# INDOSUEZ FUNDS
## - Balanced EUR

#### Financial Statements as at 31/12/20
Statement of net assets as at 31/12/20
Expressed in EUR
| Assets |  | 70.612.918,91 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 62.026.747,10 |
| Cost price |  | 55.893.270,85 |
| Unrealised profit on the securities portfolio |  | 6.133.476,25 |
| Cash at banks and liquidities | Note 2 | 7.811.489,71 |
| Subscriptions receivable |  | 48,36 |
| Unrealised profit on forward foreign exchange contracts | Note 2 | 774.633,74 |
| Liabilities |  | 111.981,29 |
| Bank overdrafts |  | 4,73 |
| Interest payable |  | 206,02 |
| Performance fees payable | Note 3 | 6.593,67 |
| Redemptions payable |  | 17.155,94 |
| Management fees payable | Note 3 | 52.452,92 |
| Other liabilities |  | 35.568,01 |
| Net asset value |  | 70.500.937,62 |

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 GX | 486,000 | 0,000 | 486,000 | 0,000 |
| Classe M | 18.886,586 | 5.459,578 | 5.318,121 | 19.028,043 |
| Classe MX | 430,000 | 1.680,891 | 0,000 | 2.110,891 |
| Classe P | 59.890,520 | 1.252,026 | 9.310,269 | 51.832,277 |
| Classe PX | 4.100,223 | 0,000 | 1.011,950 | 3.088,273 |

Key figures
|  | Year ending as at: | 31/12/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- | --- |
| Total Net Assets | EUR | 70.500.937,62 | 80.311.010,58 | 99.759.408,69 |
| Classe GX Number of shares |  | 0,000 | 486,000 | 0,000 |
| Net asset value per share | EUR | 0,00 | 1.025,57 | 0,00 |
| Dividend per share |  | 21,00 | 0,00 | 0,00 |

Key figures
|  | Year ending as at: | 31/12/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- | --- |
| Total Net Assets | EUR | 70.500.937,62 | 80.311.010,58 | 99.759.408,69 |
| Classe M Number of shares |  | 19.028,043 | 18.886,586 | 29.855,245 |
| Net asset value per share | EUR | 104,67 | 101,70 | 90,69 |
| Classe MX Number of shares |  | 2.110,891 | 430,000 | 2.927,203 |
| Net asset value per share | EUR | 100,13 | 99,41 | 90,48 |
| Dividend per share |  | 2,00 | 2,00 | 1,00 |
| Classe P Number of shares |  | 51.832,277 | 59.890,520 | 83.317,938 |
| Net asset value per share | EUR | 1.245,71 | 1.217,25 | 1.091,36 |
| Classe PX Number of shares |  | 3.088,273 | 4.100,223 | 5.300,739 |
| Net asset value per share | EUR | 1.207,66 | 1.206,60 | 1.104,96 |
| Dividend per share |  | 25,00 | 25,00 | 25,00 |

Securities portfolio as at 31/12/20
Expressed in EUR
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	
2.045.869,09	2,90
| Bonds |  | 2.045.869,09 | 2,90 |
| --- | --- | --- | --- |
|  | Ireland | 2.045.869,09 | 2,90 |
| 33.125,00 ETC AMUNDI PHYSICAL METALS PLC | USD | 2.045.869,09 | 2,90 |

| nits of UCITS/UCIS | 59.980.878,01 | 85,08 |
| --- | --- | --- |
| Shares/Units in investment funds | 59.980.878,01 | 85,08 |
| Ireland | 3.638.629,19 | 5,16 |

Shares/U
| 8.400,84 ALGEBRIS FIN CDT FD -I EUR- | EUR | 1.574.737,46 | 2,23 |
| --- | --- | --- | --- |
| 199.675,00 ISHARESV PLC MSCI WORLD HEALTH CARE ETF | USD | 1.020.659,02 | 1,45 |
| 8.545,00 ISHS FTSE 100 ETF -GBP- | GBP | 1.043.232,71 | 1,48 |
| Luxembourg	 56.342.248,82 | 79,92 |
| 11.193,00 AM IS US T 7-10 UEC | USD | 2.751.148,01 | 3,90 |
| 95.929,00 AMUNDI PRIME EURO GOVIES UCITS ETF DR | EUR | 2.076.834,07 | 2,95 |
| 9.873,00 AMUNDI RUSSELL 2000 UCITS ETF - USD C | USD | 2.276.884,62 | 3,23 |
| 71.613,09 CHINA A SHARE EQUITY FUND I ACC USD | USD | 1.505.311,77 | 2,14 |
| 64,82 EXANE FUNDS 2 EXANE PLEIADE FD S EUR CAP | EUR | 745.252,43 | 1,06 |
| 2.324,93 INDOSUEZ FUNDS - AMERICA OPPORTUNITIES - F CAP * | USD | 4.256.709,57 | 6,04 |
| 1.352,80 INDOSUEZ FUNDS - AMERICA SMALL & MID CAPS - F CAP * | USD | 1.577.229,40 | 2,24 |
| 1.595,34 INDOSUEZ FUNDS - ASIA BONDS F * | USD | 1.695.905,79 | 2,41 |
| 2.918,88 INDOSUEZ FUNDS - ASIA OPPORTUNITIES - F CAP * | USD | 4.315.849,08 | 6,12 |
| 5.977,00 INDOSUEZ FUNDS - CORPORATE BONDS EURO - F CAP * | EUR | 6.578.883,90 | 9,32 |
| 1.128,78 INDOSUEZ FUNDS - EUROPE GROWTH - F CAP * | EUR | 1.360.468,56 | 1,93 |
| 3.134,82 INDOSUEZ FUNDS - EUROPE OPPORTUNITIES - F CAP * | EUR | 4.109.030,63 | 5,83 |
| 3.306,83 INDOSUEZ FUNDS - EUROPE VALUE - F CAP * | EUR | 3.221.778,33 | 4,57 |
| 4.111,01 INDOSUEZ FUNDS - FIXED INCOME - EURO - F CAP * | EUR | 4.376.205,93 | 6,21 |
| 1.485,07 INDOSUEZ FUNDS - FIXED INCOME LATIN AMERICA - F CAP * | USD | 1.418.362,92 | 2,01 |
| 2.280,01 INDOSUEZ FUNDS - FIXED INCOME RMB-F * | USD | 2.246.710,36 | 3,19 |
| 2.021,85 INDOSUEZ FUNDS - GLOBAL TRENDS - F CAP * | USD | 2.394.724,38 | 3,40 |
| 717,66 INDOSUEZ FUNDS - NAVIGATOR - F CAP * | EUR | 699.315,64 | 0,99 |
| 1.400,48 INDOSUEZ FUNDS - US DOLLAR BONDS - F CAP * | USD | 1.308.961,22 | 1,86 |
| 131.431,89 LOF GLOBAL CLIMATE BOND EUR N CAP SMH | EUR | 1.413.116,29 | 2,00 |
| 12.353,00 LYXOR IBOXX USD TREASURIES 10Y ETF DR | USD | 1.728.794,05 | 2,45 |
| 70,01 MIROVA EUROPE ENVIR EQ FD I EUR CAP | EUR | 1.607.423,45 | 2,28 |
| 59.557,58 NORDEA 1 SIC-GCL ENV-EBI USD | USD | 1.645.250,57 | 2,33 |
| 4.083,24 UBS L EQ CH OPP -I1A-ACC CAP | USD | 1.032.097,85 | 1,46 |

Total securities portfolio	
62.026.747,10	87,98
Statement of Operations and Changes in Net Assets from 01/01/20 to 31/12/20
Expressed in EUR
| Income |  | 77.668,30 |
| --- | --- | --- |
| Net dividends |  | 75.882,55 |
| Bank interest on cash account | Note 2 | 1.785,75 |
| Expenses |  | 1.302.706,33 |
| Management fees & management Company fees | Note 3 | 876.340,50 |
| Custodian & sub-custodian fees | Note 9 | 29.361,45 |
| Taxe d'abonnement | Note 4 | 5.891,49 |
| Administrative expenses | Note 3 | 322.004,73 |
| Performance fees | Note 3 | 6.593,67 |
| Professional fees |  | 4.925,95 |
| Bank interest on overdrafts |  | 17.286,31 |
| Legal fees |  | 5.367,29 |
| Transaction fees | Note 2, 6 | 14.093,32 |
| Other expenses | Note 10 | 20.841,62 |
| Net loss from investments |  | -1.225.038,03 |
| Net realised profit / loss on: - sales of investment securities |  | 1.511.294,02 |
| - forward foreign exchange contracts |  | 251.965,00 |
| - foreign exchange |  | -616.952,60 |
| Net realised loss |  | -78.731,61 |
| Movement in net unrealised appreciation / depreciation on: - investments |  | 676.950,66 |
| - forward foreign exchange contracts |  | 575.638,76 |
| Increase in net assets as a result of operations |  | 1.173.857,81 |
| Dividends paid | Note 8 | -104.041,97 |
| Subscription capitalisation shares |  | 2.052.665,32 |
| Subscription distribution shares |  | 161.380,20 |
| Redemption capitalisation shares |  | -11.433.852,65 |
| Redemption distribution shares |  | -1.660.081,67 |
| Decrease in net assets |  | -9.810.072,96 |
| Net assets at the beginning of the year |  | 80.311.010,58 |
| Net assets at the end of the year |  | 70.500.937,62 |

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 |