# INDOSUEZ FUNDS
## - America Small & Mid Caps

#### Financial Statements as at 31/12/20
Statement of net assets as at 31/12/20
Expressed in USD
| Assets |  | 135.208.626,87 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 110.760.112,48 |
| Cost price |  | 73.462.992,37 |
| Unrealised profit on the securities portfolio |  | 37.297.120,11 |
| Options purchased at market value | Note 2 | 447.757,00 |
| Options purchased at cost |  | 343.820,00 |
| Cash at banks and liquidities | Note 2 | 16.242.854,23 |
| Margin accounts on financial futures |  | 7.410.737,28 |
| Subscriptions receivable |  | 99.536,83 |
| Dividends receivable |  | 44.523,70 |
| Unrealised profit on financial futures | Note 2 | 203.105,35 |
| Liabilities |  | 2.463.567,42 |
| Options sold at market value | Note 2 | 374.800,50 |
| Options sold at cost |  | 386.505,00 |
| Performance fees payable | Note 3 | 1.921.866,98 |
| Redemptions payable |  | 20.036,24 |
| Management fees payable | Note 3 | 95.429,18 |
| Margin accounts on financial futures |  | 148,84 |
| Other liabilities |  | 51.285,68 |
| Net asset value |  | 132.745.059,45 |

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 | 7.928,998 | 2.794,048 | 4.371,212 | 6.351,834 |
| Classe G | 42.132,360 | 9.972,069 | 28.014,605 | 24.089,824 |
| Classe GX | 8.875,456 | 9.915,743 | 3.609,098 | 15.182,101 |
| Classe M | 34.768,058 | 5.505,976 | 16.104,771 | 24.169,263 |
| Classe MX | 2.583,534 | 625,000 | 1.379,447 | 1.829,087 |
| Classe ME | 10,000 | 0,000 | 0,000 | 10,000 |
| Classe P | 57.412,608 | 10.159,370 | 26.309,859 | 41.262,119 |
| Classe PX | 4.908,109 | 100,000 | 1.154,773 | 3.853,336 |
| Classe PE | 22.251,728 | 50.356,411 | 3.094,950 | 69.513,189 |

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	1.372,698	0,000	1.372,698
Key figures
| Year ending as at: | 31/12/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- |
| Total Net Assets | USD | 132.745.059,45 | 111.582.663,97 | 161.866.525,87 |
| Classe F Number of shares |  | 6.351,834 | 7.928,998 | 22.467,334 |
| Net asset value per share | USD | 1.427,42 | 1.113,08 | 865,67 |
| Classe G Number of shares |  | 24.089,824 | 42.132,360 | 77.152,226 |
| Net asset value per share | USD | 2.105,78 | 1.651,62 | 1.295,26 |
| Classe GX Number of shares |  | 15.182,101 | 8.875,456 | 15.710,102 |
| Net asset value per share | USD | 1.997,04 | 1.576,50 | 1.245,21 |
| Dividend per share |  | 10,00 | 10,00 | 10,00 |
| Classe M Number of shares |  | 24.169,263 | 34.768,058 | 47.651,927 |
| Net asset value per share | USD | 195,20 | 153,18 | 120,23 |
| Classe MX Number of shares |  | 1.829,087 | 2.583,534 | 12.772,000 |
| Net asset value per share | USD | 195,45 | 154,40 | 122,11 |
| Dividend per share |  | 1,00 | 1,00 | 1,00 |
| Classe ME Number of shares |  | 10,000 | 10,000 | 2.340,000 |
| Net asset value per share | EUR | 149,22 | 127,20 | 98,34 |
| Classe P Number of shares |  | 41.262,119 | 57.412,608 | 86.013,471 |
| Net asset value per share | USD | 200,02 | 157,80 | 124,38 |
| Classe PX Number of shares |  | 3.853,336 | 4.908,109 | 8.425,939 |
| Net asset value per share | USD | 183,81 | 146,06 | 116,04 |
| Dividend per share |  | 1,00 | 1,00 | 1,00 |
| Classe PE Number of shares |  | 69.513,189 | 22.251,728 | 28.367,794 |
| Net asset value per share | EUR | 171,36 | 147,15 | 113,92 |
| Classe W Number of shares |  | 1.372,698 | 0,000 | 0,000 |
| Net asset value per share | USD | 10.211,94 | 0,00 | 0,00 |

Quantity	Denomination	Quotation
currency
Transferable securities admitted to an official stock exchange listing and/or dealt in
Market value
% of net assets
on another regulated market	
110.760.112,48	83,44
| Shares |  | 110.760.112,48 | 83,44 |
| --- | --- | --- | --- |
|  | Luxembourg | 3.292.874,52 | 2,48 |
| 15.132,00 GLOBANT REG SHS | USD | 3.292.874,52 | 2,48 |
| United Kingdom |  | 876.198,60 | 0,66 |
| 23.070,00 ATLANTICA SUSTAINABLE INFRASTRUCTURE PLC | USD | 876.198,60 | 0,66 |
| United States of America |  | 88.854.718,96 | 66,94 |
| 21.090,00 ADDUS HOMECARE CORP | USD | 2.469.428,10 | 1,86 |
| 19.460,00 ADVANCED DRAINAGE | USD | 1.626.466,80 | 1,23 |
| 9.360,00 ADVANCED ENERGY INDUSTRIES INC | USD | 907.639,20 | 0,68 |
| 34.350,00 ARCOSA INC-W/I | USD | 1.886.845,50 | 1,42 |
| 3.010,00 ATLAS AIR WORLDWIDE HOLDINGS INC | USD | 164.165,40 | 0,12 |
| 7.426,00 AVERY DENNISON CORP | USD | 1.151.846,86 | 0,87 |
| 41.050,00 AXOS FINANCIAL -REGISTERED SHS | USD | 1.540.606,50 | 1,16 |
| 22.197,00 BANKUNITED | USD | 772.011,66 | 0,58 |
| 40.390,00 BELLRING BRANDS INC | USD | 981.880,90 | 0,74 |
| 20.030,00 BOOZ ALLEN HAMILTON -A- | USD | 1.746.215,40 | 1,32 |
| 6.460,00 BROOKS-PRI AUTOMATION | USD | 438.311,00 | 0,33 |
| 43.436,00 BROWN AND BROWN INC | USD | 2.059.300,76 | 1,55 |
| 2.060,00 BURLINGTON STORES INC | USD | 538.793,00 | 0,41 |
| 3.090,00 CACI INTL | USD | 770.429,70 | 0,58 |
| 36.800,00 CARRIAGE SERVICES INC -A- | USD | 1.152.576,00 | 0,87 |
| 16.750,00 CASELLA WASTE SYSTEMS INC -A- | USD | 1.037.662,50 | 0,78 |
| 4.420,00 CDW | USD | 582.511,80 | 0,44 |
| 26.450,00 CHEGG INC | USD | 2.389.228,50 | 1,80 |
| 2.690,00 CHEMED CORP | USD | 1.432.720,90 | 1,08 |
| 9.070,00 CHURCHILL DOWNS INC | USD | 1.766.745,30 | 1,33 |
| 17.270,00 CLOUDFLARE INC | USD | 1.312.347,30 | 0,99 |
| 3.520,00 COMFORT SYSTEMS USA INC | USD | 185.363,20 | 0,14 |
| 8.910,00 COMMERCIAL METALS CO | USD | 183.011,40 | 0,14 |
| 90.130,00 CONSTR PTRREGISTERED SHS -A- | USD | 2.623.684,30 | 1,98 |
| 4.070,00 CORESITE REALTY CORP | USD | 509.889,60 | 0,38 |
| 44.510,00 DIGITAL TURBINE INC | USD | 2.517.485,60 | 1,90 |
| 19.900,00 ECHO GLOBAL LOGISTICS INC | USD | 533.718,00 | 0,40 |
| 10.110,00 EMCOR GROUP | USD | 924.660,60 | 0,70 |
| 19.190,00 ENCOMPASS HLTH | USD | 1.586.821,10 | 1,20 |
| 14.580,00 ENPHASE ENERGY | USD | 2.558.352,60 | 1,93 |
| 13.080,00 EQUITY LIFESTYLE | USD | 828.748,80 | 0,62 |
| 5.280,00 EVESTNET INC | USD | 434.491,20 | 0,33 |
| 3.860,00 FAIR ISAAC CORP | USD | 1.972.614,40 | 1,49 |
| 23.540,00 FORWARD AIR | USD | 1.808.813,60 | 1,36 |
| 6.560,00 FULGENT GENTICS - REGISTERED SHS | USD | 341.776,00 | 0,26 |
| 28.750,00 GLOBUS MEDICAL -A- | USD | 1.875.075,00 | 1,41 |
| 19.700,00 HEARTLAND FINANCIAL USA | USD | 795.289,00 | 0,60 |
| 80.960,00 HERCULES CAPITAL INC | USD | 1.167.443,20 | 0,88 |
| 4.520,00 HUB GROUP -A- | USD | 257.640,00 | 0,19 |
| 4.100,00 IAC HOLDINGS INC | USD | 776.335,00 | 0,58 |
| 2.770,00 IROBOT | USD | 222.403,30 | 0,17 |
| 27.680,00 JABIL INC | USD | 1.177.230,40 | 0,89 |
| 26.650,00 JEFFER FINL GRP --- REGISTERED SHS | USD | 655.590,00 | 0,49 |
| 4.040,00 JOHN BEAN TECH W.ISS | USD | 460.034,80 | 0,35 |
| 13.133,00 LHC GROUP | USD | 2.801.531,56 | 2,11 |
| 3.740,00 LIFE STORAGE INC | USD | 446.518,60 | 0,34 |
| 25.310,00 MAC GRATH RENT CORP | USD | 1.698.301,00 | 1,28 |
| 4.240,00 MANECH INTL -A- | USD | 377.105,60 | 0,28 |
| 1.733,00 MARKETAXESS HOLDING INC | USD | 988.780,48 | 0,74 |
| 16.250,00 MASTEC INC | USD | 1.107.925,00 | 0,83 |
| 11.974,00 MATCH GROUP INC | USD | 1.810.349,06 | 1,36 |
| 10.810,00 META FINANCIAL GROUP INC | USD | 395.213,60 | 0,30 |
| 12.680,00 MKS INSTRUMENTS | USD | 1.907.706,00 | 1,44 |
| 79.590,00 MONEYGRAM INTERNATIONAL | USD | 434.959,35 | 0,33 |
| 8.772,00 MONOLITHIC POWER | USD | 3.212.569,56 | 2,42 |
| 11.000,00 NEXTERA ENERGY PARTNERS LP | USD | 737.550,00 | 0,56 |
| 6.461,00 OLD DOMINION FREIGHT LINES INC | USD | 1.261.057,98 | 0,95 |
| 9.940,00 ONTRAK - REGISTERED SHS | USD | 614.192,60 | 0,46 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 6.120,00 ONTRAK - REGISTERED SHS | USD | 379.287,00 | 0,29 |
| --- | --- | --- | --- |
| 5.230,00 PALOMAR HOLDINGS INC | USD | 464.633,20 | 0,35 |
| 4.990,00 PLEXUS | USD | 390.267,90 | 0,29 |
| 6.190,00 QTS REALTY -A- | USD | 383.037,20 | 0,29 |
| 57.666,00 RAMBUS | USD | 1.006.848,36 | 0,76 |
| 11.160,00 RENEWABLE ENERGY GROUP INC | USD | 790.351,20 | 0,60 |
| 6.070,00 SCIENCE APPLICATION INTL CORP | USD | 574.464,80 | 0,43 |
| 27.640,00 SERVICE CORP INTL | USD | 1.357.124,00 | 1,02 |
| 13.010,00 SIMULATIONS PLUS INC | USD | 935.419,00 | 0,70 |
| 3.770,00 SOLAREDGE TECHNOLOGIES INC | USD | 1.203.082,40 | 0,91 |
| 6.910,00 STIFEL FINANCIAL | USD | 348.678,60 | 0,26 |
| 14.921,00 TELADOC HEALTH | USD | 2.983.603,16 | 2,25 |
| 4.351,00 TELEFLEX INC | USD | 1.790.741,07 | 1,35 |
| 18.275,00 THE SIMPLY GOOD FOODS CO | USD | 573.104,00 | 0,43 |
| 28.690,00 ULTRA CLEAN HOLDINGS | USD | 893.693,50 | 0,67 |
| 13.600,00 VECTRUS INC | USD | 676.192,00 | 0,51 |
| 20.210,00 VERINT SYSTEMS INC | USD | 1.357.707,80 | 1,02 |
| 41.820,00 VICI PROPERTIES | USD | 1.066.410,00 | 0,80 |
| 26.700,00 WERNER ENTERPRISES | USD | 1.047.174,00 | 0,79 |
| 10.170,00 WILLIAMS-SONOMA | USD | 1.035.712,80 | 0,78 |
| 9.920,00 YETI HLDG | USD | 679.222,40 | 0,51 |
| Canada |  | 1.951.324,32 | 1,47 |
| 11.000,00 PARKLAND FUEL - REGISTERED SHS | CAD | 348.736,87 | 0,26 |
| 5.000,00 TMX GR LTD | CAD | 498.980,46 | 0,38 |
| 123.009,00 TRICON RESIDENTIAL INC | CAD | 1.103.606,99 | 0,83 |
| Iceland |  | 458.485,00 | 0,35 |
| 2.350,00 FIVERR INTL - REGISTERED SHS | USD | 458.485,00 | 0,35 |
| Ireland |  | 1.998.130,68 | 1,51 |
| 10.542,00 STERIS - REGISTERED SHS | USD | 1.998.130,68 | 1,51 |
| Jersey Island |  | 1.551.753,30 | 1,17 |
| 52.230,00 CLARIVATE PLC | USD | 1.551.753,30 | 1,17 |
| Singapore |  | 833.193,20 | 0,63 |
| 46.340,00 FLEXTRONICS INTERNATIONAL LTD | USD | 833.193,20 | 0,63 |
| Cayman Islands |  | 2.340.396,30 | 1,76 |
| 23.520,00 FABRINET | USD | 1.824.916,80 | 1,37 |
| 17.100,00 ICHOR HOLDINGS LTD REGISTERED | USD | 515.479,50 | 0,39 |
| Bermuda |  | 1.054.766,00 | 0,79 |
| 33.850,00 BANK OF NT BUTTERFIELD | USD | 1.054.766,00 | 0,79 |
| Israel |  | 4.517.406,20 | 3,40 |
| 9.770,00 NICE SYSTEMS ADR REPR.SHS | USD | 2.770.185,80 | 2,08 |
| 6.990,00 WIX.COM LTD | USD | 1.747.220,40 | 1,32 |
| British Virgin Islands |  | 1.781.687,80 | 1,34 |
| 70.090,00 NOMAD FOODS LTD | USD | 1.781.687,80 | 1,34 |
| Puerto Rico |  | 1.249.177,60 | 0,94 |
| 22.180,00 POPULAR INC | USD | 1.249.177,60 | 0,94 |

Total securities portfolio	
110.760.112,48	83,44
Statement of Operations and Changes in Net Assets from 01/01/20 to 31/12/20
Expressed in USD
| Income |  | 768.965,17 |
| --- | --- | --- |
| Net dividends |  | 759.078,96 |
| Bank interest on cash account | Note 2 | 9.886,21 |
| Expenses |  | 3.409.760,09 |
| Management fees & management Company fees | Note 3 | 879.307,94 |
| Custodian & sub-custodian fees | Note 9 | 58.206,63 |
| Taxe d'abonnement | Note 4 | 17.370,29 |
| Administrative expenses | Note 3 | 296.124,52 |
| Performance fees | Note 3 | 1.921.866,96 |
| Professional fees |  | 4.724,67 |
| Bank interest on overdrafts |  | 4.010,19 |
| Legal fees |  | 5.245,28 |
| Transaction fees | Note 2, 6 | 182.419,45 |
| Other expenses | Note 10 | 40.484,16 |
| Net loss from investments |  | -2.640.794,92 |
| Net realised profit / loss on: - sales of investment securities |  | 1.737.184,83 |
| - options |  | 1.192.464,09 |
| - financial futures |  | 3.337.135,59 |
| - foreign exchange |  | -147.864,78 |
| Net realised profit |  | 3.478.124,81 |
| Movement in net unrealised appreciation / depreciation on: - investments |  | 13.227.907,97 |
| - options |  | 176.529,00 |
| - financial futures |  | 43.480,35 |
| Increase in net assets as a result of operations |  | 16.926.042,13 |
| Dividends paid | Note 8 | -85.087,14 |
| Subscription capitalisation shares |  | 47.505.700,81 |
| Subscription distribution shares |  | 17.267.784,43 |
| Redemption capitalisation shares |  | -54.686.001,25 |
| Redemption distribution shares |  | -5.766.043,50 |
| Increase in net assets |  | 21.162.395,48 |
| Net assets at the beginning of the year |  | 111.582.663,97 |
| Net assets at the end of the year |  | 132.745.059,45 |

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 |