# Geographical classification
(by domicile of the issuer) (in percentage of net assets)
| Taiwan | 23.05 % |
| --- | --- |
| China | 15.39 % |
| Cayman Islands | 12.15 % |
| South Korea | 10.61 % |
| India | 7.73 % |
| Australia | 4.91 % |
| Hong Kong | 4.24 % |
| South Africa | 3.03 % |
| Malaysia | 2.92 % |
| Thailand | 2.38 % |
| Russia | 2.19 % |
| Mexico | 1.97 % |
| Indonesia | 1.81 % |
| Singapore | 1.38 % |
| Brazil | 1.29 % |
| Bermuda | 1.02 % |
| New Zealand | 0.86 % |
| Israel | 0.62 % |
| Poland | 0.30 % |
| Philippines | 0.29 % |
| Czech Republic | 0.07 % |
| Hungary | 0.02 % |
| British Virgin Islands | 0.01 % |
| Total | 98.24 % |

| Assets |  |
| --- | --- |
| Securities portfolio at market value | 391,524,952.08 |
| Deposits on swaps contracts | 35,330,400.46 |
| Cash at banks | 72,566,699.11 |
| Other liquid assets | 117,502,623.48 |
| Receivable on swaps contracts | 11,074.40 |
| Receivable cash collateral paid | 5,877,961.73 |
| Receivable on issues of shares | 949.80 |
| Income receivable on portfolio | 51,009.30 |
| Interest receivable on swaps contracts | 1,692.93 |
| Result on underlying of swaps contracts receivable | 195,015.01 |
| Other receivables | 1,000,000.00 |
| Prepaid expenses | 	107,062.24  |
| Total assets | 624,169,440.54 |
| Liabilities |  |
| Bank overdrafts | 71,568,588.40 |
| Other liquid liabilities | 24,226,776.59 |
| Payable on swaps contracts | 1,356.62 |
| Interest payable on swaps contracts | 320,655.74 |
| Bank interest payable | 14.61 |
| Unrealised loss on futures contracts | 138,642.87 |
| Unrealised loss on swaps contracts | 6,268,457.39 |
| Unrealised loss on forward foreign exchange contracts | 779,923.47 |
| Expenses payable | 3,144,497.07 |
| Result on underlying of swaps contracts payable | 	306,350.93  |
| Total liabilities | 106,755,263.69 |
| Net assets at the end of the year | 517,414,176.85 |

| Breakdown of net assets per share class |  |
| --- | --- |
| Share class | Number of | Currency of | NAV per share in currency of | Net assets per share class |
|  | shares | share class | share class | (in EUR) |
| B | 406,121.150 | EUR | 125.09 | 50,800,524.56 |
| BH (SEK) | 1,157.888 | SEK | 1,246.91 | 143,567.25 |
| CH | 29,904.671 | CHF | 120.04 | 3,319,109.05 |
| DH | 147,586.691 | USD | 136.22 | 16,430,960.34 |
| U | 4,143.384 | EUR | 128.15 | 530,977.12 |
| UH (GBP) | 6,500.309 | GBP | 133.69 | 970,798.99 |
| X | 1,851.629 | EUR | 89.93 | 166,519.75 |
| XN | 22,189.694 | EUR | 89.64 | 1,989,078.82 |
| PI | 3,995,503.809 | EUR | 97.55 | 389,766,665.07 |
| PIH (CHF) | 3,500.000 | CHF | 89.39 | 289,274.48 |
| PIH (USD) | 5,046.465 | USD | 99.73 | 411,294.63 |
| I | 282,031.393 | EUR | 130.75 | 36,876,981.57 |
| IH (CHF) | 67,602.571 | CHF | 125.46 | 7,841,936.77 |
| IH (SEK) | 0.010 | SEK | 754.00 | 0.75 |
| IH (USD) | 5,440.751 | USD | 141.47 | 629,048.57 |
| R | 15,912.095 | EUR | 88.62 | 1,410,100.91 |
| RAM | 9,422.469 | EUR | 156.77 | 1,477,183.63 |
| RAMCH | 43,353.994 | CHF | 104.24 | 4,178,617.48 |
| MB | 1,999.850 | EUR | 90.78 | 	181,537.11  |
|  |  |  |  | 	517,414,176.85  |

| Income |  |
| --- | --- |
| Dividends, net | 10,238,014.68 |
| Bank interest | 92,877.96 |
| Other commissions received | 4,856.43 |
| Other income | 	110,368.17  |
| Total income | 10,446,117.24 |
| Expenses |  |
| Management fees | 7,340,224.37 |
| Depositary fees | 314,033.56 |
| Banking charges and other fees | 207,896.96 |
| Transaction fees | 1,507,621.90 |
| Central administration costs | 656,521.18 |
| Professional fees | 45,192.03 |
| Other administration costs | 2,600,333.49 |
| Subscription duty ("taxe d'abonnement") | 108,913.88 |
| Other taxes | 11,253.03 |
| Bank interest paid | 1,827,567.74 |
| Other expenses | 	162,453.59  |
| Total expenses | 14,782,011.73 |
| Net investment loss | -4,335,894.49 |
| Net realised gain/(loss) |  |
| - on securities portfolio | -8,350,859.89 |
| - on futures contracts | 23,069,373.22 |
| - on swaps contracts | -50,899,586.47 |
| - on forward foreign exchange contracts | -641,126.99 |
| - on foreign exchange | 	-4,628,806.17  |
| Realised result | -45,786,900.79 |
| Net variation of the unrealised gain/(loss) |  |
| - on securities portfolio | -19,597,702.90 |
| - on futures contracts | -417,302.36 |
| - on swaps contracts | -5,605,872.44 |
| - on forward foreign exchange contracts | 	-64,530.38  |
| Result of operations | -71,472,308.87 |
| Subscriptions | 59,423,817.93 |
| Redemptions | -329,106,307.74 |
| Total changes in net assets | -341,154,798.68 |
| Total net assets at the beginning of the year | 858,568,975.53 |
| Total net assets at the end of the year | 517,414,176.85 |

| Total net assets | Currency | 31.12.2018 | 31.12.2019 | 31.12.2020 |
| --- | --- | --- | --- | --- |
|  | EUR | 1,168,577,630.54 | 858,568,975.53 | 517,414,176.85 |

| Net asset value per share class | Currency | 31.12.2018 | 31.12.2019 | 31.12.2020 |
| --- | --- | --- | --- | --- |
| B | EUR | 142.51 | 138.72 | 125.09 |
| BH (SEK) | SEK | 1,414.37 | 1,379.68 | 1,246.91 |
| CH | CHF | 138.18 | 133.82 | 120.04 |
| DH | USD | 148.83 | 149.13 | 136.22 |
| U | EUR | 144.82 | 141.53 | 128.15 |
| UH (GBP) | GBP | 148.62 | 147.07 | 133.69 |
| X | EUR | - | 99.90 | 89.93 |
| XN | EUR | - | 99.71 | 89.64 |
| PI | EUR | 109.29 | 107.28 | 97.55 |
| PIH (CHF) | CHF | 101.19 | 98.83 | 89.39 |
| PIH (USD) | USD | 107.12 | 108.25 | 99.73 |
| I | EUR | 147.37 | 144.23 | 130.75 |
| IH (CHF) | CHF | 142.89 | 139.12 | 125.46 |
| IH (SEK) | SEK | 954.74 | 893.00 | 754.00 |
| IH (USD) | USD | 152.90 | 154.04 | 141.47 |
| R | EUR | 96.87 | 96.25 | 88.62 |
| RAM | EUR | 171.50 | 170.34 | 156.77 |
| RAMCH | CHF | 115.22 | 113.86 | 104.24 |
| MB | EUR | - | 100.26 | 90.78 |

| Annual performance per share class (in %) | Currency | 31.12.2018 | 31.12.2019 | 31.12.2020 |
| --- | --- | --- | --- | --- |
| B | EUR | -4.48 | -2.66 | -9.83 |
| BH (SEK) | SEK | -4.61 | -2.45 | -9.62 |
| CH | CHF | -4.85 | -3.16 | -10.30 |
| DH | USD | -2.37 | 0.20 | -8.66 |
| U | EUR | -4.21 | -2.27 | -9.45 |
| UH (GBP) | GBP | -3.30 | -1.04 | -9.10 |
| X | EUR | - | - | -9.98 |
| XN | EUR | - | - | -10.10 |
| PI | EUR | -3.68 | -1.84 | -9.07 |
| PIH (CHF) | CHF | -4.01 | -2.33 | -9.55 |
| PIH (USD) | USD | -1.47 | 1.05 | -7.87 |
| I | EUR | -4.05 | -2.13 | -9.35 |
| IH (CHF) | CHF | -4.42 | -2.64 | -9.82 |
| IH (SEK) | SEK | - | -6.47 | -15.57 |
| IH (USD) | USD | -1.92 | 0.75 | -8.16 |
| R | EUR |  | -0.64 | -7.93 |
| RAM | EUR | -2.21 | -0.68 | -7.97 |
| RAMCH | CHF | -2.67 | -1.18 | -8.45 |
| MB | EUR | - | - | -9.46 |

| Number of shares | outstanding at the beginning of the year | issued | redeemed | outstanding at the end of the year |
| --- | --- | --- | --- | --- |
| B | 869,045.348 | 35,437.381 | -498,361.579 | 406,121.150 |
| BH (SEK) | 4,152.969 | - | -2,995.081 | 1,157.888 |
| CH | 68,786.554 | 1,961.758 | -40,843.641 | 29,904.671 |

Annual returns were calculated for the last 3 consecutive financial years. For sub-funds / share types launched or liquidated during the financial year, the corresponding annual return has not been calculated.
The historical performance is not an indication of current or future results. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares of the SICAV.
| Number of shares | outstanding at the beginning of the year | issued | redeemed | outstanding at the end of the year |
| --- | --- | --- | --- | --- |
| DH | 271,988.357 | 12,489.702 | -136,891.368 | 147,586.691 |
| U | 30,695.908 | 121.787 | -26,674.311 | 4,143.384 |
| UH (GBP) | 6,742.901 | 975.979 | -1,218.571 | 6,500.309 |
| X | 460.175 | 1,806.234 | -414.780 | 1,851.629 |
| XN | 6,572.456 | 18,314.680 | -2,697.442 | 22,189.694 |
| PI | 4,798,210.364 | 210,310.205 | -1,013,016.760 | 3,995,503.809 |
| PIH (CHF) | 3,500.000 | - | - | 3,500.000 |
| PIH (USD) | 122,086.033 | 1,643.870 | -118,683.438 | 5,046.465 |
| I | 870,524.318 | 185,766.542 | -774,259.467 | 282,031.393 |
| IH (CHF) | 122,112.718 | 13,826.113 | -68,336.260 | 67,602.571 |
| IH (SEK) | 0.010 | - | - | 0.010 |
| IH (USD) | 30,962.962 | 24.094 | -25,546.305 | 5,440.751 |
| R | 36,512.095 | 3,000.000 | -23,600.000 | 15,912.095 |
| RAM | 12,070.446 | 847.000 | -3,494.977 | 9,422.469 |
| RAMCH | 82,013.898 | 6,803.695 | -45,463.599 | 43,353.994 |
| MB | 1,999.850 | - | - | 1,999.850 |

| TER per share class as at 31.12.2020 (unaudited) | TER without performance fee (in %) | Performance fee ratio (in %) | TER with performance fee (in %) |
| --- | --- | --- | --- |
| B | 2.36 | 0.00 | 2.36 |
| BH (SEK) | 2.37 | 0.00 | 2.37 |
| CH | 2.39 | 0.00 | 2.39 |
| DH | 2.39 | 0.00 | 2.39 |
| U | 1.95 | 0.00 | 1.95 |
| UH (GBP) | 2.00 | 0.00 | 2.00 |
| X | 2.41 | 0.00 | 2.41 |
| XN | 2.59 | 0.00 | 2.59 |
| PI | 1.54 | 0.00 | 1.54 |
| PIH (CHF) | 1.56 | 0.00 | 1.56 |
| PIH (USD) | 1.53 | 0.00 | 1.53 |
| I | 1.81 | 0.00 | 1.81 |
| IH (CHF) | 1.84 | 0.00 | 1.84 |
| IH (SEK) | - | 0.00 | - |
| IH (USD) | 1.85 | 0.00 | 1.85 |
| R | 0.28 | - | 0.28 |
| RAM | 0.33 | - | 0.33 |
| RAMCH | 0.34 | - | 0.34 |
| MB | 1.98 | 0.00 | 1.98 |

Annual returns were calculated for the last 3 consecutive financial years. For sub-funds / share types launched or liquidated during the financial year, the corresponding annual return has not been calculated.
The historical performance is not an indication of current or future results. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares of the SICAV.
| Currency | Number / nominal value | Description | Cost | Market value | % of total net assets * |
| --- | --- | --- | --- | --- | --- |
| Investments in securities |
| Transferable securities admitted to an official stock exchange listing |
| Shares |  |  |  |  |  |
| DKK | 38,811 | Almindelig Brand A/S Reg | 365,299.32 | 382,705.81 | 0.07 |
| DKK | 227 | AP Moeller Maersk AS A | 264,809.96 | 385,771.86 | 0.07 |
| DKK | 3,768 | AP Moeller Maersk AS B | 4,839,117.02 | 6,881,835.13 | 1.33 |
| DKK | 78,218 | Bang and Olufsen AS | 344,721.25 | 352,649.13 | 0.07 |
| DKK | 3,992 | Carlsberg AS B | 505,729.96 | 522,996.02 | 0.10 |
| DKK | 7,238 | Cbrain AS Bearer | 119,669.62 | 184,750.80 | 0.04 |
| DKK | 54,221 | D/S Norden A/S | 797,309.49 | 798,347.99 | 0.15 |
| DKK | 49,535 | Danske Bank A/S | 666,761.90 | 669,792.23 | 0.13 |
| DKK | 18,671 | DSV Panalpina AS | 2,289,354.61 | 2,558,479.30 | 0.49 |
| DKK | 77,859 | GN Store Nord Ltd | 4,947,973.60 | 5,096,009.85 | 0.98 |
| DKK | 3,487 | H Lundbeck A/S | 98,155.73 | 97,813.00 | 0.02 |
| DKK | 33,219 | Jyske Bank A/S | 1,012,787.05 | 1,040,262.60 | 0.20 |
| DKK | 55,019 | Matas A/S | 524,036.86 | 638,617.17 | 0.12 |
| DKK | 6,792 | Netcompany Group AS Reg | 431,438.67 | 568,003.73 | 0.11 |
| DKK | 1,708 | Nilfisk Holding A/S Bearer/Reg | 28,587.97 | 30,196.59 | 0.01 |
| DKK | 14,305 | NTG Nordic Transport Group A/S Reg | 413,822.89 | 491,973.81 | 0.10 |
| DKK | 61 | Orsted Reg | 7,107.66 | 10,190.37 | 0.00 |
| DKK | 18,118 | Pandora A/S | 1,271,034.66 | 1,657,568.65 | 0.32 |
| DKK | 14,302 | Per Aarsleff Holding A/S B | 469,689.77 | 592,742.54 | 0.11 |
| DKK | 3,061 | Rockwool Intl A/S B | 948,626.81 | 936,766.19 | 0.18 |
| DKK | 8,961 | Royal Unibrew A/S | 773,414.00 | 850,637.00 | 0.16 |
| DKK | 8,531 | Schouw & Co | 680,049.38 | 705,983.92 | 0.14 |
| DKK | 2,159 | SolarAS B | 97,407.57 | 104,416.54 | 0.02 |
| DKK | 62,368 | Spar Nord Bk A/S | 431,863.78 | 501,045.49 | 0.10 |
| DKK | 36,492 | Sydbank A/S Reg | 543,667.69 | 659,377.48 | 0.13 |
| DKK | 3,248 | Topdanmark AS | 123,508.39 | 115,282.40 | 0.02 |
| DKK | 3,823 | Vestas Wind Systems A/S | 	569,938.59  | 	739,316.03  | 	0.14  |
|  |  |  | 23,565,884.20 | 27,573,531.63 | 5.31 |
| EUR | 16,782 | 7C Solarparken AG | 72,174.57 | 77,197.20 | 0.01 |
| EUR | 149,436 | A2A SpA | 186,525.33 | 194,939.26 | 0.04 |
| EUR | 31,479 | Aalberts NV | 981,612.41 | 1,147,724.34 | 0.22 |
| EUR | 28,351 | Accell Group NV | 740,501.70 | 732,873.35 | 0.14 |
| EUR | 26,695 | ACEA SpA | 458,554.53 | 457,819.25 | 0.09 |
| EUR | 41,963 | Actividad Const y Servicios SA | 912,154.91 | 1,139,295.45 | 0.22 |
| EUR | 1,957 | Adesso AG | 178,958.37 | 189,829.00 | 0.04 |
| EUR | 2,348 | ADLER Group SA | 56,172.25 | 68,092.00 | 0.01 |
| EUR | 1,048 | Adyen BV | 1,816,966.60 | 1,996,440.00 | 0.39 |
| EUR | 14,212 | Agfa Gevaert NV | 51,187.53 | 55,426.80 | 0.01 |
| EUR | 3,285 | Akzo Nobel NV Bearer Reg | 284,794.39 | 288,620.10 | 0.06 |
| EUR | 38,815 | Alfen NV Reg | 1,885,643.36 | 3,206,119.00 | 0.62 |
| EUR | 12,995 | Allgeier SE Reg | 148,445.53 | 242,356.75 | 0.05 |
| EUR | 30,593 | Almirall SA | 306,040.59 | 334,075.56 | 0.06 |
| EUR | 5,618 | Altia Oyj Reg | 55,834.12 | 56,067.64 | 0.01 |
| EUR | 17,812 | Amplifon SpA Post Frazionamento | 542,792.14 | 606,320.48 | 0.12 |
| EUR | 4,659 | Amsterdam Commodities NV | 96,942.07 | 97,373.10 | 0.02 |
| EUR | 103,219 | Andritz AG | 3,396,004.45 | 3,868,648.12 | 0.75 |
| EUR | 343,071 | Anima Holding SpA | 1,251,685.55 | 1,331,801.62 | 0.26 |
| EUR | 27,017 | Aperam SA | 746,481.45 | 922,360.38 | 0.18 |
| EUR | 83,969 | Applus Services SA | 577,513.26 | 757,400.38 | 0.15 |
| EUR | 27,589 | Arcadis NV | 583,188.63 | 746,006.56 | 0.14 |
| EUR | 10,620 | ASM Intl NV Reg | 1,435,199.10 | 1,911,069.00 | 0.37 |
| EUR | 43,163 | Assicurazioni Generali SpA | 610,994.31 | 615,504.38 | 0.12 |
| EUR | 332 | Atoss Software AG | 42,728.77 | 52,456.00 | 0.01 |
| EUR | 127,105 | Atresmedia Corpo Medios Com SA | 343,939.95 | 366,062.40 | 0.07 |
| EUR | 21,039 | Aurubis AG | 1,175,483.04 | 1,339,342.74 | 0.26 |
| EUR | 8,519 | Austria Technologie & Syst AG | 177,567.19 | 222,345.90 | 0.04 |
| EUR | 38,348 | Azimut Holding SpA | 644,231.35 | 681,443.96 | 0.13 |
| EUR | 22,488 | Bam Groep NV | 42,589.55 | 38,342.04 | 0.01 |

| Currency | Number / nominal value | Description | Cost | Market value | % of total net assets * |
| --- | --- | --- | --- | --- | --- |
| EUR | 822 | Banca Generali SpA | 21,976.58 | 22,391.28 | 0.00 |
| EUR | 6,952 | Banca Ifis SpA | 65,026.97 | 63,784.60 | 0.01 |
| EUR | 16,822 | Banca Mediolanum | 118,893.41 | 119,436.20 | 0.02 |
| EUR | 12,011 | Banca Pop di Sondrio SCARL | 28,087.72 | 26,424.20 | 0.01 |
| EUR | 81,664 | Banco Bilbao Vizcaya Argent SA Reg | 309,738.33 | 329,514.24 | 0.06 |
| EUR | 414,457 | Banco BPM SpA Reg | 653,885.05 | 749,338.26 | 0.14 |
| EUR | 1,816,569 | Banco Comercial Portugues SA | 144,731.72 | 223,801.30 | 0.04 |
| EUR | 11,831 | Banco Santander Reg SA | 32,875.98 | 30,027.08 | 0.01 |
| EUR | 1,590 | BASF SE Reg | 82,796.69 | 102,904.80 | 0.02 |
| EUR | 2,238 | Bawag Group AG Bearer | 69,360.16 | 85,044.00 | 0.02 |
| EUR | 4,426 | Bayerische Motorenwerke AG | 312,432.27 | 319,689.98 | 0.06 |
| EUR | 11,998 | BE Semiconductor Industries NV Reg | 452,222.67 | 594,860.84 | 0.11 |
| EUR | 35,583 | Be Shaping the Future SpA | 52,073.40 | 51,951.18 | 0.01 |
| EUR | 259 | Bechtle AG | 40,644.66 | 46,205.60 | 0.01 |
| EUR | 2,217 | Befesa SA Reg | 109,552.39 | 114,618.90 | 0.02 |
| EUR | 664 | Beiersdorf AG | 63,251.02 | 62,708.16 | 0.01 |
| EUR | 20,693 | Bekaert SA | 461,396.62 | 562,021.88 | 0.11 |
| EUR | 1,932 | Biesse SpA | 29,320.89 | 36,379.56 | 0.01 |
| EUR | 4,578 | Bigben Interactive | 81,211.75 | 85,333.92 | 0.02 |
| EUR | 13,112 | BioMerieux SA | 1,590,092.58 | 1,513,124.80 | 0.29 |
| EUR | 216,759 | Bollore | 697,990.26 | 733,078.94 | 0.14 |
| EUR | 3,476 | Bonduelle SCA | 68,109.34 | 72,300.80 | 0.01 |
| EUR | 169 | Bouygues SA | 5,386.93 | 5,686.85 | 0.00 |
| EUR | 238,825 | BPER Banca Spa | 336,580.53 | 354,655.13 | 0.07 |
| EUR | 227,164 | Bpost SA | 1,994,471.45 | 1,928,622.36 | 0.37 |
| EUR | 51,366 | Brembo SpA Reg | 549,771.96 | 554,752.80 | 0.11 |
| EUR | 40,872 | Brenntag AG | 2,231,247.89 | 2,588,832.48 | 0.50 |
| EUR | 74,489 | Buzzi Unicem SpA | 1,493,261.65 | 1,452,535.50 | 0.28 |
| EUR | 50,162 | Cargotec Oyj B | 1,510,893.11 | 1,696,478.84 | 0.33 |
| EUR | 130,490 | Carrefour SA | 1,821,291.40 | 1,830,774.70 | 0.35 |
| EUR | 32,940 | Ceconomy AG | 137,403.04 | 186,605.10 | 0.04 |
| EUR | 39,561 | Cementir Holding NV Reg | 269,842.45 | 263,080.65 | 0.05 |
| EUR | 23,428 | Cerved Group SpA | 168,415.41 | 174,538.60 | 0.03 |
| EUR | 647 | CEWE Stiftung & Co KGaA | 59,096.74 | 59,847.50 | 0.01 |
| EUR | 16,496 | Chargeurs SA | 287,735.03 | 290,329.60 | 0.06 |
| EUR | 52,751 | Cia de Dist Integ Logis Hgs SA | 822,442.87 | 836,630.86 | 0.16 |
| EUR | 35,535 | Cie de Saint-Gobain SA | 1,273,519.15 | 1,332,562.50 | 0.26 |
| EUR | 296,511 | CIR SpA Cie Industriali Riunite | 138,455.32 | 130,464.84 | 0.03 |
| EUR | 34,746 | CNP Assurances | 377,873.90 | 457,952.28 | 0.09 |
| EUR | 59,408 | Coface SA | 389,249.87 | 487,739.68 | 0.09 |
| EUR | 63,510 | Colruyt NV | 3,218,143.39 | 3,078,329.70 | 0.59 |
| EUR | 1,095 | CompuGroup Medical SE & KGaA | 85,189.33 | 86,067.00 | 0.02 |
| EUR | 1,249 | Continental AG | 134,676.15 | 151,441.25 | 0.03 |
| EUR | 2,341 | Corbion NV | 98,513.00 | 108,037.15 | 0.02 |
| EUR | 4,573 | Corporacion Financiera Alba SA | 173,240.11 | 178,118.35 | 0.03 |
| EUR | 96,157 | Credito Emiliano SpA Credem | 401,768.71 | 424,052.37 | 0.08 |
| EUR | 56,658 | CropEnergies AG | 680,546.47 | 674,230.20 | 0.13 |
| EUR | 18,476 | D'Ieteren SA | 1,151,035.68 | 1,252,672.80 | 0.24 |
| EUR | 5,734 | Daimler AG Reg | 323,489.77 | 331,367.86 | 0.06 |
| EUR | 1,853 | Danieli & C Off Meccaniche SpA | 25,274.73 | 26,646.14 | 0.01 |
| EUR | 1,021 | Danone | 62,573.24 | 54,888.96 | 0.01 |
| EUR | 50,623 | Davide Campari-Milano NV Reg | 448,856.56 | 472,818.82 | 0.09 |
| EUR | 83,483 | De'Longhi SpA | 2,276,920.36 | 2,152,191.74 | 0.42 |
| EUR | 7,834 | Derichebourg | 37,256.94 | 46,063.92 | 0.01 |
| EUR | 29,625 | Dermapharm Holding SE Bearer | 1,509,122.75 | 1,687,440.00 | 0.33 |
| EUR | 8,836 | Deutsche Pfandbriefbank AG | 79,533.83 | 77,712.62 | 0.02 |
| EUR | 40,583 | Deutsche Post AG Reg | 1,487,779.37 | 1,643,611.50 | 0.32 |
| EUR | 91 | Dialog Semiconductor Plc | 3,455.99 | 4,066.79 | 0.00 |
| EUR | 6,437 | DiaSorin SpA | 1,101,053.57 | 1,094,933.70 | 0.21 |
| EUR | 2,877 | Digital Bros SpA | 55,217.17 | 62,143.20 | 0.01 |
| EUR | 7,592 | Draegerwerk AG&Co KGaA Pref | 585,402.44 | 476,777.60 | 0.09 |
| EUR | 4,183 | Duerr AG | 123,337.75 | 139,712.20 | 0.03 |
| EUR | 14,296 | DWS Group GmbH & Co. KGaA Bearer | 456,246.86 | 497,500.80 | 0.10 |
| EUR | 50,983 | Ebro Foods SA | 987,495.57 | 965,618.02 | 0.19 |
| EUR | 35,944 | Econocom Group SA Reg | 77,711.29 | 88,961.40 | 0.02 |

| Currency | Number / nominal value | Description | Cost | Market value | % of total net assets * |
| --- | --- | --- | --- | --- | --- |
| EUR | 133,483 | EDP Renovaveis SA | 2,207,241.71 | 3,043,412.40 | 0.59 |
| EUR | 3,922 | Elecnor SA | 39,520.73 | 43,142.00 | 0.01 |
| EUR | 75,975 | Electricité de France | 879,465.01 | 979,697.63 | 0.19 |
| EUR | 18,215 | Elisa Corp | 852,582.99 | 817,307.05 | 0.16 |
| EUR | 82,623 | ElringKlinger AG Reg | 1,125,842.80 | 1,308,748.32 | 0.25 |
| EUR | 31,377 | Enagas SA | 607,710.83 | 563,687.81 | 0.11 |
| EUR | 19,735 | Endesa SA | 446,443.11 | 441,077.25 | 0.09 |
| EUR | 8,121 | ENEL SpA | 62,872.88 | 67,209.40 | 0.01 |
| EUR | 2,327 | Energiekontor AG | 87,337.74 | 134,966.00 | 0.03 |
| EUR | 4,763 | ENI SpA | 42,032.52 | 40,714.12 | 0.01 |
| EUR | 72 | Envea SA | 7,920.00 | 7,920.00 | 0.00 |
| EUR | 879 | Erste Group Bank AG | 22,136.30 | 21,922.26 | 0.00 |
| EUR | 197 | Esker SA | 33,210.20 | 34,790.20 | 0.01 |
| EUR | 204,439 | Esprinet SpA | 1,485,392.08 | 2,203,852.42 | 0.43 |
| EUR | 21,966 | Eurofins Scientific SA | 1,483,616.81 | 1,507,526.58 | 0.29 |
| EUR | 120,159 | Euronav NV | 864,860.39 | 793,049.40 | 0.15 |
| EUR | 23,027 | Euskaltel SA | 189,856.44 | 201,486.25 | 0.04 |
| EUR | 95,482 | Eutelsat Communications | 885,937.79 | 884,163.32 | 0.17 |
| EUR | 225 | Fabasoft AG | 10,121.81 | 10,575.00 | 0.00 |
| EUR | 9,390 | Fabbrica Italian Lapis Aff SpA | 77,949.06 | 86,106.30 | 0.02 |
| EUR | 233,997 | Faes Farma SA Reg | 849,464.52 | 816,649.53 | 0.16 |
| EUR | 6,464 | Ferrari NV | 1,151,809.38 | 1,219,433.60 | 0.24 |
| EUR | 8,516 | Fiat Chrysler Automobiles NV A Reg | 114,681.99 | 124,844.56 | 0.02 |
| EUR | 158 | Financière de l'Odet SA | 106,533.14 | 124,188.00 | 0.02 |
| EUR | 1,471 | Fiskars Oyj Reg | 21,611.34 | 22,035.58 | 0.00 |
| EUR | 26,308 | flatexDEGIRO AG Reg | 1,136,041.16 | 1,670,558.00 | 0.32 |
| EUR | 46,929 | Flow Traders NV | 1,420,948.82 | 1,269,898.74 | 0.25 |
| EUR | 104,647 | Fluidra SA | 1,691,490.92 | 2,192,354.65 | 0.42 |
| EUR | 45,590 | Fnac Darty SA | 1,822,269.65 | 2,402,593.00 | 0.46 |
| EUR | 3,978 | Focus Home Interactive SA | 175,653.00 | 255,387.60 | 0.05 |
| EUR | 53,219 | ForFarmers NV | 291,092.09 | 284,189.46 | 0.05 |
| EUR | 97,309 | Freenet AG Reg | 1,681,339.17 | 1,673,228.26 | 0.32 |
| EUR | 9,051 | Fresenius Medical Care AG Co KGaA | 646,245.90 | 617,278.20 | 0.12 |
| EUR | 14,118 | Fresenius SE & Co KGaA | 544,542.17 | 534,225.12 | 0.10 |
| EUR | 53,150 | Fuchs Petrolub SE Inhaber Pref Bearer | 2,495,972.92 | 2,468,286.00 | 0.48 |
| EUR | 28,839 | Gaztransport et technigaz SA | 2,369,088.65 | 2,284,048.80 | 0.44 |
| EUR | 21,879 | Gensight Biologics SA | 100,405.75 | 155,997.27 | 0.03 |
| EUR | 1,141 | Gerresheimer AG | 105,570.09 | 100,122.75 | 0.02 |
| EUR | 2,443 | GFT Technologies SE | 28,291.38 | 29,169.42 | 0.01 |
| EUR | 61,896 | Global Dominion Access SA | 217,462.78 | 232,728.96 | 0.04 |
| EUR | 91,136 | Global Fashion Group SA Reg | 487,183.70 | 885,750.78 | 0.17 |
| EUR | 1,157 | Groupe Bruxelles Lambert SA | 89,864.51 | 95,475.64 | 0.02 |
| EUR | 3,767 | Grupo Catalana Occidente SA | 79,825.63 | 109,808.05 | 0.02 |
| EUR | 1,242 | Gruppo Mutuionline SpA | 30,384.61 | 43,283.70 | 0.01 |
| EUR | 451 | Hannover Rueck SE | 60,240.22 | 58,765.30 | 0.01 |
| EUR | 1,525 | Hapag-Lloyd AG Reg | 75,668.83 | 140,147.50 | 0.03 |
| EUR | 10,325 | Harvia Plc | 215,001.92 | 252,962.50 | 0.05 |
| EUR | 8,323 | HeidelbergCement AG Bearer | 461,817.14 | 509,534.06 | 0.10 |
| EUR | 393 | Hella GmbH & Co KGaA | 19,785.15 | 20,789.70 | 0.00 |
| EUR | 47,370 | HelloFresh SE Bearer | 2,008,462.65 | 2,993,784.00 | 0.58 |
| EUR | 5,673 | Henkel AG & Co KGaA Pref | 508,570.47 | 523,617.90 | 0.10 |
| EUR | 5,281 | Hensoldt AG Bearer | 57,495.30 | 73,669.95 | 0.01 |
| EUR | 126,596 | Hera SpA | 371,665.99 | 377,256.08 | 0.07 |
| EUR | 496 | Hermes Intl SA | 418,247.61 | 436,281.60 | 0.08 |
| EUR | 6,907 | Hochtief AG | 502,840.73 | 549,451.85 | 0.11 |
| EUR | 40,444 | home24 SE Bearer | 492,643.80 | 905,945.60 | 0.18 |
| EUR | 27,993 | Hornbach Baumarkt AG | 1,026,671.73 | 1,002,149.40 | 0.19 |
| EUR | 21,556 | Hornbach Holding AG | 1,795,334.24 | 1,696,457.20 | 0.33 |
| EUR | 37,298 | Huhtamaki Oyj Reg | 1,552,229.21 | 1,576,213.48 | 0.30 |
| EUR | 15,964 | Iberdrola SA | 170,727.77 | 186,778.80 | 0.04 |
| EUR | 10,991 | Iliad SA | 1,853,634.37 | 1,847,587.10 | 0.36 |
| EUR | 14,363 | IMCD BV | 1,467,732.27 | 1,497,342.75 | 0.29 |
| EUR | 23,193 | Indra Sistemas SA | 139,731.19 | 161,887.14 | 0.03 |
| EUR | 1,300 | Indus Holding AG Bearer | 42,535.26 | 41,730.00 | 0.01 |
| EUR | 54,041 | Interpump Group SpA | 1,741,070.53 | 2,180,013.94 | 0.42 |

| Currency | Number / nominal value | Description | Cost | Market value | % of total net assets * |
| --- | --- | --- | --- | --- | --- |
| EUR | 179,780 | Intesa Sanpaolo SpA | 331,467.62 | 343,847.23 | 0.07 |
| EUR | 4,761 | Inventiva SA Reg | 52,628.04 | 55,798.92 | 0.01 |
| EUR | 33,445 | IPSOS SA | 732,727.92 | 923,082.00 | 0.18 |
| EUR | 119,433 | Iren SpA | 261,793.79 | 253,914.56 | 0.05 |
| EUR | 232,982 | Italgas SpA Reg | 1,220,961.73 | 1,211,506.40 | 0.23 |
| EUR | 5,645 | Jeronimo Martins SA Reg | 81,503.76 | 78,013.90 | 0.02 |
| EUR | 17,795 | JOST Werke AG | 698,968.26 | 766,964.50 | 0.15 |
| EUR | 63,943 | Jungheinrich AG Pref | 1,935,314.89 | 2,340,313.80 | 0.45 |
| EUR | 84,052 | Kamux Corp Re | 850,862.41 | 1,143,107.20 | 0.22 |
| EUR | 24,576 | KBC Group SA | 1,133,458.28 | 1,407,713.28 | 0.27 |
| EUR | 100,540 | Kemira Oyj | 1,152,133.90 | 1,300,987.60 | 0.25 |
| EUR | 713 | Kerry Group Plc A | 78,243.18 | 84,483.70 | 0.01 |
| EUR | 5,102 | Kesko Oyj A Reg | 108,376.81 | 102,040.00 | 0.02 |
| EUR | 250,416 | Kesko Oyj B | 4,759,457.20 | 5,268,752.64 | 1.02 |
| EUR | 88,997 | Kloeckner & Co SE Reg | 654,843.73 | 712,420.99 | 0.14 |
| EUR | 3,596 | Knorr Bremse AG Bearer | 380,517.73 | 401,601.28 | 0.08 |
| EUR | 92,849 | Kojamo Plc Reg | 1,721,322.89 | 1,680,566.90 | 0.32 |
| EUR | 29,532 | Kone Oyj B | 2,010,705.76 | 1,962,696.72 | 0.38 |
| EUR | 210,414 | Koninklijke Ahold Delhaize NV | 5,035,942.76 | 4,862,667.54 | 0.94 |
| EUR | 2,759 | Koninklijke Boskalis Westminster NV | 51,189.32 | 62,187.86 | 0.01 |
| EUR | 193 | Koninklijke DSM NV | 26,124.19 | 27,174.40 | 0.01 |
| EUR | 435 | Krones AG | 27,472.21 | 28,731.75 | 0.01 |
| EUR | 10,722 | La Doria SpA Reg | 141,693.25 | 146,676.96 | 0.03 |
| EUR | 11,884 | Laboratorios Farmaceu Rovi SA | 456,003.45 | 450,403.60 | 0.09 |
| EUR | 15,503 | Lassila & Tikanoja Oyj Reg | 208,147.76 | 233,475.18 | 0.05 |
| EUR | 5,650 | LEG Immobilien AG Reg | 692,211.71 | 717,889.00 | 0.14 |
| EUR | 5,278 | Legrand Holding SA | 375,959.90 | 385,294.00 | 0.07 |
| EUR | 4,643 | Lenzing AG Reg | 352,807.68 | 384,440.40 | 0.07 |
| EUR | 83 | Lotus Bakeries NV | 265,443.76 | 305,440.00 | 0.06 |
| EUR | 2,200 | MAN SE | 97,998.35 | 94,160.00 | 0.02 |
| EUR | 195,885 | Mapfre SA Reg | 306,986.43 | 312,044.81 | 0.06 |
| EUR | 3,183 | Mayr-Melnhof Karton AG Bearer | 444,251.37 | 525,195.00 | 0.10 |
| EUR | 264,801 | Mediaset Espana Com SA | 866,342.03 | 1,128,052.26 | 0.22 |
| EUR | 499,153 | Mediaset SpA | 994,584.86 | 1,041,233.16 | 0.20 |
| EUR | 132,499 | Mediobanca SpA | 911,987.42 | 999,042.46 | 0.19 |
| EUR | 1,043 | Melexis NV | 71,988.46 | 83,335.70 | 0.02 |
| EUR | 13,419 | Merck KGaA | 1,653,162.56 | 1,883,356.65 | 0.36 |
| EUR | 280,168 | Metsa Board Corp | 2,027,853.19 | 2,415,048.16 | 0.47 |
| EUR | 28,076 | Metso Outotec Oyj | 171,419.10 | 229,521.30 | 0.04 |
| EUR | 7,182 | Michelin SA | 701,009.06 | 753,750.90 | 0.15 |
| EUR | 255 | Miquel y Costas & Miquel SA | 3,211.90 | 3,753.60 | 0.00 |
| EUR | 11,770 | Moncler SpA | 561,663.15 | 590,147.80 | 0.11 |
| EUR | 323 | Muenchener Rueckver AG REG | 76,343.61 | 78,424.40 | 0.02 |
| EUR | 1,931 | Musti Group Oyj Reg | 41,420.92 | 47,386.74 | 0.01 |
| EUR | 1,538 | Mutares AG | 23,200.11 | 24,146.60 | 0.00 |
| EUR | 10,141 | Nagarro SE | 502,346.64 | 922,831.00 | 0.18 |
| EUR | 2,264 | Nanobiotix SA | 23,697.06 | 31,243.20 | 0.01 |
| EUR | 143,367 | Navigator (The) Co SA Reg | 326,842.27 | 358,130.77 | 0.07 |
| EUR | 9,492 | Neinor Homes SA Bearer | 96,723.17 | 103,462.80 | 0.02 |
| EUR | 3,688 | Nemetschek SE | 214,308.57 | 222,755.20 | 0.04 |
| EUR | 16,416 | Neste Corporation | 841,020.00 | 971,170.56 | 0.19 |
| EUR | 4,555 | Nexans SA | 209,966.22 | 269,883.75 | 0.05 |
| EUR | 8,024 | Nexity A | 233,984.31 | 284,531.04 | 0.05 |
| EUR | 17,160 | NN Group NV | 560,663.00 | 609,694.80 | 0.12 |
| EUR | 25,431 | Nokian Tyres Plc | 742,124.73 | 732,921.42 | 0.14 |
| EUR | 87,198 | Nordea Bank Abp Reg | 587,184.37 | 581,785.06 | 0.11 |
| EUR | 146,510 | NOS SGPS SA | 494,243.20 | 418,725.58 | 0.08 |
| EUR | 16,799 | Oesterreichische Post AG | 492,008.40 | 482,131.30 | 0.09 |
| EUR | 41,686 | OMV AG | 1,147,512.73 | 1,375,638.00 | 0.27 |
| EUR | 30,532 | Orange Belgium SA | 546,087.12 | 665,597.60 | 0.13 |
| EUR | 21,394 | Orange SA | 215,810.34 | 208,249.20 | 0.04 |
| EUR | 18,236 | Ordina NV Bearer | 50,255.56 | 52,428.50 | 0.01 |
| EUR | 152,207 | Orion Corp (New) B | 6,081,645.87 | 5,712,328.71 | 1.10 |
| EUR | 11,559 | Pharma Mar SA Bearer | 1,078,417.93 | 820,689.00 | 0.16 |
| EUR | 5,811 | PNE AG Reg | 45,295.58 | 46,488.00 | 0.01 |

| Currency | Number / nominal value | Description | Cost | Market value | % of total net assets * |
| --- | --- | --- | --- | --- | --- |
| EUR | 38,257 | Poste Italiane SpA | 294,867.20 | 318,298.24 | 0.06 |
| EUR | 1,763,165 | PostNL NV | 4,297,153.31 | 4,919,230.35 | 0.95 |
| EUR | 50,419 | ProSieben Sat.1 Media SE | 650,111.27 | 693,513.35 | 0.13 |
| EUR | 177,214 | Proximus SA | 3,089,059.29 | 2,872,638.94 | 0.56 |
| EUR | 24,319 | Prysmian SpA | 623,202.95 | 707,196.52 | 0.14 |
| EUR | 33,080 | Publicis Groupe SA | 1,240,195.48 | 1,348,340.80 | 0.26 |
| EUR | 1,472 | Puma SE | 120,750.60 | 135,836.16 | 0.03 |
| EUR | 27,267 | Qt Group Plc Reg | 1,081,500.68 | 1,570,579.20 | 0.30 |
| EUR | 27,296 | Quadient SA | 318,056.49 | 429,366.08 | 0.08 |
| EUR | 27,555 | Rai Way SpA Reg | 151,669.45 | 150,450.30 | 0.03 |
| EUR | 1,312 | Raiffeisen Bank Intl AG | 22,064.95 | 21,884.16 | 0.00 |
| EUR | 13,687 | Randstad NV | 647,428.14 | 728,695.88 | 0.14 |
| EUR | 16,774 | Recordati Ind Chim e Farm SpA | 743,248.41 | 760,365.42 | 0.15 |
| EUR | 38,115 | Red Electrica Corporacion SA | 625,254.64 | 639,379.13 | 0.12 |
| EUR | 154,182 | Redes Energetic Nacio SGPS SA | 367,314.87 | 364,640.43 | 0.07 |
| EUR | 54,758 | Reno De Medici Spa | 54,752.91 | 53,115.26 | 0.01 |
| EUR | 9,482 | Reply SpA Reg | 875,422.85 | 903,634.60 | 0.17 |
| EUR | 11,189 | Retelit SpA | 25,832.04 | 24,671.75 | 0.00 |
| EUR | 6,105 | Revenio Group Corp | 214,867.13 | 307,081.50 | 0.06 |
| EUR | 43,984 | Rheinmetall AG | 3,365,644.18 | 3,808,134.72 | 0.74 |
| EUR | 50,351 | Rovio Entertainment Corp Reg | 295,217.57 | 317,714.81 | 0.06 |
| EUR | 20,608 | RTL Group SA | 804,756.85 | 818,961.92 | 0.16 |
| EUR | 136 | Rémy Cointreau SA | 20,409.21 | 20,712.80 | 0.00 |
| EUR | 111,953 | Saf Holland SE Bearer | 802,406.39 | 1,253,873.60 | 0.24 |
| EUR | 3,232 | Sanofi SA | 278,157.44 | 254,358.40 | 0.05 |
| EUR | 58,373 | Sanoma-WSOY Oyj B | 738,714.28 | 802,045.02 | 0.15 |
| EUR | 657 | SAP SE | 86,868.18 | 70,443.54 | 0.01 |
| EUR | 5,670 | Sartorius AG Pref | 1,934,868.45 | 1,948,212.00 | 0.38 |
| EUR | 10,344 | Schneider Electric SE | 1,189,075.21 | 1,223,695.20 | 0.24 |
| EUR | 12,512 | SCOR SE | 328,140.32 | 330,567.04 | 0.06 |
| EUR | 4 | Scout24 AG | 270.76 | 268.20 | 0.00 |
| EUR | 178 | Secunet Security Networks AG | 48,022.47 | 44,144.00 | 0.01 |
| EUR | 18,161 | Semperit AG Holding Bearer | 414,120.22 | 441,312.30 | 0.09 |
| EUR | 13,799 | Sesa SpA | 1,060,802.48 | 1,421,297.00 | 0.27 |
| EUR | 1,551 | Shop Apotheke Europe NV | 149,161.55 | 229,858.20 | 0.04 |
| EUR | 19,913 | Siemens Gamesa Rene Energy SA | 586,017.82 | 658,921.17 | 0.13 |
| EUR | 150,335 | Signify NV | 4,234,149.77 | 5,191,067.55 | 1.00 |
| EUR | 139,503 | Snam SpA | 613,919.45 | 641,853.30 | 0.12 |
| EUR | 8,559 | Soc de Inv e Gestao SA SEMAPA Reg | 80,634.93 | 77,031.00 | 0.01 |
| EUR | 5,158 | Software AG Reg | 171,196.84 | 171,967.72 | 0.03 |
| EUR | 23,098 | Sol SpA | 289,974.06 | 323,372.00 | 0.06 |
| EUR | 22,601 | Solaria Energ y Medio Amb SA Bearer | 416,903.49 | 534,287.64 | 0.10 |
| EUR | 76,643 | Solutions 30 SE | 1,176,507.64 | 806,284.36 | 0.16 |
| EUR | 2,207 | SOMFY SA | 259,481.97 | 305,890.20 | 0.06 |
| EUR | 243,438 | Sonae SGPS SA Reg | 145,983.93 | 161,034.24 | 0.03 |
| EUR | 5,314 | Sopra Steria Group SA | 652,406.61 | 702,510.80 | 0.14 |
| EUR | 30,916 | SRP Groupe SA | 62,521.43 | 88,419.76 | 0.02 |
| EUR | 4,501 | STMicroelectronics NV | 143,508.77 | 136,290.28 | 0.03 |
| EUR | 47,180 | Stora Enso Oyj R | 616,499.86 | 738,131.10 | 0.14 |
| EUR | 5,206 | Stratec SE Reg | 544,835.42 | 639,296.80 | 0.12 |
| EUR | 23,497 | Stroeer SE & Co KGaA | 1,821,742.07 | 1,903,257.00 | 0.37 |
| EUR | 43,332 | SUESS MicroTec SE | 649,789.33 | 818,974.80 | 0.16 |
| EUR | 10,165 | Suominen Corp Reg | 49,149.13 | 51,638.20 | 0.01 |
| EUR | 3,013 | Symrise AG | 334,289.07 | 326,609.20 | 0.06 |
| EUR | 24,462 | Takkt AG | 237,923.37 | 260,764.92 | 0.05 |
| EUR | 27,160 | Tarkett SA | 302,202.15 | 391,104.00 | 0.08 |
| EUR | 26,942 | Tecnicas Reunidas SA | 278,026.95 | 291,512.44 | 0.06 |
| EUR | 2,272,534 | Telecom Italia SpA | 893,577.52 | 857,654.33 | 0.17 |
| EUR | 442,968 | Telecom Italia SpA Risp | 184,708.06 | 187,729.84 | 0.04 |
| EUR | 353,837 | Telefonica Deutschland Hg AG | 855,724.99 | 797,902.44 | 0.15 |
| EUR | 56,167 | Telekom Austria AG | 347,937.21 | 355,537.11 | 0.07 |
| EUR | 18,577 | Telenet Group Holding NV | 625,861.46 | 651,681.16 | 0.13 |
| EUR | 101,284 | Terna Rete Elettr Nazional SpA | 609,924.89 | 633,025.00 | 0.12 |
| EUR | 43,242 | Terveystalo Oyj Reg | 421,630.30 | 434,149.68 | 0.08 |
| EUR | 13,485 | Tessenderlo Group NV Parts Soc | 418,520.09 | 440,285.25 | 0.09 |

| Currency | Number / nominal value | Description | Cost | Market value | % of total net assets * |
| --- | --- | --- | --- | --- | --- |
| EUR | 6,809 | Thales SA | 510,038.12 | 509,994.10 | 0.10 |
| EUR | 91,785 | TietoEvry Corp Reg | 2,294,865.90 | 2,465,345.10 | 0.48 |
| EUR | 26,420 | Tikkurila Oyj Reg | 382,461.90 | 659,179.00 | 0.13 |
| EUR | 34,810 | Tinexta SpA Reg | 622,097.11 | 731,010.00 | 0.14 |
| EUR | 9,424 | TKH Group NV Certif | 305,849.72 | 372,624.96 | 0.07 |
| EUR | 26,127 | Tokmanni Group Corp | 368,385.99 | 424,302.48 | 0.08 |
| EUR | 984 | Total SE | 29,172.86 | 34,735.20 | 0.01 |
| EUR | 8,339 | Traton SE Bearer | 191,366.00 | 188,503.10 | 0.04 |
| EUR | 13,606 | Trigano SA | 1,707,432.24 | 1,970,148.80 | 0.38 |
| EUR | 199,521 | Télévision Française 1 SA TF1 | 1,099,250.06 | 1,314,843.39 | 0.25 |
| EUR | 8,104 | UCB | 706,963.48 | 684,625.92 | 0.13 |
| EUR | 120,611 | Unicaja Banco SA Bearer | 72,454.17 | 86,236.87 | 0.02 |
| EUR | 130,933 | Unieuro SpA Reg | 1,480,776.07 | 1,801,638.08 | 0.35 |
| EUR | 2,197 | Unilever Plc Reg | 108,687.10 | 108,894.31 | 0.02 |
| EUR | 4,949 | Uniper SE Reg | 136,338.70 | 139,759.76 | 0.03 |
| EUR | 122,757 | Unipol Gruppo SpA | 479,878.25 | 479,979.87 | 0.09 |
| EUR | 235,443 | UnipolSai SpA | 533,694.63 | 510,911.31 | 0.10 |
| EUR | 23,262 | UNIQA Insurance Group AG | 132,490.85 | 148,876.80 | 0.03 |
| EUR | 468 | United Internet AG & Co | 15,452.02 | 16,113.24 | 0.00 |
| EUR | 15,237 | UPM-Kymmene Corp | 427,663.51 | 464,271.39 | 0.09 |
| EUR | 54,072 | Uponor Oyj A Reg | 763,143.30 | 981,947.52 | 0.19 |
| EUR | 8,993 | Va-Q-tec AG | 230,589.14 | 277,883.70 | 0.05 |
| EUR | 1,316 | Valeo SA | 41,865.78 | 42,480.48 | 0.01 |
| EUR | 193,936 | Valmet Oyj | 4,320,293.24 | 4,530,344.96 | 0.88 |
| EUR | 29,998 | Van Lanschot Kempen NV Certif | 518,241.35 | 629,958.00 | 0.12 |
| EUR | 5,148 | Varta AG | 600,903.58 | 608,493.60 | 0.12 |
| EUR | 71,096 | Vereinigte BioEnergie AG Bearer | 1,319,830.63 | 2,182,647.20 | 0.42 |
| EUR | 11,955 | Verimatrix SA | 35,436.33 | 33,593.55 | 0.01 |
| EUR | 18,982 | Verkkokauppa.com Oyj Reg | 132,736.06 | 135,151.84 | 0.03 |
| EUR | 57 | VGP SA | 6,671.61 | 6,988.20 | 0.00 |
| EUR | 6,987 | Vidrala SA | 607,367.97 | 663,066.30 | 0.13 |
| EUR | 490 | Vilmorin et Cie | 24,052.59 | 24,157.00 | 0.00 |
| EUR | 2,129 | Virbac SA | 433,129.93 | 506,702.00 | 0.10 |
| EUR | 28,348 | Viscofan SA | 1,619,793.07 | 1,645,601.40 | 0.32 |
| EUR | 37,808 | Vivendi | 967,769.83 | 997,375.04 | 0.19 |
| EUR | 2,525 | Vonovia SE | 149,483.24 | 150,894.00 | 0.03 |
| EUR | 31,453 | Wacker Chemie AG | 2,795,235.33 | 3,672,137.75 | 0.71 |
| EUR | 15,493 | Wacker Neuson SE Reg | 267,356.70 | 271,282.43 | 0.05 |
| EUR | 9,362 | Westwing Group AG Bearer | 163,052.19 | 310,022.63 | 0.06 |
| EUR | 145,903 | Wienerberger AG | 3,315,975.78 | 3,805,150.24 | 0.74 |
| EUR | 1,093 | Wiit SpA Reg | 172,394.02 | 178,159.00 | 0.03 |
| EUR | 25,615 | Wolters Kluwer NV | 1,774,515.95 | 1,768,971.90 | 0.34 |
| EUR | 20,222 | Zalando SE | 1,449,620.09 | 1,841,415.32 | 0.36 |
| EUR | 30,300 | Zardoya Otis SA | 175,931.30 | 173,619.00 | 0.03 |
| EUR | 4,628 | Zooplus AG | 	688,925.29  | 	785,834.40  | 	0.15  |
|  |  |  | 227,197,701.30 | 251,501,091.46 | 48.59 |
| GBP | 864,102 | B&M European Value Retail SA | 4,450,746.49 | 4,982,696.09 | 0.96 |
| GBP | 34,355 | Boohoo Group Plc | 118,182.12 | 131,633.21 | 0.03 |
| GBP | 320,693 | Centamin Plc | 591,634.40 | 443,139.61 | 0.09 |
| GBP | 14,605 | Entain Plc | 155,929.85 | 184,928.77 | 0.04 |
| GBP | 15,100 | Ferguson Plc Reg | 1,172,764.27 | 1,498,534.98 | 0.29 |
| GBP | 1,211,941 | Man Group Plc Reg | 1,600,073.53 | 1,868,279.95 | 0.36 |
| GBP | 82,825 | Playtech Plc | 330,586.81 | 371,288.93 | 0.07 |
| GBP | 77,173 | Polymetal International PLC | 1,266,273.17 | 1,452,171.10 | 0.28 |
| GBP | 5,095 | RHI Magnesita NV Reg | 164,549.79 | 199,543.46 | 0.04 |
| GBP | 46,958 | Sirius Real Estate Ltd Reg | 38,810.11 | 48,993.43 | 0.01 |
| GBP | 95,012 | Strix Group PLC Reg | 231,097.25 | 233,497.66 | 0.05 |
| GBP | 21,406 | WPP Plc | 155,228.04 | 191,296.44 | 0.04 |
| GBP | 4,272 | XP Power Ltd Reg | 	177,174.69  | 	223,813.09  | 	0.04  |
|  |  |  | 10,453,050.52 | 11,829,816.72 | 2.30 |
| NOK | 1,840 | Af Gruppen Asa A | 29,399.17 | 30,821.50 | 0.01 |
| NOK | 291,623 | Aker Solutions ASA | 432,553.20 | 457,613.85 | 0.09 |
| NOK | 19,746 | Atea ASA | 190,004.79 | 228,293.34 | 0.04 |

| Currency | Number / nominal value | Description | Cost | Market value | % of total net assets * |
| --- | --- | --- | --- | --- | --- |
| NOK | 19,259 | Austevoll Seafood ASA | 140,574.01 | 161,118.28 | 0.03 |
| NOK | 51,265 | Avance Gas Holding Ltd | 196,152.55 | 201,087.72 | 0.04 |
| NOK | 168,665 | B2Holding ASA Reg | 113,230.02 | 119,382.42 | 0.02 |
| NOK | 17,974 | Borregaard ASA | 205,306.99 | 243,126.59 | 0.05 |
| NOK | 823 | Bouvet ASA Reg | 50,338.34 | 55,740.35 | 0.01 |
| NOK | 262,519 | BW LPG Ltd | 1,183,004.07 | 1,477,488.95 | 0.29 |
| NOK | 34,481 | Crayon Group Holding ASA Reg | 328,060.30 | 413,782.37 | 0.08 |
| NOK | 2,573 | DNB ASA | 31,895.92 | 41,234.48 | 0.01 |
| NOK | 38,664 | Elkem Asa Reg | 102,690.02 | 104,672.03 | 0.02 |
| NOK | 326,843 | Europris ASA | 1,334,362.56 | 1,593,204.69 | 0.31 |
| NOK | 150,672 | Fjordkraft Holding ASA Reg | 1,143,273.93 | 1,203,010.73 | 0.23 |
| NOK | 106,353 | Gjensidige Forsikring ASA | 1,861,472.20 | 1,941,794.06 | 0.38 |
| NOK | 3,300 | Hexagon Composites ASA Reg | 14,915.14 | 17,219.19 | 0.00 |
| NOK | 41,259 | Kid ASA | 336,770.85 | 375,472.87 | 0.07 |
| NOK | 157,554 | Kitron ASA | 245,229.71 | 272,332.28 | 0.05 |
| NOK | 75,436 | Kongsberg Gruppen ASA | 992,153.81 | 1,267,932.24 | 0.25 |
| NOK | 97,513 | Leroy Seafood Group ASA | 525,250.86 | 563,326.10 | 0.11 |
| NOK | 54,089 | MPC Container Ships AS | 28,609.85 | 32,609.00 | 0.01 |
| NOK | 5,644 | Multiconsult ASA Reg | 68,709.55 | 69,452.55 | 0.01 |
| NOK | 289,514 | Nordic Semiconductor ASA | 2,575,972.56 | 3,811,186.00 | 0.74 |
| NOK | 198,240 | Norsk Hydro ASA | 664,675.51 | 753,772.12 | 0.15 |
| NOK | 93,985 | Norwegian Fin Hg ASA | 591,612.28 | 655,819.56 | 0.13 |
| NOK | 55,171 | Odfjell Drilling Ltd | 90,278.36 | 90,205.53 | 0.02 |
| NOK | 561,053 | Orkla ASA A | 4,634,887.31 | 4,656,232.20 | 0.90 |
| NOK | 8,271 | SalMar ASA | 391,008.59 | 397,333.54 | 0.08 |
| NOK | 18,629 | Sbanken ASA | 122,064.82 | 122,439.14 | 0.02 |
| NOK | 53,480 | Schibsted ASA A | 1,947,344.49 | 1,868,700.95 | 0.36 |
| NOK | 69,084 | Sparebank 1 Nord-Norge | 416,878.82 | 491,618.02 | 0.10 |
| NOK | 13,566 | SpareBank 1 Ostlandet Reg Stock Option | 121,380.29 | 126,561.66 | 0.02 |
| NOK | 62,678 | SpareBank 1 SMN | 511,298.61 | 583,547.80 | 0.11 |
| NOK | 3,210 | Sparebanken Vest AS | 20,531.65 | 22,169.46 | 0.00 |
| NOK | 92,738 | Telenor ASA | 1,291,552.29 | 1,290,697.61 | 0.25 |
| NOK | 67,605 | Veidekke ASA | 738,675.18 | 714,545.79 | 0.14 |
| NOK | 14,180 | Wallenius Wilhelmsen ASA | 28,814.36 | 31,381.64 | 0.01 |
| NOK | 205,195 | XXL ASA Reg | 416,153.13 | 377,972.79 | 0.07 |
| NOK | 29,737 | Yara Intl ASA | 	988,210.33  | 	1,009,854.12  | 	0.20  |
|  |  |  | 25,105,296.42 | 27,874,753.52 | 5.41 |
| SEK | 1,647 | AAK AB Reg | 27,466.80 | 27,186.53 | 0.01 |
| SEK | 130,258 | AcadeMedia AB | 914,652.47 | 1,100,969.92 | 0.21 |
| SEK | 10,024 | AddLife AB B Reg | 134,224.17 | 143,534.29 | 0.03 |
| SEK | 178 | AddNode AB B | 4,101.43 | 5,062.19 | 0.00 |
| SEK | 68,651 | Addtech AB B Reg | 665,390.96 | 744,090.03 | 0.14 |
| SEK | 1,536 | Alfa Laval AB | 31,227.35 | 34,564.31 | 0.01 |
| SEK | 8,539 | Annehem Fastigheter AB | 25,714.82 | 26,874.03 | 0.01 |
| SEK | 34,957 | Arjo AB B Reg | 204,561.59 | 218,469.87 | 0.04 |
| SEK | 171,039 | Avanza Bank Holding AB Reg | 2,557,145.66 | 3,962,809.46 | 0.77 |
| SEK | 24,348 | Axfood AB | 468,668.90 | 464,369.85 | 0.09 |
| SEK | 65,069 | Bambuser AB Reg | 109,245.98 | 108,377.98 | 0.02 |
| SEK | 19,873 | Beijer Alma Ab B Reg | 211,741.62 | 258,873.06 | 0.05 |
| SEK | 13,917 | Betsson AB B Reg | 104,860.01 | 101,991.80 | 0.02 |
| SEK | 48,505 | BHG Group AB Reg | 473,540.48 | 862,394.83 | 0.17 |
| SEK | 82,613 | Bilia AB A Reg | 831,296.11 | 832,987.47 | 0.16 |
| SEK | 13,275 | Biotage AB | 200,866.25 | 183,485.37 | 0.04 |
| SEK | 74,991 | Boliden AB Reg | 2,064,767.04 | 2,172,955.40 | 0.42 |
| SEK | 26,755 | Bonava AB B | 190,356.34 | 209,378.37 | 0.04 |
| SEK | 36,218 | Bonesupport Hg AB Reg | 215,908.48 | 279,472.00 | 0.05 |
| SEK | 58,033 | Boozt AB Reg | 748,482.52 | 1,077,963.40 | 0.21 |
| SEK | 31,098 | Bravida Holding AB | 306,779.67 | 338,609.16 | 0.07 |
| SEK | 15,994 | Bufab AB | 245,264.71 | 309,175.79 | 0.06 |
| SEK | 15,653 | Bulten AB Reg | 123,482.59 | 139,773.89 | 0.03 |
| SEK | 101,353 | Byggmax Group AB Reg | 463,091.43 | 516,514.60 | 0.10 |
| SEK | 14,424 | Camurus AB | 234,852.22 | 267,352.19 | 0.05 |
| SEK | 54,809 | Clas Ohlson AB B | 496,415.15 | 427,287.38 | 0.08 |
| SEK | 145,568 | Cloetta AB B | 331,753.86 | 354,926.56 | 0.07 |

| Currency | Number / nominal value | Description | Cost | Market value | % of total net assets * |
| --- | --- | --- | --- | --- | --- |
| SEK | 50,382 | Collector AB Reg | 105,888.14 | 121,489.65 | 0.02 |
| SEK | 7,918 | Concentric AB | 125,621.20 | 144,242.45 | 0.03 |
| SEK | 29,003 | Coor Serv Mgt Holding AB | 172,173.82 | 208,801.50 | 0.04 |
| SEK | 50,933 | Dometic Group AB | 512,580.50 | 551,796.08 | 0.11 |
| SEK | 161,337 | Dustin Group AB | 918,167.50 | 1,026,753.22 | 0.20 |
| SEK | 55,227 | Electrolux AB B | 1,062,345.85 | 1,050,828.98 | 0.20 |
| SEK | 11,793 | Elekta AB Shares B | 127,163.30 | 129,521.58 | 0.03 |
| SEK | 1,237 | Enlabs AB Reg | 3,898.66 | 4,661.88 | 0.00 |
| SEK | 8,792 | Enzymatica AB Reg | 17,698.23 | 16,348.63 | 0.00 |
| SEK | 70,586 | Epiroc AB Reg A | 960,207.90 | 1,050,382.35 | 0.20 |
| SEK | 20,579 | Essity AB B Reg | 536,020.59 | 541,255.18 | 0.10 |
| SEK | 10,123 | Fagerhult AB Reg | 41,905.46 | 45,800.77 | 0.01 |
| SEK | 1,783 | Ferronordic AB Reg | 27,426.06 | 27,906.68 | 0.01 |
| SEK | 50,928 | G5 Entertainment AB Reg | 1,398,533.77 | 2,049,978.22 | 0.40 |
| SEK | 5,971 | Garo AB Reg | 320,414.86 | 377,027.40 | 0.07 |
| SEK | 1,360 | Genovis AB Reg | 4,538.37 | 4,259.92 | 0.00 |
| SEK | 103,782 | Getinge AB B | 1,839,367.69 | 1,982,446.71 | 0.38 |
| SEK | 49,493 | Granges AB Reg | 436,575.78 | 493,132.50 | 0.10 |
| SEK | 6,183 | Hansa Biopharma AB | 144,949.99 | 147,803.88 | 0.03 |
| SEK | 6,455 | Hexagon AB B | 426,118.42 | 481,275.56 | 0.09 |
| SEK | 51,712 | Hexpol AB B | 435,853.03 | 452,507.86 | 0.09 |
| SEK | 38,273 | Holmen AB Reg B | 1,195,000.98 | 1,497,958.27 | 0.29 |
| SEK | 12,079 | Humana AB | 71,969.86 | 71,105.76 | 0.01 |
| SEK | 486,949 | Husqvarna AB B | 4,281,898.39 | 5,156,858.41 | 1.00 |
| SEK | 40,940 | ICA Gruppen AB | 1,658,719.36 | 1,672,769.50 | 0.32 |
| SEK | 126,355 | Indutrade AB | 1,890,243.00 | 2,213,861.55 | 0.43 |
| SEK | 12,464 | Instalco AB Reg | 188,738.17 | 311,088.02 | 0.06 |
| SEK | 19,814 | Intrum AB | 450,514.25 | 427,153.10 | 0.08 |
| SEK | 79,610 | Inwido AB | 690,737.50 | 953,908.66 | 0.18 |
| SEK | 620 | Kambi Group Plc B | 13,105.25 | 23,920.79 | 0.00 |
| SEK | 7,369 | Karo Pharma AB Reg | 49,215.80 | 38,469.80 | 0.01 |
| SEK | 18,997 | Know It AB | 495,639.07 | 588,430.53 | 0.11 |
| SEK | 37,236 | Lagercrantz Group AB B Reg | 229,263.68 | 281,403.01 | 0.05 |
| SEK | 20,024 | Lifco AB B | 1,300,790.06 | 1,571,013.66 | 0.30 |
| SEK | 5,363 | Lime Technologies AB Reg | 154,029.24 | 217,313.91 | 0.04 |
| SEK | 77,672 | Lindap Intl AB | 1,039,538.20 | 1,316,091.85 | 0.25 |
| SEK | 1,712 | Loomis AB Reg | 42,387.48 | 38,507.78 | 0.01 |
| SEK | 9,276 | Medicover AB B Reg | 122,901.92 | 151,271.36 | 0.03 |
| SEK | 122,395 | Mekonomen AB | 1,022,938.07 | 1,108,751.38 | 0.21 |
| SEK | 34,965 | Modern Times Group AB B | 454,723.00 | 510,053.54 | 0.10 |
| SEK | 135,799 | Munters Group AB B Reg | 844,459.83 | 1,120,796.55 | 0.22 |
| SEK | 2,636 | Mycronic AB | 59,962.70 | 64,323.86 | 0.01 |
| SEK | 4,303 | NCC AB B | 65,311.39 | 64,182.22 | 0.01 |
| SEK | 22,883 | Nelly Group AB | 72,777.19 | 80,470.88 | 0.02 |
| SEK | 13,839 | New Wave Group AB B | 69,515.06 | 74,998.63 | 0.01 |
| SEK | 15,056 | Nibe Industrier AB B | 310,321.90 | 403,778.02 | 0.08 |
| SEK | 31,565 | Nobia AB Bearer | 173,579.03 | 206,687.25 | 0.04 |
| SEK | 16,648 | Nobina AB | 88,758.60 | 114,722.19 | 0.02 |
| SEK | 17,596 | Nolato AB B | 1,333,523.07 | 1,455,758.72 | 0.28 |
| SEK | 60,765 | Nordea Bank Abp Reg | 397,998.82 | 406,166.53 | 0.08 |
| SEK | 10,448 | Nordic Entertainment Gr AB Reg | 454,403.80 | 476,452.20 | 0.09 |
| SEK | 4,245 | Nordic WaterproOfing Holding AB Reg | 55,503.38 | 69,226.71 | 0.01 |
| SEK | 16,483 | Note AB Reg | 102,213.61 | 97,686.52 | 0.02 |
| SEK | 6,033 | Paradox Interactive AB Reg | 141,567.17 | 153,576.73 | 0.03 |
| SEK | 42,409 | Peab AB | 344,203.14 | 378,059.75 | 0.07 |
| SEK | 181,908 | Pricer AB B | 584,102.70 | 700,931.58 | 0.14 |
| SEK | 1,339 | Proact IT Group AB Reg | 34,055.26 | 36,349.24 | 0.01 |
| SEK | 26,761 | Ratos AB B | 93,393.04 | 102,397.54 | 0.02 |
| SEK | 30,083 | Recipharm AB B | 527,443.06 | 656,311.31 | 0.13 |
| SEK | 162,069 | Resurs Holding AB | 658,907.51 | 725,211.34 | 0.14 |
| SEK | 17,042 | Saab AB B | 452,315.89 | 405,861.82 | 0.08 |
| SEK | 1,278 | Sandvik AB | 21,840.80 | 25,581.54 | 0.00 |
| SEK | 69,804 | Scandi Standard AB | 453,430.96 | 477,552.22 | 0.09 |
| SEK | 26,614 | Sdiptech AB B Reg | 389,541.19 | 608,681.51 | 0.12 |
| SEK | 843 | Sectra AB B Reg | 56,414.23 | 61,486.51 | 0.01 |

| Currency | Number / nominal value | Description | Cost |  | Market value |  | % of total net assets * |
| --- | --- | --- | --- | --- | --- | --- | --- |
| SEK | 75,195 | Skandinaviska Enskilda Bk AB A | 618,537.87 |  | 631,826.44 |  | 0.12 |
| SEK | 49,681 | Skanska AB B | 961,288.07 |  | 1,035,954.98 |  | 0.20 |
| SEK | 29,802 | SKF AB B | 559,593.27 |  | 632,400.12 |  | 0.12 |
| SEK | 17,930 | Stillfront Group AB | 172,855.70 |  | 178,292.23 |  | 0.03 |
| SEK | 74,212 | Svenska Handelsbanken AB A | 602,756.37 |  | 609,545.75 |  | 0.12 |
| SEK | 30,409 | Sweco AB B Reg | 448,801.78 |  | 456,595.06 |  | 0.09 |
| SEK | 61,048 | Swedbank AB A | 872,237.62 |  | 874,878.64 |  | 0.17 |
| SEK | 12,708 | Swedencare AB Reg | 271,276.98 |  | 410,688.64 |  | 0.08 |
| SEK | 8,362 | Systemair AB | 188,674.68 |  | 214,111.27 |  | 0.04 |
| SEK | 108,499 | Tele2 AB B | 1,206,065.02 |  | 1,171,676.40 |  | 0.23 |
| SEK | 99,071 | Thule Group AB | 2,713,590.90 |  | 3,030,295.63 |  | 0.59 |
| SEK | 36,158 | Trelleborg AB B | 589,803.82 |  | 656,174.56 |  | 0.13 |
| SEK | 11,001 | Vitec Software Gr AB B | 299,690.86 |  | 373,025.62 |  | 0.07 |
| SEK | 8,534 | Volati AB Reg | 62,773.03 |  | 87,915.31 |  | 0.02 |
| SEK | 39,327 | Volvo AB B | 	731,264.48  |  | 	757,873.48  |  | 	0.15  |
|  |  |  | 55,440,414.79 |  | 64,316,107.11 |  | 12.43 |
| USD | 2,135 | AstraZeneca Plc ADR repr 1 Share | 100,988.98 |  | 87,225.11 |  | 0.02 |
| USD | 26,900 | Barclays Plc spons ADR Repr 4 Shares | 170,098.35 |  | 175,654.63 |  | 0.03 |
| USD | 9,434 | GlaxoSmithKline Plc ADR repr 2 Shares | 340,927.76 |  | 283,729.32 |  | 0.05 |
| USD | 12,168 | HSBC Holdings Plc spons ADR repr 5 Shares | 247,579.00 |  | 257,660.08 |  | 0.05 |
| USD | 51,500 | Micro Focus Intl Plc ADR repr Shs | 184,458.14 |  | 240,327.72 |  | 0.05 |
| USD | 16,000 | NatWest Gr Plc ADR DR repr spons | 58,922.09 |  | 59,104.28 |  | 0.01 |
| USD | 1,716 | Nestlé SA spons ADR repr 1 Share | 166,084.43 |  | 165,204.97 |  | 0.03 |
| USD | 3,932 | Novartis AG Spons ADR repr 1 Share | 295,841.33 |  | 303,447.83 |  | 0.06 |
| USD | 384 | Novo Nordisk AS ADR Repr 1 Share B | 23,093.91 |  | 21,920.89 |  | 0.00 |
| USD | 61,361 | Rio Tinto Plc spons ADR repr 1 Share | 3,386,211.02 |  | 3,772,126.86 |  | 0.73 |
| USD | 3,750 | Roche Holding Ltd ADR Repr 0.125 Sh | 143,268.63 |  | 134,357.63 |  | 0.03 |
| USD | 3,307 | Royal Dutch Shell Plc A ADR repr 2 Shares | 80,186.93 |  | 94,972.20 |  | 0.02 |
| USD | 49,191 | Telefon AB LM Ericsson ADR repr 1 Share B | 479,959.76 |  | 480,412.27 |  | 0.09 |
| USD | 4,100 | Unilever Plc ADR repr 1 Share | 197,396.60 |  | 202,252.37 |  | 0.04 |
| USD | 4,200 | Vodafone Group Plc Spons ADR Repr 10 Shares | 58,684.98 |  | 56,567.51 |  | 0.01 |
| USD | 3,900 | WPP Plc spons ADR repr 5 Shares | 	149,012.20  |  | 	172,370.06  |  | 	0.03  |
|  |  |  | 6,082,714.11 |  | 6,507,333.73 |  | 1.25 |
| Total shares |  | 347,845,061.34 |  | 389,602,634.17 |  | 75.29 |
| Closed-ended investment funds |
| EUR | 4,511 | Covivio SA Dist | 325,579.93 |  | 339,903.85 |  | 0.07 |
| EUR | 436 | Gecina Reg | 	56,208.06  |  | 	55,066.80  |  | 	0.01  |
| Total closed-ended investment funds | 381,787.99 |  | 394,970.65 |  | 0.08 |
| Transferable securities dealt in on another regulated market |
| Shares |  |  |  |  |  |  |  |
| EUR | 15,576 | Biosynex SA | 275,648.69 |  | 258,561.60 |  | 0.05 |
| SEK | 97,474 | Enad Global 7 AB Reg | 977,664.51 |  | 1,182,498.89 |  | 0.23 |
| SEK | 2,316 | Lyko Group AB A Reg | 	78,590.56  |  | 	81,064.99  |  | 	0.02  |
|  |  | 1,056,255.07 |  | 1,263,563.88 |  | 0.25 |
| Total shares |  | 1,331,903.76 |  | 1,522,125.48 |  | 0.30 |

| Currency | Number / nominal value | Description | Cost | Market value | % of total net assets * |
| --- | --- | --- | --- | --- | --- |

| Other transferable securities |
| --- |
| Shares |  |  |  |  |  |  |  |
| NOK | 1,097 | Hexagon Purus AS Reg | 	0.00  |  | 	5,221.78  |  | 	0.00  |
| Total shares |  |  | 0.00 |  | 5,221.78 |  | 0.00 |
| Total investments in securities | 349,558,753.09 |  | 391,524,952.08 |  | 75.67 |
| Cash at banks |  |  | 72,566,699.11 |  | 14.02 |
| Bank overdrafts |  |  | -71,568,588.40 |  | -13.83 |
| Other net assets/(liabilities) |  |  | 124,891,114.06 |  | 24.14 |
| Total |  |  | 517,414,176.85 |  | 100.00 |

Translation (ENFR, 2020-12-31):
# Répartition géographique
(par pays de résidence de l'émetteur) (en pourcentage de l'actif net)
| Suède | 12,78 % |
| --- | --- |
| Allemagne | 12,32 % |
| France | 11,86 % |
| Suisse | 11,32 % |
| Finlande | 8,76 % |
| Pays-Bas | 7,12 % |
| Royaume-Uni | 6,88 % |
| Italie | 4,53 % |
| Danemark | 3,76 % |
| Espagne | 3,47 % |
| Norvège | 3,37 % |
| Belgique | 1,61 % |
| Autriche | 1,59 % |
| Luxembourg | 0,86 % |
| Jersey | 0,59 % |
| Portugal | 0,09 % |
| Total | 90,91 % |

| Actif |  |
| --- | --- |
| Portefeuille-titres à la valeur d'évaluation | 37.767.111,42 |
| Avoirs bancaires | 1.086.969,39 |
| A recevoir sur émissions d'actions | 25.695,43 |
| Revenus à recevoir sur portefeuille-titres | 21.674,62 |
| Plus-values non réalisées sur changes à terme | 157.056,61 |
| Charges payées d'avance | 	3.157,33  |
| Total de l'actif | 39.061.664,80 |
| Exigible |  |
| Dettes bancaires | 26.903,82 |
| Garantie en espèces reçue à rembourser | 105.000,00 |
| Frais à payer | 	85.173,58  |
| Total de l'exigible | 217.077,40 |
| Actif net à la fin de l'exercice | 38.844.587,40 |

| Répartition des actifs nets par classe d'action |  |
| --- | --- |
| Classe d'action | Nombre | Devise | VNI par action | Actifs nets |
|  | d'actions | action | en devise de la classe d'action | par classe d'action (en USD) |
| B | 12.480,395 | USD | 337,36 | 4.210.389,57 |
| EH | 987,899 | EUR | 282,53 | 341.518,46 |
| F | 17.188,576 | USD | 318,28 | 5.470.862,69 |
| GH | 3.430,282 | EUR | 264,04 | 1.108.251,05 |
| PH | 929,568 | CHF | 285,00 | 299.720,07 |
| PI | 5,000 | USD | 383,79 | 1.918,93 |
| I | 50,000 | USD | 355,49 | 17.774,70 |
| IP | 599,513 | USD | 381,69 | 228.828,48 |
| IPH (EUR) | 11.166,567 | EUR | 106,43 | 1.454.187,34 |
| R | 197.400,000 | USD | 119,99 | 23.685.264,02 |
| RAM | 1.095,000 | USD | 408,76 | 447.591,01 |
| RAMCH | 9.796,753 | CHF | 142,40 | 	1.578.281,08  |
|  |  |  |  | 	38.844.587,40  |

| Revenus |  |
| --- | --- |
| Dividendes, nets | 507.119,74 |
| Intérêts bancaires | 2.713,64 |
| Autres commissions reçues | 32,47 |
| Autres revenus | 	4.244,21  |
| Total des revenus | 514.110,06 |
| Charges |  |
| Commission de gestion | 187.378,47 |
| Commission de dépositaire | 16.610,77 |
| Frais bancaires et autres commissions | 2.830,11 |
| Frais sur transactions | 58.550,23 |
| Frais d'administration centrale | 141.361,07 |
| Frais professionnels | 2.685,56 |
| Autres frais d'administration | 116.652,78 |
| Taxe d'abonnement | 9.174,49 |
| Autres impôts | 474,66 |
| Intérêts bancaires payés | 214,63 |
| Autres charges | 	14.296,28  |
| Total des charges | 550.229,05 |
| Pertes nettes des investissements | -36.118,99 |
| Bénéfice/(perte) net(te) réalisé(e) |  |
| - sur portefeuille-titres | 1.637.195,23 |
| - sur changes à terme | 206.622,58 |
| - sur devises | 	2.015,71  |
| Résultat réalisé | 1.809.714,53 |
| Variation nette de la plus-/(moins-) value non réalisée |  |
| - sur portefeuille-titres | 834.848,85 |
| - sur changes à terme | 	92.521,04  |
| Résultat des opérations | 2.737.084,42 |
| Emissions | 4.456.650,62 |
| Rachats | -17.485.229,44 |
| Total des variations de l'actif net | -10.291.494,40 |
| Total de l'actif net au début de l'exercice | 49.136.081,80 |
| Total de l'actif net à la fin de l'exercice | 38.844.587,40 |

| Total de l'actif net | Devise | 31.12.2018 | 31.12.2019 | 31.12.2020 |
| --- | --- | --- | --- | --- |
|  | USD | 27.420.821,50 | 49.136.081,80 | 38.844.587,40 |

| VNI par classe d'action | Devise | 31.12.2018 | 31.12.2019 | 31.12.2020 |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| B | USD | 249,72 | 309,47 | 337,36 |  |  |
| CPH | CHF | 238,73 | 287,41 | 270,09 | * | 01/07/2020 |
| EH | EUR | 218,98 | 264,59 | 282,53 |  |  |
| F | USD | 237,74 | 293,44 | 318,28 |  |  |
| GH | EUR | 206,72 | 248,53 | 264,04 |  |  |
| PH | CHF | 224,44 | 268,84 | 285,00 |  |  |
| PI | USD | 277,31 | 348,52 | 383,79 |  |  |
| I | USD | 260,57 | 324,33 | 355,49 |  |  |
| IP | USD | 278,22 | 348,27 | 381,69 |  |  |
| IPH (EUR) | EUR | - | - | 106,43 |  |  |
| R | USD | 85,52 | 108,30 | 119,99 |  |  |
| RAM | USD | 291,58 | 369,10 | 408,76 |  |  |
| RAMCH | CHF | 107,48 | 131,55 | 142,40 |  |  |

(*) Valeur nette d'inventaire utilisée pour le rachat final.
| Performance annuelle par classe d'action (en %) | Devise | 31.12.2018 | 31.12.2019 | 31.12.2020 |
| --- | --- | --- | --- | --- |
| B | USD | -15,80 | 23,93 | 9,01 |
| EH | EUR | -18,28 | 20,83 | 6,78 |
| F | USD | -16,22 | 23,43 | 8,47 |
| GH | EUR | -18,70 | 20,23 | 6,24 |
| PH | CHF | -19,02 | 19,78 | 6,01 |
| PI | USD | -15,01 | 25,68 | 10,12 |
| I | USD | -15,34 | 24,47 | 9,61 |
| IP | USD | -15,35 | 25,18 | 9,60 |
| R | USD | -14,48 | 26,64 | 10,79 |
| RAM | USD | -14,51 | 26,59 | 10,75 |
| RAMCH | CHF | -17,35 | 22,39 | 8,25 |

| Nombre d'actions | en circulation au début de l'exercice | émises | remboursées | en circulation à la fin de l'exercice |
| --- | --- | --- | --- | --- |
| B | 26.759,383 | 263,830 | -14.542,818 | 12.480,395 |
| CPH | 68,000 | - | -68,000 | - |
| EH | 1.869,956 | 9,000 | -891,057 | 987,899 |
| F | 26.960,513 | 169,063 | -9.941,000 | 17.188,576 |
| GH | 4.223,257 | 590,046 | -1.383,021 | 3.430,282 |
| PH | 981,387 | 26,872 | -78,691 | 929,568 |
| PI | 64,148 | - | -59,148 | 5,000 |
| I | 50,000 | - | - | 50,000 |
| IP | 769,397 | - | -169,884 | 599,513 |
| IPH (EUR) | - | 13.024,393 | -1.857,826 | 11.166,567 |
| R | 262.910,000 | 24.200,000 | -89.710,000 | 197.400,000 |
| RAM | 1.095,000 | - | - | 1.095,000 |
| RAMCH | 12.742,919 | 1.790,991 | -4.737,157 | 9.796,753 |

Les performances annuelles ont été calculées pour les 3 derniers exercices. Pour les compartiments / types d'actions lancés ou liquidés en cours d'exercice, la performance annuelle correspondante n'a pas été calculée.
La performance historique ne donne pas d'indication sur la performance actuelle ou future. Les données de performance ne tiennent pas compte des commissions et frais perçus lors de l'émission et du rachat d'actions de la SICAV.
| TER par classe d'action au 31.12.2020 (non audité) | TER sans commission de performance (en %) | Ratio de la commission de performance (en %) | TER avec commission de performance (en %) |
| --- | --- | --- | --- |
| B |  | 2,20 | - | 2,20 |
| EH |  | 2,23 | - | 2,23 |
| F |  | 2,70 | - | 2,70 |
| GH |  | 2,74 | - | 2,74 |
| PH |  | 2,74 | - | 2,74 |
| PI |  | 1,08 | - | 1,08 |
| I |  | 1,67 | - | 1,67 |
| IP |  | 1,68 | 0,00 | 1,68 |
| IPH (EUR) | * | 1,72 | 0,00 | 1,72 |
| R |  | 0,60 | - | 0,60 |
| RAM |  | 0,64 | - | 0,64 |
| RAMCH |  | 0,65 | - | 0,65 |
| * TER annualisé |  |  |  |  |

Les performances annuelles ont été calculées pour les 3 derniers exercices. Pour les compartiments / types d'actions lancés ou liquidés en cours d'exercice, la performance annuelle correspondante n'a pas été calculée.
La performance historique ne donne pas d'indication sur la performance actuelle ou future. Les données de performance ne tiennent pas compte des commissions et frais perçus lors de l'émission et du rachat d'actions de la SICAV.
| Devise | Valeur nominale/ Quantité | Dénomination | Coût d'acquisition | Valeur d'évaluation | % de l'actif net * |
| --- | --- | --- | --- | --- | --- |
| Portefeuille-titres |
| Valeurs mobilières admises à la cote officielle d'une bourse devaleurs |
| Actions |
| USD | 518 | 3M Co | 86.258,36 | 90.541,22 | 0,23 |
| USD | 5.154 | AbbVie Inc | 520.308,50 | 552.251,10 | 1,42 |
| USD | 2.186 | Accenture Plc A | 499.415,92 | 571.005,06 | 1,47 |
| USD | 1.797 | Adobe Inc Reg | 841.402,14 | 898.715,64 | 2,31 |
| USD | 415 | Agilent Technologies Inc Reg | 39.127,68 | 49.173,35 | 0,13 |
| USD | 515 | Alphabet Inc A | 709.884,45 | 902.609,60 | 2,32 |
| USD | 877 | Amerco Reg | 375.233,48 | 398.122,92 | 1,02 |
| USD | 480 | American Express Co | 56.826,72 | 58.036,80 | 0,15 |
| USD | 3.247 | Amgen Inc | 749.674,11 | 746.550,24 | 1,92 |
| USD | 140 | ANSYS Inc | 43.598,83 | 50.932,00 | 0,13 |
| USD | 1.826 | Applied Materials Inc | 146.788,32 | 157.583,80 | 0,41 |
| USD | 296 | Aptiv Plc Reg | 34.517,13 | 38.565,84 | 0,10 |
| USD | 1.123 | Archer-Daniels Midland Co | 55.340,83 | 56.610,43 | 0,15 |
| USD | 1.591 | Automatic Data Processing Inc | 275.104,04 | 280.334,20 | 0,72 |
| USD | 646 | Ball Corp | 55.979,48 | 60.194,28 | 0,15 |
| USD | 826 | Bank of New York Mellon Corp | 30.068,18 | 35.055,44 | 0,09 |
| USD | 1.338 | Becton Dickinson & Co | 330.390,02 | 334.794,36 | 0,86 |
| USD | 475 | Best Buy Co Inc | 48.748,84 | 47.400,25 | 0,12 |
| USD | 367 | BlackRock Inc | 245.184,90 | 264.805,18 | 0,68 |
| USD | 18.730 | Bristol Myers Squibb Co | 1.126.071,54 | 1.161.821,90 | 2,99 |
| USD | 8.064 | Bunge Ltd | 479.199,97 | 528.837,12 | 1,36 |
| USD | 4.599 | Cadence Design Systems Inc | 397.306,31 | 627.441,57 | 1,62 |
| USD | 1.069 | Campbell Soup Co | 50.721,08 | 51.686,15 | 0,13 |
| USD | 453 | Cardinal Health Inc | 21.689,46 | 24.262,68 | 0,06 |
| USD | 3.259 | Carrier Global Corporation Reg | 104.359,02 | 122.929,48 | 0,32 |
| USD | 492 | Caterpillar Inc Reg | 84.490,27 | 89.553,84 | 0,23 |
| USD | 438 | CBRE Group Inc A | 28.788,25 | 27.471,36 | 0,07 |
| USD | 305 | Cerner Corp | 20.907,75 | 23.936,40 | 0,06 |
| USD | 332 | Cigna Corp Reg | 66.280,35 | 69.115,76 | 0,18 |
| USD | 24.613 | Cisco Systems Inc | 1.060.593,42 | 1.101.431,75 | 2,84 |
| USD | 4.883 | Citrix Systems Inc | 614.223,90 | 635.278,30 | 1,64 |
| USD | 4.646 | Coca-Cola Co | 239.897,34 | 254.786,64 | 0,66 |
| USD | 771 | Cognizant Tec Solutions Corp | 56.831,54 | 63.183,45 | 0,16 |
| USD | 3.201 | Colgate-Palmolive Co | 243.832,92 | 273.717,51 | 0,70 |
| USD | 703 | Conagra Brands Inc | 25.067,36 | 25.490,78 | 0,07 |
| USD | 680 | Consolidated Edison of NY Inc | 49.595,19 | 49.143,60 | 0,13 |
| USD | 382 | Copart Inc | 36.117,56 | 48.609,50 | 0,12 |
| USD | 968 | Corning Inc | 30.481,81 | 34.848,00 | 0,09 |
| USD | 2.694 | CSX Corp | 226.320,96 | 244.480,50 | 0,63 |
| USD | 4.310 | Cummins Inc | 992.912,23 | 978.801,00 | 2,52 |
| USD | 2.657 | Deere and Co | 676.785,41 | 714.865,85 | 1,84 |
| USD | 858 | DuPont de Neumours Inc Reg When Issued | 49.669,08 | 61.012,38 | 0,16 |
| USD | 843 | EBay Inc | 43.219,43 | 42.360,75 | 0,11 |
| USD | 283 | Ecolab Inc | 60.639,80 | 61.229,88 | 0,16 |
| USD | 703 | Edwards Lifesciences Corp | 58.179,42 | 64.134,69 | 0,16 |
| USD | 382 | Electronic Arts Inc | 46.395,30 | 54.855,20 | 0,14 |
| USD | 882 | Eli Lilly & Co | 134.803,54 | 148.916,88 | 0,38 |
| USD | 409 | Eversource Energy Inc | 36.594,47 | 35.382,59 | 0,09 |
| USD | 1.435 | Exelon Corp | 55.872,73 | 60.585,70 | 0,16 |
| USD | 334 | Expeditors Intl of Washington Inc | 29.128,87 | 31.766,74 | 0,08 |
| USD | 275 | Fortive Corp | 18.992,49 | 19.475,50 | 0,05 |
| USD | 4.105 | Fortune Brands Home & Security Inc | 345.735,03 | 351.880,60 | 0,91 |
| USD | 108 | Generac Holdings Inc Reg | 23.875,35 | 24.560,28 | 0,06 |
| USD | 7.418 | General Electric Co | 81.523,82 | 80.114,40 | 0,21 |
| USD | 3.226 | General Mills Inc | 192.640,92 | 189.688,80 | 0,49 |
| USD | 1.865 | Harris Corp Reg | 341.237,45 | 352.522,30 | 0,91 |
| USD | 286 | HCA Healthcare Inc | 35.880,54 | 47.035,56 | 0,12 |

| Devise | Valeur nominale/ Quantité | Dénomination | Coût d'acquisition | Valeur d'évaluation | % de l'actif net * |
| --- | --- | --- | --- | --- | --- |

| USD | 4.630 | Hologic Inc | 278.210,24 | 337.202,90 | 0,87 |
| --- | --- | --- | --- | --- | --- |
| USD | 4.205 | Home Depot Inc | 1.069.504,55 | 1.116.932,10 | 2,88 |
| USD | 712 | Honeywell Intl Inc | 128.095,46 | 151.442,40 | 0,39 |
| USD | 538 | Horizon Therapeutics Plc | 41.406,42 | 39.354,70 | 0,10 |
| USD | 2.072 | HP Inc | 40.075,82 | 50.950,48 | 0,13 |
| USD | 51 | HubSpot Inc Reg | 19.331,55 | 20.218,44 | 0,05 |
| USD | 69 | Humana Inc | 26.527,38 | 28.308,63 | 0,07 |
| USD | 988 | IBM Corp | 117.003,84 | 124.369,44 | 0,32 |
| USD | 118 | Idex Corp | 23.282,80 | 23.505,60 | 0,06 |
| USD | 279 | IDEXX Laboratories Inc | 110.843,21 | 139.463,73 | 0,36 |
| USD | 995 | Illinois Tool Works Inc | 205.252,45 | 202.860,60 | 0,52 |
| USD | 148 | Illumina Inc | 49.977,85 | 54.760,00 | 0,14 |
| USD | 12.785 | Intel Corp | 598.721,05 | 636.948,70 | 1,64 |
| USD | 10.327 | Intl Paper Co | 505.877,43 | 513.458,44 | 1,32 |
| USD | 1.311 | Intuit Inc | 414.933,71 | 497.983,35 | 1,28 |
| USD | 217 | J.M. Smucker Co | 24.554,83 | 25.085,20 | 0,06 |
| USD | 198 | Jacobs Engineering Group Inc | 20.999,66 | 21.574,08 | 0,06 |
| USD | 2.525 | Johnson Controls Intl Plc | 107.807,25 | 117.639,75 | 0,30 |
| USD | 576 | Kellogg Co | 39.900,04 | 35.844,48 | 0,09 |
| USD | 2.181 | Keurig Dr Pepper Inc Reg | 63.708,75 | 69.813,81 | 0,18 |
| USD | 458 | Keysight Technologies Inc Reg | 48.887,26 | 60.497,22 | 0,16 |
| USD | 2.307 | Kimberly-Clark Corp | 320.041,90 | 311.052,81 | 0,80 |
| USD | 1.543 | Kroger Co Reg | 50.461,76 | 49.005,68 | 0,13 |
| USD | 128 | Lam Research Corp | 52.564,20 | 60.450,56 | 0,16 |
| USD | 2.910 | Leidos Holdings Inc | 251.402,17 | 305.899,20 | 0,79 |
| USD | 582 | Lowe's Companies Inc | 84.323,83 | 93.416,82 | 0,24 |
| USD | 114 | Lululemon Athletica Inc | 37.299,91 | 39.675,42 | 0,10 |
| USD | 1.497 | Marsh & McLennan Cos Inc | 169.676,73 | 175.149,00 | 0,45 |
| USD | 661 | Marvell Technology Group Ltd | 23.306,20 | 31.423,94 | 0,08 |
| USD | 342 | Masco Corp | 19.661,86 | 18.786,06 | 0,05 |
| USD | 854 | Mastercard Inc A | 283.606,58 | 304.826,76 | 0,78 |
| USD | 358 | McCormick & Co | 34.272,52 | 34.224,80 | 0,09 |
| USD | 37 | MercadoLibre Inc | 47.091,30 | 61.983,14 | 0,16 |
| USD | 18.877 | Merck & Co Inc | 1.550.452,51 | 1.544.138,60 | 3,97 |
| USD | 859 | Metlife Inc | 39.571,81 | 40.330,05 | 0,10 |
| USD | 285 | Mettler Toledo Intl Inc | 301.801,25 | 324.808,80 | 0,84 |
| USD | 5.848 | Microsoft Corp | 1.066.665,21 | 1.300.712,16 | 3,35 |
| USD | 1.504 | Moody's Corp | 417.113,10 | 436.520,96 | 1,12 |
| USD | 4.399 | Morgan Stanley | 248.060,67 | 301.463,47 | 0,78 |
| USD | 1.912 | Motorola Solutions Inc | 318.178,38 | 325.154,72 | 0,84 |
| USD | 25.919 | Newell Brands Inc Reg | 520.924,87 | 550.260,37 | 1,42 |
| USD | 1.922 | Newmont Corp Reg | 119.902,91 | 115.108,58 | 0,30 |
| USD | 3.977 | Nike Inc B | 504.713,55 | 562.626,19 | 1,45 |
| USD | 822 | Norfolk Southern Corp | 182.311,08 | 195.315,42 | 0,50 |
| USD | 283 | Northern Trust Corp | 25.450,05 | 26.358,62 | 0,07 |
| USD | 1.906 | Northrop Grumman Corp | 583.703,27 | 580.796,32 | 1,50 |
| USD | 1.145 | NVIDIA Corp | 565.019,91 | 597.919,00 | 1,54 |
| USD | 170 | Okta Inc Reg A | 43.501,30 | 43.224,20 | 0,11 |
| USD | 15.569 | Owens Corning Inc Reg | 975.700,12 | 1.179.507,44 | 3,04 |
| USD | 190 | Parker Hannifin Corp | 40.193,02 | 51.757,90 | 0,13 |
| USD | 57 | Paycom Software Inc | 21.821,31 | 25.778,25 | 0,07 |
| USD | 897 | PayPal Holdings Inc | 154.613,62 | 210.077,40 | 0,54 |
| USD | 3.803 | Pepsico Inc | 528.018,83 | 563.984,90 | 1,45 |
| USD | 285 | PNC Financial Serv Group | 33.623,06 | 42.465,00 | 0,11 |
| USD | 831 | PPG Industries Inc | 116.421,53 | 119.846,82 | 0,31 |
| USD | 10.648 | Procter & Gamble Co | 1.282.259,01 | 1.481.562,72 | 3,81 |
| USD | 406 | Prudential Financial Inc | 27.151,22 | 31.696,42 | 0,08 |
| USD | 303 | Quest Diagnostics Inc | 35.624,51 | 36.108,51 | 0,09 |
| USD | 1.583 | Regions Financial Corp | 24.195,68 | 25.517,96 | 0,07 |
| USD | 209 | Resmed Inc | 36.936,50 | 44.425,04 | 0,11 |
| USD | 106 | Rockwell Automation | 25.614,54 | 26.585,86 | 0,07 |
| USD | 1.748 | S&P Global Inc | 587.188,26 | 574.620,04 | 1,48 |
| USD | 984 | Salesforce.com Inc | 233.807,07 | 218.969,52 | 0,56 |
| USD | 346 | Sempra Energy Reg | 46.248,74 | 44.083,86 | 0,11 |

| Devise | Valeur nominale/ Quantité | Dénomination | Coût d'acquisition | Valeur d'évaluation | % de l'actif net * |
| --- | --- | --- | --- | --- | --- |

| USD | 1.135 | ServiceNow Inc Reg | 493.217,99 | 624.738,05 |  | 1,61 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 271 | Skyworks Solutions Inc | 37.935,81 | 41.430,48 |  | 0,11 |
| USD | 110 | Snap-On Inc | 19.228,17 | 18.825,40 |  | 0,05 |
| USD | 286 | State Street Corp | 20.523,50 | 20.815,08 |  | 0,05 |
| USD | 1.099 | Steris Plc Reg | 206.754,00 | 208.304,46 |  | 0,54 |
| USD | 219 | T. Rowe Price Group Inc | 27.316,51 | 33.154,41 |  | 0,09 |
| USD | 8.092 | Target Corp | 1.178.654,99 | 1.428.480,76 |  | 3,68 |
| USD | 361 | TE Connectivity Ltd | 32.139,60 | 43.706,27 |  | 0,11 |
| USD | 51 | Teledyne Technologies Inc | 19.604,40 | 19.990,98 |  | 0,05 |
| USD | 4.171 | Texas Instruments Inc | 602.949,16 | 684.586,23 |  | 1,76 |
| USD | 147 | Tractor Supply Co | 20.840,05 | 20.665,26 |  | 0,05 |
| USD | 3.883 | Trane Technologies Plc Reg | 542.597,01 | 563.656,28 |  | 1,45 |
| USD | 206 | Travelers Cies Inc | 23.692,67 | 28.916,22 |  | 0,07 |
| USD | 307 | Trimble Inc | 17.624,93 | 20.498,39 |  | 0,05 |
| USD | 275 | Vertex Pharmaceuticals Inc | 77.004,78 | 64.993,50 |  | 0,17 |
| USD | 584 | VF Corp | 45.465,02 | 49.879,44 |  | 0,13 |
| USD | 1.383 | Visa Inc A | 276.778,89 | 302.503,59 |  | 0,78 |
| USD | 100 | Waters Corp | 23.087,33 | 24.742,00 |  | 0,06 |
| USD | 2.096 | West Pharmaceutical Serv Inc Reg | 572.968,14 | 593.817,76 |  | 1,53 |
| USD | 205 | Workday Inc A | 42.127,04 | 49.120,05 |  | 0,13 |
| USD | 83 | WW Grainger Inc | 33.846,57 | 33.892,22 |  | 0,09 |
| USD | 222 | Xylem Inc | 21.969,83 | 22.597,38 |  | 0,06 |
| USD | 69 | Zebra Technologies Corp A | 23.487,60 | 26.518,77 |  | 0,07 |
| USD | 6.616 | Zoetis Inc A | 	1.055.739,66  | 	1.094.948,00  |  | 	2,82  |
| Total portefeuille-titres |  | 34.711.664,86 | 37.767.111,42 |  | 97,23 |
| Avoirs bancaires |  |  |  | 1.086.969,39 |  | 2,80 |
| Dettes bancaires |  |  |  | -26.903,82 |  | -0,07 |
| Autres actifs/(passifs) nets |  | 17.410,41 |  | 0,04 |
| Total |  |  |  | 38.844.587,40 |  | 100,00 |