# G FUND – European Long Short Equity
## Board of Directors’ Report
The G FUND - European Long Short Equity sub-fund's performance from 01/03/2021 to 28/02/2022:
- The net return of the C2 share class (LU1717593823) was 2.43% vs. 4.49% for its benchmark index. (see note 4)
- The net return of the DU share class (LU1717594391) was 2.38% vs. 4.49% for its benchmark index. (see note 4) Past performance is not a reliable indicator of future performance.

During the year, the following investment policy was observed:
Fiscal 2021 may be divided into two distinct periods.
During the first seven months of the year (from March through September), European equity markets posted strong gains, driven by Scandinavian markets, and volatility was low. Energy, Media and Banks were by far the best performing sectors, with Leisure, Basic Resources and Utilities lagged far behind. The most effective investment styles in this market were Profitability, Growth and (low) Volatility.
In this environment, our stock picking proved to be very effective and was by far the biggest contributor to performance over the year, largely due to the strong gains of ASM INTERNATIONAL, KONINKLIJKE AHOLD DELHAIZE, ASTRAZENECA PLC, STRAUMANN HOLDING, EUROFINS SCIENTIFIC, BUFAB AB, ASHTEAD GROUP PLC, and VEOLIA ENVIRONNEMENT, despite the problem with PROSUS.
The good performance of our sector positioning is also noteworthy and is attributable to our overweight positions in Construction and Banking and our underweight exposures to Automotive and Leisure.
Things were quite different however during the last five months of the fiscal year (from October through February), during which European equity markets fell back a bit and volatility increased considerably, with much divergence between national markets that saw the UK and Switzerland back in favour with investors at the expense of the other European markets. Inflation was a key concern that gave Basic Resources a considerable boost while penalising Retail and Consumer Staples. Also of note was the outperformance of the defensive sectors of Real Estate and Utilities. This resulted in a brutal rotation from Growth to Value and the underperformance of small caps.
Against this backdrop, our portfolio did well thanks to our positioning on Value equities, which benefited from the rotation. Our stock selection was not as effective as during the first period but still made a positive contribution, with the main contributors being REXEL SA, SANDVIK AB, MITCHELLS & BUTLER, STORA ENSO OYJ, KION GROUP AG, IPSOS and SIKA AG. The main detractors were PERSIMMON, SCHIBSTED ASA, ALSTOM, S&T AG and ENEL SPA.
| Combined statement of net assets at 28/02/22 |  |  |
| --- | --- | --- |
|  | Note | In EUR |
| Assets |  | 31,593,509.55 |
| Securities portfolio at market value | 2.2 | 23,138,337.68 |
| Cost |  | 22,882,465.92 |
| Cash at bank |  | 7,084,122.24 |
| Receivables from sale of investments |  | 146,624.89 |
| Receivables on CFDs |  | 1,932.55 |
| Net unrealised gain on futures contracts | 2.8 | 944,477.31 |
| Net unrealised gain on CFDs | 2.9 | 269,875.72 |
| Net dividends receivable |  | 3,856.85 |
| Accrued interest on the securities portfolio |  | 3,908.30 |
| Accrued interest on CFDs |  | 371.99 |
| Other accrued interest |  | 2.02 |
| Liabilities |  | 4,029,815.25 |
| Bank overdraft |  | 3,938,382.20 |
| Payable on investments purchased |  | 54,323.03 |
| Net unrealised loss on forward exchange contracts | 2.7 | 9,472.89 |
| Management fees payable | 3 | 8,487.45 |
| Depositary and sub-depositary fees payable | 5 | 1,488.43 |
| Administration fees payable | 6 | 813.48 |
| Subscription tax (taxe d’abonnement) payable | 8 | 459.42 |
| Net dividends payable |  | 3,130.16 |
| Interest payable on CFDs |  | 5,319.06 |
| Other liabilities |  | 7,939.13 |
| Net asset value |  | 27,563,694.30 |

| Statement of operations and net changes in assets from 01/03/21 to 28/02/22 |
| --- |
|  | Note | In EUR |
| Income |  | 557,464.87 |
| Net dividends on the securities portfolio |  | 214,308.22 |
| Dividends on CFDs |  | 317,840.67 |
| Net interest on money-market instruments |  | 6,538.88 |
| Interest received on CFDs |  | 13,618.38 |
| Bank interest |  | 5,158.72 |
| Expenses |  | 870,499.27 |
| Management fees | 3 | 109,694.11 |
| Depositary and sub-depositary fees | 5 | 9,008.66 |
| Administration fees | 6 | 5,247.92 |
| Legal expenses |  | 3,974.34 |
| Transaction expenses | 2.17, 7 | 96,999.71 |
| Director remuneration |  | 189.88 |
| Subscription tax (taxe d’abonnement) | 8 | 2,745.23 |
| Interest paid on bank overdrafts |  | 48,689.75 |
| Dividends paid on CFDs |  | 401,800.97 |
| Interest paid on CFDs |  | 158,421.09 |
| Bank charges |  | 26,228.00 |
| Other expenses |  | 7,499.61 |
| Net income / (loss) on investments |  | (313,034.40) |
| Net profit / (loss) on: |  |  |
| - sales of investments | 2,3 | 2,285,075.21 |
| - options | 2.6 | 26,643.99 |
| - forward exchange contracts | 2.7 | 209,684.02 |
| - futures | 2.8 | (2,837,986.63) |
| - CFDs | 2.9 | 480,254.05 |
| - currency |  | (9,900.48) |
| Net profit / (loss) |  | (159,264.24) |
| Change in the net unrealised gain / (loss) on: - sales of investments | 2.2 | (520,203.70) |
| - options | 2.6 | (6,072.00) |
| - forward exchange contracts | 2.7 | (51,102.66) |
| - futures | 2.8 | 1,149,945.22 |
| - CFDs | 2.9 | 232,427.44 |
| Net increase / (decrease) in net assets from operations |  | 645,730.06 |
| Dividends paid | 10 | (487,800.00) |
| Increase / (decrease) in net assets |  | 157,930.06 |
| Net assets at start of year |  | 27,405,764.24 |
| Net assets at end of year |  | 27,563,694.30 |

| Net assets by share class |  |  |  |  |
| --- | --- | --- | --- | --- |
|  |  | 28/02/22 | 28/02/21 | 29/02/20 |
| Total net assets | EUR | 27,563,694.30 | 27,405,764.24 | 28,885,149.57 |
| IC EUR shares - Accumulation |  |  |  |  |
| Number of shares |  | 1,000 | 1,000 | 1,000 |
| Net asset value per share | EUR | 970.30 | 947.24 | 966.41 |
| GD EUR shares - Distribution Number of shares |  | 30,000,000 | 30,000,000 | 30,000,000 |
| Net asset value per share | EUR | 918.76 | 913.49 | 962.81 |
| Dividend per share |  | 16.26 | 29.59 | 0.20 |

Change in the number of shares outstanding from 01/03/21 to 28/02/22
|  | Number of shares outstanding at | Number of shares | Number of shares | Number of shares outstanding at |
| --- | --- | --- | --- | --- |
|  | 01/03/21 | issued | redeemed | 28/02/22 |
| IC EUR shares - Accumulation | 1,000 | 0,000 | 0,000 | 1,000 |
| GD EUR shares - Distribution | 30,000,000 | 0,000 | 0,000 | 30,000,000 |

| Securities portfolio at 28/02/2022 |  |  |  |  |
| --- | --- | --- | --- | --- |
| Name | Curr. | Number of shares | Market value (in EUR) | % of net assets |
| Securities admitted for trading on a stock exchange or traded on another regulated market |  |  | 14,936,017.05 | 54.19 |
| Equities |  |  | 14,936,017.05 | 54.19 |
| Germany |  |  | 4,780,877.43 | 17.34 |
| BASF SE REG SHS | EUR | 7,332 | 434,421.00 | 1.58 |
| CARL ZEISS MEDITEC A | EUR | 1,111 | 156,484.35 | 0.57 |
| COVESTRO AG | EUR | 5,555 | 262,251.55 | 0.95 |
| DAIMLER TRUCK HOLDING AG | EUR | 9,999 | 271,772.82 | 0.99 |
| DEUTSCHE POST AG | EUR | 9,555 | 431,503.80 | 1.57 |
| DEUTSCHE TELEKOM AG REG SHS | EUR | 51,999 | 833,543.97 | 3.02 |
| INFINEON TECHNOLOGIES REG SHS | EUR | 16,666 | 512,396.17 | 1.86 |
| KION GROUP AG | EUR | 3,666 | 264,538.56 | 0.96 |
| KNORR-BREMSE - BEARER SHS | EUR | 3,333 | 263,307.00 | 0.96 |
| MERCEDES-BENZ GROUP | EUR | 3,333 | 233,876.61 | 0.85 |
| MUENCHENER RUECKVERSICHERUNGS AG REG SHS | EUR | 1,166 | 288,176.90 | 1.05 |
| PROSIEBENSAT.1 NAMEN-AKT | EUR | 19,700 | 241,620.50 | 0.88 |
| PUMA AG | EUR | 3,333 | 273,239.34 | 0.99 |
| STEICO | EUR | 999 | 88,711.20 | 0.32 |
| ZALANDO SE | EUR | 3,777 | 225,033.66 | 0.82 |
| Netherlands |  |  | 3,690,647.34 | 13.39 |
| ADYEN | EUR | 144 | 268,473.60 | 0.97 |
| AKZO NOBEL NV | EUR | 3,466 | 294,610.00 | 1.07 |
| ASM INTERNATIONAL NV | EUR | 1,666 | 480,141.20 | 1.74 |
| ASML HLDG | EUR | 1,510 | 904,339.00 | 3.28 |
| DSM KONINKLIJKE | EUR | 1,577 | 263,832.10 | 0.96 |
| HEINEKEN NV | EUR | 4,444 | 401,648.72 | 1.46 |
| KONINKLIJKE AHOLD DELHAIZE NV | EUR | 11,000 | 302,280.00 | 1.10 |
| PROSUS NV | EUR | 6,666 | 369,429.72 | 1.34 |
| ROYAL PHILIPS ELECTR | EUR | 4,444 | 134,830.96 | 0.49 |
| STELLANTIS N.V. -SHS | EUR | 11,030 | 180,715.52 | 0.66 |
| UNIVERSAL MUSIC GROUP N.V. | EUR | 4,444 | 90,346.52 | 0.33 |
| Switzerland |  |  | 2,061,538.70 | 7.48 |
| LOGITECH NAMEN AKT | CHF | 4,888 | 326,831.19 | 1.19 |
| LONZA GROUP (CHF) | CHF | 333 | 205,982.05 | 0.75 |
| NESTLE | CHF | 9,188 | 1,068,017.51 | 3.87 |
| SIKA | CHF | 1,022 | 303,490.71 | 1.10 |
| STRAUMANN HOLDING REG | CHF | 111 | 157,217.24 | 0.57 |
| Spain |  |  | 891,433.62 | 3.23 |
| CELLNEX TELECOM SA | EUR | 8,888 | 361,208.32 | 1.31 |
| IBERDROLA SA | EUR | 52,085 | 530,225.30 | 1.92 |
| Finland |  |  | 810,660.34 | 2.94 |
| NESTE | EUR | 6,666 | 234,509.88 | 0.85 |
| SAMPO OYJ -A- | EUR | 6,666 | 282,371.76 | 1.02 |
| STORA ENSO -R- | EUR | 17,110 | 293,778.70 | 1.07 |
| Sweden |  |  | 775,014.22 | 2.81 |
| ASSA ABLOY -B- NEW I | SEK | 9,466 | 224,662.35 | 0.82 |
| EPIROC --- REGISTERED SHS -A- | SEK | 4,444 | 75,058.79 | 0.27 |
| INSTALCO AB | SEK | 15,555 | 106,306.93 | 0.39 |
| SANDVIK AB | SEK | 12,221 | 238,517.58 | 0.87 |
| STILLFRONT GRP - REGISTERED SHS | SEK | 44,444 | 130,468.57 | 0.47 |
| France |  |  | 718,249.65 | 2.61 |
| FAURECIA | EUR | 187 | 6,367.35 | 0.02 |
| LVMH | EUR | 777 | 512,742.30 | 1.86 |
| TELEPERFORMANCE | EUR | 600 | 199,140.00 | 0.72 |
| United Kingdom |  |  | 278,699.20 | 1.01 |
| ALLFUNDS GROUP PLC | EUR | 27,286 | 278,699.20 | 1.01 |
| Norway |  |  | 256,327.51 | 0.93 |
| SCHIBSTED -A- | NOK | 9,999 | 256,327.51 | 0.93 |

| Securities portfolio at 28/02/2022 |  |  |  |  |
| --- | --- | --- | --- | --- |
| Name | Curr. | Number of shares | Market value (in EUR) | % of net assets |
| Luxembourg |  |  | 246,242.04 | 0.89 |
| ARCELORMITTAL | EUR | 8,888 | 246,242.04 | 0.89 |
| Austria |  |  | 219,014.40 | 0.79 |
| S & T AG | EUR | 15,555 | 219,014.40 | 0.79 |
| Belgium |  |  | 207,312.60 | 0.75 |
| TELENET GROUP HOLDING NV | EUR | 6,666 | 207,312.60 | 0.75 |
| Money-market instruments |  |  | 5,494,179.83 | 19.93 |
| Commercial paper, certificates of deposit and debt securities |  |  | 5,494,179.83 | 19.93 |
| France |  |  | 3,495,660.60 | 12.68 |
| FAURECIA ZCP 170522 | EUR | 2,000,000 | 1,995,966.10 | 7.24 |
| NEXANS SA ZCP 170522 | EUR | 1,500,000 | 1,499,694.50 | 5.44 |
| Italy |  |  | 1,998,519.23 | 7.25 |
| MAIRE TECNIMONT SPA ZCP 020522 | EUR | 2,000,000 | 1,998,519.23 | 7.25 |
| Collective investment undertakings |  |  | 2,708,140.80 | 9.83 |
| Shares or units in investment funds |  |  | 2,708,140.80 | 9.83 |
| France |  |  | 2,708,140.80 | 9.83 |
| GROUPAMA ULTRA SHORT TERM BOND IC C | EUR | 272 | 2,708,140.80 | 9.83 |
| Total securities portfolio |  |  | 23,138,337.68 | 83.94 |

Translation (ENFR, 2022-02-28):
# G FUND – European Long Short Equity
## Rapport du Conseil d'Administration
Sur la période du 01/03/2021 au 28/02/2022, concernant le compartiment G Fund European Long Short Equity :
- la performance nette de la part C2 (LU1717593823) a été de 2.43% contre 4.49% pour son indice de référence. (voir note 4)
- la performance nette de la part D1 (LU1717594391) a été de 2.38% contre 4.49% pour son indice de référence. (voir note 4) Les performances passées ne préjugent pas des performances futures.

Pendant l’exercice, la politique d’investissement s’est déroulée comme suit :
On peut distinguer deux périodes.
D’une part, les 7 premiers mois (Mar 2021-Sep 2021), pendant lesquels les marchés européens ont fortement progressé avec les marchés scandinaves en tête et une volatilité basse. Pour les secteurs, l’Energie, les Médias et les Banques ont nettement surperformé alors que les titres Loisirs, les Ressources de Base et les Utilities ont été fortement à la traîne. Sur les Styles, le marché a favorisé la Profitabilité, la Croissance et la faible Volatilité.
Dans ce contexte, notre Sélection de titres a été très satisfaisante, largement le plus gros contributeur à la performance sur la période grâce principalement aux titres suivants ASM INTERNATIONAL, KONINKLIJKE AHOLD DELHAIZE, ASTRAZENECA PLC, STRAUMANN HOLDING, EUROFINS SCIENTIFIC, BUFAB AB, ASHTEAD GROUP PLC, VEOLIA ENVIRONNEMENT malgré un accident sur PROSUS. A noter
également, la bonne performance de notre positionnement sectoriel résultant de nos surpondérations sur la Construction et les Banques et nos sous-pondérations sur les Autos et les Loisirs.
D’autre part, les 5 derniers mois (Oct 2021-Fev 2022), pendant lesquels les marchés européens ont très légèrement reculé avec une volatilité beaucoup plus élevée et avec des divergences importantes sur le plan géographique : le Royaume-Uni et la Suisse retrouvant les faveurs des investisseurs au détriment des marchés. L’inflation a été cœur des préoccupations : les Ressources de Base ont été le grand gagnant et à l’inverse la Distribution et la Consommation Courante ont bien souffert. A noter également, la surperformance des secteurs défensifs de l’Immobilier et des Utilities. Sur les Styles, cela s’est traduit par une violente rotation en faveur du style ‘Value’ contre la Croissance et une sous- performance des petites capitalisations.
Dans ce contexte, le portefeuille s’est bien comporté grâce à notre positionnement sur les Styles qui ont profité de la rotation. Notre Sélection de titres n’a pas démérité avec une contribution positive mais on observe néanmoins un ralentissement ; les principaux contributeurs positifs ont été REXEL SA, SANDVIK AB, MITCHELLS & BUTLER, STORA ENSO OYJ, KION GROUP AG, IPSOS, SIKA AG et à l’inverse : PERSIMMON,
SCHIBSTED ASA, ALSTOM, S&T AG, ENEL SPA ont été les principaux contributeurs négatifs.
| Etat des actifs nets au 28/02/22 |  |
| --- | --- |
|  | Note | Exprimé en EUR |
| Actifs |  | 31.593.509,55 |
| Portefeuille-titres à la valeur d'évaluation | 2.2 | 23.138.337,68 |
| Prix de revient |  | 22.882.465,92 |
| Avoirs en banque |  | 7.084.122,24 |
| A recevoir pour investissements vendus |  | 146.624,89 |
| A recevoir sur CFDs |  | 1.932,55 |
| Plus-value nette non réalisée sur contrats futures | 2.8 | 944.477,31 |
| Plus-value nette non réalisée sur CFDs | 2.9 | 269.875,72 |
| Dividendes à recevoir, nets |  | 3.856,85 |
| Intérêts à recevoir sur portefeuille-titres |  | 3.908,30 |
| Intérêts à recevoir sur CFDs |  | 371,99 |
| Autres intérêts à recevoir |  | 2,02 |
| Passifs |  | 4.029.815,25 |
| Découvert bancaire |  | 3.938.382,20 |
| A payer sur investissements achetés |  | 54.323,03 |
| Moins-value nette non réalisée sur contrats de change à terme | 2.7 | 9.472,89 |
| Commissions de gestion à payer | 3 | 8.487,45 |
| Commissions de dépositaire et de sous-dépositaire à payer | 5 | 1.488,43 |
| Commissions d'administration à payer | 6 | 813,48 |
| Taxe d'abonnement à payer | 8 | 459,42 |
| Dividendes à payer, nets |  | 3.130,16 |
| Intérêts à payer sur CFDs |  | 5.319,06 |
| Autres passifs |  | 7.939,13 |
| Valeur nette d'inventaire |  | 27.563.694,30 |

| Etat des opérations et des variations des actifs nets du 01/03/21 au 28/02/22 |  |
| --- | --- |
|  | Note | Exprimé en EUR |
| Revenus |  | 557.464,87 |
| Dividendes sur portefeuille-titres, nets |  | 214.308,22 |
| Dividendes reçus sur CFDs |  | 317.840,67 |
| Intérêts sur instruments du marché monétaire, net |  | 6.538,88 |
| Intérêts reçus sur CFDs |  | 13.618,38 |
| Intérêts bancaires |  | 5.158,72 |
| Dépenses |  | 870.499,27 |
| Commissions de gestion | 3 | 109.694,11 |
| Commissions de dépositaire et de sous-dépositaire | 5 | 9.008,66 |
| Commissions d'administration | 6 | 5.247,92 |
| Frais légaux |  | 3.974,34 |
| Frais de transaction | 2.17, 7 | 96.999,71 |
| Rémunération administrateurs |  | 189,88 |
| Taxe d'abonnement | 8 | 2.745,23 |
| Intérêts payés sur découvert bancaire |  | 48.689,75 |
| Dividendes payés sur CFDs |  | 401.800,97 |
| Intérêts payés sur CFDs |  | 158.421,09 |
| Frais bancaires |  | 26.228,00 |
| Autres dépenses |  | 7.499,61 |
| Revenus / (Pertes) net(te)s des investissements |  | (313.034,40) |
| Bénéfices / (Pertes) net(te)s réalisé(e)s sur: |  |  |
| - ventes d'investissements | 2.3 | 2.285.075,21 |
| - options | 2.6 | 26.643,99 |
| - contrats de change à terme | 2.7 | 209.684,02 |
| - contrats futures | 2.8 | (2.837.986,63) |
| - CFDs | 2.9 | 480.254,05 |
| - change |  | (9.900,48) |
| Bénéfice / (Perte) net(te) réalisé(e) |  | (159.264,24) |
| Variation de la plus-value / (moins-value) nette non réalisée sur: - ventes d’investissements | 2.2 | (520.203,70) |
| - options | 2.6 | (6.072,00) |
| - contrats de change à terme | 2.7 | (51.102,66) |
| - contrats futures | 2.8 | 1.149.945,22 |
| - CFDs | 2.9 | 232.427,44 |
| Augmentation / (diminution) nette des actifs nets provenant des opérations |  | 645.730,06 |
| Dividendes versés | 10 | (487.800,00) |
| Augmentation / (diminution) des actifs nets |  | 157.930,06 |
| Actifs nets début de l'exercice |  | 27.405.764,24 |
| Actifs nets à la fin de l'exercice |  | 27.563.694,30 |

| Statistiques |  |
| --- | --- |
|  |  | 28/02/22 | 28/02/21 | 29/02/20 |
| Total des actifs nets | EUR | 27.563.694,30 | 27.405.764,24 | 28.885.149,57 |
| Classe IC EUR - Capitalisation |  |  |  |  |
| Nombre d'actions |  | 1,000 | 1,000 | 1,000 |
| Valeur nette d'inventaire par action | EUR | 970,30 | 947,24 | 966,41 |
| Classe GD EUR - Distribution Nombre d'actions |  | 30.000,000 | 30.000,000 | 30.000,000 |
| Valeur nette d'inventaire par action | EUR | 918,76 | 913,49 | 962,81 |
| Dividende par action |  | 16,26 | 29,59 | 0,20 |

Changement dans le nombre d'actions en circulation du 01/03/21 au 28/02/22
|  | Nombre d'actions en circulation au | Nombre d'actions | Nombre d'actions | Nombre d'actions en circulation au |
| --- | --- | --- | --- | --- |
| 01/03/21 | émises | rachetées | 28/02/22 |
| Classe IC EUR - Capitalisation | 1,000 | 0,000 | 0,000 | 1,000 |
| Classe GD EUR - Distribution | 30.000,000 | 0,000 | 0,000 | 30.000,000 |

| Portefeuille-titres au 28/02/22 |  |
| --- | --- |
| Description | Devise | Quantité | Valeur d'évaluation (en EUR) | % actifs nets |
| Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou traitées sur un autre marché réglementé |  |  | 14.936.017,05 | 54,19 |
| Actions |  |  | 14.936.017,05 | 54,19 |
| Allemagne |  |  | 4.780.877,43 | 17,34 |
| BASF SE REG SHS | EUR | 7.332 | 434.421,00 | 1,58 |
| CARL ZEISS MEDITEC A | EUR | 1.111 | 156.484,35 | 0,57 |
| COVESTRO AG | EUR | 5.555 | 262.251,55 | 0,95 |
| DAIMLER TRUCK HOLDING AG | EUR | 9.999 | 271.772,82 | 0,99 |
| DEUTSCHE POST AG | EUR | 9.555 | 431.503,80 | 1,57 |
| DEUTSCHE TELEKOM AG REG SHS | EUR | 51.999 | 833.543,97 | 3,02 |
| INFINEON TECHNOLOGIES REG SHS | EUR | 16.666 | 512.396,17 | 1,86 |
| KION GROUP AG | EUR | 3.666 | 264.538,56 | 0,96 |
| KNORR-BREMSE - BEARER SHS | EUR | 3.333 | 263.307,00 | 0,96 |
| MERCEDES-BENZ GROUP | EUR | 3.333 | 233.876,61 | 0,85 |
| MUENCHENER RUECKVERSICHERUNGS AG REG SHS | EUR | 1.166 | 288.176,90 | 1,05 |
| PROSIEBENSAT.1 NAMEN-AKT | EUR | 19.700 | 241.620,50 | 0,88 |
| PUMA AG | EUR | 3.333 | 273.239,34 | 0,99 |
| STEICO | EUR | 999 | 88.711,20 | 0,32 |
| ZALANDO SE | EUR | 3.777 | 225.033,66 | 0,82 |
| Pays-Bas |  |  | 3.690.647,34 | 13,39 |
| ADYEN | EUR | 144 | 268.473,60 | 0,97 |
| AKZO NOBEL NV | EUR | 3.466 | 294.610,00 | 1,07 |
| ASM INTERNATIONAL NV | EUR | 1.666 | 480.141,20 | 1,74 |
| ASML HLDG | EUR | 1.510 | 904.339,00 | 3,28 |
| DSM KONINKLIJKE | EUR | 1.577 | 263.832,10 | 0,96 |
| HEINEKEN NV | EUR | 4.444 | 401.648,72 | 1,46 |
| KONINKLIJKE AHOLD DELHAIZE NV | EUR | 11.000 | 302.280,00 | 1,10 |
| PROSUS NV | EUR | 6.666 | 369.429,72 | 1,34 |
| ROYAL PHILIPS ELECTR | EUR | 4.444 | 134.830,96 | 0,49 |
| STELLANTIS N.V. -SHS | EUR | 11.030 | 180.715,52 | 0,66 |
| UNIVERSAL MUSIC GROUP N.V. | EUR | 4.444 | 90.346,52 | 0,33 |
| Suisse |  |  | 2.061.538,70 | 7,48 |
| LOGITECH NAMEN AKT | CHF | 4.888 | 326.831,19 | 1,19 |
| LONZA GROUP (CHF) | CHF | 333 | 205.982,05 | 0,75 |
| NESTLE | CHF | 9.188 | 1.068.017,51 | 3,87 |
| SIKA | CHF | 1.022 | 303.490,71 | 1,10 |
| STRAUMANN HOLDING REG | CHF | 111 | 157.217,24 | 0,57 |
| Espagne |  |  | 891.433,62 | 3,23 |
| CELLNEX TELECOM SA | EUR | 8.888 | 361.208,32 | 1,31 |
| IBERDROLA SA | EUR | 52.085 | 530.225,30 | 1,92 |
| Finlande |  |  | 810.660,34 | 2,94 |
| NESTE | EUR | 6.666 | 234.509,88 | 0,85 |
| SAMPO OYJ -A- | EUR | 6.666 | 282.371,76 | 1,02 |
| STORA ENSO -R- | EUR | 17.110 | 293.778,70 | 1,07 |
| Suède |  |  | 775.014,22 | 2,81 |
| ASSA ABLOY -B- NEW I | SEK | 9.466 | 224.662,35 | 0,82 |
| EPIROC --- REGISTERED SHS -A- | SEK | 4.444 | 75.058,79 | 0,27 |
| INSTALCO AB | SEK | 15.555 | 106.306,93 | 0,39 |
| SANDVIK AB | SEK | 12.221 | 238.517,58 | 0,87 |
| STILLFRONT GRP - REGISTERED SHS | SEK | 44.444 | 130.468,57 | 0,47 |
| France |  |  | 718.249,65 | 2,61 |
| FAURECIA | EUR | 187 | 6.367,35 | 0,02 |
| LVMH | EUR | 777 | 512.742,30 | 1,86 |
| TELEPERFORMANCE | EUR | 600 | 199.140,00 | 0,72 |
| Royaume-Uni |  |  | 278.699,20 | 1,01 |
| ALLFUNDS GROUP PLC | EUR | 27.286 | 278.699,20 | 1,01 |
| Norvège |  |  | 256.327,51 | 0,93 |
| SCHIBSTED -A- | NOK | 9.999 | 256.327,51 | 0,93 |

| Portefeuille-titres au 28/02/22 |  |  |  |  |
| --- | --- | --- | --- | --- |
| Description | Devise | Quantité | Valeur d'évaluation (en EUR) | % actifs nets |
| Luxembourg |  |  | 246.242,04 | 0,89 |
| ARCELORMITTAL | EUR | 8.888 | 246.242,04 | 0,89 |
| Autriche |  |  | 219.014,40 | 0,79 |
| S & T AG | EUR | 15.555 | 219.014,40 | 0,79 |
| Belgique |  |  | 207.312,60 | 0,75 |
| TELENET GROUP HOLDING NV | EUR | 6.666 | 207.312,60 | 0,75 |
| Instruments du marché monétaire |  |  | 5.494.179,83 | 19,93 |
| Commercial papers, certificats de dépôts et titres de créances |  |  | 5.494.179,83 | 19,93 |
| France |  |  | 3.495.660,60 | 12,68 |
| FAURECIA ZCP 170522 | EUR | 2.000.000 | 1.995.966,10 | 7,24 |
| NEXANS SA ZCP 170522 | EUR | 1.500.000 | 1.499.694,50 | 5,44 |
| Italie |  |  | 1.998.519,23 | 7,25 |
| MAIRE TECNIMONT SPA ZCP 020522 | EUR | 2.000.000 | 1.998.519,23 | 7,25 |
| Organismes de placement collectif |  |  | 2.708.140,80 | 9,83 |
| Actions/Parts de fonds d'investissements |  |  | 2.708.140,80 | 9,83 |
| France |  |  | 2.708.140,80 | 9,83 |
| GROUPAMA ULTRA SHORT TERM BOND IC C | EUR | 272 | 2.708.140,80 | 9,83 |
| Total du portefeuille-titres |  |  | 23.138.337,68 | 83,94 |