# INDOSUEZ FUNDS
## - America Opportunities

#### Financial Statements as at 31/12/20
Statement of net assets as at 31/12/20
Expressed in USD
| Assets |  | 437.039.434,69 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 389.757.012,41 |
| Cost price |  | 260.217.951,34 |
| Unrealised profit on the securities portfolio |  | 129.539.061,07 |
| Options purchased at market value | Note 2 | 3.334.081,83 |
| Options purchased at cost |  | 4.153.321,06 |
| Cash at banks and liquidities | Note 2 | 8.508.003,67 |
| Margin accounts on financial futures |  | 33.783.651,19 |
| Subscriptions receivable |  | 204.148,94 |
| Dividends receivable |  | 59.092,93 |
| Unrealised profit on financial futures | Note 2 | 1.393.443,72 |
| Liabilities |  | 8.353.992,54 |
| Options sold at market value | Note 2 | 2.132.873,50 |
| Options sold at cost |  | 3.725.154,95 |
| Performance fees payable | Note 3 | 3.943.498,44 |
| Redemptions payable |  | 1.754.460,21 |
| Management fees payable | Note 3 | 333.714,98 |
| Margin accounts on financial futures |  | 33,12 |
| Other liabilities |  | 189.412,29 |
| Net asset value |  | 428.685.442,15 |

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 | 10.576,242 | 10.736,625 | 3.835,009 | 17.477,858 |
| Classe G | 2.759.265,793 | 845.964,127 | 1.717.542,050 | 1.887.687,870 |
| Classe GX | 1.022.164,162 | 237.791,717 | 695.169,758 | 564.786,121 |
| Classe M | 58.287,796 | 169.317,604 | 59.961,035 | 167.644,365 |
| Classe MX | 7.916,477 | 11.443,440 | 1.739,550 | 17.620,367 |
| Classe ME | 9.029,655 | 44.773,797 | 23.935,797 | 29.867,655 |
| Classe MEX | 187,500 | 2.942,193 | 1.492,500 | 1.637,193 |
| Classe P | 200.868,989 | 846.778,406 | 222.396,300 | 825.251,095 |
| Classe PX | 6.885,405 | 45.715,195 | 17.335,000 | 35.265,600 |

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 PE	6.893,121	239.083,617	11.925,015	234.051,723
Classe W	0,000	2.708,744	0,000	2.708,744
Key figures
|  | Year ending as at: | 31/12/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- | --- |
| Total Net Assets | USD | 428.685.442,15 | 306.176.675,22 | 277.397.788,28 |
| Classe F Number of shares |  | 17.477,858 | 10.576,242 | 13.930,832 |
| Net asset value per share | USD | 2.247,69 | 1.718,98 | 1.295,29 |
| Classe G Number of shares |  | 1.887.687,870 | 2.759.265,793 | 3.456.142,465 |
| Net asset value per share | USD | 97,69 | 74,90 | 56,87 |
| Classe GX Number of shares |  | 564.786,121 | 1.022.164,162 | 957.143,932 |
| Net asset value per share | USD | 76,38 | 59,12 | 45,33 |
| Dividend per share |  | 0,55 | 0,55 | 0,55 |
| Classe M Number of shares |  | 167.644,365 | 58.287,796 | 65.713,332 |
| Net asset value per share | USD | 173,70 | 133,08 | 101,28 |
| Classe MX Number of shares |  | 17.620,367 | 7.916,477 | 9.807,930 |
| Net asset value per share | USD | 199,41 | 154,26 | 118,54 |
| Dividend per share |  | 1,40 | 1,40 | 1,40 |
| Classe ME Number of shares |  | 29.867,655 | 9.029,655 | 3.579,289 |
| Net asset value per share | EUR | 159,45 | 133,09 | 99,46 |
| Classe MEX Number of shares |  | 1.637,193 | 187,500 | 453,119 |
| Net asset value per share | EUR | 155,15 | 131,22 | 99,19 |
| Dividend per share |  | 1,40 | 1,40 | 0,00 |
| Classe P Number of shares |  | 825.251,095 | 200.868,989 | 273.900,315 |
| Net asset value per share | USD | 59,97 | 46,05 | 35,29 |
| Classe PX Number of shares |  | 35.265,600 | 6.885,405 | 21.894,398 |
| Net asset value per share | USD | 52,42 | 40,68 | 31,50 |
| Dividend per share |  | 0,40 | 0,40 | 0,38 |
| Classe PE Number of shares |  | 234.051,723 | 6.893,121 | 7.112,058 |
| Net asset value per share | EUR | 154,68 | 129,71 | 97,61 |
| Classe W Number of shares |  | 2.708,744 | 0,000 | 0,000 |
| Net asset value per share | USD | 10.130,37 | 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	
389.757.012,41	90,92
| Shares |  | 389.757.012,41 | 90,92 |
| --- | --- | --- | --- |
|  | United States of America | 367.007.505,16 | 85,62 |
| 33.800,00 ABBOTT LABORATORIES LTD | USD | 3.700.762,00 | 0,86 |
| 27.590,00 ACTIVISION BLIZZARD | USD | 2.561.731,50 | 0,60 |
| 10.900,00 ADOBE INC | USD | 5.451.308,00 | 1,27 |
| 28.030,00 ADVANCED MICRO DEVICES INC | USD | 2.570.631,30 | 0,60 |
| 16.400,00 AKAMAI TECHNOLOGIES | USD | 1.721.836,00 | 0,40 |
| 10.270,00 ALPHABET INC -A- | USD | 17.999.612,80 | 4,21 |
| 7.180,00 AMAZON.COM INC | USD | 23.384.757,40 | 5,46 |
| 25.980,00 AMERIPRISE FINANCIAL INC | USD | 5.048.693,40 | 1,18 |
| 11.470,00 ANSYS INC | USD | 4.172.786,00 | 0,97 |
| 193.250,00 APPLE INC | USD | 25.642.342,50 | 5,99 |
| 37.090,00 APPLIED MATERIALS INC | USD | 3.200.867,00 | 0,75 |
| 4.240,00 BLACKROCK INC | USD | 3.059.329,60 | 0,71 |
| 15.062,00 BROADCOM INC - REGISTERED SHS | USD | 6.594.896,70 | 1,54 |
| 25.310,00 CADENCE DESIGN SYSTEMS INC | USD | 3.453.043,30 | 0,81 |
| 11.150,00 COSTCO WHOLESALE CORP | USD | 4.201.097,00 | 0,98 |
| 16.140,00 CUMMINS - REGISTERED | USD | 3.665.394,00 | 0,86 |
| 5.740,00 DANAHER CORP | USD | 1.275.083,60 | 0,30 |
| 23.780,00 DOCUSIGN INC | USD | 5.286.294,00 | 1,23 |
| 9.750,00 DOMINO PIZZA INC | USD | 3.738.735,00 | 0,87 |
| 20.160,00 DR HORTON | USD | 1.389.427,20 | 0,32 |
| 29.860,00 EBAY INC | USD | 1.500.465,00 | 0,35 |
| 23.810,00 EDWARDS LIFESCIENCES CORP | USD | 2.172.186,30 | 0,51 |
| 12.160,00 ETSY | USD | 2.163.385,60 | 0,50 |
| 9.080,00 EXACT SCIENCES CORP | USD | 1.203.009,20 | 0,28 |
| 23.570,00 EXPEDITORS INTERNATIONAL OF WASHINGTON | USD | 2.241.742,70 | 0,52 |
| 35.544,00 FACEBOOK -A- | USD | 9.709.199,04 | 2,26 |
| 24.060,00 FEDEX CORP | USD | 6.246.457,20 | 1,46 |
| 14.000,00 FIDELITY NATIONAL INFO SERVICES INC | USD | 1.980.440,00 | 0,46 |
| 12.446,00 FISERV INC | USD | 1.417.101,56 | 0,33 |
| 7.580,00 GLOBAL PAYMENTS INC | USD | 1.632.883,60 | 0,38 |
| 14.130,00 GOLDMAN SACHS GROUP INC | USD | 3.726.222,30 | 0,87 |
| 10.725,00 HOME DEPOT INC | USD | 2.848.774,50 | 0,66 |
| 33.960,00 INGERSOLL RAND INC | USD | 1.547.217,60 | 0,36 |
| 16.850,00 INTERCONTINENTAL EXCHANGE INC | USD | 1.942.636,50 | 0,45 |
| 6.000,00 INTUIT | USD | 2.279.100,00 | 0,53 |
| 8.900,00 INTUITIVE SURGICAL | USD | 7.281.090,00 | 1,70 |
| 5.510,00 IRHYTHM TECHNOLOGIES INC | USD | 1.307.027,10 | 0,30 |
| 28.170,00 JPMORGAN CHASE CO | USD | 3.579.561,90 | 0,84 |
| 7.920,00 LAM RESEARCH CORP | USD | 3.740.378,40 | 0,87 |
| 15.640,00 LEIDOS HOLDINGS INC | USD | 1.644.076,80 | 0,38 |
| 11.650,00 LOWE'S CO INC | USD | 1.869.941,50 | 0,44 |
| 3.900,00 MASIMO | USD | 1.046.682,00 | 0,24 |
| 16.947,00 MASTERCARD INC -A- | USD | 6.049.062,18 | 1,41 |
| 100.520,00 MICROSOFT CORP | USD | 22.357.658,40 | 5,23 |
| 10.040,00 MOODY S CORP | USD | 2.914.009,60 | 0,68 |
| 50.980,00 MORGAN STANLEY | USD | 3.493.659,40 | 0,81 |
| 15.200,00 MSCI INC -A- | USD | 6.787.256,00 | 1,58 |
| 42.310,00 NASDAQ INC | USD | 5.616.229,40 | 1,31 |
| 11.450,00 NETFLIX INC | USD | 6.191.358,50 | 1,44 |
| 23.780,00 NVIDIA CORP | USD | 12.417.916,00 | 2,90 |
| 11.810,00 OKTA -A- | USD | 3.002.810,60 | 0,70 |
| 51.310,00 OWENS CORNING SHS | USD | 3.887.245,60 | 0,91 |
| 40.690,00 PAYPAL HOLDINGS | USD | 9.529.598,00 | 2,22 |
| 9.000,00 PERKINELMER | USD | 1.291.500,00 | 0,30 |
| 38.130,00 PINTEREST REGISTERED SHS -A- | USD | 2.512.767,00 | 0,59 |
| 5.870,00 POOL CORP | USD | 2.186.575,00 | 0,51 |
| 45.390,00 PROGRESSIVE CORP | USD | 4.488.163,20 | 1,05 |
| 57.210,00 QUANTA SERVICES - REGISTERED | USD | 4.120.264,20 | 0,96 |
| 7.470,00 QUINTILES IMS HOLDING INC | USD | 1.338.399,90 | 0,31 |
| 12.510,00 REPUBLIC SERVICES -A- | USD | 1.204.713,00 | 0,28 |
| 4.650,00 RESMED | USD | 988.404,00 | 0,23 |
| 5.410,00 RINGCENTRAL INC | USD | 2.050.227,70 | 0,48 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 7.500,00 SALESFORCE.COM INC | USD | 1.668.975,00 | 0,39 |
| --- | --- | --- | --- |
| 5.630,00 SERVICENOW INC | USD | 3.098.920,90 | 0,72 |
| 60.220,00 SNAP INC-A- | USD | 3.015.215,40 | 0,70 |
| 9.330,00 S&P GLOBAL INC | USD | 3.067.050,90 | 0,72 |
| 28.100,00 SQUARE INC -A- | USD | 6.115.684,00 | 1,43 |
| 21.530,00 SYNOPSYS | USD | 5.581.437,20 | 1,30 |
| 7.980,00 TAKE TWO INTERACTIVE SOFTWARE INC | USD | 1.658.164,20 | 0,39 |
| 25.060,00 TARGET CORP | USD | 4.423.841,80 | 1,03 |
| 39.370,00 TERADYNE INC | USD | 4.720.069,30 | 1,10 |
| 5.650,00 THE TRADE DESK -A- | USD | 4.525.650,00 | 1,06 |
| 2.520,00 THERMO FISHER SCIEN SHS | USD | 1.173.765,60 | 0,27 |
| 4.710,00 TWILIO INC | USD | 1.594.335,00 | 0,37 |
| 19.640,00 UNITED RENTALS INC | USD | 4.554.712,40 | 1,06 |
| 3.310,00 UNITEDHEALTH GROUP INC | USD | 1.160.750,80 | 0,27 |
| 16.500,00 VEEVA SYSTEMS -A- | USD | 4.492.125,00 | 1,05 |
| 15.350,00 VERISK ANALYTICS | USD | 3.186.506,50 | 0,74 |
| 32.696,00 VISA INC -A- | USD | 7.151.596,08 | 1,67 |
| 16.000,00 WALMART INC | USD | 2.306.400,00 | 0,54 |
| 9.280,00 WASTE MANAGEMENT | USD | 1.094.390,40 | 0,26 |
| 9.650,00 XILINX INC | USD | 1.368.080,50 | 0,32 |
| 26.820,00 XPO LOGISTICS INC | USD | 3.196.944,00 | 0,75 |
| 7.640,00 ZOETIS INC -A- | USD | 1.264.420,00 | 0,29 |
| 3.440,00 ZOOM VIDEO COMMUNICATIONS INC | USD | 1.160.380,80 | 0,27 |
| 182.580,00 ZYNGA INC | USD | 1.802.064,60 | 0,42 |
| Canada |  | 11.208.003,73 | 2,61 |
| 13.620,00 CANADIAN PACIFIC RAILWAY | USD | 4.721.917,80 | 1,10 |
| 1.050,00 CONSTELLATION SOFTWARE | CAD | 1.362.299,06 | 0,32 |
| 4.520,00 SHOPIFY -A- SUBORD VOTING | USD | 5.116.414,00 | 1,19 |
| 1.952,00 TOPICUS.COM | CAD | 7.372,87 | 0,00 |
| Ireland |  | 3.481.518,32 | 0,81 |
| 8.784,00 ICON PLC | USD | 1.712.704,32 | 0,40 |
| 15.100,00 MEDTRONIC HLD | USD | 1.768.814,00 | 0,41 |
| Jersey Island |  | 3.132.171,60 | 0,73 |
| 24.040,00 APTIV PLC | USD | 3.132.171,60 | 0,73 |
| Bermuda |  | 4.927.813,60 | 1,15 |
| 64.800,00 BRKF RNW PRTNRS - PARTNERSHIP UNITS | USD | 2.796.120,00 | 0,65 |
| 44.840,00 MARVELL TECHNOLOGY GROUP LTD | USD | 2.131.693,60 | 0,50 |

Total securities portfolio	
389.757.012,41	90,92
Statement of Operations and Changes in Net Assets from 01/01/20 to 31/12/20
Expressed in USD
| Income |  | 1.946.426,72 |
| --- | --- | --- |
| Net dividends |  | 1.931.293,35 |
| Net interest on bonds | Note 2 | 265,20 |
| Bank interest on cash account | Note 2 | 14.868,17 |
| Expenses |  | 9.330.045,56 |
| Management fees & management Company fees | Note 3 | 3.478.699,13 |
| Custodian & sub-custodian fees | Note 9 | 187.929,83 |
| Taxe d'abonnement | Note 4 | 72.503,18 |
| Administrative expenses | Note 3 | 1.191.442,96 |
| Performance fees | Note 3 | 3.942.706,49 |
| Professional fees |  | 21.742,29 |
| Bank interest on overdrafts |  | 17.215,45 |
| Legal fees |  | 24.931,53 |
| Transaction fees | Note 2, 6 | 287.528,05 |
| Other expenses | Note 10 | 105.346,65 |
| Net loss from investments |  | -7.383.618,84 |
| Net realised profit / loss on: - sales of investment securities |  | 34.076.944,64 |
| - options |  | 9.714.057,09 |
| - financial futures |  | 11.142.737,99 |
| - foreign exchange |  | 240.399,14 |
| Net realised profit |  | 47.790.520,02 |
| Movement in net unrealised appreciation / depreciation on: - investments |  | 51.568.111,12 |
| - options |  | 768.752,24 |
| - financial futures |  | 1.201.931,25 |
| Increase in net assets as a result of operations |  | 101.329.314,63 |
| Dividends paid | Note 8 | -534.069,81 |
| Subscription capitalisation shares |  | 232.158.191,55 |
| Subscription distribution shares |  | 18.244.772,02 |
| Redemption capitalisation shares |  | -182.156.942,82 |
| Redemption distribution shares |  | -46.532.498,64 |
| Increase in net assets |  | 122.508.766,93 |
| Net assets at the beginning of the year |  | 306.176.675,22 |
| Net assets at the end of the year |  | 428.685.442,15 |

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 |