |  |  |  |  |
| République du Bénin | 5,7500 | 26/03/2026 | 10 255 000 | 11 479 | 1,00 |
| Brésil 2,93 % |  |  |  |  |  |
| République fédérale brésilienne | 10,0000 | 01/01/2031 | 101 100 000 | 20 788 | 1,81 |
| République fédérale brésilienne | 6,0000 | 15/08/2024 | 14 800 000 | 10 085 | 0,88 |
| République fédérale brésilienne | 6,0000 | 15/08/2050 | 3 600 000 | 2 728 | 0,24 |
|  |  |  |  | 33 601 | 2,93 |
| Colombie 1,05 % |  |  |  |  |  |
| République colombienne | 7,0000 | 30/06/2032 | 43 000 000 000 | 12 017 | 1,05 |
| République dominicaine 2,50 % |  |  |  |  |  |
| République dominicaine | 6,8500 | 27/01/2045 | 13 000 000 | 13 758 | 1,20 |
| République dominicaine | 7,4500 | 30/04/2044 | 10 850 000 | 12 237 | 1,07 |
| République dominicaine | 5,8750 | 18/04/2024 | 2 520 000 | 2 676 | 0,23 |
|  |  |  |  | 28 671 | 2,50 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Équateur 3,08 % |  |  |  |  |  |
| République d’Équateur | VAR | 31/07/2035 | 32 255 421 | 18 144 | 1,59 |
| République d’Équateur | VAR | 31/07/2030 | 14 637 247 | 9 990 | 0,87 |
| République d’Équateur | VAR | 31/07/2040 | 10 203 921 | 5 178 | 0,45 |
| République d’Équateur | - | 31/07/2030 | 4 244 666 | 1 995 | 0,17 |
|  |  |  |  | 35 307 | 3,08 |
| Égypte 4,46 % |  |  |  |  |  |
| République d’Égypte | 8,7002 | 01/03/2049 | 11 790 000 | 11 538 | 1,00 |
| République d’Égypte | 8,5000 | 31/01/2047 | 9 470 000 | 9 190 | 0,80 |
| République d’Égypte | 7,9030 | 21/02/2048 | 6 650 000 | 6 157 | 0,54 |
| République d’Égypte (EMTN) | 5,6250 | 16/04/2030 | 11 780 000 | 12 580 | 1,09 |
| République d’Égypte (EMTN) | 7,6003 | 01/03/2029 | 7 000 000 | 7 190 | 0,63 |
| République d’Égypte (EMTN) | 6,2004 | 01/03/2024 | 4 380 000 | 4 563 | 0,40 |
|  |  |  |  | 51 218 | 4,46 |
| Salvador 2,80 % |  |  |  |  |  |
| République du Salvador | 5,8750 | 30/01/2025 | 14 674 000 | 12 910 | 1,12 |
| République du Salvador | 6,3750 | 18/01/2027 | 9 450 000 | 8 551 | 0,75 |
| République du Salvador | 9,5000 | 15/07/2052 | 5 685 000 | 5 418 | 0,47 |
| République du Salvador | 8,2500 | 10/04/2032 | 3 052 000 | 2 774 | 0,24 |
| République du Salvador | 8,6250 | 28/02/2029 | 2 649 000 | 2 523 | 0,22 |
|  |  |  |  | 32 176 | 2,80 |
| Ghana 1,58 % |  |  |  |  |  |
| République du Ghana | 7,8750 | 11/02/2035 | 7 674 000 | 6 521 | 0,56 |
| République du Ghana | 8,7500 | 11/03/2061 | 4 518 000 | 3 836 | 0,33 |
| République du Ghana∞ | 10,7500 | 14/10/2030 | 2 540 000 | 3 092 | 0,27 |
| République du Ghana | 7,8750 | 26/03/2027 | 2 600 000 | 2 482 | 0,22 |
| République du Ghana | 8,9500 | 26/03/2051 | 2 599 000 | 2 255 | 0,20 |
|  |  |  |  | 18 186 | 1,58 |
| Honduras 0,21 % |  |  |  |  |  |
| République du Honduras | 5,6250 | 24/06/2030 | 2 289 000 | 2 461 | 0,21 |
| Inde 0,50 % |  |  |  |  |  |
| National Highways Authority of India | 7,3000 | 18/05/2022 | 420 000 000 | 5 779 | 0,50 |
| Indonésie 3,78 % |  |  |  |  |  |
| République indonésienne | 8,3750 | 15/04/2039 | 132 600 000 000 | 9 537 | 0,83 |
| République indonésienne | 4,1000 | 24/04/2028 | 3 550 000 | 4 045 | 0,35 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| République indonésienne | 7,5000 | 15/05/2038 | 23 663 000 000 | 1 584 | 0,14 |
| République indonésienne (EMTN) | 5,8750 | 15/01/2024 | 6 750 000 | 7 786 | 0,68 |
| Lembaga Pembiayaan Ekspor Indonesia (EMTN) | 3,8750 | 06/04/2024 | 7 640 000 | 8 146 | 0,71 |
| Perusahaan Penerbit SBSN Indonesia III | 4,3500 | 10/09/2024 | 10 980 000 | 12 297 | 1,07 |
|  |  |  |  | 43 395 | 3,78 |
| Côte d’Ivoire 1,88 % |  |  |  |  |  |
| Gouvernement ivoirien | 5,2500 | 22/03/2030 | 12 710 000 | 13 533 | 1,18 |
| Gouvernement ivoirien | 5,8750 | 17/10/2031 | 5 150 000 | 5 481 | 0,48 |
| Gouvernement ivoirien | 6,8750 | 17/10/2040 | 1 600 000 | 1 692 | 0,15 |
| Gouvernement ivoirien | 6,1250 | 15/06/2033 | 860 000 | 809 | 0,07 |
|  |  |  |  | 21 515 | 1,88 |
| Kenya 0,88 % |  |  |  |  |  |
| République du Kenya | 7,0000 | 22/05/2027 | 9 200 000 | 9 073 | 0,79 |
| République du Kenya | 8,0000 | 22/05/2032 | 1 066 000 | 1 058 | 0,09 |
|  |  |  |  | 10 131 | 0,88 |
| Mexique 2,07 % |  |  |  |  |  |
| Gouvernement du Mexique | 5,7500 | 05/03/2026 | 271 500 000 | 12 589 | 1,09 |
| Gouvernement du Mexique | 8,5000 | 18/11/2038 | 141 700 000 | 7 523 | 0,66 |
| Gouvernement du Mexique | 6,0500 | 11/01/2040 | 2 900 000 | 3 652 | 0,32 |
|  |  |  |  | 23 764 | 2,07 |
| Monténégro 0,46 % |  |  |  |  |  |
| République du Monténégro∞ | 2,5500 | 03/10/2029 | 4 980 000 | 5 271 | 0,46 |
| Maroc 0,75 % |  |  |  |  |  |
| Gouvernement du Maroc | 1,5000 | 27/11/2031 | 7 810 000 | 8 639 | 0,75 |
| Mozambique 0,63 % |  |  |  |  |  |
| Gouvernement du Mozambique∞ | 5,0000 | 15/09/2031 | 8 710 000 | 7 236 | 0,63 |
| Nigeria 1,87 % |  |  |  |  |  |
| République fédérale du Nigeria | 7,1430 | 23/02/2030 | 7 769 000 | 7 400 | 0,64 |
| République fédérale du Nigeria∞ | 7,6250 | 21/11/2025 | 4 355 000 | 4 552 | 0,40 |
| République fédérale du Nigeria | 7,8750 | 16/02/2032 | 4 280 000 | 4 101 | 0,36 |
| République fédérale du Nigeria∞ | 8,7470 | 21/01/2031 | 975 000 | 998 | 0,09 |
| République fédérale du Nigeria (EMTN) | 6,5000 | 28/11/2027 | 4 600 000 | 4 400 | 0,38 |
|  |  |  |  | 21 451 | 1,87 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Panama 0,32 % |  |  |  |  |  |
| République du Panama | 4,5000 | 01/04/2056 | 2 909 000 | 3 648 | 0,32 |
| Paraguay 0,86 % |  |  |  |  |  |
| République du Paraguay | 6,1000 | 11/08/2044 | 4 560 000 | 5 918 | 0,51 |
| République du Paraguay | 5,4000 | 30/03/2050 | 3 263 000 | 3 972 | 0,35 |
|  |  |  |  | 9 890 | 0,86 |
| Qatar 6,43 % |  |  |  |  |  |
| État du Qatar | 4,8170 | 14/03/2049 | 24 800 000 | 33 464 | 2,91 |
| État du Qatar | 5,1030 | 23/04/2048 | 12 535 000 | 17 448 | 1,52 |
| État du Qatar | 4,0000 | 14/03/2029 | 13 000 000 | 15 243 | 1,33 |
| État du Qatar | 3,8750 | 23/04/2023 | 7 100 000 | 7 643 | 0,67 |
|  |  |  |  | 73 798 | 6,43 |
| Roumanie 1,10 % |  |  |  |  |  |
| République roumaine | 3,6240 | 26/05/2030 | 1 600 000 | 2 127 | 0,19 |
| République roumaine (EMTN) | 3,5000 | 03/04/2034 | 6 000 000 | 7 778 | 0,67 |
| République roumaine (EMTN) | 2,0000 | 28/01/2032 | 2 350 000 | 2 726 | 0,24 |
|  |  |  |  | 12 631 | 1,10 |
| Fédération de Russie 1,99 % |  |  |  |  |  |
| Fédération de Russie | 7,6500 | 10/04/2030 | 1 260 890 000 | 17 973 | 1,56 |
| Fédération de Russie | 7,7000 | 23/03/2033 | 340 000 000 | 4 898 | 0,43 |
|  |  |  |  | 22 871 | 1,99 |
| Rwanda 0,99 % |  |  |  |  |  |
| République rwandaise | 6,6250 | 02/05/2023 | 10 900 000 | 11 309 | 0,99 |
| Arabie saoudite 2,39 % |  |  |  |  |  |
| Gouvernement d’Arabie saoudite | 4,3750 | 16/04/2029 | 1 740 000 | 2 044 | 0,18 |
| Gouvernement d’Arabie saoudite (EMTN)∞ | 5,0000 | 17/04/2049 | 19 600 000 | 25 394 | 2,21 |
|  |  |  |  | 27 438 | 2,39 |
| Sénégal 0,30 % |  |  |  |  |  |
| République du Sénégal | 4,7500 | 13/03/2028 | 3 060 000 | 3 479 | 0,30 |
| Serbie 1,29 % |  |  |  |  |  |
| République de Serbie | 3,1250 | 15/05/2027 | 11 800 000 | 14 832 | 1,29 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Afrique du Sud 1,42 % |  |  |  |  |  |
| République sud-africaine | 9,0000 | 31/01/2040 | 217 400 000 | 10 479 | 0,91 |
| République sud-africaine | 6,2500 | 08/03/2041 | 6 020 000 | 5 798 | 0,51 |
|  |  |  |  | 16 277 | 1,42 |
| Tunisie 2,06 % |  |  |  |  |  |
| Banque Centrale de Tunisie | 6,3750 | 15/07/2026 | 9 600 000 | 10 181 | 0,89 |
| Banque Centrale de Tunisie | 6,7500 | 31/10/2023 | 7 077 000 | 7 849 | 0,68 |
| Banque Centrale de Tunisie | 5,6250 | 17/02/2024 | 5 296 000 | 5 646 | 0,49 |
|  |  |  |  | 23 676 | 2,06 |
| Ukraine 4,00 % |  |  |  |  |  |
| République d’Ukraine | 7,2530 | 15/03/2033 | 12 282 000 | 11 349 | 0,99 |
| République d’Ukraine | 9,7500 | 01/11/2028 | 1 009 000 | 1 093 | 0,10 |
| République d’Ukraine | 7,7500 | 01/09/2024 | 11 590 000 | 11 683 | 1,02 |
| République d’Ukraine | 6,7500 | 20/06/2026 | 7 210 000 | 8 249 | 0,72 |
| République d’Ukraine | 7,7500 | 01/09/2026 | 7 250 000 | 7 248 | 0,63 |
| République d’Ukraine | VAR | 31/05/2040 | 6 850 000 | 6 238 | 0,54 |
|  |  |  |  | 45 860 | 4,00 |
| Émirats arabes unis 1,08 % |  |  |  |  |  |
| Émirat d’Abou Dhabi (EMTN) | 3,1250 | 16/04/2030 | 5 822 000 | 6 513 | 0,57 |
| Finance Department Government of Sharjah | 4,0000 | 28/07/2050 | 5 746 000 | 5 890 | 0,51 |
|  |  |  |  | 12 403 | 1,08 |
| Uruguay 1,59 % |  |  |  |  |  |
| République uruguayenne∞ | 5,1000 | 18/06/2050 | 6 600 000 | 8 880 | 0,78 |
| République uruguayenne∞ | 4,3750 | 23/01/2031 | 4 049 514 | 4 828 | 0,42 |
| République uruguayenne | 4,3750 | 15/12/2028 | 82 757 762 | 4 494 | 0,39 |
|  |  |  |  | 18 202 | 1,59 |
| Ouzbékistan 0,66 % |  |  |  |  |  |
| République d’Ouzbékistan (EMTN) | 4,7500 | 20/02/2024 | 5 424 000 | 5 724 | 0,50 |
| République d’Ouzbékistan (EMTN) | 5,3750 | 20/02/2029 | 1 653 000 | 1 849 | 0,16 |
|  |  |  |  | 7 573 | 0,66 |
| Total Obligations d’État |  |  |  | 806 612 | 70,29 |
| Total Obligations |  |  |  | 1 086 789 | 94,71 |
| Total Valeurs mobilières et instruments du marché monétaire admis à la cote officielle d’une Bourse ou négociés sur un autre marché réglementé |  | 1 086 789 | 94,71 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Autres valeurs mobilières et instruments du marché monétaire 0,37 % |
| Actions - néant |  |  |  |  |  |
| Brésil - néant |  |  |  |  |  |
| OAS (bons de souscription) |  |  | 2 091 534 | - | - |
| Total Actions |  |  |  | - | - |
| Obligations 0,37 % |  |  |  |  |  |
| Obligations d’entreprises 0,30 % |  |  |  |  |  |
| Brésil - néant |  |  |  |  |  |
| OAS | 5,0000 | 31/03/2035 | 5 658 829 | - | - |
| Venezuela 0,30 % |  |  |  |  |  |
| Petroleos de Venezuela | 6,0000 | 16/05/2024 | 84 183 665 | 2 735 | 0,24 |
| Petroleos de Venezuela | 6,0000 | 15/11/2026 | 20 908 603 | 680 | 0,06 |
|  |  |  |  | 3 415 | 0,30 |
| Total Obligations d’entreprises |  |  |  | 3 415 | 0,30 |
| Obligations d’État 0,07 % |  |  |  |  |  |
| Venezuela 0,07 % |  |  |  |  |  |
| République du Venezuela | 9,2500 | 07/05/2028 | 9 500 000 | 808 | 0,07 |
| Total Obligations d’État |  |  |  | 808 | 0,07 |
| Total Obligations |  |  |  | 4 223 | 0,37 |
| Total Autres valeurs mobilières et instruments du marché monétaire |  | 4 223 | 0,37 |
| Fonds d’investissement à capital variable 3,98 % |  |  |  |  |  |
| Aberdeen Standard Liquidity Fund (Lux) - US Dollar Fund Z-1† |  | 21 538 | 21 537 | 1,88 |
| Aberdeen Standard SICAV I - China Onshore Bond Fund Z Acc USD† |  | 1 150 000 | 11 963 | 1,04 |
| Aberdeen Standard SICAV I - Indian Bond Fund Z Acc USD† |  | 898 688 | 12 127 | 1,06 |
|  |  |  |  | 45 627 | 3,98 |
| Total Fonds d’investissement à capital variable |  |  |  | 45 627 | 3,98 |

Dérivés (0,70 %)
Contrats de change à terme (0,70 %)
| Contrepartie | Achat | Vente | Règlement | Montant acheté | Montant vendu | Plus-/(moins-) values latentes en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Barclays Capital | USD | BRL | 25/11/2020 | 19 800 286 | 110 644 000 | 199 | 0,02 |
| Barclays Capital | USD | INR | 25/11/2020 | 7 587 823 | 574 163 000 | (168) | (0,01) |
| BNP Paribas | AUD | USD | 16/12/2020 | 8 541 | 6 185 | - | - |
| BNP Paribas | CHF | USD | 16/12/2020 | 7 875 153 | 8 609 764 | (17) | - |
| BNP Paribas | CHF | USD | 16/12/2020 | 85 443 | 93 413 | - | - |
| BNP Paribas | CHF | USD | 16/12/2020 | 2 190 | 2 403 | - | - |
| BNP Paribas | CHF | USD | 16/12/2020 | 1 065 | 1 167 | - | - |
| BNP Paribas | CHF | USD | 16/12/2020 | 838 | 911 | - | - |
| BNP Paribas | CHF | USD | 16/12/2020 | 795 | 876 | - | - |
| BNP Paribas | CHF | USD | 16/12/2020 | 792 | 877 | - | - |
| BNP Paribas | CHF | USD | 16/12/2020 | 515 | 557 | - | - |
| BNP Paribas | CNH | USD | 16/12/2020 | 46 837 | 6 799 | - | - |
| BNP Paribas | COP | USD | 25/11/2020 | 43 338 668 000 | 11 729 004 | (518) | (0,05) |
| BNP Paribas | CZK | USD | 16/12/2020 | 4 146 843 | 184 395 | (5) | - |
| BNP Paribas | CZK | USD | 16/12/2020 | 1 048 | 46 | - | - |
| BNP Paribas | EUR | USD | 01/10/2020 | 11 858 | 13 828 | - | - |
| BNP Paribas | EUR | USD | 01/10/2020 | 7 550 | 8 804 | - | - |
| BNP Paribas | EUR | USD | 02/10/2020 | 402 274 | 470 609 | 1 | - |
| BNP Paribas | EUR | USD | 02/10/2020 | 43 227 | 50 570 | - | - |
| BNP Paribas | EUR | USD | 02/10/2020 | 7 823 | 9 152 | - | - |
| BNP Paribas | EUR | USD | 05/10/2020 | 291 594 | 341 491 | - | - |
| BNP Paribas | EUR | USD | 05/10/2020 | 20 644 | 24 176 | - | - |
| BNP Paribas | EUR | USD | 05/10/2020 | 20 018 | 23 443 | - | - |
| BNP Paribas | EUR | USD | 16/10/2020 | 92 213 740 | 108 671 218 | (504) | (0,04) |
| BNP Paribas | EUR | USD | 16/10/2020 | 89 215 182 | 105 137 505 | (487) | (0,04) |
| BNP Paribas | EUR | USD | 16/12/2020 | 35 346 029 | 41 711 142 | (190) | (0,02) |
| BNP Paribas | EUR | USD | 16/12/2020 | 26 047 300 | 30 737 898 | (140) | (0,01) |
| BNP Paribas | EUR | USD | 16/12/2020 | 8 205 767 | 9 683 462 | (44) | - |
| BNP Paribas | EUR | USD | 16/12/2020 | 8 005 734 | 9 447 407 | (43) | - |
| BNP Paribas | EUR | USD | 16/12/2020 | 7 000 000 | 8 318 611 | (96) | (0,01) |
| BNP Paribas | EUR | USD | 16/12/2020 | 5 964 730 | 7 038 858 | (32) | - |
| BNP Paribas | EUR | USD | 16/12/2020 | 1 795 163 | 2 105 561 | 3 | - |
| BNP Paribas | EUR | USD | 16/12/2020 | 224 572 | 267 208 | (3) | - |
| BNP Paribas | EUR | USD | 16/12/2020 | 99 662 | 118 240 | (1) | - |
| BNP Paribas | EUR | USD | 16/12/2020 | 99 411 | 118 523 | (2) | - |
| BNP Paribas | EUR | USD | 16/12/2020 | 60 395 | 70 607 | - | - |
| BNP Paribas | EUR | USD | 16/12/2020 | 29 259 | 34 258 | - | - |
| BNP Paribas | EUR | USD | 16/12/2020 | 18 523 | 21 895 | - | - |
| BNP Paribas | EUR | USD | 16/12/2020 | 18 390 | 21 667 | - | - |
| BNP Paribas | EUR | USD | 16/12/2020 | 5 661 | 6 612 | - | - |

| Contrepartie | Achat | Vente | Règlement | Montant acheté | Montant vendu | Plus-/(moins-) values latentes en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| BNP Paribas | EUR | USD | 16/12/2020 | 5 375 | 6 392 | - | - |
| BNP Paribas | EUR | USD | 16/12/2020 | 4 064 | 4 750 | - | - |
| BNP Paribas | EUR | USD | 16/12/2020 | 3 600 | 4 283 | - | - |
| BNP Paribas | EUR | USD | 16/12/2020 | 2 819 | 3 288 | - | - |
| BNP Paribas | EUR | USD | 16/12/2020 | 2 549 | 2 990 | - | - |
| BNP Paribas | EUR | USD | 16/12/2020 | 1 420 | 1 688 | - | - |
| BNP Paribas | EUR | USD | 16/12/2020 | 1 416 | 1 664 | - | - |
| BNP Paribas | EUR | USD | 16/12/2020 | 980 | 1 145 | - | - |
| BNP Paribas | EUR | USD | 16/12/2020 | 590 | 699 | - | - |
| BNP Paribas | EUR | USD | 16/12/2020 | 454 | 536 | - | - |
| BNP Paribas | EUR | USD | 16/12/2020 | 330 | 386 | - | - |
| BNP Paribas | EUR | USD | 16/12/2020 | 208 | 247 | - | - |
| BNP Paribas | EUR | USD | 16/12/2020 | 169 | 200 | - | - |
| BNP Paribas | EUR | USD | 16/12/2020 | 154 | 183 | - | - |
| BNP Paribas | EUR | USD | 16/12/2020 | 139 | 164 | - | - |
| BNP Paribas | EUR | USD | 16/12/2020 | 103 | 122 | - | - |
| BNP Paribas | EUR | USD | 16/12/2020 | 39 | 46 | - | - |
| BNP Paribas | EUR | USD | 16/12/2020 | 25 | 30 | - | - |
| BNP Paribas | EUR | USD | 16/12/2020 | 21 | 25 | - | - |
| BNP Paribas | GBP | USD | 05/10/2020 | 7 092 | 9 101 | - | - |
| BNP Paribas | GBP | USD | 16/12/2020 | 23 305 779 | 30 195 806 | (51) | - |
| BNP Paribas | GBP | USD | 16/12/2020 | 4 613 631 | 5 977 586 | (10) | - |
| BNP Paribas | GBP | USD | 16/12/2020 | 23 754 | 30 571 | - | - |
| BNP Paribas | GBP | USD | 16/12/2020 | 15 711 | 20 349 | - | - |
| BNP Paribas | GBP | USD | 16/12/2020 | 13 153 | 16 712 | - | - |
| BNP Paribas | GBP | USD | 16/12/2020 | 11 855 | 15 335 | - | - |
| BNP Paribas | GBP | USD | 16/12/2020 | 4 739 | 6 155 | - | - |
| BNP Paribas | GBP | USD | 16/12/2020 | 4 115 | 5 312 | - | - |
| BNP Paribas | GBP | USD | 16/12/2020 | 3 187 | 4 117 | - | - |
| BNP Paribas | GBP | USD | 16/12/2020 | 1 854 | 2 385 | - | - |
| BNP Paribas | GBP | USD | 16/12/2020 | 223 | 285 | - | - |
| BNP Paribas | GBP | USD | 16/12/2020 | 61 | 78 | - | - |
| BNP Paribas | GBP | USD | 16/12/2020 | 28 | 36 | - | - |
| BNP Paribas | HUF | USD | 16/12/2020 | 265 957 164 | 874 291 | (17) | - |
| BNP Paribas | SGD | USD | 05/10/2020 | 47 080 | 34 379 | - | - |
| BNP Paribas | SGD | USD | 16/12/2020 | 741 471 | 541 474 | 2 | - |
| BNP Paribas | SGD | USD | 16/12/2020 | 4 200 | 3 067 | - | - |
| BNP Paribas | SGD | USD | 16/12/2020 | 4 155 | 3 056 | - | - |
| BNP Paribas | SGD | USD | 16/12/2020 | 1 761 | 1 293 | - | - |
| BNP Paribas | SGD | USD | 16/12/2020 | 946 | 695 | - | - |
| BNP Paribas | USD | AUD | 16/12/2020 | 89 | 123 | - | - |
| BNP Paribas | USD | AUD | 16/12/2020 | 76 | 108 | - | - |

| Contrepartie | Achat | Vente | Règlement | Montant acheté | Montant vendu | Plus-/(moins-) values latentes en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| BNP Paribas | USD | AUD | 16/12/2020 | 36 | 49 | - | - |
| BNP Paribas | USD | CHF | 01/10/2020 | 556 | 515 | - | - |
| BNP Paribas | USD | CHF | 05/10/2020 | 909 | 838 | - | - |
| BNP Paribas | USD | CHF | 16/12/2020 | 107 604 | 99 605 | (1) | - |
| BNP Paribas | USD | CHF | 16/12/2020 | 81 793 | 74 930 | - | - |
| BNP Paribas | USD | CHF | 16/12/2020 | 79 939 | 74 001 | (1) | - |
| BNP Paribas | USD | CHF | 16/12/2020 | 48 458 | 43 945 | 1 | - |
| BNP Paribas | USD | CHF | 16/12/2020 | 45 482 | 41 602 | - | - |
| BNP Paribas | USD | CHF | 16/12/2020 | 20 115 | 18 232 | - | - |
| BNP Paribas | USD | CHF | 16/12/2020 | 2 618 | 2 379 | - | - |
| BNP Paribas | USD | CHF | 16/12/2020 | 2 274 | 2 089 | - | - |
| BNP Paribas | USD | CHF | 16/12/2020 | 1 163 | 1 077 | - | - |
| BNP Paribas | USD | CHF | 16/12/2020 | 885 | 811 | - | - |
| BNP Paribas | USD | CHF | 16/12/2020 | 633 | 574 | - | - |
| BNP Paribas | USD | CHF | 16/12/2020 | 618 | 565 | - | - |
| BNP Paribas | USD | CHF | 16/12/2020 | 596 | 552 | - | - |
| BNP Paribas | USD | CNH | 16/12/2020 | 86 | 594 | - | - |
| BNP Paribas | USD | CNH | 16/12/2020 | 65 | 446 | - | - |
| BNP Paribas | USD | CNH | 16/12/2020 | 35 | 237 | - | - |
| BNP Paribas | USD | CZK | 16/12/2020 | 2 272 | 52 927 | - | - |
| BNP Paribas | USD | CZK | 16/12/2020 | 1 724 | 39 661 | - | - |
| BNP Paribas | USD | CZK | 16/12/2020 | 1 610 | 37 306 | - | - |
| BNP Paribas | USD | EUR | 01/10/2020 | 6 601 | 5 661 | - | - |
| BNP Paribas | USD | EUR | 01/10/2020 | 1 143 | 980 | - | - |
| BNP Paribas | USD | EUR | 16/10/2020 | 1 352 599 | 1 160 623 | (9) | - |
| BNP Paribas | USD | EUR | 16/10/2020 | 1 312 289 | 1 126 034 | (9) | - |
| BNP Paribas | USD | EUR | 16/10/2020 | 1 029 719 | 877 794 | - | - |
| BNP Paribas | USD | EUR | 16/10/2020 | 998 004 | 850 758 | - | - |
| BNP Paribas | USD | EUR | 16/10/2020 | 896 700 | 763 922 | 1 | - |
| BNP Paribas | USD | EUR | 16/10/2020 | 886 829 | 755 513 | 1 | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 4 801 468 | 4 117 113 | (35) | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 2 279 768 | 1 935 311 | 6 | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 532 974 | 457 052 | (4) | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 517 052 | 443 108 | (3) | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 471 319 | 402 274 | (1) | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 423 335 | 360 184 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 389 027 | 331 214 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 381 282 | 326 754 | (3) | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 344 534 | 292 447 | 1 | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 341 981 | 291 594 | (1) | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 301 627 | 255 426 | 2 | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 289 711 | 246 658 | - | - |

| Contrepartie | Achat | Vente | Règlement | Montant acheté | Montant vendu | Plus-/(moins-) values latentes en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| BNP Paribas | USD | EUR | 16/12/2020 | 220 533 | 188 995 | (1) | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 209 467 | 178 220 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 191 665 | 161 762 | 2 | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 176 305 | 148 365 | 2 | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 167 718 | 142 793 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 120 416 | 102 453 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 119 339 | 102 272 | (1) | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 90 754 | 77 267 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 87 584 | 75 058 | (1) | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 82 869 | 69 863 | 1 | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 68 573 | 57 875 | 1 | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 66 605 | 56 707 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 63 343 | 53 894 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 59 361 | 50 100 | 1 | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 53 534 | 45 125 | 1 | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 50 646 | 43 227 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 46 677 | 39 714 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 43 090 | 36 367 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 40 272 | 33 780 | 1 | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 38 997 | 33 024 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 27 614 | 23 442 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 24 211 | 20 644 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 23 477 | 20 018 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 20 845 | 17 875 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 17 165 | 14 522 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 16 215 | 13 905 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 15 289 | 12 947 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 14 483 | 12 210 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 13 850 | 11 858 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 9 166 | 7 823 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 8 818 | 7 550 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 8 082 | 6 837 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 5 595 | 4 716 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 4 774 | 4 012 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 4 424 | 3 723 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 3 971 | 3 409 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 1 188 | 1 001 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 757 | 636 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 156 | 134 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 109 | 94 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 102 | 87 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 70 | 59 | - | - |

| Contrepartie | Achat | Vente | Règlement | Montant acheté | Montant vendu | Plus-/(moins-) values latentes en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| BNP Paribas | USD | EUR | 16/12/2020 | 51 | 43 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 26 | 22 | - | - |
| BNP Paribas | USD | GBP | 01/10/2020 | 5 310 | 4 115 | - | - |
| BNP Paribas | USD | GBP | 02/10/2020 | 30 559 | 23 754 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 952 925 | 750 000 | (17) | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 371 614 | 291 866 | (6) | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 283 056 | 221 843 | (4) | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 189 548 | 148 210 | (2) | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 160 240 | 124 978 | (1) | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 73 651 | 57 846 | (1) | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 61 977 | 48 170 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 56 149 | 44 006 | (1) | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 36 501 | 28 139 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 36 264 | 28 356 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 30 919 | 24 115 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 23 929 | 18 456 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 14 982 | 11 500 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 9 297 | 7 304 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 9 104 | 7 092 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 8 530 | 6 646 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 7 106 | 5 455 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 4 884 | 3 776 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 2 353 | 1 826 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 1 525 | 1 196 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 33 | 26 | - | - |
| BNP Paribas | USD | HUF | 16/12/2020 | 10 801 | 3 371 683 | - | - |
| BNP Paribas | USD | HUF | 16/12/2020 | 8 215 | 2 540 473 | - | - |
| BNP Paribas | USD | HUF | 16/12/2020 | 6 324 | 1 956 924 | - | - |
| BNP Paribas | USD | SGD | 16/12/2020 | 34 382 | 47 080 | - | - |
| BNP Paribas | USD | SGD | 16/12/2020 | 6 877 | 9 471 | - | - |
| BNP Paribas | USD | SGD | 16/12/2020 | 5 209 | 7 107 | - | - |
| BNP Paribas | USD | SGD | 16/12/2020 | 4 574 | 6 240 | - | - |
| BNP Paribas | USD | SGD | 16/12/2020 | 4 147 | 5 626 | - | - |
| BNP Paribas | USD | SGD | 16/12/2020 | 520 | 707 | - | - |
| Crédit Agricole | USD | EUR | 07/10/2020 | 696 311 | 587 000 | 8 | - |
| Deutsche Bank | EUR | USD | 07/10/2020 | 580 000 | 684 652 | (4) | - |
| Deutsche Bank | USD | MXN | 07/10/2020 | 31 153 742 | 718 114 000 | (1 356) | (0,13) |
| Deutsche Bank | ZAR | USD | 07/10/2020 | 20 650 000 | 1 202 309 | 35 | - |
| Goldman Sachs | EUR | USD | 07/10/2020 | 2 647 000 | 3 136 652 | (32) | - |
| HSBC | USD | BRL | 25/11/2020 | 15 322 910 | 82 615 000 | 687 | 0,05 |
| JPM Chase | USD | CNH | 12/01/2021 | 11 346 270 | 77 660 000 | (16) | - |
| JPM Chase | USD | EUR | 07/10/2020 | 135 444 938 | 120 072 000 | (5 373) | (0,48) |

| Contrepartie | Achat | Vente | Règlement | Montant acheté | Montant vendu | Plus-/(moins-) values latentes en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Merrill Lynch | EUR | USD | 07/10/2020 | 5 000 000 | 5 821 440 | 42 | - |
| Morgan Stanley | MXN | USD | 07/10/2020 | 256 621 000 | 11 387 158 | 230 | 0,02 |
| Morgan Stanley | ZAR | USD | 07/10/2020 | 19 266 000 | 1 137 826 | 16 | - |
| Société Générale | EUR | USD | 07/10/2020 | 1 352 000 | 1 590 173 | (5) | - |
| State Street | EUR | USD | 07/10/2020 | 2 000 000 | 2 341 002 | 5 | - |
| State Street | MXN | USD | 07/10/2020 | 271 481 000 | 11 973 557 | 317 | 0,03 |
| State Street | USD | EUR | 07/10/2020 | 1 235 819 | 1 047 000 | 8 | - |
| UBS | USD | COP | 25/11/2020 | 11 410 618 | 43 338 668 000 | 199 | 0,02 |
| UBS | USD | EUR | 07/10/2020 | 5 192 437 | 4 610 000 | (214) | (0,02) |
| UBS | USD | ZAR | 07/10/2020 | 11 742 720 | 202 266 000 | (376) | (0,03) |
| Moins-values latentes sur contrats de change à terme |  |  | (8 033) | (0,70) |
| Moins-values latentes sur dérivés |  |  |  |  | (8 033) | (0,70) |
| Total des placements |  |  |  |  |  | 1 128 606 | 98,36 |
| Autres actifs nets |  |  |  |  |  | 18 831 | 1,64 |
| Total de l’actif net |  |  |  |  |  | 1 147 437 | 100,00 |

† Géré par des filiales de Standard Life Aberdeen plc.
∞ Une partie de ce titre est en prêt à la fin de l’exercice.
Actuellement, les positions à terme ne sont pas garanties.