# G FUND – World (R)Evolutions
## Board of Directors’ Report
For the year ended February 2022
2021 was a good year for global equities, with the MSCI World index gaining 22%, but a tricky one for investors who had to deal with worrying news about COVID and inflation and from China.
Despite the strong recovery of economic activity and earnings that enabled equities to outperform debt, financial repression was the theme that dominated the year.
Despite the surge in inflation, central banks remained calm and kept nominal yields in check, which caused real yields to collapse. This led investors to seek higher yields with greater risk exposure, which fuelled the demand for equities.
As the first two months of 2022 have shown, the market narrative suddenly changed as central banks began to rein in the excess liquidity.
After 20 months of an almost uninterrupted bull market and low volatility, investors should now expect more dispersion in equity markets and manage their portfolios more actively. So more discrimination will be necessary.
Against the backdrop of substantial excess liquidity, the TINA (There Is No Alternative) mindset fostered a "buy on the dip" mentality throughout the eventful year of 2021. The maximum loss for MSCI World was 5.5% just after the summer, at which time investors showed their optimism and continued to add equities to their portfolios whenever their prices dipped.
The year ended on a much more uncertain note, with Russia's invasion of Ukraine adding to inflationary pressures by increasing the cost of energy, agricultural commodities and some minerals.
The vast majority of the companies in the fund's portfolios in 2021 have raised their outlook for 2022. In addition to our largest exposures in healthcare and technology, some of our positions benefited from the increase in interest rates and commodity prices. We would also like to point out the success of our tactical switches, such as our decision in the summer to gradually reduce our exposure to equities that are highly correlated to Covid-19 vaccines. Finally, our participation in several IPOs has also been profitable.
Against this background, our main transactions involved adding to Teck Resources, Baker Hughes, Broadcom and Novo Nordisk, buying OVH (IPO) and SVB Financial, and reducing exposure to Veeva Systems, Bausch Health, Paypal and Newmont.
Over the period, the net asset value of the I USD share class rose from USD 1,742.09 on 26/02/21 to USD 1,964.20 on 28/02/22. The IC USD - Accumulation share class of the G Fund - World (R)Evolutions fund returned 12.75% vs. 10.74% for the benchmark index (the MSCI World closing USD, with net dividends reinvested).
|  | Performance | Benchmark index (see note 4) |
| --- | --- | --- |
| G FUND - WORLD R EVOLUTIONS - GD | LU1897556277 | 22.6% | 19.68% |
| G FUND - WORLD R EVOLUTIONS - IC - EUR | LU1897556350 | 22.02% | 19.68% |
| G FUND - WORLD R EVOLUTIONS - IC - USD | LU1897556434 | 12.75% | 10,74% |
| G FUND - WORLD R EVOLUTIONS - NC | LU1897556517 | 21,08% | 19.68% |
| G FUND - WORLD R EVOLUTIONS - OC | LU1897556608 | 23.15% | 19.68% |
| G FUND - WORLD R EVOLUTIONS - RC | LU1897556780 | 21.91% | 19.68% |

The fund's performance over the past year is not a reliable indicator of future returns.
| Combined statement of net assets at 28/02/22 |  |  |
| --- | --- | --- |
|  | Note | USD |
| Assets |  | 107,731,260.97 |
| Securities portfolio at market value | 2.2 | 106,978,802.80 |
| Cost |  | 77,261,981.07 |
| Cash at bank |  | 646,368.90 |
| Accrued subscriptions |  | 94,747.08 |
| Net dividends receivable |  | 11,342.19 |
| Liabilities |  | 687,132.20 |
| Accrued redemptions |  | 243,652.05 |
| Management fees payable | 3 | 39,798.70 |
| Depositary and sub-depositary fees payable | 5 | 5,962.53 |
| Administration fees payable | 6 | 3,229.70 |
| Performance fees payable | 4 | 376,607.51 |
| Subscription tax (taxe d’abonnement) payable | 8 | 3,154.59 |
| Other liabilities |  | 14,727.12 |
| Net asset value |  | 107,044,128.77 |

| Statement of operations and net changes in assets from 01/03/21 to 28/02/22 |
| --- |
|  | Note | USD |
| Income |  | 608,184.05 |
| Net dividends on the securities portfolio |  | 607,066.05 |
| Other income |  | 1,118.00 |
| Expenses |  | 1,106,436.83 |
| Management fees | 3 | 481,623.32 |
| Performance fees | 4 | 376,607.51 |
| Depositary and sub-depositary fees | 5 | 36,880.40 |
| Administration fees | 6 | 21,451.85 |
| Legal expenses |  | 9,882.03 |
| Transaction expenses | 2.17, 7 | 140,325.10 |
| Director remuneration |  | 774.64 |
| Subscription tax (taxe d’abonnement) | 8 | 18,175.83 |
| Interest paid on bank overdrafts |  | 2,925.51 |
| Other expenses |  | 17,790.64 |
| Net income / (loss) on investments |  | (498,252.78) |
| Net profit / (loss) on: |  |  |
| - sales of investments | 2.3 | 18,366,591.40 |
| - forward exchange contracts | 2.7 | 26,090.51 |
| - currency |  | 47,487.64 |
| Net profit / (loss) |  | 17,941,916.77 |
| Change in the net unrealised gain / (loss) on: - sales of investments | 2.2 | (3,847,425.22) |
| Net increase / (decrease) in net assets from operations |  | 14,094,491.55 |
| Dividends paid | 10 | (613,661.09) |
| Accumulation share subscriptions |  | 74,060,313.47 |
| Accumulation share redemptions |  | (46,434,022.74) |
| Distribution share redemptions |  | (41,917,422.03) |
| Increase / (decrease) in net assets |  | (810,300.84) |
| Net assets at start of year |  | 107,854,429.61 |
| Net assets at end of year |  | 107,044,128.77 |

| Net assets by share class |  |  |  |  |
| --- | --- | --- | --- | --- |
|  |  | 28/02/22 | 28/02/21 | 29/02/20 |
| Total net assets | USD | 107,044,128.77 | 107,854,429.61 | 7,730,659.53 |
| NC EUR shares - Accumulation |  |  |  |  |
| Number of shares |  | 93,345.602 | 35,350.200 | 1,631.640 |
| Net asset value per share | EUR | 195.33 | 161.32 | 118.68 |
| IC EUR shares - Accumulation Number of shares |  | 10,631,000 | 424,000 | 1,000 |
| Net asset value per share | EUR | 1,700.21 | 1,393.34 | 1,017.58 |
| IC USD shares - Accumulation Number of shares |  | 51,000 | 1,000 | 1,000 |
| Net asset value per share | USD | 1,964.20 | 1,742.09 | 1,152.59 |
| RC EUR shares - Accumulation Number of shares |  | 157.426 | 10,000 | 10,000 |
| Net asset value per share | EUR | 170.44 | 139.81 | 101.72 |
| OC EUR shares - Accumulation Number of shares |  | 27,238.430 | 32,211.905 | 0,000 |
| Net asset value per share | EUR | 1,578.17 | 1,281.53 | - |
| GD EUR shares - Distribution Number of shares |  | 8,442.476 | 26,568.477 | 6,000,000 |
| Net asset value per share | EUR | 1,882.30 | 1,553.71 | 1,140.18 |
| Dividend per share |  | 21.44 | 10.21 | 12.51 |

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 | 35,350.200 | 94,678.497 | 36,683.095 | 93,345.602 |
| IC EUR shares - Accumulation | 424,000 | 10,207,000 | 0,000 | 10,631,000 |
| IC USD shares - Accumulation | 1,000 | 50,000 | 0,000 | 51,000 |
| RC EUR shares - Accumulation | 10,000 | 147.426 | 0,000 | 157.426 |
| OC EUR shares - Accumulation | 32,211.905 | 17,012.462 | 21,985.937 | 27,238.430 |
| GD EUR shares - Distribution | 26,568.477 | 0,000 | 18,126.001 | 8,442.476 |

| 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 |  |  | 106,592,150.01 | 99.58 |
| Equities |  |  | 106,592,150.01 | 99.58 |
| United States |  |  | 73,482,902.31 | 68.65 |
| BAKER HUGHES RG-A REGISTERED SHS -A- | USD | 117,731 | 3,458,128.03 | 3.23 |
| BROADCOM INC - REGISTERED SHS | USD | 11,024 | 6,475,938.56 | 6.05 |
| CADENCE DES | USD | 36,695 | 5,556,723.85 | 5.19 |
| COMCAST CORP | USD | 29,080 | 1,359,780.80 | 1.27 |
| DENALI THRPTCS --- REGISTERED SHS | USD | 4,690 | 152,706.40 | 0.14 |
| GENERAL MOTORS CO | USD | 9,763 | 456,127.36 | 0.43 |
| HCA HEALTHCARE RG REGISTERED SHS | USD | 18,365 | 4,596,943.15 | 4.29 |
| INTUITIVE SURGICAL | USD | 14,077 | 4,086,975.41 | 3.82 |
| IONIS PHARMACEUTICALS NEW | USD | 47,214 | 1,576,003.32 | 1.47 |
| MICROSOFT CORP | USD | 14,860 | 4,440,019.40 | 4.15 |
| MODERNA INC | USD | 2,196 | 337,305.60 | 0.32 |
| MONGODB INC | USD | 7,928 | 3,028,416.72 | 2.83 |
| MOTOROLA SOLUTIONS INC | USD | 24,866 | 5,481,212.38 | 5.12 |
| NCR CORP | USD | 106,365 | 4,309,909.80 | 4.03 |
| NEWMONT CORPORATION | USD | 53,750 | 3,558,250.00 | 3.32 |
| NORFOLK SOUTHERN | USD | 15,939 | 4,088,672.28 | 3.82 |
| PAYPAL HOLDINGS | USD | 10,514 | 1,176,832.02 | 1.10 |
| REATA PHARMACEUTICALS INC-A | USD | 9,095 | 297,770.30 | 0.28 |
| REGENERON PHARMACEUTICALS INC | USD | 4,338 | 2,682,445.68 | 2.51 |
| SAGE THERAPEUTICS INC | USD | 7,002 | 254,662.74 | 0.24 |
| SEAGEN INC | USD | 12,319 | 1,587,549.53 | 1.48 |
| SVB FINANCIAL GROUP | USD | 4,724 | 2,862,744.00 | 2.67 |
| SYNTA PHARMACEUTICALS CORP. | USD | 1,757 | 163,137.45 | 0.15 |
| T MOBILE USA INC | USD | 19,073 | 2,349,984.33 | 2.20 |
| UIPATH INC | USD | 12,116 | 420,546.36 | 0.39 |
| UNITEDHEALTH GROUP INC | USD | 5,947 | 2,829,998.89 | 2.64 |
| UNITY SOFTWARE INC | USD | 9,609 | 1,022,878.05 | 0.96 |
| VEEVA SYSTEMS -A- | USD | 4,692 | 1,074,702.60 | 1.00 |
| WATTS WATER TECHNOLOGIES INC CLASS -A- | USD | 26,374 | 3,796,537.30 | 3.55 |
| Canada |  |  | 10,466,523.21 | 9.78 |
| BAUSCH HEALTH -REGISTERED SHS | USD | 155,401 | 3,738,948.06 | 3.49 |
| TECK RESOURSES LTD -B- | USD | 187,137 | 6,727,575.15 | 6.28 |
| France |  |  | 6,588,254.01 | 6.15 |
| AELIS FARMA SAS | EUR | 12,323 | 183,811.05 | 0.17 |
| AFYREN | EUR | 35,294 | 313,569.97 | 0.29 |
| AUBAY | EUR | 10,472 | 593,988.60 | 0.55 |
| LECTRA SYSTEMES | EUR | 37,063 | 1,746,343.33 | 1.63 |
| OVH GROUPE | EUR | 49,248 | 1,242,659.42 | 1.16 |
| SANOFI AVENTIS | EUR | 10,300 | 1,081,350.69 | 1.01 |
| SARTORIUS STEDIM BIOTECH | EUR | 2,844 | 1,096,950.37 | 1.02 |
| WAGA ENERGY SA | EUR | 9,781 | 329,580.58 | 0.31 |
| Netherlands |  |  | 5,353,895.78 | 5.00 |
| ASML HLDG | EUR | 7,959 | 5,353,895.78 | 5.00 |
| Denmark |  |  | 4,835,894.22 | 4.52 |
| NOVO NORDISK | DKK | 46,952 | 4,835,894.22 | 4.52 |
| Germany |  |  | 3,805,135.78 | 3.55 |
| BIONTECH - ADR 1 SHS | USD | 5,665 | 854,338.65 | 0.80 |
| CARL ZEISS MEDITEC A | EUR | 18,652 | 2,950,797.13 | 2.76 |
| Israel |  |  | 2,059,544.70 | 1.92 |
| CYBERARKSOFTWARE LTD | USD | 12,105 | 2,059,544.70 | 1.92 |
| Collective investment undertakings |  |  | 386,652.79 | 0.36 |
| Shares/units in investment funds |  |  | 386,652.79 | 0.36 |

| Securities portfolio at 28/02/2022 |  |  |  |  |
| --- | --- | --- | --- | --- |
| Name | Curr. | Number of shares | Market value (in EUR) | % of net assets |
| France |  |  | 386,652.79 | 0.36 |
| GROUPAMA MONETAIRE IC | EUR | 2 | 386,652.79 | 0.36 |
| Total securities portfolio |  |  | 106,978,802.80 | 99.94 |

Translation (ENFR, 2022-02-28):
# G FUND – World (R)Evolutions
## Rapport du Conseil d'Administration
Exercice à fin février 2022
2021 a été une bonne année pour les actions mondiales, avec MSCI World en hausse de 22%, mais délicate pour les investisseurs, sur fond des nouvelles sur le COVID, l'inflation et les informations en provenance de Chine.
Si la forte reprise de l'activité et des bénéfices a été la clé de la surperformance des actions par rapport aux taux, la répression financière a été le thème dominant de l'année.
Malgré la flambée de l'inflation, les banques centrales sont restées calmes et ont maîtrisé les rendements nominaux, entraînant un effondrement des taux réels. Les investisseurs ont donc été amenés à rechercher des rendements plus élevés le long de la courbe de risque, ce qui a alimenté l'offre sur les actions.
Comme nous le montrent les premiers jours de 2022, le discours du marché change maintenant brusquement avec le début du renversement de la liquidité des banques centrales.
Après 20 mois de marché haussier presque ininterrompu et de volatilité déprimée, les investisseurs doivent s'attendre à une dispersion plus élevée et adopter une approche de gestion plus active. Donc moins d’achats généralisés et plus de différenciation.
Dans le contexte d'un excès de liquidités important, l'état d'esprit de TINA (There Is No Alternative) a vu une mentalité d'achat à la baisse tout au long de la mouvementée 2021. Le retrait maximum pour MSCI World était de 5,5% à la fin de l'été, les investisseurs ayant montré un esprit positif et ajouté sur la faiblesse à chaque fois que les actions marquaient une pause.
L’exercice se termine sur une note beaucoup plus incertaine, avec l’invasion de l’Ukraine par la Russie qui vient, entre-autres , accentuer les pressions inflationnistes via les coûts de l’énergie, des matières premières agricoles et de certains minerais.
Pour la grande majorité d’entre elles, les sociétés en portefeuilles ont affiché en 2021 ont révisé à la hausse leurs perspectives pour l’année prochaine. Parallèlement à nos plus grosses expositions dans la santé et la technologie, certaines de nos valeurs ont bénéficié du contexte de remontée des taux et de hausse du prix des matières premières. Nous pouvons également noter la performance de nos arbitrages et citer par exemple la réduction progressive depuis l’été des valeurs très corrélées aux vaccins contre la Covid-19. Enfin, notre participation à plusieurs IPO nous a été bénéfique.
Dans contexte, nos principaux mouvements ont été de renforcer Teck Resources, Baker Hugues, Broadcom et Novo Nordisk et d’acheter OVH (IPO) ainsi que SVB Financial. Parallèlement, nous avons réduit Veeva Systems, Bausch Health, Paypal et Newmont.
Sur la période, la valeur liquidative de la part I USD est passée de 1742.09 USD au 26/02/2021 à 1964.20 USD au 28/02/2022. La performance de G Fund - World (R)Evolutions s’établit à +12,75% (Classe IC USD - Capitalisation) contre + 10,74% pour l’indice de référence (le MSCI World clôture USD, dividendes nets réinvestis).
|  | Performances | Indice de référence (voir note 4) |
| --- | --- | --- |
| G FUND - WORLD R EVOLUTIONS - GD | LU1897556277 | 22,6% | 19,68% |
| G FUND - WORLD R EVOLUTIONS - IC - EUR | LU1897556350 | 22,02% | 19,68% |
| G FUND - WORLD R EVOLUTIONS - IC - USD | LU1897556434 | 12,75% | 10.74% |
| G FUND - WORLD R EVOLUTIONS - NC | LU1897556517 | 21.08% | 19,68% |
| G FUND - WORLD R EVOLUTIONS - OC | LU1897556608 | 23,15% | 19,68% |
| G FUND - WORLD R EVOLUTIONS - RC | LU1897556780 | 21,91% | 19,68% |

La performance obtenue sur la période ne préjuge pas des résultats futurs de l’OPCVM.
| Etat des actifs nets au 28/02/22 |  |
| --- | --- |
|  | Note | Exprimé en USD |
| Actifs |  | 107.731.260,97 |
| Portefeuille-titres à la valeur d'évaluation | 2.2 | 106.978.802,80 |
| Prix de revient |  | 77.261.981,07 |
| Avoirs en banque |  | 646.368,90 |
| A recevoir sur souscriptions |  | 94.747,08 |
| Dividendes à recevoir, nets |  | 11.342,19 |
| Passifs |  | 687.132,20 |
| A payer sur rachats |  | 243.652,05 |
| Commissions de gestion à payer | 3 | 39.798,70 |
| Commissions de dépositaire et de sous-dépositaire à payer | 5 | 5.962,53 |
| Commissions d'administration à payer | 6 | 3.229,70 |
| Commissions de performance à payer | 4 | 376.607,51 |
| Taxe d'abonnement à payer | 8 | 3.154,59 |
| Autres passifs |  | 14.727,12 |
| Valeur nette d'inventaire |  | 107.044.128,77 |

| Etat des opérations et des variations des actifs nets du 01/03/21 au 28/02/22 |  |
| --- | --- |
|  | Note | Exprimé en USD |
| Revenus |  | 608.184,05 |
| Dividendes sur portefeuille-titres, nets |  | 607.066,05 |
| Autres revenus |  | 1.118,00 |
| Dépenses |  | 1.106.436,83 |
| Commissions de gestion | 3 | 481.623,32 |
| Commissions de performance | 4 | 376.607,51 |
| Commissions de dépositaire et de sous-dépositaire | 5 | 36.880,40 |
| Commissions d'administration | 6 | 21.451,85 |
| Frais légaux |  | 9.882,03 |
| Frais de transaction | 2.17, 7 | 140.325,10 |
| Rémunération administrateurs |  | 774,64 |
| Taxe d'abonnement | 8 | 18.175,83 |
| Intérêts payés sur découvert bancaire |  | 2.925,51 |
| Autres dépenses |  | 17.790,64 |
| Revenus / (Pertes) net(te)s des investissements |  | (498.252,78) |
| Bénéfices / (Pertes) net(te)s réalisé(e)s sur: |  |  |
| - ventes d'investissements | 2.3 | 18.366.591,40 |
| - contrats de change à terme | 2.7 | 26.090,51 |
| - change |  | 47.487,64 |
| Bénéfice / (Perte) net(te) réalisé(e) |  | 17.941.916,77 |
| Variation de la plus-value / (moins-value) nette non réalisée sur: - ventes d’investissements | 2.2 | (3.847.425,22) |
| Augmentation / (diminution) nette des actifs nets provenant des opérations |  | 14.094.491,55 |
| Dividendes versés | 10 | (613.661,09) |
| Souscriptions d'actions de capitalisation |  | 74.060.313,47 |
| Rachats d'actions de capitalisation |  | (46.434.022,74) |
| Rachats d'actions de distribution |  | (41.917.422,03) |
| Augmentation / (diminution) des actifs nets |  | (810.300,84) |
| Actifs nets début de l'exercice |  | 107.854.429,61 |
| Actifs nets à la fin de l'exercice |  | 107.044.128,77 |

| Statistiques |  |
| --- | --- |
|  |  | 28/02/22 | 28/02/21 | 29/02/20 |
| Total des actifs nets | USD | 107.044.128,77 | 107.854.429,61 | 7.730.659,53 |
| Classe NC EUR - Capitalisation |  |  |  |  |
| Nombre d'actions |  | 93.345,602 | 35.350,200 | 1.631,640 |
| Valeur nette d'inventaire par action | EUR | 195,33 | 161,32 | 118,68 |
| Classe IC EUR - Capitalisation Nombre d'actions |  | 10.631,000 | 424,000 | 1,000 |
| Valeur nette d'inventaire par action | EUR | 1.700,21 | 1.393,34 | 1.017,58 |
| Classe IC USD - Capitalisation Nombre d'actions |  | 51,000 | 1,000 | 1,000 |
| Valeur nette d'inventaire par action | USD | 1.964,20 | 1.742,09 | 1.152,59 |
| Classe RC EUR - Capitalisation Nombre d'actions |  | 157,426 | 10,000 | 10,000 |
| Valeur nette d'inventaire par action | EUR | 170,44 | 139,81 | 101,72 |
| Classe OC EUR - Capitalisation Nombre d'actions |  | 27.238,430 | 32.211,905 | 0,000 |
| Valeur nette d'inventaire par action | EUR | 1.578,17 | 1.281,53 | - |
| Classe GD EUR - Distribution Nombre d'actions |  | 8.442,476 | 26.568,477 | 6.000,000 |
| Valeur nette d'inventaire par action | EUR | 1.882,30 | 1.553,71 | 1.140,18 |
| Dividende par action |  | 21,44 | 10,21 | 12,51 |

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 | 35.350,200 | 94.678,497 | 36.683,095 | 93.345,602 |
| Classe IC EUR - Capitalisation | 424,000 | 10.207,000 | 0,000 | 10.631,000 |
| Classe IC USD - Capitalisation | 1,000 | 50,000 | 0,000 | 51,000 |
| Classe RC EUR - Capitalisation | 10,000 | 147,426 | 0,000 | 157,426 |
| Classe OC EUR - Capitalisation | 32.211,905 | 17.012,462 | 21.985,937 | 27.238,430 |
| Classe GD EUR - Distribution | 26.568,477 | 0,000 | 18.126,001 | 8.442,476 |

| Portefeuille-titres au 28/02/22 |  |
| --- | --- |
| Description | Devise | Quantité | Valeur d'évaluation (en USD) | % actifs nets |
| Valeurs mobilières admises à la cote officielle d'une bourse de valeurs ou traitées sur un autre marché réglementé |  |  | 106.592.150,01 | 99,58 |
| Actions |  |  | 106.592.150,01 | 99,58 |
| États-Unis |  |  | 73.482.902,31 | 68,65 |
| BAKER HUGHES RG-A REGISTERED SHS -A- | USD | 117.731 | 3.458.128,03 | 3,23 |
| BROADCOM INC - REGISTERED SHS | USD | 11.024 | 6.475.938,56 | 6,05 |
| CADENCE DES | USD | 36.695 | 5.556.723,85 | 5,19 |
| COMCAST CORP | USD | 29.080 | 1.359.780,80 | 1,27 |
| DENALI THRPTCS --- REGISTERED SHS | USD | 4.690 | 152.706,40 | 0,14 |
| GENERAL MOTORS CO | USD | 9.763 | 456.127,36 | 0,43 |
| HCA HEALTHCARE RG REGISTERED SHS | USD | 18.365 | 4.596.943,15 | 4,29 |
| INTUITIVE SURGICAL | USD | 14.077 | 4.086.975,41 | 3,82 |
| IONIS PHARMACEUTICALS NEW | USD | 47.214 | 1.576.003,32 | 1,47 |
| MICROSOFT CORP | USD | 14.860 | 4.440.019,40 | 4,15 |
| MODERNA INC | USD | 2.196 | 337.305,60 | 0,32 |
| MONGODB INC | USD | 7.928 | 3.028.416,72 | 2,83 |
| MOTOROLA SOLUTIONS INC | USD | 24.866 | 5.481.212,38 | 5,12 |
| NCR CORP | USD | 106.365 | 4.309.909,80 | 4,03 |
| NEWMONT CORPORATION | USD | 53.750 | 3.558.250,00 | 3,32 |
| NORFOLK SOUTHERN | USD | 15.939 | 4.088.672,28 | 3,82 |
| PAYPAL HOLDINGS | USD | 10.514 | 1.176.832,02 | 1,10 |
| REATA PHARMACEUTICALS INC-A | USD | 9.095 | 297.770,30 | 0,28 |
| REGENERON PHARMACEUTICALS INC | USD | 4.338 | 2.682.445,68 | 2,51 |
| SAGE THERAPEUTICS INC | USD | 7.002 | 254.662,74 | 0,24 |
| SEAGEN INC | USD | 12.319 | 1.587.549,53 | 1,48 |
| SVB FINANCIAL GROUP | USD | 4.724 | 2.862.744,00 | 2,67 |
| SYNTA PHARMACEUTICALS CORP. | USD | 1.757 | 163.137,45 | 0,15 |
| T MOBILE USA INC | USD | 19.073 | 2.349.984,33 | 2,20 |
| UIPATH INC | USD | 12.116 | 420.546,36 | 0,39 |
| UNITEDHEALTH GROUP INC | USD | 5.947 | 2.829.998,89 | 2,64 |
| UNITY SOFTWARE INC | USD | 9.609 | 1.022.878,05 | 0,96 |
| VEEVA SYSTEMS -A- | USD | 4.692 | 1.074.702,60 | 1,00 |
| WATTS WATER TECHNOLOGIES INC CLASS -A- | USD | 26.374 | 3.796.537,30 | 3,55 |
| Canada |  |  | 10.466.523,21 | 9,78 |
| BAUSCH HEALTH -REGISTERED SHS | USD | 155.401 | 3.738.948,06 | 3,49 |
| TECK RESOURSES LTD -B- | USD | 187.137 | 6.727.575,15 | 6,28 |
| France |  |  | 6.588.254,01 | 6,15 |
| AELIS FARMA SAS | EUR | 12.323 | 183.811,05 | 0,17 |
| AFYREN | EUR | 35.294 | 313.569,97 | 0,29 |
| AUBAY | EUR | 10.472 | 593.988,60 | 0,55 |
| LECTRA SYSTEMES | EUR | 37.063 | 1.746.343,33 | 1,63 |
| OVH GROUPE | EUR | 49.248 | 1.242.659,42 | 1,16 |
| SANOFI AVENTIS | EUR | 10.300 | 1.081.350,69 | 1,01 |
| SARTORIUS STEDIM BIOTECH | EUR | 2.844 | 1.096.950,37 | 1,02 |
| WAGA ENERGY SA | EUR | 9.781 | 329.580,58 | 0,31 |
| Pays-Bas |  |  | 5.353.895,78 | 5,00 |
| ASML HLDG | EUR | 7.959 | 5.353.895,78 | 5,00 |
| Danemark |  |  | 4.835.894,22 | 4,52 |
| NOVO NORDISK | DKK | 46.952 | 4.835.894,22 | 4,52 |
| Allemagne |  |  | 3.805.135,78 | 3,55 |
| BIONTECH - ADR 1 SHS | USD | 5.665 | 854.338,65 | 0,80 |
| CARL ZEISS MEDITEC A | EUR | 18.652 | 2.950.797,13 | 2,76 |
| Israël |  |  | 2.059.544,70 | 1,92 |
| CYBERARKSOFTWARE LTD | USD | 12.105 | 2.059.544,70 | 1,92 |
| Organismes de placement collectif |  |  | 386.652,79 | 0,36 |
| Actions/Parts de fonds d'investissements |  |  | 386.652,79 | 0,36 |

| Portefeuille-titres au 28/02/22 |  |
| --- | --- |
| Description | Devise | Quantité | Valeur d'évaluation (en USD) | % actifs nets |
| France |  |  | 386.652,79 | 0,36 |
| GROUPAMA MONETAIRE IC | EUR | 2 | 386.652,79 | 0,36 |
| Total du portefeuille-titres |  |  | 106.978.802,80 | 99,94 |