# Change in net assets
|  | Financial year 31/12/2021 | Financial year 31/12/2020 |
| --- | --- | --- |
| Net assets at the beginning of the financial year | 515,728,659.11 | 820,825,030.38 |
| Subscriptions (including subscription fees paid to the UCI) | 189,738,464.94 | 185,031,563.78 |
| Redemptions (after deduction of redemption fees paid to the UCI) | -390,898,756.45 | -417,388,214.81 |
| Capital gains realised on deposits and financial instruments | 68,679,980.26 | 52,873,488.60 |
| Capital losses realised on deposits and financial instruments | -19,627,230.56 | -81,045,347.03 |
| Capital gains realised on forward financial instruments | 749,270.00 | 1,442,268.00 |
| Capital losses realised on forward financial instruments | -425,005.00 | -1,355,668.00 |
| Transaction fees | -164,715.66 | -226,428.20 |
| Exchange differences | 1,698.28 | 2,632.05 |
| Change in the valuation difference for deposits and financial instruments: | 30,110,308.91 | -46,471,231.52 |
| Valuation difference, financial year N | 93,849,520.78 | 63,739,211.87 |
| Valuation difference, financial year N-1 | -63,739,211.87 | -110,210,443.39 |
| Change in the valuation difference for forward financial instruments: | -1,240.00 | 91,645.00 |
| Valuation difference, financial year N | 34,885.00 | 36,125.00 |
| Valuation difference, financial year N-1 | -36,125.00 | 55,520.00 |
| Distribution from the previous financial year on net capital gains and losses | - | -2,267,208.95 |
| Distribution from the previous financial year on income | -4,657,595.80 | -8,161,952.22 |
| Net income for the financial year before accruals and deferrals | 9,829,359.81 | 12,378,082.03 |
| Interim dividend(s) paid during the financial year on net capital gains and losses | - | - |
| Interim dividend(s) paid during the financial year on income | - | - |
| Other items | - | - |
| Net assets at the end of the financial year | 399,063,197.84 | 515,728,659.11 |

Translation (ENFR, 2021-12-31):
# Evolution de l'actif net
|  | Exercice 31/12/2021 | Exercice 31/12/2020 |
| --- | --- | --- |
| Actif net en début d'exercice | 3,558,719,799.96 | 3,879,340,756.96 |
| Souscriptions (y compris les commissions de souscription acquises à l'O.P.C.) | 722,084,119.10 | 1,588,795,510.55 |
| Rachats (sous déduction des commissions de rachat acquises à l'O.P.C.) | -1,540,132,005.02 | -2,122,891,583.73 |
| Plus-values réalisées sur dépôts et instruments financiers | 459,123,638.38 | 318,153,152.49 |
| Moins-values réalisées sur dépôts et instruments financiers | -145,115,396.10 | -377,584,391.45 |
| Plus-values réalisées sur instruments financiers à terme | 1,177,628,408.04 | 1,979,550,224.82 |
| Moins-values réalisées sur instruments financiers à terme | -1,004,951,383.71 | -1,544,994,875.20 |
| Frais de transaction | -1,394,434.73 | -2,593,283.92 |
| Différences de change | 1,301,780.97 | 381,531.29 |
| Variation de la différence d'estimation des dépôts et instruments financiers : | 398,969,983.16 | -325,870,346.95 |
| Différence d'estimation exercice N | 321,974,813.98 | -76,995,169.18 |
| Différence d'estimation exercice N-1 | 76,995,169.18 | -248,875,177.77 |
| Variation de la différence d'estimation des instruments financiers à terme : | 177,829,941.40 | 121,358,281.93 |
| Différence d'estimation exercice N | 75,592,384.75 | -102,237,556.65 |
| Différence d'estimation exercice N-1 | 102,237,556.65 | 223,595,838.58 |
| Distribution de l'exercice antérieur sur plus et moins-values nettes | -748,746.41 | -1,034,194.47 |
| Distribution de l'exercice antérieur sur résultat | - | - |
| Résultat net de l'exercice avant compte de régularisation | 75,225,492.00 | 46,109,017.64 |
| Acompte(s) versé(s) au cours de l'exercice sur plus et moins-values nettes | - | - |
| Acompte(s) versé(s) au cours de l'exercice sur résultat | - | - |
| Autres éléments | - | - |
| Actif net en fin d'exercice | 3,878,541,197.04 | 3,558,719,799.96 |