# CHANGES IN NET ASSETS AT 12/31/2021 IN EUR
|  | 12/31/2021 | 12/31/2020 |
| --- | --- | --- |
| NET ASSETS AT THE BEGINNING OF THE FINANCIAL YEAR | 226,912,524.28 | 257,382,209.98 |
| Subscriptions (including subscription fees paid to the UCI) | 24,241,473.62 | 91,918,580.87 |
| Redemptions (excluding redemption fees paid to the UCI) | -89,696,702.32 | -88,103,314.16 |
| Capital gains earned on deposits and financial instruments | 39,152,032.89 | 24,897,038.35 |
| Capital losses incurred on deposits and financial instruments | -6,068,492.72 | -59,224,750.99 |
| Capital gains earned on forward financial instruments | 142,220.00 | 672,840.00 |
| Capital losses incurred on forward financial instruments | -38,565.00 | -745,200.00 |
| Transaction fees | -1,891,805.90 | -2,192,480.63 |
| Exchange rate differences | -268,819.24 | -1,171,890.59 |
| Changes in the valuation difference on deposits and financial instruments | -6,156,212.03 | 2,013,653.79 |
| Valuation difference, financial year N | -15,586,650.45 | -9,430,438.42 |
| Valuation difference, financial year N-1 | 9,430,438.42 | 11,444,092.21 |
| Changes in the valuation difference on forward financial instruments | 40,104.00 | -33,624.00 |
| Valuation difference, financial year N | 0.00 | -40,104.00 |
| Valuation difference, financial year N-1 | 40,104.00 | 6,480.00 |
| Dividends paid in the previous financial year on net capital gains and losses | 0.00 | 0.00 |
| Dividends paid in the previous financial year on income | 0.00 | 0.00 |
| Net income for the financial year prior to adjustment | 2,269,591.83 | 1,499,461.66 |
| Interim dividend(s) paid during the financial year on net capital gains and losses | 0.00 | 0.00 |
| Interim dividend(s) paid during the financial year on income | 0.00 | 0.00 |
| Other items | 0.00 | 0.00 |
| NET ASSETS AT THE END OF THE FINANCIAL YEAR | 188,637,349.41 | 226,912,524.28 |

- ADDITIONAL INFORMATION
	- BREAKDOWN OF FINANCIAL INSTRUMENTS BY LEGAL OR ECONOMIC TYPE


|  | Amount | % |
| --- | --- | --- |
| ASSETS |  |  |
| BONDS AND SIMILAR SECURITIES |  |  |
| TOTAL BONDS AND SIMILAR SECURITIES | 0.00 | 0.00 |
| DEBT SECURITIES |  |  |
| TOTAL DEBT SECURITIES | 0.00 | 0.00 |
| LIABILITIES |  |  |
| SALES OF FINANCIAL INSTRUMENTS |  |  |
| TOTAL SALES OF FINANCIAL INSTRUMENTS | 0.00 | 0.00 |
| OFF-BALANCE SHEET ITEMS |  |  |
| HEDGING TRANSACTIONS |  |  |
| TOTAL HEDGING TRANSACTIONS | 0.00 | 0.00 |
| OTHER TRANSACTIONS |  |  |
| TOTAL OTHER TRANSACTIONS | 0.00 | 0.00 |

- BREAKDOWN OF ASSETS, LIABILITIES AND OFF-BALANCE SHEET ITEMS BY INTEREST RATE TYPE

|  | Fixed rate | % | Variable rate | % | Adjustable rate | % | Other | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| ASSETS |  |  |  |  |  |  |  |  |
| Deposits | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Bonds and similar securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debt securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial accounts | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1,662,805.46 | 0.88 |
| LIABILITIES |  |  |  |  |  |  |  |  |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial accounts | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| OFF-BALANCE SHEET ITEMS |  |  |  |  |  |  |  |  |
| Hedging transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |

- BREAKDOWN OF ASSETS, LIABILITIES AND OFF-BALANCE SHEET ITEMS BY RESIDUAL MATURITY 
- (*)

|  | < 3 months | % | ]3 months - 1 year] | % | ]1 - 3 years] | % | ]3 - 5 years] | % | > 5 years | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| ASSETS |  |  |  |  |  |  |  |  |  |  |
| Deposits | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Bonds and similar securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debt securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial accounts | 1,662,805.46 | 0.88 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| LIABILITIES | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Temporary securities transactions Financial accounts | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| OFF-BALANCE SHEET ITEMS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Hedging transactions |  |  |  |  |  |  |  |  |  |  |
| Other transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |

(*) Interest rate futures are shown based on the maturity of the underlying asset.
- BREAKDOWN OF ASSETS, LIABILITIES AND OFF-BALANCE SHEET ITEMS BY LISTING OR VALUATION CURRENCY (EXCL. EUR)

|  | Currenc y 1 SEK | Currenc y 2 CHF | Currenc y 3 GBP | Currenc y N Other(s) |
| --- | --- | --- | --- | --- |
| Amount | % | Amount | % | Amount | % | Amount | % |
| ASSETS |  |  |  |  |  |  |  |  |
| Deposits | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Equities and similar securities | 4,810,234.18 | 2.55 | 431,203.32 | 0.23 | 30,779.26 | 0.02 | 0.00 | 0.00 |
| Bonds and similar securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debt securities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| UCIs | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Receivables | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial accounts | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| LIABILITIES |  |  |  |  |  |  |  |  |
| Sales of financial instruments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Temporary securities transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Payables | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial accounts | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| OFF-BALANCE SHEET ITEMS |  |  |  |  |  |  |  |  |
| Hedging transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other transactions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |

- RECEIVABLES AND PAYABLES: BREAKDOWN BY TYPE

|  | Nature of payables/receivables | 12/31/2021 |
| --- | --- | --- |
| RECEIVABLES |  |  |
|  | Subscriptions receivable | 207.95 |
| TOTAL RECEIVABLES |  | 207.95 |
| PAYABLES |  |  |
|  | Redemptions payable | 136,066.23 |
|  | Fixed management fees | 647,883.04 |
|  | Variable management fees | 96,030.30 |
|  | Other payables | 104,880.97 |
| TOTAL PAYABLES |  | 984,860.54 |
| TOTAL PAYABLES AND |  | -984,652.59 |
| RECEIVABLES |  |  |

- SHAREHOLDERS’ EQUITY
	- Number of securities issued or redeemed


|  | Units | Amount |
| --- | --- | --- |
| DORVAL MANAGEURS EUROPE I UNIT |  |  |
| Units subscribed during the financial year | 663.773 | 12,456,835.99 |
| Units redeemed during the financial year | -2,477.660 | -45,910,535.44 |
| Net subscriptions/redemptions | -1,813.887 | -33,453,699.45 |
| Number of units in circulation at period end | 5,023.518 |  |
| DORVAL MANAGEURS EUROPE N UNIT |  |  |
| Units subscribed during the financial year | 56,769.590 | 4,363,221.29 |
| Units redeemed during the financial year | -83,618.705 | -6,598,407.94 |
| Net subscriptions/redemptions | -26,849.115 | -2,235,186.65 |
| Number of units in circulation at period end | 82,571.961 |  |
| DORVAL MANAGEURS EUROPE Q UNIT |  |  |
| Units subscribed during the financial year | 111.000 | 12,841.59 |
| Units redeemed during the financial year | -95,289.000 | -10,864,298.62 |
| Net subscriptions/redemptions | -95,178.000 | -10,851,457.03 |
| Number of units in circulation at period end | 1,455.962 |  |
| DORVAL MANAGEURS EUROPE R UNIT |  |  |
| Units subscribed during the financial year | 41,932.857 | 7,408,574.75 |
| Units redeemed during the financial year | -149,690.917 | -26,323,460.32 |
| Net subscriptions/redemptions | -107,758.060 | -18,914,885.57 |
| Number of units in circulation at period end | 469,830.380 |  |

- Subscription and/or redemption fees

|  | Amount |
| --- | --- |
| DORVAL MANAGEURS EUROPE I UNIT |  |
| Total subscription/redemption fees paid | 0.00 |
| Subscription fees paid | 0.00 |
| Redemption fees paid | 0.00 |
| DORVAL MANAGEURS EUROPE N UNIT |  |
| Total subscription/redemption fees paid | 0.00 |
| Subscription fees paid | 0.00 |
| Redemption fees paid | 0.00 |
| DORVAL MANAGEURS EUROPE Q UNIT |  |
| Total subscription/redemption fees paid | 0.00 |
| Subscription fees paid | 0.00 |
| Redemption fees paid | 0.00 |
| DORVAL MANAGEURS EUROPE R UNIT |  |
| Total subscription/redemption fees paid | 0.00 |
| Subscription fees paid | 0.00 |
| Redemption fees paid | 0.00 |

- MANAGEMENT FEES

|  | 12/31/2021 |
| --- | --- |
| DORVAL MANAGEURS EUROPE I UNIT |  |
| Guarantee fees | 0.00 |
| Fixed management fees | 982,085.11 |
| Percentage of fixed management fees | 0.90 |
| Variable management fees provisioned | 0.00 |
| Percentage of variable management fees provisioned | 0.00 |
| Variable management fees paid | 58,448.19 |
| Percentage of variable management fees paid | 0.05 |
| Retrocessions of management fees | 0.00 |
| DORVAL MANAGEURS EUROPE N UNIT |  |
| Guarantee fees | 0.00 |
| Fixed management fees | 119,687.81 |
| Percentage of fixed management fees | 1.50 |
| Variable management fees provisioned | 0.00 |
| Percentage of variable management fees provisioned | 0.00 |
| Variable management fees paid | 3,048.31 |
| Percentage of variable management fees paid | 0.04 |
| Retrocessions of management fees | 0.00 |
| DORVAL MANAGEURS EUROPE Q UNIT |  |
| Guarantee fees | 0.00 |
| Fixed management fees | 5,706.90 |
| Percentage of fixed management fees | 0.10 |
| Variable management fees provisioned | 0.00 |
| Percentage of variable management fees provisioned | 0.00 |
| Variable management fees paid | 0.00 |
| Percentage of variable management fees paid | 0.00 |
| Retrocessions of management fees | 0.00 |
| DORVAL MANAGEURS EUROPE R UNIT |  |
| Guarantee fees | 0.00 |
| Fixed management fees | 1,650,547.88 |
| Percentage of fixed management fees | 1.80 |
| Variable management fees provisioned | 0.00 |
| Percentage of variable management fees provisioned | 0.00 |
| Variable management fees paid | 34,533.80 |
| Percentage of variable management fees paid | 0.04 |
| Retrocessions of management fees | 0.00 |

“The amount of variable management fees above is the sum of provisions and provision writebacks that impacted net assets during the period in question.”
- COMMITMENTS RECEIVED AND GIVEN
	- Guarantees received by the UCI:3.8.	


COMMITMENTS RECEIVED AND GIVEN
None
- Other commitments received and/or given:None
- OTHER INFORMATION
	- Current value of financial instruments subject to a temporary purchase transaction


|  | 12/31/2021 |
| --- | --- |
| Securities received under reverse repurchase agreements | 0.00 |
| Borrowed securities | 0.00 |

- Current value of financial instruments representing security deposits

|  | 12/31/2021 |
| --- | --- |
| Financial instruments given as collateral and retained under their original entry | 0.00 |
| Financial instruments received as collateral and not posted in the balance sheet | 0.00 |

- Financial instruments held, issued and/or managed by the Group

|  | ISIN code | Name | 12/31/2021 |
| --- | --- | --- | --- |
| Equities |  |  | 0.00 |
| Bonds |  |  | 0.00 |
| Negotiable debt securities |  |  | 0.00 |
| UCIs |  |  | 18,868,367.11 |
|  | FR0013392321 | DORVAL MANAGEURS EURO Q | 6,989,181.30 |
|  | FR0013378163 | DORVAL MANAGEURS Q | 1,661,461.00 |
|  | FR0013392255 | DORVAL MANAGEURS SMALL CAP EURO Q | 2,893,706.16 |
|  | FR0013392347 | DORVAL MANAGEURS SMID CAP EURO UNIT Q C4 | 7,324,018.65 |
| Forward financial instruments |  |  | 0.00 |
| Total group securities |  |  | 18,868,367.11 |

- ALLOCATION TABLE FOR DISTRIBUTABLE INCOMEAllocation table for the portion of distributable income relating to profit/loss

|  | 12/31/2021 | 12/31/2020 |
| --- | --- | --- |
| Amounts still to be allocated |  |  |
| Retained earnings | 0.00 | 0.00 |
| Income | 1,756,786.99 | 1,650,916.38 |
| Total | 1,756,786.99 | 1,650,916.38 |

|  | 12/31/2021 | 12/31/2020 |
| --- | --- | --- |
| DORVAL MANAGEURS EUROPE I UNIT |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Retained earnings for the financial year | 0.00 | 0.00 |
| Accumulation | 1,304,005.58 | 1,205,350.11 |
| Total | 1,304,005.58 | 1,205,350.11 |

|  | 12/31/2021 | 12/31/2020 |
| --- | --- | --- |
| DORVAL MANAGEURS EUROPE N UNIT |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Retained earnings for the financial year | 0.00 | 0.00 |
| Accumulation | 45,741.61 | 40,329.20 |
| Total | 45,741.61 | 40,329.20 |

|  | 12/31/2021 | 12/31/2020 |
| --- | --- | --- |
| DORVAL MANAGEURS EUROPE Q UNIT |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Retained earnings for the financial year | 0.00 | 0.00 |
| Accumulation | 3,622.62 | 174,012.58 |
| Total | 3,622.62 | 174,012.58 |

|  | 12/31/2021 | 12/31/2020 |
| --- | --- | --- |
| DORVAL MANAGEURS EUROPE R UNIT |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Retained earnings for the financial year | 0.00 | 0.00 |
| Accumulation | 403,417.18 | 231,224.49 |
| Total | 403,417.18 | 231,224.49 |

Allocation table for the portion of distributable income relating to net capital gains and losses
|  | 12/31/2021 | 12/31/2020 |
| --- | --- | --- |
| Amounts still to be allocated |  |  |
| Undistributed prior net capital gains and losses | 0.00 | 0.00 |
| Net capital gains and losses for the financial year | 27,175,503.27 | -37,165,610.32 |
| Interim dividends paid on net capital gains and losses for the financial | 0.00 | 0.00 |
| year |  |  |
| Total | 27,175,503.27 | -37,165,610.32 |

|  | 12/31/2021 | 12/31/2020 |
| --- | --- | --- |
| DORVAL MANAGEURS EUROPE I UNIT |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net capital gains and losses | 0.00 | 0.00 |
| Accumulation | 14,036,363.08 | -19,141,178.11 |
| Total | 14,036,363.08 | -19,141,178.11 |

|  | 12/31/2021 | 12/31/2020 |
| --- | --- | --- |
| DORVAL MANAGEURS EUROPE N UNIT |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net capital gains and losses | 0.00 | 0.00 |
| Accumulation | 944,677.30 | -1,265,182.76 |
| Total | 944,677.30 | -1,265,182.76 |

|  | 12/31/2021 | 12/31/2020 |
| --- | --- | --- |
| DORVAL MANAGEURS EUROPE Q UNIT |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net capital gains and losses | 0.00 | 0.00 |
| Accumulation | 24,117.39 | -1,584,396.05 |
| Total | 24,117.39 | -1,584,396.05 |

|  | 12/31/2021 | 12/31/2020 |
| --- | --- | --- |
| DORVAL MANAGEURS EUROPE R UNIT |  |  |
| Allocation |  |  |
| Distribution | 0.00 | 0.00 |
| Undistributed net capital gains and losses | 0.00 | 0.00 |
| Accumulation | 12,170,345.50 | -15,174,853.40 |
| Total | 12,170,345.50 | -15,174,853.40 |

- TABLE OF FINANCIAL RESULTS AND OTHER SIGNIFICANT ITEMS FOR THE ENTITY OVER THE LAST FIVE FINANCIAL YEARS

|  | 12/29/2017 | 12/31/2018 | 12/31/2019 | 12/31/2020 | 12/31/2021 |
| --- | --- | --- | --- | --- | --- |
| Total net assets in EUR | 719,810,060.30 | 441,064,306.36 | 257,382,209.98 | 226,912,524.28 | 188,637,349.41 |
| DORVAL MANAGEURS EUROPE I UNIT in EUR Net assets Number of securities Net asset value per unit Accumulation per unit on net capital gains and losses Accumulation per unit on income DORVAL MANAGEURS EUROPE N UNIT in EUR Net assets Number of securities Net asset value per unit Accumulation per unit on net capital gains and losses Accumulation per unit on income DORVAL MANAGEURS EUROPE Q UNIT in EU Net assets Number of securities Net asset value per unit Accumulation per unit on net capital gains and losses Accumulation per unit on income DORVAL MANAGEURS EUROPE R UNIT in EUR Net assets Number of securities Net asset value per unit Accumulation per unit on net capital gains and losses Accumulation per unit on income | 406,178,030.83 16,672.212 24,362.57 1,704.38 -577.86 6,035,234.32 59,068.000 102.17 0.26 -0.32 0.00 0.00 0.00 0.00 0.00 307,596,795.15 1,320,797.859 232.88 16.34 -7.10 | 212,411,086.76 12,318.317 17,243.51 -604.05 197.50 38,572,928.95 538,280.842 71.65 -2.50 -0.05 100.00 1.000 100.00 0.00 -0.94 190,080,190.65 1,163,622.415 163.35 -5.71 -0.04 | 117,540,828.34 6,163.715 19,069.80 -2,703.68 253.93 7,628,291.16 96,808.024 78.79 -11.19 0.60 4,485,490.57 40,213.962 111.54 -15.68 2.46 127,727,599.91 713,099.540 179.11 -25.51 0.85 | 117,225,886.44 6,837.405 17,144.79 -2,799.47 176.28 7,707,909.89 109,421.076 70.44 -11.56 0.36 9,770,874.88 96,633.962 101.11 -16.39 1.80 92,207,853.07 577,588.440 159.64 -26.27 0.40 | 97,632,116.82 5,023.518 19,435.00 2,794.13 259.58 6,550,937.08 82,571.961 79.33 11.44 0.55 168,321.01 1,455.962 115.60 16.56 2.48 84,285,974.50 469,830.380 179.39 25.90 0.85 |

| Security name | Curren cy | Quantity (number or nominal value) | Current value | % of net asset s |
| --- | --- | --- | --- | --- |
| Equities and similar securities |  |  |  |  |
| Equities and similar securities traded on a regulated |  |  |  |  |
| or equivalent market |  |  |  |  |
| GERMANY |  |  |  |  |
| ADIDAS NOM. | EUR | 819 | 207,370.80 | 0.11 |
| BMW BAYERISCHE MOTOREN WERKE | EUR | 37,659 | 3,332,444.91 | 1.77 |
| DEUTSCHE TELEKOM AG | EUR | 300,000 | 4,890,000.00 | 2.60 |
| DEUTZ AG | EUR | 414,353 | 2,722,299.21 | 1.44 |
| DUERR AG | EUR | 45,681 | 1,832,721.72 | 0.97 |
| SAP SE | EUR | 27,120 | 3,387,288.00 | 1.79 |
| SIEMENS AG-REG | EUR | 14,582 | 2,226,379.76 | 1.18 |
| TOTAL GERMANY |  |  | 18,598,504.40 | 9.86 |
| AUSTRIA |  |  |  |  |
| AMS | CHF | 3,573 | 57,247.35 | 0.03 |
| WIENERBERGER AG | EUR | 161,348 | 5,217,994.32 | 2.77 |
| TOTAL AUSTRIA |  |  | 5,275,241.67 | 2.80 |
| FINLAND |  |  |  |  |
| FERRATUM PLC | EUR | 1,182,648 | 4,529,541.84 | 2.40 |
| NESTE OYJ | EUR | 119,515 | 5,182,170.40 | 2.75 |
| TOTAL FINLAND |  |  | 9,711,712.24 | 5.15 |
| FRANCE |  |  |  |  |
| AIR LIQUIDE | EUR | 27,506 | 4,217,219.92 | 2.24 |
| ATOS SE | EUR | 90,581 | 3,386,823.59 | 1.79 |
| AXA | EUR | 211,542 | 5,539,227.27 | 2.94 |
| BNP PARIBAS | EUR | 94,058 | 5,715,904.66 | 3.03 |
| BOUYGUES | EUR | 185,632 | 5,845,551.68 | 3.10 |
| CAPGEMINI SE | EUR | 32,327 | 6,966,468.50 | 3.69 |
| CREDIT AGRICOLE | EUR | 254,898 | 3,198,969.90 | 1.70 |
| EDF | EUR | 237,400 | 2,452,342.00 | 1.30 |
| FAURECIA EX BERTRAND FAURE | EUR | 3,655 | 152,888.65 | 0.09 |
| GROUPE FNAC | EUR | 60,196 | 3,461,270.00 | 1.83 |
| IMERYS EX IMETAL | EUR | 83,979 | 3,068,592.66 | 1.62 |
| MICHELIN - CATEGORIE B | EUR | 14,975 | 2,158,646.25 | 1.14 |
| NEXANS SA | EUR | 44,451 | 3,816,118.35 | 2.02 |
| PUBLICIS GROUPE SA | EUR | 101,611 | 6,015,371.20 | 3.19 |
| REXEL | EUR | 164,784 | 2,938,098.72 | 1.56 |
| SAINT-GOBAIN | EUR | 68,096 | 4,213,099.52 | 2.23 |
| SANOFI | EUR | 60,778 | 5,383,715.24 | 2.85 |
| SARTORIUS STEDIM BIOTECH | EUR | 6,012 | 2,900,188.80 | 1.53 |
| SCHNEIDER ELECTRIC SA | EUR | 14,045 | 2,422,200.70 | 1.29 |
| SOCIETE GENERALE SA | EUR | 114,763 | 3,466,416.42 | 1.84 |
| TOTALENERGIES SE | EUR | 94,009 | 4,195,621.67 | 2.23 |
| VEOLIA ENVIRONNEMENT | EUR | 164,386 | 5,303,092.36 | 2.81 |
| VINCI (EX SGE) | EUR | 41,777 | 3,881,501.07 | 2.06 |
| WORLDLINE SA | EUR | 17,296 | 847,676.96 | 0.45 |
| TOTAL FRANCE |  |  | 91,547,006.09 | 48.53 |
| GREECE |  |  |  |  |
| FOLLI FOLLIE GR | EUR | 1,225,615 | 0.00 | 0.00 |

| Security name | Curren cy | Quantity (number or nominal value) | Current value | % of net asset s |
| --- | --- | --- | --- | --- |
| TOTAL GREECE IRELAND CRH PLC TOTAL IRELAND ITALY ENEL SPA ENI SPA TOTAL ITALY LUXEMBOURG APERAM TOTAL LUXEMBOURG NETHERLANDS AEGON ASML HOLDING NV CNH INDUSTRIAL NV EURONEXT NV - W/I ING GROEP NV STMICROELECTRONICS NV TOTAL NETHERLANDS UNITED KINGDOM EASYJET LINDE PLC TOTAL UNITED KINGDOM SWEDEN ERICSSON(LM) B SVENSKA KULLAGERFABRIKEN AB -B- TOTAL SWEDEN SWITZERLAND CREDIT SUISSE GROUP TOTAL SWITZERLAND TOTAL Equities and similar securities traded on regulated or equivalent markets TOTAL Equities and similar securities Collective investment undertakings General-purpose UCITS and alternative investment funds intended for non-professionals and equivalents in other countries FRANCE DORVAL MANAGEURS EURO Q DORVAL MANAGEURS Q DORVAL MANAGEURS SMALL CAP EURO Q DORVAL MANAGEURS SMID CAP EURO UNIT Q C4 TOTAL FRANCE TOTAL general-purpose UCITS and alternative investment funds intended for non-professionals and equivalents in other countries TOTAL Collective investment undertakings Receivables Payables Financial accounts Net assets |  |  | 0.00 | 0.00 |
| EUR | 18,899 | 879,181.48 | 0.46 |
|  |  | 879,181.48 | 0.46 |
| EUR | 278,352 | 1,961,268.19 | 1.04 |
| EUR | 383,709 | 4,688,923.98 | 2.48 |
|  |  | 6,650,192.17 | 3.52 |
| EUR | 65,960 | 3,142,334.40 | 1.67 |
|  |  | 3,142,334.40 | 1.67 |
| EUR | 54,934 | 241,325.06 | 0.13 |
| EUR | 6,367 | 4,499,558.90 | 2.39 |
| EUR | 61,000 | 1,041,270.00 | 0.55 |
| EUR | 86,124 | 7,858,815.00 | 4.16 |
| EUR | 327,363 | 4,007,577.85 | 2.13 |
| EUR | 151,748 | 6,581,310.76 | 3.48 |
|  |  | 24,229,857.57 | 12.84 |
| GBP | 4,648 | 30,779.26 | 0.02 |
| EUR | 12,555 | 3,841,830.00 | 2.04 |
|  |  | 3,872,609.26 | 2.06 |
| SEK | 485,150 | 4,703,005.85 | 2.49 |
| SEK | 5,146 | 107,228.33 | 0.06 |
|  |  | 4,810,234.18 | 2.55 |
| CHF | 43,657 | 373,955.97 | 0.20 |
|  |  | 373,955.97 | 0.20 |
|  |  | 169,090,829.43 | 89.64 |
|  |  | 169,090,829.43 | 89.64 |
| EUR | 55,098 | 6,989,181.30 | 3.71 |
| EUR | 14,450 | 1,661,461.00 | 0.88 |
| EUR | 17,814 | 2,893,706.16 | 1.53 |
| EUR | 56,395 | 7,324,018.65 | 3.88 |
|  |  | 18,868,367.11 | 10.00 |
|  |  | 18,868,367.11 | 10.00 |
|  |  | 18,868,367.11 | 10.00 |
|  |  | 207.95 | 0.00 |
|  |  | -984,860.54 | -0.52 |
|  |  | 1,662,805.46 | 0.88 |
|  |  | 188,637,349.41 | 100.00 |

| DORVAL MANAGEURS EUROPE N unit | EUR | 82,571.961 | 79.33 |
| --- | --- | --- | --- |
| DORVAL MANAGEURS EUROPE Q unit | EUR | 1,455.962 | 115.60 |
| DORVAL MANAGEURS EUROPE I unit | EUR | 5,023.518 | 19,435.00 |
| DORVAL MANAGEURS EUROPE R unit | EUR | 469,830.380 | 179.39 |

Translation (ENFR, 2021-12-31):
# ÉVOLUTION DE L'ACTIF NET AU 31/12/2021 EN EUR
|  | 31/12/2021 | 31/12/2020 |
| --- | --- | --- |
| ACTIF NET EN DÉBUT D'EXERCICE | 226 912 524,28 | 257 382 209,98 |
| Souscriptions (y compris les commissions de souscriptions acquises à l'OPC) | 24 241 473,62 | 91 918 580,87 |
| Rachats (sous déduction des commissions de rachat acquises à l'OPC) | -89 696 702,32 | -88 103 314,16 |
| Plus-values réalisées sur dépôts et instruments financiers | 39 152 032,89 | 24 897 038,35 |
| Moins-values réalisées sur dépôts et instruments financiers | -6 068 492,72 | -59 224 750,99 |
| Plus-values réalisées sur instruments financiers à terme | 142 220,00 | 672 840,00 |
| Moins-values réalisées sur instruments financiers à terme | -38 565,00 | -745 200,00 |
| Frais de transactions | -1 891 805,90 | -2 192 480,63 |
| Différences de change | -268 819,24 | -1 171 890,59 |
| Variations de la différence d'estimation des dépôts et instruments financiers | -6 156 212,03 | 2 013 653,79 |
| Différence d'estimation exercice N | -15 586 650,45 | -9 430 438,42 |
| Différence d'estimation exercice N-1 | 9 430 438,42 | 11 444 092,21 |
| Variations de la différence d'estimation des instruments financiers à terme | 40 104,00 | -33 624,00 |
| Différence d'estimation exercice N | 0,00 | -40 104,00 |
| Différence d'estimation exercice N-1 | 40 104,00 | 6 480,00 |
| Distribution de l'exercice antérieur sur plus et moins-values nettes | 0,00 | 0,00 |
| Distribution de l'exercice antérieur sur résultat | 0,00 | 0,00 |
| Résultat net de l'exercice avant compte de régularisation | 2 269 591,83 | 1 499 461,66 |
| Acompte(s) versé(s) au cours de l'exercice sur plus et moins-values nettes | 0,00 | 0,00 |
| Acompte(s) versé(s) au cours de l'exercice sur résultat | 0,00 | 0,00 |
| Autres éléments | 0,00 | 0,00 |
| ACTIF NET EN FIN D'EXERCICE | 188 637 349,41 | 226 912 524,28 |

- COMPLÉMENTS D’INFORMATION
	- VENTILATION PAR NATURE JURIDIQUE OU ÉCONOMIQUE DES INSTRUMENTS FINANCIERS


|  | Montant | % |
| --- | --- | --- |
| ACTIF |  |  |
| OBLIGATIONS ET VALEURS ASSIMILÉES |  |  |
| TOTAL OBLIGATIONS ET VALEURS ASSIMILÉES | 0,00 | 0,00 |
| TITRES DE CRÉANCES |  |  |
| TOTAL TITRES DE CRÉANCES | 0,00 | 0,00 |
| PASSIF |  |  |
| OPÉRATIONS DE CESSION SUR INSTRUMENTS FINANCIERS |  |  |
| TOTAL OPÉRATIONS DE CESSION SUR INSTRUMENTS FINANCIERS | 0,00 | 0,00 |
| HORS-BILAN |  |  |
| OPÉRATIONS DE COUVERTURE |  |  |
| TOTAL OPÉRATIONS DE COUVERTURE | 0,00 | 0,00 |
| AUTRES OPÉRATIONS |  |  |
| TOTAL AUTRES OPÉRATIONS | 0,00 | 0,00 |

- VENTILATION PAR NATURE DE TAUX DES POSTES D'ACTIF, DE PASSIF ET DE HORS-BILAN

|  | Taux fixe | % | Taux variable | % | Taux révisable | % | Autres | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| ACTIF |  |  |  |  |  |  |  |  |
| Dépôts | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Obligations et valeurs assimilées | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Titres de créances | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Opérations temporaires sur titres | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Comptes financiers | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 1 662 805,46 | 0,88 |
| PASSIF |  |  |  |  |  |  |  |  |
| Opérations temporaires sur titres | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Comptes financiers | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| HORS-BILAN |  |  |  |  |  |  |  |  |
| Opérations de couverture | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Autres opérations | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |

- VENTILATION PAR MATURITÉ RÉSIDUELLE DES POSTES D'ACTIF, DE PASSIF ET DE HORS- BILAN
- (*)

|  | < 3 mois | % | ]3 mois - 1 an] | % | ]1 - 3 ans] | % | ]3 - 5 ans] | % | > 5 ans | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| ACTIF Dépôts Obligations et valeurs assimilées Titres de créances Opérations temporaires sur titres Comptes financiers PASSIF Opérations temporaires sur titres Comptes financiers HORS-BILAN Opérations de couverture Autres opérations | 0,00 0,00 0,00 0,00 1 662 805,46 0,00 0,00 0,00 0,00 | 0,00 0,00 0,00 0,00 0,88 0,00 0,00 0,00 0,00 | 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 | 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 | 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 | 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 | 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 | 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 | 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 | 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 |

(*) Les positions à terme de taux sont présentées en fonction de l'échéance du sous-jacent.
- VENTILATION PAR DEVISE DE COTATION OU D'ÉVALUATION DES POSTES D'ACTIF, DE PASSIF ET DE HORS-BILAN (HORS EUR)

|  | Devise 1 SEK | Devise 2 CHF | Devise 3 GBP | Devise N Autre(s) |
| --- | --- | --- | --- | --- |
| Montant | % | Montant | % | Montant | % | Montant | % |
| ACTIF |  |  |  |  |  |  |  |  |
| Dépôts | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Actions et valeurs assimilées | 4 810 234,18 | 2,55 | 431 203,32 | 0,23 | 30 779,26 | 0,02 | 0,00 | 0,00 |
| Obligations et valeurs assimilées | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Titres de créances | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| OPC | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Opérations temporaires sur titres | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Créances | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Comptes financiers | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| PASSIF |  |  |  |  |  |  |  |  |
| Opérations de cession sur instruments financiers | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Opérations temporaires sur titres | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Dettes | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Comptes financiers | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| HORS-BILAN |  |  |  |  |  |  |  |  |
| Opérations de couverture | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Autres opérations | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |

- CRÉANCES ET DETTES : VENTILATION PAR NATURE

|  | Nature de débit/crédit | 31/12/2021 |
| --- | --- | --- |
| CRÉANCES |  |  |
|  | Souscriptions à recevoir | 207,95 |
| TOTAL DES CRÉANCES |  | 207,95 |
| DETTES |  |  |
|  | Rachats à payer | 136 066,23 |
|  | Frais de gestion fixe | 647 883,04 |
|  | Frais de gestion variable | 96 030,30 |
|  | Autres dettes | 104 880,97 |
| TOTAL DES DETTES |  | 984 860,54 |
| TOTAL DETTES ET CRÉANCES |  | -984 652,59 |

- CAPITAUX PROPRES
	- Nombre de titres émis ou rachetés


|  | En parts | En montant |
| --- | --- | --- |
| Part DORVAL MANAGEURS EUROPE I |  |  |
| Parts souscrites durant l'exercice | 663,773 | 12 456 835,99 |
| Parts rachetées durant l'exercice | -2 477,660 | -45 910 535,44 |
| Solde net des souscriptions/rachats | -1 813,887 | -33 453 699,45 |
| Nombre de parts en circulation à la fin de l'exercice | 5 023,518 |  |
| Part DORVAL MANAGEURS EUROPE N |  |  |
| Parts souscrites durant l'exercice | 56 769,590 | 4 363 221,29 |
| Parts rachetées durant l'exercice | -83 618,705 | -6 598 407,94 |
| Solde net des souscriptions/rachats | -26 849,115 | -2 235 186,65 |
| Nombre de parts en circulation à la fin de l'exercice | 82 571,961 |  |
| Part DORVAL MANAGEURS EUROPE Q |  |  |
| Parts souscrites durant l'exercice | 111,000 | 12 841,59 |
| Parts rachetées durant l'exercice | -95 289,000 | -10 864 298,62 |
| Solde net des souscriptions/rachats | -95 178,000 | -10 851 457,03 |
| Nombre de parts en circulation à la fin de l'exercice | 1 455,962 |  |
| Part DORVAL MANAGEURS EUROPE R |  |  |
| Parts souscrites durant l'exercice | 41 932,857 | 7 408 574,75 |
| Parts rachetées durant l'exercice | -149 690,917 | -26 323 460,32 |
| Solde net des souscriptions/rachats | -107 758,060 | -18 914 885,57 |
| Nombre de parts en circulation à la fin de l'exercice | 469 830,380 |  |

- Commissions de souscription et/ou rachat

|  | En montant |
| --- | --- |
| Part DORVAL MANAGEURS EUROPE I |  |
| Total des commissions de souscription et/ou rachat acquises | 0,00 |
| Commissions de souscription acquises | 0,00 |
| Commissions de rachat acquises | 0,00 |
| Part DORVAL MANAGEURS EUROPE N |  |
| Total des commissions de souscription et/ou rachat acquises | 0,00 |
| Commissions de souscription acquises | 0,00 |
| Commissions de rachat acquises | 0,00 |
| Part DORVAL MANAGEURS EUROPE Q |  |
| Total des commissions de souscription et/ou rachat acquises | 0,00 |
| Commissions de souscription acquises | 0,00 |
| Commissions de rachat acquises | 0,00 |
| Part DORVAL MANAGEURS EUROPE R |  |
| Total des commissions de souscription et/ou rachat acquises | 0,00 |
| Commissions de souscription acquises | 0,00 |
| Commissions de rachat acquises | 0,00 |

- FRAIS DE GESTION

|  | 31/12/2021 |
| --- | --- |
| Parts DORVAL MANAGEURS EUROPE I |  |
| Commissions de garantie | 0,00 |
| Frais de gestion fixes | 982 085,11 |
| Pourcentage de frais de gestion fixes | 0,90 |
| Frais de gestion variables provisionnés | 0,00 |
| Pourcentage de frais de gestion variables provisionnés | 0,00 |
| Frais de gestion variables acquis | 58 448,19 |
| Pourcentage de frais de gestion variables acquis | 0,05 |
| Rétrocessions des frais de gestion | 0,00 |
| Parts DORVAL MANAGEURS EUROPE N |  |
| Commissions de garantie | 0,00 |
| Frais de gestion fixes | 119 687,81 |
| Pourcentage de frais de gestion fixes | 1,50 |
| Frais de gestion variables provisionnés | 0,00 |
| Pourcentage de frais de gestion variables provisionnés | 0,00 |
| Frais de gestion variables acquis | 3 048,31 |
| Pourcentage de frais de gestion variables acquis | 0,04 |
| Rétrocessions des frais de gestion | 0,00 |
| Parts DORVAL MANAGEURS EUROPE Q |  |
| Commissions de garantie | 0,00 |
| Frais de gestion fixes | 5 706,90 |
| Pourcentage de frais de gestion fixes | 0,10 |
| Frais de gestion variables provisionnés | 0,00 |
| Pourcentage de frais de gestion variables provisionnés | 0,00 |
| Frais de gestion variables acquis | 0,00 |
| Pourcentage de frais de gestion variables acquis | 0,00 |
| Rétrocessions des frais de gestion | 0,00 |
| Parts DORVAL MANAGEURS EUROPE R |  |
| Commissions de garantie | 0,00 |
| Frais de gestion fixes | 1 650 547,88 |
| Pourcentage de frais de gestion fixes | 1,80 |
| Frais de gestion variables provisionnés | 0,00 |
| Pourcentage de frais de gestion variables provisionnés | 0,00 |
| Frais de gestion variables acquis | 34 533,80 |
| Pourcentage de frais de gestion variables acquis | 0,04 |
| Rétrocessions des frais de gestion | 0,00 |

« Le montant des frais de gestion variables affiché ci-dessus correspond à la somme des provisions et reprises de provisions ayant impacté l’actif net au cours de la période sous revue .»
- ENGAGEMENTS REÇUS ET DONNÉS
	- Garanties reçues par l’OPC :3.8. ENGAGEMENTS REÇUS ET DONNÉSNéant

- Autres engagements reçus et/ou donnés :Néant
- AUTRES INFORMATIONS
	- Valeur actuelle des instruments financiers faisant l'objet d'une acquisition temporaire


|  | 31/12/2021 |
| --- | --- |
| Titres pris en pension livrée | 0,00 |
| Titres empruntés | 0,00 |

- Valeur actuelle des instruments financiers constitutifs de dépôts de garantie

|  | 31/12/2021 |
| --- | --- |
| Instruments financiers donnés en garantie et maintenus dans leur poste d'origine | 0,00 |
| Instruments financiers reçus en garantie et non-inscrits au bilan | 0,00 |

- Instruments financiers détenus, émis et/ou gérés par le Groupe

|  | Code ISIN | Libellé | 31/12/2021 |
| --- | --- | --- | --- |
| Actions |  |  | 0,00 |
| Obligations |  |  | 0,00 |
| TCN |  |  | 0,00 |
| OPC |  |  | 18 868 367,11 |
|  | FR0013392321 | DORVAL MANAGEURS EURO Q | 6 989 181,30 |
|  | FR0013378163 | DORVAL MANAGEURS Q | 1 661 461,00 |
|  | FR0013392255 | DORVAL MANAGEURS SMALL CAP EURO Q | 2 893 706,16 |
|  | FR0013392347 | DORVAL MANAGEURS SMID CAP EURO PART Q C4 | 7 324 018,65 |
| Instruments financiers à terme |  |  | 0,00 |
| Total des titres du groupe |  |  | 18 868 367,11 |

- TABLEAU D'AFFECTATION DES SOMMES DISTRIBUABLESTableau d'affectation de la quote-part des sommes distribuables afférente au résultat

|  | 31/12/2021 | 31/12/2020 |
| --- | --- | --- |
| Sommes restant à affecter |  |  |
| Report à nouveau | 0,00 | 0,00 |
| Résultat | 1 756 786,99 | 1 650 916,38 |
| Total | 1 756 786,99 | 1 650 916,38 |

|  | 31/12/2021 | 31/12/2020 |
| --- | --- | --- |
| Parts DORVAL MANAGEURS EUROPE I |  |  |
| Affectation |  |  |
| Distribution | 0,00 | 0,00 |
| Report à nouveau de l'exercice | 0,00 | 0,00 |
| Capitalisation | 1 304 005,58 | 1 205 350,11 |
| Total | 1 304 005,58 | 1 205 350,11 |

|  | 31/12/2021 | 31/12/2020 |
| --- | --- | --- |
| Parts DORVAL MANAGEURS EUROPE N |  |  |
| Affectation |  |  |
| Distribution | 0,00 | 0,00 |
| Report à nouveau de l'exercice | 0,00 | 0,00 |
| Capitalisation | 45 741,61 | 40 329,20 |
| Total | 45 741,61 | 40 329,20 |

|  | 31/12/2021 | 31/12/2020 |
| --- | --- | --- |
| Parts DORVAL MANAGEURS EUROPE Q |  |  |
| Affectation |  |  |
| Distribution | 0,00 | 0,00 |
| Report à nouveau de l'exercice | 0,00 | 0,00 |
| Capitalisation | 3 622,62 | 174 012,58 |
| Total | 3 622,62 | 174 012,58 |

|  | 31/12/2021 | 31/12/2020 |
| --- | --- | --- |
| Parts DORVAL MANAGEURS EUROPE R |  |  |
| Affectation |  |  |
| Distribution | 0,00 | 0,00 |
| Report à nouveau de l'exercice | 0,00 | 0,00 |
| Capitalisation | 403 417,18 | 231 224,49 |
| Total | 403 417,18 | 231 224,49 |

Tableau d'affectation de la quote-part des sommes distribuables afférente aux plus et moins-values nettes
|  | 31/12/2021 | 31/12/2020 |
| --- | --- | --- |
| Sommes restant à affecter |  |  |
| Plus et moins-values nettes antérieures non distribuées | 0,00 | 0,00 |
| Plus et moins-values nettes de l'exercice | 27 175 503,27 | -37 165 610,32 |
| Acomptes versés sur plus et moins-values nettes de l'exercice | 0,00 | 0,00 |
| Total | 27 175 503,27 | -37 165 610,32 |

|  | 31/12/2021 | 31/12/2020 |
| --- | --- | --- |
| Parts DORVAL MANAGEURS EUROPE I |  |  |
| Affectation |  |  |
| Distribution | 0,00 | 0,00 |
| Plus et moins-values nettes non distribuées | 0,00 | 0,00 |
| Capitalisation | 14 036 363,08 | -19 141 178,11 |
| Total | 14 036 363,08 | -19 141 178,11 |

|  | 31/12/2021 | 31/12/2020 |
| --- | --- | --- |
| Parts DORVAL MANAGEURS EUROPE N |  |  |
| Affectation |  |  |
| Distribution | 0,00 | 0,00 |
| Plus et moins-values nettes non distribuées | 0,00 | 0,00 |
| Capitalisation | 944 677,30 | -1 265 182,76 |
| Total | 944 677,30 | -1 265 182,76 |

|  | 31/12/2021 | 31/12/2020 |
| --- | --- | --- |
| Parts DORVAL MANAGEURS EUROPE Q |  |  |
| Affectation |  |  |
| Distribution | 0,00 | 0,00 |
| Plus et moins-values nettes non distribuées | 0,00 | 0,00 |
| Capitalisation | 24 117,39 | -1 584 396,05 |
| Total | 24 117,39 | -1 584 396,05 |

|  | 31/12/2021 | 31/12/2020 |
| --- | --- | --- |
| Parts DORVAL MANAGEURS EUROPE R |  |  |
| Affectation |  |  |
| Distribution | 0,00 | 0,00 |
| Plus et moins-values nettes non distribuées | 0,00 | 0,00 |
| Capitalisation | 12 170 345,50 | -15 174 853,40 |
| Total | 12 170 345,50 | -15 174 853,40 |

- TABLEAU DES RÉSULTATS ET AUTRES ÉLÉMENTS CARACTÉRISTIQUES DE L'ENTITÉ AU COURS DES CINQ DERNIERS EXERCICES

|  | 29/12/2017 | 31/12/2018 | 31/12/2019 | 31/12/2020 | 31/12/2021 |
| --- | --- | --- | --- | --- | --- |
| Actif net Global en EUR | 719 810 060,30 | 441 064 306,36 | 257 382 209,98 | 226 912 524,28 | 188 637 349,41 |
| Parts DORVAL MANAGEURS EUROPE I en EUR Actif net Nombre de titres Valeur liquidative unitaire Capitalisation unitaire sur +/- values nettes Capitalisation unitaire sur résultat Parts DORVAL MANAGEURS EUROPE N en EUR Actif net Nombre de titres Valeur liquidative unitaire Capitalisation unitaire sur +/- values nettes Capitalisation unitaire sur résultat Parts DORVAL MANAGEURS EUROPE Q en EUR Actif net Nombre de titres Valeur liquidative unitaire Capitalisation unitaire sur +/- values nettes Capitalisation unitaire sur résultat Parts DORVAL MANAGEURS EUROPE R en EUR Actif net Nombre de titres Valeur liquidative unitaire Capitalisation unitaire sur +/- values nettes Capitalisation unitaire sur résultat | 406 178 030,83 16 672,212 24 362,57 1 704,38 -577,86 6 035 234,32 59 068,000 102,17 0,26 -0,32 0,00 0,00 0,00 0,00 0,00 307 596 795,15 1 320 797,859 232,88 16,34 -7,10 | 212 411 086,76 12 318,317 17 243,51 -604,05 197,50 38 572 928,95 538 280,842 71,65 -2,50 -0,05 100,00 1,000 100,00 0,00 -0,94 190 080 190,65 1 163 622,415 163,35 -5,71 -0,04 | 117 540 828,34 6 163,715 19 069,80 -2 703,68 253,93 7 628 291,16 96 808,024 78,79 -11,19 0,60 4 485 490,57 40 213,962 111,54 -15,68 2,46 127 727 599,91 713 099,540 179,11 -25,51 0,85 | 117 225 886,44 6 837,405 17 144,79 -2 799,47 176,28 7 707 909,89 109 421,076 70,44 -11,56 0,36 9 770 874,88 96 633,962 101,11 -16,39 1,80 92 207 853,07 577 588,440 159,64 -26,27 0,40 | 97 632 116,82 5 023,518 19 435,00 2 794,13 259,58 6 550 937,08 82 571,961 79,33 11,44 0,55 168 321,01 1 455,962 115,60 16,56 2,48 84 285 974,50 469 830,380 179,39 25,90 0,85 |

| Désignation des valeurs | Devise | Qté Nbre ou nominal | Valeur actuelle | % Actif Net |
| --- | --- | --- | --- | --- |
| Actions et valeurs assimilées |  |  |  |  |
| Actions et valeurs assimilées négociées sur un marché |  |  |  |  |
| réglementé ou assimilé |  |  |  |  |
| ALLEMAGNE |  |  |  |  |
| ADIDAS NOM. | EUR | 819 | 207 370,80 | 0,11 |
| BMW BAYERISCHE MOTOREN WERKE | EUR | 37 659 | 3 332 444,91 | 1,77 |
| DEUTSCHE TELEKOM AG | EUR | 300 000 | 4 890 000,00 | 2,60 |
| DEUTZ AG | EUR | 414 353 | 2 722 299,21 | 1,44 |
| DUERR AG | EUR | 45 681 | 1 832 721,72 | 0,97 |
| SAP SE | EUR | 27 120 | 3 387 288,00 | 1,79 |
| SIEMENS AG-REG | EUR | 14 582 | 2 226 379,76 | 1,18 |
| TOTAL ALLEMAGNE |  |  | 18 598 504,40 | 9,86 |
| AUTRICHE |  |  |  |  |
| AMS | CHF | 3 573 | 57 247,35 | 0,03 |
| WIENERBERGER AG | EUR | 161 348 | 5 217 994,32 | 2,77 |
| TOTAL AUTRICHE |  |  | 5 275 241,67 | 2,80 |
| FINLANDE |  |  |  |  |
| FERRATUM PLC | EUR | 1 182 648 | 4 529 541,84 | 2,40 |
| NESTE OYJ | EUR | 119 515 | 5 182 170,40 | 2,75 |
| TOTAL FINLANDE |  |  | 9 711 712,24 | 5,15 |
| FRANCE |  |  |  |  |
| AIR LIQUIDE | EUR | 27 506 | 4 217 219,92 | 2,24 |
| ATOS SE | EUR | 90 581 | 3 386 823,59 | 1,79 |
| AXA | EUR | 211 542 | 5 539 227,27 | 2,94 |
| BNP PARIBAS | EUR | 94 058 | 5 715 904,66 | 3,03 |
| BOUYGUES | EUR | 185 632 | 5 845 551,68 | 3,10 |
| CAPGEMINI SE | EUR | 32 327 | 6 966 468,50 | 3,69 |
| CREDIT AGRICOLE | EUR | 254 898 | 3 198 969,90 | 1,70 |
| EDF | EUR | 237 400 | 2 452 342,00 | 1,30 |
| FAURECIA EX BERTRAND FAURE | EUR | 3 655 | 152 888,65 | 0,09 |
| GROUPE FNAC | EUR | 60 196 | 3 461 270,00 | 1,83 |
| IMERYS EX IMETAL | EUR | 83 979 | 3 068 592,66 | 1,62 |
| MICHELIN - CATEGORIE B | EUR | 14 975 | 2 158 646,25 | 1,14 |
| NEXANS SA | EUR | 44 451 | 3 816 118,35 | 2,02 |
| PUBLICIS GROUPE SA | EUR | 101 611 | 6 015 371,20 | 3,19 |
| REXEL | EUR | 164 784 | 2 938 098,72 | 1,56 |
| SAINT-GOBAIN | EUR | 68 096 | 4 213 099,52 | 2,23 |
| SANOFI | EUR | 60 778 | 5 383 715,24 | 2,85 |
| SARTORIUS STEDIM BIOTECH | EUR | 6 012 | 2 900 188,80 | 1,53 |
| SCHNEIDER ELECTRIC SA | EUR | 14 045 | 2 422 200,70 | 1,29 |
| SOCIETE GENERALE SA | EUR | 114 763 | 3 466 416,42 | 1,84 |
| TOTALENERGIES SE | EUR | 94 009 | 4 195 621,67 | 2,23 |
| VEOLIA ENVIRONNEMENT | EUR | 164 386 | 5 303 092,36 | 2,81 |
| VINCI (EX SGE) | EUR | 41 777 | 3 881 501,07 | 2,06 |
| WORLDLINE SA | EUR | 17 296 | 847 676,96 | 0,45 |
| TOTAL FRANCE |  |  | 91 547 006,09 | 48,53 |
| GRECE |  |  |  |  |
| FOLLI FOLLIE GR | EUR | 1 225 615 | 0,00 | 0,00 |

| Désignation des valeurs | Devise | Qté Nbre ou nominal | Valeur actuelle | % Actif Net |
| --- | --- | --- | --- | --- |
| TOTAL GRECE IRLANDE CRH PLC TOTAL IRLANDE ITALIE ENEL SPA ENI SPA TOTAL ITALIE LUXEMBOURG APERAM TOTAL LUXEMBOURG PAYS-BAS AEGON ASML HOLDING NV CNH INDUSTRIAL NV EURONEXT NV - W/I ING GROEP NV STMICROELECTRONICS NV TOTAL PAYS-BAS ROYAUME-UNI EASYJET LINDE PLC TOTAL ROYAUME-UNI SUEDE ERICSSON(LM) B SVENSKA KULLAGERFABRIKEN AB -B- TOTAL SUEDE SUISSE CREDIT SUISSE GROUP TOTAL SUISSE TOTAL Actions et valeurs assimilées négociées sur un marché réglementé ou assimilé TOTAL Actions et valeurs assimilées Organismes de placement collectif OPCVM et FIA à vocation générale destinés aux non professionnels et équivalents d'autres pays FRANCE DORVAL MANAGEURS EURO Q DORVAL MANAGEURS Q DORVAL MANAGEURS SMALL CAP EURO Q DORVAL MANAGEURS SMID CAP EURO PART Q C4 TOTAL FRANCE TOTAL OPCVM et FIA à vocation générale destinés aux non professionnels et équivalents d'autres pays TOTAL Organismes de placement collectif Créances Dettes Comptes financiers Actif net |  |  | 0,00 | 0,00 |
| EUR | 18 899 | 879 181,48 | 0,46 |
|  |  | 879 181,48 | 0,46 |
| EUR | 278 352 | 1 961 268,19 | 1,04 |
| EUR | 383 709 | 4 688 923,98 | 2,48 |
|  |  | 6 650 192,17 | 3,52 |
| EUR | 65 960 | 3 142 334,40 | 1,67 |
|  |  | 3 142 334,40 | 1,67 |
| EUR | 54 934 | 241 325,06 | 0,13 |
| EUR | 6 367 | 4 499 558,90 | 2,39 |
| EUR | 61 000 | 1 041 270,00 | 0,55 |
| EUR | 86 124 | 7 858 815,00 | 4,16 |
| EUR | 327 363 | 4 007 577,85 | 2,13 |
| EUR | 151 748 | 6 581 310,76 | 3,48 |
|  |  | 24 229 857,57 | 12,84 |
| GBP | 4 648 | 30 779,26 | 0,02 |
| EUR | 12 555 | 3 841 830,00 | 2,04 |
|  |  | 3 872 609,26 | 2,06 |
| SEK | 485 150 | 4 703 005,85 | 2,49 |
| SEK | 5 146 | 107 228,33 | 0,06 |
|  |  | 4 810 234,18 | 2,55 |
| CHF | 43 657 | 373 955,97 | 0,20 |
|  |  | 373 955,97 | 0,20 |
|  |  | 169 090 829,43 | 89,64 |
|  |  | 169 090 829,43 | 89,64 |
| EUR | 55 098 | 6 989 181,30 | 3,71 |
| EUR | 14 450 | 1 661 461,00 | 0,88 |
| EUR | 17 814 | 2 893 706,16 | 1,53 |
| EUR | 56 395 | 7 324 018,65 | 3,88 |
|  |  | 18 868 367,11 | 10,00 |
|  |  | 18 868 367,11 | 10,00 |
|  |  | 18 868 367,11 | 10,00 |
|  |  | 207,95 | 0,00 |
|  |  | -984 860,54 | -0,52 |
|  |  | 1 662 805,46 | 0,88 |
|  |  | 188 637 349,41 | 100,00 |

| Parts DORVAL MANAGEURS EUROPE N | EUR | 82 571,961 | 79,33 |
| --- | --- | --- | --- |
| Parts DORVAL MANAGEURS EUROPE Q | EUR | 1 455,962 | 115,60 |
| Parts DORVAL MANAGEURS EUROPE I | EUR | 5 023,518 | 19 435,00 |
| Parts DORVAL MANAGEURS EUROPE R | EUR | 469 830,380 | 179,39 |