# Geographical classification
(by domicile of the issuer) (in percentage of net assets)
| Sweden | 12.69 % |
| --- | --- |
| Germany | 11.55 % |
| Finland | 7.93 % |
| The Netherlands | 6.84 % |
| Italy | 6.20 % |
| France | 5.87 % |
| Denmark | 5.31 % |
| Norway | 5.06 % |
| Spain | 3.96 % |
| Belgium | 2.90 % |
| Austria | 2.27 % |
| Luxembourg | 1.95 % |
| United Kingdom | 1.37 % |
| Jersey | 0.76 % |
| Portugal | 0.32 % |
| Bermuda | 0.31 % |
| Isle of Man | 0.16 % |
| Switzerland | 0.12 % |
| United States of America | 0.04 % |
| Singapore | 0.04 % |
| Ireland | 0.01 % |
| Guernsey | 0.01 % |
| Total | 75.67 % |

| Assets |  |
| --- | --- |
| Securities portfolio at market value | 8,192,712.15 |
| Deposits on swaps contracts | 1,349,424.52 |
| Cash at banks | 1,260,568.02 |
| Other liquid assets | 5,558,062.05 |
| Receivable cash collateral paid | 118,940.89 |
| Income receivable on portfolio | 14,468.07 |
| Interest receivable on swaps contracts | 394.15 |
| Unrealised gain on forward foreign exchange contracts | 72,102.41 |
| Result on underlying of swaps contracts receivable | 656.69 |
| Other receivables | 22,633.63 |
| Prepaid expenses | 	7,879.38  |
| Total assets | 16,597,841.96 |
| Liabilities |  |
| Bank overdrafts | 5,694.77 |
| Other liquid liabilities | 1,633,625.42 |
| Interest payable on swaps contracts | 15,725.96 |
| Unrealised loss on futures contracts | 43,299.31 |
| Unrealised loss on swaps contracts | 219,472.96 |
| Expenses payable | 100,724.30 |
| Result on underlying of swaps contracts payable | 2,953.17 |
| Other liabilities | 	103,766.47  |
| Total liabilities | 2,125,262.36 |
| Net assets at the end of the year | 14,472,579.60 |

| Breakdown of net assets per share class |  |
| --- | --- |
| Share class | Number of | Currency of | NAV per share in currency of | Net assets per share class |
|  | shares | share class | share class | (in USD) |
| B | 127,891.723 | USD | 97.06 | 12,412,564.09 |
| CH | 1,864.958 | CHF | 82.28 | 173,601.64 |
| EH | 8,203.922 | EUR | 85.42 | 857,478.38 |
| UH (GBP) | 225.000 | GBP | 95.53 | 29,378.15 |
| X | 10.000 | USD | 84.88 | 848.77 |
| XH (EUR) | 10.000 | EUR | 82.82 | 1,013.39 |
| XN | 1,811.664 | USD | 84.54 | 153,157.89 |
| XNH (EUR) | 1,067.095 | EUR | 82.48 | 107,692.70 |
| I | 530.000 | USD | 101.06 | 53,560.13 |
| IH (EUR) | 3,048.127 | EUR | 89.26 | 332,895.85 |
| RAM | 1,253.800 | USD | 116.04 | 145,487.61 |
| MBH (EUR) | 1,999.850 | EUR | 83.74 | 	204,901.00  |
|  |  |  |  | 	14,472,579.60  |

| Income |  |
| --- | --- |
| Dividends, net | 448,469.48 |
| Bank interest | 49,627.12 |
| Other commissions received | 1,202.53 |
| Other income | 	201,265.15  |
| Total income | 700,564.28 |
| Expenses |  |
| Management fees | 323,170.03 |
| Depositary fees | 11,102.70 |
| Banking charges and other fees | 15,321.89 |
| Transaction fees | 247,758.76 |
| Central administration costs | 176,985.98 |
| Professional fees | 1,577.98 |
| Other administration costs | 140,140.43 |
| Subscription duty ("taxe d'abonnement") | 9,039.06 |
| Other taxes | 485.90 |
| Bank interest paid | 280,302.63 |
| Other expenses | 	96,167.52  |
| Total expenses | 1,302,052.88 |
| Net investment loss | -601,488.60 |
| Net realised gain/(loss) |  |
| - on securities portfolio | 2,340,034.34 |
| - on futures contracts | -166,129.35 |
| - on swaps contracts | -2,831,658.69 |
| - on forward foreign exchange contracts | 221,328.45 |
| - on foreign exchange | 	228,699.83  |
| Realised result | -809,214.02 |
| Net variation of the unrealised gain/(loss) |  |
| - on securities portfolio | -1,964,138.13 |
| - on futures contracts | -23,244.80 |
| - on swaps contracts | -6,095.97 |
| - on forward foreign exchange contracts | 	-210,146.48  |
| Result of operations | -3,012,839.40 |
| Subscriptions | 329,874.10 |
| Redemptions | -20,282,758.97 |
| Total changes in net assets | -22,965,724.27 |
| Total net assets at the beginning of the year | 37,438,303.87 |
| Total net assets at the end of the year | 14,472,579.60 |

| Total net assets | Currency | 31.12.2018 | 31.12.2019 | 31.12.2020 |
| --- | --- | --- | --- | --- |
|  | USD | 90,292,717.23 | 37,438,303.87 | 14,472,579.60 |

| Net asset value per share class | Currency | 31.12.2018 | 31.12.2019 | 31.12.2020 |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| B | USD | 114.56 | 110.19 | 97.06 |  |  |
| CH | CHF | 102.17 | 94.85 | 82.28 |  |  |
| EH | EUR | 105.33 | 98.35 | 85.42 |  |  |
| U | USD | 97.26 | 93.93 | 93.75 | * | 17/01/2020 |
| UH (GBP) | GBP | 114.47 | 108.99 | 95.53 |  |  |
| X | USD | - | 96.33 | 84.88 |  |  |
| XH (EUR) | EUR | - | 95.19 | 82.82 |  |  |
| XN | USD | - | 96.19 | 84.54 |  |  |
| XNH (EUR) | EUR | - | 95.16 | 82.48 |  |  |
| I | USD | 118.14 | 114.26 | 101.06 |  |  |
| IH (CHF) | CHF | 104.45 | 97.49 | 90.57 | * | 04/11/2020 |
| IH (EUR) | EUR | 108.90 | 102.22 | 89.26 |  |  |
| RAM | USD | 131.36 | 129.03 | 116.04 |  |  |
| RAMCH | CHF | 97.10 | 92.05 | 90.16 | * | 13/02/2020 |
| MBH (EUR) | EUR | - | 96.04 | 83.74 |  |  |

(*) Net asset value used for final redemption.
| Annual performance per share class (in %) | Currency | 31.12.2018 | 31.12.2019 | 31.12.2020 |
| --- | --- | --- | --- | --- |
| B | USD | -1.83 | -3.81 | -11.92 |
| CH | CHF | -4.92 | -7.16 | -13.25 |
| EH | EUR | -4.56 | -6.63 | -13.15 |
| UH (GBP) | GBP | -2.85 | -4.79 | -12.35 |
| X | USD | - | - | -11.89 |
| XH (EUR) | EUR | - | - | -13.00 |
| XN | USD | - | - | -12.11 |
| XNH (EUR) | EUR | - | - | -13.32 |
| I | USD | -1.61 | -3.28 | -11.55 |
| IH (EUR) | EUR | -4.04 | -6.13 | -12.68 |
| RAM | USD | 0.22 | -1.77 | -10.07 |
| MBH (EUR) | EUR | - | - | -12.81 |

| Number of shares | outstanding at the beginning of the year | issued | redeemed | outstanding at the end of the year |
| --- | --- | --- | --- | --- |
| B | 191,448.998 | 166.561 | -63,723.836 | 127,891.723 |
| CH | 10,655.310 | - | -8,790.352 | 1,864.958 |
| EH | 60,436.525 | 452.364 | -52,684.967 | 8,203.922 |
| U | 2,745.191 | - | -2,745.191 | - |
| UH (GBP) | 309.302 | - | -84.302 | 225.000 |
| X | 10.000 | 94.568 | -94.568 | 10.000 |
| XH (EUR) | 10.000 | - | - | 10.000 |
| XN | 728.588 | 1,506.550 | -423.474 | 1,811.664 |
| XNH (EUR) | 10.000 | 1,174.325 | -117.230 | 1,067.095 |
| I | 30,920.755 | - | -30,390.755 | 530.000 |
| IH (CHF) | 175.000 | - | -175.000 | - |
| IH (EUR) | 3,388.127 | - | -340.000 | 3,048.127 |
| RAM | 31,434.013 | - | -30,180.213 | 1,253.800 |

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.
| Number of shares | outstanding at the beginning of the year | issued | redeemed | outstanding at the end of the year |
| --- | --- | --- | --- | --- |
| RAMCH | 395.463 | - | -395.463 | - |
| MBH (EUR) | 1,999.850 | - | - | 1,999.850 |

| TER per share class as at 31.12.2020 (unaudited) | TER without performance fee (in %) | Performance fee ratio (in %) | TER with performance fee (in %) |
| --- | --- | --- | --- |
| B | 3.81 | 0.00 | 3.81 |
| CH | 3.55 | 0.00 | 3.55 |
| EH | 3.55 | 0.00 | 3.55 |
| UH (GBP) | 3.47 | 0.00 | 3.47 |
| X | 3.95 | 0.00 | 3.95 |
| XH (EUR) | 3.73 | 0.00 | 3.73 |
| XN | 4.24 | 0.00 | 4.24 |
| XNH (EUR) | 4.25 | 0.00 | 4.25 |
| I | 2.66 | 0.00 | 2.66 |
| IH (EUR) | 3.35 | 0.00 | 3.35 |
| RAM | 1.17 | - | 1.17 |
| MBH (EUR) | 3.49 | 0.00 | 3.49 |

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 |  |  |  |  |  |
| AUD | 13,928 | Metcash Ltd | 30,339.26 | 36,319.63 | 0.25 |
| BRL | 4,400 | Sao Martinho SA | 21,229.26 | 23,177.51 | 0.16 |
| HKD | 132,400 | Chongqing Changan Auto Co Ltd B | 78,747.85 | 135,918.34 | 0.94 |
| IDR | 163,300 | Indofood Sukses Makmu (PT) Tbk | 74,694.56 | 80,330.38 | 0.56 |
| IDR | 586,200 | Industri Jamu Farmasi Sido Reg | 24,957.59 | 33,887.91 | 0.23 |
| IDR | 273,000 | PT Hanson Intl Tbk A Reg | 2,123.30 | 0.00 | 0.00 |
| IDR | 36,400 | PT Indofood CBP Sukses Mak Tbk | 	24,102.93  | 	25,028.98  | 	0.17  |
|  |  |  | 125,878.38 | 139,247.27 | 0.96 |
| ILS | 731 | Strauss Group Ltd | 21,987.28 | 21,944.12 | 0.15 |
| INR | 7 | Bajaj Auto Ltd Reg | 308.53 | 330.17 | 0.00 |
| INR | 550 | Birla Corporation Ltd Dematerialised | 5,763.99 | 5,433.11 | 0.04 |
| INR | 14,869 | Coal India Ltd | 37,062.08 | 27,582.32 | 0.19 |
| INR | 3,646 | Deepak Nitrite Ltd Reg | 17,185.20 | 47,029.29 | 0.33 |
| INR | 3,212 | HCL Technologies Ltd | 27,391.33 | 41,620.34 | 0.29 |
| INR | 3,280 | J.B. Chem & Pharma Ltd Dematerialised | 26,514.58 | 45,688.57 | 0.32 |
| INR | 4,773 | KEC International Ltd Reg | 23,059.41 | 23,790.48 | 0.16 |
| INR | 4,773 | Narayana Hrudayalaya Ltd Reg | 23,384.33 | 29,294.42 | 0.20 |
| INR | 33,967 | Petronet LNG Ltd | 126,217.68 | 115,180.22 | 0.80 |
| INR | 3,779 | Sudarshan Chem Industries Ltd Reg | 24,428.90 | 24,811.04 | 0.17 |
| INR | 3,705 | Tech Mahindra Ltd | 42,621.39 | 49,381.06 | 0.34 |
| INR | 22,942 | Triveni Engineering & Ind Ltd Reg | 	26,134.20  | 	22,417.92  | 	0.16  |
|  |  |  | 380,071.62 | 432,558.94 | 3.00 |
| KRW | 6,517 | DGB Fin Gr Co Ltd Reg | 44,072.12 | 40,694.91 | 0.28 |
| KRW | 1,216 | Halla Hgs Corp | 43,558.84 | 41,824.21 | 0.29 |
| KRW | 1,116 | Hana Financial Group Inc | 36,113.08 | 35,408.36 | 0.25 |
| KRW | 2,885 | Hankook Tire & Tech Co Ltd | 105,196.01 | 104,535.70 | 0.72 |
| KRW | 12,930 | JB Financial Group Reg | 66,917.84 | 67,065.66 | 0.46 |
| KRW | 14,113 | KT Skylife Co Ltd Reg | 102,187.96 | 114,345.17 | 0.79 |
| KRW | 548 | LG Hausys Ltd Reg | 34,832.02 | 39,309.52 | 0.27 |
| KRW | 3,188 | LG Intl Corp | 58,164.27 | 72,416.55 | 0.50 |
| KRW | 4,830 | Mirae Asset Life Ins Co Ltd | 17,461.63 | 17,101.35 | 0.12 |
| KRW | 3,343 | NH Investment & Sec Non voting Nv Reg | 36,278.86 | 34,740.61 | 0.24 |
| KRW | 482 | Samsung Electro-Mechanics Co Ltd Reg | 71,713.07 | 78,902.29 | 0.55 |
| KRW | 2,122 | Samsung Electronics Co Ltd Pref | 99,754.23 | 143,630.20 | 0.99 |
| KRW | 1,285 | Samsung Securities Co Ltd Reg | 34,553.41 | 47,801.80 | 0.33 |
| KRW | 699 | SK Gas Co Ltd Reg | 	68,236.25  | 	67,176.29  | 	0.46  |
|  |  |  | 819,039.59 | 904,952.62 | 6.25 |
| MXN | 27,300 | Gr Comercial Chedrui SAB de CV B Reg | 35,578.50 | 39,389.35 | 0.27 |
| MXN | 6,600 | Grupo Financiero Banorte SAB de CV O | 35,487.51 | 36,398.84 | 0.25 |
| MXN | 7,189 | La Comer SAB de CV Ser B CPO | 	13,622.76  | 	16,366.67  | 	0.11  |
|  |  |  | 84,688.77 | 92,154.86 | 0.63 |
| MYR | 53,800 | Alliance Bank Malaysia Bhd | 36,135.32 | 38,920.57 | 0.27 |
| MYR | 167,900 | Astro Malaysia Holdings Bhd | 40,049.43 | 37,774.89 | 0.26 |
| MYR | 68,900 | Axiata Group Bhd | 63,443.16 | 64,061.16 | 0.44 |
| MYR | 7,000 | Hong Leong Fin Group Bhd Reg | 30,627.24 | 31,428.22 | 0.22 |
| MYR | 34,100 | Inari Amertron Bhd | 21,953.97 | 23,397.39 | 0.16 |
| MYR | 21,400 | Lii Hen Industries Bhd Reg | 22,231.41 | 21,173.90 | 0.15 |
| MYR | 9,254 | Malaysian Pacific Ind Bhd | 38,637.33 | 59,722.52 | 0.41 |
| MYR | 15,900 | RHB Bank Berhad | 22,559.10 | 21,542.57 | 0.15 |
| MYR | 45,000 | Scientex Bhd Reg | 132,156.65 | 141,852.08 | 0.98 |
| MYR | 78,500 | Telekom Malaysia Bhd Reg | 79,760.75 | 105,577.38 | 0.73 |

| Currency | Number / nominal value | Description | Cost | Market value | % of total net assets * |
| --- | --- | --- | --- | --- | --- |

| MYR | 16,040 | Time Dotcom Bhd Reg | 47,181.32 | 52,875.18 | 0.37 |
| --- | --- | --- | --- | --- | --- |
| MYR | 40,400 | UMW Holdings Bhd | 34,411.44 | 34,147.92 | 0.24 |
| MYR | 77,500 | Westports Holdings Bhd Reg | 	83,533.29  | 	82,846.49  | 0.57  |
|  |  |  | 652,680.41 | 715,320.27 | 4.95 |
| NZD | 3,237 | Freightways Ltd | 22,539.02 | 23,446.24 | 0.16 |
| NZD | 504 | Mainfreight Ltd | 	18,415.31  | 	25,220.16  | 0.17  |
|  |  |  | 40,954.33 | 48,666.40 | 0.33 |
| PHP | 90 | Aboitiz Equity Ventures Inc | 94.27 | 88.56 | 0.00 |
| PHP | 61,900 | Century Pacific Food Inc Reg | 22,142.17 | 22,558.31 | 0.16 |
| PHP | 10,080 | Intl Container Terminal Servcs | 24,370.93 | 25,924.20 | 0.18 |
| PHP | 451,000 | Nickel Asia Corp Reg | 	35,041.21  | 	52,594.75  | 0.36  |
|  |  |  | 81,648.58 | 101,165.82 | 0.70 |
| PLN | 1,650 | Asseco Poland SA | 29,806.50 | 30,150.53 | 0.21 |
| PLN | 864 | Dino Polska SA Bearer | 61,647.57 | 67,092.84 | 0.46 |
| PLN | 264 | Grupa Kety SA | 	31,605.25  | 	34,817.00  | 0.24  |
|  |  |  | 123,059.32 | 132,060.37 | 0.91 |
| RUB | 1,316 | Yandex NV A Reg | 91,666.85 | 91,738.41 | 0.63 |
| SGD | 78,600 | Frencken Group Ltd Reg | 67,626.67 | 78,484.06 | 0.54 |
| SGD | 2,900 | Oversea-Chinese Bankg Corp Ltd | 21,787.19 | 22,068.91 | 0.15 |
| SGD | 37,200 | Sheng Siong Group Ltd | 40,075.47 | 43,617.38 | 0.30 |
| SGD | 39,500 | StarHub Ltd Reg | 38,173.78 | 39,142.93 | 0.27 |
| SGD | 64,500 | Sunpower Group Ltd | 36,250.64 | 39,033.25 | 0.27 |
| SGD | 86,000 | Thai Beverage PLC | 	47,890.68  | 	47,815.73  | 0.33  |
|  |  |  | 251,804.43 | 270,162.26 | 1.86 |
| THB | 764,200 | AP Thailand PCL DR | 168,076.42 | 184,681.66 | 1.28 |
| THB | 40,800 | Bank of Ayudhya PCL DR | 36,784.00 | 42,500.00 | 0.29 |
| THB | 99,200 | Eastern Polymer Gr PCL DR | 21,678.99 | 23,477.33 | 0.16 |
| THB | 134,800 | Origin Property PCL DR | 35,660.28 | 33,924.67 | 0.23 |
| THB | 37,100 | Sappe Public Co Ltd DR Units Non Voting Units Uts | 25,033.70 | 23,867.67 | 0.17 |
| THB | 6,100 | Siam City Cement PCL DR Units Non Voting Uts Nv | 22,876.10 | 27,551.67 | 0.19 |
| THB | 67,780 | Thai Union Gr PCL Units Non Voting DR | 30,478.25 | 30,726.93 | 0.21 |
| THB | 129,300 | Thaifoods Gr PCL DR | 21,662.81 | 20,946.60 | 0.15 |
| THB | 31,100 | TISCO Fin Gr PCL DR Units Non Voting Uts Nv | 70,452.46 | 91,745.00 | 0.63 |
| THB | 63,600 | TTW PCL DR Units Non Voting Uts Nv | 	23,961.40  | 	26,288.00  | 0.18  |
|  |  |  | 456,664.41 | 505,709.53 | 3.49 |
| TRY | 14,949 | Anadolu Efes Biracilik Malt Sa | 38,970.01 | 46,558.39 | 0.32 |
| TRY | 5,093 | Coca Cola Icecek AS | 25,969.37 | 45,026.89 | 0.31 |
| TRY | 21,231 | Enerjisa Enerji A.S Reg | 24,762.59 | 35,686.19 | 0.25 |
| TRY | 2,826 | Ford Otomotiv Sanayi AS Bearer | 33,773.57 | 47,842.64 | 0.33 |
| TRY | 10,530 | Tofas Turk Otomobil Fabrikasi | 	42,204.68  | 	47,990.65  | 0.33  |
|  |  |  | 165,680.22 | 223,104.76 | 1.54 |
| TWD | 55,351 | Acer Inc | 44,623.12 | 46,611.99 | 0.32 |
| TWD | 27,000 | Alltek Technology Corp | 22,211.17 | 22,352.58 | 0.15 |
| TWD | 474 | Arcadyan Technology Corp | 1,542.68 | 1,583.15 | 0.01 |
| TWD | 81,000 | Asia Polymer Corp Reg | 55,600.60 | 62,010.40 | 0.43 |
| TWD | 12,622 | Asustek Computer Inc | 103,104.86 | 112,584.07 | 0.78 |
| TWD | 17,000 | C Sun Manufacturing Ltd | 21,078.34 | 22,124.70 | 0.15 |
| TWD | 48,000 | Capital Securities Corp Reg | 21,800.62 | 23,159.09 | 0.16 |
| TWD | 68,441 | Cathay Financial Hg Co Ltd | 94,568.52 | 102,963.69 | 0.71 |
| TWD | 21,000 | Chang Wah Electromaterials Inc Reg | 16,208.03 | 22,918.74 | 0.16 |
| TWD | 24,600 | Cheng Loong Corp Reg | 24,882.84 | 29,782.08 | 0.21 |
| TWD | 24,891 | Chicony Electronics Co Ltd | 72,142.33 | 76,399.52 | 0.53 |
| TWD | 12,000 | China Motor Co Ltd | 20,472.98 | 21,620.85 | 0.15 |
| TWD | 53,000 | Chipbond Technology Corp | 115,275.43 | 125,309.78 | 0.87 |
| TWD | 66,000 | Coretronic Corp | 82,287.86 | 95,296.25 | 0.66 |
| TWD | 34,000 | CTBC Fin Hg Co Ltd | 23,140.51 | 23,849.88 | 0.17 |
| TWD | 7,000 | Dynapack Intl Technology Corp | 21,287.22 | 21,036.89 | 0.15 |
| TWD | 66,200 | E Ink Hgs Inc | 97,855.42 | 107,960.40 | 0.75 |

| Currency | Number / nominal value | Description | Cost | Market value | % of total net assets * |
| --- | --- | --- | --- | --- | --- |

| TWD | 1,000 | Eclat Textile Co Ltd Reg | 14,089.99 |  | 15,044.15 |  | 0.10 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| TWD | 26,000 | Edom Technology Co Ltd | 22,683.79 |  | 21,709.87 |  | 0.15 |
| TWD | 46,000 | Evergreen Intl Storage & Transport Corp Reg | 23,861.78 |  | 33,168.35 |  | 0.23 |
| TWD | 18,400 | Everlight Electronics Co Ltd Reg | 24,297.34 |  | 27,648.48 |  | 0.19 |
| TWD | 34,000 | Far Eastern New Cent Corp Reg | 33,205.33 |  | 35,048.43 |  | 0.24 |
| TWD | 21,000 | Farglory Land Dev Co Ltd | 38,673.10 |  | 42,098.70 |  | 0.29 |
| TWD | 23,000 | Feng Hsin Steel Co Ltd | 44,859.62 |  | 58,228.88 |  | 0.40 |
| TWD | 8,000 | Feng Tay Enterprise Co Ltd Reg | 50,347.65 |  | 56,829.51 |  | 0.39 |
| TWD | 20,000 | Formosa Taffeta Co Ltd | 21,573.97 |  | 22,112.23 |  | 0.15 |
| TWD | 25,000 | Formosan Rubber Group Inc | 21,421.75 |  | 22,076.63 |  | 0.15 |
| TWD | 75,229 | Fubon Financial Holding Co Ltd | 115,825.13 |  | 125,229.87 |  | 0.87 |
| TWD | 75,000 | Goldsun Building Materi Co Ltd Reg | 64,936.21 |  | 66,763.99 |  | 0.46 |
| TWD | 11,000 | Gourmet Master Co Ltd | 58,076.96 |  | 55,227.18 |  | 0.38 |
| TWD | 15,000 | Greatek Electronics Inc Reg | 26,875.37 |  | 29,910.27 |  | 0.21 |
| TWD | 10,000 | Holtek Semiconductor Inc Reg | 23,842.64 |  | 25,851.02 |  | 0.18 |
| TWD | 17,000 | Kenda Rubber Industrial Co Ltd | 21,676.61 |  | 21,156.17 |  | 0.15 |
| TWD | 89,000 | Kindom Construction Co Ltd Reg | 101,401.05 |  | 106,639.01 |  | 0.74 |
| TWD | 17,000 | King's TownBank Reg | 23,065.26 |  | 23,486.68 |  | 0.16 |
| TWD | 63,000 | Lite-On Technology Corp Reg | 107,095.14 |  | 111,714.85 |  | 0.77 |
| TWD | 536 | Makalot Industrial Co Ltd Reg | 3,328.52 |  | 3,654.89 |  | 0.03 |
| TWD | 22,000 | Namchow Holdings Co Ltd | 35,162.99 |  | 36,818.12 |  | 0.25 |
| TWD | 583 | Pacific Hospital Supply Co Ltd | 1,545.91 |  | 1,453.14 |  | 0.01 |
| TWD | 29,368 | Pegatron Corp Reg | 64,082.84 |  | 70,376.95 |  | 0.49 |
| TWD | 2,000 | Pegavision Corp | 18,355.93 |  | 20,153.82 |  | 0.14 |
| TWD | 100,000 | Pou Chen Corp | 110,558.65 |  | 111,807.43 |  | 0.77 |
| TWD | 37,000 | President Securities Corp | 22,358.09 |  | 24,241.56 |  | 0.17 |
| TWD | 54,000 | Prince Housing & Dev Corp | 21,232.38 |  | 22,112.23 |  | 0.15 |
| TWD | 131,000 | Qisda Corp Reg | 122,329.91 |  | 135,039.52 |  | 0.93 |
| TWD | 21,158 | Quanta Computer Inc | 51,055.01 |  | 60,948.66 |  | 0.42 |
| TWD | 885 | Realtek Semiconductor Corp | 9,032.68 |  | 12,305.67 |  | 0.09 |
| TWD | 211,000 | Shin Kong Financial Hg Co Ltd | 63,685.45 |  | 66,191.07 |  | 0.46 |
| TWD | 35,000 | Sigurd Microelectronics Corp Reg | 57,745.99 |  | 56,393.32 |  | 0.39 |
| TWD | 6,000 | Simplo Technology Co Ltd | 72,131.56 |  | 74,775.67 |  | 0.52 |
| TWD | 4,000 | Sinbon Electronics Co Ltd | 26,833.44 |  | 30,764.85 |  | 0.21 |
| TWD | 117,000 | Sinopac Financial Holdings Co Ltd | 45,812.12 |  | 47,701.54 |  | 0.33 |
| TWD | 28,000 | Supreme Electronics Co Ltd Reg | 33,723.91 |  | 34,197.41 |  | 0.24 |
| TWD | 100,600 | Synnex Technology Intl Corp | 144,567.96 |  | 168,359.21 |  | 1.16 |
| TWD | 33,000 | Taiflex Scientific Co Ltd Reg | 64,612.21 |  | 64,157.53 |  | 0.44 |
| TWD | 14,000 | Taiwan Hon Chuan Enter Co Ltd Reg | 29,355.33 |  | 30,059.82 |  | 0.21 |
| TWD | 13,000 | Taiwan Pri Cir Bo Techv Co Ltd | 20,972.14 |  | 20,552.63 |  | 0.14 |
| TWD | 21,000 | Teco Electric and Machinery Co Reg | 21,301.38 |  | 20,675.47 |  | 0.14 |
| TWD | 7,000 | Thinking Ele Industrial Co Ltd Reg | 26,711.16 |  | 39,880.36 |  | 0.28 |
| TWD | 20,200 | Tripod Technology Co Ltd | 85,887.41 |  | 85,233.58 |  | 0.59 |
| TWD | 85,000 | Tung Ho Steel Enterprise Corp | 75,099.88 |  | 110,472.15 |  | 0.76 |
| TWD | 96,600 | USI Corp Reg | 56,782.24 |  | 77,736.79 |  | 0.54 |
| TWD | 7,000 | Wah Lee Industrial Corp Reg | 19,304.70 |  | 18,943.17 |  | 0.13 |
| TWD | 7,000 | Wowprime Corp Reg | 33,596.49 |  | 31,655.03 |  | 0.22 |
| TWD | 39,000 | YC Co Ltd | 21,841.22 |  | 22,913.40 |  | 0.16 |
| TWD | 50,361 | Yuanta Financial Hg Co Ltd | 	30,019.14  |  | 	36,850.82  |  | 	0.25  |
|  |  |  | 3,064,917.86 |  | 3,353,934.14 |  | 23.19 |
| USD | 51,900 | Huaxin Cement Co Ltd B | 107,806.68 |  | 112,467.30 |  | 0.78 |
| USD | 12,317 | Lao Feng Xiang Co Ltd B | 42,571.74 |  | 35,694.67 |  | 0.25 |
| USD | 15,660 | Shanghai Baosight Softw Co Ltd B | 34,914.01 |  | 63,689.22 |  | 0.44 |
| USD | 974 | State Bank of India DR repr GDR | 	35,682.00  |  | 	36,476.30  |  | 	0.25  |
|  |  |  | 220,974.43 |  | 248,327.49 |  | 1.72 |
| ZAR | 8,730 | African Rainbow Minerals Ltd | 111,884.64 |  | 155,583.75 |  | 1.08 |
| ZAR | 273 | Kumba Iron Ore Ltd Reg | 8,439.40 |  | 11,569.54 |  | 0.08 |
| ZAR | 5,672 | Pick'n Pay Stores Ltd | 19,104.73 |  | 19,397.98 |  | 0.13 |
| ZAR | 2,965 | Reunert Ltd | 	6,576.35  |  | 	7,303.50  |  | 	0.05  |
|  |  |  | 146,005.12 |  | 193,854.77 |  | 1.34 |
| Total shares |  |  | 6,858,037.97 |  | 7,670,317.51 |  | 53.00 |

| Currency | Number / nominal value | Description | Cost | Market value | % of total net assets * |
| --- | --- | --- | --- | --- | --- |

| Transferable securities dealt in on another regulated market |
| --- |
| Shares |  |  |  |  |  |  |  |
| KRW | 17,681 | Seohee Construction Co Ltd Reg | 22,025.25 |  | 24,878.31 |  | 0.17 |
| KRW | 2,118 | Silicon Works Co Ltd | 	97,953.46  |  | 	113,363.05  |  | 	0.78  |
|  |  |  | 119,978.71 |  | 138,241.36 |  | 0.95 |
| RUB | 64,610 | Alrosa PJSC | 80,914.48 |  | 85,881.73 |  | 0.59 |
| RUB | 55,290 | Bank St Petersburg PJSC | 43,408.67 |  | 38,708.60 |  | 0.27 |
| RUB | 50,421 | Detsky mir PJSC Reg | 78,875.30 |  | 92,369.77 |  | 0.64 |
| RUB | 10,120,704 | Fed Hydrogenerating Co Ru PJSC Bearer | 107,652.46 |  | 107,014.73 |  | 0.74 |
| RUB | 3,520,000 | IDG Co Center and Volga PJSC Reg | 15,227.65 |  | 12,052.94 |  | 0.08 |
| RUB | 2,301 | LSR Group PJSC Reg | 26,802.90 |  | 26,949.46 |  | 0.19 |
| RUB | 2,620 | Pik Group PJSC Reg | 	18,286.17  |  | 	21,176.05  |  | 	0.15  |
|  |  |  | 371,167.63 |  | 384,153.28 |  | 2.66 |
| Total shares |  | 491,146.34 |  | 522,394.64 |  | 3.61 |
| Total investments in securities | 7,349,184.31 |  | 8,192,712.15 |  | 56.61 |
| Cash at banks |  |  | 1,260,568.02 |  | 8.71 |
| Bank overdrafts |  |  | -5,694.77 |  | -0.04 |
| Other net assets/(liabilities) |  |  | 5,024,994.20 |  | 34.72 |
| Total |  |  | 14,472,579.60 |  | 100.00 |

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 |