# G FUND – Hybrid Corporate Bonds
## Board of Directors’ Report
Market commentary
Although 2020 ended with hopes of a vaccine and the gradual resolution of the Covid crisis, the first months of 2021 were marked by disappointed expectations that the global economy would resume business as usual. Mass vaccinations were launched, carrying the promise of a return to better days, or at least something closer to normality. However, more contagious and potentially deadly variants pushed the world back into lockdown. In this environment, markets alternated between confidence and doubt. Confidence at the beginning of the year drove long yields to their highest levels since March 2020, as speculators were already expecting the Fed to shift gears and were convinced that wild consumer spending would naturally follow the recent privations. The subsequent takeover of the US Senate by the Democrats gave a free hand to Joseph Biden, who proposed a stimulus package representing nearly 10% of GDP, to be followed by an equally ambitious 8-year infrastructure plan. However, Europe's recovery plan took more time, since it has to be voted by the national parliaments. To make up for the funding deficit, EU members have had to issue more debt. The impact of re-lockdowns on recovery in the first quarter made this all the more necessary. However, the vaccination programme seemed to be going full speed ahead and the market anticipated a strong recovery in the eurozone for the remainder of 2021. Although everyone seemed to expect a gradual normalisation of monetary policies, the pandemic, and in particular the various variants of the Covid virus, remained a subject of much concern throughout the summer. It took the end of the summer season and a statement by the Federal Reserve on tapering to get yields back on an upward path. The acceleration of the increase in sovereign yields against a backdrop of monetary normalisation caused credit spreads to widen late in the year.
Hybrids market
Valuations continued to be very stable, with the senior hybrid spread fluctuating around 150 bps (it was 158 bps at 31/12/2020 and 154 bps at 31/12/2022). The asset class experienced no particular shock. The deferral of the coupon payment on the Lufthansa hybrid in February 2021 was met with relative calm, as investors were confident in the group's ability and determination to repay the state aid it had received and therefore to ultimately pay out the deferred coupons.
After a record year in 2020, the primary market continued to be very dynamic, with 54 issues totalling €37.5 bn. There was a good balance between the HY and IG segments, at 48% and 52% respectively. The asset class's overall performance was penalised by the rise in sovereign yields, with German 5Y yields rising from -74 to -46 bps and senior credit spreads at +7 bps.
Portolio
In view of the strength of the economic recovery and more attractive valuations we increased the proportion of hybrid securities with HY ratings (BBB- to BBB) at the expense of IG issuers and in particular those with an A rating. We also increased the proportion of issuers in the energy sector due to the sustained increase in hydrocarbon prices. We maintained duration at 4.1, with the portfolio assets returning 3.2% vs. 2.8% the previous year.
Performance
The fund's performance over the past year is not a reliable indicator of future returns.
Over the period, the fund's IC share class returned -5.47%, GD shares -5.05% and NC shares -5.99%.
| Combined statement of net assets at 28/02/22 |  |  |
| --- | --- | --- |
|  | Note | In EUR |
| Assets |  | 72,505,592.24 |
| Securities portfolio at market value | 2.2 | 70,477,680.52 |
| Cost |  | 74,763,345.42 |
| Cash at bank | 2,8 | 805,961.44 |
| Net unrealised gain on futures contracts |  | 14,928.04 |
| Accrued interest on the securities portfolio |  | 1,203,680.13 |
| Net start-up costs | 2.16 | 3,342.11 |
| Liabilities |  | 286,387.50 |
| Bank overdraft |  | 11,130.60 |
| Payable on investments purchased |  | 197,770.30 |
| Net unrealised loss on forward exchange contracts | 2.7 | 53,807.44 |
| Management fees payable | 3 | 10,872.70 |
| Depositary and sub-depositary fees payable | 5 | 3,887.42 |
| Administration fees payable | 6 | 2,124.67 |
| Subscription tax (taxe d’abonnement) payable | 8 | 1,203.69 |
| Other liabilities |  | 5,590.68 |
| Net asset value |  | 72,219,204.74 |

| Statement of operations and net changes in assets from 01/03/21 to 28/02/22 |
| --- |
|  | Note | In EUR |
| Income |  | 2,389,036.39 |
| Net interest on bonds |  | 2,389,034.57 |
| Bank interest |  | 1.82 |
| Expenses |  | 267,106.70 |
| Management fees | 3 | 162,087.78 |
| Depositary and sub-depositary fees | 5 | 26,029.66 |
| Administration fees | 6 | 15,085.50 |
| Amortisation of start-up costs | 2,16 | 1,997.12 |
| Legal expenses |  | 6,693.72 |
| Transaction expenses | 2.17, 7 | 14,865.73 |
| Director remuneration |  | 147.72 |
| Subscription tax (taxe d’abonnement) | 8 | 7,938.71 |
| Interest paid on bank overdrafts |  | 2,777.68 |
| Bank charges |  | 3,624.00 |
| Other expenses |  | 25,859.08 |
| Net income / (loss) on investments |  | 2,121,929.69 |
| Net profit / (loss) on: |  |  |
| - sales of investments | 2,3 | (265,249.95) |
| - forward exchange contracts | 2,7 | (423,439.74) |
| - futures | 2,8 | 19,656.12 |
| - currency |  | (80,912.45) |
| Net profit / (loss) |  | 1,371,983.67 |
| Change in the net unrealised gain / (loss) on: - sales of investments | 2.2 | (5,126,909.80) |
| - forward exchange contracts | 2,7 | (83,062.74) |
| - futures | 2,8 | 14,928.04 |
| Net increase / (decrease) in net assets from operations |  | (3,823,060.83) |
| Dividends paid | 10 | (1,505,256.50) |
| Accumulation share subscriptions |  | 3,846,869.29 |
| Accumulation share redemptions |  | (4,302,530.52) |
| Increase / (decrease) in net assets |  | (5,783,978.56) |
| Net assets at start of year |  | 78,003,183.30 |
| Net assets at end of year |  | 72,219,204.74 |

| Net assets by share class |  |  |  |  |
| --- | --- | --- | --- | --- |
|  |  | 28/02/22 | 28/02/21 | 29/02/20 |
| Total net assets | EUR | 72,219,204.74 | 78,003,183.30 | 34,812,718.65 |
| NC EUR shares - Accumulation |  |  |  |  |
| Number of shares |  | 1,000 | 1,000 | 0,000 |
| Net asset value per share | EUR | 96.91 | 103.09 | - |
| IC EUR shares - Accumulation Number of shares |  | 7,035.365 | 7,470.582 | 2,477,000 |
| Net asset value per share | EUR | 956.98 | 1,012.38 | 997.28 |
| GD EUR shares - Distribution Number of shares |  | 70,207.859 | 70,207.859 | 32,376.798 |
| Net asset value per share | EUR | 932.75 | 1,003.31 | 998.94 |
| Dividend per share |  | 21.44 | 14.76 | - |

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 | 1,000 | 0,000 | 0,000 | 1,000 |
| IC EUR shares - Accumulation | 7,470.582 | 3,770.257 | 4,205.474 | 7,035.365 |
| GD EUR shares - Distribution | 70,207.859 | 0,000 | 0,000 | 70,207.859 |

| 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 |  |  | 69,469,345.81 | 96.19 |
| Bonds |  |  |  |  | 15,010,786.63 | 20.79 |
| Netherlands |  |  |  |  | 3,467,185.00 | 4.80 |
| ABERTIS FINANCE BV 3.248 20-XX XX/XXA | EUR | 1,000,000 | 962,830.00 | 1.33 |
| NATURGY FINANCE	2.3740 21-49 31/12A | EUR | 800,000 | 734,408.00 | 1.02 |
| REPSOL INTL FINANCE 2.5000 21-XX 22/03A | EUR | 700,000 | 656,341.00 | 0.91 |
| WINTERSHALL DEA FINA 2.4985 21-99 31/12A | EUR | 800,000 | 646,728.00 | 0.90 |
| WINTERSHALL DEA FINA 3.5 21-99 31/12A | EUR | 600,000 | 466,878.00 | 0.65 |
| United Kingdom |  |  |  |  | 3,193,255.67 | 4.42 |
| BP CAPITAL MARKETS | 3.25 | 20-XX 22/06A | EUR | 1,000,000 | 994,695.00 | 1.38 |
| BP CAPITAL MARKETS | 3.625 | 20-XX 22/06A | EUR | 800,000 | 772,224.00 | 1.07 |
| NATIONAL EXPRESS GROUP 4.25 20-99 31/12A | GBP | 200,000 | 233,336.52 | 0.32 |
| NGG FINANCE PLC	5.625 13-73 18/06A | GBP | 400,000 | 489,332.22 | 0.68 |
| VODAFONE GROUP PLC 3.1 18-79 03/01A | EUR | 700,000 | 703,667.93 | 0.97 |
| United States |  |  |  |  | 2,438,567.50 | 3.38 |
| AT&T INC 2.875 20-XX 01/05A |  | EUR | 1,500,000 | 1,449,337.50 | 2.01 |
| SOUTHERN CO	1.875 21-81 15-09A | EUR | 1,100,000 | 989,230.00 | 1.37 |
| Luxembourg |  |  |  |  | 1,814,567.50 | 2.51 |
| GRAND CITY PROP	1.50 -49 31/12A | EUR | 1,500,000 | 1,326,127.50 | 1.84 |
| TLG FINANCE SARL	3.375 19-99 31/12A | EUR | 500,000 | 488,440.00 | 0.68 |
| Japan |  |  |  |  | 1,145,404.00 | 1.59 |
| RAKUTEN GROUP INC 4.25 21-XX 22/04A | EUR | 1,300,000 | 1,145,404.00 | 1.59 |
| Italy |  |  |  |  | 864,875.00 | 1.20 |
| POSTE ITALIANE	2.6250 21-49 31/12A | EUR | 1,000,000 | 864,875.00 | 1.20 |
| France |  |  |  |  | 525,879.96 | 0.73 |
| ACCOR SA	FL.R 19-XX 31/12A | EUR | 100,000 | 92,510.00 | 0.13 |
| KORIAN SA	4.1250 21-XX 15/06A | GBP | 400,000 | 433,369.96 | 0.60 |
| Belgium |  |  |  |  | 479,770.00 | 0.66 |
| SOLVAY SA	FL.R 20-49 31/12A | EUR | 500,000 | 479,770.00 | 0.66 |
| Sweden |  |  |  |  | 420,030.00 | 0.58 |
| SAMHALLSBYGGNAD FL.R 20-XX 14/003A | EUR | 500,000 | 420,030.00 | 0.58 |
| Australia |  |  |  |  | 282,054.00 | 0.39 |
| AUSNET SERVICES HO 1.625 21-81 11/03A | EUR | 300,000 | 282,054.00 | 0.39 |
| Germany |  |  |  |  | 189,848.00 | 0.26 |
| BAYER AG 3.125 19-79 12/11A |  | EUR | 200,000 | 189,848.00 | 0.26 |
| Portugal |  |  |  |  | 189,350.00 |  |
| ENERGIAS DE PORTUGAL 1.70 20-80 20/07A | EUR | 200,000 | 189,350.00 | 0.26 |
| Floating-rate bonds |  |  |  |  | 54,458,559.18 | 75.41 |
| Netherlands |  |  |  |  | 13,730,071.88 | 19.01 |
| ELM BV	FL.R 20-99 31/12A | EUR | 1,900,000 | 1,923,465.00 | 2.66 |
| FERROVIAL NL BV FL.R 17-XX 14/11A | EUR | 813,000 | 792,642.48 | 1.10 |
| GAS NAT FENOSA FL.R 15-49 29/12A | EUR | 300,000 | 300,825.00 | 0.42 |
| IBERDROLA INTL BV 2.25 20-99 31/12A | EUR | 800,000 | 749,016.00 | 1.04 |
| IBERDROLA INTL BV FL.R 20-99 31/12A | EUR | 500,000 | 481,265.00 | 0.67 |
| JT INTL FIN SER	2.375 20-81 07/04A | EUR | 200,000 | 195,402.00 | 0.27 |
| JT INTL FIN SER	FL.R 20-83 07/10A | EUR | 500,000 | 491,350.00 | 0.68 |
| KONINKLIJKE FRIESLAN FLR 20-XX 10/09A | EUR | 500,000 | 487,215.00 | 0.67 |
| KPN NV FL.R 13-73 28/03S |  | USD | 600,000 | 550,248.40 | 0.76 |
| KPN NV FL.R 19-XX 08/02A |  | EUR | 500,000 | 483,755.00 | 0.67 |
| REPSOL INTL FINANCE FL.R 15-75 25/03A | EUR | 200,000 | 206,064.00 | 0.29 |
| REPSOL INTL FINANCE FL.R 20-49 31/12A | EUR | 900,000 | 899,275.50 | 1.25 |
| REPSOL INTL FINANCE FL.R 20-XX 11/12A | EUR | 600,000 | 597,690.00 | 0.83 |
| TELEFONICA EUROPE BV FL.R 18-XX 22/03A | EUR | 500,000 | 498,205.00 | 0.69 |
| TELEFONICA EUROPE BV FL.R 18-XX 22/09A | EUR | 300,000 | 302,001.00 | 0.42 |
| TELEFONICA EUROPE BV FL.R 19-XX 14/03A | EUR | 1,200,000 | 1,242,510.00 | 1.72 |

| Securities portfolio at 28/02/2022 |  |  |  |  |
| --- | --- | --- | --- | --- |
| Name | Curr. | Number of shares | Market value (in EUR) | % of net assets |
| TELEFONICA EUROPE BV FL.R 21-99 31/12A | EUR | 400,000 | 368,056.00 | 0.51 |
| TENNET HOLDING BV FL.R 17-49 12/04A | EUR | 400,000 | 408,020.00 | 0.56 |
| TENNET HOLDING BV FL.R 20-XX 22/10A | EUR | 500,000 | 500,387.50 | 0.69 |
| VOLKSWAGEN INTER FIN FL.R 20-XX 17/06A | EUR | 700,000 | 700,077.00 | 0.97 |
| VOLKSWAGEN INTL FIN FL.R 14-26 24/03A | EUR | 300,000 | 316,602.00 | 0.44 |
| VOLKSWAGEN INTL FIN FL.R 17-XX 14/06A | EUR | 800,000 | 817,000.00 | 1.13 |
| VOLKSWAGEN INTL FIN FL.R 8-XX 27/06A | EUR | 400,000 | 419,000.00 | 0.58 |
| France |  |  | 13,469,128.87 | 18.65 |
| ARKEMA SA FL.R 19-49 31/12A | EUR | 600,000 | 608,673.00 | 0.84 |
| ARKEMA SA FL.R 20-99 31/12A | EUR | 400,000 | 385,604.00 | 0.53 |
| DANONE SA	FL.R 21-XX XX/XXA | EUR | 200,000 | 189,137.00 | 0.26 |
| EDF FL.R 20-XX 15/09A | EUR | 1,000,000 | 867,560.00 | 1.20 |
| ELECT.DE FRANCE	FL.R 13-XX 29/01S | GBP | 100,000 | 118,374.15 | 0.16 |
| ELECTRICITE DE FRANCE FL.R 13-XX 29/01S | USD | 100,000 | 89,003.74 | 0.12 |
| ELECTRICITE DE FRANCE FL.R 18-99 04/10A | EUR | 700,000 | 692,527.50 | 0.96 |
| ELECTRICITE DE FRANCE FL.R 19-XX 03/12A | EUR | 400,000 | 359,832.00 | 0.50 |
| ELECTRICITE DE FRANCE FL.R 20-XX 15/03A | EUR | 200,000 | 181,912.00 | 0.25 |
| ELECTRICITE DE FRANCE FL.R 21-XX 31/12A | EUR | 400,000 | 348,216.00 | 0.48 |
| ENGIE SA	FL.R 21-XX XX/XXA | EUR | 400,000 | 360,076.00 | 0.50 |
| LA POSTE FL.R 18-XX 29/01A | EUR | 1,400,000 | 1,378,006.00 | 1.91 |
| ORANGE SA FL.R 14-XX 01/10A | EUR | 900,000 | 997,353.00 | 1.38 |
| ORANGE SA FL.R 19-XX 15/04A | EUR | 200,000 | 201,027.98 | 0.28 |
| ORANGE SA FL.R 20-49 31/12A | EUR | 600,000 | 559,626.00 | 0.77 |
| SOLVAY FINANCE FL.R 15-XX 03/06A | EUR | 700,000 | 739,340.00 | 1.02 |
| TOTALENERGIES	FLR 22-99 31/12A | EUR | 700,000 | 665,189.00 | 0.92 |
| TOTAL SE	FL.R 15-XX 26/02A | EUR | 200,000 | 200,000.00 | 0.28 |
| TOTAL SE	FL.R 16-XX 06/10A | EUR | 600,000 | 611,430.00 | 0.85 |
| TOTAL SE	FL.R 20-XX 04/09A | EUR | 900,000 | 809,095.50 | 1.12 |
| TOTAL SE FL.R 21-XX 25/01A | EUR | 500,000 | 460,140.00 | 0.64 |
| TOTAL SE	FL.R 21-XX 25/01A | EUR | 400,000 | 348,296.00 | 0.48 |
| UNIBAIL RODAMCO FL.R 18-XX 25/04A | EUR | 200,000 | 187,492.00 | 0.26 |
| UNIBAIL RODAMCO FL.R 18-XX 25/10A | EUR | 300,000 | 288,018.00 | 0.40 |
| VEOLIA ENVIRONNEMENT FL.R 20-XX 20/10A | EUR | 2,000,000 | 1,823,200.00 | 2.52 |
| United Kingdom |  |  | 6,033,022.28 | 8.35 |
| BP CAPITAL MARKETS FL.R 20-XX 22/06A | GBP | 700,000 | 804,636.24 | 1.11 |
| BRITISH AMERICAN TOBAC FL.R 21-99 31/12A | EUR | 1,200,000 | 1,087,980.00 | 1.51 |
| BRITISH TELECOMMUNICA FL.R 20-80 18/08 | EUR | 400,000 | 375,320.00 | 0.52 |
| NGG FINANCE PLC	FL.R 19-79 05/12A | EUR | 400,000 | 391,180.00 | 0.54 |
| NGG FINANCE PLC	FL.R 19-XX 09/05A | EUR | 300,000 | 284,994.00 | 0.39 |
| SSE PLC FL.R 17-77 16/09S | USD | 600,000 | 538,851.49 | 0.75 |
| SSE PLC FL.R 20-XX 14/07A | EUR | 600,000 | 603,006.00 | 0.83 |
| VODAFONE GROUP FL.R 18-78 03/10A | USD | 500,000 | 462,255.16 | 0.64 |
| VODAFONE GROUP PLC FL.R 18-78 03/10A | EUR | 300,000 | 302,736.00 | 0.42 |
| VODAFONE GROUP PLC FL.R 18-78 10/03A | GBP | 200,000 | 239,402.70 | 0.33 |
| VODAFONE GROUP PLC FL.R 19-79 04/04S | USD | 100,000 | 98,346.69 | 0.14 |
| VODAFONE GROUP PLC FL.R 20-80 27/08A | EUR | 400,000 | 364,264.00 | 0.50 |
| VODAFONE GROUP PLC FL.R 20-80 27/08A | EUR | 500,000 | 480,050.00 | 0.66 |
| Sweden |  |  | 5,344,421.55 | 7.40 |
| AKELIUS RESIDENTIAL FL.R 18-78 05/10A | EUR | 650,000 | 660,198.50 | 0.91 |
| AKELIUS RESIDENTIAL FL.R 20-81 17/05A | EUR | 700,000 | 634,445.00 | 0.88 |
| FASTIGHETS AB BALDER FL.R 17-78 07/03A | EUR | 600,000 | 589,944.00 | 0.82 |
| FASTIGHETS AB BALDER FL.R 21-81 02/06A | EUR | 200,000 | 174,682.00 | 0.24 |
| HEIMSTADEN BOSTAD AB FL.R 19-XX 19/02A | EUR | 1,000,000 | 937,900.00 | 1.30 |
| HEIMSTADEN BOSTAD AB FL.R 21-99 31/12A | EUR | 900,000 | 818,901.00 | 1.13 |
| HEIMSTADEN BOST FL.R 21-XX 01/02A | EUR | 500,000 | 425,920.00 | 0.59 |
| SAMHALLSBYGGNAD FL.R 20-XX 30/04A | EUR | 200,000 | 173,459.00 | 0.24 |
| VATTENFALL AB	FL.R 15-77 19/03A | EUR | 915,000 | 928,972.05 | 1.29 |
| Germany |  |  | 5,325,411.50 | 7.37 |
| BAYER AG 2.375 19-79 12/05A | EUR | 1,500,000 | 1,442,730.00 | 2.00 |
| DEUTSCHE BAHN FINANCE FL.R 19-XX 18/10A | EUR | 100,000 | 90,927.00 | 0.13 |
| DEUTSCHE BOERSE	1.25 20-47 16/06A | EUR | 500,000 | 474,900.00 | 0.66 |

| Securities portfolio at 28/02/2022 |  |  |  |  |
| --- | --- | --- | --- | --- |
| Name | Curr. | Number of shares | Market value (in EUR) | % of net assets |
| DEUTSCHE BOERSE	FL.R 22-48 23/06A | EUR | 100,000 | 97,761.50 | 0.14 |
| EVONIK INDUSTRIES FL.R 21-81 02/12A | EUR | 700,000 | 643,055.00 | 0.89 |
| INFINEON TECHNOLOGIES FL.R 19-XX 01/04A | EUR | 1,000,000 | 997,500.00 | 1.38 |
| INFINEON TECHNOLOGIES FL.R 19-XX 01/04A | EUR | 900,000 | 891,279.00 | 1.23 |
| MERCK KGAA	FL.R 19-79 25/06A | EUR | 400,000 | 397,012.00 | 0.55 |
| MERCK KGAA	FL.R 20-80 09/09A | EUR | 300,000 | 290,247.00 | 0.40 |
| Italy |  |  | 2,811,077.00 | 3.89 |
| ENEL SPA EMTN	2.25 20-XX XX/XXA | EUR | 300,000 | 288,636.00 | 0.40 |
| ENEL SPA FL.R 18-81 24/11A | EUR | 800,000 | 812,016.00 | 1.12 |
| ENI SPA.	FL.R 21-99 31/12A | EUR | 300,000 | 275,250.00 | 0.38 |
| ENI SPA	FL.R 20-49 31/12A | EUR | 1,100,000 | 1,045,297.00 | 1.45 |
| ENI SPA	FL.R 20-49 31/12A | EUR | 200,000 | 197,632.00 | 0.27 |
| TERNA RETE ELETTRICITA	FL.R 22-49 31/12U | EUR | 200,000 | 192,246.00 | 0.27 |
| Luxembourg |  |  | 2,326,610.50 | 3.22 |
| EUROCLEAR INVES	FL.R 18-48 11/04A | EUR | 500,000 | 510,000.00 | 0.71 |
| EUROFINS SCIENTIFIC FL.R 17-XX 13/11A | EUR | 150,000 | 146,458.50 | 0.20 |
| GRAND CITY PROPERTIES FL.R 18-XX 24/10A | EUR | 200,000 | 196,617.00 | 0.27 |
| HOLCIM FINANCE	FL.R 19-49 31/12A | EUR | 500,000 | 497,200.00 | 0.69 |
| SES SA FL.R 16-49 29/11A | EUR | 500,000 | 516,825.00 | 0.72 |
| SES SA FL.R 21-99 31/12A | EUR | 500,000 | 459,510.00 | 0.64 |
| Canada |  |  | 1,258,709.94 | 1.74 |
| TRANSCANADA TRUST	FL.R 15-75 20/05S | USD | 1,400,000 | 1,258,709.94 | 1.74 |
| Portugal |  |  | 1,193,020.00 | 1.65 |
| ENERGIAS DE POR	FL.R 19-79 30/04A | EUR | 800,000 | 825,000.00 | 1.14 |
| ENERGIAS DE POR	FL.R 21-81 02/08A | EUR | 400,000 | 368,020.00 | 0.51 |
| Finland |  |  | 732,168.00 | 1.01 |
| CITYCON OY J	FL.R	19-XX 22/02A | EUR | 800,000 | 732,168.00 | 1.01 |
| Australia |  |  | 622,134.97 | 0.86 |
| RE1 LIMITED FL.R 20-80 24/09S | USD | 700,000 | 622,134.97 | 0.86 |
| Austria |  |  | 603,524.00 | 0.84 |
| OMV AG	FL.R 15-XX 09/12A | EUR | 200,000 | 224,160.00 | 0.31 |
| OMV AG	FL.R 20-49 31/12A | EUR | 200,000 | 191,856.00 | 0.27 |
| OMV AG	FL.R 20-49 31/12A | EUR | 200,000 | 187,508.00 | 0.26 |
| Japan |  |  | 520,830.66 | 0.72 |
| SOFTBANK GROUP FL.R 17-XX 19/01S | USD | 600,000 | 520,830.66 | 0.72 |
| Switzerland |  |  | 393,168.03 | 0.54 |
| LAFARGEHOLCIM HEL	FL.R 18-XX 31/12A | CHF | 400,000 | 393,168.03 | 0.54 |
| Denmark |  |  | 95,260.00 | 0.13 |
| ORSTED	FL.R 19-XX 09/12A | EUR | 100,000 | 95,260.00 | 0.13 |
| Collective investment undertakings |  |  | 1,008,334.71 | 1.40 |
| Shares or units in investment funds |  |  | 1,008,334.71 | 1.40 |
| France |  |  | 1,008,334.71 | 1.40 |
| GROUPAMA MONETAIRE IC | EUR | 5 | 1,008,334.71 | 1.40 |
| Total securities portfolio |  |  | 70,477,680.52 | 97.59 |

G FUND

Translation (ENFR, 2022-02-28):
# G FUND – Hybrid Corporate Bonds
## Rapport du Conseil d'Administration
Commentaire de marché :
Après une fin d’année 2020 marquée par l’espoir d’un vaccin et d’une progressive sortie progressive de la crise, le début de l’année 2021 aura été rythmé par les attentes et les déceptions de retour à la normale de l’économie mondiale. La vaccination de masse a en effet débuté, portant la promesse d’un retour à de jours meilleurs ou tout du moins, à une certaine forme de normalité ; de l’autre côté, des variants plus contagieux et potentiellement plus mortels ont poussé le monde à se confiner de nouveau. Dans cet environnement, les marchés ont alterné confiance, et doute. Confiance en début d’année avec des spéculateurs qui anticipaient déjà un changement de braquet de la Fed, envoyant les taux longs à des plus hauts depuis mars 2020, convaincus que les privations des derniers mois allaient se transformer en nouvelles années folles. La prise du sénat ensuite par les démocrates a donné les coudées franches à l’administration de M. Biden, ce dernier proposant un plan de relance de près de 10% du PIB qu’il fera suivre d’un plan d’infrastructure d’ambition équivalente sur 8 ans. En Europe le plan de relance met du temps à être voté par les différents parlements, obligeant les états souverains à compenser le déficit de financement par une augmentation des émissions de dettes. D’autant que les différents re-confinements ont pesé sur la reprise du premier trimestre. Pour autant le programme de vaccination semble avoir trouvé son rythme de croisière et le marché anticipe une reprise forte sur le reste de l’année 2021 dans la zone. Si tout le monde semble attendre une normalisation progressive des politiques monétaires, la pandémie, notamment par le biais des différents variants, est restée un élément d’inquiétude tout l’été. Il aura fallu la rentrée en septembre et une déclaration de la fed sur le tapering pour re-enclencher un cycle haussier sur les taux. L’accélération du mouvement haussier sur les taux souverains, sur fond de normalisation monétaire a engendré, en fin d’année, un écartement des spreads de crédit.
Marché des hybrides :
Les niveaux de valorisations sont restés très stables avec un prime hybride sénior qui a fluctuée autours des 150 bps (31/12/2020 : 158 bps, 31/12/2022 : 154 bps). La classe d’actif n’a pas connu de choc particulier. La capitalisation du coupon sur l’hybride Lufthansa en février 2021 n’a pas causé d’émoi particulier, les investisseurs étant confiants quant à la capacité et la volonté du groupe de rembourser les aides d’états et donc in fine payer les coupons différés.
Le marché primaire est resté très dynamique après une année 2020 record. Près de 37.5 mds ont été émis sur 54 émissions. En termes de répartition, celle-ci est restée plus équilibrée avec 48% sur du HY et 52% sur des émissions IG. La performance totale de la classe d’actif a été pénalisée par la hausse des taux souverains, le 5 ans allemand passant de -74 bps à -46 bps et les primes de crédit senior (+7 bps).
Portefeuille :
En raison de la vigueur de la reprise et des niveaux de valorisation plus attractifs nous avons augmenté la part des titres hybrides dont la notation est High Yield (émetteur BBB- à BBB) au détriment des émetteurs les mieux notés et en particulier A. Nous avons également augmenté la proportion des émetteurs du secteur Energie en raison de prix des hydrocarbures durablement plus élevés. Nous avons conservé une duration de 4.1 tandis que le rendement du portefeuille est en hausse à 3.2% contre 2.8% un an plus tôt.
Performance :
« La performance obtenue sur la période ne préjuge pas des résultats futurs de l’OPCVM ».
Sur la période, la performance du fonds (part IC) s’établit à -5.47% la part GD à -5,05% et la part NC à -5,99%.
| Etat des actifs nets au 28/02/22 |  |
| --- | --- |
|  | Note | Exprimé en EUR |
| Actifs |  | 72.505.592,24 |
| Portefeuille-titres à la valeur d'évaluation | 2.2 | 70.477.680,52 |
| Prix de revient |  | 74.763.345,42 |
| Avoirs en banque | 2.8 | 805.961,44 |
| Plus-value nette non réalisée sur contrats futures |  | 14.928,04 |
| Intérêts à recevoir sur portefeuille-titres |  | 1.203.680,13 |
| Frais d’établissement, nets | 2.16 | 3.342,11 |
| Passifs |  | 286.387,50 |
| Découvert bancaire |  | 11.130,60 |
| A payer sur investissements achetés |  | 197.770,30 |
| Moins-value nette non réalisée sur contrats de change à terme | 2.7 | 53.807,44 |
| Commissions de gestion à payer | 3 | 10.872,70 |
| Commissions de dépositaire et de sous-dépositaire à payer | 5 | 3.887,42 |
| Commissions d'administration à payer | 6 | 2.124,67 |
| Taxe d'abonnement à payer | 8 | 1.203,69 |
| Autres passifs |  | 5.590,68 |
| Valeur nette d'inventaire |  | 72.219.204,74 |

| Etat des opérations et des variations des actifs nets du 01/03/21 au 28/02/22 |  |
| --- | --- |
|  | Note | Exprimé en EUR |
| Revenus |  | 2.389.036,39 |
| Intérêts sur obligations, net |  | 2.389.034,57 |
| Intérêts bancaires |  | 1,82 |
| Dépenses |  | 267.106,70 |
| Commissions de gestion | 3 | 162.087,78 |
| Commissions de dépositaire et de sous-dépositaire | 5 | 26.029,66 |
| Commissions d'administration | 6 | 15.085,50 |
| Amortissement des frais d'établissement | 2.16 | 1.997,12 |
| Frais légaux |  | 6.693,72 |
| Frais de transaction | 2.17, 7 | 14.865,73 |
| Rémunération administrateurs |  | 147,72 |
| Taxe d'abonnement | 8 | 7.938,71 |
| Intérêts payés sur découvert bancaire |  | 2.777,68 |
| Frais bancaires |  | 3.624,00 |
| Autres dépenses |  | 25.859,08 |
| Revenus / (Pertes) net(te)s des investissements |  | 2.121.929,69 |
| Bénéfices / (Pertes) net(te)s réalisé(e)s sur: |  |  |
| - ventes d'investissements | 2.3 | (265.249,95) |
| - contrats de change à terme | 2.7 | (423.439,74) |
| - contrats futures | 2.8 | 19.656,12 |
| - change |  | (80.912,45) |
| Bénéfice / (Perte) net(te) réalisé(e) |  | 1.371.983,67 |
| Variation de la plus-value / (moins-value) nette non réalisée sur: - ventes d’investissements | 2.2 | (5.126.909,80) |
| - contrats de change à terme | 2.7 | (83.062,74) |
| - contrats futures | 2.8 | 14.928,04 |
| Augmentation / (diminution) nette des actifs nets provenant des opérations |  | (3.823.060,83) |
| Dividendes versés | 10 | (1.505.256,50) |
| Souscriptions d'actions de capitalisation |  | 3.846.869,29 |
| Rachats d'actions de capitalisation |  | (4.302.530,52) |
| Augmentation / (diminution) des actifs nets |  | (5.783.978,56) |
| Actifs nets début de l'exercice |  | 78.003.183,30 |
| Actifs nets à la fin de l'exercice |  | 72.219.204,74 |

| Statistiques |  |
| --- | --- |
|  |  | 28/02/22 | 28/02/21 | 29/02/20 |
| Total des actifs nets | EUR | 72.219.204,74 | 78.003.183,30 | 34.812.718,65 |
| Classe NC EUR - Capitalisation |  |  |  |  |
| Nombre d'actions |  | 1,000 | 1,000 | 0,000 |
| Valeur nette d'inventaire par action | EUR | 96,91 | 103,09 | - |
| Classe IC EUR - Capitalisation Nombre d'actions |  | 7.035,365 | 7.470,582 | 2.477,000 |
| Valeur nette d'inventaire par action | EUR | 956,98 | 1.012,38 | 997,28 |
| Classe GD EUR - Distribution Nombre d'actions |  | 70.207,859 | 70.207,859 | 32.376,798 |
| Valeur nette d'inventaire par action | EUR | 932,75 | 1.003,31 | 998,94 |
| Dividende par action |  | 21,44 | 14,76 | - |

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 | 1,000 | 0,000 | 0,000 | 1,000 |
| Classe IC EUR - Capitalisation | 7.470,582 | 3.770,257 | 4.205,474 | 7.035,365 |
| Classe GD EUR - Distribution | 70.207,859 | 0,000 | 0,000 | 70.207,859 |

| 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 |  |  | 69.469.345,81 | 96,19 |
| Obligations |  |  | 15.010.786,63 | 20,79 |
| Pays-Bas |  |  | 3.467.185,00 | 4,80 |
| ABERTIS FINANCE BV  3.248 20-XX XX/XXA | EUR | 1.000.000 | 962.830,00 | 1,33 |
| NATURGY FINANCE	2.3740 21-49 31/12A | EUR | 800.000 | 734.408,00 | 1,02 |
| REPSOL INTL FINANCE 2.5000 21-XX 22/03A | EUR | 700.000 | 656.341,00 | 0,91 |
| WINTERSHALL DEA FINA 2.4985 21-99 31/12A | EUR | 800.000 | 646.728,00 | 0,90 |
| WINTERSHALL DEA FINA 3.5 21-99 31/12A | EUR | 600.000 | 466.878,00 | 0,65 |
| Royaume-Uni |  |  | 3.193.255,67 | 4,42 |
| BP CAPITAL MARKETS | 3.25 | 20-XX 22/06A | EUR | 1.000.000 | 994.695,00 | 1,38 |
| BP CAPITAL MARKETS | 3.625 | 20-XX 22/06A | EUR | 800.000 | 772.224,00 | 1,07 |
| NATIONAL EXPRESS GROUP 4.25 20-99 31/12A | GBP | 200.000 | 233.336,52 | 0,32 |
| NGG FINANCE PLC	5.625 13-73 18/06A | GBP | 400.000 | 489.332,22 | 0,68 |
| VODAFONE GROUP PLC 3.1 18-79 03/01A | EUR | 700.000 | 703.667,93 | 0,97 |
| États-Unis |  |  | 2.438.567,50 | 3,38 |
| AT&T INC 2.875 20-XX 01/05A | EUR | 1.500.000 | 1.449.337,50 | 2,01 |
| SOUTHERN CO	1.875 21-81 15-09A | EUR | 1.100.000 | 989.230,00 | 1,37 |
| Luxembourg |  |  | 1.814.567,50 | 2,51 |
| GRAND CITY PROP	1.50  -49 31/12A | EUR | 1.500.000 | 1.326.127,50 | 1,84 |
| TLG FINANCE SARL	3.375 19-99 31/12A | EUR | 500.000 | 488.440,00 | 0,68 |
| Japon |  |  | 1.145.404,00 | 1,59 |
| RAKUTEN GROUP INC 4.25 21-XX 22/04A | EUR | 1.300.000 | 1.145.404,00 | 1,59 |
| Italie |  |  | 864.875,00 | 1,20 |
| POSTE ITALIANE	2.6250 21-49 31/12A | EUR | 1.000.000 | 864.875,00 | 1,20 |
| France |  |  | 525.879,96 | 0,73 |
| ACCOR SA	FL.R 19-XX 31/12A | EUR | 100.000 | 92.510,00 | 0,13 |
| KORIAN SA	4.1250 21-XX 15/06A | GBP | 400.000 | 433.369,96 | 0,60 |
| Belgique |  |  | 479.770,00 | 0,66 |
| SOLVAY SA	FL.R 20-49 31/12A | EUR | 500.000 | 479.770,00 | 0,66 |
| Suède |  |  | 420.030,00 | 0,58 |
| SAMHALLSBYGGNAD FL.R 20-XX 14/003A | EUR | 500.000 | 420.030,00 | 0,58 |
| Australie |  |  | 282.054,00 | 0,39 |
| AUSNET SERVICES HO  1.625 21-81 11/03A | EUR | 300.000 | 282.054,00 | 0,39 |
| Allemagne |  |  | 189.848,00 | 0,26 |
| BAYER AG 3.125 19-79 12/11A | EUR | 200.000 | 189.848,00 | 0,26 |
| Portugal |  |  | 189.350,00 |  |
| ENERGIAS DE PORTUGAL 1.70 20-80 20/07A | EUR | 200.000 | 189.350,00 | 0,26 |
| Obligations à taux variables |  |  | 54.458.559,18 | 75,41 |
| Pays-Bas |  |  | 13.730.071,88 | 19,01 |
| ELM BV	FL.R 20-99 31/12A | EUR | 1.900.000 | 1.923.465,00 | 2,66 |
| FERROVIAL NL BV FL.R 17-XX 14/11A | EUR | 813.000 | 792.642,48 | 1,10 |
| GAS NAT FENOSA FL.R 15-49 29/12A | EUR | 300.000 | 300.825,00 | 0,42 |
| IBERDROLA INTL BV 2.25 20-99 31/12A | EUR | 800.000 | 749.016,00 | 1,04 |
| IBERDROLA INTL BV FL.R 20-99 31/12A | EUR | 500.000 | 481.265,00 | 0,67 |
| JT INTL FIN SER	2.375 20-81 07/04A | EUR | 200.000 | 195.402,00 | 0,27 |
| JT INTL FIN SER	FL.R 20-83 07/10A | EUR | 500.000 | 491.350,00 | 0,68 |
| KONINKLIJKE FRIESLAN  FLR 20-XX 10/09A | EUR | 500.000 | 487.215,00 | 0,67 |
| KPN NV FL.R 13-73 28/03S | USD | 600.000 | 550.248,40 | 0,76 |
| KPN NV  FL.R 19-XX 08/02A | EUR | 500.000 | 483.755,00 | 0,67 |
| REPSOL INTL FINANCE FL.R 15-75 25/03A | EUR | 200.000 | 206.064,00 | 0,29 |
| REPSOL INTL FINANCE FL.R 20-49 31/12A | EUR | 900.000 | 899.275,50 | 1,25 |
| REPSOL INTL FINANCE FL.R 20-XX 11/12A | EUR | 600.000 | 597.690,00 | 0,83 |
| TELEFONICA EUROPE BV FL.R 18-XX 22/03A | EUR | 500.000 | 498.205,00 | 0,69 |
| TELEFONICA EUROPE BV FL.R 18-XX 22/09A | EUR | 300.000 | 302.001,00 | 0,42 |
| TELEFONICA EUROPE BV FL.R 19-XX 14/03A | EUR | 1.200.000 | 1.242.510,00 | 1,72 |

| Portefeuille-titres au 28/02/22 |  |
| --- | --- |
| Description | Devise | Quantité | Valeur d'évaluation (en EUR) | % actifs nets |
| TELEFONICA EUROPE BV FL.R 21-99 31/12A | EUR | 400.000 | 368.056,00 | 0,51 |
| TENNET HOLDING BV FL.R 17-49 12/04A | EUR | 400.000 | 408.020,00 | 0,56 |
| TENNET HOLDING BV FL.R 20-XX 22/10A | EUR | 500.000 | 500.387,50 | 0,69 |
| VOLKSWAGEN INTER FIN FL.R 20-XX 17/06A | EUR | 700.000 | 700.077,00 | 0,97 |
| VOLKSWAGEN INTL FIN  FL.R 14-26 24/03A | EUR | 300.000 | 316.602,00 | 0,44 |
| VOLKSWAGEN INTL FIN  FL.R 17-XX 14/06A | EUR | 800.000 | 817.000,00 | 1,13 |
| VOLKSWAGEN INTL FIN  FL.R 8-XX 27/06A | EUR | 400.000 | 419.000,00 | 0,58 |
| France |  |  | 13.469.128,87 | 18,65 |
| ARKEMA SA FL.R 19-49 31/12A | EUR | 600.000 | 608.673,00 | 0,84 |
| ARKEMA SA FL.R 20-99 31/12A | EUR | 400.000 | 385.604,00 | 0,53 |
| DANONE SA	FL.R 21-XX XX/XXA | EUR | 200.000 | 189.137,00 | 0,26 |
| EDF FL.R 20-XX 15/09A | EUR | 1.000.000 | 867.560,00 | 1,20 |
| ELECT.DE FRANCE	FL.R 13-XX 29/01S | GBP | 100.000 | 118.374,15 | 0,16 |
| ELECTRICITE DE FRANCE FL.R 13-XX 29/01S | USD | 100.000 | 89.003,74 | 0,12 |
| ELECTRICITE DE FRANCE FL.R 18-99 04/10A | EUR | 700.000 | 692.527,50 | 0,96 |
| ELECTRICITE DE FRANCE FL.R 19-XX 03/12A | EUR | 400.000 | 359.832,00 | 0,50 |
| ELECTRICITE DE FRANCE FL.R 20-XX 15/03A | EUR | 200.000 | 181.912,00 | 0,25 |
| ELECTRICITE DE FRANCE FL.R 21-XX 31/12A | EUR | 400.000 | 348.216,00 | 0,48 |
| ENGIE SA	FL.R 21-XX XX/XXA | EUR | 400.000 | 360.076,00 | 0,50 |
| LA POSTE FL.R 18-XX 29/01A | EUR | 1.400.000 | 1.378.006,00 | 1,91 |
| ORANGE SA FL.R 14-XX 01/10A | EUR | 900.000 | 997.353,00 | 1,38 |
| ORANGE SA FL.R 19-XX 15/04A | EUR | 200.000 | 201.027,98 | 0,28 |
| ORANGE SA FL.R 20-49 31/12A | EUR | 600.000 | 559.626,00 | 0,77 |
| SOLVAY FINANCE FL.R 15-XX 03/06A | EUR | 700.000 | 739.340,00 | 1,02 |
| TOTALENERGIES	FLR 22-99 31/12A | EUR | 700.000 | 665.189,00 | 0,92 |
| TOTAL SE	FL.R 15-XX 26/02A | EUR | 200.000 | 200.000,00 | 0,28 |
| TOTAL SE	FL.R 16-XX 06/10A | EUR | 600.000 | 611.430,00 | 0,85 |
| TOTAL SE	FL.R 20-XX 04/09A | EUR | 900.000 | 809.095,50 | 1,12 |
| TOTAL SE FL.R 21-XX 25/01A | EUR | 500.000 | 460.140,00 | 0,64 |
| TOTAL SE	FL.R 21-XX 25/01A | EUR | 400.000 | 348.296,00 | 0,48 |
| UNIBAIL RODAMCO FL.R 18-XX 25/04A | EUR | 200.000 | 187.492,00 | 0,26 |
| UNIBAIL RODAMCO FL.R 18-XX 25/10A | EUR | 300.000 | 288.018,00 | 0,40 |
| VEOLIA ENVIRONNEMENT FL.R 20-XX 20/10A | EUR | 2.000.000 | 1.823.200,00 | 2,52 |
| Royaume-Uni |  |  | 6.033.022,28 | 8,35 |
| BP CAPITAL MARKETS FL.R 20-XX 22/06A | GBP | 700.000 | 804.636,24 | 1,11 |
| BRITISH AMERICAN TOBAC FL.R 21-99 31/12A | EUR | 1.200.000 | 1.087.980,00 | 1,51 |
| BRITISH TELECOMMUNICA FL.R 20-80 18/08 | EUR | 400.000 | 375.320,00 | 0,52 |
| NGG FINANCE PLC	FL.R 19-79 05/12A | EUR | 400.000 | 391.180,00 | 0,54 |
| NGG FINANCE PLC	FL.R 19-XX 09/05A | EUR | 300.000 | 284.994,00 | 0,39 |
| SSE PLC FL.R 17-77 16/09S | USD | 600.000 | 538.851,49 | 0,75 |
| SSE PLC FL.R 20-XX 14/07A | EUR | 600.000 | 603.006,00 | 0,83 |
| VODAFONE GROUP FL.R 18-78 03/10A | USD | 500.000 | 462.255,16 | 0,64 |
| VODAFONE GROUP PLC FL.R 18-78 03/10A | EUR | 300.000 | 302.736,00 | 0,42 |
| VODAFONE GROUP PLC FL.R 18-78 10/03A | GBP | 200.000 | 239.402,70 | 0,33 |
| VODAFONE GROUP PLC FL.R 19-79 04/04S | USD | 100.000 | 98.346,69 | 0,14 |
| VODAFONE GROUP PLC FL.R 20-80 27/08A | EUR | 400.000 | 364.264,00 | 0,50 |
| VODAFONE GROUP PLC  FL.R 20-80 27/08A | EUR | 500.000 | 480.050,00 | 0,66 |
| Suède |  |  | 5.344.421,55 | 7,40 |
| AKELIUS RESIDENTIAL FL.R 18-78 05/10A | EUR | 650.000 | 660.198,50 | 0,91 |
| AKELIUS RESIDENTIAL FL.R 20-81 17/05A | EUR | 700.000 | 634.445,00 | 0,88 |
| FASTIGHETS AB BALDER FL.R 17-78 07/03A | EUR | 600.000 | 589.944,00 | 0,82 |
| FASTIGHETS AB BALDER FL.R 21-81 02/06A | EUR | 200.000 | 174.682,00 | 0,24 |
| HEIMSTADEN BOSTAD AB FL.R 19-XX 19/02A | EUR | 1.000.000 | 937.900,00 | 1,30 |
| HEIMSTADEN BOSTAD AB FL.R 21-99 31/12A | EUR | 900.000 | 818.901,00 | 1,13 |
| HEIMSTADEN BOST FL.R 21-XX 01/02A | EUR | 500.000 | 425.920,00 | 0,59 |
| SAMHALLSBYGGNAD FL.R 20-XX 30/04A | EUR | 200.000 | 173.459,00 | 0,24 |
| VATTENFALL AB	FL.R 15-77 19/03A | EUR | 915.000 | 928.972,05 | 1,29 |
| Allemagne |  |  | 5.325.411,50 | 7,37 |
| BAYER AG 2.375 19-79 12/05A | EUR | 1.500.000 | 1.442.730,00 | 2,00 |
| DEUTSCHE BAHN FINANCE FL.R 19-XX 18/10A | EUR | 100.000 | 90.927,00 | 0,13 |
| DEUTSCHE BOERSE	1.25 20-47 16/06A | EUR | 500.000 | 474.900,00 | 0,66 |

| Portefeuille-titres au 28/02/22 |  |  |  |  |
| --- | --- | --- | --- | --- |
| Description | Devise | Quantité | Valeur d'évaluation (en EUR) | % actifs nets |
| DEUTSCHE BOERSE	FL.R 22-48 23/06A | EUR | 100.000 | 97.761,50 | 0,14 |
| EVONIK INDUSTRIES  FL.R 21-81 02/12A | EUR | 700.000 | 643.055,00 | 0,89 |
| INFINEON TECHNOLOGIES FL.R 19-XX 01/04A | EUR | 1.000.000 | 997.500,00 | 1,38 |
| INFINEON TECHNOLOGIES FL.R 19-XX 01/04A | EUR | 900.000 | 891.279,00 | 1,23 |
| MERCK KGAA	FL.R 19-79 25/06A | EUR | 400.000 | 397.012,00 | 0,55 |
| MERCK KGAA	FL.R 20-80 09/09A | EUR | 300.000 | 290.247,00 | 0,40 |
| Italie |  |  | 2.811.077,00 | 3,89 |
| ENEL SPA EMTN	2.25 20-XX XX/XXA | EUR | 300.000 | 288.636,00 | 0,40 |
| ENEL SPA FL.R 18-81 24/11A | EUR | 800.000 | 812.016,00 | 1,12 |
| ENI SPA.	FL.R 21-99 31/12A | EUR | 300.000 | 275.250,00 | 0,38 |
| ENI SPA	FL.R 20-49 31/12A | EUR | 1.100.000 | 1.045.297,00 | 1,45 |
| ENI SPA	FL.R 20-49 31/12A | EUR | 200.000 | 197.632,00 | 0,27 |
| TERNA RETE ELETTRICITA	FL.R 22-49 31/12U | EUR | 200.000 | 192.246,00 | 0,27 |
| Luxembourg |  |  | 2.326.610,50 | 3,22 |
| EUROCLEAR INVES	FL.R 18-48 11/04A | EUR | 500.000 | 510.000,00 | 0,71 |
| EUROFINS SCIENTIFIC FL.R 17-XX 13/11A | EUR | 150.000 | 146.458,50 | 0,20 |
| GRAND CITY PROPERTIES FL.R 18-XX 24/10A | EUR | 200.000 | 196.617,00 | 0,27 |
| HOLCIM FINANCE	FL.R 19-49 31/12A | EUR | 500.000 | 497.200,00 | 0,69 |
| SES SA FL.R 16-49 29/11A | EUR | 500.000 | 516.825,00 | 0,72 |
| SES SA FL.R 21-99 31/12A | EUR | 500.000 | 459.510,00 | 0,64 |
| Canada |  |  | 1.258.709,94 | 1,74 |
| TRANSCANADA TRUST	FL.R 15-75 20/05S | USD | 1.400.000 | 1.258.709,94 | 1,74 |
| Portugal |  |  | 1.193.020,00 | 1,65 |
| ENERGIAS DE POR	FL.R 19-79 30/04A | EUR | 800.000 | 825.000,00 | 1,14 |
| ENERGIAS DE POR	FL.R 21-81 02/08A | EUR | 400.000 | 368.020,00 | 0,51 |
| Finlande |  |  | 732.168,00 | 1,01 |
| CITYCON OY J	FL.R	19-XX 22/02A | EUR | 800.000 | 732.168,00 | 1,01 |
| Australie |  |  | 622.134,97 | 0,86 |
| RE1 LIMITED FL.R 20-80 24/09S | USD | 700.000 | 622.134,97 | 0,86 |
| Autriche |  |  | 603.524,00 | 0,84 |
| OMV AG	FL.R 15-XX 09/12A | EUR | 200.000 | 224.160,00 | 0,31 |
| OMV AG	FL.R 20-49 31/12A | EUR | 200.000 | 191.856,00 | 0,27 |
| OMV AG	FL.R 20-49 31/12A | EUR | 200.000 | 187.508,00 | 0,26 |
| Japon |  |  | 520.830,66 | 0,72 |
| SOFTBANK GROUP FL.R 17-XX 19/01S | USD | 600.000 | 520.830,66 | 0,72 |
| Suisse |  |  | 393.168,03 | 0,54 |
| LAFARGEHOLCIM HEL	FL.R 18-XX 31/12A | CHF | 400.000 | 393.168,03 | 0,54 |
| Danemark |  |  | 95.260,00 | 0,13 |
| ORSTED	FL.R 19-XX 09/12A | EUR | 100.000 | 95.260,00 | 0,13 |
| Organismes de placement collectif |  |  | 1.008.334,71 | 1,40 |
| Actions/Parts de fonds d'investissements |  |  | 1.008.334,71 | 1,40 |
| France |  |  | 1.008.334,71 | 1,40 |
| GROUPAMA MONETAIRE IC | EUR | 5 | 1.008.334,71 | 1,40 |
| Total du portefeuille-titres |  |  | 70.477.680,52 | 97,59 |

G FUND