# INDOSUEZ FUNDS
## - Asia Bonds (formerly INDOSUEZ FUNDS - Asia
Income)

#### Financial Statements as at 31/12/20
Statement of net assets as at 31/12/20
Expressed in USD
| Assets |  | 315.077.728,02 |
| --- | --- | --- |
| Securities portfolio at market value | Note 2 | 306.017.542,31 |
| Cost price |  | 294.837.224,85 |
| Unrealised profit on the securities portfolio |  | 11.180.317,46 |
| Cash at banks and liquidities | Note 2 | 4.423.888,56 |
| Margin accounts on financial futures |  | 668.912,28 |
| Interest receivable |  | 3.822.027,98 |
| Subscriptions receivable |  | 145.356,89 |
| Liabilities |  | 448.494,97 |
| Redemptions payable |  | 107.692,61 |
| Management fees payable | Note 3 | 231.881,72 |
| Other liabilities |  | 108.920,64 |
| Net asset value |  | 314.629.233,05 |

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 | 0,000 | 9.119,062 | 102,113 | 9.016,949 |
| Classe G | 4.501,843 | 85.440,725 | 8.325,668 | 81.616,900 |
| Classe GX | 219,751 | 9.329,741 | 335,210 | 9.214,282 |
| Classe M | 10.081,000 | 59.380,252 | 4.010,000 | 65.451,252 |
| Classe MX | 596.135,800 | 251.516,134 | 91.271,339 | 756.380,595 |
| Classe P | 25.852,578 | 188.615,508 | 26.042,716 | 188.425,370 |
| Classe PX | 627.265,428 | 363.173,125 | 100.223,503 | 890.215,050 |
| Classe W | 0,000 | 148,510 | 0,000 | 148,510 |

Key figures
|  | Year ending as at: | 31/12/20 | 31/12/19 | 31/12/18 |
| --- | --- | --- | --- | --- |
| Total Net Assets | USD | 314.629.233,05 | 129.465.245,53 | 125.020.908,82 |
| Classe F Number of shares |  | 9.016,949 | 0,000 | 0,000 |
| Net asset value per share | USD | 1.301,09 | 0,00 | 0,00 |
| Classe G Number of shares |  | 81.616,900 | 4.501,843 | 6.471,097 |
| Net asset value per share | USD | 1.206,35 | 1.137,70 | 1.028,78 |
| Classe GX Number of shares |  | 9.214,282 | 219,751 | 0,000 |
| Net asset value per share | USD | 1.023,02 | 1.004,40 | 0,00 |
| Dividend per share |  | 40,00 | 0,00 | 0,00 |
| Classe M Number of shares |  | 65.451,252 | 10.081,000 | 12.121,000 |
| Net asset value per share | USD | 119,40 | 112,83 | 102,22 |
| Classe MX Number of shares |  | 756.380,595 | 596.135,800 | 599.125,072 |
| Net asset value per share | USD | 100,67 | 99,09 | 94,08 |
| Dividend per share |  | 4,00 | 4,50 | 4,40 |
| Classe P Number of shares |  | 188.425,370 | 25.852,578 | 19.916,677 |
| Net asset value per share | USD | 116,91 | 111,00 | 101,06 |
| Classe PX Number of shares |  | 890.215,050 | 627.265,428 | 632.155,516 |
| Net asset value per share | USD | 98,33 | 97,32 | 92,93 |
| Dividend per share |  | 4,00 | 4,50 | 4,40 |
| Classe W Number of shares |  | 148,510 | 0,000 | 0,000 |
| Net asset value per share | USD | 10.026,56 | 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	 297.448.317,31 | 94,54 |
| Bonds	 250.665.334,31 | 79,67 |
| France	 920.428,00 | 0,29 |

| 800.000,00 ELECTRICITE DE FRANCE 4.5 | 19-69 04/12S | USD | 920.428,00 | 0,29 |
| --- | --- | --- | --- | --- |
| The Netherlands |  |  | 19.056.102,50 | 6,06 |
| 2.000.000,00 BRASKEM NETHERLANDS 5.875 19-50 31/01S | USD | 2.076.620,00 | 0,66 |
| 500.000,00 ENEL FINANCE INTERNA 4.75 17-47 25/05S | USD | 669.277,50 | 0,21 |
| 500.000,00 JABABEKA INTL REGS  6.50 16-23 05/10S | USD | 486.515,00 | 0,15 |
| 7.700.000,00 MINEJESA CAP BV 4.625 17-30 10/08S | USD | 8.326.010,00 | 2,66 |
| 6.800.000,00 MINEJESA CAP BV 5.625 17-37 10/08S | USD | 7.497.680,00 | 2,38 |
| India |  | 18.924.795,50 | 6,01 |
| 3.000.000,00 ADANI ELECTRICTY MUMB 3.949 20-30 12/02S | USD | 3.191.940,00 | 1,01 |
| 2.000.000,00 ADANI PORTS AND	4.2000 20-27 04/08S | USD | 2.151.750,00 | 0,68 |
| 5.404.000,00 ADANI TRANSMISS	4.2500 19-36 21/05S | USD | 5.746.646,02 | 1,83 |
| 287.625,00 ADANIREN KODSOPAR 4.625 19-39 15/10S | USD | 297.654,48 | 0,09 |
| 2.000.000,00 HINDUSTAN PETREOLEUM 4.00 17-27 12/07S | USD | 2.127.520,00 | 0,68 |
| 1.000.000,00 JSW STEEL LTD	5.95 19-24 18/04S | USD | 1.065.275,00 | 0,34 |
| 1.000.000,00 OIL INDIA	5.125 19-29 04/02S | USD | 1.150.705,00 | 0,37 |
| 3.000.000,00 RENEW POWER LTD	5.875 20-27 05/03S | USD | 3.193.305,00 | 1,01 |
| Hong Kong |  | 12.741.264,50 | 4,05 |
| 2.000.000,00 CNAC FINBRIDGE	5.125 18-28 14/03S | USD | 2.180.110,00 | 0,69 |
| 1.500.000,00 CNAC HK FINBRIDGE CO 3.875 19-29 19/06S | USD | 1.520.872,50 | 0,48 |
| 2.000.000,00 COUNTRY GARDEN	5.1250 20-27 14/01S | USD | 2.156.860,00 | 0,69 |
| 2.000.000,00 COUNTRY GARDEN 5.40 20-25 27/05S | USD | 2.162.580,00 | 0,69 |
| 4.200.000,00 COUNTRY GARDEN HLD 5.625 16-26 15/12S | USD | 4.720.842,00 | 1,50 |
| Singapore |  | 3.530.283,00 | 1,12 |
| 1.000.000,00 JUBILANT PHARMA LTD	6 19-24 05/03S | USD | 1.059.360,00 | 0,34 |
| 2.600.000,00 THETA CAPITAL	6.75 16-26 31/10S | USD | 2.470.923,00 | 0,78 |
| Australia |  | 3.755.202,50 | 1,19 |
| 3.500.000,00 PERENTI FINANCE PTY 6.5 20-25 07/10S | USD | 3.755.202,50 | 1,19 |
| Cayman Islands |  | 63.282.350,42 | 20,12 |
| 2.000.000,00 CENTRAL CHN REA	7.7500 20-24 24/05S | USD | 2.041.370,00 | 0,65 |
| 550.000,00 CHINA OVERSEAS FINAN 4.75 18-28 26/04S | USD | 627.486,75 | 0,20 |
| 1.000.000,00 CIFI HOLDINGS	5.25 20-26 13/05S | USD | 1.042.560,00 | 0,33 |
| 1.000.000,00 CIFI HOLDINGS	7.625 19-21 02/03S | USD | 1.013.540,00 | 0,32 |
| 1.500.000,00 CIFI HOLDINGS G	6.0000 20-25 16/07S | USD | 1.604.445,00 | 0,51 |
| 500.000,00 CIFI HOLDINGS GROUP  5.50 18-23 23/01S | USD | 516.335,00 | 0,16 |
| 1.000.000,00 CIFI HOLDINGS GROUP 5.50 17-22 23/01S | USD | 1.018.750,00 | 0,32 |
| 1.000.000,00 CIFI HOLDINGS GROUP 6.45 19-24 23/04S | USD | 1.078.770,00 | 0,34 |
| 1.000.000,00 CIFI HOLDINGS GROUP 6.55 19-24 28/03S | USD | 1.070.920,00 | 0,34 |
| 2.000.000,00 E-HOUSE CHINA E	7.6000 20-23 10/06S | USD | 1.950.630,00 | 0,62 |
| 1.500.000,00 FANTASIA HOLDINGS  12.25 19-22 18/10S | USD | 1.607.752,50 | 0,51 |
| 1.693.000,00 FANTASIA HOLDINGS  8.375 18-21 08/03S | USD | 1.701.448,07 | 0,54 |
| 300.000,00 FANTASIA HOLDINGS 7.375 16-21 04/10S | USD | 301.341,00 | 0,10 |
| 400.000,00 KAISA GROUP HOLDINGS 11.75 19-21 26/02S | USD | 404.488,00 | 0,13 |
| 1.000.000,00 KWG GP 7.875 18-21 09/08S | USD | 1.027.235,00 | 0,33 |
| 200.000,00 KWG PROPERTY	5.20 17-22 21/09S | USD | 202.177,00 | 0,06 |
| 4.000.000,00 LOGAN GROUP CO LTD  4.85 20-26 14/12S | USD | 4.075.540,00 | 1,30 |
| 300.000,00 LOGAN PROPERTY	6.375 18-21 07/03S | USD | 302.205,00 | 0,10 |
| 700.000,00 LOGAN PROPERTY HLD CO 6.875 18-21 24/04S | USD | 708.494,50 | 0,23 |
| 2.000.000,00 LOGAN PROPERTY HLDG 5.25 17-23 23/02S | USD | 2.039.010,00 | 0,65 |
| 2.000.000,00 MEITUAN DIANPING	3.05 20-30 28/10S | USD | 2.089.350,00 | 0,66 |
| 1.500.000,00 POWERLONG REAL ESTATE 6.25 20-24 10/08S | USD | 1.554.990,00 | 0,49 |
| 2.300.000,00 POWERLONG REAL ESTATE 6.95 19-23 23/07S | USD | 2.410.124,00 | 0,77 |
| 750.000,00 REDSUN PROPERTIES GROU 11.5 19-21 04/03S | USD | 760.717,50 | 0,24 |
| 200.000,00 RONSHINE	8.25 18-21 01-02S | USD | 200.992,00 | 0,06 |
| 200.000,00 RONSHINE CHINA HLDG 11.25 19-21 22/08S | USD | 208.381,00 | 0,07 |
| 700.000,00 RONSHINE CHINA HLDG 7.35 20-23 15/12S | USD | 713.713,00 | 0,23 |
| 1.300.000,00 RONSHINE CHINA HLDG 8.10 19-23 09/06S | USD | 1.345.188,00 | 0,43 |
| 7.000.000,00 SHIMAO GROUP	4.60 20-30 13/07S | USD | 7.584.640,00 | 2,41 |
| 6.700.000,00 SHIMAO PROPERTY HLDG 6.375 18-21 15/10S | USD | 6.915.706,50 | 2,20 |
| 1.720.000,00 SUNAC CHINA HOLDINGS 7.35 18-21 19/07S | USD | 1.750.616,00 | 0,56 |
| 2.900.000,00 SUNAC CHINA HOLDINGS 7.95 17-22 08/08S | USD | 3.017.841,50 | 0,96 |
| 3.370.000,00 THREE GORGES FI	3.2000 19-49 16/10S | USD | 3.364.709,10 | 1,07 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| 1.300.000,00 TIMES CHINA 6.25 18-21 17/01S | USD | 1.306.500,00 | 0,42 |
| --- | --- | --- | --- |
| 1.200.000,00 YUZHOU PROPERTIES  6.375 18-21 06/03S | USD | 1.208.046,00 | 0,38 |
| 800.000,00 YUZHOU PROPERTIES CO 6.00 16-23 25/10S | USD | 820.748,00 | 0,26 |
| 600.000,00 YUZHOU PROPERTIES CO 8.625 19-22 23/01S | USD | 628.620,00 | 0,20 |
| 2.000.000,00 ZHENRO PROPERTIES  5.95 20-21 18/11S | USD | 2.015.720,00 | 0,64 |
| 1.000.000,00 ZHENRO PROPERTIES GROUP 8.7 19-22 03/08S | USD | 1.051.250,00 | 0,33 |
| Thailand |  | 7.754.761,00 | 2,46 |
| 3.700.000,00 PTTEP TSY CENTER 3.903 19-59 06/12S | USD | 4.141.613,50 | 1,31 |
| 1.500.000,00 THAIOIL TREASURY  4.875 18-43 23/01S | USD | 1.735.920,00 | 0,55 |
| 1.500.000,00 THAIOIL TRSRY CENTER 5.375 18-48 20/11S | USD | 1.877.227,50 | 0,60 |
| Indonesia |  | 58.596.555,99 | 18,63 |
| 400.000,00 ABM INVESTAMA	7.125 17-22 01/08S | USD | 354.752,00 | 0,11 |
| 2.500.000,00 INDONESIA ASAHAN ALUM 5.80 20-50 15/05S | USD | 3.122.450,00 | 0,99 |
| 8.000.000,00 INDONESIA ASAHAN ALUM 6.53 18-28 15/11S | USD | 10.073.520,00 | 3,20 |
| 2.500.000,00 INDONESIA ASAHAN ALUM 6.757 18-48 15/11S | USD | 3.418.012,50 | 1,09 |
| 5.000.000,00 JAPFA COMFEED	5.50 17-22 31/03S | USD | 5.084.075,00 | 1,62 |
| 6.000.000,00 PERTAMINA 4.15 20-60 25/02S | USD | 6.396.450,00 | 2,03 |
| 4.500.000,00 PERTAMINA 4.175 20-50 21/01S | USD | 4.861.394,99 | 1,55 |
| 2.000.000,00 PERTAMINA 4.70 19-49 30/07S | USD | 2.283.050,00 | 0,73 |
| 5.500.000,00 PERTAMINA 6.50 18-48 07/11S | USD | 7.752.085,00 | 2,46 |
| 5.000.000,00 PERUSAHAAN LIST	4.0000 20-50 30/06S | USD | 5.162.400,00 | 1,64 |
| 3.500.000,00 PERUSAHAAN LIST	6.2500 18-49 25/01S | USD | 4.689.772,50 | 1,49 |
| 1.500.000,00 PERUSAHAAN LISTRIK 4.875 19-49 17/07S | USD | 1.717.425,00 | 0,55 |
| 2.600.000,00 PT ADARO INDONESIA  4.25 19-24 31/10S | USD | 2.686.619,00 | 0,85 |
| 1.000.000,00 PT BUKIT REGS	7.75 17-22 13/02S | USD | 994.550,00 | 0,32 |
| China |  | 7.806.268,50 | 2,48 |
| 1.500.000,00 CHINA EVERGRANDE 6.25 17-21 28/06S | USD | 1.461.517,50 | 0,46 |
| 400.000,00 CHINA EVERGRANDE REGS 8.25 17-22 23/02S | USD | 376.756,00 | 0,12 |
| 5.500.000,00 CHINA GEZHOUBA GROUP 4.15 20-99 31/12S | USD | 5.507.562,50 | 1,75 |
| 500.000,00 CN GD AUTO SVC	8.625 19-22 08/04S | USD | 460.432,50 | 0,15 |
| Mauritius |  | 6.228.568,40 | 1,98 |
| 4.000.000,00 AZURE POWER ENERGY 5.50 17-22 03/11S | USD | 4.107.740,00 | 1,31 |
| 500.000,00 GREENKO REGS	4.875 16-23 16/08S | USD | 510.925,00 | 0,16 |
| 1.000.000,00 GREENKO SOLAR MAURIT 5.95 19-26 29/07S | USD | 1.079.480,00 | 0,34 |
| 520.000,00 NEERG ENERGY LTD  6 17-22 13/02S | USD | 530.423,40 | 0,17 |
| British Virgin Islands |  | 26.921.176,00 | 8,56 |
| 1.500.000,00 EASY TACTIC LTD	7.00 18-21 25/04S | USD | 1.482.997,50 | 0,47 |
| 4.000.000,00 EASY TACTIC LTD	8.875 18-21 27/09S | USD | 3.955.260,00 | 1,26 |
| 1.000.000,00 FORTUNE STAR BV	5.9500 20-25 19/10S | USD | 1.049.405,00 | 0,33 |
| 5.700.000,00 FORTUNE STAR BVI	6.875 19-21 31/01S | USD | 5.721.375,00 | 1,83 |
| 300.000,00 FORTUNE STAR BVI LTD 6.85 20-24 02/07S | USD | 318.792,00 | 0,10 |
| 2.000.000,00 FORTUNE STAR BVI LTD 5.25 17-22 23/03S | USD | 2.025.310,00 | 0,64 |
| 300.000,00 GREENLAND GLB INVEST 5.875 14-24 03/07S | USD | 272.926,50 | 0,09 |
| 1.000.000,00 GREENLAND GLB INVEST 6.75 20-24 03/03S | USD | 942.940,00 | 0,30 |
| 1.000.000,00 GREENLAND GLOBAL INVE 6.25 20-22 16/12S | USD | 982.745,00 | 0,31 |
| 3.000.000,00 HUARONG FINANCE	4.2500 20-49 31/12S | USD | 3.089.055,00 | 0,98 |
| 1.500.000,00 WANDA PROPERTIES	6.95 19-22 05/12S | USD | 1.533.015,00 | 0,49 |
| 5.500.000,00 YUEXIU REIT MTN	4.75 18-21 27/04S | USD | 5.547.355,00 | 1,76 |
| United Arab Emirates |  | 19.658.235,50 | 6,25 |
| 8.400.000,00 DP WORLD CRESCENT	4.70 19-49 30/09S | USD | 9.727.368,00 | 3,09 |
| 4.700.000,00 DP WORLD LTD	5.6250 18-48 25/09S | USD | 6.008.127,50 | 1,91 |
| 2.000.000,00 EMIRATE OF ABU DHABI 2.7 20-70 02/09S | USD | 1.877.610,00 | 0,60 |
| 2.000.000,00 FIN DEPT GOVT S	4.0000 20-50 28/07S | USD | 2.045.130,00 | 0,65 |
| Oman |  | 1.489.342,50 | 0,47 |
| 1.500.000,00 OMAN 6.75 18-48 17/01S | USD | 1.489.342,50 | 0,47 |
| Floating rate bonds |  | 46.782.983,00 | 14,87 |
| France |  | 4.462.000,00 | 1,42 |
| 4.000.000,00 CREDIT AGRICOLE SA  FL.R 19-XX 23/03S | USD | 4.462.000,00 | 1,42 |
| Portugal |  | 4.505.872,50 | 1,43 |
| 4.500.000,00 HUARONG FIN II	FL.R 16-XX 14/09S | USD | 4.505.872,50 | 1,43 |
| Hong Kong |  | 4.916.329,00 | 1,56 |
| 400.000,00 BANK OF EAST ASIA  FL.R 17-XX 18/05S | USD | 410.884,00 | 0,13 |
| 2.000.000,00 CHALIECO HK CO FL.R  19-XX 21/05S | USD | 2.031.970,00 | 0,65 |
| 2.500.000,00 CNAC HK FINBRIDGE  FL.R 20-XX XX/XXS | USD | 2.473.475,00 | 0,78 |

Quantity	Denomination	Quotation
currency
Market value
% of net assets
| Australia |  |  | 5.753.414,00 | 1,83 |
| --- | --- | --- | --- | --- |
| 4.400.000,00 QBE INSUR GRP | FL.R 17-XX 16/11S | USD | 4.645.674,00 | 1,48 |
| 1.000.000,00 QBE INSURANCE GROUP FL.R 16-46 17/06S | USD | 1.107.740,00 | 0,35 |
| Cayman Islands |  | 202.000,00 | 0,06 |
| 200.000,00 CIFI HOLDINGS GROUP FL.R 17-XX 28/08S | USD | 202.000,00 | 0,06 |
| South Korea |  | 11.610.572,50 | 3,69 |
| 11.500.000,00 HEUNGKUK INSURANCE CO FL.R 17-47 09/11S | USD | 11.610.572,50 | 3,69 |
| China |  | 2.539.250,00 | 0,81 |
| 2.500.000,00 CHINA MINMETALS	FL.R 17-XX 13/05S | USD | 2.539.250,00 | 0,81 |
| Mauritius |  | 1.068.570,00 | 0,34 |
| 1.000.000,00 NETWORK I2I LTD FL.R 19-XX 15/04S | USD | 1.068.570,00 | 0,34 |
| British Virgin Islands |  | 11.724.975,00 | 3,73 |
| 300.000,00 BLUESTAR FIN HLD LTD FL.R 18-XX 31/12S | USD | 308.269,50 | 0,10 |
| 4.100.000,00 BLUESTAR FIN HO	FL.R 20-XX XX/XXS | USD | 4.088.212,50 | 1,30 |
| 1.500.000,00 CHALCO HK INV REG S FL.R 16-XX 29/04S | USD | 1.519.822,50 | 0,48 |
| 5.700.000,00 HUARONG FINANCE	FL.R 17-XX 24/01S | USD | 5.808.670,50 | 1,85 |
| Other transferable securities |  | 8.569.225,00 | 2,72 |
| Bonds |  | 8.569.225,00 | 2,72 |
| India |  | 2.103.760,00 | 0,67 |
| 2.000.000,00 OIL AND NATURAL G  3.375 19-29 05/12S | USD | 2.103.760,00 | 0,67 |
| Australia |  | 3.377.925,00 | 1,07 |
| 3.000.000,00 SANTOS FINANCE	5.25 19-29 13/03S | USD | 3.377.925,00 | 1,07 |
| Cayman Islands |  | 3.087.540,00 | 0,98 |
| 1.000.000,00 FANTASIA HOLDINGS  6.95 20-21 17/12S | USD | 1.005.895,00 | 0,32 |
| 1.000.000,00 KAISA GROUP HOLDINGS LT 6.5 20-21 07/12S | USD | 1.003.110,00 | 0,32 |
| 1.000.000,00 MAF SUKUK LTD	3.9325 19-30 28/02S | USD | 1.078.535,00 | 0,34 |
| Total securities portfolio |  | 306.017.542,31 | 97,26 |

Statement of Operations and Changes in Net Assets from 01/01/20 to 31/12/20
Expressed in USD
| Income |  | 8.638.593,54 |
| --- | --- | --- |
| Net interest on bonds | Note 2 | 8.626.144,30 |
| Bank interest on cash account | Note 2 | 12.449,24 |
| Expenses |  | 1.947.314,95 |
| Management fees & management Company fees | Note 3 | 1.219.524,39 |
| Custodian & sub-custodian fees | Note 9 | 90.566,67 |
| Taxe d'abonnement | Note 4 | 80.273,80 |
| Administrative expenses | Note 3 | 485.345,94 |
| Professional fees |  | 8.539,68 |
| Bank interest on overdrafts |  | 144,34 |
| Legal fees |  | 10.783,89 |
| Transaction fees | Note 2, 6 | 10.351,00 |
| Other expenses | Note 10 | 41.785,24 |
| Net income from investments |  | 6.691.278,59 |
| Net realised profit / loss on: - sales of investment securities |  | 732.874,44 |
| - forward foreign exchange contracts |  | 135.312,50 |
| - financial futures |  | -433.016,86 |
| - swaps |  | 183,47 |
| - foreign exchange |  | -882,02 |
| Net realised profit |  | 7.125.750,12 |
| Movement in net unrealised appreciation / depreciation on: - investments |  | 7.287.557,44 |
| - financial futures |  | 216.781,26 |
| Increase in net assets as a result of operations |  | 14.630.088,82 |
| Dividends paid | Note 8 | -5.709.023,98 |
| Subscription capitalisation shares |  | 140.503.251,23 |
| Subscription distribution shares |  | 67.825.368,85 |
| Redemption capitalisation shares |  | -13.412.534,09 |
| Redemption distribution shares |  | -18.673.163,31 |
| Increase in net assets |  | 185.163.987,52 |
| Net assets at the beginning of the year |  | 129.465.245,53 |
| Net assets at the end of the year |  | 314.629.233,05 |

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 |