# G FUND – Global Convertible Bonds
## Board of Directors’ Report
Over the fiscal year, from 1 March 2021 to 28 February 2022, the fund grew its net assets while substantially outperforming its benchmark index.
- Absolute performance was disappointing in comparison with the recovery of equity markets. This is attributable to the inherent structural bias of the convertibles market, where the strongest performers (Energy, Banks, Commodities, etc.) are relatively absent and most issuers are in the sectors that performed most weakly over the year (e.g. Consumer Discretionary, including e-commerce, Software and Utilities), mainly due to upward pressure on inflation and interest rates. The disappointing returns of convertibles in 2021 "make up for" their exceptional performance in 2020.
- However, the fund clearly outperformed its index, particularly in the last quarter. This outperformance is mainly attributable to issuer selection rather than directional allocation, with the significant relative gains on Palo Alto, On Semi, Deutsche Post, Sika, St Gobain, STMicro and Microsoft more than offsetting the relative underperformance of Liberty Media and Pionneer Nat. Ressources, JustEat- Takeway and Tencent In terms of sector exposure, the underweight in Software and the overweight in Semi-conductors were big positive contributors in Q4.
- Two thirds of the relative outperformance is attributable to the US and about 1/3 to Europe.
- The replication bucket made a substantial positive contribution (about +206 bps) that is most notably attributable to St Gobain, STMicro, Deutsche Post and Stellantis.
- Portfolio hedging with equity index options and interest rate futures cost the fund about 35 bps over the year.

Uncertainty about the outcome of the war in Ukraine, commodity prices and inflation weighed heavily on financial markets in late February 2022 and explains the current relatively high level of volatility. Given these factors, we positioned our portfolios as follows;
- Overweight equity exposure relative to the benchmark index and mainly in the United States, which is less affected by the conflict. Neutral exposure in other geographical areas, and no exposure to Russia in the portfolio.
- Exposure to the Software sector was increased as prices dropped. The cyclical and "economy reopening" sectors were also favoured.
- Hedging was used to increase the portfolio's convexity in the event of a market shock.
- We were relatively underexposed to interest rates given the uncertain outlook for inflation and central bank interest rates.

The performance of the G FUND GLOBAL CONVERTIBLE BONDS fund share classes for the year ended 28/02/2022:
GD EUR -6.49% vs. -10.71% for the benchmark index (see note 4) IC EUR -6.74% vs. -10.71% for the benchmark index (see note 4) NC EUR -7.24% vs. -10.71% for the benchmark index (see note 4) SC EUR - no returns recorded.
VD EUR - no returns recorded.
Past performance is not a reliable indicator of future performance.
| Combined statement of net assets at 28/02/22 |  |  |
| --- | --- | --- |
|  | Note | In EUR |
| Assets |  | 89,754,631.98 |
| Securities portfolio at market value | 2.2 | 83,052,961.08 |
| Cost |  | 82,954,203.32 |
| Options (long positions) at the market value | 2,6 | 1,622,761.56 |
| Options purchased at the cost price |  | 1,935,739.02 |
| Cash at bank |  | 3,857,208.33 |
| Receivables from sale of investments |  | 1,075,632.84 |
| Net dividends receivable |  | 6,120.90 |
| Accrued interest on the securities portfolio |  | 135,134.97 |
| Other assets |  | 4,812.30 |
| Liabilities |  | 1,674,977.43 |
| Options (short positions) at the market price | 2,6 | 535,124.90 |
| Options sold at the cost price |  | 358,972.34 |
| Bank overdraft |  | 24,051.76 |
| Net unrealised loss on forward exchange contracts | 2,7 | 607,601.84 |
| Net unrealised loss on futures contracts | 2,8 | 78,723.85 |
| Management fees payable | 3 | 5,053.26 |
| Depositary and sub-depositary fees payable | 5 | 4,891.94 |
| Administration fees payable | 6 | 2,649.80 |
| Performance fees payable | 4 | 405,506.30 |
| Subscription tax (taxe d’abonnement) payable | 8 | 1,475.67 |
| Other liabilities |  | 9,898.11 |
| Net asset value |  | 88,079,654.55 |

| Statement of operations and net changes in assets from 01/03/21 to 28/02/22 |
| --- |
|  | Note | In EUR |
| Income |  | 464,085.33 |
| Net dividends on the securities portfolio |  | 67,082.50 |
| Net interest on bonds |  | 393,540.72 |
| Interest received on swaps |  | 3,166.68 |
| Bank interest |  | 241.05 |
| Other income |  | 54.38 |
| Expenses |  | 746,534.56 |
| Management fees | 3 | 71,472.65 |
| Performance fees | 4 | 405,506.30 |
| Depositary and sub-depositary fees | 5 | 25,942.87 |
| Administration fees | 6 | 15,220.48 |
| Legal expenses |  | 10,583.46 |
| Transaction expenses | 2.17, 7 | 153,500.16 |
| Director remuneration |  | 644.03 |
| Subscription tax (taxe d’abonnement) | 8 | 8,745.26 |
| Interest paid on bank overdrafts |  | 19,499.99 |
| Bank charges |  | 7,244.00 |
| Other expenses |  | 28,175.36 |
| Net income / (loss) on investments |  | (282,449.23) |
| Net profit / (loss) on: |  |  |
| - sales of investments | 2.3 | 4,068,056.00 |
| - options | 2.6 | 943,518.51 |
| - forward exchange contracts | 2.7 | (5,393,883.54) |
| - futures | 2.8 | (883,637.28) |
| - currency |  | 1,271,412.18 |
| Net profit / (loss) |  | (276,983.36) |
| Change in the net unrealised gain / (loss) on: - sales of investments | 2.2 | (4,247,830.62) |
| - options | 2.6 | (622,935.35) |
| - forward exchange contracts | 2.7 | (504,910.56) |
| - futures | 2.8 | 27,613.39 |
| - swaps | 2 | 140.60 |
| Net increase / (decrease) in net assets from operations |  | (5,624,905.90) |
| Dividends paid | 10 | (1,120,716.30) |
| Accumulation share subscriptions |  | 520,035.55 |
| Distribution share subscriptions |  | 93,086,459.01 |
| Accumulation share redemptions |  | (126,228.37) |
| Distribution share redemptions |  | (50,152,882.21) |
| Increase / (decrease) in net assets |  | 36,581,761.78 |
| Net assets at start of year |  | 51,497,892.77 |
| Net assets at end of year |  | 88,079,654.55 |

| Net assets by share class |  |  |  |  |
| --- | --- | --- | --- | --- |
|  |  | 28/02/22 | 28/02/21 | 29/02/20 |
| Total net assets | EUR | 88,079,654.55 | 51,497,892.77 | 42,169,559.33 |
| NC EUR shares - Accumulation |  |  |  |  |
| Number of shares |  | 284.106 | 1,153.370 | 198.215 |
| Net asset value per share | EUR | 113.42 | 122.27 | 99.24 |
| IC EUR shares - Accumulation Number of shares |  | 1,000 | 1,000 | 1,000 |
| Net asset value per share | EUR | 1,240.14 | 1,329.83 | 1,069.21 |
| GD EUR shares - Distribution Number of shares |  | 26,345,000 | 40,000,000 | 40,000,000 |
| Net asset value per share | EUR | 1,160.15 | 1,283.89 | 1,053.72 |
| Dividend per share |  | 42.54 | 27.60 | 0.67 |
| SC EUR shares - Accumulation Number of shares |  | 500,000 | 0,000 | 0,000 |
| Net asset value per share | EUR | 937.27 | - | - |
| VD EUR shares - Distribution Number of shares |  | 60,607.234 | 0,000 | 0,000 |
| Net asset value per share | EUR | 940.70 | - | - |

Change in the number of shares outstanding from 01/03/21 to 28/02/22
|  | Number of shares outstanding at | Number of shares | Number of shares | Number of shares outstanding at |
| --- | --- | --- | --- | --- |
|  | 01/03/21 | issued | redeemed | 28/02/22 |
| NC EUR shares - Accumulation | 1,153.370 | 165.594 | 1,034.858 | 284.106 |
| IC EUR shares - Accumulation | 1,000 | 0,000 | 0,000 | 1,000 |
| GD EUR shares - Distribution | 40,000,000 | 26,345,000 | 40,000,000 | 26,345,000 |
| SC EUR shares - Accumulation | 0,000 | 500,000 | 0,000 | 500,000 |
| VD EUR shares - Distribution | 0,000 | 60,865.233 | 257.999 | 60,607.234 |

| Securities portfolio at 28/02/2022 |  |  |  |  |
| --- | --- | --- | --- | --- |
| Name | Curr. | Number of shares | Market value (in EUR) | % of net assets |
| Securities admitted for trading on a stock exchange or traded on another regulated market |  |  | 82,814,203.08 | 94.02 |
| Equities |  |  | 1,468,256.10 | 1.67 |
| United States |  |  | 817,385.82 | 0.93 |
| AFFIRM HOLDINGS INC | USD | 4,000 | 149,002.85 | 0.17 |
| DANAHER CORP - PFD REGISTERED SHS | USD | 500 | 668,382.97 | 0.76 |
| Jersey |  |  | 650,870.28 | 0.74 |
| APTIV PLC | USD | 5,000 | 650,870.28 | 0.74 |
| Obligations |  |  | 5,111,242.88 | 5.80 |
| France |  |  | 2,268,243.26 | 2.58 |
| ILIAD SA	0.7500 21-24 11/02A | EUR | 500,000 | 478,845.00 | 0.54 |
| SOITEC SA CV	0.0 20-25 01/10U | EUR | 2,500 | 503,130.00 | 0.57 |
| SPIE SA	2.625 19-26 18/06A | EUR | 500,000 | 498,320.00 | 0.57 |
| TEREOS FINANCE GROUP 7.5 20-25 23/10S | EUR | 759,000 | 787,948.26 | 0.89 |
| United States |  |  | 1,210,582.49 | 1.37 |
| DEXCOM INC 0.25 21-25 15/05S | USD | 300,000 | 280,840.01 | 0.32 |
| EXACT SCIENCES CORP 0.375 20-28 01/03S | USD | 650,000 | 548,405.67 | 0.62 |
| PELOTON INTERACTIVE 0.0 21-26 15/02U | USD | 500,000 | 381,336.81 | 0.43 |
| Cayman Islands |  |  | 661,590.52 | 0.75 |
| CATHAY PACIFIC FINAN 2.75 21-26 05/02S | HKD | 6,000,000 | 661,590.52 | 0.75 |
| Luxembourg |  |  | 516,643.91 | 0.59 |
| ARCELORMITTAL SA 5.5 20-23 18/05Q | USD | 8,000 | 516,643.91 | 0.59 |
| Netherlands |  |  | 454,182.70 | 0.52 |
| QIAGEN NV CV 0.50 17-23 13/09S | USD | 400,000 | 454,182.70 | 0.52 |
| Convertible bonds |  |  | 74,746,491.85 | 84.86 |
| United States |  |  | 46,430,211.65 | 52.71 |
| AIRBNB INC CV 0.00 21-26 15/03U | USD | 1,200,000 | 1,005,309.83 | 1.14 |
| AKAMAI TECH	CV 0.375 19-27 01/09S | USD | 1,600,000 | 1,568,262.11 | 1.78 |
| ALARM.COM	0.0 21-26 15/01U | USD | 500,000 | 379,184.47 | 0.43 |
| AVALARA INC	0.25 21-26 01/08S | USD | 500,000 | 386,578.52 | 0.44 |
| BIOMARIN PHARM CV SUB 0.599 17-24 01/08S | USD | 1,400,000 | 1,251,013.18 | 1.42 |
| BLACKLINE 0.00 21-26 15/03U | USD | 850,000 | 640,704.91 | 0.73 |
| BLOCK INC	0.00 20-26 01/05U | USD | 500,000 | 412,337.52 | 0.47 |
| BOFA FINANCE 0.25 18-23 01/05S | USD | 1,400,000 | 1,376,647.97 | 1.56 |
| BOOKING HOLDING	0.75 21-25 01/05S | USD | 1,600,000 | 1,967,386.04 | 2.23 |
| BRIDGEBIO PHARMA CV 2.25 21-29 01/02S | USD | 400,000 | 171,996.08 | 0.20 |
| BURLINGTON STORES INC 2.25 20-25 15/04S | USD | 600,000 | 682,272.97 | 0.77 |
| CLOUDFLARE CV 0.00	21-26 15/08U | USD | 1,000,000 | 881,485.93 | 1.00 |
| COUPA SOFTWARE INC 0.125 19-25 15/06S | USD | 700,000 | 664,102.56 | 0.75 |
| COUPA SOFTWARE INC 0.375 21-26 15/06S | USD | 1,000,000 | 769,853.99 | 0.87 |
| DATADOG INC 0.125 21-25 15/06S | USD | 250,000 | 414,738.02 | 0.47 |
| DIGITALOCEAN HOLDINGS 0.00 21-26 01/12U | USD | 600,000 | 431,439.64 | 0.49 |
| DROPBOX INC CV	0.00 21-28 01/03U | USD | 900,000 | 757,047.28 | 0.86 |
| ENPHASE ENERGY CV	0.00 21-28 01/03U | USD | 800,000 | 682,200.85 | 0.77 |
| ETSY CV	0.25 21-28 15/06S | USD | 750,000 | 654,684.16 | 0.74 |
| EXPEDIA GROUP I CV 0.00 21-26 15/02U | USD | 700,000 | 756,095.98 | 0.86 |
| FORD MOTOR CREDIT CO 0.00 21-26 15/03U | USD | 2,000,000 | 2,175,302.71 | 2.47 |
| GUARDANT HEALTH INC 0.0 20-27 15/11U | USD | 700,000 | 521,737.45 | 0.59 |
| HALOZYME THERAPEUTIC 0.25 21-27 01/03S | USD | 750,000 | 578,552.35 | 0.66 |
| HUBSPOT INC CV	0.375 20-25 01/06S | USD | 250,000 | 432,569.89 | 0.49 |
| INTERDIGITAL INC	2.00 19-24 01/06S | USD | 400,000 | 368,327.99 | 0.42 |
| IONIS PHARMACEUTICALS 0.125 19-24 15/12S | USD | 700,000 | 561,314.99 | 0.64 |
| IONIS PHARMACEUTICALS 21-26 01/04U | USD | 500,000 | 402,786.68 | 0.46 |
| JETBLUE AIRWAYS	0.50 21-26 01/04S | USD | 500,000 | 429,135.50 | 0.49 |
| JPMORGAN CHASE BANK 0.00 20-23 28/11U | USD | 1,100,000 | 966,064.81 | 1.10 |
| JPMORGAN CHASE BANK CV 0.125 20-23 01/01S | USD | 400,000 | 352,179.48 | 0.40 |
| JPMORGAN CHASE BANK NA 0.00 19-22 07/08U | USD | 800,000 | 757,849.00 | 0.86 |
| LUMENTUM HOLDINGS CV 0.50 20-26 15/12S | USD | 1,000,000 | 1,057,767.98 | 1.20 |

| Securities portfolio at 28/02/2022 |  |  |  |  |
| --- | --- | --- | --- | --- |
| Name | Curr. | Number of shares | Market value (in EUR) | % of net assets |
| LYFT INC CV	1.50 20-25 15/05S | USD | 500,000 | 554,460.47 | 0.63 |
| MARRIOTT VCT WD	0.00 21-26 15/01U | USD | 800,000 | 792,261.40 | 0.90 |
| MICROCHIP TECHNOLOGY 0.125 20-24 01/12S | USD | 700,000 | 703,904.47 | 0.80 |
| NEUROCRINE BIOSC. RCV 2.25 17-24 02/05S | USD | 440,000 | 504,999.11 | 0.57 |
| NEXTERA ENERGY INC CV 6.219 20-23 01/09Q | USD | 10,000 | 447,168.80 | 0.51 |
| NEXTERA ENERGY PARTNE 0.00 20-25 15/11U | USD | 1,550,000 | 1,497,698.54 | 1.70 |
| NUVASIVE INC 0.375 21-25 15/03S | USD | 1,100,000 | 927,424.77 | 1.05 |
| OKTA INC 0.375 21-26 15/06S | USD | 1,000,000 | 949,034.01 | 1.08 |
| ON SEMICONDUCTOR	0.00 21-27 01/05U | USD | 1,100,000 | 1,339,302.88 | 1.52 |
| PALO ALTO NETWORKS I 0.375 21-25 01/06S | USD | 1,000,000 | 1,786,476.14 | 2.03 |
| RAPID7 INC CV	0.250 21-27 15/03S | USD | 700,000 | 743,313.75 | 0.84 |
| SHIFT4 PAYMENTS INC 0.00 20-25 15/12U | USD | 500,000 | 445,067.66 | 0.51 |
| SHIFT4 PAYMENTS INC 0.5 21-27 26/07S | USD | 600,000 | 451,519.77 | 0.51 |
| SNAP INC CV	0.0 21-27 01/05U | USD | 1,000,000 | 777,929.13 | 0.88 |
| SNAP INC CV	0.125 22-28 01/03S | USD | 500,000 | 458,963.23 | 0.52 |
| SOFI TECHNOLOGIES CV 0.00 21-26 15/10U | USD | 400,000 | 320,220.80 | 0.36 |
| SOLAREDGE TECH	CV 0.00 21-25 15/09U | USD | 800,000 | 969,237.89 | 1.10 |
| SOUTHWEST AIRLINES CV 1.25 20-25 01/05S | USD | 600,000 | 716,506.41 | 0.81 |
| SPLUNK INC	0.500 18-23 15/09S | USD | 600,000 | 562,606.84 | 0.64 |
| SPLUNK INC	1.125 20-27 15/06S | USD | 1,200,000 | 979,754.28 | 1.11 |
| SPOTIFY USA IN	21-26 15/03U | USD | 1,600,000 | 1,226,160.97 | 1.39 |
| TELADOC HEALTH	1.25 20-27 01/06S | USD | 600,000 | 471,672.01 | 0.54 |
| TWITTER INC CV 0.00 21-26 15/03U | USD | 2,100,000 | 1,623,723.29 | 1.84 |
| UPWORK INC 0.25 21-26 10/08S | USD | 700,000 | 518,153.93 | 0.59 |
| VAIL RESORTS IN CV 0.00 20-26 01/01U | USD | 500,000 | 436,743.23 | 0.50 |
| ZENDESK INC	0.625 20-25 15/06S | USD | 500,000 | 556,819.80 | 0.63 |
| ZSCALER INC 0.125 21-25 01/07S | USD | 500,000 | 759,537.48 | 0.86 |
| ZYNGA INC	20-26 15/12U | USD | 500,000 | 452,619.75 | 0.51 |
| France |  |  | 4,387,066.54 | 4.98 |
| ARCHER OBLIG CV	0.00 17-23 31/03U | EUR | 400,000 | 628,508.00 | 0.71 |
| ELECTRICITE DE FRANCE 0.00 20-24 14/09U | EUR | 32,700 | 393,331.95 | 0.45 |
| KERING	CV 0.00 19-22 30/09U | EUR | 300,000 | 310,182.00 | 0.35 |
| KORIAN SA	FL.R 21-99 31/12S | EUR | 17,328 | 638,208.29 | 0.72 |
| NEOEN SPA CV 2.00 20-25 02/06S | EUR | 7,500 | 380,325.00 | 0.43 |
| SAFRAN SA CV 0.875 20-27 15/05A | EUR | 7,500 | 1,033,748.80 | 1.17 |
| SELENA CV 0.00 20-25 25/06U | EUR | 5 | 558,732.50 | 0.63 |
| VOLTALIA SA	CV 21-25 13/01A | EUR | 15,000 | 444,030.00 | 0.50 |
| Japan |  |  | 3,676,260.61 | 4.17 |
| ANA HOLDINGS INC	CV 21-31 10/12U | JPY | 130,000,000 | 1,041,068.82 | 1.18 |
| MERCARI INC	CV 0.00 21-28 14/07U | JPY | 100,000,000 | 726,860.64 | 0.83 |
| MITSUBISHI CHEM CV 0.00 17-24 29/03U | JPY | 120,000,000 | 942,916.74 | 1.07 |
| ROHM CO LTD	19-24 05/12U | JPY | 100,000,000 | 808,822.82 | 0.92 |
| SUMITOMO METAL CO	0.00 18-23 15/03U | JPY | 20,000,000 | 156,591.59 | 0.18 |
| Germany |  |  | 3,186,846.00 | 3.62 |
| DELIVERY HERO AG CV 1.000 21-26 30/04S | EUR | 2,000,000 | 1,589,160.00 | 1.80 |
| HELLOFRESH SE	CV 0.75 20-25 13/05S | EUR | 200,000 | 247,330.00 | 0.28 |
| MORPHOSYS AG 0.625 20-25 16/10S | EUR | 200,000 | 148,679.00 | 0.17 |
| TAG IMMOBILIEN AG CV 0.625 20-26 27/08S | EUR | 400,000 | 392,288.00 | 0.45 |
| TUI AG 5 21-28 16/04S | EUR | 300,000 | 306,301.50 | 0.35 |
| ZALANDO SE CV	0.05 20-25 06/08A | EUR | 500,000 | 503,087.50 | 0.57 |
| Spain |  |  | 2,333,411.00 | 2.65 |
| AMADEUS IT GROUP SA CV 1.50 20-25 09/04S | EUR | 400,000 | 528,516.00 | 0.60 |
| AUDAX RENOVABLES CV 2.75 20-25 30/11S | EUR | 700,000 | 592,333.00 | 0.67 |
| CELLNEX TELECOM CV 0.50 19-28 05/07A | EUR | 400,000 | 471,738.00 | 0.54 |
| INTL CONSOLIDATED CV 1.125 21-28 18/05S | EUR | 800,000 | 740,824.00 | 0.84 |
| Netherlands |  |  | 2,293,060.02 | 2.60 |
| DUFRY ONE B.V. 0.75 21-26 30/03S | CHF | 600,000 | 547,604.45 | 0.62 |
| JUST EAT TAKEAWAY.CO 0.625 21-28 09/02S | EUR | 500,000 | 396,905.00 | 0.45 |
| QIAGEN NV CV 0.00 20-27 17/12U | USD | 800,000 | 700,185.19 | 0.79 |
| QIAGEN NV CV 1 18-24 13/11S | USD | 600,000 | 648,365.38 | 0.74 |

| Securities portfolio at 28/02/2022 |  |  |  |  |
| --- | --- | --- | --- | --- |
| Name | Curr. | Number of shares | Market value (in EUR) | % of net assets |
| Cayman Islands |  |  | 1,490,494.13 | 1.69 |
| CTRIP COM INTL CV	1.25 17-22 15/09S | USD | 500,000 | 453,198.45 | 0.51 |
| HELLO GRP	CV 1.25 18-25 01/07S | USD | 300,000 | 242,877.94 | 0.28 |
| PINDUODUO INC CV	20-25 01/12U | USD | 1,000,000 | 794,417.74 | 0.90 |
| Switzerland |  |  | 1,440,133.93 | 1.64 |
| IDORSIA CV	18-24 17/07A | CHF | 200,000 | 180,303.75 | 0.20 |
| SIKA CV 0.15 18-25 05/06A | CHF | 800,000 | 1,259,830.18 | 1.43 |
| British Virgin Islands |  |  | 1,143,409.50 | 1.30 |
| ANLLIAN CAPITAL LTD CV 0.00 20-25 05/02U | EUR | 900,000 | 1,143,409.50 | 1.30 |
| United Arab Emirates |  |  | 1,033,386.75 | 1.17 |
| ABU DHABI NATIONAL O 0.7 21-24 04/06S | USD | 1,200,000 | 1,033,386.75 | 1.17 |
| Italy |  |  | 1,029,742.00 |  |
| NEXI SPA CV 0.00 21-28 24/02U | EUR | 600,000 | 510,552.00 | 0.58 |
| PIRELLI & C SPA CV 0.00 20-25 22/12U | EUR | 500,000 | 519,190.00 | 0.59 |
| Jersey |  |  | 989,523.35 | 1.12 |
| CORNWALL JERSEY CV 0.75 21-26 16/04S | GBP | 1,000,000 | 989,523.35 | 1.12 |
| China |  |  | 963,508.50 | 1.09 |
| ZHEJIANG EXPRESSWAY 0.00 CV 21-26 20/01U | EUR | 900,000 | 963,508.50 | 1.09 |
| Bermuda |  |  | 878,601.98 | 1.00 |
| JAZZ INVESTMENTS I L 2 20-26 11/06S | USD | 850,000 | 878,601.98 | 1.00 |
| Israel |  |  | 696,586.54 | 0.79 |
| WIX.COM	0.0 20-25 15/08U | USD | 900,000 | 696,586.54 | 0.79 |
| United Kingdom |  |  | 688,617.34 | 0.78 |
| BARCLAYS BANK PLC	20-25 04/02U | USD | 500,000 | 688,617.34 | 0.78 |
| Taiwan |  |  | 530,705.13 | 0.60 |
| HON HAI PRECISION INDUSTRY 21-26 05/08U | USD | 600,000 | 530,705.13 | 0.60 |
| Canada |  |  | 432,282.76 | 0.49 |
| SHOPIFY INC	CV 0.1250 20-25 01/11S | USD | 500,000 | 432,282.76 | 0.49 |
| Luxembourg |  |  | 324,172.74 | 0.37 |
| IWG INTERNATIONAL CV 0.50 20-27 09/12S | GBP | 300,000 | 324,172.74 | 0.37 |
| Sweden |  |  | 314,072.26 | 0.36 |
| BICO AB CV	2.875 21-26 19/03S | SEK | 4,000,000 | 314,072.26 | 0.36 |
| Belgium |  |  | 290,191.50 | 0.33 |
| MITHRA PHARMA CV 4.25 20-25 17/12S | EUR | 300,000 | 290,191.50 | 0.33 |
| Republic of Korea |  |  | 194,207.62 | 0.22 |
| KAKAO CORP REGS	0.00 20-23 28/04U | USD | 200,000 | 194,207.62 | 0.22 |
| Structured products |  |  | 1,488,212.25 | 1.69 |
| United States |  |  | 1,488,212.25 | 1.69 |
| RINGCENTRAL INC	RCV 20-26 15/03U | USD | 2,000,000 | 1,488,212.25 | 1.69 |
| Collective investment undertakings |  |  | 238,758.00 | 0.27 |
| Shares or units in investment funds |  |  | 238,758.00 | 0.27 |
| Luxembourg |  |  | 238,758.00 | 0.27 |
| G FUND – EURO HIGH YIELD BONDS SC EUR | EUR | 200 | 238,758.00 | 0.27 |
| Total securities portfolio |  |  | 83,052,961.08 | 94.29 |

Translation (ENFR, 2022-02-28):
# G FUND – Global Convertible Bonds
## Rapport du Conseil d'Administration
Du 1er mars 2021 au 28 février 2022, le fonds a progressé tout en sur performant très largement son indice.
- La performance absolue a été décevante au regard de la progression des marchés actions : ceci s’explique par les biais structurels du gisement convertible avec d’une part des secteurs peu présents en convertibles (Energie, Banques, Matières premières..) qui ont beaucoup performé et d’autre part des secteurs fortement représentés dans les convertibles (Consommation discrétionnaire dont commerce internet, Software, Utilities, …) qui ont fortement déçu, notamment en liaison avec la tension sur les courbes de taux. L’année 2021 décevante « rattrape » l’année 2020 qui avait été exceptionnelle.
- Le fonds sur performe nettement son indice, ce principalement lors du dernier trimestre. Cette sur performance vient davantage du« picking » que de l’allocation directionnelle avec des gains relatifs à l’indice de référence significatifs sur Palo Alto, On Semi, Deutsche Post, Sika, St Gobain, STMicro, Microsoft… qui font bien plus que compenser des sous performances relatives sur Liberty Media, Pionneer Nat. Ressources, JustEat-Takeway, Tencent, … Par secteur, la sous exposition « Software » et la sur exposition sur les Semi- conducteur a été très favorable au 4ème trimestre.
- Les 2/3 de la sur-performance relative vient des USA, 1/3 environ de l’Europe.
- Notons que la poche de réplication a grandement contribué (+206 pdb environ) avec notamment des expositions sur St Gobain, STMicro, Deutsche Post, Stellantis, …
- Les protections de portefeuilles (options sur indices actions et futures de taux) ont couté environ 35 pdb sur l’année.

À fin février 2022, l’incertitude domine (Guerre en Ukraine, prix des matières premières, inflation…) et explique le régime de volatilité plus élevé actuel. Dans ce cadre, le positionnement des portefeuilles se caractérise par
- Une sensibilité action supérieure à son indice et centrée sur les Etats-Unis, moins touchés par le conflit. Un positionnement neutre sur les autres zones géographiques, et l’absence de Russie en portefeuille.
- Sur les secteurs, la partie « software » a été renforcée dans la baisse. Les secteurs de réouverture et cycliques sont également privilégiés.
- Des protections renforcent la convexité du portefeuille en cas de choc de marché.
- Une sensibilité taux inférieure à celle de l’indice dans un contexte d’incertitudes sur le niveau futur de l’inflation et des taux d’intérêts des banques centrales.

La performance de G FUND GLOBAL CONVERTIBLE BONDS au 28/02/2022 est de : Part GD EUR -6.49% contre -10.71% pour l’indice de référence (voir note 4)
Part IC EUR -6.74% contre -10.71% pour l’indice de référence (voir note 4) Part NC EUR -7.24% contre -10.71% pour l’indice de référence (voir note 4) Part SC EUR pas de performances mentionnées
Part VD EUR pas de performances mentionnées
Les performances passées ne préjugent pas des performances futures
| Etat des actifs nets au 28/02/22 |  |
| --- | --- |
|  | Note | Exprimé en EUR |
| Actifs |  | 89.754.631,98 |
| Portefeuille-titres à la valeur d'évaluation | 2.2 | 83.052.961,08 |
| Prix de revient |  | 82.954.203,32 |
| Options (positions longues) à la valeur d'évaluation | 2.6 | 1.622.761,56 |
| Options achetées au prix de revient |  | 1.935.739,02 |
| Avoirs en banque |  | 3.857.208,33 |
| A recevoir pour investissements vendus |  | 1.075.632,84 |
| Dividendes à recevoir, nets |  | 6.120,90 |
| Intérêts à recevoir sur portefeuille-titres |  | 135.134,97 |
| Autres actifs |  | 4.812,30 |
| Passifs |  | 1.674.977,43 |
| Options (positions courtes) à la valeur d'évaluation | 2.6 | 535.124,90 |
| Options vendues au prix de revient |  | 358.972,34 |
| Découvert bancaire |  | 24.051,76 |
| Moins-value nette non réalisée sur contrats de change à terme | 2.7 | 607.601,84 |
| Moins-value nette non réalisée sur contrats futures | 2.8 | 78.723,85 |
| Commissions de gestion à payer | 3 | 5.053,26 |
| Commissions de dépositaire et de sous-dépositaire à payer | 5 | 4.891,94 |
| Commissions d'administration à payer | 6 | 2.649,80 |
| Commissions de performance à payer | 4 | 405.506,30 |
| Taxe d'abonnement à payer | 8 | 1.475,67 |
| Autres passifs |  | 9.898,11 |
| Valeur nette d'inventaire |  | 88.079.654,55 |

| Etat des opérations et des variations des actifs nets du 01/03/21 au 28/02/22 |  |
| --- | --- |
|  | Note | Exprimé en EUR |
| Revenus |  | 464.085,33 |
| Dividendes sur portefeuille-titres, nets |  | 67.082,50 |
| Intérêts sur obligations, net |  | 393.540,72 |
| Intérêts reçus sur swaps |  | 3.166,68 |
| Intérêts bancaires |  | 241,05 |
| Autres revenus |  | 54,38 |
| Dépenses |  | 746.534,56 |
| Commissions de gestion | 3 | 71.472,65 |
| Commissions de performance | 4 | 405.506,30 |
| Commissions de dépositaire et de sous-dépositaire | 5 | 25.942,87 |
| Commissions d'administration | 6 | 15.220,48 |
| Frais légaux |  | 10.583,46 |
| Frais de transaction | 2.17, 7 | 153.500,16 |
| Rémunération administrateurs |  | 644,03 |
| Taxe d'abonnement | 8 | 8.745,26 |
| Intérêts payés sur découvert bancaire |  | 19.499,99 |
| Frais bancaires |  | 7.244,00 |
| Autres dépenses |  | 28.175,36 |
| Revenus / (Pertes) net(te)s des investissements |  | (282.449,23) |
| Bénéfices / (Pertes) net(te)s réalisé(e)s sur: |  |  |
| - ventes d'investissements | 2.3 | 4.068.056,00 |
| - options | 2.6 | 943.518,51 |
| - contrats de change à terme | 2.7 | (5.393.883,54) |
| - contrats futures | 2.8 | (883.637,28) |
| - change |  | 1.271.412,18 |
| Bénéfice / (Perte) net(te) réalisé(e) |  | (276.983,36) |
| Variation de la plus-value / (moins-value) nette non réalisée sur: - ventes d’investissements | 2.2 | (4.247.830,62) |
| - options | 2.6 | (622.935,35) |
| - contrats de change à terme | 2.7 | (504.910,56) |
| - contrats futures | 2.8 | 27.613,39 |
| - swaps | 2 | 140,60 |
| Augmentation / (diminution) nette des actifs nets provenant des opérations |  | (5.624.905,90) |
| Dividendes versés | 10 | (1.120.716,30) |
| Souscriptions d'actions de capitalisation |  | 520.035,55 |
| Souscriptions d'actions de distribution |  | 93.086.459,01 |
| Rachats d'actions de capitalisation |  | (126.228,37) |
| Rachats d'actions de distribution |  | (50.152.882,21) |
| Augmentation / (diminution) des actifs nets |  | 36.581.761,78 |
| Actifs nets début de l'exercice |  | 51.497.892,77 |
| Actifs nets à la fin de l'exercice |  | 88.079.654,55 |

| Statistiques |  |
| --- | --- |
|  |  | 28/02/22 | 28/02/21 | 29/02/20 |
| Total des actifs nets | EUR | 88.079.654,55 | 51.497.892,77 | 42.169.559,33 |
| Classe NC EUR - Capitalisation |  |  |  |  |
| Nombre d'actions |  | 284,106 | 1.153,370 | 198,215 |
| Valeur nette d'inventaire par action | EUR | 113,42 | 122,27 | 99,24 |
| Classe IC EUR - Capitalisation Nombre d'actions |  | 1,000 | 1,000 | 1,000 |
| Valeur nette d'inventaire par action | EUR | 1.240,14 | 1.329,83 | 1.069,21 |
| Classe GD EUR - Distribution Nombre d'actions |  | 26.345,000 | 40.000,000 | 40.000,000 |
| Valeur nette d'inventaire par action | EUR | 1.160,15 | 1.283,89 | 1.053,72 |
| Dividende par action |  | 42,54 | 27,60 | 0,67 |
| Classe SC EUR - Capitalisation Nombre d'actions |  | 500,000 | 0,000 | 0,000 |
| Valeur nette d'inventaire par action | EUR | 937,27 | - | - |
| Classe VD EUR - Distribution Nombre d'actions |  | 60.607,234 | 0,000 | 0,000 |
| Valeur nette d'inventaire par action | EUR | 940,70 | - | - |

Changement dans le nombre d'actions en circulation du 01/03/21 au 28/02/22
|  | Nombre d'actions en circulation au | Nombre d'actions | Nombre d'actions | Nombre d'actions en circulation au |
| --- | --- | --- | --- | --- |
| 01/03/21 | émises | rachetées | 28/02/22 |
| Classe NC EUR - Capitalisation | 1.153,370 | 165,594 | 1.034,858 | 284,106 |
| Classe IC EUR - Capitalisation | 1,000 | 0,000 | 0,000 | 1,000 |
| Classe GD EUR - Distribution | 40.000,000 | 26.345,000 | 40.000,000 | 26.345,000 |
| Classe SC EUR - Capitalisation | 0,000 | 500,000 | 0,000 | 500,000 |
| Classe VD EUR - Distribution | 0,000 | 60.865,233 | 257,999 | 60.607,234 |

| Portefeuille-titres au 28/02/22 |  |
| --- | --- |
| Description | Devise | Quantité | Valeur d'évaluation (en EUR) | % actifs nets |
| Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou traitées sur un autre marché réglementé |  |  | 82.814.203,08 | 94,02 |
| Actions |  |  | 1.468.256,10 | 1,67 |
| États-Unis |  |  | 817.385,82 | 0,93 |
| AFFIRM HOLDINGS INC | USD | 4.000 | 149.002,85 | 0,17 |
| DANAHER CORP - PFD REGISTERED SHS | USD | 500 | 668.382,97 | 0,76 |
| Jersey |  |  | 650.870,28 | 0,74 |
| APTIV PLC | USD | 5.000 | 650.870,28 | 0,74 |
| Obligations |  |  | 5.111.242,88 | 5,80 |
| France |  |  | 2.268.243,26 | 2,58 |
| ILIAD SA	0.7500 21-24 11/02A | EUR | 500.000 | 478.845,00 | 0,54 |
| SOITEC SA CV	0.0 20-25 01/10U | EUR | 2.500 | 503.130,00 | 0,57 |
| SPIE SA	2.625 19-26 18/06A | EUR | 500.000 | 498.320,00 | 0,57 |
| TEREOS FINANCE GROUP 7.5 20-25 23/10S | EUR | 759.000 | 787.948,26 | 0,89 |
| États-Unis |  |  | 1.210.582,49 | 1,37 |
| DEXCOM INC 0.25 21-25 15/05S | USD | 300.000 | 280.840,01 | 0,32 |
| EXACT SCIENCES CORP 0.375 20-28 01/03S | USD | 650.000 | 548.405,67 | 0,62 |
| PELOTON INTERACTIVE 0.0 21-26 15/02U | USD | 500.000 | 381.336,81 | 0,43 |
| Iles Caïmans |  |  | 661.590,52 | 0,75 |
| CATHAY PACIFIC FINAN 2.75 21-26 05/02S | HKD | 6.000.000 | 661.590,52 | 0,75 |
| Luxembourg |  |  | 516.643,91 | 0,59 |
| ARCELORMITTAL SA 5.5 20-23 18/05Q | USD | 8.000 | 516.643,91 | 0,59 |
| Pays-Bas |  |  | 454.182,70 | 0,52 |
| QIAGEN NV CV 0.50 17-23 13/09S | USD | 400.000 | 454.182,70 | 0,52 |
| Obligations convertibles |  |  | 74.746.491,85 | 84,86 |
| États-Unis |  |  | 46.430.211,65 | 52,71 |
| AIRBNB INC CV 0.00 21-26 15/03U | USD | 1.200.000 | 1.005.309,83 | 1,14 |
| AKAMAI TECH	CV 0.375 19-27 01/09S | USD | 1.600.000 | 1.568.262,11 | 1,78 |
| ALARM.COM	0.0 21-26 15/01U | USD | 500.000 | 379.184,47 | 0,43 |
| AVALARA INC	0.25 21-26 01/08S | USD | 500.000 | 386.578,52 | 0,44 |
| BIOMARIN PHARM CV SUB 0.599 17-24 01/08S | USD | 1.400.000 | 1.251.013,18 | 1,42 |
| BLACKLINE 0.00 21-26 15/03U | USD | 850.000 | 640.704,91 | 0,73 |
| BLOCK INC	0.00 20-26 01/05U | USD | 500.000 | 412.337,52 | 0,47 |
| BOFA FINANCE 0.25 18-23 01/05S | USD | 1.400.000 | 1.376.647,97 | 1,56 |
| BOOKING HOLDING	0.75 21-25 01/05S | USD | 1.600.000 | 1.967.386,04 | 2,23 |
| BRIDGEBIO PHARMA CV 2.25 21-29 01/02S | USD | 400.000 | 171.996,08 | 0,20 |
| BURLINGTON STORES INC 2.25 20-25 15/04S | USD | 600.000 | 682.272,97 | 0,77 |
| CLOUDFLARE CV 0.00	21-26 15/08U | USD | 1.000.000 | 881.485,93 | 1,00 |
| COUPA SOFTWARE INC 0.125 19-25 15/06S | USD | 700.000 | 664.102,56 | 0,75 |
| COUPA SOFTWARE INC 0.375 21-26 15/06S | USD | 1.000.000 | 769.853,99 | 0,87 |
| DATADOG INC 0.125 21-25 15/06S | USD | 250.000 | 414.738,02 | 0,47 |
| DIGITALOCEAN HOLDINGS 0.00 21-26 01/12U | USD | 600.000 | 431.439,64 | 0,49 |
| DROPBOX INC CV	0.00 21-28 01/03U | USD | 900.000 | 757.047,28 | 0,86 |
| ENPHASE ENERGY CV	0.00 21-28 01/03U | USD | 800.000 | 682.200,85 | 0,77 |
| ETSY CV	0.25 21-28 15/06S | USD | 750.000 | 654.684,16 | 0,74 |
| EXPEDIA GROUP I  CV 0.00 21-26 15/02U | USD | 700.000 | 756.095,98 | 0,86 |
| FORD MOTOR CREDIT CO 0.00 21-26 15/03U | USD | 2.000.000 | 2.175.302,71 | 2,47 |
| GUARDANT HEALTH INC 0.0 20-27 15/11U | USD | 700.000 | 521.737,45 | 0,59 |
| HALOZYME THERAPEUTIC 0.25 21-27 01/03S | USD | 750.000 | 578.552,35 | 0,66 |
| HUBSPOT INC CV	0.375 20-25 01/06S | USD | 250.000 | 432.569,89 | 0,49 |
| INTERDIGITAL INC	2.00 19-24 01/06S | USD | 400.000 | 368.327,99 | 0,42 |
| IONIS PHARMACEUTICALS 0.125 19-24 15/12S | USD | 700.000 | 561.314,99 | 0,64 |
| IONIS PHARMACEUTICALS 21-26 01/04U | USD | 500.000 | 402.786,68 | 0,46 |
| JETBLUE AIRWAYS	0.50 21-26 01/04S | USD | 500.000 | 429.135,50 | 0,49 |
| JPMORGAN CHASE BANK 0.00 20-23 28/11U | USD | 1.100.000 | 966.064,81 | 1,10 |
| JPMORGAN CHASE BANK CV 0.125 20-23 01/01S | USD | 400.000 | 352.179,48 | 0,40 |
| JPMORGAN CHASE BANK NA 0.00 19-22 07/08U | USD | 800.000 | 757.849,00 | 0,86 |
| LUMENTUM HOLDINGS CV 0.50 20-26 15/12S | USD | 1.000.000 | 1.057.767,98 | 1,20 |

| Portefeuille-titres au 28/02/22 |  |
| --- | --- |
| Description | Devise | Quantité | Valeur d'évaluation (en EUR) | % actifs nets |
| LYFT INC CV	1.50 20-25 15/05S | USD | 500.000 | 554.460,47 | 0,63 |
| MARRIOTT VCT WD	0.00 21-26 15/01U | USD | 800.000 | 792.261,40 | 0,90 |
| MICROCHIP TECHNOLOGY 0.125 20-24 01/12S | USD | 700.000 | 703.904,47 | 0,80 |
| NEUROCRINE BIOSC. RCV 2.25 17-24 02/05S | USD | 440.000 | 504.999,11 | 0,57 |
| NEXTERA ENERGY INC CV 6.219 20-23 01/09Q | USD | 10.000 | 447.168,80 | 0,51 |
| NEXTERA ENERGY PARTNE 0.00 20-25 15/11U | USD | 1.550.000 | 1.497.698,54 | 1,70 |
| NUVASIVE INC 0.375 21-25 15/03S | USD | 1.100.000 | 927.424,77 | 1,05 |
| OKTA INC 0.375 21-26 15/06S | USD | 1.000.000 | 949.034,01 | 1,08 |
| ON SEMICONDUCTOR	0.00 21-27 01/05U | USD | 1.100.000 | 1.339.302,88 | 1,52 |
| PALO ALTO NETWORKS I 0.375 21-25 01/06S | USD | 1.000.000 | 1.786.476,14 | 2,03 |
| RAPID7 INC CV	0.250 21-27 15/03S | USD | 700.000 | 743.313,75 | 0,84 |
| SHIFT4 PAYMENTS INC 0.00 20-25 15/12U | USD | 500.000 | 445.067,66 | 0,51 |
| SHIFT4 PAYMENTS INC 0.5 21-27 26/07S | USD | 600.000 | 451.519,77 | 0,51 |
| SNAP INC CV	0.0 21-27 01/05U | USD | 1.000.000 | 777.929,13 | 0,88 |
| SNAP INC CV	0.125 22-28 01/03S | USD | 500.000 | 458.963,23 | 0,52 |
| SOFI TECHNOLOGIES CV 0.00 21-26 15/10U | USD | 400.000 | 320.220,80 | 0,36 |
| SOLAREDGE TECH	CV 0.00 21-25 15/09U | USD | 800.000 | 969.237,89 | 1,10 |
| SOUTHWEST AIRLINES CV 1.25 20-25 01/05S | USD | 600.000 | 716.506,41 | 0,81 |
| SPLUNK INC	0.500 18-23 15/09S | USD | 600.000 | 562.606,84 | 0,64 |
| SPLUNK INC	1.125 20-27 15/06S | USD | 1.200.000 | 979.754,28 | 1,11 |
| SPOTIFY USA IN	21-26 15/03U | USD | 1.600.000 | 1.226.160,97 | 1,39 |
| TELADOC HEALTH	1.25 20-27 01/06S | USD | 600.000 | 471.672,01 | 0,54 |
| TWITTER INC CV 0.00 21-26 15/03U | USD | 2.100.000 | 1.623.723,29 | 1,84 |
| UPWORK INC 0.25 21-26 10/08S | USD | 700.000 | 518.153,93 | 0,59 |
| VAIL RESORTS IN  CV 0.00 20-26 01/01U | USD | 500.000 | 436.743,23 | 0,50 |
| ZENDESK INC	0.625 20-25 15/06S | USD | 500.000 | 556.819,80 | 0,63 |
| ZSCALER INC 0.125 21-25 01/07S | USD | 500.000 | 759.537,48 | 0,86 |
| ZYNGA INC	20-26 15/12U | USD | 500.000 | 452.619,75 | 0,51 |
| France |  |  | 4.387.066,54 | 4,98 |
| ARCHER OBLIG CV	0.00 17-23 31/03U | EUR | 400.000 | 628.508,00 | 0,71 |
| ELECTRICITE DE FRANCE 0.00 20-24 14/09U | EUR | 32.700 | 393.331,95 | 0,45 |
| KERING	CV 0.00 19-22 30/09U | EUR | 300.000 | 310.182,00 | 0,35 |
| KORIAN SA	FL.R 21-99 31/12S | EUR | 17.328 | 638.208,29 | 0,72 |
| NEOEN SPA CV 2.00 20-25 02/06S | EUR | 7.500 | 380.325,00 | 0,43 |
| SAFRAN SA CV 0.875 20-27 15/05A | EUR | 7.500 | 1.033.748,80 | 1,17 |
| SELENA CV 0.00 20-25 25/06U | EUR | 5 | 558.732,50 | 0,63 |
| VOLTALIA SA	CV  21-25 13/01A | EUR | 15.000 | 444.030,00 | 0,50 |
| Japon |  |  | 3.676.260,61 | 4,17 |
| ANA HOLDINGS INC	CV  21-31 10/12U | JPY | 130.000.000 | 1.041.068,82 | 1,18 |
| MERCARI INC	CV 0.00 21-28 14/07U | JPY | 100.000.000 | 726.860,64 | 0,83 |
| MITSUBISHI CHEM CV  0.00 17-24 29/03U | JPY | 120.000.000 | 942.916,74 | 1,07 |
| ROHM CO LTD	19-24 05/12U | JPY | 100.000.000 | 808.822,82 | 0,92 |
| SUMITOMO METAL CO	0.00 18-23 15/03U | JPY | 20.000.000 | 156.591,59 | 0,18 |
| Allemagne |  |  | 3.186.846,00 | 3,62 |
| DELIVERY HERO AG CV 1.000 21-26 30/04S | EUR | 2.000.000 | 1.589.160,00 | 1,80 |
| HELLOFRESH SE	CV 0.75 20-25 13/05S | EUR | 200.000 | 247.330,00 | 0,28 |
| MORPHOSYS AG 0.625 20-25 16/10S | EUR | 200.000 | 148.679,00 | 0,17 |
| TAG IMMOBILIEN AG CV 0.625 20-26 27/08S | EUR | 400.000 | 392.288,00 | 0,45 |
| TUI AG 5 21-28 16/04S | EUR | 300.000 | 306.301,50 | 0,35 |
| ZALANDO SE CV	0.05 20-25 06/08A | EUR | 500.000 | 503.087,50 | 0,57 |
| Espagne |  |  | 2.333.411,00 | 2,65 |
| AMADEUS IT GROUP SA CV 1.50 20-25 09/04S | EUR | 400.000 | 528.516,00 | 0,60 |
| AUDAX RENOVABLES CV 2.75 20-25 30/11S | EUR | 700.000 | 592.333,00 | 0,67 |
| CELLNEX TELECOM CV 0.50 19-28 05/07A | EUR | 400.000 | 471.738,00 | 0,54 |
| INTL CONSOLIDATED CV 1.125 21-28 18/05S | EUR | 800.000 | 740.824,00 | 0,84 |
| Pays-Bas |  |  | 2.293.060,02 | 2,60 |
| DUFRY ONE B.V. 0.75 21-26 30/03S | CHF | 600.000 | 547.604,45 | 0,62 |
| JUST EAT TAKEAWAY.CO 0.625 21-28 09/02S | EUR | 500.000 | 396.905,00 | 0,45 |
| QIAGEN NV CV 0.00 20-27 17/12U | USD | 800.000 | 700.185,19 | 0,79 |
| QIAGEN NV CV 1 18-24 13/11S | USD | 600.000 | 648.365,38 | 0,74 |

| Portefeuille-titres au 28/02/22 |  |  |  |  |
| --- | --- | --- | --- | --- |
| Description | Devise | Quantité | Valeur d'évaluation (en EUR) | % actifs nets |
| Iles Caïmans |  |  | 1.490.494,13 | 1,69 |
| CTRIP COM INTL CV	1.25 17-22 15/09S | USD | 500.000 | 453.198,45 | 0,51 |
| HELLO GRP	CV 1.25 18-25 01/07S | USD | 300.000 | 242.877,94 | 0,28 |
| PINDUODUO INC CV	20-25 01/12U | USD | 1.000.000 | 794.417,74 | 0,90 |
| Suisse |  |  | 1.440.133,93 | 1,64 |
| IDORSIA CV	18-24 17/07A | CHF | 200.000 | 180.303,75 | 0,20 |
| SIKA CV 0.15 18-25 05/06A | CHF | 800.000 | 1.259.830,18 | 1,43 |
| Îles Vierges Britanniques |  |  | 1.143.409,50 | 1,30 |
| ANLLIAN CAPITAL LTD CV 0.00 20-25 05/02U | EUR | 900.000 | 1.143.409,50 | 1,30 |
| Émirats Arabes Unis |  |  | 1.033.386,75 | 1,17 |
| ABU DHABI NATIONAL O 0.7 21-24 04/06S | USD | 1.200.000 | 1.033.386,75 | 1,17 |
| Italie |  |  | 1.029.742,00 |  |
| NEXI SPA CV 0.00 21-28 24/02U | EUR | 600.000 | 510.552,00 | 0,58 |
| PIRELLI & C SPA CV 0.00 20-25 22/12U | EUR | 500.000 | 519.190,00 | 0,59 |
| Jersey |  |  | 989.523,35 | 1,12 |
| CORNWALL JERSEY CV  0.75 21-26 16/04S | GBP | 1.000.000 | 989.523,35 | 1,12 |
| Chine |  |  | 963.508,50 | 1,09 |
| ZHEJIANG EXPRESSWAY 0.00 CV 21-26 20/01U | EUR | 900.000 | 963.508,50 | 1,09 |
| Bermudes |  |  | 878.601,98 | 1,00 |
| JAZZ INVESTMENTS I L 2 20-26 11/06S | USD | 850.000 | 878.601,98 | 1,00 |
| Israël |  |  | 696.586,54 | 0,79 |
| WIX.COM	0.0 20-25 15/08U | USD | 900.000 | 696.586,54 | 0,79 |
| Royaume-Uni |  |  | 688.617,34 | 0,78 |
| BARCLAYS BANK PLC	20-25 04/02U | USD | 500.000 | 688.617,34 | 0,78 |
| Taïwan |  |  | 530.705,13 | 0,60 |
| HON HAI PRECISION INDUSTRY 21-26 05/08U | USD | 600.000 | 530.705,13 | 0,60 |
| Canada |  |  | 432.282,76 | 0,49 |
| SHOPIFY INC	CV 0.1250 20-25 01/11S | USD | 500.000 | 432.282,76 | 0,49 |
| Luxembourg |  |  | 324.172,74 | 0,37 |
| IWG INTERNATIONAL CV 0.50 20-27 09/12S | GBP | 300.000 | 324.172,74 | 0,37 |
| Suède |  |  | 314.072,26 | 0,36 |
| BICO AB CV	2.875 21-26 19/03S | SEK | 4.000.000 | 314.072,26 | 0,36 |
| Belgique |  |  | 290.191,50 | 0,33 |
| MITHRA PHARMA CV 4.25 20-25 17/12S | EUR | 300.000 | 290.191,50 | 0,33 |
| République de Corée |  |  | 194.207,62 | 0,22 |
| KAKAO CORP REGS	0.00 20-23 28/04U | USD | 200.000 | 194.207,62 | 0,22 |
| Produits structurés |  |  | 1.488.212,25 | 1,69 |
| États-Unis |  |  | 1.488.212,25 | 1,69 |
| RINGCENTRAL INC	RCV  20-26 15/03U | USD | 2.000.000 | 1.488.212,25 | 1,69 |
| Organismes de placement collectif |  |  | 238.758,00 | 0,27 |
| Actions/Parts de fonds d'investissements |  |  | 238.758,00 | 0,27 |
| Luxembourg |  |  | 238.758,00 | 0,27 |
| G FUND – EURO HIGH YIELD BONDS SC EUR | EUR | 200 | 238.758,00 | 0,27 |
| Total du portefeuille-titres |  |  | 83.052.961,08 | 94,29 |