# EVOLUTION OF SUBSCRIPTIONS, REDEMPTIONS AND THE NET ASSET VALUE
| Evolution of the number of shares in circulation |
| --- |
|  | 30 June 2017 | 31 December 2018 | 31 December 2019 |
| Class | Subscriptions | Redemptions | End of Period | Subscriptions | Redemptions | End of Period | Subscriptions | Redemptions | End of Period |
| A (Dis) | 22,594.00 | 509.00 | 22,085.00 | 18,843.00 | 33,133.00 | 7,795.00 | 820.54 | 1,394.00 | 7,221.55 |
| B (Cap) | 327,978.00 | 184,070.00 | 1,086,643.00 | 71,838.70 | 946,195.29 | 212,286.41 | 17,158.14 | 94,092.23 | 135,352.31 |
| B USD (Cap) | 91,529.00 | 27,053.00 | 246,055.00 | 56,849.90 | 161,077.62 | 141,827.28 | 7,385.00 | 26,870.28 | 122,342.00 |
| E (Dis) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| F (Cap) | 23,667.00 | 196,743.00 | 33,269.00 | 71,708.94 | 88,836.62 | 16,141.32 | 1,077.60 | 15,760.05 | 1,458.86 |
| F USD (Cap) | 1.00 | 719.00 | 1,445.00 | 0.00 | 1,445.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| I | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| J (Cap) | 0.00 | 0.00 | 0.00 | 20,528.46 | 7.00 | 20,521.46 | 0.00 | 193.50 | 20,327.95 |
| L (Cap) | 0.00 | 181.00 | 167.00 | 0.00 | 41.00 | 126.00 | 0.00 | 40.00 | 86.00 |
| L USD (Cap) | 133.00 | 415.00 | 462.00 | 0.00 | 365.00 | 97.00 | 0.00 | 55.00 | 42.00 |
| M (Dis) | 0.00 | 0.00 | 0.00 | 43,689.36 | 5,371.33 | 38,318.03 | 15,272.48 | 20,379.62 | 33,210.89 |
| M USD (Dis) | 0.00 | 0.00 | 0.00 | 1,285.00 | 0.00 | 1,285.00 | 0.00 | 0.00 | 1,285.00 |
| N (Cap) | 0.00 | 0.00 | 0.00 | 280,866.54 | 42,312.78 | 238,553.77 | 978.63 | 117,456.26 | 122,076.14 |
| N USD (Cap) | 0.00 | 0.00 | 0.00 | 104,000.90 | 8,631.46 | 95,369.44 | 10,817.85 | 17,697.56 | 88,489.73 |
| P (Cap) | 27,742.00 | 1,619.00 | 30,678.00 | 17,592.00 | 36,281.00 | 11,989.00 | 352.00 | 3,687.00 | 8,654.00 |
| V (Dis) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| W (Cap) | 31,852.00 | 4,525.00 | 27,327.00 | 30,696.21 | 29,181.64 | 28,841.57 | 998.23 | 26,260.52 | 3,579.28 |
| TOTAL |  |  | 1,448,131.00 |  |  | 813,151.27 |  |  | 544,125.71 |

| Payable and receivable amounts for the UCI |
| --- |
| EUR |
|  | 30 June 2017 | 31 December 2018 | 31 December 2019 |
| Class | Subscriptions | Redemptions | Subscriptions | Redemptions | Subscriptions | Redemptions |
| A (Dis) | 2,478,673.32 | 55,552.26 | 2,044,432.09 | 3,713,930.98 | 99,814.21 | 158,838.60 |
| B (Cap) | 35,251,911.62 | 19,571,161.78 | 8,012,162.12 | 106,049,473.86 | 2,105,317.39 | 11,100,771.49 |
| B USD (Cap) | 9,082,686.03 | 2,910,098.46 | 6,435,265.56 | 18,082,278.20 | 885,727.56 | 3,115,379.95 |
| E (Dis) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| F (Cap) | 29,414,583.81 | 235,287,920.10 | 95,843,085.99 | 115,215,279.30 | 1,609,124.09 | 22,201,397.23 |
| F USD (Cap) | 1,324.74 | 933,884.70 | 0.00 | 1,911,088.60 | 0.00 | 0.00 |
| I | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| J (Cap) | 0.00 | 0.00 | 513,483,032.57 | 192,365.42 | 0.00 | 5,189,777.10 |
| L (Cap) | 0.00 | 213,839.35 | 0.00 | 53,739.87 | 0.00 | 55,706.04 |
| L USD (Cap) | 149,860.41 | 497,689.41 | 0.00 | 471,749.62 | 0.00 | 72,847.35 |
| M (Dis) | 0.00 | 0.00 | 4,915,813.17 | 598,189.39 | 1,722,204.42 | 2,304,874.85 |
| M USD (Dis) | 0.00 | 0.00 | 147,123.65 | 0.00 | 0.00 | 0.00 |
| N (Cap) | 0.00 | 0.00 | 31,840,648.21 | 4,773,864.96 | 125,509.24 | 13,418,445.10 |
| N USD (Cap) | 0.00 | 0.00 | 11,838,567.42 | 982,501.65 | 1,274,621.95 | 2,073,935.69 |
| P (Cap) | 403,594,429.20 | 25,628,750.35 | 276,923,886.06 | 564,246,460.31 | 5,989,444.20 | 63,328,691.33 |
| V (Dis) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| W (Cap) | 3,504,419.70 | 512,108.94 | 3,586,688.40 | 3,329,030.27 | 115,788.92 | 3,073,597.28 |
| TOTAL | 483,477,888.83 | 285,611,005.35 | 955,070,705.24 | 819,619,952.43 | 13,927,551.98 | 126,094,262.01 |

| net asset value |
| --- |
| EUR |
|  | 30 June 2017 | 31 December 2018 | 31 December 2019 |
| Class | of the subfund | Per share | of the subfund | Per share | of the subfund | Per share |
| A (Dis) | 669,258,281.07 | 107.72 | 757,689,413.94 | 99.63 | 848,384,029.49 | 124.45 |
| B (Cap) |
| 107.71 | 100.62 | 128.16 |
| B USD (Cap) |
| 123.31 | 115.42 | 144.43 |
| E (Dis) |
| 0.00 | 0.00 | 0.00 |
| F (Cap) |
| 1,306.65 | 1,230.11 | 1,575.68 |
| F USD (Cap) |
| 1,487.77 | 0.00 | 0.00 |
| I |
| 0.00 | 0.00 | 0.00 |
| J (Cap) |
| 0.00 | 23,617.44 | 30,328.16 |
| L (Cap) |
| 1,275.05 | 1,182.20 | 1,499.27 |
| L USD (Cap) |
| 1,402.55 | 1,303.29 | 1,623.32 |
| M (Dis) |
| 0.00 | 100.08 | 125.32 |
| M USD (Dis) |
| 0.00 | 114.43 | 140.79 |
| N (Cap) |
| 0.00 | 101.06 | 129.35 |
| N USD (Cap) |
| 0.00 | 115.72 | 145.56 |
| 15,455.12 | 14,661.49 | 18,874.58 |
| P (Cap) |
| 0.00 | 0.00 | 0.00 |
| V (Dis) |
| 108.69 | 102.33 | 131.09 |
| W (Cap) |
| TOTAL | 669,258,281.07 |  | 757,689,413.94 |  | 848,384,029.49 |  |

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Translation (ENFR, 2019-12-31):
# EVOLUTION DES SOUSCRIPTIONS, DES REMBOURSEMENTS ET DE LA VALEUR NETTE D’INVENTAIRE
| Evolution du nombre d'actions en circulation |
| --- |
|  | 30 juin 2017 | 31 décembre 2018 | 31 décembre 2019 |
| Classe | Souscrites | Remboursées | Fin de période | Souscrites | Remboursées | Fin de période | Souscrites | Remboursées | Fin de période |
| A (Dis) | 3.025,00 | 17.375,00 | 18.239,00 | 3.768,00 | 15.098,00 | 6.909,00 | 322,26 | 806,00 | 6.425,26 |
| B (Cap) | 26.188,00 | 31.092,00 | 24.067,00 | 6.452,00 | 14.976,00 | 15.543,00 | 1.500,00 | 5.066,00 | 11.977,00 |
| E (Dis) | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 44.000,00 | 0,00 | 44.000,00 |
| F (Cap) | 189.511,00 | 96.842,00 | 540.252,00 | 171.560,51 | 293.280,00 | 418.532,51 | 71.702,00 | 194.881,00 | 295.353,51 |
| I (Dis) | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| J (Cap) | 0,00 | 0,00 | 0,00 | 4.519,00 | 0,00 | 4.519,00 | 0,00 | 0,00 | 4.519,00 |
| M (Dis) | 0,00 | 0,00 | 0,00 | 6.920,90 | 495,00 | 6.425,90 | 0,00 | 259,94 | 6.165,96 |
| N (Cap) | 0,00 | 0,00 | 0,00 | 2.379,38 | 204,98 | 2.174,40 | 0,00 | 129,96 | 2.044,44 |
| P (Cap) | 879,00 | 0,00 | 879,00 | 4.055,00 | 1.289,00 | 3.645,00 | 22,00 | 1.401,00 | 2.266,00 |
| V (Dis) | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| W (Cap) | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Z | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| TOTAL |  |  | 583.437,00 |  |  | 457.748,81 |  |  | 372.751,17 |

| Montants payés et reçus par l’OPC |
| --- |
| EUR |
|  | 30 juin 2017 | 31 décembre 2018 | 31 décembre 2019 |
| Classe | Souscrites | Remboursées | Souscrites | Remboursées | Souscrites | Remboursées |
| A (Dis) | 1.347.363,45 | 7.839.228,96 | 1.669.068,01 | 6.662.095,59 | 143.223,36 | 359.311,38 |
| B (Cap) | 12.600.083,46 | 14.802.135,23 | 3.109.384,57 | 7.192.165,24 | 745.260,00 | 2.510.477,49 |
| E (Dis) | 0,00 | 0,00 | 0,00 | 0,00 | 19.901.640,00 | 0,00 |
| F (Cap) | 91.385.397,22 | 46.614.013,76 | 83.395.028,13 | 141.940.901,64 | 35.778.036,90 | 97.252.001,28 |
| I (Dis) | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| J (Cap) | 0,00 | 0,00 | 113.804.780,03 | 0,00 | 0,00 | 0,00 |
| M (Dis) | 0,00 | 0,00 | 3.052.388,54 | 215.654,40 | 0,00 | 117.329,88 |
| N (Cap) | 0,00 | 0,00 | 1.150.272,04 | 97.824,48 | 0,00 | 63.191,59 |
| P (Cap) | 21.975.000,00 | 0,00 | 102.844.935,60 | 32.683.200,83 | 580.662,50 | 35.968.588,03 |
| V (Dis) | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| W (Cap) | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Z | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| TOTAL | 127.307.844,13 | 69.255.377,95 | 309.025.856,92 | 188.791.842,18 | 57.148.822,76 | 136.270.899,65 |

| Valeur nette d'inventaire |
| --- |
| EUR |
|  | 30 juin 2017 | 31 décembre 2018 | 31 décembre 2019 |
| Classe | du compartiment | d'une action | du compartiment | d'une action | du compartiment | d'une action |
| A (Dis) | 303.004.938,97 | 447,04 | 425.466.747,65 | 440,13 | 359.399.169,07 | 449,42 |
| B (Cap) | 480,08 | 481,00 | 496,25 |
| E (Dis) | 0,00 | 0,00 | 449,56 |
| F (Cap) | 483,31 | 486,03 | 502,47 |
| I (Dis) | 0,00 | 0,00 | 0,00 |
| J (Cap) | 0,00 | 25.427,19 | 26.308,91 |
| M (Dis) | 0,00 | 440,67 | 449,81 |
| N (Cap) | 0,00 | 481,63 | 497,74 |
| P (Cap) | 25.242,76 | 25.444,25 | 26.346,32 |
| V (Dis) | 0,00 | 0,00 | 0,00 |
| W (Cap) | 0,00 | 0,00 | 0,00 |
| Z | 0,00 | 0,00 | 0,00 |
| TOTAL | 303.004.938,97 |  | 425.466.747,65 |  | 359.399.169,07 |  |

2.8%
2.7%
1.3%
1.1%
3.2%
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