# G FUND – Global 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.
Key policy rates
In 2021, most central bank policy rates were kept, as expected, at their historical lows: the US Federal Reserve maintained its fed funds rate between 0.00% and 0.25%, the ECB kept its main bank refinancing rate at 0.0% and its rate for bank cash deposits at -0.5%, while the Bank of Japan kept its key rate unchanged at -0.1%. The surprise came from across the Channel, when the Bank of England raised its key rates slightly in mid-December (+15 basis points (bp) to 0.25%), due to significant inflationary pressures (with consumer prices up 5.1% year-on-year in November), which were widespread in a number of sectors and above all persistent. The United Kingdom faced the post-crisis disorders common to all economic zones, while also suffering from significant disruptions linked to Brexit.
Sovereign bond yields
Over the course of 2021, two opposing forces determined the level of sovereign yields in both the eurozone and the US. On the one hand, there was a steady increase in break-even inflation rates, which had begun to pick up in March 2020 due to the combination of monetary and fiscal support measures. On the other, the continued expansion of the balance sheets of the main central banks maintained pressure on real inflation rates, which hit bottom in November. At the very end of the year, it took announcements of the acceleration of monetary policy normalisation on both sides of the Atlantic to get real interest rates to rise at last.
Corporate bonds
Despite a slight widening of yield spreads in 2021, credit spreads remained relatively compressed. This may be attributed to three factors:
- The improvement in business fundamentals, as reflected in the higher credit quality ratings of the rating agencies, on the back of stronger income figures and balance sheets. In 2021, 68% of the rating changes made by the three main rating agencies (Fitch, S&P, Moody's) were upgrades. Although improving, the overall quality of ratings is still below pre-crisis levels, which is inconsistent with the fact that yields spreads are now lower.
- Yield-seeking investors have maintained a strong appetite for corporate bonds in response to the low levels of money market rates and sovereign bond yields.
- The fact that the ECB's asset purchase programme has maintained its allocation to this asset class has contributed to the supply/demand imbalance.

Fund management:
- Positive contributors
	- Under-exposure to US interest rates
	- Over-exposure to credit through high-beta securities and in particular subordinated financials and corporate hybrids
	- Partial switching of exposure to nominal interest rates to US and eurozone inflation-linked rates
	- Positioning on the widening of the US / German 10Y spread

- Negative contributors
	- Hedging credit exposure with iTraxx Xover
	- Steeping of the German 10Y-30Y yield curvePerformance


| Share class | Code | Annual return | Benchmark index (see note 4) |
| --- | --- | --- | --- |
| G FUND - GLOBAL BONDS OD | LU1501414517 | -2.73% | -3.03% |
| G FUND - GLOBAL BONDS - NC | LU1501413972 | -3.66% | -3.03% |
| G FUND-GLOBAL BONDS- IC | LU1501414277 | - 3.17% | -3.03% |

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 | In EUR |
| Assets |  | 222,699,308.57 |
| Securities portfolio at market value | 2.2 | 208,765,578.93 |
| Cost |  | 211,761,701.94 |
| Cash at bank |  | 2,826,304.77 |
| Receivables from sale of investments |  | 8,074,589.67 |
| Accrued subscriptions |  | 730,980.18 |
| Net unrealised gain on futures contracts | 2.8 | 970,900.07 |
| Accrued interest on the securities portfolio |  | 1,330,954.95 |
| Liabilities |  | 16,806,238.06 |
| Bank overdraft |  | 11,109,306.58 |
| Payable on investments purchased |  | 3,493,812.83 |
| Accrued redemptions |  | 49,155.27 |
| Net unrealised loss on forward exchange contracts | 2.7 | 1,598,933.29 |
| Management fees payable | 3 | 57,115.82 |
| Depositary and sub-depositary fees payable | 5 | 11,490.45 |
| Administration fees payable | 6 | 6,280.05 |
| Performance fees payable | 4 | 440,880.67 |
| Subscription tax (taxe d’abonnement) payable | 8 | 3,403.79 |
| Other liabilities |  | 35,859.31 |
| Net asset value |  | 205,893,070.51 |

| Statement of operations and net changes in assets from 01/03/21 to 28/02/22 |
| --- |
|  | Note | In EUR |
| Income |  | 8,856,464.44 |
| Net dividends on the securities portfolio |  | 628,784.33 |
| Net interest on bonds |  | 8,075,700.70 |
| Interest received on swaps |  | 147,231.60 |
| Bank interest |  | 4,747.81 |
| Expenses |  | 3,046,202.96 |
| Management fees | 3 | 1,099,333.30 |
| Performance fees | 4 | 362,322.57 |
| Depositary and sub-depositary fees | 5 | 159,264.63 |
| Administration fees | 6 | 92,387.73 |
| Legal expenses |  | 29,233.41 |
| Transaction expenses | 2.17, 7 | 189,795.95 |
| Director remuneration |  | 1,758.65 |
| Subscription tax (taxe d’abonnement) | 8 | 56,540.20 |
| Interest paid on bank overdrafts |  | 223,974.77 |
| Interest paid on swaps |  | 714,171.79 |
| Bank charges |  | 27,276.20 |
| Other expenses |  | 90,143.76 |
| Net income / (loss) on investments |  | 5,810,261.48 |
| Net profit / (loss) on: |  |  |
| - sales of investments | 2.3 | 6,647,888.92 |
| - options | 2.6 | (24,295.03) |
| - forward exchange contracts | 2.7 | (10,159,174.36) |
| - futures | 2.8 | (1,304,733.64) |
| - swaps | 2 | (1,762,604.06) |
| - currency |  | (3,182,761.24) |
| Net profit / (loss) |  | (3,975,417.93) |
| Change in the net unrealised gain / (loss) on: - sales of investments | 2.2 | (645,613.23) |
| - forward exchange contracts | 2.7 | (3,279,350.51) |
| - futures | 2.8 | 1,967,787.13 |
| - swaps | 2 | 1,636,073.89 |
| Net increase / (decrease) in net assets from operations |  | (4,296,520.65) |
| Dividends paid | 10 | (6,594,159.31) |
| Accumulation share subscriptions |  | 75,314,281.84 |
| Distribution share subscriptions |  | 21,899,049.68 |
| Accumulation share redemptions |  | (60,390,342.08) |
| Distribution share redemptions |  | (327,959,396.94) |
| Increase / (decrease) in net assets |  | (302,027,087.46) |
| Net assets at start of year |  | 507,920,157.97 |
| Net assets at end of year |  | 205,893,070.51 |

| Net assets by share class |  |  |  |  |
| --- | --- | --- | --- | --- |
|  |  | 28/02/22 | 28/02/21 | 29/02/20 |
| Total net assets | EUR | 205,893,070.51 | 507,920,157.97 | 446,239,586.51 |
| NC EUR shares - Accumulation |  |  |  |  |
| Number of shares |  | 7,276.849 | 367,070.013 | 240,727,000 |
| Net asset value per share | EUR | 100.66 | 104.48 | 105.33 |
| IC EUR shares - Accumulation Number of shares |  | 131,425.464 | 82,651.619 | 35,967.600 |
| Net asset value per share | EUR | 1,027.00 | 1,060.61 | 1,064.43 |
| OD EUR shares - Distribution Number of shares |  | 72,788.080 | 378,802.447 | 371,980.430 |
| Net asset value per share | EUR | 964.26 | 1,008.20 | 1,028.55 |
| Dividend per share |  | 17.15 | 21.24 | 23.58 |

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 | 367,070.013 | 197,624.954 | 557,418.118 | 7,276.849 |
| IC EUR shares - Accumulation | 82,651.619 | 51,437.560 | 2,663.715 | 131,425.464 |
| OD EUR shares - Distribution | 378,802.447 | 21,790.420 | 327,804.787 | 72,788.080 |

| 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 |  |  | 188,613,968.89 | 91.61 |
| Bonds |  |  | 172,211,759.95 | 83.64 |
| United States |  |  | 27,759,624.14 | 13.48 |
| ABB FINANCE USA 2	2.875 12/22 08/05S | USD | 235,000 | 210,050.08 | 0.10 |
| AMPHENOL CORP	2.05 20-25 01/03S | USD | 200,000 | 176,700.50 | 0.09 |
| ARVAL SERVICE L	0.8750 22-25 17/02A | EUR | 1,300,000 | 1,306,662.50 | 0.63 |
| AT&T INC 3.5 20-53 15/09D | USD | 280,000 | 228,608.08 | 0.11 |
| AT&T INC 4.80 14-44 15/06S | USD | 225,000 | 220,841.34 | 0.11 |
| CHUBB INA HOLDI	0.3000 19-24 15/12A | EUR | 500,000 | 495,525.00 | 0.24 |
| COCA-COLA CO/TH	2.2500 21-32 05/01S | USD | 200,000 | 171,753.92 | 0.08 |
| COLGATE-PALMOLIVE	3.25 14-24 15/03S | USD | 670,000 | 614,977.92 | 0.30 |
| CONOCOPHILLIPS	5.90 02-32 15/10S | USD | 400,000 | 443,254.99 | 0.22 |
| EOG RESOURCES INC	3.90 15-35 01/04S | USD | 300,000 | 287,166.13 | 0.14 |
| FEDEX CORP	2.400 21-31 15/05S | USD | 900,000 | 761,858.97 | 0.37 |
| FORD MOTOR CREDIT CO 1.514 19-23 17/02A | EUR | 609,000 | 608,509.76 | 0.30 |
| FORD MOTOR CREDIT CO 5.584 19-24 18/03S | USD | 250,000 | 231,688.48 | 0.11 |
| GENERAL MILLS INC 0.45 20-26 15/01A | EUR | 452,000 | 445,839.24 | 0.22 |
| GENERAL MOTORS FINAN 1.0 22-25 24/02A | EUR | 1,100,000 | 1,100,869.00 | 0.53 |
| GENERAL MOTORS FINANCI 1.25 21-26 08/01S | USD | 900,000 | 756,266.03 | 0.37 |
| GOLDMAN SACHS GROUP 3.375 20-25 27/03U | EUR | 500,000 | 536,185.00 | 0.26 |
| GOLDMAN SACHS GROUP 4.00 14-24 03/03S | USD | 900,000 | 829,815.71 | 0.40 |
| HARLEY-DAVIDSON FIN 3.875 20-23 19/05A | EUR | 581,000 | 604,797.76 | 0.29 |
| IBM CORP	0.65 20-32 11/02A | EUR | 481,000 | 447,320.38 | 0.22 |
| KRAFT HEINZ FOODS	2.25 16-28 25/05A | EUR | 393,000 | 404,306.61 | 0.20 |
| MICROSOFT CORP 2.40 16-26 08/08S | USD | 600,000 | 542,905.98 | 0.26 |
| PEPSICO	2.50 12-22 01/11S | GBP | 400,000 | 482,360.53 | 0.23 |
| PFIZER INC	3.9 19-39 15/03S | USD | 200,000 | 194,043.81 | 0.09 |
| UNITED STATES	2.00 -51 15/08S | USD | 880,000 | 752,136.76 | 0.37 |
| UNITED STATES 2.50 16-46 15/05S | USD | 365,400 | 336,807.58 | 0.16 |
| UNITED STATES 4.50 06-36 15/02S | USD | 330,000 | 388,555.02 | 0.19 |
| UNITED STATES 5.25 99-29 15/02S | USD | 1,500,000 | 1,634,067.84 | 0.79 |
| UNITED STATES TREA 1.875 21-51 15/11S | USD | 920,000 | 764,569.80 | 0.37 |
| UNITED STATES TREASURY 0.25 20-25 31/08S | USD | 6,300,000 | 5,331,161.86 | 2.59 |
| USA TREASURY BONDS 2.5 18-25 31/01S | USD | 680,000 | 620,263.89 | 0.30 |
| USA TREASURY BONDS 6.25 93-23 15/08S | USD | 2,128,100 | 2,028,477.93 | 0.99 |
| US TREASURY N/B	1.2500 21-26 31/12S | USD | 600,000 | 522,003.21 | 0.25 |
| US TREASURY N/B	1.3750 21-28 31/12S | USD | 1,700,000 | 1,470,260.86 | 0.71 |
| US TREASURY N/B	1.3750 21-31 15/11S | USD | 640,000 | 546,472.93 | 0.27 |
| US TREASURY N/B	1.7500 22-29 31/01S | USD | 350,000 | 310,148.24 | 0.15 |
| US TREASURY N/B	3.00 15-45 15/11S | USD | 100,000 | 100,355.24 | 0.05 |
| VERIZON COMMUNICATION 3.875 19-29 08/02S | USD | 900,000 | 852,035.26 | 0.41 |
| Germany |  |  | 25,852,991.21 | 12.56 |
| DEUTSCHE BOERSE	1.125 18-28 26/03A | EUR | 590,000 | 598,920.80 | 0.29 |
| DEUTSCHE LUFTHANSA	2.0000 21-24 14/07A | EUR | 600,000 | 592,077.00 | 0.29 |
| DEUTSCHE LUFTHANSA	2.8750 21-25 11/02A | EUR | 600,000 | 591,918.00 | 0.29 |
| DEUTSCHE LUFTHANSA AG 0.1 21-23 16/11A | EUR | 600,000 | 595,683.00 | 0.29 |
| FRESENIUS SE & CO. KG 0.75 20-28 15/01A | EUR | 700,000 | 683,693.50 | 0.33 |
| GERMANY 0.00 21-52 15/08A | EUR | 150,000 | 131,524.50 | 0.06 |
| GERMANY 0.10 15-26 15/04A | EUR | 16,000,000 | 19,837,801.34 | 9.64 |
| GERMANY 4.75 03-34 04/07A | EUR | 540,358 | 845,136.82 | 0.41 |
| GERMANY SERIE 07	4.25 07-39 04/07A | EUR | 549,979 | 923,013.29 | 0.45 |
| MTU AERO ENGINES GMBH 3.00 20-25 01/07A | EUR | 571,000 | 604,177.96 | 0.29 |
| VONOVIA SE	0.625 21-31 24/03A | EUR | 500,000 | 449,045.00 | 0.22 |
| France |  |  | 20,043,642.85 | 9.73 |
| ACCOR SA 1.75 19-26 04/02A | EUR | 500,000 | 511,822.50 | 0.25 |
| ALD SA 0.375 19-23 18/07A | EUR | 700,000 | 701,606.50 | 0.34 |
| BPCE 2.25 22-32 03/23A | EUR | 1,000,000 | 1,003,580.00 | 0.49 |
| BPCE 3.50 17-27 23/10S | USD | 750,000 | 678,195.11 | 0.33 |
| BPCE 5.70 13-23 22/10S | USD | 400,000 | 374,561.97 | 0.18 |
| BPCE SA	0.6250 20-25 28/04A | EUR | 900,000 | 897,390.00 | 0.44 |

| Securities portfolio at 28/02/2022 |  |  |  |  |
| --- | --- | --- | --- | --- |
| Name | Curr. | Number of shares | Market value (in EUR) | % of net assets |
| CAPGEMINI SE 1.75 18-28 18/04A | EUR | 400,000 | 412,292.00 | 0.20 |
| CFD FAURECIA	2.375 21-29 15/ | EUR | 618,000 | 566,452.62 | 0.28 |
| ELIS SA	1.0 19-25 03/04A | EUR | 600,000 | 582,696.00 | 0.28 |
| FRANCE 0.00 20-30 25/11U | EUR | 4,800,000 | 4,599,696.00 | 2.23 |
| FRANCE 4.00 04-55 25/04A | EUR | 410,633 | 725,506.39 | 0.35 |
| FRANCE OAT	2.50 13-30 25/05A | EUR | 1,695,000 | 1,986,404.40 | 0.96 |
| IMERYS SA	1.0000 21-31 15/07A | EUR | 400,000 | 360,732.00 | 0.18 |
| JC DECAUX	2.625 20-28 24/04A | EUR | 600,000 | 623,556.00 | 0.30 |
| MERCIALYS SA	1.8 18-26 27/02A | EUR | 500,000 | 501,575.00 | 0.24 |
| RCI BANQUE SA	0.50 16-23 15/09A | EUR | 620,000 | 622,080.10 | 0.30 |
| RCI BANQUE SA	0.5 22-25 14/07A | EUR | 400,000 | 392,636.00 | 0.19 |
| RCI BANQUE SA	1.1250 20-27 15/01A | EUR | 611,000 | 599,155.76 | 0.29 |
| RENAULT SA 2.375 20-26 25/05S | EUR | 600,000 | 576,567.00 | 0.28 |
| SOCIETE GRAND PARIS 1.70 19-50 25/05A | EUR | 600,000 | 646,050.00 | 0.31 |
| TIKEHAU CAPITAL SCA 2.25 19-26 14/10A | EUR | 900,000 | 911,065.50 | 0.44 |
| TOTAL CAPITAL INTERN 1.491 18-30 04/09A | EUR | 400,000 | 406,080.00 | 0.20 |
| UBISOFT ENTERTAINMEN 0.878 20-27 24/11A | EUR | 600,000 | 564,210.00 | 0.27 |
| VALEO SA	1.5000 18-25 18/06A | EUR | 800,000 | 799,732.00 | 0.39 |
| Japan |  |  | 19,133,279.46 | 9.29 |
| JAPAN 0.10 16-26 20/12S | JPY | 449,700,000 | 3,491,970.46 | 1.70 |
| JAPAN 010 JGB	1.10 03-33 20/03S | JPY | 315,000,000 | 2,659,484.38 | 1.29 |
| JAPAN 1.70 14-54 20/03S | JPY | 90,400,000 | 858,273.65 | 0.42 |
| JAPAN 132	1.70 11-31 20/12S | JPY | 174,350,000 | 1,547,315.30 | 0.75 |
| JAPAN 2.30 05-35 20/06S | JPY | 170,150,000 | 1,646,461.64 | 0.80 |
| JAPAN -353-	0.1 18-28 20/12S | JPY | 293,950,000 | 2,281,554.37 | 1.11 |
| JAPAN -38- JGB	1.80 13-43 20/03S | JPY | 619,350,000 | 5,842,109.28 | 2.84 |
| JAPAN GOVT	2.1 09-29 20/12S | JPY | 70,750,000 | 632,850.06 | 0.31 |
| NOMURA HOLDINGS INC 1.8510 20-25 16/07S | USD | 200,000 | 173,260.32 | 0.08 |
| United Kingdom |  |  | 12,781,724.20 | 6.21 |
| ANGLO AMER CAPITAL 4.75 17-27 10/04S | USD | 500,000 | 479,939.02 | 0.23 |
| BP CAPITAL MARKETS 0.8310 19-27 08/11A | EUR | 736,000 | 715,539.20 | 0.35 |
| BP CAPITAL MARKETS 3.25 20-XX 22/06A | EUR | 702,000 | 698,275.89 | 0.34 |
| NATWEST MARKETS PLC 1.375 22-27 02/03A | EUR | 1,200,000 | 1,206,450.00 | 0.59 |
| PRUDENTIAL PLC	4.875 17-XX 20/01Q | USD | 472,000 | 420,610.33 | 0.20 |
| TESCO CORPORATE 0.8750 19-26 29/05A | EUR | 500,000 | 495,210.00 | 0.24 |
| UK TREASURY STOCK	4.00 09-60 22/01S | GBP | 355,000 | 728,121.07 | 0.35 |
| UK TREASURY STOCK	6.00 98-28 07/12S | GBP | 530,676 | 833,182.34 | 0.40 |
| UNITED KINGDOM 2.75 14-24 07/09S | GBP | 2,238,230 | 2,783,175.83 | 1.35 |
| UNITED KINGDOM 3.50 14-45 22/01S | GBP | 250,000 | 404,019.83 | 0.20 |
| UNITED KINGDOM 3.75 11-52 22/07S | GBP | 391,638 | 710,168.84 | 0.34 |
| UNITED KINGDOM 4.25 03-36 07/03S | GBP | 661,359 | 1,053,473.13 | 0.51 |
| UNITED KINGDOM 4.50 07-42 07/12S | GBP | 1,000,000 | 1,795,974.20 | 0.87 |
| UNITED KINGDOM GILT 1.0 21-32 31/01S | GBP | 400,000 | 457,584.52 | 0.22 |
| Netherlands |  |  | 6,586,185.47 | 3.20 |
| DEUTSCHE TELEKOM INT 4.75 18-38 21/06S | USD | 203,000 | 201,163.75 | 0.10 |
| DIGITAL INTREPI	0.6250 21-31 15/07A | EUR | 709,000 | 607,974.59 | 0.30 |
| EDP FINANCE	1.875 18-25 12/10A | EUR | 400,000 | 416,940.00 | 0.20 |
| EURONEXT NV	0.125 21-26 17/05A | EUR | 600,000 | 582,438.00 | 0.28 |
| EURONEXT NV	1.1250 19-29 12/06A | EUR | 900,000 | 893,511.00 | 0.43 |
| FERRARI N.V. 1.5 20-25 27/05A | EUR | 600,000 | 611,769.00 | 0.30 |
| FIAT CHRYSLER AUTO 3.875 20-26 05/01A | EUR | 537,000 | 589,346.76 | 0.29 |
| HEINEKEN NV	1.25 18-27 17/03A | EUR | 200,000 | 202,402.00 | 0.10 |
| KPN	5.625 09-24 30/09A | EUR | 400,000 | 452,092.00 | 0.22 |
| LOUIS DREYFUS COMPANY 2.3750 20-25 27/11A | EUR | 587,000 | 602,077.10 | 0.29 |
| NETHERLANDS 2.75 14-47 15/01A | EUR | 150,000 | 229,027.50 | 0.11 |
| STELLANTIS NV	0.625 21-27 30/03A | EUR | 628,000 | 604,537.92 | 0.29 |
| STELLANTIS NV	0.7500 21-29 18/01A | EUR | 635,000 | 592,905.85 | 0.29 |
| Canada |  |  | 5,822,907.54 | 2.83 |
| CANADA 5.00 04-37 01/06S | EUR | 2,238,000 | 2,155,319.99 | 1.05 |
| CANADA 5.75 01-33 01/06S | EUR | 688,000 | 666,127.53 | 0.32 |
| CANADA 9.00 94-25 01/06S | EUR | 1,158,000 | 1,003,784.24 | 0.49 |

| Securities portfolio at 28/02/2022 |  |  |  |  |
| --- | --- | --- | --- | --- |
| Name | Curr. | Number of shares | Market value (in EUR) | % of net assets |
| CANADA PAC RAILWAY CO 4.80 15-45 01/08S | USD | 149,000 | 154,887.31 | 0.08 |
| CDP FINANCIAL REGS	3.15 14-24 24/07S | USD | 2,000,000 | 1,842,788.47 | 0.90 |
| Italy |  |  | 5,624,680.53 | 2.73 |
| ENEL SPA 1.375 21-99 31/12A | EUR | 900,000 | 810,585.00 | 0.39 |
| INFRASTRUTTURE	1.8750 20-26 08/07A | EUR | 600,000 | 602,646.00 | 0.29 |
| INTESA SANPAOLO	0.6250 21-26 24/02A | EUR | 838,000 | 806,734.22 | 0.39 |
| INTESA SANPAOLO 2.9250 20-30 14/10A | EUR | 500,000 | 480,152.50 | 0.23 |
| ITALY GOV'T INT BO 5.25 04-34 07/12A | GBP | 2,000 | 2,984.97 | 0.00 |
| LEONARDO S.P.A. 2.375 20-26 08/07A | EUR | 1,005,000 | 1,009,160.70 | 0.49 |
| MEDIOBANCA 2.3000 20-30 23/11A | EUR | 727,000 | 712,427.29 | 0.35 |
| TELECOM ITALIA 2.75 19-25 15/04A | EUR | 601,000 | 598,253.43 | 0.29 |
| UNICREDIT SPA 3.75 17-22 12/04S | USD | 674,000 | 601,736.42 | 0.29 |
| Australia |  |  | 5,102,314.32 | 2.48 |
| AUSTRALIA 1.00 20-31 21/11S | AUD | 994,000 | 578,727.18 | 0.28 |
| AUSTRALIA 1.75 20-51 21/06S | AUD | 240,000 | 127,128.60 | 0.06 |
| AUSTRALIA 2.75 14-35 21/06S | AUD | 550,000 | 374,761.12 | 0.18 |
| AUSTRALIA 2.75 16-28 21/11S | AUD | 215,000 | 145,561.32 | 0.07 |
| AUSTRALIA 4.25 13-26 21/04S | AUD | 1,306,000 | 928,337.05 | 0.45 |
| COMMONWEALTH BANK	3 12-26 04/09A | GBP | 1,250,000 | 1,584,353.73 | 0.77 |
| MACQUARIE GROUP	0.35 20-28 03/03A | EUR | 636,000 | 587,581.32 | 0.29 |
| TOYOTA FINANCE	0.4400 22-28 13/01A | EUR | 800,000 | 775,864.00 | 0.38 |
| New Zealand |  |  | 4,548,271.47 | 2.21 |
| NEW ZEALAND GOV	2.0000 21-32 15/05S | NZD | 8,086,000 | 4,548,271.47 | 2.21 |
| Spain |  |  | 4,140,697.00 | 2.01 |
| BANCO BILBAO VIZCAYA 0.3750 19-24 02/10A | EUR | 500,000 | 496,837.50 | 0.24 |
| BANCO BILBAO VIZCAYA 0.5 20-27 14/01A | EUR | 400,000 | 382,496.00 | 0.19 |
| BANCO DE SABADELL SA 1.75 19-24 10/05A | EUR | 600,000 | 604,701.00 | 0.29 |
| BANCO DE SABADELL SA 2.5 21-31 15/04A | EUR | 700,000 | 652,998.50 | 0.32 |
| BANKINTER SA	0.6250 20-27 06/10A | EUR | 400,000 | 375,816.00 | 0.18 |
| CAIXABANK SA	1.3750 19-26 19/06A | EUR | 600,000 | 600,810.00 | 0.29 |
| CELLNEX TELECOM	1.7500 20-30 23/10A | EUR | 700,000 | 614,866.00 | 0.30 |
| INMOB COLONIAL 2.00 18-26 17/04A | EUR | 400,000 | 412,172.00 | 0.20 |
| Indonesia |  |  | 2,932,292.79 | 1.42 |
| INDONESIA 1.45 19-26 18/06A | EUR | 1,000,000 | 987,180.00 | 0.48 |
| INDONESIA 2.15 17-24 18/07A | EUR | 1,000,000 | 1,020,645.00 | 0.50 |
| INDONESIA 7.75 08-38 17/01S | USD | 742,000 | 924,467.79 | 0.45 |
| Mexico |  |  | 2,610,227.55 | 1.27 |
| MEXICAN BONOS	6.50 11-22 09/06S | MXN | 300,000 | 1,307,135.58 | 0.63 |
| MEXICO 4.60 17-48 10/02S | USD | 536,000 | 455,375.71 | 0.22 |
| MEXICO GOVERNMENT IN 1.125 20-30 17/01S | EUR | 694,000 | 614,502.30 | 0.30 |
| UNITED MEXICAN STATES 3.00 15-24 06/03A | EUR | 259,000 | 233,213.96 | 0.11 |
| Poland |  |  | 2,358,192.00 | 1.15 |
| REPUBLIC OF POLAND	1.0 19-29 07/03A | EUR | 2,400,000 | 2,358,192.00 | 1.15 |
| Belgium |  |  | 2,321,316.81 | 1.13 |
| BELGIUM 0.10 20-30 22/06A | EUR | 1,000,000 | 973,450.00 | 0.47 |
| BELGIUM OLO	5.50 98-28 28/03A | EUR | 724,403 | 963,252.81 | 0.47 |
| ELIA TRANSMISSION BEL 0.875 20-30 28/04A | EUR | 400,000 | 384,614.00 | 0.19 |
| Sweden |  |  | 2,104,780.92 | 1.02 |
| ALFA LAVAL TREASURY INTL	0.2500 19-24 25/06A | EUR | 532,000 | 529,504.92 | 0.26 |
| ALFA LAVAL TREASURY INTL 1.375 22-29 18/02A | EUR | 800,000 | 798,824.00 | 0.39 |
| SANDVIK AB	0.375 21-28 25/11A | EUR | 400,000 | 379,408.00 | 0.18 |
| VOLVO TREASURY	0.125 20-24 17/09A | EUR | 400,000 | 397,044.00 | 0.19 |
| Chile |  |  | 2,069,452.91 | 1.01 |
| CHILE 0.83 19-31 02/07A | EUR | 443,000 | 400,042.29 | 0.19 |
| CHILE 3.86 17-47 21/06S | USD | 319,000 | 277,281.77 | 0.13 |
| CHILE GOVERNMENT	0.10 21-27 26/01A | EUR | 1,498,000 | 1,392,128.85 | 0.68 |
| Serbia |  |  | 1,963,240.00 | 0.95 |
| SERBIA 3.1250 20-27 15/05A | EUR | 2,000,000 | 1,963,240.00 | 0.95 |

Securities portfolio at 28/02/2022
| Name | Curr. | Number of shares | Market value (in EUR) | % of net assets |
| --- | --- | --- | --- | --- |
| Brazil |  |  | 1,852,849.00 | 0.90 |
| BRAZIL	4.25 13-25 07/01S | USD | 2,000,000 | 1,852,849.00 | 0.90 |
| Rumania |  |  | 1,793,448.48 | 0.87 |
| ROMANIA 1.7500 21-30 13/07A | EUR | 1,625,000 | 1,361,717.50 | 0.66 |
| ROMANIA 5.125 18-48 15/06S | USD | 476,000 | 431,730.98 | 0.21 |
| Denmark |  |  | 1,692,622.76 | 0.82 |
| DSV A/S	0.375 20-27 26/02A | EUR | 500,000 | 486,960.00 | 0.24 |
| GN GREAT NORDIC LTD A 0.875 21-24 25/11A | EUR | 600,000 | 594,405.00 | 0.29 |
| NYKREDIT REALKREDIT 0.25 20-26 13/01A | EUR | 632,000 | 611,257.76 | 0.30 |
| Luxembourg |  |  | 1,603,010.52 | 0.78 |
| ARCELORMITTAL SA 1.75 19-25 19/11A | EUR | 400,000 | 405,256.00 | 0.20 |
| BECTON DICKINSO	1.2080 19-26 04/06A | EUR | 505,000 | 509,668.73 | 0.25 |
| CHINA GOVT INTL	2.1250 19-29 03/12S | USD | 763,000 | 688,085.79 | 0.33 |
| Ireland |  |  | 1,452,623.20 | 0.71 |
| RYANAIR DAC	2.875 20-25 15/09A | EUR | 400,000 | 422,520.00 | 0.21 |
| RYANAIR LTD	0.875 21-26 25/05A | EUR | 619,000 | 604,639.20 | 0.29 |
| SMURFIT KAPPA	2.875 18-26 15/01S | EUR | 400,000 | 425,464.00 | 0.21 |
| Hungary |  |  | 1,322,503.00 | 0.64 |
| HUNGARY 1.75 17-27 10/10A | EUR | 1,300,000 | 1,322,503.00 | 0.64 |
| Croatia |  |  | 1,190,806.50 | 0.58 |
| CROATIA	1.5 20-31 17/06A | EUR | 1,300,000 | 1,190,806.50 | 0.58 |
| Portugal |  |  | 1,184,943.11 | 0.58 |
| ENERGIAS DE PORTUGAL 1.6250 20-27 15/04A | EUR | 500,000 | 512,680.00 | 0.25 |
| ENERGIAS DE PORTUGAL 1.70 20-80 20/07A | EUR | 600,000 | 568,050.00 | 0.28 |
| PORTUGAL 4.125 17-27 14/04A | EUR | 87,494 | 104,213.11 | 0.05 |
| Austria |  |  | 1,049,664.00 | 0.51 |
| AUSTRIA 0.0000 21-31 20/02A | EUR | 1,100,000 | 1,049,664.00 | 0.51 |
| Peru |  |  | 1,041,580.00 | 0.51 |
| PERU 2.75 15-26 30/01A | EUR | 1,000,000 | 1,041,580.00 | 0.51 |
| Columbia |  |  | 1,040,755.00 | 0.51 |
| COLOMBIA 3.875 16-26 22/03A | EUR | 1,000,000 | 1,040,755.00 | 0.51 |
| Kazakhstan |  |  | 934,725.96 | 0.45 |
| KAZAKSTAN 5.125 15-25 21/07S | USD | 977,000 | 934,725.96 | 0.45 |
| Finland |  |  | 898,767.96 | 0.44 |
| FINLAND 0.00 20-30 15/09A | EUR | 304,000 | 292,308.16 | 0.14 |
| NOKIA OYJ	2.00 17-24 15/03A | EUR | 596,000 | 606,459.80 | 0.29 |
| San Marino |  |  | 719,701.50 | 0.35 |
| SAN MARINO 3.25 21-24 24/02A | EUR | 700,000 | 719,701.50 | 0.35 |
| Switzerland |  |  | 677,937.79 | 0.33 |
| SWITZERLAND (GOVT)	2.25 11-31 22/06A | CHF | 150,000 | 172,657.58 | 0.08 |
| SWITZERLAND	1.25 14-26 28/05A | CHF | 150,000 | 154,243.29 | 0.07 |
| SWITZERLAND	2.50 06-36 08/03A | CHF | 130,000 | 163,021.98 | 0.08 |
| SWITZERLAND	4.00 99-49 06/01A | CHF | 100,000 | 188,014.94 | 0.09 |
| Floating-rate bonds |  |  | 14,835,019.93 | 7.21 |
| France |  |  | 2,965,054.57 | 1.44 |
| ARKEMA SA FL.R 20-99 31/12A | EUR | 600,000 | 578,406.00 | 0.28 |
| AXA SA FL.R 14-54 16/01A | GBP | 100,000 | 132,567.19 | 0.06 |
| AXA SA FL.R 17-47 17/01S | USD | 500,000 | 461,867.88 | 0.22 |
| LA BANQUE POSTALE FL.R 20-31 26/01A | EUR | 900,000 | 856,633.50 | 0.42 |
| SOCIETE GENERALE	FL.R 20-30 24/11A | EUR | 600,000 | 575,982.00 | 0.28 |
| TOTAL SE	FL.R 20-XX 04/09A | EUR | 400,000 | 359,598.00 | 0.17 |
| United Kingdom |  |  | 2,895,272.58 | 1.41 |
| HSBC HOLDINGS	FL.R 15-XX 29/09S | EUR | 400,000 | 420,330.00 | 0.20 |
| HSBC HOLDINGS	FL.R 15-XX 30/03S | USD | 700,000 | 647,210.20 | 0.31 |

| Securities portfolio at 28/02/2022 |  |  |  |  |
| --- | --- | --- | --- | --- |
| Name | Curr. | Number of shares | Market value (in EUR) | % of net assets |
| LEGAL & GENERAL	FL.R 17-47 21/03S | USD | 600,000 | 550,918.80 | 0.27 |
| LLOYDS BANKING GROUP FL.R 17-23 07/11S | USD | 1,000,000 | 896,821.58 | 0.44 |
| NGG FINANCE PLC	FL.R 19-XX 09/05A | EUR | 400,000 | 379,992.00 | 0.18 |
| Netherlands |  |  | 2,869,315.52 | 1.39 |
| ARGENTUM NETHLD FL.R 17-XX 15/08A | USD | 594,000 | 519,205.29 | 0.25 |
| IBERDROLA INTL BV 1.45 21-99 31/12A | EUR | 400,000 | 376,896.00 | 0.18 |
| RABOBANK FL.R 17-29 10/04S | USD | 600,000 | 546,981.84 | 0.27 |
| REPSOL INTL FINANCE FL.R 20-49 31/12A | EUR | 702,000 | 701,434.89 | 0.34 |
| TELEFONICA EUROPE BV FL.R 19-XX 14/03A | EUR | 700,000 | 724,797.50 | 0.35 |
| Spain |  |  | 2,586,362.00 | 1.26 |
| BANCO BILBAO	FL.R 19-XX 29/03Q | EUR | 400,000 | 410,638.00 | 0.20 |
| BANCO BILBAO VIZCAYA FL.R 20-30 16/01A | EUR | 600,000 | 583,176.00 | 0.28 |
| BANCO DE SABADE	FL.R 20-23 29/06A | EUR | 600,000 | 602,997.00 | 0.29 |
| CAIXABANK SA	FL.R 17-28 14/07A | EUR | 400,000 | 407,020.00 | 0.20 |
| CAIXABANK SA	FL.R 20-26 18/11A | EUR | 600,000 | 582,531.00 | 0.28 |
| Italy |  |  | 1,062,619.30 | 0.52 |
| ENI SPA	FL.R 20-49 31/12A | EUR | 605,000 | 597,836.80 | 0.29 |
| INTESA SANPAOLO	FL.R 20-XX 31/12S | EUR | 500,000 | 464,782.50 | 0.23 |
| Germany |  |  | 1,012,133.00 | 0.49 |
| COMMERZBANK AG	FL.R 20-26 24/03A | EUR | 400,000 | 395,636.00 | 0.19 |
| COMMERZBANK AG FL.R 20-99 31/12A | EUR | 600,000 | 616,497.00 | 0.30 |
| Denmark |  |  | 809,360.00 | 0.39 |
| NYKREDIT REALKREDIT FL.R 20-49 31/12S | EUR | 800,000 | 809,360.00 | 0.39 |
| United States |  |  | 634,902.96 | 0.31 |
| BANK OF AMERICA CORP FL.R 18-26 23/01S | USD | 300,000 | 272,342.41 | 0.13 |
| PRUDENTIAL FINANCIAL FL.R 15-45 15/05S | USD | 400,000 | 362,560.55 | 0.18 |
| Convertible bonds |  |  | 1,567,189.01 | 0.76 |
| France |  |  | 1,567,189.01 | 0.76 |
| ELIS SA CV 0.00 17-23 06/10U | EUR | 21,127 | 662,099.05 | 0.32 |
| KORIAN SA CV 0.875 20-27 06/03A | EUR | 18,159 | 905,089.96 | 0.44 |
| Collective investment undertakings |  |  | 20,151,610.04 | 9.79 |
| Shares or units in investment funds |  |  | 20,151,610.04 | 9.79 |
| Ireland |  |  | 14,996,278.96 | 7.28 |
| ISHARES IV ISHARES CHINA CNY BOND UCITS | USD | 2,960,770 | 14,996,278.96 | 7.28 |
| Luxembourg |  |  | 4,538,318.37 | 2.20 |
| G FUND – HYBRID CORPORATE BONDS IC | EUR | 502 | 482,768.34 | 0.23 |
| G FUND – SHORT TERM ABSOLUTE RETURN IC EUR | EUR | 4,047 | 4,055,550.03 | 1.97 |
| France |  |  | 617,012.71 | 0.30 |
| GROUPAMA IDX INFLATION MONDE FCP IC/D 4D | EUR | 380 | 617,012.71 | 0.30 |
| Total securities porfolio |  |  | 208,765,578.93 | 101.40 |

Translation (ENFR, 2022-02-28):
# G FUND – Global 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.
Taux directeurs :
En 2021, la plupart des taux directeurs sont restés, comme attendu, à leurs planchers historiques : la Réserve fédérale américaine a maintenu les fed funds dans la fourchette [0,00 %-0,25 %], la BCE a conservé son principal taux de refinancement des banques à 0,0 % et son taux de dépôt des liquidités des banques à -0,5 % et la Banque du Japon a maintenu inchangé son taux directeur à -0,1 %. La surprise est venue d’outre-Manche : la Banque d’Angleterre a procédé à un léger relèvement de ses taux directeurs mi-décembre (+15 points de base (pb) à 0,25 %), du fait de pressions inflationnistes sensibles (prix à la consommation : +5,1 % sur un an en novembre), généralisées à nombre de secteurs et surtout persistantes. Le Royaume-Uni fait face aux désordres issus de la sortie de crise, communs à toutes les zones économiques, mais subit en sus de sensibles perturbations liées au Brexit.
Taux obligataires souverains :
Au cours de l’année 2021, deux forces se sont opposées dans la définition du niveau des taux souverains, en zone euro comme aux Etats-Unis. D’un côté, nous avons fait face à une poursuite de l’appréciation des points morts d’inflation dont le redémarrage s’est amorcé en mars 2020, porté par la conjonction des soutiens monétaires et fiscaux. De l’autre, la poursuite de la hausse des bilans des principales banques centrales a maintenu la pression sur les taux réels, les envoyant au plus bas au cours du mois de Novembre. En toute fin d’année, il aura fallu attendre des annonces d’accélération du programme de normalisation des politiques monétaires des deux côtés de l’atlantique pour que les taux réels daignent enfin amorcer un mouvement de correction haussière.
Obligations privées :
Malgré un léger écartement des primes de risque en 2021, les spreads crédit sont restés relativement comprimés. Trois facteurs y ont contribué :
- Les fondamentaux des entreprises se sont améliorés : les évaluations des agences de notation montrent une meilleure qualité de crédit grâce à l’amélioration des comptes de résultat et des bilans des entreprises. En 2021, 68 % des changements de notation réalisés par les 3 principales agences de notation (Fitch, S&P, Moody’s) ont traduit des rehaussements de notation. La qualité globale des notations, bien qu’en amélioration, reste toutefois inférieure à celle du niveau d’avant crise, ce que ne reflètent pas les primes de risque, plus basses qu’à l’époque.
- Les investisseurs à la recherche de rendement, constatant le niveau faible des taux monétaires et de l’obligataire souverain, ont conservé un appétit marqué pour cette classe d’actifs.
- La BCE, dans son programme d’achat d’actifs, a maintenu la part allouée aux obligations privées, participant au déséquilibre offre/demande sur la classe d’actifs.

Gestion du fonds :
- Contributeurs positifs :
- Sous-sensibilité aux taux américains
- Sursensibilité au crédit, à travers des titres high beta (notamment subordonnées financières et hybrides corporate)
- Arbitrage partiel de l’exposition aux taux nominaux vers une exposition aux indexées (Etats-Unis et Europe)
- Stratégie à l’écartement du spread 10 ans Etats-Unis / Allemagne
- Contributeurs négatifs :
- Protection crédit via indice dérivé iTraxx Xover
- Pentification de la courbe allemande 10-30 ansPerformance :

| Parts du fonds | Identifiant | Performance sur la période sous revue | Indice de référence (voir note 4) |
| --- | --- | --- | --- |
| G FUND - GLOBAL BONDS OD | LU1501414517 | -2,73% | -3,03% |
| G FUND - GLOBAL BONDS - NC | LU1501413972 | -3,66% | -3,03% |
| G FUND-GLOBAL BONDS- IC | LU1501414277 | - 3,17% | -3,03% |

« 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 EUR |
| Actifs |  | 222.699.308,57 |
| Portefeuille-titres à la valeur d'évaluation | 2.2 | 208.765.578,93 |
| Prix de revient |  | 211.761.701,94 |
| Avoirs en banque |  | 2.826.304,77 |
| A recevoir pour investissements vendus |  | 8.074.589,67 |
| A recevoir sur souscriptions |  | 730.980,18 |
| Plus-value nette non réalisée sur contrats futures | 2.8 | 970.900,07 |
| Intérêts à recevoir sur portefeuille-titres |  | 1.330.954,95 |
| Passifs |  | 16.806.238,06 |
| Découvert bancaire |  | 11.109.306,58 |
| A payer sur investissements achetés |  | 3.493.812,83 |
| A payer sur rachats |  | 49.155,27 |
| Moins-value nette non réalisée sur contrats de change à terme | 2.7 | 1.598.933,29 |
| Commissions de gestion à payer | 3 | 57.115,82 |
| Commissions de dépositaire et de sous-dépositaire à payer | 5 | 11.490,45 |
| Commissions d'administration à payer | 6 | 6.280,05 |
| Commissions de performance à payer | 4 | 440.880,67 |
| Taxe d'abonnement à payer | 8 | 3.403,79 |
| Autres passifs |  | 35.859,31 |
| Valeur nette d'inventaire |  | 205.893.070,51 |

| Etat des opérations et des variations des actifs nets du 01/03/21 au 28/02/22 |  |
| --- | --- |
|  | Note | Exprimé en EUR |
| Revenus |  | 8.856.464,44 |
| Dividendes sur portefeuille-titres, nets |  | 628.784,33 |
| Intérêts sur obligations, net |  | 8.075.700,70 |
| Intérêts reçus sur swaps |  | 147.231,60 |
| Intérêts bancaires |  | 4.747,81 |
| Dépenses |  | 3.046.202,96 |
| Commissions de gestion | 3 | 1.099.333,30 |
| Commissions de performance | 4 | 362.322,57 |
| Commissions de dépositaire et de sous-dépositaire | 5 | 159.264,63 |
| Commissions d'administration | 6 | 92.387,73 |
| Frais légaux |  | 29.233,41 |
| Frais de transaction | 2.17, 7 | 189.795,95 |
| Rémunération administrateurs |  | 1.758,65 |
| Taxe d'abonnement | 8 | 56.540,20 |
| Intérêts payés sur découvert bancaire |  | 223.974,77 |
| Intérêts payés sur swaps |  | 714.171,79 |
| Frais bancaires |  | 27.276,20 |
| Autres dépenses |  | 90.143,76 |
| Revenus / (Pertes) net(te)s des investissements |  | 5.810.261,48 |
| Bénéfices / (Pertes) net(te)s réalisé(e)s sur: |  |  |
| - ventes d'investissements | 2.3 | 6.647.888,92 |
| - options | 2.6 | (24.295,03) |
| - contrats de change à terme | 2.7 | (10.159.174,36) |
| - contrats futures | 2.8 | (1.304.733,64) |
| - swaps | 2 | (1.762.604,06) |
| - change |  | (3.182.761,24) |
| Bénéfice / (Perte) net(te) réalisé(e) |  | (3.975.417,93) |
| Variation de la plus-value / (moins-value) nette non réalisée sur: - ventes d’investissements | 2.2 | (645.613,23) |
| - contrats de change à terme | 2.7 | (3.279.350,51) |
| - contrats futures | 2.8 | 1.967.787,13 |
| - swaps | 2 | 1.636.073,89 |
| Augmentation / (diminution) nette des actifs nets provenant des opérations |  | (4.296.520,65) |
| Dividendes versés | 10 | (6.594.159,31) |
| Souscriptions d'actions de capitalisation |  | 75.314.281,84 |
| Souscriptions d'actions de distribution |  | 21.899.049,68 |
| Rachats d'actions de capitalisation |  | (60.390.342,08) |
| Rachats d'actions de distribution |  | (327.959.396,94) |
| Augmentation / (diminution) des actifs nets |  | (302.027.087,46) |
| Actifs nets début de l'exercice |  | 507.920.157,97 |
| Actifs nets à la fin de l'exercice |  | 205.893.070,51 |

| Statistiques |  |
| --- | --- |
|  |  | 28/02/22 | 28/02/21 | 29/02/20 |
| Total des actifs nets | EUR | 205.893.070,51 | 507.920.157,97 | 446.239.586,51 |
| Classe NC EUR - Capitalisation |  |  |  |  |
| Nombre d'actions |  | 7.276,849 | 367.070,013 | 240.727,000 |
| Valeur nette d'inventaire par action | EUR | 100,66 | 104,48 | 105,33 |
| Classe IC EUR - Capitalisation Nombre d'actions |  | 131.425,464 | 82.651,619 | 35.967,600 |
| Valeur nette d'inventaire par action | EUR | 1.027,00 | 1.060,61 | 1.064,43 |
| Classe OD EUR - Distribution Nombre d'actions |  | 72.788,080 | 378.802,447 | 371.980,430 |
| Valeur nette d'inventaire par action | EUR | 964,26 | 1.008,20 | 1.028,55 |
| Dividende par action |  | 17,15 | 21,24 | 23,58 |

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 | 367.070,013 | 197.624,954 | 557.418,118 | 7.276,849 |
| Classe IC EUR - Capitalisation | 82.651,619 | 51.437,560 | 2.663,715 | 131.425,464 |
| Classe OD EUR - Distribution | 378.802,447 | 21.790,420 | 327.804,787 | 72.788,080 |

| 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 |  |  | 188.613.968,89 | 91,61 |
| Obligations |  |  | 172.211.759,95 | 83,64 |
| États-Unis |  |  | 27.759.624,14 | 13,48 |
| ABB FINANCE USA 2	2.875 12/22 08/05S | USD | 235.000 | 210.050,08 | 0,10 |
| AMPHENOL CORP	2.05 20-25 01/03S | USD | 200.000 | 176.700,50 | 0,09 |
| ARVAL SERVICE L	0.8750 22-25 17/02A | EUR | 1.300.000 | 1.306.662,50 | 0,63 |
| AT&T INC 3.5 20-53 15/09D | USD | 280.000 | 228.608,08 | 0,11 |
| AT&T INC 4.80 14-44 15/06S | USD | 225.000 | 220.841,34 | 0,11 |
| CHUBB INA HOLDI	0.3000 19-24 15/12A | EUR | 500.000 | 495.525,00 | 0,24 |
| COCA-COLA CO/TH	2.2500 21-32 05/01S | USD | 200.000 | 171.753,92 | 0,08 |
| COLGATE-PALMOLIVE	3.25 14-24 15/03S | USD | 670.000 | 614.977,92 | 0,30 |
| CONOCOPHILLIPS	5.90 02-32 15/10S | USD | 400.000 | 443.254,99 | 0,22 |
| EOG RESOURCES INC	3.90 15-35 01/04S | USD | 300.000 | 287.166,13 | 0,14 |
| FEDEX CORP	2.400 21-31 15/05S | USD | 900.000 | 761.858,97 | 0,37 |
| FORD MOTOR CREDIT CO 1.514 19-23 17/02A | EUR | 609.000 | 608.509,76 | 0,30 |
| FORD MOTOR CREDIT CO 5.584 19-24 18/03S | USD | 250.000 | 231.688,48 | 0,11 |
| GENERAL MILLS INC 0.45 20-26 15/01A | EUR | 452.000 | 445.839,24 | 0,22 |
| GENERAL MOTORS FINAN 1.0 22-25 24/02A | EUR | 1.100.000 | 1.100.869,00 | 0,53 |
| GENERAL MOTORS FINANCI 1.25 21-26 08/01S | USD | 900.000 | 756.266,03 | 0,37 |
| GOLDMAN SACHS GROUP 3.375 20-25 27/03U | EUR | 500.000 | 536.185,00 | 0,26 |
| GOLDMAN SACHS GROUP 4.00 14-24 03/03S | USD | 900.000 | 829.815,71 | 0,40 |
| HARLEY-DAVIDSON FIN 3.875 20-23 19/05A | EUR | 581.000 | 604.797,76 | 0,29 |
| IBM CORP	0.65 20-32 11/02A | EUR | 481.000 | 447.320,38 | 0,22 |
| KRAFT HEINZ FOODS	2.25 16-28 25/05A | EUR | 393.000 | 404.306,61 | 0,20 |
| MICROSOFT CORP 2.40 16-26 08/08S | USD | 600.000 | 542.905,98 | 0,26 |
| PEPSICO	2.50 12-22 01/11S | GBP | 400.000 | 482.360,53 | 0,23 |
| PFIZER INC	3.9 19-39 15/03S | USD | 200.000 | 194.043,81 | 0,09 |
| UNITED STATES	2.00  -51 15/08S | USD | 880.000 | 752.136,76 | 0,37 |
| UNITED STATES 2.50 16-46 15/05S | USD | 365.400 | 336.807,58 | 0,16 |
| UNITED STATES 4.50 06-36 15/02S | USD | 330.000 | 388.555,02 | 0,19 |
| UNITED STATES 5.25 99-29 15/02S | USD | 1.500.000 | 1.634.067,84 | 0,79 |
| UNITED STATES TREA  1.875 21-51 15/11S | USD | 920.000 | 764.569,80 | 0,37 |
| UNITED STATES TREASURY 0.25 20-25 31/08S | USD | 6.300.000 | 5.331.161,86 | 2,59 |
| USA TREASURY BONDS 2.5 18-25 31/01S | USD | 680.000 | 620.263,89 | 0,30 |
| USA TREASURY BONDS  6.25 93-23 15/08S | USD | 2.128.100 | 2.028.477,93 | 0,99 |
| US TREASURY N/B	1.2500 21-26 31/12S | USD | 600.000 | 522.003,21 | 0,25 |
| US TREASURY N/B	1.3750 21-28 31/12S | USD | 1.700.000 | 1.470.260,86 | 0,71 |
| US TREASURY N/B	1.3750 21-31 15/11S | USD | 640.000 | 546.472,93 | 0,27 |
| US TREASURY N/B	1.7500 22-29 31/01S | USD | 350.000 | 310.148,24 | 0,15 |
| US TREASURY N/B	3.00 15-45 15/11S | USD | 100.000 | 100.355,24 | 0,05 |
| VERIZON COMMUNICATION 3.875 19-29 08/02S | USD | 900.000 | 852.035,26 | 0,41 |
| Allemagne |  |  | 25.852.991,21 | 12,56 |
| DEUTSCHE BOERSE	1.125 18-28 26/03A | EUR | 590.000 | 598.920,80 | 0,29 |
| DEUTSCHE LUFTHANSA	2.0000 21-24 14/07A | EUR | 600.000 | 592.077,00 | 0,29 |
| DEUTSCHE LUFTHANSA	2.8750 21-25 11/02A | EUR | 600.000 | 591.918,00 | 0,29 |
| DEUTSCHE LUFTHANSA AG 0.1 21-23 16/11A | EUR | 600.000 | 595.683,00 | 0,29 |
| FRESENIUS SE & CO. KG 0.75 20-28 15/01A | EUR | 700.000 | 683.693,50 | 0,33 |
| GERMANY 0.00 21-52 15/08A | EUR | 150.000 | 131.524,50 | 0,06 |
| GERMANY 0.10 15-26 15/04A | EUR | 16.000.000 | 19.837.801,34 | 9,64 |
| GERMANY 4.75 03-34 04/07A | EUR | 540.358 | 845.136,82 | 0,41 |
| GERMANY SERIE 07	4.25 07-39 04/07A | EUR | 549.979 | 923.013,29 | 0,45 |
| MTU AERO ENGINES GMBH 3.00 20-25 01/07A | EUR | 571.000 | 604.177,96 | 0,29 |
| VONOVIA SE	0.625 21-31 24/03A | EUR | 500.000 | 449.045,00 | 0,22 |
| France |  |  | 20.043.642,85 | 9,73 |
| ACCOR SA 1.75 19-26 04/02A | EUR | 500.000 | 511.822,50 | 0,25 |
| ALD SA 0.375 19-23 18/07A | EUR | 700.000 | 701.606,50 | 0,34 |
| BPCE 2.25 22-32 03/23A | EUR | 1.000.000 | 1.003.580,00 | 0,49 |
| BPCE 3.50 17-27 23/10S | USD | 750.000 | 678.195,11 | 0,33 |
| BPCE 5.70 13-23 22/10S | USD | 400.000 | 374.561,97 | 0,18 |
| BPCE SA	0.6250 20-25 28/04A | EUR | 900.000 | 897.390,00 | 0,44 |

| Portefeuille-titres au 28/02/22 |  |
| --- | --- |
| Description | Devise | Quantité | Valeur d'évaluation (en EUR) | % actifs nets |
| CAPGEMINI SE 1.75 18-28 18/04A | EUR | 400.000 | 412.292,00 | 0,20 |
| CFD FAURECIA	2.375 21-29 15/ | EUR | 618.000 | 566.452,62 | 0,28 |
| ELIS SA	1.0 19-25 03/04A | EUR | 600.000 | 582.696,00 | 0,28 |
| FRANCE 0.00 20-30 25/11U | EUR | 4.800.000 | 4.599.696,00 | 2,23 |
| FRANCE 4.00 04-55 25/04A | EUR | 410.633 | 725.506,39 | 0,35 |
| FRANCE OAT	2.50 13-30 25/05A | EUR | 1.695.000 | 1.986.404,40 | 0,96 |
| IMERYS SA	1.0000 21-31 15/07A | EUR | 400.000 | 360.732,00 | 0,18 |
| JC DECAUX	2.625 20-28 24/04A | EUR | 600.000 | 623.556,00 | 0,30 |
| MERCIALYS SA	1.8 18-26 27/02A | EUR | 500.000 | 501.575,00 | 0,24 |
| RCI BANQUE SA	0.50 16-23 15/09A | EUR | 620.000 | 622.080,10 | 0,30 |
| RCI BANQUE SA	0.5 22-25 14/07A | EUR | 400.000 | 392.636,00 | 0,19 |
| RCI BANQUE SA	1.1250 20-27 15/01A | EUR | 611.000 | 599.155,76 | 0,29 |
| RENAULT SA 2.375 20-26 25/05S | EUR | 600.000 | 576.567,00 | 0,28 |
| SOCIETE GRAND PARIS 1.70 19-50 25/05A | EUR | 600.000 | 646.050,00 | 0,31 |
| TIKEHAU CAPITAL SCA 2.25 19-26 14/10A | EUR | 900.000 | 911.065,50 | 0,44 |
| TOTAL CAPITAL INTERN 1.491 18-30 04/09A | EUR | 400.000 | 406.080,00 | 0,20 |
| UBISOFT ENTERTAINMEN 0.878 20-27 24/11A | EUR | 600.000 | 564.210,00 | 0,27 |
| VALEO SA	1.5000 18-25 18/06A | EUR | 800.000 | 799.732,00 | 0,39 |
| Japon |  |  | 19.133.279,46 | 9,29 |
| JAPAN 0.10 16-26 20/12S | JPY | 449.700.000 | 3.491.970,46 | 1,70 |
| JAPAN 010 JGB	1.10 03-33 20/03S | JPY | 315.000.000 | 2.659.484,38 | 1,29 |
| JAPAN 1.70 14-54 20/03S | JPY | 90.400.000 | 858.273,65 | 0,42 |
| JAPAN 132	1.70 11-31 20/12S | JPY | 174.350.000 | 1.547.315,30 | 0,75 |
| JAPAN 2.30 05-35 20/06S | JPY | 170.150.000 | 1.646.461,64 | 0,80 |
| JAPAN -353-	0.1 18-28 20/12S | JPY | 293.950.000 | 2.281.554,37 | 1,11 |
| JAPAN -38- JGB	1.80 13-43 20/03S | JPY | 619.350.000 | 5.842.109,28 | 2,84 |
| JAPAN GOVT	2.1 09-29 20/12S | JPY | 70.750.000 | 632.850,06 | 0,31 |
| NOMURA HOLDINGS INC 1.8510 20-25 16/07S | USD | 200.000 | 173.260,32 | 0,08 |
| Royaume-Uni |  |  | 12.781.724,20 | 6,21 |
| ANGLO AMER CAPITAL  4.75 17-27 10/04S | USD | 500.000 | 479.939,02 | 0,23 |
| BP CAPITAL MARKETS 0.8310 19-27 08/11A | EUR | 736.000 | 715.539,20 | 0,35 |
| BP CAPITAL MARKETS 3.25  20-XX 22/06A | EUR | 702.000 | 698.275,89 | 0,34 |
| NATWEST MARKETS PLC 1.375 22-27 02/03A | EUR | 1.200.000 | 1.206.450,00 | 0,59 |
| PRUDENTIAL PLC	4.875 17-XX 20/01Q | USD | 472.000 | 420.610,33 | 0,20 |
| TESCO CORPORATE 0.8750 19-26 29/05A | EUR | 500.000 | 495.210,00 | 0,24 |
| UK TREASURY STOCK	4.00 09-60 22/01S | GBP | 355.000 | 728.121,07 | 0,35 |
| UK TREASURY STOCK	6.00 98-28 07/12S | GBP | 530.676 | 833.182,34 | 0,40 |
| UNITED KINGDOM 2.75 14-24 07/09S | GBP | 2.238.230 | 2.783.175,83 | 1,35 |
| UNITED KINGDOM 3.50 14-45 22/01S | GBP | 250.000 | 404.019,83 | 0,20 |
| UNITED KINGDOM 3.75 11-52 22/07S | GBP | 391.638 | 710.168,84 | 0,34 |
| UNITED KINGDOM 4.25 03-36 07/03S | GBP | 661.359 | 1.053.473,13 | 0,51 |
| UNITED KINGDOM 4.50 07-42 07/12S | GBP | 1.000.000 | 1.795.974,20 | 0,87 |
| UNITED KINGDOM GILT 1.0 21-32 31/01S | GBP | 400.000 | 457.584,52 | 0,22 |
| Pays-Bas |  |  | 6.586.185,47 | 3,20 |
| DEUTSCHE TELEKOM INT 4.75 18-38 21/06S | USD | 203.000 | 201.163,75 | 0,10 |
| DIGITAL INTREPI	0.6250 21-31 15/07A | EUR | 709.000 | 607.974,59 | 0,30 |
| EDP FINANCE	1.875 18-25 12/10A | EUR | 400.000 | 416.940,00 | 0,20 |
| EURONEXT NV	0.125 21-26 17/05A | EUR | 600.000 | 582.438,00 | 0,28 |
| EURONEXT NV	1.1250 19-29 12/06A | EUR | 900.000 | 893.511,00 | 0,43 |
| FERRARI N.V. 1.5 20-25 27/05A | EUR | 600.000 | 611.769,00 | 0,30 |
| FIAT CHRYSLER AUTO 3.875 20-26 05/01A | EUR | 537.000 | 589.346,76 | 0,29 |
| HEINEKEN NV	1.25 18-27 17/03A | EUR | 200.000 | 202.402,00 | 0,10 |
| KPN	5.625 09-24 30/09A | EUR | 400.000 | 452.092,00 | 0,22 |
| LOUIS DREYFUS COMPANY 2.3750 20-25 27/11A | EUR | 587.000 | 602.077,10 | 0,29 |
| NETHERLANDS 2.75 14-47 15/01A | EUR | 150.000 | 229.027,50 | 0,11 |
| STELLANTIS NV	0.625 21-27 30/03A | EUR | 628.000 | 604.537,92 | 0,29 |
| STELLANTIS NV	0.7500 21-29 18/01A | EUR | 635.000 | 592.905,85 | 0,29 |
| Canada |  |  | 5.822.907,54 | 2,83 |
| CANADA 5.00 04-37 01/06S | CAD | 2.238.000 | 2.155.319,99 | 1,05 |
| CANADA 5.75 01-33 01/06S | CAD | 688.000 | 666.127,53 | 0,32 |
| CANADA 9.00 94-25 01/06S | CAD | 1.158.000 | 1.003.784,24 | 0,49 |

| Portefeuille-titres au 28/02/22 |  |  |  |  |
| --- | --- | --- | --- | --- |
| Description | Devise | Quantité | Valeur d'évaluation (en EUR) | % actifs nets |
| CANADA PAC RAILWAY CO 4.80 15-45 01/08S | USD | 149.000 | 154.887,31 | 0,08 |
| CDP FINANCIAL REGS	3.15 14-24 24/07S | USD | 2.000.000 | 1.842.788,47 | 0,90 |
| Italie |  |  | 5.624.680,53 | 2,73 |
| ENEL SPA 1.375 21-99 31/12A | EUR | 900.000 | 810.585,00 | 0,39 |
| INFRASTRUTTURE	1.8750 20-26 08/07A | EUR | 600.000 | 602.646,00 | 0,29 |
| INTESA SANPAOLO	0.6250 21-26 24/02A | EUR | 838.000 | 806.734,22 | 0,39 |
| INTESA SANPAOLO 2.9250 20-30 14/10A | EUR | 500.000 | 480.152,50 | 0,23 |
| ITALY GOV'T INT BO  5.25 04-34 07/12A | GBP | 2.000 | 2.984,97 | 0,00 |
| LEONARDO S.P.A. 2.375 20-26 08/07A | EUR | 1.005.000 | 1.009.160,70 | 0,49 |
| MEDIOBANCA 2.3000 20-30 23/11A | EUR | 727.000 | 712.427,29 | 0,35 |
| TELECOM ITALIA 2.75 19-25 15/04A | EUR | 601.000 | 598.253,43 | 0,29 |
| UNICREDIT SPA 3.75 17-22 12/04S | USD | 674.000 | 601.736,42 | 0,29 |
| Australie |  |  | 5.102.314,32 | 2,48 |
| AUSTRALIA 1.00 20-31 21/11S | AUD | 994.000 | 578.727,18 | 0,28 |
| AUSTRALIA 1.75 20-51 21/06S | AUD | 240.000 | 127.128,60 | 0,06 |
| AUSTRALIA 2.75 14-35 21/06S | AUD | 550.000 | 374.761,12 | 0,18 |
| AUSTRALIA 2.75 16-28 21/11S | AUD | 215.000 | 145.561,32 | 0,07 |
| AUSTRALIA 4.25 13-26 21/04S | AUD | 1.306.000 | 928.337,05 | 0,45 |
| COMMONWEALTH BANK	3 12-26 04/09A | GBP | 1.250.000 | 1.584.353,73 | 0,77 |
| MACQUARIE GROUP	0.35 20-28 03/03A | EUR | 636.000 | 587.581,32 | 0,29 |
| TOYOTA FINANCE	0.4400 22-28 13/01A | EUR | 800.000 | 775.864,00 | 0,38 |
| Nouvelle-Zélande |  |  | 4.548.271,47 | 2,21 |
| NEW ZEALAND GOV	2.0000 21-32 15/05S | NZD | 8.086.000 | 4.548.271,47 | 2,21 |
| Espagne |  |  | 4.140.697,00 | 2,01 |
| BANCO BILBAO VIZCAYA 0.3750 19-24 02/10A | EUR | 500.000 | 496.837,50 | 0,24 |
| BANCO BILBAO VIZCAYA 0.5 20-27 14/01A | EUR | 400.000 | 382.496,00 | 0,19 |
| BANCO DE SABADELL SA 1.75 19-24 10/05A | EUR | 600.000 | 604.701,00 | 0,29 |
| BANCO DE SABADELL SA 2.5 21-31 15/04A | EUR | 700.000 | 652.998,50 | 0,32 |
| BANKINTER SA	0.6250 20-27 06/10A | EUR | 400.000 | 375.816,00 | 0,18 |
| CAIXABANK SA	1.3750 19-26 19/06A | EUR | 600.000 | 600.810,00 | 0,29 |
| CELLNEX TELECOM	1.7500 20-30 23/10A | EUR | 700.000 | 614.866,00 | 0,30 |
| INMOB COLONIAL 2.00 18-26 17/04A | EUR | 400.000 | 412.172,00 | 0,20 |
| Indonésie |  |  | 2.932.292,79 | 1,42 |
| INDONESIA 1.45 19-26 18/06A | EUR | 1.000.000 | 987.180,00 | 0,48 |
| INDONESIA 2.15 17-24 18/07A | EUR | 1.000.000 | 1.020.645,00 | 0,50 |
| INDONESIA 7.75 08-38 17/01S | USD | 742.000 | 924.467,79 | 0,45 |
| Mexique |  |  | 2.610.227,55 | 1,27 |
| MEXICAN BONOS	6.50 11-22 09/06S | MXN | 300.000 | 1.307.135,58 | 0,63 |
| MEXICO 4.60 17-48 10/02S | USD | 536.000 | 455.375,71 | 0,22 |
| MEXICO GOVERNMENT IN 1.125 20-30 17/01S | EUR | 694.000 | 614.502,30 | 0,30 |
| UNITED MEXICAN STATES 3.00 15-24 06/03A | EUR | 259.000 | 233.213,96 | 0,11 |
| Pologne |  |  | 2.358.192,00 | 1,15 |
| REPUBLIC OF POLAND	1.0 19-29 07/03A | EUR | 2.400.000 | 2.358.192,00 | 1,15 |
| Belgique |  |  | 2.321.316,81 | 1,13 |
| BELGIUM 0.10 20-30 22/06A | EUR | 1.000.000 | 973.450,00 | 0,47 |
| BELGIUM OLO	5.50 98-28 28/03A | EUR | 724.403 | 963.252,81 | 0,47 |
| ELIA TRANSMISSION BEL 0.875 20-30 28/04A | EUR | 400.000 | 384.614,00 | 0,19 |
| Suède |  |  | 2.104.780,92 | 1,02 |
| ALFA LAVAL TREASURY INTL	0.2500 19-24 25/06A | EUR | 532.000 | 529.504,92 | 0,26 |
| ALFA LAVAL TREASURY INTL 1.375 22-29 18/02A | EUR | 800.000 | 798.824,00 | 0,39 |
| SANDVIK AB	0.375 21-28 25/11A | EUR | 400.000 | 379.408,00 | 0,18 |
| VOLVO TREASURY	0.125 20-24 17/09A | EUR | 400.000 | 397.044,00 | 0,19 |
| Chili |  |  | 2.069.452,91 | 1,01 |
| CHILE 0.83 19-31 02/07A | EUR | 443.000 | 400.042,29 | 0,19 |
| CHILE 3.86 17-47 21/06S | USD | 319.000 | 277.281,77 | 0,13 |
| CHILE GOVERNMENT	0.10 21-27 26/01A | EUR | 1.498.000 | 1.392.128,85 | 0,68 |
| Serbie |  |  | 1.963.240,00 | 0,95 |
| SERBIA 3.1250 20-27 15/05A | EUR | 2.000.000 | 1.963.240,00 | 0,95 |

Portefeuille-titres au 28/02/22
| Description | Devise | Quantité | Valeur d'évaluation (en EUR) | % actifs nets |
| --- | --- | --- | --- | --- |
| Brésil |  |  | 1.852.849,00 | 0,90 |
| BRAZIL	4.25 13-25 07/01S | USD | 2.000.000 | 1.852.849,00 | 0,90 |
| Roumanie |  |  | 1.793.448,48 | 0,87 |
| ROMANIA 1.7500 21-30 13/07A | EUR | 1.625.000 | 1.361.717,50 | 0,66 |
| ROMANIA 5.125 18-48 15/06S | USD | 476.000 | 431.730,98 | 0,21 |
| Danemark |  |  | 1.692.622,76 | 0,82 |
| DSV A/S	0.375 20-27 26/02A | EUR | 500.000 | 486.960,00 | 0,24 |
| GN GREAT NORDIC LTD A 0.875 21-24 25/11A | EUR | 600.000 | 594.405,00 | 0,29 |
| NYKREDIT REALKREDIT 0.25 20-26 13/01A | EUR | 632.000 | 611.257,76 | 0,30 |
| Luxembourg |  |  | 1.603.010,52 | 0,78 |
| ARCELORMITTAL SA 1.75 19-25 19/11A | EUR | 400.000 | 405.256,00 | 0,20 |
| BECTON DICKINSO	1.2080 19-26 04/06A | EUR | 505.000 | 509.668,73 | 0,25 |
| CHINA GOVT INTL	2.1250 19-29 03/12S | USD | 763.000 | 688.085,79 | 0,33 |
| Irlande |  |  | 1.452.623,20 | 0,71 |
| RYANAIR DAC	2.875 20-25 15/09A | EUR | 400.000 | 422.520,00 | 0,21 |
| RYANAIR LTD	0.875 21-26 25/05A | EUR | 619.000 | 604.639,20 | 0,29 |
| SMURFIT KAPPA	2.875 18-26 15/01S | EUR | 400.000 | 425.464,00 | 0,21 |
| Hongrie |  |  | 1.322.503,00 | 0,64 |
| HUNGARY 1.75 17-27 10/10A | EUR | 1.300.000 | 1.322.503,00 | 0,64 |
| Croatie |  |  | 1.190.806,50 | 0,58 |
| CROATIA	1.5 20-31 17/06A | EUR | 1.300.000 | 1.190.806,50 | 0,58 |
| Portugal |  |  | 1.184.943,11 | 0,58 |
| ENERGIAS DE PORTUGAL 1.6250 20-27 15/04A | EUR | 500.000 | 512.680,00 | 0,25 |
| ENERGIAS DE PORTUGAL 1.70 20-80 20/07A | EUR | 600.000 | 568.050,00 | 0,28 |
| PORTUGAL 4.125 17-27 14/04A | EUR | 87.494 | 104.213,11 | 0,05 |
| Autriche |  |  | 1.049.664,00 | 0,51 |
| AUSTRIA 0.0000 21-31 20/02A | EUR | 1.100.000 | 1.049.664,00 | 0,51 |
| Pérou |  |  | 1.041.580,00 | 0,51 |
| PERU 2.75 15-26 30/01A | EUR | 1.000.000 | 1.041.580,00 | 0,51 |
| Colombie |  |  | 1.040.755,00 | 0,51 |
| COLOMBIA 3.875 16-26 22/03A | EUR | 1.000.000 | 1.040.755,00 | 0,51 |
| Kazakhstan |  |  | 934.725,96 | 0,45 |
| KAZAKSTAN 5.125 15-25 21/07S | USD | 977.000 | 934.725,96 | 0,45 |
| Finlande |  |  | 898.767,96 | 0,44 |
| FINLAND 0.00 20-30 15/09A | EUR | 304.000 | 292.308,16 | 0,14 |
| NOKIA OYJ	2.00 17-24 15/03A | EUR | 596.000 | 606.459,80 | 0,29 |
| Saint-Marin |  |  | 719.701,50 | 0,35 |
| SAN MARINO 3.25 21-24 24/02A | EUR | 700.000 | 719.701,50 | 0,35 |
| Suisse |  |  | 677.937,79 | 0,33 |
| SWITZERLAND (GOVT)	2.25 11-31 22/06A | CHF | 150.000 | 172.657,58 | 0,08 |
| SWITZERLAND	1.25 14-26 28/05A | CHF | 150.000 | 154.243,29 | 0,07 |
| SWITZERLAND	2.50 06-36 08/03A | CHF | 130.000 | 163.021,98 | 0,08 |
| SWITZERLAND	4.00 99-49 06/01A | CHF | 100.000 | 188.014,94 | 0,09 |
| Obligations à taux variables |  |  | 14.835.019,93 | 7,21 |
| France |  |  | 2.965.054,57 | 1,44 |
| ARKEMA SA FL.R 20-99 31/12A | EUR | 600.000 | 578.406,00 | 0,28 |
| AXA SA FL.R 14-54 16/01A | GBP | 100.000 | 132.567,19 | 0,06 |
| AXA SA FL.R 17-47 17/01S | USD | 500.000 | 461.867,88 | 0,22 |
| LA BANQUE POSTALE  FL.R 20-31 26/01A | EUR | 900.000 | 856.633,50 | 0,42 |
| SOCIETE GENERALE	FL.R 20-30 24/11A | EUR | 600.000 | 575.982,00 | 0,28 |
| TOTAL SE	FL.R 20-XX 04/09A | EUR | 400.000 | 359.598,00 | 0,17 |
| Royaume-Uni |  |  | 2.895.272,58 | 1,41 |
| HSBC HOLDINGS	FL.R 15-XX 29/09S | EUR | 400.000 | 420.330,00 | 0,20 |
| HSBC HOLDINGS	FL.R 15-XX 30/03S | USD | 700.000 | 647.210,20 | 0,31 |

| Portefeuille-titres au 28/02/22 |  |  |  |  |
| --- | --- | --- | --- | --- |
| Description | Devise | Quantité | Valeur d'évaluation (en EUR) | % actifs nets |
| LEGAL & GENERAL	FL.R 17-47 21/03S | USD | 600.000 | 550.918,80 | 0,27 |
| LLOYDS BANKING GROUP FL.R 17-23 07/11S | USD | 1.000.000 | 896.821,58 | 0,44 |
| NGG FINANCE PLC	FL.R 19-XX 09/05A | EUR | 400.000 | 379.992,00 | 0,18 |
| Pays-Bas |  |  | 2.869.315,52 | 1,39 |
| ARGENTUM NETHLD FL.R 17-XX 15/08A | USD | 594.000 | 519.205,29 | 0,25 |
| IBERDROLA INTL BV 1.45 21-99 31/12A | EUR | 400.000 | 376.896,00 | 0,18 |
| RABOBANK FL.R 17-29 10/04S | USD | 600.000 | 546.981,84 | 0,27 |
| REPSOL INTL FINANCE FL.R 20-49 31/12A | EUR | 702.000 | 701.434,89 | 0,34 |
| TELEFONICA EUROPE BV FL.R 19-XX 14/03A | EUR | 700.000 | 724.797,50 | 0,35 |
| Espagne |  |  | 2.586.362,00 | 1,26 |
| BANCO BILBAO	FL.R 19-XX 29/03Q | EUR | 400.000 | 410.638,00 | 0,20 |
| BANCO BILBAO VIZCAYA FL.R 20-30 16/01A | EUR | 600.000 | 583.176,00 | 0,28 |
| BANCO DE SABADE	FL.R 20-23 29/06A | EUR | 600.000 | 602.997,00 | 0,29 |
| CAIXABANK SA	FL.R 17-28 14/07A | EUR | 400.000 | 407.020,00 | 0,20 |
| CAIXABANK SA	FL.R 20-26 18/11A | EUR | 600.000 | 582.531,00 | 0,28 |
| Italie |  |  | 1.062.619,30 | 0,52 |
| ENI SPA	FL.R 20-49 31/12A | EUR | 605.000 | 597.836,80 | 0,29 |
| INTESA SANPAOLO	FL.R 20-XX 31/12S | EUR | 500.000 | 464.782,50 | 0,23 |
| Allemagne |  |  | 1.012.133,00 | 0,49 |
| COMMERZBANK AG	FL.R 20-26 24/03A | EUR | 400.000 | 395.636,00 | 0,19 |
| COMMERZBANK AG FL.R 20-99 31/12A | EUR | 600.000 | 616.497,00 | 0,30 |
| Danemark |  |  | 809.360,00 | 0,39 |
| NYKREDIT REALKREDIT FL.R 20-49 31/12S | EUR | 800.000 | 809.360,00 | 0,39 |
| États-Unis |  |  | 634.902,96 | 0,31 |
| BANK OF AMERICA CORP FL.R 18-26 23/01S | USD | 300.000 | 272.342,41 | 0,13 |
| PRUDENTIAL FINANCIAL FL.R 15-45 15/05S | USD | 400.000 | 362.560,55 | 0,18 |
| Obligations convertibles |  |  | 1.567.189,01 | 0,76 |
| France |  |  | 1.567.189,01 | 0,76 |
| ELIS SA CV 0.00 17-23 06/10U | EUR | 21.127 | 662.099,05 | 0,32 |
| KORIAN SA CV 0.875 20-27 06/03A | EUR | 18.159 | 905.089,96 | 0,44 |
| Organismes de placement collectif |  |  | 20.151.610,04 | 9,79 |
| Actions/Parts de fonds d'investissements |  |  | 20.151.610,04 | 9,79 |
| Irlande |  |  | 14.996.278,96 | 7,28 |
| ISHARES IV ISHARES CHINA CNY BOND UCITS | USD | 2.960.770 | 14.996.278,96 | 7,28 |
| Luxembourg |  |  | 4.538.318,37 | 2,20 |
| G FUND – HYBRID CORPORATE BONDS IC | EUR | 502 | 482.768,34 | 0,23 |
| G FUND – SHORT TERM ABSOLUTE RETURN IC EUR | EUR | 4.047 | 4.055.550,03 | 1,97 |
| France |  |  | 617.012,71 | 0,30 |
| GROUPAMA IDX INFLATION MONDE FCP IC/D 4D | EUR | 380 | 617.012,71 | 0,30 |
| Total du portefeuille-titres |  |  | 208.765.578,93 | 101,40 |