# Geographical classification
(by domicile of the issuer) (in percentage of net assets)
| United States of America | 55.54 % |
| --- | --- |
| Japan | 4.83 % |
| The Netherlands | 3.51 % |
| Norway | 3.29 % |
| Canada | 3.12 % |
| Finland | 2.91 % |
| France | 2.20 % |
| Sweden | 1.91 % |
| Ireland | 1.76 % |
| Austria | 1.48 % |
| Bermuda | 1.29 % |
| Italy | 1.22 % |
| South Korea | 1.16 % |
| Singapore | 0.96 % |
| Spain | 0.75 % |
| Belgium | 0.65 % |
| Switzerland | 0.57 % |
| China | 0.56 % |
| Australia | 0.43 % |
| Germany | 0.42 % |
| Cayman Islands | 0.38 % |
| Hong Kong | 0.32 % |
| United Kingdom | 0.29 % |
| Denmark | 0.29 % |
| Guernsey | 0.24 % |
| Jersey | 0.14 % |
| New Zealand | 0.07 % |
| Total | 90.29 % |

| Assets |  |
| --- | --- |
| Securities portfolio at market value | 414,491,680.05 |
| Cash at banks | 8,503,621.62 |
| Other liquid assets | 49.90 |
| Receivable on issues of shares | 44,642.47 |
| Income receivable on portfolio | 169,166.56 |
| Prepaid expenses | 	84,966.56  |
| Total assets | 423,294,127.16 |
| Liabilities |  |
| Bank overdrafts | 28,139.98 |
| Expenses payable | 	1,366,965.55  |
| Total liabilities | 1,395,105.53 |
| Net assets at the end of the year | 421,899,021.63 |

| Breakdown of net assets per share class |  |
| --- | --- |
| Share class | Number | Currency | NAV per share | Net assets per |
|  | of | of | in currency of | share class |
|  | shares | share class | share class | (in USD) |
| B | 255,315.814 | USD | 212.42 | 54,234,515.78 |
| BP | 18,937.418 | USD | 215.65 | 4,083,895.45 |
| B (SEK) | 367.165 | SEK | 2,524.51 | 112,779.28 |
| J | 26,289.466 | CHF | 174.09 | 5,177,912.62 |
| JP | 2,326.550 | CHF | 176.65 | 464,975.08 |
| L | 114,111.276 | EUR | 219.77 | 30,686,314.88 |
| LP | 23,464.428 | EUR | 224.64 | 6,449,558.47 |
| F | 100,720.147 | USD | 202.45 | 20,390,512.08 |
| FP | 4,941.905 | USD | 203.24 | 1,004,403.76 |
| F (SEK) | 4,672.715 | SEK | 2,436.34 | 1,385,157.88 |
| FP (SEK) | 830.645 | SEK | 2,476.91 | 250,332.54 |
| O | 5,636.657 | EUR | 215.10 | 1,483,515.57 |
| OP | 1,502.596 | EUR | 222.34 | 408,787.46 |
| P | 7,249.156 | CHF | 186.16 | 1,526,757.67 |
| PP | 2,710.173 | CHF | 170.26 | 522,040.52 |
| U | 16,611.693 | USD | 216.74 | 3,600,420.93 |
| UP | 90,499.067 | USD | 224.74 | 20,338,546.97 |
| U (CHF) | 4,188.000 | CHF | 184.51 | 874,238.37 |
| UP (CHF) | 33,216.082 | CHF | 199.77 | 7,507,074.56 |
| U (EUR) | 1,984.774 | EUR | 194.78 | 473,046.17 |
| UP (EUR) | 5,168.008 | EUR | 200.71 | 1,269,192.31 |
| X (EUR) | 659.350 | EUR | 108.72 | 87,716.01 |
| XN (EUR) | 2,889.733 | EUR | 108.14 | 382,383.29 |
| PI | 148.000 | USD | 225.85 | 33,426.35 |
| PI (EUR) | 10.000 | EUR | 111.21 | 1,360.76 |
| I | 117,608.095 | USD | 215.37 | 25,329,118.97 |
| IP | 783,532.943 | USD | 221.98 | 173,928,963.10 |
| IP (CHF) | 19,948.322 | CHF | 205.37 | 4,634,844.42 |
| IP (EUR) | 100,544.503 | EUR | 235.42 | 28,962,889.25 |
| IP (GBP) | 608.766 | GBP | 262.80 | 218,673.24 |
| I (SEK) | 4.874 | SEK | 2,519.10 | 1,493.90 |
| R | 95,950.000 | USD | 251.22 | 24,104,623.30 |
| RAM | 3,970.000 | USD | 242.43 | 962,436.67 |
| RAMC | 6,658.703 | CHF | 133.69 | 	1,007,114.02  |
|  |  |  |  | 	421,899,021.63  |

| Income |  |
| --- | --- |
| Dividends, net | 14,644,089.00 |
| Bank interest | 113,916.13 |
| Other commissions received | 9,144.33 |
| Other income | 	1,131,311.28  |
| Total income | 15,898,460.74 |
| Expenses |  |
| Management fees | 4,996,761.38 |
| Depositary fees | 257,808.50 |
| Banking charges and other fees | 333,534.28 |
| Transaction fees | 6,307,829.45 |
| Central administration costs | 556,351.56 |
| Professional fees | 36,982.12 |
| Other administration costs | 1,944,275.42 |
| Subscription duty ("taxe d'abonnement") | 109,268.28 |
| Other taxes | 7,283.48 |
| Bank interest paid | 4,078.46 |
| Other expenses | 	266,213.96  |
| Total expenses | 14,820,386.89 |
| Net investment income | 1,078,073.85 |
| Net realised gain/(loss) |  |
| - on securities portfolio | 9,320,559.63 |
| - on foreign exchange | 	-4,928,489.91  |
| Realised result | 5,470,143.57 |
| Net variation of the unrealised gain/(loss) |  |
| - on securities portfolio | 	-48,558,477.46  |
| Result of operations | -43,088,333.89 |
| Subscriptions | 24,181,480.58 |
| Redemptions | -777,571,339.41 |
| Total changes in net assets | -796,478,192.72 |
| Total net assets at the beginning of the year | 1,218,377,214.35 |
| Total net assets at the end of the year | 421,899,021.63 |

| Total net assets | Currency | 31.12.2018 | 31.12.2019 | 31.12.2020 |
| --- | --- | --- | --- | --- |
|  | USD | 1,778,908,381.03 | 1,218,377,214.35 | 421,899,021.63 |

| Net asset value per share class | Currency | 31.12.2018 | 31.12.2019 | 31.12.2020 |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| B | USD | 160.72 | 184.44 | 212.42 |  |  |
| BP | USD | 163.17 | 187.25 | 215.65 |  |  |
| B (SEK) | SEK | 2,082.93 | 2,496.46 | 2,524.51 |  |  |
| J | CHF | 146.87 | 165.49 | 174.09 |  |  |
| JP | CHF | 149.02 | 167.92 | 176.65 |  |  |
| L | EUR | 178.83 | 207.98 | 219.77 |  |  |
| LP | EUR | 181.90 | 212.55 | 224.64 |  |  |
| F | USD | 154.72 | 176.67 | 202.45 |  |  |
| FP | USD | 155.31 | 177.35 | 203.24 |  |  |
| F (SEK) | SEK | 2,027.55 | 2,421.35 | 2,436.34 |  |  |
| FP (SEK) | SEK | 2,043.49 | 2,461.72 | 2,476.91 |  |  |
| O | EUR | 176.53 | 204.56 | 215.10 |  |  |
| OP | EUR | 181.88 | 211.44 | 222.34 |  |  |
| P | CHF | 158.63 | 177.86 | 186.16 |  |  |
| PP | CHF | 145.08 | 162.67 | 170.26 |  |  |
| U | USD | 162.68 | 187.44 | 216.74 |  |  |
| UP | USD | 168.69 | 194.35 | 224.74 |  |  |
| U (CHF) | CHF | 154.40 | 174.68 | 184.51 |  |  |
| UP (CHF) | CHF | 167.19 | 189.15 | 199.77 |  |  |
| U (EUR) | EUR | 157.38 | 183.55 | 194.78 |  |  |
| UP (EUR) | EUR | 161.27 | 189.17 | 200.71 |  |  |
| UP (GBP) | GBP | 209.19 | 231.57 | 255.47 | * | 23/12/2020 |
| X (EUR) | EUR | - | 103.60 | 108.72 |  |  |
| XN (EUR) | EUR | - | 103.31 | 108.14 |  |  |
| PI | USD | 167.87 | 194.67 | 225.85 |  |  |
| PI (EUR) | EUR | - | 104.38 | 111.21 |  |  |
| I | USD | 161.21 | 186.00 | 215.37 |  |  |
| IP | USD | 166.15 | 191.70 | 221.98 |  |  |
| IP (CHF) | CHF | 171.40 | 194.18 | 205.37 |  |  |
| IP (EUR) | EUR | 188.65 | 221.59 | 235.42 |  |  |
| IP (GBP) | GBP | 211.23 | 234.15 | 262.80 |  |  |
| I (SEK) | SEK | 2,058.92 | 2,476.94 | 2,519.10 |  |  |
| R | USD | 184.21 | 214.72 | 251.22 |  |  |
| RAM | USD | 177.29 | 207.29 | 242.43 |  |  |
| RAMC | CHF | 109.38 | 125.14 | 133.69 |  |  |

(*) Net asset value used for final redemption.
| Annual performance per share class (in %) | Currency | 31.12.2018 | 31.12.2019 | 31.12.2020 |
| --- | --- | --- | --- | --- |
| B | USD | -15.92 | 14.76 | 15.17 |
| BP | USD | -15.90 | 14.76 | 15.17 |
| B (SEK) | SEK | -8.99 | 19.85 | 1.12 |
| J | CHF | -14.96 | 12.68 | 5.20 |
| JP | CHF | -14.94 | 12.68 | 5.20 |
| L | EUR | -11.68 | 16.30 | 5.67 |
| LP | EUR | -11.65 | 16.85 | 5.69 |
| F | USD | -16.33 | 14.19 | 14.59 |
| FP | USD | -16.33 | 14.19 | 14.60 |
| F (SEK) | SEK | -9.43 | 19.42 | 0.62 |
| FP (SEK) | SEK | -9.29 | 20.47 | 0.62 |

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.
| Annual performance per share class (in %) | Currency | 31.12.2018 | 31.12.2019 | 31.12.2020 |
| --- | --- | --- | --- | --- |
| O | EUR | -12.10 | 15.88 | 5.15 |
| OP | EUR | -12.10 | 16.25 | 5.16 |
| P | CHF | -15.38 | 12.12 | 4.67 |
| PP | CHF | -15.37 | 12.12 | 4.67 |
| U | USD | -15.67 | 15.22 | 15.63 |
| UP | USD | -15.57 | 15.21 | 15.64 |
| U (CHF) | CHF | -14.62 | 13.13 | 5.63 |
| UP (CHF) | CHF | -14.60 | 13.13 | 5.61 |
| U (EUR) | EUR | -11.33 | 16.63 | 6.12 |
| UP (EUR) | EUR | -11.31 | 17.30 | 6.10 |
| X (EUR) | EUR | - | - | 4.94 |
| XN (EUR) | EUR | - | - | 4.68 |
| PI | USD | -15.33 | 15.96 | 16.02 |
| PI (EUR) | EUR | - | - | 6.54 |
| I | USD | -15.53 | 15.38 | 15.79 |
| IP | USD | -15.46 | 15.38 | 15.80 |
| IP (CHF) | CHF | -14.48 | 13.29 | 5.76 |
| IP (EUR) | EUR | -11.18 | 17.46 | 6.24 |
| IP (GBP) | GBP | -10.16 | 10.85 | 12.24 |
| I (SEK) | SEK | -8.50 | 20.30 | 1.70 |
| R | USD | -14.54 | 16.56 | 17.00 |
| RAM | USD | -14.64 | 16.92 | 16.95 |
| RAMC | CHF | -13.65 | 14.41 | 6.83 |

| Number of shares | outstanding at the beginning of the year | issued | redeemed | outstanding at the end of the year |
| --- | --- | --- | --- | --- |
| B | 396,121.379 | 6,785.531 | -147,591.096 | 255,315.814 |
| BP | 36,499.925 | 1,875.000 | -19,437.507 | 18,937.418 |
| B (SEK) | 640.656 | 36.481 | -309.972 | 367.165 |
| J | 42,015.285 | 554.178 | -16,279.997 | 26,289.466 |
| JP | 11,454.044 | - | -9,127.494 | 2,326.550 |
| L | 206,187.637 | 9,099.163 | -101,175.524 | 114,111.276 |
| LP | 115,824.225 | 234.521 | -92,594.318 | 23,464.428 |
| F | 117,276.985 | 23,588.226 | -40,145.064 | 100,720.147 |
| FP | 11,823.125 | - | -6,881.220 | 4,941.905 |
| F (SEK) | 9,190.847 | 1,284.723 | -5,802.855 | 4,672.715 |
| FP (SEK) | 1,763.923 | 106.264 | -1,039.542 | 830.645 |
| O | 21,347.365 | 455.884 | -16,166.592 | 5,636.657 |
| OP | 5,346.379 | 116.714 | -3,960.497 | 1,502.596 |
| P | 7,706.156 | 343.000 | -800.000 | 7,249.156 |
| PP | 3,398.888 | 31.285 | -720.000 | 2,710.173 |
| U | 24,564.672 | 1,778.260 | -9,731.239 | 16,611.693 |
| UP | 160,706.935 | 1,933.352 | -72,141.220 | 90,499.067 |
| U (CHF) | 10,166.098 | 2,538.300 | -8,516.398 | 4,188.000 |
| UP (CHF) | 42,147.153 | 2,334.562 | -11,265.633 | 33,216.082 |
| U (EUR) | 7,479.063 | 2,788.900 | -8,283.189 | 1,984.774 |
| UP (EUR) | 10,077.004 | 150.000 | -5,058.996 | 5,168.008 |
| UP (GBP) | 71.369 | - | -71.369 | - |
| X (EUR) | 10.000 | 657.460 | -8.110 | 659.350 |
| XN (EUR) | 10.000 | 3,164.041 | -284.308 | 2,889.733 |
| PI | 148.000 | - | - | 148.000 |
| PI (EUR) | 10.000 | - | - | 10.000 |
| I | 293,385.825 | 30,184.016 | -205,961.746 | 117,608.095 |
| IP | 4,291,546.765 | 34,941.328 | -3,542,955.150 | 783,532.943 |
| IP (CHF) | 86,924.555 | 2,571.949 | -69,548.182 | 19,948.322 |

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 |
| --- | --- | --- | --- | --- |
| IP (EUR) | 202,434.720 | 3,347.904 | -105,238.121 | 100,544.503 |
| IP (GBP) | 961.194 | - | -352.428 | 608.766 |
| I (SEK) | 4.874 | - | - | 4.874 |
| R | 104,119.000 | 2,540.000 | -10,709.000 | 95,950.000 |
| RAM | 4,915.000 | 100.000 | -1,045.000 | 3,970.000 |
| RAMC | 8,846.660 | 1,720.125 | -3,908.082 | 6,658.703 |

| 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 | 1.95 | - | 1.95 |
| BP | 1.95 | 0.00 | 1.95 |
| B (SEK) | 1.94 | - | 1.94 |
| J | 1.94 | - | 1.94 |
| JP | 1.94 | 0.00 | 1.94 |
| L | 1.95 | - | 1.95 |
| LP | 1.94 | 0.00 | 1.94 |
| F | 2.45 | - | 2.45 |
| FP | 2.44 | 0.00 | 2.44 |
| F (SEK) | 2.44 | - | 2.44 |
| FP (SEK) | 2.44 | 0.00 | 2.44 |
| O | 2.45 | - | 2.45 |
| OP | 2.43 | 0.00 | 2.43 |
| P | 2.45 | - | 2.45 |
| PP | 2.45 | 0.00 | 2.45 |
| U | 1.55 | - | 1.55 |
| UP | 1.55 | 0.00 | 1.55 |
| U (CHF) | 1.54 | - | 1.54 |
| UP (CHF) | 1.55 | 0.00 | 1.55 |
| U (EUR) | 1.53 | - | 1.53 |
| UP (EUR) | 1.53 | 0.00 | 1.53 |
| X (EUR) | 2.68 | - | 2.68 |
| XN (EUR) | 2.87 | - | 2.87 |
| PI | 1.22 | - | 1.22 |
| PI (EUR) | 1.11 | - | 1.11 |
| I | 1.41 | - | 1.41 |
| IP | 1.37 | 0.00 | 1.37 |
| IP (CHF) | 1.39 | 0.00 | 1.39 |
| IP (EUR) | 1.41 | 0.00 | 1.41 |
| IP (GBP) | 1.41 | 0.00 | 1.41 |
| I (SEK) | 1.35 | - | 1.35 |
| R | 0.38 | - | 0.38 |
| RAM | 0.41 | - | 0.41 |
| RAMC | 0.41 | - | 0.41 |

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 |  |  |  |  |  |
| AUD | 95,660 | Adairs Ltd Reg | 189,003.58 | 243,545.58 | 0.06 |
| AUD | 115,882 | AUB Group Ltd Reg | 1,345,251.41 | 1,447,433.97 | 0.34 |
| AUD | 67,204 | Baby Bunting Group Ltd Reg | 226,589.25 | 244,203.54 | 0.06 |
| AUD | 82,416 | Bapcor Ltd Reg | 462,951.26 | 494,683.08 | 0.12 |
| AUD | 185,010 | Champion Iron Ltd Reg | 414,787.87 | 677,992.27 | 0.16 |
| AUD | 156,800 | CSR Ltd Reg | 511,775.99 | 632,679.38 | 0.15 |
| AUD | 116,424 | Elders Ltd Reg | 864,925.93 | 885,636.20 | 0.21 |
| AUD | 423,247 | Fletcher Building Ltd Reg | 1,710,538.80 | 1,776,350.73 | 0.42 |
| AUD | 223,989 | Fortescue Metals Group Ltd | 2,532,733.75 | 4,048,880.04 | 0.96 |
| AUD | 157,188 | Hansen Technologies Ltd Reg | 445,201.64 | 452,339.12 | 0.11 |
| AUD | 890,883 | Harvey Norman Holdings Ltd Reg | 2,870,415.13 | 3,223,513.14 | 0.76 |
| AUD | 13,112 | JB Hi-Fi Ltd | 424,946.86 | 491,835.45 | 0.12 |
| AUD | 537,907 | Metcash Ltd | 1,169,910.02 | 1,402,683.95 | 0.33 |
| AUD | 22,026 | Mineral Resources Ltd Reg | 558,860.66 | 636,390.06 | 0.15 |
| AUD | 84,738 | Nick Scali Ltd | 459,341.14 | 630,872.29 | 0.15 |
| AUD | 10,149 | Reject Shop Ltd (The) Reg | 53,183.21 | 53,948.38 | 0.01 |
| AUD | 30,796 | Sandfire Resources Ltd Reg | 110,135.18 | 127,111.26 | 0.03 |
| AUD | 104,761 | SeaLink Travel Group Ltd Reg | 495,634.85 | 540,706.62 | 0.13 |
| AUD | 131,187 | Sonic Healthcare Ltd | 3,248,934.03 | 3,253,926.27 | 0.77 |
| AUD | 35,538 | Super Retail Group Ltd Reg | 282,193.04 | 288,706.98 | 0.07 |
| AUD | 27,570 | Virtus Health Ltd | 	122,366.66  | 	113,157.76  | 	0.03  |
|  |  |  | 18,499,680.26 | 21,666,596.07 | 5.14 |
| BRL | 39,800 | Atacadao SA Reg | 142,646.05 | 148,579.51 | 0.04 |
| BRL | 8,400 | B2W Cia Digital | 154,527.31 | 122,280.32 | 0.03 |
| BRL | 33,300 | B3 SA Brasil Bosa Balcao Reg | 336,662.66 | 397,368.89 | 0.09 |
| BRL | 85,500 | Banco do Brasil SA | 510,188.07 | 638,698.50 | 0.15 |
| BRL | 70,300 | BB Seguridade Participacoes SA | 324,193.91 | 401,037.54 | 0.09 |
| BRL | 501,800 | Camil Alimentos SA Reg | 1,071,706.09 | 1,069,489.03 | 0.25 |
| BRL | 35,567 | CPFL Energia SA Reg | 197,169.59 | 222,892.92 | 0.05 |
| BRL | 29,000 | Itausa SA Pref | 62,531.99 | 65,492.88 | 0.02 |
| BRL | 10,300 | Localiza Rent A Car SA | 127,437.03 | 136,731.81 | 0.03 |
| BRL | 10,600 | Porto Seguro SA Reg | 96,851.72 | 100,000.00 | 0.02 |
| BRL | 58,600 | Weg SA | 	737,162.73  | 	854,517.52  | 	0.20  |
|  |  |  | 3,761,077.15 | 4,157,088.92 | 0.97 |
| CNY | 7,334 | Angel Yeast Co Ltd A | 70,332.03 | 57,386.95 | 0.01 |
| CNY | 1,400 | Asymchem Labor Tianjin Co Ltd A Reg | 60,144.64 | 64,166.58 | 0.01 |
| CNY | 464,400 | Avic Capital Co Ltd A Reg | 308,480.83 | 311,653.97 | 0.07 |
| CNY | 1,344,100 | Bank of Beijing Co Ltd A | 970,850.24 | 996,743.22 | 0.24 |
| CNY | 837,710 | Bank Of Shanghai A Reg | 1,002,872.53 | 1,006,273.67 | 0.24 |
| CNY | 23,100 | Beij Orient Yuh Wat Tec Co Ltd A Reg | 89,564.63 | 137,325.14 | 0.03 |
| CNY | 6,400 | Beijing Shiji Inf Tec Co Ltd A Reg | 31,243.54 | 30,486.46 | 0.01 |
| CNY | 26,600 | By-health Co Ltd A Reg | 106,603.64 | 98,424.93 | 0.02 |
| CNY | 3,417 | Changzhou Xing Auto LS Co Ltd A Reg | 94,799.70 | 104,970.12 | 0.02 |
| CNY | 28,600 | Chaozhou Three-Circ Gr Co Ltd A Reg | 126,913.11 | 163,229.50 | 0.04 |
| CNY | 6,000 | Chengdu Kangho Pharm Gr Co Ltd A Reg | 38,698.81 | 44,264.33 | 0.01 |
| CNY | 20,100 | China Fiberglass Co Ltd A Reg | 53,477.97 | 61,469.96 | 0.01 |
| CNY | 424,700 | China Merchants Shekou A | 993,757.94 | 864,795.84 | 0.20 |
| CNY | 11,200 | China TransInfo Tec Co Ltd A Reg | 34,059.17 | 32,810.46 | 0.01 |
| CNY | 1,367,200 | China United Network Com Ltd A Reg | 979,220.34 | 934,271.83 | 0.22 |
| CNY | 6,700 | Fu Jian Anjoy Foods Co Ltd A Reg | 194,866.71 | 197,991.17 | 0.05 |
| CNY | 93,800 | Glodon Co Ltd A Reg | 881,076.11 | 1,131,630.38 | 0.27 |
| CNY | 21,700 | Goertek Inc A | 131,174.84 | 124,081.69 | 0.03 |
| CNY | 62,900 | Greenland Hgs Group Corp Ltd A Reg | 65,357.11 | 56,185.67 | 0.01 |
| CNY | 16,800 | Guangdong Xinbao Electrical Appl Hgs Co Ltd A | 112,190.38 | 108,753.27 | 0.03 |
| CNY | 4,000 | Guangzhou Kingmed Diagnosti Gr A Reg | 55,987.79 | 78,520.54 | 0.02 |
| CNY | 35,100 | Guangzhou Shiy Elec Tec Co Ltd A Reg | 502,659.88 | 618,620.89 | 0.15 |
| CNY | 5,100 | Hangzhou Robam Applianc Co Ltd A Reg | 32,947.27 | 31,865.72 | 0.01 |
| CNY | 1,061,900 | Hua Xia Bank Co Ltd A Reg | 1,014,324.82 | 1,016,880.66 | 0.24 |

| Currency | Number / nominal value | Description | Cost | Market value | % of total net assets * |
| --- | --- | --- | --- | --- | --- |
| CNY | 319,000 | Industrial Bank Co Ltd A | 1,000,803.17 | 1,020,045.35 | 0.24 |
| CNY | 162,300 | Inner Mongolia Y Ind Gr Co Ltd A | 774,514.99 | 1,103,352.53 | 0.26 |
| CNY | 88,790 | Jafron Biomedical Co Ltd A Reg | 855,873.83 | 922,631.31 | 0.22 |
| CNY | 59,400 | Jiangsu Zhongtian Tec Co Ltd A Reg | 95,363.51 | 98,655.68 | 0.02 |
| CNY | 60,600 | Jinke Property Group Co Ltd A Reg | 67,200.78 | 65,830.20 | 0.02 |
| CNY | 60,000 | Jointown Pharma Gr Co Ltd A Reg | 156,965.62 | 166,945.01 | 0.04 |
| CNY | 88,600 | Longi Green Energy Tec Co Ltd A Reg | 714,120.68 | 1,251,615.67 | 0.30 |
| CNY | 15,700 | Mango Excellent Med Co Ltd A Reg | 170,638.14 | 174,399.01 | 0.04 |
| CNY | 5,200 | Nanjing King-Fri Biochem Pharm A Reg | 29,646.26 | 27,989.03 | 0.01 |
| CNY | 278,300 | NARI Tec Co Ltd A | 832,159.01 | 1,132,950.95 | 0.27 |
| CNY | 5,127 | Seazen Hgs Co Ltd A Reg | 21,537.21 | 27,360.44 | 0.01 |
| CNY | 117,500 | Shang Yuy Tour Mart Gr Co Ltd A Reg | 159,105.05 | 160,046.42 | 0.04 |
| CNY | 81,200 | Shanghai M&G Stationery Inc A Re | 918,709.73 | 1,101,792.94 | 0.26 |
| CNY | 669,700 | Shanghai Pudong Dev Bk Co Ltd A | 1,002,703.67 | 993,257.85 | 0.24 |
| CNY | 31,300 | Shenzhen Inovance Tec Co Ltd A Reg | 233,817.98 | 447,437.45 | 0.11 |
| CNY | 18,100 | Shenzhen Min Bio-Me Ele Co Ltd A Reg | 599,526.47 | 1,181,393.35 | 0.28 |
| CNY | 55,100 | Shenzhen Overse ChTown Co Ltd A Reg | 57,975.10 | 59,855.52 | 0.01 |
| CNY | 239,665 | Sichuan Chuantou Energy Co Ltd A Reg | 364,742.80 | 369,043.05 | 0.09 |
| CNY | 91,500 | Suning Com Co Ltd A Reg | 127,044.84 | 108,089.08 | 0.03 |
| CNY | 11,200 | Universal Sc I Shanghai Co Ltd A Reg | 36,816.84 | 33,187.98 | 0.01 |
| CNY | 71,800 | Yifeng Pharmacy Chain Co Ltd A Reg | 1,028,914.52 | 992,177.05 | 0.23 |
| CNY | 59,085 | Yunnan Baiyao Group Co Ltd A Reg | 812,660.52 | 1,028,399.65 | 0.24 |
| CNY | 15,700 | Zhejiang Chint Elec Co Ltd A | 74,563.96 | 94,199.52 | 0.02 |
| CNY | 6,543 | Zhejiang Hua Pharm Co Ltd A | 34,430.77 | 33,894.44 | 0.01 |
| CNY | 11,900 | Zhejiang Supor Co Ltd A Reg | 	139,782.35  | 	142,197.59  | 	0.03  |
|  |  |  | 18,261,221.83 | 21,009,550.02 | 4.98 |
| CZK | 8,079 | Komercni Banka AS | 166,316.99 | 247,327.85 | 0.06 |
| CZK | 4,597 | O2 Czech Republi AS | 	39,697.49  | 	53,764.83  | 	0.01  |
|  |  |  | 206,014.48 | 301,092.68 | 0.07 |
| HKD | 1,824,075 | Agricultural Bank of China H | 658,459.83 | 668,094.71 | 0.16 |
| HKD | 2,102,000 | Angang Steel Co Ltd H Reg | 888,498.34 | 856,636.94 | 0.20 |
| HKD | 489,339 | AsiaInfo Technologies Limited Reg | 791,093.98 | 703,027.03 | 0.17 |
| HKD | 571,500 | BAIC Motor Corp Ltd | 247,117.30 | 211,531.54 | 0.05 |
| HKD | 4,549,872 | Bank of China Ltd H | 1,546,784.03 | 1,554,970.15 | 0.37 |
| HKD | 795,000 | Bank of Communications Co Ltd H | 466,111.27 | 420,366.39 | 0.10 |
| HKD | 287,000 | Beijing Enterprises Hgs Ltd | 972,287.58 | 936,438.85 | 0.22 |
| HKD | 41,000 | BOC Hong Kong (Holdings) Ltd | 128,277.50 | 124,259.25 | 0.03 |
| HKD | 91,000 | C&D International Inv Gr Ltd Reg | 127,887.98 | 140,831.45 | 0.03 |
| HKD | 91,000 | C&d Property Management Gr Co Ltd | 29,155.16 | 36,381.46 | 0.01 |
| HKD | 994,072 | China Citic Bank Corp Ltd H | 423,761.13 | 421,784.62 | 0.10 |
| HKD | 6,075,716 | China Construction Bank Corp H | 4,682,550.97 | 4,615,191.91 | 1.09 |
| HKD | 5,398,971 | China Everbright Bank Co Ltd H Reg | 2,067,009.56 | 2,054,045.29 | 0.49 |
| HKD | 156,000 | China Feihe Ltd Unitary Share Reg | 344,382.76 | 365,357.01 | 0.09 |
| HKD | 544,000 | China Galaxy Securities Co Ltd H | 355,465.14 | 340,966.86 | 0.08 |
| HKD | 39,499 | China High Precis Autom Gr Ltd | 13,695.22 | 0.00 | 0.00 |
| HKD | 198,400 | China Intl Capital Co Ltd Reg S H Ser 144A | 448,131.70 | 537,326.14 | 0.13 |
| HKD | 391,600 | China Intl Marine Cont Gr Ltd H | 645,419.21 | 570,687.20 | 0.14 |
| HKD | 14,000 | China Isotope & Radiation Corp Reg S | 55,720.33 | 48,568.79 | 0.01 |
| HKD | 172,000 | China Kepei Education Gr Ltd Reg S | 101,716.07 | 119,784.11 | 0.03 |
| HKD | 90,259 | China Lesso Group Holdings Ltd | 158,400.73 | 141,314.33 | 0.03 |
| HKD | 523,000 | China Medical System Hgs Ltd | 612,252.29 | 584,112.61 | 0.14 |
| HKD | 52,000 | China MeiDong Auto Hgs Ltd Reg | 209,836.78 | 211,247.17 | 0.05 |
| HKD | 41,000 | China Mengniu Dairy Co Ltd | 219,946.25 | 247,460.97 | 0.06 |
| HKD | 21,500 | China Merchant Bank Co Ltd H | 133,360.70 | 135,866.24 | 0.03 |
| HKD | 80,000 | China Merchants Land Ltd Reg | 13,098.64 | 11,761.75 | 0.00 |
| HKD | 66,000 | China New Higher Educa Grp Ltd Reg Unitary 144A | 37,071.21 | 41,026.83 | 0.01 |
| HKD | 14,200 | China Pacific Ins (Gr) Co Ltd H | 54,960.06 | 55,580.70 | 0.01 |
| HKD | 280,000 | China Railway Group Ltd H | 123,935.57 | 123,498.35 | 0.03 |
| HKD | 970,000 | China Securities Co Ltd H 144A Reg S | 1,014,870.84 | 1,288,504.57 | 0.31 |
| HKD | 125,100 | China Vanke Co Ltd H | 423,709.05 | 431,576.81 | 0.10 |
| HKD | 214,000 | China Water Affairs Group Ltd | 170,609.75 | 167,248.95 | 0.04 |
| HKD | 872,500 | China Yongda Auto Serv Hgs Ltd | 1,285,627.59 | 1,442,548.64 | 0.34 |
| HKD | 2,122,300 | Chongqing Changan Auto Co Ltd B | 1,716,518.19 | 2,178,697.06 | 0.52 |

| Currency | Number / nominal value | Description | Cost | Market value | % of total net assets * |
| --- | --- | --- | --- | --- | --- |
| HKD | 572,600 | Chow Tai Fook Jewellery Gr Ltd Reg | 747,374.84 | 720,000.78 | 0.17 |
| HKD | 621,000 | Citic Ltd | 602,362.98 | 439,684.29 | 0.10 |
| HKD | 31,500 | Citic Securities Co Ltd H | 69,082.00 | 71,011.55 | 0.02 |
| HKD | 86,000 | CITIC Telecom Intl Hgs Ltd | 27,665.61 | 27,062.34 | 0.01 |
| HKD | 170,429 | Country Garden Serv Hgs Co Ltd Reg | 1,040,147.51 | 1,152,831.92 | 0.27 |
| HKD | 338,166 | CSG Holding Co Ltd | 122,029.61 | 130,836.28 | 0.03 |
| HKD | 940,500 | Dali Foods Gr Co Ltd | 586,911.77 | 537,328.07 | 0.13 |
| HKD | 1,373,000 | Digital China Hgs Ltd Reg | 1,090,870.60 | 1,126,171.82 | 0.27 |
| HKD | 28,600 | ENN Energy Hgs Ltd | 362,754.81 | 419,744.78 | 0.10 |
| HKD | 519,000 | Far East Horizon Ltd | 466,969.44 | 534,799.68 | 0.13 |
| HKD | 312,000 | First Pacific Co Ltd | 65,964.22 | 99,386.76 | 0.02 |
| HKD | 175,500 | Fosun Intl Ltd Reg | 218,239.40 | 275,677.56 | 0.07 |
| HKD | 153,600 | Fuyao Glass Industry Gr Co Ltd | 692,556.31 | 843,874.41 | 0.20 |
| HKD | 13,000 | Geely Auto Hgs Ltd | 35,036.00 | 44,428.97 | 0.01 |
| HKD | 2,088,800 | GF Securities Co Ltd H | 2,610,816.72 | 2,952,462.69 | 0.70 |
| HKD | 550,466 | Great Wall Motor Co Ltd H | 549,025.98 | 1,888,378.91 | 0.45 |
| HKD | 139,000 | Greatview Aseptic Pack Cie Ltd Reg | 69,335.56 | 81,206.35 | 0.02 |
| HKD | 30,000 | Guangdong Investment Ltd | 48,362.50 | 54,011.18 | 0.01 |
| HKD | 114,000 | Hansoh Pharmaceutic Gr Co Ltd 144A Reg | 544,082.05 | 552,802.12 | 0.13 |
| HKD | 330,000 | Hisense HomeApplianc Gr Co Ltd H | 477,213.47 | 508,153.91 | 0.12 |
| HKD | 965,000 | HKT Trust & HKT Ltd | 1,261,712.92 | 1,251,994.15 | 0.30 |
| HKD | 189,000 | IGG Inc Reg | 230,842.85 | 197,922.35 | 0.05 |
| HKD | 644,000 | Industr & Cial Bk of China Ltd H | 390,701.98 | 417,763.85 | 0.10 |
| HKD | 105,000 | Johnson Electric Holdings Ltd | 265,409.65 | 259,996.52 | 0.06 |
| HKD | 1,381,000 | Kerry Logistics Network Ltd | 2,564,559.95 | 3,027,747.15 | 0.72 |
| HKD | 43,000 | Kingboard Hgs Ltd | 118,187.59 | 181,339.83 | 0.04 |
| HKD | 493,500 | Kingboard Laminates Hgs Ltd | 691,241.61 | 805,745.46 | 0.19 |
| HKD | 7,184,000 | Lenovo Group Ltd | 4,526,312.91 | 6,781,947.28 | 1.61 |
| HKD | 315,988 | Livzon Pharm Gr Inc H | 1,418,917.28 | 1,224,593.84 | 0.29 |
| HKD | 41,500 | Longfor Group Hgs Ltd Reg | 240,709.21 | 242,985.83 | 0.06 |
| HKD | 85,830 | Meituan B 144A Reg S | 2,294,354.22 | 3,260,985.44 | 0.77 |
| HKD | 427,000 | Nissin Foods Co Ltd Reg | 446,259.04 | 351,338.35 | 0.08 |
| HKD | 895,000 | Pacific Textiles Holdings Ltd | 602,323.80 | 587,513.46 | 0.14 |
| HKD | 4,592,000 | People's Ins Cie Group China Ltd H Reg | 1,479,671.99 | 1,456,847.16 | 0.35 |
| HKD | 180,400 | Pharmaron Beijing Co Ltd H Reg | 2,009,844.53 | 3,047,788.55 | 0.72 |
| HKD | 153,290 | Ping An Ins Gr Co of Cn Ltd H | 1,665,950.56 | 1,878,081.50 | 0.44 |
| HKD | 487,705 | Postal Savings Bank of China H Unitary 144A/Reg s | 267,467.32 | 275,491.58 | 0.07 |
| HKD | 1,187,000 | Powerlong Real Estate Hgs Ltd | 890,646.97 | 818,995.48 | 0.19 |
| HKD | 1,000 | Redsun Properties Gr Limited Reg | 323.80 | 348.21 | 0.00 |
| HKD | 1,149,133 | Shanghai Electric Gr Co Ltd H | 335,180.29 | 352,715.27 | 0.08 |
| HKD | 1,017,363 | Shanghai Ind Hgs Ltd | 1,473,600.38 | 1,390,781.19 | 0.33 |
| HKD | 175,200 | Shanghai Pharmaceuti Hg Co Ltd H | 314,325.39 | 308,646.82 | 0.07 |
| HKD | 59,563 | Shen S Ec Z RE A P (Gr) Co Ltd B | 47,563.90 | 24,581.23 | 0.01 |
| HKD | 31,700 | Shenzhou Intl Group Ltd | 386,376.39 | 621,412.31 | 0.15 |
| HKD | 61,000 | Shimao Group Hgs Ltd | 242,788.40 | 194,313.87 | 0.05 |
| HKD | 6,708,000 | Sinotrans Ltd H | 2,223,296.35 | 2,439,603.05 | 0.58 |
| HKD | 501,500 | Sinotruk (Hong Kong) Ltd | 1,250,447.31 | 1,280,598.92 | 0.30 |
| HKD | 1,875,210 | SITC International Hgs Co Ltd | 2,636,757.84 | 4,048,390.24 | 0.96 |
| HKD | 2,742,000 | Sound Global Ltd | 1,192,172.18 | 263,451.53 | 0.06 |
| HKD | 8,500 | Sunny Optical Tec Gr Co Ltd | 166,928.75 | 186,027.77 | 0.04 |
| HKD | 24,800 | Swire Properties Ltd Reg | 72,884.76 | 72,123.24 | 0.02 |
| HKD | 50,467 | Techtronic Industries Co Ltd | 656,531.46 | 719,846.04 | 0.17 |
| HKD | 229,000 | Topsports International Holdings Ltd Reg | 334,393.92 | 342,586.68 | 0.08 |
| HKD | 1,228,134 | Utd Laborat Intl Hgs (The) Ltd | 1,070,215.30 | 871,134.97 | 0.21 |
| HKD | 618,253 | Vinda Intl Hgs Ltd Reg | 1,898,867.93 | 1,686,372.88 | 0.40 |
| HKD | 404,000 | VSTECS Holdings Ltd | 282,837.10 | 331,371.75 | 0.08 |
| HKD | 123,000 | VTech Holdings Ltd | 964,827.50 | 954,152.40 | 0.23 |
| HKD | 1,148,000 | Want Want China Holdings Ltd | 829,664.10 | 830,580.54 | 0.20 |
| HKD | 94 | Weifu High Technology Co Ltd B | 171.40 | 180.27 | 0.00 |
| HKD | 221,000 | WuXi Biologics Inc Reg | 1,895,781.99 | 2,929,964.73 | 0.69 |
| HKD | 1,947,286 | Xinyi Glass Hg Co Ltd | 3,307,929.74 | 5,437,066.53 | 1.29 |
| HKD | 38,000 | Xinyi Solar Holdings Ltd | 73,170.61 | 99,239.74 | 0.02 |
| HKD | 172,000 | Yadea Group Hgs Ltd | 190,499.01 | 355,359.53 | 0.08 |
| HKD | 1,842,000 | Zhejiang Expressway Co Ltd H | 1,361,153.07 | 1,555,994.04 | 0.37 |
| HKD | 468,000 | Zhongsheng Group Hgs Ltd | 2,837,410.13 | 3,334,687.49 | 0.79 |

| Currency | Number / nominal value | Description | Cost | Market value | % of total net assets * |
| --- | --- | --- | --- | --- | --- |
| HKD | 2,801,600 | Zoomilion Heavy Ind H Reg | 	2,465,082.87  | 	3,360,207.39  | 	0.80  |
|  |  |  | 81,470,820.34 | 94,307,365.46 | 22.37 |
| HUF | 2,128 | OTP Bank Plc | 93,125.73 | 95,972.98 | 0.02 |
| IDR | 883,800 | Astra Intl Tbk | 304,030.60 | 382,396.68 | 0.09 |
| IDR | 635,900 | Bank Central Asia (PT) Tbk | 1,305,066.36 | 1,545,790.26 | 0.37 |
| IDR | 468,500 | Bank Mandiri (PT) Tbk Reg | 183,440.85 | 212,800.77 | 0.05 |
| IDR | 3,367,900 | Bank Rakyat Indonesia (PT) Tbk | 828,472.57 | 1,008,552.04 | 0.24 |
| IDR | 5,146,500 | Bk Pem Daer Jaw Bar Ban Tbk PT Reg | 476,766.47 | 572,857.69 | 0.14 |
| IDR | 3,940,294 | Indofood Sukses Makmu (PT) Tbk | 1,858,872.33 | 1,938,305.68 | 0.46 |
| IDR | 9,722,700 | Industri Jamu Farmasi Sido Reg | 512,520.34 | 562,064.09 | 0.13 |
| IDR | 2,599,700 | PT Surya Citra Media Tbk | 296,331.13 | 427,525.27 | 0.10 |
| IDR | 2,828,900 | Sarana Menara Nusant Tbk PT Reg | 190,347.69 | 195,025.72 | 0.05 |
| IDR | 577,600 | Unilever Indonesia (PT) Tbk | 	321,738.36  | 	304,872.04  | 	0.07  |
|  |  |  | 6,277,586.70 | 7,150,190.24 | 1.70 |
| ILS | 2,630,861 | Bezeq Israel Telecommun Corp | 3,072,719.22 | 2,621,355.61 | 0.62 |
| INR | 40,521 | Ambuja Cements Ltd | 90,910.36 | 138,098.15 | 0.03 |
| INR | 16,549 | Apollo Hospital Enterprise Ltd | 295,131.85 | 546,843.61 | 0.13 |
| INR | 39,032 | Asian Paints Ltd Reg | 899,031.29 | 1,477,772.09 | 0.35 |
| INR | 14,339 | Bajaj Auto Ltd Reg | 574,152.47 | 676,329.56 | 0.16 |
| INR | 329 | Bajaj Finance Ltd | 15,889.45 | 23,858.79 | 0.01 |
| INR | 2,485 | Bata India Ltd Reg | 39,774.00 | 53,759.76 | 0.01 |
| INR | 37,922 | Berger Paints India Ltd Reg | 259,056.76 | 394,421.41 | 0.09 |
| INR | 98,465 | Bharti Airtel Ltd Dematerialised | 688,534.34 | 687,332.02 | 0.16 |
| INR | 76,494 | Biocon Ltd Reg | 344,762.92 | 487,555.22 | 0.12 |
| INR | 12,226 | Britannia Industries Ltd Reg | 534,040.99 | 598,817.47 | 0.14 |
| INR | 5,536 | Central Depos Serv (India) Ltd Reg | 21,588.99 | 40,418.00 | 0.01 |
| INR | 16,669 | Cipla Ltd | 110,128.96 | 187,183.25 | 0.04 |
| INR | 12,775 | Colgate-Palmolive (I) Ltd Reg | 259,115.03 | 273,851.22 | 0.06 |
| INR | 51,692 | Dabur India Ltd Dematerialised | 336,890.90 | 378,037.30 | 0.09 |
| INR | 13,335 | Divi's Laboratories Ltd Reg | 395,950.57 | 701,631.59 | 0.17 |
| INR | 2,990 | Dixon Technologies (India) Ltd Reg | 151,524.02 | 550,702.07 | 0.13 |
| INR | 13,338 | Dr Reddy's Laboratories Ltd Dematerialised | 673,443.19 | 950,801.48 | 0.23 |
| INR | 582,668 | Federal Bank Ltd (the) Reg | 401,116.77 | 532,251.70 | 0.13 |
| INR | 81,179 | GAIL India Ltd | 145,291.34 | 137,025.28 | 0.03 |
| INR | 23,468 | Godrej Consumer Products Ltd dematerialised | 223,866.17 | 237,884.36 | 0.06 |
| INR | 25,813 | Graphite India Ltd Dematerialised | 117,313.45 | 107,185.92 | 0.03 |
| INR | 96,454 | HCL Technologies Ltd | 708,078.01 | 1,249,828.13 | 0.30 |
| INR | 11,084 | HDFC Asset Management Co Ltd Reg | 402,004.72 | 442,947.10 | 0.10 |
| INR | 103,028 | HDFC Bank Ltd Reg | 1,202,257.33 | 2,026,611.44 | 0.48 |
| INR | 82,319 | HDFC Life Insurance Co Ltd Reg | 518,979.17 | 762,672.25 | 0.18 |
| INR | 3,543 | Hero Motocorp Ltd | 88,673.19 | 150,904.30 | 0.04 |
| INR | 39,313 | Hindustan Unilever Ltd Reg | 1,190,451.35 | 1,289,686.91 | 0.31 |
| INR | 16,925 | Housing Dev Finance Corp Ltd | 367,475.79 | 593,075.00 | 0.14 |
| INR | 81,249 | ICICI Bank Ltd Reg | 363,845.80 | 595,363.84 | 0.14 |
| INR | 8,794 | ICICI Lombard Genel Ins Co Ltd Reg | 151,416.91 | 183,165.17 | 0.04 |
| INR | 56,774 | ICICI Prudenti Life Ins Co Ltd | 257,996.31 | 387,872.98 | 0.09 |
| INR | 113,819 | Indus Towers Ltd | 403,875.51 | 358,363.52 | 0.08 |
| INR | 144,722 | Infosys Ltd Reg | 1,229,252.77 | 2,489,001.13 | 0.59 |
| INR | 73,744 | Kotak Mahindra Bank Ltd Reg | 1,230,427.10 | 2,015,441.73 | 0.48 |
| INR | 131,590 | LIC Housing Finance Ltd Reg | 437,836.72 | 651,029.70 | 0.15 |
| INR | 13,290 | Mahanagar Gas Ltd Reg | 194,994.62 | 193,148.92 | 0.05 |
| INR | 207,010 | Mahindra & Mah Fin Serv Ltd Reg | 289,120.77 | 495,851.00 | 0.12 |
| INR | 62,309 | Marico Ltd Dematerialised | 247,023.98 | 343,596.35 | 0.08 |
| INR | 31,838 | Muthoot Finance Ltd | 311,443.45 | 527,835.47 | 0.12 |
| INR | 2,447 | Nestle India Ltd Dematerialised | 442,049.23 | 616,299.28 | 0.15 |
| INR | 61,153 | Nippon Life India Asset Mg Ltd Reg | 231,618.47 | 249,074.23 | 0.06 |
| INR | 54,718 | Petronet LNG Ltd | 201,120.76 | 185,545.71 | 0.04 |
| INR | 13,961 | Pidilite Industries Ltd Reg | 259,410.30 | 337,591.27 | 0.08 |
| INR | 2,132 | Polycab India Ltd Re 144A Reg S | 28,571.38 | 30,274.24 | 0.01 |
| INR | 202,128 | Power Grid Corp of India Ltd | 556,146.57 | 525,541.65 | 0.12 |
| INR | 212,365 | REC Ltd Reg | 306,439.15 | 389,433.74 | 0.09 |

| Currency | Number / nominal value | Description | Cost | Market value | % of total net assets * |
| --- | --- | --- | --- | --- | --- |
| INR | 35,130 | SBI Life Insurance Company Ltd Reg 144A | 328,774.43 | 435,047.55 | 0.10 |
| INR | 611 | Shree Cement Ltd Demat Reg | 145,295.94 | 200,937.64 | 0.05 |
| INR | 29,033 | Shriram Transport Fin Co Ltd | 361,381.99 | 416,103.34 | 0.10 |
| INR | 1,585 | Spicejet Ltd Dematerialised | 2,824.38 | 2,061.08 | 0.00 |
| INR | 8,046 | SRF Ltd Reg | 344,076.92 | 614,199.22 | 0.15 |
| INR | 198,335 | State Bank of India Reg | 487,734.49 | 746,832.39 | 0.18 |
| INR | 52,435 | Tata Consultancy Services Ltd | 1,284,075.27 | 2,055,771.09 | 0.49 |
| INR | 9,647 | Tata Consumer Products Ltd Reg | 39,706.00 | 77,936.47 | 0.02 |
| INR | 60,803 | Tech Mahindra Ltd | 638,319.48 | 810,395.77 | 0.19 |
| INR | 4,764 | UltraTech Cement Ltd Reg | 225,254.84 | 345,021.04 | 0.08 |
| INR | 119,668 | Wipro Ltd Demat | 	298,038.85  | 	633,018.77  | 	0.15  |
|  |  |  | 22,353,505.77 | 32,609,239.67 | 7.73 |
| KRW | 4,852 | CJ CheilJedang Corp | 1,409,770.96 | 1,700,076.03 | 0.40 |
| KRW | 6,928 | CJ Corp Reg | 498,514.60 | 586,799.97 | 0.14 |
| KRW | 68,157 | DB Insurance Co Ltd Reg | 2,602,093.50 | 2,742,275.60 | 0.65 |
| KRW | 215,166 | DGB Fin Gr Co Ltd Reg | 1,372,218.40 | 1,343,587.63 | 0.32 |
| KRW | 2,874 | Dong-A ST Co Ltd Reg | 239,347.86 | 234,176.37 | 0.06 |
| KRW | 44,546 | Haesung Ds Co Ltd Reg | 727,329.69 | 999,588.19 | 0.24 |
| KRW | 12,460 | Hana Financial Group Inc | 371,993.40 | 395,329.95 | 0.09 |
| KRW | 35,827 | Hankook Tire & Tech Co Ltd | 1,077,221.41 | 1,298,163.04 | 0.31 |
| KRW | 122,508 | Hyundai Fire&Marine Ins Co Ltd | 2,483,271.16 | 2,563,116.97 | 0.61 |
| KRW | 276 | Hyundai Glovis Co Ltd Reg | 45,889.29 | 46,703.51 | 0.01 |
| KRW | 287,199 | JB Financial Group Reg | 1,388,460.22 | 1,489,651.24 | 0.35 |
| KRW | 14,797 | Kolon Global Corp Reg | 197,349.04 | 262,635.58 | 0.06 |
| KRW | 41,275 | KT Skylife Co Ltd Reg | 298,487.89 | 334,414.86 | 0.08 |
| KRW | 1,487 | LG Chem Ltd | 903,774.15 | 1,126,836.11 | 0.27 |
| KRW | 7,612 | LG Corp Reg | 516,562.13 | 612,532.88 | 0.14 |
| KRW | 46,934 | LG Electronics Inc | 3,183,966.06 | 5,826,985.17 | 1.38 |
| KRW | 6,838 | LG Hausys Ltd Reg | 420,628.62 | 490,508.20 | 0.12 |
| KRW | 321 | LG Household & Health Care Ltd | 377,160.21 | 478,236.39 | 0.11 |
| KRW | 339 | LG Household & Health Care Ltd Pref | 212,348.26 | 223,844.65 | 0.05 |
| KRW | 823 | Lotte Chemical Corp | 205,797.52 | 208,896.66 | 0.05 |
| KRW | 7,329 | Lotte Himart Co Ltd | 211,706.21 | 209,954.58 | 0.05 |
| KRW | 22,086 | Mirae Asset Daewoo Co Ltd | 174,244.11 | 191,739.52 | 0.05 |
| KRW | 4,549 | NAVER Corp | 989,315.86 | 1,223,670.20 | 0.29 |
| KRW | 57 | NCsoft Corp | 45,352.52 | 48,803.07 | 0.01 |
| KRW | 4,271 | Nong Shim Co Ltd | 1,181,432.91 | 1,178,347.54 | 0.28 |
| KRW | 2,053 | Samsung C&T Corp Reg | 210,041.02 | 260,549.72 | 0.06 |
| KRW | 10,558 | Samsung Card Co Ltd | 300,585.42 | 315,564.10 | 0.07 |
| KRW | 1,577 | Samsung Electro-Mechanics Co Ltd Reg | 240,383.55 | 258,151.27 | 0.06 |
| KRW | 103,800 | Samsung Electronics Co Ltd | 4,928,562.33 | 7,732,233.27 | 1.83 |
| KRW | 55,077 | Samsung Electronics Co Ltd Pref | 2,419,060.89 | 3,727,955.04 | 0.88 |
| KRW | 2,020 | Samsung Life Insurance Co Ltd | 137,544.47 | 146,943.52 | 0.03 |
| KRW | 1,246 | Samsung SDI Co Ltd | 575,712.31 | 719,615.09 | 0.17 |
| KRW | 385 | Samsung SDS Co Ltd | 63,015.40 | 63,200.65 | 0.01 |
| KRW | 28,075 | Samsung Securities Co Ltd Reg | 850,853.56 | 1,044,385.58 | 0.25 |
| KRW | 8,359 | SK Hynix Inc | 894,869.74 | 910,951.49 | 0.22 |
| KRW | 236,206 | Ssangyong Cement Ind Co Ltd Reg | 	1,132,222.09  | 	1,451,075.34  | 	0.34  |
|  |  |  | 32,887,086.76 | 42,447,498.98 | 10.04 |
| MXN | 32,288 | Arca Continental SAB de CV Reg | 145,219.00 | 154,984.99 | 0.04 |
| MXN | 227,256 | Bolsa Mexicana Valores SAB CV A | 441,470.83 | 537,670.85 | 0.13 |
| MXN | 5,000 | GMexico Transportes SA de CV Reg S 144 | 6,425.20 | 7,459.99 | 0.00 |
| MXN | 149,664 | Gruma SAB de CV B | 1,587,441.33 | 1,778,954.07 | 0.42 |
| MXN | 911,800 | Grupo Bimbo SAB de CV | 1,726,011.00 | 1,977,937.69 | 0.47 |
| MXN | 293,000 | Grupo Financiero Banorte SAB de CV O | 1,329,515.01 | 1,615,887.72 | 0.38 |
| MXN | 1,118,725 | Kimberly-Clark Mex SAB de CV A | 1,799,281.88 | 1,907,663.81 | 0.45 |
| MXN | 78,585 | La Comer SAB de CV Ser B CPO | 142,651.86 | 178,908.71 | 0.04 |
| MXN | 28,248 | Qualitas Control SAB de CV I Reg | 	98,196.45  | 	151,833.18  | 	0.04  |
|  |  |  | 7,276,212.56 | 8,311,301.01 | 1.97 |
| MYR | 135,600 | Alliance Bank Malaysia Bhd | 98,123.93 | 98,097.20 | 0.02 |
| MYR | 151,200 | Greatech Tec Bhd | 186,675.55 | 342,055.94 | 0.08 |
| MYR | 65,948 | Guan Chong Bhd Reg | 41,378.36 | 43,774.06 | 0.01 |

| Currency | Number / nominal value | Description | Cost | Market value | % of total net assets * |
| --- | --- | --- | --- | --- | --- |
| MYR | 72,400 | Hartalega Holdings Bhd | 151,290.25 | 218,504.91 | 0.05 |
| MYR | 103,500 | Hong Leong Bank Bhd | 389,699.08 | 468,290.86 | 0.11 |
| MYR | 23,900 | Hong Leong Fin Group Bhd Reg | 108,824.62 | 107,304.91 | 0.03 |
| MYR | 21,400 | IHH Healthcare Bhd Reg | 30,465.90 | 29,260.41 | 0.01 |
| MYR | 299,500 | IOI Corp Bhd Reg | 325,943.90 | 325,373.52 | 0.08 |
| MYR | 55,800 | Kuala Lumpur Kepong Bhd Reg | 293,676.48 | 328,488.25 | 0.08 |
| MYR | 279,400 | Lii Hen Industries Bhd Reg | 304,853.40 | 276,447.98 | 0.07 |
| MYR | 87,576 | Malakoff Corp Bhd Reg | 18,544.40 | 19,485.52 | 0.00 |
| MYR | 453,300 | Malayan Banking Bhd | 874,043.20 | 953,366.81 | 0.23 |
| MYR | 321,900 | Maxis Bhd Reg | 396,982.76 | 404,125.54 | 0.10 |
| MYR | 86,400 | Mega First Corp Bhd Reg | 119,420.03 | 148,206.34 | 0.03 |
| MYR | 98,900 | Public Bank Bhd Reg | 383,037.68 | 506,486.02 | 0.12 |
| MYR | 857,300 | RHB Bank Berhad | 1,102,959.04 | 1,161,537.60 | 0.28 |
| MYR | 326,900 | Scientex Bhd Reg | 950,497.91 | 1,030,476.57 | 0.24 |
| MYR | 2,497,900 | Sime Darby Bhd | 1,359,361.06 | 1,434,468.37 | 0.34 |
| MYR | 2,242,300 | Telekom Malaysia Bhd Reg | 2,377,507.27 | 3,015,747.17 | 0.71 |
| MYR | 251,100 | Time Dotcom Bhd Reg | 745,546.98 | 827,740.46 | 0.20 |
| MYR | 76,800 | Unisem M Bhd Reg | 95,510.86 | 117,992.29 | 0.03 |
| MYR | 414,600 | Westports Holdings Bhd Reg | 	445,368.17  | 	443,201.99  | 	0.10  |
|  |  |  | 10,799,710.83 | 12,300,432.72 | 2.92 |
| NZD | 36,385 | Ebos Gr Ltd | 533,478.04 | 751,859.64 | 0.18 |
| NZD | 42,562 | Fletcher Building Ltd Reg | 169,468.17 | 180,803.38 | 0.04 |
| NZD | 20,994 | Freightways Ltd | 132,004.03 | 152,063.74 | 0.04 |
| NZD | 8,338 | Mainfreight Ltd | 296,189.33 | 417,233.52 | 0.10 |
| NZD | 331,429 | Oceania Healthcare Ltd Reg | 	304,082.60  | 	346,011.88  | 	0.08  |
|  |  |  | 1,435,222.17 | 1,847,972.16 | 0.44 |
| PHP | 87,900 | Century Pacific Food Inc Reg | 31,609.23 | 32,033.53 | 0.01 |
| PHP | 3,580 | Globe Telecom Inc | 147,411.65 | 151,341.11 | 0.04 |
| PHP | 455,370 | Puregold Price Club Inc Reg | 	421,026.60  | 	388,799.87  | 	0.09  |
|  |  |  | 600,047.48 | 572,174.51 | 0.14 |
| PLN | 39,395 | Cyfrowy Polsat SA | 308,165.86 | 320,081.73 | 0.08 |
| PLN | 2,606 | Grupa Kety SA | 303,737.51 | 343,686.00 | 0.08 |
| PLN | 50,313 | PKO Bank Polski SA | 286,716.64 | 387,729.25 | 0.09 |
| PLN | 15,884 | Warsaw Stock Exchange | 	190,398.32  | 	194,778.04  | 	0.05  |
|  |  |  | 1,089,018.33 | 1,246,275.02 | 0.30 |
| RUB | 33,954 | Tatneft PJSC | 196,599.97 | 235,096.16 | 0.06 |
| SGD | 391,200 | Best World International Ltd Reg | 570,609.05 | 201,230.00 | 0.05 |
| SGD | 36,531 | DBS Group Holdings Ltd | 612,381.20 | 691,959.79 | 0.16 |
| SGD | 279,900 | Frencken Group Ltd Reg | 189,289.03 | 279,487.12 | 0.07 |
| SGD | 52,200 | iFAST Corp Ltd | 91,326.29 | 118,461.36 | 0.03 |
| SGD | 338,300 | Japfa Ltd Reg | 197,773.42 | 236,716.59 | 0.06 |
| SGD | 53,862 | Oversea-Chinese Bankg Corp Ltd | 397,685.40 | 409,888.21 | 0.10 |
| SGD | 189,300 | Riverstone Holdings Ltd Reg | 167,163.36 | 158,949.28 | 0.04 |
| SGD | 1,660,300 | Sheng Siong Group Ltd | 2,008,395.59 | 1,946,718.86 | 0.46 |
| SGD | 9,100 | Singapore Exchange Ltd Reg | 61,711.86 | 63,881.39 | 0.01 |
| SGD | 84,313 | United Overseas Bank Ltd Local | 	1,323,480.51  | 	1,440,773.61  | 	0.34  |
|  |  |  | 5,619,815.71 | 5,548,066.21 | 1.32 |
| THB | 38,148 | Advanced Info Serv PCL Units Nv DR | 230,079.94 | 223,801.60 | 0.05 |
| THB | 6,143,000 | AP Thailand PCL DR | 1,320,891.74 | 1,484,558.32 | 0.35 |
| THB | 7,400 | Bangkok Bank PCL Nv DR | 30,189.99 | 29,230.00 | 0.01 |
| THB | 440,600 | Bangkok Dusit Medical Serv PCL Uts NV DR | 287,268.27 | 305,482.66 | 0.07 |
| THB | 62,400 | Bangkok Life Assurance PCL Units Non Voting DR | 38,171.10 | 43,680.00 | 0.01 |
| THB | 336,100 | Charoen Pokphand Foods PCL Units Nv DR | 309,877.89 | 299,689.16 | 0.07 |
| THB | 101,400 | CP All PCL DR Units Non Voting Units Uts | 202,633.52 | 196,885.00 | 0.05 |
| THB | 734,500 | Home Product Center PCL Units Non voting DR | 355,736.78 | 335,421.66 | 0.08 |
| THB | 175,341 | Kasikornbank PCL DR | 440,718.63 | 660,451.09 | 0.16 |
| THB | 86,700 | Kiatnakin Phatra Bank PCL DR Units Non Voting Uts Nv | 125,274.68 | 149,557.50 | 0.04 |
| THB | 48,000 | MCS Steel PCL | 20,251.96 | 20,800.00 | 0.00 |
| THB | 19,800 | PTT Explor & Prod PCL Non Voting DR | 66,931.69 | 64,845.00 | 0.02 |
| THB | 428,012 | PTT PCL Uts Nv DR | 535,075.81 | 606,350.33 | 0.14 |

| Currency | Number / nominal value | Description | Cost | Market value | % of total net assets * |
| --- | --- | --- | --- | --- | --- |
| THB | 2,344,700 | Quality Houses PCL Units NVDR | 171,772.36 | 181,323.46 | 0.04 |
| THB | 24,410 | Sappe Public Co Ltd DR Units Non Voting Units Uts | 17,161.24 | 15,703.77 | 0.00 |
| THB | 16,962 | Siam Makro Public Co Ltd Units Non Voting DR | 22,825.58 | 22,333.30 | 0.01 |
| THB | 140,624 | Synnex (Thai) PCL DR Units Non Voting Uts | 62,693.05 | 70,312.00 | 0.02 |
| THB | 4,391,800 | Thai Union Gr PCL Units Non Voting DR | 1,992,087.45 | 1,990,949.31 | 0.47 |
| THB | 270,995 | Thai Vegetable Oil PCL Units Non voting DR | 295,654.23 | 304,869.37 | 0.07 |
| THB | 16,200 | The Siam Cement Public Co Ltd DR Units Non Voting Units Uts | 199,275.45 | 204,120.00 | 0.05 |
| THB | 327,300 | The Siam Commercial Bk PCL Units Non Voting DR | 719,324.37 | 954,624.99 | 0.23 |
| THB | 568,800 | TISCO Fin Gr PCL DR Units Non Voting Uts Nv | 1,419,468.11 | 1,677,959.98 | 0.40 |
| THB | 143,000 | Total Access Communication PCL DR Units Non Voting | 	176,105.41  | 	158,491.67  | 	0.04  |
|  |  |  | 9,039,469.25 | 10,001,440.17 | 2.38 |
| TWD | 2,769,000 | Acer Inc | 2,185,687.48 | 2,331,820.59 | 0.55 |
| TWD | 477,000 | Arcadyan Technology Corp | 1,661,279.75 | 1,593,170.47 | 0.38 |
| TWD | 537,000 | Asia Polymer Corp Reg | 366,424.74 | 411,105.96 | 0.10 |
| TWD | 435,000 | Asustek Computer Inc | 3,304,807.23 | 3,880,056.22 | 0.92 |
| TWD | 154,000 | Au Optronics Corp | 82,242.49 | 76,769.69 | 0.02 |
| TWD | 229,000 | Avita Corp Reg | 1,100,891.04 | 831,719.12 | 0.20 |
| TWD | 645,000 | Capital Securities Corp Reg | 230,533.10 | 311,200.32 | 0.07 |
| TWD | 1,690,433 | Cathay Financial Hg Co Ltd | 2,326,862.00 | 2,543,113.29 | 0.60 |
| TWD | 19,000 | Chailease Hg Co Ltd | 97,585.77 | 113,659.02 | 0.03 |
| TWD | 117,000 | Chang Wah Technology Co Ltd Reg | 190,579.30 | 249,131.18 | 0.06 |
| TWD | 84,000 | Chen Full International Co Ltd Reg | 123,397.31 | 121,734.79 | 0.03 |
| TWD | 1,710,000 | Cheng Loong Corp Reg | 1,721,815.35 | 2,070,217.90 | 0.49 |
| TWD | 48,000 | Cheng Shin Rubber Ind Co Ltd | 76,270.73 | 75,288.42 | 0.02 |
| TWD | 677,548 | Chicony Electronics Co Ltd | 1,956,843.26 | 2,079,640.97 | 0.49 |
| TWD | 60,366 | Chicony Power Tec Co Ltd Reg | 131,954.93 | 151,753.30 | 0.04 |
| TWD | 52,690 | China Life Insurance Co Ltd | 34,845.54 | 41,650.69 | 0.01 |
| TWD | 117,003 | Chip Mos Technologies Inc Reg | 116,663.57 | 143,108.28 | 0.03 |
| TWD | 946,000 | Chipbond Technology Corp | 2,047,011.56 | 2,236,661.42 | 0.53 |
| TWD | 2,322,000 | Compal Electronics Inc | 1,539,055.12 | 1,711,486.95 | 0.41 |
| TWD | 441,000 | Coretronic Corp | 542,663.94 | 636,752.24 | 0.15 |
| TWD | 1,720,000 | CTBC Fin Hg Co Ltd | 1,164,204.62 | 1,206,523.28 | 0.29 |
| TWD | 29,026 | Delta Electronics Inc | 181,846.06 | 271,821.60 | 0.06 |
| TWD | 60,000 | Dyaco International Inc Reg | 117,224.15 | 252,100.84 | 0.06 |
| TWD | 1,224,000 | E Ink Hgs Inc | 1,865,370.97 | 1,996,125.89 | 0.47 |
| TWD | 850,992 | E.Sun Financial Holding Co Ltd Reg | 758,559.71 | 774,207.57 | 0.18 |
| TWD | 16,000 | Eclat Textile Co Ltd Reg | 233,076.11 | 240,706.45 | 0.06 |
| TWD | 2,000 | Elan Microelectronics Corp Reg | 7,496.20 | 9,507.19 | 0.00 |
| TWD | 77,000 | Evergr Marine Corp Taiwan Ltd Reg | 82,691.96 | 111,590.23 | 0.03 |
| TWD | 774,000 | Everlight Electronics Co Ltd Reg | 957,261.79 | 1,163,039.44 | 0.28 |
| TWD | 350,000 | Far Eastern New Cent Corp Reg | 341,441.91 | 360,792.62 | 0.09 |
| TWD | 86,000 | Feng Tay Enterprise Co Ltd Reg | 561,263.66 | 610,917.24 | 0.14 |
| TWD | 823,000 | First Financial Holding Co Ltd | 607,358.85 | 625,660.51 | 0.15 |
| TWD | 1,345,000 | Fubon Financial Holding Co Ltd | 2,105,760.46 | 2,238,952.76 | 0.53 |
| TWD | 452,429 | Getac Technology Corp Reg | 734,926.70 | 787,771.61 | 0.19 |
| TWD | 176,000 | Giga-Byte Technology Co Ltd Reg | 353,486.62 | 487,565.87 | 0.12 |
| TWD | 791,674 | Goldsun Building Materi Co Ltd Reg | 615,751.33 | 704,737.57 | 0.17 |
| TWD | 472,000 | Grand Pacific Petrochemical Corp Reg | 306,974.09 | 399,159.66 | 0.09 |
| TWD | 263,000 | Greatek Electronics Inc Reg | 441,614.07 | 524,426.72 | 0.12 |
| TWD | 233,765 | Hon Hai Precision Ind Co Ltd | 672,288.70 | 765,787.63 | 0.18 |
| TWD | 99,654 | Huaku Dev Co Ltd Reg | 290,880.92 | 311,551.81 | 0.07 |
| TWD | 4,000 | Intl Games Syst Co Ltd Reg | 111,783.50 | 107,961.83 | 0.03 |
| TWD | 57,000 | Jinan Acetate Chemical Co Ltd Reg | 281,405.04 | 247,614.30 | 0.06 |
| TWD | 1,666,323 | Kindom Construction Co Ltd Reg | 2,021,825.66 | 1,996,573.44 | 0.47 |
| TWD | 317,000 | King's TownBank Reg | 432,384.96 | 437,957.55 | 0.10 |
| TWD | 238,000 | KMC (Kuei Meng) Intl Inc Reg | 1,378,526.62 | 1,466,101.68 | 0.35 |
| TWD | 1,291,095 | Lite-On Technology Corp Reg | 2,026,248.79 | 2,289,436.35 | 0.54 |
| TWD | 75,000 | Lotes Co Ltd Reg | 1,176,158.51 | 1,267,180.59 | 0.30 |
| TWD | 8,000 | Macauto Industrial Co Ltd | 24,637.01 | 26,007.69 | 0.01 |
| TWD | 328,000 | Makalot Industrial Co Ltd Reg | 2,047,854.77 | 2,236,575.97 | 0.53 |
| TWD | 33,169 | MediaTek Inc | 705,261.38 | 882,254.76 | 0.21 |
| TWD | 182,000 | Mega Financial Hg Co | 197,211.07 | 193,120.64 | 0.05 |
| TWD | 364,000 | Micro-Star Intl Co Ltd | 1,264,539.87 | 1,717,347.94 | 0.41 |
| TWD | 3,000 | Momo.com Inc | 54,791.97 | 68,045.86 | 0.02 |

| Currency | Number / nominal value | Description | Cost | Market value | % of total net assets * |
| --- | --- | --- | --- | --- | --- |
| TWD | 33,000 | Nan Pao Resins Chem Co Ltd Reg | 178,929.75 | 183,307.22 | 0.04 |
| TWD | 63,000 | Nan Ya Plastics Corp Reg | 141,708.83 | 161,291.13 | 0.04 |
| TWD | 124,000 | Nien Made Enterprise Co Ltd Reg | 1,372,078.21 | 1,439,396.08 | 0.34 |
| TWD | 51,000 | OTa Precision Industry Co Ltd Reg | 99,611.71 | 106,779.66 | 0.03 |
| TWD | 1,534,000 | Pegatron Corp Reg | 3,358,131.45 | 3,676,050.39 | 0.87 |
| TWD | 2,074,000 | Qisda Corp Reg | 1,826,838.70 | 2,137,953.98 | 0.51 |
| TWD | 1,280,000 | Quanta Computer Inc | 3,083,531.28 | 3,687,224.01 | 0.87 |
| TWD | 490,000 | Radiant Opto-Electronics Corp | 1,879,583.86 | 1,989,032.88 | 0.47 |
| TWD | 993,332 | Shin Kong Financial Hg Co Ltd | 294,102.65 | 311,609.99 | 0.07 |
| TWD | 636,000 | Sigurd Microelectronics Corp Reg | 1,017,381.52 | 1,024,747.18 | 0.24 |
| TWD | 167,093 | Simplo Technology Co Ltd | 1,845,300.43 | 2,082,415.24 | 0.49 |
| TWD | 222,000 | Sinbon Electronics Co Ltd | 1,254,318.22 | 1,707,449.07 | 0.40 |
| TWD | 1,747,000 | Sinopac Financial Holdings Co Ltd | 689,681.07 | 712,261.42 | 0.17 |
| TWD | 549 | Soft-World Intl Co ltd Reg | 1,928.95 | 2,072.14 | 0.00 |
| TWD | 708,000 | Supreme Electronics Co Ltd Reg | 853,921.15 | 864,705.87 | 0.20 |
| TWD | 44,140 | Syncmold Enterprise Corp Reg | 124,767.42 | 136,424.72 | 0.03 |
| TWD | 1,000,801 | Synnex Technology Intl Corp | 1,395,870.62 | 1,674,891.28 | 0.40 |
| TWD | 515,000 | Taiflex Scientific Co Ltd Reg | 1,002,100.47 | 1,001,246.25 | 0.24 |
| TWD | 1,709,997 | Taishin Financial Hgs Co Ltd | 794,687.58 | 806,774.68 | 0.19 |
| TWD | 1,913,470 | Taita Chemical Co Ltd Reg | 988,192.94 | 2,653,811.99 | 0.63 |
| TWD | 106,000 | Taiwan Hon Chuan Enter Co Ltd Reg | 221,570.06 | 227,595.78 | 0.05 |
| TWD | 86,000 | Thinking Ele Industrial Co Ltd Reg | 350,156.91 | 489,958.69 | 0.12 |
| TWD | 209,984 | Topco Scientific Co Ltd | 786,473.01 | 893,501.20 | 0.21 |
| TWD | 52,000 | Tripod Technology Co Ltd | 215,732.84 | 219,413.19 | 0.05 |
| TWD | 1,980,000 | Tung Ho Steel Enterprise Corp | 1,813,440.39 | 2,573,351.35 | 0.61 |
| TWD | 952,000 | UPC Technology Corp | 585,794.30 | 650,847.45 | 0.15 |
| TWD | 3,235,000 | USI Corp Reg | 1,830,336.55 | 2,603,297.23 | 0.62 |
| TWD | 60,000 | Vanguard Intl Semiconduct Corp Reg | 212,623.19 | 247,827.94 | 0.06 |
| TWD | 77,000 | Wah Lee Industrial Corp Reg | 144,243.25 | 208,374.87 | 0.05 |
| TWD | 1,473,530 | Wistron Corp | 1,489,105.74 | 1,626,528.61 | 0.39 |
| TWD | 194,000 | Wowprime Corp Reg | 903,491.95 | 877,296.67 | 0.21 |
| TWD | 5,880,100 | Yuanta Financial Hg Co Ltd | 	3,579,909.70  | 	4,302,665.36  | 	1.02  |
|  |  |  | 78,295,066.94 | 89,669,269.43 | 21.26 |
| USD | 500 | AIA Group Ltd spons ADR repr 4 Shares | 22,942.00 | 24,565.00 | 0.01 |
| USD | 18,540 | Alibaba Group Holding Ltd ADR repr 8 Share | 4,590,349.60 | 4,314,814.20 | 1.02 |
| USD | 67,400 | ASE Technology Holding Co Ltd ADR DR repr spons | 345,772.53 | 393,616.00 | 0.09 |
| USD | 1,800 | Baidu Inc ADR repr 0.1 Share A | 241,985.20 | 389,232.00 | 0.09 |
| USD | 235,100 | Banco Bradesco SA spons ADR repr 1 Pref Share | 970,119.89 | 1,236,626.00 | 0.29 |
| USD | 12,149 | BHP Group Ltd spons ADR Repr 2 Shares | 649,365.83 | 793,815.66 | 0.19 |
| USD | 5,900 | BYD Co Ltd unspons ADR repr 2 Shares H | 113,184.57 | 311,343.00 | 0.07 |
| USD | 18,020 | China Construction Bank Corp H unspons ADR Repr 20 Shs H | 276,956.08 | 270,660.40 | 0.06 |
| USD | 46,173 | China Life Insurance Co Ltd ADR repr 5 Sh H | 537,992.46 | 510,673.38 | 0.12 |
| USD | 77,418 | China Mobile Ltd ADR repr 5 Shares | 2,342,625.80 | 2,209,509.72 | 0.52 |
| USD | 13,400 | Chunghwa Telecom Co Ltd spons ADR rep 10 Shares | 496,996.69 | 517,508.00 | 0.12 |
| USD | 300 | Credicorp Ltd | 48,665.22 | 49,206.00 | 0.01 |
| USD | 31 | Huaxin Cement Co Ltd B | 37.54 | 67.18 | 0.00 |
| USD | 95,700 | Itau Unibanco Hg SA spons ADR Repr 1 Share | 480,521.33 | 582,813.00 | 0.14 |
| USD | 32,763 | JD.com Inc spons ADR repr 2 Shares A | 1,892,775.58 | 2,879,867.70 | 0.68 |
| USD | 12,600 | KB Financial Gr Inc ADR repr 1 Share | 419,626.18 | 498,960.00 | 0.12 |
| USD | 160,502 | Lao Feng Xiang Co Ltd B | 495,245.94 | 465,134.80 | 0.11 |
| USD | 36,279 | Magnit PJSC spons GDR repr 0.2 Share | 530,893.43 | 638,510.40 | 0.15 |
| USD | 5,800 | Naspers Ltd spons ADR repr 1/5 Shares N | 214,919.52 | 235,712.00 | 0.06 |
| USD | 6,700 | Netease Inc ADR Repr 5 Shares | 599,543.30 | 641,659.00 | 0.15 |
| USD | 10,600 | Nio Inc A Ser ADS repr spons DR | 472,434.58 | 516,644.00 | 0.12 |
| USD | 2,557 | NovaTek Joint St Co spons GDR repr 10 Shares | 400,671.75 | 417,813.80 | 0.10 |
| USD | 4,200 | Oil Co Lukoil PJSC spons ADR repr 1 Share | 288,311.63 | 287,112.00 | 0.07 |
| USD | 13,600 | Ping An Ins Gr Co of Cn Ltd spons ADR repr 2 Shares H Reg | 295,006.16 | 333,200.00 | 0.08 |
| USD | 22,783 | PLDT inc Spons ADR repr 1 Share | 584,788.70 | 635,873.53 | 0.15 |
| USD | 217,510 | Shan Mech Elec Industry Co Ltd B | 317,667.67 | 323,219.86 | 0.08 |
| USD | 29,421 | Shinhan Financial Group Co Ltd spons ADR repr 1 Share | 842,970.20 | 875,568.96 | 0.21 |
| USD | 14,438 | SK Telecom Co Ltd ADR repr 0.111 Share | 302,588.70 | 353,442.24 | 0.08 |
| USD | 58,300 | Taiwan Semiconduct Mfg Co Ltd ADR repr 5 Shares | 4,289,736.29 | 6,357,032.00 | 1.51 |
| USD | 16,000 | Telefonica Brasil SA ADS repr spons DR | 151,601.54 | 141,600.00 | 0.03 |
| USD | 10,000 | Telkom Ind (Persero) Tbk PT ADR repr 100 Shares | 205,474.10 | 235,200.00 | 0.06 |

| Currency | Number / nominal value | Description | Cost |  | Market value |  | % of total net assets * |
| --- | --- | --- | --- | --- | --- | --- | --- |
| USD | 115,060 | Tencent Holdings Ltd unspons ADR repr 1 Share | 7,861,417.99 |  | 8,271,663.40 |  | 1.96 |
| USD | 5,300 | Trip Com Group Ltd ADR spons repr 1/8th Share | 166,318.24 |  | 178,769.00 |  | 0.04 |
| USD | 78,364 | United Microelectronics Corp ADR repr 5 Shares | 376,144.22 |  | 660,608.52 |  | 0.16 |
| USD | 9,100 | Vipshop Holdings Ltd spons ADR repr 2 Shares | 224,414.26 |  | 255,801.00 |  | 0.06 |
| USD | 1,400 | Woori Financial Group Inc ADR DR repr | 38,222.00 |  | 38,332.00 |  | 0.01 |
| USD | 8,000 | Yum China Holdings Inc | 	419,667.52  |  | 	456,720.00  |  | 	0.11  |
|  |  |  | 32,507,954.24 |  | 37,302,893.75 |  | 8.83 |
| ZAR | 2,749 | Anglo American Platinum Ltd | 208,831.48 |  | 269,950.49 |  | 0.06 |
| ZAR | 94,081 | Barclays Africa Group Ltd Reg | 717,559.43 |  | 767,315.73 |  | 0.18 |
| ZAR | 25,801 | Clicks Group Ltd | 357,267.45 |  | 443,596.51 |  | 0.10 |
| ZAR | 88,565 | Firstrand Ltd | 263,354.07 |  | 307,588.93 |  | 0.07 |
| ZAR | 2,087 | Impala Platinum Holdings Ltd | 29,019.92 |  | 28,671.91 |  | 0.01 |
| ZAR | 22,322 | Kumba Iron Ore Ltd Reg | 700,685.93 |  | 945,990.08 |  | 0.22 |
| ZAR | 41,814 | Mr Price Group Ltd | 491,458.34 |  | 485,541.00 |  | 0.11 |
| ZAR | 73,782 | MTN Group Ltd | 325,615.72 |  | 302,184.84 |  | 0.07 |
| ZAR | 71,595 | Multichoice Group LTD Reg | 515,416.64 |  | 652,807.89 |  | 0.15 |
| ZAR | 9,583 | Naspers Ltd N | 1,800,918.74 |  | 1,968,851.00 |  | 0.47 |
| ZAR | 48,852 | Spar Group Ltd spons Reg | 615,413.67 |  | 630,058.87 |  | 0.15 |
| ZAR | 70,358 | Standard Bank Group Ltd | 472,500.87 |  | 608,399.15 |  | 0.14 |
| ZAR | 67,602 | Tiger Brands Ltd | 903,351.11 |  | 957,627.15 |  | 0.23 |
| ZAR | 502,821 | Vodacom Group Ltd | 	3,804,271.84  |  | 	4,255,952.56  |  | 	1.01  |
|  |  |  | 11,205,665.21 |  | 12,624,536.11 |  | 2.97 |
| Total shares |  | 344,947,620.93 |  | 406,025,407.88 |  | 96.23 |
| Transferable securities dealt in on another regulated market |
| Shares |  |  |  |  |  |  |  |
| KRW | 20,214 | DANAWA Co Ltd Reg | 459,686.55 |  | 571,636.51 |  | 0.14 |
| KRW | 39,340 | Seohee Construction Co Ltd Reg | 	48,563.61  |  | 	55,353.92  |  | 	0.01  |
|  |  |  | 508,250.16 |  | 626,990.43 |  | 0.15 |
| RUB | 1,047,130 | Alrosa PJSC | 1,264,936.73 |  | 1,391,879.55 |  | 0.33 |
| RUB | 661 | Inter Rao Ues PJSC | 45.01 |  | 47.47 |  | 0.00 |
| RUB | 299,440 | Magnitogorsk Iron Stl Wks PJSC | 208,060.99 |  | 225,930.96 |  | 0.05 |
| RUB | 1,125,205 | Moscow Exchange Micex-Rts PJSC | 1,991,588.74 |  | 2,427,157.23 |  | 0.58 |
| RUB | 17,889 | Oil Co Lukoil PJSC | 1,214,912.32 |  | 1,249,751.25 |  | 0.30 |
| RUB | 3,501 | Polyus PJSC Reg | 758,564.06 |  | 720,550.50 |  | 0.17 |
| RUB | 273,880 | Rosneft Oil Co | 	1,336,315.74  |  | 	1,611,254.78  |  | 	0.38  |
|  |  |  | 6,774,423.59 |  | 7,626,571.74 |  | 1.81 |
| Total shares |  | 7,282,673.75 |  | 8,253,562.17 |  | 1.96 |
| Other transferable securities |
| Shares |  |  |  |  |  |  |  |
| HKD | 1,031,583 | Fuguiniao Co Ltd H | 679,831.85 |  | 0.00 |  | 0.00 |
| HKD | 101,763 | Real Gold Mining Ltd | 	148,513.55  |  | 	0.00  |  | 	0.00  |
|  |  |  | 828,345.40 |  | 0.00 |  | 0.00 |
| USD | 23,900 | Bank Mandiri Persero (PT) Tbk ADR DR repr | 183,489.88 |  | 212,710.00 |  | 0.05 |
| Total shares |  | 1,011,835.28 |  | 212,710.00 |  | 0.05 |
| Total investments in securities | 353,242,129.96 |  | 414,491,680.05 |  | 98.24 |
| Cash at banks |  |  | 8,503,621.62 |  | 2.02 |
| Bank overdrafts |  |  | -28,139.98 |  | -0.01 |
| Other net assets/(liabilities) |  |  | -1,068,140.06 |  | -0.25 |
| Total |  |  | 421,899,021.63 |  | 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 |