# G FUND – Total Return All Cap Europe
## Board of Directors’ Report
March 2021-Feb. 2022
This fund is invested in European equities and aims for asymmetric performance and low volatility. To achieve these goals, the sub-fund is invested in two separate buckets:
- A core bucket that invest in low-risk companies that offer good visibility. This bucket serves to lower the fund's volatility and to reduce the impact of normal bear markets.
- An opportunistic bucket which the fund manager uses to invest in promising investment themes. A portion of this bucket is invested in recovery stocks, niche growth markets and M&A targets.

During the year, the following investment policy was observed:
2021 got off to a strong start, thanks to vaccine campaigns and the Democrat majority in the US Senate. The strength of the economic recovery and the return of inflation continued to benefit cyclical and discounted equities at the expense of their more highly valued counterparts. However, markets were disrupted near the end of the year by the slowdown in China, new variants of the Covid virus, the change in the language of central banks and the invasion of Ukraine. The MSCI Europe rose by 15.4% over the year, with food (+27%), energy (+26%) and commodities (+25%) clearly outperforming, well ahead of leisure (-9%), non-food retail (-2%) and technology (+5%).
Although the portfolio's factor positioning was unfavourable (short value and long growth) stock selection made a positive contribution, most notably with Equinor (+85%), Nemetschek (+53%) and Cap Gemini (+43%), despite the disappointing performance of Neste Oyj (-34%) and Alstom (-44%).
Most changes to the portfolio were initially made to strengthen cyclical and discounted stocks, and then later on in the year to reduce underweight positions financials and non-eurozone equities.
G Fund Total Return All Cap Europe returns by share class:
| Share class | Code | Annual return | Benchmark index (see note 4) |
| --- | --- | --- | --- |
| G FUND-TR ACT ALL CAP EU-GCE | LU0857959539 | 14.47% | 15.43% |
| G FUND-TR ACT ALL CAP EU-GD | LU0987164919 | 14.53% | 15.43% |
| G FUND-TR ACT ALL CAP EU-ICE | LU0857959455 | 13.85% | 15.43% |
| G FUND-TR ACT ALL CAP EU-NCE | LU0857959612 | 13.42% | 15.43% |
| G FUND-TR ACT ALL CAP EU-OC | LU1717594557 | 14.59% | 15.43% |
| G FUND-TR ACT ALL CAP EU-ODE | LU1501412651 | 14.73% | 15.43% |

The benchmark index (MSCI Europe with net dividends reinvested) returned +15.43 for the year. Past performance is not a reliable indicator of future performance.
| Combined statement of net assets at 28/02/22 |  |  |
| --- | --- | --- |
|  | Note | In EUR |
| Assets |  | 277,080,330.95 |
| Securities portfolio at market value | 2.2 | 274,797,387.32 |
| Cost |  | 219,863,817.78 |
| Cash at bank |  | 2,014,208.85 |
| Accrued subscriptions |  | 134,560.84 |
| Net dividends receivable |  | 134,173.94 |
| Liabilities |  | 1,265,892.10 |
| Bank overdraft |  | 0.03 |
| Payable on investments purchased |  | 853,782.38 |
| Accrued redemptions |  | 200,392.40 |
| Management fees payable | 3 | 83,928.13 |
| Depositary and sub-depositary fees payable | 5 | 14,702.52 |
| Administration fees payable | 6 | 8,035.61 |
| Performance fees payable | 4 | 75,202.99 |
| Subscription tax (taxe d’abonnement) payable | 8 | 8,275.55 |
| Other liabilities |  | 21,572.49 |
| Net asset value |  | 275,814,438.85 |

| Statement of operations and net changes in assets from 01/03/21 to 28/02/22 |
| --- |
|  | Note | In EUR |
| Income |  | 4,643,999.74 |
| Net dividends on the securities portfolio |  | 4,643,402.09 |
| Bank interest |  | 555.62 |
| Other income |  | 42.03 |
| Expenses |  | 1,152,310.49 |
| Management fees | 3 | 491,159.86 |
| Performance fees | 4 | 75,202.99 |
| Depositary and sub-depositary fees | 5 | 73,168.15 |
| Administration fees | 6 | 42,864.03 |
| Legal expenses |  | 24,995.87 |
| Transaction expenses | 2.17, 7 | 343,933.22 |
| Director remuneration |  | 1,517.96 |
| Subscription tax (taxe d’abonnement) | 8 | 26,367.52 |
| Interest paid on bank overdrafts |  | 13,694.29 |
| Bank charges |  | 1,428.00 |
| Other expenses |  | 57,978.60 |
| Net income / (loss) on investments |  | 3,491,689.25 |
| Net profit / (loss) on: |  |  |
| - sales of investments | 2,3 | 16,515,444.58 |
| - forward exchange contracts | 2,7 | (148,249.65) |
| - futures | 2,8 | (2,260,611.92) |
| - currency |  | 722,765.44 |
| Net profit / (loss) |  | 18,321,037.70 |
| Change in the net unrealised gain / (loss) on: - sales of investments | 2.2 | 3,463,551.39 |
| - forward exchange contracts | 2,7 | 47,978.11 |
| - futures | 2,8 | 578,738.39 |
| Net increase / (decrease) in net assets from operations |  | 22,411,305.59 |
| Dividends paid | 10 | (2,757,742.40) |
| Accumulation share subscriptions |  | 106,627,676.07 |
| Distribution share subscriptions |  | 10,043,923.79 |
| Accumulation share redemptions |  | (12,278,427.82) |
| Distribution share redemptions |  | (53,428,234.72) |
| Increase / (decrease) in net assets |  | 70,618,500.51 |
| Net assets at start of year |  | 205,195,938.34 |
| Net assets at end of year |  | 275,814,438.85 |

| Net assets by share class |  |  |  |  |
| --- | --- | --- | --- | --- |
|  |  | 28/02/22 | 28/02/21 | 29/02/20 |
| Total net assets | EUR | 275,814,438.85 | 205,195,938.34 | 236,891,931.64 |
| NC EUR shares - Accumulation |  |  |  |  |
| Number of shares |  | 262,681.103 | 1,446.706 | 197,545.284 |
| Net asset value per share | EUR | 211.57 | 186.54 | 169.75 |
| IC EUR shares - Accumulation Number of shares |  | 30,340.297 | 18,575.545 | 74,309.706 |
| Net asset value per share | EUR | 2,198.01 | 1,930.66 | 1,747.30 |
| OC EUR shares - Accumulation Number of shares |  | 5,786.951 | 3,099.760 | 3,876,000 |
| Net asset value per share | EUR | 1,396.13 | 1,218.38 | 1,096.60 |
| OD EUR shares - Distribution Number of shares |  | 88,430.631 | 93,488.675 | 6,944.956 |
| Net asset value per share | EUR | 1,278.44 | 1,137.98 | 1,039.79 |
| Dividend per share |  | 26.98 | 13.61 | 25.03 |
| GC EUR shares - Accumulation Number of shares |  | 4,244.445 | 3,331.077 | 6,049.724 |
| Net asset value per share | EUR | 2,279.98 | 1,991.79 | 1,795.34 |
| GD EUR shares - Distribution Number of shares |  | 14,505.423 | 37,889.225 | 40,195.452 |
| Net asset value per share | EUR | 1,567.68 | 1,379.36 | 1,273.33 |
| Dividend per share |  | 12.01 | 31.67 | 35.52 |

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 | 1,446.706 | 263,148.023 | 1,913.626 | 262,681.103 |
| IC EUR shares - Accumulation | 18,575.545 | 15,223.747 | 3,458.995 | 30,340.297 |
| OC EUR shares - Accumulation | 3,099.760 | 5,626.980 | 2,939.789 | 5,786.951 |
| OD EUR shares - Distribution | 93,488.675 | 7,818.945 | 12,876.989 | 88,430.631 |
| GC EUR shares - Accumulation | 3,331.077 | 913.368 | 0,000 | 4,244.445 |
| GD EUR shares - Distribution | 37,889.225 | 0,000 | 23,383.802 | 14,505.423 |

| 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 |  |  | 267,336,453.25 | 96.93 |
| Equities |  |  | 267,336,453.25 | 96.93 |
| France |  |  | 64,600,785.00 | 23.42 |
| AIR LIQUIDE SA | EUR | 29,000 | 4,312,300.00 | 1.56 |
| ALSTOM | EUR | 33,000 | 755,700.00 | 0.27 |
| AXA SA | EUR | 220,000 | 5,340,500.00 | 1.94 |
| CAPGEMINI SE | EUR | 24,900 | 4,688,670.00 | 1.70 |
| CIE DE SAINT-GOBAIN | EUR | 135,000 | 7,553,250.00 | 2.74 |
| DANONE | EUR | 10,000 | 543,100.00 | 0.20 |
| FAURECIA | EUR | 47,000 | 1,600,350.00 | 0.58 |
| KERING | EUR | 2,200 | 1,401,620.00 | 0.51 |
| L'OREAL SA | EUR | 11,800 | 4,189,000.00 | 1.52 |
| LVMH | EUR | 8,900 | 5,873,110.00 | 2.13 |
| REXEL SA | EUR | 125,000 | 2,474,375.00 | 0.90 |
| SARTORIUS STEDIM BIOTECH | EUR | 12,700 | 4,361,180.00 | 1.58 |
| SCHNEIDER ELECTRIC | EUR | 44,000 | 6,150,320.00 | 2.23 |
| TELEPERFORMANCE | EUR | 17,800 | 5,907,820.00 | 2.14 |
| TOTALENERGIES | EUR | 143,000 | 6,519,370.00 | 2.36 |
| VINCI SA | EUR | 31,000 | 2,930,120.00 | 1.06 |
| Switzerland |  |  | 40,169,275.57 | 14.56 |
| CHOCOLADEFABRIKEN LINDT & SP REGS | CHF | 33 | 3,314,571.30 | 1.20 |
| LONZA GROUP (CHF) | CHF | 5,400 | 3,340,249.41 | 1.21 |
| NESTLE | CHF | 103,500 | 12,030,889.42 | 4.36 |
| NOVARTIS AG REG SHS | CHF | 10,000 | 779,659.37 | 0.28 |
| ROCHE HOLDING LTD | CHF | 18,700 | 6,348,871.85 | 2.30 |
| SIKA | CHF | 18,200 | 5,404,629.05 | 1.96 |
| STRAUMANN HOLDING REG | CHF | 2,950 | 4,178,295.89 | 1.51 |
| VZ HOLDING LTD | CHF | 18,700 | 1,498,976.18 | 0.54 |
| ZURICH INSURANCE GROUP NAMEN AKT | CHF | 8,000 | 3,273,133.10 | 1.19 |
| Germany |  |  | 36,970,870.00 | 13.40 |
| ADIDAS | EUR | 11,000 | 2,332,550.00 | 0.85 |
| BASF SE REG SHS | EUR | 13,000 | 770,250.00 | 0.28 |
| CARL ZEISS MEDITEC A | EUR | 14,000 | 1,971,900.00 | 0.71 |
| COVESTRO AG | EUR | 38,000 | 1,793,980.00 | 0.65 |
| DEUTSCHE BOERSE AG REG SHS | EUR | 33,300 | 5,084,910.00 | 1.84 |
| DEUTSCHE POST AG | EUR | 65,000 | 2,935,400.00 | 1.06 |
| DEUTSCHE TELEKOM AG REG SHS | EUR | 363,000 | 5,818,890.00 | 2.11 |
| KION GROUP AG | EUR | 27,000 | 1,948,320.00 | 0.71 |
| MUENCHENER RUECKVERSICHERUNGS AG REG SHS | EUR | 21,000 | 5,190,150.00 | 1.88 |
| NEMETSCHEK | EUR | 27,000 | 2,144,880.00 | 0.78 |
| PUMA AG | EUR | 34,000 | 2,787,320.00 | 1.01 |
| SAP AG | EUR | 25,500 | 2,583,660.00 | 0.94 |
| ZALANDO SE | EUR | 27,000 | 1,608,660.00 | 0.58 |
| Netherlands |  |  | 36,304,598.00 | 13.16 |
| AIRBUS GROUP | EUR | 27,000 | 3,102,300.00 | 1.12 |
| AKZO NOBEL NV | EUR | 30,000 | 2,550,000.00 | 0.92 |
| ASM INTERNATIONAL NV | EUR | 7,500 | 2,161,500.00 | 0.78 |
| ASML HLDG | EUR | 17,300 | 10,360,970.00 | 3.76 |
| HEINEKEN NV | EUR | 53,000 | 4,790,140.00 | 1.74 |
| KONINKLIJKE AHOLD DELHAIZE NV | EUR | 207,000 | 5,688,360.00 | 2.06 |
| STELLANTIS N.V. -SHS | EUR | 467,000 | 7,651,328.00 | 2.77 |
| United Kingdom |  |  | 30,453,337.74 | 11.04 |
| ASHTEAD GROUP | GBP | 70,000 | 4,077,410.11 | 1.48 |
| ASTRAZENECA PLC | GBP | 54,000 | 5,843,817.94 | 2.12 |
| DIAGEO PLC | GBP | 92,000 | 4,093,895.59 | 1.48 |
| HSBC HOLDINGS PLC | GBP | 900,000 | 5,532,672.32 | 2.01 |
| RIO TINTO PLC | GBP | 57,000 | 3,943,220.64 | 1.43 |
| SMITH AND NEPHEW PLC | GBP | 135,000 | 2,156,194.00 | 0.78 |
| ST JAME'S PLACE CAPITAL | GBP | 236,000 | 3,956,827.14 | 1.43 |

| Securities portfolio at 28/02/2022 |  |  |  |  |
| --- | --- | --- | --- | --- |
| Name | Curr. | Number of shares | Market value (in EUR) | % of net assets |
| UNILEVER | EUR | 19,000 | 849,300.00 | 0.31 |
| Italy |  |  | 19,175,000.00 | 6.95 |
| ENEL SPA | EUR | 660,000 | 4,355,340.00 | 1.58 |
| FINECOBANK | EUR | 520,000 | 7,761,000.00 | 2.81 |
| INTESA SANPAOLO SPA | EUR | 2,200,000 | 5,045,700.00 | 1.83 |
| RECORDATI SPA | EUR | 46,000 | 2,012,960.00 | 0.73 |
| Sweden |  |  | 7,318,537.87 | 2.65 |
| ATLAS COPCO AB - REGS -A- | SEK | 65,300 | 3,045,403.26 | 1.10 |
| EPIROC --- REGISTERED SHS -A- | SEK | 170,000 | 2,871,285.73 | 1.04 |
| NIBE INDUSTRIER | SEK | 175,000 | 1,401,848.88 | 0.51 |
| Finland |  |  | 6,513,040.00 | 2.36 |
| NESTE | EUR | 68,000 | 2,392,240.00 | 0.87 |
| STORA ENSO -R- | EUR | 240,000 | 4,120,800.00 | 1.49 |
| Luxembourg |  |  | 5,777,400.47 | 2.09 |
| ARCELORMITTAL | EUR | 125,000 | 3,463,125.00 | 1.26 |
| B&M EUROPEAN VALUE RETAIL | GBP | 320,000 | 2,314,275.47 | 0.84 |
| Denmark |  |  | 5,410,253.48 | 1.96 |
| NOVO NORDISK | DKK | 59,000 | 5,410,253.48 | 1.96 |
| Spain |  |  | 4,719,450.00 | 1.71 |
| AMADEUS IT | EUR | 12,500 | 749,250.00 | 0.27 |
| IBERDROLA SA | EUR | 390,000 | 3,970,200.00 | 1.44 |
| Norway |  |  | 4,369,722.59 | 1.58 |
| EQUINOR ASA | NOK | 155,000 | 4,369,722.59 | 1.58 |
| Belgium |  |  | 3,522,000.00 | 1.28 |
| WAREHOUSES DE PAUW SCA - REGISTERED SHS | EUR | 100,000 | 3,522,000.00 | 1.28 |
| Jersey |  |  | 2,032,182.53 | 0.74 |
| EXPERIAN GROUP | GBP | 58,000 | 2,032,182.53 | 0.74 |
| Collective investment undertakings |  |  | 7,460,934.07 | 2.71 |
| Shares/units in investment funds |  |  | 7,460,934.07 | 2.71 |
| France |  |  | 6,565,417.07 | 2.38 |
| GROUPAMA MONETAIRE IC | EUR | 31 | 6,565,417.07 | 2.38 |
| Luxembourg |  |  | 895,517.00 | 0.32 |
| G FUND – AVENIR SMALL CAP IC EUR | EUR | 700 | 895,517.00 | 0.32 |
| Total securities portfolio |  |  | 274,797,387.32 | 99.63 |

Translation (ENFR, 2022-02-28):
# G FUND – Total Return All Cap Europe
## Rapport du Conseil d'Administration
Mars 2021-Fev 2022
Le fonds est investi sur les actions européennes et vise à privilégier une performance asymétrique et la maitrise de la volatilité. Pour cela, le fonds est investi sur deux poches :
- un portefeuille cœur investi sur des sociétés à faible risque et forte visibilité. Cette poche permet de maitriser la volatilité du fonds et d'amortir les phases de baisse normales.
- une poche opportuniste que le gérant utilisera pour investir sur des thématiques porteuses identifiées. La poche est d’une part investie sur des valeurs de retournement, des niches de croissance ou sur des cibles de "M&A".

Pendant l’exercice, la politique d’investissement s’est déroulée comme suit :
L’exercice 2021 démarre sur les chapeaux de roues, stimulé par les campagnes de vaccinations et le gain du Sénat par l’administration Biden. La vigueur de la reprise économique et le retour de l’inflation entretiennent la rotation en faveur des titres cycliques et décotés et au détriment de la qualité. Le ralentissement en Chine, les nouveaux variants, le changement de ton des banques centrales et l’invasion en Ukraine viennent cependant perturber la fin d’exercice. Le MSCI Europe progresse de 15,4% sur la période, avec une nette surperformance de l’alimentation (+27%), de l’énergie (+26%) et des matières premières (+25%), devant les loisirs (-9%), la distribution non alimentaire (-2%) et les technologies (+5%).
Le positionnement factoriel du portefeuille a été défavorable (short value et long croissance) mais la sélection a été positive notamment via Equinor (+85%), Nemetschek (+53%) ou Cap Gemini (+43%), malgré les déceptions sur Neste Oyj (-34%) ou Alstom (-44%).
Les mouvements intervenus durant l’exercice ont visé le renforcement des valeurs cycliques et décotées dans un premier temps puis la réduction des sous-pondérations sur les financières et les titres hors zone euro dans un second temps.
Performances des différentes parts du compartiment G Fund Total Return All Cap Europe :
| Parts du fonds | Identifiant | Performance sur la période sous revue | Indice de référence (voir note 4) |
| --- | --- | --- | --- |
| G FUND-TR ACT ALL CAP EU-GCE | LU0857959539 | 14,47% | 15,43% |
| G FUND-TR ACT ALL CAP EU-GD | LU0987164919 | 14,53% | 15,43% |
| G FUND-TR ACT ALL CAP EU-ICE | LU0857959455 | 13,85% | 15,43% |
| G FUND-TR ACT ALL CAP EU-NCE | LU0857959612 | 13,42% | 15,43% |
| G FUND-TR ACT ALL CAP EU-OC | LU1717594557 | 14,59% | 15,43% |
| G FUND-TR ACT ALL CAP EU-ODE | LU1501412651 | 14,73% | 15,43% |

La performance de l’indice de référence, MSCI Europe dividendes nets réinvestis, sur la période s’établit à +15,43%. Les performances passées ne préjugent pas des performances futures.
| Etat des actifs nets au 28/02/22 |  |
| --- | --- |
|  | Note | Exprimé en EUR |
| Actifs |  | 277.080.330,95 |
| Portefeuille-titres à la valeur d'évaluation | 2.2 | 274.797.387,32 |
| Prix de revient |  | 219.863.817,78 |
| Avoirs en banque |  | 2.014.208,85 |
| A recevoir sur souscriptions |  | 134.560,84 |
| Dividendes à recevoir, nets |  | 134.173,94 |
| Passifs |  | 1.265.892,10 |
| Découvert bancaire |  | 0,03 |
| A payer sur investissements achetés |  | 853.782,38 |
| A payer sur rachats |  | 200.392,40 |
| Commissions de gestion à payer | 3 | 83.928,13 |
| Commissions de dépositaire et de sous-dépositaire à payer | 5 | 14.702,52 |
| Commissions d'administration à payer | 6 | 8.035,61 |
| Commissions de performance à payer | 4 | 75.202,99 |
| Taxe d'abonnement à payer | 8 | 8.275,55 |
| Autres passifs |  | 21.572,49 |
| Valeur nette d'inventaire |  | 275.814.438,85 |

| Etat des opérations et des variations des actifs nets du 01/03/21 au 28/02/22 |  |
| --- | --- |
|  | Note | Exprimé en EUR |
| Revenus |  | 4.643.999,74 |
| Dividendes sur portefeuille-titres, nets |  | 4.643.402,09 |
| Intérêts bancaires |  | 555,62 |
| Autres revenus |  | 42,03 |
| Dépenses |  | 1.152.310,49 |
| Commissions de gestion | 3 | 491.159,86 |
| Commissions de performance | 4 | 75.202,99 |
| Commissions de dépositaire et de sous-dépositaire | 5 | 73.168,15 |
| Commissions d'administration | 6 | 42.864,03 |
| Frais légaux |  | 24.995,87 |
| Frais de transaction | 2.17, 7 | 343.933,22 |
| Rémunération administrateurs |  | 1.517,96 |
| Taxe d'abonnement | 8 | 26.367,52 |
| Intérêts payés sur découvert bancaire |  | 13.694,29 |
| Frais bancaires |  | 1.428,00 |
| Autres dépenses |  | 57.978,60 |
| Revenus / (Pertes) net(te)s des investissements |  | 3.491.689,25 |
| Bénéfices / (Pertes) net(te)s réalisé(e)s sur: |  |  |
| - ventes d'investissements | 2.3 | 16.515.444,58 |
| - contrats de change à terme | 2.7 | (148.249,65) |
| - contrats futures | 2.8 | (2.260.611,92) |
| - change |  | 722.765,44 |
| Bénéfice / (Perte) net(te) réalisé(e) |  | 18.321.037,70 |
| Variation de la plus-value / (moins-value) nette non réalisée sur: - ventes d’investissements | 2.2 | 3.463.551,39 |
| - contrats de change à terme | 2.7 | 47.978,11 |
| - contrats futures | 2.8 | 578.738,39 |
| Augmentation / (diminution) nette des actifs nets provenant des opérations |  | 22.411.305,59 |
| Dividendes versés | 10 | (2.757.742,40) |
| Souscriptions d'actions de capitalisation |  | 106.627.676,07 |
| Souscriptions d'actions de distribution |  | 10.043.923,79 |
| Rachats d'actions de capitalisation |  | (12.278.427,82) |
| Rachats d'actions de distribution |  | (53.428.234,72) |
| Augmentation / (diminution) des actifs nets |  | 70.618.500,51 |
| Actifs nets début de l'exercice |  | 205.195.938,34 |
| Actifs nets à la fin de l'exercice |  | 275.814.438,85 |

| Statistiques |  |
| --- | --- |
|  |  | 28/02/22 | 28/02/21 | 29/02/20 |
| Total des actifs nets | EUR | 275.814.438,85 | 205.195.938,34 | 236.891.931,64 |
| Classe NC EUR - Capitalisation |  |  |  |  |
| Nombre d'actions |  | 262.681,103 | 1.446,706 | 197.545,284 |
| Valeur nette d'inventaire par action | EUR | 211,57 | 186,54 | 169,75 |
| Classe IC EUR - Capitalisation Nombre d'actions |  | 30.340,297 | 18.575,545 | 74.309,706 |
| Valeur nette d'inventaire par action | EUR | 2.198,01 | 1.930,66 | 1.747,30 |
| Classe OC EUR - Capitalisation Nombre d'actions |  | 5.786,951 | 3.099,760 | 3.876,000 |
| Valeur nette d'inventaire par action | EUR | 1.396,13 | 1.218,38 | 1.096,60 |
| Classe OD EUR - Distribution Nombre d'actions |  | 88.430,631 | 93.488,675 | 6.944,956 |
| Valeur nette d'inventaire par action | EUR | 1.278,44 | 1.137,98 | 1.039,79 |
| Dividende par action |  | 26,98 | 13,61 | 25,03 |
| Classe GC EUR - Capitalisation Nombre d'actions |  | 4.244,445 | 3.331,077 | 6.049,724 |
| Valeur nette d'inventaire par action | EUR | 2.279,98 | 1.991,79 | 1.795,34 |
| Classe GD EUR - Distribution Nombre d'actions |  | 14.505,423 | 37.889,225 | 40.195,452 |
| Valeur nette d'inventaire par action | EUR | 1.567,68 | 1.379,36 | 1.273,33 |
| Dividende par action |  | 12,01 | 31,67 | 35,52 |

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 | 1.446,706 | 263.148,023 | 1.913,626 | 262.681,103 |
| Classe IC EUR - Capitalisation | 18.575,545 | 15.223,747 | 3.458,995 | 30.340,297 |
| Classe OC EUR - Capitalisation | 3.099,760 | 5.626,980 | 2.939,789 | 5.786,951 |
| Classe OD EUR - Distribution | 93.488,675 | 7.818,945 | 12.876,989 | 88.430,631 |
| Classe GC EUR - Capitalisation | 3.331,077 | 913,368 | 0,000 | 4.244,445 |
| Classe GD EUR - Distribution | 37.889,225 | 0,000 | 23.383,802 | 14.505,423 |

| 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 |  |  | 267.336.453,25 | 96,93 |
| Actions |  |  | 267.336.453,25 | 96,93 |
| France |  |  | 64.600.785,00 | 23,42 |
| AIR LIQUIDE SA | EUR | 29.000 | 4.312.300,00 | 1,56 |
| ALSTOM | EUR | 33.000 | 755.700,00 | 0,27 |
| AXA SA | EUR | 220.000 | 5.340.500,00 | 1,94 |
| CAPGEMINI SE | EUR | 24.900 | 4.688.670,00 | 1,70 |
| CIE DE SAINT-GOBAIN | EUR | 135.000 | 7.553.250,00 | 2,74 |
| DANONE | EUR | 10.000 | 543.100,00 | 0,20 |
| FAURECIA | EUR | 47.000 | 1.600.350,00 | 0,58 |
| KERING | EUR | 2.200 | 1.401.620,00 | 0,51 |
| L'OREAL SA | EUR | 11.800 | 4.189.000,00 | 1,52 |
| LVMH | EUR | 8.900 | 5.873.110,00 | 2,13 |
| REXEL SA | EUR | 125.000 | 2.474.375,00 | 0,90 |
| SARTORIUS STEDIM BIOTECH | EUR | 12.700 | 4.361.180,00 | 1,58 |
| SCHNEIDER ELECTRIC | EUR | 44.000 | 6.150.320,00 | 2,23 |
| TELEPERFORMANCE | EUR | 17.800 | 5.907.820,00 | 2,14 |
| TOTALENERGIES | EUR | 143.000 | 6.519.370,00 | 2,36 |
| VINCI SA | EUR | 31.000 | 2.930.120,00 | 1,06 |
| Suisse |  |  | 40.169.275,57 | 14,56 |
| CHOCOLADEFABRIKEN LINDT & SP REGS | CHF | 33 | 3.314.571,30 | 1,20 |
| LONZA GROUP (CHF) | CHF | 5.400 | 3.340.249,41 | 1,21 |
| NESTLE | CHF | 103.500 | 12.030.889,42 | 4,36 |
| NOVARTIS AG REG SHS | CHF | 10.000 | 779.659,37 | 0,28 |
| ROCHE HOLDING LTD | CHF | 18.700 | 6.348.871,85 | 2,30 |
| SIKA | CHF | 18.200 | 5.404.629,05 | 1,96 |
| STRAUMANN HOLDING REG | CHF | 2.950 | 4.178.295,89 | 1,51 |
| VZ HOLDING LTD | CHF | 18.700 | 1.498.976,18 | 0,54 |
| ZURICH INSURANCE GROUP NAMEN AKT | CHF | 8.000 | 3.273.133,10 | 1,19 |
| Allemagne |  |  | 36.970.870,00 | 13,40 |
| ADIDAS | EUR | 11.000 | 2.332.550,00 | 0,85 |
| BASF SE REG SHS | EUR | 13.000 | 770.250,00 | 0,28 |
| CARL ZEISS MEDITEC A | EUR | 14.000 | 1.971.900,00 | 0,71 |
| COVESTRO AG | EUR | 38.000 | 1.793.980,00 | 0,65 |
| DEUTSCHE BOERSE AG REG SHS | EUR | 33.300 | 5.084.910,00 | 1,84 |
| DEUTSCHE POST AG | EUR | 65.000 | 2.935.400,00 | 1,06 |
| DEUTSCHE TELEKOM AG REG SHS | EUR | 363.000 | 5.818.890,00 | 2,11 |
| KION GROUP AG | EUR | 27.000 | 1.948.320,00 | 0,71 |
| MUENCHENER RUECKVERSICHERUNGS AG REG SHS | EUR | 21.000 | 5.190.150,00 | 1,88 |
| NEMETSCHEK | EUR | 27.000 | 2.144.880,00 | 0,78 |
| PUMA AG | EUR | 34.000 | 2.787.320,00 | 1,01 |
| SAP AG | EUR | 25.500 | 2.583.660,00 | 0,94 |
| ZALANDO SE | EUR | 27.000 | 1.608.660,00 | 0,58 |
| Pays-Bas |  |  | 36.304.598,00 | 13,16 |
| AIRBUS GROUP | EUR | 27.000 | 3.102.300,00 | 1,12 |
| AKZO NOBEL NV | EUR | 30.000 | 2.550.000,00 | 0,92 |
| ASM INTERNATIONAL NV | EUR | 7.500 | 2.161.500,00 | 0,78 |
| ASML HLDG | EUR | 17.300 | 10.360.970,00 | 3,76 |
| HEINEKEN NV | EUR | 53.000 | 4.790.140,00 | 1,74 |
| KONINKLIJKE AHOLD DELHAIZE NV | EUR | 207.000 | 5.688.360,00 | 2,06 |
| STELLANTIS N.V. -SHS | EUR | 467.000 | 7.651.328,00 | 2,77 |
| Royaume-Uni |  |  | 30.453.337,74 | 11,04 |
| ASHTEAD GROUP | GBP | 70.000 | 4.077.410,11 | 1,48 |
| ASTRAZENECA PLC | GBP | 54.000 | 5.843.817,94 | 2,12 |
| DIAGEO PLC | GBP | 92.000 | 4.093.895,59 | 1,48 |
| HSBC HOLDINGS PLC | GBP | 900.000 | 5.532.672,32 | 2,01 |
| RIO TINTO PLC | GBP | 57.000 | 3.943.220,64 | 1,43 |
| SMITH AND NEPHEW PLC | GBP | 135.000 | 2.156.194,00 | 0,78 |
| ST JAME'S PLACE CAPITAL | GBP | 236.000 | 3.956.827,14 | 1,43 |

| Portefeuille-titres au 28/02/22 |  |
| --- | --- |
| Description | Devise | Quantité | Valeur d'évaluation (en EUR) | % actifs nets |
| UNILEVER | EUR | 19.000 | 849.300,00 | 0,31 |
| Italie |  |  | 19.175.000,00 | 6,95 |
| ENEL SPA | EUR | 660.000 | 4.355.340,00 | 1,58 |
| FINECOBANK | EUR | 520.000 | 7.761.000,00 | 2,81 |
| INTESA SANPAOLO SPA | EUR | 2.200.000 | 5.045.700,00 | 1,83 |
| RECORDATI SPA | EUR | 46.000 | 2.012.960,00 | 0,73 |
| Suède |  |  | 7.318.537,87 | 2,65 |
| ATLAS COPCO AB - REGS -A- | SEK | 65.300 | 3.045.403,26 | 1,10 |
| EPIROC --- REGISTERED SHS -A- | SEK | 170.000 | 2.871.285,73 | 1,04 |
| NIBE INDUSTRIER | SEK | 175.000 | 1.401.848,88 | 0,51 |
| Finlande |  |  | 6.513.040,00 | 2,36 |
| NESTE | EUR | 68.000 | 2.392.240,00 | 0,87 |
| STORA ENSO -R- | EUR | 240.000 | 4.120.800,00 | 1,49 |
| Luxembourg |  |  | 5.777.400,47 | 2,09 |
| ARCELORMITTAL | EUR | 125.000 | 3.463.125,00 | 1,26 |
| B&M EUROPEAN VALUE RETAIL | GBP | 320.000 | 2.314.275,47 | 0,84 |
| Danemark |  |  | 5.410.253,48 | 1,96 |
| NOVO NORDISK | DKK | 59.000 | 5.410.253,48 | 1,96 |
| Espagne |  |  | 4.719.450,00 | 1,71 |
| AMADEUS IT | EUR | 12.500 | 749.250,00 | 0,27 |
| IBERDROLA SA | EUR | 390.000 | 3.970.200,00 | 1,44 |
| Norvège |  |  | 4.369.722,59 | 1,58 |
| EQUINOR ASA | NOK | 155.000 | 4.369.722,59 | 1,58 |
| Belgique |  |  | 3.522.000,00 | 1,28 |
| WAREHOUSES DE PAUW SCA - REGISTERED SHS | EUR | 100.000 | 3.522.000,00 | 1,28 |
| Jersey |  |  | 2.032.182,53 | 0,74 |
| EXPERIAN GROUP | GBP | 58.000 | 2.032.182,53 | 0,74 |
| Organismes de placement collectif |  |  | 7.460.934,07 | 2,71 |
| Actions/Parts de fonds d'investissements |  |  | 7.460.934,07 | 2,71 |
| France |  |  | 6.565.417,07 | 2,38 |
| GROUPAMA MONETAIRE IC | EUR | 31 | 6.565.417,07 | 2,38 |
| Luxembourg |  |  | 895.517,00 | 0,32 |
| G FUND – AVENIR SMALL CAP IC EUR | EUR | 700 | 895.517,00 | 0,32 |
| Total du portefeuille-titres |  |  | 274.797.387,32 | 99,63 |