# G FUND – Avenir Small Cap
## Board of Directors’ Report
The past year has once again been good for small and mid caps. After a year dominated by COVID-19, 2021 was a year of transition from a series of intermittent health crises to the normalisation of activity in the 4th quarter. The combination of a surprisingly strong cyclical recovery and severely restricted production capacity in 2020 resulted in an inflationary supply/demand imbalance.
For your fund this meant strong outperformance in 2021 (the first 10 months of its fiscal year), made possible by the market share that the portfolio companies were able to gain during the recovery. There were however brief periods of underperformance in March, May and September, when the market temporarily favoured cyclical companies. The last two months of the year (January and February 2022) saw the resurgence of inflationary fears and significant profit-taking on growth stocks that adversely affected your fund.
The fund almost broke even for the year, but lagged the performance of its benchmark index.
The performance of equity investments varied considerably. The greatest contributors were: WIIT (critical data centres, +84.8%), which continued its strong organic growth and value-creating acquisitions; Adesso (IT services, +79.9%); Biotage (laboratory equipment, +68.6%); ID Logistics (logistics outsourcing, +50.4%), which benefited from the post-covid rebound in activity and from good acquisitions; QT Group (user interface software, +37.1%); Aubay (IT services, +36.1%) and Bufab (fasteners,+28.7%), which is now reaping the rewards of the major cost-cutting plan it implemented in early 2020. The fund also profited from the takeover bid for Akka Technologies (outsourced R&D, +85.1%).
The fund's worst performer was Stillfront (mobile games, -63.6%), whose business was greatly boosted by the 2020 lockdown measures, which not only boosted game playing but also reduced customer acquisition costs. Although the unwinding of this auspicious environment was anticipated, Stillfront seems to have had difficulty adapting to the more intense competitive environment created by its competitors which reinvested their surplus lockdown earnings in marketing campaigns, even though Apple's restrictions on ad targeting reduced their effectiveness. Finally, the acquisitions made in 2020 proved to be less savvy than expected. Stillfront's valuation multiples have thus returned to their 2019 levels, despite the company's increased size.
The other main detractors from performance were: BHG (Online DIY & Decor, -37.5%), which also benefited from lockdown, but unlike Stillfront continues to post strong revenue and profits; S&T (IT Services & IoT, -35.5%), which was attacked by a short-seller (since thwarted); Fortnox (subscription-based accounting software, -22.6%) and Admicom (subscription-based ERP, -27.9%).
We are confident that the portfolio companies, which are generally leaders in their markets, will be able to turn the challenge of inflation into an opportunity in fiscal 2022. Some were able to increase their prices significantly toward the end of 2021, which in addition to protecting their margins should accelerate their growth in 2022.
The G Fund - Avenir Small Cap fund had €77.46 million in assets under management at 28 February 2022.
|  | Performance | Benchmark index (see note 4) |
| --- | --- | --- |
| G FUND-AVENIR SMALL CP EU-GD | LU1611032688 | 1.24% | 2.27% |
| G FUND-AVENIR SMALL CP EU-IC | LU1611032092 | - 0.06% | 2.27% |
| G FUND-AVENIR SMALL CP EU-NC | LU1611031870 | - 1.34% | 2.27% |
| G FUND-AVENIR SMALL CP EU-RC | LU1611032258 | -1.14% | 2.27% |
| G FUND-AVENIR SMALL CP EU-OD | LU1611032506 | 1.14% | 2.27% |

Past performance is not a reliable indicator of future performance.
| Combined statement of net assets at 28/02/22 |  |  |
| --- | --- | --- |
|  | Note | In EUR |
| Assets |  | 77,931,051.52 |
| Securities portfolio at market value | 2.2 | 76,186,611.85 |
| Cost |  | 70,445,311.09 |
| Cash at bank |  | 1,575,965.37 |
| Receivables from sale of investments |  | 72,061.82 |
| Accrued subscriptions |  | 77,239.88 |
| Net dividends receivable |  | 19,172.60 |
| Liabilities |  | 473,926.25 |
| Payable on investments purchased |  | 19,017.22 |
| Accrued redemptions |  | 345,656.29 |
| Management fees payable | 3 | 32,241.01 |
| Depositary and sub-depositary fees payable | 5 | 4,421.28 |
| Administration fees payable | 6 | 2,416.43 |
| Performance fees payable | 4 | 49,694.18 |
| Subscription tax (taxe d’abonnement) payable | 8 | 2,133.09 |
| Other liabilities |  | 18,346.75 |
| Net asset value |  | 77,457,125.27 |

| Statement of operations and net changes in assets from 01/03/21 to 28/02/22 |
| --- |
|  | Note | In EUR |
| Income |  | 446,578.77 |
| Net dividends on the securities portfolio |  | 434,541.56 |
| Other income |  | 12,037.21 |
| Expenses |  | 598,431.09 |
| Management fees | 3 | 355,809.86 |
| Performance fees | 4 | 49,694.18 |
| Depositary and sub-depositary fees | 5 | 26,174.58 |
| Administration fees | 6 | 15,290.76 |
| Legal expenses |  | 7,737.94 |
| Transaction expenses | 2.17, 7 | 108,627.31 |
| Director remuneration |  | 599.98 |
| Subscription tax (taxe d’abonnement) | 8 | 12,386.72 |
| Interest paid on bank overdrafts |  | 8,936.22 |
| Bank charges |  | 12.00 |
| Other expenses |  | 13,161.54 |
| Net income / (loss) on investments |  | (151,852.32) |
| Net profit / (loss) on: |  |  |
| - sales of investments | 2.3 | 11,635,949.21 |
| - forward exchange contracts | 2.7 | (65.14) |
| - currency |  | (67,132.95) |
| Net profit / (loss) |  | 11,416,898.80 |
| Change in the net unrealised gain / (loss) on: - sales of investments | 2.2 | (12,524,823.96) |
| Net increase / (decrease) in net assets from operations |  | (1,107,925.16) |
| Dividends paid | 10 | (278,109.44) |
| Accumulation share subscriptions |  | 17,157,471.63 |
| Distribution share subscriptions |  | 9,193,101.07 |
| Accumulation share redemptions |  | (7,253,759.92) |
| Distribution share redemptions |  | (4,683,892.87) |
| Increase / (decrease) in net assets |  | 13,026,885.31 |
| Net assets at start of year |  | 64,430,239.96 |
| Net assets at end of year |  | 77,457,125.27 |

| Net assets by share class |  |  |  |  |
| --- | --- | --- | --- | --- |
|  |  | 28/02/22 | 28/02/21 | 29/02/20 |
| Total net assets | EUR | 77,457,125.27 | 64,430,239.96 | 34,400,983.30 |
| NC EUR shares - Accumulation |  |  |  |  |
| Number of shares |  | 101,609.815 | 25,385.684 | 14,258.458 |
| Net asset value per share | EUR | 124.29 | 125.98 | 90.30 |
| IC EUR shares - Accumulation Number of shares |  | 3,169.516 | 4,152.736 | 4,653.989 |
| Net asset value per share | EUR | 1,296.34 | 1,297.11 | 918.74 |
| RC EUR shares - Accumulation Number of shares |  | 3,753.428 | 542.410 | 1,537.368 |
| Net asset value per share | EUR | 125.91 | 127.36 | 91.83 |
| OD EUR shares - Distribution Number of shares |  | 15,658.104 | 12,408.151 | 0,000 |
| Net asset value per share | EUR | 1,245.50 | 1,231.44 | - |
| GD EUR shares - Distribution Number of shares |  | 31,039,000 | 31,039,000 | 31,039,000 |
| Net asset value per share | EUR | 1,312.70 | 1,304.70 | 924.53 |
| Dividend per share |  | 8.96 | 9.73 | 11.18 |

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 |
| NC EUR shares - Accumulation | 25,385.684 | 113,916.088 | 37,691.957 | 101,609.815 |
| IC EUR shares - Accumulation | 4,152.736 | 348.354 | 1,331.574 | 3,169.516 |
| RC EUR shares - Accumulation | 542.410 | 3,639.340 | 428.322 | 3,753.428 |
| OD EUR shares - Distribution | 12,408.151 | 6,674.686 | 3,424.733 | 15,658.104 |
| GD EUR shares - Distribution | 31,039,000 | 0,000 | 0,000 | 31,039,000 |

| 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 |  |  | 76,186,611.85 | 98.36 |
| Equities |  |  | 76,186,611.85 | 98.36 |
| Germany |  |  | 21,376,934.15 | 27.60 |
| ADESSO | EUR | 14,338 | 2,903,445.00 | 3.75 |
| AMADEUS FIRE AG | EUR | 10,442 | 1,503,648.00 | 1.94 |
| ATOSS SOFTWARE | EUR | 17,145 | 2,993,517.00 | 3.86 |
| DATAGROUP AG | EUR | 23,978 | 2,107,666.20 | 2.72 |
| ECKERT ET ZIEGLER STRAHLEN UND MEDIZIN | EUR | 11,474 | 760,152.50 | 0.98 |
| FLATEXDEGIRO AG | EUR | 91,320 | 1,696,725.60 | 2.19 |
| MEDIOS AG | EUR | 44,109 | 1,422,515.25 | 1.84 |
| MENSCH UND MASCHINE SOFTWARE AG | EUR | 54,816 | 2,965,545.60 | 3.83 |
| NEXUS AG | EUR | 52,965 | 3,103,749.00 | 4.01 |
| STEICO | EUR | 18,041 | 1,602,040.80 | 2.07 |
| STEMMER IMAGING AG | EUR | 10,356 | 317,929.20 | 0.41 |
| Sweden |  |  | 19,793,362.84 | 25.55 |
| BALCO GROUP - REGISTERED SHS | SEK | 86,484 | 938,181.30 | 1.21 |
| BHG GROUP AB | SEK | 373,059 | 2,991,228.66 | 3.86 |
| BTS GROUP -B- | SEK | 69,530 | 2,367,732.29 | 3.06 |
| BUFAB HOLDINGS AB | SEK | 54,686 | 1,725,541.65 | 2.23 |
| CELLAVISION | SEK | 26,305 | 794,038.30 | 1.03 |
| CTT SYSTEMS | SEK | 21,401 | 417,885.77 | 0.54 |
| DUSTIN GROUP | SEK | 98,055 | 754,767.29 | 0.97 |
| FORTNOX AB | SEK | 227,438 | 815,266.86 | 1.05 |
| INSTALCO AB | SEK | 440,136 | 3,008,004.26 | 3.88 |
| MIPS AB | SEK | 45,636 | 3,204,980.85 | 4.14 |
| STILLFRONT GRP - REGISTERED SHS | SEK | 627,210 | 1,841,220.19 | 2.38 |
| SWEDENCARE AB | SEK | 104,447 | 934,515.42 | 1.21 |
| France |  |  | 10,636,605.98 | 13.73 |
| AUBAY | EUR | 26,322 | 1,329,261.00 | 1.72 |
| BILENDI SA | EUR | 60,990 | 1,402,770.00 | 1.81 |
| CHARGEURS | EUR | 25,167 | 529,513.68 | 0.68 |
| DELTA PLUS GROUP | EUR | 20,640 | 1,609,920.00 | 2.08 |
| ESKER SA | EUR | 3,671 | 772,745.50 | 1.00 |
| ID LOGISTICS | EUR | 2,026 | 641,229.00 | 0.83 |
| PHARMAGEST INTERACTIVE | EUR | 26,886 | 2,037,958.80 | 2.63 |
| WAVESTONE SA | EUR | 35,989 | 1,558,323.70 | 2.01 |
| XILAM ANIMATION | EUR | 20,882 | 754,884.30 | 0.97 |
| Finland |  |  | 10,086,480.82 | 13.02 |
| ADMICOM REGISTERED SHS | EUR | 11,278 | 687,958.00 | 0.89 |
| KAMUX REGISTERED SHS | EUR | 161,374 | 1,728,315.54 | 2.23 |
| PUUILO PLCREGISTERED SHS | EUR | 151,975 | 1,117,016.25 | 1.44 |
| QT GROUP PLC | EUR | 28,644 | 3,173,755.20 | 4.10 |
| REVENIO GROUP CORP | EUR | 50,594 | 2,192,743.96 | 2.83 |
| TALENOM PLC | EUR | 128,569 | 1,186,691.87 | 1.53 |
| Italy |  |  | 6,158,567.32 | 7.95 |
| ESPRINET AZ. POST FRAZIONAMENTO | EUR | 148,625 | 1,657,168.75 | 2.14 |
| LU VE SPA | EUR | 38,550 | 786,420.00 | 1.02 |
| SESA | EUR | 4,349 | 621,907.00 | 0.80 |
| TECHNOGYM SPA (ITA) | EUR | 68,325 | 482,716.13 | 0.62 |
| WIIT | EUR | 91,399 | 2,610,355.44 | 3.37 |
| United Kingdom |  |  | 3,696,213.52 | 4.77 |
| ADVANCED MEDICAL SOLUTIONS | GBP | 343,430 | 1,185,656.07 | 1.53 |
| GB GROUP - REGISTERED SHS | GBP | 215,180 | 1,454,926.29 | 1.88 |
| KEYWORDS | GBP | 36,606 | 1,055,631.16 | 1.36 |
| Austria |  |  | 1,963,542.52 | 2.54 |
| DO CO RESTAURANTS | EUR | 6,595 | 586,955.00 | 0.76 |
| S & T AG | EUR | 97,769 | 1,376,587.52 | 1.78 |

| Securities portfolio at 28/02/2022 |  |  |  |  |
| --- | --- | --- | --- | --- |
| Name | Curr. | Number of shares | Market value (in EUR) | % of net assets |
| Switzerland |  |  | 844,609.83 | 1.09 |
| TRIFORK HOLDING --- REGISTERED SHS | DKK | 30,797 | 844,609.83 | 1.09 |
| Norway |  |  | 828,280.04 | 1.07 |
| BOUVET SHS | NOK | 126,836 | 828,280.04 | 1.07 |
| Denmark |  |  | 802,014.83 | 1.04 |
| HUSCOMPAGNIET | DKK | 51,786 | 802,014.83 | 1.04 |
| Total securities portfolio |  |  | 76,186,611.85 | 98.36 |

Translation (ENFR, 2022-02-28):
# G FUND – Avenir Small Cap
## Rapport du Conseil d'Administration
L’année écoulée a – une fois de plus – été favorable aux petites et moyennes valeurs. Après une année 2020 marquée par le covid, 2021 a été une année de transition entre un régime de crises covid intermittentes et une normalisation de l’activité intervenue au 4e trimestre. La reprise cyclique a surpris par sa vigueur, et dans un contexte de capacités de production ajustées au minimum en 2020, cela a donné lieu à un déséquilibre offre/demande favorable à l’émergence de l’inflation.
Pour votre fonds cela s’est traduit par une forte surperformance en 2021 (les 10 premiers mois de l’exercice fiscal de votre fonds), qui s’explique par le fait que les sociétés en portefeuille ont su gagner des parts de marché durant la reprise. Cette surperformance a été entrecoupée de brèves phases de sous-performances en mars, mai et septembre, durant lesquelles le marché a favorisé temporairement les sociétés cycliques. Les deux derniers mois de l’exercice (janvier et février 2022), ont vu les craintes inflationnistes prendre le dessus, et des prises de bénéfice importantes ont eu lieu sur les valeurs de croissance, ce qui a affecté votre fonds.
La performance de l’exercice fiscal est proche de l’équilibre et en léger retrait par rapport à l’indice.
Du côté des valeurs on peut noter une forte dispersion des performances. Les meilleurs contributeurs sont WIIT (datacenters critiques, +84,8%), qui poursuit dans sa lancée de forte croissance organique doublée d’acquisition créatrices de valeurs, Adesso (services IT, +79,9%), Biotage (équipements de laboratoires, +68,6%), ID Logistics (externalisation logistique, +50,4%) qui a bénéficié du rebond d’activité post-covid et de belles acquisitions, QT Group (logiciels pour interfaces utilisateurs, +37,1%), Aubay (services IT, +36,1%) et Bufab (Distribution de visseries,
+28,7%) qui récolte en sortie de crise les fruits de l’important plan d’efficience réalisé début 2020. Le fonds a enfin bénéficié de l’offre publique d’achat sur Akka Technologies (R&D externalisée, +85,1%).
La lanterne rouge du fonds est Stillfront (jeux mobiles, -63,6%). La société avait bénéficié à plein des confinements en 2020, qui avaient provoqué à la fois un usage plus intensif des jeux et une diminution des coûts marketing liés à l’acquisition clients. L’inversion de ces phénomènes avait été anticipée, mais la société semble avoir rencontré des difficultés à s’adapter à un environnement concurrentiel plus intense – les compétiteurs ayant réinvesti en marketing les bénéfices tirés des confinements – alors même qu’Apple a restreint les possibilités de ciblage des publicités, ce qui a entrainé une moindre efficacité des budgets marketing. Enfin, les acquisitions réalisées en 2020 se sont avérées moins avisées qu’attendu. Stillfront revient ainsi à ces niveaux de valorisation de 2019, alors que la société a changé de dimension.
Les détracteurs suivants sont BHG (Bricolage et décoration en ligne, -37,5%), qui avait également bénéficié des confinements, mais qui à la différence de Stillfront continue de présenter des performances opérationnelles élevées, S&T (Services informatiques et IoT, -35,5%), qui a fait l’objet d’une attaque d’un vendeur à découvert (déjouée depuis), Fortnox (logiciel de comptabilité par abonnement, -22,6%) et Admicom (ERP par abonnement, -27,9%).
Nous sommes confiants pour l’exercice fiscal 2022 dans la capacité des sociétés en portefeuille, généralement leaders de leur marché, à transformer le défi de l’inflation en une opportunité. Certaines ont conduites des hausses de prix importantes fin 2021, celles-ci viendront – en plus de protéger les marges – accélérer la croissance 2022.
L’encours du fonds G Fund - Avenir Small Cap est au 28 février 2022 de 77,46 mns€.
|  | Performances | Indice de référence (voir note 4) |
| --- | --- | --- |
| G FUND-AVENIR SMALL CP EU-GD | LU1611032688 | 1,24% | 2,27% |
| G FUND-AVENIR SMALL CP EU-IC | LU1611032092 | - 0,06% | 2,27% |
| G FUND-AVENIR SMALL CP EU-NC | LU1611031870 | - 1,34% | 2,27% |
| G FUND-AVENIR SMALL CP EU-RC | LU1611032258 | -1,14% | 2,27% |
| G FUND-AVENIR SMALL CP EU-OD | LU1611032506 | 1,14% | 2,27% |

Les performances passées ne préjugent pas des performances futures.
| Etat des actifs nets au 28/02/22 |  |
| --- | --- |
|  | Note | Exprimé en EUR |
| Actifs |  | 77.931.051,52 |
| Portefeuille-titres à la valeur d'évaluation | 2.2 | 76.186.611,85 |
| Prix de revient |  | 70.445.311,09 |
| Avoirs en banque |  | 1.575.965,37 |
| A recevoir pour investissements vendus |  | 72.061,82 |
| A recevoir sur souscriptions |  | 77.239,88 |
| Dividendes à recevoir, nets |  | 19.172,60 |
| Passifs |  | 473.926,25 |
| A payer sur investissements achetés |  | 19.017,22 |
| A payer sur rachats |  | 345.656,29 |
| Commissions de gestion à payer | 3 | 32.241,01 |
| Commissions de dépositaire et de sous-dépositaire à payer | 5 | 4.421,28 |
| Commissions d'administration à payer | 6 | 2.416,43 |
| Commissions de performance à payer | 4 | 49.694,18 |
| Taxe d'abonnement à payer | 8 | 2.133,09 |
| Autres passifs |  | 18.346,75 |
| Valeur nette d'inventaire |  | 77.457.125,27 |

| Etat des opérations et des variations des actifs nets du 01/03/21 au 28/02/22 |  |
| --- | --- |
|  | Note | Exprimé en EUR |
| Revenus |  | 446.578,77 |
| Dividendes sur portefeuille-titres, nets |  | 434.541,56 |
| Autres revenus |  | 12.037,21 |
| Dépenses |  | 598.431,09 |
| Commissions de gestion | 3 | 355.809,86 |
| Commissions de performance | 4 | 49.694,18 |
| Commissions de dépositaire et de sous-dépositaire | 5 | 26.174,58 |
| Commissions d'administration | 6 | 15.290,76 |
| Frais légaux |  | 7.737,94 |
| Frais de transaction | 2.17, 7 | 108.627,31 |
| Rémunération administrateurs |  | 599,98 |
| Taxe d'abonnement | 8 | 12.386,72 |
| Intérêts payés sur découvert bancaire |  | 8.936,22 |
| Frais bancaires |  | 12,00 |
| Autres dépenses |  | 13.161,54 |
| Revenus / (Pertes) net(te)s des investissements |  | (151.852,32) |
| Bénéfices / (Pertes) net(te)s réalisé(e)s sur: |  |  |
| - ventes d'investissements | 2.3 | 11.635.949,21 |
| - contrats de change à terme | 2.7 | (65,14) |
| - change |  | (67.132,95) |
| Bénéfice / (Perte) net(te) réalisé(e) |  | 11.416.898,80 |
| Variation de la plus-value / (moins-value) nette non réalisée sur: - ventes d’investissements | 2.2 | (12.524.823,96) |
| Augmentation / (diminution) nette des actifs nets provenant des opérations |  | (1.107.925,16) |
| Dividendes versés | 10 | (278.109,44) |
| Souscriptions d'actions de capitalisation |  | 17.157.471,63 |
| Souscriptions d'actions de distribution |  | 9.193.101,07 |
| Rachats d'actions de capitalisation |  | (7.253.759,92) |
| Rachats d'actions de distribution |  | (4.683.892,87) |
| Augmentation / (diminution) des actifs nets |  | 13.026.885,31 |
| Actifs nets début de l'exercice |  | 64.430.239,96 |
| Actifs nets à la fin de l'exercice |  | 77.457.125,27 |

| Statistiques |  |
| --- | --- |
|  |  | 28/02/22 | 28/02/21 | 29/02/20 |
| Total des actifs nets | EUR | 77.457.125,27 | 64.430.239,96 | 34.400.983,30 |
| Classe NC EUR - Capitalisation |  |  |  |  |
| Nombre d'actions |  | 101.609,815 | 25.385,684 | 14.258,458 |
| Valeur nette d'inventaire par action | EUR | 124,29 | 125,98 | 90,30 |
| Classe IC EUR - Capitalisation Nombre d'actions |  | 3.169,516 | 4.152,736 | 4.653,989 |
| Valeur nette d'inventaire par action | EUR | 1.296,34 | 1.297,11 | 918,74 |
| Classe RC EUR - Capitalisation Nombre d'actions |  | 3.753,428 | 542,410 | 1.537,368 |
| Valeur nette d'inventaire par action | EUR | 125,91 | 127,36 | 91,83 |
| Classe OD EUR - Distribution Nombre d'actions |  | 15.658,104 | 12.408,151 | 0,000 |
| Valeur nette d'inventaire par action | EUR | 1.245,50 | 1.231,44 | - |
| Classe GD EUR - Distribution Nombre d'actions |  | 31.039,000 | 31.039,000 | 31.039,000 |
| Valeur nette d'inventaire par action | EUR | 1.312,70 | 1.304,70 | 924,53 |
| Dividende par action |  | 8,96 | 9,73 | 11,18 |

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 NC EUR - Capitalisation | 25.385,684 | 113.916,088 | 37.691,957 | 101.609,815 |
| Classe IC EUR - Capitalisation | 4.152,736 | 348,354 | 1.331,574 | 3.169,516 |
| Classe RC EUR - Capitalisation | 542,410 | 3.639,340 | 428,322 | 3.753,428 |
| Classe OD EUR - Distribution | 12.408,151 | 6.674,686 | 3.424,733 | 15.658,104 |
| Classe GD EUR - Distribution | 31.039,000 | 0,000 | 0,000 | 31.039,000 |

| 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 |  |  | 76.186.611,85 | 98,36 |
| Actions |  |  | 76.186.611,85 | 98,36 |
| Allemagne |  |  | 21.376.934,15 | 27,60 |
| ADESSO | EUR | 14.338 | 2.903.445,00 | 3,75 |
| AMADEUS FIRE AG | EUR | 10.442 | 1.503.648,00 | 1,94 |
| ATOSS SOFTWARE | EUR | 17.145 | 2.993.517,00 | 3,86 |
| DATAGROUP AG | EUR | 23.978 | 2.107.666,20 | 2,72 |
| ECKERT ET ZIEGLER STRAHLEN UND MEDIZIN | EUR | 11.474 | 760.152,50 | 0,98 |
| FLATEXDEGIRO AG | EUR | 91.320 | 1.696.725,60 | 2,19 |
| MEDIOS AG | EUR | 44.109 | 1.422.515,25 | 1,84 |
| MENSCH UND MASCHINE SOFTWARE AG | EUR | 54.816 | 2.965.545,60 | 3,83 |
| NEXUS AG | EUR | 52.965 | 3.103.749,00 | 4,01 |
| STEICO | EUR | 18.041 | 1.602.040,80 | 2,07 |
| STEMMER IMAGING AG | EUR | 10.356 | 317.929,20 | 0,41 |
| Suède |  |  | 19.793.362,84 | 25,55 |
| BALCO GROUP - REGISTERED SHS | SEK | 86.484 | 938.181,30 | 1,21 |
| BHG GROUP AB | SEK | 373.059 | 2.991.228,66 | 3,86 |
| BTS GROUP -B- | SEK | 69.530 | 2.367.732,29 | 3,06 |
| BUFAB HOLDINGS AB | SEK | 54.686 | 1.725.541,65 | 2,23 |
| CELLAVISION | SEK | 26.305 | 794.038,30 | 1,03 |
| CTT SYSTEMS | SEK | 21.401 | 417.885,77 | 0,54 |
| DUSTIN GROUP | SEK | 98.055 | 754.767,29 | 0,97 |
| FORTNOX AB | SEK | 227.438 | 815.266,86 | 1,05 |
| INSTALCO AB | SEK | 440.136 | 3.008.004,26 | 3,88 |
| MIPS AB | SEK | 45.636 | 3.204.980,85 | 4,14 |
| STILLFRONT GRP - REGISTERED SHS | SEK | 627.210 | 1.841.220,19 | 2,38 |
| SWEDENCARE AB | SEK | 104.447 | 934.515,42 | 1,21 |
| France |  |  | 10.636.605,98 | 13,73 |
| AUBAY | EUR | 26.322 | 1.329.261,00 | 1,72 |
| BILENDI SA | EUR | 60.990 | 1.402.770,00 | 1,81 |
| CHARGEURS | EUR | 25.167 | 529.513,68 | 0,68 |
| DELTA PLUS GROUP | EUR | 20.640 | 1.609.920,00 | 2,08 |
| ESKER SA | EUR | 3.671 | 772.745,50 | 1,00 |
| ID LOGISTICS | EUR | 2.026 | 641.229,00 | 0,83 |
| PHARMAGEST INTERACTIVE | EUR | 26.886 | 2.037.958,80 | 2,63 |
| WAVESTONE SA | EUR | 35.989 | 1.558.323,70 | 2,01 |
| XILAM ANIMATION | EUR | 20.882 | 754.884,30 | 0,97 |
| Finlande |  |  | 10.086.480,82 | 13,02 |
| ADMICOM REGISTERED SHS | EUR | 11.278 | 687.958,00 | 0,89 |
| KAMUX REGISTERED SHS | EUR | 161.374 | 1.728.315,54 | 2,23 |
| PUUILO PLCREGISTERED SHS | EUR | 151.975 | 1.117.016,25 | 1,44 |
| QT GROUP PLC | EUR | 28.644 | 3.173.755,20 | 4,10 |
| REVENIO GROUP CORP | EUR | 50.594 | 2.192.743,96 | 2,83 |
| TALENOM PLC | EUR | 128.569 | 1.186.691,87 | 1,53 |
| Italie |  |  | 6.158.567,32 | 7,95 |
| ESPRINET AZ. POST FRAZIONAMENTO | EUR | 148.625 | 1.657.168,75 | 2,14 |
| LU VE SPA | EUR | 38.550 | 786.420,00 | 1,02 |
| SESA | EUR | 4.349 | 621.907,00 | 0,80 |
| TECHNOGYM SPA (ITA) | EUR | 68.325 | 482.716,13 | 0,62 |
| WIIT | EUR | 91.399 | 2.610.355,44 | 3,37 |
| Royaume-Uni |  |  | 3.696.213,52 | 4,77 |
| ADVANCED MEDICAL SOLUTIONS | GBP | 343.430 | 1.185.656,07 | 1,53 |
| GB GROUP - REGISTERED SHS | GBP | 215.180 | 1.454.926,29 | 1,88 |
| KEYWORDS | GBP | 36.606 | 1.055.631,16 | 1,36 |
| Autriche |  |  | 1.963.542,52 | 2,54 |
| DO CO RESTAURANTS | EUR | 6.595 | 586.955,00 | 0,76 |
| S & T AG | EUR | 97.769 | 1.376.587,52 | 1,78 |

| Portefeuille-titres au 28/02/22 |  |
| --- | --- |
| Description | Devise | Quantité | Valeur d'évaluation (en EUR) | % actifs nets |
| Suisse |  |  | 844.609,83 | 1,09 |
| TRIFORK HOLDING --- REGISTERED SHS | DKK | 30.797 | 844.609,83 | 1,09 |
| Norvège |  |  | 828.280,04 | 1,07 |
| BOUVET SHS | NOK | 126.836 | 828.280,04 | 1,07 |
| Danemark |  |  | 802.014,83 | 1,04 |
| HUSCOMPAGNIET | DKK | 51.786 | 802.014,83 | 1,04 |
| Total du portefeuille-titres |  |  | 76.186.611,85 | 98,36 |