# Multifactor Global Equity Income Fund
## For the year ended 30 September 2020
Performance
For the year ended 30 September 2020, the value of Multifactor Global Equity Income – A Income Shares decreased by 1.54% compared to an increase of 11.00% in the benchmark, the MSCI AC World TR Index.
Fund return: Source: Lipper, Basis: total return, published NAV to NAV, net of annual charges, gross income reinvested, USD.
Benchmark return: Source: Lipper, Basis: close of business return, income reinvested, gross of expenses, USD.
Please remember that past performance is not a guide to future returns. The price of shares and the revenue from them may fall as well as rise. Investors may not get back the amount originally invested.
Market review
Global stockmarkets rose in the year to end-September but with considerable divergence by country. While US and Chinese stocks performed well, markets in many other countries recorded sharp falls. Shares in the UK and Latin America fared badly. In late 2019, political and economic issues weighed heavily on markets.
Covid-19 was the dominant factor in 2020, negatively affecting markets in the first quarter. But decisive action by governments and central banks to limit economic damage supported sentiment and markets began to recover in April, and by September most had regained lost ground.
Technology stocks have been strong performers globally, especially in the US. The oil price collapse in March negatively affected energy companies, which have not yet recovered.
A resurgence of Covid-19 stalled economic recovery in September and reversed some market gains.
Portfolio review
The Fund underperformed its benchmark over the 12 months.
At a stock level, an overweight in Delta Air Lines detracted from performance. The shares slumped as the company grappled with the Covid-19 related lockdowns. The stock scores well on our value measures. On the upside, the Fund benefited from being underweight Airbus. The aerospace manufacturer was forced to stop its production line as customers delayed future orders.
This was another business affected by measures to tackle the spread of the coronavirus. Airbus has a low ranking for trend. Looking at factors, sentiment and trend outperformed, but value and prudent management lagged.
Outlook
Stockmarkets have enjoyed a strong rebound from March lows. A recovery in earnings expectations for 2021 led to elevated company valuations. Future stockmarket returns are likely to be modest in the coming quarters. While low interest rates are supportive for equities, spikes in market volatility are likely from Covid-19 newsflow, developments around a vaccine, political events and government stimulus.
Quantitative Investments Team
October 2020
Statement of Net Assets
As at 30 September 2020
| Notes | US$’000 |
| --- | --- |
| Assets |  |  |
| Investments in securities at market value | 2.2 | 115,098 |
| Cash at bank |  | 157 |
| Amounts held at futures clearing houses |  |  |
| and brokers |  | 120 |
| Interest and dividends receivable |  | 433 |
| Unrealised gains on forward currency |  |  |
| exchange contracts | 2.6 | 97 |
| Unrealised gains on future contracts | 2.7 | 8 |
| Other assets |  | 57 |
| Total assets |  | 115,970 |
| Liabilities |  |  |
| Taxes and expenses payable |  | 12 |
| Other liabilities |  | 1,053 |
| Total liabilities |  | 1,065 |
| Net assets at the end of the year |  | 114,905 |

Statement of Changes in Net Assets
For the year from 1 October 2019 to 30 September 2020
Statement of Operations
| Notes | US$’000 |
| --- | --- |
| Income |  |  |
| Investment income | 2.3 | 3,135 |
| Stocklending income | 16 | 8 |
| Bank interest |  | 2 |
| Total income |  | 3,145 |
| Expenses |  |  |
| Management fees | 4.2 | 1 |
| Operating, administrative and |  |  |
| servicing fees | 4.3 | 141 |
| Other operational expenses |  | 4 |
| Total expenses |  | 146 |
| Net gains from investments |  | 2,999 |
| Realised losses on investments |  | (14,369) |
| Realised gains on forward currency |  |  |
| exchange contracts |  | 411 |
| Realised gains on future contracts |  | 185 |
| Realised currency exchange losses |  | (374) |
| Net realised losses |  | (14,147) |
| Decrease in unrealised depreciation |  |
| on investments | 8,800 |
| Increase in unrealised appreciation on |  |
| forward currency exchange contracts | 97 |
| Decrease in unrealised depreciation |  |
| on future contracts | 31 |
| Net unrealised gains |  | 8,928 |
| Net decrease in assets as a result of operations |  | (2,220) |

For the year from 1 October 2019 to 30 September 2020
| Notes | US$’000 |
| --- | --- |
| Net assets at the beginning of the year |  | 127,904 |
| Net gains from investments |  | 2,999 |
| Net realised losses |  | (14,147) |
| Net unrealised gains |  | 8,928 |
| Proceeds from shares issued |  | 16,659 |
| Payments for shares redeemed |  | (24,615) |
| Net equalisation received | 10 | 15 |
| Dividends paid | 5 | (2,838) |
| Net assets at the end of the year |  | 114,905 |

Share Transactions
For the year from 1 October 2019 to 30 September 2020
| A SInc EUR | A SInc USD | I SInc EUR A | I SInc USD A | X SInc GBP |
| --- | --- | --- | --- | --- |
| Shares outstanding at the beginning of the year | 13,032 | 640 | 600 | 640 | 22,205 |
| Shares issued during the year | 3,473 | - | - | - | 13,375 |
| Shares redeemed during the year | (862) | - | (600) | (640) | (23,450) |
| Shares outstanding at the end of the year | 15,643 | 640 | - | - | 12,130 |
| Net asset value per share | 9.1416 | 9.8209 | - | - | 9.8145 |

| Z Acc Hedged CNH B | Z MInc Hedged AUD | Z QInc USD | Z SInc USD |
| --- | --- | --- | --- |
| Shares outstanding at the beginning of the year | - | 895 | 11,267,723 | 2,417,117 |
| Shares issued during the year | 574,244 | - | 604,605 | 79,121 |
| Shares redeemed during the year | - | - | (2,801,081) | (56,280) |
| Shares outstanding at the end of the year | 574,244 | 895 | 9,071,247 | 2,439,958 |
| Net asset value per share | 125.4124 | 9.5754 | 8.8202 | 9.8149 |

A 
Share class closed 26 May 2020.
B 
Share class launched 20 March 2020.
The accompanying notes form an integral part of these financial statements.
Portfolio Statement
As at 30 September 2020
| Security | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- |
| Transferable securities and money market instruments admitted to an official exchange listing or dealt on another regulated |
| market 99.07% |
| Equities 99.07% |
| Australia 2.21% |
| Fortescue Metals | 118,085 | 1,381 | 1.21 |
| Magellan Financial | 9,597 | 394 | 0.34 |
| Newcrest Mining | 33,756 | 759 | 0.66 |
|  |  | 2,534 | 2.21 |
| Belgium 0.33% Ageas | 9,132 | 375 | 0.33 |
| Brazil 0.38% BB Seguridade Participacoes B3 Brasil Bolsa Balcao | 52,600 22,100 | 226 216 | 0.19 0.19 |
|  |  | 442 | 0.38 |
| Canada 2.26% |
| Alimentat | 32,500 | 1,129 | 0.99 |
| Barrick Gold | 8,200 | 230 | 0.20 |
| Canadian Tire | 2,400 | 241 | 0.21 |
| Dollarama | 5,900 | 225 | 0.20 |
| Hydro One | 25,261 | 532 | 0.46 |
| Loblaw | 4,500 | 235 | 0.20 |
|  |  | 2,592 | 2.26 |
| China 3.86% |
| Alibaba | 868 | 255 | 0.22 |
| Anhui Conch Cement | 32,000 | 220 | 0.19 |
| China Galaxy | 416,000 | 233 | 0.20 |
| China Life Insurance | 102,000 | 228 | 0.20 |
| China National Building Material | 200,000 | 253 | 0.22 |
| China Resources Cement | 168,000 | 229 | 0.20 |
| Country Garden Services | 35,000 | 225 | 0.20 |
| Huatai Securities | 153,400 | 251 | 0.22 |
| JD.Com | 3,593 | 279 | 0.23 |
| Lenovo | 370,000 | 244 | 0.21 |
| Logan Property | 139,000 | 219 | 0.19 |
| NetEase | 521 | 237 | 0.21 |
| New China Life Insurance | 62,100 | 232 | 0.20 |

| Security | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- |
| PICC Property and Casualty | 314,000 | 218 | 0.19 |
| Tencent | 3,400 | 225 | 0.20 |
| Uni-President China | 242,000 | 221 | 0.19 |
| Vipshop | 13,457 | 210 | 0.18 |
| Want Want China | 340,000 | 236 | 0.21 |
| Zhongsheng | 36,000 | 225 | 0.20 |
|  |  | 4,440 | 3.86 |
| Denmark 0.42% AP Moller - Maersk Novo Nordisk ‘B’ | 157 3,306 | 250 229 | 0.22 0.20 |
|  |  | 479 | 0.42 |
| Finland 0.20% Orion | 4,963 | 225 | 0.20 |
| France 0.53% Atos | 7,574 | 611 | 0.53 |
| Greece 0.20% Jumbo | 13,106 | 231 | 0.20 |
| Hong Kong 1.00% |  |  |  |
| CK Hutchison Holdings | 36,500 | 220 | 0.19 |
| Far East Horizon | 276,000 | 223 | 0.19 |
| Sinotruk Hong Kong | 89,000 | 227 | 0.20 |
| Tingyi (Cayman Islands) | 148,000 | 262 | 0.23 |
| WH | 269,000 | 218 | 0.19 |
|  |  | 1,150 | 1.00 |
| India 1.10% |  |  |  |
| Dr Reddy’s Laboratories | 4,076 | 286 | 0.24 |
| HCL Technologies | 23,338 | 256 | 0.22 |
| Infosys | 18,159 | 248 | 0.22 |
| Rural Electrification | 163,719 | 219 | 0.19 |
| WIPRO | 60,938 | 259 | 0.23 |
|  |  | 1,268 | 1.10 |
| Indonesia 0.21% Indofood | 495,500 | 238 | 0.21 |

| Security | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- |
| Israel 0.40% Check Point Software Technologies Teva Pharmaceuticals | 1,942 25,359 | 234 228 | 0.20 0.20 |
|  |  | 462 | 0.40 |
| Italy 0.70% Snam | 156,982 | 809 | 0.70 |
| Japan 15.91% |  |  |  |
| Astellas Pharma Inc | 68,200 | 1,012 | 0.88 |
| Brother Industries Ltd | 16,800 | 265 | 0.23 |
| Dai Nippon Printing | 11,000 | 222 | 0.19 |
| Daito Trust Construction Co | 3,477 | 307 | 0.27 |
| Fujitsu Ltd | 12,500 | 1,700 | 1.49 |
| ITOCHU Corporation | 65,881 | 1,677 | 1.47 |
| KDDI Corp | 17,900 | 451 | 0.39 |
| Medipal Holdings | 13,500 | 269 | 0.23 |
| NEC | 4,400 | 257 | 0.22 |
| Nintendo | 500 | 283 | 0.25 |
| Nitori Holdings Co Ltd | 1,100 | 228 | 0.20 |
| Nitto Denko Corp | 3,800 | 246 | 0.21 |
| Nomura | 208,200 | 945 | 0.82 |
| Nomura Research Institute | 8,600 | 252 | 0.22 |
| NTT | 56,642 | 1,154 | 1.00 |
| NTT Docomo Inc | 44,700 | 1,645 | 1.43 |
| Obayashi Corp | 24,500 | 222 | 0.19 |
| Oracle Corp Japan | 1,900 | 204 | 0.18 |
| Orix | 101,000 | 1,250 | 1.09 |
| Otsuka Corp | 7,900 | 403 | 0.35 |
| Pan Pacific International | 10,300 | 239 | 0.21 |
| Seven & i Holdings Co | 40,700 | 1,255 | 1.09 |
| SG Holdings | 4,900 | 253 | 0.22 |
| Shionogi & Co | 14,700 | 784 | 0.68 |
| SoftBank | 108,200 | 1,209 | 1.05 |
| Taisei Corp | 7,000 | 236 | 0.21 |
| Toyo Suisan Kaisha | 4,200 | 221 | 0.19 |
| Trend Micro | 10,200 | 619 | 0.54 |
| Tsuruha | 1,700 | 241 | 0.21 |
| Welcia Holdings | 5,200 | 228 | 0.20 |
|  |  | 18,277 | 15.91 |

| Security | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- |
| Luxembourg 0.19% Reinet Investments | 12,502 | 218 | 0.19 |
| Malaysia 1.03% |  |  |  |
| Hartalega Holdings | 78,400 | 309 | 0.27 |
| Telekom Malaysia | 248,700 | 247 | 0.21 |
| Top Glove | 315,300 | 630 | 0.55 |
|  |  | 1,186 | 1.03 |
| Netherlands 2.81% Koninklijke Ahold Delhaize Koninklijke Philips | 56,522 32,951 | 1,674 1,554 | 1.46 1.35 |
|  |  | 3,228 | 2.81 |
| New Zealand 0.38% a2 Milk Fisher & Paykel Healthcare | 19,086 10,929 | 193 240 | 0.17 0.21 |
|  |  | 433 | 0.38 |
| Russian Federation 0.60% Polymetal International Polyus | 10,420 2,205 | 228 464 | 0.20 0.40 |
|  |  | 692 | 0.60 |
| Singapore 0.35% Singapore Exchange | 60,500 | 405 | 0.35 |
| South Africa 0.92% |  |  |  |
| Anglo American Platinum | 3,175 | 221 | 0.19 |
| Gold Fields | 27,451 | 335 | 0.29 |
| Impala Platinum | 31,056 | 271 | 0.24 |
| Kumba Iron Ore | 7,742 | 230 | 0.20 |
|  |  | 1,057 | 0.92 |
| South Korea 2.44% |  |  |  |
| Daelim Industrial | 3,344 | 221 | 0.19 |
| E-Mart | 2,085 | 252 | 0.22 |
| GS Engineering & Construction | 10,593 | 219 | 0.19 |
| Hana Financial Group | 23,140 | 556 | 0.48 |
| Hyundai Mobis | 4,393 | 863 | 0.75 |
| NCSoft | 333 | 229 | 0.20 |

| Security | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- |
| Nexon Samsung Securities | 9,300 9,064 | 231 237 | 0.20 0.21 |
|  |  | 2,808 | 2.44 |
| Spain 1.90% |  |  |  |
| ACS Actividades | 20,696 | 470 | 0.41 |
| Enagas | 18,720 | 432 | 0.38 |
| Endesa | 24,480 | 656 | 0.56 |
| Red Electrica | 33,360 | 626 | 0.55 |
|  |  | 2,184 | 1.90 |
| Sweden 0.60% |  |  |  |
| Alfa Laval | 9,963 | 222 | 0.19 |
| Evolution Gaming | 3,520 | 235 | 0.20 |
| Investor | 3,630 | 237 | 0.21 |
|  |  | 694 | 0.60 |
| Switzerland 2.04% |  |  |  |
| Kuehne & Nagel International | 1,194 | 233 | 0.20 |
| Partners | 249 | 230 | 0.20 |
| Roche | 4,122 | 1,414 | 1.23 |
| Sonova | 1,850 | 471 | 0.41 |
|  |  | 2,348 | 2.04 |
| Taiwan 4.14% |  |  |  |
| Asia Cement | 172,000 | 247 | 0.21 |
| Chailease | 49,000 | 222 | 0.19 |
| Chicony Electronics | 79,000 | 230 | 0.20 |
| Foxconn Technology | 128,000 | 228 | 0.20 |
| GlobalWafers | 17,000 | 225 | 0.20 |
| Hon Hai Precision Industry | 224,000 | 599 | 0.52 |
| Lite-On Technology | 141,000 | 224 | 0.20 |
| MediaTek | 12,000 | 252 | 0.22 |
| Novatek Microelectronics | 29,000 | 266 | 0.23 |
| Pegatron | 147,000 | 324 | 0.28 |
| Quanta Computer | 115,000 | 300 | 0.26 |
| Realtek Semiconductor | 26,000 | 331 | 0.29 |
| TSMC | 16,000 | 239 | 0.21 |
| United Microelectronic | 859,000 | 847 | 0.74 |
| Wistron | 214,000 | 220 | 0.19 |
|  |  | 4,754 | 4.14 |

| Security | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- |
| Turkey 0.24% BIM Birlesik Magazalar | 30,189 | 273 | 0.24 |
| United Kingdom 3.76% |  |  |  |
| Admiral | 6,392 | 216 | 0.19 |
| Bunzl | 7,339 | 238 | 0.21 |
| Direct Line Insurance | 103,419 | 360 | 0.31 |
| Evraz | 60,594 | 270 | 0.23 |
| GlaxoSmithKline | 74,432 | 1,396 | 1.22 |
| Hargreaves Lansdown | 11,219 | 227 | 0.20 |
| Imperial Brands | 65,933 | 1,166 | 1.01 |
| Liberty Global | 10,691 | 220 | 0.19 |
| Sage | 24,766 | 231 | 0.20 |
|  |  | 4,324 | 3.76 |
| United States 47.96% |  |  |  |
| AbbVie | 17,315 | 1,516 | 1.32 |
| Activision Blizzard | 2,785 | 225 | 0.20 |
| Alexion Pharmaceuticals | 2,260 | 258 | 0.22 |
| Allstate | 5,359 | 504 | 0.44 |
| Ameriprise Financial | 1,438 | 222 | 0.19 |
| AmerisourceBergen | 11,773 | 1,141 | 0.99 |
| Amgen | 6,496 | 1,650 | 1.44 |
| Apple | 2,400 | 278 | 0.24 |
| Applied Materials | 3,960 | 235 | 0.20 |
| Arista Networks | 1,163 | 241 | 0.21 |
| Arrow Electronics | 2,999 | 236 | 0.21 |
| AutoZone | 187 | 220 | 0.19 |
| Best Buy | 15,106 | 1,681 | 1.47 |
| Biogen | 5,614 | 1,591 | 1.38 |
| BlackRock | 411 | 232 | 0.20 |
| Bristol-Myers Squibb | 6,064 | 365 | 0.32 |
| Broadcom | 974 | 355 | 0.31 |
| Cadence Design Systems | 2,223 | 237 | 0.21 |
| Campbell Soup | 12,805 | 619 | 0.54 |
| CBOE | 2,497 | 219 | 0.19 |
| CenturyLink | 71,421 | 720 | 0.63 |
| Cintas | 733 | 244 | 0.21 |
| Cisco Systems | 5,813 | 229 | 0.20 |
| Citrix Systems | 1,621 | 223 | 0.19 |
| Colgate-Palmolive | 3,018 | 233 | 0.20 |
| CVS Health | 21,260 | 1,241 | 1.08 |

| Security | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- |
| DaVita | 6,154 | 527 | 0.46 |
| Dell Technologies | 3,587 | 243 | 0.21 |
| Dollar General | 1,151 | 241 | 0.21 |
| Domino’s Pizza | 561 | 239 | 0.21 |
| eBay | 4,647 | 242 | 0.21 |
| Electronic Arts | 1,769 | 231 | 0.20 |
| Eli Lilly & Co | 2,257 | 334 | 0.29 |
| Exelon | 37,847 | 1,353 | 1.18 |
| Fortinet | 1,926 | 227 | 0.20 |
| Garmin | 2,408 | 228 | 0.20 |
| General Mills | 20,716 | 1,277 | 1.11 |
| Gilead Sciences | 19,745 | 1,247 | 1.09 |
| Home Depot | 5,376 | 1,493 | 1.30 |
| HP | 91,639 | 1,740 | 1.52 |
| Humana | 2,050 | 848 | 0.74 |
| Intel | 18,707 | 968 | 0.84 |
| International Business Machines | 10,411 | 1,266 | 1.10 |
| IPG | 29,973 | 500 | 0.43 |
| Juniper Networks | 25,475 | 548 | 0.48 |
| Kraft Heinz | 7,655 | 229 | 0.20 |
| Kroger | 44,089 | 1,495 | 1.30 |
| Lam Research | 1,978 | 656 | 0.57 |
| Lennar | 3,459 | 282 | 0.25 |
| Lowe’s Cos | 10,630 | 1,763 | 1.54 |
| MarketAxess | 512 | 247 | 0.21 |
| Masco | 4,310 | 238 | 0.21 |
| Mckesson | 10,168 | 1,514 | 1.32 |
| Merck | 3,647 | 302 | 0.26 |
| Microchip Technology | 2,304 | 237 | 0.21 |
| Microsoft | 1,110 | 233 | 0.20 |
| Mohawk Industries | 2,504 | 244 | 0.21 |
| MonotaRO | 5,600 | 278 | 0.24 |
| Morgan Stanley | 4,693 | 227 | 0.20 |
| Mylan | 20,418 | 303 | 0.26 |
| Nasdaq | 5,269 | 646 | 0.56 |
| NetApp | 17,047 | 747 | 0.65 |
| Newmont | 23,170 | 1,470 | 1.28 |
| NRG Energy | 18,627 | 573 | 0.50 |
| Oracle | 26,695 | 1,593 | 1.39 |
| O’Reilly Automotive | 499 | 230 | 0.20 |
| Otis Worldwide | 3,960 | 247 | 0.21 |
| PulteGroup | 4,943 | 229 | 0.20 |

| Security | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- |
| Qorvo | 2,693 | 347 | 0.30 |
| QUALCOMM | 15,158 | 1,782 | 1.56 |
| Raymond James Financial | 3,071 | 223 | 0.19 |
| Robert Half International | 4,179 | 221 | 0.19 |
| Seagate Technology | 17,838 | 879 | 0.76 |
| SEI Investments | 9,588 | 486 | 0.42 |
| Skyworks Solutions | 1,691 | 246 | 0.21 |
| S&P Global | 644 | 232 | 0.20 |
| Synchrony Financial | 40,585 | 1,062 | 0.92 |
| T. Rowe Price | 12,974 | 1,663 | 1.45 |
| Take-Two Interactive Software | 1,341 | 221 | 0.19 |
| Target | 11,291 | 1,776 | 1.56 |
| Texas Instruments | 1,655 | 236 | 0.21 |
| Tractor Supply | 7,967 | 1,141 | 0.99 |
| Vertex Pharmaceuticals | 1,568 | 426 | 0.37 |
| Vistra Energy | 31,051 | 585 | 0.51 |
| Western Union | 31,745 | 680 | 0.59 |
| Whirlpool | 1,320 | 243 | 0.21 |
|  |  | 55,099 | 47.96 |
| Total Equities |  | 113,836 | 99.07 |
| Total Transferable securities and money market instruments admitted to an official exchange listing or dealt on another regulated market |  | 113,836 | 99.07 |
| Open Ended Investment Funds 1.10% Aberdeen Standard Liquidity Fund (Lux) - US Dollar Fund Z-1 † | 1,262 | 1,262 | 1.10 |
| Total Open Ended Investment Funds |  | 1,262 | 1.10 |

Derivatives 0.09%
Future contracts 0.01%
| Future | Maturity | Notional | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- |
| CME S&P 500 E-mini | 18/12/20 | 7 | 8 | 0.01 |
| Unrealised gains on future contracts |  |  | 8 | 0.01 |

Forward currency exchange contracts 0.08%
| Counterparty | Buy | Sell | Settlement | Buy Amount | Sell Amount | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| BNP Paribas | AUD | USD | 16/12/20 | 8,614 | 6,237 | - | - |
| BNP Paribas | AUD | USD | 16/12/20 | 194 | 138 | - | - |
| BNP Paribas | CNH | USD | 16/12/20 | 64,558,262 | 9,371,484 | 90 | 0.07 |
| BNP Paribas | CNH | USD | 16/12/20 | 8,492,000 | 1,234,640 | 10 | 0.01 |
| BNP Paribas | CNH | USD | 16/12/20 | 1,725,787 | 254,009 | (1) | - |
| BNP Paribas | USD | AUD | 16/12/20 | 160 | 227 | - | - |
| BNP Paribas | USD | CNH | 16/12/20 | 281,730 | 1,921,344 | - | - |
| BNP Paribas | USD | CNH | 16/12/20 | 232,324 | 1,598,315 | (2) | - |
| Unrealised gains on forward currency exchange contracts |  |  | 97 | 0.08 |
| Unrealised gains on derivatives |  |  | 105 | 0.09 |
| Total investments Other net liabilities |  |  | 115,203 (298) | 100.26 (0.26) |
| Total net assets |  |  | 114,905 | 100.00 |

† 
Managed by subsidiaries of Standard Life Aberdeen plc.
Currently forward positions are not collateralised.

Translation (ENFR, 2020-09-30):
# Multifactor Global Equity Income Fund
### Pour l’exercice clos le 30 septembre 2020
Performances
Pour l’exercice clos le 30 septembre 2020, la valeur des Actions de distribution de Classe A du Fonds Multifactor Global Equity Income a diminué de 1,54 % par rapport à une hausse de 11,00 % de l’indice de référence, le MSCI AC World TR.
Rendement du Fonds : Source : Lipper, Base : rendement total, variation de la Valeur Nette d’Inventaire publiée, net de frais annuels, bénéfice brut réinvesti, en USD.
Rendement de l’indice de référence : Source : Lipper, Base : rendement à la clôture des bureaux, bénéfice réinvesti, brut de frais, en USD.
Veuillez garder à l’esprit que les performances passées ne préjugent pas des résultats futurs. Le cours des actions et les revenus qui en découlent peuvent évoluer à la hausse comme à la baisse et les investisseurs sont susceptibles de ne pas récupérer le montant initialement investi.
Commentaires sur le marché
Les marchés d’actions mondiaux ont progressé au cours de l’exercice clos fin septembre, mais avec des divergences considérables d’un pays à l’autre. Alors que les actions américaines et chinoises se sont bien comportées, les marchés de nombreux autres pays ont enregistré de fortes baisses. Les actions du Royaume-Uni et d’Amérique latine ont enregistré de mauvais résultats. Fin 2019, les problèmes politiques et économiques ontlourdement pesé sur les marchés. La Covid-19 a été le facteur dominant en 2020, affectantnégativement les marchés au premier trimestre. Toutefois, les mesures décisives prises par les gouvernements et les banques centrales afin de limiter les dommages économiques ont soutenu la confiance et les marchés ont commencé à se redresser en avril, et en septembre, la plupart avaient regagné le terrain perdu.
Les valeurs technologiques ont enregistré de solides performances à l’échelle mondiale, en particulier aux États-Unis. L’effondrementdes prix du pétrole en mars a eu un impact négatif sur les sociétés énergétiques, qui n’ont pas encore rebondi. Une recrudescence des cas de Covid-19 a fait caler la reprise économique en septembre et a inversé certains gains du marché.
Commentaires sur le portefeuille
Le Fonds a sous-performé son indice de référence sur l’exercice. Au niveau des titres, la surpondération de Delta Air Lines a pénalisé la performance. Les actions se sont effondrées alors que l’entreprise s’est heurtée aux confinements liés à la Covid-
19. Le titre obtient de bons résultats sur nos mesures de valeur. Du côté des bonnes nouvelles, le Fonds a bénéficié d’une sous- pondération d’Airbus. Le constructeur aéronautique a été contraint d’arrêter sa ligne de production, car les clients reportaient leurs commandes futures. C’est ainsi une autre entreprise touchée par les mesures visant à lutter contre la propagation du coronavirus. Airbus a un faible classement en termes de tendance. Si l’on examine les facteurs, le sentiment et la tendance ont surperformé, tandis que la valeur et la gestion prudente sont restées à la traîne.
Perspectives
Les marchés d’actions ont nettement rebondi depuis les plus bas du mois de mars. Le relèvement des anticipations de bénéfices pour 2021 a entraîné une hausse des valorisations des sociétés. Les rendements futurs des marchés boursiers devraient être modestes au cours des prochains trimestres. Alors que les taux d’intérêt bas soutiennent les actions, des pics de volatilitédu marché sont probables selon les nouvelles sur le front de la Covid- 19, les évolutions concernant un vaccin, les événements politiques et les mesures de relance des gouvernements.
Équipe Quantitative Investments
Octobre 2020
État de l’actif net
Au 30 septembre 2020
État des opérations
Pour l’exercice allant du 1er octobre 2019 au 30 septembre 2020
| Notes | en milliers d’USD |
| --- | --- |
| Actif |  |  |
| Placements en valeurs mobilières à la valeur de marché | 2.2 | 115 098 |
| Avoirs bancaires |  | 157 |
| Montants détenus auprès de chambres de compensation et de courtiers en valeurs à terme |  | 120 |
| Intérêts et dividendes à recevoir |  | 433 |
| Plus-values latentes sur contrats de change à terme | 2.6 | 97 |
| Plus-values latentes sur contrats à terme | 2.7 | 8 |
| Autres actifs |  | 57 |
| Total de l’actif |  | 115 970 |
| Passif |  |  |
| Impôts et charges à payer |  | 12 |
| Autres passifs |  | 1 053 |
| Total du passif |  | 1 065 |
| Actif net en fin d’exercice |  | 114 905 |
| État des variations de l’actif net |  |  |
| Pour l’exercice allant du 1er octobre 2019 au 30 septembre 2020 |
| Notes | en milliers d’USD |
| Actif net en début d’exercice |  | 127 904 |
| Plus-values nettes sur investissements |  | 2 999 |
| Moins-values nettes réalisées |  | (14 147) |
| Plus-values nettes latentes |  | 8 928 |
| Produits des émissions d’actions |  | 16 659 |
| Paiements des actions rachetées |  | (24 615) |
| Régularisation nette reçue | 10 | 15 |
| Dividendes distribués | 5 | (2 838) |
| Actif net en fin d’exercice |  | 114 905 |

| Notes | en milliers d’USD |
| --- | --- |
| Revenus |  |  |
| Revenus d’investissement | 2.3 | 3 135 |
| Revenus des prêts de titres | 16 | 8 |
| Intérêts bancaires |  | 2 |
| Total des revenus |  | 3 145 |
| Charges |  |  |
| Commissions de gestion | 4.2 | 1 |
| Frais d’exploitation, d’administration et de service | 4.3 | 141 |
| Autres frais de fonctionnement |  | 4 |
| Total des charges |  | 146 |
| Plus-values nettes sur investissements |  | 2 999 |
| Moins-values réalisées sur investissements |  | (14 369) |
| Plus-values réalisées sur contrats de change à terme |  | 411 |
| Plus-values réalisées sur contrats à terme |  | 185 |
| Moins-values de change réalisées |  | (374) |
| Moins-values nettes réalisées |  | (14 147) |
| Diminution de la moins-value latentesur investissements |  | 8 800 |
| Augmentation de la plus-value latente sur contrats de change à terme |  | 97 |
| Diminution de la moins-value latentesur contrats à terme |  | 31 |
| Plus-values nettes latentes |  | 8 928 |
| Diminution nette de l’actif résultant des opérations |  | (2 220) |

Transactions d’Actions
Pour l’exercice allant du 1er octobre 2019 au 30 septembre 2020
|  | A SInc EUR | A SInc USD | I SInc EURA | I SInc USDA | X SInc GBP |
| --- | --- | --- | --- | --- | --- |
| Actions en circulation en début d’exercice | 13 032 | 640 | 600 | 640 | 22 205 |
| Actions émises durant l’exercice | 3 473 | - | - | - | 13 375 |
| Actions rachetées durant l’exercice | (862) | - | (600) | (640) | (23 450) |
| Actions en circulation en fin d’exercice | 15 643 | 640 | - | - | 12 130 |
| Valeur nette d’inventaire par action | 9,1416 | 9,8209 | - | - | 9,8145 |
|  |
|  | Z Acc Hedged CNHB | Z MInc Hedged AUD | Z QInc USD | Z SInc USD |
| Actions en circulation en début d’exercice |  | - | 895 | 11 267 723 | 2 417 117 |
| Actions émises durant l’exercice |  | 574 244 | - | 604 605 | 79 121 |
| Actions rachetées durant l’exercice |  | - | - | (2 801 081) | (56 280) |
| Actions en circulation en fin d’exercice |  | 574 244 | 895 | 9 071 247 | 2 439 958 |
| Valeur nette d’inventaire par action |  | 125,4124 | 9,5754 | 8,8202 | 9,8149 |

A Classe d’actions fermée le 26 mai 2020.
B Classe d’actions lancée le 20 mars 2020.
Les notes annexes font partie intégrante des présents états financiers.
État du portefeuille-titres
Au 30 septembre 2020
| Titre | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- |
| Valeurs mobilières et instruments du marché monétaire admis à la cote officielle d’une Bourse ou négociés sur un autre marché réglementé 99,07 % |
| Actions 99,07 % |  |  |  |
| Australie 2,21 % |  |  |  |
| Fortescue Metals | 118 085 | 1 381 | 1,21 |
| Magellan Financial | 9 597 | 394 | 0,34 |
| Newcrest Mining | 33 756 | 759 | 0,66 |
|  |  | 2 534 | 2,21 |
| Belgique 0,33 % |  |  |  |
| Ageas | 9 132 | 375 | 0,33 |
| Brésil 0,38 % |  |  |  |
| BB Seguridade Participacoes | 52 600 | 226 | 0,19 |
| B3 Brasil Bolsa Balcao | 22 100 | 216 | 0,19 |
|  |  | 442 | 0,38 |
| Canada 2,26 % |  |  |  |
| Alimentat | 32 500 | 1 129 | 0,99 |
| Barrick Gold | 8 200 | 230 | 0,20 |
| Canadian Tire | 2 400 | 241 | 0,21 |
| Dollarama | 5 900 | 225 | 0,20 |
| Hydro One | 25 261 | 532 | 0,46 |
| Loblaw | 4 500 | 235 | 0,20 |
|  |  | 2 592 | 2,26 |
| Chine 3,86 % |  |  |  |
| Alibaba | 868 | 255 | 0,22 |
| Anhui Conch Cement | 32 000 | 220 | 0,19 |
| China Galaxy | 416 000 | 233 | 0,20 |
| China Life Insurance | 102 000 | 228 | 0,20 |
| China National Building Material | 200 000 | 253 | 0,22 |
| China Resources Cement | 168 000 | 229 | 0,20 |
| Country Garden Services | 35 000 | 225 | 0,20 |
| Huatai Securities | 153 400 | 251 | 0,22 |
| JD.Com | 3 593 | 279 | 0,23 |
| Lenovo | 370 000 | 244 | 0,21 |
| Logan Property | 139 000 | 219 | 0,19 |
| NetEase | 521 | 237 | 0,21 |
| New China Life Insurance | 62 100 | 232 | 0,20 |

| Titre | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- |
| PICC Property and Casualty | 314 000 | 218 | 0,19 |
| Tencent | 3 400 | 225 | 0,20 |
| Uni-President China | 242 000 | 221 | 0,19 |
| Vipshop | 13 457 | 210 | 0,18 |
| Want Want China | 340 000 | 236 | 0,21 |
| Zhongsheng | 36 000 | 225 | 0,20 |
|  |  | 4 440 | 3,86 |
| Danemark 0,42 % |  |  |  |
| AP Moller - Maersk | 157 | 250 | 0,22 |
| Novo Nordisk « B » | 3 306 | 229 | 0,20 |
|  |  | 479 | 0,42 |
| Finlande 0,20 % |  |  |  |
| Orion | 4 963 | 225 | 0,20 |
| France 0,53 % |  |  |  |
| Atos | 7 574 | 611 | 0,53 |
| Grèce 0,20 % |  |  |  |
| Jumbo | 13 106 | 231 | 0,20 |
| Hong Kong 1,00 % |  |  |  |
| CK Hutchison Holdings | 36 500 | 220 | 0,19 |
| Far East Horizon | 276 000 | 223 | 0,19 |
| Sinotruk Hong Kong | 89 000 | 227 | 0,20 |
| Tingyi (Cayman Islands) | 148 000 | 262 | 0,23 |
| WH | 269 000 | 218 | 0,19 |
|  |  | 1 150 | 1,00 |
| Inde 1,10 % |  |  |  |
| Dr Reddy’s Laboratories | 4 076 | 286 | 0,24 |
| HCL Technologies | 23 338 | 256 | 0,22 |
| Infosys | 18 159 | 248 | 0,22 |
| Rural Electrification | 163 719 | 219 | 0,19 |
| WIPRO | 60 938 | 259 | 0,23 |
|  |  | 1 268 | 1,10 |
| Indonésie 0,21 % |  |  |  |
| Indofood | 495 500 | 238 | 0,21 |

| Titre | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- |
| Israël 0,40 % |  |  |  |
| Check Point Software Technologies | 1 942 | 234 | 0,20 |
| Teva Pharmaceuticals | 25 359 | 228 | 0,20 |
|  |  | 462 | 0,40 |
| Italie 0,70 % |  |  |  |
| Snam | 156 982 | 809 | 0,70 |
| Japon 15,91 % |  |  |  |
| Astellas Pharma Inc | 68 200 | 1 012 | 0,88 |
| Brother Industries Ltd | 16 800 | 265 | 0,23 |
| Dai Nippon Printing | 11 000 | 222 | 0,19 |
| Daito Trust Construction Co | 3 477 | 307 | 0,27 |
| Fujitsu Ltd | 12 500 | 1 700 | 1,49 |
| ITOCHU Corporation | 65 881 | 1 677 | 1,47 |
| KDDI Corp | 17 900 | 451 | 0,39 |
| Medipal Holdings | 13 500 | 269 | 0,23 |
| NEC | 4 400 | 257 | 0,22 |
| Nintendo | 500 | 283 | 0,25 |
| Nitori Holdings Co Ltd | 1 100 | 228 | 0,20 |
| Nitto Denko Corp | 3 800 | 246 | 0,21 |
| Nomura | 208 200 | 945 | 0,82 |
| Nomura Research Institute | 8 600 | 252 | 0,22 |
| NTT | 56 642 | 1 154 | 1,00 |
| NTT Docomo Inc | 44 700 | 1 645 | 1,43 |
| Obayashi Corp | 24 500 | 222 | 0,19 |
| Oracle Corp Japan | 1 900 | 204 | 0,18 |
| Orix | 101 000 | 1 250 | 1,09 |
| Otsuka Corp | 7 900 | 403 | 0,35 |
| Pan Pacific International | 10 300 | 239 | 0,21 |
| Seven & i Holdings Co | 40 700 | 1 255 | 1,09 |
| SG Holdings | 4 900 | 253 | 0,22 |
| Shionogi & Co | 14 700 | 784 | 0,68 |
| SoftBank | 108 200 | 1 209 | 1,05 |
| Taisei Corp | 7 000 | 236 | 0,21 |
| Toyo Suisan Kaisha | 4 200 | 221 | 0,19 |
| Trend Micro | 10 200 | 619 | 0,54 |
| Tsuruha | 1 700 | 241 | 0,21 |
| Welcia Holdings | 5 200 | 228 | 0,20 |
|  |  | 18 277 | 15,91 |

| Titre | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- |
| Luxembourg 0,19 % |  |  |  |
| Reinet Investments | 12 502 | 218 | 0,19 |
| Malaisie 1,03 % |  |  |  |
| Hartalega Holdings | 78 400 | 309 | 0,27 |
| Telekom Malaysia | 248 700 | 247 | 0,21 |
| Top Glove | 315 300 | 630 | 0,55 |
|  |  | 1 186 | 1,03 |
| Pays-Bas 2,81 % |  |  |  |
| Koninklijke Ahold Delhaize | 56 522 | 1 674 | 1,46 |
| Koninklijke Philips | 32 951 | 1 554 | 1,35 |
|  |  | 3 228 | 2,81 |
| Nouvelle-Zélande 0,38 % |  |  |  |
| a2 Milk | 19 086 | 193 | 0,17 |
| Fisher & Paykel Healthcare | 10 929 | 240 | 0,21 |
|  |  | 433 | 0,38 |
| Fédération de Russie 0,60 % |  |  |  |
| Polymetal International | 10 420 | 228 | 0,20 |
| Polyus | 2 205 | 464 | 0,40 |
|  |  | 692 | 0,60 |
| Singapour 0,35 % |  |  |  |
| Singapore Exchange | 60 500 | 405 | 0,35 |
| Afrique du Sud 0,92 % |  |  |  |
| Anglo American Platinum | 3 175 | 221 | 0,19 |
| Gold Fields | 27 451 | 335 | 0,29 |
| Impala Platinum | 31 056 | 271 | 0,24 |
| Kumba Iron Ore | 7 742 | 230 | 0,20 |
|  |  | 1 057 | 0,92 |
| Corée du Sud 2,44 % |  |  |  |
| Daelim Industrial | 3 344 | 221 | 0,19 |
| E-Mart | 2 085 | 252 | 0,22 |
| GS Engineering & Construction | 10 593 | 219 | 0,19 |
| Hana Financial Group | 23 140 | 556 | 0,48 |
| Hyundai Mobis | 4 393 | 863 | 0,75 |
| NCSoft | 333 | 229 | 0,20 |

| Titre | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- |
| Nexon | 9 300 | 231 | 0,20 |
| Samsung Securities | 9 064 | 237 | 0,21 |
|  |  | 2 808 | 2,44 |
| Espagne 1,90 % |  |  |  |
| ACS Actividades | 20 696 | 470 | 0,41 |
| Enagas | 18 720 | 432 | 0,38 |
| Endesa | 24 480 | 656 | 0,56 |
| Red Electrica | 33 360 | 626 | 0,55 |
|  |  | 2 184 | 1,90 |
| Suède 0,60 % |  |  |  |
| Alfa Laval | 9 963 | 222 | 0,19 |
| Evolution Gaming | 3 520 | 235 | 0,20 |
| Investor | 3 630 | 237 | 0,21 |
|  |  | 694 | 0,60 |
| Suisse 2,04 % |  |  |  |
| Kuehne & Nagel International | 1 194 | 233 | 0,20 |
| Partners | 249 | 230 | 0,20 |
| Roche | 4 122 | 1 414 | 1,23 |
| Sonova | 1 850 | 471 | 0,41 |
|  |  | 2 348 | 2,04 |
| Taïwan 4,14 % |  |  |  |
| Asia Cement | 172 000 | 247 | 0,21 |
| Chailease | 49 000 | 222 | 0,19 |
| Chicony Electronics | 79 000 | 230 | 0,20 |
| Foxconn Technology | 128 000 | 228 | 0,20 |
| GlobalWafers | 17 000 | 225 | 0,20 |
| Hon Hai Precision Industry | 224 000 | 599 | 0,52 |
| Lite-On Technology | 141 000 | 224 | 0,20 |
| MediaTek | 12 000 | 252 | 0,22 |
| Novatek Microelectronics | 29 000 | 266 | 0,23 |
| Pegatron | 147 000 | 324 | 0,28 |
| Quanta Computer | 115 000 | 300 | 0,26 |
| Realtek Semiconductor | 26 000 | 331 | 0,29 |
| TSMC | 16 000 | 239 | 0,21 |
| United Microelectronic | 859 000 | 847 | 0,74 |
| Wistron | 214 000 | 220 | 0,19 |
|  |  | 4 754 | 4,14 |

| Titre | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- |
| Turquie 0,24 % |  |  |  |
| BIM Birlesik Magazalar | 30 189 | 273 | 0,24 |
| Royaume-Uni 3,76 % |  |  |  |
| Admiral | 6 392 | 216 | 0,19 |
| Bunzl | 7 339 | 238 | 0,21 |
| Direct Line Insurance | 103 419 | 360 | 0,31 |
| Evraz | 60 594 | 270 | 0,23 |
| GlaxoSmithKline | 74 432 | 1 396 | 1,22 |
| Hargreaves Lansdown | 11 219 | 227 | 0,20 |
| Imperial Brands | 65 933 | 1 166 | 1,01 |
| Liberty Global | 10 691 | 220 | 0,19 |
| Sage | 24 766 | 231 | 0,20 |
|  |  | 4 324 | 3,76 |
| États-Unis 47,96 % |  |  |  |
| AbbVie | 17 315 | 1 516 | 1,32 |
| Activision Blizzard | 2 785 | 225 | 0,20 |
| Alexion Pharmaceuticals | 2 260 | 258 | 0,22 |
| Allstate | 5 359 | 504 | 0,44 |
| Ameriprise Financial | 1 438 | 222 | 0,19 |
| AmerisourceBergen | 11 773 | 1 141 | 0,99 |
| Amgen | 6 496 | 1 650 | 1,44 |
| Apple | 2 400 | 278 | 0,24 |
| Applied Materials | 3 960 | 235 | 0,20 |
| Arista Networks | 1 163 | 241 | 0,21 |
| Arrow Electronics | 2 999 | 236 | 0,21 |
| AutoZone | 187 | 220 | 0,19 |
| Best Buy | 15 106 | 1 681 | 1,47 |
| Biogen | 5 614 | 1 591 | 1,38 |
| BlackRock | 411 | 232 | 0,20 |
| Bristol-Myers Squibb | 6 064 | 365 | 0,32 |
| Broadcom | 974 | 355 | 0,31 |
| Cadence Design Systems | 2 223 | 237 | 0,21 |
| Campbell Soup | 12 805 | 619 | 0,54 |
| CBOE | 2 497 | 219 | 0,19 |
| CenturyLink | 71 421 | 720 | 0,63 |
| Cintas | 733 | 244 | 0,21 |
| Cisco Systems | 5 813 | 229 | 0,20 |
| Citrix Systems | 1 621 | 223 | 0,19 |
| Colgate-Palmolive | 3 018 | 233 | 0,20 |
| CVS Health | 21 260 | 1 241 | 1,08 |

| Titre | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- |
| DaVita | 6 154 | 527 | 0,46 |
| Dell Technologies | 3 587 | 243 | 0,21 |
| Dollar General | 1 151 | 241 | 0,21 |
| Domino’s Pizza | 561 | 239 | 0,21 |
| eBay | 4 647 | 242 | 0,21 |
| Electronic Arts | 1 769 | 231 | 0,20 |
| Eli Lilly & Co | 2 257 | 334 | 0,29 |
| Exelon | 37 847 | 1 353 | 1,18 |
| Fortinet | 1 926 | 227 | 0,20 |
| Garmin | 2 408 | 228 | 0,20 |
| General Mills | 20 716 | 1 277 | 1,11 |
| Gilead Sciences | 19 745 | 1 247 | 1,09 |
| Home Depot | 5 376 | 1 493 | 1,30 |
| HP | 91 639 | 1 740 | 1,52 |
| Humana | 2 050 | 848 | 0,74 |
| Intel | 18 707 | 968 | 0,84 |
| International Business Machines | 10 411 | 1 266 | 1,10 |
| IPG | 29 973 | 500 | 0,43 |
| Juniper Networks | 25 475 | 548 | 0,48 |
| Kraft Heinz | 7 655 | 229 | 0,20 |
| Kroger | 44 089 | 1 495 | 1,30 |
| Lam Research | 1 978 | 656 | 0,57 |
| Lennar | 3 459 | 282 | 0,25 |
| Lowe’s Cos | 10 630 | 1 763 | 1,54 |
| MarketAxess | 512 | 247 | 0,21 |
| Masco | 4 310 | 238 | 0,21 |
| Mckesson | 10 168 | 1 514 | 1,32 |
| Merck | 3 647 | 302 | 0,26 |
| Microchip Technology | 2 304 | 237 | 0,21 |
| Microsoft | 1 110 | 233 | 0,20 |
| Mohawk Industries | 2 504 | 244 | 0,21 |
| MonotaRO | 5 600 | 278 | 0,24 |
| Morgan Stanley | 4 693 | 227 | 0,20 |
| Mylan | 20 418 | 303 | 0,26 |
| Nasdaq | 5 269 | 646 | 0,56 |
| NetApp | 17 047 | 747 | 0,65 |
| Newmont | 23 170 | 1 470 | 1,28 |
| NRG Energy | 18 627 | 573 | 0,50 |
| Oracle | 26 695 | 1 593 | 1,39 |
| O’Reilly Automotive | 499 | 230 | 0,20 |
| Otis Worldwide | 3 960 | 247 | 0,21 |
| PulteGroup | 4 943 | 229 | 0,20 |

| Titre | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- |
| Qorvo | 2 693 | 347 | 0,30 |
| QUALCOMM | 15 158 | 1 782 | 1,56 |
| Raymond James Financial | 3 071 | 223 | 0,19 |
| Robert Half International | 4 179 | 221 | 0,19 |
| Seagate Technology | 17 838 | 879 | 0,76 |
| SEI Investments | 9 588 | 486 | 0,42 |
| Skyworks Solutions | 1 691 | 246 | 0,21 |
| S&P Global | 644 | 232 | 0,20 |
| Synchrony Financial | 40 585 | 1 062 | 0,92 |
| T. Rowe Price | 12 974 | 1 663 | 1,45 |
| Take-Two Interactive Software | 1 341 | 221 | 0,19 |
| Target | 11 291 | 1 776 | 1,56 |
| Texas Instruments | 1 655 | 236 | 0,21 |
| Tractor Supply | 7 967 | 1 141 | 0,99 |
| Vertex Pharmaceuticals | 1 568 | 426 | 0,37 |
| Vistra Energy | 31 051 | 585 | 0,51 |
| Western Union | 31 745 | 680 | 0,59 |
| Whirlpool | 1 320 | 243 | 0,21 |
|  |  | 55 099 | 47,96 |
| Total Actions |  | 113 836 | 99,07 |
| Total Valeurs mobilières et instruments du marché monétaire admis à la cote officielle d’une Bourse ou négociés sur un autre marché réglementé |  | 113 836 | 99,07 |
| Fonds d’investissement à capital variable 1,10 % |  |  |  |
| Aberdeen Standard Liquidity Fund (Lux) - US Dollar Fund Z-1† | 1 262 | 1 262 | 1,10 |
| Total Fonds d’investissement à capital variable |  | 1 262 | 1,10 |

Dérivés 0,09 %
Contrats à terme 0,01 %
| Contrat à terme |  |  |  | Échéance | Notionnel | Plus-/(moins-) values latentes en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| CME S&P 500 E-mini |  |  |  | 18/12/2020 | 7 | 8 | 0,01 |
| Plus-values latentes sur contrats à terme |  |  |  | 8 | 0,01 |
| Contrats de change à terme 0,08 % |
| Contrepartie | Achat | Vente | Règlement | Montant acheté | Montant vendu | Plus-/(moins-) values latentes en milliers d’USD | Total de l’actif net % |
| BNP Paribas | AUD | USD | 16/12/2020 | 8 614 | 6 237 | - | - |
| BNP Paribas | AUD | USD | 16/12/2020 | 194 | 138 | - | - |
| BNP Paribas | CNH | USD | 16/12/2020 | 64 558 262 | 9 371 484 | 90 | 0,07 |
| BNP Paribas | CNH | USD | 16/12/2020 | 8 492 000 | 1 234 640 | 10 | 0,01 |
| BNP Paribas | CNH | USD | 16/12/2020 | 1 725 787 | 254 009 | (1) | - |
| BNP Paribas | USD | AUD | 16/12/2020 | 160 | 227 | - | - |
| BNP Paribas | USD | CNH | 16/12/2020 | 281 730 | 1 921 344 | - | - |
| BNP Paribas | USD | CNH | 16/12/2020 | 232 324 | 1 598 315 | (2) | - |
| Plus-values latentes sur contrats de change à terme |  |  | 97 | 0,08 |
| Plus-values latentes sur dérivés |  |  |  |  | 105 | 0,09 |
| Total des placements |  |  |  |  |  | 115 203 | 100,26 |
| Autres passifs nets |  |  |  |  |  | (298) | (0,26) |
| Total de l’actif net |  |  |  |  |  | 114 905 | 100,00 |

† Géré par des filiales de Standard Life Aberdeen plc.
Actuellement, les positions à terme ne sont pas garanties.