# COMPOSITION OF THE ASSETS
| Description | Quantity at 31 December 2020 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Transferable securities admitted to an official stock exchange listing |  |  |  |  |  |  |  |
| Shares |  |  |  |  |  |  |
| Austria |  |  |  |  |  |  |
| ERSTE GROUP BANK | 10,400 | EUR | 24.94 | 259,376.00 | 0.09% | 0.09% |
| OMV | 4,917 | EUR | 33.00 | 162,261.00 | 0.06% | 0.06% |
| RAIFFEISEN BK INTER | 2,882 | EUR | 16.68 | 48,071.76 | 0.02% | 0.02% |
| VERBUND AG | 2,800 | EUR | 69.85 | 195,580.00 | 0.07% | 0.07% |
| VOESTALPINE | 5,045 | EUR | 29.30 | 147,818.50 | 0.05% | 0.05% |
| Belgium |  |  |  | 813,107.26 |  | 0.29% | 0.29% |
| AGEAS SA NV | 5,385 | EUR | 43.58 | 234,678.30 | 0.08% | 0.08% |
| ANHEUSER-BUSCH INBEV | 27,300 | EUR | 57.01 | 1,556,373.00 | 0.55% | 0.55% |
| COLRUYT | 1,785 | EUR | 48.47 | 86,518.95 | 0.03% | 0.03% |
| ELIA GROUP | 900 | EUR | 97.50 | 87,750.00 | 0.03% | 0.03% |
| GALAPAGOS GENOMICS | 1,400 | EUR | 80.48 | 112,672.00 | 0.04% | 0.04% |
| GBL | 4,250 | EUR | 82.52 | 350,710.00 | 0.12% | 0.12% |
| KBC | 9,242 | EUR | 57.28 | 529,381.76 | 0.19% | 0.19% |
| PROXIMUS SA | 3,747 | EUR | 16.21 | 60,738.87 | 0.02% | 0.02% |
| SOFINA | 500 | EUR | 277.00 | 138,500.00 | 0.05% | 0.05% |
| SOLVAY | 3,000 | EUR | 96.88 | 290,640.00 | 0.10% | 0.10% |
| UCB | 4,668 | EUR | 84.48 | 394,352.64 | 0.14% | 0.14% |
| UMICORE S.A. | 6,086 | EUR | 39.29 | 239,118.94 | 0.08% | 0.08% |
| Switzerland |  |  |  | 4,081,434.46 |  | 1.44% | 1.44% |
| ABB-NOM-NEW | 63,416 | CHF | 24.71 | 1,448,855.22 | 0.51% | 0.51% |
| ADECCO-NOM-NEW- | 4,858 | CHF | 59.16 | 265,729.07 | 0.09% | 0.09% |
| ALCON SA | 17,280 | CHF | 58.84 | 940,090.80 | 0.33% | 0.33% |
| BALOISE HOLDING | 1,418 | CHF | 157.50 | 206,495.31 | 0.07% | 0.07% |
| BARRY CALLEBAUT-NOM- | 110 | CHF | 2,104.00 | 213,989.18 | 0.08% | 0.08% |
| BQ CANTONALE VAUDOIS | 600 | CHF | 96.30 | 53,423.33 | 0.02% | 0.02% |
| CLARIANT-NOM-NEW | 7,800 | CHF | 18.82 | 135,727.43 | 0.05% | 0.05% |
| COCA-COLA HBC | 7,122 | GBP | 23.77 | 189,129.64 | 0.07% | 0.07% |
| CREDIT SUISSE NEW | 84,652 | CHF | 11.40 | 892,268.32 | 0.31% | 0.31% |
| EMS-CHEM HLDG N | 280 | CHF | 853.00 | 220,831.21 | 0.08% | 0.08% |
| FINANCIERE RICHEMONT | 18,418 | CHF | 80.08 | 1,363,703.43 | 0.48% | 0.48% |
| GEBERIT | 1,395 | CHF | 554.20 | 714,815.77 | 0.25% | 0.25% |
| GIVAUDAN | 330 | CHF | 3,730.00 | 1,138,088.85 | 0.40% | 0.40% |
| JULIUS BAER GRP N | 8,386 | CHF | 51.00 | 395,438.03 | 0.14% | 0.14% |
| KUEHNE NAGEL | 1,800 | CHF | 200.80 | 334,187.05 | 0.12% | 0.12% |
| LAFARGEHOLCIM LTD | 18,901 | CHF | 48.62 | 849,675.58 | 0.30% | 0.30% |
| LINDT NOM | 4 | CHF | 88,400.00 | 326,938.19 | 0.12% | 0.11% |
| LINDT SPRUENGLI | 28 | CHF | 8,630.00 | 223,420.09 | 0.08% | 0.08% |
| LOGITECH N | 6,000 | CHF | 85.92 | 476,649.25 | 0.17% | 0.17% |
| LONZA-NOM- NEW | 2,600 | CHF | 568.80 | 1,367,370.90 | 0.48% | 0.48% |
| NESTLE NOM | 101,683 | CHF | 104.26 | 9,802,107.70 | 3.45% | 3.45% |
| NOVARTIS-NOM- | 78,069 | CHF | 83.65 | 6,038,067.45 | 2.13% | 2.12% |
| PARTNERS GRP HLDG | 700 | CHF | 1,040.00 | 673,108.04 | 0.24% | 0.24% |
| ROCHE HOLDING -GE- | 24,821 | CHF | 309.00 | 7,091,386.44 | 2.50% | 2.49% |
| SCHINDLER HDG AG-REG | 809 | CHF | 238.40 | 178,323.33 | 0.06% | 0.06% |
| SCHINDLER HD-PART CT | 1,370 | CHF | 238.60 | 302,234.76 | 0.11% | 0.11% |
| SGS S.A. | 204 | CHF | 2,670.00 | 503,610.56 | 0.18% | 0.18% |
| SIKA AG | 4,950 | CHF | 241.80 | 1,106,661.74 | 0.39% | 0.39% |
| SONOVA HOLDING | 2,149 | CHF | 230.00 | 457,001.53 | 0.16% | 0.16% |
| STRAUMANN HOLDING | 330 | CHF | 1,031.50 | 314,728.86 | 0.11% | 0.11% |
| SWATCH GROUP NEW | 886 | CHF | 241.50 | 197,835.51 | 0.07% | 0.07% |
| SWATCH GROUP-NOM-NEW | 1,556 | CHF | 46.76 | 67,272.49 | 0.02% | 0.02% |
| SWISSCOM-NOM- | 897 | CHF | 477.10 | 395,690.17 | 0.14% | 0.14% |
| SWISS LIFE-NOM- | 1,150 | CHF | 412.40 | 438,500.30 | 0.15% | 0.15% |
| SWISS PRIME SITE | 2,966 | CHF | 86.90 | 238,311.13 | 0.08% | 0.08% |

| Description | Quantity at 31 December 2020 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| SWISS RE N | 9,736 | CHF | 83.34 | 750,217.96 |  | 0.26% | 0.26% |
| TEMENOS AG | 2,500 | CHF | 123.65 | 285,816.65 | 0.10% | 0.10% |
| UBS GROUP AG | 126,200 | CHF | 12.47 | 1,455,054.32 | 0.51% | 0.51% |
| VIFOR PHARMA | 1,600 | CHF | 139.00 | 205,630.81 | 0.07% | 0.07% |
| ZURICH INS GR | 5,391 | CHF | 373.50 | 1,861,715.59 | 0.66% | 0.65% |
| Germany (Federal Republic) |  |  |  | 44,120,101.99 |  | 15.54% | 15.52% |
| ADIDAS AG NA O.N. | 6,667 | EUR | 297.90 | 1,986,099.30 | 0.70% | 0.70% |
| ALLIANZ-NOM- | 14,610 | EUR | 200.70 | 2,932,227.00 | 1.03% | 1.03% |
| BASF SE | 33,127 | EUR | 64.72 | 2,143,979.44 | 0.75% | 0.75% |
| BAYER AG | 35,578 | EUR | 48.16 | 1,713,258.59 | 0.60% | 0.60% |
| BECHTLE | 900 | EUR | 178.40 | 160,560.00 | 0.06% | 0.06% |
| BEIERSDORF | 3,600 | EUR | 94.44 | 339,984.00 | 0.12% | 0.12% |
| BMW | 12,000 | EUR | 72.23 | 866,760.00 | 0.31% | 0.30% |
| BMW-PRIV- | 2,036 | EUR | 55.20 | 112,387.20 | 0.04% | 0.04% |
| BRENNTAG | 5,544 | EUR | 63.34 | 351,156.96 | 0.12% | 0.12% |
| CARL ZEISS MEDITEC | 1,500 | EUR | 108.90 | 163,350.00 | 0.06% | 0.06% |
| COMMERZBANK AG | 40,557 | EUR | 5.27 | 213,573.16 | 0.08% | 0.08% |
| CONTINENTAL | 3,970 | EUR | 121.25 | 481,362.50 | 0.17% | 0.17% |
| COVESTRO | 6,500 | EUR | 50.48 | 328,120.00 | 0.12% | 0.12% |
| DAIMLER-NOM | 29,850 | EUR | 57.79 | 1,725,031.50 | 0.61% | 0.61% |
| DELIVERY HERO SE | 4,500 | EUR | 127.00 | 571,500.00 | 0.20% | 0.20% |
| DEUTSCHE BANK-NOM- | 66,000 | EUR | 8.95 | 590,634.00 | 0.21% | 0.21% |
| DEUTSCHE BOERSE | 6,660 | EUR | 139.25 | 927,405.00 | 0.33% | 0.33% |
| DEUTSCHE LUFT-NOM- | 13,000 | EUR | 10.81 | 140,595.00 | 0.05% | 0.05% |
| DEUTSCHE POST | 34,488 | EUR | 40.50 | 1,396,764.00 | 0.49% | 0.49% |
| DEUTSCHE TELEKOM NOM | 114,947 | EUR | 14.96 | 1,719,032.39 | 0.61% | 0.60% |
| DEUTSCHE WOHNEN | 11,500 | EUR | 43.69 | 502,435.00 | 0.18% | 0.18% |
| EON.SE | 73,800 | EUR | 9.06 | 668,923.20 | 0.24% | 0.24% |
| EVONIK INDUSTRIES AG | 6,000 | EUR | 26.68 | 160,080.00 | 0.06% | 0.06% |
| FRESENIUS MEDICAL | 7,500 | EUR | 68.20 | 511,500.00 | 0.18% | 0.18% |
| FRESENIUS SE CO | 13,942 | EUR | 37.84 | 527,565.28 | 0.19% | 0.19% |
| FUCHS PETROLUB SE | 2,200 | EUR | 46.44 | 102,168.00 | 0.04% | 0.04% |
| GEA GROUP | 5,438 | EUR | 29.28 | 159,224.64 | 0.06% | 0.06% |
| HANNOVER RUECK SE | 2,363 | EUR | 130.30 | 307,898.90 | 0.11% | 0.11% |
| HEIDELBERGCEMENT | 5,231 | EUR | 61.22 | 320,241.82 | 0.11% | 0.11% |
| HELLOFRESH SE | 4,400 | EUR | 63.20 | 278,080.00 | 0.10% | 0.10% |
| HENKEL | 4,071 | EUR | 78.85 | 320,998.35 | 0.11% | 0.11% |
| HENKEL | 6,086 | EUR | 92.30 | 561,737.80 | 0.20% | 0.20% |
| HOCHTIEF | 1,000 | EUR | 79.55 | 79,550.00 | 0.03% | 0.03% |
| INFINEON | 46,500 | EUR | 31.39 | 1,459,635.00 | 0.51% | 0.51% |
| KION GROUP AG | 2,555 | EUR | 71.16 | 181,813.80 | 0.06% | 0.06% |
| KNORR-BREMSE AG | 2,600 | EUR | 111.68 | 290,368.00 | 0.10% | 0.10% |
| LANXESS | 2,911 | EUR | 62.76 | 182,694.36 | 0.06% | 0.06% |
| LEG IMMOBILIEN AG | 2,500 | EUR | 127.06 | 317,650.00 | 0.11% | 0.11% |
| MERCK | 4,322 | EUR | 140.35 | 606,592.70 | 0.21% | 0.21% |
| MTU AERO ENGINES AG | 1,900 | EUR | 213.40 | 405,460.00 | 0.14% | 0.14% |
| MUNCHENER-NOM | 4,808 | EUR | 242.80 | 1,167,382.40 | 0.41% | 0.41% |
| NEMETSCHEK | 2,200 | EUR | 60.40 | 132,880.00 | 0.05% | 0.05% |
| PORSCHE AUTOMOBIL | 4,859 | EUR | 56.40 | 274,047.60 | 0.10% | 0.10% |
| PUMA | 3,724 | EUR | 92.28 | 343,650.72 | 0.12% | 0.12% |
| RATIONAL | 150 | EUR | 761.50 | 114,225.00 | 0.04% | 0.04% |
| RWE AG A | 24,000 | EUR | 34.57 | 829,680.00 | 0.29% | 0.29% |
| SAP | 36,761 | EUR | 107.22 | 3,941,514.42 | 1.39% | 1.39% |
| SARTORIUS VZ | 1,300 | EUR | 343.60 | 446,680.00 | 0.16% | 0.16% |
| SCOUT24 AG | 4,000 | EUR | 67.05 | 268,200.00 | 0.09% | 0.09% |
| SIEMENS ENERGY AG | 14,000 | EUR | 30.00 | 420,000.00 | 0.15% | 0.15% |
| SIEMENS HEALTH | 8,500 | EUR | 41.98 | 356,830.00 | 0.13% | 0.13% |
| SIEMENS-NOM- | 27,100 | EUR | 117.52 | 3,184,792.00 | 1.12% | 1.12% |
| SYMRISE AG | 4,600 | EUR | 108.40 | 498,640.00 | 0.18% | 0.18% |
| TEAMVIEWER AG | 4,200 | EUR | 43.83 | 184,086.00 | 0.06% | 0.06% |
| TELEFONICA DT H N | 50,000 | EUR | 2.25 | 112,750.00 | 0.04% | 0.04% |
| UNIPER SE | 7,000 | EUR | 28.24 | 197,680.00 | 0.07% | 0.07% |
| UNITED INTERNET | 3,615 | EUR | 34.43 | 124,464.45 | 0.04% | 0.04% |
| VONOVIA SE | 18,600 | EUR | 59.76 | 1,111,536.00 | 0.39% | 0.39% |
| VW | 1,314 | EUR | 170.10 | 223,511.40 | 0.08% | 0.08% |
| VW-PRIV- | 6,450 | EUR | 152.42 | 983,109.00 | 0.35% | 0.35% |
| ZALANDO | 5,700 | EUR | 91.06 | 519,042.00 | 0.18% | 0.18% |

| Description | Quantity at 31 December 2020 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Denmark |  |  |  | 42,243,097.88 |  | 14.87% | 14.86% |
| AMBU AS -B- | 5,200 | DKK | 263.20 | 183,871.73 | 0.06% | 0.06% |
| AP MOELLER-MAERS -A- | 100 | DKK | 12,650.00 | 169,948.08 | 0.06% | 0.06% |
| AP MOELLER-MAERS -B- | 200 | DKK | 13,595.00 | 365,287.60 | 0.13% | 0.13% |
| CARLSBERG-B- | 3,796 | DKK | 975.20 | 497,331.10 | 0.18% | 0.17% |
| CHR. HANSEN HOLDING | 4,000 | DKK | 626.40 | 336,618.10 | 0.12% | 0.12% |
| COLOPLAST AS B | 4,535 | DKK | 929.60 | 566,368.55 | 0.20% | 0.20% |
| DANSKE BANK | 27,093 | DKK | 100.65 | 366,350.34 | 0.13% | 0.13% |
| DSV PANALPINA | 7,358 | DKK | 1,020.00 | 1,008,290.51 | 0.36% | 0.35% |
| GENMAB A-S | 2,300 | DKK | 2,463.00 | 761,058.38 | 0.27% | 0.27% |
| GN STORE N | 4,200 | DKK | 487.20 | 274,904.78 | 0.10% | 0.10% |
| LUNDBECK | 2,000 | DKK | 208.80 | 56,103.02 | 0.02% | 0.02% |
| NOVO NORDISK -B- | 60,700 | DKK | 426.65 | 3,479,254.24 | 1.23% | 1.22% |
| NOVOZYMES -B- | 6,635 | DKK | 349.50 | 311,540.01 | 0.11% | 0.11% |
| ORSTED | 6,600 | DKK | 1,243.50 | 1,102,593.56 | 0.39% | 0.39% |
| PANDORA AS | 3,600 | DKK | 681.00 | 329,363.40 | 0.12% | 0.12% |
| ROCKWOOL INTL | 250 | DKK | 2,278.00 | 76,510.22 | 0.03% | 0.03% |
| TRYG | 4,020 | DKK | 192.10 | 103,747.86 | 0.04% | 0.04% |
| VESTAS WIND NEW | 6,700 | DKK | 1,439.50 | 1,295,723.09 | 0.46% | 0.46% |
| WILLIAM DEMANT HLDG | 4,470 | DKK | 240.60 | 144,487.03 | 0.05% | 0.05% |
| Spain |  |  |  | 11,429,351.60 |  | 4.02% | 4.02% |
| ACS | 10,187 | EUR | 27.15 | 276,577.05 | 0.10% | 0.10% |
| AENA S.A. | 2,400 | EUR | 142.20 | 341,280.00 | 0.12% | 0.12% |
| AMADEUS IT GROUP SA | 16,100 | EUR | 59.56 | 958,916.00 | 0.34% | 0.34% |
| BANCO BILBAO | 240,000 | EUR | 4.04 | 968,400.00 | 0.34% | 0.34% |
| BANCO SANTANDER | 621,078 | EUR | 2.54 | 1,576,295.96 | 0.56% | 0.55% |
| CAIXABANK S.A | 137,347 | EUR | 2.10 | 288,566.05 | 0.10% | 0.10% |
| CELLNEX TELECOM | 11,490 | EUR | 49.12 | 564,388.80 | 0.20% | 0.20% |
| ENAGAS | 8,619 | EUR | 17.96 | 154,840.34 | 0.05% | 0.05% |
| ENDESA | 11,000 | EUR | 22.35 | 245,850.00 | 0.09% | 0.09% |
| FERROVIAL S.A | 15,498 | EUR | 22.60 | 350,254.80 | 0.12% | 0.12% |
| GRIFOLS SA | 10,894 | EUR | 23.88 | 260,148.72 | 0.09% | 0.09% |
| IBERDROLA | 209,823 | EUR | 11.70 | 2,454,929.10 | 0.86% | 0.86% |
| INDITEX | 38,500 | EUR | 26.04 | 1,002,540.00 | 0.35% | 0.35% |
| NATURGY ENERGY GROUP | 9,152 | EUR | 18.96 | 173,521.92 | 0.06% | 0.06% |
| RED ELECTRICA CORP | 17,000 | EUR | 16.77 | 285,175.00 | 0.10% | 0.10% |
| REPSOL | 48,671 | EUR | 8.25 | 401,535.75 | 0.14% | 0.14% |
| SIEMENS GAMESA | 8,600 | EUR | 33.09 | 284,574.00 | 0.10% | 0.10% |
| TELEFONICA | 157,991 | EUR | 3.25 | 512,680.80 | 0.18% | 0.18% |
| Finland |  |  |  | 11,100,474.29 |  | 3.91% | 3.90% |
| ELISA -A- | 5,945 | EUR | 44.87 | 266,752.15 | 0.09% | 0.09% |
| FORTUM CORP | 15,000 | EUR | 19.70 | 295,500.00 | 0.10% | 0.10% |
| KESKO CORP | 9,000 | EUR | 21.04 | 189,360.00 | 0.07% | 0.07% |
| KONE B | 12,500 | EUR | 66.46 | 830,750.00 | 0.29% | 0.29% |
| NESTE CORPORATION | 14,900 | EUR | 59.16 | 881,484.00 | 0.31% | 0.31% |
| NOKIA-A-NEW | 190,900 | EUR | 3.15 | 601,525.90 | 0.21% | 0.21% |
| NORDEA BANK ABP | 111,742 | SEK | 67.22 | 747,504.33 | 0.26% | 0.26% |
| ORION -B- NEW | 3,444 | EUR | 37.53 | 129,253.32 | 0.05% | 0.05% |
| SAMPO OYJ | 15,727 | EUR | 34.57 | 543,682.39 | 0.19% | 0.19% |
| STORA ENSO-R- | 20,736 | EUR | 15.64 | 324,414.72 | 0.11% | 0.11% |
| UPM-KYMMENE | 20,007 | EUR | 30.47 | 609,613.29 | 0.21% | 0.21% |
| WARTSILA -B- | 11,989 | EUR | 8.15 | 97,710.35 | 0.03% | 0.03% |
| France |  |  |  | 5,517,550.45 |  | 1.94% | 1.94% |
| ACCOR | 8,000 | EUR | 29.60 | 236,800.00 | 0.08% | 0.08% |
| ADP | 1,190 | EUR | 106.10 | 126,259.00 | 0.04% | 0.04% |
| AIR LIQUIDE | 16,473 | EUR | 134.25 | 2,211,500.25 | 0.78% | 0.78% |
| ALSTOM | 9,823 | EUR | 46.61 | 457,850.03 | 0.16% | 0.16% |
| AMUNDI | 2,500 | EUR | 66.80 | 167,000.00 | 0.06% | 0.06% |

| Description | Quantity at 31 December 2020 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| ARKEMA | 2,912 | EUR | 93.50 | 272,272.00 |  | 0.10% | 0.10% |
| ATOS SE | 3,636 | EUR | 74.78 | 271,900.08 | 0.10% | 0.10% |
| AXA | 69,800 | EUR | 19.51 | 1,361,937.60 | 0.48% | 0.48% |
| BIOMERIEUX S.A. | 1,400 | EUR | 115.40 | 161,560.00 | 0.06% | 0.06% |
| BNP | 39,500 | EUR | 43.10 | 1,702,647.50 | 0.60% | 0.60% |
| BOLLORE | 41,172 | EUR | 3.38 | 139,243.70 | 0.05% | 0.05% |
| BOUYGUES | 7,270 | EUR | 33.65 | 244,635.50 | 0.09% | 0.09% |
| BUREAU VERITAS SA | 11,717 | EUR | 21.76 | 254,961.92 | 0.09% | 0.09% |
| CAPGEMINI | 5,582 | EUR | 126.80 | 707,797.60 | 0.25% | 0.25% |
| CARREFOUR SA | 21,985 | EUR | 14.03 | 308,449.55 | 0.11% | 0.11% |
| CNP ASSURANCES | 5,354 | EUR | 13.18 | 70,565.72 | 0.02% | 0.02% |
| COINTREAU | 926 | EUR | 152.30 | 141,029.80 | 0.05% | 0.05% |
| COVIVIO | 1,558 | EUR | 75.35 | 117,395.30 | 0.04% | 0.04% |
| CREDIT AGRICOLE | 35,200 | EUR | 10.32 | 363,264.00 | 0.13% | 0.13% |
| DANONE | 21,038 | EUR | 53.76 | 1,131,002.88 | 0.40% | 0.40% |
| DASSAULT AVIATION | 121 | EUR | 897.00 | 108,537.00 | 0.04% | 0.04% |
| DASSAULT SYST | 4,903 | EUR | 166.15 | 814,633.45 | 0.29% | 0.29% |
| EDENRED SA | 8,692 | EUR | 46.41 | 403,395.72 | 0.14% | 0.14% |
| EDF | 23,039 | EUR | 12.89 | 297,087.91 | 0.10% | 0.10% |
| EIFFAGE | 2,500 | EUR | 79.04 | 197,600.00 | 0.07% | 0.07% |
| ENGIE | 62,687 | EUR | 12.52 | 784,841.24 | 0.28% | 0.28% |
| ESSILOR LUX | 9,764 | EUR | 127.55 | 1,245,398.20 | 0.44% | 0.44% |
| EURAZEO SE | 1,800 | EUR | 55.50 | 99,900.00 | 0.04% | 0.04% |
| FAURECIA | 3,300 | EUR | 41.91 | 138,303.00 | 0.05% | 0.05% |
| FDJ | 2,800 | EUR | 37.41 | 104,748.00 | 0.04% | 0.04% |
| GECINA | 2,000 | EUR | 126.30 | 252,600.00 | 0.09% | 0.09% |
| GETLINK | 15,100 | EUR | 14.18 | 214,118.00 | 0.08% | 0.08% |
| HERMES | 1,110 | EUR | 879.60 | 976,356.00 | 0.34% | 0.34% |
| ILIAD SA | 307 | EUR | 168.10 | 51,606.70 | 0.02% | 0.02% |
| IPSEN | 1,300 | EUR | 67.90 | 88,270.00 | 0.03% | 0.03% |
| KERING | 2,642 | EUR | 594.40 | 1,570,404.80 | 0.55% | 0.55% |
| KLEPIERRE | 5,387 | EUR | 18.39 | 99,066.93 | 0.03% | 0.03% |
| LEGRAND-PROV.OPO | 10,007 | EUR | 73.00 | 730,511.00 | 0.26% | 0.26% |
| L OREAL | 8,932 | EUR | 310.80 | 2,776,065.60 | 0.98% | 0.98% |
| LVMH MOET HENNESSY | 9,800 | EUR | 510.90 | 5,006,820.00 | 1.76% | 1.76% |
| MICHELIN-B- | 5,937 | EUR | 104.95 | 623,088.15 | 0.22% | 0.22% |
| NATIXIS | 36,035 | EUR | 2.79 | 100,501.62 | 0.04% | 0.04% |
| ORANGE SA | 74,494 | EUR | 9.73 | 725,124.60 | 0.26% | 0.26% |
| ORPEA | 1,800 | EUR | 107.55 | 193,590.00 | 0.07% | 0.07% |
| PERNOD-RICARD | 7,241 | EUR | 156.80 | 1,135,388.80 | 0.40% | 0.40% |
| PEUGEOT-SICOVAM-NEW | 20,200 | EUR | 22.37 | 451,874.00 | 0.16% | 0.16% |
| PUBLICIS NEW | 6,932 | EUR | 40.76 | 282,548.32 | 0.10% | 0.10% |
| RENAULT | 6,473 | EUR | 35.76 | 231,474.48 | 0.08% | 0.08% |
| SAFRAN | 10,912 | EUR | 115.95 | 1,265,246.40 | 0.45% | 0.44% |
| SAINT-GOBAIN | 17,632 | EUR | 37.50 | 661,200.00 | 0.23% | 0.23% |
| SANOFI | 39,900 | EUR | 78.70 | 3,140,130.00 | 1.11% | 1.10% |
| SARTORIUS STEDIM | 900 | EUR | 291.20 | 262,080.00 | 0.09% | 0.09% |
| SCHNEIDER ELECTRIC | 18,890 | EUR | 118.30 | 2,234,687.00 | 0.79% | 0.79% |
| SCOR | 5,512 | EUR | 26.42 | 145,627.04 | 0.05% | 0.05% |
| SEB SA | 800 | EUR | 149.00 | 119,200.00 | 0.04% | 0.04% |
| SOCGEN-A- | 26,783 | EUR | 17.02 | 455,900.23 | 0.16% | 0.16% |
| SODEXO | 3,584 | EUR | 69.22 | 248,084.48 | 0.09% | 0.09% |
| SUEZ SA | 12,346 | EUR | 16.22 | 200,252.12 | 0.07% | 0.07% |
| TELEPERFORMANCE | 1,900 | EUR | 271.30 | 515,470.00 | 0.18% | 0.18% |
| THALES | 4,184 | EUR | 74.90 | 313,381.60 | 0.11% | 0.11% |
| TOTAL SE | 88,316 | EUR | 35.30 | 3,117,554.80 | 1.10% | 1.10% |
| UBISOFT | 3,000 | EUR | 78.84 | 236,520.00 | 0.08% | 0.08% |
| UNIBAIL RODAMCO WEST | 4,700 | EUR | 64.58 | 303,526.00 | 0.11% | 0.11% |
| VALEO SA | 8,800 | EUR | 32.28 | 284,064.00 | 0.10% | 0.10% |
| VEOLIA ENVIRON. | 18,794 | EUR | 20.01 | 376,067.94 | 0.13% | 0.13% |
| VINCI | 18,817 | EUR | 81.36 | 1,530,951.12 | 0.54% | 0.54% |
| VIVENDI | 30,300 | EUR | 26.38 | 799,314.00 | 0.28% | 0.28% |
| WENDEL | 1,027 | EUR | 97.95 | 100,594.65 | 0.04% | 0.04% |
| WORLDLINE SA | 8,184 | EUR | 79.10 | 647,354.40 | 0.23% | 0.23% |
| United Kingdom |  |  |  | 47,109,131.73 |  | 16.59% | 16.57% |
| 3I GROUP | 29,346 | GBP | 11.58 | 379,652.20 | 0.13% | 0.13% |
| ADMIRAL GROUP | 6,453 | GBP | 29.06 | 209,500.82 | 0.07% | 0.07% |
| ANGLO AMERICAN | 42,336 | GBP | 24.25 | 1,146,728.10 | 0.40% | 0.40% |

| Description | Quantity at 31 December 2020 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| ANTOFAGASTA | 11,581 | GBP | 14.40 | 186,375.05 |  | 0.07% | 0.07% |
| ASHTEAD GROUP | 15,500 | GBP | 34.38 | 595,341.30 | 0.21% | 0.21% |
| ASTRAZENECA | 46,200 | GBP | 73.24 | 3,780,234.61 | 1.33% | 1.33% |
| AUTO TRADER GRP | 35,000 | GBP | 5.96 | 233,046.59 | 0.08% | 0.08% |
| AVEVA GROUP PLC | 4,444 | GBP | 32.02 | 158,973.17 | 0.06% | 0.06% |
| AVIVA | 136,924 | GBP | 3.25 | 497,460.45 | 0.18% | 0.17% |
| BAE SYSTEMS | 118,000 | GBP | 4.89 | 644,379.40 | 0.23% | 0.23% |
| BARCLAYS NEW | 620,000 | GBP | 1.47 | 1,015,993.74 | 0.36% | 0.36% |
| BARRATT DEVELOPMENT | 38,100 | GBP | 6.70 | 285,186.01 | 0.10% | 0.10% |
| BERKELEY GROUP-UNITS | 4,700 | GBP | 47.42 | 248,993.41 | 0.09% | 0.09% |
| BHP GROUP PLC | 73,200 | GBP | 19.25 | 1,574,237.52 | 0.55% | 0.55% |
| BP PLC | 726,290 | GBP | 2.55 | 2,067,463.88 | 0.73% | 0.73% |
| BRITISH AMER TOBACCO | 79,500 | GBP | 27.08 | 2,405,161.43 | 0.85% | 0.85% |
| BRITISH FOODS | 14,000 | GBP | 22.64 | 354,105.69 | 0.12% | 0.12% |
| BRITISH LAND | 37,318 | GBP | 4.89 | 203,871.10 | 0.07% | 0.07% |
| BT GROUP | 331,044 | GBP | 1.32 | 489,113.72 | 0.17% | 0.17% |
| BUNZL NEW | 11,939 | GBP | 24.43 | 325,851.60 | 0.11% | 0.11% |
| BURBERRY GROUP | 12,346 | GBP | 17.89 | 246,823.45 | 0.09% | 0.09% |
| COCA-COLA EUROPEAN | 8,000 | USD | 49.83 | 325,806.06 | 0.11% | 0.11% |
| COMPASS GROUP | 65,013 | GBP | 13.63 | 989,975.63 | 0.35% | 0.35% |
| CRODA INTERNATIONAL | 4,873 | GBP | 65.96 | 359,091.81 | 0.13% | 0.13% |
| DIAGEO | 83,244 | GBP | 28.78 | 2,676,530.35 | 0.94% | 0.94% |
| DIRECT LINE INS | 46,833 | GBP | 3.19 | 166,905.68 | 0.06% | 0.06% |
| EVRAZ PLC | 20,000 | GBP | 4.72 | 105,373.70 | 0.04% | 0.04% |
| FRESNILLO PLC | 6,000 | GBP | 11.29 | 75,712.21 | 0.03% | 0.03% |
| GLAXOSMITHKLINE | 174,000 | GBP | 13.42 | 2,608,736.45 | 0.92% | 0.92% |
| HALMA PLC | 14,500 | GBP | 24.49 | 396,721.04 | 0.14% | 0.14% |
| HARGREAVES LANSD | 12,000 | GBP | 15.25 | 204,446.43 | 0.07% | 0.07% |
| HIKMA PHARMA | 5,000 | GBP | 25.18 | 140,654.68 | 0.05% | 0.05% |
| HSBC HOLDINGS | 710,700 | GBP | 3.79 | 3,008,029.21 | 1.06% | 1.06% |
| IMPERIAL BRANDS | 28,866 | GBP | 15.36 | 495,182.02 | 0.17% | 0.17% |
| INFORMA PLC | 54,696 | GBP | 5.49 | 335,472.06 | 0.12% | 0.12% |
| INTERCONT HOTELS | 5,464 | GBP | 46.90 | 286,293.82 | 0.10% | 0.10% |
| INTERTEK GROUP | 6,026 | GBP | 56.48 | 380,235.15 | 0.13% | 0.13% |
| JD SPORTS FSN | 16,000 | GBP | 8.60 | 153,725.84 | 0.05% | 0.05% |
| JOHNSON MATTHEY | 5,853 | GBP | 24.25 | 158,569.15 | 0.06% | 0.06% |
| KINGFISHER NEW | 68,408 | GBP | 2.70 | 206,653.14 | 0.07% | 0.07% |
| LAND SECS REIT | 25,207 | GBP | 6.74 | 189,749.49 | 0.07% | 0.07% |
| LEGAL | 220,000 | GBP | 2.66 | 654,273.27 | 0.23% | 0.23% |
| LLOYDS BK GROUP PLC | 2,600,000 | GBP | 0.36 | 1,058,473.91 | 0.37% | 0.37% |
| LONDON STOCK EXCHANG | 11,310 | GBP | 90.08 | 1,138,202.21 | 0.40% | 0.40% |
| MELROSE INDUSTRIES | 170,535 | GBP | 1.78 | 339,221.95 | 0.12% | 0.12% |
| M-G PLC | 115,800 | GBP | 1.98 | 256,089.93 | 0.09% | 0.09% |
| MONDI PLC | 19,000 | GBP | 17.20 | 364,992.74 | 0.13% | 0.13% |
| MORRISON SUPERMARKET | 70,000 | GBP | 1.77 | 138,694.00 | 0.05% | 0.05% |
| NATIONAL GRID PLC | 124,000 | GBP | 8.65 | 1,198,301.87 | 0.42% | 0.42% |
| NATWEST GROUP | 150,481 | GBP | 1.68 | 281,847.17 | 0.10% | 0.10% |
| NEXT | 4,895 | GBP | 70.86 | 387,509.44 | 0.14% | 0.14% |
| OCADO GROUP PLC | 18,100 | GBP | 22.87 | 462,458.94 | 0.16% | 0.16% |
| PEARSON | 21,696 | GBP | 6.80 | 164,919.65 | 0.06% | 0.06% |
| PERSIMMON | 10,900 | GBP | 27.67 | 336,948.94 | 0.12% | 0.12% |
| PHOENIX GRP | 17,000 | GBP | 7.01 | 133,059.99 | 0.05% | 0.05% |
| PRUDENTIAL | 94,000 | GBP | 13.47 | 1,414,568.20 | 0.50% | 0.50% |
| RECKITT BENCKISER | 25,730 | GBP | 65.42 | 1,880,523.52 | 0.66% | 0.66% |
| RELX PLC | 69,000 | GBP | 17.93 | 1,381,772.99 | 0.49% | 0.49% |
| RENTOKIL INITIAL NEW | 61,900 | GBP | 5.10 | 352,410.23 | 0.12% | 0.12% |
| RIO TINTO-LONDON- | 40,400 | GBP | 54.70 | 2,468,863.81 | 0.87% | 0.87% |
| ROLLS-ROYCE HLDGS | 274,620 | GBP | 1.11 | 341,319.13 | 0.12% | 0.12% |
| ROYAL DUTCH SHELL-A | 143,568 | EUR | 14.61 | 2,098,102.75 | 0.74% | 0.74% |
| ROYAL DUTCH SHELL-B | 131,000 | GBP | 12.59 | 1,843,161.66 | 0.65% | 0.65% |
| RSA INSUR GRP | 35,000 | GBP | 6.77 | 264,875.43 | 0.09% | 0.09% |
| SAGE GRP | 36,526 | GBP | 5.82 | 237,494.49 | 0.08% | 0.08% |
| SAINSBURY | 67,439 | GBP | 2.25 | 169,897.16 | 0.06% | 0.06% |
| SCHRODERS NEW | 4,073 | GBP | 33.37 | 151,844.50 | 0.05% | 0.05% |
| SEGRO PLC -REIT- | 41,500 | GBP | 9.48 | 439,340.86 | 0.15% | 0.15% |
| SEVERN TRENT | 8,986 | GBP | 22.89 | 229,795.04 | 0.08% | 0.08% |
| SMITH NEPHEW | 33,577 | GBP | 15.10 | 566,431.35 | 0.20% | 0.20% |
| SMITHS GROUP | 16,000 | GBP | 15.04 | 268,930.85 | 0.09% | 0.09% |
| SPIRAX SARCO ENG | 2,300 | GBP | 112.95 | 290,230.14 | 0.10% | 0.10% |
| SSE PLC | 34,410 | GBP | 15.00 | 576,639.48 | 0.20% | 0.20% |
| ST.JAMES PLACE | 19,000 | GBP | 11.34 | 240,604.40 | 0.08% | 0.08% |

| Description | Quantity at 31 December 2020 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| STANDARD CHARTERED-N | 99,151 | GBP | 4.66 | 516,081.45 |  | 0.18% | 0.18% |
| STANDARD LIFE ABERD | 65,800 | GBP | 2.81 | 206,787.40 | 0.07% | 0.07% |
| TAYLOR WIMPEY | 132,900 | GBP | 1.66 | 246,171.60 | 0.09% | 0.09% |
| TESCO | 337,600 | GBP | 2.31 | 872,758.80 | 0.31% | 0.31% |
| UNILEVER PLC | 92,341 | GBP | 43.92 | 4,530,909.08 | 1.60% | 1.59% |
| UNITED UTILITIES GRP | 23,000 | GBP | 8.95 | 229,974.30 | 0.08% | 0.08% |
| VODAFONE GROUP | 962,410 | GBP | 1.21 | 1,300,344.82 | 0.46% | 0.46% |
| WHITBREAD PLC | 6,252 | GBP | 31.00 | 216,525.53 | 0.08% | 0.08% |
| Ireland |  |  |  | 60,563,710.14 |  | 21.33% | 21.30% |
| CRH | 27,931 | EUR | 34.02 | 950,212.62 | 0.33% | 0.33% |
| DCC | 3,300 | GBP | 51.78 | 190,899.34 | 0.07% | 0.07% |
| FLUTTER ENTERT | 5,353 | EUR | 166.90 | 893,415.70 | 0.31% | 0.31% |
| KERRY | 5,764 | EUR | 118.50 | 683,034.00 | 0.24% | 0.24% |
| KINGSPAN GROUP PLC | 5,400 | EUR | 57.40 | 309,960.00 | 0.11% | 0.11% |
| SMURFIT KAPPA | 7,400 | EUR | 38.04 | 281,496.00 | 0.10% | 0.10% |
| Isle of Man |  |  |  | 3,309,017.66 |  | 1.17% | 1.16% |
| ENTAIN PLC | 19,900 | GBP | 11.34 | 252,001.45 | 0.09% | 0.09% |
| Italy |  |  |  | 252,001.45 |  | 0.09% | 0.09% |
| AMPLIFON SPA | 4,000 | EUR | 34.04 | 136,160.00 | 0.05% | 0.05% |
| ATLANTIA SPA | 17,661 | EUR | 14.71 | 259,881.62 | 0.09% | 0.09% |
| DIASORIN SPA | 900 | EUR | 170.10 | 153,090.00 | 0.05% | 0.05% |
| ENEL NEW | 287,681 | EUR | 8.28 | 2,380,847.96 | 0.84% | 0.84% |
| ENI SPA | 88,633 | EUR | 8.55 | 757,634.88 | 0.27% | 0.27% |
| FINECOBANK SPA | 21,000 | EUR | 13.40 | 281,400.00 | 0.10% | 0.10% |
| GENERALI | 37,570 | EUR | 14.26 | 535,748.20 | 0.19% | 0.19% |
| INFRASTRUTTURE WIREL | 6,000 | EUR | 9.93 | 59,580.00 | 0.02% | 0.02% |
| INTESA SANPAOLO | 570,000 | EUR | 1.91 | 1,090,182.00 | 0.38% | 0.38% |
| MEDIOBANCA | 21,948 | EUR | 7.54 | 165,487.92 | 0.06% | 0.06% |
| MONCLER SPA | 7,200 | EUR | 50.14 | 361,008.00 | 0.13% | 0.13% |
| NEXI SPA | 14,000 | EUR | 16.34 | 228,760.00 | 0.08% | 0.08% |
| POSTE ITALIANE | 18,300 | EUR | 8.32 | 152,256.00 | 0.05% | 0.05% |
| PRYSMIAN SPA | 8,707 | EUR | 29.08 | 253,199.56 | 0.09% | 0.09% |
| RECORDATI IND-NEW | 4,500 | EUR | 45.33 | 203,985.00 | 0.07% | 0.07% |
| SNAM SPA | 75,697 | EUR | 4.60 | 348,281.90 | 0.12% | 0.12% |
| TELECOM ITALIA | 344,299 | EUR | 0.38 | 129,938.44 | 0.05% | 0.05% |
| TELECOM ITALIA | 200,000 | EUR | 0.42 | 84,760.00 | 0.03% | 0.03% |
| TERNA | 48,520 | EUR | 6.25 | 303,250.00 | 0.11% | 0.11% |
| UNICREDIT SPA | 76,748 | EUR | 7.65 | 586,968.70 | 0.21% | 0.21% |
| Jersey |  |  |  | 8,472,420.18 |  | 2.98% | 2.98% |
| EXPERIAN | 33,200 | GBP | 27.77 | 1,030,012.29 | 0.36% | 0.36% |
| FERGUSON NEWCO PLC | 7,664 | GBP | 88.84 | 760,663.34 | 0.27% | 0.27% |
| GLENCORE PLC | 344,871 | GBP | 2.33 | 897,720.29 | 0.32% | 0.32% |
| WPP PLC | 43,949 | GBP | 8.00 | 392,796.34 | 0.14% | 0.14% |
| Luxembourg (Grand Duchy) |  |  |  | 3,081,192.26 |  | 1.08% | 1.08% |
| ARCELORMITTAL | 23,409 | EUR | 18.88 | 441,961.92 | 0.16% | 0.16% |
| AROUNDTOWN S.A. | 28,000 | EUR | 6.12 | 171,360.00 | 0.06% | 0.06% |
| EUROFINS SCIENTIFIC | 5,200 | EUR | 68.63 | 356,876.00 | 0.13% | 0.13% |
| SES-FDR-ANC | 13,256 | EUR | 7.72 | 102,283.30 | 0.04% | 0.04% |
| TENARIS | 19,576 | EUR | 6.62 | 129,671.42 | 0.05% | 0.05% |
| Netherlands |  |  |  | 1,202,152.64 |  | 0.42% | 0.42% |
| ABN AMRO DR | 16,000 | EUR | 8.02 | 128,320.00 | 0.05% | 0.05% |
| ADYEN N.V. | 620 | EUR | 1,905.00 | 1,181,100.00 | 0.42% | 0.42% |

| Description | Quantity at 31 December 2020 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| AEGON | 48,948 | EUR | 3.23 | 158,346.78 |  | 0.06% | 0.06% |
| AIRBUS | 20,236 | EUR | 89.78 | 1,816,788.08 | 0.64% | 0.64% |
| AKZO NOBEL NV | 6,919 | EUR | 87.86 | 607,903.34 | 0.21% | 0.21% |
| ALTICE EUROPE NV -A- | 27,000 | EUR | 5.33 | 143,856.00 | 0.05% | 0.05% |
| ARGEN-X N.V. | 1,400 | EUR | 242.00 | 338,800.00 | 0.12% | 0.12% |
| ASML HOLDING NV | 15,050 | EUR | 397.55 | 5,983,127.50 | 2.11% | 2.10% |
| CNH INDUSTRIAL | 35,777 | EUR | 10.32 | 369,397.53 | 0.13% | 0.13% |
| DAVIDE CAMP MIL | 21,000 | EUR | 9.34 | 196,140.00 | 0.07% | 0.07% |
| DSM | 6,151 | EUR | 140.80 | 866,060.80 | 0.30% | 0.30% |
| EXOR RG | 3,360 | EUR | 66.22 | 222,499.20 | 0.08% | 0.08% |
| FERRARI NV | 4,517 | EUR | 188.65 | 852,132.05 | 0.30% | 0.30% |
| FIAT CHRYSLER INV | 38,922 | EUR | 14.66 | 570,596.52 | 0.20% | 0.20% |
| HEINEKEN | 3,401 | EUR | 77.05 | 262,047.05 | 0.09% | 0.09% |
| HEINEKEN- | 8,900 | EUR | 91.22 | 811,858.00 | 0.29% | 0.29% |
| ING GROUP | 133,900 | EUR | 7.64 | 1,023,129.90 | 0.36% | 0.36% |
| JDE PEETS | 2,400 | EUR | 36.95 | 88,680.00 | 0.03% | 0.03% |
| JUST EAT TAKEAWAY | 4,300 | EUR | 92.40 | 397,320.00 | 0.14% | 0.14% |
| KONINKLIJKE AHOLD | 40,000 | EUR | 23.11 | 924,400.00 | 0.33% | 0.33% |
| KONINKLIJKE VOPAK | 2,941 | EUR | 42.99 | 126,433.59 | 0.04% | 0.04% |
| KPN NEW | 107,322 | EUR | 2.49 | 266,909.81 | 0.09% | 0.09% |
| NN GROUP NV | 10,928 | EUR | 35.53 | 388,271.84 | 0.14% | 0.14% |
| PHILIPS NV | 32,519 | EUR | 43.78 | 1,423,681.82 | 0.50% | 0.50% |
| PROSUS NV | 17,000 | EUR | 88.36 | 1,502,120.00 | 0.53% | 0.53% |
| QIAGEN RG | 8,371 | EUR | 42.45 | 355,348.95 | 0.13% | 0.12% |
| RANDSTAD N.V. | 4,370 | EUR | 53.24 | 232,658.80 | 0.08% | 0.08% |
| STMICROELECTRONICS | 21,654 | EUR | 30.55 | 661,529.70 | 0.23% | 0.23% |
| WOLTERS KLUWER | 10,096 | EUR | 69.06 | 697,229.76 | 0.25% | 0.25% |
| Norway |  |  |  | 22,596,687.02 |  | 7.96% | 7.95% |
| ADEVINTA ASA B | 9,000 | NOK | 144.00 | 123,711.34 | 0.04% | 0.04% |
| DNB HOLDING -A- | 34,299 | NOK | 168.00 | 550,041.24 | 0.19% | 0.19% |
| EQUINOR ASA | 35,800 | NOK | 144.95 | 495,342.69 | 0.17% | 0.17% |
| GJENSIDIGE FORSIKRI | 7,000 | NOK | 191.40 | 127,892.33 | 0.05% | 0.04% |
| MOWI ASA | 16,200 | NOK | 191.00 | 295,360.82 | 0.10% | 0.10% |
| NORSK | 35,599 | NOK | 39.86 | 135,450.19 | 0.05% | 0.05% |
| ORKLA | 27,563 | NOK | 87.00 | 228,902.35 | 0.08% | 0.08% |
| SCHIBSTED ASA | 2,500 | NOK | 366.30 | 87,414.09 | 0.03% | 0.03% |
| SCHIBSTED -B- | 2,900 | NOK | 319.80 | 88,528.06 | 0.03% | 0.03% |
| TELENOR | 26,327 | NOK | 145.90 | 366,658.01 | 0.13% | 0.13% |
| YARA INTERNATIONAL | 7,254 | NOK | 356.00 | 246,508.59 | 0.09% | 0.09% |
| Portugal |  |  |  | 2,745,809.71 |  | 0.97% | 0.97% |
| EDP-ENERGIAS-REG | 104,656 | EUR | 5.16 | 539,606.34 | 0.19% | 0.19% |
| GALP ENERGIA -B- | 17,922 | EUR | 8.75 | 156,889.19 | 0.06% | 0.06% |
| JERONIMO | 9,615 | EUR | 13.82 | 132,879.30 | 0.05% | 0.05% |
| Sweden |  |  |  | 829,374.83 |  | 0.29% | 0.29% |
| ALFA LAVAL | 11,426 | SEK | 226.30 | 257,322.37 | 0.09% | 0.09% |
| ASSA ABLOY AB -B- | 36,231 | SEK | 202.50 | 730,136.59 | 0.26% | 0.26% |
| ATLAS COPCO-A RG | 23,100 | SEK | 421.10 | 968,045.98 | 0.34% | 0.34% |
| ATLAS COPCO-B | 14,787 | SEK | 368.30 | 541,976.62 | 0.19% | 0.19% |
| BALDER -B- | 3,500 | SEK | 428.90 | 149,390.46 | 0.05% | 0.05% |
| BOLIDEN AB | 10,400 | SEK | 291.40 | 301,593.27 | 0.11% | 0.11% |
| ELECTROLUX | 7,466 | SEK | 191.35 | 142,172.37 | 0.05% | 0.05% |
| EPIROC AB-A | 21,100 | SEK | 149.65 | 314,237.45 | 0.11% | 0.11% |
| EPIROC AB-B | 14,895 | SEK | 139.00 | 206,041.20 | 0.07% | 0.07% |
| EQT AB | 7,000 | SEK | 210.40 | 146,569.14 | 0.05% | 0.05% |
| ERICSSON-B- | 100,000 | SEK | 97.64 | 971,687.32 | 0.34% | 0.34% |
| ESSITY -B- | 20,000 | SEK | 264.50 | 526,446.73 | 0.19% | 0.19% |
| EVOLUTION GAMING GRP | 5,200 | SEK | 834.80 | 432,000.80 | 0.15% | 0.15% |
| HENNES MAURITZ AB | 30,034 | SEK | 172.00 | 514,091.46 | 0.18% | 0.18% |
| HEXAGON AB | 9,583 | SEK | 749.80 | 715,065.27 | 0.25% | 0.25% |
| HUSQVARNA B | 18,447 | SEK | 106.50 | 195,512.32 | 0.07% | 0.07% |
| ICA GRUPPEN AB | 3,500 | SEK | 410.90 | 143,120.86 | 0.05% | 0.05% |
| INDUSTRIVAERDEN AB | 3,500 | SEK | 274.20 | 95,506.79 | 0.03% | 0.03% |

| Description | Quantity at 31 December 2020 | Currency | Price in currency | Evaluation EUR | % by the UCI | % portfolio | % net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| INDUSTRIVAERDEN AB | 5,000 | SEK | 265.50 | 132,109.27 |  | 0.05% | 0.05% |
| INVESTOR-B- | 16,470 | SEK | 599.20 | 982,119.12 | 0.35% | 0.35% |
| KINNEVIK-B | 9,000 | SEK | 415.50 | 372,145.10 | 0.13% | 0.13% |
| LATOUR AB INVESTMENT | 5,000 | SEK | 199.70 | 99,368.06 | 0.03% | 0.03% |
| LUNDBERG -B- | 3,000 | SEK | 440.60 | 131,542.02 | 0.05% | 0.05% |
| LUNDIN ENERGY AB | 7,000 | SEK | 222.30 | 154,858.93 | 0.05% | 0.05% |
| NIBE INDUSTRIER AB B | 10,000 | SEK | 269.70 | 268,398.27 | 0.09% | 0.09% |
| SANDVIK-AB- | 40,000 | SEK | 201.30 | 801,313.63 | 0.28% | 0.28% |
| SECURITAS | 11,012 | SEK | 132.75 | 145,478.73 | 0.05% | 0.05% |
| SKANDINAVISKA | 60,000 | SEK | 84.50 | 504,552.92 | 0.18% | 0.18% |
| SKANSKA-B- | 13,436 | SEK | 209.70 | 280,393.01 | 0.10% | 0.10% |
| SKF-B-ANC | 12,179 | SEK | 213.40 | 258,645.43 | 0.09% | 0.09% |
| SVENSKA CELLULOSA | 20,000 | SEK | 143.30 | 285,216.70 | 0.10% | 0.10% |
| SVENSKA HANDELSBK A | 58,299 | SEK | 82.60 | 479,225.50 | 0.17% | 0.17% |
| SWEDBANK A | 30,500 | SEK | 144.12 | 437,444.39 | 0.15% | 0.15% |
| SWEDISH MATCH | 5,986 | SEK | 637.80 | 379,944.35 | 0.13% | 0.13% |
| TELE2 | 17,891 | SEK | 108.60 | 193,358.47 | 0.07% | 0.07% |
| TELIA COMPANY AB | 78,805 | SEK | 33.96 | 266,330.08 | 0.09% | 0.09% |
| VOLVO-B | 52,101 | SEK | 193.80 | 1,004,843.89 | 0.35% | 0.35% |
|  |  |  |  | 14,528,204.87 |  | 5.12% | 5.11% |
| Total - Shares |  |  |  | 283,994,820.42 | 100.00% | 99.88% |
| Total - Transferable securities admitted to an official stock exchange listing |  |  |  | 283,994,820.42 | 100.00% | 99.88% |
| Total - portfolio |  |  |  | 283,994,820.42 | 100.00% | 99.88% |
| Collatéral |  |  |  | 0.00 |  | 0.00% |
| Deposits and liquid assets |  |  |  |  |  |  |
| deposit and liquid assets |  |  |  |  |  |  |
| Banque Degroof Petercam |  | NOK |  | 8,971.25 |  | 0.00% |
| Banque Degroof Petercam |  | EUR |  | 399,073.58 |  | 0.14% |
| Banque Degroof Petercam |  | SEK |  | 2,073.88 |  | 0.00% |
| Banque Degroof Petercam |  | AUD |  | 0.57 |  | 0.00% |
| Banque Degroof Petercam |  | DKK |  | 6,318.11 |  | 0.00% |
| Banque Degroof Petercam |  | GBP |  | 15,993.83 |  | 0.01% |
| Banque Degroof Petercam |  | CHF |  | 6,903.53 |  | 0.00% |
| Banque Degroof Petercam |  | USD |  | 13,449.01 |  | 0.00% |
| Total - deposit and liquid assets |  |  |  | 452,783.76 |  | 0.16% |
| Total - Deposits and liquid assets |  |  |  | 452,783.76 |  | 0.16% |
| Other receivables and other payables |  |  |  | -106,881.14 |  | -0.04% |
| Others |  |  |  | 0.00 |  | 0.00% |
| Total net assets |  |  |  | 284,340,723.04 |  | 100,00% |

-

Translation (ENFR, 2020-12-31):
# COMPOSITION DES ACTIFS
| Dénomination | Quantité au 31 décembre 2020 | Devise | Cours en devise | Evaluation EUR | % détenu par l'OPC | % porte- feuille | % actif net |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Valeurs mobilières admises à la cote officielle d'une bourse de valeurs |  |  |  |  |  |  |  |
| Obligations et autres titres de créances |  |  |  |  |  |  |
| Emis(es) par état |  |  |  |  |  |  |
| Autriche |  |  |  |  |  |  |
| AUSTRIA 0,75 18-28 | 1.500.000 | EUR | 109,65 | 1.644.705,00 | 0,82% | 0,80% |
| AUSTRIA 3,65 11-22 | 3.000.000 | EUR | 105,63 | 3.169.005,00 | 1,57% | 1,54% |
| Belgique |  |  |  | 4.813.710,00 |  | 2,39% | 2,33% |
| BELGIQUE 2,60 14-24 | 3.500.000 | EUR | 111,64 | 3.907.295,00 | 1,94% | 1,89% |
| Allemagne |  |  |  | 3.907.295,00 |  | 1,94% | 1,89% |
| GERMANY 0.10 12-23 | 3.000.000 | EUR | 102,90 | 3.340.904,16 | 1,66% | 1,62% |
| GERMANY 1,75 14-24 | 4.000.000 | EUR | 107,96 | 4.318.240,00 | 2,14% | 2,09% |
| Espagne |  |  |  | 7.659.144,16 |  | 3,80% | 3,71% |
| SPAIN 1,00 14-30 | 3.500.000 | EUR | 120,17 | 4.390.185,03 | 2,18% | 2,13% |
| SPAIN 1,40 18-28 | 1.000.000 | EUR | 112,11 | 1.121.085,00 | 0,56% | 0,54% |
| SPAIN 2,75 14-24 | 6.800.000 | EUR | 112,61 | 7.657.276,00 | 3,80% | 3,71% |
| SPAIN 4,40 13-23 | 6.200.000 | EUR | 114,16 | 7.077.796,00 | 3,51% | 3,43% |
| SPAIN 4,65 10-25 | 5.450.000 | EUR | 123,65 | 6.739.034,00 | 3,35% | 3,27% |
| SPAIN 5,75 01-32 | 2.300.000 | EUR | 164,47 | 3.782.902,00 | 1,88% | 1,83% |
| SPAIN KING 1,8 13-24 | 1.000.000 | EUR | 112,85 | 1.181.132,42 | 0,59% | 0,57% |
| Finlande |  |  |  | 31.949.410,45 |  | 15,86% | 15,49% |
| FINLAND 0,75 15-31 | 1.000.000 | EUR | 112,43 | 1.124.295,00 | 0,56% | 0,55% |
| FINLAND 4,00 09-25 | 100.000 | EUR | 121,71 | 121.708,50 | 0,06% | 0,06% |
| FINLANDE 2,75 12-28 | 2.200.000 | EUR | 125,65 | 2.764.212,00 | 1,37% | 1,34% |
| France |  |  |  | 4.010.215,50 |  | 1,99% | 1,94% |
| FRANCE 0,00 18-29 | 3.000.000 | EUR | 103,75 | 3.112.530,00 | 1,55% | 1,51% |
| FRANCE OAT 3,5 10-26 | 9.000.000 | EUR | 122,47 | 11.021.895,00 | 5,47% | 5,34% |
| Hongrie (République) |  |  |  | 14.134.425,00 |  | 7,02% | 6,85% |
| HUNGARY 0,50 20-30 | 1.000.000 | EUR | 99,41 | 994.090,00 | 0,49% | 0,48% |
| HUNGARY 1,25 18-25 | 6.900.000 | EUR | 105,71 | 7.293.817,50 | 3,62% | 3,54% |
| Irlande |  |  |  | 8.287.907,50 |  | 4,12% | 4,02% |
| IRELAND 1,10 19-29 | 1.000.000 | EUR | 112,94 | 1.129.430,00 | 0,56% | 0,55% |
| IRELAND 1,30 18-33 | 1.000.000 | EUR | 118,92 | 1.189.220,00 | 0,59% | 0,58% |
| IRISH 0,20 20-30 | 500.000 | EUR | 105,10 | 525.520,00 | 0,26% | 0,25% |
| IRISH TREA 1,0 16-26 | 3.000.000 | EUR | 108,69 | 3.260.685,00 | 1,62% | 1,58% |
| Italie |  |  |  | 6.104.855,00 |  | 3,03% | 2,96% |
| ITA BTP 5,25 98-29 | 2.550.000 | EUR | 142,25 | 3.627.413,25 | 1,80% | 1,76% |
| ITA BTP 9,00 93-23 | 7.175.000 | EUR | 126,64 | 9.086.168,88 | 4,51% | 4,40% |
| ITALY 0,40 16-24 | 1.000.000 | EUR | 101,86 | 1.014.963,16 | 0,50% | 0,49% |

| Dénomination | Quantité au 31 décembre 2020 | Devise | Cours en devise | Evaluation EUR | % détenu par l'OPC | % porte- feuille | % actif net |
| --- | --- | --- | --- | --- | --- | --- | --- |
| ITALY 0,95 16-23 | 8.500.000 | EUR | 103,00 | 8.755.212,50 |  | 4,35% | 4,24% |
| ITALY 1,35 19-30 | 1.500.000 | EUR | 108,30 | 1.624.530,00 | 0,81% | 0,79% |
| ITALY 1,60 16-26 | 6.500.000 | EUR | 108,64 | 7.061.795,00 | 3,51% | 3,42% |
| ITALY 2,95 18-38 | 4.700.000 | EUR | 130,64 | 6.140.103,50 | 3,05% | 2,98% |
| ITALY BTP 1,20 17-22 | 4.000.000 | EUR | 102,10 | 4.084.100,00 | 2,03% | 1,98% |
| ITALY BTP 1,50 15-25 | 6.500.000 | EUR | 107,21 | 6.968.585,00 | 3,46% | 3,38% |
| ITALY BTP 5,5 12-22 | 6.200.000 | EUR | 109,85 | 6.810.824,00 | 3,38% | 3,30% |
| ITALY IL 2,60 07-23 | 1.175.000 | EUR | 109,98 | 1.542.100,79 | 0,77% | 0,75% |
| Luxembourg (Grand-Duché) |  |  |  | 56.715.796,08 |  | 28,16% | 27,49% |
| LUXEMBG 0,625 17-27 | 2.000.000 | EUR | 107,23 | 2.144.640,00 | 1,06% | 1,04% |
| Pays-Bas |  |  |  | 2.144.640,00 |  | 1,06% | 1,04% |
| NETHERL 0,25 19-29 | 2.000.000 | EUR | 107,04 | 2.140.860,00 | 1,06% | 1,04% |
| Pologne (République) |  |  |  | 2.140.860,00 |  | 1,06% | 1,04% |
| POLAND 1,00 19-29 | 500.000 | EUR | 109,33 | 546.645,00 | 0,27% | 0,26% |
| Portugal |  |  |  | 546.645,00 |  | 0,27% | 0,26% |
| PORTUGAL 0,475 20-30 | 1.000.000 | EUR | 104,39 | 1.043.865,00 | 0,52% | 0,51% |
| PORTUGAL 2,125 18-28 | 3.000.000 | EUR | 117,92 | 3.537.585,00 | 1,76% | 1,71% |
| PORTUGAL 2,875 15-25 | 3.000.000 | EUR | 116,03 | 3.480.945,00 | 1,73% | 1,69% |
| PORTUGAL 2,875 16-26 | 1.500.000 | EUR | 118,15 | 1.772.317,50 | 0,88% | 0,86% |
| PORTUGAL 4,10 15-45 | 1.000.000 | EUR | 174,30 | 1.743.030,00 | 0,87% | 0,84% |
| PORTUGAL 5,65 13-24 | 3.000.000 | EUR | 119,51 | 3.585.240,00 | 1,78% | 1,74% |
| Roumanie |  |  |  | 15.162.982,50 |  | 7,53% | 7,35% |
| ROMANIA 1,375 20-29 | 300.000 | EUR | 102,03 | 306.088,50 | 0,15% | 0,15% |
| ROMANIA 2,00 19-26 | 2.500.000 | EUR | 106,95 | 2.673.825,00 | 1,33% | 1,30% |
| ROMANIA 2,00 20-32 | 1.800.000 | EUR | 105,06 | 1.891.008,00 | 0,94% | 0,92% |
| ROMANIA 3,50 19-34 | 3.000.000 | EUR | 119,33 | 3.579.870,00 | 1,78% | 1,74% |
| Slovénie (République) |  |  |  | 8.450.791,50 |  | 4,20% | 4,10% |
| SLOVENIA 0,875 20-30 | 1.000.000 | EUR | 110,22 | 1.102.190,00 | 0,55% | 0,53% |
| SLOVENIA 1,00 18-28 | 500.000 | EUR | 109,62 | 548.122,50 | 0,27% | 0,27% |
|  |  |  |  | 1.650.312,50 |  | 0,82% | 0,80% |
| Total - Emis(es) par état |  |  |  | 167.678.990,19 | 83,26% | 81,28% |
| Emis(es) par une institution internationale |  |  |  |  |  |  |
| Luxembourg (Grand-Duché) |  |  |  |  |  |  |
| EIB 0,00 16-24 | 2.500.000 | EUR | 102,17 | 2.554.287,50 | 1,27% | 1,24% |
| ESM 0,10 18-23 | 1.700.000 | EUR | 101,90 | 1.732.274,50 | 0,86% | 0,84% |
| ESM 0,125 16-24 | 2.500.000 | EUR | 102,49 | 2.562.350,00 | 1,27% | 1,24% |
|  |  |  |  | 6.848.912,00 |  | 3,40% | 3,32% |
| Total - Emis(es) par une institution internationale |  |  |  | 6.848.912,00 | 3,40% | 3,32% |
| Obligation du Secteur Public |  |  |  |  |  |  |
| Belgique |  |  |  |  |  |  |
| FLEMISH 0,375 16-26 | 2.800.000 | EUR | 104,32 | 2.920.876,00 | 1,45% | 1,42% |
| FLEMISH 1,341 15-25 | 2.500.000 | EUR | 107,88 | 2.697.100,00 | 1,34% | 1,31% |
|  |  |  |  | 5.617.976,00 |  | 2,79% | 2,72% |

| Dénomination | Quantité au 31 décembre 2020 | Devise | Cours en devise | Evaluation EUR | % détenu par l'OPC | % porte- feuille | % actif net |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Total - Obligation du Secteur Public |  |  |  | 5.617.976,00 |  | 2,79% | 2,72% |
| Emis(es) par une entreprise privée |  |  |  |  |  |  |
| Belgique |  |  |  |  |  |  |
| BNPPB 0,50 17-24 | 3.000.000 | EUR | 103,67 | 3.110.055,00 | 1,54% | 1,51% |
| FLEMISH 0,854 15-22 | 3.000.000 | EUR | 101,97 | 3.059.085,00 | 1,52% | 1,48% |
| Pays-Bas |  |  |  | 6.169.140,00 |  | 3,06% | 2,99% |
| BNG 0,25 15-25 | 2.000.000 | EUR | 103,31 | 2.066.110,00 | 1,03% | 1,00% |
| BNG 0,75 18-28 | 2.000.000 | EUR | 108,18 | 2.163.580,00 | 1,07% | 1,05% |
| BNG 1,125 14-24 | 2.000.000 | EUR | 106,12 | 2.122.380,00 | 1,05% | 1,03% |
| ING BANK 3,375 12-22 | 1.000.000 | EUR | 104,00 | 1.040.050,00 | 0,52% | 0,50% |
| Slovaquie (République slovaque) |  |  |  | 7.392.120,00 |  | 3,67% | 3,58% |
| VUBSK 0,375 17-22 | 5.000.000 | EUR | 100,86 | 5.043.125,00 | 2,50% | 2,44% |
|  |  |  |  | 5.043.125,00 |  | 2,50% | 2,44% |
| Total - Emis(es) par une entreprise privée |  |  |  | 18.604.385,00 | 9,24% | 9,02% |
| Total - Obligations et autres titres de créances |  |  |  | 198.750.263,19 | 98,68% | 96,35% |
| Instruments du marché monétaire |  |  |  |  |  |  |
| ITALY 3,75 06-21 | 1.000.000 | EUR | 102,50 | 1.024.980,00 | 0,51% | 0,50% |
| ITALY BTP 2,10 10-21 | 1.400.000 | EUR | 102,54 | 1.625.579,08 | 0,81% | 0,79% |
| Total - Instruments du marché monétaire |  |  |  | 2.650.559,08 | 1,32% | 1,28% |
| Total - Valeurs mobilières admises à la cote officielle d'une bourse de valeurs |  |  |  | 201.400.822,27 | 100,00% | 97,63% |
| Total - portefeuille |  |  |  | 201.400.822,27 | 100,00% | 97,63% |
| Collatéral |  |  |  | 0,00 |  | 0,00% |
| Dépôts et Liquidités |  |  |  |  |  |  |
| Avoirs bancaires à vue |  |  |  |  |  |  |
| Banque Degroof Petercam |  | EUR |  | 3.259.877,52 |  | 1,58% |
| Total - Avoirs bancaires à vue |  |  |  | 3.259.877,52 |  | 1,58% |
| Total - Dépôts et Liquidités |  |  |  | 3.259.877,52 |  | 1,58% |
| Créances et dettes diverses |  |  |  | 12.726,65 |  | 0,01% |
| Autres |  |  |  | 1.615.583,22 |  | 0,78% |
| Actif Net Total |  |  |  | 206.289.009,66 |  | 100,00% |

-