# Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -7.99 | 30.47 | -8.27 | 14.26 | -7.32 | 19.04 | 24.84 | 14.11 | 27.47 | -10.17 |
| Benchmark | -10.74 | 28.52 | -8.40 | 12.55 | -5.29 | 18.14 | 25.35 | 10.79 | 27.08 | -10.42 |
| Excess Return | 2.74 | 1.95 | 0.12 | 1.71 | -2.03 | 0.90 | -0.51 | 3.32 | 0.39 | 0.25 |

Past performance is not a reliable indicator of future results. Performance calculations are net of fees, based on the reinvestment of dividends. The benchmark, when there is one could be calculated on the basis of net or gross dividend. Please refer to the prospectus for more information.
| Portfolio Analysis |  |
| --- | --- |
| Top 10 Holdings |
| Equity |  |  | Weighting (%) | Sector | Geography |
|  | Portfolio | Benchmark | Relative |  |  |
| Vonovia SE | 9.80 | 10.32 | -0.52 | Real Estate | Germany |
| Segro PLC | 9.49 | 6.37 | 3.12 | Real Estate | United Kingdom |
| Warehouses De Pauw Sca | 5.18 | 1.89 | 3.30 | Real Estate | Belgium |
| Deutsche Wohnen SE | 3.92 | 4.88 | -0.95 | Real Estate | Germany |
| Unibail-Rodamco-Westfield | 3.69 | 3.28 | 0.40 | Real Estate | France |
| UNITE Group PLC | 3.42 | 1.54 | 1.88 | Real Estate | United Kingdom |
| Safestore Holdings Plc | 3.32 | 0.96 | 2.36 | Real Estate | United Kingdom |
| Samhallsbyggnadsbolaget i N... | 2.93 | 1.82 | 1.11 | Real Estate | Sweden |
| LEG Immobilien SE | 2.91 | 3.41 | -0.50 | Real Estate | Germany |
| Aedifica SA | 2.88 | 1.48 | 1.39 | Real Estate | Belgium |
| Total (%) | 47.54 | 35.95 |  |  |  |

* 1st NAV date: 31/12/1986

Translation (ENFR, 2021-09-30):
# Performance calendaire annuelle (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | -7.99 | 30.47 | -8.27 | 14.26 | -7.32 | 19.04 | 24.84 | 14.11 | 27.47 | -10.17 |
| Indice de réference | -10.74 | 28.52 | -8.40 | 12.55 | -5.29 | 18.14 | 25.35 | 10.79 | 27.08 | -10.42 |
| Ecarts | 2.74 | 1.95 | 0.12 | 1.71 | -2.03 | 0.90 | -0.51 | 3.32 | 0.39 | 0.25 |

Les performances passées ne préjugent pas des résultats futurs. Les calculs de performances sont nets de frais et réalisés coupons réinvestis. L’indice de référence, le cas échéant, pourrait être calculé sur la base des coupons nets ou bruts. Veuillez consulter le prospectus pour obtenir plus d’informations.
| Analyse du portefeuille |  |
| --- | --- |
| 10 principaux titres |
| Action |  |  | Pondération (%) | Secteur | Géographie |
|  | Portefeuille | Indice de réference | Relative |  |  |
| Vonovia SE | 9.80 | 10.32 | -0.52 | Immobilier | Allemagne |
| Segro PLC | 9.49 | 6.37 | 3.12 | Immobilier | Royaume-Uni |
| Warehouses De Pauw Sca | 5.18 | 1.89 | 3.30 | Immobilier | Belgique |
| Deutsche Wohnen SE | 3.92 | 4.88 | -0.95 | Immobilier | Allemagne |
| Unibail-Rodamco-Westfield | 3.69 | 3.28 | 0.40 | Immobilier | France |
| UNITE Group PLC | 3.42 | 1.54 | 1.88 | Immobilier | Royaume-Uni |
| Safestore Holdings Plc | 3.32 | 0.96 | 2.36 | Immobilier | Royaume-Uni |
| Samhallsbyggnadsbolaget i N... | 2.93 | 1.82 | 1.11 | Immobilier | Suède |
| LEG Immobilien SE | 2.91 | 3.41 | -0.50 | Immobilier | Allemagne |
| Aedifica SA | 2.88 | 1.48 | 1.39 | Immobilier | Belgique |
| Total (%) | 47.54 | 35.95 |  |  |  |

* Date de la 1ère Valeur Liquidative : 31/12/1986