# EVOLUTION OF SUBSCRIPTIONS, REDEMPTIONS AND THE NET ASSET VALUE
| Evolution of the number of shares in circulation |
| --- |
|  | 30 June 2017 | 31 December 2018 | 31 December 2019 |
| Class | Subscriptions | Redemptions | End of Period | Subscriptions | Redemptions | End of Period | Subscriptions | Redemptions | End of Period |
| A (Dis) | 3,439.00 | 1.00 | 3,438.00 | 3,372.78 | 4,050.00 | 2,760.78 | 2,832.19 | 1,809.00 | 3,783.96 |
| B (Cap) | 124,910.00 | 94,541.00 | 249,645.00 | 46,124.04 | 148,414.61 | 147,354.43 | 26,973.13 | 50,545.18 | 123,782.38 |
| B USD (Cap) | 82,548.00 | 9,859.00 | 124,738.00 | 17,788.80 | 48,494.05 | 94,032.74 | 8,632.39 | 25,078.09 | 77,587.04 |
| E (Dis) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| F (Cap) | 183,796.00 | 755,915.00 | 425,867.00 | 191,130.54 | 349,165.00 | 267,832.54 | 83,025.09 | 159,520.10 | 191,337.53 |
| F USD (Cap) | 76,845.00 | 73,750.00 | 3,095.00 | 5,944.76 | 9,039.76 | 0.00 | 0.00 | 0.00 | 0.00 |
| I | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| J (Cap) | 0.00 | 0.00 | 0.00 | 4,957.61 | 4,802.00 | 155.61 | 57.00 | 19.00 | 193.61 |
| M (Dis) | 0.00 | 0.00 | 0.00 | 11,354.16 | 1,153.02 | 10,201.14 | 28,330.35 | 2,264.00 | 36,267.49 |
| N (Cap) | 0.00 | 0.00 | 0.00 | 17,936.19 | 2,335.55 | 15,600.64 | 57.95 | 3,584.81 | 12,073.77 |
| P (Cap) | 6,874.00 | 26.00 | 6,848.00 | 545.00 | 6,398.00 | 995.00 | 183.00 | 248.00 | 930.00 |
| V (Dis) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2,621.00 | 1,271.00 | 1,350.00 |
| W (Cap) | 0.00 | 0.00 | 0.00 | 49.00 | 0.00 | 49.00 | 2,828.95 | 431.52 | 2,446.43 |
| TOTAL |  |  | 813,631.00 |  |  | 538,981.88 |  |  | 449,752.21 |

| Payable and receivable amounts for the UCI |
| --- |
| EUR |
|  | 30 June 2017 | 31 December 2018 | 31 December 2019 |
| Class | Subscriptions | Redemptions | Subscriptions | Redemptions | Subscriptions | Redemptions |
| A (Dis) | 914,066.45 | 274.92 | 908,768.52 | 1,077,118.16 | 825,978.38 | 526,511.19 |
| B (Cap) | 31,589,483.94 | 24,262,155.59 | 12,823,803.97 | 40,371,043.00 | 8,315,198.75 | 15,572,630.43 |
| B USD (Cap) | 20,841,151.94 | 2,594,411.78 | 4,868,158.55 | 13,278,165.45 | 2,692,935.70 | 7,603,284.32 |
| E (Dis) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| F (Cap) | 46,871,685.46 | 200,864,928.40 | 52,213,143.94 | 93,943,993.21 | 27,210,554.72 | 50,178,266.85 |
| F USD (Cap) | 20,223,574.08 | 19,776,800.00 | 1,626,837.93 | 2,417,331.03 | 0.00 | 0.00 |
| I | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| J (Cap) | 0.00 | 0.00 | 127,962,660.19 | 134,057,521.36 | 1,667,161.61 | 578,636.00 |
| M (Dis) | 0.00 | 0.00 | 3,067,212.55 | 322,770.29 | 8,199,426.11 | 687,372.29 |
| N (Cap) | 0.00 | 0.00 | 4,884,224.08 | 656,917.49 | 20,328.62 | 1,104,481.99 |
| P (Cap) | 175,312,351.59 | 663,630.76 | 14,655,845.02 | 165,556,666.12 | 5,769,985.22 | 7,623,514.80 |
| V (Dis) | 0.00 | 0.00 | 0.00 | 0.00 | 784,471.43 | 376,775.24 |
| W (Cap) | 0.00 | 0.00 | 13,718.53 | 0.00 | 900,697.09 | 144,250.61 |
| TOTAL | 295,752,313.46 | 248,162,201.45 | 223,024,373.28 | 451,681,526.11 | 56,386,737.63 | 84,395,723.72 |

| net asset value |
| --- |
| EUR |
|  | 30 June 2017 | 31 December 2018 | 31 December 2019 |
| Class | of the subfund | Per share | of the subfund | Per share | of the subfund | Per share |
| A (Dis) | 381,894,480.31 | 258.56 | 174,012,961.20 | 260.05 | 196,581,740.86 | 333.85 |
| B (Cap) | 258.38 | 265.13 | 348.69 |
| B USD (Cap) | 295.67 | 304.21 | 392.93 |
| E (Dis) | 0.00 | 0.00 | 0.00 |
| F (Cap) | 261.08 | 269.69 | 356.52 |
| F USD (Cap) | 297.78 | 0.00 | 0.00 |
| I | 0.00 | 0.00 | 0.00 |
| J (Cap) | 0.00 | 26,145.71 | 34,652.14 |
| M (Dis) | 0.00 | 261.28 | 334.70 |
| N (Cap) | 0.00 | 266.27 | 351.71 |
| P (Cap) | 25,141.88 | 26,202.33 | 34,814.11 |
| V (Dis) | 0.00 | 0.00 | 334.81 |
| W (Cap) | 0.00 | 265.21 | 351.26 |
| TOTAL | 381,894,480.31 |  | 174,012,961.20 |  | 196,581,740.86 |  |

8.6%
3.5%
-

Translation (ENFR, 2019-12-31):
# EVOLUTION DES SOUSCRIPTIONS, DES REMBOURSEMENTS ET DE LA VALEUR NETTE D’INVENTAIRE
| Evolution du nombre d'actions en circulation |
| --- |
|  | 30 juin 2017 | 31 décembre 2018 | 31 décembre 2019 |
| Classe | Souscrites | Remboursées | Fin de période | Souscrites | Remboursées | Fin de période | Souscrites | Remboursées | Fin de période |
| A (Dis) | 3.025,00 | 17.375,00 | 18.239,00 | 3.768,00 | 15.098,00 | 6.909,00 | 322,26 | 806,00 | 6.425,26 |
| B (Cap) | 26.188,00 | 31.092,00 | 24.067,00 | 6.452,00 | 14.976,00 | 15.543,00 | 1.500,00 | 5.066,00 | 11.977,00 |
| E (Dis) | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 44.000,00 | 0,00 | 44.000,00 |
| F (Cap) | 189.511,00 | 96.842,00 | 540.252,00 | 171.560,51 | 293.280,00 | 418.532,51 | 71.702,00 | 194.881,00 | 295.353,51 |
| I (Dis) | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| J (Cap) | 0,00 | 0,00 | 0,00 | 4.519,00 | 0,00 | 4.519,00 | 0,00 | 0,00 | 4.519,00 |
| M (Dis) | 0,00 | 0,00 | 0,00 | 6.920,90 | 495,00 | 6.425,90 | 0,00 | 259,94 | 6.165,96 |
| N (Cap) | 0,00 | 0,00 | 0,00 | 2.379,38 | 204,98 | 2.174,40 | 0,00 | 129,96 | 2.044,44 |
| P (Cap) | 879,00 | 0,00 | 879,00 | 4.055,00 | 1.289,00 | 3.645,00 | 22,00 | 1.401,00 | 2.266,00 |
| V (Dis) | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| W (Cap) | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Z | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| TOTAL |  |  | 583.437,00 |  |  | 457.748,81 |  |  | 372.751,17 |

| Montants payés et reçus par l’OPC |
| --- |
| EUR |
|  | 30 juin 2017 | 31 décembre 2018 | 31 décembre 2019 |
| Classe | Souscrites | Remboursées | Souscrites | Remboursées | Souscrites | Remboursées |
| A (Dis) | 1.347.363,45 | 7.839.228,96 | 1.669.068,01 | 6.662.095,59 | 143.223,36 | 359.311,38 |
| B (Cap) | 12.600.083,46 | 14.802.135,23 | 3.109.384,57 | 7.192.165,24 | 745.260,00 | 2.510.477,49 |
| E (Dis) | 0,00 | 0,00 | 0,00 | 0,00 | 19.901.640,00 | 0,00 |
| F (Cap) | 91.385.397,22 | 46.614.013,76 | 83.395.028,13 | 141.940.901,64 | 35.778.036,90 | 97.252.001,28 |
| I (Dis) | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| J (Cap) | 0,00 | 0,00 | 113.804.780,03 | 0,00 | 0,00 | 0,00 |
| M (Dis) | 0,00 | 0,00 | 3.052.388,54 | 215.654,40 | 0,00 | 117.329,88 |
| N (Cap) | 0,00 | 0,00 | 1.150.272,04 | 97.824,48 | 0,00 | 63.191,59 |
| P (Cap) | 21.975.000,00 | 0,00 | 102.844.935,60 | 32.683.200,83 | 580.662,50 | 35.968.588,03 |
| V (Dis) | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| W (Cap) | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Z | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| TOTAL | 127.307.844,13 | 69.255.377,95 | 309.025.856,92 | 188.791.842,18 | 57.148.822,76 | 136.270.899,65 |

| Valeur nette d'inventaire |
| --- |
| EUR |
|  | 30 juin 2017 | 31 décembre 2018 | 31 décembre 2019 |
| Classe | du compartiment | d'une action | du compartiment | d'une action | du compartiment | d'une action |
| A (Dis) | 303.004.938,97 | 447,04 | 425.466.747,65 | 440,13 | 359.399.169,07 | 449,42 |
| B (Cap) | 480,08 | 481,00 | 496,25 |
| E (Dis) | 0,00 | 0,00 | 449,56 |
| F (Cap) | 483,31 | 486,03 | 502,47 |
| I (Dis) | 0,00 | 0,00 | 0,00 |
| J (Cap) | 0,00 | 25.427,19 | 26.308,91 |
| M (Dis) | 0,00 | 440,67 | 449,81 |
| N (Cap) | 0,00 | 481,63 | 497,74 |
| P (Cap) | 25.242,76 | 25.444,25 | 26.346,32 |
| V (Dis) | 0,00 | 0,00 | 0,00 |
| W (Cap) | 0,00 | 0,00 | 0,00 |
| Z | 0,00 | 0,00 | 0,00 |
| TOTAL | 303.004.938,97 |  | 425.466.747,65 |  | 359.399.169,07 |  |

2.8%
2.7%
1.3%
1.1%
3.2%
-