# Global Government Bond Fund
## For the year ended 30 September 2020
Performance
For the year ended 30 September 2020, the value of Global Government Bond – A Income Shares increased by 2.86% compared to an increase of 6.77% in the benchmark, the FTSE World Government Bond TR USD Index.
Fund return: Source: Lipper, Basis: total return, published NAV to NAV, net of annual charges, gross income reinvested, GBP.
Benchmark return: Source: Lipper, Basis: close of business return, income reinvested, gross of expenses, GBP.
Please remember that past performance is not a guide to future returns. The price of shares and the revenue from them may fall as well as rise. Investors may not get back the amount originally invested.
Market review
The global economic environment has been dominated by the coronavirus pandemic, which has threatened a level of disruption that may be more severe than that experienced during the global financial crisis.
Early on in the review period, in October, risk appetite bounced on expectations the US and China were edging towards a trade deal, while Brexit negotiations also took a positive turn. Investor sentiment remained positive in November and December, amid nascent signs of stabilisation in economic data. The risk-on sentiment was further fuelled in December by a partial rollback on tariffs involved in the Sino-American trade war. The risk-on sentiment was further fuelled by the US Federal Reserve (Fed) signalling that interest rates would be on hold for the foreseeable future. Markets viewed the UK general election result as positive, with the overwhelming Conservative victory removing the threat of renationalisation from some industries.
Financial markets began the new decade in an optimistic mood, helped by the ‘phase-one’ US-China trade deal signed in
mid-January 2020. However, that trend reversed abruptly from then on. Fears over the Covid-19 outbreak encouraged a ‘flight to safety’. Investors abandoned risky assets in favour of government debt. As demand increased, government bond prices rose and yields dropped. The Fed and the Bank of England both slashed interest rates in March, while demand for defensive assets drove the yield on the benchmark 10-year US Treasury sharply downwards. The yields on German bunds and UK gilts also moved to record lows. Early in March, global central banks and policymakers scrambled to mitigate the adverse economic effects of coronavirus.
As economic anxieties heightened and social distancing measures were tightened, investors once more feverishly sold equities in favour of government bonds, driving prices up and pushing yields down. Many countries hit record-low yields in mid-2020. After a brief correction in August, investors again sold global equities for government bonds, seeking lower-risk
investments in the face of growing economic uncertainty and thus pushing bond prices higher.
Portfolio review
The portfolio’s performance was mainly due to significant market moves in the first quarter of 2020, as global central banks
responded aggressively to the economic shock caused by Covid-19. Australia, Germany, long-duration positions in US Treasuries,
and the front end of the Canadian and Swedish curves all benefited the portfolio.
Due to valuations, the speed of movement in many financial markets – as well as the increased volatility – has led to many positions being removed. That said, as yields moved higher in March, duration was again increased in the portfolio.
Foreign-exchange (FX) returns were also a net positive contributor, predominantly due to long positions in the US dollar and Japanese yen.
Outlook
We believe the economic impact of Covid-19 will be severe and long-lasting, due to the change in consumer behaviour. This means that monetary policy will need to remain accommodative for the foreseeable future. We are long duration overall via US, UK and Australian markets on valuations, partially offset with underweights in Europe and Canada. The portfolio is also underweight southern European markets, as spreads do not compensate for the unattractive macroeconomic backdrop we are faced with. We feel the much-lauded Next Generation EU recovery package is too little and too late, especially as it looks like southern European countries will only accept the grant (and not the loan) element, as it requires further oversight from the European Commission. Issuance from the EU’s Support to mitigate Unemployment Risks in an Emergency (SURE) scheme is expected to cannibalise demand for French treasury bonds, which remain expensive. France still has a significant amount to issue in 2020 relative to other countries. SURE issuance was delayed but only by a matter of weeks and we remain underweight versus Finland.
In terms of FX, we remain overweight traditional ‘safe havens’, like the US dollar, Japanese yen and Swiss France, at the expense of more cyclical and risk-facing currencies, like the Australian dollar, New Zealand dollar and euro.
Rates Team
October 2020
Statement of Net Assets
As at 30 September 2020
| Notes | US$’000 |
| --- | --- |
| Assets |  |  |
| Investments in securities at market value | 2.2 | 113,478 |
| Cash at bank |  | 818 |
| Amounts held at futures clearing houses |  |  |
| and brokers |  | 879 |
| Interest receivable |  | 343 |
| Subscriptions receivable |  | 160 |
| Receivable for investments sold |  | 9,415 |
| Unrealised gains on forward currency |  |  |
| exchange contracts | 2.6 | 234 |
| Unrealised gains on future contracts | 2.7 | 13 |
| Unrealised gains on swap contracts | 2.8 | 365 |
| Total assets |  | 125,705 |
| Liabilities |  |  |
| Payable for investments purchased |  | 9,738 |
| Taxes and expenses payable |  | 18 |
| Redemptions payable |  | 12 |
| Total liabilities |  | 9,768 |
| Net assets at the end of the year |  | 115,937 |

Statement of Changes in Net Assets
For the year from 1 October 2019 to 30 September 2020
Statement of Operations
| Notes | US$’000 |
| --- | --- |
| Income |  |  |
| Investment income | 2.3 | 1,107 |
| Bank interest |  | 52 |
| Total income |  | 1,159 |
| Expenses |  |  |
| Management fees | 4.2 | 36 |
| Operating, administrative and |  |  |
| servicing fees | 4.3 | 356 |
| Other operational expenses |  | 5 |
| Total expenses |  | 397 |
| Net gains from investments |  | 762 |
| Realised gains on investments |  | 14,669 |
| Realised losses on forward currency |  |  |
| exchange contracts |  | (341) |
| Realised losses on future contracts |  | (111) |
| Realised gains on swap contracts |  | 1,733 |
| Realised currency exchange losses |  | (230) |
| Net realised gains |  | 15,720 |
| Decrease in unrealised appreciation |  |
| on investments | (2,347) |
| Decrease in unrealised depreciation on |  |
| forward currency exchange contracts | 371 |
| Decrease in unrealised appreciation on |  |
| future contracts | (135) |
| Decrease in unrealised depreciation on |  |
| swap contracts | 922 |
| Unrealised currency exchange gains | 22 |
| Net unrealised losses |  | (1,167) |
| Net increase in assets as a result of operations |  | 15,315 |

For the year from 1 October 2019 to 30 September 2020
| Notes | US$’000 |
| --- | --- |
| Net assets at the beginning of the year |  | 196,855 |
| Net gains from investments |  | 762 |
| Net realised gains |  | 15,720 |
| Net unrealised losses |  | (1,167) |
| Proceeds from shares issued |  | 132,136 |
| Payments for shares redeemed |  | (227,650) |
| Net equalisation paid | 10 | (719) |
| Net assets at the end of the year |  | 115,937 |

Share Transactions
For the year from 1 October 2019 to 30 September 2020
| A Acc USD | A SInc GBP | I Acc Hedged EUR A | I Acc USD | X Acc USD B |
| --- | --- | --- | --- | --- |
| Shares outstanding at the beginning of the year | 700 | 116,009 | - | 350,991 | 700 |
| Shares issued during the year | - | 217,190 | 500 | 6,377,431 | - |
| Shares redeemed during the year | - | (32,667) | - | (5,310,466) | (700) |
| Shares outstanding at the end of the year | 700 | 300,532 | 500 | 1,417,956 | - |
| Net asset value per share | 11.1298 | 1.2338 | 10.0097 | 9.7918 | - |

| Z Acc Hedged CNH C | Z Acc USD |
| --- | --- |
| Shares outstanding at the beginning of the year | - | 10,544,533 |
| Shares issued during the year | 1,696,884 | 2,324,458 |
| Shares redeemed during the year | - | (9,001,792) |
| Shares outstanding at the end of the year | 1,696,884 | 3,867,199 |
| Net asset value per share | 99.7289 | 19.8134 |

A 
Share class launched 3 September 2020.
B 
Share class closed 19 May 2020.
C 
Share class launched 21 September 2020.
The accompanying notes form an integral part of these financial statements.
Portfolio Statement
As at 30 September 2020
| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Transferable securities and money market instruments admitted to an official exchange listing or dealt on another regulated |
| market 97.88% |
| Bonds 97.88% |
| Government Bonds 97.88% |
| Australia 2.57% |
| Australia (Commonwealth of) | 2.7500 | 21/11/27 | 2,332,000 | 1,927 | 1.67 |
| Australia (Commonwealth of) | 3.2500 | 21/04/25 | 1,289,000 | 1,048 | 0.90 |
|  |  |  |  | 2,975 | 2.57 |
| Austria 0.91% Austria (Republic of) Austria (Republic of) | 1.5000 0.5000 | 20/02/47 20/04/27 | 388,000 346,000 | 619 434 | 0.54 0.37 |
|  |  |  |  | 1,053 | 0.91 |
| Belgium 1.20% Belgium (Kingdom of) Belgium (Kingdom of) | 1.7000 0.8000 | 22/06/50 22/06/28 | 535,920 415,000 | 860 534 | 0.74 0.46 |
|  |  |  |  | 1,394 | 1.20 |
| Canada 2.02% Canada (Government of) Canada (Government of) | 2.0000 2.5000 | 01/06/28 01/06/24 | 1,681,000 1,162,000 | 1,406 941 | 1.21 0.81 |
|  |  |  |  | 2,347 | 2.02 |
| Finland 2.72% Finland (Republic of) | 0.5000 | 15/09/29 | 2,482,000 | 3,150 | 2.72 |
| France 6.26% |
| France (Government of) | 1.2500 | 25/05/36 | 1,234,000 | 1,728 | 1.49 |
| France (Government of) | - | 25/05/22 | 1,336,000 | 1,584 | 1.37 |
| France (Government of) | 1.5000 | 25/05/50 | 978,907 | 1,507 | 1.30 |
| France (Government of) | - | 25/03/24 | 1,019,000 | 1,222 | 1.05 |
| France (Government of) | 0.5000 | 25/05/26 | 981,000 | 1,220 | 1.05 |
|  |  |  |  | 7,261 | 6.26 |
| Germany 6.86% |
| Germany (Federal Republic of) | 0.2500 | 15/02/29 | 1,572,539 | 1,982 | 1.72 |
| Germany (Federal Republic of) | 1.5000 | 15/02/23 | 1,243,180 | 1,536 | 1.32 |
| Germany (Federal Republic of) | 4.7500 | 04/07/34 | 686,000 | 1,397 | 1.20 |
| Germany (Federal Republic of) | 0.5000 | 15/02/25 | 1,121,000 | 1,387 | 1.20 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Germany (Federal Republic of) Germany (Federal Republic of) | 2.5000 - | 15/08/46 15/08/50 | 454,991 613,000 | 909 741 | 0.78 0.64 |
|  |  |  |  | 7,952 | 6.86 |
| Ireland 0.60% Ireland (Republic of) | 1.3500 | 18/03/31 | 511,000 | 694 | 0.60 |
| Italy 6.24% |  |  |  |  |  |
| Italy (Republic of) | 1.5000 | 01/06/25 | 2,016,000 | 2,504 | 2.16 |
| Italy (Republic of) | 2.8000 | 01/12/28 | 1,741,000 | 2,389 | 2.06 |
| Italy (Republic of) | 2.9500 | 01/09/38 | 795,000 | 1,163 | 1.00 |
| Italy (Republic of) | 3.4500 | 01/03/48 | 420,000 | 681 | 0.59 |
| Italy (Republic of) | 3.1000 | 01/03/40 | 333,000 | 497 | 0.43 |
|  |  |  |  | 7,234 | 6.24 |
| Japan 19.35% |  |  |  |  |  |
| Japan (Government of) | 0.1000 | 01/01/22 | 1,000,450,000 | 9,512 | 8.20 |
| Japan (Government of) | 0.1000 | 20/12/28 | 502,300,000 | 4,823 | 4.16 |
| Japan (Government of) | 0.5000 | 20/12/38 | 338,900,000 | 3,290 | 2.84 |
| Japan (Government of) | 1.5000 | 20/03/45 | 244,950,000 | 2,860 | 2.47 |
| Japan (Government of) | 0.5000 | 20/03/60 | 214,450,000 | 1,949 | 1.68 |
|  |  |  |  | 22,434 | 19.35 |
| Netherlands 1.05% Netherlands (Kingdom of) Netherlands (Kingdom of) | 0.7500 2.7500 | 15/07/27 15/01/47 | 495,000 281,000 | 633 579 | 0.55 0.50 |
|  |  |  |  | 1,212 | 1.05 |
| Norway 0.91% Norway (Kingdom of) | 2.0000 | 24/05/23 | 9,462,000 | 1,060 | 0.91 |
| Spain 4.14% |  |  |  |  |  |
| Spain (Kingdom of) | 1.4500 | 30/04/29 | 1,679,000 | 2,195 | 1.89 |
| Spain (Kingdom of) | 0.4500 | 31/10/22 | 1,373,000 | 1,642 | 1.42 |
| Spain (Kingdom of) | 2.7500 | 31/10/24 | 726,000 | 960 | 0.83 |
|  |  |  |  | 4,797 | 4.14 |
| United Kingdom 6.43% |  |  |  |  |  |
| UK Treasury | 4.2500 | 07/12/49 | 1,130,068 | 2,799 | 2.41 |
| UK Treasury | 4.7500 | 07/12/38 | 762,998 | 1,691 | 1.46 |
| UK Treasury | 6.0000 | 07/12/28 | 491,300 | 939 | 0.81 |
| UK Treasury | 0.6250 | 07/06/25 | 522,000 | 697 | 0.60 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| UK Treasury UK Treasury | 0.5000 0.5000 | 22/10/61 22/07/22 | 570,000 495,000 | 685 646 | 0.59 0.56 |
|  |  |  |  | 7,457 | 6.43 |
| United States 36.62% |  |  |  |  |  |
| US Treasury | 0.1250 | 30/04/22 | 15,553,400 | 15,555 | 13.42 |
| US Treasury | 0.3750 | 30/04/25 | 11,090,100 | 11,157 | 9.62 |
| US Treasury | 0.5000 | 30/04/27 | 6,647,200 | 6,680 | 5.76 |
| US Treasury | 2.3750 | 15/11/49 | 3,592,700 | 4,400 | 3.80 |
| US Treasury | 3.8750 | 15/08/40 | 2,876,900 | 4,266 | 3.68 |
| US Treasury | 3.5000 | 15/02/39 | 283,400 | 398 | 0.34 |
|  |  |  |  | 42,456 | 36.62 |
| Total Government Bonds |  |  |  | 113,476 | 97.88 |
| Total Bonds |  |  |  | 113,476 | 97.88 |
| Total Transferable securities and money market instruments admitted to an official exchange listing or dealt on another regulated market	113,476	97.88 |
| Open Ended Investment Funds nil Aberdeen Standard Liquidity Fund (Lux) - US Dollar Fund Z-1 †	 2	2	- |
| Total Open Ended Investment Funds |  |  |  | 2 | - |

Derivatives 0.53%
Future contracts 0.01%
| Future | Maturity | Notional | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- |
| CBT US Ultra Bond | 21/12/20 | (5) | 8 | 0.01 |
| CBT US 10 Year Note | 21/12/20 | 33 | 14 | 0.01 |
| CBT US 10 Year Ultra | 21/12/20 | 64 | 37 | 0.03 |
| EUX Euro-BTP | 08/12/20 | (33) | (60) | (0.05) |
| EUX Euro-Bund | 08/12/20 | (16) | (14) | (0.01) |
| EUX Euro-OAT | 08/12/20 | (17) | (23) | (0.02) |
| MSE Canada 10 Year Bond | 18/12/20 | (51) | 5 | - |
| SFE Australia 10 Year Bond | 15/12/20 | 52 | 46 | 0.04 |
| Unrealised gains on future contracts |  |  | 13 | 0.01 |

Forward currency exchange contracts 0.20%
| Counterparty | Buy | Sell | Settlement | Buy Amount | Sell Amount | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Barclays Capital | CAD | USD | 07/10/20 | 166,000 | 125,484 | (1) | - |
| Barclays Capital | EUR | USD | 07/10/20 | 2,414,000 | 2,806,360 | 25 | 0.02 |
| Barclays Capital | EUR | USD | 07/10/20 | 730,000 | 862,426 | (6) | (0.01) |
| Barclays Capital | GBP | USD | 07/10/20 | 2,940,867 | 3,829,000 | (27) | (0.02) |
| Barclays Capital | GBP | USD | 07/10/20 | 370,000 | 472,276 | 6 | 0.01 |
| Barclays Capital | NOK | USD | 07/10/20 | 2,123,000 | 227,926 | (1) | - |
| Barclays Capital | NZD | AUD | 07/10/20 | 4,702,978 | 4,429,000 | (66) | (0.06) |
| Barclays Capital | NZD | USD | 07/10/20 | 488,000 | 317,896 | 5 | - |
| Barclays Capital | PLN | USD | 07/10/20 | 792,000 | 211,473 | (7) | (0.01) |
| Barclays Capital | SEK | USD | 07/10/20 | 2,456,000 | 280,945 | (7) | (0.01) |
| Barclays Capital | USD | AUD | 07/10/20 | 227,921 | 316,000 | 1 | - |
| Barclays Capital | USD | CAD | 07/10/20 | 878,432 | 1,178,000 | (3) | - |
| Barclays Capital | USD | CHF | 07/10/20 | 1,757,808 | 1,606,000 | 9 | 0.01 |
| Barclays Capital | USD | CHF | 07/10/20 | 517,850 | 471,000 | 5 | - |
| Barclays Capital | USD | EUR | 07/10/20 | 6,114,452 | 5,157,000 | 66 | 0.06 |
| Barclays Capital | USD | EUR | 07/10/20 | 907,508 | 802,000 | (33) | (0.03) |
| Barclays Capital | USD | EUR | 07/10/20 | 205,539 | 183,000 | (9) | (0.01) |
| Barclays Capital | USD | ILS | 07/10/20 | 421,248 | 1,431,000 | 3 | - |
| Barclays Capital | USD | JPY | 07/10/20 | 4,701,873 | 495,602,000 | 5 | - |
| Barclays Capital | USD | JPY | 07/10/20 | 4,262,513 | 451,200,000 | (13) | (0.01) |
| Barclays Capital | USD | JPY | 07/10/20 | 125,559 | 13,320,000 | (1) | - |
| Barclays Capital | USD | SEK | 07/10/20 | 378,000 | 3,314,442 | 8 | 0.01 |
| Barclays Capital | USD | SEK | 07/10/20 | 185,712 | 1,619,000 | 5 | - |
| BNP Paribas | AUD | EUR | 07/10/20 | 1,619,590 | 979,000 | 13 | 0.01 |
| BNP Paribas | CHF | NZD | 07/10/20 | 1,584,789 | 2,679,000 | (46) | (0.04) |
| BNP Paribas | CNH | USD | 16/12/20 | 85,344,000 | 12,526,640 | (18) | (0.02) |
| BNP Paribas | CNH | USD | 16/12/20 | 83,754,000 | 12,191,092 | 84 | 0.07 |
| BNP Paribas | CNH | USD | 16/12/20 | 479,384 | 70,310 | - | - |
| BNP Paribas | CNH | USD | 16/12/20 | 46,000 | 6,743 | - | - |
| BNP Paribas | EUR | AUD | 07/10/20 | 735,000 | 1,189,941 | 9 | 0.01 |
| BNP Paribas | EUR | USD | 16/12/20 | 5,000 | 5,900 | - | - |
| BNP Paribas | JPY | USD | 07/10/20 | 223,360,000 | 2,086,726 | 30 | 0.03 |
| BNP Paribas | USD | CAD | 07/10/20 | 216,877 | 291,000 | (1) | - |
| BNP Paribas | USD | EUR | 07/10/20 | 98,062 | 83,000 | 1 | - |
| BNP Paribas | USD | GBP | 07/10/20 | 1,638,595 | 1,320,000 | (68) | (0.06) |
| BNP Paribas | USD | JPY | 07/10/20 | 875,227 | 91,890,000 | 4 | - |
| BNP Paribas | USD | JPY | 07/10/20 | 365,250 | 38,680,000 | (1) | - |
| BNP Paribas | USD | NOK | 07/10/20 | 356,929 | 3,199,000 | 15 | 0.01 |
| Citigroup | BRL | USD | 25/11/20 | 430,000 | 76,382 | - | - |
| Citigroup | BRL | USD | 25/11/20 | 332,000 | 62,099 | (3) | - |

| Counterparty | Buy | Sell | Settlement | Buy Amount | Sell Amount | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Citigroup | JPY | USD | 07/10/20 | 215,390,000 | 2,044,273 | (3) | - |
| Citigroup | USD | BRL | 25/11/20 | 187,517 | 1,017,000 | 7 | 0.01 |
| Citigroup | USD | CAD | 07/10/20 | 7,352,931 | 9,979,000 | (118) | (0.10) |
| Citigroup | USD | EUR | 07/10/20 | 655,121 | 553,000 | 7 | 0.01 |
| Citigroup | USD | GBP | 07/10/20 | 1,716,572 | 1,336,000 | (11) | (0.01) |
| Citigroup | USD | GBP | 07/10/20 | 721,467 | 549,000 | 12 | 0.01 |
| Citigroup | USD | MXN | 07/10/20 | 491,079 | 10,845,000 | - | - |
| Citigroup | USD | PLN | 07/10/20 | 772,000 | 2,895,565 | 23 | 0.02 |
| Citigroup | USD | ZAR | 07/10/20 | 460,284 | 8,069,000 | (23) | (0.02) |
| Credit Agricole | USD | DKK | 07/10/20 | 43,302 | 273,000 | - | - |
| Deutsche Bank | AUD | USD | 07/10/20 | 4,591,000 | 3,170,659 | 120 | 0.10 |
| Deutsche Bank | JPY | USD | 07/10/20 | 350,460,000 | 3,350,629 | (29) | (0.03) |
| Deutsche Bank | NOK | USD | 07/10/20 | 19,132,495 | 2,097,000 | (52) | (0.05) |
| Deutsche Bank | PLN | USD | 07/10/20 | 4,161,000 | 1,047,096 | 29 | 0.03 |
| Deutsche Bank | USD | EUR | 07/10/20 | 44,594 | 38,000 | - | - |
| Deutsche Bank | USD | NOK | 07/10/20 | 3,044,757 | 27,524,000 | 103 | 0.09 |
| Deutsche Bank | USD | ZAR | 07/10/20 | 142,212 | 2,401,000 | (2) | - |
| Deutsche Bank | USD | ZAR | 07/10/20 | 101,796 | 1,743,000 | (3) | - |
| Deutsche Bank | ZAR | USD | 07/10/20 | 3,353,000 | 193,865 | 7 | 0.01 |
| Goldman Sachs | AUD | EUR | 07/10/20 | 1,643,000 | 993,340 | 13 | 0.01 |
| Goldman Sachs | AUD | USD | 07/10/20 | 4,059,726 | 2,900,000 | 10 | 0.01 |
| Goldman Sachs | AUD | USD | 07/10/20 | 186,000 | 133,546 | - | - |
| Goldman Sachs | BRL | USD | 07/10/20 | 3,146,000 | 603,190 | (45) | (0.04) |
| Goldman Sachs | BRL | USD | 25/11/20 | 3,555,000 | 628,758 | 1 | - |
| Goldman Sachs | BRL | USD | 25/11/20 | 3,146,000 | 582,776 | (25) | (0.02) |
| Goldman Sachs | DKK | USD | 07/10/20 | 359,000 | 57,444 | (1) | - |
| Goldman Sachs | EUR | USD | 07/10/20 | 5,325,000 | 6,201,804 | 43 | 0.04 |
| Goldman Sachs | EUR | USD | 07/10/20 | 4,466,000 | 5,247,156 | (9) | (0.01) |
| Goldman Sachs | EUR | USD | 07/10/20 | 181,000 | 215,599 | (3) | - |
| Goldman Sachs | GBP | USD | 07/10/20 | 306,000 | 390,300 | 5 | - |
| Goldman Sachs | JPY | USD | 07/10/20 | 17,510,000 | 165,744 | - | - |
| Goldman Sachs | MXN | USD | 07/10/20 | 24,708,000 | 1,098,039 | 21 | 0.02 |
| Goldman Sachs | MXN | USD | 07/10/20 | 1,262,000 | 56,892 | - | - |
| Goldman Sachs | SEK | NOK | 07/10/20 | 10,030,309 | 10,307,000 | 19 | 0.02 |
| Goldman Sachs | USD | BRL | 07/10/20 | 583,554 | 3,146,000 | 25 | 0.02 |
| Goldman Sachs | USD | BRL | 25/11/20 | 126,088 | 704,000 | 1 | - |
| Goldman Sachs | USD | CHF | 07/10/20 | 3,340,150 | 3,022,000 | 50 | 0.04 |
| Goldman Sachs | USD | DKK | 07/10/20 | 666,000 | 4,214,034 | 2 | - |
| Goldman Sachs | USD | EUR | 07/10/20 | 1,061,562 | 894,000 | 13 | 0.01 |
| Goldman Sachs | USD | GBP | 07/10/20 | 45,406 | 34,000 | 1 | - |
| Goldman Sachs | USD | ILS | 07/10/20 | 68,551 | 233,000 | - | - |

| Counterparty | Buy | Sell | Settlement | Buy Amount | Sell Amount | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Goldman Sachs | USD | NOK | 07/10/20 | 125,645 | 1,114,000 | 7 | 0.01 |
| Goldman Sachs | USD | NOK | 07/10/20 | 42,599 | 386,000 | 1 | - |
| Goldman Sachs | USD | SEK | 07/10/20 | 808,583 | 7,079,000 | 18 | 0.02 |
| Goldman Sachs | USD | SGD | 07/10/20 | 21,177 | 29,000 | - | - |
| Goldman Sachs | USD | ZAR | 07/10/20 | 177,243 | 2,967,000 | (1) | - |
| Goldman Sachs | USD | ZAR | 07/10/20 | 126,594 | 2,162,000 | (3) | - |
| HSBC | AUD | USD | 07/10/20 | 68,000 | 48,678 | - | - |
| HSBC | BRL | USD | 25/11/20 | 2,808,000 | 501,787 | (4) | - |
| HSBC | DKK | USD | 07/10/20 | 5,843,000 | 881,218 | 39 | 0.03 |
| HSBC | MXN | USD | 07/10/20 | 23,429,000 | 1,037,407 | 23 | 0.02 |
| HSBC | MXN | USD | 07/10/20 | 2,232,000 | 104,094 | (3) | - |
| HSBC | PLN | USD | 07/10/20 | 317,000 | 82,888 | (1) | - |
| HSBC | SEK | USD | 07/10/20 | 26,150,000 | 3,023,171 | (101) | (0.09) |
| HSBC | SGD | USD | 07/10/20 | 1,104,000 | 791,866 | 17 | 0.01 |
| HSBC | USD | BRL | 25/11/20 | 1,164,960 | 6,281,000 | 52 | 0.05 |
| HSBC | USD | EUR | 07/10/20 | 3,169,022 | 2,705,000 | (3) | - |
| HSBC | USD | GBP | 07/10/20 | 272,309 | 208,000 | 3 | - |
| HSBC | USD | JPY | 07/10/20 | 3,548,010 | 373,288,000 | 11 | 0.01 |
| HSBC | USD | MXN | 07/10/20 | 416,609 | 9,459,000 | (12) | (0.01) |
| HSBC | USD | SEK | 07/10/20 | 3,615,907 | 33,747,000 | (155) | (0.13) |
| JPM Chase | EUR | USD | 07/10/20 | 211,000 | 249,596 | (2) | - |
| JPM Chase | ILS | USD | 07/10/20 | 2,161,000 | 628,266 | 4 | - |
| JPM Chase | JPY | EUR | 07/10/20 | 92,000,000 | 732,844 | 12 | 0.01 |
| JPM Chase | NOK | USD | 07/10/20 | 11,357,000 | 1,188,335 | 25 | 0.02 |
| JPM Chase | USD | AUD | 07/10/20 | 62,001 | 85,000 | 1 | - |
| JPM Chase | USD | EUR | 07/10/20 | 1,919,003 | 1,645,000 | (10) | (0.01) |
| JPM Chase | USD | GBP | 07/10/20 | 195,095 | 147,000 | 5 | - |
| JPM Chase | USD | JPY | 07/10/20 | 5,091,919 | 537,951,000 | (6) | (0.01) |
| JPM Chase | USD | JPY | 07/10/20 | 818,529 | 87,910,000 | (15) | (0.01) |
| JPM Chase | USD | NOK | 07/10/20 | 91,990 | 807,000 | 6 | - |
| JPM Chase | USD | SGD | 07/10/20 | 78,152 | 107,000 | - | - |
| Merrill Lynch | AUD | USD | 07/10/20 | 451,000 | 319,469 | 4 | - |
| Merrill Lynch | CHF | USD | 07/10/20 | 464,000 | 507,040 | (2) | - |
| Merrill Lynch | DKK | USD | 07/10/20 | 524,000 | 82,724 | - | - |
| Merrill Lynch | EUR | USD | 07/10/20 | 2,422,094 | 2,849,000 | (8) | (0.01) |
| Merrill Lynch | EUR | USD | 07/10/20 | 1,729,000 | 2,035,604 | (8) | (0.01) |
| Merrill Lynch | EUR | USD | 07/10/20 | 914,000 | 1,084,433 | (13) | (0.01) |
| Merrill Lynch | EUR | USD | 07/10/20 | 90,000 | 105,616 | - | - |
| Merrill Lynch | GBP | USD | 07/10/20 | 1,678,000 | 2,184,456 | (15) | (0.01) |
| Merrill Lynch | ILS | USD | 07/10/20 | 558,000 | 163,047 | - | - |
| Merrill Lynch | JPY | USD | 07/10/20 | 18,670,000 | 179,052 | (2) | - |

| Counterparty | Buy | Sell | Settlement | Buy Amount | Sell Amount | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Merrill Lynch | USD | AUD | 07/10/20 | 797,114 | 1,103,000 | 7 | 0.01 |
| Merrill Lynch | USD | CAD | 07/10/20 | 142,392 | 191,000 | (1) | - |
| Merrill Lynch | USD | EUR | 07/10/20 | 12,403,960 | 10,448,000 | 151 | 0.13 |
| Merrill Lynch | USD | EUR | 07/10/20 | 3,304,793 | 2,803,000 | 17 | 0.02 |
| Merrill Lynch | USD | GBP | 07/10/20 | 2,546,721 | 1,939,000 | 40 | 0.03 |
| Merrill Lynch | USD | JPY | 07/10/20 | 18,993,000 | 1,996,540,361 | 73 | 0.06 |
| Merrill Lynch | USD | JPY | 07/10/20 | 4,255,807 | 452,391,000 | (31) | (0.03) |
| Merrill Lynch | USD | JPY | 07/10/20 | 764,316 | 81,120,000 | (4) | - |
| Merrill Lynch | USD | JPY | 07/10/20 | 323,936 | 34,002,000 | 2 | - |
| Merrill Lynch | USD | ZAR | 07/10/20 | 5,255,519 | 91,033,000 | (198) | (0.17) |
| Morgan Stanley | AUD | USD | 07/10/20 | 1,555,000 | 1,108,181 | 6 | 0.01 |
| Morgan Stanley | AUD | USD | 07/10/20 | 709,000 | 509,389 | (1) | - |
| Morgan Stanley | CAD | USD | 07/10/20 | 157,000 | 118,654 | (1) | - |
| Morgan Stanley | GBP | USD | 07/10/20 | 17,000 | 22,456 | - | - |
| Morgan Stanley | NZD | AUD | 07/10/20 | 5,000,000 | 4,671,718 | (43) | (0.04) |
| Morgan Stanley | USD | AUD | 07/10/20 | 348,237 | 493,000 | (5) | - |
| Morgan Stanley | USD | CAD | 07/10/20 | 175,883 | 235,000 | - | - |
| Morgan Stanley | USD | GBP | 07/10/20 | 1,045,355 | 820,000 | (15) | (0.01) |
| Morgan Stanley | USD | GBP | 07/10/20 | 104,894 | 80,000 | 1 | - |
| Morgan Stanley | USD | JPY | 07/10/20 | 2,610,960 | 273,440,000 | 20 | 0.02 |
| Royal Bank of Canada | AUD | USD | 07/10/20 | 807,000 | 583,710 | (5) | - |
| Royal Bank of Canada | AUD | USD | 07/10/20 | 73,000 | 53,179 | (1) | - |
| Royal Bank of Canada | CAD | USD | 07/10/20 | 2,272,000 | 1,699,121 | 2 | - |
| Royal Bank of Canada | CAD | USD | 07/10/20 | 209,000 | 155,727 | 1 | - |
| Royal Bank of Canada | EUR | USD | 07/10/20 | 61,000 | 72,231 | (1) | - |
| Royal Bank of Canada | EUR | USD | 07/10/20 | 43,000 | 50,955 | (1) | - |
| Royal Bank of Canada | GBP | USD | 07/10/20 | 216,000 | 286,277 | (7) | (0.01) |
| Royal Bank of Canada | GBP | USD | 07/10/20 | 143,000 | 190,216 | (5) | - |
| Royal Bank of Canada | GBP | USD | 07/10/20 | 84,000 | 110,658 | (2) | - |
| Royal Bank of Canada | GBP | USD | 07/10/20 | 47,000 | 60,824 | - | - |
| Royal Bank of Canada | JPY | USD | 07/10/20 | 2,018,406,000 | 18,812,550 | 316 | 0.26 |
| Royal Bank of Canada | JPY | USD | 07/10/20 | 170,654,000 | 1,603,394 | 14 | 0.01 |
| Royal Bank of Canada | JPY | USD | 07/10/20 | 95,569,000 | 901,982 | 4 | - |
| Royal Bank of Canada | MXN | USD | 07/10/20 | 11,634,000 | 507,517 | 19 | 0.02 |
| Royal Bank of Canada | NOK | USD | 07/10/20 | 9,089,000 | 993,909 | (23) | (0.02) |
| Royal Bank of Canada | SGD | USD | 07/10/20 | 242,000 | 175,797 | 1 | - |
| Royal Bank of Canada | USD | CAD | 07/10/20 | 956,926 | 1,267,000 | 8 | 0.01 |
| Royal Bank of Canada | USD | CAD | 07/10/20 | 890,861 | 1,180,000 | 7 | 0.01 |
| Royal Bank of Canada | USD | CAD | 07/10/20 | 66,474 | 88,000 | 1 | - |
| Royal Bank of Canada | USD | EUR | 07/10/20 | 2,509,883 | 2,109,000 | 36 | 0.03 |
| Royal Bank of Canada | USD | EUR | 07/10/20 | 984,881 | 837,000 | 3 | - |

| Counterparty | Buy | Sell | Settlement | Buy Amount | Sell Amount | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Royal Bank of Canada | USD | EUR | 07/10/20 | 119,011 | 100,000 | 2 | - |
| Royal Bank of Canada | USD | EUR | 07/10/20 | 103,341 | 89,000 | (1) | - |
| Royal Bank of Canada | USD | EUR | 07/10/20 | 63,489 | 53,000 | 1 | - |
| Royal Bank of Canada | USD | GBP | 07/10/20 | 711,387 | 559,000 | (11) | (0.01) |
| Royal Bank of Canada | USD | GBP | 07/10/20 | 149,699 | 114,000 | 2 | - |
| Royal Bank of Canada | USD | GBP | 07/10/20 | 57,862 | 44,000 | 1 | - |
| Royal Bank of Canada | USD | JPY | 07/10/20 | 757,365 | 80,030,000 | (1) | - |
| Royal Bank of Canada | USD | JPY | 07/10/20 | 548,991 | 57,679,000 | 2 | - |
| Royal Bank of Canada | USD | MXN | 07/10/20 | 68,282 | 1,496,000 | 1 | - |
| Royal Bank of Canada | ZAR | USD | 07/10/20 | 25,601,643 | 1,514,000 | 20 | 0.02 |
| Societe Generale | GBP | USD | 07/10/20 | 130,000 | 171,099 | (3) | - |
| Societe Generale | JPY | USD | 07/10/20 | 1,118,010,000 | 10,544,905 | 50 | 0.04 |
| Societe Generale | NOK | USD | 07/10/20 | 1,415,000 | 148,404 | 3 | - |
| Societe Generale | USD | GBP | 07/10/20 | 227,497 | 175,000 | 1 | - |
| State Street | AUD | USD | 07/10/20 | 148,000 | 102,717 | 3 | - |
| State Street | AUD | USD | 07/10/20 | 63,000 | 46,209 | (1) | - |
| State Street | CAD | USD | 07/10/20 | 6,894,632 | 5,139,000 | 23 | 0.02 |
| State Street | CAD | USD | 07/10/20 | 3,016,000 | 2,288,932 | (31) | (0.03) |
| State Street | CAD | USD | 07/10/20 | 724,000 | 550,124 | (8) | (0.01) |
| State Street | CAD | USD | 07/10/20 | 354,000 | 268,219 | (3) | - |
| State Street | CAD | USD | 07/10/20 | 84,000 | 64,307 | (1) | - |
| State Street | CHF | USD | 07/10/20 | 3,255,000 | 3,575,843 | (32) | (0.03) |
| State Street | CHF | USD | 07/10/20 | 352,000 | 380,599 | 3 | - |
| State Street | EUR | JPY | 07/10/20 | 1,707,666 | 209,700,000 | 16 | 0.01 |
| State Street | EUR | USD | 07/10/20 | 12,634,000 | 14,877,069 | (60) | (0.05) |
| State Street | EUR | USD | 07/10/20 | 1,161,000 | 1,383,449 | (22) | (0.02) |
| State Street | EUR | USD | 07/10/20 | 680,000 | 799,805 | (2) | - |
| State Street | EUR | USD | 07/10/20 | 587,000 | 700,961 | (13) | (0.01) |
| State Street | EUR | USD | 07/10/20 | 476,000 | 557,273 | 1 | - |
| State Street | EUR | USD | 07/10/20 | 312,000 | 370,205 | (4) | - |
| State Street | EUR | USD | 07/10/20 | 148,000 | 175,534 | (2) | - |
| State Street | EUR | USD | 07/10/20 | 86,000 | 101,890 | (1) | - |
| State Street | EUR | USD | 07/10/20 | 30,000 | 35,214 | - | - |
| State Street | EUR | USD | 07/10/20 | 28,000 | 33,122 | - | - |
| State Street | GBP | USD | 07/10/20 | 1,026,000 | 1,350,295 | (24) | (0.02) |
| State Street | GBP | USD | 07/10/20 | 477,000 | 610,908 | 6 | - |
| State Street | GBP | USD | 07/10/20 | 301,000 | 395,052 | (6) | (0.01) |
| State Street | GBP | USD | 07/10/20 | 136,000 | 178,071 | (2) | - |
| State Street | GBP | USD | 07/10/20 | 81,000 | 104,498 | - | - |
| State Street | GBP | USD | 07/10/20 | 79,000 | 104,357 | (2) | - |
| State Street | ILS | USD | 07/10/20 | 239,000 | 68,710 | 1 | - |

| Counterparty | Buy | Sell | Settlement | Buy Amount | Sell Amount | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| State Street | JPY | USD | 07/10/20 | 599,381,000 | 5,579,143 | 101 | 0.09 |
| State Street | JPY | USD | 07/10/20 | 208,970,000 | 1,969,187 | 11 | 0.01 |
| State Street | JPY | USD | 07/10/20 | 155,041,000 | 1,468,639 | 1 | - |
| State Street | JPY | USD | 07/10/20 | 46,490,000 | 443,098 | (3) | - |
| State Street | JPY | USD | 07/10/20 | 41,896,000 | 394,702 | 2 | - |
| State Street | JPY | USD | 07/10/20 | 32,790,000 | 311,162 | - | - |
| State Street | MXN | USD | 07/10/20 | 1,533,000 | 68,312 | 1 | - |
| State Street | NOK | USD | 07/10/20 | 1,749,000 | 195,812 | (9) | (0.01) |
| State Street | NOK | USD | 07/10/20 | 1,210,000 | 133,220 | (4) | - |
| State Street | NZD | USD | 07/10/20 | 164,000 | 110,883 | (2) | - |
| State Street | NZD | USD | 07/10/20 | 92,000 | 61,920 | (1) | - |
| State Street | PLN | USD | 07/10/20 | 223,000 | 57,335 | - | - |
| State Street | SEK | USD | 07/10/20 | 693,000 | 79,760 | (2) | - |
| State Street | SEK | USD | 07/10/20 | 480,000 | 55,246 | (2) | - |
| State Street | SGD | USD | 07/10/20 | 111,000 | 80,642 | 1 | - |
| State Street | USD | AUD | 07/10/20 | 1,133,305 | 1,570,000 | 8 | 0.01 |
| State Street | USD | AUD | 07/10/20 | 310,797 | 436,000 | (2) | - |
| State Street | USD | AUD | 07/10/20 | 205,551 | 286,000 | 1 | - |
| State Street | USD | AUD | 07/10/20 | 171,102 | 243,000 | (3) | - |
| State Street | USD | AUD | 07/10/20 | 104,799 | 152,000 | (4) | - |
| State Street | USD | AUD | 07/10/20 | 86,730 | 120,000 | 1 | - |
| State Street | USD | AUD | 07/10/20 | 75,733 | 105,000 | - | - |
| State Street | USD | CAD | 07/10/20 | 287,566 | 383,000 | 1 | - |
| State Street | USD | CHF | 07/10/20 | 165,851 | 151,000 | 1 | - |
| State Street | USD | CHF | 07/10/20 | 106,504 | 97,000 | 1 | - |
| State Street | USD | CHF | 07/10/20 | 102,592 | 93,000 | 1 | - |
| State Street | USD | CHF | 07/10/20 | 43,651 | 40,000 | - | - |
| State Street | USD | DKK | 07/10/20 | 87,586 | 550,000 | 1 | - |
| State Street | USD | EUR | 07/10/20 | 2,376,147 | 2,039,000 | (15) | (0.01) |
| State Street | USD | EUR | 07/10/20 | 1,999,965 | 1,779,000 | (86) | (0.07) |
| State Street | USD | EUR | 07/10/20 | 1,106,493 | 935,000 | 10 | 0.01 |
| State Street | USD | EUR | 07/10/20 | 527,617 | 447,000 | 3 | - |
| State Street | USD | EUR | 07/10/20 | 173,746 | 147,000 | 1 | - |
| State Street | USD | EUR | 07/10/20 | 51,970 | 44,000 | - | - |
| State Street | USD | EUR | 07/10/20 | 50,224 | 43,000 | - | - |
| State Street | USD | EUR | 07/10/20 | 45,017 | 38,000 | - | - |
| State Street | USD | EUR | 07/10/20 | 44,996 | 38,000 | - | - |
| State Street | USD | GBP | 07/10/20 | 172,174 | 131,000 | 3 | - |
| State Street | USD | GBP | 07/10/20 | 43,010 | 33,000 | - | - |
| State Street | USD | JPY | 07/10/20 | 1,013,175 | 106,763,000 | 1 | - |
| State Street | USD | JPY | 07/10/20 | 1,005,794 | 106,720,000 | (6) | - |

| Counterparty | Buy | Sell | Settlement | Buy Amount | Sell Amount | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| State Street | USD | JPY | 07/10/20 | 821,690 | 87,470,000 | (7) | (0.01) |
| State Street | USD | MXN | 07/10/20 | 596,218 | 13,338,000 | (8) | (0.01) |
| State Street | USD | MXN | 07/10/20 | 228,000 | 5,093,986 | (3) | - |
| State Street | USD | MXN | 07/10/20 | 221,492 | 4,954,000 | (3) | - |
| State Street | USD | NZD | 07/10/20 | 248,388 | 373,000 | 2 | - |
| State Street | USD | NZD | 07/10/20 | 194,423 | 298,000 | (3) | - |
| State Street | USD | NZD | 07/10/20 | 123,360 | 189,000 | (2) | - |
| State Street | USD | PLN | 07/10/20 | 97,663 | 362,000 | 4 | - |
| State Street | USD | SEK | 07/10/20 | 102,598 | 932,000 | (2) | - |
| State Street | USD | SEK | 07/10/20 | 93,211 | 826,000 | 1 | - |
| State Street | ZAR | USD | 07/10/20 | 57,463,000 | 3,409,637 | 33 | 0.03 |
| State Street | ZAR | USD | 07/10/20 | 1,382,000 | 81,894 | 1 | - |
| State Street | ZAR | USD | 07/10/20 | 870,000 | 51,034 | 1 | - |
| UBS | AUD | USD | 07/10/20 | 139,000 | 99,930 | - | - |
| UBS | CHF | GBP | 07/10/20 | 3,016,000 | 2,549,332 | (12) | (0.01) |
| UBS | DKK | USD | 07/10/20 | 1,261,000 | 199,420 | (1) | - |
| UBS | EUR | USD | 07/10/20 | 4,119,000 | 4,869,428 | (39) | (0.03) |
| UBS | EUR | USD | 07/10/20 | 436,000 | 491,093 | 20 | 0.02 |
| UBS | JPY | AUD | 07/10/20 | 91,422,974 | 1,198,000 | 8 | 0.01 |
| UBS | JPY | USD | 07/10/20 | 969,712,000 | 9,183,348 | 6 | 0.01 |
| UBS | JPY | USD | 07/10/20 | 49,200,000 | 467,176 | (1) | - |
| UBS | PLN | USD | 07/10/20 | 106,000 | 28,630 | (1) | - |
| UBS | USD | AUD | 07/10/20 | 1,643,731 | 2,297,000 | (3) | - |
| UBS | USD | AUD | 07/10/20 | 265,691 | 371,000 | - | - |
| UBS | USD | BRL | 25/11/20 | 434,164 | 2,289,000 | 29 | 0.02 |
| UBS | USD | EUR | 07/10/20 | 1,465,591 | 1,235,000 | 17 | 0.01 |
| UBS | USD | EUR | 07/10/20 | 1,370,920 | 1,169,000 | - | - |
| UBS | USD | GBP | 07/10/20 | 686,340 | 532,000 | (1) | - |
| UBS | USD | MXN | 07/10/20 | 160,230 | 3,704,000 | (7) | (0.01) |
| UBS | USD | NZD | 07/10/20 | 6,167,655 | 9,541,000 | (139) | (0.12) |
| UBS | USD | SGD | 07/10/20 | 530,000 | 729,212 | (4) | - |
| UBS | ZAR | USD | 07/10/20 | 9,699,000 | 569,770 | 11 | 0.01 |
| Unrealised gains on forward currency exchange contracts |  |  | 234 | 0.20 |

Swap contracts 0.32%
| Counterparty | Ccy | Termination | Notional | Fund Pays | Fund Receives | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Barclays | GBP | 15/04/23 | 3,920,000 | UK RPI | 3.2250% | 145 | 0.12 |
|  |  |  | 3 Month USD |  |  |  |
| Citigroup | USD | 03/07/25 | 4,800,000 | LIBOR | 0.4860% | 3 | - |
| Goldman Sachs | EUR | 15/09/30 | 1,630,000 | EUR EXT CPI | 0.9513% | 18 | 0.02 |
|  |  |  | 3 Month AUD- |  |  |  |
| UBS | AUD | 01/05/24 | 19,300,000 | BBR-BBSW | 0.6000% | 41 | 0.04 |
|  |  |  | 3 Month AUD- |  |  |  |
| UBS | AUD | 01/05/24 | 17,159,000 | BBR-BBSW | 0.6000% | 36 | 0.03 |
| UBS | GBP | 15/04/23 | 3,080,000 | UK RPI | 3.2250% | 115 | 0.10 |
|  |  |  | 3 Month USD |  |  |  |
| UBS | USD | 03/07/25 | 12,300,000 | LIBOR | 0.4860% | 7 | 0.01 |
| Unrealised gains on swap contracts |  |  |  |  | 365 | 0.32 |
| Unrealised gains on derivatives |  |  |  |  | 612 | 0.53 |
| Total investments Other net assets |  |  |  |  | 114,090 1,847 | 98.41 1.59 |
| Total net assets |  |  |  |  | 115,937 | 100.00 |

† 
Managed by subsidiaries of Standard Life Aberdeen plc.
Currently forward positions are not collateralised.
Global Innovation Equity Fund 
(formerly named Technology Equity)

## For the year ended 30 September 2020
Performance
For the year ended 30 September 2020, the value of Global Innovation Equity - A Accumulation Shares increased by 45.19% compared to an increase of 11.00% in the benchmark, the MSCI ACWI Information Technology TR Index.
Fund return: Source: Lipper, Basis: total return, published NAV to NAV, net of annual charges, gross income reinvested, USD.
Benchmark return: Source: Lipper, Basis: close of business return, income reinvested, gross of expenses, USD.
Please remember that past performance is not a guide to future returns. The price of shares and the revenue from them may fall as well as rise. Investors may not get back the amount originally invested.
Market review
Despite a set of unique challenges, including a global pandemic and persistent trade tensions, technology equities posted double-digit returns over the year. The period began brightly, amid optimism over the deployment of 5G technologies and a breakthrough in US-China trade dispute. But the sector, like all
others, suffered a massive correction in 2020’s first quarter when Covid-19 threatened to engulf the world. The widespread travel bans and nationwide lockdowns to flatten the infection curve sparked fears of a global recession. However, the retrenchment was short-lived as the crisis fuelled a raft of favourable trends, arising from remote working, cloud computing and e-commerce. Aggressive fiscal and monetary stimulus, positive news on potential Covid-19 vaccines and solid earnings from benchmark majors provided further support. That said, the resurgence of
US-China tensions, with President Donald Trump imposing new sanctions on Chinese tech companies, such as Huawei and popular social media apps, capped gains.
In September 2020, the Fund’s strategy was expanded to allow it to invest in all forms of innovation. This enables the portfolio to gain a broader exposure to sectors other than technology, including consumer, healthcare and financials. This change was enacted as it was becoming apparent that innovation, powered by new technologies, is permeating all sectors of the economy. This is regardless of whether the company is classified as a technology company or not. Amazon is a prime example, classified as a Consumer Discretionary company, whereas in reality it has been a technology company disrupting the consumer discretionary sector as a result of continuous innovation.
Portfolio review
The Fund outperformed the benchmark, as positive stock selection offset adverse asset allocation.
Our exposure to the semiconductor subsector contributed the most. Notably, shares of graphics chipmaker Nvidia rallied over 200%. Investors were upbeat about prospects for growth of its data-centre chips segment amid the increase in work-from-home requirements during the pandemic. It also posted record revenues in the June-quarter. Not holding Intel was positive for performance as well, as its chip manufacturing operations continued to face challenges.
Other holdings that aided returns included cloud software specialist Five9. It was another that gained from the Covid-19 disruptions as more businesses turned to its cloud-based remote working solutions.
Meanwhile, Israeli digital printing company Kornit Digital, a new portfolio addition, boosted performance as demand for its next-generation commercial digital printers proved resilient.
It aligned with structural demand trends for smaller-batch runs and more environmentally-friendly methods of garment production. Investors were also optimistic about its ongoing partnership with e-commerce giant Amazon. We initiated Kornit earlier in the period, and believe its superior product quality will help it gain market share in the long term. The position in Amazon proved beneficial too, thanks to robust e-commerce sales.
Conversely, the underweight position in Apple was a major source of weakness. The US tech giant’s shares surged after it announced a stock split, alongside forecasts of robust sales of its new iPhones and other products. Our positions in Google parent Alphabet and payments giant Visa also detracted as their share-price gains were more modest than the wider benchmark.
In portfolio activity, we repositioned the portfolio in line with the shift in strategy. This has enabled us to invest in innovative companies through a thematic framework in sectors broader than solely Information Technology.
Outlook
There is much uncertainty in the medium-term as fresh waves of coronavirus infections could force governments to re-impose lockdowns. This would turn the nascent recovery into a sharp – and possibly prolonged – globally recession. Fiscal and monetary stimuli will help, but a full recovery still hinges on the development and availability of an effective vaccine. Moreover, the ongoing
US-China dispute, which is increasingly broadening out to the technology sector, could disrupt global trade and financial markets as well.
In such times of uncertainty, sound bottom-up analysis and stock-picking strategies are even more crucial. We are giving serious consideration to two key aspects. Firstly, how normalised earnings will look like amid this crisis, and secondly, whether companies are well-positioned for a post-Covid-19 world. In this regard, prospects for the portfolio’s holdings remain promising.
Many are exposed to long-term structural growth trends, such as rising digital adoption, new technologies, and the growing demand for financial and healthcare services. We remain committed to our bottom-up investing approach, with an emphasis on seeking out good quality companies at attractive valuations, while actively engaging with their management to ensure robust corporate governance and high standards of sustainability.
Global Equity Team
October 2020
Statement of Net Assets
As at 30 September 2020
| Notes | US$’000 |
| --- | --- |
| Assets |  |  |
| Investments in securities at market value | 2.2 | 346,522 |
| Cash at bank |  | 36 |
| Interest and dividends receivable |  | 208 |
| Subscriptions receivable |  | 2,799 |
| Other assets |  | 257 |
| Total assets |  | 349,822 |
| Liabilities |  |  |
| Taxes and expenses payable |  | 526 |
| Redemptions payable |  | 952 |
| Total liabilities |  | 1,478 |
| Net assets at the end of the year |  | 348,344 |

Statement of Changes in Net Assets
For the year from 1 October 2019 to 30 September 2020
Statement of Operations
| Notes | US$’000 |
| --- | --- |
| Income |  |  |
| Investment income | 2.3 | 1,609 |
| Stocklending income | 16 | 2 |
| Bank interest |  | 6 |
| Total income |  | 1,617 |
| Expenses |  |  |
| Management fees | 4.2 | 4,619 |
| Operating, administrative and |  |  |
| servicing fees | 4.3 | 519 |
| Other operational expenses |  | 6 |
| Total expenses |  | 5,144 |
| Net losses from investments |  | (3,527) |
| Realised gains on investments |  | 107,106 |
| Realised gains on forward currency |  |  |
| exchange contracts |  | 66 |
| Realised currency exchange gains |  | 138 |
| Net realised gains |  | 107,310 |
| Decrease in unrealised appreciation |  |  |
| on investments |  | (1,247) |
| Unrealised currency exchange gains |  | 1 |
| Net unrealised losses |  | (1,246) |
| Net increase in assets as a result of operations |  | 102,537 |

For the year from 1 October 2019 to 30 September 2020
| Notes | US$’000 |
| --- | --- |
| Net assets at the beginning of the year | 216,800 |
| Net losses from investments | (3,527) |
| Net realised gains | 107,310 |
| Net unrealised losses | (1,246) |
| Proceeds from shares issued | 326,449 |
| Payments for shares redeemed | (297,442) |
| Net assets at the end of the year | 348,344 |

Share Transactions
For the year from 1 October 2019 to 30 September 2020
| A Acc EUR A | A Acc GBP | A Acc USD | I Acc Hedged EUR A | I Acc USD |
| --- | --- | --- | --- | --- |
| Shares outstanding at the beginning of the year | - | 1,597,405 | 25,602,044 | - | 156,837 |
| Shares issued during the year | 500 | 435,124 | 32,101,187 | 500 | 1,131,905 |
| Shares redeemed during the year | - | (303,021) | (29,974,833) | - | (976,496) |
| Shares outstanding at the end of the year | 500 | 1,729,508 | 27,728,398 | 500 | 312,246 |
| Net asset value per share | 10.2448 | 7.6462 | 9.8800 | 10.1593 | 38.4239 |

| S Acc USD | X Acc GBP | X Acc USD | Z Acc USD |
| --- | --- | --- | --- |
| Shares outstanding at the beginning of the year | 119,683 | 267,896 | 25,845 | 650 |
| Shares issued during the year | 20,012 | 529,947 | 74,895 | - |
| Shares redeemed during the year | (26,443) | (420,750) | (62,560) | - |
| Shares outstanding at the end of the year | 113,252 | 377,093 | 38,180 | 650 |
| Net asset value per share | 232.8616 | 36.4614 | 29.3535 | 19.3268 |

A 
Share class launched 7 September 2020.
The accompanying notes form an integral part of these financial statements.
Portfolio Statement
As at 30 September 2020
| Total Nominal/	Market Value	Net Assets Security	Quantity	US$’000	% |
| --- |
| Transferable securities and money market instruments admitted to an official exchange listing or dealt on another regulated market 98.24% Equities 98.24% Argentina 1.93% MercadoLibre	6,200	6,708	1.93 |
| Australia 3.82% CSL	34,100	7,047	2.02 Xero	86,900	6,254	1.80 |
| 13,301	3.82 |
| China 5.71% Alibaba	25,100	7,375	2.11 Ping An Insurance	676,000	6,937	1.99 WuXi Biologics (Cayman)	230,000	5,593	1.61 |
| 19,905	5.71 |
| Germany 5.50% CTS Eventim ∞	 108,700	5,291	1.52 Hypoport	12,000	7,466	2.14 Jungheinrich	184,400	6,394	1.84 |
| 19,151	5.50 |
| Israel 11.91% CyberArk	65,300	6,757	1.94 Fiverr International	59,800	8,313	2.39 Kornit Digital	177,700	11,526	3.30 Maytronics	496,700	7,655	2.20 NICE	32,000	7,247	2.08 |
| 41,498	11.91 |
| Japan 3.12% Keyence Corp	23,400	10,871	3.12 |
| Netherlands 10.07% Adyen	6,400	11,806	3.39 ASML	19,200	7,086	2.03 Just Eat Takeaway.com	64,700	7,256	2.08 NXP Semiconductors	71,700	8,943	2.57 |
| 35,091	10.07 |

| Total Nominal/	Market Value	Net Assets Security	Quantity	US$’000	% |
| --- |
| Switzerland 2.28% Tecan	15,900	7,946	2.28 |
| Taiwan 3.32% TSMC (ADR)	142,700	11,571	3.32 |
| United Kingdom 4.51% Abcam	548,900	8,658	2.48 AstraZeneca	64,600	7,062	2.03 |
| 15,720	4.51 |
| United States 46.07% Activision Blizzard	86,400	6,991	2.01 Alphabet	8,200	12,014	3.45 Amazon.com	6,670	20,992	6.04 Autodesk	36,700	8,472	2.43 Axon	84,200	7,635	2.19 Booking Holdings	2,800	4,787	1.37 Boston Scientific	279,200	10,664	3.06 Equinix	9,100	6,910	1.98 Globus Medical	162,300	8,035	2.31 Insulet	33,000	7,819	2.24 Intercontinental Exchange	84,800	8,479	2.43 Mastercard 'A'	30,200	10,205	2.93 Microsoft	88,000	18,499	5.32 Netflix	13,700	6,848	1.97 NIKE	64,500	8,097	2.32 UnitedHealth	23,100	7,195	2.07 Walt Disney	54,700	6,790	1.95 |
| 160,432	46.07 |
| Total Equities	342,194	98.24 |
| Total Transferable securities and money market instruments admitted to an official exchange listing or dealt on another regulated market	342,194	98.24 |
| Open Ended Investment Funds 1.24% Aberdeen Standard Liquidity Fund (Lux) - US Dollar Fund Z-1 †	 4,328	4,328	1.24 |
| Total Open Ended Investment Funds	4,328	1.24 |

Derivatives nil
Forward currency exchange contracts nil
| Unrealised		Total Gains/(Losses)	Net Assets Counterparty	Buy	Sell	Settlement	Buy Amount	Sell Amount	US$’000	% |
| --- |
| BNP Paribas	 EUR	USD	16/12/20	5,000	5,900	-	- BNP Paribas	 EUR	USD	16/12/20		 156		 183	-	- BNP Paribas	 EUR	USD	16/12/20		105		 125	-	- BNP Paribas	USD	 EUR	16/12/20		 128		108	-	- BNP Paribas	USD	EUR	16/12/20	127	109	-	- |
| Unrealised gains on forward currency exchange contracts	-	- |
| Unrealised gains on derivatives	-	- |
| Total investments	346,522	99.48 Other net assets	1,822	0.52 |
| Total net assets	348,344	100.00 |

† 
Managed by subsidiaries of Standard Life Aberdeen plc.
∞ 
A portion of this security is on loan at the year end.
Currently forward positions are not collateralised.

Translation (ENFR, 2020-09-30):
# Global Government Bond Fund
Pour l’exercice clos le 30 septembre 2020
Performances
Pour l’exercice clos le 30 septembre 2020, la valeur des Actions de distribution de Classe A du Fonds Global Government Bond a augmenté de 2,86 % contre une hausse de 6,77 % pour l’indice de référence, le FTSE World Government Bond TR USD.
Rendement du Fonds : Source : Lipper, Base : rendement total, variation de la Valeur Nette d’Inventaire publiée, net de frais annuels, bénéfice brut réinvesti, en GBP.
Rendement de l’indice de référence : Source : Lipper, Base : rendement à la clôture des bureaux, bénéfice réinvesti, brut de frais, en GBP.
Veuillez garder à l’esprit que la performance passée n’est pas un indicateur des résultats futurs. Le cours des actions et les revenus qui en découlent peuventévoluer à la hausse comme à la baisse et les investisseurs sont susceptibles de ne pas récupérer le montant initialement investi.
Commentaires sur le marché
L’environnement économique mondial a été dominé par la pandémie de coronavirus, qui a suggéré des perturbations qui pourraient être plus graves que celles subies pendantla crise financière mondiale.
Au début de la période considérée, en octobre, l’appétit pour le risque a rebondi dans l’anticipation d’un accord commercial entre les États-Unis et la Chine, tandis que les négociations sur le Brexit prenaient également une tournure positive. La confiance des investisseurs est restée positive en novembre et en décembre, en raison des signes naissants de stabilisation des données économiques. L’appétit pour le risque a encore été accru en décembre par un retrait partiel des droits de douane inclus dans la guerre commerciale sino-américaine. Il a aussi été alimenté par la Réserve fédérale américaine (Fed) qui a annoncé que les taux d’intérêt resteraient inchangés dans un avenir proche.
Les marchés ont considéré le résultat des élections législatives
britanniques comme positif : la victoire écrasante des conservateurs a en effet éliminé la menace d’une renationalisation de certains secteurs.
Les marchés financiers ont commencé la nouvelle décennie dans un climat optimiste, motivé par la « phase 1 » de l’accord commercial entre les États-Unis et la Chine signé à la mi-janvier 2020. Cependant, cette tendance s’est brusquement inversée à partir de ce moment-là. Les craintes concernant l’épidémie de Covid-19 ont encouragé une « fuite vers les valeurs refuges ».
Les investisseurs ont abandonné les actifs à risque en faveur de la dette publique. Au vu de la hausse de la demande, les prix des obligations d’État ontaugmenté et les rendements ont reculé.
La Fed et la Banque d’Angleterre ont toutes deux abaissé les taux d’intérêt en mars, tandis que la demande d’actifs défensifs a fortement fait baisser le rendement du bon du Trésor américain à 10 ans de référence. Les rendements des bunds allemands et des gilts britanniques ont également atteint des plus bas historiques. Début mars, les banques centrales et les autorités politiques mondiales se sont démenées pour atténuer les effets économiques négatifs du coronavirus.
Alors que les inquiétudes économiques se sont intensifiées et que les mesures de distanciation sociale ont été durcies, les investisseurs ont une fois de plus vendu de manière effrénée des actions en faveur d’obligations d’État, ce qui a fait monter les prix et baisser les rendements. De nombreux pays ont atteint des plus
bas records des rendements à la mi-2020. Après une brève correction en août, les investisseurs ontde nouveau cédé des actions mondiales pour des obligations d’État, en quête d’investissements à moindre risque face à l’incertitude économique croissante, faisantainsi grimper les prix des obligations.
Commentaires sur le portefeuille
La performance du portefeuille s’expliquait principalementpar des mouvements importants du marché au cours du premier trimestre 2020, alors que les banques centrales du monde entier réagissaient de manière agressive au choc économique causé par la Covid-19. L’Australie, l’Allemagne, les positions de duration longue sur les bons du Trésor américain et la partie courte des courbes canadiennes et suédoises onttoutes été bénéfiques au portefeuille.
En raison des valorisations, la vitesse de circulation sur de nombreux marchés financiers ainsi que la volatilité accrue ont entraîné la suppression de nombreuses positions. Ceci dit, alors que les rendements s’orientaient à la hausse en mars, la duration du portefeuille a de nouveau été augmentée. Les rendements des opérations de change ont également été un facteur positif net, principalement en raison des positions longues sur le dollar US et le yen japonais.
Perspectives
Nous pensons que l’impact économique de la Covid-19 sera rude et durable, compte tenu du changement de comportementdes consommateurs. Cela signifie que la politique monétaire devra rester accommodante dans un avenir proche. Nous avons une position de duration longue globale via les marchés américains, britanniques et australiens en raison des valorisations, en partie contrebalancée par des sous-pondérations en Europe et au Canada. Le portefeuille est également sous-exposé aux marchés d’Europe du Sud, car les spreads ne compensent pas le contexte macroéconomique peu attrayant auquel nous sommes confrontés. Nous pensons que le programme de relance encensé Next Generation EU est trop limité et arrive trop tard, d’autant plus qu’il semble que les pays de l’Europe du Sud n’accepteront que la composante subventions (et non les prêts), car cela nécessite une surveillance supplémentaire de la part de la Commission européenne. Les émissions dans le cadre du programme de Soutien à l’atténuation des risques de chômage en situation d’urgence (SURE) de l’UE devraient cannibaliser la demande d’obligations du Trésor français, qui restent onéreuses. La France a encore un volume important à émettre en 2020 par rapport aux autres pays. Les émissions dans le cadre du programme SURE ont
été retardées, mais seulement de quelques semaines, et nous restons sous-exposés à la Finlande. En termes de change, nous continuons de surpondérer les « valeurs refuges » traditionnelles, comme le dollar US, le yen japonais et le franc suisse, au détriment de devises plus cycliques et plus exposées au risque, comme le dollar australien, le dollar néo-zélandais et l’euro.
Équipe Rates
Octobre 2020
État de l’actif net
Au 30 septembre 2020
| Notes | en milliers d’USD  |
| --- | --- |
| Actif |
| Placements en valeurs mobilières à la valeur de marché | 2.2 | 113 478 |
| Avoirs bancaires |  | 818 |
| Montants détenus auprès de chambres de compensation et de courtiers en valeurs à terme |  | 879 |
| Intérêts à recevoir |  | 343 |
| Souscriptions à recevoir |  | 160 |
| Ventes de placements à recevoir |  | 9 415 |
| Plus-values latentes sur contrats de change à terme | 2.6 | 234 |
| Plus-values latentes sur contrats à terme | 2.7 | 13 |
| Plus-values latentes sur contrats de swaps | 2.8 | 365 |
| Total de l’actif |  | 125 705 |
| Passif |  |  |
| Achats de placements à payer |  | 9 738 |
| Impôts et charges à payer |  | 18 |
| Rachats d’actions à payer |  | 12 |
| Total du passif |  | 9 768 |
| Actif net en fin d’exercice |  | 115 937 |

État des variations de l’actif net
Pour l’exercice allant du 1er octobre 2019 au 30 septembre 2020
État des opérations
| Notes | en milliers d’USD  |
| --- | --- |
| Revenus |
| Revenus d’investissement | 2.3 | 1 107 |
| Intérêts bancaires |  | 52 |
| Total des revenus |  | 1 159 |
| Charges |  |  |
| Commissions de gestion | 4.2 | 36 |
| Frais d’exploitation, d’administration et de service | 4.3 | 356 |
| Autres frais de fonctionnement |  | 5 |
| Total des charges |  | 397 |
| Plus-values nettes sur investissements |  | 762 |
| Plus-values réalisées sur investissements |  | 14 669 |
| Moins-values réalisées sur contrats de change à terme |  | (341) |
| Moins-values réalisées sur contrats à terme |  | (111) |
| Plus-values réalisées sur contrats de swaps |  | 1 733 |
| Moins-values de change réalisées |  | (230) |
| Plus-values nettes réalisées |  | 15 720 |
| Diminution de la plus-value latente sur investissements |  | (2 347) |
| Diminution de la moins-value latentesur contrats de change à terme |  | 371 |
| Diminution de la plus-value latente sur contrats à terme |  | (135) |
| Diminution de la moins-value latentesur contrats de swaps |  | 922 |
| Plus-values de change latentes |  | 22 |
| Moins-values nettes latentes |  | (1 167) |
| Augmentation nette de l’actif résultant des opérations |  | 15 315 |

Pour l’exercice allant du 1er octobre 2019 au 30 septembre 2020
|  | Notes | en milliers d’USD |
| --- | --- | --- |
| Actif net en début d’exercice |  | 196 855 |
| Plus-values nettes sur investissements |  | 762 |
| Plus-values nettes réalisées |  | 15 720 |
| Moins-values nettes latentes |  | (1 167) |
| Produits des émissions d’actions |  | 132 136 |
| Paiements des actions rachetées |  | (227 650) |
| Régularisation nette versée | 10 | (719) |
| Actif net en fin d’exercice |  | 115 937 |

Transactions d’Actions
Pour l’exercice allant du 1er octobre 2019 au 30 septembre 2020
|  | A Acc USD | A SInc GBP | I Acc Hedged EURA | I Acc USD | X Acc USDB |
| --- | --- | --- | --- | --- | --- |
| Actions en circulation en début d’exercice | 700 | 116 009 | - | 350 991 | 700 |
| Actions émises durant l’exercice | - | 217 190 | 500 | 6 377 431 | - |
| Actions rachetées durant l’exercice | - | (32 667) | - | (5 310 466) | (700) |
| Actions en circulation en fin d’exercice | 700 | 300 532 | 500 | 1 417 956 | - |
| Valeur nette d’inventaire par action | 11,1298 | 1,2338 | 10,0097 | 9,7918 | - |

|  | Z Acc Hedged CNHC | Z Acc USD |
| --- | --- | --- |
| Actions en circulation en début d’exercice | - | 10 544 533 |
| Actions émises durant l’exercice | 1 696 884 | 2 324 458 |
| Actions rachetées durant l’exercice | - | (9 001 792) |
| Actions en circulation en fin d’exercice | 1 696 884 | 3 867 199 |
| Valeur nette d’inventaire par action | 99,7289 | 19,8134 |

A Classe d’actions lancée le 3 septembre 2020.
B Classe d’actions fermée le 19 mai 2020.
C Classe d’actions lancée le 21 septembre 2020.
Les notes annexes font partie intégrante des présents états financiers.
État du portefeuille-titres
Au 30 septembre 2020
| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Valeurs mobilières et instruments du marché monétaire admis à la cote officielle d’une Bourse ou négociés sur un autre marché réglementé 97,88 % |
| Obligations 97,88 % |  |  |  |  |  |
| Obligations d’État 97,88 % |  |  |  |  |  |
| Australie 2,57 % |  |  |  |  |  |
| Commonwealth d’Australie | 2,7500 | 21/11/2027 | 2 332 000 | 1 927 | 1,67 |
| Commonwealth d’Australie | 3,2500 | 21/04/2025 | 1 289 000 | 1 048 | 0,90 |
|  |  |  |  | 2 975 | 2,57 |
| Autriche 0,91 % |  |  |  |  |  |
| République d’Autriche | 1,5000 | 20/02/2047 | 388 000 | 619 | 0,54 |
| République d’Autriche | 0,5000 | 20/04/2027 | 346 000 | 434 | 0,37 |
|  |  |  |  | 1 053 | 0,91 |
| Belgique 1,20 % |  |  |  |  |  |
| Royaume de Belgique | 1,7000 | 22/06/2050 | 535 920 | 860 | 0,74 |
| Royaume de Belgique | 0,8000 | 22/06/2028 | 415 000 | 534 | 0,46 |
|  |  |  |  | 1 394 | 1,20 |
| Canada 2,02 % |  |  |  |  |  |
| Gouvernement du Canada | 2,0000 | 01/06/2028 | 1 681 000 | 1 406 | 1,21 |
| Gouvernement du Canada | 2,5000 | 01/06/2024 | 1 162 000 | 941 | 0,81 |
|  |  |  |  | 2 347 | 2,02 |
| Finlande 2,72 % |  |  |  |  |  |
| République de Finlande | 0,5000 | 15/09/2029 | 2 482 000 | 3 150 | 2,72 |
| France 6,26 % |  |  |  |  |  |
| Gouvernement de France | 1,2500 | 25/05/2036 | 1 234 000 | 1 728 | 1,49 |
| Gouvernement de France | - | 25/05/2022 | 1 336 000 | 1 584 | 1,37 |
| Gouvernement de France | 1,5000 | 25/05/2050 | 978 907 | 1 507 | 1,30 |
| Gouvernement de France | - | 25/03/2024 | 1 019 000 | 1 222 | 1,05 |
| Gouvernement de France | 0,5000 | 25/05/2026 | 981 000 | 1 220 | 1,05 |
|  |  |  |  | 7 261 | 6,26 |
| Allemagne 6,86 % |  |  |  |  |  |
| République fédérale d’Allemagne | 0,2500 | 15/02/2029 | 1 572 539 | 1 982 | 1,72 |
| République fédérale d’Allemagne | 1,5000 | 15/02/2023 | 1 243 180 | 1 536 | 1,32 |
| République fédérale d’Allemagne | 4,7500 | 04/07/2034 | 686 000 | 1 397 | 1,20 |
| République fédérale d’Allemagne | 0,5000 | 15/02/2025 | 1 121 000 | 1 387 | 1,20 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| République fédérale d’Allemagne | 2,5000 | 15/08/2046 | 454 991 | 909 | 0,78 |
| République fédérale d’Allemagne | - | 15/08/2050 | 613 000 | 741 | 0,64 |
|  |  |  |  | 7 952 | 6,86 |
| Irlande 0,60 % |  |  |  |  |  |
| République d’Irlande | 1,3500 | 18/03/2031 | 511 000 | 694 | 0,60 |
| Italie 6,24 % |  |  |  |  |  |
| République d’Italie | 1,5000 | 01/06/2025 | 2 016 000 | 2 504 | 2,16 |
| République d’Italie | 2,8000 | 01/12/2028 | 1 741 000 | 2 389 | 2,06 |
| République d’Italie | 2,9500 | 01/09/2038 | 795 000 | 1 163 | 1,00 |
| République d’Italie | 3,4500 | 01/03/2048 | 420 000 | 681 | 0,59 |
| République d’Italie | 3,1000 | 01/03/2040 | 333 000 | 497 | 0,43 |
|  |  |  |  | 7 234 | 6,24 |
| Japon 19,35 % |  |  |  |  |  |
| Gouvernement du Japon | 0,1000 | 01/01/2022 | 1 000 450 000 | 9 512 | 8,20 |
| Gouvernement du Japon | 0,1000 | 20/12/2028 | 502 300 000 | 4 823 | 4,16 |
| Gouvernement du Japon | 0,5000 | 20/12/2038 | 338 900 000 | 3 290 | 2,84 |
| Gouvernement du Japon | 1,5000 | 20/03/2045 | 244 950 000 | 2 860 | 2,47 |
| Gouvernement du Japon | 0,5000 | 20/03/2060 | 214 450 000 | 1 949 | 1,68 |
|  |  |  |  | 22 434 | 19,35 |
| Pays-Bas 1,05 % |  |  |  |  |  |
| Royaume des Pays-Bas | 0,7500 | 15/07/2027 | 495 000 | 633 | 0,55 |
| Royaume des Pays-Bas | 2,7500 | 15/01/2047 | 281 000 | 579 | 0,50 |
|  |  |  |  | 1 212 | 1,05 |
| Norvège 0,91 % Royaume de Norvège | 2,0000 | 24/05/2023 | 9 462 000 | 1 060 | 0,91 |
| Espagne 4,14 % |  |  |  |  |  |
| Royaume d’Espagne | 1,4500 | 30/04/2029 | 1 679 000 | 2 195 | 1,89 |
| Royaume d’Espagne | 0,4500 | 31/10/2022 | 1 373 000 | 1 642 | 1,42 |
| Royaume d’Espagne | 2,7500 | 31/10/2024 | 726 000 | 960 | 0,83 |
|  |  |  |  | 4 797 | 4,14 |
| Royaume-Uni 6,43 % |  |  |  |  |  |
| Trésor britannique | 4,2500 | 07/12/2049 | 1 130 068 | 2 799 | 2,41 |
| Trésor britannique | 4,7500 | 07/12/2038 | 762 998 | 1 691 | 1,46 |
| Trésor britannique | 6,0000 | 07/12/2028 | 491 300 | 939 | 0,81 |
| Trésor britannique | 0,6250 | 07/06/2025 | 522 000 | 697 | 0,60 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Trésor britannique | 0,5000 | 22/10/2061 | 570 000 | 685 | 0,59 |
| Trésor britannique | 0,5000 | 22/07/2022 | 495 000 | 646 | 0,56 |
|  |  |  |  | 7 457 | 6,43 |
| États-Unis 36,62 % |  |  |  |  |  |
| Trésor américain | 0,1250 | 30/04/2022 | 15 553 400 | 15 555 | 13,42 |
| Trésor américain | 0,3750 | 30/04/2025 | 11 090 100 | 11 157 | 9,62 |
| Trésor américain | 0,5000 | 30/04/2027 | 6 647 200 | 6 680 | 5,76 |
| Trésor américain | 2,3750 | 15/11/2049 | 3 592 700 | 4 400 | 3,80 |
| Trésor américain | 3,8750 | 15/08/2040 | 2 876 900 | 4 266 | 3,68 |
| Trésor américain | 3,5000 | 15/02/2039 | 283 400 | 398 | 0,34 |
|  |  |  |  | 42 456 | 36,62 |
| Total Obligations d’État |  |  |  | 113 476 | 97,88 |
| Total Obligations |  |  |  | 113 476 | 97,88 |
| Total Valeurs mobilières et instruments du marché monétaire admis à la cote officielle d’une Bourse ou négociés sur un autre marché réglementé |  | 113 476 | 97,88 |
| Fonds d’investissement à capital variable - néant |  |  |  |  |  |
| Aberdeen Standard Liquidity Fund (Lux) - US Dollar Fund Z-1† |  | 2 | 2 | - |
| Total Fonds d’investissement à capital variable |  |  |  | 2 | - |

Dérivés 0,53 %
Contrats à terme 0,01 %
| Contrat à terme | Échéance | Notionnel | Plus- /(moins-) values latentes en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- |
| CBT US Ultra Bond | 21/12/2020 | (5) | 8 | 0,01 |
| CBT US 10 Year Note | 21/12/2020 | 33 | 14 | 0,01 |
| CBT US 10 Year Ultra | 21/12/2020 | 64 | 37 | 0,03 |
| EUX Euro-BTP | 08/12/2020 | (33) | (60) | (0,05) |
| EUX Euro-Bund | 08/12/2020 | (16) | (14) | (0,01) |
| EUX Euro-OAT | 08/12/2020 | (17) | (23) | (0,02) |
| MSE Canada 10 Year Bond | 18/12/2020 | (51) | 5 | - |
| SFE Australia 10 Year Bond | 15/12/2020 | 52 | 46 | 0,04 |
| Plus-values latentes sur contrats à terme |  |  | 13 | 0,01 |

Contrats de change à terme 0,20 %
| Contrepartie | Achat | Vente | Règlement | Montant acheté | Montant vendu | Plus-/(moins-) values latentes en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Barclays Capital | CAD | USD | 07/10/2020 | 166 000 | 125 484 | (1) | - |
| Barclays Capital | EUR | USD | 07/10/2020 | 2 414 000 | 2 806 360 | 25 | 0,02 |
| Barclays Capital | EUR | USD | 07/10/2020 | 730 000 | 862 426 | (6) | (0,01) |
| Barclays Capital | GBP | USD | 07/10/2020 | 2 940 867 | 3 829 000 | (27) | (0,02) |
| Barclays Capital | GBP | USD | 07/10/2020 | 370 000 | 472 276 | 6 | 0,01 |
| Barclays Capital | NOK | USD | 07/10/2020 | 2 123 000 | 227 926 | (1) | - |
| Barclays Capital | NZD | AUD | 07/10/2020 | 4 702 978 | 4 429 000 | (66) | (0,06) |
| Barclays Capital | NZD | USD | 07/10/2020 | 488 000 | 317 896 | 5 | - |
| Barclays Capital | PLN | USD | 07/10/2020 | 792 000 | 211 473 | (7) | (0,01) |
| Barclays Capital | SEK | USD | 07/10/2020 | 2 456 000 | 280 945 | (7) | (0,01) |
| Barclays Capital | USD | AUD | 07/10/2020 | 227 921 | 316 000 | 1 | - |
| Barclays Capital | USD | CAD | 07/10/2020 | 878 432 | 1 178 000 | (3) | - |
| Barclays Capital | USD | CHF | 07/10/2020 | 1 757 808 | 1 606 000 | 9 | 0,01 |
| Barclays Capital | USD | CHF | 07/10/2020 | 517 850 | 471 000 | 5 | - |
| Barclays Capital | USD | EUR | 07/10/2020 | 6 114 452 | 5 157 000 | 66 | 0,06 |
| Barclays Capital | USD | EUR | 07/10/2020 | 907 508 | 802 000 | (33) | (0,03) |
| Barclays Capital | USD | EUR | 07/10/2020 | 205 539 | 183 000 | (9) | (0,01) |
| Barclays Capital | USD | ILS | 07/10/2020 | 421 248 | 1 431 000 | 3 | - |
| Barclays Capital | USD | JPY | 07/10/2020 | 4 701 873 | 495 602 000 | 5 | - |
| Barclays Capital | USD | JPY | 07/10/2020 | 4 262 513 | 451 200 000 | (13) | (0,01) |
| Barclays Capital | USD | JPY | 07/10/2020 | 125 559 | 13 320 000 | (1) | - |
| Barclays Capital | USD | SEK | 07/10/2020 | 378 000 | 3 314 442 | 8 | 0,01 |
| Barclays Capital | USD | SEK | 07/10/2020 | 185 712 | 1 619 000 | 5 | - |
| BNP Paribas | AUD | EUR | 07/10/2020 | 1 619 590 | 979 000 | 13 | 0,01 |
| BNP Paribas | CHF | NZD | 07/10/2020 | 1 584 789 | 2 679 000 | (46) | (0,04) |
| BNP Paribas | CNH | USD | 16/12/2020 | 85 344 000 | 12 526 640 | (18) | (0,02) |
| BNP Paribas | CNH | USD | 16/12/2020 | 83 754 000 | 12 191 092 | 84 | 0,07 |
| BNP Paribas | CNH | USD | 16/12/2020 | 479 384 | 70 310 | - | - |
| BNP Paribas | CNH | USD | 16/12/2020 | 46 000 | 6 743 | - | - |
| BNP Paribas | EUR | AUD | 07/10/2020 | 735 000 | 1 189 941 | 9 | 0,01 |
| BNP Paribas | EUR | USD | 16/12/2020 | 5 000 | 5 900 | - | - |
| BNP Paribas | JPY | USD | 07/10/2020 | 223 360 000 | 2 086 726 | 30 | 0,03 |
| BNP Paribas | USD | CAD | 07/10/2020 | 216 877 | 291 000 | (1) | - |
| BNP Paribas | USD | EUR | 07/10/2020 | 98 062 | 83 000 | 1 | - |
| BNP Paribas | USD | GBP | 07/10/2020 | 1 638 595 | 1 320 000 | (68) | (0,06) |
| BNP Paribas | USD | JPY | 07/10/2020 | 875 227 | 91 890 000 | 4 | - |
| BNP Paribas | USD | JPY | 07/10/2020 | 365 250 | 38 680 000 | (1) | - |
| BNP Paribas | USD | NOK | 07/10/2020 | 356 929 | 3 199 000 | 15 | 0,01 |
| Citigroup | BRL | USD | 25/11/2020 | 430 000 | 76 382 | - | - |
| Citigroup | BRL | USD | 25/11/2020 | 332 000 | 62 099 | (3) | - |

| Contrepartie | Achat | Vente | Règlement | Montant acheté | Montant vendu | Plus-/(moins-) values latentes en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Citigroup | JPY | USD | 07/10/2020 | 215 390 000 | 2 044 273 | (3) | - |
| Citigroup | USD | BRL | 25/11/2020 | 187 517 | 1 017 000 | 7 | 0,01 |
| Citigroup | USD | CAD | 07/10/2020 | 7 352 931 | 9 979 000 | (118) | (0,10) |
| Citigroup | USD | EUR | 07/10/2020 | 655 121 | 553 000 | 7 | 0,01 |
| Citigroup | USD | GBP | 07/10/2020 | 1 716 572 | 1 336 000 | (11) | (0,01) |
| Citigroup | USD | GBP | 07/10/2020 | 721 467 | 549 000 | 12 | 0,01 |
| Citigroup | USD | MXN | 07/10/2020 | 491 079 | 10 845 000 | - | - |
| Citigroup | USD | PLN | 07/10/2020 | 772 000 | 2 895 565 | 23 | 0,02 |
| Citigroup | USD | ZAR | 07/10/2020 | 460 284 | 8 069 000 | (23) | (0,02) |
| Crédit Agricole | USD | DKK | 07/10/2020 | 43 302 | 273 000 | - | - |
| Deutsche Bank | AUD | USD | 07/10/2020 | 4 591 000 | 3 170 659 | 120 | 0,10 |
| Deutsche Bank | JPY | USD | 07/10/2020 | 350 460 000 | 3 350 629 | (29) | (0,03) |
| Deutsche Bank | NOK | USD | 07/10/2020 | 19 132 495 | 2 097 000 | (52) | (0,05) |
| Deutsche Bank | PLN | USD | 07/10/2020 | 4 161 000 | 1 047 096 | 29 | 0,03 |
| Deutsche Bank | USD | EUR | 07/10/2020 | 44 594 | 38 000 | - | - |
| Deutsche Bank | USD | NOK | 07/10/2020 | 3 044 757 | 27 524 000 | 103 | 0,09 |
| Deutsche Bank | USD | ZAR | 07/10/2020 | 142 212 | 2 401 000 | (2) | - |
| Deutsche Bank | USD | ZAR | 07/10/2020 | 101 796 | 1 743 000 | (3) | - |
| Deutsche Bank | ZAR | USD | 07/10/2020 | 3 353 000 | 193 865 | 7 | 0,01 |
| Goldman Sachs | AUD | EUR | 07/10/2020 | 1 643 000 | 993 340 | 13 | 0,01 |
| Goldman Sachs | AUD | USD | 07/10/2020 | 4 059 726 | 2 900 000 | 10 | 0,01 |
| Goldman Sachs | AUD | USD | 07/10/2020 | 186 000 | 133 546 | - | - |
| Goldman Sachs | BRL | USD | 07/10/2020 | 3 146 000 | 603 190 | (45) | (0,04) |
| Goldman Sachs | BRL | USD | 25/11/2020 | 3 555 000 | 628 758 | 1 | - |
| Goldman Sachs | BRL | USD | 25/11/2020 | 3 146 000 | 582 776 | (25) | (0,02) |
| Goldman Sachs | DKK | USD | 07/10/2020 | 359 000 | 57 444 | (1) | - |
| Goldman Sachs | EUR | USD | 07/10/2020 | 5 325 000 | 6 201 804 | 43 | 0,04 |
| Goldman Sachs | EUR | USD | 07/10/2020 | 4 466 000 | 5 247 156 | (9) | (0,01) |
| Goldman Sachs | EUR | USD | 07/10/2020 | 181 000 | 215 599 | (3) | - |
| Goldman Sachs | GBP | USD | 07/10/2020 | 306 000 | 390 300 | 5 | - |
| Goldman Sachs | JPY | USD | 07/10/2020 | 17 510 000 | 165 744 | - | - |
| Goldman Sachs | MXN | USD | 07/10/2020 | 24 708 000 | 1 098 039 | 21 | 0,02 |
| Goldman Sachs | MXN | USD | 07/10/2020 | 1 262 000 | 56 892 | - | - |
| Goldman Sachs | SEK | NOK | 07/10/2020 | 10 030 309 | 10 307 000 | 19 | 0,02 |
| Goldman Sachs | USD | BRL | 07/10/2020 | 583 554 | 3 146 000 | 25 | 0,02 |
| Goldman Sachs | USD | BRL | 25/11/2020 | 126 088 | 704 000 | 1 | - |
| Goldman Sachs | USD | CHF | 07/10/2020 | 3 340 150 | 3 022 000 | 50 | 0,04 |
| Goldman Sachs | USD | DKK | 07/10/2020 | 666 000 | 4 214 034 | 2 | - |
| Goldman Sachs | USD | EUR | 07/10/2020 | 1 061 562 | 894 000 | 13 | 0,01 |
| Goldman Sachs | USD | GBP | 07/10/2020 | 45 406 | 34 000 | 1 | - |
| Goldman Sachs | USD | ILS | 07/10/2020 | 68 551 | 233 000 | - | - |

| Contrepartie | Achat | Vente | Règlement | Montant acheté | Montant vendu | Plus-/(moins-) values latentes en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Goldman Sachs | USD | NOK | 07/10/2020 | 125 645 | 1 114 000 | 7 | 0,01 |
| Goldman Sachs | USD | NOK | 07/10/2020 | 42 599 | 386 000 | 1 | - |
| Goldman Sachs | USD | SEK | 07/10/2020 | 808 583 | 7 079 000 | 18 | 0,02 |
| Goldman Sachs | USD | SGD | 07/10/2020 | 21 177 | 29 000 | - | - |
| Goldman Sachs | USD | ZAR | 07/10/2020 | 177 243 | 2 967 000 | (1) | - |
| Goldman Sachs | USD | ZAR | 07/10/2020 | 126 594 | 2 162 000 | (3) | - |
| HSBC | AUD | USD | 07/10/2020 | 68 000 | 48 678 | - | - |
| HSBC | BRL | USD | 25/11/2020 | 2 808 000 | 501 787 | (4) | - |
| HSBC | DKK | USD | 07/10/2020 | 5 843 000 | 881 218 | 39 | 0,03 |
| HSBC | MXN | USD | 07/10/2020 | 23 429 000 | 1 037 407 | 23 | 0,02 |
| HSBC | MXN | USD | 07/10/2020 | 2 232 000 | 104 094 | (3) | - |
| HSBC | PLN | USD | 07/10/2020 | 317 000 | 82 888 | (1) | - |
| HSBC | SEK | USD | 07/10/2020 | 26 150 000 | 3 023 171 | (101) | (0,09) |
| HSBC | SGD | USD | 07/10/2020 | 1 104 000 | 791 866 | 17 | 0,01 |
| HSBC | USD | BRL | 25/11/2020 | 1 164 960 | 6 281 000 | 52 | 0,05 |
| HSBC | USD | EUR | 07/10/2020 | 3 169 022 | 2 705 000 | (3) | - |
| HSBC | USD | GBP | 07/10/2020 | 272 309 | 208 000 | 3 | - |
| HSBC | USD | JPY | 07/10/2020 | 3 548 010 | 373 288 000 | 11 | 0,01 |
| HSBC | USD | MXN | 07/10/2020 | 416 609 | 9 459 000 | (12) | (0,01) |
| HSBC | USD | SEK | 07/10/2020 | 3 615 907 | 33 747 000 | (155) | (0,13) |
| JPM Chase | EUR | USD | 07/10/2020 | 211 000 | 249 596 | (2) | - |
| JPM Chase | ILS | USD | 07/10/2020 | 2 161 000 | 628 266 | 4 | - |
| JPM Chase | JPY | EUR | 07/10/2020 | 92 000 000 | 732 844 | 12 | 0,01 |
| JPM Chase | NOK | USD | 07/10/2020 | 11 357 000 | 1 188 335 | 25 | 0,02 |
| JPM Chase | USD | AUD | 07/10/2020 | 62 001 | 85 000 | 1 | - |
| JPM Chase | USD | EUR | 07/10/2020 | 1 919 003 | 1 645 000 | (10) | (0,01) |
| JPM Chase | USD | GBP | 07/10/2020 | 195 095 | 147 000 | 5 | - |
| JPM Chase | USD | JPY | 07/10/2020 | 5 091 919 | 537 951 000 | (6) | (0,01) |
| JPM Chase | USD | JPY | 07/10/2020 | 818 529 | 87 910 000 | (15) | (0,01) |
| JPM Chase | USD | NOK | 07/10/2020 | 91 990 | 807 000 | 6 | - |
| JPM Chase | USD | SGD | 07/10/2020 | 78 152 | 107 000 | - | - |
| Merrill Lynch | AUD | USD | 07/10/2020 | 451 000 | 319 469 | 4 | - |
| Merrill Lynch | CHF | USD | 07/10/2020 | 464 000 | 507 040 | (2) | - |
| Merrill Lynch | DKK | USD | 07/10/2020 | 524 000 | 82 724 | - | - |
| Merrill Lynch | EUR | USD | 07/10/2020 | 2 422 094 | 2 849 000 | (8) | (0,01) |
| Merrill Lynch | EUR | USD | 07/10/2020 | 1 729 000 | 2 035 604 | (8) | (0,01) |
| Merrill Lynch | EUR | USD | 07/10/2020 | 914 000 | 1 084 433 | (13) | (0,01) |
| Merrill Lynch | EUR | USD | 07/10/2020 | 90 000 | 105 616 | - | - |
| Merrill Lynch | GBP | USD | 07/10/2020 | 1 678 000 | 2 184 456 | (15) | (0,01) |
| Merrill Lynch | ILS | USD | 07/10/2020 | 558 000 | 163 047 | - | - |
| Merrill Lynch | JPY | USD | 07/10/2020 | 18 670 000 | 179 052 | (2) | - |

| Contrepartie | Achat | Vente | Règlement | Montant acheté | Montant vendu | Plus-/(moins-) values latentes en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Merrill Lynch | USD | AUD | 07/10/2020 | 797 114 | 1 103 000 | 7 | 0,01 |
| Merrill Lynch | USD | CAD | 07/10/2020 | 142 392 | 191 000 | (1) | - |
| Merrill Lynch | USD | EUR | 07/10/2020 | 12 403 960 | 10 448 000 | 151 | 0,13 |
| Merrill Lynch | USD | EUR | 07/10/2020 | 3 304 793 | 2 803 000 | 17 | 0,02 |
| Merrill Lynch | USD | GBP | 07/10/2020 | 2 546 721 | 1 939 000 | 40 | 0,03 |
| Merrill Lynch | USD | JPY | 07/10/2020 | 18 993 000 | 1 996 540 361 | 73 | 0,06 |
| Merrill Lynch | USD | JPY | 07/10/2020 | 4 255 807 | 452 391 000 | (31) | (0,03) |
| Merrill Lynch | USD | JPY | 07/10/2020 | 764 316 | 81 120 000 | (4) | - |
| Merrill Lynch | USD | JPY | 07/10/2020 | 323 936 | 34 002 000 | 2 | - |
| Merrill Lynch | USD | ZAR | 07/10/2020 | 5 255 519 | 91 033 000 | (198) | (0,17) |
| Morgan Stanley | AUD | USD | 07/10/2020 | 1 555 000 | 1 108 181 | 6 | 0,01 |
| Morgan Stanley | AUD | USD | 07/10/2020 | 709 000 | 509 389 | (1) | - |
| Morgan Stanley | CAD | USD | 07/10/2020 | 157 000 | 118 654 | (1) | - |
| Morgan Stanley | GBP | USD | 07/10/2020 | 17 000 | 22 456 | - | - |
| Morgan Stanley | NZD | AUD | 07/10/2020 | 5 000 000 | 4 671 718 | (43) | (0,04) |
| Morgan Stanley | USD | AUD | 07/10/2020 | 348 237 | 493 000 | (5) | - |
| Morgan Stanley | USD | CAD | 07/10/2020 | 175 883 | 235 000 | - | - |
| Morgan Stanley | USD | GBP | 07/10/2020 | 1 045 355 | 820 000 | (15) | (0,01) |
| Morgan Stanley | USD | GBP | 07/10/2020 | 104 894 | 80 000 | 1 | - |
| Morgan Stanley | USD | JPY | 07/10/2020 | 2 610 960 | 273 440 000 | 20 | 0,02 |
| Royal Bank of Canada | AUD | USD | 07/10/2020 | 807 000 | 583 710 | (5) | - |
| Royal Bank of Canada | AUD | USD | 07/10/2020 | 73 000 | 53 179 | (1) | - |
| Royal Bank of Canada | CAD | USD | 07/10/2020 | 2 272 000 | 1 699 121 | 2 | - |
| Royal Bank of Canada | CAD | USD | 07/10/2020 | 209 000 | 155 727 | 1 | - |
| Royal Bank of Canada | EUR | USD | 07/10/2020 | 61 000 | 72 231 | (1) | - |
| Royal Bank of Canada | EUR | USD | 07/10/2020 | 43 000 | 50 955 | (1) | - |
| Royal Bank of Canada | GBP | USD | 07/10/2020 | 216 000 | 286 277 | (7) | (0,01) |
| Royal Bank of Canada | GBP | USD | 07/10/2020 | 143 000 | 190 216 | (5) | - |
| Royal Bank of Canada | GBP | USD | 07/10/2020 | 84 000 | 110 658 | (2) | - |
| Royal Bank of Canada | GBP | USD | 07/10/2020 | 47 000 | 60 824 | - | - |
| Royal Bank of Canada | JPY | USD | 07/10/2020 | 2 018 406 000 | 18 812 550 | 316 | 0,26 |
| Royal Bank of Canada | JPY | USD | 07/10/2020 | 170 654 000 | 1 603 394 | 14 | 0,01 |
| Royal Bank of Canada | JPY | USD | 07/10/2020 | 95 569 000 | 901 982 | 4 | - |
| Royal Bank of Canada | MXN | USD | 07/10/2020 | 11 634 000 | 507 517 | 19 | 0,02 |
| Royal Bank of Canada | NOK | USD | 07/10/2020 | 9 089 000 | 993 909 | (23) | (0,02) |
| Royal Bank of Canada | SGD | USD | 07/10/2020 | 242 000 | 175 797 | 1 | - |
| Royal Bank of Canada | USD | CAD | 07/10/2020 | 956 926 | 1 267 000 | 8 | 0,01 |
| Royal Bank of Canada | USD | CAD | 07/10/2020 | 890 861 | 1 180 000 | 7 | 0,01 |
| Royal Bank of Canada | USD | CAD | 07/10/2020 | 66 474 | 88 000 | 1 | - |
| Royal Bank of Canada | USD | EUR | 07/10/2020 | 2 509 883 | 2 109 000 | 36 | 0,03 |
| Royal Bank of Canada | USD | EUR | 07/10/2020 | 984 881 | 837 000 | 3 | - |

| Contrepartie | Achat | Vente | Règlement | Montant acheté | Montant vendu | Plus-/(moins-) values latentes en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Royal Bank of Canada | USD | EUR | 07/10/2020 | 119 011 | 100 000 | 2 | - |
| Royal Bank of Canada | USD | EUR | 07/10/2020 | 103 341 | 89 000 | (1) | - |
| Royal Bank of Canada | USD | EUR | 07/10/2020 | 63 489 | 53 000 | 1 | - |
| Royal Bank of Canada | USD | GBP | 07/10/2020 | 711 387 | 559 000 | (11) | (0,01) |
| Royal Bank of Canada | USD | GBP | 07/10/2020 | 149 699 | 114 000 | 2 | - |
| Royal Bank of Canada | USD | GBP | 07/10/2020 | 57 862 | 44 000 | 1 | - |
| Royal Bank of Canada | USD | JPY | 07/10/2020 | 757 365 | 80 030 000 | (1) | - |
| Royal Bank of Canada | USD | JPY | 07/10/2020 | 548 991 | 57 679 000 | 2 | - |
| Royal Bank of Canada | USD | MXN | 07/10/2020 | 68 282 | 1 496 000 | 1 | - |
| Royal Bank of Canada | ZAR | USD | 07/10/2020 | 25 601 643 | 1 514 000 | 20 | 0,02 |
| Société Générale | GBP | USD | 07/10/2020 | 130 000 | 171 099 | (3) | - |
| Société Générale | JPY | USD | 07/10/2020 | 1 118 010 000 | 10 544 905 | 50 | 0,04 |
| Société Générale | NOK | USD | 07/10/2020 | 1 415 000 | 148 404 | 3 | - |
| Société Générale | USD | GBP | 07/10/2020 | 227 497 | 175 000 | 1 | - |
| State Street | AUD | USD | 07/10/2020 | 148 000 | 102 717 | 3 | - |
| State Street | AUD | USD | 07/10/2020 | 63 000 | 46 209 | (1) | - |
| State Street | CAD | USD | 07/10/2020 | 6 894 632 | 5 139 000 | 23 | 0,02 |
| State Street | CAD | USD | 07/10/2020 | 3 016 000 | 2 288 932 | (31) | (0,03) |
| State Street | CAD | USD | 07/10/2020 | 724 000 | 550 124 | (8) | (0,01) |
| State Street | CAD | USD | 07/10/2020 | 354 000 | 268 219 | (3) | - |
| State Street | CAD | USD | 07/10/2020 | 84 000 | 64 307 | (1) | - |
| State Street | CHF | USD | 07/10/2020 | 3 255 000 | 3 575 843 | (32) | (0,03) |
| State Street | CHF | USD | 07/10/2020 | 352 000 | 380 599 | 3 | - |
| State Street | EUR | JPY | 07/10/2020 | 1 707 666 | 209 700 000 | 16 | 0,01 |
| State Street | EUR | USD | 07/10/2020 | 12 634 000 | 14 877 069 | (60) | (0,05) |
| State Street | EUR | USD | 07/10/2020 | 1 161 000 | 1 383 449 | (22) | (0,02) |
| State Street | EUR | USD | 07/10/2020 | 680 000 | 799 805 | (2) | - |
| State Street | EUR | USD | 07/10/2020 | 587 000 | 700 961 | (13) | (0,01) |
| State Street | EUR | USD | 07/10/2020 | 476 000 | 557 273 | 1 | - |
| State Street | EUR | USD | 07/10/2020 | 312 000 | 370 205 | (4) | - |
| State Street | EUR | USD | 07/10/2020 | 148 000 | 175 534 | (2) | - |
| State Street | EUR | USD | 07/10/2020 | 86 000 | 101 890 | (1) | - |
| State Street | EUR | USD | 07/10/2020 | 30 000 | 35 214 | - | - |
| State Street | EUR | USD | 07/10/2020 | 28 000 | 33 122 | - | - |
| State Street | GBP | USD | 07/10/2020 | 1 026 000 | 1 350 295 | (24) | (0,02) |
| State Street | GBP | USD | 07/10/2020 | 477 000 | 610 908 | 6 | - |
| State Street | GBP | USD | 07/10/2020 | 301 000 | 395 052 | (6) | (0,01) |
| State Street | GBP | USD | 07/10/2020 | 136 000 | 178 071 | (2) | - |
| State Street | GBP | USD | 07/10/2020 | 81 000 | 104 498 | - | - |
| State Street | GBP | USD | 07/10/2020 | 79 000 | 104 357 | (2) | - |
| State Street | ILS | USD | 07/10/2020 | 239 000 | 68 710 | 1 | - |

| Contrepartie | Achat | Vente | Règlement | Montant acheté | Montant vendu | Plus-/(moins-) values latentes en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| State Street | JPY | USD | 07/10/2020 | 599 381 000 | 5 579 143 | 101 | 0,09 |
| State Street | JPY | USD | 07/10/2020 | 208 970 000 | 1 969 187 | 11 | 0,01 |
| State Street | JPY | USD | 07/10/2020 | 155 041 000 | 1 468 639 | 1 | - |
| State Street | JPY | USD | 07/10/2020 | 46 490 000 | 443 098 | (3) | - |
| State Street | JPY | USD | 07/10/2020 | 41 896 000 | 394 702 | 2 | - |
| State Street | JPY | USD | 07/10/2020 | 32 790 000 | 311 162 | - | - |
| State Street | MXN | USD | 07/10/2020 | 1 533 000 | 68 312 | 1 | - |
| State Street | NOK | USD | 07/10/2020 | 1 749 000 | 195 812 | (9) | (0,01) |
| State Street | NOK | USD | 07/10/2020 | 1 210 000 | 133 220 | (4) | - |
| State Street | NZD | USD | 07/10/2020 | 164 000 | 110 883 | (2) | - |
| State Street | NZD | USD | 07/10/2020 | 92 000 | 61 920 | (1) | - |
| State Street | PLN | USD | 07/10/2020 | 223 000 | 57 335 | - | - |
| State Street | SEK | USD | 07/10/2020 | 693 000 | 79 760 | (2) | - |
| State Street | SEK | USD | 07/10/2020 | 480 000 | 55 246 | (2) | - |
| State Street | SGD | USD | 07/10/2020 | 111 000 | 80 642 | 1 | - |
| State Street | USD | AUD | 07/10/2020 | 1 133 305 | 1 570 000 | 8 | 0,01 |
| State Street | USD | AUD | 07/10/2020 | 310 797 | 436 000 | (2) | - |
| State Street | USD | AUD | 07/10/2020 | 205 551 | 286 000 | 1 | - |
| State Street | USD | AUD | 07/10/2020 | 171 102 | 243 000 | (3) | - |
| State Street | USD | AUD | 07/10/2020 | 104 799 | 152 000 | (4) | - |
| State Street | USD | AUD | 07/10/2020 | 86 730 | 120 000 | 1 | - |
| State Street | USD | AUD | 07/10/2020 | 75 733 | 105 000 | - | - |
| State Street | USD | CAD | 07/10/2020 | 287 566 | 383 000 | 1 | - |
| State Street | USD | CHF | 07/10/2020 | 165 851 | 151 000 | 1 | - |
| State Street | USD | CHF | 07/10/2020 | 106 504 | 97 000 | 1 | - |
| State Street | USD | CHF | 07/10/2020 | 102 592 | 93 000 | 1 | - |
| State Street | USD | CHF | 07/10/2020 | 43 651 | 40 000 | - | - |
| State Street | USD | DKK | 07/10/2020 | 87 586 | 550 000 | 1 | - |
| State Street | USD | EUR | 07/10/2020 | 2 376 147 | 2 039 000 | (15) | (0,01) |
| State Street | USD | EUR | 07/10/2020 | 1 999 965 | 1 779 000 | (86) | (0,07) |
| State Street | USD | EUR | 07/10/2020 | 1 106 493 | 935 000 | 10 | 0,01 |
| State Street | USD | EUR | 07/10/2020 | 527 617 | 447 000 | 3 | - |
| State Street | USD | EUR | 07/10/2020 | 173 746 | 147 000 | 1 | - |
| State Street | USD | EUR | 07/10/2020 | 51 970 | 44 000 | - | - |
| State Street | USD | EUR | 07/10/2020 | 50 224 | 43 000 | - | - |
| State Street | USD | EUR | 07/10/2020 | 45 017 | 38 000 | - | - |
| State Street | USD | EUR | 07/10/2020 | 44 996 | 38 000 | - | - |
| State Street | USD | GBP | 07/10/2020 | 172 174 | 131 000 | 3 | - |
| State Street | USD | GBP | 07/10/2020 | 43 010 | 33 000 | - | - |
| State Street | USD | JPY | 07/10/2020 | 1 013 175 | 106 763 000 | 1 | - |
| State Street | USD | JPY | 07/10/2020 | 1 005 794 | 106 720 000 | (6) | - |

| Contrepartie | Achat | Vente | Règlement | Montant acheté | Montant vendu | Plus-/(moins-) values latentes en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| State Street | USD | JPY | 07/10/2020 | 821 690 | 87 470 000 | (7) | (0,01) |
| State Street | USD | MXN | 07/10/2020 | 596 218 | 13 338 000 | (8) | (0,01) |
| State Street | USD | MXN | 07/10/2020 | 228 000 | 5 093 986 | (3) | - |
| State Street | USD | MXN | 07/10/2020 | 221 492 | 4 954 000 | (3) | - |
| State Street | USD | NZD | 07/10/2020 | 248 388 | 373 000 | 2 | - |
| State Street | USD | NZD | 07/10/2020 | 194 423 | 298 000 | (3) | - |
| State Street | USD | NZD | 07/10/2020 | 123 360 | 189 000 | (2) | - |
| State Street | USD | PLN | 07/10/2020 | 97 663 | 362 000 | 4 | - |
| State Street | USD | SEK | 07/10/2020 | 102 598 | 932 000 | (2) | - |
| State Street | USD | SEK | 07/10/2020 | 93 211 | 826 000 | 1 | - |
| State Street | ZAR | USD | 07/10/2020 | 57 463 000 | 3 409 637 | 33 | 0,03 |
| State Street | ZAR | USD | 07/10/2020 | 1 382 000 | 81 894 | 1 | - |
| State Street | ZAR | USD | 07/10/2020 | 870 000 | 51 034 | 1 | - |
| UBS | AUD | USD | 07/10/2020 | 139 000 | 99 930 | - | - |
| UBS | CHF | GBP | 07/10/2020 | 3 016 000 | 2 549 332 | (12) | (0,01) |
| UBS | DKK | USD | 07/10/2020 | 1 261 000 | 199 420 | (1) | - |
| UBS | EUR | USD | 07/10/2020 | 4 119 000 | 4 869 428 | (39) | (0,03) |
| UBS | EUR | USD | 07/10/2020 | 436 000 | 491 093 | 20 | 0,02 |
| UBS | JPY | AUD | 07/10/2020 | 91 422 974 | 1 198 000 | 8 | 0,01 |
| UBS | JPY | USD | 07/10/2020 | 969 712 000 | 9 183 348 | 6 | 0,01 |
| UBS | JPY | USD | 07/10/2020 | 49 200 000 | 467 176 | (1) | - |
| UBS | PLN | USD | 07/10/2020 | 106 000 | 28 630 | (1) | - |
| UBS | USD | AUD | 07/10/2020 | 1 643 731 | 2 297 000 | (3) | - |
| UBS | USD | AUD | 07/10/2020 | 265 691 | 371 000 | - | - |
| UBS | USD | BRL | 25/11/2020 | 434 164 | 2 289 000 | 29 | 0,02 |
| UBS | USD | EUR | 07/10/2020 | 1 465 591 | 1 235 000 | 17 | 0,01 |
| UBS | USD | EUR | 07/10/2020 | 1 370 920 | 1 169 000 | - | - |
| UBS | USD | GBP | 07/10/2020 | 686 340 | 532 000 | (1) | - |
| UBS | USD | MXN | 07/10/2020 | 160 230 | 3 704 000 | (7) | (0,01) |
| UBS | USD | NZD | 07/10/2020 | 6 167 655 | 9 541 000 | (139) | (0,12) |
| UBS | USD | SGD | 07/10/2020 | 530 000 | 729 212 | (4) | - |
| UBS | ZAR | USD | 07/10/2020 | 9 699 000 | 569 770 | 11 | 0,01 |
| Plus-values latentes sur contrats de change à terme |  |  | 234 | 0,20 |

Contrats de swaps 0,32 %
| Contrepartie | Devise | Échéance | Notionnel | Frais du Fonds | Revenus du Fonds | Plus-/(moins-) values latentes en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Barclays | GBP | 15/04/2023 | 3 920 000 | UK RPI | 3,2250 % | 145 | 0,12 |
| Citigroup | USD | 03/07/2025 | 4 800 000 | LIBOR USD à 3 mois | 0,4860 % | 3 | - |
| Goldman Sachs | EUR | 15/09/2030 | 1 630 000 | EUR EXT CPI | 0,9513 % | 18 | 0,02 |
| UBS | AUD | 01/05/2024 | 19 300 000 | AUD-BBR-BBSW à 3 mois | 0,6000 % | 41 | 0,04 |
| UBS | AUD | 01/05/2024 | 17 159 000 | AUD-BBR-BBSW à 3 mois | 0,6000 % | 36 | 0,03 |
| UBS | GBP | 15/04/2023 | 3 080 000 | UK RPI | 3,2250 % | 115 | 0,10 |
| UBS | USD | 03/07/2025 | 12 300 000 | LIBOR USD à 3 mois | 0,4860 % | 7 | 0,01 |
| Plus-values latentes sur contrats de swaps |  |  |  | 365 | 0,32 |
| Plus-values latentes sur dérivés |  |  |  |  | 612 | 0,53 |
| Total des placements |  |  |  |  |  | 114 090 | 98,41 |
| Autres actifs nets |  |  |  |  |  | 1 847 | 1,59 |
| Total de l’actif net |  |  |  |  |  | 115 937 | 100,00 |

† Géré par des filiales de Standard Life Aberdeen plc.
Actuellement, les positions à terme ne sont pas garanties.
Global Innovation Equity Fund 
(anciennement nommé Technology Equity)
Pour l’exercice clos le 30 septembre 2020
Performances
Pour l’exercice clos le 30 septembre 2020, la valeur des Actions de capitalisation de Classe A du Fonds Global Innovation Equity a augmenté de 45,19 % par rapport à une hausse de 11,00 % de l’indice de référence, le MSCI ACWI Information Technology TR.
Rendement du Fonds : Source : Lipper, Base : rendement total, variation de la Valeur Nette d’Inventaire publiée, net de frais annuels, bénéfice brut réinvesti, en USD.
Rendement de l’indice de référence : Source : Lipper, Base : rendement à la clôture des bureaux, bénéfice réinvesti, brut de frais, en USD.
Veuillez garder à l’esprit que les performances passées ne préjugent pas des résultats futurs. Le cours des actions et les revenus qui en découlent peuvent évoluer à la hausse comme à la baisse et les investisseurs sont susceptibles de ne pas récupérer le montant initialement investi.
Commentaires sur le marché
En dépit d’une série de défis uniques en leur genre, dont une pandémie mondiale et des tensions commerciales persistantes, les actions technologiques ont affiché des rendements à deux chiffres au cours de l’exercice. La période a commencé fort sur fond d’optimisme entourantle déploiementde la 5G et une avancée dans le conflit commercial entre les États-Unis et la Chine. Le secteur, comme tous les autres, a néanmoins subi une correction massive au premier trimestre de 2020 lorsque la Covid- 19 a menacé de submerger le monde. Les interdictions de voyager généralisées et les confinements nationaux visant à aplatir la courbe des contaminations ontsuscité des craintes de récession mondiale. Toutefois, le repli a été de courte durée, car la crise a alimenté un ensemble de tendances favorables, issues du travail à distance, du cloud computing et du commerce électronique. Des mesures de relance budgétaires et monétaires offensives, des nouvelles positives quantà de potentiels vaccins contre la Covid- 19 et des résultats solides des géants de l’indice de référence ont apporté un soutien supplémentaire. Cela dit, le regain de tensions entre les États-Unis et la Chine, avec l’imposition par le président Donald Trump de nouvelles sanctions contre les entreprises technologiques chinoises, telles que Huawei et les applications populaires de médias sociaux, a limité les gains.
En septembre 2020, la stratégie du Fonds a été élargie pour lui permettre d’investir dans toutes les formes d’innovation. Cela permet au portefeuille de s’exposer davantage à des secteurs autres que la technologie, notamment la consommation, la santé et la finance. Ce changement a été mis en œuvre car il est devenu évident que l’innovation, alimentée par les nouvelles technologies, se répand dans tous les secteurs de l’économie. Et ce, que la société soit qualifiée ou non de société technologique. Amazon en est un excellent exemple ; elle est classée dans le secteur des biens de consommation non courante, alors qu’en réalité, elle est une société technologique qui a bouleversé le secteur des biens de consommation non courante grâce à une innovation continue.
Commentaires sur le portefeuille
Le Fonds a surperformé l’indice de référence, car une sélection positive des titres a compensé une allocation d’actifs défavorable.
Notre exposition au sous-secteur des semi-conducteurs a le plus contribué à la performance. Les actions du fabricant de puces
graphiques Nvidia ont notamment progressé de plus de 200 %. Les investisseurs étaient optimistes quant aux perspectives de croissance de son segment des puces pour centres de données dans un contexte d’augmentation des besoins en lien avec le travail à domicile pendantla pandémie. Il a également enregistré des revenus record au cours du trimestre clos en juin. L’absence en portefeuille d’Intel a également été positive pour la performance, car ses activités de fabrication de puces ont continué de rencontrer des difficultés.
Parmi les autres participations qui ontcontribué aux rendements, citons le spécialiste des logiciels de cloud Five9. Il a lui aussi profité des perturbations liées à la Covid-19, car un plus grand nombre d’entreprises se sont tournées vers ses solutions de télétravail basées sur le cloud.
Dans le même temps, la société israélienne d’impression numérique Kornit Digital, une nouvelle entrée dans le portefeuille, a dopé la performance, la demande pour ses imprimantes numériques commerciales de nouvelle génération se montrant résistante. Elle s’est alignée sur les tendances structurelles de la demande en faveur de plus petits lots et de méthodes de fabrication de vêtements plus respectueuses de l’environnement. Les investisseurs ont également considéré d’un bon œil son partenariat en cours avec le géant du commerce électronique Amazon. Nous avons introduit Kornit plus tôt au cours de la période et nous pensons que la qualité supérieure de ses produits lui permettra de gagner des parts de marché à long terme. La position sur Amazon s’est également avérée bénéfique grâce à de solides ventes de commerce électronique.
À l’inverse, la sous-pondération d’Apple a constitué un gros point faible. Les actions du géant américain de la technologie ont grimpé en flèche après l’annonce d’un fractionnementdes actions, en parallèle de prévisions de ventes robustes de ses nouveaux iPhones et autres produits. Nos positions dans Alphabet, la société mère de Google, et dans le géant des paiements Visa ont également nui à la performance, car leurs gains de cours ont été plus modestes que ceux de l’indice de référence au sens large.
En ce qui concerne l’activité du portefeuille, nous avons repositionné le portefeuille en fonction du changement de stratégie. Cela nous a permis d’investir dans des entreprises innovantes par le biais d’un cadre thématique dans des secteurs plus larges que les seules technologies de l’information.
Perspectives
Il existe de nombreuses incertitudes à moyen terme, car de nouvelles vagues de contaminations au coronavirus pourraient contraindre les gouvernements à imposer à nouveau des confinements. De telles décisions transformeraient le début de reprise en une récession mondiale profonde et peut-être longue. Les mesures de relance budgétaires et monétaires aideront, mais une reprise complète dépend encore de la mise au point et de la disponibilité d’un vaccin efficace. En outre, le conflit persistant entre les États-Unis et la Chine, qui s’étend de plus en plus au secteur technologique, pourrait également perturber le
commerce mondial et les marchés financiers.
En ces temps d’incertitudes, des stratégies solides d’analyse ascendante et de sélection des titres sont encore plus cruciales. Nous prenons sérieusement en considération deux aspects majeurs. Premièrement, à quoi ressembleront les bénéfices normalisés dans ce contexte de crise, et deuxièmement, si les entreprises sont bien positionnées pour un monde post-Covid-19. À cet égard, les perspectives des participations du portefeuille restent prometteuses. Beaucoup sont exposées à des tendances de croissance structurelle à long terme, telles que l’adoption croissante du numérique, les nouvelles technologies et la demande grandissante de services financiers et de santé. Nous restons attachés à notre approche d’investissement ascendante, en privilégiant la recherche de sociétés de qualité à des valorisations attrayantes, tout en nous engageant activement auprès de leur direction pour garantir une gouvernance d’entreprise solide et des niveaux élevés de durabilité.
Équipe Global Equity
Octobre 2020
État de l’actif net
Au 30 septembre 2020
| Notes | en milliers d’USD |
| --- | --- |
| Actif |  |  |
| Placements en valeurs mobilières à la valeur de marché | 2.2 | 346 522 |
| Avoirs bancaires |  | 36 |
| Intérêts et dividendes à recevoir |  | 208 |
| Souscriptions à recevoir |  | 2 799 |
| Autres actifs |  | 257 |
| Total de l’actif |  | 349 822 |
| Passif |  |  |
| Impôts et charges à payer |  | 526 |
| Rachats d’actions à payer |  | 952 |
| Total du passif |  | 1 478 |
| Actif net en fin d’exercice |  | 348 344 |

État des variations de l’actif net
Pour l’exercice allant du 1er octobre 2019 au 30 septembre 2020
État des opérations
| Notes | en milliers d’USD |
| --- | --- |
| Revenus |  |  |
| Revenus d’investissement | 2.3 | 1 609 |
| Revenus des prêts de titres | 16 | 2 |
| Intérêts bancaires |  | 6 |
| Total des revenus |  | 1 617 |
| Charges |  |  |
| Commissions de gestion | 4.2 | 4 619 |
| Frais d’exploitation, d’administration et de service | 4.3 | 519 |
| Autres frais de fonctionnement |  | 6 |
| Total des charges |  | 5 144 |
| Moins-values nettes sur investissements |  | (3 527) |
| Plus-values réalisées sur investissements |  | 107 106 |
| Plus-values réalisées sur contrats de change à terme |  | 66 |
| Plus-values de change réalisées |  | 138 |
| Plus-values nettes réalisées |  | 107 310 |
| Diminution de la plus-value latente sur investissements |  | (1 247) |
| Plus-values de change latentes |  | 1 |
| Moins-values nettes latentes |  | (1 246) |
| Augmentation nette de l’actif résultant des opérations |  | 102 537 |

Pour l’exercice allant du 1er octobre 2019 au 30 septembre 2020
| Notes | en milliers d’USD |
| --- | --- |
| Actif net en début d’exercice | 216 800 |
| Moins-values nettes sur investissements | (3 527) |
| Plus-values nettes réalisées | 107 310 |
| Moins-values nettes latentes | (1 246) |
| Produits des émissions d’actions | 326 449 |
| Paiements des actions rachetées | (297 442) |
| Actif net en fin d’exercice | 348 344 |

Transactions d’Actions
Pour l’exercice allant du 1er octobre 2019 au 30 septembre 2020
|  | A Acc EURA | A Acc GBP | A Acc USD | I Acc Hedged EURA | I Acc USD |
| --- | --- | --- | --- | --- | --- |
| Actions en circulation en début d’exercice | - | 1 597 405 | 25 602 044 | - | 156 837 |
| Actions émises durant l’exercice | 500 | 435 124 | 32 101 187 | 500 | 1 131 905 |
| Actions rachetées durant l’exercice | - | (303 021) | (29 974 833) | - | (976 496) |
| Actions en circulation en fin d’exercice | 500 | 1 729 508 | 27 728 398 | 500 | 312 246 |
| Valeur nette d’inventaire par action | 10,2448 | 7,6462 | 9,8800 | 10,1593 | 38,4239 |

|  | S Acc USD | X Acc GBP | X Acc USD | Z Acc USD |
| --- | --- | --- | --- | --- |
| Actions en circulation en début d’exercice | 119 683 | 267 896 | 25 845 | 650 |
| Actions émises durant l’exercice | 20 012 | 529 947 | 74 895 | - |
| Actions rachetées durant l’exercice | (26 443) | (420 750) | (62 560) | - |
| Actions en circulation en fin d’exercice | 113 252 | 377 093 | 38 180 | 650 |
| Valeur nette d’inventaire par action | 232,8616 | 36,4614 | 29,3535 | 19,3268 |

A Classe d’actions lancée le 7 septembre 2020.
Les notes annexes font partie intégrante des présents états financiers.
État du portefeuille-titres
Au 30 septembre 2020
| Titre | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- |
| Valeurs mobilières et instruments du marché monétaire admis à la cote officielle d’une Bourse ou négociés sur un autre marché réglementé 98,24 % |
| Actions 98,24 % |  |  |  |
| Argentine 1,93 % |  |  |  |
| MercadoLibre | 6 200 | 6 708 | 1,93 |
| Australie 3,82 % |  |  |  |
| CSL | 34 100 | 7 047 | 2,02 |
| Xero | 86 900 | 6 254 | 1,80 |
|  |  | 13 301 | 3,82 |
| Chine 5,71 % |  |  |  |
| Alibaba | 25 100 | 7 375 | 2,11 |
| Ping An Insurance | 676 000 | 6 937 | 1,99 |
| WuXi Biologics (Cayman) | 230 000 | 5 593 | 1,61 |
|  |  | 19 905 | 5,71 |
| Allemagne 5,50 % |  |  |  |
| CTS Eventim∞ | 108 700 | 5 291 | 1,52 |
| Hypoport | 12 000 | 7 466 | 2,14 |
| Jungheinrich | 184 400 | 6 394 | 1,84 |
|  |  | 19 151 | 5,50 |
| Israël 11,91 % |  |  |  |
| CyberArk | 65 300 | 6 757 | 1,94 |
| Fiverr International | 59 800 | 8 313 | 2,39 |
| Kornit Digital | 177 700 | 11 526 | 3,30 |
| Maytronics | 496 700 | 7 655 | 2,20 |
| NICE | 32 000 | 7 247 | 2,08 |
|  |  | 41 498 | 11,91 |
| Japon 3,12 % |  |  |  |
| Keyence Corp | 23 400 | 10 871 | 3,12 |
| Pays-Bas 10,07 % |  |  |  |
| Adyen | 6 400 | 11 806 | 3,39 |
| ASML | 19 200 | 7 086 | 2,03 |
| Just Eat Takeaway.com | 64 700 | 7 256 | 2,08 |
| NXP Semiconductors | 71 700 | 8 943 | 2,57 |
|  |  | 35 091 | 10,07 |

| Titre | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- |
| Suisse 2,28 % |  |  |  |
| Tecan | 15 900 | 7 946 | 2,28 |
| Taïwan 3,32 % |  |  |  |
| TSMC (ADR) | 142 700 | 11 571 | 3,32 |
| Royaume-Uni 4,51 % |  |  |  |
| Abcam | 548 900 | 8 658 | 2,48 |
| AstraZeneca | 64 600 | 7 062 | 2,03 |
|  |  | 15 720 | 4,51 |
| États-Unis 46,07 % |  |  |  |
| Activision Blizzard | 86 400 | 6 991 | 2,01 |
| Alphabet | 8 200 | 12 014 | 3,45 |
| Amazon.com | 6 670 | 20 992 | 6,04 |
| Autodesk | 36 700 | 8 472 | 2,43 |
| Axon | 84 200 | 7 635 | 2,19 |
| Booking Holdings | 2 800 | 4 787 | 1,37 |
| Boston Scientific | 279 200 | 10 664 | 3,06 |
| Equinix | 9 100 | 6 910 | 1,98 |
| Globus Medical | 162 300 | 8 035 | 2,31 |
| Insulet | 33 000 | 7 819 | 2,24 |
| Intercontinental Exchange | 84 800 | 8 479 | 2,43 |
| Mastercard « A » | 30 200 | 10 205 | 2,93 |
| Microsoft | 88 000 | 18 499 | 5,32 |
| Netflix | 13 700 | 6 848 | 1,97 |
| NIKE | 64 500 | 8 097 | 2,32 |
| UnitedHealth | 23 100 | 7 195 | 2,07 |
| Walt Disney | 54 700 | 6 790 | 1,95 |
|  |  | 160 432 | 46,07 |
| Total Actions |  | 342 194 | 98,24 |
| Total Valeurs mobilières et instruments du marché monétaire admis à la cote officielle d’une Bourse ou négociés sur un autre marché réglementé |  | 342 194 | 98,24 |
| Fonds d’investissement à capital variable 1,24 % |  |  |  |
| Aberdeen Standard Liquidity Fund (Lux) - US Dollar Fund Z-1† | 4 328 | 4 328 | 1,24 |
| Total Fonds d’investissement à capital variable |  | 4 328 | 1,24 |

Dérivés - néant
Contrats de change à terme - néant
| Contrepartie | Achat | Vente | Règlement | Montant acheté | Montant vendu | Plus-/(moins-) values latentes en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| BNP Paribas | EUR | USD | 16/12/2020 | 5 000 | 5 900 | - | - |
| BNP Paribas | EUR | USD | 16/12/2020 | 156 | 183 | - | - |
| BNP Paribas | EUR | USD | 16/12/2020 | 105 | 125 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 128 | 108 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 127 | 109 | - | - |
| Plus-values latentes sur contrats de change à terme |  |  | - | - |
| Plus-values latentes sur dérivés |  |  |  |  | - | - |
| Total des placements |  |  |  |  |  | 346 522 | 99,48 |
| Autres actifs nets |  |  |  |  |  | 1 822 | 0,52 |
| Total de l’actif net |  |  |  |  |  | 348 344 | 100,00 |

† Géré par des filiales de Standard Life Aberdeen plc.
∞ Une partie de ce titre est en prêt à la fin de l’exercice.
Actuellement, les positions à terme ne sont pas garanties.