# Geographical classification
(by domicile of the issuer) (in percentage of net assets)
| United States of America | 24.10 % |
| --- | --- |
| Japan | 19.47 % |
| Canada | 5.68 % |
| South Korea | 5.65 % |
| Norway | 1.46 % |
| Finland | 1.39 % |
| Sweden | 1.28 % |
| Italy | 1.00 % |
| United Kingdom | 0.81 % |
| Singapore | 0.70 % |
| The Netherlands | 0.70 % |
| Switzerland | 0.61 % |
| Hong Kong | 0.38 % |
| Ireland | 0.35 % |
| France | 0.23 % |
| British Virgin Islands | 0.22 % |
| Bermuda | 0.22 % |
| China | 0.22 % |
| Germany | 0.20 % |
| Total | 64.67 % |

| Assets |  |
| --- | --- |
| Securities portfolio at market value | 42,723,016.65 |
| Deposits on futures contracts | 420,942.00 |
| Cash at banks | 5,811,004.28 |
| Formation expenses, net | 16,366.39 |
| Income receivable on portfolio | 1,802.74 |
| Unrealised gain on futures contracts | 130,452.63 |
| Unrealised gain on forward foreign exchange contracts | 136,715.91 |
| Prepaid expenses | 	679.64  |
| Total assets | 49,240,980.24 |
| Liabilities |  |
| Bank overdrafts | 2,443,691.11 |
| Redeemable cash collateral received | 180,000.00 |
| Expenses payable | 48,380.05 |
| Other liabilities | 	245,561.53  |
| Total liabilities | 2,917,632.69 |
| Net assets at the end of the year | 46,323,347.55 |

Breakdown of net assets per share class
| Share class | Number of shares | Currency of share class | NAV per share in currency of share class | Net assets per share class (in EUR) |
| --- | --- | --- | --- | --- |
| BP | 414.281 | EUR | 99.39 | 41,174.21 |
| UP | 10.000 | EUR | 101.72 | 1,017.24 |
| UPH (USD) | 10.000 | USD | 108.71 | 888.47 |
| X | 14,769.927 | EUR | 102.02 | 1,506,802.42 |
| XN | 20,017.611 | EUR | 101.45 | 2,030,732.58 |
| IP | 3,150.000 | EUR | 101.52 | 319,778.42 |
| IPH (CHF) | 2,154.000 | CHF | 100.23 | 199,626.85 |
| IPH (USD) | 4,510.000 | USD | 109.00 | 401,774.51 |
| R | 352,664.719 | EUR | 104.25 | 36,763,809.18 |
| RAMCH | 52,506.347 | CHF | 104.18 | 	5,057,743.67  |
|  |  |  |  | 	46,323,347.55  |

| Income |  |
| --- | --- |
| Dividends, net | 31,830.52 |
| Interest on bonds and other debt securities, net | 6,720.69 |
| Bank interest | 	688.16  |
| Total income | 39,239.37 |
| Expenses |  |
| Management fees | 65,583.49 |
| Performance fees | 1,453.52 |
| Depositary fees | 21,153.28 |
| Banking charges and other fees | 986.64 |
| Transaction fees | 19,957.60 |
| Central administration costs | 91,476.70 |
| Professional fees | 3,020.59 |
| Other administration costs | 70,900.88 |
| Subscription duty ("taxe d'abonnement") | 1,579.44 |
| Bank interest paid | 32,528.00 |
| Other expenses | 	11,107.95  |
| Total expenses | 319,748.09 |
| Net investment loss | -280,508.72 |
| Net realised gain/(loss) |  |
| - on securities portfolio | 473,604.23 |
| - on futures contracts | 242,271.71 |
| - on forward foreign exchange contracts | 1,193,339.38 |
| - on foreign exchange | 	630,870.70  |
| Realised result | 2,259,577.30 |
| Net variation of the unrealised gain/(loss) |  |
| - on securities portfolio | -1,623,027.91 |
| - on futures contracts | 214,881.07 |
| - on forward foreign exchange contracts | 	-1,821.33  |
| Result of operations | 849,609.13 |
| Subscriptions | 7,302,011.47 |
| Redemptions | -5,192,663.44 |
| Total changes in net assets | 2,958,957.16 |
| Total net assets at the beginning of the year | 43,364,390.39 |
| Total net assets at the end of the year | 46,323,347.55 |

| Total net assets | Currency | 31.12.2018 | 31.12.2019 | 31.12.2020 |
| --- | --- | --- | --- | --- |
|  | EUR | 42,367,807.63 | 43,364,390.39 | 46,323,347.55 |

| Net asset value per share class | Currency | 31.12.2018 | 31.12.2019 | 31.12.2020 |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| BP | EUR | 92.07 | 98.71 | 99.39 |  |  |
| CPH | CHF | 91.54 | 97.67 | 91.34 | * | 22/05/2020 |
| UP | EUR | 92.90 | 100.37 | 101.72 |  |  |
| UPH (USD) | USD | 95.18 | 105.52 | 108.71 |  |  |
| X | EUR | - | 101.83 | 102.02 |  |  |
| XN | EUR | - | 101.47 | 101.45 |  |  |
| IP | EUR | 92.80 | 100.20 | 101.52 |  |  |
| IPH (CHF) | CHF | 92.26 | 99.18 | 100.23 |  |  |
| IPH (USD) | USD | 95.47 | 105.84 | 109.00 |  |  |
| R | EUR | 93.55 | 101.89 | 104.25 |  |  |
| RAMCH | CHF | 94.28 | 102.20 | 104.18 |  |  |

(*) Net asset value used for final redemption.
| Annual performance per share class (in %) | Currency | 31.12.2018 | 31.12.2019 | 31.12.2020 |
| --- | --- | --- | --- | --- |
| BP | EUR | -7.86 | 7.21 | 0.69 |
| UP | EUR | -7.05 | 8.04 | 1.35 |
| UPH (USD) | USD | -4.93 | 10.86 | 3.02 |
| X | EUR | - | - | 0.19 |
| XN | EUR | - | - | -0.02 |
| IP | EUR | -7.15 | 7.97 | 1.32 |
| IPH (CHF) | CHF | -7.61 | 7.50 | 1.06 |
| IPH (USD) | USD | -4.67 | 10.86 | 2.99 |
| R | EUR | -6.42 | 8.92 | 2.32 |
| RAMCH | CHF | - | 8.40 | 1.94 |

| Number of shares | outstanding at the beginning of the year | issued | redeemed | outstanding at the end of the year |
| --- | --- | --- | --- | --- |
| BP | 306.627 | 31,016.215 | -30,908.561 | 414.281 |
| CPH | 7,500.000 | - | -7,500.000 | - |
| UP | 10.000 | - | - | 10.000 |
| UPH (USD) | 10.000 | - | - | 10.000 |
| X | 359.427 | 19,199.136 | -4,788.636 | 14,769.927 |
| XN | 206.751 | 22,153.228 | -2,342.368 | 20,017.611 |
| IP | 10,925.000 | - | -7,775.000 | 3,150.000 |
| IPH (CHF) | 2,154.000 | - | - | 2,154.000 |
| IPH (USD) | 7,120.000 | - | -2,610.000 | 4,510.000 |
| R | 352,664.719 | - | - | 352,664.719 |
| RAMCH | 50,000.000 | 2,506.347 | - | 52,506.347 |

Annual returns were calculated for the last 3 consecutive financial years. For sub-funds / share types launched or liquidated during the financial year, the corresponding annual return has not been calculated.
The historical performance is not an indication of current or future results. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares of the SICAV.
| Synthetic TER per share class as at 31.12.2020 (unaudited) | TER without performance fee (in %) | Performance fee ratio (in %) | TER with performance fee (in %) |
| --- | --- | --- | --- |
| BP | 2.59 | 0.00 | 2.59 |
| UP | 1.56 | 0.15 | 1.71 |
| UPH (USD) | 1.59 | 0.23 | 1.82 |
| X | 2.99 | - | 2.99 |
| XN | 3.19 | - | 3.19 |
| IP | 1.72 | 0.08 | 1.80 |
| IPH (CHF) | 1.75 | 0.03 | 1.78 |
| IPH (USD) | 1.76 | 0.17 | 1.93 |
| R | 0.89 | - | 0.89 |
| RAMCH | 0.92 | - | 0.92 |

Annual returns were calculated for the last 3 consecutive financial years. For sub-funds / share types launched or liquidated during the financial year, the corresponding annual return has not been calculated.
The historical performance is not an indication of current or future results. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares of the SICAV.
| Currency | Number / nominal value | Description | Cost |  | Market value |  | % of total net assets * |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Investments in securities |
| Transferable securities admitted to an official stock exchange listing |
| Shares |  |  |  |  |  |  |  |
| USD | 2,100 | Agnico Eagle Mines Ltd | 124,003.01 |  | 121,012.59 |  | 0.26 |
| USD | 4,400 | AngloGold Ashanti Ltd spons ADS repr 1 Share | 124,706.92 |  | 81,340.31 |  | 0.18 |
| USD | 950 | Franco Nevada Corporation Reg | 122,707.63 |  | 97,305.90 |  | 0.21 |
| USD | 8,200 | Newmont Corp Reg | 428,214.99 |  | 401,355.02 |  | 0.87 |
| USD | 2,900 | Wheaton Precious Metals Corp Reg | 	121,967.42  |  | 	98,926.12  |  | 	0.21  |
| Total shares |  | 921,599.97 |  | 799,939.94 |  | 1.73 |
| Bonds |  |  |  |  |  |  |  |
| EUR | 200,000 | Air France KLM 3.75% Sen 16/12.10.22 | 194,000.00 |  | 199,935.00 |  | 0.43 |
| EUR | 200,000 | Deutsche Lufthansa AG 0.25% EMTN Ser 4 Reg S 19/06.09.24 | 	179,880.00  |  | 	185,712.00  |  | 	0.40  |
| Total bonds |  | 373,880.00 |  | 385,647.00 |  | 0.83 |
| Open-ended investment funds |
| Investment funds (UCITS) |
| CHF | 19,160.053 | RAM (LUX) Syst Fds Long/Short Eur Equities RAMCH Cap | 1,971,806.41 |  | 1,846,666.65 |  | 3.99 |
| EUR | 20,011.188 | Lazard Gl Inv Fds Plc Rathmore Alternative EA Cap | 2,208,836.93 |  | 2,407,752.14 |  | 5.20 |
| EUR | 10,160 | RAM (Lux) Syst Fds European Equities R Cap | 4,852,962.16 |  | 5,406,237.60 |  | 11.67 |
| EUR | 13,362.095 | RAM (LUX) Syst Fds Long/Short Eur Equities R Cap | 	1,321,578.92  |  | 	1,184,148.86  |  | 	2.56  |
|  |  |  | 8,383,378.01 |  | 8,998,138.60 |  | 19.43 |
| USD | 12,840 | RAM (LUX) Syst Fd Emerging Markets Equities R Cap | 2,280,631.42 |  | 2,636,208.56 |  | 5.69 |
| USD | 50,000 | RAM (Lux) Syst Fds Diversified Alpha R Cap | 4,229,402.81 |  | 4,029,094.48 |  | 8.70 |
| USD | 26,940 | RAM (Lux) Syst Fds Long/Short Gl Equities R Cap | 2,205,633.75 |  | 2,000,024.19 |  | 4.32 |
| USD | 71,981.22 | RAM (LUX) Syst Fds Stable Climate Global Equities R Cap | 6,378,486.48 |  | 6,851,040.27 |  | 14.79 |
| USD | 49,040 | RAM (Lux) Tactical Fds Global Bond Total Return R Cap | 6,911,532.00 |  | 8,042,143.18 |  | 17.36 |
| USD | 38,954.93 | Ram (Lux) Tactical Fds II Asia Bd TR R USD Cap | 	4,718,581.48  |  | 	5,021,543.90  |  | 	10.84  |
|  |  |  | 26,724,267.94 |  | 28,580,054.58 |  | 61.70 |
| Total investment funds (UCITS) | 37,079,452.36 |  | 39,424,859.83 |  | 85.12 |
| Tracker funds (UCITS) |
| EUR | 221,352 | iShares II Plc USD High Yield Corp Bond UCITS ETF EUR Dist | 994,963.90 |  | 1,049,263.82 |  | 2.26 |
| USD | 82,060 | iShares V Plc Gold Producers UCITS ETF USD Cap | 1,126,732.23 |  | 1,063,306.06 |  | 2.29 |
| Total tracker funds (UCITS) | 2,121,696.13 |  | 2,112,569.88 |  | 4.55 |
| Total investments in securities | 40,496,628.46 |  | 42,723,016.65 |  | 92.23 |
| Cash at banks |  |  | 5,811,004.28 |  | 12.54 |
| Bank overdrafts |  |  | -2,443,691.11 |  | -5.28 |
| Other net assets/(liabilities) |  |  | 233,017.73 |  | 0.51 |
| Total |  |  | 46,323,347.55 |  | 100.00 |

* Minor differences may arise due to rounding in the calculation of percentages.
The accompanying notes are an integral part of these financial statements.

Translation (ENFR, 2020-12-31):
# Répartition géographique
(par pays de résidence de l'émetteur) (en pourcentage de l'actif net)
| Suède | 12,78 % |
| --- | --- |
| Allemagne | 12,32 % |
| France | 11,86 % |
| Suisse | 11,32 % |
| Finlande | 8,76 % |
| Pays-Bas | 7,12 % |
| Royaume-Uni | 6,88 % |
| Italie | 4,53 % |
| Danemark | 3,76 % |
| Espagne | 3,47 % |
| Norvège | 3,37 % |
| Belgique | 1,61 % |
| Autriche | 1,59 % |
| Luxembourg | 0,86 % |
| Jersey | 0,59 % |
| Portugal | 0,09 % |
| Total | 90,91 % |

| Actif |  |
| --- | --- |
| Portefeuille-titres à la valeur d'évaluation | 37.767.111,42 |
| Avoirs bancaires | 1.086.969,39 |
| A recevoir sur émissions d'actions | 25.695,43 |
| Revenus à recevoir sur portefeuille-titres | 21.674,62 |
| Plus-values non réalisées sur changes à terme | 157.056,61 |
| Charges payées d'avance | 	3.157,33  |
| Total de l'actif | 39.061.664,80 |
| Exigible |  |
| Dettes bancaires | 26.903,82 |
| Garantie en espèces reçue à rembourser | 105.000,00 |
| Frais à payer | 	85.173,58  |
| Total de l'exigible | 217.077,40 |
| Actif net à la fin de l'exercice | 38.844.587,40 |

| Répartition des actifs nets par classe d'action |  |
| --- | --- |
| Classe d'action | Nombre | Devise | VNI par action | Actifs nets |
|  | d'actions | action | en devise de la classe d'action | par classe d'action (en USD) |
| B | 12.480,395 | USD | 337,36 | 4.210.389,57 |
| EH | 987,899 | EUR | 282,53 | 341.518,46 |
| F | 17.188,576 | USD | 318,28 | 5.470.862,69 |
| GH | 3.430,282 | EUR | 264,04 | 1.108.251,05 |
| PH | 929,568 | CHF | 285,00 | 299.720,07 |
| PI | 5,000 | USD | 383,79 | 1.918,93 |
| I | 50,000 | USD | 355,49 | 17.774,70 |
| IP | 599,513 | USD | 381,69 | 228.828,48 |
| IPH (EUR) | 11.166,567 | EUR | 106,43 | 1.454.187,34 |
| R | 197.400,000 | USD | 119,99 | 23.685.264,02 |
| RAM | 1.095,000 | USD | 408,76 | 447.591,01 |
| RAMCH | 9.796,753 | CHF | 142,40 | 	1.578.281,08  |
|  |  |  |  | 	38.844.587,40  |

| Revenus |  |
| --- | --- |
| Dividendes, nets | 507.119,74 |
| Intérêts bancaires | 2.713,64 |
| Autres commissions reçues | 32,47 |
| Autres revenus | 	4.244,21  |
| Total des revenus | 514.110,06 |
| Charges |  |
| Commission de gestion | 187.378,47 |
| Commission de dépositaire | 16.610,77 |
| Frais bancaires et autres commissions | 2.830,11 |
| Frais sur transactions | 58.550,23 |
| Frais d'administration centrale | 141.361,07 |
| Frais professionnels | 2.685,56 |
| Autres frais d'administration | 116.652,78 |
| Taxe d'abonnement | 9.174,49 |
| Autres impôts | 474,66 |
| Intérêts bancaires payés | 214,63 |
| Autres charges | 	14.296,28  |
| Total des charges | 550.229,05 |
| Pertes nettes des investissements | -36.118,99 |
| Bénéfice/(perte) net(te) réalisé(e) |  |
| - sur portefeuille-titres | 1.637.195,23 |
| - sur changes à terme | 206.622,58 |
| - sur devises | 	2.015,71  |
| Résultat réalisé | 1.809.714,53 |
| Variation nette de la plus-/(moins-) value non réalisée |  |
| - sur portefeuille-titres | 834.848,85 |
| - sur changes à terme | 	92.521,04  |
| Résultat des opérations | 2.737.084,42 |
| Emissions | 4.456.650,62 |
| Rachats | -17.485.229,44 |
| Total des variations de l'actif net | -10.291.494,40 |
| Total de l'actif net au début de l'exercice | 49.136.081,80 |
| Total de l'actif net à la fin de l'exercice | 38.844.587,40 |

| Total de l'actif net | Devise | 31.12.2018 | 31.12.2019 | 31.12.2020 |
| --- | --- | --- | --- | --- |
|  | USD | 27.420.821,50 | 49.136.081,80 | 38.844.587,40 |

| VNI par classe d'action | Devise | 31.12.2018 | 31.12.2019 | 31.12.2020 |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| B | USD | 249,72 | 309,47 | 337,36 |  |  |
| CPH | CHF | 238,73 | 287,41 | 270,09 | * | 01/07/2020 |
| EH | EUR | 218,98 | 264,59 | 282,53 |  |  |
| F | USD | 237,74 | 293,44 | 318,28 |  |  |
| GH | EUR | 206,72 | 248,53 | 264,04 |  |  |
| PH | CHF | 224,44 | 268,84 | 285,00 |  |  |
| PI | USD | 277,31 | 348,52 | 383,79 |  |  |
| I | USD | 260,57 | 324,33 | 355,49 |  |  |
| IP | USD | 278,22 | 348,27 | 381,69 |  |  |
| IPH (EUR) | EUR | - | - | 106,43 |  |  |
| R | USD | 85,52 | 108,30 | 119,99 |  |  |
| RAM | USD | 291,58 | 369,10 | 408,76 |  |  |
| RAMCH | CHF | 107,48 | 131,55 | 142,40 |  |  |

(*) Valeur nette d'inventaire utilisée pour le rachat final.
| Performance annuelle par classe d'action (en %) | Devise | 31.12.2018 | 31.12.2019 | 31.12.2020 |
| --- | --- | --- | --- | --- |
| B | USD | -15,80 | 23,93 | 9,01 |
| EH | EUR | -18,28 | 20,83 | 6,78 |
| F | USD | -16,22 | 23,43 | 8,47 |
| GH | EUR | -18,70 | 20,23 | 6,24 |
| PH | CHF | -19,02 | 19,78 | 6,01 |
| PI | USD | -15,01 | 25,68 | 10,12 |
| I | USD | -15,34 | 24,47 | 9,61 |
| IP | USD | -15,35 | 25,18 | 9,60 |
| R | USD | -14,48 | 26,64 | 10,79 |
| RAM | USD | -14,51 | 26,59 | 10,75 |
| RAMCH | CHF | -17,35 | 22,39 | 8,25 |

| Nombre d'actions | en circulation au début de l'exercice | émises | remboursées | en circulation à la fin de l'exercice |
| --- | --- | --- | --- | --- |
| B | 26.759,383 | 263,830 | -14.542,818 | 12.480,395 |
| CPH | 68,000 | - | -68,000 | - |
| EH | 1.869,956 | 9,000 | -891,057 | 987,899 |
| F | 26.960,513 | 169,063 | -9.941,000 | 17.188,576 |
| GH | 4.223,257 | 590,046 | -1.383,021 | 3.430,282 |
| PH | 981,387 | 26,872 | -78,691 | 929,568 |
| PI | 64,148 | - | -59,148 | 5,000 |
| I | 50,000 | - | - | 50,000 |
| IP | 769,397 | - | -169,884 | 599,513 |
| IPH (EUR) | - | 13.024,393 | -1.857,826 | 11.166,567 |
| R | 262.910,000 | 24.200,000 | -89.710,000 | 197.400,000 |
| RAM | 1.095,000 | - | - | 1.095,000 |
| RAMCH | 12.742,919 | 1.790,991 | -4.737,157 | 9.796,753 |

Les performances annuelles ont été calculées pour les 3 derniers exercices. Pour les compartiments / types d'actions lancés ou liquidés en cours d'exercice, la performance annuelle correspondante n'a pas été calculée.
La performance historique ne donne pas d'indication sur la performance actuelle ou future. Les données de performance ne tiennent pas compte des commissions et frais perçus lors de l'émission et du rachat d'actions de la SICAV.
| TER par classe d'action au 31.12.2020 (non audité) | TER sans commission de performance (en %) | Ratio de la commission de performance (en %) | TER avec commission de performance (en %) |
| --- | --- | --- | --- |
| B |  | 2,20 | - | 2,20 |
| EH |  | 2,23 | - | 2,23 |
| F |  | 2,70 | - | 2,70 |
| GH |  | 2,74 | - | 2,74 |
| PH |  | 2,74 | - | 2,74 |
| PI |  | 1,08 | - | 1,08 |
| I |  | 1,67 | - | 1,67 |
| IP |  | 1,68 | 0,00 | 1,68 |
| IPH (EUR) | * | 1,72 | 0,00 | 1,72 |
| R |  | 0,60 | - | 0,60 |
| RAM |  | 0,64 | - | 0,64 |
| RAMCH |  | 0,65 | - | 0,65 |
| * TER annualisé |  |  |  |  |

Les performances annuelles ont été calculées pour les 3 derniers exercices. Pour les compartiments / types d'actions lancés ou liquidés en cours d'exercice, la performance annuelle correspondante n'a pas été calculée.
La performance historique ne donne pas d'indication sur la performance actuelle ou future. Les données de performance ne tiennent pas compte des commissions et frais perçus lors de l'émission et du rachat d'actions de la SICAV.
| Devise | Valeur nominale/ Quantité | Dénomination | Coût d'acquisition | Valeur d'évaluation | % de l'actif net * |
| --- | --- | --- | --- | --- | --- |
| Portefeuille-titres |
| Valeurs mobilières admises à la cote officielle d'une bourse devaleurs |
| Actions |
| USD | 518 | 3M Co | 86.258,36 | 90.541,22 | 0,23 |
| USD | 5.154 | AbbVie Inc | 520.308,50 | 552.251,10 | 1,42 |
| USD | 2.186 | Accenture Plc A | 499.415,92 | 571.005,06 | 1,47 |
| USD | 1.797 | Adobe Inc Reg | 841.402,14 | 898.715,64 | 2,31 |
| USD | 415 | Agilent Technologies Inc Reg | 39.127,68 | 49.173,35 | 0,13 |
| USD | 515 | Alphabet Inc A | 709.884,45 | 902.609,60 | 2,32 |
| USD | 877 | Amerco Reg | 375.233,48 | 398.122,92 | 1,02 |
| USD | 480 | American Express Co | 56.826,72 | 58.036,80 | 0,15 |
| USD | 3.247 | Amgen Inc | 749.674,11 | 746.550,24 | 1,92 |
| USD | 140 | ANSYS Inc | 43.598,83 | 50.932,00 | 0,13 |
| USD | 1.826 | Applied Materials Inc | 146.788,32 | 157.583,80 | 0,41 |
| USD | 296 | Aptiv Plc Reg | 34.517,13 | 38.565,84 | 0,10 |
| USD | 1.123 | Archer-Daniels Midland Co | 55.340,83 | 56.610,43 | 0,15 |
| USD | 1.591 | Automatic Data Processing Inc | 275.104,04 | 280.334,20 | 0,72 |
| USD | 646 | Ball Corp | 55.979,48 | 60.194,28 | 0,15 |
| USD | 826 | Bank of New York Mellon Corp | 30.068,18 | 35.055,44 | 0,09 |
| USD | 1.338 | Becton Dickinson & Co | 330.390,02 | 334.794,36 | 0,86 |
| USD | 475 | Best Buy Co Inc | 48.748,84 | 47.400,25 | 0,12 |
| USD | 367 | BlackRock Inc | 245.184,90 | 264.805,18 | 0,68 |
| USD | 18.730 | Bristol Myers Squibb Co | 1.126.071,54 | 1.161.821,90 | 2,99 |
| USD | 8.064 | Bunge Ltd | 479.199,97 | 528.837,12 | 1,36 |
| USD | 4.599 | Cadence Design Systems Inc | 397.306,31 | 627.441,57 | 1,62 |
| USD | 1.069 | Campbell Soup Co | 50.721,08 | 51.686,15 | 0,13 |
| USD | 453 | Cardinal Health Inc | 21.689,46 | 24.262,68 | 0,06 |
| USD | 3.259 | Carrier Global Corporation Reg | 104.359,02 | 122.929,48 | 0,32 |
| USD | 492 | Caterpillar Inc Reg | 84.490,27 | 89.553,84 | 0,23 |
| USD | 438 | CBRE Group Inc A | 28.788,25 | 27.471,36 | 0,07 |
| USD | 305 | Cerner Corp | 20.907,75 | 23.936,40 | 0,06 |
| USD | 332 | Cigna Corp Reg | 66.280,35 | 69.115,76 | 0,18 |
| USD | 24.613 | Cisco Systems Inc | 1.060.593,42 | 1.101.431,75 | 2,84 |
| USD | 4.883 | Citrix Systems Inc | 614.223,90 | 635.278,30 | 1,64 |
| USD | 4.646 | Coca-Cola Co | 239.897,34 | 254.786,64 | 0,66 |
| USD | 771 | Cognizant Tec Solutions Corp | 56.831,54 | 63.183,45 | 0,16 |
| USD | 3.201 | Colgate-Palmolive Co | 243.832,92 | 273.717,51 | 0,70 |
| USD | 703 | Conagra Brands Inc | 25.067,36 | 25.490,78 | 0,07 |
| USD | 680 | Consolidated Edison of NY Inc | 49.595,19 | 49.143,60 | 0,13 |
| USD | 382 | Copart Inc | 36.117,56 | 48.609,50 | 0,12 |
| USD | 968 | Corning Inc | 30.481,81 | 34.848,00 | 0,09 |
| USD | 2.694 | CSX Corp | 226.320,96 | 244.480,50 | 0,63 |
| USD | 4.310 | Cummins Inc | 992.912,23 | 978.801,00 | 2,52 |
| USD | 2.657 | Deere and Co | 676.785,41 | 714.865,85 | 1,84 |
| USD | 858 | DuPont de Neumours Inc Reg When Issued | 49.669,08 | 61.012,38 | 0,16 |
| USD | 843 | EBay Inc | 43.219,43 | 42.360,75 | 0,11 |
| USD | 283 | Ecolab Inc | 60.639,80 | 61.229,88 | 0,16 |
| USD | 703 | Edwards Lifesciences Corp | 58.179,42 | 64.134,69 | 0,16 |
| USD | 382 | Electronic Arts Inc | 46.395,30 | 54.855,20 | 0,14 |
| USD | 882 | Eli Lilly & Co | 134.803,54 | 148.916,88 | 0,38 |
| USD | 409 | Eversource Energy Inc | 36.594,47 | 35.382,59 | 0,09 |
| USD | 1.435 | Exelon Corp | 55.872,73 | 60.585,70 | 0,16 |
| USD | 334 | Expeditors Intl of Washington Inc | 29.128,87 | 31.766,74 | 0,08 |
| USD | 275 | Fortive Corp | 18.992,49 | 19.475,50 | 0,05 |
| USD | 4.105 | Fortune Brands Home & Security Inc | 345.735,03 | 351.880,60 | 0,91 |
| USD | 108 | Generac Holdings Inc Reg | 23.875,35 | 24.560,28 | 0,06 |
| USD | 7.418 | General Electric Co | 81.523,82 | 80.114,40 | 0,21 |
| USD | 3.226 | General Mills Inc | 192.640,92 | 189.688,80 | 0,49 |
| USD | 1.865 | Harris Corp Reg | 341.237,45 | 352.522,30 | 0,91 |
| USD | 286 | HCA Healthcare Inc | 35.880,54 | 47.035,56 | 0,12 |

| Devise | Valeur nominale/ Quantité | Dénomination | Coût d'acquisition | Valeur d'évaluation | % de l'actif net * |
| --- | --- | --- | --- | --- | --- |

| USD | 4.630 | Hologic Inc | 278.210,24 | 337.202,90 | 0,87 |
| --- | --- | --- | --- | --- | --- |
| USD | 4.205 | Home Depot Inc | 1.069.504,55 | 1.116.932,10 | 2,88 |
| USD | 712 | Honeywell Intl Inc | 128.095,46 | 151.442,40 | 0,39 |
| USD | 538 | Horizon Therapeutics Plc | 41.406,42 | 39.354,70 | 0,10 |
| USD | 2.072 | HP Inc | 40.075,82 | 50.950,48 | 0,13 |
| USD | 51 | HubSpot Inc Reg | 19.331,55 | 20.218,44 | 0,05 |
| USD | 69 | Humana Inc | 26.527,38 | 28.308,63 | 0,07 |
| USD | 988 | IBM Corp | 117.003,84 | 124.369,44 | 0,32 |
| USD | 118 | Idex Corp | 23.282,80 | 23.505,60 | 0,06 |
| USD | 279 | IDEXX Laboratories Inc | 110.843,21 | 139.463,73 | 0,36 |
| USD | 995 | Illinois Tool Works Inc | 205.252,45 | 202.860,60 | 0,52 |
| USD | 148 | Illumina Inc | 49.977,85 | 54.760,00 | 0,14 |
| USD | 12.785 | Intel Corp | 598.721,05 | 636.948,70 | 1,64 |
| USD | 10.327 | Intl Paper Co | 505.877,43 | 513.458,44 | 1,32 |
| USD | 1.311 | Intuit Inc | 414.933,71 | 497.983,35 | 1,28 |
| USD | 217 | J.M. Smucker Co | 24.554,83 | 25.085,20 | 0,06 |
| USD | 198 | Jacobs Engineering Group Inc | 20.999,66 | 21.574,08 | 0,06 |
| USD | 2.525 | Johnson Controls Intl Plc | 107.807,25 | 117.639,75 | 0,30 |
| USD | 576 | Kellogg Co | 39.900,04 | 35.844,48 | 0,09 |
| USD | 2.181 | Keurig Dr Pepper Inc Reg | 63.708,75 | 69.813,81 | 0,18 |
| USD | 458 | Keysight Technologies Inc Reg | 48.887,26 | 60.497,22 | 0,16 |
| USD | 2.307 | Kimberly-Clark Corp | 320.041,90 | 311.052,81 | 0,80 |
| USD | 1.543 | Kroger Co Reg | 50.461,76 | 49.005,68 | 0,13 |
| USD | 128 | Lam Research Corp | 52.564,20 | 60.450,56 | 0,16 |
| USD | 2.910 | Leidos Holdings Inc | 251.402,17 | 305.899,20 | 0,79 |
| USD | 582 | Lowe's Companies Inc | 84.323,83 | 93.416,82 | 0,24 |
| USD | 114 | Lululemon Athletica Inc | 37.299,91 | 39.675,42 | 0,10 |
| USD | 1.497 | Marsh & McLennan Cos Inc | 169.676,73 | 175.149,00 | 0,45 |
| USD | 661 | Marvell Technology Group Ltd | 23.306,20 | 31.423,94 | 0,08 |
| USD | 342 | Masco Corp | 19.661,86 | 18.786,06 | 0,05 |
| USD | 854 | Mastercard Inc A | 283.606,58 | 304.826,76 | 0,78 |
| USD | 358 | McCormick & Co | 34.272,52 | 34.224,80 | 0,09 |
| USD | 37 | MercadoLibre Inc | 47.091,30 | 61.983,14 | 0,16 |
| USD | 18.877 | Merck & Co Inc | 1.550.452,51 | 1.544.138,60 | 3,97 |
| USD | 859 | Metlife Inc | 39.571,81 | 40.330,05 | 0,10 |
| USD | 285 | Mettler Toledo Intl Inc | 301.801,25 | 324.808,80 | 0,84 |
| USD | 5.848 | Microsoft Corp | 1.066.665,21 | 1.300.712,16 | 3,35 |
| USD | 1.504 | Moody's Corp | 417.113,10 | 436.520,96 | 1,12 |
| USD | 4.399 | Morgan Stanley | 248.060,67 | 301.463,47 | 0,78 |
| USD | 1.912 | Motorola Solutions Inc | 318.178,38 | 325.154,72 | 0,84 |
| USD | 25.919 | Newell Brands Inc Reg | 520.924,87 | 550.260,37 | 1,42 |
| USD | 1.922 | Newmont Corp Reg | 119.902,91 | 115.108,58 | 0,30 |
| USD | 3.977 | Nike Inc B | 504.713,55 | 562.626,19 | 1,45 |
| USD | 822 | Norfolk Southern Corp | 182.311,08 | 195.315,42 | 0,50 |
| USD | 283 | Northern Trust Corp | 25.450,05 | 26.358,62 | 0,07 |
| USD | 1.906 | Northrop Grumman Corp | 583.703,27 | 580.796,32 | 1,50 |
| USD | 1.145 | NVIDIA Corp | 565.019,91 | 597.919,00 | 1,54 |
| USD | 170 | Okta Inc Reg A | 43.501,30 | 43.224,20 | 0,11 |
| USD | 15.569 | Owens Corning Inc Reg | 975.700,12 | 1.179.507,44 | 3,04 |
| USD | 190 | Parker Hannifin Corp | 40.193,02 | 51.757,90 | 0,13 |
| USD | 57 | Paycom Software Inc | 21.821,31 | 25.778,25 | 0,07 |
| USD | 897 | PayPal Holdings Inc | 154.613,62 | 210.077,40 | 0,54 |
| USD | 3.803 | Pepsico Inc | 528.018,83 | 563.984,90 | 1,45 |
| USD | 285 | PNC Financial Serv Group | 33.623,06 | 42.465,00 | 0,11 |
| USD | 831 | PPG Industries Inc | 116.421,53 | 119.846,82 | 0,31 |
| USD | 10.648 | Procter & Gamble Co | 1.282.259,01 | 1.481.562,72 | 3,81 |
| USD | 406 | Prudential Financial Inc | 27.151,22 | 31.696,42 | 0,08 |
| USD | 303 | Quest Diagnostics Inc | 35.624,51 | 36.108,51 | 0,09 |
| USD | 1.583 | Regions Financial Corp | 24.195,68 | 25.517,96 | 0,07 |
| USD | 209 | Resmed Inc | 36.936,50 | 44.425,04 | 0,11 |
| USD | 106 | Rockwell Automation | 25.614,54 | 26.585,86 | 0,07 |
| USD | 1.748 | S&P Global Inc | 587.188,26 | 574.620,04 | 1,48 |
| USD | 984 | Salesforce.com Inc | 233.807,07 | 218.969,52 | 0,56 |
| USD | 346 | Sempra Energy Reg | 46.248,74 | 44.083,86 | 0,11 |

| Devise | Valeur nominale/ Quantité | Dénomination | Coût d'acquisition | Valeur d'évaluation | % de l'actif net * |
| --- | --- | --- | --- | --- | --- |

| USD | 1.135 | ServiceNow Inc Reg | 493.217,99 | 624.738,05 |  | 1,61 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 271 | Skyworks Solutions Inc | 37.935,81 | 41.430,48 |  | 0,11 |
| USD | 110 | Snap-On Inc | 19.228,17 | 18.825,40 |  | 0,05 |
| USD | 286 | State Street Corp | 20.523,50 | 20.815,08 |  | 0,05 |
| USD | 1.099 | Steris Plc Reg | 206.754,00 | 208.304,46 |  | 0,54 |
| USD | 219 | T. Rowe Price Group Inc | 27.316,51 | 33.154,41 |  | 0,09 |
| USD | 8.092 | Target Corp | 1.178.654,99 | 1.428.480,76 |  | 3,68 |
| USD | 361 | TE Connectivity Ltd | 32.139,60 | 43.706,27 |  | 0,11 |
| USD | 51 | Teledyne Technologies Inc | 19.604,40 | 19.990,98 |  | 0,05 |
| USD | 4.171 | Texas Instruments Inc | 602.949,16 | 684.586,23 |  | 1,76 |
| USD | 147 | Tractor Supply Co | 20.840,05 | 20.665,26 |  | 0,05 |
| USD | 3.883 | Trane Technologies Plc Reg | 542.597,01 | 563.656,28 |  | 1,45 |
| USD | 206 | Travelers Cies Inc | 23.692,67 | 28.916,22 |  | 0,07 |
| USD | 307 | Trimble Inc | 17.624,93 | 20.498,39 |  | 0,05 |
| USD | 275 | Vertex Pharmaceuticals Inc | 77.004,78 | 64.993,50 |  | 0,17 |
| USD | 584 | VF Corp | 45.465,02 | 49.879,44 |  | 0,13 |
| USD | 1.383 | Visa Inc A | 276.778,89 | 302.503,59 |  | 0,78 |
| USD | 100 | Waters Corp | 23.087,33 | 24.742,00 |  | 0,06 |
| USD | 2.096 | West Pharmaceutical Serv Inc Reg | 572.968,14 | 593.817,76 |  | 1,53 |
| USD | 205 | Workday Inc A | 42.127,04 | 49.120,05 |  | 0,13 |
| USD | 83 | WW Grainger Inc | 33.846,57 | 33.892,22 |  | 0,09 |
| USD | 222 | Xylem Inc | 21.969,83 | 22.597,38 |  | 0,06 |
| USD | 69 | Zebra Technologies Corp A | 23.487,60 | 26.518,77 |  | 0,07 |
| USD | 6.616 | Zoetis Inc A | 	1.055.739,66  | 	1.094.948,00  |  | 	2,82  |
| Total portefeuille-titres |  | 34.711.664,86 | 37.767.111,42 |  | 97,23 |
| Avoirs bancaires |  |  |  | 1.086.969,39 |  | 2,80 |
| Dettes bancaires |  |  |  | -26.903,82 |  | -0,07 |
| Autres actifs/(passifs) nets |  | 17.410,41 |  | 0,04 |
| Total |  |  |  | 38.844.587,40 |  | 100,00 |