# Change in net assets
|  | Financial year 31/08/2021 | Financial year 31/08/2020 |
| --- | --- | --- |
| Net assets at the beginning of the financial year | 219,369,030.40 | 290,940,733.31 |
| Subscriptions (including subscription fees paid to the UCI) | 21,666,128.74 | 83,608,164.41 |
| Redemptions (after deduction of redemption fees paid to the UCI) | -136,002,902.00 | -141,082,412.28 |
| Capital gains realised on deposits and financial instruments | 35,055,161.82 | 30,488,015.14 |
| Capital losses realised on deposits and financial instruments | -6,721,843.89 | -5,913,285.71 |
| Capital gains realised on forward financial instruments | 152,627.00 | 235,169.00 |
| Capital losses realised on forward financial instruments | -51,117.00 | -84,426.00 |
| Transaction fees | -92,365.94 | -275,296.31 |
| Exchange differences | -913.00 | -3,277.87 |
| Change in the valuation difference for deposits and financial instruments: | 35,560,115.00 | -35,844,012.27 |
| Valuation difference, financial year N | 45,480,474.42 | 9,920,359.42 |
| Valuation difference, financial year N-1 | -9,920,359.42 | -45,764,371.69 |
| Change in the valuation difference for forward financial instruments: | -10,630.00 | -18,530.00 |
| Valuation difference, financial year N | -11,560.00 | -930.00 |
| Valuation difference, financial year N-1 | 930.00 | -17,600.00 |
| Distribution from the previous financial year on net capital gains and losses | -487,004.00 | -383,959.82 |
| Distribution from the previous financial year on income | -3,896,032.00 | -5,375,437.48 |
| Net income for the financial year before accruals and deferrals | 5,221,842.31 | 3,077,586.30 |
| Interim dividend(s) paid during the financial year on net capital gains and losses | - | - |
| Interim dividend(s) paid during the financial year on income | - | - |
| Other items | - | - |
| Net assets at the end of the financial year | 169,762,097.44 | 219,369,030.40 |

Translation (ENFR, 2021-08-31):
# Evolution de l'actif net
|  | Exercice 31/08/2021 | Exercice 31/08/2020 |
| --- | --- | --- |
| Actif net en début d'exercice | 219,369,030.40 | 290,940,733.31 |
| Souscriptions (y compris les commissions de souscription acquises à l'O.P.C.) | 21,666,128.74 | 83,608,164.41 |
| Rachats (sous déduction des commissions de rachat acquises à l'O.P.C.) | -136,002,902.00 | -141,082,412.28 |
| Plus-values réalisées sur dépôts et instruments financiers | 35,055,161.82 | 30,488,015.14 |
| Moins-values réalisées sur dépôts et instruments financiers | -6,721,843.89 | -5,913,285.71 |
| Plus-values réalisées sur instruments financiers à terme | 152,627.00 | 235,169.00 |
| Moins-values réalisées sur instruments financiers à terme | -51,117.00 | -84,426.00 |
| Frais de transaction | -92,365.94 | -275,296.31 |
| Différences de change | -913.00 | -3,277.87 |
| Variation de la différence d'estimation des dépôts et instruments financiers : | 35,560,115.00 | -35,844,012.27 |
| Différence d'estimation exercice N | 45,480,474.42 | 9,920,359.42 |
| Différence d'estimation exercice N-1 | -9,920,359.42 | -45,764,371.69 |
| Variation de la différence d'estimation des instruments financiers à terme : | -10,630.00 | -18,530.00 |
| Différence d'estimation exercice N | -11,560.00 | -930.00 |
| Différence d'estimation exercice N-1 | 930.00 | -17,600.00 |
| Distribution de l'exercice antérieur sur plus et moins-values nettes | -487,004.00 | -383,959.82 |
| Distribution de l'exercice antérieur sur résultat | -3,896,032.00 | -5,375,437.48 |
| Résultat net de l'exercice avant compte de régularisation | 5,221,842.31 | 3,077,586.30 |
| Acompte(s) versé(s) au cours de l'exercice sur plus et moins-values nettes | - | - |
| Acompte(s) versé(s) au cours de l'exercice sur résultat | - | - |
| Autres éléments | - | - |
| Actif net en fin d'exercice | 169,762,097.44 | 219,369,030.40 |