# G FUND – Euro High Yield Bonds
## Board of Directors’ Report
Annual commentary and outlook
Over the year from 28 February 2021 to 28 February 2022, the fund posted a negative total return while outperforming its benchmark index.
The High Yield segment was quite active with a very strong primary market throughout the year that facilitated diversification. High Yield issuance posted a record high of 150 billion euros in 2021, which is 45% higher than the previous record set just the year before. The issuance of "negative credit" – which is used to fund acquisitions and dividend recaps and enables issuers with relatively weak credit ratings (such as CGG, Douglas and Casino) to obtain funding – was about 140 billion euros, the second highest figure since 2007.
Among the new issuance, ESG issues and green and sustainable bonds in particular, were increasingly popular, as many issuers are now reporting "sustainability" indicators that enable a better idea of their current sustainability standing and strategies, such as Novelis, Rexel, ZF, Paprec, Nomad and Picard, in which we have invested.
This dynamic market enabled us to select competitively priced issues throughout the year while enabling most companies to obtain financing at historically attractive levels
The major changes in the global political and economic environment in the first two months of 2022 wiped out the gains made over the first ten months of the fiscal year, with -1.52% and -3.22% returns in January and February respectively.
Uncertainty about the outcome of the war in Ukraine, commodity prices and inflation therefore weighed heavily on financial markets in late February 2022 and explains the current relatively high level of volatility, particularly of interest rates. Given these factors, we positioned our portfolios as follows;
- We were relatively underexposed to interest rates given the uncertain outlook for inflation and central bank interest rates.
- Beta was kept below 1.
- A further reduction in our exposure to cyclical stocks, such as carmakers and OEMs in the automotive sector.

Over the year, the net asset value of the share classes declined from EUR 1,198.41 on 28/02/21 to EUR 1,139.26 on 28/02/2022. The GD share class of G FUND – Euro High Yield Bonds returned -2.05% vs. -2.71% for the benchmark index (see note 4).
ID: -2.34%
NC: -2.80%
OD: -1.95%
SC: -2.21%
The fund's performance over the past year is not a reliable indicator of future returns.
| Combined statement of net assets at 28/02/22 |  |  |
| --- | --- | --- |
|  | Note | In EUR |
| Assets |  | 31,570,291.80 |
| Securities portfolio at market value | 2.2 | 28,469,099.10 |
| Cost |  | 29,561,947.34 |
| Cash at bank |  | 2,056,760.20 |
| Receivables from sale of investments |  | 532,309.80 |
| Accrued subscriptions | 2.8 | 309.07 |
| Net unrealised gain on futures contracts | 2 | 14,580.00 |
| Net unrealised gain on swaps |  | 1,659.00 |
| Accrued interest on the securities portfolio |  | 343,055.77 |
| Accrued interest on swaps |  | 152,518.86 |
| Liabilities |  | 1,505,987.70 |
| Bank overdraft |  | 738,062.94 |
| Accrued redemptions |  | 478,246.40 |
| Net unrealised loss on forward exchange contracts | 2.7 | 15,748.43 |
| Management fees payable | 3 | 39,962.29 |
| Depositary and sub-depositary fees payable | 5 | 4,434.76 |
| Administration fees payable | 6 | 2,423.82 |
| Performance fees payable | 4 | 55,331.13 |
| Subscription tax (taxe d’abonnement) payable | 8 | 546.88 |
| Interest payable on swaps |  | 152,518.85 |
| Other liabilities |  | 18,712.20 |
| Net asset value |  | 30,064,304.10 |

| Statement of operations and net changes in assets from 01/03/21 to 28/02/22 |
| --- |
|  | Note | In EUR |
| Income |  | 4,070,313.89 |
| Net interest on bonds |  | 2,782,754.28 |
| Interest received on swaps |  | 1,282,127.37 |
| Bank interest |  | 5,432.24 |
| Expenses |  | 1,663,055.69 |
| Management fees | 3 | 552,225.43 |
| Performance fees | 4 | 55,331.13 |
| Depositary and sub-depositary fees | 5 | 26,210.74 |
| Administration fees | 6 | 15,356.86 |
| Legal expenses |  | 7,040.75 |
| Transaction expenses | 2.17, 7 | 51,030.27 |
| Director remuneration |  | 604.25 |
| Subscription tax (taxe d’abonnement) | 8 | 23,893.96 |
| Interest paid on bank overdrafts |  | 17,659.39 |
| Interest paid on swaps |  | 876,113.13 |
| Bank charges |  | 11,199.80 |
| Other expenses |  | 26,389.98 |
| Net income / (loss) on investments |  | 2,407,258.20 |
| Net profit / (loss) on: |  |  |
| - sales of investments | 2.3 | (1,085,223.54) |
| - forward exchange contracts | 2.7 | (89,192.47) |
| - futures | 2.8 | (8,890.00) |
| - swaps | 2 | (165,224.29) |
| - currency |  | 53,961.90 |
| Net profit / (loss) |  | 1,112,689.80 |
| Change in the net unrealised gain / (loss) on: - sales of investments | 2.2 | (3,095,376.54) |
| - forward exchange contracts | 2.7 | (21,640.68) |
| - futures | 2.8 | 14,580.00 |
| - swaps | 2 | (77,642.70) |
| Net increase / (decrease) in net assets from operations |  | (2,067,390.12) |
| Dividends paid | 10 | (745,295.90) |
| Accumulation share subscriptions |  | 21,396,244.53 |
| Distribution share subscriptions |  | 4,536,652.76 |
| Accumulation share redemptions |  | (59,179,457.21) |
| Distribution share redemptions |  | (7,647,733.03) |
| Increase / (decrease) in net assets |  | (43,706,978.97) |
| Net assets at start of year |  | 73,771,283.07 |
| Net assets at end of year |  | 30,064,304.10 |

| Net assets by share class |  |  |  |  |
| --- | --- | --- | --- | --- |
|  |  | 28/02/22 | 28/02/21 | 29/02/20 |
| Total net assets | EUR | 30,064,304.10 | 73,771,283.07 | 108,052,115.92 |
| NC EUR shares - Accumulation |  |  |  |  |
| Number of shares |  | 4,653.340 | 252,074.601 | 455,748.762 |
| Net asset value per share | EUR | 147.43 | 151.67 | 148.73 |
| ID EUR shares - Distribution Number of shares |  | 110,000 | 110,000 | 6,368.212 |
| Net asset value per share | EUR | 1,163.48 | 1,222.39 | 1,226.43 |
| Dividend per share |  | 31.75 | 32.39 | 34.54 |
| IC EUR shares - Accumulation Number of shares |  | 0,000 | 1,000,000 | 0,000 |
| Net asset value per share | EUR | - | 1,015.18 | - |
| OD EUR shares - Distribution Number of shares |  | 9,825.214 | 8,845.900 | 13,443.318 |
| Net asset value per share | EUR | 985.34 | 1,035.72 | 1,037.88 |
| Dividend per share |  | 31.49 | 31.35 | 31.71 |
| GD EUR shares - Distribution Number of shares |  | 11,742.374 | 15,156.374 | 15,656,000 |
| Net asset value per share | EUR | 1,139.26 | 1,198.41 | 1,181.90 |
| Dividend per share |  | 36.18 | 16.56 | 67.82 |
| SC EUR shares - Accumulation Number of shares |  | 5,200,000 | 5,800,000 | 0,000 |
| Net asset value per share | EUR | 1,190.66 | 1,217.52 | - |

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 | 252,074.601 | 138,829.023 | 386,250.284 | 4,653.340 |
| ID EUR shares - Distribution | 110,000 | 0,000 | 0,000 | 110,000 |
| IC EUR shares - Accumulation | 1,000,000 | 0,000 | 1,000,000 | 0,000 |
| OD EUR shares - Distribution | 8,845.900 | 2,700,000 | 1,720.686 | 9,825.214 |
| GD EUR shares - Distribution | 15,156.374 | 1,468,000 | 4,882,000 | 11,742.374 |
| SC EUR shares - Accumulation | 5,800,000 | 0,000 | 600,000 | 5,200,000 |

| Securities portfolio at 28/02/2022 |  |  |  |  |
| --- | --- | --- | --- | --- |
| Name | Curr. | Number of shares | Market value (in EUR) | % of net assets |
| Securities admitted for trading on a stock exchange or traded on another regulated market |  |  | 27,029,455.53 | 89.91 |
| Bonds |  |  | 18,424,591.35 | 61.28 |
| France |  |  | 3,923,811.71 | 13.05 |
| ALTICE FRANCE SA	4.125 20-29 15/01S | EUR | 180,000 | 165,225.60 | 0.55 |
| ALTICE FRANCE SA 5.8750 18-27 01/02S | EUR | 100,000 | 102,505.00 | 0.34 |
| BANIJAY GROUP SAS	6.5 20-26 01/03S | EUR | 140,000 | 138,300.40 | 0.46 |
| CAB	3.3750 21-28 01/02S | EUR | 140,000 | 128,741.20 | 0.43 |
| CHROME HOLDCO SAS	3.500 21-28 31/05S | EUR | 140,000 | 130,190.20 | 0.43 |
| CHROME HOLDCO SAS	5.0 21-29 31/05S | EUR | 180,000 | 165,135.60 | 0.55 |
| ELIS SA	1.75 19-24 11/04A | EUR | 300,000 | 301,882.50 | 1.00 |
| FAURECIA	2.7500 21-27 15/02S | EUR | 250,000 | 239,412.50 | 0.80 |
| FONCIA MANAGEMENT	3.375 21-28 31/03S | EUR | 140,000 | 129,458.00 | 0.43 |
| ILIAD HOLDING	5.125 21-26 15/10S | EUR | 210,000 | 209,250.30 | 0.70 |
| ILIAD SA	1.875 21-28 11/02A | EUR | 100,000 | 87,108.00 | 0.29 |
| LOXAM SAS 4.50 19-27 15/04S | EUR | 100,000 | 93,990.00 | 0.31 |
| LOXAM SAS 5.75 19-27 15/07S | EUR | 140,000 | 134,320.20 | 0.45 |
| LOXAM SAS 6.00 17-25 15/04S | EUR | 79,855 | 79,445.41 | 0.26 |
| MOBILUX FINANCE	4.2500 21-28 15/07S | EUR | 350,000 | 328,923.00 | 1.09 |
| ORANO SA	2.75 20-28 08/03A | EUR | 100,000 | 96,736.00 | 0.32 |
| PAPREC HOLDING SA 3.5 21-28 02/07S | EUR | 250,000 | 233,160.00 | 0.78 |
| PARTS EUROPE SA 6.5 20-25 17/07S | EUR | 200,000 | 205,646.00 | 0.68 |
| PICARD GROUPE S	3.8750 21-26 01/07S | EUR | 250,000 | 241,415.00 | 0.80 |
| QUATRIM	5.8750 19-24 31/01A | EUR | 140,000 | 139,120.80 | 0.46 |
| SECHE ENVIRONNEMENT 2.25 21-28 15/11S | EUR | 210,000 | 188,741.70 | 0.63 |
| SPCM SA	2.0000 20-26 01/02A | EUR | 100,000 | 96,641.00 | 0.32 |
| TEREOS FINANCE GROUP 7.5 20-25 23/10S | EUR | 110,000 | 114,195.40 | 0.38 |
| TEREOS FINANCE GROUPE 4.75 22-27 30/04A | EUR | 180,000 | 174,267.90 | 0.58 |
| United States |  |  | 2,080,027.70 | 6.92 |
| ARDAGH METAL PA	2.0000 21-28 01/09S | EUR | 140,000 | 126,723.80 | 0.42 |
| AT&T INC 2.875 20-XX 01/05A | EUR | 100,000 | 96,622.50 | 0.32 |
| AVANTOR FUNDING INC 2.625 20-25 01/11S | EUR | 110,000 | 109,169.50 | 0.36 |
| AVANTOR FUNDING INC 3.875 20-28 15/07S | EUR | 120,000 | 117,932.40 | 0.39 |
| FORD MOTOR CREDIT CO 1.355 18-25 07/02A | EUR | 110,000 | 105,519.70 | 0.35 |
| GRAPHIC PACKAGING INT 2.625 21-29 01/02S | EUR | 140,000 | 129,487.40 | 0.43 |
| IQVIA INC 2.25 21-29 15/03S | EUR | 110,000 | 99,905.30 | 0.33 |
| IQVIA INC 2.8750 20-28 15/06S | EUR | 140,000 | 132,998.60 | 0.44 |
| NETFLIX INC 3.625 17-27 05/02S | EUR | 170,000 | 183,948.50 | 0.61 |
| NETFLIX INC 3.8750 19-29 15/11S | EUR | 100,000 | 109,788.50 | 0.37 |
| OLYMPUS WATER US HOLD 3.875 21-28 01/10S | EUR | 120,000 | 111,842.40 | 0.37 |
| ORGANON FINANCE	2.8750 21-28 30/04S | EUR | 100,000 | 93,713.00 | 0.31 |
| PANTHER BF AGGREGATOR 4.375 19-26 15/05S | EUR | 140,000 | 137,111.80 | 0.46 |
| PRIMO WATER COR	3.8750 20-28 31/10S | EUR | 150,000 | 139,174.50 | 0.46 |
| SILGAN HOLDINGS INC 2.25 20-28 01/06S | EUR | 130,000 | 122,098.60 | 0.41 |
| SOUTHERN CO	1.875 21-81 15-09A | EUR | 120,000 | 107,916.00 | 0.36 |
| WMG ACQUISITION	2.75 20-28 15/07S | EUR | 160,000 | 156,075.20 | 0.52 |
| Netherlands |  |  | 1,950,980.63 | 6.49 |
| ABERTIS FINANCE BV 3.248 20-XX XX/XXA | EUR | 100,000 | 96,283.00 | 0.32 |
| GOODYEAR DUNLOP TIRES 2.75 21-28 15/08S | EUR | 140,000 | 130,043.20 | 0.43 |
| INTERTRUST GROUP BV 3.375 18-25 15/11S | EUR | 170,000 | 170,129.20 | 0.57 |
| LKQ EURO HOLDINGS BV 4.125 18-28 01/04S | EUR | 280,000 | 288,943.20 | 0.96 |
| LOUIS DREYFUS COMPANY 2.3750 20-25 27/11A | EUR | 110,000 | 112,825.35 | 0.38 |
| OCI NV	4.6250 20-25 15/10S | USD | 200,000 | 178,520.30 | 0.59 |
| REPSOL INTL FINANCE 2.5000 21-XX 22/03A | EUR | 180,000 | 168,773.40 | 0.56 |
| SAIPEM FIN INTL BV 2.625 17-25 07/01A | EUR | 81,000 | 72,631.08 | 0.24 |
| SUNSHINE MID BV	6.5 18-26 15/05S | EUR | 180,000 | 180,885.60 | 0.60 |
| TEVA PHARMA 6.00 20-25 31/01A | EUR | 100,000 | 103,582.00 | 0.34 |
| UNITED GROUP BV 4.00 20-27 15/11S | EUR | 210,000 | 194,529.30 | 0.65 |
| WINTERSHALL DEA FINA 2.4985 21-99 31/12A | EUR | 200,000 | 161,682.00 | 0.54 |
| ZIGGO BV	2.875 19-30 15/01S | EUR | 100,000 | 92,153.00 | 0.31 |

| Securities portfolio at 28/02/2022 |  |  |  |  |
| --- | --- | --- | --- | --- |
| Name | Curr. | Number of shares | Market value (in EUR) | % of net assets |
| Italy |  |  | 1,736,250.20 | 5.78 |
| AUTOSTRADE PER I'ITALIA 2 21-30 15/01A | EUR | 110,000 | 102,119.60 | 0.34 |
| AUTOSTRADE PER L'ITALIA 1.6250 22-28 25/01A | EUR | 180,000 | 171,322.20 | 0.57 |
| CENTURION BIDCO SPA 5.875 20-26 30/09S | EUR | 210,000 | 206,574.90 | 0.69 |
| DOVALUE 5.000 20-25 04/08S | EUR | 110,000 | 111,947.00 | 0.37 |
| GAMMA BIDCO S.P.A. 6.25 20-25 23/07S | EUR | 150,000 | 149,475.00 | 0.50 |
| NEXI SPA	2.1250 21-29 30/04S | EUR | 180,000 | 162,070.20 | 0.54 |
| POSTE ITALIANE	2.6250 21-49 31/12A | EUR | 280,000 | 242,165.00 | 0.81 |
| REKEEP S.P.A. 7.25 21-26 28/01S | EUR | 110,000 | 114,936.80 | 0.38 |
| WEBUILD SPA	3.875 22-26 28/07A | EUR | 280,000 | 262,735.20 | 0.87 |
| WEBUILD SPA	5.8750 20-25 15/12A | EUR | 210,000 | 212,904.30 | 0.71 |
| Luxembourg |  |  | 1,441,483.20 | 4.79 |
| ALTICE FRANCE HOLDING 8.0 19-27 15/05S | EUR | 160,000 | 166,000.00 | 0.55 |
| BK LC LUX FINCO1	5.25 21-29 30/04S | EUR | 100,000 | 97,141.00 | 0.32 |
| CIRSA FINANCE INT 4.7500 19-25 22/05S | EUR | 110,000 | 107,002.50 | 0.36 |
| DANA FINANCING LUX 3.0 21-29 15/07S | EUR | 140,000 | 129,099.60 | 0.43 |
| LINCOLN FINANCING SARL 3.625 19-24 01/04 | EUR | 100,000 | 99,941.00 | 0.33 |
| LUNE HOLDINGS	5.625 21-28 15/11S | EUR | 100,000 | 92,052.00 | 0.31 |
| MATTERHORN TELE	3.1250 19-26 15/09S | EUR | 130,000 | 123,347.90 | 0.41 |
| PICARD BONDCO SA	5.375 21-27 01/07S | EUR | 280,000 | 267,254.40 | 0.89 |
| PLT VII FINANCE S.A 4.625 20-26 16/07S | EUR | 150,000 | 145,581.00 | 0.48 |
| SUMMER BC HOLDC	5.7500 19-26 31/10S | EUR | 140,000 | 140,968.80 | 0.47 |
| TELECOM ITALIA FIN 7.75 03-33 24/01A | EUR | 60,000 | 73,095.00 | 0.24 |
| Germany |  |  | 1,146,846.20 | 3.81 |
| DEUTSCHE LUFTHANSA AG 0.1 21-23 16/11A | EUR | 200,000 | 198,561.00 | 0.66 |
| DEUTSCHE LUFTHANSA AG 2.875 21-27 16/05A | EUR | 200,000 | 190,201.00 | 0.63 |
| HT TROPLAST GMBH 9.25 20-25 06/07S | EUR | 130,000 | 132,303.60 | 0.44 |
| NOVELIS SHEET I	3.3750 21-29 15/04S | EUR | 154,000 | 144,621.40 | 0.48 |
| PLATIN 1426 GMBH	5.375 17-23 15/06S | EUR | 110,000 | 108,480.90 | 0.36 |
| PRESTIGEBIDCO GMBH 6.25 16-23 15/12S | EUR | 180,000 | 179,514.00 | 0.60 |
| PROGROUP AG	3.00 18-26 31/03S | EUR | 110,000 | 106,032.30 | 0.35 |
| WEPA HYGIEN	2.875 19-27 15/12S | EUR | 100,000 | 87,132.00 | 0.29 |
| United Kingdom |  |  | 1,091,117.20 | 3.63 |
| BCP V MODULAR SERVICES FINANCE II PLC | EUR | 210,000 | 199,644.90 | 0.66 |
| INTL GAME TECHNOLOGY 3.5000 19-26 15/06S | EUR | 180,000 | 178,675.20 | 0.59 |
| JAGUAR LAND ROVER 5.8750 19-24 15/11S | EUR | 70,000 | 72,272.90 | 0.24 |
| JAGUAR LAND ROVER 6.8750 19-26 15/11S | EUR | 140,000 | 148,780.80 | 0.49 |
| NOMAD FOODS BON	2.5000 21-28 24/06S | EUR | 140,000 | 128,707.60 | 0.43 |
| PEOPLECERT WISDOM IS 5.75 21-26 05/08S | EUR | 100,000 | 99,672.00 | 0.33 |
| VIRGIN MEDIA FINANCE 3.75 20-30 15/07S | EUR | 130,000 | 117,163.80 | 0.39 |
| VMED O2 UK FINANCING 3.25 20-31 31/01S | EUR | 160,000 | 146,200.00 | 0.49 |
| Japan |  |  | 724,748.00 | 2.41 |
| RAKUTEN GROUP INC 4.25 21-XX 22/04A | EUR | 280,000 | 246,702.40 | 0.82 |
| SOFTBANK GROUP 3.125 17-25 19/09S | EUR | 220,000 | 209,968.00 | 0.70 |
| SOFTBANK GROUP 5.00 18-28 15/04S | EUR | 110,000 | 106,137.90 | 0.35 |
| SOFTBANK GROUP CORP 2.875 21-27 06/01S | EUR | 180,000 | 161,939.70 | 0.54 |
| Sweden |  |  | 724,645.30 |  |
| DOMETIC GROUP AB 3.00 19-26 08/05A | EUR | 120,000 | 120,618.00 | 0.40 |
| INTRUM AB	3.00 19-27 15/09A | EUR | 150,000 | 136,114.50 | 0.45 |
| UNILABS SUBHOLDING AB 5.75 17-25 15/05S | EUR | 140,000 | 139,687.80 | 0.46 |
| VERISURE HOLDING AB 3.25 21-27 15/02S | EUR | 110,000 | 103,400.00 | 0.34 |
| VERISURE HOLDING AB 3.875 20-26 15/07S | EUR | 230,000 | 224,825.00 | 0.75 |
| Spain |  |  | 718,080.60 | 2.39 |
| CELLNEX TELECOM SA 2.375 16-24 16/01A | EUR | 200,000 | 205,324.00 | 0.68 |
| EDREAMS ODIGEO SA	5.5 22-27 15/07S | EUR | 140,000 | 137,172.00 | 0.46 |
| LORCA TELECOM BONDCO 4.00 20-27 18/09S | EUR | 280,000 | 267,962.80 | 0.89 |
| NN HOTEL GROUP SA	4 21-26 02/07S | EUR | 110,000 | 107,621.80 | 0.36 |
| Mexico |  |  | 471,935.65 | 1.57 |
| CEMEX SAB DE CV	3.1250 19-26 19/03S | EUR | 110,000 | 110,923.45 | 0.37 |

| Securities portfolio at 28/02/2022 |  |  |  |  |
| --- | --- | --- | --- | --- |
| Name | Curr. | Number of shares | Market value (in EUR) | % of net assets |
| NEMAK SAB CV	2.25 21-28 20/07A | EUR | 210,000 | 187,681.20 | 0.62 |
| PEMEX 3.75 14-26 16/04A | EUR | 180,000 | 173,331.00 | 0.58 |
| Finland |  |  | 434,808.30 | 1.45 |
| NOKIA OYJ	2.3750 20-25 15/05A | EUR | 250,000 | 255,967.50 | 0.85 |
| PHM GROUP HOLDING OY 4.75 21-26 18/06S | EUR | 180,000 | 178,840.80 | 0.59 |
| Norway |  |  | 424,811.68 | 1.41 |
| ADEVINTA ASA	2.625 20-25 25/11A | EUR | 180,000 | 177,654.60 | 0.59 |
| ADEVINTA ASA	3.00 20-27 15/11S | EUR | 110,000 | 105,384.40 | 0.35 |
| NASSA TOPCO	2.875 17-24 06/04S | EUR | 141,000 | 141,772.68 | 0.47 |
| Denmark |  |  | 350,196.04 | 1.16 |
| DKT FINANCE APS	7.00 18-23 17/06S | EUR | 350,000 | 350,196.04 | 1.16 |
| Austria |  |  | 296,701.50 | 0.99 |
| LENZING AG	5.75 20-XX 07/12A | EUR | 100,000 | 103,556.00 | 0.34 |
| SAPPI PAPIER HOLDING 3.125 19-26 15/04S | EUR | 100,000 | 97,041.50 | 0.32 |
| SAPPI PAPIER HOLDING 3.625 21-28 15/03S | EUR | 100,000 | 96,104.00 | 0.32 |
| Czech Republic |  |  | 210,086.10 | 0.70 |
| SAZKA GROUP AS	4.1250 19-24 20/11S | EUR | 210,000 | 210,086.10 | 0.70 |
| Israel |  |  | 197,007.30 | 0.66 |
| TEVA PHARMACEUTICAL 3.75 21-27 09/05S | EUR | 210,000 | 197,007.30 | 0.66 |
| Ireland |  |  | 192,564.00 | 0.64 |
| EIRCOM FINA	3.5000 19-26 15/05U | EUR | 200,000 | 192,564.00 | 0.64 |
| Marshall Islands |  |  | 172,652.24 | 0.57 |
| DANAOS CORP 8.5 21-28 11/02S | USD | 180,000 | 172,652.24 | 0.57 |
| Belgium |  |  | 135,837.80 | 0.45 |
| HOUSE OF FINANCE 4.375	19-26 15/07S | EUR | 140,000 | 135,837.80 | 0.45 |
| Floating-rate bonds |  |  | 6,245,974.10 | 20.78 |
| Netherlands |  |  | 1,512,773.05 | 5.03 |
| ASR NEDERLAND	FL.R 17-XX 19/10S | EUR | 200,000 | 200,712.00 | 0.67 |
| ELM BV	FL.R 20-99 31/12A | EUR | 180,000 | 182,223.00 | 0.61 |
| LEASEPLAN CORPORATION FL.R 19-XX 29/05S | EUR | 200,000 | 213,567.00 | 0.71 |
| REPSOL INTL FINANCE FL.R 20-49 31/12A | EUR | 130,000 | 129,895.35 | 0.43 |
| REPSOL INTL FINANCE FL.R 20-XX 11/12A | EUR | 150,000 | 149,422.50 | 0.50 |
| TELEFONICA EUROPE BV FL.R 18-XX 22/03A | EUR | 200,000 | 199,282.00 | 0.66 |
| TELEFONICA EUROPE BV FL.R 19-XX 14/03A | EUR | 200,000 | 207,085.00 | 0.69 |
| TELEFONICA EUROPE BV FL.R 19-XX 24/09A | EUR | 100,000 | 92,783.50 | 0.31 |
| UNITED GROUP BV	FL.R 22-29 01/02Q | EUR | 140,000 | 137,802.70 | 0.46 |
| France |  |  | 1,052,163.50 | 3.50 |
| BFCM FL.R 04-XX 15/12S | EUR | 140,000 | 123,588.50 | 0.41 |
| CASINO GUICHARD PER FL.R 14-24 07/03A | EUR | 100,000 | 92,462.00 | 0.31 |
| CNP ASSURANCES FL.R 18-XX 27/06S | EUR | 100,000 | 103,507.00 | 0.34 |
| EDF FL.R 20-XX 15/09A | EUR | 200,000 | 173,512.00 | 0.58 |
| ELECTRICITE DE FRANCE FL.R 19-XX 03/12A | EUR | 200,000 | 179,916.00 | 0.60 |
| LA POSTE FL.R 18-XX 29/01A | EUR | 200,000 | 196,858.00 | 0.65 |
| VEOLIA ENVIRONNEMENT FL.R 20-XX 20/10A | EUR | 200,000 | 182,320.00 | 0.61 |
| Spain |  |  | 675,417.00 | 2.25 |
| ABANCA CORP BAN	FL.R 19-30 07/04A | EUR | 100,000 | 100,519.00 | 0.33 |
| CAIXABANK SA	FL.R 18-XX 23/03Q | EUR | 200,000 | 197,053.00 | 0.66 |
| IBERCAJA BANCO S.A.U FL.R 20-30 23/01A | EUR | 200,000 | 192,224.00 | 0.64 |
| UNICAJA BANCO S	FL.R 21-99 31/12Q | EUR | 200,000 | 185,621.00 | 0.62 |
| Italy |  |  | 657,296.75 | 2.19 |
| BANCO BPM SPA FL.R 13-18 30/07Q | EUR | 210,000 | 203,437.50 | 0.68 |
| BANCO BPM SPA FL.R 19-99 18/04S | EUR | 100,000 | 107,713.50 | 0.36 |
| UNICREDIT SPA FL.R 19-49 19/03S | EUR | 210,000 | 226,894.50 | 0.75 |
| UNICREDIT SPA FL.R 20-32 15/01A | EUR | 125,000 | 119,251.25 | 0.40 |
| Sweden |  |  | 502,945.15 | 1.67 |
| AKELIUS RESIDENTIAL FL.R 20-81 17/05A | EUR | 165,000 | 149,547.75 | 0.50 |

| Securities portfolio at 28/02/2022 |  |  |  |  |
| --- | --- | --- | --- | --- |
| Name | Curr. | Number of shares | Market value (in EUR) | % of net assets |
| HEIMSTADEN AB	FL.R 20-XX 15/10A | EUR | 160,000 | 146,099.20 | 0.49 |
| REN10 HOLDING A	FL.R 22-27 01/02Q | EUR | 100,000 | 98,539.00 | 0.33 |
| TRANSCOM HOLDING AB FL.R 21-26 18/06Q | EUR | 110,000 | 108,759.20 | 0.36 |
| United Kingdom |  |  | 306,695.60 | 1.02 |
| VODAFONE GROUP PLC FL.R 18-78 03/10A | EUR | 100,000 | 100,912.00 | 0.34 |
| VODAFONE GROUP PLC FL.R 20-80 27/08A | EUR | 110,000 | 100,172.60 | 0.33 |
| VODAFONE GROUP PLC FL.R 20-80 27/08A | EUR | 110,000 | 105,611.00 | 0.35 |
| Portugal |  |  | 272,380.50 | 0.91 |
| BANCO COMERCIAL PORTUGUES	FL.R 19-30 27/03A | EUR | 100,000 | 92,510.50 | 0.31 |
| BANCO COMERC PO	FL.R 21-32 17/05A | EUR | 200,000 | 179,870.00 | 0.60 |
| Germany |  |  | 261,836.40 | 0.87 |
| BAYER AG FL.R 14-74 01/07A | EUR | 160,000 | 162,086.40 | 0.54 |
| INFINEON TECHNOLOGIES FL.R 19-XX 01/04A | EUR | 100,000 | 99,750.00 | 0.33 |
| Mexico |  |  | 247,542.50 | 0.82 |
| PEMEX FL.R 18-23 24/08Q | EUR | 250,000 | 247,542.50 | 0.82 |
| Ireland |  |  | 218,501.00 | 0.73 |
| BANK OF IRELAND GRP FL.R 20-XX 19/05A | EUR | 200,000 | 218,501.00 | 0.73 |
| Austria |  |  | 203,317.00 | 0.68 |
| ERSTE GROUP BANK AG FL.R 19-99 31/12S | EUR | 200,000 | 203,317.00 | 0.68 |
| Finland |  |  | 128,129.40 | 0.43 |
| CITYCON OY J	FL.R	19-XX 22/02A | EUR | 140,000 | 128,129.40 | 0.43 |
| United States |  |  | 107,401.25 | 0.36 |
| FORD MOTOR CREDIT CO FL.R 18-23 15/11 | EUR | 110,000 | 107,401.25 | 0.36 |
| Luxembourg |  |  | 99,575.00 | 0.33 |
| PLT VII FINANCE S.A FL.R 20-26 05/01Q | EUR | 100,000 | 99,575.00 | 0.33 |
| Convertible bonds |  |  | 2,358,890.08 | 7.85 |
| Italy |  |  | 999,590.00 | 3.32 |
| TELECOM ITALIA CV 1.125 15-22 26/03S | EUR | 1,000,000 | 999,590.00 | 3.32 |
| France |  |  | 773,755.80 | 2.57 |
| AIR FRANCE KLM 0.125 19-26 25/03A | EUR | 13,000 | 213,416.25 | 0.71 |
| KORIAN SA CV 0.875 20-27 06/03A | EUR | 5,500 | 274,133.75 | 0.91 |
| MAISON DU MONDE CV 0.125 17-23 06/12A | EUR | 6,000 | 286,205.80 | 0.95 |
| Spain |  |  | 409,881.00 | 1.36 |
| BANKINTER SA	FL.R 20-XX 17/07Q | EUR | 200,000 | 212,270.00 | 0.71 |
| INTL CONSOLIDATED CV 0.614 15-22 17/11S | EUR | 200,000 | 197,611.00 | 0.66 |
| Austria |  |  | 175,663.28 | 0.58 |
| AMS AG 0.875 17-22 28/09S | USD | 200,000 | 175,663.28 | 0.58 |
| Collective investment undertakings |  |  | 1,439,643.57 | 4.79 |
| Shares or units in investment funds |  |  | 1,439,643.57 | 4.79 |
| France |  |  | 1,439,643.57 | 4.79 |
| GROUPAMA ENTREPRISES FCP -I- CAP | EUR | 640 | 1,439,643.57 | 4.79 |
| Total securities portfolio |  |  | 28,469,099.10 | 94.69 |

Translation (ENFR, 2022-02-28):
# G FUND – Euro High Yield Bonds
## Rapport du Conseil d'Administration
Commentaire annuel et perspectives
Du 28 février 2021 au 28 février 2022, le fonds a eu un total return négatif tout en étant supérieur à notre indice de référence.
L’activité High Yield a été très soutenue avec un marché primaire très fort sur l’ensemble de l’année, source de diversification en termes d’investissement. En effet le primaire High Yield a atteint en 2021 un record de 150 milliards d'euros, soit une augmentation de 45% par rapport au précédent record établi l'année dernière. L'offre « Credit negative » – utilisée pour financer des acquisitions et des recaps de dividendes – s'élève à environ 140 milliards d'euros, soit le deuxième chiffre le plus élevé depuis 2007, tout en permettant à des émetteurs en situation plus délicate de se refinancer comme CGG, Douglas ou encore Casino.
Parmi ces nouvelles émissions, des formats ESG, et en particulier green et sustainable, ont été de plus en plus émis. En effet, nombreux sont maintenant les émetteurs à communiquer sur un ensemble d’indicateurs « durables », permettant de mieux suivre leurs positionnements actuels et leurs stratégies sur ces sujets, comme Novelis, Rexel, ZF, Paprec, Nomad, Picard, émetteurs sur lesquels nous avons investi.
Ce dynamisme a permis de rester sur des valorisations serrées et contenues sur l’ensemble de l’année, et de facto a permis à la plupart des entreprises d’obtenir des financements à des niveaux historiquement attractifs
Changement de monde et d’ambiance en ce début d’année 2022, qui en l’espace de deux mois élimine la performance positive des dix premiers mois : -1,52% en janvier, et -3,22% en février…
À fin février 2022, l’incertitude domine donc (Guerre en Ukraine, prix des matières premières, inflation…) et explique le régime de volatilité plus élevé actuel, en particulier des taux. Dans ce cadre, le positionnement des portefeuilles se caractérise par
- Une sensibilité taux inférieure à celle de l’indice dans un contexte d’incertitudes sur le niveau futur de l’inflation et des taux d’intérêts des banques centrales.
- Un Béta inférieur à 1.
- Une accentuation de notre diminution de nos expositions sur les valeurs cycliques, comme le secteur automobile (équipementiers et constructeurs).

Sur l’année, la valeur liquidative des classes d’actions est passée de 1.198,41 EUR au 28/02/21 à 1.139,26 EUR au 28/02/2022, la performance de la classe d’action GD de G FUND – Euro High Yield Bonds est de -2,05% contre -2,71% pour l’indice de référence. (voir note 4)
ID : -2,34%
NC : -2,80%
OD : -1,95%
SC : -2,21%
La performance obtenue sur la période ne préjuge pas des résultats futurs de l’OPCVM.
| Etat des actifs nets au 28/02/22 |  |
| --- | --- |
|  | Note | Exprimé en EUR |
| Actifs |  | 31.570.291,80 |
| Portefeuille-titres à la valeur d'évaluation | 2.2 | 28.469.099,10 |
| Prix de revient |  | 29.561.947,34 |
| Avoirs en banque |  | 2.056.760,20 |
| A recevoir pour investissements vendus |  | 532.309,80 |
| A recevoir sur souscriptions | 2.8 | 309,07 |
| Plus-value nette non réalisée sur contrats futures | 2 | 14.580,00 |
| Plus-value nette non réalisée sur swaps |  | 1.659,00 |
| Intérêts à recevoir sur portefeuille-titres |  | 343.055,77 |
| Intérêts à recevoir sur swaps |  | 152.518,86 |
| Passifs |  | 1.505.987,70 |
| Découvert bancaire |  | 738.062,94 |
| A payer sur rachats |  | 478.246,40 |
| Moins-value nette non réalisée sur contrats de change à terme | 2.7 | 15.748,43 |
| Commissions de gestion à payer | 3 | 39.962,29 |
| Commissions de dépositaire et de sous-dépositaire à payer | 5 | 4.434,76 |
| Commissions d'administration à payer | 6 | 2.423,82 |
| Commissions de performance à payer | 4 | 55.331,13 |
| Taxe d'abonnement à payer | 8 | 546,88 |
| Intérêts à payer sur swaps |  | 152.518,85 |
| Autres passifs |  | 18.712,20 |
| Valeur nette d'inventaire |  | 30.064.304,10 |

| Etat des opérations et des variations des actifs nets du 01/03/21 au 28/02/22 |  |
| --- | --- |
|  | Note | Exprimé en EUR |
| Revenus |  | 4.070.313,89 |
| Intérêts sur obligations, net |  | 2.782.754,28 |
| Intérêts reçus sur swaps |  | 1.282.127,37 |
| Intérêts bancaires |  | 5.432,24 |
| Dépenses |  | 1.663.055,69 |
| Commissions de gestion | 3 | 552.225,43 |
| Commissions de performance | 4 | 55.331,13 |
| Commissions de dépositaire et de sous-dépositaire | 5 | 26.210,74 |
| Commissions d'administration | 6 | 15.356,86 |
| Frais légaux |  | 7.040,75 |
| Frais de transaction | 2.17, 7 | 51.030,27 |
| Rémunération administrateurs |  | 604,25 |
| Taxe d'abonnement | 8 | 23.893,96 |
| Intérêts payés sur découvert bancaire |  | 17.659,39 |
| Intérêts payés sur swaps |  | 876.113,13 |
| Frais bancaires |  | 11.199,80 |
| Autres dépenses |  | 26.389,98 |
| Revenus / (Pertes) net(te)s des investissements |  | 2.407.258,20 |
| Bénéfices / (Pertes) net(te)s réalisé(e)s sur: |  |  |
| - ventes d'investissements | 2.3 | (1.085.223,54) |
| - contrats de change à terme | 2.7 | (89.192,47) |
| - contrats futures | 2.8 | (8.890,00) |
| - swaps | 2 | (165.224,29) |
| - change |  | 53.961,90 |
| Bénéfice / (Perte) net(te) réalisé(e) |  | 1.112.689,80 |
| Variation de la plus-value / (moins-value) nette non réalisée sur: - ventes d’investissements | 2.2 | (3.095.376,54) |
| - contrats de change à terme | 2.7 | (21.640,68) |
| - contrats futures | 2.8 | 14.580,00 |
| - swaps | 2 | (77.642,70) |
| Augmentation / (diminution) nette des actifs nets provenant des opérations |  | (2.067.390,12) |
| Dividendes versés | 10 | (745.295,90) |
| Souscriptions d'actions de capitalisation |  | 21.396.244,53 |
| Souscriptions d'actions de distribution |  | 4.536.652,76 |
| Rachats d'actions de capitalisation |  | (59.179.457,21) |
| Rachats d'actions de distribution |  | (7.647.733,03) |
| Augmentation / (diminution) des actifs nets |  | (43.706.978,97) |
| Actifs nets début de l'exercice |  | 73.771.283,07 |
| Actifs nets à la fin de l'exercice |  | 30.064.304,10 |

| Statistiques |  |
| --- | --- |
|  |  | 28/02/22 | 28/02/21 | 29/02/20 |
| Total des actifs nets | EUR | 30.064.304,10 | 73.771.283,07 | 108.052.115,92 |
| Classe NC EUR - Capitalisation |  |  |  |  |
| Nombre d'actions |  | 4.653,340 | 252.074,601 | 455.748,762 |
| Valeur nette d'inventaire par action | EUR | 147,43 | 151,67 | 148,73 |
| Classe ID EUR - Distribution Nombre d'actions |  | 110,000 | 110,000 | 6.368,212 |
| Valeur nette d'inventaire par action | EUR | 1.163,48 | 1.222,39 | 1.226,43 |
| Dividende par action |  | 31,75 | 32,39 | 34,54 |
| Classe IC EUR - Capitalisation Nombre d'actions |  | 0,000 | 1.000,000 | 0,000 |
| Valeur nette d'inventaire par action | EUR | - | 1.015,18 | - |
| Classe OD EUR - Distribution Nombre d'actions |  | 9.825,214 | 8.845,900 | 13.443,318 |
| Valeur nette d'inventaire par action | EUR | 985,34 | 1.035,72 | 1.037,88 |
| Dividende par action |  | 31,49 | 31,35 | 31,71 |
| Classe GD EUR - Distribution Nombre d'actions |  | 11.742,374 | 15.156,374 | 15.656,000 |
| Valeur nette d'inventaire par action | EUR | 1.139,26 | 1.198,41 | 1.181,90 |
| Dividende par action |  | 36,18 | 16,56 | 67,82 |
| Classe SC EUR - Capitalisation Nombre d'actions |  | 5.200,000 | 5.800,000 | 0,000 |
| Valeur nette d'inventaire par action | EUR | 1.190,66 | 1.217,52 | - |

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 | 252.074,601 | 138.829,023 | 386.250,284 | 4.653,340 |
| Classe ID EUR - Distribution | 110,000 | 0,000 | 0,000 | 110,000 |
| Classe IC EUR - Capitalisation | 1.000,000 | 0,000 | 1.000,000 | 0,000 |
| Classe OD EUR - Distribution | 8.845,900 | 2.700,000 | 1.720,686 | 9.825,214 |
| Classe GD EUR - Distribution | 15.156,374 | 1.468,000 | 4.882,000 | 11.742,374 |
| Classe SC EUR - Capitalisation | 5.800,000 | 0,000 | 600,000 | 5.200,000 |

| 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 |  |  | 27.029.455,53 | 89,91 |
| Obligations |  |  | 18.424.591,35 | 61,28 |
| France |  |  | 3.923.811,71 | 13,05 |
| ALTICE FRANCE SA	4.125 20-29 15/01S | EUR | 180.000 | 165.225,60 | 0,55 |
| ALTICE FRANCE SA 5.8750 18-27 01/02S | EUR | 100.000 | 102.505,00 | 0,34 |
| BANIJAY GROUP SAS	6.5 20-26 01/03S | EUR | 140.000 | 138.300,40 | 0,46 |
| CAB	3.3750 21-28 01/02S | EUR | 140.000 | 128.741,20 | 0,43 |
| CHROME HOLDCO SAS	3.500 21-28 31/05S | EUR | 140.000 | 130.190,20 | 0,43 |
| CHROME HOLDCO SAS	5.0 21-29 31/05S | EUR | 180.000 | 165.135,60 | 0,55 |
| ELIS SA	1.75 19-24 11/04A | EUR | 300.000 | 301.882,50 | 1,00 |
| FAURECIA	2.7500 21-27 15/02S | EUR | 250.000 | 239.412,50 | 0,80 |
| FONCIA MANAGEMENT	3.375 21-28 31/03S | EUR | 140.000 | 129.458,00 | 0,43 |
| ILIAD HOLDING	5.125 21-26 15/10S | EUR | 210.000 | 209.250,30 | 0,70 |
| ILIAD SA	1.875 21-28 11/02A | EUR | 100.000 | 87.108,00 | 0,29 |
| LOXAM SAS 4.50 19-27 15/04S | EUR | 100.000 | 93.990,00 | 0,31 |
| LOXAM SAS 5.75 19-27 15/07S | EUR | 140.000 | 134.320,20 | 0,45 |
| LOXAM SAS 6.00 17-25 15/04S | EUR | 79.855 | 79.445,41 | 0,26 |
| MOBILUX FINANCE	4.2500 21-28 15/07S | EUR | 350.000 | 328.923,00 | 1,09 |
| ORANO SA	2.75 20-28 08/03A | EUR | 100.000 | 96.736,00 | 0,32 |
| PAPREC HOLDING SA 3.5 21-28 02/07S | EUR | 250.000 | 233.160,00 | 0,78 |
| PARTS EUROPE SA 6.5 20-25 17/07S | EUR | 200.000 | 205.646,00 | 0,68 |
| PICARD GROUPE S	3.8750 21-26 01/07S | EUR | 250.000 | 241.415,00 | 0,80 |
| QUATRIM	5.8750 19-24 31/01A | EUR | 140.000 | 139.120,80 | 0,46 |
| SECHE ENVIRONNEMENT 2.25 21-28 15/11S | EUR | 210.000 | 188.741,70 | 0,63 |
| SPCM SA	2.0000 20-26 01/02A | EUR | 100.000 | 96.641,00 | 0,32 |
| TEREOS FINANCE GROUP 7.5 20-25 23/10S | EUR | 110.000 | 114.195,40 | 0,38 |
| TEREOS FINANCE GROUPE 4.75 22-27 30/04A | EUR | 180.000 | 174.267,90 | 0,58 |
| États-Unis |  |  | 2.080.027,70 | 6,92 |
| ARDAGH METAL PA	2.0000 21-28 01/09S | EUR | 140.000 | 126.723,80 | 0,42 |
| AT&T INC 2.875 20-XX 01/05A | EUR | 100.000 | 96.622,50 | 0,32 |
| AVANTOR FUNDING INC 2.625 20-25 01/11S | EUR | 110.000 | 109.169,50 | 0,36 |
| AVANTOR FUNDING INC 3.875 20-28 15/07S | EUR | 120.000 | 117.932,40 | 0,39 |
| FORD MOTOR CREDIT CO 1.355 18-25 07/02A | EUR | 110.000 | 105.519,70 | 0,35 |
| GRAPHIC PACKAGING INT 2.625 21-29 01/02S | EUR | 140.000 | 129.487,40 | 0,43 |
| IQVIA INC 2.25 21-29 15/03S | EUR | 110.000 | 99.905,30 | 0,33 |
| IQVIA INC 2.8750 20-28 15/06S | EUR | 140.000 | 132.998,60 | 0,44 |
| NETFLIX INC 3.625 17-27 05/02S | EUR | 170.000 | 183.948,50 | 0,61 |
| NETFLIX INC 3.8750 19-29 15/11S | EUR | 100.000 | 109.788,50 | 0,37 |
| OLYMPUS WATER US HOLD 3.875 21-28 01/10S | EUR | 120.000 | 111.842,40 | 0,37 |
| ORGANON FINANCE	2.8750 21-28 30/04S | EUR | 100.000 | 93.713,00 | 0,31 |
| PANTHER BF AGGREGATOR 4.375 19-26 15/05S | EUR | 140.000 | 137.111,80 | 0,46 |
| PRIMO WATER COR	3.8750 20-28 31/10S | EUR | 150.000 | 139.174,50 | 0,46 |
| SILGAN HOLDINGS INC  2.25 20-28 01/06S | EUR | 130.000 | 122.098,60 | 0,41 |
| SOUTHERN CO	1.875 21-81 15-09A | EUR | 120.000 | 107.916,00 | 0,36 |
| WMG ACQUISITION	2.75 20-28 15/07S | EUR | 160.000 | 156.075,20 | 0,52 |
| Pays-Bas |  |  | 1.950.980,63 | 6,49 |
| ABERTIS FINANCE BV  3.248 20-XX XX/XXA | EUR | 100.000 | 96.283,00 | 0,32 |
| GOODYEAR DUNLOP TIRES 2.75 21-28 15/08S | EUR | 140.000 | 130.043,20 | 0,43 |
| INTERTRUST GROUP BV 3.375 18-25 15/11S | EUR | 170.000 | 170.129,20 | 0,57 |
| LKQ EURO HOLDINGS BV 4.125 18-28 01/04S | EUR | 280.000 | 288.943,20 | 0,96 |
| LOUIS DREYFUS COMPANY 2.3750 20-25 27/11A | EUR | 110.000 | 112.825,35 | 0,38 |
| OCI NV	4.6250 20-25 15/10S | USD | 200.000 | 178.520,30 | 0,59 |
| REPSOL INTL FINANCE 2.5000 21-XX 22/03A | EUR | 180.000 | 168.773,40 | 0,56 |
| SAIPEM FIN INTL BV  2.625 17-25 07/01A | EUR | 81.000 | 72.631,08 | 0,24 |
| SUNSHINE MID BV	6.5 18-26 15/05S | EUR | 180.000 | 180.885,60 | 0,60 |
| TEVA PHARMA 6.00 20-25 31/01A | EUR | 100.000 | 103.582,00 | 0,34 |
| UNITED GROUP BV 4.00 20-27 15/11S | EUR | 210.000 | 194.529,30 | 0,65 |
| WINTERSHALL DEA FINA 2.4985 21-99 31/12A | EUR | 200.000 | 161.682,00 | 0,54 |
| ZIGGO BV	2.875 19-30 15/01S | EUR | 100.000 | 92.153,00 | 0,31 |

| Portefeuille-titres au 28/02/22 |  |
| --- | --- |
| Description | Devise | Quantité | Valeur d'évaluation (en EUR) | % actifs nets |
| Italie |  |  | 1.736.250,20 | 5,78 |
| AUTOSTRADE PER I'ITALIA 2 21-30 15/01A | EUR | 110.000 | 102.119,60 | 0,34 |
| AUTOSTRADE PER L'ITALIA 1.6250 22-28 25/01A | EUR | 180.000 | 171.322,20 | 0,57 |
| CENTURION BIDCO SPA 5.875 20-26 30/09S | EUR | 210.000 | 206.574,90 | 0,69 |
| DOVALUE 5.000 20-25 04/08S | EUR | 110.000 | 111.947,00 | 0,37 |
| GAMMA BIDCO S.P.A. 6.25 20-25 23/07S | EUR | 150.000 | 149.475,00 | 0,50 |
| NEXI SPA	2.1250 21-29 30/04S | EUR | 180.000 | 162.070,20 | 0,54 |
| POSTE ITALIANE	2.6250 21-49 31/12A | EUR | 280.000 | 242.165,00 | 0,81 |
| REKEEP S.P.A. 7.25 21-26 28/01S | EUR | 110.000 | 114.936,80 | 0,38 |
| WEBUILD SPA	3.875 22-26 28/07A | EUR | 280.000 | 262.735,20 | 0,87 |
| WEBUILD SPA	5.8750 20-25 15/12A | EUR | 210.000 | 212.904,30 | 0,71 |
| Luxembourg |  |  | 1.441.483,20 | 4,79 |
| ALTICE FRANCE HOLDING 8.0 19-27 15/05S | EUR | 160.000 | 166.000,00 | 0,55 |
| BK LC LUX FINCO1	5.25 21-29 30/04S | EUR | 100.000 | 97.141,00 | 0,32 |
| CIRSA FINANCE INT  4.7500 19-25 22/05S | EUR | 110.000 | 107.002,50 | 0,36 |
| DANA FINANCING LUX  3.0 21-29 15/07S | EUR | 140.000 | 129.099,60 | 0,43 |
| LINCOLN FINANCING SARL 3.625 19-24 01/04 | EUR | 100.000 | 99.941,00 | 0,33 |
| LUNE HOLDINGS	5.625 21-28 15/11S | EUR | 100.000 | 92.052,00 | 0,31 |
| MATTERHORN TELE	3.1250 19-26 15/09S | EUR | 130.000 | 123.347,90 | 0,41 |
| PICARD BONDCO SA	5.375 21-27 01/07S | EUR | 280.000 | 267.254,40 | 0,89 |
| PLT VII FINANCE S.A 4.625 20-26 16/07S | EUR | 150.000 | 145.581,00 | 0,48 |
| SUMMER BC HOLDC	5.7500 19-26 31/10S | EUR | 140.000 | 140.968,80 | 0,47 |
| TELECOM ITALIA FIN  7.75 03-33 24/01A | EUR | 60.000 | 73.095,00 | 0,24 |
| Allemagne |  |  | 1.146.846,20 | 3,81 |
| DEUTSCHE LUFTHANSA AG 0.1 21-23 16/11A | EUR | 200.000 | 198.561,00 | 0,66 |
| DEUTSCHE LUFTHANSA AG 2.875 21-27 16/05A | EUR | 200.000 | 190.201,00 | 0,63 |
| HT TROPLAST GMBH 9.25 20-25 06/07S | EUR | 130.000 | 132.303,60 | 0,44 |
| NOVELIS SHEET I	3.3750 21-29 15/04S | EUR | 154.000 | 144.621,40 | 0,48 |
| PLATIN 1426 GMBH	5.375 17-23 15/06S | EUR | 110.000 | 108.480,90 | 0,36 |
| PRESTIGEBIDCO GMBH  6.25 16-23 15/12S | EUR | 180.000 | 179.514,00 | 0,60 |
| PROGROUP AG	3.00 18-26 31/03S | EUR | 110.000 | 106.032,30 | 0,35 |
| WEPA HYGIEN	2.875 19-27 15/12S | EUR | 100.000 | 87.132,00 | 0,29 |
| Royaume-Uni |  |  | 1.091.117,20 | 3,63 |
| BCP V MODULAR SERVICES FINANCE II PLC | EUR | 210.000 | 199.644,90 | 0,66 |
| INTL GAME TECHNOLOGY 3.5000 19-26 15/06S | EUR | 180.000 | 178.675,20 | 0,59 |
| JAGUAR LAND ROVER 5.8750 19-24 15/11S | EUR | 70.000 | 72.272,90 | 0,24 |
| JAGUAR LAND ROVER 6.8750 19-26 15/11S | EUR | 140.000 | 148.780,80 | 0,49 |
| NOMAD FOODS BON	2.5000 21-28 24/06S | EUR | 140.000 | 128.707,60 | 0,43 |
| PEOPLECERT WISDOM IS 5.75 21-26 05/08S | EUR | 100.000 | 99.672,00 | 0,33 |
| VIRGIN MEDIA FINANCE 3.75 20-30 15/07S | EUR | 130.000 | 117.163,80 | 0,39 |
| VMED O2 UK FINANCING 3.25 20-31 31/01S | EUR | 160.000 | 146.200,00 | 0,49 |
| Japon |  |  | 724.748,00 | 2,41 |
| RAKUTEN GROUP INC 4.25 21-XX 22/04A | EUR | 280.000 | 246.702,40 | 0,82 |
| SOFTBANK GROUP 3.125 17-25 19/09S | EUR | 220.000 | 209.968,00 | 0,70 |
| SOFTBANK GROUP 5.00 18-28 15/04S | EUR | 110.000 | 106.137,90 | 0,35 |
| SOFTBANK GROUP CORP 2.875 21-27 06/01S | EUR | 180.000 | 161.939,70 | 0,54 |
| Suède |  |  | 724.645,30 |  |
| DOMETIC GROUP AB 3.00 19-26 08/05A | EUR | 120.000 | 120.618,00 | 0,40 |
| INTRUM AB	3.00 19-27 15/09A | EUR | 150.000 | 136.114,50 | 0,45 |
| UNILABS SUBHOLDING AB 5.75 17-25 15/05S | EUR | 140.000 | 139.687,80 | 0,46 |
| VERISURE HOLDING AB 3.25 21-27 15/02S | EUR | 110.000 | 103.400,00 | 0,34 |
| VERISURE HOLDING AB 3.875 20-26 15/07S | EUR | 230.000 | 224.825,00 | 0,75 |
| Espagne |  |  | 718.080,60 | 2,39 |
| CELLNEX TELECOM SA 2.375 16-24 16/01A | EUR | 200.000 | 205.324,00 | 0,68 |
| EDREAMS ODIGEO SA	5.5 22-27 15/07S | EUR | 140.000 | 137.172,00 | 0,46 |
| LORCA TELECOM BONDCO 4.00 20-27 18/09S | EUR | 280.000 | 267.962,80 | 0,89 |
| NN HOTEL GROUP SA	4 21-26 02/07S | EUR | 110.000 | 107.621,80 | 0,36 |
| Mexique |  |  | 471.935,65 | 1,57 |
| CEMEX SAB DE CV	3.1250 19-26 19/03S | EUR | 110.000 | 110.923,45 | 0,37 |

| Portefeuille-titres au 28/02/22 |  |  |  |  |
| --- | --- | --- | --- | --- |
| Description | Devise | Quantité | Valeur d'évaluation (en EUR) | % actifs nets |
| NEMAK SAB CV	2.25 21-28 20/07A | EUR | 210.000 | 187.681,20 | 0,62 |
| PEMEX 3.75 14-26 16/04A | EUR | 180.000 | 173.331,00 | 0,58 |
| Finlande |  |  | 434.808,30 | 1,45 |
| NOKIA OYJ	2.3750 20-25 15/05A | EUR | 250.000 | 255.967,50 | 0,85 |
| PHM GROUP HOLDING OY 4.75 21-26 18/06S | EUR | 180.000 | 178.840,80 | 0,59 |
| Norvège |  |  | 424.811,68 | 1,41 |
| ADEVINTA ASA	2.625 20-25 25/11A | EUR | 180.000 | 177.654,60 | 0,59 |
| ADEVINTA ASA	3.00 20-27 15/11S | EUR | 110.000 | 105.384,40 | 0,35 |
| NASSA TOPCO	2.875 17-24 06/04S | EUR | 141.000 | 141.772,68 | 0,47 |
| Danemark |  |  | 350.196,04 | 1,16 |
| DKT FINANCE APS	7.00 18-23 17/06S | EUR | 350.000 | 350.196,04 | 1,16 |
| Autriche |  |  | 296.701,50 | 0,99 |
| LENZING AG	5.75 20-XX 07/12A | EUR | 100.000 | 103.556,00 | 0,34 |
| SAPPI PAPIER HOLDING 3.125 19-26 15/04S | EUR | 100.000 | 97.041,50 | 0,32 |
| SAPPI PAPIER HOLDING 3.625 21-28 15/03S | EUR | 100.000 | 96.104,00 | 0,32 |
| République tchèque |  |  | 210.086,10 | 0,70 |
| SAZKA GROUP AS	4.1250 19-24 20/11S | EUR | 210.000 | 210.086,10 | 0,70 |
| Israël |  |  | 197.007,30 | 0,66 |
| TEVA PHARMACEUTICAL 3.75 21-27 09/05S | EUR | 210.000 | 197.007,30 | 0,66 |
| Irlande |  |  | 192.564,00 | 0,64 |
| EIRCOM FINA	3.5000 19-26 15/05U | EUR | 200.000 | 192.564,00 | 0,64 |
| Marshall, Îles |  |  | 172.652,24 | 0,57 |
| DANAOS CORP 8.5 21-28 11/02S | USD | 180.000 | 172.652,24 | 0,57 |
| Belgique |  |  | 135.837,80 | 0,45 |
| HOUSE OF FINANCE 4.375	19-26 15/07S | EUR | 140.000 | 135.837,80 | 0,45 |
| Obligations à taux variables |  |  | 6.245.974,10 | 20,78 |
| Pays-Bas |  |  | 1.512.773,05 | 5,03 |
| ASR NEDERLAND	FL.R 17-XX 19/10S | EUR | 200.000 | 200.712,00 | 0,67 |
| ELM BV	FL.R 20-99 31/12A | EUR | 180.000 | 182.223,00 | 0,61 |
| LEASEPLAN CORPORATION FL.R 19-XX 29/05S | EUR | 200.000 | 213.567,00 | 0,71 |
| REPSOL INTL FINANCE FL.R 20-49 31/12A | EUR | 130.000 | 129.895,35 | 0,43 |
| REPSOL INTL FINANCE FL.R 20-XX 11/12A | EUR | 150.000 | 149.422,50 | 0,50 |
| TELEFONICA EUROPE BV FL.R 18-XX 22/03A | EUR | 200.000 | 199.282,00 | 0,66 |
| TELEFONICA EUROPE BV FL.R 19-XX 14/03A | EUR | 200.000 | 207.085,00 | 0,69 |
| TELEFONICA EUROPE BV FL.R 19-XX 24/09A | EUR | 100.000 | 92.783,50 | 0,31 |
| UNITED GROUP BV	FL.R 22-29 01/02Q | EUR | 140.000 | 137.802,70 | 0,46 |
| France |  |  | 1.052.163,50 | 3,50 |
| BFCM FL.R 04-XX 15/12S | EUR | 140.000 | 123.588,50 | 0,41 |
| CASINO GUICHARD PER FL.R 14-24 07/03A | EUR | 100.000 | 92.462,00 | 0,31 |
| CNP ASSURANCES FL.R 18-XX 27/06S | EUR | 100.000 | 103.507,00 | 0,34 |
| EDF FL.R 20-XX 15/09A | EUR | 200.000 | 173.512,00 | 0,58 |
| ELECTRICITE DE FRANCE FL.R 19-XX 03/12A | EUR | 200.000 | 179.916,00 | 0,60 |
| LA POSTE FL.R 18-XX 29/01A | EUR | 200.000 | 196.858,00 | 0,65 |
| VEOLIA ENVIRONNEMENT FL.R 20-XX 20/10A | EUR | 200.000 | 182.320,00 | 0,61 |
| Espagne |  |  | 675.417,00 | 2,25 |
| ABANCA CORP BAN	FL.R 19-30 07/04A | EUR | 100.000 | 100.519,00 | 0,33 |
| CAIXABANK SA	FL.R 18-XX 23/03Q | EUR | 200.000 | 197.053,00 | 0,66 |
| IBERCAJA BANCO S.A.U FL.R 20-30 23/01A | EUR | 200.000 | 192.224,00 | 0,64 |
| UNICAJA BANCO S	FL.R 21-99 31/12Q | EUR | 200.000 | 185.621,00 | 0,62 |
| Italie |  |  | 657.296,75 | 2,19 |
| BANCO BPM SPA FL.R 13-18 30/07Q | EUR | 210.000 | 203.437,50 | 0,68 |
| BANCO BPM SPA FL.R 19-99 18/04S | EUR | 100.000 | 107.713,50 | 0,36 |
| UNICREDIT SPA FL.R 19-49 19/03S | EUR | 210.000 | 226.894,50 | 0,75 |
| UNICREDIT SPA FL.R 20-32 15/01A | EUR | 125.000 | 119.251,25 | 0,40 |
| Suède |  |  | 502.945,15 | 1,67 |
| AKELIUS RESIDENTIAL FL.R 20-81 17/05A | EUR | 165.000 | 149.547,75 | 0,50 |

| Portefeuille-titres au 28/02/22 |  |  |  |  |
| --- | --- | --- | --- | --- |
| Description | Devise | Quantité | Valeur d'évaluation (en EUR) | % actifs nets |
| HEIMSTADEN AB	FL.R 20-XX 15/10A | EUR | 160.000 | 146.099,20 | 0,49 |
| REN10 HOLDING A	FL.R 22-27 01/02Q | EUR | 100.000 | 98.539,00 | 0,33 |
| TRANSCOM HOLDING AB FL.R 21-26 18/06Q | EUR | 110.000 | 108.759,20 | 0,36 |
| Royaume-Uni |  |  | 306.695,60 | 1,02 |
| VODAFONE GROUP PLC FL.R 18-78 03/10A | EUR | 100.000 | 100.912,00 | 0,34 |
| VODAFONE GROUP PLC FL.R 20-80 27/08A | EUR | 110.000 | 100.172,60 | 0,33 |
| VODAFONE GROUP PLC  FL.R 20-80 27/08A | EUR | 110.000 | 105.611,00 | 0,35 |
| Portugal |  |  | 272.380,50 | 0,91 |
| BANCO COMERCIAL PORTUGUES	FL.R 19-30 27/03A | EUR | 100.000 | 92.510,50 | 0,31 |
| BANCO COMERC PO	FL.R 21-32 17/05A | EUR | 200.000 | 179.870,00 | 0,60 |
| Allemagne |  |  | 261.836,40 | 0,87 |
| BAYER AG FL.R 14-74 01/07A | EUR | 160.000 | 162.086,40 | 0,54 |
| INFINEON TECHNOLOGIES FL.R 19-XX 01/04A | EUR | 100.000 | 99.750,00 | 0,33 |
| Mexique |  |  | 247.542,50 | 0,82 |
| PEMEX FL.R 18-23 24/08Q | EUR | 250.000 | 247.542,50 | 0,82 |
| Irlande |  |  | 218.501,00 | 0,73 |
| BANK OF IRELAND GRP FL.R 20-XX 19/05A | EUR | 200.000 | 218.501,00 | 0,73 |
| Autriche |  |  | 203.317,00 | 0,68 |
| ERSTE GROUP BANK AG FL.R 19-99 31/12S | EUR | 200.000 | 203.317,00 | 0,68 |
| Finlande |  |  | 128.129,40 | 0,43 |
| CITYCON OY J	FL.R	19-XX 22/02A | EUR | 140.000 | 128.129,40 | 0,43 |
| États-Unis |  |  | 107.401,25 | 0,36 |
| FORD MOTOR CREDIT CO FL.R 18-23 15/11 | EUR | 110.000 | 107.401,25 | 0,36 |
| Luxembourg |  |  | 99.575,00 | 0,33 |
| PLT VII FINANCE S.A FL.R 20-26 05/01Q | EUR | 100.000 | 99.575,00 | 0,33 |
| Obligations convertibles |  |  | 2.358.890,08 | 7,85 |
| Italie |  |  | 999.590,00 | 3,32 |
| TELECOM ITALIA CV  1.125 15-22 26/03S | EUR | 1.000.000 | 999.590,00 | 3,32 |
| France |  |  | 773.755,80 | 2,57 |
| AIR FRANCE KLM 0.125 19-26 25/03A | EUR | 13.000 | 213.416,25 | 0,71 |
| KORIAN SA CV 0.875 20-27 06/03A | EUR | 5.500 | 274.133,75 | 0,91 |
| MAISON DU MONDE CV 0.125 17-23 06/12A | EUR | 6.000 | 286.205,80 | 0,95 |
| Espagne |  |  | 409.881,00 | 1,36 |
| BANKINTER SA	FL.R 20-XX 17/07Q | EUR | 200.000 | 212.270,00 | 0,71 |
| INTL CONSOLIDATED CV 0.614 15-22 17/11S | EUR | 200.000 | 197.611,00 | 0,66 |
| Autriche |  |  | 175.663,28 | 0,58 |
| AMS AG 0.875 17-22 28/09S | USD | 200.000 | 175.663,28 | 0,58 |
| Organismes de placement collectif |  |  | 1.439.643,57 | 4,79 |
| Actions/Parts de fonds d'investissements |  |  | 1.439.643,57 | 4,79 |
| France |  |  | 1.439.643,57 | 4,79 |
| GROUPAMA ENTREPRISES FCP -I- CAP | EUR | 640 | 1.439.643,57 | 4,79 |
| Total du portefeuille-titres |  |  | 28.469.099,10 | 94,69 |