# INDOSUEZ FUNDS
## - Defensive EUR

#### Financial Statements as at 31/12/20
Statement of net assets as at 31/12/20
Expressed in EUR
| Assets |  | 11.581.796,75 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 9.664.399,74 |
| Cost price |  | 9.207.138,65 |
| Unrealised profit on the securities portfolio |  | 457.261,09 |
| Cash at banks and liquidities | Note 2 | 1.496.906,38 |
| Brokers receivable |  | 268.135,15 |
| Unrealised profit on forward foreign exchange contracts | Note 2 | 152.355,48 |
| Liabilities |  | 1.322.880,32 |
| Bank overdrafts |  | 10,69 |
| Performance fees payable | Note 3 | 168,79 |
| Redemptions payable |  | 1.311.140,26 |
| Management fees payable | Note 3 | 5.666,57 |
| Other liabilities |  | 5.894,01 |
| Net asset value |  | 10.258.916,43 |

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 M | 5.970,351 | 395,476 | 564,476 | 5.801,351 |
| Classe MX | 446,675 | 0,000 | 0,000 | 446,675 |
| Classe P | 9.250,872 | 795,561 | 3.298,009 | 6.748,424 |
| Classe PX | 17.594,376 | 18,999 | 3.370,051 | 14.243,324 |

Key figures
|  | Year ending as at: | 31/12/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- | --- |
| Total Net Assets | EUR | 10.258.916,43 | 13.627.365,62 | 29.176.837,04 |
| Classe M Number of shares |  | 5.801,351 | 5.970,351 | 6.342,582 |
| Net asset value per share | EUR | 99,91 | 98,98 | 93,16 |
| Classe MX Number of shares |  | 446,675 | 446,675 | 1.207,223 |
| Net asset value per share | EUR | 95,26 | 96,15 | 92,12 |
| Dividend per share |  | 1,70 | 1,70 | 0,40 |
| Classe P Number of shares |  | 6.748,424 | 9.250,872 | 21.911,471 |
| Net asset value per share | EUR | 1.231,49 | 1.225,02 | 1.157,68 |

Key figures
|  | Year ending as at: | 31/12/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- | --- |
| Total Net Assets | EUR | 10.258.916,43 | 13.627.365,62 | 29.176.837,04 |
| Classe PX Number of shares |  | 14.243,324 | 17.594,376 | 34.217,509 |
| Net asset value per share | EUR | 93,10 | 94,41 | 90,84 |
| Dividend per share |  | 1,70 | 1,70 | 1,70 |

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	
339.691,47	3,31
| Bonds |  | 339.691,47 | 3,31 |
| --- | --- | --- | --- |
|  | Ireland | 339.691,47 | 3,31 |

5.500,00 ETC AMUNDI PHYSICAL METALS PLC
| nits of UCITS/UCIS | 9.324.708,27 | 90,89 |
| --- | --- | --- |
| Shares/Units in investment funds | 9.324.708,27 | 90,89 |

Shares/U
USD
339.691,47	3,31
| Luxembourg |  | 8.507.564,33 | 82,92 |
| --- | --- | --- | --- |
| 2.097,00 AM IS US T 7-10 UEC | USD | 515.425,48 | 5,02 |
| 194,29 AMUNDI FUNDS GBL SUBORDINATED BOND I2C | EUR | 257.985,32 | 2,51 |
| 19.055,00 AMUNDI PRIME EURO GOVIES UCITS ETF DR | EUR | 412.535,03 | 4,02 |
| 874,00 AMUNDI RUSSELL 2000 UCITS ETF - USD C | USD | 201.559,52 | 1,96 |
| 5.004,90 CHINA A SHARE EQUITY FUND I ACC USD | USD | 105.203,37 | 1,03 |
| 8,96 EXANE FUNDS 2 EXANE PLEIADE FD S EUR CAP | EUR | 102.975,45 | 1,00 |
| 163,07 INDOSUEZ FUNDS - AMERICA OPPORTUNITIES - F CAP * | USD | 299.568,92 | 2,92 |
| 109,21 INDOSUEZ FUNDS - AMERICA SMALL & MID CAPS - F CAP * | USD | 127.403,26 | 1,24 |
| 387,19 INDOSUEZ FUNDS - ASIA BONDS F * | USD | 411.726,32 | 4,01 |
| 214,34 INDOSUEZ FUNDS - ASIA OPPORTUNITIES - F CAP * | USD | 319.173,03 | 3,11 |
| 1.218,00 INDOSUEZ FUNDS - CORPORATE BONDS EURO - F CAP * | EUR | 1.340.652,60 | 13,08 |
| 87,31 INDOSUEZ FUNDS - EUROPE GROWTH - F CAP * | EUR | 105.232,46 | 1,03 |
| 198,46 INDOSUEZ FUNDS - EUROPE OPPORTUNITIES - F CAP * | EUR | 259.242,34 | 2,53 |
| 187,21 INDOSUEZ FUNDS - EUROPE VALUE - F CAP * | EUR | 181.646,05 | 1,77 |
| 871,83 INDOSUEZ FUNDS - FIXED INCOME - EURO - F CAP * | EUR | 928.327,98 | 9,06 |
| 243,87 INDOSUEZ FUNDS - FIXED INCOME LATIN AMERICA - F CAP * | USD | 232.915,73 | 2,27 |
| 494,80 INDOSUEZ FUNDS - FIXED INCOME RMB-F * | USD | 487.574,41 | 4,75 |
| 102,88 INDOSUEZ FUNDS - GLOBAL TRENDS - F CAP * | USD | 122.073,47 | 1,19 |
| 120,99 INDOSUEZ FUNDS - NAVIGATOR - F CAP * | EUR | 118.147,94 | 1,15 |
| 550,97 INDOSUEZ FUNDS - US DOLLAR BONDS - F CAP * | USD | 515.022,96 | 5,02 |
| 523,00 LIF SMART CASH -UCITS ETF | EUR | 514.475,10 | 5,01 |
| 28.760,87 LOF GLOBAL CLIMATE BOND EUR N CAP SMH | EUR | 309.228,29 | 3,01 |
| 1.843,00 LYXOR IBOXX USD TREASURIES 10Y ETF DR | USD | 257.926,62 | 2,51 |
| 6,21 MIROVA EUROPE ENVIR EQ FD I EUR CAP | EUR | 142.528,48 | 1,39 |
| 4.396,08 NORDEA 1 SIC-GCL ENV-EBI USD | USD | 121.439,53 | 1,18 |
| 465,16 UBS L EQ CH OPP -I1A-ACC CAP | USD | 117.574,67 | 1,15 |
| Ireland |  | 817.143,94 | 7,97 |
| 1.910,45 ALGEBRIS FIN CDT FD -I EUR- | EUR | 358.113,85 | 3,50 |
| 1.719,00 ISHARES USD TIPS CAP | USD | 342.802,50 | 3,34 |
| 22.738,00 ISHARESV PLC MSCI WORLD HEALTH CARE ETF | USD | 116.227,59 | 1,13 |

Total securities portfolio	
9.664.399,74	94,20
Statement of Operations and Changes in Net Assets from 01/01/20 to 31/12/20
Expressed in EUR
| Income |  | 14.020,23 |
| --- | --- | --- |
| Net dividends |  | 13.370,70 |
| Bank interest on cash account | Note 2 | 367,09 |
| Other financial income |  | 282,44 |
| Expenses |  | 202.109,50 |
| Management fees & management Company fees | Note 3 | 115.339,15 |
| Custodian & sub-custodian fees | Note 9 | 13.745,66 |
| Taxe d'abonnement | Note 4 | 1.035,16 |
| Administrative expenses | Note 3 | 50.161,62 |
| Performance fees | Note 3 | 168,79 |
| Professional fees |  | 695,27 |
| Bank interest on overdrafts |  | 4.438,42 |
| Legal fees |  | 988,32 |
| Transaction fees | Note 2, 6 | 6.280,66 |
| Other expenses | Note 10 | 9.256,45 |
| Net loss from investments |  | -188.089,27 |
| Net realised profit / loss on: - sales of investment securities |  | 278.689,39 |
| - forward foreign exchange contracts |  | 13.848,96 |
| - foreign exchange |  | -127.423,14 |
| Net realised loss |  | -22.974,06 |
| Movement in net unrealised appreciation / depreciation on: - investments |  | -89.849,34 |
| - forward foreign exchange contracts |  | 115.527,59 |
| Increase in net assets as a result of operations |  | 2.704,19 |
| Dividends paid | Note 8 | -27.393,98 |
| Subscription capitalisation shares |  | 1.014.523,46 |
| Subscription distribution shares |  | 1.746,39 |
| Redemption capitalisation shares |  | -4.049.561,29 |
| Redemption distribution shares |  | -310.467,96 |
| Decrease in net assets |  | -3.368.449,19 |
| Net assets at the beginning of the year |  | 13.627.365,62 |
| Net assets at the end of the year |  | 10.258.916,43 |

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 |