# INDOSUEZ FUNDS
## - Asia Opportunities

#### Financial Statements as at 31/12/20
Statement of net assets as at 31/12/20
Expressed in USD
| Assets |  | 447.940.258,26 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 437.882.789,36 |
| Cost price |  | 327.200.736,27 |
| Unrealised profit on the securities portfolio |  | 110.682.053,09 |
| Cash at banks and liquidities | Note 2 | 9.141.052,33 |
| Subscriptions receivable |  | 569.084,83 |
| Dividends receivable |  | 134.683,47 |
| Other assets |  | 212.648,27 |
| Liabilities |  | 13.534.385,49 |
| Brokers payable |  | 4.518.192,12 |
| Performance fees payable | Note 3 | 7.553.751,36 |
| Redemptions payable |  | 723.422,88 |
| Management fees payable | Note 3 | 337.528,21 |
| Other liabilities |  | 401.490,92 |
| Net asset value |  | 434.405.872,77 |

Changes in number of shares outstanding from 01/01/20 to 31/12/20
|  | Shares outstanding as at 01/01/20 | Shares issued | Shares redeemed | Shares outstanding as at 31/12/20 |
| --- | --- | --- | --- | --- |
| Classe F | 15.286,326 | 7.666,513 | 1.914,595 | 21.038,244 |
| Classe G | 2.040.702,731 | 2.365.095,545 | 1.394.000,536 | 3.011.797,740 |
| Classe GX | 871.097,209 | 716.670,595 | 420.293,862 | 1.167.473,942 |
| Classe GE | 25.264,938 | 68.241,895 | 16.153,108 | 77.353,725 |
| Classe M | 91.198,238 | 118.629,549 | 79.228,153 | 130.599,634 |
| Classe MX | 18.898,781 | 22.557,355 | 1.084,609 | 40.371,527 |
| Classe ME | 5.463,433 | 58.871,276 | 2.206,478 | 62.128,231 |
| Classe MEX | 187,500 | 12.799,493 | 187,500 | 12.799,493 |
| Classe P | 255.324,701 | 881.806,977 | 173.813,262 | 963.318,416 |
| Classe PX | 7.618,896 | 8.474,561 | 2.510,265 | 13.583,192 |
| Classe PE | 19.271,239 | 290.719,309 | 21.208,317 | 288.782,231 |

Changes in number of shares outstanding from 01/01/20 to 31/12/20
Shares outstanding as at 01/01/20
Shares issued	Shares redeemed
Shares outstanding as at 31/12/20
Classe W	0,000	2.550,763	0,000	2.550,763
Key figures
| Year ending as at: | 31/12/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- |
| Total Net Assets | USD | 434.405.872,77 | 156.967.340,66 | 162.819.129,95 |
| Classe F Number of shares |  | 21.038,244 | 15.286,326 | 17.207,604 |
| Net asset value per share | USD | 1.822,00 | 1.319,48 | 1.034,53 |
| Classe G Number of shares |  | 3.011.797,740 | 2.040.702,731 | 3.027.676,409 |
| Net asset value per share | USD | 55,55 | 40,47 | 31,92 |
| Classe GX Number of shares |  | 1.167.473,942 | 871.097,209 | 885.582,503 |
| Net asset value per share | USD | 41,10 | 30,12 | 23,92 |
| Dividend per share |  | 0,18 | 0,18 | 0,15 |
| Classe GE Number of shares |  | 77.353,725 | 25.264,938 | 56.126,150 |
| Net asset value per share | EUR | 45,44 | 36,03 | 27,91 |
| Classe GEX Number of shares |  | 0,000 | 0,000 | 0,000 |
| Net asset value per share | EUR | 0,00 | 0,00 | 0,00 |
| Dividend per share |  | 0,00 | 0,00 | 0,22 |
| Classe M Number of shares |  | 130.599,634 | 91.198,238 | 101.500,276 |
| Net asset value per share | USD | 179,05 | 130,50 | 103,13 |
| Classe MX Number of shares |  | 40.371,527 | 18.898,781 | 17.338,982 |
| Net asset value per share | USD | 149,07 | 109,26 | 85,30 |
| Dividend per share |  | 0,60 | 0,60 | 0,25 |
| Classe ME Number of shares |  | 62.128,231 | 5.463,433 | 6.757,950 |
| Net asset value per share | EUR | 144,21 | 114,43 | 87,19 |
| Classe MEX Number of shares |  | 12.799,493 | 187,500 | 187,500 |
| Net asset value per share | EUR | 137,92 | 110,15 | 84,72 |
| Dividend per share |  | 0,70 | 0,70 | 0,00 |
| Classe P Number of shares |  | 963.318,416 | 255.324,701 | 344.568,862 |
| Net asset value per share | USD | 44,34 | 32,49 | 25,82 |
| Classe PX Number of shares |  | 13.583,192 | 7.618,896 | 10.188,856 |
| Net asset value per share | USD | 161,05 | 118,77 | 95,04 |
| Dividend per share |  | 0,75 | 0,75 | 0,73 |

Key figures
|  | Year ending as at: | 31/12/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- | --- |
| Total Net Assets | USD | 434.405.872,77 | 156.967.340,66 | 162.819.129,95 |
| Classe PE Number of shares |  | 288.782,231 | 19.271,239 | 23.020,027 |
| Net asset value per share | EUR | 177,65 | 141,75 | 110,60 |
| Classe W Number of shares |  | 2.550,763 | 0,000 | 0,000 |
| Net asset value per share | USD | 10.306,91 | 0,00 | 0,00 |

| Quantity	Denomination	Quotation	Market value currency | % of net assets |
| --- | --- |
| Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market	 437.882.789,36 | 100,80 |
| Shares	 437.882.789,36 | 100,80 |
| India	 15.952.895,36 | 3,67 |

| 148.468,00 HOUSING DEVT FINANCE ADR REPR 3 SHS | USD | 10.728.297,68 | 2,47 |
| --- | --- | --- | --- |
| 351.588,00 ICICI BANK ADR REPR.2 SHS | USD | 5.224.597,68 | 1,20 |
| Hong Kong |  | 23.540.571,93 | 5,42 |
| 380.400,00 AIA GROUP LTD | HKD | 4.660.639,27 | 1,07 |
| 8.764.000,00 CHINA UNICO HK | HKD | 5.029.719,39 | 1,16 |
| 2.944.000,00 COUNTRY GARDEN HOLDINGS | HKD | 4.070.183,29 | 0,94 |
| 100.100,00 HONG KONG EXCHANGES AND CLEARING LTD | HKD | 5.486.613,70 | 1,26 |
| 301.000,00 TECHTRONIC INDUSTRIES CO LTD | HKD | 4.293.416,28 | 0,99 |
| Singapore |  | 8.969.070,18 | 2,06 |
| 473.400,00 DBS GROUP HOLDINGS | SGD | 8.969.070,18 | 2,06 |
| Taiwan	 47.429.649,93 | 10,92 |
| 549.000,00 DELTA ELECTRONIC INCS | TWD | 5.138.694,32 | 1,18 |
| 303.000,00 MEDIA TEK INCORPORATION | TWD | 8.055.415,03 | 1,85 |
| 1.815.000,00 TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | TWD | 34.235.540,58 | 7,89 |
| Cayman Islands |  | 173.161.077,81 | 39,86 |
| 1.201.700,00 ALIBABA GROUP | HKD | 36.048.495,83 | 8,30 |
| 1.415.000,00 CHINA FEIHE LIMITED | HKD | 3.314.008,82 | 0,76 |
| 886.000,00 CHINA MENGNIU DAIRY | HKD | 5.347.625,08 | 1,23 |
| 1.248.000,00 CHINA RESOURCES LAND LTD -RC- | HKD | 5.150.459,07 | 1,19 |
| 2.096.300,00 GEELY AUTOMOBILE | HKD | 7.164.414,18 | 1,65 |
| 268.700,00 JD.COM INC - CL A | HKD | 11.851.549,88 | 2,73 |
| 1.260.000,00 KINGDEE INTL SOFTWARE GROUP CO | HKD | 5.134.982,93 | 1,18 |
| 841.000,00 LI NING CO | HKD | 5.781.021,45 | 1,33 |
| 304.900,00 MEITUAN - SHS 114A/REG S | HKD | 11.584.346,61 | 2,67 |
| 378.300,00 NETEASE INC | HKD | 7.201.186,77 | 1,66 |
| 30.260,00 NEW ORIENT EDUC TECH ADR | HKD | 5.432.372,42 | 1,25 |
| 776.400,00 SANDS CHINA LTD | HKD | 3.409.447,59 | 0,78 |
| 268.000,00 SHENZHOU INTERNATIONAL GROUP | HKD | 5.253.633,33 | 1,21 |
| 1.214.500,00 SHIMAO PROPERTY HLDG | HKD | 3.868.796,17 | 0,89 |
| 3.985.500,00 SINO BIOPHARMA | HKD | 3.855.009,51 | 0,89 |
| 272.917,00 SUNNY OPTICAL TECHNOLOGY (GRP) CO LTD | HKD | 5.973.017,78 | 1,37 |
| 512.209,00 TENCENT HOLDINGS LTD | HKD | 37.256.983,16 | 8,58 |
| 1.512.000,00 XINYI GLASS HOLDINGS LTD | HKD | 4.221.735,96 | 0,97 |
| 2.034.000,00 XINYI SOLAR HOLDINGS LTD | HKD | 5.311.991,27 | 1,22 |
| Bermuda |  | 3.591.289,65 | 0,83 |
| 1.216.000,00 ALIBABA HEALTH INFORMATION | HKD | 3.591.289,65 | 0,83 |
| Thailand |  | 2.989.298,89 | 0,69 |
| 1.537.500,00 C.P.ALL-UNITS NON-VOTING DEPOSIT.RECEIPT | THB | 2.989.298,89 | 0,69 |
| South Korea |  | 60.522.669,96 | 13,93 |
| 6.978,00 LG CHEM | KRW | 5.293.079,17 | 1,22 |
| 3.467,00 LG HOUSEHOLD AND HEALTHCARE | KRW | 5.170.339,60 | 1,19 |
| 16.707,00 NAVER | KRW | 4.498.570,76 | 1,04 |
| 435.388,00 SAMSUNG ELECTRONICS CO LTD | KRW | 32.464.721,89 | 7,47 |
| 8.972,00 SAMSUNG SDI CO LTD | KRW | 5.186.795,46 | 1,19 |
| 72.504,00 SK HYNIX INC | KRW | 7.909.163,08 | 1,82 |
| Indonesia	 6.584.527,37 | 1,52 |
| 7.339.000,00 BANK MANDIRI | IDR | 3.303.856,93 | 0,76 |
| 13.925.500,00 TELKOM INDONESIA -B- | IDR | 3.280.670,44 | 0,76 |
| China |  | 91.697.418,75 | 21,11 |
| 558.442,00 AIER EYE HOSPITAL GRP CO LTD -A- | CNY | 6.394.932,04 | 1,47 |
| 448.537,00 ANHUI CONCH CEMENT CO LTD -A- | CNY | 3.540.383,46 | 0,81 |
| 9.599.000,00 CHINA CONSTRUCTION BANK CORPORATION -H- | HKD | 7.291.597,09 | 1,68 |
| 447.252,00 CHINA MERCHANTS BANK CO LTD -A- | CNY | 3.005.697,01 | 0,69 |
| 838.000,00 CHINA MERCHANTS BANK CO LTD -H- | HKD | 5.295.676,84 | 1,22 |
| 150.726,00 CHINA TOURISM - REGISTERED SHS A | CNY | 6.509.742,08 | 1,50 |
| 1.108.073,00 HAIER SMART-A RG REGISTERED SHS -A- | CNY | 4.949.188,09 | 1,14 |
| 189.142,00 HAITIAN FLAVOUR -A- | CNY | 5.799.933,53 | 1,34 |
| 469.104,00 HANGZHOU HIKVISION DIGITAL TECH -A- | CNY | 3.479.641,00 | 0,80 |
| 322.021,00 JIANGSU HENGRUI MEDICINE CO LTD -A- | CNY | 5.488.292,66 | 1,26 |
| 28.947,00 KWEICHOW MOUTAI CO LTD | CNY | 8.843.681,11 | 2,04 |
| 268.604,00 MIDEA GROUP CO -A- | CNY | 4.043.133,76 | 0,93 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 594.500,00 PING AN INS (GRP) CO -H- | HKD | 7.283.780,35 | 1,68 |
| --- | --- | --- | --- |
| 1.909.854,00 SANY HEAVY INDUSTRY CO LTD -A- | CNY | 10.215.367,68 | 2,35 |
| 2.254.126,00 WEICHAI POWER CO LTD | CNY | 5.442.448,74 | 1,25 |
| 291.804,00 XI AN LONGI SILICON MATERIALS CORP | CNY | 4.113.923,31 | 0,95 |
| Philippines |  | 3.444.319,53 | 0,79 |
| 200.010,00 AYALA CORP | PHP | 3.444.319,53 | 0,79 |

Total securities portfolio	
437.882.789,36	100,80
Statement of Operations and Changes in Net Assets from 01/01/20 to 31/12/20
Expressed in USD
| Income |  | 3.421.467,50 |
| --- | --- | --- |
| Net dividends |  | 3.418.930,18 |
| Bank interest on cash account | Note 2 | 2.537,32 |
| Expenses |  | 12.126.633,91 |
| Management fees & management Company fees | Note 3 | 2.492.264,13 |
| Custodian & sub-custodian fees | Note 9 | 220.348,93 |
| Taxe d'abonnement | Note 4 | 62.296,60 |
| Administrative expenses | Note 3 | 897.168,01 |
| Performance fees | Note 3 | 7.507.841,70 |
| Professional fees |  | 17.128,21 |
| Bank interest on overdrafts |  | 9.850,35 |
| Legal fees |  | 16.924,62 |
| Transaction fees | Note 2, 6 | 819.121,03 |
| Other expenses | Note 10 | 83.690,33 |
| Net loss from investments |  | -8.705.166,41 |
| Net realised profit / loss on: - sales of investment securities |  | 21.297.113,43 |
| - financial futures |  | 6.096,48 |
| - foreign exchange |  | 647.894,95 |
| Net realised profit |  | 13.245.938,45 |
| Movement in net unrealised appreciation / depreciation on: - investments |  | 90.429.447,14 |
| Increase in net assets as a result of operations |  | 103.675.385,59 |
| Dividends paid | Note 8 | -263.675,51 |
| Subscription capitalisation shares |  | 253.100.984,36 |
| Subscription distribution shares |  | 26.928.310,17 |
| Redemption capitalisation shares |  | -91.386.788,04 |
| Redemption distribution shares |  | -14.615.684,46 |
| Increase in net assets |  | 277.438.532,11 |
| Net assets at the beginning of the year |  | 156.967.340,66 |
| Net assets at the end of the year |  | 434.405.872,77 |

Translation (ENFR, 2020-12-31):
# INDOSUEZ FUNDS
## Combiné
INDOSUEZ FUNDS
Combiné

##### Etats Financiers au 31/12/20
Etat du Patrimoine au 31/12/20
Exprimé en EUR
| Actifs |  | 3.769.586.735,25 |
| --- | --- | --- |
| Portefeuille-titres à la valeur d'évaluation | Note 2 | 3.417.214.088,15 |
| Prix d'acquisition |  | 3.021.752.464,97 |
| Plus-value non réalisée sur le portefeuille-titres |  | 395.461.623,18 |
| Options achetées à la valeur de marché | Note 2 | 3.195.651,43 |
| Options achetées au prix d'acquisition |  | 3.871.404,30 |
| Avoirs en banque et liquidités | Note 2 | 234.863.125,69 |
| Compte d'appels de marge sur contrats "futures" |  | 81.493.199,76 |
| Intérêts à recevoir |  | 22.741.132,98 |
| Brokers à recevoir |  | 286.451,15 |
| Souscriptions à recevoir |  | 4.278.475,49 |
| Dividendes à recevoir |  | 243.192,48 |
| Plus-value non réalisée sur contrats de change à terme | Note 2 | 1.027.484,55 |
| Plus-value non réalisée sur contrats "futures" | Note 2 | 4.070.137,44 |
| Autres actifs |  | 173.796,13 |
| Passifs |  | 130.904.273,60 |
| Options vendues à la valeur de marché | Note 2 | 4.230.240,25 |
| Options vendues au prix d'acquisition |  | 5.308.331,27 |
| Dettes bancaires à vue |  | 16.047,84 |
| Intérêts à payer |  | 8.054,84 |
| Brokers à payer |  | 9.295.435,62 |
| Commissions de performance à payer | Note 3 | 14.856.942,16 |
| Rachats à payer |  | 92.484.665,32 |
| Moins-value non réalisée sur contrats de change à terme | Note 2 | 5.686.716,98 |
| Moins-value non réalisée sur contrats "futures" | Note 2 | 546.803,88 |
| Commissions de gestion à payer | Note 3 | 2.004.385,05 |
| Compte d'appels de marge sur contrats "futures" |  | 231.491,80 |
| Autres passifs |  | 1.543.489,86 |
| Valeur nette d'inventaire |  | 3.638.682.461,65 |

Les notes en annexe font partie intégrante de ces états financiers

#####
Combiné
Etat des Opérations et des Variations des Actifs Nets du 01/01/20 au 31/12/20
Exprimé en EUR
| Revenus |  | 83.506.921,39 |
| --- | --- | --- |
| Dividendes nets |  | 13.553.179,27 |
| Intérêts nets sur obligations | Note 2 | 69.813.118,43 |
| Intérêts bancaires à vue | Note 2 | 136.108,20 |
| Autres revenus financiers |  | 4.515,49 |
| Dépenses |  | 52.875.181,37 |
| Commissions de gestion | Note 3 | 21.564.636,19 |
| Commissions de banque dépositaire et sous-dépositaire | Note 9 | 1.861.594,26 |
| Taxe d'abonnement | Note 4 | 807.965,45 |
| Frais administratifs | Note 3 | 8.396.928,82 |
| Commission de performance | Note 3 | 14.970.706,11 |
| Frais professionnels |  | 223.812,68 |
| Intérêts bancaires sur découvert |  | 613.153,55 |
| Frais légaux |  | 256.745,59 |
| Frais de transaction | Note 2, 6 | 3.044.629,43 |
| Autres dépenses | Note 10 | 1.135.009,29 |
| Revenus nets des investissements |  | 30.631.740,02 |
| Bénéfice net / Perte nette réalisé(e) sur : - vente de titres |  | 32.738.049,42 |
| - contrats "options" |  | -560.781,73 |
| - contrats de change à terme |  | 1.042.893,74 |
| - contrats "futures" |  | -59.531.223,74 |
| - swaps |  | 149,95 |
| - change |  | -1.584.687,37 |
| Bénéfice net réalisé |  | 2.736.140,29 |
| Variation de la plus- ou moins-value nette non réalisée sur : - portefeuille-titres |  | 201.196.867,54 |
| - contrats "options" |  | 609.212,45 |
| - contrats de change à terme |  | -4.432.358,71 |
| - contrats " futures" |  | -2.122.617,63 |
| Augmentation des actifs nets résultant des opérations |  | 197.987.243,94 |
| Dividendes distribués | Note 8 | -23.062.334,93 |
| Souscriptions actions de capitalisation |  | 1.676.366.073,53 |
| Souscriptions actions de distribution |  | 349.473.278,20 |
| Rachats actions de capitalisation |  | -1.865.439.399,44 |
| Rachats actions de distribution |  | -385.679.241,77 |
| Diminution des actifs nets |  | -50.354.380,47 |
| Réévaluation de la balance d'ouverture | Note 2 | -163.949.008,21 |
| Actifs nets au début de l'année |  | 3.852.985.850,33 |
| Actifs nets à la fin de l'année |  | 3.638.682.461,65 |