# INDOSUEZ FUNDS
## - Global Trends

#### Financial Statements as at 31/12/20
Statement of net assets as at 31/12/20
Expressed in USD
| Assets |  | 376.266.243,95 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 342.121.205,81 |
| Cost price |  | 258.982.883,79 |
| Unrealised profit on the securities portfolio |  | 83.138.322,02 |
| Cash at banks and liquidities | Note 2 | 31.108.584,93 |
| Margin accounts on financial futures |  | 2.134.489,10 |
| Subscriptions receivable |  | 246.779,13 |
| Dividends receivable |  | 32.934,46 |
| Unrealised profit on financial futures | Note 2 | 622.250,52 |
| Liabilities |  | 5.129.202,82 |
| Performance fees payable | Note 3 | 4.540.195,05 |
| Redemptions payable |  | 135.355,84 |
| Management fees payable | Note 3 | 281.967,50 |
| Other liabilities |  | 171.684,43 |
| Net asset value |  | 371.137.041,13 |

Changes in number of shares outstanding from 01/01/20 to 31/12/20
|  | Shares outstanding as at 01/01/20 | Shares issued | Shares redeemed | Shares outstanding as at 31/12/20 |
| --- | --- | --- | --- | --- |
| Classe F | 51.210,997 | 9.226,355 | 9.798,216 | 50.639,136 |
| Classe G | 16.924,830 | 19.674,755 | 5.759,575 | 30.840,010 |
| Classe GX | 1.319,095 | 4.911,776 | 4.787,372 | 1.443,499 |
| Classe GE | 34.387,798 | 10.469,105 | 8.596,120 | 36.260,783 |
| Classe M | 5.665,873 | 16.335,148 | 3.010,838 | 18.990,183 |
| Classe MX | 1.114,342 | 2.792,857 | 434,000 | 3.473,199 |
| Classe ME | 16.984,304 | 18.670,459 | 5.046,294 | 30.608,469 |
| Classe MEX | 3.716,238 | 9.711,904 | 749,853 | 12.678,289 |
| Classe P | 178.139,558 | 127.704,624 | 41.036,960 | 264.807,222 |
| Classe PX | 1.079,276 | 1.704,481 | 0,000 | 2.783,757 |
| Classe PE | 53.359,713 | 44.534,224 | 34.921,253 | 62.972,684 |

Changes in number of shares outstanding from 01/01/20 to 31/12/20
|  | Shares outstanding as at 01/01/20 | Shares issued | Shares redeemed | Shares outstanding as at 31/12/20 |
| --- | --- | --- | --- | --- |
| Classe PEX | 1.421,377 | 264,997 | 453,018 | 1.233,356 |
| Classe W | 0,000 | 170,685 | 0,000 | 170,685 |

Key figures
|  | Year ending as at: | 31/12/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- | --- |
| Total Net Assets | USD | 371.137.041,13 | 247.880.509,69 | 104.853.326,51 |
| Classe F Number of shares |  | 50.639,136 | 51.210,997 | 6.666,000 |
| Net asset value per share | USD | 1.451,81 | 1.173,79 | 904,14 |
| Classe G Number of shares |  | 30.840,010 | 16.924,830 | 3.790,914 |
| Net asset value per share | USD | 1.632,72 | 1.325,74 | 1.033,63 |
| Classe GX Number of shares |  | 1.443,499 | 1.319,095 | 0,000 |
| Net asset value per share | USD | 1.329,24 | 1.083,86 | 0,00 |
| Dividend per share |  | 9,00 | 0,00 | 0,00 |
| Classe GE Number of shares |  | 36.260,783 | 34.387,798 | 10.814,253 |
| Net asset value per share | EUR | 1.511,56 | 1.337,43 | 1.022,66 |
| Classe GEX Number of shares |  | 0,000 | 0,000 | 1.341,018 |
| Net asset value per share | EUR | 0,00 | 0,00 | 996,28 |
| Dividend per share |  | 0,00 | 12,00 | 9,99 |
| Classe M Number of shares |  | 18.990,183 | 5.665,873 | 7.209,469 |
| Net asset value per share | USD | 162,66 | 132,35 | 103,13 |
| Classe MX Number of shares |  | 3.473,199 | 1.114,342 | 1.496,000 |
| Net asset value per share | USD | 150,47 | 123,44 | 96,85 |
| Dividend per share |  | 1,00 | 1,00 | 0,80 |
| Classe ME Number of shares |  | 30.608,469 | 16.984,304 | 26.160,591 |
| Net asset value per share | EUR | 148,93 | 132,00 | 101,00 |
| Classe MEX Number of shares |  | 12.678,289 | 3.716,238 | 4.360,018 |
| Net asset value per share | EUR | 131,11 | 117,21 | 90,35 |
| Dividend per share |  | 1,00 | 1,00 | 0,85 |
| Classe P Number of shares |  | 264.807,222 | 178.139,558 | 205.748,530 |
| Net asset value per share | USD | 170,56 | 139,52 | 109,34 |
| Classe PX Number of shares |  | 2.783,757 | 1.079,276 | 1.079,276 |
| Net asset value per share | USD | 132,60 | 107,63 | 84,98 |
| Dividend per share |  | 0,80 | 0,80 | 0,00 |

Key figures
|  | Year ending as at: | 31/12/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- | --- |
| Total Net Assets | USD | 371.137.041,13 | 247.880.509,69 | 104.853.326,51 |
| Classe PE Number of shares |  | 62.972,684 | 53.359,713 | 43.427,368 |
| Net asset value per share | EUR | 1.528,27 | 1.360,62 | 1.047,91 |
| Classe PEX Number of shares |  | 1.233,356 | 1.421,377 | 1.656,141 |
| Net asset value per share | EUR | 1.337,84 | 1.202,29 | 933,60 |
| Dividend per share |  | 10,00 | 10,00 | 10,00 |
| Classe W Number of shares |  | 170,685 | 0,000 | 0,000 |
| Net asset value per share | USD | 10.268,86 | 0,00 | 0,00 |

Quantity	Denomination	Quotation
currency
Transferable securities admitted to an official stock exchange listing and/or dealt in
Market value
% of net assets
on another regulated market	
342.121.205,81	92,18
| Shares |  | 342.121.205,81 | 92,18 |
| --- | --- | --- | --- |
|  | France | 15.569.900,38 | 4,20 |
| 32.320,00 GECINA | EUR | 4.994.550,68 | 1,35 |
| 169.883,00 KORIAN SA | EUR | 6.514.343,20 | 1,76 |
| 41.960,00 WORLDLINE SA | EUR | 4.061.006,50 | 1,09 |
| United Kingdom |  | 1.536.131,69 | 0,41 |
| 74.422,00 SMITH AND NEPHEW PLC | GBP | 1.536.131,69 | 0,41 |
| The Netherlands |  | 7.747.591,10 | 2,09 |
| 22.050,00 ELASTIC NV | USD | 3.222.166,50 | 0,87 |
| 28.460,00 NXP SEMICONDUCTORS | USD | 4.525.424,60 | 1,22 |
| Denmark |  | 6.671.001,49 | 1,80 |
| 95.120,00 NOVO NORDISK | DKK | 6.671.001,49 | 1,80 |
| United States of America |  | 218.835.081,96 | 58,96 |
| 67.640,00 ACTIVISION BLIZZARD | USD | 6.280.374,00 | 1,69 |
| 4.699,00 ALPHABET INC -C- | USD | 8.232.084,12 | 2,22 |
| 2.275,00 AMAZON.COM INC | USD | 7.409.515,75 | 2,00 |
| 33.260,00 AMERCIAN WATER WORKS CO INC | USD | 5.104.412,20 | 1,38 |
| 92.220,00 APPLE INC | USD | 12.236.671,80 | 3,29 |
| 17.880,00 BLUEBIRD BIO INC | USD | 773.667,60 | 0,21 |
| 1.905,00 BOOKING HOLDINGS INC | USD | 4.242.949,35 | 1,14 |
| 46.515,00 CERNER CORP | USD | 3.650.497,20 | 0,98 |
| 57.801,00 CLEAN HARBORS INC | USD | 4.398.656,10 | 1,19 |
| 84.065,00 COLGATE-PALMOLIVE CO | USD | 7.188.398,15 | 1,94 |
| 14.545,00 DOCUSIGN INC | USD | 3.233.353,50 | 0,87 |
| 37.260,00 ELI LILLY & CO | USD | 6.290.978,40 | 1,70 |
| 4.635,00 EQUINIX INC | USD | 3.310.224,30 | 0,89 |
| 31.010,00 EXACT SCIENCES CORP | USD | 4.108.514,90 | 1,11 |
| 22.235,00 FACEBOOK -A- | USD | 6.073.712,60 | 1,64 |
| 22.845,00 FEDEX CORP | USD | 5.931.018,90 | 1,60 |
| 24.520,00 FIDELITY NATIONAL INFO SERVICES INC | USD | 3.468.599,20 | 0,93 |
| 286.535,00 FIRE EYE | USD | 6.607.497,10 | 1,78 |
| 45.715,00 FIRST REPUBLIC BANK | USD | 6.716.904,95 | 1,81 |
| 71.620,00 INCYTE CORP | USD | 6.229.507,60 | 1,68 |
| 46.605,00 ITRON INC | USD | 4.469.419,50 | 1,20 |
| 34.245,00 KEYSIGHT TECHNOLOGIES | USD | 4.523.422,05 | 1,22 |
| 44.960,00 LIVE NATION ENT | USD | 3.303.660,80 | 0,89 |
| 132.745,00 LKQ CORP | USD | 4.677.933,80 | 1,26 |
| 41.599,00 MICROSOFT CORP | USD | 9.252.449,58 | 2,48 |
| 77.056,00 NEXTERA ENERGY | USD | 5.944.870,40 | 1,60 |
| 31.555,00 NIKE INC | USD | 4.464.085,85 | 1,20 |
| 218.855,00 ON SEMICONDUCTOR CORP | USD | 7.163.124,15 | 1,93 |
| 63.130,00 OWENS CORNING SHS | USD | 4.782.728,80 | 1,29 |
| 60.515,00 REPUBLIC SERVICES -A- | USD | 5.827.594,50 | 1,57 |
| 13.900,00 ROCKWELL AUTOMATION | USD | 3.486.259,00 | 0,94 |
| 9.980,00 ROPER TECHNOLOGIES | USD | 4.302.278,20 | 1,16 |
| 18.498,00 SVB FINANCIAL GROUP | USD | 7.174.079,34 | 1,93 |
| 54.200,00 TJX COS INC | USD | 3.701.318,00 | 1,00 |
| 70.855,00 TRIPADVISOR INC | USD | 2.039.206,90 | 0,55 |
| 39.435,00 TWITTER INC | USD | 2.135.405,25 | 0,58 |
| 86.225,00 UBER TECH/REGSH | USD | 4.397.475,00 | 1,18 |
| 9.425,00 UNITEDHEALTH GROUP INC | USD | 3.305.159,00 | 0,89 |
| 44.660,00 WALT DISNEY CO | USD | 8.091.498,80 | 2,18 |
| 28.399,00 WASTE MANAGEMENT | USD | 3.349.094,07 | 0,90 |
| 82.430,00 WELLTOWER INC | USD | 5.326.626,60 | 1,44 |
| 167.905,00 WEYERHAEUSER CO | USD | 5.629.854,65 | 1,52 |
| Sweden |  | 3.623.137,74 | 0,98 |
| 304.745,00 TELEFON ERICSSON | SEK | 3.623.137,74 | 0,98 |
| Norway |  | 4.062.886,65 | 1,09 |
| 82.315,00 TOMRA SYSTEMS ASA | NOK | 4.062.886,65 | 1,09 |
| Austria |  | 6.101.769,65 | 1,64 |
| 191.217,00 WIENERBERGER AG | EUR | 6.101.769,65 | 1,64 |
| Ireland |  | 6.985.034,05 | 1,88 |
| 26.802,00 LINDE PLC | EUR | 6.985.034,05 | 1,88 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Finland |  | 14.135.916,27 | 3,81 |
| --- | --- | --- | --- |
| 115.780,00 NESTE | EUR | 8.380.760,54 | 2,26 |
| 154.370,00 UPM KYMMENE CORP | EUR | 5.755.155,73 | 1,55 |
| Japan |  | 21.434.550,02 | 5,78 |
| 269.000,00 ALPS ALPINE CO LTD | JPY | 3.538.204,41 | 0,95 |
| 763.700,00 RENESAS ELECTRONICS | JPY | 7.981.327,01 | 2,15 |
| 99.531,00 SONY CORP | JPY | 9.915.018,60 | 2,68 |
| Jersey Island |  | 6.072.165,45 | 1,64 |
| 46.605,00 APTIV PLC | USD | 6.072.165,45 | 1,64 |
| Cayman Islands |  | 16.345.642,93 | 4,40 |
| 95.900,00 ALIBABA GROUP | HKD | 2.876.800,16 | 0,78 |
| 87.000,00 HUYA SP ADR-A | USD | 1.733.910,00 | 0,47 |
| 29.560,00 NEW ORIENT EDUC TECH ADR | HKD | 5.306.706,17 | 1,42 |
| 50.225,00 PAGSEGURO DIGITAL LTD | USD | 2.856.798,00 | 0,77 |
| 49.100,00 TENCENT HOLDINGS LTD | HKD | 3.571.428,60 | 0,96 |
| Israel |  | 4.149.146,43 | 1,12 |
| 25.677,00 CYBERARKSOFTWARE LTD | USD | 4.149.146,43 | 1,12 |
| South Korea |  | 8.851.250,00 | 2,38 |
| 4.850,00 SAMSUNG ELEC GDR REP.0.5 VGT HS -144A- | USD | 8.851.250,00 | 2,38 |

Total securities portfolio	
342.121.205,81	92,18
Statement of Operations and Changes in Net Assets from 01/01/20 to 31/12/20
Expressed in USD
| Income |  | 2.857.748,00 |
| --- | --- | --- |
| Net dividends |  | 2.841.234,35 |
| Bank interest on cash account | Note 2 | 16.513,65 |
| Expenses |  | 9.119.602,14 |
| Management fees & management Company fees | Note 3 | 2.898.746,66 |
| Custodian & sub-custodian fees | Note 9 | 145.152,42 |
| Taxe d'abonnement | Note 4 | 80.672,14 |
| Administrative expenses | Note 3 | 1.087.567,93 |
| Performance fees | Note 3 | 4.540.213,67 |
| Professional fees |  | 13.704,17 |
| Bank interest on overdrafts |  | 62.903,84 |
| Legal fees |  | 18.680,11 |
| Transaction fees | Note 2, 6 | 178.397,36 |
| Other expenses | Note 10 | 93.563,84 |
| Net loss from investments |  | -6.261.854,14 |
| Net realised profit / loss on: - sales of investment securities |  | 12.342.047,85 |
| - financial futures |  | 3.699.780,82 |
| - foreign exchange |  | 643.751,96 |
| Net realised profit |  | 10.423.726,49 |
| Movement in net unrealised appreciation / depreciation on: - investments |  | 54.877.391,93 |
| - financial futures |  | 457.368,05 |
| Increase in net assets as a result of operations |  | 65.758.486,47 |
| Dividends paid | Note 8 | -79.745,55 |
| Subscription capitalisation shares |  | 149.639.909,97 |
| Subscription distribution shares |  | 7.268.113,49 |
| Redemption capitalisation shares |  | -93.461.624,42 |
| Redemption distribution shares |  | -5.868.608,52 |
| Increase in net assets |  | 123.256.531,44 |
| Net assets at the beginning of the year |  | 247.880.509,69 |
| Net assets at the end of the year |  | 371.137.041,13 |

Translation (ENFR, 2020-12-31):
# INDOSUEZ FUNDS
## Combiné
INDOSUEZ FUNDS
Combiné

##### Etats Financiers au 31/12/20
Etat du Patrimoine au 31/12/20
Exprimé en EUR
| Actifs |  | 3.769.586.735,25 |
| --- | --- | --- |
| Portefeuille-titres à la valeur d'évaluation | Note 2 | 3.417.214.088,15 |
| Prix d'acquisition |  | 3.021.752.464,97 |
| Plus-value non réalisée sur le portefeuille-titres |  | 395.461.623,18 |
| Options achetées à la valeur de marché | Note 2 | 3.195.651,43 |
| Options achetées au prix d'acquisition |  | 3.871.404,30 |
| Avoirs en banque et liquidités | Note 2 | 234.863.125,69 |
| Compte d'appels de marge sur contrats "futures" |  | 81.493.199,76 |
| Intérêts à recevoir |  | 22.741.132,98 |
| Brokers à recevoir |  | 286.451,15 |
| Souscriptions à recevoir |  | 4.278.475,49 |
| Dividendes à recevoir |  | 243.192,48 |
| Plus-value non réalisée sur contrats de change à terme | Note 2 | 1.027.484,55 |
| Plus-value non réalisée sur contrats "futures" | Note 2 | 4.070.137,44 |
| Autres actifs |  | 173.796,13 |
| Passifs |  | 130.904.273,60 |
| Options vendues à la valeur de marché | Note 2 | 4.230.240,25 |
| Options vendues au prix d'acquisition |  | 5.308.331,27 |
| Dettes bancaires à vue |  | 16.047,84 |
| Intérêts à payer |  | 8.054,84 |
| Brokers à payer |  | 9.295.435,62 |
| Commissions de performance à payer | Note 3 | 14.856.942,16 |
| Rachats à payer |  | 92.484.665,32 |
| Moins-value non réalisée sur contrats de change à terme | Note 2 | 5.686.716,98 |
| Moins-value non réalisée sur contrats "futures" | Note 2 | 546.803,88 |
| Commissions de gestion à payer | Note 3 | 2.004.385,05 |
| Compte d'appels de marge sur contrats "futures" |  | 231.491,80 |
| Autres passifs |  | 1.543.489,86 |
| Valeur nette d'inventaire |  | 3.638.682.461,65 |

Les notes en annexe font partie intégrante de ces états financiers

#####
Combiné
Etat des Opérations et des Variations des Actifs Nets du 01/01/20 au 31/12/20
Exprimé en EUR
| Revenus |  | 83.506.921,39 |
| --- | --- | --- |
| Dividendes nets |  | 13.553.179,27 |
| Intérêts nets sur obligations | Note 2 | 69.813.118,43 |
| Intérêts bancaires à vue | Note 2 | 136.108,20 |
| Autres revenus financiers |  | 4.515,49 |
| Dépenses |  | 52.875.181,37 |
| Commissions de gestion | Note 3 | 21.564.636,19 |
| Commissions de banque dépositaire et sous-dépositaire | Note 9 | 1.861.594,26 |
| Taxe d'abonnement | Note 4 | 807.965,45 |
| Frais administratifs | Note 3 | 8.396.928,82 |
| Commission de performance | Note 3 | 14.970.706,11 |
| Frais professionnels |  | 223.812,68 |
| Intérêts bancaires sur découvert |  | 613.153,55 |
| Frais légaux |  | 256.745,59 |
| Frais de transaction | Note 2, 6 | 3.044.629,43 |
| Autres dépenses | Note 10 | 1.135.009,29 |
| Revenus nets des investissements |  | 30.631.740,02 |
| Bénéfice net / Perte nette réalisé(e) sur : - vente de titres |  | 32.738.049,42 |
| - contrats "options" |  | -560.781,73 |
| - contrats de change à terme |  | 1.042.893,74 |
| - contrats "futures" |  | -59.531.223,74 |
| - swaps |  | 149,95 |
| - change |  | -1.584.687,37 |
| Bénéfice net réalisé |  | 2.736.140,29 |
| Variation de la plus- ou moins-value nette non réalisée sur : - portefeuille-titres |  | 201.196.867,54 |
| - contrats "options" |  | 609.212,45 |
| - contrats de change à terme |  | -4.432.358,71 |
| - contrats " futures" |  | -2.122.617,63 |
| Augmentation des actifs nets résultant des opérations |  | 197.987.243,94 |
| Dividendes distribués | Note 8 | -23.062.334,93 |
| Souscriptions actions de capitalisation |  | 1.676.366.073,53 |
| Souscriptions actions de distribution |  | 349.473.278,20 |
| Rachats actions de capitalisation |  | -1.865.439.399,44 |
| Rachats actions de distribution |  | -385.679.241,77 |
| Diminution des actifs nets |  | -50.354.380,47 |
| Réévaluation de la balance d'ouverture | Note 2 | -163.949.008,21 |
| Actifs nets au début de l'année |  | 3.852.985.850,33 |
| Actifs nets à la fin de l'année |  | 3.638.682.461,65 |