# G FUND – Avenir Europe
## Board of Directors’ Report
The past year has once again been good for small and mid caps. After a year dominated by COVID-19, 2021 was a year of transition from a series of intermittent health crises to the normalisation of activity in the 4th quarter. The combination of a surprisingly strong cyclical recovery and severely restricted production capacity in 2020 resulted in an inflationary supply/demand imbalance.
For your fund this meant strong outperformance in 2021 (the first 10 months of its fiscal year), made possible by the market share that the portfolio companies were able to gain during the recovery. There were however brief periods of underperformance in March, May and September, when the market temporarily favoured cyclical companies. The last two months of the year (January and February 2022) saw the resurgence of inflationary fears and significant profit-taking on growth stocks that adversely affected your fund. The fund almost broke even for the year, but lagged the performance of its benchmark index.
In terms of individual holdings, the fund's largest positions did very well. For example, ASM International (semiconductor equipment, +30.0%) benefited from a buoyant environment thanks to the widespread shortage of semiconductors. Against this background, the market's largest customers (Intel and TSMC) announced major multi-year investment plans. Still riding the miniaturisation trend, ASM International unveiled ambitious annual growth targets of 16% to 21% through 2025.
Also noteworthy were the strong performances of Reply (IT, +52.4%), Nemetschek (construction software, +53.1%), Straumann (dental implants,
+42.3%), Alten (outsourced R&D, +50.2%), Kardex (industrial storage solutions, +35.3%) and Ashtead (construction equipment rental, +31.4%). The fund also benefited from the takeover bid on UDG Healthcare (healthcare consultancy, +36.8%).
The fund's worst performer was Ambu (single-use endoscopes, -56.9%), which experienced multiple difficulties during the year.which experienced multiple difficulties during the year: First of all, the development of the duodenoscope, a highly technical device that is expected to drive the company's growth over the next few years, was delayed and the initial trials were rather disappointing. In addition, sales of the company's other products were disrupted by the pandemic and supply problems. This resulted in much lower profit margins and a weaker balance sheet than expected.
Two other major detractors were Stillfront (mobile games, -63.6%) and Sinch (-59.2%). Both of these companies benefited from the Covid crisis lockdowns in 2020 and apparently were unable to overcome the headwinds of 2021 and failed to live up to investor expectations. In addition to these two companies, the Nordic equity markets weighed on your fund's performance: Lime Technologies (subscription-based CRM, -38.6%), QT Group (user interface software, -30.8%) and Fortnox (subscription-based accounting software, -22.6%).
We are confident that the portfolio companies, which are generally leaders in their markets, will be able to turn the challenge of inflation into an opportunity in fiscal 2022. Some were able to increase their prices significantly toward the end of 2021, which in addition to protecting their margins should accelerate their growth in 2022.
As at 28 February 2022, the G FUND - Avenir Europe fund had €575.36 million in assets under management.
|  | Performance | Benchmark index (see note 4) |
| --- | --- | --- |
| G FUND - AVENIR EUROPE GD EUR | LU0675297153 | 1.47% | 6.37% |
| G FUND - AVENIR EUROPE IC USD | LU1515102991 | - 6.65% | - 1.57% |
| G FUND - AVENIR EUROPE IC EUR | LU0675296932 | - 0.02% | 6.37% |
| G FUND - AVENIR EUROPE IC USD HEDGED | LU1515103296 | 0.82% | 6.37% |
| G FUND - AVENIR EUROPE NC EUR | LU0675297237 | - 0.41% | 6.37% |
| G FUND - AVENIR EUROPE NC USD HEDGED | LU1515102728 | 0.27% | 6.37% |
| G FUND - AVENIR EUROPE PC EUR | LU1622557038 | 1.01% | 6.37% |
| G FUND - AVENIR EUROPE RC EUR | LU1622556907 | 0.03% | 6.37% |
| G FUND - AVENIR EUROPE VC EUR | LU1749433030 | 1.02% | 6.37% |
| G FUND - AVENIR EUROPE AC EUR | LU1866781336 | 0.20% | 6.37% |

Past performance is not a reliable indicator of future performance.
| Combined statement of net assets at 28/02/22 |  |  |
| --- | --- | --- |
|  | Note | In EUR |
| Assets |  | 580,021,509.22 |
| Securities portfolio at market value | 2.2 | 562,216,927.78 |
| Cost |  | 428,780,649.19 |
| Cash at bank |  | 17,558,850.67 |
| Accrued subscriptions |  | 179,166.27 |
| Net unrealised gain on forward exchange contracts | 2.7 | 66,564.50 |
| Liabilities |  | 4,656,907.23 |
| Bank overdraft |  | 110,000.00 |
| Accrued redemptions |  | 2,800,876.34 |
| Management fees payable | 3 | 532,974.29 |
| Depositary and sub-depositary fees payable | 5 | 35,620.57 |
| Administration fees payable | 6 | 19,468.28 |
| Performance fees payable | 4 | 1,072,270.33 |
| Subscription tax (taxe d’abonnement) payable | 8 | 25,987.02 |
| Other liabilities |  | 59,710.40 |
| Net asset value |  | 575,364,601.99 |

| Statement of operations and net changes in assets from 01/03/21 to 28/02/22 |
| --- |
|  | Note | In EUR |
| Income |  | 3,779,135.05 |
| Net dividends on the securities portfolio |  | 3,778,896.53 |
| Bank interest |  | 238.52 |
| Expenses |  | 10,706,862.06 |
| Management fees | 3 | 8,067,866.78 |
| Performance fees | 4 | 1,109,652.34 |
| Depositary and sub-depositary fees | 5 | 226,879.41 |
| Administration fees | 6 | 143,682.86 |
| Legal expenses |  | 71,955.07 |
| Transaction expenses | 2.17, 7 | 761,053.83 |
| Director remuneration |  | 5,510.04 |
| Subscription tax (taxe d’abonnement) | 8 | 177,316.15 |
| Interest paid on bank overdrafts |  | 21,893.70 |
| Other expenses |  | 121,051.88 |
| Net income / (loss) on investments |  | (6,927,727.01) |
| Net profit / (loss) on: |  |  |
| - sales of investments | 2.3 | 66,099,920.30 |
| - forward exchange contracts | 2.7 | 339,643.83 |
| - currency |  | 740,233.96 |
| Net profit / (loss) |  | 60,252,071.08 |
| Change in the net unrealised gain / (loss) on: - sales of investments | 2.2 | (70,400,808.67) |
| - forward exchange contracts | 2.7 | 73,708.68 |
| Net increase / (decrease) in net assets from operations |  | (10,075,028.91) |
| Dividends paid |  | (256,680.61) |
| Accumulation share subscriptions |  | 283,336,517.18 |
| Distribution share subscriptions |  | 40,492,442.89 |
| Accumulation share redemptions |  | (318,355,649.63) |
| Distribution share redemptions |  | (31,421,714.09) |
| Increase / (decrease) in net assets |  | (36,280,113.17) |
| Net assets at start of year |  | 611,644,715.16 |
| Net assets at end of year |  | 575,364,601.99 |

| Net assets by share class |  |  |  |  |
| --- | --- | --- | --- | --- |
|  |  | 28/02/22 | 28/02/21 | 29/02/20 |
| Total net assets | EUR | 575,364,601.99 | 611,644,715.16 | 674,909,072.78 |
| NC EUR shares - Accumulation |  |  |  |  |
| Number of shares |  | 925,121.863 | 852,447.663 | 999,668.771 |
| Net asset value per share | EUR | 266.67 | 267.76 | 197.12 |
| NC USD Hedged shares - Accumulation |  |  |  |  |
| Number of shares |  | 696,000 | 696,000 | 696,000 |
| Net asset value per share | USD | 137.91 | 137.54 | 100.61 |
| IC EUR shares - Accumulation Number of shares |  | 27,191.314 | 40,277.744 | 124,396.342 |
| Net asset value per share | EUR | 2,789.86 | 2,790.38 | 2,034.61 |
| IC USD shares - Accumulation Number of shares |  | 0.488 | 0.488 | 0.488 |
| Net asset value per share | USD | 1,315.27 | 1,408.89 | 930.94 |
| IC USD Hedged shares - Accumulation |  |  |  |  |
| Number of shares |  | 3,080,000 | 3,689,000 | 4,814,000 |
| Net asset value per share | USD | 1,575.35 | 1,562.49 | 1,134.17 |
| RC EUR shares - Accumulation Number of shares |  | 19,197.595 | 26,987.461 | 16,836.588 |
| Net asset value per share | EUR | 140.51 | 140.47 | 103.35 |
| OD EUR shares - Distribution Number of shares |  | 37,600.142 | 0,000 | 0,000 |
| Net asset value per share | EUR | 771.04 | - | - |
| GD EUR shares - Distribution Number of shares |  | 5,701.933 | 14,871.933 | 15,473.933 |
| Net asset value per share | EUR | 2,740.79 | 2,719.79 | 1,996.47 |
| Dividend per share |  | 21.55 | 21.53 | 24.01 |
| PC EUR shares - Accumulation Number of shares |  | 67,734,000 | 62,574,000 | 48,339,000 |
| Net asset value per share | EUR | 1,576.88 | 1,561.10 | 1,099.75 |
| VC EUR shares - Accumulation Number of shares |  | 30,078.160 | 30,078.160 | 68,102.387 |
| Net asset value per share | EUR | 1,479.23 | 1,464.25 | 1,065.17 |
| AC EUR shares - Accumulation Number of shares |  | 35,917.567 | 57,994.701 | 62,507.701 |
| Net asset value per share | EUR | 1,385.86 | 1,383.03 | 982.13 |

Change in the number of shares outstanding from 01/03/21 to 28/02/22
|  | Number of shares outstanding at | Number of shares | Number of shares | Number of shares outstanding at |
| --- | --- | --- | --- | --- |
|  | 01/03/21 | issued | redeemed | 28/02/22 |
| NC EUR shares - Accumulation | 852,447.663 | 251,692.024 | 179,017.824 | 925,121.863 |
| NC USD Hedged shares - Accumulation | 696,000 | 0,000 | 0,000 | 696,000 |
| IC EUR shares - Accumulation | 40,277.744 | 24,880.038 | 37,966.468 | 27,191.314 |
| IC USD shares - Accumulation | 0.488 | 0,000 | 0,000 | 0.488 |
| IC USD Hedged shares - Accumulation | 3,689,000 | 802,000 | 1,411,000 | 3,080,000 |
| RC EUR shares - Accumulation | 26,987.461 | 11,370.786 | 19,160.652 | 19,197.595 |
| OD EUR shares - Distribution | 0,000 | 40,303.599 | 2,703.457 | 37,600.142 |
| GD EUR shares - Distribution | 14,871.933 | 369,000 | 9,539,000 | 5,701.933 |
| PC EUR shares - Accumulation | 62,574,000 | 58,515,000 | 53,355,000 | 67,734,000 |
| VC EUR shares - Accumulation | 30,078.160 | 0,000 | 0,000 | 30,078.160 |
| AC EUR shares - Accumulation | 57,994.701 | 0,000 | 22,077.134 | 35,917.567 |

| Securities portfolio at 28/02/2022 |  |  |  |  |
| --- | --- | --- | --- | --- |
|  |  | Number |  |  |
| Name | Curr. |  | Market value (in EUR) | % of net assets |
| Securities admitted for trading on a stock exchange or traded on another regulated market |  |  | 544,640,931.68 | 94.66 |
| Equities |  |  | 544,640,931.68 | 94.66 |
| Sweden |  |  | 115,079,620.87 | 20.00 |
| BIOTAGE | SEK | 579,074 | 9,351,709.16 | 1.63 |
| CELLAVISION | SEK | 308,427 | 9,310,125.46 | 1.62 |
| FORTNOX AB | SEK | 4,735,078 | 16,973,206.68 | 2.95 |
| HEXAGON --- REGISTERED SHS -B- | SEK | 982,443 | 11,931,849.47 | 2.07 |
| HMS NETWORKS - REGISTERED | SEK | 261,438 | 9,975,631.64 | 1.73 |
| INDUTRADE AB | SEK | 805,529 | 16,071,067.21 | 2.79 |
| LIME TECHNOLOG | SEK | 204,804 | 5,471,228.45 | 0.95 |
| USD | SEK | 200,828 | 14,103,994.53 | 2.45 |
| SINCH | SEK | 811,073 | 6,209,478.79 | 1.08 |
| STILLFRONT GRP - REGISTERED SHS | SEK | 751,977 | 2,207,482.71 | 0.38 |
| VITROLIFE -REGISTERED SHS | SEK | 450,872 | 13,473,846.77 | 2.34 |
| United Kingdom |  |  | 95,818,354.44 | 16.65 |
| ADVANCED MEDICAL SOLUTIONS | GBP | 2,937,768 | 10,142,336.06 | 1.76 |
| ASHTEAD GROUP | GBP | 292,688 | 17,048,700.13 | 2.96 |
| AVEVA GROUP | GBP | 322,946 | 9,606,206.43 | 1.67 |
| FUTURE PLC REG | GBP | 282,806 | 8,973,034.72 | 1.56 |
| GB GROUP - REGISTERED SHS | GBP | 1,355,539 | 9,165,393.31 | 1.59 |
| HALMA PLC | GBP | 437,653 | 12,605,201.09 | 2.19 |
| KEYWORDS | GBP | 420,137 | 12,115,765.36 | 2.11 |
| LEARNING TECHNOLOGIES GROUP PLC | GBP | 3,511,378 | 7,399,439.48 | 1.29 |
| WATCH SWITZ GRP - REGISTERED SHS | GBP | 605,190 | 8,762,277.86 | 1.52 |
| France |  |  | 74,519,144.80 | 12.95 |
| ALTEN SA | EUR | 110,515 | 15,052,143.00 | 2.62 |
| SARTORIUS STEDIM BIOTECH | EUR | 39,952 | 13,719,516.80 | 2.38 |
| SOITEC SA RGPT | EUR | 132,061 | 19,492,203.60 | 3.39 |
| TELEPERFORMANCE | EUR | 79,106 | 26,255,281.40 | 4.56 |
| Switzerland |  |  | 71,231,958.00 | 12.38 |
| INTERROLL-HOLDING NOM. | CHF | 6,511 | 21,546,421.47 | 3.74 |
| KARDEX HOLDING AG | CHF | 44,795 | 10,433,111.75 | 1.81 |
| MEDARTIS HOLDING | CHF | 25,833 | 3,444,567.13 | 0.60 |
| STRAUMANN HOLDING REG | CHF | 19,496 | 27,613,578.53 | 4.80 |
| TEMENOS AG NAM.AKT | CHF | 91,166 | 8,194,279.12 | 1.42 |
| Germany |  |  | 60,012,485.10 | 10.43 |
| CARL ZEISS MEDITEC A | EUR | 169,702 | 23,902,526.70 | 4.15 |
| HELLOFRESH SE | EUR | 137,466 | 6,719,338.08 | 1.17 |
| NEMETSCHEK | EUR | 158,483 | 12,589,889.52 | 2.19 |
| SIXT AKTIENGESELLSCHAFT | EUR | 125,566 | 16,800,730.80 | 2.92 |
| Netherlands |  |  | 47,535,231.46 | 8.26 |
| ASM INTERNATIONAL NV | EUR | 118,964 | 34,285,424.80 | 5.96 |
| BESI | EUR | 174,019 | 13,249,806.66 | 2.30 |
| Italy |  |  | 39,264,726.01 | 6.82 |
| BREMBO SPA | EUR | 187,303 | 1,985,411.80 | 0.35 |
| FINECOBANK | EUR | 808,770 | 12,070,892.25 | 2.10 |
| REPLY SPA | EUR | 133,535 | 19,456,049.50 | 3.38 |
| TECHNOGYM SPA (ITA) | EUR | 814,207 | 5,752,372.46 | 1.00 |
| Luxembourg |  |  | 13,358,083.50 | 2.32 |
| EUROFINS SCIENTIFIC SE | EUR | 112,890 | 10,221,060.60 | 1.78 |
| STABILUS SA | EUR | 59,301 | 3,137,022.90 | 0.55 |
| Denmark |  |  | 11,796,473.30 | 2.05 |
| AMBU AS - BEARER -B- | DKK | 714,556 | 11,796,473.30 | 2.05 |
| Belgium |  |  | 9,949,579.40 | 1.73 |
| MELEXIS NV | EUR | 121,633 | 9,949,579.40 | 1.73 |

| Securities portfolio at 28/02/2022 |  |  |  |  |
| --- | --- | --- | --- | --- |
| Name | Curr. | Number of shares | Market value (in EUR) | % of net assets |
| Finland |  |  | 6,075,274.80 | 1.06 |
| MXN | EUR | 54,831 | 6,075,274.80 | 1.06 |
| Collective investment undertakings |  |  | 17,575,996.10 | 3.05 |
| Shares/units in investment funds |  |  | 17,575,996.10 | 3.05 |
| France |  |  | 16,279,918.18 | 2.83 |
| GROUPAMA MONETAIRE IC | EUR | 77 | 16,279,918.18 | 2.83 |
| Luxembourg |  |  | 1,296,077.92 | 0.23 |
| G FUND – AVENIR SMALL CAP IC EUR | EUR | 1,013 | 1,296,077.92 | 0.23 |
| Total securities portfolio |  |  | 562,216,927.78 | 97.71 |

Translation (ENFR, 2022-02-28):
# G FUND – Avenir Europe
## Rapport du Conseil d'Administration
L’année écoulée a – une fois de plus – été favorable aux petites et moyennes valeurs. Après une année 2020 marquée par le covid, 2021 a été une année de transition entre un régime de crises covid intermittentes et une normalisation de l’activité intervenue au 4e trimestre. La reprise cyclique a surpris par sa vigueur, et dans un contexte de capacités de production ajustées au minimum en 2020, cela a donné lieu à un déséquilibre offre/demande favorable à l’émergence de l’inflation.
Pour votre fonds cela s’est traduit par une forte surperformance en 2021 (les 10 premiers mois de l’exercice fiscal de votre fonds), qui s’explique par le fait que les sociétés en portefeuille ont su gagner des parts de marché durant la reprise. Cette surperformance a été entrecoupée de brèves phases de sous-performances en mars, mai et septembre, durant lesquelles le marché a favorisé temporairement les sociétés cycliques. Les deux derniers mois de l’exercice (janvier et février 2022), ont vu les craintes inflationnistes prendre le dessus, et des prises de bénéfice importantes ont eu lieu sur les valeurs de croissance, ce qui a affecté votre fonds. La performance de l’exercice fiscal est proche de l’équilibre et en retrait par rapport à l’indice.
Du côté des valeurs, on peut noter que les premiers poids du fonds ont réalisé de beaux parcours. ASM International (équipements semi- conducteurs, +30,0%) a bénéficié d’un contexte porteur avec la pénurie généralisée de semi-conducteurs. Dans ce contexte les grands donneurs d’ordre (Intel, TSMC) ont annoncé des plans d’investissements pluriannuels importants. Enfin, toujours portée par la tendance à la miniaturisation, la société a dévoilé des objectifs ambitieux de croissance (+16% à +21% /an d’ici 2025).
On notera également les belles performances de Reply (société informatique, +52,4%), Nemetschek (logiciels pour la construction, +53,1%), Straumann (implants dentaires, +42,3%), Alten (R&D externalisée, +50,2%), Kardex (solutions de stockage industriel, +35,3%) et Ashtead (Location d’équipements pour chantiers, +31,4%). Le fonds a en outre bénéficié de l’offre publique d’achat sur UDG Helthcare (cabinet de conseil pour la santé, +36,8%).
La lanterne rouge du fonds est Ambu (endoscopes à usage unique, -56,9%). La société a connu sur l’année des difficultés multiples : le duodenoscope, produit très technique censé être l’accélérateur de croissance des prochaines années, a connu des retards de mise au point et des premiers essais plus mitigés qu’attendus. Par ailleurs, les volumes de la gamme existante ont été perturbés par la pandémie et par des problèmes d’approvisionnement. Cela a conduit à des marges en forte baisse, et une situation bilancielle moins confortable qu’attendu.
Les détracteurs suivants sont Stillfront (Jeux mobiles, -63,6%) et Sinch (-59,2%). Ces deux sociétés avaient bénéficié des confinements liés à la crise Covid en 2020, et semblent ne pas avoir réussi à combattre les vents contraires en 2021, ce qui a déçu le marché. Outre ces deux sociétés, les marchés des pays nordiques ont pénalisé votre fonds avec : Lime Technologies (CRM par abonnement, -38,6%), QT Group (logiciels pour interfaces utilisateurs, -30,8%) et Fortnox (logiciel de comptabilité par abonnement, -22,6%).
Nous sommes confiants pour l’exercice fiscal 2022 dans la capacité des sociétés en portefeuille, généralement leaders de leur marché, à transformer le défi de l’inflation en une opportunité. Certaines ont conduites des hausses de prix importantes fin 2021, celles-ci viendront – en plus de protéger les marges – accélérer la croissance 2022.
L’encours du fonds G Fund - Avenir Europe est au 28 février 2022 de 575,36 mns€.
|  | Performances | Indice de référence (voir note 4) |
| --- | --- | --- |
| G FUND - AVENIR EUROPE GD EUR | LU0675297153 | 1,47% | 6,37% |
| G FUND - AVENIR EUROPE IC USD | LU1515102991 | - 6,65% | - 1,57% |
| G FUND - AVENIR EUROPE IC EUR | LU0675296932 | - 0,02% | 6,37% |
| G FUND - AVENIR EUROPE IC USD HEDGED | LU1515103296 | 0,82% | 6,37% |
| G FUND - AVENIR EUROPE NC EUR | LU0675297237 | - 0,41% | 6,37% |
| G FUND - AVENIR EUROPE NC USD HEDGED | LU1515102728 | 0,27% | 6,37% |
| G FUND - AVENIR EUROPE PC EUR | LU1622557038 | 1,01% | 6,37% |
| G FUND - AVENIR EUROPE RC EUR | LU1622556907 | 0,03% | 6,37% |
| G FUND - AVENIR EUROPE VC EUR | LU1749433030 | 1,02% | 6,37% |
| G FUND - AVENIR EUROPE AC EUR | LU1866781336 | 0,20% | 6,37% |

Les performances passées ne préjugent pas des performances futures.
| Etat des actifs nets au 28/02/22 |  |
| --- | --- |
|  | Note | Exprimé en EUR |
| Actifs |  | 580.021.509,22 |
| Portefeuille-titres à la valeur d'évaluation | 2.2 | 562.216.927,78 |
| Prix de revient |  | 428.780.649,19 |
| Avoirs en banque |  | 17.558.850,67 |
| A recevoir sur souscriptions |  | 179.166,27 |
| Plus-value nette non réalisée sur contrats de change à terme | 2.7 | 66.564,50 |
| Passifs |  | 4.656.907,23 |
| Découvert bancaire |  | 110.000,00 |
| A payer sur rachats |  | 2.800.876,34 |
| Commissions de gestion à payer | 3 | 532.974,29 |
| Commissions de dépositaire et de sous-dépositaire à payer | 5 | 35.620,57 |
| Commissions d'administration à payer | 6 | 19.468,28 |
| Commissions de performance à payer | 4 | 1.072.270,33 |
| Taxe d'abonnement à payer | 8 | 25.987,02 |
| Autres passifs |  | 59.710,40 |
| Valeur nette d'inventaire |  | 575.364.601,99 |

| Etat des opérations et des variations des actifs nets du 01/03/21 au 28/02/22 |  |
| --- | --- |
|  | Note | Exprimé en EUR |
| Revenus |  | 3.779.135,05 |
| Dividendes sur portefeuille-titres, nets |  | 3.778.896,53 |
| Intérêts bancaires |  | 238,52 |
| Dépenses |  | 10.706.862,06 |
| Commissions de gestion | 3 | 8.067.866,78 |
| Commissions de performance | 4 | 1.109.652,34 |
| Commissions de dépositaire et de sous-dépositaire | 5 | 226.879,41 |
| Commissions d'administration | 6 | 143.682,86 |
| Frais légaux |  | 71.955,07 |
| Frais de transaction | 2.17, 7 | 761.053,83 |
| Rémunération administrateurs |  | 5.510,04 |
| Taxe d'abonnement | 8 | 177.316,15 |
| Intérêts payés sur découvert bancaire |  | 21.893,70 |
| Autres dépenses |  | 121.051,88 |
| Revenus / (Pertes) net(te)s des investissements |  | (6.927.727,01) |
| Bénéfices / (Pertes) net(te)s réalisé(e)s sur: |  |  |
| - ventes d'investissements | 2.3 | 66.099.920,30 |
| - contrats de change à terme | 2.7 | 339.643,83 |
| - change |  | 740.233,96 |
| Bénéfice / (Perte) net(te) réalisé(e) |  | 60.252.071,08 |
| Variation de la plus-value / (moins-value) nette non réalisée sur: - ventes d’investissements | 2.2 | (70.400.808,67) |
| - contrats de change à terme | 2.7 | 73.708,68 |
| Augmentation / (diminution) nette des actifs nets provenant des opérations |  | (10.075.028,91) |
| Dividendes versés |  | (256.680,61) |
| Souscriptions d'actions de capitalisation |  | 283.336.517,18 |
| Souscriptions d'actions de distribution |  | 40.492.442,89 |
| Rachats d'actions de capitalisation |  | (318.355.649,63) |
| Rachats d'actions de distribution |  | (31.421.714,09) |
| Augmentation / (diminution) des actifs nets |  | (36.280.113,17) |
| Actifs nets début de l'exercice |  | 611.644.715,16 |
| Actifs nets à la fin de l'exercice |  | 575.364.601,99 |

| Statistiques |  |
| --- | --- |
|  |  | 28/02/22 | 28/02/21 | 29/02/20 |
| Total des actifs nets | EUR | 575.364.601,99 | 611.644.715,16 | 674.909.072,78 |
| Classe NC EUR - Capitalisation |  |  |  |  |
| Nombre d'actions |  | 925.121,863 | 852.447,663 | 999.668,771 |
| Valeur nette d'inventaire par action | EUR | 266,67 | 267,76 | 197,12 |
| Classe NC USD Hedged - Capitalisation |  |  |  |  |
| Nombre d'actions |  | 696,000 | 696,000 | 696,000 |
| Valeur nette d'inventaire par action | USD | 137,91 | 137,54 | 100,61 |
| Classe IC EUR - Capitalisation Nombre d'actions |  | 27.191,314 | 40.277,744 | 124.396,342 |
| Valeur nette d'inventaire par action | EUR | 2.789,86 | 2.790,38 | 2.034,61 |
| Classe IC USD - Capitalisation Nombre d'actions |  | 0,488 | 0,488 | 0,488 |
| Valeur nette d'inventaire par action | USD | 1.315,27 | 1.408,89 | 930,94 |
| Classe IC USD Hedged - Capitalisation |  |  |  |  |
| Nombre d'actions |  | 3.080,000 | 3.689,000 | 4.814,000 |
| Valeur nette d'inventaire par action | USD | 1.575,35 | 1.562,49 | 1.134,17 |
| Classe RC EUR - Capitalisation Nombre d'actions |  | 19.197,595 | 26.987,461 | 16.836,588 |
| Valeur nette d'inventaire par action | EUR | 140,51 | 140,47 | 103,35 |
| Classe OD EUR - Distribution Nombre d'actions |  | 37.600,142 | 0,000 | 0,000 |
| Valeur nette d'inventaire par action | EUR | 771,04 | - | - |
| Classe GD EUR - Distribution Nombre d'actions |  | 5.701,933 | 14.871,933 | 15.473,933 |
| Valeur nette d'inventaire par action | EUR | 2.740,79 | 2.719,79 | 1.996,47 |
| Dividende par action |  | 21,55 | 21,53 | 24,01 |
| Classe PC EUR - Capitalisation Nombre d'actions |  | 67.734,000 | 62.574,000 | 48.339,000 |
| Valeur nette d'inventaire par action | EUR | 1.576,88 | 1.561,10 | 1.099,75 |
| Classe VC EUR - Capitalisation Nombre d'actions |  | 30.078,160 | 30.078,160 | 68.102,387 |
| Valeur nette d'inventaire par action | EUR | 1.479,23 | 1.464,25 | 1.065,17 |
| Classe AC EUR - Capitalisation Nombre d'actions |  | 35.917,567 | 57.994,701 | 62.507,701 |
| Valeur nette d'inventaire par action | EUR | 1.385,86 | 1.383,03 | 982,13 |

Changement dans le nombre d'actions en circulation du 01/03/21 au 28/02/22
|  | Nombre d'actions en circulation au | Nombre d'actions | Nombre d'actions | Nombre d'actions en circulation au |
| --- | --- | --- | --- | --- |
| 01/03/21 | émises | rachetées | 28/02/22 |
| Classe NC EUR - Capitalisation | 852.447,663 | 251.692,024 | 179.017,824 | 925.121,863 |
| Classe NC USD Hedged - Capitalisation | 696,000 | 0,000 | 0,000 | 696,000 |
| Classe IC EUR - Capitalisation | 40.277,744 | 24.880,038 | 37.966,468 | 27.191,314 |
| Classe IC USD - Capitalisation | 0,488 | 0,000 | 0,000 | 0,488 |
| Classe IC USD Hedged - Capitalisation | 3.689,000 | 802,000 | 1.411,000 | 3.080,000 |
| Classe RC EUR - Capitalisation | 26.987,461 | 11.370,786 | 19.160,652 | 19.197,595 |
| Classe OD EUR - Distribution | 0,000 | 40.303,599 | 2.703,457 | 37.600,142 |
| Classe GD EUR - Distribution | 14.871,933 | 369,000 | 9.539,000 | 5.701,933 |
| Classe PC EUR - Capitalisation | 62.574,000 | 58.515,000 | 53.355,000 | 67.734,000 |
| Classe VC EUR - Capitalisation | 30.078,160 | 0,000 | 0,000 | 30.078,160 |
| Classe AC EUR - Capitalisation | 57.994,701 | 0,000 | 22.077,134 | 35.917,567 |

| Portefeuille-titres au 28/02/22 |  |
| --- | --- |
| Description | Devise | Quantité | Valeur d'évaluation (en EUR) | % actifs nets |
| Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou traitées sur un autre marché réglementé |  |  | 544.640.931,68 | 94,66 |
| Actions |  |  | 544.640.931,68 | 94,66 |
| Suède |  |  | 115.079.620,87 | 20,00 |
| BIOTAGE | SEK | 579.074 | 9.351.709,16 | 1,63 |
| CELLAVISION | SEK | 308.427 | 9.310.125,46 | 1,62 |
| FORTNOX AB | SEK | 4.735.078 | 16.973.206,68 | 2,95 |
| HEXAGON --- REGISTERED SHS -B- | SEK | 982.443 | 11.931.849,47 | 2,07 |
| HMS NETWORKS - REGISTERED | SEK | 261.438 | 9.975.631,64 | 1,73 |
| INDUTRADE AB | SEK | 805.529 | 16.071.067,21 | 2,79 |
| LIME TECHNOLOG | SEK | 204.804 | 5.471.228,45 | 0,95 |
| MIPS AB | SEK | 200.828 | 14.103.994,53 | 2,45 |
| SINCH | SEK | 811.073 | 6.209.478,79 | 1,08 |
| STILLFRONT GRP - REGISTERED SHS | SEK | 751.977 | 2.207.482,71 | 0,38 |
| VITROLIFE -REGISTERED SHS | SEK | 450.872 | 13.473.846,77 | 2,34 |
| Royaume-Uni |  |  | 95.818.354,44 | 16,65 |
| ADVANCED MEDICAL SOLUTIONS | GBP | 2.937.768 | 10.142.336,06 | 1,76 |
| ASHTEAD GROUP | GBP | 292.688 | 17.048.700,13 | 2,96 |
| AVEVA GROUP | GBP | 322.946 | 9.606.206,43 | 1,67 |
| FUTURE PLC REG | GBP | 282.806 | 8.973.034,72 | 1,56 |
| GB GROUP - REGISTERED SHS | GBP | 1.355.539 | 9.165.393,31 | 1,59 |
| HALMA PLC | GBP | 437.653 | 12.605.201,09 | 2,19 |
| KEYWORDS | GBP | 420.137 | 12.115.765,36 | 2,11 |
| LEARNING TECHNOLOGIES GROUP PLC | GBP | 3.511.378 | 7.399.439,48 | 1,29 |
| WATCH SWITZ GRP - REGISTERED SHS | GBP | 605.190 | 8.762.277,86 | 1,52 |
| France |  |  | 74.519.144,80 | 12,95 |
| ALTEN SA | EUR | 110.515 | 15.052.143,00 | 2,62 |
| SARTORIUS STEDIM BIOTECH | EUR | 39.952 | 13.719.516,80 | 2,38 |
| SOITEC SA RGPT | EUR | 132.061 | 19.492.203,60 | 3,39 |
| TELEPERFORMANCE | EUR | 79.106 | 26.255.281,40 | 4,56 |
| Suisse |  |  | 71.231.958,00 | 12,38 |
| INTERROLL-HOLDING NOM. | CHF | 6.511 | 21.546.421,47 | 3,74 |
| KARDEX HOLDING AG | CHF | 44.795 | 10.433.111,75 | 1,81 |
| MEDARTIS HOLDING | CHF | 25.833 | 3.444.567,13 | 0,60 |
| STRAUMANN HOLDING REG | CHF | 19.496 | 27.613.578,53 | 4,80 |
| TEMENOS AG NAM.AKT | CHF | 91.166 | 8.194.279,12 | 1,42 |
| Allemagne |  |  | 60.012.485,10 | 10,43 |
| CARL ZEISS MEDITEC A | EUR | 169.702 | 23.902.526,70 | 4,15 |
| HELLOFRESH SE | EUR | 137.466 | 6.719.338,08 | 1,17 |
| NEMETSCHEK | EUR | 158.483 | 12.589.889,52 | 2,19 |
| SIXT AKTIENGESELLSCHAFT | EUR | 125.566 | 16.800.730,80 | 2,92 |
| Pays-Bas |  |  | 47.535.231,46 | 8,26 |
| ASM INTERNATIONAL NV | EUR | 118.964 | 34.285.424,80 | 5,96 |
| BESI | EUR | 174.019 | 13.249.806,66 | 2,30 |
| Italie |  |  | 39.264.726,01 | 6,82 |
| BREMBO SPA | EUR | 187.303 | 1.985.411,80 | 0,35 |
| FINECOBANK | EUR | 808.770 | 12.070.892,25 | 2,10 |
| REPLY SPA | EUR | 133.535 | 19.456.049,50 | 3,38 |
| TECHNOGYM SPA (ITA) | EUR | 814.207 | 5.752.372,46 | 1,00 |
| Luxembourg |  |  | 13.358.083,50 | 2,32 |
| EUROFINS SCIENTIFIC SE | EUR | 112.890 | 10.221.060,60 | 1,78 |
| STABILUS SA | EUR | 59.301 | 3.137.022,90 | 0,55 |
| Danemark |  |  | 11.796.473,30 | 2,05 |
| AMBU AS - BEARER -B- | DKK | 714.556 | 11.796.473,30 | 2,05 |
| Belgique |  |  | 9.949.579,40 | 1,73 |
| MELEXIS NV | EUR | 121.633 | 9.949.579,40 | 1,73 |

| Portefeuille-titres au 28/02/22 |  |
| --- | --- |
| Description | Devise | Quantité | Valeur d'évaluation (en EUR) | % actifs nets |
| Finlande |  |  | 6.075.274,80 | 1,06 |
| QT GROUP PLC | EUR | 54.831 | 6.075.274,80 | 1,06 |
| Organismes de placement collectif |  |  | 17.575.996,10 | 3,05 |
| Actions/Parts de fonds d'investissements |  |  | 17.575.996,10 | 3,05 |
| France |  |  | 16.279.918,18 | 2,83 |
| GROUPAMA MONETAIRE IC | EUR | 77 | 16.279.918,18 | 2,83 |
| Luxembourg |  |  | 1.296.077,92 | 0,23 |
| G FUND – AVENIR SMALL CAP IC EUR | EUR | 1.013 | 1.296.077,92 | 0,23 |
| Total du portefeuille-titres |  |  | 562.216.927,78 | 97,71 |